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V
Thf.
ontrnfrtia
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VOL.151.
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This
July 20, 1940
appears as a matter of record only and is under no circumstances to be construed as an offering :
of these securities for sale, or as a solicitation of an offer to buy, any of such securities.
The offering is made only by the prospectus, dated July 17,1940.
announcement
July 18, 1940
New Issue
Shares
75,000
Copper weld Steel Company
Common Stock
(Par Value $5
Price based
as
set
forth
in
a
on
the
share)
market
prospectus
TO FACILITATE THE OFFERING, OVER-ALLOTMENTS HAVE BEEN MADE AT THE
INITIAL
PUBLIC OFFERING PRICE AND IT IS INTENDED TO STABILIZE THE PRICE OF THE CUMU¬
LATIVE CONVERTIBLE PREFERRED STOCK, 5% SERIES, AND COMMON
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THE
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EXCHANGE
AND
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PITTSBURGH
THE
EXCHANGE AND IN THE OPEN MARKET AND OTHERWISE. THIS STATEMENT IS NOT AN
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WILL
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THAT THE STABILIZING, IF COMMENCED, MAY NOT BE DISCONTINUED AT ANY
OR
TIME
Copies of the prospectus may be obtained from any of the undersigned. A
complete list of the principal underwriters, including the undersigned, and the
respective amounts which they severally have underwritten, subject to the con'
ditions
specified in the underwriting
agreement, are set
forth in the
prospectus.
Riter & Co.
Eastman, Dillon & Co.
Hemphill, Noyes & Co.
To Holders
MOBILE
AND
OHIO
of
RAILROAD
Refunding and Improvement Mortgage Bonds 4^4 %
COMPANY
Series due 1977
5% Secured Gold Notes due September 1, 1938
Montgomery Division First Mortgage 5% Bonds due 1947
ALL BONDS FAVORING THE REORGANIZATION
SHOULD
BE
DEPOSITED
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TARY, NEW YORK, N. Y., NOT LATER THAN JULY 25,1940, ONLY ONE WEEK FROM
THE
DATE
OF
THIS
NOTICE.
Foreclosure sale of the
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on
Mobile and
August 1, 1940.
Ohio
Railroad
properties has been ordered to be held at
Upset prices have been set by the
Court.
Under equity
receivership only those bonds deposited under the Plan are entitled to obtain the
new securities. The
only alternative is to receive in cash the distributive share of the proceeds of
sale. Although the exact amount thus to be paid to non-assenting bonds cannot be determined prior
to the completion of the sale, the Reorganization Committee estimates that upon the basis of upset
prices already fixed by the Court the amount applicable to the securities involved will not exceed
approximately $182.00 per $1,000 Refunding and Improvement 4*4% Bond due 1977; $218.00 per
$1,000 5% Secured Note due 1938; and $163.00 per $1,000 Montgomery Division First Mortgage
5% Bond due 1947.
.
Bondholders who have
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New York, N. Y., or Mr. John E. Morrison, Sr., Committee Representative, 20 Pine Street,
New York, N. Y., telephone WHitehall 3-7474.
not
FREDERIC W. ECKER, Chairman
EDWARD H. LESLIE
<
JOHN K. OLYPHANT, JR.
Dated July 18, 1940
i
Reorganization Committee
.
[
J
No. 3917
JULY 20, 1940
Vol. 151
CONTENTS
Editorials
288
The Financial Situation
Kept Us Out of War"
"He
300
301
_
Chile
'
-
,
.
;
^
|t
■
,
'
i
-
? -
.
Comment and Review
Text
of
Fiscal
Emergency
Year
Text of Bill
Appropriation
Relief
1941
for
Act
_________
_
309
311
ducing War Materials
Capital Issues in Great Britain____
The Business Man's Bookshelf
New
Week
on
305
Authorizing RFC to Finance Plants Pro¬
the European Stock
310
292
Exchanges
292
297 & 358
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
Course of the Bond Market
Indications of Business Activity
Week on the New York Stock Exchange
Week on the New York Curb Exchange
310
312
290
357
News
and Discussions
Bank and Trust Company Items
General Corporation and Investment
Dry Goods Trade
State and Municipal Department--
3? 6
351
Current Events
402
News
445
446
Stocks and Bonds
Monthly Range of Prices on N. Y. Stock Exchange
Foreign Stock Exchange Quotations
367
Bonds Called and Sinking Fund Notices.
Dividends Declared
—
340
& 369
363
363
Auction Sales
363
New York Stock Exchange—Stock Quotations
370
*New York Stock Exchange—Bond Quotations,_ .370 & 380
New York Curb Exchange—Stock Quotations
386
♦New York Curb Exchange—Bond Quotations
390
Other Exchanges—Stock and Bond Quotations
392
Canadian Markets—Stock and Bona Quotations. _
395
Over-the-Counter Securities—Stock & Bond Quotations. 398
-
N
Reports
f*oragn Bank Statements
296
358
Course of Bank Clearings
326 & 367
Federal Reserve Bank Statements
General Corporation
Commodities
The Commercial
402
and Investment News
*
435
438
443
Markets and the Crops
Cotton
Breadstuffs
—
in our tables
bond quota¬
Attention is directed to the new column incorporated
New York Stock Exchange and New York Curb Exchange
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tions
Published Every
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Herbert D. Selbert,
Other offices:
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""
The Financial Situation
wholly superfluous
was
in view of the fact
A PRESIDENTIAL campaign which all rightthinking
must hope will
to be
obvious from the first that the
turning
only placed itself in control of the Convention but
men
point
in
prove
American
history
definitely and officially under
cratic
a
will
The
way.
be
soon
Demo¬
had every
anyway
New Deal had not/
intention and the plain ability to place
Party in convention assembled during this
itself
at
week has observed the rituals which had been
pre¬
there
is
pared
for
party took the platform seriously
before
the
it,
engaged
in
its
usual
genuflections
image of Thomas Jefferson—and with
cynical indifference to the opinions of mankind
ceeded
but
of
flout
to
the
not
specific
that
been
to stand for
The
truth
that
the
of
New
A
the
that
course,
Deal
Hopkins',
the
It
rest.
first
broke
be
conditions
no
.
.
unwise
I
the
.
.
point
however,
staged
of
free
It
to
be made
presented in the
of
that
.
to
that
party, having done noth¬
the
or
control
a
third
The
cratic
done and
The
groups or
the
cliques support¬
The
organization under whose
a
appear
candidate again to
ceed
the
himself have
as
almost
the
The
is
search
for
obviously hardly
parade which
ing to
when
the
is
many
more
and
a
election"
of
be
can
certainty
Such things
been
in
a
throughout the past
seven
state
and doubtless will
continue to be
the
office.
in
be
long
so
as
are
in
experimenters
Even what
termed
might
"intermediate
objectives" and the
converting what
reas¬
oning with which various
undertakings
have
been
supported have from time
to
time
undergone
change"
even
into
a
"sea
something
strange if not
more
largely
silent
best
defense
is
against
the
such
European
to
repudiate the now
American counterpart.
rapidly
at
will
man
will
least
take
for
find
the
than
a
this
much
trouble
itself
was
carefully prearranged
dolefully accord¬
took
has
the
it
floor
that
for
some
a
of
trouble for the Committee
dissidents
brought
were
forth
soon
which
who
could
in
set
afford
motion
prices he wanted
be
regarded
feel
very
as
sellers
no assur¬
A
President
revolutionary
purpose
of raising
respond,
a measure
because
the
particular
most to rise had not so, can
predictable.
is
to the future if it
not.
professedly for the
prices, and then, when prices in
condemn
absolutely
as
numerous
movements
roundly
platform
concerning
matters, and would
were
platform
programs
flux
ance
the
spe¬
of
years,
electorate.
developing
Report
how
no
have
constant
Chicago.
radically different but there
are
differences of view wdthin the real
Democratic
smothered
"free
or
matter
no
specific
even
The
respect
so
learn
Concerning details
these
as
been
rehearsals, the routine being broken only
aged but still gloriously courageous and
Resolutions, but if
better
ever
or
rich.
went at times rather
moment.
gather¬
already pre-tainted
a
ways
the
brief
that
truly said that "only
"free election" can draft
But
solemn
in any event.
message
has
a
has
two
Convention
Party threatened serious
on
in
are
technique
unmanageable Senator Glass
few
to
that
at
no
The
any.
far
writings
the
tradition, but no thoughtful
enlightenment in it and few
to
and
the
due
and
platforms
gulf fixed between them—save the selfinitiated and self-maintained altertness
of
are
of
with
any
know
we
could
from
there
in evidence
during the
campaign which resulted in the choice
The
people
week
Demo¬
of President Roosevelt in
platform and presented
to
President
Another
The Convention drafted
United ^States
have
events
people"
very
unmistakable.
it
Deal
if
done,
fruits
cific.
years.
plainly visible and wholly
a
the
to
mockery of the
a
it
how
technically a "free election" into some¬
thing wholly different.
One technique has been well
demonstrated
in Europe
upon
many
occasions in recent
unex¬
along lines that
this
prior
is
ampled opportunity to join
battle
New
Deal
we
other
permanent chairman.
same
There
suc¬
admir¬
presenting their opponents
an
of
prospect?
ably succeeded in clarify¬
ing the atmosphere and in
with
its
than
and
events
made
President.
a
will
a
themselves
liverance.
ing the President and the
banner he
the
New
by
the
of
the acceptance speech of the
President.
A
continuation of the tactics which
marked
the pre-convention
campaign for the Presi¬
dent will make a
mockery also of that de¬
really the Demo¬
not,
people
President delivered
ing by its
At any rate,
or
the
with
method
t
of
Convention
for all that
Party
different
drafted,
was
the
.
ability and with
strength.—President
term.
convention
cratic
Only
course
from the
whether
rests
American
fullness
evitably bear responsibility
was
the
.
Roosevelt in response to his nomination for
proceedings, must in¬
left undone.
was
drafting
with the best of
my
of
my
serve
the
ing to prevent
through
was
that
.is not
.
draft a President.
If such a draft should
be made upon me, I
say to you in the utmost
simplicity I will with God's help continue
name
and
party
they feel
a
can
managed this farce, but it
was
right to make that call
election.
to
Know Them
acceptance of a nomination but rather
ultimate willingness to serve if chosen
by the electorate of the United States.
or
that
By Their Fruits We
that
part would
view of sheer
my
the
The
no
course.
an
people
and
suppose
impelled
.
The real decision
Democratic
Party which
need
their
was
not needed
was
its terms should
accept
.
really the
the
that they will
or
.
from
public duty.
not
of
seriously than they took
assurance
last
out
would
evident,
public statement on
a
and
was
control
having given it they will
became
soon
such
There
in
"We will continue"
"Draft"?
conflict
under
It
the
was
the
reelection.
has
Ickes', the Wallce's, and
all
more
September, it was still my intention to an¬
nounce
clearly and simply at an early date
Cohen's, the Corcor-
an's,
those
feel constrained to observe
When
"drafted" itself, including
the
refrain, but the
ticket.
is
It
"drafted"
is,
platform of 1932.
the
that
one
third term.
a
of
precepts
statesman.
has
head
evidence
no
in the future take it
the
pro¬
only the general philosophies
being said that the Presi¬
dent
the
No
is
one
scarcely
likely to
certain of any Administration which sets
%ut to limit, if not to eliminate, competition and
then abandons the idea and
proceeds to
individuals and enterprises who at most
with nothing more than
prosecute
charged
following the preceipts of
that Administration.
of
the
a
similar
nature
hazard of
Numerous other
could
be
cited to
attempting to forecast
are
developments
demonstrate
or
to
foresee
289
Chronicle
The Commercial & Financial
151
Volume
port for the efforts of labor to obtain ever increasing wages, shorter hours and shortened production,
insistent intermeddling in labor relations and
Indeed one of "the greatest difficulties the practical
persecution of employers through hand-picked
business man has found inv conducting his affairs*
boards acting with the utmost irregularity produring recent years is precisely this uncertainty as
fessedly as judge, jury, and prosecutor, but more
to what the Washington dispatches might bring a,t
often as special pleader for the ^cause" of the more
any moment.
radical groups in the so-called labor movement. All
Some Certainties
is certain despite the fact that we have on hand
in
preparedness program a job of work which
let despite all opportunism
which has char- , ^
nQ theories of scarcity, soldiering,
what the New Deal managers are
likely to do next,
platform and no assurances now given, no matter
what their form, could possibly remove that hazard,
No
our
years,
the past
Washington secne during
the
acterized
seven
all the baffling
and notwithstanding
have occurred, there are
certain propositions which may be set down as
certainties concerning any possible third term ot
President Roosevelt and his coterie of star gazers.
of
shifts
that
ground
trivialities,
over
but
^
wUch must have
time, and found once
President's selection of
running mate is a virtual guar-
Of this the
),e inevitable.
Mr. Wallace as a
uttered from time to
^ions-minded and
effort,
Another term of years (four at the least) of
ml(.(mstitutional control of agricultural operations
;ln([
unconscionable subsidy to the farmer would
four years (at least)
of general governmental hostility toward business.
We are, of course, not unmindful of the protestations
useless and futile
who]e.heaxte(1 cooperative
Among these are:
(1) We should have another
or
imtee.
(5)*
Tliere would be n0 hope for avoidance of an(at least) of "managed economy"
ofher four years
platform, of friendliness
business" but we, like all other
observers with eyes to see, know how to take such
soothing syrup. During the past seven years and
more whenever business has scratched this Turk in
policies and politics. As to this there is not a doubtful note in the piatform drafted at Chicago or an
equivocal statement or stand anywhere in New Deal
been revealed. It
will be
true so long as the personnel of the Federal Government remains in substance what it is now, and what
come
again in the Democratic
for
"legitimate
drcles.
Washington a Tartar has at once
was
it
beginning, is true now, and
true in the
by ineptitude
(at least) of government
(except for politicis), lack of the
democratic principles, and
understanding of the first principles of
ec0nomics and business would be assured.
So in-
lightest sympathy for
third Roosevelt term.
his list of influential ad-
himself and
in Washington.
(6) Another four years
want 0f
evidently would be during a
The President
guch doctrines are deeply dyed in the wool
Dealers, and no others would be wel-
()f all good New
of what makes the
the New Deal man¬
ure that the successful business man, by virtue of
agerg been—despite their ambition to manage the
his success, is suspect, that men of affairs are born
entire economic system—that they have not yet been
to be persecuted as the sparks fly upward.
At least abie to grasp the simple fact that their own programs
this is their political creed, and they are, one and
iiave macle it impossible for business to proceed norall, politicians first, last, and always.
mally or, when frightened at times, to formulate
(2) We should have another four years (at least)
policies that in any way put heart into business,
dedicated to the proposition that all men should be
They could not if they wished be really helpful in
born equal, or far more nearly so than at present,
inducing recovery—simply because they have no
with respect to the amount of wealth at their commore knowledge or conception of the basic prinmand; that the government must take steps to see
ciples of business and economics than a babe in
that they stay equal in this respect, or much more
arms. The leopard has not changed his spots and
than now; and that if, despite all efforts on its
the leopard would still be at the helm in Wash-
visers, Corcoran, Henderson,
credibly without understanding
wheels of industry revolve have
Frank, Cohen, Ickes,
plainly suffer from an idee
Wallace, and the rest,
so
unequal in the course of the years,
those who have
should be deprived of what they have accumulated,
or a
substantial part of it, to provide (allegedly
part, men grow
or
have in the
but not
frequent tears
privileged
shedding of copious
third"
the fate of the "under-
over
has
it
been
"humanitarian" in purpose
of
matter
least
Neither
that
fact
as now
it
is
revolutionary doctrine, at
a
in the
has been
attitudi
injuring all.
in anything
done elsewhere is there the
Chicago platform nor
said
or
alteration or tempering of
injected into the
It is even in effect
preparedness program with the
a
made to appear
and effect, when as a
practiced, aiding none and
slightest evidence of any
this
redistribution of
this has been "the
all
wealth," and somehow by the
and
The polite
really) for those who have not.
for
term
past grown unequal,
leveling process by
suggestion that such
increasing the contentment of
national defense!
of laborpampering would ensue—constant and obvious sup-
the
people greatly strengthens our
(3)
Another
four
years
(at least)
.
ington.
(7) We should have to reckon upon four more years
(at least) of reform of the New Deal type, reform,
often without aptitude even for the purposes for
which designed, based upon the idea of sweeping
and detailed rule by men and not by law. This, too,
is of the essence of the New Deal and will endure
as long as the New Deal group is in Washington,
(8) It need hardly be added that for another four
years (at least) deficit would be piled upon deficit
until the national debt reached some figure not now
predictable. It is not without significance that the
Chicago platform fails even to mention the budget
or the national debt.
Doubtless the effort will be
made as it has been made in the past to have it appear that the huge deficits ahead are a matter of
expenditures for armament. Any reasonably careful analysis of the budget figures, however, quickly
dispels any such notion. Billions are being exnended and would be expected under another New
Deal term for purposes wholly
unrelated to na-
The Commercial & Financial Chronicle
290
tional defense except
to defend ourselves
nificance,
of course to^reduce our ability
credit
effectively.
of
are
of the results of a third term for
some
.
the JSTew Deal which
be taken
being
as
certain
anything in human events ever can be.
as
There
are
much too
forts.
a
material
as
we
we may
have
an
essential to this latter
grams
One of them
for
sums
abundance of such
directly counter
run
to many
of the most sacred New Deal premises and
policies.
Another serious hazard would be involve¬
ment in the
well
course
but
we
men
European
aware
that
nation out of
on
are
of
this subject,
believe all thoughtful
protestations
mere
We
raging.
war now
protestations
also aware, as we
are
are,
of
do
not
keep
a
The New Deal attitude from the
war.
banks
same
security collateral advanced
on
$22,000,000, apparently because of the Treasury fi¬
reasonably expect to need. Pro¬
can
Loans by the
000, to $1,711,000,000.
to brokers and dealers
nancing and the larger current volume of corporate
thing to shape our national policies in
that
way
New York
decrease of business loans by $3,000,-
a
be
It is quite another
and the like.
demand
sizable
no
The condition statement
weekly reporting member banks in
City indicates
bond flotations.
national defense ef¬
our
is still
There
events
may
all
thing to appropriate large
guns
and different
such
bungling of
one
ships, tanks,
at
or
that status for comfort.
near
It is
certain,
virtually
as
continued
a
as
number of other eventualities which
a
considered
is
can
tremendous total of idle
the
owing to
resources.
for credit accommodation.
Near-Certaintiea
These
July 20, 1940
The condition statement of the 12 Federal Reserve
combined, indicates that the Treasury in
Banks,
Washington deposited $84,002,000 gold certificates
with the
to
regional institutions, raising their holdings
Other cash of the
$18,028,478,000.
increased
and total
modestly,
in actual circulation decreased
notes
up
Federal Reserve
$18,406,470,000.
$90,899,000 to
12 banks
moved
reserves
$2,104,000 to
$5,230,359,000.
Total deposits with the regional
banks
$104,334,000 to
advanced
with the account variations
of member bank
reserve
$13,863,019,000;
a
account
$15,439,935,000,
consisting of
an
increase
balances by $98,676,000 to
decrease of the Treasury general
by $19,033,000 to $278,395,000;
a
drop of
first, including "quarantine" ideas and all the rest,
foreign bank deposits by $31,481,000 to $733,601,000,
have been interventionist in their
and
developed
of
ger
a
ultimate involvement.
our
this, and
should
we
need
Divine intervention to
it
continues
the.
The
much
Another term of
something approaching
keep
us
out of the conflict if
longer—and possibly if it does
post-war situation reasonable to
pected in less than four
hold
leanings and have
situation which daily increases the dan¬
years
be
ex¬
will without question
problems with which the New Deal has
clearly shown itself incapable
of
coping
also
gain of other deposits by $56^172,000 to $564,-
a
920,000.
The
89.0%. There
number of these calamities and
a
themselves
In other
near-
plainly protect
by denying Mr. Roosevelt a third term.
the situation is at this moment not
cases
completely clear.
It will be the task of the Repub¬
lican candidate to make it
he will in the
course
so—as
of the
we
feel confident
period, holdings remaining at $2,449,928,000.
counts
fell
vances
off $35,000 to
$71,000 to $8,611,000.
BESET by shattering events and numerous uncertainties, the New York stock market
was
;
extremely dull, this week, pending
business
was
where the
decades.
gold
an
to
expansion in
mented
by
stock
our
decline
a
circulation, to
an
by
decrease
modest
a
deposits with the
increased
$20,256,000,000.
credit
of
resources
$12,000,000
aggregate of
12
$90,000,000,
This influence
of
in
was
aug¬
currency
$7,872,000,000, and
United
States
Treasury
Federal Reserve Banks.
The
only offset of importance was an advance in other
deposits with the regional banks.
Member bank
deposits increased, in these circumstances,
reserves over
legal requirements moved
$50,000,000, to a fresh record at $6,880,000,000.
reserve
excess
seems
probable that the
excess
established will stand for
a
the payment to be made next
new
in
record
weeks, owing
Monday for, the
United States
000
reserves
few
Treasury issue of some $700,000,2J4% bonds.
This borrowing will tend to
swell the
Treasury general account, and lower
ber bank
reserves.
excess
reserves
But the
level
have
mem¬
weekly variations in the
no
great immediate sig¬
Hardly
the New York Stock
share level in
any
of
out
figure,
the
as
Business reports
securities
monetary
on
equity turnover failed
stood
whole
veal
raising the total
done
even
session.
to approach
At times busi¬
even
that the week
so
inactive
most
indicated
any
Exchange,
dropped to the 250,000 share level and
ance
States, and the official banking statistics re¬
that the period to
July 17 was no exception.
clarification of
a
the national and international outlook.
United
to
were
$9,118,000, while commitments to make such ad¬
below that diminutive
O ECORDS continue to fall week
by week in the
gold holdings and idle credit resources of the
It
Industrial advances
$2,207,000.
ness
now
Dis¬
by the regional banks increased $203,000 to
the 500,000
campaign.
Federal Reserve Bank Statement
up
market operations in
open
The New York Stock Market
Against
and
no
success¬
calamities the American
people can
for
were
United States Treasury securities during the weekly
fully.
The
ratio remained unchanged at
reserve
in
as
good mainten¬
a
general activities, and the lack of interest
could not
be
attributed
a
several
to
such
m
factors.
Quite obviously, the so-called third term "draft" at
the
Chicago
convention
of the
tended to subdue the market.
Democratic
party
Following the accept¬
speech by Mr. Roosevelt in the small hours of
ance
yesterday morning, the stock market drifted idly,
indicating that puzzlement
more
followed immediately upon
the decision of the Presi¬
dent
endeavor
to
shatter
to
against third terms.
than anything else
the
sound
tradition
The political campaign that
has started in earnest in the United States pos¬
now
sibly will clear
New
up some
of the problems posed by the
Deal, but it is also possible that the Roosevelt
regime will continue in office, and light is plainly
required by the markets,
vital
Nor
the
as
by the people,
on
this
question.
were
stock
seemed
poised
blitzkrieg,
United
international affairs
market
on
trader
the
or
to
verge
more
encouraging to
investors.
of
another
Europe
German
which obviously is planned against the
Kingdom.
But
Chancellor
Adolf
Hitler
appeared before a hastily convened session of the
German Reichstag, yesterday, and proposed what he
called
return to common sense,
a
means
move
which presumably
German lines. In the Far East, undeveloped because of an "appeasement"
peace on
certainties
by the British Government
with respect to the
Japanese militarists. The United States Government
made it clear that it views with disfavor any such
efforts
British
to
the militant Japanese,
appease
of the American
and reports suggest that
the Havana conference
Finally,
Republics is about to begin,
a
good deal of dissension
may
With all
develop.
in mind, the stoc^ market
merely idled all week, and price changes were unimportant. Most stocks managed to move higher, but
the variations were mainly fractional.
these, and other problems
In
market activity was at a
the listed bond
ebb, and only small changes appeared in
Interest centered on the new Treasury
low
quotations.
flotation of
promptly moved to a premium
dealings. Fresh cor-
2\i% bonds, which
of about
2% points in counter
and also
tended to
slightly higher, railroad issues being preferred.
Foreign dollar securities were in better demand than
in many previous weeks.
The commodity markets
developed a sinking spell early in the week, but recovery followed in later sessions, so that wheat and
other staples managed to move a little higher during
the week as a whole. Base metals were quiet throughout. Foreign exchange markets were puzzled by new
British regulations which apparently were intended
to restrict, and perhaps even to eliminate, dealings
in "free" sterling.
Effective on Thursday, these
regulations were preceded by a sharp advance of the
"free" sterling quotation, but it appeared yesterday
porate
found
a
flotations also were announced,
ready market. Speculative bonds
move
that
some
were
Further gold imports on a
noted here, which remains
to the state
On
the
touched
touched
now
new
Stock Exchange
York
^
while 16 stocks
Curb
high levels and 14
On the New York
low levels.
touched new
stocks touched new low
Aircraft. There was
session, as stocks had
^jie same conditions to contend with as on preceding
dayg<
Trading; was dull and stocks closed firm
and m[xed> With the two political conventions out
0f ^ie way? war news re-entered the picture, with
^jie Defjef increasing that actual invasion of Great
wag ftt hand#
This had the effect of restricting trading on Friday in a material way.
point in Douglas and United
little to commend Thursday's
The
ice
much
gi
for
five stocks
high levels for the year
Exchange 22 stocks
approximately 2% points, with the most activity
claimed, by the pivotal shares. It was not until
near midday that the market gave signs of emerging,
from its coma, for the opening had been irregular
and quiet. As activity increased in the second hour
prices were raised sharply, and values were well;
maintained in the third hour. Although trading
was quieter for the remainder of the session, quotations were shaded only moderately. On Wednesday
prices turned soft and, with values returned to the
opening levels of the week, interest also slackened,
Issues which in the previous session had brought a
reversal of form to the list were those which suffered from mild periods of selling. Prices returned
to the old rut until midday, when a softening*process entered the list, which held through until the
closing, with values off as much as 1% points,
Speculative interests were active in Loft, which was
the most active issue of the session and lost a point.
United States Steel was down to the low of the day
with a loss of 1% points; Bethlehem declined 1%
points, and Youngstown fell a point. Chemicals
ran counter to the trend and were irregularly better,
There was some bullish news from the automotive
centers, but the motor stocks were off, with Chrys\ev down 1% points. Rails, utilities, and oils sank
fractionally, while coppers and mail orders were
mixed. Aircrafts were lower and losses ran to a
exchange market.
of the foreign
New
unoffilarge
the best index
being done in the
business still was
cial British unit
scale
291
The Commercial & Financial Chronicle
151
Volume
levels.
m
wag,
ificance.
la
]y fractional and
A comparison of the
yesterday with final
without
closing
quotations of Friday
^ previoug week indicate a mixed trend,
General Electric closed yesterday at 31% against
on Friday of last week; Consolidated Edison
Co
of
y at 28 against 27%; Columbia Gas
unchanged; Public Service of N.
Electric at .5%,
&
J.
Stock Exchange the sales on
unchanged; International Harvester at
43 against 43%; Sears, Roebuck & Co. at 73 against
72%; Montgomery Ward & Co. at 40 against 38%;
shares; on Monday, 226,580
436,940 shares; on Wednesday,
382,120 shares; on Thursday, 221,640 shares, and
on Friday, 255,120 shares.
On the New York Curb Exchange the sales on
Wool worth at 33 against 32%, and American Tel. &
Tel. at 161 against 159%.
Western Union closed yesterday at 17% against
18 on Friday of last week; Allied Chemical & Dye
at 147% against 145; E. I. du Pont de Nemours at
Monday, 57,630
157% against 158; National Cash Register at 11%
against 11%; National Dairy Products at 14%
against 13%; National Biscuit at 10 against 18%;
Texas Gulf Sulphur at 31% against 30%; Loft, Inc.,
at 22% against 24%; Continental Can at 39%
against 39%; Eastman Kodak at 119% against
118%; Standard Brands at 6 against 6%; Westinghouse Elec. & Mfg. at 93 against 92; Canada Dry
at 14% against 13%; Schenley Distillers at 9%
against 9, and National Distillers at 20%, un-
Call loan on the New
mained
On
York Stock Exchange re-
unchanged at 1%.
the New York
Saturday were 124,030
shares; on Tuesday,
Saturday were 34,385 shares;
shares; on Tuesday,
on
84,830 shares; on Wednesday,
73,140 shares; on Thursday,
52,605 shares, and on
Friday, 66,840 shares.
The sales on Saturday were the smallest
July 8,1939.
firm
The
and
since
Prices drifted fractionally and closed
Trading on Monday was light.
mixed.
market drifted
aimlessly through the close to
The aircrafts improved
Martin up % of a point
in the group.
A short but
irregularly higher prices.
moderately, with Glenn L.
for
the
best advance
strong buying surge
The market was
entered the market on Tuesday.
month, prices
the broadest of the
being pushed forward to
and values were
the best levels since July 1
enhanced from major fractions to
a^ 37^
changed.
In the rubber group, Goodyear
closed yesterday at 14% against
Tire & Rubber
14% on Friday of
last week; B. F. Goodrich at 12% against 12%,
United States Rubber at 19% against 18%.
and
292
The Commercial 6
financial Chronicle
July 20, 1940
■
i
■
.
Railroad shares
ment
came
in
the present week.
for fractional
improve¬
Pennsylvania RR. closed
yesterday at 19%, unchanged from Friday of last
week; Atchison Topeka & Santa Fe at 15% against
15%; New York Central
at
11%
against
11%;
Union Pacific at 82
against 80%; Southern Pacific
8%, unchanged; Southern Railway at 11%, also
unchanged, and Northern Pacific at 6% against 6%.
at
Steel
stocks
showed
little
change
this
week.
European Stock Markets
FAIRLY cheerful conditions were noted European
this week
exchanges in the leading
stock
on
financial
notwithstanding
centers,
the Rome-Berlin Powers.
markets which
marched
through the Low Countries and France
beginning
to
Trading
reopen.
51%
done in that session.
Friday of last week; Crucible Steel at 20%
In the motor
group,
General Motors closed yester¬
day at 43% against 43%
on
Friday of last week;
Chrysler at 64 against 63; Packard at 3%, un¬
changed, and Hupp Motors at % against %.
Among the oil stocks, Standard Oil of N. J. closed
descriptions
siderably
the levels current just before the Ger¬
Holland
into
and
the initial
Bourse
cording
advance
to
Vichy
the
aviation
Curtiss-Wright
group,
closed
yesterday at 7 against 7%
French securities
the
Stock
expectations of
a
reasonably good maintenance of the
summer.
Steel
period, however, owing to
the British
on
all
sessions
undertone
and
at
2,483,-
of last
year.
Car loadings of
revenue
the week to
July 13 were 740,465 cars,
the Association of American
Railroads.
gain of 103,564
cars
week, and of 70,577
As
the
over
freight fay
according
This
previous
'to
was
a
(holiday)
cars over the same week of 1939.
indicating the
course
of the
commodity
mar¬
kets, the July option for wheat in
Chicago closed
yesterday at 74%c. against 72%c. the close on Fri¬
day of last week. July corn closed
yesterday at 63c.
against 61%c. the close on
Friday of last week.
July oats at
Chicago closed yesterday at 31%c.
against 30%c. the close
on
Friday of last week.
price for cotton here in New York closed
yesterday at 10.49c. against 10.70c. the close on Fri¬
day of last week.
yesterday at
The spot price for rubber
closed
22.25c.
Friday of last week.
against < 20.75c.
on
Friday of last
London the price of bar silver
closed
on
week.
In
yesterday at
pence per ounce
the close
on
against 21% pence per ounce
Friday of last week, and spot silver in
New York closed
the close
on
yesterday at 343,4c. against 3434c.
Friday of last
In the matter of
fers
close
Domestic copper closed
yester¬
day at ll%c., the close
22%
the
on
$3.71
on
foreign exchanges, cable trans¬
London closed
Friday of last
week.
yesterday at $3.80% against
week.
quiet
a
firm
the
fore,
prevailed.
American Foreign Policy
ALTHOUGH
internal
affairs continued to
respect
politics
Democratic
fresh funds
his
National
were
both
It
deepest
concern
experiments
countries
in
with
under
were
Convention,; at Chicago,
no
prodigious armament
hastily by President Roosevelt
powers
was
to
Congress adjourned for the
Nor
spheres,
projected.
new
voted for the
advisers.
extraordinary
In
some
With
program evolved so
and
the
arouse
were
state of international
Latin-American
to
consideration.
vrere
additional
grants of
made to the Chief Executive.
however,
legislation
new
is
indicated late last week that Mr.
Roosevelt desires to call
four
divisions of the Na¬
tional Guard into active Federal
service, and awaits
only Congressional sanction for this move. Possibly
because
cratic
with
of the
diversion
Convention, there
occasioned
States Cruiser Trenton sailed from
day, with
seven
on
available
developments
among
The United
Portugal, Mon¬
members of the royal family of Lux¬
board,
no
adequate explanation being
regarding this extraordinary
American man-of-war.
our
by the Demo¬
were no new
respect to the European situation.
emburg
The spot
was
irregular in most, but
Washington, where
by Edison Electric Institute
a
for appeasement of
move
The Berlin Boerse
86.8% of capacity, against 86.4% last week,
87.7%
a
month ago, and
56.4% at this time last year.
342,006 kwh., against 2,264,953,000 kwh. in the
pre¬
ceding week, which contained the Independence
Day
holiday, and 2,324,181,000 kwh. in the similar week
The
quietly optimistic in
sharp increase of taxation in
a
/*this week, the troubled
is reported
ac¬
Berlin.
said to be dull.
was
operations for the week ending today were
estimated by American Iron and Steel Institute
at
Production of electric power in the week to
July 13
from
moving slightly higher. A relapse
the Tokio militarists.
rate of activi¬
during the spring and early
relayed
supplementary budget. Chinese and Japanese bonds
in
ties achieved
French
Thursday at Lyons,
were
Exchange
followed in the mid-week
Aircraft at 68
of the week indicate
A
early sessions of this week, gilt-edged and in¬
advanced
Trade and industrial
reports
In sub¬
well maintained in the trad¬
were
dustrial securities
on Friday of last week;
Boeing Airplane at 13% against 14%, and Douglas
against 68%.
on
reports
ing, but foreign issues
In
May 19.
modified.
was
established
was
London
week; American Smelting & Refining at 35%
against 35%, and Phelps Dodge at 26 against 26%.
on
sequent sessions dealings were quieter at Amsterdam,
lantic
last
in
was
in keen demand, prices rising con¬
were
over
marched
mans
lively business
a
are
resumed
was
Netherlands securities of all
yesterday at 33% against 34% on Friday of last
week; Shell Union Oil at 8% against 8%, and At¬
Refining at 21%, the same as last week.
Among the copper stocks, Anaconda Copper
closed^yesterday at 19 against 19% on Friday of
in¬
Some of the Continental
Amsterdam, last Monday, and
on
slow
closed when the German forces
were
United States Steel closed
yesterday at 50% against
against 28%; Bethlehem Steel at 74% against 75%,
and Youngstown Sheet & Tube at
31% against 31%.
the
tensification of the great battle between Britain and
Some relief
thoughtful citizens by
Ambassador to
was
use
post.
an announcement that
a
considered the
closing of the Burma
and
interposition of obstacles
toward
of
Japan
road
an
by
a
to world trade."
conference of the
all the American
Havana, tomorrow.
agree¬
"unwarranted
Latin-America that attention
will be turned, for
isters
Hull
public statement, Tuesday, that he
ment between Britain
is
will not
Secretary of State Cordell
emphasized in
It
an
France, William C. Bullitt, is
baek^in the United States and probably
return to his
for
occasioned
next
Foreign Min¬
Republics will begin at
The program
of that gather-
Volume
is
ing
The Commercial & Financial
151
vague
reached may
but- the
indefinite,
and
decisions
possibly be of fundamental importance.
general
the twenty
solidarity of the Americas will be the
The
aim, and all appearances indicate that
Latin-American countries will readily
fense
accept de-
proposals designed to guard this hemisphere
foreign aggression which may develop.
againstWny
apparently,
Much,
is to be made at Havana of fears
that
Germany and Italy, if victorious in Europe,
will
endeavor
to
control
Latin-American States.
the
foreign trade of the
The New Dealers in Wash-
ington recently made known that they have what
they regard as a sovereign remedy for that rather
faint
possibility.
It consists, as usual, in a vast
outpouring of funds, under the guise of an official
American
corporation which would buy up all sur-
plus agricultural and other commodities, and control the
This
foreign trade of the 21 American Republics.
proposed corporation would have a capital of
?2,000,(KM),090.
Also to be debated at Havana is the
problem of the possessions jh this hemisphere of European
countries which have fallen under the yoke
of
German; conquerors
the
of the European Con-
Some form of mandate
tinent.
worked out to
in
arise
cover
acute
presumably will be
that problem, if
phases
through
it
ever
should
German-Italian
claims.
attempt the rehabilitation of England." Prime,
Minister Winston Churchill, Herr Hitler commented
sarcastically, probably would flee to Canada, and
the people left behind would hold vastly different
views than those now
H
ASTILY assembled
in
at
the
arm
Kroll
Opera House
entertained. He warned his
English adversaries against any belief that GermanRussian relations might become strained and provide England with the help of Moscow. A clear
delineation of spheres of interest recently was accomplished by Berlin and Moscow, and British
efforts to disturb the Reich-Russian relationship
were doomed to failure, according to Herr Hitler,
Insisting that his "appeal to reason" should not be
regarded as a sign of fear or weakness, Herr Hitler
said that he had relieved his conscience of the
things to come if England remains unheeding. He
placed the responsibility for the war upon Great
Britain and France, and made his usual comments
about "Jewish capitalist war-mongers." Even on
Sept. 2, 1939, the conflict might still have been
averted, he said, if Great Britain and France had
accepted mediation proposals made by Premier
Mussolini. Sketching the Blitzkrieg which swept
the German forces through the Low Countries and
much of France, Herr Hitler declared that German
losses were "amazingly light," when compared with
World War operations.
This, he contended, was
due to the
Hitler Offers Peace
293
Chronicle
superior equipment and the
mechanized
of attack.
Western Europe
Berlin, the members of the German Reichs¬
INVENTS in the great war now being waged between Britain and the Rome-Berlin axis Powers
l>eaeeful settlement before one oh the other of the
made it somewhat difficult, this week, to determine
great adversaries goes down to complete destrucwhether the ultimate stage of the conflict is at hand,
tion.
No terms were suggested by the German
or whether preparations still are being made for
Fuehrer, but it is a reasonable surmise that the
the final battle. The strategy of the latest phase
peace terms would be dictated from Berlin if the
°f the war is not yet clear, despite claims and
British Government decided to accept.
Speaking
counter-claims of all sorts. The German Nazis and
rapidly for more than 90 minutes, Herr Hitler detheir Italian associates apparently retain the princlared that he felt impelled to make "one more apripal initiative in the main theater of war, around
I>eal to reason in England." His attitude, he added
the British Isles. In the Mediterranean a local conemphatically, was not that of a victor demanding
flict is in progress between the powerful British
the capitulation of the vanquished, but rather that
Navy and the Italian sea and air power, and some
of a victor proposing a reasonable settlement.
Real
battles are reported in the more distant areas of
friendship with Italy and England was his pre-war
the middle African possessions of/Britain and Italy,
aim, said the Chancellor, and he intimated that this
There is every reason to believe, however, that the
thought still guides him. It was never his intention
issue will be decided on the question of defense of
to annihilate, or even to harm, the world empire of
the United Kingdom. German airplanes bombared
Great Britain, the speaker declared, and he held
England, Scotland and Wales incessantly, this week,
that there is now "no ground for the prolongation
and the Royal Air Force retaliated by almost
of the war."
Herr Hitler pointed out that his peace
equally heavy bombings of German troop concentraoffer to Great Britain and France of last Oct. 6
tions and industrial plants. The German submarine
would have spared France and other nations much
campaign was in full progress and London admitted
misery, if it had been viewed otherwise than as a
the heavy inroads thus being made upon British
confession of weakness.
He pleaded that his presshipping. But a defiant speech by Prime Minister
ent offer be viewed realistically, and stated cateWinston Churchill, last Sunday, doubtless reflected
gorically that Germany is better armed and prethe faith of the United Kingdom in its powers of
pared now than when the offensive began on May 10.
resistance, and in its ability to withstand any
The food stores of the Reich are ample for years,
assault. The problem remains whether the German
he said, and it is idle to think of starving Germany
Nazis intend to attempt an invasion of England,
into submission.
or prefer the expedient of a campaign against BritIf the war continues, said the German Chancellor,
ish shipping and port facilities designed to starve
tag yesterday heard Chancellor Adolf Hitler review
the recent
the effect
will
upon
developments of the war and propose a
will be terrible and millions of people
suffer.
The destruction
that will be visited
Great Britain he held to be beyond the concep"One thing is sure," he
tion of British statesmen.
added, "no Churchill will be left
in that case to
England into submission.
Prime Minister Winston Churchill
indicated, last
Sunday, that the British Cabinet was in doubt regarding the next phase of the great war. He made
the best possible case for the British shelling of the
The Commercial & Financial Chronicle
294
French fleet at Oran and
"that
elsewhere, and declared
melancholy phase" of British relations with
France at
an
The
end.
British Prime Minister
war
tion to the United States to
join the battle.
Nazis have
plan for the invasion of England, but
a
he warned that
a
plan more than a month old would
have to be revised in the
fense
light of recent British de¬
The theme of the address
arrangements.
challenge to the German
Continental
he
could
might
not
be
meet the
to
of much of
conquerors
predict whether
today,
attempted
German invasion
a
tomorrow
or
never.
Great Britain will be ready to
threat, and if necessary
London will be defended street
fense
was
Mr. Churchill admitted that
Europe.
Whenever it comes,
ence
There
doubt, Mr. Churchill stated, that the German
no
a
the
of peoples and causes,
contained the usual veiled invita¬
and the address
is
described by
was
as one
surrender, he said.
arrangements
the city of
even
by street, in prefer¬
African
the past have been
was
not en¬
are
admitted in London, where the Ad¬
miralty announced the sinking of the destroyer Es¬
cort, and light damage to an unnamed cruiser.
the border of
fort
of
On
Kenya Colony, the Italians took the
which
Moyale,
defended
was
native
by
troops.
Some engagements on the Libyan-Egyptian
border
suggested rapid widening of the conflict, and
Italian
airplanes bombarded Palestine ports of the
British
mandated
territory.
That London is be¬
ginning to feel the effects of the shipping losses and
the widened
when
he
of warfare is obvious.
area
ister Churchill
virtually admitted this
that
declared
convoys
Prime Min¬
on
Thursday
lacking for
were
ships which otherwise might transport children to
continent.
American
the North
marked that the program
ish children had
The British home de¬
in
never
That the Rome claims
points.
tirely idle
July 20, 1940
Some
re¬
for the evacuation of Brit¬
outstripped realities.
dangers
new
Mr. Churchill
faced by the British
now are
Government, owing to the collapse of the French
equaled, according to the Prime Minister, who added
defense and the fascist control of almost all of Con¬
that stocks of food in
tinental
England also
at unprece-
are
German spokesmen pointed
dentedly high levels.
Europe.
out, rather grimly, that Mr. Churchill had declared
and
London to
Scandinavia
that
be
German
a
fortified
invaders
city, and they remarked
could
be
not
expected
to
the British capital, in the circumstances.
spare
While these verbal
British
preliminaries
German
and
aerial
and
in progress
were
fighters went
sea
about their dreadful tasks of destruction.
complete reports
are
of the most recent
that the
Only in¬
available regarding the effects
fighting.
It appears, however,
Germans have relative aerial
superiority,
The Balkan and Baltic
areas are
completely under the domination of Germany, Italy
Russia, while France, the Low Countries and
United
no
longer are
Kingdom.
sources
Spain, it
gain control of Gibraltar, and
rock"
imminent.
seems
of supply for the
desires to
appears,
re¬
struggle for "the.
a
London
reported
aerial
bombing of Gibraltar almost every day, with little
effect, from airplanes of undisclosed nationality.
It
quite possible, however, that General Fran¬
seems
cisco Franco is
waging
an
undeclared
Great Britain for Gibraltar.
The
against
war
Spanish General¬
despite claims by Mr. Churchill that each British
issimo, who
fighter is equal to five Germans.
reported in Madrid dispatches, Wednesday, to have
bombed British seaports
ent
aim
of
The Reich forces
repeatedly, with the
destroying wharf facilities
hampering the unloading of the food
and
submarines
thousands
of
tons
were
of
active
British
claimed also that the surface
were
and
thus
and
supplies which England must import from
German
appar¬
other
overseas.
sank
shipping.
many
Berlin
warships of the Reich
operating against British shipping and
had taken
control.
some war
The
even
prizes into ports under German
Royal Air Force bombed German mili¬
tary and industrial points day after day, in the
hamper the German drive against England,
effort to
and
important
The
vital
successes
question
however, and
on
teresting claims.
sels sunk
total
so
for England will
far, of both British and
be shipping,
other
are
running at
a
rate of
military commanders that it is the
national mission of
Spain to,control Gibraltar and
expand in Africa.
A huge parade
Spanish claim to the western portal of the Mediter¬
On the
ranean.
in Berlin and
ter
same
day German divisions paraded
informed by
were
of much of Continental
final battle
peace
to
negotiations and proposals
tinuously,
official
but seemed to have
cur¬
more
The dry response from
that Great Britain had
gained in total
French
selves
to
on
African
regions the
actively, with both sides
ing gains and advantages.
claim¬
The Italian Command
reported late last week that the British Mediter¬
fleet had
been
cut
into three
parts, which
were
being bombarded by Italian airplanes.
went
so
in
the
not be
far
as
Rome
to assert that the British naval
units
Eastern
and
Western Mediterranean
could
joined by the British, owing to Italian
trol of the
passageway
the
1.
forms of
them.
are
their
new
situation
con¬
between Sicily and northern
eral
stitution
son
shal
and
his
associates
the
changed
upon
are
organizing
a
Using the royal "we," Gen¬
announced late last week
concentrating great
powers
a
new
in his
Con¬
own per¬
modifying those exercised by the Parlia¬
Pierre Laval
was
named
as successor
Petain, and Adrien Marquet
almost
to
Acting for the time being in Vichy, Marshal
Petain
ment.
and
government apparently to be imposed
regime.
Mediterranean and
con¬
in
STILL dazed by the defeat of their adjust them¬
people
attempting to country, the
and
ranean
circulated
little basis
axis Powers.
sort of fascist
carried
one
Rumors of
policies of the British and the Rome-Berlin
Henri Petain
the
Europe they still have
fight against England.
French Government
by countries overwhelmed by the Nazis.
was
Propaganda Minis¬
Joseph Paul Goebbels that after the conquest
owned
In
staged in
was
Madrid, Thursday, with the aim of asserting the
shipping tonnage, through the acquisitions of craft
fight
was
ves¬
registry,
Berlin also claimed that
100,000 tons weekly.
was
achieved.
They said late last week that
4,329,213 tons.
London
were
his
much to Germany and Italy,
this point the Germans made in¬
rent British losses
than
doubtless
informed
owes
equally influential in the
Foreign Affairs post
was
was
new
to Mar¬
held to be
regime.
The
retained by Paul Baudoin.
Assuming the role of spokesman for the group, M.
Laval declared last
Saturday that France
no
longer
will be "a humanitarian crusader for other nations."
'
Volume
National reconstruction
framework of
a
within the
he added,
and Great Britain have
will be the aim,
European bloc of States,
Relations between France
strained as a conseand the British shelling of the French fleet.
Diplomatic matters are
in the hands of "agents" of each country, who are
endeavoring to settle some of the countless problems
outstanding. There was talk at Vichy about a possible claim on Great Britain for damages inflicted
not
improved since they became
of the French defeat
quence
295
to ,be ready for transporting the gasoline, which
was said to be adequate for running 1,000 airplanes
for 45 days. The foreign relations of Rumania also
appear to be coming under German domination, for
the Reich is said to be pressing foi a xesignation by
Bucharest from the Balkan entente. Some European reports again suggested in recent days that
the Russian Soviet regime intends to leach out foi
control of the Dardanelles, and there is no reason
The Commercial & Financial
'
151
and elsewhere, but
this merely illustrates the feeling aroused by the
British
action.
Bastille Day was mourned in
upon
the naval units at Oran
celebrated;
France, rather than
'r
Chronicle
Turkey was neivous because
of this factor, but no moves so, far haye been made
by the Russians for capturing the Straits. Through-
to doubt the rumors.
out the Balkans, according to available reports, poor
crops appear to be the rule, and famine in much
of Europe may result this coming winter.
Baltic States
Burma
Road
UNDER the soldiers, the three Baltic masses of
"benevolent" eye of great States of
; ,
AFFAIRS in the Far East centered this week on
Lithuania, Latvia and Estonia held national electhe overland route from interior China to
tions, last Sunday, the procedure being typically
British Burma, which is a principal highway for
totalitarian.
The Baltic area represented by these
military supplies to the beleaguered Chinese Nacountries
occupied by Red troops early in the
tionalist Government of Generalissimo Chiang Kaiwar, and the Russian control has been extended in
shek, at Chungking. Acceding to Japanese deevery crisis.
Only a pro-Soviet party, known as
mands, the British Government agreed' over the last
the Working People's party, was presented to the
week-end to halt shipments of war materials and
Baltic peoples.
Unopposed, this group took due
certain other goods over this route for a period of
to force the great majority of voters to the
three months. The significance of this action is
polls, where their registration cards were stamped
tremendous, for it indicates as few other developto indicate that they had "done their duty."
Havments could, the extremes of conciliation to which
ing no alternative, the voters flocked to the booths
the London authorities have been reduced. The
in such numbers that the leaders were able to claim
action, however, need not have caused much surparticipation of more than 95% in Lithuania, and
prise, for it is quite in line with the virtual British
only slightly less in Latvia and Estonia.
Of the capitulation to the Japanese at Tientsin. It will
registered voters, 99% cast their ballots in Lithumean that the Chinese defenders will be forced to
ania for the pro-Soviet party, and the other counrely exclusively for military supplies upon Soviet
tries showed almost equally impressive totals.
In
Russia, in coming months, and Moscow will assume
Russian
was
care
a
effect, this will mean the virtual
three Baltic countries
absorption of the
Plans
by the Soviet Union.
reported from Stockdefense. Even the
army uniforms are to be precisely like those of the
Red Army.
There is, of course, every reason to
believe that these arrangements were made with the
already have been made, it is
holm, for unity of legislation and
full
knowledge, and perhaps even the approval
the
German
far has been
of
What remains of Finland so
Nazis.
respected by the Soviet Russian regime,
a
correspondingly greater position in Far Eastern
United States Govern-
affairs. The attitude of the
ment is merely one of quite
sumasa
Balkan Area
futile objection to the
closing of the route from Burma to interior China,
Japanese militarists unquestionably will see in the
British action a reason for still greater demands
an(t additional encroachments upon the rights and
perhaps even the territories of Western Powers,
Already the Japanese army has withdrawn its suppert from the "moderate" Cabinet of Premier MitYonai, precipitating a crisis which
the selection
ended in
of Prince Fumimaro Konoye as
the
EVERYrapid integration of the vastthis week, of
indication was afforded, Balkan area
acting head of the Japanese State. A Konoye, and
"inner council" is to advise Premier nationalistic
sphere of joint German and Italian influence,
stringent measures against Occidental interests
hardly would be surprising. The danger of a genoral conflict in the Far East has been immeasurably
enhanced by the Burma Road incident,
Reports of the British offer to close the Burma
route caused deep concern in England and the
United States. When the question was raised in
the London House of Commons, Wednesday, some
members expressed vigorous disapproval of the "appeasement of an aggressor." Prime Minister Winston Churchill defended the step on Thursday, how-
the
in the
Rumania, having ceded Bessarabia to Russia, presumably is to suffer further losses of territory
the
European
war
naturally depends upon the outcome of the
For the time
task of
when
ends, but this German-Italy aim
conflict.
being, Rumania is going back to the
tilling the soil and producing oil and other
supplies which the masters of Central Europe require for their war effort.
last
Bucharest reports of
the
Saturday stated that a sizable reduction of
Rumanian armed forces was in progress,
and by last
Monday it became known that no less than
troops would be sent back to
their homes.
650,900
Large
supplies of Rumanian gasoline were under preparation for
are
to
shipment to the German Reich, where they
be
used
mania's former
than
in
the German
fight against Ru-
ally, the United Kingdom.
No less
3,000 tank cars were reported on Wednesday
ever, as necessary
in view of the immediate world
situation. Great Britain is not unmindful of her
obligations to China, said Mr. Churchill, but must
recognize "the dominant fact that we are ourselves
engaged in a life and death struggle." To assure
a free and independent existence for China, and
als° to improve British relations with Japan, time
The Commercial & Financial Chronicle
296
and
relief of tension
a
were
essential, he added.
temporary arrangement therefore
hope that
country, and desires
peace
in that
The Prime Minister did not
area
of the world,
long undeclared
against China.
It
evident,
seems
to
Japan without
plishing favorable results.
the other
to declare
route
Churchill,
were
State
Cordell
Hull
United
the
ment
were
on
the
in every
merce
action
such
situation, the statement said,
as
legiti¬
of arteries of
this, if taken, and such
to world' trade."
It
dispatches, that this
seemed
to
as
move
was
and it is
reflect
Japan.
at
odds
In Tokio, the
"uncalled for interven¬
The rainy season impends
possible that the British-Japanese under¬
ment must
returns.
noted, in Washing-
branded by an unnamed
as
place."
political than practical signifi¬
was
emphasized that the agree¬
more
In Tokio it
cance.
was
spokesman
tion in the
wrong
standing has
be
The
strengthened before the dry season
Japanese Cabinet overturn appears to
principally the dissatisfaction
t»-tt
j
j
tary clique with the conduct
...i.c,
relations, and
suke Matsuoka
J?
of
Lo
o
•»
harsher attitude
a
was
of
the mili-
t
*
Japanese foreign
•
*
assured.
is
chosen to head the
J?
Yo-
Foreign Min-
istry under Prince Fumimaro Konoye.
CUBAN citizens went to the
President
to elect a new
polls last Sunday
and
municipal officials
in
Congress,
Jan.
5 1940
Aug. 15 1935
Holland
Cuban
as
places.
well
2
Aug. 29 1935
4X
India
Nov. 28 1935
3X
May 18 1936
7 1930
3.05
3
Dec. 10 1930
4~"
Italy......
Japan.....
July
5
Java
18 1933
Czechoslo¬
3
Jan.
1 1930
4
Jan.
2 1937
Denmark..
4X
May 22 1940
BX
Eire
3
....
England...
6
5
14 1937
4
BX
July 15 1939
May 28 1935
Sept.22 1939
4X
Dec.
4
Aug. 11 1937
4X
3X
May
5 1938
May 15 1933
4X
June 30 1932
3X
Oct.
V*
Finland
Jan.
4X
Norway
Poland....
Portugal...
26 1939
3
Rumania
Oct.
2
Estonia
Apr.
3
Morocco
I*
1 1935
5
..
South Africa
3X
7
4X
3X
17 1937
5
4X
3 1934
4X
Spain
Mar. 29 1939
5
Jan.
41939
2 X
Sweden
3X
Apr.
6 1940
May 17 1940
3
3X
4
Switzerland
IX
Nov. 26 1936
2
6
_.
Dec.
2
Germany
•
4X
3.29
Lithuania..
vakia
Danzig....
Jan.
4 1937
7
Yugoslavia.
5
Feb.
BX
*4
1 1935
Not officially confirmed.
Bank of
England Statement
THE statement for£1,461,000 ended July
the week in
decrease
of
a
tion> wh'ch is the first reduction in the
APril 24 • In the period from that date
week ago
Colonel Batista
can
almost be taken
early tabulations indicate that
the lead in all
provinces.
for
circulation
less than
rose no
he
was
far in
Complete tabulations of
Democratic coalition.
The only other
aspirant
former President Ramon
Grau San
917,000, which
compares
with £507,637,990
The circulation decline
ago.
its influence
on reserves
holdings and
£1,220,000.
other
so
by
a
in
yeai£
reserves
amounted
to
£33,846,000, while
deposits fell off £24,384,408. The latter con¬
rose
sists of bankers'
accounts, which decreased
708,
a
part offset in
loss of £241,000 in gold
the gain in
Public deposits
was
£27,834,-
and
other accounts, which rose £3,450,300.
Government securities rose £9,215,000 and other se...
A
rnco Ooo
™
A
i
curities decreased £952,938.
Of the latter amount,
i
^
£849231
was
f
from
discounts
'
£103,707 from securities.
to
the
and
The
advances
reserve
12.0% from 11.9% last week.
2% Bank rate.
different items
with
and
proportion
No
Following
are
change
shown
comparisons for previous
years:
OF ENGLAND'S
COMPARATIVE STATEMENT
July 17,
July 19,
1940
July 20,
1939
July 21,
1938
July 22,
1937
Circulatlon
1936
Public deposits
Other deposits
Bankers' accounts.
608,917,000 507,637,990 487,110,055
493,133.361 443,594,688
56,038,000 28,381,117
22,484,516
17,502,357 19,934,832
130,399,993 131,943,344 142,008,724
135,331,067 136,681,013
79,165,778 95,519,911 107,339,269 97,181,330
98,213,099
51,234,215 36,423,433
34,669,455 38,149,737 38,467,914
155,867,838 105,051,164 109,821,164
107,448,697 95.773,310
26,065,103
33,863,945 32,390.650 29,199,127
25,819,201
Dlsct. & advances.
3,025,705
9,120.080
9,304,918
5,830,080
6,461,055
Securities
23,039,398 24,743,865 23,085,732
23,369,041 19,358,146
Reserve notes & coin
22,448 39.437,969
40,315,715 34,246,048 53,131,227
Coin and bullion
1,364,908 247,075,959 327,425,770
327,379,409 230,725,915
Proportion of reserve
Govt, securities
Martin, who
to liabilities
Bank rate
12.0%
24.5%
2%
2%
Gold val. per fine oz.
168s.
148s. 6d.
84s.
24.5%
2%
llKd. 84s.
22.4%
33.90%
2%
2%
11 Xd. 84s.
11 Hd
was
Foreign Money Rates
led
"Oppositionists." It is possible that
the Grau
San Martin
supporters will protest various
aspects
of the election and
the
counting of the votes. Only
"minor incidents" were
said to have marred
the elec-
a
or
Other accounts
take some weeks.
Colonel
the candidate for
the so-called
Socialist-
until
£71,771,000,
Other securities
probably will
the
item since
up
from £537,146,086 to
£610,378,000. The current
reduction has brought the total down
only to £608,-
of
granted,
17 shows
circula-
currency
The
dictator, who also was a candidate for the
presidency. In these circumstances the election
of
was
Rate
Aug. 29 1939
Fulgencio Batista, the
the ballots
vious
Hungary...
I"
Mar. 11 1935
2X
Date
Effective
...
4
BANK
many
was conducted under the
watchful eyes
the armed minions of
Colonel
Batista
2
occurred in the
balloting
and
1 1930
0
Pre¬
Effect
July 19
Chile
rose
Cuban Election
local
Mar.
re¬
by the Secretary of
place the United States
by Mr. Hull
but "official"
3X
Country
Colombia..
com¬
interpositions of ob-
was
with both Great Britain and
statement
are
part of the world and considers that
would constitute unwarranted
State
Rale
Greece
open
centers
Rate in
vious
France
a
cently taken in relation to the Indo-China
railway,
stacks
Date
Effective
Belgium...
Bulgaria
In response to press inquiries
keeping
leading
Pre¬
Effect
Argentina..
Washington, Secretary of
Mr. Hull "said that this Government has
mate interest in the
the
at
July 19
issued
expressed.
rates
Rate in
Country
advised regard¬
or
a
formal
statement,
Tuesday, in which serious objections to the agree¬
for comment
Present
Canada
In
Bru, who has
firm adherent of the Batista
the discount rates of any
banks.
ing the negotiations which led to the sealing of the
supply route.
No information is available as to
the Russian reaction.
Laredo
shown in the table which follows:
both
consulted
a
regime will succeed
new
Federico
THERE have been no changes during the week in
of the foreign central
•
Mr.
to
President
Discount Rates of Foreign Central Banks
accom¬
have been ready
against Great Britain if the Burma
States and Russia
a
had been wounded
dictatorship,
may
not closed.
According
however,
hope of
some
The army
monumental
The possibility remains,
hand, that Japan
war
were
a
four persons and
of others.
persons
The
long been considered
which Japan continues to
war
some
more
by soldiers when they expressed reluctance to vote
for Colonel Batista.
that of
concession
as
or
reports that London had offered to mediate in
wage
ton
score
charge that at least two
entirely confirm previ-
that London would not make such
on
a
patch to the Associated Press, which also noted
quarrel with any Far Eastern
no
the killing of
as
1940
stood guard at the polls, according to a Havana dis
Mr. Churchill made it clear that Great
eventuate.
the
tion, such
injuries to
solution just and equitable to both may
a
Britain wishes for
ous
A
was made in the
July 20,
IN bills Friday market discountagainst for
LONDON open 1 1-32%,
rates
1
on
were
short
as
1-32%
Friday of last week, and 1 1-32%@1
1-16% for
three-months' bills, as against 1
1-32%@1 1-16% on
on
Volume
The Commercial &
151
Money on call at London on
Friday of last week.
Friday
New York Money
Market
MONEY marketweek, and in New York remained
this dealings rates were merely con¬
modest
tinued from
The small volume of
previous weeks.
outstanding
The
Treasury sold on Monday a further issue of $100,000,000 discount bills due in 91 days, and awards
were at 0.008% average discount, computed on an
commercial
and bankers' bills
paper
business
makes
such
in
poor
annual bank discount basis.
instruments.
Call loans on the New
held to 1% for all transac¬
Stock Exchange
York
tions, and time loans again were
1%% for maturi¬
six months'
days, and 1%% for four to
ties to 90
the official basis of
and seller's rates.
This certainty has been heightened by knowledge
of the fact that representatives of the Bank of
England are in conference with United States Trea¬
sury authorities on matters doubtless aiming among
other purposes in establishing an official market rate.
placing the entire market on
$4.02% and $4.03%, buyer's
1%.
was
As matters
the
1%%
days and 1%% for four to six months'
continues
Rates continued nominal at
quiet.
to 90
maturities.
There has been slightly less
for prime
the market
in
Prime paper
activity this
commercial
paper.
is less plentiful but the demand has been
Ruling rates are %@1% for all
strong.
$3.78%
as
improved.
reported by the Federal Reserve
supply and the demand has not
Dealers'; rates
days
as
New York for bills up to
of
are
%% bid and 7-16% asked; for bills
running for four months 9-16%
for five and six months,
The
bid and %% asked;
is
of
rate
New York,
Australia, 3.2150-3.2280; New Zealand,
Exchange on the following countries
no
the Federal Reserve Banks
THERE have rates of the Federal Reserve in the
been no changes this week banks
rediscount
recent advances on
Government obligations are shown
in the footnote to
schedule of rates
of paper
the table.
now
The following is the
in effect for the various classes
at the different
DISCOUNT RATES OF
Reserve banks:
Rate in
Effect on
Date
Previous
July 19
Federal Reserve Bank
Established
Rale
1, 1939
IX
1
Aug. 27. 1937
IX
Sept.
4, 1937
2
IX
New York
Sept.
1
Boston
May 11, 1935
2
IX
Aug. 27,
—
Philadelphia.
Cleveland
IX
1937
2
*1X
Aug. 21, 1937
2
Atlanta
*1X
Aug. 21, 1937
2
Chicago
Richmond
—
*1X
St. Loula
Minneapolis..
IX
City..
*ix
Kansas
*ix
Dallas
IX
San Francisco.
Sept.
2, 1937
2
Aug. 24. 1937
2
3, 1937
Aug. 31, 1937
Sept. 3, 1937
2
Sept.
for the German
gold mark around 40.05
2
Advances on Government
Course of Sterling
Exchange
The London authorities after a
to
the
on
official fixed rate.
opened at $3.82 and sub¬
sequently moved as high as $3.96, to close at $3.85,
up 14 cents on the day.
The trend of sterling in the
free market has been influenced by the prevailing
certainty that the British authorities will succeed in
more
On
closely approximating the
Monday cable transfers
long series of com¬
Foreign Exchange
York
New
Monday that effective
Thursday, July 18, the Bank of
open
dom
England will
registered sterling accounts in the United King¬
for banks in the United States through which all
permitted commercial and financial
be settled at the official rate
This
means
the
transactions will
of $4.02%@$4.03%.
practical elimination of the free
sterling market everywhere in a very
According to the
new
short time.
arrangements the Bank of
England will register sterling accounts to be opened
with banks in the United Kingdom in the name of
following conditions:
permitted commercial and current financial trans¬
actions in terms of sterling between the sterling area
All
(including dependencies)
and the United States
be settled
a
States
United
will
Transfers from
registered account may be made
through these accounts.
registered account or
resident in the sterling area, which is
defined by the new British order.
The balances
only by another United States
a
standing to the credit of registered accounts
will be
repurchasable by the Bank of England either in
London or through the Federal Reserve Bank of
New York at $4.0250. The Bank of England and (or)
the
Federal
Reserve Bank of
New York will sell
sterling for the credit of such accounts at
For the time being
continue to go
$4.0350.
certain other transactions will
through the free market at whatever
price is established in the open market, as at present.
There are a number of classifications in this category,
particularly American balances still in
can
FREE market sterlingrange moved up sharplyand
has last week, more as
compared with its
and for the
Italian lira at 5.05.
2
obligations bear a rate of 1%. effective Sept. 1, 193g
Chicago; Sept. 16.1939, Atlanta, Kansas City and Dallas; Sept. 21. 1939, 3t. Louis,
*
Holland, Bel¬
gium, Italy, France, and Rumania.
However, in
New York there is an occasional nominal quotation
through
FEDERAL RESERVE BANKS
Germany, Czecho¬
longer quoted in London:
United States banks under the
Discount Rates of
con¬
4.02%-4.03%; Canada,
slovakia, Poland, Denmark, Norway,
%% bid and 9-16% asked.
the New York Reserve
%% for bills running from 1 to 90 days.
bill-buying
Bank is
and including
England
quoted by the Bank of
3.2280-3.2442.
on
been
of between $3.66%
ago.
Committee made it clear
THE market for prime bankers' acceptances has
quiet this week.
Prime bills are again
in short
week
a
follows:
4.43-4.47;
maturities.
Bankers' Acceptances
limited
The range
be put.
between $3.68% and
a range of
between $3.6634 and $3.77% last week.
The range
for cable transfers has been
between $3.69 and
munications
90
can
compared with
$3.95 for bankers' sight,
Official rates
ruling quotation all through the week for both new
loans and renewals.
The market for time money
Bank
sterling
sterling this week has been
for
tinue
week
avail themselves of the
can
to which free
uses
Rates
DEALING in detailfrom day toloan rates was the
with call day, 1% on the
Stock Exchange
may
short while, so long as
entirely dried up and buyers can
supply is not
be found who
and
New York Money
sterling
stand the free market for
now
expected to continue for a
be
$3.96, compared with a range
datings.
up
297
Financial Chronicle
be
transferred to
another
England which
American resident.
existing accounts will provide the
These
medium for
settling all positions now outstanding as contracts
mature and these will be settled in the open market.
It is
not yet
type.
tained
known how much is
involved in this
However, American banks have long main¬
only small sterling positions, so that the
supply is probably not large.
/
The Commercial & Financial Chronicle
298
Eventually the existing accounts will disappear
because
covered for them in the
created.
There will then be left in the free market
positions
can
Doubtless
only the supply and demand arising out of personal
payments, such
insurance
as
relatives, income
rent
expenses,
F.
change Committee of New York, made public
Wednesday
gold
Loree, chairman of the Foreign Ex-
York and London
cables
of
exchange
an
between
the present status
on
informed that
with respect to an extension
time allowed for purchase
beyond July 5 of the
commitments made before June 8.
that
to
no
cover
It is also stated
regulations have been made with regard
new
payment in free sterling purchased at any time
from United States residents for
shipments of
chase contracts entered into before July 8. "
;
In
reply to
New
York
question
a
market
to whether
as
purchase
can
and
now
total about
may
French gold is
frozen in the United States, which
$2,000,000,000 if the earmarked
included.
Secretary Morgenthau said
studied by this Government from every angle and
that the whole question of the eventual disposition
of
the
frozen
funds
French
decision
a
the
official
by
is the French Government."
The London
market continues essentially
money
Call
bills is in supply at %% to 1%.
Discount rates
tinue
sterling to residents of countries which have not made
months
against
money
Two-months bills 1
follows:
as
arrangements with the control,
con-
1-32%, three-
and six-months bills 1M%-
said that
purchase
of official
sterling
lose
special
its
'
sterling, and that sales
be made but "such sterling will
can
characteristics
transfer."
the London cables
not be made because such
can
countries will not have official
completion
on
of
%
banks in New
"non-enemy (British) origin" will be allowed
to establish
manner
registered accounts and deal in the
same
j On Thursday the New York Foreign
Exchange
agent for and for account of the
until further notice deal in spot
control of
Bank
of
sterling with banks in
United States banks
It
well
is
as
!
.1
.
,1
clear that the
i
sterling.
cooperation is
x
tt
between
*i
tt
'a.
j
cij.
1
j_
are
lending full
seen
in the conference
i
w
t
...
,
United states and British
These conferences
Philips,
are
of
now
.
Treasury officials,
Undersecretary
of
the
Treasury, with his technical assistants is representing
the London authorities.
an
official report,
discount of
cover
io, inclusive.
&7m3i
151,683,501
_
.$154,212,780
_
11 ZI'IIZI 111~I II "I ZIZI
\
*1,431
2,699!<309
'28,300
__
119,765,938
Canada
______
24,268,594
coiombialllllll!
Ifiol'lli
"
Hongkong
_____
672,969
—
'
$735",
Peru, $316,483 Philippine Islands, $145,471 British
Oceania.
-Gold held under earmark at the Federal Reserve banks was increased
during the week ended July 10 by $68,359,495 to $1,722,480,453.
on
Referring to day-to-day rates sterling exchange
Saturday last was firmer within a narrower
range
and
up
from Friday's close.
Bankers' sight.
$3.69@S3.71M; cable transfers
was
S3.71 %.
rose
Without awaiting the issuance of
a
gold imports and exports which
United Kingdom.
.
Montreal
narrow.
Detail of Refined Bullion and Coin Shipments—
as
in progress
...
The discount
taken from the weekly statement of the
Totai___________
are
British
tendency to
trouble in
no
0re and basebulllon
1
expected to terminate shortly
and a joint statement
may be issued at their conelusion, according to Secretary Morgenthau.
Sir
Frederick
a
Refined bullion and coin
coopera-
m
take
strictly
discount of 11 lA%.
a
amounts
having regis-
England in establishing a fixed
An indication of the close official
j
err
will have
gold exports and imports, july 4 to july
tion to the Bank of
rate for
men
Switzerland..________
j.
may
for other than
United States Department of Commerce and
same
leading United States banks
Treasury authorities
use
the week ended July 10, 1940.
tered accounts in sterling."
•
Canadian shows
follow
New York City banks having
registered accounts in sterling to deal at these
t,
July 5 by the Ottawa
which Canadian citizens
Business
uses.
The
present, the Federal Reserve Bank of
other
on
of regulations limiting the
business purposes.
The restrictions, as previously
noted, apply only to personal, that is largely plea-
13J^% and
$4,033^.
Sterling thus dealt in must be
passed through the registered accounts of such banks.
rates with
series
new
amount of money
on
them at
New York requests
a
funds ranged during the week between
New York City which have registered accounts in
sterling, buying from them at $4.02J^ and selling to
the
bills 1 3-32%,
The Canadian exchange situation presents no new
England the Federal Reserve Bank of New York will
"For
1-16%, four-months
obtaining exchange from their banks.
Committee made public the following statement:
"As
1
features since the adoption
sure,
the United States banks.
as
bills
into the United States and
The cable added that foreign agency
York of
1
awaits
President Roosevelt and Secretary Hull as to "what
unchanged from recent weeks.
or not
ex-
expend the last of its
Thursday that the status of these assets is being
on
pur'
sell
can
under the
as
hardly be
can
in the purchase of commodities here.
reserves
French assets
been made
of free sterling to
prevailing it
cussed the problem of the ultimate disposition of the
on
New
of sterling."
concessions have
no
explore to what
It is thought probable that the conferees also dis-
In the advices from London Mr. Loree's committee
was
also
operations,
Treasury
now
pected that Great Britain
payments, mortgage interest, and bank interest,
Robert
will
be dis-
of these discussions,
credit might find support through
States
circumstances
a new use can
course
conferees
the
British
United
remittances to
securities payable in sterling,
on
purpose,
extent
insurance premiums and payments,
annuities, school
unless
serve a
mature
new
useful
as
be
contracts
no
July 20, 1940
were
$3.70%®
On Monday in limited trading quotations,
toward the official rates.
The range was S3.71
it is evident that aside from the
@$3.95 for bankers' sight and $3.71%@$3.96 for
cable transfers.
On Tuesday the market was firm,
among
and
sterling-dollar rate,
other important questions under discussion
must be
some
form of bi-lateral agreement to
replace
the
tripartite currency agreement which collapsed
with the fall of France and the Low
Countries. The
tripartite
currency agreement
and
equalization
the
or
established at that time.
■
was
entered in
stabilization
funds
These funds will
no
cable
limited.
Bankers'
transfers,
trading continued thin.
$3.83
for
bankers'
1936
cable transfers.
were
limited and firm.
longer
sight
cable
transfers,
was
$3.83@$3.85%.
On
sight
$3.80@$3.83%;
On
Wednesday
The range was
and
$3.72%®
$3.75@$3.84% for
Thursday the market remained'
Bankers' sight
was
$3.75@$3.86%.
$3.74%@$3.86;
On
Friday
the
,
Volume
299
The Commercial & Financial Chronicle
151
production markets and bourses, economic conditions
and general disarmament, the change from German
cable transfers.
Closing quotations on Friday were *war industry to peace industry, the creation of a new
S3.80J4 for demand and $3.80% for cable transfers.
German exchange system, the coordination of exCommercial sight bills finished at S3.86; 60-day and
changes of small European nations, probably link90-day bills are not quoted.
• !•
ing them to the reichsmark, and economic coopera-
market
presented
The
features.
no new
range was
$3.80@$3.91 for bankers' sight and $3.80@$3.92 for
tion of market distribution of European^ countries.
Continental and Other Foreign Exchange
f
QN MONDAYallailLatvian, Esthonian, and Lithexecutive order from Washingfroze
ton
uanian balances in the United States.
cies of these Baltic States have
nominal trading in
It may be
The
curren-
had little more than
the New York market.
recalled that
July 8 the freezing regula-
on
tions of the United States Treasury were
extended to
apply to the balances in the United States of the
Bank for International Settlements, in view of the
fact that the invaded countries
have been frozen in order to
into German hands have a
substantial interest in the
Settlements.
International
for
Bank
whose balances here
keep them from falling
American banks which have
Settlements shares found it necessary to
United States Treasury for
dividend declared by that
As
a
result
Bank for International
apply to the
permission to collect the
institution late in May and
disbursed in June
dispatches from Grenoble on July 13 stated
has decided to detach
French
that the Petain Government
the pound sterling and peg
the French franc from
to
it
The French franc,
dollar.
United States
the
had been allied
tripartite monetary agreement of October,
pound sterling, and American dollar
by the
This did not mean that the
1936.
currencies were
pegged to each other, but that abnormal fluctuations
were ironed out by the operations of the stabilization
and
equalization funds.
The
French-Nazi
new
was
move
is taken to mean
Before the armistice the franc
unilateral pegging.
quoted here at 2.18 cents.
Germans
established
The rate
the reichsmark.
On June 22 the
special rate of 20 francs to
a
now
suggested from Vichy
equivalent of 2.309 cents.
noted that French refugees crossing
would be the
It should be
the border to
French
equivalent to
"unofficial"
their
escudos at rates
Portugal have been exchanging
currency
Portuguese
for
% cent per franc.
about
market in
rencies, which has
In the
New York for foreign cur-
developed here since the beginis the market for foreign bank
ning of the war, that
notes, the
ago
French franc was quoted only a few
days
bid and 1.30 cents offered. This
with the recently quoted official dollar-
at 1.15 cents
compares
franc
exchange rate of 2.2883 cents.
The
Amsterdam
Monday.
ment
Holland
bourse
The London check rate on Paris which shortly
^
176.50-176/75, cease to be quoted on ^Monday,
ne„
quotation for francs in New York
was 2.18 cents (nonuna ) at noon on June 15. InNew T°rk Berlin mar s are not quoted, though
therf 18 an occasional nominal quotation for the gold
mark at, around _40^5. Italian exchange is also
nominally quoted m New York at 5.05 • Exchange on
Poland> Czechoslovakia, Norway, Denmark, :;HolJan ' Belgium, and Rumania is not quoted. The'
last quotation on Bucharest was 0.50 (nominal) on
Prlday'July .Ldtle business is being done even m
Swedish and Swiss units, while forward Swedish and
Swiss exchange is not quoted.: Exchange on Finland
c'ose;1 at 2-05 (nominal), against 2.05 (nominal)
?reek e^ha^e
a °'68 (nominal) against 0 68
(nominal). Swedish exchange is nominally quoted at
23"90' agai"st28;88- Swiss exchange is nominally
^oted at 22-73^' *gamnst022-67\ SPa™sh Pesetas'
are nominally quoted at 9.25, against 9.25.
r^XCHANGE on the South American countriespresents no important developments. Buenos
Aires dispatches of July 14 stated that the Argentinefinance ministry in a decree
as
American
Chamber of Commerce of Argentina re-
ported
July 13 a 49% increase in Argentine exUnited States in the first six months of
the corresponding period in 1939. Official
on
p0rts to the
194Q over
statistics show that Argentina's entire exports
creased 15.4% for the same period, despite loss of
European markets because of the war.:
trade with theof
nearly $5,000,-000 in the first three months of this,
year, according to official trade figures issued in.
Brazil's traditional export balance of
United States was replaced by an import balance
janeiro.
The Argentine unofficial or free market peso
on
in-
several
-
reopened
interpreted by financial
intended to prevent Germany from realizjng on Argentine securities in occupied territories,
gave the Central Bank broad powers to control the
marketing of such securities.
The postal and customs services were directed to cooperate to prevent
transfers out of Argentina of money realized in unauthorized marketing of foreign-held securities. Thecircles
at
22.40,, against
21.70@21.80.
closed.
Brazilian milreis
Dealings were confined mainly to Govern- -closed at 5.15, against 5.15. Chilean exchange is
Trading in other securities is restricted
nominany quoted at 5.17, against 5.17.
Peru is
stocks.
and with every
inhabitants
market,
transaction the names of buyer
and
All dealings are restricted to
of the Netherlands.
Trading on this
seller must be
like
nominally quoted at 15%, against 15%. \
—♦
given.
foreign
commercial trading of The
Netherlands, reflects the transitional stage of
ment to structural changes resulting from the
adjust-
DutchGerman economic arrangements entailing a coordination of Holland's trade in a European continental
system governed by the Axis powers.
A Berlin
wireless dispatch to the New York
"Times" on July 14 stated that the newspaper "Der
Telegraf" learned that Dr. Hjalmar Schacht has
drafted for the German Government a memorandum
embodying the effect of the German victory on world
EXCHANGE on the Far Eastern countries presents no new features from those of recent
weeks. The Hongkong dollar has been ruling irregularly firmer, while the Shanghai dollar, which had
been quoted around 6.10 on July 13, moved as high
as 6.60 on July 15, but has since receded somewhat,
The other leading Far Eastern currencies are generally
steady.
Closing quotations for yen checks yesterday were 23.45, against 23.45 on Friday of last week. Hongkong closed at 24.40, against 22.90; Shanghai at 6%,.
against 6.11; Manila at 49.80, against 49.80;
Singa-
The Commercial & Financial Chronicle
300
at 47%, against 47%; Bombay at 30.31, against
pore
European Banks
sumption by the
THE following table indicates the amounts of gold
bullion (converted into pounds
sterling at the
British
the
in
ll%d.
statutory rate, 84s.
principal European banks
special cable yesterday
Presidency
1940
England
1938
in
1913,
£
£
242,451,946
b3,867,600
c63,667,000
817,440,000
e97,714,000
el32,857,000
86,730,000
41,605,000
6,605,000
Germany
Spain
Italy
Netherlands
Nat. Belg__
Switzerland
Sweden.
Denmark
.
.
327,425,770
311.709.184
63,840,050
293,728,209
2,524,000
63,667,000
63,667,000
23,400,000
25,232,000
123,394,000
82,202.000
96,007,000
93,690,000
34,222,000
6,555,000
6,066,000
0,667,000
—
700,094,779
Prev. week.
700.216,622
later
year
the
incessant and
most
outbreak
2,483,600
2,425,000
88,092,000
42,575,000
50,936,000
100,871,000
49,444,000
24,030,000
0,553,000
6,604,000
6,549,000
6,602,000
879,752,346 1,072,803,979 1,070,747,659 1.051,748,581
880,125,593 1,032,748,169 1,072,217,205 1,047,007.678
Not only that,
extravagant naval expenditures almost immediately
outran
the
discreet
more
Wilson and
Navy,
regardless
restrained
advocacy
barrassing
to
of
purposes
Secretary Daniels.
of
its
formerly the basis of value.
was
date, Instead of the statutory price
On the market price basis (108s. per fine
the
ounce) the Bank reported holdings of £1,364,908; equivalent, however, to only
about £690,233 at the statutory rate (84s. llj^d. per fine ounee), according to
well
as
In order to make the current figure comparable with former
periods
with the figures for other countries In the tabulation, we show
English
more
as
before
As
Belgian
Germany
holdings In tbe above In statutory pounds.
held Dec. 31, 1939, latest figures available,
b Gold holdings of the
Germany Include "deposits held abroad" and "reserves In foreign cur¬
rencies."
c As of April 30, 1938, latest figure available,
e Prior to invasion.
The value of gold held by the Bank of France was revalued with the statement
Amount
a
Bank
of
of the Bank as of March 7, In accordance with the decree of Feb.
29, 1940, at the
gold 0.9 fine equals one franc; prior to the latest revalorization
the value of the Bank's gold holdings was calculated, in accordance with the decree
rate of 23.34
mg.
of Nov. 13, 1938, at 27.6 mg. gold 0.9 fine per franc; previously and
subsequent
to July 23, 1937, gold in the Bank was valued at 43 mg. gold 0.9 fine
per franc;
before then and after Sept. 20, 1930, there were 49 mg. to the franc; prior to
Sept.
26, 1936, 06.6 mg. gold 0.9 fine equaled one franc.
Taking the pound sterling
at the English statutory rate (7.9881 gr. gold ll-12th fine equals £1
sterling), the
sterling equivalent of 349 francs gold In the Bank of France Is now Just about
neutrality,
expressed,
lows
43 mg. gold to tbe franc the rate was about 190 francs to the £1: when 49
about 105 francs per £1, when 06.6 mg.. about 125 francs equaled £1.
were
early
the
to sea,
create
Democrats
tion
at
carded
Is
their
partisan history, the
conven¬
Chicago have apparently rescued the dis¬
must embrace the Philippines.
Navy not only to protect
a
possessions, but
one
more
militaristic President
quarter of
a
so
in
the
called
they
Peace
of
trap, betrayed by the
can
be snared
bait?
same
The
even
as
low
a
gave to praise of the peaceful
they attributed to President Roosevelt
pur¬
the
prominent place in their "key-note" addresses
doubtedly assessed
In
as a
one
with
respect they have, un¬
the
accuracy
"This
sounds
tional
protection
we
that
It
was
raged,
little
a
that
However strongly its sympathies
peoples
who
aggression, it is convinced that its
ultimate
restoration
of
may ex¬
suffer
own
peace
with
under
welfare and
and
progress
the peoples of the world unite in imposing
it the strongest obligations of self-restraint
non-intervention.
to
sons
to
This
people intends neither
fight and die
upon
indulge natural emotions
ways
provocative of extension
these
shores.
of
of
European soil
sympathy in
the
conflict
to
Starting from the premise of these
inextricably related principles, the people of this
Nation will estimate the conduct and
character of
Mr. Roosevelt, and determine the effect of
his for¬
our
na¬
war in Europe still
bellicosity and desire for
native
regimentation
was expressed, in
writing, in ad¬
of universal compulsory service in some mil¬
vocacy
itary, naval,
or
country as well
"Is
prevailing
peace
to maintain
earlier, while
his
it
not
civil capacity by the girls of the
as
by its
time
that
young men.
the
States should
for
are
before."
were
tional government service
trans-Atlantic
cost
an
overwhelmingly
nor
of
adequate basis, assuming
international relations
go back to what they
on
the people of the United States.
is
country
to send its
on
alarming, but it is going to hap¬
it must happen if
sentiment among
and
so-
Roosevelt,
speech before the Chamber
This
among
Mr.
American navy of the
proportions he then
an
pen;
that
as
by
Farley and by Speaker Bank-
the Convention.
upon
go."
may
Versailles,
February 1,1920, in
deceit?
simple-minded that
century it
a
old
head, for both
the
We must
demanded, and said:—
reelection
electorate
Postmaster General
to
.
suitable peace-time maintenance
same
Europe.
.
shores and our'
merchant ships in time of war,
our
matter where
our
the
thousand miles
annually
the most
be made must be estimated
tend
a
over
for
for
intelligence of the voters to whom the appeal is to
most
out
all
it
twice within
to
go
extend
Brooklyn, referred to $1,000,000,000
Is the American
poses
was
Commerce of
Andrew Jackson.
in the
the
country
repudiated motto of 1916 regilded and
and
there
and
of
After the war, and the consummation of
the
gathered this week in national
refurbished
since
of
vista
American," als fol¬
must
Hemisphere, must
mg.
Kept Us Out of War'
(lust-bin
"Scientific
"Our national defense
.99
'He
territory
Roosevelt's enlarged
the
as
:—
Western
no
From
in
em¬
than five months
demands of naval preparedness for this
£1;
at 27.6 mg. gold to the franc the rate was about 296 francs to the £1; when
there
violated
Mr.
un¬
seriously
Administration.
February 28, 1914, that is
calculations.
our
im¬
an
cost, and his
time
at
was
President
He wanted
at the market value current as of the statement
which
of
huge Navy and
* Pursuant
to the Currency and Bank Notes Act, 1939, the Bank of England
statements for March 1. 1939 and since have carried the gold holdings of the Bank
and
as one
impatient advocates
direct intervention by this
country.
but his strong predilection for a
mense
Total week.
a
of the first World War revealed him
£
236,725,915
437,492,666
87.323,000
25,232,000
103,824,000
105,795,000
83,598,000
25,844,000
7,442,000
isolationists, like
1936
327.379,409
296,117,650
111,449,000
29,201,000
6,539,000
98,644,000
in the
in
career
than
more
of the
141,362,112
as
progress
1937
£
+090,233
France
Norway
1939
£
of—
born
any
National politicis
began
Assistant Secretary of the Navy, and not
are
corresponding dates in the previous
by
nor
Senator Burton K. Wheeler.
by
much
Banks
third time
a
The President's
(Friday); comparisons
pasifically disposed leaders
more
Convention which has nominated him for the
a
wishful-thinking of Democratic
of respective
as
dates of most recent statements, reported to us
shown for the
in
fine ounce)
per
1940
eign policies, as they impinge upon the European
conflict, by his acts and reconcilable asseverations,
not by any
interpretations devised for popular con¬
30.31; and Calcutta at 30.31, against 30.31.
Gold Bullion in
July 20,
at
some
time.
well
as
civilian
adopt definitely the principle of
~by every
time in their lives f
...
in
He wrote:—
people of the United
This
means
times of
branches
I
hope to
see
the
service in times of
peace as
war
as
...
na¬
man and too man
and
well
means
as
in
service
the
in
the
military
branches."
Yet, with this record and with
qualification at
any
point,
as
a
no
suggestion of
candidate for the
Presidency in 1932, Mr. Roosevelt proclaimed, be¬
fore
the
National
Democratic
Convention
of
that
in his acceptance speech, that he supported
"one hundred per cent" the
platform demand that the
year,
whole
military and naval expenditures of the
coun¬
try, while it is at peace, shall be kept below
$1,000,000,000 annually.
Undoubtedly whatever
may be
Volume
promised this week at Chicago, in regard to
partic-
,
precisely the
same efficacy as the declarations of eight years ago,
in controlling the future course of the candidate.
During his two terms as President, Mr. Roosevelt has been similarly and continuously militaristic
ipation in the war in Europe, will have
in most of his utterances and in all
insisted upon
giving
his actions. He
officers, subject directly to his authority as commander-in-chief of the forces of both Army and
.
Navy, the performance of important civil
functions;
multiplying appeals for appropriations for these
his
services have
war
already accumulated to more than
$20,000,000,000; he has resumed his public advocacy
conscription of all the young men and
universal
of
typically extravagant terms the record
endorsed in
of the two
second it is
The Convention of course
of the land.
young women
Ropsevelt Administrations and from this
impossible to separate the public declaraPresident
speaks in
tions of its
chief for
public
individual or without his words carry-
as an
no
ever
If the milpurposes illustrated by the cited declaraprinciple are not sufficiently inconsistent
ing the authority of his great office.
itaristic
tions of
with
platform plank purporting to favor the
any
preservation of neutrality, there are other elements
in
record, not yet referred to, which are more
the
directly pertinent and convincing.
There
stands, to begin with,
Chicago
speech at
on
the "quarantine"
the return from Honolulu,
unmistakably and obviously at Germany,
directed
Italy, and Japan.
It was ante-dated, but not by a
period sufficing to disassociate the events, by an
offer
to
with European powers in
co-operate
an
economic blockade of the last named country and
by
call
a
upon
the Navy for advice converning the
effective conduct of such an
the
repeated
and
harsh
operation.
There are
bitter criticisms of the
participants in the European conflict which are in
disfavor, criticisms very likely not exceeding those
entertained
by the
mass
of private citizens, but
scarcely comporting with the calm dignity and formal
impartiality
which
should
characterize
• Obviously, the words "directly or indirectly" in
the foregoing make the prohibition applicable in
any case in which the heads of any government, by
some slick trick or subterfuge, attempt to accomplish indirectly any transfer which would be a prohibited and warlike act if directly undertaken. The
United States, for example could not, without
violating the faith pledged by its signature, sell airplanes owned by its Navy to any belligerent power,
And what it could not lawfully do directly, cannot
lawfully be done indirectly—the express words of
highly military color to his
a
inauguration; he has assigned to military
second
the
the compact make indirect transfer as wrongful as
direct transfer. Yet, under the personal managenient of the President, air-planes belonging to the
Navy, and guns belonging to the Army have, within
a few weeks of this writing, and in large quantities,
been transferred to private manufacturers or dealers
in such munitions under express and explicit understanding that these articles of war equipment
should forthwith be sold to Great Britain or to
France (before the break-down of that country),
And that understanding has, in fact, been consum¬
mated, not only as to air-planes and guns, but as to
other war materials desired by the British,
There is no conceivable form of platform declaration against participation in the war now raging
in Europe which, coupled with a general endorsement of the Roosevelt Administration, could overcome such a record of bellicose sentiments and of
overt acts of actual involvement in that war. Those
who wish this country to continue at peace, unless
and until it is obliged to act in its own defense,
will have to look beyond the Democratic platform
of 1940, however it may be phrased, and beyond any
national candidate of that party, so far the protection on which they wish to rely. Twenty-four
years ago the slogan "He Kept us Out of War" was
a preliminary to the sailing of a great Expeditionary Forced formed from the youth of America,
many of whom perished upon the battle-fields of
France. Any similar assertion in 1940, and any
equivalent declaration for the future, formulated
at Chicago this week, must be as unreliable as the
implied promise of 1916 now appears in retrospect,
=========
Chile
public expressions of the head of a great and neutral
nation.
There was the Charlottesville speech, when
Italy entered the war on the side of Germany
a
speech which not merely went to the limit of the
available
vocabulary
nouncing the
Italian
course
on
such an occasion m de-
of the de facto head of the
nation, but pledged support to the enemies
nation, and of Germany, in every degree
that
of
short of the declaration of war
which, it
was
ob-
served, is solely within the power of Congress and
beyond that of any President.
into
But all this fades
insignicance in comparison with a series of
overt acts
his
by the President, and exclusively under
direction, which began on the sixth day of last
The United
States was and remains, one
of the
signatories agreeing to the Hague Convention
1907 and Article VI of that
and still
of
document, never altered
fully binding in letter and spirit, reads as
the
numer0us
fe
our
have
newspapers
reports from correspondents on
subject of apparently subversive activities of the
Nazig
German
and their friendg
American countries
pean war
in
including Chile.
certain South
A great Euro-
g^rg deep em0ti0ns throughout the world,
Under such conditions it is difficult to
perspective.
many
endeavored to build
a
true
^th considerable
success.
large trade with the
This she accomplished
up a
South American countries.
war
keep
At the beginning of this century Ger-
The
year
before the last
began her share of the imports into Chile was
"The
supply in any manner, directly or
indirectly,
neutral power to a belligerent power, of war-
ships, ammuntion or war material
forbidden."
21.27%.
This trade
was
practically wiped out dur-
ing that war. Thereafter, Germany made progress in
recovering her position, but even after 10 years her
share of the Chilean imports was only 15.5%. It was
until a further eight years had elapsed that
not
follows:—
a
of
Recent]y
pubIished
24.5% and her share of the Chilean exports was
•June.
by
301
The Commercial & Financial Chronicle
151
of any kind, is
Germany equaled and even
record.
27.7%.
tion
as
surpassed
her
1913
In 1937 her share was 26% and in 1938
In 1939 Germany retained her relative posithe largest source of Chilean imports after
302
The Commercial & Financial Chronicle
the United
States, which had been the chief benefi-
eiary of Germany's loss of the Chilean market in the
and
1914-18
years
has
ever
position thus gained
retained
since.
substantially the
July 20,
the extreme south.
Most of it is
1940
from 50
to
100
wide, the extremes being 8 and 221 miles.
miles
In
the north stretches for
700 miles
some
a
waterless
In fact most of the
desert where rich nitrate and
copper deposits exist,
recoupment by Germany of its 1913 Chilean market
For five hundred miles to the south lies the historical
has been at the expense of
It
Great Britain.
requires little understanding of the
part of the central valley, with its very fertile soil
of
ways
a
leading industrial and commercial nation, such as
Germany, to realize that every possible effort is
being made by her to avoid the long interval which
occurred
Chile
is not
last
fully restored.
her
before
war
trade
with
To achieve that result it
surprising that Germany should adopt
and
sures
at
after the
was
mea-
employ publicity designed to convince the,
present inaccessible, Chilean market that the
will not last forever and to prepare
the ground for
quick revival of mutual trade when it is
existing conditions it
a
Under
over.
be hard for either
may
war
execu-
tants or observers to draw the line between
steps leading only to that limited objective, and acts or propaganda which bear the impress of a more sinister
.
design such
undue control,
as
logical hegemony
Whatever may
form of ideo-
or some
the field of operations.
over
be the aims of the Germans
respon-
sible for conditions outlined in the above mentioned
outlined in the above mentioned
reports, it is clear
that after the present hostilities are terminated there
*
will be
unprecedented economic activity by the important industrial nations to enlarge their markets
and available
is devised for
means
those fields
than
event it is to be
can
to prepare
to be
of
sources
a
raw
materials, unless
less acrid
some
for control in
race
likely at present.
In any
hoped that we shall do all that we
seems
for eventualities
Germany
as
appears
doing, protecting and developing our position
our
light and abilities. This seems to
to the best of
be the view that the
British, whose situation is
precarious than ours,
some
of
our
more
taking, to the point that
are
reporters cannot refrain from expressing
irritation with the calm of the British
representatives
in Chile over what
appear to some of our
people to
be ominous efforts.
<
Among the nations of South America
relations with Chile have in
closest.
Our trade with
volume of
some
1939, for instance, the volume of
Brazil—including
both
economic
Chile has not reached the
trade with Brazil and
our
our
respects been the
Argentina.
our
and
exports
trade
In
with
imports—was
8187,579,000 with Argentina 8132,987,000 and with
Chile 867,372,000.:
Chile, however, has not much
over
one-tenth of Brazil's
Argentina's—the
figure
population
in
1938
Thus, it
may
from the
point of view of numbers
nations
Peru and Colombia.
however,
gating
over
mineral
Brazil,
Argentina,
Our direct investments in Chile
are
of
Chile,
copper
is 95% American
operating nitrate holdings of American
in the
has played
of Chilean iron
of
rank fifth among
largest in South America—aggre8483,700,000. Of the two most important
owned and the
company
after
our
resources
interests
one-third of
be said parenthetically, the Chileans
South-American
are,
or
being 4,626,000.
majority.
a
An American owned
leading role in the operation
mines, and another controlled 85%
the country's
power,
until it
was
compelled ,to
reorganize with the majority of its board appointed
by the Government.
Also, the great bulk of the
Chilean foreign debt is owned in the
United States,
As is well known
Chile is a very
long and narrow
country, extending 2,653 miles from the tropics to
•
>
and fine climate, which the Spaniards settled in the
16th century. Another four or five hundred miles to
the south, though the
Europeans established themselves there much later owing to the resistance of the
staunch Araucanian
Indians, also includes extensive
fertile
and
areas
the
lovely lake district.
southern part of this region there
are
In
the
extensive forests
and mineral deposits, including coal. Further to the
south, until Cape Horn is reached the balance of the
country—a large part of it a vast
includes great virgin forests and vast
for sheep and cattle
raising.
Approximately the northern
country
archipelago—
areas
suitable
<
1,200 miles of the
under the sovereignty of the Incas of
was
Peru at the time of the
Spanish invasion of the 16th
century.
The Incas, however, never succeeded in
conquering the more southern territory occupied by
the Promaucian and by the even more war-like
Araucanian
Indians.
The population, as it exists
is composed of from 30 to 35% pure Creole or
other whites; about another
60% are mestizos with
now,
varying degrees of white and Indian blood.
combination
of
Spanish
produced in Chile
strains
have
and
a more
Indian
rugged type than the
generated
in
other
The
ancestry
has
same
South-American
countries.
As elsewhere in South-America the
Chilean upper
classes have absorbed, with much
sympathy, a high
degree of French culture. Paris, but not provincial
France,
is,
of course,
the
Mecca
of
the
Chilean
aristocratic families.
Fundamentally, however, the
spirit and the point of view is Spanish, though
adapted
to the local environment.
Many observers have attested to the charm and culture of the Chilean
upper-
class, which is made doubly attractive by
being
coupled with a not particularly Spanish optimism.
That the attraction is
deeply rooted is indicated by
the fact that
to this
even
day the patriarchal great
landholding class has retained the loyalty and, to an
unusual
degree the affection
of
labor, under conditions which
to
their
a
agricultural
foreigner
seem
pretty close to intolerable.
Other Chilean traits, which have in the
past impressed observers, and which are likely to be manifested
anew
when
the
occasion requires, are the
intense patriotism of all classes, and the shrewdness
which has earned the Chileans the
sobriquet of the
Yankees of the South."
counted
should
on
she
to
Both these traits
may
prevent
desire
do
so,
influence, if the Chileans
can
to
be
Germany from acquiring,.
any
undue hegemonic
accomplish that object,
They also explain the certain wariness Chile has
demonstrated in her dealings with us of recent
years,
For it does not require a
very high degree of shrewdness
or
patriotism for the
statesmen of
large part of the national wealth
a
country,
a
of which is held in
some form by the nationals of its
leading creditor
nation, to seek to develop other connections,
Many have thought that if Nazi ideas are to make
headway in Chile, and elsewhere in South America,
through Spanish channels of interpretation.
For Spain has in the
past exerted over Chilean
it must be
public opinion much the
same
kind of influence Great
151
Volume
The Commercial & Financial Chronicle
v
though less well implemented by
Yet on July 16 Madrid
that it had broken off diplomatic rela-
Britain has with us,
various forms of
announced
connection.
tions with Chile because
of the Chilean
Government's
campaign which had
"reached intolerable limits."
This may serve to;
indicate to us the extent of Chile's sales resistance to
of
tolerance
anti-Nazi
an
Nazi ideology. :
;
independence the
dictator,
His was followed by the dictatorship of another
soldier, who resigned three years later. There ensued
a
period of disorder under weak administrations.
Finally, in 1831, the conservative elements obtained
For
six years
some
after the
O'Higgins ruled - the country as
liberator
control and installed an
and 240,000 tons, or
production for the respective decades.
;
Chile is second only to the United States as a
copper producer, and has been leading the world as
an exporter of that metal. In 1939, according to
Chilean Government figures, her production was
339,172.57 long tons and her exports of copperV
312,245 long tons,
While the nitrate fields began exporting their product in 1830 it was not until the 1880's that it took
copper's place as the leading Chilean export, increasing from 773,400 long tons in 1881 to 2,337,300 in
1890, and being, as we have seen,, the chief source of
oligarchic parliamentary sys->
the famous 500 landswayed Congress and through
it the Pesident.
While some Chilean historians hold
that this "autocratic republic" lasted only 30 years
and was followed by a "liberal republic" enduring
another 30, which in turn was the precursor of a still
more liberal republic, most foreign observers are inclined to take the view that, in spite of the enlargement of the powers of Congress and various reforms,
tern
largely in the hands of
holding families, who
the
oligarchical system was
effect with some
a new one in 1925,
franchise were reduced.
however, the 500 families, now enlarged
to
replaced by
qualifications for the
and the
Even
substantially in full
until the Con-
short interruptions
stitution of 1833 wras
today,
exert
600,
much influence, especially,
executive though
The present chief
Senate.
by the Popular Front
such radical terms as
303
20% and 31% of the world
in the
elected
the country's revenues. When the last war interrupted relations with Germany and her allies, and
forced the former to devise methods of extracting
nitrogen from the air, the Chilean position as the
main source of the world supply of nitrates was
challenged. The process of manufacturing nitrates
synthetically proved to be economical, and the
resulting dislocation of Chilean economy, and especially Government finances, was, of course, immense,
However, in 1926 American interests bought into
the nitrate situation and introduced improved
methods which have resulted in lower manufacturing cost of the product and in its recapturing a
considerable part of its former importance among
Chilean exports. To a certain extent Germany has
helped in this recovery in some recent years by lowering its own production of synthetic nitrates and purchasing a part of its needs from Chile,
composed of parties including
The continued importance
of these two minerals
this country, which has been
in their
striving for the last 20 years to free itself from too
ing class, and is from all accounts a level-headed
great a relative dependence on the export of raw
gentleman with his feet on the ground.
materials, is illustrated by the fact that normally
In the meantime, Congress, enjoying long periods
in recent years copper has represented 50% of the
of stability, accustomed the people to the functionChilean exports and nitrates about 20%. These were
"Communist" and "Socialist"
titles, belongs by birth to the rich landown-
ing of a parliament with effecive
restricted the franchise.
In fact,
powers,
however
until recent years
the extreme economic difficulties, due to causes
emanating outside of the country, of the period
following the enlargment of the franchise led one or
two of the Presidents to assume, at the expense of
Congress, a degree of authoritarian rule as large as,
if not larger than any she has had since independence.
The evidence, nevertheless, indicates on the
whole that Chile has long accepted a democratic
republic
as
the eventual aim of
national endeavor
countries of Latin America,
For a long time Chile has looked to its foreign
trade to bear the major cost of running the Government.
In 1937 and again in 1938, for instance, about
45% of the Government's revenues were obtained
from import and export duties.
In those years the
larger part of such levies came from import duties,
This was not formerly the case. Chile has in the past
relied on nitrate exports to pay as much as 70% of
her revenues.
As late as 1913 the percentage was
60%. Her other chief mineral export—copper—has
more
fully than the other
also been
Incas,
was,
revenue
was
this
Copper,
understood by the
with silver, Chile's main source of
to 1880, and until the later seventies
important source of revenue.
up
which
were
It has
production
50,000 short tons in the decade of the 1830's—
being 13% of the contemporary world produc-
about
been
an
of the uses of
some
tion.
50% of her exports were
in copper.
estimated that the Chilean copper
In the next two
decades it was 98,000 tons
in the economy of
the percentages prevailing in 1938.
The economic crisis brought about by the development of the German process of manufacturing nitrates was intensified to a very special extent by the
world wide depression of the first four years of the
1930's. As we all know the price of Chile's other
main reliance in the export market fell precipitously,
The effect of that disaster on this small country with
a population equal to about that of Massachusetts,
less than that of Michigan and only slightly larger
than that of New Jersey, can only be realized when
the conditions prevailing in Chile are considered,
however briefly. ■
:
Until the last war, except for an occasional dis-
turbance once in a long while, Chile got along fairly
well on the basis of what was substantially a semicolonial economy based omgreat rural landholdings
and the exportation of mineral raw materials, which,
as we have seen, bore the principal part of the cost
of running the Government. The situation then
prevailing, and as developed since, was, and is by
no means yet, a strong one.
In 1934, 40% of the population secured its subsistance from agriculture, 19% from industry, 11%
from commerce and 4.5% from the great mining
industries. Apart from the last, who receive relatively high wages and other returns, the standard of
living and purchasing power of the great mass of the
population is very low. It is said, for instance, that,
the principal Chilean street railway company paid
its workers an average daily wage of 11.25 pesos or
304
45
The Commercial & Financial Chronicle
cents
American.
This
countered the
company
July 20, 1940
large ^cale landholding families have in the past
argument of the Chilean leftists that this pay was
spent much of their time and
inadequate by pointing out that it could
their
more
of
since it
allowed to charge as fair
was
American
an
retort
It may
cent.
not
pay
only 8-10ths
be added that the
that the mother company—the American
Chilean power and light corporation was
was
owned
profitable and could well afford
tion of its street
railway subsidiary.
be the practical
remains
that
to lose
the opera-
on
Whatever
may
ethics of this contention, the fact
this
even
low
would represent
wage
comparative affluence to Chilean agricultural workers,
Probably the basic obstacle
ment of the
economy
to
sound
a
of Chile, and to
a
ing of the standards of living, are the great landholdings.
It has been estimated that 4.6% of the
land is
arable, 20.2% pastureland and 7.5% woods
and forest.
Some part of the remaining 67.7%
may
eventually adaptable to agricultural use if
prove
of
means
irrigating it can be developed.
According to a survey prepared by members of the
Royal Institute of International Affairs of London,
in 1925 there
12,500
acres
be
to
568
570 Chilean farms of
were
each.
In 1929-30 there
rural
great
aggregate 42,310,000
acres
ties
per
were
holding.
in
properties
acres
or an
Most of these
the
central
51
quarters of the total
area
covering in
the
of 74,500
large
very
than
reported
were
average
region.
Santiago alone had
more
proper-
The province of
covering altogether
of its rural
three-
holdings.
In
of the greater part
corporations
culties,
high
a
controlled
nearly one-third of the country's farms*
Much of this acreage includes non-arable
land, but
the same is true even to a
greater extent of the land
held by the small holders.
The methods used in
working these large properties have,
generally speaking, not been modern. The
only agricultural product cultivated for a long time
and
on
large scale in such
a
comiums from
a
way
foreign observers
to draw
as
appears
en-
to be the
Chile is the seventh largest world
producer
and they are very good.
Until more
intensive methods of
grape.
of
wines,
agricultural
are
adopted, and the immense properties
broken up,
immigration of the desired
be
attracted.
There
widely
more
rapidly
more
kind will not
has, in fact, been
compara-
tively little of it,
as it has not been possible for the
Government to offer the inducement of full
owner-
ship of good soil
to
large numbers of prospective
immigrants.
numbers
Revolution
and
of
settled
1848
in
the
refugees from the
came
south
in
considerable
central
part of
Chile, which they and their descendants, as well as
others, have tilled and developed with considerable
From all accounts this old
German element
success.
is very
loyal to Chile.
It is among the more recent
arrivals—some of whom
result of
Government—that
some
who recognize
of their
came
in the twenties
as
the
colonizing projects developed by the Chilean
our
reporters believe there exists
Germany
as
the principal object
loyalty.
point, which foreign observers have often
emphasized in considering the
difficulty of raising
the standard of
living in Chile, has been the prevalence
of absentee landlordism.
The five
or
six hundred
for
Perhaps, almost too dark
based
economy
other
the
comparatively
a
labor
as
well
employed,
as a
number
the
on
one
picture of
a
hand
an
unblended
exports and
on
on
the
patriarchal, unmodern agricultural system
on a
has been outlined above.
Nevertheless, the task
assigned to the Chileans by destiny, beginning some
20 years ago, was one to command the highest
of Chilean statesmanship.
In the first
decade serious mistakesVwere made in going ahead
with poorly planned improvements and
resources
develop-
ments, too rapidly,
result
of
insecure foundation
on an
the
as
extravagant loans,
mainly from us, and
made not without our encouragement.
In the last
few years the task of placing Chilean economy on a
securer and broader basis has been resolutely tackled
with considerable shrewdness and dexterity even in
the face of the devastating effects of the earthquake
of Jan. 24, 1939, in which only 5% of the houses of
Concepcion,
third
largest
city
of
the
country,
escaped damage.
The
programs
of the last two administrations have
agrarian
reform,
subdivision of land, in-
and diversification
control
of
foreign
of
industrial
exchange,
production,
"compensation"
or
barter arrangements with countries willing to make
them, reduction of the price of food, various forms of
labor
legislation, balancing of the budget, expansion
of education and other
Some of the last
measures.
have included such steps as the
reorganization of the
nitrate industry
been
allotted
utilized
the
at
so
that
the
to
a
portion of its profits has
Government
and
has
been
partially in buying bonds of the exterior debt
reduced
market
rates.
According to this
arrangement the Government received almost 25%
of the net operating profits of the fiscal year ending
in 1937 and
Other
a
little
over
25% of that ending in 1938.
portions of the
have
program
varying extent carried out.
The
successive
obtained
has
by
over
to
a
a
surplus for
though this result has been
years,
including
from the
been
ordinary budgets
have, including that of 1938, shown
five
in
each
previous
case
the
balance
That industry
year.
been stimulated is evidenced by the index of
industrial
years
production based
on
the
average
1927-1929 which represents 100.
of the
In 1939 the
general industrial index was 165.6; that of manufacturing industries 158.2 and that of light and power
industries 208.9.
there
representing
gold
Not
including mining and nitrates-
3,657 industrial establishments in 1938
were
an
investment of about 3,097,000,000
Excluding
power
and light approximately three-quarters of Chilean industry is in the
hands of nationals. The investments in agriculture
pesos.
aggregate
Another
living
of indirect benefits.
carried
In the middle of the last
century,
German
of
advanced methods of exploitation
crease
owners
of their main diffi-
one
and the setting of
wages
standard
rural property.
less than 3,000
of their mineral wealth by foreign
having been
as
when they admit that their country has
due return in taxes, especially
heavy since
1939, good
included
say
considerable part of
especially in
even
received
the entire
country, to quote the same survey, 2,756
owners held
20,321,623 acres, or an average of 1,970
acres out of a total of
64,190,000 acres classified as
That is to
abroad,
a
France.
The
Chileans themselves would designate the
ownership
develop-
general rais-
wealth
national
about
save
for
six
and
the
British
two-third
billions—all
pastoral holdings in
the far south.
The country has coal and iron—the
basis of modern industry.
American interests are
operating
some
of the iron deposits, but the coal
as
Volume
well
other
as
minerals, except
and nitrates,
copper
In spite of the difficulties the
belong to Chileans.
for.Disposal of Surplus Commodities—Authorizes President to
Training for Civilian Conservation Corps Enrollees—Contains Pro¬
and $50,000,000
Areas
Proivde Non-Combatant
Amending Tennessee Valley Authority Act
vision
Total appropriations of
$1,157,711,357
are
called for in tlie
joint resolution, signed by President Roosevelt on June
26,
work relief and relief, for the
30, 1941.
The resolution appro¬
priates $975,650,000 for the Work Projects Administration,
$50,000,000 for lied Cross aid to civilian refugees in Euro¬
making appropriations for
fiscal
June
ending
year
$50,000,000 for the disposal of surplus com¬
pean war areas,
modities, and authorizes the President to provide within the
Civilian
Corps non-combatant training of en¬
Conservation
rollees.
With
regard
to the Tennessee
amendment
to an
States
to
counties
and
to
replace
paid by
formerly
taxes
public utilities.
The
endorsed
House
the
with
TVA
bill
"and get
losses
tax
up
tition
private
bill
came
Majority Leader Rayburn,
supported the
fish,
the
House
as
"rider"
a
on
relief appropria¬
the
Cannon
recommended
After the vote it went back to the Senate
Mo.)
(Dem.,
acceptance of the amendment.
the
the
fiscal
next
tlie property
equal to
other
and
acquired
Tennessee,
and
The
TVA's
during
revenues
power
States and counties amounts
pay
formerly collected from generating and
the Tennessee Electric Power
taxes they
utilities.
collected
on
lands
TVA's dam-reservoirs, the payments would amount to about
annually, and while the bulk, about $900,000, will go to
the rest will go to Alabama, Mississippi, Georgia, North Caro¬
Kentucky.
intended
taxes
occasioned
losses
to
for
$1,400,000
lina
used
payments would be 40% of the taxes formerly
the
If
10% of
bill,
be
facilities the TVA acquired from
transmission
Co.
would
year
conferees
House
the
The
be
to
covered
by the bill
do not comprise all tax
by the TVA program, which run above $4,000,000.
signing of
the work relief
resolution
(on June 26,
previously reported) was noted in these
columns June 29, page 4056.
As originally passed by the
June
not
House
27,
as
May 23 the resolution appropriated $1,111,754,916
011
(noted in these columns May 25, page
3283)j-it*ut
when it
adopted by the Senate on June 15 (as was'mentioned
in our June 22 issue, page 3901) it called for $1,224,791,357.
The resolution was sent to a joint conference group, where
was
compromise of
a
approximately $1,158,000,000 was agreed
June 21
page 4056
on.
The House approved the conference report on
and
the
Senate
June 22, as was reported on
on
The text of the resolution as placed
of our issue of June 29.
on
the statute book, following its
on
approval by the President
June 26, follows:
[H. J. Res. 544]
RESOLUTION
JOINT
Making appropriations for work relief and relief, for the fiscal year ending
June
Resolved by the Senate
30,
1941
and Hoxise of Representatives of the United States
of America in Congress assembled, That this joint resolution may be
as
the
"Emergency
Relief Appropriation Act, fiscal year
Work
1.
Section
cited
1941".
Projects Administration
(a) In order to continue to
provide work for needy persons
Territories and
possessions, there is hereby appropriated to the Work Projects Administra¬
tion, out of any money in the Treasury not otherwise appropriated, for
the
fiscal year ending June 30, 1941, $975,650,000,
together with all
balances of appropriations under section 1
(a) of the Emergency Relief
on
useful
public
projects
in
the
United
States
and
its
Appropriation Act of 1939, which remain unobligated on June 30, 1940,
including such unobligated balances of funds transferred to other Federal
agencies for nonconstruction projects under the provisions of section 11 (a)
of such Act of 1939, or set aside for specific purposes in accordance with
provision of law,
of Federal con¬
projects under authority of the Emergency Relief Appropriation
1938 and 1939 shall remain available until June 30, 1941, for
Provided,
other
law:
funds
heretofore
struction
That
notwithstanding
irrevocably set
Acts
of
such
completion, and any such
for
any
other
the completion
funds which remain unobligated by reason
abandonment of any such Federal construction project
be returned to this appropriation: Provided further, That the funds
of the
shall
aside
completion
or
appropriated by this section may be apportioned for a lesser period than
the 12 months of the fiscal year 1941, but not for less than eight months,
as
determined by the
President, if in his judgment such action is
required
period, but the funds
so appropriated, shall be so administered during such period as to constitute
the total aniount that will be furnished to such Administration during
to
meet
such
unemployment conditions during such lesser
period.
shall be available for (1) admin¬
approved by the President under
the provisions of the Emergency Relief Appropriation Acts of 1937, 1938,
and 1939 ; and (3) the prosecution of the following types of public projects,
Federal and non-Federal, subject to the approval of the President, namely:
Highways, roads, arid streets; public buildings; parks, and other recrea¬
tional
facilities,
including buildings therein; public utilities; electric
(b)
The funds provided in this section
istration ;
(2) the prosecution of projects
of
forest
areas,
including the establishment of
fire lanes;
wildlife conservation; eradication of insect, plant,
the production of lime and marl for fertilizing soil for
farmers under such conditions as may be determined by
to
sponsors
of such
State law; educa¬
recreational, production, and service
projects under the provisions of
professional, clerical, cultural,
tional,
including training for nursing and for domestic service; aid to
self-help and cooperative associations for the benefit of needy persons;
and miscellaneous projects: Provided, That all persons employed on work
projects,
projects shall, so far as
practicable, be employed on projects nearest their
respective homes.
funds appropriated in this section, exclusive of those used for
administrative expenses, shall be so administered that expenditure authoriza¬
tions for other than labor costs for all the work projects financed from
The
(c)
funds
in any
not exceed
shall
State, Territory, possession, or the District
average for the fiscal year ending June
an
of Columbia
36, 1941, of
month per worker, except that the Commissioner of Work
(hereinafter referred to as the "Commissioner") may authorize an
per
Projects
increase
increased cost of materials would have
above $6 but in no event Bhall the
increase in such
average exceed the amount necessary to meet such
in¬
crease
in material costs and in no event shall such average exceed $7:
Provided, That the funds appropriated in this section shall not be used for
the purchase of any construction equipment or machinery in any case in
which such equipment' or machinery can be rented at prices determined
by the Commissioner to be reasonable, and his determinations, made in.
conformity with rules and regulations prescribed by him, shall be final
and conclusive: Provided further, That not to exceed $25,000,000 of funds,
herein appropriated to the Work Projects Administration may be used by
the Commissioner to supplement the amounts so authorized for other than
labor costs in any State, Territory, possession, or the District of Columbia
in connection with the prosecution of projects which have been certified
by the Secretary of War and the Secretary of the Navy, respectively, as
being important for military or naval purposes.
(d) In administering the funds appropriated in this section, not to
exceed three-fourths of the total cost of all non-Federal projects approved
after
January 1, 1940, to be undertaken within any State, Territory,
possession, or the District of Columbia, with respect to which any such
funds are used, shall bo borne by the United States, and not less than
one-fourth of such total cost shall be borne by the State and its political
in
the
in cases where the
such average
average
effect
the
the relief bill.
Norris-Sparkman
of
part
Under
of
rural
and other
game,
distribution
$6
Chairman
to serve persons in
systems,
sewer
fungus pests ;
such
fair."
before
bill.
tion
as
in compe¬
means."
them
among
"only just and
as
The
178 vote
to
taste of what Government operation
a
enterprise
supporters,
205
a
beneficiaries of TVA electric rates should
the
Committee that
by
(Dem., Ky.) of the Houie Military
make
despite the insistence of Chairman May
Affairs
bill
Norris-Sparkman
associations;
improvements
the
contributions
systems
or
by and for the benefit of nonprofit and
water supply, and purification
systems; airports and other transportation facilities; flood control; drain¬
age ; irrigation, including projects sponsored by community ditch organiza¬
tions ;
water conservation; soil conservation, including projects sponsored
by soil conservation districts and other bodies duly organized under State
law for soil erosion control and soil conservation, preference being given
to projects which
will contribute to the rehabilitation of individuals and
an
increase in the national income; fcrestation, reforestation, and other
the "Wall Street Journal" of June 22:
Valley Authority received congressional sanction to make
lines
including projects sponsored
cooperative
and
Tennessee
distribution
and
transmission
areas,
Valley Authority Act embodied in the work reUef resolu¬
tion we quote the following from Washington advices to
The
Act, Fiscal Year
for'WPA—Also $50,000,000 for Red Cross Aid in European
1941"—Provides for $975,650,000
War
makings of a broad development of the national economy under wise and far-sighted leadership are there.
Title of "Emergency Relief Appropriation
Enacted Under
of Resolution
Text
305
The Commercial <fc Financial Chronicle
151
raising
of
subdivisions, or
as
by the Territory,
possession, or the District of
Provided, That the provisions of
apply to projects (1) which have been certified
the case may
not
the
and
War
be:
Secretary of the
Navy, respectively, as
naval purposes, or (2) which authorize
to life, property, or health in
military
or
measures
to avert danger
Columbia,
this subsection shall
by the Secretary of
being important for
necessary temporary
the event of disaster
caused by flood, storm, fire, earthquake, drought, or
similar cause.
The facts constituting compliance with the requirements of
this subsection shall be determined by the Commissioner, and his deter¬
minations, made in conformity with rules and regulations prescribed by
him, shall be final and conclusive.
(e) The funds appreciated in section 1 (a) hereof shall be available
to provide, under regulations to be prescribed by the Commissioner,
for
medical and hospital facilities for work camp project employees and burial'
expenses of deceased work camp project employees, including the trans¬
portation of remains to place of burial: Provided, That deductions shall be
made from the earnings of all project employees quartered in such camps
in an amount sufficient to offset the estimated cost to the United States
or
grave
emergency
furnishing the foregoing.
for
When it is found that a result
the part of the sponsor, any
(f)
ation
on
other
project, or any part
of bad faith, fraud, or
land, building,
thereof, upon which funds
misrepresent¬
structure, facility or
appropriated in this
transferred, or disposed of with¬
sponsor of the project and the
person or organization to which the land, building, structure, facility, or
project has been sold, leased, or given, shall be liable, jointly and severally,
upon
demand of the Commissioner or his duly authorized representative,
to
pay
over to the United States an
amount equal to the amount of
Federal
funds expended on such land, building, structure, facility, or
joint resolution have been expended, is used,
and control for public use, the
out retention
project.
(g) The amount which may
be obligated for administrative expenses of
in the District of Columbia and in the
field shall not exceed in the aggregate the sum of $41,534,000 during the
fiscal year 1941, of which sum the amounts so to be obligated for the
following respective purposes shall not exceed these sums: Salaries, $34,-
the
Projects Administration
Work
travel, $3,610,000; and print¬
the President shall determine
by such section, shall be
apportioned for a period less than the entire fiscal year, the Director of
the
Bureau of the Budget shall apportion the amounts which may be
obligated for administrative expenses for such period, but if the period
determined is an eight months' period there may be obligated for admin¬
istrative expenses not to exceed $30,875,000, of which sum not to exceed
$25,626,250 shall be available for salaries; $418,000 for communication
service; $2,536,500 for travel; and $323,000 for printing and binding.
communication service, $612,750;
105,000;
ing and binding, $437,000: Provided, That if
under section 1 (a) that the appropriation made
(h)
each
The Commissioner shall
transmit to Congress, on the
Projects
first day of
showing for each State the names,
of all employees of the Work
Administration whose compensation is at the rate of $1,200 per
regular session thereof, a statement
positions, and compensation
addresses,
306
annum
The Commercial dr Financial
Chronicle
or
For
more.
the
of this
purposes
subsection, the
"State"
term
the minimum rate
shall
include the Territories, possessions, and the District of
Columbia.
(i) The functions heretofore vested in the Works Progress Administration
and
the
Work
June
until
Projects Administration
30,
1941,
authorized
are
be
to
carried
extended
until
such
date
to
out the purposes of
carry
is
may
the
Army to perform the functions of the office
of
United States
missioner
of
Work
such officer.
his
to
his
Projects,
commissioned officer
a
without loss of
Any commissioned officer
and allowances
pay
total
detail
compensation
such
as
$10,000
the
on
of
list
Sec.
2.
in
sons
(a)
the
In
order
and
amount
an
sufficient
while he is
annum
to
United
appropriated
to
to
needy
States, its
to
make
and
Territories
and
assistance
relief
to
needy
is
per¬
Department of Agriculture, out of any money in the
Treasury not otherwise appropriated, for the fiscal year
ending June 30,
1941, $59,000,000, together with the balance of the
appropriation under
section
3
of
the
Emergency
Relief
Appropriation
Act
of
1939
available for (1) administration
adjustment
this
service
section
and
and
(.not
making
prior law;
(3)
of
shall
be
$7,500,000); (2) farm debt
servicing of loans and relief under
(4) relief; (5) the prosecution of
furnish
to
the
Secretary
of
his
Such
advances
request
per
Agriculture
with
in
an
shall
aggregate amount
be
made;
(1)
of
With
not
to
interest
exceed
at
the
centum
securing such
tary
of
loans
amounts
from
are
of
3
per
in
to
force
have
advanced,
so
as
The
date
this
obligations
conditions,
The
Secre¬
received
as
upon
advances,
the
on
until
time under the provisions
one
any
including
conservation
of
work
natural
(e) The
proceeds
with
trust
a
proceeds
for
be
may
each
the
public
or
and
loan
the
pay¬
projects, Federal and
land
in
furtherance
provisions of section
death
or
compensation
23
and
non-
of
of
the
this
benefits,
performing such work.
made
under
purposes
for
enly
used
of
the Secretary of
employable recipients of such
resources,
of
this section,
useful public
on
private
on
such
for
this
which
section
such
shall
loan
and
purposes,
be
im¬
made,
is
and
shall
continue
subject to such trust and shall be free from
garnishment attachment, levy,
seizure by or under
any legal or equitable process whatever until used
by the borrower for such purposes.
It shall be unlawful for
any borrower
to
the
use
those
the
Any
proceeds
stated
upon
$1,000,
No
or
cf
this
(f)
or
be
pay
made under
for stock
thereof not
joint
this
willfully violates
in
his
or
organized
this
section
in
or
until
six
to
fine
of
not
months,
any
permission
this
section
more
than
or
person
both.
to
existence
Reconstruction
(a) In order to continue
Rico
and
for other
enable him
out
of
on
the
date
of
enactment
all
rehabilitation for needy persons
described in this section, there is
Reconstruction
Appropriation Acts
subject
tion
to
rehabilitation
overhead
of
the
of
approval
needy
of
the
persons:
expenses) of any dwelling
which
appropriate
or
is
hereafter
President,
undertaken
any other
in
of
for
Provided, That
or
Administration,
1936
and
projects
the
1938 ;
involving
cost
(including
building the construc¬
connection
with
such
rural
rehabilitation shall not exceed
$750 and $400,
respectively.
(c) That section 5 of the Fair Labor
Standards Act of 1938 is amended
by adding at the end thereof the
No industry committee
appointed under subsection
(a) of this section shall
nave any power to
recommend the minimum rate or
rates of wages to be
paid under
section 6 to any
employees in Puerto Rico or in the
Virgin Islands.
Notwithstand¬
ing any other provision of this
Act, the Administrator
may appoint a special inaustry committee to recommend the
minimum rate or rates of
wa^es to be paid
under sect on 6 to all
employees in Puerto Rico or the
Virgin Islands, or in Puerto
Rico and the Virgin
Islands, engaged in commerce or in
the production of goods
for commerce, or the
Administrator may appoint
separate industry committees to
recommend the minimum rate or rates
of wages to be
paid under section 6 to em¬
ployees therein engaged in commerce or in
the production of
goods for commerce
? P&rt'cular Industries.
An industry
committee appointed under this
subsection
or islands where
the employees with
appointed are employed and
residents of
the United States outside of
Puerto Rico and the
Virgin Islands.
In determining
carry
out
than
the
minimum
piece rates; to
hourly
or
wage
class
rate;
to
Service
the benefit of Indians under the
provisions of the Emergency
Appropriation Act of 1938; and (5) subject to the approval of the
for projects
involving rural rehabilitation of needy Indians.
Administrative Agencies
Sec.
5.
(a)
In order to provide
for administrative expenses
incidental
to
carrying out the purposes of this joint resolution, there is hereby
appropriated to the following agencies, out of any money in the Treasury
not
otherwise appropriated, for the fiscal
year
ending June 30, 1941:
(1)
General
(a)
Procurement
$1,954,516
Accounting
Division
accounting;
Office
of
of
points
$200,000;
if
the
of
Department:
Disbursement,
Treasurer, $490,000; (d) Secret Service
Office of Commissioner of Accounts and Deposits
$4,628,841, for administrative
Treasury Department, $10,636,357: Provided, That no
(3)
used to defray the expenses
the performance of any of the functions
(b), and (e) of subdivision (2) of this subsection
maintaining
or
and
Treasury
Division
(e)
(a),
other than
performed;
(2)
;
(b)
the
herein appropriated shall be
Rum
transferring
at
$5,600,000
$3,400,000;
of
bookkeeping and Warrants,
total,
part of the
Office,
Division,
(c)
;
Division, $163,000;
and
in
(4)
States
the
Public
Health
where
Service
Civil Aeronautics
such
of
any
of
the
functions
Federal
are
now
Security
Agency,
$175,000: Provided, That
Authority,
President
shall determine under section 1
(a) that the appropria¬
by such section shall be apportioned for a period less than the
entire fiscal year, the appropriations made
by this section shall be appor¬
tioned by the Director of the Bureau of the Budget for a lesser
period
tion
made
the
than
fiscal
but not for less than eight months.
year
(b) The appropriations in subdivisions
(a)
of this section
employed entirely
under
(2),
(3),
and
of subsection
(4)
shall not be used
to pay the compensation of persons
the regular work (as distinguished from emergency
upon
appropriations
in
this
section)
of
department
any
or
agency,
to pay the compensation of employees engaged
partially upon such
regular work unless, in the determination of the head of such department
or agency
(which determination shall be conclusive), offsetting employment
such emergency work of such
upon
department
paid from the regular funds thereof.
employees
there
6.
is
sation
In
(a)
for
is performed by
agency
Employees' Compensation Commission
order
to
out the
carry
hereby made available to
Commission
or
the
provisions of section
the United
fiscal
States
ending
year
30,
1941,
hereof,
23
Employees'
June
Compen¬
$3,100,000
of the special funds set up on the books of the
Treasury pursuant to the
provisions of the Emergency Relief Appropriation Acts of 1935, 1936, 1937,
1938, and 1939: Provided, That the amount in this section shall be avail¬
able
for
payment
of
such
Provided further, That
that
the
compensation
and
for
administrative
expenses;
if the President shall determine under section 1
appropriation
made
by
such
the entire fiscal
(a)
year,
section
shall
be
apportioned
for a
the amount made available by this
section shall be apportioned by the Director of the Bureau of the Budget
period less than
for
lesser period
a
than the fiscal
year
but not for less than eight months.
(b)
The funds made available in this section, together with the balance
funds heretofore appropriated or allocated to such Commission under
of
prior
relief appropriation Acts, shall be available
emergency
Federal
to
agencies
departments
Commission
and
for
for
medical
establishments
injured
persons
and
for payments
services
supplied
accordance
in
hospital
with
regulations
by
such
of
the
entitled to benefits under section 23 hereof.
Executive Office of the President
7.
Sec.
following:
"(e)
shall be composed of
residents of such island
respect to whom such committee was
to
for
Sec.
in the Treasury not other¬
appropriated, for the fiscal year ending June
30, 1941, $4,000,000,
together with the balance of the
appropriation under section 4 of the
Emergency Relief Appropriation Act of
1939, and the balance in the
special fund created under the Act of
February 11, 1936 (49 Stat. 1135),
which remain
unobligated on June 30, 1940.
(b) The funds provided in this section shall be
available for (1) admin¬
istration ;
(2) loans; (3) the prosecution of
projects approved by the
President for the Puerto Rico
Reconstruction Administration under the
provisions of the Emergency Relief
(4)
necessary
President
Administration
any money
wise
and
tion
Relief
work
cooperative association
rural
projects
Puerto Rico
is amended
nor
any
tire Department of
Agri¬
30, 1941, to carry out the purposes
June
1938
year
United States
Rico
hereby appropriated to the
Department of the Interior,
rural
of
1941, $1,700,000.
(b) The funds provided in this section shall be available for (1) admin.-,
istration, not to exceed $80,000; (2) loans; (3) relief; (4) the prosecution
of projects approved by the President for the Farm
Security Administra¬
representative.
of
Security Administration within
hereby extended
3.
written
provisions
a
other than
purpose
the
authorized
the
membership in
section.
Puerto
of
any
for any
with
duly
resolution.
Farm
Puerto
Sec.
except
conviction
shall
The
culture is
of
made to him
application,
Agriculture or
thereof, be punished by
by imprisonment for not more than
loan
branch
loan
loan
of
who
to subscribe
or
of any
his
Secretary
person
shall,
in
by
4.
appropriated for in
or
of
amended
ending June 30,
such
notes
takes effect is hereby increased
the provisions of this subsection.
out
is
proportion
who shall receive not less
obliga¬
any
subsection
joint resolution, relating to
disability
shall apply to such
recipients while
such
collected
for such
of
amount
sufficient to carry
the performance of work
pressed
the
and
determine.
may
or
security
relief payments under
is authorized to require of
Agriculture
ments
other
Corporation, currently
outstanding at any
the
on
In making
Federal,
the
of
terms
amount
such
payments of principal and interest
as
amounts
repaid.
principal
upon
to
pay
Corporation
fully
amount
(d)
(4)
the Corporation
debentures, bonds, or
obligations which the Corporation is authorized and
empowered
such
an
the
by the
issue and
law
unpaid
as
collected
moneys
made
held
by
then
maturities,
Agriculture shall
tions
to
the
such
by him, all
other
of
advances; and
any
com¬
(a) In order to continue to provide relief and rural rehabilita¬
tion for needy Indians in the United
States, there is hereby appropriated
to the Bureau of Indian
Affairs, Department of the Interior, out of any
money in
the Treasury not otherwise appropriated, for the fiscal
$125,000,000.
rate
exceed
with
are
as
Indian
Sec.
payable
annum
to
for
the term 'home worker'; and to prescribe the conditions
under which em¬
ployers, agents, contractors, and subcontractors shall cause goods to be
produced
by home workers".
additional
semiannually;
(2)
upon
the security of
obligations acceptable to the Corporation heretofore or hereafter
acquired
by the Secretary pursuant to law; (3) in amounts which shall not
per
1938
method and procedure for ascertaining and
promulgating minimum
prescribe standards for employer piece rates, including the
of employees
for
upon
goods
any of the provisions of this paragraph, including the
power without limiting the
generality of the foregoing, to define any operation or occupation which is
performed
by such home work employees in Puerto Rico or the Virgin
Islands; to establish
minimum piece rates for any operation or occupation so
defined; to prescribe the
the
purpose
of making rural
rehabilitation loans
to needy
farmers, the Reconstruction Finance Corporation is authorized and
directed,
until June 30,
1941, to make advances to the Secretary of
Agriculture
75
of
define
order
respect
of
or employer piece rates shall be
commensurate with, and shall be paid
the minimum hourly wage rate applicable under the provisions of this
authorized representative, shall have power
The Administrator, or his
to make such regulations or orders
projects.
and
with
production
minimum
piece rates
section.
approved by the President for the Farm
Security Administration
the Emergency Relief
Appropriation Acts of 1938 and 1939; and
the following types of useful public
projects, Federal and non-Federal,
subject to the approval of the President; (a)
Projects involving provision
of
additional
water
facilities,
(b)
projects involving construction
and
operation of migratory labor camps, and
(c) projects involving land
development (to provide work relief for
homesteaders) on rural rehabilita¬
centum
applicable
the
minimum
in lieu of,
loans;
(6)
funds
be
in
or
Virgin Islands.
a home worker in Puerto Rico or the Virgin
Islands,
piece rate prescribed by regulation or order; or, if no
piece rate is in effect, any piece rate adopted by such
employer
which shall yield, to the proportion or class of
employees prescribed by regulation
or order, not less than the
applicable minimum hourly wage rate.
Such
such
this section
under
(c) In
the
not less than the minimum
,
(a)
projects
tion
enactment
commerce
or
"(5) if such employee is
to exceed
and
in
Rico
(f) Section 6 (a) of the Fair Labor Standards Act
by adding at the end thereof the following: 1
which
remains
unobligated on June 30, 1940.
(b) The funds appropriated by subsection
Puerto
The provisions of the paragraphs (1), (2), and (3) of subsection
(a) of this
section shall be superseded in the case of any
employee in Puerto Rico or the Virgin
Islands engaged in commerce or in the production of
goods for commerce only for
so long as and Insofar as such
employee is covered by a wage order issued by the
Administrator pursuant to the recommendations of a
special Industry committee
appointed pursuant to section 5 (e)."
hereby
the
such
after
engaged
in
"(c)
through rural
other
shall
(e) Section 6 of the Fair Labor Standards Act
,
possessions, there
an
adding at the end thereof the following:
>
provide
farmers
1938
merce
detailed.
so
wage
employees
detailed siiall receive, in addition
so
continue
to
relief
of
as
industry in Puerto Rico or in
industry in the United States
orders issued by the Administrator pursuant to the recom¬
industry committee made prior to the enactment of this
resolution pursuant to section 8 of the Fair Labor Standards Act
joint
Com¬
Department oj Agriculture
rehabilitation
(d) No
mendations of
active
prejudice to his status
or
officer,
per
hereby
this section.
(j) The President
Administrator
approve, a minimum wage rate which will give any
the Virgin Islands a competitive
advantage over any
outside of Puerto Rico and the Virgin Islands."
out
by the Work Projects Administration subject to the
provisions of this joint resolution and such latter Administration
July 20, 1940
of wages to be paid, and in
determining classifications,
such industry committees and the
Administrator shall be subject to the
provisions
of section 8 and no such committee
shall recommend, nor shall the
or rates
not
all
There
otherwise
necessary
Reports,
the
Numbered
appropriated,
Office
Emergency
Office
II,
hereby appropriated, out of
for
administrative
Executive
National
Executive
is
of
Sec.
8.
by
to
the
to
transferred
in the Treasury
money
ending June 30,
enable
President,
on
Office
perform
to
and
of
appropriated
shall
be
this
joint
1941,
for
Government
the
functions
consolidated
in
of
the
July 1, 1939, by Reorganization Plan
.
and
so
Special
Provisions
in this joint resolution
apportioned
ending June 30, 1941, except where
permitted
any
fiscal year
$750,000.
Funds
agencies
the
Council,
of the President
General
eral
the
expenses
resolution,
a
and
to
distributed
the
various Fed¬
over
different apportionment is
and
shall
be
so
the
period
specifically
administered
during
Volume
such
period
be furnished to
the total amount that will
to constitute
as
herein set forth.
Sec.
9.
The funds made available by
this joint resolution shall be
used only for work relief or relief for persona in need except as otherwise
such
agencies during such period for the purposes
exceed
$40,000,000 to other Federal agencies for the operation, under such rules
and regulations as
the Commissioner may prescribe, of projects of the
t>pe specified in subsection (b) of section 1 which are within the Bcope
ol the functions usually carried out by such agencies,
including admin¬
istrative expenses of such agencies incident to 6uch operation: Provided,,
Sec.
That
exceed
to
not
such
allocated to any
centum of the total amount so
4 per
Provided fur¬
this
shall be used for such administrative expenses:
agency
project shall be prosecuted under any allocation under
upon which the percentage of nonrelief persons
employed
ther, Tliat
no
subsection
ex¬
employed.
(b) No Federal construction project, except flood control and water
conservation projects authorized
under the law, shall be undertaken or
prosecuted under the appropriations in this joint resolution unless and
ceeds
10
centum of the total number of persons
per
there
until
shall
been
have
irrevocably
and
allocated
Federal
aside
set
for its completion.
funds sufficient
undertaken or prosecuted under
(except under section 3) unless
and until the sponsor has made a written agreement to finance such part
of the entire cost thereof as the head of the agency, if the agency admin¬
(c) No
non-Federal
be
shall
project
resolution
appropriations under this joint
adequate
sponsored projects, determines under the circumstances is an
isters
no
taking into consideration the financial ability of the sponsor.
the agency shall prescribe rules and regulations relating to
valuation of contributions
in kind by sponsors of projects through
head
the
of
furnishing the
ol
their
such
the
is
and
projects,
Sec.
which
an actual cash value, and
credit only to the extent that
6hall represent
regulations shall also allow
furnishing
such contributions represents
of
undertaken
facilities and equipment and the services
of their own
use
employees,
own
rules
by the
sponsors
financial burden which
a
account of Work Projects Administration
on
other sponsored projects.
or
None
11.
of
the
available
made
funds
this
by
resolution
joint
(1) the total esti¬
mated cost of which, in the case of a Federal building, exceeds $100,000,
or
(2) the portion of the total estimated cost of which payable from
Federal funds, in the case of a non-Federal building, exceeds $100,000,
unless the building is one (a)
for which the project has been approved
by the President on or prior to May 15, 1940, or for which an issue of
shall
be
bonds
expended
has
been approved at
which
for
such
State
a
date,
and
the construction of any building
on
election held
an
has made
legislature
prior to such date, or
or
on
appropriation
an
on
That
the provisions
Sec.
in
this
be
to
The various
resolution
military
agencies
authorized to
are
the Secretary of the Navy,
naval purposes.
or
which appropriations are made
for
receive from
of non-
sponsors
projects contributions in services, materials, or money, such money
with the Treasurer of the
deposited
be
shall
tions
such
and
(a)
joint
Federal
being important for
as
12.
projects which
of this section shall not apply to any
have been certified by the Secretary of War and
respectively,
prior to
or
Acts: Provided,
irrevocably set aside under prior relief appropriation
expended
utilized
or
Such contribu¬
United States.
agreed
as
between
upon
the sponsors
in consequence
of appropriations made in this joint resolution, except
cash contributions of sponsors
funds authorized
miscellaneous
as
(c) Except
funds
in
shall
this
be
United
the
for
13.
Sec.
14.
to
(a)
The Commissioner
national
current
workers
of
No such allocation shall
the
of
the
or
the
Education of
the
Radio
Office of
Division
under this joint resolution
as may be necessary
regulations
work
labor cost
whole or in part
substantially affect
of the Work Projects
in
person
per
by
justified
differences
areas
the
in
1 shall
(1)
in
whole
in
or
by
part
for
be varied
to
of
cost
require that the hours of work for all
projects financed
by section
earning schedule
monthly
a
financed
different geographical
in
type
be
shall
fix
1 which shall not
monthly earning schedule shall not
same
may
Commissioner
shall
projects
by section
average
Such
the
than
work
upon
appropriated
Administration.
upon
transferred to
prescribe such rules and
engaged
funds
extent
Service
agency
agency.
functions
no
out the purposes for which such appropriations are made.
persons
the
the
Agencies receiving appropriations
authorized
carry
from
Federal
any
of
allocation of
from the appropriation
resolution,
joint
other Federal
any
for
exercise
this
in
Security Agency.
Sec.
for
to
Film
States
Federal
to
made
'
.
authorized
joint resolution
made
are
receipts.
as
be
of projects and amounts credited to revolving
by this joint resolution, shall be covered into the Treasury
greater
any
The
living.
persons
engaged
funds appropriated
month except that the Commis¬
be 130 hours per
the
in
relief
of
case
workerc
with
of such workers shall be correspondingly
hours
in
(3)
day and
any
(b) The Commissioner
tions
of
monthly
hereinbefore
to
in the
time;
the
case
Sec.
of
case
(a)
of
tive
needs
(1).
Veterans
veterans
hours
work
of
employing
certified
as
to
the
of
work
work projects.
on
employment
in
retaining
Work
on
projects, preference shall be determined, as
be
the
World
campaign
any
or
the basis of relative needs and shall, where the rela¬
on
found
are
of
projects
on
involving the public welfare; and in
emergency
an
In
practicable,
as
and
be
same,
War
or
and
expedition
given
in
the
in
following order:
Spanish-American
the
the
which
War
United States
and
has
the basis of the laws administered by
the Veterans' Administration except that discharged draft enrollees other
than
those with service-connected disability
shall not be considered as
been
veterans
such
are
the
for
need
in
and
purpose
and
veterans
in
Indians,
are
(as determined
engaged
and
the
are
other
of
are
widows of
unemployable who
(2) other
American citizens,
subsection)
this
of
wives
American
persons
on
such
owing
and
veterans
citizens;
and
allegiance
r
as
to
unmarried
the
United
States
who
need.
(b) There shall be removed from employment on Work Projects
Admin¬
projects all relief workers, excepting veterans, unmarried widows
such veterans and wives of such veterans as are unemployable, who have
istration
of
on such projects for more than
18 months,
removed shall be ineligible to be restored to
employment on such projects until after (a) the expiration of 30 days
after the date of his removal, and (b)
recertification of his eligibility
for restoration to employment on such projects.
(c) In considering employment of persons upon work projects prosecuted
under the appropriations
contained in this joint resolution, the agency
been
and
continuously employed
any
providing
relief
worker
so
the employment
shall determine whether such
persons are
able
(b), no relief
employ¬
(b) the
Administration where no such agency exists or where the
Administration certifies by reason of its refusal to accept
except
and,
by,
provided in section 16
as
employed on such projects until after his need for
been certified by (a) a local public certifying agency or
be
shall
ment has
Work
Projects
Work
Projects
by local public
certification
agencies.
blind person receiving aid under the Social Security Act, as
amended, shall be prohibited from temporarily relinquishing such aid to
(e)
No
WTork Projects Administration project.
accept employment on a
(f) No alien, no Communist,
and no member of any Nazi Bund Organ¬
in employment on any
under the appropriations contained in this joint
the money appropriated in this joint resolution
shall be available to pay any person who has not made or who does not
make affidavit as to United States citizenship and to the effect that he
is not a Communis and not a member of any Nazi Bund Organization,
such affidavit to be considered prima facie evidence of such citizenship,
and that he is not a Communist, and not a member of any Nazi Bund
be
shall
ization
work
employment or continued
given
project prosecuted
and
resolution
part of
no
Organization.
(g)
of
the
The Commissioner shall cause a periodic investigation to
rolls of relief employees on
work projects, and shall
be made
eliminate
investigation to be made so
that each case is investigated at least once in every 12 months.
Sec. 16.
(a) No person in need who refuses a bona fide offer of private
or
other public employment under reasonable working conditions which
pays
the prevailing wage for such work in the community where he
resides and who is capable of performing such work shall be employed
or retained
in employment on work projects under the funds appropriated
in this joint resolution for the period such private or other public employ¬
the rolls those not
from
actual need, such
in
be available.
would
ment
employment shall at the expiration
of his previous employment
status with the Work Projects Administration if he is still in need and
if he has lost such employment through no fault of his own, and if he
has first drawn all the benefits of unemployment compensation that shall
have accrued to him during his term in private employment and which
(b)
Any
person
17.
Sec.
takes such
immediate resumption
him.
to
available
are
who
entitled to
be
thereof
No person shall be
(a)
employed
retained in employment
or
administrative position, or in any supervisory position on any
project, under the appropriations in this joint resolution unless such
person has previously subscribed or before engaging in such employment
subscribes to the following oath:
in
any
"I, A B, do solemnly swear
(or affirm) that I will
support and defend the Con¬
States against all enemies, foreign and domestic; that I will
allegiance to the same; that I take this obligation freely, without
any mental reservation or purpose of evasion; and that I will well and faithfully
discharge the duties of the office (or employment) on which I am about to enter
or which I now occupy).
So help me God."
stitution of the United
bear true faith and
portion of the
(b) No
to
pay
appropriation made under this joint
resolution
any
member of an
is a
who
compensation to any person who advocates, or
organization that advocates, the overthrow of the
of the United States.
used
be
shall
Government
and the head of any other agency receiving an
is authorized to designate employees, adminis¬
trative and supervisory,
as he may deem necessary to administer such
oaths as are required by this joint resolution and such other oaths as may
1x2 required or necessary in the operation of the Work Projects Administra¬
tion or other agency, which oaths shall be administered without charge
or
fee; such oaths shall have the same force and effect as oaths admin¬
istered bv notaries, justices of the peace, and other Federal and nonFederal officers qualified to administer oaths.
Sec. 18.
In carrying out the purpose of the appropriations in this joint
resolution, the Secretary of the Treasury with the approval of the Director
of the Bureau of the Budget, is authorized to prescribe rules and regula¬
tions for the establishment of special funds for any agency receiving an
appropriation under this joint resolution, in the nature of revolving funds
for use,
until June 30, 1941, in the purchase, repair, distribution, or
rental of materials, supplies, equipment, and tools..
Sec. 19.
The provision of section 3709 of the Revised Statutes (41
U. S. C. 5) shall not apply to any purchase made or service procured in
connection
with the appropriations in this joint resolution when the
The Commissioner
(e)
appropriation
hereunder
involved is less than $300.
in this joint resolution for administrative
and such portions of other appropriations in this joint resolution
aggregate amount
Sec.
20.
expenses
administrative expenses may be obligated in the
with the approval of the Director of the
have certified to the Secretary of the Treasury
for personal services, in the District of Columbia and else¬
for
the
which
agency,
the Budget, shall
Bureau of
as
The appropriations
available
are
as
amounts
week.
being important for military or naval purposes;
already done on a project; to permit making up lo6t
Projects Administration
far
any
not exceed eight
as
supervisory personnel employed
15.
(2)
authorize exemptions from the above limita¬
may
earnings
provided
work
protect
hours in
not exceed 40
and the earnings
dependents
no
reduced, and
certified
been
worker
sioner, in" diis discretion, may require a lesser number of hours of work per
month
the project.
on
(d) There shall be removed from employment on Work Projects Admin¬
projects all relief workers whose needs for employment have not
agencies.
(b) All receipts and collections of Federal agencies by reason of opera¬
tions
that he is
may be
he
istration
funds have been allocated
for the completion of which
(b)
or
employed
whose work habits are such or work record shows
incapable of performing satisfactorily the work to which
contribution
The
be
shall
person
project
(a) The Commissioner is authorized to allocate not to
10.
projects to which they can be assigned and
or retained for employment on any such
perform the work on work
to
assigned
provided herein.
specifically
307
Financial Chronicle
The Commercial &
151
necessary
where, and for
contract stenographic
reporting services, supplies
and equip¬
books and reference, directories,
periodicals, newspapers and press clippings; travel expenses, including
expenses
of attendance at meetings of officials and* employees of the
agency on official business; rental at the seat of government and else¬
where; purchase, operation, and maintenance of motor-propelled passengercarrying vehicles; printing and binding and such other expenses as may
be
necessary
for the accomplishment of the objectives of this joint
ment; purchase and
exchange of lawbooks,
and
resolution.
Sec.
June
21.
24,
The provisions of
(a)
1938, shall not apply to
Executive Order Numbered 7916, dated
positions the compensation of which is
and such
incumbent
of the
payable from appropriations contained in this joint resolution,
appropriations shall not be available for the compensation of the
of any position placed
in the competitive classified civil service
United States after January
10, 1939.
.
carrying out the purposes of this joint resolution the agencies
receiving appropriations herein or allocations under such appropriations
are
authorized to accept and 1 utilize such voluntary and uncompensated
(b) In
such officers and
the Federal agency
by which they are employed, such Federal officers and employees, and with
the consent of the State such State and local officers and employees at
such
compensation as shall be determined by the head of the agency
involved, as may be necessary, and prescribe their authorities, duties,
responsibilities, and tenure, and, without regard to the Classification Act
of 1923, as amended,
to fix the compensation of any officers and em¬
services,
without regard to civil-service laws,
utilize, with the consent of the head of
appoint,
employees, and
^
ployees so appointed.
?
Federal positions of an administrative or advisory
under the appropriations in this joint resolution in any State
(c) Appointments to
capacity
'
!
.
308
shall
The Commercial & Financial Chronicle
be
not
made from
inconsistent
Sec.
22.
without
the bona .fide citizens of that State
among
with
far
so
Sec.
as
Reports of the operations under the appropriations in this
joint resolution and the appropriations in the Emergency Relief
Appropria¬
Act of 1939, including a statement of
the expenditures made and
obligations incurred by classes of projects and amounts, shall be submitted
to Congress by the President on or before the 31st of
January in each of
efficient administration.
In
making separations from the Federal service, or furloughs
to last as long as three months, of persons employed within
pay
tion
the District of
Columbia, under the provisions of this joint resolution, the
appointing power shall give preference, as nearly as good administration
will
warrant, in retention to appointees from States
their
share
That
soldiers,
of
appointments
population: Provided,
the widows of such, or the
sailors, and marines,
soldiers, sailors, and marines,
injured
but whose
wives
qualified to hold
are
who
the
themselves
wives
Sec.
23.
the
of
case
United
coming
State,
any
is
or
Sec.
for
purview
of
possession,
or
receive
similar
the
apply
workmen's
which
claimant
benefits
in
compensation
in
or
not
for
the
injury
has
Sec.
radio
broadcasting in
Sec.
25.
The
determine, and
distribution of
or
exceeding
allocated
received
to
from the appropriation
damage to
loss
for
or
section
hereof
1
shall
or
be
unless the
loan
date of accrual
on
and
the
thereof.
his
of
account
action
Acceptance by
claim
shall
such
upon
in writing
be
be
to
from
year
in
full
settlement
by
accepted
so
one
Sec.
the
the
claimant
by
be
conclusive.
Sec.
the
city,
that
The
Commissioner
and
county,
State
is
authorized
call
to
the
attention
unemployment
the
cooperation
situation
the
of
of
or
State
or
27.
Any
who
person
intent
to
defraud
appropriations
this
joint
property
force,
resolution,
for
pozlion
any
the
of
diverts,
or
benefit of
such
any
attempts
or
person
appropriations,
or
or
divert
to
services
any
assists
or
entitled
not
persons
real
or
thereunuer, or who knowingly, by means of
intimidation, or boycott, or discrimination on
to
attempts
which
may
or
assists in
do,
to
so
he
disposing of, except
which there
upon
of
this
1935,
and
the
exists
1936,
fined
1937,
not
under
doing,
so
of
account
securing
for,
the
provisions
other
provisions
of
be in
addition to, and not in
existing
law,
of
or
this
joint
provided
for
(b) Any
shall
for
the
campaign expenses of
receiving compensation
person
who
$1,000
felony and,
imprisoned for
or
a
upon
(b) Except
to
30
as
may
threaten
or
to
deprive, by
any
any
means,
ployment, position,
(c) Any
$1,000
or
30.
(a)
administrative
or
authority
or
affecting
shall
of
shall
be
law,
be
than
in
addition
of this
or
appropriated
influence
for
or
not
more
of any
by
the
this
for
purpose
thereof.
they please and
subjects, they shall
management
While
to
shall
of
of
the
funds
no
person
agency
thereof
be
in
addition
existing law,
Sec.
31.
the salary
position
municipal
which
to,
of
and not
this
joint
office
office
a
special
election,
thereto
for
any
is
(such
salary
or
such
a
or
who
per
is
his
use
The
opinions
part,
directly
campaigns
The
or
in
Gov¬
funds
official
the
or
right
all
on
indirectly,
or
section
political
shall
by him,
resolution
be
and
con¬
immedi¬
thereafter
shall
be
this
of
for
in
advice
used
this joint resolution
diem
serving
attaches),
as
a
shall be
a
supervisory or admin¬
State, district, county, or
in
of
any
campaign
such
and
therein
the
to
primary,
of
the
appropriations,
personal
services
Classification
the
total
Act
number
of
exceed
the
of the
average
any
whose compensation
person
of section
6
of
salary under
a
any grade at
rate
a
position is allocated.
one
other
or
such
officer
the
over
contained
more
per
in
consent
be
joint
from
receiving
to
general
resolution
such
and
appropriations,
salary
a
(except
have
and work contem¬
$5,000
of
persons
or
serving
now
appointed by the President, by and
Senate: Provided, That the provisions
the
of
this
annum
appropriations
shall
named
program
in
tion
and
and
the
of
restricted
not
maintenance,
as
national
to,
maintenance
incident
subjects
establishments
essential
he
cooking,
of
photography,
operations
contribute
Such
baking,
motor
the
may
to
considers
defense.
subjects
first
vehicles,
aid
road
may
the
to
and
bridge,
communications, and
signal
to
the successful
conduct of
military and naval
Provided, That the appropriations under the heading "Civilian
Corps" contained in the Federal Security Agency Appropria¬
1941, shall be available for carrying out the purposes of this
Act,
section,
funds
of
and
this
the
the
limitations
and
conditions
hereby waived to the extent
are
section:
Provided
further, That
no
the
on
expenditure
of
such
to accomplish the purposes
necessary
shall
person
training program authorized by this section
be excluded
from
of race, color,
account
on
creed.
Sec.
Section
39.
13
of
the Tennessee
as
follows:
hereby amended to read
"Sec.
13.
In
order
governments
in
and in
on
to
render
which
which
the
Valley Authority Act of 1933
financial
assistance
operations
power
the Corporation
to
of
those
the
States
is
and
Corporation
are
has acquired properties previously
subject to
State and local taxation, the board is authorized and directed
to said States, and the counties therein, for each fiscal year,
pay
beginning
fiscal
as
July 1,
1940, the following percentages of the gross proceeds
the sale of power by the
Corporation for the preceding
hereinafter provided, together with such additional amounts
be payable pursuant to the provisions hereinafter set forth, said
derived,
from
year
may
ration:
as
For
the
1941,
9
7
centum ;
per
ceeds',
(beginning
year
1942,
1945, 6%
1948 and
as
charge against the
a
fiscal
centum;
per
centum;
each
8
centum ;
per
fiscal
year
operations of the Corpo¬
power
July
centum ;
per
1)'
1940,
7y2
1943,
10
per
thereafter,
used in this section, is defined
as
5
per
centum;
centum
per
1946, 6 per centum;
1944,
;
1947, 5%
per
'Gross pro¬
centum.
the total gross proceeds derived
by the Corporation from the sale of
excluding
income,
form
or
other
lieu
in
of
any
than
any
the
taxation,
hereby
are
by
power for the preceding fiscal year,
used by the Corporation *or sold or delivered to any other
agency of the Government of the United
States for
power
department
purpose
resale
and
expressly
State,
thereof.
the
county,
The
herein
payments
Corporation, its property,
exempted
from
municipality,
taxation
any
or
in
authorized
franchises and
any
subdivision
manner
or
or
district
thereof.
"The
States
payment
for
each
fiscal
year
shall
be
apportioned
among
said
the
in
following manner: One-half of said payment shall be appor¬
paying to each State the percentage thereof which the
gross
proceeds of the power sales by the Corporation within said State
during
the preceding fiscal year hears to the total
gross proceeds from all
by
power
sales
by the Corporation
one-half
general
or
the
assistant
noncombatant
naval
Conservation
to
or
with
of
for
payment
position shall not
or
interests
are
matters
activities:
and
person
manager
the
of the salaries of
administrator
law)
military and
other
section
for, any other provisions
time
for
portions
or
1761
construction
tioned
any
such
Notwithstanding the provisions of any other law, the President
in his discretion, and under such regulations as he may
prescribe, to provide within the Civilian Conservation Corps such training
are
provisions
substitution
any
election
an
retain
person.
more
in
from
their
requiring full
candidate.
to
with
products
Sec. 38.
carried
resolution.
candidate
office
paid
shall
or expenses of any
person in
who
other
payments to constitute
persons
by this joint
in
from
annum
the
local
substitution
privately
active
No part of
any appropriation
used to pay
istrative
or
such
not
of the Federal
is
regional
or
under
section
or
section
employed
interfering with
such
political
appropriated
the compensation of
pay
with
or
any
both.
in
resolution,
of
express
take
in
or
any
any
joint
fined
and not
to,
held
to
per
such
of
em¬
or
this
or
the
of the Revised Statutes shall not
apply to any such
appointee and the salary of any person so appointed shall not be increased
for a period of six months after confirmation.
or
candidate
year,
of
Provided, That this restriction shall
2, 3, and 4 of the clerical-mechanical service,
salary of $5,000
but
of
financed
competition
grade:
appropriations
operation
joint resolution.
part
any
one
(b) Any person violating the provisions of
this
ately removed from the position or office
part
more
as
(f) and
provision
any
more
unlawful
compensation
as
political
not
ventions.
no
a
State
any
injured,
section
attempt
conviction, shall be
upon
supervisory capacity by
the results
vote
political
in
section
It
or
whose
ernment,
authorized
to
knowingly violates
felony and,
imprisoned for
a
other provisions
any
Sec.
receiving
and
to
who
person
guilty of
provisions of this
for,
the
this
person
any
political party in any election.
than
under
materially
15
any
the
Administrator
employment
work, compensation, or other
benefit, provided for
by this joint resolution, on account of
race, creed, color,
political activity, support of, or
opposition to
be
plated
the
made possible
shall
Any
enrolloes
to deprive,
person
constructing,
reformatory institutions,
projects to be
accordance
average
grade in which only
a
37.
of
conviction, shall be fined
hereof, it shall be unlawful for
deprive,
any
in
of
not more
than one year,
or
both.
The
provisions of this section shall be in addition
to, and not in substitution
for, any other provisions of
existing law, or of this joint resolution.
Sec. 29.
(a) It shall be unlawful for any
person, directly or indirectly,
to promise any
employment, position, work, compensation, or other benefit,
provided for or made possible
by this joint resolution, or any other Act
of Congress, to
any person as consideration,
favor, or reward for any
political activity or for the
support of or opposition to any candidate in
any election or any political
section
project of
or
or
free labor.
(4) to prevent the payment of
individual
any
party.
be required by the provisions of section
resolution
than
of
provision
any
the
July 1, 1924, in accordance with the rules
include,
knowingly violates
joint
(3)
or
by this joint resolution.
person
be guilty of
than
or
of
assessment,
any
subscription, or contribution
political party from any
in
this
authorized,
(a) It shall be unlawful for any person
knowingly to solicit,
knowingly be in any manner concerned in soliciting,
or
the
for
rates
or
is
28.
or
available in
promote
resolution,
Columbia
or
to an
obligation incurred
joint resolution, to any State,
agencies, for the purpose of carrying
supervision at the seat of government
or
Emergency Relief Appropriation Acts of
1939, shall be deemed guilty of a felonv
$2,000 or imprisoned not more than two
years,
resolution.
Sec.
made under
that
or
diverted
purpose.
this
appropriations
the salary of such
as
Sec.
and
than
any
appropriations,
property
loan
a
The provisions of this section shall
substitution
such
any
who disposes of, or assists in
the United
States, any
or
cause
joint
of
amended,
Act,
person
(f)),
the
or
1938,
more
entitled
lien
a
joint resolution
both.
or
for
be
not
naval forces,
or
be
pursuant
or
the products of
this
as
fixed
of
of the
any
except
naval vessel,
any
shall
bureau for such
or
funds made
find
of
for military
war,
authorized
the maximum rate of the grade when such higher rate is
permitted by the Classification Act of 1923, as amended, and is
specifically
authorized
by other law, or (5) to reduce the compensation of any
fraud,
15
existing
exceed
higher
personal
any
account
religion, political affiliations (except as provided in section
membership in a labor organization, deprives any person of
benefits
in
thereto,
or
acquired
threat,
race,
or
in
unit,
the
United States makes any false statement in
connection with any application
any work project, employment, or relief aid under the
in
with
to require the reduction in salary of any person who is
transferred from one position to another
position in the same or different
grade in the' same or a different bureau, office, or other appropriation
for
diverting,
or
apply (1) to grades 1,
(2) to require the reduction in salary of
was
knowingly and with
competition
by this joint resolution shall
construction
or
or
enactment of
expending
District
such
unemployment problem.
Sec.
In
compensation
of
not
the
governments
city, county, or State, and to seek
subdivision thereof in meeting the
any
to
the
President shall
36.
allocated,
26.
local governmental
or
under any grade in any appropriation unit herein shall not at
any
the average of the compensation rates specified for the
grade
such Act, as amended, and in grades in which only one position is
time
thereof,
shall
reports
persons
claimant of the amount allowed
a
deemed
claim
within
purchase,
granted,
or
grant will
or
1923,
presented
appropriated
implement
of the
part
convict labor with
of
of
not
funds
assisting in carrying out any program
rebuilding, repairing, or replanning its penal
of
is
in
or
the
which
No
loaned
in
or
the
the date of
contained
$500,
products)
of its political subdivisions
any
out
the
claim
any
stores
other department
any
35.
prior to
consider, ascertain, adjust,
in
naval
None of
to
privately owned property caused by
the negligence of
any
employee of the Works Progress Administration
or
the Work Projects Administration while
acting within the scope of his
employment.
No claim shall be considered hereunder which is in excess
or
and
for the manufacture,
Sec.
$100,000
by the States
or
appropriated
of
motion-picture films.
Commissioner is authorized
pay
of
account
amount
an
34.
be used
death.
or
such
from
any armament, munitions, or
and
no
funds
herein
any
law
That
industries.
None of
acquisition, rental,
on
the
Territory,
to
Provided, That this section shall
Congress: Provided,
by section 33 of such Act.
No funds appropriated in this joint
resolution, whether admin¬
sweetpotatoes
disability
(except
the funds made available
by this joint resolution shall
(a) for the operation of any theater project, (b) for the
operation
project sponsored solely by the Work Projects
Administration, or
any
(c)
within
24.
to
persons
States:
entitled
be used
of
to
of
ernment,
February 15, 1034 (48 Stat. 351),
or
death compensation and benefits
administrative employees qualifying as
civil employees of the
United States) receiving compensation
from the
appropriations in this joint resolution for services rendered as
employees
relating
apply
sessions
the reports required
funds contributed in whole or in part by the Federal Gov¬
shall be used by any Federal, State, or other agency to purchase,
establish, relocate, or expand mills, factories, stores, or plants which
would manufacture, handle, process, or
produce for sale articles, commodi¬
ties, or products (other than those derived from the first
processing of
a
The provisions of the Act of
amended,
shall
regular
lieu of
by the Federal Government
agencies
qualified,
position in the Government service,
sliall be given preference in
retention, in their several grades and classes,
where their ratings are
good or better.
as
in
33.
istered
of
two
be
Sec.
however,
not
are
next
shall
that have not received
according to
July 20, 1940
32.
by
of
said
percentage thereof
the
year
during the preceding fiscal
payment
Corporation
shall
which
within
be
the
said
apportioned
book
State
bears to the total book value
value
at
of all
the
by
of
end
year;
paying
the
power
of
such property
the
the remaining
to each State
property held
preceding^fiscal
held by the Corpo-
ration
the
on
The
151
Volume
The book value of power property
date.
same
shall include
estimated to be allocable to
power: Provided, That the minimum annual payment to each State (includ¬
ing payments to counties therein) shall not be less than an amount equal
to the two-year average of the State and
local ad valorem property taxes
levied against power property purchased and operated by the Corporation in
said State and against
that portion of reservoir lands related to dams
constructed by or on behalf of the United States Government and held or
operated by the Corporation and allocated or estimated to be'allocable to
powc-r.
The said two-year average shall be calculated for the last two
that
investment allocated or
the
oi
portion
hereunder; the effect of the
land
final.
be
shall
ties
provided shall in each case be made
monthly installments beginning not
payments above
"The
in
county
or
equal
to the State
later than
July 31, 1940.
construed to limit the authority of the Corpo¬
of power to municipalities, to permit
provide for the resale of power at rates which may include an amount
cover
tax equivalent payments to the municipality in lieu of State,
"Nothing herein shall be
in
ration
or
to
contracts
for the sale
municipal taxes upon any distribution system or property
by the municipality, or any agency thereof, conditioned upon a
distribution by the municipality of any amounts collected by it
and
county,
owned
proper
of
lieu
in
its
State
or
county
taxes
upon
any
such distribution system or
the municipality
provide for the
portion of tax equivalent
it being the intention of Congress that either
State in which the municipality is situated shall
property;
the
or
distribution to the State and county of any
municipality in lieu of State or county taxes upon
system or property.
"The Corporation shall, not later than January 1, 1945, submit to
proper
collected by the
so
such
ing
and
statement
a
the operation of
of the distribution
Text
of
as
he
counties;
operation of the provisions of this section on
appraisal of the benefits of the program of
counties receiving payments hereunder,
increasing taxable values within such
40.
(a)
The President
other data,
is hereby
designate.
may
(b) There
otherwise
not
and such
be pertinent to future
may
Sec.
is hereby appropriated, out of any money in the Treasury
appropriated, the sum of $50,000,000, to be available until
the purposes of this section, including
the transportation to point of distribution, and
and other costs, but not including any admin¬
istrative expense incurred by any non-governmental agency.
(c) Any governmental agency so designated to aid in the purchase,
transportation or distribution of any such materials and supplies may
expend any sums allocated to it for such designated purposes without
regard to the provisions of any other Act.
(d) On or before June 30, 1941, the President shall submit to the
Congress an itemized and detailed report of the expenditures and activities
made and conducted under the authority contained in this section.
Sec. 41.
There is hereby appropriated, out of any money in the Treas¬
June
1941,
30,
for carrying out
of such purchases,
the cost
distribution, administrative
ury
otherwise appropriated, for the fiscal year 1941, the sum of
be used by the Secretary of Agriculture for the purpose
effectuating the provisions of section 32 of the Act entitled "An Act
amend the Agricultural Adjustment Act, and for other purposes",
not
$50,000,000, to
of
to
approved August 24, 1935, as amended, such
funds appropriated by 6uch section 32 and
visions of law relating to the expenditure
sum to
be in addition to any
to be subject to all the pro¬
of such funds.
Approved, June 26, 1940.
any
the
the provisions of this section, includ¬
to the various States and counties
Newly-Enacted Bill Giving RFC
an
information, and recommenda¬
legislation."
authorized through such agency
or
agencies as he may designate to purchase exclusively in the United
States and to transport, and to distribute as hereinafter provided, agricul¬
tural, medical, and other supplies for the relief of refugee men, women,
and children, who have been driven from their homes or otherwise renderd
destitute by hostilities or invasion.
When so purchased, such material
and supplies are hereby authorized to be distributed by the President
through the American Red Cross or such governmental or other agencies as
and
States
tions
distribution
Congress a report on
finances;
Corporation to the States and
the effect of such benefits in
the
during which said property was privately
was
privately owned: Provided further,
years
said
or
local
and
State
owned and operated
That the minimum
annual payment to each State in which the Corporation owns and operates
power property (including payments to counties therein) shall not be less
than $10,000 in any case: Provided further, That the corporation shall pay
directly to the respective counties the two-year average of county ad
valorem property taxes (including taxes levied by taxing districts within
the respective counties) upon power property and reservoir lands allocable
to power,
determined as above provided, and all payments to any such
county within a State shall be deducted from the payment otherwise due
to such State under the provisions of this section.
The determination of
the board of the amounts due hereunder to the respective States and coun¬
tax
309
Commercial & Financial Chronicle
The resolution
ending June 30,
of July 22, 1939, page 409.
issue
for work relief and
1940, was given in our
making appropriations
relief for the year
Private Plants
Materials—New Legislation
Increases Revolving Fund
Authority to Finance Government or
Empowered to Manufacture Arms and Those Producing Strategic
Also Permits RFC to Acquire Stock of Federal Home Loan Banks,
for Railroad Loans,
&c•
retire its capital
paragraph of this section, and
may purchase stock of the Federal home-loan banks under section 304 of
the Act of March 9, 1933, as amended, in an aggregate amount of not to
exceed $300,000,000 to be determined by the. Secretary of the Treasury;
but the Corporation, with the approval of the Federal Loan Administrator,
shall determine that portion of such aggregate amount which
may be
used for the retirement of the capital stock of the Corporation, the pay¬
ment of dividends, and the purchase of such stock of the Federal homeCorporation,
"The
President Roosevelt (not
Junie 26 as previously announced), the bill amending the
Reconstruction Finance Corporation Act became a law, and
we are giving the
text of the newly-enacted measure fur¬
ther below.
Reference to its approval by the President
was
noted in our issue of July 6, page 41.
As indicated
therein the new legislation lodges with the RFC authority
to
finance Government or private plants
empowered to
manufacture arms and those producing strategic materials.
The bill also grants the RFC the following powers:
To
buy the stock of Federal Home Loan banks to an aggregate
amount not exceeding $300,000,600; to retire the Corpora¬
tion's capital stock and to pay dividends out of its earnings;
increase the revolving fund
made available for railroad
loans to $500,000,000.
The Federal Farm Mortgage Corpo¬
ration is also directed to repay to the Treasury all amounts
in excess of $100,000,000 which it heretofore received as
capital.
The life of the RFC is also extended under the
bill from June 30, 1941, to Jan. 22, 1947.
Reference to
congressional action on the bill appeared in these columns
June 1, page 3444, and June 22, page 3902.
The text of
the measure as approved by President Roosevelt June 25
With its
signing on Junie 25 by
[H. R. 9958] '
AN ACT
authorize the purchase by the Reconstruction Finance Corporation of
stock
of
Federal home-loan banks;
to amend the Reconstruction
Finance Corporation Act, as amended, and for other purposes.
■■r'O:
To
the United
States of America in Congress assembled, That section 304 of the Act
entitled "An Act to provide relief in the existing national emergency in
banking, and for other purposes", approved March 9, 1933, as amended
(U. S. C., 1934 edition, title 12, sec. 51d; Supp. V, title 12, sec. 51d), is
hereby amended by adding at the end thereof the following new paragraph:
"The Reconstruction Finance Corporation is authorized to purchase at
par any part of the stock of any Federal home-loan bank owned by the
United
States,
as
evidenced by certificates, receipts, or otherwise, in
amounts to be determined by the Corporation, with the approval of the
Federal Loan Administrator; and the Secretary of the Treasury is author¬
ized on behalf of the United States to sell such stock to the Corporation.
Any such stock so purchased by the Corporation shall be held subject to the
same
conditions, requirements, rights, and privileges (including all divi¬
dend and retirement provisions) as are provided by law for or in connec¬
tion with the ownership of such stock by the United States.".
Sec.
2.
Section 2 of the Reconstruction Finance Corporation Act as
amended (U. S. C., 1934 edition, title 15, sec. 602), is hereby amended
by adding at the end thereof the following new paragraphs:
"The Corporation is authorized to make payments from time to time to
the Secretary of the Treasury in amounts to be determined by the Corpo¬
ration, with the approval of the Federal Loan Administrator,
for the
partial retirement of its capital stock at par and in payment of dividends
from earnings.
The aggregate amount of notes, debentures, bonds, or other
such obligations which the Corporation is authorized to issue and have
outstanding at any one time under the provisions of law in force on the
date this paragraph takes effect shall not be decreased by reason of any
retirement of capital stock under
this paragraph, and such aggregate
amount
is liereby increased by an amount sufficient to carry out the
provisions of this paragraph and of the second paragraph of section 304
of the Act of March 9, 1933, as amended.
Be
it
enacted
on
or
before June 30, 1941, may
dividends under the preceding
banks.".
loan
./■
■
third paragraph of section 5 of the Reconstruction
Corporation Act, as amended (U. S. C., 1934 edition, title 15,
605; Supp. V, title 15, sec. 605), is hereby amended by striking out
(a)
3.
Sec.
The
Finance
sec.
"$350,000,000" and inserting in lieu thereof "$500,000,000".
(b) The first sentence of section 3 of the Act entitled "An
extend the functions of the Reconstruction Finance Corporation
years,
(U.
S.
1935, as amended
is hereby amended
inserting in lieu thereof
and for other purposes", approved January 31,
C., 1934 edition, Supp. V. title 15, sec. 605m),
out "January 31, 1945" and
"January 31, 1935".
Sec.
4.
Section 3 of the Federal Farm.
striking
by
Act to
for two
Mortgage Corporation Act
amended by adding
Federal Farm
(U. S. C., 1934 edition, title 12, sec. 1020b) is hereby
the end
thereof the following new sentences:
"The
at
Corporation is authorized to repay on or before June 30, 1941,
Secretary of the Treasury on behalf of the United States, all
Mortgage
the
to
excess of $100,000,000 theretofore subscribed to the capital
corporation. The proceeds of such repayment shall be held in
of the United States as a fund available for subscription,
Governor on behalf of the United States with the approval of the
in
amounts
stock of the
follows:
■
stock and pay
by the Senate and
House of Representatives of
the
the
by
Treasury
Secretary of
^judgment of
tho Treasury, to
corporation when, in the
corporation, additional subscriptions to
the capital of the
the directors of the
■_
Reconstruction Finance Corporation Act, as
amended (U. S. C., 1934 edition, Supp. V, title 15, sec. 606b), is hereby
amenided by adding at the end thereof the following new paragraphs:
"In order to aid the Government of the United States in its nationaldefense program, the Corporation is authorized—
its
capital are necessary.".
Sec. 5.
Section 5d of the
Federal Loan Admin¬
the capital stock of,
any corporation (a) for the purpose of producing, acquiring, and carrying
strategic and critical materials as defined by the President, and (b) for
plant construction, expansion and equipment, and working capital, to be
used by the corporation in the manufacture of equipment and supplies
necessary to the national defense, on such terms and conditions and with
"(1) To make
istrator
with the
loans to, or, when requested by the
approval of the President, purchase
Corporation may determine; and
requested by the Federal Loan Administrator, with the
approval of the President, to create or to organize a corporation or corpo¬
rations, with power (a) to produce, acquire, and carry strategic and critical
materials as defined by the President, (b)
to purchase and lease land,
such
maturities as the
"(2)
to
When
purchase, lease,
build, and expand plants,
and machinery, for the
equipment, supplies,
and to purchase and produce
manufacture of arms, ammu¬
implements of war, (c) to lease such plants to private corpora¬
tions to engage in such manufacture, and (d) if the President finds that
it is necessary for a Government agency to engage in such manufacture,
to engage in such manufacture itself.
The Corporation may
to, or purchase the capital stock of, any such corporation for any purpose
within tho powers of the corporation as above set forth related to
nition, and
make loans
national-defense program, on
may
such terms and
determine.
corporation created or
"Any
conditions as the
.
organized by the Corporation
the
Corporation
under the
President,
paragraph is also authorized, with the approval of the
to make payments against the purchase price to be paid for strategic and
critical materials in advance of the delivery of such materials.
Whenever
preceding
The Commercial & Financial Chronicle
310
practicable,
used
for
the
Corporation
purchases of
raw
the
require
may
payments
made
so
to
be
to
Sec.
(U.
That
6.
Act approved January 20, 1937
title 15, sec. 613c), as amended, is
by striking out "June 30, 1941" and inserting in lieu
"January 22, 1947"; (b) the first sentence of section 4 of the
S.
G\,
(a)
1
section
1934 edition,
the
of
Reconstruction Finance Corporation
604),
sec.
as
Finance
614),
amended,
and
as
Corporation
are
Act
S.
(U.
Act
C.,
1934
5d
the
of
edition,
Reconstruction
Finance
IV.
Supp.
sec.
title
1 o*
edition,
title
15,
by striking out the word
hereby amended
inserting in lieu thereof the word "fifteen";
section
1934
the
investment
Illuminating
amended,
amended
by striking out "June 30, 1939" wherever it
inserting in lieu thereof "January 22, 1947".
Approved, June 25, 1940.
is
3s,
1970,
$12,660,000
Corp. 4s, 1965.
been at
the
new
Iowa
low level
a
have been
and
fluctuations
among
Canadian utility
narrow.
Activity has
lower grades
bonds continued the
recovery move started last week.
hereby
Changes of importance have been lacking in the industrial
therein and
appears
Co.
sec.
"ten"
(c) the second paragraph
Act (U. S. C.,
as
of
number of
a
Southern Utilities Co. 4s, 1970, and 43^s,
1950, and $2,350,000 Arkansas-Missouri Power
Corporation
606b),
20, 1940
section
Financing was the largest to take place
months and consisted of $50,000,000 Cleveland
many
Electric
(U. S. C., 1934 edition, title 15,
amended, and the first sentence of section 14 of the Recon¬
struction
of
in
amended
thereof
in
offerings this week.
IV,
Supp.
firmness
utility market resulted in the release of
exported from the United States.".
hereby
July
be
manufactured agricultural commodities
or
Continued
section of the list this week.
Steels
have
been
steady to
fractionally higher, oils showed mixed fractional changes
and in the metal
group the Phelps Dodge con v. 3b£s, 1952,
gained a point at 1093^The Studebaker conv. 6s, 1945,
gained 1% points at 95 M and the International Paper 6s,
1955, were off 4% points at 983^. Strength has been shown
The Course of the Bond Market
Recent trends in bond prices have continued
this week,
with firmness all along the line.
An
irregular
trend
price
high-grade railroad bonds.
dropped 2 points
vanced
to 108
York
J/g.
evidence
5s, 1953.
among
After
1968, ad¬
rose
gained
% at 59
llA points to 67.
although
while
many
Texas &
Defaulted railroad bonds have been
a
small
gain of 29 points for the Siemens & Halske 63^s.
better,
continued
Italians
while
slack.
trading in
Japanese
obligations has been
South
have
American
issues
been well supported
at
slightly changed prices.
fractionally higher in
Moody's computed bond prices and bond yield
given in the following tables:
averages
are
MOODY'S BOND
(Based
8.
towards
up
Belgian issues
changes in German bonds have been
The tone in Canadian and Australian
slightly
for which is not
dull trading.
U.
wide fluctuations in
were
Norwegian bonds continued well maintained.
except for
have been circulated.
rumors
opening foreign bonds firmed
There
closed lower but
Alleghany 5s, 1944,
cause
weak
a
the close.
speculatively situated rail bonds.
more
Cigar-Whelan 5s, 1952, and the United Drug
conv. 4s, 1952, lost a
point at
The Allis Chalmers
108.
1996,
Favorable traffic and earnings reports
gained 10K points during the week,
ascertainable
in
Norfolk & Western 4s,
Central 5s, 2013,
Pacific 5s, 1980,
been
123 while Pennsylvania 5s,
to
seemed to bolster the
New
in the United
has
AU
120
1940
Govt.
Bonds
PRICES t
(Based
120 Domestic
by Ratings
Corporate by Groups *
tic
Corp.*
MOODY'S BOND
Average Yields)
120 Domestic Corporate *
Domes¬
Dally
Averages
on
Aaa
Aa
A
July 19__ 115.03
108.27
122.63
119.47
18.. 115.71
108.27
122.63
119.47
Baa
107.88
87.93
108.08
87.93
'.
All
U.
116.43
95.13
114.93
95.13
114.93
»!.1
95.13
July
120
YIELD
AVERAGES
Individual Closing Prices)
120 Domestic Corporate
120 Domestic
by Ratings
Corporate by Groups
Domes-
Daily
Averages
Indus.
114.72
1940
on
lie
Corp.
Aaa
Aa
A
Baa
RR.
4.76
4.29
P.
U.
Indus.
19
3.55
2.87
3 01
116.64
18
3.55
2.87
3.01
3.56
116.04
4.76
4.29
3.22
3.14
17
3.55
2.87
3.00
3.57
4.76
4.29
3.22
3.14
3.56
2-.87
3.01
3.57
4.78
4.31
3.23
3.14
17.. 115.73
108.27
122.63
119.69
107.88
87.93
16-. 115.63
108.08
122.63
119.47
107.88
87.64
15.. 116.61
94.81
108.08
114.72
122.63
119.47
116.64
107.88
10
87.64
94.81
114.93
116.04
15
3.57
3.23
3.15
13.. 115.61
107.88
122.40
119.47
107.69
87.49
94.65
3.56
114.93
2.87
3.01
3.57
4.31
3.22
3.14
107.88
122.40
116.43
3.78
12.. 115.66
119.47
107.69
13
87.49
3.57
94.65
2.88
3.58
4.79
3.22
3.15
122.40
119.47
116.43
4.32
107.88
114.93
3.01
11.. 115.64
107.69
12
87.35
94.49
3.57
114.93
2.88
3.01
3.58
4.79
4.32
3.22
3.15
4.33
3.22
107.69
122.17
116.43
11
87.21
94.33
3.58
122.40
119.25
116.21
4.80
107.69
114.93
3.01
9_. 115.49
107.69
10
86.92
94.17
3.58
2.89
3.02
4.34
3.22
3.16
122.40
119.25
116.43
4.81
107.69
114.72
3.58
8- 115.40
107.69
9
86.92
2.88
3.58
4.35
3.23
3.15
122.40
119.25
116.43
4.83
107.69
114.93
3.02
0..
94.01
3.58
107.69
8
80.64
3.58
93.85
2.88
114.72
3.02
3.58
116.43
4.83
4.36
3.22
3.15
0
10.. 115.63
115.55
119.25
107.69
3.57
2.88
3.15
3.58
2.88
3.02
3.58
4.85
4.37
3.23
3.15
June 28.. 115.21
100.92
122.17
118.81
106.73
85.52
21.. 115.37
14- 114.73
92.75
106.17
122.17
114.09
118.38
115.78
106.36
June 28
84.28
3.02
91.81
2.89
113.48
3.04
115.57
3.63
4.93
4.44
3.26
3.18
105.41
82.66
Weekly—
Weekly—
21
90.44
3.60
7— 113.15
103.93
119.47
112.45
110.43
114.72
104.48
14
81.87
3.72
89.40
2.93
3.70
4.59
3.34
3.23
118.60
113.27
5.14
103.66
111.43
3.10
May 31.. 113.14
110.21
13.093
7
81.61
89.25
3.78
3.01
3.15
3.75
5.20
4.66
3.39
3.30
105.04
121.27
117.50
111.
2.89
3.06
3.65
5.02
4.50
3.29
3.19
103.56
3
118.81
115.57
112.66
104.11
81.87
May 31
3.80
89.69
3.78
3.41
117.72
24
3.33
120.37
112.25
4.07
105.79
111.03
3.16
17- 113.73
105.79
84.96
92.28
3.80
3.04
3.19
4.64
3.41
119.25
17
3.35
123.33
114.72
5.20
108.46
112.66
3.77
10- 116.51
3.68
2.97
3.09
3.68
4.97
4.47
3.33
24— 113.06
107.88
88.36
3— 116.36
109.24
123.79
120.37
Apr. 26.. 116.18
108.66
88.95
108.85
123.79
120.14
108.08
88.51
3.05
5.22
3.23
94.97
114.72
117.72
10
3.54
95.29
2.84
115.57
3.02
3.57
118.81
4.73
4.30
3.23
3
3.09
3.50
2.82
2.97
3.53
4.69
118.81
4.28
3.19
3.04
Apr. 26
94.81
114.93
19- 115.94
108.46
119.92
107.30
88.07
3.52
114.51
2.98
3.50
4.72
123.56
119.69
118.38
4.31
108.27
94.33
2.82
12- 116.38
5- 117.10
107.11
19
87.93
3.54
94.33
2.99
3.60
4.75
3.24
12
3.00
119.92
118.38
118.81
118.38
4.34
124.25
114.30
2.83
108.66
3.55
2.83
3.00
3.61
4.76
4.34
3.25
5
3.06
3.53
2.80
2.99
3.60
4.72
4.31
Mar. 29
3.24
3.04
117.94
21
117.50
15
Mar.29— 116.87
123.56
107.88
123.56
107.30
119.25
106.92
88.51
87.49
94.81
93.85
114.51
21.. 116.36
15- 116.74
123.56
119.03
106.36
87.49
107.49
93.85
123.33
113.89
113.68
118.81
107.17
8- 116.03
87.35
93.69
107.49
123.10
113.68
118.38
1- 115.42
Feb. 23.. 115.32
106.17
87.21
93.09
107.11
105.79
87.07
93.53
107.30
123.10
112.86
118.60
117.07
105.79
16- 115.48
86.92
107.49
93.85
123.33
112.66
118.81
117.07
105.98
9— 115.44
87.07
107 30
94.01
122.86
112.86
118.81
105.98
86.92
94.01
112.66
118.60
105.41
86.78
93.69
107.69
122.63
118.38
113.07
117.72
8
4.79
4.37
3.27
3.08
3.03
3.65
4.79
4.37
3.28
3.08
2.84
3.04
3.66
4.80
4.38
3.28
3.10
4.38
3.31
3.09
3.59
2.85
3.06
3.66
4.81
3.61
2.87
3.06
3.68
4.82
4.39
3.32
2.85
3.05
3.68
4.83
117.50
4.37
3.33
3.12
16
3.59
2.84
3.04
3.07
117.29
4.82
4.36
3.32
3.10
9
3 60
2.80
3.04
3.07
4.83
4.36
3.33
3.11
106.92
112.45
86.64
93.69
122.40
112.25
117.94
116.86
105.41
86.21
93.21
122.40
112.25
116.43
118.16
105.60
Feb.
116.86
105.41
106.64
118.38
3.02
2.83
3.59
3.60
106.73
122.63
3.02
3.58
„
1
20— 115.65
13.. 115.96
122.63
2.83
3.04
23
2— 115.43
Jan. 27— 115.54
106.92
3.57
3.22
2
3.12
3.02
2.87
3.05
3.70
4.84
4.38
3.34
27
3.62
2.87
3.06
3.70
4.85
4.38
3.35
20
3.13
3.64
2.88
3.08
3.70
4.88
4.41
3.35
3.15
13-
Jan.
3.03
2.88
3.07
3.69
4.86
4.39
3.35
3.14
3 62
2.86
3.09
3.69
4.82
4.37
3.34
3.14
3.81
3.05
3.19
3.78
5.24
4.68
3.42
3.36
3.13
116.03
86.50
106.92
93.53
122.86
112.25
117.72
High 1940 117.18
105.60
87.07
109.44
93.85
124.25
112.45
116.64
120.59
Low 1940 113.02
High 1939 117.72
Low 1939 108.77
109.05
89.25
103.38
106.92
95.62
118.60
122.40
116.00
119.25
115.57
103.93
High 1940
89.10
110.83
118.60
112.05
105.22
Low 1940
87.78
3.49
94.33
2.80
2.96
116.43
4.07
4.26
3.17
108.27
98.28
High 1939
3.02
112.45
112.05
3.51
100.00
81.09
4.00
87.93
3.34
3.55
104.30
4.10
106.54
5.26
Low 1939
4.76
3.76
3.64
3.62
2.88
3.05
3.71
4.77
4.34
3.36
3.15
3.65
2.90
3.05
3.82
4.82
4.40
3.38
3.17
4.16
3.22
3.62
4.20
5.59
5.22
3.78
3.48
6..
1 Yr. Ago
July 19*39 116.96
2 Yrs.Ago
July 19*38 112.10
*
100.36
121.94
97.28
T{?£seaverage&r®
PrIces
114.93
118.60
106.92
81.35
116.64
/
'
6
1
103.20
87.07
93.37
111.64
116.00
2
96.61
77.00
81.61
103.93
109.64
Year Ago—
July 19, 1939.
—
Years
Ago—
July 19, 1938...
computed from
average yields on the basis of one "typical" bond
(4% coupon, maturing In 30 years), and do not purport to show either the
movement of actual price
average
quotations.
They merely serve to Illustrate In a more
yield averages, the latter being the truer
comprehensive way the relative levels and the relative movement of
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.
.
or
Too
By Morris L. Ernst.
Big
Little, Brown.
"In most fields
to
of industrv
creasingly clear that there is
.
.
it is
becoming in^
values."
So
learning to the elaboration of this thesis,
cumulatively evident that his thoughts are
going
concerns
the facts adduced
to
its sad end, not
following
His first valiant
attempt
the
busted meteor", in May/1893, of National
a merger,
bear out the
theory that
because it
"too
its
,
was
management
run
.
very
But
.
Cordage
came
big," but because,
hastily
developed
dementia which would have hurried
any company,
less of its size, or the
power which it
As he applies his
to be subordinated to his wishes.
a
.
.
Mr. Ernst.
it becomes
"bigness" which will make his point
Cordage Co., an aggregation of parts which had
successfully under several shrewd grandpas.
$2.75
a point
beyond which further
expansion results not'only in actual loss of
profit and capital,
but in the destruction of individual
and social
says
find
"collapse like
302 pages and index.
a
regard¬
wielded, into the bank¬
ruptcy court.
Similarly, the story of U. S. Steel for three decades is
the reflection of excessive
size—accepting Mr. Ernst's
not
fact-
Volume
The
151
Commercial & Financial
exceptional
ineptitude, arrogance, and technical stupidity permeating
management left untouched by a directorate too ignorant
of the technique of steel-making to know what remedies to
apply.
Such mental deficiencies would have penalized any
enterprise, big or little.
Had U. S. Steel during the 30 years
as
correctly reported—so much as
the evidence of
a
commensurately
ever
satisfactorily,
Ernst
Mr.
its
defective management.
have been
be administered
solely because of its vast dimensions.
tries hard to show that, in New York, the
the future
demonstrated,
from
may
so
banks
are
to any
clusive
determine, it does not seem to
conditions, its readers will feel grateful to the author for the
wealth of information which he has gathered under most
far, that Steel cannot
or
trying conditions, for the compact analyses of the facts as
discerned, and for the frankness with which he performs his
dutv as analyst.
Writing from England, he appraises the
significance of the world events, specially in their financial
and economic aspects, with an objectivity which inspires
confidence in the value of his findings.
When he prognosti¬
^
cates, he gives fair warning that in prior years
sometimes mistaken, or insufficiently near to
At best, they are incon¬
social values.
susceptible of contrary
or even
interpretation.
author's arguments do not
carry one away, his facts have been at least interesting and
diverting.
And until he refers to the insurance business we
do not notice any blows below the belt.
The chapter headed
"Fire, Theft—and Burglary," starts off by contrasting the
virtues of Lloyd's of London with the deficiencies of the
"American companies."
And what is the explanation? "I
know of only one answer.
Lloyd's is not a Big Company.
It's not big, and it's not really a company.
Only the name
is big."
Mr. Ernst ought to know that there are some 1,900
underwriters at Lloyd's, and that their cash deposits recently
amounted to £18,500,000; that on top of that fund the entire
individual fortune of every underwriter is pledged in support
of risks underwritten by him, however small his participa¬
tion; also that this aggregate wealth of Lloyd's underwriters
is estimated at over five billion dollars.
Recently, too,
Lloyd's remitted to this country $40,000,000 to be held in
trust for the benefit of policies written in dollars in this
country.
One could go on to show that Lloyd's is Big,
perhaps the Biggest thing in the insurance world.
To say
that its good qualities are due to the fact that it is big in
Up to this point, while the
name
forth
between
Germany, a
loan which was refused because it would have scuttled the
program to add to the Lebensraum through the absorption
of neighbors by the swifter process of invasion and "protec¬
tion."
The war measures in the financial and economic
fields, both before and after the outbreak of hostilities, in
the several national camps, are adequately discussed.
Of
particular value are his comments on and criticisms of the
immediate measures adopted by the British authorities. The
financial aspects of the Russo-Finnish war; the exploitation
of Poland as contrasted with the relatively mild and innocu¬
ous application of the Treaty of Versailles to Germany; the
several blockades and their effects; the relations between
with
back
committees and boards of directors.
part in the writing of
in our own giant com¬
panies."
personal claim to
check in "surprisingly short time."
This leads him to say that "merely to find the person in
charge of my policy at an average American company would
have taken about as long as to get my check from Lloyd's."
Some years ago
Mr. Ernst presented a
Lloyd's and received a
He dismisses
the life insurance
business in four-and-a-half
He says that its managers "have despotic powers,"
and "try to fool the public" by abuse of policyholders' rights
in regard to elections of directors.
He refers to the "chicane"
of some outstanding companies whose directors perpetuate
themselves in office, and he alludes to "forged proxies"
obtained by "pressure from higher officials."
Grudgingly
he admits that directors do not make "any large money out
of directing.
Few of them even indirectly feather their own
pages.
nests."
silent as to what he knows about in¬
might have been left in doubt as to his apprecia¬
tion of the real meaning of that subject.
As it is, he has only
himself to blame if the rest of his remarks become suspect
Had Mr. Ernst been
surance, one
inaccuracies which underlie his pre¬
business of this country.
Finally emerging from Mr. Ernst's search for defects in
Big Business is his conclusion that "the time for a searching
analysis ,of our socialfand economic institutions" is here.
Big Business should be subjected to "such necessary checks
and balances as will keep it from destroying us."
This culminating desideratum for another "national con¬
structive research" body, which shall limit the size and power
of Big and Greedy Business, will meet with a chilly recep¬
tion.
At least, as long as the findings of the TNEC have
because of the grotesque
sentation of the insurance
still to make
through the
naud, the financial attempt at "appeasement"
offer of a loan of a thousand million pounds to
only is preposterous.
Drag, influence, pull, play no such
difficult or odd policies as they do
subsequent
conquest of Czechoslovakia, pictured the financial recovery
of France under the phenomenal guidance of M. Paul Rey-
who has done some work for Lloyd's,
allows his admiration for his former client to warp his facul¬
ties of perception.
His narrative is packed with fallacy, in
sentence after sentence.
In London, he tells us, "you will
not be shown the desk of the 38th Vice-President in charge of
sales, or that of the 62nd Vice-President in charge of examina¬
tion of losses, as in our insurance company buildings."
Granted that Lloyd's are most liberal underwriters, it is
and
he has been
developments.
After briefly sketching financial history since 1914, he traces
the succession of hopes and scares which culminated in the
Evidently the author,
puerile to affirm that "In the case of large policies or
spectacular new types of risks" you are never "shuffled
intuitive knowl¬
preparations and partly under actual war
the cloud of war
do not support the conclusion that the big savings
ineffectively operated, nor that they are a menace
individual
and self-assurance, and an
mendacity, and differentiate between it and unintentional
inaccuracy.
Since this volume deals predominantly with the
London-Paris-Berlin triangle, and was written partly under
"giant" savings banks suffer from their size, when compared
with those of medium size and the still smaller ones.
But
his figures
great courage
edge of the pitfalls which beset his way.
He must seek to
piece scraps of information so that they furnish a clue to,
or
comparison with, kindred material reaching him from
different sources.
He must be quick to detect intentional
suffered
What¬
it would have
reviewed been half its actual size,
sess
311
Chronicle
and their consequences, are con¬
succinctly, with a wealth of supporting
material that carries conviction and makes reading a pleasure.
The final chapters deal with prospects during the next 12
months and the next 10 years, bearing in mind the possi¬
bilities of economic changes during the war.
Always the
writer comes down quickly to brass tacks, while he com¬
neutrals and belligerents,
sidered effectively,
and clarifies, often in
presses
marvelous
manner.
You
last war that are relevant, learn the
requirements of the present war, study the possibilities of
effective economic warfare, the relative economic positions
of France, Britain, Germany, and the more important neu¬
trals.
From the potential economic superiority of the Allies
absorb the lessons of the
provided they utilize their resources to the full and manage
them intelligently, the hope is drawn that victory mav rest
with them.
Writing in March, 1940, the author says:
that the
months,"
but that they "will continue to trade with the Allies on the
'cash and carrv' basis as laid down in the new neutrality
legislation." It is predicted that "in all probability the Al¬
lied victory would be secured within the next two or three
"As things are, it appears extremely improbable
United States will enter the war during the next 12
years."
should win," he adds, "it would mean ex¬
impoverishment for the defeated people, who would be
"If Germany
treme
through a reduction of
condemned to slow extermination
living below the subsistence level." It is
interesting to speculate on what modifications would have
been made by the author in his estimate of the future had
he foreseen the fall of France within a few months.
To those who can profit by a careful interpretation of
financial and economic history in the recent 12 months, Mr.
Einzig's work is warmly recommended.
W. C. B.
their standard of
v
New
Capital Issues in Great Britain
following statistics have been compiled by the Midland
Bank Limited. These compilations of issues of new capital,
which are subject to revision, exclude all borrowings by the
British Government; shares issued to vendors; allotments
The
capitalization of reserve funds and undivided
profits; sales of already issued securities which add nothing
to the capital resources of the company whose securities
have been offered; issues for conversion or redemption of
securities previously held in the United Kingdom; shortdated bills sold in anticipation of long-term borrowings; and
loans of municipal and county authorities which are not
arising from the
specifically limited.
the prices of issue.
NEW
In all cases the figures are
CAPITAL ISSUED IN THE
based upon
UNITED KINGDOM
[Complied by the Midland Bank
Limited]
Geographical Distribution
their appearance.
W.
C. B.
British
Total
World Finance 1939-1940
By
Paul
Einzig.
The
;
of the stupendous events which
the world in the last 12 months must pos¬
historian treating
have swept over
Macmillan.
271 pages.
$2.75
1940, first half
Foreign
Countries
£15,633,000
9,305,000
14,916,000
6,368,000
17,018,000
1,295.000
£1,122,000
6,078,000
2,996,000
1,071,000
£80,661,000
73,490,000
74,051,000
1938, first half
Second half
58,107,000
44,046,000
57,145,000
.
....
Overseas
Countries
£97,416,000
1937, first half....
Second half
1939, first half
Second half..
United
Kingdom
♦
...
9,149,000
3,068,000
56,139,000
36,607,000
39,906,000
3,429,000
2,716,000
157,000
221,000
4,425,000
195,00
312
THE
The Commercial dr Financial
Chronicle
STATE
OF
TRADE—COMMERCIAL
weather crops
east of the
EPITOME
Friday Night, July 19,
Business
activity recovered most of the drop registered
preceding holiday week.
Reports from business and
industry were generally favorable, but they appeared to have
or
appears
effect
on
on
the
time
now,
and
securities
domestic political
especially the latter.
war,
any
no
focused
so
markets.
sufficient moisture to maintain
growth of cultivated crops,
too dry in the south-central Great
Plains,
while pastures are
needing rain rather
generally throughout
the interior, the Northwest and in
most western
sections,
Government advices state.
In the New York
City area the
weather has been
generally clear and cool the past week.
Today was partly cloudy and warm,
prevailing tempera¬
tures ranged from 72
degrees to 88 degrees. Tonight will be
clear and warm with
Saturday and Sunday partly cloudy
developments and the
The attack
on Britain is
expected
much that is vital is contained in this
little
world-wide repercussions and shock America into
realization of its imminent
danger.
a
genuine
In view of all the domes¬
tic
political uncertainty and the possibility of grave momen¬
happenings abroad very soon, the relative quiet pre¬
vailing in the securities markets is quite understandable.
Some steel companies,
particularly those engaged in pro¬
ducing light products, have experienced a slight
flattening
out of orders during
he past week, according to the "Iron
Age," but that is believed to be only temporary because
the requirements for national defense will
shortly make
tous
themselves felt.
Aggregate steel orders in the first half of
July ran ahead of those of the first half of June, but the rate
of increase during June is
apparently not being maintained
this month, the review states.
"Nevertheless, for
most
companies orders have been moderately in excess of
shipments
and backlogs are not being reduced
except perhaps in sheets
and strip, in which new
buying has been light since the June
30 deadline on specifications
against low-priced commit¬
ments.
Augmenting other expected business, the British
Purchasing Commission will henceforth place
regularly each
week orders for 100,000 to 150,000 tons of
steel with Ameri¬
can mills.
Export business with neutral countries is dull."
Power production in
the United States totaled
2,483,342,000 kilowatt hours in the week ended
July 13th, com¬
pared with 2,264,953,000 in the preceding week—that con¬
taining the Independence Day holiday—and with
2,324,181,000 k. w. h. for the corresponding week last
year, the
Edison Electric Institute reveals.
Output for the latest
week was 6.8 per cent ahead of the like
week last year.
In
the preceding week the gain over 1939
was 9
per cent. -The
Rocky Mountain district showed the largest year to
year
improvement for the week with electric production 21
cent ahead of
showed
a
the like
1939 week.
per
Central Industrial
area
12.1 per cent betterment from
last year.
Freight traffic throughout the nation
during the week
ended July 13th rose to 740,465 revenue
cars, an increase of
103,564
16.3 per cent over the
preceding week, the
Association of American Railroads reveals.
The total last
week was 70,577 cars, or 10.5
per cent higher than a
year
ago, and 138,020 cars, or 22.9 per cent
higher than the
corresponding week of 1938.
cars, or
A total of
$170,834,000 for engineering construction awards
continental United States plus
$47,000,000 for Federal
on
defense works in the United States
possessions let to United
States contractors in the week ended
July 18, sets a new
all-time high volume record of
activity for American engineers
and contractors,
according to Engineering News-Record.
The previous high week was in
March, 1939, at $181,886,000.
Additional shut downs for model
change-overs reduced
motor vehicle
output this week to 53,020 units, Ward's
automotive reports said
today in a weekly survey of the
industry.
Assemblies last week numbered
65,176.
This
week a year ago
production totaled 53,128 cars and trucks.
Noting a "distinctly contra-seasonal" sales
trend, Ward's
said that retail volume for
July may prove better than that
of June, and added that as a
result field stocks are
being
rapidly reduced.
Business activity made
no
spectacular gains this week, but
continued about at its recent
pace, Dun & Bradstreet,
Inc.,
reported today.
Volume at the fall wholesale markets in
many instances exceeded expectations.
Retail
buying
was
seasonally slow, with total volume
reaching the year's low
point.
Nevertheless retail activity was still
enough better
than a year ago to
improve the year to year comparisons.
Increased pay rolls in industrial
districts continued to stimu¬
late
of
consumer
summer
to be both
on
the
one
and continued
warm.
Overnight at Boston it was 68 to 76 degrees;
Pittsburgh,
68 to 88; Portland,
Me., 56 to 80; Chicago, 68 to 88; Cin¬
cinnati, 64 to 92; Cleveland, 66 to 85; Detroit, 66 to
84;
Milwaukee, 66 to 80; Charleston, 70 to 87; Savannah, 73 to
89; Dallas, 77 to 95; Kansas City, Mo., 79 to
100; Springfield,
111, 65 to 85; Oklahoma City, 72 to 94; Salt Lake
City, 62
to 87, and Seattle, 51 to 79.
Col.
Leonard
Fate
P. Ayres of
Cleveland Trust Co. Finds
England Our Most Important Present
of
Problem
The fate of England is
regarded by Colonel Leonard P.
Ayres, Vice-President of the Cleveland Trust Co. of Cleve¬
land, Ohio, as "not only our most important
present prob¬
lem," but he says "it is probably the most
important problem
we
have ever faced
nationally except perhaps during the
Revolutionary War, when decision was being reached as to
whether we should be an
independent Nation at all, and
during the Civil War, when we were
deciding whether we
should continue as one united
Nation, or split up into two
or
more
conflicting nations."
"Those conflicts," Colonel
Ayres observes, "were fundamentally
important to us as a
Nation, but now we are witnessing the
remaking of the
world."
Colonel Ayres prefaces these
comments, which
pear
in
July
15,
the
dition
company's "Business Bulletin"
stating that he had been asked "to
by
opinions
and
to
good
response.
Vacations proved
a favorable and
unfavorable influence,
hastening
hand movement of
luggage, beach wear and other
sporting goods, while also taking potential
shoppers away
from the cities.
Retail
volume
throughout the country
averaged 4 to 11% higher than the same week a
year ago.
An
outstanding feature of the week's weather in relation to
agriculture was the continuation of
frequent rains in much of
the South, where farm work
was
delayed with fields grassy
and badly in need of cultivation.
These conditions were
especially prominent in most of Georgia,
Alabama, Missis¬
sippi, Louisiana and parts of Tennessee and Texas. In
the
Ohio Valley timely showers
during the week were helpful,
but in
general cool weather retarded the
growth of
warm
ap¬
trust
formulate judgments
involved
in
his
These
10
problems
of
the
long-term
next
year,
included
the probable trend of interest
rates to the
probable action of stock prices in
July and August,
the
effects
industries after
the
express
questions in ad¬
regular
daily
duties."
Colonel Ayres goes on to
say:
end
issued
10
on
those
of
the
rearmament
program
on
our
durable
goods
has slowed
program
down, the question as to whether
foreign trade is likely to continue to contract, and the
relative advan¬
tages of financing a plant expansion
by a bank loan or by a Reconstruction
Finance Corporation loan.
our
Those
five
are
for
request
of
the
opinion
an
10
questions,
and
the
other
five
included
a
the probability of the demonetization
of gold
throughout Europe, an opinion on a plan for a
commodity dollar in case
gold should be generally demonetized, a
policy for a company selling stone
suitable for monumental
buildings in this period when no one seems to be
planning to build such structures, the question as to whether the
floating
of
issue
an
retarded,
freight
In
all
railroad
10
the
questions
equipment
to
as
trust
the
securities
likelihood
of
should
a
be
accelerated
shortage of
or
available
autumn.
cases
of
on
opinion
an
next
cars
outcome
larger
of
and
the
answer
attempt
about
to
depends
invade
industry,
primarily on the progress and the
England.
The answers to almost all
foreign trade, transportation,
politics, money, banking, investments,
government, education,
nearly all other social problems largely depend likewise on the
progress
the outcome of the attempt to invade
England.
The importance of
development transcends that of all others.
commerce,
rearmament,
and
and
that
Moody's Commodity Index Declines
Moody's Daily Commodity Index closed at 155.1 this
Friday, as compared with 155.8 a week ago. The
principal
individual changes were the advance in
rubber, and the
declines in cotton, hides and steel
scrap.
The movement of the Index was as follows:
Fri.
July
July
July
Tues.
July
Wed.
July
Thurs. July
Fri.
July
Sat.
Mon.
12
13
15
16
1718
19
155.8
155.8
155.3
156.1
155.7
155.2
Two weeks ago, July 5
156.4
Month ago, June 19
Year ago, July 19
157.5
142.2
172.8
1939 High—Sept. 22
Low—Aug. 15-1940 High—May 13
—155.1
--.138.4
166.8
Low—May 23
151.9
Loadings of Revenue Freight for Week Ended July 13
Totaled
purchasing in these sections, while clearance
stock met with
in most other sections
as
though it is much
Attention
forthcoming titanic struggle, that it is awaited with not a
anxiety by the nations of the world.
The collapse of
Britain, though hardly conceivable, would have tremendous
well
area, as
Mississippi River. In the interior of the
country,
while rainfall was
mostly light and scattered, there is still
1940.
the
little
in that
July 20, 1940
Loading of
revenue
740,465
Cars
freight for the week ended July 13
totaled 740,465 cars, the Association of American
Railroads
on July 18.
This was an increase of 70,577 cars
announced
10.5% above the corresponding week in 1939 and an
138,020 cars or 22.9% above the same week in
Loading of revenue freight for the week of July 13
was
an increase
of 103,564 cars or
16.3% above the pre¬
ceding week, which included holiday.
The Association
or
increase of
1938.
further reported:
Miscellaneous freight
loading totaled 287,250
cars above the preceding
week, and
corresponding week in 1939.
Loading
cars,
an
of
merchandise
increase of 19,720
an
cars, an
increase of 38,490
increase of 28,470
less-than-carload-lot
cars above the
freight
cars
totaled
preceding week, but
of 3,593 cars below the
corresponding week in 1939.
above the
a
146,960
decrease
Volume
week, and an increase of 20,285 cars above
the corresponding
week in 1939.
Grain
8,429
(Number of Cars)
above the preceding week, but a decrease
cars
corresponding week in 1939.
the
Loaded on
increase of
3,611
above the
cars
above the corresponding week in 1939.
July
'
11,644 cars, an increase of
loading amounted to
Atchison Topeka A Santa Fe Ry.
Baltimore A Ohio RR
week in 1939
above
Gulf Coast Lines.,
increase of 6,577 cars
increase of 189 cars above the corre¬
products loading totaled 31,615 cars, an
Forest
16,619
23,443
17,877
12,012
6,686
17,556
11,913
19,440
14,501
7,149
6,906
6,642
7,605
8,912
9,720
9,095
7,671
5,298
17,338
10,979
1,308
1,278
1,388
1,537
1,546
2,676
2,764
14,519
36,788
7,376
38,996
7,908
36,645
1,822
2,932
7,671
5,550
9,294
2,116
1,915
4,886
2,028
1.464
New York Central Lines
N. Y. Chicago A St.
36,349
4,563
10,134
8,815
21,342
69,101
18,114
18,918
4,320
4,207
58,056
58,011
45,188
4,324
46,739
4,633
6,162
4,591
5,462
4,587
43,192
4,884
22,953
4,710
27,014
6,349
7,163
7,475
6,902
27,448
Southern Pacific Lines
Wabash
1939 except
4,827
Pere Marquette Ry
-—
Pittsburgh A Lake Erie RR
492 cars below the
above the corresponding week
in 1939.
districts
4,939
RR
Louis Ry.
Norfolk A Western Ry
amounted to 9,947 cars, a decrease of
Coke loading
41,309
5,564
Pennsylvania RR
of 3,941 cars above the
increase of 24,754 cars above the corresponding
loading amounted to 69,631 cars, an increase
preceding week, but an increase of 3,989 cars
16,075
4,363
14,674
Missouri-Kansas-Texas
week in 1939.
in
5,457
Missouri Pacific RR
week, and an
the preceding
preceding week, and an
All
4,820
12,869
1,687
International Great Northern RR
sponding week in 1939.
Ore
16,856
18.911
15.912
2,203
Chicago Milw. St. Paul A Pac.Ry.
Chicago A North Western Ry
1939
24,730
30,441
15,900
25,256
Chicago Burlington A Qulncy RR.
July 15
23,666
28,784
22,134
13,179
24,743
33,123
Chesapeake A Ohio Ry
July 6
1940
1940
1939
1940
Connections
Weeks Ended—
July 15 July 13
July 6
13
1940
2,768 cars
above the preceding week, but a decrease of 200 cars below the corre¬
sponding week in 1939.
In the Western districts alone loading of livestock
for the week of July 13 totaled 8,296 cars, an increase of 2,103 cars above
the preceding week, but a decrease of 673 cars below the corresponding
Livestock
Received from
Own Lines
Weeks Ended—
totaled 39,893 cars, an
preceding week, and an increase of 1,890
grain products loading for the week of July 13
cars
RECEIVED FROM CONNECTIONS
REVENUE FREIGHT LOADED AND
56,015 cars, an increase of
of 3,317 cars below
In the "Western districts alone grain and
grain products loading totaled
and
days ended
week and 316,551 cars in the seven
July 15, 1939.
A comparative table follows:
ceding
increase of 24,131 cars above
Coal loading amounted to 127,403 cars, an
the preceding
313
Financial Chronicle
&
The Commercial
151
with the corresponding week
the Southern, and all districts reported increases over 1938
Ry
6.506
-
reported increases compared
Total
except the Southwest.
8,029
36,062
6,217
7,240
4,405
5,881
7,669
8,109
7,696
342,704 294,601 316,551 194,147 193,347 192,361
-
TOTAL LOADINGS AND
RECEIPTS FROM CONNECTIONS
(Number of Cars)
1938
1940
1939
2,555,415
2,486,863
3,122,556
2,494,369
2,712,628
3,534,564
2,288,730
2,363,099
3,127,262
2,746,428
2,126,471
2,185,822
2,759,658
636,901
555,152
.500,981
Weeks Ended—
Four weeks of January.
Four weeks of February
Five
weeks of March...
Four weeks of April.....
Four weeks of May
Five
weeks of June
Week of July
6
Week of July
13.
2,256,717
2,155,536
2,282,866
2,976,655
2,225,188
740,465
669,888
16,488,840
473
1,198
1,028
656
982
227
198
6,153
1,096
5,789
1,390
5,610
1,261
9,936
2,096
7,866
Norfolk
1,677
11
23
24
38
51
2,041
1,581
Detroit Toledo A Ironton
Detroit A Toledo Shore Line...
1,011
3,522
7,087
2,854
7,522
6,451
6,001
5,549
151
146
1,469
1,010
944
250
138
8,444
2,538
2,583
11,354
1,207
6,179
1,792
1,863
9,533
5,098
1,452
1,043
5,311
1,419
167
233
18
32
36,645
29,493
9,911
3,447
10,290
2,972
Lehigh A Hudson River
123
109
151
Lehigh A New England
1,634
6,249
2,356
4,296
2,067
1,101
5,460
1,892
1,086
Erie
Grand Trunk Western
Valley
Maine Central..
— — -
.
Montour
36,349
7,491
Lines
N. Y.N. H. A Hartford
3,344
1,995
29,840
7,259
6,495
1,745
5,559
1,942
2,510
1,526
25,552
12,353
1,875
10,134
1,406
6,081
4,884
6,758
New York Ontario A Western..
931
564
884
N. Y. Chicago A St.
Louis
N. Y. Susquehanna A Western.
Pittsburgh A Lake Erie
4,563
4,771
3,711
260
329
6,298
4,261
2", 994
Pere Marquette
4,633
3,639
3,398
31
64
147
226
220
129
706
1,822
1,378
Rutland
579
484
474
958
788
4,710
5,221
4,785
4,343
3,289
2,704
8,019
3,316
7,198
2,339
Bessemer A Lake Erie
95,458
149,921
.
Duluth South Shore A Atlantic.
122,073
Northern
Spokane
Pacific
Atch. Top. A Santa Fe
391
28,784
5,621
372
23,902
4,077
Bingham A Garfield
10,971
36
40
141
41
28
Denver A Salt Lake
Llgonier Valley........
Long iBland
Penn-Readlng Seashore Lines.
60
51
41
43
31
Fort Worth A Denver City
522
942
800
690
46,833
9,302
9,466
42,696
8,161
3,809
2,651
1,311
43,192
16,395
5,475
2,693
2,295
6,154
~
2,061
1,016
34,277
12,985
3,990
4,037
Chicago A Eastern Illinois
Colorado A Southern.
Denver A Rio Grande Western.
86,879
106,832
83,071
4,207
8,716
3,619
1,296
490
1,595
1,452
4,616
6,678
671
56
57
1,376
4,113
5,935
1,716
2,587
1,434
2,114
3,111
17,416
13,163
19,786
15,745
3,390
16,110
13,857
3,154
11,913
18,114
3,642
43,890
38,921
33,121
258
257
240
1,244
1,501
1,043
81,882
67,473
42,495
35,107
23,666
2,650
24,531
2,874
25,780
2,798
5,457
4,855
2,284
2,322
239
90
77
54
15,117
7,671
6,538
1,545
691
492
12,152
1,837
7,149
494
2,541
1,250
1,528
2,927
6,964
2,201
1,113
2,209
Nevada
169
181
202
185
95
Atl. A W. P.—W. RR. of Ala..
627
642
730
1,258
1,026
Atlanta Birmingham A Coast—
688
908
586
584
7,130
3,426
443
758
554
1,092
1,071
153
388
1,516
North Western Pacific
190
25
2,106
1,527
860
835
1,573
1,045
214
365
1,459
1,037
1,162
465
120
76
555
511
376
373
8
24
17.690
4,016
3",337
288
12,335
11,880
1,304
7,475
5,896
60
85
8
3
1,399
1,090
1,190
2,085
1,640
99,010
97,031
97,511
48,254
41,364
126
Union Pacific System
13
236
13,3*4
(Pacific)
16.915
197
169
Southern Pacific
Total.
129
129
District—
Burlington-Rock Island
Fort Smith A Western.*
Midland
827
2,579
1,090
1,590
218
265
262
Missouri-Kansas Texas Lines.
Missouri Pacific
Durham A Southern
136
150
124
415
329
354
328
693
444
24
31
25
70
68
825
1,378
1,501
Litchfield A Madison
—
Missouri A Arkansas
1,387
194
291
224
613
775
1,590
1,375
1,758
1,423
1,786
1,266
1,509
272
236
730
774
435
499
617
335
218
120
4,074
2_,007
1.464
302
Southern
Valley
96
122
215
178
4,363
14,692
4,027
13,142
4,534
14,395
2,764
7,908
2,587
7,193
1,904
1,691
291
340
397
1,207
Illinois Central System
15,618
15,902
8,151
Louisville A Nashville
18,826
17,447
16,395
15,005
1,100
8,100
5,303
4,535
Weatherford M. W. A N. W._
112
110
128
627
103
237
272
95
88
6,629
1,880
3,813
2,015
3,450
1,800
2,566
3,726
158
210
48
22
24
15
28
59
30,685
29,119
497
110
114
6,861
1,779
4,984
3.225
109
246
1,229
99
3,242
377
Macon Dublin A Savannah
Mississippi Central*
Note—Previous year's figures
149
revised.
• Previous figures,
x
Total..
Discontinued Jan. 24, 1939,
—
1,175
108
1,310
1,142
1,546
7,023
1,773
4,986
Quanah Acme A Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas A New Orleans....
Texas A Pacific
Wichita Falls A Southern
754
277
1,326
1,738
1,542
1.465
International-Great Northern.
Kansas Oklahoma A Gulf
Kansas City
201
f,278
94
4,297
Florida East Coast
908
1,127
2~028
3,376
1,137
1,893
Galnsvllle Midland
Georgia A Florida
Gulf Mobile A Northern
249
19,422
Peoria A Pekin Union
Louisiana A Arkansas—
236
Georgia
35
196
1,390
632
Northern.
Gulf Coast Lines
Southern District—
Alabama Tennessee A Northern
6,933
3,497
1,657
837
Missouri-Illinois
Southwestern
1,399
5,871
3,391
3,750
162
1,146
828
22,134
Norfolk A Western
Columbus A Greenville
154
2,594
598
1,543
Illinois Terminal
Western Pacific..
Chesapeake A Ohio
Cllnchfield
152
3,425
485
186
Utah
Carolina.
396
11,091
438
1,423
1,472
Toledo Peoria A Western
Pocahontas District—
Charleston A Western
349
13,525
565
492
104,444
438
508
3,924
133.627
375
3,537
Chicago Rock Island A Pacific.
166
12,193
16,956
2,688
498
5,163
Chicago A Dlinols Midland
58,056
142
635
3,424
1,732
12,434
2,075
8,658
194
321
20,093
2,591
2,521
6,906
3,451
5,354
14,346
1,399
13,170
1,943
483
516
12,540
13,179
191
596
7,906
Chicago Burlington A Qulncy..
487
Atlantic Coast Line
8,244
2,309
6,385
2,878
560
Cumberland A Pennsylvania..
Central of Georgia
9,720
13,863
1,507
Cornwall
Total..
12,769
2,027
14,315
2',825
5,909
14,652
2,885
784
6
Virginian
13,959
2,210
15,427
3,086
21,187
1,204
17,556
2,205
12
Total.
55,019
333
4
Maryland
61,539
477
System.
Alton
14
Western
75,723
Central Western District—
185
Union (Pittsburgh)
587
80.928
106,971
Total.
899
—
501
618
208
298
Pennsylvania System
579
109
1,185
International
Spokane Portland A Seattle
1,153
4,332
Central RR. of New Jersey...
285
109
4,301
1,504
6,077
7,662
Ishpeming
329
—
Cambria A Indiana
312
785
425
1,176
5,157
Buffalo Creek A Gauley
6,961
15,227
4,055
3,427
12,264
18,303
Green Bay A Western
Minneapolis A St. Louis
Minn. St. Paul A 8. S. M
160
110,001
Chicago St. P. Minn. A Omaha.
Duluth MIssabe A Iron Range
Lake Superior A
820
126,550
Chicago Milw. St. P. A Pacific.
4,999
255
Allegheny District—
Akron Canton A Youngstown.
Baltimore A Ohio
970
7,278
16,545
4,046
4,532
13,893
2,015
Chicago Great Western
4,096
742
Total.
1,273
246
District—
Northwestern
Chicago A North Western
Great Northern
924
301
.....
Total.
1,440
762
Wheeling A Lake Erie
Southbound
8,313
Pittsburgh A West Virginia
Wabash
Winston-Salem
Elgin Jollet A Eastern
Ft. Dodge Des Moines A South.
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
...
296
255
823
953
237
381
16,043
Tennessee Central—
315
1,751
2,136
109
Southern System
5,664
328
10,691
Detroit A Mackinac.
1,113
4,661
6,965
1,665
2,850
411
Richmond Fred. A Potomac
Seaboard Air Line
1,032
1,709
2,122
1,145
7,361
17,511
Northern
1,340
2,248
1,623
307
Southern
1,427
2,413
1,528
82,859
Piedmont
Nashville Chattanooga A St. L_
1,613
Delaware Lackawanna A West.
Co
1939
1940
401
Mobile A Ohio
421
402
Delaware A Hudson.;
Reading
from Connections
Southern District—(Concl.)
Central Vermont
New York Central
Total Loads Received
1938
1939
1940
473
Monongahela
ENDED JULY 6
Freight Loaded
Railroads
1939
1^40
1938
1939
loadings
the week ended July 6,
showed increases when
following we undertake to show also the
Total Revenue
1,001
Chicago Indianapolis A Louis v.
Central Indiana
,
66,690
from Connections
District—
Arbor
Bangor A Aroostook
Boston A Maine
Lehigh
59,863
Total Loads Received
1940
Eastern
67,856
CONNECTIONS (NUMBER OF CARS)—WEEK
Total Revenue
Ann
27,247
12,991
compared with the same week last year.
Freight Loaded
Railroads
11,722
In the
July 13, 1940, loaded a total of 342,704 cars of revenue freight
their own lines, compared with 294,601 cars in the preLOADED AND RECEIVED FROM
12,357
for separate roads and systems for
1940.
During this period 94 roads
on
REVENUE FREIGHT
26,452
27,548
24,894
23,247
Total
week ended
major railroads to report for the
The first 18
July 15, 1939
27,951
St. Louis-San Francisco Ry
15,334,058
July 6. 1940
Chicago Rock Island A Pacific Ry.
Illinois Central System
602,445
18,283,761
Total
July 13, 1940
—
43,994
41,945
2,450
3,594
5,115
44,816
'
3,346
60
The Commercial & Financial Chronicle
314
Railroads
Placed
New Freight Cars in Service
During First Six Months
36,862
"Annalist"'
first
six
Railroads
number
when
half
announced
installed
49,268
in
new
cars
1939 there
of
10.
July
on
This
the
was
corresponding period
any
put in
were
service.
8,028 new freight
were
In
In
1930,
sharply in June.
installed.
cars
much
Of
the
At
the same time
which
the
45
first
Class
the
months
110
I
of
were
railroads
15,039
were
Among
coal,
245
The
of
1939
120
were
and
electric
July
on
1,
on
Freight
steam
there
and
the
in
61
180
and
Installed
locomotives, of which
new
16
108
were
16,933
cars
1940,
124
electric
leased
and
9,286
were
new
and
Bureau
of
Statistics
of
Commission has issued
loadings.
car
a
May, 1940
90.0
April, 1940
87.5
83.8
77.5
81.3
100.0
96.4
*106.0
al04.3
103.9
Manufacturing..
*117.8
al05.4
96.1
the
Steel Ingot production
Pig Iron production.
acquired
are
Sheet
the
Items
of
97.4
alll.6
124.5
130.7
124.4
-
I
-
-
97.1
-
41.0
45.6
124.4
Footwear production
Automobile production
al29.3
129.4
*111.3
105.7
*110.8
al14.5
79.8
78.8
78.2
66.7
69.2
91.2
84.9
Cement production
Mining
Zinc production
Lead production..
Commerce
90.7
*
106.3
106.2
90.0
91.3
72.0
a99.9
*105.1
Subject to revision,
THE
a
93.5
Combined index
showing the aggregate
83.4
39.6
Rayon consumption
April
Interstate
statement
Class
81.6
106.7
al16.8
Wool consumption
not
100.9
130.2
Cotton consumption
steam and 48
were
129.9
*111.4
Textiles
same
totals of selected income and balance sheet items of class I
steam
adjusted index advanced from 81.6
our
Lumber production
Steam Railways for
The
from
99.8
order,
on
On
a95.4
Revised.
a
COMBINED
INDEX
SINCE
JANUARY, 1934
railways in the United States for the month of April.
These
figures
are
subject to revision and
1940
were
1939
1938
1937
1936
1935
1934
91.8
79.5
104.3
92.3
87.2
79.6
99.1
89.4
78.5
105.7
89.0
80.7
96.6
90.1
77.6
106.9
89.5
84.4
84.6
a
compiled
from 132 reports representing 137 steam railways. The pres¬
ent statement excludes returns for class I switching and
January
February
terminal companies.
April
a95.4
87.0
74.3
107.1
94.1
82.8
85.9
May
a99.9
86.8
74.1
109.0
95.9
81.8
86.4
June
*105.1
TOTALS
FOR
The report is
THE UNITED
follows:
as
STATES
(ALL REGIONS)
105.3
March
July
92.2
For the Month of April
-
For the Fovr Months of
1939
1940
1939
September
-
_.
Total income
$44,369,393 $25,890,971 $192,033,700 $143,935 199
Mlsoell. deductions from Income
1,848,315
1,833,280
8,635,522
Inc. avail, for fixed charges.. $42,521,078 $24,057,691 $183,398,178
Fixed charges:
Rent for leased roads & equip.
Interest deductions.a
11,280,516
11,102,674
38,622,989
43,410,056
153,468,272
154,592,309
133,124
Total fixed charges
*8,067
518,811
533,542
43,333,178
$49,813,770 $49,717,596 $197,397,139 $198,459,029
Income after fixed charges
Net income-b
Depreciation (way & structures
and equipment)
*7,292,692 *25,659,905
1,968.479
1,963,868
*13,998,961
7,865,817
*62,596,303
7,847,370
*9,261,171 *27,623,773
Contingent charges
Wholesale
*21,864,778
*70,443,673
67,752,936
67,262,499
6,150,233
2,864,826
16,839,686
631,214
11,308,799
Dividend appropriations:
755,996
1,615,932
15,872,675
18,501,057
764,781
764,962
5,265,416
84.7
106.5
102.9
86.1
71.4
a
87.8
98.5
103.3
89.1
74.6
94.5
87.8
107.1
92.0
76.0
94.4
81.3
110.5
96.7
82.4
Revised.
Week
Prices
Ended
Declined 0.4 of Point
July
13,
According
to
The "Annalist" announced
July 15 that wholesale com¬
modity prices were slightly easier during the week ended
July 13 as many traders retired to the sidelines to await more
definite news concerning the
European war and domestic
political affairs.
The "Annalist" index closed at 79.8 on
July 13, a decline of four-tenths of a point as compared with
the preceding week, but 3.2
points above a year ago. The
"Annalist" added:
down almost five cents
was
a bushel.
Corn and rye, however, were
Hogs advanced but other livestock quotations receded.
slightly higher.
Textiles
lower with cotton showing the largest decline.
were
forward.
On common stock
On preferred stock
78.0
75.1
Commodity
During
Wheat
17,036,831
Federal income taxes
82.7
84.9
"Annalist" Index
$135,862,726
38,400,130
Other deductions
83.8
102.4
102.5
108.1
.
Subject to revision,
8,072,473
82.0
108.9
111.2
1
110.1
.
December
♦
97.6
79.6
84.1
107.1
November
Net railway operating Income.. $33,822,209 $15,323,769 $148,929,976 $101,283,689
Other income
10,547,184
10,567,202
43,103,724
42,651,510
107.8
93.2
100.7
-
October
1940
74.6
83.2
95.1
-
August
Income Items
Copper
4,816,206
"ANNALIST"
Rubber edged
steady while tin declined fractionally.
was
WEEKLY INDEX
OF WHOLESALE
COMMODITY PRICES
(1926=100)
Balance at End of April
July 13, 1940
1940
Investments In Btocks, bonds, Ac., other than those
of affiliated companies
July 6, 1940
July 15,1939
1939e
Farm products
Food products
Textile products
Selected Asset Items—
86.0
86.0
75.0
75.5
71.2
68.4
69.5
65.6
65.8
65.8
62.7
Demand loans and deposits
Special deposits..
$639,318,563
Fuels
97.1
97.4
95.3
$482,122,600
22,005,863
$429,772,447
Building materials
71.6
71.6
71.0
27,136,283
_
Time drafts and deposits
$598,989,796
Metals
Cash
20,212,533
Miscellaneous
96,003,054
55,661,120
All commodities
2,782,940
60,534,737
46,477,959
1,299,130
49,526,530
42.150,163
120,161,505
367,531,052
116,118,309
328,332,592
20,614,707
1,322,626
4,760,010
19,230,128
_
....
Loans and bills receivable
....III..I
Traffic and car-service balances
receivable
Net balanoe receivable from agents and
conductors..
Miscellaneous accounts receivable
Materials and supplies...
Interest and dividends receivable
Rents receivable
Other
current
'
assets
1.11
.IIIII"
I
Total current assets.
$258,006,296
debt
matured
unpaid
Unmatured dividends declared
Unmatured Interest accrued
$715,116,576
Tax
_III.II!
I_.II
IIIII!
III.
233,728,605
65,265,330
29,320,599
1,809,750
878,373
84,157,198
27,957,689
31,119,732
....IIIII
130,812,721
b For 99 railways not in
McrVne^!p ?r
lhe net Income or deficit was as follows:
fnin 'iJol A£rli,]939>xd$14,168'891: 4 months 1940, $18,366,545;
1939,
April
1940,
four months
d$21,027,216. c Includes payments of
principal of long-term debt (other
long-term debt In default) which will
become due within six months after
close of month of report,
d Includes obligations which
mature not more than two
years after date of Issue, e 1939 figures for
certain liability Items have been
revised,
for comparative
purposes, to conform with
changes prescribed In the Uniform
System of Accounts by Commission's order of
Dec. 6, 1939, effective Jan. 1, 1940.
Deficit
or
other reverse items.
86.7
.8
80.7
79.8
85.2
80.2
68.9
•
76.6
Association of Credit Men
Present
conditions in Europe are affecting
agriculture
adversely than any other segment of our Nation,
Henry H. Heimann, Executive Manager of the National
more
Association
of
Credit
Business
Men,
declares
Review"
uncertainty because
with
so
Should
unlikely,
abroad.
a
15 to the
"Business is also faced with
programs," according to Mr. Hei¬
of
concluded
industries
question
preparedness
activity.
be
our
peace
some
The
then
program
arises
in
Europe,
will
as
feel
which
the
whether
to
many
drop
or
in
not
claim
is
orders
war
our
not
from
increasingly
will be sufficient to continue the present rate
Even though it is sufficient, it is not the type that insures
a
recovery.
As to the
farm
situation, Mr. Heimann
notes that while
tremendous and
have the surplus
are
with which to fill the needs,
pean
markets
are
practically
"in
we
their present state Euro¬
closed
to
He
us.
goes
on
say:
The
United
totalitarian
of
Association's
July
much of its present activity is linked
armament
the needs abroad
to
the
on
who added:
mann,
of
and
war
in
released
members of the organization.
sound
Represents accruals, Including the amount In
default,
8
of European War on United States Trade and
Agriculture Noted by H. H. Heimann of National
$55,815,304
138,927,939
65,763,160
liability:
■than
86.7
r
83.1
Effect
active
labilities.
U. 8. Government taxes
Other than U. 8. Government taxes
a
$752,598,100
$89,516,122
payable..
Unmatured rents accrued
Total current
$212,597,664
Chemicals
"Monthly
Interest matured unpaid
Funded
$251,732,716
$179,144,094
74,322,683
227,629,730
61,891,021
27,258,758
1,835,556
2,033,506
83,073,314
27,257,408
30,670,506
Audited accounts and wages
payable
Miscellaneous acoounts payable
Dividends matured unpaid
1,142,059
4,380,971
$1,251,453,336 $1,081,132,702
Selected Liability Items—
Funded debt maturing within 6
months.c.
Loans and bills payable.d
Traffic and car-service balances
13,306,720
a
but this
Electric power production
7,005
box,
locomotives
Diesel.
otherwise
or
Balance
usually
advanced
85.1
figures.
Income
produced
Miscellaneous
*.
Selected
tonnage
Silk consumption
locomotives
al>ove
actual
Other
order, of which 60
on
is
production from April to June,
declining the
85% of capacity, whereby
Freight
on
347 miscellaneous.
were
responsible for
There
were
On June 1, 1940,
day last year.
same
freight
new
were
index.
THE "ANNALIST" INDEX OF BUSINESS ACTIVITY AND
COMPONENT
GROUPS
in
Diesel.
and
ingot
business
June, 1940
had
1940,
the
27
and
of
combined
the
steel
to 129.9.
locomotives,
new
Diesel.
to
in
in
Diesel.
1940, also had
July 1,
on
cars
service
in
electric
were
freight cars on order.
cars on order oil July 1,
were
electric
included
135
and
flat, 50 refrigerator, and
97
one year ago
were
in operation in the six
new
ne.v
railroads
which
day
the
installed
railroads
order, compared with 10,062
there
freight oors placed
new
coal cars numbered
steam
were
six
and
steam
of
year,
The sharp gains in these two items
rise
the
decline
instead
year
19,070; box, 16,007; refrig¬
flat, 569; stock, 88, and miscellaneous, 517.
595 ;
erator,
of
total number
period this
of
seasonal
The Association further announced:
months'
as
The "Annalist" indices of Bteel ingot and
pig Iron production increased
first
the
Activity Advanced
June
the "Annalist" index of business
activity was
compared with 99.9 in May and 92.2 in June,
1939.
Concerning the changes during the month the
"Annalist" had the following to say:
largest
since
in
June
105.1,
the Association of American
months of 1940,
Business
of
Further
Class I railroads put 36,852 new freight cars in service in
the
July 20, 1940
Index
their
Britain
States
Slates
friendly
will
very
are
has
a
surplus
of
agricultural
products,
but
the
do everything possible to make the crops
and the conquered territories suffice.
Great
going to
neighbors
likely try to
conserve
all
of
its
credit
in
this
country
Volume
and
armaments
for
relying
munitions,
its
on
dominion resources for its
IMPORTANT PERCENTAGE CHANGES IN SUBGROUP INDEXES FROM
Everyone who faces the facts knows that when peace
conditions will be as competitive as they have
trade
agri¬
is concluded world
ever been in the
in turn, will be reflected in our
history of the world.
These conditions,
domestic business.
own
period when business, despite
necessity for self-protect ion, cannot plan much beyond the morrow.
Like
the
of
mo3t
the
this
decade,
past
is
a
and in particular to the re¬
Referring to higher taxes,
cently enacted tax bill, Mr. Ileimann says:
forgotten that, unless
scientifically leaded, tliey may well prove so burdensome as to unnecessarily
restrict
normal business operations.
One of the unfortunate situations
that undoubtedly will arise out of the increased tax load is the extreme
difficuley individuals may experience in continuing their normal contribu¬
In
tions
the
assessing
burdens
tax
be
should not
it
charitable programs.
to
deeply into this type
of helpfulness because it strikes at the surplus from which such contribu¬
tions are generally made.
Coming at a time when the need for this type
of relief work is greater than at any time perhaps in the history of the
world, it must be evident to all that the levying of the taxes must be
In
a
measure,
Bureau
'
modity Prices Increased 0.5% During
Week Ended
July 13
for livestock,
meats, and paper and pulp contributed largely to a second
weekly increase of 0.5% in the Bureau of Labor Statistics'
index of wholesale commodity prices," Commissioner Lubin
advances
marked
"Continued
on July
Lubin said, "the
18.
reported
in
prices
"During the past two weeks," Mr.
index has risen 1% to 77.9% of the 1926
average from 77.1, the lowest level reached since the out¬
break of the European War. Currently wholesale prices are
late in September, 1939
Commissioner added:
2% below the high of 79.5 reached
and again early in January."
The
In addition to the
increases in the farm products and foods groups,
textile
miscellaneous commodities also advanced
during the past week.
Hides and leather products, fuel and lighting ma¬
terials, and chemical products declined fractionally and metals and metal
products and housefurnishing goods remained unchanged at last week's
level.
<•
Advancing prices for agricultural commodities largely accounted for an
products, building materials, and
advance of
1% in the raw materials group
index.
modities declined.
and
Woolen and worsted goods
0.5
3.1
Other building materials
0.4
1.3
Lumber....
o.2
Cattle feed—1.2
Oils and fats,
0.2
Grains
1.0
0.9
Cotton goods
o.l
Iron and steel
o.l
0.8
Furniture
o.l
Meats
Cereal products
Hides and skins
Decreases
— ____
—
Silk
Drugs and ph armaceuticals..
Wholesale Commodity Prices
0.4
0.3
—__
0.2
0.1
_
Further Advanced Slightly
During Week Ended July 13, According to National
Fertilizer Association
was another
slight rise in the level of wholesale
commodity prices according to the price index compiled by
the National Fertilizer Association, which rose for the third
There
This index in the week ended July 13
compared with 75.1 in the preceding week, 75.0 two
ago, and 74.6 three weeks ago, which was the lowest
75.2
was
weeks
It was 71.6 a year ago, based on
The highest point recorded
by the index in 1940 was 78.5, in the first week of January.
The Association's announcement, dated July 15, continued;
point reached this year.
the 1926-1928 average as
100.
last week's rise in the
Higher prices for foodstuffs were responsible for
Increases in the food price average in each of the
all-commodity index.
the low point of the year, to 69.6.
last three weeks took it from 68.5,
the farm
were
declines in cotton, small graias, hay and cattle.
Slight de¬
week in the group indexes representing the prices
clines also took place last
Price changes in other
and few in number.
of individual commodities again outnumbered ad¬
textiles, and miscellaneous
of fuels,
In
product group increases in prices of corn, eggs, hogs, and poultry
offset by
commodities.
commodity groups were relatively small in extent
in
Declines
vances
prices
there were 27 declines and 21
declines and 29
by 30 to 20; in the preceding week
advances;
the second preceding week there were 24
in
advances.
COMMODITY PRICE INDEX
WEEKLY WHOLESALE
Compiled by the National Fertilizer
Association.
Latest
Percent
July
Group
Bears to the
(1920-28=100)
Preced'g
Month
Week
Week
Each Group
July 6,
13,
Year
Ago
June
Ago
15, July
15,
1940
1939
69.0
69.7
69.1
48.7
46.5
45.2
59.2
57.3
50.8
62.4
62.4
59.7
59.0
Cotton
57.3
58.3
67.9
59.3
60.8
64.0
51.0
Livestock
62.8
62.0
57 0
61.2
82.3
82.4
82.3
1940
announcement also had
Department's
report:^
57.5
Fats and oils.
Farm
23.0
the
___
index to advance fractionally.
Prices of brick, linseed oil, rosin, gravel, and plaster declined.
A minor decline was recorded in the chemicals and allied products group
index because of lower prices for fertilizer materials, ergot, and vegetable
the building materials
47.9
Foods
25.3
1940
69.6
Total Index
"advance
lime caused
Paint and paint materials
Other textile products
Petroleum products
0.8
0.7
Other farm products
Fruits and vegetables
;
0.4
1.5
1.2
1.1
Fertilizer materials.
Shoes
Nonferrous metals.
1.8
Crude rubber.
Cottonseed oil
of 7.5% in livestock and poultry prices, particularly hogs
and steers, together with higher prices for corn, rye, wheat, potatoes and
apples (New York), lemons, and flaxseed caused the farm products group
index to rise 1.9% during the week.
Quotations were lower for oats, cows,
sheep, cotton, peanuts, onions, potatoes (Boston and Portland, Ore.),
and wool.
The foods group index advanced 0.9% largely because of sharp
increases in prices for meats and cereal products.
Among the important
foods for which higher prices were reported were butter, cheese, flour, corn
meal, canned apricots, fresh beef, mutton, cured and fresh pork, eggs, and
lard.
Prices were lower for oatmeal, lamb, dressed poultry, cocoa beans,
raw sugar, edible tallow, and cottonseed oil.
Lower prices for shoes caused the hides and leather products group index
to recede 0.4%.
Hides and skins advanced.
The textile products group
index advanced slightly because of higher prices for cotton yarns.
Raw
silk, silk yarns, and jute declined.
Lower prices for kerosene caused the fuel and lighting materials group
index to decline slightly.
In the metals and metal products group a sharp
advance in prices for concrete reinforcing bars was offset by lower prices
for scrap steel, tin, quicksilver, babbitt metal, and solder with the result
that the group index remained unchanged at 94.9% of the 1926 average.
Higher prices for yellow pine lumber, red cedar shingles, and hydrated
^ An
_
,
following to^
—
Grains
last week.
Labor
;
„
—
—— ———
products" advanced while "all commodities other than farm products
foods"—that is, industrial commodities—remained unchanged from
The
——
—.
Paper and pulp.
The index for manu¬
slightly while that for semi-manufactured com¬
The important group of "all commodities other than
factured commodities rose
farm
7.5
Livestock and poultry
consecutive week.
Index of Wholesale Com¬
Labor Statistics'
of
Increases
the increased tax burden cuts veTy
carefully arranged.
1940
JULY 6 TO JULY 13,
,
Under these conditions the outlook for our own
price structure is not very reassuring.
agricultural needs.
cultural
315
The Commercial & Financial Chronicle
151
group
products
17.3
Fuels
10.8
Miscellaneous commodities
52.8
77.4
86.8
86.9
87.2
77.4
8.2
Textiles
70.3
70.5
70.3
63.1
7.1
Metals
91.7
91.7
92.7
88.0
6.1
82.7
__
Building materials..
84.2
84.2
85.3
1.3
Chemicals and drugs
98.0
98.0
95.0
91.9
0.3
Fertilizer materials
69.3
69.1
69.8
67.5
0.3
Fertilizers
77.3
77.3
77.3
77.2
0.3
Farm machinery
94.0
94.0
95.0
94.9
75.2
75.1
74.9
71.6
All groups
100.0
June
Chain
combined
Sales
Store
Reach
$290,305,268
compilation made by Merrill Lynch, E. A.
Pierce & Cassatt, 27 chain store companies, including two
mail order companies, reported an increase in sales of 7.38%
for June, 1940 over June, 1939.
Excluding the two mail
order companies 25 other chain store companies reported an
According to
a
increase in sales of 6.74%.
companies showed an increase of 7.90%
1940 over the six months of 1939.
Excluding the two mail order companies 25 other chains
reported an increase in sales of 6.23%.
Sales for the 27
the
for
six months of
Month of
Wood
pulp,
boxboard,
and cigarette prices
Crude rubber, cylinder oils, and paraffin wax
book paper, cattle feed,
advanced during the week.
declined.
The
following tables show
(1) index numbers for the main groups of
15, 1940, and July 15, 1939
and the percentage
changes from
a
(2) important percentage changes
week ago, a month ago, and a year ago;
in subgroup indexes from July 6 to 13,
%
Six Months
Six Months
%
June, 1939
Inc.
1940
1939
inc.
11 5 & 10-Cent—
4
Apparel
2 Drug
57,814,797
73,925,707
31,806,623
7,929,363
7,600,551
4,811,000
3 Shoe
1 Auto Supply..
%
S
5
$
Chains—
4 Grocery-
commodities for the past three weeks, for June
Month of
June, 1940
oils.
53,835,655
7.39
339,476,728
310,820,776
7.15
70.378.411
5.04
401,710,982
382,867,704
4.92
29,197,639
8.94
7,352,171
7.85
162,146,198
47,334,237
7,186,924
6.76
151,318,594 7.16
45,154,552 4.83
36,280,774 2.93
19,016,000 19.4
4,324,000 11.3
37,342,937
22,701,000
1940.
2 Mail Ord. Cos.
% Changes to
July 13, '40 from
July
Commodity Groups
July June
29,
6,
June
1940
1940
July
15.
1940
15,
1939
July
6,
June
1940
13,
1940
1940
15.
27 Companies
Farm
Chain
15,
Fuel and lighting
materials
75.5 +0.5 +0.6 +3.2
66.8
63.3
+ 1.9 + 1.8 + 7.4
70.4
69.7
70.2
67.6
+0.9 + 1.1 + 5.0
100.3
99.9
99.6
92.8 —0.4
71.9
72.0
71.8
67.1
72.0
71.9
72.2
73.4 —0.1 —0.4 —2.0
94.9
Textile products
77.4
65.7
71.9
products
77.1
66.7
99.9
—
Hides and leather
77.5
72.0
Foods
77.9
71.0
...
+0.3 +7.7
+0.1 +0.3 +7.3
0
0 + 1.7
+0.1
+0.3 + 3.2
94.9
94.8
94.9
93.3
Building materials
92.7
92.6
92.4
92.4
89.8
Chemicals and allied products
77.0
77.1
76.0
76.4
Housefurnishing goods
90.0
90.0
89.9
89.9
87.0
Miscellaneous commodities
77.0
76.9
77.2
73.3
+0.3
x
—O.l
+0.8
549,386,815
7.90
Store
Sales
Reflect
Industrial
Gains
general improvement in retail
trade in June, according to the current review by "Chain
Store Age."
The index computed monthly by that publication indicates
that June sales reached a level equal to 119 of the
1929-31
average for the month taken as 100.
This compafes with
117 in May, and with 111 in June, 1939.
Results by individual chain store groups in June compare
0
77.2
Metals and metal products.—
7.38 1,560,098.897 1,445,923,148
8.51
July
68.0
—
products
6.74 1,010,712.082
1939
Chain
All commodities.
951,458,460 0.23
494,464,688 11.11
183,888.041 172,274,800
98,069,654
106,417,227
290,305,268 270,344,454
25 chains
v1926—100)
x
Raw materials
71.4
70.7
70.2
70.9
Semi-manufactured articles
77.8
78.0
77.8
77.8
+0.1 +3.4
0 + 6.3
68.0 + 1.0 +0.7 + 5.0
0 + 4.9
74.2 —0.3
81.2
80.9
80.6
80.7
stores
shared
the
79.6 +0.4 +0.6 +2.0
Manufactured commodities
All
commodities
than
other
than farm
commodities
products and foods
x
No comparable data.
June, 1939
June, 1940
May, 1940
126
121
Grocery
110
111
100.5
140
138
130
136
137
127
120
123
118
Variety
80.1
products
All
follows:
Drug
farm
other
as
82.4
79.9
82.4
79.6
82.3
79.7
82.4
78.1
80.4
+0.3 +0.5 + 2.6
o
+2.5
Shoe
Apparel
—
118
The Commercial & Financial Chronicle
316
June Sales of Department Stores in New York Federal
Reserve District Advanced 0.2% Above Year Ago
Net sales of department stores in the
Second (New York)
Federal Reserve District during- June advanced 0.2% above
a
year
it was announced July 17 by the Federal Re¬
ago,
Bank
serve
of
New
February to June
period
last
end
of
a
of merchandise
June
hand
on
in
de¬
2.0% above the
were
re¬
compared with
as
hand at the end of June
on
two-family
units, and
6.7%
was
to
90,910 in the first six
a
decreased number of units in apartment build¬
a
Out
of
last
year's six months' record,
the
IN JUNE.
STORE TRADE
in
increases
The following is the tabulation issued by the Bank:
The
1940
141,811
were
127,056 in 1939.
The greater per¬
centage increase of dwelling units, as compared with dollar
increase, is an obvious reflection of increased volume of
low-priced houses, and a measure of the progress which
builders are making in developing the low-priced market.
increase
below last year.
DEPARTMENT
1939
of
22% rise.
Combined with increases in
houses, combination buildings and converted
1940,
this year, compared with
at the end of
Stock
of
same
6.9% loss in net sales in June
ago.
year
six months
first
increase of 0.4% above the
an
June, 1039.
a
the
ings, the figures for total new dwelling units
in net
The apparel stores in the New York Reserve District
ported
in
months
from
Stocks
year.
partment stores
houses included in the contract record increased from 74,315
sales
The change
York.
was
July 20, 1940
$46,000,000
residential contract increase over
$37,000,000 represented the
private housing investment and $9,000,000 the
in
two
public housing projects.
most
important classifications of private non¬
projects, commercial and manufacturing build¬
ings, also showed substantial increases over the first half
residential
Percentage Change from
.
Year Ago
a
Feb. to June
of Month
—2.4
—1.1
+ 1.7
+ 2.9
+ 3.3
+ 3.6
+ 6.4
+ 8.7
+ 3.4
+ 6.3
+ 2.3
+ 7.6
+ 10.8
+ 6.1
+ 0.7
+ 4.2
+ 4.2
+ 4.1
+ 5.7
+ 10.1
+ 5.3
+ 2.4
Northern New Jersey
Bridgeport
Elsewhere *
:
-
Northern New York State.
_
Southern New York State.
facturing building contracts, amounting to $111,828,000, in¬
47%.
creased
The combined
sufficient
not
was
+ 0.2
+0.4
—0.9
—4.4
+2.9
1
SALES
STORE
Twenty-six shopping days
AND
STOCKS,
SECOND
FEDERAL RESERVE DISTRICT
April,
May,
June,
1939
1940
1940
1940
87
83
85
89
90
90
88
93
72r
80
79
74
77
78
77
78
rather
substantial
projects there
1940,
6.8%
Institute, in its current weekly
light and
power
industry of the United States for the week
1939, when the production totaled 2,324,181,000
The output for the week ended July 6, 1940, was
estimated to be 2,264,953,000 kwh., an increase of 9.0%
kwh.
the like week
over
a
Week Ended
Major Geographic
Peoions
13,
July
New England
Week Ended
June
Week Ended
1.8
29,
1940 June 22,
7.0
July 6, 1940
3.1
Middle Atlantic
5.1
5.2
4.5
6.1
12.1
13.4
declines
in
the
New
York
also
was
14%
a
0.6
Southern States
3.6
4.3
classifications.
Total
construction
contracts
(including
building i>lus heavy engineering work) awarded in the first
half of this year, amounted to $1,623,087,000, compared with
9.3
8.1
way
with
the
21.7
9.9
6.9
7.7
9.3
9.8
9.0
6 8
WEEKS
stimulated by the national
Trend of Business in Hotels, According to Horwath &
Horwath—June Sales Below Year Ago
In their
monthly
survey
of the trend of business in hotels,
Horwath & Horwath state that
a decline in room rates caused
hotel sales in June to fall behind the corresponding month
of the year before for the first time in almost a year and a
Occupancy at 62% is the same as in June, 1939,
there was an average increase of 2 points for the
first five months.
The seasonal drop from May was 4 points
against an average of 1 point in the last four years.
The
firm further reported:
a
(THOUSANDS
OF
only 7 points, from 46%
probably
rooms
as
were
to 53%.
Its rates
1937
1940
1932
were
up
sharply, 45%,
the result of several capacity days when all the higher priced
taken.
the
theless,
business this
June
in and out of this port.
better than
was
that
in
the
Never¬
month
same
1937, and therefore the trend is not unsatisfactory.
On the Pacific Coast,
Change
1939
Phil¬
New York City had a larger decrease than usual, 11%, much of it being
KILOWATT-HOURS)
Percent
1940
localities.
some
good month because of the Republican National Conven¬
of either 1938 or
Week Ended
sub¬
volume of private construction and of considerable
ascribed to the lack of steamship travel
RECENT
half-
second
continued
tion, its sales being boosted 43%, though the occupancy for the full month
21.8
5.3
FOR
The
prospect of
increases in public construction
rose
7.7
32.6
Total United States.
under
gets
adelphia had
8.1
2.6
21.6
Pacific Coast
metropolitan
decline in dollar volume of
Special conditions affected the hotel business in
14.9
West Central
Rocky Mountain
1940
6.0
12.1
Central Industrial
and
whereas
PREVIOUS YEAR
Week Ended
1940
con¬
Texas,
half.
year ago.
PERCENTAGE INCREASE FROM
DATA
States,
re¬
ended July 13, 1940, was 2,483,342,000 kwh.
The current
week's output is 6.8% above the output of the corresponding
of
Southeastern
defense program.
port, estimated that production of electricity by the electric
week
the
heavy engineering contracts in the public works and utilities
stantial
Output for Week Ended July 13,
Above a Year Ago
Edison Electric
last year
over
Pittsburgh, Cincinnati, Detroit, and Chicago areas,
England also gained by 4%.
Moderate declines
in total building volume were recorded for tine Cleveland,
St. Louis, New Orleans and Kansas City territories, and
year
The
in
made
were
Gains
10% in total dollar volume of building
$1,099,364,000 in the first half of 1939.
Revised.
Electric
in
up-State New Yotk and the Minneapolis area.
Accompanying tlie decline in publicly-financed building
June,
r
decrease
area,
(199?-25 Averages 100)
Sales (average daily), unadjusted..
Sales (average daily), seasonally adjusted..
Stocks, unadjusted
Stocks, seasonally adjusted
$110,000,000
while New
1939 (four Saturdays).
DEPARTMENT
the
the
—6.7
*
Subject to possible revision.
Twenty-five shopping days in 1940 (five Saturdays).
OF
offset
to
small fraction of 1%.
than
more
tracts
INDEXES
con¬
of
+ 14.4
in
half-year total of all private building
tracts, $937,867,000, was nearly 13% greater than the figure
for the first half of 1939.
However, the gain of $107,000,000
cline is only a
+ 10:8
.....
con¬
manu¬
+ 1.8
—2.2
All department stores *
building
+ 5.8
-?>-■
—-0.0
Westchester end Stamford........
Apparel stores.....
commercial
public building contracts, leaving a net decrease of $3,000,000
in the building total, as compared with last year; this de¬
Hudson River Dalley District *
Niagara Falls
of
volume
+0.5
+ 8.8
Central New York State
dollar
tracts, amounting to $142,396,000, increased 23%, and
+ 1.6
+ 4.3
+ 13.7
Rochester
Syracuse
The
Stock on
Hand End
June
New York and Brooklyn
Buffalo.
1939.
of
Net Sales
Locality
declines
general
were
the following shows:
as
1929
from
Percentages of Increase or Decrease from June, 1939
1939
Total
Apr.
6
2,381,456
Apr.
13
2,417,994
Apr. 20
...
Apr. 27
2,173,510
2,170,671
2,199,002
+ 10.1
2,182,727
2,163 538
2,421,576
2,397,626
+ 11.4
+ 10.3
2,193,779
2,170,363
2,176,368
2,173,223
2,188,124
+ 9.6
+ 9.8
1,465,076
1,480,738
1,469,810
1,663,291
1,696,543
1,709,331
1,599,822
San Francisco
—15
—21
—6
—7
—5
—14
1,688,434
Rest of Pacific Coast
—13
—17
—8
—9
—7
+ 2
2.170,750
2,170,496
+ 10.0
2,194,620
1,454,505
1,429,032
1,436,928
2,198.646
1,435,731
1,704,426
2,448,865
2,204.858
+ 11.1
2.113,887
+ 10.3
2,206,718
2 131,092
1,425,151
2,332,216
2,256,823
2,264,719
+ 8.7
2,214,166
1.435.471
+ 11.1
June 29
2,514,461
2,285,083
2,300,268
+ 9.8
2,213,783
2,238,332
1,441,532
June 22
2,452,995
2,516,208
2,508,825
1,705,460
1,615,085
1,689,925
+ 9.3
2,238,268
1,456,961
1,341,730
1,415.704
1,433,993
Rooms
Food
Res¬
Bever¬
taurant
Rates
ages
1,598,492
+ 11.6
Total
May
4
2,386,210
2,387,566
2,422,212
May 11
May 18
May 25
1
June
June
8
June
...
15
July
..
--
6
2,264.953
2,077.950
+ 9.0
13
2,483,342
2,324,181
+ 6.8
20
1,440,541
2,096,266
July
July
1,381,452
2,298,005
2,258.776
2.294,588
1,699.227
1,702,501
8
Chicago had its first decrease in total sales in almost
due to
the fact that the furniture mart,
take place
1,711,625
TREND
drop from May
months'
record,
mixed construction trends is
building year
F. W. Dodge
since 1929.
Corp.
tracts
let
States
amounted
7%
over
reports
the
to
first
a
statement
of
OF
BUSINESS
IN
half
of
volume of residential
1940
This
in
was more
contracts in
July
building
the
was
an
37
years
4 points against its general average
was
HOTELS
-
IN
JUNE,
1940,
COMPARED WITH
19,
con¬
Eastern
increase of
than six times
the first
half
year.
1939
Sales—Percentage of Increase (+)
or
Decrease
Room
Occupancy
(—-d
Rate
% of
Same
Total
Rooms
otherwise
issued
that residential
$690,572,000.
lowest depression
year
proving to be the biggest home-
In
the first half of 1939 and
the dollar
of 1933,
during
this
no1
1,727,225
Total
six
wa
in June, will
of only 1 point.
Dodge Corp. Review of Construction Contracts
Awarded in the 37 Eastern States During the First
Half of 1940
first
and it
"all others," had the highest June occupancy in nine
but the seasonal
1,723,428
1,592,075
F. W.
its
year
year,
until July.
The group,
JUNE,
On
held last
a
Restau¬
Food
rant
New York
Chicago
Philadelphia
Bever¬
Month
Last
Year
ages
Inc.
(+)
or
Dec.
(—)
—12
67
—2
—3
—1
+1
—6
64
66
0
+ 43
+ 65
+29
+ 20
+ 40
53
46
+45
+3
+5
+ 1
+ 1
+3
73
68
—U
—11
—10
—9
68
—9
0
Washington
Cleveland
—6
—8
—4
—3
—10
68
73
0
Detroit.
+8
+ 10
+6
+5
+7
59
53
—2
—13
—18
—7
—8
—6
53
62
—3
Texas
—7
—5
—10
—7
—18
63
64
—2
All others
+3
+2
+4
+4
+5
64
61
—1
Total
—1
—2
0
0
0
62
62
—2
+4
+3
+5
+5
+5
65
63
—1
Pacific Coast
These over-all dollar figures tell only
residential building progress.
a partial story of
The number of single-family
Year to date
Volume
Sales
I
June Sales
tlie
Tor
third
(Corrected to July 3, 1940)
4% Above Year Ago
consecutive
sales
month
(Value In Thousands of Dollars—000 Omitted)
ordinary
of
insurance in the United States showed a gain over
life
the same
Manuf'd
of
sections
the
Food¬
Imports
als
stuffs
&
Finished
Semi-
Foodstuffs
Manu¬
Manu¬
factures
factures
Bev¬
erages
Bureau further reported:
individual States showing the
sales are:
Idaho,
30%; New Hampshire, 26%; Alabama and Virginia, 23%; Georgia, 22%;
District of Columbia, 18%; Maryland, 16%, and New Mexico, 15%.
In
spite of an abnormally high January, 1939, which made the early months
of 1940 look low by comparison, nearly one-third of the States are ahead
of last year at the end of the six months' period.
The cities leading in increased production for June, 1940, are St. Louis,
with a gain of 19%; Cleveland, with 18%, and Los Angeles, with 12%.
The
total sales of
ordinary life insurance (exclusive of group), by
largest gains
The
in
2,673
15,555
35,630
48,675
31,467
9,129
40,350
59,768
15,918
3,867
6,580
14,636
42,059
109
31,716
1,249
27,655
67,710
10,783
42,830
37,480
16,673
17,953
70,614
216,281
8,769
25,242
362
295
8,137
518
8,267
666
1,037,944
393,011
125,415
121,009
228,940
169,569
38,723
32,302
490
3,666
Australia
ranging from 12% in the South Atlantic
The
Materi¬
Argentina
showed
country
Crude
Total
Country
year,
substantial increases
(Delaware, Mary¬
land, District of Columbia, Virginia, West Virginia, North
Carolina, South Carolina, Georgia, Florida) and East South
Central (Kentucky, Tennessee, Alabama, Mississippi)
sec¬
tions to 0.5% in New England
(Maine, New Hampshire,
Vermont, Massachuseets, Rhode Island, and Connecticut).
All
Crude
and
Geographic Division
according to figures released July 15 by
the Life Insurance Sales Research Bureau, Hartford, Conn.
last
month
for Consumption
Imports of Merchandise
Ordinary Life Insurance Continue to Gain—
of
317
The Commercial & Financial Chronicle
151
6,950
21,737
5,825
18
533
323
251
109
107
24,218
1,123
12,330
1,416
6,861
40,120
48,489
2,330
13,122
20,822
4,110
373
3,075
20,109
101,131
66,386
30
89
34,586
Europe
195,260
Northern North Amer.
148,005
Southern North Amer.
113,718
154,945
America
South
Asia
372,402
Oceania.
Africa
Total
Belgium
Brazil
British
India
British
Malaya
...
63,872
57,389
1,422
265
2,000
242
40
630
406
221
2
144,689
16,402
15,488
"8,541
49,166
55,092
Ceylon
12,695
8,656
3,749
5
179
106
Chile
21,825
33,335
21,285
49,149
3,819
11,454
390
252
17,310
53
857
1,189
14,599
5,235
904
20,146
80
154
6,599
2,634
38,686
294
936
802
190
36
197
146
234
2,296
58
1,333
784
59
61
211
Burma
Canada
China
Colombia
Cuba
Denmark
sections, are;
,
49,259
Republic.
Dominican
Ecuador
First 6 Months
1940 to 1939
Sales
Ratios
Ratios
Sales
Sections
1939
1940 to
June, 1940
1,690
172
1,208
9
90
Egypt
3,174
3,036
11
39
18
71
15
'"ill
3,794
1,833
6,310
10,701
1,449
Finland
90%
$252,224,000
$41,727,000
100%
Middle Atlantic
146,613,000
103
917,907,000
99
East North Central
123,270.000
105
761.494,000
98
54,290,000
58,094,000
24,711,000
44,595,000
14,956,000
44,830,000
102
314,738.000
92
112
320,287,000
101
112
124,775,000
246,246,000
93
85,851,000
267.348,000
96
New England
Central...
West North
South Atlantic..
East South Central
West
South
Central,..
Mountain
Pacific
figures,
volume
increased
to
101
104
based
on
Iran
ordinary sales
United States.
4
85
1,594
878
4,461
1
6
242
l",455
791
154
300
811
21
6
33
"
19
3,626
1
101
170
841
38
313
410
17,497
4,227
428
90
57,440
Jamaica
38,906
_
Kwantung
43
231
""309
6,096
1,840
5,025
165
111
12
50
3,095
1,036
4,446
402
3
11
138
251
9,711
10,083
437
5,760
41,305
4,002
2,259
.
Mexico
Netherlands Indies._
Netherlands W. Indies
Netherlands
158
1,124
27,376
53,789
10,190
7,305
Japan
101
2
55
1,691
685
Italy
97%
1,214
1,325
Kong
(Persia)
Ireland
92
756
4,195
3,166
Honduras
53 companies, have been
(exclusive of group) of all
total
represent
companies operating in the
Haiti
Hong
2,986
6,836
1,171
3,748
Greece
from
reports
.
Gold Coast
93
$3,290,870,000
104%
$553,086,000
United States total..
The
108
Germany b
69
2,703
24,545
4,346
5,346
France
9,957
"
"l",385
15
1
5,191
9,661
1,033
46
1,698
296
674
2,500
2,137
88
2,296
467
Newfoundland and
Imports and Exports of United States for Five Months
Ended May, 1940—Georgraphical Distribution of
Various Classes of Merchandise
Norway
Panama, Republic of
Figures of the foreign trade of the United States for the
May, 1940, divided into several economic
classes and according to source and destination, were issued
67
31
715
31
33
523
1
1,152
4,087
423
7
1,529
46
248
358
10
100
6,536
37,866
2,190
22
492
3,803
28
7,768
72
21,536
4,462
4,028
3,030
1,000
13
720
1,202
591
526
3,130
565
228
131
11,100
2,852
1,542
8,171
Panama Canal Zone..
five months ended
588
78
2,554
3,118
3,363
6.186
1,584
Labrador
New Zealand
Peru
Philippine Islands
Portugal
Spain
5,041
1,224
94
July 12 by the Division of Foreign Trade Statistics of the
Bureau of Foreign and Domestic Commerce.
They are
Sweden
15,307
Switzerland
Turkey
10,967
7,804
6,369
130
323
952
30
presented in the tabulation below:
Union of South Africa
16,313
12,891
254
33
3,022
113
UNITED
OF
VALUE
DIVISIONS
AND
Union of Soviet Social¬
STATES FOREIGN TRADE WITH GEOGRAPHIC
LEADING COUNTRIES BY ECONOMIC CLASSES.
1940
MONTHS ENDING MAY,
FIVE
ist
71
163
909
194
5,923
170
11,223
11,681
23,732
7,471
6,549
845
60
17
13,596
8,650
2,452
317
9,288
Venezuela
States Merchandise
Exports of United
7,949
52,730
Republics
United Kingdom
'Uruguay
July 3, 1940)
(Corrected to
1,162
93
(Value In Thousands of Dollars—000
a
b Statistics Include trade with the German-occupied areas
Exports Negligible,
In Czechoslovakia and
Omitted)
2", 176
Poland.
Manuf'd
Crude
Crude
Geographic Division
and
Total
Materi¬
Exports
als
Foodstuffs
Food¬
Country
stuffs
<Sc
Finished
SemlManu-
Manu¬
faclures
Bev¬
factures
45,497
175,778
152,254
19,917
238,761
48,796
10,531
7,614
37,886
133,933
Southern North Amer.
135,879
3,139
2,189
192,699
6,713
339
16,288
6,253
23,433
44,531
134,863
as
July
-
America
South
263,713
55,422
1,196
9,044
63,383
44,020
134,668
32,899
116
1,164
1,601
6,330
60,206
3,562
1,498
66
Africa
10,615
46,376
1,677,184
271,382
34,354
87,461
361,956
922,030
2,373
30
136
16,858
29,581
Belgium
48,977
36,530
23,800
Brazil
50,129
Total
Argentina
11,309
2,119
4,353
36
384
11,914
35,676
14
258
6,339
31
355
1,876
2
3
20
346
10,397
6.756
37,616
27
17
225
deposit accounts (except interbank accounts),
10,
year
11,124
12,402
ago.
457
------
1,097
16,242
61
5,299
38,988
373
985
8,987
700
56
1,451
3,009
These
35,845
1,628
625
8,592
4,847
are
as
reported
5,964
1,131
1.985
211
2,596
23
24
282
307
1,960
12
1
374
386
2,433
Egypt
3,205
10,236
351
88
283
2,478
7,036
Finland
13,125
294
495
1,352
985
9,999
Republic.
199,600
France
34,847
Germany a
151
Gold Coast
1,062
...
472
904
27,159'
136,219
------
14
137
141
228
468
225
------
------
6,828
748
115
2,103
1,459
2,403
Haiti
1,845
25
9
306
159
Honduras
2,884
9
54
241
743
1,346
1,837
7,548
712
99
635
1,660
4,443
2,083
2
1
2
420
1,658
3,412
48,381
306
1,322
228
382
21,155
6,117
Hong
Iran
—
Kong
(Persia)
Ireland
20,599
91
1,974
195
41
Japan
90,604
31,101
1
Kwantung
3,392
37,116
387
699
446
19,809
379
17
Italy
Jamaica
Mexico
------
156
368
1,214
65
31,403
28,033
658
2,347
1,072
8,055
26.844
393
DISTRICTS
1
13 Weeks Ended
Week Ended
Federal Reserve District
July 10,
July 12,
July 10,
1940
1939
1940
$3.50
$436
2,378
3,161
Philadelphia..
328
392
Cleveland
469
491
7,305
Richmond
262
307
4,035
Atlanta
Boston
New York
$5,855
46,111
5,711
July 12,
1939
$5,519
46,021
5,649
6,317
3,593
214
229
3,260
2,913
Chicago
947
1,121
15,791
St. Louis.....
212
231
3,376
14,707
3,142
1,173
419
Greece
July 15, 1940, by the
(In Millions of Dollars)
1,557
4
on
SUMMARY BY FEDERAL RESERVE
20,152
1,080
figures
Board of Governors of the Federal Reserve System.
17,604
Cuba
Ecuador
amounted to $108,527,000,000,
5% above the total reported for the corresponding period
or
a
Total debits during
aggregated $6,262,000,000.
the 13 weeks ended July 10,
3,396
22,819
Dominican
18.5%
131,821
China
Denmark
1940,
reported by banks in leading cities for the week ended
2,055
48,599
Colombia
Chile
10,
Year Ago
15,776
12
17,585
Ceylon
27,879
4,275
727
Canada..
4,990
1,145
235,188
Malaya
Burma
841
1,797
5,670
India
British
13
5,274
2,425
British
2,806
26,739
Australia
Debits to
90,831
Oceania
Asia
July
Ended
a
348,461
741,906
Northern North Amer.
Europe..
for
Debits
Bank
Week
Below
erages
2,018
Minneapolis..
139
166
Kansas City..
238
286
2,327
3,439
Dallas.
170
188
2,662
San Francisco.
556
675
8,653
7,963
$6,262
$7,683
$108,527
$103,644
2,144
2,872
4.128
609
684
41,948
57,444
9,135
42,221
3,509
Total, 274 reporting centers
New York City*
3,344
2,459
14,927
------
Netherlands W. Indies
10,523
31
206
774
4,093
2,071
Netherlands
35,803
6,566
3,165
4,826
7,921
140 Other leading centers*...
133 Other centers..
*
r_
Centers for which bank debit figures are
53,140
8,283
available back to 1919.
11,324
Netherlands Indies—
7,440
Newfoundland and
Labrador
3,526
197
133
847
270
2,080
New Zealand
7,091
754
47
297
1,282
4,711
14,539
1,218
1,141
6,249
Panama,
Republic of.
8,062
19
97
691
4,090
653
6,603
Panama
Canal
Zone.
15,681
74
464
2,099
2.675
10,459
1,870
4,645
2,513
4,097
Norway
1,842
8
296
378
606
5,026
7,305
1,515
1
35
Spain.....
16,321
6.321
Sweden
27,881
17,574
3,029
963
1,648
8,191
14,049
1,716
483
1,534
9,012
4,829
6,027
234
8
280
833
4,673
5,431
27,545
9,805
Portugal
Switzerland
Turkey.
7
------
33,554
97
33,308
9
2,351
United Kingdom
277,912
67,365
5,512
4,106
107
1
30,850
68
185
479
2
Republics.
Union of South Africa
34,040
3,241
5,895
Union of Soviet Social¬
ist
Uruguay
Venezuela
..
15,400
15,547
112,592
45
63,468
2,088
3,231
2,329
25,036
—
—
-
-
28,976
Industrial
The Board
7,582
49
44,694
Peru
Philippine Islands
Summary of Business Conditions in United States by
Board of Governors of Federal Reserve System—
1,865
announced
on
Production
Increased Rapidly in June
of Governors of the Federal Reserve System
July 18 that the volume of industrial pro¬
duction increased
rapidly during June and rose somewhat
further in the first half of July.
Board's summary of general
This
was
reported in the
business and financial eonditons
statistics for June and the
July.
It is also pointed out that distribution of
commodities through retail and wholesale markets and by
in the United States, based upon
first half of
rail continued
active.
The Commercial & Financial Chronicle
318
The Board's summary
July 20, 1940
to value figures, shown in
Federal Reserve Chart Book, multiply total by $410,269,000, residential by 8184,137.000, and all other by 8226,132,000.
Employment index, without seasonal adjustment, and payrolls index compiled
by Bureau of Labor Statistics.
continued:
Production
.
The Board's
from
seasonally adjusted index of industrial production advanced
In that month, as in May, increases in
106 in May to 114 in June.
Nnte—production, earloadlngs and department store sales Indexes based
daily
on
activity were most marked in the iron and steel and textile industries where
To convert durable and non-durable manufactures indexes to points in
total index of manufactures figures, shown In Federal Reserve Chart Book, multiply
declines earlier in the year had been
durable by 0.463 and non-durable by 0.537.
Steel
ingot production
greatest.
of capacity at the beginning
from 60%
rose
averages.
INDUSTRIAL PRODUCTION
of
May to 87% In the latter part of June and was maintained at about that
level
the first
in
showed
similar
sharp
and iron ore shipments down the Lakes
increases
mestic steel-consuming
(1923-1925 average=100)
Production of coke and pig iron
of July.
weeks
Demand for steel
near-capacity levels.
at
were
three
general
was
most
as
industries were operating at high rates.
Adjusted for
June,
May,
June,
June,
May,
June,
1940
1940
1939
1940
1940
1939
145
June, amounting to about 10% of steel-producing capacity.
cars
further sharp advance in activity at
was a
woolen mills, and at cotton mills output was reduced less than seasonally.
maintained at earlier high levels while
was
at silk mills
145
109
89
119
89
Pig iron
116
101
73
115
103
72
Steel ingots-
148
110
91
148
120
Automobiles-.
p92
96
81
P104
116
91
Plate glass
136
130
124
123
136
112
147
135
93
pl4
9
Tin deliveries
Beehive coke
activity remained near the unusually low rate reached in May.
Coal
Durable Goods
Iron and steel
declined from the high levels prevailing earlier.
industry there
Rayon production
Manufactures
of July reflecting in large part seasonal
Retail sales of automobiles were in large volume and dealers'
the textile
In
production continued in large volume during June, but output of
crude petroleum declined in the latter part of the month, owing to reduced
Value of construction
June,
Awards
for
following
W.
building decreased
and contracts
May,
+'
more
than
for private
:
in the construction of Army and Navy
pi 03
98
111
p98
99
105
118
-
116
115
114
119
111
59
Cattle
84
53
54
100
87
98
97
86
93
Hogs
55
98
-
Slaughtering and meat packing
96
73
96
92
76
101
Calves
sales
although usually there is
a
the
May
120
108
142
140
95
as
from
a
level
84
87
66
91
87
78
110
p97
95
105
#
91
*
84
88
*
79
86
*
75
91
*
71
88
*
97
102
*
90
102
*
219
215
*
218
*
273
*
139
122
*
134
Kerosene
a
Commodity
Prices of
a
90
215
276
113
,
*
149
144
*
140
121
Minerals
Freight-car loadings increased further in June.
showed
80
Lubricating oil
In the early part of July department store
Shipments of coal and
miscellaneous merchandise continued to expand and loadings of coke, which
season,
85
Fuel oil
sales declined seasonally from the June level.
usually decline at this
88
*
Petroleum refining
Gasoline
May to June, continuing at the advanced level that has prevailed
since the beginning of the year.
100
78
103
Goat and kid leathers
Sales at variety stores showed little change
compared with 87 in May and
92
76
plOl
Calf and kip leathers
considerable decline, and the Board's seasonally
adjusted index advanced to 93
96
109
143
Sugar meltings
level,
of about 89 earlier in the year.
99
104
143
Tanning
maintained at
were
95
106
145
Wheat flour
Leather and products.
June
in
103
105
Cattle hide leathers
store
102
75
146
u
Sheep
Distribution
Department
5
.
—
Cotton consumption
Silk deliveries
seasonally,
'
5
I
Textiles
non-residential
Contracts for public construction increased further
building also declined.
in June, owing in part to expansion
air bases.'
May
Dodge Corp. figures for 37 eastern States.
private residential
sharp rise in
a
awards showed little change from
contract
according to F.
10
Pl6
91
Non-durable Goods
production in Texas fields.
to
;>
which had begun to decline in May, continued
to decrease in June and the first half
influences.
stocks of new and used
Seasonal Adjustment
Exports
of steel, which had declined in April, rose to earlier high levels in May and
Automobile production,
Without
Seasonal Variation
do¬
Bituminous coal
Iron
*
number of industrial materials, particularly steel scrap, copper,
P77
79
63
57
59
P66
57
t52
187
170
pl88
189
173
112
111
90
108
112
87
119
110
67
234
166
132
Zinc
Prices
71
7/75
pl85
Petroleum, crude
substantial rise.
91
p86
Anthracite
ore
Data not yet available,
p
Preliminary,
r
Revised.
rubber, and silk, declined from the middle of June to the middle of July.
Wheat prices also showed decreases in this period, while prices of livestock
and products advanced owing partly to seasonal influences.
Non-Agricultural
Production of major crops this season,
of the Department of Agriculture, may
according to the July 1 report
be slightly lower than last
unusually large.
1,000,000
Above
Again Curtailed
season.
well
as
last
as
Domestic supplies of wheat and other field crops
of vegetables and fruit are expected
to show little change from
Indicated hog production this year will be about 10%
season.
smallef
than last year.
Bank Credit
Total loans and investments at reporting member banks in
101 leading
cities increased during the five weeks ending July 10, chiefly as a result of
increases
and
in
in
holding of short-term United States Government obligations
commercial
loans.
Holdings of United States Government bonds
and loans to security brokers and dealers declined.
The
monetary
gold stock increased
by 8885,000,000 in
this
period, the largest gold acquisition for any corresponding period
This
inflow
of gold
bank balances with
and
reserves
reflected in
was
the
Federal
of member
banks amounted to
growth
a
On
July 10,
Government
showed further increases after
1960-65 bonds
in prices on
increased deposits
reserves
of member
rose
advanced sharply in June,
a
new
Between June 10 and July 15 the price
about 3 points, and the yield on this issue de¬
to 2.34%
as
compared with 2.26%
at the year's peak
were
Indexes
of
about usual for the season," she said.
of
Governors
of' Federal
Reserve System for June
business conditions in the United States issued
by the Board.
The indexes were issued as follows:
BUSINESS INDEXES
Wholesale
employees'
and
retail
stores
mining, employment
than
last year at
about the
was
this time, when
same
some
Manufactures—Total
Durable
June,
1940
1939
Seasonal
manufacturing there
continued
June,
rapid
was a
expansion
in
...
A11 other
Factory employment—Total
1940
1940
1939
106
98
pll4
109
pll2
103
97
pll3
107
98
98
i
97
Durable goods
Non-durable goods
Factory payrolls—Total
82
pll9
107
85
108
110
pl07
108
108
121
104
pl24
120
105
p68
64
63
p79
78
73
p67
64
58
p74
75
64
p69
65
67
PS3
79
80
99.2
94.3
*
95.2
83.9
*
103.0
104.2
*
*
*
--
Durable goods
Non-durable goods
Freight-car loadings—Total
Miscellaneous
Department store sales, value
Department store stocks, value
*
*
--
..
*
•
'
*
99.0
93.4
96 4
84.6
101.4
101.8
96.2
97.5
80.7
94.9
93.0
75
72
67
82
77
71
85
80
74
87
86
p89
89
83
67
♦
70
64
68
75
71
67
*
Data not yet available,
p Preliminary.
Construction contract indexes based on
three-month moving averages centered
month, of F. W. Dodge data for 37 Eastern States.
Two convert indexes
April, but 180,000
mines
were
still
decline of 0.6% in employment and
The most important development
the
greater
shut
down
a
slight
was
the
war-materials
industries, particularly
(including aero-engines), private ship¬
Currently the level of employment in the majority of
manufacturing
recent peak levels of 1937- It is
only in the war-
industries, is still below the
materials industries that there has been
a
great expansion, as shown in the
table which follows:
NUMBER
OF
WAGE
EARNERS
IN
WAR-MATERIALS
or
Lcm Between
May, 1£ 40
Indus try
May,
April,
1940
1937
and—
Aver age
1940
April, 1940
Average 1937
Shipbuilding
85,800
83,100
62,300
Aircraft
65,200
60,600
24,000
+ 4,600
Machine tools
+41,200
62,400
61,200
+ 1,200
Engines
+ 15,200
47,700
44,700
47,200
32,900
+ 3,000
Aluminum mfrs
+ 14,800
26,500
26,200
23,700
+ 300
+ 2,800
7,000
6,700
5,400
+ 300
+ 1,600
Explosives
In
+ 2,700
+23,500
aircraft manufacture, for
example, employment in May was nearly
1937.
In the engine industry there has been an
It is almost entirely in these industries, some of them
highly localized, that the current tightness in the labor market is centered.
triple that in the
increase of
86 5
p93
♦
more
factures, and metal working plants.
June,
pl21
Construction contracts, value—Total
Residential
as; in
coal
Gain
May,
pll4
pll5
and
yards, machine tool factories, steel mills and certain other industries affected
directly or indirectly by war orders, such as woolen mills, explosive manu¬
Adjustment
pl09
Non-durable
Minerals
workers
new wage agreements.
Without
May,
1940
60,000
INDUSTRIES
Adjusted for
Industrial production, total
nearly
on
engaged in transportation and public utilities, as well as
highways and in the service industries. In coal
were
ESTIMATED
Seasonal Variation
at second
Miss Perkins added:
took
in the maintenance of State
(1923-1925 average=100)
June,
"A comparatively
building materials industries.
Substantial gains were re¬
ported in both public and private construction, with ap¬
proximately 130,000 more workers employed in May by
airplane and engine manufactures
On July 17 the Board of Governors of the Federal Reserve
System issued its monthly indexes of industrial production,
factory employment, &c.
In another item in today's issue
of the "Chronicle" we also
give the customary summary of
Employment
plants, which more than counterbalanced gains in warmaterials industries and'in the
seasonally active food and
expansion of 0.1% in pay rolls.
Board
Year—WPA
small net decline of 50,000
employees in factories reflected
seasonal
slackening in textile, apparel, and automobile
following the delay in the signing of
April 2.
by 240,000
Secretary of
An increase of approximately 240,000 in
employment in
non-agricultural industries between April and May brought
the level of employment in these industries
approximately
1,000,000 above the corresponding period of last year,
Secretary of Labor Frances Perkins reported on June 26.
"In general, the changes in employment from
April to May
In
Monthly
Last
construction contractors."
Security Market
July 8 when the Treasury announced
bond issue for cash subscription.
of the
in
excess
$6,833,000,000.
Prices of Government securities, Avhich had
clined from 2.52%
record.
of $310,000,000 in foreign
Reserve Banks and
banks.
five-week
on
Increased
Reports
Labor Perkins—Workers in These Industries About
Tobacco production will be sharply reduced from last year, when the crop
was
Employment
April and May,
Between
Agriculture
Outside of
was
year
50%.
manufacturing, the principal increase in employment in May
in retail stores where there
was a gain of 1.6%,
particularly in shops
selling general merchandise, in limited price variety stores, and
by dealers
in lumber and building materials.
In wholesale trade, there was a
slight
decline of 0.7%, almost entirely of a seasonal character,
centering in reduced
employment by farm supply dealers of all kinds, and by dry goods and
apparel stores.
There was some increase, however, in employment
by
wholesalers dealing in lumber and building
materials, hardware, and so
forth.
The
151
Volume
Works
and local governments.
Indexes of employment and pay rolls for May, 1940 for all manufacturing
industries combined,
class I steam-railroads, and selected non-manu¬
facturing industries, where available, and percentage changes from April
1910 and May, 1939 are shown below.
The three-year average 1923-25 is
used as a base in computing the indexes for the manufacturing industries
and class I steam-railroads, and the 12-month average for 1929 is used as a
base in computing the index numbers of the non-manufacturing industries.
Information for the non-manufacturing industries for years prior to 1929
is not available from the Bureau's records.
These indexes are not adjusted
appropriations of the Federal, State
level.
little change in employment during the
resulted in a slight expansion of
public utilities there was
In
for seasonal variation.
Increased stock market activity
month.
Insurance companies took on aI
small additional number of employees.
In the other service industries,
notably dyeing and cleaning and laundries, there was the customary seasonal
expansion.
^
'
•
.
C-'
"
(0.4%).
employment in brokerage firms
Secretary Per kin's remarks are
Index
Industry
May,
1940
b99.0
—0.6
+ 6.5
56.7
+ 2.8
+ 5.7
Construction
88.7
—0.7
+ 1.7
(1929=100)
Trade—Wholesale
May,
April,
1939
(1923-25=100)
1939
1940
+ 13.4
+ 0.1
b96.4
d
d
d
+ 3.2
—0.2
77.2
d
+ 4.3
d
+ 4.6
d
scrap.1'..
(ex.lumber)
d
Iron and steel
d
+ 3.8
d
d
+ 4.6
d
Forest prods,
construction industry increased
12.3% from April to May, according to reports from 13,378 contractors
employing 141,363 workers. Weekly pay rolls were up by 18.5%. Com¬
pared with May, 1939, employment was 4.2% higher and pay rolls 6.1%
above the corresponding
1940*
April,
from
Manufacturing
Class I steam railroads.c—-
Change from
%
May,
May,
the private building
in
Employment
Index
Change from
%
1940*
following:
Private Building
Payrolls
Employment
which
taken, also contained the
announcement,
Department's
Labor
The
based do not cover construction
projects financed by the Works Progress Administration, the Public
Administration, and the Reconstruction Finance Corporation, or by regular
In both industries,
off 1.4% of their men.
which the figures are
The reports on
1.0% , while bitu¬
increased pro¬
duction in May resulted in substantial gains in pay rolls.
Employment in
metal mines increased 2.3%, reflecting increased activity due to the war
situation. In quarries, there was the usual seasonal expansion.
In addition to the Nation-wide seasonal increase in employment in
private building of 12.3%, public construction projects employed more men
than in April, particularly on regular Federal construction, on residences
for the United States Housing Authority, and on State financed road
projects. The Work Projects Administration had a smaller force, of 1,838,000 persons, at work in May, after a reduction of 173,000 from the April
employment increase of
Anthracite mines reported an
minous mines laid
319
Commercial & Financial Chronicle
d
+ 3.3
d
bldg.materials
d
+ 1.5
d
d
—10.9
d
d
Farm supplies..
—6.7
—13.2
d
d
—14.8
Assmers &country buyers
d
Lumber &
month of last year.
d
+4.4
e91.2
Food
+ 1.6
+ 2.7
103.9
Retail
substantially greater than the May
d
+ 1.3
e83.4
+ 0.8
+ 1.8
94.7
+ 0.4
+2.8
+ 3.8
e95.5
+ 2.8
+ 2.9
e86.8
+ 2.1
86.3
+ 1.3
—0.6
78.1
+ 1.4
78.4
+ 0.4
+ 1.4
71.3
+ 3.8
+ 5.0
Automotive
86.2
+ 1.8
+ 6.7
82.9
+ 1.3
Lumber & bldg. mat'ls..
74.5
+ 2.9
+ 3.3
71.0
+ 4.4
+ 10.1
+ 5.8
e77.3
+ 0.8
+ 2.1
e98.5
—0.2
+ 3.0
Telephone and telegraph..
e90.6
+0.7
+ 2.7
el04.5
+ 1.2
e68.4
—0.8
+ 0.2
+0.6
Street rys. & buses _f...
e69.3
—0.8
40.0
+ 10.2
—29.9
75.8
+ 5.1
+ 271.4
+ 21.9
+ 8.2
General
May increase of the previous seven
Although increases were general throughout the country,
the largest gains were in New England, the East and West North Central
States and the Mountain States.
In the nine geographic divisions, the
years
merchandising.
Apparel-.-.
Furniture & furnishings.
Electric light and power..
gain was
The current employment
gain of 1939 ( +6.7%) and the average
(+8.7%).
percentages of change over
Public
the month were as follows:
Pay Roll
Employment
' :
;
Area
April,
April, 1940
+ 2.3
+ 11.9
65.9
+ 3.8
47.1
+ 5.7
—0.1
+ 3.1
42.9
+ 12.8
—4.5
59.0
—6
—0.6
h83.1
—0.2
+0.8
+ 3.7
88.5
+ 3.3
+ 5.5
+ 1.6
85.5
+ 7.4
+ 3.1
+ 33.1
+ 15.7
+ 25.9
Hotels
+ 17.6
+ 23.0
Laundries
West North Central States
+ 77.2
69.2
Quarrying & non-metallic.
Crude petroleum produc'n
+ 17.2
East North Central States
—1.4
•
63.1
Services:
+0.7
+ 1.9
+ 4.0
+0.4
+ 0.3
+ 12.3
93.4
(year-round).
99.1
+ 6.7
+ 11.7
Dyeing and cleaning
+ 21.4
Brokerage.;
d
West South Central States
+ 11.5
+ 8.8
Insurance
d
Mountain States
+ 16.7
+ 23.1
+ 4.9
+ 6.5
South Atlantic States
.......
East South Central States
—
Pacific States
General contractors expanded
11.1% gain for the special
for all of the
in painting
+ 12.5
compared with an
trade contracting group. Increases were reported
with the largest gains in firms engaged
special trades reporting
OF
EMPLOYMENT AND PAYROLLS IN
d
—0.6
+0.5
+ 1.2
d
+ 0.2
+ 1.5
+ 4.2
d
+ 18.5
+ 6.1
to 1937 Census of Manufactures,
c
d Not available, e Revised series;
retail trade indexes adjusted to 1935 Census, public utility indexes to 1937 Census,
f Covers street railways and trolley and motor bus operations of subsidiary, affiliated
and successor companies,
g Less than one-tenth of 1%.
h Cash payments only;
tTAHn/YA
1ft99
computed.
and tips cannot be
OK
TO 1937 CENSUS OF
Manufacturing Industries
April,
May,
1940
1940
1939
101.8
101.7
*May,
April,
1940
1940
97.1
94.9
80.2
Fabrics...
_
.
108.4
94.6
102.9
98.6
82.3
Cotton
105.6
108.7
94.1
109.1
113.9
90.3
-
-
75.4
74.5
73.1
66.9
62.2
67.6
102.5
103.8
86.9
91.9
93.5
76.4
66.8
54.9
72.5
75.1
56.7
Hosiery
Knitted
Forgings, iron and steel.
65 7
96.0
98.1
80 1
102.1
104.0
77.6
Knitted underwear
Hardware
(not
Cutlery
silver
incl.
81.8
81.8
74.9
72.6
72.3
67.0
Stamped and enameled ware...
Steam and hot water heating
156.5
159.6
145.3
163.1
163.5
142.8
apparatus & steam fittings..
85.0
84.6
74.4
74.6
75.6
60.6
91.0
90.8
87.2
84.1
82.3
75.4
Plumbers'
supplies
Stoves
Knit
*
-
i.
*
- .
98.8
99.2
77.9
81.4
79.7
87.1
88.3
90.1
74.0
75.2
75.3
79.5
74.4
59.4
67.8
57.6
90.8
85.2
78.2
80.6
73.4
72.0
cloth
Wearing apparel
Clothing, men's
57.3
98.2
Men's furnishings.—--
Millinery
Shirts and collars
161.5
146.2
169.9
174.8
139.4
103.3
46 8
38.8
63.3
150.4
Leather and its
68.8
65 4
82 2
140.1
152.6
133.9
144.2
60.0
68.1
49.8
47.2
64.2
64.7
77.1
74.0
64.7
68.2
130.5
127.9
103.3
101.4
99.6
70.5
48.9
50.3
; 51.7
71.5
66.7
79.5
60.1
53.2
64.8
118.6
115.6
80.7
88.7
68.6
64.4
83.5
manufactures
94.5
103.5
99.1
64.3
72.0
162.1
168.1
166.1
111.6
118.7
113.5
114.4
115.4
113.1
116 4
120.2
119.9
114.8
117.8
126.6
96.4
101.0
103.1
87.3
82.2
54.1
73.8
58.4
125.2
121.0
101.1
111.2
99.2
87.1
61.2
101.0
161.0
104.7
121.4
61.8
78.9
99.2
74.9
...—..
101.2
91.0
123.7
111.8
goods..
93.6
90.1
125.4
62.4
Silk and rayon goods
66.5
83.8
80.3
122.6
73.8
94.8
93.5
72.3
79.0
68.1
127.4
70.0
92.0
1939
61.3
_ »
95.7
saws)..
May,
1940
134.1
•„
outerwear
Clothing, women's.
Corsets and allied garments..
Tools (not incl. edge tools, ma¬
chine tools, files and
Dyeing and finishing textiles.
71.2
......
...
Tin cans and other tinware
April,
1940
May,
1939
76.1
Woolen and worsted
Structural & ornamental metalwork......
goods
Hats, fur-felt
and
plated cutlery) & edge tools..
*May,
1940
95.9
- -—-
Cotton small wares
Cast-iron pipe
■ .■
88.8
.
108.8
rolling mills..
"
...
75.4
-
.
Carpets and rugs
Bolts, nuts, washers and rivets.
*»■'•
April,
Non-durable Goods
Textiles and their products
90.2
•.
Payrolls
1940
1939
Durable Goods
products,
not including machinery
•_
Blast furnaces, steel works and
-
*May,
May,
Iron and steel and their
MANUFACTURES
'
Employment
Payrolls
Employment
*May,
A
—0.2
b Revised series; adjusted
Source: Interstate Commerce Commission,
MANUFACTURING INDUSTRIES—ADJUSTED
1AA A\
/ TtmAA
Manufacturing Industries
d
—3.7
Preliminary,
value of board, room
and decorating and in plastering.
INDEX NUMBERS
108.7
Building construction...
*
their forces 13.5% as
+4.6
Metalliferous
+ 20.8
England States
+0.1
+ 1.0
84.9
coal
Bituminous
1940
+ 10.5
New
52.2
Mining—Anthracite
Percent. Change from Percent. Change from
.
utilities:
+ 1.0
94.2
92.5
63.8
70.7
68.6
66.6
63.8
Boots and shoes
Machinery, not incl. transporta¬
114.0
tion equipment
Agricultural
Implements,
94.9
122.3
121.6
83.3
76.8
78.2
78.7
121.3
119.7
120.5
121.3
117.7
118.8
144.6
142.5
146.1
137.7
134.3
136.5
278.1
268.4
322.7
Food and kindred
141.4
122.8
163.6
mach's
166.1
128.8
machines
129.0
127.4
133.5
133.9
Electrical machinery, apparatus
101.9
and supplies
101.5
86.6
134.9
277.0
330.0
312.0
99.9
93.7
97.5
85.1
80.6
103.4
108.3
87.9
83.2
92.6
Canning and preserving....
98.2
76.2
77.0
73.9
75.5
74.0
70.3
78.6
78.2
77.8
73.0
71.5
83.7
75.0
85.1
70.1
63.1
70.7
104.7
Beverages
112.7
90.6
Flour
194.2
183.1
114.0
—
97.4
97.2
82.1
94.6
95.4
75.0
220.6
216.3
141.2
288.4
287.1
161.4
136.8
128.3
84.9
106.5
127.7
116.0
92.3
phonographs.
74.8
77.0
80.1
69.8
Textile machinery and parts...
Typewriters and parts..
114.4
127.0
114.0
112.2
126.8
beet
Chewing and smoking tobacco
and snuff
Automobiles
Cars, electric & steam railroad.
Nonferrous metals and their prod.
Alumihum manufactures
...
Brass, bronze and copper prods.
watches
87.3
2166.0
1203.7
2187.3
2062.7
1155.0
112.0
93.3
114.0
121.2
88.0
57.4
36.6
50.0
52.0
31.6
Printing and
26.9
26.1
19.7
Book and job—
178.4
169.4
131.3
105.6
92.0
103.7
103.1
84.0
171.5
142.1
201.5
199.3
152.6
125,8
104.7
134.4
133 0
103.5
;
...
periodicals.
petroleum
and coal
products
refining—
Petroleum
Other than petroleum
j-efining.
64.5
61.4
58.0
56.7
113.8
111.2
113.1
109.7
105.1
113.0
108.8
124.4
120.7
116.1
112.0
106.7
124.3
115.4
105.6
99.1
99.5
98.8
88.3
87.4
85.7
117.0
116.5
115.3
112.3
110.9
107.9
123.4
112.9
133.7
133.4
119.6
121.1
118.1
136.6
136.9
132.2
120.9
123.9
111.7
132.8
132 3
115.7
159.6
131.3
116.5
74.6
59.5
68.8
57.7
118.9
108.1
129.3
130.5
118.2
Druggists' preparations
Explosives....—......—
118.7
118.0
114.0
85.6
141.2
133 1
95.6
174.8
123.8
120.8
105.6
131.9
136.2
Fertilizers
131.9
129.8
78.4
Chemicals..
90.0
82.9
72.4
72.2
66.2
Cottonseed—oil, cake & meal
85.9
75.9
72.0
74.2
58.9
70.7
68 5
61.6
62.8
58.8
.....—-
—
varnishes
-
86.0
85.9
76.8
84 7
84.4
72.1
Paint and
68.0
—
Stone, clay and glass products...
66.9
65.0
63.5
61.4
58.0
Rayon and allied
81.4
74.5
74.2
66.6
Soap...
87.0
86.4
products—
60.9
56.2
47.8
47.6
44 0
61.9
60.3
60.2
58.7
55.4
54.2
products
Rubber boots and shoes
Rubber tires and inner tubes...
81.7
80.5
78.5
74.1
72.2
67.7
Rubber goods, other
Rubber
Glass
58.0
57.6
45.2
67.7
67.8
69.0
63.6
62.8
105.3
97.4
110.9
114.2
96.3
61.2
Marble, granite, slate and other
47.7
45.6
90.6
1940, indexes are preliminary;
93.0
48.9
124.4
123.4
305.8
295.7
311.4
311.1
273.0
304.3
81.2
78.1
98.0
98.0
93.9
81.4
80.0
84.1
84.7
81.2
87.1
86 5
54.1
56.1
59.0
53.8
55.3
78.1
71.6
132.6
121.8
54.7
69.0
69 7
66.7
79.8
140.6
139.7
130.6
131.5
99.6
93.0
96.4
1.3
85.0
99 0
96.0
84.0
97.8
97.2
78.8
96.4
101.5
103.0
101.6
94.9
95.3
91.9
Summary
All Industries
53.6
38.6
34.6
+4.0
Durable goods
86.7
84.2
85.1
77.1
Non-durable goods..
——
....
125.9
136.0
43.8
70.5
103.9
i.
Cement
64.3
79.2
91.7
70.4
Mill work
Pottery
65.0
58.5
135.2
94.1
60.7
Brick, tile and terra cotta
66.5
61.1
58.6
67.8
82.2
Lumber:
Sawmills...
57.7
64.2
136.2
89.4
84.0
products
...
58.7
162.0
88.5
Smelting and refining—copper,
lead and zinc
-
May,
Chemical,
72.8
62.1
121.9
Newspapers and
89.2
Lighting equipment
Lumber and allied
21.6
122.0
125.3
56.2
77.0
64.2
publishing:
28.0
105.2
48.2
80.2
63.8
115.2
paper
152.8
172.9
48.7
87.5
113.9
Paper and pulp
55.8
and time-
devices.
Silverware and plated ware
Furniture
122.6
28.2
'
Shipbuilding
and
118.4
157.7
Locomotives
recording
Jewelry
91.2
Boxes,
110.3
51.5
94.0
121.1
115.4
109.9
Aircraft
96.9
44.1
114.9
Paper and printing
115.0
equipment
103.6
64.9
Cigars and cigarettes.
2329.9
Transportation
105 8
64.3
Tobacco manufactures
82.4
113.1
Machine tolls
72.2
109.5
95.2
Sugar refining, cane
Sugar,
81.9
46 5
Slaughtering and meat packing
140.2
96.6
149.4
and windmills
Foundry & machine shop prods.
Radios and
114.5
122.4
Ice cream..
Engines, turbines, water wheels
products
products......
Butter
adding
and calculating
*
91.0
82.7
Confectionery
incl.
139.6
registers,
Clocks
94.0
93.1
80.8
Baking
tractors)
Cash
113.6
85.0
Leather
Wire work
58.3
subject to revision.
The Commercial & Financial Chronicle
320
Employment
Because of increasing industrial and business employment and the
sity of striking
employment
The number of
1,838,000,
at
persons
work
additional
Work
Program in the
students, however, found
Seasonal increases
Employees
Buffalo
+ 5.0
+ 6.3
+ 9.1
+3.0
+ 24.3
+ 35.6
Johnson City
the
on
—0.1
+ 4.4
—1.7
+ 4.3
—0.3
+0.9
+9.3
+ 14.9
Albany-Schenectady-Troy.
—1.0
+ 1.1
+ 17.1
+ 25.8
New York City
—2.0
—1.5
+ 6.0
+ 7.8
Utlca
Student
...
....
—
...
employment increase
Pennsylvania
construction projects financed from regular Federal
appro¬
A decrease of 2,000 in the number of workers
employed during
Advances
May 15 resulted in
an
creased
May,
Employment in
Civilian
of the
Conservation
an
Corps decreased
from 314,000 in April to 312,000 in
May. Pay roll disbursements for the
were
$14,015,000.
Contractors
on
construction projects financed by the Public Works Ad¬
ministration placed orders for materials valued at
$15,148,000 and on con¬
projects financed from regular Federal appropriations the
$39,536,000.
On
Federal agency projects under
Administration orders
the Work
amount
Projects
placed for materials valued at $774,000. Ma¬
terials valued at $9,825,000 were ordered
by contractors on low-rent projects
of the United States
Housing
were
Authority.
most lines of iron and steel and in certain classes of
transportation
The
ment.
sumers'
Payrolls
Change from
Change from
May,
April,
May,
a
1940
1939
1940
April,
May,
a
1940
1939
$
$
lumber
of wage earners
declined fractionally,
somewhat.
seasonal
ticularly
May,
1940
to
up
number
goods
increased
Employment
Payrolls In¬
Report
The expansion in employment and
payrolls from May to June was
principally in the durable goods industries, where increases were shown in
EMPLOYMENT AND PAY ROLLS ON PROJECTS
FINANCED WHOLLY OR
PARTIALLY FROM FEDERAL FUNDS AND ON
ROADS FINANCED
FROM STATE FUNDS, MAY, 1940.
(Figures in Thousands)
and
Factories Also
employment and payrolls in Pennsylvania in¬
1% and 4%, respectively, from the middle of
May to the middle of June, according to reports received
by the Federal Reserve Bank of Philadelphia from 2,428
establishments.
These increases, which usually are not to
be expected in June, followed
steady declines in earlier
months of the year.
The total number of employee-hours
worked increased 3% in the month.
Aggregate manu¬
facturing employment in the State, estimated at 892,000 in
June on the basis of current
reports, was 7% greater than in
June, 1939, and average weekly payrolls of $22,100,000
were
16% greater than a year ago.
The Bank on July 19
further reported:
April.
camps
June—Delaware
Factory
on
increase of 23,000 from
Factory Employment
in
creased about
low-rent projects of the United States Housing
Authority
employed an additional 6,000 building-trades workers in the same period.
Employment on State-financed road projects rose to 167,000 in
was
+ 27.3
+3.3
+ 1.8
Administration
the month ended May 15 on construction
projects financed by the Public
Works Administration was caused
by the completion of a number of projects.
struction
Payrolls
+ 19.9
Rochester
on
Contractors
month
Employees
+ 7.2
public-road, building construction, and dredging,
projects together with a sizeable gain on naval vecsel
revetment
priations.
1940
on
construction in the month ended
of 36,000
June,
Change
Syracuse.^
Approximately
employment
Payrolls
+3.7
month.
same
1939 to
Per Cent
Bingham ton-Endicott-
employment to 22,000 fewer youths in May.
6,000
June
Change
these
a
less tthan in April and $30,695,000 less than in
May, 1939.
The Out-of-School Work Program of the National Youth
dike, and
on
decrease of 173,000 from April and 630,000
Pay roll disbursements of $110,100,000 were $6,045,000
was
from May, 1939.
furnished
Per Cent
City
projects of the Work Projects Administration
again curtailed in May.
was
projects in May
May to June, 1940
neces¬
balance between the relief program and available funds,
a
on work relief
July 20, 1940
Federal and Other Public Programs
on
but
increases in
.wooden box factories, while there
%
in certain
clothing and shoes, large
sharp
group
the amount
of wage
measure
nondurable lines,
gains
were
were
shown
payrolls
was a
other
con¬
payments
Activity in the textiles generally did not
expectations,
men's
equip¬
engaged in the production of
but
recorded.
par¬
In
furniture
at
the
and
small decline at lumber and planing
mills.
„
Construction Ihrojects—
Financed by PWA.b
by regular
propriations -C
—2
—177
285
Financed
97
+ 35
+ 68
the
Agency
45
projects
+6
+ 36
to
101
by the WPA.d
oper.
+2
.
1,838
29,304 + 2,328 + 7,492
4,750
+ 915 + 3,731
—64
—173
program _d
4,787
488
+ 114
3,425
—22
+ 75
312
—2
—24
5,590
14,016
167
work program.d...
Civilian Conservation Corps.e...
State roads.f
+6
300
Out-ol-school
+ 23
+ 35
12,402 + 1,525 + 2.636
a
Preliminary,
b Employment figures are
ended April 15 and May 15.
c Employment
maximum
number
+ 920
+ 49
—343 + 1,304
—7 —1,007
for
the
months
figures, except for Federal-aid road
maximum number for the months ended
April 15 and May 15.
Em¬
pay roJls on Federal-aid roads for the calendar
month ended May 31
estimated, d Figures are for the calendar months
ended April 30 and
projects,
are
ployment and
are
e
Figures
on
May 31.
employment
of
factory employees advanced from $26-16
higher than in June, 1939, when the
Gains
in
Employment
and
Reported by New York State Factories
to
statement
a
1927.
one-half cent
"Weekly earnings
to $26.60 and were
considerably
only $24.72.
Regarding conditions in Delaware factories, the Bank's
At
Delaware
factories
from May to June,
employment and payrolls increased about 2%
according to reports from 78 plants, and reached the
highest levels since 1937.
plants turning
at
and
tobacco.
Gains in the month
out metal
An
issued
July
12
increase in payrolls,
industry declined.
in June
was
In comparison with
a
year ago, aggregate
employment
Hp% greater.
Newsprint Shipments in June Increased
Monthly Total in History
to
Third Highest
Canadian
in June
Industrial
due chiefly to increases
although not in employment,
12% and wage payments were
was
Payrolls
by
were
products, transportation equipment, and foods
shown in reports from chemical
manufacturers, while activity in the textile
Canadian
According
to
average was
are
Contraseasonal
than
more
announcement stated:
for the last day of the month:
pay rolls for the entire
f Employment and
pay rolls for the month ended May 31 are estimated.
month,
slight increase from May
a
increased
72H cents, the highest level in records back
+82 —3,162
—630 110,100 —6,045 -30,695
NY A Projects—
Student work
and average hourly earnings
under
WPA_h
Projects
June,
*
Federal ap¬
U. S. Housing
Authority.b
WPA Program—
Federal
—276 -13,113
9,642
The average number of hours worked showed
to
newsprint shipments continued to increase in
at 338,446 tons
the third highest monthly
June
to
reach
level
in
the
Commissioner Frieda S. Miller the factories of New
York
State were
employing 0.4% more workers in June than in
May.
Payrolls rose 1.8% in the month.
These gains are
contrary to the usual losses of 0.6% in forces and
0.2% in
payrolls from May to June as measured
by the average
changes over the past 25 years.
Miss Miller's statement
of the industry, only the final two
having produced larger totals, it is learned
from the Montreal "Gazette" of July 13.
The month's ship¬
ments exceeded a year ago
by 45.7% and represented 96.1%
of capacity, against 87.9% in May and
64.1% a year ago.
At 315,343 tons, equal to 89.5% of
capacity, Canadian pro¬
continued:
duction
If
it
not
were
for
the
continued
seasonal
losses
a
New
at
York
City
clothing and millinery firms and large
layoffs reported by individual wood
and
textile
larger
products
than
industrial
those
firms,
the
recorded.
gains
The
this
food,
groups
reported gains in forces
usual increases in June.
Metals and
reported
June
would
mineral,
that
leather
contra-seasonal
the
on
print Association of Canada,
plants
paper
than
in
the
similar period of
any
tons,
factory employment,
vear
since 1930.
The
employment over the first half of 1939
amounted to more than
10%, and the payroll gain was over
13%.
Preliminary tabulations, covering the reports from
2,325 representative
films throughout the
State, form the basis for the statements made
in this
analysis.
These reports are collected, tabulated and analyzed each month
by
mills'
The expansion
States,
and
overseas
to
61.9%.
Production
to
over
tons,
to state:
for the month
was
mainly to the
nearly 80,000 tons, or 45.8%,
up
68,500
domestic consumers,
and
up
States
by
shipments
reduction
output
output being
sumers
goes on
markets, which took
by
The
figures issued by the News¬
Canadian shipments
in
and
slight
a
United
to
on
output
accordingly.
tons,
at
up
16,496
25,000 tons,
over
tons,
were
a
up
or
few
tons.
foundland's
ago,
exceeded
reduced
were
which took 253,390
Shipments
hundred
level,
stocks
which bases its report
United
index
gain in
shipments
paper,
the
gains.
1925-27
June's
chemical
more
-
As
23,000
average as 100, was 88.8.
The corresponding
pay¬
rose to 86.5.
Compared with June, 1939, there were about
10%
factory workers employed this June and
payrolls were approximately
14% higher.
There were jnore workers
employed on the average during the
f.rst half of 1910
roll
record.
8,000 tons from May, but exceeded
May's production had set a new high
by 31.1%.
than
and
machinery and pulp and
good,
very
down about
was
year ago
much
bc-en
better
much
were
Ihe New York State
Department of Labor's index of
based
have
history
months of 1937
by
from
United
May
shipments
States
mills
at
increased
by
level
a
31.9%, shipments 74.8%.
consumers
remained
reflecting fewer working
continued
well
at
above
Newfoundland's
152.6%;
those
to
a
days.
high
New¬
a
year
shipments
overseas
con¬
40.5%.
Aggregate
excess
of
shipments
over
production
for
the
three
countries
^
the Division of
E.
B.
at
an
Patton.
Statistics
This
June's
and
Information, under the'direction of Dr.
reporting factories employed 422,813 workers
average weekly wage of $28.25.
was
in
29,153
For
six
Payrolls Higher in All Up-State Industrial
up-State industrial districts reported net
May to June.
main
gains
at
ad.led
were
gains in
good
In
the
to
this
to
Buffalo,
great
the
at
most
metals
of
Rochester
majority
increases
Albany-Schenectady-Troy
tions
gains
contributing factor
bursements.
as
The
and
of
at
these not
and
in
districts
Most
were
month, and their looses
total
all
also
other
other
were
rose
industries
plants
contracting their
the
in
New
York
City,
there
would
totals.
losses at
have
been
employment and payrolls there this month instead
Most
and
manufacturers
food
of
builders'
products in the city
supplies,
were
busier.
furs
clothing and millinery
net
gains
in
factory
of the decreases recorded.
and
shoes,
in
shipments
of
6,632
tons
excess
of
shipments, which for the period
were
up
24.8%.
metal,
Report of Lumber Movement Week Ended July 6, 1940
Lumber production
during,the holiday week ended July 6,
the previous week; shipments
business, 27% less, according to re¬
1940,
was
27% less; new
to the National
opera¬
obliterated the gains in forces but
not
the metal plants.
In the
Binghamton-Endicott-Johnson
City area manufacturers of business
machines, shoes and furniture laid
off
a
few workers,
but longer hours for the
remainder in
each
case
resulted in a good
gain in payrolls for the district
If it were not for the continued
seasonal
of
months, Canadian production, at 1,641,987 tons, exceeded a
by over 300,000 tons, or 22.3%, and ran approximately 11,000
were
in
those in payrolls at
shops
excess
the
wage dis¬
employment
almost
firms.
in
similar
payrolls from
machinery plants
increases
Syracuse
plants
metals
Utica
and
ago
tons
Districts
a
the six
year
All
against
tons,
1939.
chemicai
ports
40%
less than in
Lumber Manufacturers Association
from regional associations covering the
operations of repre¬
sentative hardwood and softwood mills.
Shipments were
22% above production; new orders, 26% above production.
Compared with the corresponding (holiday) week of 1939,
production was 1% less; shipments, 9% greater, and new
business, 8% less.
The industry stood at 60% of the sea¬
sonal weekly average of 1929 production and
71% of aver¬
age
1929 shipments.
The Association further reported
:
Volume
Year-to-Date
Reported production for the
corresponding
and
27
weeks
orders
new
weeks
of
Supply and, Demand
.
unfilled orders
of
compared with
19%
year
stocks
ago;
business
new
was
1939 period.
For the
4% above production and
4% above production.
were
ratio
The
8% above
6% above the shipments,
1940 to date was
above
date
to
The
Comparisons
weeks of
27
shipments were
the orders of the
1939;
4%
were
1940
of
shipments
gross
a
ago.
year
were
stocks was 19%
gross
4% less.
254,036,000
1940, by 393 soft¬
wood mills totaled 176,695,000 feet, or 25% above the production of the
same
mills.
Shipments as reported for the same week were 172,615,000
feet, or 23% above production.
Production was 140,811,000 feet.
Re¬
ports from 101 hardwood mills give new business as 9,796,000 feet, or
47% above production.
Shipments as reported for the 6ame week were
7,975,000 feet, or 20% above production.
Production was 6,661,000 feet.
Lumber
Identical Mill Comparisons
needs of other
on
stability of much of Latin America,
upsetting the economic
endorsed the coffee promotion cam¬
recommended that the producing
closing session the Conference
paign conducted here by the Bureau, and
not
subscribing to the effort align themselves with the
now
participating.
An increase in appropriations was
presently
countries
recommended.
Tribute
with
paid
was
to
American
the
industry for its close
cooperation
producers' organization in the promotion of coffee as a beverage.
in the resolution were George Thierbach, President of the Associ¬
the
Named
Industries
Coffee
field,
directors
Promotion
Also thanked
Countries
Dela-
of
American
the
coffee
industry
was
Con¬
asked.
the Third Pan-American Coffee Conference
Colombia, Costa Rica, Cuba, Dominican Republic, El Sal¬
in
Haiti,
Guatemala,
Ecuador,
vador,
Herbert
Coffee Industries of America.
the Associated
of
participating
Brazil,
were:
Fi'iele and
J.
and
Guy Sharpe, former President, and W. F. Williamson,
were
collal>oration
Berent
America;
of
Association; F. W. Buxton, member of the Joint
the late Lot Boardman.
the
of
Committee,
Secretary-Manager
tinued
Rico
1940, of 378 identical softwood
mills was 139,427,000 feet, and a year ago it was 140,265,000 feet; ship¬
ments
were,
respectively, 170,485,000 feet > and 153,737,000 feet, and
orders received, 173,957,000
feet and 188,279,000 feet.
In the case of
hardwoods. 80 identical mills reported production this year and a year
dependent
Nicaragua,
Mexico,
Honduras,
Puerto
Venezuela.
and
during week ended July 6,
Production
feet and 5,129,000 feet; shipments, 5,855,000
7,365,000 feet, and orders, 7,435,000 feet and 8,801,000 feet.
5,170,000
ago
its
ated
feet.
orders reported for the week ended July 6,
orders,
market, while making allowance for the
this
in
formerly
stated.
was
In
seven
1940, 478 mills produced 147,472,000 feet of softwoods and hardwoods combined; shipped 180,491,000
feet; booked orders of 186,491,000 feet.
Revised figures for the preceding
week
were:
Mills, 494; production, 245,882,000 feet; shipments, 247,-
the
for the marketing of current crops in
European markets.
Shipments will be
apportioned in accordance with the requirements of the American trade.
Without such a -plan the coffee market runs the risk of complete dis¬
areas
Softwoods and Hardwoods
feet;
established
countries
it
on
calls
proposed program
equitable and practical manner for the protection of countries already
most
organization,
Comparisons
July 6, 1940,
Unfilled orders were 4% less than a
to
During the holiday week ended July 6,
706,000
321
The Commercial & Financial Chronicle
151
Coffee
Imports
Continue
Exceed
feet and
in
United
States
Crop Year Expected to
Rise—Coffee
15,500,000 Bags
Coffee imports
tinue at
Consumption
for
to
for consumption in the United States con¬
by the
heavy pace, according to figures prepared
a
department of the Pan-American Coffee Bureau,
basis of the monthly compilations of the United
statistical
Industry
received by us from the
Paperboard Association, Chicago, 111., in relation
Weekly Statistics of Paperboard
on
give herewith latest figures
We
States Department of Commerce.
National
to
also
the
industry, and its program includes a statement each
from each member of the orders and production, and
week
a
figure which indicates the
activity of the mill based
operated.
These figures are advanced to equal
that they represent the total industry.
the time
on
100%, so
STATISTICAL REPORTS—ORDERS,
PRODUCTION, MILL ACTIVITY
bags
Received
Week Ended
Production
Tons
Current
Cumulative
65
/
104,945
Jan.
13
110,169
120,791
187,002
74
69
Jan.
20
111,332
115,419
183,699
72
70
Jan.
27
111,954
121,596
176,308
75
72
71
71
71
-
71
Feb.
3
106,954
115.988
Feb.
10
106,292
114.463
167,240
159,216
17
101,097
115,189
145,706
70
July/May
period
The Bureau further said:
to
amount
14,256,022
bags against
period of 1938/39; or an increase of 665,109
The monthly average of imports amounts to
same
year.
be roughly around that
imports (July 1, 1939, to
June 30, 1940) are going to exceed 15,500,000 bags, thus marking a new
high record for coffee consumption in this country, which must be due
primarily to the promotion campaign that is being conducted in the
United States by the member countries of the Bureau, with the cooperation
of
As June imports are expected to
bags.
Associated
the
that
predicted
is
it
the
coffee
Industries
Coffee
of
year
America.
imports into the
for consumption
the New York Coffee and Sugar
Exchange, also show a substantial advance.
The difference between the
figure of 13,886,594 bags given by the Exchange statistics for the crop
year and the Bureau's estimates for the same period is explained by the
fact that the accumulated daily figures are in bags of varying weights,
while the final figures of the Bureau are computed in standard bags of
with
connection
United
based
196,174
Tons
87,746
6
of Activity
Orders
Tons
Jan.
Percent
Unfilled
the
that
over
1,296,002
figure,
In
Orders
for
Imports
1*3,590,913 bags in the
activity in the paperboard industry.
The members of this Association represent 93% of
total
the
States
on
it
remarkable
the
should
be
pointed
increase of coffee
out
that deliveries
daily movements, as reported by
71
71
Feb.
24
108,784
114,156
142,554
69
Mar.
2
104,466
113,710
137,631
69
71
Mar.
9
111,714
112,855
138,446
69
107,024
114,958
132,455
70
71
Mar. 23
108,134
113,555
130,871
70
kilos,
71
Mar. 16
60
70
70
Feb.
Mar. 30
102,462
107,853
129,466
67
6
105,140
111,431
66
Apr.
146,057
175,162
72
193,411
75
Asks
136.203
125,823
204,612
77
130,202
122,868
210.488
74
71
May
18
157,023
123,579
242,787
76
71
May 24
143,505
129,536
254,638
79
115,557
121,378
247,644
75
137,283
124,679
257,836
77
119,998
127,346
79
72
79
73
80
73
4-._;
1
June
June
8
June
15
-
June
22
125,377
128,914
245,818
241,099
June
29
125.347
128,842
236,693
■
72
72
72
July
6
96,939
99,821
232,315
60
73
July
13
104,942
115,099
222,096
.72
72
Slashes
"Discussion"—Daily Average
"Demand"—Penn Mex to
Negotiate with Mexican Government
for
Crude
71
11
Spreads—Panhandle
Prices—Railroad Commission
Compact Group to Act—Sinclair
Interstate
Calls
70
May
May
Products—Texas Shutdown Possible
Price-Cutting
North Texas Crude
70
139,841
27
117,388
122,194
pounds each.
If
70
13-.__Apr. 20
Apr.
132
Petroleum and Its
70
105,929
123,255
147,254
68
129,869
Apr.
or
Grants
Below
Output
state-wide shutdown of all wells in
throughout the Southwest and
mid-continent area, developed at week-end as the Railroad
Commission watched for further price weakness following the
sharp slash in North Texas crude oil prices posted by Pan¬
handle Refining Co. on July 15, first break since last August
when Consolidated's cut brought about a five-State shutdown
The
possibility of
a
Texas, which might spread
of wells.
Grain
Crop
Prospects
Improved
in
Canada,
Says
Bank of Montreal
Crop prospects in most sections of the Canadian prairie
provinces have been improved by light to heavy rains and
cooler weather, according to the July 18 crop report of the
Bank of Montreal.
The bank's report further said:
Wheat
in
Manitoba
Saskatchewan
is headed
and Alberta.
and Alberta are developing
out,
and heading is well advanced in
Both wheat and coarse grains in
satisfactorily.
Manitoba
In Saskatchewan summer fallow
suffered severely
from inadequate moisture reserves and heat.
Isolated points have experi¬
enced hail, but damage has been relatively light.
Pastures are in good
condition in most districts.
In Quebec higher temjperatures during the past
week have proved beneficial and crops are making good progress.
As com¬
pared with an average season however, growth is backward, and warm, dry
weather is urgently required.
In Ontario crop prospects on the whole are
promising, good progress being recorded as a result of higher temperatures.
Some crops are still backward, notably tobacco.
In the Maritime provinces
favorable weather has improved the outlook, and although crops are back¬
ward, average returns are indicated.
In British Columbia crops of grain
and early potatoes will be light owing to drought, and continuation of hot,
dry weather is affecting other crops which are urgently in need of rain.
fields
are
Latin
in fairly
good condition, but stubble crops have
American
Plan
Coffee-Producing
Countries
Ratify
Export Quotas to United States—Action
at Third Pan-American Coffee Conference
of
Taken
of the 14 coffee-producing countries of Latin
participating in the Third Pan-American Coffee
Conference, have ratified in principle a plan of export
Delegates
America,
quota^ to the United States, it was announced on July 8 by
Roberto Aguilar, Secretary-General of the Conference.
The
Pan-American Coffee Bureau has been empowered by the
Conference to work out details of the plan,
with
announcement
in collaboration
the non-member countries.
The
regarding the plan and the Conference like¬
representatives
wise said:
of
The break
came on
Monday when Panhandle posted a
flat
price of 75 cents a barrel for all crude oil purchased in North
Texas, which includes Archer, Clay and Wichita counties.
The new price schedule, which became effective immediately,
compared with a previous jiosting of from 79 cents for below
29 gravity crude to $1.03 a barrel for 40 gravity and above.
On the same day, Rock Island Refining set a flat price of 60
cents for crude in the Tussey pool of Oklahoma.
;
L;
Quick to follow the price cut was Sinclair Prairie Oil
Marketing which slashed crude postings in north and central
Texas to a flat price of 75 cents a barrel off from a former
of 79-S1.03 a barrel, a cut of approximately 25% for
In these fields, Humble Oil & Refining,
Stanolind Oil & Gas and Magnolia are in competition with
Sinclair.
At week-end, however, none of these companies
had made any move to cut their prices.
La Salle Petroleum,
a small independent, met the price cut immediately.
The Railroad Commission announced at week-end that,
range
the
schedule.
they had received assurances from several major
purchasers that they do not contemplats any price cuts, any
move
leading to a general price-break would more than
likely mean a complete shutdown of all operating oil wells in
Texas.
At the present, Texas has seven State-wide shutdown
days each in July and August.
Governor Leon Phillips, Chairman of the Interstate Oil
Compact Commission, was sent a wire signed by Chairman
Lon A. Smith and Jerry Sadler of the Railroad Commission
in which it was suggested that the Oklahoma Governor call a
meeting of the Compact Commission to consider the shutting
down for an indefinite period of all wells in States belonging
to the Compact group.
The wire said that "such action is
necessary to protect the industry against over-production and
a cut in crude prices."
'
while
.
..
.
present unsatisfactory situation in
will not be remedied by well shut-downs,
The
.
the oil industry
H. F. Sinclair,
The Commercial & Financial Chronicle
322
Chairman of the Executive Committee of Consolidated Oil
REFINED
Corp., told D. H. Bolin, President of the North Texas Oil
Gas Association, in a telegram sent from New York
City Friday.
Answering a wire from Mr. Bolin who sought suggestions
for solving what he felt was a serious situation, Mr. Sinclair
pointed out that the industry will never correct the situation
until the facts are publicly disclosed and
frankly faced. "I
SOFTENS—WITHDRAWALS
and
MARKETS
men
can
Petroleum Institute placed the total decline at only
903,000 barrels, less than half that of the previous week,
which left holdings at 92,372,000 barrels, or some 14,000,000
barrels in excess of those reported for the
comparable date a
year ago.
Refinery production of gasoline was off 101,000
barrels.
Refinery operations failed to show further curtailment
having been cut in the previous week.
Refineries ran
at 82.3% of
capacity, off only 0.1 points from the initial
July week.
For many months, refinery operations have been
excessive in the view of
the industry's economists, who
pointed to the record stocks of gasoline as proof of their
contentions that the rate was far too high.
Daily average
runs of crude oil to stills, for the
July 13 period were off only
after
Motor fuel
demand in the domestic market for August
56,200,000 barrels by the United States Bureau
of Mines, an increase of 2,372,000 barrels over the actual
demand for August a year ago.
Export demand was fore¬
cast at 1,900,000 barrels, the
European war being responsible
for the slump from the
4,208,000-barrel figure recorded for
August, 1939.
set at
was
Gasoline prices in the major consuming areas throughout
consumption
of motor fuel.
The American
Petroleum
Institute survey covering 50 cities shows that as of
July 1,
last, the
believe.
Gasoline, Service Station, Tax Included
z
New York..
z
Brooklyn
want to
help hold our rapidly-declining
still further decline, we had better all
curtail our
$.17
Newark
.17
Stockholders of the Penn Mex Fuel Co.
passed a resolution
at a special stockholders'
meeting in New York this week
asking that the company institute direct
negotiations with
the Mexican Government for
an out-of-court
Buffalo
.185
——$.17
Chicago
.17
U. S. Gasoline (Above 65 Octane), Tank Car
Lots, F.O.B. Refinery
New York
expansion hits its stride.
$.166
Boston
Not Including 2% city sales tax.
production at once."
Thornton,
however, said that the present slump in demand was "more
or less
temporary" and foresaw a boom for the Pennsylvania
grade crude oil industry when the Government's
war-plane
gallon,
a
figure ruling at this time a year ago.
Although there was no general price cut in gasoline or other
refined products during the past week, the price structure
for motor fuel in major market areas felt the effect of the
uneasiness created
by the top-heavy supply situation.
Whether or not the
industry will be able to maintain the
present price structure for gasoline is problematical barring
some sudden
change in the general picture, most oil men
ton, past President of the New York State Oil Producers'
Association.
"It appears to me that if we
producers of oil in
since Jan. 1 when
they were $2.75 a bbl., against current level
of $2 a barrel.
Two of the three reductions of 25
cents a
barrel came within the
past month or so.
Mr.
8.91 cents
was
than five years and more than one cent
more
under the
a cut of 4,250 barrels.
California was off
only 600 barrels, at a daily total of 625,100 barrels.
Producers of Pennsylvania
grade crude oil were called
upon to initiate a voluntary production curtailment
program
in order to forestall
any more price cuts by Lewis H. Thorn¬
oil have been sliding off
dealer price
average net
the lowest in
barrels represented
Std.Oil
•
New York—
N.J.$.06>$-.07
Other Cities—
Texas
$.07 >$-.08
Socony-Vac. .06>$-.07
Gulf
T. Wat. Oil
Shell East'n
.08>*-.08J*
RlchOll(Cal) .08>*-.08
Warner-Qu.
Chicago
08 >*-.08 J*
.07 >$-.08
$.05
New
Orleans-
Gulf
-.05>$
ports—
.06 >$-.07
.05 >$
Tulsa
04H-.05H
.07 >$-.08
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
i
(Bayonne)
North
Texas.
$.04
I
$.08
Los Angeles..
.03 >$-.05
iNew
|
Orleans. $.05 >*-.05 >$
Tulsa
.04
-.04>*
Fuel Oil, F.O.B. Refinery or Terminal
(Harbor/—
N. Y.
Bunker C
California 24 plus D
$1.00-1.25
$1.50
Diesel
New Orleans C
$1.00
Phila., Bunker C
1.50
2.10-2.20
Gas Oil- F.O.B
Refinery
N.Y.(Bayonne) j Chicago—
27 plus
$.041
Terminal
Tulsa
i
28.30 D
or
$.02>$-.03
I
....$.053
settlement of
its oil
claims in Mexico.
Penn Mex Fuel, since
only 85%
of it is owned
by Consolidated Oil Corp., did not
participate
m the recent
settlement between Consolidated Oil and the
Mexican
Government dealing with other
wholly-owned
Consolidated companies who had lost
property in Mexico.
August market demand for
States
Bureau
barrels,
or
a
of
Mines
total
of
at
crude oil
a
daily
set
was
by the United
average of 3,657,700
This is 29,300
113,390,000 barrels.
,a^ove ^Jie estimated July
i
15,000 barrels in
demand and more than
of actual market demand for
the
excess
Price
changes follow:
July 15—Panhandle Refining Co.
to a flat price of 75
cents a
from 79 cents to $1.03.
July 15—Rock Island Refining
a
cut the price of crude
barrel, against
a
Tussey
former gravity schedule
July 17.
Prices of Typical Crude
per
Barrel
(All gravities where A. P. I. degrees
Bradford. Pa
$2.00
Corning, Pa
1.02
95-1.05
Kentucky
.90
MId-Cont't, Okla., 40 and above._
Rodessa, Ark., 40 and above
Smackover. Ark.. 24 and
over
daily
average
Petroleum
crude
gross
Institute
estimates
production for
the
that
week
the
ended
July 13, 1940, was 3,560,750 barrels.
This was a decline of
41.650 barrels from the output of the previous
week, and the
current
week's figures were below the
3,628,400 barrels
1.03
1.25
73
calculated
by the United States Department of the Interior
total
be
the
of
the restrictions
imposed by the various
Daily average production
13, 1940, is estimated at
at
Eldorado, Ark., 40
Michigan crude
weeks
ended
July
The daily
average
output
for the week
1.10
.75
.76-1.03
and over...
Kettleman Hills, 39 and over
,90
1.15
1.38
Further de¬
Imports of petroleum for domestic use and receipts in bond at
principal
United States ports for the week ended
July 13 totaled 1,769,000 barrels, a
daily
average
barrels
weeks
for
or
of 252,714 ban-els, compared with
the
ended
week
July
for
ended
13.
domestic
July
These
and
258,643
figures 'include
but
use,
6
it
is
week
of
a
daily
barrels
all
oil
impossible to
average of 305,714
daily for the four
imported,
make
whether
the separation
weekly statistics.
Receipts of California oil at Atlantic
$1.03
over
Darst Creek
Sunburst, Mont
Huntington. Calif., 30
four
July 15, 1939, totaled 3,529,700 barrels.
tails, as reported by the Institute, follow:
in
shown)
Rusk, Texas, 40 and
the
bonded
We
are not
for
3,662,300 barrels.
ended
oil in the
July 16
Sinclair Prairie Oil
Marketing Co. met the price cuts in the
North Texas fields initiated
by Panhandle.
'
July 16—La Salle Refining cut
prices of North Texas crude oil to a flat
75-cent posting, effective
Illinois
July 13, 1940, Declines 41,650 Barrels
American
The
oil-producing States during July.
cut
postings for North Texas crude oil
barrel, against a former gravity schedule
ranging
pool of Oklahoma to 75 cents
of 60 cents to 90 cents.
Daily Average Crude Oil Production for Week Ended
to
comparable 1939 month.
Western
10,000 barrels to 3,565,000 barrels.
the country have failed to show the effects of 1940's record
production of 1,143,350
barrels for the Lone Star State
represented an increase of
5,000 barrels over the previous week's total.
Sharpest decline in output was shown by Oklahoma where
daily average figures of 409,800 barrels represented a slump
of 18,100 barrels.
Illinois dipped below the half-million
level,
a reduction
of 17,800 barrels paring the total to
485,850
barrels.
A drop of 6,000 barrels for Louisiana cut the
total
there to 281,950 barrels while Kansas
production of 178,200
Prices of Pennsylvania grade crude
optimistic about the likelihood of the
price-structure.
stable gasoline
a
for gasoline consumption for the third consecutive
year.
Stocks of finished and unfinished gasoline showed a lessthan-seasonal decline during the July 13 week.
The Ameri¬
crude oil
average
.
too
none
Italy
with the
market from
UNEASY
the lost markets in other countries
conquered by the
Reich has offset the sharp expansion in home demand for
motor fuel which promises to set 1940 at a new
high record
Ending of the European market for crude, on top
sharp drop in exports of motor fuel and other refined
products, found the industry in an over-extended position
in that it could not curtail
production quickly enough to cope
Allegheny field
LESS-
LOWER—
and
of the
the
FUEL
INDEX
The virtual ending of the export market for motor fuel
due to the quick defeat of France by Germany and
that had been responsible for
many thousands of barrels of
crude oil.
Texas was the only major
oil-producing State to show an
increase in its total,
although even here the figure was under
the July market demand for the State as estimated
by the
Bureau of Mines.
Daily
are
maintenance of
The weakness in Texas which has broken out this week in
cuts became acute some time back when France's
defeat by the Axis, powers ended a market for Texas oil men
average
MOTOR
PRICE
INDUSTRY
STOCKS
record demand in the domestic market for gasoline, and oil
price
daily
FOR
OF
FROM
price weakness in North Texas crude oil adding a
further bearish influence, the statistical position of the
refined products branch of the industry fails to reflect the
with you as to the seriousness of the situation which
and all of us face and I also am ready to take serious
measures to
remedy it," Mr. Sinclair's wire stated.
Pointing out that Consolidated's subsidiary, Sinclair
Prairie Oil Marketing had not cut
prices until others had
initiated lower postings, Mr. Sinclair called for a free dis¬
cussion of the factors involved in the current
price weakness
in the industry.
"The industry is being subjected to false
and misleading
propaganda concerning the importation of
foreign oil," he pointed out. "The discussion should not be
concerned merely with how much or for how
long prorated
states should be cut back. There
might also be some helpful
discussion of the influences that prevent the
average refiner
from getting prices for his
product that would enable him
to pay a reasonable
price for crude."
output for the nation was below the market demand estimates
the United States Bureau of Mines.
The American
Petroleum Institute reported that
average production for the
week of
July 13 was off 41,650 barrels to a daily figure of
3,560,750 barrels, which compares with the July estimate of
3,628,400 barrels of the Federal agency.
GAS
With the
agree
of
OF
THAN-SEASONAL—GASOLINE
you
new conditions abroad.
For the second consecutive
week,
July 20, 1940
PRODUCTS—STATISTICAL POSITION
ended
32,000
.
July
13,
barrels,
1940,
of
amounted
which
151,000
and
to
Gulf
Coast
were
ports
during the
daily average
gasoline -received at
224,000 barrels,
barrels
a
Philadelphia and
73,000 barrels of gasoline received at Houston.
Reports received from refining companies owning 85.3% of the 4,533.000-
barrel
estimated
daily
potential
refining
capacity
of
the
United
States
Volume
The Commercial &
151
to stills, on a Bureau of Mines
crude'oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week 92,372,000 barrels of finished and
unfinished gasoline.
The total amount of gasoline produced by all com¬
panies is estimated to have been 11,368,000 barrels during the week.
that the industry as a whole ran
indicate
basis,
Non-Ferrous Metals—Domestic Copper Slightly
CRUDE OIL PRODUCTION
(Figures in Barrels)
reported that inquiry for lead and zinc was fair during the
last week, but buying interest in copper was moderate.
The Government purchased tin under its stockpile program
at the fixed price; otherwise buying was light, with quota¬
tions tending to stabilize at close the 50c. per pound basis
for
Week
Weeks
Change
Week
Calcu¬
pound,
Four
-
M.
lated
Stale
Ended
from
Ended
Ended
Require¬
Allow¬
July 13,
Previous
July 13,
July 15,
1940
1939
Week
1940
ables
ments
{July)
408,100 b409,800
—18,100
419,700
further
weakness.
bl78,200
—4,250
180,550
that is well above that of last year.
Copper
166,750
159,400
Domestic copper 6old at
150
b200
Nebraska..
59,350
—250
61,600
58,350
North Texas
83,950
+ 600
90,650
86,400
29,000
—1,650
30,850
32,250
+ 1,200
200,6.50
236,400
+ 6,800
72,300
93,700
East Texas..
179,050
70,500
374,750
+ 1,850
Southwest Texas
170,600
—6,100
360,750
199,300
222,900
Coastal Texas
176,150
+2,550
199,350
222,650
West Central Texas._
West Texas
East Central Texas.-
....
373,100
two
65,400
-3,000
67,750
71,750
216,550
-3,000
219,600
204,100
North Louisiana
Coastal Louisiana
278,100
280,371
281,950
—6,000
287,350
275,850
67,400
Louisiana
Total
Arkansas
73,000
72,400
+ 1,100
72,150
b7,300
485,850
b9,700
9,250
-17,800
502,150
—4,050
11,950
9,700
Mississippi
402,300
Illinois
9,000
Indiana
9,684 tons in the preceding
96,000
Eastern (not including
Illinois & Indiana)
Michigan
Wyoming
61,600
Montana
18,100
Colorado
4,800
90,650
55,600
+ 1,350
75,350
—250
19,050
3,900
15,950
104,800
109,650
72,600
19,150
3,750
80,600
—100
105,050
106,100
106,100
New Mexico
+ 5,000
—1,750
92,200
54,150
94,100
_
67,550
62,100
4,050
England has been showing some interest
in copper in this market, sales for the week in the export division were
light and prices developed further weakness.
Business was booked down
Though it was reported that
lOHc., f.a.s. United States ports.
to
Total United States 3,628,400
3,560,750
These
oil
certain premises outlined in Its detailed forecast
As requirements may be
domestic crude
calculations of the requirements of
Bureau of Mines
are
based upon
July.
for the month of
supplied either from stocks, or from new production,
deducted from the
requirements to determine the amount of new crude to be
contemplated withdrawals from crude oil inventories must be
Bureau's
estimated
produced.
a. m.
Stocks of
month.
against the low of 135,441 tons at the end of January, and 335,012 tons at
the end of June, 1939.
Under normal conditions the figures for June would
unfavorable, but, with the huge rearmament pro¬
have been construed as
getting under way, some producers were not in the least concerned
about the gain in stocks. Mine production in June held close to the level of
gram
month.
Lead
reliable
the net basic 31-day
Is
allowable as of July
It was obtained from
1.
pending publication of official figure.
Past experience indicates it
completed and if any upward revisions are made.
It
sources
volume during the last week,
Demand for lead was in fair
believe consumption of lead is
buyers.
quotation remained steady at 5c.,
The
contract
St. Louis.
Zinc
figure of approximately 404,129 barrels for East Texas after deduction
for shutdowns.
All fields in the State were ordered shutdown for seven days,
a net
namely, July 4, 7, 10,
d Recommendation
Note—The figures
indicated above do not include any estimate of any
oil which
might have been surreptitiously produced.
RUNS
CRUDE
STILLS
TO
AND
ENDED
JULY
13,
OF
GASOLINE, WEEK
1940
Each)
(Figures in Thousands of Barrels of 42 Gallons
Deliveries of
position.
preceding week.
Shipments of common zinc for
Undelivered contracts declined to 51,660
tons in common metal.
The domestic smelting industry, operating on
domestic and foreign ore, is producing zjnc at near capacity. The quotation
for Prime Western continued at 6Hc., St. Louis.
Daily Refining
Capacity
at
Except for government
Refineries
Daily
Percent
Inc. Natural
Average
Operated
Blended
Percent
Tin
Production
Stills
Reporting
560
87.1
1,439
117
82.4
90.2
603
90.0
2,380
76.9
268
83.0
z943
59.6
123
73.7
571
pound for last-quarter
643
100.0
156
91.0
743
420
Inland Texas
280
.
1,071
85.3
837
91.6
2,436
Louisiana Gulf
164
97.6
122
76.3
301
North Louisiana & Arkansas
101
51.5
42
80.8
Rocky Mountain
119
55.5
45
68.2
198
87.3
466
63.8
1,159
85.3
3,183
82.3
quantity at 50c. a
buying of tin in undisclosed
delivery, the domestic market was quiet during the
gravitated toward the government
Straits in the open market
last week.
Straits tin yesterday closed at 51c., against 51 %c. earlier in the week.
in Washington working toward the erection
price.
407
East Coast
Appalachian
Indiana, Illinois, Kentucky.
Oklahoma. Kansas, Missouri
5,826 tons.
the last week totaled
Gasoline
Crude Runs to
District
Rate
market
grades have been large, indicating that
consumption is being maintained this summer at a satisfactory level.
Sales of the common grades for the week ended July 13 totaled 2,646 tons,
firm
a
against 850 tons in the
PRODUCTION
Potential
in zinc almost daily to keep the
Sufficient business is being booked
in
14, 18, 21 and 28.
of Central Committee of California Oil Producers.
New York, which was also the
& Refining Co. and 4.85c.,
settling basis of the American Smelting
win increase as new wells are
Includes
6,696 tons
in the previous seven-day period. Producers
continuing at a good rate, as call for ship¬
ments proceeds in substantial volume.
Deliveries for June are estimated
between 46,000 and 48,000 tons. The pressure of foreign lead still seeking a
market continues to encourage a conservative buying policy among most
being sold, against 2,579 tons
July 10.
This
c
for week ended
Oklahoma, Kansas, Nebraska, Mississippi, Indiana figures are
b
7
Both domestic deliveries and
smaller in June than in the preceding
refined at the end of June amounted to 199,586 tons,
20,922 tons during the month.
of duty-free copper were
exports
—41,650 3,662,300 3,529,700
a
showed that stocks of refined copper
domestic statistics for June
The
—41,050 3,048,050 2,904,400
625,300
—600
614,250
California
believes that a little curtailment in
The industry
seller's market.
a
production will occur this summer.
the preceding
593,900
2,935,650
625,100
d587,000
Total east of Calif. 3,034,500
The copper statistics for last month
view the immediate outlook as pointing
week.
not such as to make consumers
were
increased
263",950
As in
level.
The large mine operators continued to quote 11 He.
Business
during the week totaled 5,859 tons, against
quotation.
booked for domestic account
61,400
—1,200
10 %c. and on the following
placed in the competitive market was
the preceding week, inquiry improved at the 10 He.
days virtually all of the business
at the lower
to
+ 5,000 1,215,450 1,325,750
1,339,400 c!236,740 1,143,350
lOJ^c., Valley, during the first half of the week,
15) there were sellers at
but since Monday (July
Panh andle Texas
Total Texas
holding at a rate
The publication further
sumption of major non-ferrous metals is
445,400
159,400
Kaasas
selling at
reported:
403,900
Oklahoma.
copper declined one-eighth cent a
10%c., Valley.
Export copper showed
Lead was steady and zinc firm.
Con¬
Domestic
Straits.
Actual Production
a
B. of
Lower
Quiet Market—Near-by Tin Easier
"Metals and Mineral Markets" in its issue of July 18
in
3,565,000 barrels of
DAILY AVERAGE
323
Financial Chronicle
Conferences have been held
of
a
tin smelter in the United States,
tin supply
the
having in mind the possibility that
from the Straits might be cut
off.
Rplivian concentrate, now
would have to be diverted to this country,
which would bring Bolivian producers into the picture and perhaps involve
the entire tin control plan now in force.
Bolivian interests are expected to
enter into exploratory discussions in the near future.
Straits tin for future arrival was quoted as follows:
moving to the United Kingdom,
9,947
Texas Gulf
836
California
113
P»Mf
Reported..
1,421
382
Estimated unreported
♦.Estimated total U. S.:
July 13, 1940
July' 6, 1940
P
♦.U.S.B.ofM. July 13, 1939
4,533
3,565
11,368
4,533
k.
3,575
11,469
yl 1,390
x3,448
♦^Estimated Bureau of Mines' basis.
xJuly, 1939 daily average,
y This is a
production based on the U. S. Bureau of Mines July, 1939 daily average.
12% reporting capacity did not report gasoline production.
August
July
October
September
50.000
July 11
50.875
50.375
50.125
50.750
50.250
50.125
50.000
July 12..
50.250
50.125
50.000
July 13.
50.750
50.750
50.250
50.125
50. (KM)
July 15
50.750
50.250
50.125
50.000
50.250
50.125
50.000
July 16
-
50.750
July 17
week's
z
STOCKS
FINISHED
OF
GAS AND
AND UNFINISHED GASOLINE AND
FUEL OIL,
WEEK ENDED JULY 13,
July 12, 50.250c.;
July
17,
1940
13',
July
50.000c.'
50.250c.; July 15, 50.250c.; July 16,
50.000c.
DAILY PRICES
OF METALS (E. & M. J.
QUOTATIONS)
(Figures In Thousands of Barrels of 42 Gallons Each)
Straits
Electrolytic Copper
Stocks of Finished &
Unfinished Gasoline
Stocks of
Stocks
At
Dom.,Refy. Exp., Refy.
At Terms,
Terms,
Total
Finished
At
in Transit
At
in Transit
Finished
and
Refineries
and in
Refineries
and in
Pipe Lines
Pipe Lines
Unfin'd
5,375
21,756
Texas Gulf
Louisiana Gulf
No. La. & Arkansas
Rocky t Mountain.
California
.
6,475
4,895
2,873
219
112
3,590
562
3,276
6,271
6,685
1,236
61
321
13,926
4,453
"722
5,455
1,160
21
1,040
259
14
491
2~005
55,430
1,164
1,252
16,851
7,920
22",403
85,342
24,589
9,972
75,085
28,385
6,925
7,030
955
705
2,035
205
85,281
92,372
25,544
10,677
77,120
6, 1940
86,470
93,275
25,078
9,652
76,494
28,859
73,317
79,263
24,622
8,707
85,114
28,725
B.
of
6.25
4.85
6.25
10.200
51.250
10.200
51.000
5.00
4.85
6.25
10.200
51.000
5.00
4.85
6.25
10.229
51.188
5.00
4.85
6.25
Average
10.598
10.525 @ 10 650.
Average prices for
o.
b. refinery,
zinc,
*
July 13,
*
Estimated Bureau of Mines' basis.
Domestic coppe1"
10.338c.; Straits
5.000c.; St. Louis lead, 4.850c.; St. Louis
calendar week ended July 13 are:
10.623c.; export copper, f..o. b. refinery,
New York lead,
6.250c.; and silver, 34.750c.
quotations are "M. & M. Ms" appraisal of the major United States
markets, based on sales reported
by producers and agencies. They are reduced
to the basis of cash. New York or St. Louis, as noted. All prices are in cents per
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis: that is, de¬
The above
pound.
livered
at consumers'
the
Delivered
basis.
plants.
As delivery charges vary with the destination,
net prices at refineries on the Atlantic seaboard.
figures shown above are
Mines
1939..
6.25
4.85
X
tin, 51.479c.;
596
July 13, 1940
S.
4.85
5.00
10.525
f.
28,590
TT.
6.25
5.00
.
10.525
July 15
x
♦Est. total U. S.:
_-uly
<qrf
51.250
4.85
5.00
51.250
10.250
July 16-_,r.
JuJv 17
1,349
131
15,126
""97
78,356
Reported
Est. unreported
.
St. Louis
5.00
233
518
July 13
10.250
10.650
10.650
"277
2,533
497
July 12
New York
51.375
10.275
10.650
St. Louis
2,065
1,786
July 11-
New York
488
14,896
3,475
15,645
2,254
Inland Texas
5,300
12,093
Appalachian
Ind., 111., Ky._.._
Okla., Kan., Mo
22,671
1,426
East Coast
Zinc
Lead
Tin
of Residual
Fuel OU
and Distillates
Total
District
Gas Oil
prices in New England average 0.225c. per pound above the refinery
Export quotations for copper are reduced to net at refineries on the Atlantic
board.
On foreign business, owing to the European war. most sellers are
sea¬
restricting
The Commercial & Financial Chronicle
324
July 20, 1940
PRODUCTION OF CRUDE PETROLEUM
basis.
Quotations, for the present, reflect
this change In method of doing business.
A total of 05c. Is deducted from f .a.s. basis
(lighterage, Ac.) to arrive at the f.o.b. refinery auotatlon.
offerings to t.a.s. transactions, dollar
BY STATES
AND
PRINCIPAL FIELDS
(Thousands of Barrels)
Due to the
European war the usual table of daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: July 11, spot, £267H
three months, £266^5 July 12 spot, £266^; three months,
£265July 15, spot, £26534; three months, £264^4;
July 16, spot, £265; three months, £264; and July 17, spot,
£264three months, £264 M-
Jan. to
Apr.,
May, 1940
1940
Daily
1939
Aver.
May,
May,
Daily
Aver.
Total
1940
1939
2.1
2.4
2,134
68.8
68.1
1,596
10,211
7,292
2,198
70.9
70.5
1,719
10,545
8,000
64
Arkansas—Rodeasa
Rest of State..—
Total Arkansas...
123
47.1
708
334
Crude
Petroleum
Petroleum
and
Products,
May,
1,454
46.9
Long Beach
1,353
43.6
44.8
1,648
1,498
7,310
6,805
7,377
Wilmington........
2,570
82.9
83.6
2,786
12,601
12,999
California—Kettleman Hills...
13,642
production of crude oil in May continued to decline
The
the
from
of
record
United States Department of the Interior.
Mines,
daily average in May
the
April
The
production
Illinois,
large
a
change
Illinois
to
a
the
in
figures
State
of
a
decrease
in
arid
Texas
small
stills
to
were
recessions
the
was
than offset
more
Oklahoma
in
63,551
1,385
26,632
77
5,198
167.7
160.5
5,359
25,980
25,250
445
14.4
14.9
494
2,131
2,249
7,173
231.4
226.2
28,752
6,029
33,062
594
19.2
20.7
800
3.113
48.6
48.0
1,438
7,259
6,908
9,274
299.2
294.9
8,267
43,434
39.860
1,771
57.1
60.6
1,935
9,443
8,663
Rodessa
Rest of State
Total Louisiana
in
8.1
252
7.7
in
crude
stocks
at a higher
were
production, crude stocks continued
to
roae
total
a
3,800,000 during
of
In
spite of the decline
to increase.
261,839,000 barrels
Refinable
May 31,
on
19.9
17.7
508
2,735
2,257
108.7
109.4
3,318
17,027
15.543
439
14.2
14.8
439
2,209
2,028
1,305
New York...
9.0
9.1
288
1,241
3,300
106 5
104.7
3,402
16,017
3,637
117.3
117.2
4,125
18,044
18,811
6,508
13,445
209.9
217.1
7,284
31,987
35,316
433.7
439 0
14,811
66,048
70,873
1,553
10,807
280
Ohio
Oklahoma—Oklahoma City
Seminole...
—
....
..
;
Efforts
The
below
of
low
bined
the
in
small
the
finished
and
May
31,
decrease
barrels
of
rate.
showed
barrels
last
May
52,946,000 barrels,
than
2%
above
total
in
May,
fuel
motor
of
55%
or
2,704.000 during
May,
year
has
The
9,925
320.2
43,651
1,408.1
2%,
for
compared
to
about
are
on
with
a
16,660,000
at
relatively
a
demand
distillate fuels
of
for
6%,
high
residual
and
for
barrels
at
the
time
same
May, 1940, was 50.7, compared with 52.5 in May, 1939.
e»jde oil capacity represented by the data in this report
4,344,000 Parrels,
hence the operating ratio
83%
in
was
83%
was
compared with 82%
May, 1939.
AND
OF
ALL
62.130
2,227
11,609
884
3,302
4,432
330.4
9,236
47,501
44.120
1,486.1
43,484
217,179
1,431
205,229
10.0
320
10,155
1,481
14.6
14.5
497
1,411
2,184
7.690
2,311
47.6
2,134
68.8
62.1
1,908
9,874
8.095
0.3
0.2
6
38
29
118,283 3,815.6 3.868.2 110.541
576.211
518,784
5.784
-
-
Includes Missouri, Nebraska, Tennessee and Utah.
a
*
Weekly Coal Production Statistics
The latest weekly report of
United
States
the Bituminous Coal Division,
the Interior, reported that
Department of
because of the Independence Day holiday production of soft
coal declined
sharply in the week ended July G.
The total
output is estimated at 7,120,000 net tons, as against 8,132,000
tons in the
preceding week.
Production in the week ended
July 8, 1939, amounted to 5,866,000 tons.
The United States Bureau of
stated
Mines, in its current report,
that influenced
by the holiday, the estimated output
of Pennsylvania anthracite indicated a decrease of 359,000
tons, or 34.7%, from that of June 29.
however, of 37.7%
This
the 491,000
over
increase,
was an
recorded
tons
for
the
corresponding week in 1939.
ESTIMATED
DEMAND
61,539
77.3
20.9
54.2
a
STATES
UNITED
COMPARABLE
SUPPLY
418.6
453
Total United States
stocks
barrels
the month compared
27,813,000
32,633
10
Total Wyoming
Total stocks of distillate fuel oils amounted to 28,200,000
31,
6,992
51,759
37,731
1,681
Rest of State
ago.
of
7,724
55,497
6,883
13,447
10.0
311
West Virginia...
Wyoming—Salt Creek
retarded
total
Accowng to the Bureau of Labor Statistics the price index for petroleum
and
19.5
com¬
yea|
April
71.4
605
6pite
stills,
to
run
demand,
These stocks
1939.
In
100,859,000
to
product$j|h
The
in
384.7
2,214
Panhandle
Other
1939.
gasoline stocks.
gasoline amounted
increase
an
May
on
11,925
East Texas
16.746
or
1039.
was
lighter fuel oils continued
Compared to May, 1939, the total
kerosene of 13%.
to
for May,
in
the
for
compared
exports were only 1,992,000 barrels,
less
liquidation
in
demand
seasonal
fuels
gain
a
13.0%,
of
the large volume of crude,
unfinished
3,331,000
fuel
yield
Tim decline in exports reduced the increase in
seasonal
higher than
The
respectively,
to
decline of only
a
distillate
a
motor
ago;
Mhy.
demand
gasoline yield,
with
progress
of
for
a year
last
fuel
and
11.7%,
and
demand
7% above
motor
the
of
44.4%
those
total
of 42.3%
domestic
almost
262.3
Rodessa
by refiners to adjust operations in May to the relatively greater
fuel oils and the seasonal excess of gasoline stocks resulted in
yields of
52.7
376.6
253.0
crude
for
gasoline yield
a
51.1
359.3
7,843
West Texas
the month.
Refined Products
demand
1,585
11,139
Pennsylvania.
Texas—Gulf coast
gain of almost
a
1.024
616
Rest of State.
level.
4,200
3,370
Montana
New Mexico
Total Texas
April, and crude imports
312
1,507
Louisiana—Gulf coast
and
41,000 barrels greater than
were
6,849
10.1
.......
Total Oklahoma
runs
430.4
10.5
Kansas..
Rest of State
crude
531
446.3
325
Kentucky.;..
Michigan.
Daily average
93,455
515
Mississippi
production
446,300 barrels daily.
The daily
new record of 231,400 barrels.
In¬
Louisiana, Wyoming and Kansas
64,667
92,697
132
Michigan
peak of
new
of coastal Louisiana set
in
creases
by
The
65,981
19,074
4.1
13,833
Illinois
52,(XX) below
or
The Bureau further reported:
outstanding
in
8,815,600 barrels,
was
13,142
613.4
4.1
-
Indiana.
but 240,800 barrels above the average of
average,
May, 1039.
increase
according to the Bureau
of March,
level
437.9
613.5
127
Total California
Colorado
440.1
19,019
Rest of State.
1940
8,412
DATA
OILS
PRODUCTION
PRODUCTION
ON
OF
OF
SOFT
CRUDE
COAL
WITH
PETROLEUM
(In Thousands of Net Tons)
(Thousands of Barrels)
Week Ended
Jan. to
May,
1940
April,
1940a
May,
1940
Bituminous Coal
Total,
118,283
116,045
110,541
576,211
518,784
3,816
3,868
3,436
4,414
3,566
4,280
3,791
4,587
21,940
20,755
247
228
130
1,215
839
123,117
3,972
.......
120,687
114,951
599,366
540,378
4,023
3,708
3,943
3,579
Daily average..
Natural gasoline
Benzol b.
Total production...
Dally average
Imports c:
176
128
494
590
1,831
3,921
3,041
3,434
13,864
including mine
Daily
1940
1939
1,089
2,130
7,174
7,120
8,132
4,424
1,355
5,770
fuel-vsi---
5.890
„
average
Coal equivalent of weekly output
a
Includes for purposes of historical comparison
supply, all oils
Daily average
1,948
529
10,344
2,690
129,551
production of
5,866 227,696 167,181 267,123
1,173
1,437
1,053
1,^76
lignite,
b Total
barrels
produced
5,654 162,397 147,576 115,834
and statistical fonvenience the
during
the
week
converted
to
per barrel of oil and 13,100 B.t.u. per
Note that most of the supply of petroleum products Is not directly
competitive with coal.
(Minerals Yearbook, 1938, page 702).
c Sum of 27 full
weeks ending July 6, 1940, and corresponding 27 weeks of 1939 and 1929.
WEEKLY
PRODUCTION OF COAL,
BY STATES
(In Thousands of Net Tons)
(The current weekly estimates
126,893
4,230
121,538
631,338
562,541
4,179
3,921
4,154
3,725
8,361
11,590
1.156
39,024
115,30?
120,382
592,314
560,619
3,909
3,843
3,883
3,897
3,713
4,886
4,262
8,643
20,723
29,118
7,585
12,128
35,200
48,049
Alabama
based
Alaska
f7,541
are
on
1,922
121,190
railroad carloadings and river ship¬
subject to revision on receipt of monthly tonnage reports from dis¬
ments and are
trict and
State sources
or
of final
annual
returns
from
the operators.)
Week Ended
Demand—
State
Total demand
Daily average
June 29 June 22
1940
•
July 1
July 2
June 29
A toe.
1939
1940
1938
1929
1923e
f
f
c:
Crude petroleum....
Refined products
Motor fuel...
Kerosene......
52,946
;
47,683
49,547
223,163
208,406
1
1
3
4
298
296
225
167
325
Arkansas and Oklahoma..
Domestic demand:
18
22
8
17
62
Colorado.
60
66
58
58
120
5,297
5,621
Gas oil and distillate fuels.
4,368
31,096
26.492
Georgia and North Carolina
10,059
12,210
79,480
64,032
Illinois
Residual fuel oils.
7,52?
26,017
26,526
25,047
142,388
131,987
2,063
2,138
2,132
9,660
9,151
86
106
102
447
398
2,838
2,762
Lubricants
Wax....
Coke
557
364
587
2,564
Asphalt
1,661
2,714
7,232
7,717
1
*
*
*
f
387
70
175
f
695
660
470
584
842
1,243
256
260
190
176
297
416
45
43
24
32
57
93
79
50
82
101
128
796
768
745
569
901
661
106
Indiana,
'
Iowa
Kansas and Missouri
Kentucky—Eastern
Western
88
Total domestic demand.
99
195
183
695
1,112
1,543
24
24
26
26
43
47
5,798
29,419
26,270
Michigan
2
1
4
2
11
12
156
214
693
908
Montana
45
44
50
37
50
1,945
Losses
76
190
5,943
139
Miscellaneous
102
611
6,479
Road oil
Still gas
38
858
884
8,863
3,786
New Mexico.
22
20
14
24
46
51
Maryland
North and South Dakota
108,763
103,456
99,611
536,391
483,452
3,508
3,449
3,213
3,529
3,202
average
Total all oils.
Days' supply.
...
261,839
13,265
258,066
278,087
261,839
278,087
13,516
14,492
13,265
14,492
6,514
6.112
6,212
6,514
6,212
282,176
277,739
270,177
282,176
270,177
563,794
555,433
568,968
563,794
568,968
144
145
147
145
16
f 13
f!4
330
264
446
888
1,605
1,201
2,802
3,613
112
102
98
60
99
113
,»
15
15
14
16
16
34
30
36
23
58
89
296
275
272
207
238
240
24
24
28
24
51
44
1,925
1,856
1,700
1,230
2,045
1,380
570
592
500
394
735
8.56
66
93
104
21
153
.
Virginia
Washington—
West
Virginia—Southern.a
Northern.b_
Wyoming
Imports of crude as reported to
Bureau of Mines; all other imports and exports from
Bureau of Foreign and Domestic
Commerce,
d Exclusive of 126.000 barrels
imported into non-contiguous territories
e Exclusive of 77,000 barrels
Into territories, f Exclusive of
14,000 barrels exported from non-contiguous territories but inclusive of
638 000
barrels shipped from U. S. to territories.
18
451
2,1.50
Utah
b From Coal Economics Division,
from outside the U. S.
20
440
2,160
Pennsylvania bituminous
Texas
Refinable In United States..
Jleavy In California
Natural gasoline
Refined products
20
Ohio...
Tennessee
Stocks—
Crude petroleum:
Revised,
1929
equivalent coal assuming 6,000,000 B.t.u.
ESTIMATED
new
Dally
1939
Crude Petroleum b—
7,517
e934
use
Increase In stocks, all oils.
a
1940
——-
10,125
dl,403
For domestic use
Refined products:
In bond
Exports
c
Jul'/ 8
pound of coal.
Crude petroleum:
In bond
Total
a—
June 29
1940
1939
Domestic production:
For domestic
July 6
May,
1939
New Supply—
Crude petroleum.,...
Calendar Year to Date
Jan. to
May,
c
Other
74
Western
Total
*
States.c
bituminous coal
„_
Pennsylvania anthracite.d
a
Includes
on
the
operations
B.
&
7,965
84
*
6,628
*
5,378
f2
f5
9.648
10,866
O.
in
on
1,034
1,127
866
991
1.352
1,956
9,166
Total, all coal
and
8,132
64
*
9,092
7,494
6,369
11,000
12,822
the N. & W.; C. & O.; Virginian; K. & M.; B. C. <fc G..
b Rest of State'
Kanawha, Mason and Clay Counties,
Volume
The Commercial &
151
Counties, c In¬
d Data for Pennsylvania
Mines,
e Average weekly
rate for entire month,
f Alaska, Georgia, North Carolina and South Dakota
Deluded with "other Western States."
* Less than 1,000 tons.
including the Panhandle District and Grant, Mineral and Tucker
cludes Arizona, California,
records
from
published
of
Ohio.
took shape, these being 10,000 tons
Co.
steel mills include more than 30,000
defense orders to reach the
Other
shipyard engaged in Navy con¬
through to 1942. Original estimates
of steel, other than armor plate and other special steel,
92 ships involved in the new Navy program have been found
Instead of the published estimate of 110,000 tons, the total
tons of
June
1940
July 8,
29,
1940
to be too low.
is estimated
Penna. Anthracite—
676,000 1,035,000 491,000 25,687,000 27,443,000 36,505,000
231,800
174,200
163,100
98,200
135,200
172,500
Dally average
Beehive Coke—
41,700
7,950
a
326,600
3,516,300
2,029
929,900
5,776
11,200
2,240
47,700
8,340
Dally average
21,840
colliery fuel,
c
Placing of
coal shipped by truck from authorized
Revised,
d Adjusted to make compar¬
ear
in the defense program,
provide
increase,
an
armor
A -v.
"the keystone of the
as
quality steels for airplanes, &c.
Naval Ord¬
capacity may be installed at the
at Charleston, W.
plant
nance
described
is undergoing a considerable expansion to
tanks, special
plate for
In addition to whatever new
Va., at least three steel companies are put¬
alloy steel for various defense
capacity of the country will
have been enlarged by at least 300,000 tons annually.
Although the railroads continue to deny the need of large-scale equipment
purchases, inquiries from individual roads continue to appear.
Several
that are pending total more than 8,500 freight cars.
Some roads are
putting out "Feelers" regarding early placement of rail orders not usually
ting in large electric furnaces for making
compared with shipments
during the preceding month of May, of 442,875 net tons, or
12.9%, and when compared with June, 1939, shows an in¬
crease of 909,576 net tons, or 30.7%.
Shipments by originating carriers (in net tons) were
reported as follows:
This is
net tons.
:'.jC\
manufacturer.
arch"
Shipments of anthracite for the month of June, 1940, as
reported to the Anthracite Institute, amounted to 3,868,879
y
with the American Car & Foundry
contracts, probably one with a motor
contract for 627 tanks
Electric furnace steel making capacity,
Shipments Total 3,868,879 Net Tons
Anthracite
a new
Co. is to be followed by other tank
able the number of working days in the three years.
June
necessitated by defense work,
construction contracts on a
elimination of some red tape and
additions to plant or equipment
plus basis has already resulted in the
the acceleration of the defense program.
Includes washery and dredge coal, and
b Excludes
or
formula worked out in Washington covering
together with the government's plan of letting
cost
United States total
operations,
plants
new
983,000 466,000 24,405,000 26,071,000 33,877,000
Commercial produc'nb 642,000
248,000 tons.
by the Navy Department at
The five-year amortization
col¬
Total,
Including
liery fuel.a
amount
required for the
1929 d
1939 d
1940
1939
c
but the deliveries are spread
of the
July 6,
ship plates required by an Eastern
tracts,
Calendar Year to Dale
Week Ended
for Long
and 7,545 tons for transmission towers
Railroad grade elimination
Island
•■v,/V"v■;
(In Net Tons)
awards are for work that was in progress
the largest
for the Southern California Edison
BEEHIVE COKE
AND
However,
before the defense program
ANTHRACITE
PRODUCTION OF PENNSYLVANIA
ESTIMATED
Navy work, and 900 tons for a shop extension at
of
Bureau
the
Bath, Me., which is engaged in
Patterson air field, Dayton,
fabricating shop for the Bath Iron Works,
Idaho, Nevada and Oregon,
anthracite
325
Financial Chronicle
By fall the electric furnace
requirements.
as
noted upon
until fall.
;
,
the British Purchasing Commission
100,000 to 150,000 tons
Export business with neutral countries is
Augmenting other expected business,
June, 1940
June, 1939
May, 1940
May, 1939
794,024
will henceforth place
of steel with American mills.
Reading Company...—
862,389
750,347
609,217
Lehigh Valley RR
710,333
356,395
629,760
501,892
763,349
dull.
261,282
368,001
have declined to
475,930
334,672
475,884
622,471
Central RR. of New Jersey
._
432,432
347,912
352,145
274,487
405,719
340,339
353,418
348,377
321,503
329,138
97,315
301,089
76,982
75,622
380,083
159,354
206,863
169,019
202,102
303,315
3,868,879
3,426,004
2,959,303
Dela, Lackawanna & Western RR.
Delaware & Hudson RR. Corp
Erie RR
..
...
N. Y. Ontario & Western Ry
Lehigh & New England RR
Total.
,
A
466,590
4,205,56
regularly each week orders for
Tin plate is one item
74%
before
cover
noticeably affected, operations of these
quarter steel prices, probably
Aug. 15, is expected because of the prevalent desire of buyers to
contemplation so far as
No advances are in
requirements ahead.
known.
v
While scrap prices are
showing more resistance, the
decline has not been
price is down 33c. from last
The "Iron Age" scrap composite
checked.
•+^:'+y'.y
week to $18.38.
THE
Latest Summary of Copper
SUMMARY OF COPPER STATISTICS REPORTED
COPPER INSTITUTE
BY MEMBERS OF THE
Deliveries to
Production
Customers
a
Crude
Refined
Dom'tic
Export
One week ago
Stock Increases
Stocks
or
Decreases
Blister
(+)
Refined
Year
1936...
Year
1937
Year
1938
Year
—-
—
1939...
497,651 502,627 418,867
6mos. 1940
Jan., 1939—-.-—
Feb., 1939—
Mar.,1939———
Apr., 1939
May, 1939
731,629 748,660 764,560
982,045 964,176 803,095
644,869 638,076 481,803 125,869 289,755
836,074 818,289 814,407 134,152 159,485
—
June,1939
July, 1939
Aug .-Dec., 1939
Jan., 1940.—
Feb., 1940
One week ago
.
Mar., 1940
62 ,548
3,310 309.119
4,222 320,812
4,183 332,513
58 ,600
12,669 337,155
59,452
60 ,707
66.718
61 ,752
48,267
50,803
58,368 42,484
51,225
68,536
59 ,672
61.719 53,573
54 ,850
57,339 59,681
408 ,775 379,841 457,315
89 ,598
80,501
91,428
76 ,145
82,761
63,215
85 ,796
86,295
64,376
84 366
80,964
68,665
c82, ,682
86,029
June, 1940
79 064
86,077
69,467
61,716
a
1940———
Mine or smelter
—70,347
+30,404
-130,270
1939
+ 40.101
1937
+ 1,255
+4,180
—9,936
+ 11,701
+4,642
—2,047
—2,143
16,127 316,543
79,584 159,485
—2,489
—18,469
135,441
145,393
159,795
169.120
+28,934 —157,058
+ 9,097 —24,044
+ 9,952
—6,616
—499
+ 14,402
1939
1938
1936
199,586
—7,013
intake including scrap
Steady
that while
mainly in,
Slightly Lower—Production Rate
lighter products, have experienced a slight flattening
of orders ip the past week as compared with the last
week in June and the first week in July, this is believed to
out
initial requirements
national defense program will shortly make themselves
The publication further stated:
only temporary significance as the
estimated as un¬
changed from last week at 87%%.
Aggregate steel orders in the first
half of July ran ahead of those of the first half of June, but the rate of
increase during
June is apparently not being maintained this month.
Nevertheless for most companies orders have been moderately in excess of
for the industry, being
being reduced, except perhaps in sheets
deadline on
specifications against low-priced commitments.
»
The bulk of new business now is running to the heavier products including
semi-finished steel, shell billets, plates, bars and structural steel.
This
trend is likely to continue as the national defense program unfolds.
An early indication of the effect which Government buying will have on
the steel industry is indicated by awards of fabricated structural steel,
amounting to 49,000 tons, the largest weekly total in more than a year
and comparing with 14,500 tons in the previous week.
Not all of this, of
course, is national defense work, but a considerable part of the bulge is
accounted for by such projects.
For example, 4,000 tons is for an addition
to the Lockheed-Vega aircraft plant, 1,200 tons for an addition to the Vultee
aircraft plant and 2,000 tons for hangars for the Naval Air Station at Ala¬
meda, all in California.
Other defense awards for construction are 1,400
tons for the Navy and Munitions building, Washington, 1,000 tons for a
shipments and backlogs are not
buying has been light since June 30
Mar.
19.61
20.25
18.73
9
'
No.
on
1
melting stee
heavy
quotations at Pittsburgh,
Philadelphia,
and Chicago.
Low
June
Oct.
Nov.
Mar.
Dec.
$16.04
Apr.
9
14.08
May
11.00
June
16
7
12.92
Nov. 10
12.67
18
3
22
30
21
June
+ 20,922
production or shipments, and custom
and strip, in which new
20.61
High
American
The
Production is holding the rate
Oct, 18
Jan.
4
Mar. 10
Jan.
2
Sept. 1 2
July
6
Feb. 16
Aug. 11
$22.61
Nov. 24
$19 92
22.50
15.00
21.92
17.75
-
1937
the
felt.
2
Sept. 19
June 21
15.04
1940
+ 9,544
Age" in its issue of July 18 reported
steel companies, particularly those engaged
of the
2.016c.
Jan.
Based
$18.71
19.92
One year ago
+9,325
The "Iron
have
2.249c.
28
Apr. 16
May 16
Scrap
July 16. 1940, $18.38 a Gross Ton
One week ago
+3,402
Russia, Japan, Australia, &c.).
b At refineries, on consignment and
warehouses, but not including consumers' stocks at their plants or
warehouses,
c Corrected.
some
-
One month ago
c—3,347
exchange
Steel Orders
i
Steel
178,664
(excluding
in
-
+ 7,875
+ 11,693
10,289 335,012
13,117
9,594
7,517
2,974
7,018
3,439
1938-.-——
1936
—4,966
9
Dec.
May
$22.61
22.61
23.25
23.25
19.73
1940
+ 17,785
—4,976
Mar.
3
Based on average tor basic Iron at Valley
Gross Ton
furnace and foundry iron at Chicago,
$22.61
Philadelphia,
Buffalo,
Valley, and
22.61
Southern iron at Cincinnati.
20.61
High
Low
+ 98,283
+ 6,793
301,244
May, 1940
A pr.,
43,659 199,586
17
2
Pig Iron
One year ago
—17,031
+ 17,869
Low
2.211c.
2.236c.
2.211c.
Jan.
Jan.
2.249c.
July 16, 1940, $22.61 a
Period
231,415
54,447 161,068
62,798 259,351
1935—
85% of the United States output.
High
One month ago,.
Year
rolled strips.
1940-.—
2.261c.
1939..W.—..........^..—2.2860.
1938
2.512c,
1937
2.512c.
(—)
of
steel bars, beams, tank plates,
on
wire, rails, black pipe, sheets, and hot
These products represent
2.261c.
2.261c.
...2.236c.
.
One month ago
1936
Refined
End
Based
July 16, 1940, 2.261c. a Lb.
One year ago
b
U. S. Duly
Steel
Finished
following
stocks of
(In Tons of 2,000 Pounds)
Free Copper
COMPOSITE PRICES
"IRON AGE"
Statistics
Copper Institute on July 11 released the
statistics pertaining to production, deliveries and
duty-free copper:
The
mills
.
announcement of fourth
fairly early
nounced that
cated
of
Iron
and
Steel
9
Institute on July 15 an¬
telegraphic reports which it had
received indi¬
operating rate of steel companies having 97%
steel capacity of the industry will be 86.8% of
that
the
capacity for the week beginning July 15, compared with
86.4% one week ago, 87.7% one month ago, and 56.4% one
yea r ago.
This represents an increase of 0.4 points, or
0.5%, from the estimate for the week ended July 8, 1940.
Weekly indicated rates of steel operations since June 5,
1939, follow:
1940—
1940—
1939—
1939—
1
85.7% Apr. 15
8...-.86.1% Apr. 22
June
5
54.2%
53.1%
June 19-„-.55.0%
Sept. 18
12
Sept. 25
79.3%
83.8%
Jan.
June
2
87.5%
Jan.
15
June 26.—.-54.3%
Oct.
9
88.6%
90.3%
July
July
July
July
July
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
38.5%
49.7%
17
56.4%
24
60.6%
31—59.3%
7
60.1%
14
62.1%
21
62.2%
28
63.0%
4—
58.6%
11
70.2%
3
10
Oct.
Jan.
84.8% Apr. 29
Jan. 22
6
82.2% May
Jan. 29
77.3% May 13
Feb.
5—71.7% May 20
Oct.
16
Oct.
23
Oct.
30
90.2%
91.0%
Feb.
12
6
92.5%
Feb.
19
Nov. 13
Feb. 26
Nov. 20
93.5%
93.9%
Nov. 27
94.4%
Mar. 11
Dec.
4
Mat. 18
Dec.
11
Dec.
18
92.8%
91.2%
90.0%
Apr.
Dec. 25
73.7%
Apr.
Nov.
Mar.
68.8% May 27
3
67.1% June
65.9% June 10
64.6% June 17
4
.64.7% June 24
1
62.4% July
8
60.7% July
Mar. 25
61.7% July
61.3%
1
8
"Steel" of Cleveland, in its summary
15
60.9%
60.0%
61.8%
65.8%
70.0%
73.0%
76.9%
80.3%
84.6%
87.7 %
86.5%
,74.2%
86.4%
86.8%
of the iron and steel
markets, on July 15 stated:
Steel
demand
is
fully
sustained
at
an
thia
despite the recent
unusually active pace for
made further gains so far in July
holiday interruption.
Ingot prpoduction advanced
13 points last week
period,
having
to
88%.
This is
approximately the same as the late-June level, but additional increases
are
in prospect for some districts in coming weeks, and the peak for the
current movement apparently has vet to be reached.
A year ago steelinaking was up 7% points to 50%%.
Seasonal influences which normally
buying
are
have
a
being more than offset by - several
restricting effect on steel
.other factors, most promi-
The Commercial & Financial Chronicle
326
various aspects of the defense
Stimulus provided by the latteT is not so much in direct steel
which
of
nent
program.
for
orders
defense
business and
export
are
manufacture
armament
equipment
and
preparations
in
as
buying
anticipatory
in
for
avoid
to
of
production
extensive
more
delays in deliveries.
A fairly large amount of building construction is inspired by pprepared-
Examples of pending work of this type are 4,000 tons of
expansion in California and 6,000 tons
air field hangars in Massachusetts.
In most cases, how¬
measures.
nesa
shapes required for aircraft plant
Government
for
industrial
ever,
Railroads
purchasing
extensions
plant
are
programs
consideration.
under
are
moderate.
are
markets, and sizable
steel and'equipment
in
active
more
Atlantic Coast Line lias
Illinois Central is
enlarged its freight car inquiry to include 1,665 units;
market
the Southern Pacific is
Norfolk & Western has ordered
25,000 tons of rails, and the Baltimore & Ohio has placed 25 dieselelectric switchers.
-Repair work is being quickened by a number of roads.
Despite active mill schedules, backlogs of some products are growing.
Heavy unfilled tonnage of bar producers precludes shipment within 30
days on most grades, with deliveries of certain alloy items deferred several
months.
Contributing to this situation, in addition to active miscel¬
the
in
for
inquiring for
laneous
demand,
and
facturers
make
box
The
changes
last
downs.
earlier
a
needs
tool
builders,
against
industry
trend
numerous
about
Reflecting the
than
ago
year
after
on
fact
buying
than
more
has
one-third
fact suspensions
in
preparation
changes
1939
over
in
earlier
specifications
season
Steel ingot production
for the week ended July 15, is placed
87% of capacity according to the "Wall Street Journal"
of July 18.
This compares with 72% in the previous week,
and 88^% two weeks ago.
The "Journal" further re¬
ported:
at
United States Steel is estimated at 90%, against 71% in the week before
and
90% two weeks
Leading independents are credited with 85%,
ago.
compared with 72% % in the preceding week aDd 87% % two weeks ago.
following table gives
a
comparison of the percentage of production
with the nearest corresponding week of previous years, together
in
are
holds
at
78%.
increasing and
There
years.
is
Mills
fairly
heavy
stocks,
but
looking to the biggest packing
over
tin supplies
from the
are
canuers
little
have
concern
with the
approximate changes, in points, from the week immediately preceding:
East.
Independents
U. S. Steel
Industry
85
1940
87
+15
90
+10%
1939
50% + ll
45
33
29%+
1937
83+5
1936
70
3
1935
42+5
38+4
1934
28
+
+11%
36
+7%
81
84
4-
63+2
5
+
+12%
55
+19
78
+4
45
+
6
-
3
2%
27%+
1930
1929
96%+
1928
71
+
68%+
2
30%—
+
1
52
1%
%
1%
92%+
100+1
1%
1%
1927
+
64
%
%
gO
33
56
31%+
57%+
8
28
%
51+4
1933.
1931
ago.
output
by
steadied
are
1938
'■
Tin-plate
Far
prices
somewhat
are
only 500 units larger than
was
substantial margin
a
output
Shipbuilding continues to furnish a large steel outlet, orders reported
recently including 30,000 to 35,000 tons of plates for five cruisers.
Ship¬
building under construction on July 1 amounted to 291 vessels, aggregat¬
ing 1,566,660 gross tone, against 122 vessels totaling 630,340 tons a
year
active demand, but with no
intimations of a general upturn soon.
Concrete reinforcing bam have
been advanced $5 a ton, restoring them to levels prevailing earlier this
year before severe price-cutting disrupted the market.
Steelmaking in most centers lias recouped the losses of the preceding
week, in some instances moving to new high levels for the year.
Last
week's increases included 16 points to 80% at Pittsburgh, 18 points to
95 at Chicago, 14 points to 84 at Youngstown, 19 points to 94 at Wheeling,
17 points to 88 at Birmingham, 8 points to 77 at Cleveland, 13 points
to 92 at Detroit, 13 points to 65 at St. Louie, 23% points to 77% at
Cincinnati, 12 points to 84 in eastern Pennsylvania, 16% points to 90%
at Buffalo, and 5 points to 85 in New England.
steel
following holiday shut¬
for model
weeks.
model
Auto
shipments.
62,176,
for
unchanged
are
the price composite holds at $18.83.
principal districts and
Finished
unable to
are
foreign
for
manu¬
in
The
steel
total
units to
10,000
maintaining
the
assemblies
last week's production
usual,
aircraft
leading steelworks grades
changes generally are downward,
tool interests.
effect
major
increased
shops,
jThe last-named still
has accounted
automobile
:n
Government
of
despite
backlogs,
without
is
week
auto cars.
aircraft
of recent business of
Declining
and
sizable
are
machine
headway
dwindled.
box and auto cars, and
3,000
2,000
July 20, 1940
markets continue to show an easy tone in most districts, mill
purchases being light following previous active coverage.
While price
Scrap
75+2
68
+
1
71%+
65
+
1
2%
1932 not available.
Current Events and Discussions
The
Week with the
Federal
During the week ended July
balances increased $99,000,000.
reserves
arose
Reserve
New York City
Banks
July
17 member bank reserve
Additions to member bank
from increases of
$90,000,000 in gold stock
bank credit and decreases
and
$10,000,000 in Reserve
of|$19,000,000 in Treasury deposits with Federal Reserve
banks and $12,000,000 in money in
circulation, offset in part
by increases of $25,000,000 in non-member deposits and
other Federal Reserve accounts and $8,000,000 in
Treasury
cash.
Excess reserves of member banks on
July 17 were
estimated to be approximately $6,880,000,000 an increase of
$50,000,000 for the week.
The statement in full for the week ended
found on pages 368 and 369.
Changes in member bank reserve balances and related
during the week and year ended July 17, 1940 follows:
Increase (+) or Decrease
(- -)
Sine
Julu 17, 1940
July 10, 1940
$
$
July 19,
1939
S
Government securities
advances
(not
2,450,000,666
Reserve with Fed. Res. banks.
Cash In vault
9,000,000
—
reserve bank credit
Total Reserve bank credit
40,000,000
2,501,000,000
Gold stock
.•..20,256,000,000
Treasury currency
3,016,000,000
Member bank reserve balances
13,863,000,000
Money In circulation
7,872,000,000
Treasury cash
2,199,000,000
Treasury deposits with F.R. banks..
278,000,000
Nonmember deposits and
4 000,000
+ 10,000,000
+ 36 ,000,000
+ 10,000,000
—36 ,000,000
+ 90,000,000
$
S
$
S
835
6,663
6,719
5,044
1,211
1,166
82
83
62
42
43
32
87
80
76
247
249
222
324
325
380
43
43
46
9,710
9,776
7,655
1,964
1,922
1,682
682
681
632
508
508
493
26
29
59
70
75
60
3,735
3,700
2,941
972
954
760
620
616
540
7
12
294
295
348
16
13
15
1.489
_
1,489
1,479
252
256
264
Other assets—net
Liabilities—
Demand deposits—adjusted
.
Time deposits
United States Govt, deposlts..
Inter-bank deposits:
Domestic banks
.
Foreign banks
7
Borrowings
~
Other liabilities
Capital accounts
Complete
.
Returns
Reserve
*m
-
Member
of
Banks
Federal
the
of
System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
+ 1,000,000
+ 126 ,000.000
+ 99,000,000
+ 3,451 000,000
—12,000,000
+ 850 .000,000
+ 8,000.000
—331 000,000
—19,000,000
—486 000,000
+ 25,000,000
1,560,000,000
covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
+ 669,000,000
cannot be compiled.
In the
Federal Reserve System respecting the
returns of the entire
body of reporting member banks of the
Federal Reserve System for that week ended with the close
of business July 10:
The
of Member
Banks
in
Chicago—Brokers'
New
York
City and
Loans
week, issued in advance of full statements of the member
banks which will not be available until the
coming Monday:
CENTRAL RESERVE CITIES
1940
Assets—
10
1940
-Chlcago-
July
19
1939
July
17
1940
July
10
1940
Industrial
agricultural loans
%
$
$
8,092
2,246
2,234
2,151
2,764
2,732
606
£99
544
1,711
1,714
1,405
436
430
Loans to brokers and dealers..
Other loans for purchasing or
carrying securities
91
118
19
18
18
287
265
472
24
24
33
166
187
60
60
122
115
18
18
13
28
29
60
378
Treasury bills
notes
377
375
"49
""49
"51
125
282
282
403
411
in
weekly reporting member banks in 101 lead¬
in
deposits
changes
for
demand
in
credited
to
week
the
ended
deposits—adjusted,
domestic
banks,
a
and
an
$5,000,000
in
"other securities."
and
district,
and
principal
$314,000,000
agricultural
$3,000,000
$9,000,000 at
States
all
each
loans
in
increased
the
New
York
reporting member
Treasury bills increased
and
Phila¬
banks.
$42,000,000 in
New
$16,000,00-0
at all reporting member banks, and declined
Chicago district.
Holdings of United States Treasury
$7,000,000.
Holdings of United States bonds showed little
the
increased
change
for the
Government
at
week.
Holdings of obligations guaranteed by the United
$17,000,000 in the Chicago district and
member hanks.
Holdings of "other securi¬
$62,000,000 in New York City and $63,000,000 at all
increased
all
increased
reporting
Demand
deposits—adjusted increased in all districts, the total increase
$314,000,000 and the principal increases being: New York City,
; Chicago district, $25,000,000; San Francisco district, $18,-
$213,000,000
000,000,
and
Philadelphia
the
$10,000,000.
000,000 in the San
United
district,
States
$15,000,000.
Government
Time
deposits
deposits
declined
de¬
$25,-
Francisco district,
$19,000,000 in the Chicago district,
$11,000,000 in New York City, and $76,000,000 at all reporting member
banks.
122
Real estate loans..
Other loans
City and
$21,000,000
clined
169
Loans to banks
industrial
Francisco
Holdings of United
York
358
and
paper
$127,000,000
delphia districts,
being
$
9,379
91
Commercial,
San
1939
j
9,400
2,786
Loans—total
of
reporting member banks.
July 19
$
Investments—total..
of
following
increase
Commercial,
the
ties"
New York City
July
of
$11,000,000
(In Millions of Dollars)
17
An
the
States
ASSETS AND LIABILITIES OF WEEKLY
REPORTING MEMBER BANKS
July
statement
shows
increase of $63,000,000 in
rent
'
10:
decrease
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York
City member
banks and also for the
Chicago member banks for the cur¬
IN
condition
citie3
July
Returns
following will be found the comments of the Board
of Governors of the
ing
Open market
1939
$
Balances with domestic banks.
+4,065 ,000,000
other Fed¬
eral Reserve accounts
Loans and
1940
•S
taneously with the figures of the Reserve banks themselves
—65,000,000
Other
.
July 19
10
July
1940
and
Including
P $9,000,000 commitments—July 17)
„
17
1939
—3 000 000
2,000,000
Bills bought.
Industrial
July
1940
—1,000,000
Bills discounted
8.
Chlcago-
•
19
10 July
July
July 17 will be
items
U.
17
1940
71
Deposits credited
City,
256
ing
$19,000,000
member
to
domestic banks
in the
banks.
declined
$82,000,000
in
New
York
Chicago district, and $127,000,000 at all report¬
credited to foreign banks declined $14,-
Deposits
000,000 in New York City.
Treasury notes
1,034
1,023
818
160
United States bonds
159
242
2,538
2,543
2,211
716
715
640
1,286
1,287
1,100
135
134
136
porting member banks, together with changes for the week
1.353
1,351
1,106
347
345
333
and
Obligations
guaranteed
by
United States Government...
Other securities
A
the
summary
the year
of the principal assets and liabilities of
ended July 10, 1910, follows:
re¬
The Commercial & Financial Chronicle
Increase
(+)
Decrease (—)
or
Sinre
S
I
$
Loans and Investments—total
23,683,000.000
+ 97,000,000
Loans—total
July 12,1939
July 3,1940
July 10, 1940
Assets—
8,461,000,000
4,447,000,000
297,000,000
Loans
+ 9,000,000
—4,000,000
+ 560,000,000
377,000,000
paper
loans
for
purchasing
carrying securities
-3,000,000
—267,000,000
+ 1,000,000
Loans to banks
1,633,000,000
773,000,000
2,070,000.000
6,383,000,000
United States bonds
lY,Oo6",000
—22,000,000
+ 97,000,000
+319,000,000
+ 7,000,000
+ 1,000,000
36,000,000
Other loans
Treasury bills
Treasury notes
—64,000,000
+478,000,000
+
Obligations guaranteed by United
Cash In vault.
63,00(0,000
+
+ 24,000,000
512,000,000
Balances with domestic banks
odb,000
+ 263,000,000
+ 334,000,000
+ 3,011,000,000
+ 34,000,000
+ 48,000,000
—69,000,000
+ 418,000,000
+ 11.
2,416,000,000
3,680,000,000
11,660,000,000
3,208,000,000
Liabilities—
Demand deposits—adjusted
Time deposits.
United States Government
Inter-bank
+314,000,000 +3,456.000,000
—10,000,000
+.97,000,000
—76,000,000
—90,000,000
20,824,000,000
5,321,000,000
deposits
460,000,000
deposits:
Domestic banks
—127,000,000
8,450,000,000
671,000,000
Foreign banks
Borrowings
—14,000,000
—1,000,000
+1.526,000,000
+ 56,000,000
—6,000,000
British
Delay Plan to Send Children Overseas Due to
of Convoys—United States Removes Quota
Restrictions for Child
Refugees—Prime Minister
Churchill Opposes Exodus
Lack
The British Government announced in London
July 12,
on
that its plan for the evacuation of children from European
War Zones to the Dominions and the United States has been
postponed temporarily because the Admiralty cannot spare
the warships to convoy the liners.
It is said that an esti¬
mated 100,000 children who had been registered to go to
Canada and the United States, are affected by this decision.
The Government, it is explained, could not take the re¬
sponsibility for sending evacuation ships without convoy.
Meanwhile on July 13, the United States Government
removed quota-limitations on the admission of
refugee
children.
In a joint statement the Department of State
and Justic announced that "the adoption of simplified pro¬
cedure will make possible the admission of refugee children
from the war zones in whatever numbers shipping facilities
and private assurances of support will permit."
This
action
followed
Roosevelt's
President
denial
last
week that red tape was
responsible for the delay in getting
passage to this country.
Mr. Roosevelt at that time blamed
the delay on British shipping; this was reported in our issue
of July 13, page 181.
Regarding the joint announcement explaining the new
program, Washington United Press advices of July 13, said;
"It is contemplated that visas and the necessary papers shall at all times
during the period of the emergency be in the hands of at least 10,000 children
in
of those
for
whom
States banks under the following conditions:
settled
to
be
The statement did not mention
admitted, but officials said virtually all would be
The
the credit of
to
upon a
authorize
issuance
of visitors'
visas
to
children
showing of intention that they shall return home after the war ends.
"They provide also for acceptance of affidavits by charitable organiza¬
tions
in
this
country that the children will not become public charges,"
the statement continued.
"It
registered accounts will be repurchasable by the Bank of
$4.0250; Bank of England and (or) Federal Reserve Bank of New York
at
will sell
sterling for the credit of such accounts at $4.0350; forward facilities
will
made
be
United
the
When
available for the reasonable requirements of trade between
of America
States
sale of dollars
a
will be supported
brought
to
the
United
trust fund equal to $50 for each child
under
States
fund will be in the nature of
a
an
the
corporation's
This
auspices.
insurance fund to meet all
contingencies
the ruling rates.
at
area
Forward facilities for hedging will depend
arrangements to be made with commodity markets in United Kingdom.
on
(2) Existing accounts—Subject to three (c) below no further sterling will
be credited to existing accounts of residents in the United States of America
and
dependencies.
(3) Sterling already held on United States account when the new arrange¬
ments
into force may be
come
area, except to pay
States of America;
in
of the
part
any
exchange
foreign
used:
(a) for all payments in the sterling
for exports; (b) for sale or transfer to other residents in
(c) for the settlement of contractual
world,
contracts,
com¬
including bills and remittances in
etc.,
provided
such
commitments
definitely outstanding at the time when the new arrangements come into
were
There is
force.
no
intention to discriminate between outstanding exchange
whether they
were
commercial
or
financial in origin
intention; accounts may fluctuate according to the incidence of payments
or
maturing forward exchange contracts and temporary overdrafts will be
on
It will be essential for
permissible to bridge gaps.
tracts both
sent
also by
and the sterling
by the control is involved it will be necessary to
obtain permission as at present.
contracts according to
regulations
new
(b) transfers from a United States of America
resident in the sterling area, which will be defined
England either in London or through the Federal Reserve Bank of New York
mitments
English.
or to a
by Treasury order issued with the new regulations; (c) the balances standing
the United
the nationalities
these accounts;
over
registered account may be made only to another United States of America
registered account
transit,
regardless of their financial circumstances.
(a) All permitted commercial
sterling between the sterling
(including dependencies) will be
States of America
United
the
and
area
of children
the statement said.
Bankjof
as
and current financial transactions in terms of
Officials said the plan was designed to facilitate evacuation
are
Act
to
(1) Registered accounts—Bank of England will register sterling accounts
be opened with banks in the United Kingdom in the name of United
to
available,"
shipping facilities
York
New
of
A new system of sterling control was placed in effect
July 18 with arrangements for the carrying of registered
accounts in London by United States banks.
Such accounts,
which are to be registered at the Bank of England, may
sell or purchase sterling at the Bank of England at the
official rates, $4,025 and $4,035, and all permitted trans¬
actions between the sterling area and the United States will
be settled through
these accounts.
Transfers from one
American account may be made only into anotherjor to a
sterling area resident.
The Federal Reserve Bank of New York will act as agent
for, and for the account of, the Bank of England by dealing
in spot sterling with New York banks
haying registered
accounts in London.
The Reserve Bank will buy pounds
at $4,025 and sell at $4,035.
Sterling thus dealt injmust
be passed through a registered account.
Sterling accounts existing when the new regulations be¬
came effective cannot be used to pay for exports from the
United Kingdom.
Following is the text of a cable from London, received
July 12 by R. F. Loree, Chairman, Foreign Exchange Com¬
mittee of New York, summarizing the arrangements which
came into force July 18:
currently
xcess
Bank
England Agent
+37,000,000
—4,000,000
1,200,000,000
States Government
Arrange for American Banks toTHold Funds in
in Registered Accounts—Sterling Trans¬
Reserve
—59,000,000
471,000,000
Real estate 'oans
Reserve with Fed. Res. banks
have been passing."
we
actions of Accounts to Be at Official Rates—Federal
or
Other securities
which
London
—16,000,000
brokers and dealers In
to
securities
Other
taken, and I ask for indulgence of the house on account of the many dif¬
ficulties through
British
cultural loans
327
steps^originally
responsibility for the
take full
"I
+1,660,000,000
+330,000,000
—1,000,000
Commercial, Industrial and agri¬
Open market
Churchill said:
Mr.
purchase and sale
outstanding
a
list of all sterling con¬
at zero date (
) to be
by air mail to London Office of American banks or to the main London
correspondent; (d) for transfer to residents in any country with which the
British
Government
have
no
special
arrangement
to
the
contrary.
At
present such arrangements have been made with Canada and Newfound¬
arise from
land, Dutch West and East Indies, Belgian Congo, Ruandaurundi, Syria
The statement said formalities in the issuance of visas and other travel
Additions will be made to this list as and when negotiations with various
respecting the
and departure of the children which
care
failure of individual
assurances
the legal
papers
would
will
notified that visas may be
be
be cut to
may
of support."
and the Lebanon, Sweden,
American
minimum.
consuls
abroad
issued to children for whom support is
available.
"Any
be
corporation
acting
under
the
new
regulations
must
organized for the purpose of assuring the care and support of refugee
children and must be approved by the Attorney General for such
purpose."
the statement said.
"The
corporation
furnish
the Attorney
General with a general
they will"be in
proper
custody during their stay in the country and that they
will be cared for in conformity
with the standards of the Children's Bureau
Department of Labor.
help refugee
children either money, promises to pay money to support a child or promise
to receive a child and
"The
used
support it directly.
solely
to
meet
contingencies
arising from the child's
Children will be placed in private homes
ment.
initial place¬
only after investigation
by child welfare agencies approved by the Children's Bureau and acting in
accordance with the Children's Bureau's standards."
speaking in the House
of Commons on July 18, said that the exodus of children was
most undesirable and that he did not believe the military
situation required it, according to the Associated Press
accounts from" London.
Regarding his remarks we quote
from these accounts
Churchill
said
the
as
follows:
proposed
was
not
physically possible
and that what offers of homes overseas were accepted will be shared
fairly
by rich and poor.
"I
must
frankly admit that the full bearings of this question were not
appreciated by the British Government
It
was
lead to
not
a
foreseen that the
pressing rumors would
national
mild
at the time it first
countenance given to this
movement of such dimensions and that a crop
was
raised.
plan would"
of alarmist and de¬
follow at its tail, detrimental to the
defense."
United States banks may
dependencies and the Philippine Islands.
other items should be forwarded for collection
account after
the necessary
approval in London.
For the time being
and credit to
American banks
are
a
registered
assured of cover if
formalities have been complied with in the United Kingdom
and every allowance will be made for mistakes made in good
faith.
Existing credit facilities will be available only for the liquidation of
past transactions
and steps will be taken to pl$ce all credit facilities on the
exchange.
The Bank of England has no further
basis of official rates of
measures
on
credits
in
mind
but
the registration
and prior
approval of credits will be required as at present.
(6) The Bank of England
will ask United
Kingdom
banks to make
monthly returns of their registered accounts in order to keep an adminis¬
trative check upon the working of these arrangements.
quotations will not J>e changed without advising
interests of
the New York Market in
advance.
(8)
The Bank of England wishes to maintain three days usance.
(9)
The New York Exchange Market will issue quotations for sterling
cheques,
bills, telegraphic transfers, etc., based on the official rates of
$4.0250-$4.0350.
to the Foreign Exchange Committee,
said that an order of the Treasury defined
"sterling area" as follows:
A
exodus
in the United Kingdom.
England in respect of imports in the sterling area from United States of
(7) Exchange market—The spread between spot rates or present forward
Prime Minister Winston Churchill,
Mr.
of
restrictive
$50 for each child which is to be placed in a trust fund will be
be required to
and the machinery of permits will
6afely negotiate sterling bills drawn under credits registered at the Bank
(5)
"The corporation will receive from individuals wishing to
formalities whatever:
continue to function
America and
must
affidavit, covering all children admitted under its auspices assuring that
of the
(4). Administration—The New York market will not
complete any
charitable
Argentina, Brazil, Roumania and Switzerland.
other countries are completed.
London
cable
dated July 19,
The territories which
are
in addition to United Kingdom and Isle of
included in sterling area are any of the
Man
following territories excluding
(a) Any dominion
the British Islands
behalf of League of
Canada, Newfoundland and Hong Kong that is to say
(b) any other part of His Majesty's dominions outside
(c) any territory in respect of which a mandate on
His Majesty and is being exercised by His
Nations has been accepted by
The Commercial & Financial Chronicle
328
Kingdom or In any dominion (d) any
protected state and (e) Egypt, the Anglo-Egyptian
Majesty's Government in United
British protectorate or
TOTAL
ROUND-LOT
CHANGE
BERS *
July 20, 1940
STOCK
STOCK
AND
SALES
ON
THE
NEW
TRANSACTIONS FOR
YORK
CURB
ACCOUNT
OF
EX¬
MEM¬
(SHARES)
Sudan and Iraq.
Week Ended June 29, 1940
Total for
Per
Week
American Banks Are Almost
Only Financial
Short sales
The
following is taken from
B.
Vichy, France, July 14:
banks, which have carried
on
808,455
Round-lot transactions for the account of members:
1. Transactions of specialists In stocks In which they are
'
'
Practically the only financial contact between occupied and unoccupied
France since immediately after the
799,995
Total sales
wireless dispatch to the
a
8.460
...
Other sales.b
Contact in France
New York "Times" from
Cent a
A. Total round-lot sales:
93,065
registered—Total purchases
'
\
• .■
"
armistice has been through the American
3,375
103,005
Short sales.
restricted operations from Vichy and other
centers with Bordeaux and Paris.
Theodore Rousseau, director
in
France, who is
now
confronting financial
has
the
been
for
throughout the country.
houses
absence
of
speedy communication
quotations and foreign exchange rates.
in
cable
transfer
Total sales
of the Guaranty Trust Company's branch
in Vichy, explained today some of the difficulties
of funds,
First,
with
naturally,
the United
37,400
States
Short sales...
2,800
Another has been the difficulty
Other sales.b.
38,900
is possible, although with considerable
which
12.33
106,380
—
—
2. Other transactions initiated on the floor-Total purchases
4.89
41,700
Total sales-.
delay.
Because
of this
3. Other transactions Initiated off the floor-Total purchases
banks here are now refusing to cash
factor, American
20,645
letters of credit at the old official rate of the franc—43.05 to the dollar.
Mr.
Rousseau
said
American end,
he
understood
that,
with certain restrictions at
Short sales...
835
Other sales.b.
the
29,400
franc drafts might be cabled to France.
Total sales.
Member
Trading
on
New York
Curb Exchanges During
The
Securities
and
round-lot stock sales
of these
series
York
on
Short sales
current
Commission.
the New York Stock Exchange and
Total sales.
Trading
are
shown separately
Total purchases.
*
46,625
35,672
The
term
"members"
Includes all
Exchange members, their firms and
their
partners. Including special partners.
the Stock Exchange for the account of members
on
50
46,575
Total sales
from other
figures.
20.37
178,315
Customers' other sales, c
for the account of all members
figures being published weekly by the
Short sales
sales in these
7,010
171,305
C. Odd-lot transactions for the account of specialists:
Customers' short sales
exchanges in the week ended June 29, continuing
of
151,110
...
Other sales.b.
Exchange Commission made public
the New York Curb Exchange
a
New
19) figures showing the volume of total
(July
yesterday
Stock and
Week Ended June 29
3.15
30,235
4. Total—Total purchases
a
Shares in members' transactions as per cent of twice total round-lot volume.
In calculating these percentages, the total of members'
transactions Is compared
during the week ended June 29 (in round-lot transactions)
with twice the total round-lot volume on the Exchange for the reason that the total
totaled 817,020 shares, which amount was
of
transactions
compares
the
on
19.11% of total
Exchange of 4,009,310
shares.
transactions includes both
b Round-lot short sales which are
Sales marked
ended June 22 of 957,180 shares, or 25.56% of total trading
of 3,852,980 shares.
On the New York Curb Exchange
trading during the week ended June 29 amounted
178,315 shares, or 20.37% of the total volume on that
Exchange of 808,455 shares; during the preceding week
trading for the account of Curb members of 141,890 shares
"short exempt" are
Odd-Lot Trading
to
24.56% of total trading of 561,630 shares.
Commission made available the following data for
was
The
the week ended June 29:
York Stock Exchange and the New York Curb
Exchange by their respec¬
tive members.
These reports are classified as follows:
New York
New York
Stock
Total number of reports received
Curb
Exchange
Exchange
1,066
108
243
.
on
835
191
_.
1. Reports showing transactions as specialists
2. Reports showing other transactions initiated
212
562
Note—On the New York Curb
Exchange, odd-lot transactions are handled solely
Exchange, on the
other hand, all but a fraction of the odd-lot transactions
are effected by dealers
engaged solely In the odd-lot business.
As a result, the round-lot transactions of
specialists in stocks In which they are registered are not
directly comparable on the
two exchanges.
number
entries in
of
all
on
the New York Stock
odd-lot
dealers
and
specialists who
Exchange, continu¬
ing a series of current figures being published by the Com¬
mission.
Figures for the previous weeks ended June 29 and
July 6 were reported in our issue of July 13, page 176.
The figures are based upon
reports filed with the Commission
by the odd-lot dealers and specialists.
for Week
Odd-lot sales by dealers (customers' purchases):
Number of orders
10,063
Number of shares.
2,50,161
Dollar value
9,247,444
Odd-lot purchases by dealers (customers'
sales):
Number of orders:
Customers' short sales
of reports
number
more
account
Total
by specialists In the stocks In which they are registered and the round-lot transactions
of specialists resulting from such odd-lot transactions are
not segregated from the
specialists' other round-lot trades.
On the New York Stock
The
odd-lot
Week Ended July 13. 1940
607
than the
The Securities and Exchange Commission made
public on
July 19, a summary for the week ended July 13 of complete
figures showing the volume of stock transactions for the
TRANSACTIONS FOR THE ODD-LOT ACCOUNT OF ODD-LOT
DEALERS AND SPECIALISTS ON THE NEW YORK STOCK
EXCHANGE
85
4. Reports showing no transactions.
New York Stock Exchange During
on
64
floor
"other sales."
STOCK
the
3. Reports showing other transactions Initiated off the
floor
included with
Week Ended July 13
handled odd lots
The data published are based upon weekly reports filed with the New
exempted from restriction by the Commission
rules are Included with "other sales."
c
member
purchases and sales, while the Exchange
volume includes only sales.
This
with member trading during the previous week
members'
in
of reports
than
one
the
various
received
classifications
because
a
may
total
single report
may
carry,
ROUND-LOT STOCK SALES ON THE NEW YORK STOCK EX¬
CHANGE AND ROUND-LOT STOCK
TRANSACTIONS FOR ACCOUNT
OF MEMBERS •
(SHARES)
10,197
Customers' total sales.
classification.
TOTAL
255
Customers' other sales.a
more
10,452
Number of shares:
Customers' short sales
5,939
Customers' other sales.a
Customers* total sales
Total for
Cent
249,407
._
Per
Week
243,468
...
_
Week Ended June 29, 1940
a
Dollar value
8,422,499
A. Total round-lot sales:
Short sales
Round-lot sales by dealers:
Number of shares:
182,090
3,827,220
Other sales.b......
Short sales
Total sales.
B.
60
Other sales.b
4,009,310
Round-lot transactions for account of
members, except for
47,380
Total sales.
47,440
the odd-lot accounts
of odd-lot dealers and
specialists:
1. Transactions of specialists In stocks in
which they are
registered—Total purchases
Round-lot purchases by dealers:
Number of shares
365,950
Short sales.
68,990
a
305,870
Sales marked
66.870
"short exempt" are reported
with "other sales "
b Sales to offset customers' odd-lot
orders, and sales to liquidate a
a round lot are reported with "other sales."
which Is less than
374,860
2. Other transactions Initiated
on
the floor—Total purchases
255,810
Funds
Short sales
•
of
41,500
275,400
•
Other transactions Initiated off the
floor-Total purchases
7.14
15,800
109,460
4. Total—Total purchases
Total sales.b
.
the
2.73
United
States
Frozen
list
Latvia and
Lithuania
of countries
whose
were
added
on
July
15
invading country has been Germany, but Russia
case
was
of these three Baltic States.
At
the same time, the
Treasury issued a general license
authorizing banks to make payments from Estonian, Latvian
715,450
126,290
690,730
817 020
817,020
in
been
the offender in the
Short sales
Other sales
Countries
funds in the United States
"frozen" by executive order of the
President,
following invasion of their territory.
In previous instances
93,690
125,260
the
to
have
Short sales
Total sales
Baltic
After Advance of Russians
Estonia,
316,900
3
long position
9.24
19.11
and Lithuanian accounts "of checks and drafts
drawn or
issued prior to July 10, 1940, and to
accept and pay and debit
to such accounts drafts drawn
letters
of
credit;
provided,
prior to July 10, 1940, under
that each banking institution
Volume
The Commercial &
151
payment or debit authorized by this
file promptly with the appropriate
Reserve bank weekly reports showing the details
making
any
shall
license
329
Financial Chronicle
general
Federal
of such
prepared In accordance with"the require
ments of Regulation S-X there may i* omitted from the prospectus any flnanciastatements and any schedules or parts thereof, except those corresponding to the
financial statements and the schedules or parts thereof, the Inclusion of which was
required immediately prior to the adoption of Regulation S-X."
!
|w j
"6A.
transactions."
of financial statements
In case
foregoing amendment shall be
The
effective July 8, 1940.
Following is the text of the executive order:
EXECUTIVE
8484
ORDER No.
Order No. 8389, of April
Amendment of Executive
Lithuania or any national thereof
has at any time on or since July 10, 1940, had any interest of any nature
whatsoever, direct or indirect: except that, in defining "Latvia", "Estonia,"
"Lithuania" and "national" thereof the date "July 10, 1940" shall be sub¬
stituted for the dates appearing in the definitions of countries and nationals
in which Latvia, Estonia or
f-;v'v'
thereof.
A
previous "freezing" order was
3898.
referred to in our issue
of Their Own Stock
Reacquired
York Stock Exchange
The New York Stock Exchange issued on July 12 its
monthly compilation of companies listed on the Exchange
reporting chaoges in the reacquired holdings of their own
stock.
A previous list appeared in our issue of June 15,
page 3746.
The following is the list made available by the
on
by
Securities
the
The SEC
Commission.
Exchange
and
explained:
The
the
to
the obligations
from
securities
REA
subsidiary of a registered holding
imposed by the Act ,if it issues and sells
amount not exceeding in any one calendar
exempts a public utility
rule
new
company
in
an
2% of its outstanding funded indebtedness, plus its capital
as of the end of the prior calendar year.
year
and surplus
collateral for such securities and the redemption or
of securities issues or sold to the REA also are exempt.
pledge Of
retirement
The
any
designated
is
rule
new
Rule
becomes effective im¬
and
U-3D-14,
mediately.
by Companies Listed on New
Exchange
and sale of securities to the Rural
Administration was announced on July 12
Electrification
The
of June 22, page
Changes in Amount
the Holding Company
adoption of a new rule under
The
Act to exempt the issue
accounts
FRANKLIN D. ROOSEVELT
House, July 15, 1940.
The White
Act
to
by Section 5 (b) of the Act of
Oct. 6, 1917 (40 Stat. 411), as amended, and by virtue of all other authority
vested in me, I, Franklin D. Roosevelt, President of the United States of
America, do hereby amend Executive Order No. 8389 of April 10, 1940, as
amended, so as to extend all the provisions thereof to, and with respect to,
By virtue of the authority vested in me
property
Adopts New Rule Under Holding Company
Exempt Issue and Sale of Securities to REA
SEC
10,1940, As Amended.
Facing Sheet Adopted by SEC for All Data
Holding Company Act
sheet for all amendments
applications, declarations, reports and statements filed
Holding Company Act. The facing page indicates
what each amendment covers and is adopted in the interest
to
under the
uniformity and simplification in the filing of amend¬
Copies of one form are being sent to the,top com¬
of
July 12:
announced on
Exchange Commission
and
Securities
The
July 12 the adoption of a facing
Filed Under
ments.
Shares
Shares
Report
Reported
Co., capital
Air Reduction
5,500
6% preferred..
10,175
520,842
preferred—
Davega Stores Corp., 5% cum. conv. preferred
Curtis Publishing Co.,
.....
I.) de Nemours & Co., common
2,663
4M % conv. pref—..
Co., common..
Gaylord Container Corp., 5y3% cum. conv.
General Motors Corp., common
General Printing Ink Corp., common
pref.
1,988
61,099
7,000
312,983
7,400
313,013
334,606
5,996
Corp., S6 preferred
a6,956
will
1,203
197,549
16,370
9,565
10,765
3,283
4,106
—
Co., S5 conv. preferred
Greyhound Corp., 5M% preferred
Hamilton Watch Co., 6% cumulative preferred
Goodyear Tire & Rubber
397
18,616
Co., common
capital
Sheaffer. (W. A.) Pen Co., common
Shattuck (Frank G.)
....
:
21,216
53,800
55,500
600
2,100
2,331
2,381
1,200
Smith, (A. O.) Corp., common
Swift & Co., capital-.-.-..-----..—
United Fruit Co., common
f79,075
7,200
preferred
9,718
2,000
79,101
Shell Union Oil Corp., 5Yi% cum. conv.
White, (S. S.) Dental Mfg. Co.,
e20,573
73,800
20,867
2,021
47,912
17,567
Seaboard Oil Co. of Delaware,
8,300
2,900
1,875
9,618
2.300
preferred
preferred
—
1,865
Co., common
241
251
5,770
3,736
capital..
5,900
62,673
cancellation of 1.200. c Ac¬
of 275 shares, d Initial report, e Acquisition of 119 and
Adjustment of records,
a
b Acquisition of 200 and
quisition and cancellation
:ancellation of 35,196. f Awarded to employees for
;o options to officers and employees,
h Acquisition
suggestions. 6 Issued pursuant
of 23,533 shares and delivery of
29,050 shares to employees.
Book Concerning Prospectuses
Announcement was made on
July 8 by the Securities
and
that it has amended the Instruction
Book for Form A-2 so as to make is clear that prospectuses
for
securities registered on that form need not contain
financial statements and schedules other than those corre¬
Exchange Commission
sponding to the financial statements and
to be included prior to the effective date
schedules required
of Regulation S-X.
The text of the Commission's action follows:
The SEC, acting pursuant to authority conferred upon it by the Securi¬
ties Act of
1933, particularly Sections 7, 10 and 19 (a) thereof, and
finding such action necessary and appropriate in the public interest and
for the protection
of investors, and necessary for the execution of the
functions vested in it by the said Act, hereby amends the Instruction Book
Form
The
A-2
reading
as
follows:
"Instructions as to
amended
as
bv
Prospectuses other than Newspaper
inserting after
follows:
page
Exchange ruling
177.
reported in our
was
SEC to Revise Regu¬
Program—Finds Satisfaction
Proposals to Alter 20-Day Clause
lations to Aid Defense
in
Exchange," monthly publication
the leading editorial
that "an immediate revision of tlie Securities Acts
In its July issue of "The
of the
states
Stock
York
New
Exchange,
changes in Securities and Exchange Commission regula¬
or
tions,
which
would
be
are
permissible
beneficial
as
a
under
the
present
statutes,
market defense measure as well
aggressive factor in raising capital for preparedness."
by quoting remarks of Jerome N. Frank,
of the SEC, in a letter to F. A. Bonner of the
National Association of Securities Dealers, anent prepared¬
as
an
The article begins
Chairman
financing, in which Mr. Frank said "the Commission
ness
will do
everything in its power to see to it that no obstacles
placed in the way of raising these funds through the
normal financial market channels."
The financial com¬
are
munity would be impressed, the Exchange says, if the SEC
"removed some of the obstacles already retarding the tidal
action of the
normal
The
capital markets."
of
provement
The article goes on to state:
"financial market channels"
prise those which enable both bonds
smoothly and with requisite dispatch.
as
ures
are
13,
these channels
referred to by Mr.
Frank com¬
to flow to the public
Nor need a suggestion for an im¬
and
stocks
be hinged alone
upon
the requirements of
preparedness finance.
An expansion of ordinary production and distribu¬
tion will, if experience counts for anything, run parallel to defense meas¬
SEC Amends Instruction
for
its services
V:..
New York Stock Exchange Urges
8,024
62,200
Raybestos-Manhattan. Inc.. common
Reliable Stores Corp., common
Co., 7% cumulative
Wheeling Steel Corp., 6% preferred-
5,481
3,475
47,812
Cot, common
Petroleum Corp. of America, capital
Plymouth Oil Co., capital
Pure Oil Co., 6% cumulative preferred
Peoples Gas Light & Coke
Vulcan Detinning
40 215
960
d200
Pathe Film Corp., common
United States Leather Co., prior
2,700
40,015
55,650
Stores Corp., 6% preferred
pref. 5%% series
Pacific Finance Corp., common
•••i
The New York Stock
718
12,704
1,070
4,400
3,824
;
to expand and improve
developments would be announced in
.
issue of July
4.629
"~5~361
preferred
Youngstown Sheet & Tube
3.354
505
Mission Corp., common........—...—,
the near future.
47.564
9,504
Lehman Corp., common
aggressive policies
and that important and progressive
20.800
3,320
33,864
3,258
—
be appointed to serve as special¬
66,602
32,200
capital
Interstate Department Stores, Inc., preferred
Kaufmann Department Stores, Inc., common
5% cumulative preferred
...
Keith-Albee-Orpheum Corp., 7% cum. conv. pref
1,136
62,500
America, 6)4% preferred...
Insuranshares Certificates Inc.,
815
1,036
Hecker Products Corp., common
its
c:ntinue
1.562
15,970
firms would be affected by the
Mr. Betts also told members that the Exchange
ists and odd lot dealers.
38,600
98,011
Corp., common
Maytag Co., $6 cum. 1st
Betts said that only eight member
Mr.
ruling and that competent local firms would
38,200
„
Glidden Co., common
Betts, Chairman of the Board of Governors
Chicago Stock Exchange, advised members on July 17
that "there will be no interruption in customer service on
our Exchange" as a result of the recent action of the NewYork Stock Exchange prohibiting its members who are also
members of the Chicago Exchange from acting as specialists
and odd-lot dealers in issues listed on both exchanges.
The
announcement of the Chicago Exchange added:
Arthur M.
of the
C-
334,605
General Shoe Corp., common
National Department
blOO
2,412
h26,477
54,299
Federated Department Stores, Inc.,
North American Co.,
al77,586
31,994
Eureka Vacuum Cleaner Co., common
Hat Corp. of
177,527
1,100
Edison Brothers Stores, Inc., common
General Telephone
1,890
520,843
19,127
2,286
Detroit Edison Co., common
General Realty & Utilities
10,475
1,110
-
preferred..
Consolidated Oil Corp., common
Firestone Tire & Rubber
36,732
Exchange, Says Chairman Betts as Result of New
York Stock Exchange Ruling on "Multiple Trading"
300
cumulative preferred
Bucyrus-Erie Co., 7% preferred
Collins & Alkman Corp., 5% cum. conv.
597,958
36~332
—
—
Customer Service on Chicago Stock
No Interruption in
1,971
587,750
17,619
Beldlng Heminway Co., common
du Pont, (E,
64,200
1,771
:
-
Beatrice Creamery Co., $5
6,200
63,000
Alpha Portland Cement Co., common
American-Hawaiian Steamship Co., common
American Metal Co., Ltd., preferred.
panies in each holding company system.
The facing page
is designated Form U-A and is provided for by an amend¬
ment to Rule U-2.
It becomes effective July 20. > ^ i , ; Vf
2,723
1,923
Allegheny Ludlum Steel Corp., common
Atlas Corp., common
25,364
25,264
—
Latest
Per
Previously
Company and Class of Stock
Prospectuses
Instruction 6 thereof a new
instruction
military
engaged in manufacturing
of many kinds, as wage payments are enlarged and
It may be ventured, also, that an immediate revision of
Act or changes in SEC regulations, which are permissible
employment is stimulated by industries
necessities
spending grows.
Securities
the
under the present
as
well
In
as
an
view
statutes, would be beneficial as a market defense measure
preparedness.
with adverse possibilities in Europe and
aggressive factor in raising capital for
of
certain
prospects
forced to be vigilant in regard to influences
affecting the free marketability of listed securities.
The shock of sudden,
Asia,
stock
exchanges are
hysterical liquidation in May was met successfully by the exchanges, but
no man may say that other tests will not appear—when events will require
the
of
permits.
presence
buyers
a
buying power as widespread as the complete interest
of
of corpo¬
enter the
Securities Exchange
Act
of 1934.
Incidentally, such individuals afford, of themselves, an
important market for new or additional equity issues, a matter of interest
under preparedness finance plans; hut for the moment, directors, officers,
&c., may not be viewed as a source of demand when market stability is
Such buying
power
of large proportions is vested in directors
of corporation shares, who hesitate to
rations and other sponsors
market in stressful
periods because of Section 16 of the
The Commercial & Financial Chronicle
330
the
individuals
The paucity of support from such
sought.
extensive
Under
was
noticeable in
•
price declines of May.
profits realized from the purchase or sale of shares
the statute,
of a
period
The
SEC
of less than six months are recoverable by the corporation.
empowered, however, to exempt from possible penalty certain
is
which
transactions
element
1940—
becomes
unfolded.
is
for
and
more
The task
the size
as
of
defense
of marketing
$
!93g
j
224.100,000
Aug. 31
201.100,000
Oct.
May 31
234,200,000
July
31
194,200,000
Sept. 30
Aug. 31
Apr.
30
June 30
238,600,000
Mar. 30
233,100,000
29
226,400,000
Apr. 30
Jan.
31
219,400,000
Mar. 31
Dec. 30
209,900,000
Jan.
Nov. 30
214,400.000
Oct.
205,300,000
209,300,000
1939—
plans
new
180,700,000
188,500,000
May 31
Feb.
bonds and stocks calls ordinarily
to take advantage of elements affecting investment
"timing"
expert
important
more
1939—
$
June 29
regulation, may deem as "not comprehended
within the purpose of this subsection" (Sec. 16b).
As both speed and
discretion should be more fully in the control of
undenvriting groups as regards the marketing of new issues of securities
than at present, the indicated relaxation of the "20-day incubation" pro¬
vision would be a constructive factor in preparedness financing.
The time
by
it,
1940
20,
June 30, 1939.
Following we give a compilation of the
monthly figures for more than two years:
corporation by its officers, directors or substantial stockholders within
any
July
This figure compares with commercial paper outstanding
on
Mav 31 of $234,200,000 and with $180,700,000 on
191,900,000
191,200,000
195,300,000
195,200,000
Feb. 28
31
Sept. 30
31
31
213,100.000
212.300.000
209,400,000
31
210.700,000
June 30
225.300.000
May 31
Apr. 30
251.200,000
271,400,000
July
296,600,000
292,600,000
186.900.000
Nov. 30
Mar. 31
Feb. 28
1938—
Dec. 31
206.300.000
sentiment.
The
financial
community finds satisfaction in the promised cooperation
investment men in proposals to alter the "20-day" clause,
the SEC with
of
and
in
the announced
Exchange
participants
representatives and other
when wider revisions of existing
York
New
statutes
the securities business
in
Exchange Operated at Profit in
April 30, 1940, Reports President
Ended
O'Donohoe
O'Donohoe, President of the New York Produce
Exchange, recently delivered his annual report to members
of the Exchange, informing them that for the first time
many
profit.
consolidated
the
years
Income for the
.$700,774
and
sale
the
balance
sheet
ended April 30,
year
$702,397,
showed
a
1010, totaled
To this amount was
leaving an operating
added the profit from
the Grain
Total disbursements,
including offsets allowed, to depositors and other
seven
receiverships, amounted to $4,486,114, while divi¬
dends paid to unsecured creditors amounted to
their
claims.
Total
costs
of
liquidation
8-65% of total collections from all
an
of these
average
of 87.67%
receiverships
of
averaged
including offsets allowed.
sources
Dividend distributions to all creditors of all active receiverships during
the month of June,
liquidation
of
the
Inspection Fund and
to
expenses
profit of $4,377.
the
reported:
creditors of these
James J.
in
During June, the liquidation of seven insolvent National
was completed and tbe affairs of such
receiverships
finally closed, it was announced on July 12 by Comptroller
of the Currency Delano.
The Comptroller's office further
banks
considered at Washington.
are
Produce
Year
Liquidation of Seven Insolvent National Banks
Completed During June
plans of the Commission to work closely with Stock
1940, amounted to $2,242,135.
receiverships
finally closed
Data
to results of
as
during the month
are
as
follows:
INSOLVENT NATIONAL BANKS LIQUIDATED
AND FINALLY
CLOSED
Flour
of
DURING
THE
MONTH
Inspection Fund, $4,115, making a total net in¬
$8,492.
The net credit to surplus, after allow¬
of
come
for
ance
investments of
bad
debts and adjustments from other years,
The New
the
York
Produce
Exchange
history of the organization.
time
in
and
down
existence
our
difficulties
our
effects
disastrous
of
nently discouraged, and I have
current
obstacles with
For tho
profit.
1940,
first
time
which
in
more
all
faith that
every
were
due
to
pronounced
will
wearing
.
.
statement,
except
the
for
Gratuity
the
Date
Fund,
ended
April
Net operating profit.
a
$4,377.51
Fund.$3,459.94
654.92
4,114.86
Total net income.
$8,492.37
for bad
debts and adjustments
During
States
the
depreciation of buildings,
ended April 30 export shipments
year
production
through New York
amounted
to
against total overseas shipments of United States
mately 36,000,000 bushels.
Canadian
totaled
wheat
20,000,000
exported
through
handled
through
bushels,
United
the
Port,
$4,822.46.
was
of
wheat
of
.
.
.
United
only
2,410,000 bushels,
grown
wheat of approxi¬
during
the same period,
only 37% of all Canadian wheat
channels, against 61% in the preceding
which
States
was
year.
Corn exported via New York
bushels
out
bushels
were
shipped through
New
York
did
wheat
rail
and
rates
States
of
total
not
United
to
28,500,000
year came to
bushels,
of
only 809,000
which
8,180,000
Canadian ports.
maintain
its
States
grown
market
this
Atlantic
during the fiscal
of
exports
and
position in the percentage of Canadian
handled,
corn
the
lower
largely because of higher
storage
rates
in
other
United
ports.
Soybeans, with
a
.
The cotton seed oil futures business
the
ended,
high
although
rate
of
somewhat
volume
of
on
under
recent
years
.
.
the Exchange for the fiscal year
that
of
a
year
despite
for
the
fiscal
the
uncertain
business
amounted
to
.
.
.
amounting to 245,884,800 pounds.
issue of
June 8,
of President
page
O'Donohoe
was
noted
in
25,000
2-1-32
1,379,481
103.75
150,000
11-11-31
610,637
86.9
3-30-34
760,539
72.35
2-14-38
31,281
85.84
200,000
75,000
25,000
6-21-40
226,683
98.617
50,000
Bank of Chicago offers
$9,500,000 Bonds and Borrows $8,000,000 to Refund
Outstanding Bonds
As the principal step in a
complete refunding of the out¬
standing funded debt of the First-Trust Joint Stock Land
Bank of Chicago, public
offering was made July 16 by A. G.
Becker & Co., Inc., Harris, Hall &
Co., and Lee Higginson
Corp. of $9,500,000 refunding farm loan bonds of the Bank.
The offering included $1,000,000 in
1% bonds due in 3 years,
optional in 6 months, $3,500,000 134s due in 5 years, optional
in one year, and $5,000,000 in
l%s, of which half are due in
7 years, optional in 2
years, and the remainder are due in
10 years, optional in 3
years.
The bonds are priced to yield
from %% to 1.50% to the
optional dates.
Simultaneously, the bank has arranged a 3% insurance
company loan for $5,000,000, maturing in instalments over
a
period of 5
years, and a $3,000,000 unsecured loan at 3%
First-Chicago Corp., its parent company.
With
the proceeds from the
public offering of the bonds and the
two privately placed loans the bank will
redeem its $17,397,000 outstanding bonds, which bear interest
at 434% and
434 %•
The refunding will effect a niaximum annual interest
saving of $358,000 for the bank.
Incident to the offering it is stated:
from the
First-Trust Joint
Stock
Land
Bank chartered in 1922, is wholly
by First-Chicago Corporation, all of the capital stock of which is
held by trustees for the benefit of
stockholders of the First National Bank
owned
of
Chicago.
Edward E. Brown, President of the First National
Bank, is
also President of the Land Bank and
also
in
a
number of other officers of the former
official capacity with the Land
Bank.
By the terms of the emergency Farm Loan Act of 1933,
operations of all
serve
an
Joint Stock Land Banks were limited to
carrying out
an
orderly
program
liquidation.
In accordance with this program, First Trust Joint Stock
Land Bank since May 1, 1933, has reduced its
funded debt from-more than
$62,000,000 to the present figure of $17,397,000.
The option which the
bank retains to accelerate the
maturity of the new bonds will
enable it to
apply proceeds from further liquidation of
assets
to
prompt reduction
of
our
3599.
Deposits in
New
Paper Outstanding on June 29 Declined
$224,100,000, Reports New York Federal Reserve
Bank
<
announcement
showing the total value of
commercial paper outstanding on June 29
Federal Reserve Bank of New York on
was
issued by the
July 16:
Reports received by this Bank from commercial paper dealers show
total of $224,100,000 of open market
paper outstanding on June 29, 1940.
a
York
State
$5,467,755 in
Mutual
Quarter
Savings
Ended
Banks
June
30—
However, Total of $5,670,034,035 Is Far Above Six
Months and Year
Ago
Although savings bank deposits in New York State have
a small decline
during the quarter ending June 30
showm
from
very
the all time high attained on March
31, they are
substantially above the total deposits reported at the
end of 1939 and
Commercial
125,000
85.02
liabilities.
The Commodity Credit
Corporation will soon offer about
$250,000,000 in notes, Secretary of the Treasury Morgenthau
announced July 15.
He explained that the corporation has
obligations on commodity loans in this amount maturing
July 31.
following
88.15
148,816
First-Trust Joint Stock Land
CCC Will Soon Offer
$250,000,000 in Notes
The
$
1,328,497
11- 1-33
First National Bank, Grundy, Va
Declined
to
\
Claimants
Date of
Failure
of
year
2,303,280,000 pounds, which
compares with 2,749,080,000 pounds the
previous year.
Trading in the Black Pepper Futures Market continued to reflect broad
interest and activity, transactions
for the
fiscal year ending April 30
The reelection
j
at
to All
10- 6-31
vllle, N. C
Phoenix Nat. Bank, Columbia, Tenn__
Bank, Fayettevllle, Tenn_„
First National Bank, Purdon, Texas
approximated
ago,
conditions at home and abroad.
Trading
Stock
Declared
Offsets
%
Kewanee, 111
Elk Nat.
The
production of 87,500,000 bushels in 1939, have become
a
crop of national importance and, for the first
time, have been exported
in large volume.
Out of total exports of about 12,000,000 bushels of
soyas, New York shipments aggregated
1,455,000 bushels.
just
First National Bank,
First National Bank, Sheridan. Ill
Cumberland National Bank, Fayette-
shows:
and Flour Inspection Fund
The net credit to surplus, after allowance
Dividends
Including
Allowed
30,
$706,774.41
702,396.90
from other years, but before
bursements
of
Failure
.
year
Income
Add profit from sale of Investments of Grain
Inspection
I
Capital
the many
overcome
Expense
w
another
was
the
the consolidated balance sheet shows
income
funds
we
confronted.
are
we
many years
The consolidated
covering
ever
uncertainties
insurmountable
more
long period of economic depression, climaxed by further
Europe and Asia.
Happily, our people cannot be perma¬
a
in
wars
It is doubtful if there
seemingly
in
|g
Per Cent
Name and Location of Bank
but
the 78th
year,
the
which
in
has closed another
1940
Total Dis¬
before depreciation of buildings, was $4,822, Mr. O'Donohoe
reported.
In discussing the activities of the past year Mr.
O'Donohoe said, in part:
OF JUNE,
nouncement
on
made
June 30
on
a year
ago, according to
July 12 by Albert S. Embler,
an
an¬
Presi¬
dent of the
Sayings Banks Association of the State of New
York and President of the Walden New York
Savings Bank.
Total deposits of the 134 mutual
savings banks on June 30
$5,670,034,035 as compared with $5,675,501,790 on
31, a decline of $5,467,755 or less than 1%.
The
June 30 figure,
however, it is stated, is $71,109,459 above
the total deposit
liability on Dec. 31, 1939, and
were
March
above June 30 of last year.
$155,777,881
The announcement added:
Volume
total
The
number of
of 63,591
gain
over
savings accounts
year
a
but 9,516 less than
1939,
end
the
of
March
on
compounding
6,037,263, a
the end of
Dividends declared at the
June 30 stood at
on
has
30,932 above the accounts at
ago,
1940.
31,
from
Soma
45
from
the
annually instead of
While
exact
no
unusual
rather
during
Mr. Embler stated:
had
It
Another
in
factor
be
to
first
equipment
of new
puchases
the
been
has
considered
made in anticipation of a
have undoubtedly used
People
prices.
withdrawals diminished
-.V.\
household
and
auto¬
membership of the Federal Reserve
Orleans, Orleans, Ind., became a member.
membership had been brought to 403 on July
Sanborn Banking Co., Sandborn, Ind., joined
New
Bank
Bank of St.
The Bank's
13 when the
the Reserve
The
as
have made
mortgage was for
and
balance
the
and
mortgages
$16,488,000 were F.H.A. insured loans,
represent purchase money
for a total of
2,901,
mortgages;
2,600,
of
$22,907,000,
for
made in connection with the sale of owned real estate.
lending activity during the second quarter of 1940 showed
over the first quarter with 5,393 loans for $51,502,000, as
Mortgage
gain
sharp
a
$41,235,000.
While a part of the increase is
construction, a portion of it is
aggressive leading policies currently
following the trend of residential
attributed
in
for
4,313
with
compared
seasonal,
by the report to the more
of the savings banks.
effect among many
adjustments, where necessary, to the $100 denomi¬
Mutual Savings Banks Contribute
$83,824 to 1940 Greater New York Fund
York
City
York City have
contributed $83,824 to the 1940 Greater New York Fund,
according to an analysis of all donors to the Fund to date
issued by the Savings Bank Association.
Of the total sum
contributed, $61,884 was given by the banks and $11,940 by
the employees of the 54 savings banks in the boroughs of
Manhattan, Brooklyn, Queens, and the Bronx.
The an¬
Fifty-four mutual savings banks in New
nouncement further said:
Manhattan
numbering
banks,
The New York Stock Exchange on
dealings on July 22.
offering, referred to in another
detail in our issue of July 13, page 180.
New Offering
Queens
and
$4,210.50,
gave
the
banks
Eleven New York State Savings Banks Change
Rules Without Altering Interest Rates
Indicative of the
dividend
interest
for
rate
rules
desire
maintain
to
the consistent
effected
11
by
thereabouts, to be
bidders. Tenders
will be received at the Federal Reserve banks and the
branches thereof up to 2 p. m. (EST) July 22, but will not
be received at the Treasury Department, Washington.
The
Treasury bills will be dated July 24, 1940, and will mature
on Oct. 23, 1940, and on the maturity date the face amount
of the bills will be payable without interest.
There is a
maturity of a similar issue of Treasury bills on July 24, in
amount of $100,043,000.
In his announcement of the offer¬
ing Secretary Morgenthau also said:
sold
on
a
are
the
banks in
in
changes
New York
State without in any way altering the interest rate, accord¬
"Association News
ing to an article in the savings banks'
Bulletin"
the
published July 19.
"Bulletin"
states, is
to
The effect of these changes,
reduce dividend costs
by
both
simplifying computation of interest and by increasing the
term during which money must be on deposit before being
eligible for dividends.
Regarding these changes, the "Bul¬
letin"
0-
denominations
of
now
credit
and
compound interest
allowing six months
for
the
on
deposit
interest
full period and
for
at
least
instead of their former
if left until
The
Plains
be issued in bearer form only, and in amounts or
$10,000, $100,000, $500,000, and $1,000,000
$1,000,
(maturity value).
No tender for an amount
must be in
less than $ 1,000 will be considered.
multiples of $1,000.
basis of 100, with not more than
tions must not be
same
semi-annually
deposits which
on
three months interest
the
three
months
on
have
been
with
amounts which
previous
method of allowing interest
the end of
January and July
on
to
the
the
have
dividend
1,
bank
been
date,
from the day of deposit
the quarter and compounding quarterly.
system has been adopted by the Home Savings Bank of White
previously allowed interest from the first of each month,
which
i
Each tender
The price offered must be expressed on the
three decimal places, e. g., 99.125.
Frac¬
used.
Tenders will be accepted
without cash deposit from incorporated banks
recognized dealers in invest¬
accompanied by a deposit of
10% of the face amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
and trust
companies and from responsible and
ment securities.
Tenders from others must be
trust company.
Immediately after the closing hour
to
the closing hour
for receipt of tenders on July 22, 1940,
the Federal Reserve Banks or branches
thereof up
will he opened and public announcement of the ac¬
possible thereafter, probably on the
the
right to reject any or all tenders or parts of tenders, and to allot less than the
amount applied for, and his action in any such respect shall be final.
Those
submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds on
ceptable prices will follow as soon as
The Secretary of the Treasury expressly reserves
The Treasury
bills will be exempt, as to principal
and interest, and any
disposition thereof will also be exempt, from all
taxation, except estate and inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.)
No loss from the sale or other disposition of the Treasury bills
shall be allowed as a deduction, or otherwise recognized, for the purposes of
any tax now or hereafter imposed by the United States or any of its pos¬
gain from the sale or other
sessions.
Treasury
amended, and this notice
bills and govern the conditions of their
Department Circular No. 418, as
prescribe the terms of the Treasury
issue.
^
says:
The Buffalo, Erie County and Western Savings Banks, all in Buffalo,
1
or
discount basis to the highest
July 24, 1940.
the highest possible
saver
savings
Interest
given in
was
Dated July 24, 1940
$100,000,000,
bills to the amount of
or
•
item,
Secretary of the Treasury Morgenthau announced July 19
that tenders are invited to a new offering of 91-day Treasury
following morning.
in
banks
2^%
of $100,000,000 or Thereabouts of 91-Day
Treasury Bills—To Be
contributing $3,750 and the
employees $460.50.
Two banks and their employees in the Bronx con¬
tributed $1,629 and $474 respectively, for a total of $2,103.
banks
the
issue of
July 17 authorized the
This
$4,892.85 by the employees in the banks.
Twenty savings banks in Brooklyn were responsible for a gift of $34,167.85,
$28,055 from the banks and $6,112.85 from employees.
Eight savings
by
given
our
to
all tenders received at
was
in
listing of United States of America 2M% Treasury Bonds of
1954-56, due June 15, 1956.
This action was taken follow¬
ing the request for listing made on July 16 by the Federal
Reserve Bank of New York.
The bonds will be admitted
$33,342.85, of which $28,450
donated
24,
the Federal Reserve banks.
Exchange Authorizes Listing of
They (the bills) will
New
and allotments will be announced when final
to subscriptions
as
Treasury Bonds of 1954-56
Association of the
new
average
$6,609,000,000.
New York Stock
mortgages cover
private homes,
instead of from
quarterly.
The offering of these bonds was reported
July 13, page 180.
business and income producing properties as well
fall in three major classifications: savings banks
mortgages; F.H.A. insured loans, and purchase money obligations.
Of
the new loans,
4,207 having a value of $53,242,000 were savings bank
The
end of the quarter,
His announcement said:
reports are received from
The Association stated:
$9,550.
until the
to Offering of 2^% Treasury
Bonds
$6,609,000,000—Allotted on 9% Basis
aggregate
Details
issue of June 8,
banks of New York State
York.
New
of
State
left
as
pay
nation.
Banks Made 9,706
Aggregating $92,737,000, in
19 by the Savings Banks
July
if
percentage basis, with
9,706 new mortgage loans, for an aggregate of $92,737,000,
during the first half of 1940, according to a report made
public
month
each
Falls, now
Niagara
in
Yonkers,
in
Federal Reserve banks show that subscrip¬
Subscriptions in amounts up to and
$39,000,000, where the subscribers specified
that delivery be made in registered bonds 90 days after the issue date, were
allotted in full.
All other subscriptions were allotted 9%, on a straight
First Half of 1940
The mutual savings
Banks in New York, and the People's
Savings
Banks
including $5,000, totaling about
Savings
Mortgage Loans,
semi¬
Reports received from the
♦—
Mutual
State
Citizens'
of 1954-1956.
3586.
York
interest
Secretary of the Treasury Morgenthau announced on
July 17 the subscription figures and the basis of allotment for
the cash offering of $600,000,000 of 2l/i% Treasury bonds
membership of the Federal Re¬
Banks of St. Louis was noted in our
New
compound
years.
and
Savings
Totaled
System.
The deposits in these 404 member banks aggregate
approximately $1,726,000,000, and amount to 75% of the
deposits of all commercial banks in the Eighth District.
Since the first of the year,
11 State banks in this district
have joined the System.
page
now
Subscriptions
16 when the Bank of
increased to 404 on July
Frevious increase in the
of
tions
Membership of St. Louis Federal Reserve
Increased to 404 Banks
serve
banks
saving
quarterly basis which has been the more popular
possible rise
♦
was
Manhattan
their savings for this purpose.
efforts to discourage deposits
of temporary money, savings banks have received substantial funds of a
short term nature.
Some of this type of money has been withdrawn,
undoubtedly, for diversion to other uses and perhaps as the result of the
changes in dividend policy adopted by some savings banks.
However,
according to early reports, there have been few withdrawals of true sav¬
ings as a result of the reduction in interest rates in the eight banks which
have declared a lower rate.
/
The total
a
day of deposit, and continues to compound
Finally, it must be remembered that despite
Louis
in
Bank
of
well as the Niagara County
only on deposits left with the
bank for the full quarter, but continue to compound interest quarterly,
with the exception of the Niagara County which allows interest from the
first of the month succeeding the date of deposit on new accounts only.
The North Itiver Savings Bank in Manhattan now allows interest from the
It
■
recent
Bronx
Yonkers
Savings Bank
were
considered action, the volume of
more
considerably. ■/''
mobiles
peak.
losses
in
The
and
when tension occasioned by the Eu¬
was also during this period when
heaviest, i During June, when time
that time
a
and
volume
permitted
very
at
at
was
was
market
method
decline
there are a
First,
the
character.
situation
May.
ropean
stock
that
in deposits is possible, it
number of contributory factors of
greatest withdrawal activity was
the
explanation of
reasonably certain
on
Savings
quarterly to a semi-annual basis and now allows
each month instead of from day of deposit.
a
first
134, mutual
the
of
Metropolitan
The
quarterly.
shifted
also
interest
quarter were approximately $27,190,141.
In commenting on these figures,
is
331
The Commercial & Financial Chronicle
151
Tenders of $247,377,000
Received to Offering of $100,-
of
91-Day
Treasury
Bills—$100,098,000
Accepted at Average Rate of 0.008%
000,000
tendered to the offering last
thereabouts of 91-dav Treasury
bills dated July 17 and maturing Oct. 16, 1940, Secretary
Morgenthau announced July 16.
Of this amount $100,098,000 was accepted at an average rate or 0.008%.
A total of
week
of
$247,377,000
$100,000,000
or
was
The Commercial <& Financial Chronicle
332
The tenders to the offering were received at the Federal
Reserve bailks and the branches thereof up to 2 p. m. (EST)
July 15.
July 13,
Senate
Reference to the offering appeared in our issue of
179.
The following regarding the accepted
offering is from the Secretary's announcement:
page
is
and
legislation
Hearings in favor of the bill
3756.
Range of accepted bids:
High
This
loan program.
Total accepted, 3100,098,000
*
21
July 20, 1940
now
before the House awaiting
raising the corporation's credit
resources from $900,000,000 to $1,400,000,000 was said to
be necessary if loans are to be continued to be made on
cotton, corn, wheat, wool and other products included in the
action.
bids to the
Total applied for. 3247,377,000
June
on
referred to in
were
issue of
our
June 15, page
100.
Low
99.997—Equivalent rate approximately 0.012%.
Average price
99.998—Equivalent rate approximately 0-008%.
(53% of the amount bid for at the low price
National Advisory Defense Commission
Has Already Placed Contracts of
was accepted.)
+
President
$934,000 of Government Securities Bought by Treasury
During June
Market transactions in Government securities for
investment
in
accounts
June,
resulted
1940,
in
1938—
men,
1939—
July
August
September
31,151,600
3,905,650
38,481,000
1,044,000
purchased
sold
purchased
purchased
360,000 purchased
6,469,750 purchased
September
October
November
December
$3,000,000 purchased
3,295,750 purchased
...
November
1,648,000 purchased
72,51X1 purchased
12,500,009 sold
....
February...
March
January
9,475,000 sold
February
20,801,000 sold
May
5,700,000 sold
April
40,367,200 sold
1.114,100 purchased
1
March
37,064,700 sold
April
June
June..
1,636,100 sold
387,200 purchased
934,000 purchased
May
Treasury Studies Problem of "Frozen" French Funds,
Secretary Morgenthau Discloses
The French assets "frozen" in the United States will
held pending a decision as to "what is
be
the French Govern¬
ment," Secretary of the Treasury Morgenthau announced
conference on July 18. Mr. Morgenthau said that
because of the complexity of the situation he had called in
Prof. J. P. Chamberlain, international law expert of Colum¬
bia University, to advise him on the situation.
In reporting
the matter, Washington Associated Press advices of
July 18
at his press
said:
Virtually the only French funds frozen
being released
by
Presidential order that
are
small monthly sums to maintain the French
embassy and
consulates in this country, Mr. Morgenthau said.
are
Other small
to
have been released to enable the French to
pay
sums
Americans, but virtually
debts
our issues of June 1
(page 3439) and June 15
(page 3757).
In reporting on contracts cleared, William S.
Knudsen, head of the Commission's production division,
said on July 16 that $1,390,575,404 was for the Navv and
$271,316,089 for the Army.
Contracts covered airplanes,
tanks,
battleships,
ammunition,
anti-tank
guns,. anti¬
aircraft searchlights,
machine guns, various fire-control
precision instruments, tractors, trucks, blankets, over¬
coating, serge cloth, worsted shirting, service shoes, ship
propulsion machinery, storage batteries for submarines,
airport and air station construction, barracks and other
items.
The following summary of the reports
covering the six
weeks the Commission has been
functioning, was contained
in Associated Press accounts from
Materials Division—(Edward
France.
Morgenthau added,
was
generally typical of
problems in connection with frozen funds of other invaded
countries
or
dominated
both
for
Conferences—Great
Liberal
Treasury Officials
Britain
Monetary and
Plans
Trade
Conclude
Return
to
Policies
After
to
War
Officials of the Treasury Department, headed
by Secretary
Morgenthau, held several conferences this week with Sir
Frederick Phillips, British Under
Secretary of the Treasury.
Mr. Morgenthau said
yesterday (July 19) that he had been
assured by Mr. Phillips that Great Britain would "return
to
liberal monetary and trade policies as soon as
possible after
hostilities cease."
According to a joint statement issued at
underground bases.
yesterday, the talks covered a
operations, including the question of frozen
assets of invaded European nations.
The joint statement follows, in
part:
The
of
controls
nationals
over
United States
The
British
by
the two
were
as
countries
they affect
held
in
Great
their respective
Britain and
the
given attention.
Undersecretary
that, while Great Britain is
to
governments
of invaded
assets
was
now
able to
Production
porary,
Secretary Morgenthau
exchange control and other temporary
measures
war to resort
affecting international
transactions, his government plans to return-to liberal
monetary and trade
policies as soon as possible after hostilities cea^e.
Such temporary measures
include the arrangement between the financial
centers of London and New
York inaugurated on July 18 for a
system of registered sterling accounts
which should tend toward
stabilizing the sterling rate and help protect the
American market.
Prospective British purchases in the United States
detail and their effects
on
were
considered
in
the balance of payments between the two countries
during the next 12 months
were
carefully examined.
Plans to hold the conferences
of July 13, page 179.
were
mentioned in
our
issue
(William S. Knudsen)—$1,390,575,405 in navy contracts and
Labor
army contracts placed,
Supply
and other labor
War-Risk Insurance Fund Sent to President
Legislation appropriating $40,000,000 to enable the United
Commission to establish
war-risk insurance fund
was
the
marine
and
sent to President Roosevelt on
(Sidney Hillman)—Needs of private industry for skilled
being met.
Between 30,000 and 40,000 enrolees receiv¬
Price
Stabilization
regulation
are
price structure
(Leon
a
as
our
issue of
change July 11.
The House
on
July 10, as was
measure
July 13
,
page
♦
Senate Passes Bill
184.
,
Increasing Capital of CCC by
$500,000,000
A bill
authorizing
increase of $500,000,000 in the capital
cf the Commodity Credit
Corporation was passed by the
an
proposals
effects
on
for
the
price
Nation's
The problem of plant
expansion also is being examined.
Agriculture (Chester Davis)—Work is going forward
new
defense factory locations,
rural areas.
Negotations
are
nations for future deliveries of
commodities.
creased
on
use
of farm
the problem of
with the aim of utilizing surplus labor in
in progress to have funds advanced to other
strategic materials spent here for agricultural
Abroad program likewise is in preparation
domestic
surpluses
as
a
to promote
in¬
of minizing effects of
means
curtailed exports.
Consumer
Protection
(Miss
Harriett
public from unjustifiable increases in
laid
for
Elliott)—Steps
consumer
taken
to
protect
goods prices, Ground work
extensive educational campaign to mobilize public sentiment
behind the idea that the civilian population must be prepared
physically to
an
meet the defense
responsibilities placed upon it by any emergency.
Transportation (Ralph Budd)—Concrete recommendations have already
been drawn up for acquisition of very substantial numbers of
special rolling
of
handling troops and their equipment.
suitable
Emphasis laid
creation
on
supply to meet emergency demands upon rail transportation.
Approval of $17,000,000 worth of Works Projects Administration pro¬
a
car
jects for construction at
army
and navy posts
was
announced today
by
Col. F. C. Harrington, Commissioner of Work Projects.
Most of the projects call for construction
or improvement of
buildings,
utility systems, roadways, rifle ranges and airplane landing fields.
There
were 47 projects for the
army amounting to $7,260,653 in WPA funds and
23 for the navy amounting to
undertaking at
Baltimore
$10,000,000.
There
was
one
Coast
Guard
costing $118,639.
Colonel Harrington said the allocations
the first from the
were
agency's
1941 funds for work to be undertaken by the War and Navy
departments.
additional allotments are expected soon and all national defense
work will be
expedited, he said.
addition to the
quote the following
Materials Division:
above
from
summaries
that
of
Mr.
of
the
reports,
Stettinius,
of
we
the
This Division is working on plans to relieve our dependence
upon foreign
smelters for
our
tin
supply and has obtained the cooperation of industry to
this end.
Mr.
Stettintius,
Mr.
in the total amount of
mentioned in
adverse
prevent
result of the defense program.
but the House agreed
to the
Several serious production stoppages
Henderson)—Numerous
being studied to
senior
originally approved the
long list of diversified
a
are
July 11 for his signature.
The Senate passed the joint reso¬
on July 11 in a
slightly amended form from the House
lution
had
covering
in vital defense industries averted.
In
Legislation Appropriating $40,000,000 for Marine and
Maritime
in prepara¬
Similar
+
States
are
Progress made toward a solution, at least tem¬
of the bottlenecks in the machine tool industry.
stocks for
assure
obliged by the exigencies of
Plans also
Nation's dependence upon foreign smelters for its tin
equipment and material.
the conclusion of conferences
wide field
charge)—Substantia
supply.
ing training for defense industry jobs.
United States and British
in
materials
substantial production increase in high-test aircraft
gasoline and
for its storage in strategic
tion to relieve the
of
Europe.
The list now includes, besides France, Belgium,
Holland, Denmark, Norway, Luxemburg, Latvia, Estonia and Lithuania.
Washington, July 17:
Stettinius Jr.
raw
are being acquired.
Com¬
pletion of plans expected in the next few weeks for manufacture of enough
synthetic rubber to meet most emergency needs.
Arrangements under way
$271,316,089 in
The French situation, Mr.
R.
supplies of strategic and critical
has been permitted to go back to
no money
materials and machines. These reports were presented
President at a meeting with the Commission and
contained in
|
1940
January
National
several members of the Defense Council of the Cabinet.
Previous references to the work of the Commission were
2,844,350 sold
3,157,000 sold
December
1939—
tlie
that
the
to
71,904,950 purchased
1,201,000 sold
October
Since
on July 16,
Advisory Defense Commission
since June 6 has placed contracts
totaling $1,661,891,494
for the Army and Navy.
He also outlined progress made by
the Commission in developing the preparedness
program,
and he read reports from each of the Commission's seven
departments, giving the first details of plans for mobilizing
of
$934,000,
announced
Secretary Morgenthau
July 15.
This figure compares with net purchases in May
of $387,200.
The following tabulation shows the Treasury's transac¬
tions in Government securities, by months, since July, 1938:
August
Transactions
President Roosevelt, at his press conference
revealed
pur¬
chases
July
Reveals
It
$1,661,891,494
June 6
Treasury
net
Roosevelt
Announces
Kundsen
Gano
and
Dunn,
the
division
consultant, went before committees of the House and Senate
expansion of the Tennessee Valley Authority's
for construction
power
$65,000,000, of which $25,000,000
during the current fiscal
Both committees reported out the
head's
to urge
producing facilities
was to be available
year.
proposal favorably, but Representative
Donald H. McLean (R-N. J.) objected to consideration by the House and
was
supported by Representative John Taber (R-N. Y.) and Representative
Everett M. Dirksen
(R-I1L).
This made passage impossible before
recessing for the convention.
This
division has taken the position that it is absolutely essential to the national
defense that the TVA power production be increased in the amount asked.
Delay of
a
few weeks in authorizing this undertaking might
mean
delay of
a
The
151
Volume
in filling the dam for the
year
generation of power as it is necessary
technical and of a
this time to disclose
division is highly
Considerable of the work of this
making it impossible at
strictly confidential nature,
a
to
Spring.
catch the flood waters next
The
Asked
Nickels
Demand for
the United
the total of
coins struck was 200% more than the number of pieces
coined by the mints in the fiscal year 1939, Nellie Tayloe
Itoss, Director of the Mint, disclosed on July 9.
A total of
768,093,000 coins were struck off by the three mints during
the fiscal year 1939.
The value of the 1940 output was
$39,994,000; that of 1939, $15,539,000.
Production of pen¬
nies, nickels and dimes exceeded that of any previous year,
States Mint during
coins, while high, did not
The highest previous
production figure was reached in the fiscal year 1937, when
760,915,737 coins were minted.
Production during the fiscal years 1939 and 1940, by
other
of
production
the
but
proportions.
record-breaking
reach
denominations and pieces, was:
1940
1939
Halves
3,620.000
-
Dimes
40,967,000
97,276,000
175,632,000
440,540,000
50,030.000
-
Nickels
66,480,000
118.600,000
—-
Cents
„
Mrs. Ross
13,678,000
16,864,000
-
—
■Quarters..
reported the mints were
working at top speed
with the demand for coins and that, while stocks
hand were at rock-bottom levels, it was expected that all
to keep up
on
She added that the
filled.
orders would be
coins to improved business con¬
unusually high demand for
increasing use of coin-vending machines
other devices operated by coins.
ditions and to the
well
as
Importance of FHLBS in
Defense Program Pointed Out
F. Twohy
BY J.
during which he spoke
of thrift and homefinancing institutions and conferred with leaders of that
business in a score of States, James F. Twohy, Governor of
the Federal Home Loan Bank System, said on July 13 that
he found everywhere a realization of the need for closer co¬
operation between industry and Government as a primary
part of national defense.
Such cooperation can be and is
being effected, Mrr Twohy feels, through such organiza¬
tions as the Federal Home Loan Bank System.
Mr. Twohy
Returning from a nation-wide trip,
before several regional conventions
went
to say:
on
System is one salient in the
Governemnt has thrown
our
economic line of de¬
around the invested savings of
make it a working model of the proper
relationship of Government with business, which is one of our acute internal
problems throughout our whole economy.
In my opinion we can
people.
our
6% rate
cities
Southwestern States
Building and Loan Conference at Colorado Springs, the
California Savings and Building Loan League convention
Coronado Beach, and the Pacific
at
Northwest Conference
and Loan Associations at Sun Valley, Idaho. He
Presidents and other officials of the Federal
Loan Banks of Little Rock, Los Angeles, Portland,
of Savings
also met with the
Home
Topeka and Chicago.
Ore., Des Moines,
Lows, Show Uniformity
According to
National
Real Estate Boards' Semi-Annual
Country,
Association of
Survey of Market
degree
marked
The
in the cost of home
real estate market, made by the National
of Real Estate Boards, findings of which in
Association
respect to mortgage costs,
demand-supply situation, building
activity, and subdivision markets were released on July
The results of the survey were indicated as follows in
loans.
the
exists in 47% of the cities, while
oversupply. Condition remains about the same as it was
ago, when 45% showed undersupply.
The smallest cities are
the ones most frequently reporting shortage.
The largest cities begin to
report oversupply.
Business property demand exceeds supply in only 11%
of the cities, and supply is in excess of demand in 25%.
Six months
Undevsupply of one-family dwellings
only 4% have an
months
the figures were, respectively, 12% and 24%.
costs again lowest in history.
Commonest
on new
homes, 5%.
The 4t&% rate is dominant
ago
Home-mortgage
for
of
loans
the
Decided
Federal
:
\ :v
wakened their subdivision market. Seventy per
movement now than a year ago in this field.
buying is livelier than last year in 54% of all the cities;
properties.
them
of
site
receded
in
Home
going
is shown
biggest cities have
The
Home
but six months ago it led in only 18% of the
that preference given to new homes in
Administration financing has tended to depress prices
feeling
Housing
for older
cent
interest rate
in only 22%
cities,
reporting
cities.
have
only
only
more
8%.
building
on
lending agencies
of
Competition
for loans has in places reached
point where some insurance companies are paying 1%
sions for loans, and only 4% of all the cities, and those
the
munities,
months
to 2% commis¬
all small com¬
capital.
This is only half as many as was
in one-fifth of the cities of the country
6% for his money, the Association's
have loans hunting
six
But
the
case
the
home-buyer ordinarily still pay3
sampling
ago.
shows.
can get financing at 4%%, but there
4% money is commonly available.
New England has made the greatest spurt of any region of the country
as
compared with a year ago, with 65% of its reporting cities showing
higher real estate market activity, not a one down in either sales volume
or prices, 41% experiencing shortage of business space, 87% with increased
subdivision activity.
However, largest proportion of- cities with rising
business rents is in the Southeast, and Southeast cities are the most fre¬
quently capital-hungry.
Best-off region in capital supply is the South
Central, once the lenders' stepchild.
There 90% of reporting cities show
mortgage money in excess of available loans, and not a one has a money
dearth.
;■Y' Y Y.Y'
Y'Y' Y - ■'Y' Y
WY:1 J.
■
In
is
100
of
out
cities
22
only
he now
city in 100 where
one
Section
to
Reference
1 of tlie survey was made in our
187.
of July 13, page
issue
—'—♦
Standards of Wage-Hour
Industries
Defense
Law Will Be Maintained in
President Roosevelt
Says
Proposals to relax the standards of the Wage-Hour Law in
key defense industries by lengthening the work-week
have been turned down, President Roosevelt said at his press
conference on July 12.
In support of this determination the
President advised reporters of a letter addressed to him by
Col. Philip B. Fleming, Wage-Hour Administrator.
In an
account
of this,
Washington Associated Press advices
the
^
12, said:
July
Fleming
Col.
industries that
defense
that any complaints from key
the payment of time-and-a-half for overtime was
informed the President
difficult would be brought promptly to Mr. Roose¬
added that only three such complaints,
all from small establishments, had been received.
"Were there any defense need in certain industries for abrogation of the
time-and-one-half rule," Col Fleming wrote, "nothing could keep me
from so reporting.
In my contacts with industry, no such need has yet been
making their operation
The Administrator
velt's attention.
demonstrated to me."
interesting checkup by an independent source,
for it, that it arrived last night, and that
Administration's present policy would be con¬
Describing the letter as an
said he had not asked
in view of its
contents the
tinued.
Fleming cited an order
Col.
Nov. 15, 1917, when
issued by the Army Chief of Ordnance on
height of its world war procure¬
the country was at the
ment effort.
order said
fair working
duction."
To wave
gradually toward lowered production.
maximum production today calls for maximum
This, he said, usually is obtained by using
workers in shifts sufficiently short to make constantly intense
be shortsighted
Mr.
and lead
Fleming asserted that
efficiency of the
relays of
effort
The
industrial history proved that "reasonable hours,
scale are essential to high pro¬
aside industrial safeguards, the order declared, would
that
conditions and a proper wage
machine.
possible.
public's attention,
he said, should be
called to the fact that the
1936 to 1938 was a rigid imitation with
ceiling for hours.
He noted also that Germany
was on an 8-hour day, 48-hour week basis from 1934 to the start of 1939, at
which time a 60-hour week began in non-defense industries because of a
week in effect from
resemblance to our
shortage.
labor
which said that Inauguration
in a rapid decline in pro¬
duction, accompanied by such an alarming increase of industrial accidents
and stoppages as to attract the serious attention of the Government authori¬
The Administrator
quoted from a survey
work-week in Germany resulted
ties.
at
in
the
the
population.
reporting
rate
of
12
cities
over
detached
Amendments to
the past six months is
dwellings per 10,000 of
Wage-Hour Act Proposed by American
Bankers Association
13.
issued by the Association:
announcement
six
higher than 6^%.
the
of
survey
reaching
35th semi-annual
of standardization we are
These
supply
money
of the longer
loans is shown in the
regions.
is the best in real estate history, the survey
chows.
Every city of over 200,000 population reports capital available
in
excess
of loans—though sometimes
it is seeking only FHA-ineured
Mortgage
French 40-hour
Home-Mortgage Costs, at New
of 100
and all in the Southeast, South
For the first time in the history of these
25,000 population
not one city Teports any rate
surveys
the
Throughout
for the ordinary
Southwest
or
The
Mr. Twohy attended the
On his tour,
the commonest rate.
And only two cities out
home buyer as high as 6xk%.
as
under
of
the President
The Home Loan Bank
fense which
fourth of
a
interest costs
all
are
a rate no higher than 5^%, and 98 out of every
higher than 6%.
the cities (23 out of every 100) any longer have
no
mints were more
hard-pressed now than at any time during her term of
office, which began in 1933.
The Director attributed the
as
old
have
of every
out
100 give
rate
a
than
Less
the
of
out
list
100
Central
Dimes
and
production records were established by
the fiscal year 1940 when
New
Pennies,
cities
62
cities
rate at which loans are now being made
homes, exactly half the cities say it is 5%,
100 cite a rate no higher than 5%, while 75
report the commonest
to
moderately-priced
new
and
Established New Production Rec¬
ords in 1940 Fiscal Year, Reports Director Ross—
Number of Pieces Coined 200% Above 1939 Fiscal
Year—Coin-Vending Machines and Other Coin
United States Mint
Increased
section of
further states:
on
Cause
256 typical cities in every
covers
survey
country.
It is compiled from confidential reports by
tlie Association's local member boards.
The announcement
the
number of its activities.
Devices
333
Commercial & Financial Chronicle
Representatives of the
appeared before the Wage
partment of Labor on July
Standards Act has created
.
American Bankers Association
and Hour Division of the De^
9 to testify that the Fair Labor
difficult problems in observing
YY.
'
"
Proposed amendments to the Act to define the status of
"executive," "administrative," and "professional" employees
was
offered by the Association, according to Washington
advices July 9 to the New York "Herald Tribune," which
in reporting the hearing, also said:
The first witness was A. L. M. Wiggins, President of the Bank of
Hartsvilie, S. C., and Chairman of the Association's Committee on Federal
Legislation.
He argued that the A. B. A. was composed of small banks
and that it was these small institutions which encountered difficult problems
the law.
in observing
,
.
the law.
applicable to
while bank employees could
not
that it is a matter of legal
interpretation whether banks come under the Act, he said the varied duties
of bank employees made it difficult to specify their exact status.
Mr.
Wiggins asserted that
the wages and hour law was
workers employed on an hourly basis,
be classified in that category.
Arguing
wage
The Commercial & Financial Chronicle
334
"Banking is not the type of business that
throwing of
switch," he said.
a
tell in the morning
of the
be controlled
can
"Operation must be flexible.
how long the day's work will be, because,
period in which
with
the
You can't
near
by the
the end
tions
extra work."
nature of his duties and
The term
of an "executive"
functions,
duty
bona-fide executive
a
(A) (1) of the Act shall
employee based
.
.
capacity"
.
of the
institution,
or
suggestions
discharge
or
recommendations
and
advancement
to
as
and
the
to
as
promotion
or
employment
other change
any
Department
and
and yearly employment basis to an
hourly basis.
"employee employed in
a
monthly salary of $250
executive
mean any
.
.
capacity"
.
employee who receives
in
Detroit
demanded
the
wage
platform
00 to
75 cents
cents for
platform
vacation
with
men.
increases
men
an
10
of
15
cents
hour for
25
to
an
The truck
cents
hour.
an
drivers and 50 to
a
65
week's
for all members.
pay
According to union officials reports seven affected com¬
panies signed contracts on the union's terms on July 18.
men
More than
Co.
six-hundred employees of
the American Lead
were
O.-affiliated Textile Workers Union said
all
war
materials.
strikers
been working under a union
signed in 1937, which expired on July 15, 1940.
United States Chamber of Commerce
Publishes Bulletin
About Changing
of Life Insurance Policies
For
the
information of policy holders, the Insurance
Department of the Chamber of Commerce of the United
States on July 18 issued an insurance
bulletin bearing the
title:
"Should You Change Your Old Life Insurance
for
New?"
The bulletin points out that
replacement of old
life insurance policies
by new ones will usually result in loss
to policy holders
through increased cost and less favorable
benefits under the new
policy.
Policy holders are urged to
consider carefully advice that
be given about changing
Before acting, policy holders
may
their life insurance policies.
should obtain information and assistance
from all available
sources,
including the
existing policies.
company or
companies which, wrote
The bulletin says:
the history of life insurance there have
appeared
who advocate insurance
programs based exclusively on term in¬
surance.
Although term insurance serves a useful purpose in certain
cases, experience has shown that a life insurance
program based
term
on
insurance will almost
invariably lead
term insurance for the
to
exclusively
disappointment.
long
run is its
The
increasing
cost, which becomes very high at the older
ages, when the policy holder
usually has decreasing ability to pay.
By building up a reserve through
the payment of
premiums somewhat higher than the term rate in the
early
years, level premium life insurance avoids this
increase in the premium
required as the policy holder grows older.
Copies of the bulletin
Department, Chamber
Washington, D. C.
that
181 concerns had moved to Massachusetts,
Maine, Connecticut,
Pennsylvania, Maryland, New Jersey and other States in a short space of
time.
Mr. Brown said that "while taxes, wages, power rates and other
factors
were
part of the picture,
the losses
alleged
sustained
minor
in
these
New
infractions
"These abuses must
trial activity,"
of
cease
he added.
Held
may be obtained from the Insurance
of Commerce of the United
States,
by
agreements."
stoppages for
if the State is to enjoy any measure of
indus¬
"This does not
that any wholesale
wage
mean
cut or extension of hours is necessary.
Far from it, no one is more firmly
against sweatshop hours, wages and working conditions than is the intelli¬
gent, fair-minded employer."
,
_
"What is needed is legislation which will
protect the public interest by
placing squarely upon labor unions a measure of responsibility commen¬
am not
they are capable of wielding.
prepared to recommend,
as
I
am
neither
a
lawyer
The precise
nor a
something
legislator."
John W. Howe, Secretary of the Manufacturers Association
of
in a letter to Mr. Ives, said the exodus of business could
be
Syracuse,
greatly halted
if the Government would reduce taxes and relax
restrictions
Tom
Sharp,
of the
Rochester
"because of the general
Chamber
tax situation,
is
of
on
Commerce,
keen
not
industry.
said
about
industry,
setting in this
David Miller,
Executive Secretary of the Manufacturing Woodworkers
Association of New York, in his letter to Mr. Ives
accepting the invitation
to attend said:
"May I respectfully submit that decent, law-abiding and
taxpaying
as employers be considered
equally and the same as their em¬
ployees, and that the friendly cooperation of both employer and
employee
be encouraged and fostered ?
citizens
"At
the
time
present
labor is being unduly coddled,
presumably
involved, and the net result in many instances is
of the votes
account
overbearing and contemptuous attitude by
employers.
labor
representatives
on
an
toward
"Public officials when appealed to for
some measure of relief from
unjust
by labor assert their inability to afford any such
relief, and so
employers, smarting under injustices suffered and facing
probably eventual
demands
ruin, must of necessary survey other States and communities
where
ployer and employee
basis.
are
encouraged to meet
on
..."
a
em¬
friendly and equitable
-!'1.
Mr. Miller's letter said local manufacturers must
meet unfair competition
in the form of lower wage
rates,
and
more
longer hours, lower overtime wage rates
favorable working conditions granted to out-of-town
firms.
Organized
Legislative
labor
from the "Times-Union" of July 11:
of New
Committee
in
York
its
State
efforts
has
to
pledged its help
halt
migration
of
the
to
Ives
industry and
business to other States.
Statements made to the committee, and
originating at the conference
with business and industrial leaders,
blaming labor unrest and strikes for
migration of some industries, were vigorously denied
by union repre¬
sentatives.
A committee of labor leaders is to be named
to cooperate with the com¬
and an industrial and business
mittee
group
industries and attract
new
in
efforts
to
expand
State
ones.
Denying that labor is responsible for plight of industries, Julius
Hochman,
York, Vice-President of the International Ladies' Garment
of New
Workers
.
at
the instance of Governor Herbert
H.
Lehman, and attended
Mr. Hochman cited migration of
garment firms because
free plants, capital and low taxes
zations.
well
as
."
.
they
were
given
insurance against labor organi¬
He then said:
"We cannot live
Edward
as
to make vicious
W.
on
the wages that
Edwards,
Secretary
are
of
paid in such localities."
the
State Federation of
expressed the opinion that it is the duty of the
Legislature to seek
real facts behind the exodus of
Labor,
out the
industry.
representatives of
business and
industry.
Spokesmen
July 10 pledged their cooperation in
the campaign, while on
July 9 representativesgpf business
and
industry appointed a coordinating committee, and
educators pledged full facilities for
training of thousands
for organized labor
on
in specialized technical fields of
war industries.
The Albany "Times-Union" of
July 10 said in
of
constant
was "unfortunate that
people came here
attacks, blaming labor for whatever conditions exist.
Albany at Instance of Governor
to Seeking Means Toward
Halt¬
ing of Movement of Industry from New York
The migration of industries from
New York State was
the subject of a conference held at
Albany last week at
of
of
reason
Union, declared it
Lehman with View
by
minor considerations compared with
were
York
labor
Denies Labor Blame
+
Conference
."
.
Brown, representing the New York State Real Estate Board,
organization had made an exhaustive investigation and had found
We also quote
Periodically throughout
those
fundamental objection to
.
Melvin
said his
State."
union members and had
contract
stated:
was
"not only existing facilities but potential plant facilities
for the manufacture of
I
Pencil Company plant at
Iloboken, N. J., struck on July 15,
demanding an $18 a week minimum wage for all employees
and a 25% increase for all now
earning more than $18.
Joseph Spreehman, business agent for the local of the
I.
July 9 from Albany, it
a brief extemporaneous
speech at a Legislative Committee conference
industrial and labor problems, Governor Lehman
suggested a State-wide
method of State supervision necessary to
accomplish this result is
Employees Strike
part:
Business and industrial
representatives responded
quickly to
Governor Lehman before the Ives
committee
with
a
the
an
appeal
appointment
coordinating committee headed by George A.
Sloan, Chairman of
Mayor LaGuardia's business
advisory committee of New York.
Fifty Attend Parley
More
than
50
representatives of industry and business
were
present
opening of the Ives committee conference in the
Assembly chamber
yesterday afternoon when Governor Lehman
at the
appeared.
The
of
it was said, is to find skilled
"junior engineering" ability.
of
surate with the extent of power
American Lead Pencil
Commissioner
Greatest problem of industry,
In United Press advices
Present
The union also demanded
Deputy
Result of the conference is
In
on
Cartage Association collapsed.
Wilson,
conference attended by university and college
*
mechanics and
Sec¬
Approximately 1,800 truck drivers and platform men,
handling principally intra-city freight shipments went on
strike July 17, tying up business of 237
companies.
The strikers, members of the Teamsters Union
(A. F.
of D.) voted to walk out after
wage negotiations with the
C.
The
of dollars either have been placed or are about to be
placed with New York
a guaran¬
or more.
A.
engineering schools.
of the
survey to reveal
are
arrives.
Dr. Wilson reported war supply orders running into hundreds of millions
employee
Detroit, Mich., Truck Drivers and Platform Men Strike
rates
crisis
a
that within two weeks there will
Under the proposal, for exmple the term
bona fide
(A) (1) of the Act shall
and
before
hearing the Governor, in the Education
was
Lewis
a
industries.
"executive"
an
Dr.
Building,
men.
He said that this would
proposed redefinition of
based upon salary qualification.
hour,
being made
power to furnish muni¬
be launched in several
engineering schools
intensive specialized courses to meet industry's needs of
technically trained
disadvantage of bank workers.
The Association also
drivers
action
urged
heads and deans
of
employees will be given particular weight, and
Who customarily and regularly exercises discretionary powers.
asserted that under present interpretations of the law, a
change would be necessitated for employees of banks from the monthly
Greater
He
survey
declared that industry should
Education, presided at
(3)
teed
He
Colleges Cooperate
Mr. Wiggins
tion 13
supplies.
war
While the Ives committee
status of other
be to the
and
Planning.
possible moment its potential
a
customarily recognized department thereof, in which he is employed, and
(2) Who has the authority to employ and discharge other employees
whose
State
"We must catalogue for
ready use and easy reference the industrial
facilities of the State.
We also should know the potential plant facilities.
We must learn the ability of manufacturers to make
goods linked with
our preparedness program.
In that task we must have the whole-hearted
cooperation of industry."
employee—
mean any
the management
is
the
upon
offered by the A. B. A., follows:
as
"employee employed in
(1) Whose primary
or
of
Governor said:
The proposed redefinition
in Section 13
Division
reveal at the earliest
bank is open, situations may arise requiring much
a
July 20, 1940
urged immediate and full cooperation in the industrial
Governor
Record of New Deal Praised
National
by Speakers at Democratic
Convention—Messrs.
Bankhead
Barkley, and Postmaster General Farley,
Principal Addresses
and
Deliver
The policies and achievements of the New
Deal were
defended this week by speakers who addressed the
Demo¬
cratic
National Convention, meeting at
Chicago.
The
feature of the proceedings, aside from the actual
nomination
for President, was the
reading of a statement on July 16 by
Senator Alben W.
Barkley, permanent Chairman" of the
Convention, who said that President Roosevelt had "no
desire" to be a candidate for
President, "or to be nominated
by the Convention for that office."
Mr.
nomination is detailed in another
item, in which
Roosevelt's
we
also quote
Volume
Barkley's statement as to the President's attitude
In his speech Senator Barkley also
defended the President's New Deal record, particularly with
Senator
defense.
Democratic National
expended $1,300,expended during the previous seven
000,000 more on the Army than was
rYW-Y;-'
;
years.
In these same seven years
the United States has
advices July 16 quoted
United Press Chicago
in part as
Senator
Barkley, also once considered for
v
.
He denied that the New
Vice-President, made a genera1
P. platform
He attacked the G. O.
policies tonight.
adopted at Philadelphia.
by
the Senator
follows:
defense of New Deal
charged
expended $1,500,000,000
expended during the previous seven years.
the Navy than was
more on
Deal has sought to array
class against class, as
critics, and blamed the Coolidge and
for the "fear and chaos" existing throughout the
Republican
administrations
Hoover
country
criticism of the Social
He sought to meet
Security Act by old age pen¬
be simplified to provide
declaration that the law should
sioners with the
of benefits. In
that the former
Deal had "stabilized unem¬
and greater uniformity in dispensation
Hoover, Senator Barkley recalled
greater assistance
another attack on Mr.
that the New
President told the Republicans
beyond all previous
stabilization."
He said the people -will not be "frightened into panic" by the size of the
public debt and defended New Deal spending as essential to meet problems
facing the Administration growing out of the prolonged depression.
Tracing the downfall of democracies in the Old World, Senator Barkley
said that this nation has but one choice to make, and that is to combat
totalitarianism.
The Western Hemisphere, he said, has been dedicated as
a sanctuary for free men and this Government must use all forces at its
multiplied it
himself
calculations, even he ought to
command to smash those who
(unemployment)
welcome some degree of
would undertake to change this status.
speech
The Convention's keynote
made July 15 by
was
Speaker William B. Bankhead of Alabama, who declared that
American youth will never again be sent to fight on the
battlefields of Europe as long as the Democratic party
controls the Administration.
United Press Chicago advices
of July
15 quoted Speaker Bankhead as
follows:
emphasized the part played by the Democratic
party organization and the Democratic Congressional majority in the seven
years the party has been in power in Washington.
He defended President
Roosevelt's record.
But his references to the Chief Executive were less
frequent than those to the "Democratic Administration."
The phrase
"New,Deal" did not appear in the text of his address.
Mr. Bankhead aimed a few shots at the utilities record of the Republican
nominee, Wendell L. Willkie.
.
.
.
He praised the Tennessee Valley
Authority—with which Willkie clashed when he was President of the
Commonwealth & Southern Corp.—as having-established that "private
utility companies have no vested right to have a monopoly" on hydropower.
Mr. Bankhead admitted "temporary errors in policy" and in adminis¬
tration, but said that the Republicans had nothing to offer the electorate.
"How can the Republican party go before the electorate in November,
urging the removal from power of that party whose wisdom and progressive
policies they were compelled even if by indirection, to indorse?
.
.
.
Speaker Bankhead emphasized that President Roosevelt "never at any
time or place" suggested United States entry into the war and that no
responsible leader of the party had suggested such a course.
Mr. Bankhead proposed every assistance, short of war and within the
law, to Great Britain which "alone stands against the hurricane of the
blitzkrieg."
He opposed any compromise of Democratic principles or
appeasement of dictators.
He scoffed at Republican criticisms of the
Democratic record on national defense and charged that the Hoover Ad¬
ministration had "reduced our standing army until it became a shadow."
Speaker Bankhead notably
Chairman of the
warned the delegates on
General James A. Farley,
Postmaster
Democratic National Committee,
overconfidence, and said that "unless we give
platform that will satisfy the
have no certainty of victory."
July 15 against
country a ticket and a
the
majority, we
Press
Associated
Chicago advices
following extracts from Mr.
the
Farley's address:
bright pages of national
He declared
achievement."
also that an effort to
failed and that there was no
label his party as "a war
the
battlefields of
declared, and
be kept."
had been differences of opinion
debates" among Democrats.
the
total that has gone on the statute books has been the will of the country
expressed through the representatives elected by the people to express that
"We
have heard
charges of dictatorship,"
he said, "but actually
will.
"These
sea,
differences
have no more significance
or*even the storm waves
great
"For a measure
put a great
and
still a
international highway.
of the service done by the
have only to compare our
we
than the ripples on the
that rise and pass, leaving the ocean
Democratic Administration we
it was when
domestic situation today with what
President in office to repair the damages inflicted by inept
Republican Administrations, and elected with him a
incompetent
Democratic Congress that
did not falter at the magnitude
of the task with
which it.'was intrusted.
"The task is by no means
we
consider the additional
completed," Mr. Farley continued,
"and when
must realize to
"We cannot,
the full the
of course, ignore what is
the Government
under another head, the text of the plat¬
July 17; after its reading at the Convention,
unsuccessful move was made by Representative Elmer
We likewise give,
an
J.
?"
embody therein the declaration of
third term; as to this declara¬
the following from the Chicago "Daily Trib¬
Ryan of Minnesota to
the 1896 Convention against a
quote
we
une" of July
16:
Forty-four years ago the
a
Democratic party declared itself firmly against
Here is the plank:
unwritten law of this Republic, established by
third term for any Prasident.
the
of 100 years
We declare it to be
and
custom
and sancitified by the examples of the
who founded and have maintained our Govern¬
be eligible for a third term of the presidential
Democratic national platform adopted July 7, 1896.
usage
greatest and wisest of those
ment, that no man should
office.—From
As bearing on other Presidents who had previously been
willing to accept a third term, the New York "Herald
Tribune" of July 18 had the following to say:
The
possibility of President
been
controversy over
a
once more
the drafting of the United States
only two Presidents have sought a third term—
Up to now,
Ulysses S. Grant in 1880, and Theodore Roosevelt in
The third term which Mr. Grant sought was not
the
him
not
of three and a
his first term
consecutive with his
unexpired term of
1901. Denied the nomination
independently as a Progressive
half years completed the
who was assassinated in
William McKinley,
Republicans, Mr. Roosevelt ran
by the
and
1912.
National Convention of 1880 denied
nomination.
The third term which Theodore Roosevelt sought
consecutive with his first two and was not his third elective term;
the Republican
first two terms, and
was
third term calls up
which has
Roosevelt running for a
limitation of a President's tenure
time to time since
issue from
an
Constitution.
defeated.
was
on the eve of the opening of this week's
Convention, it was indicated that President
Roosevelt would be drafted for a third term, but it was
14,
June
On
Democratic
pointed out in United Press
advices from Chicago on that
Postmaster-General James A. Farley would not
his campaign, despite strong pleas from New
date, that
manage
The advices also said:
Dealers.
The President will
have opposition, but
apparently
before the
will get a
and Senator Burton K.
weak, on the first and
Mr. Farley said his name "definitely" would go
Barring last-minute changes, the delegates also
only ballot.
Convention.
for Vice-President
chance to vote
John N. Garner
Wheeler of Montana.
the Convention on July 16,
from Chicago said, in part:
Although President Roosevelt dramatically informed the Democratic
National Convention tonight that he had no "desire pr purpose" to be
renominated, his declaration decreased not one whit the determination of
party leaders to draft him for a third-term campaign.
Senator Byrnes of South Carolina, floor leader of the "Draft Roosevelt"
forces, quickly sounded the viewpoint of the third term contingent by
telling reporters that the demonstration on the floor and the cries of "We
As
the developments at
to
Associated Press accounts
want
"I
the President.
President's statement represents his sincere views,"
said.
"However, it is for the delegates to say who shall
Roosevelt" had answered
know
that the
Byrnes
and in this emergency
be the nominee
the American
1
the President cannot refuse to serve
people."
nomination of Mr. Roosevelt for President
as follows from Chicago July 18:
a first ballot rush that overwhelmed remnants of opposition, the
1940 Convention named Mr. Roosevelt to carry its standard in
Describing the
United Press
With
party's
reported
November against
Republican Wendell L. Willkie.
without specific word from
Convention acted
would
agree
to the race
the President that he
and break virtually the last
precedent of politics
of office. But the Convention
seemed certain that Mr. Roosevelt would not refuse.
...
It was the decision of the 1,094 delegates who sat through the night under
the hot light of the Klieg lamps while a crowd estimated by police at close
to 30,000 stamped and cheered at each mention of the name of Roosevelt.
The nomination, followed the traditional procedure of a Democratic
Convention despite early talk of nomination by acclamation.
Three other names went before the Convention.
By a quirk of the
political fates two of them were men who rode with Mr. Roosevelt to triumph
which he has not
challenged in seven years
and again in 1936.
in 1932
One of these was
The
James A. Farley
other was John
nomination and then
...
Nance Garner, the
switched his votes to Mr.
Texas veteran of
Roosevelt in 1932 to insure
took the No. 2 spot on
politics who
the New Yorker the
the Roosevelt ticket as
Vice-
President.
burden imposed by the course of the war overseas
responsibilities of this convention.
happening on the other continents.
It is going to take the best there is in statesmanship to preserve our liberties."
Mr. Farley asserted that,
"whether we like it or not," the country must
continue the Monroe Dpctrine policy of keeping the American Hemisphere
"safe from colonization or conquest by any predatory power."
"Under these circumstances," he asked, "is there a man on this floor or a
real American within the sound of my voice who should be willing to take
the Government out of the hands of the party that has kept the faith and
place it in the inexperienced hands of those who aspire to regain control of
we
Roosevelt
D.
form adopted on
The
|| The Chairman acknowledged that there
and "sharp
party" had
difference of opinion among Democrats on
proposition that "no American boy will be sent to die on the
Europe."
The Administration had pledged that, Mr. Farley
"this compact will
18 (shortly before 2 a. m.),
political precedent and nominated
as President of the United States
for a third term.
Despite the fact that on July 16 it was
announced through Senator Alben W. Barkley, permanent
Chairman of the Convention, that Mr. Roosevelt "has
never had,
and has not today, any desire or purpose to
continue in the office of President, to be a candidate for that
office, or to be nominated by the Convention for that office,"
the President accepted the nomination in a speech after mid¬
night on July 18, which we give elsewhere in these columns
today.
The nomination of Henry A. Wallace as Vice-Presi¬
dent is noted in another item.
Franklin
Senator
Roosevelt as "a great President" and said
record of the last eight years would receive "a rightful place among the
Convention at Chicago, in the
American
abandoned
of July 15 gave the
Farley referred to Mr.
Mr.
The Democratic National
early morning hours on July
tion
ployment," and he added:
"Having
Announced He Had "No
"inherited eight years ago."
which the Democrats
Senator Barkley, He Had
Desire" to Be a Candidate
Through
Previously,
Among other
1933 our Government has
During the seven years since
Nominated for Third Term at
Convention in Chicago—
Roosevelt
"President
toward his nomination.
regard to the question of national
things Senator Barkley said:
335
Commercial & Financial Chronicle
The
151
The third name
E.
presented was that of
Maryland's favorite son,
Millard
commander in the anti-Roosevelt and anti-third term
-;r'
. .. ' •
speech for President Roosevelt was made by Senator
Tydings, a corps
forces.
The
nominating
Lister J.
an
Hill of Alabama
Elmer J.
Stassen
The
chair
term
of Minnesota.
demonstration for the
President ended after 24 minutes and the
Glass of Virginia for his speech nominating
.*•" -
recognized Senator Carter
Mr.Farley.
had angrily shouted down
submitted by Representative
of Republican Gov. Harold E.
after the Convention
platform amendment
Ryan of Minnesota, a close friend
anti-third
The Commercial & Financial
336
The voice of the 82-year-oid senator was
heard only a few feet away when
"There is
brought
from
hreiesfaid°rd t0 thiS
considerations first of all
present to this Convention the
in
that
a way
himself in
other
no
"He is not only a
but there
in 40 years
man
who
man
to
speak
President.
j
of personal or
believes
of public service has
in
the
ever
political reward to
Jt Ls wjth
dQ
.
.
unwritten
law
and
which he established
never to nominate
a
"
„
^m^Ta
.
j
and ,
Senator Glass resumed after
have been
;.
'■There will not be shadow of doubt of his election
munications
..
the platform. I have received two
Tt
c
\i
in
i
objecting to the nomination of Jim Farley because he
~r
..
,.
r
.
sitting
"
on
i
v
®
.
statute
or
,.
,
„
T
„
„
a
hayd8
..
.,
'h8
TI
,,,,.
When
a
same
,
,,
Mr.
..
„
Roosevelt
Pepper (Dem., Fla.),
r^Pin
Rnhi
,,rp
pi
,
f.
.
.
,,
,
o
York.
ia
sm
a
Senator
.
ai
*
nomination
.
f ™Sai.,i,
,•
the
~
din
a
.
w.
.
f"
w.
Senator Burton K
,
ttt
.
*
He issued
,,,
»f
,n„m
Congress to
.
.
,
..
.
j
.,
It
,
demonstration
to
.
sustain
b
Roosevelt
.
916H
Farley
Tydings
72Vi
91^
61
Hull
5 2-3
--------------
V
The Statement contained
Senator
in
July lb reporting1 President Roosevelt
to be
Barkley
as
speech of
S
having
desire
no
Candidate for, or to be nominated for the office of
a
President, follows:
And now, my
additional statement to make
an
of the President of the United
States
I and other close friends of the
President have long known that he had
no wish to be a
candidate again.
We
knew, too, that in
no
way whatso-
delegates
or upon the
opinions of the delegates to this Convention.
Tonight, at the specific
am
making this simple fact clear
The President has
President, I
this Convention.
to
had and has not today any desire or
purpose to
continue in the office of the
President, to be a candidate for that office, or
to be nominated
by the Convention for that office.
He wishes in all earnestness and
sincerity to make it clear that all the
delegates to this Convention are free to vote for
never
any candidate.
That is the message which I
bring to you tonight from the President of
the United States by
authority of his word.
In
.
Speech by Radio from Washington to the Democratic
National Convention in
Chicago President Roose.
velt
In
Accepts Nomination
speech, broadcast from Washington to
Cratic National Convention at
Chicago after
President
midnight July 18
Roosevelt
accepted the
term, basing his decision
European
let
wars.
turn
me
on
Nomination for a third
world conditions incident to the
Declaring that
back upon a call
my
Demo-
added:
"My conscience will
not
to service." the President
o
°a
,.Sac
/
a
° m.a
reeeection.
Sf ! refts witb the PeoPle through the American
•
Only the people themselves
can
draft
a
President.
.fa .f olV
®| raule upon me, I say to you in the utmost sim° j-8
continue to serve with the best of my ability
^
^ldwith the fullness
When, in 1936, I
it
acceptance
we
also quote:
chosen by the voters for a second
time as President,
my firm intention to turn over
the responsibilities of Government
other hands at the end of
my term.
That conviction remained with
was
was
tSo
n\e,
spring of 1939 world events made it clear to all but
the blind
or
thepdrtisan that a great war in
Europe had become not merely a possibility, but a probability, and that such
a war would of
necessity deeply
affect
the future of this nation.
clearly and simply,
It
at an
September, it
was
still my intention
early date, that under
'
...
no
conditions
became
soon
Every day that passed called
for the
postponement
and
of personal
on
.
my
.
.
plans
partisan debate until the latest
possible moment.
The normal conditions under which I would
have made public declaration
of my personal
desires were gone.
And
so,
thinking
solely of the national good and of the
international
scene, I came to the reluctant conclusion
that such declaration should
not be
made
within
/
I
before the National
an
muio,
D1S
Convention.
It
was
accordingly made
hour after the permanent
organization of the Convention.
.
1
eclaration was contained
DarKley m Winch,
m a
statement
to
you
.
„
the speech of Senator
behalf of Mr. Roosevelt
in
on
.
means
,
...
.
-
.
„
„
the spread of
..
.
,
,
,
and to
war
..
those governments threatened by other govern-
at
home and
be
to
safeguarded
in
many
the United States became
a
the
good and of the international scene
the reluctant conclusion that such declaration should not be
But 1 knovv
me*
wil1 understand the spirit in which I say that
y°u
Par^y alone would prevail
.
upon me to accept re-election to the
.
electorate of the United States.
Many considerations enter into this decision. During the past few
months, with due Congressional approval, we in the United States have been
taking steps to implement the total defense of America,
1 cannot for«et that in carrying
out this program I have drafted into the-
many men and women, taking them away from im-
portant private affairs, calling them suddenly from
their homes and their
I have asked them to leave their whole work
and to contribute
businesses.
their skill and experience
to the cause of their Nation,
the head of their Government, have asked them
as
l^edfhee^' reSardleSS
Every single
capital to
above
all
one
of them, with
the
serve
do
to
this.
Re-
PerS°nal convenience- they came' they
Nation.
one
exception, has
These
else, represent those who
people,
who
come
have
have made their
be called the top of their professions
or
industries
to the
placed
way
Nation's
patriotism
what might
to
through their
proven
skm and experience.
tbe
tbey alone could
as
a
equipment
adequate defense,
unless
they
Such
are
man
those
service it is
enough to
so
of modern
meet
on
man
consists
not
tanks
operate
of
men
only of pilots, and
For
every
necessary for adequate defense that
necessary and fair
today
as
upon
the
times.
we
fully insufficient
to
have
in
use
them.
and infantry
actual
combat
ready at hand
organized for non-combat
at
services,
in the conduct of defense,
form of selection by draft
every American is willing to do his share
depends for their existence
are
trained
gunners
it was in 1917 and
the Unite(i States. It is neither just
fal1 upon any one secti°n or any one
of
alone, without
power
individual
And becauj3e of the millions of citizens involved
most right-thinking persons are agreed that some
Nearly
needs
warfare, is totally insufficient for
power
least four or five other trained individuals
as
the
also planes and guns and tanks
implemented by the
power
who
be
not
of National defense based
system
mechanized
1918.
or
her share to defend
nor efficient to permit that task
to
group, for every section and every
the survival of the Nation
as a
whole.
Lying awake, as I have on many nights, I have asked myself whether
1 have the right as Commander in Chief of the Army and Navy to call on
men
evident, hoVvever, that such a public
statement
part would be unwise from the
point of view of sheer public interest.
a
prevent
The real dGC™on to be made in these circumstances is not the acceptance
of a nomination but rather an ultimate willingness to serve if chosen by the
group
When the conflict first
broke out last
would I accept re-election.
.
.
to
..
Plans for national defense had to be
expanded and ad-
seas.
Br®f,idenc^'
is
...
Boeing the
to announce
a
.
effort
our
gone.
to
ao cad
of my strength.
From the President's speech of
N
As
of defense to
program
made before the National Convention. It was accordingly made to you
within an hour after the Permanent organization of this Convention,
Like any other man 1 am complimented by the honor that you have
and
y
our
meet new forms of warfare.
fully
Bufc
e
my
And s0' taking solely of the National
came
Just
me
on
public statement
partisan debate until the latest possible moment.
The normal conditions
under which I would have made a
public declaration of my personal desires-
I,
the
a
development of unbelievable types of
espionage and international treachery.
Every day that passed called for the postponement of personal
plans and
for Third Term
a
~
.
.
service of the Nation
^
my
my clear duty with the aid of the
American citizens and their welfare had
foreign zones of danger. National unity in
done
and authorization of the
request
no
to
of view of sheer public duty.
was
Swiftly moving foreign events made necessary swift action
*
has he exerted any influence in the
selection of
.
m-
.
known
obvious duty to maintain to the utmost the influence
by all legal
justed to
behalf
on
my
,
well
was
domestic affairs adjusted to shifting world
„
of the
d neighbor.
our
sustain the
..
..
beyond the
were
friends, I have
still
was
early date that under
^,.a
neutrality, to shape
our
crying essential in the face of
D
it
,jaa^aj
an
ments which had rejected the principles of democracy.
to a motion
by Mr. rarley that the nomination or
President Roosevelt be made unanimous, the votes for the
several candidates were:
n-ii
preserve
...
,
,
.
n
Garner"
September,
This fact
the point
States, it
of this mighty nation in
.
irrior
a
understood by many citizens.
was
the United
also my
was
...
,
®
bring about the Presi-
-
a.
convention
.
^
_
last
out
accept re-election.
meet rapid changes, to keep
^
.
statement which charged that draft-Roosevelt
managers had
national
a
rpnomin't'
ever
of
and
,
,
.
staged
I
unwise from
n.
v
..
Wheeler (Dem., Mont.), ,rMto
yesterday withdrew from the
,
^
a
merely
would of necessity deeply
,.,a
clearly and simply at
became evident, however, that such
soon
for the nomination.
race
a war
,
It
,
to a soldier s
BaItlmor'- Placed ln
s
man to
events made it clear to all but the
T
conditions would
a
,,.
broke
,,
..
President
Senator T
conflict first
announce
....
referred to
art
normally entitle any
great war in Europe had become not
a
probability, and that such
a
r
....
friends and I think
,
, ,•
Today the democracy of Florida calls another tired sold.er
duty to lead the army of democracy the world over
me.
hnr.nt.^0 r0t.i„omon+
honorable retirement.
.
tention to
i
Claude
...
ee an
j
New
rv
au
v
,
of
seconding the Roosevelt
in
*
-ww
-
Governor
was
/rk
President
as
the future pf this nation.
.
..
that
„
comes from
the partisan that
or
.
..
,
pogsibmty but
Gov. Herbert II. Lehman of New York made another
Roosevelt secondT-a
ing speech.
He recalled his serving as Lieutenant-Governor at aL
the
time
lnterpretlng.
own
That convlction remalned wlth
During the Spring of 1939. world
biind
California then seconded Mr. Roosevelt s nomi-
.
who
the responsibilities of government to
over
th(J epd of my ^
^
interpreters
somewhat personal
a
chosen by the voters for a second time
was
the relaxation which
.
religious ireeaom.
nation.
good fajth an(J t0 do thelr
my own
covering one world crisis after another would
.
is
and
d falth and common sense of the American
Kight years in
com-
,
gtatut^of ^eUgio'us'fre^om
Vhlrinia
Virginia
^
intention to turn
other
.
Belf_appointed commentators
are
When in 1936 I
,
Farley,
D
While"1I
there
pM)p|e to
parley.
■
invisible thing callel con-
°nG
tb
will seek to misinterpret or question motives, I speak in
"Out of consideration for the party itself .for its success and
perpetuity.
come from a sick bed to present to thin Convention
the name of a
I have
■•If this Convention nominates Jim
x must confess that l
almost every one does
ag
.
t£n
man
^
because r find myselff
later in his lifetime, in a conflict between deep personal desire for
7*
"
'
.
t
sooner or
the
BecaUge
demostration ended.
fuU heart that l speak tonight.
yfeelings
w-th mixed
s{)
.
for a third term.
a
The statement is
j
Members of the Convention—my friends:
him for the
secure
^
follows:
done.
Democratic party,
traditions of the
Democratic party as advocated ever since the days of Thomas
Jefferson,
who appealed tothe
party
^
Chicago Convention, having kept in touch With it from
Washington.
His address as broadcast to the Convention
the desire to
was
incomparable Democrat who
an
July 20, 1940
given in full in another item
which the nomination of the President for a
third term is referred to.
The President was not present at
a
Democratic party for seven
years
of loyal attachment to the
man
is no manner
of
name
behalf of the
sacrifices he has made for his party.
"A
the Continent
ti0naI Conventi°n 0f the great Democratlc party'
"Iiut among these spiritual
has conducted
he began.
half way
sickroom
a
Chronicle
the Senator stated that the President "has never
had, and
has not to-day, any desire" to be a candidate for the Office
be
material consideration and few spiritual reasons that have
no
me
hoarse and weak and could
and
women to serve
the sarae time decline to
their country or to train themselves to
serve
and at
serve my country in my personal capacity if I
am
called upon to do so by the people of my country.
In times like these, in times of great tension, of great crises, the compass
of the world narrows to a single fact.
The fact which dominates our world
is the fact of armed aggression, the fact of successful armed aggression
aimed at the form of government, the kind of
society that
we
in the United
States have chosen and have established for ourselves.
It is a fact
no one any lon?er doubts, which no one is any longer able to ignore,
which
It; is not an ordinary war- R is a revolution, imposed by force of arms
which threatens all men everywhere.
It is a revolution which proposes
not
to set
men
free
but
reduce them to slavery, to reduce them
the
dictatorship which has already shown the nature
advantage which it hopes to obtain.
That is the fact
slavery in the interest of
and the extent of the
to
a
and every one of us.
each
In the face of the danger
which confronts our time no
'
individual retains
enjoy
the defense of our
his country in whatever
He has a first obligation to serve in
in times of peace.
institutions of freedom, a first obligation to serve
capacity his country finds him useful.
plans for a private
life of that kind to
January, 1941.
These plans, like so many other plans, had been
a world which now seems as distant as another planet.
Today all
Like most men of my age
life of my own
begin in
made in
I had made plans for myself,
choice and for my own satisfaction, a
in a sense repealed by an overriding
In the face of that public danger all those who can be of
private plans, all private lives, have been
pubic danger.
have
service to the republic
in those
no
pening
upon a
I have had to admit to myself
conscience will not let me turn my back
with the people,
Only the people them¬
The right to make that call rests
through the American method of a free election.
selves can draft a President.
If such
a
draft should be made upon me,
I say to you, in the utmost
simplicity, I Will, with God's help, continue to serve
with the best of ability
and with the fullness of my strength.
the delegates of this Convention, I express my
To you,
His first-hand knowledge of the
United States.
in every sphere
gratitude for the
of the
office of Vice-President
Wallace for the high
of Henry
selection
problems of government
of the Nation, and indeed
His practical ideal¬
individually and to the Nation as a whole.
of life and in every single part
of the whole world,
ism will be of great
qualifies him without reservation.
service to me
National Committee, the Postmaster
And to the Chairman of the
General
or as I like better to call him, my old friend Jim
ai I have often before and will many times again, my most
affectionate greetings.
All of us are sure that he will continue to give all
the leadership and support that he possibly can to the cause of American
of the
United
States,
Farley, I send,
democracy.
hour or so ago,
from the
usual National campaigns of recent years.
Most of you know how im¬
portant it is that the President of the United States in these days remain
In some respects, as
in
some
I think my good wife suggested an
months will be different, different
respects the next few
close to the seat of government.
Since last Summer I have been
compelled to abandon proposed journeys
National projects from the Alleghenies to the
Pacific Coast.
Events move so fast in other parts of the world that it has
become my duty to remain either in the White House itself or at some nearby
to
inspect many of our great
Washington and even Europe and Asia by
point where I can reach
telephone, where, if need be, I can be back at my
direct
desk in the space of a
few hours.
very
will
time in conference with responsible ad¬
And, in addition, the splendid work of
require me to spend vastly more
the new defense machinery
ministrative heads under me.
Finally, the added task which
the present crisis has imposed also upon
adjournment, calls for
legislative branches to the
efficiency of which I am glad, indeed, now to pay tribute.
I do expect, of course, during the coming months, to make my usual
the Congress,
constant
compelling them to forgo their usual
cooperation between the executive and
periodic reports to the country through the medium of press conferences
and radio talks.
I shall not have the time or the inclination to engage in
be loathe to call the attention
purely political debate, but I shall never
Nation to deliberate on unwitting
tne
have spoken
I
of
falsifications of fact which are some¬
candidates.
times made by political
to you in a very
informal and personal way.
The ex
I also talk to you about things
very deeply to the roots of American
igensies of the day require, however, that
which transcend any
personality and go
civilization.
fundamental freedoms and liberty
which we Americans have cherished for a century and a half.
The establish¬
ment of them and the preservation of them in each succeeding generation
have been accomplished through the processes of free elective government,
Our lives
have
been based on those
and
the coordination of the executive, the legislative and the Judicial branches.
The task of sefeguarding our institutions seems to me to be twofold.
the Democratic-Republican
form based on the representative system
by the armed defense
forces of the Nation, the other by the united effort of the men and women
of the country to make our Federal and State and local Governments
One must
be accomplished if it becomes necessary
responsive to the growing requirements
of modern democracy.
march
of democracy have set in and forward looking progress has seemed to stop.
But such periods have been followed by liberal and progressive times which
have enabled the Nation to catch up with new developments in fulfilling
new human needs.
Such a time has been the past seven years because we
had seemed to lag in previous years.
We have had to develop speedily
and efficiently the answers to aspirations which had come from every
There have been occasions as we
State and every
remember when reactions in the
family in the land.
We have sometimes
it
called it social legislation.
legislation to end abuses of the past.
We have sometimes called
We have sometimes called it
legislation for human security.
And we have sometimes called it legislation
to better the conditions of life of the many millions of our fellow citizens
who could not have
the essentials of life or hope
for
an
American standard
equitable distribution
liberalize and
broaden the control of vast industries lodged today in the hands of a rela¬
tively small group of individuals of very great financial power.
But all of these definitions and labels are essentially the expression of
one consistent thought.
They represent a constantly growing sense of
of living.
Some of us have labeled it a wider and more
of wealth
in our land.
human decency,
It has included among its aims to
human decency throughout our
This sense of human
among
Nation.
decency is happily confined to no group or
You find it in the humblest homes, you
the shop-keepers and the
class.
find it among those who toil and
farmers of the Nation, you
Tind it to a
growing degree even among those who are listed in that top group which
has so much control over the industrial and financial structure of the Nation.
Therefore, this urge of
humanity can by no means be labeled a war
of class
It is rather a war against poverty and suffering and ill
and insecurity, a war in which all classes are joining in the interests
against class.
health
of
a
sound and enduring democracy.
either that
security.
But we have
covered much of the road.
I need not catalogue the milestones of seven
years, for every individual and every family in the jwhole land knows that
the average of their personal lives has been made safer and sounder and
happier than it has ever been before.
i'
I do not think they want the gains in these directions to be repealed or
even to be placed in the charge of those who would give them mere lip
I do not believe for a moment
we
have fully
and I know you do not believe
answered all of the needs of human
service with no
heart service.
Henry A. Wallace for Vice-President at
National Convention—Mrs. Roosevelt
Convention
Addresses
capacities for which they may be fitted.
call to service.
who believe that the
other continents.
on
Democratic
The nomination of Henry
Those, my friends, are the reaons why
and now to state to you that my
much more remains to be done,
Nomination of
themselves for service
choice but to offer
very
task entrusted to those
;,
.
choice which free men
hope to retain the right of personal
can
or
,
and I think the voters want the
words "human betterment"
apply to poor and rich alike.
And I have a sneaking suspicion, too, that
voters will sirtile at charges of inefficiency against a government which has
boldly met the enormous problems of banking and finance and industry
which the great efficient bankers and the industrialists of the Republican
party left in such hopeless chaos in the famous year 1933.
But we all know that our progress at home and in the other American
Nations, our sister Nations, toward this realization of a better human
decency, progress along free lines, is gravely endangered by what is hap¬
Yes,
of all of us,
dominates the lives
dominates our world and which
which
337
Financial Chronicle
The Commercial &
151
Volume
Vice-President
A. Wallace, of Iowa to serve as
President Roosevelt came
the ticket with
on
early morning hours of July 19, following an extended
night session, in which various other names were proposed
for the Vice-Presidency, including Jesse Jones, of Texas,
in the
B. Adams of
M. Brown of
Michigan, Speaker of the House William B. Bankhead of
Alabama, Senator Scott W. Lucas of Illinois; Bascom Titnmins, newspaper man of Texas, &c., &c.'
The votes received by those proposed for the office of
by Chairman Farley; Senator Alva
Colorado, Paul V. McNutt, Senator Prentiss
backed
Vice-President
Bankhead, 329.26;
11
Brown, 1; Farley,
1;, Johnson, If O'Mahoney, 3^;
Wallace, 627 7-10;
were:
McNutt, 66.63; Jones, 5.9; Adams,
8; Barkley, 2; Lucas,
Walsh, 1; Timmons, 1.
Mr.
Wallace,
Secretary of Agriculture, indicated as
President Roosevelt's choice for the Vice-Presidency, was
nominated on the first ballot.
The Associated Press in
reporting the nomination said:
close vote.
after an unexpectedly
over,
delegation after delegation
Earlier
a
who was once a Republican,
But when Mr. Wallace had gone
51-year-old Iowan,
of the
Nomination
came
huge segment of
changed their votes to him.
the Democratic national
loudly, wildly and
convention, balking
lengthily applauded
Paul V. McNutt, Federal Security Administrator, for that office.
And when Mr. McNutt, placed in nomination against his will, came
forward to withdraw his name, it refused to let him speak, begging and
President
at
Roosevelt's choice,
imploring him to stay in the race.
"America needs strong,
world in which
we
•
logical, liberal and able
live today," he
change these days.
A Nation only gets one
We must have leaders
said.
leaders in the kind of a
"We cannot take chances now.
If it makes a mistake, it is lost.
safe and free.
who will keep this country
Delano Roosevelt. He is my com¬
mander-in-chief.
I follow his wishes, and I am here to support his choice
for Vice-President of the United States."
The crowd yelled its disapproval of Mr. McNutt's statement.
Gravely
he nodded his head and withdrew to the rear of the platform.
leader in Franklin
"We have such a
The
opposition to Mr. Wallace was
otherwise expressed in
prolonged boos.
Regarding the nomination of Secretary Wallace and the
other proceedings of the day's session, United Press advices
from Chicago, July 19, said in part:
Frank O'Connor of Dubuque, Iowa, an attorney and old friend of Mr.
Wallace, came in with the text of his speech putting up the Secretary of
Agriculture.
Mr. Wallace
on
convention. There was also a place
Roosevelt who came by special plane from New
"Jim Farley's friend" and would do "any¬
planned to speak to the
the program
for Mrs.
She said she came out as
York.
thing Jim wants me
to."
Roosevelt could hardly refuse "to do what the
although she could not "imagine anyone wanting
said, too, that Mr.
She
people" want him to do,
to be President now."
Mrs.
speech stressing the period
Roosevelt made a short
this country and the
of erisis facing
that because of this
of the United States, cannot make a campaign
whole world and pointing out
"the candidate, as
President
in the usual sense
of the word."
In
giving the President
she said that
the responsibility of running for a
the responsibility of
the delegates must assume
third term,
making the
nominee would have to stick to his job as President.
The Bankhead nomination brought a mild demonstration.
Howard Bruce of Maryland placed the name of Federal Loan Adminis¬
trator Jesse Jones, a surprise contender, in nomination, but there was no
campaign because the
demonstration.
Mr.
O'Connor then
placed Secretary Wallace's name
before the con¬
earliest crusaders for agricultural
equality," who with others "strove with tireless energy to win support of
vention describing
the dominant
He recalled
him as "one of the
Republican Party."
that Mr. Wallace split with the
agriculture and
Republicans over aid to
supported Afred E. Smith, the
Democratic nominee in
the last eight years as a member of the Roosevelt Cabinet
the trusted adviser of the President, not alone in matters of
1928, and for
"has
been
agriculture, but in the broader
Among those active on the
field of national and international
convention platform against Mr.
action."
Wallace
Roosevelt, the President's son and a Jones man, and
Committee Secretary Lawrence W. Robert.
Representative Jerry Voorhis of California announced that Gov. Cul¬
vert Olson did not wish his name to go up.
Governor Olson then came
to the rostrum and seconded Mr. Wallace.
Speaker Don Welch of the Oklahoma State Legislature offered the name
of Mr. McNutt, who immediately rushed to the Speaker's platform.
Philip Murray, Vice-President of the United Mine Workers Union,
seconded Mr. Wallaces nomination in behalf of Pennsylvania.
Mr. Ray burn, speaking for Texas, seconded Mr. Wallace's nomination.
He said the day's "developments" had caused him to request that "no
were
said to be Elliott
member of my
delegation present my name to
this convention."
the Wallace nomination, but added:
loyalty and affection I would probably be
secoiftling the nomination of another."
"But under the circumstances," he added, "I can do none other than
follow what I believe to be the wish of our great leader and the greatest
President of the United States since Thomas Jefferson."
A brief afternoon session of the convention was enlivened when William
A. Richie of Omaha, third-term foe, began a one-man drive to draft Mr.
Farley as Vice-President.
He said that unless Mr. Farley is on the ticket
the Democrats will lose Nebraska in November.
He said that
he came to second
"Let me say
if I consulted mjj.
338
The Commercial &.
'
inancial Chronicle
July 20, 1940
>'■
V
Text
of
Platform
'
■
•1
Adopted
by Democratic Party at
National Convention in Chicago^—Declares
Against
Participation in Foreign Wars—Favors Monroe
Doctrine and Material Aid Within Law to
Peoples
Attacked by Aggressors—Party Will "Hold
Fast"
to New Deal "Gains"
of the heart that comes with
To this
faith
generation
it
as
is
The Democratic National
Convention, assembled in Chi¬
this week, adopted the party's 1940 platform on July
17, after differences over the foreign relations plank had been
settled.
As set out in the preamble, the
foreign declaration
cago
says:
We will not
participate in foreign
naval or air forces to
case
of attack.
wars, and we will not send our
The
consistent
with
To strengthen democracy by
improving the welfare of the people.
are one and inseparable.
No nation can be strong
law
and
a
inconsistent
not
with
the
interests
of
our
■
The Democratic
platform
drafted by a 17-man sub¬
Committee, headed by Senator
was
committee of the Resolutions
Wagner of New York.
It
was
armaments
alone.
submitted to the full Com¬
mittee of 110 members in the
morning of
the foreign
July 17 and, after
jJolicy plank had been straightened out that
convention adopted the platform
by a voice
vote the same
night. An attempt to insert in the platform a
declaration against a third term for
any President was over¬
afternoon, the
whelmingly voted down.
what
that these objectives
has already
our
and
Africa, shall
1. To strengthen
democracy by
sion, whether by
2.
To strengthen
3.
To strengthen
Important sections of the platform, said the Associated
Press in advices from
Chicago, included the
We will not participate in
foreign wars, and
or air forces to
fight in
naval
following:
we
will not send
Weakness and unpreparedness invite
aggression.
no
We must be
possible combination of powers would dare
attack
provide America with
protect all
our
army,
We favor and shall
Monroe Doctrine.
that
our
foreign lands outside of the Americas, except
rigorously enforce and defend the
of attack.
an
seacoasts and
invincible air force,
a
and mechanized army.
strong
We propose
us.
navy strong enough to
National interest, and
our
so
a
fully equipped
In self-defense and in
good conscience, the world's greatest
democracy
cannot afford
heartlessly or in a spirit of appeasement to
ignore the peace-
loving and liberty-loving peoples
wantonly attacked by ruthless
We pledge to extend to these
peoples all the
material aid at
consistent
with
law
and
not
National self-defense—all
inconsistent with the
to
the end that peace
triumphant.
faith may yet
emerge
The Democratic party
wages war
problems of
our
administration.
times,
Since
inherited
we
have gained regular
employment
and agricultural—will continue
The nomination
of
.
on
at
assumed
.
our
interests
and
aggressors.
command
of
our
international
unemployment,
one
good
of the gravest
its
worst from the last
Republican
office, nine million additional persons
All
.
our
policies—financial, industrial
to accelerate the rate
of this progress.
a
utility, executive by the Republican party
Presidential candidate raises
squarely the issue, whether the Nation's
power shall
own
be used for all the
people or for the selfish interests of
We accept the issue.
as
its
water
a
few.
Since 1932, the farm income
has been doubled; the farm
debt and the
interest rate on the farm debt
have been reduced.
Now we pledge
.
.
.
ourselves to make parity ..as well
as soil conservation
payments until such
the goal of parity income for
agriculture is realized; . .
to continue
provide for (crop) adjustment to
time
to
as
and
is made unshakable by
administration—in stopping
democracy,
are
send
we
our
cordial greetings.
determined that war,
raging in Europe, Asia
America.
We will not participate in
foreign
(forces to fight in foreign
except in case of attack.
We favor and shall
the Monroe Doctrine.
Foreign Policy and Defense
foreign policy has been, and will continue
be, the security and defense of
our own
land and the maintenance of its
peace.
For years our President has
warned the Nation that
organized assaults
own peace
nations
democracy and international good faith threatened
and security.
as
was
our
Men blinded by
partisanship brushed aside these
and officious
intermeddling.
The fall of 12
warmongering
necessary
action
that
to
bring the belated approval of legislative and
the
President
had urged and
undertaken
with
full support of the people.
the
It is a tribute to the
President's foresight and
that our defense forces are
today at the peak of their peace-time
effectiveness.
Weakness and unpreparedness invite
aggression.
no
possible combination of powers would
infiltration;
democracy by increasing our economic efficiency; and
democracy by improving the welfare of the people.
people
The direction and aim of our
action
defensive preparedness against aggres¬
open attack or secret
It must
spirit
boundaries to
no
human and natural
resources, in restoring
wars, and we will not send our
army, navy or air
executive
has labored successfully:
be attained
the present
are
not come to
lands outside of the
Americas,
rigorously enforce and defend
warnings
Democratic party,
our
President and great leader
The American
against religion,
seven years,
unconquerable
enlarging our National armaments, and in achieving National
unity.
We shall hold fast to these
gains.
We are proud of our record.
There¬
housing, agriculture, power, and business relations—and
pledged their party to "the defense of the American
system
during the last
all the
necessary resources
the
fore, the party in convention assembled indorses
wholeheartedly the brilliant
and courageous
leadership of President Franklin D. Roosevelt and his states¬
manship and that of the Congress for the last seven
trying years.
And to
program
the
use
to the average man and woman a
stake in the preservation of our
in
—relief, social security, labor relations, slum clearance and
that
economic efficiency; and
our
distributing them effectively.
can
been done by
the waste and exploitation of
to
Platform drafters, said United Press accounts
from Chi¬
cago, went down the line in support of the New Deal
of government."
The platform also declared
It must possess and
strength
own
National self-defense, all to the end that
peace and international good faith
triumphant.
may yet emerge
democracy by increasing
for producing goods
plentifully and
add to these factors of material
Our faith
conscience, the world's greatest democracy
spirit of appeasement to ignore the peaceloving and liberty-loving peoples wantonly attacked
by ruthless aggressors.
We pledge to extend to these
peoples all the material aid at our command,
in
or
aggres¬
These three objectives
energy of a contented people, convinced that there
human progress and
happiness in a land of liberty.
in good
heartlessly
democracy by defensive preparedness against
or secret infiltration;
3.
by
In self-<lefense and
strengthen
To strengthen
army,
foreign policy plank also declares:
cannot afford
1. To
fight in foreign lands outside of the Americas, except
peace.
to
its guard.
sion, whether by open attack
We favor and shall rigorously enforce and defend
the
our foreign policy has
been, and will continue
be, the security and defense of our own land and the maintenance of
its
case
democracy be able to relax
In
this world crisis, the purpose of the
Democratic party is to defend
against external attack and justify by eternal
progress the system of govern¬
ment and way of life from which the
Democratic party takes its name.
Toward the modern fulfillment of the
American ideal, the Democratic
party, during the last seven years, has labored
2.
The direction and aim of
In
we prepare our defense
not until it has burned itself out in the last corner of
successfully:
Monroe Doctrine.
to
our
.
The American "people are determined that
war, raging in Europe, Asia
and Africa, shall not come to America.
in
The world revolution against which
threatening that
the earth will
of Americans it is given to defend this democratic
challenged by social maladjustment within and totalitarian
greed without.
so
peace of mind that comes from a
of justice.
sense
is
freedom, the
that
We must be
dare
to
propose
provide America
enough to protect all
with
an
our seacoasts
to
invincible air force,
and
our
national
so
attack
a
interests, and
equipped and mechanized army.
strong
We
us.
navy strong
fully
a
We shall continue to co-ordinate
these implements of defense with
the
necessary expansion of industrial productive
capacity and with the training
of appropriate personnel.
Outstanding leaders of industry and labor have
already been enlisted by the Government
to
harness
our
forces for National defense.
mighty economic
Experience of other nations gives
warning that total defense is necessary
to repel attack, and that
partial defense is no
defense.
We
have
seen
the
downfall
dissension provoked from
power
to
of
nations
without.
accomplished
We denounce
destroy the treasonable activities
of
and
through
will
disguised
and un-American agencies which
would sap our
strength,
to defend ourselves and
destroy our
class against class,
free
institutions.
do
internal
all in
our
anti-democratic
paralyze our will
unity by inciting race against race,
religion against religion, and the
people against their
To make America strong, and to
keep America free, every American must
give of his talents and treasure, in accordance with
his ability and his coun¬
try's needs.
We must have democracy of sacrifice
as well as
democracy
of opportunity.
To insure that
war, we
our
armaments shall be
shall continue
our
implements of peace rather than
traditional policies of the
good neighbor; observe
and advocate international
respect
obligations; cultivate foreign trade
for the rights of others and for
treaty
through desirable trade agreements and
foster economic collaboration with
the republics of the Western
Hemisphere.
In self-defense and in
good conscience, the world's
greatest democracy
cannot afford heartlessly or in a
spirit of appeasement to ignore the
peaceloving and liberty-loving peoples
wantonly attacked by ruthless aggressors.
We pledge to extend to these
peoples all the material aid at our
command,
with law and not
inconsistent with the interests of our own
National self-defense—all to the end
that peace and international
good
consistent
faith may yet emerge triumphant.
.
production
processes to the extent that excess
surpluses
are
through the democratic
capable of control;
...
to
safeguard the farmer's foreign market and
expand his domestic market for
all domestic rops;
to safeguard the
family-size farm in all our programs.
We pledge to riiake the
Social Security Act
increasingly effective, by
covering millions of persons not now
.
.
.
protected under its terms.
We pledge to continue to
enforce fair labor
standards; to maintain the
principle of the National Labor Relations
Act; to strengthen the orderly
processes of collective
bargaining and peaceful settlerrfent of labor
disputes.
We shall continue to
recognize the
obligation of
work for
deserving workers
The text of the
government
who cannot be absorbed
by private
to
provide
industry.
Democratic National patform follows:
world
machine age,
in
this
and dignity based on human
values.
No democratic
goverment which fails to
recognize this trend—and
take appropriate action—can
survive.
That is why the
Government of this Nation has
moved to
keep ahead of
this trend; has moved with
speed inexplicable to those who do
not see this
trend.
Outside the Americas
established institutions
are
being overthrown and
are being
repudiated by those whose creed
recognizes
higher than military force, no
values other than a false
democratic philosophies
no power
What the
dream, that
must
founding fathers realized
men
efficiency.
upon
this
continent was a daring
physical security, not only
efficiency,
men had never
had before—the
security
could have not
only
but something else in addition
that
strengthen democracy by increasing
our
economic
efficiency.
The Land and the Farmer
The Republican party gives its
promises to the farmer and its
allegiance
to those who exploit him.
Since 1932, farm income has been
more
doubled; six million farmers, represent¬
than $0% of all farm-families, have
participated in an effective soil
the farm debt and the interest rate on
have been
uneasy
infringement
confirm their faith in
We
conservation program;
Humanity,
warx*ant for
democracy.
is
undergoing violent change.
is demanding a sense of
security
a
liberties, but on the contrary we shall
continue to protect
them, in the keen realization that the vivid
contrast between the freedom
we enjoy and the dark
repression which prevails in the
lands where liberty
is dead affords warning and
example to our people to
ing
Preamble
The
We do not regard the need for
preparedness
upon our civil
rural
farm
,
debt
reduced, and the farm foreclosures have been
drastically curtailed;
highways and farm-to-market
extended; the surpluses
on
roads have been
the farms
vastly improved and
have been used
to
feed
low-cost
the needy;
electricity has been brought to five million farm
people as a result
of the rural electrification
program; thousands of impoverished farm
families
have been rehabilitated, and
steps have been taken to stop the
growth of farm tenancy, to increase land
ownership, and
hardships of migratory farm labor.
alarming
to
mitigate the
We pledge ourselves;
To make parity as well as soil
conservation payments until such time
as
the goal of parity income for
agriculture is realized.
To extend ahd
enlarge the tenant purchase program until
every deserving
tenant farmer has a real
opportunity to have a farm of his own.
To refinance existing farm debts
at lower interest rates and on
longer and
more flexible terms.
Volume
The Commercial & Financial Chronicle
151
To continue
provide for adjustment of production through democratic
processes to the extent that excess surpluses are capable of control.
To continue the program of rehabilitation of farmers who need and merit
to
aid.
To
and strengthen the ever-normal granary on behalf of the
defense, the consumer at home and abroad and the American
preserve
National
farmer.
commodity loans to maintain the ever-normal granary
and to prevent destructively low prices.
To expand the domestic consumption of our surpluses by the food and
cotton stamp plan, the free school lunch, low-cost milk and other plans for
bringing surplus farm commodities to needy consumers.
To continue our substantially increased appropriations for research and
extension work through the land-grant colleges, and for research labora¬
tories established to develop new outlets for farm products.
To conserve the soil and water resources for the benefit of farmers and
In such conservation programs we shall, so
not
sought-after currency in the world—a factor of immeasurable
benefit in
foreign and domestic commerce.
our
We shall
continue
States.
section
no
To
in
cooperatives.
by this administration for co¬
reclamation and irriga¬
tion, flood control, reforestation and soil conservation, stream purification,
recreation, fish and game protection, low-cost power and rural industry.
To encourage marketing agreements in aid of producers of dairy products,
vegetables, fruits and specialty crops for the purpose of orderly marketing
and the avoidance of unfair and wasteful practices.
To extend crop insurance from wheat to other crops
new
lands
are
to retire from the
brought into
use, we
The
full
force
and by elevating
be able to live and work
on
committees to the largest extent possible.
With
of
as ex¬
Industry
the
and
As
H
good land.
locally elected farmer
and his family,
American farm life.
foster the essential freedom,
worker
than
in
other
any
the level of consumer demand, has quickened the flow of
we
consequence, labor is
dignity and opportunity of the American
in
of the farm and the
partner of manage¬
as a
ment in the common cause of
higher earnings, industrial efficiency, National
unity and National defense.
|
A
far-flung
of
system
millions of idle workers and available jobs.
and
factory.
of labor
brought
together
The workers' right to organize
We have enlarged the Federal machinery for the mediation
disputes.
We have enacted
an
labor in factories has been outlawed.
effective wage and hour law.
Prevailing
wages to
Child
workers employed
of the
National
Labor
training and opportunity for
Relations
Act,
to
expand
employment
by technological changes; to strengthen the orderly processes of collective
bargaining and peaceful settlement of labor disputes, and to work always
for
just distribution of
a
We will continue
and
workers.
employment is
as
an
inalienable privilege of women
well
as
men,
as
without
of coal is
one
of
our
most
are
indispens¬
We pledge continuation of the Federal bitumin¬
coal stabilization act, and sympathetic consideration of the application
of similar
That the power of falling water
belongs not to
their
a
privileged few, but to all the people, who are entitled to
the
own
We shall continue to emphasize the human element in industry and strive
increasingly wholehearted cooperation between labor and industrial
management.
That public
the
sites and bring low-cost electricity to their homes, farms
purpose
utility holding companies must not be permitted to serve as
by which a few men can pyramid stocks upon stocks for the sole
means
of controlling vast power empires.
condemn
of investors
democracy strong,
our
system
Republican policies which permitted the victimizing
the
the
in
of business enterprise and in¬
of
development
the
National
of the Democratic party in
and the exploitation of the
consumer
and the investor.
which treated America
as a
colonial
empire to exploit; the kind of securities business which regarded the stock
exchange
as
the kind
of public utility holding companies which used
to
These victories of the people must be
our
business
not
stop
by the extortionate methods of monopoly.
with attack—we followed through
with
party militantly to oppose every
average
We pledge
effort to encroach upon the inherent
of life at the
possible cost.
executive by the Republican party as its
Presidential candidate raises squarely the issue, whether the Nation's water
shall be used for all the people or for the selfish interests of a few.
power
We accept that issue.
Development of Western Resources
development of
in pointing out the incomparable
We take satisfaction
under the wise and constructive legislation of this
Mining has been revived, agriculture fostered, reclamation
the public land states
administration.
and
natural
resources
developed
as
never
before in
We pledge the continuance of such policies, based
similar
a
primarily on the
will encourage the full develop¬
from financial exploitation, of the great resources—mineral,
expansion of opportunity for the people, as
free
ment,
Radio has become an integral part of the
democratically accepted doctrine
We urge such legislative
Speech, press, assembly and religion.
steps as may
be required to afford the same protection from
is
now
affords.
Radio
of freedom of
censorship that
States.
afforded the press under the Constitution of the United
by improving the welfare of the people.
We must strengthen democracy
We place human resources
first among the assets of a democratic society.
Unemployment
The Democratic party wages war on
administration.
unemployment, one of the gravest
inherited at its worst from the last Republican
additional persons
of our times,
problems
have
the remedy.
The American people found in themselves, through the democratic process,
ability to meet the economic problems of
They will be turned
safeguarded.
Republican party should be returned to power.
The nomination of an utility
consumers' and
We have attacked the kind of business which levied tribute on all the rest
Cheaper
thousands of homes and
right of our peopie to be provided with this primary essential
conventions, and control elections against the interest of their customers
did
and capital.
communities.
investors' money to suborn a free press, bludgeon legislatures and political
We
Production costs have been reduced.
habitation.
prosperous
to defeat if the
private gambling club for wagering other people's money;
and their security holders.
revived and
Through these Democratic victories whole regions have been
Industries have been established which employ men
We have attacked and will continue to attack unbridled concentration of
of American
The successful power
the wisdom
hydro-electric plants in the interests of power and light consumers.
restored
'
a
projects in the Tennessee
other public
establishing Government owned and operated
We have defended and will continue to defend all legitimate business.
We have attacked the kind of banking
defense
Valley, and which obstructed river basin improvements and
projects bringing low-cost electric power to the people.
agricultural, livestock, fishing and lumber—which the West
greatest good of the greatest number.
power
ex¬
of utility power interests which delayed for
We condemn the opposition
years
period.
dividual initiative must be free to gear its tremendous productive capacity
economic
and the
of private power corporations,
securities
ploitation of the people by unnecessarily high utility costs.
extended
Capital and the Business Man
To make
their Government to develop
the right through
have
peole
power
legislation to the anthracite coal industry, in order to provide
to serve the
These principles
is a gift from God, and consequently
and factories.
additional protection for the owners, miners and consumers of hard coal.
toward
the recognition of certain self-evident
long opposed by the Republican party, are:
important basic industries.
Stability of production, employment, distribution and price
able to the public welfare.
have resulted in
These victories
lowest
to marital status.
The production
Democratic party has won the first
the
years
principles and the realization of vast benefits by the people.
impairing the social legislation which promotes true
The right to work for compensation in both public and private
distinction
seven
electricity has brought vast economic benefits to
National income among those wrho labor.
efforts to achieve equality of opportunity for men
our
without
women
our
equality by safeguarding the health, safety and economic welfare of women
ous
During the last
youth, older workers and workers displaced
our
America's promise.
developments in the Tennessee and Columbia River basins show
Government contracts have been assured.
We pledge to continue to enforce fair labor standards; to maintain the
principles
in
.
with the power monopoly.
bargain collectively through representatives of their own choosing is
being enforced.
on
has
exchanges
richer in
era,
major victories for the people of the Nation in their generation-old contest
We
employment
new
have witnessed—an era of pioneering and progress
Electric Power
In
history.
Nation's
the
abuses eliminated,
many
of a great
the threshold
at
beyond the present frontiers of economic activity—in transportation,
That
today taking its rightful place
and
restored
power
stands
business
promise than any
Worker
administration
incom$i by 30
by encouraging vast re-employment,
enjoy its benefits;
Under Democratic auspices more has been done in the last seven years
to
by raising the National
policies,
Wo shall aid business in redeeming
have lost their farms.
will continue to bring economic security to the farmer
we
of the insurance business by the
protection of policyholders and the public.
our
purchasing
mass
American
In this truly democratic way,
while recognizing the dignity and freedom of
tax-exempt
vigorously than at anytime
housing, in industrial expansion and in the new utilization of the products
rapidly
as
shall continue by Federal purchase
These programs will continue to be in the hands of
the
bonds should be removed.
buying and selling through every artery of industry and trade.
plow submarginal lands, so that an increased percentage
of our farmrs may
the
history, thus affording the maximum protection to the competitive
our
We favor strict supervision of all forms
by projects like Grand Coulee,
shall give priority to homeless families who
among
system.
our program.*.
In settling new lancls reclaimed from desert
enterprise,
productive
in
investment
To finance these programs adequately in order that they may be effective.
these
impede trade
efforts in strengthening our home
State will have undue advantage over any other.
or
encourage
billion dollars from the low of 1932,
To continue the broad program launched
we
best
favor the adjustment of freight rates so that
we
We have enforced the anti-trust laws more
ordinated development of our river basins through
I
barriers which
oppose
pledge our
privileges of future Federal, State and local
domestic
expand his
to
We
markets, and to this end
as
market for all domestic crops.
To enlarge rural electrification program.
To encourage farmer owned and controlled
perience justifies such extension.
To safeguard the family-sized farm in all
thrift-destroying inflation, so that today the dollar is the most
a
several States for the
unduly expand livestock and dairy production.
safeguard the farmer's foreign markets and
To
339
steady course between a bankruptcy-producing de¬
a
stable and
practicable,
bring about that development in forests and other permanent crops as will
far
steered
flation and
several
To continue to make
the Nation.
We have
Since we assumed office, nine million
gained regular employment in normal private enterprise.
policies—financial, industrial and agricultural—will continue to
All our
accelerate
the rate of this progress.
American business, where
By public action where necessary to supplement private re-employment,
have rescued millions from idleness that breeds weakness, and given
concentrated power had failed.
we
We
found
a
broken
and
banking and financial system.
prostrate
restored it to health by strengthening banks, insurance companies
financial institutions.
We
and other
We have insured 62 million bank accounts, and pro¬
them
We have thus revived confidence,
safeguarded thrift and opened the road
We
men,
have
thus
made credit
unfastening
rates
available to small
of
a
money
business
monopoly, and
giving the ordinary citizen a chance to go into business and stay in business.
We recognize the importance of small
business concerns and
new enter¬
prises in our National economy, and favor the enactment of constructive
legislation to safeguard the welfare of small business.
Independent smallrepresented
scale enterprise, no less than big business, should be adequately
on
appropriate
governmental
boards
and
commission,
and
its interests
should be examined and fostered by a continuous research program.
We have provided an important outlet for private capital by
home
building and low-rent housing projects.
throughout the Nation last
We
have
fostered
a
We
year
More
new
stimulating
homes were built
than in any year since 1929.
well-balanced
American merchant
in
their
obligation
are
a
and our
country's well-being.
of government
continue to
deserving
opposed to vesting in the States and local authorities the
relief.
unemployed back on the dole.
employ¬
energetically continue to direct our efforts toward the
private industry of all those willing to work, as
employment
control
We believe that this Republican proposal
thinly disguised plan to put the
We will
ment in
We shall
to provide work for
absorbed by private industry.
of money and machines.
well as the fullest
This we pledge as our primary
objective.
To futher implement
of the President, a
ment,
industry,
this objective, we favor calling, under the
mines, fields, forests and
and inland waterways.
Building
every
a
direction
National unemployment conference of leaders of Govern¬
labor and farm groups.
river
factories,
highways, railroads
There is work in our
basins, on our coasts,
people.
standard of living for
heritage for every American.
There are houses to be built to shelter our
better America means work and a higher
family, and a richer and more secure
Social Security
marine and the
world's finest system of civil aeronautics, to promote our commerce
National defense.
the
of Federally financed work
is
low interest
at
the oppressive yoke
stake
real
workers who cannot be
tected millions of small investors in the security and commodity markets.
to all honorable business.
a
recognize
The Democratic party,
is dedicated to its
which established social security for the
extension.
Nation,
Act
We pledge to make the Social Security
The Commercial & Financial Chronicle
340
increasingly effective, by covering millions of persons not
now
protected
Civil Service
under its terms; by strengthening our unemployment insurance system and
establishing
and
adequate
more
benefits,
uniform
through
the
of the
including protection
permanently disabled; and by the early realization of
minimum
a
positions in the executive branch of the Federal,,Government except actual
bona fide policy-making positions.
pension for all who have reached the age of retirement and
are not
gainfully
'
in
test
fitness for
determining
Promotion and
experience
•
The competitive method of selecting
employees shall be improved until experience and qualification shall be the
sole
employed.
Health
We pledge the immediate extension of a genuine system of merit to all
Federal
equalization fund principle: by progressively extending and increasing the
benefits of the old-age and survivors insurance system,
July 20, 1940
employment
in
the
tenure in Federal service shall likewise
and
Arbitrary
qualification.
and
service.
Federal
depend
upon
unreasonable
fitness,
rules
to
as
academic training shall be abolished, all to the end that a genuine system
Good health for all the people is a prime requisite of National preparedness
''
We
care.
are
We pledge to expand these efforts, and to provide
hospitals and health
centers
and better health protection wherever
through the co-operative efforts
State and local governments, the medical, dental, nursing
and other scientific professions,
Territories and District
co-ordinating the health function of
the need exists, in rural and urban areas, all
of the Federal,
'
We have advanced public health, industrial hygiene
sense.
Federal government.
more
efficiency and merit shall prevail throughout the entire Federal service.
l"'
in its broadest
and maternal and child
our
of
and the voluntary agencies.
We
favor
for Alaska,
larger
a
of Columbia
of self-government
measure
Hawaii and Puerto Rico.
leading
statehood
to
We favor the appointment of resi¬
dents to office/ and equal treatment of the citizens of each of these three
territories.
We
just claims by
the
favor
prompt
determination
and
of
payment
any
Indian and Eskimo citizens of Alaska against the United
States.
Youth and Education
We also favor the extension of the right of suffrage to the people of the
Today, when the youth of other lands is being sacrificed in
Nation
war,
this
the full value of the sound youth program established
recognizes
by the administration.
The National Youth Administration and Civilian
District of Columbia.
We pledge to continue to stand guard on our true first line of defense—
the security and welfare of the men, women and children of America.
Conservation Corps have enabled our youths to complete their education,
have maintained their health, trained them for useful
them to
Our public
schools.
works have modernized and greatly expanded the Nation's
We
Our Democratic Faith
citizenship and aided
employment.
secure
have
rehabilitation,
Federal
increased
and
undertaken
industry training.
We shall
aid
for
vocational
comprehensive
a
continue
of
program
bring to
to
education
millions
and
defense-
of children,
youths and adults the educational and economic opportunities otherwise
Democracy is more than a political system for the government of
that
mechanized existence,
a
this country.
as
our fathers
fought, for the
right of every American to enjoy freedom of religion, speech,
Slum-Clearance and Low-Rent Housing
We have launched
dwellings that breed disease and crime,
and to replace them by low-cost housing
income families.
projects within the
We will extend and accelerate this plan
congested city districts, but also in the small
we
will make it
powerful
a
of National
arm
towns and
defense
means
of low-
not only in the
farm
areas,
and
by supplying housing
for the families of enlisted personnel and for workers in areas where
is
industry
expanding to meet defense needs.
It is America's
The
Democratic party
which
men
cost
of
living shall not be increased by speculation and unjustified price
rises.
Negroe
Our
social
Negro
citizens
advances
have
launched
this
aid
families.
We
cational
education,
to
have aided
actively
to
the
and
in
Administration,
than
more
education
training,
strive for complete
ment service and
and
work
rehabilitation
half
a
million
employment.
the
economic
including
fair
relief projects,
of
or
Negro youths in
continue
to
We
shall
continue
veterans and their
devotion to the
of
and
policy
of fair treatment of America's
citizens
H.
National
Bank
this platform and to
and
men
forward with
go
who subscribe to
us
the prin¬
Perkins, Chairman of the Board,
City
Farmers
Bank
YoFk and
New
of
City
Trust Co.
The
sudden
death
occurred
Mount
at
Kisco, N.
Y.,,
on
July 12, of James II. Perkins, Chairman of the Board of the
Mr. Perkins, who
Trust Co.
the result of
liberty.
M.
Anderson
pledge the enactment
64
was
of
J.
P.
Morgan &
Co.,
where
A month
Mr. Perkins returned to his desk after
of legislation
creating
Indian
an
by Indian groups, bands and tribes, in order that
the
Government
our
months
due
to
illness.
dressed to the staff of the two
considered,
ad¬
the
June
on
old, died
as
issue of their
ago
an
he and
Mrs.
(on June 15)
absence of
public statement
seven
was
ad¬
banking institutions, through
official
"Number Eight,"
organ,
in
which he said:
1940 MONTHLY RANGE OF UNITED STATES GOVERNMENT AND
(Compiled from sales transacted
Ilis last
Indian
justed, and finally settled at the earliest possible date.
years
heart attack suffered at the home of Arthur
a
Perkins had been dinner guests.
have their claims against
may
James
of
the
war
Claims Commission for the special purpose of
entertaining and investigating
claims presented
appeal to all the liberal-minded
peace, we
National City Bank of New York and the City Bank Farm¬
Indians
We favor
Death
ers
dependents, in just tribute to their sacrifices and their
cause
live and
to
We pledge
color.
our
can
righteous endeavors to preserve forever the priceless heritage
liberty and
of the Nation to approve
by wholeheartedly supporting the candidates
vo¬
Veterans
We pledge
women
farm
legislative safeguards against discrimination in Govern¬
creed
and creeds,
continuation of the blessings of Divine Providence
upon a
and
low-income
benefits, and in the National defense forces.
race,
the only system under which
races,
labor
decent
uphold due process and the equal protection of the laws for every citizen,
regardless of
souls,
s
standards, social benefits, health protection,
housing,
own
people composed of many
work, play and worship in peace, security and freedom.
ciples which it proclaims.
participated
by
of their
masters
are
the American
of American
taking effective steps to insure that, in this period of stress, the
rededicates itself to this faith in democracy, to
the defense of the American system of government, the only system under
upon all our
Consumers
are
destiny, in these days of rampant despotism, to be the
guardian of the world heritage of liberty and to hold aloft and aflame the
torch of Western civilization.
Firmly relying
We
press, assem¬
bly, petition and security in his home.
soundly conceived plan of loans and contributions
a
to rid America of overcrowded slum
If
We believe
lacking the spiritual quality of democracy,
is intolerable to the free people of
We, therefore, pledge ourselves to fight,
beyond their reach.
people.
a
It is the expression of a people's faith in themselves as human beings.
this faith is permitted to die, human progress will die with it.
NEW YORK CITY BONDS
the New York Stock Exchange—Quotations after decimal
point represent one or more 32ds of a point)
BONDS
*
January
Low
Treasury
Treasury 4s
Treasury 3%s
Treasury 3^8
Treasury 3%s
High
February
High
March
Low
Low
High
A pril
May
Low
High
Low
121.6
117.6
....1947-1952
119.31
120.17
119.30
120.3
120
120.30
120.9
1944-1954
114.16
114.29
114.14
114.8
114.19
115
High
120.29
June.
Low
117.2
High
119.14
115.6
111.21
114.24
111.18
113.18
114.10
114.30
114.9
114.14
114.18
115.4
114.20
115.9
111.20
114.28
111.16
114.3
101.31
102.8
101.22
102.2
101.3
101.23
101.3
101.11
100.16
101.4
100.14
100.21
1941-1943
104.5
104.24
103.26
104.3
103.17
103.26
103.12
103.20
102.22
103.12
102.25
103.3
109.21
109.30
109.20
109.24
109.20
109.24
109.11
109.24
107.16
109.7
107.16
108.13
105.3
105.17
104.30
105.6
104.17
105
104.10
104.21
103.19
104.13
103.19
1943-1945
Treasury 3%s___
Treasury 3}4s
Treasury 3J4s
114.23
1946-1956
1940-1943
109.25
110.1
109.26
109.28
109.24
109.31
109.18
110
107.16
109.19
107.12
108.18
109.17
.1943-1947
1941
103.24
Treasury 3^8
Treasury 3^s
Treasury 3^8
1944-1946
110.6
110.18
110.8
110.12
110.10
110.16
110.8
110.21
108.4
110.17
107.30
1946-1949
111.3
111.20
111
111.8
ID- 20
112.9
111.17
112.13
108.26
111.29
108.23
110.20
1949-1952
111.22
112.13
111.19
111.24
111.22
113.1
112.10
113.10
109.14
112.23
109.21
Treasury
111.28
1946-1948
110.10
110.28
110.11
110.15
110.29
111.15
110.27
111.22
108.12
111.8
108.6
110.10
109.29
111.18
110.17
110.4
3s.
Treasury 3s
1951-1955
109.28
110.30
110.9
110.1
111.30
107.25
111.7
107.20
Treasury
Treasury
Treasury
Treasury
Treasury
2yss
2%s
.....1955-1960
107.7
108.10
107.12
107.24
107.16
109.6
107.25
109.16
104.20
108.20
104.29
107.19
1945-1947
108.28
109.13
108.30
109.3
109.11
109.22
109.9
109.26
106.26
109.18
106.20
108.18
108.20
108.2
108.6
108.4
109.5
109.3
109.19
105 24
109
105.27
108.9
Treasury
Treasury
Treasury
Treasury
2%s
1948-1951
108.10
2%s
1951-1954
106.28
107.30
106.31
107.13
107.7
108.19
107.23
108.30
104.16
108.8
104.24
107.10
2%8
1956-1959
106.9
106.31
106.9
106.20
106.18
108
106.27
108.12
103.24
107.13
103.24
106.16
2Hs...
1958-1963
105.27
106.26
105.29
106.8
106.1
107.21
106.17
108
103.13
107.7
103.14
106.10
2^8
2 M>s
1960-1965
105.25
106.26
105.27
106.12
105.29
107.22
106.14
108.1
103.16
107.8
103.15
106.14
108.18
103.30
108.10
108.14
108.20
109.2
109.2
109.13
106.20
108.16
106.18
107.22
194
.
2^s
Treasury 2 Ms
1948
107.22
108.3
107.17
107.20
108.21
108.31
108.8
108.25
105.18
....1949-1953
105.1
106.4
105.5
105.16
105.11
106.28
105.19
107.2
103.2
106.13
103.2
105.11
1950-1952
105.5
106.6
105.8
105.18
105.14
106.31
105.20
107.3
103.4
106.15
103.9
105.18
1951-1953
102.20
103.20
Treasury 2Ms
Treasury 2Ms
108
103.20
102.29
103.8
103.3
104.18
103.15
104.23
101.7
104.9
101.8
1947
104.18
105.4
104.16
104.23
105.3
105.23
104.27
105.30
103.2
105.18
102.28
102.23
103.22
103.1
103.10
103.11
104.15
103.18
104.24
101.14
104.9
101.13
103.20
108.10
108-20
108.9
108.16
108.12
108.20
108.11
108.24
105.30
108.13
105.22
107.10
107.29
108.13
107.29
108.6
108.1
108.17
107.26
108.21
105.20
108.3
105.21
107.15
Federal Farm Mortgage
Corp. 3^8.1944-1964
Federal Farm Mortgage
Corp. 3s... 1944-1949
Federal Farm Mortgage
Corp. 3s...1942-1947
104.26
103.28
104.4
103.20
103.10
104.2
107.29
105.6
104.20
103.2
104.15
103.1
103.25
102.12
100.8
102.10
100.5
101.23
105.4
105.2
105.2
104.20
105.5
104.26
104.31
105
105
107.18
107.24
107.20
108.6
107:21
108.12
104.16
104.22
104.15
104.20
104.18
104.25
104.8
101.10
101.24
101.16
101.20
101.27
102.6
101.20
122 Vs
122 K
Panama Canal 3s registered
New York City (see note
103.16
105.4
105.2
105.2
108.4
1945-1947
2)^s
Corp. I Ms
104.20
103.9
105.15
105
107.18
1942-1944
Corp. 3s
Home Owners' Loan
Corp.
Home Owners' Loan
105.1
1944-1952
Federal Farm Mortgage
Corp. 2 J£s_ 1942-1947
Home Owners' Loan
1961
107.5
below):
4M»
....1964
3^8.
1967
Transit Unification
Issues;
3%
3%
3%
105.13
1* AIT1948-1950
Treasury 2s
Treasury 2s
4
108.20
120
120
124 H
124H
corporate stock (plan B) w 1
1980
95^
96 H
89
97 H
884*
92^1
corporate stock
1980
94 H
95 M
8814
96
88K
92 M\
92
95^|
(plan I)
corporate stock
Note
—3%
corporate stock
w
I
1980
was
admitted
on an
dealings therein, beginning June 19, shall be under
"Issued" basis on June 12.
one
classification.
There
being
no
distinction between corporate stock issued pursuant to plan B and plan I,
Volume
To
the Bank and Trust
My Associate* in
After
Company:
seven
Trust
American
I want to use
the columns of "Number Eight" to greet the members of the organization
on
my return, and congratulate them on the successful operation
during
the past year, and on the skill with which they have met the difficult
problems which have arisen because of the wars going on in different
the
it
is also
a
Then
good time for me to say to my
confidence that
working effectiveness.
perfect
I
can
hardly
among you.
A
tell
we
will
sketch
much
how
you
.»
meet
it gives
pleasure
•.
.
same
Distinguished Service Medal, Officer of the Legion of Honor
and Commander of the Order of the Crown from Belgium.
of France,
Perkins was elected President and
Co., and when the affiliation of that
director of
institution
June
On
New York was completed, on June 29,
1929, he was made President and director of the City Bank Farmers Trust
Co. and a director of The National City Bank of New York.
He was
elected Chairman of the Board of The National City Bank of New York
with
;•
National
The
City Bank Farmers Trust Co.
Mr. Perkins was Chairman,
wlfich
1898.
His first job was with Walter Baker & Co.,
Ltd., chocolate manufacturers, whose establishment occupies a large area
and
social
in
the
Harvard, from
Academy, and then to
Bank of
City
in
score
a
organizations.
benevolent
and
forming the
unit of the
Perkins was largely instrumental in
Quarter Century Club of the National City organization, a
In
neighborhood of Mr. Perkins's home town.
1937,
May,
of
International Banking Corp. ; a member
Committee, New York Clearing House Association,
of corporations and a member of as many clubs
House
director
elected Chairman of the
10, 1936, he was
27, 1933, and on March
Feb.
of
graduated in
was
Mr.
1921,
16,
The Farmers' Loan & Trust
Clearing
lie
Army of Occupation at Coblenz.
Mr. Perkins received the Amer¬
later of the Third Army, or
his services with the overseas forces
For
a
schools there and to the Milton
In September
Red Cross organizations.
ican
and went to the public
Milton, Mass.,
in
born
was
In
France.
to
year
and
Perkins
Albany and
of
later he received
years
Vice-President, and then
the entry of America into the
1918 he was given complete
with
and
War,
went
country's European
this
the
H.
World
the
Perkins
Second Army,
bank, follows:
James
Bank
Two
1912.
in
bank
City Bank, becoming a
he became a Colonel in the A. E. F. and' was assigned
General Headquarters at Chaumont as Assistant Chief of Staff of the
to
made available by the
of Mr. Perkins's career,
Commercial
National
the
of that
Manager.
Mr.
of
the
of
to be back
me
■
of
The National
came
control
smooth
responsibilities with
our
of the
offered
President
the
from
conflict
associates that the
war
is bound to affect not only conditions in Europe, but conditions in
the United States;
that I believe we have an organization trained and
equipped to meet any demand that may be made upon it; that the best
way to keep that organization in perfect working order is for each of us
quietly, without excitement or fear, to do the daily job before us.
Hots
of people will become jittery and have the desire to do the other fellow's
job for him.
This would only slow things down and bring confusion.
In the preparation for defense the bank will play a necessary part.
I have
think
call
Executive
parts of the world.
chocolate firm he joined the staff
and after a few years there he was
with
Co.
vioe-presideney
became
a
the
of Boston,
years
^
Having been away from the office for so many months,
I
341
The Commercial & Financial Chronicle
151
Mr.
1
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a
f
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a
00
I
I
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I
I
I
I
I
I
I
I
I
I
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II
i
co o cc n
I
i
I
I
I
I
I
I
I
00 O M
i
Tjieo
t
i
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The Commercial & Financial Chronicle
342
employees
eligible.
New
In
York
serving for two
Clearing House Association,
served
He
and
officers for which those having 25 years' of service are
October, 1937, Mr. Perkins was elected President of the
and
as
Civilian
organized
Aid,
United
the
$5,000,000 to
Society
the Allied
the
Relief
French
at the New York World's Fair
on July 14 were featured by
by Count Rene Doynel de Saint-Quentin, French
Ambassador to the United States.
The Count, who spoke
in French, answering criticism of Marshal Henri Philippe
Medical
Fund
Committee,
agencies formed
various relief
nation-wide campaign to collect
this country for European refugee chil¬
in
Petain
Mr. Perkins was also a member of a committee appointed by George
Harrison, President of the Federal Reserve Rank of New York to consider
dren.
L.
Mr. Perkins
was
director of the American and Foreign
a
Edison
Union
Co.
of
New
Copper Mining Co.;
Eagle
York;
the
Indemnity
Co.;
member of the Executive Committee of the Union Pacific
He
was
of
trustee
a
the
Miriam
Osborn
Memorial Home.
Mr.
Funeral services for Mr. Perkins
Congregational
July 15.
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than nine or ten months and this week
advised the Secretary that it was necessary for him to return
to New York.
The Treasury's announcement added:
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Washington
Monday,
on
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held at the Second
were
the
Secretary of the Treasury Morgenthau announced on
July 19 that Basil Harris, Assistant to the Secretary and
Commissioner of Customs, has resigned to return to the
private business he left ten months ago to help the Treasury
in the administration of shipping problems that developed
under the Neutrality Act.
Upon accepting appointment
soon after the outbreak of the European war last
September,
Corp.; Queen Insurance Co. of New York; Royal
Co..
from
''
Fair.
Assistant to
Co. of New York; Royal Insurance Co., Ltd. ;
Sperry Realty Co.; Star Insurance Co. of America, and
Railway
abdicate
Basil Harris Resigns as Commissioner of
Indemnity
a
not
'
Federal
Co.; Globe Indemnity Co.; Liverpool and
London & Globe Insurance Co.; National City Realty Corp.;
Newark Fire Insurance Co.; One Hundred and Fifty Wil¬
The
"will
France
Consolidated
Insurance
liam Street
that
asserted
principles of the French Revolution." In contrast with the
usual joyous note predominant in the celebration of the day,
its observance this year assumed a more serious aspect at
problems arising from the European war.
Insurance Co.; Anaconda
address
an
waging a
provide asylum
New York World's Fair
The Bastille Day ceremonies held in the French Pavilion
years.
for
activities of
States
coordinate
to
throughout
American
member of
a
was
the
of
director
a
July 20, 1940
Bastille Day Ceremonies Held at
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Mr. Harris, a native of Illinois, was
resigned
before he
His
appointment last
Sept. 9, page 1557.
devote
Assistant
union
ceeds
Assistant
was transferred to the
immigration matters.
who
Dimock,
E,
Department to handle
5 nominated Colonel
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mosture content in grain.
received his Bachelor's Degree
the University of Michigan.
the Department in 1902 as Assistant in the Seed Laboratory,
Plant Industry, at a salary of $1,200 per year.
He worked
University and his Doctorate at
State
July S.
!:o3©
responsible for the organization and develop¬
ingenious device for quickly determining the
Bom 011 a farm near Wapakoneta, Ohio, he
Army Corps of Engineers, as Governor of the
to succeed Brigadier-General Clarence S.
The Senate confirmed the
author
is
Canal
resigned.
Ridley,
of
ment
Glen E.
also quote:
we
been largely
Duvel has
Dr.
Canal
Named Governor of Panama
Col. G. E. Edgerton
as
at the Secretary's
a staff adviser on
announcement
ment's
♦
—
agreed,
available
Federation
Secretary of Labor by
Mr. Tracy, who has resigned
post, assumed his new duties on July 12. He suc¬
Marshall
Justice
his
of
most
request, to continue to be
policy questions involving
commodity marketing problems.
Mr. Wallace announced
that Joseph M. Mehl, Assistant Chief of the Commodity Ex¬
change Administration, will succeed Dr. Duvel as Chief.
Mr.
Mehl, Assistant Chief since 1929, has had over 20
years' experience in the Department.
From the Depart¬
has
President Roosevelt on July 8.
his
Dr. Duvel asked to be relieved
responsibilities, it is said, in order to
time until retirement to research.
He
of his administrative
Brotherhood of Electrical Workers,
Second
appointed
Joseph W. T. Duvel, Chief
Department of Agriculture.
,
Tracy, President of the American
of Labor's International
was
announced 011 July 12
of the Commodity Ex¬
change Administration, will, at his own request, become
Associate Chief on Aug. 1, after 38 years' service in the
Secretary of Agriculture Wallace
that Dr.
noted in our issue of
D. W. Tracy Appointed Second
Secretary of Labor
W.
Head of CEA on Aug. 1—Wil
Duvel
Become
to
Succeed Dr. J. W. T.
merchant marine.
was
year
♦
Daniel
Mehl
Vice-President of the United States
as
service in the restoration of the American
I
M.
J.
for 27 years
Lines to accept
the double responsibility of heading the Bureau of Customs and advising
the Secretary of the Treasury on its supervision.
In June of last year he
was given an honorary degree by Georgetown University for distinguished
'•
343
Financial Chronicle
The Commercial &
151
Volume
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The Commercial & Financial Chronicle
344
continuously until 1918
the World
During
ministration
He
United
of
Commodity
Exchange
Mr.
the
office
1921
to
In
1924
he
that
to
reemployed
was
Grain
the
of
Futures
Administration
by
the
and continued
after
enactment
he
1925
in
1917
Markets
accept
in
faim
a
on
as
investigator
an
Rural
and
of
the
to
18.
entered
ment of
Purchasing in
left the, Department
He
He
Administration.
in
Commodity Exchange
modity Exchange Act.
promoted
was
continued
and
1929
E.
Gauss,
Administration
reported in
after
Assistant
to
Assistant
as
the
Chief
Chief
of
enactment
the
Advisory
in
Minister
to
Australia,
Clarence
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Advisory Commission recently an¬
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Harrison,
George
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Members
Young to Aid in Training
Defense
several
phone & Telegraph Co.,
<?
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—
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Commission
staff:
Gauss, presented his letters of credence to the GovernorGeneral, Lord Gowiie, on July 18 and conveyed President
— —
was
S. Knudsen, head of the Production
Division of the Commission, has named the following to his
W.
—
establish¬
issue of Jan. 13, 1940, page 211.
Defense
members.
American Minister to Australia,
Following Arrival in Com¬
States
Gauss and
Technicians
Com¬
Credentials
United
our
Aides to Staffs—Owen D.
the
in
monwealth
The
The apponitment of Mr.
The National
First
Presents
significant mark of Aus¬
a
responsibilities
diplomatic relations between the two countries
nounced
C.
the
the United States Grain Growers, Inc.
reemployed in the Department in the Chicago office of the
was
Futures
Administration
July 16.
on
He
of
assumption
of nationhood.
Prime Minister It. G. Menzies and External Affairs Minister
John McEvven formally greeted Mr. Gauss on his arrival
the
of
Mr. Gauss also said that it was
tralia's
Commodity
Illinois.
Australia's
reciprocated,
diplomatic exchange should be made with the United States,
Australian Associated Press dispatch from Sydney on July
Cooperative
in
Organization.
position with
a
Douglas County,
for
wishes
warmly
at
became
Chief
as
July 20, 1940
prosperity, which
adding that it was a
matter of greatest gratification to Australia that its first
on
Department
In
Act.
best
Gowrie
Lord
with
position
York, supervising work
commercial grain business
he
1922
accept
Roosevelt's
Ad¬
New
the
Futures Administration,
bom
was
of
in
Grain
1919
in
entered
he
Food
by its Grain
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Volume
C.
J.
Nichols,
Director
the
of
President
the
of
Miscellaneous
of
Co.
Nichols
C.
J.
City,
Kansas
Edward
Division.
Materials
of
the Maritime Com¬
mission, has been
appointed to coordinate
shipbuilding
activities—merchant and naval—in
association with the
Division
of
Research,
Labor,
retired Chairman of the General Electric Co.,
in
has accepted
As
labor
As
training.
Dr. Isador Lubin, head of the Bureau of Labor
executive
Floyd
appointed assistants to Mr.
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Dublin, Executive-
Education., Stephens College,
the Laboratory Division
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the
Chairman of the Urban-Rural Coopera¬
of Women's Clubs; Josephine
Cunningham,
the
Consumer
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Elliott,
Harriet
of consumer interests, the following-
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Trucking
Miss
to
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Carriers
Lake
Columbia, Mo.; Fran¬
W. C. A., New
York; John Edelman, Assistant Director of Information of the UnitedStates Housing Authority, and Louis Adamic, author, of Milford, N. J.
rH
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been
have
appointed:
Minnie
Williams of
ces
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following
the
Budd
American
in charge
Committee
11
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Mr.
to
consultants
Institute
'ff
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of the American Petroleum
Railroad Association,
Short Line
the
of
Secretary of the National Consumers' League; John Cassels, Director of the
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President
Wilkins, Georgia Citizens Fact-Finding Committee; Mary
Reeves.
m -h
"3t^U5iO"5t»OiU3«f3®iCt-OCC)000't|,l<00
in
President of the American Automobile Association.
President
President
Mrs.
tive
Agency, and Dr. Robert C. Weaver, special assistant to the
Administrator of the United
States
Housing Authority,
been
Wood,
liave been
assistant
\Y.
H. A. Sarre, Director of Personnel for the Federal Works
have
Defense Commission
advisers:
the
representative
Washington
Hood,
Henry,
Commission
Statistics,
for labor requirements.
Reeves, Professor of Administration at the
University of Chicago, as executive assistant and in charge
of coordinating the training program.
as
of
Association, Cleveland; Ted Y.
Association, Inc., Washington;
F. C. Horner, New York, Assistant to Chairman, General Motors Corp.,
and Arthur M. Hill, President National Association of Motor Bus Operators.
T.
A.
Corps in training technicians.
Mr.
Hillman has added the following to his staff:
Maxwell Brandwen as executive assistant in charge of
labor and
M.
P.
consultants
Rodgers,
Conservation
Civilian
Department
named:
labor supply
of
of
member
Dow,
J.
Thomas
and
and training.
Mr.
Young will aid the National Youth Administration and the
charge
B.
Institute;
Owen D. Young,
Roosevelt,
appointment as an aide to Sidney Hillman, member of the
Commission
Budd,
Fayette
present responsibilities.
At the request of President
Division,
Hour
and
appointed assistants to Dr. Lubin.
were
Ralph
N. Arnold Tolles, Chief of the Division
Wage
charge of transportation, Avill have as
Commission, in addition to his
the
Martin, of the economic staff of the Bureau of
Labor Statistics, and
Admiral P^mory S. Land, Chairman of
Production
345
The Commercial & Financial Chronicle
151
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The Commercial & Financial Chronicle
346
Dr.
Robert
E.
President, of
Wilson,
the
Pan-American
Board and
Petroleum & Transport Co. and American Oil Co., has been
added to the staff of Edward R. Stettinius Jr., Commission
member
in
procurement of industrial
of the
charge
terials.
be devoted to a joint session of the
Advisory Council, which is composed of the Chairman of the
14 Districts of the NASD.
Problems of national import will be discussed,
considered and acted upon at this meeting.
ma¬
In the afternoon of the second
day, the Advisory Council will hold a separate meeting for the purpose of
v.''
Previous
July 20, mO
The first day of the meeting will
reviewing the problems of the various Districts and exchanging information
appointments to the Defense Commission
were
how local situations may best be handled.
as to
of information
reported in our issue of June 15, page 3757.
Districts
between
has
In the past, this exchange
proven
valuable in aiding in
very
finding solutions of local problems.
Francis
Association
A
Meet
to
Chicago
in
July
Association
Hotel
22-23
men left
attend a meeting of the
Council of the National
the
Dealers at
Securities
of
of
Edgewater Beach
Monday and Tuesday next (July 22 and 23), the
NASD announced yeaterday.
►
Those attending the meeting from the New York area
the
A.
E.
A.
of Putnam & Co., Hartford.
and George S. Stevenson
Regarding the program of the meeting, it is stated:
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Engineers of America, at the recent regular monthly meet¬
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ings Bank of Brooklyn, N. Y., and has been employed in
Harriman, Ripley & Co., Inc.
M. Marks & Co.; Harry W. Beebe of
Elected
Thomas
New York Association No. 1, National Association of
Perry E. Hail of Morgan Stanley & Co., Inc.; Laurence M. Marks of Lau¬
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a
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Bonner & Co., Chicago,
Association, will preside.
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of Counsel for the NASD, both representing the Washington
headquarters of the Association, will also attend the meeting.
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the United States will be present.
delegation of prominent New York financial
for Chicago yesterday (July 19) to
Board of Governors and Advisory
A.
Chairman
Council of Securities Dealers
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Volume
in 1882, simultaneously with the
tion No. 1, chartered
Third
found¬
The
Treasurer,
Mortgage Bankers Association to Sponsor Exposition
of
Building, Industry and Services at Annual
Convention in Chicago, Oct. 2-4
fourth consecutive
the
For
Chicago; Senator John E. Miller of Arkansas; F. Guy Hitt,
Bank of St. Louis, and
Dr. Paul F. Cadman, Economist of the American Bankers
Association.
The general theme of the Aug. 20 session will
be "Banks and Agriculture" at which several professors of
the Arkansas University will speak.
Vice-President of the Federal Reserve
the Mortgage Bankers
year,
will
America
of
"Exposition
the
sponsor
in cooperation with
Bankers Association,
Arkansas
College of Business Administration of the University of
Arkansas, will hold its third annual seminar at Fayetteville,
Ark., from Aug. 19 to 23.
Among those who will speak
before
the various sessions
are:
Herbert V. Prochnow,
Assistant Vice-President of the First National Bank of
Waite; Financial Secretary, James Negley.
Association
Bankers Seminar to Be Held
Arkansas
Fayetteville, Ark., Aug. 19-23
the
Vice-President, William Wrightson;
Fritz Schultz; Corresponding Secretary, Harry
are:
year
Annual
at
ing the national association, numbers more than 700 active
members in the metropolitan area.
Other officers for the
ensuing
347
The Commercial & Financial Chronicle
151
of
Building, Industry and Services," which will be held in con¬
nection with the Association's 27th annual convention at the
Oct. 2, 3 and 4, President Byron
The Exposition, the only one
of its kind in the country, it is said, was established in 1937
in an effort to show those who supply the major share of the
Drake Hotel in Chicago on
T. Shutz announced July 11.
building
in the United States the new developments
field.
Mr. Shutz stated:
even
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Loan
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9,853 estimated for the same month a year
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assumes'added importance because of the increase in all types of
building.
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May Increased
Year Ago,
Below
real estate foreclosures
and comfort of those who plan to
to the convenience
this year
29
than seasonal
developments which add
build.
The Exposition
in one year's time there are m^any new
Were
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Federal
The
June
rapidly in the building field
Technical advancements are being made so
April
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that
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The Commercial & Financial Chronicle
348
The
report prepared by
and
7.
The
11.6% advance
the Board's Division of Research
100) from 33.4 for April to 37.2 for May, was well above the usual 3.6%
increase
this
for
increases
indicated by the six-year average.
six-year average movement, the April to
each of the four groups by size of community
the
the
to
for
shown
closure
period
relation
In
2.
communities, respectively.
3. Of our 12 FHLIi districts, only three westernmost
4.
27.6% below that for the
for
research.
Last month
disclose advances for Montana and Nevada, but a drop of 28.3%
facturers
Advisory
Committee on Scientific Research,
Compton is Chairman, surveyed 188 companies.
the country as a
The
for
cases
whole.
each
dwellings
non-farm
1,006
which
slightly
was
4.5
was
above
While the results cf the
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inqui^ revealed that 10 companies
spent over 10% of their gross income for research, the broad
average of all the companies' expenditures it-is stated was
five-month period ending May 31, 1940.
Similar comparisons among the bank districts disclose increased rates for
May in all but the three westernmost.
(4.1)
rate
the National Association of Manu¬
of which Dr.
May foreclosure rate for the country on an annual basis
comparable
»©
18 urged all companies in
of their gross income for
the
States have had more foreclosures this year than
Cumulative foreclosure figures for the first five months of the
far, only two
1939.
6.
Urges All Companies to Spend 2%
Institute of Technology, on July
United States to spend 2%
ranged from 16.2% for Pittsburgh to 50.9% for Chicago.
two years
for
28% below those for
were
Calling for a billion dollar industrial research fund to
create new jobs, industries, goods and services for "tomor¬
row," Dr. Karl T. Compton, President of the Massachusetts
month of
same
a
Thus
five months of 1940
of Technology Says This Would
$1,000,000,000 Fund to Open New Vistasjof
Enterprise for Future
movement reflected by all groups by size of community, all
FHLB districts, and all but nine States.
In the case of the districts, the
5.
May
Create
May, only eight were west of the Mississippi River.
decline
for
Institute
sets
(Topeka, Portland
the Cincinnati district reported decreases
and
Activity during May was
year,
rise
metropolitan
of Gross Income for Research—Head of Massachu-
from the
Of the 28 States reporting increased foreclosures activity
Angeles)
preceding month.
during
the
period of the preceding year.
Dr. Karl T. Compton
April than Groups No. 1 and No. 4, which represent the smallest and
last
the
brought
were
largest
Los
the first
for
cases
same
May
having from 6,000 to 60,000 non-farm dwellings, showed greater increases
and
which
activity,
Groups No. 2 and No. 3, which together embrace all counties
unfavorable.
over
communities
metropolitan
foreclosure
April, which brought the index (1934 equals
over
10%
1940
in real estate
communities' index
(1926 equals 100) to its highest point this year (119), was substantially
in excess of the April to May seasonal advance of less than 2%.
Fore¬
Statistics also stated:
1.
In
July 20,
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new
major
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A
enterprise for the future.
of
vistas
are
Dr. Compton says:
2% of their gross income
billion dollars a year
in the United States spent
If all the companies
total would amount to more than a
for research, the
HOLC
has not been done, American may
can
developed resources of the
particularly urgent in the months
lead the world in research.
ahead for America to
found to be
Manufacturers in the aviation category were
the most research-minded, judging from the budgets
reported, Dr. Compton said.
However, research apparently
is necessary to all types of industry because the survey in¬
dicates that all major lines of production have companies
among
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security, the financial system of the United
set of hazards by creating another
States has eliminated one
~
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University
ton
In the search for
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W M
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Says R. B. Warren of
Hazard for Another,
^
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Substitutes One
Prince¬
System
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States
United
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HOLC.
General Manager of the
appropriating high percentages of their incomes for research.
Dr. Compton said that many of the largest, and most prosper¬
ous companies are those which have engaged most actively
in research.
"Industrial research," he said, "not only pays
dividends to the companies which engage in it, but it is a
ooco©ci|o
during
paid off their loans in full
revealed on July 13. The number of
paid-in-full loans topped figures for every month in the
past vear except August, when 2,178 were recorded, accord¬
ing to the Corporation.
It is added that nearly 75,000
loans, amounting to more than $177,500,000, now have been
crossed off
the Corporation's books—more than 23,000,
amounting to $57,000,000, in the last year alone.
An up•
swing has been in evidence ever since January, when only
1,598 loans were paid in full, according to Charles A. Jones,
which America
done a research job of
National defense needs make it
Loans Set Ten-Months
May, an HOLC report
research is still one of the least
be pround,
nation.
,
2141 borrowers of the Home
10 months' record,
a
Owners' Loan Corporation
be created.
Although many companies have
.
Full
Paid-in
Reports
Setting
nylon, neoprene, polaried or even an
must
',
,
Record in May
have missed many
automobile industry.
The future of America depends largely upon industrial research,
Today's
frontiers are in the laboratories and machine shops of industry.
Here is
where the new jobs, new industries, new goods and new services of tomorrow
In the research that
potentialities
of national prosperity, and its
new source
unlimited."
being done now.
probably five times as much research as is
a
349
& Financial Chronicle
The Commercial
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The Commercial & Financial Chronicle
350
Pro/. Robert B. Warren of the Institute for Advanced
Study, Princeton, N. J., declared in a lecture on "Currency
and Banking" at the Columbia University Summer Session
inJNew York City.
Although the measures which have been
adopted provide absolute security against every specific
banking hazard disclosed during the debacle of 1933, the
present identification of the money system of the country
with the public debt presents dangers comparable to those
eliminated, Prof. Warren said.
He continued:
set,
Individuals
in
have more and more
for security
search
their
probrium.
their
relation, and to prefer to collectivize or institutionalize
profane.
brought
The whole
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"op¬
We have seen the phrase "rugged
"security."
word
the
May Loaned
loan activity, the United States Savings and Loan
League reported on July 13.
They lent $114,542,000 which
is a 6% gain over April, the previous high month since 1930,
and a 22.2% gain over May, 1939.
The League's announce¬
of interest.
this country has shifted from the word
emphasis in
to
institutional structures
their
boundary between credit and capital.
the banks have entered the
of reserves,
excess
capital market, depressing the long term rate
The
idea; and under the ceaseless
of the idea.
For the third consecutive month the
loan associations in
have largely obliterated the former
Supplied
representation of the
imperfect
Savings, Building and Loan Associations in
6% More than April
which have arisen, the banks
of financing the deficits
process
security and of the
credif
of ownership.
expense
fact of hazard remains.
In
the
buffeting of time and changing circumstance these
become less representative
The incidence of
be shifted, specific recognized hazards may be avoided, but the
creditorship
hazard may
increasing search
an
make the ideal complete.
the idea is nothing; but the institution is never more
Without the institution,
than
always been recognized as hazardous to
substitute for savings; it has
emphasize
record of
of economic history is the
course
of the adoption of ideas designed to provide
for security,
relation to
recognized as hazardous to employ bank
Yet it has always been
a
social, or political, an invention of
capital market—the section offering maximum security.
small section of the
as
something sacred about the present or
and future are equally sacred, or equally
economic,
change,
is
incorporation of those ideas into institutions to
it. The combination of preferences
of credit and capital into one comparatively
convergence
a
Nor
contemporary times.
property rather than to individualize
has
nothing sacred about the past by that state¬
usually imply that there is
the future; whereas past, present
to
come
the sum of economic beatification.
as
Those who say that there is
ment
Some other cliche will re¬
will not last forever.
today
But
place "security"
in preference to the ownership
choose the creditorship relation to property
July 20, 1940
commendation to an epithet of op¬
change from a title of
individualist"
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5
Volume
351
The Commercial & Financial Chronicle
IS 1
construc¬
previously counted went for the
More of the money than ever
A similar jump in the
S36.956.000.
tion of new homes, the League said,
Second Quarter
is seen in the un¬
assist in the buying of
proportion of the loan value going for home purchase
precedented disbursement of 36.7% of all loans to
Trust Disbursed $76,277 in
New York Community
Charitable
of $76,277 by the New York
disbursements
existing properties.
classification which in May
the only ones of
smaller volume in May than in the previous month.
A. D. Theobald,
Assistant Vice-President of the League, points out that the decrease in
this group is in keeping with the large recovery strides the institutions are
making in financing new property ownership undertakings.
the
of 1940 brought
Community Trust during the second quarter
Repair and modernization loans were a third
topped all previous counts, while refinancing loans were
approximately the
tioned in
3908.
issue of June 22, page
our
together in January, 1936.
the volume of loans for all purposes put
same as
Ralph Hayes, Director.
it is announced by
Theobald said that the volume
in May, 1940, was
of loans for home purchase alone,
first six months of 1939,
Cumulative outpayments by the Community Trust, beginning with a total
of $20 in 1924, have now risen to $2,445,221.
The annual report of the Trust at the end 1939 was men¬
compared with $102,455 in the
activity of the present
Showing the greatly expanded savings and loan
time in comparison with four years ago, Mr.
appropriations for the half year to $109,004,
of
total
made
Analysis of the May loans and the purpose for which they were
follows:
LOANS
ASSOCIATIONS IN THE U. S.
ALL
BY
MADE
of Total
$36,956,000
6,896.000
42,049,000
15.7
10,607.000
Home purchase
32.3
18.034,000
and modernization.
Repair
Per eat
Amount
Pur-pose
.
9.3
Refinancing
Other purposes..
&c.
City, received
authorization from the New York State Banking Depart¬
ment on July 9 to open a branch office at 11-13 West 51st
Street, New York City, upon the discontinuance of the
branch office maintained at 54th Street and Fifth Avenue,
Chemical Bank & Trust Co., New York
The
Construction
COMPANIES,
TRUST
BANKS,
ABOUT
ITEMS
ESTIMATED
6.0
36.7
Department's
12 issue of the
the July
from
learned
is
it
"Weekly Bulletin."
$114,542,000
Total
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The Commercial & Financial Chronicle
352
at
condition the Bank of the Man¬
$596,707,710 and
total assets of $058,470,371, comparing, respectively, with
$585,705,926 and $049,453,302 on March 31.
Cash and due
In
June 30 report of
its
hattan
but undivided
with $4,924,089
respectively,
$9,000,000,
and
stand
at $4,940,700 compared
March 30.
on
New York shows in its
The Marine Midland Trust Co. of
the earlier date; United States Government obli¬
on
now
$250,205,109 against $263,-
banks and bankers totaled
from
659,915
$6,000,000
profits
Co., New York, showed deposits of
July 20, 1940
statement of condition
of June 29 deposits,
as
exclusive of
gations were $144,133,308, compared with $97,313,250; and
loans and discounts amounted to $158,043,342 against $157,-
special trust deposits, of $122,352,982 and total resources
The company's capital and surplus
were unchanged at $20,000,000 each, but
undivided profits
amounted to $6,651,063 against $6,615,522 three months ago.
$149,179,669, compared, respectively, with $124,037,066 and
$154,857,664 on March 30.
Cash on hand and due from
banks totals $43,414,765 (against $58,263,205 on the earlier
at the close of business
date) ; time loans and bills discounted, $35,114,430 (against
$33,009,972); demand loans secured by collateral, $14,385,326 (against $18,001,808), and United States Govern¬
ment obligations amount to $29,363,181
(contrasting with
$12,269,263).
The company's capital and surplus remain
unchanged at $5,000,000 each, but undivided profits are now
$4,447,981, compared with $4,411,265 on March 30.
409,494
In
March 31.
on
statement of condition
its
as
June
29, 1940, the Bank of New York, New York City, re¬
ports total assets of $269,602,459, as compared with $249,068,904 on March 30, and total deposits of $245,533,177,
against $224,116,260.
Cash on hand, in Federal Reserve
Bank, and due from banks and bankers amounts to $89,262,343, against $59,565,821; holdings of United States Gov¬
ernment
securities to $115,243,941, compared with $111,744,131; and loans and discounts total $40,239,578 against
$50,043,686 at the end of the first quarter. The bank's capi¬
tal
and
surplus
£32
unchanged from the
are
33
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Empire Trust Co., New York, in its condition state¬
of June 29, 1940, reports total resources of $75,-
as
304,962 and total deposits of $68,407,236, compared, respec¬
tively, with $75,694,433 and $68,540,164 on March 30 last.
Cash in vault and banks amounted to $26,755,458 against
previous quarter
*1
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Volume
The Commercial & Financial Chronicle
151
loans
$22,081,298; holdings of United States Government securi¬
ties to $16,487,605 compared with $16,670,562, and loans and
discounts to $18,101,973 against $23,522,846.
Tlie bank's
capital was unchanged at $3,500,000. but surplus and un¬
divided profits are now given at $2,535,695 against $3,509,277
on
and
discounts
company's capital
and
353
to
was
$2,446,466 against $2,309,982.
The
unchanged at $1,000,000, and surplus
undivided profits were
$1,783,468 against $1,762,513
March 30.
~
:
on
,
♦
<;
.
March 30.
Robert
The
J.
Henry
June 29 total
Schroder
Corp.
Banking
reports
of
as
of
$39,071,153 against $43,481,089 on
March 30, and $22,578,605 due to customers against $25,522,825.
Ca^h totaled $10,581,518 against $10,217,229; hold¬
ings of United States Government securities, $12,405,885
against
$13,314,490;
collateral
loans
and
discounts,
$2,657,626 against $3,887,740.
Capital was unchanged at
resources
$5,000,000,
and
surplus
and
undivided
$2,555,649 against $2,554,103 on March 30,
profits
City
and
of
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Mount Pleasant Bank & Trust Co.
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Plains, N. Y., and thereafter be operated
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plan the Federal Deposit Insurance Corpora¬
tion will advance $1,400,000 upon
assets of the Mount
Pleasant Bank & Trust Co. to permit transfer to the County
Trust Co. of cash and other high-grade assets in an amount
equal to the liabilities it will assume.
The New York State
Banking Department, the Federal Reserve Bank of New
$6,470,906 against $5,033,699; holdings of United States Gov¬
ernment securities to $11,230,769 against $12,433,811, and
BNCN
several
;
the Pleasantville branch of the latter institution.
the
Co., Neiv York, reported as of June 29
due from banks amounted
of
director
1
Pleasantville,
Trust
hand and
and
Vice-President and Director of the
of the New York Dock Co.
Director
Effective July 22 the
were
deposits of $20,339,540 and total assets of $23,722,324,
compared, respectively, with $20,183,822 and $23,473,531 on
on
officer
Co.,
/?_
total
Cash
Investing
porations.
as
March 30.
Dowling has
Bros. & Eken, Inc.;
rett
»
The Schroder Trust
W.
been elected a member of the
Board of Trustees of Emigrant Industrial Savings Bank,
New York City.
He is Vice-President and Director of Star-
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The Commercial & Financial Chronicle
354
York, the Reconstruct ion Finance Corporation and the Fed¬
Deposit Insurance Corporation have approved the con¬
ernment
eral
Clark
solidation,
E„
been
has
who
Dixon,
President of the County Trust Co.,
new branch.
The enlarged County
made
Vice-
a
D.
the
of
E. Dixon, Vice-Presidents; William W. Post,
Treasurer,
Wm.
MacDonald,
F.
Jr.,
Frank A.
Allen
Jr.,
Treasurers,
Assistant
C.
and
C.
Logan, of Norristown, Pa.,
succeed
to
Joseph A.
Fenno,
tive
of the
Other
of June 28,
as
1040, the First
1918
since
bank
respectively,
26
last.
comprising the
$53,081,094
with
In
latest
the
Bonds
assets are;
and
$56,923,415
the
report
principal
United
of
caused
K.
Albert
and
Tose
Elgin
were
Willis
and
Lenhardt
H.
In
Gov¬
condensed
Cleveland
of
statement
Co.
Trust
of
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O'Leary,
by the resignation of (Mr. Rnnck and Samuel Tabak.
its
the
< CI
«0
Stephen
and
Cashier.
named
were
Cashier.
named
was
Vice-President.
Lederach,
Tabak
he
when
on
items
States
elected
Officers
Louis
National Bank of Jersey City, Jersey City, N. J., shows total
deposits of $51,751,075 and total assets of $55,532,916, com¬
paring,
Pa.,
resigned,
In recent years, he also served as
Vice-Presidents
March
Rank,
from
Bridgeport, printed in "Money and Commerce" of
July 13, in noting this, added: Mr. Logan has been an execu¬
Counsel.
In its condition statement
recently elected
was
who had served as
President of the institution since October 14, 1924. Advices
E. Thompson, Assistant Vice-Presidents, and John
Irish, Edward B. Lowell, Joseph 11. Barrett, and J. A.
Nathans,
at
same
undivided
President of the Bridgeport National Bank, Bridgeport,
Secretary and
W. Lent and
Nelson
J.
the
Board;
Pastorelle,
J.
bonds and
$2,225,000 and
profits are now
$300,000, down from $348,791 three months ago.
Andrew Wilson, Jr.,
George B. Clifton, Allen N.
Stainback (and Trust Officer), E. M. Hoffmann, and Clark
Chairman
Titus,
President;
(against $25,669,031
$25,629,860
agencies,
cash and due from banks and with Federal
;
Capital and surplus remain
$1,000,000, respectively,
but
$750,000 with surplus of $750,000, undivided profits of
$203,000 total deposits of approximately $18,000,000 and
total resources of about $20,550,000. Its officers are: Arthur
at
H.
26)
1940
$17,511,100
(comparing
with
$19,592,423, and
securities, $4,138,927 (against $4,171,994).
Reserve,
other
will be Manager of the
Trust Co. is capitalized
its
and
March
on
July 20,
4
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3
Volume
The
$410,154,996 on
Cash on
hand
and in
banks, $157,774,154
(compared with $146,411,859 on March 26); loans, discounts and advances, less
reserves,
$139,690,568 (against $140,210,173), and United
States Government obligations, direct and guaranteed, $98,756,773 (up from $97,789,056).
Total deposits are shown
as
$381,908,754 (contrasting with $371,521,760 on the pre¬
vious date), while the company's capital structure is given
as $33,525,074
(against $33,701,841 three months ago).
assets
of
$420,298,143,
March
26,
1940,
with
comparing
its
total
of June 29, shows total deposits of
as
$117,866,147, contrasting
$107,710,464 and total resources of
$105,937,141
and
$116,115,309,
respectively,
on
26, 1940.
The chief items making up the assets in
with
March
report are:
Loans and discounts, $39,089,394
$36,736,317 on March 26) ; cash and due from
banks, $38,000,426 (against $38,132,855), and United States
Government securities, $29,839,989
(contrasting with $30,-
the
present
(against
remains at $6,000,000, but
$3,157,209 against
The company's capital
034,605).
$3,257,500
in
St. Louis, Mo., in its
Trust of
Valley
Mississippi
condition statement
which the chief items are:
of
surplus and
The
355
The Commercial & Financial Chronicle
151
on
undivided profits are now
the previous date.
Bank of Cleveland, Cleveland, Ohio,
statement of condition as of June 29, 1940, reports
National
City
$203,476,200,
deposits of $183,135,210 and total assets of
The
contrasting with $179,416,803 and $201,850,398, respectively,
on March 26 last.
In the latest report the chief items com¬
its condition statement as at the close of
1940, reveals total deposits of $146,203,632
total resources of $157,310,486, contrasting with $141,-
and
842,725 and $152,975,977, respectively, at the close of busi¬
ness
March 26, 1940.
In its current report the principal
$50,286,092); loans and discounts, $49,617,921 (comparing
with $45,489,079), and other securities, $21,004,276 (against
$18,201,062).
The capital structure of the institution is
now $14,601,005 against $14,099,290 on March 26.
Cash and due from
$56,379,943 on the previ¬
date) ; United States Government obligations, direct
fully guaranteed, $44,718,825 (against $44,735,610), and
items
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making up the
banks, $63,330,757 (comparing with
and
N
W
in
business June 29,
prising the assets are:
Cash and due from banks, $87,572,837 (comparing with $79,981,403 on the previous date) ;
United States Government obligations, $39,907,968 (against
M
Orleans, New Or¬
Bank of New
Whitney National
La.,
leans,
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The Commercial & Financial Chronicle
356
with
stands at
479,077
$31,600,536
(contrasting
capital structure now
$10,413,642 against $10,323,356 on the earlier date.
discounts and acceptances,
$34,908,692).
The bank's
loans,
July 20, 1940
On
$33,031,125).
(against
debit side
the
of the
deposits are shown as $124,706,307, up from
$120,688,403 three months ago.
The bank's capital struc¬
ture remains unchanged at $9,375,000.
total
report
■
has
Meyer,
elected
been
to
Francisco business
San
prominent
Directors of
Board of
the
man,
of the
Bank
the
Wells
office
Francisco, Calif.), A. P. Giannini, Chairman of
San
Board, announced that approximately $2,000,000 would
the
be spent on the
erection of a 12-story bank and office struc¬
of Pine and Montgomery, extending along
ture at the corner
Montgomery to adjoin the present Bank of America buildinjg
of similar size at the corner of California Street.
Con¬
Commerce.
San Francisco Chamber of
a
America
of
Trust Co.
Union
&
recent meeting of the directors of the Bank
National Trust & Savings Association (head
Following
of that city, it was an¬
nounced recently.
Mr. Meyer is President and General
Manager of Wilson & Gee. Meyer & Co., industrial chem¬
ists, a company which has been in existence in San Fran¬
cisco for 90 years.
He has been active in local civic affairs
for some years, at present being Vice-President and director
Fargo
'
•
»
Wilson
struction, Mr. Giannini stated, will start as soon as plans
■
«
The
&
Trust
National
Citizens
Savings
Bank
on
Los
of
total
close
the
of
$135,743,775
of
resources
26 last),
March
business
of which
the
building will supersede 1 Powell Street and head office
and will bring all administrative offices under
for the bank,
roof.
one
(as against $132,204,579 at
in
chief
The
the site will be demolished in the next few weeks.
new
Angeles, Los Angeles, Calif., in its condensed statement of
condition as at the close of business June 29, 1940, reveals
Buildings now
being completed receive final approval.
now
the
expected that .space will also be available
of the structure for outside
is
It
building portion
office
tenants.
items
are:
Loans and discounts, $48,819,881
(contrasting
$49,493,231 on the earlier date) ; cash and due from
banks,
$41,908,291
(comparing
with
$36,641,128),
and
United States obligations, direct or fully guaranteed, $33,-
♦
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from
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hand
noted in
banks,
our
has declared
to
The
$1,960,860
to $2,178,177 from
THE
Barclays Bank, Ltd., London, has recently been cabled to
the New York representative of the bank at 120 Broadway,
New York.
On the asset side the main items are as fol¬
ship during the forepart of the week but considerable specu¬
lative attention was also directed toward the industrial
lows:
Cash
with
in
other
money
and
hand
Bank
the
with
banks
British
and
definite
of collection,
course
short notice,
£25,411,983 ; bills discounted, £77,£107,143,052, of which amount £99,007,902 repre¬
securities of or guaranteed by the British Government.
call
at
sents
and
especially Government-guaranteed invest¬
increased by nearly £10,000,000.
Ad¬
£201,484,919, a decrease of £7,000,000, but deposits
increases,
which
ments,
vances are
have
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of the active
fractionally downward.
Some
recorded among the
industrial specialties and public utilities in¬
cluding among others Mead Johnson, 2 points
to 139; Monarch Machine Tool, 2% points to
3924; Pittsburgh & Lake Erie, 2 points to 57:
United Shoe Machinery, 2 points to 6424; and
New England Tel. & Tel., 2 points to 117.
Dull trading and small changes were the
chief characteristics of the curb market deal¬
ings on Thursday. The transfers dropped to
approximately 52,615 shares against 73,325
on the preceding day.
There were only 221
CJ©©rH©—IrH©©
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goodly part of the trading on Wednesday.
was some profit taking apparent from
time to time especially in the petroleum stocks
but this had little effect on the market trend.
In the aircraft group the gains of the previous
a
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were
transfers
ajH
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Among the more important
Tubize Chatillon A, 4 points to
points to 73.
Higher prices and an increased volume of
were the outstanding features of the
curb market dealings on Tuesday.
Industrial
specialties were the market leaders but there
was
also a good demand for public utility
preferred stocks and aluminum shares at im¬
proving prices. Fractional gains were recorded
by the shipbuilding issues and the paper and
cardboard shares moved up on the side of the
advance with few exceptions.
There was also
considerable activity apparent in the aircraft
group with minor gains in most of the active
issues.
Outstanding among the advances were
Aluminum Co. of America, 2 points to 156,
iCO
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a j-
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30; Pennsylvania Power & Light $6 pref.,
2]/2 points to 10724; American Gas & Electric
pref., I point to 110^; and Cities Service
pref. BB, 5 points to 75.
rH
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were
advances
J?
Aluminum
quiet.
Curb stocks registered moderate gains dur¬
ing most of the dealings on Monday. There
were
some
laggards but the market, as a
whole, was higher at the close.
Shipbuilding
stocks were irregular, Bath Iron Works and
Todd Shipyards slipping back, while New
York Shipbuilding (founders shares) was frac¬
tionally higher.
Industrial specialties were
inclined to move downward, Singer Manu¬
facturing Co. dropping 3% points to 100M;
while American Potash & Chemical sold down
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the market leaders of this group.
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the
Paper and cardboard stocks were quiet and the
shipbuilding shares held within a narrow
range.
Industrial specialties were fairly active
and there were some substantial gains among
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without
shown
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centered
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issues
shipbuilding
the
ranging from 2 to 5 or more points. Aircraft
stocks continued irregular with several promi¬
—
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and
utility stocks during the 2 hour period of trading on Satur¬
day.
The volume of transfers was slightly larger than
during the preceding short session but was again down
to a low level the sales totaling only 34,000 shares.
The
trend of the market was moderately upward: the changes
Compared with June 30, 1939, all the foregoing amounts
show
trend
fractional improvement.
Market
leadership again
206,588; investments,
have
Aircraft stocks moved back and forth
specialties.
£52,031,788; balances
£19,601,867 ;
England,
of
checks in
MARKET
CURB
prices moved moderately higher during much of the
present week, and while there have been occasional periods
of irregularity and some profit taking, the market, on the
whole, was stronger and the volume of transfers has gradu¬
ally increased. Public utilities resumed their market leader¬
statement of accounts of
(June 29, 1940)
mid-year
rates. distributed for many
same
Share
March 26.
on
are
past.
years
$39,001,760), and United States bonds (all at par or less),
$24,419,183 (against $35,536,695).
Capital and surplus re¬
main unchanged at $3,000,000 each, but undivided profits
have risen
record
a
bank
the
thereby maintaining the
three months ago) ; cash on
$46,743,168 (comparing with
(against $43,161,631
365,082
of
resources
comparing with $118,661,567 and $128,827,030, respectively,
on
March 26, 1940.
The principal items comprising the
assets in the current report are:
Loans and discounts, $46,-
total of £470,197,164.
Total
reported at £516,831,556.
As
issue of July 6, page 49, Barclays Bank, Ltd.,
its usual dividends on all its classes of stock,
increased
have
$128,794,081,
deposits of $117,908,762 and total assets of
total
*357
Financial Chronicle
The Commercial &
151
Volume
I
issues
2
advances
traded
in
were
of which 74
advanced, 72
change. Aircraft
shares were irregular, Ryan, Brewster and
Fairchild showing fractional gains while Bell,
Beech, Bellanca and Republic were slightly
lower.
Shipbuilding issues were mixed and
aluminum
stocks were quiet.
Industrial
declined and 75 showed no
specialties
moved
within
a
comparatively
The Commercial & Financial Chronicle
358
narrow
There
range.
1 pref. 7 points to 67; Buckeye Pipe Line 3 points to 37;
points to 59% and Ohio Brass B 1 point
21%. The declines included among others Bell Aircraft 1
power
New Jersev Zinc 2 %
to
point to 15% and Cities Service pref. 2% points to 71.
The market moved to slightly lower levels on Friday, and
while there were a number of small gains in various sections
of the list, the declines were in excess of the advances as the
Aircraft stocks continued
market closed.
to
move
and cardboard issues were generally
irregular.
In the shipbuilding group, Todd Shipyard was
unusually active and climbed upward 3 % points to 66%.
Public utility preferred stocks were moderately active but a
goodly portion of the advance in the general list was among
the slow moving issues.
As compared with Friday of last
week, prices were slightly higher, American Cyanamid B
closing last night at 32% against 31 % on Friday a week ago,
Bell Aircraft at 15% against 15, and Sherwin Williams Co.
at 74 against 73.
DAILY
TRANSACTIONS
AT
THE
NEW
YORK
CURB
Bonds (Par
Stocks
EXCHANGE
Value)
(,Number
Week Ended
July 19. 1940
Domestic
Shares)
Foreign
Corporate
Government
Total
34,385
Saturday
Monday
Tuesday
Foreign
of
$2,000
$14,000
$351,000
57.630
—
$335,000
620,000
9,000
23,000
652,000
792,000
5,000
25,000
822,000
73.140
704,000
7,000
52,605
629,000
18,000
19,000
648,000
84,830
......
Wednesday
...
Thursday
Friday
729,000
66,840
594,000
12,000
12,000
618,000
369.430
Total..
$3,674,000
$35,000
$111,000
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
Week Ended July 19
We
record for the week just passed:
a
RATES
EXCHANGE
FOREIGN
CERTIFIED
BY
FEDERAL
BANK TO TREASURY UNDER TARIFF ACT OF
RESERVE
1930
1940, TO JULY 19, 1940, INCLUSIVE
JULY 13,
Noon Buying Rate for Cable Transfers in New York.
Value in United Slates Money
Country and Monetary
UnU
July 13
July 15
$
$
Europe—
Belgium, belga..
Bulgaria,
July
16
July 17
July 18
I
$
$
July 19
S
a
a
a
a
a
a
a
lev
Czechoslov'la, koruna
Denmark, krone
Engl'd, pound aterl'g
a
a
a
a
a
a
a
a
a
a
a
a
a
a
.035000
4.035000
4.035000
4.035000
4.035000
4.035000
.708750
3.850000
3.831875
3.749687
3.813750
3.831875
.019666
.019625
.019625
.019625
.019625
.019625
a
a
a
a
Official
Free
Finland, markka...
a
France, franc
Germany, relchsmark
Greece, drachma
Hungary, pengo
Italy, lira
Netherlands, guilder.
Norway, krone
a
.399833*
.400000*
.400000*
.400000*
.399833*
.399833*
.006687*
.006669*
.006666
.006611*
.006687*
.006577*
.175787*
.175775*
.176000*
.193700*
.193700*
.193700*
.050414*
.050300*
.050300*
.050300*
.050350*
.050300*
a
a
.0378134
Portugal, escudo
a
a
a
a
a
a
a
a
a
a
a
Poland, zloty
a
a
a
a
.038633
.038300
.038000
.038300
.038150
Rumania, leu
b
b
b
b
b
Spain, peseta
.091300*
.091300*
.091300*
.091300*
.091300*
.091300*
Sweden, krona
.238440
.238283
.238450
.238440
.238520
.238400
Switzerland, franc
Yugoslavia, dinar
.226640
.227000
.227080
.227100
.226960
.22b700
.022440*
.022440*
.022440*
.022440*
.022440*
.022440*
b
A»ia—
$3,820,000
Salei at
RATES
Pursuant to the
the
on
down side and the paper
EXCHANGE
FOREIGN
little activity apparent in the oil
was
issues and the paper and card-board stocks were unchanged.
Prominent on the side of the advance were American Super¬
July 20, 1940
China—
Chefoo (yuan) dol'r
Hankow (yuan) dol
Shanghai (yuan) dol
Tientsin (yuan) dol.
Jan. 1 to July 19
New York Curb
a
a
a
a
,059062<
a
a
a
a
.061587*
a
.060600*
a
.060637*
a
.060733*
a
.060600*
a
a
dollar.
.229812
.239625
.238162
.234081
.237866
.237466
India (British) rupee.
.301571
.301416
.301500
.301416
.301416
.301416
Japan,
.234330
.234330
.234330
.234330
.234330
.234330
.471156
.471156
.471156
.4711156
.471156
.471156
Hongkong,
Exchange
1939
1940
Stocks—No. of shares.
1940
1939
369,430
884,135
27,821,472
21,134,758
$3,674,000
$9,842,000
$257,248,000
Bonds
Domestic
35,000
73,000
$185,915,000
1,370,000
111,000
191,000
4,178,000
Foreign government
yen
Straits Settlem'ts, dol
Australasia—
Australia, pound—
Total
$3,820,000
$10,106,000
$191,463,000
Official
228000
3.228000
3.228000
3.228000
3.228000
3.228000*
Free
956250
3.072708
3.051250
2.988125
3.030000
3.057916
968125
3.084791
3.063333
3.000000
3.042085
3.070000
South Africa, pound. 3.980000
Foreign corporate
3.980000
3.980000
3.980000
3.980000
3.980000
2,754,000
3,381,000
$263,383,000
New Zealand, pound.
Africa—
North America—
THE ENGLISH
We
reprint
the
Samuel Montagu &
GOLD AND SILVER
Canada, dollar—
MARKETS
Official
following from the monthly circular of
Co. of London, written under date of
July 1, 1940.
Rnodesian gold output for
ounces
as compared with 67,385 fine
63,858 fine ounces for April, 1939.
.909090
.909090
.875714
.875468
.882410
.884531
.198437*
.198437*
.198437*
.199437*
.200000*
.909090
dollar.
ounces
April,
1940, was 69,606 fine
for the preceding month and
.909090
.909080
.909090
.909080
.909090
.909090
.866666
.873333
.873125
.873125
.880000
.882500
South America—
.297733*
.297733*
.297733*
.297733*
.060575*
.060575*
.060575*
.060575*
.050220*
.050275*
.050220*
.050350*
.051680*
.051680*
.051680*
.051680*
.051680*
.051680*
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
.570600*
.569800*
.569800*
.569700*
.569666*
.569775*
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
.359500*
Export
Colombia,
Uruguay,
.365000*
.365900*
.356500*
.355333*
.355250*
peso
•
•
peso-
Controlled
Non-controlled
♦Nominal rate,
a
No rates available,
forward.
The month opened with rises of 1 13-16d. for
cash and 1 3-16d. for for¬
23Hd- and 22%d. for the respective deliveries.
This movement,
which followed a sharp advance in
Bombay attributed to the prospects of
early Italian intervention in the war, brought both
quotations to what
proved to be the highest level of the month, but the difference
of lHd.
was exceeded on
many later occasions.
.050220*
i
peso—
Official
The range of prices was again
fairly wide during June ajid a feature of the
month was erratic and sometimes
abrupt movement in the premium for cash
.297733*
.060575*
.050120*
Free
Chile,
.297733*
.050575*
Argentina, peso
Brazil, mllrels—
Official
SILVER
over
.909090
.876250
.198250*
Free
Department of the Bank of England
during the month of .Tune, 1940, was unaltered at £236,758.
The Bank of England's buying
price for gold remained unchanged at
168s. per fine ounce, at which figure the above amount was
calculated.
The Transvaal gold output for
May, 1940, reached the fresh "record"
figure of 1,186.063 fine ounces; this compared with 1,170,763 fine ounces for
April, 1940, and 1,083,843 ounces for May, 1939.
uneesior
Southern
.909090
.869375
Official
GOLD
The amount of gold held in the Issue
The
.909090
Free
Mexico, peso
Newfoundl'd,
b Temporarily omitted.
ward to
On Indian reselling prices reacted to 22
Hd. and 21 Hd. quoted on the 5th
but bear covering was thon re-encountered
and caused recovery next
to
23J4d. and 22 3-16d. for the respective
covering and adjustment of cash
the difference to lHd. but this
day
deliveries.
positions caused
a
Continued
further
bear
widening of
contracted
momentarily to 15-16d. on
June 10; the evening of that
day saw Italy's entry into the war.
On the
following day cash remained unchanged at 23d. but
forward declined
ll-16d. to 21%d., the difference thus
widening to l^d.
The noxt move¬
ment was a recovery of Hd. after which
fluctuations were small until the
i ,)?j when Indian reselling for
near
dates brought the cash
price down
difference to 1 5-16d., quotations being 23d. for
11-lbd. for forward.
The cash quotation rallied
Hd. on the
18th,but Indian and speculative offerings of forward
caused the price for
the latter delivery to move down
3-16d. thus establishing at 1 Hd. the
peak
premium of the month and the higftest
premium since February, 1921.
At this point further news was
received of the Townsend bill which seeks
to repeal the Silver Purchase
Act of 1934 and the
50% tax on silver dealings.
u
*
cash and 21
At
the
beginning of the month Senator Townsend
was
them to 21 Ad. and 21d. for
the respective
This
news
deliveries, reducing tne
sharp change in the cash position was brought about
by the political
collapse of France and the consequent cessation of tne small
but
of the
previously planned to ship.
Although bear
covering continued
for the rest of the
month, the difference further declined to l-16d. and was
not again higher than
Hd., snown by the quotations of the 28th.
The only appreciable price movements
of the last few
working days of the
month took piace on 27th
when, with bears still seeking to cover in a some¬
the
Cash
June
>
\3r__23Hd.
In London (bar silver per ounce
standard):
2 Mas.
Cash
2 Mas.
22%d.
June
4—23d.
22d.
June
5—22 Hd.
2lHd.
June
6—23Hd.
22 3-16d.
June
7___23Hd.
2i%d.
June 17
23d.
June 18
23 Hd.
23Hd.
June 20...22 13-16d.
June 19
21 ll-16d.
21Hd.
21 15-16d.
21 Hd.
June 25
1930.
June 26
June 27...21 ll-16d.
June 28--.21Hd.
21 13-16d.
Average: Cash delivery, 22 ll-16d. two
In New York (per ounce .999 fine):
35 cents.
Market price:
34H cents; June 11 to 14, 35 cents; June
„
,
—
months'
21 Hd.
21 Hd.
ll-16d.
21d.
21 3-16d.
21 Hd.
21 Hd.
delivery, 21.6844d.
United States Treasury
price for
June 3, 35 H cents; June 4 to 10,
17 to 28, 34 % cents.
The official dollar rates fixed by the Bank of
England during June were
follows:
Buying, $4.03H: selling, $4.02H.
entire month,
CLEARINGS
At
this center
there is
a
loss for
Our comparative
sum¬
for the week follows:
Clearings— Returns by Telegraph
Week Ending July 20
Per
1940
1939
$2,346,307,564
$2,767,865,467
245,037,210
308,000,000
189,585,909
—15.2
207,350,801
93,224,853
106,012,100
—12.1
88,100,000
154,280,000
115,566,458
93,825,920
100,613,444
New York
Chicago
80,100,000
+ 10.0
270,642,285
Philadelphia
363,000,000
-
Boston
Kansas
City..
St. Louis
San Francisco.
Pittsburgh
Cent
118,218,000
+ 10.4
+ 17.9
+ 9.4
+30.5
89,310,528
+29.4
+25.6
+ 19.9
66,558,229
74,687,930
83,914,487
57,485,313
$3,899,469,554
$4,120,216,944
—5.4
799,673,425
767,673,665
+ 4.2
Total all cities, five days.
All cities, one day....
$4,699,142,979
$4,887,890,609
—3.9
939,828,596
445,640,221
+ 110.9
Total all cities for week..
$5,638,971,575
$5,333,530,830
+ 5.7
—
Cleveland
Baltimore....
Eleven cities, five days...
Other cities, five days
ft.
+ 15.8
M
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
21d.
21Kd.
21 hd.
June 13—23 Hd.
June 14.-.23 7-16d.
21
22 l-16d.
June 2x
2u 7-16d.
June 24___21Kd.
21 Hd.
June 10...23d.
June 11...23d.
June 12—23Hd.
as
week in
same
mary
what poorly supplied
market, cash improved 7-16d. to 21 ll-16d. and for¬
ward by 5-16d. to 21 >6 d.
Quotations during June;
BANK
the week ended Friday of 15.2%.
Detroit
steady demand from that quarter together with a
reversal of attitude on
the part of Indian
operators, who now became inclined to resell silver which
^
OF
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, July 20)
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 5.7% above those
for the corresponding week last year.
Our preliminary
total stands at $5,638,971,575, against $5,333,530,830 for
reported to have
struck out the tax provision which had
caused his bill to be returned
by the
House of Representatives to the
Senate.
Now it was learned that he had
reintroduced it as an amendment to the
$1,000,000,000 Defense Tax bill
and that the Senate had
defeated it by 45 votes to 35.
This news possibly
influenced some of the moderate
amount of buying for forward
delivery
seen on the 19th but the
buying interest was not maintained and prices fell
away until a drop of 1 o-16d. for cash and
ll-16d. for forward on the 24th
difference to Hd.
COURSE
Bank
of the week in all
cases
has to be estimated.
In the elaborate detailed statement, however, which
we
preseDt further below, we are able to give final and complete
for the week previous—the week ended July 13.
results
For that week there
was an increase of "1.8%, the
aggregate
clearings for the whole country having amounted to
$5,468,311,462, against $5,373,873,900 in the same week in
1939.
Outside of this city there was an increase of 3.1%,
of
Volume
359
The Commercial & Financial Chronicle
151
this center having recorded a gain of
the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals register a gain of 0.5% and in the Phila¬
delphia Reserve District of 6.2%, but in the Boston Reserve
District the totals record a loss of 1.8%.
In the Cleveland
Reserve District the totals show an improvement of 9.5%
in the Richmond Reserve District of
11.6% and in the
Atlanta Reserve District of 2.3%.' In the Chicago Reserve
District the totals are larger by 2.5%,^ in the St. Louis
Reserve District by 1.4% and in the Minneapolis Reserve
District by 1.9%.
In the Kansas City Reserve District
there is a decrease of 1.1%, and in the Dallas Reserve Dis¬
trict of 7.3%, but in the San Francisco Reserve District
there is an increase of 0.9%.
the bank clearings at
We
0.5%.
Week Ended
group
Inc. or
1940
Grand
furnish
—2.8
1,904,040
20,798,000
2,216,500
1,564,479
5,920,045
5,403,251
22,668,635
1,187,302
8,142,344
2,982,750
1,322,508
Rapids.
Indianapolis
South Bend
Terre Haute
21,380,256
1,226,123
9,652,699
Wis.—Milwaukee
la.—Ced. Rapids
Moines
—2.0
1,028,451
+ 76.2
993,125
+0.8
19,109,000
+ 41.7
+ 9.6
1,312,899
4,434,106
—5.7
21,078,310
1,279,834
8,143,435
3,530,313
+ 3.3
+ 18.5
+ 15.6
1,643,819
+ 3.7
1,861,694
476,480,263
+ 2.5
444,628,638
uis—
Eighth Federa 1 Reserve Dis trict—St. Lo
+ 1.0
89,600,000
90,500,000
+ 5.9
35,647,461
37,764,356
87,100,000
—6.7
16,220,016
Bl.—Bloomington
Chicago
304,783,183
973,396
4,450,231
Decatur
1,444,393
1 703,953
Rockford
*
Springfield
SUMMARY OF BANK CLEARINGS
418,736
78,713,894
2,505,975
+ 4.8
3,607,239
331,588
306,814,110
1,078,758
4,403,502
1,147,782
4,167,967
386,761
Sioux City
by Federal Reserve
a summary
Chi cago—
+ 11.3
Lansing
Ind.—Ft. Wayne
Des
—
416,029
92,166,976
2,845,394
1,349,471
1,080,584
20,629,000
404,357
102,573,458
Detroit
1938
Dec.
1939
Seventh Fedeo al Reserve D istrlct
Mich .-Ann Arbor
Peoria
In the following we
districts:
July 13
Clearings at—
Total (18
488,290,620
cities)
+ 16.6
429,065
—0.7
+ 1.1
293,890,470
995,998
3,877,647
+ 25.8
1,020,686
—9.8
Inc.or
Week End.
1st
New York.. 13
1939
Dec.
3
%
3
249,323,693
2,937)467,147
"
Mo.—St. Louis..
—1.8
262,330,415
284,093,695
2,921,852,682
+ 0.5
3,520,826,503
3,579,537,227
Tenn.—Memphis
33,269,562
Ky.—Louis\ille_.
+6.2
400,501,892
377,219,503
328,887,482
366,613,414
388,914,235
266,392,177
359,431,162
131,001,848
159,324,863
Hi.—Jacksonville
x
x
x
165,579,981
Richmond.. 6
Atlanta
10
7th
Chicago
18
"
488,290,620
8th
St. Louis...
4
"
145,860,059
143,885,166
9th
164,176,103
18,141,705
560,264,137
137,136,578
6th
6th
158,614,578
16,921,703
146,455,295
144,156,124
444,628,638
300,306,001
+9.5
142,134,014 + 11.6
+2.3
160,486,030
+2.5
476,480,263
4th
3
253,774,757
"
"
"
"
PhlladelphlalO"
Cleveland.. 7
3d
1937
1938
3
Dists,
12 cities
Boston
2d
1940
July 13, 1940
Federal Reserve
600,000
496,000
+ 21.0
547,000
145,860,059
143,885,166
+ 1.4
137,136,578
Reserve Dis trict—Minne
apoiis-
3,445,587
74,942,794
26,230,737
—16.1
3,680,254
—1.0
69,666,148
+ 9.8
+ 15.7
900,341
2,180,891
785,087
847,761
25,419,675
2,407,918
797,490
+ 6.2
702,071
3,830,572
3,422,660
+ 11.9
2,539,331
113,957,237
111,855,517
+ 1.9
105,212,887
Qulncy
Total (4
cities).
Minneapolis 7
"
113,957,237
111,855,517
+ 1.4
+ 1.9
105,212,887
122,406,953
10th Kansas City 10
"
157,941,673
159,624,266
—1.1
154,338,385
200,236,705
Ninth Federal
6
"
67,628,585
72,960,904
—7.3
68,554,178
81,522,457
Minn.—Duluth..
253,264.797
+ 0.9
250,907,499
281,395,860
5,468,311,462
5,373,873,900
6,329,162,570
2,557,271,426
+ 1.8
+3.1
5,852,098,648
2,637,232,073
2,436,173,254
2,877,703,031
11th Dallas
12th San Fran... 10
255,642,393
"
2,889,167
74,185,632
Minneapolis
28,812,805
2,523,843
St. Paul
113 cities
Total
Outside N. Y. City
N. D.—Fargo
S.D.—Aberdeen
Mont.
32 cities
Canada
We
now
add
294,475,693 + 11.9
329,599,338
our
305,583,183
293,339.909
detailed statement showing last week's
figures for each city separately for the
four
—
814,877
Billings.
Helena
Total (7
cities).
years:
Reserve Dis trict
Tenth Federal
Week Ended
July
Dec.
1938
1937
%
S
$
3
S
636,127
512,467
+24.1
562,430
733,153
1,970,516
210,780,735
699,355
2,328,043
—15.4
2,122,388
2,395,434
215,941,632
—2.4
213,951,558
662,127
+ 5.6
632,353
244,072,510
718,566
353,674
445,642
—20.6
...
457,880
458,314
New Bedford..
725,742
720,734
+0.7
3,502,757
2,436,239
3,087,431
2,159,667
11,203,015
4,178,177
12,045,000
+ 13.5
682,132
3,342,150
—9.2
2,900,933
31,649,393
2,399,979
4,123,341
108,192,988
3,502,321
157,941,673
490,822
+ 11.1
518,496
253,774,757
—1.8
262,330.415
284,093.695
Me.—Bangor
Portland
—
Mass.—Boston..
Fall
River
Lowell
Springfield
Worcester.....
N .H.—M anches'r
11,981,503
4,547,772
11,144,000
545,273
Total (12 cities)
249,323,693
Conn.—Hartford
R.I.—Providence
3,550,590
648,089
+ 12.8
1,978,251
14,928,396
4,707,281
18,447,100
12,674,862
Total (10 cities)
2,456,444
+ 6.9
Pueblo
+8.8
—7.5
4,617,047
Eleventh Fede ral
Reserve
—10.7
—1.3
—9.2
—10.4
2,238,000
1,034,905
3,684,446
Total (6cities).
67,628,585
-1.1
_
.
Feder al Reserve D istrlct—New
+ 3.1
—36.2
36,200,000
654,373
8,890,516
1,062,368
31,700,000
634,798
856,588
858,726
2,831,079,389 2,816,602,474
9,086,486
8,525,430
Rochester.....
4,628.577
4,989,750
Syracuse
—6.2
7,537,376
+ 7.8
4,518,522
—6.7
4,266,865
410,397
17,206,836
21,986,117
+ 3.5
—4.3
4,596,141
4,122,977
3,582,277
387,531
15,598,736
21,444,249
San Jose
+ 4.1
27,642,939
31,200,404
Santa Barbara-
Second
5,671,552
N. Y.—Albany..
k
1,134,938
Binghamton
Buffalo
Elmira.
Jamestown....
7,314,048
1,091,058
10,038,903
1,274,702
31,700,000
534,518
40,500,000
+ 3.1
—0.2
793,510
890,619
+ 6.8
+ 14.2'
607,092
43,272,211
Stockton
New York
Westchester Co
Conn.—Stamford
N.
J.—Montclair
4,217,852
4,417,186
388,255
Newark
16,464,337
Northern N. J.
22,887,497
Total (13 cities) 2,937.487,147 2,921,852,682
Total (10 cities)
+ 0.5 3,415,925,392 3,451,459,539
—6.6
4,064,996
338,140
255,642,393
Yakima
Ore.—Portland..
Utah—S. L. City
Calif.—L'g Beach
Pasadena
San Francisco
.
+0.5 3,520,826,503 3,579,537,227
Reserve Dist rict—Philad
Third Federal
8,861,635
5,543,480
3,313,468
1,388,832
37,989,683
15,347,057
3,745,401
3,393,877
143,840,813
3,126,238
1,477,969
2,060,312
elphia
—1.5
467,800
397,915
+ 17.6
389,530
643,748
Grand total
467,556
♦475,500
—1.7
337,962
—6.1
1,343,696
387,000,000
1,254,479
365,000,000
1,601,107
2,113,895
1,004,988
+ 7.1
1,246,704
1,583,790
+6.0
352,000,000
—10.7
2,026,619
+ 12.4
+ 26.1
1,299,957
+ 8.1
4,426,600
3,733,700
+ 18.6
2,628,517
880,411
1.638,691
5,054,400
374,000,000
1,967,066
3,037,546
1,171,498
2,204,915
3,510,600
400,501,892
377,219,503
+ 6.2
366,613,414
388,914,235
Lancaster
.
1,429,764
2,376,501
Reading
Scranton
Wiikes-Barre..
York
N. J.—Trenton..
Total CO cities)
1,266,925
1,405,553
Feder al Reserve D istrlct—Clev eland + 16.5
2,165,799
2,522,196
Ohio—Canton
65,532,436
Cleveland
110,901,392
Columbus
11,429,700
Mansfield
•'1,904,566
3,502,568
133,094,624
61,984,254
104,462,278
11,193,800
1,929,219
3,049,037
115,551,614
322,093
—7.3
.
Total (7 cities).
328,887,482
300,336,001
2,132,139
1,649,205
57,120,978
+ 6.2
89,715,463
70,591,176
116,439,702
+2.1
10,111,300
12,945,600
—1.3
1,450,546
2,098,491
2,046,093
36,318,914
997,232
31,940,651
14,071,951
+ 13.4
+2.2
—21.8
—22.8
—3.1
—2.6
4,608,471
5,015,340
151,105,000
2,732,680
1,657,941
2,555,564
—10.9
—19.4
1,599,790
2,517,470
253,264,797
+0.9
250,907,499
+ 3.1 2,436,173,254 2.877.703,031
Week
104,246,194
3,814,975
151,461,477
Ended
July
11
Clearings at—
Inc. or
1940
Canada—
1939
Dec.
5
%
$
86,869,114
—
94,279.698
43,659,230
15,960,555
40,490,404
5,520,470
3,248,663
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
1937
1938
$
Hamilton
5,325,795
Calgary
4,700,170
1,971,420
Victoria—
1,806,151
266,392,177
359,431,162
339,552
428,895
2,778,000
+ 11 1
2,492,000
36,373,883
1,100,594
66,804,935
23,890,884
37,242,140
1,337,357
77,787,381
26,881,322
+ 11.6
131,001,848
146,455,295
Peterborough
655,470
3,964,280
Sherbrooke
811,659
Windsor
+ 9.5
SCO—
+ 12.1
+ 25.3
+ 1.8 5,852,098,646 6,329,162,570
Montreal
"
-4-5.7
+ 14.9
+ 15.2
Franci
38,592,089
1,108,375
33,492,896
15,011,502
4,789,706
4,399,027
148,448,000
3,209,697
Outside New York 2,637,232,073 2,557,271,426
St. John..
Youngstown...
Pa.—Pittsburgh
68,554,178
5,468,311,462 5,373,873,900
Toronto..
Fourth
Cincinnati
3,127,779
(113
cities)..
317,497
456,221
292,321
472,979
Chester
Philadelphia..
1,021,141
+ 7.7
,
Bethlehem
Pa.—Altoona
8,475,199
3,300,000
+ 36.0
Twelfth Feder al Reserve D istrlct—San
Wash.—Seattle.
1,717,981
50,912,078
—6.0
York-
L
154,338,385
—10.1
72,960,904
Fort Worth
7,475,160
636,564
District—Da lias—
Wichita Falls..
51,076,000
Dallas
659,169
+ 12.8
2,056,998
56,833,531
7,951,707
1,646,100
1,050,510
3,422,058
2,120,074
Texas—Austin..
Galveston
*
+ 3.0
159,624,266
111,215,322
St. Joseph
Colo.—Col.Spgs.
La.—Shreveport.
New Haven
k
+2.3
3,005,452
4,008,181
112,629,435
3,908,699
723,464
733,707
833,270
3,584,449
11,019,900
529,746
89,762
183,935
3,115,716
31,229,170
827,316
.
Wichita
Mo.—Kan. City
Reserve Dist rict—Boston
City
+ 18.4
—15.2
2,827,751
31,934,830
3,095,484
3,580,543
Omaha
Kan.—lopeka.
First Federal
as
173,988
Hastings
1939
Kans
96,454
147,582
Lincoln
Inc. or
—
114,166
Neb.—Fremont..
13
Clearings ai1940
+ 3.8
—1.1
87,792,845
—1.2
95,425,857
+23.6
35,322,629
+ 3.5
15,425,935
17,234,145 + 134.9
+ 19.5
4,620,375
2,500,177
+ 29.9
4,619,997
+ 15.3
+ 16.2
4,043,853
+ 9.5
1,800,492
1,912,868
—5.6
+ 20.6
$
100,091,250
93,796,986
35,095,955
98,654,758
98,589,032
22,585,828
16,548,604
15,374,809
16,274,040
4,756,867
2,599,951
15,980,208
5,072,086
2,559,029
5,097,356
4,942,962
4,737,686
1,724,773
1,743,076
2,720,404
3,404,763
3,086,642
297,346
3,800,769
1,807,196
1,734,602
2,483,290
3,367,311
3,306,703
London
536,606
"364,659
3,799,000
D.C.—Washing'n
40,319,539
1,376,677
82,934,437
29,648,319
3,154,000
39,334,413
1,232,499
71,355,427
26,693,016
Total (6 cities).
158,614,578
142,134,014
Va.—Norfolk
Richmond
S. C.—Charleston
Md.—Baltimore
.
+47.2
+ 20.5
+ 2.5
+ 11.7
+ 16.2
2,602,594
2,157,398
Edmonton
Reserve Dist rict—Richm ond—
Fifth Federal
W.Va.—Hunt'ton
4,158,602
4,071,081
4,058,028
+ 2.5
3,267,607
298,908
484,004
+24.6
+ 33.3
—7.1
434,295
421,632
1,088,199
634,039
869,017
+28.7
1,071,285
—18.0
535,687
1,214,842
576,392
+ 21.2
834,657
900,483
551,146
+ 58.7
625,914
627,281
220,065
+ 18.1
637,746
807,755
740,012
190,220
197,739
578,972
727,992
+ 13.2
674,687
767,085
+ 11.5
678,566
726,206
893,845
+ 19.9
2,923,106
287,152
930,087
—16.5
1,024,370
2,275,060
2,683,062
+ 15.3
287,223
345,174
+ 12.7
679,816
Regina..
398,569
Brandon
449,639
Leth bridge
1,400,651
Saskatoon
520,088
Moose Jaw
Fort William—.
1,052,841
874,540
New Westminster
740,594
Brantford
Medicine Hat—
Sixth Federal
Tenn.—Knoxville
Nashville
Ga.—Atlanta
Augusta
Macon—....
Fla.—Jacks'nville
Ala.—Birm'ham
_
Reserve Dist rict—Atlant
4,702,005
16,160.358
60,400,000
1,505,645
1,103,119
19,865,000
22,993,284
2,000,431
Mobile-
Miss.—Jackson-_
X
a—
3,981,611
18,157,656
57,500,000
—11.0
17,466,225
4,730,734
18,884,681
+ 5.0
52,200,000
56,300,000
1,429,737
+ 5.3
1,014,97?
1,197,337
17,155,000
—7.9
931,92*
1,273,207
1,195,504
+ 15.8
14,671,000
16,569,000
+ 5.6
18,553,139
+4.0
1,415,960
20,908,891
1,728,644
21,764,635
1,923,486
X
+ 18.1
X
X
X
161,768
139,240
+ 16.2
180,513
35,284,4<ft
37,237,328
—5.2
33,758,107
37,588,511
cities)
164,176.103
160,486,030
+ 2.3
144,156.124
Kingston
1,071,302
2,442,193
331,111
1,047,835
727,340
Chatham
608,800
Sarnia
508,529
Kitchener
Prince Albert
Moncton
—3.3
959,095
745,133
+ 26.9
595,386
532,008
+ 16.4
520,221
535,727
+ 5.3
516,075
1,081,363
Sudbury
573,241
522,420
483,039
1,600,974
—32.5
1,139,974
1,037,149
329,599,338
294,475,693
+ 11.9
293,339,909
305,583,183
159,324,863
437,525
'
145,691
La.—New Orleans
212,867
340,609
Vicksburg
Total (10
Total (32 cities)
♦
Estimated,
x
No figures available.
The Commercial & Financial Chronicle
360
REPORT ON
MONTHLY
July 20, 1940
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES AS OF MAY 31, 1940
of the Treasury Department, showing assets and liabilities as of May 31, 1940, of governmental
corporations and credit agencies, financed wholly or in part by the United States, was contained in the Department's "Daily
Statement" for June 29, 1940.
In the footnotes to the table below an explanation is given of the simplification of calculation of proprietary interest.
As now computed, the Federal Government's proprietary interest in these agencies and corporations, as of May 31, was
$3,769,539,532, and that privately owned was $404,130,937.
The monthly report
STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF THE
STATES, COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY*—MAY 31, 1940
COMBINED
SUMMARY OF
UNITED
Assets d
Investments
Real
Securities
Accounts
Estate
United
Guaranteed
and Other
and Other
Stales
by United
AU
receivables
Business
Securities
States
Other
Preferred
Capital
Loans
Cash
e
Slock, Ac.
'
Reconstruction Finance
647,030,925
Corporation
Deposit Insurance Corporation .
.
Federal Savings <fe Loan Insurance
691,879,761
36,400
11,672,257
79,576,137
14,521,710
43" 154
16,353,864
504,856,799
6,297,625 318,160,554
17,296
332,900,379
91,507,607
242,059,759
216,832,903
2,767,439,837
124,387,681
261,133,453
59,615,469
165,518,242
302,641,935
288,372,333
1,512,680,414
2,304,176,133
321,444,541
177,711,100
122,581,913
43,936,674
17,934,967 362,219,485
2,017,394,971 1202664,210
Corp..
Federal Housing Administration
89,350,630
374,347
67,750,460
9,591,739
161,550
224 673,501
63 564,101
15,889,733
75,622,207
312,667
Federal Land banks
—
1,882 515,674
Federal Intermediate Credit banks
Banks for cooperatives
Production credit corporations
761,615,950
86,387,256
2,397,140
74,824,553
10,969,727
10,421
10,189", 901
510,350 101,457,774
1,068,195
18,309,721
22,723
h3,454,882
1,968,393 128,162,603
234,431
39,804,149
165,233,368
5,909,176
2,458,245
60,808
1,283,346
44,363
523,727
583,978
13,645,069
7,845,387
Regional agricultural credit corporations.
220
19,697,150
670 722,810
Corporation
3,234,133 443,54l",615
1,320,705
913,183
3,908",811
52,534,615
15,915,859
27,423,747
67,927,073
19,431,389
J116 ,067,293
266 ,606,291
30,974",214 129,873",685
3.600,000
17,244,534 105,437,674
41,300,746
13,580,680
24,964,606
160 993,637
Association..
Authority
Farm Credit Administration
18,636",310
2,223,066
7,654,278
17,952,435
137,508,562
War emergency corporations
1,672,517,350
4,619
3,029
38,235
44,623,115
214,609,837
Federal Home Loan banks
Federal Farm Mortgage
454.267
91,507,607
Commission—Rural Electrification Administration
Home Owners' Loan Corporation
United States Maritime
United States Housing
44,106,422
h30 334,411
8,424,904
Tennessee Valley Authority
Public Works Administration
Federal National Mortgage
$
8,041,718
2,811,218
64",368",655
Total
8,300,000 £23,277,548
h35 899,294
48.148,600
903,205
366,143
48,836,154
Federal Crop Insurance
Federal
S
1,041,456,414 471,071,538 g35,702,561
Corporation...
Commodity Credit Corporation
Export-Import Bank of Washington.
Other t
Property
79,822
5,681,208
885,450
5,615,752
13,113,758
93,806,446
56,853
131,277
35,882
73,818
22,148,252
and agencies
(In liquidation):
Navy Department (sale of surplus war
4,576,511
110,598
4,576,511
supplies)
4,065
Sec. of Treasury (U. S. RR- Admin.).
United States Housing Corporation. __
United States Spruce Production
7,150
1,822,321
502,134
54,312
1,170
hi,261,322
3,783
60,818
1,191,539
71,153
Corp
46,941
59,592
569,320
123,678
698,135
Other:
407,325
12,886,429
RFC Mortgage Co
Tennessee
Valley
521,759
363,423
2,551,688
19,735" 320
16~9*885
39,274,403
458,594
49,706,293
445" 943
62,128,445
4,057,604
295,501
9,314,372
4,361,187
60,135,074
Reconstruction Admin..
Rlcan
810*822
568",063
450,070
Panama Railroad Co
Puerto
41,605
3.760", 109
2,869", 927
(Indian loans)...
Waterways Corporation....—
Inland
14,504
693",550
302,578,808
Security Administration
Federal Prison Industries, Inc
Interior Department
21,538
3,329*,531
Electric Home and Farm Authority—
Farm
22,769,143
13,371,401
302,578,808
8,594,012
2,869,927
25,502,701
1,000
21,442,220
Corporation
Disaster Loan
1,219,600
"1.151
8,132,475
hl.181,177
365,100
Cooper¬
Associated
33,825
255,642
atives. Inc
296,708
2,201
5,040
Treasury Department
Railroad loans
Securities received by Bureau
nal Rev
Securitles
30,185,928
30,185,928
of Inter¬
172,151
In settlement of taxllab's.
received
from
the
Inter-agency Items:
172,151
RFC
2,373,963
2,373,963
under Act of Feb, 24, 1938
Due from
34,137,100
34,137,100
associations
(Transp'n Act, 1920).
Federal savings and loan
m
governmental corporations
agencies
or
Due to governmental corporations or
agencies
8,137,864,182 709,130,338 460,557,281 762,099,230 131,025,081 902,270,714 417,297,151 559,022,538 767,263,813
Total
Excess
Liabilities and Reserves d
Proprietary Interest
Distribution of United
12,846,530.328
States Interests
of Assets
Over
Guaranteed
Not
by
Guaranteed by
United Statesq,
1,099,434,048
407,301,086
£123,792,229 1,223,226.277
591,879,761
184,578,675
Privately
Owned by
Capital
Liabilities d
Owned
United States
Stock
Interagency
United States
Total
Surplus
Interests
%
Reconstruction Finance Corporation
Commodity Credit Corporation
377,852
377,852
Export-Import Bank of Washington
449,291,073
449 ,291,073
500,000,000
100,000,000
79,198,285
100 ,000,000
75,000,000
£285,499,704 b336,208,631
100,000,000
79 ,198,285
6 ,970,927
150,000,000
318 ,073,165
a269,147,541
91,507,607
91 ,507,607
182,009,632
182 009,632
216 832,903
124 741,000
a91,507,607
3183,078,105
391,374,670
200,000,000
100,000,000
124,741,000
48 431.093
4",198",285
8,000,000
150 000,000
a48,431,093
bl,029,073
...
7,550,783
7,550,783
6,970,927
Federal Deposit Insurance Corporation..
215,557,242
215,557,242
289,299,557
Tennessee Valley Authority
Public Works Administration
14,827,214
14,827,214
318,073,165
United States Maritime Commission
60",050",127
60",050", 127
67,999,456
2,727*.267",041
216,832,903
40,172,796
1.250.803
1.250.803
83,538,673
123,136,878
11,184,376
48,431,093
88,737.280
76,780,962
183,064,407
10,000,000
5,303,660
183 064,407
1,000,000
137,017,686
95.600,570
95 600,570
395,600,570
Federal Crop Insurance Corporation
Rural Electrification Administration
Home Owners' Loan Corporation..
k2659267,585
Federal Savings <fc Loan Insurance Corp..
Federal Home Loan banks
83,538,673
Federal Housing Administration
7,268,164
Federal National Mortgage Association..
United States Housing Authority
r
114,67l",831
Farm Credit Administration
1,276",777",179
Federal Farm Mortgage Corporation
Federal Land banks
Federal Intermediate Credit banks
3,916,212
88,737,280
4,905,697
119,577,528
192,771,763
192,771,763
37,479,751 1,314,256,930
1,790,975,485 1,790,975,485
207,141,958
207,141,958
3,016,794
3,016,794
177,594,780
198,423,484
513,200,648
114,302,583
174,694,306
139,299,557
40 172,796
123 136,878
52,853,780
76 780,962
48,925*624
b
200,000,000
304 ,989,698
124,734,635
1 187,296,764
114 302,583
3",766", 650
61,477,302
45,046,721
b
198 423,484
208,210,950
70,000,000
50,290,628
170 927,656
1,068^473
125,458,233
b84,997,473
c74,829,731
23,136,878
1,576^516
b7,041,701
b5,988,045
5,988,045
376,862
2.209.804
Regional agricultural credit corporations..
2.209.804
122 205,051
149,000,000
120,000,000
15,939,611
2,205,051
19 ,938,448
5,000,000
14,938,448
4,576,511
34,576,511
110,598
3110,598
1,822,321
34,087,063
698,135
376,862
Production credit corporations
122,205,051
19,938,448
4,576,511
110,598
1,822,321
Banks for cooperatives
698,135
100,000
198,135
400,000
22,644,434
1,052,219
302,578,808
8,415,373
2,869,927
24,248,750
48,280,463
8,132,475
22,644,434
24,000,000
850,000
cl,355,716
204,889
b2,670
a302.578.808
a4,113,379
32,869,927
12,000,000
7,000,000
38,132,475
25,000,000
12",248",750
War emergency corporations and agencies
(in liquidation):
Navy Department (sale of surplus
war
supplies)
Sec. of Treasury (U. S RR Admin.)..
United States Housing Corporation
United States Spruce Production Corp.
c32,264,742
Other:
Disaster Loan Corporation
124,709
12,319,182
Electric Home and Farm Authority.._
Farm Security Administration
"
178",639
1,253", 951
1,425,830
Panama Railroad Co
178",639
1,253",951
Waterways Corporation.......
Puerto Rlcan
12,319,182
"
Federal Prison Industries, Inc
Interior Department (Indian loans)...
Inland
124,709
1,425,830
Reconstruction Admin..
f,782.995
RFC Mortgage Co
Tennessee
Valley
atives, Inc
Associated
1,782,995
60,345,450
1,052,219
302,578,808
8,415,373
2,869,927
24,248,750
48,280,463
8,132,475
60,345,450
150
4,301*994
42,082,833
b802,370
"222",294
35,123,156
Cooper
296,708
296,708
1,000
Federal savings and loan associations
34,137,100
30,185,928
nal Rev. In settlement of tax llab's.
172,151
172,151
3172,151
2,373,963
2,373,963
295,708
34,137,100
Railroad loans (Transp'n Act, 1920).
Securities received by Bureau of Inter¬
34,137,100
30,185,928
32,373,963
Treasury Department:
Securities
received
from
under Act of Feb. 24,
Inter-agency items:
the
330,185,928
RFC
1938
m
Due from governmental corporations
or
bill,144,770
3111,144,770
agencies
Due to governmental corporations or
815.440,491
agencies........
Total
5,564,719,893 3,108,139,966 8.672,859,859 4,173,670,4691
For footnotes see top of following oolumn.
404,130,937 3,769,539,532 3,304,608,403
15.440,491
676,931,129
n
212,000,000
The Commercial &
151
Volume
FOOTNOTES FOR TABLE
PRELIMINARY
PRECEDING
UNITED
revised by the Treasury Department to adjust for certain
Inter-agency items and therefore may not agree exactly with statements Issued by
*
These reports are
the|respectlve agencies.
J
a Non-stock (or includes non-stock proprietary
~*b
interests).
assets (deduct).
Excess inter-agency
Excludes unexpended balances of
e
f Also Includes
3% Panama Canal loan of 1961
3% Conversion bonds of 1946
appropriated funds,
real estate and other property
Bonds—
bond investments and
Corporation).
deposits with Reconstruction Finance
preliminary statement of the public debt of the United
1940, as made up on the basis of the daily
Treasury statement, is as follows:
and liabilities (except
Exclusive of inter-agency assets
The
...
*4% Postal savings bonds (19th to 49th
$49,800,000.00
15,761,000.00
-
ser.)
13,133,500.00
117,586,760.00
3% Conversion bonds of 1947
held for sale,
2
in transit,
with the RFC and accrued interest thereon.
$196,281,260.00
Adjusted for inter-agency items and items
g
includes deposits
h Also
"i
Treasury bonds:
$39,868,410; shares of Federa
building and loan associations,
associations, $162,795,800.
Shares of State
savings and loan
excludes contract commitments. As of- May 31, 1940 the United States
had entered Into definite contracts calling for maximum advances
of $687,218,000.
Advances have been made in the amount of $106,944,518 as
of May 31, 1940, against loan contract commitments amounting to $440,333,000.
The Housing Authority has also agreed to disburse $181,681,000 on additional
loan contract commitments amounting to $246,885,000, now being financed by
securities issued by local housing authorities.
j Also
Housing Authority
Owner's Loan Corporation held as "Treasury"
cancellation: also excludes $15,000,000 In bonds held by the Secretary
and $2,527 accrued interest thereon which are shown as inter-agency
$75 bonds of Home
k Excludes
bonds pending
of the Treasury
liabilities.
I Includes
$1,112,721 due to Federal Land banks from
paid-in surplus.
the United States Treasury
for subscriptions to
m
and
Department
statement.
capital stock and paid-in surplus items
stock and paid-in surplus of the corre¬
inter-agency assets and liabilities of the Treasury
of Government agencies, which agencies are not Included in this
Represents
holdings of
Represents Inter-agency
n
deducted from the capital
which are not
sponding organizations.
p
q
r
Includes cash in trust funds,
accrued Interest.
bonds held by the Secretary of the Treasury
thereon which are shown as inter-agency liabilities.
Includes
Excludes $45,000,000 in
and $46,"
721 accrued Interest
proprietary interest
of July 31, 1938, the
Note—Effective with the statement
represented by the capital stock, paid-in surplus and non-stock interest in govern¬
mental corporations and agencies which were offset by a corresponding item under
"Inter-agency proprietary interest" of the Treasury, have been omitted (except for
such items as are Included in the inter-agency assets and liabilities shown herein)
for the purpose of simplification in form.
$758,945,800.00
1,036,692,400.00
4*4% bonds of 1947-52
4% bonds of 1944-54
3 *4% bonds of 1946-56
3*4% bonds of 1943-47
3H% bonds of 1941-43
3 *4% bonds of 1946-49
3% bonds of 1951-55
3*4% bonds of 1941
489,080,100.00
454,135,200.00
544,870,050.00
818,627,000.00
755,432,000.00
834,453,200.00
1,400,528,250.00
1,518,737,650.00
1,035,873,400.00
3*4% bonds of 1943-45
3*4% bonds of 1944-46..
3% bonds of 1946-48
3H% bonds of 1949-52
2H% bonds of 1955-60
2 *4% bonds of 1945-47
2*4% bonds of 1948-51
2*4% bonds of 1951-54
2*4% bonds of 1956-59
2*4% bonds of 1949-53
2*4% bonds of 1945.
2*4% bonds of 1948
2*4% bonds of 1958-63
2*4% bonds of 1950-52
2*4% bonds of 1960-65
2% bonds of 1947
2% bonds of 1948-50
2*4% bonds of 1951-53
'
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
1,786,130,650.00
540,843,550.00
450,978,400.00
918,780,600.00
1,185,841,700.00
1,485,384,600.00
701,074,400.00
571,431,150.00
1,118,051,100.00
26,554,797,450.00
(current redemp. value):
U. S. Savings bonds
$174,248,883.50
Series A-1935
318,339,068.75
Series B-1936
414,549,654.50
Series C-1937
500,425,016.00
Series C-1938
828,721,117.00
596,601,175.00
71,814,428.62
Series D-1939
Series D 1940....
Unclassified sales.
TREASURY CASH AND
1940, are set out in the
June 29,
items stood
The figures
United
following.
daily statement of the
Treasury June 29, 1940.
taken entirely from the
are
States
2,904,699,343.37
CURRENT LIABILITIES
of the Government as the
The cash holdings
THE
DEBT STATMENT OF
STATES JUNE 30, 1940
States June 30,
Deficit (deduct).
c
d
361
Financial Chronicle
$261,029,818.50
Adjusted service bonds of 1945
Adjusted service bonds:
(Government life Insurance fund
series).__
,
500,157,956.40
761,187,774.90
$30,416,965,828.27
Total bonds
Treasury Notes—
CURRENT ASSETS AND
Gold
LIABILITIES
$19,963,074,512.62
570,373,557.5)
(oz.
$19,963 074,512.62
Total....
Liabilities—
$2,882,260,529.00
14,928,032,390.77
10,862,551.14
156,039,430.93
certificates—Outstanding (outside of Treasury)..
—
fund—Board of Governors, Fed. Res. System.
Redemption fund—Federal Reserve notes
Gold
Gold certificate
Gold reserve
........
..........
United States notes
and $1,162,722 of Treasury notes of 1890 outstanding.
Treas¬
ury notes of 1890 are also secured by silver dollars in Treasury.
Note—Reserve
against $346,681,016 of
Exchange stabilization
fund.1,800,000,000.00
1*4% series A-1941,
1*4% series B-1941,
1*4% series C-1941,
1*4% series A-l942,
2%
series B-1942,
maturing Mar. 15,1941..
maturing June 15,1941..
15,1941..
maturing Dec.
maturing Mar. 15,1942..
maturing Sept. 15, 1942..
1*4% series C-1942, maturing Dec.
1*4% series A-1943, maturing June
1*4% series B-1943, maturing Dec.
1%
series C-1943, maturing Sept.
*4% series A-1944, maturing June
1%
series B-1944, maturing Mar.
1%
series C-1944, maturing Sept.
*4% series A-1945, maturing Mar.
15, 1942..
15, 1943..
15,1943..
15,1943—
15. 1944—
15, 1944—
15. 1944..
insurance trust
fund notes:
resulting from reduc¬
tion in the weight of the gold dollar
Balance of Increment
3% old-age reserve account
June 30, 1941 to 1944
$142,776,989.84
43,102,620.94
...
Total
324,900,000.00
1944 and 1945
Railroad retirement account
turing June 30, 1942 to 1945
SILVER
Assets—
$1,353,161,688.25
498,127,922.00
(oz.1,046,585.993.2.
385.270 814 7)
Silver dollars (oz.
$1,851,289,610.25
Total
Liabilities—.
outstanding
Silver certificates
..................
...
1890 outstanding
fund
Treasury notes of
Silver in general
....—.........
$1,828,786,049.00
1,162,722.00
21,340,839.25
$1,851,289,610.25
Total
Civil service retirement
4% series 1941 to
Gold (as
above)
$185,879,610.78
value (as above)
260 1)
Bullion—At recoinage value (oz. 550.942.6)
At cost value (oz. 1.284,390,578.2).a
BUver—At monetary
Subsidiary coin (oz. 2,726
Minor coin..
.....
.....
....
...
...
United States notes
Federal Reserve notes
.....
.....
Federal Reserve bank notes
National banknotes
..........
Unclassified—Collections, Ac
Deposits in—Federal Reserve
banks
Special depositaries account of sales of Government
National and other bank depositaries:
To credit of Treasurer
securities..
21,340,839.25
3,768,806.05
761,627.87
643,261,333.28
1,996,068.17
2,065,107.00
14,328,405.00
220,827.50
518,331.00
16,766,886.06
253,934,903.21
805,379,000.00
Foreign depositaries—
To credit of other Government officers
...
of Treasurer United States
189,214.44
1,696,780.90
$2,038,114,528.43
Total
Liabilities—
Treasurer's checks
outstanding
Deposits of Government
Board of trustees,
officers—Post Office Department.
Postal Savings System:
5% reserve, lawful money
Other deposits
Postmasters, clerks of courts,
...
disbursing officers, Ac
Uncollected Items, exchanges, Ac
$8,546,177.05
5,363,814.36
59,300,000.00
8,533,917.52
59,859,968.49
5,767,509.67
4% Canal Zone retirement
above)
1)..........
today—Increment on gold (as
Seigniorage (silver) (see Note
Working balance...
fund, series
fund, series 1941
1945
Alaska Railroad retirement fund
maturing June 30, 1941 to 1945
4%
Postal Savings System series,
1944
series,
maturing
Government life insurance fund series,
1943 and 1944
Federal Deposit Insurance Corporation
series, maturing Dec. 1,1943 A 1944.
2%
maturing June 30,
2%
$142,776,989.84
585,186,084.38
1,162,780,067.12
Adjusted service certificate
4%
fund series,
maturing Jan. 1, 1941
Unemployment trust fund series, ma¬
turing June 30, 1941
2*$%
Treasury bills
(maturity value)
a
The weight
of this Item of silver bullion
debt matured—Issued
1917 (excluding
1,890,743.141.34
Is computed on the basis of the average
of seigniorage reprebents the difference between the cost value
value of silver bullion revalued and held to secure the silver cer¬
tificates issued on account of silver acquired under the Sliver Purchase Act of 1934
and under the President's proclamation dated Aug. 9, 1934.
Note 1—This Item
today was
$1,842,920,753.58,
56,000,000.00
8,936,036,100.00
4%
and 4*4%
1,721,300,000.00
1,302,194,000.00
.$42,376,495,928.27
$3,880,700.26
34,140.00
Liberty Loan
Second Liberty Loan bonds
of 1927-42
4*4% Third Liberty Loan bonds of 1928.....
4*4% Fourth Liberty Loan bonds of 1933-38.
3*4% and 4*4% Victory notes of 1922-23...
3*4 Treasury bonds of
$11,300,000.00
1,710,000,000.00
1940-43
at various rates of Interest..
indebtedness, at various Interest rates
Treasury notes,
Treasury bills
certificates
11,082,900.00
1,173,000.00
1,886,450.00
14,804,350.00
679,150.00
45,180,350.00
38,885,300.00
3,910,600.00
82,966,000.00
208,250.00
204,691,190.26
Debt Bearing No Interest—
the close of the month of May 1940.
2—The amount to the credit of
24,259,000.00
prior to April 1.
Postal 8avlngs bonds)
2*4% Postal Savings bonds
3*$%. 4%, and 4>4% First
bonds of 1932-47
Treasury savings
and the monetary
Note
767,000.00
96,500,000.00
Has Ceased—
$346,681,016.00
156,039,430.93
United States notes.
Less gold reserve...
cost per ounce at
4,284,000.00
debt outstanding.....
Matured Debt on Which Interest
Old
...
$2,038,114,528.43
Total
3,926,000.00
Certificates of Indebtedness—
Ctfs. of
$147,371,387.09
Balance
200.000.00
-
Foreign Service retirement
1941 to 1945
Total interest-bearing
53,684,795.90
32,321,992.02
United States
officers
To credit of other Government
Philippine treasury—To credit
550,000,000.00
3% series 1944
to
79,400,000.00
fund:
June 30. 1942 to
-
-
series, ma¬
1945
4%
2%
GENERAL FUND
'
Assets—
1,413,200,000.00
2*3% Federal old-age and survivors insur¬
ance trust fund series, maturing June 30
$19,963,074,512.62
-
-
185,879,610.78
series, maturing
3%
Silver
718,024,200.00
$6,382,600,100.00
Federal old-age and survivors
Gold in general fund:
283,006,000.00
15,1945—
$19,777,194,901.84
In working balance
$737,161,600.00
676,707,600.00
503,877,500.00
204,425,400.00
426,349,500.00
342,143.300.00
232,375,200.00
629,115,900.00
420,972,500.00
277,711,000.00
415,519,500 00
615,210,900.00
1*$% series CM940, maturing Dec. 15,1940..
GOLD
Assets—
disbursing officers and certain agencies
$190,641,585.07
Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notes and fractional currency
Thrift and Treasury savings stamps, unclassi¬
3,773,869.75
fied sales, Ac
Total gross debt
189,999,123.50
2,029,340.83
.........
.......
386,443,919.15
$42,967,531,037.68
The Commercial & Financial Chronicle
362
July 20, 1940
LIABiLITIES
CONTINGENT
DEBT STATEMENT
COMPARATIVE PUBLIC
OF THE UNITED STATES, APRIL 30, 1940
Compiled from Latest Reports Received by the Treasury
(On the basis of dally Treasury statements)
Aug. 31, 1919,
Dec. 31,
Amount of
1930,
When War Debt
pre-War Debt
Was at Its Peak
Debt
$
$
$
1917,
Matured
Interest
Principal
Computed
12.36
4.196
129.66
of
rate
annum
250.18
2.395
interest
Interestbearing public debt (%).
per
on
.
3.750
Commodity Credit Corp.:
54% notes, ser. D, 1941.
1% notes, series E, 1941.
700
202,553,000
204,241,000
Obligations of governmental
Federal Farm Mtge. Corp.:
3% bonds of 1944-49
the United States:
700
835,085,600
94,678,600
236,476,200
103,147,500
35i % bonds of 1944-64..
3% bonds of 1942-47
which cash has been de¬
2H% bonds of 1942-47..
posited with or held by
202,553,700
204,241,000
406,794,000
agencies guaranteed by
Unmatured principal.a..
Matured prln. & int. for
Total
a
Guaranteed by U. 8.
Unmatured Obligations-
1,282,044,346.28 26,596,701,648.01 16,026,087,087.07
Gross public debt
Gross public debt per capita
Contingent Liability
Detail
Lowest Post-War
Mar. 31,
406,794,700
462,889 835,548,489
215,608 94,894,208
225,041 236,701,241
38,052 103,185,552
Treasurer of the U. S.b
74
General fund balance.c
*216,460*05
1,118409",53+76
306,803,319.55
June 30, 1939,
May 31, 1940,
Year Ago
Last Month
June 30, 1940
$
$
$
A
per
Third
324.18
2.600
bearing public debt (%)-.
Obligations of governmental
2.598
Uncalled...
Housing Insurance Fund:
has
2,023,850
350,877
2,023,850
77
6,628,455
5,450.012,898.67
5,497,235,905.28
5,497,556,555.28
been
deposited with or held
by Treasurer of U. S.b
4,637.972.53
42,514,852.40
6,628,532
2,838.225,532.52
2,029.671,449.19
1,890,743,141.34
625,372 779,204,522
147,921 879,186,546
150 127,867,550
439 190,838,339
13,023 754,917,048
879,038,625
127,867,400
190,837,900
754,904,025
34,847,591.07
General fund balance.c—.
778,579,150
3% bonds, ser.A, 1944-52
25*% bds., ser. G, '42-'44
54% bonds, ser. K, 1940.
54 % bonds, series L, 1941
154% bds., ser. M, *45-47
prin. & int. for
cash
1,202,750
77
350,800
Home Owners' Loan Corp.:
Unmatured prlncipaLa..
which
3,051,055
1,202,750
2.583
agencies guaranteed by
the Un'ted States:
Matured
1,270,329.491
2 J4 % debs., series B—
325.19
interest-
on
941,591
3,051,055
called
2% % debs., series D__
308.29
interest
of
rate
annum
3% debs., series A
2J4% debs., series B—
40,439,532,411.11 42,807,765,653.85 42,967,531,037.68
Gross public debt
Gross public debt per capita
Computed
1,269,387,900
Federal Housing Admin.:
Mutual Mtge. Ins. Fund:
b2,731,227,100
b Amounts are Included In the general
fund balances shown herein,
on
786,907
2,732,014,007
Reconstruction Fin. Corp.:
211,460.000
298,839,000
310,090,000
275,868,000
I 54% notes, series N
Does not Include obligations owned by
the Treasury as follows: June 30, 1939,
5273,320,127.43; May 31, 1940, $110,272,500; June 30. 1940, $104,272,500.
a
54% notes, series P
54% notes, series R
1% notes, series 8
+
and after
1,159 211,461,159
298,839,000
"""747 310,090,747
1,876 275,869,876
Sept. 30, 1939.
c
Includes amounts held by the Treasurer of the United States, as shown above,
for the payment of the principal of and interest on matured obligations guaranteed
by the United States, on and after Sept. 30,1939.
COMPLETE PUBLIC DEBT OF THE UNITED STATES
The
following statement of the public debt and contingent
liabilities of the United States, showing also the Treasury's
surplus position, all
from
the
figures of
of April 30, 1940, has been extracted
as
Treasury's
a year
CASH
official
earlier
are
AVAILABLE TO
Comparative
report.
1,096,257,000
Tennessee Valley Authority
U. 8. Housing Authority:
kll4,157,000
3,307
114,160,307
Total unmatured securities.
5,624,451,455
1,736,366
5,626,187,822
354,000
759
354,759
31,758,275
15,620
644,662
32,402,937
Matured Obligations—
Federal Farm Mtge. Corp.:
154% bonds of 1939
Home Owners' Loan Corp.:
4% bonds of 1933-51
254% bds.,ser.B, 1939+9
debt
173,400
6,270
1,067
132,022,675
667,657
32,690,332
Total matured securities
a32,376,675
1,417
33,045,092
April 30, 1940
5,656,828,130
2,404,784
5,659,232,914
1,297,506,441
36,686.230
dl,334,192,672
April 30, 1939
$2,210,227,879 $3,043,625,035
Deduct—Excess or deficiency of receipts over
under disbursements
belated Items
+11,659,661
3,055,184,696
63,396,224
215,266,353
815,971,163
Total, based
Deduct outstanding obligations:
Matured Interest obligations
Disbursing officers' checks
Discount accrued
Settlement
on
on
War Savings certificates
warrant checks
Total
Total, based
on guarantees.
On Credit of U. S.—
Secretary of Agriculture...
Savings System:
Funds due depositors
Tennessee Valley Authority:
254% bonds,
on
ser.
£8,300,000
A, 1943
+
INTEREST-BEARING DEBT OUTSTANDING
Intertit April
Payable
3s of 1961
30, 1940 April 30, 1939
$
$
49,800,000
28,894,500
49,800,000
28,894,500
Special:—4s Adjusted Service Ctf. Fund—Ser. 1941
11,800,000
2^8 Unemployment Trust Fund—Series 1940.. 1,640,000,000
4^s Treasury bonds of 1947 1952
A-O
758,945,800
4s Treasury bonds of 1944-1954
J-D 1,036,692,400
3>*8 Treasury bonds of 1946-1956
_M-S
489,080,100
8^8 Treasury bonds of 1943-1947
J-D
454,135,200
3Hb Treasury bonds of 1940-1943
J-D
352,993,450
3^s Treasury bonds of 1941-1943
M-S
544,870,050
3^s Treasury bonds of 1946-1949
J-D
818,627,000
3s Treasury bonds of 1951-1955
M-S
755,432,000
3tfs Treasury bonds of 1941
F-A
834,453,200
20,500,000
1,172,000,000
758,945,800
1,036,692,900
489,080,100
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
Q-M
3s convertible bonds of 1946-1947
Q-J
4M8-3Ms Treasury bonds of 1943-1945...
A-O
3>*8 Treasury bonds of 1944-1946
A-O
3s Treasury bonds of 1946-1948
J-D
3Hs
2^8
2j*s
2J*s
2J*s
254s
2>4s
2Ks
2548
254s
2Ha
254s
Treasury bonds of 1949-1952
Treasury bonds of 1955-1960
Treasury bonds of 1945-1947
Treasury bonds of 1948-1951
Treasury bonds of 1951-1954
Treasury bonds of 1956-1959
Treasury bonds of 1949-1953
Treasury bonds of 1945
Treasury bonds of 1948
Treasury bonds of 1958-1963
Treasury bonds of 1950-1952
Treasury bonds of 1960-1965
2s Treasury bonds of 1947
2s Treasury bonds of 1948-50
254s Treasury bonds of 1951-53
U. S. Savings bonds, series A, 1935
U. S. Savings bonds, series B, 1936
U. S. Savings bonds, series C, 1937
U. S. Savings bonds, series C, 1938
U. S. Savings bonds, series D, 1939
U. S. Savings bonds, series D, 1940
^classifiedsales.....
3s Adjusted Service bonds
J-D
M-S
M-S
M-S
J-D
M-8
..J-D
J-D
M-S
J-D
M-S
J-D
J-D
J-D
J-D
Aggregate of interest-bearing debt
Bearing no Interest...
Matured. Interest ceased
-
------
Deduct Treasury surplus or add
Net debt
1,118,051,100
cl74r908,714
c319,751,834
450,978 400
1,342,492,672
ser.
...J-J
701,074 900
177 885"680
326'589'002
200'959
519'25o'964
214 728 225
SmVo'soS
266,652,819
500,157,956
117,586,760
288 672 900
9,069!099,600
1.308,895!000
500
1
57'956
117'776'l60
42,121,747,470 39,530 244 399
390,706,537
415;725!397
150,332,690
12L811.560
a42,662,786,697 40,067,781,356
Treasury deficit... +1,923,363,562 +
2,239|213,533
ment and
Government-guaranteed securities with
face
a
value of
$1,187,338,450,
and other assets.
e
In actual circulation, exclusive of
$9,640,951.14 redemption fund deposited in
the Treasury and $308,853,135 of their own Federal Reserve notes held
by the
Issuing banks.
The collateral security for Federal Reserve notes issued consists of
$5,374,500,000 in gold certificates and In credits with the Treasurer of the United
States payable in gold certificates, and $1,065,000 face amount of
commercial paper.
£ Held by
the Reconstruction Finance Corporation.
1 Does not include
$471,650 face amount of bonds in transit for redemption
on
April 30, 1940.
J Bonds in the face amount of $272,500 issued under Section 15a ana an Interim
certificate in the face amount of $50,000,000 issued under Section 15c of the
Ten¬
nessee Valley Authority Act of 1933, as amended, are held
by the Treasury and
reflected in the public debt.
k Does not include $25,000,000 face amount of notes series C held
by the
and reflected in the public debt.
Treasury
NATIONAL
redemption
reoe&te
on^cTnt o?oS«oS
BANKS
The
following information regarding National banks is
from the office of the Comptroller of the Currency,
Treasury
Department:
COMMON
CAPITAL
STOCK
INCREASED
Amt. of Inc.
July 8—The Farmers National Bank of Central City, Central City,
Neb.
From $25,000 to $50,000-$25,000
July 8—First National Bank of Reading, Reading, Mass.
From
$62,500 to $100,000
37,500
July 12—State National Bank of Decatur, Decatur, Ala.
From
$100,000 to $110,000
10,000
COMMON
CAPITAL
July 9—The National Bank
From $200,000 to $100.000
of
Bank
REDUCED
Amt. of Red.
STOCK B
of
Ashtabula,
Ohio.
REDUCED
Ashtabula,
Ashtabula,
Ohio.
50,000
CURRENT
—R. E. Swart &
STOCK
Ashtabula,
$100,000
PREFERRED
July 9—The National
Sold locally.
b40,739,423,135 37,828,567,823
30, 1940, on the basis of daily Treasury statement wm
net amount of public debt
and
^
Ac., was $5,015,159.73. b No reduction Is made
of foreign governments or other investments, c
Amount Issued and retired
includes
accrued discount; amounts outstanding are stated at
current redemption values.
transit
d Figures shown are as of Feb. 29, 1940—figures as of
April 30, 1940, are not
available.
Offset by cash In designated depository banks and the accrued
interest
amounting to $48,307,755.41, which is secured by the pledge of collateral as
pro¬
vided in the Regulations of the Postal Savings System,
having a face value of
$47,923,138.29, cash in possession of System amounting to $86,119,367.21, Govern¬
428
Total gross debt Apr.
$42,657,771,537.19, and the
b Does not include $10,000,000 face amount of bonds of series N
1940 held by the
Treasury and reflected in the public debt.
1,185 841 700
1,485,385400
8,469,721,800
1,306,375,000
1946)
e4,931,522,658
a 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.
918,780 600
cl57,403,100
.
Adj. Service bds. (Govt. Life Ins. Fund
254s Postal Savings bonds
Treasury notes...
Treasury bills
1,400,528,250
1,518,737,650
1,035,873,400
491,375,100
2,611,092,650
1,214,428,950
1,223,495,850
1,626,687,150
981,826,550
1,786,134,150
540,843,550
450,978,400
918,780,600
1,185,841,700
1,485,355.100
701,074,400
571,431,150
c417,179,941
c503,512,256
c835,628,871
c414,579 019
of 1945
4 54 s
a
36,686,230
Fed. Res. notes (face amt.).
Certificates of Indebtedness:
Total debt
1,305,806,441
1,923,363,562 + 2,239.213,533
Other Obligations—
Title of Loan—
_
8,300,000
credit of the
United States
Balance, deficit (—) or surplus (+)
f'
5,037
92,270
174,467
Postal
3,402,930
1,490,520
57,874,199
753,643,658
3,467,465
985,841
283,556,027
on
—3,308,290
2,206,919,589
or
37
5,000
86,000
'
or
15,620
154% bonds, ser. C, 1936
2% bonds, series E, 1938
154% bonds, ser. F, 1939
MATURING OBLIGATIONS
Balance end of month by dally statements
Add
1,096,260,782
154% notes, ser. B, 1944.
U.S. Maritime Commission
also shown:
PAY
3,782
j
NOTICES
Co., Inc., 40 Exchange Place, have prepared
a
complete
statistical report on Cornell-Dubilier Electric Corp.
—Matt.
H. Connell is
now
listed trading and new issues.
with M.
S. Wien & Co. to specialize in
un¬
The
151
Volume
TREASURY MONEY
business on the first day of
May, June and July, 1940; also on the first day of July,
Treasury at the beginning of
1940
; " 'M/M.;;,:'
;
//;■:
1,
July
June 1,
$347,324,989
669.253,587
coin and bullion.
Net silver coin and bullion
$341,919,042
Net United States notes..
2,065,107
Net National bank notes.
518,331
353.706
14,328,405
220,828
$714,383,033
615,152,338
2,231,593
1,334,411
999,109
9,875,400
12,663,952
$474,708,196
656,183,378
2,644,768
12,250,135
570,986
5,794,347
20,288,544
Net gold
Net Federal Reserve notes
665,363,800
Net Fed. Res. bank notes
1,485,408
3,768,806
Net subsidiary silver
18,762,954
Minor coin, Ac
Total cash in Treasury. *1046947,273
156.039,431
fund
890,907 842
Deposit In special deposi¬
tories account of sales of
Government securities.
805 379,000
Dep.In Fed. Res. banks..
334,815
306,080
6.680,410
20,548,734
3,815,000
21,001,880
1.057 321,702 1,174,763,362 1,368,099,735
Less gold reserve
Cash balance In Treas..
July 1, 1939
May 1, 1940
1940
253,934,903
32,321,992
1,696,781
189,214
Islands
Deposits In foreign depts.
cash
Net
In
Treasury
and in banks
Deduct current liabilities.
1st mtge. 6s,
776,415,000
813,585,000
463,080,913 1,021,983,116
813,247,000
437.797.272
36,934,133
37,676,699
1,384,756
174,027
53.778,006
31,532,532
1,261,678
47.026.380
32.779.381
1,255,496
135.453
205,624
2,038,114,528 2,233,523,253 2,382,167,684 3,086,628,035
248.482,502
171,939,804
203,851,804
147,371,387
*
Includes on Julv
1
114
-Aug.
-July 31
-July 26
Announcements this week,
BANK
bonds
.-Sept.
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
show
the
dividends
previously announced, but which
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.
The dividends announced this week are:
-
have not yet
When
Per
Adams-Mills Corp
Agnew-Surpass Shoe Stores
25c
Aug.
t40c
t20c
(s.-a.)
Sept.
Sept.
Oct.
1940 and 1939.
Net decrease during
-
Tender Notes—
-
June
—
1940
...8168,839,812
1,649,435
1939
8191,358,627
2,067,020
*8189,291,607
Includes proceeds for called bonds redeemed by Secretary of the Treasury.
Note—$2,203,796.50 Federal Reserve bank notes outstanding July 1, 1940 secured
by lawful money, against $2,218,619.50 on July 1, 1939.
Amount of bank notes afloat
$167,190,377
July 1
*
AUCTION
The following
SALES
securities were sold at auction on Wednesday
of the current week:
By R. L. Day & Co., Boston:
Shares
$ per Share
Stocks
■
3M
Co., par $50
60 Southwest Lumber Mills, Inc., par $10—
3 Columbian National Life Insurance Co., par $100
32 Post Office Square
$6 lot
60
Percent
Bonds—
N. J., school bonds 5*. Jan. 1,1940, with Jan. 1,
on_.flat
$3,000 Township of Hillside,
1940,
$500
coupon
Illinois
Publishing & Printing
of N. Y. 2 Ms, June 1,1956, series
REDEMPTION
1950,; coupon
— —
83 M & int
D, reg........57 & int
Co. deb. 6Ms. March,
March, 1940, and sub. on
$100 The Mortbon Corp.
CALLS AND SINKING FUND
'h?;-v
NOTICES
Below will be found a list
stocks of
of bonds, notes and preferred
corporation called for redemption,
together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
Company and Issue—
Date
Page
Alabama Power Co
Nov. 1
235
Alabama Power Co. 1st mtge. 5s
Sept. 1
x24O0
Alabama Water Service Co. 1st mtge. 5s
July 30
x4115
♦Alabama Water Service Co. 1st mtge. 5s.
..Sept. 16
402
American Bakeries Co. 7% preferred stock __
July 22
x3345
American Colortype Co. 6% debentures
Aug. 1
x4116
American Seating Co. 6% notes
July 31
x3345
A. P. W. Paper Co. 334% notes
Aug. 1
x2867
♦Babbitt Bros. Lands, Inc., 8% bonds
Aug. 8
405
Bates Valve Bag Corp. 15-year debs
--Aug. 1
x4118
Brooklyn-Manhattan Transit Corp., collat. trust bonds
Aug. 2
x3966
Bush Terminal Co. 1st mtge. bonds
July 25
99
Chicago & Illinois Midland Ry. 1st mtge. 4Ms..July 22
100
Chicago Union Station 3 M % bonds
Sept. 1
122
Cincinnati Gas & Electric Co. 1st mtge. bonds
Aug. 1
x4122
Consolidated Gas, Electric Light
1st mtge.
July
Sept.
(quar.)
American General Corp. $3 conv.
& Power Co. of Bait.—
$2 conv. preferred (quar.)
American Sugar Refining preferred
1
101
America 4M% debentures..
Aug. 1
Properties, Inc., 6M% bonds
-Aug. 1
Eastern Gas & Fuel Associates 1st mtge. bonds
July 20
Electric Auto-Lite Co. 4% debentures
—Aug. 1
General Motors Acceptance Corp. 3M% debentures
Aug. 6
Great Consolidated Electric Power Co., Ltd.. 7% bonds. .Aug.
1
♦Hammond & Little River Redwood Co. 5M% bonds
Aug. 1
♦Walter E. Heller Co. 7% pref. stock.
Sept. 16
(R.) Hoe & Co., Inc., 4M%-6M% bonds.
July 25
♦Illinois Commercial Telephone Co. 1st mtge. 5s
Aug. 1
♦Indianapolis Power & Light Co. serial notes
Aug. 6
Iowa Power & Light Co. 1st mtge. bonds
Sept. 1
Jersey Central Power & Light Co. 5% gold bonds.
Aug. 1
4M% gold bonds
July 29
Kansas City Gas Co. 1st mtge. bonds
Aug. 1
102
411
x4125
x4125
x3661
x4127
416
417
1
Aug. 15
Aug. 1
419
Crucible Steel Co. of
*Dodson
♦(David M.) Lea & Co., Inc.. 4-5% bonds
♦Loew's, Inc., 3M % bonds
;
♦Long Beach Gas Co. 1st mtge. 5s
Morristown & Erie RR. 1st mtge. 6s
♦Mortbon Corp. of New York 5% bonds
New Orleans Public Service Inc. 4M % gold
Aug.
bonds
246
417
417
107
x4128
x4128
x3663
419
419
Sept. 3
Sept. 1
Aug. 1
249
420
x4133
26
251
Newport Industries, Inc., 5% bonds
July
N. Y. Lake Erie & "West. Docks & Impt. Co. 1st mtge. 5s__Sept.
♦North Central Gas Co. 1st mtge. 5Ms
Aug.
♦Omaha & Council Bluffs Street Ry. 1st mtge. bonds
July
Ontario Power Co. of Niagara Falls 5% bonds
Aug.
Outlet Co. 7% pref. stock
Aug.
9
20
30
15
1
Peoples Light & Power Co. collateral lien bonds
Aug. 1
Peoples Water Service Co. 1st mtge. 6s_
Aug. 1
Philadelphia Electric Powqr Co. 1st mtge. 5Ms
Aug. 1
Lebanon Valley Gas Co. 1st mtge. 5s
Sept. 1
Riordon Pulp & Paper Co., Ltd. 6% debs...
;
Dec. 31
Rochester Gas & Electric Corp. 4% bonds
..Sept, 1
Safe Harbor Water Power Corp. 1st mtge. bonds...
Aug. 2
St. Joseph Ry. Light Heat & Power Co. 1st mtge. bonds. .Aug.
1
♦St. Louis Terra Cotta Co. 6M % bonds
Aug. 1
75c' Sept.
62Mc
50c
Oct.
Arthur Realty Corp
Art Metal Works (quar.)
15c
15c
(s.-a.)_
Atlantic Macaroni, Inc
Rayon, .$2M prior pref. (quar.)
Atlas Corp., 6% pref. (quar.)
Atlas Plywood Corp
Preferred (quar.).
Bayuk Cigars, Inc. (quar.)
First preferred (quar.)
Biddeford & Saco Water Co. (quar.)
Blauner's preferred (quar.)
Bonwit Teller, preferred (quar.)
Boston Fund (quar.)
Bourne Mills (quar.).
Brewer (C.) & Co. (monthly)
Broadway Dept. Stores 5% prior pref. (quar.)..
Brown Oil, Ltd. (quar.)
Burdine's, Inc., $2.80 preferred (quar.)
Burlington Mills Corp
Burroughs Adding Machine Co
Carey (Philip) Mfg. Co. 6% pref
Carolina Insurance Co. (s.-a.)
Carthage Mills, Inc
Celotex Corp. preferred (quar.)
Atlantic
Central Ohio Steel Products
Central Vermont Public Service $6
pref. (qu.)_
Cherry-Burrell Corp
Preferred (quar.)
Chile Copper Co..
City Investing Co
City of New York Insurance (s.-a.)
City Title Insurance (N. Y.) (quar.)
Colonial Life Insurance Co. of Amer. (quar.)
Commonwealth International Corp. (quar.)
$1
62Mc
75c
July
Sept.
July
Aug.
Aug.
Aug.
Aug.
Aug.
25c
$1 M
$1
75c
Sept.
Oct.
25c
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
July
Aug.
10c
Sept.
t§3
July
$1M
16c
20c
50c
SIM
SIM
70c
65c
$1
SIM
25c
Sept.
Aug.
July
July
Aug.
Aug.
Aug.
July
Aug.
Aug.
Sept.
20c
50c
1%
60c
12Mc
$3
4c
25c
Continental Oil
20c
62Mc
43 Mc
S3M
75c
De Vilbiss Co
17Mc
(quar.)
Co. class A (quar.)
Domestic Finance Corp., .$2 cum. pref. (quar.)__
Dominion & Anglo Investment Corp., Ltd.—
5% preferred (quar.)
Dominion Bridge Co., Ltd. (quar.)
Dover & Rockaway RR. Co, (s.-a.)
Duquesne Brewing
East Shore Public Service Co. $6 pref. (quar.)..
$6M preferred (quar.)
Employers' Casualty Co. (Texas) (quar.)
Erie & Kalamazoo RR
Faber, Coe & Gregg preferred (quar.)
Four Star Petroleum, Ltd
Fulton Industrial Securities Corp. (s.-a.)
$3M cum. preferred (quar.)
General Cigar Co. 7% pref. (quar.)
General Foods Corp. (quar.)
General Iron Works Co., 7% pref. (s.-a.)
General Metals Corp. (s.-a.)
German Credit & Investment Corp., allot ctfs..
Dixie-Vortex
251
423
424
252
x3060
x3984
253
x4136
107
113
113
114
x4138
429
Getchell Mine
Greenwich Gas Co
*
Co. (s.-a.)
Special
Liquidometer Corp
Loew's Boston Theatres
Louisiana Power &
Light $6 pref. (guar.)
15
31
25
25
Aug.
9
July 29
July 15
July 15
July 29
July 15
Sept. 3
Sept.
1
Sept.
1
Aug.
Aug.
8
2
June 29
June 29
Sept.
July
Aug.
Aug.
July
July
July
July
July
July
Aug.
July
July
July
July
SIM
SIM
Aug.
Aug.
Sept.
Sept.
87Mc
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
50 c
Sept.
Aug.
40c
SIM
SIM
lc
20c
S3M
25c
f40c
3c
4.88c
15c
50c
$1
25c
t75c
Aug.
Aug.
Aug.
July
Aug.
Aug.
Sept.
Aug.
July
Sept.
Aug.
10c
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
July
Sept.
Sept.
Aug.
Aug.
SIM
SIM
tig
25c
50c
15c
$20
25c
62Mc
50c
50c
40c
40c
....
(quar.)
Extra
Aug.
July
July
July
Aug. 15
50c
(quar.)
Libbey-Owens-Ford Glass
Liboy,' McNeil & Libby
Life Savers Corp. (quar.)
Aug.
5
July 27
July 15
July 18
Jujy 15
July 26
Oct,
S3
15c
SIM
Preferred
June 29
Sept.
Aug.
30c
20c
(s.-a.)
(Joseph) Co. preferred (quar.)
Illuminating & Power Securities (quar.)
7% preferred (quar.)
International Harvester, pref. (quar.)_.
Jantzen Knitting Mills, pref. (quar.)
Kable Bros. Co
Kennecott Copper Corp
Special
King Oil Co. (quar.)
Kings County Trust (quar.)
Klein (D. Emil).
Horne
July 26
July 26
Aug. 20
July 19
July 19
Aug. 31
Sept. 30
July 10
Aug.
1
July 20
July 31
July 12
Aug. 20
July 19
Aug.
3
tSIM
60c
Extra
Homestead Fire Insurance
Sept. 16 !
July 16
Sept. 3
Aug. 15
Aug. 15
Aug. 15
Sept. 5
July 22
Sept. 18
July 22
Oct.
25c
Agricultural Co. (monthly)
Hilton-Davis Chemical Co
Hawaiian
Home Insurance
Sept.
Sept.
Aug.
Aug.
July
July
July 25
Aug. 15
Aug. 15
62 Mc
50c
24c
SIM partic. preferred (extra)
Granby Consol Mining, Smelting & Power Co..
Grumman Aircraft Engineering
Guilford-Chester Water (s.-a.)
Hale Bros. Stores, Inc. (quar.)
Havana Electric & Utilities Co. 6% 1st pref
Aug.
July
Aug.
SIM
SIM
Copperweld Steel Co
_;
5% cum. conv. preferred (quar.)____.
Crown Drug Co. preferred (quar.)
*
Crundin-Martin Mfg. Co. 7% pref. (s.-a.)
Preferred
Sept.
Sept.
(quar.)
—
Aug.
bonds
pref. (quar.)..
$2M conv. preferred (quar.)
Holders
Payable of Record
Share
of Company
Associated Insurance Fund, Inc.
National Bank Notes—All Legal
265
are
American Chicle Co.
following shows the amount of
Amount afloat June 1
1
V. 150.
x
American Book Co
NOTES
National bank notes
afloat (all of which are secured by legal tender deposits)
at the beginning of June and July and the amount of the
decrease in notes afloat during the month of June for the
years
260
x3376
116
262
262
Preference (quar.)
The
1
x4148
Bonus
NATIONAL
IN
258
430
..
Woodward Iron Co. 2nd mtge. 5s
*
430
259
-Sept.
2,210,227,880 2,838,225,533
asand SJ,996,068 minor coin-
§650,922,961 sliver nullion
"Stock of Money."
CHANGES
1
series B
Name
Available cash balance. 1,890,743,141 2.029,671,449
Indicated in statement
bonds
gold debs.
:v
Wisconsin Public Service Corp. 4%
429
x3989
S. Cold Storage Co. of Kansas.City—•
1st mtge. 6s, series A__
we
To credit disb. officers
Cash in Philippine
1
114
United Printers & Publishers, Inc. 6%
Dividends
other bank deposltaries-
53,684,796
_Aug.
ctfs
bonds
♦Stanley-Crandall Co. 1st mtge. 6s
(J. B.) Stetson Co. 1st mtge. 7s
♦Strawbridge & Clothier Co. 5% gold bonds...
Texas City Terminal Ry. Co. 20-year 6s
U.
429
429
Southern Ice Co.. Inc., 1st mtge.
Texas Corp. 3M% debentures
Union Pacific RR. Co. 1st mtge.
15
DIVIDENDS
901.282.271 1,018,723.931 1,212,060,304
Deposited In National and
To credit Treas. U. S_
114
_Aug.
156,039,431
156,039.431
156,039,431
Co. 1st mtge. 5s
♦Saenger Theatres Corp. 6M% bonds
♦Scovill Mfg. Co. 5M%
debentures
♦Shippers Car Line Equipment Trust E. T.
A. E. Staley Mfg. Co. 1st mtge. bonds..
1st mtge. bonds
St. Paul Union Stockyards
following compilation, made up from the daily Gov¬
ernment
statements,
shows the money holdings of the
Page
Date
Company and Issue—
HOLDINGS
The
1939:
363
Commercial & Financial Chronicle
25c
15c
15c
SIM
Oct.
Aug.
Sept.
Aug.
Sept.
Sept.
July
Aug.
Aug.
Aug.
Sept. 10
July 24
July
31
30
22
10
10
25
26
20
20
15
15
16
26
20
31
26
July 20
July 20
Aug. 16
July 26
July
1
Aug. 15
July 31
Aug. 10
July 20
July 15
July 15
July 20
July 23
July 31
July 31
5
Aug.
Aug. 25
July 15
Aug. 31
Aug. 31
July 13
July 25
Sept. 20
July 20
Aug. 30
July 31
1
Aug.
1
Aug.
July 10
July 20
July 20
lJuly 17
The Commercial & Financial Chronicle
364
Per
Share
Name of Company
Lock-Joint Pipe Co. (monthly)
—
ii
Monthly
Monthly
„
„
$1
$2
*—-——
Preferred (quar.)
Louisville & Nashville 11K. Co
Lvnch Corp
-
$2H
—
50c
50c
Mack Trucks, Inc..
MacMilian Co, (quar.)—
25c
Preferred (quar.)
Macy (R. H.) & Co
Massachusetts Bonding & Insurance Corp
McNeel Marble Co. 6% 1st pref. (quar.)
Meier & Frank (quar.)
Mercantile Stores, preferred (quar.).
Merck & Co., Inc.
Preferred (quar.)...
SIX
50c
87 Mc
*1M
15c
SIX
40c
—
SIM
Michigan Bakeries
Preferred (quar.)
Prior preferred (quar.)
Mid-West Rubber Reclaiming Co
$4 preferred (quar.)
s.-Minneapolis Brewing
Montgomery (H. A.) Co
Moody's Investors Service pref. (quar.)
Muskogee Co., 6% preferred (quar.)
Myles Standish Co., voting trust ctfs-National Food Products Corp., class B
National Paper & Type Co—
—
MPreferred (s.-a.)
National Power & Light Co
New England Fund
15c
SIX
25c
25c
—
$1
20c
10c
...
75c
SIM
50c
20c
25c
SIX
15c
10c
New Process Co
Preferred (quar.)
50c
New York Fire Insurance (quar.)..North American Oil Consol. (quar.)
20c
25c
Northern Insurance Co. of N.Y
Extra
Noyes (Chas. F.) Co. 6% pref. (quar.)
22 Mc
Ohio Steel Products
25c
Oklahoma Natural Gas Co
25c
$5N conv. prior preferred (quar.)
Preferred (quar.)
Onomea Sugar (monthly)
Oswego Falls Corp. (quar.)
SIX
75c
10c
15c
Ottawa Car & Aircraft
40c
Owens-Illinois Glass
Pacific Gas & Electric, 6% pref. (quar.)
5N % preferred (quar.)
50c
-
|37Mc
L34Mc
$1X
SIM
lXc
Pacific Power & Light 7% pref. (quar.)..
$6 preferred (quar.)
Pacific Truck Service, Inc., 7% pref
Parker Pen Co
Pelham Hall Co., voting trust ctfs
25c
10c
Peninsular Grinding Wheel Co
Peoples Thrift & Investment Co. 5% pf. (qu.)..
Peoria & Bureau Valley RR. Co
Philadelphia Insulated Wire (s.-a.)
Pierce Oil Corp.
8% conv. preferred—
Liquidating distribution of IN shs. of Consol.
Oil Corp. com. for each sn. of Pierce Oil
Corp. pref.
Payable after Aug. 1
Pittsburgh Screw & Bolt
Princeton Water Co. (N. J.) (quar.)
Public Service of N. J. 8% pref. (quar.)
7% preferred (quar.)
6% preferred (monthly)
$5 preferred (quar.)
Pullman, Inc
Quebec Power Co. (quar.)
Randall Co. class B
Class A (quar.)
5c
SIX
$3X
10c
15c
$1
$2
SIX
50c
SIX
25c
+25c
SI
50c
Republic Investors Fund, Inc.—
6% preferred A & B (quar.)
Royal Crest Petroleum Ltd
Safety Car Heating & Lighting Co., Inc
Safeway Stores, Inc
5% preferred (quar.)
Sharp & Dohme, Inc., cum. conv. pref. A (qu.)_
Shawinigan Water & Power
Silex Co
Southeastern Greyhound Lines (quar.)
Preferred (quar.)
SI
75c
SIX
87!ic
37 Mc
30c
Pulp Co
Preferred (quar.)
Sovereign Investment, Inc. (quar.)
Standard Silica Corp..
Stein (A.) & Co
Stouffer Corp. class A (quar.)
Class B (quar.)
Class B (extra)
Strawbridge & Clothier prior pref. (quar.)
Syracuse Binghamton & New York RR. (quar.)
Taylor & Fenn Co
Trades mens National Bank & Trust Co
Trane Co
50c
SIM
10c
10c
25c
56 Xc
62Mc
SI
si
SIM
25c
Preferred
(quar.)
United States Fire Insurance Co
Vulcan-Brown Petroleum
Walker (H.) Gooderman & Worts, Ltd.
(qu.)__
Preferred
(quar.)
Walton (Chas.) & Co. 8% pref. (quar.)
Westgate-Greenland Oil Co. (monthly)..
Weston (Geo.) Ltd. (quar.)
Wheeling & Lake Erie Ry. 5N% Pref (quar.)..
Prior lien (quar.)
Holders
July 31 July 20
Aug. 31 Aug. 21
Sept. 30 Sept. 20
Oct.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
July
Aug.
Aug.
1 Sept. 21
26 July 29
15 Aug.
5
1
July
15 Aug.
8 Aug.
25
9
2
3 Aug.
9
5 July 25
15 July
9
15 Aug.
15 July
1
31
Oct.
1
Sept. 20
Oct.
1
Sept. 20
July 15 July
8
1 July 24
Aug.
1 July 24
Aug.
1 July 20
Aug.
Sept. 3 Aug. 20
1 July 27
Aug.
July 24 July 17
1
Aug. 15 Aug.
7
Sept. 3 Aug.
6
July 15 July
1*
Aug. 15 Aug.
Aug. 15 July 31
Aug. 15 July 31
Sept. 3 July 29
1 July
Aug.
19
1 July 19
Aug.
1 July 19
Aug.
July 30 July 23
5 July 25
Aug.
Aug. 10 July 30
Aug. 10 July 30
1 July 26
Aug.
Sept. 3 Aug. 15
Sept. 30 Sept. 14
Sept. 30 Sept. 14
Sept. 30 Sept.14
Aug. 20 Aug. 10
1 July 20
Aug.
July 26 July 19
Aug. 15 July 30
Aug. 15 July 31
Aug. 15 July 31
1 July 20
Aug.
1 July 20
Aug.
5 June 15
July
3 Aug. 15
Sept.
July 15 July
6
Aug. 15 July 26
July 15 June 30
Aug. 10 July 19
Aug. 15 Aug.
1
Aug. 17
Aug. 20
Sept. 14
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
14
14
14
16
26
Aug.
1
1
Nov.
Aug.
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
July
July
July
1
26
20
15
15
15
15
23
22
20
Name of Company
American Equitable
Share
American Meter Co., Inc
American Paper Goods Co.
SIM
50c
tlMc
tSl
J25c
75c
SIX
SIX
7% pref. (quar.)
7% preferred (quar.)
American Smelting &
Preferred (quar.)
SIX
25c
50c
Refining
—
American Stores Co
American Stove Co
American Thermos Bottle, class A (quar.)
Extra
American Zinc, Lead & Smelting, prior pref
Anglo-Canadian Telep. Co. 5M% pref. (qu.)__
Appleton Co. (quar.)
Preferred (quar.)
Atchison Topeka & Santa Fe Ry., 5% pref
Atlantic City Electric Co. $6 pref. (quar.)
Atlantic Refining Co.. preferred (quar.)
Atlas Powder Co., pref. (quar.)
Aug.
Aug.
Aug.
July
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
July
July
July
Sept.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
1 July
26 July
23
24
10 July 31
31 July 20
1 Aug. 15
1 Aug. 15
25 Aug. 15
20 July 31
15 Aug.
5
15
30
30
30
2
1
1
1
15
3
1
2
lc
Aug. 15
20c
Oct.
1
Aug.
July
July
July
Aug.
July
July
July
Aug.
Aug.
July
July
Aug.
Aug.
July
Aug.
Sept.
SIN
SIX
Aug.
1 July
Aug.
1 July
July
30 July
1
20
20
20
12
19
15
24
1
24
19
18
23
23
15
10
12
25
25
20
Abraham & Straus, Inc
50c
Adams (J. D.) Mfg. Co.
(quar.)
Addressograph Multigraph
Aetna Ball Bearing Mfg
Akron Brass Mfg. Co., Inc
25c
15c
35c
12Hc
SIX
15c
5c
SIN
Allen Industries, Inc
25c
Alloy Cast Steel Co
Aloe (A. S.) Co. (quar.)
Alpha Portland Cement
Aluminum Goods Mfg. Co., cap. stk
35c
I
Aluminum
Mfg.. Inc. (quar.)
2
Quarterly
7% preferred (quar.)
7% preferred (quar.)
Amalgamated Sugar Co. 5% preferred (quar.)__
Amerex Holding Corp. (s.-a.)
American Can Co.
Amerada
(quar.)
Corp. (quar.)
American Cities Power & Light $3 class A
(quar.)
1-32 sh. of cl. B stk. or cash at holders
option
American Envelope Co., 7% pref. A (quar.)
25c
25c
50c
SIX
68Nc
50c
SIN
S2M
Beriand Shoe Stores (quar.)
Preferred (quar.)_
—
(s.-a.)
75c
40c
3%
(quar.)
Bonomo Publishers (quar.)
Boston Edison Co. (quar.)
Boston Metal Investors, Inc
87 Nc
25c
SIN
18 Nc
SI
62 Nc
311
25c
Bourjois, Inc., &2N preferred (quar.)
Brewer (C.) & Co., Ltd. (monthly)__J
British Columbia Telep.Co. 6% 2nd pref. (quar.)
Brooklyn Union Gas
Buckeye Steel Casting, 6% pref. (quar.)
Buffalo Ankerite Gold Mines
Buffalo Niagara & Eastern Power 1st pref. (quar.)
Bullock Fund, Ltd
68Nc
50c
7S1N
25c
SIN
6c
SIN
10c
Bullock's, Inc., pref. (quar.)
SIN
Byers (A. M), preferred..
S2.166
Rep. div. of $1 % due Nov. 1, 1935 and int.
to Aug. 1. 1940.
Calgary Power Co. preferred (quar.)
SIN
California Packing Corp. (quar.)
25c
Preferred (quar.)
62Nc
California-Western States Life Insurance (s.-a.)
Cambria Iron semi-annual
Canada Northern Power Corp. (quar.)
Canada Southern Railway (s.-a.)
50c
SI
125c
tSIN
150c
50c
25c
20c
50c
50c
SIN
SIN
12Mc
50c
$1
50c
75c
SI N
Holders
July 25 July
Aug.
1 July
Aug 10 July
Sept. 14 Sept.
July 25 July
Aug.
1 July
Aug.
1 July
July 23 Juiy
Sept. 3 Aug.
July 29 July
Juiy 20 July
Aug.
1 July
Sept. 25 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Dec. 31 Dec.
15
15
25
3
15
19
8
10
15
22
10
22
2
14*
15
15
Sept. 30 Sept. 15
Dec. 31 Dec.
15
Aug.
1 July
Aug.
1 July
Aug. 15 July
July 31 Juiy
Aug.
1 July
17
10
Sept.
25*
15
11
1 Aug. 25
$1
SI
*37 Nc
Preferred (quar.)
tSIN
Canadian Converters
*50c
Canadian Industries, Ltd., class A and B (quar.)
SIN
Canadian Investment Fund, ord
4c
Canadian Bronze Co., Ltd. (quar.)
Special shares
4c
Canadian Oil Cos., Ltd. (quar.)
Extra
Carolina Clinchfield & Ohio Ry (quar.)
Cedar Rapids Mfg. & Power
(quar.)
Celanese Corp. of America—A div. in com. stk.
at the rate of one sh. for each 40 shs. of com¬
mon held
Central Arizona Light & Power $7 pref. (qu.)__
$6 preferred (quar.)
Central Hudson Gas & Electric (auar.)
Central N. Y. Power, 5% pref. (quar.)
Central Power & Light Co. (Tex.), 7% pref.(qu.)
6% cum. preferred (quar.)
Century Ribbon Mills, 7% pref. (quar.)
Century Shares Trust
Cerro de Pasco Copper
Chain Belt Co
Chain Store Investment Corp. $6M pref. (qu.)_
Champion Paper & Fibre
(quar.)
(quar.)
Cincinnati Inter-Terminal Ry. 1st pref. (s.-a.)__
Cincinnati Union Terminal. 5% pref. (quar.)..
City Water Co. of Chattanooga 6% pref. (qu.)
Clark (D. L.) Co
Preferred
12 Nc
12Nc
SIN
75c
Chicago & St. L. Ry.(s.-a.)
(quar.)
Pittsburgh RR. 7% gtd. (quar.)
4% guaranteed (quar.)
Coast Breweries, Ltd. (quar.)
Coca-Cola Bottling (St. Louis), (quar.)
Colgate-Palmolive-Peet, pref. (quar.)
$
(QuHrt6rIs)
Columbia Gas &E)lec. Corp., 6% pref. A (quar.)
5% cumulative preferred (quar.)
5% cumulative preference (quar.)
18
July
July
20
20
July
19
15
19
July
July
July
19
Aug.
June
27
July
11
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
Aug.
Ju.y
Juiy
July
July
July
19
15
15
20
15
10
17
15
15
20
20
25
29
20
15
15
15
15
15
Oct.
June
25
Aug.
July 10
July 18
Aug.
1
July 30
July 17
Aug.
1
July 18
July 16
July 15
Aug.
July
Aug.
July
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
6
July
15
Aug.
July
July
11
15
Aug.
Aug.
Aug.
July
July
July
15
31
31
Aug. 31
Sept. 14
Sept.
Oct.
June
29
June
July
Aug.
Aug.
Aug.
Sept.
29
July 25
Aug.
8
Aug. 31
Dec.
Nov. 30
Aug.
Aug.
Aug.
July
Aug.
Aug.
Aug.
Aug.
July
Aug.
July
July
19
19
July
31
June
29
July 15
July 15
Aug.
1
Aug.
1
July 10
July 31
Aug. 15 June
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug
Sept. 2 Aug.
1 July
Aug.
1 July
Aug.
July 25 July
1 July
Aug.
Sept. 16 Aug.
Oct.
Chartered Investors $5 preferred
Chase National Bank (s.-a.)
July
July
Aug.
Aug.
Aug.
July
Sept.
Aug.
40c
5
Aug. 27
July 15
Aug.
2
July
5
July 13
Aug.
;i
SIN
SIN
SIN
Best & Co__
Cleveland &
16 Dec.
July
July
Aug.
Aug.
Aug.
Aug.
July
Aug.
July
Aug.
Aug.
12 Nc
Birmingham Gas Co. $3M prior pref. (quar.)
Birtman E.ectric Co. (quar.)
Preferred (quar.)
Bloomingdale Bros
Bon Ami Co. class A (quar.)
Preferred
Dec.
July
July
Sept.
Aug.
Aug.
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
10c
Beau Brummel Ties
Class B
25c
12Mc
Bangor Hydro-Electric Corp. (quar.)
Batnurst Power & Paper Co,, Ltd A
Beatty Bros., Ltd., 1st pref. (quar.)
Preferred
SIX
Aug.
Aug.
Sept.
Sept.
25c
Babcock & Wilcox
Badger Paper Mills, Inc., 6% preferred (quar.)_
Baldwin Rubber Co
Extra
When
Payable of Record
18
3
3
15
15*
15
15
July 15
14 Aug. 29
16 Sept. 5
July
Aug.
Aug.
SIN
Ault & Wiborg Proprietary 5X % pref. (quar.)__
Canada Wire & Cable, class A (quar.)..
Class A (quar.)
$2
Per
Allegheny Ludlum Steel pref. (quar.)
1 Sept.
20c
15
Sept. 15
Sept. 15
Aug.
1
Share
Alberene Stone Corp. (Va.)
1 Sept.
Oct.
37Mc
American Radiator & Standard Sanitary—
Preferred (quar.)
American Reserve Insurance
Cleveland Cincinnati
Alabama Power Co. $5 preferred
(quar.)
Alaska Juneau Gold Mining (quar.)
Oct.
30c
20
20
Below we give the dividends announced in
previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being
given in the preceding table.
Name of Company
July
25c
20c
1 Oct.
Oct.
25 July
25c
held
(Monthly)..
American Eight & Traction (quar.)
Preferred (quar.)
American Machine & Foundry Co
July 30 July
Aug.
1 July
1 Sept. 19
1 Sept. 19
Holders
American Investment Co. (111.) Stock div. of 2
shs. of com. $1 par, for each no-par common
Canada Starch Co., Ltd
Oct.
When
Payable of Record
5c
Assurance (N. Y.) (quar.)_
(Newark) s-a.)
American Insurance Co.
Extra
•
20
50c
WJR the Goodwill Station
Per
Payable of Record
7% preferred (semi-annual)
15c
lc
15c
South view
When
July 20, 1940
Sept.
Aug.
Aug.
Oct.
Aug.
Aug.
July
July
Sept.
14
17
17
29
10
15
15
20
18
16
10
15
31
1 Sept. 14
3 Aug.
1
1 July
12
1 July 20
1 Sept.18
1 July
11
1 July 22
31 July 20
31 July 20
3 Aug. 10
3 Aug. 10
1 July
15
20 July 10
20 July 10
Sept.
Aug.
July
July
Sept. 30 Sept.10
Aug. 15 July 18
Aug. 15 July 20
Aug. 15 July 20
Aug. 15 July 20
Columbus & Southern Ohio Electric Co.—
6M% preferred (quar.)
Commonwealth Edison Co
Commonwealth Investment Co. (quar.)
Commonwealth Utils. Corp. 6% pref. B (quar.).
6M% preferred C (quar.)
6M % preferred C (quar.).
Community Public Service Co. (quar.)
Concord Gas, 7% preferred..
Connecticut Light & Power (quar.)
Preferred (quar.)
Connecticut & Passumpsic Rivers RR.—
6% preferred (s.-a.)
Connecticut River Power Co. 7% pref. (quar.)..
Consolidated Chemical Industries class A (lu.)
Consolidated Cigar Corp. 7% preferred (quar.).
6M% priorj)referred (quar.).
alid
Consolidated Edison (N. Y.). preferred (quar.).
Consolidated Laundries, pref. (quar.)
Consolidated Oil Corp. (quar.)
Consolidated Retail Stores 8% pref. (quar.)
Consolidated Royalty Oil (quar.)
Container Corp. of Amer
Aug.
Aug.
Aug.
1 July
1
July
15
15
Oct.
1 July 15
1 Sept. 14
Dec.
2 Nov.15
Sept. 2 Aug.
Aug. 15 July
Aug. 15 July
Oct.
1 Sept.
Sept. 1 Aug.
15
29
31
14
15
Aug.
1 July
Sept.
3 Aug.
1 July
2 Aug.
1
15
Aug.
Sept.
Aug.
Aug.
Aug.
Aug. 15 July
Oct.
15
15
1 July
5
1 June 28
1 July 25
1
15
Sept. 14
July 25 July
Aug. 20Aug.
15
5
365
Financial Chronicle
The Commercial &
151
Volume
Name
of Company
Refining (quar.)
Crowell-Collier Publishers Co. 7% pref. (s.-a.)__
Crown Zellerbach, $5 pref. (quar.)
Crum & Forster pref. (quar.)
Cumberland County Pow & Lt., 6% pfd. (quar.)
5H% preferred (quar.)
Cuneo Press, Inc
Preferred (quar.)
Cunningham Drug Stores (quar.)
Preferred (quar.)
Dallas Power & Light 7% preferred (quar.)
Corn Products
$6 preferred (quar.)
Davenport Water Co. 6%
$3H
$1X
$2
tin
37 H c
ftl 5,
SIX
25c
$1H
SIX
SIX
SIX
7 y%c
preferred (quar.)
Davidson Bros., Inc
Preferred (semi-annual)
Bonus
(quar.)--,
Co. (quar.)
Dividend Shares, Inc.
Doctor Pepper
10c
$2
75c
75c
Aug.
SIX
Line Co
Eversharp, Inc., new 5% pref.
New 5% preferred (quar.)
(quar.)
(quar.)_.
26 July 10
20 June 29
31 July 15
31 July 15
July
Aug.
1 July
Aug. 15 Aug.
Aug. 15 Aug.
Aug. 15 Aug.
July 25:July
Aug.
1 July
Aug.
1 July
Sept. 21 Sept.
75c
IX %
50c
SI X
25c
—
25c
25c
25c
Corp.,
preferred (quar.)_
Life Insurance
25c
(quar.)
(quar.)
Sons
Rubber
20c
12 Xc
20
July
15
25 June 28
Aug.
1 July
16
16
11
10
1
10*
July
Aug.
Aug. 15 Aug.
Nov. 15 Nov.
Aug. 15 Aug.
8
Nov. 15 Nov.
6
4
5
6
5
20c
(quar.)
preferred (quar.)
Coal Co
—
Globe & Republic Insurance of Amer. (quar.)—
Goulds Pumps, Inc., 7% preferred
Grace National Bank (s.-a.)
Great West Saddlery Co. Ltd. 6% 1st preferred.
Green (H. L.) Co. (quar.)
Greene Cananea Copper Co
Gurd (Charles) & Co. preferred (quar.)—
Sept.
15
15
25c
12 He
tSl
$3
Si 8
preferred (quar.)—
Hawaiian
America pref. (quar.)
Commercial & Sugar Co. (quar.)
Hawaiian
Pineapple Co..
Corp. of
Industries (quar.)
'
(quar.)
pref. (quar.)
Co. preferred
(quar.)
—
Hershey Chocolate (quar.)-Preferred (quar.)
(Chas. E.) Co
Holly Development
Hires
Co. (quar.)
30 July
20
July 25 July
15
July
Aug. 28
Sept.
July 20 July
(monthly)-—
15
Aug.
July
25
Nov.
Oct.
25
July
Aug.
July
Aug.
July
Aug.
Aug. 15 Aug.
July 31 July
July 25 July
July 25 July
1 July
Aug.
Oct.
Bartlett & Co.
5
Dec.
75c
-
Hercules Powder
10
2c
50c
SIX
\X%
SIX
(quar.).
preferred (quar.)
Extra
1
2
July 15
Aug.
Sept. 16 Sept. 6
1
Aug. 15 Aug.
6
July 20 July
July 31 July 16
Aug. 15
Sept.
8ept. 15
t75c
25c
Hanners
Preferred (quar.)
Hartford Electric Light.
Hartford Times, Inc., 5H%
31 July
3 Aug.
3 Aug.
July
Aug.
July 25 July
July 20 July
2c
pref. (quar.)
(M. A.) Co. $5 cum. pref.
Oil Co., common.-
15
Sept.
SIX
SIX
Glen Alden
Habison-Walker Refractories
Hammermill Paper Co
July
50c
25c
Extra
announced as pref.
(quar.)
—
15
15
18
5
(quar.)
Metal Products, Inc., 6% pref. (quar.) —
Garden
Preferred (quar.)
Mercantile Acceptance
Dec.
Aug. 24
Nov. 25
20c
Aug.
Aug.
Aug.
SIX
six
six
25c
$1
$3
75c
$1
75c
SIX
35c
$1H
25c
60c
$1H
—
6% preferred
Michigan Silica (quar.)
Quarterly
Schuylkill Haven RR. Co. (s.-a.)_
Mississippi Power & Light $ (^preferred—
Missouri-Kansas Pipe Line Co
Mine Hill &
Class B stock
Sent.
Aug.
Aug.
Aug.
Aug.
3 Aug.
July
July
July
5
6
15
9
1
16
15
15
15
15
18
10
1
11
19
19
1
1
5 Sept.
1
Dec.
6 Dec.
1
July 30 July 20
Sept. 30 Sept. 20
Dec. 23 Dec.
13
1 July
15
15
15
July
Aug
1 July
Aug
1 July
Sept. 23 Sept.
Dec. 23 Dec.
Aug.
1 July
15
20
20
13
15
20
20
1 Sept. 20
1 Sept. 20
Aug.
1 July
Aug. 15 July
Aug. 15 July
Oct.
Oct.
2
18
Aug. 30
5 Dec.
15
25
25
20
17
Sept. 3 Aug. 15
July 25 June 30
July
Sept.
Jan.
(quar.).
Aug. 15
Dec.
Quarterly-
cumulative preferred (quar.).
Monsanto Chemical Co., pref. A & B (semi-ann.)
Montana Power Co. preferred (quar.)
Montreal Light, Heat & Power Consot. (quar.)..
Moore (Wm. R.) Dry Goods Co. (quar.)
Quarterly
Morrell (John) & Co
Morris & Co. pref. (quar.)
31
31
15
5 Sept.
Extra
cumulative preferred
23
Sept.
15
'o
Dec.
July
July
July
_
Jan.
10
22
July 31 July
July 19 July
July
Aug.
Sept. 3 Aug.
Aug. 31 Aug.
July
Aug.
July
Aug.
July
Aug.
Aug.
1 July
July
Aug.
Oct.
—
29
July
Nov. 15 Nov.
Aug.
Aug.
Electric 7% prior lien
July
1-2-41
Aug. 15
Aug. 15
Aug.
J
Aug. 30
July 25
Sept. 16
Aug. 15
SIX
(quar.)
Aug. 24
July 18
Oct.
Sept. 18
Aug.
1 July 17
1
Aug. 15 Aug.
I
Aug. 15 Aug.
Oct.
1 Sept. 21
50c
(quar.)
preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
Merchants & Mfrs. Insurance (N.Y.) (quar.)
Metal & Thermit Corp. pref. (quar.)
Ltd. (quar.)
$2
$10c
Corp.—
Service 7 % preferred
SIX
SIX
5%
Modern Containers,
60c
50c
5% preferred
Preferred
Sept.
t$2H
Magazine Repeating Razor Co. preferred
Magma Copper Co
Magnin (I.) & Co. preferred (quar.)
Preferred (quar.)
Marshall Field & Co. (quar.)
Martin (Glenn L.) Co
Massawippi Valley RR. (s.-a.)
May Department Stores (quar.)
May Hosiery Mills $4 pref. (quar.)
Maytag Co. $3 pref. (quar.)
$6 first preferred (quar.)
McCall Corp. (quar.)
McCrory Stores preferred (quar.)
McGraw Electric (quar.)
Mclntyre Porcupine Mines (ouar.)
McLellan Stores Co. preferred (quar.)
Melville Shoe Corp
Michigan Gas &
$6 prior lien
Michigan Public
Nov. 26
50c
Extra
20
1 Sept. 20
Aug. 15 Aug.
Aug. 15 July
Aug. 15 July
Aug. 30 Aug.
Sept. 27 Sept.
Lyon
Aug. 10
Dec.
$1H
Corp., $7 1st pref._
$6, 1st preferred
Madison Square
Aug.
Sept.
$1.10
$1.10
$4
$2H
pref. (quar.)
6H % preferred (quar.)
Luzerne County Gas & Elec.
22
15
25c
"
Lunkenheimer Co. 6H%
$1
SIX
(s.-a.)
26
July 18
Aug.
9
Sept. 14
July
Oct.
15
Oct.
6c
SIX
Marine Insurance
Oct.
Aug.
Sept.
12 He
15
Aug. 19 July
Aug. 19 July
July 22 July
July
Aug.
July 20 July
5c
(quar.)
Nov.
Preferred (s.-a.)
20
SIX
Razor pref.
30c
87 He
25c
(quar.)
2sd preferred (quar.)
Louisville Henderson & St. Louis Ry. (s.-a.)
July
10%
class A (quar.)
15
20
26
Lord & Taylor, 8%
Aug.
10%
(quar.)
Hibbard, Spencer,
Monthly
July
Aug.
July
Aug.
July 24 July
July 24 July
July
Aug.
12
5
20
35c
Preferred (quar.)
Preferred (guar.)
General Shoe Corp
Henkel Clauss,
3 Aug.
Sept.
75c
(quar.)
July
July
preferred (quar.)
Loose-Wiles Biscuit Co.
Preferred (quar.)
50c
receipts
Aug.
Aug.
Aug.
$1H
(quar.)
Corrected: Previously
15
Sept .20
July 20 July 10
July 20
Aug.
fd
(quar.)
General Motors Corp. pref.
General Outdoor Advertising
Class A (quar.)
Hecker Products
July 23 July
July 20 July
$1
Ltd. Am. dep.
July 13
Sept. 14
Lone Star Gas, common
30c
Bonus
July
Aug.
Oct.
15
20c
Participating preferred (quar.)
Fuller Brush Co. (quar.)
7% preferred (quar.)
Gardner-Denver Co. (quar.)
Preferred (quar.)
Garfield Building Co. (s.-a.)
General Electric Co
Aug. 21
Sept. 14
(quarJ
"
~
20
July" 15"
Aug.
Little Miami RR.
1 July
Aug.
Dec.
Aug.
Aug.
37Hc
11
50c
& Malting
Common
Lionel Corp.
15
Sept. 30
Sept. 30
July 18
July 19
July 15
July 17
July 17
July 20
Oct.
Link-Belt Co. (quar.)
Preferred (quar.)
July 31 July 19
July 31 July 19
Sept. 25 Sept. 10
July 16
Aug.
July 31 July 16
July 31 July 16
Aug.
62 He
75c
1 July
S2H
(s.-a.)
Extra
Harris & Co.,
Lincoln Printing Co.,
11
July
Aug.
July
Aug.
Aug.
Aug.
Sept.
50c
25 July
25 July
50c
25c
Corp
& Jackson RR.. 5)4 % pref.
Franklin Fire Insurance Co. (s.-a.)
Gimbel Bros. 6%
Dec.
15c
July
July
$1.18 X
Fort Wayne
#1M
Quarterly
Sept. 10
Nov.
40c
Aug.
$1
15c
Preferred (quar.)
Gillette Safety
Oct.
Jan.
July
Nov. 20
12Hc
(quar.)
Liberty Loan Corp. A. B. $3H pref.
Lincom Nationa* juife Insurance Co.
July
July
15
15
6
8
19
10
9
9
20
July
Nov.
SIX
SIX
SIX
IX %
SI
$1
Fidelity Fund, Inc.
Gibraltar Fire &
Lerner Stores prer.
Sept.
July
July
lc
25c
(quar.)
Deposit (Md.) (quar.)
General Mills, Inc.
14
Sept.
July
Aug.
July
July
July
Sept.
5c
Co., original capital (quar,)-.
Original capital (quar.).
Special guaranteed (quar.).
•.).
Special guaranteed (quar
Loew's, Inc., $6X pref. (quar.)
SIX
Extra
General Foods Corp.. pref.
General Investors Trust
18 Dec.
16 Nov. 30
Mar. 15 Feb. 28
July
Aug.
Co. (quar.)
Lehigh Portland Cement
4% preferred (quar.)
9
Nov.
*4
Tire Corp
Lee Rubber &
26
Dec.
$1.06 X
prior preferred
General Finance Corp.
3-15-41
9 July
Aug.
15
Dec.
Sept.16 Aug. 31
25c
Stores
Ferro Enamel Corp
General Electric
1-2-41
4-1-41
Aug. 10
Dec.
Gold Mines Ltd..
Kress (S. H.)&Co
Special preferred (quar.)..
Kroger Grocery & Baking 7% pref. (quar.)
Landls Machine preferred (quar.)
Preferred (quar.)
Lane Bryant, Inc., 7% pref. (quar.)
Lanston Monotype Machine (quar.)
Leath & Co.. preferred (quar.)
17
June 29
July
15c
Kootenay Belle
7
5c
$2H
$2H
(quar.)
Quarterly
Froedtert Grain
10
29
June 29
Dec.
SIX
SIX
Knickerbocker Insurance (N. Y.) (quar.)
Kokomo Water Works Co. 6% preferred (quar.).
10
5c
;
5c
Firestone Tire &
10
Sept. 15
Oct.
Dec.
—
Quarterly
Quarterly
Fibreboard Products,
1
Sept.30 Sept.16
Co. (quar.)
Federated Department
Preferred (quar.)
1
7
Sept. 21 Sept
Oct.
Sept. 21
1- 2-41 Dec. 21
July 15
Aug.
25c
(quar.)
1
June
t$l
Preferred (quar.)
Kemper-Thomas 7% special pref. (quar.)
Special preferred (quar.)
Kerr-Addison Gold Mines, Ltd. (initial)
Kirkland Lake Gold Mining (s.-a.)
Special-
2
July
60c
Supply
15
15
2
22
18
July
Aug.
Aug.
12 He
13c
Kaufmann Dept. Stores
Kellogg Switchboard &
Aug.
Aug.
July
July
July
Sept.
20c
Furnace
Kalamazoo Stove &
12
31 July
25c
$3H
56 He
56 He
50c
preferred (quar.)
Fansteel Metallurgical
Preferred (quar.)
July
.
1 July
1 June
5c
preferred (quar.)
(quar.)
Laughlin Steel Co. 7% pref
8%
1 July
1 July
30c
Jones &
July
July
10c
30c
(quar.)
Jewel Tea Co., Inc.
Aug. 17
2 Nov. 16
SIX
Fairchild Aviation Corp
First Boston
Mfg. common v. t. c.
(quar.)
Ironrite Ironer Co. (quar.)
Common v. t. c.
5
5
15
Dec.
30c
Eureka Pipe
Filene's (Wm.)
preferred B
6% preferred C
50c
Linoleum Co.
t81Mc
t75c
6 X %
25c
(quar.)
Elgin National Watch
Employers Group Associates (quar.)
Emporium Cap well 7% pref. (s.-a.)
4 X % preferred (quar.)
4)4% preferred (quar.)
Fiduciary Corp
July
Aug.
Sept.
$5 preferred
Hayes
Aug.
SIX
8Xc
pref. (quar.) —
Iron Fireman
July
July
Aug.
85*%
1 X%
lHc
Aug.
Aug.
Aug.
Aug
$1H
SIX
Payable in U. S. funds.
87 Xc
International Utilities Corp. (quar.)
SIX
Interstate Dept. Stores, Inc.. 7% pref. (quar.).
t87Hc
Iowa Electric Light & Power Co. 7% pref. A
12
3 Aug. 16
3 Aug. 16
1 July 15
Sept.
Sept.
Aug.
$2
Co
(quar.)
Duplan Silk Corp. (s.-a.)
Du Pont (E. I.) de Nemours pref. (quar.).
Electric Bond & Share $6 preferred (quar.)
Hat
Sept. 3 Aug. 12
2-10141
3-1-41
50c
Preferred
Hanna
2 Nov.
75c
Dow Chemical
Fidelity &
3 Aug. 12
Dec.
75c
t. c.
7% preferred (quar.)
Sept.
30c
Chemical, 5H % pref.
Far mere & Traders
6% preferred A
International Nickel of Canada
50c
Extra
Farallone Packing
15
July
25c
Quarterly
Dome Mines, Ltd
Dominion Oilcloth &
New 5%
20
25 July
S1
19
19
Aug. 15 July 27
Aug. 15 July 27
Sept. 3 Aug. 19
45c
Sept. 3 Aug. 19
50c
Aug.
1 July 12
Sept. 3 Aug. 14
SIX
Aug.
1 July 15
Aug.
1 July 15
SI
1 July 15
J25c Aug.
Aug.
1 July 15
20c
5c
July 22 July 10
Aug.
1 July 15
SIX
Aug.
1 July 15
3
15c
July 30 July
40c
Aug.
1 July 20
Aug.
1 July 20
SIX
July 31 July 15
SIX
Oct. 10 Sept. 23
SIX
Aug.
1 July 15
50c
Aug.
7
2%
Aug. 14 July 12
——
Interchemical Corp
Preferred (quar.)
Inter-City Baking Co., Ltd
International Business Machines (quar.)
International Cigar Machinery Co
International Match Corp
International Match Realization Co., Ltd
Liquidating div. payable to holders of v.
International Metal Industries 6% preferred
5
Jan. 1*41 Dec.
July
1 Oct.
50c
)7% preferred (quar.)
preferred (quar.)
Horn & Hardart (N. Y.) (quar.)
Preferred (quar.)
Houston Lighting & Power, $6 pref. (quar.)_.
7% preferred (quar.)
Humberstone Shoe Co., Ltd. (quar.)
Hydro-Electric Securities pref. B (s.-a.)
"Idaho Maryland Mines Corp. (monthly)
Idaho Power Co., 7% preferred (quar.)
$6 preferred (quar.)
Incorporated Investors
1 July
20 July
25c
$2
Nov.
12
«1H
8Hc
6%
1 Aug. 20
15
Sept.
25c
Horn (A. C.
14
15
19
20
20
37Hc
Quarterly
2 Nov. 26
Dec.
SIX
tSl
Doehler Die Casting
Dominion Tar &
Aug. 28 Aug.
Aug.
1 July
Aug.
1 July
Sept. 3 Aug.
15c
Dejay Stores, Inc
Dennison Mfg. Co., debenture (quar.)
Dentist'8 Supply Co. (N. Y.) (quar.)_
Quarterly
Denver Union Stockyards 5H% pref. (quar.)__
Derby Oil & Refinin* preferred
Detroit Gasket & Mfg
—
Detroit-Hillsdale & Southwestern (s.-a.)
Detroit-Michigan Stove, 5% pref
Equivalent of two quarterly divs.
Diamond Match Co. (quar.)
-Quarterly
Preferred (semi-ann.)
Preferred (semi-ann.)
Dictaphone Corp.
Preferred (quar.)
—
Distillers Corp. Seagrams pref. (quar.)
Payable in U. S. funds.
Distillers Ltd., Amer. dep. rec. (final)
25c
45c
Hormel (Geo. A.) & Co
Preferred A (quar.)
20
15
Aug.
1 July
July 20 July
July 25 July
Aug.
1 July
SIX
—
Horder's, Inc. (quar.)
1-2-41 Dec. 23
$2H
Decca Records, Inc
1 July
Aug.
50c
Dayton Rubber Mfg., class A (quar.)_
Debenture & Securities Corp. (Canada)—
Payable of Record
Share
of Company
Holly Sugar, preferred (quar.)
Honolulu Gas Co., Ltd. (quar.)
Homestake Mining Co. (monthly)
Aug. 15 July 25
Aug.
1 July 19
5
July 20 July
Aug.
1 July 24
Sept.
1 Aug. 13
Sept. 30 Sept. 19
Aug.
1 July 20
Aug.
1 July 20
Aug.
1 July 20
Sept. 16 Aug. 31
July 20 July 10
July 20 July 10
Aug.
1 July 17
Aug.
1 July 17
Aug.
1 July 11
July 20 July 11
50c
75c
75c
Continental Can Co. (interim)
Corn Exchange Bank Trust (quar.)
Name
Payable of Record
Holders
When
Per
Holders
When
Per
Share
Jan.
Dec.
2 Dec. 20
Dec. 20
Sept. 20
Dec. 20
Nov.
9
July 11
Aug.
July 31 June 29
1
1 Oct.
1-2-41 Dec. 30
25 June 29
Oct.
July
Sept.
1 Aug. 15
1
Per
Share
Name of Company
SI
Morris Plan Insurance Society (quar.)—
Quarterly
Mortgage Corp. (Nova Scotia) (quar.)
Mount Diablo Mining (quar.)
Nov.15 Nov.
1
S2M
Sept. 19 Aug.
Aug. 19 July
July 20 July
1 July
Aug.
1 July
Aug.
1 July
Aug.
July 31 July
July 20 June
July 20 June
1 July
Aug.
July 30 July
Aug. 15 Aug.
Aug.
1 July
Aug.
July
Aug.
July
Aug.
July
Aug.
July
Sept. 30 Sept.
July 20 July
Oct.
1 Sept.
31
31
40c
SIM
National Chemical & Mfg. (quar.)..
National City Bank of N. Y, (quar.)
15c
50c
75c
National City Lines $3 pref. (quar.)
$1 class A (quar.)—
-National Distillers Products (quar.)
50c
-
50c
National Electric Welding Machine (quar.)--National Funding Corp., class A & B (quar.)..
National Investors Corp. (Md.)
2c
35c
8c
$1M
(guar.)-.--
National Power & Light Co.. $6 pref. (quar.)._.
Nat. Savings & Trust Co. (Washington, D. C.)
Neisner Bros., Inc., preferred (quar.)
1.18M
Newberry (J. J.) Co. pref. (quar.)
— Newberry (J. J.) Realty Co. 634 % Pref. A (qu.).
6% preferred B (quar.)
SIM
SIM
SIM
SI
New York Air Brake Co
50c
15c
(quar.)
Niagara Hudson Power Corp. 1st pref. (qu.)
2nd preferred A & B (quar.)
1900 Corp., class A (quar.)
Class A (quar.)
Norfolk & Western Ry. (quar.)...
4% preferred (guar.)
North American Oil Co. (quar.)...
North Carolina Railroad gtd. (semi-ann.)
..
SIM
SIM
—
SI
3c
S3M
Northern Illinois Finance Corp
25c
(quar.)..
37Mc
SIM
SIM
SIM
Northern Railroad of N. H. (quar.) —
Northern States Power (Del.) 7% prefferred
6% preferred
Northwest Engineering Co.—....
25c
Nunn-Bush Shoe Co
25c
—
(monthly)
6% preferred (monthly)
5% preferred (monthly).
5M% preferred (quar.)
Oliver United Filters, Inc., class A
Omar, Inc., preferred (quar.)
Onomea Sugar (monthly)
Ottawa Electric Ry. (quar.)
Quarterly
Outboard Marine & Mfg. Co
Outlet Co. (quar.)
1st preferred (quar.)
2nd preferred (quar.)
Pacific Finance Corp. 8% Ser. A pref. (quar.).
6)4% series C preferred (quar.)
5% preferred (quar.)
Pacific Lighting Corp. (quar.)
Pacific Public Service, preferred (quar.)
Panhandle Eastern Pipe Line—
Preferred A & B (quar.)
—
—
—
Pearson Co.
5% preferred A (quar.)...
Pender (David) Grocery, class
Peninsular Telephone (quar.)
A (quar.)
30c
58l-3c
50c
412-3c
$!o1
30c
5
30 Dec.
16
25
32Mc
SIM
31Mc
87 Mc
Aug.
Sept.
1 Sept. 14
1 July 20
3 Aug. 20
1 Sept.14
20c
16Mc
SIM
75c
Oct.
23
23
23
15
15
15
20
15
Oct.
1-1-41 Dec.
14
Aug. 15 Aug.
5
Nov. 15 Nov.
4
2-15-41
2-4-41
Aug. 15 Aug.
5
SIM
SIM
75c
25c
Pfeiffer Brewing Co. (quar.).
25c
Phelps Dodge Corp
Philadelphia Co. (quar.)
Philadelphia Electric (guar.)
Philadelphia Electric $5 preferred (quar.)
Philadelphia Electric Power, 8% pref. (quar.)..
Philadelphia Germantown & Norristown RR
Phillip Morris & Co. pref. (quar.)
Philippine Long Distance Telephone Co. (mo.)
25c
Monthly
Phoenix Acceptance Corp. (quar.)
Quarterly
Pick (Albert) Co., Inc
Piedmont & Northern Ry__
Pittsburgh Bessemer & Lake Erie (s.-a.)
Pittsburgh, Cinn., Chicago & St. Louis
Pittsburgh Forgings Co
Plymouth Cordage (quar.).
Pollock Paper & Box 7% preferred
(quar.)
7% preferred (quar.)
Portland RR. Co. (Me.) 5% gtd.
(s.-a.)_.>.
Potomac Edison 7% preferred
(quar.)
6% preferred (quar.).
10c
45c
SIM
50c
SIM
SIM
42c
42c
12Mc
12 Mc
10c
50c
...
75c
S2M
25c
SIM
SIM
SIM
S2M
Aug.
1
July 25
1
Aug.
Sept. 14
Aug.
1
July 20
Sept.10
July 22
July 10
July 15
Aug. 31
July
9
July 10
Aug. 20
Sept.10 Aug. 16
July 25 July
1
Aug.
1 July 10
Aug.
1 July 10
Oct.
1 Sept.10
Sept. 4 Aug. 20
Sept.
1 Aug. 15
July 31 July 20
Aug. 31 Aug. 20
Aug. 15 Aug.
5
Nov. 15 Nov.
Aug.
2 July
July 20 July
Oct.
1
July 20
July 25
July 20
Sept.15
Dec.
5
20
5
June 29
Sept. 15
15 Dec.
15
Dec.
15 Dec.
July 20 July 10
Aug. 31 Aug. 20
Aug.
1 July 15
Aug. 15 Aug.
5
Sept. 2 Aug. 15
1 July
Aug.
15
1 July 20
Aug.
Aug.
1 July 15
July 24 July 10
Aug.
1 July 20
Aug.
1 July 20
Aug.
1 July 20
20c
20c
75c
2nd preferred (quar.)
Reed (C. A.) participating A
t50c
t$5
Reed-Prentice Corp. preferred
Regent Knitting Mills $1.60 non-cum. pref
40c
Co
Republic Investors Fund, pref. A&B (quar.)
I
Tobacco Co. (quar. interim.
Common B (quar. Interim)
Rhode Island Public Service A
(quar.)
II
Preferred (quar.)
Rich's, Inc. (quar.)-Reynolds (R. J.)
_
Riverside Cement Co. pref.
(quar.)
Roberts' Public Markets
(quar.)
15c
15c
50c
50c
$1
50c
75c
SIM
Quarterly
...
Preferred (quar.)
"~
Rockland Light & Power Co.
(quar.)
Rolland Paper, com. and vot. trust
ctfs. (quar.)
Preferred (quar.)
Roos Bros., Inc., 6)4% preferred
(quar.)
Rose's 5-10 & 25-Cent Stores, Inc.
(quar.)..
Rubinstein (Helena)
Sabin Robbins Paper Co.
(extra)...
St. Lawrence Flour Mills (quar.)
II
II
37 Mc
18c
15c
SIM
SIM
20c
I
Extra
III"!
25c
$2
25c
50c
SIM
Standard Wholesale Phosphate & Acid Works..
Stanley Works 5% pref. (quar.)
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
July
Aug.
5
SIM
SIM
37Mc
:20c
Stecber-Traung Lithograph5% pref. (quar.)...
5% preferred (quar.)
Holders
July
Aug.
July
Aug.
Aug.
July
Aug. 15 Aug.
Sept. 14 Aug.
July
Aug.
Aug.
July
July
Aug.
Aug.
July
July 27 July
Aug.
July
Aug. 28 July
July 30 July
July
Aug.
July
Aug.
Aug. 19 Aug.
Aug. 15 July
Aug. 15 July
20
20*
20*
6
31
19
15
19
19
15
17
25
15
22
22
10
20
31
(guar.)
Super Mold Corp. (Calif.) (quar.)
Extra
Tacony-Palmyra Bridge pref. (quar.)
Telautograph Corp
Texas Power & Light, $6 pref. (quar.)
con v.
20c
SIM
75c
40c
SIM
SIM
15
July 15
Sept. 14 Aug. 31
July 20 July 10
Sept. 16 Sept. 3
July 23 July 16
Sept. 14 Sept. .5
1
Aug. 15 Aug.
Sept.30 Sept. 14
Dec, 31 Dec.
14
5
Aug.
1 July
5
Aug.
1 July
40c
July 27 July 20
5c
1 July 25
Aug.
c
1 July 25
Aug.
37M<
20<
0c
Sept. 3 Aug. 15
20c
1 July
Aug.
15
37 Mc
1 July 15
Aug.
50c
July 20 July
9
75c
July 20 July
9
1 June 17
Aug.
1 July 15
Aug.
1 July 16
SIM
Aug.
SIM
Aug.
1 July 16
90c
Aug. 15 July 31
5c
1
July 20 July
2c
Aug. 22 July 22
2c
Aug. 22 July 22
58
l-3c Aug.
1 July 15
50c
Aug.
1 July 15
41 2-3c Aug.
1 July 15
25c
July 31 July 15
SI
July 20
Aug.
20c
July 19
Aug.
SIM Aug. 15 July 31
25c
Aug. 10 July 10
25c
Sept. 1 Aug. 12
Aug.
1 July 23
Oct.
15 Sept. 30
tl5c Aug.
1 July 20
15c
Aug.
1 July 20
25c
Sept.30 Aug. 30
SIM
Sept. 30 Aug. 30
58 1-3 c Aug.
July 15
58 1-3 c Sept.
Aug. 15
58 l-3c Oct.
Sept. 16
;
53c
Aug.
July 15
53c
Sept.
Aug. 15
53c
Oct.
Sept. 16
50c
Aug.
July 15
50c
Sept.
Aug. 15
50c
Oct.
1 Sept. 16
.
pref. (quar.)
Tubize Chatillon Corp. class A
Tung-Sol Lamp Works pref. (quar.)
Union Electric (Mo.) $5 preferred
(quar.)
Union Oil & Calif, (quar.)
United Biscuit Co. of America
Preferred (quar.).
United Bond & Share. Ltd. (quar.)
United Drill & Tool, class A
Class A (quar.)
United Gas Improvement (quar.)
Preferred
(guar.)
United Light Rys. 7 % preferred
__
(mo.)
7% preferred (monthly)
7% preferred (monthly)
6.36% preferred (monthly)
6,36% preferred (monthly).
6.36% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
United Mercnants & Manufacturers, Inc.
United New Jersey RR. & Canal
(quar.)
United States Hoffman Machine, pref.
(quar.)United States Petroleum Co. (quar.)
Quarterly
United States Pipe &
Foundry Co. (quar.)
25c
S2M
68 Mc
2c
2c
Dec.
16 Dec.
2
Oct. 10 Sept. 20
Aug.
1 July 29
Sept.15 Sept. 5
Dec.
15 Dec.
5
Dec.
July 20 July
Aug.
1 July
Aug.
1 July
Oct.
1 Sept.
SI
SI
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% preferred (quar.)
Utica Clinton & Binghamton RR. Co
Vapor Car Heating, Inc. (quar.)
7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
Vertientes-Camaguey Sugar.
Virginia Coal & Iron Co
Virginian Ry. (quar.)
Preferred (quar.)
Sept.20 Aug. 31*
30c
United States Plywood Corp
Universal Leaf Tobacco Co., Inc.
(quar.)
Year-end dividend
50c
50c
Quarterly
SIM
SIM
90c
50c
.
37Mc
37 Mc
37 Mc
37 Mc
6%
preferred (quar.)..
Detinning (quar.)
7% preferred (quar.)
7% preferred (quar.)
Washington Gas Light
*
us
SIM
37Mc
15c
(quar.)
SIM
.Convertiblepreferred (quar.)
Prior preferred (quar.)
West Penn Electric 7 % preferred
(quar.)
6% preferred (quar.)
West Virginia Pulp & Paper, 6% pref.
Western Cartridge Co., pref. (quar.)
20 Nov. 30*
1-1-41 Dec.
(quar.)
43 Mc
—
17Mc
SIM
SIM
SIM
SIM
Westminster Paper Co., Ltd. (s.-a.)
25c
Westmoreland, Inc. (quar.)
25c
Weston Electrical Instruments
Weston (Geo.) Ltd., preferred
50c
(quar.)
(quar.)
Westvaco Chlorine Products (quar.)
Preferred (quar.)
Will & Baumer Candle Co., In
Wilsil Ltd. (quar.)
Wilson & Co., 6% preferred-Wilson Line, Inc., 5% pref. (s.-a.)-.:
Wins ted Hosiery Co. (quar.)
Extra
SIM
35c
37Mc
10c
25c
tSIM
S2M
SIM
50c
SIM
50c
Wisconsin Electric Power Co., 6% pref.
(quar.)
Wood, Alexander & James, Ltd., 7% 1st pref
Woodall Industries, Inc
Woolworth (F. W.) & Co., Ltd.
(interim)
Woolworth (F. W.) Co. (quar.)
Wrigley (Wm.) Jr. Monthly
Monthly
Monthly
Yale & Towne Mfg. Co
—
Yuba Consolidated Gold Fields
Zellers, Ltd., preferred (quar.)
Zion's Co-operative Mercantile Institution
Quarterly
SIM
tSIM
20c
12
18
18
28
30
Aug. 10 Aug.
1
Sept.10 Sept. 2
Sept.10 Aug. 31
SIM
Dec. 10
SIM
SIM #3-9-41
10c
Aug.
50c
Sept.
62 Mc
Sept. 25
37Mc
Vulcan
*
July
Aug.
Aug.
91&
7 % preferred (quar.)
Thatcher Mfg.,
SIM
43 Mc
43 Mc
Sterling Aluminum Products
Sterling, Inc
SIM cum. preferred (quar.)
Stuart (D. A.) Oil, Ltd., pref. (quar.)
Sun Ray Drug Co
Preferred
Ml
31Mc
Steel Co. of Canada (quar.).
ieel
Preferred (quar.)
Oct.
Oct.
20c
SIM
12 Mc
2.5c
{
Payable of Record
Southern Indiana Gas & Electric Co.
4.8% preferred (quar.).
Spiegel, Inc.
Preferred (quar.)
Sports Products, Inc. (quar.)
Standard Brands, Inc. $4M cum. pref. (quar.).
Standard Fire Insurance (N. J.) (quar.)
West Michigan Steel Foundry—
50c
50c
(guar.)
Waukesha Motor Co. (extra)
Welch Grape Juice Co., pref.
SI
25c
50c
412-3c
_.
Preferred (quar.)
South Pittsburgh Water Co. 5% pref. (s.-a.)
Southern California Edison Co., Ltd. (quar.)_.
Southern Canada Power Co.
Aug.
1
Aug.
1
Aug.
1
Aug. 15
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
July
July
Aug.
July
Aug.
Sept.
50c
(monthly)
Public Service Co. (N. J.), 6% pref.
(mo.)
Quarterly Income Shares (quar.)
Quaker Oats Co., preferred
(quar.)
Railroad Employees Corp. A&B
Preferred (quar.).
Raymond Concrete Pile preferred
Rayonier, Inc., $2 preferred
Reading Co. (guar.)
1st preferred (quar.).
50c
Preferred (quar.)
25c
37Mc
(monthly).. 58 l-3c
(monthly)
t30c
SIM
-
Preferred (quar.)
Preferred (quar.)
10
15
Oct.
50c
.
Sept. 14
10c
10c
Procter & Gamble Co.
(quar.)
Public National Bank & Trust Co.
(quar.)
Public Service Co. (Colo.) 7% pref.
Sigma Mines (Quebec) (Initial)
Simpson's. Ltd., 6M% pref
Skelly Oil Co
Skilsaw, Inc. (quar.)
Smith Agricultural Chemical (quar.)
July
July
July 20
July 20
July 20
July 25
1 Sept. 20
2 July 20
2 July 20
2 July 20
15 July 15
1 July 15
31 Aug.
1
20 June 29
20 June 29
1 July 20
25 July 10
8 July 11
12 Aug. 22
10 Sept. 19
1 July 19
1 July 25
1 July 15
1 July 20
1 July 15
15 July 25
15 July 25
1 July 15
1 July 15
20 July 20
1 July 15
1 Sept. 20
SIM
SIM
SIM
5% preferred (monthly)
Transamerica Corp (semi-ann)
16
4Cc
25c
SIM
23
10
15
$1
SI.20
Preferred (quar.)
15
20
15
SIM
SIM
50c
Tivoli Brewing Co
To burn Gold Mines..
Extra
Toledo Edison Co. 7% pref.
(monthly)
6% preferred (monthly)
15
Dec.
75c
Seton Leather Co
Shamokin Valley & Pottsville RR. (s.-a.)
Sierra Pacific Power
15
9 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
Aug. 15 July
Aug.
1 July
10c
Permutit Co
15
60c
*$1M
Pennsylvania Power Co. $5 pref. (quar.)
Pennsylvania Salt Manufacturing
Peoples Nat. Bank (Brooklyn, N. Y.) (s.-a.)_.
Preferred (quar.)...
29
29
35c
35c
75c
Penn Traffic Co. (semi-annual)
Rochester Button Co
15
When
Share
St. Louis County Water, pref. (quar.)
Scott Paper Co., $4M cumulative pref. (quar.)_.
$4 cumulative preferred (quar.)
Scotten Dillon Co
Seaboard Oil of Delaware (quar.)
17
30c
SIM
SIM
Per
Name of Company
15
50c
Preferred A (quar.).
Penmans Ltd. (quar.)
Penman's Preferred (quar.)
Reliance Mfg.
10
20
50c
35c
Quarterly
Preferred A (quar.)
Preferred A (quar.)
6% preferred
5 % preferred
.
SIM
New York Merchandise Co.
Occidental Insurance (quar.)
Public Service, 7% pref.
Aug. 23
Nov. 22
50c
50c
75c
SIM
National Biscuit Co
Preferred (quar.)
Ohio
Sept.
50c
25c
July 20, 1940
Holders
Aug.
July 24
Sept.
Aug. 15
July 20 June 29
July 20 June 29
Aug. 31 Aug. 15
Aug.
July 24
Aug.
July 18
Oct.
15 Sept. 10
Aug. 31 Aug. 16
Aug.
July 15
Aug.
July 13
Aug.
July 15
Aug.
July 15
Aug.
July 15
Aug.
July 20
July 20 June 30
July 20 June 29
1 July 19
Aug.
Aug.
July
1
Aug.
July 24
Au
July 15
Sept.
Aug. 16
Aug
July 16
Aug.
July 16
Aug.
July 12
Aug.
July 20
Aug.
July 15
Aug.
July 15
1
Aug. 15 Aug.
62Mc
5% preferred (quar.)
Muskegon Motor Specialty, class A (quar.)
National Battery Co
National Bearing Metals Corp., 7% pref. (qu.)
National Lead Co. pref. B
When
Payable of Record
Dec.
SI
Mountain States Power Co_-
Preferred
'
The Commercial & Financial Chronicle
366
Nov. 30
3-1-41
July 15
Aug. 23
Sept. 14
Nov.
1 Oct.
2-1-41 Jan.
5-1-41 Apr.
19
18
19
8-1-41 JulyJ 19
Aug.
1 July 20
Sept.20 Sept. 10
July 20 July 10
Oct. 19 Oct. 10
Aug.
1 July 15
July 31 July 15
Aug. 31 Aug. 15
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Nov.
Oct.
3 Aug.
1 July
15
15
15
20
July
July
July
July
1 Oct.
1 Sept.
Sept. 10 Aug.
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug. 15 Aug.
Oct.
1 Sept.
Aug. 15 July
Aug. 15 Aug.
Aug.
1 July
Aug.
1 July
Nov.
1 Oct.
Nov.
1 Oct.
15
15
19
19
25
31
15
14
27
15
10
10
8
14
31
1
15
15
15
15
July 31 July 15
Aug.
1 July 15
July 30 July 20
20%
60c
25c
25c
25c
Sept.
Aug.
Sept.
3 Aug.
9
1 July 20
2 Aug. 20
50c
Oct.
1 Sept.
Oct.
1 Sept.
Aug. 10 July
Aug.
1 July
Sept.15 Sept.
50c
Dec.
15c
10c
37 Mc
15 Dec.
20
10
10
15
5
5
Transfer books not closed for this dividend,
t On account of accumulated dividends.
j
Payable in Canadian funds, and in the case of non-residents of Canada
o tax of 5% of the amount of such dividend will be
made.
deduction of
The Commercial
151
Volume
following shows the condition
The
in
Clearing House
The
of the Federal Reserve
July 17, 1940,
comparison with the previous
by the New York City
afternoon is given in full below:
statement issued
weekly
Clearing House on Friday
the close of business
Bank of New York at
New York City
Weekly Return of the
Bank of
Condition of the Federal Reserve
New York
367
& Financial Chronicle
week and the corresponding
NEW YORK CLEARING HOUSE
MEMBERS OF THE
OF
STATEMENT
OF BUSINESS
ASSOCIATION AT CLOSE
THURSDAY, JULY 18, 1940
date last year:.
*
July 10, 1940 July 19, 1939
July 17, 1940
»
Clearing House
Net Demand
Time
Deposits,
Deposits,
Average
Surplus and
Undivided
Average
Profits
<■'
Members
$
$
$
Assets—
Capital
$
.
S
8,934,442,000 8.921,487,000 6,556,816,000
1,035,000
104,958,000
Other cash t.
857,000
1,311,000
104,417,000
Bank of Manhattan Co.
99,238,000
National City Bank
discounted:
Secured by U. S. Govt
direct and guaranteed.
Guaranty Trust Co
Bills
Manufacturers Trust
,
Cent Hanover Bk&Tr
956,000
Corn Exch Bank Tr
247,000
234,000
1,187,000
1,996,000
1,997,000
2,798,000
55,000
Irving Trust Co
Continental Bk <fc Tr Co.
216,000
market.
Bills bought In open
Industrial advances
Chase National
Bank...
500,000
Fifth Avenue Bank
25,000,000
6,000,000
5,000,000
12,500,000
7,000,000
7,000,000
Bankers Trust Co
anteed:
267,978,000
345,434,000
345,926,000
751,101,000
739,773,000
753,344,000
17,000
155,704,000
9,802,000
16,210,000
188,600,000
125,869,000
Bills
Total U. S. Government
securities,
guaranteed...
direct and
Total bills and securities
other banks...
Federal Reserve notes of
Uncollected Items
Bank premises...
Other assets
63,000
*
5,176,000
Includes deposits
8,942,000
821,000
4,712,000
1,105,000
44,455,000
4,300,000
46,213,000
2,177,000
2,983,000
35,883,000
2,050,000
51,225,000
(July 17).
14,792,214,000
701,919,000
State, June 29, 1940; trust
National, June 29, 1940;
1940
latest available dates as follows: (a) $276,(July 18); (d) $73,853,000; (e) $21,225,000
in foreign branches for
$73,749,000; (c) $2,383,000
426,000; (6)
10,035;2ll,000 9,964,348,000 7,618,254,000
Total assets.
official reports:
As per
companies, June 29,
14,588,000
932,644,800
518,518,000
Totals.
Due from foreign banks..
22,869,000
40,235,000
174,474,000
6,797,000
73,624,000
97,874,000
62,226,000
27,896,000
743,974,000
2,043,000
753.332,000
17,000
2,068,000
213,249,000
9,802,000
16,321,000
Notes
405,667,000
751,101,000
Bonds
Co..
Marine Midland Tr Co..
New York Trust Co
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co.
Title Guar & Trust
405,667,000
345,431,000
736 ,180,000
109,530,400
714 ,696,000
53,310,000
58 ,957,000
4,450,400
134,091,000 d3,027 ,820,000
56 ,865,000
4,115,400
81,778,200 el,140 ,914,000
13 ,842,000
2,465,000
123 ,222,000
9,448,000
431 ,035,000
28,000,800
120 ,211,000
8,639,500
84 ,648.000
10,067,700
10,000,000
50,000,000
4,000,000
100,270,000
First National Bank
discounted..
bills
Total
Co
Co
Co.
75,000
159,000
231,000
192,000
bills discounted—
Other
Co.
Chem Bank & Trust
6,656,911,000
9,040,435,000 9,027,215,000
218 ,188,000
13,940,700
608 ,069,'000
26,651,100
a2,373 ,955,000
68,819,400
741 ,097,000
57,240,100
185,639,400 62,209 ,980,000
671 ,264,000
40,151,100
73,285,300 cl,161 ,508,000
299 ,763,000
21.021,300
6,000,000
20,000,000
77,500,000
20,000,000
90,000,000
41,748,000
21,000,000
15,000,000
Bank of New York
.
Liabilities—
1,396,725,000 1,393,250,000 1,127,718,000
circulation
7.471,718,000 7,494,355,000 5,651,544,000
Deposits—Member bank reserve acc't..
180,211,000
121.165,000
113,737,000
U. 8. Treasurer—General account
99,584,000
265,229,000
264,392,000
Foreign bank
...
263,904,000
425,886,000
471,421,000
F. R. notes in actual
Other deposits...
Total deposits
...
accrued dividends.
Sal.,
Mon.,
July 15
July 16
ord
Central Min & Invest..
Cons Goldflelds of S A.
Courtaulds S & Co....
£35
£10
Beers............
£3
Cable & Wire
Capital Accounts—
51,076,000
50,865,000
53,326,000
7,109,000
11,565,000
52,463,000
7,109,000
11,616,000
13-bj
Surplus (Section
51.073,000
53,326,000
Surplus (Section 7)
Other capital accounts
De
8,447,000
Distillers CO-..--.-—
Electric & Musical
9,964,348,000 7,618,254,000
Total liabilities and capital accounts.. 10,035,211,000
Ratio
F.
total
of
R.
Commitments
Industrial
make
to
90.9%
93 1%
93.0%
8II.OO0I
758.000
!
2,194.000
*
bank's own Federal
from
cents
under the provisions of
itself having been
Vickers
West
£HlA
61/3
£5)4
£5%
53/9
£HA
61/3
£5)4
£5%
53/9
£1)4
£1)4
25/1)4
17/9
12/4 M
£5)4
53/9
32/6
17/9
11/9
£l/s
32/6
17/9
12/3
WItwatersrand
Areas..........
25/7)4
23/10^
£3
54/9
5/6
15/1)4
23/3
81/3
£12,
62/6
25/24/3
£3
54/3
5 /714
15/1 X
23/3
81/3
£1%
53/9
33/1^
17/9
12/9
£1)4
United Molasses......
appropriated as profit by the Treasury
of 1934.
£5)4
53/9
33/9
17/10^
12/9
Shell Transport
given by the United States Treasury for the gold taken
the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference
£5)4
Tinto—£5)4
........
Rolls Royce
These are certificates
over
100
include Federal reserve notes or a
61/3
Box
Rand Mines
Rio
t "Other cash" does not
Reserve bank notes.
5/9
15/3
23/85/7)4
£11)4
61/3
£5)4
£11)4
London Mid Ry
Metal
ad¬
vances
G B & I..
Imp Tob of
deposit and
to
reserve
liabilities combined
note
Closed
HudsonsBayCo
25/£3
54/9
55/—
5/9
15/4H
22/6
85/7y2
Ind
Ford Ltd
25/7M
24/7)4
£3
53/3
5 /7H
15/4^
23/83/1H
25/-
25/25/-
7,457,000
34/62/6
£35
£10
33/10>4 34/-.
63/9
63/1H
£35
£35
£10
£10
34/6
65/£35
£10
34/9
65/-
British Amer Tobacco.
Fri.,
July 19
Thurs.,
July 18
Wed.,
July 17
Tues.,
July 13
Boots Pure Drugs
Capital paid in
received by cable
of the past week:
each day
9,912,084,000 9,841,275,000 7,499,022,000
Total liabilities
EXCHANGE
representative stocks as
8,321,268,000 8,306,635,000 6,195,243,000
175,404,000
141,080,000
193,823,000
657,000
304,000
268,000
Deferred availability Items
Other liabilities, Incl.
LONDON STOCK
THE
Quotations of
the Gold Reserve Act
Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of
and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comments of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appear in our department of "Current Events and Discussions,"
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
with the statement of May 19, 1937, various changes were made In the breakdown of loans as reported in this statement, which were
announcement of the Federal Reserve Bank of New York of April 20, 1937, as follows:
the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
commercial, Industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
revised form also eliminates the distinction between loans to brokers and dealers in securities located In New York City and those located
Provision has been made also to Include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
in
market" under the revised caption "open market paper," instead of In "all other loans," as formerly.
above announcement, it was .made known that the new items "commercial, industrial and agricultural loans" and "other loans,"
Weekly Return of the
Member Banks of the
resources
Commencing
described in an
The changes
In
amounts of (1)
The
securities.
outside New York City.
cial paper bought
open
Subsequent to the
would each be
unsecured."
segregated as "on securities" and "otherwise secured and
explanation of the revisions was published in the May
A more detailed
LIABILITIES OF WEEKLY
ASSETS AND
Federal Reserve
Districts—
Loans and Investments- -total.
Loans—total
Commercial, Indus, and
agrlcul. loans
Open market paper
Loans to brokers
Other loans lor
REPORTING MEMBER BANKS IN
and dealers In secure.
Total
10, 1940 (In Millions of Dollars)
San Fran.
Dallas
Minntap. Ran.
City
396
680
513
2,246
266
955
S
S
$
1.871
677
616
3,394
680
270
321
189
699
971
615
457
306
304
8,461
10,245
3,108
1,179
178
179
172
336
121
95
4,447
267
600
1,828
218
151
302
14
6
38
9
2
3
21
10
3
9
4
30
3
3
1
18
4
2
13
42
385
23,683
1,186
297
65
95
31
377
12
270
21
7
24
13
33
69
18
14
471
217
11
10
30
22
43
11
175
54
50
120
198
32
80
1
1
1
"61
168
208
"72
54
15
26
6
36
Other loans
1
29
1
137
471
103
1
1
"79
104
2
""114
62
286
11
68
39
65
38
"29
166
314
1,082
""33
39
39
158
2,070
81
696
1,009
91
128
113
6,383
592
135
2,768
320
102
348
67
45
190
68
22
2.416
49
1,355
135
56
334
107
43
290
522
1,513
279
105
128
68
3,580
439
1,499
249
141
142
204
218
98
696
23
77
13
8
12
14
17
140
307
300
234
185
301
542
24
30
265
773
Treasury bills
Treasury notes
United States bonds
Obligations guar, by U. S. Govt
Other securities
Reserve with Federal Reserve Bank-
7
1
419
90
123
53
62
292
26
11,660
613
6,868
493
512
147
104
21
50
216
214
342
2.50
3,208
177
95
75
21
390
79
50
1,155
71
40
15
538
486
1,111
2,828
310
1,405
483
10,393
1,017
428
1,288
537
20,824
5,321
in vault
Balances with domestic banks
Cash
190
146
136
1,076
202
116
744
971
1,052
262
191
235
69
460
13
53
45
39
15
27
111
19
29
2
421
255
1,253
161
332
361
1
19
3
4
"282
105
88
387
—
LIABILITIES
deposits—adjusted
Time deposits
United States Government
St. Louis
Chicago
Atlanta
$
5
$
1,633
Loans to banks
Demand
101 LEADING CITIES BY DISTRICTS ON JULY
Cleveland Richmond
PhUa.
"Chronicle," page 3590
1,200
purchasing or carrying
securities
Real estate loans..
Other assets—net
New York
Boston
$
ASSETS
29, 1937, issue of the
deposits..
Inter-bank deposits:
Domestic hanks
Foreign banks
Borrowings..
Other liabilities...
Capital accounts
8,450
?74
3,795
430
468
671
18
617
4
1
308
38
292
2
8
1
.....
~"71*5
3.777
""211
245
"""361
1,612'
14
16
"il
214
381
94
399
The Commercial & Financial Chronicle
368
July 20, 1940
Weekly Returns of the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors of the Federal Reserve System
showing the condition of the 12 Reserve banks at the close of business
for the System as
a
week last year.
Wednesday.
on
on
Thursday afternoon, July 18,
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
resources and liabilities separately for each of the 12 banks. The Federal
The second table shows the
Reserve note statement
(third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve agents and the Federal Reserve banks.
returns
The comments of the Board of Governors of the Federal Reserve System
for the latest week appear in our department of "Current Events and Discussions
COMBINED
RESOURCES
AND LIABILITIES
Three Ciphers (000) Omitted
July 17,
OF
Jim,
THE
10,
FEDERAL RESERVE BANKS AT THE
CLOSE
OF
BUSINESS
JULY
the
upon
1940
17,
July 3,
J
June 26,
1940
May 29,
May 22,
1940
«
1940
1940
1940
June 5,
1940
July 19,
1940
1940
1940
1939
$
$
I
$
$
$
$
$
$
June
19,
June
12,
$
ASSETS
Gold ctfs.
on
hand and due from U. S. Treas.x.
Tota
reserves
17,944,476
10,862
18,406,470
Other cash ♦
18,028,478
10,353
367,639
Redemption fund (Federal Reserve notes)
17,653,476
10,862
378,780
17,536,475
360,233
17,840,475
10,862
338,248
18,315,571
18,189,585
18,043,118
17.918,689
11,191
371,023
17,201.476
11,190
16,935,473
367.698
17,053,492
10,490
348,578
17,580,364
13,651,218
359,026
16,841,976
7,737
374,374
17,412,560
17,303,520
17,224,087
14,015,016
9,021
7,722
356,076
Bills discounted:
Secured
by
Government obligations,
S.
U.
direct and guaranteed
768
Total bills discounted
Bills bought In
—
-
654
711
704
691
998
1,557
1,501
1,450
1,332
1,093
1,437
1,101
1,316
1,760
1,350
1,303
1,234
3,599
2,207
2,004
2,148
2,261
2,192
2,417
2,782
3,063
2,327
4,597
"9", 153
"9",186
8,975
"9",011
"9",085
~9"088
9,161
"9", 232
12,557
1,323,196
-
1,439
9,118
Other bills discounted
1,323,196
1,126,732
1,323,196
1,126,732
1,343,183
1,343,183
1,130,125
1,346,995
1,130,125
1,346,995
1,130,125
1,346,995
1,130,125
1,346,995
1,130,125
1,176,109
market
open
Industrial advances
556
United States Government securities, direct and
guaranteed:
Bonds
———
Notes.,—
1,126,732
Bills
1,130,125
911,090
427,938
Total
U.
S.
Govt
direct
securities,
guaranteed
and
2,449,928
2,449,928
2,449,928
2,473,308
2,473,308
2,477,120
2,477,120
2,477,120
2,477,120
2,515,137
2,461,253
2,461 ,G85
2,461,262
2,484,544
2,484,511
2,488,622
2,488,990
2,489,344
2,488,679
2,532,847
47
47
47
47
47
47
23,608
790,313
22,981
659,473
20,149
819,868
41,532
55,381
656,231
41.490
54,057
20,642
805,226
41,439
20,227
721,440
41,436
54,450
18.489
41,440
56,114
21,779,245
—
21,555,977
21,488,447
21,297,976
Other securities
Foreign loans
on
gold
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Heserve notes of other banks
Uncollected Items
Bank
—
premises
Other assets...
Total assets
.
LIABILITIES
Federal Reserve notes In actual circulation
47
"167
21,377
23,951
707,470
63,561
664,147
41,595
62,465
20,554,581
20,502,397
17,370,435
53,019
68,863
21,323,670
21,019,445
20,699,722
41,536
47
19,262
637,292
41,555
42,345
48,639
5,230,359
United States Treasurer—General account.-
5,247,837
5,144,450
5,103,916
5,081,314
5,065,239
5,038,386
4,984,611
4,508,962
13,722,819
300,610
13,222,502
10,412,047
492,022
658,679
480,897
13,386,697
308,135
454,181
494,321
13,215,148
508,748
13,712,233
298,212
659,828
438,487
13,510,111
265,424
765,082
13,736,629
221,447
753,332
15,439,935
750,395
1,690
15,335,601
629,472
1,881
15,203,430
679,476
1,373
15,163,005
629,569
5,786
15,108,760
14,789,645
750,862
785.528
5,301
21,199,417
21,132,116
20,942,810
137,238
151,720
137,194
151,720
26,839
26,839
40,763
21,779,245
297.428
Total deposits
...
Deferred availability Items
Other liabilities, Incl. accrued dividends
Total liabilities
377.749
370,008
764,216
440,086
449,854
484,761
279,038
509,464
14,542,447
14,527,125
11,810,317
615,189
632,653
703,441
9,297
14,643,334
632,339
5,277
5,181
4,728
2,172
20,968,839
20,665,784
20.346,189
20,201,203
20,149,117
17,024,892
137,097
151,720
26,839
39,175
tl36.169
136,165
151,720
136,151
151,720
t38,933
38,668
136,127
151,720
26,839
38,594
135,282
26,839
38,809
26,839
40,578
137,103
151,720
26,839
39,504
21,555,977
21,488,447
21,297,976
21,323,670
21,019,445
20.699,722
20,554,581
20,502,397
17,370,435
89.0%
8,682
88.9%
88.8%
88.7%
8,611
88.4%
8,700
8,762
8,587
8,676
8,828
88.4%
8,852
88.3%
8,883
11,292
1,198
Foreign banks
Other deposits
CAPITAL
Capital paid in
5,232,463
13,764,343
89.0%
account-
reserve
13,863,019
278,395
733,601
564,920
21,422,379
Deposits—Member banks'
1,117
1,451
1,814
1,529
455,030
559,080
355,016
ACCOUNTS
137,449
151,720
26,839
40,858
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts.
Total liabilities and capital accounts.
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Commitments to
47
18.871
673,347
41,511
64,396
make
Industrial advances
151,720
26,839
88.5% 1
149,152
27,263
33,846
85.9%
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
1,171
2,081
1,386
145
178
112
87
149
206
167
108
153
162
182
281
256
196
208
196
275
1,908
304
214
235
128
132
136
171
374
Total bills discounted
1-15 days bills bought In
open market
16-30 days bills bought In open market
31-60 days bills bought In open market
31-90 days bills bought in open market
1,069
136
296
Over 90 days bills discounted
1,026
115
224
..I
...
611
414
468
516
447
495
491
2,207
2,004
2,148
2,261
2,192
2,417
2,782
432
407
441
3,063
/
2,327
4,597
384
8
23
141
Over 90 days bills bought In
open market
Total bills bought In open market
1-15 days Industrial
16-30 days Industrial advances
31-60 days Industrial advances
61-90 days industrial advances
556
"
advances-,i„.*..,.^»,
"1,913
"Wm
"2",057
"2", 137
1,621
95
1,623
1,561
1,609
368
367
98
79
604
588
145
142
184
767
89
78
352
881
902
893
634
622
270
287
362
369
218
207
102
85
875
897
572
6,401
6,421
6,462
6,250
5,707
5,856
5,899
5,946
5,962
9,561
9,118
9,153
9,186
8,975
9,011
9,085
9,088
9,161
9,232
12,557
16-30 days
31-60 days
74,218
61-90 days
Over 90 days Industrial advances
Total Industrial advances
U. 8. Govt, securities, direct and
guaranteed:
2,151
1,387
1-15 days
•
85,355
2,449",928
Total U. S.
2,449,928
2,449", 928
2,473,308
2.473". 308
2,477,120
2.477,120
2,477", 120
2,477,120
2,449,928
Over 90 days
145,765
105,963
2,103,836
2,449,928
2,449,928
2,473.308
2,473.308
2,477.120
2,477,120
2,477,120
2,477,120
2,515,137
Government securities, direct
and guaranteed
Total other securities
-J
Federal Reserve Notes—
ssued to Federal Reserve Bank
by F. R. Agent
Held by Federal Reserve Bank
Collateral Held by
Agent
as
5,565,621
335,262
5,550,315
317,852
5,533,705
285,868
5,452,808
5,422,695
318,779
5,398,209
316,895
5,367,189
301,950
5,349,723
311,337
5,318,607
333,996
4,819,794
308,358
5,230,359
In actual circulation
5,232,463
5,247,837
5,144,450
5,103,916
5.081,314
5,065,239
5,038,386
4,984,611
4,508,962
5,669,500
5,624,500
1,152
5,604,500
5,557,500
1,434
5,536,500
1,429
5,483,500
1,334
1.669
5,455,500
2,028
5,455,500
2,307
5,430,500
1,657
4,942,000
2,449
5,625,652
5,605,834
5,558,934
5,537,929
5,485,169
5.457,528
5,457.807
5,437.1571
4,944,449
310,832
Security for
Notes Issued to Bank—
Gold ctfs.
on hand and
due from U. S. Treas...
By eligible paper
United States Government securities
1,265
Total collateral
♦
"Other cash"
5,670,765'
doe3
not
Include
Federal
Reserve notes,
t Revised figures.
These are certificates given by the United
States Treasury for the gold taken over from the Reserve bank3
when the dollar was devalued from 100 cents to 59.08
31, 1934, these certificates being worth less to the
extent of the difference, the difference Itself
having been appropriated as pro
by the Treasury under
provisions of the Gold Reserve Act of 1934.
x
cents on Jan.
(000) Omitted
Federal Reserve Agent at—
ASSETS
certificates
Gold
LIABILITIES OP EACH OF THE 12 FEDERAL
OP RESOURCES AND
Ciphers
Three
on
$
$
and due
from United States Treasury
J
..
;
Other cash *
606
935
247
1,109
451
518
175
25,991
21,736
18,578
47,526
17,361
6,377
18,077
961,448 1,189,177
471,959
354,498 2,873,745
453,069
267,122
396,330
100
60
31
49
100
50
288
284
200
110
319
333
77
297
194
465
660
1,302
31,003
104,958
18,406,470 1,095,519 9,040,435
Total reserves
Bills discounted:
/
obligations,
Secured by U. S. Govt,
55
1,439
111
173
53
15
71
192
-;'.V
50
768
guaranteed
Other bills discounted..
direct and
114
41
105
169
19
90
214
158
871
230
yf5
217
140,398
119,550
61,227
52,136
38,930
33,150
62,501
51,559
53,221
43,905
110,937
94,465
-
1,145
1,996
2,689
96,517
405,667
135,697
66,228
82,186
?45,434
105,011
89,421
115,549
56,395
48,524
41,320
194,432
251,246
122,623
89,844
259,948
115,722
95,464
205,402
751,101
72,080
178,703
113,363
2,449,928
Notes
Total
90,258
260,335
113,568
72,407
116,235
96,262
206,139
securities,
Govt,
8.
U.
direct and guaranteed
179,898
753,344
197,346
3
18
5
4
2
2
6
47
3,069
62,750
1,976
3,434
1
1,848
539
3,924
19,174
1,381
34,352
27,383
3,149
1,687
2,546
1,140
2,589
40,252
2,903
554.461
a
26,667
107,357
2,012
2,016
3,356
5,678
10035 211 1,224,737 1,546,943
21,779,245 1,360,577
667,192
477,429 3,253,911
606,854
362,566
474,540
229,762
167,496 1,137,523
197,462
143,318
191,247
81,779
218,219
23,608
1,108
2,043
*1,130
77,397
2,861
3,791
213,249
55,893
92,686
9,802
4,509
5,476
2,507
16,320
4,406
6,330
3,253
banks
Uncollected items
41,440
56,114
premises
assets
Total assets
LIABILITIES
Deposits:
564,920
15,439,935
U. S. Treasurer—General
733.601
Foreign banks
deposits
Total deposits
Deferred availability
Other liabilities, lncl.
318,808
226.636
1,833,018
8,711
35,852
13,945
154,758
14,406
87,359
21,840
16,016
15,091
2,176
7,973
5,879
7,685
1,865
21,840
2,534
18,944
53,201
25,237
10,732
13.479
25.480
5,107
950,017
360,998
270,702 1,964,202
364,694
192,865
320,022
258,490
828,089
775,721
17,043
32,518
25,779
36,104
91
133
79
56
>
74,977
193,823
54,265
88,672
60,932
26,183
106,534
268
188
226
24
92
209
44
280
11,897
14,040
14,198
14,323
1,007
51,076
53,326
137,449
Total liabilities and
10,405
2,874
7,109
4,393
40,858
Surplus (Section 13-b)
Other capital accounts
9,335
151,720
26,839
2,007
11.616
2,547
4,118
"Other cash" does not
353,317
13,873
4,407
4,135
11,620
22,824
4,143
4,709
2,958
5,725
538
7,317
1,699
3,974
1,266
1,994
10,224
1,429
3,152
1,001
2,138
3,613
713
477,429 3,253,911
606,854
362,566
554,461
377,496 1,311,868
17
350
56
159
3.544
Include Federal Reserve notes,
a
Omitted,
Federal Reserve Rank of—
Three Ciphers (000)
383.603
335,262
5,230,359
361,528
5,669,500
circulation
460,000 1,525,000
390,000
247
390,195
$
$
$
$
%
7,823
88,865
7,086
477,625
66,478
191,247
81,779
421,147
150,500
200,000
91,000
489,000
110
305
150,610
200,305
91,000
489,000
208,349
10,887
5,407
474,540
229,762
167,496 1,137,523
197.462
143,318
500,000
260,000
185,000 1,200,000
219,000
200
219,200
199.070
148,725
25,128
182,007 1,185,761
48,238
14,511
195
460,050 1,525,247
$
San Fran.
Dallas
St. Louis Minneap. Kan. City
Chicago
S
246,325
16,563
499,668
22,075
427,832 1,396,725
5,565,621
Atlanta
$
S
$
448,127 1,497,496
100,771
20,295
Bank
2,121
2,507
NOTE STATEMENT
Phila. 7 Cleveland Richmond
S
%
$
Federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
511
1,142
1,379
Less than $500.
New York
Boston
Total
1,870
676
1,137
758
265
8,611
advs
FEDERAL RESERVE
Held by Federal Reserve
595,765
4,648
667,192
10035211 1,224,737 1,546,943
capital accounts 21,779,245 1,360,577
1,138
366,127 1,285,396
543,920
5,317
5,247
3,246
1,666
ACCOUNTS
15,897
464,473 3,208,468
651,716
Surplus (Section 7)
Commitments to make Indus,
323,030
33,565
1,191,702 1,513,455
21,422,379 1,335,956 9,912,084
Capital paid In
In actual
31,303
1,690
Total liabilities
CAPITAL
858,124
9,099
67,703
11,658
750.395
Items
accrued dlvs
421,147
730,707:
71,343
832,867 8,321,268
278,395
account-
5,060
377,496 1,311 868
282,620
14,425
21,112
681,988
763,393 7,471,718
113,737
8,242
264,392
52,012
471,421
9,220
13,863,019
Member bank reserve account
361,528
427,832 1,396,725
5,230,359
circulation
R. notes In actual
4
1
795
See
1
2,281
33,153
2,344
2,438
1,461
790,313
Fed. Res. notes of other
Other
123,652
251,809
2,461,253
Total bills and securities
Due from foreign banks
*
77
184
9,118
Bonds
F
'
1,323,196
1,126.732
U. S. Govt, securities, direct & guar.:
Other
U:
349
Industrial advances
Bank
247
50
2,207
,
28,662
14,601
249,582 1,053,586
225
•
Total bills discounted
234,303 1,023,615
678
1,309
378,078
260,227
435,257
335,673 2,825,110
449,288
929,143 1,162,580
1,035
1,988
32,769
10,353
367,639
I
1
M'
18,028,478 1,060,762 8,934,442
Redemption fund—Fed. Res. notes..
%
I
%
%
San Fran
Dallas
Minneap. Kan. City
St. Louis
Chicago
%
$
J
■
JULY 17, 1940
RESERVE BANKS AT CLOSE OF BUSINESS
Atlanta
Cleveland Richmond
Phila.
New York
Boston
Total
.
hand
System (Concluded)
Board of Governors of the Federal Reserve
Weekly Returns of the
WEEKLY STATEMENT
369
Chronicle
The Commercial & Financial
151
Volume
Collateral held by Agent as security
for notes Issued to banks:
Gold certificates
hand and due
on
from United States
Treasury
50
1,265
Eligible paper
5,670,765
Total collateral
158
185,000 1,200,000
260,158
500,000
PARIS BOURSE
THE
United States Treasury
Rates
Bills—Friday, July 19
purchase.
quoted are for discount at
of the
Asked
Bid
Asked
Bid
Trading
not since
in
24 1940
July
0.08%
Sept. 11 1940.
0.08%
Sept. 18 1940.
been resumed.
Last
issue of June 15, page
3777.
0.08%
Sept. 25 1940.
Oct.
2 1940.
our
because
and has
quotations reported appeared
0.08%
31 1940
July
war
this exchange was suspended June 11,
conditions then prevailing in the country,
on
0.08%
7 1940
0.08%
Aug. 15 1940
0.08%
Aug. 21 1940
0.08%
Oct.
9 1940
0.08%
0.0?%
Aug. 28 1940
0.08%
Oct.
16 1940.
0.08%
4 1940
0.08%
Aug.
Sept.
THE
EXCHANGE
BERLIN STOCK
representative stocks as received by
of the past week:
Closing prices of
each day
■
Quotations for United States
Treasury Notes—Friday,
July 19
Figures after decimal
a
'■
point.
■;i'r"'v:J
F'. Vv
v'/
Bid
Rate
Rate
Maturity
Asked
1%%
15 1943
15 1940...
1%%
101.4
101.6
June
Mar. 15 1941...
101.13
101.15
Sept.15 1943...
Dec. 15 1943...
Dec.
Bid
Asked
Siemens &
Vereinigte
102.2
111
230
123
Halske (8%)
Stahlwerke (6%)
102 7
101.18
101.20
100.24
100.26
101.20
101.22
100.9
100.11
June
15 1941...
101.13
Dec.
15 1941...
1%%
101.25
101.27
Mar.
15 1944...
1942...
1%%
102.28
102 30
June
15 1944...
1%
%%
Sept. 15 1942...
Dec. 15 1942...
2%
1%%
104.3
104.5
103.26
103.28
Sept. 15 1944.—
Mar. 15 1945...
1%
%%
ENGLISH
The daily
as
as
listed
Closed
Gold, p. fineoz.
168s.
Consols, 2%%- Closed
closing averages of
Tues.,
July 16
22 l-16d.
168s.
£72%
22 3-16d.
168s.
£72%
British 3 X %
on
British 4%
representative
the New York Stock Exchange
compiled by Dow, Jones
& Co.:
1960-90
10
10
First
Second
15
Indus¬
Rail¬
Utili¬
65
Indus¬
Grade
trials
roads
ties
Ziocks
trials
Rails
10
Total
Grade
Utili¬
40
Rails
ties
26.40
22.44
41.68
106.26
47.61
107.84
88.44
122.18
92.06
July 19.
26.49
22.57
41.93
106.26
92.62
47.85
107.84
88.64
123.00
47.80
107.65
88.61
26.33
22.64
41.93
92.58
47.86
107.49
88.58
123.12
106.38
July 16.
22.52
41.50
106.23
92.25
47.44
88.37
15.
26.10
107.56
121.72
26.05
22.53
41.43
106.23
47.53
107.54
88.41
121.48
92.33
July 13.
July
17.
122.82
26.35
22.51
J
41.83
106.34
92.65
22%d.
168s.
£72X
Thurs.,
July 18
22%d.
168a.
£72%
Fri.,
July 19
22%d.
168s.
£72%
£99 X
£99 X
£99 X
£98%
£98 X
Closed
£110%
£110%
£110>3
£110%
mox
cents) in the United
U. S.
34%
34%
34%
34%
34%
34%
71.11
71.11
71.11
71.11
71.11
71.11
Treasury
Bonds
July 18.
July
CABLE
follows the past week:
price of silver per ounce (in
the same days have been: /
BarN.Y.(for.)
Total
20
30
127
119
180
112
232
124
Closed
War Loan—
The
10
Dale
128
119
180
112
233
124
•""*
States on
Bond»
Stock*
19
149
149
183 .184
121
121
130 ,130
127 ' 127
119
120
179
179
112
113
236 237
123
124
149
184
120
129
127
119
179
112
235
123
150
185
120
129
Wed.,
July 17
Man.,
July 15
Sat.,
Stock and Bond Averages
stocks and bonds
July
securities, &c., at London,
reported by cable, have been as
Silver, per oz_.
the daily
151
185
120
128
FINANCIAL MARKET—PER
closing quotations for
July 13
are
18
Rop Gent, of Pq,t~~"
101.19
102.5
1%
101.15
Below
17
cable
102 4
101.17
1%%
1%%
1 H%
Mar. 15
Elektrizltaets GeseIIschaft(6%)150
Berliner Kraft u. Licht (8%)
184
Commerz Bank (6%)
119
Deutsche Bank (6%)
128
Deutsche Reichsbahn (German Rys. 7%)..128 ?
Dresdner Bank (6%)
.119
Farbenlndustrle I. G. (8%)
179
Allegememe
Relchsbank (new shares)
Int.
Int.
Maturity
32ds of
point represent one or more
I
-
i
July
July
16
15
13
-
July
July
July
v
(newly mined)
United
States
York Stock
Government
Securities on the
New
Exchange-—See following page.
Transactions
at
D?iily, Weekly and
the New York Stock
Yearly—See page 385.
Exchange.
370
July 20, 1940
Stock and Bond Sales
New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of the day.
account Is taken of such sales In computing the range for the year.
United States Government Securities
on
the New York Stock
No
Exchange
the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
Below
furnish
we
a
daily record of
July
Daily Record of U. S. Bond Prices \ July 13 July 15 July
13
120
Low.
120
Close
4KB. 1047-52
16 July 17 July 18 July 19
119.28
High
Treasury
120
mm
119.28
mmmm
•
119.28
m»
2
Total sales In $1,000 mils..
Daily Record of XJ. S. Bond Prices july 13 July 15 July 16 July 17 July 18 July 19
119.29
mm
«.
-
■
m
»
High
1
5
106.17
Close
119.29
106.17
Low.
Treasury
2^s, 1960-65
119.29
m
mm
106.17
106.17
*
mm
106.19
106.16
106.15
106.19
106.16
106.17
m
mmmm
106.19
106.16
1
5
5
High
4s, 1944-54
sales in $1,000 units...
108.10
108.9
108.14
Low.
108.10
108.9
108.14
Close
108.10
108.9
Total sales in $1,000 units...
3
Tola
High
2^3. 1945
Low
■
Close
Total sales in $1,000 mils..
2Ms, 1948
114.11
■-* —
(Close
mmmm
114.11
mmmm
J^
,
1
2^s, 1949-53
—
Low.
'mmmm
Close
m
2
•
mmmm
m
«.
•
mm
m
102.21
■mmmm
2mm
'
Low.
mmmm
$1,000 units...
....
m
Close
$1,000 units
m
To
sales in
$1,00U
2^8, 1951-53
Low.
103.18
108.16
108.20
108.16
3
1
mmmm
m
mmmm
mm
109.13
109.12
108.15
,
1
mm
m
11T.iT
111.11
111.9
111.11
m
mm
1
1
mm
m
I
»
1
1
1
folio
11 oil 2
1
folio
lib!17
110.10
110.9
110.10
110.17
110.10
mm-mm
mmmm
110.12
110.16
11 » ( 11
1 »1 i1t «
1
1
103.23
103.17
mm
2
mmmm
103.20
103.23
103.17
:
"
mm
m
103.16
m
mmmm
103.16
103.22
■.mmmm
103.16
2
....
1
1
■
m m -
m
'■mmmm
-w
'
•
-
m
mmmm
mmmm
m
mmmm
mmmm
m m
.
.
107.15
107.14
107.16
107.14
107.16
107.14
4
1
1
.
.
-
mmmm
107.16
mmmm
m
-
mmmm
m
107.15
m
— -
!
mm
mm
107.15
.
.
.
107.14
.
107.14
1
■
..
.
.
mmmrn
.
.
..
.
.
.
.
104
■■'m'-mmm
.
.
.
.
.
.
.
104
mm*m
107.14
....
104
mm
mmmm
4*2
-'mm
1
mmmm
m
.
104.2
104.2
Home Owners
1
4
107.27
107.28
108
107.31
107I27
107.25
107.24
107.26
107 27
107.24
107.27
107.25
108
107.31
107.27
104.2
....
■
^
^
30
mr'
m
2
2
3
17
15
Loan
_
m
108~.7~
■
107! 13
107.13
107.15
107.11
107.13
107.15
1
2
1
mmmm
'
'
mmmm
mmmm
'
•'
Low.
1
(Close
107.5
107.6
^2
mmmm
mm
mmmm
mmmm
mmmrn
mmmm
m
9
103.24
103.24
103 24
3
mmm
mmmm
101.22
mmmm
Close
101.22
mmm
■
10ll21
IOV.20
101.22
101.21
101.19
101.20
101.22
101.21
101.19
101.20
20
101.22
1
10
5
101.22
6i
101.20
106.25
«
-
»
-
-
„
f Deferred delivery sale,
t Cash sale.
Note—The
above table includes only
Transactions in registered bonds
bonds.
106.28
106.24
106.20
106.25
106.24
106.25
106.28
106.24
77
1
sales
of
coupon
were:
1 Treasury 43*s 1947-1952..
1 Treasury 31*s, 1946-1949
119.26 to 119.26
111.10 to 111.10
1 Treasury 3s 1951-1955
1 Treasury 2%s 1955-1960
110.9
to 110.9
107.25 to 107.25
....
1
1
I
United States Treasury Bills—See
previous page.
United States Treasury Notes, &c.—See previous
page.
1
t
1
1
-
-
Total sales in $1,000 units...
107.6
-
3
■mmmm
Low.
$1,000 units
Odd lot sales,
mmmm
2
2m2m
Close
sales in $1,000 units...
1
*
107~. 15
107.11
mm m
mmmm
(High
1
I
Total sales in
1
107~.il
Low.
m
t
(High
(High
m
107.3
Low.
lHs, 1945-47
108.7
""
Close
Total sales in $1,000 units...
mm
107.3
m
'mmmm
High
•
mm
High
mm
.
m-m-mm
mmmm
mmmm
Close
Total sales in $1,000 units...
mm
..
107.5
Low.
■
....
-
.
'
Low.
m
mmmm
High
3s, series A, 1944-52
2Ha. 1942-44
Low
■■'-mmmm'
m
....
Total sales in $1,000 units...
....
m
'
Close
4
12
m
mmmm
Total sales in $1,000 units...
107.24
1
mm m
■
Close
1
107.24
23*8, 1951-54.Low.
■
m
103.22
"
108.7
23*8. 1958-63
104.29
mm
103.17
mm
Low.
11 1 1
110.17
(High
■
m
2
mmmm
3
mm
mmmm
Low.
Total sales in $1,000 units...
uiai
;'
Low.
2^s. 1942-47
Close
j.
104.31
■mm
mm
....
Close
sales in $1,000 units..
23*8, 1956-59
104.29
1
High
(High
■
104.29
+ mm
mmmm
Total sales in $1,000 units
1
I
Total sales in $1,000 units..
2%s, 1948-51
mmmm
m
mmmrn
107.24
■
1
mmmm
mmmm
(High
Tola
103.4
mmmm
'mmmm
High
3s, 1942-47
»
t
(High
(Low
2%s, 1945-47..
103.4
mmmm
.mmmm
104.31
m
Low.
m
1
l
«
I Close
sales in $1,000 units...
■
'
■
9
'
Total sales in $1,000 units...
23*8, 1955-60
1
103.4
103.14
103.23
mm
rHigb
3s, 1944-49
1
1
»
105.15
mmm
....
m
m'<*
mmmm
Low.
111.9
mm
t
*
1
1
m
mmmm
•
mmmm
Total sales in $1,000 units...
tt1 I1 11t II
1
I
104.31
mm
'
Close
Total sales in $1,000 units...
11 « 1 1
1
1
105.15
mmmm
103.14
1
Close
-
3
Close
103.9
[High
....
High
rnm
Low.
3Ks, 1944-64...
mill
m
1948-50
Federal Farm Mortgage
mmmm
-
....(Low
105.11
105.15
m
....
1
1
m
1
m m
103.14
103.9
1
mmmm
Low.
Close
Total sales in $1,000 units...
m mm
mi
»
2
'
—•
Low.
I Close
mmmm
Close
1
•
103.10
--mm.
mmmm
High
1
r
'
(High
2s, 1947
103.9
103.10
■
Close
Total sales in $1,000 units...
109.12
..(Low.
103.10
Total sales in $1,000 units...
J
109.12
Total sales in $1,000 units
Tola
2
1
units...
3s,'1951-55
105.19
9
108.15
(High
3s, 1940-48
105.17
1
108~.i5
Close
Total sales in
105.16
4
108.16
(High
3Ks, 1949-52.
105.15
108.16
109.13
$1,000 units...
•
105.19
108.20
ClOSC
3Ks, 1946-49
105.17
108.20
109.13
m
105.16
(High
103.18
Low
•
105.15
108.11
108.11
m
(High
3^8, 1944-46
2
Low.
108.16
-
105.17
105.17
2
105.19
108.16
mmmm
mmmm
105.16
105.16
2
-m
Close
Total sales in $1,000 units...
103.18
}
2m
mm
105.11
105.15
105.15
1
105.19
mmmm
mmmm
105.11
2mm
mmmm
'
'mmmm
105.16
"Ill
Low.
mmmm
105.17
'mmmm
mmmm
■
105.15
2Hs, 1950-52
—
m
rn
■
103.20
mmmm
(High
C
mm
....
■
103.20
....
105.16
High
....
1
1
Low.
Close
Total sales in
mm
103.20
•
Total sales in
mmmm
108.12
*»
-
(High
3^8, 1943-45
....
-.11
105.15
108.11
108.12
m
(Close
Totalis ales in $1,000 mils...
3Ms, 1941
m
m
108.12
High
3^8, 1943-47.
mm
2
$1,000 units...
mm
mm
mmmm
....
mmmm
-mmmm
Total sales in $1,000 units...
102.21
'
Low.
mmmm
mmmm
....
mmmm
mm m m
■
Close
102.21
'•'mmmm
....
mm
mmmm
f High
19
mmmm
1
2m
_
mm
Total sales in $1,000 units...
....
114.9
^
m
-
Close
114.9
mmmm
High
Total sales In
108.14
1
....
Low.
114.9
114.11
Total sales in $1,000 units...
3 Hn, 1941-43.
8
mmmm
High
(High
(Low.
3J*8, 1946-50
'
II
1
til
(Il 1« 11 li t
t1
1
1
New York Stock Record
LOW
AND
Saturday
July 13
$ per shaie
*57l2
*115
141
47%
*42
*5i4
*18*4
*1314
39
July
*57i2
*
15
*42
44
*1814
19
*1312
40%
1334
4014
%
14
"
39
4*4
12
8%
145
h
12
12
22
22
69
*64%
8%
8%
145
*9
I8I4
13%
4H4
8i2
*32%
44
1334
18%
1334
41
40
Sj
*%
18%
400
300
Addre8s-Multgr
4%
2,200
34
934
9%
8%
978
2,500
6,000
7%
12%
7%
12%
12%
15
14
1434
2,500
22%
2134
22
21%
21%
4,500
9
"9%
""960
147% 14734
1,800
*9%
*Q
10
11%
*11%
11%
6
6
6
29
1278
Ds
12
29i4
1234
*114
6
6%
*62
64
30i8
30
31
1234
138
*12%
13
*10
12
*10
*42l2
*14%
58l2
678
*35%
4312
*42
*li4
15
1434
42l4
1434
5934
58%
60
7
7
37%
*35%
Bid and asked prices, no sales on this
day
1%
1034
6
1,900
*67
"9%
*9
10
*61%
*62%
64
2978
*12%
*1%
30%
29%
*12%
29%
*10%
12
42
13
1%
"moo
2,100
64
Allegheny Corp
No par
5H % pi A with $30 war. 100
5M % pf A without war. 100
$2.50 prior conv pret.No par
Alghny Lud St! Corp ..No par
Alleg4 West Ry 6% gtd..l00
Allen Industries Inc
1
Allied Chemi'cai 4 Dye.No par
Allied Kid Co
5
Allied Mills Co Ino
No par
Allied Stores
100
13
2,500
100
*1%
1%
10%
No par
Air Way El Appliance..No par
U16
147% *147% 149
Air Reduction Ino
10
Alabama & Vlcksburg Ry.100
Alaska Juneau Gold Mln.._10
4%
8%
No par
Corp
200
22
8%
May 22
1334
40%
%
34
*67
30
No par
25
4%
8%
May 21
May 22
...No par
4%
7%
50
Acme Steel Co
3,900
5%
Corp
preferred
No par
100
...
AUla-Chalmers Mfg
No par
Alpha Portland Cem..No par
Amalgam Leather Co Inc.._l
"166
42
10%
*41%
100
conv prefen ed
Amerada Corp
*14%
15
*14%
15
300
Am
58%
59
58%
59
4,200
Am
American Bank Note......10
43
7
7
7
7
7
38
1,500
36
36
36
36
0%
100
I In receivership
a
Def
delivery
50
No par
AgrlcChem (DeV\._.Vo
A'rtlnee
Inc
New stock
r
par
10
p-eferred
n
$ per share
110
Adams Express
Adams-Mllllls
11%
*1%
Abraham 4 Straus
50
Cash
sa e.
r
3478May 25
4% May 28
16%June 5
12%June 15
36%June10
%June 10
60
4
May 21
June 22
6% June 11
135%June 10
8% May 15
10
June
5
share
Feb
40% Apr
62% Apr
I
8
149% Sept
Apr
49% No56% Oct
33%
6% Aug
27% Apr
8
19
19% Jan
58% Jan
4
I57g Sept
27%
2
45%
Apr
68
78Mar 11
»4
Jan
Sept
68
11% Sept
25
Mar
Jan
Sept
1% Sept
Feb
68
Jan
8
6%
Dec
10
Jan
1% Jan
14% Jan
8
2
Sept
3
% Jully
5% Aug
12% Jan
4
17% Apr 8
20%May 10
73% Mar 21
1234 Apr 16
182
Apr 9
14
Jan 25
1034 Apr 23
18
8
June
23% Sept
Apr
62
May
6'4
Apr
151% Apr
10
Apr
54%
Apr
71
4
28
Apr
9
12%
Apr
48%
I97g
2% Jan
9
Apr 22
1% June
12
50
Aug
Apr
58% Apr
5
21
Jan
4
16
Apr
76
Apr 15
26
June
6
June 10
12% Apr
9
35
June 18
50
3
5
9% Sept
46%
Dec
Sept
Jan
Sept
IDs Oct
200% Sept
14% Sept
15% Sept
11% Jan
8
Jan
Jan
Ex-right.
69
Apr
16
Jan
28%
Apr
417g
18
4% Sept
14
6
7378May
Feb
20% 8ept
9%
11
y
71% Sept
Apr
31% Mar
Mar 26
share
Apr
5
2
Ex-dlv.
per
53
120
9
9% Jan
l%May 15
9% May 28
38%May 23
12%May 22
4134 Jan 12
Highest
share $
3
4%May 21
55 May 28
2134Mav 22
June 10
per
Jan
9
7
15%May 21
Lowest
70% Feb 14
147
77
4
4%May 21
7
per
May 21
534June 10
61
$
May 21
%June
Year 1939
Highest
100
600
Range for Previous
100-Star# Lou
No par
conv Drel
2,600
*"16
87g
Abbott Laboratories
5%
10
29
100
47%
44
5%
11%
*1212
*35
5%
1834
Par
4M%
11%
1%
3734
44
58%
*9
578
29%
1278
15
47%
On Basis of
Lowest
141
10
63
58l2
678
36%
*58%
*115
11%
63
634
5878
141
Range Since Jan. 1
Shares
146
64
58%
4034
*%
EXCHANGE
$ per share
146
*60%
*1414
4%
8%
*64%
.
64
7
414
%
*13
STOCKS
NEW YORK STOCK
the
Week
1H4
578
6
43l2
*%
5%
*18%
Sales
*9
11%
*578
145
10
11%
578
*
13U
4034
%
9%
738
12%
22%
22
18%
5%
13%
4%
15
*57%
*115
40%
%
%
10
5738
141
44
4!4
*42
CENT
Friday
July 19
18
$ per share
4412
8%
738
43
*115
5878
44l4
5i2
5l2
19
%
*934
*57i2
44 lg
4%
11%
15
S per share
*32%
8%
7%
1134
5%
*1%
*934
*41%
*14%
57%
*634
*35%
July
44
*9
*12%
17
4738
414
812
July
*32%
8%
7I8
*1114
145
NOT PER
Thursday
4738
*66
21%
*65
Wednesday
*32l8
534
"18
7%
*59%
29i2
141
40
%
5878
5%
*18l4
*1312
*634
*8%
*115
534
19
8%
145
5878
44%
®16
21i2
5 per share
5878
47%
*8%
*11
15
141
534
SHARE,
for
Tuesday
July 16
*3218
*12
414
SALE PRICES—PER
$ per share
59
*32l8
HIGH
Monday
Aug
Jan
Jan
3% Sept
21
Sept
74% Sept
24% S*eDt
47
Dec
17%
Jan
60
Jan
Called for redemption
asf
Volume
AND
July
13
July
5%
*133
135
94%
5%
5i2
34%
3334
94
94l8
177
*172
24
24
41
*4014
135
*133
135
34i2
41
4234
1812
18*4
*4i2
5
*9
914
*76i2
"1%
*4i2
li4
1534
15s
*412
15g
*158
6l2
*4i2
H4
82
1V8
6
1%
1%
13s
16
16
16
*3%
414
13%
*1234
26%
2612
414
*25%
414
28
*53%
4'g
134
2ig
*19i4
3
*12«4
12i2
*44
1178
*11%
*2i8
*13i2
12
*87
95
*135g
*90ig
14
*21
21
2134
5012
35g
*493g
44
*425g
334
35s
50%
*43
534
534
578
*143
148
11
11
11
6134
*8
7i8
2734
35
35%
3414
*13534 13834 *13534
*55
55i2| *55
144
,*141
*141
*1134
2334
12%
*12
13%'
*13
1334
*13ig
77
*75
2334
*75
23l2
12
13l2
*753s
77i2
7614
77i2
150
*142
334
*3l2
9
918
9034
*88%
812
38
5
*33
1914
24
*14
1412
111
111
*83g
41%
8%
4%
*60%
6434
*30%
34%
*85%
86
16
*60%
*31
86
15%
6434
34%
87
15%
14
!
109
*7
48%
*11%
*9%
•„
*11
2034
21%
*105
*115% 120
*115%
*434
*2%
15
I
5
5
14%
14%
3%
4
434
5
*77g
*40
8%
407g
*9%
*4%
*21%
*734
*7
2734
8
7
10%
434
26
,
8%
578
3,300
26%'
*14
17
*14%
13%
5
14%
3%
5
*8
*39
*9%
*4%
*21%
8%
*14%
;
7
2,900
5%
5%
42%
19%
19%
*23
*33
19%
*21%
*14
2334
14%
14%
111
4%
75
8%
*134
*26
5%
43
43
*35
*2134
24
15
I
*14%
15%
29%
834
*4%
I
*8%
*4%
29
16%
48%
*48
12
*9
11
*12
15
21
117g
123g
*8%
10
48%
12%
123g
*8%
10
*12%
15
207g
21%
107
107
*12%
I
15
I
20%
20%
21%
20%
21%
107%
107% *105% 107% *106
21
107
89
*105
7
7
7
4678
7
*46
4678
467g
7
*46
7
*21%
778
*4%
4%
26
8%
*21%
8
4%
4%
26
1
*21%
*25%
26
25%
8
8%
47
400
62
200
115
115
7,100
14%
7,000
378
2,000
4%
900
*4
*21%
26
39%
10%
4%
*102% 112
*102
*30
*102
112
*102
*29
32
*8
*8
27%
27%
18%
18%
*50
51
27
27
75%
75%
1778
*17
7%
*15%
*11%
62%
•
27%
18%
27%
18%
51
51
*27%
75%
27%
76
8%
8%
*30
115
8%
100
9
200
28%
5,900
18%
2,200
28%
28
28%
28%
28%'
18%
51%
18%
18%
18
*50
51%
*50
1838'
5134
*50
51%
27%
27%
*2738
287g
27%
*27
287g
75%
78%
76
78%
*50
*1207g 122
*11978 122
121
177g
18
18
♦18%
17%
7%
17
17
17
7%
7%
*18
19
17%
778
17%
7%
17%
7%
*15%
17%
*16
*11%
17%
13
*15%
13
*11%
12
*11%
62%
*58
62%
*60
62%
Bid and asked prices; no
sale
on
62%
19
27%
76%
7434
120% 120% *1197g
75%
17%
300
300
*18
187g
17%
*17%
17%
800
7%
778
7%
7%
2,600
17%
100
17
19
17
13
*11%
13
62%
*60
65
this day,
121%
100
300
18,000
1734
*1734
17%
7%
76
|
*16%
"11%
t In receivership,
13
65
*60
a
.100
1
100
100
100
Fe.-lOO
...100
25
pref series A... 100
.....
5
6% preferred......
50
4% conv
Atlas Corp
No par
Atlas Powder
No par
15 prior A
Nc par
Aviation Corp. of Del (The) .3
Baldwin Loco Works v t c—13
Baltimore A Ohio........100
4% preferred
Bangor A Aroostook
..100
50
preferred..... 100
Corp..
..10
Barker Brothers
N« par
5H % preferred
50
Conv 6%
Barber Asphalt
BarnsdaU Oil Co
Bayuk Cigars Inc
preferred
No par
100
25
No par
Preferred x-warrents. No par
Beech Creek RR
50
Beech-Nut Packing Co
20
Beidlng-Hemlnway
No par
Belgian Nat Rys part pref..
Bendlx Aviation
5
Beneflcla. Indus Loan..No par
Pr pfd|2.50d'v ser'38No par
Best A Co
No par
Bethlehem 8teel (Del).No par
7% preferred
100
Bigelow-8anf Corp Ino.No par
Black A Decker Mfg CoN / par
Blaw-Knox Co
...No par
Bliss A Laughiln Inc
6
Btoomlngdale Brothers.No par
Blumenthal A Co pref..... 100
Beatrice Creamery
%5 preferred w w
115
18%
2734
18%
13%
Apr
27% Aug
8%
1%
May 21
60
Del delivery,
n New
stock,
June
5
6
May 21
May 21
15%
4%
35%
110%
7%
04%
Apr 12
Apr 10
Feb 27
Apr 30
Apr 22
Apr 22
Apr 20
r Cash sale.
4
21
22
22
12
22
68% July 6
49%May 22
29%June 18
82 May 23
13 May 21
11
1017g Apr 18
Jan 11
May
7
43%June
5
57
Mav 23
112%June 11
4
May 21
17g Feb 7
10 May 21
4% May 15
12%May 23
2%May 15
3%May 15
7%June11
34
May 21
8%May 21
4 May 15
20 May 21
7%June 10
Deo
Sept
97
May
100
3% Aug
3384 Apr
00
Deo
884 Sept
Sept
Mar
65
58
Jan
13
Mar
10%
50
73
Apr
Jan
6%
Jan
Oct
Dec
100
Apr
Jan
Oct
10%
8
70
Jan
7834
41
Apr
81
Oct
45
Mar 26
30
Apr
38
June
90
Jan
100
June
100% Mar
25% Jan
8
3
22% Apr 20
7
4
37
Jan 16
May
9%May 22
8%June 6
9%June 5
June 24
21
Apr
85
80
57% Apr 24
l8%May 21
Sept
Apr
Apr
21
53g
39%May 21
102
Jan
7% Sept
Apr
9% Jan
9
5478
3184 Sept
4384 Apr
5% preferrred
..100
Atlantic Coast Line RR—100
Ati G A W I 88 Lines
1st
""566
32
112% 112% *108%
*8%
*8%
87g
28
121
120
120
8%
*110
500
112
32
112
115
100
"{,500
8
112
*102
32
*110
400
26
112
,*103
112
*28
31%'
50
112
*102
115
40
1,000
*8
*9%
8
8
2
35
22% Mar
112%May
68
Austin Nichols
37«
434
4%
41% Apr
22%May
6%May
3%May
96% Jan
4%May
5% conv preferred
100
Atlas Tack Corp......No par
30
434
39%
Sept
May 21
58% Jan
100
14%
*2%
*14%
May 21
4
..No par
5% preferred
Atlantic Refining
Aug
15% S
t
6434 Sept
Sept
Sept
100
...
Jan
90
Apr
12
35
Assoc Investments Co.No par
6% preferred
14%
Apr
3%
40
l34June 17
No par
Atch Topeka A Santa
Apr
8%
78
48
107
100
5
2%
15
478
*478
*103
112
*29%
100
7
112
*103
*110
"4", 500
3,400
*103
112
31%
100
7
2 5% I
*103
*29%
3,200
*46
*59
I
47%
63
*59
63
*59
,
61%
61%
6134
*115
120
*114
120
*115
120
120
47g
47g
*478
5%
*478
5
5%
*2%
2%
*2%
2%
2%
2%
2%
14
*14%
15
*1378
15
14%
13%
4%
5
5
5
5%
5%
5%
14%
14%
14%
15%
14%
15%
14%
37g
37g
37g
378
3%
334
37g
*4%
4%
5
434
4%
4%
4%
*8
8%
*8
8%
8%
8%
8%
39%
39%
*39
40
39% 39%
39%
9%
9%
978
10
*978
10%
10%
4%
50
Jan
Apr
Apr
97%June
6% 1st preferred
7% 2d preferred
Jan
8984
153% May
8% Jan
Apr
ArmourACo(Del)pf7% gtdlOO
Armour A Co of Illinois
5
7% preferred
Associated Dry Goods
Deo
87%
2084
200
16 conv prior pref
Jan
18%
171%
Apr
8
Mining
Co Inc
73
Aug
23
400
Mar 13
Sept
97% Sept
4
20
5
3,400
34
12%May 21
June 4
12 50
No par
$5 dlv pref
Artloom Corp
16
89
AncborHock Glass Corp.
200
*48
Apr
75% Mar
1378 Dec
148
Apr
24
18
400
16%
15%
Oct
18%
28%
20
4%
48%
12%
Jan
14% July
Apr
8% Apr 10
Archer Daniels Midl'd.No par
100
Aug
July
41
46% Apr 22
32
Apr 9
35
A P W Paper
200
Nov
09
June 10
$5 prior conv pref
25
Anaconda Copper Mining..60
Andes Copper
100
144
4%May 22
100
Preferred
*4%
327g
5%May 21
Amer Zinc Lead A Smelt...
8%
16
60%
*29
2%May 21
100
""706
Sept
9
534 Apr
123s Jan
83%June 11
6 May 21
25%May 21
Jan
63
4% Sept
8%
8%
4%
102 ,
5%
68%
60%
20
46% Sept
153
8
4
101% Apr 15
12
Apr 23
52% Apr 23
Am Water Wks A Elec. No par
Jan
80% Sept
15% Mar
20% Aug
8% Apr
Feb 23
18
4
Jan
Oct
140
136
June
Jan
22%
59% Apr
9
100
10
100
""766
18%
Apr
76% Oct
132
Sept
6% preferred
Am Type Founders Inc
Nov
49
162
Sept
89% Apr 15
9134 Apr 9
151
May 3
300
2,800
Feb
35% Apr
127% Sept
175% Mar 12
7% preferred
48%
30%
*87
68%
170
Jan
7
68% Nov
25% Aug
93
ll%May 21
May 28
May 22
70 May 21
Armstrong Cork Co
No par
Arnold Constable Corp
6
16%
*31
5%
534
72%
62
31
89
""206
75
16
*5%
*68%
*60%
534
72%
*90%
16,700
800
41
87%
534
*68%
*60%
10%
15
8%
4%
62 ,
34%
87%
*90% 102
t
12%
26
14%
*90% 102
5%
5%
*67
74%
*59% 6434
*29
3278
88%
88%
15%
16%
102
Common class B
Feb
Jan
124% Mar
z26
Dec
9
40%
Apr
1034
69
Anaconda W A Cable..No par
19%
26
29
|
30
49%
434
39
41
75
600
3,900
100
*35
41%
*2834
100
50
145
No par
1,800
Amer Telep A Teleg
American Tobacco
5
Jan
Co...100
25
25
American Woolen
4%
*35
100
3
1
3
14% Apr 12
17% Jan 5
23% Feb 23
12% May 28
7478June 13
Refining.. 100
Preferred
Am Sumatra Tobacco..No par
300
2,200
111% 111% *111% 111%
*8%
9%
*8%
9%
*134
234
1%
134
I
26
26%
26% 26%
*101% 102
*101% 102
*40%
American Sugar
100
2,100
2%'
29%
834
4%
500
3,300
14%
434
No par
5
8%<
434
No par
American Stove Co
8%
*21%
|
American Stores
38%
19
19%
19
1934
24
500
200
4
152%May
1 33%
Jan
19%May 21
9%May 22
11
May 18
No par
39
■
2*800
4
70
6l78May 22
May 25
139
Amer Steel Foundries..No par
8
1234 Mar 5
11% Feb 23
37% Apr 15
54
April
147
Apr 16
30%May 21
May 28
100
Jan
Mar
Oct
21% Sept
3% Apr
32
Apr
28
Apr
8% Sept
140
Sept
1178 June
8
70
122
$6 1st preferred
5
112
115
100
112
Jan
6% Sept
Apr
22% Deo
5
17% JaB
May 15
6% preferred
"
2%
10% Jan
May 21
25
Jan
54
5
Preferred
79%
1534
7
103
23
American Snuff
Jan
Apr
63% Jan
Co.No par
Smelting & Refg.No par
700
38
5%
75
*35
I
9%
4%
4%
38%
5
27
102
102
4%
434
41% 41%
2834
*8%
9
3834
Amer
100
200
111% 111%!
|
434
4134
41
*8%
40%
1,900
30%
Aug
5% Jan
48% May 21
7 June
5
"4,206
*834
I
9%
9
38%
39
1,000
Aug
11
Mar
26
25
4
13
41
Mar 19
121
9%May 15
American Rolling Mil!
Sept
3
Mar 20
25
June 12
135
100
9
3
4
1478 Jan
33s Jan
4%May 21
161%
76%
77%
150%
3%
8%
90%
161
*7534
76%
76%
7534
7534
76%
77
77%
77%
77%
77%
77%
7734
150% *146
145% 145% *146
150% *146
*3%
334
3%
*3%
334,
3%
3%
8%
9
9
834
8%
9%
|
89%
90
90%
90%'
*90
90%
90%
37%
200
16%
*14,
16%
161%
161
*7584
10%
*11%
15
7%
28% I
*7%
17%
161
160
1597g 160%
8
*8%
28%
63
34%May 21
Preferred
Dec
Apr 24
22s4 Jan
28%May 21
$6 preferred
10
60
60
60
*58
28%
*103
*111
No par
15 preferred
No par
Am Rad & Stand San'y.No par
700
1,500
Aug
Aug
3%
Apr 27
20% June 11
2
May 15
Amer Power & Light..-No par
8,300
*2534
26%! 25% 25%
26%
26%
*111% 11434 *111% 114% *111% 114% *111% 114% *111% 114%,*111% 114%
*22%
23%
*22%
23%
23%
23%:
23% 23%
*23%
2334
*23
23%
*25%
100
No par
American News Co
25
Apr 26
57
Jan
3'4 Sept
6
45
12%May 28
90
July 3
A'o par
6% conv preferred
""HO
21
,*145l2 148
III4
1078
107g
107g
7%
2734
11%
7
' *58%
*14%
95
*145% 148
145
*48%
46%
,
60
*2%
Amer Metal Co Ltd
50%!
12
7
7%
46
60
5%
2%
700
43%!
48%
11%
46%
45%
*434
14%
50'2
4334
50%
427g
534
*70
102
5%
74%
I
*14
5012
43
5%
5112
44
2834
5%
,
Amer Mach & Metals..No par
334
5H2
145
Co .No par
500
*3%
4318
584
1
100
Preferred
Amer Mach 4 Fd>
1,800
2012
51i8
57s
300
334
3%
American Locomotive..No par
1,500
6% Jan
6
Apr
Jan
60
138
Mar 29
May 23
8
Sept
43% Sept
Apr
14%
3
378 Apr 1
41%May 31
10 May 22
38 May 25
10 May 18
l%May 15
..50
pref
*90
44141
*35
*68%
*105
4
8%
7ig
28
3534
4%
5%
21%
21
334
111
74%
*11%
20%
conv
1238
2%
21
14'4
12l2
2%
95
21
*8
111
5%
11
*90
59l2
8i2
193s
*70
1134
2l4
95
148
3
30
5%
48'i
1214
123s
214
1414
I23g
59l2
24
1412
8%
4%
49
12l2
*90
*33
*68%
*9%
*45
*214
6134
75
*47%
1134
50
12l2
*59l2
29
1
49
1278
*45
1H2
43
29
I
*1212
1212
June
No par
49
*47i2
49
1314
4534
"iloo
40
*4712
*143g
5%
*35
*15%
*38
25%
41*4
Apr 22
35
25% Nov
Sept
33
278 Mar
66% Apr
l%May 21
May 23
Amer Invest Co of Hl_.No par
314
*3%
3
40
Apr
38
18
100
Apr
May 24
45%May 21
..No par
non cum pref
Amer Internat Corp
0% Sept
3% Jan
30% Nov
984 Jan
178 Dec
Apr
9%May 28
1
6%
3
314
*4712
1234
4534
57g
American Ice
*38
3
2114
37g
600
22
*20
22
*20
22
*2
214
*2
2I4
214
6% conv preferred
American Home Products
2i4
*53
54
5334
400
4'8
86% Sept
5% Jan
434 May
Apr
23
100
55%
1178 Sept
18% Sept
2% Sept
12%
Aug
17% Sept
8'4 Feb
Feb
12
50
1,300
28
132
Apr
50%May
6% Apr 23
May 21
3
*5314
6%
01
Oct
115% Mar
Dec
May 28
23
1
28
55
25%
5
Aug
5% Sept
5
1,600
4i8
28
9
Feb 23
10
No par
Amer Hawaiian SS Co
10
American Hide & Leather
Oct
May
7% J an
100
$6 preferred
Oct
64
24% Jan
200
26'2
2534
26l2
4ig
*26
28
11%
5
*40%
102
418
4i8
4i8
*26
11%
8l2
3714
75
*4
26i2
No par
43g
*12
Amer Ship Building
42
*70
27
26
51
4%
2834
8%
4%
43g
135s1
200
*35
*734
17 2d preferred A..,No par
*3l2
*1134
lO%May 21
2%May 21
1314
*334
%
13%
3% June 17
1 May 15
No par
AmerA Forn Power
200
*40
2834
l%May 22
1534
*1434
1534
*15
16%
I6I4
*3i2
*12
*8%
9%
9%
*2
2%
23g
*26
27
|
*24l2
27
*102
102%
102
102
4%
4%
200
116% Sept
179
July
Apr
4
5
15% Apr 18
91% Mar 25
3% Mar 8
058 Apr 16
2% Jan 8
28% Jan
75%May 27
Aug
40%
109%
9
8% Jan
May 21
8
10
100
American Encaustic Tiling... 1
Amer European Sees...No par
6% lBt preferred
17 preferred
*2
*24% 27
I
*10012 102%
American Crystal Sugar
10
900
*83s
234
200
82
7%
*110
9l2
*2
914
*9
Sept
100
9®4 Apr
4%May 18
Corp
8%
19ig
«
20
13
5%May 18
Am Comm'l Alcohol
8%
*21%
*14
19%
*21
10
100
*7%
*33
43
American Colortype Co
5
Tioo
1414
11
5
5l8
May 23
714
*76
82
43l2
534
2734
8I4
37
8l2
*3714
9
"166
*6i8
*484
95
3%
17
159l2 160
76l4
7614
77i2
7734
*14514 148
3l2
312
9
9l8
*88%
90i2
160
160
13
*5
23g
1434
21
*1514
17
*14l4
140%May
1%
12l2
214
14
8I4
718
*634
27%
May 23
27%
27%
36
36
36
36
I
3534
3534
35
35
138
138
*13512 13734 *135% 137% *135% 137%
138
*55
56
*55
56 I
56
56
55l2 5512
55i2
*142
144
*142
144
*142
144
*142
144
144
23%
23%
23%
23%
2378
24
23%
2414
2312
12%
12%
12%
127g
*12
1234
*117g
12%
12
1378 *13
13%
*1234
1334 _*13
13l2
13l2
13l2
13
13
131.4 13%
13%
13%
13% 13%
1334
78
76
76
76
*75l2 780 *76
*75%
77
*8
*634
112
612
9
*90
6134
*2718
No par
5% conv preferred
American Chicle
H % conv pref
100
American Safety Raxor.. 18.50
American Seating Co..No par
*59
8%
*59%
100
*li4
13l8
2l4
11
112% Apr 22
*4i2
46
*145
148
*143
100
May 21
Am Coal Co of Allegh Co NJ25
105
*119lo 120
*103
Jan
140
30% Aug
13% Apr
100
100
__
Apr
16% Aug
13%May 28
Preferred
13s
*37l2
12
2%
14
95
21l2
334
5134
44
578
*214
2i4
May 21
Am Chain A Cable Ino.No par
6l2
12&8
12
34
2,400
*114
46
47
47
100
183S
*412
*20
*4612
49
1212
*46l2
48
4234
1778
8
57'4 Sept
83% Apr
33%May 10
51*4 Jan 2
23% Jan 3
13g
40
*37
12i2
*46%
May 28
Preferred
6i2
22
3l8
3
40
May 27
4234
9U
*9
*76
May 21
18
24%
*H4
2
*1934
3
150
87
164
American Car & Fdy..No par
American Can.
200
177
24ig
*4l2
5214
lh
*37
116% Jan 29
177
July 19
25
100
5,100
1,100
2,400
945g
9412
178
414
5214
3
125
*1%
28
38
49
June 28
178
275g
*4J8
23
*20
23
3
*36%
135
*l5g
378
*26
53l2
134
5312
54
*1%
May 24
lh
14
27
28
*26
128
5H% conv pre!
*15g
16
378
26l2
4i8
100
50
1%
*1234
14
9
1
May 21
share
per
3% Aug
31% Apr
28
6i2
16
378
*3i2
13%
*25
9
*76
76i2
178
7612
3
3
American Bosch Corn
Am Brake Shoe 4 Fdy.No par
5
*434
82
938
*9
9%
82
*484
5
*434
4%
458
*9i8
*76
5
9%May
600
45% Jan
Highest
share
per
400
177
1818
185«
18'8
1834
1812
104
104
10434
*101
10434 *102
10412 *102
10412 *102
*118ig 120
J1978 1197g *318is 120
*11814 120
*118% 120
*5
13
*5
13
*5
13
*5
13
*5i2
13
7
*65g
7
678
7
678
*6i8
7
*6i8
*6%
I8I4
1
I
share
per
5>8
2434
4234
1834
2414
per
3434
*13212 135
176l2 176i2
*18i8
$
share
5%June 26
S
5i8
95
94U
Par
Year 1939
Lowest
Highest
Lowest
3434
135
135
On Basis of
Shares
$ per share
Range for Previous
EXCHANGE
Week
19
July
5%
34i2
*514
514
3414
514
3414
95
9434
95
9514
*17314 177
*172'4 177
2434
2512
24U 253s
42i4
4214
4H4
4214
9434
*172l4 177
23
23
*3934
$ per share
5i2
3334
*133
135
*133
$ per share
16
July
$ per share
*3334
5%
3478
*5%
*32%
15
$ per share
$ per share
Thursday
July 18
1
100-Share Lou
Range Since Jan.
STOCKS
NEW YORK STOCK
Friday
Wednesday
July 17
Tuesday
the
NOT PER CENT
SHARE,
SALE PRICES—PER
HIGH
Monday
Sales
for
LOW
Saturday
371
New York Stock Record—Continued—Page 2
151
23% Jan
3
22% Apr 20
27%May 7
110
Jan 25
978Mar 19
61
Feb 14
42%
Jan
21
Sept
x49'4
Dec
71
16
Apr
30% Jan
2684 Sept
Aug
9% Aug
18% Sept
684
104%
7
43%
Apr
Apr
Apr
26
Mar
Sept
Oct
2484
110% June
9% July
48% Aug
71
Sept
80%May 13
60
Aug
12434 Jan 10
110
June
127
Jan
Apr
Apr
8
Sept
2
16
Nov
8% Mar
5% Mar
32% Mar
4
4
4
8% Apr 15
1978May 10
6% Jan 2
8
Jan
4%
3%
Aug
9% Aug
378 Aug
484 Sept
3%
Jan
30% Jan
9% Nov
21% Sept
884 Jan
11% Sept
11%
Deo
30%
49
Dec
87%
16% Apr
8% Jan
10% Aug
21%
0
Apr
13
Jan
29% Mar
24%
Apr
33
Feb
13% Jan
11%
Aug
1478 Jan
52% Jan
19%
Jan
Jan
Jan
Jan
20%May 21
3684 Apr 17
15%
Apr
26% Nov
lll%June 10
l8%May 21
105 May 28
115% Mar 12
109%
Oct
1J5% Nov
3534 Apr 10
112% Apr 22
17
Apr
98
Apr
102
June 17
29%May 14
102
May 22
7%June 11
63% Feb 27
24%May 28
17% May 22
25
21
23
22
14
May 21
\5 May 15
P4 May 15
l3%May 21
11
May 14
49%June
22%May
63%May
l09%May
54
June 27
105
May
Apt 11
27»4 Sept
Jan 24
10478 Sept
9
2
Jan
3
8934 May 10
125%May 10
34% Jan
22% Apr
11% Jan
23% Jan
10
Apr
80
Mar
7%
62
16%
22% Mar 13
6684 Jan 18
39
July
7
32
127
978 Apr
67% Apr
36% Apr
28
107% Nov
32
9%
Nov
73%
3334
Apr
Nov
128% Aug
Apr
Oct
Jan
uct
1778
Apr
22%
Deo
48%
Apr
60
Deo
32
Sept
50% June
99%
Apr
1678
Apr
Apr
57% Mar
100
Sept
120% Sept
3284 Oct
22
Apr
Dec
13%
Deo
Oc»
Jan
Oct
23% Mar
36
Apr
57
14
8%
zEx-dlv. p Ex-rlghta. ? Called for
24%
17»4
30%
redemption^
Deo
3EY
372
LOW
New York Stock
AND
Saturday
July
HIGH
SALE
.
Monday
.
Tuesday
|
13
July 15
|
July
$ per share 1 $ per share
14%
PRICES—PER
145s
14*4
>
14*
21%
*21
22
*106
110
*106
*55
60
*55
$ per share
60
*106
*55
24
*55
60
24%
31%
5)4
23%
18%
24
24%
18%
18%
19%
15%
15%
31%
24%
19%
15%
*1%
*30%
S's
5%
24%
24%
19
"MOO
19%
19
15%
*1%
31%
*5%
16
15%
*1%
19%
16%
2,500
3,000
34
*32
35
33
33
200
*41
43
*41
43
200
Bristol-Myers Co
23
*108
23
116
30
7l2'
104
18
*714
3%
26%
26)4
26
♦26's
26%
*26%
4%
*2%
26%
15%
7%
19
7%
3%
3%
33%
*7%
*100
3%
26i4
26%
15%
7)2
27%
27
27
27
27
16%
16
2%
4%
4%
27%
16%
7%
7%
2%
7
7
6%
5%
*5
5%
5
*18
20%
*19
20%
*19
20%
*7%
7%
*7%
*57
59
*57
59
*10%
12%
*10%
12%
*3
7%
7%
*55
57
*54
12%
*11%
34
*33
36% *
33
*31%
4%
*3%
*37)2
*85%
27%
38%
90
28
*31%
*31%
33
4i2
38%
*3%
4%
*37)2
38%
*3%
*37%
38%
*87
90
116% 117
*51%
*17%
*1%
111%
58
18%
6%
60
1%|
111%'
*2%
5
*3
I
18%
3%
*5
3
5%
*3
3%
3%
92
92
27%
91
4%l
„4'4
*20
20%
21
*16
18%
*16
*90
%
£26
33
102
25%
4%
*90
26
25%
4%J
4%
22%
22
*16
18%'
100
*20%
22%
14%
4%
36%
*20%
22%
13%
13%
4%
98
*88%
100
*4
3678
4%
21%
*1734
22%1
18%
*98)2 100
*100% 108
21%
*12%
36%
*88%
4
1%
37
98
*88%
1%
*1%
1%
*1%
1%
1%
1%
1
1
*6%
*'8
7
7
7
7
*%
%
1
%
*10%
7%
*%
*•4
*'l#
*%
%
*%
%
*9%
10%
9%
32
*29
31)2
*29
47
*43
47
*43
*24
62%
63 '2
63%
10%
92%
*10%
*91
....
*45'2
2%
30%
*2)4
*2912
10
14
*%
124
*
*10%
10%
2%
2%
2%
92)2
*92
30%
124
61%
*29%
*
6U2
112
*31%
80
*77
99%
22
*14%
*2
16
27%
34%
140
103
103
61
*58
12
11%
*98% 100
*22
*15%
3%
*3%
3%
*3
*2%
4%
*2%
140
16
*16
3%
3%
3%
*2)4
3%
*2%
19%
19%
5%
85%
.*1812
19
19
578
*84)2
85
70%
5%
83%
*6714
84%
*67
70%
*68
*7914
81
*79%
81
*79
*4%
*98
34%
*100
9
478
18%
28%
100
34%
101%
9
1%
1%
62%
62%
30%
30%
19
19
6
*22
'
17
16
*-.._
*55
28
34%
140
24%
16
*77%
*27%
33%
*57%
*15
*19%
19%
19
18%
5%
84
84
£84
70%
69
70%
*6 534
81
79
79
on
*99% 100
35
:
35%
34 %
33%
*22%
*99
19%
4%
1812
*27
27%
10
27%
33%
1,400
1,600
80
109
11%
99%
~3~§66
200
24
300
130
16
100
*14%
3
*2%
3
3%
4%
*3
3l2
4%
20
*2%
18%
18%
18%
18%
"2" 300
5%
5%
6,600
83%
83%
800
19
19
5%
84
67
70%
80
67
30
81
200
*4%
4%
*17%
18)2
2834
18%
28%
100
100
35
35
*101
9%
9
9
1%
1%
61%
61%
30%
31
1%
*58%
30%
103
*101
60%
31
t In receivership.
May
35
90
Apr
77
3% Jan
Jan
103
100
9%
8,500
1%
17,500
*58%
30%
61%
31
Jan
Sept
Sept
4
Sept
Apr
8
110
Apr
38% Apr
13% Apr
84
Apr
7% Aug
12)2 Feb 15
1
May
Sept
8512 July
94% Mar
122% Mar
64% Sept
30% Dec
109% Aug
19% Jan
68
Oct
72 % Mar
18%
2%
Apr
Apr
3034 Sept
9
103% Sept
5
ll34May 10
334 June
113*2 Aug
12% sept
1434 gept
26% Apr 22
3% Jan 3
Mar
7
Apr 16
41% Jan 10
3% Apr
3% Apr
85% June
32
June
98
Apr
17
Aug
106
15'
May
4% Apr
3
42% Jan
8
5% Aug
6% Apr
£3% Dec
13
15
35% Jan
%May 20
13
Jan
47% Jan
22% Sept
105
Dec
30
Jan
27
Apr
Oct
95% June
1% Sept
1% Aug
9%
%
Apr
4
Sept
4% Sept
14
Oct
Apr
78 Sept
1% Sept
1% Sept
3% Sept
%
Dec
%
Dec
Apr
30% Aug
44
Aug
% Jan
%
% Aug
20% Jan
39% Sept
60% Nov
% June
84 Apr
%
8
%May 21
Jan
8534
10
Mar
60
Oct
Sept
62%
% June
1% Jan
1434 Jan
21
6%
96
Jan
21% Oct
29% Sept
47% Sept
% Jan
21
5%
Jan
Aug
% Sept
178 Jan
1% Sept
7%May 21
11% Mar 28
9
16% Apr 15
6% Mar 25
10
2%May 21
33% Apr 3
91% Apr 8
14% Jan 26
25
63%
9
Apr
79
Jan
97% June
5
No par
24
May 21
June 19
53%May 28
10
June 18
% preferred
100
89
June 25
98
100
45
May 18
?60
.5
2
May 15
Clark Equipment
No par
CCC & St Louis Ry Co
100
24
May 21
4% Apr 26
40% Apr 18
124
July 8
5%
preferred
124
July
8
Feb
6
Jan 30
100
56
June 19
Clev El Ilium $4.50 pf.No par
Clev Graph Bronze Co
108
May 21
(The).l
26
May 21
Clev & Pitts RR Co 7% gtd.50
Special gtd 4 % stock
50
Climax Molybdenum..No par
74
May 16
80
Mar 28
46%May 16
48
Mar 26
Cluett Peabody & Co..No par
Preferred
...100
Coca-Cola Co (The)
No par
No par
Colgate-Palmollve-Peet No par
$4 .25 pref
Collius & Alkman
No par
No par
5% conv preferred
Colo Fuel & Iron
100
Corp. No
par
25%May 22
25%May 21
May 22
99%May 21
65
Mar
6
114% Jan 10
43% Mar 8
41% Apr
45% Apr
1
4
Feb
69
Feb
I067g Sept
115
68
20%
Feb
Apr
39
Oct
69
Sept
78
Mar
42
Jan
3458 June
21%
45% May
60% Jan
63
Feb 27
58
Jan
20
Feb 21
11% Apr
94
June 10
16%May 21
108
May 23
12%May 21
99% July 10
35% Apr 8
112% Feb 10
24
May 10
16
May 21
100
59
June
79
t c No par
71
May 29
Cash sale
May
May 24
67%May 28
r
Oct
Oct
140
10%May 21
Columbia Gas A Elec.-No par
6% preferred series A
100
n New stock.
May
Mar
Dec
May 21
Commonwealth Edison Co..25
140
4%
Mar
66
434 Apr 4
634 Apr 4
5
Apr 4
26% Mar 12
26% Mar 12
7% Apr 8
93% Apr 8
400
34 %
38
May 17
17,400
Apr
135
May 22
Solvents..No par
58
15
133
16
Commercial
4612 Sept
2% Apr
Sept
Sept
Columb Br'd Sys Inc cl A.2.50
Class B
2.50
10
94% Oct
14% May
Sept
134May 15
4 H% conv preferred
IOO
Comm'l Invest Trust..No par
$4.25 conv pf ser '35.No par
41
105
2
par
Apr
Apr
Mar 30
2
t c...No par
Dec
131
100
v
9% Mar
15% Sept
13% Jan
125
IOO
v
4%
Apr
Apr
Feb 14
100
5% preferred
Columbian Carbon
7%
142
131
4% 1st preferred
4% 2d preferred
Commonw'lth A Sou__ATo par
$6 preferred series. —No par
Def. delivery.
8
33
9
*i«May
6%
41% Sept
£43
30% Apr 18
29%Mar23
May 22
Jan
Jan
June
July
Apr
63)2 Aug
11834 Jan
66)2 Jan
35)2 Apr 29
6
41
47
13% Apr
2% July
100
%May
% May
8%May
23%May
3% Sept
1734
20%
No par
Columbia Pict
9%
1%
a
45
Jan
10% Sept
3% Sept
Sept
par
17%
Chlckasha Cotton Oil..
10
Childs Co
No par
Chile Copper Co
25
$2.75 conv preferred. No
Commercial Credit
300
Apr
16% Nov
84% Nov
4% May
3234May
72
Apr
29% Sept
Apr
July12
100
100
1,200
9%
Sept
preferred...No par
cum div No par
JChic Rock Isl & Pacific.—IOO
7% preferred.
—.100
100
2,100
% Feb
4% Aug
18
($2.50)
4%
35%
July
22
conv
18%
28%
100
35%
9%
1%
100
'
Sept
63
6
Colorado & Southern
600
30
48% Mar
9
13
21
21
18
Ap<
Apr
8
Class A
59)2
109%
*79%
*4)4
28)2
"""800
16
102
this day.
120
80
*22
24)2
*108% 109
11%
19%
28%
80
*57%
11%
99%
19%
28%
80
59%
11%
99%
*2%
*17%
200
103
*2%
*3%
6
"16
103
3%
3%
63
11138
32%
11% Aug
13% Apr
8% Feb
100
400
*55
25%
36% Feb 15
JChlcago & North West'n.100
City Stores
111
*31
7
3
40)2 Jan
119
Jan
3
Apr 17
6% Mar
75
9%
4
»4 Jan
Chrysler Corp
City Ice A Fuel
124
103
414
102
*
63
6% Sept
% Feb 28
Chicago Pneumat Tool .No
Sept
2% June
May 21
100
734 Sept
20
3
% Feb 28
$5 preferred
6
30
June
1
Apr
6)2 Mar
Jan
34% Mar
4% Jan
City Investing Co
103
*2%
19%
*414
30
11
30
20% Dec
1834 Jan
23«4 Mar
JChlc Mil 8t P & Pac..No par
400
2%
21)2 Apr
11% Apr
21%May
par
Jan
Jan
6% Nov
Apr
May 21
17%May 22
8
55%
18%
6%May 21
100
140
*3)4
5%
30
20
11,300
92%
*45)2
*2)4
2%
*133
*2)4
6
*92
....
124
24
65%
10%
140
4%
85)2
6334
600
*133
3%
4%
*4%
47«
18)2 *17%
18%
28)2 28%
29
29
*98% 100
*98% 100
34%
34%
34%
35%
*100
101% *100% 102
8%
9
8%
9%
1%
1)2
1%
1%
*60
62%
62%
62%
30%
30%
30)2
30%
Bid and asked prices; ao Bales
30
3%
4%
*17)2
80
*98% 100
23
*45%
2%
*23%
100
3
Apr
15% Aug
3%May 22
25
6% preferred
10%
*10%
112% *111% 111%
32)2
31%
32
103)2 *102% 103%
59%
*57%
5912
12
12%
*11%
23
19
*17%
*28)8
63
108% 108% *108% 109
19%
578.
34
*133
*98% 100
22%
*108% 109
27%
34)2
*133
103
*2
19
34
*133
31
124
*60
32%
27%
2%
200
Apr
3
3
...5
Chicago Yellow Cab
10%
*2%
10%
92%
*31%
22
3
66
*77
*108% 109
10%
3
24
*2%
%«
%«
*8
*10%
No
Chicago Mail Order Co
Pr pf
*%
Apr
4
29% Apr
23% Apr
97% Jan 16
2)2 Jan 3
2% Jan 24
12% Jan 4
% Jan
$3
%
*)8
94s4
13% Jan
106% Aug
15%May 21
May 28
99%June 22
5
Sept
25% Nov
Apr
4
15
41
Apr
Apr
5%
3
22%May 24
15% Dec
60% Dec
30% Aug
9%
1
No par
Preferred
""500
13% Apr
31% Jan
Jan
4
90
%May 15
%May 28
47
*%6
10%
*—.
27%
*43
*%
65)4
*45)2
10%
*29
*8
*92
34
,
Apr
Apr
Apr
100
6% prior preferred
Preferred series A
32
%
*23)2
112% 112)2
11%
*%
*5ie
10%
92%
32%
12
*'2
9%
67
80
*57%
%
Jan
6% Apr
100
500
2
7%
27
Jan
7% Jan
114% Mar
tChic & East 111 Ry 6% pf.100
JChic Great West 4% pf..lOO
2,100
1,300
Aug
5% Apr 22
June 12
6,000
%
Mar
2%May 18
1,000
*%
10%
106
tChesapeake Corp
Chesapeake & Ohio Ry
316
*%
*934
l%May 15
200
400
%
June 15
17% July 19
10%June 10
3%May 22
30%May 28
84%June 17
1
*'8
48
Cham Pap & Fib Co 6% pf. 100
Common
No par
7%
%
42%May 15
20 May 21
105%May 22
5
May 21
Checker Cab Mfg
*7
%
Certaln-teed Products
June 10
100
*15ie
3i#
100
Assoc.No par
Central Foundry Co
1
Central 111 Lt 4pref._100
100
3
200
7
3ie
No par
5% preferred
Central Aguirre
Chain Belt Co
7
%
%
par
100
Celotex Corp
Central Vloleta Sugar Co
Century Ribbon Mills.No par
Preferred..
...100
Cerro de Pasco Copper.No par
50
22%
14%
4%
38%
98
1%
37%
*8834
*1'8
7 % prior preferred
par
300
"116
101
Caterpillar Tractor
No
Celanese Corp of Amer.No
75%June
^Central RR of New Jersey 100
1
1%
24
"2%
70
100
300
98
*23)2
65%
2%
113
101
37%
*10%
30%
20
500
900
*88%
*1%
10)4
*31%
99%
*4
66%
*77
*11%
4%
24
*45%
240
600
1,000
1,490
*13
,
11,500
43s
21%
18%
*22
1
100
Preferred
*4%
20%
14%
Carriers & General Corp
Case (J I) Co
Aug
53
13% Apr 22
3%May 23
37%June 25
"2",200
May
6% Jan
4434 Jan
6)4 Feb 17
33% Apr 29
2%May 22
29%May 28
1
22%May 21
2
May 24
39%May 23
2,500
*16
25
S3 preferred A
10
Carolina Clinch & Ohio Ry 100
400
41
Apr
12
July 16
Carpenter Steel Co
200
Apr
Apr
4134
1%
3612 Dec
4%May 21
II
No par
5
16%
31
40
May 21
Oct
Feb
15%
31%
23% Apr
21
100
24%
4%
4%
21%
2134
*17%
18%
100% 100%
*22
23)2
64
32%
34
8%
10%
80
33%
30
734 Aug
34
39
200
24%
47%
hi
*78
140
25%
*43
%»
*31 %
*33
25%
24
63
27%
37%
102
*90
31%
14
*8
102
*10%
*91%
—
63
8%
*10%
2%
2%
3078
*.—
*102)2 103%
*57%
60%
*90
47
*%
7ie
*8
1078
3%
28)2
63%
10%
92%
—
*37%
32
*S18
%8
*
*133
Capital Admin class A
*28
*%
%6
8%
124
*112
10
*%
*....
27%
200
%
*10%
113
300
4
"u
3i«
*10%
*278
28)2
34
4
%e
%#!
%
%
*S15
3
*32
4%
*)%#
1%
1
*%
3i«
*%
*8
1078
3
33)2
37
98
100
37%
37%
%«
*%
%6
3,400
*3%
37%
*4
*7%
*43
8%
3
*2%
Canadian Pacific Ry
Cannon Mills
4
%«
9%
%
*%
*1%
*27%
47
*%
22
*%
%
10%
10
36%
2%
*13
18%
%
30
*43
4%
23
%
*%6
si«
*27
26
%
1/1
it
*16
102
*12%
37%
*1%
98
22
14%
4)4
*1%
3ie
2%
33
4%
*100% 108
21%
*4
3678
*6%
2%
90
*86
90
8834
88%
29
29%
*28%
29
*28%
28% 28%
2%
2%
*2%
2%
*2%
2%
*2%
2%
50
4H
4.8
50
*48%
50
50
50
*101% 110
*105% 110
*105)4 109% *105% 109%
46% 46%
47%
48%
47%
47%
4734 48
28%
29%
28%
29%
28%
28%
2838 29%
117
117
116)2 117
117
117
118
118
*6)2
6%
6
*6l2
6%
6%
6%
6%
*53
59
53
53
*51%
58
*51%
60
*17%
18%
17%
17%
*17%
18%
17)2
17%
1%
1%
1%
1%
1%
1%
1%
1%
111% 111% *11134 112
*111% 112
111% 112
*3
2%
3
3%
*3%
3%
3%
3%
*5
5%
*5
*5
5%
5
5
5%
*3
*3
3%
3%
*3
*3%
3%
3)2
*47% 49%
*104% 110 I
46%
45% 46%
27%
27% 28»2
6%
2%
*28%
2%
49%
6%
400
1,200
*87
90 I
27%
*2) 2
2%
36%'*
2,000
3434
734
ll%May 21
Canada Sou Ry Co
34
*5%
par
Apr
Sept
May 21
1
34
278
2
51
12
2%
21
Jan
50
"
Jan
4% Sept
Apr
1334 Jan
Callahan Zinc Lead
Calumet & Hecla Cons Cop..6
Campbell W & C Fdy__No par
Canada Dry Ginger Ale
5
51%
1%
5%
*1
32
Apr
81% Jan
15% Jan
26% Feb
62% Mar
1% Feb
8% Feb
19)2 Apr
3*400
*47
Dec
Aug
22
California Packing....No
6% preferred
Participating preferred.. 100
Byron Jackson Co
No par
24
22
22
1,100
14%
2%
33
6%May
May
9
May
14
May
18
12
2%
No par
l7%May 28
2%May 24
10
14%
*
7% July 3
2
May 21
5%May 21
4%May 21
par
100
18
111
33
1
Bush Term Bldg dep7%pf.l00
Butler Bros
10
Dec
Jan
Jan
7
21% Jan 10
12% Jaa
Bush Terminal
Byers Co (A M)
Jan 19
63 %
Jan
12)2
10% Feb
17%May 21
12
12
2%
20
334 Apr 11
24% Apr 6
110% July 9
25% Jan 4
37% Apr 30
29)2 Apr 6
121i2 Dec
16%
I884
1%
19%
5%
Mar 15
12%May 22
par
58
14%
1
No par
Buiova Watch..
No
Burlington Mills Corp
Burroughs Add Mach..No
3%May 22
12
5%
1
No par
Bullard Co
*52
*11%
14%
*47
51%
1
6%May 23
97 May 28
May 23
6
5%
18
May 21
14%May 21
May 21
Butte Copper A Zinc
12%
1
19
13%May 21
27
3
500
14%
5)2
*50
51%
1
1
18%
3
21
30
400
5
Jan
par
5% conv preferred
5%
27%
*27
90
100
500
12%
*14%
5
*112
600
2,300
2,500
1,000
1*2 Jan
13% Jan 30
100
7% preferred
Budd Wheel
51
8
13% Apr 29
23% Apr 8
39% Feb 1
5334 Apr 5
May 23
49
par
500
5%
*2%
*2)4
*3%
7%
7%
2,100
1,100
21
27
38
5%
12%
*50
19
par
5
No
7
23
13%May 22
May 22
par
19%
3%
7%
14%
1%
*110% 111%
*29
5
5%
1%
*45%
*7%
330
8
19%
58
*11%
3,700
7%
12%
14%
*6)2
*91
5%
19%
3%
12%
19
5%
*116% 117
*24
2%
12
18%
110
*8
*3
7l2
26%
27%
16%
7)2
2%
*6%
27%
16%
57
57
*11
51%
18%
34
*9%
19%
3%
26%
*26%
16%
434
28
14%
1
*3i
20%
4%
3%
33%
4%
12
*45
1%
5%
*88%
7% preferred
Budd (E G) Mfg
102
3%
33%
14%
61%
*1
36%
30
102
7
*5
3
par
Bucyrus-Erie Co
12
*46
*4
1,700
14%
19
*12%
7%
12%
18%
51%
1%
5%
*18%
*4
19%
3%
3%
7%
3%
7%
7%
7
5
*3%
7%
104
7%
2%
6%
*5
3
Bruns-Balke-Collender.No
3%
37%May
May
May
4%May
8
May
Brooklyn & Queens Tr.No par
Bklyn-Manh Transit.-No par
1,700
2%
2%
*6%
2%
*6)2
2%
7
100
18
22
12%May 21
5
19)2
7%
5%
"MOO
17%
32
1
26
Sept
100% Sept
24)4 Mar 27
25% Jan 3
2% Jan 4
5
5
$6 preferred series A .No par
Brooklyn Union Gas...No par
Brown Shoe Co
No par
1
3
123% Jan
70% Mar 20
29% Apr 25
June 10
17
100
Bower Roller Bearing Co
19%
*4%
7%
1,100
6,500
115
17%
*28%
Borg-Warner Corp
19%
36
*26%
*26%
16%
*5
3
17%
32
3%
35
*6%
*
17%
*28%
19%
35
4%
3%
23%
23
*108
7%
103
3%
34
23
115
19
103
9
17%
3%
23
32
7%
104
3%
*108
18%
1,100
1,300
4,300
9
17%
3%
23%
4%
4%
26
*218
7%
2%
7%
32
15)2
7%
15
7%
19%'
*103
30
4%
29
5%
9
17%
17%
3%
115
18%
*28)2
19
3%
30
4%
227„
*108
18%
29
'
104
3%
30
*17%
7%
*103
3%
23
*108
115
19
712
3%
3%
1778
51%May 22
17%May 28
1
15
43
*18%
*51%
*17l2
Bond Stores Inc
Borden Co (The)
*31
*28%
27
No par
*41
30»s
19
46
No par
33
3%
23%
*28%
*105
Jan
Bon Ami class A
43
43
3%
17%
*3%
*37%
*85l4
*25%
*2%
*4714
Jan
28%
*31%
*41
9
9%
17%
share
per
34%
16
*41
*31%
42%
3)2
23%
*9
9%
18
(
1634 Aug
Brewing Corp of America
Brldgepoit Brass Co
No
Brlggs Manufacturing .No
Brlggs & Stratton
No
9
8%
17%
33
17%
Highest
share
per
28% Apr 15
Boston & Maine RR
"""400
S
29%May
17>2
914
17%
134
31%
share
l2%June 10
5%
5
per
19%May22
99 May 23
1%
31%
S
5
Class B
19%
1%
31%
5%
share
Lowest
5
6)4
18%
2%
*31%
20
16
1%
per
Year 1939
Highest
Boeing Alrolane Co
3H2
1%
I
Range for Previous
Bo Lin Aluminum <fe Brass
700
*1%
113
5%
*11%
14%
11,000
*30%
6%
8%
*17
15
14%
22
1*4
35
3%
*28%
13%
*21
15%
*1%
*30)2
5%
*31
*103
16
14%
22%
30i2
*1%
30i2
*5)8
*8%
1714
*1812
Par
60
24
Lowesi
Shares
110
60
Ranoe Since Jan. 1
On Basis of 100-Share Lot*
EXCHANGE
Week
$ per share
*55
60
23%
23%
per share
19
110
18%
*108
I $
July
STOCKS
NEW YORK STOCK
the
106
15%
July 20, 1940
Sales
Friday
,
18
14%
*21%
22%
3%
July
14)g
14's
14%
14%
21%
21%
21%
22
*106
110
109% 110
15%
42l4
Thursday
$ per shaie
22*2
18%
3
for
Wednesday
July 17
*55
110
21%
|
16
Record—Continued—Page
SHARE, NOT PER CENT
4%May 22
3
Jan 26
9834 Apr
4
20%
100
11%
Apr
Apr
3% Aug
Apr
14
Apr
5%
74%
6212
Apr
9
Feb
91
Mar
Jan
83
Feb
Apr
96
Oct
Dec
15% Jan
30% Mar
8% Mar 15
15% Dec
48
3834
9812
Apr
42
Apr
June 10
97
8
June
4
May 21
34May 22
42
May 21
25%June 10
xEx-dlv.
y
Jan
3
108% Feb 21
934 Sept
8% Sept
25% Dec
25% Dec
Jan
23% Jan 29
June 13
Oct
24% Sept
8)2 Sept
3%May 21
32
37%
111)2 Dec
1434May 24
27%June 10
95
Dec
Apr
14
6%
18
Apr
234 Aug
3% Sept
73
Jan
62% Dec
Oct
57
Jan
109% Aug
56
Apr
8
113
Mar
6
10334 Sept
16% Apr 5
l34June 28
8% Aug
16
1% Dec
2% Feb
72)2 Aug
32% Dec
73% Jan
33
Ex-rlghts.
Apr
8
8
4534
Jan
£25%
Apr
60
Jan
110% June
Called for redemption.
Sept
Volume
AND
LOW
July
13
July
•
,
*12
20%
207g
9%
87«
21
*70
80
86%
85
5%
5-%
*84%
5%
*6%
7
*6%
234
6%
*2%
6%
1%
*1%
*2%
*12
634
|9%
87g
78
78
34
»16
101
*100
13%
9
34
78
78
78
78
500
Consol Coal Co (Del) v
*7g
8
*6
33%
234
18
*22%
18
*53
*48%
*48%
*5
5%
5
*38
78
»%
14%
92
89%
90%
23%
23
23
*4%
*2134
434'
22%
*22
22%
*35%
37
*35%
36%
14%
*4%
28%
14i8
8634
283g
82
81
86%
2812
*79
4%
11%
22
*21
2
7
38
7ig
3812
7
I8I4
8934
91
90
9012
293g
82i2
75
*70
*25g
45g
3%
338
33g
t»i *%
*111
,38
11212
*ig
112l2
13
13
13
*27%
*39%
*57g
*1512
*27%
28i2
40
6i4
3934
*534
15%
73%
16
73i4
*71
11%
*10
333g
*16%
13%
*68
*145
21
67g
*10%
*10
33%
107g
107g
*10%
lli4
2212
2%
*20%
2ig
3834
7*8
22i2
2
38i2
7i8
24l2
1834
412
1834
*3'S
117g
3i2
i2
*%
11212 *11H2
13
|
13
28% *28%
3934
40
6%
6%
15%
15%
74% *71
12 |
10%
33%
67g
12%
17%
13%
17%
13%
*114
15834
125
119
16512
170
157%
13%
*%
317g
14
29%
13%
"
32 I
29%
31%
%«
Sl«'
31%
31%
32%
14
14%
14
14%
?
<.1
*%
5%
32%
29%
*267S
*7g
*32%
4,1
878
6%
*%
35%
*19
1334
*90
*17
*2%
32%
13%
27%
*27%
*40
42
*76
84
90
*85%
90
*85%
%
%
*19%
1%
1%
30
68%
800
149
_
6%
*10
7
12
*114
114
21%
6%
12
115%
4
*1%
6%
6%
*37g
*6%
30%
30%
34
*%
*4%
38%
*37g
*%
5
*4%
5
38%
39
14%
18%
*17
*2%
~
18%
*17
18%
*17
%
3234
*12
1334
33%
20%
*16
5%
*18
534
%
*86
1334
3378
*12
Bid and asked prices; no
*2%
3
%
%
18
18%
91
1334
34%,
20%
*2%
34
91
91
*1334
*86
*13%
14
35
35%
35
*12
20%
*12
400
400
2,600
4,600
300
33
34%
7,300
8,700
30%
28%
300
1%
800
*32
33%
200
42
200
28%
*85%
300
83%
90 1
83%
84
90
200
34
*»K
34
1
50
3,800
78
*76
100
1
*78
500
*1%
134
12%May 21
2578May 22
1%
34
No par
Casting Co No par
Mines Ltd
No par
30%May 22
38
F"eb 29
30
14
10
ll%May 22
24% Apr 23
237g Jan 10
20% Sept
3
947gMay 10
55
Class A
Dome
8%
$4.60
200
200
19
900
9034
*86
93
100
14
*13%
35
20%
112%May 22
11884 Jan 19
100
4
2
35%
*12
J In receivership,
a
14
35%
200
2,200
20%
Def. delivery.
25% June 10
Mar
44%May
6% Jan
117
May 15
June 10
155
June 10
178
May 22
37
Apr
10%May 28
% Mar 28
111% Sept
12%
Apr
334 July
Jan
22
8
16634 Jan
3
Apr
Sept
138%
Apr
155% Sept
15%
Apr
15% Sept
17% Jan
1
1% Jan
Aug
May 21
4134 Apr 16
22%
Apr
10%May 21
18% Apr 20
8%
Apr
Am shares...
Electric Power 4 Light. No par
%May 22
1«4 Jan
May 15
18%May 21
8% Jan
25
Elec & Mus Ind
$7
preferred
preferred
No par
3
No par
15-% May 21
Battery..No par
Elk Horn Coal Corp...No par
El Paso Natural Gas
3
End loott Johnson Corp
50
5% preferred
...100
Engineers Public Service
1
$5 conv preferred
No par
$5H preferred...
No par
$6 preferred
No par
z2478June 6
58May 22
26
May 21
$6
—
Elec Storage
4
1% Sept
6% Apr
36% Jan
3184 Jan
20%
1834
33%May
23%
%
Apr
Apr
Apr
Apr
28
Jan
1«4 Jan 10
417g Jan
3
32% Aug
zl03% Mar
35
May 22
46
Apr 13
102
May 22
112
Mar 19
5%May 21
May 31
May 31
12%
Jan
7
Apr
63
83
Jan
62%
Apr
66
89
Jan
65%
4
97
Jan
69
84
Mar
8
Apr
Apr
»4
Aug
3aMay 15
7» Jan
%May 15
1«4 Jan
1
3% Jan
1% Sept
1% Apr
3% Sept
Co. No par
l%May 14
%May 15
278May 25
5
May 21
20% Jan 15
%June13
3%June 10
29%June 6
49% Apr
8
24
Apr
Fajardo Bug Co of Pr Rico..20
Federal Light & Traction... 15
17%May 21
11
May 23
31% Apr 18
187g Apr 3
20
Apr
Mar 27
81
Jan
3
29
Dec
Equitable Office Bldg..No par
JErie Railroad
4% 1st preferred.
4% 2d preferred
—100
100
100
Cleaner
6
Co—.—.—5
3
Buffet Corp. No par
Co 8% pref
100
Fairbanks Morse 4
$e
2%
*%
Apr
pf. 100
..1
Boat
Fairbanks
34
2%,
Apr
108
120
3
Electric
Exchange
19
10
Jan 17
May 15
112
Eltlngon Schlld
No par
Electric Auto-Lite (The)
6
99
%
1384 Jan 18
9%June 10
114
4
6% cum preferred..
Manufacturing Co
Edison Bros Stores Inc..
200
3
Dec
9
126
Eaton
1,500
19
Mar
6
Apr
126%
Mills
6
Kodak (N J).No par
38
17%
6
Mar 30
8
Ex-Oell-O Corp
17%
Apr
Apr 24
10
189% Apr
Evans Products
"166
101%
30
146%May 28
114
May 22
Eureka Vacuum
*91
171
5
Eastern Rolling
900
14%
Apr
Aug
May 21
1
100
500
*13%
Mar
& Co—20
No par
Duquesne Light 5% 1st
Eastern Airlines Ino
Eastman
934 May
9
May 28
137
No par
preferred
14% Apr
1484 Jan 12
No par
No par
preferred
Du P de Nem (E I)
May 21
65% July
No par
Douglas Aircraft
Dow Chemical Co
Dresser Mfg
2,200
19%
Jan
8534 Apr
6%
100
Apr
5% Aug
13»4 8ept
66
Sept
20
37g
5
3634 Sept
12%May 21
307g
" it
28
4314 F%b "
10% Feb 2 1
6614 May 24
9% May 15
30%
*%
*4%
38%
19%
363g Apr 10
Ltd.No par
37g
*>
23% Jan 10
434May 15
Doehler Die
200
4
634
3034
84 Jan
125% Jan
May 21
32
3% Sept
% Dec
103
Apr
18
Sept
57g Jan
5% pref with warrants.. 100
Co
No par
100
*'»!«
134
Raynolds A..No par
Match
No par
Dlxle-Vortex
4,700
*39
%
*18%
galea on this day.
3
1834
*%
10
4,400
30
18%
18
2,500
Apr
Apr
% July 11
98%May 22
Distil Corp-Seagr's
900
500
Sept
1584
pf. 100
100
Duplan Bilk
20
Apr
4%
103
Apr
200
5,700
Apr 27
838 Apr
113% Apr 12
2378 Apr
Aug
600
70
3,900
5% Mar
12%
Co
Dunhll. International
1,200
*1
32%
99
18%
9334
13%
*13%
*17
*85%
1334
32
13%
*13%
14%
*91
18%
*%
32
13%!
*19%
*19%
99
'2%
15%'
%«:
*14
32%,
20
14%
20
*19
*90
*%
j
38%
20
14%
99
2%
15
78
30%
3734
37
197g
*78
1%
1%
*7g
34
*4%
36
1"
*1%
*90
*18
157% 158%
158
3,200
2,900
Jan
13% Apr
3% Aug
14% Sept
22% Apr 30
8%May 21
2%May 21
6% partlc preferred
26
Diamond T Motor Car Co—2
200
14
21%
21%
*»i«
6%
37g
%
5
*87%
30%
0%
6%
30%
1%
1%
*34
3%
3%
*%
36
*1
*83%
143g
14
68
149
68%
14978
78
99
33
18%
14
Apr
Apr
46
May 10
10
100
Lack & Western..60
21
Dlesel-Wemmer-Gllbert
50
17%
14 1
60
1114
Diamond
500
June 11
Aug
23
Devoe &
18%
June 10
17
Apr
4%
19%
73%
1938 Apr
23% Jan
300
11%
Deo
3% Sept
28%May
600
33 %
26
38
May
June 10
530
*33
Aug
1178May 22
JDenv ARG West 6%
*10
Apr
Aug
9
lligMar
145gMay 15
3
May 21
1334May 22
20
Preferred
Detroit Edison
100
3
323gMar 14
92
Mar 29
l33gMay 22
Delaware
1,100
June
27* Aug
48
61
358May 22
107 June 13
1,000
16
Apr
62
4% Jan
May 17
No par
Apr
24%
60
5
25
Apr
75
87gMay 10
June 17
(The).l
Dayton Pow & Lt 4^ % pf. 100
""400
75
Apr
9
75
Inc—No par
& Co
Sept
28
91% Feb 24
17
Apr 22
293g Feb 24
634 July 3
21%May 21
A
Davison Chemical Co
Deere
33
4% Jan
6
2
Delaware <fe Hudson
11%
42
78
79
200
May 21
19%June
1
Cushman's Sons 7% pref.. 100
$8 preferred
No par
Class
May 21
31
1
Curtlss-Wrlght
May 21
97gMay 23
No par
Apr
Feb 26
46
184 May 24
334May 21
60 May 21
6
(The)—No par
67g Aug
43% Apr
21%May
95%May
43%May 10
95
Apr 2
July 17
64
Ino
1,600
100
10734 10734 *107% I097g *107% 1097g *107% 1097g
9 ~
9
9
87g
9
9%
87g
9%
79
900
500
33%
1
*40
42
100
6%
*71
534'
32%
""300
3934
1534
1534
75
Press
Jan
20%
25
30
Pref erred......
Apr
387g Apr
75
No par
100
Preferred
100
Cuba RR 6% preferred... 100
Cuban-American Sugar.
10
Preferred
100
Curtis Pub Co
93
l83gJune 11
Crucible Steel of America..
Packing Co
Sept
% Sept
Sept
26%
30% June 12
12
May 22
preferred
conv
3
16
32s4 Feb
7»4 Jan
36
6
Davega Stores Corp
Conv 5% preferred
I
412
llOSg
*578
6%
33%:
30%
28%
*90
20%
20
June 14
Apr
Sept
3%May 22
No par
Cutler-Hammer
3934
5%
*13%
92
41
33%
30
*27%
1
1
3234
90
3%
6%
28%'
1
32 34
*85
1%
134
1%
6%!
1334
*85
110
%
27%
*82%
*34
9lt.
2934
84
*1%
*14%
99
34
*438
111
*155g
157g
16
24
2438
247g
16
*1334
15 J
12 I *1H2 115S
312
3i2
3i2
7u
%
117 *114 1185s
127g
12% 13
29 ( 28% 2834
32%
13%
31%'
*82%
*4%
3
*15 ~
438
43g
June 13
23
No par
100
338
4i2
20
*15
327g
14 I
5%
78
*1
15%
35
32%
84
5
36
197g
18
33
I
43s
75
pref w w..No pur
800
18%
18%
19i2
*3ls
4i2
20
4%
*82%
30%
%
*17%
*1134
*3U
*76
30
*%
*13%
10978
87s
%
4
*1812
*76
*9i«
*6%
19
30%
*40
*3%
19
33%
41
41
1%
134
1%
56
578
3378
30%
5%
1
1
75
*45
9lt
34
90
*4%
a.
_
1
I
"70
56
%
,
ie
*32
*86
*30%
q
34
84' I
*34
I
*32%
*82%
*7g
*1%
.
*2678
*78
76
76
Q
■
34
87S
1,700
74
45
*h
28
1
2934
*106% 10978 *107%
834
2414
*70
%
534
33
30
28%
1
42
42
*%
32 %
29%
16,900
24
56
*1334
15
15
14
*%
5%
iii«
5%
32%
900
7i4
7
24
,
14
2,600
3858
385g
7%
24
conv
Jan
5478
24% Jan
105
Jan
100
(The).2
Crown Zellerbach Corp
$5
5
June
ex-warrants
Cuneo
I
80
*11038 11218 *11058
1534 157g *1512
*24
2478 *24ig
15 | *14
15
*14
12%
1134 12
*1158
3i2
3i2
3%
312
%
*%
%.
*%
H5 1115
115
115
13%
1234 1234'
12%
28% *28
28%' *28%
*39 ~
40 I *39% 41
*57«
6%' *57g
6%
1534
15%
15% 1534
*71
80% *71
75
10% *10% 11% *10%
33% *33
33% *33
17% *17
17%
17%
13%
13% 1334
13%
70%
68% 6934' 68%
147% 150% 150% *145%
22 |
22
22 j 21%
7%'
7%
7%' *6%
10% *10
12 | *10
• 114
114 I 114
159% 15734 159% 15734
14
28%
24i2
7%
2478
$2.25
49
150
May
179
1% Apr
13
No par
Crosley Corp (The)
Crown Cork & Seal
200
2
124
124
124
124
124
124
124% 124%
1*116% 117% *116% 117% *116% 117% *116% 117%
29%' 29% 297g
29% 30 I
29
29%
29
29%'
3%'
4
4 I
*3%
4%' *3%
4%
*3%
4 I
120
I 119
120% 119% 11978 119% 119%
119% 11984'
165% *165% 170 1*165% 170 1*165% 170
*165% 170 I
29%
2978 30%
30
307g *29% 30%
29% 29%'
3%
4
118% 11834
*3%
7k
5% conv preferred
Cream of Wheat Corp
May
7% Apr
25
Co
Apr
Apr
25%May
May 21
4
Internat Corp
Crane
-
6gJune 22
1
1
Coty Inc
10l4'
2212
117
29
65% Jan
"l",366
125
117
124% 12478
114
158
*116% 117
*28%
29
68%
147
21%
7%
10%
7 i
12%
7
*10%
15734 15734
*
33%
114
t*165
15
395g
39
*15
20
*15
13%' 13
69
j
68%
68%
151% *145% 147
21
1
*21
21%
61% Jan
Cudahy
*45
56
*45
|
70
44%May 21
165 May 25
70
2
Apr
1%
May 28
Co.20
Corn Products Refining
25
Preferred
100
200
1014
2212
2%
3834
29%
484 Feb
May 21
6
50
pref. 5% series
conv.
Corn Exch Bank Trust
I
75
*70
80
*70
1178
3*8
17%| *1634
412
*66
75
*70
3l2
458
*25s
4l2
4l2
434
*20%
412'
I
*33
*114
3%
74i2
*80
3i2
2ig
39
7U
2434
15
11%
1178
81
*25g
293s
2958
81
1H4
20
*14
16
*14I8
2912
22i2
*43g
4%
458
4%
*4%
434
*10912 113
*110% 11218
*109% 113
15i2
15%
15i2 157gj
*15%
15%
*24
*24
2412
2412 24%
24l2
L*1134
30
823s
Apr
40% Mar
41
200
29l4
Apr
Sept
5
47
320
*81
32%
zl06
9
49% Apr
116% Jan 26
9% Apr
Copperweld Steel Co
1,800
I
2
18%
*15
20
90
*21
56
*3ig
4i2
*3%
*15
90
♦lOSg
80
18
I8I4
89i2
30
827g
3i2
434
♦43s
24%
*45
56
*45
14
*70
7k
*70
80
1378
Dec
16%
"V, 800
14
Apr
1
z87% Sept
Apr
Pref
14
9% June
11%
33
70
143s1
Sept
197g Aug
I
14
Apr
Aug
88
Jan
"""966
39
14i2
2938
*80%
*258
38
2412
24i2
24%
*70
37I4
May 21
July
I84
25
47g
*37
11%
22%
2i8
*1012
2ig
38 >2
2ig
39
76
22
*10%
23l2
37i4
2278
37
1
8%
16%June 10
l8%May 21
15% Mar 16
710
89i2
4%
4l2
70
70
39
II
384 Dec
6% Aug
277gMay 26
2
May 15
200
14i4
3i2
*2%
3%
4%
*25g
*68
39
784 Sept
$2.50
1
Continental Oil of Del
6
Continental Steel Corp. No par
"MOO
233g
2234
36
Dec
Continental Motors
Continental Insurance
Coty
I
Jan
84
106%May 31
4%May 21
100
147g
33
20
Apr
101»4
preferred
No par
Diamond Fibre. 5
Continental
2,800
23%
27
1% Apr 4
97% Jan 10
5
June
Apr
7% Nov
7
Feb
104
70
100
Continental Can Ino
6
8«4May 22
No par
B
preferred
8%
1,500
91
5
Class
June
Apr
79%
1583 Jan 10
400
1412
15% Aug
5% Apr
73
19% Apr 24
7%May 21
84May 16
1,600
2314
*434
*37
2234
36
978May 21
Container Corp of
2,200
90
37
22%
36%
America.20
Continental Bak Co cl A No par
300
1478
*453
5
93%May 22
3,400
9014
90
5% May 22
5% preferred v t 0
100
Consumers P Co$4.50 pINo par
800
518
34
*%
Deo
2%May 21
4.400
25
1434
*23
*37
22 7g
*3678
81
86%
*3678
39
14%
*4%
5
15
90%
25
*23
25
*4%
*22%
*35%
39
14%
87%
29
t*367g
^*14
1434
90%
9078
90%
*23
5
,
15
14%
14%
*89
34
*58
978
1
""266
177
518
5*8
34
5i8
*%
*%
*23
14%
78
5%
5%
*172
180
*172
175
5%
5
5%
34
*171
175
*171
173
173
175
*171
Sept
5%May 22
Oil Corp
$4.50
114
Feb
Jan
5
pf.100
t 0..25
1,600
39%
39%
30%
2%May 23
100
80
80
81
*77
*76
78%
39ig
39lg
39
3914
397g
39
3934
39%
39%
39%
*113l2 114
*11312 114
*113% 114
*113% 114
*113% 114
*534
6
*534
6ig
6
6%
6
6%
*6
6%
6%
36%
36i2 *35i2 36i2
36%
*35%
34
34%
34%
3334
337g
27g
27g
3
278
278
3
234
27g
278
234
278
1834
187g
18i2
1834
1834
18%
1878
18%
18%
18%
18%
*2134
2278
*22
23
2278
23
23
2278
2278
227g
*22%
18
18U
I8I4
I8I4
18
18%
18
18%
18
18
18%
54
5414
54i4
537g
54%
*54
54%l
54
537g
55%
55%
50
50
50
z50
51%
51%
50
50
51%
50
50%
4934
50
50%
*49%
50%
49
49%
5034
49
48%
48%
79
*76%
*113
8%
Apr
5
1,800
81
*78
83
*78
Apr
No par
700
1,500
834
151S
No par
$2 partlc pref
Consol
100
13
834
9
%May 17
Consol Laundries Corp
500
13
13
13
9
9%
Consol RR of Cuba 6%
300
10034 *10034 10034
*1278
13%
13%
9
9
100
2%
*12
1234
*12
*100
7,200
134
6i4
*15g
2%
234
13
*12
234
6%
7
234
97%May 21
1
share
5
19
12% July 8
31% Apr 15
16
Apr 8
92
Apr 9
95
Apr 5
97g Feb 21
3278 Apr 5
110% Mar 25
1% Jan 5
10% Apr 4
4% Apr 4
8% Apr 9
2% Jan 3
4% Apr 29
18% Mar 2
4%May 21
23
May 21
No par
preferred
8
*6i2
134
$5
Consol Film Industries
500
*58
6%
234
234
102
13
87g
1%
234
6%
*1%
6%
1%
100
.100
share $ per
per
3
6% Jan
l7%June 10
7% Jan 29
63
May 29
75 May 29
Consol Coppermlnes Corp
5
Consol Edison of NY ..No par
600
108i2 108i2
*106i2 108%
34
h
78
6i2
6%
6%
234
234
234
6%
12%
28
28*8
28
20
%
share
per
243g Feb 17
13% Feb 29
June 12
10
1
No par
7% preferred
QH7c prior pref
•7,700
5%
5%
1%
*100
13
*1278
9%
283s
5i4
$
14
10
deposit
Consolidated Cigar
6,400
3
*234
12%
I284
84i2
5i4
234
3%
1234
1234
*8278
6%
234
6%
*99% 100
*99% 100
*72
84
*34
1%
*12
1234
80
28%
78
6%
*l3g
Ctfs of
Consol Aircraft Corp
200
9
*834
107
634
234
234
6%
"2,200
*72
28%
*34
7
*2%
2012
*827g
5%
107
107
107
20
80
5%
5%
28%
5%
277g
5%
12%
12ig
200
*12
84%
84%
84%
*12
12%
20iz
87g
80
*70
80
1,500
*18
Lowest
Highest
share
per
Congcdeum-Nalrn Inc._N0 par
Congress Cigar..,
No par
Year 1939
100-Share Lots
25gMay 22
May 18
8
Jan 15
Conde Nast Pub Ino...No par
12%
*12
9%
*834
100
20%
87g
"12
12%
12%
21%
20%
9%
84%
27% 2778
27% 2734
107
10634 10678 *106
%
34
34
*%
3
*12
*70
80
*833g
*2%
*12
*834
87g
*70
6%
*1%
12
*12
21
$
Par
Shares
3
18*2
*234
On Basis 0]
Lowest
234
17%
234
17%
17
17
12%
21%
12
12%
*12
12%
20
*834
17%
12%
12%
*12
*12
3
16%
16
16
16
*234
3
*234
3
*2%
*1578
EXCHANGE
Week
19
July
$ per share
$ per share
$ per share
3
*2%
$ per share
18
July
17
July
16
July
15
S per share
$ per share
NEW YORK STOCK
the
Friday
Wedncscay
Tuesday
Monday
STOCKS
for
Range for Previous
1
Range Since Jan.
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
Saturday
373
New York Stock Record—Continued—Page 4
151
1% Apr
5
Feb
11% Apr 25
3434May 10
I
Jan
3
8% Mar 11
102
85
preferred
Co
Federal Motor Truck..No
Federal Water ser* A.No
Federated Dept Btores.No
414 % preferred
Federal MIn & 8melt
2
par
par
par
100
1
Fidel Phen Flrr. Ins N Y_$2.60
Filene's (Wm) 80ns Co.No par
Ferro Enamel L-orp
June 10
17
May 27
28% Jan
2%May 15
%.May 22
15 May 28
478 Jan
1
Aug
6
Apr
14%
Apr
Dec
%
234
Apr
Apr
11
Aug
34 May
2%
Jan
Apr
25
Jan
1834
79
June
5
95
Apr
8234 Sept
10
May 21
20
Jan
17% Nov
27%May 21
40% Feb 14
14%May 20
22% Jan
5
2734
Apr
16% Sept
I
n
New stock,
r
Cash sale,
x
Ex-div.
y
Ex-rlghte
¥ Called for redemption.
New York Stock
374
LOW
AND
HIGH
PRICES—PER
SALE
SHARE,
NOT PER
Record—Continued—Page
CENT
5
July 20, 1940
July
.
I
13
Monday
July
9 per share
14
14
94
*90
39%
13%
3934
14
I
13%
2814
*27
13%
28%
*19
22
*19
22
*1*4
17g
*2114
*10212 107
13
*123s
*60
*234
31
*100
8»4
4%
*634
*834
22
4%
I
67s
,
*25
34
31
31
47g
478
212
5
15 j
5978
16%
*13%
15
*5038 597g
155S
1558
107
106I2 106J2
307S
3034 31%
417g
4178
42l4
114
*113
114
7j«
7i«
35
%
*4*4
67g
15
*50%
597S
11334 114
%
89
35
89
89
*1%
2
2934
*134
2%
*12
13%
2,200
2
100
*4*8
*98
4*4
234
12*4
"""266
16%
12*4
*15
130
9
9
9
*47
55
4*4
4*4
102
5
I
5
2*2
5*4
*13*2
4
*684
*37g
7
*107
*634
14*2
*2
107g
*1034
*96
*7i#
*2
14I2
♦22
25
10*2
*18*2
*17*2
20
10*2
18
*9
*9
9*4
*1734
18*2
99i2
1234
4*4
35*2
53g
50
*
♦12*8
4*4
35i2
*5*4
*47*2
12
12
*37*4
39
2%
2%
*2*8
2*4
%
1034
1034
*96*2 101*2
*7l«
*2
*13l2
14%
2214 2234
10*2
105g
1934
1934
*1734
177g
10H2
*13i2
7
107
**2
59%'
*50%
59%
17*2
*15*2
16*2
400
107*2 10734
31*2
31%
23,800
%«
*25
88
88
107
j
31%
42%
114
114
%»
35
914
4
7
107
**2
1034
*96*2 101 *2
7ie
*1312
%
%
42%
88*2
89
88*2
24
24
10%
1034
2134
18*8
9*4
600
89
'i«
*13*2
2234
10*2
21*4
20
99%
4*8
*35%
43g
37
*96*2
12%
4%
6*4
*46
50
50
50
*49
12*4
12*4
12%
39
2%
39
39
12%
*37*4
2*4
5%
12*4
*37*4
2*8
*2*8
5%
*2*4
2%
2%
5%
212
2*4
18
*96*2
12*8
4*4
35%
5*4
2%
21*2
21%
22
18*4
18*4
9*8
18*4
99*2
18
18%
1,200
9%
300
12
12
18
18*4
12
*49
50
100
I
*12*8
12%
900
40
*37*4
40
I
*37*4
40
100
2%
2*4
12%
*29
33
*29
**%#
5
*lll4
*7*2
11
*3012
*24
14
2234
*21%
*130
33
*"l«
5
5*4
12
9
*11*2
11
*11
*8
31
2412
23
*11*4
*7*2
*11*8
*8
11%
11%
31%
32
32
25
25
14%
14%
23
24%
25%
14*4
23%
21*4
22
*130
*21%
136
133
10
22
5*4
2*8
2*4
4*4
4*8
37
*36*2
5
*2
2%
214
2%
80
*77
56
12
*52*4
1434
*77
56
76%
*76*2
2*4
2*4
33
%
*2
*29*2
%
5*4
12*2
%
5
*11*4
9
*8
12*8
32%
25%
14%
24%
*11*8
32%
21*4
2%
2*4
*29*2
5*8
11*4
8*8
12*2
400
1,500
1,300
800
10
2,100
56
77*2
600
600
14%
"V.ooo
1,400
11*4
100
8*8
,100
11*8
32*2
300
32%
25
9
25
400
14*4
900
23%
11,000
12%
11*8
32*2
*24
25
14
14
23
23%
22%
21
21
20%
I
*14
21
2,400
800
133
*127
133
*127
133
*127
133
*35
60
*35
60
*35
50
*35
60
*35
60
*35
60
*28*2
11%
*10*4
29
*28*2
29
*28*2
11*2
*10%
29
2834
11%
10-%
29%' *29
30
*28*2
29*2
""•ioO
11*2
10%
11*2
1034
11*2
11*2
2,700
*10%
10%
100
16%
1*2
16%
2,300
1%
17%
1%
14%
1%
*12%
♦2978
13%
30%
*12*4
13%
12%
30%
30%
*30*8
32
*32
33*2
1234
14*2
*32%
*12*2
33*2
70
12®4
12%' *12%
12%
12%
12%
*12%
....
*12*2
14% *12*2
*12*2
14%
100% 102
*100% 102
*100*2 102
*100% 102
*94
*94
96*2
*94
*94
96*2
96*2
96*2
21
21*2
21%
21%
2078
20~g
20*8
20%
500
11%
1034
11%
11%
*10*4
*1584
1*2
16i2' *16
*12
15
1034
1*2
16l2
134
*1*2
*12*2
16%
*1*2
*13%
15
2
2
2
2
*11
12
12
12
*29%
30%
3312i
*32
*12%
*12%
*101
*94
21*4
*126
*534
*84
1212'
14%
102
97
80
*127
12
150
5%
88
'
33%
1234
14%
*126
97
22
150
*5%
*84*s
2%
*91
93
9
*89
164
5%
2%
9
14%
14%
80
*78% 81
133% *127
133%
38*2
*31
39%
32
*97
39*4
*31
15
2
*5%
*84 %
.
*2%
93
*8%
32
150
5%
88
2%
93
9*4
91%
165
14
107
*126
88
56
56
*53
57%
*105% HI
*105% 111
*12
14
*10*8
14*2
*2434 2534 *25
25%
*4%
4%
4%
4%
*10
10
10
10%
*98
32
*12%
100*2 101
*94
1034
*12%
*29%
30%
*32
21*4' *21*8
*2%
234
93
*90%
*8*2
9%
*89% 91%
*150% 164
14
I
*29%
2
11%
107
*12
32
*126
57g
*84*4
2%
91
*8%
*87
'160
*14%
165
*158
150
57g
88
2%
91
9%
91%
165
15*4
1334
14
80
80
81
81*2
129
129
*53
*106
12%
25%
*412
*10
*98
57%
111
127
*53
*106
127
57*8
111
11%
*10%
16*2
*1*2
*12
*1%
*130
5%
*85
2%
*91%
*8%
16*2
16*2
2
*1%
*12
14*2
1%
*1%
150
*130
584
*5*2
88
*85
2%
2*2
94
*92
9
*8%
90
90
*90
*157
165
*158
*1378
82
*53
25*2
4%
25
25%
2478
*4%
*934
47g
*4*2
10%
*9*2
10
39%
39%
39*2
32
30
31
39%
*30%
10%
*13
*98
107
3978
238%
39%
32
*29*2
32
*55
*13*4
14%
*24%
25
*4*2
*9*2
*98
47g
10
Bid and asked prices: no sales on this
day.
X In receivership,
14.50 preferred
No par
Gen Gas & Electric A ..No par
conv
pref series A. No par
General Mills
5%
....No par
preferred
100
General Motors Corp
10
15 preferred
No par
Gen Outdoor Adv A ...No par
Common
General Printing Ink
$6
No par
3'4May 28*
8
June 14
30
40
*7*,300
*29*2
32
300
Gillette Safety Razor..No par
15 conv preferred
No par
Glmbel
$6
Brothers
No par
preferred
No par
Glldden Co (The)
No par
4 Yt% conv preferred
50
par
15 conv preferred
No par
Gotham Silk Hose.....No par
100
Graham-Paige Motors
Granby Consol M8&P
Grand Union
w
5%
1
5
dlv ctfs.No par
Without dlv ctfs
No par
Granite City Steel
Grant (W T) Co
No par
10
preferred
20
Gt Nor Iron Ore Prop..No par
Great Northern pref...No par
Green (H L) Co lnc
1
Greyhound Corp (The).No
5H %\ preferred
Grumman
Aircraft Corp
Guantanamo Sugar
1
3
21
21
22
21
21
May 21
45 May 21
12%May 22
69
June 13
Mar 21
23
May 22
9%May 22
9
May 29
14% June 26
25
30
20
21
22
18
.10
No par
preferred
100
Hanna (M A) Co 95 pf. No par
Harbison-Walk Refrac.No par
preferred
100
11
May
9%May
10% May
100% June
95
17
21
5
June 25
16%May 23
130
145
118% Jan
% Jan
44
July 17
50
June 11
947gMay 21
preferred
100
25
v t c
Hudson A Manhattan
5
100}
5% preferred
100;
Hud Bay Min A Sm LtdNo par
Hupp Motor Car Corp
1,700
12*2 July
19
May
4% July
8
May
103 May
35
May
28
May
8% May
54%May
105
May
3%May
28% July
Illinois Central RR Co
No
pat
IOO'
Cash sale.
1000
Jan
2%May
12
3
1
6% preferred series A... 100,
Leased lines 4%
100)
RR Sec ctfs series A
%
May
May
%May
5%May
12
May
16
21
15
21
13
21
22
21
22
17
22
11
3
22
24
15
14
21
21
31
June 12
3
May 18
zEx-dlv.
y
3%
Apr
r9% Sept
45% Aug
5% May
96
Jan
40
Apr
Dec
Sept
Oct
31
Apr
Jan
107% Sept
Dec
Jan
36%
112
Jan
3% Sept
7
105
Jan 11
31%May 10
2434 Mar 7
13% Jan 4
23% Apr 27
Apr
Sept
Apr
28
3
99% Feb 21
**i« Apr 2
18*2 Apr 5
33% Jan 4
106
Apr
36%
Jan 10
15%
Apr
Mar
106
8
Jan
Mar
Apr
% June
12% Sept
85% Aug
% June
14
Sept
19*8 Apr
12% Aug
16
Apr
15
Apr
8% Sept
10*2 Aug
May
23%
1
97*2 Nov
Jan
4
15%
634 Mar 6
5l7g Mar 14
9
Jan
3
58*8 Apr
2
19%
4
Jan
44% Mar 26
4% Apr 22
3*8 Apr 11
88
Jan
8
2034 Apr 4
69% Mar 7
2478 Apr 4
97% Feb 21
4*8 Feb
8
71*2 Jan 9
1% Jan 30
9*2 Apr 10
147g
Jan
4
10%May 3
1634 Apr 8
3^34 Apr 8
25*8 July 17
18% Jan *
287g Apr 24
29% Jan 2
142
Feb
6
Jan 29
55
Apr
5% Apr
43% Oct
6*4 Aug
43
Sept
14
Sept
34
May
2% Jan
178
70
Apr
Jan
13% Apr
53
21%
87
Apr
Apr
Nov
27g June
67
Dec
% Aug
4% Apr
14% Dec
9%
10
Dec
Apr
24%
227g
Jan
12%
16*4
Apr
Jan
Apr
23% Aug
129% Sept
42
May
35% Apr
5
24*4
Jan
17% Jan
4
3
14*2
Apr,
10
Apr'
12
Jan
25% Apr 29
3% Apr 18
30% Apr 18
9
4
3
18
Apr 8
34% Apr 22
11
Apr
29
May
4
Jan
37
Jan
9
%
2
20*4 Feb 19
17
Jan
8
106% Jan 12
10512 Mar 30
28% Jan 4
138
Apr 12
9*8 Apr
Apr
r9
Apr
Apr
Apr
Jan
Apr
5
Apr
9
Apr
96
May
17
Apr
Sept
123
47g
Feb
71
Jan
2
Apr
93
Apr
8%
Apr
8
100
Mar 20
148
21% Apr 22
100*2 Apr 9
133*2 Jan 30
10
Apr
63
Apr
110
No par
July
Apr
125*2 Dec
1% Jan 11
19*4 Jan 4
If 6
127
9
94
*2
7*4 Apr
Jan 12
No par
Sept
July
7% Aug
72%
56% Apr
127% Mar 23
58%May 4
Jan
67*4 Apr 16
115*4 Jan 9
18% Jan 4
35% Apr 4
7% Mar 4
16*2 Apr 20
Mar 30
110
Sept
Oct
128% Apr
54
Jan
100
Sept
14% Apr
29*4 Sept
5*8 Nov
8% Aug
95
May
60%
Jan 12
47% Sept
38
Apr 13
27
16*4 Apr 15
71% Apr 25
lll*4May ,13
678 Jan 3
50% Feb 21
1% Feb 20
7% Feb 20
27
Jan
5
6% Feb 17
1
Jan
2
13%
24%
43%
6*»
Jan
3
3
6
3
Ex-rights.
Jan
Apr
Jan
Jan
97g Sept
36
2
39
Apr
130*2 Jan
June 11
100
Hudson Motor Car
6
Jan
101
86
No par
2,500
2
90%
18% Apr
1*2 Apr
Apr
Jan
37*2 Sept
108*2 Jan
29% Jan
Jan
Dec
49% Apr 15
Jan
July
55
16
41
31*2
Sept
43
Apr 24
19% Apr 16
117% Mar 29
155
No par
27
87
25
12%May 23
76%May 23
Aug
1% Apr
9
4% Apr 16
113*4 Jan 29
11% Apr 8
10
14
66% Aug
17%
2%May 21
897«June 5
7% June 10
cum preferred
103% Apr
29% Apr
104
No par
Sept
Apr
7%
May 27
5*8 May 21
No par
Oct
5
1% Apr
2%
83%June 27
Motors
25
128
Jan
1
1
May
3*2 Jan
117g Jan
100
2,100
3
100
Corp
preferred
4
Mar 20
57*4 Jan
8*4 Jan
2
..25
Hazel-Atlas Glass Co
r
June 11
l%May 15
25 May 22
%May 14
4%May 22
9%June 7
6%June10
10 May 18
26
May 21
21%May 29
ll%May 22
l5%May 21
18%May 22
25
100
Water
7% preferred class A
Hall Printing Co
New stock,
May 21
July 16
10
13
21
100
preferred
conv
22
1% July
May
1% July
8
May
29%June
100
Gulf Mobile & Northern
6%
10
No par
preferred
Hackensack
par
9
June
Great Western Sugar..No par
Preferred
100 rl23
Green Bay A West RR
100
50
Houston Oil of Texas
n
4
2
par
Feb
3378May
4%May
43 May
11
May
30 May
2
May
77
preferred
No
Goodyear Tire & Rubb.No
June 22
10% May 22
1
Howe Sound Co
Def. delivery,
%May 15
14
Goebel Brewing Co
100
"""126
10
7% Apr
104
10
Gold & Stock Telegraph Co 100
Goodrich Co (B F)
No par
800
"1*666
22
3
May
110
100
1
5%
"1*666
28
9
Jan
14% Apr 24
51
3% June 10
5%May 21
Gobel (Adolf)
Household Finance
100
17
13
21
28
98
Class B
1,800
22
22
6% preferred
General Tire & Rubber Co
10
Hollander A Sons (A)
5
Holly Sugar Corp
No par
7% preferred
100
Homestake Mining
12.50
Houdallle-Hershey cl A.No par
107
May
lll%May
%May
35 May
77%May
118 May
37%May
116 May
32%June
1
Hlnde & Dauch Paper Co
Holland Furnace (Del)
100
36
16%May 28
7%May 23
1378May 28
J4
300
l234May 23
102 May 21
26%May 21
General Telephone Corp
20
Gen Theatre Eq Corp..No par
Gen Time Instru Corp .No par
6%
400
22
27
15
15
ll%May 24
48*2 Feb 6
20 May 21
zlO% July 12
14 May 21
Hershey Chocolate
"*"266
5%May
May
l%May
4%May
118
9%June 10
86*2 Jan 15
Hercules Powder
100
5
$6 preferred
No par
General Refractories...No par
General Shoe Corp
1
Gen Steel Cast $6 pref..No par
Hercules
700
1,400
June
No par
Helme (G W)
Preferred
30
94
1
5
38
21
32% Jan 25
38% Apr 15
Aug
Apr
9
107% Apr 4
21*4 Apr 29
83% Apr 30
6*2 Apr 18
51
Sept
35
Jan
Apr
share
25*2 Sept
105% June
15
17
20
Apr 30
187g Mar 5
105*4 Mar 27
6% Apr 22
June 19
6
100
38%
Jan
25
4
9
10%May 21
12 May 21
97
June
100
17% Apr
25% Apr
3*z Jan
»
share I per
per
99*4
6*4 Apr 24
%June
preferred
2
Jan
2*2
No par
Gen Realty & Utilities
46
l%May 14
1
preferred
Gen Public Service
Gen Railway Signal
\
3
2%June 11
No par
Hecker Products
200
39%
a
100
Hayes Mfg Corp
111
10%
10%
10*4
10%
10%
10%
10*2
10*2
10*2
10%
10%
*55
*5534
58
58
*56*4
58
56
56
*55*2 58
58
*557g
*101% 104*4 *10134 104% *10134 104% *10278 105% *103
105
*103
105
4
4
4
*3%
*4
4*8
4*8
4
4*8
4
4
4
29
29
29
*28*2
29
29
29
29%
*29
29
29
29*2
13
%
%
*34
13 16
*%
*34
*%«
*%
13u
*34
1316
4
4
*3%
*3%
4
*3%
*3*4
378
4
4
*3*4
*3*4
14%
14%
14%
14%
14%
15*4
147g
147g
14%
14%
14%
14%
4
*3%
4
4
3%
3%
4
3%
4
3%
37s
*378
®16
*%
*2
fli<
*2
*2
*2
*2
®U
%
%
%
7%
7%
7%
7%
7%
7%|
734
7%
7%
7%
7%
*7*2
*13%
14*8
*13%
14% *14
1434
*1334
14%
*13%
14*2
*13%
14%
38% 38*2 *38*2 39%
40
39%
40
39%
*40
40
42*2
39%
*3
4
*3
4
*3%
4
4
*3*8
4
4
*3*8
*3*8
*
*1*866
1,500
60%
*106
preferred
Hat Corp of Amer class A
6 H % preferred
9
91%
7%
6%
"""266
200
165
100
No par
General Electric Co...No par
General Foods Corp
No par
6%
94
137g
60%
20
"i",366
88
2%
cum preferred
Hamilton Watch Co
150
81
14%
247S
478
107
100
137g
14*4
*98
400
81
*13
107
12*4
32
5%
No par
General Cigar lnc
8%
*1*466
82
111
200
1%
*127% 128*2 *127% 129
*106
40
14*2
14%
13%
10%
2
A
Preferred
*4*966
5*8
5
Corp...
5%
33
%
5
3,100
2*8
14%
76*2
33
5*8
12%
2%
15
4*4
37
80
12
12*4
*52*4
14%
%
5
1U2
31%
23%
*21%
136
5*4
12%
14
14
22
»16
5*4
*1134
5*4
2484
*24
2234
%
13
10
30%
14
33
4*8
*35*2
77*4
1434
*2%
*29%
300
"i'ioo
13
80
*75
12
514
50*2
12%
*52%
2%
18
99*2
*49
*75
15%
18
610
*12%
12%
77*2
9*8
1,100
4%
35%
5%
50*2
12%
77
14%
9*8
99%
12%
12%
76%
2*4
*29%
"l*206
21*8
9%
Cable Corp...No par
6%
""406
22
77
1434
*2
14*2
10%
12%
56
77*2
2%
101*2
*%
*13%
24
80
2*4
*98
716
14*2
1,100
10*2
12*4
*517g
14%
*73
1434
77
2*4
11%
24
*75
*2
11
120
10*2
12%
*7212
300
24
80
56
400
*23
12%
*5178
14%
*52
6«4
*10%
*76
55
716
700
400
18
18
*9
*17
4%
*98
21" 900
4*8
*13*2
'16
14*2
2334
10%
MOO
634
11*2
101*2
General
$6
*105*4 107
**2
%
*11*8
20
36
6%
106*4 106*4
11%
11*2
♦96% 101%
99*2
12%
36
*634
2,700
"
4*8
*2
*12%
12%
4*2
%
*18
1
*3%
350
2,700
*2
35
5
No par
Bronze
7%
114
*°i#
*25
Baking
18 preferred
Class
42%
114
•%
35
*25
*2
7 18
14%
20
17%
9%
4
*684
6%
*106% 107
%
1112
MOO
*1534
31*4
42*2
General
General
*50%
4
107
7
107
108*2
%
4
4
20
5*4
*128'4 130
*128*4 130
*128*4 130
*128% 130
*128*4 130
*128*4 130
43*8
433g
43 *2
43%
4334
443g
43%
44%
4334 44 I
43%
44
125
125
*124*2 126
125*4 125*4
125*4 125%
*125
12534
125
125*2
*39
45
*40
45
*39*4
45
*40%
45
*40*4
44
*40*4
44
4
1,500
"
share
Jan 24
21% Apr 5
38% Mar 26
5
21
22
22
24
24%May 28
3534May 25
16*2
1C7
June
9%May
May
2%May
20
May
61
Gen Amer Investors..-No par
59%
32
102
Year 1939
Lowest
21% Jan
106
l%May 15
l8%June 10
9d preferred
No par
Gen Am Transportation
5
15
42*2
43
113*2 113%
5
50
preferred
S per
2434June 10
19 May 20
1
Container Corp
share
MOO
*13*2
31%
per
12%May 21
May 21
32%May 22
10%May 22
84
45%June14
3%May 21
15
106*2 106*2
Galr Co lnc (Robert)
S3 preferred
conv
136
*2*4
F'k'nSlmon&Co lnc 7% pf.100
Free port Sulphur Co
10
Gabriel Co (The) cl A..No par
Gaylord
"
6%
*130
2*2
No par
9
Range for Previous
Highest
"l'ooo
4%
45
6%
136
10
No par
"
102
45
6%
6%
*2*4
5
*4%
*95
4534
*130
2*2
5
4%
102
*45
136
*2*4
*4*4
*95
4534
7
100
preferred
conv
400
9
55
%7
10
Gamewell Co (The)
No par
Gannet Co conv $6 pref No par
Gar Wood Industries lnc
3
40
4*4
*47
4%5 % conv pref
Foster-Wheeler
300
104
4*4
Florshelm Shoe class K.No par
1 Follansbee Brothers..No par
Food Machinery Corp
10
Francisco Sugar Co
30
*2%
*16
16*2
*97*2 104
50
10
9
45*2
684
%
*25
3034
""760
16
106*2
315g
43
3078
42*4
89
200
*13%
*50%
16
16
106
3g
First National Stores...No par
Fllntkote Co (The)
No par
Florence Stove Co
No par
2,200
22
55
*130
2*2
47g
*13*2
35
13%
28*4
34
*2%
4*4
*95
136
*2*4
47g
30
*25
16
*4%
4*2
34
127g
*884
45*2
*25
100
*47
102
4512
67g
*25
13*8
2
*2%
12%
15*2
100
9
I
90
13
55
,
400
39
27g
2
27g
4*g
*130
136
*2l4
6% preferred series A... 100
1,500
100
*95
67g I
*130
212
Firestone Tire & Rubber... 10
100
""160
9
4%
Par
1,400
1434
95
*1%
17g
*1%
1%
1%
1%
22
2134
2134
2134
*21*2
22
*10212 107
*102*2 107
*102*2 107
13%
1358
13%
*12*2
13%
*12*4
13%
70
70
*64*4
70
*64*4
64*4
64%
3
3
*234
3
*234
*234
3
*47
102
45%
45%
67«
Shares
H84
*93
*27i2
*20*2
Lowest
1%
4*8
87g
Week
*36%
I
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
22*4
15'2
100
55
*95
,
130
*88
13*4
28*2
*20i2
34
*15*4
438
*47
4%
*2I4
47S
■
*4
.
45
*25
13*4
*27*2
22
2
102
*11318
13%
28*4
*20
31*8
45
3078
4178
38*2
*25g
*1138
*95
107
38*2
*134
8%
*1514
39
28'2
*38*2
1314
28*4
305g
55
*5038
I
2
4l2
*13J2
|
3
1234
1512
19
S per share
,
15
13l2
July
8TOCK8
NEW YORK STOCK
the
Friday
107
*25
104
$ per share
95
3 ll8
*11%
*1514
,
*1434
*134
*100
I
*89%
*234
137«
July 18
1434
2%
15%
|
95
3
*4
130
»1%
21%
*234
34
3078
*20
133s
*63i4
3
*25
104
*47
133s
6734
.
22
*102
13
25
30%
*1%
*25s
*1138
*1434
107
*60%
3
25
|
22
*102
6734
*2*4
178'
♦134
22%
,
1434
Thursday
*9278
1412
93
3934
13
*27U
40
*27
*21
14
93
*38%
I
9312
3978
12«4
$ per share
|
$ per share
14
*90
Wednesday
July 17
$ per share
15
Tuesday
July 16
Sales
for
Saturday
8%
60*4
102
Apr
Apr
Oct
Sept
4*2 8ept
40
Apr
% Dec
27g Sept
21% Sept
4% July
% Aug
9
Aug
16*4 Apr
38*8 Sept
4% Sept
5 Called for redemption
3% Sept
578 Sept
18% Oct
15*2 Sept
104*4 Dec
7*8
J£
18%
Jf
52
j£
9
j£
Volume
PrIcES—PER
|
Saturday
Monday
July 15
.
July 13
I
|
5%
5%
$ per share
6
6i8
5%
6i8
2178
*21%
*21
21%'
2134
2134
*85
87%'
85
86
85
85
87
87
87
87
148
*140
148
*140
148
*140
148
81
81
*140
148
*140
*80
82
*80
5%
*2%
2%l
25%'
*25%
5%
5-%
*5%
5%
2%
2%
2 s4
2%
*24%
778
778
778
778
1%
*1%
1%
*1%
1-%
23
*22
23
*22
23
*142
145
*141
43
43
43
*161
165
165
4%'
*384
12%
12%
12%
12%
12%
13%
47%
47%
4734
48
48%
49%
2%
*2%
*2%
2%
*2%
*38
39%
*38
39
38
39
*30%
31
*30%
31
31
31
18%
*16
*16
17%
17%
*2%
; 3%
*2%
278
*2%
278
*2%
278
6%
Qlo
6%
*6%
'■J
42%
55%
56%
56%
t
*11934
*11934
"4%
4%
14
*11%
11
*9%
5%
94%
94%
*94%
97
24%
2434
24%
*92
96%
*92
96%
9
25
12%
99
*95
57g
*95
2534
*11%
12
*11%
12
1178
11%
34
*11%
*3234
12
*32%
34
34
34
2
*134
2
*3234
*134
34
*134
2
*134
25
*23%
2
25
23%
23%
23%
23%
2234
23%
227g
23
*2%
3
*2%
3
*2%
3
*2%
3
*24%
25
25
*2478
25
24%
24%
2934
30
♦23
25
25
30%
6%
*5%
13%
11
*14
14%
*14
30%
*3%
*5%
6%
14%
14%
14%
4%
*3%
*20%
2134
*20%
22
*17%
19
*17%
19
21%
*17%
*105
2
*2
2%
1%
1
1%
3%
234
3%
3%
*3
1978
1978
l97g
1834
19%
*1034
11%
*1034
11%
234
19%
*1034
*22
2334
*22
23%
23%
3
36%
37%
37
6
6
6
37%
*578
*36%
*36%
38%
98%
98%
178
18%
*17%
17%
*17%
33
33
*13%
25%
25%
25
24%
24%
*987g 101
6%
*37
*1734
*1734
18%
*17%
33%
33%
34
9%
9%
*17%
21
17%
18%
*33
34
*9
9%
9%
24%
23%
32%
32%
*32
3234
32%
2%
*2%
2%
23%
3234
3234
*2%
2%
*2%
2%'
2%
*2%
*1434
15%
15
*1434
15
1434
*14%
*107% 109% *107% 109% *107% 109%
21
*20%
20%
20%
20%
20%
*152
155
151
155
*152
2378
10034 10034 *100
2234
32%
2%
15%
237g
327g
2%
1534
*1834
19
*1834
19
*1834
19
55
*52%
27%
55
*54
55
54
*27%
28
*27%
2734
19%
2334
*23%
-
20%
20%
20
20
20
20%
2334
*23%
2334
*2334
24
24
24
*10%
11%
*10%
11
25%
*25%
26%
11%
25
5%
-
20
*24%
2
*184
*5
-
19%
*10%
178
*134
5%
*5%
25
178
178
5%
5%
1 *10%
2
*178
*5%
7
32
*5%
*28%
17%
*12%
*78
*178
2
7
32
1,400
Mandel Bros...
1734
*17%
1734
17%
17%
*12%
13%
*12%
13
*12%
13%
*78
*78
1
*7g
4
4
4
4
5
*4
*4
5
*4
4%
*4
5
*4
11
11
11
2934
28%
11%
28%
11
11
28%
28%
*8%
8%
*10%
2834
8%
11
107g
11%
29%
29%
30%
2834
8%
9%
834
*25
2584
25
25
25%
26
*23%
24
24
24
24%
24%
167
*166
*44%
45%
*2%
*22%
2 s4
99%
*12
166
166
45
45
2%
2%
2434
99%
*22%
25
*98
99%
13%
12
12
*20%
13%
13
13%
10978
13%
*96
*96
10978
21
*2078
21
170
*166
46%
46%
2%
2%
29
834
9%
834
9%
2734
8%
2534
2534
2534
24%
24%
2434
*23%
3,000
1,800
Marshall Field & Co—No par
8,800
7,300
Martin (Glenn
170
*165
170
46
46
46
234
2%
22%
*20%
99%
12%
*99% 100
*12
12%
13%
109
21%
21
7
7
*6%
7
2778
2778
2734
277«
7
*6%
7
7
Bid and asked price ; no
7%
13%
*96
21%
13%
109
21%
9%
25
6%
*27%
7%
7%
6%
28
7%
June
Apr
83
Sept
13
Apr
19%
117% Jan
5% Apr
12184
15i2 Jan
20
Feb 26
7
23i2 Jan 10
Jan
5
4
4
8
14
Feb 19
Jan 11
400
300
McGraw-Hill Pub Co.-No par
5
900
Mclntyre Porcupine
Mines..6
10
26
...
3,100
a Def. delivery,
McKeesport Tin Plate
n New stock,
r Cash sale.
93
May 21
l7%May 21
June
6
June 26
5%May 15
Sept
9% Apr 20
45
Apr 15
109
Apr 15
4%
Apr
5
9
4
9%
Oct
638 sept
3% Sept
884 Sept
2734 Jan
13% Nov
3284 Mar
66 34 Mar
10
Sept
33
Sept
43% Aug
95
Sept
108% Aug
i>0934 Aug
95% Sept
152
Sept
15
Apr
180
May
19
Nov
2084 Aug
31% Apr
40% Sept
1438 Apr 27
10
18% Sept
18% Mar 27
13% June
2934 Dec
30% Sept
41
Apr
3
6
4178 Apr 15
3758Mar 15
109i2 Apr 8
109i2May
25i8 Apr
162
8
2
10
11
3
2
May
3
2li2 Jan
4
Aug
47
Mar
19
Jan
3284
Dec
101% Sept
54% Jan
109% July
Mar
2184 July
6
38% Sept
2
Aug
16% Sept
105
19%
Jan
Apr
62
Jan
6% Sept
22% Mar
110
24%
June
Feb
Sept
159% June
1584
jan
20% Mar
138
67
Sept
36%
Apr
3
28
Apr
35
Aug
136i2May 10
124
Feb
135
Nov
18
Aug
3384
Oct
31
25% Sept
43%
Feb
19%
38
11% Sept
25% Apr
60
Jan 25
35
Jan
2834 Jan
3
Apr 15
1234 Jan 4
Mar
8
45s Apr 18
778Mar 11
3514 Feb 28
17% July 17
16>4
Jan 17
9
5
8% Mar 29
l%May
5% Jan
40
Apr
5
Apr
9
Apr
Apr
30
5
10
Apr
16
1
Apr
4%
Apr
378 Aug
Jan
Sept
6% Sept
1
784
Oct
Nov
15S4 Nov
Oct
2% Sept
634 sept
8% Mar
1538 Feb 21
934
Apr
1784 Nov
4734 Apr 16
20 %
Aug
May
45% Nov
8% Dec
June 12
2,100
Mar
Apr
Apr
Apr
160
13%
Mar
118
23
32% Apr 15
*97% 109
22%
Apr
Dec
30%
4i4 Apr
18«4 Jan
May 21
5% July
25
3
May 15
10
18% Mar
37%
20
29
96%June 14
lO%May 22
Jan
Jan
2% Sept
% May
1% Apr
1434 Apr 15
4078 Jan 8
90
5%
2934 July
29% Oct
13% Jan
23% Jan
17
3
138 Jan
36%May 22
2%May 22
May 23
30% Oct
26% Aug
112
Jan
4
20
Apri
25
4612 Jan
300
Jan
3%
4
115
10
23
17
31
21
38
May 18
2534May 22
130
May 31
17
May 24
20%May21
878June 5
21%May 22
178 July 1
4
May 21
24
May 21
l4i8May 21
ll%May 23
%May31
3%May 22
278May 21
Apr
Apr
12
5
39% Apr
*99% 100
*12
12%
Dec
12% Sept
June 10
preferred
$6 1st cum pref
Sept
Apr
Apr
334
21
$3
Dec
4
Apr
0% Apr
13%June
l05%May
1834May
138l2May
15%May
Sept
38
1'4
1278
3534 Jan
10912 Apr
180isMay
23i2 Apr
29% Jan
99
Apr
20
20%
53-% Jan
July
1678 Sept
23«4 Sept
2434 Apr
18
46% Sept
34i2 Apr
438 Jan
Jan
9978
100% Dec
1434 Mar
10% Mar
Apr
834
3
9
9% Jan 5
1834 Jan 5
163g Jan 11
Sept
Apr
28
29i2 Jan
3
No par
No par
McCall Corp—
No par
McCrory Stores Corp..
1
6% conv preferred
100
McGraw Elec Co
1
X In receivership,
Feb 16
4
1538May 21
Maytag Co
7
Aug
June
26
l3i4May 21
27
May 21
9
May 15
l0%May 21
22i4 July 3
20%May 21
97
May 22
100
7%
5
2l34june 10
100
Stores.-.10
No par
Apr
7%
Mathieson Alkali
—
Apr
79
M&sonlte Corp—
No par
.No par
Wks.No par
Apr
1978 Apr 23
Martin-Parry Corp
1
L) Co
Sept
12%
1035s A pr 16
3878 Jan 3
14% Feb 9
46% Apr 18
234 Jan 24
3184 Apr 8
May 22
June
90
1738 Apr 23
Jan
10'4 Nov
85
8
Apr 18
Jan
24
Apr
8%
Feb 23
97
109
June 19
400
28
8
Jau
11%
Apr
11
5
15% Jan
16
800
7%
4
Jan
20
87
2%
*6%
4
800
46
28
Apr
Maris
7% Apr
169
2434
46
2%
*20%
13%
7
133
35
May 28
May 22
May 22
7% preferred
May Department
*21%
28
122
8%May 21
2634June 25
6%May 21
39
13%
13%
pref. 100
Market St Ry 6% pr
800
*97% 109
2134 2134
7
sales on this day.
.4
"
28
7%
100
24
2434
22%
99%
*1134
100
1
170
2%
12%
200
12%
24
46
*2%
17%
*165
24%
*166
99%
*96
378
2534
25
28%
•
4
*1178
13%
*6
*6
4
*22%
99%
28
*6%
4
1
..No par
$ Manhattan Ry 7% guar. 100
Modified 5% guar
100
Manhattan Shirt—
25
Maracaibo OH Exploration..1
Marine Midland Corp
5
5
11%
37g
No par
Garden...No par
Copper
10
Macy (R H) Co Inc
290
*17%
11
...No par
Mack Trucks Inc
800
5%
4
I
500
400
Long Bell Lumber
32
1
4%
1
Manati Sugar Co
13
1
No par
$6.50 preferred
Loft Inc
Magma
18
4
No par
Inc—
100
*34
-
Loews
200
*12%
17%
13%
Co...No par
Liquid Carbonic Corp..No par
Lockheed Aircraft Corp
1
300
*17%
*4%
Lion Oil Refining
2
32
,
.25
100
Lily Tulip Cup Corp..No par
Lima Locomotive Wks.No par
Link Belt Co
....No par
1034
*28%
1
..—
Preferred
26%
*10%
*25%
32
1
Tobacco—25
87
*17g
5%
26%
*28%
33
*28%
*17%
12%
1034
*25
*28%
'
5
Libby McNeil & Libby
Life Savers Corp
2
.
Jan
Jan 15
May 15
Madison 8q
32
*28%
7
5
Oct
July 15
June 10
A...No par
Loose-Wiles Biscuit
25
5% preferred
100
Lorlllard (P) Co
10
7% preferred ..
100
Louisville Gas & El A..No par
Louisville & Nashville..;..100
MacAndrews & Forbes
10
6% preferred
100
100
56%
23%
11
30
Mar
75
21
22
10
23
17
17
21
18
21
Libbey Owens Ford Gl.No par
Corp No par
300
2734
-
15%May
9i2May
18i8May
Lone Star Cement
20
19%
23%
Corp
Stores Corp
May
300
1,400
23%
*19
26%
11
*24%
*125
*125
5
No par
& Fink Prod
Lerner
a4 Apr
2
29
19
*1834
56%
2734
56%
2734
-1-
Lehn
1638May
15%May
lOO%June
138May
800
154
27%
*19
55,900
32%
2%
15%
*152
19
*27%
-
24
155
*52%
W
101%
*152
152
*1834
*115
1,900
10
20
19%
_
10,800
20
55
*115
25%
20
27%
*115
500
23%
20
*27%
*115
1,200
107% 107% *106% 109%
*54
*18-%
400
9%
14
*1334
3234
155
35
*9
1334
3234
*152
*33
2534
25%
15
35
1334
23
20%
300
25%
2334
2478
109
18
13%
24
20
17%
25
100
50
$ Lehigh Valley RR
Lehigh Valley Coal ....No par
6% conv preferred
50
Lehman Corp (The)
1
Series B—....
200
2634!
5
Lehigh Portland Cement
4% conv preferred..
Liggett & Myers
100
21
13%
No par
No par
(The)
400
*18%
*17%
2534
Co
Lee Rubber & Tire
100
93g
...100
preferred..
5%
1,400
14
24%
Laclede
5,300
99
26%
2378
No par
Bak.No par
Gas Lt Co St Louis 100
Kroger Grocery &
125
132
li2May 22
i7l2May 20
l9i2May 23
2
May 21
23 38June 11
23%May 22
4
May 21
8%May 23
12
May 15
3%May 28
10
1
Jan
3284 Sept
Apr
105
2734May 21
Kresge (SS) Co
Kresge Dept Stores
Kress (S H) & Co
18
119% Sept
jan
June
10S4
Sept
Aug
May 21
No par
87
Sept
7% Nov
59
9
Kinney (G R) Co
1
$5 prior preferred ...No par
Kimberly-Clark
76
Jan
Feb
4
77% Jan
8%May 21
434May 22
87i4June 20
24i8May 21
10
14 34
18
7i2May21
No par
778 Aug
Sept
16
Keystone Steel & W Co.No par
Dec
9%
978
13
121
Kennecott Copper
107
Sept
Mar 27
62
978June! 10
Jan
Jan
Sept
4034 Sept
33
Oct
Apr
378 Sept
127i4May 14
17
Jan
3
>
June 10
95
Jan
31% May
8% Jan 9
28
Mar 13
11758May 28
3%May 21
11
May 23
9
May 23
92
May 21
7%
178
21
pref. 100
6
Apr 10
90
P & L pf ser B No par
Kansas City Southern.No par
4% preferred
—100
Kaufmann Dept Stores
.1
Kan City
3
Apr 29
Kalamazoo Stove & Furn—10
37%
97%
99
13%
24
2334
24%
24%
24%
10034
*100% 102% *101% 102% *100
300
*175
26
24
......
4,600
39
99
14
24
*14%
*96
2,100
177
26
2384
*107
37%
97
*97%
*175
179
19%
11%'
23%
7
7%
3734
*96
96
99%
98%
*175
17%
17%
38%
95%
99
179
7%
678
*36%
9%
9%
14%
*13%
38%
19%
*1034
23%
38%
11%
400
3
3
3%
1978
39
33%
*32
300
24
1734
17%
9%
*9%
18%
18%
600
1
*23%
96
9878
*175
175
------
2
*1034
6
*95%
9834
98%
175
108
11%
38%
*36%
------
*7g
23%
39%
300
2
23%
37%
-------
*105
*1034
37%
Jones & Laughlln St'l
Lane Bryant
19
4
l22i4May 22
48i2May 15
..100
Preferred
400
*17%
11%
37%
44
14
21%
23%
*578
96
96
96
*95
*175
19%
20
No par
Lambert
*20
84
478 Jan
10% Jan
May 21
Johns-Manville
40
4%
102i8 Apr
434 Jan
3434May'22
700
*3%
9
1
No par
(W B) Co
14
19
1
Jar vis
11
21%
*2
*78
-
29%
*5%
3,900
1
108
2
1%
:
400
30%
2%
*105
2
*7fj
1%
25%
6%
38
19
i
June 21
Jewel Tea Co. Inc
Jan
May
1484
29
'23
20%May
122
1
5534
138
Jan
'
1
$6 preferred
11
108
*105
108
108
2
2
*78
3612
19
*234
108
2
1834
*17%
*24.%
14%
3%
*20%
*17%
21%
2,000
3
6%
3%
*103
*103
*234
*20%
19
20%
50
23
*2.%
12
14
4%
25
2278
30%
*5%
14%
*3%
-----
25
25%
*10%
334
100
2
3
30
14%
34
25
*2%
*24%
12
*10%
300
23%
23
6%
*514
6%
12
*10%
11
334
5
30%
30
30%
30%
*5%
*10%
2
23,000
12
Dec
Sept
28
74%June 11
5%May 21
No par
Kendall Co $6 pt pf A ..No par
99
25%
*11%
*3234
*134
34
*21%
23%
23%
*23
6
25
12
100
Preferred
Intertype Corp
Island Creek Coal...
2,100
1,300
12-%
6
35
123
Jan
Sept
Jan
5738 Dec
6% May
60% June
438May■21
20
12%
4
Jan 11
50t4 Feb
l34May 15
l78May 15
5% conv preferred
100
Kayser (J) & Co.—
_-6
Kelth-Albee-Orpheum pf_-100
Kelsey Hayes Wh'l conv ci A.l
Class B
1
300
9
*97% 103%
99
2538
*11%
*3234
*134
200
96%
*95
96
25%
100
10%
*834
1238
578
534
26
*95
25%
24%
12
12%
578
6
300
15
*92
*97% 103%
*97% 103%
123»
100
4%
10%
834
834
9
*8%
*578
5%
5%
5%
*10%
12%
12%
12
12
12
*1134
*4
15
*97% 103%
*97% 103%
*97% 103%
*12%
12%
*8%
1,600
-----
-
Stores.No par
8%
Apr
Apr
37i8 Apr 12
36i8 Jan 5
97i2 Jan[15
Interstate Dept
10
1078
*12
14
*10
96%
*934
8%
700
*11934
12
14
1,000
74
74
*10%
J--
4%
*334
4%
400
55
11%
-
14
*92
96%
8%
*11934
—
—
600
*125% 127%
74%
*10%
11%
—
*4%
438
*13
10%
10%
8%
*10%
*11934
4%
12
*92
96%
*8
1078
74%
7434
74
7434
127
100
Teleg...No par
Foreign share ctfs...No par
20
300
43%
10
5% Jan 24
'21
13%May
Inter Telep
40
55
127
900
1078
1738 Sept
6%
683 Aug
25% Aug
3% Jan
39% Jan
May 23
..50
7% preferred
•
'------
6%
*42%
56%
*11934
4%
*11%
*92
-
--
4%
4378
56 %
7434
10%
—
*42%
56%
*10%
75
10%
11%
43%
56%
129
-----
25
Sept
Oct
3
Jan
3878 Jan
2678May•28
No par
142
Oct
2% Aug
133
June110
No par
Salt
4578 Sept
378
41
19534 Mar
7158 Sept
16634 Aug
3'4
7
3
37
100
preferred
International Silver
5,200
278
6%
1078
43%
*127
J,
25
55%
129
.
-
437g
*127
129
74
73%
72
*1034
55%
*127
128
*127
11
5%
------
2 34
*24
55%
43
International Shoe
57„ Sept
1% Apr
5% Jan 5
14i2 Apr 20
73
International
90
*4234
43
Apr
Sept
l34May 18
20
17%
*123
-
16
145
40%May 21
5% conv pref
600
6%
24%
-
*10%
1034
10*4
11%
6
*123
....
3
Jan
2D4May
500
*75
79
6
24%
2534
*24
*123
*1034
1034
*10%
24
125
2334
6%
79
6% Vv
*6
167„ Sept
10%May'21
33
2%
*2%
6%
27g
6%
79
*7434
6%
125
*125% 125%
w
10%
42%
*10%
24
24
26
*24
*125%
*6
6%
*6
79
*76%
79
*76%
6%
6%
6%
*6%
6%
*2.%
-
109% Dec
Internat Rys of CentAmNo par
60
105
*88
234
2%
Apr
Apr
7% Aug
5
June
Dec
2%
15
100
Inter Paper & Power Co.
9,100
6,100
29%
*16
105
*88
105
*88
19%June
109
100
Preferred
...
40
29%
1
Int Nickel of Canada..No par
9,100
....
2%
*2%
*30%
234
79
*334
17% Apr
90
Sept
578
9% Mar
46% Oct
4
5
3i2May 23
*37%
2%
*6%
Internat'l Mining Corp
33
234
*76%
4%
100
40
*16
18%
145
May 25
ls4May 22
29%
2%
.100
Preferred
21
38
May 22
400
98s4 Sept
4% Apr
234 Sept
6
5%May 22
*29
234
38
Apr
Apr
9%
191i2Mar 12
6234 Jan 4
171
Jan 23
June 11
Internafl Harvester...No par
Jan
Sept
Aug
Jan
5
18%May 21
A.25
*30%
2%
136
Int Mercantile Marine.No par
*3734
2%
Int. Business Machines.No par
9% Sept
29%
1278 Jan
238 Apr
May 21
Int. Hydro-Elec Sys class
33
2%
1
Agricultural..No par
Prior preferred
100
Internat
67
473s Mar 20
113
Mar 28
June 10
1,500
38
29%
102
*92
100
*88
100
*88
30%
*2934
*16
18%
*16
2978
2978
30%
*2984
157
6%May 21
3,200
2934
38
*30%
131
2%May 15
No par
6%
6%
2%
*2%
2%
91
No par
Interlace Iron
2,100
237g
23%
23% 23%
*117% 125
*117% 125
1234
12%
127g
123g
13%
48%
4834
46%
48%
49%
48%
*2%
Apr
8
164% 164%
2%
2%
4%
*334
4%
86
147% May
'
634
63g
June
100
43
43
4338
4
1578 Apr 11
6% Feb 14
6% Feb 28
900
125
12%
2%
142
Jan
Apr 16
90% Apr 27
158
Intercont'l Rubber
800
1%
21% 21%
14234 14234
*1%
2334
23%
*117
125
*117
6% preferred
-
200
*16278 164%
2%
2%
678
*334
24
23%
2334
125
*117
234
6%
334
334
4%
*334
23%
2378
2378
*116% 125
634
67g
684
7
*6%
165
2%
7
-
1,800
1%
22%
43%
43%
43
43%
--
3
8
Apr
118
22
No par
100
Interchemlcal Corp
77g
142
143
142
43%
*15978 165
*1617g 165
2%
234
234
2%
2%
234
*22
143
143
145
43
1%
23
13s
100
*2%
Apr
1634
458June 11
2i8May 21
J Interboro Rap Transit-..100
*734
438
3
7%May 22
1
share
per
1
Jan
66%May 22
20
Insuranshares Ctfs Inc
234
734
*1%
*21%
8
8
8%
1%
No par
Inspiration Cons Copper
2,300
105
*100
105
234
2%
*2%
25%
*100
105
*100
3%
*24
26%
*25%
25%
734
*22
200
Highest
share
per
934 Apr
June 26
Inland Steel Co
300
1,800
5%
2%
25%
145
100
share
per
29
5
May 23
l638May 21
72
May 25
No par
Lowest
Highest
$
preferred
6%
-
-
8%
2%
105
Ingersoll Rand...
-
8%
5%
*2%
—
100-Share Lots
share
per
10
No par
8%
2%
*100
3%
Industrial Rayon
600
—
82
*8078
Indian Refining
%
400
88
*5%
25%
26%
105
*2%
87g
8%
Par
2,000
148
81%
81%
8%
82
*8 Us
878
*85
' *140
I
2%
2%,
*25%
*100
3%
2178
*21%
Shares
*5%
5%
2%
105
*2%
8%
878|
*5%
*5%
*101
81%
8%
8%
8%
21%
21i2
Week
§ per share
578
578
21I4 21I4
,
On Basis of
Lowest
July 19
1
July 18
$ per share
$ per share
$ per share I $ per share
K7.'
*Ali
K7.
*5
*5'4
578
578
EXCHANGE
Friday
Thursday
Wednesday
July 17
Tuesday
July 16
,
Ranoe for Previous
Year 1939
Range Since Jan. 1
STOCK8
NEW YORK STOCK
the
CENT
SHARE, NOT PER
Sales
for
SALE
HIGH
AND
LOW
375
New York Stock Record—Continued—Page 6
151
170
Mar
2
2
30
Sept
2084 Aug
155
53% Jan 4
4% Feb 23
4034
3
2484
30% Apr
105
111
29
* Ex-dlv, y Ex-rights.
5384
Oct
038 Mar
36% Mar
93
Jan
105
1078
Apr
984
Jan
5% Sept
39
Sept
15% Aug
17% Nov
108% Dec
25% Dee
10«4 Jan
59% June
Apr
18% Sept
3
9% Apr 25
47% Jan 3
127s Jan
Dec
Jan
8
Feb 24
Apr
Apr
3% Sept
57%
37% Sept
July
176
8
Mar 29
16*4 Jan
177S Apr
Nov
8
88
Jan
15%
Apr
834
June
T Called for redemption.
New York Stock Record—Continued—Page 7
376
AND
PRICES—PER
SALE
H1GII
SHARE,
NOT PER
CENT
July 20, 1940
Wednesday
July 17
Tuesday
July 13
Monday
July 15
$ per share
S per share
$ per share
4%
48,j
4%
4%
4%
22l2
♦21
22
6%
75
75
*68
69
*68
*2814
28%
*3
29
3U
14!%
*12l2
14%
1314
♦74
27
69
*68
69
29
*14%
15%
13%
28
67s
7
684
13
*29
30i4
*113% 114
*36
3678
*100% 103 |*102
3
*284
*234
103
*30
9
*8%
**15
884
84
2%
*2%.
2%
*%
®i«
%
*®i«
%
*11%
1234
*90
93
*11%
12%
91
*90%
*119
120%
%
393s
35
24%
10%
14%
10%
1434
11
14'
19
19
19
3
23%
23%
*258
*234
3
*22
23%
*21
12%
12
72%
*71%
*108%
3!
....
5%
*41
4%
*13
8%
9%
*9%
1834
*160
14
15
5%
8%
8%
9%
9%
19
19
*160
*13
14
*13
14
*82
90%
17
*82
90%
*16
18
*13
14
*82
90%
17
*15%
11%
11%
112
112
*19%
*8%
*4%
43g
6%
20
9%
*5%
*578
20%
*8%
6!%
-
«
*42
44
14%
18%
6%
8%
8%
10
163
13
*111
4%
6%
2034
4%
6%
21
*8%
4%
6%
29%
9%
9%
4%
Mo-Kan-Texas RR
100
7% preferred series A... 100
{Missouri Pacific RR
100
%
200
90%
"l",300
%
*13
12
*11%
90
8%
*9%
*137
6!%!
141
*57
58
*584
*9
6
10%
*32%
*36%
*137% 141
*8%
34
41%
5%
8%
10
10
17%
17%
7%
5734
534
*9%
*32%
*36%
*5-%
*8%
784
5734
34
41%
5%
8%
*36%
5%
10%
18%
784
18
11%
*9%
1334
934
14%
10%
10
6%
5%
734
58%
6%
10%
958
*17
9%
58%
6
9%
*33
Nashv Chatt A St Louis... 100
11
4,400
National Acme Co
Nat Automotive Fibres Ino.-l
8%
8%
13% Jan 13
5% July 15
7%June 20
41
5%
8%
*36%
*8%
5%
8%
10%
18%
90%
18
11%
9%
143S
*15%
*11%
9%
14%
4%
6%
*4%
20%
20%
20%
4%
6%
20%
*8%
9%
*S38
10%
*16%
*137
734
75%
100
42
200
*17
*73
77
*70
80
*70
80
41
41
*41
42
41
41
*41
*105
112
*106
112
*106
112
*7
*12%
*2278
*25
*3%
678
3984
1178
1234
23%
*25
*3%
7
7%
3984
12
1234
23%
26%
23%
*25%
4%
*3%
*3834
1134
13
7
52%
%
52%
%
%
U16
%
38
*5g
*%
2034
»%6
2084
21
*2438
2634
*24
5ie
*195
*19234 205
*109
20%
*50
54
10
16
*85%
88
*86
*12%
*3184
238
*24%
14%
238
32
14%
6%
6%
33%
13%
13%
10%
10%'
*100% 104
*2%
3%
12%
12%
140
*8%
*24%
*20%
8%
26
22%
*48
52
*115%
49%
*5%
*2%
*8%
*434
*10%
*2834
*4134
*9%
*116
49%
534
234
10%
5
11%
29
42%
10%
147
*
_
*2%
12%
3%
12%
140
*814
*24%
*2034
8%
26
22%
*48
52
49
50
5%
534
2%
2%
*9%
10
*434
5
*10%
11%
29% 29%
*4134 42%
*9%
10%
11734 118
*14684 148
3%
*3
6%(
%
*%
*%
20%
'8
*%
%
%[
%
%
*%
21
2634
*25
27
*25
27
*25
-
"""400
800
400
17,000
200
200
200
200
*197
205
200
16
20%
57
54%
*86%
6%
•
1334
14%
10%
10%
100% 100%
*2%
3%
12%
1234
*133
838
26
140
8%
26
*2034
*48%
*115%
22%
51
49%
4934
584
2%
5%
*2%
*958
434
*10%
2834
42%
10%
6%
113
*32%
*2%
*24%
14%
6%
14
*10%
*9734
*2%
1234
.
*133
8%
14%
638
14%
10%
100
3%
12%
_
140
1434
14
14
10%
*133
50
50%
9%
*4%
*10%
28%
*42%
*10%
584
*48%
*115%
50%
11%
29%
5%
2%
*9%
4%
*10%
29%
45
*42
11%
*10%
234
9%
434
*25
800
6%
140
7%
25%
22%
51
50%
5%
234
10
4%
11%
29%
43%
11
118
118
118
118
118
148
149% *149
155
149% 149%
118
1
NY Air Brake
No par
New York Central
No par
N Y Chic & St Louis Co... 100
6% preferred series A...100
NYC Omnibus Corp..No par
New York Dock
No par
5% preferred
No par
N Y <fc Harlem RR Co
180
7%
24
*2034
*48%
*115%
51
*5%
2%
9%
*4%
*10%
N Y Lack A West Ry Co.. 100
45
JNYNHft Hartford
..100
% Apr 12
Norfolk & Western Ry
100
Adjust 4% preferred
100
8,200
North American Co
10
200
6% preferred series
800
5H% pref series
5,800
North Amer Aviation
Northern Central Ry Co
Northern Pacific Ry
1
50
100
North States Pow $5 pf No par
Northwestern Telegraph...50
Co..2.50
...No par
ifo
par
Omnibus Corp
(The)
8% preferred A
Oppenhelm Collins
...100
No par
Otis Elevator
No par
6
100
Otis Steel Co
No par
$5.50 conv 1st pref..No par
Outboard Marine & Mfg
5
Outlet Co
*—No par
Preferred
100
1,900
800
Pacific Amer Fisheries Inc
310
Pacific Coast
40
70
1st
pref erred
No
42
par
No par
Pacific Finance Corp (Cal).lO
Pacific Gas A Electric
25
25%May
'2.209
200
Pacific Ltg Corp
No par
33
10%
100
Pacific Mills
No par
8
150
Pacific Telep A Teleg
100
115
.100
144
{ In receiversulp.
a
140
Def. delivery,
June 10
434June
2
May
8 May
3%May
9%May
10
2d preferred
June 10
47 May 24
115%May 24
5
Co
12434Junell
7 May 21
21 May 21
19
Glass Co.12.50
Owens-Illinois
6% preferred
n
New stock,
r
Cash sale,
2
July
5%June 10
10%May 21
7%May 21
95 May 23
2%May 22
ll%June 11
29%
42
149% 149%
4
x
May
May
May
June
Ex-dlv.
10
22
22
22
21
22
22
21
25
18
y
47
Sept
37% Mar
19
Jan
17%
Oct
30
Jan
7%
Aug
53
Apr
8
Jan
22%
Jan
Aug
26% Nov
1834 Sept
19
Apr
20% Jan
10% Jan
17%
Jan
6% Apr
7% Mar 14
2078 Apr
1578 Jan
12% Jan
96
87
Jan 31
27
Jan
87s
73% Jan
9«4
25% Mar 13
Apr 29
6
Jan
4
2134 July 10
14% Feb 20
50
Jan
3
18%
Jan
3
21%
Jan
4
39
Jan
3
33% Mar 9
8% Apr 22
12% Apr 22
115% Mar 11
111% Apr 30
56
Feb 20
% Jan
3
Jan
4
2
%
113% Mar 27
2384 Jan 3
59
Jan
58
Jan 10
26%
Jan
8
3
90% Feb 20
9% Jan 3
3
42% Jan 12
16%May 29
834May 7
23% Apr
14% Mar
112
Mar 28
5% Apr
18% Jan
144
4
4
Feb 19
12% Jan
41
4
4
3
Jan 11
3234 Apr
4
55
Jan 22
120
Jan 17
64%
41
Dec
2% Apr
8% Sept
18%
Apr
73% Mar
Apr
6%
Feb
28%
Jan
18%
Jan
10%
Jan
106
Mar
27% Jan
173% Aug
145
Feb
15%
Jan
20
Jan
59%
50%
5%
11%
Jan
Apr
Oct
Feb
29% June
87% Aug
42
July
8% Apr
Apr
11% Sept
10% Apr
18% Apr
30
Apr
1'4 May
62
Sept
23% Sept
25% Sept
45% Sept
43% Feb
10% Sept
27
4% July
17% Sept
100
Nov
15% Sept
118% Mar
119
May
120
Mar
47
July
Dec
62
Mar
%
1%
Dec
% May
8% June
31% Dec
168
1% Sept
5% Sept
134 Sept
17
Sept
33%
Dec
Jan
217
Nov
103% Sept
113
June
18%
Apr
523g Sept
60% Sept
12% Apr
82
Jan
7
June
100
Sept
Sept
26% Feb
59% Aug
59
Aug
29% Nov
89
14'4
Nov
Jan
113
Dec
40
Oct
2'4
32%
Apr
Apr
6% Nov
4434 Aug
6
Aug
101% Sept
.4% Sept
Sept
100% Sept
4«4 Aug
15% Sept
113% May
12
128
7%
33
16%
40%
114%
Oct
Apr
July
Apr
Jan
20% Mar
8%
Jan
27% Jan
148% July
16
Sept
55% Sept
26% Dec
Jan
54
Dec
Jan
120
Dec
70
Jan
334 June
934 Apr
27% Apr
50
41
Apr
139
4
Mar 12
114
Apr
154
Jan 24
128
Sept
9%
30
Apr
12% Jan 4
Apr 15
34% Apr 15
Ex-rlghts.
Oct
112% June
2334 Feb 13
3
8%
105% Sept
2% Apr
11% June
Jan
Jan
Mar
Sept
Aug
16% Jan
Aug
114
82
Apr
10% Apr 26
14
Sept
Aug
3
6
16
18%
117%
10
50
Jan
Jan
17% Nov
95% May
2334 Sept
26% Jan
35% Sept
33% July
32
Nov
Apr
6
6«4
Jan
15
28% Mar
175
July
10
Jan 11
26% Apr 22
35% Apr 6
226%May 4
5% Jan
Oct
Jan
Apr
5% Aug
53% Apr
110
Apr
Sept
52
Jan
1438May
4334 Apr
43% Apr
8% Apr
10% April
10%June 24
91
Apr
Sept
14% Dec
z8% July
12% Jan
110
Sept
107
Sept
4% Apr
4% Jan
20% Sept
10% Sept
8% Sept
83
Sept
17% June
14%
034
Jan
Oct
Deo
9%
7% Sept
21% Sept
147%
10%
99% Apr 17
Jan
7% Aug
30
18
28
15
24
9%
52
14
3
21% Apr
7% July
8%May
16% Apr
24% Jan
170% Mar
111% Nov
43% Sept
53g Sept
14
Pharmacal
*9%
118
50
105
Norwalk Tire A Rubber No par
Preferred
...50
42
118
Mar 29
Mar 14
8% Feb 16
29
6% preferred
11%
29%
83
111
Apr 29
Oliver Farm Equip
....
5
122% May
57% Oct
14% Sept
70% Dec
36
1,000
200
14
15
May
44% Mar
4
23
22
25
21
22
22
Oct
121
Apr
Sept
Apr
Sept
27 May 22
2%May 15
32 May 20
Norwich
""800
May
175 May
105 May
14%May
47%May
47%May
15 May
84%June
4%May
101 May
21
114% Sept
9
Mar 25
Ohio Oil Co..
2.400
% Apr
13% Jan 15
20
Dec
Apr
30
113
...
80
Jan
1% Sept
2% Sept
Feb 28
24
2,900
51
6
2%
9%
434
50
....50
5,300
700
6
Jan
Mar
15% Mar 20
% Apr 27
"206
100
Juno
100
Conv preferred
""600
7%
24
22%
51
434May 22
May 21
Apr 27
{N Y Ontario A Western.. 100
110
12
2034Julyl9
6%May 24
30%May21
9%May 21
8%May 21
15 May 21
20%May 21
3%May 21
110
N Y Shlpbldg Corp part stk..l
Noblltt-Sparks Indus Ino
5
200
26
21
22
22
104
7,000
140
*133
1
Apr 18
18% Apr 4
2678 Jan 9
5% Feb 16
22
7%May 21
50
pref
non-cum
14
*13
13%May21
50
10%
1,600
1,200
132
9%June
14 May
75 May
36 May
100 June
4Ji% conv serial pref... 100
Newberry Co (J J)
No par
5% pref series A
100
Newmont Mining Corp
10
Newport Industries
1
14%
6%
14%
6%
19
14% May 22
No par
200
32
10%
10%
100
100
*10038 104
*2%
3%
*2%
3%
13
13
12%
12%
*2034
434
21
10%
7%
*24
51
,32
1434
6%
22%
10%
11%
28%
42%
10%
*25
32
83s
26%
5%
*2%
205g
*110% 112% *110% 112%
19%
2038
20%
19
20
57
*56%
5734
*563s
57%
55
*55%
56
55%
55%
16%
1534
16
15!%
15%
88
*86% 88
*86%
88
6%
6%
6%
6%
6%
113
*111% 113%
112
112
33
33
*33
34
34%
2%
2%
*2%
*2%
2%
*20%
*48%
*115%
*25
2034|
21
4
100
3,100
27
215g
6
3% Jan
100
400
21%
10
No par
No par
National Tea Co
*534
**>«
5
Bid and asked prices; no sales on this day.
*3
*534
®n
3ie
16
*132
„
100
108
*86
*13% 14%
10%
10%
100% 100%
25%
2
114
21
24
23
24
25
40
Nehi Corp
Nelsner Bros Inc
6%
,*105% 107 ,*105
107
117% *106
117% *106
117%
51%
52
*50%
53 t *51%
54
16%
6%
1284
24%
6%
"i",300
700
21
199% *199
16%
24
25%
3
107
5%May
48 May
4%May
8
May
26%May
35%June
25
Natomas Co
*25
2l3g
87
1234
11%
*1234
23%
25%
2534
3%
*3
"l«
\a
*39
12
Jan
Feb
13% Mar 12
18% Apr 17
116% Jan
23
28
23
54
Jan
132
10%
17%
634'
7
41
11%
25
24
*25%
516
*%
26
*115%
118
147
52
*318
*39
66
45
148% Jan 29
100
2034
6%
4034
12
13%
2334
25%
3%
121% Jan 30
May 21
H78June 5
107%June 13
May
3 May
5% May
17 June
7%June
5%May
66 June
Jan
July
6%
2%
Apr
Sept
112
Sept
40% Apr
31% Aug
22% Sept
9% Apr
10
Apr
16% Apr
3% Aug
June 19
'
2034
26
22
6
114
9%
110
100
884
*105% 112
21%
*6%
40%
1238
13%
11%
88
6%
*112
11334 *113
11334
*3134 33%
32%
32%
*2%
2%
*2%
2%
*24%
32
*24%
32
*1458
15
14%
14%
6%
63s
6%
6%
6%
6%
*112
*132
%
112% *109
112% *110% 112%
20
2088
20%
19% 20%
58
58
*56%
58
58%
54
*54% 54%
64%
54%
16
6%
52
52%
*%
*105% 112
7
40
*6
*534
6%
*584
6%
*534
6%
*101
*101
108
108
*105
*101% 108
*106
*106
117% *106
117%
*51
10%
17%
Jan
6% preferred B
Nat Mai! & St'l Cast Co No par
.No par
National Pow A Lt
prior preferred
6% prior preferred
41
538
*10%
*16%
17
18
Deo
85%
Jan
10%
8534
May
39
40
120% Nov
14%
%
19% Jan
119
Jan
1
Aug
2% Aug
% July
% Jan
78 Jan
118
Jan
8% Aug
152
200
41
5%
8
Apr
1% Jan
434 Jan
22% Apr
173% Jan 31
$2 conv preferred
*36%
5%
8%
6
11
103% Sept
2% Sept
36
Sept
May 29
National Steel Corp
18%
*38%
1134
10
June 10
Apr
Apr
44% 8ept
100 2160
National Supply (The) Pa.. 10
41
*203j
par
700
34
22
preferred.No
conv
1,300
*32
10%
17
*21
$4.60
National Lead Co
120
200
2,200
34
8%
Apr 25
11
Apr
18%
Dec
21% Sept
39% Jan
16% Sept
18
8ept
Apr
101
Nov
6%
28%
Apr
6%
11%
7% Feb 15
June 10
l078June
155 June
13 July
91 May
16 June
934May
25
7% preferred A
34,
*105% 112
10
No par
Nat Enam A Stamping No par
Nat Gypsum Co
1
100
2,200
preferred
Nat Distillers Prod
1,000
44
2I84
7%
41
12%
13%
24%
26
3%
6 %
...No par
6
80
2134
"2" 100
18
734
Nat Dept Stores
100
2,100
...100
100
10
*70
21%
1,500
7% pref class A
7% pref class B
58%
*17
21%
6,700
National Cylinder Gas Co—1
Nat Dairy Products
No par
*534
*9%
6
9%
*41
22
7%
4034
1178
1234
23%
2634
4%
2,000
6 % pref series A
100
Nat Bond <fc Share Corp No par
Nat Cash Register
No par
200
9
5
10
100
pref
Nat Bond A Invest Co.No par
*32
5%
cum
58
58
*9%
80
*21%
7%
139
*17%
7%
44
17%
National Biscuit Co
938
*6
*70
17%
1,300
50
18
10
"""206
*82
*41
*8%
6%
6,800
112
139
1
conv pref
Nat Aviation Corp
10
19
19%
*160% 166
48
334May21
3,100
*36%
5%
*838
*10%
*16%
75%
5%
97%May 22
4 May 21
41 June 15
7
*111
6
34
33
par
1
par
par
18%
900
Jan 20
434 Apr 24
16
Nash-Kelvlnator Corp......5
~~2~ 700
112
734
58
110
15
21
3078 Feb
10
*6
26
Aug
Nov
63
11% Sept
8
5% preferred
100
Murray Corp of America..10
Myers (F <fc E) Bros
No par
600
20
9
Apr
8%May 22
12 May 21
15 May 21
238May 14
20 May 21
8%May 22
56 May 28
Mull Ins Mfg Co class B
$7 preferred
No
Munslngwear Inc....-No
Murphy Co (G C)
No
210
16
May
54
21%June20
400
"3", 100
122
21
73
30%
July
14
7
24
7%May21
%May 18
l%May 22
%June27
%June 21
9igMay 21
8634June 10
110 May 23
113%May 27
3l34May21
33%May 21
1
3
8
12% Apr 10
17%May 9
40% Apr 8
50
Mueller Brass Co
115
4%
Essex
103 May
33%May
95 June
2%May
26 May
July
39% Aug
28% Dec
Feb 21
Motor Products Corp..No par
Motor Wheel Corp
6
700
*112
6
9%
No par
Morris A
115
*17%
734
5834
Preferred series B
360
1,500
1,100
*111
18
7%
10
Montg Ward A Co. Inc.No par
Morrell (J) A Co
No par
*112
138% 139% *137
17%
17%
784
58%
20
May 22
7
6!%
141
*137
*1738
784
Carpet Mills..
200
200
4%
10
19%
166
6,300
-
6%
6%
684
6%
684
678
6%
6%
73
*73
*73
73
*67
73
*70
73
80
80
*70%
73
16%
*15%
16%
16%
16%
16%
16%
1634
16%
17
16%
16%
165
*160
165
*160
*160% 167% *160% 167% *160% 167% *162
164%
6%
100
Monsanto Chemical Co
""90
44
18
10
19%
•
5%
4%
8%
*15%
11%
9%
conv preferred
Mohawk
73
m -
5%
18%
7%
6%
14
90%
*8%
No par
$4.50 pref erred..... No par
*13
14
18
*13%
20%
5%
*116
4%
*82
4%
6%
21
*6
400
300
%
*42
44
*160
112
4%
%
2%
*72
13
112
112
10
%
5%
90%
18
H%
9%
*82
*15%
*H%
No par
Mission Corp
1,600
*2%
*109
5%
10%
19%
19%
*160
72
72
1
4%
*13%
18%
6%
$6.50 preferred
8%
•
*42
4%
4% conv pref series B...100
Minn Mollne Power Impt___l
26
6%May 21
ll%May21
23%May 21
No par
8% cum 1st pref
100
Minn-Honeywell Regu.No par
35
8
90%
....
*109
—
11%
*9%
10
1334
14
13%
13%
115
113% 113% *112
112
300
121% 121% *119
121%
40
40
39%
40%
35
35
*32%
*32%
25
25
25
*24%
10%
10%
10%
10%
*15
*15
15%
15%
18%
18%
18%
*18%
3
3
2%
2%
27
25% 25%
26%
*12%
12%
12%
12%
5%
*9%
9%
13%
1384
13%
*113% 115
*113% 115
*4
ft.
5%
191
163
11%
11%
*9
9%
13%
*111
0%
8%
10
165
*160
*9%
*13%
6
18%
1834
163
*15%
11%
5%
44
4%
5%
8%
*9%
6
*8
538
*41%
4%
14
14%
17%
17%
*5%
44
4%
4%
4%
*109
*109
538
*41%
44
25%
12%
72%
12%
*71%
5%
5%
*116
ft.
3
*2%
25
24
73
*71%
120
3
*30
%
12%
90%
ft.
24%
10%
15%
18%
15
12
*108
<-
35
*32%
24%
3
104
*2%
8%
%
2%
%
*11%
12%
18%
*12
400
*®i«
91
10%
*18
%
2%
,
Midland Steel Prod
90
37
104
35
8%
Copper
5
Mld-Contlnent Petroleum..10
300
2934
115
2%
*30
121% 121%
40
40%
3884
14%
18%
*29%
—.5
Miami
1,700
1,600
*36
103
234
700
7
13
115
36%
8%
ft*
*34%
24%
10%
14%
29%
117
103
278
*11%
90%
39
10%
14%
18%
29%
30
100
28%
7
13
7%
13
*115
36%
%
35
24%
327g Apr
35
35
*10
24
28
*7
103
38%
*24
Mesta Machine Co
*12%
28%
Aug
56
share
10% Oct
101% Nov
14% Sept
Jan
6
5
5
28% May
*3i«
40
May
ll%May 22
1178june 25
30%
*116
39%
May
82
5% conv lBt pref
.50
Merch&M'n Trans Co.No par
15%
14
aie
120% 120%
85
34% Mar
6% Jan
150
15%
*12%
(The)
per
6% Aug
88
3
6
2
1
100
Highest
share $
per
Apr 15
Menj?el Co
115
*30
$
1
1
4
14%May
300
2%
91%
107
3%
15%
14
*2% 1
1134
91
10
May 21
May 31
7%May 28
64
Feb 5
53% Feb 6
24%May 24
2%May 22
*%
*11%
5
99
1,200
2%
*116
*116
*116
1
100
68
13
%
Co
29%
883
%
*3i«
80
Stores
conv preferred..
Mead Corp.
No par
$6 preferred series A.No par
$5.50 pref ser B w w.No par
Melville Shoe Corp
1
*3
*234
I
*75
""360
834 Apr
32% Apr
9% Jan
17%May 28
68
8%
%
*8%
*%
28s
*%
McLellan
6%
9%
May 15
share
per
29%
28
103
35
*30
35
35
*8
100
6%
108
*8%
4
$
69
13%
36%
27g
2%
McKesaon A Robbing, Inc—5
$3 series conv pref...No par
share
29%
3%
15%
28
7%
115
103
|*102
300
*6%
*95
80
*3
1234
30%
30%
30%
114% 114%
36%
36%
3
*30
%
♦23s
*%
*ht
7%
13
3,300
ver
*68
1234
27%
7
4%
$
Lowest
*29%
*7
27
36%
*36
'
14
13
♦12%
*26%
15%
1234
27%
153s
1484
*13
*75
Par
Year 1939
Highest
69
*3
3%
3
634
Shares
22%
*21
9%
Lowest
Ranye for Previous
29%
3%
15%
29
*3%
4%
Ranye Since Jan. 1
On Basis oj 100-Share Lots
EXCHANGE
Week
19
$ per share
108
*8%
80
♦68
*28%
*6%
*95
884
*74
28%
3%
12!%
1234
*29% 303s
113% 114
27
7
*12l2
80
*74
75
$ per share
488
4%
22 "
22
108
884
884
884
July
STOCKS
NEW YORK STOCK
the
Friday
July 18
4%
22%
684
*95
108
*95
9%
4%
22%
*6%
684
*683
6%
*834
8%
|
$ per share
2I84
2134
108
*95
108
8%
4%
*21
6*4
*6%
*95
July 16
Thursday
Sales
for
LOW
Saturday
Apr
7% Sept
7% Nov
25
Nov
15% Sept
12% Mar
34% Mar
52
Oct
21% Sept
132
June
156% July
T Called for redemption.
Volume
New York Stock Record—Continued—Page 8
151
HIGH
AND
July
SALE
Thursday
$ per share
S per share
*3%
334
*334
$ per share
S per share
6
*534
6
4
3%
137g
14
135s
13%
34
*5g
34
*5g
34
100
33i2
*3D2
33t2
*3H2
33i2
100
Parafflne Co Inc
99
*90
99
*90
99
734
8
13
*134
*17
13
121
121
121
*612
7%
255g
195s
1978
1712
1734
*173g
30l2
30i2
30l2
3
*2
3
43i2
82
32
31%
48%
*
3134
3
*2%
3
*2%
3
*2%
*36%
40
*36%
40
*36%
*9%
49
49
5%
72
*170
*7
*19
*19
2258
17%
*13%
*26
I07g
6
6
*7%
8
*7
*19
22
*14
22%
17%
*13%
28
*1034
534
5%
8
16%
68
50
| 55 conv preferred
..No par
Pitts Ft Wayne A C Ry Co. 100
*170% 172
100
167
6
3,200
*i4r»
*7
1
20
*20
22
*14
17%
*14
15%
32%
*30
32
28
29
32
32
10%
11
1034
11
*16%
*13%
14
*30
2734
14
*13%
*7%
8
*7%
%
7%
%
*27%
63
64
63%
*62%
30
116
116%
37%
10834
16%
*13%
8
116
*28
62
*37
17
14
8
8
64
*9%
62
*108
17
*%
*16%
116
9%
10
37%
3634
%
6%
934
10%
*9%
*122
125
*122
136
*133
136
*133
154
*154
154
155%
120
*116
120
1934
1934
19%
1934
19%
19%
73g
7%
7%
7%
7%
7%
85^8
853g
*85%
88
76
*85%
*7514
88
76
76
76
76
*11
11%
11%
11%
11%
*11%
434
5%
4%
11%
4%
11%
11%
47g
11%
12
5
*123
6%
136
136
136
100
7%
8%
155% 155%
70
118
*116
118
116% 116% *116
19
19%
19%
19%
1934
19%
7%
7%
7%
7%
7%
7%
86%
88
*85
87
*85%
*85%
76%
*75%
76%
76%
76%
76%
*11
11%
11%
*11%
11% *11
12
12
12
*11%
*11%
*11%
5
5%
5%
5%
4%
4%
100
155% *155% 158
*65
56%
56%
3
3
3
*36
37
*36
37
*36
37
*36
37%
*17
18
*17
18%
*17
18%
17%
17%
16
16
2%
-
56%
2%
-
3
Pullman Inc
No par
Pure Oil (The)..
No par
100
800
2%
100
37
36
36
17
17
17
17
400
15%
15%
16
1,500
1534
29%
29%
29
29
2934
2934
*28
30
*28
2934
*28
29
12
12%
12
11%
1134
12
12
12%
*21%
12%
*12%
12%
25
*17%
18%
*21%
18%
25%
18%
200
*2%
18%
234
*2%
234
*2%
2%
mi'mm mmrn
31
31
*30%
3434
*30%
34%
10
6%
6%
6%
6%
360
*21
25
*1734
18%
234
*2%
234
40%
*25%
*6%
634
*6%
36%
634
*7%
8
*7%
8
*2%
*25
*8%
10
*8%
7%
*7
465g
*45
70
70
*56
*1%
I65g
1%
*83
16 34
84%
*69
73
*8%
7%
1%
1634
84
*69
9
36%
6%
7%
47%
70
*54%
70
*55
70
*55
70
1%
16%
85%
1%
17%
85%
87
8%
9
7%
*3%
*145g
*%
9
9
9
9
500
77%
*70%
9%
7%
734
36%
8%
36%
52
52
5%
*434
8%
5%
334
16%
*14%
15%
334
15%
334!
15%
1
34
30%
%
%
%
3i«
77%
*70%
55
*42
55
9
9
4%
*2034
4%
8%
8%
36%
41%
4134
4134
105%
104% 10434
21%
21%
21%
55
8
*3%
*2034
Bid and asked prices; no
2,300
3,300
8
60
55
8
8
10,000
8
*5
5%
*5
5%
*31i
*15%
334
*3%
3%
1
2934
*%
*3%
4%
42%
4% 2d preferred
Real Silk
6
100
Hosiery...
Preferred
....
42%
104%'
21% 21%
Republic Steel Corp...No par
6% conv preferred
6% conv prior pref ser A.
Revere Copper A Brass..
tm'mmmrnW
100
478
*4
^
43%
4,400
mmmmmm
mmmmmrn
1,400
104% 105
780
21
200
*20%
} In receivership,
a
23
Apr
35% Mar
A
Class
.....
100
preferred
Def. delivery,
Oct
9%
31% Sept
51
Sept
Apr
12
12
Apr
4
Mar
32i2 Sept
14% Sept
95
Sept
2i2
4
4
60
Apr
168
Sept
478 Aug
8% Jan
22
34i2 Apr 25
l6%May 22
10 May 21
19 May 21
1934 Apr
1212 Aug
8
18
June
8
6
Sept
3
114 Mar 12
2234 Feb 9
142
Aug
37
May 10
May 21
16i4 Apr
3
% Feb 14
15112 July
7
151% July
15
is
17i8 Sept
Jan
6
6%
4
7% Aug
2i4 Feb 27
8
July 5
688May 21
May 21
June
5
112%May 22
30%June 10
May 21
1107gMay 22
100
% Aug
Sept
143
Aug
166
June
1173s Deo
4178 Sept
1134 Sept
Jan
Jan
ll%May
97%May
89
May
15% Feb
15% Feb
7% Apr
Apr 15
69
Apr 8
36% July 9
Apr
2978May
37i2May
17i2 Apr
2658 Apr 10
1934June
23
Jan
3
5
Aug
Mar
65
Jan
6778
Apr
Jan
19
Deo
28S4
Deo
2234 Sept
2834
Odt
Sept
27
5% Sept
Dec
54
7
Apr
16i4
6%
Apr
10
Apr
958
9
13% Feb
10% Jan
Dec
Dec
14% Sept
17% Jan
75i2 Mar
Apr
75
40
5734 Apr
60
Jan
60
May 15
2
Apr
14
May 21
23%
80
Dec
23% Sept
9
4
Jan 12
Jan
16% Apr
6% June
12i4 June
10% Apr
2078 Sept
16
July
69
May 27
Nov
8%
63%
May 28
7
16
85i4 June
50
z3734June
81% Jan
18i2 July
85% June
2%
4% Feb
8%May 21
6 May 22
Aug
90% Mar
June 20
23
May 28
June
11
90
3
Sept
z22% Aug
6i8 Aug
70
Sept
63®4 Aug
1034 Jan
32%
June 19
Sept
Dec
66
11934 Feb
4134 Aug
1143s Aug
12812 Aug
Apr
118
15i2May 22
13i2May 21
16% Sept
1684 Sept
49
Sept
May 21
May 23
31% Apr
101% Sept
Sept
1678 Sept
2i4 Jan
Sept
115
90
Apr
Mar
17
111
Apr
11
50%
112
Deo
2% Sept
Sept
24
147
165
5
Apr
2038 Sept
129
145
7338May 28
Aug
40i2 Sept
149
112
6
May 22
June 12
6
6i4 Sept
18
Aug
113s Sept
I6i2 Sept
4812 Oct
25% Oct
2
June
143
1678May 21
7 May 21
Apr
175
Apr 20
Mar 29
128
126
June
Apr
12«4 Jan
15
21
53
Apr
Apr
6%
Jan
78 July
127g
Apr
43
Apr
42
Jan
Apr
May
1434
Apr
30% Apr
Apr
2U2 July
92
63
958
Jan
Apr 17
61l2 Apr 8
1578 Feb 20
Mar
Oct
Nov
Nov
234 Nov
28% Sept
9584 Dec
8934 Oct
20%
40%
Jan
Jan
Aug
84
Sept
375a July
56
Sept
5H % preferred
100
Reynolds Metals Co—No par
39
1484
Jan
7578 Mar 28
96% Apr
8
7884
Jan
87
Dec
100
Reynolds Spring
1
Reynolds (R J) Tob class B_ 10
6i8May 21
32 June 10
lU4May
2
6*8
Apr
113s
Jan
44
May
8
35
Sept
45
Jan
62
54
June 17
52
July
68
Jan
10%
Jan
5)4 % conv
preferred
10
Common
8i8May 21
May 22
Richfield Oil Corp
578May 22
Rltter Dental
434May 22
No par
Mfg
No par
Copper Mines.
Ruberold Co (The)
No par
Roan Antelope
%
21
45% Mar
11
7%May 21
18 May 17
70 June 26
'it
*20%
378 Sept
Jan
Aug
4%May 15
5
May 15
5
10
'it
43
Aug
6
6
95
*»i«
43%
2
36
4
70%May 21
60 May 21
ISt Louis-San Franclsco.—lOO
6% preferred
—100
«»«•«.«
9
8
Apr
100
100
900
104%
46% Sept
1
XReo Motors vtc
J Rutland RR 7%
*4
Apr
May
8
St Joseph
4234
31%
May 10
13
700
104
Jan
July
5
154
6
100
♦3%
7
35
176
6%May 21
200
4%
80
Mar
154
Apr
10
June..
6
Co 1st pref.. 100
Corp...No par
Reliance Mfg Co—.—
19
Remington-Rand
1
Preferred with warrants..25
Rensselaer A Sara RR Co.. 100
%
*3%
Sept
284 July
Mar 12
7
103% Mar
25
10%May 9
28% Apr 26
49i2 Jan 5
110
Jan 17
Rels (Robt) A
16%
%
Feb
Aug
178 Sept
Sept
124
Jan 23
Mar 25
66
91
Jan
% July
74
734 Apr
8
17
May 22
l34May 21
247gMay 23
30%
%
75
58Mar
978May 28
*%
%
4838 Aug
97i8May
50
...60
1st preferred..
30%
%
104
4%
%
'i«
47% Sept
Apr
Jan
85
60
Company
Reading
30%
*15
8% Mar
Apr
6434May 22
6
May
24
*29%
17
Apr
36
93s Apr
25
preferred
*%
17
*15
sales on this day.
8%
36%
334
*4
2134
36%
*52
55
700
m^mmmrn
5%
30%
42%
4134
10434 10434
8%
36%
85
8%
*%
4%
8%
36%
*52
*76%
8%
*3%
2934
%
85
20
9%
*4%
%
*4
*4
*4
41%
104
*3%
*76%
36%
%
*2%
85
*8%
534
28ia
2738 jan
34
52
10i4 Sept
Jan 11
Ida Feb
47
3i2May 22
24
May__
6% conv preferred
100
Raybestos Manhattan. No par
Rayonler Inc
1
7%
77%
*42
9
%
%
%
%
30%
*70%
42
*52
*3%
8
77%
9
*76
85
21,400
3,620
mmm~mm
42
55
3i«
•
9
55
36%
30-%
100
*70%
*434
30
30
76
17
19
7%
*%
17
91%
*73
9
7%
5%
334
1
16%
89
75
*17
8
800
92
9
36%
7%
m
75
19
*75
«
75
*17
9%
-
90
*40%
85
*52
1%
19
9
300
1634
*72
1%
*17
45
2,300
M
1%
1634
89%
19
77%
36%
52%
1%
mmmmmm
1%
17%
1%
74
*71
*8%
87%
1%
16%
*40%
*7
10
*7
*44
*70%
5278
734
*4%
*8%
7%
4734
77%
*3534
10
7
*44
*8%
MM
8
7%
45
*75
*7%
4734
*40%
85
10
8
7
*70%
*70
*7%
*44
*17
9
8
*7%
1,000
-4^
Purity Bakeries
Jan
634 Sept
40i2 Jan
Reliable Stores
7%
19
9%
6%
6%
10
*15
*87g
8
25
47%
19
*15
234
6%
*21%
*17%
*8%
7%
*54%
73
*8%
*31
18%
300
46%
48
*50
25
*7%
10
*7
*45
*21%
*17%
*2%
Sept
Sept
2i2June 20
Radio-Kelth-Orpheum
15%
18%
25
838 Apr
1
2,900
15%
25
Sept
40
17
4i4May 23
Apr 15
48i2May 21
3
15%
*17%
45
13% Sept
Apr 25
24
9
1,200
*36
15%
21
29i4 Apr
100
100
6% preferred
5% conv preferred
55%
200
19,500
15%
*21
3934 Apr
84
No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer...No par
55 preferred B
No par
53.50 conv 1st pref..No par
200
mmmm.mm
5534
Pub Ser El A Gas pf 55.No par
3,700
*65
—
56"%
100
100
100
preferred
preferred
preferred
6,500
16
*1134
No par
55 preferred
3
2%
1,100
5% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J..No par
100
55
3
37
37
37
No par
Procter A Gamble
400
3
5534
120
123
55
5434
1,200
123
56%
56
65
6
50
5% conv 1st pref
6% conv 2d pref
124
*65
*65
*65
*65
64%
11434 115
64%
116
1
Pressed Steel Car Co Inc
135% *133
135% *133
154
*11
100
37
125
*122
125
*116
30
108% 108% *107% 108% *107% 108%
108
*J33
120
*27%
30
*28
64
*122
*116
10
Oct
634 Sept
1934 Sept
1478 Jan 3
1434 Jan 3
42i8May 9
7134 Apr 16
118i2 Jan 2
43% Apr 8
115i2 Jan 11
*9%
45
Apr
Apr
6%May 21
10%
Apr
May
Postal Teleg'h Inc pref. No par
934
27% Sept
7%
1,900
6,300
634
9%
Mar
Mar
Aug
2
1,000
6%
Deo
124
30%
t2May 29
6i2July 17
9%
17
4i2 Jan
13U Apr
5%May 21
6%
116
108
2134May
38«4 Jan
JPorto Rlo-Am Tob cl A No par
5
33
15
Jan
May 28
12i4 Jan 13
*9%
30
May 18
No par
Poor A Co class B
434 Sept
55s Sept
Apr
120% June
16% Jan
24»4
Feb
2i2 Aug
1712 Aug
lis4 Sept
Jan
121
258
Apr
34
Jan
Feb 17
25
16
No par
Plymouth Oil Co
700
9%
10%
Apr
74
Pond Creek Pocahontas No par
"400
16%
14
6%
6%
10
63%
125
155% 155%
%
%
7%
10
116% *11434 116%
37
37%
37%
3634
10834 10834
1
*%
No par
Plttston Co (The)
1
31
%
7
7
2734
*115
14
600
*151
"T~
No par
7% Pref class B
100
5% pref class A
100
6)4 % 1st ser conv pr pf. 100
Pittsburgh A West Va
100
Pit Youngs Asht Ry 7% pflOO
mmmrnmrn
90
*16%
*13%
1634
Pitts Screw A Bolt
Pittsburgh Steel Co
mm
30
■
10%
10%
1034
1034
mm,
*%
1
7%
%
6%
934
*9%
*28%
9%
10
*9%
*13%
734
*7%
*%
7%
9%
*5g
9%
1634
14
*13%
734
34
*7
*%
1G34
1634
1634
7%
1
20
20%
16%
20%
*14
10%
*%
8
8
*151
*5g
5%
5%
5%
7% guar preferred
48
1134 Mar
69% Dec
9434 Aug
5'4May 24
100
preferred
Deo
4
154
30
*65
68
4.S
*7
28
*2534
10%
Pitts Coke A Iron Corp No par
6%
z6%
4ifi
107% Feb 10
400
7%
Sept
13i8 July
96i2May
May 29
May 21
100
22
21
Apr
678 Feb
100
*6%
Apr
Aug
10%May 13
62i2 Jan
7%May 22
Pitt C C & St L RR Co
Jan
4% Sept
1%
534
2%May 24
May 28
Pittsburgh Coal of Pa
4%
Jan
Jan
26
1178
36
35
Jan
1358
Sept
41% Jan
22
Feb
14%
107i2
47
27%May 22
pref... 100
104
Apr
40
Plllsbury Flour Mills
25
Pirelli Co of Italy "Am shares"
*19
*170% 172
6%
100
300
40
36
June 11
100
7%
*65
8
9
22i4 Apr 16
238Mar 12
12i8 Mar 4
136
100
9%
*4
22
*634
172
Hosiery
Preferred
Pierce Oil 8% conv
*135
lf%
*19
7%
*65
*170% 172
170
5%
*7
8
Phoenix
49
*46
49
*4
22
7
65
65
24%
*135
4%
*19
7%
*7%
7%
72
49
""4%
22
*19
22
170
176
5%
3,600
24%
*9%
24%
9%
*9%
135
*48%
4%
2% Apr 12
44i2 Apr
3%May 18
Jan 10
No par
6
Petroleum
6
30
100
preferred
4
Feb
18
Apr
Sept
Sept
6% Sept
72
Sept
738 Sept
14% Sept
1% Apr
6
68
No par
58
Apr 15
10i8 Apr
•
*24
24%
*
135
~*4%
4%
*24
49
*48%
*
135
9%
9%
9%
24%
♦I
*169
7%
Phillips
40
24%
*634
Phillips Jones Corp
3
40
8% Apr
% Mar 20
May 21
136
Jan 23
C & I.No par
10
5% conv pref series A...100
<m'm
......
32%
32%
*2%
9%
*65
—
300
38
*27
32%
31%
+
92
6
June
70
Philip Morris & Co Ltd
4%
*36%
24%
*19
72
32%
Phila & Reading
1,800
7934
*3i2
38
*28
4612
100
125
*112
414
*3i2
25
Philadelphia Co 6% pref
50
56 preferred
No par
3,500
*4
5
Phelps-Dodge Corp
400
3
"*4%
7%
*634
32
31%
79
125
4I4I
*27
46l2
79
*112
125
*3l2
l4
7934
14
14
7834
7834
*112
85
*81
U
h
*73g
734
40
*
22
*65
90
*9%
4%
*19
*83
24%
*48%
135
~*4%
82
*27
*2%
93g
.25%
48%
*9%
*24
4318
82
4
31%
Pfelffer Brewing Co ...No par
44
79
*36
40
300
7,800
44
125
31%
3
*2%
*36
75g
2658
26
43i2
46l2
*27
Petroleum Corp of Amer
27
784
734
No par
600
65g
65g
65s
65g
5% prior preferred
5% preferred
20
*17
20
*17
Co
Pet Milk Co
26l2
4
76
125
334
390
4312
77
76
*108
100
100
100
190
18%
2714
*112
75
125
29.
I8I4
*738
2614
43ig
334
75
*108
Pere Marquette Ry
29
65g
*18
100
100
19
82
J4
Peoria & Eastern Ry Co
-
29
43lg
*79
*18
*l4
—
1812
65g
734
*79
9%
-
658
2714
*4l7g
Peoples G L & C C(Chic).. 100
29
20
6
Peoples Drug Stores Ino
800
1934
*17
RR
300
30
193g
20
658
Pennsylvania
10,800
No par
50
18
*75g
93g
*7U
9i2
*75g
*29
*73g
90
46%
9i2
preferred
30%
3
35
138May 22
li2May 22
1134May 21
934June 25
118I2 Jan 5
15 May 22
15
May 18
23 May 22
l%June 13
5i2May 21
l7i4May 22
lll2May 21
15 May 22
63sMay 28
6%May 18
25%June 10
37i4May 25
10
No par
ft $7 conv pref ser A
No par
Penn G1 Sand Corp v t c No par
fc 17 conv
*2
3
*2
Penn-Dixie Cement
4»
1934
195g
18i2
3U4
257g
43'g
43
100
203g
7U
*79
18&S
1934
*175g
26ig
*42
2,400
*30U
*17
634
*120
-
^
2%
2%
18l2
20
20
2%
2.50
Penn Coal A Coke Corp
100
214
2i2
23g
30i2
20U
195g
*1712
30i4
*134
30
*17
*2
185s
2i2
25g
*120
121
*120
I9i2
*27
1,900
*11
*7i2
4
500
80
*120
29l2
*334
49
7934
13
7934
2i2
*11
8
*l4
49
80
*11
13
2938
1934
634
7%
50iS
*49
13
*11
*134
263g
7
20
23g
8
7%
7U
*1858
20
19%
*6%
Patlno Mines & Enterprises. 10
67g
20
2l4
*18i2
2938
26
4,200
634
4934
7934
20
3
20
Parmelee Transporta'n. No par
Pathe Film Corp
1
8%
734
*214
*214
*185g
1978
18l2
87«
Parker Rust Proof Co
800
*77g
678
734
2i2
*2l4
20
20
71
700
1%
79i2
3014
*8
*28%
No par
2,600
18%
*1
4934
30i2
3
No par
Penney (J C) Co
33%
1812
1U
5
May 21
Penlck & Ford
33l2
18U
June
2
94
434 Jan
1978 Deo
834 Sept
2
Sept
60% Jan
Apr
978 Sept
Jan
l%May 21
32i8May 28
l3%May 22
34May 28
538May 21
5i4June 26
45
May 23
3312
*1
50
30%
18%
1
No par
I8I4
7912
197g
*175g
31
67g
67g
15
3
45% Apr
1
7% Deo
1178 Jan
Dec
101i2 Jan 25
6%May 21
33l2
8
734
634
1
Parke Davis & Co
50
2l2
212
*120
20
8
1
Park Utah Consol Mines
5
%May 22
100
10
1,000
June 12
share
per
6% Dec
7
10
26% June 11
99%May
7
4%May 21
64
May 23
Park & Tllford Inc
-i.
—
May 21
6% 1st preferred
6% 2d preferred
400
15g
158
15s
Paramount Pictures Inc
~
4
Highest
share
per
8% Jan 4
4i8 Mar 11
25i4 Apr 4
634 Jan 16
100
158
*15
171s
~
7% Jan
2i4May 15
12
No par
conv preferred
7i2
17%
7i2
7*2
712
4%
mm
5,000
«.
78
*11
*30%
185g
13
*11
1934
*17%
*1
5
73
7734
20
*118
33i2
18i2
li4
*1
—
50
*17%
2i2
3334
33l2
*18
5
*68
*15
I7ig
134
3334
185g
114
*13s
15g
5
73
47g
*68
75s
*7U
*15
20
158
7
*2i4
2i4
*17%
2%
5
73
712
*15
*6i2
*49ig
7734
7812
5
*68
712
712
I7ig
I5g
33l2
18i2
li4
734
51
*68
73
*1
5
73
47g
47g
-
*5g
*77g
87g
*77g
share
5 ver
2%June 10
5
*90
87g
Lowest
Highest
558 July 10
No par
Corp
*3H4
7%
*77
2%
Pan Amer Airways
300
99
47g
*49
*2i4
Packard Motor Car
4,900
5s
33i2
*68
6%
6i2
35,500
87g
58
1%
3312
*1734
7*8
334
143g
14
14U
14
*90
1%
3334
I8I4
Us
778
*1
14
35s
378
334
37g
334
*8
*3134
*15
18
300
Year 1939
100-Share Lola
share
per
Pacific Tin Consol'd Corp
1
Pacific Western Oil Corp. ..10
900
6
34
20
1%
33%
414
*55s
99
7*2
*73s
*4
578
3B2
5
74
*15
4
584
*5S
*8
8
*90
99
47g
*68
378
I
31%
33i2
*90
Par
534
14
I43g
87«
Sahres
$ per share
Pan-Amer Petrol & Transp__5
Panhandle Prod & Ref
1
34
*5g
*31%
4
37g
14
'
On Basis of
Lowest
4
37g
534
6
*534
4
8
9
*7%
37g
37«
378
*5%
3?8
EXCHANGE
Week
19
July
July 18
Range for Precious
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
Friday
Wednesday
July 17
15
July
13
§ per share
NOT PER
SHARE,
PRICES—PER
Tuesday
July 16
Monday
Sales
for
LOW
Saturday
377
100
pref
10
Lead
5%
preferred
Stores
preferred...
Savage Arms Corp
5%
n New
stock,
26
2
Jan 30
4
Jan
34
No pa;
17
r Cash sale,
June 10
% Apr 19
July 13
100
...100
..No par
—100
tSt Louis Southwestern...
Safeway
2
ll%May 28
%May 15
3% July
96
9
May 21
May 21
May 21
x Ex-dlv.
<v
83a
Jan
3
7% Jan 3
Feb 27
12
22>8 Apr
13g Feb
4
Jan
42
%
Jan
h Jan
6
May 10
434May 18
53
Mar 14
llli2Mar 28
3H4 Apr 26
Ex-rights.
7% June
Apr
6% May
6%
Sept
10
1558 Sept
s4
27%
Apr
Apr
i4 June
s8 Aug
1«4 May
33s May
27«4 Apr
82i2 Jan
1084 Apr
984
Oct
17% Sept
34
Jan
23s Nov
49% Sept
78 Sept
2
Jan
6
Sept
6% Sept
5D4 Nov
109
Aug
23
Sept
1 Called for redemption.
New York Stock
378
LOW
AND
HJOH
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continu6d—P3g6
CENT
Sales
13
July
July
$ per share
$ per share
9
*67
6834
,
72
9%
72
*67
103*4 *103
103'4
104
%
14
*4
h
*2
M
1%
*1258
*1*2
13
10
*103
*%
72*2
13
2
Tih
72*4
*9*2
95*
9%
9%
9%
*9*2
10*2
10*2
10*2
*9*2
*44
61
*44*8
*42U
5%
44
*3514
3512
101
15
15
2
*1%
15
8%
*8*4
8»4
102%
101*4
101*4
4%
4%
15*2
15*2
15%
15*2
*1%
I
22
22
15%
15*4
*80
90
80
80
*80
110
*108
no
*108
110
12l2
12
12
7i2
*6
*1112
*6
*15'2
834
*6%
7%
*6%
16*2
*16%
17*4
834
8%
834
1*2
*1*2
1%
16*2
16*2
858
*1*2
*127g
834
8%
1%
1*2
1812
*18
H2
2714
8i2
11*%
18l2
13
834l
11 >2
18%
37
*31
2
*31
37
178
4*2
2
2
*134
2
4*2
*334
4*2
2*8
*334
412
36
*334
31
31
*6214
70
*6212
70
*62*4
70
*62%
70
*17i2
36i2
183s
1838
*17*2
18%
*18
18%
36%
*17*2
3658
37
*25
26i2
*2534
26*2
*54
56
634
*51i4
52
18%
*23%
3414
*2712
*54
634
3H2
3178
38
37*2
38*4
26%
26
27
37*4
57
6%
52
17
17
I8I4
23%
34i2
2934
18
23*2
3414
*27
6834
*5»4
6834
*4%
5%
8's
*26'4
56*2
65s
52
3178
6'2
17
6
Si8
6i2
*47
6834
6834
6%
*52*2
31%
56*2
55
6%
55
33%
*62 %
*18
37%
25%
*54%
31%
634
6%
6
5234
*52 %
31%
3134
31*4
6*8
49l2
'
*3l8
*23l2
*5i8
*4i4
*31
*li4
*1012
*9
25
35*4
29*2
33%
29*2
69
69
69
6
5%
5
69
*4*2
*68
6%
8%
8%
6%
6%
49*2
124
77«
14
*48*2
*121
8
7%
14
1>4
14
1*4
5
49%
49*8 49*8
123*2 *122
123
7%
1434
1*4
1
1134
12
7%
1434
*6%
1%
19,000
1,300
Socony Vacuum Oil Co Inc. 15
South Am Gold & Platinum..1
S'eastem Greyhound Lines..5
200
So Porto Rico Sugar...No par
9
9
40*8
3
31
312
*3*4
*23*2
3*2
26
538
*5*4
412
3H2
*4*4
5*2
4*2
31*2
31*2
H2
1*2
1378
938
11*2
9*8
1*2
12
9*8
43
42*2
5
5
5
*1718
*534
1758
175s
17%
6'8
*534
*1%
178
178
*56*2
6*4
1%
71
*37g
414
4
*6
73a
*6
90
71
38*2
234
30%
3%
6
*3%
8%
9%
8%
*7
*9
9%
*9
*36
39
*35%
*2%
31
39
*30
3
*2*4
*30
31
3%
*3*8
*23*2
5%
5*4
*4%
32%
4*2
33*2
1%
13%
4*4
4*4
*4*4
33*2
33%
9*4
90
*1%
1%
32%
*1%
*11*4
13%
*11%
9%
*88
9*4
2334
24
43
43*2
43*2
43%
4%
4%
4%
1734
6
*534
1%
71
6*4
134
*56*2
4*4
18
*4
134
71
3%
24%
5%
4%
3%
*23%
33
31*2
*114
*11%
4%
100
23%
42%
434
*17%
*534
6*4
5%
5%
1%
1%
*56*2
*3%
71
4
I6I4
*14%
16*2
*14%
16%
*14%
16%
*14%
16%
♦1&8
17S
16i2
*158
212
18%
734
*134
1%
16*2
1%
*8
*8
1034
6834
68
2534
1034
69%
*112i2 114
1212
*113*4 114
12&8
1212 12%
813s
8138
82
82
78%
*77
79
16
*16
*1358
1438
*112
to--
*46
49
*46
48%
*13
14
*13
14
2i8
♦34&S
35
2'8
2
35
2*8
35
7%
10
80
17
73s
600
*%
*16
300
26%
26%
11
11
67*4
69
68*2
6934
69*4
70
69
70
1,400
2,600
5,000
113*4 113*4 *113% 114
*113*4 116% *113% 115
12%
12%
12%
12%
12%
12% *12%
12%
82
82%
82
82*2
82%
82
82
82%
*77
79
200
*16
17
16
17
100
25%
*25*4
25*4
2534
26
35%
34%
3584
34%
34%
25%
33%
25%
34%
17%
17
17%
17
17%
17
14
16*2
14
14
14
14
*112
49
49
14
*13
2
*34%
*112
49*4
14
on
2
2%
35
2%
35
35*4
this day.
1,100
1,400
77
16%
49
20
77
34%
*13
*47*2
14
2
33%
*112
49%
14
2*8
35
700
12,000
4,900
200
_
*48
13%
2
49%
13*2
2
33
J In receivership,
25
cum
preferred.No par
Tide Water Associated Oil..10
$4 50 conv pref
No par
Tlmken Detroit Axle
Timken Roller
33%
a
10
Bearing.A7®
par
Transamerlca Corp
2
Transcont'l & West Air Inc. .6
Transue & Williams St'l No par
Trl-Contlnental Corp..No par
20th Cen Fox Film
100
"700
400
9,100
3,100
Del. delivery,
No par
No par
10
Corp No
$1.50 preferred
Twin
7%
par
No par
City Rapid Tran.No
preferred
Twin Coach
par
100
Co
1
JUlen & Co
13% Jan
9% Aug
98*2 Aug
434 Apr
17% Apr
2% Dec
16*2 Apr
15% Aug
2% Apr 29
25
23%May 10
120
18%
11%
24%
12%
May 21
56
May 21
4%May 15
4%May 20
5
May 21
534May 21
47
May 24
118%May 29
7%May 15
12%May 21
l%May 21
9%May 22
20 May 21
3
May 22
H7%May 29
June 10
4%May 21
334May 22
4%May 21
28%May 20
3 May 22
4%May 14
33
May 25
2%May 21
26%May 23
5%May 22
334 July 11
5
May 22
8
May 21
72
143
47
Mar
4334 Sept
3% Jan
Apr
9*2 Sept
Sept
14%
Feb
9
36
3
11
Apr
2
42
11*8 Jan
3
70*4
22%
61%
34%
Apr
Apr
3834 Apr
67% Apr
66*2 Apr 9
40% Apr 10
7% Apr 6
7%
18%
2234
26%
18*2 Apr
6% Dec
34%
10%
Apr
20%
Apr
Jan
25% Oct
33% Sept
Apr
4
4
Feb 13
124
10%
27%
2%
17%
36%
24% Sept
2234 Aug
38
Aug
30
Sept
53% Sept
20%
Apr
36
Sept
Apr
6*2 Aug
3% Apr
8% Apr
80
Dec
12%
Jan
65
Jan
5
3
Apr 4
Feb 28
Oct
Jan
118% SeDt
7%
6
6
47% Apr 4
4% Apr 4
35% Apr 11
8% Jan 8
6% Jan 4
12% Jan 8
18% Jan 8
10
Jan
2
2 5% May
28
5
22% Jan 21
31% July 3
6
12
May 21
12%May 28
110% June 20
42%May 23
12
May 24
138May 29
26%June 11
Ex-dlv.
y
Apr
22'4 Sept
5% Sept
17
4% Aug
33% Oct
3% Aug
4
Mar
7
7% Apr
8
6% Apr 22
38% Apr 16
2% Jan 4
23
Jan 27
12
May 6
May 10
27% Apr 24
Jan
3
Mar 14
21% Apr
8% Apr
2% Jan
82% Mar
128*2 June
1134 July
38*2
Jan
3%
22%
30%
10%
25%
37*2
12%
Sept
Jan
Mar
Jan
Sept
Sept
Sept
9*i Sept
7*2 Mar
43*2 July
6*4 Mar
Apr
9% Sept
32% Aug
3% Aug
5034 Sept
26
Sept
7
Aug
5s4 Jan
38*2 Sept
11% Sept
534 Nov
9
Jan
8% Sept
22%
j»n
24
Oet
15% Dec
14
34
United Aircraft Corp
Apr
19% Sept
134 Aug
3% Aug
4% Aug
Mar
Jan
10
9% Jan 3
73»May 3
Apr 11
Mar 21
17%
66
Apr
2434 June
6% Mar
734 Sept
Apr
6%
7% Mar 25
24% Apr 22
32% Jan 25
6
,
4534 Sept
Jan 20
Jan
5
l%May 22
l3%May 22
Jan
Oct
Apr
5
3%May 21
6%May 22
5 May 21
14 May 22
Jan
10
65%May
7
5*4
13%
12% Jan 5
12% Feb 21
52
Jan
June
9
46% Jan 5
34% April
8034 Jan 3
8% Feb 15
8*4 Apr 2
97
Dec
7%
108
8
4
4
May 18
May 21
834May 28
81
May 28
18 May 21
35%May 21
4%May 21
l0%May 21
4%May 22
l%May 22
69% July 11
Dec
16*2 Mar
75% Mar
Jan
May 15
1
Dec
Dec
Jan
June
8
Nov
Sept
53
Apr
8% Aug
57% Dec
8
Jan
Dec
29% Dec
21% Jan
23% Jan
36% Nov
11% Apr
15% Apr
60
2% Feb
Un Air Lines
x
Apr
30
July 13
Cash sale,
3% Sept
18% July
35% Sept
Apr
34
Sept
15% Sept
23% Jan
10*2 Apr
May 14
23% April
7
Sept
24
Sept
14
Feb 16
June 10
r
13
127
Mar 21
16
New stock,
Sept
12% Apr
10% Aug
1*2 Sept
4
70
n
Dec
21
9
42% Feb 16
634 Mar 8
100
No par
112
Feb
53
June 19
Stores,Inc. 1
preferred
127
Jan
Apr
17% Mar
36%June 27
2%June 11
preferred..
100
Apr
Dec
16% Jan 3
30%May 10
162% Apr 23
30%May 6
15% Jan 3
20% Jan 3
34% Jan 3
40
Oct
Jan
9
30
Union Prem. Food
No par
28%
29%
11%
Jan 2
2% Mar 11
29
Jan
3% Juno
6
4
434
May 27
Preferred
101
8% Sept
3234
Dec
May 21
May 25
United Carbon Co
70
6
107% Nov
Apr
Jan
2
12
Unlted-Carr Fast Corp.A7o par
United Corporation
No par
8
Apr
114%May
4
71
No par
Feb 19
2% Jan
106
United Biscuit Co
3
11* Aug
9%May 21
No par
Feb
484
100
Transport
Oct
H84
38i2 Aug
17% Sept
5
.25
Car
54
Jan
4
Jan
Jan
Dec
108% Feb 7
6% Jan 10
24
Jan
Sept
7% Sept
June
6%
8
59%June 10
Union Oil of California
Union Pacific RR Co
43
28
Jan
6%May 23
%June 28
No par
3% May
May
Union Carbide & Carb.No par
Union El Co of Mo$5 pf No par
$3
72
7
21%June10
Union Tank
2184
Dec
4
Under Elliott Fisher Co A7© par
Union Bag & Paper
No par
4%
18%
Apr
51
May 18
2%May 22
9%May 25
l2%May 21
l738May 22
20% May 28
29%June 1
3
Truscon Steel Co
2
Apr
Oct
20
700
16%
3*2 Jan
85% Nov
11%
10%
6
94
1
100
Thompson Prods Inc. JVo par
Thompson Starrett Co.No par
$3.50
1% June
60% Apr
Apr
9
preferred.... 10
200
%6
*112
Co
conv
Third Avenue Ry
Thompson (J R)
63g
11
*13%
Thermoid
100
200
4
26%
14
No par
No par
preferred...
Truax-Traer Corp
*%
*1334
pref
$6
**
11
•Bid and asked prices;no sales
700
1%
26%
*25
34%
16%
14%
100
'16
16%
25
1,500
1,800
11*4
*16
16%
*135s
700
26%
*%
16%
25
2,000
11
*16
34*8
-
26
1634
1658
«.
11%
79
26
-
26%
*77
3378
*1%
*16%
7%
-
11
79
16i2
17
-
26
*77
335g
*112
316
*%
*7*2
1,100
m
18
71
conv
100
No par
7
*145g
2534
500
200
23%
42*4
434
7
*16
2,400
1%
13%
23%
42%
4%
17%
9*4
*6%
16%
1034
33
Mfg
Preferred
$3 dlv
*4*4
8*4
26
700
3%
1,400
6%
18%
734
20
5*4
6%
7%
-
25
*6*2
*16*2
1
25
Texas Gulf Produc'g Co No
par
Texas Gulf Sulphur
No par
Texas Pacific Coal & Oil
10
$3.60
-
5*4
8%
734
5
The Fair
«•
9
4
6
—
90
1%
60
Telautograph Corp
Tennessee Corp
Texas Corp (The)..
Wa*
3
31
1*2
13%
9
40%
*2%
*30
634
18%
1,300
1,900
1,400
1
(James)
*38
*7
2
8,000
3
31%
3% Sept
24% Sept
Apr
Jan
23
Sept
-1
15*2 Aug
3
17
preferred
Thatcher
*6%
*134
200
1,100
Ltd
Without warrants
Talcott Inc
5H%
3%
25
Swift International
300
200
100
Sutherland Paper Co...... 10
Sweets Co of Amer (The)...60
■
6*8
38%
9
23*2
42%
434
Superior Steel Corp
300
6%
*I8
*25l4
1034
10c
Superheater Co (The) ..No par
Superior Oil Corp
1
9*2
6%
734
Sunshine Mining Co
*9
6*2
*17
100
*7
6*2
734
preferred
Texas Pacific Land Trust
Texas & Pacific Ry Co
7%
*1634
6%
1
2
108% Apr
1
No par
800
6%
2
5
*87
*56*2
4*4
200
434'
42
90
9%
*87
23%
18
3
300
6
658
8
Oil
Sun
10
Sept
39
Jan 29
Jan
10% Jan
52% July
117% May
% Aug
June 10
No par
4%
83g
658
*712
500
17%
90
23%
*4
31%
6
23%
25
*134
2%
31%
378
5*8
39
4
5%
4%
17%
*534
Stone & Webster
Studebaker Corp (The)
*4%
*4%
*32%
*3%
5%
38%
*2%
6
*3%
9*4
5
4%
42
4
23*2
*87
*25
6
5*2
138
*11*4
25
4
5*2
*23*2
*56*2
4
31
3*4
5
4%
42
*6*2
'
3
*2%
*30
4,100
105
July 17
65
1
6,700
Apr
l%May 21
334June 12
6
49*8
6
40*8
*2'4
*30*4
Stewart-Warner Corp
Stokely Bros & Co Inc
8%
6%
123
4
8%
9
31
26
*6
*35*2
*4%
4%
4
9
26
Symington-Gould Corp w w.l
2%
9
Standard Oil of Indiana
Standard Oil of New Jersey. 25
Starrett Co (The) L 8..No par
Sterling Products Inc
10
1,800
1,200
31%
*7
6%
Standard Oil of Calif-__No par
17%
6%
2%
*35
8
6%
300
par
17%
*5%
30%
40l8
314
8%
1,200
5
No
No par
Swift & Co
*32 %
3%
4
700
6
prior pref
prior pref
2,600
2%
31*4
6*4
6
100
1,000
2%
6*8
4,500
17,700
68%
5%
*4%
5
cum
1,000
1,600
5
378
8%
6
cum
$7
8
5*4
6
68
$6
14%
1%
11*2
25%
334
378
7,800
200
1412
1*4
11*2
39*4
6
18
preferred
1,700
24%
34%
29%
31
1
Apr
2%Mar 25
1
.No par
1
18
24%
33%
*28*4
23%May 22
6%May 21
8
May 21
l3%May 21
98
No par
2
17%
*14
May 28
No par
pref A
Square D Co
$4.60
*7%
334
5*4
378
83s
6%
conv
Conv $4.50 pref
108
778
3834
31*8
2,800
1538
1*4
12%
5*4
27s
31%
128
No par
$3
Spiegel Inc
50
7%
39%
31
2,200
June 10
7%May 21
1% July 1
10 May 22
16%May 21
Standard Gaa <fc El Co.No par
$4 preferred
No par
70
6%
53
*14%
114
*11*2
5*4
278
54*2
Standard Brands
49
38*2
31
25%
1,400
1,800
*121
5*4
1
4*2
42
3%
900
%
334
3
Jan
88
6
14%May 29
33
May 21
19
May 21
46%May 28
4%May 22
46
May 22
26%May 23
5
May 21
9,900
1*2
4%
49
38&8
4
4,300
$6.60 preferred
No par
Spencer Kellogg & Sons No par
Sperry Corp (The) v t e
1
Splcer Mfg Co
No par
1%
4%
15*2
17%
*105
1%
4%
15%
17*4
18%
25%
34%
29%
68%
to
37
6
6*4
108
122
*5*8
*378
31%
*52*2
31%
«
6
*4
6
4*2
6%
49
38*4
4%
*30
56
53
m
200
15
1
19%
6%
4*2
4*2
25%
54%
6%
«
Spear & Co
19
'17%
42
37*2
25%
m
18
7%June
177s Mar
76% Aug
2
1% Jan
20
May 29
95%June14
3%May 22
12% May 23
l%May 31
173gMay 24
12%June 4
67 May 24
105 May 22
10%May 22
5 May 21
No par
*4
*5%
4*2
68%
17%
36%
-
Wlthlngton
v
6%,
*4*4
*62%
19
122
19*4
17%
534
*4%
*4%
*32%
*3%
*30
68%
.
Sparks
6
534
478
4i2
1,500
4%
1%
4%
19%
17%
534
534
42
100
134
*3%
Southern Pacific Co...No par
Southern Ry
No par
6% preferred
100
Mobile & Ohio stk tr ctfs 100
*4
17%
6
6
5,300
6,200
..25
6
19%
17341
6
5,900
100
19%
19%!
24%
*4
1,500
8% preferred
Southern Calif Edison
25
19
*23*2
*31
6mith (A O) Corp..
10
Smith & Cor Typewr..No par
Snider Packing Corp._.Aro par
27
17*2
*47g
*25
500
8*2
1*2
*12%
*18%
15
*24 %
1778
*42l4
16
16
8%
Skelly Oil Co
Sloss Sheffield bteel A Iron. 100
$6 preferred
No par
1134
19*2
23%
425a
*77
7%
10
*11*4
*4
23
68i2
100
Petroleum
Slmonds Saw & Steel...No par
1*4
19*8
*87
16i2
14
*12%
2
5%
*4%
8%
6*2
7%
15
17*2
90
6%
10
10
No par
1*4
*41
1734
23
*56i2
25%
34*2
8%
2278
*87
2434
*28*4
612
1978
4
*214
25%
35%
29
25*2
6*2
514
38U
234
3034
*30
18
6%
1%
*334
*878
18%
6%
*48*2
8
5ig
38>4
2 34
30&8
*678
18%
8*4
*23
*35
18*4
634
25
*578
334
18%
24l2
34%
65s
*22
*414
17*4
*534
12
*30
18*4
8
*1138
*534
*4i2
17%
8
*121
1434
1734
5
12
*4
1,200
33%
6%
5234
53
43s
*lli4
1934
1734
15%
110
16
8%
1%
*30*2
*134
*3%
*28
34*2
28
*534
124
*7 %
*14%
*li4
15*4
preferred-.100
conv
34
Aug
Sept
44% Sept
15% Apr 9
69% Apr 12
534 Jan 11
66
Apr 6
7% Mar 13
40t2 Feb 13
prefser A.No par
share
per
10
61
Feb 27
h Jan
8%May 21
52%May 20
3
May 21
4238 July 10
434May 21
No par
No par
Simmons Co
Slmms
100
conv
5H%
115% Jan 11
Highest
share $
per
4
No par
Corp
preferred
$
16% Jan 11
Sliver King Coalition Mines. .6
2
23
110
17
8*2
*1*2
*12%
18%
1734
18*4
24*2
43«
*121
1,800
*80
*16
6
6
6i8
6*4
6*4
6*8
6%
6*4
108
*105
*104i2 108
*105
109
*1047S 108
♦105
1 4
*1%
1%
178
*15g
1%
1*2
1%
*1*2
4'2
4'2
4%
438
4i2
4*2
4%
4%
*4*8
*13
15
*14
15%
*14%
15
15
*13*4
15*2
*1612
300
13
13
*1234
13
*12%
13
19
18%
*18%
*18%
18%
19
18%
*138
153
145
153% *138
153*2 *138
*138
145
28
27*8
2734
27% x27h
27<4 27*4
27%
27% 27%
9
8%
8'2
8*2
8*2
834
8%
834
8%
8%
11*2
11*4
11%
11*2
11*2
11%
11*4
11%
11*4
11%
18
19*4
18*4
18*2
18*4
19%
18%
18%
18%
18*2
27%|
*1%
*334
31%
15%
2,000
153I2 *138
*138
*31
7*2
*1458
15%
*80
$3.60
Jan
8% June 1(
Shattuck (Frank O)...No par
Sheaffer (W A) Pen Co.No par
Shell Union Oil
15'
200
*21
*108% HO
14
14
*1134
7%
*6%
7*2
*11*2
878
18i2
*80
800
800
14%
conv
Sharpe & Dobme
~
4*8
*1%
24
1,200
103%
4%
14%
:*108*4 110
13*2
13
1%
*12i2
15%
*103
2
*1%
*1134
10'2
15
43%
5%
35%
8%
5%
No pat
share
1
Sbaron Steel
$5
43%
434
15'2
*21
23
15*4
90
*108
*21
103
*4%
2
*1%
15*4
103
200
3*2
*35%
8%
109
Sears Roebuck & Co...No par
Serve! Inc
61
3%
Year 1939
Lowest
14% Mar 27
85%May 9
3s Jan 2
7% Feb 21
%May 16
3gMay 18
11
May 21
l%May 15
61%May 21
4-2% preferred
J0C
Seaboard Oil Co of Del. A7© par
1,600
per
49
No par
4,700
$
107%June 25
101%June 24
...No par
Seagrave Corp
•■ritvii
10
*51%
3*2
43*2
5*4
35%
8%
f
share
2%May 21
May 14
No par
preferred
per
34
'
73%
9%
9%
10
61
*35*4
8%
4%
23
153s
5
3534
*4%
2
97t
*3%
43*2
5*4
43*2
5
10*2
*51%
3*2
*35
2
*21
15'4
5%
35*2
8
4*2
1434
*15s
23
*21
43%
*5*4
*100
101
*4l8
1434
43*4
61
*51*4
3%
*35*4
8*2
*8*8
8's
4i2
3*2
43
5*4
35*2
5*4
61
3*2
43
*35
102
*4%
*50
33«
4234
5'4
8>s
♦100
61
33s
3M
73
*9%
*9%
10%
733/
$4
500
2
10C
No pai
.
Co
preferred
JSeaboard Air Line
200
13
preferred
$4.60
1,900
*%
*1%
72%
Range Jo/t Previous
Highest
7%May 21
64% July 2
% Apr 22
10C
Scott Paper
loo
k
13
2
8%
-
105
3i«
13
73
9%
11
73
h
%
1234
*1%
7212
9i2
3I4
105
*%«
3
*2%
40
$
1
5H% preferred
JSchulte Retail Stores
100
%
*112% 114
h
*1%
200
"366
#i
*12%
1%
74
*%
Pa
Schenley Distillers Corp
1,200
40
3i«
*10
9H
h
Shares
9*<
*69
Lowest
*103
114
*103*4 107
13
9%
On Basis of 10O-Share Lots
EXCHANGE
Week
$ per share
71
%
19
3
*2%
41
*39%
z 112% 1123,
41
*113
*1*2
72*2
71
3
July
9'i
#x«
13
2
9%
for
the
Friday
18
$ per share
ai
*%
*l2
13
July
71
*2%
*39%
*4
Thursday
9*<
*66
104*5
*3ie
%
*3g
*1212
*H2
*72t4
July 17
$ per share
*i8
**s
**8
3
3
3
*25s
*2%
*2%
*40
40
403g
403*
♦3912
3934
*113
114
*11212 114
*11212 114
*103
Wednesday
1
16
$ per share
9*<
9%
9
9
*8%
68*4
Tuesday
15
July
July 20, 1940
Ranoe Since Jan. 1
NEW YORK STOCK
//\»
Monday
Saturday
9
STOCKS
48
Dec
3% Dec
Sept
2% Apr
1%
Apr
Jan
2% Sept
17
Apr
1% July
7% Apr
9% Aug
83
10%
34%
5
61
Oct
584
Oct
41
Oct
6
Nov
33
Nov
3% Oct
4»4 Nov
33% Nov
384 Jan
18% Dec
14% Mar
Sept
96
Feb
Apr
25
Dec
Apr
Sept
54% Jan
8% Sept
Apr
12% Dec
10% Jan
4
6%
4
5%
4
2
Mar
Apr
43g Sept
7
74
Apr
5% Apr 15
3
Apr
7'4 Sept
10% Apr 24
13% Jan 4
25% Jan 23
6
Apr
14% Sept
3% Apr
30
Apr
4
4
13% Mar 14
1% Jan 11
45
Feb 19
18«4 Apr 22
88% Jan 4
116%May 2
17% Jan 8
98
Apr
8
89% Feb 10
16
July 13
29%May 11
53% Apr 16
23% Apr 4
18
Apr 17
119
Feb 23
65%May
19% Apr
2% Apr
42
Jan
11% Dec
1984 Sept
26%
34%
1% Apr
17% Apr
7% Apr
84 Dec
34% Sept
3«4 Aug
35% Aug
12% Jau
484
66
Jan
Jan
Jan
Jan
6
Aug
13% Dec
65%
Apr
94% Sept
108% Sept
15% Aug
81% Apr
78
Apr
118
1984
July
Jan
105
Sept
90
July
20% Mar
24% Sept
31
61
Aug
7% Apr
14% Sept
112% Mar
Nov
16% Dec
I884 July
119% June
2
52
Apr
69%
6
13%
4
Feb 13
Ex-rlghta.
88
Oct
Apr
20
2
Apr
30%
Apr
334 Feb
39% Aug
Mar
T Call°d for redemption.
Volume
New York Stock Record—Concluded—Page 10
151
I
13
July
4%
4is!
3%.
4%
*2%
»,
4
45
*3%
*29%
61%
*2%
3
3
44
44
44
4
4
30%'
4
Ranoe Since Jan. 1
'
I
62
6212
62l2
*8-%
9
*3%
3i2
4i4
4
83
*80
6
6
*6
7%
6
*7%
*7i8
58i2
58%
*17514 182
*17514
35s
35s
3%
3i2
28 I *2234 25l2
2512
18%
18
18 I
I8i2
4%
r4%
4l2
*4
58
*17%
4%
7i4
714
4
30i4
65i4
12ig
400
United Electric Coal Cos
United Eng <fe Fdy
5
'2,200
4,100
11314' 113i4 11312
800
65
12
*32
33
25
25
*32
247g
|
*3H2
]
33
25
33
I
25l4{
25
33
25
*32
18%
18%
75
7512
7478
75
19" 20i8
33
|
76
33
*U2
2
*6
77l2
32i4
45 |
*114
2
*4314
45
*43
I
*58l2
5812
*5612
*65
45
45
|
60
*55
58i2
12.3S
30
30
I
*26
27
|
*109
' *78
5934
100
Universal Leaf Tob
*39
27
|
26
41%
*39
*57
*12-38
123g
27
I
18
*3H2
82
*123
434
*14%
2%
*27
36
*22
24
*23%
*147g
*17
18
*2%
*17
10
8i2
*38%
32
|
42
32-38
8%
42
32
24
2
8l2
*38l4
*3158
.
93%
3i2
12
12
|
1%'
*78
*4%
2%
*28
*4%
*%
18
177g
19%
*91%
15
2%'
2%
I
*27
1%'
1%
9 I
712
24
*22%
23% *23%
16 I
15%
18%' *18
3 |
*2%
17 | *16%
*63%
Ward Baking Co cl
2%
2%
I
*1%
1%
7%
*6
24 | *22%
24% *23%
15% *15%
18%
18%
3%
*2%
16%
17
*63%
68
*27
99
98
107
*105
17%
19%
931,.
93%
93
*120
124
31
*120
*29
31
*30
*32%
34%
33%
34%
*65%
69%
95%
95%
*33%
*65%
96%
21%
98%
21%
98%
*21% 22
*95
110
32%
I
8%
*8
*8
87g
87g
8%
8%
8%
5%
417g
20%
2 I
2%
8%
5%
417g
20%
*178
2%
4%
4%
4%
4%
—
—
1*120
31
123
31
31
32%
32%
34%
32-V *33
69%
96%
8%
9* |
8%
18%
3%
*18
5%
*%
17%
17%
20%
on193
93
121
*30%
*32%
*34
32%'
65
*8%
9%
7%
5%
*35
45
45
*35
45
*20
21
*19
20%
20%
2
2
2
*1%
2%
4%
*4%
56%
56%
*113%
*112
..
4%
*56%
2%
4%
2%
4%
4%
4%
4%
57
*56
*112
*113%
..
---
57
*111%
--
---
*50
60
*34%
37
„
*58
*50
%
32%
33
17%
33%
33%
| *60
70
17%
70
33%
16% 70
16%
*80
I *50
60
60
*50
3278
17%
*59
70
i
70
17%
33
17% *17%
*60
33
60
*.50
41
42
100
*79%
80
80
*17
18
42
*42%
45%
*42%
45
*94
11%
11%
115
*111
*8%
8%
31%
31%
85
*80
16
16%
*10%
10%
2%
2%
•
*42%
82
80%
46%
83
| *81
82%
*80
June
Jan
4
Apr
30% Sept
3
Jan 11
36%
14%
3%May 21
%May 16
June 10
May 15
May 22
60
%May 21
2
Mar 16
9
Marl0
3%May 16
May 23
May 21
13%May 21
14 May 21
2%May 21
l5%May 22
60%May 23
4
47g Feb 23
29% Apr 16
75
Jan
4
90
25O'
Bid and aaked prices
11
23«
2%
j *81
11%
2-V
2%'
no sales on
11
*2
*2%
90
*80%
90
.
17
17
I
11
11%
11%
West Va Pulp A
Pap Co No par
0% preferred
100
Supply Co...10
Western Auto
Western
June 10
21
2%
2%
2%-
this day
Apr
24%
Jan
Sept
32%
Jan
Apr
July
3%
Oct
28%
Jan
79
Jan
Deo
Deo
20
U8
16
55% Aug
100
4% 2d preferred
Apr
11% Sept
2
Sept
37
pref.. 100
%May 15
Telegraph.TOO
Westlnghouse Air BrakeNo par
Westlnghouse El A Mfg
50
1st preferred
50
Weston Elec Instrument. 12 50
14%May 22
15%May 21
May 21
110 May 21
Prod..No par
27%May 21
30
28%May 21
50
May 28
Western Pacific 6%
Western Union
6% conv preferred
100
100
76
26
Jan 20
May 24
18%May 21
2,900
Wilson A Co Ino
No par
100
13,400
0%
51
May 29
(F W) Co
Worthlngt'n PAM(Del)No par
7%
3
18%
Apr
Jan
4
82%
Apr
121
Sept
138
Jan
6
May
145
Mar
37%May
9
10%
Apr
28% Deo
38% Feb 13
39% Jan 3
15%
Apr
39%
Deo
x29
Apr
39%
Deo
42
July
75
Oct
Jan 30
98
74
Apr
97
Oct
15%
Apr
387g
Oct
80
Jan
80
Jan
45
July
78
Oct
36% Apr 9
105
Apr 30
71
Apr
5
7%May 21
Oct
11% Apr 10
3% Sept
1% Aug
7
Jan
3%May 22
38
Jan 4
7%May
57% Mar
14%May 22
3
2478May
8
14
Apr
14
Sept
Jan 15
2
3% Jan 11
3% Apr 22
0% Apr 13
3%May 21
7% Apr 22
UgMay 15
1% Jan
3
5
15%May 21
30
May 18
13%May 21
Apr
Apr
36
8ept
00% Nov
115
Sept
31% Sept
50%
Jan
23%
Jan
100
preferred A
65
June 17
71
Jan 25
47% July
74
Oct
64
May 10
69
Apr 23
43
May
69
Oct
29
June
5
42
2478May
25
Yellow Truck A Coach cl
Preferred
B..I
100
Young Spring A Wire..No par
Youngstown 8 A T
No par
6H% preferred ser A—100
Youngst'n Steel Door.-No par
Zenith Radio Corp
No par
Zonlte Products Corp
1
n New stock
778 8ept
Aug
l5%May 28
9%May 21
98
May 25
6%June10
Def. delivery
Feb
Feb
0%
Aug
15
9
9
600
Deo
4% Nov
278
32
Apr 26
600
20%
2% June
105%
42% Apr
34% Nov
3%
1
9
5
8
Apr
4% Nov
June
1
0
2778
93
1.400
Aug
Mar
70
129
100
2%
121% Mar
May 23
4,000
126
4
Mar
67
June 17
200
Sept
37% Sept
Jan
4% Mar 23
7
Wool worth
28%
118
15%
2
1,000
Apr
Apr
Jan
6,000
1078
7
June
10
10
%
3
12% Mar
45
Woodward Iron Co
5
Jan
Deo
3
116
preferred
Jan
28%
8%
July
No par
36
1
Apr
Deo
11% Apr 18
1378 Apr 9
8
Wisconsin El Pow 6% pref. 100
300
36% Nov
6% Sept
Apr
2%
4,500
400
20%
3%
preferred
100
35 conv prior pref..-No par
White Dental Mfg(The 88)-20
White Motor Co
1
White Rock Mln 8pr Co No par
White Sewing Mach Corp...l
34 conv preferred
No par
Prior preferred
20
Wilcox Oil A Gas Co
5
Willys-Overland Motors..... 1
6% conv preferred
10
200
4
4
9314 June 13
""300
19'g
9
% conv preferred
Wheeling Steel Corp...No par
10
Deo
15% Nov
Jan
June 10
u
Oct
14%
8% Apr
73
t In receivership
13% May
35%
4%May 18
91
2%
Apr
Apr
Apr 29
407g Apr
39
*2%
Jan
6%
19%
5
85
1,000
105
Wrlgley (Wm) Jr (Del).No par
Yale A Towne Mfg Co
25
80%
16%
11 .
Jan
July
378
2%May 15
Wright Aeronautical ...No par
11
58
100
Maryland
Westvaco Chlor
118% Apr30
25%May 3
10
80%
16%
Jan
Mar
Deo
7,000
|
27g
07g
Nov
10
11
147g Mar
44
115
800
*80 %
Jan
Jan
20% July
105% Sept
3
700
12
Feb
9%
50%
108%May 23
11 May 21
100%May 17
June
90
300
12
Dec
Oct
8
WestPennPowCo 4H% Pf-100
91
45
82
3%
1% Nov
5
28% Feb 7
20% Apr 22
Jan
Deo
30
3
31% Jan
24
Deo
21
4% Feb 19
Jan
Dec
1%
Jan JO
Jan 10
1%
25%
Oct
7
16% Feb 1
9% Jan 10
4
100
82
82%
8%
31%
*2%
10
41
*93% 100
1134
*OAa
6%
3 May 22
l8%May 22
6% preferred B
100
Prior pref 4>$% series..100
Prior pf 4\i % convserleslOO
*111
16%
10%
98% July
Jan
37g Sept
100
60
*17
,
Deo
85
Mar 15
101
June 26
89
*42
36%
41
*93
Sept
23% July
*35%
*53
60
Mar
3
112%
9()0
17%
__
131
107%
--
25
101
Apr
1,900
56%
*17g
Apr
Mar
04%
125
8
Apr
2,300
|
4
Apr
4,400
21%
2%
2%
5%
4%
2%
2%
4%
*1%
Sept
88
"""360
9
9%
7%
5%
July
15
95
preferred
preferred
Wheeling A L E Ry Co
|
Jan
118
9
85
70
*62
112% Sept
4% July
Deo
8
600
21%
*97% 110 '
0
29%
9
50
97
33% Sept
Jan
400
97
21
5% Sept
Apr
Apr
400
*65%
Apr
108
6,100
33%
35
56% Aug
Apr
2%
115
"""166
31
Aug
18%
110% Apr 12
2,800
121
54%
June 10
1,700
17%
44% Deo
96%May 22
7%
6%
400
20%
om93
93
Apr
100
100
West Penn El class A..No par
120
5%l
*4%
*41
4%
70
101%
"""200
*H6% 11678
"""166
*15
16
*96 105
"2,100
27% 28
300
3%
3%,
21
2%
*55
*101
No par
34 conv preferred.
67
99
110
45
2%
17%
99
*20
4%
4%
56%
32%
16% """300
*105
99%
110
1
No par
Wesson Oil A Snowdrift No par
Webster Elsenlohr
116% July
1% July
5% Apr
15% Apr
20
Wayne Pump Co
Nov
Apr
3
5
9
Washington Gas Lt Co.No par
200
Sept
40
Apr
Sept
3478
Jan
1%
1
22
5
40
10
25
109
23%May
No par
Waukesha Motor Co
Sept
l6%May 22
30
900
3%
*41
2
2%
17%
*16%
*63%
"""500
Sept
2
5
No par
No par
Pipe
1
21
Jan
2
J Warren Bros Co
J3 convertible pref..No par
Feb
Jan
Aug
%
16
2% Jan
7% Apr
% July
14
Warner Bros Pictures
June
78
%May 15
5% May 21
No par
preferred
July
163
Apr
% July
100
7%
Warren Fdy A
24%
15%
21
*4%
4%
56%
33
32%
100
19
*2%
20% 21 '
ot |
'! 92U 9319
92% 93%
*120
122 |
31
31
33%
"MOO
A_.No par
Class B
13.85 conv pref
10
42
2%
2434
17%
1%
No par
Walworth Co
300
24
16%
64%
Co
..No par
4H% pref with warrants 100
1,100
4,800
*22%
*23%
15%
34%
34
34 |
33%
34
69% *65%
70
70 | *66
97%
95
97%
97 1
97
21% 21%
21% 2178'
21% 22
*97% 110 | *97% 110 I *97% 110
*62
65
*62
65 . *62
65
8%
8%
8%
8%
*8%
9
9
9 I
9%
9%
9
9
8%
8%
8%
8%
7%
7%
5%
5%
5%
5%
5%
*5%
4%
4%
*167g
*1678
.
>|
3,800
2,100
No par
System
Walgreen
100
2%|
|
24
24%
16
33%
*65%
96
4%
4%
*24%
32%
18
21
01
95
95
123
2%
*54
56
56
*113%
5%
42
*20
*17g
17%
20%
93 lo
93%
1I
945o
94%'
31
66
*62
18%
20
*6
""300
36
*1%
1%
10
5% preferred A
Waldorf
15%l
2%
2%
36
*27
99
I
Co.....100
100
300
106
197g'
J Wabash Railway
100
85
Sept
45%
Mar
100
Sept
60% Sept
15% Apr
48
Deo
17
17
Jan
118
64
May
140
10
15
9
9
28
14
4
May
200
99%
18
124
67
35
4%
36
35%May 28
66% Jan 6
19
May 24
135
12%
15%
2
Oct
Apr
9
Feb 29
4378May
397, Mar
117% Apr
49%May
59% Feb
31% Mar
4% Jan
31% Jan
22%June 10
Sept
8% Mar
Apr
46
6
% Apr
19
100
*12
4%
15%
70
May 23
12%
15%
1%
May 10
Jan 15
17
June 10
*12
15%
2%
71
100
100
12
1
4
120
preferred
46% July
1%
36%June14
28%May 29
6%
Oct
Dec
0% May
25
25
400
Sept
39
7% Apr 24
2% Apr 11
61
Apr 12
pref...No par
5% pflOO
Walk(H)Good A W Ltd N> par
Preferred
No par
1
30
2% Apr 24
Va Iron Coal A Coke
Virginia Ry Co
June
82% Sept
12078 Sept
37% June
98% May
Va El A Pow $6
No par
Chem
68% 8ept
x70
41% Aug
10
400
6%
24 |
/
Jan
70
Va-Carollna
600
Vulcan Detlnnlng Co
4%
Jan
100
400
24
*4%
60
preferred
2
24%
64%
18
*120
"
5
23%
1
Jan 11
Jan 22
100
Victor Chemical Works
20
98
358
4%
July
3
May 23
*J9.3g
*93
3i2
3%
48
124% Apr 23
39% Apr 5
48% Feb 20
25
Vlcks Shreve A Pao Ry
Apr
4
Mar 27
5
Apr
86%
68%
1
July
Deo
31%
Jan
l%May 15
14 May 22
109 May 23
5
May 18
17%
>%(
67g
1%
37% July
6% Mar
52% Jan
114% Nov
'
112
*12
*78
99%
1
19%
91%
|
20
92%
«
Jan
70%
100
*658
100 '
99
100 I 101% 102
*100
101%
117% *116% 117
*116% 117% *116% 1167S
15% *15
15-%
15% 15% *15
16% *15
16%
105 | *96
105
*96
105 1 *96
105
*96
105
26
26% 26%
27% 27%
27% 28%
27% 27%
3%
*3%
3%
3%
3%
*3%
3%
*3%
3%
6
(
*4%
6
*5
57g
*4%
6
*4%
5%
%
%
%
*%
%
*%
%
*%
3%
-
300
Mar
Apr
65
Vanadium Corp of Am.No par
Van Raalte Co Ino
....5
58
99%
99
117% *116
25%
«
Oct
49
%May 21
7
19l2
98
35s
106% 107%
99
105
*96
m.
-
117% 120
9%
*7%
37% 38%
*31% 3234
81
42
32-3
*7b
67g
20 |
93%
*63%
65%
99
I
36
15% *15%
18 1
18
3%
*2%
17% *16%
105
4%
15
1%
1%
9 ,
*7%
24 ' *22%
24 I
23%
*63%
20
23l4
12
*4%
2%
102
*15
—
24
67
1%
June 24
Vlck Chemical Co
Apr
41% Jan
April
12
7% 1st preferred
15% Sept
5% Aug
46
32% Sept
31% Oct
112
100
July!
4
1
5
3
159
No par
Sales
Preferred
Apr
3%
5
June
59
*65g
1912
*93
358
*23%
*7g
98
35s
36
106
99%
41%
*56
*12
*65g
1912
678
23U
15
106
*116
100
Vadsco
100
*40
*40
' *56
*24
400
2ig
312
*%
*99
*62
2is
2134
15
*2%
17
66
*63%
*1958
*93%
1
(18
3%
17%
2ig
*7g
ll4
*7
*22%
*2358
15
I
24i4
*l2
*612
98
3i2
2%
24%
15%
2414
26
100
35% July
29% Sept
10% Sept
Apr,
13%
12%May 24
45
May 24
l3434june 8
No par
preferred
Preferred
*27
1%
87S
1%
*7%
323g
2134
1134
43g
15
15
2%
*3814
20
1
1
1
*8t2
%
7g
67g
2158
*ll3g
43g
21I4
1134
21%
*1H4
*4%
4,000
8%
*123
1 |
7g
67g
*6i2
20- | *195g
98
*93%
35s
3i2
*933g
*312
30%
83
*%
%
*%
*%
*6%
*1912
1238
pref erred... No par
conv
Universal Pictures 1st pref. 100
70
17%
42
32i2
*7512
*123
1
39
39
24%
2ig
2l4
17i2
*3814
32i2
42
|
32i2
*77
500
12%
12%
*26
7i«
12%
26
13
*56
....
*24
*116i2 120
*116% 120
*8
1134
*7
1134
*3814
82
*%
%
263g
*1238
1012
2414
*2i8
I7i2
10
20
109% 115
4H4
*23
*17
153
36
23
117
June 26
41
Universal-Cyclops Steel Corp 1
29%
*1258
*26
*2234
2i4
United Stores class A
200
11234 11234
*2%
No par
5
300
30
27
11234
*38l2
41
24
1%
600
Conv pref (70c)
300
July
778 July
Apr
4
39
5
l%May 22
6%May 28
1 May 18
1
Unl ed Stockyards Corp
Mar
4
Sept
May
74
42%June
25
preferred
16
*77
82
%
%
%
123s
295g
*26
7%
31
No par
U 8 Tobacco Co
48
*55
*55
,
80
80
75
75
|
%
*.3g
1638
*1218
75
*65
7,-
100
48
138
75
7,«
No par
Corp
Preferred
63s
1%
13s
45 1
U 8 Steel
100
|
2
6*8
6%
143
*138
*15s
'
50
Preferred
40
45
*4314
15
15
15
60
114
49
67 I
50% 5178 34", 600
1,200
11734 11734
900
3U2 32i8
*13%
45
*40
45
*1314
*56l2
li4
H4
1%
*ll4
*40
*6
114
3178
45 | *4311
1%
*158
6%
*6
A Mln.._.50
Jan
180
38% Jan
27%June14
%May 3
15 May 21
68%May 22
39%May 23
60 May 22
42
May 21
l03%May 21
100
14
113
1234 Apr 23
May 21
17% Sept
65% Sept
149% Sept
7% Apr 23
May 21
Jan
87% Mar
Mar
5% Aug
May 21
6
11
June
5
6% Mar 9
32% Mar 11
28
Apr 25
50
Nov
5% Mar
182%May 14
2134June 11
10
U 8 Smeltlusr Re
3% Aug
Jan 25
89
Apr
Sept
15
117% June
14
Sept
7% Sept
75
10% Apr 11
10% Jan 3
June 10
14
No par
8% 1st preferred
300
7% Apr 10
7% Jan 3
May 11
95
Apr
6%
97
25% July 17
100
Foundry.......20
U 8 Playing Card Co
10
JU 8 Realty A imp
No par
1,100
62%
3%May 21
5
USRubbc-Ct
Jan
Feb
8% Sept
35% Sept
Apr
Sept
May 23
2%May 21
Prior preferred
200
11
110
5%May 22
50
U 8 Pipe A
MOO
6
165
Partlc A conv cl A..No par
400
'
*75
49
*63l2
158
6%
1%
U 8 Leather Co
600
3
15
May 18
20
5H% conv preferred
50
U 8 Industrial Alcohol-No par
200
76
76i2
4914 4914
*6312 65l2
51% 5134
117i2 11734
*4314
*6
13s
6%
100
5
74
Apr
85% Jan
3%May 25
Jan 15
100
preferred
U 8 Hoffman Mach Corp
78i2
32
134
"206
200
43
*1%
134
*1%
6
6
I
45
*43
7%
5,200
32
5112
116i2 117i2
May 21
25%
117% Feb 24
80
No par
U 8 Gypsum Co
11,0
*50
*6312
1
U 8 Freight Co..
19%
*7514
6514
53%
100
1,900
19%
505s
65i2
51%
53i2
11712 11734
*315s
32 I
*63l2
*31i2
"16
3
210
1912~ 19l2
43
I
45
*43
50
50
*49
50
J *63l2 67
51l4
5134
5l3g
52
11634 11634 *11612 117
*32
32l2
32;%
3238
50
67
*4812
*6378
19%
76i2
*25
13% Mar 12
$6 first preferred
No par
U S Dlstrib Corp conv pref. 100
7% Mar
8% Jan
Dec
54% Deo
3% Apr
June 10
10
Paperboard
65% Mar 14
5% Jan 3
35
Jan 3
May 22
6
No par
USA Foreign Secur_._No par
20~"|
"1
19**1
United
4%
share
per
4% Aug
Mar 13
6
Highest
share
per
21
22
21
22
107%June 6
f 5 preferred
No par
United Mer «fe Manu Inc v 101
500
634
52
25i2
33 T
6%
678
25
*»,
187s
United Fruit Co
share
per
1939
Lowest
7% Apr 11
278May
25%May
60
Ma:
10%May
United Gas Improv't__No par
3ty
43a'
40
100
Preferred
700
8%
*3%
'4
|
4
*48l2
25
230
*8-38
812
378
United Dyewood Corp
$
3%May 28
2%May 22
5
400
12i8
Highest
share
per
5
..10
*334
*293s
55%
25
United Drug Ino
300
678
718
3
Par
1,900
| *78
83
*78
83 I
6%
*6%
7 |
6%
6%
7i2
*7is
7i2
7ig
7%:
60
60% 6012
60
60
182
*17514 182
*17514 182
312
*312
334
*3l2
334
25i2 *2478 2612 *24l2 26i2
18i2 *18
19
*1734 1834
4%
4%
4%
*4's
4%
*6%
7i8
7i8
Shares
Year
100-Share Lots
Lowest
83
*78
6%
7i2
182
*312
*2234
7%
I
83
*534
*7%
57%
*56i2
*6%
4%
*78
I
12is
...
9
3h
*4
612
*175
*175% 182
3%
*3%
28
*22%
19
*17%
4%
*4%
9
*3%
|
83
*7
77g
57
*48%
.6412
6314
_
Week
3%i
43%
30
6434
12
113% 113i4 113H
8%
9 j
8%
*3%
334
*338
*4
4:% ' 4
113'4 II314'
On Basis of
*2%
4114
*334
4 |
3014
■>
Range for Precious
EXCHANGE
July 19
)
3U
4334
4
30
65
*2%
*41%
3%
4334
12
*78
*7
*291
63
6212
113U 113i4
4%
57
4
July 18
8TOCKS
NEW YORK STOCK
the
CENT
Friday
\
share' $ per share J § per share j
4%
*4
4%
4U
43s'
41*
*4
4V
4%
4%
3ig
*41%
*334
30
12%'
12%
*112% II3I4
878
*8%
4
*3%
"
July 17
3
*4134
*334
*41%
*4%
|
July 16
$ per share j $ per
41*
4U
4
share
4%
41*
per
Thursday
Wednesday
.
NOT PER
SHARE,
PRICES—PER
Tuesday
July 15
I1 S
S per share
SALE
Monday
i
Sales
for
HIGH
AND
LOW
Saturday
379
r Cash sale
26%June 10
80
May 28
12%May 21
8% May 21
2
Mar
1
* Ex-div
May
54%May
Apr
Jan
8
3
4
Apr 23
19% Jan
124
14
Apr 16
48% Jan 3
9378May 10
10%
23% July
31%
Apr
75
Mar
18% Sept
11%
98
Apr
53% Sept
124% Nov
85%
Deo
33% Mar
217»
127
Oct
Nov
Jan
21%
30
Apr
74
May
66% Sept
92
8ept
4
17
8
12
y Ex-rlghts
Apr
38% Sept
Aug
9%
Jan
4% Apr 22
Apr
85
17% Apr
28%
Apr
Apr
34
Apr
22%
Aug
Sept
Jan
37g Sept
? Called for redem tion.
July 20, 1940
380
Record—New York Stock Exchange
Bond
FRIDAY, WEEKLY AND YEARLY
—
Interest"--except for Income and defaulted bonds.
Cash and deferred delivery sales are disregarded In the
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote
in the week in which they occur.
No account is taken of such sales in computing the range for the year.
The italic letters In the column headed "Interest Period" indicate in each case the month when the bonds mature.
NOTICE—Prices are "and
Friday
Week's
Last
Range or
Sale
Friday's
BONDS
N. Y. STOCK EXCHANGE
c y
Bid
Price
hR.
Week Ended July 19
Low
United States Government
Treasury 4**s
—1947-1952
-
Treasury 4s
1944-1954
1946-1956
1941-1943
1943-1947
1941
1943-1946
1944-1946
1946-1949
1949-1952
-
Treasury 3 5*8
-
Treasury 3 5*s
Treasury 35*8
Treasury 3 Ma
Treasury 34b
Treasury 3**s..
Treasury 8**s
Treasury 34b
Treasury 3s..—
1946-1948
A
0
J
m-m
m
M 8
J
A
-
A
D
1945-1947
1948-1951
M
Treasury 25*8
Treasury 25*8
1951-
J
121.6
114.11
20
102.21
102.21
2
111.16115.9
102.21 104.24
2
2
103 18105.17
6
107.12110.1
-
«.
-
•»'«•
«.
m
-
109.12
109.13
2
107.30 110.21
111.11
4
108 23112.13
♦111.29112.2
-»
»
107 16 109.30
111.9
-
111.9
«.
m
mi
m
111.22
110.17
10
107.20111.30
108
51
104 20109 .10
100 20 109.20
*108.28108.31
S
109 14113.10
108.0
*110.24110.27
110.9
«•
107.27 107.24
8
108.7
J
D
J
D
-
-
1
105 24109.19
107.15
4
104.16 108.30
106.20
S
D
108.7
107.11
D
J
M
High
117.2
111.18115 6
♦113.27113.30
108.20
M
M
8
120
Low
108.16
D
M
No.
Week Ended July 19
103.20
_
O
J
Jan. 1
103.18
—
D
J
M.
N. Y. STOCK EXCHANGE
108.11 108.11
0
J
-
BONDS
Since
108.15 108.15
D
A
i|2
114.9
M 8
F
<U -M
Range
Asked
High
119.29 119.28
D
M
Treasury 25*8
A
106.28
80
103 24 108.12
108.9
S
103.13 108
*106.11 106.15
100.16 106.15
106.19
19
108.14
5
103.15108.1
106.18 109.13
105 13108.31
*107.29108.2
■
105.17
7
103.2
107.2
105.15 105.15
105.19
17
103.4
D
103.4
103.14
12
101.7
104.23
J
D
104.29 104.29
104.31
5
102 28105.30
J
D
103.16 103.17
103.22
5
101.13 104.24
J
1948-1
Federal Farm Mortgage Corp—
D
105.11
S
24B
16 1942-1947 J
Jan
Mar
105.11
103.4
104.2
J
107.16
104.2
104
M S
107.3
7
105 20108.21
31
103.10 105.15
*103.27104
JKN
1 1942
105 22108.24
*107.20107.25
107.14 107.14
103.9
105.2
12
105 4
11944
May
J
1945-1947
1J48 series M_.
J
J
D
107.6
103.24
103.24
3
103.1
♦034s assented
.....1957 J D
1961 J D
1961 J D
♦Guar sink fund 6s
...1901 A
101.22
42
100.5
O
♦6s assented
D
9634
♦Gtd sink fund 6s
♦Gtd sink fund 6s
1948 A
9534
9634
683
2034
M
Akershus (King of Norway) 4s. 1968
♦Antloqula (Dept) coll 7s A...1945 J
s
1945 J
1945 J
f 7s series B
f 7s series C
1945 J
♦External s f 7s 1st series... 1967 A
f 7s series D
2034
J
11
88 **
974
U
0
10
29
60
8
10
1134
U34
10
11
M. ~
„
1034
5
7 5*
14
1134
16
74
8
2
74
934
10
14
74
934
1034
1034
22
74
184
10
0
1034
D
1034
2434
25
3
14 4
114
77
59
704
64
40
614
90 4
95
1972 F
58
58
100
544
874
5534
5634
48
43
48
1957 M
s
(Germany)
s
8
s
1956 J
1955 J
f 634s
J
..1958 F
1960 J
Sinking fund gold 5s..
f 6s
s
♦Budapest (City of) 6s.......1962 J
Buenos Aires (Prov of)
s
Refunding
s
4434
48
1534
1534
14
1334
14
8
32
12
1946 MA
1947 F A
1952 J D
1953 WN
Copenhagen (City) 5s
25-year gold 434s
I^Cordoba (City) 7s stamped..l957 F A
J
Cordoba (Prov) Argentina 7s.. 1942 J
♦Costa Rica (Rep of) 7s
Cuba
1951
1944
(Republic) 5s of 1904
s
18
15
2
74
154
34
10 4
234
1134
104
1134
57
84
1134
104
1134
33
84
184
184
1034
25
84
184
4734
4234
1134
4734
45
45
734
45
*45
734
MA
734
4434
43
O
1960 A
0
F
135*
175*
84
3
13
64
154
1
4
155*
34 4
155*
34
20
205*
204
275*
204
26**
16
62**
49
25
2
24
10
154
454
72
49
70
2
654
85
15
2
13
21
1004
Sinking fund 534s...Jan 15 1953
♦Public wks 534s._.June 30 1945 / D
J
1907 J
3
M A
J
J
M
5
45*
104
394
43
5
41
66
48
1
40
67
35
454
3534
654
634
4
J
f 6s...Oct 15 1960 A
46
69
1014
88
9034
8134
7334
8534
108
83
107
7034
7134
72
70
J2
♦
94
18
72
18
61
22
78
52
58
32
594
*
18
J
16
16
15
15
4
154
2
10
2
10
94
16
15
964
934
964
6
12
............
A
1940 A
89
88 4
194
15
19
52
62
15
98
104
734
1
70
81**
*74
144
12
13**
14**
135*
101 J*
*74
314
2d series sink fund 534s
1940
A
26 4
68
*65
*
68
*
S
_
63**
65**
„
_
75
75
75
754
68
754
69**
75
1
11**
11
2
mmxm
17
17
75**
69
65
.......
75
*
66**
65
72
*
1969 A O
1969 A O
1945 MA
_
67
*
O
73
18**
17**
32
254
20
8
27
26
33
314
314
84
-
1948
1907
J
J
7s unstamped
84
J
J
..........
48
22
50
80
70
*45 4
19**
404 105
92**
92
*21
D
534
40
94
194
—
D
1
504
504
10
40
97
*25
*
45** 118
106
*20
1949
...
84
109
1905 J
♦534s unstamped
1965
♦534s stamp(Canadlan Holder)'65
♦German Rep extl 7s etamped.. 1949 A
♦7s unstamped...
1949
German Prov A Communal Bks
174
151
84
134
6
54
214
20
214
106
10**
144
144
144
3
64
18**
144
144
1
9
154
18
18
1
*9
O
154
124
D
15
174
♦iCons Agrlc Loan) 0**s
1958 J D
♦Greek Government s f ser 7s..1964 MA
1964
1968 F
16
17
255*
18
21
*12
1968
18
74
*14
A
20**
20**
215*
Haiti
(Republic)
s
f 6s
ser A...1952 A
A
*
O
74
♦7s secured
1940 J
f g
s
I
16
16
O
♦Hamburg (State 6s)
1946
J
♦Heidelberg (German) extl 734sl950 J
Helslngfors (City) extl 034s
1960 A O
Hungarian Cons Municipal Loan—
J
♦7 34s secured s f g
1945 J
75
73 4
16**
♦
90
7
16
174
10
175*
58
*30
22**
75
*64
124
J
64
64
*64
8
*64
94
244
25
5**
r
6
105*
94
7
A
45
9
47
45
29**
27
A
634s...1954
Extl sinking fund 534s
1965 IN
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
864
3
45
J
6
514
45
5**
50
484
-
s f 5s.....I960 MA
Italy (Kingdom of) extl 7s
1951 J D
Italian Cred Consortium 7s ser B '47 M S
Irish Free State extl
Italian Public Utility extl 7s—.1952 J
F
Japanese Govt 30-yr s f
♦Leipzig (Germany)
a
1947 F
J
f 7s
(Province) 734s 1950
55
9
20
325*
45
92
34**
72
78**
294
34
23
54**
884
93
70
91**
674
18
57
70
*8
13
15
A
25
864
654
66
3
15
7
1
17 5*
12**
15**
15**
D
15**
♦Medellin
1954 J
D
1954 J
(Colombia) 034s
Mendoza (Prov) 4s readj
Mexican Irrigation—
D
84
94
*1
(US) extl 5e of 1899 £.1945 Q J
♦Assenting 5s of 1899
.-..1945 Q J
♦Assenting 4s of 1904
1954 J D
*14
*14
1 4
♦Assenting 4s of 1910
1945
i*Treaa 6s of '13
1933 J
J
Milan (City. Italy) extl 634S...1952 A
MInas Geraes (State)—
O
314
1958 M S
84
assent
*14
7
14**
54
56
*1
1943 MA
♦434s stamped assented
♦Mexico
23
94
*52
825*
14
►
-
**
«
---
1
14
15
14
14
4
14
14
24
14
1
**
4
14
♦Sec extl s f 0 34s..
♦Seo extl
8
30
4
74
1959 M S
—.1952 J D
f 0 34s
(City) 7s
74
*40
324
61
84
66
74
3
23
14
44
44
534
124
124
44
50
714
40
714
F
A
484
42
484
26
33**
904
Apr 1958 A
O
46 4
43
464
19
35
Norway 20-year extl 6s
1943 F
A
43
43
1
29
97**
17
20-year external 6s
1944 F
A
43
444
9
29**
97**
90
1234
3
12
17
1134
12
11
144
1234
1234
6
12
17
11
1134
39
10 4
144
12
1234
93
58
74
18
11
1234
20
735*
O
♦Montevideo
O
974
544
14
80 34
0
♦6s Apr. 1937 coupon on..1960
♦Chile (Rep)—Extl 8 f 7s
1942 MA
♦7s assented..
1942 M A
♦External sinking fund 0s...1960 A
8
1234
1134
8434
S
974 102 4
103**
100
87 4
*934
7134
-
1024
534
J
F
42
9
71
-
95 4
100
♦Czechoslovakia (Rep of) 8s...1951 A O
♦Sinking fund 8s ser B
1952 A O
Hungary 734s ext at 434s to...1979 F
4434
8034
9
101
*100
544
78
77
8034
9034
J
30-year 3s
30-year 3s
♦68 assented.
10
15
15
A
33
38 4
*10
J
s
10
14
70
1024
/
2
57
*30
A
♦Farm Loan
20
*464
A
79
48
J
1901 J
1944 J
.1908
♦Carlsbad (City) 8s
1954
♦Cent Agrlo Bank (Ger) 7s
1950
♦Farm Loan s f 6s...July 16 1900
♦6s Jan. 1937 coupon on..1960
9
134
13**
23
24
M R
33
43
48
J
25-year 3 348
7-year 2 34s
Aug 15 1945
U4
164
10
25
J
A
10
80
A
1952 M N
10-year 234s
33
29
27
204
♦Hungarian Land M Inst 734s.l961 M N
♦Sinking fund 734s ser B
1981 3f N
50
*55
♦Stabilization loan 734s-....1968 M A
5B
234
224
*20
1977 J D
ser
♦6s part paid
1134
45
1907 J
Canada (Dom of) 30-yr 4s
-
20 4
204
94
12**
*20
4 34s external debt.
♦Lower Austria
f 7s
-
1
102 4
Bulgaria (Kingdom of)—
♦Secured
«r -
21 X
234
224
9
9
8
*3 4
104
10 4
14
18
94
.
High
U4
*16
1949 F
1949 F
External 5s of 1914
♦7b part paid
♦Sink fund secured 6s
30 4 1004
35
108
12
15
414
1984 J
84
124
4
*
34
64
17
45
1975 M jN
72
1834
1976 A
External read) 434-4348.
External s f 434-4348
3% external s f $ bonds
90**
42
1976 F
f 4J*-4**s
91
43
1977 M S
f 4**-45*S
874
38
32
D
D
554
39
304
...1981 M 8
♦6s stamped
External
A
9
9
21
1234
*
42
D
S
43
*934
1950 A O
1967 M
4834
37
43
A
f 6 34s of 1927...1967 A 0
1962 J D
♦7s (Central Ry)
Brisbane (City) sf5s
20-year
4234
J
♦External sinking fund 6s... 1968 J D
♦Brazil (U 8 of) external 8s
1941 J D
♦External s f 6 34s of 1926...1957 A O
♦External
4834
1949 M S
f 6s
External 30-year s f 7s
♦Berlin
J
1956 M N
..1957 J
♦Bavaria (Free State) 64b. ..1945 F
External
A
1972 A O
...1955 J
Belgium 25-yr extl 634s
O
J
♦534s of 1930 stamped
73
f 7s
20
Low
German Govt International—
6234
5434
s
94
O
French Republic 7 34s stamped. 1941 J
7 34s unstamped
1941
External 7s stamped..—
1949 J
154
145*
7034
(Govt)
10
S
154
6334
External g 434 s of 1928
2
114
10
17
M 8
Finland (Republic) ext 6s
..1945
♦Frankfort (City of) s f 0348—1953 M N
7134
♦Austrian
114
104
Jan 1901 J
♦Sinking fund 7s of 1920
♦Sinking fund 7s of 1927
-
1
10
9
15 4
16
1971 MA
Australia 30-year 6s....
External 5s of 1927
*
*144
Oct 1961 A
1928
♦0s of 1927
♦El Salvador 8s ctfs of dep
Estonia (Republic of) 7s
Argentine (National Government)—
8 f external 4 4b
1948 M A
S f external 434s
8 f extl conv loan 4s Feb
8 f extl conv loan 4s Apr
2
13
Jan
284
21
40
40
20
1034
J
f 7s 3d series. 1967 A
Antwerp (City) external 5s-__. 1958 J
sec a
seo 8
3
1034
J
f 7s 2d series. 1957 A
♦External
♦External
21
*
S
J
2034
1
21
O
s
10
10
10
2
114
10
*10
♦Colombia Mtge Bank 034s—.1947 A
534s 1st series
A
s
114
*11 H
♦Chinese (Hukuang Ry) 5s
1951 J D
♦Cologne (City) Germany 6 34s. 1950 M S
Colombia (Republic of)—
534s 2d series
♦Dresden (City) external 7s
1947 F
♦External
No.
S
1st ser 534s of 1920
Municipal
♦External
Since
High
Low
10
Range
CQt^
12
1960 M
♦7s assented
of
3
Asked
*114
♦68 assented
♦Chilean Cons Munlc 7s.——-I960 M
♦6s
A
1902 IN
1962 IN
♦Guar sink fund 6s
102.12
-
Agricultural Mtge Bank (Colombia)
♦External
Price
O
1961 A
♦0 34s assented
♦Sink fund 034s of 1920
Customs Admin 534s 2d ser..1961 M
&
Bid
A O
External g 434s
Apr 15 1902
Dominican Rep Cust Ad 534s.. 1942 M S
J
Govt.
Friday's
Foreign Govt, & Munlc. (Cord.)
♦Chile Mtge Bank 634®---.1957 J T)
104.25
101.20 101.19
New York City
Transit Unification Issue—
Foreign
Range or
Sale
108.12
Home Owners' Loan Corp—
3s series A
Nl.
Week's
Last
External loan 434s ser C
M S
IN
3s
2 It
e s
107.3
J
M
Treasury 2s
Friday
OS
3
External
s
*40
1959 MA
♦6s series A
New So Wales
(State) extl 5s..1957
f 5s_.
70
89
i960 A
O
♦Extl sinking fund 6s..Feb 1961 F
♦6s assented
Feb 1961 F
•Ry extl s f 6s
...Jan 1961 J
A
1234
1234
1234
1
A
11
11
11
8
10 4
144
314
36
17
1234
1234
6
12
17
External sink fund 434s
External s f 4**s
1956 M 8
1234
1965 A
O
37
324
374
37
23**
20**
11
11
2
10J4
144
4s s f extl loan
1963 F
A
37
32
37 4
13
20
80
1234
1234
5
124
Municipal Bank extl
1970 /
D
254
254
3
21**
80
11
11
2
104
164
144
124
17
♦6s assented
Jan 1961 J
J
J
♦Extl sinking fund 0s..Sept 1961 M S
♦0s assented
Sept 1961 M 5
♦External sinking fund 6s...1962 A
♦6s assented
1962 A
O
0
♦External sinking fund 6s...1963 IN
♦0s assented
1963 M N
............
•
*1234
s
f 5s
144
11
11
1
104
1234
1234
5
12
164
11
11
3
10 4
144
1
For footnotes see pase 385
80**
Volume
Last
Range or
Sale
Bid
Price
Low
20
♦Nuremburg (City) extl 6s
♦Extl
1963
10
2
25
M
99 H
61 %
12
*46
A)
♦Peru (Rep of) external 7s
♦Nat Loan extl e f 6s 1st ser
58
75
Second mortgage 4s
y b
1948 J
J y b
Atl Gulf A W I SS coll tr 58—1959 /
Atlantic Refining deb 3s
1953 M S x a
Austin A N W 1st gu g
74 H
4%
10%
7%
2
5H
11
6%
47
4%
6H
6%
25
10%
10 H
Oct 1 1946) due.July
8
3%
10 H
...1947
*8
9 H
16 H
25-year external 6s
6
*4*
9*
8%
8
F
20
83
1
48
50
2
66*
69*
55
55
69*
28*
27*
28*
333
15*
28*
D
z
ccc4
32
31*
32*
132
18
to Sept
32*
z
ccc4
28*
27
28*
86
15*
28*
28*
12*
28*
12*
251
15*
12*
183
7*
28*
15*
(Int at 1%
1 1946) due—2000 M S
Ref A gen ser F (Int at
1%
y
bb
3
18H
59
17 H
103
41H
98
21
to Sept 1
1946) due—1996 M S
Feb 1 1960 F
~~7*
"~2
5H
11*
6H
7H
52
4
10*
10 H
12
7
13
8%
25
5%
10 H
O
J
10
D
7H
18
7s
paid
♦6s extl dollar loan
f 7s
7s
*58*
*58*
66
54
*35
50
37
4s stamped
y
y
bb
bb
x
bbb4
Bell Telep of Pa 5s series
1st A ref 5s series C
B..1948
x
aaa3
1960
x
aaa3
*4 Ha assented
♦Slleslan Landowners Assn 6s
Sydney (City) s f 5*8...
12
Belvidere Del cons 3*s
1943
x
aaa3
7
12
♦Berlin City El Co deb 6 *s. 1951
z
b
15*
♦Deb sinking fund 8*s._.1959
z
b
15*
A
*7%
10
7%
12*
♦Debenture 6s
1955
z
b
10
7H
9H
♦Berlin Elec El A Undergr 6 *s '58
z
cccl
Beth Steel 3*8 conv debs. .1962
J
22
J
54
80
5
12
5
55
55
9*
*8*
IN
15
7%
7
9
x
bbb3
106*
105*
1959
x
a
104*
104*
1960
1965
x
a
100
x
a
102*
99*
102*
Consol mtge 3*s ser H
1944 J
5*8.
x
aaa2
F
a
x
bbb3
*97
Blaw.Knox
Boston & Maine 1st 5s A C..1967 M
8%
35
4*
9%
122
4*
32%
83
20*
12*
12*
11*
37*
18
8*
16
7*
15*
7*
3
14*
5*
5*
9
15*
10H
8%
8H
31H
9*
31H
1st mtge 3*3
1950
56*
M S
28*
27
61H
9%
61
9%
MN
9%
9%
J
D
J
D
F
A
*13
5
F
A
*45
J
J
6
*3%
"
87
57
40*
60*
28*
23
41
62*
53
63
62*
1961
A
O
...1946
F
A
53
65
44
63
48
63
3*s-4-4*s ($ bonds of *37)
3*s extl readjustment
♦Vienna (City of) 6s
(City) external 7s
33
53
32 H
32
35*
32*
3
D
5
31*
51*
A
36*
36
37
6
34
56*
52
40
56
30
25
51
6s
35*
*
J
J
A
O
"so"
M N
F
8
*10
A
8*
A
J
D
3
3
3
60*
61*
7*
55*
69
Bank
EXCHANGE
Week Ended July 19
H
Friday
Last
Range or
Friday's
See
Sale
Bid
Price
a
&
c
made by holder)
Not made by holder
1967
1967
41*
S y b
S y b
52*
125
36*
54
6
42*
46
42
41*
69*
37*
54
M
M
1955 M N
§
ft}
Ask
§
Since
Jan. 1
y
b
Not made by
y
b
y
b
y
69*
b
z
67
b
y
42*
53*
43*
69
b
z
36*
y bb
—
-
«
-
M.
..
-
...
38*
26
97*
38
cc
98*
3
98*
1
y
bb
10-year deb 4*s stamped-1946
y
bb
7s.....1952
A 6s....1943
y
bb
aa
*109*
1943
x
aa
*107*
Albany Perfor Wrap Pap 6s_. 1948
y
b
Adriatic Elec Co extl
x
m ~
m
98*
«
104*
~
~
104
60
49*
bbb3
Alleghany Corp coll trust 5s. 1944
y
bb
1949
y
b
1950
cccl
1955 IN
1955 MN
series JJ...
1961 A O
4*s stamped (cash election
made by holder)
1961 A O
Not made by holder
1961 A O
t»Boston A N Y Air L 1st 4s. 1955 F A
Bklyn Edison cons M 3*s„ 1966 MN
MN
1 Bklyn Manhat Transit 4*81966
Bklyn Union El st g 5s
1950 F A
Bklyn Un Gas 1st cons g 5s
1945 MN
holder
1st g 4*s
52*
53*
*42*
67
52*
53
*42*
50
y
M 8
108*
108*
aaa4
bbb3
x
a
109*
aa
112
88* 107*
108* 113*
111
84
115*
98*
106
94*
106*
106*
102
107*
112
109* 112*
107* 109
A
x
aa
*111*
x
aa
z
b
a
3
S y b
S y b
x
2
bbb3
J y b
100
108*
80*
109
•
-
-
110*
105
-
5*8.1943
3
z
cc
*2*
O y bb
J y b
*66*
1960
O yb
O x a
O
Anaconda Cop Mln deb 4 *s. 1950
108*
J
m
I
85*
19
86
25
85
8
D
aa
105
*
63
103*
6
17
*100
94
108
93
107*
*
98*
108*
9
29
31
49*
103
94
48*
102*
98*
49*
103
99*
40
16
22
91
aaa3
J
108
108
*95
108*
101*
106
105
106
103*
103*
104*
3
JAnn Arbor 1st g 4s
1995
Ark A Mem Br A Term 6s—1964 M S
y cc
26*
59
104* 107*
99
101*
89
99*
106* 111
17*
17*
46*
68*
100* 105*
91
105*
56
106* 109*
104
110*
103* 110*
100
5
96
14
102
107
28*
7
28
41
42*
5
32
50
98
1
97*
99*
x
bbb4
A
x
aa
2
101
100*
101*
40
J
x
aa
2
101*
101*
102
34
95* 104*
95
104*
Atchison Top A Santa Fe—
General 4s
1995 A O
Adjustment gold 4s. .....1995 Nov
x
aa
105
106
x
bbb3
85
85
85
MN
x
bbb3
85*
84
86
D
x
aa
95*
95*
385
J
D
x
D
x
105*
2
76
1
18
1
*96
95*
99
97*
90
3
99
110*
2
108
110*
107
107
1
104* 109*
aa
103
103
x
aa
99
99
J
x
aa
M S
x
a
D
x
aa
bbb3
♦
62
*108
J
J
x
8
x
bbb3
2
2
2
81*
aa
82*
81
82*
35
J
J
aa
97
95
97
38
J
/
103*
100
114
114
92
95
97
bbb2
49*
47*
50
66
M 8
a
66
65
66
13
57*
aa
94*
94*
95*
13
63*
64*
19
87* 108*
54
84*
56*
59
J
D
a
J
F
a
21
90
6
48*
"4
14
90*
19*
30*
1
*
ccc3
45*
73*
20*
80
14
ccc2
109*
100*
40
80
"80
bb
94*
*46*
b
107*
94*
94*
45
35
"I
30
cc
*5*
5*
4
c
1*
1*
*4*
1*
1*
1*
1*
7*
6*
7
4
c
cc
*2 *
100
cc
bb
b
75
a
2
ccc3
3
8
4*
90
100
75
4
70
77
100
109
108*
ccc3
3*
12
13*
12*
aaa4
7*
3*
100
*107*
*109*
46*
aaa3
1962
75
89*
79
48
102
38
107*
b
gold 4a..1949 F A y bb 2
Through Short L 1st gu 4a. 1964 A O y bb 2
2
Guaranteed g 5a
1960 F A y b
3
Central RR A Bkg of Ga 5s21942 MN y b
Central Steel 1st g 8 8a..
1941 MN x bbb2
3
Certaln-teed Prod 5*8 A
1948 M 8 y b
Champion Paper A Fibre—
S f deb 4*8 (1935 Issue)..1950 M 8 xbbb3
S f deb 4*s (1938 Issue)..1960 M 8 x bbb3
Chesapeake A Ohio Ry—
aaa4
General gold 4 *s
1992 M 8
aaa2
Ref A Imp mtge 3*8 D—1996 MN
aaa2
Ref AlmptM 3*8 ser E..1996 F A
aaa2
Ref A impt M 8*s ser F..1963 J
aaa2
Potts Creek Br 1st 4a
1946 J
aaa3
R A A Dlv 1st con g 4a
1989 J
aaa3
2d consol gold 4s
..1989 J
aaa2
Warm Spring V 1st g 6S..1941 M S
ccc3
♦Chic A Alton RR ref g 3s_. 1949 A O
J
aa
2
Chic Burl A Q—111 Dlv 3*8.1949 J
J
aa
2
Illinois Division 4a—...1949 J
Cent Pac ltrt ref gu
95*
96
10
93
99*
68*
69*
16
04*
77
General 4a
50
35
41
62
1st A ref 4*s series B
63*
65
8
61*
63
14
76
70
Attention is directed to the new column
*33
a
b
49*
60
A
"59"
ccc3
^♦Cent New Engl 1st gu 4s—1961
J»Central of N J gen g 5s
1987
♦General 4a
1987
49*
55
~"i
75* 107*
74* 107
72* 105*
J
^♦Cent of Ga 1st g 5s...Nov 1945
{♦Consol gold 5s.
1945 MN
♦Ref A gen 6*8 series B..1959 A O
♦Ref A gen 5s series C
1959 A O
♦Chatt Dlv pur mon g 4s. .1951 J D
♦Mobile Dlv 1st g 5s
1940 / J
Central Foundry mtge 6s—1941 M 8
Gen mortgage 5s
1941 M 8
M S
Cent Hud G A E 1st A ret 3 *s *65
Cent Illinois Light 3*8
1966 A O
Central N Y Power 3*8
*83*
72* 103*
71* 103
87
113*
31
09*
deb 4*8 w w__1947 J D
4a—1948 J D
69*
bbb3
M
MN y bb
92
100
x
J
/
D y bb
M N y bb
89
110*
D
J
/
87*
76*
105*
100*
J
x
77*
90*
aa
J
101* 107*
95
aa
J
J
85
72* 103*
75* 106*
109* 111*
"47*
18
37
64
13*
9
12
20*
12*
2
108
108
108*
6
65
65
65*
31
18
10*
105* 110
109
107*
98
1
2
aa
M S
01
28*
42*
2
bb
y
A
84*
81*
49*
60
47*
64*
35*
63
-
31
J
47
61
100*
65
27
85
42*
mm
106*
x
85*
♦Cent Branch U P 1st g
109*
J
46*
1
83
84*
Celotex Corp
108*
J y bb
81*
83*
76
106*
D
83
aa
58
108*
1967 Jan
1995
1955
1955
Conv gold 4s of 1910..—1960
Conv deb 4*8
..1948
Rocky Mtn Dlv 1st 4s —1965
Trans-Con Short L 1st 4s—1958
Cal-Ariz 1st A ref 4*8 A—1962
Atl Knox A Nor 1st g 5s
1946
Atl A Charl A L 1st 4*s A—1944
1st 30-year 5s series B
1944
Atl Coast L 1st cons 4s.July 1952
General unified 4*8 A
1964
10-year coll tr 5s.-May 1 1945
LAN coll gold 4a—Oct 1952
32*
100
aa
69
1061*2
MN y bbb2
A O X bbb3
aa
J
^♦Carolina Cent 1st guar 4a.1949
D
Caro CUnch A Ohio 1st 68 A.1952
Carriers A Gen Corp 5s w w__ 1950 MN
Cart A Adir 1st gu gold 4s—1981 F A
45
♦Anglo-Chilean Nitrate—
Stamped 4s
Conv gold 4s of 1909
Conv 4s of 1905
5
aa
92
aaa3
(Del) 4s B—1955 F
f 4s ser C (Del)
1957 J
73*
6
8*
69*
13
J
268
aaa3
Armour A Co
54
O
299
x
Q
bbb3
39*
104*
7
2*
65*
5
67*
A
74*
x
J
39*
52*
104*
73*
40*
25*
3
1970
Guar gold 4*8.. June 15 1955
Guaranteed gold 4*8
1956
Guar gold 4*s..
Sept 1951
Canadian Northern deb 6 *8.1940
Can Pac Ry 4% deb stk perpet.
Coll trust 4*8
.....1946
5s equip trust ctfs
1944
Coll trust gold 5s..Dec 1 1954
Collateral trust 4*8
1960
86*
O
J
x
39*
63
5*
Oct 1969
68
M1V
A
38*
*3*
cc
68*
3
Amer Telep A Teleg—
3*s debentures
....1961
3*s debentures
1966
Am Type Founders conv deb. 1950
Am Wat Wks A Elec 6s ser A. 1975
96
37*
38*
2
z
1952
1955
Consolidated 5a
Bush Term Bldgs 6s gu..
77
2
M N
J
106
*106*
♦Certificates of deposit
12*
110*
105
113*
D
87
86*
O y bbb2
x
57*
97* 104*
40
75
63
•
A y bbb2
Allls-Chalmers Mfg conv 4a. 1952 M 8
50
41*
bb
x
F
M
11
111*
113*
94*
*102
/
tBuffalo Rochester A Pgh Ry—
Stamped modified (Interest
at 3% to 1946) due
1957 MN
JBurllngton Cedar Rapid A Nor—
{♦1st A coll 5s
1934 A O
45
6*
83*103"«
F
1981
series C.1967
54
45
bb
x
37*
8
Buffalo Gen Elec 4*s B
74*
A
M
40
....
8
y
"40* ~67~~
"72
63
53
x
97
49*
53
"66""
1st lien A ref 6s series A.. 1947 MN x bbb3
Debenture gold 5a
1950 J D y bb
1st lien A ref 5s series B
1957 MN x bbb3
86*
2
y cc
Allegh A West 1st gu 4a
50
*72*
50
x
110*
107*
27*
98* 104*
9
105
*40
50
y b
1948
1946
♦Alplne-Montan Steel 7s
1955
Am A Foreign Pow deb 5a—2030
Amer IG Chem conv 5 *s... 1949
Am Internat Corp conv 5*8.1949
66*
5s stamped (cash election
Guaranteed gold 5s
and INDUSTRIAL
For footnotes see page
42*
y
1st M 5s series II
Canadian Nat gold 4*s
1957
Guaranteed gold 6s__July 1969
Range
2
COMPANIES
JI^Abltlbl Pow & Pap 1st 58.1953 J D
Adams Express coll tr g 4s...1948 M S
Coll trust 4s of 1907
1947 / D
1998
1942
Allied Stores Corp deb 4*8—1960
4*s debentures
1951
109* 109*
92
99*
99
170
Guaranteed gold 58
Allegh Val gen guar g 4s
25
Week's
Elig. &
Rating
42
66*
Calif-Oregon Power 4s
1966
Canada Sou cons gu 5s A—1962
BONDS
20
103* 112
100
106*
99
100*
102
103*
11
5s stamped (cash election
Bush Terminal 1st 4s..
*2*
F
...1958
1961
Ha assented
55*
F
1952
1952
1958
Venetian Prov Mtge Bank 7s
32*
J
1979 IN
...1978
1978
1984
3H-4K-45i«a extl conv
4-4*-4 Ha extl readj
16
35*
35*
550
63*
Buff Nlag Elec 3*8
1979 M N
external readjustment
3 *-4-4 *s ($ bonds of *37)
external conversion...
106*
104*
100
103*
S y b
made by holder)
19
*13 *
16*
16*
9
*109
13*
13*
...........I960 IN
1964 M N
♦Uruguay (Republic) extl 8s
D
23
11H
11*
18
10*
6
20
10 H
"15* "l"8*
15
—
Cons mtge 3*s ser F
84
19
n*
J
72*
117*
127* 135
15*
F
15
"l"5*
61
IN
Tokyo City 5s loan of 1912
External at 5Ha guar
1st m s
131*
27
1952
—
♦Silesia (Prov of) extl 7s
8 f income deb
130*
*105*
4
5
45
112
115
20
1962
1962
...1958
1958
1947
1955
1971
♦8s secured extl
20-year sinking fund
115
58
101
72*
70
*65*
115
8%
8%
1946
♦Sinking fund g 6 Ha
stamped
70
72
bb
1951
Serbs Croats A Slovenes (Kingdom)
♦5s
54
y
37%
8*
1950 J
1956 M S
—1968 J J
1940
1945
3*8
63
49*
1951
35
1936
Coll A conv 5s
89
1943
Big Sandy 1st mtge 4s
6s with warr assented....
46*
90
53*
bbb3
Consol mtge 3s ser G
♦7s extl water loan
Alb A Susq 1st guar
54
bb
O
1957
1st cons 4s series B
53
90
y
D
.....1952 IN
s
♦8s external..
Ala Gt Sou 1st cons
32
x
Battle Cr A Stur 1st gu 3s..1989
Brazil)—
f
San Paulo (State of)—
{♦8s extl loan of 1921
RAILROAD
45*
b
*4
extl 6 Ha
STOCK
40
J
1964 M S
N. Y.
57
44*
A
8
59*
55
z
11*
H
.
1 1947) due—.1950
Toledo Cin Dlv ref 4s A.. 1959
to Jan
Con ref 4s
"~7H
27
45*
Bangor A Aroostook 1st 5s
7*
1953
*4
67*
Pgh LE4WVa System
Ref g 4s extended to—1951 MN
S'west Dlv 1st M (Int at 3 * %
13
7*
Santa Fe extl s f 4s
Warsaw
3
ccc4
3
O
1967
1952
1959
Yokohoma (City) extl
70*
z
cc
A
♦Saarbruecken (City) 6s
♦
56*
z
ccc4
15
1966 M2V
f 6s
bb
116
O
1
z
F
♦7s municipal loan
s
to Dec
z
A
♦7s extl loan of 1926
♦External
68*
A
11
11H
83
A
1968
♦External 8 f 6s.
66*
♦Conv due
6%
"i§"
O
♦6s extl s f g
Taiwan Elec Pow sC
66*
?*
12
*9
O
...1946 A
♦8s extl loan of 1921
♦7s series B sec extl
3
11H
11H
8*
A
H
Rio Grande do Sul (State of)—
s
bb
Beech Creek ext 1st g 3*8—1951
♦Extl sec 6 Ha
♦Secured
"20
95
y
6
12
S
M
9
7
5%
8*
1946
1953
♦Rio de Janeiro (City of) 8s
♦Saxon State Mtge Inst
105*
*91*
4
*4%
MN
8%
4
...1950 M S
♦Rhlne-Maln-Danube 7s A
secured
105*
3
Ref A gen ser D
.....
*4*
1941
...1947
♦8s extl secured s f
74
D
A
9*
Queensland (State) extl 8 f 7s
*6 Ha extl
1948
*4H
1952
Sao Paulo (City of,
105*
3
41
28
23* 34*
62* 76*
102* 107*
82
94*
Ref A gen ser A
*4
♦External s f 6s
♦February 1937 coupon
10
1st mtge g (int at 4% to
1940
1958
1968
♦External sink fund g 8s
1950
♦4*s assented
.....1963
♦Porto Alegre (City of) 8s
1961
♦Extl loan 7 Ha
1966
♦Prague (Greater City) 7 Ha
1952
♦Prussia (FreeState) extl 6*8—1951
♦Roumanla (Kingdom of)
July 1948 A O
1st mtge gold 4s
(int at 1%
1946) due.. 1995 J
Ref A gen ser C(lnt at 11-5%
to Dec 1 1946) due—.1995 J
assented
Rome (City)
6s
4%
8%
♦PolaDd (Rep of) gold 6s
♦4*s assented
♦Stabilization loans f7s
4
28*
*69
3
High
Low
33*
Stamped modified bonds—
....
6*
D
...1960 J
1961
♦Nat Loan extl s f 6s 2d ser
27%
Baltimore A Ohio RR—
82
7
S
No
High
27*
b
J y bb
1941 J
Rince
Jan. 1
Ask
A
33
Atl A Dan 1st g 4s
y
Range
or
Friday's
Bid
Low
1948 J
19
65
96% 105H
"6%
6*
6*
Price
Railroad & Indus, Cos. (.Cont.)
High
72 H
50
"16
55%
53 H
M 8
1959
25
99
MN
1947
♦Stamped assented....
♦Ctfs of deposit (series
♦Pernambuco (State of) 7s
*4 Ha
54
*55
Sale
See a
19 H
53 *
..1963 M N
f 5s ser A
s
Rating
54
"44
Range
Last
Elig. <k
Ntt,
Week Ended July 19
49 H
58
53*
N. Y. STOCK EXCHANGE
9*
"56 *
57
BONDS
Since
Jan. 1
No. Low
High
♦
(Concl)
—...1952 F A
Oriental Devel guar 6s
1953 MS
Extl deb 5*s
1958 M N
Oslo (City) 8f 4*s
1955 A O
♦Panama (Rep) extl 5*s...—1953 J D
Foreign Govt. & Mun.
Range
fa
Is
Friday's
4
Ask
Week's
Friday
Bank
Week's
Friday
BONDS
STOCK EXCHANGE
Week Ended July 19
Y.
N.
381
New York Bond Record-Continued—Page 2
151
73*
59
66
46*
84
31*
51*
"46*
51*
5
51*
*108
54
02*
108
109
73*
75*
27
104*
104*
9
103
103
125
75
3
23
112*1
65
82*
101* 106*
102
104*
125*
118
98*
98*
125*
99*
69
94
99*
98*
99*
32
94
106*
106*
106*
45
103
100
100
107*
109
109
*115*
113* 117*
*102
106
*11
110
7*
12
10*
2
89*
88
90
23
F
A
bbb3
79*
78*
80
24
71
84*
F
A
bbb3
86*
85*
86*
20
75
90
a
94*
100*
incorporated in this tabulation pertaining to bank eligibility
/
57*
59
45*
98
93* 102*
83
93
1958 M S
..1977
1st A ref 5s series A—....1971
1
59
94*
99*
96
23
101
14
90*
and rating of bonds.
See A.
*y
New York Bond
382
8*
It
BONDS
N.
y.
EXCHANGE
STOCK
Week Ended July
Friday
hank
Ellg. <k
Last
Rating
Sale
See a
Price
19
A
z
b
z
cccl
A
2
cccl
I
No.
24
13
13
10
92
1
86
76
16
16
1
ccc3
J
J
z
cec3
♦Refunding g 5s series B__1947 J
♦Refunding 4s series C
1947 J
J
z
ccc3
*15%
J
z
ccc3
*15%
1st A gen 6s ser B__May 1966 J
Chic Ind A Sou 50-year 4s__1956 ./
{Chic Milwaukee A St Paul—
cc
z
cc
2
6%
2
J y bb
16
2
J
♦Gen 4s series A ...May 11989
10%
28
z
z
117
92
"27%
8
1966 M N
Low
27%
Af N y bbb2
♦
1
6%
6%
2
6%
2
60
60
60
N.
High
122%
19%
19%
100
1
19%
12%
12%
30%
12%
17%
17%
18%
3%
10%
3%
21
20
10%
63
62
15%
28%
16%
z
22 %
22
22%
ccc3
21
20%
21
6
z
ccc3
23
23
8
18
z
♦Gen 4 %s series E.May 1 1989
♦Gen 4%s serleB F.May 1 1989
ccc3
z
♦Geng3%s ser B.May 1 1989
♦Gen 4 %s series C.May 1 1989
ccc3
23%
23%
5
17
27%
29%
29%
23%
23%
1
15%
30%
5%
139
3%
1%
82
7%
2%
z
ccc3
A
z
cc
3
5
O
z
c
2
IV* &
—.1987 M N
z
ccc2
12%
13%
1987 UN
z
ccc2
13
13
z
ccc2
*12
19
z
ccc2
*13
33
14
{Chic Mllw St Paul A Pac RR—
♦Mtge g 58 series A
1975 F
♦Conv adj 6s
Jan 1 2000 A
5
1%
1
{Chicago A North Western Ry—
♦General g 3%s_.
♦General 4s
z
ccc2
♦4%s stamped
z
ccc2
*15
10
§ ♦Secured 6%s
1936 M N
cc
2
J
D
z
cc
2
J
D
z
cc
2
UN
z
c
2
A
z
bb
1
44%
44%
2
J
z
ccc2
14
13%
14
6
ccc2
13
13
13
z
cc
6%
5%
6%
z
cc
5
5
5
1934 AO
{♦Secured 4%s series A... 1952
♦Certificates of deposit
M_(S
8%
8%
8%
12
8%
21
8%
1%
8%
9
21
2
16
12%
16%
ccc2
z
18%
19%
13%
z
♦Certificates of deposit
20%
11%
6
6
11%
5%
11%
1%
4
36%
9%
49
10
11
18
75
4
8
3%
4%
z
c
5%
6
z
♦Conv g 4 Ha
i960 j?N
Ch St L A New Orleans 5s..1951 / D
Gold 3 %s
June 15 1951 J D
Memphis Dlv 1st g 4s
1951 J D
Chic T H A So'eastern 1st 5s. 1960 J D
Income guar 6s
10%
D
♦Certificates of deposit
18%
11%
14%
J
{{♦Chicago Railways lBt 5s Btpd
Feb 1940 25% part pd__i927 F
{♦Chic RIA Pac Ry gen 4s._i988 J
18%
12
z
May 1 2037
lBt A ref 4 %s stpd.May 1 2037
♦1st A ref 4%s C..May 1 2037
♦Conv 4%s series A
1949
{♦Refunding gold 4s
14%
18
10
*13
1987 UN
♦
c
4%
4%
10
z
c
1%
1%
14
1
5
69
y
bb
5
74
bbb2
y
74
bbb2
y
y
bb
Dec 1 i960 M 8 y b
3%
19%
8%
7%
8%
7%
2%
80%
*47
3
50
2
43
aa
1963 J
aaa3
1st A ref M
con
41
106
106
5
166"
100
100
5
100
104
110
aa
J
aaa3
4s. 1952 J
J
a
3
91
91%
27
87
8
a
2
90%
90%
3
87
O
b
4
44
45
cc
2
4%s series D„. 1962 M
1943 A
{♦Choctaw Ok A Gulf
con 5s. 1952 MN
Cincinnati Gas A Elec 3%s.. 1966 F A
1st mtge3Hs._
1967 J D
Cln Leb A Nor 1st con gu 4b. 1942 UN
Cln Un Term 1st gu 3Hs D_. 1971 M N
lst mtge gu8%s ser E
1969 F
Ref A
108%
*109%
aaal
aaa4
108%
aaa4
x
bbb3
D
x
bbb3
J y b
2
X
A
x
aa
2
J
2
*102
30%
25
88
106
107
107
107%
19%
107%
107
8
108%
43
50
x
aa
105%
01%
105%
bbb3
x
aaa4
146
146
146
bbb3
107%
107
107%
2
.
*50%
*50%
105% 107%
4
21%
x
91%
40%
25%
101
5
105% 108%
12
30%
106% 109%
105
90%
107%
95
2
141
149%
10
104
110
59
51
60
56
59
44%
63%
28%
bb
2
bb
2
ccc2
z
cc
♦Conv 4s series A.
1953
z
cccl
25%
*19%
1953
z
cccl
20%
21
"\~7
14
26
1953
z
cccl
19
21
10
18
25%
z
c
11%
11%
11%
12%
124
12%
115
"63"
56%
63
20
44
64
66
70
18
52
70
94
94
1
92
94
10
106
108%
100
105
♦Series B
♦Gen
conv
4s series D
♦IRef A Imp 5s of 1927—1967 M N
♦}Ref A impt 5s of 1930—1975 A O
J
♦Erie A Jersey lst s f 6s..1955 J
z
2
b
26%
c
z
2
59
J z b
♦Genessee River lst s f 6s..1957 J
♦NY A Erie RR ext lst 4s. 1947 M N y bb
l*3d mtge 4%s
1938 M 8 z b
Ernesto Breda 7s
1954 F A y bb 1
Fairbanks Morse deb 4s... .1956 J D x a
4
Federal Light A Trac lst 5s.. 1942 M S x bbb2
5s
International series—1942 M 8
s f
1942 M 8
..1942 M 8
5s stamped
1954 J
Firestone Tire A Rub 3%s.. 1948 A
{♦Fla Cent A Pennln 5s
1943 J
♦lst A ref 5s series A
♦Certificates
of
deposit
Fonda Johns A Glov 4%s... 1952
{{♦Proof of claim filed by owner UN
(Amended) lst
59%
7
26%
38
21
74
107%
*102
108%
103%
17%
13%
8%
8%
60
26
18
18
98
x
bbb2
*100%
103
102
102
bbb2
100
bbb2
102%
*103%
102%
x
104
100
104%
104%
104%
D y bb
O x a
J
95%
x
z
z
99
3
4
104%
cc
99
104%
*33%
ccc2
D y bb
1974 M 8 z cc
99
105
23
103
107
50
46%
46%
55
*52
2
2
48
55
1
5%
6%
63
1
5%
5%
6
z
c
*2%
z
c
*2
a
*101
4%
3%
8%
8%
2%
2-4s..l982
cons
{{♦Proof of claim filed by owner UN
♦Certificates of deposit
Fort St U D Co lst g 4 %s...1941
7"j
107% 108%
x
,
*%
z
D
x
aaa3
A y bb
J y bb
J
1%
62
44
121
122%
104%
103
105
13
103
1
3
2
2%
1%
2%
100»wl01
2%
.101%
103%
17
z
cccl
*20%
z
cccl
*22
z
cccl
*20%
x
b
3
z
c
2
J
z
O
z
70%
40
70%
103*32
72
*10
cccl
*12%
cccl
1
39
18%
*16
1956 J D xbbb3
w. 1946 M 8 y bb 4
Gouv A Oswegatchle 1st 5s..1942 J D y b
2
Grand R AI ext lst gug4%sl941 J
x aaa2
104"
99% 105
24%
14
63
124%
100% 105
30
103 hi
aaa3
y
Goodrich (B F) lst 4%s
Gotham 811k Hos deb 6s w
105% 106%
109% 109%
105
Grays Point Term lst
gu 5s
1947 J
Gt Cons EI Pow (Japan) 7s—1944 F
lst A gen s f 0%s
i960 J
y
__
O
x
bbb3
74%
75%
27
64
82%
68%
70
56%
74%
106% 108
102% 106%
28%
34%
26%
29%
107
103
55%
9
73
14
102%
I64""
*82
103
22%
22
100% 105%
77%
91%
95
103
74
84
*29
13%
18%
aa
70
*106%
103%
1952
Apr 1 1969 May
4
103%
'"2
73%
104%
73%
10
65
27%
39
20%
104%
105%
104%
104%
105%
105%
105%
126
108%
37
8
73
*112
*105
108%
108%
39%
y
7
26%
26%
aaa4
x
74 %
39
24
40
75%
34%
99% 105%
99
105%
97% 105%
113
114%
110% 110%
106
109%
39
40
|
Dx
1968
4
a
J
aa
3
O
J
x
aa
J
x
a
aa
3
1961
bbb3
110%
30
121%
122%
1
x
1951
x
110
124
7
157
♦
88%
88%
*108"
3
110%
*108%
110%
110%
106% 111%
109% 130%
20
89
115% 119
108% 110
107
110%
{{♦Housatonic Ry
cons g
O
194s A
A
J
x
aa
4
O
x
aa
4
107
14
O
x
aa
4
106"
105
106
33
103
J
x
aa
4
108
107%
108%
13
105% 109%
J
J
deb 3%s_..1951 J
♦•Consol Ry non-conv
deb 4s 1954 J
♦Debenture 4s
1955 J
♦Debenture 4s
1953 /
105%
105%
106%
z
x
bbb2
J
z
cccl
J
z
cccl
J
z
cccl
J
z
ccc2
May 1 1965 M N
x
aa
1967 UN
*107%
x
aa
—1970 UN
109%
x
aa
x
aa
21
cccl
D
105%
7s. 1956
1960 J
..—..1966 UN
...1969 UN
2%s"l948
J
D
1951 F A
UN
4s...I1950
1948 J
J
x
x
Refunding 4s
Purchased lines 3%s
Collateral trust gold 4s
Refunding 6s
40-year 4%s
110%
18
106
108
10
108%
5
102% 109%
104% 110
106%
106
106%
42
104%
104
104%
5
106
106
106
2
x
aa
x
a
bbb3
bbb4
103
105"
103
7
105
105
"27%
104%
24%
27%
31%
27%
x
M N
104% 109%
105
110%
109%
aaa3
104%
104%
y
bb
50%
50%
2
25%
b
2
28
y ccc2
i2«iy^ILPJfe
11
108%
y ccc2
extended to 1946
6s series B
extended to 1946.
2
-
Attention is directed
19
13
109%
111%
103% 110%
102% 105%
104
107%
99% 104%
bbb3
"86%
x
bbb3
102
102
x
bbb3
95
95
y
b
x
bbb3
x
a
z
b
78%
87
96%
87%
87%
8
77
88
65
76
88
102%
220
76
110
21
80%
166"
30
94% 105
79
88
96%
46
68%
80
64
4%
58
""16
61%
2%
8%
100% 100%
81%
78%
*85%
102%
102%
103
83
80
78%
21
75
87%
10
65%
83%
102%
110%
27
90%
21
*121%
78%
*47%
99%
29%
123%
4
2
96
90%
103%
106% 111%
21
115
122%
21%
123
15
70
80%
40%
55%
100
19
30
26
96% 101
22
37%
80%
50
1
"44%
43%
123%
44%
40
O
ccc2
11%
11%
12%
48
O
aaa4
110%
110%
110%
1
120
36%
127
50%
16%
108% 112%
9%
90
91
x
bbb4
x
bbb4
*83
83
86%
X
bbb4
*83
86
86%
:
1951 M 8 X bbb4
1952 A O y bb
..1955 UN y bb
J y bb
1952 J
*28
O
Omaha Dlv 1st gold 3s
1951
St Louis Dlv A Term g 3s__ 1951
Gold 3%s
..1951
'
"32% "48%
43%
47
47%
24
39%
42%
2
34%
45
41
34
31%
53
54
46%
56%
40%
47%
41%
39
*42%
1953 MN y bb
■
40
*40
-
'
"40%
.
5
95
34
40
28%
60
X
;
bbb4
*65
70
73
46%
78%
X
:
bbb3
*45
65
58
65
62%
65%
45
64
y
*53%
bb
2
bb
4
bb
4
y
60%
*42
bb
y
y
49%
K
50
"56"
bbb3
y
bb
*46%
1963
50%
11
47%
56
*55
3%s .l951
Western Lines 1st g 4s
94
63
78%
*61%
4%
cccl
1955 UN y bb
1966 F A y ccc2
g
104% 108%
15
96%
80
2
Aug 1
Cairo Bridge gold 4s
i960
Litchfield Dlv lst gold 3s.. 1951
Loulsv Dlv A Term g 3 %s_ 1953
Springfield Dlv lst
96%
88
102%
86%
3
5s_1937 UN
80
61%
87
96
2
2
1
104%
76
96
102%
aaa4
Collateral trustgold 4s
11
65
bbb3
bb
102% 106%
55%
107%
x
.1951
19
107%
x
1st-gold 4s
19
63%
107%
101%
bbb3
z
14%
63%
63%
4
bbb3
x
1951
11
a
x
x
1951 A
13
70%
z
lst gold 3%a
18%
18%
70%
J
Extended lst gold 3 %s
lst gold 3s sterling
13
109%
x a
Illinois Bell Telp 3%s
Illinois Central RR—
106
53
1
J
1957 A
ser B.1970 A
*14%
*14%
108%
y
107%
b
Houston Oil 4%s debs
.1954 M N y bbb2
Hudson Coal lst sf 5s ser A.. 1962 J D y ccc2
Hudson Co Gas lst g 6s
aaa3
1949 UN
Hudson A Manhat lst 5s A..1957 F A
3
b
105%
105%
yb
-1952
104% 108%
14
a
x
Nn?n6' ,4^3 debs----1948
rnJ«?S,r,Ry.lst6^9
1942
Cuba'
L
Del A Hudson lst mt«e 3S..1970
1st A ref 4s..1943
x
103% 107%
1
O
Feb
3
b
.
♦Harpen MlDlng 6s
1949 J
Hocking Val lst cons g4%s._ 1999 J
Hoe (R) A Co lst mtge
1944 A
80
22
y
lst A ref Term M 5s stpd. 1952
J
Gulf States Steel sf4%s
O
1961
Gulf States Utl! 3%s ser D.. 1969 AfN
103
82%
81
OreeDbrler Ry 1st gu 4s..II 1940 UN x aaa2
Gulf Mob A Nor lst 5 %s B
1950 A O y bb 4
lst mtge 5s series C
.1950 A O y bb 4
Gulf A Ship Island RR—.
103"
3
Gen mtge 3%s series I ...1967 J
x bbb3
♦Green Bay A West deb ctfs A... Feb y bb 1
Feb z c
♦Debentures ctfs B
2
♦Adj Income 5s
1945 A
bb
y
General 4%s series E
1977 J
General mtge 4s series G..1946 J
Gen mtge 4s series H
1946 J
x
385.
108% 113
y
Great Northern 4%s ser A—1961 J
General 6%s series B
1952 J
General 6s series C
..1973 J
General 4%s Beries D
1976 J
aaa3
pa<e
1
2
y
83%
90%
Edison Co—
see
4
30%
z
1965
72
x
4%s debentures
110%
109%
5
50
107% 110%
109% 111%
1965
66
1955
debentures
1958
Consolidated Hydro-EIec Works
For footnotes
100%
1057sj 110%
49%
42
94
{{*Ga Caro A Nor lst ext 6s. 1934
♦Good Hope Steel A Ir sec 7s. 1945
100
*21
109
8
4s priorl996
♦1st consol gen Hen g 4s...1996
cons g
6
oif debentures
7%s series
6s stamped
{♦Erie RR lst
11
O
?8 e
A
1952
76
oHs
.
Electric Auto Lite conv 4s
El Paso AS Wist 6s
82%
bbb3
Consumers Power Co—
O
2%
4
4
108"
x
A
EastT Va A Ga Dlv lst 58—1956 UN
Ed El 111 (N Y) 1st cons g 58.1995 J
J
75
N?wYork-
7 U«.
aaa4
81%
bbb3
5s
4
1%
36
5%
*105%
aaa3
aa
2
"94"
2
DuqueeneLight lst M 3%s..1965
aa
bbb3
° a^P9f,r Wuertemberg
Consol Oil conv
a
106
25
ccc2
bbb3
x
4%s
*
ccc2
58.1937
g
bbb3
1st A ref 4 %s__ 1951
I
{{♦Dul Sou 8hore A Atl
x
x
s f deb 3
Hs
Cork A Seal e f
♦Second gold 4s
1995 J D
Detroit Term A Tunnel 4%s.l961 M N
Dow Chemical deb 3s
1951 J D
Dul Miss A Ir Range Ry 3%s 1962
x
x
Crane Co
109%
30%
High
109
*102
J
conv
3
Gen Steel Cast 5%s w W...1949
{♦Georgia A Ala Ry Ss.Oct 1 1945
aaa2
O
Conn Riv Pow s f
3Hs A
Consol Edison of
3%s debentures
3 He
debentures
d
*99%
*104%
rwlD7 £eb8 3^8
1958
£5™ £ PaaTuraP Rlv 1st 4s..1943
Conn Ry A L
Oil
110
3
66%
67
"58
aaa2
M N
1st mtge 3Hs
series I
Continental
3
aa
b
D
79%
54%
50
aaa2
15 1961 J
3Hs
1st mtge
3%s___
1st mtge
3%s
aa
Detroit A Mac lst lien g 5s. .1995 J
ccc2
37
64%
aaa2
Co umbus A H V
1st ext g 4s. 1948 A
1st mtge
3Hs
la
mtge
3
1973
Jan
s f
aa
51
51%
X
Apr 15 1952 A
Coal
13
43%
x
Columbus A To! 1st ext 4s..
1955 F A
Columbus Ry Pow A Lt 4s..
1965 UN
Commercial Mackay
Corp—
Consolidation
Detroit Edison 4%s ser D..1961 F A
Gen A ref M 4s ser F
1965 A O
Gen A ref mtge 3 %s ser G.1966 M 8
X
C£,1Inbla G & E deb 5s-May
r
2
♦Sinking fund deb 6%s.._1940 J D
♦20-year s f deb 6s
1948 M N
HGen Motors Accept deb 3%sl951 F A
7
x
O x bbb3
1977
Coal River Ry 1st
D x aaa2
gu 4s
1945
Colo Fuel A Iron
gen s f 5s._ 1943
A x bbb3
♦5s Income
mtge
1970 A O yb
3
Colo A South 4%s series
A.. 1980 ilfN y b
3
guar
cc
O
1 Be series B
guar
1st s f 4 Hb aeries C
Stamped
J
{♦Des M A Ft Dodge 4s ctfs.1935
{♦Des Plains Val lst gu 4%s.l947 M 8
75
104% 110%
107
111%
4
J
m"
2
O
s
w__
12
65
105%
6%
*3%
*49%
107%
c
*121
48
10573i
2%
*1%
5%
ddd2
O
Francisco Sugar coll trust 6s. 1956 UN yb
75
65%
*1%
5%
ddd2
A
Low
106% 109%
5%
11%
5%
11%
1%
3%
7%
A
.1972
gu 6%s
w
8
♦Assented (subj to plan)
♦Ref A Impt 5s ser B.Apr 1978
Since
107
106%
Gas A El of Berg Co cons g 5s 1949
Gen Am Investors deb 6s A. 1952
Gen Cable lst s f 5 %s A
1947
♦Gen Elec (Germany) 7s
1945
48
"65"
O
B..1981
Cleve Short Line 1st
gu4%s,1961
Cleve Union Term
Income deb
*7
106%
*
51%
1942 A
1977
Commonwealth
13%
105% 110%
109% 111%
79%
*107%
*104%
A
Debenture 5s
Debenture 5s
69
49%
1942 J
Gen 4Hs series A
Gen A ref 4Hs series
95%
95%
*73%
aaa2
1950 F
1st
65
65%
"56"
1948 MN
Series C 3Hs guar—
Series D 3Hs guar
109"
*80
2
Cln Wab A M Dlv 1st 4s..1991
J y bb 3
St L Dlv 1st coll
trg 4s...1990 UN y bbb2
Bpr A Col Dlv 1st g 4s
1940 M S x bbb3
Cleve Elec Ilium 1st M
J x aaa4
3%s.l965 J
Cleve A Pgh gen gu
A O x
Series B 3Hs guar
Series A 4 Ha guar
36%
12%
100
No
107%
70
110%
*108%
bb
4Hs B..1942
108%
*17
100% 106%
*103
D
1993
lmpt4Hs series E—1977
34
11
aaa4
J
Cleve Cln Chic A St Louis
Ry
General g 4s
1993
44
aaa4
A
Clearfield A Mah 1st gu 5s.. 1943 J
General 5s series B
7
cccl
{Florida East Coast lst 4%s. 1959 J
1963 J
Chic A West Indiana
cccl
107%
*105%
3
Range
Jan. 1
104
aa
54
110
High
J
40
1951 M 8
Chllds Co deb 5s
Low
^2
Ask
J
63%
109
A
J
48
109
Friday's
Bid
1st mortgage 4 %s
1969
{{♦Den A R G lst cons g 48-1936
{♦Consol gold 4%s_
1936
{♦Denv A R G W gen 5s.Aug 1955
lst lien 6s stamped
30-year deb 6s series B
107%
Range or
Sale
aa
lst lien
103
Last
Price
A
aa
67
106
3
See
J
51%
*105
3
Rating
J
1
43
Elig. &
%B-1971
1969
47%
51%
5*
Railroad & Indus. Cos. (Cont.)
Del Power A Light lst 4
7st A ref 4%s
10
50
1944 A
1st mtge 3%s series E
3 Ha guaranteed
EXCHANGE
STOCK
Week Ended July 19
67
3
Chicago Union Station—
Guaranteed 4s
Y.
EastRy Minn Nor Dlv lst 4sl948
♦Stpd 4s n p Fedlnc tax. 1987 UN
♦Gen4%sstpdFedlnctax 1987 UN
♦Gen 5s stpd Fed lnc tax.. 1987 UN
♦1st ref g 5s
2*
BONDS
Since
Jan. 1
High
M
♦1st A get 59 series A
Range
Ask
122% 122%
13
13%
12%
13%
Low
O
MN
July 20, 1940
Week's
Friday
Bank
Friday's
Bid
Railroad & Indue. Cos. (Com.)
{{♦Chicago A East 111 lBt 6a. 1934
{♦Chic A E 111 Ry geD 68—1961
♦Certificates of deposit
Chicago A Erie 1st gold 6a... 1982
{♦Chicago Great West 1st 4a.1959
{♦Chic Ind A Loulsv ref 6S..1947
Record—Continued-Page3
Week's
Range or
1951
3
"56 "
*63
56"
III Cent and Chic St L A N O—
Joint lst ref 5s series A
45
46
33
50%
42
43
30
47
40
101
y
bb
2
45%
25%
15
19
31
1963
y
bb
2
42
28
13
24
40
♦Ilseder Steel Corp 6s
.1948
z
cccl
*16
20%
32%
4
24
46
{♦Ind Bloom A W lst ext 4s_ 1940
x
bbb3
*99
99%
99%
28%
3
Ind 111 A Iowa 1st g 4s
1950
y
bbb2
54
61
{♦Ind A Louisville lst
gu 4a.1956
z
ccc2
52%
49
50
to the new column i
105%
24% 35
102% 105%
37%
63%
lst A ref 4%s series C
59%
58
59%
11
11
ncorporated in this tabulation pertaining to bank eligibility and rating of bonds.
8%
See
21
17
i.
Bank
Friday
Last
Range of
Rating
Sale
See i
Price
Friday's
Bid
A
Ask
Ǥ!
High
No
EXCHANGE
Ended July 19
STOCK
Y.
Week
(Cont.)
Ind Union Ry 3ks series Bi_1986
Industrial Rayon 4 Ha
1948
Inland Steel 1st mtge 3s ser F1961
Low
Indus. Cos.
Railroad &
M S
j
J
4s.1962
Rap Tran 1st 5sl966
6s
1932
conv 7% notes—1932
x
aa
{♦Interboro
!♦ 10-year
{♦10-year
*9334
S
cc
33
z
cccl
z
cc
1956
z
z
1955
B .1972
1947
A
Ret s f 6s series
Amer 1st 5s
1st Hen & ref 6 Ha
Teleg deb g
Int Telep A
1st A ref
James Frankl A
bb
A y
F
J
j y
f
A y
4s.1951
M S
Clear 1st 4s. 1959
M 8 y
O
A
77 k
84)4
2
78
90)4
1st gold 3)4s
934
5
16)4
Ref A lmpt 4)4s series
C—1979
134
11
Michigan Consol Gas 4s
1963
1940
0
A
Kansas City Term
(Rudolph) Inc—
♦Ctfs w w stmp (par $045) 1943
w w
$925) 1943
stmp (par
(par $925)
♦Ctfs with warr
1943
Corp 1st 6s
1946
Kentucky Central gold 4s—1987
Kentucky A Ind Term 4ks.l961
Keith (B F)
♦
134
6s
3
50
6934
65
17
50
.10634
"ios
108
107
105
68)4
109
90
80
85
157
168
104)4
105)4 107)4
107
108)4
23
Af S
z
ccc3
j
z
ccc3
MN
z
cc
2
M S
z
c
2
z c
2
j
f
10034 106
101
10234
M N
a
3
a
2
104)4
14
102
104 )4
10334
10234
17
*1
M S
j
z
j
z
cc
j
j
z
lk
z
90 k
85 k
84
84
5
80
_'
80
82 k
4
79k
b
y
48 k
45)4
49
49
38
51k
10
38
49 k
2
y
2
49
46)4
49
b
2
40 34
40 k
4034
2
33
44
y
j
b
y
b
2
4034
4034
4034
1
39
45
5
82
94
87
4
79k
87
s y b
3934
42
57
42k
55k
49k
80 k
32 k
.
4
79k
90
32k
80
3
28
51
*47 k
j ybb 2
O x bbb3
20
30 k
51
1
30
35
39
z
1
*40)4
z
A
b
37k
b
1
*23 k
27
35
z
b
1
*2834
30
22
33 k
*23 k
32
23
29 k
•
-
-
♦1st A ref g 5s series
*23 k
*2634
30
-
-
-
-
z
cc
1
z
cc
2
k
k
"2
3
50
50
4
74)4
74)4
2634
49
j
2
*36 H
j
z
bb
2
*36 k
o
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1952
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1954
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2003
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1946
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1955
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1955
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1955
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1955
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*
2
1951
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1946
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1952
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1953
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1949
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1949
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1962
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1964
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1974
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.1974
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60
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1953
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1942
Coll tr 6s series B
1942
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99
1
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95
82
3
of deposit... 1959
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73
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1951
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198
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1939
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1961
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1961
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1954
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1960
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1956
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1941
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105)4
84)4
934
"80 k
z
M
bb
Friday's
Price
(Cont.)
Railroad & Indus. Cos.
High
Range or
Sale
See A
77 k
z
deb 4s.-1947
Interlake Iron conv
Rating
EXCHANGE
106
38
104)4
95
8034 "~6
104
104 34
3
ybb
STOCK
Week Ended July 19
104
""24
105)4
bbb2
x
Inspiration Cons Copper
Low
106
*95
aaa2
x
Y.
N.
Since
Last
Elig. &
BONDS
Range
Jan. 1
Week's
Friday
Bank
Week's
Elig. &
BONDS
N.
383
New York Bond Record—Continued-Page 4
151
Volume
eligibility and rating of bonds. See A.
I
New York Bond
384
Fridai
BONDS
N.
Y.
EXCHANGE
STOCK
Range or
Friday's
Sale
g
Bid
Price
Week Ended July 19
Railroad & Indue. Cos. (Cont.)
F
F
F
A
A
A
A-1953
1st guar 5s series B
1953
N Y Dock 1st gold 48
1951
Conv 5% notes-----1947
N Y Edison 3Ms ser D
1965
1st lien A ref 3Ms ser E—1966
aa
3
x
aa
b
106m
3
x
48
1
48
2
50 h
109
109
19
109m
109m
123 m
4
Low
H
106
48
109
NO
106 m
*47 m
2
4
N. Y.
Purchase money gold 4s..-1949
J
D
F A
4
4
{♦N Y A Greenwood Lake 5sl946 J/N
2000 J/N
cc
123
High
101
107m
104m 108m
46m
56m
46
57 m
104m 110
4
lftfi
5
ser
4 Ms series B
*8m
120m 126m
113m 118m
51m
2
102
2
lint*
8m
97
3
*75
bb
2
*79m
3
*25
90 m
72
b
4
*60
99 m
16
*14
30
14
2
14
14 m
6
14m
14 m
4
14
i
1
J
1
J
1
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1948 J
1940 A
♦Debenture 4s
1957 MTV
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17
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1958 J J
4
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3
109 m
106 m
*103m
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N Y Rys prior lien 6s stamp.
N Y Steam Corp 1st 3 Ms..-1963 J
ti*N Y Susq A W 1st ref 5s. 1937 J
J
1937 F
3
A
{♦2d gold 4 Ms
♦General gold 5s
...1967 J
6s stamped
3
107
2
105
108m
100m 106m
30
12
cc
6m
14
{♦Porto Rico Am Tob
110m
2
52 m
110m
*74 m
5
93
107 m
112
7
107
2
13
13
72 m
14m
8
18 m
14 m
64
7m
17m
73 %
30
124 m
22
8
105m
104m
104 m
105m
A
x
a
105m
x
aa
2
105 m
*110
1974 M 8
x
aa
!
*105
1945 A
O
z
i
ccc3
*57
♦1st mtge g 5s (stamped can¬
cellation of guarantee) .1945 A
♦Certificates of deposit
O
1
a
68
47 m
59 m
bb
53 m
aa
108m
54
22
108
2
108m
109
109 m
108 m
105
109 m
105
!
b
x
x
a
y
Panhandle East Pipe L 4s...1952 M 8
Paramount Broadway Corp—
b
A
x
x
A
O
x
J
x
100 m
1974 F
100 m
a
A
J
J
J
cccl
♦Certificates of deposit
108m
105m
119
107m
71h
11
68
9
J
cccl
20 M
109 M
109 M
Pressed Steel Car deb 6s
Jy
bb
60
108
111m
112m 118m
53
guar
1951 J
deb 4s 1957 Af N
77
2037 J
1968
1970
x
bbb4
1981
x
a
3
104 m
104m
7
103m 105
bbb3
103 M
51
70 M
68 M
x
a
x
bbb4
O
x
Remington Rand deb 4Mb w w '56 Af 8
4Ms without warrants
1956 AT S
x
bbb3
96
x
bbb3
94 M
xbbb2
Af N
Republic Steel Corp 4 Ms ser B '61 F A
Pur mon 1st M conv 5 M8.1954 MTV
x
♦Direct mtge 6s
bbb3
x
z
z
...
z
...
S
x
a
A
O
O
z
103
92
109
100M
98M 103M
26
30
14
20
15
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19M
17M
20
12 M
*17
*15
...
♦1st
con
s
f 7b
-.1955 F
5s.-.1939 J
gu
4s
g
1939 J
A coll trust 4s A—1949 A
Roch Gas A El 4 Ms ser D...1977
Gen mtge 3Ms Berles H...1967
M
M
1967 M
106M
*102
aa
13
17
14M
20
17
106M
103 M
103 M 109
103M 105
10
8M
33
40
20
34 M
8M
cc
10M
36
24 M
5M
12M
aa
aa
aa
Gen mtge 3 Ms series I
Gen mtge 3Ms series J
1969 A/
{{♦R I Ark A Louis 1st 4 Ms. 1934 Af S
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1948 A O
{♦Rut-Canadian 4s stmp
1949 J
J
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*109
aa
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7
7
5
*16
cccl
cc
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x
a
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x
aaa2
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J
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105
110M
109M
cc
Saguenay Pow Ltd 1st M 4Ms *66 A
St Jos A Grand Island 1st 4s_1947 J
♦{Rlv A G Dlv 1st
1996 J
J ybb
1996 A
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21
76
6M
21
6
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*108
9
4
9M
68
111
*23
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98 M
70
g 4s...1933 AfN
2
*
z
bb
2
z
♦Certificates of deposit
bb
36
47
121
126
67 m
101
72
102m
106
104 m
103 m
17
99
105
100 m
105
100 m
105
12
88
100m
3
101
101m
21
96
105m 106
102
107m
99m 106m
97 M
107
101m
99
110m
J
♦Certificates of deposit
59
110M 112
*56 M
9M
cccl
cccl
♦Con M 4 Ms series A
1978 Af "§
♦Ctfs of deposit stamped
z
cccl
z
cccl
♦Certificates of deposit
z
{♦St L S W 1st 4s bond ctfs. 1989 MTV
♦2d 4s lnc bond ctfs..Nov 1989 J
J
cccl
y bb
49 M
66
48 M
65
21M
15
63
63 M
41
55 M
66 M
33
62M
10
10 M
7
14 M
10 M
11
6M
8M
14M
11
"16 M
z
22
21
M
cccl
z
I960 J
61
60 H
*36
63
z
J
♦Prior lien 5s series B
65
59
2
2
104 m
M
9M
10M
10
10 M
*31
b
7M
10 M
10M
60
2
10
10
7
26 M
16
15M
14M
13M
61
6M
54 M
67
33
25M
38
z
ccc2
15M
15M
12
♦Gen A ref g 5s Berles A.-.1990
St Paul A Dul 1st con g 4s..1968
z
cccl
9M
9M
21M
13M
X
bbb2
{♦St Paul E Gr Trk 1st 4 Ms. 1947
{♦St P A K C Sh L gu 4 Ms—1941
z
cccl
z
cccl
St Paul Un Dep 5s guar
1972
X
aaa2
S A A Ar Pass lBt gu g 4s
1943 J
1963 A
{♦1st term A unifying 5s..1952
z
67
*3 H
5M
5M
*113M
7M
71
67
6
82
5H
4M
4M
5M
8
109m
107m
2
114
114 m
16
h4m
114m
1
i18m
118m
7
102 m
108 m
103 m
56
108m
89 m
87 m
97 x
90
24
109
15
89 h
98 m
81
107m 109m
110m 115
San Antonio Pub Serv 4s
111
115
San Diego Consol G A E 4s_. 1965 AfN
81
92
Santa Fe Pres A Phen 1st 5s. 1942 M
8
X
1946 J
J
z
cccl
J
J
z
116
69 %
69 m
79
91
99 m
19
89m
98 m
12
89
99 m
83 m
86 m
162
75m
87 m
114m
68
♦Guar
s
f 6 Ms series B
3
y
a
3
aaa2
O
z
A
Scioto V A N E 1st gu 4s
{Seaboard Air Line Ry—
{♦1st g 4s uestamped
{♦4s g stamped
y bb
X
1946 A
O
1989 MTV
x
65M
28
110M 118
65M
106M
*109M
66 H
145
54
68 M
106 M
1
105
108 M
111M
109
111M
~28~~
~28~~
109 M 111
21
33
28
18M
33 M
*38 M
cccl
42
28 M
47
40
29 M
47
aaa3
H8M
ccc2
1950 A
28
*38 M
z
♦Stamped
-97m
114m
117
aaa2
{♦Sohulco Co guar 6 Ms
♦Stamped
115m 120m
94m 104m
100m hom
*112 m
97 m
86
b
cc
"pom IOOM
7
1
Richfield Oil Corp—
42
100
b
a
*15M
16M
...
1955 A
123
69
z
z
89M 102
90
100M
63
...
z
{♦St L-San Fr pr lien 4s A...1950 J
48
z
x
102 M
75
15M
z
A
90 m
_
160
106 M
z
1953 F
76
5
33
75M
62 M
*17
...
J
J
M
102M
bbb4
102 M
7
__
50
110M
M 105
60K
60 M
12
100 M
99 %
106 M
98 %
"99"
51m
—
98
99M
bbb3
x
..1952 AfN
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
100
94 M
*95
xbbb2
Gen mtge 4Ms series C...1956 AfN
Revere Cop A Br 1st M 4Ms 1956 •/
J
♦Rhelnelbe Union s f 7s
1946 /
J
40
107 m
aa
M
3
*67M
bbb3
13
67
99
51
69M
150
226
106
104M
51
69M
84
101
140
222
108M
bbb2
47
-
142
108M
103M
63 H
106M 113
215
108 M
{♦St L Peor A N W 1st gu 5a 1948 J
J z ccc2
St L Pub Serv 1st mtge 5s...1959 Af 8
2
y b
St L Rocky Mt A P 5s stpd.. 1955 J
J y b
108m
98
1984
1952
142
aa
5
63 M
112
*210
aaa4
aaa4
84 M
3H
St Louis Iron Mtn A Southern—
103m hom
104m 112
102m 102m
-
112
bbb3
75
9
89 m
a
"112"
Gen A ref 4Ms series A... 1997 J
Gen A ref 4Ms series B...1997 J
St Lawr A Adir 1st g 5s
2d gold 6s
5
45 m
83
79
3M
Reading Co Jersey Cent coll 4s '51 A
85
107 m
aaaT
a
106M HOM
*70
aaa4
90M
90 M
25M
14M
83 M
3M
b
1st A ref mtge 8s
2037 J
Pub Serv of Nor 111 3 Ms
1968 A
Purity Bakeries s f deb 5s... 1948 J
71
108
100 h
83
3M
00M
58M
81 %
60 m
109m h3m
108
112m
105m 110m
109 m
103
x
89
2
cc
{♦Providence Term 1st 4s._.1956 Af S
Public Service El A Gas 3Ms 1968 J
J
74
90
107 m
107m
x
89
90 M
81M
22 M
aaa4
cccl
81M
107M
59
89 M
90 M
J
{♦Rutland RR 4Mb Btmp.__1941 J
114m
x
65M
104
90 M
.1942 J
♦Certificates of deposit
-{{♦Postal Tel A Cable coll 5s 1953 J
Potomac El Pow 1st M 3MS.1966 J
107
90
93
106 m
a
1965
89 M
89
cccl
♦6s stamped
103
m
108m
aa
71M
106 H
88 %
1
10
-
114
x
x
70 M
106 H
71
106 M
cccl
6s *42
24 M
107 m
4s.. 1943 J/N
♦Income 4s
Apr 1990 Apr
Peoria A Pekln Un 1st 5 Ms.. 1974 F A
bbb2
*26"
113
-
♦Certificates of deposit..,
3
bbbl
J
ccc2
a
x
6s.. 1943 A
aa
M s
1960
102
106 M
110M 110M
117
*98M
ccc2
*102 m
102 m
1948 J/N
cons
*107
D
J
O
8
8
8
8
104
101
a
A
Refunding gold 5s__
1947
{{♦Peoria A East 1st cons 4sl940
*104
3
{{♦Rio Gr West 1st
*105m
*101m
bbt
1981 J
Debenture g 4 Ms
General 4Ms series D
Gen mtge 4Ms series E
Conv deb 3Ms__
3
{{♦Rio Gr June 1st
1
*
a
x
1969 F
General 4 Ms series A
General 5s series B._
108m
19
*76
S y b
D
stpd dollar May 1 '48 J/N
Gen mtge 3Ms series C...1970 A O
Consol sinking fund 4MS..1960
8m
109 m
*103 m
aa
53
110m
3
aa
53
40
110
15
aa
53
40
101m
76 m
aa
x
x
J
4s sterl
Peoples Gas LAC
x
40
51M
107 m
109 m
b
99M 107M
100M
92
52 H
3
*121
z
115M 116M
114M U8
99 M 108M
50 M
3
108m
47
ii"5M
109M
50 %
52
b
7
84
Pat A Passaic G A E cons 68.1949 M 8
♦Paullsta Ry 1st s f 7s
1942 M 8
Penn Co gu 3Ms coll tr ser B. 1941 F A
Guar 3 Ms trust ctfs C
1942 J D
Guar 3 Ms trust ctfs D
1944 J D
Guar 4s ser E trust ctfs...1952 J/N
3m
mmm-
76
2
105
99 M
aa
aa
..1950 J
conv
109
109M 110
"52 M
aa
J D
F A
J L>
1977 J D
42
1st M s f g 3s loan ctfs
1955 F A
Paramount Pictures 3 Ms deb '47 M S
Parmelee Trans deb 6s
1944 A O
HO
106
bbb3
66
104m
3
104M
108
106
50 M
3
b
109 M
112
104 M
104M
*108
3
b
105M 108
108M 108M
109
115
2
b
93M 101
100«j2103
105M
♦105M
2
aaa2
1948
1st 4Mb series D
Port Gen Elec 1st 4Ms...
{♦Providence Sec
4
8M
104 M 112M
98 M
105 M
A
111 m
aa
aa
aa
108
115
105M
48 s f conv debentures
1952 Af 8
Rlchm Term Ry 1st gen 5s..1952 J
J
113m
——
J
2
1974
A
♦Rhine-Westphalia EI Pr 7s. 1950
95
106 m
*50
Pacific Tel A Tel 3Ms ser B..1966 A
aa
♦Rlma Steel 1st
110m
b
aaa2
A
109m
113
bb
aaa2
aaa2
aaa2
110
109
z
F A
105M
*108M
*110M
104M
109 M
109M
*108M
♦108M
115M
104m
110m
z
aaa2
105M
105
113
1st A ref mtge 3 Ms ser I... 1966 J
{♦Pac RR of Mo 1st ext g 4s. 1938 F
{♦2d ext gold 5s—
1938 J
F
56 m
40
116m
70
y
aaa2
♦3Ms assented
1946 J"
♦Rhine-Ruhr Water Serv 6s.l953 J
105 m
1962
aaa2
F A
J D
Af N
56
110m
117m
116m
*117
116m
106m
106 M
98 M
13
96
96 m
70
105m hom
108
110
J
1946
1961
Pacific Coast Co 1st g 6s
1946 J
Pacific Gas A El 4s series G.1964 J
1st A ref mtge 3Ms ser H..1961 J
cons g
7
109
4s.. 1946 J D
Consol gold 4a
43
m
95
96
Pennsylvania RR
61m
40
108m
*93
4 Ms series B
Penna Pow A Lt 3 Ms
4 Ms debentures
49 m
45
6
107 m
1
M
33 m
342
55
108
;
F
45
106m
Ontario Transmission 1st 5s. 1945 J/N
28-year 4s
1963
Peon-Dlxle Cement 1st 6s A.1941
Penn Glass Sand 1st M 4Mb 1960
Pa Ohio A Det 1st A ref 4
Ms A '77
43 m
1
1
Ref mtge 3Ms series C
1966 J
Paducah A III 1st if g 4MB—1955 J
31m
7m
106 m
J
1946
88
6m
*107 m
Oklahoma Gas A Elec 3Ms.. 1966
D
4s debentures
D
1946
Ontario Power N F 1st g 5s.. 1943 F A
cons g 5s.
Guar stpd cons 5s
Ore-Wash RR A Nav 4s
Otis Steel lBt mtge A 4Mb..
40m
59 m
40m
57
*90
......
61
45
61m
108m
1967 M 8
3M
108 m
43 m
49
63 m
52 m
J
{♦Og A L Cham 1st gu g 4s.. 1948
Ohio Connecting Ry 1st 4s.. 1943 M 8
Ohio Edison 1st mtge 4s
1965 UN
114
68 m
47 m
59 m
;
bbb3
101
106m
102m 108m
.
bb
Northwestern Teleg 4 Ms ext 1944
....
49
43 m
bb
4M
15
9M
2M
100»ji 10021aj
Rensselaer A Saratoga 6s gu.1941
67 m
42
bb
79
114
63
bb
Ref A lmpt 6s series B
2047
Ref A lmpt 5s series C
2047
Ref A lmpt 5s series D
2047
Northern States Power 3 Ms. 1967
20
54 H
117m 126m
102m 107h
107
*30
2
9
106
*30
North Pacific prior lien 4s... 1997
Gen Hen ry A Id g 3s Jan...2047
Ref A lmpt 4 Ms series A...2047
aaa2
aaa2
1970
1st A ref mtge 5s
72
1974 M 8
x
96m 104m
62
123
123
1
3
109
3
c
2
6m
2
109m
13
i
92
3m
109
13
a
78
21
102
2
x
90
101m
c
A
111m
108
101h
z
A
106
62 m
85 m
4
109m
107m
39 m
89 m
3m
107 M
aaa2
1964 Af N
1st 58 extended to
*80 m
13M
„
1962
ser
5m
110m
„
1963
1st gen 5s series B
9
4
1
cc
1969
1st gen 5s series C.__
101
2
1954 F A
Ore Short Line 1st
Pitts Y A Ash 1st 4s
14
8m
105 m
cod g
110m
17
aas
111M
4
cc
110M
13M
52
17
J {♦Norfolk A South 1st g 5s. 1941 J/N
1972 J
4m
85
43
17
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...
1m
85
5
1
2
♦Certificates of deposit..
{Northern Ohio Ry—
♦lstgtd g 5a
8m
2
bb
A
.....1959 F
3
2
x
108
1
cccl
J D
1975 A O
1977 J
J
Pitts Va A Char 1st 4s guar. 1943 M N
Pitts A W Va 1st 4 Ms ser A. 1958 J D
1st mtge 4 Ms series B
1959 A O
1st mtge 4 Ms series C
1960 A O
c
*49 m
106 M
111
z
O
1942 A O
1942 M N
4Ms..
cons
110M
108M
100
z
1940 A
cons guar 4 Ms
Gen mtge 5s series A
Gen mtge 6s series B
Gen 4Mb series C
cc
2
{{♦N Y West A Bost 1st 4 Ms 1946 Y"j z c
3
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1
Nlag Lock A O Pow 1st 5s A. 1955 A O x a
Niagara Share (Mo) deb 5 Ms 1950 J/N y b
North Cent gen A ref 5s
Gen A ref 4 Ms series A
23 m
72
17
7
106
104 M
106 M
106
z
Series J
20
y
Norf A W Ry 1st cons g 4s... 1996 O
North Amer Co deb 8 Ms
1949 F
12
58
Series I
106
D y bb
1946
{{♦Norf South 1st A ref 6S..1961 F
6m
z
J
N Y Trap Rock 1st 6s.-.,,..1946 J
24m
36 m
2m
62
105M
110M
12M
2M
aaa4
z
110
60
111M
106
x
J
_
4s
106
bb
F> xbbb4
119
71
106
1957
cons guar
106
z
♦108M
2
1967 J
Series G 4s guar
4
7
2
2
Series H
....
*7m
109 M 110M
114
115
aa
20 m
20
10
aa
z
109M
aa
Phillips Petrol conv 3s
1948 M S x aa 2
Pitts Coke A Iron conv 4 Ms A '52 Af 8 xbbb3
z
J
107
aa
♦Certificates of deposit
x
1940 F A
1943 J/N
109 M
x
10
....
108M
x
20 m
19 m
61m
109m
106 m
109 M
x
Series C 4 Ms guar
12m
3
2
3
A
Series D 4s guar
..1945
Series E 3Ms guar gold... 1949
Series F 4s guar gold
1953
7
.....
*78 m
2
45
J
F>
19m
19m
13
4m
45
1981 J
11
74
51M
55
61M
1977 J
J {♦Philippine Ry lstsf 4s..1937 J
High
68
109 M
*114
Phlla Electric 1st A ref 3 Ms. 1967 Af 8
{♦Phlla A Read C A I ref 5s_1973 J
J
♦Conv deb 6s
1949 Af B
*7M
7M
118M
H4M 123M
8
8
15
8M
1M
6M
1M
15M
110m 116
♦Adjustment 5s
1950 A
Oct 1949 F
A
c
{♦Refunding 4s
1959 A
O
cccl
2%
3
2M
cccl
*2M
5
2M
4M
2M
4M
3
8M
7M
12 M
9
15M
116
3
111
70
31
56
70
58
69
69 m
6
69m
3
6m
6
*108 m
110m
117m
3m
10
106m 107
m
♦Certificates of deposit.
♦1st cons 6s series A
.1945 M
cccl
8
id's
cc
2
4M
cc
♦Certificates of deposit.
{{♦Atl ABlrm lstgu 4s._ -1933
*1
2
1
3M
cccl
4M
3M
*9M
1M
6M
5M
t
For footnotes
see
page
385.
Attention is directed to the
1
Low
59 M
1974 F
General g 4 Ms series C
General 4 Ms series D
Phlla Co sec 5s series A
No-
64M
aaa3
11m
46
17m
4
x
20
61
5
*65m
2
{♦N Y Ont A West ref g 4s-1992 M 8 z cc
♦General 4s
1955 J D z c
{♦N Y Prov & Boston 4s
1942 A O y b
N Y & Putnam 1st con gu 4s.1993 A O yb
a
15
....
17m
26
i
z
1927.1967 J D
J ♦Harlem R A Pt Ch 1st 4s 1954 UN
♦1st & ref 4Mb ser of
x
Pblla Bait A Wash 1st g
General 5s series B._
High
55
bb
bb
J D
4s.. 1943 M TV-
Since
Jan.
68
y
y
3 Ms deb. 1952
Range
Asked
"60 M
bb
y
1956 J
conv
A
Low
1980 Af 8
11
16m
Bid
72m
....
14
Price
1st 4s series B
Series B 4 Ms guar
*14
Range or
Friday's
Sale
See i
1st g 4Ms series C
Phelps Dodge
Week's
Last
Rating
no,
Railroad & Indus. Cos. (Cont.)
Pere Marquette 1st ser A 6s.1956 J
Pitts C CCA St L 4Mb A
1
1956 J
Oregon RR A Nav
67
71
1
♦Conv debenture 3 Ms
♦Conv debenture 6s
1st mtge 4s
1st mtge 3Ms—
80
65
j
J
♦Non-conv debenture 4s—1955 J
♦Non-conv debenture 4s..1956 J/N
Debenture 3Ms
Debenture 4s.-
64
80
1947 M S
♦Terminal 1st gold 5s
N Y Telep 3Ms ser B
60
50
Ms 1947 M S
1954 A O
♦Non conv deb 4s
♦Non-conv debenture 3
♦Non-conv deb 3 Ms
14
100
43m
58
bb
{{♦N Y & N E (Bost Term) 4s *39 A O
{♦N Y New Hav A Hart RR—
15
51m
*56
b
♦N Y L E & W Coal A RR 5 Ms'42 J/N
J
♦N Y L E & W Dk & Impt 5s 1943 J
N Y A Long Branch gen 4S-.1941 M S
7
12
*98 m
49 m
2
A—1973 J/N
1973 J/N
m
116m
115m
2
aa
N Y & Harlem gold 3 Ms
N Y Lack A West 4s
115m
Friday i
Elig. &
I
STOCK EXCHANGE
Week Ended July 19
N Y & Erie—See Erie RR
N YGasElLtH APowg5s_1948
July 20, 1940
BONDS
Since
Jan. 1
Hig
106 m
106
3
y
A
A
A
O
O
O
5
Bank
Range
Askec
a
Low
n y Connect 1st gu 4 Ms
Record—Continued—Page
Week's
Last
dfc
new
column incorporated in this tabulation pertaining to bank
eligibility and rating of bonds.
See
A.
Volume
Bank
19
Week Ended July
Railroad & Indus. Cos.
Friday
Week's
Last
Range or
Range
Sale
Friday's
Since
Rating
See a
Price
Is
Na,
EXCHANGE
STOCK
Y.
F
Shell Union Oil 2Xs
A
debs—. .1954
J
J
1946 F
coll tr 7s_. 1941
1952
Simmons Co deb 4a
Sllealan-Am Corp
4 Ha
55x
67
Virginian Ry 3Xs series A—1966 M 8
26
55
18h
18 h
99x
3
23
bbb3
100 x
100
100
aaa4
104 X
104 h
105
20
119
119
2
115
aaa3
109
109
4
x
104
109 x
99 x 100 h
104 x
104 %
104 x
18
108 x
108 x
108x
6
A
aaa2
110
110
3
x
105 x 108x
107 x 111
101
J
x
bbb3
105h
104h
105x
7
D
bbb3
101
101
102 x
31
x
D
z
2
46
30x
47 h
48 x
35
53
40 x
47 h
bb
42 h
46
30
204
30
107x
104
J
z
z
M S
So Pac RR 1st ref guar
z
z
J
1955 A O
y
50 x
{♦Warren Bros Co deb 6s
1941
Af S
z
50 h
Warren RR 1st ref gu g 3Xs.2000 F
53 X
53
55
99
42 x
58
Wash Term 1st gu 3Hs
1st 40-year guar 4s
87 h
87 h
88 x
45
83
2
55h
55x
57
71
42
o y bb
2
71x
70 x
71h
19
53
75 x
23
57
73x
63
2
J y bbb2
aaa4
llix
112
x
aaa4
106
J
z
*15x
cccl
x
a
x
aaa4
1953
J
x
aaa4
1945
J
z
bb
1950 M N
x
J
3HB
RR gen 5s. 1951
104h
104x
aaa3
24
31
4
109 h
5Ha A. 1950
x
bbb3
x
1959
x
aaa3
y
bb
x
a
3
1977
xbbb3
1979
x
C
1980
Gen A ref 5s series D
Tex Pac Mo Pac Ter 5Ha A. 1964
♦AdJ Income 5s
1960
Jan 1960
{♦Third Ave RR 1st g 5s.-.1937
Oil 3 Ha—.1952
Tide Water Asso
Tokyo Elec Light Co
1st 6s dollar series
Ltd—
1953
imp 3 X a '60
Louis A West 1st 4s—1950
Tol & Ohio Cent ref &
1949
Trl-Cont Corp 5s conv deb A. 1953
♦Tyrol Hydro-El Pow 7 Ha-1955
♦Guar sec a f 7..—
...1952
1st g ,5s
1959
3s debentures
1971
1955
United Cigar-Whelan Sts 5s.1952
United Drug Co (Del) 5s
1953
U N J RR & Canal gen 4s_..1944
35-year 3Hs debenture...
United Biscuit 3Ha debs
74
A
67x
66h
64h
67 h
53 x
67
64x
67x
53 x
90
90
57 h
63
20 h
250
J y bb
J
a
2
J D y b
99 x
3
J
1
A
a
x
59
2
95
105
z
x
z
aaa4
F
A
x
aa
x
aaa3
16""
98 x
106 h
102h
3
113x
113x
x
aa
3
x
aa
3
A
O
x
a
3
96x
105x
A
O y b
4
M S y bb
x
82 x
84 h
*108
aaa4
iii'ib
103
114x
97 x
97 x
105 x
65
65
4
98h
107 x
8
8
*109x
M N
35
47 X
30
32
2
3
101
13
100
cccl
x
aa
3
109
D
x
a
4
110X
z
c
2
x
a
Af N
x
bbb4
1961
z
cc
103
13h
9x
ioox 100 x
96
102
110
112
100
*110X
cccl
96 x 102 X
100
105X
105X
99X
bbb3
"42
102
*12X
62 H
47 h
110X 110H
113X
*99X
z
"23"
20 X
13 x
25h
14
23
20 X
22
*5X
7
4h
*5X
8X
4x
1
10 x
9
110
108X
109
106
109 X
110X
107 h 110X
14
9x
*3
103X
105X
60
101x 109x
105
4
107X
106X
48
101
1o0x
99 x
108
Cash sales transacted during the
e
84 h
109 h
22
8
8
14 x
80
78
3
14
1
2
28
aa
*99x
during current week,
week,
n Odd lot sale, no
Cash sale; only transaction
r
*99
$4.8484.
ioox 104x
110
Staley (A. E.) Mfg. 4s
104x 106
75x
108
Texas Corp. 3 Xa
77x
89x
53x
aa
*100
*100
1951, Aug. 12 at
*100
Bonds selling
Deferred
*100
aa
aa
100x
100x
a
100x
100 x
100 x
ioox ioox
100 x
ioox ioox
aa
*100
*100
100 x
aa
*100 x
100 x
aa
*99 x
100 x
x
100
100 x
aa
*99x
aa
*99
Indicates those bonds we believe are
provision in the bond tending to
rating symbols in
*100
A great
x
not bank eligible due
make lt speculative.
either to rating status
1
of reorganization,r
the ratings assigned to each
in bankruptcy, or In process
this column are based on
majority of the Issues bearing
In default.
symbols ccc or lower are In
bond
Immediately
the symbols
rate a bond
All Issues
default.
aa
aa
aa
aa
99 x
aa
100X
bearing ddd or lower are
ioox
100 X
ioox
*99x
*99 x
*99 x
aa
ioox ioox
ioox
99x
ioox
ioox
99 x
100 H
ioox
99 x
100
100
100
26
18
25
20
b
ioox ioox
*20
100
aa
20
20
23 x
20
24 x
*20
1
20 H
cccl
J
20 x
*20 x
"25"
20
20
*18
"86 x
84
bbb2
100 h
100
ioox
96
104
bbb3
101
101
101X
95
x
z
Total
States
Bond
For'n Bonds
Bonds
State
July 19, 1940
\ Miscell.
j Bonds
Number of
Shares
Sales
Monday
Tuesday
Wednesday...
Thursday—
Friday
124,030
226,580
436,940
382,120
221,640
255,120
$275,000
522,000
718,000
$1,407,000
2,556,000
3,985,000
1,646,430
Saturday
$1,706,000
3,098,000
4,787,000
$24,000
20,000
4,466,000
536,000
84,000
114,000
3,632,000
3,854,000
556,000
582,000
51,000
89,000
4,239,000
4,525,000
$19,900,000
$3,189,000
$382,000
$23,471,000
5,116,000
104x
86 H
bbb3
x
United
Municipal
Railroad dk
Stocks,
Week Ended
100
*18
D
Stock Exchange,
YeaHy
the New York
at
99 x
ioox ioox
ioox
100x
aa
Transactions
Daily, Weekly and
*100
aa
D
MN
believe
100 x
aa
ioox
100
ioox
100H
aa
D
A
those bonds which we
The letters Indicate the quality and the numeral
of agencies so rating the bonds. In all cases
will represent the rating given by the majority.
Where all four agencies
differently, then the highest single rating Is shown.
100 x
*99
aa
Rating Column—x Indicates
investment,!
by the four rating agencies.
following shows the number
*99 x
aa
.-..V V
"V
v;.
Indicates Issues in default,
The
*99 x
aa
z
*99 x
aa
y
—
.
_
Bank Eligibility and
eligible for bank
reorganized under
or
companies.
current week. |
transacted^durlng~the—jurrent-week and not Included In
or some
ioox
aa
flat._
delivery sales
the yearly range:
No sales.
*100
aa
No sales transacted during
Friday's bid and asked price.
▼
100x
100 x
aa
103.
being in bankruptcy, receivership,
securities assumed by such
{ Companies reported as
100 X
aa
have
Aug. 2 at 103.
at 103.
1946, Aug. 5 at 103.
Section 77 of the Bankruptcy Act, or
110x
100x
aa
Exchange bond Issues which
entirety:
Brooklyn-Manhattan Transit 4Ha 1960,
General Motors Accept 3Xs 1951, Aug. 6
99h
99x
92x
New York Stock
T The following Is a list of the
been called In their
115
92 x
represented Is the dollar quota¬
payable at exchange rate of
tion
100 x
x
a Deferred delivery sale; only
included In year's range.
{ Negotiability Impaired by maturity,
t The price
per 200-pound unit of bonds.
Accrued interest
105x 109
8
9
100x
aa
and not Included In the year y range
98 x
109x 112x
"21
current week
No.sales.
14 x
13 x
•
—
93 x
Total
aa
aa
*106
Week Ended July
New York Slock
*106
1940
Exchange
c
Z",m
x
h
Stocks—No. of shares.....
.
j
Total
incorporated in this tabuiation
1939
Jan. 1 to July
1940
19
1939
120,441,255
1,646,430
6,938,530
131,401,235
$382,000
$27,024,000
131,438,000
750,130,000
$50,304,000
19,900,000
$1,867,000
3,597,000
29,597,000
$23,471,000
$35,061,000
$908,592,000
$917,440,000
...
foreign..—_—__
Railroad and industrial
directed to the new column
19
Bonds
State and
'27
101 X
z
Government
Attention is
49 X
♦112H
102
17x
H
46
J
♦
1934
1934
70
10
49
"49"
ccc2
Pacific RR—
{♦4 Ha July coupon off
{♦4 Ha assented
51
aaa2
125
104
14 x
97 x
1957
19
17
67h
105x
*14
cccl
x
1
1
1
1
1
1
1
1
1
1
1
1
1
Cons s f 4s series B
66 X
z
Sales at
Vera Cruz A
72
64 X
18x
89x
124
105x
98x
107 h
3
aa
J
F
53 x
66x
55x
*14
1
O
series A. .1955
13
x
1st mtge s f 4s ser C
82h
*120
— —
Vandalla cons g 4s
67
J
{♦ Wor A Conn East lBt 4 Hs .1943 J
Youngstown Sheet A Tube—
Conv deb 4s
1948 M S
55h
98
cccl
A
1951
1951
♦3Xs assented C
1951
♦Sink fund deb 6Hs aer A. 1947
♦3Ha assented A
1947
United Stock yds 4Xs w w__1951
Utah Lt A Trac 1st A ref 5s_1944
Utah Power A Light 1st 5s—1944
65 X
{♦Su A Du dlv A ter 1st 4s. 1936
♦Certificates of deposit
Wisconsin Elec Power 3X8—1968 AO
5
85 h
64x
1
F
M 8
50
*15
O y bb
A
18x
07 x
10
64x
cc
z
x
♦Certificates of deposit
32
85 h
105x
1
A
O
J
1947
transaction during current
J
D
92 h
10X
10H
"30
J
107x
97
aaa3
J y bb
MN z b
A
J
86
64 X
bbb2
x
72
79
107 x 108x
66
A xbbb2
Af N
17
25
12X
aa
x
15
89
108X
14H
98 x 102 X
64
{♦Wis Cent 50-yr 1st gen 4s..1949 J
25 x
100h
*61H
85 h
4
/
F
107 x
S
73
115x 120
107x 112
aaa2
x
100
57 h
59
3
x
M 8
106 h
107 x
bbb3
O y bb
S
M
F
1955 J
5s.1942
Conv deb 3Hs
62 x
11x
10
84 X
104 x 110x
HX
J y bb
72 h
45
24
101
128 x
120
64
J y bb
J
Wlsconsln'Public Service 4s. .1961 J
J
x
J
97 h
18h
D
West Shore 1st 4s guar
72
84 h
3
1
*12H
2
b
♦Westphalia Un El Power 68.1953
72
53 x
14
116X
111X
88 X
108
2
1940 MN
70
106X 109 x
124
cccl
J
104h 110X
106 x
55 h
J
z
Af N y
Registered
37
60
107
108
ccc2
z
35
65
83 X
Winston-Salem S B 1st 4s... 1960 J
64x
56
x
aa
z
J
{{♦Wilkes-Bar A East gu
Wilson A Co 1st M 4s A
106 x
20
y
x
bb
J D y b
i960 Af 8 yb
30-year 5a
74
55
2
J
O
1946 M 8
25-year gold 5s..
36x
37
19
110H
110X
4
Af 8
4XS-1950
1951
90x
16
*31x
108X
88x
106 x
102
74
b
A
1940
.50s
1941 MN
,625s
1941 MN
MN
.75s
1942
,875s
-Nov
1942 MN
1.00s
May
1943 MN
1.125s
Nov
1943 MN
1.25s
May
1944 MN
1.375s
Nov
1944 MN
1.50s
May
1945 MN
1.6253
—..Nov
1945 MN
1.75s
May
1946 MN
1.80s
Nov
1946 MN
MN
1.85s
May 1 1947
1.90s
Nov 1 1947 MN
MN
1.95s
May 1 1948
2.00s
Nov 1 1948 MN
MN
2.05s
May 1 1949
2.10s
Nov 1 1949 MN
2.15s
May 1 1950 MN
2.20s
Nov 1 1950 MN
2.25s
May 1 1951 MN
2.30s
...Nov 1 1951 MN
2.35s
May 1 1952 M N
2.40s
^..Nov 1 1952 MN
2.45s
-May 1 1953 MN
2.50s
Nov 1 1953 MN
MN
2.55s
May 1 1954
2.60s
Nov 1 1954 MN
MN
2.65s
May 1 1955
D
♦Un Steel Wks Corp 6Ha A.. 1951
♦3Xs assented A
♦Sec s f 6 Ha series C
bbb3
92
"67h
United States Steel Corp—•
Serial debentures—
Nov
..—May
Nov
May
105"
.
O y cccl
J
Union Pac RR—
—.1947
1970
76 x
2
UJlgawa Elec Power s f 7s
1945
J
UDlon Electric (Mo) 3Ha—1962
{{♦Union ElevRy (Chic) 58.1945
UDlon Oil of Calif 6s series A. 1942
104 h
74
bbb3
M 8 y b
34-year 3Ha deb..
x
♦5s assented
79 h
78
IOOX
J
Western Union Teleg g
70
63 x
116X
J
23 x
66
108X
84
White Sew Mach deb 6s
88
5
65h
124
3
bbb3
104 x 111x
M 8 x a
series C—1942
j r
Toronto Ham A Buff 1st g 4s. 1946
Tol W V & Ohio 4s
ioix
xbbb3
M
4s
aa
x
1037ai 108
4
4s
aaa4
x
Maryland 1st 4s
111X 115x
aaa3
1951
1943
gold 6s
A Pacific 1st gold 5s. - 2000
Third Ave Ry 1st ref
x
D
2361
2361
Wheeling ALE RR 4s
1949
Wheeling Steel 4 Ha series...1966
88
88
65x
101X 106h
108 h 109 x
O
3s
110
*112x
aa
Gen A ref 5s series
D
J
1952
1st A ref 5 Ha series A
1977
West N Y A Pa gen gold 4s._1943
{♦Western Pac 1st 5s ser A—1946
104x 106 x
128 H
122
*125
aaa4
Gen A ref 6s series B
aaa3
J
113x
105 x
4
x
J
Texas A N O con
.375s
95x
105 h
x
3s debentures
aaa3
x
A
Western
ioox 106 x
81
113x
51
94
95h
x
IfTexas Corp deb 3 Ha
1st & land grant
104 x
1953
...
x
A
a
103x 107 x
101x 106 x
32
104 x
104 x
1944
5s..
4s
Gen refund s f g
Texarkana & Ft S gu
104h
2
aa
Swift & Co IstM
Term Assn St L 1st cons
A
F
aaa3
108 x
15
103x
*103
3
A
102
16
24
107
aaa3
West Va Pulp A Paper
108X 112
106 h
D
Teun Coal Iron A
~~8
6
x
J
1946
deb 6s
70 x
70 x
D
1955
debenture-
85
*75
J y bbb2
UStaley (A E) Mfg 1st M 4s.
Standard Oil N J deb 3s.... 1961
Studebaker Corp conv
b
x
72
o y bb
1956
Ha
1996
Mem Dlv 1st g 6s
1951
St Louis Dlv 1st g 4s
1964
So'western Bell Tel 3 Ha B.„
1968
1st A ref 38 series C
5s.
y
x
84 h
78
bbb3
x
9X
103 x
*61H
79 h
76 x
Devel <fc gen 6
{♦Spokane Internat 1st g
cc
A y b
x
61X
J
4X
29x
*31x
1966 / J
1954 J D
1st mtge 3 Ha series 1
91x
O y bb
7
*80
West Penn Power 1st 5s E..1903 M 8
1956
Devel & gen 6s
Trenton G & El
65 h
9x
5h
64
65x
2
b
F
1945
1945
Westchester Ltg 5s stpd gtd_1950
Gen mtge 3 Ha
1967
80x
52
39
1956
1994
6s..
4s series A...
Southern Ry 1st cons g
Devel & gen
60
J y bbbl
1955
1st 4s stamped
63x
73 h
bb
y
1948 M S
bb
58 x
9x
4x
103 x
103 x
O y b
1955 A
Washington Cent 1st gold 4s. 1948 Q M
73 h
4x
1
*65
D xbbb2
50 h
58 x
3
6X
cc
30
2
9x
6
cc
O
Warner Bros Plct 6s debs
13
42
5x
O
A
87
bbb2
13h
7
4x
6X
A
42
J y bb
28
51
9x
"15
cc
40 h
1955
20
41
39 x
6x
cc
z
1945
6s debentures
2
39h
6
z
A
F
41x
1950 A O
5
8
*35 x
Af S
b
4s...
10h
""3
6
40 x
1
44
48
10 h
25 x
10X
b
z
"41x
J
13
28
7
b
1946 J
109x
30 x
cc
42 x
10-year secured 3Hs
San Fran Term 1st 4s
14 x
*21
cc
O
b
Gold 4 Hs
13x
62 h
102
24
44
A
1981 M N
Gold 4 Hs
18
42
13x
b
Convertible deb 4Xa
Walworth Co 1st M 4s
48x
95
108x
1
Walker (Hiram) G A W—
97 x 102 h
41x
40
40 x
2
bb
M S
100
105 h
105h
bbb4
O
J
J
3Hs—1941
♦Toledo A Chic Dlv g 4s.. 1941
{♦Wabash Ry ref A gen 5 Hs A *75
♦Ref A gen 5s series B
1976
♦Ref A gen 4 Hs series C
1978
♦Ref A gen 5s series D
1980
101X 105 x
aaa3
A
1941 J
♦Omaha Dlv 1st g
aaa3
J
b
{♦Des Moines Dlv 1st 4s__ 1939 J
102 H 106 h
108
2
61h
76 h
54 x
"60"
40
ccc2
z
♦Det A Chic Ext 1st 58
119
a
b
108X
aaa2
z
{♦2d gold 5s._
40
70
*50-
z
111
107
47 x
*73
♦1st lien g term 4s
102 x
10
110
*40 x
x
High
No. Low
High
110
110
2
1939 Af N
1939 F A
1954 J J
{♦1st gold 5s
30 x
12 x
94
x
J
58
cons
.1968 M 8
.1969 M N
Gold 4 Ha
Tol St
29
100
28x
99x
x
A.. 1947
Southern Kraft Corp 4Xs__. 1946
Southern Natural Gas—
1951
1st mtge pipe line 4 Ha
So Pac coll 4s (Cent Pac coll). .1949
1st 4 Ha (Oregon Lines) A. 197
Texas
1st
..
cccl
x
Southern Colo Power 6s
aa
{Wabash RR Co.—
14 h
x
.1965 F
x
M S y ccc3
J
J y bbb2
.1958 A O y bb 2
55
55
x
1962 A
8
M
65
1
1961 M S
1st mtge & ref 4s
2Ha
97 x
Va A Southwest 1st gu
95
4
.1979 J
3s debentures
Southern Calif Gas
93 h
B__.1968
5s_1949
5s
2003
♦62 h
96h
4
..
xbbb2
Skelly Oil 3s debs
J
Socony-Vacuum Oil 3s debs. 1964
A
South A Nor Ala RR gu 5s.. 1963
3XS—.
Va Iron Coal A Coke 1st g
aa
y
.1950 P
South Bell Tel A Tel
Va Elec A Pow 3Hs ser
3x
Since
Jan. 1
Ask
A
Low
Cos.(ConcL)
4
ix
97
z
A
& Indus.
Bid
Price
See A
♦ix
z
A
31
Friday's
Sale
Rating
Range
Range or
Last
Elig. <k
96 x
x
F
Railroad
High
IX
14
£1
EXCHANGE
STOCK
Week Ended July 19
c
z
D y b
.1952 J
No. Low
ix
2x
ix
c
z
Shlnyeteu EI Pow 1st 6Xs—.
M S
♦Siemens & Halske deb 6 Ha. .1951
♦Silesia Elec Corp 6Xs
High
Low
(Con*.)
{♦Seaboard All Fla 6a A ctfs.1935
♦6s Series B certificates
1935 F A
Y.
Jan. 1
Ask
A
Bid
bonds
N.
Week's
Friday
Bank
Elig. dt
BONDS
N.
385
New York Bond Record—Concluded—Page 6
151
3,189,000
pertaining to bank eligibility and
rating of bonds. See note a above.
138,214,000
728.922,000
New York Curb
386
Exchange—Weekly and Yearly Record'
July 20, 1940
NOTICE!—Cash and deterred delivery sales are disregarded In
the week's range unless
they are the only transactions of the week and when selling outside
of the regular weekly
range are shown In a footnote In the week In which
they occur.
No account is taken of such sales in
computing the range for the year
In the
following extensive list we furnish a complete record of the transactions on the New York
Curb Exchange for
beginning on Saturday last (July 13, 1940) and ending the
present Friday (Jnly 19, 1940).
It is compiled
entirely from the daily reports of the Curb Exchange
itself, and is intended to include every security, whether stock or
bond, in which any dealings occurred during the week covered.
the week
1
Friday
STOCKS
Par
Sates
Week
Last
I
Kale
Range
i
of Prices
Low
Price
for
High
Shares
Class A....,
13
1
5
5%
5%
1,300
"i% "I%
Alnswortb Mfg common..6
5%
5%
"300
5%
400
preferred
100%
*
3IX
Jan
30%
93 H
100 h 101
93 H
94
30
90 %
82
May
11%
21
Apr
Apr
Apr
Apr
425
158
600
138%
113^ 114
300
108
6% preferred
100
Aluminum Goods Mfg...*
Aluminum Industries com *
Aluminium Ltd common.*
6% preferred
100
American Beverage com.. 1
American Book Co
100
Amer Box Board Co com.l
American Capital—
113H
17
17
"oo" "58% "ob'%
"650
36
"ih "in
"166
13
$5.60 prior pref
.__*
Amer Centrifugal Corp
1
Am Cities Power <fe Lt—
Class A
26
Class A with warrants.25
Class B
1
%
Amer Cyanamld class A. 10
Class B n-v
10
"32 %
X
Amer Export Lines com__l
Amer Foreign Pow warr...
26%
33%
10 X
9%
*18
®J«
200
MOO
111
110% 1UX
2X
3
320
25%
27
14%
100
200
28
23
14X
400
28
28
100
29%
200
6
3X
200
2,200
2,400
1,100
2%
X
67
12%
2%
IX
IX
400
X
05%
59%
12
10 x
American Thread
5% pf._5
Anchor Post Fence
...*
Angostura-Wupperman
70
5%
718
8eal-Kap common..2
com *
200
"""56
5%
3%
10
Superpower Corp
29X
"75"
"75"
»
111
fArcturus Radio Tube_..l
Arkansas Nat Gas com
*
....
X
Corp
Art Metal Works com
6
7%
7 %
1,100
300
93
93
11X
UX
200
4%
4X
400
4%
4.X
4x
$5
preferred
Option
1,ie
300
0%
1%
w
Feb
15
Apr
Jan
2%
8%
99
4%
%
4%
250
"A
"l3"
"166
10
2%
Apr
6R
com.
23%
5X
24%
24%
May
June
4%
Apr
June
1%
12
23%
Jan
3%
June
6
6%
25%
2%
11%
May
May
19%
May
Jan
H
1%
0%
7%
Jan
June
3% May
3% May
4
$7 dlv. preferred
1st partlc pref
1,700
150
Jan
Feb
Conv preferred
Mar
Apr
preferred
13X
13%
14
preferred..
Strip Co
Charts Corp common
391
11X
Jan
11X
11%
Apr
Chief Consol
8% May
May
27 %
May
7%
Apr
7i«
July
Mar
%
%
Apr
%
May
May
May
11%
7%
10%
Apr
Jan
Jan
Apr
May
6
Jan
June
5%
Apr
12%
Feb
15
Mining
Mar
Apr
Mar
Apr
3X
Jan
7%
May
49
Jan
4
May
14 X
May
July
34
19 %
Jan
10
May
17
Apr
7% July
7% June
20%
Feb
20
Feb
100
IX
19%
18%
1% May
38
Feb
IX
Jan
Apr
Mar
Mar
2%
2%
1%
Feb
36
May
100
1%
22
15
150
300
May
IX May
10
May
IX May
30
IX
1%
9
200
June
100
6
May
37
150
28
Jan
20
20
400
16
98H
99%
200
90X May
10
20
6X
18%
10
300
May
9
Feb
Feb
2% May
38
1% May
6
30 X
May
4%
11 X
43
Jan
Jan
Feb
22X
108
Jan
Jan
May
14X
Jan
% June
X July
% June
% May
2%
Jan
IX
1%
1
Jan
Apr
Mar
900
22
Jan
UX
Apr
May
5% May
1,200
%
17% May
5%
Apr
13
9%
3%
Apr
11% May
IX
Feb
17
May
6% Apr
1
%
3X
Apr
18%
Mar
2%
Apr
June
2%
Jan
IX
Feb
106
107
60
X May
6% May
% May
18 X May
4% May
27
May
97 X May
102
8
103
60
86
8
1,200
7%
15
.2%
124
2%
120% 124
3%
4
4
22%
22
100
150
2,000
23
125
15
15
100
99% 100%
8%
8%
'it
X
1%
Chllds Co preferred
100
Cities Service
common.. 10
$6 preferred
*
60c preferred B
*
$6 preferred BB
»
Cities Serv P & L $7 pref.*
preferred
98
May
2% June
20%
09%
13
2%
200
June
2%
July
4% May
175
10
102
50
67
300
9X
1%
25
14
5%
70
0%
13H
,5%
70
9%
225
14
9%
79%
7%
73
75
95%
95%
8,300
7,000
700
120
10
5%
X
200
6
X
100
Jan
15H
7%
Jan
Apr
12
Feb
20
Jan
3X
127
Jan
May
Feb
5X
Feb
34%
87% May j
Feb !
17X
109
Jan
105H
10%
Apr
%
Jan
X
Jan
2%
8X
2X
2%
Jan
95
May
117
55
June
83
May
10
Jan
Jan
Jan
Apr i
Mar
Jan
9%
May
79%
7%
July
75
July
July
Apr
July
115%
Mar
110
Mar
7%
7
10%
%
j
Apr
Mar
May
4% May
45
May
85
May
75
May
4% May
6
May
12
May
X May
4
;
Mar
%
29%
12%
;
Jan
4% May
7%
13
49
!
Apr
115% May j
June
be June
Jan
Feb
7X May
40X
Apr
109
May
104X May
6
62 %
*
City Auto Stamping
*
City & Suburban Homes 10
Clark Controller Co
..1
Jan
0% May
95% May
May
X
Jan
May
3
May
% May
»i» May
100
102
June
100
2,500
3%
Jan
91
X
10
Jan
320
1%
10
June
IX May
100%
100 %
May
5% May
5% May
6
May
1
Claude Neon Lights Inc__l
4
7%
36
Apr
X
Apr
20
May
10X May
300
10
30 X
May
Apr
20% May
10%
2X
Cherry-Burrell common..5
Chesebrough Mfg
25
4%
Feb
17 X
May
IX
"266
7%
5
Feb
Apr
3X
.
8
Feb
1 %
10 X
25%
100
1%
53
8%
8X
3% June
X May
2% June
3% May
100
Conv pref opt ser
'29.100
Chamberlin Metal Weather
May
9%
Feb
400
100
4%
200
1,500
Apr
Apr
X
Jan
30
2%
23%
Chicago Flexible Shaft Co 5
Chicago Rivet & Mach
4
May
0%
29
2%
100
Apr
4%
4% May
X May
Apr
1% May
*
com
3%
18
Mar
Mar
4,600
•
Jan
18 %
2%
48 %
Apr
8%
36
Cent A South West Util
60c
Cent States Elec com
1
6%
7%
Mar
__*
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
Cent Pow <fc Lt 7% pfd 100
$6
20
'
May
8
Baumann—See "Ludwig"
page
Mar
3X
Corp...l
see
1,600
5
Basic Dolomite Inc com__l
Bath Iron Works
pref
% July
2% May
Mar
100
5
Steel...1
Beau Brummell Ties
Inc.. 1
Beaunlt Mills Inc com.. 10
Feb
•i« May
200
5
Barlow & Seelig
Mfg—
com
Apr
104%
Castle (A M) common.. 10
Catalln Corp of Amer
1
Celanese Corp of America
7% 1st partlc pref... 100
Celluloid Corp common. 15
3
23%
5%
9X
I»
common..!*
34
7% preferred
30
Baldwin Rubber Co
com.l
Bardstown Distill Inc
1
Barium Stainless
For footnote
May
17
Baldwin Locomotive—
Purch warrants for
conv
Apr
Feb
20
Ayrshire Patoka Collieries 1
Babcock & Wilcox Co
*
$1.60
%
Jan
100
9%
»
5%
Jan
Class A common
Carman & Co class A
Jan
14%
1,900
5
"9%
Jan
31 %
1,200
Capital City Products..!*
Carib Syndicate
__25c
Jan
16
X
2%
3
1
%
«!•
1%
45
*
Feb
25
X
2%
2%
Carolina P <fe L $7 pref...*
$6 preferred
*
25
2%
2%
500
Marconi
Jan
June
300
ix
Carrier Corp common
1
Carter (J W) Co common. 1
Casco Products
*
w
Corp.Ill
5
1%
non-voting.
Jan
6
28
100
Jan
Feb
%
100
5
%
Class B
Jan
'i«
200
50
Canadian Car <fe
Fdy Ltd—
7% partlc preferred
25
Can Colonial
Airways.;
1
Mar
Apr
2
"l3"
32%
X
he
July
200
100
32%
0%
22% May
Jan
X May
Camden Fire Inaur Assn..5
Canada Cement Co Ltd..*
July
5%
Feb
Apr
Mar
June
3% May
IX June
10% May
60o
Jan
May
500
2%
13%
4X
*
13%
300
__60c
Cent Hud G & E
2
Tobacco—
$1.20 conv A
0%
11%
x-w
Aviation & Trans
Axton-Flsher
Mar
115
com
Feb
65
13%
5%
Cables <fe Wireless Ltd—
Am dep 5 %
% pref shs £1
Calamba Sugar Estate..20
Callite Tungsten Corp
1
Jan
Feb
2
25
8%
100
Avery (B F) & Sons com.5
preferred
Warrants
Cable Elec Prod
Vot trust ctfs
Jan
3%
14H
40
4X May
2% May
12 X
Burry Biscuit Corp.. 12He
Mar
% June
X
Automatic Products
6
Automatic Voting Mach.I*
6% preferred
$1.60 preferred
109%
Apr
10%. May
•n
1
May
June
»i«
33 X
$5 1st preferred
»
Bunker Hill <fe Sullivan 2.50
Burma Corp Am
dep rets
Jan
May
1
5
Atlas Plywood
Corp.....*
{Austin Silver Mines
1
6%
Jan
Jan
%
Carnation* Co
1
5%
Buckeye Pipe Line
50
Buff Niagara & East Pow
May
36
Mav
Fisheries—
Atlas Corp warrants
Atlas Drop Forge com
Jan
Canadian
c
common
Jan
Apr
73
OX Mav
Coast RR Co pref... 100
Atlanta Gas Lt 6% pref 100
New
Apr
Apr
Jan
%
%
lu
200
Canadian Indus Alcohol—
Class A voting
•
warrants
Atlantic Coast Line Co..60
Atlantic Rayon Corp
1
Mar
Jan
*
Coast
Mar
Apr
Apr
Apr
common
..*
Assoc Tel & Tel class
A...*
Atlanta Birmingham &
Atlantic
Apr
%
4
46 X
25
•
2%
Assoc Laundries of Amer *
V t
Registered
Feb
I Associated Gas & Elec—
Common
l
v
25%
Feb
Mar
Mar
1,100
British Amer Tobacco—
Am dep rets ord
bearer £1
Am dep rets ord
reg
£1
British Celanese Ltd—
Class B
l
5%
14%
British Amer Oil
coupon. _*
IX May
1% May
6% May
87
May
4
May
11H July
Associated Elec Industries
Amer deposit rets
£1
Class A
5%
13%
13%
7% preferred
100
Brlllo Mfg Co
common...*
Class A...
♦
Apr
19%
18%
10%
29%
Apr
8%
June
X
Feb
32X
36 %
.
1
1
30
200
11
*
British Col Power cl A
*
JBrown Co 6% pref
100
Brown Fence & Wire
com.l
Class A preferred
*
Brown Forman
Distillery. 1
$6 preferred
._*
Brown Rubber Co com
1
Bruce (EL) Co common. .5
17
500
10
25
X
*
July
4
31%
34%
May
'x»
2%
A
111%
Mar
May
36
Am dep rets ord
reg_.10s
6
108
36
100
Corp class
Jan
75
.....
2
1
Ashland Oil & Ref Co
Assoc Breweries of Can
80
Apr
Apr
36
»
Jan
June
2% May
1
May
X May
8% Mav
Jan
»
Apr
3X May
500
""766
Common cl A non-vot..»
6% preferred
..10
Arkansas P & L $7 pref...*
Aro Equipment
110% 111
May
May
Mar
43%
25
'it
48
..1
preferred
Apr
May
Apr
X June
Apex Elec Mfg Co com...*
Appalachian Elec Power—
$7
May
125
100
14%
May
May
13% June
11X May
25
May
13% May
65
May
X June
13X
Amer Pneumatic Service.*
Amer Potash <fe Chemical.*
1st $6 preferred
.._*
$6 series preferred.....*
26 %
11
Apr
May
1
39%
2% May
22% May
75
14%
1%
May
114
117%
*
Class B
Apr
36
Jan
25
*
Preferred
Brill
Mar
39%
19%
25 5^
50
27
33%
Jan
X Mar
9X May
May
107 X July
Jan
Jan
35
136
Bridgeport Gas Light Co.*
Bridgeport Machine
*
Mar
X
May
8X
300
25
1
Republics
Jan
% June
1,600
100
Amer Maracalbo Co
Amer Meter Co..
'it
26
4.906
~33%
~32~
26
Preferred
Amer
31%
Laundry Mach...20
6% preferred
25
Amer Mfg Co common.100
Jan
20%
July
23
2d preferred
..*
Brazilian Tr Lt <fe
Pow...*
Breeze Corp common
.1
Brewster Aeronautical... 1
Apr
31
Amer Hard Rubber Co..60
Amer Lt <fc Trac com
2%
25X June
22X June
200
100
10
Amer Fork & Hoe com...*
American Gas & Elec
10
4%% preferred
100
Amer General Corp com 10c
$2 conv preferred
1
$2.60 conv preferred... 1
20X
Jan
80
88
Bowman-Blltmore com
*
7% 1st preferred
100
109% May
1%
Apr
49%
Apr
7%
Apr
X May
100
97
117 %
1
7% 1st preferred
Borne Scrymser Co
Bourjols Inc
Feb
May
100
May
*
Blumenthal (S) <fc Co
Bohack (H C) Co com
Mar
June
65
X
11%
110x
May
IX
X
10c
18
June
4
Class A common.... 10c
Common class B
S3 preferred
192%
118%
May
10% June
5X May
42% May
90% May
X July
100
"266
"Tx
Jan
3
*
Blue Ridge Corp com
$3 opt conv pref
Mar
July
17
154
200
._*
Bliss (E W) common.
8
17
*
2,100
4%
X
<fe Machine Co com
Blauner's common....
May
17
25
com
16 X
3%
93%
Foundry
Jan
Feb
4
15
8X
3% May
13% July
*
$2.50 preferred
Birds boro Steel
Mar
1%
High
700
in
Purchase warrants
Blckfords Inc common
2%
3% May
Allied Products (Mich).. 10
conv
98
Low
4%
Berkey & Gay Furniture-
May
Range Since Jan. 1,1C40
94%
_._*
Apr
Apr
Apr
for
Shares
4
1
Conv preferred
High
Week
15%
1
com
Low
4
100
Bell Tel of Pa 6
%% pf_ 100
Benson <fc Hedges com
*
Apr
Feb
X
pref
78%
108%
May
May
2
Corp
Apr
June
40
Investment
Aluminum Co common
Am
May
May
Alles <fe Fisher Inc com...*
American
14%
May
Allied Intl Investing—
Amer
Mar
Jan
r58
Price
1
Bellanca Aircraft com
Bell Tel of Canada
May
0%
X
Gt Southern..60
Alabama Power Co $7 pf.*
Class A
7
May
1%
Warrants
conv
Mar
Jan
17%
C'onv preferred..
S3
22%
Beech Aircraft Corp
Bell Aircraft
4
Alabama
Alliance
Jan
Sales
Week's Range
of Prices
Sale
Par
22%
Apr
10
8Alr Inventors common..*
$6
May
4X
Air Associates Inc com...l
Last
High
21
.....
STOCKS
(.Continued)
Low
Acme Wire Co common. 10
Aero Supply Mfg—
Class B
Friday
Range Since Jan. 1, 1940
Week
Feb
Apr
Jan
Mar
Volume
New York Curb
151
Friday
STOCKS
Last
Sale
(Continued)
Par
Price
Week's Range
of Prices
High
Low
for
Week
Shares
Clayton <fc Lambert Mfg__*
Cleveland Elec Ilium
Range Since Jan. 1,1940
Sale
High
425*
100
30
Eversharp Inc
600
4
May
485*
73*
Feb
45*
Feb
15*
100
25*
Apr
Falrchlld Aviation
1
Fairchlld Eng A Airplane. 1
25*
25*
100
5
Jan
for
Range Since Jan. 1, 1940
Week
of Prices
Low
Price
Par
45*
15*
Cllnchfleld Coal Corp._100
Club Alum Utensil Co—*
387
Sale
Week's Range
Last
STOCKS
(Continued)
Low
Mar
May
42
•
com
2
Friday
35*
*
Cleveland Tractor
Exchange—Continued—Page
Sales
High
Share
Eureka Pipe Line com..50
1
May
2
May
33* May
Falstaff Brewing
4
May
6
Feb
Cohn & Rosenberger Inc.*
65* May
5* May
Fanny Farmer Candy
Jan
Fansteel
*
Jan
43*
Jan
7 5*
88
May
1,100
6% conv preferred
£1
Colorado Fuel & Iron warr.
4
Patent Fire Arms.25
73
75
£65
66
Colt"
45*
1,400
100
25*
May
Columbia Gas & Elec—
5% preferred
100
Columbia OH & Gas
66
1
15*
75
1%
4,100
June
705*
Feb
15* May
25*
Jan
51
Commonwealth & Southern
Warrants
5*
hi
Jan
15*
Jan
4,000
Commonw Distribution.. 1
Jan
5*
13* June
Metallurgical
45*
45*
43*
5,600
195*
250
175* May
85*
85*
200
605*
109
62 5*
110
1103*
400
15*
13*
700
Ford Motor of Canada—
Class A non-vot
95*
95*
95*
1,200
95*
95*
25
1
1
*
215*
June
38 5*
Apr
5*
May
3*
Apr
125*
125*
100
115*
May
18
Feb
$3 preferred
'
Conn Telep & Elec Corp__l
425*
45
Feb
Fox (Peter) Brewing Co..5
Froedtert Grain A Malt—
Common
l
J*
J*
100
65*
105*
May
Apr
Apr
June
1*5*
Mar
85*
May
365*
Mar
12
8
»
Jan
515* May
845* May
Feb
1
7x»
Ap
70
Feb
113
Mar
June
35*
83* June
175*
Jan
9
17
Apr
Feb
Ford Motor of France—
1
May
3u May
15*
100
June
55* May
May
Ford Motor Co Ltd—
Am dep rets ord ref._.£l
"""450
Apr
2
123*
28
33
Fldello Brewery
l
Fire Association (Phlia) 100
Florida P A L $7 pref
*
5*
31
93*
85*
Mfg Co
5
Fed Compress A W'h'se 25
Flat Amer dep rets
5*
June
75* May
4
July
65* May
Feddera
35* May
35* May
67
May
95*
195*
1
85*
83*
1
Cockshutt Plow Co com..*
Colon Development ord.
High
July
2
1
com
Low
23
Community Pub Service 25
Community Water Serv__l
25 >4
26
255*
Compo Shoe Mach—
Consol G E L P Bait com.*
45*% series B pref
100
Consol Gas Utilities
1
Consol Mln & Smelt Ltd..5
preferred
Consol Royalty OH
Consol Steel Corp com
15*
20
1
Consol Retail Stores
78
755*
118
118
300
1185*
15*
25*
200
25*
20
200
215*
15*
70
300
5*
May
May
15*
Consol Biscuit Co
May
675*
May
May
111
15*
18
15*
1%
"i'% "l5*
""loo
May
May
75
100
10
Jan
June
15*
May
May
*
53*
4
55*
3,500
Cont G & E 7% prior pf 100
93 K
92
935*
80
84
65*
700
4
May
15*
Apr
35*
Feb
83 3*
Apr
5*
Cont Roll & Steel new—1
Cook Paint A Varnish
Cooper-Bessemer
65*
*
*
com
J3 prior preference
75*
75*
75*
255*
25
♦
400
300
25* May
Corroon A Reynolds
5%
15*
63
15*
com..
600
30
15*
2,100
50
£1
Ltd
5
Crocker Wheeler Eleo
*
Croft Brewing Co
1
135*
14 5*
600
35*
35*
600
Crown Cent Petrol (Md).5
Crown Drug Co com
7%
preferred
conv
preferred
10
Cuban Atlantic Sugar
55*
400
Apr
245* May
Jan
3*
Apr
1J*
Apr
4
5
Darby Petroleum com—5
May
85*
Feb
15*
Feb
Jan
225* May
May
5* May
May
June
15* May
May
6 5*
Jan
$6
Apr
Jan
19
Jan
27J*
Feb
41
Jan
Feb
87
Jan
78
Jan
3* May
43*
Feb
Jan
July
19
Feb
785*
May
193*
Jan
900
9
May
25
200
Feb
Feb
90
Mar
255* May
3* May
48
Apr
1
Apr
29
29
•
20
32"
*
preferred
conv
Apr
Apr
Apr
7h
65
Mar
General ShareholdlngsCorp
Common
i;
50
165*
41
5* June
May
100
— ;-
*
3* May
65
05
20
55
99
65
993*
70
Apr
>n
13*
Mar
Jan
June
81
Apr
99
July
100
May
General Tire A Rubber—
0% preferred A
Gen Water G A E
100
8
♦
Georgia Power 10 pref
55 preferred
GHbert (A C) common
96
*
905*
75
103*
Apr
May
41
Mar
88
May
873*
♦
Jan
45* May
*
1013*
91
Feb
Mar
75*
49
Apr
*
405*
Jan
...»
43*
65*
Jan
55*
Apr
65*
Apr
55* May
20
May
93*
32 5*
May
115*
Apr
Apr
/•referred
Gilchrist Co
Gladding McBean A Co..*
__*
57 preferred
»
Goldfleld Consol Mines.. 1
Goodman Mfg Co
Gorham Inc class A
S3
May
32
1
com
S3 preferred
Godchaux Sugars class A.*
Class B
*
T
143*
65
Apr
Jan
Mar
50
105*
Feb
Jan
153*
*
Glen Alden Coal
23*
154
June
5
6% pf 100
preferred
Feb
112
25* May
1
Apr
July
52
Warrants
85*
16
Davenport Hosiery Mills.*
xll5*
205*
325*
May
*
Gen Pub Serv 10 pref
Gen Rayon Co A stock
65*
4
Jan
May
855*
100
Gen Outdoor Adv
May
108
5%
Feb
Jan
6
*
Dayton Rubber Mfg
Apr
73*
K
Gamewell Co $6 conv pf
*i
Gatlneau Power Co
com__»[
55*
i&n May
Cuneo Press 05*% pref.100
Curtis Mfg Co (Mo)
113* May
30
Feb
18
10
5
Cuban Tobacco com
Jan
June
*
30
5*
Jan
25
150
135*
July
25c
Crystal Oil Ref com
35
Gen Gas A El 6% pref B_*
General Investment com.l
Jan
5*
83* May
10 5*
13
15*
303*
conv preferred... 100
Amer dep rets ord reg.£l
Gen F1 reproofing com
*
Apr
35*
July
12
83* May
165* May
195* May
15*
175* May
Gen Electric Co Ltd—
25*
13 5*
400
12
25
Jan
Feb
200
50
18
Jan
Feb
35*
14
18
Apr
Feb
25*
13
65*
98
5*
2 5*
200
preferred
General Alloys Co
15*
35*
25*
Crown Cork Internat A._*
200
Feb
5*
Jan
15* May
Crowley, Mllner A Co—*
95*
235*
975*
13*
77 5*
35*
83*
_.
Jan
7
15*
62
preferred
conv
May
May
5* May
1
May
55
May
15*
Jan
Jan
235*
Jan
65* May
1
$6 preferred A
Creole Petroleum
05* May
23
4%
5* June
235*
*j
stock
conv
100
95*
Conv partlc pref
Is
Fruehauf Trailer Co
1
Fuller (Geo A) Co oom...l!S3
May
125*
395*
35*
3 5*
Copper Range Co
*
Cornucopia Gold Mines 5c
Courtaulds
May
Feb
120
Jan
May
7
3 5*
Continental Oil of Mex_.
Cosden Petroleum
*
Amer dep rets...100 frca
Vtcextto 1946
Conn Gas & Coke Secur—
8%
Class B voting
73*
75*
55*
95
55*
935*
4,700
55*
500
5
May
20
93
May
95
»x.
25
60
preferred
22 5*
22 5*
22 5*
40
May
32
Feb
55*
55*
55*
600
45* May
8
Jan
35*
5*
35*
200
3
5
Apr
Gray Mfg Co
5*
100
Feb
22 5*
25
14
Feb
90
90
10
845*
Feb
Apr
«i»
Feb
15*
Apr
Apr
25
250
Feb
11
June
17
June
285*
4
115*
June
45*
May
115*
Jan
May
1143*
Apr
Great Atl A Pac Tea—
22 5*
Apr
Apr
18
115*
*
35
Decca Records common..1
105
Jan
Feb
15*
*
May
Class
A
conv
Stores
1
Dennlson Mfg cl A com..5
Dejay
56 prior pref..
8% debenture
50
225*
100
Derby OH A Ref Corp com*
A conv preferred
6% preferred
w w
75*
15*
1
10
Detroit Steel Prod
15*
200
175*
18
200
5
Jan
Apr
173* May
Jan
13*
25*
Mar
13*
May
June
55* June
1
4
May
255* May
Dominion Steel A Coal B 25
45*
45*
200
Dominion Tar A Chemical*
June
4
55*
*
62
62
10
Mar
Mar
67
100
Driver Harris Co
Jan
Apr
Mar
13
£1
common.
preferred
12J*
265*
Apr
May
115*
Mar
15*
Dominion Bridge Co Ltd.*
7%
May
205* May
DIvco-Twln Truck com.-l
65* % preferred
Draper Corp.
2
May
710
10
Distilled Llauors Corp
Distillers Co Ltd—
Dobeckmun Co
98
37 5*
Feb
Apr
22
565* June
10
205*
May
100
107 5*
Mar
15*
Jan
Dublller Condenser Corp.l
Duke Power Co
100
71
71
71
50
64
Durham Hosiery cl B com *
Duro-Test Corp common. 1
Duval Texas Sulphur
85*
100
100
May
5* June
85*
25*
2 K
1,000
465*
205*
49 5*
475
19
20 5*
650
Easy Washing Mach B
•
165*
25
3
55*
35*
12
Economy Grocery Stores.*
Elec Bond A Share com..5
"""300
125*
200
53*
65*
17,400
6
HammermlU Paper
10
Hartford
Apr
Hartford Rayon v t c
Harvard Brewing
Apr
1;
/754 Apr
255* May
125*
Jan
53*
Mar
67
Mar
0%
conv preferred
78
Jan
Hecla Mining Co
325*
Apr
Helena
110
Apr
25* June
793* May
15*
Jan
Jan
4
Preferred
w w
Preferred
78
87
Empire Power part stock.*
Emsco Derrick A Equip..5
9
Equity Corp common.. 10c
9
19 5*
203*
1,950
33*
195*
1
600
33*
200
Jan
15*
3*
15*
100
15*
Jan
2
55*
195*
55*
100
193*
193*
,100
45* May
2
2
100
Apr
Jan
16
May
15* May
May
11
45*
"800
"45*
4
4
-
-
Henry Holt A Co—
Participating class A
May
5*
7
Jan
Feb
Mar
85*
Apr
Jan
May
85*
500
Jan
29
35*
May
215*
Feb
75*
Jan
14
Apr
125*
Apr
7 5* May
235* May
June
Mar
11
24
85*
Hewitt Rubber common..5
27
27 5*
Jan
M»r
*|
8
73
10
1
Holllnger Consol G M
175*
73
50
175*
18
200
May
13
Apr
60
May
92
May
13 5*
May
225*
Apr
34
343*
200
June
10
Jan
May
12
Jan
May
14
Jan
14 5*
5
600
1,300
z53*
95*
85*
95*
65*
9
*
Feb
145*
Feb
Jan
365*
Apr
Apr
35*
Apr
6
293*
Horn (A C) Co common__l
Horn A Hardart Baking..*
120
Jan
Jan
Horn A
26
May
:'55*
Apr
Apr
5%
108
July
1123*
May
73 M
July
May
May
May
May
105* May
21
May
35* June
75*
July
20
35*
Hardart
preferred
Hubbell (Harvey) Ino
»
100
13 5*
6
Jan
Humble OH A Ref
Jan
Hummel-Ross Fibre Corp
*
14
Jan
Apr
53
55*
53
55*
535*
900
55*
400
4
34
Feb
Jan
120
195*
Apr
Jan
08
95*
85*
May
June
{Huylers of Del Inc—
55* May
79
Feb
Common
Hygrade Food Prod
July
Hygrade Sylvanla Corp..*
56
June
87
July
Illinois Iowa Power Co
May
26
85*
Mar
11
Jan
Jan
253*
Mar
65*
Apr
5% conv preferred
Dlv
arrear
10 5*
Feb
July
105*
Feb
»u June
Hydro-Electric Securities
July
885*
Feb
Jan
May
6
100
2
July
86
5*
5*
4 3*
1
7% pref stamped
100
7% pref unstamped.. 100
555* June
May
195* May
25* May
May
475* May
85* June
Hussmann-Llgonler Co...
293*
3
Feb
Jan
28 5*
May
47 3*
Apr
300
23*
Mar
55*
May
05*
213*
345*
35*
265*
50
265*
100
-65*
65*
600
4 5*
May
Mar
335*
95*
May
45*
45*
50
45*
May
75*
Mar
June
63 5*
Mar
34}*
55
Illuminating Shares A..
23*
150
35*
34 5*
*
._*
Apr
15* June
6
ctfa
Illinois Zinc Co
Apr
Imperial Chemical Indus—
Am dep rets regis
391
May
5*
Jan
88
200
5*
45*
May
S16
Apr
100
200
8 34
64 5*
June
6i«
Apr
May
705*
173*
57
225
14
405*
5*
25
24 5*
100
Feb
May
"16
...25
ex-warr
55*
205* May
June
57
1,600
250
35* May
12
180
86
200
3
290
88
73*
225*
15*
Horrhel (Geo A) A Co com*
76
885*
Mar
16
2
Heller Co common
Herder's, Inc
5*
.
1145*
Apr
51
75 5*
1075* May
Holt (H)—See Henry
100
83
Jan
70
-
Apr
7,400
75
1115*
5*
*:
Apr
165*
75
Jan
June
62
*
Apr
73 5*
For footnotes see page
25cj
Rube ostein
Class A
28
165*
"755*
Jan
102
73*
50
28
Mar
May
May
25* May
695*
1
..*]
Corp
Heam Dept Stores com..5
13
165*
100
Jan
5*
395*
Holophane Co common..*
715*
4
25*
Mar
255* June
pf*i
Apr
*
15
30
80
22
22
1
conv
105*
13*
*
preferred..
Hazeltlne
Hoe (R) A Co class A...10
preferred
100
B non-vot common
Haverty Furniture
Mar
50
100
Co
Mar
May
125* May
85* May
Elec P A L 2d pref A
Empire Dlst El 6% pf 100
Empire Gas A Fuel Co—
Apr
Apr
Hat Corp of America—
135*
95*
24 5*
26
42
Elgin Nat Watch Co
103*
25
655*
15* May
1,700
1
493*
1095* 1095*
1125* 113
1
Jan
Jan
June
65* May
he
*
15*
Elec Light
Chemical
Hires (Chas E) Co
645*
conv
*
Mar
615*
53
preferred
Hall Lamp Co....
125*
63
Esquire Inc
56
1095*
135
Apr
Apr
300
15* May
295*
8
1,000
75*
<-
..25
Gulf States UtU S5.50 pf.*
88
36
1;
Gulf 011 Corp
Jan
July
*
6% preferred
6 5*%
preferred.....
7% preferred
8% preferred
Guardian Investors
Apr
May
preferred
Eteetrographlc Corp
125
Grocery Sts Prod com..25c
Apr
65*
55
warrants
94
1235* May
75*
*
10
23*
85*
5*
165*
*
925*
25
14
300
94
100
100
28
May
*
56 preferred series B
Emerson Elec Mfg
7% 1st preferred
Gt Northern Paper
Greenfield Tap A Die
Heyden
*
$7 preferred series A...*
Option
*
com
28
a:
5
10
Eastern Malleable Iron..25
Eastern States Corp
stock
6
Gypsum Lime A Alabast.*
East Gas a Fuel Assoc—
45*% prior pref
6% preferred
Non-vot
6
10
Jan
5*
*
Eagle Plcher Lead
Common
Gorham Mfg common..10
Grand Rapids Varnish... 1
Hartman Tobacco Co
preferred
Diamond Shoe Corp com.*
Am dep rets ord reg
15*
275*
5* May
15*
Feb
5*
De Vllblss Co common..10
7%
May
155*
1
20
Detroit Gray Iron Fdy
1
Det Mich Stove Co com__l
Detroit Paper Prod
June
15* May
365* June
*
Detroit Gasket A Mfg
21
£1
55*
Jan
6
Jan
TOE
New York Curb
388
Sales
Friday
STOCKS
Last
Week's Range
for
(Continued)
Sale
of Prices
Low
High
Price
900
6)4
7%
£1
7)4
3)4
8)4
new.7)4
Indiana Servloe 6% pf-100
7% preferred
'—.100
IndplsP & L6)4% pf—100
4Yb
Britain A Ireland
Indiana Pipe Line
8)4
4)4
May
7)4 June
300
6
July
3)4
July
300
10
"l6"
110)4
110
200
Mar
1054
"l"6
16
110)4
Par
Mar
102)4 May
12H
12)4
13)4
Jan
Jan
Feb
4Ys
July
Apr
Apr
21)4
113
Class B
H
July
*11
Jan
—
7%
9
100
preferred
Insurance Co of No Am.10
62 y<
62)4
63)4
820
50)4 aMy
17)4 June
International Cigar Macb *
Internat
Jan
500
1
Internat Metal Indus A_.
4)4
8)4
1)4
4)4
%
16)4
73)4
23)4
2)4
2)4
2M
3,100
m
9)4
9%
9)4
9%
3)4
5,200
Internat Paper A Pow warr
5)4 May
1
1,200
100
June
4)4 June
1)4 May
15)4
2)4
12)4
Coupon shares
Registered shares
1
3
International Products—*
100
1,000
3
May
Yb
Internat Safety Razor B.*
6
Jan
Ys
y%
200
25)4
"25)4
50
1
Class B
)4
Apr
8)4 June
$1.76 preferred.......
*
$3 .60 prior pref
May
23)4 May
Interstate Home Equip.. 1
4
8)4
9)4
"v/s "4)4
Interstate Power $7 pref.*
)4
1
Investors Royalty
*
t o
2)4
3,700
14
14
"""25
)4
14)4
13
May
6)4 June
9
Interstate Hosiery Mills..*
v
May
3)4
Ys
200
300
12
300
12
Mar
Mar
May
1
*
1
12)4
)4
)4
200
1)4
1)4
300
1)4 May
Jeannette Glass Co.......
1)4
1)4
100
1
May
25
80
May
Irving Air Chute
Italian Superpower A
Jacobs (F L) Co
.
May
)4
100
100
100
Jones A Laughlin Steel. 1001
Julian A Kokenge com..*
94
100
"21)4
94
99
100)4
105)4 105)4
21)4
23)4
Mid vale Co
Mid-West Abrasive
Jan
Apr
6)4
Jan
May
Feb
19)4
Feb
5 H May
1)4
Apr
Kennedy's Ine
5)4
6
6)4
5)4
Jan
4)4 May
Kir by Petroleum
1 )4
%
July
Feb
95)4
18
June
36
Jan
27)4
120
7)4
6)4
Mar
Mar
Mar
Apr
Jan
112)4
Jan
W11
Mar
May
July
83
40
75
May
100
55
Feb
2
Jan
2)4
1)4
15
Jan
Jan
Apr
10)4
8)4
Apr
Jan
$3 conv preferred
50
National Container (Del).l
National Fuel Gas
*
Nat Mfg A Stores com
Class A
12
12
100
11)4 June
4)4 May
39)4 July
3
400
Y,506
9)4 July
2)4 May
700
z71
"460
*
Class B
*
1
...*
Lehigh Coal A Nav
*
2)4
2
"27"
27
Yb
Develop...26
Le Tourneau (R G) Inc_.l
Line Material Co
2)4
Yb
8)4
600
Jan
9 Yb
June
Apr
Apr
Mar
Jan
4)4
Mar
100
May
12)4 May
Apr
)4 May
)4
May
3
Feb
Feb
Mar
35)4
Jan
Jan
12)4
Apr
May
22)4
Mar
)4 June
1)4
Apr
7)4 June
200
10
5
x9
Lone Star Gas Corp
_*
Long Island Lighting—
1
...»
7% pref class A
6% pref class B
Loudon Packing
9)4
600
100
1
30)4
"29% "30)4
"366
May
1)4
May
4)4
300
3)4
May
102)4 102)4
20
4)4
1)4
48)4
44)4
2)4
6)4
106)4
Jan
Mar
Apr
Apr
Jan
Jan
92
June
1
100
Conv 7% 1st pf v t c.100
Lynch Corp common
5
§MaJestio Radio & TeL.l
Manatl Sugar opt warr...
Mangel Stores
_._i
$5 conv preferred
*
13)4 Mar
10)4 May
Mar
2
Apr
21
102)4
Jan
25
Jan
Ludwlg Bauman A Co com*
Cony 7% 1st pref
May
June
24
100
*
Louisiana Land A Explor.l
Louisiana P A L $6 pref..*
)4
May
24
100
100
May
7)4
20
20)4
21)4
450
'is
21)4
Yb
18,000
Jan
20
June
25
Jan
29)4
Apr
'is
Jan
1)4
Apr
Apr
hs June
»
200
Vb
May
1)4 May
1)4
30
May
39
.Mar
Manlschewltz(TheB) Co.*
10
Jan
10
Jan
Mapes Consol Mfg Co...*
25
May
29
Feb
Marconi Internat Marine
Margay Oil Corp
*
Marlon Steam Shovel....*
t c
2)4
2)4
3)4
1,400
July
2
June
4)4
Feb
Jan
2
1
Massey Harris common..*
Master Electrlo Co
17
10
1)4
30
1
30)4
250
21)4
Apr
2)4
Jan
May
5
Jan
Jan
42
Apr
May Hosiery Mills Inc—
$4 preferred
..*
McCord Rad A Mfg B
*
McWilliams Dredging...*
Mead Johnson A Co
*
1)4 May
5)4
140
137
5)4
300
30
140
Memphis Nat Gas com..6
Mercantile Stores com...*
Merchants A Mfg cl A...1
Participating preferred.*
Merrltt Chapman A Scott *
4)4 May
123
26)4
4)4
26)4
4)4
25
25
2,900
2
Warrants..
6)4% A preferred... 100
Mesabi Iron Co
l
Metal Textile Corp
25c
Par tic preferred—.15
For footnotes see page 391.
May
3)4 May
May
3)4
Apr
11
Mar
May
)4
73
200
76
%
%
50
100
Feb
May
Mar
2)4 Feb
9)4
Jan
170)4
Apr
5)4 May
18)4
Apr
4
30)4
4)4
)4
76
Jan
Jan
4)4
100
3)4 May
5 Yb May
24)4
Jan
6)4
1,700
200
)4
400
42)4
Jan
July
Apr
11)4
9)4
Apr
41
Apr
1
Feb
Jan
Jan
2)4
Jan
7)4
Apr
.
May
120
164)4 165
17%
18
200
""to
2)4
5)4
'""loo
100
4)4
2)4
4)4
2)4
900
5
5)4
1.600
100
17
17
139)4 May
15)4 May
171
26
Jan
30
Jan
H
Apr
2)4 May
2)4 May
4)4 May
12
May
125)4
"16)4 To%
"260
July
6)4 May
Jan
)4
May
4)4
4%
Jan
Feb
6)4 May
21)4
142
Apr
May
6
May
Apr
Mar
June
11 Ys
13Ys
17)4
10
Mar
May
8)4 May
81)4
11)4
Jan
)4 May
16
July
)4
Apr
11)4
17Yb
47)4
Feb
13)4
3)4
Jan
Feb
75
sx«
2,500
16)4
--
)4
16)4
50
10
Feb
11
June
--
—
50
42
42
10
10
10)4
10 YB
10)4
U
"33)4
400
1,600
89
88)4
5
26
26
8)4
200
1 Ys May
31)4 May
76)4 June
2
July
3)4 May
""366
44
Jan
97)4
Jan
3)4
Apr
Feb
6)4
24
June
54)4
700
7
May
11)4
Feb
150
5)4 May
8)4
Jan
8)4
Mar
12)4
Apr
Feb
July
100
1 Yb
1
500
Apr
14)4 May
8
10
10
1)4
June
Jan
Apr
8)4
26
8)4
7)4
May
7)4 May
10
100
33)4
90
5 YB
5
35
31
Jan
1,700
1,500
1
May
1)4
Yb May
Jan
8%
8)4
200
May
117)4
Apr
84)4 May
3
May
8)4~
1)4
12)4
110)4 May
1
84)4
May
8
Jan
Jan
Apr
Yb June
1
3% cum 4%non~cum_100
New Engl Pow Assoc
__*
6% preferred
100
18)4 June
8)4 June
$2
preferred
200
125
66
New England Tel A Tel 100
New Haven Clock Co
*
New Idea Inc common
*
114"
4)4
4
Ys
12)4
55)4
117"
4 Ys
13
59 Ys
1
"180
100
200
Ys
Ys
"~~2Ys "2)4
450
67
Feb
36
2
Feb
Ys
300
preferred
*
450
17
116"
115
115"
105
104)4 106
preferred
N Y Water Serv
15
Apr
Apr
Jan
9)4
Mar
103)4 May
118)4
Jan
98
May
500
11
May
98
100
Jan
Apr
3)4
28)4
110
18)4
18
"220
Apr
1)4
May
15)4 May
7
Shipbuilding Corp—
New York Transit Co
Apr
Apr
13)4
Jan
76)4
Jan
25)4
Jan
136)4
Apr
8)4 May
15)4
Apr
May
July
49
15
16)4
Founders shares
1
New York State El A Gas—
5)4%
110)4 June
3)4 June
10)4 May
200
Warrants
NY A Honduras Rosario 10
N Y Merchandise
10
N Y Pr & Lt 7% pref..100
$6
May
May
Jan
30)4
33
New Jersey Zinc
25
New Mex A Ariz Land...l
New Process Co
1
N Y Auction Co
com....*
N Y City Omnibus—
N Y
55
18
64Ys
*
May
5)4
Jan
109
Jan
23)4
108
Apr
May
7)4
Apr
.
17
6% pf.lOO
May
29
Jan
Niagara Hudson Power—
Common
10
5% 1st preferred
5% 2d preferred
100
4)4
Class A preferred
4
Ys
2,600
5
81)4
,66
Mar
87
Apr
Feb
Jan
$6 preferred
*
North Amer Rayon cl A..*
Class B common
Yb
Yb
200
May
8)4 May
% May
3 Ys
3)4
500
3 Ys
H
1,600
*
*
4
Feb
5)4
Feb
99)4
Feb
71)4 May
9 Ys
Mar
1)4
5)4
Jan
May
)4 May
1)4
Jan
Jan
78)4
650
57
Mar
200
15
26)4
Apr
20
100
May
May
May
44)4 May
Ys Mar
2)4 May
103)4
21
20
15
26)4
Jan
52
Feb
100
95
May
70
97
May
May
110
May
117)4 May
9)4
Apr
74
103
Nor IndPub Ser 6% pf.lOO
7% preferred
100
Northern Pipe Line
10
_
>n
1
20
78)4
6% prior preferred
50
No Am Utility Securities. *
Nor Central Texas Oil...6
.
June
50
*
Northern Sts Pow cl A..25
3)4 May
85
*
1
Novadel-Agene Corp
Ogden Corp com
92
July
100
Common
Engineering
May
66
100
5
1
Jan
73
% May
Nineteen Hundred Corp B1
Nlpissing Mines
5
6)4
200
'»»
Niles-Bement-Pond.
Northwest
3% May
10
80
66
80
.100
Class A opt warrants
Class B opt warrants
Niagara ShareClass B common
Ohio Power 6% pref... 100
36)4 June
% May
94
117)4
5)4
Nestle Le Mur Co cl A...*
Nevada Calif Elec new..10
Jan
Feb
May
Feb
70% May
7
Ohio Brass Co cl B com
*
Ohio Edison $6 pref..
*
Ohio Oil 6% preferred.. 100
H
3)4
May
Jan
1
6
July
Mar
July
June
)4
2
90
107)4 June
May
11
4)4 May
Noma Electric
Nor Amer Lt A Power—
Communlca'ns ord reg £1
43)4 May
50
Nelson (Herman) Corp...6
Neptune Meter class A...*
Mar
21
»
12)4
6)4
16
ai«
Vb
"750
May
eom.__
t0%
43)4
26)4
Loblaw Groceterias cl A..*
Class B
*
Locke Steel Chain
*
Navarro Oil Co..
16)4
6)4
H
550
25
*
6)4 May
9)4 May
Nebraska Pow 7% pref. 100
Nehi Corp 1st preferred..*
Apr
Llpton (Thos J) Inc—
preferred
900
Apr
22)4 June
164)4
17)4
.4
National Tea 5 )4 % pref. 10
National Transit
12.60
Nat Tunnel A Mines....*
90)4 May
15)4
Apr
6)4 Mar
%
Apr
4)4 May
1)4 May
1,400
100
27
8)4
6
Lit Brothers common
_
Nat Rubber Mach
National Steel Car Ltd...*
National Sugar Refining.*
75
Langendorf Utd Bakeries-
v
National Breweries com..*
National Candy Co
_..*
National City Lines com.l
JNebel (Oscar) Co
11)4
3)4
Apr
July
1)4 June
1
com
May
55
Lane Bryant 7% pref..100
Lane Wells Co common..1
Mass Utll Assoc
Nat Bellas Hess
1
80
"io %
May
2)4
8)4
*
200
55
"n%
120 Ys
Jan
39)4
Nat Union Radio new__30c
5)4
May
1)4
National Refining com.
3)4
5)4
97
100
Mar
9
Lakey Foundry &Mach..l
Common
preferred
Mar
*
Lake Shore Mines Ltd_..l
0%
6%
Nachman-Sprlngfllled
95
June
5%
100
200
Muskegon Piston Ring. 2)4
Muskogee Co common
*
73)4
1)4 June
80
7
19
6
*
common
June
11)4 June
conv
Mar
50
94
Yb
Jan
Jan
May
4)4
112)4
6 Ys
"%
Mountain Sta Tel A Tel 100
Murray Ohio Mfg Co
*
55
1
100
"57)4 "59)4
39
9)4
12
100
10
94
Jan
l,ii
Mar
June
5
6)4
Mountain Producers
10
Mountain States Power—
National Oil Products.
National P A L $6 pref
Emll) Co com..*
Klelnertd B) Rubber Co. 10
Knott Corp common
1
1st pref
100
Kress (S H) special pref. 10
Kreuger Brewing Co
1
LackawannaRR (N J). 100
109)4 HO
1 Yb
1 YB
6)4
6)4
4)4
Mtge Bank of Col Am shs.
Mountain City Cop com. 6c
2,100
Kelln (D
Kobacher Stores Inc
*
Montreal Lt Ht A Pow..*
)4
5
June
50
17
Montana Dakota Utll...10
Jan
Jan
Mar
3)4 May
2H
Feb
100
1
81)4 June
1 )4
200
112
1
10
63
)S
6)4
$2.50
5)4
%
17)4
17)4
May
63
4)4
Moody Investors part pf.*
{Moore (Tom) DIst Stmp 1
Mar
Klrkl'd Lake G M Co Ltd.l
Leonard Oil
Common
Apr
Mar
102
111
94
Missouri Pub Serv com..*
Mock Jud Voehringer—
10)4
13)4
109
May
57)4
100
Monroe Loan Soc A
May
5
July
Juiy
May
)4
Monogram Pictures com.l
May
3)4 May
Kimberly-Clark 6% pf.100
Kingsbury Breweries...
Kings Co Ltg 7% pf B.100
5% preferred D
100
Kingston Products.
..1
Lefcourt Realty com
Conv preferred
preferred
Jan
Key Co common
4%
6%
Jan
90
600
2 Ys
10
Minnesota P A L 7% pf 100
Mississippi River Power
)4
97
June
6)4
10
18 H
37
10
Ken-Rad Tube A Lamp A *
Koppers Co 6% pref
Kresge Dept Stores—
50c
Monarch Machine Tool..*
Apr
26)4 May
300
50
_..1
Mar
9)4
170
113
9
3
17
Midwest Piping A Sup...*
Mining Corp of Canada.
MinnesotaMin A Mfg...
Apr
May
Kansas G A E 7% pref. 100
Keith (Geo E)7% 1st pf 100
July
2)4
shares.1
Apr
Jersey Central Pow A Lt—
6)4% preferred
6% preferred
7% preferred..
non cum dlv
Montgomery Ward A
800
3%
8%
9)4
7Ys
»n
1
Apr
Warrants series of 1940.
Vitamin...1
100
$2 conv preferred
'
Midland Steel Products—
$2
108)4
Jan
)4 June
8
Apr
1)4
Apr
6)4
Apr
7)4
Apk
Apr
Feb
)4 May
4)4 May
4
7)4
)4
v
104
7)4
10
Molybdenum Corp
International Utility—
Class A
Mfg
Class A
10
100
6 Ys
19)4
High
5
...1
1
8)4 June
8)4 June
Low
5
B v t 0
International Petroleum—
Iron Fireman
Preferred.
Micromatic Hone Corp
Middle States Petroleum
Midwest Oil Co.—
8
8Ys
60
Pref $3.60 series
International
preferred
Middle West Corp com..5
Midland Oil Corp—
Feb
Hydro Elec—
Internat Industries Inc—1
1,500
Range Since Jan. 1,1940
Shares
1
Industrial Finance—
V tc common
High
Low
Feb
)4 May
1
.....
$6
Michigan Bumper Corp-.l
Michigan Steel Tube-2.50
Michigan Sugar Co
Class
1
for
Week
104)4 104)4
)4
)4
Price
t c
Jan
Indian Ter Ilium Oil—
Non-voting class A
of Prices
Metropolitan Edison—
Jan
24)4
22
Week's Range
Sale
Hlhg
5)4 June
2,300
'i'% "8Yb
Low
Registered
Imperial Tobacoo of Can.5
Imperial Tobacco of Great
Last
TOCKS
(Continued)
Shares
6)4
OYs
6H
Imperial Oil (Can) coup..*
Range Since Jan. 1, 1940
1940
Sales
Friday
Week,
Par
July 20,
Exchange—Continued—Page 3
103)4
109 Yb HO
6
9
10)4
15)4
31
2)4
"10"
15)4
28)4
2 Yb
21)4
"n"
MOO
16)4
150
31
3
21)4
200
7,400
7
May
May
26)4 June
1)4 June
12
16I"
"*550
115)4 115)4
20
l"66"
17
May
95
50
May
94
June
110)4 May
'is
Jan
3)4
Mar
15)4
Jan
21
Apr
38)4 May
3
July
24)4 May
110)4
Mar
107
Apr
116)4
Feb
Volume
New York Curb Exchange—Continued—Page 4
151
Friday
Sale
Par
"534
""534 "534
17H
46
50
preferred
17
1734
46
4634
113
1534 conv prior pref.—*
200
125
113
434
434
Oldetyme Distillers——1
Oliver United Filters B___*
Omar Inc
1
600
1,900
834
2134
100
May
134
Feb
3334
2,200
534% 1st pref erred..-25
2934
2934
200
$5 pref..*
pref..100
8234
86
Mar
334
234
334
4,700
Corp.l
10
Paramount Motors
Parker Pen Co
Feb
May
2634 May
28
June
72
May
May
Feb
234 June
Jan
334
8
May
May
Patchogue-Ply mouthMllls *
Pender (D) Grocery A—*
May
May
May
hi
July
1534 May
Apr
Feb
Scul In Steel Co com
334
Jan
Feb
Selberllng Rubber
Jan
Selby Shoe Co
Jan
4934
Feb
May
1634
May
36 34
Apr
May
May
3234
34
1634
Airlines com.l
1734
1,900
Pennsylvania Edison Co—
$5 series pref
*
34
234
Mar
May
134 May
Jan
1134
64
Apr
33
$2.80 series pref
Apr
11134 11134
10734 10734
*
*
50
Pennsylvania Sugar com 20
pref
$6
preferred
Penn Salt Mfg Co
125
40
25 *15834
May
19
July
2934
Mar
June
53
Mar
1,400
4)4 May
1,000
•11 May
1
Jan
Mar
1
Apr
June
40
Apr
35
*
Feb
934
500
334 May
9
350
834 May
34
2,600
'"406
34
Jan
Mar
134
834
Jan
11
Jan
1
Convertible stock
5
"42"
$5.50 prior stock
25
Allotment certificates.
H
634
Jan
35
May
59 34
Apr
37
Common....
Amer dep rets reg
Sentry Safety Control
'
'4334
%
May
60
Apr
H May
234 June
Jan
Selfrldge Prov Stores—
JaD
2234
Apr
Serrlck Corp
Seton Leather
£1
1
Jan
134
Mar
May
2 34
Mar
634 May
334 May
834
Apr
Apr
hi
1
*
common
Jan
3i
5,100
434
834
-*
Mai
2 34
Shattuck Denn Mining.. .5
334
May
Shawlnlgan Wat & Pow._*
*1134
65
34
4
34
*
com
July
3
June
34 May!
10334 May
9734 May
Jan
34
*
bherwln-Wllllams com..25
Pennsylvania Gas <fc Elec—
Class A common
*
Jan
22)4 May
Selected Industries Inc—
27
100
834
1
34
Segal Lock <fe Hardware—1
12 34
1034
3534
50
6,100
""26
734
34
Feb
534
2934
34
1
14
)4
834
*
Warrants
Securities Corp general
Seeman Bros Inc
2934
2 34
"20"
"20"
20
Scran ton Lace common..*
634
1,900
Scranton Spring Brook
Water Service $6 pref—*
41
134
Jan
)4 May
May
44
.*
Jan
27
2534
.25
Jan
xll
34
IK
1
Penhroad Corp com
Mfg
Feb
Feb
85
9
*
3134
20
May
—5
Scranton Elec $6 pref
9)4lMay
Jan
134
29
*
10834
9534
50
2 34
Penn Traffic Co
8134}May
434
100
300
Penn-Mex Fuel-.—..-60c
May
i~66o
3434
Jan
2
34
4334
1234
preferred.—.—25
1,700
T~
30
2934
com*
Peninsular Telephone
234
34
1134
4334
234
1534 1 Apr
4)4 I Apr
4834 May
234
May
434
Scovill
Feb
434
May
9
1
Schlff Co common....
20
Penn Pr & Lt $7
preferred
2
2
Samson United Corp com.l
Savoy Oil Co
6
Penn Cent
7%
High
% May
Salt Dome Oil Co
Feb
Parkersburg Rig & Reel.-l
Class B-
Low
300
Mar
434
Feb
4
American shares
Range Since Jan. 1,1940
July
117
334
20
*
Pantepec Oil of Venezuela$1.30 1st preferred
34
34
5
100
8 34
100
45
Pacific Public Service—
$1.40
50
St Regis Paper com
May
1334
33
3334
pf.25
for
Week
Shares
St Lawrence Corp Ltd...*
Class A $2 conv pref..50
1334 May
39
May
Apr
Apr
534
234 May
Pacific G & E 6% 1st
Pacific Lighting
Apr
July
Low
Ryerson & Haynes com..1
May
5
Pacific Can Co common-
Pacific P & L 7%
Mar
June
11634
10834
104
Sanford Mills
Overseas Securities
of Prices
High
Sale
Price
Par
High
96
'I~6o6
Week's Range
Last
STOCKS
(Continued)
Low
30
113
5
15
Oklahoma Nat Qas com.
Range Since Jan. 1,1940
for
Week
Shares
113
113
pref—.100
6% 1st preferred
100
Oils toe ks Ltd common
of Prices
High
Low
Price
Ohio P 8 7% 1st
$3
Week's Ram
fc'i Range
Last
STOCKS
(Continued)
389
Sales
Friday
Sales
2
Jan
Mar
Feb
May
100
800
20
10
May
6234 June
106
6)4
18)4
Jan
100
Apr
May
114)4
534 May
1134
Jan
Mar
1534
Apr
*
Shreveport El Dorado Pipe
185
X1134 *1134
72)4 74
Sherwin-Williams of Can. *
112
1,300
4
10934 110
5% cum pref ser AAA 100
11334
74
354
Line stamped
167
167
Feb
1634
Apr
Co.*
60
63
350
5334 May
Pepperell Mfg Co.—100
Perfect Circle Co
—*
6934
125
53
May
22
May
2834
Jan
Jan
Mar
Simmons-Boardman Pub—
69
7234
9034
434
300
4
May
8H
Jan
454
June
834
Jan
Simplicity Pattern com__l
Simpson's Ltd B stock
*
Jan
Singer Mfg Co
Feb
Singer Mfg Co Ltd—
Penn Water & Power
12
Pharls Tire & Rubber...
434
Philadelphia Co common.*
Phila Elec Co $5 pref
*
115"
115
115
10
"334 "334
*
Phillips Packing Co..
Phoenix Securities—
1
Common
113 34 June
834
series A. 10
Pierce Governor common.*
Pioneer Gold Mines Ltd.. 1
Conv $3 pref
200
834
32
3,000
834
3134
200
120
334 May
3134
634
Feb
5
1534
Mar
2934
Phlla Elec Pow 8% pref.25
May
June
May
2034 May
934
Jan
Pitts Bess
7534
Pittsburgh Plate Glass. .25
Pleasant Valley Wine Co.l
1
1,900
200
Amer dep rets ord
10534
'"180
reg.£l
134
134
134
100
Apr
South
May
45
Feb
Jan
200
334 May
5
Apr
"33"
"460
Southern Calif Edison—
Jan
5% original preferred.25
Apr
Mar
6% preferred B
25
534% pref series C...25
July
Southern Colo Pow cl A.25
Jan
Feb
334
Southwest Pa Pipe Line. 10
Apr
Mar
Apr
1
Jan
834
105)4
234
334
2
May
Jan
2)4 May
100
134
May
July
Apr
Mar
34
134
June
134
134
9)4
155
1)4
1
1
Mar
May
Feb
Sonotone
6
100
Apr
2234
534 June
34 May
134
Jan
1834 May
900
134
Jan
34 June
34
1
1,000
Jan
95
Sioux City G & E 7% pf 100
Skinner Organ..
5
634
May
9)4
16634
Corp
8
Sobs Mfg com
134
934
55
1034
5834
400
8
May
560
43
May
1334
6134
May
1334
7534
2
7834
2
600
500
June
65
134 May
734 June
104
234
11
"33"
Mar
234
Jan
28
May
44
Jan
22
25
Penn Oil
Jan
35
Feb
35
May
3034
3034
100
27
May
2834
2834
200
2434 June
134 June
66
Mar
167
Feb
46 34
30)4
3034
Mar
Jan
Mar
Jan
2
72
Apr
25c
"ll
»n
100
34
May
134
Jan
5
»ll
uie
800
34
May
134
Apr
100
South New Engl Tel.—100
Southern Phosphate Co. 10
Southern Pipe Line
10
Alexander—6
3)4
4
400
254
434
Jan
Southern Union Gai.
7
7
25
8134
Feb
Jan
Southland Royalty Co.—5
534 May
734
Apr
2434
134
Apr
Jan
Spalding (A G) & Bros
5% 1st preferred
1
*
134 May
8
May
234
Mar
Polaris Mining Co
Potero Sugar common
Power Corp.
10
100
55
*
1
16
May
Premier Gold Mining
hi
Nev._20
34
34
100
May
July
234
*
*
"834 ""834
*
$6 preferred
434
34
10034 10034
"ioo
"50
May
834
May
434
*
Gas
Prudential Investors
34 May
May
32
Pressed Metals of Am—1
Prosperity Co class B
7
2,500
Prentice-Hall Inc com—*
Producers Corp of
June
May
May
July
of Canada..*
6% 1st preferred
Pratt & Lambert Co
May
95
May
15
Feb
834
42
Mar
10
Feb
hi June
534
Jan
934
Feb
*104)4 May
6% 1st preferred
100
7% 1st preferred
100
Public Service of Indiana—
109"
90
109
June
Mar
9534
175
67
May
106 34 May
4634
4834
475
35
May
5934 May
99
June
10934 Feb
11334 May
40
10234 104
10434 June
75
preferred
*
$6 preferred
*
Puget Sound Pulp & Tim *
Pyle-National Co com—5
$5 prior
7334
300
76
58
May
Jan
86
21
22
350
1334 May
32 34
1734
18
400
1134
Jan
29
734
May
434
21
May
Manufacturing.. 10
1034
734
Jan
May
Apr
Mar
10234 10334
94
June
125
Feb
40
142
May
154
May
8
150
6% preferred
100
Quebec Power Co
Radio-Keith-Orphuem-
90
150
Quaker Oats common—
May
13
Feb
150
34 June
hi June
534 June
34
1034
34
Feb
Feb
Feb
Raymond Concrete Pile—
.....*
Reeves (Daniel)
12
1134
12
350
*
41
41
41
10
May
,14
May
634
34
Feb
41
July
50c
34 June
—*
*
34 May
1634 May
434 May
common.*
Reiter-Foster Oil
34
50c
Jan
10
Reliance Elec & Eng'g—6
434
Republic Aviation
1
Rheern Mfg Co—......1
Rice Stlx Dry Goods
*
Richmond Radiator
1
Rio Grande Valley Gas
434
434
3,200
May
4
July
1234 June
134
234
26)4
Feb
Jan
Jan
Jan
6
34
1334
Feb
Mar
Apr
634
1954
Mar
434
434
100
4
May
*534
Jan
134
134
100
134 May
234
Apr
34
1
Rochester G&E16 % pf C100
6% preferred D
100
Rochester Tel 634% prflOO
Roeser & Pendleton Inc
Ltd—
Am dep rets ord reg. . .£1
Rome Cable Corp com—6
Roosevelt Field Inc—.—5
Root Petroleum Co
1
$1.20 conv pref
20
34
34
10434 10434
10534 10534
50
50
94
11634
11
hi
Jan
10434
May
95
Jan
May
34
1,300
10534
11634
July
July
Feb
Feb
May
14
Jan
Rolls Royce
Rossla International—.
Rustless Iron <fc Steel
100
1834
18
1834
500
30
3134
1,100
100
...»
1,200
1
Common class B
34
34
34
800
734
200
116
2434
100
154
Jan
134
May
200
434
July
1234
334
334
734
100
34
Apr
hi
6
434
434
34
34
May
Jan
lh«
._*
Co—1
Ryan Consol Petrol——*
Ryan Aeronautical
For footnotes see page
391
:
234
Mar
Mar
Jan
34
Jan
Mar
24
Mar
1
May
834 May
734 June
14
Mar
11
Mar
1634
May
2634 May
10034 June
34 June
34 May
*
common..*
*
6% 1st preferred
60
5% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc
1
Stetson (J B) Co com
Stinnes (Hugo) Corp
Stroock (S) Co..—.
Sullivan M achlnery
*
234
100
734
200
134
134
300
2
2
100
7)4
934
Q
134
Q
134
134
250
Jan
Apr
hi May
hi
Jan
19
May
Jan
4034
134
Feb
21
Feb
hi May
2
May
Jan
May
534
134
Jan
Jan
'"loo
2,800
May
800
8
May
15)4
50
40
May
50
434
134
5
134
400
434
July
5
200
134
May
234
Jan
Apr
July
Jan
Mar
10)4
13)4
Apr
May
15
134 May
Feb
40
8
100
21
534
200
May
13
200
2634
34
134
10
134
9)4
27
400
34
134
1034
100
100
1,300
July
2)4 May
2534 May
34
Apr
34
Jan
834 May
109
10
'"700
103
May
May
Jan
Def
registered
Todd Shipyards
Corp.—
34
Jan
Jan
934
Jan
6
Jan
36)4
Jan
134
Apr
16)4
Feb
Mar
114
34
Apr
Jan
May
59
134
6634
Apr
Jan
534 May
1034
Vs
50
Jan
Apr
15
3J4 May
6634
Jan
34
July
4834
63
Apr
2)4
2434
1234 May
7
£1
5s
Jan
Apr
Apr
Jan
2
36
Jan
6
2
109
"l7k "1934
& Constr *
Ordinary reg
Apr
7)4 May
634 May
Tobacco Secur Tr—
234
1034
4234
Feb
934 May
934
Apr
Jan
2434
Tobacco Prod Exports
10
Apr
4 34
Feb
33)4
TlloJRooflng Inc...
Mar
15
38
4)4
34
100
5
15
Texon Oil & Land
5
Feb
334
2434
Texas P4L7%
Mar
Jan
62
2
36
Taggart Corp com
65
134
Jan
134 May
36
Class B common
Tlshman Realty
Jan
1034
hi
9
50
Superior Oil Co (Calif)..25
Superior Port Cement—
Jan
Feb
Jan
234 May
Drug Co—
Feb
H
34
May
6
534% conv pref
1
Tampa Electric Co com..*
f Tasty east Inc class A—1
Taylor Distilling Co
1
Feb
2034
41)4 May
11034 May
6
—
Swan Pinch Oil Corp
Feb
2734
33
234
Sterchl Bros Stores
Sunray Oil
234
Mar
3934 June
1034 June
Stein (A) & Co
Sun Ray
Jan
2
16)4
634 May
Steel Co of Canada—
June
4234
2 >4
1
$2.50 conv pref
May
700
Tobacco <fc Allied Stocks
42
Jan
1
1534 May
hi
o.l
pref..100
Co
2
Thew Shovel Co com
5
Mar
hi
Phos¬
phate & Acid Wks Inc. 20
Starrett (The) Corp v t
Apr
Jan
400
2434
5
1
Standard Tube clB
16
1
734
J18
734
Standard Silver Lead.—1
Standard Steel Spring
May
20
*
Standard Products Co.—1
Technicolor Inc common.*
Royalite Oil Co Ltd
Royal Typewriter
Russeks Fifth Ave
134
$3.30 A part
Co-
Voting trust ctfs
134
500
3134
Wholesale
20
1534 May
834
10
Standard
Jan
34
734
Standard Oil (Ohio) com 25
Standard Pow <fe Lt
Jan
Apr
11)4
434 May
134
"266
Ordinary shares
4,300
—
Ry & Light Secur com...*
Railway <fc Utll Invest A.l
preferred
90
$1.60 conv preferred..20
Standard Oil (Ky)
6)4
Jan
July
*
Preferred
Puget Sound P & L—
Reed Roller Bit Co
Stahl-Meyer Inc
Standard Brewing Co
$5 preferred
104
6% prior lien pref—100
7% prior lien pref—100
Common
834
134
Standard Dredging Corp—
Common
1
May
11334
100
hi
*
*
107
94
4734'
warrants
834
Spanish <k Gen Corp—
Am dep rets ord reg—£1
Spencer Shoe Corp
Mar
1434
334
25
,
17034
234
7
Standard Cap & Seal com. 1
Conv preferred
10
Public Service of Okla—
Raytheon Mfg com
Red Bank Oil Co
Preferred A
434 May
334
*
Standard Invest $534 pref *
—*
preferred
preferred
$7 prior
10934
7% preferred
934
Apr
10234 May
Public Service of Colorado
$3 conv
434
10334
134
Plough Inc com
7.50
Pneumatic Scale com—10
Optlon
434
1
434
Solar Mfg Co
9
934
5834
400
13
.100
39
1
Pittsburgh Forgings
Pyrene
Simmons H'ware & Paint.*
134
Pittsburgh Metallurgical 10
$6
1034
12
19
*
pref
South Coast Corp com...1
Pittsburgh & Lake Erie. 50
Providence
conv
634
134
*
& L E RR—50
Powdrell &
$3
25
common
47 34. Apr
Pitney-Bowes Postage
Meter
Silex Co
Mar
Apr
10)4
55
May
76
34
Jan
Apr
Apr
New York Curb
390
Sales
Friday
STOCKS
Last
Week's Range
for
(<Concluded)
Sale
of Prices
Low
High
Price
Shares
Low
40
95
114% 115
7% preferred
—100
Tonopah-Belmont Dev. 10c
Tonopah Mining of Nev.l
30
104
May
May
109
Jan
he
Apr
1
1
700
Apr
2%
2%
300
May
May
1%
Trans western Oil Co——10
Tri-Conttnental warrants
Trunz Pork Stores Inc.—*
X
Ys
1,100
OX
""466
150
31
IX
Tung-Sol Lamp Works.—1
80c conv preferred
*
400
2
7
lUlen & Co ser A pref
Series B pref..
Unexcelled Mfg Co
.10
Union Gas of Canada...
7
100
4%
1
*
Udyllte Corp
"~5% "I"
30
-
4X
200
IX
IX
100
8
1%
8
100
Feb
Jan
Mar
Jan
1
11%
11
11
1,100
X
1,500
United Chemicals com.
59% May
S3 cum & oart pref..
%
X
10c
Un Clgar-Whelan Sts
United
1,200
Corp warrants
United Elastic Corp
1
non-voting.*
IX
United Gas Corp com
1st $7 pref.
Jan
5%
8% May
109 X
Option warrants
% May
Jan
%
Jan
6%
1st preferred
*
United Milk Products...*
Jan
6%
1%
Apr
1
Jan
Jan
Apr
Friday
Last
Weeks' Range
for
Sale
Week
Since
See k
Price
of Prices
Low
High
$
Jan. 1
x
a
1
1951
x
a
1
106
1956
x
a
1
1st <fc ref 5a
1968
y
bbbl
1st <fc ref 4%s
1967
y
bbbl
103% 103%
105% 106%
103
104%
3,000
13,000
38,000
5,000
21,000
21,000
25%
25%
1,300
16% May
39
20
May
27
70
Feb
27
"""16
89
May
1%
1%
Jan
Jan
Apr
Anr
74%
July
4
1,275
120
600
300
4
50
51%
51%
2%
51%
2%
200
23%
21%
23%
1,200
300
1%
1%
800
1%
3%
400
Feb
17%
100
5
1%
100
Utah Pow & Lt 17 pref—.*
65%
67
125
1
Utility Equities com
75
i% "~i%
"266
i
...1
14% May
1% May
3-48%
May
Feb
1%
% May
bbb3
124%
123
bbb3
Associated Elec 4%s
1953
y
b
7%
7%
8
Apr
%
Feb
71
Mar
6
Feb
75%
A *55 y b
2%
Apr
Atlanta Gas Lt 4%s
Atlantic City Elec 3%s
)1955
'64
%
Jan
%
Apr
6
Jan
2% May
"75% "75%
"*50
5%
Mar
6%
Mar
1
16
16
13%
13%
2
6%
July
May
7%
6%
May
10
Wentworth Mfg
1.25
West Texas Utll $6 pref..*
West Va Coal & Coke
*
100
200
1%
%
July
May
12% May
100
Western Tablet «fc Statlon'y
Co
1%
May
3% May
2%
7%
6%
Jan
31
Jan
98%
y
bb
3
96%
96
Broad River Pow 5s
1954
y
bb
Canada Northern Pr 5s ...1953
x
a
Canadian Pac Ry 6s
ser D
x
a
1942
...1948
1954
6%s
1927
z
bb
Woodley
Petroleum
l
Woolworth (F W) Ltd—
Amer dep rets..
5s
6
6
6
Wright Hargreaves Ltd..-
3%
3%
3%
4,000
"77%
79%
77%
1958
b
76%
76%
...1969 yb
77%
77%
1966 y b
Debenture 5s
y
86
Cities Serv P & L 5%s_—.1952 y b
6%s
1949 yb
"94%
1957
y
bb
.1951
x
aaa4
Community Pr & Lt 6s
Conn Lt & Pr 7s A
10%
34%
63
75
95% 105
87%
93%
*125
~
78% 234,000
37,000
77%
77% 24,000
87% 45,000
88% 36,000
94%
95
98%
130%
88% 110
89% 117
138
152
90
99%
89
99%
103%
65
100%
63
83%
95% 101%
25%
41
25%
41%
64%
83
30,000
130
37
49
93%
78%
95%
70
80%
65%
78%
77%
66
66
76%
75%
81
127
78
92%
92%
97%
135%
Consol Gas El Lt & Power—
(Bait) 3%sser N
1971
x
1969
x
110% 111%
108% 108%
aaa4
1st ref mtge 3s ser P
aaa4
1954
x
y
b
6,000
15,000
Cont'l Gas & El 5s
1958
y
bb
4
Apr
Cuban Tobacco
1944 y b
2
2
Jan
Cudahy Packing 3%s
Delaware El Pow 5%s
130
85
89
91%
90%
50
50
91%
50%
97
97
98
4
Apr
*126
aaa4
1943
6s
ser A
105
111%
104% 109
5s
1955
1959
x
a
x
y
75
90%
75,000
5,000
80
94
8,000
93
104
bbb4
Gas & Fuel 4s
1956
Edison El 111 (Bost) 3%Si. .1965
124% 128
8,000
1950
x
bbb3
Empire Diet El 6s
1952
x
bbb2
y
b
59%
May
May
May
May
2
11%
9%
Mar
Jan
Jan
Mar
98
May
3% May
4% May
4% June
112
Apr
Ercole Marelli Elec Mfg—
6 %s series A
1953
x
119
4
1
Erie Lighting 5s
1967
x
a
1954
y
b
104
104
45
38
4
1961
Banks 6s-5s stpd
Jan
7%
Jan
Florida Power 4s
5%
Jan
Florida Power & Lt 5s
June
12%
Feb
3% June
6%
JaD
ser
G
y
x
bbb3
x
bbb3
104%
45
107% 107%
99
45
74%
108
70
99%
85%
112
84%
"7,666
9,000
3,000
110
120
106
101% 105%
23
47%
106% 109%
89
103%
104%
*30
48
103% 103% 78,000
104% 104% 101,000
100
100%
100% 100%
99%
61%
107
103
3,000
28,000
cccl
1966
1954
119
*104% 106
3
Federal Wat Serv 5%s
Finland Residential Mtge
4%
500
1,900
5
5s ex-warr stemped
1944
y
bb
3
Gstln«au Power 3%s A
1969
x
a
2
1953
y
b
1
1956
y
bb
2
♦General Rayon 6s A
Gen Wat Wks <fe El 5s
1948
z
y
bb
Georgia Power ref 5s
x
a
for
Georgia Pow & Lt 5s
1967
1978
BONDS
25
t20
24
♦Baden 7s
1951
*11
20
Bogota (see Mtge Bank of)
♦Cauca Valley 7s
1948
Cent Bk of German State &
9
9
1955
......1953
22% May
20% June
97%
99% 100%
*._..
"99%
105%
70
b
y
bb
22%
101%
57
98% 104%
105
69
til
4,000
14
20
til
70
70
*70
"72"
y
cec4
Grand Trunk West 4s
1950
x
a
3
60%
Gr Nor Pow 5s stpd
1950
x
a
2
*107%
3 000
102
100%
*102
4,000
28^000
15
June
15
Jan
15%
May
June
16
May
May
52
Jan
49
75
89
101
103% 107%
59
75
60%
3%s.—1963
1945
x
aa
2
y
b
2
57
57
Guantanamo & West 6s
1958
y
ccc2
43%
43%
44
1948
y c
1
29%
28%
29%
♦Hamburg Elec 7s
1935
z
dd
1
*18
z
cccl
*11
"5",000
91
60%
78
106
108%
99% 105%
50
1938
"65% "75%
70
103
J an
87%
70
59,000
110
18
28
94
90
1941
Feb
June
Feb
5.6
83
*12
Feb
(Adolf) 4%s
97% 102
30,000
20,666
28%
14
16
t22
7%
7,000
21,000
3,000
75
QQ
105% 106%
29
50
Green Mount Pow
Grocery Store Prod 6s
59
2,000
52
4,000
43%
53
23
42%
15%
16
17,000
63%
Mar
20
23
Danzig Port & Waterways
♦
External 6%s
1952
t3
25
6
♦German Con M unlo 7s '47
til
19
til
17
7%
7%
For footnotes see page 391.
100
97%
Guardian Investors 6s
2
22%
1947
z
1965
Gobel
*20
4
b
1953
Glen Alden Coal 4s
$
♦Prov Banks 6s B—1951
♦6 series A
1952
y
♦Gesfruel 6s
Week
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
♦20-year 7s
Jan 1947
65
"97%
ccc2
1943
Sales
GOVERNMENT
10
26%
28%
28%
10
Gary Electric & Gas—
AND MUNICIPALITIES-
♦Secured 6s
80
1950 yb
Debenture 5s.
Gen Pub Utll 6%s A
Danish 5%s
Ext 5s
4^666
Conv deb 5s
General Pub Serv 5s
FOREIGN
30
10
77
85
85
El Paso Elec 5s A
700
30
44
84%
Feb
7%
5%
400
43
*81%
"85"
1955 y bb
6%
7%
4
300
75%
5,000
6,000
16.000
10,000
19,000
26,000
a
700
5%
"43"
bb
y
32
33%
33%
74%
32%
y cc
"S.OOO
y
4%
4
33
y cc
—1952
78
70
100%
x
Jan
5
70
Cent States P & L 5%s—.1953 y b
{♦Chic Rys 5s otfs
76
100
1957 y bb
2030
May
4
129
102% 108
38%
62%
95
Elmlra Wat Lt & RR 5s._1956
3%
105% 105%
"78"
96%
*102% 103%
Elec Power & Light 5s
6%
%
2
com
bbb3
Birmingham Gas 5s
1968
1959
x
17,000
20,000
41,000
8,000
Apr
Feb
3%
L7% pf 100
62,000
146%
98%
99%
101%
99% 101
11%
7%
700
Wolverine Portl Cement. 10
100
145
17% May
6
Wolverine Tube
18,000
101
stamped
Jan
Winnipeg Electric B com.*
Wisconsin P &
121
92%
110% 112%
May
5%
6%
110%
May
9%
6%
4,000
*106% 107%
bb 2 "79%
79%
80% 677)00
aaa4
110%
110% 110%
29,000
125,000
b
4
82%
81% 83
May
14
*
90% 105%
106% 111%
103% 108
Consol Gas Utll Co—
1,300
Williams Oll-O-Mat Ht..»
Wilson Products Inc
1
3
146
Jan
4%
100
b
101
Feb
4%
*
z
3
Eastern
Weyenberg Shoe Mfg
1
Wlohlta River OH Corp. .10
Williams (R C) & Co.—*
105% 105%
107% 108
108% 110
104% 107%
103% 110
100
3
2
92
Westmoreland Coal new.20
107%
2
102
1
60
100
10
*106
aa
May
May
200
48%
3
aa
Consol Gas (Bait City)—
Gen mtge 4%s.
1%
48%
aa
aa
4
Western Maryland Ry—
7% 1st preferred
x
x
May
6
4%
Apr
Apr
5% May
Apr
1%
Feb
1%
15% May
108%
x
2
98%
20
Apr
74
1%
1%
97
July
*106
x
Cities Service 5s
Anr
2
1998
1957
C
Birmingham Elec 4%s
May
a
1960
6s series
Bethlehem Steel 6s
Jan
400
2
Bell Telep of Canada—
1st 6s series B
Cincinnati St Ry 5 %s A
6s series B
%
Wayne Knitting Mills...5
Wellington Oil Co
1'
1950
Apr
May
1%
x
*97% 100
23%
12
66%
100
Mar
84
15
63
2
Apr
May
7,000
30,000
25,000
14,000
14,000
15
14%
3
2
Apr
•
106%
98% 104%
11
15%
1947 .y bb
13
72
14%
85,000
15
15
1947 y bb
Mar
2
*14%
14%
14%
16,000
51%
6s without warrants
24
Apr
3% June
*
Mar
2
""1*4%
50
125
5s with warrants
Mar
74
"266
99
Baldwin Locom Works—
29
100
"7% ""7%
109
104% 1P7%
103
105%
Avery & Sons (B F)—
30
3
Wilson-Jones
♦Conv deb 5%s._
July
5
Common
dddl
AssocT & T deb 5%s
May
% May
63
May
*
1
dddl
Apr
Apr
1%
% May
16
21
*
Western Grocer com
z
z
♦Debenture 5s
28%
Apr
Wagner Baking v t o
Western Air Express
1968
1977
"14%
dddl
Jan
Waco Aircraft Co
Co
dddl
z
*16
7
1
Class B
z
1950
2%
»
7% preferred
1949
♦Conv deb 5s
Mar
100
Petroleum... 1
Watt & Bond class A
♦Conv deb 4%s
35%
5% May
3
{Associated Gas <& El Co—
♦Conv deb 4%s
1948 zdddl
1% May
June
2,000
6,000
105% 105%
Apr
Feb
105%
50%
Cent States Elec 5s
Vogt Manufacturing
Vultee Alrcralt Co..
Walker Mining
x
Apr
150
10,000
73,000
106% 106%
x
x
55%
38
bbb3
1948
2024
.1956
Cent Power 5s
400
I
107% 108%
Arkansas Pr & Lt 5s
Jan
16
108%
Debentures 4%s...
Appalac Power Deb 6s
Apr
Feb
28
"ioi"
3
Jan
Apr
1%
16
4
a
Apr
7%
1%
27%
6
Van Norman Mach Tool.5
7% pref-100
May
May
hi
7
preferred
42%
42%
May
% May
2% May
4
100
bb
x
45
Mar
1% June
.
1st mtge 4s
83%
Jan
Apr
hi
15
6%
Va Pub Serv
1% May
19% June
May
1
May
50
18
18
6%
17%
1%
Venezuelan
June
4
3%
3,000
Appalachian Elec Pow—
♦Convertible 6s
*
y
1963
Am Pow <k Lt deb 6s_.
Feb
10
Universal Cooler class A—*
conv
2016
1970
Feb
hi
2
106
105% 105%
107% 108
108% 109
100
101%
108
1960
Feb
47
500
*i«
105%
103%
1950
2%ssf debs
3%ss f debs
3%ssf debs
1%
4%
he
105
*108% 109%
American Gas & Elec Co.—
5%
Apr
7%
54
May
39% June
3% May
3% May
3
May
% May
50c
1st S7 conv pref
Range
Co—
243%
2%
United Stores common.50c
$4
Power
Apr
May
26
U 8 Rubber Reclaiming
Valspar Corp com
Alabama
hi June
239
1%
Conv preferred
BONDS
Jan
% May
% May
10o
$5 .50 priority stock
1
Utility <fe Ind Corp com..5
Sales
Bank
1946
79
Feb
Rating
RAILROAD and INDUSTRIALS
1st & ref 5s
5
Utah Radio Products
Mar
14% June
1949
Jan
U 8 and Int'l Securities
Utah-Idaho Sugar
Jan
%
17%
Feb
1,700
Universal Products Co—.*
'it
X
Elig. &
%
%
Universal Pictures com...1
Mar
Jan
%
Mar
8%
%
8
Mar
10%
1st & ref 5s
44
6%
Universal Insurance
Mar
16%
Feb
Apr
1%
X
1
46%
Jan
Jan
5
9%
1st 5s
%
Apr
June
16
1,000
Jan
65
Class B
Apr
5,000
11,000
Jan
43%
5%
Universal Corp v t o
Mar
July
62
Universal Consol Oil
1921
13%
6%
%
Mar
14%
7u
43%
United Wall Paper
6%
the
26%
June
2%
64 H
U S Stores common
22%
12
13%
6%
1958
6%s.l959
♦Russian Govt 6%s„ 1919
Feb
11
t%
♦Parana (State) 7s
♦Rio de Janeiro
Jan
26
113%
25
*
1
20
15
Mar
20%
Feb
—10
SI % conv pref
U 8 Radiator com
28
Apr
13%
15
Jan
1J16 May
United Shoe M ach com.25
U 8 Lines pref
26
87% June
4%
U 8 Plywood
35
700
Amdeprcts ord reg
$5 1st pref with warr—_*
7% June
10%
Apr
16
65
10
United Specialties com...1
U S Foil Co class B
1
8
700
United Profit sharing..25c
Graphite com
♦Issue of Oct 1927
♦Santiago 7s
1,000
8,000
4^600
United N J liR & Canal 100
U 8
1927
♦5%s
June
11
1%
VA
"74% "74%
10% preferred
♦Issue of May
May
Feb
United Molasses Co—
Preferred
July
5%
64%
Jan
15% May
84%
S3 partic pref
13
109% 110
%
%
Common class B
$6
Jan
8
84%
United G & E 7% pref. 100
United Lt & Pow com A..*
June
Jan
t20
tio%
22%
Mtge Bk of Denmark 5s '72
2%
20
10
9%
♦Mtge Bk of Chile 68.1931
64%
Apr
*20
10%
39%
3%
Un Stk Yds of Omaha.. 100
11
7%
11
9%
2,000
20
t6%
...1958
♦Medellln 7s stamped. 1951
Mtge Bk of Bogota 7s. 1947
4% May
May
1% May
6% May
3% May
% May
% May
Feb
1%
7% May
3%
13%
3%
High
Low
t
12
17%
til
♦Maranhao 7s
Jan
Union Investment com...*
United Aircraft Prod
3% Feb
X June
z8 %
20
High
17%
17%
(City) Peru—
♦6% s stamped...—1958
Jan
*8%
Corp...l
1
Low
Lima
Jan
Class A...-
Week
Apr
115
100
Tublze Chatlllon
for
of Prices
♦Hanover (City) 7s... 1939
♦Hanover (Prov) 6%s. 1949
he
May
Week's Range
Sale
Price
Mar
Apr
1
Last
High
J
hi
Trans Lux Corp
Range Since Jan. 1,1940
BONDS
(Continued)
106
105
100
Toledo Edison 6% pref
Range Since Jan. 1, 1940
1940
Sales
Friday
Week
Par
July 20,
Exchange—Continued—Page 5
Attention is directed to the
Mar
May
May
new
Apr
7
& St Ry 5%s
Jan
18
♦Hamburg El Underground
June
17%
July
column in this tabulation pertaining to bank eligibility and rating of bonds.
See
*.
Volume
New York Curb Exchange—Concluded—Page 6
151
Last
Elig. dk
BONDS
Rating
{Continued)
Price
1943
1943
1966
x
bb
x
34s,..1963
1949
z
♦Hungarian Ital Bk 7
Hygrade Food 6s A
b
y
Rating
Price
3
10034 105
Power
1,000
100
♦Prussian Electric 6s.
1,000
10634 11134
*3 34
6834
68
68
10354
iY.oo'o
64
81
2,000
66
79
bbb3
10534 10934
101
10754
9834 107
x
bbb3
x
bbb3
10454
y
bb
3
11,000
7,000
49,000
9634
105
87
10134
1st A ref 5s
93
100
1st A ref 4Mb ser D
9834
bbbl
b
2
9834
9834
70
72
11,000
57
7334
y
b
70%
70
7134
43,000
56
7334
z
bb
87
87
90 34
21,000
60
9254
x
a
10534 10534
3,000
105
10934
y
y
1955
y
7s series E
1957
1952
Interstate Power 5s__
1957
Debenture 6s
1952
Iowa-Neb LAP 5s.
1957
5s series B
1961
Iowa Pow A Lt 4Mb
1958
Isarco Hydro Elec 78——1952
Italian Superpower 6s
1963
y
7s series F
y
1st A ret 5s
Mississippi Power 5s
Miss Power A Lt 5s
Miss River Pow 1st 5s
Missouri Pub Serv 5s
7,000
21
4934
♦Saxon Pub Wks 6s
cc
bbb2
40 34
38,000
29
51
Scullin Steel Ino 3s
1951 yb
2
10534
13,000
103
Shawlnigan W A P 4348—1967 x a
1st 4Mb series D
1970 x a
Sheridan Wyo Coal 6s
1947 y b
2
2
2
3934
105
10634
10634
*10534 107
103
*106 34 10734
10634 10934
3
37 34
52
Sou Carolina Pow 5s
42
Southeast PAL 6s
2025 y bb
39
5334
2
x
a
4
z
cccl
x
a
10254 10754
117
12754
10434 108
~4"66O
10334
14,000
10334 108
106"
b
y
60
60
4
x
b
x
aa
x
91
6,000
95
94
95
104 34
109 34
106
111
3,000
2,000
9134 10034
70
5134
y
bb
59
5,000
x
bbb2
102 34 104
9,000
98
x
bbb3
10354 10354
7,000
9<34 103 34
x
bbb3
x
bbb2
58 34
106
.1978
107
10454
10454 10454
10454 10434
110
110
110
9234
9334
'11234
10034 10034
11154 11234
10734 107 34
12,000
10,000
9,000
9,000
4s
*110
*124
74
"6534"
6434
66
6534
64 34
6534
6454
64 34
66
97
y
10834 H034
95
10134
11254
3,000
101
26
102
10134
y
So'west Pow A Lt 68—2022 y bb
S'west Pub
Serv
98 34
64
9734
93
6,000
87
1,000
31,000
9534
9634 103
102
11234
17,000
106 4 11034
10734 108
10534 10334
108
17,000
10634 11034
104
2,000
a
a
16,000
62
83
115
421666
51
4,000
2,000
37
10434 10434
2,000
104
10634
3,000
90
105 34
108 34
QQ
9934
4
9934
47
1,000
105
40
60
42,000
49
7434
48
7034
7134
7034
7034
7034
3l
7034
70 34
3
7034
70 34
7134
7134
7134
7134
71
*2034
2134
2
y
b
3
7034
y
b
3
1951 yb
3
x
aaa3
x
aa
1953
yb
52
1,000
105
9834
25,000
9934 10054
56,000
10134 101
5,000
7,000
Debenture 6s
—1948
1948
8834
93
7134
7134
110
Dec 1 1966 y b
.1957 yb
6s gold debs
7034
7034
3
Standard Pow A Lt 6s ....1957 y b
♦Starrett Corp Inc 5s
1950 z ccc2
Stlnnes (Hugo) Corp—
7s 2d stamped 4s
1940
1946
y
34
z
b
1956 x
3
1979 y bb
Tide Water Power 5s
7434
48
74 34
32,000
48
7434
43,000
48
74 34
4,000
49
7434
1434
2434
27
46 34
3,000
36
18
36
2134
9,000
46
22 34 2434
10634
106
10634
10634 10634
*115
11634
9634
97
21,000
6234
18,000
56
7
10,000
7
1234
114
11834
28
2
a
2022 y bbb2
6s series A
4934
28
"1T666
24
4554
21
2434
1
1960 x bbb4
Texas Power A Lt 5s
39,000
22,000
3534
33
z
1953
7s 2d stamped 4s
Ternl Hydro El 6 34s
Texas Elec Service 5s
39,000
10134 10634
8,000
10434 10834
109.
11934
23~666
88 34 103 34
Tietz (L) see Leonard—
Twin
City Rap Tr 5348...1952
5UlenA Co—
y
1950
x
b
4
6134
6234
7
z
1949
Conv 6s 4th stp
United Elec N J 4s
aaa4
*11534
1956 y bb I
♦United Industrial 634s...1941 z cccl
United El Service 7s.
♦1st
1945
f 6s
s
z
b
*21
1975 y b
2
Debenture 6348.
1974 y b
2
1st Hen A
40
16
30
16
1934
85
87
31,000
73
8934
86 34
8634
1959 x bbb3
Debenture 6s
534s
cons
Un Lt A Rys (Del) 534s...1952 y
bb 3
8734
8734
26,000
7434
91
3,000
104 34
110
106 34 107
9134
32,000
78
95
11534 11534
"9034
2,000
110
119
9034
United Lt A Rys (Me)—
6s series A
10034
1952 x bbb3
Deb 6s series A
9954
10034 10334
97
10334
1973 yb
8534
2
1944 x bbb3
2022 x bb 2
1st lien A gen 434s
Deb 6a series A
9434
7,000
24,000
10234 10554
2,000
Waldorf-Astoria
3,000
10434 109
102
10634
11154 11454
52
65
x
aa
1962
Okla Nat Gas 354s B
1955
Okla Power A Water 5s.__ 1948
Pacific Gas A Elec Co—
1st 6s series B
1941
Pacific Ltg A Pow 5s
1942
Pacific Pow A Ltg 5s
1955
Park Lexington 3s
1964
Penn Cent LAP 4Mb
1977
1st 5s
1979
Penn Electric 4s F
1971
5s series
...1962
x
a
x
bbb3
x
bb
x
aaa2
x
aaa4
y
aa
Wash Ry A Elec 4s
'10734
3
bbbl
58
~3~66o
1,000
94
103
West Penn Traction
bbb2
x
bbb2
x
aa
2
x
aa
2
A.——......1950
series B
1959
y
bb
y
bb
1947
x
9334
aa
105
....—.1954
3,000
104
106
West Newspaper
x
.
1972
x
aa
y
y
y
3.000
107 34
11134
10734 10834
10,000
103 34
{♦York Rys Co 5s
♦Stamped 5s
1937 z bb
1947 v bb
109
15,000
8,000
10734
7,000
10834 10834
93
9334
3,000
45,000
39 34
10334
104
104
10534
1953
58—1940
y
1,000
29,000
3,000
5,000
434 s series F
94
9,000
4
1034
107
109 34
10134
Wheeling Elec Co 5s
"5" 666
10634 106 34
112 34 11234
1,000
1,000
53
10734
*94
9634
10434
"7/000
108
10434 117
43
6034
105
103
106 34
107
1
2
6,000
5334
*103
10834 10934
102 34 107 34
90
"2^660
9634
98
94
9534
99
86
11034
39 34
9734
4 3 34
9634 10434
101
10734
106
108 54
108
13,000
10 4 34
10754 10834
97
99
b
Potrero Sug 7s stpd
107
100
*107
bb
8,000
10834 112
104 34
b
z
95
10034 105
23,000
107
3
9934 10334
10334
7,000
109
106 34 107
10434 104 34
107
bb
z
104 34
106 34
bb
y
1956
1961
1947
5334
1941 x aaa2
1966 x bbb3
104
b
Potomac Edison 5s E
2
Wise Pow A Light 4s
3934
bb
Stamped
Un 68—1944 y bb
4934
106 34
103
aa
Transit 6s
1962
Pledm't Hydro El 634s...I960
Pittsburgh Coal 6s
1949
Pittsburgh Steel 6s
1948
Phlla Rapid
112 34
35
107
19,000
108
11254
9734
22,000
9934
24.000
11234 11334
10034 101
26,000
97
9854
29
35
3,000
101
102
*11
~2~d66
21
"108
9034
93
"4"66O
83
4,000
108
x
a
x
a
10854 10854
y
ccc2
*48
108
108 34
6,000
4,000
50
♦
91
eluded In year's range,
10034
7834
90
d Ex
Cash sales not In
No sales being transacted during
current week.
in receivership.
Cash
redemption:
sales transacted during the
current week and not
Included in weekly or
yearly range:
No Sales.
94
75
e
14
10634 10934
10754 11054
53 £
47
r
None.
48 34
10234
5 Called for
106 54
99
year's range,
Ex-divldend.
Bonds being traded flat.
{ Reported
11034 115
10254
92
24
x
♦ Friday's bid and asked price.
♦
9834
95
No par value,
a Deferred delivery sales not Included in
n Under the rule sales not Included In year's range,
Interest,
10834
13
8234
"9034
106
103
27,000
*104 34 10534
102
1 09 34
10154 10854
105
1,000
Peoples Gas L A Coke—
Phila Elec Pow 534a
10634
2
101
10954
103 54 10954
34
10334
434
434
109
*108
108 34 10934
2030 x bbb3
7,000
43
10754
1981 xbbb2
1961 x bbb2
9934
5s...1960 x aa
7,000
42 34
Penn Ohio Edison—
4s series B
10234
10834
104 34 10534
107
ccc2
x
10,000
9634
10154
85
13,000
102 34
4
101
10754 108 34
*10134 103
10834
98
102 34 102
2
1951 x aa
Washington Water Pow 334s'64
58
108
4
z
Penn Pub Serv 6s C
1954 z cc
♦5s Income debt
10934 10934
4234
10434
9534 10054
9934
102
9634
89
7234
7,000
86
Hotel—
105
Ogden Gas 1st 5s—
1945
Ohio Pow 1st mtge 334s.,-.1968
x
3
......1946 y b
Deb s f 6s
*98
9934
3
1946 y bb
1950 y bb
1st ref 5s series B
West Penn Elec 5s
bb
Deb 534s
9534
101
58
y
4s.
81
69
*16
1
United Light A Pow Co-
103 34 10434
*112 34
b
53
7,000
10534 10534
1989 « b
(stamped)
Conv 6s (stamped)
12254
7134
51
9254
10334
10534
4334
43
1945 x bbb4
6s
10734 10734
10554 106
bbb2
x
x
b
♦Portland Gas A Coke
3
3
4
2
July 1 '60 x aa
Va Pub Service 534 A
bbb4
♦Pomeranian Elec 6s
72 34
64
6,000
10734 10834
1961 x bbb3
110
36,000
97 34
bb
x
4s series D
57
12,000
72
11234 11234
11234
1968 x aa
1951 y bb
10754
20
10854 11134
120
12834
10754 10754
9954
98
109
10154 10234
bb
y
y
SsseriesD
11,000
7234
Utah Power A Light Co—
1948
1957
N'western Pub Serv 5s
64 34
7134
102 34 102 34
4
May 1 1960 x aa
Ref M 3 54s B
105
8,000
130
10654
*105
7434
7154
12134
*117
10234 107
96
10454
86
113
x
y
Nor Cont'l Util 534s
63
93
Sou Counties Gas 434s
Sou Indiana Ry 4s
10434
9,000
1,000
26
*2134
z
534s series A
....—1956
No Host Ltg Prop 334s—.1947
f
10134
81
1,000
106
10834 10854
aa
bb
99
5,000
91
1950
1980
1964
2004
Nippon El Pow 634s
No Amer Lt A Power—
6s series
7134
5834
1,000
106
2
y
9954
9934
bbb2
y
1949
Debenture 5s
Ohio Public Serv
Ref M 354s
Debentures 6s.
1954
N Y A Westch'r Ltg
17
31
10034 104
Standard Gas A Electric—
*15
1
dd
z
1942
stamped
12
23
2,000
71
S'western Assoc Tel 5s
"5~666
106 34 10734
107
4
8,000
48
110
*12234 126
106 34 106 34
*11
40
104
104 34
bbb3
x
47
*103
2
a
47
3
aa
Penn A Ohio—
3 %s
136
102 34 102 34
1957 y bbb2
3034
33,000
New Orleans Pub Serv—
1st mtge
2
29
41
*33
3234
37
aaa2
1981
2022 x aa
1948 x bbb3
Nevada-Calif Elec 5s
1956 y bb
New Amsterdam Gas 5s—1948 x aaa2
N E Gas A El Assn 5s
1947 y b
5s
1948 y b
Conv deb 5s...
1950 yb
New Eng Power 334s
1961 x aaa3
New Eng Pow Assn 5s
1948 y bb
Debenture 534s
1954 y bb
N Y State E A G 4Mb
2734
6434
7234
b
1967
1978
.....1955
1955
series A
50
10234
cccl
15
10534 10934
127
*26 34
z
x
18T666
133
*11
1951
z
10634
*130
1943
x
1937
Spalding (A G) 5s
5s stamped
x
106
10634
♦Schulte Real Est 6s
6s series A
♦Ext 434s
b
1
cccl
aa 3
aaa2
z
Scrlpp (E W) Co 534s
Nelsner Bros Realty 6s
York
z
♦Ruhr Gas Corp 634a
♦Ruhr Housing 634s
4734
x
1965
1945
1943
{♦Nat Pub Serv 5s ctls—
Nebraska Power 4Mb
♦Income 6s
93
7134
1957 x bbb3
1951 x aa 3
1960 y bb 4
Nassau A Suffolk Ltg 5s_..1945 x bb 2
Nat Pow A Lt 6s A
2026 y bbb2
Deb 5s series B
2030 ybbb2
New
4
5134
x
4Mb..—1947
Metropolitan Ed 4s E
1971
Light 434s
Minn PAL 4348
2034
1434
bb
2034
b
z
Mengel Co conv
Milw Gas
18
*11
y
Sou Calif Edison Ltd—
Memphis Comml Appeal—
Deb 4 34s
1952
Midland Valley RR 5s
99
*11
...1952
534s series A
53,000
y cc
1948
4s series G
80
2
4334
McCord Rad A Mfg
Middle States Pet 6Mb
2,000
bb
68
6s stamped
93
v
28,000
aa
1941
97
93
1950
1934
Mansfeld Mln A Smelt—
♦7s mtgesf
100
81
62 34
bbb4
1945
1957
Long Island Ltg 6s
Louisiana Pow A Lt 5s
83
62,000
2434
x
.1942
100 34
11,000
93
22
y
3 34 s
1966
Kansas Gas A Eec 6s
2022
Lake Sup Dlst Pow 3 Mb—1966
♦Leonard Tleta 7Mb
1946
86
95
Queens Boro Gas A Elec—
9,000
Jacksonville Gas
6s stamped
9934 119,000
93 34
92
6134
6134
158
10434 108
9734
92 %
2034
3934
128
9434
21
4
1,000
2
2
bb
y
2434
ccc2
Kansas Elec Pow
1950
C
ser
22
bbb4
106
'
1
b
16
10534 10634
10534 10634
12,000
106
4
a
x
2134
y
y
1966
1934
y
y
3
y aa
4s series A
2134
b
C
9,000
15034 153
1
1
b
b
6,000
10534 10534
Pub Serv of Oklahoma—
1953
1958
Safe Harbor Water 434s—.1979
San Joaquin L A P 6s B...1952
International Power Sec—
6 Mb series
9134
14
10334 106
Puget Sound PAL 5348—1949 y bb
15,000
4,000
98
61
6,000
20
*11
10534
6% perpetual certificates
69,000
10634
106
1
1949
10434 10454
10634
Jan. 1
67
6634
2
b
z
Since
$
Public Service of N J—
106 34 106 %
aa
x
1954
1964
10834 10834
x
x a
Corp(Can)434sB —1959
Range
for
Week
Low
Public Service Co of Colo—
1st mtge 334s
s f debs 4s
25
6734
68
of Prices
High
Sale
See i
16,000
b
1949
Idaho Power 354s
1967
111 Pr A Lt 1st 6s ser A
1953
1st A ret 5 Mb ser B
1954
1st Aref. 5s ser C———1956
Sf deb 534s...May
1957
Indiana Hydro Elec 5s
1958
Indiana Service 5s
1950
1st lien A ref 5s
1963
♦Indianapolis Gas 5s A
1952
Indpls Pow A Lt 3548
1968
6s series B
BONDS
{Concluded)
102 34
c
y
34s
Since
Jan. 1
$
10134 10134
10934 109 34
102
aa
deb 63^8
Houston Lt A Pr 3
Week's Range
Last
Elig. &
Range
for
Week
of Prices
High
Low
102 34
bbb3
y
Houston Gulf Gas 6s
conv
Week's Range
Sale
See i
391
Sales
Friday
Bank
Sales
Friday
Bank
y
Under-the-rule sales transacted
during the current week and not
Included In
weekly or yearly range:
No sales.
▼
Deferred delivery sales transacted during
the current week and not
Included in
weekly or yearly range:
No sales
Abbreviations
Used
Above—"cod,"
certificates of deposit;
"cons," consolidated
"cum," cumulative; "conv," convertible; "M." mortgage; "n-v," non-voting
v t c." voting trust
certificates; "w 1," when issued; "w w." with warrants;
•
stock*
"x-w"
without warrants
l
Bank
Eligibility and
believe eligible
y
status or
z
Rating Column—x Indicates
those bonds which we
for bank investment.
those bonds we believe are not bank eligible due either
some provision in the bond tending to make lt speculative.
Indicates
Indicates issues in default, in bankruptcy, or
In process of
to rating
reorganization.
based on the ratings assigned to each
The letters Indicate the quality and the numeral
immediately following shows the number of agencies so rating the bond.
In all
cases the symbols will represent the rating given by the majority.
Where all four
agencies rate a bond differently, then the highest single rating Is shown.
The
rating
symbols In this column are
bond by the four rating agencies.
A great
•sues
majority of the Issues bearing symbols ccc or lower are
default.
bearing ddd or lower are in
A
I
Attention is directed to the new
column In this tabulation
pertaining to bank
eligibility and rating of bonds.
See note A above.
In default.
All
392
The Commercial £ Financial Chronicle
July 20, 1940
Other Stock Exchanges
Sales
Friday
Baltimore Stock
Last
July 13 to July 19, both inclusive, complied from official sales lists
Stocks (Continued)
Par
Week's Range
for
Sale
Exchange
of Prices
Low
High
Week
Price
Range Since Jan. 1, 1940
Shares
Low
High
0
Sales
Friday
Week's
Last
Sale
Stocks—
Par
Range
of Prices
High
Low
Price
Adams Oil & Gas Co com.*
for
Week
Shares
649
11
31c
120
23c
1,60
1.60
1.60
228
76
78
127
117
118
94
Fidelity & Deposit..
20
110%
Houston Oil preferred-_100
Mar Tex Oil
1
Common class A
17
248
MtVern-Wd Mills com.100
16
1.50
15%
86%
86%
62
10
18
19
940
33%
33%
32%
33
36%
37
93
Western National Bank .20
86%
33%
«.
2
62
19
Penna Water & Pow com.*
93 %
^
„
80
May
July
1975
B 6fl
1975
Boston Stock
12C
88
88
21%
Jan
Amer Tel & Tel Co cap.100
Jan
Armour <fe Co
159% 162
5
common
4%
Stocks—
100
175%
Mar
Maj
7%
Apr
15C
30
Mar
Jan
Associates Invest
June
45%
4%
4%
150
Jan
5%
475
130
8%
Jan
4%
2%
3% Maj
4% Maj
7
Aviation Corp (Del)
3
Aviation <fc Transport cap. 1
Apr
2%
10(1
2%
Maj
4%
Apr
14%
12% Maj
7% Maj
18%
19%
30
com*
com
Wheel cap
russ
"4%
4
Bastian-Blessing Co com.*
Jan
Belden Mfg Co com
31%
Jan
265
1.15 June
Mar
2.50
Jan
17%
Apr
90
Mar
10
Belmont Radio Corp
Bendix Aviation com
15
8%
4%
Bliss & Laughiin Inc com.5
37
23
May
35%
1,100
1,500
30
May
40%
Apr
Apr
90
June
95%
Mar
Jan
May
May
5%
May
36%
11%
4%
50
16%
200
3%
24%
8%
3%
13%
May
23%
Jan
16
447
13% May
25%
Jan
4%
28%
250
1,100
9
June
Apr
Apr
Mar
4% May
May
Borg
May
150
12
15%
4%
Jan
Jan
50
8%
4%
16%
9
72%
200
8%
28
6
Berghoff Brewing Corp..
Binks Mfg Co cap..
23%
25
Mar
Warner Corp—
Common
__5
15%
Par
Exchange
sales lists
Common
for
of Prices
Low
High
Week
20
60
non-cura
50
pref
Amer Tel & Tel
Range Since Jan. 1. 1940
Shares
161 %
40c
Low
159%
1%
162
30c
Apr
70
13%
Feb
88
2,274
1%
Apr
144% May
1
%
BJg-Sanford Carpet preflOO
81 %
82
20
80
July
8Va
9
125
8
May
Bird & Son Inc
9%
50
6
6%
2%
350
5% June
2% July
11%
Feb
950
4%
Mar
10
5
5
5
800
4% May
7%
20
20
20%
120
17% June
23%
Apr
80
80
80%
470
71
May
88%
May
%
Jan
4% June
4% May
8%
Apr
6%
May
Butler Brothers
*
20
Boston <fc Albany
100
8214"
81%
83
Boston Edison Co
100
135 %
134%
136
Boston Elevated
100
42 %
41%
42%
146
Boston Herald Traveler..*
18%
18
18%
125
hi
60c
20
2
Jan
175%
Mar
%
Jan
Feb
364 z66%
126
Jan
July
Cherry Burrell Corp com.5
Chicago Corp common
l
Chrysler Corp common..6
Chicago Towel com
*
100
Cl C 1st pref std
1(M)
12%
Apr
86
Mar
Feb
149%
Jan
May
16% May
50%
Mar
20%
Apr
38%
1%
50
1
July
8%
Mar
8%
298
5
May
10%
Jan
2
2
12
12
12
9
35
1% May
11% June
16
Apr
149
4%
May
8%
3%
4
150
3% May
5%
Feb
2
"3%
5%
2
283
1% May
3%
Mar
65%
24%
Mar
Feb
East Gas & Fuel Assn—
Common
*
4
%% prior pref
6% preferred
100
48
46
100
20 %
17%
226
304
20%
26
May
12% May
Eastern Mass St Ry—
1st preferred
100
62
62
62
10
Preferred B
100
11
10
11
80
Adjustment
100
54% May
7%
1%
1%
100
May
1% June
3%
3%
225
3%
17%
1%
*
Employers Group
General Capital Corp
Apr
*
3%
18%
24%
3%
430
Gilchrist Co
60
16% May
23% May
3% July
Gillette Safety Razor
*
4%
4%
58
3% June
41%
41%
110
24%
*
Helvetia Oil Co t
c
41%
1
Maine Central com
100
cum pref...,
11c
"4%
100
15
Mass Utilities Assoc v t c.l
1%
14%
~m%
Mergenthaler Linotype..*
Narragansett Racing Assn
11c
360
4%
30
15%
95
1%
10
4%
15
100
Inc...
1
33
15
5
N E Gas & Elec Assn pref *
New England Tel & Tel 100
N YNH & HRR
100
North Butte
2.60
Pacific Mills
110
168
5%
700
May
11c
Apr
4%
15
July
May
1% June
12
May
4%
30%
Mar
Dodge Mfg Corp com
*
Elec Household Util
Corp.5
Elgin Natl Watch Co...15
2
3%
24%
Eversharp Inc com
1
Fairbanks Morse & Co cm*
Jan
Fuller Mfg Co com..
.1
General Finance Corp com 1
General Foods com
*
Apr
26%
31%
Apr
5%
6%
Apr
Gillette Safety Razor com *
Goodyear T <fe Rub com
*
Gossard Co (H W) com...»
Great Lakes D & D com..*
May
July
11
2%
7%
Jan
Mar
280
Stone & Webster
»
8%
314
60c
95
7%
Suburban Elec Sec Co cm.*
60c
*
37
*
Union Twist Drill Co
5
26 X
cum pref
25
Waldorf System
43%
37
11c
Apr
Feb
Harnischfeger Corp com. 10
Heileman Brewing cap
1
Feb
2%
Mar
Hormel & Co
137
50
57c
Jan
Jan
75c May
Apr
33%
May
May
43%
191
39% June
40C
1,400
6%
100
Jan
35c May
5% May
25
12%
Feb
45%
55
13
12
July
22%
25%
25
July
1948
95
95
58,000
87
May
..1948
95
95
450
86
June
Jr cumul pref
850
12%
100
9% May
5%
5%
9%
50
5
Mar
6
450
8
May
10
Feb
250
30
Jan
35%
Apr
15
9
May
16%
15%
100
14
Jan
19%
Apr
Apr
hi
300
9
43%
43%
130
14
14
14
150
10%
10%
11
200
9
17
17
4%
3%
25
For footnotes see page
394.
43%
44%
57
Jan
Jan
62%
Jan
17
Feb
17
Jan
Apr
17
July
23%
4
May
6%
Feb
100
3% May
6%
Apr
49%
103%
Feb
3%
Jan
%
1%
4%
Mar
44
10
38
99%
2%
5
99%
2%
20
90
50
%
450
May
May
2% June
%
Jan
Jan
Apr
LibbyMcNelll&LIbby
5%
7%
July
May
9
July
26
Jan
July
Apr
Mar
Feb
60c
Apr
7%
Mar
30
Feo
98
%
com7
Lincoln Printing $3.50 pf
101%
%
*
1%
16%
1%
10
6%
5%
Common
Lindsay Lt & Chm
com.
com.
17
2,201
70
1%
300
6%
500
5
16%
1%
4%
9%
250
1%
Jan
20%
21%
450
20%
July
11
11%
750
8% May
15%
3%
3%
6%
5%
100
2,350
5,300
3%
Apr
3%
Jan
5% May
1% Mar
200
% May
9%
2
..5
9%
2
100
July
Jan
Apr
3%
7%
10%
2%
28%
Jan
Mar
Apr
Apr
Apr
Apr
Mar
Marshall
Field
Mfrs
com
•
Sec—
com
1
Mickelberry's Food com.l
Middle West Corp cap
5
Midland United conv pf A*
3%
3%
3%
6%
6%
5%
4%
150
Midland Util—
4
Jan
4%
Apr
9%
Jan
5%
July
7% preferred A
7% prior lien
100
100
5%
3% June
6%
Jan
100
5
5%
5%
300
6% prior lien
700
3% June
6%
Jan
5%
6%
110
3%
8%
Apr
Miller & Hart Inc cnv pf.»
Minn Brew Co com
1
5%
8
Nat Pressure Cooker Co..2
Natl Standard com
10
Noblitt-Sparks Ind
cap
Penn RR capital
50
8
8%
250
8
40%
518
32
May
11%
55%
23
23
10
20
June
28
3%
25%
5
Northwest Bancorp com..*
Nor West Util pr lien pflOO
Oklahoma G & El 7% prlOO
Parker Pen Co (The) com 10
Low
25
25%
"~5%
5
9%
3%
25%
25%
5%
9%
50% May
34% May
70%
51%
Jan
Apr
3
Feb
9% July
7% June
10
45
June
111
111
10
107
June
10
10
50
20
30%
30%
25
25
*
8
8
1
1
100
50
23
20% May
800
20
Preferred
50
July
May
9
*
Quaker Oats Co common.*
250
2,800
3%
50
8%
Peoples G Lt&Coke cap 100
com
.50
July
50
Perfect Circle (The) Co
Poor & Co class B
High
Jan
%
39
Montgomery Ward com .»
Muskegon Mot spec cl A__*
Range Since Jan. 1,1940
125
May
Feb
150
44
50
Pressed Steel Car
59
90%
July
Sales
58
13%
66% May
38% June
11% June
100
4%
3%
Potter Co (The) com
*
1
May
1
Abbott Laboratories—
Common
6%
Apr
2%
Week
Shares
9% May
350
St., CHICAGO
High
Feb
200
July 13 to July 19, both inclusive, compiled from official sales lists
Low
Jan
20%
1
Chicago Stock Exchange
Price
Feb
hi May
137
8
Apr
12%
27%
5% June
86
100
North American Car com20
Northern 111 Finance com.*
Par
50
25
3
Principal Exchanges
System Teletype
Trading Dept. OGO. 406-406
Municipal Dept. OGO. 621
com
20
12% May
9% May
17% May
1
Bell
Stocks-
Jan
2%
Members
for
Apr
LaSalle Ext Unlv com...5
Common
Paal H.Davis & Go,
of Prices
5
2%
49% Apr
56%
Apr
6%
Apr
Kingsbury Brewing cap__l
Unlisted
Week's Range
Apr
17% May
Jan
SECURITIES
Salt
49%
Apr
Class A
Last
14
Apr
4%
Apr
29%
Apr
2% May
Mar
Merch &
Friday
June
168
400
1
com
6% preferred..
Kerlyn Oil Co com A
Lynch Corp
La Salle
4
155
4%
9%
81%
Preferred
10
Loudon Packing com.....
S.
Jan
31
Bonds—
Listed and
May
%
7%
81%
*
Mar
84%
44%
Eastern Mass St Ry—
CHICAGO
38
Hubbell Harvey Inc com.5
Hupp Motor Car com
1
9%
145
40c
624
Jan
19%
2%
1% May
36% May
15%
12%
5%
5%
100
Feb
202
4%
Ken-Rad Tu & Lp com A.*
Kentucky Utll—
923
6%
Apr
23%
May
500
10%
Jan
65
25
2
3
July
43%
10%
15%
Katz Drug Co
27%
510
33
Jan
7% May
5% May
37
200
Houdaille-Hershey cl B..*
Jan
June
12%
34
Apr
150
1%
29%
30%
com
Jan
May
14%
9%
19%
9%
May
21
44%
43
20
9
3
150
10
Apr
17
50
400
4%
41%
9%
1% May
13% May
50
*
com
50
15%
1%
1%
Hamilton Mfg cl A pt pf 10
8%
25
2
50
35%
4
4%
10
16%
30%
42%
*
10
com...
24%
1%
62
*
Series A4%s
Series B 5s
Printing Co
May
24%
Utah Metal & Tunnel Co.l
Warren (S D) Co..
Hall
May
30%
~64%
United Shoe Mach Cor p.25
May
Jarvis (W B) Co (new)
capl
Jefferson Electric Co com.*
9
Torrlngton Co (The)
42
12%
3%
24%
15%
12%
3%
24%
1%
Gen Motors Corp com. .10
66
2
35%
15%
(Peter) Brewing com.5
May
8%
Jan
Mar
May
92c
*
Jan
8
110%
9
July
Shawmut Assn T C
May
10
50
42c
July
5%
77
Apr
Mar
10%
1,480
8
3%
10%
50c
20
16%
May
15%
International Harvest com*
Iron Fireman Mfg Co v t c*
8
May
1
Dayton Rubber Mfg com.l
Decker (Alf) & CohncomlO
Deeve & Co com
..*
%
8
10
Jan
Apr
Reece Button Hole MachlO
100
150
Apr
Feb
ha
May
33
19
66
1
25% May
Mar
24%
hi
7%
3%
38
May
Apr
Feb
14%
75% May
May
12
Inland Steel Co cap
175
2
June
2% May
30
13% June
June
133
13%
64
Jan
20
253 rl08
472
7.900
Jan
May
91
50
Illinois Central RR
1%
31
Feb
256
Jan
10%
30%
13%
%
6%
hi June
4
53% May
15
May
20%
Apr
15
6%
1%
84
June
14%
38%
10
55
15
*
Jan
19%
19%
70
30
Jan
Feb
100
6%
6
101% 101%
22%
22%
25
42c
50
2%
31
Jan
1%
37
1,350
446
Jan
25% June
10
6%
66%
65%
13
May
Jan
Cunningham Drg Strs__2%
Crane Co com..
July
10
117%
28
%
5%
63%
2
31I
25
2nd pref
50
%
June
%
Feb
99% July
18% May
33
33
115
*
Pennsylvania RR
Quincy Mining Co
65%
9
5,500
1
2%
Hathaway Bakeries—
Preferred
200
65
Continental Steel pref.. 100
Fox
Eastern S S Lines com
10%
28%
20
June
2% May
5%
25
50
10%
%
31
Consolidated Biscuit com
Consolidated Oil Corp
1%
...
Copper Range
100
%
5%
64%
Compressed Ind Gases cap5
May
May
395
7%
8%
Boston Personal Prop Trs *
Calumet A Hecla
250
65%
Club Alum Utensil com..*
Coleman Lmp & Stv com.*
Common
100
Prior preferred
9
50
%
6%
28
1
28
com. 100
Cities Service Co com...10
Commonwealth Edison—
Capital
25
103
Maine—
Common stpd
%
4%
6%
Conv pref
*
Central States Pow&Lt pf *
Convertible preferred..*
Chic Flexible Shaft com..5
High
28
20
1%
100
Associated G & E cl A
9%
2%
I
Chic&Norwest Ry
40c
*
....
1st pref
9%
2%
*
5
Sales
Week's Range
Price
Class A preferred
Bruce Co (E L) com
Burd Piston Ring com
Cumul conv pref
30c
Cent 111 Pub Ser 36 pref..*
Central 111 Sec Corp
1
American Pneumatic Ser—
Acme Steel Co
Maj
Maj
4
Atbey 1
Apr
July
73
146
Apr
55c
May
84% May
54 % May
2C
795
565
'
Apr
70c
12
Jan
Feb
May
Sale
6%
4%
Jan
Feb
41%
22% Maj
2 50
14 %
33
Last
5%
4%
July
4
14
Maj
83%
119%
Apr
July 19, both inclusive, compiled from official
to
<fe
30%
Mfg. Co..*
$17,500
Friday
Boston
8
4%
Brown Fence <fc Wire—
A 6s flat
6%
15C
15C
55c
Bonds—
Bait Transit 4s flat—1975
July 13
2%
10%
A Ills-Chalmers
25c
248
19
871
16
2%
10%
29%
2% Maj
2% Maj
26c June
4,800
8
High
1.36 May
69
May
111% June
91 % May
12
May
200
45c
248
1.50
New Amsterdam Casualty5
Northern Central Ry
50
t) 8 Fidelity & Guar
45c
40c
60
250
17
45c
45c
1
Mercantile Trust Co
34
110% xl 12
25(
Amer Pub Serv Co pref. 100
14%
27c
77
4%
Aetna Ball Bearing com__l
Low
13%
14%
1st pref ▼ t o.
4%
Advanced Alum Castings.5
Range Since Jan. 1, 1940
95
185
40
50
7% May
15
May
25
May
23% May
5% May
151
151
978
Apr
Jan
Mar
4%
Jan
28%
Jan
36
Apr
5% May
12
Feb
12
Jan
70
Jan
J18% May
Jan
12%
Jan
24%
Feb
38%
29
Mar
12%
Jan
June
%
Feb
6% May
Jan
Feb
Feb
100
9%
10
101% 102%
Jan
%
290
95
June
14%
123%
10
141
June
154
Volume
for
of Prices
Week
Sale
Stocks (Concluded)
High
Low
Shares
High
Low
Price
(Concluded)
Par
Reliance Mfg Co com
10
8%
8%
12
Jan
Scbwltzer Cummins cap__l
7%
7%
100
6
May
10%
Feb
72%
12%
73%
62
May
88
Apr
c
12%
50
27%
27%
26%
27
Slgnode Steel Strap Co...*
Preferred
30
27
Sou Bend Lathe Wks cap_5
Spiegel Inc common
2
St Louis Natl Stkyds cap.*
—
—
-
—
—
Republic Steel
"35%
1
Common (new)
70
65
June
80
Feb
Troxel Mfg
cUS Steel
Swift A Co
11%
8
May
2%
a50%
com
Van Dorn Iron Wks
4%
*
------
4%
8%
*
Weinberger Drug Stores.
.
White Motor
50
8%
a32%
29%
May
cYoungstown St Door com*
15%
32%
25%
May
750
17%
345
17
1,905
20
40%
8%
38%
3% May
803
25%
60
May
July
5%
May
July
68%
5%
May
5
2%
165
42
50
4%
3
1,155
Jan
Jan
July
7% May
7% May
Jan
Apr
Jan
J an
10%
26% June
12% May
48%
100
Mar
June
25%
9
225
130
50
13%
28 %
Feb
19
20
38%
39%
63
47%
Apr
4%
19
25
Thompson (J R) com...25
Trane Co (The) com
2
capital
Apr
Jan
Mar
Jan
Apr
Feb
Youngstown Sht & Tube. *
23%
185
6
May
Feb
28%
20% May
2%
Feb
15%
Jan
5%
31
17% May
600
-
25%
.15
25
539
35%
a4
33%
2%
a52%
4%
5
8%
9%
a34
16%
35%
31%
1
Mar
14
14%
23%
a3%
Seiberling Rubber
Mar
2%
Mar
May
Apr
50
25%
May
17%
—
Sunstrand Mach T*1 com.5
Swift International cap.
11%
11%
5
Stewart Warner
1%
1
400
14%
May
14
..*
Thompson Prod Inc
Jan
1%
July
10
50
*
Apr
24%
20
25
Preferred
Standard Oil of Ind
—
11
140
1
Apr
11
Upson-Walton
—
50
11
*
31
30
70%
70
12
11
al6% al6%
*
May
High
Low
Shares
12
5
5
1,1940
Week
*
65
70
750
for
of Prices
Low
High
.„__*
com
Richman Bros
17% May
July
27% July
20% May
123*
Stand Dredge—
Texas Corp
Patterson-Sargent
6%
6%
—
July
8%
50
Week's Range
Price
Par
Reliance Electric
486
Sears Roebuck <fe Co cap..*
Range Since Jan.
Last
Last
Jan. 1, 1940
Range Since
Week's Range
Last
Sales
Friday
Sales
Friday
Stocks
393
The Commercial & Financial Chronicle
151
4%
250
4
Jan
5%
Apr
100
10
June
16%
Apr
June
4%
33
10%
10%
Union Carb & Carbon cap *
67%
69%
507
60%
88
Jan
United Air Lines Tr cap..5
16%
17%
320
12% May
23%
Ap
50%
June
87%
U S Gypsum
Co com
—
—
cum
—
—
-
60%
182
50%
52%
910
41%
May
68%
Jan
117% 117%
1
1%
160
103%
May
124%
Apr
500
%
May
19%
19%
127
1%
23%
May
1%
1%
50
17%
18%
115
92
50%
100
pref
Utah Radio Products com 1
*
Walgreen Co com
Jan
58%
20
United States Steel com..*
7%
—
1%
Utility & Indus pref
7
Western Un Telegcom.100
16% May
1%
May
Wrlgley (Wm Jr) cap
*
Yates-Amer Mach cap
5
-
—
—
100
14% June
76% June
3% May
82%
278
72%
Apr
6%
Apr
Jan
Jan
-
11%
93%
Apr
2%
2%
150
1% June
3%
Apr
10%
------
-
Zenith Radio Corp com..*
30
4%
79%
Woodall Indust Inc cap..2
93%
4%
17%
Westh'se El & Mfg com.50
Jan
2%
28%
117%
11%
860
8%
May
17%
Apr
May
Exchange
Detroit Stock
compiled from official sales lists
July 13 to July 19, both inclusive,
Sales
Friday
Last
of Prices
July 13 to July 19, both inclusive,
compiled from official sales lists
Allen Electric com
Par
Stocks—
Week's Range
for
Sale
of Prices
Week
Price
High
Low
Shares
High
Low
Atlas Drop Forge com
5
1
2%
1
5%
Laundry Mach..
14%
14%
...40
Carthage Mills B
Cin Gas & Elec pref.. ..100
...50
Cin Street
Cin Telephone
25
May
Consolidated Paper com. 10
"15%
Feb
Continental Motors com.l
2%
2%
1% May
107
2%
Mar
Det & Clev Nav com
May
100%
Mar
Detroit Edison com
Jan
4%
Apr
Mar
Jan
Detroit Paper Prod com..
Jan
Detroit Steel Corp
85%
36
7
3
12%
12%
35
11%
May
14%
*
6%
6%
5
6%
July
...10
8%
8%
116
6%
May
7%
12%
June
26
*
Cin Union Stock Yds.
Crystal TLssue
Eagle-Picher
Early & Daniel
Formica Insulation.
12%
#
*
16
16
25%
26
65
25
Part pref
Hilton-Davis
..100
Jan
19%
Apr
29%
Apr
Preferred..
64%
*
Randall A
30%
18
61%
64%
20%
*
P & G
24
17%
30
*
21
*
B
Preferred
Western Bank
...10
14%
May
Gar Wood Ind com
1%
1%
1
10
43%
2%
Jan
430
9%
June
15%
Apr
3
May
6%
Feb
Feb
3
5%
39
July
Apr
20
8% June
17%
Mar
100
4% June
5%
Jan
70
17
Ohio Listed and Unlisted Securities
3%
35c
35c
600
33c May
52c
1%
1%
200
1
May
1%
Jan
40c
40c
200
35c
Feb
60c
Mar
1
-.10
""40c
19%
May
3%
400
2%
May
2
com—1
1%
1%
215
1%
75c
200
75c
May
July
1%
75c
1%
Jan
1
1%
1%
180
1%
June
2%
Feb
1
comSOc
5
7%
7%
100
Mar
1%
15%
1%
100
2%
Apr
15%
200
5%
4
Michigan Silica com
Mlcromatic Hone com
10
*
Pfelffer Brewing com
100
Interlake Steamship
*
Kelly Island Lime & Tr__*
Leland Electric..
..*
Medusa Portland Cement *
Metro Paving Brick
*
Midland Steel Prod
*
National Acme
1
Natl Refining pr pref 6%i*
c N Y Central RR com—*
N In teen Hundred A
*
Ohio Brass B
*
c
Ohio Oil com
Otis Steel......
4%
50
7%
52
8%
4
Mar
Packer Corp.
For footnotes see page
18
May
4%
219
10
June
14%
Jan
92%
92%
36
89
June
98
Feb
58
301
46
May
63%
24
24%
143
17%
Jan
14%
14%
696
12%
May
34
733
32%
8%
May
Feb
Jan
Mar
44%
14%
May
580
1
Mar
1%
Mar
Feb
730
1%
165
6%
May
9%
2%
300
2%
May
3
Jan
2%
300
1%
May
2%
Apr
19
438
18%
June
5
420
4%
11
11%
23%
23%
3% June
Jan
25
Apr
7
305
10%
July
14%
Mar
200
18%
May
26%
Apr
2%
482
2
May
6%
1,200
4
Jan
1%
1%
100
1
June
100
1
May
2%
7%
2%
2%
Apr
5%
1%
'
Mar
2%
4
May
Apr
Apr
1%
1%
2%
2%
200
1.75
1.50
1.75
9.710
90c May
1%
Jan
1%
1%
1%
500
1
Feb
2%
Apr
15c
15c
300
10c
Jan
25c
Apr
8%
520
7
June
13%
Apr
July
85
10% May
36
both inclusive, compiled from
Last
May
18%
Apr
Sale
Apr
13
Par
Stocks-
53
113
June
117
Apr
22
May
37
Apr
American Tel & Tel
70
26% May
41
Jan
Barber Co
25
10% May
23%
Jan
al2% al2%
110
10
May
20%
Apr
al4% al5
39
39%
39%
39%
58
24%
Apr
210
12% May
39
July
42%
Apr
50
34% May
44
Apr
Price
Jan
12%
12%
50
12
May
15
10
10
110
10
May
13%
Mar
15%
15%
230
13% May
17%
Jan
1%
1%
100
1% May
1%
25
23% May
40%
Apr
Jan
21%
Apr
41
Apr
all% al2%
a29% o29%
35
021% a21%
1
5
Feb
Phila Elec of Pa
3% June
6
Jan
3% May
6%
Feb
66%
132
90%
Jan
90
55% June
2
May
248
25% June
4%
33%
Apr
Apr
64%
70
17
May
5% June
24% May
8% May
Jan
100
7
May
12%
212
9
May
10% May
2
2
Lehigh Coal & Nav
27%
pref...25
Tacony-Palmyra Brld
Tonopah Mining
..*
1
113%
Jan
Jan
May
55%
16
111% May
125%
Jan
479
1% May
Mar
7%
2
2%
8%
2,448
122
1,188
378
38
5% June
1% Mar
Apr
2%
Apr
May
24%
Jan
43
112% June
120%
30%
460
28% June
31%
Jan
39%
39%
80
34% May
49
Apr
43
*30%
39%
Scott Paper
28%
44%
11
2%
43
43%
25
38
*i«
459
1%
19%
$5 pref...*
Phila Elec Power
Apr
105
7%
30%
Jan
15%
125%
195
4%
2
Feb
30
176 %
4%
3%
122
Jan
June
May
8% June
Apr
146%
176
43%
18%
30
High
665
28%
9% May
13%
25
Low
116% 117%
3%
3%
Hard (Phila) com.*
._*
National Power & Light..*
Pennroad Corp vtc..
1
Pennsylvania RR
50
1, 1940
Week
Shares
159% 161%
10%
9%
10
General Motors
of Prices
High
Low
Range Since Jan.
for
116%
Chrysler Corp
5
Curtis Pub Co com
*
Electric Storage Battery 100
Horn &
Week's Range
161 %
Apr
30% a30%
al8%
100
10
Bell Tel Co of Pa pref. .100
Budd (E G) Mfg Co
*
Budd Wheel Co
*
official sales lists
Sales
Friday
20
36
397.
Philadelphia Stock Exchange
July 13 to July 19,
a31% a32
al2% al2%
394,
Mar
Angeles Stock Exchange—See page
a29% a29%
9%
4%
2
Apr
a6%
May
7%
18%
*
Mar
345
08
Feb
2%
2%
..1
*
Apr
7
5%
9%
8%
Apr
10%
a7%
May
Apr
8%
66%
Jan
6%
45% May
4% May
a6%
18%
2,670
1%
—
1
Wayne Screw Prod com..4
Wolverine Brewing com__l
Young Spring & Wire
*
Los
57
9%
May
July
10%
*
*
Jan
Jan
12%
4%
1,1940
High
Low
7%
38
12
7%
1%
11%
Week
Shares
20
38
Jan
2%
"*2%
.
Warner Aircraft com
Range Since Jan.
16%
al8
Mar
7%
-.2
Paper com. *
U S Radiator com
Sales
a
33%
11
—
(H W) com
United Specialties
Exchange
4%
—
4%
2,789
33%
Tivoli Brewing com
A. T. & T. CLEV. 565 & 566
16%
39
'33%
10
1
Stearns (Fred'k) com
*
Timken-Det Axle com-.10
inclu^ve, compiled from official sales lists
*
Goodyear Tire & Rub
23
5%
3%
5%
Scotten-DIlIon com
Cleveland
-—-
Halle Bros pref
Feb
26
300
3%
23
_
wmmmmmmmmmmmmmmmmmmrn
Jan
com.l
Kresge (S S) com
Sheller Mfg com
Jan
Apr
3%
Walker & Co B
25
*
1%
35c
Universal Cooler B
General T & R Co
July
Apr
3%
Parke Davis com
GILLISM RUSSELL co.
Goodrich BF
63c
3%
com..*
com__l
Klnsel Drug com
River Raison
General Electric com—*
1,100
May
com—1
Kingston Products
Rick el
for
70c
2
350
Hudson Motor Car
Hurd Lock & Mfg
10%
Parker-Wolverine com .
Peninsular Mtl Prd com..l
Members Cleveland Stock Exchange
c
Jan
Apr
10%
Feb
11%
2%
56
10%
2%
115
May
Houdaille-Hershey B
63c
63c
Packard Motor Car com
11%
38%
Apr
1
1
10
2%
*
Murray Corp com.
114
425
23
Feb
Motor Wheel com
*14%
943
2%
19
44%
*92%
43%
14%
Masco Screw Prod
5
Apr
May
Apr
5
6%
2
3% June
1% May
10
May
a53% a54
150
350
14% May
Apr
__50c
Jan
4%
100
Apr
Prod com__l
Brewing Corp oI Amer—3
City Ice & Fuel
*
Preferred
100
Cleve Cliffs Iron pref.
*
Cleveland Railway
.100
Cliffs Corp com
5
Colonial Finance
1
Dow Chemical pref
100
Eaton Mfg...
*
2%
4%
""4%
May
259
7%
Amer Home
Apr
Mar
2
17
Mid-West Abrasive
c
34
225
12%
56%
American Coach & Body.5
Jan
661
2%
12
May
100
15%
620
14%
2%
Hoskins Mfg com
May
Airway Electric pref
Akron Brass Mfg
May
30%
14
Apr
June
of Prices
High
20%
10%
30%
71%
1%
Low
Mar
June
May
Sale
15%
17
4%
Price
July
75c
Hoover Ball & Bear com.
9%
Par
Apr
13
700
Graham-Paige com
37%
Stocks-
1%
100
75c
Goebel Brewing com
27%
Week'8 Range
Mar
14
75c
Jan
130
Last
Mar
Apr
918
Friday
2%
22
458
July 13 to July 19, both
May
34%
4
Cleveland Stock
Apr
1%
14
14%
General Motors com
6%
Telephone: CTTerry 5050
Jan
1%
June
207
m
125
May
June
18
11
Union Commerce Building,
3,460
30%
General Finance com
11%
L
1%
July
May
1
Jan
5%
43
200
Jan
10%
43%
Apr
1%
3
...25
10
1%
61c
98%
57
1%
*
com.l
3
Ex-Cell-0 Corp com
Federal Mogul com
Lakey Fdry & Mach
LaSalle Wines com
.....
925
116
111
1
com___5
*
General Motors
Feb
27
Unlisted—•
Am Rolling Mill
4%
52%
313
4%
4%
May
20
12
12
...50
Mar
6%
2
1%
Jan
2%
16
20
32%
32%
*
U S Printing
Jan
15%
23% May
574
5%
4
Card— ...10
U S Playing
Jan
Mar
100
455
July
21
,50
24
*
Lunkenhelmer
Jan
6
17%
75
17%
29%
5
_
Kroger
4%
2
7
7
17%
1
2
4%
4%
...12
1%
Det-Mlchigan Stove com.l
Frankenmuth Brew
Hatfield prior pref
116"
5
Apr
Mar
July
May
13%
5
*
_
Gibson Art
20
10
25
25
61c
10
100
Detroit Gray Iron com
7%
65c
15%
110
May
July
13%
Mar
7%
23%
3
15%
May
June
26c May
12%
16%
7%
June
4%
Mar
2%
4%
Feb
993
7%
25
July
888
18
17%
1
100
91
4
*
Brown McLaren com
1
4
90%
...25
Apr
10
106% 106%
2%
2%
...50
Cin Tobacco Ware
2%
25
18
13% June
200
14%
25
20
17o
600
5%
5%
17%
Feb
100
17c
High
|
1%
2%
200
2%
17c
Low
300
1%
Briggs Mfg com
P
Am
1%
Baldwin Rubber com
Range Since Jan. 1, 1940
Last
1
Auto City Brew com
Sales
Friday
Range Since Jan. 1,1940
Week
Shares
High
Low
Price
Par
Stocks—
for
Week's Range
Sale
Cincinnati Stock Exchange
516
20%
115% 116%
1,538
19%
30
*ia
14%
May
»ie June
48%
Jan
Mar
Feb
The Commercial & Financial
Chronicle
394
Last
Par
United Corp com...
Week's Range
for
Sale
(Concluded)
of Prices
Low
High
Price
Preferred
12
*
.*
...
Westmoreland Inc
113%
10
.„*
Westmoreland Coal
*
High
1% June
26% June
Stocks
Feb
Jan
Bank of California N A..80
117%
Feb
9%
Jan
9% June
142
11%
12%
Jan
Byron Jackson Co
Calamba Sugar com
159
7
Jan
Sale
Allegheny LudJum Stl
Low
price
7%
Clark (D L) Candy Co...*
Col Gas & Elec Co
*
Coppcrwcld Steel
"e
5
18%
Duquesne Brewing Co—5
Fort Pitt Brewing
1
Hoppers Co pref
High
21%
1%
7%
5%
5%
18%
11%
crn
Arkansas Natl Gas Crp cm*
Blaw-Knox Co
■-...*
for
Lone Star Gas Co com...*
Low
76
16
100
6
800
109
15
103
9
50
13
170
12% May
117
50
50%
3
3%
350
5
5
285
285
14%
90%
87%
91
June
6
May
300
Apr
21
May
May
128
75% May
10
91
92
May
11%
Jan
Gladding McBean
5
June
6%
Apr
Golden State Co Ltd
4% May
15%
Jan
9% June
7%
151
100
May
1%
30
5
95
10%
20%
Apr
77
942
May
14% May
27
44%
Apr
99%
Apr
May
38
Jan
56
May
Apr
Apr
150
.50
Apr
4
174
43%
Mar
12% May
8%
43%
Jan
4%
285
2,328
16%
General Paint Corp com..
Preferred
52%
26
10
13%
8%
Apr
Jan
Mar
110
14
92
Jan
15%
May
2% May
19% May
980
21%
16%
2%
19
125
50
Feb
125
11%
21%
Mar
5%
7%
May
May
13
Fireman's Fund Ins Co..25
General Motors com....10
High
High
2% July
3% May
11%
11%
D1 Giorgio Fruit
pref. ..100
6
357
9%
Low
3%
108
20
May
175
1%
*
1%
50
83
83
5%
108
Range Since Jan. 1, 1940
Shares
Emporlum-Capwell Corp.*
Shares
22%
1%
7%
5%
6%
18%
11%
1 %
1%
100
Range Since Jan. 1, 1940
Week
of Prices
j
3%
5%
3%
Creameries of Am com
1
Crocker First Natl Bk--100
Crown Zellerbach com
5
Preferred
*
Sales
\ Week's Range
Last
Week
Calif Packing Corp pref.50
Central Eureka Min com.l
Cons Cbem Ind A
...»
Apr
July 13 to July 19, both inclusive, compiled from official sales lists
Par
for
of Prices
Low
High
Assoc Insur Fund Inc.-.10
Atlas Imp Diesel Engine..5
Pittsburgh Stock Exchange
Stocks—
Week's Range
Price
Par
10
May
107% June
6,510
Friday \
{Concluded)
2%
41%
15%
115
9%
Sales
Last
Sale
Low
959
10
9%
Range Since Jan. 1, 1940
Shares
2
2%
33% 34%
11%
12%
112% 113%
...*
United Gas Imp com
Friday
Week
*
Preferred—
1940
Sales
Frid/iy
Stocks
July 20,
25
Apr
14
Mar
Jan
75
592
26% May
1%
June
Apr
91
May
May
5
5
102
29
29
414
27%
4% May
7%
Feb
34
6%
Jan
11%
Mar
Mar
5
5%
345
3%
May
May
9%
9%
9%
852
7%
May
13
13
175
12
June
15%
Apr
15%
11%
15%
10%
15%
11%
355
14%
May
20 %
Jan
295
10% •June
17%
& Co..*
*
Hale Bros Stores Inc
Hawaiian Pine Co Ltd...*
Honolulu Oil Corp cap...*
Honolulu Plantation Co_20
Hunt Brothers com
.10
Jan
8%
9
160
8%
July
12%
Jan
85c
85c
200
50c
July
1.15
Feb
.
10
8%
6%
6%
1,780
10
36
36
Natl Fire proofing Corp...*
160
80c
108
35% June
44
80c
7% May
4% May
75c May
1.50
Jan
LeTourneau (R G) Inc-.-l
28
Penn Federal Corp com..*
28
200
21
35
1%
Jan
1%
100
1%
Mar
1%
Mar
7
Pittsburgh Oil & Gas
Llbby McNeill & Libby.,7
320
5
9
1%
37
1%
Feb
Apr
78%
Apr
Magnavox Co Ltd
68c
68c
280
Jan
1.30
Jan
14%
14%
12% May
July
10%
10%
3.50
Menasco Mfg Co com____l
National Auto Fibres com 1
Natomas Co
9% May
19%
12%
Apr
50c
14%
10%
1,257
30c May
Marchant Calcul Mach
5
Meier & Frank Co Inc..10
Apr
May
1%
104%
8%
Feb
Pittsburgh Plate Glass..25
1%
78%
3.00
2.85
3.00
6%
8%
7%
275
8%
416
Mt Fuel Supply Co
10
Pittsburgh Screw & Bolt..*
5%
5%
40c
50c
66
175
Renner Co
1,225
1
Shamrock Oil & Gs Co cml
......
Vanadium-Alloys Stl Crp.*
33
Victor Brewing Co
1
1%
20c
33
Westlnghouse Air Brake..*
20c
3
Waverley Oil Works el A.*
3
19%
20%
1% May
28
20
20c
June
4%
100
1%
33
2,600
2%
15c May
3
July
319
Jan
15% May
May
25c
Jan
3%
28%
Apr
Jan
Unlisted—
Langendorf Utd Bak pref50
Leslie Salt Co
May
34
May
36
20%
10%
6%
1%
....
..
23
1%
1%
May
2%
Jan
__*
*
*
Inc.
Preferred
LOUIS
STOCK
ST.
OLIVE
418
EXCHANGE
LOUIS
BANK
ISSUES
ST.
Manufacturing Co 1
Richfield Oil Corp com...*
Ryan Aeronautical Co___l
Exchange
Last
Sales
Week's Range.
Sale
Par
Low
.20
1.00
*
5% pref
15%
30%
25%
3%
15%
28
100
14%
200
25%
3%
Chic & Sou Air L pref... 10
Cocar-Cola Bottling com..l
Dr Pepper com
"ll"
*
Elder Mfg com—
14
..*
9
pflOO
"6%
Griesedieck-West Brw cm*
Hydraulic Prsd Brk pfdlOO
1.75
International Shoe com..*
29%
1.30
30
May
May
56%
10
28
May
July
46
44
*
36%
Apr
Apr
Apr
Tide Water Assd Oil pref.*
Transamerica Corp
2
Treadwell-Yukon Corp___l
Union OH Co of Calif___25
United Air Lines Corp
5
Universal Consolidated.. 10
16%
Jan
29
50
3%
June
4
12
Jan
20
Apr
Vega Airplane Co
27
June
34
Apr
Victor Equip Co com
27
Jan
10
Mar
Preferred
5
Walalua Agricultural Co.20
Wells Farg oBk & U Tr. 100
14
July
200
9
July
35
93
Feb
6%
75
20
1.75
50
30
Apr
102% May
10%
Apr
6% June
27
May
June
45
1.30 June
2.00
Jan
9%
Feb
5
6
May
July
4%
Feb
Atchison Topeka & S FelOO
205
9
June
11%
Atlas Corp com
205
10
July
12
Jan
Apr
100
93
93
5
Rice-Stix Dry Goods com.*
Scruggs-V-B Inc 1st pfdlOO
4
4
160
93
93
10
Scullin Steel com...
_..*
Warrants.
7%
1.00
...
Sterling Alum com...
1
Wagner Electric corn...15
7%
26%
26%
8%
1.00
7% June
85
440
7%
June
99
Mar
Feb
Blair & Co Inc cap
Jan
Quotations
on
63
62%
63
82,400
1
Jan
9
Apr
30
Apr
55
9
1.00
May
July
66%
Jan
Companies
General Electric Co com..*
Idaho Mary Mines Corp__l
Italo Pet of Amer
Kenn
Ask
32
35
First National Bank
38%
40%
Mississippi Valley Tr Co..
26
28
Bid
Mercantile
Commerce
Bk
<fc Trust Co
j Ask
110% 114%
St Louis Union Trust Co.
-
com
47%
49%
....
Orders
solicited
Coast
Stock
Exchanges,
which
Members New
own
Francisco Stock
Friday
Par
Gold....10
Anglo-Amer Min Corp
1
Anglo Calif Natl Bank..20
for
of Prices
Low
High
Shares
4%
4%
4%
100
10c
10c
10c
169
6%
208
1.40
6%
6%
1,300
Feb
May
Mar
June
15c
12%
14
Jan
Jan
Apr
4%
May
13
May
23
June
30
Apr
June
301
Apr
8
May
1.45
1.55
253
July
2.90
June
Jan
85
%
7
31
31%
5
5
9%
Mar
4%
Apr
35%
Apr
May
June
70
4%
105
205
July
9%
448
8
11%
25%
75c
125
28%
7%
8
27%
Apr
Feb
May
26%
1,369
27
6%
June
Jan
8%
2% June
30
480
6%
%
Apr
92c
31%
14
100
84
174%
Feb
May
8%
12
84
31%
31%
149
5*
^
24
548
6%
140
31%
31%
5%
836
5
11c
200
10c
11c
640
24%
Jan
May
87%
Apr
Feb
6%
May
%
Mar
June
Mar
1
8c
Montgomery Ward & Co.*
g39%
Mountain City Copper...5
2%
American
a20%
Aviation.. 1
7c
8c
a39% a40%
2%
Apr
July
11%
Mar
Mar
130
al6% «16%
62
19
15
June
14%
July
20
20
184
20
July
4
4
408
3
4%
5
350
May
4% May
3
July
75
4%
21%
183
27%
4%
21%
8%
27%
30
30
110
26% May
28%
....*
28%
491
25
a5%
«6%
a6%
200
*
com
100
a4%
a4%
a20% a20%
July
May
6c May
39% May
2% May
4% June
300
8%
25
a5%
1
a6%
a34%
a33% a35%
50
3
899
7
May
24
May
May
May
5
75
97
June
18% June
30
5% May
39
Mar
32%
75c June
1,200
2%
8
June
22
700
Jan
14%
June
300
2
Jan
May
25
May
28% June
310
1.00
M J & M & M Cons
June
36
.
Jan
41
Jan
7
Apr
16c
Jan
1.55
35%
35
Jan
Mar
May
12c
Jan
55%
4%
Apr
7%
Feb
Jan
26
Apr
26%
23%
Feb
Jon
4%
7%
Apr
4%
Apr
5%
Apr
Jan
25% Mar
12% May
30% May
30%
29%
7%
12%
July
Jan
Apr
Feb
51%
Apr
10
1% May
2%
Apr
1
75c
75c
75c
700
United States Steel com. *
Utah-Idaho Sugar Co com 5
55c May
1.15
51%
51%
53%
1%
484
Del..1:...*
U S Petroleum Co
*
4% May
8c July
5% June
20c
96
26.5
24
United Aircraft Corp cap.5
High
Jan
20
10
a2
1%
Range Since Jan. 1, 1940
Low
Jan
Jan
5
24%
280
24%
United Corp of
Week
Price
Jan
10
So Calif Edison com....25
Sales
Week's Range
Sale
Stocks—
Jan
3
90c
6% preferred
Last
Alaska-Juneau
7
4%
24
So Cal Ed 5% % rref—..25
Standard Brands Inc
*
Exchange
6
Jan
24%
Preferred.,
July 13 to July 19, both inclusive,
compiled from official sales lists
15%
26%
Apr
...1
Shasta Water Co
offices In San Francisco and Los
Angeles
Jan
Feb
17%
Copper Corp com..*
Navigation Co
*
Studebaker Corp com
San
1.40
Shumach Wall Bd com...*
Cortlandt 7-4150
Private Wire to
100%
23%
1.50
Riverside Cement Co A..*
York Stock Exchange
Mar
May
6%
560
al8% al9%
11%
11%
al6% al6%
a7%
a7%
2%
2%
a27% a28%
Packard Motor Co com..*
Radio Corp of America...*
Broadway, New York
6%
6c
May
12
May
12% May
1,073
127
Standard Time (2 P. M.
Saturdays)
Schwabacher & Co.
111
"al6%
North American Co com.10
are
1.90
May
204
1.45
Apr
42
July
June
4%
12
12
24%
Matson
No
Pacific
on
until 5:30 P. M. Eastern
5c
80
Jan
7
June
4
280
1
Nash-Kelvlnator Corp...5
National Distillers Prod..*
open
May
5
10
4
1
Domlnguez Oil Fields Co.*
Preferred
Bid
6%
17% May
8
9%
Cons Edison Co of N Y__*
St. Louis Bank and Trust
Boatmen's National Bank.
17
Sullivan.2%
6% prf '27 100
Curtlss-Wright Corp.
1959
736
2,100
12%
Bunker Hill &
Calif Ore Pw
Apr
96
Bonds—
St L Pub Serv 5s
95% June
1,933
10c
10c
5
21% May
5%
92
May
Jan
8%
4% May
20
17
Cities Service Co com.. 10
Claude Neon Lights com.l
Columbia River Packers..*
180
130
1.50 May
21
300
12%
8
19%
2,718
10c
Jan
Mar
May
228
1,855
8c
4
24%
29%
12% May
5% May
3% May
166
4%
87
Jan
May
July
580
12%
Aviation P Trans Corp_._l
Bendix Aviation Corp_._6
Apr
6%
Jan
5 % May
70c May
30
27
12%
3% May
87%
8c
54
29%
Apr
Jan
Jan
May
14
100
Apr
1,210
230
1%
11%
Anglo Nat Corp A com...*
%
2
10
8
Jan
18%
1%
10%
July
12%
52c
9%
8
39%
110
10
10
40
805
250
10%
154
Feb
Unlisted—
5
Natl Candy corn
2nd pref
June
American Tel & Tel Co. 100
al61% al59% al62
Amer Toll Bridge (Del)__l
81c
81c
83c
Anaconda Copper Mln__50
al9
8
July
142
240
5
1%
145
1.45
8
1%
8%
18%
4%
1
Knapp Monarch com....*
com
.5
Midwest Piping & Splycm*
Mo Portland Cement cm-25
5%
21%
138%
10
5
87
4%
1%
Laclede-ChriHty CI Prd cm*
Lemp Brew
6
5
Mar
May
June
1,000
18%
12
3% May
3,980
8%
5
Jan
16
4%
1.60
Jan
108%
154
25%
99%
50
May
113
8
6
18%
Apr
36
14%
"Y%
Jan
Apr
174
8
99
1.50
34%
100
40
1.60
15%
34%
471
4%
Yosemite Ptld Cein pref. 10
May
36%
25%
395
1,080
24
May
May
95c
1,742
14%
25
10
Apr
25% June
28% May
34
May
Apr
6% May
159
135
11%
Consolidated OI1..1
110
29%
29
July
50
97%
6%
100
.
16%
4%
High
125
9
97%
_.l
com
60c
5
28
25%
.10
Pacific Co
Spring Valley Co Ltd
Standard Oil Co of Calif..*
Low
55
38
47%
30%
1
Century Electric Co
1.30
38
....*
Burkhart Mfg com
Ely<fcWalkerDGds2d
Range Since Jan. 1, 1940
Shares
47%
25
Falstaff Brew
High
Texas
Aloe (A 8) Co com
American Inv corn...
Brown Shoe com..
Southern
for
Week
of Prices
Price
Schlesinger Co (B F) com.*
Schleslnger (B F) 7% prf 25
Soundvlew Pulp Co com.6
Preferred....
100
Feb
May
May
11%
.....
Feb
5%
280
2
Mar
26
5%
16
16%
Apr
10%
23%
135
18
2
.100
Rheem
July 13 to July 19, both inclusive, compiled from official sales lists
Stocks-
17
*
com
Preferred
Rayonter Incorp com____l
St. L. 494
Friday
"40%
Puget Sound P & T com..*
RE4RCo Ltd
A. T. & T. Tel.
St. Louis Stock
4%
4%
18%
18%
117% 118%
147% 150%
40
40%
(MEMBER)
STOCKS
Garfield 3450
117%
100
Philippine Long Dls Tel 100
ACTIVE IN:
ST
com
1st preferred
._*
Pacific Tel & Tel com.. 100
Bros., Jordan & McKinney
4% May
11
3% June
857
106% 108
Apr
16% May
3
May
1,259
106%
Jan
5% May
7% May
19% June
Apr
22
1.25
43
1.75
245
29%
33%
43%
33
50c
Jan
365
3%
12%
40
June
May
5% June
50
4%
1.25
34
880
22
29
33
30
21
3%
20%
4%
12%
Pacific Coast Aggregates.5
Pac G & E Co com
.25
Pacific Pub Serv
Gatch
21
Oliver Utd Filters cl A—*
Class B
*
Pacific Light Corp—
$5 dividend
MO.
6%
Occidental Insurance Co 10
O'Connor Moffatt cl AA..*
6% 1st preferred
25
5%% 1st preferred...25
ST. LOUIS
40
2%
Pacific Can Co com
Pennroad Corp v t C.....1
40
No par value,
trading
privileges,
a
Feb
year.
20c
Feb
The Whal Co.
7%
Jan
o
y
Ex-rights,
Eversharp, Inc
s
r Cash
Listed,
42%
115
b Ex-stock dividend,
d Deferred delivery,
xEx-dlvldend.
6%
Odd lot sales,
a'2
1
e
sale—Not
t In default.
Jan
May
66%
Jan
May
1%
Apr
Admitted to unlisted
Included
In range for
J Title changed from
Volume
The Commercial & Financial Chronicle
151
395
Canadian Markets
AND
LISTED
UNLISTED
Montreal Stock
Service
Exchange
Sales
Friday
all Canadian
on
Range Since Jan. 1, 1940
Last
Stocks (Concluded)
for
Sale
Securities.
Week's Range
of Prices
Week
Price
Par
Indust Acceptance Corp..*
18 k
507 Place
Montreal Curb Market
2034
*
32 X
31
32 34
& Power pref.100
54 X
54X
5434
d'Armes, Montreal
14%
14
1434
457
71
71
129"
129
130
Intl Power pref
100
Lake of the Woods
Closing bid and asked quotations,
Oct
4s
71
4X8
Jan
5s
Province of
Province of Manitoba—
5s
434 s
May
1 1961
Prov of Saskatchewan—
77
80
75
5s
June
15 1943
52
534
934
Jan
1,301
25
May
3154
Feb
22
40
June
Jan
1,113
15 1961
70
5X8
Nov
15 1946
1 1951
53
55
58
Mar
5s
Oct
4X8
74
77
78
■
"25k
39 X
9
*
10
10
5s
4X8
Sept
1 1946
66
70
72
5b
Dec
1 1954
65
57
60
4Xa
July
1 1960
58
434s
1
June 15
Feb
1
July
1
5s
July
5s
Oct
Sept
434s
454s
434a
82 k
Co
.
9634
4s
Jan
1 1962
3s...
Jan
1 1962
70
85X
8634
Alberta Pac Grain
Algoma Steel
Asbestos Corp
-
*
*
100
Breweries
Associated
Preferred
Batburst Pow & Paper A_*
9%
100
147 34
434
Telephone
Bruck Silk Mills
20
15
145
434
238
4 X
1,585
40
4%
60
13
13
13
12 X
12
12X
4
preferred..
*
Cndn Car & Foundry
*
Celanese
Preferred
7%..
100
634
14
25
Preferred
Canadian
6 X
"'27 k
27 X
113
114
30 X
102
Jan
Mar
Apr
Mar
Feb
July
22
Mar
18
320
2k
8X
Mar
226
9k
June
21X
Apr
9Q
106 k
Jan
June
45
Jan
Apr
107
May
May
1654
Jan
12 k
May
28 X
Jan
515
20
May
100
106
June
6
10
14
1
100
1.75
225
4X
1.65
May
July
May
37 X
128
19X
116
Feb
Mar
Feb
May
3 54
Jan
8k
Mar
754
4
May
32
180
29
May
48%
Jan
24 X
115
19 k
May
Apr
24 X
318
27 k
40 X
Bridge
*
100
24
113
June
125
Jan
15
135
July
155
Feb
6
7k
118
6%
June
5
105
3
May
10
80
July
*
5
80
80 k
Dominion Textile...
*
77
77 X
255
Dryden Paper...
*
5
5%
*
Power
General Steel Wares
Preferred...
8k
90 X
May
11 k
Jan
May
15X
Feb
11
10
May
9
80
June
10
100
May
5
425
26
*
14
100
Mining
Imperial Oil Ltd
Imperial Tobacco of Can
"
10 k
Feb
5X
Mar
30
3
May
3%
3X
10.00
605
9.60
July
14 X
330
1134
May
40
85
May
22 X
65
19X June
934
10 k
1.928
12X
12%
890
14
92
92
92
*
*
22
22
5
12%
10
96
Feb
July
9.85
334
5
Feb
2k May
7
2.5
Howard Smith Paper
10 k
4
4
3
Hudson Bay
July
Feb
June
3
Holllnger Gold
Apr
5234
Apr
18 34
706
2434
28
63
May
8X
12
15
Jan
Mar
Jan
8634
Jan
83
Mar
125
125
125
30
120
June
120
June
1.00
1.00
*
*
334
"Too
234
1.00
145
1.00
100
1 00
175
2134
1.00
21
25
865
May
June
July
21
July
Jan
634
Jan
234
Jan
254
25
Apr
164
...100
141
140
141
11
140
May
140
140
140
66
139
July
176 34
Mar
172
17534
28
171
July
212
Mar
280
280
19
280
July
311
Mar
150
150
191
150
June
190
Mar
100
...
100
100
150
Apr
official sales lists
Sales
Par
Price
Week's Range
of Prices
High
Low
Range Since Jan. 1, 1940
for
Week
Low
Shares
High
2%
17X
Apr
June
0.50
June
1.45
Apr
June
75c
60c
85c
1,415
100
4X
3
4 X
1,843
2
93c
93c
100
80c
2X
2X
25
lk
May
4k
223
3k
6%
cum
pref
*
Bathurst P & P Co cl B.„_*
Beauharnols Power Corp.*
*
~~2%
4X
4
Canada Malting Co
Can Nor P 7% cum
17 X
93
24%
2554
95
May
July
6k
Jan
4
5X
Feb
650
15
May
23 %
Jan
Feb
21
100
Feb
100
1,030
24
May
35
Jan
33
25
30
June
39
Feb
95
78
90
June
111
Feb
1.10
June
2%
24
24
155
22
May
31X
Apr
6
6
20
9
May
9%
Feb
25c May
25c
May
Feb
1.30
*
*
Preferred
Jan
Jan
105
4
4
33
'•25%
Ltd..*
preflOO
Cndn Breweries Ltd
4X
17 X
93
17 X
5
24
Cndn Gen Investments...*
10c
Cndn Intl Inv Trust Ltd..*
10c
202
3
Canadian Vickers Ltd....*
2X
2X
2 X
4%
4
X
IX
4%
65
1.70
1.75
17 X
8k
Jan
July
2k
Feb
3.50
Mar
100
IX
Feb
1.55 May
65
Canadian Wineries Ltd...*
Apr
May
17 X
6
12
12
Cndn Light & Power ColOO
1.30
.5
Consolidated Paper Corp.*
Cub Aircraft Corp Ltd..*
Preferred
3%
3%
75c
50
10
10
10
David & Frere Ltee cl A..*
4 X
3%
3
3
2k
2k
2
4
6 X
Jan
3%
May
8X
Apr
75c
w
June
3 %
17
Feb
10
June
3 X
3
90
3
4k
July
5
646
14 k
ClassB
4k
3%
4
*
*
Donnacona Paper A
Eastern
500
1,663
75c
3X
IX
200
5
5
... ...
2
May
May
5
Ford Motor of Can A
Fraser Cos Ltd
8k
Voting trust
Mackenzie Air Service
.....
3
k
235
2
June
434
165
3X
June
15 k
235
13 k
July
7 X
Dairies7%cmpfl00
Falrchild Aircraft Ltd
JFleet Aircraft Ltd
4
7X
25
8k
9
10c
July
Apr
Jan
6X
10
Jan
Feb
May
21*4
7X
June
10c
July
Jan
Jan
8k
6
225
Jan
8k
22%
20
193
10c
10
55c
Jan
Jan
Apr
MacLaren Pow & Paper..
11
11
102
9
May
22
Jan
Massey-Harrls 5% cm pflOO
McColl-Frontenac Oil—
27
27
95
25
June
59
Jan
84 X
84 34
18
82
Apr
4
125
334
May
6k
7
preflO
Mitchell (Robtj Co Ltd..*
Moore Corp Ltd
....*
Power Corp of Canada—
101X
4
100
6% cumul pref
Melchers Distilleries
7
10
5k
May
15 X
Mar
Jan
37 k
37 k
50
36 k
July
47 k
Apr
90
90
25
90
July
106)4
Mar
4
May
cum 1st pref
100
Provincial Transport Co.. *
90
4
4
6% cum pf.100
96
96
6%
Sou Can Pr
Walkerville Brewery..
$1
59
65c
100
3654
36 k
72
17 X
17X
104
lOXo 10 34c
"30k
*
preferred
cum.
10
4
97 X
65c
*
Walker-Good &Worts(H) *
June
93 34
June
7%
112
Feb
Feb
65c June
1.20
29X June
16X June
43 k
Feb
20%
Feb
I
Apr
Jan
Feb
77
4
Preferred
4X
1634
96 k
105,
15
*
—
Mar
June
Gypsum Lime & Alabas..*
Hamilton Bridge.
*
Gurd (Charles)
Jan
4
90
80
Apr
6
80
80
.......
8X
89
70
11
*
Jan
25
90
4X
15 k
175
80
11
100
100
preferred
534% preferred
5
m
Foundation Co. of Canada*
Gatlneau
Jan
30
140 k
100
Preferred
June
115
140 X
Dominion Steel & Coal B 26
Dom Tar & Chem
22 X
115
115
100
Preferred
21
May
64
1.75
24
Dominion
May
20
July
Commercial Alcohols Ltd.*
32
Dominion Glass
1034
284
May
Celtic Knitting Co Ltd...*
2434
454
426
May
Jan
June
3
Jan
14
3034
7
Jan
May
35
Jan
Feb
6
13 34
16
Feb
32
*
Mar
554
62
8k
Distillers Seagrams
Pacific Ry...2b
10734
May
10
17 k
Consol Mining & Smeltlng5
Canadian
May
2
186
23X
10 X
29
100
1.75
Industrial Alcohol.*
July
1554
169
13
5
114
100
Cndn
Feb
FeD
155
Canadian Cottons pref.100
Mar
99
14 k
15
Jan
19 X
June
295
15
26 k
112X
10
6 X
Converters.. 100
Canadian
100
430
734
May
12
25
102
100
Jan
25
2 k
63 34
May
3X May
140
440
10 X
30 X
..*
1934
18
IX
13
50
5%
June
37
Jan
7
10 J*
3X
Ilk
June
June
Apr
4X May
13
2X
June
3
12
24
1654
1034
80
10 34
1734
13
50
195
5
35
30
10
334
91
334
1234
63 34
Calgary Power 6% cm pflOO
May
85
1134
1334
Jan
25
Canada <fc Dom Sugar Co. *
June
3k
24
2,645
1034
Feb
25
Brit Amer Oil Co Ltd
July
6X May
130
4
*
*
Canada Steamship (new).*
Preferred..
12k
85
Can Forgings classB
Jan
8034
25
Mar
12
May
1434 May
110
4
Canada Cement pref___100
Canadian Bronze..
455
2654
-.-_*
Can Northern Power
y
149 X
Building Products A (new)*
---6
Canada Cement
May
623
4%
*
Bulolo
Apr
7
17
26
British Col Power Corp A *
June
31
15
9 X
9
5
110
9
24
May
*
Brewers & Dlsts of Vane..5
High
140
9
15
16
Brazilian Tr Lt & Power.*
Bell
Range Since Jan. 1, 1940
110
17
May
60
3
Aluminium Ltd.
70
21X
9
9
5
-
Week
10
21X
pref.100
—*
595
Abltlbi Pow & Paper Co..*
Low
Jan
1134
60
July 13 to July 19, both inclusive, complied from
-
Sales
10
Agnew-Surpass Shoe....
1134
97 X
inclusive, compiled from official sales lists
for
May
117
Friday
Shares
6
Feb
Mar
64
Nova Scotia
Ask
Exchange
of Prices
High
72
~63~x
Last
Week's Range
July
*
A
Low
50
734
87
Sale
25
16
10234
Banks—
77
86
Last
June
Montreal Curb Market
8354
84
Price
June
90
"ii"
Sale
Par
Mar
10
7
..25
Stocks-
Stocks-
1134
40
-?V.
2834
14
*
Grand Trunk Pacific Ry—
82X
Friday
Mar
634
234
Royal
85
July 13 to July 19, both
Jan
734
1354
Commerce... ........100
83
Montreal Stock
20
10
Jan
Feb
162
10034 10034
50
85
85
July
634 June
3X
100
Canada
of
Montreal
1 1946
July
140
100
13 k
*
Canad ienne
Bid
6 34s
83
84
1 1969
1 1969
1 1970
Feb
5s
Bonds
Canadian Northern Ry—
1951
1955
1956
1957
20
33
9
1234
Winnipeg Electric A
July 19
Ask
Bid
Canadian National Ry—
215
141
1034
*
Class B
Government Guaranteed
24
140
Jan
West Kootenay pref...100
60
Closing bid and asked quotations, Friday,
(American Dollar Prices)
Jan
June
7854
3334
60
*
Zellers pref
Dominion
43
Wabasso Cotton
95 X
•
395
634
100
Preferred
67
94
15 1944
1 1944
Dec
July
4 34s
51
47
Jan
United Steel Corp
68
50
perpetual debentures.
6s
Sept 15 1942
43 34
50
Sherwin Williams of Can.*
Canadian Pacific Ry—
4s
Mar
50
Shawlnlgan W <fe Power.
Ask
32 34
*
St Lawrence Paper pref. 100
Bid
69
May
July
10
A preferred
Ask
Canadian Pacific Ry—
June
20
10
*
Steel
3 i
25
93
St Lawrence Corp
Friday, July 19
June
260
20
10
Regent Knitting
(American Dollar Prices)
25
3934
93
Rolland Paper vot tr____
Closing bid and asked quotations,
26
38
100
Quebec Power
Railway Bonds
2534
9
lio"
.*
.
Jan
5634
3834
3934
24
*
100
Saguenay Power pref.
Bid
~47~~
*
5% preferred
•
28
Jan
20
*
Ottawa Car Aircraft
110
27 k
39
Steel Car Corp.*
Price Bros & Co Ltd
82
:
5%
28
100
Penmans
57
15 1952
1 1960
*
Preferred
56
66
Sept
434a
Jan
June
Power Corp of Canada...*
70
Apr
434a
128
5
Ottawa L H & Power...100
79
Province of Nova Scotia—
Julj
100
Ottawa Electric Rys
82
76
15 1960
Apr
5s
111
654
Preferred
Quebec—
80
Prov of New Brunswick—
Jan
1
534
Ogilvle Flour Mills
79
1 1958
70
Jan
27
Mar
Niagara Wire Weaving...*
83 X
2 1950
70
135
May
88
Feb
€5
94
May
May
234
National Breweries
-
77
Mar
65
June
14
234
Noranda Mines Ltd
4s
2 1959
Dec
70
130
635
50
96
-
4X8
15 1954
June
5s
Feb
10
23
1634
215
--
75
70
1 1941
Aug
434s
Ask
81X
15 1965
Feb
3
86
15 1943
May
1 1959
June
1 1962
24
234
94
Sept
June
2;14
534
National
74
1 1953
Oct
434a
5s
6s
Apr
1234
3
92 X
1 1942
40
38 X
80
*
McColl-Frontenac Oil
Bid
36 X
May
*
Montreal Tramways
38
1 1948
Jan
51
110
Montreal L H & P Cons..*
Province of Ontario—
Oct
1 1956
Prov of British Columbia—
6s
July 12 1949
4634
Massey-Harrls
Friday, July 19
Ask
Bid
Feb
2834
Lindsay (C W)
Issues
(American Dollar Prices)
Province ot Alberta—
16
Feb
June
2734 May
100
Preferred
Provincial and Municipal
16
_.*
120
29
20
5
Int Paper
High
1834 June
1,067
25
Jamaica P S Co Ltd preflOO
Jan
20
International Petroleum.. *
Montreal Stock Exchange
434a
Low
Shares
1834
20 34
Intl Bronze pref
Intl Nickel ot Canada
Greenshields & Co
Members
5s___
High
Low
8k
Apr
Mines—
Gold
*
Cartler-Malartlc Gold. — . 1
Central Cadillac Gold.... 1
Dome Mines Ltd........*
Duparquet Mining
Co.-.l
1
1
*
Mines Ltd...l»
Malartic M Ltd
15
Jan
East
23 k
Apr
Eldorado Gold
106
Apr
Francoeur
34
Jan
Lake Shore
June
15X
Jan
June
16 X
Feb
*
Mines
Gold
No par value,
r
10 Xc
July
34c
200
34c
lc
lc
500
6c
....
1,600
34c
Aldermac Copper Corp...
Cndn Malartic
6c
1,000
lc
lc
2.25
2.50
1,^00
Jan
Feb
July
20c
Jan
17c June
29 34 c
1,000
lc June
2kc
Jan
Jan
1.95 June
4.10
Jan
25c June
1.25
Jan
68c
Jan
31 k
Jan
6c
30c
30c
100
21c
21c
1,000
20c
400
1554
15%
Canadian market.
16
Jan
87c
2 Xc
571
18
17
35c
July
lc June
May
July
The Commercial & Financial Chronicle
396
July 20, 1940
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Last
Par
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Low
High
Week
Price
2.75
Macassa Mines
200
80c
100
20c
75c
4.80
Feb
57c June
1.45
Mar
1.00
May
1.49
31c June
54c
Apr
75c
700
59c
July
1.82
43*c
5c
6,000
2c June
10 A c
Jan
1.60
1.60
425
1.55 June
2.65
Apr
1.40
750
1.05 June
2.11
Jan
55c
Pato Cons Gold Dredging. 1
------
1
55c
960
1.15
64c
95c
1.00
31c
250
4.80 June
------
53c
July
8c June
8.2
Toronto Stock
♦
14c
143*c
»
Home OH Co Ltd
1.55
1.65
1.60
183*
14c June
1,100
2,225
76
20
18
May
3.10
Jan
36
Stocks (Continued)
Par
Week's Range
for
Sale
Apr
June
1.30
33c
of Prices
Low
High
Week
Price
1
Exchange
July 13 to July 19, both inclusive, compiled from official sales lists
Last
Sale
Stocks—
Par
Abltlbl
Price
65c
60c
90c
4
3 A
4
75c
75c
*
preferred
100
Alberta Pacific Grain
of Prices
High
Low
*
Alberta PaclficGraln prf 100
Range Since Jan. 1, 1940
for
Week
Shares
770
5
22
22
Aldermac Copper
*
lie
Algoma
*
8A
American Cyanarnid B..10
Anglo Canadian
34 A
34 A
20
57c
60c
50c June
2.50
Apr
June
17?*
Jan
75c
July
2.87
Apr
July
36
Jan
20
4,000
Steel
Anglo-Huronian
5c
Bankfleld
Mines
Cons
1
1.16
.1
Bank of Montreal
100
11c
Base Metals...
*
1
Beattle Gold
*
Bell Telephone Co
100
July
3.00
1.05
4A
148 A
Apr
91c June
2.68
Jan
5c
Jan
July
211
Mar
275
July
315
Feb
7c
8,000
82c
5,340
70c
4
4A
159
2 A
145
150
302
130
July
33c
Jan
May
7
2Ac
15?*
Apr
July
9?*c May
July
May
1.19
Mar
6?*
Jan
July
169
58,475
10c
July
62?*o
9
5
9A
July
12
Mar
35
20
July
42
Apr
Ac
4 Ac
1,500
3 Ac June
11?*C
8.10
Brit Columbia Power A..*
8.25
1,612
1,071
7.40
June
11.00 May
3A
June
3
May
May
10 A&
m
4
3A
434
303
1734
26
"47c
15c
434
17
1,377
35
26
35
14?*
24?* June
Mar
Apr
3.10
Jan
Mar
28c May
69o
Jan
6?*c June
19?*c
Jan
1,215
1,000
lAc
lAc
1,000
7A
Txc
Burlington Steel
3.10
lAc
734
10
6A
1.00
10
Calgary & Edmonton
•
1.29
1.30
200
Calrnont
1
25c
25c
2,000
23*
100
*
2
2 75
July
8.60
Jan
l?*c June
4?*c
17?*
Feb
12
June
lc June
Jan
3?*c
Apr
May
14
Jan
June
2.39
Jan
18c June
47c
Jan
1?*
July
40
Holllnger Consolidated
5
9.80
10.00
2,062
1.55
1.64
7,705
22c
22c
1,600
2234
2234
430
Home Oil
Co
1.61
Howey
Hudson Bay Mln & 8m„»
5?*
2234
Imperial Bank of Can.
_
54
12
54
150
*
'1034
May
115
27 A
May
47
Jan
12 A
June
24
Feb
3c
July
19o
Jan
Jelllcoe
1
J M Consolidated
4c
Kirkland Lake
lc
lc
1,000
Ac June
4?*c
Feb
2.00
1.80
2.00
6,625
1.20 June
2.75
Jan
1
88c
80c
90c
10,316
1634
1634
60
4.95
5.00
600
,
Lake of the Woods
..*
Lamaque Gold
*
5.00
Lapa-CadUlac
1
6c
Laura Secord (new)
3
934
9
934
265
Leitch
1
50c
45c
50c
2,800
2.20
»
24
•
215*
2234
203*
1
2.95
2.70
1
1.31
1.08
1
30c
1
76c
»
B
Mines
Madsen Red Lake
Malartic
Gold
Manitoba & Eastern
Maple Leaf Gardens
*
Preferred
5
June
27 A
Jan
Feb
100
6
10?*
Feb
18
75
17
July
22
Feb
9
416
7?*
May
14
Feb
6
6A
295
5A
16?*
Jan
14
143*
225
12?*
29
Jan
283*
110
20
June
May
May
5
104
Feb
May
129
Canadian Dredge
Cndn Ind Alcohol cl A
*
9A
1034
75
9A
July
32
*
1.75
1.75
425
1.65
May
3.62
Jan
Canadian Malartic
*
July
85c
Jan
Cariboo
1.83
.1
Central Patricia
Central Porcupine
Chestervllle
1
1.65
1.85
300
1.65 June
1.50
1.45 May
1.70
2,700
..1
6c
6c
1,000
1
66c
74 c
19,152
Mar
Jan
Jan
3,300
20c June
58c
Jan
Mercury MHls.
6
42c
Mar
June
June
5c
5c
2,000
443*
958
July
78 V*
80c
4,695
50c June
1.01
Jan
16c
3,467
11c June
34c
Jan
9
9
133*
Mar
63*c
Feb
40c
Apr
*
Pacalta Oils..
33*c
...»
Pacific Petroleum
1
Page-Hersey
*
Pamour
♦
Porcupine
Pandora-Cadillac
Paymaster
1
25c
Cons
Perron
"24c
1 01
June
2.12
July
4.25
Jan
1,445
1 45
July
2.3d
Apr
60c
68c
2,910
60c
July
2.18
Jan
5A
June
PoweU-Rouyn
....
.
Power Corp
1
*
*
*
Petroleum
75c
13?*c
13c
500
1.05
Jan
Real Estate Loan
"80c
1
St Lawrence Corp
San Antonio
23*
23*
50
1
1.58
1.50
1.60
2,280
1.25 June
2.50
Jan
Jan
Sand River
1
7c
534c
7c
5,700
5c June
15c
Jan
Feb
Senator-Rouyn
1
1934c
20c
21c
2.900
10c June
57c
Jan
178
J* June
31?*
Apr
834c
*
Shawl nlgan
*
Sherrltt-Gordon
1
Sigma
1
18?* May
27?*
May
Silver woods pref
*
1,467
16
June
29
Jan
230
19
May
36?*
Jan
6?* June
Simpsons pref
18
4,300
21c
Feb
53*
Apr
"534
1834
200
56c
61c
8,508
50 0
July
1.18
5.25
61c
5.50
700
4.00
June
8.75
Jan
534
534
500
5
7A
Feb
14
79
July
July
85
100
Slscoe Gold
10c
85
16
June
24
105
1
68c
63c
68c
3,945
15?*
Jan
Sladen-Malartlc
I
28c
26c
29c
2,700
60c May
20c June
61c
July
5?*
Jan
Slave Lake
1
3c
3c
1,200
2Hc June
8?*
7?*c
Apr
Standard Chemical
*
3A
75
2Ac
9?*
Feb
3 Ac
k
4c
3c
July
8c
Apr
Standard Paving
Preferred
*
2,250
2.28
2.55
10,195
1.95
June
4.10
Jan
Stedman
May
18?*
Jan
8teel of Canada
•
11
2A
25
234
5
17c
17c
500
2.15
25d
2.40
1,150
22 A
2354
634
lAc
234c
534c
2,000
534c
434
15?*
14
43*
153*
6c
"~26c
85
22c
81
500
20
897
6c
6,200
11
334c
12c
3?*
8
4c
1,800
28c
9c
12c
3,100
1,100
July
2?*
July
6
Feb
15
May
26c
Feb
Steep Rock Iron Mines
5.00
Apr
Straw Lake Beach
Preferred
20?*
June
l?*c
July
6?*C
Apr
Sullivan
5?*c May
8Ac
Jan
Sylvan!te Gold
Tamblyn common
3?* June
30
Mar
40c
*
1.75 June
40c
334
30
8
40c
100
334
20
23
25
623*
6334
64
63
23
65
5
330
30
8
July
40c
95c
14
Jan
Jan
Mar
Apr
Jan
Jan
Mar
2.00
Jan
22
June
63*
283*
Mar
61A
June
863*
Jan
May
83
3 A
63
July
July
Jan
Jan
*
"i".40
1.15
1.50
14,245
1.05
June
3.10
Apr
....*
434c
334c
5c
7,600
3c
June
8 3*0
Apr
9C June
20 3*c
Mar
Sturgeon River
15c
l
1
2.15
15c
500
5034c
1
.
53c
2,683
1.02
Jan
1.92
2.15
6,725
1.90
June
3.45
Feb
125
July
12
Feb
50c June
10 A
Jan
22 A
Jan
Teck
3.05
1,420
8A
2 40
June
4.15
Jan
July
11c
Jan
Texas-Canadian
1
1.00
1.00
820
1.00
June
2.25
19c June
70c
Jan
May
Toburn
1
1.10
1.10
150
1.00 June
1.90
13?*
July
6c
1,000
27c
85
2634c
•
8
*
11
*
1
Feb
1.98
June
23 A
1
8t Anthony
19
49
3
3 A
Jan
Mar
Jan
3
2.51
Jan
363*
210
1
Goldale
190
Jan
May
July
175* May
7 J*c July
2 A June
263
•
God's Lake
1451*
1,555
•
Gatlneau Power pref... 100
Gillies Lake
1
66
5
Fanny Farmer
Foundation Petroleum.25c
Francoeur..
*
2
19
73*
Falcon bridge
•
150
19
63*c
3A
Extension Oil
A
150
2?*c June
30
6A
*
Ford
3,500
July
4A
*
Firestone Petroleum
334c
24
3 A
Eastern Steel
Federal-Kir kl and
33*c
8
Jan
Feb
L
7
English Electric class B
Fleet Aircraft
24
1.30
113*
22
3A
*
Dominion Woollens pref_20
East Crest
*
East Malartic
"3 Ac
_..*
Jan
1934
Dominion Tar
1
7
80c
24
100
Apr
21
8c
12,975
4c
35o
17
Feb
2.38
1.72
4c
3.75
20
12 3*
June
100
1.49
4c
12c June
19?*
May
4c June
734
1.65
70c June
20 %
6
734
1
*
235
Dominion Foundry
*
Dominion Steel class B..25
Dominion Stores
*
Jan
*
200
25
1.42
Quemont
22,100
*
23 34
75c June
Preston E Dome
15c
Dome Mines
25
12c June
1.500
Pressed Metals
.25c
75c.
*
88
1,000
l
Apr
Jan
Distillers Seagrams
634
Premier..
2.67
Jan
Jan
75c
Prairie Royalties..
Royallte OH
Davles
6
2.12
13c 1334c
63*
Jan
Royal Bank of Canada. 100
Cub Aircraft
Jan
5,625
Jan
19
53c
3,340
Jan
36
Jan
Jan
1.90
Apr
93
4,800
10 A c
1.37
33c
213*
25c
2Ac May
20c May
2.40
9?*
149
21c
Jan
2.35
1.25
May
20 A
5,000
June
1.80
15c May
143
534c
80c
111
2.18
37*
*
2,400
Mar
June
1.80
25c
100
105c
27c
1.30
25c
Cosmos
90c
5c
105c
2Ac June
90
2.35
*
Gas
36
1
♦
Consumers
800
1
14c
June
1,000
25c
June
1
Gold
2.55
1.00
33*c
94
7
Pioneer
July
12?* July
28?* May
141
July
70
Jan
Pickle-Crow
Commoil
10
25c
923*
1
Cockshutt Plow
217
Jan
13c
Roche LL
6,800
93*c
60c
Jan
1.15
Jan
Jan
July
443*
Jan
13 34
69
37?*c
15c
Ottawa Car
43
Jan
80c
58c
323*
5c
Apr
Apr
1
78c
1.00
12c June
48
__1
July
13 A
Mar
5
35
July
3134
83*
50
33c
1.10
Jan
85
20c
"32M
80
18,400
1,500
*
2c June
16c
11,300
5
7,000
3934
20c
Bakeries...*
123*
933*c
13c
40c 52 34c
4 A
5
Smelters
5
June
383*
20c
Consolidated
Jan
37 Ac July
34 A June
3934
49c
Conlaurum
58
476
2c
5
5
July
1534c
1
100
14,920
37 A
*
*
500
295
43c
37
2c
*
Chromium
25c.
634
38c
1
Cochenour
~20c
6
36
36
150
...1
41c June
5c
Feb
26c
53*
Apr
4?*
93*
Jan
24c
Omega
8?*
Jan
Jan
*
O'Brien
22
Jan
93*
McWatters Gold
Apr
May
5A
63*
59 A
1.47
Apr
4
10
85c June
31?*
3A May
13?* May
Jan
743
65
100
6A
Apr
May
12,625
30?* June
21?* May
265
Mar
1A
95c
30
1,276
1.45
July
734
2%
New Gold Rose..... _.__1
Noranda Mines
*
434
June
A
3834
Apr
434
Jan
54c
1,000
88c
Mar
16
62c
21,800
34
53*
373*
8?*
4A
20,050
80c
95c
21?*
434
30c
66c
5A
9?* June
15
Jan
3834
2?* June
4A
2.55
25c
May
20 Ac July
1
125
4Vs
1.00
*
161
15
6,401
5
3
*
1.31
Jan
McKenzle
11
*
Feb
28 3*
Mclntyre
Nay bob
25
4.75
,
McColl-Frontenac
National Steel Car
C P R
June
June
National Grocers
Canadian Wirebound
2.25
25
Jan
Canadian Wineries
4,700
185
Apr
32c
Jan
3.00
28
Apr
4,100
263*
May
25
150
35c
May
119
39?*
104?*
32c
Jan
May
20 A
20
3
June
37?*
3.40
1.71
242
234
June
115
Jan
555
1A May
3A May
2 Ac May
June
27 A
Jan
Jan
880
3,080
55
65
115
13
Jan
22
888
29?*
27 A
22?*c
Jan
Jan
24
485
118
115
July
June
734
8
*
7.25
41c June
234
50
100
9
43*
40
Celanese
5C
4,500
434
100
27
4.75 June
»
Massey-Harris
1.54
July
2
*
Preferred
75
Preferred
15
June
*
Maple Leaf Milling
33
Canadian
1.90
7c
70c
A
2.15
*
120
14
5c
Little Long Lac
A
Loblaw
75
25
4c
June
1
1
Kerr-Addison
120
65*
Jan
111 A
*
*
Jan
40
Can Permanent Mtge.,100
Canada Steamships
Can Car & Foundry
Preferred
Mar
153*
1,418
1
June
15 A
163*
May
3,806
1,334
*
6
June
5
8A
1434
Moneta
A
12
32
323*
Moore Corp
Morrls-Klr kland
8
275
a
14
Jan
6
1034
133*
31
Mar
18
93*
1434
106
9
June
Jan
323*
July
*
Jan
*
102
20
Jan
743*
220
53*
53*
11434 11434
100
International Nickel
8
Class B
Jan
International Petroleum..*
102
Canadian Canners A
Jan
Jan
12 34
5
102
178
3,825
Jan
34
July
Imperial Oil
Imperial Tobacco
Jan
3.10
June
15
International Met cl A...*
Intl Milling pref
15
Feb
July
40?*c
May
160
102
June
19 A
54
Can Cycle & Motor pref 100
Canada Malting
•
135
June
1.30 May
22c July
160
Feb
81
9.50
100
58
200
June
7A June
100
Huron A Erie
105
2434
June
7c
600
834
July
48
Jan
934c
834
July
142
Jan
19 A c
16
934c
90
23 A
Jan
Jan
10c
*
41
48
4A
1.48
*
10
136
July
May
3c June
Highwood
40
48
8A
Hinde & Dauch
93
Cnan Breweries pref
24
*
Cndn Bk of Commerce. 100 140
Canadian Canners..
♦
May
13
55c
45
A
2A
3
May
52
2 A
93
3
125
33*
23*
80
41
10
Apr
20
3
234
33*
2 A
3,300
45
11
Mar
16
Jan
571*
5Ac
273*
5A
2Ac June
16,700
50
Canada Steamships pref.50
Canada Wire class A
*
July
500
534c
68c
100
31A
51 As
53
334c
Class A
Canada Packers
75
5234
534c
"67c
Jan
87
60c
Class B
33
33*
Jan
26c
June
June
33*C
MacLeod Cockshutt
1,500
13
*
5c
58
1
Jan
30
High
22c
75
1
Apr
32,999
2.80
*
23?*
8c
lAo
*
Macassa
50c
13
l?*c
2,500
70
15
5234
*
Apr
8c
*
Voting trust pref
Gypsum
Hamilton Bridge
10?*
5?*
42c
»
*
28c
170
19
4
4A
4A
Bunker Hill
July
12
35
17 A
Canada Bread
Jan
7c
72c
*
1
17c
7,783
25
5
Building Prod
Jan
July
2c June
181
8,200
British American Oil..
Buffalo-Canadian
Jan
280
6c.
Brewers & Distillers
Buffalo-Ankerlte
11c
8Ac
8c
*
1
7,150
934
.50
...
1.20
7c
...1
Broulan-Porcuplne
Apr
1.03
4c
m
13c
Brown OH
43
1.50
9?*
«•
July
41c June
2,100
1,000
2Ac
1
Bobjo
34?*
2,700
T?*c
*
Brazilian Traction
Feb
3c
'T?*c
Bldgood Kirkland
Braiorne
16?*
181
Blltmore
Blue Ribbon pref
May
5c
1
Beauharnols
7A
1.55
*
Bear Exploration
Jan
280
181
Bank of Nova Scotia... 100
Bath Power A
38c
4Ac
_1
Gold
July
3c
1
Ashley
10c
1.50
*
Arntfleld
9
4,900
119
12c
8c
64
Hard Rock....
High
2
20
Low
7 Ac June
Harker
Low
1,080
50
pref.-__i_
Grandoro
Harding Carpets
Sales
Week's Range
37,300
534c
"70
Goodyear
Goodyear
9c 133*c
12 34c
Gold Eagle
Friday
Range Since Jan. 1, 1940
Shares
Jan
Golden Gate
Toronto Stock
Cons
Sales
Last
Pet,rnleiimR
Aunor
Exchange
Friday
Royallte OH Co Ltd
6%
TORONTO
Jan
Oil—
D^vles
Grain Exchange
Street
Jordan
Jan
5.00
------
Wood-Cadillac Mines.. ..1
11
Jan
93*C
5.00
Slscoe Gold Mines Ltd. -.1
Wrl ght-Hargreaves
/The Toronto Stock Exchange
,
Apr
47c June
9c
4,510
2,000
3,300
60c June
54c
■
Member*(Winnipeg
Jan
62c
54c
Sherrltt-Gordon Mlnes. ..1
Sullivan Cons Mines... -.1
listed and unlisted
Jan
1.30
------
on
and Industrial Securities
F. J. CRAWFORD & CO.
Jan
100
75c
Pandora-CadHlac Gold. -.1
invited
Canadian Mining
High
2.28 June
12,000
89C
20c
1
Gold
O'Brien
Low
Shares
2.82
65c
------
*
Normetal Mining
Range Since Jan. 1, 1940
89c
80c
Malartic Gold
McKenzie-Red Lake Gold 1
inquiries
Sales
Friday
79
Hughes
_.»
1
9
2.95
83*
2.70
9
July
3?*c June
Jan
Toronto Elevators
*
17
17
11
16
10?*O
Jan
Toronto General Trusts 100
70
71
16
70
25c May
69o
Jan
8c June
23c
Jan
97
•
No par value.
July
July
Jan
32
Jan
90
May
Volume
397
Commercial & Financial Chronicle
The
151
Canadian Markets—
Wm. Cavalier & Co.
Listed and Unlisted
MEMBERS
Exchange
Toronto Stock
Loe Angeles
Sales
Friday
(Concludes)
Stock*
Week's Range
f0T
Sale
of Prices
Low
High
Week
Price
Par
Towagmac
35c
July
10c
1,800
Gas
34c
35c
4,850
July
1.12
12 %
13 %
849
12
May
17
FeD
150
30
May
42
Mar
34%
United Fuel A.
35
28c
1,035
8 He
3c May
United Oils..——.
*
3%c
3%c
United Steel.—
•
3 %
3%
3%
525
Upper Canada
1
75c
68c
76c
28,116
55c June
Ventures
*
1
1.95
2.05
3,005
1.95 June
3
July
7c
—
Preferred
2.80
2.80
3.00
36 %
32%
36%
710
29%
♦
Walkers
1,000
3,527
*
Walte Amulet
18 %
17%
18%
540
16 %
8c
8c
1,200
..
10%
.*
100
90
.
Preferred
-
4.35
Wood Cadillac.—
1
Wright Hargreaves
*
16c
76
June
99
30c
3,500
4 25 June
8.15
July
99
2,300
100 H
Buckey Union Oil v t c...l
Sale
Par
Stocks—
Price
of Prices
Low
High
Canad Marconi..
Consolidated Paper
4
1%
3
1,800
12
24
1,390
12H
12H
2.788
a68% a68%
*
9X
9%
9%
4
a380
a380
100 a380
50
68%
July
88%
Apr
565
8%
May
May
10%
Mar
10
Globe Grain <fe Milling..25
13 %
al4%
Hancock Oil Co A com
28 H
*
52 He
Menasco Mfg
a3%
2H
55c
40
Jan
Mandy__
12
12
20
11
June
17
Feb
7
7
600
7
July
13 H
Jan
99c May
2.35
1
Pend-Orellle
1.30
1.25
1.25
2,700
56
6%
Apr
13%
13%
al4% al4%
28 H
28 H
52 He 52 He
13%
July
200
45c May
50c
100
50c
July
20
9%
Jan
7c
50c
38%
570
alO
Pacific G & El
14
June
24%
Feb
100
27
May
40
Apr
80c
Jan
87 %c
Apr
33 H
12% May
Mar
11c
1,200
Jan
16c
a25% a26%
a3%
a3%
65
23% June
41%
32
3% May
4%
Jan
1%
Jan
4%
May
3c May
6c
Jan
11c
2%
2,310
3
Apr
4c
4c
1,000
29%
29%
546
26%
May
34%
Mar
4c
6% 1st pf.25
a29%
Jan
Pacific Lighting Com com *
42 H
18
18
18
165
29
May
26%
May
34%
31%
Apr
1.50
325
37% May
49%
Jan
253
33%
33%
a29% a29%
42%
42%
25
5H% st pref
Apr
60
Jan
*
...
Apr
May
3% May
29 X
Co
Nordon Corp Ltd.......
May
405
6% May
alO
Los Angeles Investment.10
July
609
5
11c
Apr
Apr
2,575
43%
43%
50c
alO
375
8
6%
12%
5%
5H
Hupp Motor Car Corp___l
——*
Humberstone
9
43 %
com
8H
June
Jan
104
5%
Gladding McBean & Co..*
1940
24
Jan
8
a6%
a26H
20c June
22
90%
4%
General Motors
*
Dominion Bridge
57% May
6
May
3% May
7
May
o6%
Lockheed Aircraft Corp__l
July
Mar
5%
Lincoln Petroleum Co.-10c
3
Jan
12
a6H
Mar
May
1%
100
21c
21c
_—————*
Dalhousie
1,250
26
8% May
230
10H
May
6
Jan
15% May
30
64
1.40
65c May
2c
150
18
IOH
Pacific Gas & Elec com..25
Crown Dom.——-—...*
600
5% May
Jan
Consolidated Steel pref...*
Apr
High
Jan
4
20
80c
3%
1%
3%
*
4%
80c
2c
1,000
2c
2c
18
64
6
Lane-Wells Co
4%
*
1
Can Bud Brew
Feb
64
100
Holly Development Co..
Shares
3
167
Consolidated Steel Corp..*
Week
Low
1% May
3% June
10 H
Goodyear Tire & Rubber.*
Range Since Jan. 1,
609
18
Chrysler Corp
Sales
for
1H
3%
Central Invest Corp
compiled from official sales list*
Week's Range
Apr
Calif Packing Corp com..*
Farmers & Mer Natl
Last
Apr
45c
1H
Exchange—Curb Section
Friday
12c
Apr
3%
Electrical Prods Corp
July 13 to July 19, both inclusive,
Jan
Apr
25c
1H
Douglas Aircraft Co
Toronto Stock
4%
6c
100
25c
Jan
99%
99%
1952
May
1,600
3H
2c
Consolidated Oil Corp..
Loans
2%
10c
25c
1
Bonds—
War
200
10c
25c
10c
Jan
5.20
4.90
8c June
3% May
Broadway Depart Store..*
Apr
1,200
High
July
3
Berkey & Gay Furn Co
Blue Diamond Corp
Apr
Low
2%
Bandlni Petroleum Co.—1
Apr
15
YV CCn*
Shares
200
2H
Barnhart-Morrow Cons._l
Feb
"tXTnolp
2%
2H
Aircraft Accessories cl A50c
Jan
20 %
Par
Stocks—
of Prices
Low
High
Price
Range Since Jan. 1, 1940
for
Week's Range
Sale
Jan
6.05
43 H
Sales
Last
Jan
June
June
complied from official sales lists
Friday
Jan
8c
8c
Angeles Stock Exchange
Jan
2.70 May
5
90
Los
July 13 to July 19, both inclusive,
17 He May
9% June
10
Jan
97c May
6c June
220
7
7
1
Wendigo
6%
May
*
Vermilata Oil
Westons
Jan
34c
13 %
Uchl Gold
Union
High
Low
Shares
Teletype L.A. 290
Los Angeles
623 W. 6th St.
10c 10 He
Exchange
San Francisco Stock
Stock Exchange
1, 1940
Range Since Jan.
Last
Chicago Board of Trade
New York Stock Exchange
12
28% May
Jan
Jan
*
2H
10
1%
June
3%
Apr
1,000
2 He
June
8 He
Jan
Republic Petroleum com.l
2
2
May
2%
3Hc
2
3Hc
Richfield Oil Corp com
»
8
7%
6
May
8%
Jan
1
4%
8%
4%
2,346
4%
320
3%
May
7
Safeway Stores Inc
cl A
2H
1
Ryan Aeronautical Co
Rogers Majestic
Temisk Mln
Puget Sound Pul & Tim..*
*
a42%
a42% a42%
30
29%
a8%
a8%
3
3%
a5%
a5%
50
50%
Mar
52%
Apr
Apr
35
26
Security Co units ben int..
Shell Union Oil
*
Sontag Chain Stores Co..*
Friday, July 19
Closing bid and asked quotations,
(American Dollar Prices)
3%
a5H
So Calif Edison Co Ltd..25
Utility Bonds
30
Solar Aircraft Co
Industrial and Public
27%
27%
28
...25
30 H
30%
25
C1A25
28 H
30%
28%
33 %
33%
6% pref B
5H% preferred C
Bid
Ask
Bid
Ask
So Calif Gas Co
33
35
Federal Grain 6s
1949
59
62
Alberta Pac Grain 6s
1946
58
62
Gen Steel Wares 4%s_1952
61
63
Algoma Steel 5s
1948
64
66
Gt Lakes Pap Co 1st 5s '55
Col Pow 4%s.l960
60
62
Lake St John Pr & Pap Co
British
33%
May
8%
May
8%
May
2%
May
4%
Apr
7
Apr
4% May
1,865
28%
34%
60
23% May
30%
354
27%
May
30%
Jan
1,081
1,213
24%
May
29%
Jan
34%
Jan
May
34%
Jan
15%
Jan
17% June
26%
7
8H
8%
8%
630
18 %
7%
18%
18%
946
7%
4%
7%
150
*
2
Transcontinental West Air.
4%
1,500
al7% al7%
4%
al7%
2,251
53
57
Union Oil of Calif
25
12 %
12%
12%
55
Universal Consol Oil
10
08%
a8%
a8%
26
28
1H
9%
9%
Calgary Power Co 5s__ 1960
72
74
Canada Cement 4%s_1951
64%
66%
1957
Canadian Canners 4s. 1951
58
61
64
66
McColl-Front Oil 4 %s 1949
64
Vultee
1
7
-anadian Vickers Co 6s '47
26
28
N Scotia Stl & Coal 3 %s '63
50
52
Wellington Oil Co of Del—1
2
4 %s '59
67
61
Jan
7
May
Mar
12
Jan
May
17%
•
June
15%
Jan
4%
Jan
14
Apr
68
59%
Jan
10
7% June
4%
Apr
2
53
1961
1954
1945
5%S
May
10
Pacific Co... 100
Taylor Milling Corp
Transamerlca Corp
57
54
pr
Jan
250
Standard Oil Co of Calif. _•
Southern
Abltibi P & P ctfs 5S..1953
6%
a8%
1%
500
Canada SS Lines 5s
Massey-Harris 4 %8
Minn & Ont Pap 6s
Power Corp of Can
~onsol Paper Corp—
ex-stock...
1961
*?om Steel & Coal 6 %s 1955
Dom Tar & Chem 4 %s 1951
~?5%s
35
37
Price Brothers 1st 5s. .1957
64
66
62
63
Quebec Power 4s
Saguenay Power—
4%s series B
Winnipeg Electric—
62
Vega Airplane Co
Aircraft
com
46
48
62
64
•No
par
value.
/Flat price,
n
1962
62
64
1966
67
1965
45
47
Amer Rad & Std Sanil
1965
32
34
Amer Smelting & Refining.
Calumet Gold Mines
*
monthly
of
as
Bank
as
for
a5%
a5%
a5%
o35
a35
174%
July
31%
24%
Apr
25
5
May
a5
a48% a48%
20
51
a.5%
a5%
40
5%
July
a6
50
4%
June
5%
7%
July
a6
87%c May
1%
June
June
11%
Mar
24% June
29%
a6 '
*
1%
1
7%
1
a24%
*
31%
*
42%
Goodrich (B F) Co
*
Intl Nickel Co of Canada.*
Kennecott Copper Corp..*
*
Loew's Inc
Montgomery Ward & Co.*
1940
June
a5%
Curtis-Wright Class A
General Electric Co
al2%
23%
a25%
1%
7%
210
1%
7%
a24% a24%
31%
42%
al2% al2%
23%
23%
a25
a25%
31%
42%
a24% a24%
a40
a39% a40%
28.2
33.4
6.7
16.4
16.8
16.3
Commercial bills and bankers' acceptances.
113.3
117.0
143.9
30.5
Treasury bills
21.8
Not exceeding three months
21.9
50
*
25
13.9
38.7
United Corp (The)
27.8
50.1
2.5
2.5
Apr
Apr
072% a73%
111
68%
a8%
6%
115
7%
June
May
23%
87%
5
May
12%
7%
Apr
200
193
30
June
43%
Feb
May
12%
Feb
-
i—_ _——
125.0
125.0
125.0
25.5
25.0
229.6
35%
35%
al%
10
19%
al%
18%
52%
2%
a92%
2%
1
2%
No par
value,
a
_
78
092%
2%
19%
4%
400
100
102
5%
35%
al%
19%
52%
2%
092%
2%
Jan
Apr
Jan
June
23%
Feb
July
47%
Apr
82%
Feb
23%
Apr
Apr
18
38%
60
12% May
35% July
5
1%
May
51%
2%
300
18%
Juiy
38%
635
45
May
65
240
Apr
63% June
77
al7
Apr
Feb
Apr
2%
May
4%
Apr
1%
235
Mar
3%
Apr
75
200
Odd lot sales.
CURRENT
33.1
—Frederick P. Delafield has become
75.3
21.8
Lawrence,
Central bank for the accounts of others:
Miscellaneous items
o35
6%
52%
255.1
Central bank for their own account:
Sight
6%
o34
243
25.1
229.0
19%
a5
17%
a8%
*
*
Mar
14% May
5
Willys-Overland Motors.
4
369
Westlnghouse El & Mfg.50
2.0
Apr
7%
Warner Bros Pictures Inc.5
28.3
2.4
6%
Jan
Apr
23%
June
(Del).*
U S Rubber Co..
2.4
o34
16% June
8%
al7
U S Steel Corp
Sundry investments
May
18%
26
24%
ol7
United Air Lines Transpt.5
Liabilities—
47%
July
38%
a69%
54.2
47.4
Other assets
June
Jan
July
al9%
United Aircraft Corp
Treasury bills
39
38%
May
1
25
45.4
15.6
46
50
6%
al9% al9%
38%
38%
069% a69%
36.5
28.3
85
Feb
545
17%
17%
85.8
37.2
Apr
35%
110
19%
a8%
6%
7.9
Sundry investments
Over six months:
38
June
a20%
a4%
a72%
65.2
Treasury bills
July
22
2%
19%
*
(The)
25
Union Carbide & Carbon.*
Between three and six months:
24%
5
a5
*
51.2
_
20% June
171
a20
4
Texas Corp
Treasury bills
100
c5
Studebaker Corp
Swift & Co
Sundry bills and investments:
Maturing in three months:
16% May
a20
4
of Amer
Apr
50
July
o5
Standard Oil Co (N J)
34.4
Feb
May
Republic Steel Corp
76.1
45.4
Jan
47%
20%
9%
Socony-Vacuum Oil Co..15
Standard Brands Inc
*
Time funds at interest:
40
May
15%
Sears Roebuck & Co
Sight funds at interest
Rediscountable bills and acceptances:
May
45
4
Pennsylvania RR-
Feb
27
41
al6% al6%
a5
Radio Corp
Apr
110
al6%
12
84
220
365
North American Co
64.7
46.1
10
7
Apr
12%
12%
*
321
100
a24%
*
Nor American Aviation. 10
May 31,
1939
May
a48%
Curtlss-Wright Corp
Apr
19% May
Apr
Jan
51%
13
*
*
Apr
8%
68%
10
Cities Service Co
240
148
29
al4% al5%
al4%
a76% a75% a76%
Commonwealth & Sou
April 30,
a5
a5
*
Caterpillar Tractor Co
of May 31
28.9
....
Jan
May
Packard Motor Car Co..*
Other depositors
Jan
10
May
al9
Paramount Pictures Inc._l
Sight deposits, gold
47%
15
Assets—
Sight
5% May
47%
Jan
19%
Columbia Gas & Elec
1940
Gold
30
50
a35
65
International
May 31,
Long-term deposits
Short-term and sight deposits:
Jan
Jan
344
New York Central RR
Reserves...
2c
2%
1
al9%
July 2 (figures in nearest millions of Swiss francs):
Capital paid up
Jan
May
%c
1,000
al5% al6%
follows with the previous month and a year ago,
Sundry investments.
Jan
al59%al60%
according to Basle advices to the "Wall Street Journal" of
Cash
3%
al5%
International Settlements, Basle, Switzerland, as of May 31
compared
July
May
Amer Tel & Tel Co. ...100 al60%
al9
Anaconda Copper.. ...50
of condition of the Bank for
statement
lc
lc
200
General Foods Corp
The
2
July
Mar
Bethlehem Steel Corp
Settlements
315
7%
Unlisted—
Nominal.
Condition
6%
2
lc
10c
Aviation Corp (The) (Del) 3
Baldwin Locomo Wks v t c.
of
7
2
Consol Chollar G & S M..1
Atchsn Topk & S Fe RylOO
Statement
7
300
69
4-5s series B
..1956
4%s..1951
4s
Famous Players
7
1,392
Mining—
4-58 series A
D0nnacona Paper Co—
20
10
1.4
1.1
12.5
36.2
1.8
1.7
0.9
12.0
43.3
\
—John
,
.
associated "with Maynard,
members of the New York
Stock Exchange, with
Oakley &
offices at
61 Broadway.
3.6
13.26
35
NOTICES
F.
McGovern
of Larry Ryan
dmitted to membership in the Chicago
& Co.,
Inc., Chicago, has
Mercantile Exchange.
been
The Commercial & Financial Chronicle
398
Quotations
a'iti
Jan
1
1977
a3s
Feb
1
1979
1964
117
1
1966
15
1972
117* 118*
11734 11834
a4*s Apr
97 M
96 M
a4*s Apr
Federal Intermediate Credit Bank Debentures
Ask
Bid
1
a4*s Mar
95*
97 M
94*
96 M
1969
City Bonds
Ask
Bid
15
a2*8 July
1
1974
15
1976
1
1977
11834
1
1954
100* 102
107* 108 M
a4*s June
a3*s May
a3*s Nov
1
1954
107 M 108*
a4*s Jan
a3*fl Mar
1
1960
106* 107 M
105
106*
HI* 113
a4*s Nov
15
1978
a4*s Mar
1
1981
120
a4*s May
1957
112* 114
112* 114*
a4*s Nov
a4*s Mar
1957
113* 115
114M 115*
a4 *s June
1965
117*
117*
119*
120 M
a4*s July
1967
115* 117
11c* 117M
a4*s Dec
15
1971
121* 122 *
122 * 123J4
a4*s Dec
1
1979
124* 12634
1976
15
a3*s Jan
May
Nov
a 4a
a 48
1
1957
1
1958
a4s
May
1
1959
a48
May
1
1977
a 4a
Oct
1
1980
1
1960
1
1962
a4*s Sept
a4*s Mar
a4*s Feb
1963
Oct
*% due...
1 1940
Nov
Aug
Sept 3 1940
1 1940
12134
11834
1 1940
Bid
Ask
Bid
*% due
*% due..
*% due...
118
11934
118* 11934
118* 120
119* 120 M
1975
1
<z3*s July
1940
Over-the-Counter Securities—Friday July 19
on
New York
July 20,
wloit O Oi I ! I ! I I
Ask
Dec
2 1940 6.35%
Jan
2 1941 6 35%
Feb
M% due.
*% due
M% due
M% due
•
11941
6
.35%
June 2 1941 6 .45%
Chicago &San Francisco Banks
119
121
122
Par
4
Ask
Bid
A Trust..
100
Bid
Par
Ask
Harris Trust A Savings. 100
191
181
285
295
Northern Trust Co
American National Bank
485
495
100
Continental Illinois Natl
Bank A Trust
33 1-3
—.100
First National.
73 M
SAN
75 M
1
210
205
FRANCISCO—
Bkof AmerNT ASA 12*
33*
35 M
New York State Bonds
Ask
Bid
Bid
62 10
-
less 1
less 1
4*8 April 1941 to 1949.
Hlghway Improvement—
Canal A Highway—
Bid
Sept 1958 to '67
134
134
Federal Home Loan Banks
Barge CT4*s Jan 1 1945.
11334
2s
Apr
1 1943 102 18 102.21
Federal Natl Mtge Assn—
28 May 16 1943—
...
142
Canal Imp 4 Ms Jan
4a Mar A
142
1964..
1965
2s
140
Cau A High Imp 4*8
Public Authority
Bonds
Bid
Ask
Bid
Ask
Port of New York—
California Toll Bridge—
Dec
M AS
-
1977
102
Bank of Manhattan Co. 10
16
1980
101M
102 M
Bank of Yorktown..66 2-3
62.50
to 97
Bensonhurst National... 50
85
Chase
6 50
1942-1960
M AS
106*
29*
3s serial rev 1953-1975.
.1
2*8. serial rev 1945-1952
i ""
Ask
Bid
■
13.55
Ask
100
Penn Exchange
31M
165
99
101
1952
1955
Feb
1952
101M 104*
6Ms Aug
1941
Ask
121
100
4
115
Ms July 1952
5s
July 1948 opt 1943.
112
Conversion 3s 1947.....
115
Bid
|
Ask
105* 106
105* 106*
29*
110
Sterling Nat Bank A Tr 25
28*
30 M
New York Trust
Bank of New York....100
111M
Bankers
Bid
|
3*s 1955 opt 1945..MAN
4a 1946 opt 1944
10
Bronx County new
Brooklyn
JAJ
Ask
106* 107 *
111* 111*
Companies
35
100
Central Hanover
ASk
Bid
Par
319
310
210
272
277
15
19
Irving
71*
76 M
Kings County
Lawyers
11
90
93
Chemical Bank A Trust. 10
43*
45*
Clinton Trust..
30
35
New York
20
50
1500
..25
________
32 M
20
Preferred
3)
20
Manufacturers
50 M
34 M
52 M
_.25
Bid
99
Atlantic
99
Burlington
r3
Denver 1 Ms,
-
Bid
-
mmm.
99
Carolina—
99
lMs, 2s
—
Lincoln 4Ms_.
78 M
81M
Lincoln 5 Ms
99
3s, 3Ms_.
North Carolina Ms, lMs..
Oregon-Washington
99
New
r44
Phoenix
First Texas
99
2s, 2 Ms.
.
—
-
-
3M
11
13
80
90
100
1495
—
United States
1545
5s
48
4 Ms
102
Potomac l*s
Jersey and New York Metropolitan
5% F.H.A. MORTGAGES® IO41/4
103
Phoenix
DELIVERY
$250,000—each
84
98 M
Pennsylvania l*s, 1Mb
99
Is, 2s
44*
We offer for IMMEDIATE
85
82 M
81
First Montgomery—
First New Orleans—
40*
2*
10
.100
99
New York 5s
3*
Title Guarantee A Tr. ..12
Trade Bank A Trust..
97 M 100 M
Ask
Larayette Ms, 2s
Lincoln 5s
r6
Chicago......
-
13*
50
Empire new.
Ask
■
12*
Underwriters
Bank Bonds
12
1550
27
49
20
Ask
190
Guaranty
51*
49*
Bid
Fulton
Continental Bank A Tr.10
105*1106*1
Atlanta *s, 1Mb
First
11M
42
50
28*
111
Par
Joint Stock Land
3s.
9*
17*
Corn Exch Bk A Tr
Ms. l*s
12 M
..10
650
1665
118
108
Federal Land Bank Bonds
38 1956 opt 1946
10*
120
100
110*
U S conversion 3s 1946..
JAJ
JAJ
A/AN
610
First National of N Y__ 100 1625
102* 104
.
3s 1955 opt 1945
45
25*
Govt of Puerto Rico—
101
99
Apr
6s
3s 1956 opt 1946..
Ask
40
24*
99 M 102 M
5s
Hawaii 4 Ms Oct 1956.
Bid
50
Peoples National
171
Merchants Bank
Bid
U S Panama 3s June 1 1961
Par
■
National City
12*
National Safety Bank. 12*
Public National
Fifth Avenue
4 Ms July
102.7
61 50 2.35
Commercial National..100
Bid
V- "/
National Bronx Bank
17M
United States Insular Bonds
Philippine Government—
4 Ms Oct
1959
102 4
New York Bank Stocks
99*
Par
3*s 8 f revenue
Af AS
1 1941 100 22 100 25
15 1942 100 24 100 27
1 1942 101 6
101.9
U S Housing Authority—
40
99*
Trlborough Bridge—
1941
July
103 M
ser
...
Inland Terminal 4Mb ser D
Nov
Jan
103* 104 *
Gen A ref 3*s
6 25
107*
July 20 1941 100 21 100 24
notes
1*% notes Feb 1 1944..
105 M
3 Ms *76
Gen A ref 4th ser 3a 1976
M AS
1941
1942-1960
H%
M%
*%
1%
100.28 101.2
Gen A ref 3d
Holland Tunnel 4*8 ser E
Ask
Corp
May 15 1941 100.12 100.15
Ms
101 12
Call Nov 16 '40 at 100 * 101.6
IMS Jan 3 1944—
Call July 3 '40 at 10?
Loan
Reconstruction Finance
1940 100.18 100 22
1
Owners'
Corp—
Gen A ref 4s Mar 1 1975.
108* 109*
San Fran-Oakland 4s '76
Bid
Home
Commodity Credit Corp—
K%
Aug
1 1941 100 12 100.15
1%
..Nov 15 1941 100.28 100.31
Canal Imp 4s JAJ '60 to '67
62 25
Highway Imp 4*8 Sept '63
Ask
61.15
-
58 Jan & Mar 1964 to '71
Obligations of Governmental Agencies
Ask
World War Bonus—
62 20
3a 1974
3s 1981
«*
■
to
—
yield
over
4.15
■
99*
Telephone Whitehall 4-8050 collect
...
First Trust Chicago—
100
4Ms, 4Ms
Fletcher
Illinois Midwest 4Mb, 5s..
r21
San Antonio *s,2s
Southern Minnesota
99 M
Southwest (Ark)
Travers King & Company
13
85
5s
80
99
Virginian Is.
98
4Mb
23
99
rl2
Union Detroit 2 Ms
100
Indianapolis**
Iowa 4Ms,
St. Louis
99
63
Ms, 3Ms
Fremont 4Mb, 5Ms
99
1*8
One Wal I Street
New York
—
Joint Stock Land Bank Stocks
Par
Atlanta.
Bid
Ask
Par
Bid
FHA insured Mortgages
AsA:
100
78
82
New York
100
4
7
100
_
Atlantic.
48
52
North Carolina
100
86
90
Dallas
60
70
Denver
100
50
55
Potomac
Des Moines
100
51
58
San Antonio
First Carollnas.... ...100
14
18
Fremont
100
2M
5
Lincoln
100
4M
100
30
100
100
105
on
Request
110
100
Offerings Wanted—Circular
34
...100
Pennsylvania
Virginia
5
2M
WHITEHEAD A
3
7
Virginla-Caroli na
100
100
105
FISCHER
44 Wall Street, New York, N. Y.
Telephone: WHitehall 3-6850
Telephone and Telegraph Stocks
Par
Am Dlst
Teleg (N J) com.♦
Bid
Ask
89
94*
Par
Bid
FHA Insured
Ask
100
Bell Telep of Canada
Bell Telep of
15
Pac A
Preferred
New York Mutual Tel__25
14
16
Alabama 4 Ms
30*
31*
Arkansas
Bid
100
90
100
118
Pa pref—100
116
Cuban Teleph 6% pref. 100
Emp A Bay State Tel.. 100
43
Franklin Telegraph
100
Int Ocean Telegraph
100
71
126
Telegraph
25
•
28 M
25
29M
100
112*
22
Mtn States Tel A Tel.. 100
Atl
Peninsular Telep com
Preferred A
40
4*8
56.50 1st pref
So A Atl
132
Telegraph
__
6s
Delaware
Rochester Telephone—
4Ms..
District of Columbia 4 Ms.
25
151
Georgia 4Ms
Illinois 4Ms
16
Sou New Eng Telep.__ 100
Florida 4Mb
155
Indiana 4*8—
Louisiana 4 Ms
Chain Store Stocks
Maryland 4Mb
101M 102M
101M 102M
102
103M
101M 102M
102
103M
101
102M
101M 102*
101M 102M
101M 102M
101M 102M
102
103M
Massachusetts 4Ms
Par
Berland Shoe Stores
*
Bid
6
/G Foods Inc common.. ♦
1*
Bohack (H C) common...*
1M
2*
2*
7% preferred
100
17
21
Par
100
Flshman (M H) Co Inc..*
Kress (S H)
•No
par
/Flat price,
maturities,
y
z
•
6% pref... 100
n
Bid
102M
Minnesota 4Ms
101M 102M
N Y
101
102
102
103
102
101M 102*
102M 103M
102
103M
101M 102*
101* 103
101M 103
insured Farm Mtges 4 Ms
Virginia 4*s
West Virginia 4Mb..
101M 102*
101
102 M
101
102 M
M% to *% must be deducted from interest
rate.
65
Miller (I) Sons common__5
2
4
...50
12
17
Reeves (Daniel) pref. ..100
United Cigar-Whelan Stores
99
*
19
preferred
7M
11*
9
12*
$5
preferred
SPECIALIZING
ti>-8
With stock,
x
d
F.H.A. INSURED
The
21*
e
Ex interest
Now listed on New York Stook Exchange.
MORTGAGES
security for Banks and Insurance Co's.
Circular
Coupon,
Quotation shown is lor all
Ex-dlvldend
on
request
STORMS AND CO.
Commonwealth Building
Now selling on New York Curb Exchange.
Quotation not furnished by sponsor or issuer.
H Quotation based on $89.50 of principal amount.
flept. 25
best "Hedge"
I
5%
was
paid
on
July
2 and
103
(Metrop area) 4*s__
New York State 4Mb
North Carolina 4*s
Pennsylvania 4*a
Rhode Island 4Ms
South Carolina 4Mb
Tennessee 4Mb
Texas 4M8
102M 103M
fee from
Asked
New Jersey 4Ms
New Mexico 4Ms
104M 108
a Interchangeable.
6 Basis price,
Nominal quotation,
r In recelvorship.
103
101
A servicing
7% preferred
value,
toi When Issued
Ask
Kobacker Stores—
8%
Diamond Shoe pref
Bid
102
Michigan 4Ms
Ask
4
B
Mortgages
Asked
112* 115*
Phone Atlantic 1170
PITTSBURGH, PA.
399
Commercial & Financial Chronicle
The
I,
151
Volume
Securities—Friday July 19-Continued
Quotations on Over-the-Counter
INSURANCE STOCKS
Stocks
Guaranteed Railroad
BOUGHT—SOLD—QUOTED
3o$epb tilalker $ Sons
Mrmktn T^tw
York Sloth Excbango
Dealers in
120 Broadway
NEW YORK
Vermilye Brothers
Tel. RE ctor
GUARANTIED
STOCKS
N. Y. CITY
BROAD ST.,
30
2-6600
Y. 1-894
Teletype N
HAnover-2-7881
Since 1855
Parentheses)
(Guarantor in
Dividend
Vicksburg Shreveport
West Jersey A
Agricultural
5
1%
American Home
36
American of Newark
5.00
87
90
American Re-Insurance-10
5.00
58
63
American Reserve
3.50
77
80
American Surety
2.00
47
2.00
43
46
Bankers A Shippers
5.60
58
61
9.00
144
154
4.00
41
43
5.00
51
86
89
4.50
34
38
1.50
39
43
3.00
50
50
78
85
National Fire
175
170
152
u
Federal
58
63
6.00
130
136
3.00
62
6.00
130
136
Firemen's of Newark
10.00
240
244
Franklin Fire
6.00
47
58
63
5.00
56
60
5.00
60
3.50
3.00
7 ~(DefLack&" Western)!I IIIIIII.50
(Penn-Reading)......_.__.50
29M
8
34 M
48
2 %
10%
42%
79
113
10
5
75
107
13%
15%
61
63
Provld ence-Wash lngton .10
33
35
95
Reinsurance
Corp (N Y) .2
6
7%
10
10
24
25%
23%
25
40%
92
Fireman's Fd of San Fr.25
Phoenix
Preferred Accident
Republic (Texas)
Revere (Paul) Fire
5
...5
8%
9M
28%
29%
General Reinsurance Corp 5
37%
39%
St Paul Fire A
65
Georgia Home
10
Gibraltar Fire A Marine. 10
23
26
Glens Falls Fire
55
59
Globe A
Rhode Island
Bonds
0.75
Missouri Pacific 4 %s_
ft 2.75
2.00
Nash Chat A St Louis
61.75
1.25
Nat Steel Car Lines 5h
63.50
2.50
New York
68.00
7.00
62.h0
67.75
7 00
NY Chic A St Louis
N Y N H A Hartford
63.00
2.10
64.00
3.00
64.25
3.25
Chesapeake A Ohio 4Ms__) 61.75
61.80
Chic Burl A Quincy 2%s
1.00
62.10
1.6)
1.25
63.50
2.25
Pennsylvania 4 Ms series D
61.25
0.50
14
65
26%
Sun Life Assurance
11
Travelers
8M
11%
26%
75%
U S Guarantee
51%
53%
Westchester Fire
9%
220
408
418
20%
18%
Co..2
4
10
U S Fire
73%
3%
2%
170
100
100
U 8 Fidelity A Guar
25
38
36
....
47%
£45%
66
63%
2.50
2.00
4s...
33...
North Amer Car 4%s-5%s
Northern Pacific 2%s-2%s
No W Refr Line 3 %s-4s
63.40
63 25
10%
8
35%
31%
29%
109% 113
10
Springiield Fire A Mar..25
Standard Accident.
10
Stuyvesant
5
25%
10
10
Hartford Fire
10
Hartford Steam Boiler..10
1 75
4%s-5s
Canadian Pacific 4%8_...
Security New Haven
9%
Halifax
61.25
42%
5%
33%
10
11
Hanover....
2 00
62 75
Seaboard Surety
,
60
Great American
Great Amer Indemnity..
Ask-
Bid
Ask
25
26
40%
..15
.5
235
225
22M
6
Republic
5
Fire...15
preferred....,
2% "V4
5
Marine..25
Seaboard Fire A Marine..5
24
Globe A Rutgers
2d
,
.
26 %
44
Md...20
of Phlla
10
Fire Assn
23%
32%
50
5.00
100
20 %
24%
Fidelity A Dep of
■'
598
7
53%
7%
2
8%
20 131 % 136%
17
15%
New Amsterdam Cas
2
32%
34%
New Brunswick
10
44
46%
New Hampshire Fire
10
15
13%
New York Fire
5
2%
3%
Northeastern
.5
91
95%
Northern
12.50
23% 25%
North River
2.50
121
Northwestern National .25 111
108%
Pacific Fire
25 104
36%
34%
Pacific Indemnity Co
10
National Union Fire
94
18%
7%
27%
51%
National Liberty
7%
6%
90%
8M
6.64
100
100
National Casualty
35%
5
10
7.00
24%
Merch A Mfrs
47 M
21 %
7.00
6'%
10
10
16 M
33%
£28
Exoess
5
Fire N Y..5
15
45M
10
City Title
5
Connecticut Gen Life... 10
Continental Casualty
5
Eagle Fire
2M
Employers Re-Insurance 10
55
4.00
46
City of New York
25%
3.875
61
42
580
Carolina
24%
59
Merch Fire Assur com
.5
10
Camden Fire
800
500
50.00
Maryland Casualty
1
Mass Bonding A Ins..12%
25
100
B 08 ton
.
2%
7M
14
43 %
10
25
10
2M
Baltimore American
1%
5M
15
33
Automobile
Security
12M
41 %
10
2%
10
3.00
Seashore
Bid
Lincoln Fire
8.50
100
50
Railroad Equipment
11M
8.75
Central).. 100
100
Preferred
Warren RR of N
8%
10
Amer Fidel A Cas Co com
100
50
A Western)
A Pacific (Illinois
6
84
.j.........100
Louis (Terminal RR)
100
Valley (Delaware Lackawanna
Knickerbocker
82
100
RR A Canal (Pennsylvania)
Susquehanna (D L A W)
20
American Equitable
Seoond preferred
Utica Chenango A
22
18%
American Alliance
32
...._..i.-.__50
Pittsburgh Fort Wayne A Chicago (Penna) pref
100
Pittsburgh Youngstown A Ashtabula pref (Penna)-.100
Rensselaer A Saratoga (Delaware A Hudson).
100
St Louis Bridge 1st pref (Terminal RR)
100
United New Jersey
20 M
5
5
73
30
Preferred....
Tunnel RR St
66 M
10
120
68
25
100
.100
41%
6%
2%
...25
110
2.00
....
(Pennsylvania)
Fort Wayne A JackBon pre! (N Y Central)
Georgia RR A Banking (L A N-A CL)
Lackawanna RR ofN J (Del Lack A Weetern)
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
New York Lackawanna A Deetern (D L A W)
Northern Central (Pennsylvania)
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
Delaware
38
2%
70 M
10
10
Ins Co of North Amer
10
Jersey Insurance of N Y.20
6.00
'
63%
Homestead Fire
10.50
_.
18%
62%
Home Fire
29M
70
50
Boston A Albany (New York Central)
100
Boston A Providence (New Haven)
100
Canada Southern (New York Central)
100
Carolina Cllnchfield A Ohio com (L A N-A C L)—100
Cleve Cln Chicago A St Louis pre! (N Y Central)__100
Cleveland A Pittsburgh (Pennsylvania)
50
Betterment stock
...
50
31%
17%
47 %
28
Aetna Life
65
100
A Pitta)
Allegheny A Weetern (Buff Roch
Beech Creek (New York Central)
Ash
29%
1%
5
Home
45%
Aetna
6.00
100
100
(Illinois Central)
(Delaware A Hudson)
Albany A Susquehanna
Bid
Par
116
112
10
10
10
Aetna Cas A Surety
Aited
Bid
At t
Btd
Par
in Dollars
Alabama & Vicksburg
Companies
Insurance
Stocks
Guaranteed Railroad
4%s._
Baltimore A Ohio 4 Ms
Bessemer A Lake Erie 2%s
Atlantic Coast Line
5s
Boston A Maine
Canadian National
%s
Central RR of N J 4
Central of Georgia 4s—...
65.00
4.00
Chic A Northwestern
62 75
Cllnchfield 23*s.
62.25
.
1 75
Paul 5s
4 %s_
63.75
2.75
Gr West 4%s.
63.25
63 00
4s
Del Lack A Western
Denv A Rio
Fruit
4s.
Growers
1.75
.
62.25
1 65
2(1
62.90
2.00
62 75
1.75
64.75
Shippers Car Line 5s_.
Southern Pacific 4 Ms
1
62 65
2 00
Southern 3s _.
62 15
1.50
62,10
1.50
Texas A Pacific
63,00
2.00
2.00
Western Maryland
63.00
2.00
62.50
1.75
Illinois Central 3s
Long Island 4
Ms
3%s
Louisiana A Ark
Maine Central 5s
Merchants
2 Ms. 4
25
1 25
1.50
Autocar Co
61.90
1.40
1.50
2s
-
63.25
62.(0
1.50
61.70
....10
Service A. *
Botany Worsted Mills cl A5
J 1.2 5 pref erred
.10
Buckeye steel Castings..*
Brown A Sharpe Mfg...50
Cessna Aircraft
1
Chic Burl A Quincy... 100
Chilton Co common
10
City A Suburban Homes 10
Coca Cola Bottling (N Y)
2.26
4%8-4%s.
Wheeling A Lake Erie 2%s
1.20
Western Pacific 5s
West Fruit Exp
Despatch
Ms A 5s
4s-4%8.._
Railroad Bonds
Asked
Bid
Alron Canton A
...1945
Youngstown 5%s.._
....1945
66
57
1943
78
79%
.1940
96
98%
80
—
-
—
5s
Boston A Maine
...1944
A New Orleans 5s__
Chicago Stock Yards 5s.
Chicago Union Station 3% ser F—___
Cleveland Terminal A Valley 4s
Connecting Railway of Philadelphia 4s
Cuba RR Improvement and equipment 5s
Chicago 8t Louis
Elgin Jollet A Eastern
Florida Southern
...
Pilgrim
26
Pollak
13
15
7■
-
Scovlll
Manufacturing..25
Singer Manufacturing.. 100
17%
Skenandoa Rayon Corp..*
102
3%
15%
2%
2
37
34
3%
2%
1%
6%
69%
64%
1
9
68
55
108
-
-
»
-
'
27
101%
80
7% \8H
Tennessee Alabama A
Toledo Peoria A Western
4s
29% I
23%
|
Domestic Finance cum pf.* z 27
61%
Draper Corp............*
(Jos) Crucible... 100
33%
4%
30%
United Artists Theat com. *
%
1%
65%
United Piece Dye Works.*
78
78
100
1%
2%
*
..30
2%
8
Gen Fire
11
12
Gen Machinery
20%
22
103
112
90
100
99
102
46%
Tool.......-2
Good Humor Corp
1
Graton A Knight com
*
26%
30
...1947
80
55
4%
43
48
38%
41
41
103
100%
116
•
...1961
84
83
...1947
80
1.0
65
70
107
94
101
109
98
102%
101%
...1951
105
...1940
94
96
73%
76
...1954
45%
58
61
Paper..25
Harrisburg Steel Corp
5
preferred
100
Muskegon Piston Ring.2%
National Casket
♦
Preferred....
For footnotes see
7%
preferred
*
2%
100
West Dairies Inc com v t c
1
*
Steel..*
S3 cum preferred
13%
1%
23%
26%
7%
8%
24
10%
21
2%
31
2%
34
4
5%
7
8%
41%
York Ice Machinery
..*
1%
...
2%
100
20
23
6s..1961
A..1946
Carrier Corp 4%s
1948
Chic Daily News 3%s. 1950
Deep Rock Oil 7s
1937
/56
/37
61
7%
preferred
Bonds—
26
13
Paper
Brown Co 5%s ser
Stamped
1945
11%
Minn A Ont Pap 6s
55
58
12%
13%
? NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '48
48%
50%
Scovlll Mfg3%s
59
61
del)..1950
Superior Oil 3 % s. .... 1950
Texas Corporation 3s. 1965
14%
79
12%
8
85
12%
2d conv Income 5s._
1962
39
81%
103% 104%
/41%
/36
Woodward Iron Co—
115
398.
61%
19
50
100
Wilcox A Glbbs com
10%
....
59%
108
Worcester Salt
Amer Writ
1%
Interstate Bakeries com..*
$5 preferred
•
King Seeley Corp com
1
Landers Frary A Clark—25
Lawrence Portl Cement 100
Long Bell Lumber
♦
35 preferred
100
Mailory (P R) A Co
•
Marlln Rockwell Corp
1
Merck Co Inc common. .1
36
Welch Grape Juice com
44
12
46%
...1990
Co com..*
•AS
1Z
5%
90
48
28%
3%
Great Northern
...1946
48%
3%
100
Preferred
Great Lakes S3
12%
37
"2"
Wick wire Spencer
Machine
99
...1980
3%s
*
Extinguisher...
Corp com »
Glddings A Lewis
11%
99
Buffalo 4s
103%
.
108
mtee 3% ser A
United New Jersey Railroad A Canal
Vermont Valley 4%s
Vlctsburgh Bridge 1st 4-6s —
Washington County Ry 3%s
A Pittsburgh 4s
103%
1
...
Veeder-Root Inc com
Garlock Packings com
102%
Preferred
9%
25
Foundation Co Amer shs *
Common
Trico Products Corp
27
1%
Farnsworth Telev A Rad.l
Preferred......
2%
13%
130
126
Time Inc
13%
97
4%s
1%
12%
3%
60
98
Union Pacific ref
*
31%
95
—
7%
*
Arms...l
12%
15%
33%
59
Peoria 5s
Thompson Auto
Triumph Explosives.....2
13%
Federal Bake Shops
62
'3 •'i>;4
*
57%
Reynolds B com *
54
Georgia 4s
1
5
54%
...1978
...1941
59
5
Tainpax Inc corn..
3%
17%; 18%
Tokheim Oil Tank A Pump
Supply com...10
45
...2000
to
Talon Inc com
Steel common
58
—2032
43%
2%
*
*
Tennessee Products
38
...1940
—.
Indus Corp
57
22%
75
...1959
Northern Income 5s
New York A Hoboken Ferry 5s
Norwich A Worcester 4%s
Pennsylvania A New York Canal 5s extended
Philadelphia A Reading Terminal 5s
Pittsburgh Bessemer A Lake Erie 5s
Portland Terminal 4s
Providence A Worcester 4s
Sylvania
5
38
45%
Taylor Wharton Iron A
...1945
...I960
3%s
Philadelphia A Norfolk 4s
Strom berg-Carlson
20%
.
Manganese.2
Stanley Works Inc.
104
34%
20
25
Standard Screw
170
ICG
7
*
40%
26%
24%
4%
54%
20%
Dixon
2%
12%
r37%
3%
3%
Devoe A
-
-
20c
*
Safety Car Htg A Ltg._.60
"2%
Dentists
...1950
New Orleans Great
1
Manufacturing... *
Remington Arms com
%
...1950
—
Exploration
5%
2%
7%
6%
...1953
3%s
....
Conversion
247
49
...1946
New York A Harlem
Toronto Hamilton A
72%
23%
45
17%
Dictaphone Corp
-
...1970
Memphis Union Station 5s
New London Northern 4s
Toledo Terminal
Petroleum Heat A Power.*
*
Cuban-Amer
-
101 %
A Gulf 5s
5c
1 %
1
10%
Petroleum
18%
*
25%
Louisville A Nashville 3%s
West Virginia
102
...I960
—
Central—Louisville Dlv A Terminal
Terre Haute A
78
...1951
...
3%s ser A
Indiana Illinois A Iowa 4s
New York
73
...1995
4s
Kansas Oklahoma
62
...1963 y
Hoboken Ferry 5s
Illinois
58
...1961
4s..
1
13%
4%
100
...1951
—.
Chicago Indiana A Southern
75
...1955
...1956
4%s
—
Cambria A Clearfield 4s
1
Peosi-Cola
22%
com
|1 cum preferred...,
...»
3%
Perrnutit.Co
Consolidated Aircraft—
13 conv pref
*
Cro well-Col Her Pub... __*
.
Co..
12%
232
48
Columbia Baking com
48
...1944
secured notes..--....
4%s
Baltimore A Ohio 4s
Boston A Albany
47
/45
/45
Corp..25
66%
pref 100
Mills
100
Armstrong Rubber A
*
Art Metal Construction. 10
10%
9
Pan Amer Match
21%
15%
Bankers Indus
62.' 0
2%s
12%
45
Arlington
Union Pacific 2%s
63.00
American Mfg 5%
1.50
2.00
624,0
Southern Ry 4s
Lehigh A New Engl 4%s__
3.50
62.25
62.00
5 50
61.80
__
*
40
12%
2%
Amer Distilling
62 50
66 80
2s____
Kansas City
S6rl63
Co 5% pflO
American Enka Corp
*
American Hardware
25
Amer Maize Products...*
St
4%
25%
38
*
Ohio Match Co
1.50
1 50
New Britain Machine
11%
11%
2.00
4s-4%s.
Louis S'western 4%s
17
preferred
y
ser—10
62.10
62.25
4Kb and 4 Ms
Great Northern Ry
14%
5%
Cyanamld—
5% conv pref 1st
A St
3
21%
Nat Paper A Type
28%
62 75
Reading Co 4 Ms
34
Bid
oom_..l
..50
2%
31%
1%
St Louis-San Fran
2.00
Express
Grand Trunk Western 5s
American
Par
Ait
Bid
Pa'
Inc......*
American Arch
*
Amer Bemberg A com... *
Amer Cable A Radio.—-5
Alabama Mills
Pere Marquette—-
2%s-2%s and 4Ms
32
2.50
Industrial Stocks and Bonds
1.-5
62.15
.....
2%s series G A H
2.25
Erle 4%s—;.
4s series E___
.
1.50
62 40
Central 4%s
1
62 25
2%s
2 00
Chic Mllw A St
75
62.30
2%s
1
44%
38%
17
19
39%
42
103% 103%
99 % i 100 %
103
108
103%
The Commercial & Financial Chronicle
400
Quotations
Over-the-Gounter Securities—Friday July 19—Continued
on
Investing Companies
(-"Public Utility Preferred Stocks'
Bought
Sold
,
Par
Quoted
i
Bid
Adminls'd Fund lnc
*
Aeronautical Securities—
2.31
2.53
Series B-l
25.91
28.36
13*
Series B-2
20.07
22.02
Investors Fund C—
1
Keystone Custodian Funds
Tel.
2.95
Series B-3
13.43
5.95
0.57
Series B-4
6.39
7.03
.24
.28
Series K-l
13.50
14.80
3
3*
Series K-2
7.75
8.57
3*
4%
10.97
12.10
Series S-2
5
...
♦6% preferred....
Basic Industry Shares..10
Bullock Fund Ltd
Alabama Power 17 pref—•
Amer Utll Serv 0% pref.26
Arkansas PrALt
Associated
Gas
7% pf—•
A
Electric
$6.60 preferred
Atlantic City El 0% pref
1%
82%
preferred
7%
100
preferred
100
(Del) 7% pref
Consumers Power $5 pref.*
Continental Gas A Elec—
7%
preferred
100
Derby Gas & El $7 pref—*
Federal Water Serv Corp—
$0 cum preferred
*
$0.60 cum preferred...*
Florida Pr & Lt $7 pref..*
Indlanap Pow & Lt com..*
65%
22%
preferred
100
Pacific Pr A Lt 7% pf—100
Panhandle Eastern Pipe
Line Co
*
66*
Peoples Lt A Pr $3 pref.25
Philadelphia Co—
23
Jamaica Water Supply...*
Jer Cent P & L 7% pf-100
105
31*
107*
Kansas Pow A Lt 4* % 100
101
102
7%
preferred.
100
81*
84*
35
32%
cum
preferred
$2 preferred
*
Mass Utilities Associates—
5% conv partlc pref..60
Mississippi Power $0 pref.*
$7
preferred
*
Mississippi P & L $0 pref.*
Missouri Kan Pipe Line..6
22%
23*
3.98
4.32
10.03
Accumulative series...!
2.01
Bank stock..
7.75
8.39
4.81
82
90
92*
83%
Pub Serv 7% pref
15
Mountain States Power...
6% preferred
*
0%
preferred
12*
3%
4%
27%
17%
44%
28%
18%
45%
Bid
110*
Delaware Fund
14.68
116*
22*
57*
59*
Associated Electric 5s. 1961
56*
Corp—
Income deb 3*8
1978
Income deb 3*8... 1978
m*
fl4%
! 15
Income deb 4*s__.1978
Conv deb 4s
1973
fl 5
100
*
com
Southern Nat Gas com.7*
S'western G A E 5% pf.100
United Pub Utilities Corp
$2.75 pref
*
105* 108*
HI* 113*
112* 115
85
82*
35*
38
65*
67*
110* 112*
18*
20*
77
79*
94*
97
23
1973
/26*
28"
1973
f27
/27
Machinery
6.99
Metals
5.41
5.87
115
Oils
5.79
6.28
Railroad
2.40
2.60
4.85
5.26
15.87
Steel
5.62
6.10
30
No Amer Bond Trust ctfs.
No Amer Tr Shares 1953.*
2.58
Series 1955
C
1
3.10
2.50
4.95
5.60
Shares
25c
Eaton A Howard Manage¬
ment Fund series A-l.
Series F
.96
4*
5*
22
23
100* 103*
16*
17*
105* 108
108
110*
1
*
Utah Pow A Lt $7 pref...*
Washington Ry A Ltg Co—
Participating units
West Penn Power com...*
West Texas Utll $6 pref..*
1.89
2.41
1.06
1
2.36
Series 1958
1
1.99
Plymouth Fund Ino
10c
Eqult Inv Corp (Mass)..5
Equity Corp $3 conv pref 1
Fidelity Fund lnc
*
17.11
Putnam (Geo) Fund
9.79
10.51
Quarterly lnc Shares.. 10c
5% deb series A
Representative Tr Shs.. 10
Republic Invest Fund
22.06
19*
23.72
20
14.93
16.07
5.34
Bank stock series... 10c
2.19
2.43
2.95
3.78
.37
12.78
6.15
7.00
8.74
9.24
2.83
First Mutual Trust Fund..
Fiscal Fund Ino—
3.20
Scudder, Stevens and
8.05
3.45
4.00
Fundamental Invest Inc. 2
Fundament'l Tr Shares A 2
14.04
15.26
4.18
4.92
_*
3.80
General Capital Corp
»
General Investors Trust. 1
24.56
26.41
4.34
4.73
3.60
Sovereign
5.33
5~89
13.07
13.87
Investors... 10c
Spencer Trask Fund
Standard
»
3.79
7.06
7.68
4.49
4.90
5.79
6.30
7.31
...
Conv deb 5*8
1973
1
2.15
B
2
3.21
1
8.12
8.83
7.95
3.77
4.11
Trustee Stand Invest Shs—
♦Series
C
1
2.10
2.20
♦Series D
1
2.05
2.15
1
4.63
1
4.35
Trustee Stand Oil Shs—
♦Series
A
♦Series
B
2.47
2.70
4.94
26*
28*
.'48
.53
68
Mining shares
Petroleum shares
4.30
4.69
65*
Trusteed Industry Shs 25c
69
.77
3.53
3.85
U 8 El Lt A Pr Shares A...
3.08
14*
21
RR Equipment shares..
Steel shares
3.36
4.52
4.93
Tobacco shares
4.56
4.97
.10
.30
Investors..5
12.62
13.57
1.90
2.19
19*
25*
26*
98* 100*
Ask
103
.1970
.1955
101
♦Huron Holding Corp___l
Group shares
.94
Trusteed Amer Bank Shs—
Class B
25c
B
1.97
Wellington
Fund
1
12.23
Banking
Corporations
♦Blair A Co
♦Central Nat Corp cl A„ ♦
♦Class B
*
20
1*
56*
86
104
2
1.04
♦First Boston Corp
10
1.09
2.19
15*
16.24
♦Schoellkopf Hutton A
Pomeroy lnc com
10c
*
..—1954
no
Sink fund lnc 5-6S..1986
106* 107*
64*
82
no
no
no
4s.
Water Bonds
58*
88*
104*
84
Bid
101* 102*
103*
Butler Water Co 5s... 1957
105
.1965
106* 107*
Public Service 3*8.1969
104* 105*
3*8.
3*s.
98*
1st lien coll tr 5*s..l946
109
109*
.1970
75*
77*
103* 105*
105* 106*
105* 106*
89*
1st lien collt rust 6s. 1946
Cent III EI A Gas 3*s. 1964
Central Illinois Pub Serv—
1st mtge 3*8
1968
Central Pow A Lt 3*81969
Central Public Utility—
Income 5*8 with stk '52
Cities Service deb 5s. .1963
1st lien 3-68
104
1941
5s
6s series B
76
.1950
2*
1954
1951
77*
Joseph Ry Lt Ht A Pow
4*s
1947
Sioux City G A E 4a
1966
Sou Cities Utll 5s A
57
S'western Gas A El 3 *8 '70
S'western Lt A Pow 3*s'69
56
60*
109*
72*
83*
'ndianapolls P A L 3*s '70
104* 104*
1952
Iowa Pub Serv 3*8..1969
Iowa Southern Utll 4s. 1970
Jersey Cent PAL 3*s '65
1958
75""
85*
/54
104* 105*
101
102* 103*
66
68*
102*
104* 105*
50*
52*
104* 105
105* 106*
72*
106* 107*
Federated Ueil 5*s.._1957
Inland Gas Corp—
86
74*
101*
107* 107*
104* 105*
101
101*
102* 104*
100
1st mtge 3*8
1970
f debs 3*s
1960
Jnited Pub Utll 6s A.
1960
Utlca Gas A Electric Co—
5s
1957
b
Wash Wat Pow
3*8—1964
West Penn Power 3s_.1970
West Texas Utll
3*8.1969
Western Public Service—
5*s
101
1948
104
Phlla Suburb Wat 4s.. 1965
Pinellas Water Co 5 *8.'59
100*
1957
107
5s '58
i960
100*
101*
105
Plainfield Union Wat 5s '61
Community Water Service
5*s series B
1946
80
82
6s series A
1946
83
107
Richmond W W Co 5s 1957
Roch A L Ont Wat 5s. 1938
105
85
St Joseph Wat 4s ser A 1966
Scranton Gas A Water Co
Water—
5s series B
1954
102
1954
103
5s
1962
105
103
Republlo Service—
90*
Dallas Pow A Lt 3*8.1967
Dallas Ry A Term 08.1951
20*
1948
..1948
4*s
1958
101
105
104
Scranton-Spring Brook
Water Service 5a. 1901
1st A ref 5s A
Indianapolis Water—
Shenango Val 4s
...1967
ser B.
1961
1st mtge 3*8
56
58
fl 9
85
88*
Coll lnc 6s (w-s)
1954
Cumberl'd Co PAL 3*s'66
101*
100*
101*
107
Pittsburgh Sub Wat
03
1962
54*
99
102
Collateral 5s
n%
1961
1962
1962
Crescent Public Service—
0*8 stamped
6s_.
1950
1st consol 4s
101*
1st 5s series C
Huntington
105
102* 103
Cons Cities Lt Pow A Trac
Consol E A G 0s A
99*
91*
96
93*
101* 102*
106
5s series B
.1964
1st A ref 5s
1st consol 5s
City Water (Chattanooga)
5s
Bid
Peoria Water Works Co—
Prior lien 5s
City of New Castle Water
108*
Cent Ark Pub Serv 53.1948
Central Gas A Elec—
100
Calif Water Service 4s 1961
.
Blackstone Valley Gas
A Electric 3*8
1968
Ask
Alabama Wat Serv 5s. 1957
Ashtabula Wat Wks 6s '58
Atlantic County Wat 5s '58
I960
105*
Joplln W W Co 5s
South Bay Cons Water—
5s
1950
1957
105
96*
97
102*
Springfield City Water—
4s A
Kankakee Water 4*8.1939
Kokomo W W Co 5S..1958
101*
104*
Monmouth Consol W 5s '58
101
1950
73
103
Texarkana Wat 1st 58.1958
104*
Union Water Serv 5*8 '51
102
105*
Monongahela Valley Water
5*8
1950
Morgantown Water 5s 1965
101
W Va Water Serv 4s__1981
105
Muncle Water Works 5s '65
105
New Rochelle Water—
5s series B
1951
Western N Y Water Co—
5s series B__
1950
1st mtge 5s
.1951
98
100
99
101
1st mtge 5*s
6*8
1951
New York Wat Serv 5s '51
127
105
105*
Ohio Cities Water
5*s '53
Ohio Valley Water 5s. 1954
Ohio Water Service 4s. 1964
105
106
Ore-Wash Wat Serv 5s 1957
99
100
97*
130
For footnotes
Bee
98*
1950
Westmoreland Water 5 '52
99*
98*
102*
102
Wichita Water—
68 series B
1956
101
98
5* series C
i960
105
108
6s series A
1949
103
1952
102*
105
page 398.
97*
106
99*
W'msport Water 5s
2
23
1
15.02
Insurance Group shares.
Investm't Co of Amer.. 10
13.47
Investment
102
Utll—
12*
12*
12*
12*
12*
59*
3.05
4.53
shares
no* 110*
101
101*
15*
/ll*
.34
.28
57
M.
Merchandise
Bank
/60
Sink fund Ino 4*8.. 1983
Sink fund lnc 5s
1983
S fine 4*8-5*8.!...1986
-
4.65
3.47
.....
'
AA
4.26
Building shares..
Chemical shares
Electrical Equipment
7.93
7.28
Utilities Inc.SOo
Supervised Shares
Agricultural shares
Automobile shares
77.99
76.45
♦State St Invest Corp
♦
Super Corp of Amer cl A. 2
Group Securities—
Aviation shares
Clark Fund lnc
Selected Amer Shares..2*
Selected Income Shares.. 1
Investing shares
Bid
28*
28*
8s without warrants 1940
Assoc Gas A Elec Co—
Cons ref deb 4* a...1958
100*
97*
5.92
Insurance stk series. 10c
Fixed Trust Shares A...10
.32
11.95
15.93
27*
25*
102
.1969
4*8..
7.57
45*
Series 1950
26
104* 106*
8.38
Independence Trust Shs.*
Institutional Securities Ltd
$3 pref
f24
Conv deb 4*s
-
1.34
Food shares
15*
15*
Conv deb 5s
9.67
~
7.74
15
1978
8.94
»
Railroad equipment
B
100
4*8.
Income deb 4s
6.93
Insurance stock
«
4.10
Deposited Bank Shs ser A 1
Deposited Insur Shs A...1
82*
Southern Indiana G A E—
57*
Assoc Gas A Elec
6.39
«
Diversified Trustee Shares
80*
Rochester Gas A Elec—
0% preferred D
Sierra Paclfio Pow
54%
89*
52%
4.33
Electrical equipment-
M
♦7% preferred
100
Cumulative Trust Shares. *
20*
Building supplies
Chemical.
m
25*
105* 108*
114
6.55
27*
2.35
10
104* 107
2
Ask
87%
2.35
1
com..
....
♦8% preferred
100 115
♦Crura A Forster Insurance
k
♦Common B shares... 10
28
Utility Bonds
Amer Gas A Pow 3-58.1953
Amer Utility Serv 0s__1964
9
2.03
1
Series ACC mod
♦Crura A Forster
Incorporated
Public
8
Foundation Trust Shs A.l
100
Republic Natural Gas
86
Monongahela West Penn
Series AA
69
65
25*
33
79%
3.26
1.13
.99
1
9.28
9%
*
Texas Pow A Lt 7% pf.100
31%
3.00
Commonwealth Invest... 1
♦Continental Shares pf 100
New England Fund
N Y Stocks lnc—
6.04
23
*
$7 prior lien pref
4.8% preferred
Mass Pow & Lt Associates
10.65
9.85
B shares
Agriculture
Automobile
Queens Borough G A E—
Kings Co Ltg 7% pref. 100
Long Island Lighting—
5.51
9.88
9.11
ser
Aviation
25
29%
3.15
5.12
3.15
24.36
9.51
2.01
Pub Serv Co of Indiana—
23*
Interstate Natural Gas...*
7% pref...100
Penna Edison $5 pref
*
Penn Pow A Lt $7 pref...*
$5
Hartford Electric Light_25
100
Okla G A E
34%
35% 37%
107% 110
*
(Md) voting share8__25o
National Investors Corp.l
2.35
Dividend
preferred
55%
52%
Nation .Wide Securities—
22.66
Series AA mod
100
94%
91%
12*
1
Ohio Public Service—
0%
7%
8.70
.28
21.11
11*
D
104% 107%
11%
Mutual Invest Fund.—10
.13
19.53
Corporate Trust Shares.. 1
111% 114%
9
18.28
66*
67*
62*
Northeastern El Wat A El
$4 preferred
*
Northern States Power—
Cent Pr & Lt 7% pref.. 100
Consol Elec & Gas $0 pref.*
7.10
4.15
17.00
63*
*
7% cum preferred... 100
N Y Water Serv
0% pf.100
0.43
3.05
1
Mass Investors Trust
33
*
105% 108%
80
82%
102%
4%
13.58
31*
4*
34*
New Eng Pub Serv Co—
100 Ys
106
7% pf 100
Central Maine Power—
$0
New EngG AE6*% pf
New Eng Pr Assn 0% pf 100
*
New Orleans Pub Service.*
$7 preferred...
*
46 *
5.87
__
1
Century Shares Trust..
Chemical Fund
Ask
29*
3%
$7 prior lien pref
$0 prior lien pref
$0 cum preferred
85
Bid
Nassau A Suf Ltg 7%pf 100
National Gas A El Corp. 10
New York Power A Light—
$0 cum preferred
Carolina Power & Light—
$7 preferred
*
Cent Indian Pow
Par
118 y,
Birmingham Elec 17 pref.*
Birmingham Gas—
$3.60 prior preferred._60
3*
8.10
3.31
5.33
Knlckbocker Fund
1
Manhattan Bond Fund lnc
Maryland Fund Inc.
10c
3.16
12.91
Canadian Inv Fund Ltd..l
Ask
100* 102%
5*
6%
93
95%
6
7.30
2.93
(Colo)
Utility Stocks
Bid
Par
14.74
Series 8-4
Boston Fund lnc
British Type Invest A...1
Broad St Invest Co Inc.
Teletype N.Y. 1-1600
Public
8.95
Series 8-3
♦Class A
New York City
BArclay 7-1600
8.39
2.66
Bankers Nat Investing—
115 Broadway
Ask
8.64
Am Insurance Stock Corp*
Assoc Stand Oil Shares...2
Principal Stock and Commodity Exchanges
Bid
Par
10.42
12
Amer Foreign Invest Inc..
Amer Gen Equities lnc 25c
established 1879
Ask
9.79
7.95
Affiliated Fund lnc
1*
♦Amerex Holding Corp..*
Amer Business Shares...
Jackson &> Curtis
Members
July 20, 1940
16*
1
Volume
401
Commercial & Financial Chronicle
The
151
19—Concluded
Quotations on Over-the-Counter Securities—Friday July
Certificates
Real Estate Bonds and Title Co. Mortgage
Here
If You Don t Find the Securities Quoted
in
which you have interest,
our
Domestic (New
30
56
59
1957
/H
13
Chanln Bldg 1st mtge 4s '45
34
36
Cheseborough Bldg 1st 6s *48
Colonade Construction—
46
1948
17
3s
Bonds
Public Utility
Stocks
Foreign Government Bonds
Railroad Stocks
Industrial Stocks
Real Estate
Insurance Stocks
Real Estate Trust
1st 4s (w-e)
Railroad Bonds
Industrial Bonds
26
32
30
5s 1952
legended.
sells for
Record is published monthly and
Your subscription should be sent to
53
55
53 K
56 K
57
60
—.1956
7
8
s(w-s)
1956
60 Park Place (Newark)
1st 3Kb
*
1947
P
1961
6Ks stamped
P
Realty Assoc Seo Corp—
5s income
1943
9K
Roxy Theatre—
31
1st leasehold 3s. Jan 1 '52
Film Center Bldg 1st
4s '49
Corp 6s—1958
42 Bway 1st 6s
1939
1400 Broadway Bldg—
1st 4s stamped
1948
Fuller Bldg debt 6s_—1944
1st 2K-4a (w-e)—.1949
40 Wall St
St., New York City.
Dept. B, Wm. B. Dana Co.. 25 Spruce
33
17
15
600 Fifth Avenue—
and Quotation
$12.50 per year.
18
Prudence Secur Co—
62d A Madison Off Bldg—
The Bank
15
34
1940
1st Income 3s
33
1st mtge
34
1957
4s
37
/13K
/27
Savoy Plaza Corp—
14K
3s with stock
Sherneth Corp—
1st 5K
32
18
14
31
Inactive Exchanges
16
3Ks with stock
40
42
29 K
3s with stock
31K
1948
40
Tel. HAnover
Bonds
Foreign Unlisted Dollar
Due to the European
quotations shown below are
situation some of the
nominal.
Anhalt 7s to
1946
Antioqula 8s
1946
64
Walbrldge Bldg (Buffalo)
3s
1950
31
7%-1947 /20K
7s
1948 /20K
/24
Barranquilla 8s'35-4O-40-48
Bavaria 6Ks to
1945 /14
Bavarian Palatinate Cons
Cities 7s to
1946 /12
/14 K
Bogota (Colombia) 6Kb '47
gs
J945 /13K
/2K
Bollva (Republic) 8s. 1947
/3H
7s
1968
/3K
7s
1969
PH
6s
1940
/13
Brandenburg Eleo 6s. 1963
/30K
Brazil funding 5s.. 1931-51
33
Wall A Beaver St
6s
(Germany) 7s. 1935
1940
British
1953
'46
/13
/14
Haytlan Corp 4s
/13
New Nlquero
(Colombia) 7Ks '46
(Colombia) 7s...1947
/4
7Ks—1944
1946
(Brazil) 8s
1947
(Peru)
/9K
fl
40
—1945
Munic Bk Hessen 7s to *45
Municipal Gas A Elec Corp
Recklinghausen 7s. -1947
Munich 7s to
(A A B)
(C A D)
10K
5K
10K
/40
/10 K
12k
7Ks '49
1949
6Ks__1959
/13
/10K
f&H
15
Costa Rica Pac Ry
Dortmund MunUtll0Ks'48
1945
.1945
Dulsburg 7% to
12 K
9K
/6K
1948
1951
State
3K
6s.. 1947
Mr. Morgan was
become
and whose first
admitted
/14
/14
partner.
200
77
82
Tolima 7s
7s—1955
1947
Uruguay conversion
U ntereibe Electric
Vesten Elec Ry 7s
Wurtembersr 7s to
scrip..
195 3
1947
1945
6s.
.
/14
/35
/14
/14
associated with the firm.
Gutmann,
who started in
job was to run
Exchange.
1956 715
2d series 5s
—1950 /15
/14
Stettin Pub Util 7s—1946
5s
of Peter
business. Mr. Ambler was
York and also F. Eberstadt
formerly with McDonnell & Co. John K. Mills
20
—The Chase
National Bank announces
that it is prepared to
deliver at its
department, 11 Broad St., New York, definitive TriAuthority 2K% and 3% serial revenue bonds and 3K%
fund revenue bonds in exchange for temporary bonds.
corporation trust
borough Bridge
sinking
member of the New York Curb Exchange, has been
partnership in the New York Stock Exchange firm of
—Edward C. Werle, a
admitted to general
Johnson &
Wood.
.
/14
Morgan have /ormed the firm
Wall Street as a runner in 1909
errands for the "Waldorf Crowd," has been
to the firm of Merrill Lynch, E. A. Pierce & Cassatt as a general
He will represent the firm as its broker on the New York Curb
—Waldorf J.
20
Toho Electric
Fitzgerald & Co., Inc.
Ambler and Peter J.
Jr. has
/6
35
70
helped to organize
—Wistar
& Co.
/6K
Mtge Bk Jugoslavia
members of the New York Stock Exchange,
McDermott & Co.,
that Robert
Co. to conduct a general securities
formerly with the Guaranty Company of New
/15
deb 6s.2930
Members of the club
be won three times to
will be swimming at the Sea Bright Beach
winners will receive the prizes at a dinner in the evening
Morgan &
/14
0K8
There will three golf prizes, one for
announed today.
E. Ricksen Jr., formerly Vice-President of
Inc., has become associated with them to manage their
/60
Stem A Halske
40
7K
/8
(Brazil) 6s. 1943
7s„ 1945
Club of New
Fitsgerald
newly en¬
larged trading department.
Mr. Ricksen entered the investment and
brokerage business with Salomon, Bros. & Hutzler in Chicago in 1929 and
in 1932 became connected with E.' W. Clucas & Co. in New York.
In 1937
& Co.,
(Brazil)—
stamped. 1942
golf tournament of the Bond
In addition, there
The day's
—Peter P.
/8
1947
Sao Paulo
Water Wks
1957
1953
Club.
/K
Saxon State Mtge
/13
60
Hamburg Electric 6s-_ 1938
/23
Housing A Real Imp 7s '46j /13
Hungarian Cent Mut 7s '37'
/3
6s
retained.
be
f5
1948
Santa Fe 4s
NOTICES
and one each for first and second low net.
for the Porter Trophy, which must
will also compete
he
8%
fl0
Haiti 6s
low gross
/8
deposit—1957
Saxon Pub Works
/2
annual midsummer
arrangements,
on
/12
/20
/18
/14
Santander (Colom) 7s. 1948
1954
1948
5K
398.
held this year on Tuesday, July 30th, at the Rumson Country
Club, Lee W. Carroll of John B, Carroll & Co., Chairman of the committee
/II
Santa Catharina
20
/39
2K
4K
Corp.. 1
Jersey will be
/47
/20
/3
/6
6s.'47
8s ctfs of deposit.
1946
2
—6
Sugar Co
West Indies Sugar
principal exchanges, announce
—The
fl2
fl2
6%
8s
/2
Agricultural 6s
1938
Conversion Office
Hanover Hars
1941
4s scrip
/17
German
Guatemala 8s
Westphalia 6a '33
7s ctfs of
/13
8s
1946
many) 7s
Prov Bk
7s 1957
/23
Graz (Austria)
1956
Porto Alegre 7s
1968
Protestant Church (Ger¬
/2
1948
6
29
Tuttle.
H.
Salvador
Central Bank
German scrip
1952
5% scrip
Saarbruecken M Bk
fl7
Funding 3s
37
/14
/14
1933
Rom Cath Church 0Ks '46
R C Church Welfare 7s '46
/17
Cable 78—1945
Building A Land-
bank 6Ks
1946
City 6Kb
Rio de Janeiro
/14
German Atl
Vertlentes-Camaguey
1940-1942
announce
/13
1945
French Nat Mail SS 6a '52
Frankfurt 7s to
German
1945
5s
/3
German
/3
35
Poland 3s
/13
/14
/14
Natl Mtgo 7s. '63
Farmers
/65
/60
/3
Panama
70
/13
/13
Electric Pr (Ger'y) 6Kb
IK
5
27
members of the New York Stock Exchange and
the opening of a new and larger uptown
New York office on the mezzanine floor of the International Building,
Rockefeller Center, 630 Fifth Ave.
Associated with R. L. Kennedy Jr., partner of the firm, at the new office
are the
following registered representatives of Harris, Upham & Co.:
William H. Cowen, Richard D. Heins, John F. Kerrigan, George A.
Lowander, P. E. Morrell, H. Denny Pierce, Charles P. Stone, and Charles
other
Ind
6a 1936
68.1953
'60
6Kb
1953
European Mortgage & In¬
vestment 7Ks
1966
7Ks Income
1966
7a
-1967
7a income.;
1967
East Prussian Pow
18 K
—Harris, Upham & Co.,
/23
1947
-
Panama
/3
68
14 K
/17
CURRENT
Mtge 7s
1948
North German Lloyd—
Oberpfals Eleo 7s__
City Savings Bank
Duesseldorf 7b to
Hungary
7s to
f 15
6s
48—1940-1947
4s...1948-1949
Savings Bk of
7 Kb
1962
4s
3
1953
1946
Cordoba 7s stamped--1937
Costa Rica funding 5s. '51
/12K
%
/13
Oldenburg-Free State—
Budapest 7s
1989
Sugar—
/35
/14
/14
0Ks *38
National Hungarian A
23
Bk
Colombia 4s
40
For footnotes see page
Nat Bank Panama—
1934
Cundlnamarca
scrip
Montevideo
Central German Power
Madgeburg 6s
/42
/38
45
1954
7
16 K
*
Punta Alegre Sugar Corp.*
Savannah Sugar Refg
1
/16
Central Agrlc Bank—
German Central
Ask
6
Haytian Corp com
1947
6s
5s
78.1941
Preferred
20
PS
Baraqua Sugar Estates—
Nat Central
/9K
Bid
Assoc 00m. 1
1
Eastern Sugar
1951
6s
Meridionals Elec 7s -.1957
15
psr
52
Par
Stocks
Ask
Bid
Bonds
3 Kb.
Nassau Landbank
Cauca Valley 7Ks
see
1948
Water 7s
/3
Caldas
Ceara
8s *41
f3
Mannheim A Palat
/15
1940
Burmelster A Wain 6s_
Callao
fl3
/40
Buenos Aires scrip
Call
1943
3K
/20
46
20
3K
31K
1948
48
Sugar Securities
f5
Leipzig Trade Fair 78.1953
Luneberg Power Light A
Corp—
6Ks
15
Leipzig O'land Pr 0 Kb
/24
1962
7Ks
20
Land M Bk Waraaw
Hungarian Bank—
Brown Coal Ind
1st mtge
65
Antilla Sugar Estates—
/45
Brazil funding scrip
15
Koholyt 0Kb_
4
27
/3
Jugoslavia 2d series 5s. 1956
4
13
23
Westinghouse Bldg—
43
1947
1951
10
1951
Corp—
1st 4Kb w-s
Ludwlg Baumann—
1st 5s (Bklyn)
Jugoslavia 5s funding. 1956
Bank of Colombia
Bremen
1952
Hungarian Ital Bk 7Kb '32
Hungarian Discount A Ex¬
change Bank 7s
1930
f 14
/50
42
2 Park Ave
Ask
Bid
A sk
27
39
39
62
1963
1st 5s (L I)
Bid
1939
Bldg 1st 4-5s'46
37
London Terrace Apts—
1st Agen3-4s
20
/23
1st 5Ks
40
Lexington Hotel units...
Lincoln Building—
Income 5Ks w-s
23-
1958
1st 3-58
Trinity Bldgs Corp—
1951
1st 4s
2-5422
69
Textile Bldg—
1st lease 4-6 Kb
St., N. Y.
1955
51
47
1948
Lewis Morris Apt Bldg—
1st 4-58
52 William
23
(Syracuse)
1st 3s
Lefcourt Manhattan Bldg
& CO., INC.
24
20
616 Madison Ave—
61 Broadway Bldg—
Lefcourt State Bldg—
BRAUNL
22
1957
/14
Syracuse Hotel
:■>;
33
1950
74
68.1951
Hearst Brisbane Prop 6s' 42
Hotel St George 4s
1950
Harrlman Bldg 1st
and Coupons
8K
28
77~
Graybar Bldg 1st lshld 5s '46
Foreign Stocks* Bonds
52
31
Seo s f ctfs 4K b (w- e)'58
50 Broadway Bldg—
Securities
Territorial Bonds
1951
165 Broadway Building—
35
0Ks (stamped 4s)..1949
U. S.
Mining Stocks
2d mtge 6s
103 E 57th St 1st 6s—.1941
3
IK
Hotel units
U. S. Government
43 K
P
1 Park Avenue—
25
22
Deb 5s 1952
55 K
41K
Ollcrom Corp vtc
23
and Safe Deposit
36 K
53 K
19
Eastern Ambassador
and Land
47
34 K
5Ks series F-l
1950
1st 3 Kb
44 K
6Kb series C-2
Dorset 1st A fixed 2s__ 1957
Stocks
ties
Mill Stocks
5
5Ks series Q
Eqult Off Bldg deb
Title Guarantee
Securi¬
18
4
N Y Title A Mtge Co—
Court A Remsen St Off Bid
Bonds
Stocks
Investing Company Securities
Joint Stock Land Bank
16
2s
N Y Majestic Corp—
5Kb series BK
Public Utility
Federal Land Bank Bonds
1955
4s with stock stmp—1956
26
Brooklyn Fox Corp—
Canadian
Canadian
65K
N Y Athletic Club—
Domestic
York and
Out-of-Town)
63 K
21
Broadway Motors Bldg—
4-6s
1948
Municipal Bonds—
Companies—
/19
5k
B'way A 41st Street—
1st leasehold 3K-5s 1944
The classes of securities
stocks and bonds.
Banks and Trust
B'way Barclay lnc 2s.. 1956
In this publi-
over-the-counter
covered are:
carried for all active
cation quotations are
Beacon Hotel lnc 4s._1958
find them in
will probably
you
Quotation Record.
monthly Bank and
Metropol Playhouses Ino—
Sf deb 5s..
1945
/29
/4
Ask
Bid
Ask
Bid
Aid en Apt 1st mtge 3s. 1957
:
■
■
.
;
•
-
«"
The Commercial & Financial Chronicle
402
General
July
1940
20,
Corporation and Investment News
RAILROAD—PUBLIC UTILITY-INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
it is
reason*
However, they
REGISTRATION
OF
FILING
are
not always possible to
arranfe companies in exact alphabetical order*
always as near alphabetical position as possible.
STATEMENTS
SECURITIES
260,714; loss
UNDER
of
ACT
sales of investment securities, $1,480,721; excess of cost
on
investments
value
over
thereof
based
on
Dr$4,252,431; total, $20,626,263 —V. 150,
The
following additional registration statements (Nos. 4456
to 4458, inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933. The
amount involved is approximately $6,053,750.
Agnew-Surpass
Shoe
p.
Stores,
closing market
1127.
quotations
Ltd.—Extra Dividend—
Directors have declared
an extra dividend of 20 cents
per share in addition
regular semi-annual dividend of 40 cents per share on the common
stock, both payable Sept. 2 to holders of record Aug. 15.—V. 150, p. 829.
to the
Aircraft Precision Products,
First Investors Shares Corp. (2-4456, Form C-l), of New York, N. Y.,
4,960 periodic payment plans.
Of the total
has filed a registration covering
Inc.—Merger—
See United Aircraft Products, Inc.—V. 150, p. 3191.
,
issue
registered, 1,800 are periodic payment plans with insurance to be of¬
fered at $1,200; 1,800 periodic payment plans without insurance to be
offered at the same price and 1,360 are fully paid plans to be offered at $500.
Alabama Power
Gross
Half Moon Racing Association, Inc. (2,4458, Form A-l), of Holidays
Cove, W. Va., has filed a registration statement covering 75,000 shares
of $10 par 6% cumultaive class A capital and 37,500 shares of 10-cent par
class B capital stock.
The stocks will be offered in units of 2 shares of
class A and one share of class B at $20.10 per unit.
Proceeds of the issue
will be used for land, construction, development and working capital.
K. N. Gilpin is President of the company.
Promoters, officers and direc¬
Adams
$171,587
195,178
$400,816
195,178
$3,487,438
2,342,138
$4,020,925
2,342,138
x$23,591
$205,638
$1,145,300
$1,678,787
Deficit.—V. 151,
235.
p.
Alabama Water Service Co.—Bonds Called—
given
Alleghany Corp.—Acquires Bonds—
The New York Stock Exchange has been advised that,
during the month
of June, 1940, corporation purchased $9,000
15-year collateral trust con¬
vertible 5% bonds, dated Feb. 1, 1929, out of funds held in a
count
1940
1939
1938
1937
$431,557
37,855
1,064
$376,711
26,455
543
the Marine Midland
at
189
$522,590
99,586
$470,476
111,258
$403,709
116,250
199,201
xl3,430
199,224
18,231
201,910
15,554
239,153
23,559
$210,373
3,853,344
$141,763
3,787,063
$69,995
3,852,972
$349,180
3,841,829
Earnings
collateral
on
1940—3 Mos.—1939
$1,008,121
$147,740
1,254,799
1,250,449
$0.76
$0.07
Provision for taxes
Net
income
Balance, Dec. 31
Total
Div. pay. on corn, stock.
surplus, June 30-No
the year
provision
1940.
$4,063,717
224,981
$3,928,826
$3,922,967
149,984
149,985
$3,838,736
$3,778,841
has been made for
1940
possible
$3,772,983
1940
$0.19
defense
$683,454
super¬
254,097
120,836
Federal income taxes._.
taxes
$809,204
19,347
124.373
$804,290
38,208
67,887
Common dividends.
$665,484
639,225
$698,195
639,500
Cr 50
Profit
for
Charges.--
Cr4,946
Cost of 74,500 shares of
common stock
Surplus
loss46,023
loss570,323
$26,259
American
Brake
Shoe
Assets—
&
SO, '40 Dec. 31, '39
Cash.
$1,568,657
$4,072,442
Accrued interest and dividends
64,56 1
40,189
Amount receivable for securities sold, not delivered
7,850
2,764
Securities (at cost)--42,586,187
40,143,744
Property and equipment, less depreciation6,268
13,657
$719,613
142,314
$72,248
$861,927
38,649
36,596
134,351
23,622
$9,977
$690,980
805,750
641,000
undistributed profits.—
on
Foundry Co.
3 Mos. End. June 30—
1940
Earns, before deprec. and
income taxes
$1,111,880
x Divs. rec'd from subs.
June
132,440
y
'
$30,259,066 $29,640,229 $39,556,935
Comparative Consolidated Balance Sheet
5,129,513
1,172,574
810,972
V. 150, p. 4115.
1,187,298
$7,021,700
$58,695 def$631,023 def$114,770
y Includes profit on sale of securities.
Note—No provision has been made for surtax
1,288.875
41,400
1937
loss$60,192
$3,719,877
Federal income
1938
$555,107
Operating profit
Other income (net)
1938
1937
Balance, Dec. 31
$30,253,679 $30,305,038 $30,205,606 $39,658,511
on purchase of
50
1939
$5,862,225
5,111,445
1939
Consol. cap. surplus &
com. stk. June 30--$30,295,129
taxes,
$6,953,736
5,324,086
946,196
$4,191,009
471,132
Discount
Net realized profit on se¬
curities
$1.48
income
$6,760,624
5,254,883
950,634
Operating expenses
Depreciation
,
bonds
Federal
1940—6 Mos.—1939
$1,974,719
$354,322
1,254,799
1,250,449
Alpha Portland Cement CoEarnings—
12 Mos. End. June 30-
Consolidated Capital Surplus and Common Stock, Juqne 30
own
share.
Net sales
Consolidated earned
x
per
x After
depreciation, depletion.
taxes, &c.—V. 150, p. 2561.
*
bonds & notas..
trust
special ac¬
Corporation now
York.
Allegheny Ludlum Steel Corp.—Earnings—
Period End. June 30—
Net profit
Shares common stock
$730,649
118,756
General expenses
Interest
Co, New
,
x
Total income
Trust
holds, in a special account at Marine Midland Trust Co., $119,000 bonds
dated Feb. 1, 1929, and $277,000 bonds dated June 1, 1929.—V. 151,
p. 97.
$709,079
21,381
Miscellaneous income-
$8,895,403
4,874,478
A total of $290,500 first
mortgage 5% gold bonds, series A due Jan. 1,
1957 has been called for redemption on Sept. 16 at 102 and accrued interest.
Payment will be made at the Central Hanover Bank & Trust Co., New
York City.— V. 150, p. 4115.
Filed July 15, 1940.
$498,761
23,829
on secur.
securities-
on
$8,342,699
4,855,261
Balance
Income Account for 6 Months Ended June 30
Interest
$805,079
404,262
x
Express Co.—Earnings —
Income—Divs.
$574,792
403,205
Net income..
Divs. on pref. stock
T. Price is President of the company.
Eldred, Potter & Co. has been named
the underwriter.
Filed July 1.5, 1940.
be the underwriters.
1940—Month—1939
1940—12 Mos.—1939
$1,843,814
$1,818,803 $22,762,415 $20,982,921
1,030,657
796,034
11,683,386
9,475,238
238,365
217,690
2,736,330
2,612.280
Gross income
Int. & other deductions.
stock reserved for conversion of preferred stock.
Proceeds of the issue will
be used for building, machinery, equipment and working capital.
Edmund
The last previous list of registration statements was
in our issue of July 13, page 234.
revenue
Oper. exps. & taxes
Prov. for depreciation..
Solar Aircraft Co. (2-4457, Form A-l), of San Diego, Calif., has filed a
registration statement covering 30,000 shares of 50-cent cumulative series A
convertible preferred stock, no par, and 60,000 shares of $1 par common
tors may
Co.—Earnings—
Period End. June 30—•
Proceeds are to be used for investment purposes,
John L, Thomas is Presi¬
dent of the company.
Registrant is sponsor.
Filed July 12,1940.
1939
(& Subs.)—
zl938
$918,835
$614,133
yl937
$1,605,191
____
Total
$44,233,523
Prov. for U. S. &
-
Total
x
-
Represented by 1,500,000
Affiliated
no par
securities
Preferred
on
91,000
41,000
192.752
$510,997
$244,728
$1,080,240
71,706
307,637
71,706
71,706
72,441
192,273
192,273
568,617
$264,732
$247,018
def$19,250
$439,182
$0.75
$0.57
$0.22
$1.33
loss37,590
29,424
lossl4,246
85,951
dividends
Common
dividends
Bal. of income to surp.
Net inc. applie. to com.
shares outstanding-.-
425,292
30,253,679
3,853,344
x
Equity in
divs.
earns., after
of sub.
consol.
shares.—V. 150, p. 3649.
1940
$401,973
X
Total income
Interest
157,000
$644,074
cos.
not
for period
Ramapo Ajac Corp. included for 1937 but not for 1936.
American Brake Shoe & Foundry Co. of California not consolidated
in 1937 because less than 95% controlled became
wholly-owned in 1938 and
y
1939
1938
$65,324
$52,469
306,418
y81,845
is included in above 1938 astatement.
1937
$241,017
yl02,394
Balance Sheet
prof, from sales of
$401,973
debentures
on
June 30, '40
Net income
$547,436
89,809
166,772
17,523
14,725
$147,169
50,900
46,760
$154,863
26.778
4,610
2,771
$60,557
__
debs.
Taxes
A ssets—
$258,608
$44,899
$99,266
91,515
199,687
37,188
26.048
$1,543,997.
y After
provision for Federal income-tax amounting to $539 in 1938 and $7,832
in 1937•
1940
Assets—Investments, at value based on closing market quotations (cost,
$21,295,317), $17,042,886; cash on deposit with trustee, $2,547,756; cash
on special deposit for payment of interest on
debentures, $205,000; divi¬
dends and interest receivable, $125,276; due from
subscribers (capital stock
subscribed for—not yet issued), $88,090; due from brokers
(securities sold—
not yet delivered), $15,260; unamortized discount on
debentures, $601,994;
[arket. secur.
total, $20,626,263.
July 1, 1940. $205,000;
accrued taxes, &c., and accounts payable, $45,991; amount
payable for
capital stock purchased, not yet received, $23,629; due to brokers (secur-f
ities purchased—not yet received), $167,335; distribution to
stockholders,
payable July 15, 1940, $217,807; 10-year secured convertible debentures,
$10,000,000; capital stock ($1.25 par), $5,438,939; paid-in surplus, $10,-
debentures,
4.781,768
4,123,675
144,764
186.122
not
sids.
of
not
Other assets
consolidated
39,098
1,135,246
1,095,421
632,991
1,065,013
43,778
Conv. pref., 5H%
cumul. ($100 par) 5,463,300
3.345
12,388
5,962,150
Inventories
1,184,297
to subs,
Reserves
3,403.438
s
1,401,147
Accrued accounts.
sub-
consol.
Dec. 31 '39
$
payable—
Indebted,
(at
quoted market).
Notes & accts. rec.
6,296,147
131,682
105,695
4,203,407
Land, b'ld'g's and
equip, fless dep.) 13,434,733
x
5,463,300
Common stock.. 12,544.800
12.544.800
Capital surplus.
6,546,380
6,340.834
6,148,489
__
5,105,340
4,200.870
12,852,656
Invest,
...
(at cost
Pats,
(less amort.)
103,973
1,206,699
and
prepaid
•
Total
x
1,206,699
481,993
Goodwill.
Insur.
Earned surplus
or
less)
furniture and fixtures at nominal value, $1;
on
June 30 '40
Liabilities—
(less reserve)... 3,456,939
x The net loss from sale of securities
(transferred to security profit and
loss account) for the six months ended June
30, 1940 (plus adjustment of
1939
Federal income tax of $126), amounted to
Liabilities—Interest
hand.
3ash on deposit &
on
Indebted,
Balance Sheet June 10,
Dec. 31'39
S
Accts.
13,027
__
Amort, of disc,
335,578
foreign
tributed earnings)
Fund, Inc.—Earnings—
6 Mos. End. June 30—
Expenses._
40,780
,645,971
372,980
Net income
$44,233,523 $44,272,796
-
7.173
$621,306
z
Cash divs. and interest-
Net
—
7,173
$926,008
324,011
income taxes (no provi¬
sion forsurtaxonundis-
$1,262,000
1,384,500
6,883,500
53,413
157,068
Liabilities—
Collateral trust 4% bonds, due 1947
Collateral trust 4% bonds, due 1948
49,461
$1,161,341
360,266
Total
Prov. for deprec
$44,272,796
$1,258,000
1,384,500
10-year 4H% debentures, due 1946
6,883,500
Amount payable for securities purchased, not rec'd
3,047
Accrued interest, incl. unclaimed maturod interest
158,264
Accruals and reserves for taxes and contingencies,
including deferred credits
412,346
x Common stock and
capital surplus
30,295,129
Earned surplus3,838,73 6
not consolidated
113,012
342,081
other
items-.
33,911,450 32,842,783
Represented by 769,092
no par
Total
33.911,450 32,842,783
shares.—V. 150, p. 3811.
payable
Alpine Mining Co., Inc.—Sale of Stock Enjoined—
a
The Securities and Exchange Commission
July 16 reported the entry of
final judgment enjoining the company and A. C. Stone,
President, from
violating the registration provisions of the Securities Act in the sale of
the company's unregistered capital stock.
The judgment was entered by
Volume
The Commercial &
151
Judge Charles A. Boynton of the U. S. District Court at El Paso,
and consented to by the defendants.
The Commission's complaint alleged that the defendants sold the
stock of Alpine Mining Co., Inc., in interstate commerce without
an effective registration statement covering the securities.
403
Financial Chronicle
Texas,
capital
having
During the six months ended June 30, 1940 corporation acquired §77,000
5H% debentures, at an average cost of 103.77, leaving $9,619,000
principal amount outstanding at June 30, 1940.—Y. 150, p. 426.
of its
(& Subs.)—Earnings—
American Hardware Corp.
1939
1938
1937
$2,977,922
2,118,722
$2,021,814
1.959,770
$3,173,554
2,069,706
$859,200
122,447
$62,044
151,435
$1,103,848
161,772
...
$981,647
27,984
125,844
$213,479
134,891
$1,265,620
301,951
income—
Calendar Years—
Airlines, Inc.—Obtains Equipment Loan—The
company, has arranged with a group of banks for a 5-year
2H% equipment loan amounting to $2,250,000, it was
announced July 14 by C. R. Smith, President.
The loan represents 75% of the purchase price of 26 Douglas flagships to
American
Gross profit on sales
Selling, admin, and general exps_._.
Net profit on sales__
Other income
be delivered to the company this year
Gross income
Deductions from income
these
Prov. for Federal taxes
and will be secured by a pledge of
Principal of the loan and interest thereon will be repaid
planes.
quarterly.
:: ■'
.
on
xl34,000
1
participating in the loan are the Chase National Bank, New
York; Schroeder Trust Co., New York; First National Bank, Boston;
National Bank of Detroit and Continental Illinois National Bank & Trust
Reserves
Co., Chicago.—V. 151, p. 237.
Adjust, of
$78,588
$827,819
created
in
prior years
$829,669
9,144
The banks
993,571
49,781
21,283
1,361,646
re¬
stored to surplus
for discount on loans
res.
38,■414
Other credits
Co.—Gets Government Order—
2,226,592
2,645", 128
Company will build 627 heavily armored light tanks, the largest peace¬
time undertaking of its kind in American history, under a contract the
award of which was announced on July 15 by the War Department.
The
$3,092,825
$2,732,859
17,367
$3,255,951
61L875
488,900
610~823
$2,480,950
$2,226,592
$2,645,128
American Car & Foundry
expenditure will be about §11,000,000.—V.
Additional Fed. inc. tax prior yearsDividends paid
150, p. 4115.
Earned surplus at end
American Colortype Co.—Sales—
:
Sales
$1.69
$0.16
$1.67
x Includes $9,125 surtax on undistributed net income.
Note—Depreciation charged to operations for the year 1939 amounted
quarter of 1939.
same
Sales
of
(orders booked)
first six months of 1940
and its domestic subsidiaries for the
company
$4,547,558 as compared with $4,206,807 for
150, p. 4116.
are
to
$214,083.
American Export Airlines, Inc.Stop Transatlantic Air Service—
service between the United States and Europe
The first non-stop airplane
E. Slator,
Civil Aero¬
nautics Board July 15.
It will be co-ordinated with the fleet of steamships
operated by the American Export Lines of which the Airlines company is a
will be established next year by American Export Airlines, J.
Executive Vice-President, announced following approval of the
subsidiary.
^
American Laundry
Machinery Co. (&
1939
Years Ended Dec. 31—
.
plane services have been operated under unified management.
Improvement in air service by creation of competition with Pan
Airways which now has
a
American
virtual monopoly in air service between the United
States and Europe.
Increase of the potential strength
of the naval air service since the flying
readily be converted into bombing planes.
Export Airlines has carried on preliminary work
American
was
Gross income
in "important develop¬
trans-Atlantic air service," including;
Establishment of non-stop service with consequent saving of time, made
possible by the new type of flying boat with greater flying range and higher
speed than the clipper ships now in operation.
Co-ordination of American Export Lines steamships and American Export
Airlines flying boats in navigation and co-ordination of the sales and service
facilities of the two companies, thus marking the first time that ship and
since the
organized in 1937, including three successful round-trip
flights with a Consolidated Model 28 twin-engined
monoplane.
new
service will start
a
twice weekly schedule with
American flying
boats providing a non-stop service between New York and Lisbon, Portugal.
The estimated flying time from New York to Lisbon is 20 hours 30 minutes,
and from Lisbon to New York 24 hours 4.5 minutes.
From Lisbon con¬
nections will
$1,915,006
$3,168,081
1,556,468
96,019
246,901
1,724,777
are
maintained.
company's original application, filed with the CAB May 9, 1939,
amended, sought certificates of public convenience and
necessity authorizing it to establish routes between New York and Mar¬
seilles, via Biscarrosse, France, and between New York and Southampton,
England, via Foynes, Irish Free State, as well as between New York and
Lisbon.
Because England, France and the Irish Free State are within the
combat zone designated by the State Department in accordance with the
Neutrality Act, the CAB, on recommendation of its examiner, withheld
applications for direct service to these countries.
However, services to
these points undoubtedly will be extended later, Mr. Slater said.
Commenting upon his company's plans, Mr. Slater pointed out, as did
the CAB examiner in his report, that the new air service will benefit from
the experience and facilities of the American Export Lines, which is now
the only American steamship line operating regularly between the United
States and Europe.
The American Export Lines, one of the most important companies in
the foreign commerce of the United States , has been expanding and modern¬
izing its fleet since the present operators assumed control in 1935.
It is now
engaged in a $42,000,000 building program to provide 16 new freighters,
some with accommodations for a limited number of passengers.
Four of
sidiary companies.
„
_
1939
Balance Sheet Dec. 31,
notes and accounts
$717,588),' $5,825,597; inventories, $3,070,344; advances and miscel¬
investments, $443,760; investments in and advances to whollyforeign subsidiary companies, $1,061,026; capital assets (less reserve
for depreciation of $5,185,559), $4,335,510; patents, trade-marks and good¬
will, less amortization, $2,400,000; deferred charges,
$63,297; total,
of
laneous
owned
$25,619,904.
,
,
Liabilities—Accounts payable,
$195,697; accrued salaries, wages, taxes,
&c., $139,943; customers' deposits and credit balances,
Federal income tax of prior years, $20,871; reserve
$98,627; reserve for
compensation, $34,010; deferred income on
receivable, $227,277; common stock (par
earned surplus, $11,096,906; capital surplus, $2,729,429;
—V. 150, p. 3345.
workmen's
ment
notes
American
Light & Traction Co. (&
12 Months Ended May
(after
-
Provisfon for depreciation
I
Federal income taxes
4,224,438
.
of earnings
stock....
attributable to minority
10,213
Equity of Amer. Lt. & Tr. Co. in earns, of subs.
Income of Am. Lt. & Tr. Co. (excl. of income received from
4,371,072
$4,098,970
7,264
$4,454,050
$4,091,707
..
Total
Export
Lines,
Inc.-
-Plans
Airlines
Unit
Financing—
The company
is expected to raise new capital in the amount of approxi¬
mately $2,500,000 before its 70% owned subsidiary, American Export
Airlines, Inc., (which see) inaugurates its transaltantic passenger service
toward the end of 1941.
The company, however, is in a position to start
a twice-monthly mail and express service within the next 60 days' without
doing any new financing.
American Export estimated that the cost of starting its transatlantic
service would approximate $3,500,000.
In April, company sold privately
10,000 shares ($100 par) preferred stock, subject to Export Airlines obtain¬
ing a certificate of convenience and necessity for the New York-Lisbon route.
Now that this certificate has been obtained, the roughly $940,000 raised by
Export Lines through the sale of its preferred in April will be advanced to
its subsidiary.—V. 150, p. 4116.
Balance
$5,645,580
$5,553,893
$5,247,700
American Gas & Electric Co.— Unlisted
The
New
York
Curb
Exchange
has admitted
to
Trading—^
p.
98.
•
■
-v.-,
Balance
American Insurance Co.
tion to the regular
(Newark, N. J.)—Extra Div.-—
semi-annual dividend of 25 cents per share on the comrecord Sept. 3.—V. 150, p. 1417
monstock, both payable Oct. 1 to holders of
Selling expenses, &c
American International
Corp.—Net Assets—
n
valuations assigned by directors the
net assets of corporation, at June 30. 1940, were $14,154,644, being 147%
of the principal amount of outstanding debentures.
After provision for
the debentures, such net assets at June 30, 1940 amounted to $4.53 per
share of common stock.
At Dec. 31, 1939, the net asset value per share,
as earlier reported was $8.66.
on
market quotations or on
$4,358,283
$1.57
$1.69
Co.—Earnings
1938
$1,804,765
973,372
,283,873
9,276
Operating income
Other income
$5,492,893
804,486
i
1939
profits
84,931
$5,162,769
804,486
—
$2,397,305
1,113,432
Calendar Years—
—
1936
1937
$622,679
920,547
$1,741,736
848,580
$893,156
23,762
$831,393 loss$297,868
3,408
43,471
~
$777,663
892
375,000
r
deductions
Net
$916,918
181,000
91,792
__—.....
Federal taxes
Other
$834,801 loss$254,397
218,197
192,258
100,000
14,130
36,957
$502,474 loss$483,612
950
1,029
225,000
75,000
$635,632
1,179
$1,293,149
Total income
income
dividends
Common dividends
Preferred
Based
stock
American Maize Products
Depreciation.
Directors have declared an extra dividend of five cents per share in addi¬
173,353
$4,688,407
transferred to consolidated surplus.....
on preferred stock
unlisted trading the
.
224,527
61,000
deductions...
Earnings per share of common
—V. 150, p. 3962.
Gross
42£% cumulative preferred stock, par $100; the sinking fund 2%% de¬
bentures, due Jan, 1, 1950; the sinking fund 3 lA% debentures, due Jan. 1,
1960 and the sinking fund 3%% debentures, due Jan. 1, 1970.—-V. 151,
196,464
251,159
.....
Holding company interest
Balance
■
1,553,873
$6,001,516
-
Expenses of American Light & Traction Co.
Taxes of American Light & Traction-Co.
Dividends
,
1,547,466
subsidiaries)
Lisbon.
American
$8,442,117
27,925
"$4,464,264
of subsidiaries
Balance
common
$8,714,982
Dr26,280
!___ $8,688,702 ' $8,470,042
subsidiaries.
Int., amort. & pref. divs.
Proportion
1939
$44,628,744 $41,418,165
24,399,143 22,746,656
2,301,122
2,270,241
3,361,946
3.077,552
5,851,550
4,881,598
Net earnings from operations of subsidiaries
Non-operating income of subsidiaries
±—
Total income of
total, $25,619,904.
1940
Maintenance
General taxes and est.
for self-insurance,
customers instal¬
$20), $11,077,145;
Subs.)—Earnings
31—
operating earnings of subsidiaries
eliminating inter-company transfers..
General operating expenses
Gross
the company will have a
existing tonnage that can be co-ordinated with the flying boat service.
Additional radio operators will be placed abroad the American Export
ships and from 8 to 12 meteorologists will be stationed on the company's
vessels to provide data for the flying boats, Mr. Slater said.
In addition
radio direction finders will be included in the equipment of the steamships
so that they can take bearings on transmissions made by airplanes.
American
Export steamers
normally ply between the United States
and Mediterranean ports.
With the closing of the Mediterranean to
American shipping following the entrance of Italy into the war, the Ameri¬
can Export ships inaugurated the current service between New York and
cost, and accrued
warrants, $22,360;
Assets—Cash, $1,675,594; marketable securities, at
interest, $6,722,415; State, county and municipal tax
notes and accounts receivable (less reserve for doubtful
The
already are in service, four will be launched this summer and
and eight others are under construction.
With these 16 new ships,
fleet of at least 20 new vessels in addition to the
125,000
$972,480
$15,618
$316,424
962,779
463,264
Dividends paid
452,622
582,930
574,823
Shares capital stock
553,857
$1.67
$0.03
Earnings per share
$0.57
Notes—(I) Profits on sales made on the instalment basis are taken into
income as such sales are made.
(2) The combined net earnings of whollyowned foreign subsidiary companies, exclusive of one company in which the
investment is carried at a nominal value of $1, for their fiscal years ended
during 1939, are approximately equal to the dividends paid by such sub¬
Net profit
and subsequently
these ships
79,340
266,483
Provision for Federal income tax
Europe in which com¬
: + «
be available to virtually all points in
mercial air services
fall,
$2,378,350
789,732
$1,488,732
Selling, gen. & admin, expenses
Other charges
Provision for depreciation
trans-Atlantic survey
The
745,832
1,517,882
64,917
249,934
Authorization of the new service by the CAB with the approval of Presi¬
company
$1,169,174
660,426
before deprec.
..
dent Roosevelt will result, Mr. Slater pointed out,
Sub.)—Earnings
1938
.
$2,149,158
Gross profit from oper.,
Other income
Slater said.
can
x
••••
the commercial
have been placed with
of a certificate of con¬
venience by the CAB, construction of the planes will be accelerated, Mr.
for three S-44 Vought-Sikorsky flying boats,
Contracts
boats
1939
$1,338,312; Marketable securities—at cost, $1,351,050;
notes and accounts receivable, $1,934,528; inventories, $6,889,098; other
notes receivable, $274,142: investments, $742,670; plant property—at cost,
(less reserves for depreciation of $12,285,445), $3,731,712; deferred charges,
$493,083; total, $16,754,595.
Liabilities—Accounts payable—trade, $240,031; due to officer and em¬
ployees, $2,662; accrued liabilities, $430,952; general reserve for extra¬
ordinary inventory loss, $1,200,000; capital stock ($25 par), $12,400,000;
earned surplus, $2,480,950; total, $16,754,595.—V. 149, p. 3864.
Assets—Cash,
version of the navy's flying dreadnaughts, already
the United Aircraft Corp. and, with the granting
ments in
o,
„
Consolidated Balance Sheet Dec. 31,
the first six months of 1939.—V.
■To Establish New Non-
of year
Earnings per share on 496,000 shares,
capital stock (par $25)
of company and its domestic subsidiaries for the
$1,920,319 as compared with $1,762,113 for the
(orders booked)
second quarter of 1940 are
preferred
purchased
242,694
173.362
103,500
4,424
600,000
Premium on
stock
Earns. per sh. on
35
$401,736
Surplus
640
$275,884 def$559,641
300,000
shs. com. stk. (no
par)
$2.59
$1.67
Nil
$34,453
$2.12
The Commercial
404
Balance Sheet Dec.
31, 1939
Assets—Cash, $874,531; accounts receivable (less reserve of $25,058),
$790,901; inventories, $1,062,607; investments and advances, $167,167;
property, plant and equipment (net), $3,060,497; trade-marks, formulas,
processes, See., $1; deferred charges, $134,457; total, $6,090,161.
Liabilities—Accounts payable, $198,203; accrued wages and salaries,
$45,149; accrued taxes (incl. Federal income tax), $279,417; preferred stock
(par $100), $12,700; common stock (300,000 no par shares). $3,000,000;
surplus, $2,5.54,692; total, $6,090,161.—V. 149, p. 4165.
American Meter Co.,
V
Calendar Years—
Net sales
1939
$5,858,985
1,089,026
67,070
1
...
Netprofit
1938
$4,664,225
710,054
64,389
$1,156,096
Provision for Federal income taxes—
$774,444
130,651
202,107
Net profit for year
1937
$6,034,966
1,002,909
121,804
$1,124,712
180,842
$953,989
$643,793
$943,871
$3.91
$2.64
$3.87
Net profit per share
July 20, 1940
b Includes provision to May 31, 1940 for the Increases in Federal income
and capital stock tax rates imposed by the Revenue Act of 1940.
c Includes
proportionate interest in earnings or deficits of Western Elec-
trict Co. and ail other controlled companies not consolidated (partly est.),
d Applicable to American Telephone & Telegraph Co. stock,
Applicable to stocks of subsidiaries consolidated
e
by public.—
held
V. 151, p. 238.
American Water Works & Electric
Co., Inc.—Weekly
Output—
Inc.—Earnings—
Net operating profit
Other income
&
Financial Chronicle
Balance Sheet Dec. 31, 1939
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended July 13, 1940, totaled 52,596,000
kilowatt hours, an increase of 13.5% over the output of 46,361,000 kilowatt
hours for the corresponding week of 1939.
Comparative table of weekly output of electric energy for the last five
yesrs follows'
1936
45,601,000
45,661,000
43,273,000
45,270,000
1940
1939
1938
1937
52,363,000 45,133,000 37,879,000 49,972,000
52,682,000 45,814,000 37,513.000 47,850,000
July
6.*
45,057.000 38,876,000 33,488,000 44,221,000
July 13
52,596,000 46,361,000 39,814,000 50,993,000
*
Includes July 4 holiday.—V. 151, p. 238.
Week Ended—
June 22
June 29
-
Assets—Cash,
$1,297,570; accounts and notes receivable, $502,116;
due from affiliated companies, $61,599; General Motors
Acceptance Corp.
notes,
$199,481; inventories,
$1,712,969;
interest
accrued,
$1,624;
$606,815; investments in affiliated companies, $661,772;
(long term), $74,100; deposits in closed banks, $8,924;
fixed assets (less—reserves for depreciation of
$1,407,801), $1,681,241;
deferred assets. $85,913; total, $6,894,123.
Liabilities—Accounts payable, $16,610; accrued State taxes, $73,862;
accrued social security taxes, $29,793; reserve for Federal
taxes, $212,850;
capital stock (243,800 shs. no par), $4,095,000; surplus, $2,466,007;
total,
$6,894,123.—V. 149, p. 3544.
■
investments,
notes
receivable
American Stores Co.—Sales—
Period End. June 29—
Sales
1940—4
Weeks—1939
$10,130,494
1940—26 Weeks—1939
$8,783,284
$63,537,250
—V. 150, p. 4116.
$55,756,575
Purpose of Issue—Prior to or concurrently with the delivery of the
series A bonds offered, company proposes to borrow $300,000 from a bank.
The sum so borrowed and the net proceeds from the sale of the series A
bonds
Pref. Shares for Each American Share—
Grand, President, in letter to first preferred stockholders states:
Corporation owns 70,500 shares of the $3 cumulative preference stock of
the United Corp. and is prepared to exchange these shares on a two for
one
basis for 35,250 shares of the $6 first
preferred stock of the American
Superpower Corp.
The asset value at June 30, 1940, applicable to each share of the
first
preferred stock of American Superpower Corp. was $137.27 and of United
Corp. $3, cumulative preference stock was $63.76 per share.
Inasmuch as
the exchange is on the basis of one share of the first
preferred stock of the
American Superpower Corp. for two shares of the preference stock
of
United Corp., the proper asset value comparison is $127.52 asset value
for
two shares of United
Corp. $3 cumulative preference stock as against the
$137.27 for the American Superpower Corp. first preferred stock.
The auditors of the American
Superpower Corp. (R. G. Rankin & Co.),
have prepared from the statements of United
Corp. and the American
Superpower Corp., a comparative statement of the average annual earnings
of the $3 cumulative
preference stock of United Corp. and of the first
preferred stock of the American Superpower Corp. over a six year period
ended Dec. 31, 1939.
This comparative statement shows average annual
earnings of $3.49 for each share of the American Superpower Corp. first
preferred stock, and of $3.84 for each share (i.e. $7.68 for each two shares)
of the $3 cumulative preference stock of United
Corp.
These earnings
figures have been prepared on a comparable basis, including income from
dividends and interest, and excluding gains or losses on sales of stocks
and
securities.
First preferred stockholders of the American
Superpower Corp. who wish
to avail themselves of this
exchange offer, should tender to Central Hanover
Bank & Trust Co., (the transfer agent), 70
Broadway, N. Y. City,
after
at
no
transfer tax stamps
are
on
the transmittal
on
Aug. 7, 1940.—V. 151,
blank,
and this offer
p.
238.
American Telephone & Telegraph Co.—Interim
Report
Walter S. Gifford, President, states:
The Bell System had a net
gain of about 449,000 telephones during the
first six months of this vear, as
compared with a gain of 370,000 during the
first six months of 1939.
During the second quarter of this
about 189,000
year
the gain
compared with 155,000 for the corresponding period
System telephones in service during
5.1% greater than for the corresponding
as
last year.
The average number of Bell
the first six months of 1940 was
period of 1939.
The number of toll and
long-distance conversations for the first six months
of 1940 was about 6.5% greater than for the
corresponding period last year.
Earnings of American Telephone & Telegraph Co.
Period End. June 30—
al940—3 Mos.—1939
$
$
Operating revenues
29,637,731
Oper.exps., incl. taxes— 25,394,433
4,243,298
43,174,933
1,622,036
77,187
49,117,454
4,183,502
Total income
Interest deductions
....
Dividends
Ea?mTfA".T:&
per
share..
T."Co:
44,514,210 200,133,995
4,143,291
16,632,309
44,933,952
42,045,287
Other income—net
3,536,061
18,458,715
13,704,718
39,107,039 174,698,940 151,431,683
1,798,822
6,431,483
7,762,790
72,288
544,857
492,797
40,370,919 183,501,686 156,776,994
42,045,287 168,181,146 168,181,146
173,391,988
16,614,994
2'888'665 c1'674'388 15.320,540 cll,404,152
1$2.40
$2.16
$9.82
$8.39
Subject to minor changes when final figures for June are available.
oes n°t include the company's proportionate interest in undivided
profits or deficits of subsidiary companies,
c Deficit.
*
?
-.
Bell System Consolidated
Earnings Report
(American Telephone & Telegraph Co. and its
principal telephone subs.)
Period Ended
3 Months
May 31—
1939
1940
1939
$
$
$
$
Operating revenues.291,601,302 276,363,479 1,134,759,836
1,072,982,800
Oper. expenses.. 189,690,723 182,852,154
746,173,309
722,173,741
b46,409,256
38,868,981
bl66,373,314
149,189,210
a
Taxes
Net oper. income.
c
Other
inc.
55,501,323
(net)...
9,826,149
Total income.
Interest deductions.
Total net income.
eNet
income
Per
sh. A. T.
Co. stock.
a
Includes
&
b72,411
944,875
166,169
a Indenture will provide that the aggregate principal amount of all bonds
time outstanding under the indenture shall not exceed
$7,000,000.
Indenture will also provide that, subject to the restrictions
thereof, bonds may be issued thereunder from time to time in any number
of different series as directors may determine, but indenture will not fix
the total amount of bonds of all series that may be issued or outstanding
thereunder.
b Exclusive of $2,127 of cash held by the trustee for distribution pursuant
to the terms of the cash scrip agreement to
holders of cash scrip certificates
issued and issuable under said agreement.
Earnings Summary for Stated Periods
-Year Ended Dec. 31-
8 Mos.End.
Dec. 31 '37
$1,393,947
$1,443,261
589,764
90,804
620,198
95,652
647,918
100,894
150,104
99,159
150,235
103,286
4,050
42,500
150,188
103,808
4,250
27,800
3,400
37,700
$238,264
22,439
$339,918
27,367
$378,024
27,059
$390,600
27,696
$260,704
Depreciation
Taxes, other than income
1939
$1,310,851
65,946
-
Maintenance
$367,285
$405,084
$418,296
State income tax
Federal income tax
Net oper. income
Other income
Gross income
The
will
annual
amount
interest requirement on
to
12 Mos.End.
1938
$898,325
397,247
68,849
97,216
3,000
Total oper. revenues
Total operation
May 31
*40
45.600
the $2,350,000 of series A bonds
The interest requirement for the first year on
the 3Yi% serial notes to be initially issued will amount to $9,975.
Business and History—The company, incorporated in Delaware, April 28,
1937.
Company is a public utility engaged principally in generating,
purchasing, transmitting, distributing and selling electric energy in north¬
eastern Arkansas and southeastern Missouri.
Company also manufactures
and sells ice in parts of its territory.
As part of its load-building program,
the company sells electric appliances and equipment.
At Dec. 31, 19-39, the company supplied electric service at retail to
16,143 customers in 37 communities in northeastern Arkansas and 40 com¬
$94,000.
munities
in southeastern Missouri.
Company also sold electric energy,
wholesale, to West Plains, Mo., to four rural cooperatives operating
territory adjacent to that served by the company, and to two utility
companies for distribution at retail in 12 communities situated adjacent
to the territory served by the company.
At the same date, the company
sold ice at retail in two communities in Arkansas and one in Missouri,
at
in
and also at wholesale to local distributors at each of its seven plants.
There
has been no substantial change in the number of customers and communif-ipo
QPfVAfl
RIIIPP
L)PP
Ol
1 Q^Q
For the year 1939, the company derived approximately 90% of its gross
operating revenues from the sale of electric energy and approximately
10% from the sale of ice.
The population of the territory served is esti¬
mated to be
approximately 67,800.
Underwriters—The
names
of the several underwriters and the principal
amounts of series A bonds which
they have respectively agreed to purchase
follows:
E. H. Rollins & Sons Inc
Central Republic Co.
$735,000
450,000
400,000
...
A. C. Allyn & Co., Inc
Lee Higginson Corp
400,000
250,000
115,000
Laurence M. Marks & Co.
A. G. Becker & Co., Inc..
—V. 151, p. 238.
Aro
M
—
Equipment Corp.—Listing and Registration—
The common stock, par $1, was admitted to listing and registration on
July 15, by the New York'^CurbjExchange. —V. 150, p. 3963.
Associated Gas & Electric
Co.—Weekly Output—
_
_
The
Utility Management Corp. reports that for the week ended July 12
Gas & Electric group was 94,009,733
of 6,049,427 units, or 6.9% above
production of 87,960,306 units a year ago.—V. 150, p. 238.
net electric output of the Associated
units
(kwh.).
This is an increase
Atlantic City
Electric Co.—Earnings—
Operating
Operation
1939
$8,295,865
revenue
Taxes..
$2,301,032
37,926
$2,373,803
$2,420,961
36,708
297
$2,172,713
26,231
$2,338,958
585,000
$2,410,511
585,000
$2,421,258
611,918
$2,198,944
839,800
46,551
47,199
46,359
16,485
45,457
30,319
64,482
124,649
$1,660,208
341,250
1,207,500
$1,762,667
341,250
1,357,000
$1,733,563
341,250
1,138,500
$1,170,012
341,250
764,750
:
_
Operating income
Otherincome.net
60,082,699
10,678,502
255,392,637
42,606,538
219,710,774
43,087,209
Interest
Total income
on
funded debt.
al936
$7,123,726
2,246,602
431,892
1,199,824
1,072,695
Depreciation
201,619,849
18,090,925
1937
$7,610,642
2,207,255
551,308
1,223,177
1,207,941
Maintenance
222,213,213
33,179,424
al938
$7,899,572
2,423,487
506,065
1,245,419
1,350,797
2,679,835
548,220
1,377,177
1,389,600
Amortization of debt dis¬
54,676,461
2,231,476
52,444,985
49,404,197
2,288,640
47,115,557
9,236,182
203,549,917
176,623,565
8,519,741
168,103,824
$2.52
$10.89
$8.99
T.
current
212,786,099
count and expense
Other deductions
Net income...
maintenance,
depreciation,
traffic,
general and miscellaneous expenses and operating rents.
200,314
19,000 shs.
225,000 shs.
of series A at any one
54,642,344
5,440,355
$2.81
income
d Net
65,327,472
10,651,011
$2,350,000
300,000
$300,000
sources) no interest, no maturity date
6% cumulative preferred stock ($50 par)
Common stock ($1 par)
Calendar Years—
12 Months
1940
Outstanding
a
Serial notes, 3%%, due serially 1941 to 1945
Cash scrip certificates
(payable from limited
are as
Net oper. income
Dividend income
Interest income
b Net income
al940—12 Mos.—1939
$
$
27,504,476 117,311,153 107,247,098
23,968,415
98,852,438
93,542,380
>
Authorized
Funded Debt—
First mortgage bonds, series A, 4%, 1965
In the opinion of
due with respect to the surrender of this
Superpower Corp. will bear the ex¬
pense of transfer tax stamps on the transfer of the preference stock of
United Corp.
Accordingly no funds to cover cost of tax stamps need be
remitted by stockholders.
The first preferred stock of the American
Superpower Corp. will be ac¬
cepted in the order of receipt of the stock certificates, duly transmitted in
was
together with other funds of the company
(estimated), will be applied to the redemption
of $2,707,725 of Arkansas-Missouri Power Corp. first
int.,
Capitalization Giving Effect to Present Financing
The American
accordance with the instructions
will expire at the close of business
and
mortgage 5% bonds, series A, due Jan. 1, 1957.
The first preferred stock so acquired will be retired.
stock for retirement.
100
on or
July 24,1940, certificates for shares of the American Superpower Corp.
first preferred stock tit the rate of one share of such first
preferred stock for
each two shares of United Corp. preference stock to be
exchanged.
counsel,
(estimated $2,333,350),
in the amount of $74,375
American Superpower Corp.—Exchange
Offer Proposed
for Preferred Stockholders—Would Give Two United Corp.
Gordon
Arkansas-Missouri
Power
Corp.—Bonds Offered—A
banking group headed by E. H. Rollins & Sons, Inc., and
including Central Republic Co., A. C. Allyn & Co., Inc.,
Lee Higginson Corp., Laurence M. Marks & Co. and A. G.
Becker & Co., Inc., offered July 18 $2,350,000 first mortgage
bonds, series A, 4%, at 102% and accrued interest.
The
bonds are dated June 1, 1940 and mature June 1, 1965.
commercial,
Divs.
Divs.
a
on
$6 pref. stock..
on common
stock.
Amounts restated for
comparative purposes.
The
Volume 151
Option Canceled—
Balance Sheet Dec. 31
1939
1939
Funded debt
~
constr.
41,884
17,566
Misc. Btks. & bds.
170,526
172,996
401,000
401,000
Contract'l
and
Inv.
ad vs.
79,605
Special deposits
Cash
954,789
1,073,928
42,352
Working funds
41,688
Notes & acc'ts
Acc'ts
1,091,565
rec.
462*786
Taxes accrued
al76,207
333.982
487,422
380,077
117,921
30,502
9,113,980
8,158,729
16,881
12,104
5,687,500
5,687,500
13,056
debits
227,430
shares,
par).
no
Com. stk.
(1,150,-
Surplus
11,481,240 11,481,240
1,407,810
1,563,160
Total
...48,390,519 47,192,780
000 shs., no par)
48,390,519 47,192,780
Total
Accounts only.—Y.
a
149,
p.
Atlantic Refining Co.
Net profit.
y
Earnings per share
After
x
97.
(& Subs.)—Earnings—
..$5,266,000
interest,
$1.87
depreciation,
1937
1939
1938
$1,353,000
$0.40
$2,866,000
$0.96
1940
6 Mos. End. June 30—
x
depletion, taxes, &c.
y
3039, 2868, 2564.
$3,400,000
$1.18
On 2,664,000
shares common stock (par $25).—V, 150, p.
Atlas Imperial Diesel Engine
Co. (& Subs.)-
-Earnings
xl938
1940
1939
$1,380,766
999,706
229,350
$1,201,143
843,838
207,836
$966,268
658,221
188,803
$151,710
30,404
$149,469
8,820
$119,244
Other income, interest, discount, &c_
Depreciation
$182,114
32,283
$158,289
31,557
$125,560
30,963
3,790
3,790
6 Months Ended May 31—
Gross sales
Cost of sales, excluding
depreciation.
Selling and administrative expense
Operating profit
...
of Mattoon Develop¬
20% per annum
6% extended notes, less
6,316
Amortization
3,790
ment costs,
Interest
on
/
14,275
29,227
16,440
22,099
16,440
11,566
$102,538
$84,402
$62,802
interest on notes in treasury
Provision for income taxes
nxiaBainucinuu
*
ui
certain
accounts
results in
siignt cnanges or
covering semi¬
compared with statement to shareholders
annual period ended May 31, 1938.
1938
items,
as
Consolidated Balance Sheet
May 31, '40 Not. 30 '39
$70,000
Liabilities—
May 31, '40 Nov. 30 '39
$244,054
5176,231
Assets—
Cash..
Notes pay. to bank
$270,179
214,465
depos.
19,149
23,087
Instalm't ins. contr
20,547
Notes receivable..
367,875
411,777
Accts. pay. & accr.
Accts. receivable..
490,170
277,089
Customers'
Inventories
854,147
852,589
672,426
701,744
x
Mtge.on property,
Oper. plant,prop.
and equipment.
6%
478,000
453,000
902,005
62,704
49,997
Cap. stk. (par $5).
234,322
238,938
902,005
Scrip for fractional
shares
y
386
386
657,188
657,188
....
Capital surplus.
Res. for incomplete
installat'ns & de¬
income..
13,183
10,477
Earned surplus...
520,334
418,102
ferred
$2,857,874 22,776,1881
Total
22,857,874 $2,776,188
Total
depreciation of $650,827 in 1940 and $616,745 in
Arising from reduction of stated capital, and conversion of 6%
notes into capital stock; less losses to Dec. 1, 1934, and
stock dividends
1935 and 1936—V. 149, p. 254.
x
After provision for
1939.
Inc., Bassetts, Va.—
The
stockholders of record May
common
15 are given the right to sub¬
The rights will expire Aug. 3.
Company had
as
of April 30, 1940 an
y
Company has
no
officers.
divisions, under the same names as now
as
subsidiaries are
Va., and has
veneered bedroom and dining room
of rough lumber.
Bassett Superior
,
Lines, Inc., plant is
Aviation Capital,
lumber.
W. M. Bassett Furniture Co.
plant is located in Martinsville.
It has
approximately 376,000 square feet of floor space. This plant is
with modern wood working machinery necessary to the manufacture of
veneered bedroom and dining room furniture.
It also has facilities for the
storage and drying of rough lumber.
equipped
Authorized Outstanding
Capitalization—
400,000 shs. 187,295 shs.
$10)
Purpose—Proceeds of the offering will be advanced to three of the com¬
pany's subsidiaries to provide to the extent of the proceeds, the amount
necessary for the redemption of the subsidiaries outstanding preferred
stocks which redemption, as to two of the subsidiaries, will be as of July 1,
1940, and as to the third subsidiary, as of Aug. 1, 1940. Each of these sub¬
sidiaries has presently outstanding an issue of 7% cumulative preferred
stock (par $100).
The aggregate number of preferred shares of these sub¬
sidiaries outstanding is 23,010 shares. Full retirement of these shares at the
retirement price of $105 per share will require $2,416,050, exclusive or
accrued unpaid dividends aggregating $40,267 to the respective dates of
redemption.
Should there be a material
undersubscription to the shares
Ended June 30, 1940
of securities
necessary
Consolidated Income Statement
disc'ts, &c.)__
sold
Sales (less
Sell., adm. & gen. exps__
Bad debts & prov. for
doubtful receivables..
$3,771,440
2,666,676
470,501
4,915
25,024
18,309
Cr325
15,829
$408,903
5,021
$878,962
$1,385,895
$413,925
200
241
$884,046
1,320
.....
320,846
75.988
176,979
$1,064,849
161,112
$337,696
161,077
$705,746
161,107
$903,737
374.590
$176,618
234,119
$544,640
$425,539
4,393
$10,598
Note—Unrealized appreciation on marketable securities, before pro¬
vision for income taxes payable on realization thereof, decreased $56,538
during the six months ended June 30, 1940.
No provision for Federal income tax (based on "specific certificate"
method of determining cost of securities sold) is required for the six months
Net income
ended June 30, 1940.
The stock of the corporation had a
liquidating value at June 30, 1940, of
$18.24 per share, compared with $20.01 per share at the close of 1939, this
value having been adjusted to reflect the split-up effected by a 100%
6tock dividend paid on June 18, 1940.
Additions to the investment portfolio during the first half of this year
included Air Investors, Inc., Continental Aviation & Engineering Corp.,
Square D
Co. and Vultee Aircraft, Inc., while Kollsman Instrument Co.,
Engineering Service Corp. were eliminated from the list.
Inc. and Pump
Balance Sheet June 30,1940
Assets—Cash, $139,110; marketable securities, at cost (quoted market
value—$352,367), $319,949; receivable on delivery of capital stock sold,
$6,730; dividends receivable, $700; prepaid expenses, $108; total, $466,597.
Liabilities—Accrued Federal income and other taxes, $2,480; capital
stock (par $1), $27,225; paid-in surplus, $465,108; deficit, $28,216; total,
$466,597.—V. 150, p. 4117.
Avondale Mills—To Pay 12-Cent Dividend—
declared a dividend of 12 cents per share on the common
stock, payable July 1 to holders of record June 15.
Dividends of 10 cents
was paid on April 1, last, and previously regular semi-annual dividends of
four cents per share were distributed.
In addition an extra dividend of four
ents was paid on Dec. 29, 1939.—V. 150, p. 1753.
Directors have
Babbitt Bros.,
All of the
Lands, Inc.—Bonds Called—
Period End. June 30—
Net sales..
Oper. profit after
Total income
deprec.
Federal income taxes—
Net
Beech Aircraft
Corp.—Orders—
Corporation reports a backlog of orders totaling $1,188,082, of which the
single item is a $489,258 order for military Beechcrafts.
Also
included among the orders on hand are a $249,299 order from the U. S.
Government for planes and spare parts and a $107,000 order for Brazilian
Airways.—V. 150, p. 4118.
largest
Beech-Nut Packing
Co.—Earnings—
1940
June 30—
6 Mos. End.
Profit
after charges but
before
$1,342,862
$1,440,092
1,461,018
1,094,055
1,111,809
1,210,130
$3.34
$2.50
$2.54
$2.77
Federal taxes.. $1,827,075
profit after est. Fed.
& divs. on class
A preferred stock
Earns, per sh. on 437,524
shs. com.stk.(par $20)
—V. 150, p. 3346.
profit.
1940—3 Mos.—1939
$2,896,085 $2,847,083
52,196
23,330
taxes
Corp.—Sells Note Issue—The corpora¬
of 3 to 10 year serial notes, bearing
interest at rates from 1M% to 2^% annually, to a group of
12 banks.
The transaction was negotiated through Kuhn,
Bethlehem Steel
tion has sold $20,000,000
Loeb & Co.
Proceeds of the issue (for
which no registration with the
79,133
17,393
35,246
$61,740
$35,246
1952.—V. 150, p. 3653.
Birdsboro Steel Foundry
—
$31,724
& Machine
Co.—Earnings—
1940
1939
1938 ^
1937
$94,845
loss$8,571 loss$146,260
$235,520
x After all charges including depreciation and Federal and State income
taxes, but before allowance for Federal surtax on undistributed profits.
During the first six months of the year, business booked totaled $1,904,491
which compares with $1,258,075 in the corresponding period or 1939.
Business on the company's books on June 30 amounted to $1,565,201.—V.
6 Mos. End. June
$103,107
Securities and
used, together
the currently
debentures,
Exchange Commission is required) will, it is understood, be
with other funds of the corporation, to retire about one-half of
outstanding issue of $46,812,000 convertible 15-year ZM%
due
1940—6 Mos.—1939
$5,626,427
$5,605,706
70,587
7,855
128,922
31.724
25,815
1937
1938
1939
$1,322,449
Net
bonds of 1943 have been
Aug. 8 at par.—V. 139, p. 919.
Barker Bros. Corp.—Earnings-
561,885
3812.
outstanding 10-year refunding 8%
called for redemption on
5,083
150,412
..
-V. 150, p.
$1,370,065
$492,662
Provision for taxes.
67,123
Expenses
30
$7,613,931
5,837,403
897,891
15,306
..$14,991
Gross income
Nov.
$644,653
1,579
Other deductions..
$12,166
2,825
Profits (less losses) on sales of securities
Ended
1938
Years
1939
$6,112,931
4,899,298
786,420
Other income.
.
Dividends received
for Stated Periods
-—
59,521,955
6,925,626
1,201,239
$629,346
.$97,376
85,210
offered, any
to complete the retirement of the subsidiaries
preferred,
expected to be obtained through short-term loans by the respec¬
tive subsidiary.
sums
shares are
Inc.—Earnings-
Earnings for the 6 Months
Net proceeds from sales
Cost of securities sold
located in Bassetts, Va., and has
This plant is equipped with
to the manufacture of veneered
the storage and drying of rough
217,450 square feet of floor space.
modern wood working machinery necessary
bedroom furniture. It also has facilities for
about
Cost of goods
Nil
for the
in Bassetts, Va., and has about
149,600 square feet of floor space. This plant is equipped with modern wood
working machinery necessary to the manufacture of bedroom and dining
room cnairs and benches.
It also has facilities for the storage and drying
$7,388
$0.05
It also has facilities
furniture.
storage and drying of rough lumber.
Bassett Chair Co., Inc., plant is located
1939
$26,330
used.
approximately 325,000 square feet of floor space. This plant is equipped
with modern wood working machinery necessary to the manufacture of
veneered bedroom and dining room furniture.
It also has facilities for the
storage and drying of rough lumber.
J. D. Bassett Mfg. Co., Inc., plant is located in Bassetts, Va. and has
approximately 333,000 square feet of floor space. This plant is equipped
with modern wood working machinery necessary to the manufacture of
Apr. 30, *40
1940
Quarter Ended March 31—
;-,:Vvr
Company has no plants of its own. Principal plants of its
follows: Bassett Furniture Co. plant is located in Bassetts,
5 Mos. End.
Earnings per share on common
—V. 150, p. 1753; V. 149, p. 3709.
be trans¬
executive
Corporation was chartered Sept. 4, 1930 in Virginia.
Company is not
directly engaged in the manufacture of furniture but performs purchasing
and management services for its subsidiaries, all of which are directly
engaged in the manufacture of veneered furniture.
The general character of the business done by the subsidiaries is as
follows:
Bassett Furniture Co., J. D. Bassett Mfg. Co., Inc., and W.
M. Bassett Furniture Corp. manufacture and sell to jobbers, wholesalers
and retailers medium and low priced veneered bedroom and dining room
furniture.
The Bassett Chair Co., Inc. is engaged in the manufacture of
chairs principally for furniture manufactured by these subsidiaries. Bassett
Superior Lines, Inc., manufactures veneered bedroom furniture solely for
the three first named subsidiaries.
No attempt is made in the prospectus to estimate the effect on the
business of the company or on the wood working industry generally of
various economic, industrial or other developments of a general nature; or
changes in tariffs, costs of labor, materials and taxes; or of various Federal
and State legislative enactments.
Company is considering becoming directly engaged in the manufacture
and sale of veneered furniture by operating the present subsidiaries as
Automobile Finance Co.—Earnings—
Net income after all charges and taxes.
authorized capital stock of 400,000
187,295 shares were outstanding.
Transfer Agent or Registrar. All shares will
the principal office of the company, Bassetts, Va., by the
shares ($10 par) of which
Common stock (par
1945
burg Diesel Eng¬
ines, Inc..
Other assets......
Industries,
Furniture
scribe for 212,705 additional shares of common stock at par ($10) in the
ratio of 1.1356 shares of new stock for each share of common stock held.
2,478
gold
notes due Mar. 1
Atlas-Thorn-
to
1,903
Houston, Texas.
Conver.
Invest, in & ad vs.
Bassett
Common Stock Offered—
ferred at
aid of
in
construction
Pref.stock (56,875
debt
discount & exp.
Unadjusted
56,875
23,125
Reserves
Contrib.
1,190,182
115,876
12,505
Contractual liab..
20,770
400,792
56,875
Unadjusted credits
Corporation has notified the New York Stock Exchange that the option
granted to its President for the purchase of 4,000 shares of common stock
of the corporation has been canceled and that the corporation recently sold
to the President 4,054 shares of its common stock.—V. 150, p. 2565.
61,883
393,649
on
pref. stock
299,566
Unamortized
accrued
Divs.
Notes & acc'ts rec.
(not current)...
70,588
392,009
403,797
1,228,584
companies)
depos.
Misc. curr. liab
53,220
530,224
23,461
,
18,000,000 18,000,000
180,537
224,400
Customers'
1,019,443
Mdse. for resale..
Mat'Is & supplies-
Prepayments
pay.
Interest accrued._
2,766
Municipal scrip...
(gen.).
(affil.
Acct's pay.
to
Jointly owned cos
$
Liabilities—
43,964,748 43,112,298
Utility plant
1938
S
1938
$
Assets
405
Commercial & Financial Chronicle
x
30—
Net profit
150, p. 2565.
-
;
■
.
•
■
The Commercial & Financial Chronicle
406
Belmont
Corp.—Sales—
Radio
—V.
—
150,
Burel &
1940—Month—1930
3009,386
$284,688
Period End. June 30—
Sales---
1940—0 Mos.—1939
$2,394,715
$2,149,940
3812.
p.
Co.—Orders—
Blaw-Knox
Orders received in the first six months of this year amounted to $9,022,-
535, compared with $6,452,182 in the like period of 1939, an increase of
$2,570,353, or 39.9%.
'
Company's best snowing was made in the second quarter when incoming
business totaled $4,850,204, against $3,308,324 in the corresponding period
of last year, an increase of $1,481,880, or 44%.
For the quarter ended March 31, 1940, the contracts coming to the
company involved $4,172,331. compared with $3,083,858 last year, an
increase of $1,088,473. or 35.3%.—V. 150. p. 3965.
.
Bliss &
x
Laughlin Inc.—Earnings—
$348,218
262,554
—
Shs. com, stk. (par $5)-
$1.29
share
per
1939
$253,515
174,005
$1.40
1940
6 Mos. End. June 30—
Net profit—
Earnings
^
,
1938
loss$36,966
169,878
Nil
1937
$491,050
171,438
$2.80
After interest, provision for normal Federal income taxes, &c.
For the quarter ended June 30, 1940 net profit was $144,766 equal to
53 cents a share on 262,554 shares of common stock, comparing with $119,134
x
or 65 cents a share on 174,005 shares of common stock in quarter ended
June 30, 1939.
On basis of present capitalization net profit for the quarter
ended June 30,1939, would equal 43 cents a common share.—V. 150, p. 2412
Bon Ami Co.
1939
1938
1937
$1,410,352
$1,358,512
897,586
28,634
884,747
22,830
842,400
832,962
37,901
31,922
Reserve for Federal and
180,191
151,667
131,443
116,063
$681,726
$717,284
$679,035
Securities Act.
existed.
In the sale of the class B stock, the complaint charged that the individual
defendants represented that the shares being offered for sale were owned
by the defendant corporation and that the proceeds were to be used for
corporate purposes, when in fact the shares were being sold from the
personal holdings of E. J. Burel and Aloise Burel, and they were to receive
the proceeds.
Corp.—Stock Offered•—Reicliart, De
New York, are offering 25,000 shares of
stock (par SI) at $7 per share.
Capital
Business
common
Transfer agent:
United States Corporation Co., Jersey City, N. J.
History and Business—Corporation was incorp. in Delaware July 15,1938,
I and commenced business on July 18, 1938.
Corporation and subsidiary
own
personal property in New Jersey and New York.
Corporation is
qualified to do business in Delaware and New Jersey and its subsidiary is
qualified to do business in New York.
It is expected that its subsidiary,
Knickerbocker Credit Corp., will open offices in New York, N. Y., when
$678,998
Canadian inc. taxes..
Stock Sale—
It also alleged that the defendants untruthfully told persons who had
previously entered into investment contracts with Burel & Co. (a prede¬
cessor corporation) as to the operation and servicing of certain automatic
vending machines tnat it was to their advantage to exchange their contracts
for the class A shares and that such an exchange was contingent upon the
purchase of shares in an amount equivalent to their investments in the
vending machines.
The complaint charged that no such requirement
$1,342,829
profit before int.,
deprec. & Federal and
Canadian income taxes
in
judgment enjoining Burel & Co., E. J. Burel, Aloise Burel, Fred
Lorch, and Ed Schwartz from violating the registration and fraud provisions
of the Securities Act of 1933 in the sale of the company's stock.
The judg¬
ment was entered by Judge William H. Holly of the United States District
Court at Chicago, 111., and was consented to by the defendant.
The case involved contracts for the operation and servicing of certain
automatic vending machines.
The complaint alleged that all the defendants
had been selling Burel & Co. class A stock (together with personal holdings
of class B stock) without registering either of the securities under the
final
class A
1940
$1,431,691
Net
Depreciation -
Co.—Enjoined
The Securities and Exchange Commission July 12 reported the entry of
a
Witt & Co., Inc.,
(& Subs.)—Earnings—
6 Mos. End. June 30—
Gross profit on sales
July 20, 1940
it commences business.
x
Net profit-
x
Before provision for surtax on undistributed profits.—V. 150, p. 3195.
—
_
Boston Elevated
Ry.—Earnings—
Month of May—
Total receipts
Total operating expenses
1940
1939
$2,226,939
$2,223,133
1,596,983
142,131
3,761
235,801
329,374
99,497
6,525
1,609,925
137,869
3,761
235,922
329,374
99,497
6,426
Federal, State and municipal tax accruals
Rent for leased roads
Subway, tunnel and rapid transit line rentals
Interest on bonds
Dividends
Miscellaneous items
over
receipts.
sidiary for the purpose of transacting
similar to that of the company.
$190,940
Bowman-Biltmore Hotels
x
x
taxesTrental
After ordinary
Corp.—Earnings-
1940
$10,658
Profit
income taxes.—V. 150, p.
1939
""^1937""
1938
$16,595
$42,326
813JL473
interest,"but before"amortization"and
and
3813.|
Oct.
Oct.
5,
31,
31,
Apr. 29,
July 31,
Oct. 31,
Jan, 31,
1940
and
x
Net
1939
$1,656,555
1,717,351
$2,402,226
2,538,909
loss—
$60,795
100,265
Depreciation and depletion
x
Balance Sheet
Assets—
1940
Cash...
1939
Liabilities—
1940
1,262,949
?267,028 Notes payable
1,774,045 Trade accts. pay.
Inventories
1,465,780
1,841,538
93,293
104,648
liquidation
Producing oil
properties
y
$222,709
31,685
Permanent assets
(less reserves)
223,743
12,691
338,586
20,846
Other assets......
25,148
x
Surplus
$12,499
14,058
20,781
23,536
41,795
59,537
82,262
t
dividend of lOHc. a share was
Authorized
Capitalization—
Class A
common
stock (par $1)
Class B
common
stock (no par)
Outstanding
—250,000 shs.
50,000 shs.
—
—.
31,000 shs.
50,000 shs.
If the entire 25,000 shares of class A common stock presently offered is
sold, the class A common stockholders will have paid for their stock $352,000
or an average amount of $6.28 per share, of which $270,750, or an average
amount of $4.83 a share, was contributed to the capital and surplus of the
corporation.
Reichart, DeWitt & Co., Inc., was the underwriter of 25,000 shares of
class A common stock filed with the Securities and Exchange Commission,
which became effective as of March 7, 1939, all of which shares have been
sold fat $6 per share] and is the underwriter with respect to the 25,000 shares
Purpose—Net proceeds will be used in the business of the company as the
directors may from time to time determine.—V. 150, p. 2870.
($100 par)
Common stock..
711,5.50
2,373,936
711,550
2,511,036
23,703
__
Amount
of Paid-in
Surplus
$59
114
719
1,086
1,298
2,462
4,041
of class A common stock now offered.
7% cum. pref.stk.
_____
Deferred assets...
a
of Earned
of the class B common stock.
1,000,000
Term loan due
Feb. 1,1941
811,900
208,919
50,786
750,000
Misc. curr. llab
737,5^0
1939
$700,000
(not due)
Prop, in course of
$136,683
107,639
June 30
Accts. & notes rec.
$268,595
—
Amount
a
Shares
In addition to dividends shown above, a
gas
Cost of sales and rentals (incl. operating expense).
1938.
1938...
1939—
1939—
1939
1939—
1940...
on
Outstanding
$249
142
630
712
1,260
1,792
2,632
paid on the class A common stock April 30, 1940.
No dividends have been declared or paid to or set apart for the holders
Bridgeport Machine Co.—Earnings—
operations)
Stock Paid
Share
7c.
3 He.
10Hc.
10 He.
10 He.
10Hc.
10He.
per
At time of and prior to payment.
a
—g
6 Months -Ended June 30—
Sales and rentals (incl. receipts from oil
in New York and elsewhere business
Total Divs.
Class A
Com.
Jan.
6 Mos. End. June 30—
in the commercial and
Earnings and Dividends—Particulars concerning all dividends paid up
to and including Jan. 31, 1940, such dividends having been paid in cash,
are given as follows:
-
$195,836
concerns
other security, the majority of such advances being further secured by
personal guarantee.
On April 12, 1940, company caused the incorporation in New York of
Knickerbocker Credit Corp., which corporation will be a wholly-owned sub¬
Div. Bate—
Excess of cost of service
—V. 150, p. 3812.
of advances to
has consisted
Business
finance fields, which advances have been secured by instalment notes due
from customers of such concerns, merchandise, accounts receivable and (or)
Callite Tungsten
Corp.—Expansion Program—
A program
for the expansion of the activities of this corporation in the
manufacturing field was announced by Charles H. Kraft, President,
who stated that henceforth company will manufacture stainless steel, monel,
phospher-bronze and beryllium-copper wire, brush wire and Fourdrinier
wire, and various other special alloy wires.
Mr. Kraft revealed that Callite Tungsten has completed the first step
in its expansion program with the purchase of the business of Harris Alloys,
Inc. of Newark, New Jersey, as a nucleus from which to build in.tne manu¬
facture of these quality alloy wire products.
The management of Callite
Tungsten expects that this acquisition, together with further contemplated
expansion steps, will add substantially to the company's volume of business
in the immediate future, he said.
Mr. Kraft added that business volume of his company for the first half
wire
Total
x
$4,089,779 $5,182,2921
Represented
by
263,700
no
Total
par
$4,089,779 $5,182,292
shares,
y
At
cost
less
reserve.—
V. 150, p. 2713.
Broad Street
Investing Corp.—Earnings—
Income Account 6 Months Ended June 30
1940
7
1939
1938
Interest earned
Cash divs.
on
$159,175
Total income
Deductions
$132,635
31,078
$127,173
125,467
I
$468
132,167
$159,175
32,002
stocks
$120
116,913
$111,636
y27,871|
$117,033
31,749
5,303
$101,557
108,539
$83,765
86,046
$79,981
xl29,691
$6,982
$2,281
$49,710
,
Taxes
Net inc. for period.
Dividends
.
paid
Deficit....
1937
$19,769
91,867
sur$l,706
x
Includes $46,936 special dividend
y
After deducting $2,374 prior year's net overaccrual of capital stock and
Federal
income
on
capital stock,
of 1940 was far in excess of volume for the first six months of 1939 and that
the current backlog or orders is well above that of a year ago.
The semi-annual report of the company will be made public during
last week in July, it was stated.—V. 150, p. 2870.
Canadian Industrial Alcohol
,
x
taxes.
9 Months Ended—
Assess—
1940
Cash—
1939
$354,365
$272,131
Divs. receivable..
25,128
Spec, deps .for divs.
66,580
19,710
52,563
Invest, at cost
Reo. for
sec.
b7,084,924
sold..
Liabilities—
1940
$66,580
Divs. payable
$52,563
Due for cap. stock
repur. for retire.
8,041
taxes, &c
20,966
20,894
$7,535,708 $7,937,269
1,479,035
1,427", 770
Earned surplus...
Total
5,962,358
6,428,001
6,769
Total....
cost.—V.
Brown Oil
150,
p.
amounted
3813.
Corp., Ltd.-—To Reduce Capitalization—
their
a
Seminal
nominal
™apmum price or consideration of $100,000
for the maximum price or considera§388,500 divided into 4,200 preference shares with a
ail£ 3,000,000 common shares without
value, 1,800,005 of which
nniw!? «QQoynnn
>000,000, to
i
or
par
may be issued for a maximum
cents each, 199,995 of which
may be issued for
™a™u.m price or consideration of $100,000 and 1,000,000 of which may
Price
price or consideration of 10
a
o^asideration of $1,000,000, and that
\
™
inal or par valuei of
such
i? 300 preference shares which have not
tak?n by an7 person and by reducing the nom¬
4,200 preference
depreciation,
$0.18
provision
for"income"taxes" "&c.
Canadian National
Period End. June 30—
Operating revenues.
Operating expenses
On
x
Rys.—Earnings of System—
1940—Month—1939
1940—6 Mos.—1939
$22,359,937 $15,189,521$113,681,551 $87,681,530
16,798,731
15,201,617
97,481,468
88,186,947
Net revenue
$5,561,206
x$12,096 $16,200,083
snares from
1
Gross revenues
Q40
$5,494,501
1 QQQ
$3,556,430
Ttipton
$1,938,071
Capital Administration Co., Ltd.—Earnings■—
6 Mos. End. June 30—
Interest on bonds
Dividends
Total income
Interest on 5% debs
General expense
1939
$9,395
97,655
$112,925
$107,050
16,000
16,014
20,933
1938
$12,940
67,894
$80,834
16,076
8,848
1937
$20,123
131,986
$152,109
17.575
"7",182
Service
8,451
12,906
6,060
$68,795
65,100
$63,632
65,100
$39,019
65,100
$100,437
65,100
71,703
30,720
sur$3,695
$1,468
$26,081
$67,086
fee
Taxes
Prior
1940
$9,194
103,730
13,499
4,901
9,966
17,567
6,564
year's over-accrual
Crl ,509
of capital stock tax
Net inc. for the period
Preferred
dividends
Class A dividends
«■*30 preference shares that have been issued,
paid-up capita! to the extent of $7,50 per share being
paid-up capital in
excess of the wants of the company."—y. 147
p. 1331.
Class B dividends
f
x$505,417
Deficit.
$100 to $92.50 and re-
y
—V. 151, P. 240.
meet;fng °5 Jul7
vote on a proposal, "that
capitai of the company be reduced from $500,000 divided into
5,000
preference shares with a nominal or par value of $100 each and
3,000,000
common shares without nominal or
par value, 1,800,005 of which may be
for a
Pnce or consideration of 10 cents each, 199,995 of
nnn
interest,
$7,535,708 $7,937,269
the
finn
After
Earnings of the System for the Week Ended July 14
tt feased on marketthan
quotations as at June 29,1940,
or $1,734,534 less
$5,350,391,
June 30'38
$208,800
$0.13
1939
Due for sec. purch.
Com. stk. (par $5)
to
May 31*39
$147,236
$0.09
yJEarnings per share-..
combined shares class A and B stocks.—V. 150, p. 2566.
7,592,865 Reserve for exps.,
4,711
Co.,* Ltd. (& Subs.)—
May 31 '40
$103,887
Net profit
z
Balance Sheet June 30
the
Deficit
407
Commercial & Financial Chronicle
The
151
Volume
Cash
Interest
$373,206
24,216
_
23,463
1,600,000
1,600,000
Reserve
35,181
35,085
26,169
20,618
d4,750,311
4,879,213
dividends
Rec.for sec. sold.
Invest, at cost
pur_.
21,334
Due for sec.
receivable
Special deposits for
18,733
434,000
b Class A
Ended July 14
1940
Directors
on
x
4":'
z
cent, ►d inamounted to
Total
Inc.—$1 Dividend—
Dividend—
1940
1939
$63,580,981 $53,524,493
the common stock,
Last previous common
distributed on Dec. 17,
1938
1937
$49,214,900 $64,515,222
45,708,691
2,474,704
Interest earned
$9,253,646
232,510
$5,341,098
324,653
Interest paid..
Dr92,352
Drl5,546
$9,393,805
2,194,780
$5,650,204
1,231,729
Fed¬
Net profit before
eral taxes
Prov. for Federal taxes.
41,014,405
2,296,089
48,726,202
2,038,576
$5,904,406 $13,750,444
463,992
521,213
Dr9,851
Dr8,929
$6,358,547 $14,262,728
1,360,118
2,591,351
provision
undistributed earnings.
Before deducting
x
surtaxes
on
Bond interest
970
$172,676
108,099
Other
deductions
income,...
—V. 150, p.
trademarks
and goodwill
Land, buildings,
1
1,160,065
1,923,148
1,213,087
Pref
19,908,647
stk.
50,822,444
64,901
11,515,200
9,411,200 9,411,200
37,560 Capital surplus.-13,733,577 13,733,577
Earned surplus—17,682,925 14,533,358
y
53,033,7051
Common stock..
Total...
Operating revenues
Operating expenses
Social security taxes
Fed. (incl. inc. tax) taxes
98,558
15,783
1,582
12,990
in 1939.
y
Net oper. income
Non-oper. income (net).
$65,426
1,708
$55,442
1,605
$67,134
20,417
1,216
1,938
$57,047
20,417
1,311
2,741
$43,563
18,928
$32,578
18,928
State and munic. taxes.
Bond
interest
Other interest (net)__.
Pref. div. requirements.
—V. 150, p. 3968.
Railway oper. revenues.
Railway oper. expense._
Net revenues from rail¬
Vice-president and general manager of
the corporation was announced on July 16, by Bror Dahiberg, President
of the company.
Mr. Boulware also becomes a member of the board of
directors and the executive committee.
He assumes his new duties im¬
mediately.—V 150, p. 3815.
Earnings for 5 Months
Ended May 31, 1940
&c
Ry.—Delisting—
Commission July 17 announced it had
granted the application of the New York Stock Exchange to strike from
listing and registration the Macon & Northern Division 5% 1st mtge. bonds
due Jan. 1, 1946, and Middle Georgia & Atlanta Division 5% purchase
money bonds due Jan. 1, 1947, of the Central of Georgia Ry.
The Exchange's application stated, among other things, that the Com¬
mittee on Stock List is of the opinion that the small amount of the bonds
outstanding, when considered in the light of their small aggregate market
value, does not warrant continuation of dealings in them on the Exchange.
The Commission's order granting the application becomes effective at the
close of the trading session on July 25.—V. 150, p. 4120.
'
Securities
and
Exchange
Central Hudson Gas & Electric
Period End. June 30—
1940—3 Mos.—1939
$2,138,831
$1,908,762
429,467
382,141
Central Life Insurance Co.—Acquisition—
Company has acquired the business of the Life Insurance Co. of Detroit
for about $500,000, Alfred MacArthur, President of Central Life, announced
on July 11.
)» Central Life has reinsured policyholders of the Detroit company
amount of about $26,000,000 and has taken over the company s
of
in the
assets
$8,000,000.—V. 135, p. 1496.
1940
Income—Cash divs. re¬
ceived & declared
1937
1938
$85,219
1,800
Total income
$87,345
3,011
$109,256
$83,402
21,821
$90,357
24,785
$118,679
29,586
6,677
6;942
1,250
11,161
12,123
14,093
16,516
$59,450
328,876
$46,713
281,060
$42,288
247,636
$41,916
221,779
$388,326
__
$81,467
1,936
$87,019
__
Interest
$327,773
$289,924
$263,695
86,636
$388,326
$327,773
$289,924
$177,059
16,299
General & admin. exps..
Taxes
1939
other
than
Fed'l
5,245
taxes on income.
Interest on notes
6,025
payable
•
Prov. for Fed. inc. taxes.
See
x
9.423
$753,667
147,173
$394,036
164,217
$39,984
31,681
$606,494
236,712
$229,819
208,783
$8,303
Drl,241
$369,782
Dr38,370
$21,035
Dr9,854
$7,062
107,276
$331,411
621,805
$11,180
631,858
$100,214
$290,394
$620,678
for
Net deficit.1.
3968.
Century Electric
when five cents per
Co.—Pays 10-Cent Dividend—
its common stock, on
amount was paid on
Dec. 27, 1937
being the first dividend paid since
share was distributed.—V. 149, p. 3712.
Inc.—Earnings—
Chemical Fund,
Earnings for Quarter
Ended June 30, 1940
Income—Cash dividends
period.
Surplus Dec. 31
Total
Div. on conv.
x
No
provision has been made for Federal income taxes for the six
1940 for the reason that capital losses charged to
ended June 30.
months
capital
surplus deductible under the 1940 Act exceed the net income ror the period.
The Federal income tax return for the calendar year 1939 is subject to re¬
view by the Treasury Department.
16,800
profits (before gain or loss on sales of portfolio securities) _
Net loss on sales of portfolio securities on "first in-first out"
Net
ncome
$61,173
49,400
$11,774
for, period
Balance Sheet June 30,
Assets—Cash on deposit
1940
with custodian (including
$300,000 redeposited
sales of
sub¬
by custodian with three other banks), $736,904; receivable from
capital stock, $65,916; dividends receivable. $30,573; investments,
stantially all in common stocks, at cost, $8,001,892; total,
Liabilities—Payable for portfolio securities purchased—not received,
$97,838; other accounts payable and accrued expenses and taxes,
dividend payable July 15, 1940, $59,984; capital stock (par $1), $859,235;
surplus, $7,817,190: treasury stock at cost (2,323 shs.), Dr$22,914;
$8,835,284.—V. 150, p. 4120.
$8,835,284.
total,
&
Chesapeake & Ohio Ry.—Equip. Trusts Offered—Blyth
Co., Inc., offered July 16 $2,500,000 l%% equipment
trust certificates.
The certificates were priced to
yield from
0.25% to 1.75%, according to maturity.
The issue was
awarded to Blyth & Co., Inc., on a bid of 101.777.
The certificates,
which are non-callable, will be guaranteed uncon¬
ditionally as to payment of par value and dividends by the Chesapeake &
are to
be dated Aug. 1, 1940,
and will mature $250,000
(F-A) payable
Certificates
principal only,
annually, Aug. 1 1941 to Aug. 1, 1950, incl.
Dividends
at office of Central Hanover Bank & Trust Co., New York.
issued in bearer form in denom. of $1,000, registerable as to
at the office of J. P. Morgan & Co., Inc., New York.
The railroad equipment with respect to which these certificates
issued consists of the following minimum amount of rolling
which is new, is under construction, and will cost approximately
viz:
100 all-steel box cars, 50-ton, 50 ft. 6 in. 900 all-steel box cars,
40 ft. 6 in., and 100 all-steel caboose cars. 30-ton.
The
value of the certificates will not exceed 75% of the cost of
—V. 151, p. 241.
will be
stock, all of
$3,400,000
50-ton,
aggregate par
the equipment.
Chicago
Corp.—Earnings—
1939
1940
$366,518
$456,790
153,638
669,355
—
The report shows net assets of $26,401,766, equal to $49.79 a share on
530,245 shares of $3 convertible preferred stock outstanding.
This com¬
pares with net assets on March 31, 1940 of $31,757,311, equal to $59 a share
on 538,245 shares of $3 convertible preferred stock and after allowing for
preference stock at stated value of $50 per share plus accrued dividends,
equal to $1.30 a share on 3,308,511 common shares, and net assets on June
30, 1939, of $28,665,143, or $52.18 per share on 559,300 shares of $3 pre¬
Ended June 30—
Net income after taxes, &c
Exclusive of profit on sale of securities
6 Months
x
x
pref. stk.
Surplus, June 30
$77,974
—
—
Net
16,568
Extraordinary charges..
Net income for
1940—6 Mos.—1935
$3,440,020
$2,874,576
2,686,353
2,480,540
$86,666
available
0tThe*certificates
Central-Illinois Securities Corp.— Earnings—
6 Mos. End. June 30—
$386,485
227,136
227,136
$23,952;
Corp.—Earnings—h
1940—12 Mos.—1939
Gross revenues
$8,756,976 $7,761,600
a Net income1,718,855
1,590,617
a After depreciation, interest,
taxes, &c.—V. 150, p. 3655.
•
.
"
$355,648
$67,555
27,571
Expenses....
The
$698,742
245,000
13,7.53
53,504
$17,162
103.828
income.
Total fixed charges
Earnings per share on 637,683 shs. com.
Central of Georgia
.
Dec. 20, 1939, this latter
$14,541
stock (par $1)_ _
$0.07
Current assets as of May 31, 1940, amounted to $2,093,669 and current
liabilities were $621,807 comparing with $1,984,581 and $501,504, re¬
spectively, at close of year 1939.—V. 151, p. 240.
Net income after int., deprec., taxes,
$643,373
245,000
15,125
27,600
•
$694,048
4,694
Company paid a dividend of 10 cents per share on
June 28 to holders of record June 26.
Dividend of like
(& Subs.)—Earnings—
Central Foundry Co.
$638,443
4,930
$45,128
Dr27,966
&c_
Other income (net)
—V. 150, p.
16,643
115,846
$91,806
46,678
Railway oper. income.
Hire of eqpt., rents,
fixed charges
Corp.—New Official—
The election of L. R. Boulware as
1,237,321
166,437
25,577
$117,383
way operations
Railway tax accruals
Net ry. oper.
$2,230,295
173,292
18,720
123,081
Ry.—Earnings—
1940—Month—1939
$563,462
$488,099
446,079
420,544
Period End. June 30—
Income
Celotex
1940—12 Mos.—1939
$2,400,442
1,446,906
99,478
14,245
1,711
8,672
50,822,444 53,033,705
of $14,108,980 in 1940 and $12,845,161
Represented by 1,882,240 no par shares.—V. 150, p. 3967.
After reserve for depreciation
Corp.—Earnings
1940—Month—1939
$194,339
$179,548
Central Vermont
not yet
presented for red.
Pref. stk. (par $100)
$1,925,024
1,297,182
3968.
Period End. June 30—
561,750
expenses
108,099
Central Vermont Public Service
Accrued payroll &
1
equipment, &c_ 19,966,784
Prepaid insurance,
taxes, &c
31,438
x
—
Notes payable
9,847,554
18,955,546 15,925,802
8,891,182
Total
2,065,534
Accounts payable.
7,314,141
Pats.,
x
2,346,628
4,500,000
$
.
2,977,494
Inventories
$
Liabilities—
Notes & accts. rec.
less reserves
1939
$
1939
$3,400,075
1,318,880
Cr24,581
180,752
$2,175,270
1,297,182
$157,322
(net)
Other interest
$3,353,320
46,755
$3,681,123
1,340,944
Cr 14,639
179,548
109,292
Cr7,332
14,694
722,914
48,428
425,837
$3,648,155
32,968
$273,976
113,458
Cr3,246
14,984
$6,988,555
2,438,056
763,920
48,183
525,158
4,161
__
Repre¬
z
1940—12 Mos.—1939
192,815
62,679
4,172
33,265
Non-oper. income (net).
shares,
$7,691,316
2,705,900
$562,746
$269,815
Net income
1940
Res. for Fed. taxes
$
Assets—
Cash
388,326
-—$4,465,301 $5,063,332
50,706
Other deductions
30'
Balance Sheet June
1940
1,789,341
of common stock in treasury,
$296,902
income) taxes
Gross income
$4,418,476 *$4,998,428 x$l 1671,377
for any amount which may become due for
$7,199,024
Net profit
281
1
Co.—Earnings—
3,582
Pref. div. requirements.
12 Mos. End. June SO—
Profit--------------
1,481,024
2,185,062
327,773
Total
$598,375
182,463
64,722
Net oper. income
Cost of sales, oper. exps.,
51,790,556
2,536,778
1,481,034
$297,872
Fed. (incl.
Net
&c., less misc. income.
Depreciation
915,736
1940— Month—1939
Period End. June 3 0—
Operating revenues
Operating expenses
State & municipal taxes.
Social security taxes
Caterpillar Tractor Co.—Earnings
sales
915,736
6.640
(230,150 in 1939) no par
in 1939) shares
Central Maine Power
$781,000
dividend of $1 per share on
payable July 22 to holders of record July 15.
dividend also amounted to $1 per share and was
1937.—V. 150, P. 3814.
Net
2,301,500
stock—
Treas. stock—Dr
$5,063,332'
sented by 606,034 (606,024
at cost—V. 150, p. 430.
Increase
1939
'■
•
-■
$4,465,301
—
Represented by 214,353
x
:
the
Carthage Mills,
liabil._
stock 2,143,530
Conv. pref.
Capital surplus—
Earned surplus —
holders of record July 15
Directors have declared a
7,364
Fed-
income..—
Common
declared a dividend of $3 per share on account of ac¬
6% cumulative preferred stock, payable July 25 to
leaving arrears of $4.50 per share.—V. 150, p. 1928
have
9,402
other than
Other curr.
2,400
$2,529,000
$3,310,000
(Philip) Carey Mfg. Co .—Accumulated
cumulations
$800,000
Res. for Fed. taxes
on
Ry.—Earnings—
Traffic earnings
—v. 151, p. 240. ■
1939
1940
$700,000
banks
Reserve for taxes—
$5,361,977 $5,331,584
Total
Represented by
Earnings for the Week
2,541
3,073,846
stock.
vestments, based on
Canadian Pacific
2,439
expenses.
143,405
Class B stock—
$5,361,977 $5,331,584
Prepaid
434,000
143,405
2,400
—
143,405 shares of $1 par.
c Par one
market quotations as at June 29, 1940,
$3,982,293 (or $768,018 less than cost).—V. 150, p. 2566.
b
$26,495
5,034,296
21,515
3,096,549
&c
taxes,
Surplus
Total......
Investments
Notes pay.,
for exps.,
Preferred stock—
c
S21.369
4,441,493
Cash in bank-,...
$35,085
31,709
Bank loans secured
divs.
and
$35,181
payable—-
Divs.
Liabilities—
1939
1940
Assets—
1939
1940
Liabilities—
1939
June 30
Balance Sheet
Balance Sheet June 30
1940
$526,100
Assets—
ferred stock
p.3042.
and 20 cents a share on
3,306,341 common
shares.—V. 150,
The Commercial & Financial Chronicle
408
Lancaster RR. Co.—Sale
Chesterfield &
$8,500,000 and, without limitations as to amount, upon com¬
pliance with certain conditions and restrictions set forth in the mortgage.
The mortgage provides, under certain conditions, for releases or and
substitutions for property subject to the lien of the mortgage and requires
the trustee to transmit to certain bondholders annually, and at certain
other times, a brief report with respect thereto.
Certain provisions of the
mortgage may be modified as therein provided.
Redemption Provisions—These bonds are to be redeemable at the option
of the company, as a whole, or in part by lot, at
anytime, upon at least
39 days' published notice, upon payment of the following percentages of the
principal amount:
108^% if redeemed on or before June 30, 1941, with
successive reductions of X of 1% of the principal amount on July 1, 1941
and July 1 of each of the years 1942 to 1962 inclusive, and of K of 1% on
July 1, 1963 and July 1 of each of the years 1964 to 1968, inclusive, and at
100% if redeemed on or after July 1, 1968 and prior to maturity ; in each
case with accrued interest to the redemption date.
of Properties—
Pursuant to decree of foreclosure and sale entered on Dec. 27. 1939, the
properties of this company were advertised and on Feb. 2. 1940, sold by
the special master subject to confirmation by the receivership court.
Application to the Interstate Commerce Commission for authority to
abandon the railroad is pending and as of July 1, 1940, such sale had not
been confirmed by said Court.—V. 125, p. 243; V. 89, P. 40.
Chicago Mill & Lumber Co.—Earnings—
1940—3 Mos.—1939
§237.478
§1,715
Period End. June 30—
x
Net income.
y
Earnings per share
x
After all
charges,
$5.27
y
1940—6 Mos.—1939
$380,484 loss$33,079
$0.04
$8.44
Nil
On combined class A and C shares.—V. 150,
p
3349.
Chicago Surface Lines—Court Ties Up Bond Interest—
of Merger Action—
Consolidated Income Statements for Calendar Years
Demands Evidence
Federal Judge Michael L. Igoe July 15 refused to authorize
immediately
the semi-annual interest payment due Aug. 1 on the lines' 1st mtge. bonds.
Judge Igoe asserted he will not order payment unless evidence is sub¬
mitted to the Court before Auk. 1 that a unified transit company will be
formed snortly by a merger of the surface and elevated lines to operate
the city owned subway now
The petition for
being built.
payment of bond interest was filed by attorneys Henry F.
J. F. Dammann, representing the bondholders' protective
Judge Igoe directed the attorneys to report July 24 on the
progress of the transit merger plans, so he may determine whether the Aug. 1
interest should be paid.
"My position on the interest payment has not changed since last March,"
Judge Igoe declared.
"At that time I told representatives of the first
mortgage bondholders that unless the transit lines by Aug. 1 reacned a
substantial agreement with the city on a traction unification ordinance
setting up a company to operate the subway and all other transit lines it
would be useless for the bondholders to ask for any interest.
"Tnere is nothing before me now indicating I should sign an order to
pay
the interest.
I don't want to hurt the bondholders.
Tney are not to blame
Tenney
and
committee.
for
this situation.
"But nobody here can be blind to what is happening.
Chicago is building
a subway.
For all I know maybe the subway is going to be used for ex¬
hibition purposes.
I know of no steps taken to buy cars and get the subway
into operation.
"This court wants to do all it can to put through a transit unification and
make
possible the subway operation.
I protest here and now against
Chicago's useless traction problem that has dragged on for 13 years.
Noth¬
ing has been done to solve it.
"But right now it is up to the City Council to
approve a unification
ordinance and submit it to the court.
Then the court can act, because it
has jurisdiction over the transit companies.
The court does not propose to
influence the City Council, but it wants an end to this
delay."—V. 150,
2719.
p.
$62,808
$34,902
$40,968
$143,821
shares capital stock...
$0.13
$0.07
$0.09
$0.30
1940
1939
1938
1937
Cleveland-Cliffs Iron Co. (& Subs.)3 Mos. End. June 30—
1940
150,
,368,579
91,000
10,625
Bond interest
Interest on bank loans._
State & Federal taxes in
with bd. issue
connec.
1938
$601,948
105,223
12,500
1,359
"8",747
2,221
124.270
110",946
164,884
$2,403,015
193,563
9,621
and
commission
bonds purchased—
Prov. for deplet. & depre
Prov. for est. Fed. norm,
240,047
189,313
Net profit (exclusive of
secur.
After
deduction
of
$982,723
provision
taxes of subsidiaries.—V.
Cleveland
150,
p.
$302,474
for
estimated
loss$51,040
normal
$1,771,345
Federal
income
4122.
Electric
Illuminating Co.—Bonds Offered—
An issue of $50,000,000 1st
mtge. bonds, 3% series due 1970,
was offered July 18
by an underwriting group of 85 members
headed by Dillon, Read & Co. and
including The First Bos¬
ton Corp.; Blyth &
Co., Inc.; Harriman Ripley & Co., Inc.;
Mellon Securities Corp.; Union Securities
Corp.; Smith,
Barney & Co.; Spencer Trask & Co.; Bonbright & Co.,
Inc.; Goldman, Sachs & Co.; W. C. Langley & Co.; Shields &
Co.; Halsey, Stuart & Co., Inc.; Lazard Freres & Co.; Coffin
& Burr, Inc.; Stone & Webster and
Blodget, Inc., and Hayden, Miller & Co.
The bonds were priced at
1053^ and
accrued interest.
The issue
was
deducting underwriting discounts
and estimated expenses) in part as
(a)
.t®/C^emP^10n of $40,000,000 1st mtge. bonds, 3%% series due
1965 (rod. at 105% and accrued
int.) which, exclusive of interest accrued to
date and premium (to be
provided from other corporate
funds) will require $40,000,000; and (b) to the
balance of the estimated cost
.
fi°r^nnn
«7
t>v?
0
generating units and additional
I he remainder of such
proceeds is
the company's general
funds.
Capitalization—Funded
debt
and
capital
boiler capacity,
intially to become part of
J
*
stock
of
the
38
company
out-
?£.> 1939, and to be outstanding upon the issuance of
by this prospectus and the redemption of the
3%% bonds
above, are as follows:
the bonds offered
mentioned
Amount
1st mtge. bonds, 3 % % series due 1965
1st mtge. bonds, 3% series due 1970
x
Amt. to be
12111111112,324*564
S6I»r
I*
TO5
254,989 shs.
^0-*
0li0
value (entitled to cumulative
dividends).
oS nL!'^?A
jo ferde(1
thls Prospectus are to be dated as of July 1,
r,?o5? fsur£d u?£er a mortgage, dated July 1, 1940, from the
properties owned,
may
this prospectus and in
other
100,000
Kidder, Peabody & Co
Kuhn, Loeb & Co
200,000
W. C
250,000
750,000
Lazard Freres &Co._
Lee Higginson Corp
Lehman Brothers
(Inc.)
Co
100,000
—-
—-
-
300,000
200,000
Mellon Securities Corp
1,250,000
Y. E. Booker & Co
Langley & Co
McDonald-Coolidge & Co
100,000
Bonbright & Co., Inc
2,250,000
1,250,000
1,000,000
750,000
1,250,000
Laurence M. Marks & Co
300,000
2,000,000
—-
Blyth & Co., Inc
Bodell&Co.,Inc
Merrill, Turben & Co
2,000,000
300,000
-
100,000
Milwaukee Co
Alex. Brown & Sons—
250,000
350,000
F. S. Moseley & Co..
Maynard H. Murch & Co
Coffin & Burr, Inc
875,000
150,000
100,000
200,000
300,000
Rlter & Co
100,000
Estabrook & Co
Otis & Co
Paine, Webber & Col
500,000
300,000
Arthur Perry & Co., Inc
R. W. Pressprlch & Co
200,000
250,000
100,000
Schroder
2,250,000
150,000
150,000
100,000
150,000
750.000
——
Goldman, Sachs & Co
Graham, Parsons &Co-_
1,250,000
250,000
—
Inc
1,000,000
Harriman Ripley & Co., Inc.-
2,000,000
Harris, Hall & Co. (Inc.)
Hawley, Huller & Co
Hay den, Miller & Co
600,000
300,000
Hay den, Stone & Co
350,000
500,000
Hemphill, Noyes & Co_
600,000
500,000
E. H. Rollins & Sons, Inc
L. F. Rothschild & Co
500,000
Rockefeller
&
350,000
Co.,
Inc
200,000
Corp
First Cleveland Corp
First of Michigan Corp
Folger, Nolan & Co., Inc
100,000
j
150,000
Boston
,
150,000
400,000
350,000
Equitable Securities Corp
First
150,000
500,000
G. M.-P. Murphy & Co-----Newton, Abbe & Co
200,000
H. L. Emerson & Co., Inc
I. M. Simon & Co
350,000
1,250,000
100,000
Smith, Barney & Co
Smith, Moore & Co
1,500,000
150,000
Shields & Co
Starkweather & Co.
100,000
Stlfel, Nicolaus & Co., Inc
100,000
100,000
Stix&Co
Stone & Webster and Blodget,
Inc.--
875,000
Stroud & Co., Inc
Spencer Trask & Co
Tucker, Anthony & Co
100,000
1,500,000
Union Securities Corp
G. H. Walker & Co
2,000,000
500,000
250,000
White, Weld &Co.
500,000
Hill Brothers
100,000
Whiting, Weeks & Stubbs, Inc.
250,000
W.E.Hutton&Co—
500,000
The Wisconsin Co
750,000
250,000
Dean Witter & Co.
350,000
Jackson & Curtis
Johnston, Lemon & Co
100,000
..
—V. 151, p. 241.
Colgate-Palmolive-Peet Co.— Vice-President Resigns—
Resignation of Robert B. Colgate as Vice-President in charge of research
development was announced by E. H. Little, President, on July 11.
Mr. Colgate has been with the company 15 years and was in
charge of re¬
and
search since 1928.
He will continue
as a
director of the company.—V. 150,
2874, 2719.
p.
-Earnings-
Calendar Years—
Gross
1939
Taxes.
Amortization
Depreciation.
Prov. for Fed. inc. taxes
Ne£
income
Preferred
dividends
Common dividends
1937
$889,720
625,641
51,786
45,922
2,738
1,200
60,000
15,653
$937,161
638,409
69,329
43,443
1,763
1,200
60,000
14,056
$1,035,124
692,531
60,740
35,690
2,843
2,200
60,000
$138,256
48,962
30,000
Maintenance
Interest
1938
$951,156
634,390
54,796
44,012
1,802
1,400
60,000
16,500
revenue
Operation
$86,780
50,405
45,000
$108,961
52,072
45,000
$167,289
54,511
75,000
Balance Sheet Dec. 31,
Assets—Plant,
1936
13,831
1939
and equipment, $1,884,397; cash,
$115,135;
(net), $85,158; other notes receivable, $2,000;
accrued storage charges receivable, $45,149; accrued interest
receivable,
$431; inventories, $37,442; other assets, $30,342; prepaid accounts, $26,492;
total, $2,226,546.
property
notes and accounts receivable
Liabilities—Notes
payable,
$31,317;
contracts
payable
(currently),
$3,169; accounts payable, $23,429; dividend payable, $1,304; ice coupons
outstanding, $1,755; accrued Federal income taxes, $9,875; other accrued
taxes, $8,764; other accrued liabilities, $11,983; contracts payable (due after
one year), $6,831; unearned cold
storage revenue, $18,510; reserve for re¬
tirements and replacements, $521,411; $7 series cum. pref. stock (no
par),
$74,500; series B cum. pref. stock (no par). $723,100; common stock (15,000
no par shares), $300,000; capital surplus,
$131,188; earned surplus, $359,410;
total, $2,226,540.—V. 150, p. 1596.
Official—•
G. A. Freeman has been elected Vice-President of this company in
charge
sales, Chairman Charles Y. Freeman announced on July 12, following a
meeting of the board of directors.
of Edward W. Lloyd on June 26.
The
He fills the vacancy caused by the death
Vice-President started with the company in 1901 and has spent
his entire business career in its serivce.
new
Company states that Charles Y. Freeman and G. A. Freeman
are
not
related.
Debentures
A
total
Edison
of
Converted—
$3,450,500
common
of Edison
stock since
to
on
debentures has
been
converted
into
July 1, 1940, Chairman Charles Y. Freeman
on July 15.
July 15 was the final day
which debenture holders who collected their July 1 coupon could convert
become record holders entitled to the 45-cent dividend payable Aug. 1
announced at the close of business
on
or
series ranking
equally with these bonds
be issued under the mortgage, without
restriction, in the principal
250,000
150,000
350,000
and all
franchises held, by the
company on the date of
recording of the mortgage,
subject to the conditions and exceptions specified in
1,146,895
Robert C. Jones & Co
$5,500,000
Baker, Weeks & Harden
BancOhio Securities Co
K
mortgage.
Additional bonds of this
$7,101,798
Commonwealth Edison Co.—New
company to Guaranty Trust Co. of New
York, as trustee.
In the opinion
of counsel for the
company, these bonds will be secured
by a valid and direct
1st mortgage on
substantially all of the fixed
the
$6,825,924
A. G. Becker & Co.
of
Common stock, no par value
shs". 2,324',564 shs'.
x The initial series of
the total authorized
amount of 500,000 shares of
i
Diilon, Read & Co
Co., Inc
Bacon, Whipple & Co
A. C. Allyn &
$50,000,000
254 989 shs
$9,759,433
1,500,000
10,738
Principal Underwriters—The names of the principal underwriters and the
principal amount of bonds severally to be purchased by each, are as follows:
Mo7oo!oSo
Pref. stock, $4.50 series, stated
value $100
per share
$9,408,867
1,500,000
8,950
Cr41,411
1,115,404
Netincome
Colonial Ice Co.-
Cleveland, O., and in adjacent territory in Ohio
extending nearly 100 miles
along the south shore of Lake Erie.
The population of the five largest
cities served by the
company, according to the 1930 Federal Census, was:
C eve and, 900,000;
Lakewood, 70,000; Cleveland Heights, 50,000; East
Cleveland, 40,000; and Ashtabula, 23,000.
Company estimates that the
population of the total area served was
approximately 1,300,000.
Com¬
pany is also engaged in the production, distribution and
sale of steam for
heating and other purposes in the downtown business section
of Cleveland.
Company s properties include three electric
generating stations and transdistribution facilities; steam
heating properties consist of a
distribution system and two
plants for the production of steam.
Company intends to apply the net proceeds from the sale of the
bonds offered (estimated at
$51,544,400, exclusive of accrued interest and
$7,800,000.
1,500,000
8,870
Crl8,922
1,495,212
Prov. for Federal income taxes
oversubscribed.
Company-—Incorp. in Ohio in 1892.
Is engaged principally in the genera¬
tion of electric energy and the
transmission, distribution and sale thereof in
after
$10,477,231
Gross income
Halsey, Stuart & Co
transactions)
$9,641,535
117,897
Interest on funded debt
'
Other interest charges
Interest charged during construction.
Glore, Forgan &Co
117,988
$9,357,997
50,870
revenues
Francis, Bro. & Co
income tax applicable
to the parent company
$10,432,967
44,263
$7,492,070
Non-operating
Fahey, Clark & Co
F arwell, Chapman &Co———
Field. Richards & Co
Prem.
x
—
Net operating revenues
Edgar, Ricker & Co
1937
$251,669
167,197
68,419
2,386
"
Amort.of bd. disc't & exp
-Earnings-
1939
—
—
Central Republic Co
E. W.Clark & Co
3968.
on
--
Curtiss, House & Co
Dominick & Dominick
After depreciation, interest, Federal income taxes, &c.
June net income was $9,377, against $6,003 in June of
1939.—V.
x
1937
1938
$29,629,464 $27,004,733 $28,252,856
4,757,598
4,769,414
4,153,583
Transmission..
934,513
829,718
899,411
Distribution
1,318,385
1,418,526
1,401,014
Utilization--.
:
-i—448,210
444,791
430,892
Heating: Cost of steam
822,868
793,966
864,831
Distribution
62,376
79,030
62,505
Commercial expenses
1,559,662
1,747,476
1,584,497
Provision for doubtful accounts
126,000
116,000
46,000
Administrative and general expense-_
1,973,925
1,666,256
1,657,178
Taxes, other than Federal income
3,259,188
2,992,228
3,078,735
Provision for depreciation3,921,952
3,717,860
3,515,956
Blair & Co., Inc
Ry.—Earnings—
6 Mos. End. June 30—
x Net income.
Earns, per sh. on 475,239
p.
1939
Total operating revenues
Electric: Power production
Blair, Bonner
Cincinnati Street
July 20, 1940
amount of
Edison stock.
Volume
To date
The
151
See National
standing at the close of business July 15 of $32,557,100.
Chairman Freeman's statement pointed out that the consolidated capital
structure of the Commonwealth Edison group of companies (exclusive
minority interest of less than H of 1%) now consists
bonds, 46%; debentures, 5%; Edison common stock, 49%.
of
a
Weekly Output—
The electricity output
company
of the Commonwealth Edison
Mortgage
of:
Co. group (inter¬
150,307,000
sales deducted) for the week ended July 13, 1940 was
compared with 136,677,000 kilowatt hours in
the corre¬
sponding period last year, an increase of 10.0%.
The following are the output and percentage comparisons for
four weeks and the corresponding periods last year:
—Kilowatt Hour Output13
6
June 29
22.
June
$96,870,008.
Sales represented by products delivered and billed for the
six-months' period totaled $408,407.
During the period the company was
engaged primarily in making parts and sub-assemblies for airplanes which
will be delivered commencing in August this year and continuing throughout
1941.—V. 150, p. 3198.
Consolidated Edison Co.
5.3 Inc.
8.7 Inc.
Commonwealth & Southern Corp.—Weekly Output—
weekly kilowatt-hour output of electrical energy of subsidiaries
The
in
1940—Month—1939
1940—12 Mos.—1939
$3,178,927 $42,958,076 $38,672,824
general business
1940, amounted
$3,589,122
revenue
Oper.
Consolidated Income Statement {Incl.
1940—Month—1939
Period End. June 30—
to the Tennessee
Valley
Subsidiaries)
1940—12 Mos.—1939
$11,939,926
and taxes—
6,697,947
Prov.
for
deprec.
and
amortization
1,505,423
$3,736,556
2,986,163
$4,027,521 $49,837,264 $49,301,815
3,009,355
36,393,965 36,381,726
$750,393
$1,018,166 $13,443,299 $12,920,089
Oper.
exps.
Gross income
Int. and other deduct'ns
Net income
a
Divs.
on
1,366,628
15,756,826
17,389,144
749,812
749,798
8,997,669
8,997,513
$581
pref. stock—
$268,368
$4,445,630
$3,922,576
Balance
preferred stock dividend requirement at the
rate of $6 per share per annum.
Dividends were paid in full to Jan. 1,
1935, and at the rate of $3 per share per annum since that date.
Note—The electric properties of Tennessee Electric Power Co. and
Southern Tennessee Power Co. were conveyed on Aug. 15, 1939 to the
Tennessee Valley Authority and other public agencies, and those companies
have been dissolved and are in process of liquidation which will involve a
substantial loss.
Accordingly, the income accounts of said companies, and
all interest and dividends received from them by Commonwealth & Southern
Corp., have been eliminated for all periods from this statement of con¬
a
Reflects deduction for full
solidated income.
filling the vacancy
151, p. 242.
Offered—H. M.
Payson & Co., Bodell & Co., Estabrook & Co., Putnam &
Co. and Stifel, Nicolaus & Co., Inc., are offering at 102%
preferred stock, 5%% series,
share 7,000 shares first
cumulative (fcar $100).
per
Financing
bonds, series A, 4Ms, 1962
x
y
series
$5,010,000
7,000 shs.
,
30,000 shs.
z20,510 shs.
x Indenture provides for the issuance of bonds in series.
The amount of
bonds authorized is unlimited, except tnat additional bonds may be issued
only under the terms of the indenture.
y Subsequent to April 30, 1940, the charter of the company was amended
to increase its total authorized capital stock from 30,000 shares to 80,000
shares consisting of 50,000 shares of 1st pref. stock (par $100) and 30,000
shares of common stock (par $100).
The first pref. stock is issuable in
series and 7,000 shares thereof are designated as first pref. stock, 5)4%
by Commonwealth Water & Light Co.
Summit, N. J. (in turn owned by American Water Works & Electric Co.,
Inc.), which subsequently acquired 10 additional shares issued by the
company in connection with the merger
and consolidation of a small
water company operating in territory contiguous to that of the company.
History and Business—Pursuant to an agreement of consolidation filed
Aug. 24, 1915, company was formed oy the consolidation of Mountain
Water Co., the West Orange Water Co., and Clinton Water Co.
The
by the consolidation of Irvington Water Co. and Clinton
Township Water Co.
Subsequently there were merged with and into
the company on July 1,
1929, Stirling Water Supply Co., Millington
Water Co. and New Providence Township Water Co., on Jan. 6, 1932,
Short Hills Water Co., Springfield Township Water Co. and Millburn
Township Water Co.; on July 31, 1939, Long Hill Water Co., and on
June 21, 1940, Chatham Colony Water Co.
Company is engaged in the business of collecting, purifying, selling
and distributing water for public and private use and consumption and for
fire service purposes in contiguous parts of Essex, Union and Morris Coun¬
ties in the State of New Jersey.
The territory served is largely residential
in character.
During 1939, approximately 79.9% of the operating revenues
was
derived from residential and commercial customers,
14.1% from
municipalities, including hydrant rentals, 3.9% from industrial customers,
and 2.1% from other water supply systems and miscellaneous sources.
Purpose—Net proceeds estimated at $676,000 will be used to pay
indebtedness of the company to its parent, American Water Works & Elec¬
tric Co., Inc., as of June 30, 1940, which indebtedness as of that date is
estimated at $419,095 and which was incurred principally for improvements,
additions and betterments.
The balance (approximately $256,905) will
be used by the company for the completion or construction of improvements,
additions and betterments to its plant and property, which will consist
latter was formed
principally of additional castiron mains.
Earnings for Calendar
Years
1938
1939
$1,056,177
incl. maint. and taxes
542,072
$998,679
524,239
26,229
80,259
22,325
79,274
Total operating revenues
Oper. exps.,
Provision for Federal income taxes—
Provision for retirements
a
.
1937
$986,105
505,719
78,050
mium
(net) and expense-__
Miscellaneous deductions
231,250
25,155
25,155
26,243
5,882
7,339
9,491
$131,039
$138,793
provision for Federal income taxes,
but excluding provision
requirement on the 7,000 shares of first preferred
stock, 5)4% series, amounts to $38,500.
Underwriters—The name of each principal underwriter and the respective
amounts underwritten are as follows:
3,000 shs.
1,000 shs.
1,000 shs.
'Putnam & Co
1,000 shs.
Stifel, Nicolaus & Co., Inc. 1,000 shs.
4,667,134
$6,561,504
18,262
16,347
$7,179,621
$6,545,157
attributable to minority
of earnings
stock
Equity of Continental Gas
& Electric Corp. in
earnings of subsidiaries
Electric Corp. (excl.
subsidiaries)
-_
Income of Continental Gas &
34,624
14,452
$7,214,245
$6,559,609
86,004
86,500
103,255
$7,041,740
$6,270,881
$2,540,270
$2,562,915
160,352
44,744
161,808
42,936
consolidated surplus—. $4,296,374
stock
1,320,053
$3,503,222
1,320,053
$2,976,321
$2,183,169
Total
-
-
Expenses of Cont. Gas & Elec. Corp
Taxes of Cont. Gas & Elec. Corp
Balance
Holding Company Deductions—
on 5% debentures due 1958—
discount and expense.
debenture interest
Taxes
on
Balance transferred to
_
Dividends on prior preference
Balance
_
Earnings per share of common
—V. 150, p. 3970.
185,474
$10.18
$13.88
stock
Continental Motors Corp.- -Earnings—
6 Months Ended
1938
1939
1940
April 30—
profit after all charges, incl.
deprec., but before Federal taxes- _
Net
$207,739 loss$126,233 Ioss$190,421
recent half year were 19.2%, greater than in the
period last year and unfilled orders on April 30, 1940, were 70% in
excess of those at the same date a year ago, according to
C. J. Reese,
President—V. 150, p. 3198.
Net sales for the most
same
Continental Steel Corp. (&
Period Ended June 30,
1940—
Net sales
Cost of sales
Administrative, selling and gen. exps_
Provision for depreciation
Profit from
Subs.)—Earnings—
6 Months
3 Months
$4,181,482
3,399,890
361,505
141,583
12 Months
$8,046,188 $18,533,820
6,422,304
14,712,255
726,661
1,511,769
277,492
502,692
$278,504
15,270
$648,477
$1,874,299
29,250
1,360
132,720
55,500
1,905
15,000
18,864
2,777
332,565
$471,795
$1,447,687
57,000
debt
disc't & expense
Provision for real estate held for sale.
Loss on sales or dismantlem't of prop_
Loss of the Superior Allotment Co—
Provision for Federal income taxes.-
$1,807,104
67,195
$198,339
Total income
Interest on funded
Amortization of debt
$619,731
28,746
$293,774
14,250
662
operations
Other income
119,000
419,000
12,962
10,863
390
69,270
Net profit
Approp. for future inventory price
decline added to res. for conting—
390
$1,028,687
Consolidated Statement of Surplus for the Quarter Ended June 30, 1940
Earned surplus—Balance March 31, 1940, $3,098,636; balance of profit
for the quarter, per profit and loss statement, $141,339; total, $3,239,975.
Balance of
Dividends paid
in
25 cents per share,
$352,795
$141,339
profit carr. to earned sur
cash:
Preferred, $1.75 per share, $32,804; common,
$50,140; balance June 30, 1940, $3,157,031.
Consolidated Balance Sheet June 30
1940
s
"
Cash
1940
1939
S
Assets—
Inventories
for retirements.
The annual dividend
Payson & Co
4,773,330
$7,197,883
$405,779
$166,730
Net income
H. M.
$11,971,213 $11,228,638
subsidiaries
Balance.
$376,458
212,925
$36,663,466
13,775,552
1,910,513
5,280,789
4,504,620
$11,975,195 $11,191,990
Dr3,982
36,648
subsidiaries
Int., amort. & pref. divs. of
440,976
a Notes & acc'ts rec 1,910,491
Sundry receivables
e36,579
212,925
funded debt
Bodell & Co
Estabrook & Co
—V. 150, p. 4123.
taxes
Net earnings from operations of subsidiaries
Non-operating income of subsidiaries
$402,335
3,444
Amortization of debt discount, pre¬
Other than
1,978,578
5,133,450
5,165,390
depreciation
General taxes and est. Federal income
Total income of
1939
$38,606,937
14,354,324
Maintenance
$372,839
3,619
Income deductions:
a
(after
operating earnings of subsidiaries
eliminating inter-company transfers)
General operating expenses
Provision for
-Earns.—
(& Subs.)—
1940
Gross
$410,692
Gross income
on
Continental Gas & Electric Corp.
12 Months Ended May 31—
$407,615
3,077
Operating income
Non-operating income
Interest
July 17 elected Chairman of the Board and
succeeding Wendell L. Willkie.—V. 150, p. 3970.
Amortization of debenture
Outstanding
Authorized
series.
z Owned of record or beneficially
$4,979,821
Interest
Capitalization After Giving Effect to Present
First preferred stock, 5M%
Common stock (par $100)
$6,427,637
R. Whitney was on
director of this company,
of income received from
Commonwealth Water Co.—Pref. Stock
First mtge.
Justin
a
common
corporation held on July 17,
director of the corporation,
created by the resignation of Wendell L. Willkie.—V.
meeting of the board of directors of this
Justin R. Whiting was elected President and
a
3,424.822
785,339
New Chairman—
Proportion
New President—
At
783.339
$392,738
$537,452
Balance
$9,187,982
65,278
285,427
65,278
pref. stock
Amort, of pref. stk. exp.
$11,141,105$146,908,167$135,081,569
5,746,956 79,681,759 70,022,928
Gross revenue
on
$743,444 $10,635,796
285,428
3,424,820
$888,157
income
Net
$1,127,547 $15,430,411 $13,917,136
384,103
4,794,614
4,729,154
$1,266,417
378,260
Gross income—
Int. & other deductions-
20,402,688
4,353,000
22,607,666
4,920,000
1,661,380
390,000
1,892,705
430,000
and taxes
Prov. for depreciation..
exps.
Divs.
kwh. for the corresponding
242.
Co.—Earnings—
Consumers Power
include
properties of which were sold on Aug. 15, 1939,
Authority and other governmental agencies.
Inc.—Weekly
of the
amounting to
135,400,000 kwh., compared with 134,500,000
week of 1939, an increase of 0.7%.—V. 151, p.
Gross
of
144,575,034, as compared with 139,413,975 for the corresponding week
1939, an increase of 5,161,059, or 3.70%.
The 1939 figures do not
the output of the Tennessee Electric Power Co., the electric
to
of New York,
Consolidated Edison Co. of New York announced production
electric plants of its system for the week ended July 14,1940,
Period End. June 30—
adjusted to show
for the week ended July 11,
1940, corporation booked $55,136,721
the totai backlog at the end of the period
aircraft orders, increasing
new
Output—
10.0 Inc.
0.6 Dec.
—
the Commonwealth & Southern Corp.,
Corp.—New Orders—
Consolidated Aircraft
—V. 151, p. 242.
conditions of territory served,
below.—V. 150, p. 3044.
In the six months ended June 30,
in
the last
Percent
1940
1939
.-150,307,000 136,677,000
129,388,000 130,192,000
148,040,000 140,652,000
151,467,000 139,317,000
Week Ended—
July
July
Cylinder Gas Co.
to
hours
kilowatt
Inc.—-Merger—
Compressed Industrial Gases,
aggregate of $96,874,300, or 74.85%, of the $129,431,400 of
originally issued has been converted, leaving a balance out¬
an
debentures
409
Commercial & Financial Chronicle
5,149,495
Marketable secure.
880,058 Accounts payable1,676,332 Accrued liabilities10,388
4,169,201
1,200
See
e
Other assets
Res. for conting's.
7% cum. pref. stk.
c
Common stock--
Treasury stock—
8,223,535
Initial & cap. surp.
1
_
.
200,000
8,378,548
1
Earned surplus.-.
47,248
200,000
1,800,000
371,482
381,351
568,693
159,693
1,885,500 dl,907,000
5,279,300
6,279,300
Drl8,293
1,807,404
3,157,031
Dr3,057
1.809.314
2.662.315
29,730
Patents
Total
S
612,681
1,600,000
95,245
buildings,
mach'y & equip.
415,653
790.360
1939
328,830
within
debt
28,493
investments
Deferred charges.
due
year..
Funded
23,244
93,791
sale
b Land,
Bonds
Operating reserves
Real estate held tor
Misc.
$
Liabilities—
16,057,129 15,137,427
Total
..16,057.129 15,137,427
doubtful notes and accounts and discounts of $196,243
$186,324 in 1939.
b After deducting reserve for depreciation
of $7,362,752 in 1940 and $7,156;801 in 1939.
c Represented by 200,648
shares of no par value,
d After deducting $403,100 cash deposited "with
trustee in amount of par value of 4,031 shares called for retirement as of
July 1, 1939.
e Includes miscellaneous investments.—V. 150, p. 2875.
a
After reserve for
in 1940 and
The Commercial & Financial Chronicle
410
Copperweld Steel Co.—Common Stock Offered—New
capital financing for the company took place July 18 with the
offering of 75,000 shares of common stock through an under¬
writing group headed by Riter & Co.
The initial offering
price, as determined after the close of the market July 17,
was
$18 per share.
Other members of the underwriting
group are: Hemphill, Noyes & Co.; Eastman, Dillon & Co.;
Schwabacher & Co.; Singer, Deane & Scribner;
Bear, Steams
& Co.; A. O. Becker & Co., Inc.; Graham, Parsons &
Co.;
McDonald-Coolidge & Co.; Laurence M. Marks & Co., and
Schoellkopf, Hutton & Pomeroy,}Inc. „The issue has been
1928
Cumberland County Power & Light Co.—Earnings(Including Cumberland Securities Corp.)
Period End. June 30—
Operating
Operating
revenues
expenses
State and munic. taxes
Social security taxes
Federal
(incl.
inc.
_
194 0—Month—1939
1915.
Has been engaged
principally in the manufacture and sale, under the trade name "Copperweld, ' of copper-coverod steel wire and related products.
About June 1,
1940 the company commenced the manufacture of
electric-furnace alloy
steels.
Factors contributing to the growth in sales of
Copperweld products since
1933 include certain guarantees with respect to certain
products and the
large increase since 1935 in the construction of rural electric lines
by pri vate
utilities and by reason of activities of Rural Electrification
Administration.
Sales made directly to
projects financed by REA amounted to approxi¬
mately 31% of the company's sales in 1939 and to approximately 28% in
In addition, a large portion of sales to other
manufacturers and jobbers is believed to have been used on rural lines.
As part of a program of
Integration and diversification, the company is
$4,913,713
2,818,383
394,982
46,950
$4,704,024
2,612.290
379,796
46,553
tax)
36,274
Non-oper. inc.
336.517
310,916
$109,721
8,233
$1,316,881
121,245
$1,354,469
92,524
$124,418
(net)
Gross income
Bond interest
20,014
$114,759
9,659
Net oper. income
$117,954
32,745
$1,438,126
$1,446,993
392,953
32,488
175
16,300
(net)
Other deductions
Company—Incorporated In Pennsylvania in
1940—12 Mos.—1939
$368,533
202,656
32,233
3,909
$376,801
188,912
33,154
3,702
taxes
Other interest
oversubscribed.
July 20, 1940
Net income
Pref. div. requirements
-
-
16,575
391,333
2,178
198,366
$75,455
29,164
$68,556
29,164
$846,249
349,975
78
241
188,743
$865,056
349,970
—V. 150, p. 3971.
Daniels & Fisher Stores Co.-—Annual
Report—
Net profit for the year 1939 was $210,949.
This was after interest on
first mortgage notes and general mortgage bonds of $36,972; provision for
Federal and State income taxes, property, excise, security and all other taxes
of $150,628, and depreciation on buildings, fixtures and equipment of $44,Net earnings were $5.27 per share on common stock while taxes,
the first five months of 1940.
249.
now
in addition thereto, an extra dividend of $1 per share was declared
board of directors and paid on Dec. 15, 1939.
completing
plant for the manufacture of electric-furnace alloy steels.
About June 1 of this year it commenced the
production of such steels in the
forms of blooms and billets.
Additional facilities, including mills for rolling
steel into bars and
rods, are expected to be placed in operation by Aug. 31.
'I'bis plant will have a nominal annual
ingot capacity of approximately
100,000 gross tons of steel; however, such capacity does not
represent
capacity of net tons of marketable steel.
An important part of the plant
reh
a
°tdilt/^ ti t*1G groat,er P°rti°n bas been taken
In addition to
manufacturing steel for its
over from other plants and
own
Copperweld requirements,
the company expects to manufacture
special alloy steels for sale to others.
It has accepted
orders, including export orders of substantial tonnage, for
certain types of steel and is
currently operating its two large electric fur¬
capacity.
However, as present conditions in the alloy steel indus¬
try are unusual, the company makes no representations as to the
length
of time that* the volume of sales
wiil
naces at
justify operating the furnaces
capacity.
Sales—*Company's
net sales were
at
approximately
as follows
(such figures
do not Include any sales of the Steel
Division, which commenced operations
about June 1, 1940):
Calendar Years—
Sales
Calendar Years—
1936
—$2,771,000
3,411,000
2,916,000
1,592,000
1,681,000
1,244,000
1,827,000
2,827,000
1930
1931
1932
1933
1934
1935
1938
7,220,000
10,446,000
1939
on
Balance Sheet Dec. 31, 1939
Assets—Cash, $194,662; accounts receivable (less reserve for losses of
$32,000), $925,901; inventories, $853,504; cash surrender value of insurance
on lives of officers, $17,350; instalment accounts receivable, due after 1940,
$33,057; prepaid expenses and deferred charges, $42,339; investment, at
cost, $500; land, buildings and fixtures, at cost less depreciation, $1.339,147;
automobiles and trucks at est. present value, $6,800; total, $3,413,261.
Liabilities—Notes payable, $75,000; accounts payable, $210,141; ac¬
crued liabilities, $167,618; provision for Federal income tax, $42,227; first
mortgage notes, issue of 1936,
maturing $50,000 annually, commencing
Jan. 15, 1941, $200,000; general (closed) mortgage 4M% sinking fund
bonds, due March 1, 1957, $650,000; common capital stock (40,000 shares
of no par value), $500,000; earned surplus, $1,568,275; total, $3,413,261.
—V. 149, p. 4026.
Darling Stores Corp. (New Jersey) (& Subs.)—Report—
Earnings for Year Ended Jan. 31, 1940
Sales
$5,563,384
of sales,
income.-
Five Months—
1939
3,389,000
3,583,000
1940
selling and administrative
1939
1937
$9,393,541
972,726
Depreciation of building, furniture and fixtures and leasehold
improvements.-
15-year 4H% first mortgage bonds
$2,000,000
conv. preferred
stock, 5% series (par $50)
46,466 shs.
stock
(par $5)
x514,864 shs.
x In
addition, preferred stock is presently convertible into 129,072 22/100
shares of common stock and
30,000 shares of common stock may be allotted
for sale to officers and
employees.
Purpose—Company intends to use a part of the net proceeds from the
shares offered to
discharge a $500,000 bank loan, with the remaining por¬
Common
tion
or such proceeds to be added
to
general funds, as reimbursement for
capital expenditures for the alloy steel plant and additions to
working capital.
as
shares
follows:
of
Firm—•
Riter & Co.
common
names of the principal underwriters and the
stock, severally to be purchased by each
Shares
,
Hemphill, Noyes & Co
Eastman, Dillon & Co
Schwabacher & Co
Singer, Deane & Scribner...
Bear, Stearns & Co
Firm—
17,000
10,000
6,000
6,000
6,000
5,000
Shares
A. G. Becker & Co., Inc
Graham, Parsons & Co
McDonald-Coolidge & Co...
5,000
5,000
5,000
Laurence M. Marks & Co.
5,000
.
.
Schoellkopf, Hutton &
Pomeroy, Inc
Additional Stock Authorized
for
5,000
Listing—
***
share
s
1940
1939
V
.
$521,314
439,864 1
■«,
$1.05
$391,420
431,714
"".91
The 1940
earnings are without^iving"effect''to any production of the com¬
pany's new steel plant, which started partial operations in
June, nor the
interest on the company's bonds issued in connection
with its construction.
—-V. 151. p. 101.
j.
A
J
,
*+
4
a
M
Coty, Inc.—To Liquidate Securities—
The
action was decided upon
following a review of the company's securities
holdings, H. J. Brooks, President, says.
With the exception of $31,801
out of a total of
$598,198, these holdings consisted of Government, State
and municipal bonds.
shares of stock.—V. 150, p. 3970.
Crown Zellerbach
Corp .—Refunds Bank Loans
—
Corporation has refuned $12,000,000 of bank
loans, reducing average
charges from 3.3% to 2.07%.
A premium of $163,000 was paid
interest
prepayment of old loans.
long—term debt of the company now totals
$13,100,000, maturing
$2,700,000 in the fiscal year ending June 30, 1942,
$2,400,000 in the next
year and $2,000,000 a year for the next four
years.—V. 150, p. 3045.
Crystal Tissue Co.—Earnings—
Period End. June 30—
Net income after all
charges and taxes
Earns, per sh. on 93,000
common
150.
shares
p.
1940—3 Mos.—1939
1940—6 Mos,—1939
$42,739
$9,771
$76,767
$28,251
$0.41
$0 05
$0.72
$0.20
3658.
Cuban American Sugar
Co.—Meeting Again Adjourned
An adjourned special meeting of stockholders
scheduled for July 17 was
readjourned until Aug. 7 in Jersey City,'pending decision of the
Chancery
Court of New Jersey whether the
company may proceed with a recapitaliza¬
tion plan already approved
by a majority of the stockholders.—V. 151, p.
242.
on
lease, Little Rock, Arkansas.
2,900
Total surplus
$16,428
Furniture, fixtures and leasehold improvements
stores
written
off
—*.
on
—
abandoned
—
2,921
-
Earned surplus, Jan. 31,1940
$13,507
Consolidated Balance Sheet Jan. 31, 1940
Assets—Cash,
$104,418; accounts receivable, $147,089; merchandise
inventories, $372,834; notes receivable, in connection with sale of real estate,
$10,000; loan receivable, $3,927* investment in treasury stock, $52,048;
fixed assets (less depreciation), $402,457; other assets, $29,547; deferred
charges, $7,941; total, $1,130,262.
Liabilities—accounts payable, $233,253; mortgage instalments payable,
$4,500; instalment contracts payable, equipment, $2,111; accrued taxes,
$9,129; accrued expenses, $13,131; customers credit checks, $8,479; reserve
for taxes, $16,221; notes payable, due to officers, $50,100; mortgages pay¬
able, $35,875; instalment contracts payable, equipment, $1,924; reserve for
doubtful
accounts
and
contingencies,
$32,707;
cumulative
preferred
stock, $375,000; common stock (par value $1 per share), $250,000; surplus,
$97,827; total, $1,130,262.—V. 144, p. 4176.
Davenport Hosiery Mills, Inc.-—Annual ReportEarnings for Year Ended Dec. 31, 1939
Net sales
Selling
-
expenses-
—
$3,917,653
3,156,005
323,959
144,189
Profit from operations after providing $115,997 for deprec.$293,499
Interest paid
Miscellaneous credits
—
—
,
1
2,143
Crl ,589
Provision for Federal income taxes
45,532
Net profit for year_._
$247,413
548,720
Earned surplus as at Dec. 31, 1938
Preferred stock
sinking fund reserve released by purchase of
preferred stock
Provision for preferred stock sinking fund reserve
—
Total surplus
—
—
Cash dividends
on
Cash dividends
on common
preferred stock (7%)
stock ($1.50
per
share).:
Earned surplus as ast Dec. 31,1939
Directors have decided to liquidate
company's securities holdings and to
purchase 100,000 shares of company's outstanding stock if the stock can
be bought at $5 a share or less.
An offer is being made by
stockholders,
good until
July 23, to buy 6.5% of the holdings of any stockholders at
$5 a share.
^Coty, Inc., has outstanding 1,537,435
Recovery
SH
Ended June 30
Net earnings after all
charges, including depreciation and Federal and State income
taxes.
Shares common stock
per
$72,061
58,533
Balance (deficit) Feb. 1,1939
General and administrative expenses
to underwriters.
Earnings
59,134
15,000
income
Cost of sales______
The New York Stock
Exchange has authorized for listing the 75,000
additional shares of common stock
upon official notice of issuance and sale
Earnings for 6 Months
on
648,144
Cum.
Principal Underwriters—The
of
5,417,190
—---
Net profit for year.
1938
$7,219,829
803,653
619,853
Amount Outstanding
number
less other
expenses,
31
Capitalization—Based upon the cumulative convertible preferred stock,
5% series, and common stock outstanding on June 18, 1940, the issuance
of the 75,000 shares of common stock
now offered,
and the discharge of
present bank indebtedness, the company's
outstanding securities are:
—V.
During 1939 company retired $200,000 of its first mortgage notes, using
and by so doing a reduction in interest rate
the remaining $200,000 of these notes was effected.
Maturities of the
remaining notes are $50,000 annually commencing Jan. 15, 1941.
current funds for that purpose,
Cost
$10,445,723
1,212,595
934,348
and,
by the
year
Sales
...$4,826,000
9,394,000
1937
Years Ended Dec.
Sales
on
are increasingly
burdensome", were $3.76 per share.
Quarterly dividends totaling $2 per share were paid during the
Provision for Federal and State taxes
Earnings for
Net profit from operations.
Net Income
are
which
Balance Sheet Dec. 31,
51,111
Drl5,000
$832,245
43,463
112,500
$676,282
1939
Assets—Cash, $203,486; accounts receivable (less reserve for doubtful
accounts of $5,000), $511,365; inventories at cost or market whichever is
lower, $587,580; cash surrender value of life insurance, $12,927; balance in
closed bank, less provision for estimated loss, $10,527: land,
buildings,
machinery and equipment (less depreciation), $1,039,171; deferred charges,
$23,279; total, $2,418,335.
Liabilities—Notes payable, $200,000; trade accounts payable, $36,606;
payable for machinery purchased, $50,750; accrued liabilities, $120,071;
provision for Federal income taxes, $47,000; convertible 7% cumulative
preferred stock, $618,300; common stock (75,000 no par shares), $654,867;
capital surplus arising from purchase of preferred stock at less than par,
$10,881; preferred stock sinking fund reserve, $3,577; earned surplus,
$676,282; total, $2,418,335.—V. 150, p. 1276.
Delendo
Corp.-—Liquidating Dividend—
Notice has been received by the New York Curb
Exchange fromlthis
corporation, formerly Oldetyme
Distillers Corp.. that pursuant to the
plan of complete liquidation of the corporation, its liquidating directors have
declared the initial liquidating payment of $4.35 per share on its common
stock, payable on and after the close of business on July 19 upon surrender
of stock certificates and letter of transmittal properly executed.
Nonnegotiable receipts will be issued evidencing the right to receive such
further liquidating payments as there may be.
The books for the transfer
of common stock certificates will be permanently clo33d at the close
of
business on July 19.
Accordingly, dealings in the common stock of Delendo
Corp. have been suspended.—V. 150, p. 3818.
De
Long Hook & Eye Co.—Earnings—
Company and its wholly-owned subsidiary in its 50th annual report to
stockholders shows net income for year ended March 31, 1940, of
$93,648
after deductions of $24,447 for depreciation and $41,225 for
Federal,
dominion and State taxes, equal to $9.68 on 9,678 shares
outstanding at end
of fiscal year.
This compares with net profit of $75,167 in fiscal year ended
Volume
The Commercial
151
March 31, 1939, equal to $7.73 a share on 9,726 shares of stock then
outstanding.
J. A. O'Brien, President, in his report to stockholders states that current
assets as of March 31, 1940, totaled $633,586, including $74,028 cash and
$195,009 investments at cost.
Current liabilities were $74,358.
The ratio
of current assets to current liabilities is 8.5 to 1.
This compares with cur¬
assets as of March 31, 1939, of $602,062 and current liabilities of
rent
$73,201.
Mr. O'Brien states that "based on the
was as
De
the market
which cost $195,009
official rate of exchange
dollars of the above investments
value of American
$164,626."—V. 148, p. 3714.
of March 31, 1940,
Met's, Inc. (& Subs.)—Annual Report—
1939
Earnings for the Year Ended Dec. 31,
Sales
-
...
Cost of goods sold, store operating expenses,
administrative expenses
_
1,986,945
.
/
__
discounts earned, interest re¬
9,753
_
$17,559
Total income
—
97,002
2,000
—
$81,442
——
...
dividends paid
Consolidated Surplus for Year Ended Dec.
Statement of
Capital Surplus—
$267,946
(merged with
327,106
1
$595,052
(deficit) after charging divs. paid—
Total deficit.
$446,274
11,877
stock ($1.10 a share)
years'
income taxes and interest thereon
15,432
..
Balance, deficit, Dec. 31, 1939
473,583
—
$121,468
Capital surplus, net balance, Dec. 31,1939
Consolidated Balance Sheet Dec. 31, 1939
(deposited
marketable securities
hand and on deposit, $91,077; cash in escrow
with lessor for payment of
real estate taxes), $3,788;
(market value, $1,800), $1,001; accounts receivable, $11,164; inventories,
$63,171; deposits in connection with leases, $13,126; leaseholds, improve¬
ments and equipment (after depreciation of $1,323,256), $536,145; prepaid
insurance, rent, &c., $16,243; total, $735,717.
Liabilities—Accounts payable, trade, $66,637; real estate and personal
1937 and 1939, estimated, $2.3,600; additional assessment of
prior years' income taxes and interest thereon, $15,432; Illinois retailers'
occupation tax, $7,050; Federal and State social security taxes, $9,643;
Federal income tax, year 1939, estimated, $2,000; Federal capital stock tax,
estimated, $350; accrued salaries and wages, $9,231; accrued rent, $395;
cumulative preference stock, $323,910; common stock (35,000 shares of no
par value), $156,000; capital surplus, $121,468; total, $735,717.—V. 150.
property taxes,
2572.
RR.—Equipment Trusts
Offered—Blyth. & Co., Inc., July 16 offered $1,260,000 2%
equipment trust certificates, series F, at prices to yield from
0.50% to 2.35%, according to maturity.
The certificates
on a
bid of 100.277.
1910; to mature $126,000 annually, Sept. 1, 1941
to Sept. 1,
1950, incl.
Dividends payable at agency of the trustee in
New York.
Certificates issued in bearer form in the denom. of $1,000,
registerable as to principal only.
Trustee: Pennsylvania Co. for insurances
on lives and granting annuities.
Issued under the Philadelphia Plan.
Payment of the par value of these certificates and the dividend warrants
attached thereto will be unconditionally guaranteed by the trustees of the
property of the company, but not individually, such guarantee to be binding
upon their successors and assigns and shall constitute only the general
obligation of the estate of which they are trustees.
The trust agreement will provide that there will be subjected to the trust
the following new, standard-gauge equipment, estimated to cost $1,698,110,
viz.: 500 box cars, 50-ton, 40
ft.
The aggregate par value of the cer¬
tificates is not to exceed 75% of the cost of the equipment to be subjected
to the trust.;—V. 151, p. 243.
To be dated
Sept. 1,
Detroit Edison Co.
(& Subs.)—Earnings—
a
Utility
1939
from utility operations...—— .-$62,514,855
expenses
__
utility operations
Other miscellaneous income
_.
...
—
Income from
Gross corporate
__
_
45,934,246
$57,658,056
42,162,157
$16,580,609 $15,495,899
142,518
16,798
__
$16,723,127 $15,512,697
5,805,537
5,859,714
CV78.520
CY203.929
403,545
267,182
income.
unfunded debt.
Interest on funded and
construction
Amortization of debt discount and expense
Interest charged to
$9,589,731
$10,592,566
Net income...,
Including all operating and maintenance charges, current appropria¬
tions to retirement (depreciation) reserve and accruals for all taxes.—
V. 150, p. 3971.
a
Detroit Gray
Iron Foundry Co.—Annual Report—
Earnings for Year Ended Dec. 31, 1939
profit on sales
Selling, delivery and administrative expenses
Gross operating
Net operating
__
—
_
Ended Dec. 31, 1939
$248,852
159,804
....
-
Loss from
$97,726
3,517
operations
(purchase discounts $3,269).
Other income
$94,209
64,610
Loss
deductions
:
;
deductions
Net income before provision
—
1, 1939
Segregated for cost of 2,000 shares of treasury
$61,048
Note—Allowances
depreciation made during the year amount to
applicable to idle plant expense of the Kalamazoo
for
mill.
Co.—Annual Report—
Dexter
Year Ended Dec. 31,
Earnings for
sales.—_
Net
—
.
— .
—
$79,995
Net income for year
Selling
134,342
Administrative expense
income-
Miscellaneous
73,713
—
_
—
Miscellaneous expense
-
.
_ __ —-
_-
- — — - —
-------
_
$19,995
31, 1939
securities, $172,514;
$15,110; receivables,
net (after reserve of $19,687), $48,129; inventories, at lower of cost or
market, $53,981; deposits, $5,179; land, $106,822; buildings, machinery,
trucks, fixtures and equipment (less reserve for depreciation of $292,161),
$358,377; other assets, $42,623; prepaid taxes, insurance, &c.,
$16,768;
Assets—Cash, $61,389; United States Government
marketable securities (market value $10,090) at cost,
payable, $14,534; miscellaneous accounts
payable, $413; accrued liabilities, $23,746; capital stock, par value $1),
$500,000y» earned surplus, $342,201; total, $880,894.—V. 149, p. 3870.
accounts
Bridge
Co.—Securities
Ready
Under Plan—
Certificates for the shares of common
7,232
11,295
- -
income
$54,073
—
Earnings per share on common
stock.
•
$0.54
Surplus Statement
/
$222,167
for year 1936——134
capital stock tax
1
Jan. 1, 1939
Refund of Federal income tax
Balance,
Adjustment of 1939
525
previously charged off on bonds sold during 1939...
Appreciation of securities to cost or market, if lower..
Profit for 12 months ended Dec. 31, 1939
Loss
.»_
Total
2,148
54,072
$279,050
— -
-
17
Additional Iowa income tax for year 1936
Addition'to reserve for doubtful accounts.. —
Cash dividends paid—
31,
Dec.
Balance,
1939
7,500
50,000
$221,533
— —-
Condensed Balance Sheet Dec. 31,
1939
municipal and market bonds, $58,489; accounts and notes receivable, trade, less reserve, $101,937; notes re¬
ceivable, Appliance Mfg. Co., $40,000; inventories, at cost or market if
lower, $180,743; lands, building and equipment, $180,715; investments,
deferred charges, other assets and miscellaneous, $167,071; patents $3,042
Assets—Cash, $49,553; U. S. Govt.,
$781,551.
Liabilities—Accounts payable, $29,810; reserve for taxes, $22,301; other
$7,908; common stock, 100,000 shares, $500,000; earned surplus,
$221,533; total, $781,551.—-V. 150, p. 2878.
total
Properties, Inc.-—Bonds Called—
Dodson
$8,000 1st mtge. s. f.6H% bonds
redemption on Aug. 1 at 102.
A total of
stock issuable pursuant to the plan
reorganization, dated as of July 1, 1938, as amended, for the company
are now availaole.
Pursuant to the plan, holders of debentures and certi¬
ficates of deposit therefor are to receive two shares of such common stock
for each $1,000 principal amount of debentures held or represented by
certificates of deposit.
1,
dated Aug.
1927, has
been called for
Di-Noc Manufacturing
Co.— Annaul Report—
Calendar Years—
Net sales
Cost of
— — . — — _
goods sold.
Selling, administrative and general expenses
Other deductions, less other income. ——...
Provision for Federal income taxes...
Net income to
1938
1939
$842,782
$457,412
334,325
160,624
538,247
241,068
1,466
11,375
8
loss$37,545
$50,625
earned surplus
Note—Depreciation and amortization in the amounts of $34,749 and
$30 609 have been charged to cost of sales and expense for the years ended
Dec. 31, 1939, and Dec. 31, 1938, respectively..
Earned Surplus
$13,894
def$23,652
Earned surplus beginning of year
20,048
Obsolete experimental press written off
$13,894
$43,700
applied"to writing off earned"surplus
authorized by the board of directors.
(deficit) as
50,625
for the year
'
—
—
—
m.
wm OB-
— al-avv.ta.mMM
Dividends"
paid on pref. stock (excl. of amounts
charged to paid-in surplus), $7.50 per share
Earned surplus, end
43,700
$50,625
loss$23,651
6,255
$44,370
def$23,651
$298,223
of year
Paid-in
$13,894
loss.37,545
:—
■
.—
Net income
$304,154
Surplus
Paid-in surplus, beginning of year—
Excess of amount received from sale of 450
of common stock over par value.... —
shares
900
$299,123
Expenses in
connection with registration and sale
of common
stock
purch. & retired....
stock, 1939, $3 per
share; 1938, $1.50 per share (see note)
Paid-in surplus applied to writing off earned sur¬
Premium paid on pref. stock
Dividends paid on preferred
plus
(deficit)
as
authorized by the board of
directors
of
Cr 18,349
- - - -
—
__________
Federal and State income taxes.
*■*
International
$1,100,790
' : 838,482
-
expense
60,000
Dividends paid
total, $880,894.
Liabilities—Trade
1939
— — — —
Cost of sales.-;. —------
Balance
Balance Sheet Dec.
.
,
31, 1939
deposits, $25,769; special bank deposit, garnishment
account (released in Jan. 1940). $18,000; accounts receivable (less allowance
for doubtful accounts of $7,437), $123,766; inventories, $160,253; prepaid
expenses,
$16,524; accounts receivable, officers and employees (net),
$278; Guardian Depositors' Corp. participation certificates, $365; fixed
assets after depreciation, $889,237; patents and trade-marks, $1,059; de¬
ferred expense for development of products, $17,000; total, $1,252,252.
Liabilities—Notes payable, bank, with general assignment of accounts
receivable as collateral, $50,000; accounts payable, vendors,
$180,167;
trade acceptances for purchase of equipment, due in 1940, $21,200; accrued
accounts, $19,890; trade acceptances for purchase of equipment, $30,314;
preferred stock, $625,000; common stock ($1 par), $242,000; capital sur¬
plus, $144,727; deficit, Dec. 31, 1939, $61,048; total, $1,252,252.—V. 150.
p. 4125.•
18,119
.
937
stock
Deficit, Dec. 31, 1939
9,067
$98,115
for Federal income tax
Provision for Federal income tax.
Balance, surplus
$158,819
98,708
—
Earned surplus, Jan.
Paid-in surplus
Detroit
735,316
88,745
97,505
- - - - ----- -
$89,048
profit
Other income, less other
$823,839
...
— -
_
reserve,
1940
12 Months Ended June 30—
Gross earnings
—
Selling and delivery expenses
Administrative and general expenses
Net
Denver & Rio Grande Western
awarded
—
_
_
Balance Sheet Dec.
;
Dividends paid on preference
were
Cost of sales.
Assets—Demand
Provision for additional assessment of prior
p.
Earnings for the Year
paper
81,442
dends paid
on
Corp.—Annual Report—
Paper Products
$71,693, including $48,671
$364,832
Balance, deficit, Jan. 1, 1939
Earned surplus (deficit) for the year before divi¬
Assets—Cash
been appointed registrar of the
company.—V. 150 e. 3818.
Loss for the year
on preference stock reacquired..
surplus of subsidiary at date of acquisition
parent company as of Jan. 1, 1939)
Earned surplus
stock of this
Detroit
Other
31, 1939
Discount
Earned
Total
Guaranty Trust Co. of New York has
common
fixtures, and equipment
and amortization of leasehold improvements
Provision for Federal income tax
Earned deficit for the year before
(1) Undeposited debentures must be surrendered to Marine Midland
120 Broadway, New York, for delivery of the new stock and
undeposited bonds must be surrendered to Guaranty Trust Co., 140 Broad¬
way, New York for delivery of the New stock.
(2) Certificates of deposit must be surrendered to the Trust company
which issued the certificates, for delivery of the new stock.
Trust Co.,
Sales, less returns and allowances
—
Provision for depreciation of furniture,
with the following instructions;
$7,806
'.
ceived, &c._-
$1,994,751
first mortgage sinking fund 6 H %
gold bonds of Detroit International Bridge Co. and Canadian Transit Co.,
and certificates of deposit therefor are to receive 16 snares of common
stock for each $1,000 principal amount of bonds held or represented by
certificates of deposit.
Holders are requested to fill in and sign and appropriate letter of trans¬
mittal and forward it, together with their securities, to and in accordance
Pursuant to the plan holders of joint
and general and
_
Net profit from sales
Other income credits, net cash
411
& Financial Chronicle
$304,154
1,475
4,262
96
400
2,538
1,269
43,700
$298,223
$251,314
Note—At the declaration
paid-in surplus there was no
dates of preferred stock dividends
earned surplus available for such
charged to
dividends.
The
Commercial & Financial Chronicle
412
Balance Sheet Dec. 31,
Liabilities—
1939
1938
569.520
$30,962
Accounts payable.
Notes & accts. rec.
99,319
68,567
Inventories
95,837
93,008
Acer, wages, com.,
local <fc social se¬
2,216
1,597
Assets—
Cash
Other assets
plant
and equipmentPrepaid taxes, ins.
252,579
& other exps...
5,876
18,298
11,375
J.
Goodwill
171,146
def23,651
Total.
5617,637
......
Total
$564,987
$617,637
$564,987
After reserves of $119,260 in 1939 and $93,056 in 1938 —V. 150, p.2878.
x
Disher Steel Construction
Earnings far the Year Ended Dec. 31, 1939
Depreciation
on
Assets—Cash, $5,845; investments, $30,526; accounts and notes receiv¬
(less reserve for doubtful accounts of $7,619), $89,823; stock of ma¬
and supplies, $57,409; buildings, machinery and equipment (less
reserve for depreciation of $177,392), $55,844; deferred charges,
$2,243;
goodwill, $200,000; total, $441,691.
Liabilities—Accounts payable, $27,548; accrued charges including re¬
serves for income taxes, $6,305; class A cumulative redeemable convertible
preference shares, $262,647; common shares (22,500 no par shares), $105,000; reserve—profit on redemption of preference shares, $10,974; profit and
loss account, $29,217; total, $441,691.—V. 149, p. 4173.
x
942,316
—
77,218
—
$51,594
provision for depreciation charged to costs
$98,339 for the year ended Dec. 31, 1939.
amounted to
and
expenses
51,594
21,517
_
8,644
50,000
$620,676
companies
for
the
57,031
596,307
cos
31, 1939
Note—Investments in and advances to subsidiary and affiliated com¬
panies include $177,754. representing the book value of net current assets
and prepaid expenses owned by Joseph Dixon Crucible Co. but carried on
books of a subsidiary company.—V. 149, p. 4173.
39,782,695
89,272,565
78,594,487
9,758,951
21,604,886
19,063,044
4,724,524
9,933,647
9,445,660
20,028
31,151
34,084
68,440
174,695
681,924
loss2,276
174,695
726,258
24,681
239,695
918,401
346,010
239,695
1,078,272
49,225
10,000,000
7,500,000
17,500,000
15,000,000
con¬
owned
Inc. from misc. invest'ts
securities (net)
Income received from in¬
on
General
in
Motors Corp
Total
$33,300,298 $23,934,346 $61,245,674 $45,717,910
Int. on outst'd'g bonds.
8,791
13,187
21,979
26,375
Prov.for Fed.taxes on inc
6,165,000
3,125,000
10,370,000
5,820,000
4,000,000
contingencies
4,000,000
Net income
$23,126,507
Divs. on debenture stock
$20,796,159 $46,853,695 $39,871,535
1,639,397
3,278,793
1,899,957
562,500
3,799,913
1,125,000
Prefered stock
Bal.applic.tocom.stk_$21,226,550 $18,594,262 $43,053,782 $35,467,742
Incl E. I. du Pont de
Nem.& Co.'s equity..$22,348,879 $19,134,962 $44,877,680 $36,244,421
zShs. of com.stk. outst'd 11,043,213
11,056,371
11,044,663
11,056.146
Amount earned a share.
$2.02
$1.73
$4.06
$3.28
y
x
Net of returns, allowances, outward freight, &c.
y In undivided profits
of controlled companies not wholly owned, amount earned on
losses
or
common
stock,
z
Excluding shares held in treasury.
Statement of Consolidated Surplus June 30
1940
1939
1938
1937
$6,168,475
593,935
$4,416,696
263,128
$3,133,329
$2.12
$0.94
$0.39
$6,530,001
675,962
$2.41
share
109,729
—V. 150, p. 2878.
1940
Surplus at beginning of year
1939
..256,368,715 256,251,529
46,853,6,95
39,871,535
Net income six months
Adjustments resulting from revaluation of invest¬
Dominion Electric
Calendar Years—
1940—6 Mos.—1939
$69.743,731$163,018,582$136,385,469
wholly
cos. not
Casting Co.—Earnings—
6 Mos. End. June 30—
1774.
Provision for unforeseen
banks, $406,560; receivables (less reserve for doubtfu1
accounts of $15,000), $586,193; inventories, $2,330,205; prepaid
insurance,
&c., $22,000; cash surrender value of life insurance policies, $51,009; in¬
vestments, $998,514; fixed assets (less reserve for depreciation of $1,264,958), $1,410,241; patent rights (less amortization of $1,525), $25,332;
total, $5,830,055.
Liabilities—Foreign drafts payable, $13,872; accounts payable, $101,044;
accrued taxes, $28,534; accrued wages and commissions, $33,265;
capital
stock, $5,000,000; undistributed earnings of subsidiary companies, $57,031;
surplus, $596,307; total, $5,830,055.
per
trolled
in
Net sales.
1940—3 Mos.—1939
securities.
vestment
$653,339
Undistriouted earnings of subsidiary
Net profit after taxes...
p.
oper'ns.$22,425,927 $15,477,561 $42,207,484 $29,282,278
Inc. from invest, in
year
Balance, Dec. 31, 1939
Doehler Die
shares.—V. 147,
no par
operating charges
46,326,187
Selling, general and ad¬
ministrative expenses. 10,646,590
Provision
for
deprecia¬
tion and obsolescence.
5,116,075
32,663
Balance Sheet Dec.
for depreciation of $3,929,601 in 1939 and $3,563,719 in
Cost
Profit
Balance
Assets—Cash
reserves
Represented by 373,884
Sales & oth. oper. revs.$84,514,779
of goods sold and
x
$752,432
_
Miscellaneous adjustments (net) applicable to prior years
Dividend paid on common stock—$1 per share
Represented by:
.Surplus
56,080
59,137
711,253
1.055,736
Income from marketable
Balance, Dec. 31, 1938:..Net loss for the year ended Dec. 31, 1939-.
Reduction of investment in affiliated company.
Earnings
y
Income from
Surplus Account
Undistributed earnings of subsidiary
ended Dec. 31, 1939.
222.500
$12,485,257 $12,526,918
After
Period End. June 30—
Net loss for the year
Note—The
5,035,000
219 ,600
51 ,580
55 ,537
711 ,253
1,114 ,899
Total.
1938.
$3,499,374
2.531,434
—
Selling and administrative expenses
5,035 ,000
(E. I.) du Pont de Nemours & Co. (& Subs.)—Earnings
-
Other expenses—net
5M%
y Common stock
Earned surplus
Earnings for Year Ended Dec. 31, 1939
~
Ltd.,
5.158 first preference shares
55,537 second preference shares
(Joseph) Dixon Crucible Co.—Annual Report-
-
Co.,
stock
Industrial Minerals, Ltd.—
able
..
cos.
...
terials
Cost of sales
1,000 ;66o
3,360 ,000
....
Alberta Wood Preserving Co., Ltd. 7% cumula¬
tive preferred stock—
Balance Sheet Dec. 31, 1939
Net sales
Chemical
&
Tar
cumulative preference
$13,284
-—
3,894
69,231
42,600
1,200,000
3,360,000
113,846
53,605
...
Preference stocks—
Dominion
-
3 ,843
69 ,231
...
15-year debentures 44£% series A
buildings, machinery and equipment
316,721
24,150
203,164
23 ,275
316 ,090
.....
Preference stock sinking fund reserves of sub.
General and contingent reserves......
$26,788
10,168
3,335
Provision for income taxes
Profit for year
524 ,949
Wood Preserving Co., Ltd
Dominion Tar & Chemical Co., Ltd
Serial notes payable
Serial debentures 3 lA % series A
Co., Ltd.—Annual Re-port—
Profit for year after charging manufacturing costs, administra¬
tion and other expenses
$12,485 ,257 $12,526,918
Liabilities—
Accounts payable and accrued liabilities
Accrued interest on debentures
Provision for income and other taxes
Dividends declared on preference stocks—Alberta
20,048
%
Total
5,211,667
3,696,087
57,004
46,215
298,223
44,371
5,298,976
3,250,000
Fixed assets
x
171,596
251.314
20,499
47,430
Investments
8^600
83,400
$695,087
1,14.5,338
1,607,591
43,040
55,800
42,327
Cash surrender value of life insurance policies.—
'
Experlm'l equip. In
process, at cost.
1938
1,845,821
17,755
Marketable securities
(par value $1)_.
Paid in surplus...
Earned surplus...
100,600
92,289
cost
1939
$524,105
1,407,432
Inventory
Unexpired insurance
10,727
Common stock
5,420
Sheet Dec. 31
Accounts and bilis receivable
6% pref. stock
&c„ at
Balance
Assets—
Cash
1938
$23,943
Income taxes
244,784
Patents, formulae,
processes,
1939
$37,283
curity taxes. &c.
Provision tor Fed'l
Property,
x
July 20, 1940
Consolidated
ment in General Motors
Power, Ltd.—Earning s1939
1938
1937
$450,996
189,889
39,761
18,522
80,123
$418,485
181,522
31,545
15,959
89,084
Other income.
$145,351
1,766
$122,701
1,295
$100,375
2,902
$106,694
1,107
Operating revenues.:
Operating expense
Maintenance
Taxes
I
1936
177,321
28,916
16,031
74,936
Corp
5,500,000
Difference between cost and the value placed
common stock awarded under bonus plan
'$403,898
Depreciation
$485,518
196,569
37,805
19,955
85,838
.
Total
Preferred stock
Common stock.
a
Surplus at June 30.
In accordance with
a
431,720
309,068,067 303,054,784
3,278,793
3,799,913
1,125.,000
38,678,131
27,650.781
Dividends—Debenture stock
a
6,500,000
345,657
on
266,590,023
271,000,210
practice followed since 1925, the amount
at which
du
Balance
Int. on funded debt
Other
Loss
$147,117
63,072
interest
on
$103,277
65,063
$107,801
216
137
238
a
444
365
848
solidated balance sheets of General Motors Corp. at Dec. 31, 1938, and
Dec. 31, 1939, respectively.
The net amount so added to surplus from
64,102
145
Canadian exch__
..
Amortization
66,075
income
5,512
16,737
5,600
11,510
5,679
7,253
5,763
8,150
$61,651
Fed. & Prov. income tax
Net
$123,996
Pont company's investment in General Motors Corp. common stock
is carried was adjusted on the books of the company in March, 1939, to
$42,124
$24,780
$26,727
Balance Sheet Dec. 31, 1939
$197,000,000 ($19.70 a share) and in March, 1940, to $202,500,000 ($20.25
share), which closely corresponded to the equity indicated by the con¬
1925 to 1940, inclusive, is $144,878,242.
in
prior
Assets—Plant, property and equipment, $2,734,340; mortgages receiv¬
able, $6,901; special deposits, $128; cash, $20,441; accounts receivable,
$92,192; notes receivable, $719; inventories, $29,786; other miscellaneous
assets, $1,092; unamortized debt discount and expense, $75,589; prepaid
items, $5,237; deferred charges, $125; total, $2,966,550.
Liabilities—Preferred stock, $493,200; common stock, $700,000; funded
debt, $1,078,500; municipal debentures assumed, $9,279; accounts payable,
$11,731; notes payable, $11,420; accrued interest on funded debt, $16,705;
accrued preferred dividends,
$4,932; other accrued liabilities, $17,230;
consumers' deposits, $28,692; depreciation
reserve, $517,775; bad debt
rcser-vc
S22.787; Qtlier reserves, $1,287; surplus, $53,012; total, $2,966,550.
—V. 149, p. 2229.
Dominion
Tar
&
Chemical
Co.,
Ltd.
(&
Subs.) —
Also, there was added to surplus
result of revaluing a Canadian investment
Consolidated Balance Sheet June 30
1910
A. sscts
1939
IT
S
'
'
1940
Liabilities—
5
Plant & props..391.563,155 362,139,166
Bonds of sub. co.
Patents, good¬
Deben. stock
will. &c
Cash
30,063.586
....101,255,357
30,050,389
112,990,232
Notes and accts.
receivable y__
e
$4.50 cum.pref
Pref. stock
c
expenses
Salaries and fees
5 938
_
paid to executive officers..
Fees paid to other directors
II
Interest on debentures
Provision for depreciation
ZZ
57,627
4.3901
Z.ZZZ
Z
ZZZZZZZZZZZ
Income taxes paid and provided for
ZZZZZZZZZZZZZ
as
at
Dec" "31," 1938 Z
Total surplus
Divs. on preference stocks—Alberta Wood
Preserving Co.,
Dominion Tar & Chemical Co., Ltd
Accts. payable..
22,786,828
14,980.111
57,105,404
13,062.396
48,627,865
4,220,459
3,138,589
Corp.com.stk.202,500,000
197,000,000
Accrd. llabils.g.
40,830,505
40,798,397
Misc.accts.pay.,
acquired.f
4.556,514
1,321,550
Def. debit items
1.630.366
1,159,022
Balance
15 410
276,925
81 392,995
113 846
~~
reserves
Amount written off goodwill account
53'505
ZZZZZZZZZZZZZ
as
at Dec.
a
Gen'l
Com. stk. of the
co.
Dr445,548
31,1939 $1,114,899
4,611,350
23,809,710
pension
plan
deb. stock
,639,397
Div. pay. on pfd
Motors
Other lnvestm'ts
7,868.546
24,939,472
under
Divs. payable on
Misc. accts. rec.,
1,899,956
562,500
27,330,821
16 ,814,502
6,453,427
advances, &c_
4,989,256
7,140,207
4
4,528,561
xProv. for awards
to
em
pis
un¬
der bonus plans
Res.
and
for
lasur
,
13,380,996
6
6,801,666
preciation, &c.128,588,334
$629 594
1,055,736
'
50 000,000
221 315.240
Oblig. to trustee
295^348
*
$
zl68,885,000
Com. stock...221,315,240
25,686,565
se¬
116 ,652,242
contlngs.
Reserve
for
de¬
Surplus
81 685 331
Ltd"
Preference stock sinking fund reserves
Balance at credit of profit and loss account
192 325
365,282
1939
1 ,055,000
109 ,294.800
curities
b Marketable
advances, &c.
$1,550,504
Legal
a
Inventories
Net operating profit.
General
as
[Including Wholly-Owned Subsidiary Companies]
Earnings for the Year Ended Dec. 31, 1939
Net profit for the year
Balance of credit of profit and loss account
$4,364,113
years
carried in "other securities and investments."
Total
874,392,022 833,074,4341
266,590.023d271 000,210
Total
874,392,022 833,074,434
a General
Motors Corp. common stock, 10,000,000 shares carried at
$20.25 a share in 1940 and $19.70 in 1939.
b Quoted market value June 30,
1940, $14,980,111 (1939, $13,148,724).
c Represented by 11.065,762 shs.
of $20 par value,
d E. I. du Pont de Nemours & Co.'s equity in surplus
of controlled companies not wholly owned has increased since acquisition
by a net amount of $5,551,549, which is not included in surplus in above
balance sheet,
e Represented by 500,000 no par shares,
f Held for awards
Volume
to employees
taxes,
x
under bonus plan,
g
Includes provision for Federal
liabilities,
included in
(1939)
and notes, cash
1939.
z Repre¬
Less reserve for doubtful accounts
discounts, &c., $2,635,173 in 1940 and $2,255,434 in
sented by 1,688,850 no par shares
current
and other
Assets—
$20,943,537 (1940) and $11,486,091 (1939).
of $1,579,817
(1940) and $1,758,818
Exclusive
y
413
& Financial Chronicle
The Commercial
151
;
Cash.
Comparative Consolidated Balance Sheet Dec. 31
Liabilities—
',v.;
1939
1938
Liabilities—
1939
$87,839 Accts. payable and
890,261
accruals
A ccts. receivable..
15,586
55,746
Inventories
77,305
62,020
royalties,
ances
stock, &c-.
Invest, in stock of
42,141
68,136
68,136
July 17 by the War Department with this company.
The plant, to be constructed near Chariest own, Ind., will be owned
by the Federal Government, which has retained the company "to construct
and operate it on a fixed fee basis."
When completed the plant will be
capable of producing 200,000 pounds of powder daily, which is more than
three times existing production capacity.—V. 150, p. 3356.
ham Duplex Ra¬
48,021
J. B. Williams Co
Invest, in Durham
Build Powder Plant—
signed
on
Profit from operations, after charges of $26,104 for
tion of executive officers and solicitors' fees and
directors'
providing
before
and
fees,
for
Added to
729,952
701,864
&c.
$405,649
160,000
__
$113,935
„■
$540,894; inventories
$758,123; materials in transit, at cost, $121,210; deposits with tenders,
$2,163; unexpired insurance, $1,796; balances receivable under agreements
of sale, $4,343; investment in company's own bonds, $92,258; fixed assets,
(less reserve for depreciation of $995,767), $2,474,635; deferred charges to
total, $4,001,126.
Liabilities—Bank loan, secured, $423,163; accounts and bills payable,
$244,873; accounts and bills payable, materials in transit, $37,578; accrued
wages and other accrued liabilities, $23,526; sales tax payable, $8,231;
Dominion and Provincial income and corporation taxes, estimated, $41,200;
$1,196;
first mortgage sinking fund 6% bonds, due 1953, $1,058,500; reserve for
bad debts, $51,351; 6% preferred stock, $1,270,200; common stock (85,585
shares of no par value), $855,850; capital surplus, $56,331; earned surplus,
...
Maintenance and repairs
Appropriation for retirement reserve
Amortization of leaseholds, &c
x
1940
1939
$33,592,683 $30,313,409
10,291,507
9,401,651
2,119,677
2,083,224
3,187,415
2,925,073
575
911
2,258,665
1,664,500
2,315,308
for Federal and State income taxes2.467,833
..$13,210,367 $11,979,384
401,779
395,523
_ _
Interest
income
on
funded debt
Amortization of debt discount and expense
Interest
on
Federal income tax settlement
Other interest
Interest charged to
Taxes assumed
...
,
on
$13,612,146 $12,374,907
2,450,000
2,450,000
315,936
315,941
15,005
81,023
8,960
5,526
Cr30,357
Crll3,214
69,300
54,519
69,300
61,129
.$10,728,782
$9,505,202
construction
bond interest
.
Miscellaneous deductions
Net income.
_
figures have
been adjusted to reflect interest applicable to 1938 on the Federal income tax
settlement made in January, 1939.—V. 150, p. 3972.
Note—In the above statement of income the previous year
Durez Plastics & Chemicals,
Inc.—-Annual Report—
Earnings for the Year Ended Dec.
31, 1939
$521,772
Income from operations
Other income
17,950
$539,722
67,834
75,916
Gross income
Deductions from income...
_
Provision for Federal taxes on income
Net income to earned surplus
$395,971
„
Assets—Cash, $665,511; receivables, less reserves, $349,054; inventories,
$463,861; property, plant and equipment (less reserves for depreciation of
$586,189), $2,286,395; patents,»$500,000; goodwill, $1; deferred charges,
$182,967; total, $4,447,790.
Liabilities—accounts payable, $275,139; accrued expenses, $32,272;
accrued taxes, $102,060; deferred credits, $962; 10-year 4convertible
debentures, $1,600,000; 7% preferred stock, $181,100; 6% preference stock
and scrip, $539,825; common stock ($5 par), $644,750; capital surplus,
$521,359; earned surplus (including balance of earned surplus of General
Plastics, Inc. in the amount of $440,241), $550,322; total, $4,447,790.—V.
149, p. 3407, 1912.
Eastern Air Lines, Inc.—Stock Options Increased—held by E. V. Rickenbacker, President, for
The original option
Other
Commission.
options
been
have
increased as follows:
Brattain, First Vice-President, from 5,000 to 6,250 shares; S. L.
Second Vice-President, from 2,500 to 2,875; T. F. Armstrong,
and Treasurer, from 1,000 to 1,150.
On May 10 Mr. Shannon
cised options for 1,000
P-3506.
'
shares and Mr. Armstrong for
sale of secur's.
$421,808
154,091
1938
1937
$254,096
157,784
$354,665
$286,563
170,713
167,158
3,634
__
on
foreign
funds for bond int
Prem.
1939
1940
Bond interest
on
paid
15,684
34,462
1,041
3,800
222,669
Legal fees
Directors' fees..
25,291
Depreciation and amortization
Taxes other than United States income tax
13,299
$75,370
11,880
Net income..
Other income
$12,604
loss......
$189,358
Applicable to pref. shares of Crescent Creamery Co.,lLtd.ftheld
public, a
Consolidated Balance Sheet March 31, 1940
x
$87,250
33,884
.....
9,086
Provision for United States income tax.
$44,279
Consolidated net income
Duplex Razor Co., Ltd., England (un¬
consolidated subsidiary) indicate that net earnings of that company during
1939 Vfhich were applicable to stock owned by Durham Duplex Razor Co.
amounted to $6,194, with depreciation as to fixed assets converted from
Sterling to United States currency equivalents at the exchange rate reflected
in the parent's books for its investment in that company, $4.69093, and
other items converted at an exchange rate of $3.9575.
Note—Statements
of Durham
Consolidated Statement of Surplus
Consolidated surplus Dec. 31, 1938 of Durham
Co. and domestic and English subsidiaries
Amount included for
Duplex Razor
Assets—Cash, $258,688; accounts receivable, less reserve,
$332,170;
receivable, $1,921; inventories, at cost, $214,683; other assets,
$118,981; fixed assets (less reserve for depreciation of $2,579,024), $4,736,282; prepaid and deferred charges, $79,514; total, $5,742,239.
Liabilities—Bank loan of a sub. co., $54,500; accounts payable and ac¬
crued liabilities, $406,196; taxes, due and accrued, $37,974; salesmen s
deposits and unredeemed tickets, $72,553; accrued bond interest (incl.
provision for premium on U. S. dollars), $70,050; equity of pref.
sub. cos. in hands of public, $1,593,455; 6% 20-year 1st coll. trust sinking
fund convertible bonds, series A, 1949, $2,521,500; 7% cum. pref. stock
sharestof
(par $100), $2,500,000; common stock (99,020 no par shares), $1,579,210;
capital deficit, $2,641,408; deficit
from operations $451.791;j total,
149, p.
$5,742,239.—V.
1912.
Easy Washing Machine
Co., Ltd.—Annual Report—
Earnings for the Year
Ended Dec. 31, 1939
tic subsidiary Dec.
Net
Earned surplus, Dec.
—
-----
$94,963
31,1939
Balance Sheet Dec. 31, 1939
assets—Cash, $10,264; accounts receivable (less reserve for doubtful
$4,307), $80,621; customs drawback claim, $1,841; inventories,
$142,529; land and buildings, machinery, &c. (less reserve for depreciation
of $30,312), $74,047; other assets, $6,877; total, $316,180.
Liabilities—Accounts payable and accrued charges, $36,398; sales tax
accounts of
$2,077; commissions, payable and accrued, $2,379; reserve for
$6,346; dividend payable Jan. 15, 1940, $1,125; principal
taxes,
ference shares,
$10,000; mortgage payable, $10,000; 6,430 pre¬
par), $42,782; distribu¬
$64,300; 30,622 common shares (no
surplus, portion
issued, $45,807; earned
table
Eaton Mfg. Co.
of consideration received for no par
surplus, $94,963; total, $316,180.—V.
thereon
(as above)...
Provision for United States income tax
___
Consolidated surplus Dec. 31,
1939
$130,259
—
recorded value of
17,461
5,811
—
4,107
2
102,878
value shares
150, p. 1134
(& Subs.)—Earnings
30—
Consol. net profit after
taxes, int.,deprec. &c.
Shs. common stock outstanding (no par)
Period End. June
1940—6 Mos.—1939
1940—3 ALos,—1939
$970,470
$559,692
Earnings per
703,646
share._$1.38
$1,908,348
703,646
i$0.80
%
$1,285,691
3200.
_
.
703,646
$1.83
703,646
$2.71
Ebasco Services Inc.—Weekly Input—
For the week ended July 11, 1940, the kilowatt hour system input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp., and National Power & Light Co., as
compared with the corresponding week during 1939, was as follows;
Xtictcq>$c
-
Operating Subsidiaries of—
1940
Light Co.126,919,000
Electric Power & Light Corp. 68,819,000
National Power & Light Co— 82,240,000
1939
Amount
%
123,314,000 3,605,000 2.9%
65,262,000 3,557,000 5.5%
75,734,000 6,506,000 8.6%
figures do not include the system inputs "of anylcompanies
in both periods.—V. 151, p. 243.
American Power &
Tabove
appearing
The
—Insurance in Force
$17,461
Dr3,318
44,279
at less than face value
$25,089
73,249
Dr3,376
—
beginning of year.
$71,836
Duplex Razor Co. and domes¬
31, 1938.______
Razor Co. debentures purchased
Total surplus
Appropriation from surplus to write down
goodwill, patents and trademarks
Dividends paid—10 cents per share;
Participating preferred stock
Class A common stock.
Class B common stock.
116,918
Cr2,703
6,504
profit for the year—...
Earned surplus at
Dividends paid
not
Discount on Durham Duplex
Consolidated net income for 1939
$145,807
profit on sales
—
Selling and general expenses
.
Miscellaneous income, less cash discounts.
Provision for Dominion and Provincial income taxes
Gross
$81,535
9,699
English subsidiary
Consolidated surplus of Durham
by
interest
—V. 150, p.
1
...
$179,141
92
Proportion of loss
income
$185,232
71,271
operations
Advertising, including net razor cost
Total income
1,749
39,612
12,654
2,460
225,918
10,454
2,146
$101,565
"Y,20i
Amort, of bond expenses
Prov. for income taxes._
1,820
38,735
10,613
1,820
218,444
12,514
1,492
1,996
41,438
1,651
2,640
236,744
2,757
Remuner'n of executives
Net
400 shares.—V. 150,
Subs.)—Earnings—
Dairies, Ltd. (&
Profit from operations &
other income
Loss
the pur¬
according
Exchange
Paul H.
Shannon,
Secretary
had exer¬
.
repayments on mortgage,
31, 1939
Income from
Other charges...
>,611
243.
chase of 20,000 common shares has been increased by 5,000 shares,
to an amendment filed by the company with the Securities and
payable,
Duplex Razor Co. (& Sub.)—Earnings—
Earnings for the Year Ended Dec.
30,373
r
Balance Sheet Dec. 31, 1939
Durham
33,427
$65,743
$29,219
$33,223
Net earnings
-Y. 151, p.
1940—2 Mas.—1939
$99,170
$86,984
1940—Month—1939
$51,720
$44,398
18,497
15,179
31—
Operating expenses
x
Gross
Co., Ltd.—Earnings—
East Kootenay Power
Period End. May
Gross earnings
Depreciation
Net operating revenue
Other income.......
Dr9,410
$89,880 in 1939 and $84,918 in 1938. yPar value
After depreciation of
Eastern
w.._
Provision
Dr9,410
81,176,104 $1,221,499
Total
81,221,499
$1,176,104
Years End. Mar. 31—
Djuquesne Light Co.—Earnings-—
Years Ended May 31—
Operating revenues
Operation
85
71,836
pref. stock
$5 per share.—V. 144, p. 1437.
2713.
deficit, $69,677; total, $4,001,126.—V. 147, p.
205,335
85
102,878
Consol. surplus.
Balance Sheet Dec. 31, 1939
Assets—Cash, $4,507; accounts and bills receivable,
Taxes
y
In treasury
63,510
28,205
40,000
profit transferred to earned surplus
operations,
15,848
10,400
300,000
10,400
300,000
205,335
y
Total.....
_
for bad debts.__
15,848
Partic. pref. stk,
Class Acorn, stk.
Class B com. stk.
y
remunera¬
Provision for Dominion and Provincial income taxes
Net
138,012
149,038
equipment.
Goodwill, patents,
583,400
plant
modernization..
Partic.
__
reserve
for
516,250
$1,328 for
charges
Provision for depreciation
Bond interest
._j..
Reserve for conting
1939
undernoted
the
cony.
Reserve
31,773
31,773
and
Worsteds,Ltd.—Annual Report—•
Earnings for the Year Ended Dec. 31,
8,577
England
6%
debentures
Co., Ltd., Engl,
Land, buildings
trademarks,
Dominion Woollens &
Ltd.,
Co.,
zor
20-year
Duplex Razor
x
713
payable..
Dur¬
from
Advs.
razor
smokeless powder plant was
To
A contract for construction of a $25,000,000
and accept¬
Notes
Prepaid insurance,
1938
$34,713
$34,718
...
Equitable Life Assurance Society of the United States
Increased to $7,027,000,000^"'Yhe company at June 3(17*19401]ad life insurance in forceof'$7,027,000,•000, an increase during the half-year of $91,000,000, Thomas I. Parkinson,
President of the Society, revealed July 17 following the semi-annual meeting
of the board of directors. In announcing the results for the six months, Mr.
Parkinson emphasized the continued scarcity of investments suitable to
the Society's needs.
"The investment
_
„
,
of the growing funds of our large group of policyholders
difficult problem," said Mr. Parkinson. "There continues
to be a scarcity of corporate obligations of a quality that we require and
the yield from high-grade securities remains unreasonably low.
.
"The Treasury persists in its policy of issuing short-term obligations with
tax-exemptions which result in low yields unsuited to our investment re¬
remains our most
quirements.
Notwithstanding the general criticism of tax
exemption, the
The Commercial & Financial Chronicle
414
Treasury refinanced its maturity of June 15 last with wholly tax-exempt
notes and its offering of a few days ago of bonds for new money was taxexempt as to the normal tax, which for banks and other corporations means
complete exemption from taxation.
The huge mass of maturities which
will be
wheeling in front of the Treasury with relentless regularity for years
ahead will one day constitute a problem of major proportions for some
Secretary of the Treasury to solve."
Of the total insurance in force, group life insurance represented $2,271,000,000.
The Society's total admitted assets as of June 30, 1940, were $2,473,000,000, an increase during the half-year of $70,800,000, according to Mr.
Parkinson. Total contingency reserves and surplus, including provision for
dividends for the balance of 1940, amounted as of June 30 to $126,000,000.
The healthy condition of the Society's business, Mr. Parkinson said, was
revealed by the total of new insurance paid for during the first half-year,
amounting to $186,600,000 or $6,700,000 greater than the new business
written during the same period in 1939.
Receipts or the Society during the six months, Mr. Parkinson said,
exceeded disbursements by $76,800,000.
Mr.
Parkinson also remarked upon the continued increase in group
hospitalization and accident and health oenefits, which is reflected in the
108,000 additional workers covered since Jan. 1, 1940.
He stated that
group pensions also showed a continued increase and referred particularly
to the recent adoption of a group pension plan by John A.
Koebling's
Sons Co. involving an initial premium of $3,300,000.
Florida Power & Light Co. (&
Calendar Years—
Operating
Net oper. revenue
on
mtge. bonds
debentures
on
Other int. & deductions.
Net
income
Divs.
on
Divs.
on
$7 pref. stock..
$6 pref, stock..
(& Subs.)
Cost, expenses, &c
Operating income
$1-,347,402
435,637
$1,158,471
225,704
$1,711,665
78,924
340,750
i
Interest, &c
__
Fed. and State inc. tax-
$1,783,039
284,810
236,871
$2,012,976
140,533
$1,384,175
154,875
26,523
tax..-
$2,153,509
91,483
498,116
625
Net profit
dividends
$1,291,991
365,300
1,216,080
.
$1,261,358
365,300
1,216,080
$1,202,152
365,300
1,216,080
$1,563,910
304,417
1,216,080
$289,389
.
dividends...
$320,022
$379,228
Plant,
$2.28
$2.21
$2.06
$3.11
After deducting $1,413,758 transferred from
inventory reserve.
Consolidated Balance Sheet
June 1 '40
Assets—
June 3, '39
8
$
Property acct
June 1 *40
Liabilities—
10,905, 308 11,167,731
Goodwill
1
Inventories
20,003, 093 20,945,358
June
8
3, '39
$
pref. stock
7,306 000
7,306,000
Common stock..20,268 000 20,268,000
5%
1
Accts. & notes rec. 7,199, 534
Empl.bldg.fd., &e 1,734, 640
y
Notes payable
4,250 000
Notes held by
pi
463 578
520,154
Accts. payable, &c
1,955, 332
1,113,585
78, 559
1,924,756
46,099
181, 736
investrn't-
171,239
Accrued Federal &
em
Sundry creditors..
Sec. dep. for W. C.
272, 053
272,053
4, 289
266,698
21,534
Inventory
3,204,501
3,665,236
103,259
278,315
137,500
Federal tax reserve
Prepaid taxes, <fcc.
Ernpl. stock acct..
Cash
63 661
494,471
State tax..
insurance...
262, 139
Res. for work com.
Miscell.
reserve
.
250,000
250,000
1,745,655
1938
8
97,846
6,951,311
43,845,853 46,041,360
After
depreciation,
993.
Total
Represented
y
43,845,853 46,041,360
by 405,360 shares,
par
$50.—V.
x
14,087
cents was paid on June
1, last.—V. 150,
,977,008
886,121
1,419,111
847,237
68,093
76,252
Prepayments.
Misc.
Directors
have declared a dividend of
S1.37H Per share on the capital
stock, par $50, payable Aug, 1 to holders of record
July 26.
Like amount
was paid on Feb. 1,
last; $2.50 on Aug. 1, 1939; $1.37^ on Feb. 1, 1939;
$2.50 on Aug. 1, 1938, and $1.50 per share
paid on Feb. 1, 1938.—V. 150,
p.433.
RR.—Hearinq Aug. 6—
progress
in
has been made with the
to
the
Interstate
for the road must
the reorganization proceedings of the
company
setting of Aug. 6 as the time by which all objections
Commerce
be
filed in
Commission-approved reorganization plan
Federal Court, Cleveland, according to an
order signed by Judge Wilkin.
The order further states that
151, p. 244.
Fairchild Aviation
Corp.—25-Cent Dividend—
initial dividend of 15 cents paid
Fairchild Engine &
Fenton United
on
Aug. 10. 1938.—V. 150,
1.549,959
989,205
251,631
Earned surplus.
Total
Ferro Enamel
aid of
219,442
common
stock...
Earnings per share.____
1940—3 Mos.—1939
$125,785
233,160
constr.
99,893
70,522
821,778
,017,095
821,778
4,503,602
141,430,657
144,550,148
Total
passu
Flour Mills of America, Inc.—SEC
$0.54
$266,466
194,300
$1.37
$1.07
After
depreciation, interest, Federal and foreign income taxes, &c.
i*£0ll^he period ended June 30, 1940, excludes earnings of the
plant, but includes earnings of the English
plant and other foreign
plants for six months ended April 30,
1940, while comparable profit for the
six months ended June
30, 1939, includes earnings of all
foreign plants for
six months ended
April 30, 1939.—V. 150, p. 2574.
Franklin
Fire
Insurance
Co.—Extra Dividend—
par
$5, both payable Aug.
1 to holders of record July 20.
6 Mos. End. June 30—
Income—Dividends
Interest
1940
Florence Stove
6 Mos. End. June 30—
Net sales
-
z$120,138
$148,063
32,799
$133,663
35,375
$120,138
34,977
$149,023
45,136
$122,476
$98,288
$85,161
$103,888
Balance Sheet June 30
Assets—
Funds
1940
custodian.
Securities owned..
Divs.
1939
Liabilities—
deposit
on
receivable..
Net profit
...
1939
1938
$4,828,901
348,236
$3,883,265
137,631
336,150
1937
$5,971,921
574,075
333.541
stock.
338 786
per share
$1.30
$i 03
$0.41
Alter charges and Federal income
taxes, but before surtax
common
__
Earnings
tnbuteq profits.
8749
3,579
3,323
X36.694
Amt. pay. for cap.
31,594
34,345
...
71,499
3,149
3,058
Reserve for taxes.
14,499
2,412
159
Unredeemed scrip.
stock repurch
Div. pay able..
x
...
..86,793,681
3,058
1,156,704
Paid-in surplus.9,387,205 10.726,321
Unrealized net de*4
preciation over
cost of invest
Dr3516466 Dr2946,734
Earned surplus
86,475
58,530
Treasury stock-.. Dr276,424.Dn002,521
$8,046,701
Includes accounts receivable,
z
12,926
3,149
zCapital stock
Total
1939
8941
Acer, management
fee
3,101
Script redemp. fund
Deferred charges..
987,630
Total.
Par
86.793,681 S8.046.701
$2.' —V.
150, p. 2575.
Fyr Fyter Co., Dayton, Ohio—Earnings—
6 Mos. End. June 30—
sales
1940
deductions
Federal income tax
Net
profit
79,107
$392,049
213,227
100,670
$14,534
2,810
$9,894
2,774
$78,152
3,542
$17,344
3,262
1,971
$12,669
3,719
1,253
$81,694
5,340
23,386
$11,639
Balance, surplus
Miscell.
1937
$281,844
185,913
86,037
$22,495
7,043
3,813
Selling & adm. expenses.
1938
$255,080
161,439
$19,148
3,347
Cost of sales.
1939
$304,385
198,020
87,2 1 7
Net
$12,111
$7,697
$52,969
Balance Sheet June 30
Assets—
1940
1939
Liabilities—
Bldgs., machinery,
equipment,
&c.
Patents
10,209
S428.214
10,335
1940
8443,500
8443,500
201,794
191,483
2,083
190,346
188,265
28,561
20,547
33,658
24,810
Res.
for
1
1
22.480
10,386
11,797
Accounts
100.372
120.042
Accruals,
28,357
34,787
Notes & accts. rec.
103,264
95,130
Inventories
208,460
163,350
sales
tax
Surplus
stock
.
.
assessments
.
payable&c
Divs. due on cl. A
stock
4.610
4,610
16,953
12,923
8921,506
8886.136
Reserve for doubt¬
ful accounts
Total
undis-
x
8921,506
8886,136
1939 ^
Capital stock—
Reserve for deprec.
x
8437,965
22,492
$1.72
on
1940
Accounts payable.
8255,640
7,751,150
8267,984
6,495,586
21,450
stock
Securities
1940
961
z Includes $2,738 for securities
received as distributions on investments
held (other than stocks of same class).
.
Note—The net profit from sales of investments for the six months ended
June 30, 1940 determined on the basis of
specific certificate costs and
credit directly to earned surplus account amounted to $1,000.
Cash
$5,588,135
443,145
341,471
1937
1938
$132,638
1,025
$155,275
Net profit for period-
Deferred ch arges
Co.—Earnings—
(Del.)—Earnings—
1939
$155,275
_
Expenses
Treasury
.
Like amounts
were paid on Feb. 1, last.
Extra dividends of 10 cents and regular quarterly
dividends of 25 cents per share were paid on Nov. 1, 1939, and in each of
the 11 preceding quarters.—V. 150, p. 433.
Goodwill
Corp .—Registers with SEC—
first page of this department
Plan —
an extra dividend of 20 cents per share in addi¬
semi-annual dividend of 50 cents per share on the common stock,
a
Triii
on
on
Directors have declared
Holland
First Investors Shares
Reports
Handing down a supplemental advisory report! on the reorganization
plan for the company, as amended by tne trustee, the Securities and Ex¬
change Commissions on July 15 said that the amended plan is fair as¬
suming that the company is worth the $3,202,000 at which it was valued
by the court.
However, the SEC said that it still believes this valuation
is too high, that the company is insolvent and that, therefore, the amended
reorganization plan is not fair or feasible.—V. 150, p. 2724.
Net profit on sales.
Other income
$249,194
233,160
210,809
cum. (entitled upon liquidation to $100 a sh.);
with $6 pref.; authorized, 500,000 shs.; outstanding (incl. 12
shs. issuable in exchange for pref. stock of merged company), 160,000
shs.; $6 pref. cum. (entitled upon liquidation to $100 a sh.); pari passu with
$7 pref.; authorized, 500,000 shs.; outstanding, 10,000 shs.; $7 2nd pref.
cum.
(entitled upon liquidation to $100 a sh.); authorized, 100,000 shs.;
outstanding, 20,000 shs.; common, authorized, 5.000.000 shs.; outstanding,
2,500,000 shs.—V. 150, p. 3973.
1940—6 Mos.—1939
$117,777
194,300
$0.60
212,365
5,485,779
Capital surplus.
144,550,1481
141,430,657
39,193
257,803
,444,600
Sundry credits..
Represented by $7 pref.
pari
a
Corp. (& Subs.)—Earnings—
2,979,458
Contributions in
923,199
chgs.
16.882
1,785,814
,046,748
Reserves
debt
disc't & exp._
Other def
282,388
20,832
,931,933
94,713
rec.
Cleaning & Dyeing Co.—Accum. Div.—
Period End. June 30—
Net profit
*
347.573
payable-
Matured interest
Misc. curr. liab.
15,149
p. 3820.
dividend of $1.75 per share on account of
accumulations on the 7% cum.
pref. stock, par $100. payable July 15 to
holders of record July 12.
Similar amount was paid in each of the 12
preceding quarter s and a dividend of $3.50 was
paid on June 16, 1937.
—V. 150,, p. 2574.
Shares
215,833
Accts.
377,697
15,159
3,474,199
377,697
sec.
Airplane Corp.—New President—
The directors have declared
x
1,250
3,979,359
__
pref. stock)..
At a regular meeting of the board of
directors held July 11, J. Carlton
Ward, Jr., until recently Vice-President of United Aircraft
Corp. and Gen¬
eral Manager of the Pratt &
Whitney Division of that company, was elected
Resident of this corporation, according to an announcement on July 12 by
Sherman Fairchild, who
resigned as President to become Chairman of the
Board.—V.
150, p. 3820.
See list given
159,669
288,231
Cust.
1,000
Customers' dep.
Accrued accts
Special funds.
ital
a dividend of 25 cents
per share on the common
stock, payable Aug. 9 to holders of record July 26. Dividend of
21 cents was
paid on Dec. 21, and on Aug. 10, 1939, 15 cents on Dec.
24, 1938, and
x
refunds..
Divs. declared..
(3,866 shs. $7
Unamort.
1,030,000
long-term
debt
Subscrlp'ns to cap¬
Directors have declared
Shares
47,997
with
objections to the plan will be referred to
Special Master William L. West for
hearing Aug. 12 in Federal Court.—V.
x
52,000,000
22,000,000
Misc.
118,117
__
cur. assets
Total income
Erie & Kalamazoo RR.—Dividend—
Erie
1st mtge. gold 5s 52
1st
52.000.000
15*299
Accts. receivable
48,954,308
Note pay, (Am.
P. & Lt. Co.)
42,850
—
3047.
Further
249,126
Working funds-
S
48 ,954,308
6% debs., ser. A 22,000,000
55,595
2,485,670
1,316,882
924,793
Notes receivable
1938
S
Capital stock
(no par)
Fundamental Investors, Inc.
July 17 took no action on payment of the
on the $3 convertible preferred stock.
on
Regular quarterly dividend of 75
p.
130,683,364
54,565
Equity Corp.—No Preferred Dividend—
Directors at their meeting
dividend ordinarily due at this time
2,600,000
1,320,000
309,328
1939
Liabilities—
property
tion to
p.
$1,503,875
,520,431
1,193,712
130,133
7,240,700
reserve
Earned surplus
x
$1,309,906
273,252
15,000
,773,438
7,500,000
7,560,654
Sundry debtors
Total....
$2,068,344
682,349
37,500
Special deposlts.
Temp. cash inv.
x
(par $50)
150,
$5,733,203
and equipm't.132 ,116,716
sur$43,413
Deficit
Miscell
$5,489,688
2,600,000
1,320,000
259,781
Consolidated Balance Sheet Dec. 31
U. S. Treas.
Earns, per share on 405,360 shs.
corn,
stock
x
$6,232,704
2,600,000
1,320,000
244,360
8
Non-current
Preferred
s
$5,653,719
2,600,000
1,320,000
223,995
Reacq'dcap.stk,
Total income
Common
$5,704,791
28.412
1939
Assets—
Mat'ls & suppl's
$1,558,785
152,880
Other income
Federal
52 Weeks Ended-
June 3, '39 May 28, '38 May 29, '37
June 1, '40
$57,324,624 $56,850,265 $54,265,785 $69,149,274
55,765,839
55,502,863 x53,107,314
67.136,298
.
$5,447,302
42,385
Cash
Earnings—
52 Wks. End. 53 Wks. End.
Period—
Sales
$6,186,407
46,297
$1,509,724
955,601
52,600
Gross income
Int.
1936
1937
$15,476,789 $14,610,246 $13,682,144
7,975,035
8,252,582
7,318,130
25,094
25,904
25,223
1,290,253
884,458
634,000
$5,580,932
72,786
Other income
Int.
Subs.)—Earnings-
1938
1939
$15,385,251
Oper. exps., incl. taxes..
8.321,266
Rent for leased prop
Crl0,478
Prop. retire, res. approp.
1,493,530
revenues
Investments
Endicott Johnson Corp.
July 20, 1940
Total
Represented by 20,000 shares class A stock and 40,000 shares class B
no par value.—V. 150, p. 2576.
stock, all of
®/t8 °f1940, including $554,893 cash, amounted to
liabilities vvere $856,276. This compares with cash
assets of
If '©aoka^
I
$695,850, current
of
Inventories
p. 3973.
$4,049,957 and
were
current
General Cable Corp.—Court Avoids Plan—
Fielder, Vice-Chancellor, refused on July 16 to weigh the merits
liabilities of $813,311
$2,565,947 against $2,166,101.—V. 150,
James F.
of
a recapitalization plan for this corporation until after
posal had been cast by the stockholders.
*
a
vote on the pro¬
Volume
a temporary injunction against execu¬
plan in May said their suit should not be determined until
Attorneys for the company said the Court should
rule on the merits of the proposal regardless of its eventual acceptance or
rejection.
The Vice-Chancellor declared that it could not be determined
whether questions in the suit were "real or academic" until after a vote.
The corporation postponed a stockholders' meeting on May 23 after the
injunction had been issued.—V. 149, p. 3973.,
of the
-26 Weeks-
-13 Wceks-
Earns .per sh. on 1,588,
697 shs. com. stock
$0.26
80.40
$0.23
$0.33
After interest, depreciation, Federal taxes,
x
July 1, '39
8782.563
June 29, '40 July 1, '39 June 29,' 40
8699,559
8551,096
8982,860
Period—
&c., but before surtax on
150, p. 2725-
undistributed profits.—V.
Income—Interest
Cash dividends
-
Total income
x
1939
1940
$19,044
356,276
Months Ended June 30—
6
$4,164
346,633
$350,797
49,061
37.540
3,350
14,344
Cr5,843
$375,320
-
General expenses
52,696
Interest
Baking Co.- -Earnings-
Net income
x
Corp.)
(Formerly Electric Shareholdings
the vote had been held.
General
Corp.—Earnings—
General Shareholdings
Pour shareholders who obtained
tion
415
The Commercial & Financial Chronicle
151
38,185
4,435
8,839
Capital stock tax
Federal income and other taxes
Refund of prior year's taxes
—
x
Includes
cash received
all
$252,345
272,250
$271,165
y271,703
Net income.
Preferred dividends
or
receivable from the sources specified,
payable from earnings or otherwise, except amounts expressly
liquidating distributions.
In an economic sense, therefore, the
be considered true income,
y $271,686 in
cash and $17 in common stock.
whether
stated to be
1939
1940
6 Mos. End. June 30—
Income—Cash dividends
$110,176
$56,851
15,824
$110,176
438
Interest
V $75,238
14,584
Total income
Expenses and taxes
Balance Sheet June 30
$74,423
15,718
25,526
$58,705
$41,027
$84,650
57,142
1,404
$60,654
Net income
Net loss
$56,851
$73,985
$75,238
amount shown is not in whole to
1937
1938
132,728
profl4,306
Cash
Dividends and int.
sal e of invest.
on
See Note
(based on cost)
280
945
20,443,966
932,995
1,048,436
.19,669,936
..
132,863
Special
sec.
135,782
50,732
receivable..
Rec. from
1,060
sold
7,501
21,309
dividends..
Net oper. profit for six
mos. end. June 30--
$98,956
81,319
loss$92,647
$158
58,642
$60,374
58,589
54,431
basis of cost of "
on
46,997
Comparative Balance Sheet June 30
Cash
i
Accts.
$127,877
$215,073
.
.1
b Represented by no par
payable and
2,598,248
3,281,013
accr'd liabilities-
1,582
1,046
438
13,919
Dividends payable
$12,753
30,916
b Capital stock—-
2,131,169
Capital surplus.__
657,289
17,224
$12,567
29,077
2,086,289
1,296,358
/ Total
$2,832,127 $3,424,291
b Represented by 130,578 (121,602 in 1939) no par shares (incl. 16,076
[ 446 in 1939] shs. held in treasury).—V. 150, p. 3973.
$2,832,127 $3,424,291
General Electric Co.—Earnings—
6 Mos. End. June 30—
Net sales billed
x
Cost of sales billed
1938
1937
130,910,638 171,076,645
170,325,052 133,937,646 121,536,908 149,656,948
1940
1939
191,619,132 146,299,212
(net)
4,008,626
3,803,226
4,873,907
Profit avail, for divs__
25,981,572
16,370,192
13,176,956
26,293,604
No. of shares of common
Dividends on preferred stock of subsidiary
Provision for sub. cos.' cumulative pref. divs.
declared
Net income
—
for the six months
Number of
period.
14,421,032
71,343
1,161,779
Miscell. investm'ts
4,362
68,829
161,673
142,110
535,621
18,102
bonds
in pro¬
of amortiz.
800,776
837,576
124,404
124,404
$81,706
20,590
5,850
$198,572
19,935
32,691
$103,807
29,782
4,813
$108,147
40,710
12,154
$251,198
58,051
8,885
-
Expenses
Taxes--—-——;
--------Debenture int. & Fed. & State taxes
$59,455
x$51,350
$8,965
Net income,
124,807
106,633
60,247
payable under debenture indenture
Loss.
4,589
7,432
Accounts payable.
Pref. stocks.—_
Bonds
—
U.S. Gov't, bds.
Cash
—
Accts. receivable.
_
33,769
pay...
Taxes accrued
5,539
Unadjust. credits.
5%
142^337
a
conv.
term
.
Earned
27,488
2,546
669,886
7,470
35,378
179,854
35.378
surplus.—
106,220
2,828
178,230
89,982
debt—84,292
39,604
3,184,737
3,031,987
v
Total
$5,381,951 $5,337,557
of
tele¬
—
(& Subs.)
1939
1938
..$31,451,738 $28,795,292
Operation...
—
10,804,178
-
—
Maintenance
17,598,577 17,443,655
-Earnings—
Calendar Years—
Gross revenue
2,022,705
3,240,000
2,579,472
1,202,537
——
-
Provision for depreciation
General taxes
Federal and State income taxes
—
debt—
Amortization of debt discount and expense
Miscellaneous interest and other charges—
188,634
■.
0754,670
construction
$4,984,154
Net income
2,950,350
Dividends on preferred stock
Dividends on common stock.
Earnings per share of common
May 31—
sales..
750,000
stock
Georgia & Florida
1,103,575
$1.96
Federal income taxes,
1939
$
Assets—
Utility
1939
1938
fund
504,433
2,699,522
S. Govt. sec.
Accts., notes and
int. rec. (net)
3,235,254
682,354
633,852
413,000
Mater. & suppi.
Prepaid insur..
Deferred deb its
.
cum,
Operating revenues (est.)
245.
$19,150
$18,350
1
$553,730
$521,934
$
Fed. & State in¬
3,639,198
1,329,755
come
Accr.
96,693
1,718,104
int.
2,025,454
and
pref. divs
4,207,335
1,255,128
2,021,838
taxes
609,583
566,298
172,966
89,676
252,929
9,568.008
7,968,938
61,105
6,291,984
10,359,374
credits
Reserves
87,422
Contrib. in aid of
Total
a
-279,042,422 280,612,716
Represented by 2,500,000 no par
Gimbel Brothers,
On common
July 7
1939
1938
Custom's depos,
$2.01
to
1940
$0*64
Miscell. cur. liab.
sur plus
_
.
33,636
Total —. — .279,042,422 280;612,716
shares.—V. 150, p. 3975.
Inc.—Acquisition—-
real estate transactions ever made at
which purchased for
Pittsburgh was
$5,000,000 cash
department store building it occupies in downtown Pittsburgh.
Jacques Blum, President of Gimbels, negotiated the purchase from the
Henry W. Oliver estate, which erected the building in 1013.
The structure
occupies a city block and contains about three-quarters of a million square
feet.
Gimbels have rented it since 1926.
the 13-story
Jan.
"
pref. stk. 38,488,575
Deferred
One of the largest
1939
$4,552,463
2,950,350
_
1,679,216
78,777
6,051,589
announced on July 2 by this company,
Week Ended July 7
181,528
Cr53,954
38,488,575
4,818,444
$5 cum. pref .stk.
4,818,444
87,778,002
a Com. stock—.
87,778,002
Bong-term debt-125,537,412 125,619,140
909,487
Accts. payable.
1,373,296
449,888
General taxes.
513,429
$6
plant...264,380,631 270,023,528
Invest, and
$
Liabilities—
$
Earned
RR.—Earnings—
1940
—V. 151, p.
y
1,841,634
2,767,500
2,465,683
761,022
Consolidated Balance Sheet Dec. 31
1938
1937
$8,322,039 $10,212,795
108,153
991,262
$0.05
$0.81
—
(& Subs.)—Earnings—
1940
1939
$10,167,972 $10,917,346
profit—
280,563
y Earnings per share.__
$0.39
x After depreciation, interest, and
stock.—V. 150, p. 1435.
9,802,680
$11,602,847 $11,156,772
6,282,879
6,356,790
201,850
ll9,9jA
Gross income
Interest on long-term
33,483
41,803
-
—
construction
Net
84,292
39,530
'
Georgia Power Co.
accounts.....
-$5,381,951 $5,337,5571
Total
17,598,577 17,443,655
Cash
General Tire & Rubber Co.
6 Mos. End.
7,707
179,476
116,673
phone plant
669,886
Represented by 22,320 shares $6 dividend preferred and 210 shares
$5.50 dividend preferred, of no par value (entitled to $110 per share upon
redemption or voluntary liquidation, or $100 per share upon involuntary
liquidation, plus accrued dividends).
Total preferred stock authorized,
47,610 shares, of which 23,690 shares of $5.50 preferred are reserved for
conversion of 5% debentures.
Junior preferred stock authorized, 10,000
shares of no par value, of which no shares have been issued.
b Represented by 669,886 shares of no par value.—V. 150, p. 2425.
x
37,587
and
taxes
C'ontrib.
2,369,000
2.084S143
a
Net
204,414
37,587
—
—
Miscell, cur. liabil.
U
Total
payable..
Adv.
billing
Accr. int. on long-
Office
equip, (less
depreciation)
178,109
divs.
stock
Federal income tax
4,944
2,084 143
Pref. stocks.
Capital surplus--.
21,540
$28,708
33,769
5,508
— — -
debs.— 2,369,000
b Common stock-
353
Divs. & accr. int.
receivable
$4,382
Pref. divs.
,813,460 $4,191,807
529,391
641,016
331,728
277,488
104,-56
617,629
15,741
200,000
Demand note pay.
Accts. payable..—
General
1939
1940
Liabilities—
1939
1940
169,786
8,050.000
payments
Interest charged to
Sheet June 30
Investments—
Common stocks S3
155,973
8,050,000
companies-
Pref.
(net)
June 30, *40
$83,208
9,012
11,587
—
Assets—
sub.
company
expense
—V. 151, P. 245.
1940—6 Mos.—1939
stocks.—;
Balance
com.
surplus
indirect
sub.
Capital stock exp.
MIscl. def. charges
Total.
Revenue from lapsed options
x
76.563
3,774,855
Long-term debt of
28, record date for the July 25
totaled 211,117, it was announced on July 10 by Secre¬
is an increase of 1,137 over the number in June,
Period Ended June 30—
Total
In
&
stock
in¬
Debt discount and
:.v';v''T ,v12 Mos. End-
on
int.
Min.
of
23,962
held by pub.
cos.
496,213
;
Interest
317,280
Pref. stocks of sub.
Stockholders—-
Corp.—Earnings—
$
1,224,000
241,240
3,751,970
Consol. earned sur.
receivable.
cess
1938
$
-
S20) 1,224,000
Paid-in surplus—
229,605
Reserves
General Public Service
on
$345,666
1939
1,326,725
4,076
Materials & suppl,
Accts.
tary W. W. Trench.
This
1939.—V. 151, p. 103.
Dividends
$348,600
Liabilities—
General Electric's stockholders on June
dividend payment,
16,203
5,351
Com. stk. (par
v
:
13,759
3,557
—
—
$
Telep. plant, equip¬
ment, &c
14,707,224
Prepaid taxes,
surance, &c
ings amounted to $638,000.
Payment will be made early in August to
about 60,000 employees who are eligible to participate under this plan.
The $2,230,000 of General profit-sharing, together with $1,433,000 paid
to employees as a cost-of-living adjustment, make a total of $3,663,000 for
distribution to the employees in addition to their regular earnings for the
first half of this year.
For eligible employees with five years or more of
service these items are equivalent to about 6.6% of their regular earnings
22,885
S
and provision for all taxes.
for the full year 1939, or a total available for distribution of about $2,230,000.
For the first six months of last year the general profit-sharing earn¬
.,024,099
418,041
215,950
not
in net in¬
1938
1939
Special cash deps.
Earnings under the general profit-sharing plan for the first six months of
this year are estimated to be $2,000,000, and there is also available about
$230,000 representing the undistributed balance of earnings under the plan
418,328
238,836
— _
Consolidated Balance Sheet Dec. 31
Cash
28,845,927
$0.90
.,026,099
Dr2,000
— —
Minority common stockholders' interest
come of subsidiary companies---.
Miscellaneous income deductions—
28,845,927
28,845,927 28,845,927
Earned per share——;
$0.57
$0.46
$0.91
x
Including operating, maintenance and depreciation charges, reserves
stock outstanding—_
—
—
$3,496,001
2,469,902
$1,024,159
Dr 1,075
$1,023,083
—
Assets—
4,687,492
$3,643,333
2,619,174
Interst and amortization.
Other inc., less int. paid
and sundry charges...
1938
■'"'■■■ .,1939
—
.
— -
Shares
Corp.—Earnings—
Net operating income
Other income
c
.
.
—
Operating expenses and taxes
21,419,697
9,373,730
12,361,566
21,294,080
Net income from sales
shares of stated value of $25 per share,
''
]■ k'-:y''{<:/f
General Telephone Tri
Net earnings
Total
1,737.464
1,602,397
20,807,835 21,636,745
Total.
Total operating revenues—
Investm'ts at cost-
Cash divs. receiv—
2 ,384,832
Calendar Years—
1939
Accts. receivable.-
Int. accr'dree.---------
2,268,750
15,444,562
$1 par value.—V. 150. p. 3202.
■
■
1940
Liabilities—
1939
1940
2 ,268,750
1 ,602,414
20,807,835 21,636,745
Total
of
Assets—
[
stock.
Deficit—.
$738,058
unrealized, on securities
275,999
Capital surplus —15 ,353,812
determined
specific certificate delivered")
Net loss, realized and
7,501
67,015
Common stock..
c
—$691,062
during the period
Realized net loss on securities (cost of securities sold
21,309
f
taxes..]
b Preferred
above is exclusive of gains or losses,
as
3,775,000
100,940
&c_
Prov. for Federal
Res've for conting.
realized and
unrealized, on securities, the amounts of which were as follows:
Unrealized net depreciation in quoted market value of securities
Note—Net income
Dep. of others un¬
der indem. agree
income
Dividends
5
payable to
banks,secured.- 3 ,775,000
Due for sec. pur._
3,428
Notes
Divs. payable,
for
dep.
1939
$
Liabilities—
$
Assets—
Investments
1940
1939
1940
•
The Commercial & Financial Chronicle
416
The
purchase was
cash transaction but was financed in part by
a
a
20-
'he loan
made by at
?ear loan of $3,500,000 the4% interest,Life Assurance Society ofspokesman,
Equitable according to a company the United
was
States—V.
150, p. 3202.
Georgia Power Co.—Earnings—
1940—Month—1939
1940—12 Mos.—1939
$2,652,834
$2,515,884 $32,631,641 $30,212,633
1,560,753
1,246,025
18.335,190
15,201,824
290,000
270,000
3,360,000
3,007,500
Period End. June 30—
Gross revenue
Oper. exps. & taxes
Prov. for depreciation..
July 20, 1940
debt, $2,200,000; accounts payable, $46,348; pref. dividends declared
$8,890; matured interest, $1,100* customers' deposits, $6,954* taxes accrued
$108,630; interest accrued, $18,390; other current liabilities, $4,400; de¬
ferred credits, $450; reserves, $1,070,668; contributions in aid of con¬
struction, $30,221; earned surplus, $507,117; total, $7,462,667.—V. 148,
p. 2125.
Havana Electric & Utilities Co.—Accumulated Dividend
The directors have declared a dividend of 75 cents per share on account
of accumulations on the 6% cum. 1st pref. stock, par $100, payable Aug. 15
to holders of record
Int. & other deductions.
$802,080
544,379
$999,859 $10,936,451 $12,003,309
541,276
6,638,574
6.554,691
Net income
Divs. on pref. stock
$257,702
245,862
$458,582. $4,297,877
245,862
2,950,350
Gross income
July 31.
Similar payments were made on May 15, last;
Nov. 15,1929, and in each of the 13 preceding quarters.—V. 150, p. 2579.
Haverhill Gas Light
Balance
$212,720
$11,839
$5,448,618
2.950,350
$1,347,527
$2,498,268
—V. 150, p. 3975.
Granby Consolidated Mining, Smelting & Power Co.,
1940—3 Mos.—1939
share
1940—6 Mos.—1939
$128,095
$0.28
$381,634
$0.84
$330,843
$0.51
Pay lo-Cent Dividend—
Directors have declared
dividend of 15 cents per share on the common
stock, payable Sept. 3 to holders of record Aug. 16.
Dividends of 25 cents
were paid in
the three preceding quarters, and compare with 15 cents
paid on Feb. 1, 1939, this latter being the first dividend paid since 1936.
—V. 150, p. 3510.
a
Grand Rapids Motor Coach
revenue
i
$838,894
—
Maintenance,
transportation
and
administrative
$579,041; depreciation, $150,403; taxes, $67,030
Operating profit-.
Interest
19376
Balance
796,474
$42,420
—
_
income dobs,, $54,430; loss on park oper., $14,181;
organization and funded debt exp. written off, $7,552; loss
on capital assets retired, $2,514
Interest
Net
-V.
78,678
$36,258
5,442
-
Federal income taxes.
$30,816
37,000
Federal income taxes.
loss
$67,816
—
Balance Sheet June 30, 1939
Assets—Cash, $219,108; materials and supplies, $14,077; prepaid ex¬
penses and sundry receivables, $11,508; investment, $25,801; fixed assets,
$1,122,081; going-concern and goodwill, $1; total, $1,392,576.
Liabilities—Accounts payable,
$21,009; wages, salaries, taxes, &c.,
accrued, $30,839; intorest on funded debt accrued, $26,435; reserve for
possible Federal income taxes, $36,500; funded debt, $755,300; reserve for
injuries and damages, $39,944; deferred credits, $3,889; capital stock ($1
par), $96,795; capital surplus, $420,200; deficit, $38,336; total, $1,392,576.
—V. 147, p. 2533.
Greenwich Gas Co.—Dividends—
Directors declared an extra dividend of 4 88-100 cents per share in addi¬
tion to a dividend of 24 cents on the $1.25 participating preferred
stock,
both payable Aug. 1 to holders of record July 20.
Like extras were
paid
March 15, last and
on
Sept. 15 and June 1, 1939.
An extra of 6 7-10
cents was paid on Feo. 15, 1939, and one of 7 1-10 cents was
paid on Oct.
1, 1938.—"V. 150, P. 1279on
Grumman Aircraft
Engineering Corp.—50-Cent Div.—-
Directors have declared a dividend of 50 cents per share on the common
stock, payable Aug. 5 to holders of record July 26.
Dividend of 55 cents
was paid on
Dec. 27, 1939.
See V. 149, p. .3717 for record of previous
dividend payments.—V. 150, p. 3827.
Half
Moon
Racing
SEC—
Association,
Inc.—Registers
with
*
See list given on first page of this
outstanding
been called for redemption on
Operating profit.
bonds series B dated Aug.
Aug. 1 at 100M.
1940—3 Mos.—1939
$939,966
Deprec. & depletion
Federal income taxes
Net profit.
Preferred dividends
Common dividends
Surplus
Earnings
1, 1931, have
Harbison-Walker
Period End. June ZD—
a Net
profit.
Earns, persh. on
com...
$94,010
35,000
$77,152
$6,557
$59,010
$42,152
1,079
43
41
558
$ 6,516
35,000
$58,452
39,312
$41,073
39,312
3976.
Hayes Industries, Inc., Jackson, Mich.—Stock Offered—
shares of
stock ($1 par).
Of the offering, 15,000
being issued in behalf of the company and 15,597
being sold for stockholders.
are
common
are
History—Incorporated in Michigan, April 4, 1935.
Company is engaged
aircraft parts and equip¬
Products of its automobile line consist at the present time of fans,
mufflers,
brake parts, stainless steel mouldings and miscellaneous
for automobile manufacturers.
The balance of the
items
1940—6 Mos—1939
ma¬
com¬
pany's products comprise aircraft parts, which include wheels, brakes, tail
wheels and axles for airplanes of varying sizes, types and models, as well
as wheels, brakes, axles and control units for beaching gears for
flying boats.
The following tabulation of net sales shows the allocation of the com¬
pany's business between automotive and aircraft products since the or¬
ganization of the company, April 4, 1935:
Automobile
1938 (Jan. 1-July 31)
1938-39 (Aug. 1-July 31)
Business
$151,073
449,760
836,460
235,650
825,481
814,584
—
1939-40 (Aug. 1-April 30)
Total
Aircraft
Tin
1935 (April 4 to Dec. 31)
Net Sa les
$57,891
130,071
242,966
$219,559
579,831
1,079,426
454,223
1,303,619
1,881,723
218,572
478,138
1.067,338
Automotile products made by the company are sold entirely to auto¬
manufacturers.
Approximately 35% of the company's total net
30, 1940, were to several divi¬
sions of one leading automobile manufacturer.
Company has no written
mobile
sales for the nine month period ended April
contracts with any of its automotive parts customers, all of its business being
handled on current purchase orders.
There is no present intention of mak¬
ing
any
change in the company's automobile line of products.
Aircraft parts and equipment manufactured by the company are sold to
and military plane manufacturers as well as directly to the
commercial
United States Government for army and navy use.
Sales to aircraft
manufacturers of commercial planes are not made by the company under
written contracts, such business being handled on current purchase orders.
Sales to military aircraft manufacturers for sale to the War or Navy De¬
partments of the U. S. Government, as well as sales directly to the War or
Navy Departments, are made under written contracts.
Company's plant and office, located in Jackson, Mich., was built in 1929
prior to its acquisition by the company.
The building is one story, of con¬
crete, brick and steel construction.
During the year 1939 a one story
addition to the plant and office was erected.
The total floor space of the
plant is 61,268 square feet.
as
of June 24, 1940
Authorized
Outstanding
500 shs.
350,000 shs.
Preferred stock $6 cumulative ($100 par)
Common stock ($1 par)..
318,000 shs.
256 shs.
-
special meeting May 28, 1940, increased the authorized
common stock from 250,000 shares ($1 par) to 350,000 shares.
On May 28,
1940, issuance of 106,000 shares of common stock was authorized as a
at a
stock dividend to holders of
to 318,000 shares.
stock increasing the outstanding shares
common
$426,126
8,541
64,768
37,712
$1,445,902
12,885
190,081
138,628
$705,756
17,819
148,796
51,930
$315,105
162,026
245,962
$1,104,308
323,765
396,140
$487,211
161,851
198,660
def$92,883
$0.15
$384,403
def$82,804
$0.16
Van Grant & Co. has underwritten 25,597 shares and Schlessman, Owen &
Co. has underwritten 5,000 shares.
(& Subs.)—Earns.
pany, it is expected that approximately $40,000 will be spent in the con¬
struction of addition to company's existing plant, approximately $10,000
for brake testing equipment, approximately $10,000 for automatic machine
5,331
115,167
105,399
"$714,069
Refractories Co.
1940—3 -Mos.—1939
$559,600
$191,200
$0.37
$0.11
324,053
245,962
$398,700
$0.23
income taxes, &c.
1940, amounted to
share, comparing with $905,500 or 53
months ended June 30, 1939.—V. 150,
a common
centf a common share for the 12
p. 2o78.
Harrisburg Gas Co.—Earnings—
Calendar Years—
1939
Operating revenue
Ordinary..
Maintenance
for deprec., renewals &
replace.
Provision for Federal income tax
Operating income
Non-operating income
5*893
37 601
.
_
_
$313,074
15,727
Gross income
$328,801
long-term debt
110 000
Amort, of debt disc't & expense
Taxes assumed on interest
Net income
2 242
5 322
deductions
_
Preferred dividends.
Common dividends
$300,884
26,903
$332,491
110,000
2,242
42 246
$1,212,526
681,199
$322,429
10,062
100',875
Provision for other Federal taxes
Provision for other taxes
1937
$1,245,758
682,814
68,109
87,203
42,183
5,395
37,625
73 539
Prov
Miscellaneous
1938
$1,260,931
687,663
$327,787
110,000
2,242
57,787
95,000
35,111
6,009
36,536
5,383
4,865
2 764
$208,474
35,000
165,732
$210,001
35,000
165>32
5,796
4,704
$205,045
35,000
165.732
Note—1937 figures restated for comparative
purposes.
Balance Sheet Dec. 31, 1939
STnPn^ty' P]an^and equipment,
r
J
$62,418; deferred debits, $75,510; total, $7,462,667
($100 par),
&oCo™ Pref* .stock ($100 par),
$2,762,200; premium on common
$500,000;
15,000 shares of
common
stock to the underwriters for
of Proceeds—Of the estimated $95,596 to be received by the
com¬
tools for aviation department, $7,350 in payment for seven acres of land,
$26,880 for the retirement of preferred stock, and the balance $1,366 will
be used as additional working capital.
Earnings for Period of Three Years and Four Months Ended April 30, 1940
Year Ended
.Dec. 31 '37
Sales, less discounts, &c_ $1,079,426
Cost of products sold...
895,637
Sell. & adminis. expenses
96,148
Prov. for doubtful accts.
1,652
Operating profit
7 Mos. End.
Year
$37,553
$168,397
5,101
$375,979
$85,988
$37,553
$173,497
$376,409
6,492
2,824
5,788
3,283
32,091
52,477
11,012
$68,483
Other deductions
on
9 Mos. End.
$S5,9S8
Total income
Federal tax
Ended
July 31 '38 July 31 '39 Apr. 30 '40
$454,223
$1,303,619
$1,881,723
351,584
991,613
1,331,671
64,719
143,201
170,072
366
407
4,000
$28,940
$138,123
$251,965
Other income
inc., est.
Net profit
430
71,966
Balance Sheet April 30, 1940
Assets—
LiabUUtes—
Cash—demand deposits
S42.470
Accounts
Trade accts. rec.
307,867
Acer. Fed. cap. stk. tax, &c_.
282,790
5,304
Div. payable
(less reserves)
Inventories
Other assets
Property, plant and equipment
(less depreciation)
Patents, goodwill, &c
Deferred charges
Total..
Fed. tax
payable...
on
pief. stock..
income—estimated
on
Reserves
299,171
1
13,285
$950,888
Preferred stock
Common stock ($1 par)
Earned surplus
Total
$154,208
12,490
768
72,000
57,305
25,600
212,000
416,516
$950,888
-V. 151, p. 104.
),330; special
$6,959,233; cash, $8G,oou, ^
receivable, $275,187; materials
has agreed to sell
Use
1940—6 Mos.—1939
$939,200
$0.62
Offering and Underwriting—Of the 30,597 shares of common stock offered
15,597 are presently authorized and issued. By an aggrement dated May 29,
1940, Van Grant & Co., Detroit, and Brown, Schlessman, Owen & Co.,
Denver, have agreed to purchase, and certain of the company's common
stockholders have severally agreed to sell 15,597 shares of common stock for
an aggregate amount of
$103,876.
By the same agreement the company
$99,900.
4/'iei,x dfPreciJition, depletion, Federal and State
net, Pr0i!t/?r 12 months ended June 30,
$2,409,400 equal to $1.64
on
$9,474
2,917
declared.
p.
Stockholders
per share....,
$0.76
On 1,016,961 shares of common stock.—V.
150, p. 3360.
Interest
69
$8,957
2,917
$353,558
$0.54
Interest
x
$77,083
61
Capitalization
(M. A.) Hanna Co. (& Subs.)—Earnings—
Period End. June ZD—
x
$93,949
$5,998
department.
Hammond & Little River Redwood Co.—Bonds Called—
All of the
$9,474
charges
150,
ment.
_
Other income
Net
$8,957
28,949
87,221
$6,041
accruals
income
Dividends
chined
_
Provision for
$560,561
358,756
30,737
77,119
$552,992
359,738
2,079
7,655
in the manufacture and sale of automobile and
—
Loss
res.
Gross income
shares
expenses,
on
Loss before
27,271
2,599
7,198
Net oper. revenues—
$46,479
26,941
Van Grant & Co., Detroit, and Brown, Schlessman, Owen
& Co., Denver, Colo., are offering at $8.33 per share 30,597
Co.—Earnings—
Earnings for Year Ended June 30, 1939
Operating
1940—12 Mos.—1939
$45,695
revenues
Operation
Maintenance
Retirement
$176,786
$0.39
taxes
To
Co.—Earnings-
1940—Month—1939
Non-oper. income (net).
Period End. June 30—
Net income after int.,
amort., deprec. & inc.
per
Operating
Taxes
Ltd.—Earnings—
Earnings
Period End. June 30—
and supplies,
stock
stock, $197,300; long-term
common
Hilton-Davis Chemical
Co.—2o-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable July 31 to holders of record July 22.
Previously regular
quarterly dividends of 20 cents per share were distributed.—V. 150, p. 1437.
Volume
6 Mos. End. June 30—
Net income after exps.
1940
1937
1938
1939
1939
$270,526
i
$0.86
$236,944
Contractual
Working
June 30—
Period End.
After all
x
but
tax,
—V.
1940—6 Mos.—1939
Mos.—1939
1940—3
$102,371
$81,053
$0.61
$0.48
charges, including depreciation and normal Federal income
Net profit
Earns, per share on com.
x
provision
before
$39,480
$63,994
$0.38
150, p. 3977.
for
$0.23
possible surtax
undistributed profits.
on
37,695
Prepayments
33,524
121,849
748,371
49,047
Oth.
31,308
69,348
cos.)...
132,708
Mat'ls & supplies-
914,171
curr.
assets.-,
receivable
Acc'ts
13,613
Ltd.—Earnings—
Hollinger Consolidated Gold Mines,
1940
1937
1938
1939
y$2.968,431 y$2,522,381
depreciation
Subject to
and adjustments,
share in 1940 and 51 cents per share in 1939 on
$2,788,252 $2,706,329
y Equal to 60 cents per
4,920,000 shares (par $5)
capital stock.—V. 150, p. 4128.
Unadjusted
275.256
extra dividend of 20 cents per
an
Illinois Central RR.—Orders Streamliner—
train
The order
The company has placed a $750,000 order for a streamlined coach
to go into service about Dec. 1 between Chicago and Florida.
for five coaches, a diner and a club lounge car was given to the Pullman-
horsepower diesel-electric
their preparation for par¬
ticipation in a daily coach train service which will be inaugurated jointly
with the Pennsylvania RR. and the Chicago & Eastern Illinois Ry. this
coming winter.
Present plan is for each railroad to operate a coach train
every third day in each direction between Chicago and Miami, Fla., on
approximately a 29-hour schedule.—V. 150, p. 4128.
The
Illinois Commercial Telephone
Aug. 1.
—V. 150, p.
Co.—Bonds Called—
5% series A bonds due 1948 and a total
series B bonds due 1960 have been called for redemption
The series A will be redeemed at 102 and the series B at 103.
3663.
Incorporated Investors—Asset Value—
.
r Net rev. from ry. oper.
$278,792
77,591
90,569
Railway tax accruals
i
Equip. & joint facil. rents
$299,846
79,280
88,323
$1,442,211
392,975
$1,458,117
398,911
485,134
406,222
3,571,800
9,560,775
3,651,737
3 ,680,948
—57,490,393 55,745,908
1939 and 720,260 no-par
Total
Subs.)—Earnings
1940
1939
$2,380,228
$2,349,714
depre-
payment of its $600,000 of serial
1940, at 100 and interest.
16,1940, and author¬
at the following
prices: 103 for notes maturing Aug. 1, 1941, 1943 and 1946; 104 for notes
maturing Aug. 1, 1942; 192 for notes maturing Aug. 1, 1944 and 1947, and
101 for notes maturing Aug. 1, 1945 and 1948.
Interest will be paid to
the redemption date at
the following rates; 3%
for Aug. 1, 1941 maturities;
3M% for 1942-45 maturities, and 4% for 1946-48 maturities.
Payment will be made at the Corporate Trust Department
Trust Co., New York.—V. 151, p. 246.
Interstate Home
of Bankers
Equipment Co., Inc.—Earnings—
27 Wks.End. 6 Mos. End*
May 4 *40
Period—
Net profit after charges, deprec., Fed., taxes, &c_.
Earns, per sh. on 462,500 common shs. (par $1)„
April 29 '39
$473,421
$1.02
$458,301
$0.99
1940, amounted to $5,933,577 and current
$1,027,899, comparing with $4,901,613 and $805,414, re¬
Current assets as of May 4,
liabilities
were
spectively, on April 29, 1939.—V. 150, p.
Co.
Insurance
of
3979.
Penn.—40-Cent Div.
the State of
40 cents per share on the common
12 to holders of record July 10. Previously semi¬
dividends of 60 cents per share were distributed.—V. 149, p. 415.
Directors have declared a dividend of
payable July
.
System—Hearing Post¬
Hydro-Electric
International
poned—
v—
has postponed until Sept. 16
of the corporation.
Hearing
authorized the International
intervene in the proceedings.—V. 150, p. 3979.
Securities and Exchange Commission
The
was
1940—5 Mos.—1939
$4,810,732 $4,340,602
3,352,615
2,898,391
-
The company also has called for redemption on Aug.
ized immediate payment of all of its remaining serial notes
Its
RR.—Earnings—
1940—Month—1939
$924,839
$849,791
646,047
549,945
Surplus——
Notes Called—
annual
that as of June 30, 1940, net assets were equal
to $12.78 per share, comparing with $14.73 per share on June 30, 1939,
and with net assets equal to $16.04 per share on March 31, 1939.—V. 150,
P. 3050.
:
■.
:
Period End. May 31—
Railway oper. revenues,
Railway oper. expenses.
6% preferred stock
($100 par)
3 ,571,800
x Common stock. _11 ,560,775
Company has authorized immediate
notes, maturing on Aug. 1,
The company reports
.
6,885
3,958,500
ciation, Federal income taxes, &c
stock,
Indiana Harbor Belt
8,316
3 ,958,500
Contrib. in
by 870,976 no-par shares in
261.
of $3,500,000
on
aid of
construction
7% preferred stock
($100 par)
Indianapolis Power & Light Co. (&
Illinois Central's train order represents
A total of $2,250,000 1st mtge.
11,580
28,137
6,863,631
7 ,632,681
Reserves..
57,490,393 55,745,908
Represented
1,026,061
shares in 1938.—V. 149, p.
semi-annual dividend of 60 cents per share on the common
both payable Aug. 1 to holders of record July 15.
on Feb. 1, last; previously, company paid an extra
Standard Car Mfg. Co., while that for a 2,000
locomotive went to the Electro-Motive Corp.
Other curr. liab—_
12 Months Ended May 31—
income after interest, amortization,
share in addi¬
stock,
Like amounts were paid
dividend of 10 cents per
share and regular quarterly dividends of 30 cents per share on Nov. 1,
Aug. 1 and May 1, 1939—V. 150, p. 691.
Directors have declared
a
225,274
debits
Total
x
Taxes accrued
Net
Home Insurance Co.—Extra Dividend—
tion to
1,503,835
debt
profit after exps.
and taxesx
15,371
1 ,283,702
(not current)...
Unamortized
■
96,355
384,841
574,879
98,954
394,924
190,231
917,064
21,047
462,729
Unadjusted credits
,
6 Mos. End. June 30—
Net
2,005,598
904,551
(af¬
discount & exp.
x
36,423
890,078
rec-
$
.
(affiliated cos.)_
Interest accrued._
funds.—
filiated
payable
Accounts
Customers' depos-
Temp. cash. inv..
rec.
Acc'ts pay.
1,258", 443
1 ,639,819
■
24, 500,000 25,483,000
527,726
492,423
(gen.)_
Funded debt.
2 ,216,074
fund..
Cash
Accounts
Corp.—Earnings—
7
7
Investments
$
Liabilities—
consir
Notes & acc'ts
Hewitt Rubber
S
49 ,856,503 48,600,139
207,651
165,934
Fixed capital
1938
1939
1938
$
Assets—
Construct,
x$233,305
x$236,549
Earns.persh.oncom.stk.
$0.74
$0.72
$0.73
x Before provision for undistributed profits tax.—V. 150, p. 3827.
and other charges
31
Balance Sheet Dec.
.—Tenders—
(Walter E.) Heller Co
Company will until 12 o'clock noon, Sept. 16, receive bids for the sale to
It of sufficient 7% cumulative preferred stock to exhaust the sum of $21,547
at prices not exceeding $25 per share and accrued dividend.
417
Chronicle
The Commercial & Financial
151
bearing on the corporate simplification
scheduled for July 16.
The SEC also
Paper Co. to
Paper Co.—Reduced Debt $4,700,000 in
Months—$43,000,000 Expansion Since 1935 Financed
International
First Six
Earnings and Depreciation—
Out of
in June, 1940, R. J.
the total debt retired
date this year exceeds $4,reduction is in line with the
policy which the management has followed in recent years and which has
resulted in the company's present strong credit position.
In the five years ended Dec. 31, 1939 capital expenditures on plants and
properties were made by International Paper and subsidiaries totaling
$43,683,465, this figure excluding the company's former Newfoundland
subsidiary, control of which was sold as of Dec. 31, 1937.
Over 79%, of the company's capital expenditures during this period was
spent upon construction and improvement of properties in the United
States, $22,482,164 being spent on the company's Southern Kraft proper¬
ties alone.
Mr. Cullen asserted that International Paper has thus main¬
tained its position as the largest unit in kraft paper and board industry
The
company
paid off $2,800,000 of bank debt
announced July 14, adding that
Cullen, President
Net ry.
oper.
$110,632
2,919
income-
Other income..
f
$574,072
12,546
$132,243
3,052
,
$643,014
10,365
$653,379
15,675
184,642
$113,551
___
$135,295
3,349
30,362
3,640
36,944
$586,618
16,270
185,913
$79,840
Total income
$94,711
$384,435
Miscell. deducs. from inc
Total fixed charges
Net income after fixed
charges
—V. 150, p. 3828.
Indiana
r
Hydro-Electric Power Co.- -Earnings1939
1938
mi
1936
$380,000
$380,000
$380,000
73,007
$380,000
Calendar Years—
of prop, leased to
affiliated company
61,488
75,956
$318,512
$304,043
135,143
1,843
23,013
1,226
137,062
5,768
20,109
1,184
$157,288
$139,920
146,286
Net oper. revenue
Interest
on
funded debt.
General interest
Amortiz. of disct. & expMiscell. deductions
146,286
72,381
$306,993
139,404
4,211
20,467
1,300
"
$141,610
146,286
'
$307,619
139,850
3,968
20,544
"
Net income
—
Preferred^. dividends
Balance Sheet Dec.
$143,256
146,311
31, 1939
Assets—Utility plant, $8,134,143; capital stock discount and expense,
$153,559; deferred charges, $360,750; cash in banks, $142,284; cash on
deposit for bond interest, Ac., $3,952; account receivable from affiliated
company,
$551; total, $8,795,239.
^ Liabilities—7% cum.
pref. stock (par $100), $2,089,800; common stock
(par^$100), $3,500,000; 1st mtge. 5% gold bonds, series A, $2,679,000;
accounts payable, $2,483; accrued interest, $25,440; accrued taxes, $27,278;
reserves, $223,522; surplus, $247,717; total, $8,795,239.—V. 150, p. 3828.
Indianapolis Water Co.—Earnings—1940
$2,748,713
Gross revenues
1939
$2,649,443
813,768
594,946
$1,240,730
483,945
103,812
—
-
Operation, maintenance and retirement or deprec.
AlLFederal and local taxes
850,314
637,870
$1,260,529
483,945
12 Months Ended June 30—
124,767
I
W Net'income
Interest charges
Other.deductions
^ t
\
^Balance available for dividends.
-Y. 150, p. 3979.
Indiana & Michigan
$632,018
Operating revenue, elec. $8,672,619
1938
$8,223,228
3,217,135
1937
$8,793,351
$7,914,122
2,915,230
41,360
$2,639,456
8,877
$2,947,044
29,833
$2,735,717
63,423
$2,575,443
1,024,941
$2,648,334
1,274,150
$2,976,877
1,274,150
$2,799,140
1,274,150
103,284
24,009
91,112
49,023
91,112
48,641
91,112
33,223
$1,423,208
$1,234,049
277,095
214,308
590,613
$1,562,974
277,09.5
214,308
957.946
$1,400,654
277,095
214,308
929,135
441,108
Depreciation
1,125.951
936,184
Taxes
$2,534,083
^Operating income
Other income, net
Interest on funded
debt_
deductions
7% pref. stock divs
6% pref. stock divs
Common stock dividends
a
276,961
1,104,283
881,931
Amounts restated
277,095
214,308
717,722
incurred has
Proposed Bond Offering Postponed—
proposed offering of International Paper Co. first mortgage bonds
postponed by the company and its underwriters. It had been
expected that the financing plan could be completed before Aug. 1 in
order to permit the call of the company's 6% refunding mortgage bonds
on the next redemption date, Sept. 1, but it has been found impracticable
to carry out the original time schedule.—Y. 151, p. 106.
The
Investors Fund C, Inc.—Earnings—
Ended June 30—
6 Months
Cash dividends
—
1940
1939
$97,708
7,097
$85,630
24,580
income taxes
5,554
25,225
$66,031
Taxes other than
Management compensation
$54,851
— -—
Profit.
investments (computed on
of "first in first out")
Net realized profit on
basis
Balance, June 30.
$246,028
107,199
$145,025
Dividends paid.
10,855
$65,706
180,321
$247,199
.102,174
surplus: Balance Dec. 31.
1,637
$67,668
179,531
—
$138,829
Balance Sheet June 30
1940
Assets—
for comparative purposes.
so
funds, payment
and other repayments.
has been
Cash
on
1939
1940
Liabilities—
1939
Accts.pay.,brokers
depos. in
$60,390
9,108
$6,971
10,742
50,491
23,068 Div. pay. July 15Cap. stk. (par $1).
504,912
4,930,013
2,877 Paid-in surplus
Profit A loss surpi_
145,025
1 2,521
$226,898
$61,900
4,100,838
4,868,055
Irving Trust Co.
Securities--
Amort. of debt discount
and expense
Other
by short term construction loans, but the additional debt
been more than offset by debt retirement through sinking
of serial maturities,
1936
403,183
1,123,994
839,458
Maintenance
Southern Kraft Corp. with Inter¬
concurrently with the latter company's forth¬
of first mortgage bond refunding. International Paper
will own directly about 93% of all the properties which it controls in the
United States, Mr. Cullen said.
Pointing out that total American assets of International Paper as con¬
stituted upon consumation of the proposed Southern Kraft merger, ex¬
ceeded $112,000,000 as of Dec. 31, 1939, Mr. Cullen said that most of the
funds for the $43,683,465 expended on the properties in the past five years
represented the reinvestment of earnings and accrued depreciation.
Two
of the company's new kraft mills were financed originally through its banks
national Paper prior to or
coming $32,000,000
Profit and loss
a
3,440,565
399,402
1,085,095
921,243
3,635,292
Operation
of the company's
foundland subsidiary, to 48% in 1939.
As a result of the expected merger of
Net profit
Electric Co.—Earnings-
1939
W Calendar Years—
$672,771
United States, Kraft production has risen from approximately 26%
total tonnage production in 1934, excluding the New¬
in the
Rent
Oper. exps. & taxes
by International Paper and its subsidiaries to
700,000. Mr. Cullen pointed out that this debt
for sees, purch'd
Accrued taxes
8,179
Comp. to Investors
brokers
for secur. sold—
Divs. receivable—
Accts. rec.,
6,497
21,005
Prep'd. taxes(N. Y.
2,009
State franchise).
59,459
Manage.Co.,Inc
53,370
533,704
5,269,600
138,829
Unrealized deprec.
on
Total
$4,357,247 $5,015,360
-V. 150. p. 2580.
securs.Dr
Total
1,353,435
1,007,815
$4,357,247 $5,015,360
The Commercial A Financial Chronicle
418
State of Iowa.
We Maintain
Trading Markets in the
SOUTHERN UTILITIES COMPANY
TRADING
DEPARTMENT
<H'
•
1940
operating
revenues for the calendar year 1939 was derived from sales of electrical
energy.
About 132 communities are served at retail including the cities of
Ottumwa, Burlington, Newton, Creston, Centerville, Chariton, Grinnell
and Washington, Iowa, and about five communities are served at whole¬
sale.
The population of the territory so served at retail and wholesale is
estimated by the company based on the Federal census of 1930, to be
about 170,000.
The company also sells electrical energy at wholesale
to several large customers including four public
utility companies which
Securities of
IOWA
July 20,
Approximately 84.18% of the company's
■
,
.
gross
resell at retail in several other communities.
'
Company is also engaged in the business of manufacturing, distributing
and selling artificial gas in
Eastman, Dillon G Co.
MEMBERS NEW YORK
STOCK EXCHANGE
16 Broad Street
Tel. Boiling Green 9-3100
the cities of Burlington, Centerville, Osceola,
Grinnell, Washington, Mt. Pleasant and the town of West Burlington in the
State of Iowa.
Approximately 6.27% of the company's gross operating
revenues for the calendar year
New York
1939
derived from sales of gas.
Com¬
and selling
was
pany is also engaged in the business of generating, distributing
steam for heat in the business districts of the cities of Ottumwa,
Bell System Teletype N. Y. 1-752
and
Grinnell,
Centerville
limited number of residences being also served in Ottumwa.
a
Approximately 2.36% of the company's
gross operating revenues
year 1939 was derived from this steam heat business.
International PoWer Securities Corp.—No Interest—
i
International
Telephone
Airfield Contract—
&
Telegraph
the cities of Ottumwa and Burlington, Iowa.
Corp,—Gets
"t
certain streets in Centerville and connecting with five trunk steam railroads
with which it maintains joint rates for both interstate and intrastate busi¬
The principal business done by this railway is the transportation of
Development Co., subsidiary of this cor¬
order amounting to $537,547 from the Civil Aeronau¬
tics Authority on July 15 to manufacture and install airplane
instrument
landing systems at the airports of six cities in the United States: La Guardia
Field, N. Y.; Municipal Airports at Chicago, Cleveland and Kansas City;
ness.
an
coal mined in the territory adjacent to or on its own lines and as an inter¬
mediary-carrier of freight received from the lines of the other railroads with
which it connects.
Approximately 1.69% of the gross operating revenues
for the year 1939 was derived from the operation of this interurban electric
railway.
Mines Field, Los Angeles and Meacham Field, Fort Worth.
With the exception of experimental instalations, these instrument land¬
ing systems will be the first ever contracted for by the United States Govern¬
ment for utilization by the commercial airways and will mark a
decided
advance in the application of ultra-high frequency radio to aerial
naviga¬
tion.
They will enhance the safety of flying as well as relieve the con¬
gestion caused at busy airports during times when large numbers of air¬
planes must wait their turn for landing when weather conditions are un¬
favorable.—V. 151, P. 106.
Iowa Electric Light
The
Underwriters—The
Iowa
Name—
W. C. Langley
Offered—Company offered
Co.
of
the bonds, whichever is less, imposed upon and
paid by the owners of the
bonds.
Northern Trust Co., Chicago, and Sheldon A.
Weaver, trustees.
The bonds of the
4% series due May 1, 1970 are subject to redemption at
the option of the registrant at 105 and a scale down.
As long as any bonds
of the 4% series are outstanding the
company will pay toward a sinking
fund for the purchase, redemption or retirement of the bonds on
or before
May 1, 1951 and the first day of May in each year thereafter to and incl.
May 1, 1963, an amount equal to 114%, and on or before May 1, 1964 and
the first day of May in each year thereafter to and
including May i, 1969,
an amount equal to 1
% %, in each case of the greatest aggregate principal
amount of the bonds outstanding at
any one time prior to the date of the
respective payments.
General Mortgage 4H% Sinking Fund Bonds Due
May 1, 1950—Interest
payable M. & N.
Coupon bonds registerable as to principal
only in denom.
of $1,000 and $500.
The company agrees to reimburse
any Penn. taxes
(other than estate, succession, inheritance and income
taxes) not exceeding
five mills per annum on each dollar of the taxable value or
principal amountof the bonds, whichever is less,
imposed upon and paid by the owners of
the bonds.
Chemical Bank & Trust Co., New York, trustee.
The 4j^%
bonds
are
redeemable at 105 and
a
scale down.
The sinking fund for the
On or before May 1, 1942,
and the balance from funds
uoav
Authorized
Jones & Laughlin Steel
W.
been
b Not
Corp.—New Officials—
appointed Assistant Treasurer of this corpor¬
Johns-Manville Corp. (&
Subs.)—Earnings—
1940—3 Mos.—1939
1940—6 Mos.—1939
$15,^07,692 $13,513,882 $26,852,575 $23,764,904
15,305,854
13,564,190
26,993,090
23,883,333
Costs and expenses
12,353,144
11,430,563
22,247,370
20,680,709
Depreciation & depletion
528,957
594,456
1,076,744
1,172,264
Taxes
1,320,458
460,545
1.784,000
826,616
Profit, incl. other income
Net profit
$1,103,295
Preferred dividends
Surplus
x
$947,376
$1.15
After discounts and allowances
$1,203,744
249,375
262,500
637,500
$347,670
Earns.persh.oncom.stk,
$1,884,976
$1,078,626
131,250
118,125
637,500
Common dividends
$998,101
$1.92
$1.12
$941,244
$1.11
-V. 150, p. 3515.
Kable Bros. Co.—Common Dividend—
Directors have declared
stock,
a dividend of five cents
per share on the common
payable July 15 to holders of record same date.
Dividend of like
paid on the common shares on April 10, 1938.—Y. 150, p. 436.
amount was
Kansas City Public Service
Period End. June 30—
$486,864
402,578
Operating
expenses
General taxes
19,420
"
Social security taxes
9,963
65,388
Depreciation
Operating income
Non-oper. income,
$6,286,806
5,117,229
215,636
123,457
800,391
425,719
22,096
10,365
69,534
J
$6,357,061
5,177,423
x$39,087
3,333
253,259
122,485
842,982
$30,092
2,342
x$10,409
3,926
16,115
4,772
bonds
101
x$21,016
40,146
$32,435
243,733
6,499
410,530
86.473
$35,222
on
x$21,117
76
Int. on RFC obligation.
Other fixed charges
',660
$621,828
$604,643
Net loss
x
1940—12 Mos.'—1939
$506,597
x$10,485
Gross income
Interest
Co.—Earnings—
1940—Month —1939
Total oper. revenue
x$35,754
482,416
.■
Loss.—V. 150, p. 3979.
$4,072,445
2,339,117
$4,209,365
2,361,441
90,000
383,000
$1,306,077
75.925
73,983
$1,374,924
71,112
Railway tax accruals
$1,430,851
$1,380,061
$1,446,036
$400 000
Net ry. oper. income.
—V. 150, p. 3979.
360!000
indenture,
Net sales...
1939
67,250
360,000 shs.
4129.
1938
income
earns, before int. and amort,
of debt discount and
expense...
Kansas
City Southern Ry.—Earnings—
Period End. June 30—
Railway
Railway
oper. revenues.
oper. expenses,
1940—Month—1939
$1,108,561
$1,051,886
697,964
682,085
Net rev. from ry. oper.
1940—6 Mos.—1939
$6,897,650
4,299,826
$6,281,830
4,006,997
$2,274,833
594,000
$410,597
103,000
$369,801
99,000
$2,597,824
oper. income.
$307,597
Equipment rents (net),.
Joint facil. rents (net),.
52,443
9,651
$270,801
37,791
10,999
$1,989,824
289,043
59,402
205,143
59.838
$245,503
$222,011
:$1,641,378
$1,415,853
Railway
608,000
$1,680,833
interest
requirement on $10,000,000 first
mortgage
bonds 4% series due
May 1, 1970.
Annual interest requirement on
$2,660,000 general mortgage
% sinking fund bonds due May 1, 1950
Annual interest requirement
debt to be
on
requirement
119,700
Earnings of Parent Company Only
$519 700
Period—
x
160,234
Annual interest reqirement
on total long-term debt to
be out¬
standing and general interest
Ratio of net earnings year 1939 to annual
intef^tVecfulrement
on $10,000,000 first
mortgage bonds
Ratio of net earnings to annual interest
requirement"on~$f2.660,000 debt
Ratio of net earnings to annual interest
requiremen"t"on~$l5
160,000 long-term debt, and general interest
$10,234
Including maintenance and taxes.
$679 934
3 01
2 78
2.12
Company and Business—Company was incorp.
The principal business is that of
light, heat and
Feb. 12,1923, in Delaware.
generating, distributing and selling elec¬
power.
The facilities devoted to this busiinter-connected electric transmission and
distribution
system located in 24 countries in the southern and
southeastern parts of the
an
Net
profit
Earnings
per share on combined
class A and class B stocks
$0.71
x
After depreciation, interest and provision
under Revenue Act of 1940.—V. 150, p. 3205.
Kennecott Copper
$1.05
for
Federal
$1.76
income taxes
Corp.—Special Dividend—
Directors have declared
a special dividend of 50 cents
per share in addi¬
regular dividend of 25 cents per share on the common stock,
no par value, both payable Sept. 30 to holders of record
Aug. 31.
Like
amounts were paid on June 29, last.—V. 150, p. 3362.
tion
-
a
comprise
Quar.End.
Quar.End. 6 Mos. End.
JuneSO, '40 Mar. 31, '40 JuneSO, *40
$387,254
$578,108
$965,362
on
$10,234
trical energy for
Kelsey-Hayes Wheel Co.—Earnings—
$12,660,000 total mortgage
outstanding
interest
$2,500,000" 6 % Void" debentur^,^s^ A> due May L 1950> $150,000 and general inter¬
ness
p.
Period End. June 30—
x
Net
est
150,
$1,354,926
Net earnings from operations
Annual
McKee has
$4,065,246
2,328,720
59,100
322,500
Operating revenues
a
Operating expenses
Annual
S.
Outstanding *
$10,000,000
2,660,000
2,500,000
358,799 shs.
a
$2,660,000
b
a Addditional
bonds may be issued as provided in
limited to any specific amount.—V. 151, p. 247.
1937
Provision for income taxes
Provision for retirements
158,000
158,000
87,000
Capitalization Giving Effect to Present Financing
held in treasury.
,
Other
_.
—
1st mtge. bonds 4% series 1970—
Gen. mtge. 4K% sinking fund bonds, 1950-6% gold debentures, series A, 1950
Common stock (par $15)
Condensed Statement of Income Accounts Years
Ended Dec. 31
^
___
—
H. M. Payson & Co__
Quail & Co
.
4^8 will consist of the following payments:
$235,000; May 1, 1943, $245,000 May 1, 1944, $255,000;
May 1, 1945,
$265,000; May 1, 1946, $310,000; May 1, 1947, $325,000; May 1, 1948,
$339,000; May 1, 1949, $353,000.
'
^
Purpose—The amount of the net proceeds of the bonds offered estimated
at $12,415,670 (after deducting estimated
expenses and excluding accrued
interest) together with other funds estimated at $690,853, which will be
paid by the company out of its general corporate
funds, will be used for the
payment, redemption or retirement of all first and
refunding mortgage gold
bonds, series of 1925, and first and refunding
mortgage bonds, series of
1935. The latter amount $690,853 will be derived in
part from a loan from
the Chemical Dank & Trust Co., New York in
the sum of $200,000 to be
evidenced by notes aggregating that amount
payable serially from Sept. 1,
1940 to and incl. July 1, 1941
bearing int. at the rate of 2lA % per annum
-
Gen. Mtge.
$525,000
525,000
263,000
263,000
210,000
210,000
168,000
158,000
126,000
105,000
42,000
42,000
23,000
$1,975,000
1,975,000
987,000
987,000
790,000
790,000
632,000
592,000
474,000
395,000
Hemphill, Noyes & Co
Central Republic Co
ation.—V.
First Mortgage Bonds, 4% Scries Due May 1, 1970—Interest
payable
M. & N.
Coupon bonds registerable as to principal only in denom. of
$1,000 and $500.
Company agrees to reimburse any Penn. taxes (other
than estate, succession, inheritance and income
taxes) not exceeding five
mills per annum on each dollar of the taxable value or
principal amount of
Co
Bacon, Whipple & Co
Edgar, Ricker & Co
on
subscribed.
First Mtge.
&
A. C. Allyn & Co., Inc
Delaware—Bonds
July 17 two refunding issues of
bonds totaling $12,600,000 through a group headed
by W. C.
Langley & Co. and Halsey, Stuart & Co., Inc., and including
Bonbright & Co., Inc.; The First Boston Corp.; Glore,
Forgan & Co.; Stone & Webster and Blodget, Inc.; A. C.
Allyn & Co., Inc.; Hemphill, Noyes & Co.; Central Republic
Co.; Bacon, Whipple & Co.; Edgar, Rieker & Co.; H. M.
Payson & Co.; and Quail & Co. The issues consisted of $10,000,000 first mortgage bonds, 4% series due May 1, 1970,
and $2,060,000 general mortgage 4^% sinking fund
bonds,
due May 1, 1950.
Both issues priced at 101 have been over¬
principal underwriter and the respec¬
follows:
_—
& Power Co.—Correction—•
Utilities
of each
are as
Halsey, Stuart & Co., Inc.
Bonbright & Co., Inc.
The First Boston Corp
Glore, Forgan & Co
Stone & Webster and Blodget, Inc
item listed under the head
Southern
name
tive amounts underwritten
"Iowa Electric Light Co." in last
week's "Chronicle" should have been under above name.—V.151,
p. 247,107.
news
Approximately 5.50% of the
company's gross operating revenues for 1939 was derived from the opera¬
tion of busses.
Company also owns and operates 29.42 miles of electric
interurban railway rendering freight service, extending from Centervilie to
Albia and from Centerville to Mystic in the State of Iowa, running over
The International Telephone
poration, received
for the
Company also maintains and operates systems of bus transportation in
Funds for payment of interest due July 15 on the 7% secured series
F
bonds due 1952 have not as yet been deposited with the
paying agent.
—V. 149. P. 4031.
to the
Keyes Fibre Co., Inc.—Earnings—
6 Months Ended June 30—
Net income after
charges and taxes
—V. 150, p. 1282.
1940
1939
$120,246
$92,327
■*
-
Volume
The Commercial
151
Kimberly-Clark
Net
$7,498,577"
sales
a
Net
profit.
Preferred
,753,470 $14,882,960
782,854
1,790,988
2,130,926
960,700
bl ,373,651
664.921
298,890
149,445
1,074,761
515,476
886,066
925,231
628,606
Total income
_
dividends.
Surplus for common....
149,445
479,161
Earns, per sh. on com..
$13,801,291
1,610,548
$2.20
$1.98
$0.98
___
$1.06
1,840,635
1,263,581
298,890
1940—5 Mos.—1939
$2,155,467 $2,108,262
1940—Month—1939
$475,932
150, p. 3830.
.
The directors have declared an extra
dividend of 15 cents per share in
amount on the common
quarterly dividends of like
both payable Aug. 1 to holders
paid on Aug. 1, 1939.—V. 149. p.
stock, par $25,
amounts were
being asked to ratify a plan to change the 16,866 un¬
issued shares of $2.50 cumulative preferred stock to $2.70 basis and reduce
the call price from $55 to $40,
Holders of the 13,134 shares of $2.50 pre¬
ferred now outstanding, in the event the plan is ratified, would be permitted
to exchange their stock for the new preferred if they wish to do so.
The
$2.50 preferred has sold at a range of $27 to $36 in recent years, despite
its high call price, A. S. Knapp, President states.
Special meeting will
be held Sept. 3.
Mr. Knapp stated that the first four months sales by
Knapp-Monarch amounted to $1,004,052 as against $914,626 in the same
period of 1939.—V. 148, p. 441.
Dividend—
Loew's Boston Theatres Co.—Extra
addition to the regular
Knapo-Monarch Co.—May Recapitalize—
of record July 20.
3267.
Like
are
Knickerbocker
Fund—Earnings—
Earnings for the 6 Months Ended May 31, 1940
Income:
Inc.—Sales—
$508,297
—V.
b After
reserve
Stockholders
Lincoln Stores,
Period End. June 30—
Sales
964,691
&c.
After interest, Federal income taxes, loss of subsidiary,
of $150,000 for contingencies,—V. 150, p. 3515.
a
orI70.24%Iof the outstanding Plaskon
shares.—V. 151, p. 108.
1940—6 Mos.—1939
1940—3 Mos.—1939
Operating profit
Mr. Biggers explained,
company,
Corp.—Earnings
Period End. June 30—
419
& Financial Chronicle
$7,683
689
Cash dividends
Interest earned
58,372
2,283
Total
Administrative fee
264
Federal capital stock tax
New York State franchise tax.
65
727
Federal income tax
Loew's, Inc.—Bonds Called—
Dillon, Read & Co., as paying agent, has drawn for redemption on
Aug. 15, through operation of the sinking fund, $375,000 of 3H% sinking
fund debentures.
Payment at 100 will be made at the office of Dillon,
Read & Co.—V. 150, p. 3052.
Long Beach Gas Co.—-Tenders—
Empire Trust Co., trustee, is inviting tenders for the sale to it at a price
exceeding 105% and accrued interest of 1st mtge. 5% 40-year sinking
fund gold coupon bonds in an amount sufficient to exhaust all or part of
the sum of $8,340.
Tenders will be received until 3 p.m. Aug. 1, 1940, at
the trust department of the bank, 120 Broadway, New York.—V. 150,
P. 998.
not
•
Louisville & Nashville RR.—To Pay $2.75 Dividend-—
Directors have declared a dividend of $2.75 per share on the common
stock, payable Aug. 26 to holders of record July 29.
This compares with
$1.25 paid on Feb. 28 last, $2.75 Dec. 22, 1939; $1.25 Aug. 30, 1939; $1
Feb. 28, 1939; $1.50 Dec. 23, 1938, and regular semi-annual dividend of
$2.50 paid on Feb. 28, 1938.—V. 150, 1. 4131.
Lowell Electric Light
$5,033
Net income
Balance Sheet May 31,1940
Assets—Investments in securities at quoted market value, $440,956;
cash, $9,689; subscriptions receivable, $2,789; interest and dividends re¬
ceivable, $2,361; total, $455,795.
Liabilities—Provision for taxes, $1,678; principal (applicable to shares
of beneficial interest of $1 par value per share, $598,291; earned surplus,
Dr$3,081; excess of cost of investments over quoted market value, Z)r$141t092; total, $455,795.—V. 150, p. 281.
Corp.—Earnings—
1939
1938
1937
1936
$2,335,094
$2,096,723
$2,172,997
$2,198,320
42,048
3 0,044
$2,377,142
$2,126,767
$2,219,570
$2,229,822
876,391
782,129
874,148
847,669
Calendar Years—
Gross oper. revenue
Other income.
Total income._______
Operating expenses
31,502
46,572
..V
155,084
Maintenance
154,388
151,574
195,034
Depreciation
156,000
156,000
156,000
Taxes.
519,858
478,135
475,131
458,571
$670,505
3,316
$558,928
2,322
$519,257
2,717
$612,498
2,261
$667,189
602,842
$556,606
602,842
$516,540
602,842
$610,237
602,842
$64,347
x$46,235
x$86,302
$7,395
156,000
(David M.) Lea & Co., Inc.—Bonds Called—
1947 have been called
AJl of the outstanding 1st mtge. 4-5% bonds due to
for redemption on Aug. 1 at 101.
Net
before int.
earns,
charges
charges..
Interest
Lehigh Portland Cement Co.—Earningsprofit
deprec.,
stk. (par $25)_
com.
$2,161,213
748,934
$1,606,937
754,434
z$1.83
y$2.08
No allowance was made for surtax on
x
shares
stock outstanding at close of period, balance of earnings
ended June 30, 1937, is equal to $2.23 a common shares,
$227,005 divs. paid
y Based
of 4% preferred
for the 12 months
z
4% convertible prefrered stock.—V.
on
741,494
754,434
z$0.39
After deducting
150, p. 2582.
(R. G.) Le Tourneau, Inc.—Earnings
Period End. June SO—
Net
sales
x
Net income.
y
Earnings per share
V.
_
$3,604,262
898,971
$1,997
$4,519,877
1,152,043
$2,560
$0,404
$0,613
for Federal income taxes.
provision
p. 4130.
150,
_
_
After
x
1940—6 Mos.—1939
1940—Month—1939
$1,126,640
$675,009
275,892
181,788
Balance Sheet Dec. 31,
and equipment, $9,011,403; construction work
$34,490; cash, $300,061; accounts receivable, $378,957;
Assets—Property, plant
orders in progress,
$210,068; prepaid insurance and other expenses,
$2,624;
deposit in closed bank, $167; total, $9,937,770.
Liabilities—Accounts payable to affiliated companies, $18,948; other
accounts payable, $16,924; accrued taxes, $192,934; accrued payroll and
other expenses, $14,867; consumers' deposits, $66,768; reserves for deprecia¬
tion, $1,580,180; insurance reserve, $9,555; contributions and deposits
extensions, $11,764; capital stock (par $25), $4,186,400; premium on capital
for
P.
114.
-
S
$
Assets—
Plant, prop., &c__21,724,303
21,842,761
21,730
22,577
387,771
2,103
30,150
Investments
__
a
$
14,177,400
4,953,625
14,432,600
551,307
824,133
30,000
30,000
4,953,625
Common stock..
Long-term debt.
.
.
(contra)
Special deposits
Cash (incl. work'g
730
to
parent co
Demand note pay.
1,777
223,818
3,364
885,540
2,973
funds)
86,156
Mat'ls & supplies.
3,320
Def'd debit items.
811,995
387,771
18,398
1,711,895
1,895,577
570
Reserves..
Deferred
72,689
revenue.
217,268
156,657
Total
....
23,040,352 23,010,716
Represented by 198,145 no par shares.
Earnings for the year ended Dec. 31, 1939, appeared
of Feb. 24, page 1283.—V. 150, p. 3830.
This
a
Period End. June
stock.
common
par
Common
y
Company's release stated that the 3,627,985 shares of common stock
outstanding is the only stock the company has since it converted its pre¬
ferred stock into common last January.
The dividend will amount to
consideration of the earnings for the fiscal year
1940, amounting to $3,782,236.86 as reported in the annual
This action was taken in
shareholder on April 18.
Unsettled conditions at that
time made it seem desirable to postpone the declaration of a dividend.
"The company is in strong financial position," Daniel W. Creeden,
President, said.
"We are just now in the midst of our seasonal packs.
The cost of these packs and the market for them in future
months will
largely determine our results for the fiscal year ending March 1, 1941.
Indications, as far as they are available, are satisfactory and, as stated in
the annual report, 'we are hopeful of profitable results'."—V. 150, p. 3516
report sent to each
Libbey-Owens-Ford Glass Cio.—Earnings—
•yYi
aterial s
and mfg.
xisGd
expense
•
'
-
$8,849,505
907,044
Net manufg. profit...
Other income
$5,738,441
1,076,571
$2,288,510
1,123,793
$9,168,866
1,074,799
$7,942,461
501,163
$4,661,870
$1,164,717
$8,094,066
391,086
148,083
432,816
$5,052,956
$1,312,801
$8,526,883
1,775,423
622,719
1,734,681
1,574,514
1,320,900
Total mfg. profit and '
other income
$8,443,624
and other de¬
Expenses
1937
1938
1
XstlDor1
Depreciation
1,899,064
Federal income tax xl,367,812
ductions
Est.
1939
1940
6 Mos. End. June 30—
Mfg. profit after deduc.
v
per
common
x
$2,654,814 loss$421,880
$5,631,469
$2.06
of 1940 Revenue Act.
$1.06
Biggers, President, states that the
Nil
automotive
the building
in Plaskon Co., Inc., plastics
investment of $2,269,292 in a steadily growing
month's acquisition of an interest
$32,186
$74,334
$36,448
$0.65
$0.61
y
$1.24
$1.12
On common stock.—V.
Ltd.—Earnings—
June 30—
profit after all charges
Shares of common stock outstanding.
Earnings per share on common stock
—V. 150, p. 3363.
6 Mos.— Ended
Mack Trucks,
1938
1939
1940
$513,384
$501,839
2,678,068
2,678,068
$0.19
$0.19
$296,539
2,680,824
$0.11
Inc.—50-Cent Dividend—
declared a dividend of 50 cents per share on the common
payable Aug.- 1, to holders of record July 25.
Last previous dis¬
tribution was the 50-cent dividend paid on Dec. 28, 1939, which was the
first paid since March, 1938.—V. 150, p. 3053, 1442; —Y. 149, p. 3721.
Directors have
stock,
Magma Copper Co .—Earnings—
30—
1940
6 Months Ended June
Ip38
1939
19,773,710
10.017c
7.177c
Average net selling price per pound
x Average net production cost per lb..
19,455,657
11,3467c
7.4439c
mining operations
(including railroad)....
$680,613
36,975
$587,178
51,647
Total net income (after deducting
estimated Fed. normal inc. tax)._
$717,587
$638,825
Copper
produced, pounds
Income from
Other income
x
values
and
include
„
19,143,396
9.352c
8.030c
$223,089
60,516
_
$283,605
gold and silver
Federal social
administrative expenses, but does not
cost of producing copper is after deducting
includes all operating costs, Arizona taxes,
The average
taxes,
depreciation and
any allowance for mine depletion,
tax.—V. 150, p. 2583.
Marine Midland Corp.
industry.
Last
$46,651
capital stock tax or Federal
$2.25
earnings reflect the favorable
public acceptance given the 1940 models of the company's
customers and a reasonably favorable demand for glass from
roducer, represented the
$400,054
59,712
303,894
Federal income taxes, &c.
;Macassa Mines,
income
on
stock..
On basis
John D.
share
59,712
303,894
Net
security
$5,176,748
Net profit
Earnings
$437,940
29,856
151,947
150, p. 3830.
$1,813,992.50.
ended March 2,
$213,989
29,856
151,947
dividends
After expenses,
1940—-6 Mos.—1939
$228,454
Surplus
Earns, per share
x
Co.—Earnings—
1940-—3 Mos.—1939
30—
x Net profit.
Preferred dividends
a
150, p. 3830.
increase of 0.54%.—V.
MacAndrews & Forbes
dividend of 50 cents per share on the new
$7 par common shares payable Aug. 15 to holders of record July 31.
This
will be the first payment made on these shares, and the first common divi¬
dend paid since October, 1937 when $1.40 per share was paid on the old no
declared
was an
in the "Chronicle"
Libby, McNeill & Libby —Common Dividend —
Directors on July 16
„
$5,159,361, against $3,company for the month
were
$14,135,039, compared to $11,946,311.
Drugs and sundries sales
increased 0.47%, from $8,933,345 in 1939 to $8,975,678 in June, 1940.
Mr. Wardall announced that McKesson sales for the first six months
were $75,357,435, against $71,646,991 in the corresponding period of 1939,
an increase
of 5.18%.
A breakdown of the figures for tne six months
show drugs and sundries department sales of $54,748,996 in 1940, against
$52,120,747 in 1939, or an increase of 5.04% for the period.
Liquor sales
for the first six months of this year were $20,608,439, against $19,526,244.
304,500
Earned surplus
Inc.—Sales—
Liquor sales were up 71.24% with a total of
012,966 in June of last year.
Total sales of the
-
676,150
$0.45
3518.
products by retailers, in anticipation of the
July 1, caused net sales to increase 18.32%
June, 1939, according to preliminary figures releasod by William
J. Wardall, trustee.
•
Capital" surplus
23,040,352 23,010,716
in June over
103,721
9,403
103,043
Miscell. accruals..
Deferred credit
Total....
McKesson & Robbing,
167,306
96,482
Taxes accrued
$0.30
$0.19
$0.70
and all other charges, incl. deprec.—V. 150, p.
stock..
Heavy purchases of liquor
30,150
146,796
(contra)
Accounts payable.
$275,159
$421,331
_
Federal floor stocks tax, effective
Matured bond int.
Accts. receivable..
1940—6 Mos.—1939
$119,436
$182,751
600,000
After int., taxes
x
Notes & accts.pay.
Deposits for mat'd
bd. int.
$
Liabilities—
(& Subs.)—Earns.—
1940—3 Mos.—1939
Period End. June 30—
Net profit
Earns, per sh. on
shares capital
1938
149,
■
<
..
McGraw-Hill Publishing Co., Inc.
x
1939
1938
$1,948,164; total, $9,937,770.—V.
stock, $1,891,266; earned surplus,
Lexington Water Power Co.-—Bal. Sheet Dec. 31'
1939
1939
inventories,
On 450,000 shares.—
y
Deficit.
x
undistributed income,
dividend requirements on 57,486
12 months'
paid........
Balance, surplus.....
x$521,505 x$l,910,428
$2.58
Earnings per share
on
earnings.
Dividends
after taxes,
deplet'n and
obsolescence.
Shs.
Net
1937
1938
1939
1940
12 Mos. End. June 30Net
(& Subs.)-—Earnings-—
(Including constituent bank and trust companies and other affiliates)
Period End. June 30— 1940—3 Mos.—x1939
1940—6 Mos.—x 1939
Net earnings after taxes.
$892,250
$960,164 $1,628,580 $1,694,437
Earnings per share
$0.16
$0.17
$0.29
$0.30
x
Adjusted to June 30 minority
interests.—V. 149, p. 2431.
The Commercial & Financial Chronicle
420
Marion-Reserve Power
The Commercial National
Balance Sheet Dec. 31
Co.—Definitive Bonds Ready—
1939
Bank & Trust Co. of New York is prepared
3H% bonds, series of 1960, in exchange for
temporary bonds of that issue, which are presently outstanding, at its office
at 46 Wall St., New York, N. Y.—V. 150, p. 4131.
1939
1938
Cash
1937
solescence, deprec.,&c.
x$201,639 loss$76,532 loss$2S0,568
Before income taxes.—V. 150, p. 3206.
Mastic
$60,785
Divs. declared
474,795
24,03 5
7,031
83,659
917,007
313,759
19,047
1,065,657
310,557
-
~7~, 248
Interest accrued..
753,137
656,887
484,166
19,825
414,192
Other curr. & accr.
liabilities
6,677
Deferred credits..
9,497
14,817
Reserves
Special deposits--.
24,135
21,097
Contribu'n
& expense
1,419,025
1,475,031
8,630
6,750
Unamortized
1940—6 Mos —1939
1,884
debt
of
42,464
39,996
in
11,648
7,244
5,813,166
5,371,075
11,816
4,384,676
4,239,422
aid
construction.
Earned surplus
Total......—81,092,517 80,288,577
$1,315,904
871,280
247,711
87,172
Consumers' deps__
Taxes accrued
Other def. charges
$1,946,151
874,177
435,636
410,473
M at ured int
Prepayments
150, p. 2887, 32G6.
436,869
474
871,396
Misc. curr. assets.
(Inc.)-—Earnings-
Period End. June 30— 1940—3 Mos.—1939
Total earns from opers_ $1,037,645
$663,370
2.501
Accts. receivable--
disct.
Prov. for deprec. & depl.
Long-term debt.. .34,114,000 34,303,000
Accounts payable.
61,236
81,998
(on
Notes receivable..
Asphalt Corp .—Amendment Filed—
Mathieson Alkali Works
S
a34,673,000 34,673,300
Materials & suppl.
The 100,000 shares of stocx being sold for the account of certain stock¬
holders of the company will be offered at $6.50 per share, according to an
amendment filed with the SEC.—V.
Capital stock
81
in banks
demand)-..—Working funds-..
Net profit after taxes, ob¬
x
2,501
Sinking fund
Co.—Earnings—
1940
1938
$
Liabilities—
Plant, prop., fran¬
chises, &c
77,491,208 77,272,429
Investments
Marion Steam Shovel
1939
1938
Assets—
to deliver definitive 1st mtge.
6 Mas. End. June 30—
July 20, 1940
Total
9,653
-.81,092,517 80,288,577
Represented by: 7% pref. cum., $100 par; pari passu with 6% pref.
$6 pref.; outstanding, 80,073 shares.
6% pref. cum., $100 par; pari
passu with 7% pref. and $6 pref.; outstanding, 417 shares. $6pref., cum.,
a
and
Net earns, from opers.
Income
$600,776
9,101
$227,734
10,891
$1,071,974
16,786
$444,623
$609,877
32,857
113,621-
$238,626
39,871
$1,088,760
65,387
195,833
$464,680
50,253
78,381
$463,398
828,171
$174,098
828,171
$827,540
828,171
$336,046
828,171
$0.51
$0.16
$0.90
$0.31
credits
no par;
20,057
entitled upon liquidation to $100
share; pari passu with 7% pref.
a
and 6% pref.;
Total income
Income charges...
Federal income taxes
Net income
Shares of common stock
Earns, per share on com.
stock
-V.
24,656
outstanding, 71,302 shares.
2,000,000 shares.—V. 151, p. 248.
Midvale
Corporation
property of the Conkling-Armstrong Terra Cotta Co., which adjoins
Midvale's own property along Wissahickon Ave., Philadelphia.
While it
explained tnat Midvale has no particular use for the ground now, the
property was acquired to round out its holdings and provide for the future.
—V. 150, p. 3520.
was
Corp.—Sales—
Mobile
July 15 reported retail sales of $4,237,868 for the four
29, as compared with sales of $3,606,342 for the com¬
parable four weeks in 1939, an increase of 17.51 %.
Sales for the 28 weeks
ended June 29 were $21,979,326, as against sales of $21,053,243 for the
similar period last year, an increase of 4.40%.—-V. 151, p. 248.
•weeks
on
ended June
Mercantile Stores Co., Inc.
Bros.
Profit
were no
(& Subs.)—Earnings—
-
-
to
Total income
-
Depreciation
Interest
$675,125
347,235
-----
-
53,243
-
Combined prov. for Fed. income taxes of cos. with taxable net inc.
72,060
'
Net profit
dividends.
$202,587
42,504
-----
Preferred
Consolidated Balance Sheet Jan. 31, 1940
Assets—Cash, $1,530,289; customers' accounts receivable (net), $3,287,
473; due from suppliers, &c., $152,996; inventories, $2,807,643; other assets,
$156,429; fixed assets (net). $5,857,639; unexpired insurance premiums,
prepaid expenses, &c., $251,848; total, $14,044,316.
Liabilities—Accounts payable, $1,387,780; accrued taxes (other than Fed¬
eral income), salaries, rent and interest, $296,144; real estate
obligation
payaole within one year, $37,333; preferred stock dividend payable Feb. 15,
1940, $10,525; reserve for Federal income taxes, subject to review by U. S.
Treasury Department, $101,000; reserve for conversion of net current assets
of Canadian subsidiary, $29,500; reserve for
redemption of trading stamps.
$54,328; reserves, $150,000; 7% cum. pref. stock ($100 par), $1,041,000;
common stock (144,456 no par shares),
$5,802,060; surplus segregated by
directors as of Feb. 1, 1935, $6,257,634; deficit since Feb. 1, 1935,
$255,373;
treasury stock (preferred 4,396 shs. and common 13,782 shs.). Dr.$867,614,
total, $14,044,316—V. 150, p. 2431.
Mexico Tramways Co.
other bids.
of Mobile
tificates
are
These
Car earnings
Miscellaneous
$2,082,321
earnings60,108
Total earns.from oper.
Oper.,
maint.,
in
$2,350,745
67,381
$2,885,741
75,877
$2,509,684
63.495
$2,418,126
$2,961,618
$2,573,179
2,536,416
2,787,436
3.212.402
3,117.873
65,460
—
$459,447
1939
$369,310
A.ssctSmmmm
$
17,230,278
9,666,658
$544,694
cars:
1939
15,250
19,548
Liabilities—
$
Capital stock
233,648
223.870
49,074
38,155
250, 50-ton all-steel self-clearing hopper and two 2,000 h.p. Diesel elect-
Monarch Machine Tool
.
x
6 Mos. End. June 30—
Net profit
26,394
44,230
Securities
511,253
105,348
327,006
268,726
507,763
Reserve for depre¬
_$ 1.22
&c!
~x
y
After depreciation and provision for estimated Federal income tax,"
On 150,079 shares common stock.—Y. 150, p. 3207.
Tramways Co.—-General Balance Sheet Dec. 31-r1938
S
8
Assets—
Prop, and equip. .54,036,501 56,200,396
Inv.
for
of
acct.
guarantee fund.
Securities
zation
chises
of
par)
28,320,165 28,554,678
9,577,685
9,270,437
500,000
2,408,361
913,237
629,906
1,325,000
40,108
1,325,000
31,418
312,058
mtge.
1. gold bonds,
due 1955
-.26 451,200 26,639,200
Accts. & wages pay
485,038
532,126
405,300
Accrued interest._
on
and
Balance
due
Deficit..
Total
28.320,165 28,554,678
earnings of 4.8% were
Occupancy of approximately 80% is slightly lower than it
six months ago.
Since reorganization of the property in 1935, $168,900
bonds have been retired out of
earnings above the fixed interest rate.
reported.
was
Light Co.-
1939
Earnings-
1938
$6,822,747
3,126,127
6,863
600.000
6,771
550,000
6,729
500,000
$3,059,408
1,457
$2,808,656
1,084
$3,189,891
3,950
$3,060,865
1,618,430
70,121
Crl ,768
$2,809,741
1,627,880
$3,193,841
1,636,542
71,793
Cr6,031
$2,986,290
1,649,746
64,440
Crl ,524
$1,374,081
$1,112,327
$1,491,537
747,882
5,680
567,980
$1,273,627
700,639
7,440
530,260
Divs.
on
7 % pref. stock.
6% pref. stock.
on
$6 pref. stock..
327,910
Em pi's secur. dep.
co.
contract.
192,972
372,460
Dividends
330,213
25,347
25,040
payable
105,000
157,500
693,451
848,160
Res. in accord with
pro vs.
of
con¬
1 327,922
Surplus-
60,478.984 62,184,9011
Total
1,602,240
1 813,077
2,166,716
899,346
tract
Res. for co.'s acct.
Mortbon
1,532,397
60,478,984 62,184,901
Corp. of New York-—Bonds Called—
Manufacturing Corp.—Earnings—
6 Months Ended June 30—_
Gross profit
Profit after expenses.
1940
379,438
-
41,861
37,325
141,857
133,469
29,306
$166,420
on
$657,043
284,588
301,788
-.
Federal income taxes
Net profit
Earns, per share
1939
$822,478
365,038
Inventory adjustment, &c
Depreciation and amortization.
Operating loss of subsidiaries
cl. B
com.
stock-_
1938
274,953
l08sl58,703
loss 148,671
31,544
134.782
2,958
13,314
$117,680 loss$317,955
$6.12
$0.03
Nil
—V. 150, p. 3982.
'
Murray Corp. of America—Registrar—
Manufacturers Trust Co. is registrar for 1,000,000 shares
stock, $10 par value, of this corporation.—V. 151, p. 249.
Mutual Investment
$6,390,855
2,955,878
of
450,000
Total
Net income
Distributions to shareholders
71,220
Crl ,687
x
Net realized loss
688.628
560,511
3,080526,209
2,700
427,623
1940
$32,170
1939
$34,610
1938
on
40,361
$31,518
36,934
$32,170
9,354
Income.
Expenses
1,313
common
Fund—Earnings —
6 Months Ended June 30—
Income—dividends
Realized profit on sale of securities.
$74,971
15,137
$68,452
13.577
$22,816
22,526
$59,833
43,282
See
x
sale of securities for the 6 months ended
1940, amounted to $6,559.
$54,875
.39,120
JuneJ30
Balance Sheet June 30, 1940
Assets—Securities
Divs.
on
21 351,000 21,351,000
s.
$2,984,976
res. approp.
Net income
1936
$6,162,202
2,796,775
limited-term
investments
mtge. bonds....
Other int. & deductions.
Int. chgd. to construct'n
1937
$6,718,885
3,052,614
of
on
bonds, due
& ref.
All of the outstanding coll. trust 5% bonds due 1941 have been called
for redemption on Sept. 1 at 100.—V. 151, p. 110.
The Military Park Building,
according to a statistical report by Amott,
Banker & Co., Inc., showed
earnings for the fiscal year ended Jan. 31, 1940,
4.82% on $1,412,100 bonds outstanding, which is almost exactly the
same rate as in the
preceding fiscal year, when
Calendar Years—
gold
Gen.
Suspense account.
8.720,453
of
Minnesota Power &
1st &ref. mtge. 5%
1941
hand
Total income
....
7,000,000
9,337,909
Military Park Building (60 Park Place), Newark, N. J.
—Earnings—
Gross income
S
7 000,000
Earnings for the calendar year
1939 ^appeared in the "Chronicle" of
April 27, page 2733 —V. 150, p. 2733.
fran¬
and other
-V. 148, p. 3853.
Net oper. revenues._.
Other income
1938
$
500,000
bank
Mullins
Operating revenues
Oper. exps., incl. taxes-.
1939
LiabUities—
Common stk. ($100
2,930,741
in
Total
amorti¬
600,836
Divs.
1937
$183,901
$1.05
291,306
Claims and other
Int.
1938
$157,991
SI -16
228,731
liabilities
Govt.—
Prop, retire,
1939
$173,783
$4.41
^Earnings per share
885,984
628,421
102,682
Amort,
Co.—Earnings—
1940
$662,194
$
885,984
liabilities
assets
Cash.-..
Total
Issued under the Philadelphia
are
26,531,200 26,531,200
Floating
ciation,
charges and
debts
payable at office of Merchants National
of the trustee in New York.
Cer¬
agency
1938
Deferred
Stores in hand and
Mexican
prices
passenger locomotives.—V. 151, p. 249.
under
(Canadian Currency)
Funded debt
Cost of Investment
debit balances.-
$250,784
1938
Prop., plant <fc eq.17,204,777
Rights, franchises,
goodwill, &c._. 9,666,658
in transit..
at
Accts. receivable..
Consolidated Balance Sheet Dec. 31
Def'd
There
Certificates will be secured by newly built equipment to cost approxi¬
mately $3,399,000 including the reconditioned and rebuilt trucks and re¬
conditioned axles and consisting of the following: 1,000 40-ton all-steel box
Call loans
Net deficit from opera¬
tions in Mexico
Accts. receivable..
100.099.
reoffered at
unconditionally guaranteed as to principal and
dividends by the receivers of the property and will constitute general
obligations of the receivership estate.
It will be provided that the receiver¬
ship will not be terminated unless all such obligations are assumed, as a
general obligation, by company or by another corporation succeeding to
the possession of not less than
75% of the owned lines of railroad comprised
in the receivership estate.
Upon the consummation of reorganization of company and the acquisition
of the properties by the Gulf, Mobile & Ohio RR. and the
merger or con¬
solidation of Gulf, Mobile & Ohio RR. with Gulf, Mobile & Northern RR.
(already approved by the Interstate Commerce Commission), the equipment
trust certificates will be assumed by Gulf Mobile & Ohio RR.
Cash
—
In assoc. cos....
of
were
Deferred charges97,666
Stores
442,759
$2,142,429
connection
withstrike
(F-A)
or
1939
1936
deprec'n
andtaxes.--
Expenses
dividends
trustee
certificates
Montreal
1937
bid
a
Plan.
(& Subs.)—Earnings—
1938
on
The certificates
issued in the denom. of $1,000.
Earnings for Calendar Years (Canadian Currency)
1939
RR.—Equipment Trust Sale—Salomon
awarded July 16, $2,700,000 2y2%
were
yield from 0.50% to 2.65%, according to maturity.
Bank
$370,772
304,353
-
-
expense
Ohio
Principal and
27,248,794
Other income (net)
&
Hutzler
Dated Aug. 1, 1940: due $180,000 on each
Aug. 1, from Aug. 1, 1941 to
Aug. 1, 1955, inclusive. Non-callable.
$27,619,566
—
&
equipment trust certificates
Earnings for Year Ended Jan. 31, 1940
Net sales (incl. sales of leased departments)
Cost of goods sold, selling, oper. & admin, expenses
Co.—Acquisition—•
To prepare for possible expansion and larger
output in connection with
national defense program, company has purchased for $180,000 the
the
150, p. 2583.
Melville Shoe
Common,$10par, outstanding,
owned and held by custodian (market
$1,546,325) •
$2,281,135; accrued dividends receivable, $3,170; cash in hands of
custodian, $2,236; due on securities sold, $14,764; due on
subscriptionslfor
investment fund shares, $651; deferred charges (original issue
stamps).
$49; total, $2,302,004.
at cost,
Volume
The Commercial & Financial Chronicle
151
Liabilities—Accrued expenses, $5,199; accrued distribution on investment
fund shares, $17,765; reserve for Federal taxes, $2,164; Mutual Investment
Shares (issued and to be issued on subscriptions received, 177,648.3 shares
of $10 par
value), $1,776,483; paid-in surplus, $567,734;
total, $2,302.004.—V. 150, p. 2585.
Statement of Income
Period End. May 31—
Income: From subsid.-
deficit, $67,341;
Regulation of
(subsidiary of
New England Power Association), seeking the right to issue 180,000 shares
of preferred stock (par $50).
The order also consents to an issue of two-year
notes if the stock cannot be disposed of immediately.
If borrowing is
resorted to, proceeds from sale of the stock subsequently will be used to
notes.—V. 151,
pay off the
Fibres, Inc.—Earnings—
1940—6 Mos.- -1939
1940—3 Mos.—1939
Fed.
$1,292,626
$6,146,932
257,596
259,763
1,020,692
1,219,048
$1,032,863
$5,126,240
$0.63
$4,465,461
$0.51
$649,452
$442,508
$0.29
$1-17
$0.89
tive July 31, after having served the company
National
National Bond & Share
6 Mos. End. June 30—
Cash dividends
$147,884
$158,666
1,232
7,204
1,672
$156,760
13,018
'
612
_
Other income
875
—
Equal to 23 cents
150, p. 4132.
x
a
share
on
Nebraska Power Co.
Expenses
Prov. for misc. Federal,
12,157
11,085
11,576
13,748
$135,405
108,000
$132,657
$95,493
108,000
90,000
$132,242
90,000
$27,405
$0.38
$24,657
$0.36
$5,493
State and other taxes.
Dividends declared.
Surplus
Earns.per sh.on cap. stk.
Securities,
>
sec.
$42,242
$0.73
$0.53
23,340
15.
23,827
25,574
580,000
542,500
500,000
$2,845,457
$2,924,990
1,828
$2,830,662
26,836
!,627,18»
11,962
$2,847,285
Net oper. revenues
Other income
1940
1939
Int.
on
$54,000
$54,000
Int.
on
$2,936,952
742,500
$2,857,499
742,500
210,000
108,094
Cr44,507
" 52,855,400
/
742,500
mortgage bonds.
debenture bonds.
44,784
.
accrued
y21,114
Other int. & deductions.
62,726
43,538
Int. charged to construe.
Pr 1,445
30,200
28,500
Net income
Divs. on pref. (7%) stk.
Divs. on 6% pref. stock.
H ,782,711
4.500,000
x
28,601
Furniture & lixt's.
1
1
5,025,291
845,281
Divs.
on common
stock.
P. & L. on sec. sold
&cjDrw-w-wiiv 1,901,675
■
Represented by 360,000 no par shares,
—V. 150, p. 2585.
x
National Broadcasting
y
Dividends receivable only.
who began
National Cylinder Gas
Company states that the merger has been under discussion for some
Officers and directors of both companies have considered such a
merger to be beneficial to the stockholders, as it will combine the third
and fourth largest producers of oxygen and acetylene, and other industrial
gasas, into a truly national company, having plants and representation
in practically all industrial centers.
This permits economies of production
and distribution, plus greater research and service facilities.
National Cylinder Gas Co. will be the continuing corporation, and
1.45 shares of National Cylinder Gas Co. stock will be issued for each share
of Compressed
Industrial Gases, Inc., except treasury shares.
This
basis was arrived at on earning ratios per share of the individual companies.
Neither company has any bonded indebtedness or preferred stock, so the
exchange will be one of common stocks only.—V. 150, p. 2734.
Te
Notes
rece
vable..
Accts. receivable..
793". 159
Mat'ls & supp ies.
519,816
Prepayments...
126,333
.
.
Unamortized
and
6%
1,650
National Malleable & Steel Castings Co.—Earnings—
x
Net profit from
Net profit
Other
deductions
July 2, '38 June 30, '37
$30,817 loss$447,654
$860,090
14,698
15,231
19,312
6,565
July 1, '39
June 29, '40
oper'n.
Int., divs., rents & misc.
Profit on sale of securs..
—
$259,963
11,329
$885,967
12,688
$45,514 loss$432,423
6,345
10,157
$271,291
49,159
Prov. for Federal normal
7,000
74,000
income taxes
.
127,000
$32,169 loss$442,580
$746,279
£"x After deducting provision for depreciation of $116,264 in 1940, $110,475
in 1939, $113,437 in 1938 and $104,438 in. 1937.
Net profit
$148,132
Note—Provision for Federal
sioned
income taxes includes total increases occa¬
by recently enacted income tax
2585.
law for the fiscal year to date.—•
V. 150, p.
pref. stk.
mtge.
Other current and
1,775,428
accrued liabils..
1,855,120
_v_._
12,989
Other def'd charges
.
47,700
stock
Consign'ts (contra)
Contrib.
47,700
10,080
9,724
in
aid
105,391
.2,398
3,555,920
112,229
2,433
4,052,543
Deferred credit
Reserves....
Reacquired cap.
a
cum.
($100 par)
b Common stock..
debt
disct. & expense
5,200,000
2,300,000
2,300,000
5,000,000
5,000,000
4y2%
gold bonds
.16,500,000 16,500,000
250 6% gold deb. bds. 3,500,000
3,500,000
109,649
116,761
740,848 Accounts payable.
3,447
2,328
504,341 Matured Interest..
164,395
160,173
111,652 Customers' deps__
Taxes accrued....
579,402
578,343
176,369
173,258
7,722 Interest accrued..
5,500
Working funds...
$
5,200,000
pref. stk,
($100 par)
First
99,973
cash invest.
np.
cum.
1938
$
Liabilities—
7%
of
7,471
9,278
construction
9,724
10,122
4,416,206
10,080
Consign'ts (contra)
time.
V 3 Mas. Ended—•
able
1,400,000)
1939
$
accrued assets..
The boards of directors of this company and Compressed Industrial Gases,
Inc., each of which met on July 12, announced through their respective
presidents, Charles J. Haines and Horace B. Pearson, the signing of an
agreement of merger wnich will be submitted on Aug. 27, 1940, to the
stockholders of tne two companies for their approval.
Unavail¬
135,366)
1,350,000
Plant, property &
equipment..
38,389,709 37,906,075
18,708
Investments
12,430
420,639
Cash
344,538
2,328
Snecial deposits...
3,447
Other current
Co.—Mergef—
763,734)
1938
$
Assets—
_
his radio career 17 years ago in the San
Francisco office of the Radio Corp. of America, was on July 12 elected
President of this company.
He succeeds Lenox R. Lohr, who resigned to
become President of the Chicago Museum of Science and Industry.
Mr. Trammell has been Executive Vice-President two years and has been
with this company since 1928.—V. 150, p. 3832.
Trammell,
Miles
51,825,026
363,734
135,366
__
Co.—New President—
742,500
210,000
89,046
011,173
Balance Sheet Dec. 31
1,483,435
...$8,603,204 59,013,175
Total
58,603,204 $9,013,175
228,219
$1,897,268' $1,841,412"
363,734
135,366
1,300,000
1939
Total
210,000
109,484
Cr22,300
210,000
110,629
Capital stock— 4,500,000
Capital surplus... 5,025,291
832,661
Surplus income...
1,386,183
___
1936
$7,016,803
3,889,623
630,000
investments
Property retirement reserve appropriations..
Res. for taxes, &c.
2,395,462
Divs. receivable &
interest
: -
Pay.
sold
but not delivered
1937
$7,546,354
4,147,617
1938
18,071,490
4,542,673
for sec. pur.
but not received
?6,186,626 $7,553,606
Cash in banks
tor
Earnings—
1939
Calendar Years—
Gross income
Div. pay. July
y
Amortiz. of limited-term
Liabilities—
I
owned,
at cost.
Rec.
1939
$9,473
Loss.
*■
622,650 shares of common stock,
Operating revenues
$8,393,333
Oper. exps..incl.taxes..
4,894,537
Balance Sheet June 30
1940
Assets—
y$383,437
y$355,003
x$182,845
—V.
$160,871
14,881
$120,427
13,359
'40 June 17, '39 June 18,'38 June 19,'37
June 15,
deprec'n, taxes, &c...
$153,250
6,74.6
$104,963
15,465
35 years.—V. 150, p. 3668.
(& Subs.)—Earnings—
Co.
Net profit after interest,
1937
1938
1939
Tea
24 Weeks Ended—
Corp.—Earnings—
1910
$160,510
12,948
bonds.
on
$0.11
National Refining Co .—Official Resigns—
S. Smith, Vice-President in charge of sales has resigned, effec¬
150, p. 3982. 3667.
Interest
$5,684,509
23,962
Charles
$143,084
$220,200
$0.37
Earns. per sh .on com ,stk.
—V.
taxes
tions from income
income
other charges.
taxes &
$6,044,235
359,726
Net oper. income
$1,549,416
Interest & other deduc¬
Net profit after deprec.,
amort.,
$6,559,966
413,034
$1,394,011
$1,291,820
Earns.per sh.of com.stk.
$0.15
—V. 151, p. 250.
249.
National Automotive
Period End. June SO—
101,385
$1,659,541
110,125
petition filed by the company
a
p.
$5,957,498
86,737
$1,370,049
Expenses, incl.
-1939
$6,458,106
101,860
$1,628,038
31,503
Other.
Horance L. Weller, director of the Department of Business
(Company Only)
1940—12 Mos.-
1940—3 Mos.—1939
Narragansett Electric Co.—Stock Authorized—
Rhode Island has approved
421
v
Capital surplus..;,
10,122
Earned surplus
; 4,399,817
41,638,0961
....42,129,765
Total.
....42,129,765 41,638,096
Total
Represented by 38 shares 7% preferred and
shares.—V. 151, p. 250.
a
439 shares 6% preferred,
b 1,000,000 no-par
Nevada-California Electric Corp.—Changes in Capital—
special meeting of the stockholders was held June 12, 1940, at which
resolved that the capital of the corporation and also the authorized
capital stock be reduced, both by reducing the par value of the common
shares from $100 each to $10 each, the reduction in capital to be credited
to capital surplus and applied or handled as may hereafter be determined
A
it
was
by the board of directors.
Out of 114,612 preferred shares
at the
meeting and 74,668
outstanding 75,644 were represented
voted in favor of the resolutions.
Out of 85,883
stock outstanding 67,475 were represented at the meeting
and 67,074 voted in favor of the resolutions.
In accordance with order of Federal Power Commission, all stock¬
holders are requested to send their stock certificates, both preferred and
common, to the transfer agent, International Trust Co., Denver, Colo.,
for the purpose of having the same overprinted to show the changes effected.
Preferred stock certificates which have been once overprinted should also
be sent in for the purpose of having overprinted an additional legend showing
the authorized by FPG.
Certificates should not be endorsed. When
returning certificates to stockholders, the transfer agent will reimburse
the stockholders for the cost of registration and postage.—V. 151, p. 250.
shares of common
Newark Consolidated Gas Co.—Trustee Resigns—
York Stock Exchange has been notified of the resignation of
The New
National Power & Light
Period End. May 31—
Co. (& Subs.)—Earnings—
1940—3 Mos.—1939
' 1940—12 Mos.—1939
Subsidiaries—
$19,018,767 $19,809,740 $76,253,503 $83,287,554
9,124,079
9,528,889 36,846,580 38,602,411
2,103,127
2,370,389
6,913,924
10,257,249
approp.
1,603,506
1,703,652
6,281,466
7,303,108
Operating revenues
Operating expenses
Direct taxes.
Prop, retire, res.
Net oper. revenues...
Rent from lease of
$6,188,055
$6,206,810 $26,211,533 $27,124,786
plants
1,995
1,693
(net)
7,312
996
Fidelity Union Trust Co. as trustee of the consolidated mortgage 5% gold
bonds, due Dec. 1, 1948, and of the acceptance by National Newark &
Essex Banking Co. of the appointment as successor trustee of this issue.
—V. 145, p. 948.
New
New
Operating income
29,901
10,101
$6,208,805 $26,218,845 $27,123,790
81,287
142,942
290,996
67,114
45,889
308,617
$6,209,548
$6,222,978 $26,315,898 $27,106,169
$6,189,748
Other income.
Other income deductions
Gross income
public and
K other deductions
Int. chgd. to construc'n.
Pref. divs. to public
Portion applicable to mi¬
nority interests
Interest
Net equity
Nat. Power & Lt. Co.—
a
a
Net equity
2,897,045
Cr3,068
1,504,518
2,589,606
Cr5,936
1,405,802
10,980,204
Crl5,276
5,652,596
H,601,484
CV8.165
6,043,504
23
147
222
771
$2,220,053
$1,824,336
$9,698,152
$9,468,575
1,824,336
9,698,152
101,860
9,468,575
86,737
*
'
31,503
•
23,962
— ----—- —
retirements of prop y,
Federal income tax
Prov. for
5,771,840
-
plant and equip..
Total
$2,251,556
110,125
Expenses, incl. taxes
Int. & other deductions.
257,596
Balance carried to con¬
solidated earned sur.
$1,883,835
$9,800,012
413,034
1,020,692
$9,555,312
359,726
1,219,048
1,287,147
556,878
2,322,o37
380,543
2,113,978
$2,459,901
$3,075,856
$2,710,125
175,626
98,273
Cr22,793
47,333
102,21o
109,988
3,500
Cr*l 1,095
38,519
$2,771,790
$2,476,997
1,967,102
Gross income
2,108,666
Subsidiaries Charges—
Interest on long-term
debt
*
Amortization of debt discount and expense
Interest charged to construction—
Income applicable to com. stock held by the
England Gas & Electric Assn.
Interest on long-term debt
New
Other interest.
570.727
991.728
1,219,272
$2,958,498
117,357
Operating income.
(net)..
public
Balance
$1,487,150 $8,366,286 $7,976,538
Earns, per sh. of com.stk
$0.26
$0.19
$1.22
$1.15
a Of National Power & Light Co. in income of subsidiaries.
Note—Certain properties of subsidiaries were sold during 1938 and 1939,
and consequently the statement of consolidated income of National Power &
Light Co. and subsidiaries and the supplemental statement relating to sub¬
sidiaries only for the month of May, 1940 and 1939, include the operations
of these properties only to dates of sale.
1.121,9 So
„
Other taxes
Other interest
$1,848,298
101,385
259,763
(& Subs.)—
1939
1938
$14,593,146 $13,685,551
5,949,401
operating revenues
Operating expenses
Power and gas purchased
Total
Other income
2,220,053
Other income
England Gas & Electric Association
Calendar Years—
Maintenance
to
Dividend—
England Fund—To Pay 10-Cent
declared a dividend of 10 cents per share on the common
payable Aug. 1 to holders of record July 19.
This compares with
8 cents paid on May 1, last; 7 cents Feb. 1, last; 17 cents Dec. 27, 1939
8 cents Nov. 1 and Aug. 1, 1939; 7 cents May 1, 1939 and 5 cents paid on
Feb. 1, 1939.—V. 150, p. 2585.
Directors have
stock,
Charges—
and expense
"lb",746
Net income
preferred shares.
9,906
188,143
200,404
$605,978
assumed on interest
Amortization of debt discount
Taxes
Dividends on $5.50
661
—
—
5.626
250,223
$157,180
199,995
The Commercial & Financial Chronicle
422
Consolidated Balance Sheet Dec. 31
1939
1938
1939
$
$
Liabilities—
90,746,424
3,124,196
91,908,614
Investments
7,417,404
N. E. G.&E.
(contra).....
Special deposits.
Cash
77,211
129,491
318,631
2,994,680
Cash....
1,125,302
2,584,719
Mat'd
129,491
77,211
Accts. payable.
Divs. declared..
411,356
11,698
107,562
Acer, taxes & lnt
1,483,079
19,122
Int. <fc divs. rec.
Mat'Is <fc suppl's
Del. debit Items
1,899.304
4,670
751,218
2,530,836
Misc. accruals..
Consumers' dep.
633,179
59,798
50,368
Def'd credits...
—
Capital surplus.
Earned surplus.
Total...
12,375",470
57,848
9.038,542
548,806
...102,300,171 108,462,568
Total
102,300.171 108,462,568
603,789
12,442,071
5,346,193
1,521,933
Contrlb. forext.
Reserves
8,977
1,064,758
12,218
Represented by 99,994 shares of $5.50 dividend series preferred stock,
155,000 shares of $7 cum. 2d pref. stock, no par, and 200,000 shares
of common stock, no par.
»
par,
bond
Dep.
System Output—
kwh.
This is an increase of 426,222
5.08% above production of 8,389,580 kwh for the corresponding
kwh,
or
week
a
year ago.
is reported at 83,796,000 cu. feet, an increase of 6,821,000
ft., or 8.86% above production of 76,975,000 cu. ft. in the correspond¬
ing week a year ago.—V. 151, p. 251.
Gas output
cu,
New
To affiliated
Other oper. revenue._.
—
1,392,403
511,295
1,577,694
948,480
1,573,318
622,462
437,619
700,085
490,269
221,859
888,671
317,282
640,000
651,649
280,077
$2,839,924
3,623
$3,225,342
20,924
$2,864,036
38,759
$2,517,762
322,095
$2,843,547
324,191
$3,246,265
327,177
$2,902,795
542,429
43,136
43,283
.
20,722
19.020
43,938
23.642
7,994
21,256
18,786
13,306
$2,123,359
298,517
118,410
$2,449,058
352,881
$2,851,507
347,079
$2,307,018
387,899
$2,801,939
$3,198,586
480,840
2,364,865
$2,694,918
480,840
1,866,999
-—--
-
239,670
Depreciation
Taxes, other than Fed'l-
640,000
802,181
640,000
718.134
Prov. for Fed'l taxes—
401,476
$2,511,313
6,449
inc..
1,247,467
319,422
1,286,056
350,049
Gross income.....
on
—
funded debt
Amortiz.
bond
of
Other
.
.
charges
Net
income
Previous earned surplus.
x Reserve
—
Divs.
on
Divs.
on
6%
cum.
pref—
common
stock-
Surplus charges
$2,540,286
480,840
1,524,716
114,454
Bal. of earned surplus,
x
640,000
disct.
and expenses, &c..
Other interest charges.
.
480,840
2,022,582
$420,276
$298,517
$352,881
1939
1938
S
S
1938
1939
Liabilities—
$
Property, plant &
equipment.... .44,160,945 44,067,655
1st
Construction work
Accts. pay. to affil.
orders in prog..
524,411
2,389
Mat'ls & supplies-
3,491
181,373
1,103,195
160,642
1.005,736
163,367
Prepaid ins. & rerit
7,657
12,635
Cash in 8kg. fund.
Unamort. dlsc't,
288
200
&c...
560,280
bonds,
series A, 3H%- 9 875,000
154,536
Securities owned..
615,000
expenses,
mtge.
9,970,000
(not subs.).
1, 011,945
1,022,420
Other accts. pay..
138,961
Accrued
572,349
64,027
494,973
40,117
40,503
6,635
8,366
Res'ves for deprec.
9 551,640
Notes receivable..
1,900
312,787
120,444
taxes....
Acer..int.
on
bonds
&
481,413
397,078
expenses
Unmortiz.
(par
128,581
135,753
8, 014,000
S100)
8,014,000
15, 558,325
1 071,665
420,276
15,558,325
1,071,665
298,517
Common stock
(par
Prem.
$25).
on
com.stk.
Earned surplus...
Total
.46,702,282 46,141,963
46,702,282 46,141,963
Registration Withdrawn—
and merchandise
and
Connecticut
River
Power
Co.
not
were
con¬
summated due to
a certain action, still pending before the Federal Power
Commission, on the question of Federal license for the Bellows Falls hydro¬
electric plant.
Accordingly, upon request of the company, the Securities
Exchange Commission consented,
on
June 20, 1940, to the withdrawal
of the registration statement.—V. 151, p. 251.
New
England Telephone & Telegraph Co.—Earnings—
6 Months Ended June 30—
Operating
Operating
revenues..
1940
expenses
—
$12,071,163 $11,269,885 $10,426,310
4,672,032
4,132,732
3,755,051
—
Net operating income—
Other income
Less miscellaneous deductions
Income available for fixed
Bond interest
.
Discount
on
—
funded debt
Net income
appropriations
Income balance.
Earnings
per
share of capital stock.
0
—
$7,399,131
182,383
93,116
charges— $7,488,398
Otherinterest
Dividend
1938
1939
.$39,221,754 $38,069,507 $36,590,579
27,150,591
26,799.622
26,164,269
Net operating revenues—
Operatmg taxes.
$7,137,152
143,518
5,414,905
line deposits
Appli.
accts.
rec.
(contra)
5,703,814
143,355
143,518
1,066,944
981,492
Capital surplus
Earned surplus
—31,337,094 36,276,192
60,282
30,740
210,164
97,810
Contrlb. for exten.
5,337,075
151,709
.31,337,0.94 36,276,192
Total
a
Represented by 87,500 no par shares.
Earnings for the year ended Dec. 31, 1939 appeared in the "Chronicle"
of Feb. 17, page 1142.
Rates Reduced—
Harry Bacharach, President of the New Jersey State Board of Public
Utility Commissioners, announced a reduction of approximately $375,000
annually in the prevailing electric rates of this company.
Of the total reductions residential customers will benefit by $197,500,
commercial customers by $76,500, power customers by $91,000, and street
lighting customers by $10,000.
The reductions become effective for resi¬
dential and street lighting customers Aug. 1, and for commercial and
Newmont
Mining Corp.—Earnings—
Earnings for 6 Months Ended June 30, 1940
Income from dividends and interest
Expenses & taxes (excl. of State franchise & Fed. income tax).
Net
_
income
Earnings
per
share
on
$1,249,770
xl82,354
$1,067,416
$1.00
1,063,292 shares outstanding
After crediting fees received for services.
The corporation also realized net profit on sales of capital assets during
the period of $30,173.
Net worth per share as
of June 30, before provision for Federal income
or
State franchise taxes, was $37.61, compared with $42.40 at May 15, 1940.
150, p. 3368.
—V.
New Orleans & Northeastern RR.—Seeks Bids
on
Serial
Notes—
The company is requesting bids for the purchase of all or any part of
$1,000,000 serai collateral notes to be dated and delivered on or about
1940.
These notes are to mature $25,000 each Nov. 1 from 1941
through 1944, with the $900,000 balance falling due on Nov. 1, 1945.
The
serial collaterals, which are to be secured by pledge of an aggregate of
$1,839,000 of New Orleans & Northeastern RR. ref. & improve, mtge.
4\is, will bear interest at the rate of 4% annually. Bids are to be addressed
to John B. Hyde, Vice-President of the company, McPherson Square,
Washington, D. C., who will open them on the afternoon of Aug. 1. Forms
of proposal and contract to be entered into will be furnished on request.
The issue and sale of the notes is subject to the approval of the Interstate
Commerce Commission.—V. 150, p. 4133.
Nov. 1,
New York Central
RR.—Earnings-
Period End. May
31—
1940—Month—1939
1940—5 Mos.—1939
revenues.$29,494,370 $25,343,068 $145450,851$129,274,228
oper. oxpenses. 22,557,396
19,642,426 112,806,457 102,287,369
oper.
Net
rev.
from ry. oper.
$6,936,974
2,921,129
l,i42,240
Net ry.
$4,209,050
130,586
3,999,869
-
-
Total income.....
Miscell. deduc. from inc.
Total fixed charges
Net
inc.
after
$1,688,138 $12,464,909
1,021,526
6,659,695
$2,709,664 $19,124,604 .$11,955,898
127,194
721,532
633,520
4,048,374
19,784,151
20,109,569
$78,595
inc.—
oper.
Other income
$5,700,642 $32,644,394 $26,986,859
2,937,744
14,293,280
14,778,486
1,074,760
5,886,205
5,974,808
$2,873,605
1,335,445
■Railway tax accruals.__
Equip. & joint fac. rents
x$l,465,904 x$l,381,079 x$8,787,191
fixed
charges
-
x
Deficit.—V.
New
$6,233,565
5,722,333
150, p. 4133.
York
Telephone
Co.-
-Signs Collective Bargaining
The signing of its first collective
bargaining agreement with any labor
July 18 by this company.
was
with the United Telephone Organizations,
an independent union with a membership of 10,000 employed in the com¬
pany's plant department in New York, the Long Island area, and in West¬
chester, Rockland, Putnam, and Dutchess counties.
The men do all of
the repair, installation and maintenance work and the general testing
group was announced on
The agreement signed
of lines.
The agreement recognizes the United
164,787
147,631
,93,494
87,715
Telephone Organizations,
a group
of four unions covering
various parts of the area described, as sole collective
It runs for one year and freezes the basic rates of pay
and wage progression during the term of the contract.
It provides for
arbitration of grievances between the company and the union, designating
the State Mediation Board as the agency authorized to appoint an ar¬
bitrator when a dispute cannot be resolved by direct negotiation.
Other
agency.
include
provisions
seniority rights, 30 days' notice of layoffs,
length of service ranging from one
and vacations with pay of from one to three weeks,
likewise depending upon length of employment.
In addition, the agreement provides for wage increases of up to $2 per
week to lower paid workers in Long Island, Westchester, Putnam. Rock¬
land and part of Dutchess counties, making wage scales conform to those
with termination allowances based upon
to three weeks'
pay,
in the New York
the
In
area.
agreement
announced July
18,
which
was
signed
on
July
15,
the
company obligated itself to resist any effort by labor organizations,
whether they be members of the Building Trades Council or not, to en¬
croach through jurisdictional claims upon work performed by the company 's
employees, and agreed that where no jurisdictional claims exist it would
not let out by contract work that is not customarily so dealt with, in such
a way
as to cause layoffs
Organizations.—V. 151,
or
p.
part-timing of members of the United Telephone
111.
$6,671,259
North American Co.—Extends
2,100,000
84,086
334,521
$7,208,445
2,100,000
84,083
291,611
$6,731,175
2,045,833
$4,969,791
4,333,738
$4,732,750
4,000,374
$4,295,465
$636,052
$3.73
$732,376
$3.55
$295,091
$3.22
•
83,902
305,975
4,000,374
Program—
The company July
16 announced a further increase in its recently ex¬
preparedness program as reported to the sub-committee on
electric power of the National Defense Advisory Commission.
This will
add $7,000,000 to the system's $90,000,000 budget for construction of
new utility facilities, including provision for additional electric generating
capacity of 460,000 kw.
Announcement was made in a second letter to the Government defense
panded
power
authorities stating that arrangements have been completed by Wisconsin
Electric Power Co. to place orders for equipment for additional capacity
of 80,000 kw. to be installed in that subsidiary's
During the six months of the current year the company had a net gain
telephones as compared with a net gain of 35,063 telephones
during the six months of 1939.—V. 151, p. 251.
of 38,903
413,698
143,355
&
Reserves
187,622
245,608
rec. sold (contra)
Def. debit items..
bargaining
We are advised concerning the proposed issue by company of $9,650,000
first mortgage bonds, that while the registration statement concerning these
bonds became effective on Oct. 7, 1939, no public offering of the issue was
made because the proposed purchases of properties from Bellows Falls
and
392,672
serv.
Agreement—
prem.
mtge. 3^% bds.
Hydro-Electric Corp.
240,220
18,009
sold
Appliance accounts
other
Acer. ins.
6% cum. pref. stk.
....
19,424
Materials, supplies
430.537
cos.
(less exp.) on 1st
Total
246,564
Customers'
2,336
Accounts receiv...
9,032,877
Casualty & Ins. res.
Cash.
302,523
188,403
funds)...
$347,079
Balance Sheet Dec. 31
Acc'ts receivable..
109
Cash (incl. working
Railway
Railway
For contingencies and portion of casualty reserve no longer required.
Assets—
Interest accrued..
Miscell. accruals..
Miscell. deposits..
Jersey to a total of $1,946,485 thus far in 1940."
He said all the reductions
were negotiated by the utility board.—V. 150, p. 3056.
1,430,052
Int.
227,731
payable
Taxes accrued
x
.......
Miscell. non-oper.
117,318
256,448
Accts.
753
700
property sold, &c
5,430,044
90,143
8,449
.
17,802
19,866
103,393
divs.(contra)
$6,065,246
-
maintenance)
Operating expenses
and
$6,655,669
5,244,923
141,198
Production expenses (ex-
Maintenance
43,366
Matured bond int.
industrial customers Sept. 1.
"This reduction
..." said Mr. Bacharach, "added to the reduc¬
tions by three other electric utilities, brings electric reductions in New
1,675,151
1,205,236
cos..
17,802
19,866
67,300
...
1936
Total.......
..$12,127,774 $11,296,619 $12,041,790 $11,585,433
Purchased electric energy:
From Conn. River
Power Co....
3,195,684
3,112,316
3,231,517
3,223,423
From other affil.
From others
14 ,175,000
company
$6,582,563
4,574,629
139,427
$7,012,798
4,953,557
161,418
cos
debt.. 14,175,000
Long-term
1937
1939-
To others......
3 ,306,000
6 ,535,000
1938
England Power Co.- -Earnings-
Calendar Years—
Sales of electric energy:
56 cum. pref. stock 3,306,000
a Common stock._
6,535,000
trustee
Total
$
104,100
pref. stock
Acct. pay. to affil.
(contra)..
with
55 cum.
and
int.
In lieu of mtged.
For the week ended July 12, New England Gas & Electric Association
reports electric output of 8,815,802
51,190
co
Deps. for matured
a
no
5,438,428
from
rec.
affiliated
404,351
.
31,852
81,732
1,843,720
1,305
846,321
2,181,820
Investments
Account
divs.
&c.
(contra)
pay. to banks
Notes receivable
1,532,699
44,880,000
2,358,500
55,728
notes
Accts. receivable
35,499,400
673,682
28,667,522
5,438,903
1938
'$
Liabilities—
In¬
bond
terest,
pledged
against
k
35,499,400
Long-term debt. 42,986,500
Notes payable..
1,032,300
1940
1Q3Q
1938
1939
4 $
.
lixed capital—23,835,819
Subs.cos.com..
bond Interest
and dividends
•
.
$
Assn
Deps. for mat'd
k,
b
1938
Capital stock of
Assets—
Fixed capital...
July 20,
-Balance Sheet Dec. 31-
New Jersey Power & Light Co.
near
plant at Port Washington,
Milwaukee.
North
that additional
capacity of 380,000 kw. was being provided "as assurance that no power
bottlenecks will develop in its various operating areas to hinder national
defense preparedness."
American
on
June
25
advised the
authorities
Volume
The Commercial & Financial Chronicle
151
"Our
enlarged program," the second letter said, "now includes new
generating facilities in the North American system totaling 270,000 kw.,
announced last January and already under construction, together with
60,000 kw. for the Cleveland Electric Illuminating Co., 50,000 kw. for
Potomac Electric Power Co. of Washington, and 80,000 kw. for Wisconsin
Electric Power Co.
All three of these companies, as well as the Union
Electric system in the St. Louis area and the Kansas Power & Light Co.
and Missouri Power & Light Co.,
already have new generating facilities,
under construction as a part of the program announced in January.
"Completion of this program will raise the system's generating capacity
to a total of 2,588,000 kw., which will increase our present installed capacity
by 21% and in our opinion will be adequate to provide for any demands
that we can foresee over the next few years."—V. 150, p. 4134.
1939
Northern Indiana Public Service
Period End
June 30—
Net income
b Earns, per sh. of corn.
a
bond int.
unpaid
and
companies
30.029
Int. & divs. rec.
disc't
Misc.
ed
,
1,660,970
exp..
1,785,539
unadjust¬
debits
3,350
Reserves
454,756
32,117
2,000,000 ?
39,844
174,127
453,228
25,900
110,412
92*,010
772,885
5,184,334
38,302
-
Capital surplus.
Earned surplus.
283,708,812 293,185,616
65,230
283.708,812 293,185.616
Total
Consolidated Balance Sheet Dec. 31
?
qpI
1939
Capital stock—
NY PA NJ
Utilities Co. 20,000,000
Sub. cos——
75,476
cos.
Depos. for mat'd
bondf, bd.int.
and
Int.-bear.
475,704
Advs. from affil.
3,678.647
2,697,290
Mat'd bds., bd.
int. and divs.
6,151,942
17,826
7,197,368
187,352
5,660,729
32,869
Long-term
7,474,874
185,054
3,079,082
—
Notes receivable
rec.
2,904,657
supplies
and mdse
receiv'le
(contra)
1,853,288
2,298,442
12,629,882
13,909,860
debt
Notes pay.(bks.)
Notes pay.(other)
of
Taxes accrued—
5,556,583
2,808,792
368,966
Miscell. accruals
Consumers'
& line
3,804,876
.
796,877
3,785,282
1,863,288
2,298,442
50,418,359
2,729,946
450,000
406,991
855,237
1,132,267
6,198,750
.
Prepayments
of the trustees for that purpose.
depos.
unadj. credits 51,204,892
Contr.forextens.
2,868,673
Res.
379,745
2,780,000
236,334
2,606,342
111,465
5,168,066
2,954,329
serv.
Appl. accts. rec.
sold (contra)
por'n
rebuilding
costs
authorized by the orders, will be made
upon presentation of:
(a) Registered Northern bonds;
(b) unregistered
Northern bonds accompanied by all coupons dated on and seubsequent to
April 1, 1935, whether such coupons are attached to or detached from the
bonds; (c) unregistered northern bonds accompanied by less than all
coupons dated April 1, 1935, to Oct. 1, 1938, both dates inclusive, or by
no such
coupons; and (d) complete coupon sets; by the holders thereof
to Central Hanover Bank & Trust Co., 70 Broadway, N. Y. City, as agent
5,087,302
2,273,000
236,421
3,212,228
193,991
1,053,344
suspense
Unamort.
475,704
debt
mat'd & mat'g
within 1 year.
Unamort, bal. of
sets if such consolidated bonds had been issued.
27,143,885
Interest accrued
sold
(contra)
disc't & exp._
—
Accts. payable-.
Divs. accrued-.
Appliance accts.
Unamort'd
25,183,985
1,511,388
companies
Accts. receivable
Int. & divs.
20,000,000
51,067,699
-
_
1.511,388
&c
Mat'ls,
56,681,750
conv.
obligations
-202,000,000 205,000,000
Long-term debt.204,774,431 209,926,918
dividends
Cash
$
Liabilities—
$
Fixed capital—530,576,433 534,794,677
Investments
21,413,706
21,752,243
affiliated
1938
$
1938
Q
Depos. for sink,
funds, constr.,
Ry.—Interest Payments—
138,493
Int. accrued
Accts. rec. from
By orders entered April 30, 1940, and June 17, 1940, the U.S. District
Court for the Northern District of Ohio, Eastern Division, authorized the
trustees to make payment as of April 1, 1940, of amounts equal to the
interest which, under the plan or reorganization of Akron, Canton &
Youngstown Ry. and Northern Ohio Ry., approved by the Interstate
Commerce Commission and by the Court, would have accrued for the
period Oct. 1, 1938, to March 31, 1940, on the consol. mtge. bonds, 4%
series A, issuable to the holders of the 1st mtge. 5 % gold bonds of Northern
Ohio Ry. and to the holders of detached complete sets of eight coupons
bearing the same bond number, dated April 1, 1935, to Oct. 1, 1938, both
dates inclusive, formerly appurtenant to any Northern bonds.
Until
further order of the Court, the trustees are also authorized to make ad¬
ditional payments on each Oct. 1 and April 1, beginning Oct. 1, 1940, in
amounts equal to the additional interest which would have accrued on
the respective dates on the consolidated bonds issuable under the plan with
respect to the Northern bonds and with respect to the complete coupon
82,449
Misc. accruals-
(contra)
Northern Ohio
7,011
1939
A
The directors have declared
an extra dividend of $1 per share in addition
quarterly dividend of $1.50 per share on the common stock,
par $12.50, both payable Aug. 10 to holders of record July 30.
Similar
payments were made on Feb. 15, last.—V. 150, p. 848.
30,029
1,900,000
19,341 Notes pay.Cbks.)
202,210 Accts. payable-94,639 Taxes accrued—
3,002
79,104
2,017
3,370
debt
...
27,136,725
divs.
(contra)
posits
a
Northern Insurance Co. of N. Y.—Extra Dividend—
& unpd.
32,117
Other special de¬
Unamort'd
25,183,985
—
Mat'd bond int.
divs.
(contra)
1940—12 Mos.—1939
$2,695,165
$2,082,869
$0.72
$0.39
to the regular
$
20,000,000
cos.
Total
After depreciation; interest, amortization, Federal income taxes, &c
b After preferred dividend requirements.—V. 151, p. 111.
1938
$
279,046,993 290,900,634 Int.-bear. conv.
Affiliated co2,782,221
obligations—202,000,000 205,000,000
64,459
Miscellaneous
101,104
86,316 Long-term debt. 32,971,600 33,008,000
Advs. from affil.
Depos. for mat'd
Co.—Earnings—
1940—6 Mos.—1939
$1,441395
$1,112,269
$0.41
$0.23
Liabilities—
Capital stock— 20.000,000
Accts. receiv'le.
Company has called for redemption on Aug. 20, 1940, all of its outstand¬
ing first mortgage 5H% sinking fund bonds, dated Oct. 15, 1935.
Pay¬
ment, at 103 and interest, will be made at the office of the United States
National Bank, Denver, Colo.—V. 150, p. 2264.
1939
$
Investments—
Sub.
Only) Dec. 31
1938
$
Assets—
Cash
North Central Gas Co.—Bonds Called—
423
Balance Sheet (Parent Company
&
miscell.
acquisitions.
All such payments, in amounts
The payments
presently to be made as of April 1,1940, are as follows:
On the registered Northern bonds and on the unregistered
Northern bonds accompanied by all coupons dated on and
subsequent to April 1, 1935, whether attached to or detached
from the bonds.
$36.00
;
i,
;
On unregistered bonds accompanied by less than all coupons
dated April 1, 1935, to Oct. 1, 1938, both dates inclusive, or
by no such coupons, with respect to principal only
30.00
(1)
Oth. def'd assets
___
(3)
On complete coupon sets
6.00
—
The registered Northern bonds, and the unregistered Northern bonds,
whether or not accompanied by coupons, will be stamped with an appropriate
legend to evidence the payment or payments made to the holders thereof
or to the holders of the coupons appurtenant or formerly appurtenant thereto
and thereafter will be returned to the holders thereof as they may direct,
together with checks representing the payments to be made with respect
The bond to which each complete coupon set is appurtenant
thereto.
presented for stamping with the complete coupon set, even though
previously stamped to show payment with respect to the principal thereof.
Coupons will not be stamped.
Coupons, to the holders of which the agent shall have made any payment
on account of the interest which would have been payable to them on the
consolidated bonds issuable in exchange for such coupons, will be retained
and held for the account of the respective holders from time to time of
the bonds to which such coupons were formerly appurtenant, until such
bonds are espeCtively surrendered pursuant to the plan in exchange for the
new securities issuable therefor in accordance with the provisions of the
plan, or until otherwise directed by the reorganization managers, or by
the trustees pursuant to the authority of the Court; whereupon such re¬
tained coupons will be surrendered by the agent, as directed by the reor¬
ganization managers or by the trustees, for the account of the then holders
of the Northern bonds to which such coupons were formerly appurtenant.
Coupons, to the holders of which no payment is to be made on account
of the interest which would have been payable to them on the consolidated
bonds issuable under the plan in exchange for such coupons, will be returned
by the agent to the holders presenting them; but any such coupons which
are attached to any Northern bond or bonds will not be detached, and
will be returned with the bond or bonds to which they are so annexed
after such bond or bonds have been stamped.
Prior to the issuance of the consolidated bonds under the plan, if finally
consummated, the reorganization managers will detach from such bonds
issuable in respect of all stamped Northern bonds and of all complete
coupon sets, coupons of the earliest maturities appertaining to such con¬
solidated bonds of a face amount equal to the amount so distributed and
must be
will cancel
such
The trustees
p.
coupons.
are
George E. Hagenbuch and H. B. Stewart Jr.—V. 150,
2264.
Northern States Power Co.
(Del.)—Weekly Output—
Electric output of the Northern States Power
Co. system for the week
July 13, 1940, totaled 28,435,022 kwh., as compared with 26,864,695 kwh. for the corresponding week last year, an increase of 5.8%.
—V. 151, p. 251.
ended
NY PA NJ Utilities
Statement of Income
Co.—Earnings—
1.053.671
a
Surplus
Earned surplus.
Capital surplus,
Total
Total ——591,332,795 593,830,664
-.-591,332,795 593,830,664
Appropriated
a
for
construction
and
(or)
subsidiary company
Ogden Corp.—Permitted to Borrow $4,400,000—
to
The Securities and Exchange Commission on July 3 allowed the company
borrow $3,400,000 from the Manufacturers Trust Co., New York,
evidenced by a note repayable on or before three years from date with
interest at the rate of 2 ^ % per annum, the note to be collateralized. Com¬
missioner Edward C. Eicher dissented and Commissioner Robert E. Healy,
although concurring with the majority, reserved the right to file a separate
opinion in the near future.
The Ogden Corp. is successor in reorganization to Utilities Power & Light
Corp. The SEC in its findings and opinion states in part:
Pursuant to the plan of reorganization there were issuable to the persons
entitled to participate therein $12,833,781
5-year sinking fund 4U
debentures, 192,506 shares of 5% preferred stock (par $50) and 3.,404,1
shares of common stock (par $4).
The net proceeds of the sale of the common stock holdings of Indianapolis
Power & Light Co. were applied to the redemption of all the five-year
sinking fund 4H % debentures and to the redemption of 96,092 shares of
5% preferred stock. (Called for redemption on May 18, 1940 and May 23,
1940, respectively.)
The company now proposes to borrow $4,400,000 and redeem the re¬
maining 96,414 shares of 5% preferred stock. The loan would be evidenced
by a note which provides among other things, an interest rate of 2)4%
per annum payable in monthly instalments, that Ogden will not, prior to
the payment of the note, "(a) incur any debt or other obligation, direct or
contingent, other than current obligation for wages, taxes and other current
items in the usual course of business; (b) mortgage to pledge any of its assets:
or (c) sell any of its assets except (1) to the extent that the net proceeds of
any such assets so sold shall be applied in payment of the principal and inter¬
est on this note, and also except (2) that it may sell assets valued at not more
than $50,000 without being required to make such application of such proCGGCls.M
'' s.'
"
f'
to the foregoing negative convenants, the note provides
prepayment in whole or part at any time without premium
therefor; for acceleration of maturity under certain conditions; that if default
shall occur the bank may sell the collateral without notice at. public or private
sale, and also may purchase such collateral at such sale free of equities of
redemption, Ogden being obligated to pay any deficiencies arising there¬
from; that failure to exercise any of its rights does not amount to a waiver
thereof by the bank, and for exchange of securities used as collateral as
may be agreed on. The note agreement further provides as follows:
Upon the application to the payment of this note of the sum of $3,000,000
from the proceeds realized from the portion of the collateral consisting of
loans receivable and common stock of Derby
Gas & Electric Corp., or
from any other source than proceeds of the collateral other than said loans
receivable and common stock of Derby Gas & Electric Corp., Ogden Corp.
shall be entitled to withdraw from deposit under this note and to have
released from the lien created by the terms of this note the following property
which constitute part of the above described collateral: Derby Gas & Electric
Corp., loans receivable, 5%, $5,000,000; common stock, 50,000 shares.
Provided that at the time of such withdrawal or release no default shall have
occurred under this note."
In
addition
inter alia for
"
This note will be secured by securities of and claims against the major
utility subsidiaries of Ogden as set forth in the following tabulation:
(Parent Company Only), Calendar Years
1939
1938
1937
1936
$7,860,527
75,333
$5,706,338
85,848
$5,632,920
86,181
$6,569,081
174,865
Divs.
on com.
1,737,057
1,880,255
2,148.687
2,125,947
19,671
9,766
18",243
13,198
316
$9,682,682
235,178
264,617
11,164
$7,690,684
28,621
133,512
46,307
1,223
$7,880,987
$8,889,881
3,683
9,640
25,005
$9,171,722
1,898,025
2,027,651
673,674
$7,481,022
1,898,749
2,044,525
684,923
$7,867,664
1,944,991
2,017,150
760,983
$8,853,528
1,399,253
2,803,610
119,148
stocks,
pref. stocks,
Int. on bonds, convert,
obligations, notes &
on
-
accounts
—
-
119,343
81,658
7,251
$4,453,225
$2,733,482
$3,062,881
$4,643,413
-
Other income
Total income
General expenses,
Federal income taxes,
Provision for taxes—__
-
Miscellaneous charges,.
Balance
—
long-term debt, ,
obliga'ns..
Int.
on
Int.
on conv.
Other interest
Amort, of debt discount
and expense
Net
income—
—
Derby Gas & Electric Corp.:
5% loans receivable.
Common stock
Laclede Gas Light Co.:
5J^ % series D 1st mtge. coll. tr. bonds .
6% series A coll. trust notes 1942.—
5% cumulative preferred stock
Common stockLaclede Power & Light Co.:
Common stock (v. t. c.).
Common stock
Unsecured notes—6% demandLoans receivable—5%
Litchfield & Madison Ry. Co.:
4% non-cum. pref. stock.
Common stock
Newport Water Corp.:
—
From affiliated cos
_
Value
Amount
Income from sub. cos.:
Divs.
bond
Note—Consolidated earnings for the calendar year 1939 appeared in the
"Chronicle" of March 16, page 1781.—V. 150, p. 3834.
_
(2)
512,494
1,056,294
549,119
— —
11,348
$200
242,000
5,345 shs.
90,466 shs.
shs.)
10
shs.f
preferred stock-
Loans
200,000)
5,000 shs Y
5,000 shs./
Total...—
shs.f
$512,821]
10.000
^
-
-
2,000,000
8,218 shs.)
—
receivable—6 %
3,400,000.
$705,000
— — —
$6
3,750,000
32,381
— -.
—
_
Common stock
$5,000,0000\ $5,000,000
50,000 shs. J
.
-----—
—
764,024
-$14,944,024
The Commercial & Financial Chronicle
424
clearly distinguishing circumstances.
The declarant is committed to a policy of liquidation of its utility subs.
Ogden exists primarily to dispose of its utility assets, and to utilize the
proceeds from such sales to retire its securities which were given in exchange
ally, as we find here, there are
for the securities of its predecessor.
.
,
Years End. June 30—
expressed In the cer¬
that after the deben¬
operating revenues
Oper. exps. and taxes
$623,221
Net earnings
Other income, net
$375,242
4,327
Gross income
$379,569
204,649
the net proceeds of the sale of any assets
must be applied to the redemption of the preferred stock.
The company is, therefore, attempting to liquidate its utility holdings,
two such matters being presently before this Commission,
namely the
Derby and the Central States properties. While the assets of the predecessor
company were under control of Charles True Adams, trustee of the estate
Int.
of said debtor company, we
of the common
and (or) Ogden
°]Vpr.
Brewster, President and director of Ogden Corp. testified, "By
borrowing this money and retiring the preferred stock, we in effect are an¬
ticipating the requirements of the plan in respect to the sale of property."
Our record discloses that a saving to the common stockholders of $110,000
per annum will result from the loan if made, being the difference between
the 5% preferred stock dividend requirements and 234% interest require¬
ment of the proposed loan in the amount of $4,400,000.
This saving was a
major factor in the deliberations of the board of directors of the company
when it considered the advisability of making the proposed loan.
The company hopes to liquidate this loan from the proceeds of the sales
of utility assets.
$309,002
3,154
$307,471
$375,696
4,085
$312,156
$310,706
191,000
3,234
Net
Divs.
10,648
class A com. stk.
$107,847
113,462
$108,280
125,618
$177,075
Balance Sheet June 30, 1940
plant and equipment, $7,420,686; miscellaneous in¬
deferred municipal accounts receivable, $110,889; cash,
Assets—Property,
vestments, $1,650;
$91,357; bonds of affiliates, $26,495; accounts and notes receivable (net),
$55,399; accrued unbilled revenue, $19,870; materials and supplies $40,158;
prepaid taxes, insurance, &c., $5,959 ; deferred charges, $265,983; total,
$8 038 447
Liabilities—Glass A common stock (40,522 no par shares), $3,155,898;
long-term debt, $3,800,000; accounts payable, $5,750; general taxes,
$50,226; Federal income taxes, $14,345; interest on long-term debt, $13,234;
miscellaneous accruals, $4,058; customers' deposits and interest accrued
thereon, $21,265; unamortized premium on debt, $18,306; reserve for
retirements and replacements, $488,096; contributions in aid of construc¬
tion, $21,046; capital surplus, $213,900; earned surplus, $232,322; total,
$8,038,447.—V. 150, p. 4135.
Oklahoma Natural Gas
Co.—Earnings—
12 Months Ended June 30—
revenues
-
Net income
b Earnings per common
,1939
194B
$9,323,145
_
^
Gross income after retirement accruals
__
$8,239,018
3,529,474
2,516,505
$3.59
a
3,072,612
1,604,015
$2.18
share
a To
surplus without deduction for surtax of $85,000 on undistributed
profits for fiscal year ended Nov. 30, 1938, charged to surplus,
b Shares
outstanding: 1940, 550,000; 1939, $549,986.—V. 150, p. 4135.
Old Colony Trust
Associates—Earnings—
6 Mos. End. June 30—
[
Income—Dividends from banks stocks
$199,825
1,036
$254,789
679
633
sale of securities.
316
1,286
535
$256,708
14,424
2,700
$201,396
Oper. salaries and expenses.
$231,304
16,152
1,750
336
Profit
x
1938
1939
1940
$230,308
Interest
on
Trustees' fee
14.006
2,200
13",953
14,387
6,594
11,446
$199,449
$224,861
$167,150
646,719
556,385
542,312
$846,168
188,104
$781,246
169,294
$709,462
150,483
$658,064
$611,953
$558,978
Interest paid
Provision for taxes
any
in the
light of the standards of section 12 (a) which prohibits the impairment
subsidiary's credit for the benefit of the parent, Atlas being to all
intents and purposes the parent of Ogden.
[The application of Atlas Corp.
fbr exemption as a holding company is pending before the Commission.
File No. 31-154.]
(2) The proposed loan does not qualify under Section 7 (c) (1) (B). It is,
of course, not secured by a "first lien on physical property of the declarant,"
or by an obligation of a subsidiary similarly secured.
True, we are auth¬
orized to approve a bond that is secured by "any other assets of the type and
of
1,058
10,648
Operating
such right in its status as the apparent controlling common
stockholder.
This transaction, in my opinion, should be scrutinized by us
191.000
10,648
1,798
to nothing more than in¬
curring debt in order to retire preferred stock. The only justification offered
is that there will be a saving to the common stockholders because the
loan will have a lower interest rate than the present preferred dividend
rate.
This is, of course, the invariable justification offered for the creation
of senior securities.
If the applicant's expectations regarding liquidations
of property are reasonable, the anticipated savings are diminished to the
inconsequential.
[In this connection, it appears that Ogden, having ap¬
proximately $3,400,000 cash on hand, could retire a substantial amount
of the preferred stock without assuming the burden of debt.]
Time and
money, both of the applicant and of the government, will have been ex¬
pended without purpose.
But leaving these considerations aside, there are at least five reasons why
the application should be denied.
(1) The principal effect of the proposed action will be to have Ogden
Corp. borrow $4,400,000 of which $2,872,750 will flow to Atlas Corp. in
redemption of the preferred stock owned by it. Certainly, Atlas has no con¬
tract right to such accelerated redemption of its preferred stock, nor does it
$379,781
777
'
$157,557
125.618
income
on
191.000
863'
can square
enjoy
302,971
12,163
4,267
Miscellaneous deductionsi
No ingenuity
backward.
$678,667
disc't
debt
of
and expense
Commissioner Eicher in his dissenting opinion states:
This application should be denied. It is a step
it with the standards of the Act.
In its essentials, the proposed action amounts
$614,750
307.278
314,219
932
interest
Amortiz.
approved the sale of debtor's interest in the
Newport Electric Corp.
Recently we approved the sale
of Indianapolis Power & Light Co. by the trustee
long-term debt
on
Miscell.
have been retired, 30% of
stock
1937
1938
1939
^Co¬
$707,231
331,988
„
in fact something that is not wholly
11 (e) of the Act.
The policy of retirement of the preferred stock is
tificate of incorporation of Ogden in the requirement
tures
of Income—
Ohio Water Service Co.— ■Statement
Financial Considerations
Generally speaking, a proposal to substitute debt money for equity money
cannot be entertained without misgivings, much less approved, but occasion¬
Thus, the liquidation program is
dissimilar from a plan under Section
July 20, 1940
a
character which
the Commission
by rules and regulations or order may
Undivided
profits,
previous
balance
Dec. 31
Dividends paid and declared.
x
After deducting $12,500
($11,820 in 1939) received from constituent
brinks
firescribe as This provision, intended as an escape or exceptional cases from
appropriate in the public interest in for the protection of
nvestors."
Note—The income of Old Colony Trust Associates from its constituent^
banks includes only dividends actually received and does not include their
the
earnings
rigidity of the first alternative, should not in
judgment, be invoked
at all where the only exceptional character of the
application is its complete
lack of merit.
But if invoked, how apply it?
What is the type of these
miscellaneous securities which the Commission is prescribing "as appromy
in excess of dividends.
The difference between the dividends
by the Associates from the constituent banks and the earnings of
received
those banks applicable to the holdings of the Associates is reflected
account "balance arising from restatement of capital shares."
})riate "character" ofinterest or for the protectionbeing the common stock of
of investors"? And what
the in the public
the securities, among them
s
Central
States
Utilities
Corp. known to be worthless, to say nothing of
of the other securities of much the
some
same
"character"?
W€;ll as the legal requirements of reorganization
call for
recapitalization may
or
freedom In dealing with these securities which is surrendered by
a
the
proposed pledge. Therefore, the loan itself and its supporting lien may
impede the very liquidation of these securities to which the applicant must
resort for its payment.
These facts to my mind require a finding that "the
terms and conditions of the issue and sale of the
security are
the public interest or the interest of investors or consumers."
(5)
linally, the whole transaction smacks
which it
manner
too much of the
detrimental to
"high finance"
the purpose of the
was
Holding Company Act to terminate. If this
of calling the preferred stock for
redemption is so desirable, why
Wa^n. t it proposed when half of the preferred stock
on
was
called for redemption
May 23 ? The frequent and wide fluctuations in the market price of this
preferred stock are a consideration that should give us pause.
We face a future
pregnant with
tion
contingency. There is no binding obliga¬
Ogden with reference to the remaining preferred stock, except to
30% of proceeds realized from sale of assets. Corporate manage¬
that, without contract compulsion, voluntarily doffs its Mother
on
set aside
ment
June SO '40
Liabilities—
in
lor its former
atates
pledge of securities of Interstate Power Co. and the Central
properties.
In addition to these
the
changes, provision has been made
Derby securities and the loan receivable upon payment
of
$3,000,000.
'
'i^!es^.^ast minute attempts
this
»
of
or
meet
to correct some of the more obvious defects
fundamental objections which
to lend greater force to the point that the time and money
applicant and the government could better be devoted toward solution
pressing problems existing in practically every subsidiary of
Ogden.—V. 150, p. 4134.
Period End. June 30—
revenue
exps.
& taxes
1940—Month—1939
$1,557,572
769,757
Prov. for depreciation__
Gross income
Int. & other deductions
,
Net
Divs.
income
on
pref. stock
Balance
—V. 150, p. 4135.
Ohio Finance Co.
225,000
$562,815
Shares
common
Earnings
per
150.
P.
stock
share
3369.
1940—12 Mos —1939
$1,540,139 $19,656,941 $19,103,585
756,439
9,481,623
9,062,500
200,000
2,650,000
2,400,000
$583,700
$7,525,318
3,381,376
$7,641,085
3,445,986
280.044
284,909
$282,771
155,577
$298,791
155,577
$4,143,942
1,866,923
$4,195,099
1,866,923
$127,195
$143,214
$2,277,019
Prov. for taxes
for
28,437
35,172
cont.
94,052
40,000
94,052
10,243,412
prior
10,224,610
years.....
......
Total.10,243,412
-V. 150, P. 3212.
10,224,610
Total
Omaha & Council Bluffs Street Ry.—Tenders—
Guaranty Trust Co. of N. Y. will until 10 o'clock a.m. July 30
The
first consolidated mortgage gold
dated Dec. 1, 1902 to exhaust the sum of $429,005 at prices not
exceeding prevailing market price.—V. 147, p. 1787.
receive bids for the sale to it of sufficient
bonds
Oswego Falls Corp.—Earnings —
1940
6 Mos. End. June 30—
INTot) Stilus
x
54,362
Common shares (par $5)
x
No
share.
per
allowance is
dividends
The
on
made
profits,
56,665
$391,865
226,741
$1.72
$290,783
224,752
$1.29
y
above
The
the $110,000 8%
balance
as
for
$448,530
Federal
income
tax
$2,958,054
434,757
64,723
y$370,034
224,752
$1.65
and surtax
on
earnings for
1937 are before deducting
1st pref. stock retired in May, 1937.
sheet
Cash
1937
$2,852,410
350,269
59,486
$358,008
Net income
Earnings
1938
1939
$303,646
230,205
$1.32
Net inc. after deprec...
Int. & disc't on fd. debt.
(unaudited)
follows:
as
of June 30,
1940,
shows
working
$232,540
654,295
842,786
•_
Notes and accounts receivable, net
Inventories
Total current liabilities
$1,729,621
730,126
.
Net
On
current
assets..
$999,495
—
quarterly dividend of 15 cents
the outstanding capital stock, payable Aug. 1 to stockholders
July 20.
This makes total distributions in 1940 to date of
share.—Y. 149, p. 4183.
July 15 directors declared a regular
per share on
of record on
Penick &
Ford, Ltd., Inc. (& Subs.)—Earnings—
Period End. June 30—
Gross profit and income
from operations
Selling, advertising,
1940—3 Mos.—1939
1940—6 Mos.—1939
$947,717
$1,120,083
$1,988,541
$2,190,781
583,605
642,188
1,178,106
1,282,155
$364,112
9,178
$477,895
6,585
$810,435
30,473
$908,626
33,898
$373,290
123,801
$484,481
$840,908
243,271
$942,524
239,744
gen,
& adminis. expenses..
$2,328,176
Profit
Miscell. income, net
Total income
Depreciation
(& Subs.)—Earnings—
6 Months Ended June 30—
Net profit after provision for losses, less recoveries,
interest, amort., Fed. & State inc. taxes, &c._
—'V.
4,415,402
646,719
13,114
credits..
Dividend payable.
45 cents per
•Ohio Edison Co.—Earnings—
Oper.
273,064
Deferred
I believe to
the various
Gross
33,397
Total current assets
financing do not
exist and appear
or the
4,443,011
658,064
of
shares._
liab. for taxes for
capital position
was written, Ogden has substituted securities of
Ry., and its interests in the Newport Water Corp.
capital
5,000,000
from
restatement
Reserve
rtr??i^.e foregoing
Litchfield & Madison
42,936
430,081
Cash in bank
arising
Undiv. profits
investments
undistributed
untrammeled business action and dons
8,980,649
937,500
Other demand note
a straight-jacket of
shortly-maturing secured debt deserves and should expect searching examin¬
ation into the justification for its
policy.
i?a
Bal.
$
S
5,000,000
Capital shares
shares
of cap. stocks of
11 banks...... 8,955,395
Investment
815,000
and
June 30'40 Dec. 31 '39
Dec.31'39
Assets—
Invests,
(3) Section 7 (d) requires adverse findings.
The proposed note is not
reasonably adapted to declarant's security structure, as I point out here¬
after.
It is not adapted to declarant's earning power; indeed, no attempt is
made to justify it on this ground but rather on the
ground that this requirement is not applicable to a liquidating corporation for reasons not apparent
to me.
Financing by the issue and sale of the particular security is not
necessary or appropriate to the economical and efficient operation of de¬
clarant's business.
On the contrary, it introduces a complication not now
present and which could very well result in extreme injury.
(4) From other proceedings pending before us and from our own in¬
vestigations we know that the securities proposed to be pledged are almost
without exception issued by companies that are now in need of reorganiza¬
tion. We know, also, that questions as to their
enforceability or status may
exist as to some or
many of these securities.
The practical necessities as
in the
Comparative Balance Sheet
_
128,806
•
Prov. for Federal income
1939
1940
$301,074
$298,589
160 532
148,561
$1
*
32
$1.50
and capital stock taxes
Net income.
_
Number of shares
Earned per share
—V.
150, p. 2591.
59,342
69,804
129,541
133,817
$190,146
369,000
$0.52
$285,871
$468,097
$568,963
369.000
369,000
369.000
$0.77
$1.27
$1.54
Volume
Ottawa
The Commercial & Financial Chronicle
151
Light Heat & Power Co., Ltd.
Calendar Years—
Net operating profit
1939
1938
(& Subs.)
1936
1937
Calendar Years—
$972,079
3,761
$982,403
3,540
2,776
$1,027,403
386
3,630
3,000
$975,841
3,600
2,403
22,690
22,847
22,040
22,040
160,643
170,028
166,119
169,643
52,278
219,931
64,828
231,269
61,673
234,750
Int.
Salaries and fees paid to
executive officers
5,663
Municipal, provincial &
:
Dominion and
provincial inc. taxes._
Bond interest
Prov. for amort, of prem.
&
on
red.
Prem.
33,832
28,072
"Y,851
4,827
3,406
6,134
5,557
260*566
220",660
170,000
_
by sinking fund..
on
$5,098,109
141,985
Operation expenses
Maintenance
Prov. for deprec. & deple
$4,707,899
2,421,162
186,163
593,184
$5,046,930
2,586,333
222,038
757,723
$5,477,081
2,814,434
221,581
686,836
$5,240,094
2,423,962
214,851
674,552
293,182
210.622
156,218
222,970
170,790
149,443
44,837
234,208
al52,193
54,807
188,593
a279,965
&
other
$952,205
$1,322,990
$1,403,364
595,693
611,264
640,003
bond int.
Exp. of appraisal of land,
bldgs., plant & equip.
Provision for deprec
700
345" 600
Int.
692,593
$340,941
$682,987
$710,771
Preferred dividends
Common dividends
$271,267
94,375
210,000
$274,451
85,000
210,000
$249,151
85,000
192,500
Consolidated Balance Sheet Dec. 31, 1939
6 Mas. End. June 30—
Inc. from oper.—Divs..
221,480
280,605
306,289
$91,012
78,753
$402,382
210,000
168,342
$404,482
210,000
168,342
$624
Common dividends..
249,929
$15,624
15,000
Net income
Preferred dividends
$12,259
$24,040
$26,140
...
Surplus
Including surtax of $5,516 in 1937 and $18,150 in 1936 for undistributed
■ ■;;•_
; v. v
•'
profits tax.
Consolidated Balance Sheet Dec. 31
1939
1938
S
$
Assets—
Assets—Cash, $324,431; investment securities, $184,945; accounts re"
ceivable, $223,233; inventories, $83,215; land, buildings, plant and equip¬
ment, $7,484,172; franchises, rights and contracts, $1,784,062; deferred
charges, $5,872; total, $10,089,932.
Liabilities—accounts payable and accrued liabilities, $159,369; provision
for taxes, $83,845; dividends
payable, $56,250; accrued bond interest,
$47,769; funded debt, $4,915,000; 5% cum. red. pref. stock (par $100),
$1,700,000; common stock (140,000 no-par shares), $2,600,000; earned
surplus, $527,699; total, $10,089,932.—V. 148, p. 1177.
Overseas Securities Co.,
other
charges of
Pa. G. & El. Corp.
a
$234,517
85,000
140,000
&
1938
charges of
subsidiary companies.
expense.
bonds retired
on
Operating revenues
Non-oper. revenues (net)
of bonds
financing
For'n exch.
$5,395,132
81,949
General taxes
Fed.& State inc.taxes..
$1,017,364
3,180
Dominion taxes
1936
55,895
Prov. for non-prod, wells
& aband. leaseholds..
57,960
192,987
Total income
Directors' fees
1937
$4,991,035
13,499
$832,797
$1,021,740
6,806
Legal fees
paid
1 Q*tQ
$977,162
5,241
$4,694,400
$237,104
$1,010,558
Income from investm'ts.
Prov. for
425
Pennsylvania Gas & Electric Corp. (& Subs.)—Earns,
Pl't,
1939
Liabilities—
prop., rights,
franchises, &c_.24,312,271 24,253,539
Investments
and
special depositsDebt dlsc't & exp.
120,472
638,597
143,312
Other def. charges
508,820
Cash
2,111,610
a Notes & accounts
344,762
2,608,173
receivable
722,452
$32,402
7,859
255,057
Gen. taxes accrued
101,221
102,590
Fed.
$25,826
6,956
$25,432
2,302
12
16
85
$40,262
12,122
22,201
$32,794
11,439
22,746
$27,750
8,856
23,019
$41,891
10,164
26,025
$5,938
168,497
loss$l,391
55,879
$162,560
$57,271
Miscellaneous
163,516
152,305
305,561
291,213
Divs. pay. on pref.
$38,267
3,539
Interest-
100,858
Pur.
&
State
money,
inc.
Interest
debentures.
on
_
Reserves
10,180,119
Net profit from oper..
Net loss from sales of
Prov.
sec.
loss$4,125
$5,702
215,711 prof311,23 9
for
Fed. income,
prof. & surtaxes
excess
—•.—
Net loss for the period
Distrib. to stockholders
87,500
$219,835
pf $229,441
44,152
.
Balance, loss
$57,271
$162,560
$219,835
pf$185,289
The net assets of the company as of June 30, 1940, based on market
quotations, before deducting the outstanding debentures, amounted to
$1,450,060, equivalent to $1,638.49 per $1,000 of debentures, as com¬
pared with $2,128.47 on Dec. 31, 1939, and with $1,708.48 on June 30,
1939.
After deducting the outstanding debentures at par, the net assets
per share of outstanding capital stock were equivalent to $4, as compared
with $7.12 on Dec. 31,1939, and with $4.35 on June 30, 1939.
Balance Sheet June 30
Assets—
y
1940
Cash
8,918
1.766,714
1,533
$1,519,630
$1,788,169
$52,649
$8,158
220,000
Securities owned
Prepaid expenses
Total
1939
$13,020
6,275
6,855
1,492,242
1,238
Due for securities sold but not delivered
Accrued interest and dividends receivable
;
$11,003
Liabilities—
Due for securities bought but not received
Collateral loan payable
z
Sundry accounts payable, accrued Federal and
other taxes and expenses
7,475
9,446
388,000
497,000
725,434
2,149,687
2,310,061
on 5% debentures
5% gold debentures due Nov. 1,1947
5% gold debentures due April 1, 1948
x Capital stock
Paid-in surplus-
Profit and loss deficit
Total
x Represented
by 150,000 (147,172 in 1939)
ducting 8,849 (2,828 in 1939) held in treasury,
matured debenture
interest,
z
7,622
9,633
397,000
506,000
750,000
2,149,687
2,259,931
$1,519,630
Accrued interest
$1,788,169
shares, after de^
Including deposit for
Including matured debenture interest.—
no-par
v
V. 150, p. 2590.
Penn Mex Fuel Co.—To
28,827,137 29,253,676
Negotiate Mexican Claims—
a Less reserve for uncollectible notes and
accounts of $138,456 in 1939
$137,557 in 1938.
b 20,000 shares (no par),
c 10,000 shares (par
$100).
d 112,223 shares (no par) class A partic. stock, stated at $1,457,128,
and 224,067 (224,189 in 1938) shares class B stock (no par), stated at
$59,409 ($59,426 in 1938).—V. 150, p. 3984.
Philadelphia Insulated Wire Co.-—10-Cent Dividend—
Directors have declared a dividend of 10 cents per share on the common
stock, payable Aug. 15 to holders of record Aug. 1.
Semi-annual dividends
of 15 cents were previously distributed.—V. 149, p. 2376.
Philadelphia Suburban Water Co.—Earnings—
12 Months Ended June 30—
Gross revenues
1940
'
Taxes.
Interest
charges
Pennsylvania Gas & Electric Co. (& Subs.)—Earnings
1939
1937
1938
Operating revenues
$1,081,746
Non-operating income._
47,893
$1,063,652
$1,034,417
46,549
61,418
Charges of sub.
Interest
on
$320,688
418
depreciation..
$1,105,006
$353,195
yl2,451
218,350
Oper. exps. and taxes
Prov. for
936
cos
funded debt.
Sundry int.
(net)
660,905
123,413
yl2,451
218,677
$1,125,070
x664,176
120,470
$1,127,794
x649,652
120,116
$340,424
yl2,451
236,613
1,752
$358,026
13,782
262,012
1,036
Amortization of debt dis¬
count and expense
12,038
12,056
14,563
18,405
$109,938
Divs.
on
...
$76,568
11,250
$75,045
*105,000
$62,790
*105,000
$65,318
def $29,955
def$42,210
pref. stock
Balance, surplus
x
Includes surtax,
pany held by public.
and $56,250 in 1937.
$109,938
y
Dividends
on
preferred stock of subsidiary
com¬
* Includes $30,000 accrued but not declared in 1936
,905
Phoenix
Insurance
Co.,
Hartford,
Conn.—Expands
Service to Brokers and Agents—Establishes New
Office—
The company of
Hartford announced this week through John A. North,
Secretary, the expansion of its service to brokers and agents by the establish¬
ment of a new metropolitan office at 110 William St., New York City.
The new office, fully staffed and equipped to handle city and country-wide
brokerage and to provide service for other companies in the Phoenix group
domiciled in metropolitan agencies, follows the friendly termination of
New York City representation by W. H. Koop and is under the direct
management of E. J. Martin, formerly of the home office in Hartford.
Mr. Martin, a graduate of the U. S. Naval Academy at Annapolis, served
as an officer in the Navy prior to taking up insurance work 12 years ago.
Other well-known Phoenix executives, some who have served the metropoli¬
tan territory for many years, comprise the staff of the new organization.
Ocean marine business will continue under the supervision of William H.
McGee & Co., Inc. for the Phoenix, and Carpinter & Baker for the Con¬
necticut Fire.—V. 149, p. 3881.
Ry.—Earnings—
Calendar Years—
1939
Total operating revenues
Total operating expenses
1938
$2,327,077
1937
$1,966,624
1,136,655
$2,141,639
$829,969
272,189
$875,489
233,652
$697,892
89,117
$557,780
$641,836
97,290
$787,009
254,397
$654,430
252,466
2,678
$739,126
1,659
$530,953
158,813
..
$399,285
154,52 1
$482,644
257.535
1,345,337
..
$981,740
283,849
Non-operating income.
.
Fixed charges.
Dividends paid.
96,650
1,266,150
253.094
3,388
Balance Sheet Dec. 31, 1939
__
Assets—Road and equipment, $15,991,459; deposits in lieu of mortgaged
property sold, $82,654; miscellaneous physical property, $1,808,715; invest¬
ments in
affiliated companies,
$153,354; other investments, $117,686;
cash, $1,118,854; special deposits, $6,711; miscellaneous accounts receivable,
$137,933; material and supplies, $181,485; interest receivable, $17,635;
other current assets, $700; deferred assets, $6,303; unadjusted debits,
$338,077; total, $19,961,567.
stock,
•
$8,584,500;
'
-
.
Government
grants,
$24,158;
long-term debt, $6,590,000; audited accounts and wages payable, $42,921;
miscellaneous accounts payable, $452,280; matured interest and dividends
unpaid, $5,109; matured funded debt unpaid, $2,600; accrued interest
payable, $20,356; other current liabilities, $5,671; deferred liabilities, $3,030;
unadjusted credits, $483,044;
additions to property through surplus,
$55,040; profit and loss, $3,692,858; total, $19,961,567.—V. 149, p. 2095
Period End. May 31—
1940— Month—1939
Railway oper. revenues. $1,853,045
$1,077,515
Railway oper. expenses.
1,317,718
1,028,111
Net rev. from ry. oper.
$535,327
Railway tax accruals—
215,910
Equip, and joint facility
rents
Cr205,017
Net ry. oper. income.
Other income
—-
Total income
Miscell. deduc. from inc.
Total fixed charges
Peoria & Bureau
$596,205
150, p. 3984.
Pittsburgh & Lake Erie RR.—Earnings—
Consolidated Balance Sheet Dec. 31, 1939
Assets—Utility plant, $7,489,436; investments and special deposits, $678,166; cash. $353,477; certificates of deposit, $100,000; accounts receivable
(net), $297,724; materials and supplies, $94,247; prepaid insurance, &c.,
$7,152; deferred charges, $275,714; total, $9,295,917.
Liabilities—7% cum. 1st pref. stock ($100 par), $1,500,000; common
stock (par $10), $1,200,000; pref. stock of sub. companies, $199,200;
long-term debt of Pennsylvania Gas & Electric Co., $4,196,500; accounts
payable, $38,300; accrued interest on long-term debt, $61,944; customers'
security deposits and interest accrued thereon, $10,661; general taxes,
$47,807; Federal and State income taxes, $38,689; dividends payable and
miscellaneous
current
liabilities, $12,124; deferred liabilities, $10,166;
reserves, $1,608,806; contributions for extensions, $23,284; earned surplus,
$348,435; total, $9,295,917.—V. 150, p. 3983.
Directors have declared
676,000
11,506
92,359
240,395
Balance available for dividends.
-V.
Liabilities—Capital
Net income
106,815
245,554
93,377
$1,129,639
652,398
124,046
$1,616,466
11,744
Retirement expenses (or depreciation)
Net income
Gross earnings...
$2,415,852
670,603
128,784
Amortization and other deductions
Federal income tax
1936
$1,058,457
1939
$2,466,123
691,332
130,773
$1,644,018
676,000
Operation (including maintenance)
..
Calendar Years—
28,827,137 29,253,676
and
Piedmont & Northern
Stockholders at a recent special meeting authorized directors, by resolu¬
tion, to institute negotiations with representatives of the Mexican Govern¬
ment for the purpose of attempting to arrive at the amount to be paid for
the company's
properties which were expropriated.
Directors are to
report back to stockholders the result of their negotiations, for approval or
rejection.—V. 150, p. 1291.
64,072
Total..
Net earnings.
-
35,152
Earned surplus
Total.
96,704
75,769
9,797,778
34,136
42,231
&c__
Contrib. for extens
Total
Expenses
1,000,000
taxes accrued—
1937
1938
1939
749,362
284,784
823,790
Mat'ls & supplies.
1940
S
1,760,000
d Common stock.. 1,516,538
1,516,555
Cap. stock of subs. 2,372,223
2,510,400
Long-term debt...10,868,681 11,499,600
Deferred liabilities
22,800
38,622
Accounts payable.
221,325
209,347
Accrued interest..
154,139
166,882
Cust. depos., &c_.
62,152
62,134
Prepayments
Inc.—Earnings—
1938
$
bS7cum.pref.stk. 1,760,000
c 7% cum. pf. stk.
1,000,000
$49^04
1940—5 Mos.—1939
$8,482,468
$5,883,410
7,363,672
5,809,242
$1,118,796
888,024
$74,168
616,789
Crl78,925 Crl, 184,407
Cr952,929
118,367
18,827
$109,962
12,022
$1,415,179
101,870
$410,308
67,508
$543,261
104,002
3,373
$121,984
45,414
3,393
$1,517,049
229,384
17,073
$477,816
134,157
17,455
$435,886
$73,177
$1,270,592
$326,204
$524,434
Valley RR.—$3.25 Dividend—
a
dividend of $3.25 per share on the
stock, payable Aug. 10 to holders of record
July 19.
common
Previously semi-annual
dividends of $3.50 per share were distributed.—V. 140, p. 324.
Net
inc.
after
charges
—V. 150, p. 4136.
fixed
The Commercial & Financial Chronicle
426
Pittsburgh Screw & Bolt Corp.—Common Dividend—
a
dividend of 15 cents per share
the common
on
holders of record July 26. Like amount was paid
April 20, last, this latter being the first dividend paid since Dec. 21,1937,
when 20 cents per share was distributed.—V. 150, p. 3835.
on
(incl. non-oper. income)
Operating expenses
Taxes, &c
Depreciation
Interest, &c
.
$3,117,102
2,237,083
137.939
1937
1936
270,000
132,022
180,000
$742,079
751,820
$651,968
644,417
$804,357
805,521
$855,070
859,222
),741
Net income
sur$7,551
$1,164
$4,152
$254,466 loss$120,685
1,074,028
/
$0.75
1,074.028
$0.61
$0.69
1939
1938
§
5
A.SS&tS'*
1939
Cash
Receivables
668,000
charges.
Mat'ls & supplies.
Cash..
.
Acc'ts receivable..
Capital stock
11,507,445 11,507,445
898,709 1st mtge. series B. 3,250,000
3,250,000
3,440
4,012
398,502 Consumers' depos.
180,650
214,175
797,095 Accounts payable.
3,555,472
3,396,423
205,821 Deprec. reserve
503,541
489,116
20,315 Other reserves
Accrued taxes
424,131
358,831
Accrued interest..
55,209
55,323
Other accrued Jlab.
2,770
2,780
Unadjust. credits.
54,047
53,419
Contrib. for extern
34,972
37,170
Surplus
1,404,185
1,415,030
618,927
.
741,540
Total
Other surp.
18,401,024
749,528
Deferred charges..
Reserve funds....
19,554
107,763
3,950,271
7,057,288
1,676,975
accts. 8,949,109
3,749,236
7,054,097
1,422,508
9,390,112
210,459
28,513
20,^78,060
Total
20,978,060 20,782,127
x
Res. for deprec
Capital stock
Earned surplus
1938
S
28,524,496
Total
—V.
28,527,1051
151. P. 113.
.28,524,496 28,527,105
Total.
I
Randall Co.—Class B Dividend
—
a dividend of $1 per share on the class B stock,
value, payable Aug. 1 to holders of record July 20.
This compares
with 25 cents paid on Feb. 1, last; $1 on July 15, 1938 and a dividend of 75
cents paid on June 30, 1936.—V. 150. p. 443.
Directors have declared
no
par
Reda Pump
Co.—Earnings—
1939
1938
$1,557,108
8,151
$1,799,416
936,217
82,135
10,754
9,483
4,854
$547,959
$755,972
Calendar Years—
Gross
operating income
882,785
100,977
16,732
Cost of sales and services
20,782,127
—V. 148, p. 3881.
Depreciation, depletion and amortization
Intangible development costs.
505
Dry hold costs
Provision for doubtful accounts
._
Public Service Co. of Colordao—Unlisted
Trading—1
The first mortgage bonds 3yA% series, due
Dec. 1, 1964 and the 4%
sinking fund debentures, due Dec. 1, 1949, have been admitted, to un¬
listed trading by the New York Curb Exchange.—Y. 150, p. 2894
Public Service Co. of New
Period End. June 30—•
Operating Revenues
Operating expenses
Extraordinary
exp.
to 1938 storm
Hampshire—Earnings
23.255
65,222
907,001
279,477
275,000
66,752
914,874
273,301
$181,331
1,377
$160,068
2,583
$2,066,820
Dr5,630
$1,701,315
19,598
$182,708
58,361
657
9,014
$162,651
$2,061,190
700,337
8,942
2,116
113,228
$1,720,913
700,337
Cr 16,722
117,575
$114,676
$95,380
55.816
$1,245,509
669.797
$919,723
647,952
_
Other deductions
Net income
5,718
78,393
5,107
79,021
27,747
Fed. (incl. inc. tax) taxes
Gross incomeBond interest
Other interest (net)
...
20,000
$772,586
$446,269
_
Provision for income taxes
Net income
16,613
$567,959
3,290
118,400
$603,386
377,714
—
:
*
Pref. div. requirements.
—V. 150, p. 3984.
58,362
Cr33
55.816
169,200
350,734
Dividends paid on common stock
due
Net oper. income.
—
_
Income deductions
1940—12 Mos .—1939
.161,531
$6,672,380
3,353,860
,930,289
...
Social security taxes
State & municipal taxes.
Non-oper. income (net).
Net operating income
Miscellaneous other income
Total income
1940—Month—1939
$527,031
$501,285
233,851
233,825
5,000,000
472,439
787,503
462,646
80,797
550,840
74,115
236,785 Accts., wages,taxes
857,613 Accrued Interest--
267,483
Deferred
$0.80
$
Liabilities-
$
_
1938
$
$
Liabilities—
4,820,000
27,086,277 26,702,294 1st mtge. 4!$S
403,021
589,942 Instalment contra. 1,002,289
318,056
99,714
80,472 Bank loans
1,074,028
1939
1938
Plant & in vest't., .18,029,093
$255,408
„
1939
Balance Sheet Dec. 31
Assets—
Cr4,028
Deferred credits.,
1,074,028
.....
$251,379
Dr44,226
Condensed Consolidated Balance Sheets Dec. 31
Shares of stock outstand¬
ing (no par)
Earnings per share
loss$76,458
384,069
185,594
incl.
net,
Balance-
Mat'ls & supplies.
Balance, deficit
398,028
Dr62,638
credits,
&
Capital assets
Dividends
$5,997,324
4,846,012
330,268
4.948,848
352,527
329,412
231,750
$317,104
Balance
Other charges
$3,048,272
1,881.179
$3,049,790
1,889,680
140,753
215,000
$3,015,823
1,955,727
138,128
1937
$5,786,080
394,745
year's surplus items
*938
1939
Calendar Years—
Operating expenses
Interest ,&c.„—......
Depreciation
1938
$8,318,081
6,822,033
386,171
— —
...
Co.—Earnings—
Providence Gas
Cross earnings
1939
Gross
stock, payable Aug. 17 to
Subs.)
Consolidated Income for Calendar Years Unci.
Consoli¬
for each share of this company's 8% conv.
preferred stock.—V. 150, p. 3835.
Directors have declared
1940
Railway Equipment & Realty Co., Ltd.—Annual Report
Corp.— Liquidating Dividend—
Pierce Oil
Directors have declared a liquidating dividend of 1H shares of
dated Oil Corp. common stock
July 20,
Balance Sheet Dec. 31, 1939
Assets—Cash
on
counts receivable
hand
(less
demand deposits, $215,086; notes and ac¬
of $18,000, $257,747; Inventories, $759,273;
and
reserves
due from officers and employees, $419; property, plant and equipment (less
reserves for depreciation, depletion and amortization of $279,638), $298,-
588; patent rights (less reserves for amortization of $361,566), $111,026;
prepaid and deferred charges, $16,425; other assets, $68,371; total, $1,726,936.
Liabilities—Accounts payable, $19,580; accrued payroll, $7,177; accrued
taxes (other than income), $34,308; accrued income taxes, $118,400; divi¬
dends payable, $90,015; common stock (539,591 no par shares), $825,240;
earned surplus, $632,215; total, $1,726,936.—V. 146, p. 926.
Reece
Folding Machine Co.—Earnings—
Year Ended Dec. 31,1939
$94,728
22,897
59,206
Gross
Public Service Corp. of N. J.
(& Subs.)—Earnings—
Period End. June 30—
1940—Month—1939
1940—12 Mos.—1939
Gross earnings
...$11,243,004 $10,716,190 $137344,329 $130207,609
Oper. exp., maint., de¬
preciation and taxes..
8,156.083
7,729,001
97,543,361
92,943,011
Net income from oper. $3,086,921
Bal. avail, for divs.& sur.
1,876,012
—V. 150, p. 3984.
profit
Depreciation
Servicing, selling and general expenses
$12,625
2,094
Profit from operations
Other i ncome
$14,720
2,845
2,079
Total
$2,987,189 $39,800,968 $37,264,598
1.920,333
25,563,222
24,820,774
Other charges
Provision for Federal and State taxes.
$9,796
Net income
Pullman Co.—Government Anti-Trust Suit—
$5,442
Dividends paid
The Federal Government formally charged the company and Its affiliates
July 12 with exercising "monopolistic control" of the nation's railroad
sieeplng-car business.
Niln
a civil suit filed at Philadelphia against four Pullman
companies and
31 individuals, the Department of Justice asked the U.S. District Court
to order cancellation of present contractual provisions between the com¬
Balance Sheet Dec. 31, 1939
Assets—Cash, $16,207; accounts receivable, $22,285; notes receivable,
$881; accrued interest on notes receivable, $13; marketable securities at
cost, $25,579; inventories, $74,501; other investments at cost (9,293 shares
of stock in own company), $12,590; fixed assets (less reserves), $159,415;
total, $1,126,106.
Federal and State
$119,018; total, $1,-
panies and railroads and revision of the set-up under which manufacturing
and operation of Pullman cars are
allegedly controlled by the same holding
deferred operating charges, $1,651; goodwill, $812,986;
Liabilities—Accounts payable, $5,009; reserve for
company.
taxes,
The action was filed under the Sherman and Clayton anti-trust statutes.
At the same time Special Assistant Attorney General Fowler Hamilton
asked an
"expeditionary court" of three Circuit Court judges be convened
Reed-Prentice
to hear the case.
The Pullman companies, the Government contended, control the industry
by forcing railroads to use equipment leased by Pullmaa or buy new equip¬
ment from Pullman-Standard Car
Mfg. Co., an affiliate and one of the
defendant companies.
Attempts of railroads to buy and operate cars made by other manu¬
facturers, the complaint added, bring threats that Pullman service would
be "cut off."
w
,T*?e
Net profit.
Earns, per sh. of com.stk
1940—3 Mos.—1939
$120,818
$127,736
$0.22
$0.23
After depreciation, fixed
$325,951
$0.59
$316,873
$0.57
charges and income taxes.—V. 150,
p.
2592.
$581,680
298,503
Net earnings—__
Interest paid
Provision for
_
doubtful notes
Amortization of intangibles..
Federal income taxes
..
...
.
Net income
$283,177
20,211
39,300
3,337
39,840
$180,488
55,774
84,020
$0.92
Dividends paid—On preferred stock
—On common stocks
per common share
Consolidated Balance Sheet Dec. 31, 1939
WAssets—Cash, $275,487; instalment notes receivable (less, reserves for
doubtful notes of $48,013), $2,277,233; cash value, life-insurance, $660;
sundry accounts receivable, $39; deferred charges, $21,518; furniture and
fixtures (less depreciation), $26,595; intangibles (less reserves for amorti¬
zation of $12,352), $43,050; total, $2,644,581.
Liabilities—Notes payable,
$1,100,000; dividend
on
pref. stock, payable,
$13,943; sundry expenses accrued, $773; miscellaneous taxes accrued, $6,895; reserves for Federal income taxes, $41,133; preferred stock (69,717 no
par shares), $706,197; class A common stock (134,125 no par shares),
$115,144; class B commom stock (1,000 no par shares), $4,129; capital
surplus, $549,564; earned surplus, $106,801; total, $2,644,581.—V. 150,
p.
_
32,139
41,848
_
exps.
Federal and State income taxes
6,184
37,050
of prior years
(estimated)
$157,014
43,528
3836.
preferred stock ($3.50 per share)
Dividend paid on
1938
$14,524
134,457
566,205
(less reserve)
Inventories.
6,899
16", 931
1
.
1
(at book val.)
Land .bldgs. ,mach.
&c. Bess res. for
depreciation)
392,507
324,581
1
___
1
Patents & goodwill
Prov. inc.
& capi¬
tal stock taxes..
46,782
Accrued liabilities.
398.844
20,446
Dep. on pur. contr.
Deferred charges
_
231,105
34,838
20,236
24,789
621,950
621,950
45,591
222,818
120,255
$1,795,945
$985,988
Res.
for hurricane
3,295
damages..
7% cum. pref. stk.
(par $50)
Com. stock (36,473
shs. no par)
Paid-in surplus...
Total
$1,795,945
$82,000
67,872
$98,845
725,120
Customers' depos.
Notes & accts. rec.
1938
1939
Notes pay able....
Accounts payable.
645,482
Special cash...—
Balance Sheet Dec. 31
Liabilities—
1939
$29,945
Cash
Inv.
Year Ended Dec. 31,1939
Gross earnings
Operating expenses
Earnings
$274,237
Depreciation
Development expenses
Amortization of develop,
Assefs—
1940—6 Mos.—1939
Railroad Employees' Corp. (& Subs.)—Earnings—
PI
Corp.—Earnings—
Earnings for Year Ended Dec. 31, 1939
Gross income
Condensed Comparative
Quebec Power Co. (& Subs.)—Earnings—
Period End. June 30—
a
surplus,
Net profit..
company has 20 days in which to reply after formal notice of the
suit is served.—Y. 151, p. 255.
a
$1,000,000;
$2,079; capital ss >ck,
126,106—V. 149, p. 3882.
$985,988
Total
45,591
—V. 151, p. 255.
Reed Roller Bit
Co.—Earnings—
Earnings for Year Ended Dec. 31, 1939
$3,663,732
2,020,427
Gross profit on sales
Selling, administrative and general expenses
Profit from operations
$1,643,305
...
Other income (net)
Net income
—
Federal income tax
--$1,653,285
288,831
$1,364,454
Net income
Dividends paid
9,980
—
1,008,000
in cash
Balance Sheet Dec. 31, 1939
Assets—Cash in banks and on hand, $1,124,203; notes receivable,
$71,383;
receivable, $1,052,788; inventories, $1,542,119; other assets,
$9,565; deferred charges, $65,259; fixed assets (less reserve for depreciation
accounts
Volume 151
of
The Commercial & Financial Chronicle
$1,678,549), $2,731,869;
patents (less reserve for depreciation of
$101,033; total, $6,698,220.
Liabilities—Accounts payable
for
and
accrued
expense,
taxes,
$63,475),
$416,912;
Republic Petroleum Co. (& Subs.)—EarningsCalendar Years—
Net. realiz.from prod'n.
reserve
$327,888; capital stock (630,000 no par shares), $4,725,000;
earned surplus,
$1,228,420; total, $6,698,220.—V. 150. p. 3836.
Regal Shoe Co.
Dec. 31, 1939—
(& Sub.)—Consolidated
Assets—
$727,905
Accounts receivable..
.
Merchandise Inventory
Accounts payable
Accrued expenses
11,416
1,410,664
Life Insurance
$4,988,813
for
reserve
29,521
>
Total
$4,988,813
$420,729
231,943
6,962
expenses
Profi t from operations
Interest on bank loans, &c
Reserve for bad and doubtful accounts
General non-operating expenses
Amortization of bond premium, discount and
expense
$181,823
12,941
12,999
545
3,386
18,125
79,906
bonds
Reserved for depreciation
Profit.
$53,921
Assets—Cash, $11,503; accounts receivable (less reserve for bad and
accounts of 14,750), $427,239;
inventories, $747,390; life assurance
policy, $4,359; deferred charges, $28,664; bond premium, disct. and
expense,
$41,194; land, buildings, machinery and equipment (less reserve for
depre¬
ciation of $886,845),
$743,909; goodwill, $1; total, $2,004,259.
Liabilities—Bank loan, $145,000; bills payable, $38,820; accounts
pay¬
able, $128,093; accrued charges and interest,
$20,154; provision for income
taxes, $12,757; 3% first mortgage bonds,
$100,000; 4% first mortgage
bonds, $375,000; non-cumulative redeemable
preferred stock (par $25),
$400,000; common stock (65,009 no par shares), $780,108;
deficit, $21,816;
reserve for capital
losses, $26,144; total, $2,004,259.—V. 150, p. 4137.
doubtful
Corp.—Earnings—
Earnings for Year Ended Dec. 31, 1939
$17,015
15,525
General and administrative
expenses
Production expenses
1,474
3,308
Depletion and depreciation
Operating loss
Other income and credits.
$3^293
72,900
Gross income
Other expenses and deductions.
$69,607
78,157
Net loss.
$8,550
•r/r.
notes
and
deficit,
taxes
net profit after
for Fed. normal
income taxes
$211,819.
$5,444; capital stock
total, $211,819.—V. 150,
184,157
113,512
647,039
171,431
Engineering Co .-—Earnings—
Cost of products sold
Selling, administrative
._j
$738,029
461,152
and general expenses
$276,877
2,753
Other income
Total income
Other deductions
$279,630
22,984
51,639
income
profit
$205,007
112,500
$1.37
Cash dividends paid
per common share
Note—Provision
for
depreciation
for
the
year
amounted
to
Balance Sheet Dec. 31, 1939
property
Grain Co. Ltd.
(& Subs.)—Earnings—
Corporation
Securities
$6,449,453
$1,083,311
and
International—Stop Order by
Exchange Commission issued July 11
a
stop-order
of the corporation.
The
Commission found, "with respect to many of the items in the
regis¬
tration statement, a wanton
disregard for truth and accuracy."
It also charged Mr. Hoover with active
"manipulation" to enhance
the
value of stock for his own benefit,
stating that "the manipulation of the
ostensible business of the corporation and its
predecessor, the International
Syndicate, for the personal benefit of H. S. Hoover and his associates, was
made possible by reason of the fact that Mr. Hoover has
always maintained
a
controlling influence in these organizations."
The registration statement was filed on Feb.
28, 1938, and became
effective on March 20, 1938.
The SEC found that from 1931 through 1937, Mr. Hoover sold from his
personal stock 528,709 shares on which he realized a
gross profit of $4,759,140.—V. 148. p. 1338.
(R. J.) Reynolds Tobacco Co.—Interim Dividend—
Directors have declared
and class B
common
Like amounts
were
interim dividend of 50 cents per share on the
stocks, payable to holders of record July 25.
May 15 and Feb. 15, last.—V. 150, p. 2592.
an
common
paid
on
Calendar Years—
Gross oper. revenue—
1939
Subs.)—Earnings
1938
1937
1936
Electric sales..
$12,535,501 $11,237,384 $11,817,495 $11,602,370
181,945
176,149
185,931
191,307
Rev.fromtransporta'n 4,424,788
4,322,772
4,566,507
4,722,468
Other oper. revenue..
235,426
215,241
224,876
236,419
Other income..
138,682
133,876
225,339
169,328
sales
expenses
Purch. electric energy._
Maintenance
Taxes
Int. charges and amort.
of discount
$17,516,343 $16,085,423 $17,020,148 $16,921,893
7,200,214
6,642,700
6,998,527
6,683,741
1,260,412
1,304,774
1,294,657
1,267,168
1,272,110
1,560,725
1,260,132
1,310,759
2,103,795
1,730,979
1,769,286
1,329,532
1,464,763
1,426,160
1,417,336
632
1,838,101
Crl,747
1,526,061
230
38
1,653,804
1,569,419
Consol. net income
$2,376,316
Divs. on preferred stock.
991,452
Divs. on class A stock322,940
Divs. on class B stock..
816,540
$1,895,773
991,452
322,940
1,270,173
$2,626,174
991,452
322,940
1,270,173
$2,723,147
991,452
322,940
1,247,492
$245,384 def$688,792
$41,609
$161,263
...
$947,850
6,703
$954,553
52,200
Bond interest
Directors' fees
_
Management salaries
Depreciation on buildings and machinery
Provision for income taxes
__
Net profit
cum.
preferred stock
per common share
48O
Rys..
Depreciation
Balance, surplus.
2,038,088
Consolidated Balance Sheet Dec. 31
1939
1938
$
on
hand
1,246,669
183,366
74,386
,697,418
67,444
1,887,934
plies & appPces. 1,344,781
Prepaid taxes, ins.
1,048,962
Accts. recelv. from
affil.
Association
Accts. & notes
rec.
(customers)
Accts.rec.(others)
....
L
Liabilities—Bank loans, $9,380,064; accounts
payable, $569,307; bond
interest, $26,145; provision for income taxes, $141,532;
agreement payable,
$575,000; first mtge. & collateral trust bonds, $1,240,000;
6cumu,
pref, stock (par $100), $2,000,000; common stock (100,OoO no
par
shares),
$100,000; capital surplus, $313,040; earned surplus,
$733,031; total $15,078,120—V. 150, p. 3371.
cos. (not subs.).
Accounts payable.
159,146
114,294
561,211
550,916
858,186
599,257
113,502
254,389
206,055
328,598
328,698
Other accr'd exps.
outstanding
444,704
Pref. & cl. A divs.
472,034
196,708
Funded debt of
deposits
92,648
356,970
subsidiary cos..34,152,200 34,801,500
Plants & prop'ties.83,448,358 83,620,987
Construction work
904,828
1,216,810
Reserves
pense
and
Electric
1,890,934
2,039,701
sus¬
credits ...13,689,352
14,158,481
Min. int. in United
Unamort. debt dis¬
counts & exps..
taxes
Cust. dep. & tickets
re¬
orders in prog..
1,328,189
2,350,000
Accrued
83,809
Inventories of sup¬
stricted
1,225,000
a Notes pay .to bks.
3,183,712
Accts. pay. to affil.
(not
cos.
$
Notes & advs. pay.
to N. E. Power
1,178,460
subs.).
1938
$
Liabilities—
Rys—
111,392
120,341
Pref. stock ($27.50
par)
13,632,465 13,632,465
Cl. AStk.($55par) 4,440,425
4,440,425
Cl. B stk. ($6 par)
Cons, earned surp.
$459,685
65,000
$3.29
1939
Cash in banks and
102,483
204,555
135,150
Consolidated Balance Sheet Dec. 30,1939
Assets—Cash, $70,198; inventories, $10,917,787; accounts & advances
re¬
ceivable, $254,142; storage on grain (accrued not
charged), $16,075; farm
property and agreements (book values), $50,951; investment in &
amount
owing by other subsidiary co., $225,602; other investments,
$219,643; prop¬
erties (less reserves for depreciation of
$1,922,692), $3,208,722; refinanc¬
ing expense, $115,000; total $15,078, 120.
of United Elec.
Sinking fund &
Total
%
$550,412
$8,998,874
2,101,010
5,509,553
305,000
suspending the effectiveness of a registration statement of the Resources
Corporation International covering 35,000 shares of common stock owned
by
Harper S. Hoover, principal promoter, principal shareholder and Chairman
& other expenses
Earnings for Year Ended Dec. 30, 1939
Dividends from investments
Earnings
Resources
SEC—
Assets—
plant and equipment (less reserves for depreciation of
$347,710), $555,753;
goodwill, patents, &c., $22,527; deferred charges, $20,682;
total, $2,365,529.
Liabilities—Notes payable to bank, $150,000; accounts
payable, $357,221;
Accrued taxes and royalties,
$12,411; provision for future service?charges
on
installations, &c., $19,381; Federal taxes on income
(est.), $49,000;
reserves,
$85,000; common stock
(par $5), $750,000; capital surplus,
$476,588; earned surplus, $465,927; total,
$2,365,529.—V, 149, p. 1772.
Dividend of 6
$3,337,730
$68,412.
Assets—Cash, $160,829; notes and accounts receivable (less reserve
of
$15,000), $617,488; inventories, $960,237; other assets,
$28,011;
Operating profit
$4,506,069 $16,150,753
1,045,228
2,022,016
2,735,427
5,814,284
175,000
1,865,000
Minority int. in earnings
Operating profit
on
$8,318,397
1,004,866
2,835,800
1,140,000
150, p. 3371.
Operating
$2,473,080
1,735,051
Gross profit
„
Net profit
—V.
Total income
Earnings for Year Ended Dec. 31, 1939
Net sales.
Reliance
Federal income taxes
Gas
Reliance Electric &
Net
Profit..
Interest
Deprec. and depletion..
Rhode Island Public Service Co. (&
1940—3 Mos.—1939
1940—12 Mos.—1939
$2,644,500
$2,221,138 $10,024,597
$8,064,166
—V. 150, p.3836.
Earnings
Republic Steel Corp. (& Subs.)—Earnings—
Period End. June 30—
1940—3 Mos.—1939
1940—6 Mos.—1939
profit
..$8,328,048
$4,509,608 $16,159,030
$9,002,039
Adjust, of minority int..
Dr9,651
Dr3,539
Dr8,277
Dr3,165
payable,
$121,268;
prov.
Federal taxes
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash on hand and demand deposits, $24,987; accounts
receivable,
trade, $85,133; inventories, $44,277; accounts receivable, other than
trade,
$8,778; investments, $375,405; properties and equipment (less reserve for
depreciation of $2,121,157), $2,237,278; prepaid expenses and
deferred
charges, $30,317; funds deposited in escrow, $18,201 advances
recoverable,
$16,118; total, $2,840,494.
Liabilities—Notes payable, $290,966; purchase contract agreement and
trust deed payments,
$18,000; accounts payable, including accrued items
other than taxes, $95,157; accrued
taxes, $49,720; purchase contract agree¬
ment due in 1941,
$7,833; minority capital and surplus, $252,664 ; 534%
preferred shares (par $50), $556,900; common shares
(par $1), $326,667;
surplus, $1,286,659;
preferred shares (205) and common shares (16,345)
owned by parent and
subsidiary, at cost, Dr$44,073; total $2,840,494.
—V. 150, p. 3214.
Corp.—-Earnings—
Consol.
3,000
18,862
4,000
z$182,389
z$160,708
$295,150
$114,423
Includes general and administrative expenses,
z Net income allocated
minority interests, $62,747 ($49,866 in 1938) and Republic Petroleum
Corp., $119,642 ($110,842 in 1938).
.
Reliable Stores
Period End. June 30—
Consol. net sales
17,509
70,783
.
Balance Sheet Dec. 31, 1939
Assets—Oil and gas producing
properties, equipment, &c. (less reserves
for depletion and depreciation of
$39,153), $92,852; investments (at cost),
$111,635; cash, accounts receivable, &c., $7,331; total,
$327,643;
19,133
33,399
57,467
64,634
186,325
95,395
49,195
y
The
Operating income
par),
78,179
Drl ,941
Operating
Balance Sheet Dec. 31, 1939
Liabilities—Accounts,
52,219
247,011
to
Earnings for Year Ended Dec. 31, 1939
(50 cents
p. 1947.
4,720
253,350
32,152
Net profit
500,000
Regent Knitting Mills, Ltd.—Earnings—
Reiter-Foster Oil
19,811
226,649
1,959
.
.
2 000,000
shares)..:
Gross profit from operations
on
1936
$620,616
189,370
71,934
Common stock (25,000 no par
Paid-in surplus
depreciation of $845,619.—V. 149, p. 4039.
Selling, administration and general
Discounts less miscellaneous income
1937
$978,119
y350,692
See y
See y
Prov. for Fed. inc.& cap.
stock taxes, &c
Other income deduction
Fed. sur.on undist. prof.
347,113
1938
$876,083
y382,059
See y
inventory
Miscell. income
Deprec. & depletion
Abandonments
1 942,900
Surplus
154,321
Total
Interest
crude oil
114,347
Preferred stock
13,226
Investment
1,879
Advanced exps. & def'd chgs..
10,179
Goodwill
2,500,000
Less
Sheet
$54,932
New season's mdse. (net)
159,223
Prepaid insurance
Mach., eqpt., prop., &c
x
1939
$803,092
y276,261
Production cost, &c
Admin. & gen. expense__
Increase or decrease in
Liabilities—
Cash
x
Balance
427
Total
a
Of
..91,321,151 91,980,053
a
subsidiary.—V. 149,
Rochester
Gas
&
p.
Total
13,609,002 13,609,002
5,050,905
5,495,486
91,321,151 91,980,053
587.
Electric
Corp.—Offers $15,000,000
Bonds Privately—
Purpose of Issue
Company has offered privately to certain present holders of its $15,000,25-year 4% bonds, series F, outstanding, the right to
exchange their holdings of such series F bonds for like principal amount of
general hitge. 3 Vs % bonds, due 1970, series K.
One or two of such present
000 general mtge.
holders of the series F bonds will also be offered the right to
purchase for
cash, at 105% of the principal amount thereof plus accrued interest to the
time of delivery, the balance of the series K bonds which are not
exchanged.
The series F bonds have been called for redemption
Sept. 1 at 105.
The Commercial & Financial Chronicle
428
The $15,000,000 gen. mtge. 3H% bonds due 1970, series K are being
issued under and secured by an indenture dated as of Sept. 1, 1918, from
Rochester Railway & Light Co.(the former name of the company) to Bankers
Trust Co., as trustee, as amended and supplemented by four indentures
supplemental thereto, executed with the Trustee as or March 1, 1921,
Oct. 23, 1928, Aug. 1, 1932 and May 1, 1940.
The series K bonds will be dated March 1. 1940.
Principal will be paya¬
ble in legal tender at the principal office of Bankers Trust Co., New York,
and interest will be payable in like money on March 1 and Sept. 1 of each
year at the office or Bankers Trust Co.
Definite bonds will be issued as
as coupon bonds in denoms. of .$1,000, registerable as to principal, and as
registered bonds without coupons in denoms. of $500, $1,000, $5,000,
$10,000 or any multiple of $10,000.
The series K bonds will be redeemable, at the option of the company, as
an entirety, after 60 days' published notice, on any interest payment date
at 109, if red. on or before March 1, 1943; 108 if red. thereafter and on or
before March 1, 1945; thereafter with successive reductions in the redemp¬
tion price of H % of the principal amount effective during each successive
two year period after March 1, 1945, to and including March 1, 1961;
thereafter with successive reduction in the redemption price of H % of the
principal amount effective during each successive 12 months' period after
March 1,1961 to and including March 1,1968; and thereafter until maturity
at the principal amount thereof, together, in each case, with accrued in¬
terest to the redemption date.
The series K bonds will be secured equally and ratably with the series
D, series F (to be redeemed on Sept. 1, 1940), series G, series H, series I
and series J bonds, already issued and outstanding.
July 20,
Rustless Iron & Steel Corp.-
1940
-Earnings6 Months
-3 MonthszMar. 31 '40 June 30*40
—
June 30 '40
Period Ended—
x
Net earnings
y
Earnings
per
$332,754
$0.33
share
After all charges,
$633,601
$0.63
$300,847
$0.30
On common stock,
x Adjusted.
Note—Earnings for the first six months of this year include adjustments
giving effect to increased tax rates as set forth in the Revenue Act of 1940.
Current assets at the close of June totaled $3,319,040, including $970,041
in cash, as against total current liabilities of $1,135,582.
C. E. Tuttle, Chairman and President, stated that current unfilled
orders were the largest in the corporation's history.
He further stated
that the added melt shop facilities now under construction, providing for
an increase in ingot melting capacity from 40,000 to 75,000 tons of ingots
per year, are expected to be in operation not later than Oct. 1, and that
the trend of current business indicates the additional melting capacity
will be substantially utilized.—Y. 150, p. 3836.
x
y
Rutland
RR.—Earnings
1940—5 Mos.—1939
$1,398,028
$1,353,751
1,374,157
1,337,253
1940—Month—1939
Period End. May 31—
^
JLV \JKJ
$298,850
402,158
$301,941
x$103,308
32,317
Crl,135
$13,290
17,327
2,871
$23,871
113,710
352
$16,498
97,535
7,767
$6,908
4,048
$90,191
20,649
$88,804
21,250
$129,884
Railway
Railway
$2,860
$69,542
$67,554
337
333
2,766
33,669
33,886
168,342
1,685
170,427
$163,890
$37,079
$240,650
$239,666
oper. revs
oper. expenses-
IV*.
u VUi
*• J
*
Vji/WA 4
Railway tax accruals—
Equip. & joint fac. rents
288,651
Earnings for Slated Periods
-
12 Months Ended Dec.31
12 Mos. End.
1939
1938
1937
revenues...$16,717,422 $16,328,756 $15,872,760 $15,620,699
Apr. 30,'40
Total oper.
6,653,134
1,303,283
6,710,836
1,292,257
6,956,035
1,229,447
6,360,442
1,172,970
2,584,408
Operating
2,519,565
2,417,904
2,106,628
$6,176,597
14,380
$5,806,098
16,560
$5,269,374
12,402
$6,190,977
1.654,524
$5,822,658
1,550,000
$5,281,776
1,333,771
$6,003,261
1,111,347
..$4,536,453
$4,272,658
$3,948,005
$4,891,914
expenses
Maintenance & repairs..
Taxes, other than Fed.
income
Net oper. revenues
Other income
Operating income
Prov. for retirements...
Gross income
a
a
•
$5,980,659
22,602
Before provision for Federal income taxes, interest charges and other
deductions.
charges on the funded debt of the company to be out¬
standing upon the issuance and sale of the $15,000,000 general mortgage
3%% bonds due 1970, series K, are $1,331,032.
Funded Debt and Capital Slock Outstanding
The capital securities of the company outstanding as of April 30, 1940,
but adjusted to reflect the issuance and sale of the series K bonds and the
on
Sept. 1, 1940, of the gen. mtge. 25-year 4%
follows:
bold
bonds,
series F (due Sept. 1, 1960), were as
Gen. mtge. 50-year 4M% gold bonds, series D, 1977
$6,000,000
3,000,000
3,000,000
1,657,000
8,323,000
15,000,000
21,500
27,000 shs.
30-year 3%% gold bonds, series G, 1966
3H% bonds due 1967, series H
3H% bonds due 1967, series I......
3}4% bonds due 1969, series J
3%% bonds due 1970, series K
Genesee Valley Power Co., Inc., 1st mtge. 6s, 1940 to 1953
Pref. stock (par $100)—Series C 6% cumulative
Series D 6% cumulative
171,871 shs.
Series E 5% cumulative
Common stock (no par), stated value $14,383,208
40,000 shs.
775,914 shs.
History and Business
The company was incorp. in New York, June 11,
1904, under
name of
Rochester
Railway & Light Co., as a consolidation of Rochester Gas &
Electric Co. and Rochester Light & Power Co.
In 1919 name was changed
to Rochester Gas & Electric Corp.
Since its organization, the company
has acquired properties from a number of electric or
gas coprporations
by
foreclosure sale and purchase.
Company is engaged in the business of generating, manufacturing, pur¬
chasing, transmitting, distributing, selling and supplying gas and electricity
for lighting, heating, industrial and general utility purposes, and steam for
steam heating and industrial
purposes.
Of the total operating revenues
of the company for the year 1939,
approximately 67.6% was derived from
the electric department, 27.4% from the gas department and 5.0% from
the steam department.
It also produces and sells coke and other by¬
products in connection with its gas operations.—V, 151, p. 113.
merger,
Rhinelander
Paper Co.—Earnings—
Gross profit on sales..
Net profit from operations....
Other income
$347,118
19,867
Net profit
Interest and other charges
Provision for Federal and Wisconsin income taxes
$366,985
14,658
79,871
Net income
Cash dividends paid
$272,456
119,998
Balance Sheet Dec. 31, 1939
Assets—Cash, $333,239; receivables (less reserves for bad debts and
freight of $14,863), $283,325; inventories, $921,045; unexpired insurance
premiums, &c., $15,356; investments, &c., $78,409; timber, timberland
and rights (less reserve of
$227,187), $51,948; plant and equipment (less
reserve for depreciation of
$3,517,906), $2,652,067; patents, processes and
trademarks (less
amortization), $8,458; total, $4,343,848.
Liabilities—Accounts
payable, $16,394; accrued liabilities, $93,208;
provision for income taxes, $84,543; current installments of
long-term notes
payable, $100,000; deposit on timber cutting contract, $5,000; long-term
notes payable,
$150,000; common stock ($10 par), $1,500,000; paid-in
surplus, $1,500,000;surplus, $894,703; total, $4,343,848.—V. 150, p. 2267.
Rogers-Majestic Corp., Ltd. (& Subs.)—Earnings—
Years Ended March 31—
Gross profit from sales & other
1940
revs..
$1,085,318
1938
$1,348,693
986,636
71,327
39,254
89,175
105,282
2,168
27,813
$101,308 loss$164,483
Consolidated Balance Sheet March 31, 1940
$139,788
859,548
and
remuneration
of
executive directors
66,513
Depreciation
Provision (estimated) for Dominion,
provincial and municipal inc. taxes
.
Net profit
1939
$821,956
873,690
Expenses.
fees
Miscell. deductions from
income
y
Total fixed charges—
Net deficit after fixed
charges
x Deficit,
y Includes interest accrued on outstanding bonds but unpaid.
—V. 151, p.256.
St.
Augustine Gas Co.—Sale of Securities—
The SEC on July 16 approved a declaration filed by the company under
of the Holding Company Act, with respect to the issue or sale of
Sec. 7
$125,000 1st mtge. 43^% sinking fund bonds, series A, due 1965, and 271
common stock (par $100).
M
St. Augustine will sell the bonds to Wilmington Savings Fund Society,
Wilmington, Del.
With apportion of the proceeds from such sale, St.
Augustine will redeem all of its outstanding 8% cum. pref. stock at $120
per share, all of such stock (543 shares) being publicly held.
Following
such redemption, the?company's charter! will be amended to eliminate
therefrom all provisions relating to preferred stock.
* J"!
Substantially all of the balance of the proceeds—cash in the amount; of
$54,900—will be applied to the payment of St. Augustine's 6% demand
notes, held by its parent American Gas & Power Co. in the aggregate amount
of $82,000.* The balance of such notes ($27,100) will be paid or satisfied
by the issuance of 271 shares of St. Augustine's common stock (par $100)
at the rate of $100 per share.
American will pledge such stock with the
trustee for the debenture agreementlof American securing its debentures
due 1953, pursuant to the provisions of such debenture agreement, under
which is pledged all other outstanding common stock of St. Augustine.
Upon the completion of such transactions, St. Augustine's security
structure will consist solely of the proposed bonds and of common stock.
American's investment in its subsidiary, in the form of an $82,000 demand
note, will have been converted into $54,900 of free cash in its treasury and
an increase of $27,100 in its investment in the subsidiary's common stock,
all of which is presently owned by American.
The proposed bonds, in the aggregate amount of $125,000 will constitute
St. Augustine's only secured debt.
In the opinion of counsel to the com¬
pany they will be secured by a first lien on substantially all of the company s
assets.
Bearing interest at the rate of 4M %, they will mature July 1,1965.
The sale of the proposed bonds was arranged by W. H. Bell & Co., Inc.,
Philadelphia.—V. 150, p. 3985.
..
57,949
St. Louis-San Francisco
*
Ry.—Reorganization Plan—
The Interstate Commerce Commission
on July 12 made public a plan of
reorganization approved July 6 under which capitalization will be reduced
from $388,680,293 to $240,000,004 (no par common stock being stated at
$50 a share); and fixed interest charges from $12,613,106 to $3,000,117.
The effective date of the plan is Jan. 1, 1940.
New capitalization and
charges are approved as follows:
Principal
Annual
Amount
Requirement
$
$
$904,373
338,050
219,205
_
Packing, shipping, soiling, administrative and general expenses
Provision for depreciation, depletion and amortization
s
$134,490
4,606
Issue—
Earnings for the Year Ended Dec. 31, 1939
Counsel
Other income.
shares of
Annual interest
retirement,
Undisturbed equipment trusts, interest
207,664
3,323,390
132,936
16,617
3,182,780
Birmingham division 1st mtge. 4% bonds
1970, interest
Sinking fund
Birmingham division 2d mtge. 4% bonds
1970, interest
Sinking fund
1st & gen. mtge. 4% bonds due 1990, interest
Sinking fund
127.311
15,914
2,532,206
200,000
due
due
-
63,305,149
Total fixed interest debt
75,685,319
Capital fund
$
2d mtge. 4H% income bonds due 2015, interest.
40,385,885
Sinkingfund.
3,232,648
1,125,000
L817.365
201,929
_
Total debt
Total debt and preferred stock
Common stock
Total capitalization
116,071,204
61,846,169
6,376,942
3,092,309
177,917,373
62,082,631
—
Preferred stock, 5%
9,469,251
The equities of the holders of both the common and preferred stock of the
are found to have no value; and no provision is made for the stock¬
debtor
holders in the
plan, except the holders of 100 shares of preferred stock of
City, Fort Scott & Memphis Ry.
The same is true as regards
general creditors, because of the lack of assets free of mortgage lien.
It is
provided that the equipment obligations shall remain undisturbed: and that
the new 30-year 4% divisional mortgage bonds shall be distributed in
exchange, par for par, to holders of the two issues of Kansas City, Memphis
& Birmingham RR. bonds.
It is provided that other new securities shall
be distributed to holders of outstanding bonds according to the following
table, the amounts stated being the amounts that shall be exchanged for
each $1,000 bond, and pledgees being treated as though the pledged securities
were outstanding:
the Kansas
New
1st and
2d Mtge.
New
a New
Gen.Mtge. Income Preferred Common
Outstanding Issue
Bonds
Bonds
Stock
Stock
Fort Scott 4s-b
$614
$382
$254
Prior lien 4s
Total
$1,250
117
241
327
Prior lien 5s
154
124
255
346
879
Consolidated 4 Hs-_
Consolidated 6s
169
185
122
195
170
656
213
185
716
fi
value stated at $50
Memphis Ry.
losses
of
$33,162;
companies' shares at book value, $47,247; fixed assets (net),
.Jo Patents» Processes, trademarls, &c., at depreciated values,
*-3 ivi<llcenses•
rights, contracts and agreements, $559,986; total,
1O/01
OA
1»
Liabilities
Accounts
payable,
$110,009; municipal,
provincial
and
n ^axes»
®45,53l; sales tax, $6,034; accrued wages and expenses,
$7,988; sundry accruals, $1,085; unearned allowances,
$29,893; reserve for
unrealized profits, $4,447; capital stock
(200,600 class A shares, no par,
I2 V3
821
—VSS149 Spa267 0° ^' ®2'586,991; deficit- $118,156; total,
Royal Dutch Co.—Not
to
Pay Further Dividend—
N. M. Rothschild & Sons announced that this
company has decided to
no further dividend distribution on
the common shares with respect
to 1939.
At annual meeting to be held at
Curacago, Netherlands West
Indies, on July 30 shareholders will be asked to confirm interim common
dividend of 5%, paid last January as final dividend for
the year.
Company
make
distributed 17% for 1938.—V. 149, p. 121
-4
"
240,000,004
New
Cash, $104,745; accounts receivable (less reserve for
$380,961; inventories, $675,395; prepayments, &c.,
5,874,000
investment
$37,328),
,
.
a
No
par
146
133
a
share,
831
b Kansas City, Fort
UnsaU
isfied
Claim
460
485
663
724
Scott &
The claims of the RFC and Railroad Credit
Corporation for liens prior to
the liens of all or part of the prior lien and consolidated mortgage bonds are
recognized by the allotment of 1st & gen. mtge. bonds.
The holders of 100
shares of the preferred stock of Kansas City, Fort Scott & Memphis Ry. will
be allotted par for par of new preferred stock of the reorganized company.
—V. 150, p. 4138. .
St. Louis Southwestern Ry .—Interest Petition Denied—
A
petition of the Bankers Trust Co. as trustee of 2d mtge. bonds for
payment of interest on certificates was denied July 10 by Federal Judge
Charles B. Davis at St. Louis, Mo.
In finding the payment not justifiable, Judge Davis declared that re¬
organization expenses i ncident to a plan probably forthcoming with the
year plus needed working capital would aggregate $2,250,000.
Estimated
Volume
The Commercial & Financial Chronicle
151
receipts and expenditures for the year, on the other hand, indicate a cash
balance at Dec. 31, 1940, of
only $730,000 or less than one-third of the
amount estimated as required.—V.
150, p. 4138.
St. Louis Terra Cotta Co.—Bonds Called
Liabilities—Common stock (20,000 no par shares), $2,000,000; long-term
debt, $778,700; advance from Sioux City Gas & Electric Co., $100,000;
accounts payable, $15,481; accrued general taxes, $29,142; miscellaneous
current liabilities,
$685; deferred liabilities, $5,979; reserves, $747,024;
deficit, $18,019; total, $3,658.992.—V. 150, p. 3064.
—
A total of $76,700 first serial
63^ % bonds, dated Aug. 1,
called for redemption on Aug. 1 at 100.
1925 have been
Sioux City Gas & Electric
Years End. Dec. 31
A total of $60,500 first and collateral trust
sinking fund 634% bonds,
1945 have been called for redemption on Aug. 15 at 105.—V. 150,
Operating
due
Other
Scotten Dillon Co.—40-Cent Dividend—
Directors have declared a dividend of 40 cents per share on the common
stock, par $10, payable Aug. 15 to holders of record Aug. 6.
Previous
dividends follows: 30 cents on May 15, last; 50 cents Feb. 15 last; 40 cents
Nov. 15 and Aug. 15, 1939; 20 cents May 15, 1939; 50 cents Feb. 15, 1939;
and 40 cents paid on Nov. 15 and Aug. 15, 1938.—V. 150, p. 2592.
demption on Sept. 16, at 104 and interest.
Debentures are convertible, until Sept.
rate of $70 per
$993,331
413,250
104,676
$1,003,078
417,750
105,356
$1,126,437
488,165
65,849
$475,405
307,705
$479,972
363,651
130,832
$572,423
307,705
$181,948
$167,700
def$14,510
$264,718
Preferred dividends
Common dividends
Balance, surplus
common
stock at the
to convert must be
Five
given.—V.
1939
<?
1938
e
o
1939
Liabilities—
S
plant
15,011,580
Investments
6,513,112
Debt disc't & exp.
in proc. of amort 1,203,714
deferred
Cash
6,458,252
1,302,612
6,569
Serial
67,442
609,489
6.569
241,210
Contrib.
169,037
$46,575
$41,800
713,407
613.109
525,854
901,501
6,574
$763,785
107,719
$659,684
$567,654
$962,166
43,384
128,506
69,651
34,994
a
General expenses
Service fee..
41,064
100,000
26,062
Taxes
48,751
79,550
100,000
—
Interest
Total
76,896
130,817
29,784
35,202
Prior years' over-accrual
23,803.058 23,390,465'
Crll.000
Net income
Dividends on $5.50 cum.
prior stock
Divs. on conv. stock
$403,867
$292,405
$685,631
698,925
699,750
713,981
829,138
318,239
$295,883
$421,576
$461,746
879,991
23,803,058 23,390,465
Total
1940
1939
«51,226,825
1938
1937
$918,099
419,180
66.523
8,781
$898,222
403,750
86,347
402,429
114,918
Interest
Federal income taxes
$168,921
3,842,806
Sloss-Sheffield Steel & Iron Co.—Earnings6 Mos. End. June 30—
136,935
64,534
79,178
$572,543
Net profit
Preferred
Deficit
9,957
4,172,584
1,070,269
Surplus
—V. 151, p. 114.
Depreciation
Depletion
$530,004
68,138
72,044
a Includes
surplus of $545,896 ($548,344 in 1938) not available for cash
dividends under indenture securing serial debentures,
b After reserve for
uncollectible notes and accounts of $64,872 in 1939 and $66,934 in 1938.
Gross
of capital stock tax
150,000
442,682
aid of
construction
$54,091
Dividends (excl. divs. on
corp.'sownstk. held).
Miscellaneous income
in
115,953
150,000
78,382
478,393
71,418
.
Reserves
1937
1938
$50,378
1
—
213,450
147,700
10,050,000
122,206
Pref. dividends...
_
$
4,795,400
2,973,450
bonds,
Accounts payableAccrued taxes-
acc'ts
Mat'ls & supplies-
Interest income
liabilities
deb.
due July
U. S. Govt, securs.
receivable
1939
76,121
603,052
1938
$
7% cum. pref. stk.
(par $100)
4.795,400
Com. stk.(par $25) 2,973,450
Long-term debt— 9,881,000
14,563,613
Deferred
charges
(at cost)
b Notes A
Income Account 6 Months Ended June 30
*
Balance Sheet Dec. 31 {.Excluding Subsidiary Companies)
Industries, Inc.—Earnings—
1940
$1,014,022
112,415
Utility
share, at the New York office of Bankers Trust Co.
days' previous written notice of the election
151, p. 257.
Selected
1,842,797
$947,632
55,446
$547,361
335,678
29,734
deductions.
2,023,559
$959,999
33,331
$1,054,260
408,468
98,431
ncome.
2.056,606
Prepaid acc'ts and
14, into
$2,856,819
2,158,347
Bond interest
A
Manufacturing Co.—Bonds Called—
J. P. Morgan & Co., Inc., as paying agent, has been authorized by this
company to make immediate payment on that company's 15-year 534%
convertible debentures due Jan. 1, 1945, which have been called for re¬
1936
$2,971,191
$1,010,715
43,545
July 8, 1939,
Other
1937
$3,016,606
and
Safeway Stores, Inc.-—Sales—
Company reports sales for the four weeks ended July 6, 1940 of $31,150,335, compared with sales of $29,889,743 for the four weeks ended
a gain of 4.22%.
Sales for the 28 weeks ended July 6, 1940
were $211,541,968, an increase of
5.57% Over sales of $200,380,668 reported
for the 28 weeks ended
July 8, 1939.
Stores in operation on July 6, 1940
were 2,625 against 2,961 a
year previous.—V. 150, p. 3985.
1938
1939
$3,169,062
revenues
Oper. exps., taxes
depreciation.
3675.
Scovill
Co.—Earnings-
[Excluding Subsidiaries]
Saenger Theatres Corp.—Bonds Called —
p.
429
$343,592
173,799
$344,437
181,014
49,659
99,318
$120,134
$1.71
$1,249,052
443,288
115,971
18,232
99,574
$64,105
$1.64
dividends
155,170
148,977
Common dividends
$571,987
Balance Sheet June 30
1940
Assets—
1939
$
Cash
Invest, at
Rec' ble from secur.
&c
accr.
A
361,295
361,950
Bank
...
indem.
80,868
377,961
378,617
Solar Aircraft
divs.
payable
Dep. of others und.
due
34,615.728 35,341,5581
Investments owned
market at that date.
Soundview
on
y
Earnings
Operating profit
*
Other income
3,887,893
147,900
share
1940—3 Mos.—1939
$624,187
$1.21
1940—6 Mos.—1939
$54,385
$0.05
$1,161,223
$2.24
$132,382
$0.14
After deductions for operating expenses, normal Federal income taxes
and other charges,
y On common stock.—V. 150, p. 3988.
South Carolina Electric & Gas Co.—Bal. Sheet Dec. 31—
1939
A ssets—
3,164,309
147,000
1940—6 Mos.—1939
$9,048,880
8,277,332
295,800
$6,471,531
6,318,647
294,000
1938
Investments
1939
S
$
Fixed capital..—.32 ,044,909
Liabilities—
31,718,233
40,291
43,839
Depos.for matured
int.
Period End. June 30—
1940—3 Mos.—1939
Net sales
$4,136,447
$3,164,298
Depreciation
per
x
bonds
Corp.—Earnings—
Cost, exps., ord. tax., &c
Pulp Co. (& Subs.)—Earnings—
x
Period End. June 30—
Net income
34,615.728 35,341,558
Total
Marcn 31, 1931, are carried at the lower of cost
Subsequent purchases are carried at cost.
Invest¬
ments, based on market quotations at June 30, 1940, or, in the absence
thereof, on their then fair value in the opinion of the corporation, amounted
to
$26,135,442, or $7,008,003 less than the amount shown,
z Repre¬
sented by 1,100 shares $5.50 cumulative
prior stock.—V. 150, p. 2593.
Sharon Steel
$49,498
-
See list given on first page of this department.—Y. 150, p. 1949.
;
x
Co.—Earnings—
Registers with SEC—
1942__10,000,000 10,000,000
Due for secur. pur.
42,998
61,090
$5.50
cum.
prior
stock
6,353,750
6,383,750
Cum. conv. stock. 2,121,585
2,121,585
Common stock
2,056,940
2,056,940
Surplus
13,411,612 14,324,089
z Treasury stock..
Z>r65,380
Total
$3.79
Earnings for 12 Weeks Ended June 22, 1940
March 1,
or
$4.20
Net income before income taxes
196,473
agreem't
loans
$268,396
on com..
—V. 150, p. 3988.
54,409
61,856
164,750
for
(contra)..
Surplus
Earns, per sh.
S
exps.,
112,033
168,632
rec...
depos.
divs.
for
taxes,
Int.
sold
Special
Res've
1939
$
Liabilities—
963,351
cost.._x33,143,445 33,789,651
Int. & divs.
1940
S
830,322
x
and bond
and
Com.
4,423
5,813
Special deposits
Cash (incl. work'g
$100,654 loss$147,011
14,070
9,870
$475,748 loss$141,116
45,052
24,017
Accts. receivable..
$114,724 loss$137,141
8,397
11,016
27,000
$520,800 loss$117,099
16,897
23,445
115,000
55,006
23,899
377,497
398,688
132,961
Note receivable
56,253
88,173
1,164
funds)
89,898
1938
S
1,310,500
$6 prior cum.pref
2 ,500,000
stock
divs.
(contra)
8
7% cum. pref. stk.
($100 par)
1 ,310,500
stock
2,500,000
(par
4 .329,400
4,329,400
10 ,009,900 10,096,900
$100)
Long-term debt
Notes & accts. pay.
1,306
Appliance accounts
Mat'l, supplies and
(affiliated cos.)_
Matured
bonds
1,308,728
1,820,882
A
bd.int. and divs.
Interest
Federal income tax, &c_
....
Net profit
Earns, per sh. on com.stk
—V.
$79,327 loss$148,157
$0.01
Nil
merchandise
(contra)
rec.
sold
(contra)
Def. debit Items--
131,280
913,009
209,100
990,209
5,813
4,423
Note pay.—bank-
280,000
355,000
Accounts payableTaxes accrued
333,477
148,468
214,269
136,922
Interest accrued..
199,850
200,748
Misccll. accruals—
Total income
4,422
18,204
149,992
138,243
Consumers' service
$388,903 loss$140,544
$0.61
Nil
Aline deposits—
150, p. 2896.
Applic,
accts. rec.
sold (contra)
—
6 Months Ended June 30—
Gross
revenues
Net profit
Earnings per share of
a
After
interest,
adjusted
1940
1939
common
$7,244,216
1,107,070
$0.52
$0.51
stock
depreciation,
exchange reserve,
and
income
—
The entire issue ($252,000) of equipment trust
certificates, series
5% due to 1945 have been called for redemption on Aug. 1 at 101.
F
July 16 declared a dividend of 15 cents per share on the
stock, payable Aug. 10 to holders of record July 31. Extra dividend
on
of 5 cents in addition to regular quarterly dividend of 30 cents was
paid on
May 10, last.—V. 150. p. 2440.
1939
Operating revenues
Non-oper. revs, (net)
Total gross earnings
Oper. exps. and taxes
of
$465,338
4,390
$493,984
4,885
$489,879
3,339
$464,620
432,271
$469,729
432,904
$498,869
449,155
$493,218
430,573
52,615
$36,824
54,544
$49,714
57,023
$62,645
61,600
2,457
2,549
2,663
2,878
$22,722
$20,269
$9,972
bond
Calendar Years—
$1,834
Balance Sheet Dec. 31, 1939
Assets—Utility plant, $3,385,252; investments, $161,257; sinking fund
and special deposits, $26,544; cash, $30,187; accounts receivable,
$6,960;
materials
and supplies, $21,159; prepayments,
24,383; total, $3,658,992.
Total
53,533
7,871,163
2,116,460
199,534
33,791,350 33,534,602
Co., Inc.—Earnings—
1939
Operating revenues—
Operating expenses and taxes
1938
1937
$510,150
323,789
$481,131
303,863
$474,043
260,688
$186,361
$177,268
$213,355
$186,361
156,681
12,622
1,249
44,171
$177,276
156,725
12,176
1,262
43,782
$214,114
158,105
12,176
1,349
41,881
786
Cr66
107
524
Cr 75
100
479
Cr971
148
$29,189
$37,218
prof$947
$3,248; deferred charges,
760
Gross income
Interest
on
funded debt
Amortization of debt disc't & exp
Taxes assumed on interest
Affiliated company interest
Other interest Charges
Int. chgd. to construction
Miscellaneous deductions
Net loss.
discount & expense
Net loss.
1936
$32,350
Net earnings
on funded debt
Int.
Amortization
1937
$461,806
2,814
__
—33,791,350 33,534,602
Net earnings
1938
56,531
159,519
Other income
City Service Co.—Earnings—
Calendar Years—
-
x Represented
by 25,000 no par shares.
Earnings for the year ended Dec. 31, 1939, appeared in the "Chronicle"
of Feb. 24, page 1295 —V. 150, p. 3676.
South Bay Consolidated Water
Silex Co.—15-Cent Dividend—
Sioux
sions.
Capital surp'us—.
Corporate surplus.
Total
Shippers Car Line Equipment Trust—Bonds Called
common
209,100
2,158,855
taxes.—
V. 150, p. 2593.
Directors
credits
Contrib. for exten¬
$8,065,652
1,133,723
a
131,280
663,936
Res. & miscell. un¬
Shawinigan Water & Power Co.—Earnings—
-
Balance Sheet Dec. 31, 1939
Assets—Property, plant & equipment, $6,780,625; special deposits, $576;
cash, $7,764; accounts receivable (net), $43,092; accrued unbilled revenue,
$67,513; materials and supplies, $21,694; prepaid taxes, insurance and
other prepayments, $3,610; deferred charges, $131,144; total, $7,056,018.
Liabilities—6% cumulative preferred stock
($100 par), $1,044,400;
common stock ($100 par), $750,000; funded debt, $3,127,000; indebtedness
to Federal Water Service Corp., $345,061; due to parent company, $470,000;
The Commercial & Financial Chronicle
430
Federal Water Service Corp., $40,000; accounts
demand note payable to
payable, $7,211; due to parent company (current account), $2,065; cus¬
tomers' deposits, $17,692; accrued liabilities, $92,246; unearned revenue,
$18,856; deferred liabilities, $15,109; reserves, $648,950; contributions in
$108,134; capital surplus, $511,294; deficit, $142,001;
total, $7,056,018.—V. 150, P- 3065.
aid of construction,
company last December to Paul Kollsman
tion of the business of the Kollsman Instrument
by the
Commission on July 5 authorized the company
to issue not exceeding $250,000 equipment-purchase notes to finance pur¬
chase of new motor buses.—V. 150, p. 3676.
The interstate Commerce
was
Net
Int.,
$1,017,073
$1,017,904
112,146
dividends
Surplus
x
88,9o9
$112,893
109,905
1,013,920
993,461
amortiz.,
deprec.,
and
Co.—Bal. Sheet Dec. 31-
Southern Colorado Power
1939
$
&
49,678
50,383
607,288
611,888
Indebt. to affll
204,849
322,951
204,849
303,490
Accts.A. notes rec
payable.
Accrued liabilities.
deposited for
bond Interest--x
270,323
110,545
3,045,717
2,738,324
4,251,600
4,251,600
($25 par)
2,750,000
Class B com.stk.
750,000
2,750,000
Deferred liabilities
240,887
94,215
(at cost)
69,627
9,533
24
2,651
Investments
Sinking fund
Reserves
7% cum. pref. stk,
($100 par).
Class
Prop., plant & eq.
16,561,580
292,381
343,102
(incl. lntang'les) 16,636,904
Deferred charges-
y
A
..
stk.
com,
Earned surplus
x
of
of $45,172 in
reserve
750,000
75,000 shares
y
value.
par
31, 1939, was given in "Chron¬
1006.—V. 151, p. 114.
Note—The income account year end Dec.
icle" of Feb.
10,
page
—
Company reports net profit for the four months ended April 30, 1940,
subject to audit and adjustment, of $565,000, equivalent to $1.26 per share
of common stock on the basis of the present capitalization.
It is estimated by the company that earnings for the six months ended
June 30, 1940 will be equivalent to approximately $2 per share on the
same basis, as compared with earnings for the first six montns of 1939 of
$0.90 per share on the 343,860 shares of common stock then outstanding.
Condensed Balance Sheet April 30, 1940
Liabilities—
Assets—
18,731,484 18,353,211
1939 and $37,214 in 1938.
$854,033
Cash..
Southern Natural Gas Co. (&
Subs.)—Earnings—
Reserve
Inventories
2,316,084
Pref. stock ($100
1,946,991
Common stock
Permanent assets, net
Other assets.
Patents
1938
1937
$8,267,289
5,285,725
$6,899,348
4,421,548
$7,096,764
4,458,659
$2,981,564
Operating revenue
Operating expense
operating income
$2,477,800
$2,638,104
10,867
12,289
$2,490,089
1,132,389
5,161
Income before interest, &c.—
Interest on long-term debt
Miscellaneous
7,934
CY253
90,028
$2,653,355
1,159,598
18,876
Crl 1,469
94,165
—
interest
Cr3,228
construction
Interest charged to
Amort, of debt discount & expense.
85,656
_
83,090
$1,033,664
277,250
exploration
gas
——
_
—
Capital
par)
($1 par)
surplus
Earned surplus -----
2,363,505
——- - -
1
-v.
131,931
$6,335,866
Total
86,335,866
151, P. 258.
Standard Gas & Electric
Co.—Weekly Output—
Electric output of the public utility
operating companies in the Standard
July 13, 1940, totaled 127,-
Gas & Electric Co. system for the week ended
972,388 kilowatt hours, as compared with 114,387,809 kilowatt hours for
the corresponding week last year, an increase of 11.9%.—V. 151, p. 258.
of
Co.
Stanley-Crandall
226,326
$1,765,412
Cost and exps. of nat.
1
Total
15,251
$2,992,430
1,056,340
Other income
27,632
—-
—
Deferred charges
-V.
Net
contingencies
1,059,193
Goodwill.
1939
for
$926,963
133,997
2,000,000
421,360
490,041
accrued liabil—
Current and
Receivables, net
-
Calendar Years—
and an addition to
Capitalization—
Authorized
Outstanding
5% cumulative convertible pref. stock ($100 par)
30,000 shs.
20,000 sns.
Common stock ($1 par)--.
—
x500,000 shs. 421,360 shs.
x Including 50,000 shares reserved for conversion of pref. stock.
The 5% cumulative convertible preferred stock is redeemable at any
time prior to Jan. 1, 1942 at $110 per share; thereafter to Jan. 1, 1944 at
$107.50 per share; and thereafter at 105 per share, plus in each instance
any accrued and unpaid dividends.
Each share is convertible into 2 Yi shares
of common stock.
On May 1, 1941 and each May 1 thereafter, so long as
any of the convertible preferred stock shall be outstanding, the company
is required to set aside an amount equivalent to 5% of its net profits for the
preceding fiscal year, after provision for preferred dividends, to be applied
to tne purchase or redemption of shares of such preferred stock.
The common stock is listed on the New Yora Stock Exchange.
117,702
201,932
Total
18,731,484 18,353,211
After
no
128,436
6,828,300
125,315
Funded debt
Other curr. assets.
1,261
4,156
132,268
6,828,300
Customers' depos.
supplies
Total
$
$
Liabilities—
Accounts
600,657
926,671
Cash
Mat'ls
1938
1939
1938
$
Assets—
$24,443
$1,894
$2,988
x$3,153
provincial income tax.—V. 150, p. 3989.
-
After adjustment for
Cash
world.
Company is building a new plant in Milwaukee
the Kollsman aivision plant at Elmhurst, Long Island.
,
111,904
earnings
preferred stock sold constitutes the entire
amount outstanding and is the senior security of the company.
This completes the disposal by Mr. Kollsman of all of the shares of the
The
$1,797,122
779,218
$114,040
Operating expenses
plus stock exchange com¬
stock at $33 per share,
mission.
$1,997,325
980,252
1940—9 Mos.—1939
1940—Month-—1-039
$225,944
$201,852
Gross earnings
Co., which
a
Square D. Co. acquired by him.
Mr. Kollsman, however, continues as
vice-president director and consulting engineer of the Square D Co.
Com¬
pany produces switches and electrical control equipment used largely in tne
machine tool industry.
Through its Kollsman division it produces air¬
craft instruments used by commercial and military planes throughout the
Ltd.- ■Earnings—
Southern Canada Power Co.,
Period End. June 30—
for acquisi¬
division of Square D.
The preferred stock
offered at $110 per share and accrued dividends, and the
has since become
common
Greyhound Lines—Issuance of Notes—
Southeastern
1940
July 20,
C.— Bonds
D.
Washington,
Called—
Net income
Dividends
on
class A stock
Dividends
on
class B stock
i
—
—#
[,392,184
665,400
68,735
State Street Investment
Consolidated Balance Sheet at Dec. 31
1939
1939
$
with
Receivables
1,229,048
.
Acer'dint,
216,783
26,450
9,049
329,014
242,897
Other accr'd Jlabil.
15,043
18,799
11,013
1,169,042
1,336,036
Income
suppl'
& merchandise
.
.
204,848
320,721
13,751
86,199
20,174
5,112
489,161
18,396
Deferred charges.
93,686
Contrib. for ext'ns
67,649
depos.
22,105
5,594
1,276,020
1,423,504
Earned surplus.—
Other assets
Net
$568,886
546,905
$518,785
546,905
$387,596
374,993
$722,605
749,985
$21,981
def$28,120
$12,603
def$27,380
income
x
Dividends received only.
from sale of securities of $429,401
in 1940, $207,589 in 1939, net loss from sale of securities of $317,201 in 1938
and net gain from sale of securities of $2,515,895 in 1937.
For the six months there
taxes
Customers'
$948,399
56,187
169,607
Surplus
....
Capital surplus...
l
Prepaid taxes & ins
51,000
102,610
Dividends
Acer. Fed. & State
than income
x$541,206
Expenses
Accr'd taxes, other
8,742
2,541,979
1,676,641
Reserve
Net
was a
net gain
June 30, '40 June 30, '39 June 30, '38
$31,406,915 $35,004,461 $36,273,458
499,990
546,905
546,905
$72.55
$57.43
$64.00
worth.
No. shs. outstanding-
Net worth per share
Balance Sheet
31,487,786 31,836,342 |
Total
Represented by 691,970 shares of
1949.
a
p.
Southern
—First
(est.)—1 $2,31V,125
1939
1
to
July
7—
Calendar Years—
Total
(& Subs.)- —Earnings—
1938
a
1936
1937
$2,475,735
381,450
590,991
$2,298,617
417,274
633,412
$2,157,965
406,205
577,305
$1,871,440
366,866
471,590
$1,503,293
$1,247,930
38,999
45,104
$1,174,455
86,534
$1,032,984
15,899
deduc..
$1,542,293
173,955
$1,293,034
212,507
$1,260,989
136,639
Net income before int.
Interest expense—net..
$1,368,338
357,365
Retire, and(or) dep. res.
Amortization reserve...
190,509
36,247
$1,080,527
340,572
174,288
61,506
$1,124,349
338,770
174,358
33,066
$923,058
384,455
165,946
29,264
Net profit before Fed.
& State inc. taxes—
$784,218
$504,160
$578,155
$343,393
purchases
Operating expenses
Net oper. profit
Non-oper.
revenue
Gross income.
Non-oper.
rev.
-
p.
by 546,905
2594.
Stouffer
certain
Square D Co.—Preferred Stock Offered—F. Eberstadt
Co., Inc., announced July 18 the sale of 20,000 shares
5% cumulative convertible prererred stock (par $100)
addition to 70,000 shares of the common stock
(par $1)
same
company
sold July 10.
These shares
were
&
of
in
of
issued
in addition to
stock,
Co., Philadelphia, Pa., will until 11 a. m., July 31
on Sept. 1 of sufficient first mortgage sinking
5% gold bonds due 1948 to exhaust the sum of $1,468,309
,at prices not exceeding 101M and accrued interest.—V. 150, p. 3374.
Girard Trust
with
an
Co.—Organizes Subsidiary—
on
June 13, last, organized the Sun Pipe Line Co. of Illinois
all of which is held by the parent
authorized capital of $10,000.
company.—V. 150, p. 1457.
Stone &
Webster, Inc. (»& Subs.)—Earnings—
Period End. June 30—
deferredgCredits$3,771; surplus reserves, $1,563,227; total, $15,164,867.
extra dividend of $1 per share
fund 20-year
a
inventories, $406,187; other current assets, $16,090; deferred
charges
$466,538; total, $15,164,867.
'
A S°/o cum- Pref- stock$620,875; 7% cum. pref. stock,
$124,700; $1.75 div series cum. pref. stock, $70,250; common stock (240,484
no
par shares), $1,202,420; capital stock allotment certificates, $2,500;
$1,396,121; earned surplus,
603,498; minority interests,
$2,538,758; long-term debt, $5,018,897; notes payable (trade), $415,697;
accounts payable (trade), $419,133; notes
payable (banks), $557,826; long
term debt currently due, $9,114; taxes
accrued, $82,990; Federal & State
taxes accrued, $181,830; interest
accrued, $86,358; payrolls accrued,
$17,565; other cmrent liabilities, $7,638; consumers' deposits, $241,703;
an
Strawbridge & Clothier Co.—Tenders—
Consolidated Balance Sheet Dec. 31, 1939
the
Corp.—Extra Dividend—
receive bids for the sale to it
been eliminated.
®,4SSni?T~ria?t,e^I,?®y and equipment, $13,308,506; investments,
1)02,049, cash, $255,862; not6s receivable, $5,262;< accounts receivable,
$604,373;
...31,814,577 35,476,078
in 1939).
b Repre¬
shares after deducting treasury stock.—V. 150.
i
Directors have declared
Sun Oil
comparative basis,
extraordinary and non-recurring items of income and expense have
no par
the regular quarterly dividend of 62 H cents per share on the common
both payable July 30 to holders of record July 20.—V. 149, p. 3572.
Company
In order to put the foregoing summary on a
Total
(no par) 29,773.327
At market (ledger cost), $33,878,269 ($33,850,512
The
Note
76,850
273,453
87,164
273,453
29,773,327
1,633,588
5,231,133
31,814,577 35,476,078
sented
$1,048,883
125,825
Gas
39,650
Surplus
$2,137,735 $68,819,683 $64,384,281
1939
Total oper. revenue
Management fee..
Res. for Federal &
77,161
44,154
7,396
b Cap .stk.
—V. 151, p. 258.
Southern Union Gas Co.
$
Accounts payable-
Res. for divs. decl.
1939
1940
1939
$
Liabilities—
State taxes
—Jan.
499,990
$100.09
1940
$
5,281,185
5,333,368
Accts. & dlvs, rec.
567,122
a Securities
25,966,270 30,142,710
June 30, '37
$50,043,984
Juflie 30
1939
$
Cash
Week of July—
1940
■
1940
Assets—
stock, par $7.50.—V. 150,
Ry.—Earnings,
Gross earnings
31,487,786 31,836,342
Total
common
1937
1938
1939
x$672,690
48,128
105,777
50,088
taxes
357,323
long-
26,674
co—.
employees
Corp.—Earnings-
1940
103,200
Reserve for
273,426
258,567
on
term debt
Advs. to officers I
Materials,
353,546
Accounts payable.
17,880
1,123,404
Account recelvabl
from affll.
1946
1023^.
x$722,174
6 Mos. End. June 30—
Divs. & int. received
5,000,000
Capital stock
a5,189,776
Long-term debt...20,976,523 22,226,523
Notes payable
228,118
45,649
tr
of bonds
$
Liabilities—
.28,371,826 28.665,307
328,870
327,383
Dep.
19^8
$
1938
$
8
Assets—
($3,060,000) first mortgage 6% bonds, due
All of the outstanding
have been called for redemption on Aug. 1 at
864,780
Common stock dividends
1940-3 Mos.—1939
$6,449,061
4,210,964
184,703
685,546
697,994
$280,419
64,799
$349,121
67,228
$1,552,550
264,747
$1,593,951
273,436
8,088
8,480
1,468
197,711
Taxes
Balance
Int.
on
$6,203,958
3,912,013
$1,558,723
1,024,899
176,516
Operating expenses
Amort,
1940—12 Mos.—1939
$1,517,006
1,060,071
Gross earnings
bonds & mtge
of debt disc't
-
&
expense
Other interest
Depreciation
Balance
Amt. applic. tomin. int.
Net income
2,217
2,392
291
173
272
49,271
49,401
197,863
$163,842
Cr919
$229,927
Dr9,330
$1,081,580
Drl 1,825
$1,112,857
Dr69,262
$164J61
$220,597
$1,069,755
$1,043,595
a Includes,
in addition to the customary profits and losses on security
transactions of Stone & Webster and Blodget, Inc., incident to its business,
profits of $64,523 for three months ended June, 1940 (1939—$34,345) and
$305,574 for 12 months ended June, 1940 (1939—$36,980) realized on sales
of investment securities by other companies.
Notes—The consolidated financial statements include the accounts of all
subsidiaries of Stone & Web6ter, Inc., other than two small companies, the
assets and net income of which are relatively insignificant.
Volume
Sunshine Mining
Comparative Consolidated Balance Sheet June 30
1940
Office
x
$5 811,000 $6,018,000
payable
payable...
571,773 3,452,541
501,732
Int. <fc taxes accr'd
Int. & taxes accr'd
473,526
1,447,078
a
Deprec. res
1 635,317
128,149
71,036
Unadjusted credits
8 881,190
8,881,190
8 694,718
6,405,897
6,086,794
7,022,103
receiv., less res.
820.421
4,622,332
Materials & suppl's
39,857
45,329
7,254
10,843
958
754
50,962
36,701
46,131
Unadjusted debits
64.350
84,952
Earnings
x
hand
on
Prepayments
stk. & surplus
Furn. & eapt., less
267,634
5,000,000
186,363
c Capital stock
5 000,000
Capital surplus— 9 ,218,853
9,186,182
Earned surp.(since
by bond trustee.
Jan.
1,176,051
1,715,339
1, 1938)...
;
allow, for deprec.
Dec. 31, 1941, 2H shares thereafter through Dec. 31, 1943, and
thereafter.
The new preferred stock is redeemable at $11 per
dividends accrued or in arrears.
24,683.206 27,177,367
Total
....24,683,206 27,177.367
and real estate and depreciation reserves are stated at
31, 1937 amounts (the net representing the then assessed property
valuations), adjusted for subsequent additions and retirements and, in the
case of the reserves, for subsequent provisions for depreciation.
b Carried at written down values as of Jan, 1, 1932 and cost of subsequent
Dec.
purchases except in the case of shares of common stock of Engineers Public
Service Co., remaining after the distribution to stockholders Dec. 27,
1937, such remaining shares having been written down to quoted market
The quoted market or management's estimated fair
value of Dec. 31, 1937.
value, of all securities carried in this account, was at
June 30, 1940 approxi¬
$8,553,000 (1939—$6,680,000).
Included herein are certain se¬
deposited under declarations of trust dated Feb. 14,1938. c Repre¬
sented by 2,104,391 no par shares.
mately
curities
Comparative Income Statement (Parent Corporation
Other
.
1939
$959,520
63,275
32,150
$979,339
Interest..,
Other dividends, interest & miscell.
Profit on sales of securities
Only)
1940
$881,985
62,271
35,083
12 Months Ended June 30—
Revenue from subsidiaries—Dividends
$1,054,945
249,401
275,434
305,375
earnings.
34,346
$1,560,147
576,408
77,100
a*Operating expenses.
Taxes.
$1,338,691
$906,639
.
$692,043
Net income
585,102
61,546
Expenses include, in addition to fixed rental payments for space occu¬
pied, $107,966 (1939—$126,249) paid to Stone & Webster Realty Corp.
under the terms of its lease of the Boston office building owned by that
a
Comparative Balance Sheet June 30
1940-
1940
$
companies..... 4,799,405
1,272,500
47,678
Taxes accrued
54,441
45,380
Unadjusted credits
c Capital stock
5,000,000
4,360,826
Capital surplus
8,505,573
Earned surp. (since
4,711.705
Notes receiv. from
sub.
companies.
of other
5,293,423
companies
Cash
on
Jan. 1, 1938)...
&
banks
in
1,272,500
928,374
45,891
62,935
37,636
5,000.000
8,502,073
547,833
35,985
18,273
2,497
12,418
assets
debits
14,581,446
14,196,3681
14,581,446 14,196,368
Total
of Jan. 1,1932 and cost of subsequent
the investments in subsidiary companies
which were written down on the basis of
assessed property valuations as of Dec. 31, 1937.
b Carried at written down values as of Jan. 1,1932 and cost of subsequent
purchases except in the case of shares of common stock of Engineers Public
Service Co. remaining after the distribution to stockholders Dec. 27,
1937, such remaining shares having been written down to quoted market
value of Dec. 31, 1937. The quoted market or management's estimated fair
value, of all securities carried in this account, was at June 30, 1940 ap¬
proximately $5,491,000 (1939—$4,943,000).
Included herein are certain
securities deposited under a declaration of trust dated Feb. 14, 1938.
c Represented by 2,104,391 no par shares.—V. 151. p. 115.
Superheater Co. of Delaware—Earnings—
[Including Its Canadian Affiliate]
operations._
Other income
$397,616
67,175
$520,548
72,359
$1,630,561
59,331
100,513
55,246
78,661
330,921
11,022
30,846
43,187
$419,578
904,855
$0.46
Depreciation
Federal, Dominion and
foreign income tax—
Earnings applicable
to
minority interests
earnngs
No. of shs. outstanding.
Earnings per share
x
1938
$102,614
417,935
$264,173
904,855
$338,683
940,855
$0.37
$1,187,739
$353,365
226,057
$579,422
Total income
1937
1939
$16,085
381,531
xl940
6 Mos. End. June 30—-
Net
Exclusive of Canadian affiliate
—
$0.29
-V. 150, p.
$1,102,082
528,480
68,715
y
904,855
$1.31
3678.
1940—3 Mos.—1939
Net
profit
Earnings per share—
x
$236,385
$143,266
$0.82
1940—6 Mos.—1939
$437,525
$0.50
$1.52
$258,919
$0.90
operating expenses, normal Federal income taxes,
On 287,000 shares capital stock, par $10.
for 1940, provision has been made for
After deductions for
and other charges,
y
Note—In arriving at the figures
Federal income taxes at the rate of
—V.
150,
p.
20.9% as compared with 18% in 1939.
3678.
Tacony-Palmyra Bridge Co.—Earnings-
Admin. & gen. expenses.
Taxes.....
-
Interest
expenses
Reserve for
1937
$259,697
24,152
36,000
32,459
16,166
51,679
11,609
$255,836
22,014
36,000
16,724
17,375
13,529
5,000
1940
$282,622
25,968
45,472
38,456
17,805
42,328
sales for military purposes, as such, or directly to
large part by the use of light aircraft including the planes manu¬
by the company. Government regulations for this program require
operators to have at least one plane for every 10 flying students. Company
is informed that in connection with the new national defense program the
civilian training of the type above described is to be expanded to cover by
June, 1941 students in a large number of colleges and non-college students,
totaling 45,000. It is reasonable to expect that this broad development of
civilian flying will result in increased private ownership of planes.
On Dec. 13, 1938 the company licensed Taylorcraft Aeroplanes (England)
out in
factured
Limited,
31,631
16,069
54,514
11,473
a
non-affiliated corporation, to manufacture Taylorcraft airplanes
The outbreak of the war has, however, terminated or suspended
in England.
this corporation to the company.
continue the development, manufacture, sale and
plane now manufactured and sold by it. However,
to enable the distributors and dealers of the company to offer a more
complete line of light airplanes the company is actively engaged in the
development of additional types in addition to the improvement and
refinement of the existing type.
It is believed that the addition of new
airplanes will enable the company to strengthen further its distributing
organization and increase its volume of business.
payments from
Company intends to
servicing of the type of
Capitalization—The capitalization of the company
for contingencies._
$77,205
$76,751
$70,257
$65,605
73
208
60,000 shs.
issuable in series
x
y500,000 shs. 198,344 shs.
for issuance
and sale as 50c. cumulative convertible preferred sto«ik, series A.
y Of these shares 90,000 shares are reserved for issue solelv upon con¬
version of the shares of 50 cents cumulative convertible preferred stock,
series A; 5,000 shares are reserved against the exercise of an option granted
by the company to Richard H. Depew Jr., V.-Pres., Treas. and a director,
giving him the right to purchase on or before Oct. 17, 1941 all or any part
of such shares at $2.55 per share; 20,000 shares are reserved against the
exercise of transferable options to be granted by the company to the under¬
writers giving them rights to purchase from the date of issuance of such
options (i. e.. the date of purchase by the underwriters of the preferred
stock, series A) to Jan. 1|, 1944 all or any part of such shares at $3.50 per
share; and 5,000 shares are reserved against the exercise of an option granted
to C. G. Taylor, Pres. and a director, giving him the right to purchase all or
any part of such shares at $3.50 per share during the same period of said
options to be granted to the underwriters.
Purpose—If all the shares of preferred stock offered are sold net proceeds
to the company will be $237,418.
Company intends to apply the net pro¬
ceeds as follows: (1) payment of first mortgage note, $27,650; (2) erection of
additional plant and hangar space, $85,000; (3) development, engineering
and experimental expenses, $40,000; (4) balance, $84,768, to be added to
the general funds for increased working capital.
Underwriting—No firm commitment to purchase the shares has been
made.
The names of the underwriters and the number of such shares to be
purchased by each from the company are as follows:
Common stock
(par $1)
Of these shares
30,000 shares thereof have been authorized
15,000 shs.
15,000 shs.
Hoit, Rose & Troster
Mackubin, Legg & Co
Earnings for Stated Periods
May 31, '40
Year Mar.22'37to
1938
Dec. 31. '37
Cal. Year
Cal.
1939
$375,639
323,511
sold
Operating expenses
Other deductions
$717,316
621,313
$495,970
437,038
34,570
Income
Cost of goods
Profit before other inc.
is as follows:
Outstanding
Authorized
Preferred stock (no par)
5 Mos. End.
Federal and
other taxes
Res.
1938
11,467
Operation and maint—
Depreciation
1939
$267,421
24,254
39,000
33,592
16,318
49,200
11,581
23,921
6 Mos. End. June 30—
Income tolls
Other
Also in Sept., 1939 the company introduced its new Taylor¬
with the
'Lycoming 50" horsepower engine at a price of
inaugurated in the spring of 1939 in 13 universities, has been extended to
435 universities, in which approximately 10,000 young men and women
have received flying instruction, and this training program is being carried
x
Sutherland Paper Co.—Earnings—
Period End. June 30—
x
Trainer
United States governmental agency.
However, the air training pro¬
first sponsored by the U.S. Civil Aeronautics Authority and now by
the Civil Aeronautics Bureau of the Department of Commerce, whicn was
purchases except in the case of
owning land and office buildings
Profit from
seaplanes.
gram
Carried at written down values as
a
seaplanes. In Sept., 1939 the new 1940 Taylorcraft was made available,
with fully enclosed cowling and numerous other improvements, in four
different engine and horsepower combinations, two of which were approved
any
allow, for depr._
Total
In addition, during the first
12,183 shares (of which 10,000
subject to options at $1 per share) of its common stock for
aggregate net cash proceeds of $16,549.
The proceeds mentioned in this
paragraph were used by the company for capital improvements.
In May of 1939 modifications of certain then current models were made
by the company so as to add additional models of higher horsepower,
powered respectively by the "Lycoming 65," the "Continental 65" and the
"Franklin 60" horsepower engines.
These models were also approved as
Company has made no
35,178
13,830
1,517
1,752
reserve...
Unadjusted
during April and May, 1940.
1940 the company sold to others
were
$1,495.
less
rec.,
Furn. & eqpt., less
Sundry
Aviation Corp.
craft
Other notes, int. &
accts.
provisions of said plan an additional loan of $20,000 was made by Fairchild
Aviation Corp. to the company in April, 1939, and in connection therewith
the company granted to Fairchild Aviation Corp. an option on 25,000
shares of common stock at $1 per share, which was exercised by Fairchild
as
3,782,972
3,163,034
hand
1939
Liabilities—
Accounts payable.
sub.
in
b Securs.
History, &c.—Company was incorp. March 18, 1937 in Delaware as
Taylorcraft Aviation Co., and acquired all the assets and business, subject
the liabilities, of Taylorcraft Aviation Co. (Ohio) organized in Sept.,
1936. The latter company had been formed for the purpose of manufacturing
and selling a low-priced airplane designed by C. G. Taylor, the President
and a director of the company, who on Dec. 16, 1936 transferred to tne
Ohio company all his right, title and interest in and to the model and design
to such airplane.
Company's predecessor, Taylorcraft Aviation Co., started production
in Jan., 1937, and produced 15 airplanes prior to the acquisition of its assets
by the company.
Operations by the company in 1937 were unprofitable
but in 1938 a net profit of $846 was realized. In 1939 the company had net
profit of $25,488.
In 1937 the company issued 60,000 shares of its common stock in exchange
for assets and business of Taylorcraft Aviation Co., and in '37 and '38 it sold
for cash 53,344 shares of its common stock for an aggregate net consider¬
ation of $127,957.
On May 11, 1937 the name of the company was changed to TaylorYoung Airplane Co., and on Feb. 15, 1939 the name of the company was
changed to Taylorcraft Aviation Corp., its present name.
In 1938 the company entered into a fihiancfng plan with Fairchild Aviation
Corp. under which Fairchild Aviation Corp. loaned $30,000 to the com¬
pany, of which $15,000 was advanced in 1938 and $15,000 in 1939. Pursuant
to sucn plan, the company granted options to Faircnild Aviation Corp. in
connection with such loan and in 1939 the company sold to Fairchild
Aviation Corp., in accordance with such options, 50,000 shares of its
common stock for net casn proceeds of $50,000.
Also pursuant to the
shares
1939
$
Assets—
Invests,
two shares
share plus
to
half of
corporation.
a
preferred stock is convertible Into common stock of the
ratios of three shares of common to one of preferred through
company at
Office buildings
a
Preferred
Offered—Public offering was made on Jiriy 17 at $10
per share of 30,000 shares of 50-cent cumulative convertible
preferred stock, series A.
Underwriters of the issue are
Hoit, Rose & Troster, New York, and Mackubin, Legg &
Co., Baltimore.
The series A
Unamort. debt dis¬
Total
1940
Stock
of
sub
Sinking fund, rep¬
resents cash held
share
Taylor craft Aviation Corp.—30,000 Shares of
Min. int. in capital
Accts., int. & notes
After
per
$1,285,934
$0.86
capital stock.—V. 150, p. 3374.
57,835
count & expense
y
Co.—Earnings—
1939
1938
1937
$1,392,888
$1,958,091 $2,798,183
$0.93
$1.32
$1.88
depreciation, Federal income taxes, &c.
y On 1,488,821 shares
6 Mos. End. June 30—
Net profit...
$
Accts.
Accts.
&
banks
1939
Bonds & mtge
real estate
in
Liabilities—
&
bldgs.
b Securities
Cash
$
1940
$
1939
S
a
431
The Commercial & Financial Chronicle
151
67,983
58,305
1,356
$406,658
388,626
43,130
Surplus Jan. 1
Fed. tax refund,
$77,414
318,119
$70,330
255,115
stock dividends
Surplus June 30.
-V. 150, p. 3374.
$65,605
212,773
110
1934..
5% cum. conv. pref. stk.
Class A stock dividends.
Common
$76,751
280,548
749
$395,533
22,045
47,550
36,000
$357,298
23,750
37,500
30,000
$325,444
23,750
30,000
24,000
$278,489
23,750
$289,938
$266,049
$247,694
$200,739
30,000
24,000
2,947
3,146
$24,873
Other income
$14,610
1,795
Net income
Other income
$16,405
$31,076
2,299
5,587
$1,069 loss$25,618
223
$14,105
$25,489
$847 loss$25,619
Net
profit
Pro v. for Fed. inc. tax..
Net income
6,202
Balance Sheet at May 31,
loss$730 loss$25,848
1,800
229
1940
for
Assets—Cash, $59,945; notes and accounts receivable (less reserve
doubtful accounts of $2,501), $31,771; inventories, $145,958; other current
/
The Commercial & Financial Chronicle
432
$695; other assets, $1,092; plant and equipment (after depreciation of
$22,611), $72,550; intangibles, $44,858; deferred charges, $21,070; total,
$377 937.
Federal
assets,
Labilities—Accounts payable, $21,115; mortgage note payable, bank,
$27,650; due customers, $20,233; accrued liabilities, $22,614; reserve for
insurance, $438; capital stock (par $1), $198,344; capital surplus,
$69,720; operating surplus, $17,822; total, $377,937.—V. 151, p. 259.
Cash
1938
x
Cost at June 30,
-V. 150. P..
y
Earnings
per
share
Tennessee Central
$57,546
$0.25
&c.
After depreciation. Federal income taxes,
common stock (par $5).—V. 150, p. 2441.
x
y
x
$34,084
$0.15
Earnings
(& Subs.)- -Earnings1939
$347,671
$60,636
$428,928
per
472,500
472,500
$0.74
472,500
$0.13
472,500
$0.91
$0.45
share
After depreciation and Federal income taxes..
For the quarter ended June 3d, 1940, net profit was $135,412,
29 cents a share, comparing with $291,686, or 62 cents a share, in
Twin State Gas & Electric
1939
revenues
Operating expenses
State & municipal taxes.
Social security taxes
$102,022
70,043
$95,924
68,910
$27,014
2,264
$38,290
2.917
$29,278
1,862
$35,374
-
Taxes assignable to railway operations
1,638
15,768
128,525
16,051
1,855
10,238
$53,051
$44,816
375
267
$53,426
$27,416
11.161
income.
Deductions
Net income
—
--
provision has been made for depreciation of way and structures,
furniture, sulHstation, shop or miscellaneous equipment.
The depreciation
provision shown in the above statement is with respect to interurban cars,
cars
and
Eayable, $50,281; miscellaneous credits, $256,655; $48,342; otherproperty
accounts payable, additions to current
abilities, $1,129; unadjusted
$1,200; profit and loss,
Texas Gulf
.
$164,406; total,
Earnings per share....
x
On
$5,472,012.—
Sulphur Co., Inc.—Earnings—
Period End. June SO—
1940—3 Mos.—1939
Net inc. after all charges $2,455,966
$1,830,362
x
$0.64
$0.48
1940—6 Mos.—1939
$4,500,974
$1.17
$3,264,828
$0.85
3,840,000 shares capital stock (no par).
Net earnings for the 12 months ended June 30, 1940 amounted to $9,083,629, against $6,513,329 for the like period ended June 30, 1939.
Earned
surplus of the company as of June 30, 1940, including net earnings for the
second quarter, and after payment of a dividend of $2,880,000 on June 15,
amounted to $31,573,599.
Current assets at the end of the second quarter of this year, including
cash of $11,631,271, amounted to $14,818,773.
This does not include
inventories of sulphur above ground or materials and supplies.
Current
liabilities, including provision for current taxes, amounted to $2,653,061.
Reserve for contingencies amounted to $1,411,760.—V. 150, p. 3220.
Tri-Continental
Corp.—Earnings—
Earnings for 6 Months Ended June 30
1940
Interest earned
Dividends
1939
$69,259
566,088
1938
1937
$38,206
492,775
$44,530
401,066
$58,195
1,042,980
134", 078
164,684
6,574
273,061
$635,348
25,427
106,111
141,500
$665,059
32,811
210,242
141,500
$610,280
29,815
291,059
142,008
$1,380,810
59,181
251,119
154,652
$362,310
436,800
$280,506
437,400
Com'ns &
profits on underwritings & synd's.
serv. fees
Management &
Total income
Taxes
Expenses
Interest
Prior year's over-accrual
of capital stock tax
Net profit
Preferred divs. declaredCommon dividends
Cr 14,500
$161,897
450,300
$915,859
456,150
607,330
Balance Sheet Jiyie 30
1940
1939
1940
1939
124,230
116,452
(Incl. synd.
partlc.) at cost b41,009,631 41,055,292
Spec. dep. for divs.
324,090
328,186
Res. for exp. & tax
Int.
accrued
and
divs. payable
Due for sec. pur..
324,090
328,186
40,343
Receivable
Dep. of others
Assets—
S
Cash..
$
1,277,517
1,644,027
Invs.
for
se¬
curities sold
108,122
44,680
121,650
194,271
Interest and divs.
Liabilities—
der
8
Bank loans due
29,428
un¬
196,473
on
Sept. 30, 1941.. 8,000,000
Funded debt
2,400,000
6% cum. pref. stk. 3,640,000
8,000,000
2,460,000
3,687,500
c Common stock..
2,429,318
2,429,318
Surplus
25,637,471 26.965,766
d Treasury stock..
Drl61,109
42,841,010
43,866,4571
Total
42,841,010 43,866,457
^ The nmrket value of investments on June 29, 1940, was less than cost
by $15,936,082.
c Represented by 2,429,318
no'par shares,
d Repre¬
sented by 1,900 shares.—V. 150, p. 2596.
v
Trusteed
Industry Shares—Earnings—
Earnings for 6 Months Ended June 30,1940
Capital fund—Losses
Profits
on
sales of
Net loss realized
on sales of
underlying securities.
underlying securities
on
sales of underlying securities.
Cash dividends of record.._
.
__
Distribution fund—Income:
Expenses.
Net income transferred to distribution fund
Net profit realized for the period..
Note
The profits and losses
sgg 751
_
I
$275,515
176,764
.
119,717
12,598
$ 107.118
$8,368
sales of underlying securities were com¬
puted on the basis of securities first purchased, first sold.
on
$537,343
7,215
2,890
86,067
36,422
$534,055
133,936
87,751
52,733
$32,350
20,790
$23,817
20,790
$280,918
249,475
$259,635
249,475
133,936
1940—6 Mos.—1939
$1,610,166
13,988
$441,142
23,825
34,013
37,780
$766,690
$464,967
$1,644,179
$1,276,265
269,443
Other income
140,046
Net profit
—
134,721
280,093
29,490
x290,702
145,903
$484,656
$300,756
$1,073,384
$860,919
$0.66
$0.41
$1.46
$1.17
Earnings per share
x
Includes provision at new rates under Revenue Act
y
On 734,300 shares of common stock.—V.
Union
$1,238,485
xl41,988
Depreciation
Federal income tax
y
(& Subs.)—Earnings—
1940—3 Mos—1939
$752,702
Electric
Disclosure
Co.
of
of 1940.
150, p. 3376
Missouri—SEC Ashed for Early
ofResults of Investigation into Political Charges—
i The North America Co. has appealed to the Securities and Exchange
Commission for prompt disclosure of the results of the Commission's pro¬
longed investigation into charges of political activity by former officers
of Union Electric Co. of Missouri, a subsidiary.
In a letter to the Commission, the parent company said that "we want
the public and our investors to have the facts promptly and that an open
record is essential" as a basis for "any concrete action corrective for the
past and preventive for the future."
The letter, signed by E. L. Shea, recently elected North American Presi¬
dent, said in reference to the Union Electric investigation: "It seems to us
the time has come to deal with the situation openly and comprehensively."
He also asked, in the interest of fairness and prompt disclosure, that the
Commission conduct public hearings rather than a private investigation in
the proposed extension of the inquiry into the affairs of Illinois Iowa Power
Co.
It
over
was
pointed out in the letter that the Commission's investigation
had included the examination of files and
the last year and a half
records of Union Electric Co. and of The North
American Co. and the
taking of testimony from North American executives and officers, employees
of Union Electric and other persons in public and private life in St. Louis
and vicinity, "involving, according to report, several hundred witnesses."
"Yet," the letter added, "the Commission's findings have not been made
available either to the public or to our management.'
"Our security holders are entitled to all of the facts," the letter said,
"and some of them not only have been demanding these facts but have
been insisting upon constructive final action.
Certainly we cannot afford
to be put in a position where the stockholders or the public have any grounds
for even suspecting that we are acquiescing in the long delay in clearing up
the matter.
"Although the practices under the investigation were not shown on the
accounting records of the Union Electric Co., and only an agency of gov¬
ernment with power to subpoena witnesses and obtain testimony under oath
could ascertain all the facts, we have done what we believe any prudent
management should do as circumstances have developed.
.
.
During
the course of the investigation we have cooperated with representatives of
the Commission, seeking prompt and full disclosure of the facts."
The letter revealed that Mr. Shea had appeared informally before the
Commission on June 6, asking early publication of the findings of the Com¬
mission's investigation of the Union Electric affair and public hearings in
any inquiry of Illinois-Iowa Power Co. and certain of its affiliates.
How¬
ever, the letter pointed out, the Commission's general counsel had since
advised Mr. Shea that the Commission does not intend to publish in ad¬
vance of public hearings the information which it has collected in the Union
Electric matter and that it intends to carry on privately the proposed in¬
vestigations of the other companies mentioned.
Stating that because the Commission's contemplated procedure would
delay constructive and decisive action, which would not be in the best in¬
terests of the public or of the security holders, Mr. Shea's letter said: "There¬
fore, we ask the Commission to reconsider our requests:
"(1) That the Commission promptly publish the results of the investi¬
gation it has been conducting since November, 1938, into the affairs of
Union Electric Co. and thus establish an official record which would con¬
.
*
indemnity
agreement
receivable, &c_.
Total
Period End. June 30—
Net after expenses
Total income
1939
Assets—Road and equipment, $5,050,407; miscellaneous physical prop¬
erty, $25,475; investment in affiliated company, $5,200; other investments,
$11; cash, $160,835; cash set aside in special fund for replacement of equip¬
ment, $111,175; miscellai^ous accounts receivable, $55,b62; materials and
supplies, $49,998; interest, dividends and rents receivable, $470; other
current assets, $986; deferred assets, $17,467; unadjusted debits, $4,127;
total, $5,472,012.
Liabilities—Common stock (55,300 no par shares), $4,425,788; stock
liability for conversion (6,550 shares of common stock issuable in exchange
for bonds of predecessor company), $524,212; audited accounts and wages
through surplus,
V. 142, P. 2846.
$45,083
11,161
—V. 150, p. 3992.
buses.
Balance Sheet Dec. 31,
$531,972
2,083
Underwood Elliott Fisher Co.
Note—No
street
Net income
Pref. div. requirements.
1940—12 Mos.—1939 1
$2,615,911
$2,559,678
1,748,277
1,703,041
191,896
190,854
18,558
18,356
115,253
124,034
$533,348
3,995
7,260
2,655
Other, interest (net)
Other deductions
—
$201,485
Gross income
Bond interest
$1,025,960
930,036
$31,979
6,312
revenue
$207,038
119,949
16,632
Net oper. income
Non-oper. income (net).
1938
$1,009,972
907,950
Co.—Earnings—
1940—Month—1939
Period End. June 30—
Operating
Fed. (incl. inc. tax) taxes
Calendar Years—
equal to
the June
quarter of 1939.—V. 150, p. 3679.
Co.—Earnings—
Railway operating revenues
Railway oper. expenses (incl. depreciation)
Gross
1937
1938
1940
x
Ry.—Would Extend RP C Loans—
Operating income
Non-operating income
.$4,142,347 $4,525,847
Total
$210,000
Net profit..
stanoing (par $1)
On 226,600 shares of
the Interstate Commerce Commission for
approval of an extension from Aug. 1, 1940 to April 1, 1950, of its out¬
standing loan of $4,992,906 from the Reconstruction Finance Corporation.
The road also asked to be relieved of an obligation to curtail the loan by an
annual payment of 25% of its net income for the preceding calendar year.
There is a present need of funds to provide facilities for handling increased
business and for purchasing materials for repairs to cars and locomotives,
the application states.—V. 150, p. 4134.
Net
5,658
Shs. of capital stock out-
The company has applied to
Texas Electric Ry.
56,448
4,460,637
1940, $4,900,865 and at June 30, 1939, $5,148,582.
6 Mos. End. June 30—
1940—6 Mos.—1939
1940—3 Mos.—1939
$27,287
$18,175
$0.12
$0.08
$3,104
5,574
Distribut. payable
47,317
Capital stock..... 4,086,135
Supervisory fee due
2272, 1007.
Twin Coach Co.
Telautograph Corp.—Earnings—
x
66,592
13,763
$4,142,347 $4,525,847
Total
$332,340
Equal to 42 cents per share on 322,056 shares common stock.—V. 150,
2441.
Period End. June 30—
Net profit.
1939
$3,320
1937
$108,406
loss$35,346
1940
Liabilities—
Reserve for capital
stock tax.
depositor
58,506
15,860
on depositDivs. receivable
x
p.
1939
$102,130
4,343,363
?248,205
deposit.
Distribution fund—
1939
1940
on
Sees, at market 3,819,775
x
Corp.—V. 148, p. 1820.
x$176,085
been examined and settled by the
*
Cash
Net profit after ail exrs.
taxes
have
Comparative Balance Sheet June 30
1940
Assets—
(James) Talcott, Inc.—Earnings—
6 Mb*. End. June 30—
returns
Capital fund—
Taylor Young Airplane Co.—Name Changed,—
and
tax
1940
Treasury Department to and including the year 1938.
No reserve has been
provided for income tax for the six months ended June 30, 1940, inasmuch
as the determination of such tax is based upon the operations of the full year.
crash
See Taylorcraft Aviation
income
July 20,
stitute
a
basis for any concrete action corrective for
the past and preventive
for the future;
That, if the Commission believes the investigation should be ex¬
tended to Illinois Iowa Power Co. and certain of its affiliates, it inaugurate
"(2)
public hearings at the earliest date possible, thus assuring full public dis¬
closure and any necessary remedial action without the lengthy process which
has characterized the investigation of Union Electric Co. during the last
year and a half."
The letter emphasized that the Commission's contemplated procedure In
the Union Electric situation would prolong the period "dining which correc¬
tive action is to be delayed and full information is to be withheld."
"The North American Co. itself," the letter said, "has taken steps to
enlarge the scope of its relations with its subsidiaries.
Heretofore we have
concerned ourselves primarily with seeing that the operating companies
were adequately financed and equipped, had sound capital structures and
provided efficient service at low rates.
As regards the actual conduct of
operations, we have felt that the best interests of the public, the security
holders and the company would be served by giving the subsidiaries the
largest possible measure of local autonomy.
Now, however, without change
in this basic policy, we have enlarged our own executive staff for the purpose
of developing closer contact with public utility operations throughout our
system."
Expressing concern over the Commission's plan for another "secret in¬
vestigation"—this time into the affairs of Illinois Iowa Power Co. and cer¬
tain of its affiliates—the North American letter said: "Our experience in
the Union Electric case has shown that long drawn-out secret investiga-
Volume
The Commercial & Financial Chronicle
151
tions give rise to rumors and suspicions which interfere
of management's basic duties for public service.
with the performance
be taken.
,
It is the policy of this company to co¬
However, in a case like the present, when the
take exception to the methods of a regulatory
should be on record.
"We feel strongly that the best interests of the public, the security
holders and the companies concerned are unreasonably prejudiced by the
contemplated procedure of the Commission in the particular matters under
discussion.
Accordingly, we earnestly urge you to reconsider our requests.'♦
Replies to Shea—Refuses to Accede to Request—
SEC
United Electric Coal
Frank
Commission on July 18 told the North
American Co. that the Commission could not at this time make public its
investigations into two of the company's subsidiaries, Union Electric Co.
of Missouri & Illinois Iowa Power Co.
The Commission made this reply
in an open letter to the company.
The Commission said it had "reluctantly reached the conclusion" that
neither request could be granted with propriety.
At the same time it
replied to the North American charge of undue delay by saying that "much
of the delay has been due to tactics on the part of certain officials of Union
Electric Co."
The Commission said that "we are somewhat surprised
at the request
Securities
and Exchange
publicity, since the Commission added James F. Fogarty, Chairman
of tne North American executive and finance committees, previously had
persuaded the SEC not to hold public hearings in the Union Electric case.
Explaining why it could not make public the results of its Union Electric
investigation, the SEC said that the record covered 20,000 pages of testi¬
mony which must be summarized, that the testimony had Deen ex parte
and therefore might do "grave injustice" to persons who had had no oppor¬
tunity to cross-examine witnesses and that public hearings before the
SEC in this case must be postponed until the current perjury trial of a
former Union Electric officer has been concluded in "fairness to the de¬
for
National
a
the loan to be repaid at the rate of
20 cents a ton of coal sold, with a mini¬
yearly payment of $350,000.
Approximately $750,000 of tne new
be used for capital improvements and the balance will be used
repay the present 4H % bank loan.—V. 150, p. 3376.
mum
loan will
to
United Gas
Improvement Co.—Weekly Output—
The electric output for the U. G. I. system companies for the week
just closed and the figures for the same week last year are as follows:
Week
ended July 13, 1940, 102,719,113 kwh.
Same week last year, 95,052,321
kwh., an increase of 7,666,792 kwh. or 8.1%.—V. 151. p. 261,
United Light & Power Co.
is
public investigation of Illinois Iowa Power
fair" because witnesses summoned in a pre¬
"neither practicable nor
compared its investigation with a grand jury proceeding which is not public.
"As I and my fellow Commissioners have told you several times," Chair¬
man Jerome Frank said in the letter to Mr. Shea, "we are deeply conscious
of the responsibility which rests upon you to ascertain and correct the
conditions which have apparently justified the Commission's investigation
of Union Electric Co. and we are equally conscious of your sincere desire
to ascertain and correct those conditions.".—V. 150, P. 3376.
Union Gas System,
1939
$1,076,893
Operating expenses
Maintenance
1938
$1,086,773
1937
$1,258,351
684,343
Caleendar Years—
Gross revenue
698,377
818,440
77,589
73,496
_
Taxes
94,364
72,023
88,191
74,764
$241,464
36,562
fixed charges_
Interest
Depreciation and depletion
Net income
$273,523
11,099
$278,027
72,632
$231,329
80,582
$284,623
74,450
191,826
209,044
$3,512
Balance available for
$225,442
5,888
201,882
Net earnings from operations
Non-operating income
loss$41,080
$1,129
Consolidated Balance Sheet Dec. 31, 1939
Assets—Fixed
$2,703,088; miscellaneous investments (less
$38,534; due from customers, et al (less reserves),
including instalment contracts less re¬
$29,275; inventories, $314,690; other assets, $95,422; deferred cbgs.,
1939
(after
-$94,553,014 $88,601,200
43,626,554 41,137,664
4,777,636
Maintenance
Net earnings from operations of subsidiaries
Non-operating income of subsidiaries
-
4,668,342
9,584,411
9,590,251
12,581,402
Provision for depreciation
General taxes and estimated Federal income taxes.
10,701,354
$23,983,010 $22,503,588
1,860,943
1,548,078
$25,843,954 $24,051,667
Total income of subsidiaries
15,702,872
15,813,552
$10,141,082
$8,238,115
Interest, amort, and pref. divs. of subsidiaries
Balance
attributable to minority
Proportion of earnings,
common
2,165,191
2,009,427
$7,975,891
$6,228,687
stock
Equity of United Light & Power Co. in earnings
of subsidiaries
Income of United Light & Power Co. (exclusive
income received from subsidiaries)
„
of
19,096
Interest
$6,248,275
$7,489,551
$5,909,753
505,436
Expenses and taxes of United Light & Power Co.Balance
19,588
$7,994,987
Total
-
long-term debt, bond discount and ex¬
&c., of holding company
338,522
on
pense,
2,393,663
2,402,603
$5,095,888
$3,507,150
1940
Balance transferred to consolidated surplus
1939
$3,369,547
Earnings of Company Only
12 Months Ended May 31—
$4,942,446
Gross income
505,436
338,522
2,354,257
39,406
2,363,166
39,437
$2,043,347
$628,422
Expenses and taxes
Interest and amortization of debt disc, and expense
Other deductions
Net income
—V. 150, p.
3992.
United
Light & Railways Co. (& Subs.)—Earnings—
12 Months Ended
1939
1940
May 31—
of subsidiary and controlled
intercompany
companies
(after
eliminating
transfers)
General operating expenses
Maintenance
Provision for depreciation
General taxes and estimated
Net earnings from
—$83,905,602 $78,719,590
38.772,734 36,547,616
4,280,032
4,181,122
8,691,315
8,569,526
Federal income taxes- 11,088,919
9,415,901
operations of subsidiary and
$21,072,601 $20,005,426
controlled companies
Non-operating income of subsidiary and controlled
companies
1,007,681
1,024,425
controlled cos--.$22,097,027 $21,013,107
Interest, amortization and pref. divs. of subsidiary
Total income of subsidiary and
13,119,443
$7,801,616
2,165,191
-
13,211,491
$8,977,583
and controlled companies
Balance
property,
reserves), $72,778; cash,
1940
operating earnings of subsidiaries
eliminating intercompany transfers)
General operating expenses
Gross oper. earnings
Inc. (& Subs.)—Earnings—
(& Subs.)—Earnings—
12 Months Ended May 31—
Gross
fendant."
The Commission said that a
liminary investigation "may upon questioning readily clear themselves" and
because witnesses "may unfairly charge Innocent persons with wrong doing"
and such charges should not be given a public forum.
The Commission
Cos.—$2,000,000 Debenture Loan—
Kolbe, President, announced July 16 that the company has
$2,000,000 five-year debenture loan at 3% with the Chase
Bank, Bank of the Manhattan Co., and Bank of New York,
F.
negotiated
governmental agencies.
operate with those agencies.
management has occasion to
body, we believe our position
The
by the New York Curb Exchange.
.
sincerely believe that the action requested by us satisfies the require¬
ments of the administrative process which is the function of the Commis¬
sion
as distinct from the legal process which is the function of the prose¬
cuting officers.
.
.
.
"The North American Co. is engaged in a public service industry regu¬
"We
lated by
Union Premier Food Stores, Inc.:—Listmq & Registration
common stock, par $1, has been removed from listing and registration
V. 150, p. 3992.
The
(W|"The Congress of the United States gave the Commission broad powers
on the theory that such powers would permit the Commission quickly to
detect and remove abuses, thereby furthering the interests of the public and
investors.
It is evident that the intention of Congress was that the Com¬
mission should act in the capacity of expert regulating administrators and
not in the capacity of prosecuting officers.
It has been our hope that the
Commission would thus function under the administrative process in a
remedial way, in contrast to slow and rigid legal procedure.
.
.
.
"By no means do we propose that, because we have national defense,
integration, operating and financing problems, there should be any side¬
tracking of an investigation into improper political activities.
On the con¬
trary, we consider this to be a grave and serious problem, which in the public
interest should be pursued aggressively so that prompt remedial measures
can
433
2,009,427
$6,812,392
$5,792,188
attributable to minority
Proportion of earnings,
common stock
$209,157; merchandise accts rec.
serves,
$15,517; total, $3,478,461.
Liabilities—1st mtge. & coll. trust bonds, $1,110,500; 10-year 5% notes,
$237,275; notes payable (secured), $85,708; notes payable (unsecured),
$1,200; accounts payable, $136,481; accrued liabilities, $64,943; consumers
deposits & accrued interest thereon, $96,285; deferred contractual obli¬
gations, $6,272; suspended credits, $5,637; reserve for insurance and
casualties, $30,738; common stock, $80,000; preferred stock, $954,700;
surplus, $668,720; total, $3,478,461.—V. 149, p. 2708.
Equity of United Light & Rys. Co. in earnings of
subsidiary and controlled companies
.
Income of United Light & Railways Co. (exclusive
of income received from subsidiaries)
Inc.—Merger, &c.—
112,054
139,796
93,727
289,598
$7,538,317
$6,264,922
1,343,320
-
41,998
18,868
1,344,760
2,768
42,057
18,683
$6,134,131
$4,856,654
Holding Company Deductions—
May 23, 1940, and the directors of
Inc., on May 20, 1940, approved and adopted
directors of the company on
The
Aircraft Precision Products,
$6,694,316
Expenses of United Light & Rys. Co
Taxes of United Light & Railways Co
Balance
United Aircraft Products,
902,128
$7,744,097
Total
931,705
plan of reorganization dated April 20, 1940.
Briefly stated it provides
by Aircraft to company of all of the properties and assets
of Aircraft in consideration of the issuance by the company to Aircraft
of 63,333 shares of the common stock (par $1), and the assumption by
assumption by company of all of the debts, liabilities and obligations of
a
Interest on 5 Yi %
t..
debentures, due 1952
Other interest
Amortization of debenture discount and expense
Taxes on debenture interest
for the transfer
Aircraft.
Special meetings of the stockholders of company and of Aircraft were
held, respectively on July 2 and July 3, 1940.
At the meeting of the
stockholders of company the plan was duly ratified, approved and adopted;
the charter of the company was amended by increasing the authorized
number of shares of common stock (par $1) from 200,000 to 400,000; the
issuance of 63,333 shares of common stock, pursuant to plan, was duly
authorized; and its by-laws were amended by increasing the number of its
directors from seven to nine.
At the meeting of the stockholders of Aircraft
the plan was duly ratified, approved and adopted and the dissolution and
liquidation of Aircraft was authorized.
Listing—
Exchange has approved the application of the com¬
for the additional
listing of 63,333 shares of common stock, par $1
of issuance pursuant to the terms of a plan
company, and Aircraft Precision Products,
per share, upon official notice
of reorganization between the
Inc.
Earnings for Foicr
Period End. June 30—
1940—3 Mos.—1939
deducting
stamp and sales taxes.?
Profit from store and
agency operations
Deprec. & amort, applic.
& agency oper.
store and
operations—
Other income (net)
$23,708,836
78.062
Profit from operations
Bond interest
Loss from operations.
150.
P.
United Specialties
3680.
Co.—Earnings'—
1939
Calendar Years—
allowances & discounts)-
Cost of sales
Gross profit.
Selling, admin. & research &
—
development expenses
(inci. amortization of patents)—
income charges
Prov. for deprec.
119,543
$24,182,318
97,127
Net
profit for the year
1938
$1,020,378
738,915
$1,206,095
911,973
$281,463
133,299
$294,121
256,472
48,012
9,957
74,486
7,309
$90,195 loss$44,146
78
5,905
_
-
$90,271 loss$38,241
-
18,763
Federal and State income taxes
$71,508 loss.$38,241
40,038
profit
Previous deficit
Net
Profit and loss
82,620
112,491
$4,558
5,674
prof.$7,052
13,620
$66,471
$1,116
30,356
30,356
$29,240
$9,684
216,435
163,598
IkM
—V.
1940—6 Mos.—1939
from
agency
3992.
Operating profit
Net sales after
1,214,505
$3,642,148
United Public Service Corp.—To Purchase Subys. Bonds
The corporation has asked the Securities and Exchange Commission for
permission to buy privately or in the open market up to $100,000, of the
5Vi% series A or 5H% series B bonds of its subsidiary, Kentucky Power &
Light Co.—V. 150, p. 4144.
Income credits
(& Subs.)-—Earns'
1,214,949
$4,919,182
-
«PJLUU,c>00
—V. 151, p. 261.
Loss
—Y. 150, p.
Other
Months Ended April 30, 1940
Net income after all charges
to store
Balance
Gross sales (less returns,
The New York Curb
pany
consolidated surplus
preferred stock dividends
Balance transferred to
Prior
8,269
,
$176,397
33.746
loss$58,203 loss$142,650
60,713
60,713
$118,915
$203,363
35,873
Balance Sheet Aug.
sur2,367
$35,635
deficit
$35,873
31, 1939
Assets—Cash, $252,991; accounts receivable (less reserves for doubtfu
receivables of $2,207), $133,585; inventories, $187,327; cash deposited with
bank under mortgage agreement in connection with possible additional
assessment of State taxes, $3,873; real estate, plants, and equipment (less
reserves for depreciation,
$351,328), $807,101; patents (less reserves for
amortization. $4,555), $9,984; deferred charges, $15,513; total, $1,410,374.
Liabilities—Accounts payable for purchases and expenses, $53,976;
Federal and State income taxes, $17,169; other taxes accrued, $19,252.
sundry
accrued
liabilities,
$20,363;
first
mortgage payable,
$200,000:
Til
434
stock
common
Commercialdt Financial Chronicle
(par $1), »M3.000; class B common
(par *1)$42,625;
earned surplus, $35,635; total. $1.410.374.—V.
paid-in surplus, $878,355;
150. p. 2443
United States & Foreign Securities
July 20, 1940
Foreign holdings of Steel common June 30, 1940, amounted to 503,195
shares or 5.78% of the issue, compared with 717,272 shares, or 8.24%,
held March 31, 1940.
Of the preferred stock 72,614 shares, or 2.02%,
were owned abroad June 30,
1940, against
held March 31, 1940.—V. 151, p. 262.
Corp.—Earnings—
74,152 shares,
or
2.06%,
so
-
1940
1939
1938
1937
Cash dividends received.
$752,945
$570,667
84,541
81,650
$573,828
81.503
$875,449
Int. received & accrued.
$837,485
$655,330
xDrll2,953
$958,102
Drl77,010
$781,092
47,329
6 Mos. End. June 30—
"
Net realized on invest..
Z>rl8l,985
$652,317
xG'rl71,115
Total profit
Cap. stock & other taxes
$655,500
$823,432
24.578
43,849
23,000
89,731
33,000
84,663
expenses
[Including Subsidiaries, but Excluding Vadsco Realty Corp ]
1939
$542,377
29,063
Prov. for Fed. inc. tax..
Total income
Corp.—Earnings—
Consolidated Income Account for Calendar Years
1,153
Other income
Other
Vadsco Sales
81,500
1938
1937
1936
851,916
872,931
$1,955,048
978,975
$1,983,293
1,020,198
profit
$881,052
$791,019
$976,073
$963,095
earnings
19,882
18,075
21,111
16,792
$900,934
$809,094
$997,184
$979,887
& adm. exps.
802,249
948,862
16,784
953,096
12,332
959,895
Prov. for bad debts—_
9,689
14,066
1,797
3,818
3,666
3,722
Cost of goods sold
Operating
Income from invest, and
miscell.
83",004
83,311
Total income
$681,191
840,000
$513,707
583,551
Netprofit
dividends
1st pref.
$415,217
630,000
•
$650,759
945,000
Sell.,
($16,812 in 1938) for cash and securities received
during the year in settlement of reichsmarks balances received in prior years.
On June 30, 1940 the net assets of corporation had an indicated value of
approximately $28,984,000, which is equivalent to approximately $149
per share of first preferred stock.
In making this calculation, the invest¬
ments in the second preferred and common stocks of United States & Inter¬
national Securities Corp., in the second preferred stock of German Credit &
Investment Corp. and in the 15,000 shares of the corporation's own common
x
After deducting $16,416
ating
Int.
were
each included
Cash
1,277,037
a
119,077
111,954
c
Secure, (at cost).30,782,115
Inv. InU. 8. & Int.
32,341,921
d
recelv.,
e
Securities Corp.
Total
$
19,451,700 21,000,000
50,000
50,000
4,950,000
4,950,000
Common stock..
100,000
100,000
Secur.
1
1
$22,723
$13,238
purch.
during 1933 amounted to $10,089; $10,244 in 1938; $14,217 in 1937,
$13,898 in 1936.
assets
reserve.
and
Consolidated Balance Sheet Dec. 31
but
not received
53,467
f Res've for taxes.
106,253
Capital surplus... 1,026,285
Operating surplus. 6,576,936
32,314,641 33,730,913
510
$71,505 loss$313,921
Note—No provision has been made in the above statement for loss of
Vadsco Realty Corp. in the amount of $66,130 in 1939, $65,743 in 1938,
$51,668 in 1937 and $60,411 in 1936.
Depreciation provided on capital
pref. stock...
General
"""766
Including $104,628 provision for obsolete and slow moving merchandise
and for loss on commitments, and $48,000 for provision for disputed excise
1st pref. stock..
b 2d
int.
accrued, &c_...
xl52,628
x
1939
$
Liabilities—
1,413,448
Divs.
1,530
6,500
taxes.
1940
1939
$
846
296
Profit for year.
Balance Sheet June 30
/
$
568
bank loan
Provision for surtax
at the
1940
Assets—
on
properties
Prov. for sub. taxes
Other deductions
Prov. for normal inc. tax
nominal value of $1, securities without
quoted market prices at cost of $1,719,520, and all other securities on the
basis of market quotations.
stock
gen.
Taxes paid on non-oper¬
Total
Assets—
107,000
1938
1939
Land, bldgs., ma¬
chinery & equip.
$240,104
Goodwill, brands,
trade-marks, &c. 4,000,000
Liabilities—
a
984,459
6,539,454
32,314,641 33,730,913
Cash
194,517 (210,000 in 1939) shares (no par) $6 cum. div.
b 50,000 shares
(no par) $6 cum. div.
c General reserve set up out of $5,000,000 paid-in
cash by subscribers to 2d pref. stock,
d 1,000,000 shares,
e Including
15,000 shares of common stock of corporation under option to the President
until March 1, 1942, at $25 per share,
f Includes accrued expenses.—
V. 150, p. 2597.
124,720
428,216
rec.
Inventories
367,751
406,375
389,499
3,677
881,990
28,727
Miscell. securities.
Inv. in subs,
4,000,000
208,452
_
Notes & accts.
a
5240,393
co
Deferred charges..
1939
1938
b7% pref.stock..$2,133.800 $2,133,800
Common stock
1,021,573 zl,021,573
Notes payable
108,155
Accounts payable.
Accrued payrolls &
65,814
102,928
35,405
expenses..
24,076
Sundry taxes pay¬
6,177
able & accrued..
1,380,772
19,223
Res. for purchased
commitments
Res.
for
21,825
17,213
10,082
..
13,353
disputed
excise taxes, plus
United States International Securities Corp.—Earns.
6 Mos. End. June 30—
Cash divs. received
1940
1939
1938
$538,231
$543,822
53,715
$740,492
75,582
34,448
Int. received & accrued.
51,314
54,933
Other income
......
Total income
inv.
723.082
$593,164
262,228
$597,537
270,890
Net profit
Cap. stock & other taxes
lossSllO
$330,936
8,209
83,940
22,646
$326,647
35,283
77,808
Netprofit
loss?92,259
1st preferred dividends..
299,000
$227,709
418,600
$213,556
299,000
$549,023
897,000
Other
on
expenses
On June 30, 1940 the net assets of the corporation had
an
of approximately $24,606,000, which
per
share of first preferred stock.
ment
is equivalent to approximately $103
In making this calculation the invest¬
[5,600 shares] in Newport News Shipbuilding & Dry Dock Co.
com¬
stock, which had no quoted market price, was calculated at cost of
$1,010,870, and all other securities on the basis of market quotations.
mon
nrtpfn
Q*
Cash
Divs.
1,435,929
recelv.,
1940
Liabilities—
592,662
Waldorf System,
Total sales
accrued
115,928
f Securities at cost
123,708
41,755,696 43,013,661
b 1st pref.
c
48,016
exps...
2d pref. stock
500,000
Special
reserve..
9,475,000
Common stock..
Capital surplus...
59,150
24,855
9,346,831
def7,149
Total
500,000
9,475,000
24,855
9,346,831
404,195
43,307.553 43,730,032
b
Represented by 239,200 no par $5 div. shares,
c
Represented by
no par $5 div. shares,
a
Set up out of amount paid in cash by
subscribers to 2d pref. stock,
e Represented by
2,485,543 no par shares,
f Securities, at cost, include 5,000 shares common
stock of United States &
Foreign Securities Corp., under option to the President until March 1,
1942, at $25 per share.—V. 150, p. 3992.
100,000
$6,725,752
96,015
86,573
179,035
143,203
Earned per share of com.
stock on 426,419 shs._
$0.23
$0.20
$0.42
$0.33
—V.
1940
1939
$22,253
87,368
Net loss after depreciation
$16,472
81,587
The above figures do not include:
The loss of Trinity Buildings
Corp. of New York, which for the six montns
ended June 30, 1940, amounted to
$57,004 before depreciation and $148,607
after depreciation, as compared with a loss for
the corresponding period
of the previous year
amounting to $51,957 before depreciation and $143,441
after depreciation.
(Interest on the $3,710,500
principal amount of 20sinking fund gold loan certificates of
Trinity Buildings Corp.
of New York outstanding is included at
the rate of 5H % P®r annum.
Any
reduction in this interest rate obtained as a
result of the
pending proceed¬
ings for the modification and extension of this loan would
affect the earnings
proportionately.)
Piaza Operating Co., which for the six months ended June 30,
1940, amounted to $9,356 before depreciation and
$156,815 after deprecia¬
tion, as compared with a profit for the
corresponding period of the previous
year amounting to $39,833 before
depreciation and a loss of $110,783 after
depreciation.—V. 150. p. 3530.
fr,9/?mmon
1940, amounted
Corp.—Details of Stockholdings—
Steel Corp. outstanding June 30,
8,703,252 shares while preferred stock totaled
3,602,811
o0£the common stock outstanding June 30, 1940, 2,399,864 shares, or
27.57%,
weje m brokers nameS) representing a decrease of 64,327 shares
from the
2,464,191 shares, or 28.31% held
by brokers on March 31, 1940.
common stockholdings June 30, 1940, were 6,303,388 shares,
72.43%, compared with 6,239,061 shares, or
71.69%, March 31, 1940.
Of the preferred stock
outstanding, 425,795 shares, or 11.82%, were
n^tors
or
aoq
423,641 shares,
J0'i.1?^9,Vaniincrease
11.76%, held March
i
or
ai™°UnQnd i^u/in
told
the
31, 1940.
Investors' holdings of
shares, or 88.18% of the outstanding
byO?hSIa3?ch139l4°i9?0mPared W'th 3'17SU7°
Neo
SSS* 'ii
uun
i94(h '
investors'
oci'
13.35%. March 31.
Mereh31
1940
over
shareS' °r 88'2«"
brokers' holdings of common stock June 30, 1940,
against 2,062,806 shares, or 23.70%,
n^rS holdings of preferred stock were 341,661 shares,
compared with 341,148 shares, or 9.47%, March
™qfLor' S2'Qn
31
of 2,154 shares
holdings of
common
stock
June
30,
1940,
^ or 13-43%- compared with 1,162,007
shares, or
Investors' holdings of
preferred stock June 30, 1940,
r6S' °r 33-21%« against 1,202,342 shares,
or 33.37%,
1940—3 Mos—1939
1940—9 Mos.—1939
$2,381,788
11,746
Total income
$1,712,441
$6,858,433
46,541
244,781
$2,393,534
199,905
141,408
$1,758,982
195,236
144,336
$7,103,214
602,680
441,866
$6,223,252
272,180
670,881
292,454
1,738,808
$6,495,433
624,900
482,140
29,159
1,070,818
$1,381,341
Depreciation
Interest, discount, &c_.
Exp. sal e of pref. stock
$1,126,956
$4,319,858
$4,288,416
$1.71
$1.36
$5.38
$5.37
__
Income taxes
Netprofit..
Earns, per sh. on 724,004
shs. com. stk. (no par)
Note—Provision has been made from current earnings during the
quarter
May 31, 1940, for excess profits taxes implosed by the Canadan
Excess Profits Tax Act as reenacted.
A portion of this provision is applic¬
able to prior quarters of the current fiscal
year.—V. 150, p. 2598.
ended
Washington Water Power Co. (& Sub.)—Earnings—
Years Ended Dec. Zl—
1939
Operating revenues
Operating expenses, including taxes
Property retirement reserve appropriations
$4,024,918
(net)
on
$3,519,307
30,304
28,836
Gross income.
Interest
1938
$10,780,932 $10,108,491
5,642,857
5,474,628
1,113,157
1,114,556
Net operating revenues.
Other income
$4,053,754
901,848
111,755
Cr1,506
Net income
Preferred dividends
$3,549,611
$3,041,658
mortgage bonds
Other interest and deductions
Interest charged to construction...
$2,488,647
995,550
67,797
Cr2,383
622,518
622,518
1,931,680
1,270,680
...
Common dividends.
Consolidated Balance Sheet Dec. 31
1939
property
1938
§
Assets—
Plant,
°f the United States
to
snares.
p. 4148.
Other income
Realty & Improvement Co. (& Subs.)—
United States Steel
150,
Period End. May 31—
[Exclusive of Trinity Buildings Corp. of N. Y. and Plaza
Oper. Co.]
6 Months Ended June 30—
Net loss before depreciation
of the company
*oss
1940—6 Mos.—1939
$6,826,050
stock..23,920,000 23,920,000
Operating surplus.
United States
1940—3 Mos.—1939
$3,363,820
Operating profit—
d
43,307,553 43,730,032 |
Inc. (& Subs.)—Earnings—
$3,396,586
$
e
Total
1,542,919
S6,180,666 $6,545,412
Net profits after deprec.,
State and Fed. taxes..
1939
$
'
Res. for taxes and
int.
accrued, &c
Total
(Hiram) Walker-Goodersham & Worts, Ltd. (&Subs.
1939
Q*
$6,180,666 S6,545,412
Period End. June 30—
Balance Sheet June 30
1940
A
4,960
4,507,427
a After
depreciation of $615,826 in 1939 and $653,533 in 1938.
b Repre¬
sented by shares of $100 par.
c Represented by 1,015,914 no par shares,
including stock to be issued for stocks of predecessor companies not pre¬
sented for exchange, amounting to 18,901 (18,981 in 1938) shares.—V.
150,
p. 3377.
79,365
indicated value
263,000
4,960
507,427
991,376
Deficit
Total
$657,455
29,067
80,581
Capital surplus
$850,523
193,068
$722,972
Net realized loss
263,000
Mln. int. insubs..
1937
$671,658
interest
$
equipment
Cash in banks (on
.
demand).
2,250,740
11,903
1,299,211
1,353,241
43,109
Acc'ts receivable..
Temp, cash invest.
Work funds
Mat'ls & supplies.
Prepayments
fund
Non-curr. rec'bles.
Misc. special funds
Contra assets
1938
S
35,784,883 35,780,783
Long-term debt...22,000,000 15,498,000
Accounts payable.
204,478
207,766
Currently matur'g
long-term
Customers'
debt.
depos.
160,864
1,486,693
int.
38.960
Accrued accounts.
Mat'd &
accr.
Divs. declared
33,715
19,554
49,363
Other
current
4,413,000
163,399
1,733,310
522,095
915,048
and
accr'd liabilities.
Contra liabilities__
88,322
270,878
269,537
Deferred
423,562
399,660
10,603,758
9,959,808
215,550
3,386,113
3,214,035
credits..
x38,960
174,209
520,684
Reserves
143,450
Contribs. In aid of
392
392
270,878
269,537
991,354
102,356
87,556
82,919
construction
Earned surplus
197,032
debt
discount & exp.
Other def. charges
Total...'.
5,000
and
special deposits.
Unamortized
501,555
919,447
25,305
Misc. curr. assets-
Sinking
1,159,456
514.482
Notes receivable..
S 1
Capital stock
68,351,186 68,595,555
132,227
125,403
Investments
1939
Liabilities—
&
39,505
75,579,109 72,445,981'
Total
75,579,109 72,445,98
xSpecial deposits only.—V. 151, p. 263.
Unlisted Trading—
The New York Curb Exchange has admitted to unlisted
trading the first
mortgage bonds, 3series, due June 1, 1964.—V. 151, p. 263.
Volume
The
151
Operating
Operating
$1,000 bond, being interest thereon to
Subs.)—Earnings—
West Coast Telephone Co. (&
payments endorsed thereon by the trustee
1939
1938
$1,489,445
1,084,552
$1,440,483
1,085,365
$404,893
2,014
$355,118
5,001
$406,907
revenues
expenses
200,837
to
Title &
Trust Co., 325
March 1, 1950, bearing endorsement
Net income from operations
Non-operating
revenue
;
(net)
Gross income
Interest deductions
.
Provision for Federal income taxes
Sept. 20,
$141,772
90,000
y
Earnings per share
202,500
$3,811; sundry accounts receivable. $2,504; materials and sup¬
plies, $181,191; deferred and prepaid items, $388,766; total, $9,426,283.
Liabilities—Funded debt, $3,800,000; accounts payable, including sub¬
scribers' deposits, $48,572; salaries and wages due, $44,975; accrued in¬
terest, $50,667; taxes due and accrued, $114,396; provision for Federal
income
taxes,
$8,791; deferred credits, $18,474; reserves, $1,548,011;
6% cumulative preferred stock ($25 par), $1,500,000; common stock ($25
par), $2,000,000; capital surplus, $233,309; earned surplus, $59,088; total,
$9,426,283 —V. 149, p. 2102.
warrants,
y
On
Co.—$22,000,000 Debentures Placed
Privately—It was announced July 19 that the company had
sold privately to the Prudential Insurance Co. of America
an issue of $22,000,000 2Yi% sinking fund debentures due
July 15, 1955.
The debentures were sold at par and $3,056
accrued interest.
Of the net
fund
Light & Telephone Co. (& Subs.)—Earnings—
1939
Operating revenues
Operating expenses and taxes
Prov. for deprec. and amortization._
After all charges,
(F. W.) Woolworth
Consolidated Balance Sheet Dec. 31, 1939
Western
x
1940—9 Mos.—1939
$315,000
$91,813
$1.05
$0.30
300,000 capital shares.—V. 151, p. 265.
1940—3 Mos.—1939
$103,327
$43,679
$0.34
$0.14
May 31—
Net profit-
Assets—Fixed assets, $8,482,381; investments. $137,182; cash, $152,985;
subscribers' accounts receivable (net), $77,465; county and miunicipal
1938
$1,962,750
1,367,835
$2,127,077
1,521,686
281,897
287,266
$2,184,740
1,536,443
273,385
proceeds $10,000,000 were used to pay the 10-year
in 1947; $4,500,000 to pay a demand
debentures due
May 31, 1940, held by the Irving Trust Co., and the balance of
is to be used in financing the company's expansion program.
Yosemite Portland Cement
Earnings for the Year
note dated
$7,500,000
Corp.—Earnings—
Ended Dec. 31, 1939
(less discounts and allowances)
Gross sales
3% sinking
York, is trustee.—V. 151, p. 265.
The Irving Trust Co., New
1937
Calendar Years—
3, 1941, there¬
Inc.—Earnings—
Woodall Industries,
Period End.
x
104,000
Common dividends
showing interest paid to and including
Exchange shall be made on or before Aug.
be made.—V. 101, p. 1256.
1937.
after such exchange cannot
17,511
$219,772
Net income
6% cumulative preferred dividends
Sept. 20, 1937.
All bonds with
in bankruptcy are to be presented
S. W. Fourth Ave., Portland, Ore., to be ex¬
changed $100 of principal amount of said bonds for each $100 of principal
amount of Portland Electric Power Co. 6% collateral trust income bonds due
$360,119
187,034
100
'
Calendar Years—
435
Commercial & Financial Chronicle
$793,281
-
570,170
Cost of cement sold
$223,111
138,096
Gross
Net operating income
Non-operating income
$374,912
26,242
$318,125
20.685
$313,018
21,110
;
profit on sales
Selling, general and administrative,
and other expenses
$85,015
20,478
Profit from operations.
Interest
on
54,191
long-term debt
2,922
13,490
27,000
Other interest
$401,154
63,236
6.902
$338,810
62,784
4,011
$334,129
income
Gross
Provision for Federal income tax
$236,525
$257,017
144,379
145.477
$0.08
Net profit
on preferred stock
Earnings per share on common stock-
$0.09
$256,756
145.477
$0.09
Consolidated Balance Sheet Dec. 31, 1939
$27,161; reserves, $2,058,866; paid-in surplus,
$380,278; total, $8,733,966.—V. 151, p. 263.
$1,585,712; earned surplus,
Wolverine Portland Cement Co.—Earnings—
Earnings for the Year Ended
_ „
-
Net income
Dividends
on
—■,i * _ — -—- -
$596,953
422,613
$174,340
62,030
profits
Selling, administrative and general expenses
102,697
Balance Sheet Dec.
31
•
1939
marketable securities, $352,788; notes and ac¬
(less reserve for doubtful notes
counts receivable
and accounts of $34,465),
$90,436; inventories, $259,528; accrued interest and dividends receivable,
$3,226; other investments, $20,399; fixed assets (less reserve for deprecia¬
tion and depletion of $875,618), $1,172,431; intangible asset, $571,150;
deferred charges, $317,346; total, $3,081,429.
Liabilities—Accounts
payable,
$52,591;
salaries
and wages payable,
$4,571; dividends payable Jan. 2, 1940, $25,698; accrued taxes, $25,121;
customers' sack redemption accounts payable, $2,545; street improvement
bonds payable, $237; 4% non-cumulative participating preferred stock
(par $10), $2,569,780; scrip certificates, $45; class A common stock (par $10)
$36,205; class B common stock, (par $1) $140,800; reduction surplus
$10,958; capital surplus, $17,866; earned surplus, $195,011; total, $3,081
429.—V. 150, p. 14)55.
Montreal, Can.—Earnings—
Earnings for Year Ended Jan.
Sales.
31, 1940
—
goods sold, operating,
Salaries of executive officers
Cost of
Gross
$73,785
---
preferred capital stock
Zeller's, Ltd. (& Subs.),
Dec. 31, 1939
Net sales.
— —
-
Assets—Cash, $294,123;
Assets—Plant and equipment, $7,768,396; miscellaneous investments,
$39,794; special deposits, $6,655; prepaid accounts and deferred items,
$81,231; cash (including working funds, $526,374; accounts receivable
(net), $129,133; materials and supplies, $182,382; total, $8,733,966.
Liabilities—$1.75 cumulative preferred stock (par $25), $2,015,475;
common stock (par $1), $1,173,675; long-term debt, $1,054,075; deferred
liabilities, $71,010; accounts payable $106,080; accrued taxes, $114,609;
accrued interest, $16,321; accrued dividends on preferred stock, $11,874;
common stock dividend payable, $118,832; miscellaneous current liabilities,
_
$105,494
18,405
13,303
-
Deductions
54,858
Dividends
.
Gross income.
19,401
14,998
Other expenses
Prov. for Federal & State income taxes
Cost of sales
Other income.
-
selling and administrative exps—
$6,180,192
5,649,193
46,500
-
8,980
Legal fees...
Directors'fees
Profit
$112,309
operation
on
6,791
Other income
Interest on mortgages
Debentures
Total income
Other deductions
-
...
,
Depreciation, buildings, furniture,
130,153
fixtures and equipment
$313,439
38,140
Depreciation
Federal
$119,100
38,469
excess
8,380
and profits and income taxes
$34,111
Net profit.
on
hand and in banks, $290,419;
marketable investments,
$11,383; notes and accounts receivable (less reserve for doubtful accounts
and discounts of $3,946), $39,679; inventories, $192,647; fixed assets (less
reserves), $406,011; other assets, $35,955; total, $976,093.
Liabilities—Accrued taxes, $10,558; accrued commissions, $4,164; com¬
mon stock (par $10), $1,000,000; operating deficit, $38,628; total, $976,093.
—V. 145, p. 456.
Valley
Willamette
Southern
Ry.
Provision for Dominion income
Co.—Liquidation
Co., Portland Ore., is notifying holders of first mortgage
sinking fund gold bonds dated Feb. 2, 1914, that the deficiency in the
amount due on the above bonds has been determined by liquidation of this
The Title & Trust
railway company through bankruptcy proceedings and all holders are
directed to present their bonds to Linwood B. Cornell, trustee, 817 Public
Service Building, Portland, Ore., and receive payment of $158.33 for each
$253,289
45,000
preferred stock
Earnings per common
¥
share
Consolidated Balance Sheet Jan.
Assets—Cash,
$1.66
31, 1940
$370,713; inventories, $533,207; sundry accounts receiv¬
(less reserve for doubtful accounts of $2,000), $10,229;
able and deposits,
prepaid
expenses
and supplies,
$34,037; life insurance (cash surrender
value), $13,300; land and buildings (less reserve for depreciation of build¬
ings of $13,939), $707,908; furniture, fixtures, equipment (less reserve for
depreciation of $686,665), $1,115,052; total, $2,784,447.
+* H
Liabilities—Accounts payable, accrued commissions and miscellaneous
expenses,
Payment—
60,150
and Provincial profits taxes
Net consolidated profit
Dividends on
Condensed Balance Sheet Dec. 31, 1939
Assets—Cash
400
9,424
13,117
8,986
^
Store development expense
$224,186; provision for Dominion,
Provincial and municipal taxes,
$65,918; provision for redemption of debenture stock, $25,000; mortgages
payable, $369,959; general reserve, $22,795; debenture stock, $122,000;
preferred shares (par $25), $750,000; common stock (125,000 no par
$625,000; surplus, appropriated for preferred stock purchase reserve,
$22,117;
distributable surplus, $33,250; consolidated earned surplus.
$524,220: total. $2,784,447.
6%
shares),
and the Crops
The Commercial Markets
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY
before the convening of the Panbe held at Havana.
On the 17th
inst. futures closed 2 points net lower for thefSantos con¬
tracts, with sales totaling 6 lots.
The coffee futures market
was
at a standstill this morning, with prices nominally
unchanged from the previous close.
The trade was in¬
this
COMMERCIAL EPITOME
15th inst. futures closed 5
points off to
Trading was quiet,
the turnover for the day being only 3,500 bags.
With the
outside market slow, traders generally were marking time
2
points higher for the Santos contract.
pending
which
is
developments
will get
under
the
of
way
conference,
It
developed at this
Pan-American
in Havana at the week-end.
generally expected that the program
will be in accord with the discussions of the
conference
Pan-American Coffee Conference here as to
plans for con¬
On the 16th inst. futures closed with
only 19 lots, all in the Santos Mar. contract, which
trolling surpluses, &c.
sales of
The market was reported as
session with no sales recorded.
Traders appeared to be awaiting the release of information
concerning the method of applying consumption quotas to
his market, although at present it does not seem likely that
closed
1
point net higher.
stagnant during the morning
t
will
be
available
American conference to
Friday Night, July 19, 1940.
Coffee—On the
GOODS—WOOL—ETC,
dispatch from Rio de Janeiro reporting
has issued a decree providing for dis¬
counting of warehouse receipts for commodities storedlin
Brazil, which have had their normal movement restricted
by lack of buyers or of transport facilities owing to war
conditions.
The Banco de Brazil will furnish owners of
such imperishable goods with 70% of their market value
upon presentation of the respective ware^ouse ropdpteOn the 18th inst. futures closed 2 points to 1 point net
lower.
Transactions totaled 27 lots.
The coffee market
during the forenoon was virtually at a standstill, with prices
nominally unchanged.
The chief freight rates on coffee
from Rio, Santos, Angra dos Reis and Victoria to Atlantic
and Gulf ports for September would remain unchanged at
85c. per bag plus customary primages.
These rates are in
the face of an expected decline.
Today futures closed 1 to 2
terested in
a
press
that President Vargas
436
The Commercial & Financial Chronicle
points net lower for the Santos contract, with sales
totaling
36 lots.
Coffee futures were dull, and in the absence of
trad¬
ing, unchanged from last night's closing.
Rio coffee prices closed as follows:
July
September
3.90 i December
4.07
..-3.97 (March
Santos coffee prices closed as follows:
July--September
---5.54
5.65
December
4.22
March, 1941
May
6.00
6.10
5.85
_
Cocoa—On the 15th inst. futures closed 1 to 2
points net
Although there were 201 lots of cocoa traded on the
New York Cocoa Exchange
today, 114 lots were switches.
On the whole it was one of the dullest sessions of
the year.
Warehouse
stocks increased 200 bags over the week-end.
lower.
They total 1,062,607 bags compared with 1,400,817 bags
a
year ago.
Afloats at the present time from West Africa and
Brazil total 205,600 bags
compared with 79,200 bags a year
ago, while arrivals so far this month have been
247,139 bags
compared with 95,699 bags a year ago. Local closing: July,
4.60; Oct., 4.62; Dec., 4.72; Mar., 4.83; May, 4.91. On the
16th inst. futures closed 1 point off to 1
point up.
Sales
totaled 265 lots.
Increased activity in the cocoa futures
market failed to lift it out of its rut.
Prices
were
1 to 3 points
lower, with
totaling 42 lots.
the tone heavy.
July 20, 1940
Trading in
futures
sugar
In the domestic market
was
quiet and
of
news
lower
a
spot market caused the Sept. contract to sag 1 point to
1.73c.
Jan. held unchanged at
1.81.
The market for
actual sugar dropped 3 points late
yesterday when the
American Sugar Refining Co. paid
only 2.65c. a pound for
6,500 tons of Philippines due next Monday.
Previously
the
Pennsylvania Sugar Refining Co. had paid 2.68c. a
pound for 2,000 tons of Philippines due Aug. 2.
In the
world sugar market prices were 1 to 1
V2 points lower during
early afternoon.
The trade heard that Great Britain had
bought 35,000 tons of raws in Java.
On
the 18th inst. futures closed 3
points to 1 point net
higher for the domestic contract, with sales totaling 217
lots.
The world sugar contract closed
^ to 1 point net
higher, with sales totaling 92 lots. The sugar markets were
firm today.
No sales of raws were reported up to that
time. Late yesterday the American
Sugar Refining Company
paid 2.65c. a pound for 4,000 tons of Philippines due next
week.
Cubas
2.65c.
offer at 1.75c.
were on
pound, equivalent to
a
duty paid.
A parcel of Puerto Ricos clearing today
held for 2.68c., while a
cargo for August could be held
was
at 2.70c.
Some
during early
Sept. selling at
4.57c., off 3 points.
Transactions to that time totaled 220
lots. Switching from Sept. to later deliveries was the
feature.
Trading continued of a professional character. Warehouse
amount of trade
stocks decreased 3,900
and March at 1.03c.
afternoon
bags. They now total 1,058,787 bags
compared with 1,400,817 bags a year ago.
Local closing:
Sept., 4.59; Dec., 4.72; Mar., 4.83; May, 4.92. On the 17th
inst. futures closed 16 points net lower. Transactions
totaled
290 lots.
A tired cocoa
futures market gave
way when
Brazil started to sell cocoa here after
having been out of the
market for months.
Hedge pressure started Wall Street
liquidation, with the result that prices broke 15 to 16 points,
with Sept. selling at 4.44c.
Sales to early afternoon totaled
175 lots.
The decline is ascribed to the
growing pressure of
cocoa on the market as a result of the
almost 100% blockade
of Continental Europe.
Warehouse stocks decreased 900
bags overnight.
They now total 1,057,814 tons against
1,400,817 tons a year ago. Local closing: Sept.,
4.43; Dec.,
4.56; Mar.,4.67; May, 4.76.
On
the
18th inst. futures closed 5 to 3
points net lower.
Transactions totaled 404 lots.
Trading in cocoa futures was
more active than heretofore at the
expense of values.
Prices
were 5 to 6
points lower during early afternoon at new lows
for the
turnover of 360 lots.
season on a
September at that
selling at 4.37c., off 6 points.
Liquidation by
tired longs was a feature. Much
switching out of September
was
done, switches accounting for 300 lots.
Warehouse
stocks were down 800
bags.
They totaled 1,057,039 bags,
compared with 1,398,800 bags a year ago.
Local closing:
Sept. 4.38; Oct. 4.41; Dec. 4.52; Mar. 4.64; May 4.73.
Today futures closed 1 to 2 points net higher, with sales
totaling 256 lots.
Despite a large increase in certificated
stock overnight cocoa futures
turned
upward in quiet
trading. Liquidation of September apparently has subsided,
that position
gaining 3 points to 4.41c. a pound. Warehouse
stocks gained 42,400
bags overnight.
They now total
1,099,439 bags compared with 1,396,335 bags a
year ago.
The large increase reflects arrivals
which were put into
tine
was
licensed
warehouses instead of into
private stocks.
Local
closing: Sept. 4.40; Oct. 4.42; Dec. 4.53; Mar. 4.65;
May
4.74.
lower for the domestic contract.
unchanged to 1 point down.
easier
The world sugar contract
The sugar markets were
more
than 8,000 tons
Raw
sugars
May at
were
a
covering with December at a cent a pound
Trading was slightly in excess of 4,000
tons to
net
early afternoon. Today futures closed 2 to 4 points
higher for the domestic contract, with sales totaling 200
lots.
The world sugar contract closed
y2 point net higher,
totaling only 49 lots. In a sharp recovery domestic
were as much as 3 points
higher with September
rising to 1.78c., a gain of 3 points.
The 1941 deliveries
were 1 to 2
points higher. Sales to early afternoon totaled
with saled
futures
sugar
1,550 tons.
The firmness of futures caused
totaled
1,400 tons.
buyers.
Cuban firms
said to
were
Prices closed
1.72
September
November
1.77 March
1.81 May.
January, 1941
1.88
July
1.97
2,457,854 Tons of Sugar Delivered
of 1940
The
Sugar
Division
Administration
statement
issued
in First Five Months
Reports AAA
of
the
July
on
Agricultural Adjustment
its monthly statistical
of 1940,
consohdating
refiners, beet sugar pro¬
9,
covering the first five months
reports obtained from
cessors, importers
the period
cane
sugar
and others. Total deliveries of
the
corresponding period last
Distribution of sugar in Continental United States
during the first five
Stocks of sugar on hand
2,442
2, less exports)
on
value,
raw
importers other than refiners,
1,606,262
Switching
was
abated from the pace
a limited
way.
In the raw market two additional sales
of excess quota sugars were
in
reported.
McCahan paid $2.62
a pound,
unchanged for 40,000 bags of Puerto Ricos, second
half Aug. shipment.
American took 6,300
bags, clearing
Aug. 1, at 2.60c. a pound.
Offerings of sugar for con¬
sumption within the current year were
unchanged at 2.70c.
for
Puerto
Ricos
and
Cubas.
Philippines and
1.82
to
1.83c.
for
Refined sugar was reported
moving slowly owing to
the failure of demand for
canning to develop at the usual
time because of the lateness of the
season.
In the world
sugar market trading was without feature.
On the 17th
inst. futures closed 2
points off to unchanged for the do¬
mestic contract, with sales
totaling 254 lots.
The world
sugar contract closed ^ to 1 point net
lower, with sales
514,128
..
291,600
43,422
2,457.854
Territory of Hawaii
8,455 tons and in Puerto Rico it was
was
May 31, 1940, and comparative figures for
not including raws for processing held
by
follows:
were as
1940
Refiners'
raw
Refiners'refined
i".
were
obtained
The statement
January-May
was
TABLE
of
the
administration
charges against
the
June 6.
on
of
1940
the
sugar
(This report
2,122,103
Sugar Act
quotas
was
of
during
given in
our
3844.—Ed.)
1—RAW SUGAR:
AND
2,247,199
.............
in
made public
issue of June 15, page
190,027
49,342
53,059
Total
data
983,700
214,409
Mainland cane factories.
These
427,115
471,919
455,672
891,209
Importers' direct-consumption sugar.
1937.
1939
632,850
Beet sugar factories
_
hedge selling against
reported as having
of the few previous days, but continued—
actuals.
during
The report of the Sugar
year.
Division continued:
1939 in short tons,
offered
of
sugar
January-May, 1940, amounted to 2,457,854
short tons, raw value, compared with
2,405,106 tons during
27,841 tons (Table 5).
totaling 304 lots.
purchases
1.84
1.93
.
Friday's flurry of activity,
ranging from 2.68 to 2.73c.
1 to 2 points net
lower, with
The world sugar contract closed 1
point net lower, with sales of only 14 lots.
Domestic sugar
futures were easier under
pressure of
been
follows:
as
July
the 16th inst. futures closed
sales
have
■
Total
difference of 14 points, while
upon position.
It was reported that
today at prices ranging from 2.70 to
2.75c., the latter for Aug. shipment.
The-world sugar
contract was quiet and
slightly lower.
Reports that British
purchases of Cubas last week aggregated 40,000 tons were
doubted, as such amounts have not been confirmed.
On
were
raws
asking prices. Prompt sugars were held today
pound.
Late yesterday 2,000 tons of Cubas
sold for 2.66c. a pound to Refined
Syrups.
Deliveries of refined sugar, released
today showed a substan¬
tial gain.
They were regarded favorably.
In the world
sugar market prices also were firmer.
Trading this afternoon
for 2.70c. a
in port were
which produced business at
prices
basis Cubas, dependent
raws
of
owners
to raise their
The distribution of
sugar for local consumption in the
switched into Mar. at 10
points.
quiet after
were
available at 2.65c.
were
independent refiner offered for
prompt shipment at 4.20c. a pound.
In the world sugar
market futures were 13^ to 2
points higher on a moderate
an
for the first five months of 1940
Sept.
switched into
market
Beet Sugar Processors (Table
2)
Importers of Direct Consumption Sugar (Table 3)
Mainland Cane Mills for Direct
Consumption (Table 4)
today.
The feature was continued liquidation
by
Cuban producers of Sept.
hedges and reinstatement of the
hedges in the 1941 deliveries.
Some 2,000 tons of
were
Puerto Ricos
excess
refined
months of 1940, in short
tons, raw value, was as follows:
Sugar—On the 15th inst. futures closed 1 to 2
points net
closed
the
Haw Sugar by Refiners (Table
1)
Refined Sugar by Refiners (Table
'
.
In
DELIVERIES
REFINERS'
FOR
DIRECT
STOCKS, RECEIPTS, MELTINGS,
CONSUMPTION
FOR
JANUARY-
MAY, 1940
(In Short Tons, Raw Value)
Stocks
Source of
Supply
Cuba
on
Deliveries
Receipts
Meltings
Lost
for Direct
by Fire,
May 31,
Consumption
Jan. 1,
1940
&c.
1940
Slocks
on
250,845
790,446
719,535
976
Hawaii
46,212
370,504
345,580
881
Puerto Rico
0
37,187
310,516
86
0
17,902
117,162
342,011
264,879
254,507
82,738
65
0
105,341
109,639
174,400
434
0
51,967
0
0
Philippine
Continental Raws..
Virgin Islands
Other countries
Miscellaneous..,
Total.
3
320,777
70,255
0
0
0
9,397
26,113
33,738
0
0
0
62
1,772
62
0
0
0
478,705 1,949,291 1,792,701
2,442
3
632,850
0
on
Forms SS-15-A.
I
Volume
Pork—(Export),
AND DELIVERIES OF CANE AND
STATES REFINERS AND PROCESSORS
2—STOCKS. PRODUCTION.
TABLE
BY UNITED
SUGAR
BEET
(In Short Tons, Raw Value)
Deliveries
__
_
Final stocks of refined, May
bl.351,886
53,451
355,600
Compiled by the Sugar Division, from reports submitted
refineries and beet sugar factories.
891,209
on Forms
SS-16A and
SS-11C by the sugar
figures are converted to raw
which is the ratio of meltings of raw sugar to
The refineries
a
1938 and 1939.
years
value by using the factor 1.061725,
refined sugar produced during the
14 to 19c.
Special Packs:
Oils—Linseed oil has been
against sales for export. The Department of
of refined sugar amounted to 95,545 short tons, raw
value, during the period January-May, 1940.
Deliveries include sugar delivered
Commerce reports that exports
d Larger than
actual deliveries by a small amount
representing losses in transit;
through reprocessing, &c.
3—STOCKS,
TABLE
to
1
b Revised.
c
Bellies: Clear, Dry
8%c.; 18 to 20 lbs.,
8%c. Butter: Firsts
to Higher than Extra and Premium Marks:
25% to 27c.
Cheese: Held '39, 20% to 22c.
Eggs: Mixed Colors, Checks
11 %c.; 12 to 14 lbs., 11c.
Salted, Boxed, N. Y.—16 to 18 lbs.,
8%e.; 20 to 25 lbs., 8%c.; 25 to 30 lbs.,
8 to 10 lbs.,
d514,128
455,672
31, 1940
AND
DELIVERIES OF DIRECTSPECIFIED AREAS, JANUARY-MAY,
RECEIPTS,
CONSUMPTION SUGAR, FROM
1940
(In Short Tons, Raw
Value)
Stocks
on
quotation. Soy Bean: Tanks, West—.04%
October-March—.04% bid; New York, l.c.l., raw—.065
Afloat—no
188,649
224,717
a89,805
Cuba
quote.
3,118
3,214
42
11,313
82,393
Philippines
11,517
138,507
26,632
Hawaii..
17,082
0
0
0
0
97
97
0
China and Hongkong
0
0
165
165
0
Other foreign areas
112,773
393,236
291,600
follows:
V
•
,
6.05®
6.10®
October
Compiled in the Sugar Division from reports and information submitted by
and distributors of direct-consumption sugar on Forms SS-15B and
importers
SS-3
Includes sugar in bond.
a
.
CANE
4—MAINLAND
MILLS'
STOCKS,
DELIVERIES, JANUARY-MAY,
PRODUCTION, AND
1940
(In Short Tons, Raw Value)
6.13® 6.14 February
6.13® 6.20 March
38,716
43,422
Deliveries—For direct consumption
'
processing.—
—
————
Stocks on May 31, 1940
a
103,051
53,059
Revised.
5—DISTRIBUTION OF SUGAR FOR LOCAL CONSUMPTION IN
HAWAII AND PUERTO RICO, JANUARY-MAY,
TABLE
THE TERRITORY OF
1940
(In Short Tons, Raw
Value)
8,455
27,841
Territory of Hawaii
Puerto Rico
Brazilian
Cane
Sugar Production in
Current Season
Reached New High
production in Brazil during the current 1939-40
a new high with 1,157,000 long tons, raw
value, according to advices received by Lamborn & Co.,
New York, from Rio de Janeiro. The firm added:
Cane sugar
season
reached
The 1939-40 crop exceeds
approximately 6.9%.
75,000 tons, or
highest up to that
the previous year's outturn by
Last year's production was the
time.
Brazil consumed 1,019,000 tons
to the
of sugar last year. Its exports,
United Kingdom, amounted to
1936 when 88,750 tons were
principally
47,591 tons, the highest figure since
shipped.
Lard—On the 15th inst. futures
closed 2 to 7 points net
Trading was relatively light, with the market ruling
heavy during most of the session. Outside of the recent sales
of United States lard to the United Kingdom, the export
lower.
trade in lard has been very spotty.
January, 1941
Rubber—On the 15th inst. futures
closed 80 points lower
delivery, while the other months were 6 points
lower to 20 points higher.
The Aug. delivery is an inactive
month, while the other losses were registered in the nearby
deliveries.
Commission house buying and trade selling made
the Aug.
on
the bulk of the activity.
Transactions totaled 660 tons
old contract and 60 tons in the new standard con¬
tract.
The outside market was quiet and slightly weaker
up
al60,816
Stocks on Jan. 1, 1940
Production
For further
6.15® 6.16
6.17® 6.19
6.19® n
6.20@ 6.25
December
August
September
November..
TABLE
yesterday, including switches, 15
Prices closed as
Crude, S. E., val. 5%-nom.
214,409
Total
bid.
Lard: Ex. winter
bid.
offer; strained—7% offer.
Cod: Crude—no
Turpentine: 32% to 34%. Rosins: $1.80 to $3.00.
contracts.
67,427
21,067
England
76 degrees—.08%
Cottonseed Oil sales,
al25,873
138
Puerto Rico
Coconut:
bid;
prime—.8
1940
Usage
1940
on
Mag 31,
or
Receipts
Jan. 1,
Supply
Stocks
Deliveries
firm recently, with 8.4c. ap¬
absolute inside.
Quotations: Chinawood:
Tanks, spot—24% bid; Shipment—24% bid; Drums—25%
bid; all nominal.
Coconut: Crude, Tanks—.03 bid; Pacific
Coast .02% bid. Corn: Crude: West, tanks, nearby—.05%
bid.
Olive:
Denatured:
Drums, spot—$1.35 to $1.40;
the
parently
Edible:
Source of
barrel);
11 %e.; 6 to 8 lbs., ll%c>; 8 to 10 lbs.,- 10%c.
Skinned, Loose, c.a.f.—14 to 16 lbs., 17%c.; 18 to 20 lbs.,
16c.
Bellies:
Clear, f.o.b., New York—6 to 8 lbs., 11c.;
Factories
1,801,879
cl,701,807
Production
$20.75 (8-10 pieces /to
4 to 6 lbs.,
Domestic Beet
Refineries a
mess,
family (50-60 pieces to barrel), $16.75 (200 pound barrel).
Beef:
(export) steady.
Family (export), unquoted. Cut
Meats:
Steadier.
Pickled Hams:
Picnic, loose, c.a.f.—
JANUARY-MAY, 1940
Initial stocks of refined, Jan. 1, 1940
437
Commercial <& Financial Chronicle
The
151
Western hog marketings
reported today, including Chicago» totaled 87,900 head
against 81,600 head for the same day last year. Hog prices
at Chicago were mostly 10c. lower.
Sales ranged from $5.75
to $6.75.
On the 16th inst. futures closed 5 to 10 points net
as
The market ruled quiet but steady during the early
However, the firmness in grains and the higher action
of hogs stimulated a fair amount of new buying, which
caused an upturn of 7 to 10 points in the active months. The
price of hogs at Chicago advanced 10c. today. Sales ranged
from $6 to $6.50.
Western hog marketings totaled 63,500
head, against 69,100 head for the same day a year ago.
On
the 17th inst. futures closed 5 to 10 points net lower.
There
was little
to the trading, the market ruling heavy during
most of the session.
Marketings of hogs at the Western
higher.
session.
in the
Little business was reported here by importers and
Spot standard No. 1-X, in cases, was offered at
21c. per pound.
Local closing: July, 20.55; Sept., 19.15;
Dec., 18.40; Mar., 18.35; all old contract.
On the 16th
inst. futures closed 50 to 7 points net higher for the No. 1
standard contract, with sales totaling 89 lots.
The new
standard contract closed 22 to 5 points net higher, nominally,
with sales of 16 lots.
After an irregular opening, rubber
futures turned firm in spite of lower primary markets.
During early afternoon the market was 15 to 18 points higher.
Sales on the old contract to that time totaled 39 lots, of which
15 were traded for actuals.
Sixteen lots were traded on the
new contract, with Sept. selling at 19.15, up 25 points, and
Mar. at 18.20, up 5 points.
Thirty tons were tendered for
delivery.
The London market closed unchanged to %d.
lower.
Singapore was 1-32 to 3-32d. lower.
Local closing.
No. 1 Standard: July, 21.05; Sept., 19.29; Dec., 18.54;
Mar., 18.42.
New Standard: Sept., 19.12; Dec., 18.37;
Mar., 18.20.
On the 17th inst. prices closed 85 points net
higher for the July delivery, while Sept. and Dec. were 18
to 21 points net higher.
Transactions totaled 47 lots, all in
the No. 1 standard.
There were 8 lots traded in the new
standard contract, which closed 18 points to 23 points net
today.
dealers.
/Rubber futures were firm during most of the ses¬
Uneasiness over the Far Eastern situation was a
decisive factor in the market.
Both dealer and commission
higher.
sion.
buying was reported.
Trading was quiet, only 23
changing hands to early afternoon.
Ten tons were
exchanged for physical rubber.
At that time Sept. stood
at 19.45, up 16 points.
Dec. at 18.75 was 21 points higher.
Seventy tons were traded on the new contract, with Mar.
selling at 18.49c., up 29 points to early afternoon.
Singapore
was firm, 1-16 to 3-32d. higher.
London closed % to %d.
house
lots
higher.
19.47;
Local closing: No. 1 Standard: July,
18.75. New Standard: Sept.,
Dec.,
21.90; Sept.,
19.30; Mar.,
18.43.
On the 18th inst. futures
closed 40 points higher for the
July delivery and 1 point up to 13 points down for the rest
of the list.
Transactions totaled 142 lots.
July was the
feature of the rubber futures market.
It gave signs of
packing centers were fairly heavy and totaled 61,400 head
against 49,700 head for the same day a year ago.
Receipts
at Chicago were also quite heavy.
Hog prices declined 10c.
Sales ranged from $5.50 to $6.70.
On the 18th inst. futures closed 5 points off to unchanged.
tightness which more or less upset the market. Sales were
made At 22.50c., up 60 points.
September sold at 19.62c.,
Trading was very slow in lard futures today.
Hog prices
mostly 10c. lower at Chicago. The export trade in lard
continues slow. Lard clearances were reported from the Port
of New York for the first time in several weeks. Shipments
totaled 480,000 pounds, with destination given as Europe.
Hog sales ranged from $5.75 to $6.65. Marketings of hogs at
today registered new high prices for the movement.
The
London and Singapore markets closed unchanged.
Local
closing: No. 1 Standard: July 22.30; Sept. 19.48; Dec. 18.62.
Today futures closed 20 points lower to 8 points net higher.
Transactions totaled 212 lots.
Reversing its recent trend
the rubber futures market turned easier.
Apparently the
were
the
principal packing centers in the West today totaled
55,400
head, against 52,900 head for the same day last year. Today
futures closed 3 to 5 points net higher. The market for lard
futures was fairly active today, with prices showing an upward
tendency in sympathy with the stronger grain markets.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Wed.
Thurs.
Mon.
Tues.
5.67
5.72
5.70
5.65
5.85
5.80
5.85
5.80
5.77
5.92
5.87
5.97
5.87
6.02
6.07
6.02
5.87
6.00
6.12
6.17
6.15
6.10
Sat.
July
September.
..
..
December.
-
6.20
Fri.
5.67
5.80
5.90
6.05
6.15
up
15 points.
Sales to early afternoon
totaled 69 lots. The
standard contract was inactive.
Twenty tons were
tendered for delivery on the July contract.
The market
new
change in trend was due to
circulation of five
transferable
and increase in certificated stocks of 50
tons, which brought the total to 320 tons.
Futures were 18
to 30 points lower during early afternoon.
July was erratic.
It opened 13 points higher while other deliveries started 13
to 55 points lower. However, July broke when notices began
to circulate. Transactions to early afternoon totaled 87 lots.
London closed unchanged to 1-16d lower.
Singapore was
l-32d to l-16d lower. Local closing: July 22.25; Aug. 19.75;
notices of delivery
Sept. 19.40; Dec.
18.70; Mar. 18.45.
The Commercial & Financial Chronicle
438
Hides—On the
15th inst. futures closed
14 to
17
points
The opening range was 1 to 8 points lower.
Trad¬
light and without special feature.
Transactions
totaled 3,480,000 pounds.
Certificated stocks decreased by
5,461 hides to 741,232 hides.
Local closing: Sept., 9.67;
Dec., 9.87; Mar., 10.05; June, 10.25.
On the 16th inst.
futures closed 7 to 5 points net lower.
Transactions totaled
208 lots.
Raw hide futures opened unchanged to 10
points
lower.
Prices were easy throughout the
morning, Sept.
selling at 9.55, off 12 points and Dec. at 9.80, off 7 points.
Transactions totaled 128 lots up to early afternoon.
Cer¬
tificated stocks decreased by 4,266 hides to 736,966 hides.
Buying in sympathy with the firmness of the stock market
gave some support.
Local closing: Sept., 9.60; Dec., 9.82;
net lower.
ing
was
Mar., 10.00.
net lower.
On the 17th inst. futures closed 18 to 24 points
Raw hide futures
Transactions totaled 114 lots.
opened unchanged to 10 points lower.
Prices were easy
during the morning. Sept. sold at 9.40, off 20 points; Dec.
at 9.58, off 24 points and Mar. at 9.80, off 20
points. Trans¬
actions
totaled 72 lots
to early afternoon.
Trading was
influenced largely by reported pressure of foreign hides.
There was commission house selling.
Local closing: Sept.,
up
9.42; Dec., 9.58; Mar., 9.78.
On the 18th inst. futures closed 26 to 23 points net lower.
Transactions totaled 154 lots.
Raw hide futures opened 7
points lower to unchanged. Prices receded further following
opening. September sold at 9.10, off 32 points; Dec. at
9.30, off 28 points, and Mar. at 9.49, °ff 29 points. Transac¬
tions totaled 94 lots. The decline was due to dealer
selling,
the
coupled with liquidation by outside interests. Local closing:
Sept., 9.16; Dec., 9.35; Mar., 9.55. Today futures closed 20
to 22 points net lower. Transactions totaled 199 lots.
Raw
hide futures opened 1 to 17
points lower. Prices were easy
during the morning. Sept. sold at 8.83, off 33 points, and
Dec. at 9.07, off 28 points. Transactions
up to early after¬
noon
totaled 123 lots.
Certificated stocks increased by
2,055 hides to 736,311 hides. Trade and commission house
selling caused the decline. Local closing: Sept., 8.95; Dec.,
9.15; Mar., 9.33.
Ocean
tonnage
Freights—Chartering interests continue
in
spots,
and
mostly
for
nearby
to
hire
requirements.
Charters included: Grain: Australia to North
Atlantic, $15.50
per ton.
Plate to North Atlantic, $9 per ton (heavy grain),
basis Buenos Aires.
Scrap Iron: Atlantic range to Japan,
$13.50, nominal, per ton.
Gulf to Japan, $13.75 per ton.
Pacific Coast to Japan, $13.50per ton. West Indies to
Japan,
$14.50, nominal, per ton. Time: Three months West IndiesCanadian trade, July, $3.50
per ton (reported yesterday
without
of vessel).
name
Round trip West Indies trade,
ton.
West Indies or Canadian trade, $3
per ton.
North of Hatteras-South African trade, $3.50
per
ton.
North of Hatteras-South American
trade, $3 per ton.
Round trip Pacific trade $4
per ton.
July $3.25
per
Delivery Key West,
redelivery Burma, end July-early August, $4 per ton.
Round trip South African
trade, July 15-31, about $3 per
ton. Beira to Montreal or
Sorel, early August, $11 per ton.
Coal—The
Pennsylvania Anthracite Emergency Commit¬
tonnage for the weekended July 20th at 960,000
equal to four working days' time.
Operators here
that the carryover from the
preceding week was
tee fixed the
tons,
state
considerable.
anthracite
For
domestic sizes
dealers
the
third consecutive
operators advanced
and
on
large
July 15th.
their
lists
month
10c.
wholesale
ton on
In anticipation of this increase
per
consumers
bought freely before the half
Many of the producers state that
they were so rushed that they were unable to fill all the
orders, resulting in a good percentage of these commitments
being carried over into the current week.
The Canadian
mark this month.
way
output of coal during the first quarter of 1940 totaled
4,549,273 tons as compared with 3,676,847 tons a
year ago.
The production this
year included 3,335,753 tons of bitum¬
inous, 1,068,883 tons of lignite, and 144,637 tons of subbituminous, the Dominion Bureau of Statistics
reports.
Wool
Tops—On the 15th inst. futures closed
steady, un¬
changed to 2 points off.
Spot tops were unchanged at 97.0c.
a pound.
Transactions were estimated at about 38 lots or
190,000 pounds. Prices were confined within a narrow
Silk—On the 15th inst. futures closed
higher
on
No.
the
on
were
estimated in the trade at
approximately 150,000 pounds of
Bid prices around midday were 1 to 5
points above
yesterdav's closing levels.
The demand for contracts was
tops.
better and
offerings continued light.
Local closing:
Oct.,
88.2; Dec., 86.1; Mar., 85.2.
On the 17th inst. futures
closed barely steady at 1 to
6 points net lower.
Sales were
estimated at about 40 lots or
200,000 pounds.
Spot tops
were
unchanged at 97.0c. a pound.
Local closing:
July,
89.5; Oct., 87.8; Dec., 85.8:
Mar., 84.6; May, 83.4.
On the 18th inst. futures
closed 2 points up to 1
point off.
were
Spot tops
estimated at about 60 contracts or
300,000 pounds.
unchanged at 97.0c. a pound. Latest advices
were
from Boston state that
a
few mill
buyers were making in¬
quiries for wool on the Boston
market, but sales were very
scattered and mostly of small
volume.
Sales were mostly of
fine territory wools in
original bags at prices
ranging 80 to
83c., scoured basis, for good French
combing length and
lower to ^c.
the No. 1 contract.
1
Sales totaled only 140 bales
Most of the selling came from
contract.
Japanese sources, with the buying fairly well scattered.
Primary markets ruled steady and quiet.
Yokohama futures
ruled 3 to 13 yen higher, while at Kobe futures were
5 yen
lower to 9 yen higher.
Grade D closed at 1,350 yen in
Yokohama and 1,355 yen in Kobe.
Spot sales in both cen¬
ters today amounted to 400
bales, while futures transactions
equaled 3,150 bales.
Statistics on the spring silk cocoon
crop were rather bullish, but were more or less ignored, at
least
marketwise.
The
price of crack double extra silk
pound to $2.54 a pound.
Twenty
July contract, bringing the total
for the month to 430 bales.
Local closing: Aug., 2.48;
Sept., 2.45K; Nov., 2.42; Dec., 2.41; Feb., 2.39.
All the
No. 1 contract.
On the 16th inst. futures closed 1 to
13^c.
was
reduced half
bales
were
a
cent
delivered
net lower.
a
the
on
Transactions totaled 28 lots.
Raw silk futures
rallied after
opening 3 to 5c. lower in response to the action
primary markets.
Importer buying absorbed offer¬
ings.
During early afternoon the market stood 1 to llAp.
lower, with Aug. at $2.47 and Nov. at $2.41.
Sales to that
time totaled 210 bales, all on the No. 1
contract.
The
price of crack double extra silk in the uptown spot market
of the
declined lc. to $2.53
a pound.
Twenty bales were tendered
The Yokohama Bourse closed 15 to 17 yen
lower.
Grade D silk in the
spot market was unchanged at
1,350 yen a bale.
Local closing: No. 1 Contracts:
Aug.,
2.47; Sept., 2.44; Nov., 2.41
Feb., 2.37M.
On the 17th
inst. futures closed 2 to 4
points net higher.
The market
was stagnant, with
only 2 contracts traded for the entire
for
delivery.
session.
The
market's
price of crack double
No.
tone,
however,
was
firm.
The
extra silk advanced
l^c. to $2,543^ a
tendered for delivery on the July
1 contract,
bringing the total deliveries so far to 460
pound.
bales.
Ten bales
were
On the Yokohama Bourse
prices closed 20 to 37 yen
The price of grade D spot silk advanced 5
yen to
yen a bale.
Local closing: No. 1 Contracts:
higher.
1,355
Aug.,
2.50; Sept., 2.48.
On
the
18th inst. futures closed 2 to
2Kc. net higher.
Transactions totaled only 4
lots, all in the No. 1 contract.
The opening range was 2c. lower to
2c. higher, and active
months this afternoon were
up about lc., with Dec. at $2.44.
Sales of four lots to that time
attested to the full conditions
The price of crack double extra
silk in the New York
spot market remained
prevailing in the market.
$2.54Hz
a
to 4 yen
unchanged at
higher.
pound.
The Yokohama Bourse closed 3
yen lower
The price of grade D silk in the
spot market
was
unchanged at 1,355 yen a bale. Local closing: No. 1 con¬
tracts: Dec., 2.45;
Feb., 2.423^. Today futures closed 1 Hz
to 23^c. net lower.
Transactions totaled 21 lots, all in the
No. 1 contract.Raw silk futures
opening, but recovered
a
2 to 4^c. lower on the
Only 10 bales had been
were
little.
traded up to early afternoon.
At that time Dec. stood at
$2,443^, off H>c. The No. 2 contract was inactive.
In the
uptown spot market the price of crack double extra declined
3^c. to $2.54 a pound.
TKe Yokohama Bourse closed 10
to 21 yen lower. Grade D in the
spot market was unchanged
at 1,355 yen a bale.
Local
closing: No. 1 contracts: Sept.,
2.463^; Nov., 2.44; Dec., 2.43^; Feb., 2.40.
selling and with spot interests the best buyers.
closing: July, 89.6; Oct., 88.0; Dec., 86.0;
Mar., 85.1;
May, 84.1.
On the 16th inst. futures closed 1
to 2 points
net higher.
Wool top futures were more active
today, with
prices a little firmer.
Total transactions to noon
Sales
1940
range,
with the trade
Local
July 20,
mostly around 78c., scoured basis, for short to average
French combing length.
Most offerings of country-packed
three-eighths and quarter blood bright fleece wools, made
directly from the Midwest, were quoted at 39c. and above,
grease, basis, delivered to users.
An occasional offering from
the country and a few spot lots in Boston were
quoted at
38 to 39c. in the grease.
Local closing for wool tops: July,
89.5; Oct., 88.0; Dec., 85.7; March, 84.7; May, 83.5. Today
futures closed 5 to 8 points net higher.
Wool top futures
were active in the earlier hours of
trading today, with the
turnover to early afternoon at 300,000 pounds of tops.
Much
of the business conducted was in the form of
switching from
the July to the October position.
Price changes were ir¬
regular with early afternoon bids showing a decline of 5 points
to an advance of 8
points from the closing levels of the
previous day.
Local closing: July, 90.2; Oct., 88.5; Dec.,
86.5; March, 85.5.
COTTON
Friday Night, July 19, 1940
The Movement
of
the
Crop,
as indicated by our tele¬
from the South tonight, is given below.
For the week
ending this evening the total receipts have reached
19,881
bales, against 19,555 bales last week and 27,653 bales the
previous week, making the total receipts since
Aug. 1, 1939,
7,103,216 bales, against 3,546,213 bales for the same
period
of 1938-39, showing an increase since
Aug. 1, 1939, of
grams
3,557,003 bales.
Receipts at—
Galveston
Houston
Sat.
Mon.
Tues.
Thurs.
135
696
93
625
1,716
436
1,600
1,889
2,734
6,219
8,468
"485
"692
3,322
"~~2
2
565
"768
Savannah
199
615
4
563
565
4
8
Wilmington
1
Norfolk
Totals this week.
Total
207
Lake Charles
Baltimore.
Fri.
4.358
Beaumont
New Orleans
Wed.
198
""82
1.726
1
6,277
1.258
2.867
3.152
105
187
442
"667
1,109
4.601
19,88
Volume
The
The Commercial & Financial Chronicle
151
Grande
in Texas, the market will
On the 13th inst. prices closed
crease
This
SinceAug
1, 1939
Week
Stock
1938-39
1939-40
This
SinceAug
1, 1938
Week
steadied and its discount under New York narrowed. Traders
1939
1940
were
Brownsville
Houston
Corpus Christi
Beaumont
New Orleans
Mobile
Pensacola & G'p't
Jacksonville
Savannah
Charleston
Lake
6,057 1,024,881
Charles
Wilmington
Norfolk
649,168
470,375
8*934
596",844
19,473
6,219 1,782,993
41,153
8,468 2,098,426
179,457
'565
72,250
3,322 2,490,432
162,000
54,593
1,882
8
66,595
38,565
'"2
45,985
1
10,375
187
35,279
Galveston
38,839
96,773
554,893
60,092
53,317
1,365
111,648
25,522
4,127
6,695
34,123
3,000
2,839
548,676
63,708
31,778
411,748
46,924
z3,656
1,343
141,816
30,797
5,426
8,728
26,357
1,065,380
315,527
16,678
878,855
18",261
78,094
4,403
13,058
2,178
13
36,895
16,096
""2
38,787
10
13,669
367
17,067
New York
Boston
1,109
Baltimore
Totals
x
"555
23,231
100
1,125
750
925
29,048
58,075 3,546,213 2,240,170 1,793,307
19,881 7,103,216
Receipts included in Corpus Christi.
z
Gulfport not included.
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
1939-40
Receipts at—
Galveston
Houston
—
Mobile
______
8
Savannah
136
8,934
18,261
4,403
904
1,053
2,652
5,926
2,131
573
314
638
932
13
Charleston^...
1934-35
127
8,565
4,268
9,675
2,925
4,253
5,306
1,088
1,172
__
Orleans.
New
210
5,275
5,180
5,010
6,057
1935-36
1936-37
1937-38
1938-39
6,219
8,468
3,322
590
10
1
291
48
367
897
448
235
35
1,676
_
i
187
Wilmington
20,030
25,321
13,442
3,820
24,649
_
Norfolk
All others
59
37,205
28,419
43,924
19,881
58,075
28,601
SinceAug. 1__ 7,103,216 3,546,213 7,165,781 6,316,826 6,748,985 4,076,887
Total this wk_
The exports
for the week ending this evening reach a total
36,938 bales, of which 27,189 were to Great Britain,
7,688 to Japan, 238 to China, and 1,823 to other destina¬
tions.
In the corresponding week last year total exports
were 23,195 bales.
For the season to date aggregate exports
have been 5,991,627 bales, against 3,300,908 bales in the
of
period of the previous
same
season.
Below
the exports
are
for the week:
Week Ended
July
19,
Exported to—
1940
Ger¬
Great
Exports from—
France
Britain
Italy
many
Japan
Orleans
New
238
1,450
5,235
373
16,096
3,931
11,792
Houston
14,446
210
....
Mobile
470
Norfolk
Total
Other
China
3,547
Galveston.
14,656
470
481
Total...
....
481
27,189
7,688
....
238
1.823
36,938
27
69,34
23,195
8,192
53,506
Total
1939
1,893
50,3
7,487
3,685
2,661
Total
1938
15,986
1,448
6,850
3,532
17,498
From
Exported to—
Aug. 1,1939 to
Ger¬
Great
July 19, 1940
France
Exportsjrom— Britain
Galveston
Houston
10,242
6,861
4,334
400
Beaumont
Orleans.
New
8,257 203,838
27,424
8,496
.
_
18,329
-
-
-
-
Lake Charles.
16,290
Mobile
67,767
550
Pensacola, &c.
6,182
491
4,179
5,231
19,494
Savannah
42,700
26,235
—
-
—
6,773
11,507
York...
—
-
486
-
-
-
-
27,922
185
.,585
-
-
—
-
-
-
-
50
811
2,106
2,708
196
11,267
11,170
8,837
100
75,278
-
1,704
27,810
6,773
•
-
----
-
-
-
-
-
-
-
-
-
--
-
-
-
-
-
-
-
.
50
-
-
-
-
-
59,615
10,943
San
199
-
1,050
.
—
'
—
—
24,540
-
-
-
---.
200
----
214
207,185
1,336
----
78,416
-
-
—
2017,469 835,698
33,456 611,279
-
-
■'
'
r
Total
1938-39
Total
1937-38 1624.678 759,023
472,676 396,732
■
conditions
11,791
11,352
1
1
63,793
374,335
21,558
138,236
12
923,969 400,091 1169665 5991,627
885,731
685,974
95,825 669,338 3300,908
91,381 1049525 5643,384
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On
Shipboard Not Cleared for—
July 19 at—
Leaving
Great
Britain
Galveston.
_
__
Houston
New
Other
Coast¬
many
Foreign
wise
1,800
2,593
"804
1,227
1,000
328
1,000
953
Orleans
Ger¬
France
"500
Savannah
Charleston
Mobile
Norfolk
Other ports.
Total 1940
Total 1939
Total 1938
..
--
3,180
4.315
2,516
804
1,619
2,070
"800
4,426
4,721
11,481
19,421
1,500
2,090
2,555
Stock
Total
3,800
4,350
2,055
645,368
592,494
552,838
111,648
25,522
60,092
34,123
207,880
10,205 2,229.965
20,305 1,773,002
30,998 2.305,234
Speculation in cotton for future delivery during the past
was fairly active, though fluctuations were relatively
narrow and the market trend generally lower.
There was
little in the news to encourage operations in a substantial
week
either side of the market. Spot houses report little
business.
The crop is beginning to move in the Rio
way on
new
in
the
market.
mills have
>
467,246 313,360
893,899 538,904
a
Middling quotations were unchanged to 5 points
lower, ranging from 9.47 up to 11.30c.
On the 15th inst.
prices closed 7 points lower to 3 points higher. The market
held within less than a 10 point range, and for many hours
trading was highly professional. The opening range was 1 to
2 points lower, and sold off to losses of 5 points, with the
selling of several thousand Oct. by spot houses, believed to
be hedging against foreign growths.
As the selling dried up,
the market steadied around previous closing levels and
drifted aimlessly.
War developments were being watched
closely, especially the threatened invasion of England. There
were
reports from Washington during the day that there will
be no settling on the cotton loan level until after Congress
appropriates the $500,000,000 additional funds to the CCC,
which is expected around Aug. 1.
Southern spot markets
today were unchanged to 2 points higher, with middling
quotations ranging from 9.49 up to 11.30c. and averaging
10.23 at the 10 designated markets.
On the 16th inst. prices
closed 14 points down to 8 points net higher.
A two-sided
market developed in cotton futures.
The old crop position
of July weakened under steady pressure of liquidation, stand¬
ing 32 points lower this afternoon. On the other hand, un¬
certain weather conditions caused buying of new crop months,
which advanced them 7 to 8 points.
Weakness in the July
position was apparent at the outset following circulation of
56 notices, of which 44 were on the old contract and 12 on
the new.
New July started 22 points lower, but old July
started fairly steady, only to weaken later.
New crop
months were 2 to 3 points lower on the opening.
Trade
houses, locals and Wall Street were the buyers of the deferred
positions. The selling of July was credited to spot firms and
the South.
A certain amount of hedge selling was done,
mostly in Oct. Toward noon the selling of old July was the
feature.
It broke the market 36 points to 9.36c.
Some of
the selling was said to have been outright liquidation.
In
other cases sales of July were made against purchases of
deferred deliveries in a switching transaction.
On the 17th
inst. prices closed 16 to 26 points higher on the near deliveries,
while the more distant options closed 6 to 10 points net lower.
After the July contract had expired at noon today the cotton
futures market almost came to a dead stop as trading dragged
badly.
During early afternoon the list was 3 to 4 points
under last night's closing levels.
During the forenoon a good
deal of attention was devoted to closing out positions in the
July contracts, which expired at noon.
Both the old and
the new contracts were erratic.
The old finally went out at
9.75c., up 17 points net, while the new contract expired at
10.18, up 27 points net. While that was going on, trading
in the later options was more or less of a routine character,
with fluctuations restricted to a narrow range.
Information
on the
spot cotton situation in the South indicated quiet
31,572
Seattle
Total
the
spot markets amounted to 3,303 bales, as against 10,027
25,319
—
32,385
12,386
over
year ago.
284
12
-
Francisco
commitments for
despite reports of continued unfavorable weather
in the Sputh and private advices on damage to the
crop.
During the middle of the session prices sagged to net losses
of 2 to 6 points, with pressure centering in the Oct.
delivery
through spot houses.
Part of this selling was credited to
hedging against South American cotton.
Such offerings
during the last month and a half are estimated to have
amounted to 150,000 bales.
Today sales at the reporting
11,499
---
-
•
300
Baltimore
not inclined to make fresh
week-end
10,902
---
—
----
100
Los Angeles..
'
-
7,388
-
----
-
-
-
----
■
-
18,824
----
----
1,271
1,825
—
Boston.._
-
'
-
14,835
New
—
-
-
211
1,575
—
-
71,442 226,725 1817,653
9,324
31,419
10,510
1,872 127,752
-
----
10,281
Charleston
—
75
Gulfport
3,922
---
91,116
22,878
Jacksonville..
-
8,169 227,420
1,135
Norfolk
4,309
-
-
-
Total
52,923 416.540 1357,093
254,592 198,510 369,862 1713,915
37,586
10,390 25,452 200,731
■
-
755,757 437,024
Wilmington..
Other
212,766
---
-
China
Japan
286 152,217
71,308
Corpus Christi
Brownsville
Italy
many
381,109 141,252
504,531 174,325
Valley, and it is anticipated that
as ginnings in¬
feel the weight of hedges.
2 points off to 4 points up.
The opening range was 4 points higher to 1 point lower, with
hedge selling offset by scattered trade and Wall Street buying.
Bombay interests also bought here as the East Indian market
following table shows the week's total receipts, the
1939, and the stocks tonight, compared
total since Aug. 1,
with last year:
Receipts to
July 19
439
Arkansas
reported
that
most
bought enough cotton to tide them over until the
new crop comes in.
On the 18th inst. prices closed 12 to 7 points net lower.
Selling attributed to a more favorable turn in cotton belt
weather caused futures to sell off from 6 to 12 points in a
rather thin market. The opening was steady, 1 point lower
to 1 point higher. Demand and supply were evenly balanced
for the moment, hedge selling of October and December
offsetting the buying. It was evident that outside interest
was small.
After the opening, hedge pressure increased.
It
concentrated on the October and December positions. Some
of the selling was reported to be against Brazilian growths.
The market gave a little ground under that added pressure
with the result that net losses of as much as 5 points were
registered. Southern spot cotton markets were quiet. Sales
yesterday were reported as 3,800 bales compared with 6,400
bales on the corresponding date of last year.
The average
price of middling at ten designated spot markets was 10.38
cents.
Today prices closed 6 points off to unchanged. Trading
was slow and the tone barely steady this
afternoon with prices moving in an extremely narrow range,
standing unchanged to 1 point higher. The market displayed
a better tone on the opening than that of yesterday.
Prices
were steady, unchanged to 1 point higher in quiet trading.
in cotton futures
There
was
no
news
calculated to affect the market.
The
initial demand emanated from spot firms and trade interests,
but buying was on a small scale. On the other hand pressure
light. It originated in the South among local traders.
Bombay was reported a light seller of October and December.
The market held its position firmly during the forenoon,
was
The Commercial & Financial Chronicle
440
the early afternoon prices were 2
the result that in
with
points higher on near positions and 1 point higher on deferred
deliveries.
Trade buying of October absorbed hedge selling
in that position.
'
The official quotation for middling upland cotton in the
New York market each day for the last "week has been:
Mon.
10.56
10.76
Sat.
July 13 to July 19—
Middling upland % (nominal)--10.48
Middling upland 15-16 (nom'l)_ 10.68
Tue«.
10.56
10.76
Wed. Thurs. Fri10.43 10.31 10.29
10.63 10.51 10.49
July 20, 1940
Range for future prices at New York for the week ended
July 19, 1940, and since trading began on each option:
'
•
.
table below gives the premiums and discounts for grade and
staple in relation to the base grade. Premiums and discounts
for grades and staples are the average quotations of 10
markets designated by the Secretary of Agriculture.
Old Contract—Basis Middling J^-inch, established for de¬
liveries on contract on
and staple premiums repre¬
60% of the average premiums over
on July 18.
sent
Contract—Basis Middling 15-16 inch, established for
New
and staple premiums and
full discount for J^-inch and 29-32-inch
staple and 75% of the average premiums over 15-16-inch cot¬
deliveries
contract on
on
,
discounts represent
July 18.
ton at the 10 markets on
16 9.75 July
16 10.22 July
July
July
1
,
''
1 1939 10.60 Jan.
1 1939 10.82 Jan.
3 1940
Aug. 31 1939
9.85 June
12 1940
14 1940
9.00 June
14 1940
7.63
13
17
Sept.
7.90 Sept.
August
3 1940
8.98
June
July
18
9T53
July
16
8.25
Nov.
1 1939 10.29 Apr.
9.19 July
18
9.41
July
16
8.33
June
6 1940
9.10 July
September
19
9.30 July
16
_
"9*32
October
December..
10.18"
17 1940
Apr.
17 1940
8.26 June
6 1940 10.14 Apr.
17 1940
18 1940 10.08 Apr.
17 1940
18 1940
1941—
January
February
March
9.00
18
9.20 July
16
19
July
8.10 May
9.02
16
8.00 May
April
8.83
May
July
July
9.04 June 20 1940
June
July
Delivery—The Commodity
Volume of Sales for Future
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
New Contract
Old Contract
'
*
8.08
9.36
9.82
New
J^-inch cotton at
the 10 markets
'
1940—
July old
November
for Grade and Staple—The
Premiums and Discounts
"
Range Since Beginning of Option
Range for Week
Option for—
Open
New York
13 July 15 July 16 July
July 12 July
17 July 18
1 In.
V»
15-16
1 In.
%
29-32
15-16
31-32
Inch
Inch
and Up
Inch
Inch
Inch
Inch
Mid. Fair
.55
on
.66 on
.75
on
.36
on
.45
on
.54
on
.60
on
.66
on
St. Good Mid...
.50
on
.60 on
.70
on
.31
op
.39
on
.49
on
.55
on
.61
on
.33
on
.43
on
.20
on
.30
on
and
Contracts
July 18
UP
1940—
.44
on
.54 on
.64
.25
on
St. Mid
.31
on
.41
on
.52
on
.12
on
Mid
Basis
.11
on
.22
on
.19 off
Good Mid
on
.10 off
.49
on
.55
on
.37
on
.44
on
.06
Basis
on
.14
on
.50 off
.43 off
.55 off
.70 oil
.63 off
.33 off
.92 off 1.28 off 1.20 off 1.11 off 1.07 off 1.03 off
.52 off
.42 off
Low Mid
1.09 off
.99 off
♦St. Good Ord..
1.55 off 1.47 off 1.42 off 1.74 off 1.70 off 1.60 off 1.58 off 1.54 off
2.12 off 2.02 off 1.99 off 2.24 off 2.21 off 2.14 off 2.12 off 2.10 off
St. Low Mid
600
4,300
July—Old
While-
7,600
6,700
*6,300
300
3,400
800
al,800
100
New
October—Old
14~700
6~800
16*666
25*500
15",400
15,200
3*71*566
e'ooo
New
4",000
12*200
18", 900
14*; 500
21*; 200
318"500
Decern ber—Old—..
New
1941-
300
January.
Extra White—
200
1,200
200
9,600
on
on
.49
on
.55
on
.44
on
on
.14
on
on
.54
.33
on
.31
on
.41
on
.52
on
.12 on
.20
on
Mid
Even
.11
on
.22
on
.19 off
.10 off
Even
St. Low Mid
.52 off
.42 off
.33 off
.70 off
.63 off
.55 off
.50 off
1.09 off
.99 off
.92 off 1.28 off 1.20 off 1.11 off 1.07 off 1.03 off
Low Mid
.64
on
.25
on
on
1,600
2,500
4,500
6,900
3,800
4,600
116,000
3,800
3,400
2,900
6,600
4,200
3,700
139,900
30,700
IS,600
39,200
66,000
45,400
44,700
963,800
15 July 16
Contracts
on
.37
.06
.43
.30
.44
St. Mid
Good Mid
March..
May
♦Good Ord
Inactive months—
200
September, 1940
.43 off
Total all futures
♦St. Good Ord.. 1.55 off 1.47 off 1.42 off 1.74 off 1.70 off 1.60 off 1.58 off 1.54 off
2.12 off 2.02 off 1.99 off 2.24 off 2.21 off 2.14 off 2.12 off 2.10 off
Open
♦Good Ord
New Orleans
Spotted—
.08
Good Mid
.18
on
.27
on
.12 off
on
.03 off
.05
on
.11
on
.18
11 July 12 July 13 July
10 July
July
July 16
on
.02 off
.04 on
.08 off
.17 off
.12 on
.26 off
.02 on
.09 off
.43 off a.81 off a.73 oil «.64 off a.59 off a.53 off
.52 off
.62 off
♦St. Low Mid... 1.26 off 1.18 off 1.12 off 1.45 off 1.40 off 1.31 off 1.29 off 1.23 off
•
Low Mid
1.90 off 1.85 off 1.82 off 2.08 off 2.07 off 2.00 off 1.98 off 1.95 off
St. Mid
Mid
.36 off *.70 off *.66 oil *.58 off *.54 off *.48 off
.44 off
.52 off
.72 off
.65 off
.58 off *.91 off *.87 off *.79 off *.76 off *.70 off
1.29 off 1.26 off 1.23 off 1.48 off 1.46 oil 1.42 off 1.41 off 1.38 off
St. Mid
♦Mid
♦St. Low Mid
—
Low Mid
1.84 off 1.82 off 1.81 off 2.03 off 2.02 oil 1.99 off 1.99 off 1.98 off
2.34 off 2.34 off 2.33 off 2.53 off 2.53 oil 2.52 off 2.52 off 2.51 off
.90 off *1.23off *1.20 off *1.11 Off *1.08 off *1.01 Off
.97 off
1.04 off
♦St. Mid
1.40 off 1.39 off 1.36 off 1.58 off 1.58 off 1.56 off 1.55 off 1.54 off
1.89 off 1.89 off 1.88 off 2.07 off 2.07 off 2.07 off 2.07 off 2.06 off
♦Mid
Good Mid
.62 off
.55 off
.45 off *.81 off *.76 off ♦.68 off .*64 off *.56 off
St. Mid
.77 off
.70 off
.60 off
.96 off
.92 off
.83 off
.78 off
deliverable
on
contract,
future
a
Middling spotted shall be tenderable
only when and If the Secretary of Agriculture establishes a type for such grade.
New York
10.29c.
1932
9.49c.
1931
8.88c.
-12.14c.
1930
...
1937
--
...
1938
—
...
1939
—
...
1936
1929
..13.12c.
1935
1928
12.25c.
1926
1933
.-10.10c.
1925
—
—
—.
Quotations for 32 Years
5.75c.
1924
9.40c.
1923
13.15c.
1922
19.45c.
1921
...
...
.—
...
...
1927
13.15c.
—.
...
1934
5~400
2,750
...
...21.10c.
—
...
...
...33.40c.
1916
...28.50c.
1915
...22.10c.
1914
...12.85c.
1913
...
...
...
...
1918
.—24.25c.
1917
.35:65c.
1911
...33.50c.
1910
...26.40c.
1909
...
—
...
...12.95c.
9.25c.
...13.25c.
...
Saturday
July 13
..
...
Monday
Tuesday
July 15
July 16
100
350
300
50
400
900
1,050
30,700
750
250
800
450
22,450
200
50
5,400
3,700
1,600
4,250
14,300
100
July
13,500'
*
...
Wednesday
July 17
Thursday
July 18
9.68- 9.74
9.36- 9.68
Closing
.74 n
contracts,
none,
a
Includes
9.72
9.58
—
At the Interior Towns, the movement, that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
detail below:
Movement to July 19, 1940
Towns
Friday
July 19
9.36- 9.75
902
Ala., Blrm'am
51
Eufaula
644
9.79a
9.66a
9.58a
9.48a
9.43n
9.45a
9.51a
9.43a
9.33a
9.37- 9.45
9.42- 9.53
9.43-
9.32- 9.42
9.32-
9.45
9.51
9.43
9.33
9.33
Closing.
43 n
9.44
—
—
9.51
-
—
9.36
Nov.—
21
171.787
32,385
1,149
102,508
576
28,694
""2
39,000
68
33,704
122
60,429
538
"901
30,660
91
71,109
138
126
Bluff.
41,149
9,300
115,345
39,059
142,878
1,033
63,007
156
Rock
1,059
""id
1,891
177,872
176,090
77
293
39,836
113,915
503
~142
40,198
138,907
1,043
11
48,622
367
10,102
142
14,356
344
36,741
97,436
8
2,492
31,914
131,712
3,021
2,937
114,070
2,023
135,843
3,348
29,600
200
13,800
700
"543
26,457
35,976
44
28,975
l"l96
168,839
23,054
1,238
1,044
30,622
27,929
2,727
115
208
243,462
688
48,468
34.320
176
12,183
Natchez
35
12,230
397
Columbus..
26-
Closing
30
9.30
-
9.44a
9.37a
9.26a
9.26a
9.23- 9.32
9.30-
9.32
9.38- 9.39
—
9.41
9.32- 9.39
9.19- 9.32
9.19- 9.23
9.32
9.20
9.20
—
—
Jan. (1941)
16- 9.16
.
Closing.
9.17-
20ra
9.22
9.22
9.20- 9.30
9.10- 9.12
33,545
4,179
20
136
12,809
48,194
711
29,379
17
45,765
698
2*845
403,757
3,050
4,396
2,841
202,419
2,929
2,693
20
5,279
180
1,313
33
6,847
313
1,954
335,240
1,868
132.788
28,817 3570,080
2,554
1,788
160,978
69,721
503,980
135
339,724
1,356
1,178
104,326
21,629 2091,982
22,003
28,565
254,508
56,913
561,297
12,484
9.17n
9.10a
9.09a
15 towns •_
9.15a
9.05a
9.04a
S. C., Gr'ville
Tenn., Mem's
Texas, Abilene
132
37,162
26,954
Austin
9,446
9.05- 9.12
9.09- 9.20
9.08- 9.18
9.00- 9.09
9.00- 9.03
Brenham
09a
9.12
9.17
8.08
9.01a
8.99a
Dallas
Paris......
76,246
8.92a
8.90a
—
April—
"231
17
15,771
2,253
1,381
1,083
""7
8
3,361
12
14,986
24
116
46,360
481
"16
31,658
22,289
2,475
38,684
38,590
53,068
—
29,497
25
7,422
06- 9.09
Closing.
—
7,9 4
Oklahoma—
Range..
15,587
Range..
.89-
Closing
9.03 a
.91
8.93
9.08a
8.99a
8.88- 8.91
8.91- 9.02
8.91- 9.00
8.84- 8.91
8.83- 8.85
8.94a
8.99a
8.91
8.84
65,003
71
6,518
559
41
680
4,406
26
36
37.321
1,078
21,187
12,859
6,520
13,375
5
San Marcos
Texarkana.
9.00a
194
Robs town..
Range..
.
21
723
Yazoo City.
Mo., St. Louis
9.22 a
Mar.—
Closing.
May—
1,547
61,621
20,217
15,577
15,983
39.942
9.28a
Range..
9.14n
"447
24,778
32,515
75,143
38,288
32,984
7,333
28,161
9.22a
—
Feb.—
_
799
"175
86,762
146,517
30,297
204,799
N.C., Gr'boro
9.38a
Dec.—
Range..
54,050
46,536
34,219
131,440
38,388
99,884
39,445
12,577
26,208
75,971
121,794
32,200
Vlcksburg..
Range.
9.36a
310
16,952
109,221
La., Shrevep't
Miss., Clarksd
194
8
16,801
"568
19,392
4,791
4~456
17,900
339
624
39,036
117,245
20,658
61,036
31,085
40,244
300
14,482
23,256
553
15,425
3*668
Greenwood
Closing.
51.366
67,617
154,763
48,201
47,933
3
Jackson
39-
23
"724
Macon
Range..
1*131
132,030
74,905
48,466
Columbus..
Oct.—
88,360
45,072
72,967
70
Rome
9.33n
Range..
21,537
9,454
256
838
—--\
21
953
14,405
6,536
249
Augusta
9.48a
July
16,701
Ark., Blythev.
Forest City
Ga., Albany..
9.79re
Stocks
Week
70,267
Atlanta....
9.91a
Season
29,495
Athens
Closing
53.319
Receipts
Week
100
Walnut Rge
.
19
Ship¬
ments
July
Week
1,569
Newport
—
Aug.—
Range
Season
Stocks
ments
Little
9.82- 9.83 10.18-10.22
10.04a
Movement to July 21, 1939
Ship¬
Receipts
Pine
.04 n
1.800 bales against which notices have been Issued,
...12.30c.
{new)
.04-10.04
0
leaving net open contracts, none.
...16.00c.
(old)
.71- 9.75
350
159,40,
Includes 6,300 bales against which notices have been Issued, leaving net open
Hope
Jone8boro_.
Range..
Closing
43,250
250
Helena-
.
56,650
2,000
.-.13.45c.
July (1940)
Closing
Sept.—
9,000
1,350
1,650
Selma
Closing
1,250
400
2,600
Montgom'y
Range.
900
1,150
...12.40c.
highest, lowest and closing prices at New
York for the past week have been as follows:
.
1,150
May
...12.80c.
1912
1919
18.80c.
...
...
1920-....43.00c.
18.30c.
...
„.
Futures—The
Range.
3,400
1,400
January
Week
July
4,950
1941—
.71 off
1.29 off 1.22 off 1.17 off 1.47 off 1.43 off 1.36 off, 1.33 off 1.30 off
♦Mid
1940
New
December
Total all futures
Gray—
Not
1,900
100
March
Yellow Stalnedr
Good Mid
♦
150
250
950
New
October—Old.
Tinged—
Good Mid
*
1940—
July—Old..--
234
1,937
34,922
"*34
28,347
56,081
655
17.367
8.82a
—
June—
109
Waco..
Total,56towns
Range..
*
Closing.
July—
8.62n
56,921
12
44,396 6734,324
66,253
2013,138!
40,418 4824,608
58,448 244 4,44
Includes the combined totals of 15 towns In Oklahoma.
The
Range-
Closing.
862
above
decreased
totals
show
that
the
during the week 21,857
431,308 bales
more
than at the
interior
same
stocks
have
and are tonight
period last year. The
bales
Volume
The Commercial & Financial Chronicle
151
receipts of all the towns have been 3,978 bales
jn
the
same
week last
The Visible
Supply of Cotton—Due to
visible
obliged to omit
Saturday
July 13
follows:
i,
Tuesday
July 15
Wednesday
July 17
July 16
Thursday
9.46
Monday
table of the
usual
our
as
conditions
war
permitted to be sent from abroad.
not
are
therefore
are
closing quotations
leading contracts in the New Orleans cotton market for
for
the past week have been
cotton statistics
We
than
more
year.
441
New Orleans Contract Market—The
—
£.37
—
9.34
9.33
—
9.25
—
9.21
July 18
Friday
July 19
1940—
supply
of cotton and
Alexandria and the spot
July 19—
1940
Middling upland, Liverpool
Egypt, good Giza, Liverpool.
Peruvian Tanguis, g'd fair, L'pool
...
1937
1938
99,000
5.06d.
6.60d.
~6.01d~
7~.83d"
May
4.13d.
5.69d.
January
4.20d.
4.14d.
5.59d
convenience
—
9.58
9.796
9.47
—
9.34
—
9.53
9.406-9.41a
...
9.256-9.27a 9.326-9.34a 9.256-9.27a 9.176-9.19a 9.136-9.15a
9.106-9.12a 9.156-9.17a
9.116-9.12a 9.046-9.05a 9.016-9.03a
9.22
9.196
8.936-8.95a
8.99
—
9.056-9.07a 8.946-8.96a 8.876-8.88a
8.85
8.746-8.79a 8.706-8.73a 8.666-8.68a
Spot
Old futures
the spot
on
Asked.
reader
6 Bid.
Quiet
Steady
Steady
n
Quiet
Quiet
Steady
Steady
Steady
Quiet.
Steady.
Steady.
Steady
Steady.
Steady.
Quiet.
Nominal.
each day during the
indicated in the following statement.
of the
Quiet
Steady
Steady
New fut'es
a
For the
9.756
—
Tone—
fi.lod.
are
9.45
1941—
March
4
super¬
The total sales of cotton
9.78 b
July
7.15d.
4.93d.
4.05d.
__
December. 9.316-9.32a
324,000
222,000
5.23d.
Market and Sales at New York
week at New York
..
9.826
October
1939
218.000
7.83d.
12.50d.
6.32d.
8.38d.
July old
New
prices at Liverpool:
Stock in Alexandria, Egypt
Broach, fine, Liverpool
C. P. Oomra, No. 1 staple,
fine, Liverpool....
the stock at
give only
can
the
also show how
we
market for spot and futures closed on the same
Census Report
Bureau issued its
days:
Cotton Consumed and
on
on
Hand,
&c., in June—Under date of July 13, 1940, the Census
report showing cotton consumed in the
United States, cotton on hand, active cotton spindles, and
New
Old
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Contract
Spot
1
1
I
1
1
1
!
i",66o
i",66o
200
200
"300
"366
~'mmm
1,500
1,500
110,231
102,300
12,100 212,531
>>i.
1 *1
Total week
'
Since Aug. 1
1
1
1
1
1
1
1
It will be
lint and
12,100
with the
that
there is
a
decrease of 21,907 bales of
increase of 5,555 bales of linters when compared
previous
year.
COTTON
The following is the statement:
CONSUMED, ON HAND, IMPORTED AND
EXPORTED, AND ACTIVE COTTON SPINDLES
Nominal
Nominal
Steady.
Steady.
Steady...
Steady.
Steady.
Steady.
Nominal
Nominal
Nominal
(Cotton lu running bales, counting round as half bales, except foreign, which Is In
500-pound bales)
Steady
Steady
Steady
Steady
Steady
Steady
_.
_.
Nominal
Friday
seen
an
JUNE REPORT OF
New
Old
_
May, 1940, and
578,436 bales of lint and 73,699 bales of linters in June, 1939.
Futures Markets Closed
WednesdayThursday
compared with 636,467
bales of lint and 92,052 bales of linters in
Spot Market Closed
Saturday
Monday
Tuesday
Cotton consumed amounted to 556,529 bales of
1
1
and 1939.
lint and 79,254 bales of linters, as
1
1
imports and exports of cotton for the month of June, 1940,
New
Old
New
Old
_.
Cotton Consumed
Cotton
Hand
on
June 30
During—
Cotton
Eleven
In Con¬
In Public
Months
Year
suming
Storage
Ended
Overland Movement for the Week and Since Aug. 1—
at Com¬
Establish¬ &
Spindles
Active
During
give below
statement showing the overland movement
for the weekend since Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week and since
years are as
July 19—
Shipped—
1938-39
Since
Week
Via St. Louis
June
(Bales)
(.Bales)
(Bales)
(Number)
Since
Aug. 1
Week
Aug. 1
h
h
2,929
2,100
327
h
h
100
180
h
100
h
h
All other States
h
h
Island-—
-
Via Virginia points—
Via other routes, &—
4,236
h
10,317
h
20,030
h
15,962
1940 480,069 6,099,797
1939 489,135 5,367,737
1940
60,724
846,508
1939
72,566
795,845
1940
15,736
201,419
1939
16,735
173,491
903,100 9,511.625 16,826,186
825,949 11,910,928 16,380,676
203,907
51,304 4,512,164
33,907 4,762,014
154,926
53,018
9,213
604,398
3,957
628,620
39,734
Included Above—
1940
1940
3,994
3,919
5,446
50,077
49,935
69,084
1939
6,346
62,770
1940
1,359
2,209
19,338
17,015
9,638
1939
8,894
3,928
3,831
1940
Egyptian cotton
79,254
73,699
976,255
777,058
402,811
300,575
100,049
1939
h
3,555
7,098
Total gross overland
h
9,572,142 21,942,748
1939 578,436 6,337,073 1,020,609 11,948,792 21,771,310
New England States
3,050
a2,000
&c
Via Louisville
Other foreign cotton
Amer.-Egyptian cotton.
Deduct
presses
1940 556,529 7,147,724 1,160,025
United States.
Cotton-growing States...
follows:
1939-40
Via Rock
ments
a
Aug. 1 in the last two
Via Mounds,
June 30
(Bales
We
June
7,702
33,710
22,162
4,439,
25,103
25,803
24,387
24,703
Not Included Above—
Shipments—
Overland to N. Y., Boston, &c—
h
1,109
188
h
203
h
h
9,041
h
12,239
h
10,338
h
12,997
h
9,692
h
2,965
h
Between interior towns
Inland, &c.,from South
555
Linters
1939
83,509
Imports of Foreign Cotton
Total to be deducted—
Leaving total net overland *
>
(500-pound Bales)
11 Mos. Ended June 30
June
*
Country of Production
Including movement by rail to Canada,
h We withhold the totals
Aug. 1 so as to allow for proper adjustment at end of crop year.
1940
since
a
1940
1939
Estimated.
1939-40
In Sight and
Spinners'
Week
Aug. 1
9,692
July 19.108,000
h
h
h
58,075
2,965
120,000
h
h
137,573
*21,857
h
h
181,040
*18,030
h
h
Week
19,881
Receipts at ports to July 19
Net overland to July 19
Southern consumption to
-
Since
Interior stocks in
excess..
of Southern mill takings
consumption to June 1
Came into sight during week—_115,716
Total in sight July 19—
h
h
163,010
North spinn's'takings to July 19-
h
8,304
over
1939
44,732
992
470
25.620
35
103
-
6,093
650
70,910
1,970
20,014
40,429
2,675
12.374
All other
12*184
423
British India
749
5,224
Mexico
11,824
149,860
133,940
h
h
Excess
63,804
China
Total
Total marketed
4,234
1938-39
Since
Aug. 1
Takings
6,530
63
Egypt
Linters imported during
10
months
ended May 31, 1940, amounted to 55,449,
equivalent 500-pound bales.
Exports of Domestic Cotton—Excluding Linters
h
(Running Bales—See Note for Linters)
34,831
h
h We withhold the totals since Aug. 1
proper adjustment at the end of the crop year.
*
h
Decrease,
so
as
to allow
1940
for
United Kingdom
Week Ended
"2", 100
Belgium
Other Europe
"21104
34,503
3,330
39,791
7,167
Saturday
Monday
\
Tuesday
Wednesday
C!hlna
Thursday
Canada
Friday
July 19
K
15-16
V%
15-16.
in.
m.
In.
In.
%
| In.
15-16
Vs
in.
In.
15-16
In.
All other
%
15-16
%
In.
9.85
New Orleans. 10.50
10.33
Mobile
Savannah
10.38
Norfolk
10.30
Montgomery
10.30
Augusta
11.30
Memphis
10.30
Houston
9.75
Little Rock- 10.05
Dallas..
9.471
.05! 9.87 10.071 9.86 10.06
In.
9.78
9.981 9 .63 9.83 9.63 9.83
.7010.60 10.7010.40 10.6010.40
10.60,10 .30 10.50 10.30 10.50
.43110.35 10.4510.41 10.51 10.33 10.4310 .23 10.33 10.23
53:10.40 10.5510.46 10.61 10.38 10.5310 .28 10.43 10 28
4510.30 10.4510.35 10.5010.30 10.4510 .20 10.35 10.20
,4010.30 10.4010.30 10.4010.30 10.4010 .30 10.40 10.30
New York Wool
10.35
Top Exchange—At
meeting of the Board of Governors of the New York Wool
Top Exchange held on July 18, Samuel Lewis Hutcheson of
New York City, was elected to membership.
Mr. Hutcheson
is Vice-President of the Peerless Woolen
6,054,961
3,220,309
1,578
24,049
261,030
306,636
15,870
85,816
595,460
845,523
84,123
214,886
82,279
Note—Linters exported, not Included above were 35,839 bales during June in
Mills, who
1940
14,751 bales in 1939; 325,365 bales for 11 months ended June 30, 1940 and
193,234 bales in 1939.
The distribution for June, 1940 follows:
Italy, 1,267; Spain, 1 722; Canada, 785; Panama, 16; Japan, 103.
WORLD
10.43
10.40
a
facture woolens.
113,634
2,222
15,294
28,000
335,131
France, 31,946;
10.33
,4511.30 11.4511.36 11.5111.28 11.4311 .18 11.33 11.18 11.33
.50,10.30 10.5010.30 10.5010.30 10.5010.30 10 50 10.30 10.50
,95! 9.75 9.95; 9.80 10.00 9.70 9.90 9.601 9.80 9 60 9.80
3510.05 10.3510.05 10.3510.05 10.35 10.05 10.35 10.05 10.35
67i 9.49 9.69i 9.54 9.741 9.46 9.66 9.36' 9.56 9.36
9 56
New Member of
5,276
3,234
15-16
In.
and
Galveston
133,630
Total
In.
393,555
9,253
14,575
300
Spain
1939
1,847,016
724,025
542,400
18,992
270,459
199,899
573,400
872,111
405,800
392,275
208,584
9,853
6,540
Italy
Germany
Japan
on—
1940
1939
26,055
11,874
France
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern principal cotton markets for each day of the week:
Closing Quotations for Middling Cotton
11 Mos. End. June 30
June
Country to Which Exported
h
manu¬
STATISTICS
estimated world's production of commercial cotton, exclusive of
linters, grown in 1939 as compiled from various sources was 27,987,000
bales, counting American in running bales and foreign in bales of 478
pounds lint, wnile the consumption of cotton (exclusive of linters in the
United States) for the year ended July 31, 1939, was 27,748,000 bales.
The total number of spinning cotton spindles, both active and idle, is about
The
145,000,000.
Census
Report
of
Cottonseed
Oil
Production—On
July 12 the Bureau of the Census issued the following state¬
ment showing cottonseed received, crushed, and on hand,
and cottonseed products manufactured, shipped out, on
hand, and exported for the 11 months ended with June,
1240 and 1939:
The Commercial & Financial Chronicle
442
AND ON HAND (TONS)
COTTON SEED RECEIVED, CRUSHED,
Crushed
Aug. 1 to June 30
Aug. 1 to June 30
1940
1939
1940
1939
200,790
309,375
211,010
Arizona............
81,874
91,743
Arkansas—
89,119
455,391
458,127
California
165,521
158,915
449,001
166,488
Georgia
384,421
364.977
396,947
Louisiana
220,964
186,403
220,250
307,873
81,294
469,627
170,600
364,599
191,869
Mississippi
624,433
664,296
629,921
669.819
167,216
Oklahoma
153,8.50
Texas
179,654
236.874
355,849
336,342
910,171 1,026,807
All other States
108,164
163,931
153,673
180,447
237,292
359,672
331,616
948,902 1,170,47.3
102,724
108,717
178,522
South Carolina...
150,346
181,143
143,837
North Carolina......
Tennessee
*
Includes
none
3,071
8,722
May
3.
35,572
16,498
24,610 2411.420 2757,237 2263,791
NO
Nil
10,445
41,104
10,724
NU
Nil
10,029
10.
Nil
3,906
Nil
Nil
Nil
......
15,672
1,665
1,261
16,305
4,534
416
36,275
974
1,286
1,049
482
759
8,787
7,662
16,337
37,407
125
2,492
MANUFACTURED, SHIPPED OUT, AND ON
Produced
Cake
and meal,
tons
Hulls, tons
Llnters, running
bales
Hull
fiber,
1b,
Shipped Out
Aug. 1 to
Aug. 1 to
June 30
June 30
On Hand
June 30
*65,392,844
1939-40
*72,066,763 1,311,251,475 1,338,904,131
1938-39
33,833,717 1,386,791,764 1,330,350,169
1939-40 a560,035,317 &1242 088,238
1938-39
487,927,952 1,254,947,861
1,871,837
1,862,625
119,718
1939-40
2,053,987
1,990,222
214,611
1938-39
1,086,758
77,087
1,043,027
1939-40
1,179,265
1,142,908
133,153
1938-39
1,362,258
1,063,044
479,316
1939-40
1,006,122
1,095,115
457,464
1938-39
Reflned oil, lbs.
16.953
9.324
NU
Nil
30,472
17,870
17,425 2256,647 2635,929 2167,685
Nil
NU
Nil
7.
27,624
16,177
20,069 2220,186 2600,639 2138,496
Nil
Nil
Nil
27,019 2190,925 2570,117 2119,305
24.113 2152,669 2541.961 2100,775
22,893 2100,527 2512,919 2081,164
3,658
NU
7,966
Nil
8,083
5,532
Nil
NU
17,684 2061,441 2490,599 2053,520
32,676 2034.995 2462,476 2024,282
43,92412013,138 2444,446 1997,556
Nil
4,043
17.
15,932
June
14.
32,919
23,331
21.
25,190
36,239
28.
40,690
26,909
27,653
26,363
12.
19,555
33,685
19.881
58,075
110,506
96,796
180,102
546,457
30,062
53,383
30,534
36,424
41,032
49,119
55,135
64,816
14,945
33,610
58,117
Includes 5,986,685 and
b Produced from
1,316,491,918 pounds of crude oil.
EXPORTS AND IMPORTS OF
COTTONSEED PRODUCTS FOR 10 MONTHS
ENDED
1940
1939
150,050
5,001,441
12,523,076
Exports—Oil, crude, pounds
OH, refined, pounds..
Cake and meal, tons of 2,000 pounds
Llnters, running bales
Imports—Oil, crude,* onunds
Oil, refined, * pounds..
Cake and meal, tons of 2,000 pounds
3,358,393
6,711
14,948
289,526
Since Aug.
1__
...
—
9,8~36~935
This
8,516
Telegraph—Telegraph advices to
portions of Texas.
Rain
Rainfall
Days
Inches
0.89
4
dry
dry
2
3
Christi.
0.11
0.23
0.02
1
dry
1
Fort Worth
0.02
2.73
6
Houston.
us
this
Weevil
—-—Thermometer—-—
High
Low
Mean
90
101
86
93
95
92
97
93
92
82
80
79
82
85
81
84
73
59
61
70
74
70
70
80
82
66
71
Kerrville
2
0.40
93
66
80
Lampasas
Luling.
Nacogdoches.
1
4
4
0.21
0.39
0.58
92
97
90
63
70
67
78
84
79
Huntsville
1
0.45
95
69
Paris
1
1.70
94
60
82
77
Taylor
3
0.61
95
94
97
61
61
39
78
78
68
Oklahoma—Oklahoma City
Smith
dry
dry
Arkansas—Fort
1
Shreveport
Mississippi—Meridian
Vicksburg.
94
69
93
71
82
0.17
4.35
96
92
90
70
67
64
83
80
77
dry
186,097
185,641
744,652
27,459
174,169
186,888
5~,800
707,276 10,750
1,000
28,664
242,798
2,600
168,742
582,746 15,900
48,069
1042,355 18,500 1096,997 17,550 1143,84q
Total exports
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended July 18 were
nil cantars and the foreign shipments nil bales.
Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Production is being curtailed moder¬
ately.
We give prices today below and leave those for
jjrevious weeks of this and last year for comparison.
1939
1949
8M
Alabama—Mobile
3
1.42
90
71
d.
3
4
2.48
1.72
87
91
61
69
74
80
32s Cop
Upl'ds
to Finest
s.
8)4
Middl'g
Common
ings,
Twist
Twist
d.
d.
d.
s.
Cotton
Shirt¬
Lbs.
Middl'g
Common
ings,
to Finest
d.
s.
Upl'ds
d.
8.
d.
Apr.
7)4
8.09
12
4)4@12
4)4@12
7H
8.07
8)4@
8)4@
12
4)4@12
7)4
8.18
14.74
12
4)4@12
14.08
11 10)4@12
7)4
1)4
8
9
8
7)4@
8H@ 9)4
19_.
14.75
12
26..
14.78
14.85
9)4
9)4
@
4.99
9
9 10)4
5.00
8 10)4@
9
1)4
5.28
8
9
1)4
May
10..
17
Nominal
31..
14.04
1110)4 @12
8.14
8)4®
1)4
9
9)4
10)4@
5.33
9
@93
5.54
Closed
Nominal
24..
8)4@
9)4
9
@93
5.48
Closed
8)4©
9)4
9
@93
5.49
7.42
@10
June
14.04
11 10)4@12
1)4
Closed
9)4@10)4
9
@93
5.77
14..
14.04
11 10)4 @12
5.76
12
4)4@12
7.82
9)4 @10
9
@10
@93
14.22
1)4
7)4
9
21..
9
@93
5.66
28-
14.06
12
6
@12
9
7.60
9
@10
9
@93
5.62
14.13
12
6
@12
9
7.82
9
@10
9
@93
5.61
@10
9
@93
5.52
7..
7.25
July
512-
14.25
12
6
@12
9
7.98
9
19—
14.19
12
6
@12
9
7.83
8)4@
Shipping
News—As
made up from mail
9)4
8 10)4@
3
9
on a previous page, the
United States the past week
The shipments in detail, as
and telegraphic reports,
are as
follows:
Bales
Bales
NEW
GALVESTON—
To
ORLEANS—
To Great Britain
3,547
Japan
14,446
To Japan
238
1,450 MOBILE—
To China
To South America
210
470
To Great Britain
NORFOLK—
HOUSTON—
To
3
1.07
96
71
84
0.04
110
69
90
To Great Britain
1
0.22
90
73
82
Tampa
2
5
0.93
93
2.49
93
71
70
82
82
Atlanta
4
0.84
86
64
75
Augusta
3
3.33
89
Macon
5
3.49
89
66
67
78
78
79
373
11,792
To South America
1
Pensacola
481
To Great Britain
3,931
Japan
Miami
5.23
shown
exports of cotton from the
have reached 36,938 bales.
80
Birmingham
MontgomeryFlorida—Jacksonville..
Cotton
Lbs. Shirt¬
82
0.94
2
2
Orleans
0.04
2
Little Rock
Louisiana—New
Since
Aug. 1
Note—A cantar is 99 lbs.
3__
Paso
This
Week
To America
42,438
activity complained of.
Corpus
Since
Aug. 1
4,314
evening indicate that cotton condition is poor in central,
El
This
Week
&c—
India.
To Manchester,
To Continent &
d.
Brenham
Since
Aug. 1
Exports (bales)—
To Liverpool
56.634,016
—
northeastern and extreme eastern
10,000
10,360,500
Week
32s Cop
Brownsville
2,000
7,896,708
This week
refined, "withdrawn
from warehouse for consumption," and 696,845 refined, "entered for warehouse."
Abilene
8,447,054
Receipts (cantars)—
178,483
55,449
Amarillo
1938-39
i8
July
Amounts for June not Included above are 275,000 pounds
Texas—Galveston
1937-38
1939-40
Alexandria, Egypt,
714,800
Llnters, bales of 500 pounds
by
and Shipments
Alexandria Receipts
Manchester
Returns
17,198
plantations since Aug. 1, 1939, are 6,847,665 bales;
in 1938-39 they were 4,450,676 bales, and in 1937-38 were
8,448,340 bales.
(2) That, although the receipts at the
outports the past week were 19,881 bales, the actual move¬
ment from plantations was nil bales, stock at interior towns
having increased 21,857 bales during the week.
MAY 31
Items
*
3.438
40,045
(1) That the total receipts
The above statement shows:
25,926
30,642
36,592
26.814,202 pounds held by refining and manufacturing
establishments and 13,594,470 and 13.745,690 pounds In transit to refiners and
consumers Aug. 1, 1939 and June 30. 1940, respectively.
a Includes 13,471,938 and 12,465,076 pounds held by refiners, brokers, agents and
warehousemen at places other than refineries and manufacturing establishments and
3,292,550 and 4,557,673 pounds in transit to manufacturers of shortening, oleo¬
margarine. soap, &c. Aug. 1, 1939 and June 30,1940, respectively.
*
5,562
Nil
1,610
24,931
1938-39
bales
Nil
33,356
1938-39
-
NU
from the
Grabbots, motes,
&c., 500-1b.
3,282
July
150,846
1939-40
bales.....
39,262
42,308
31.
89,095,648
0554,274,739
616,859,058
1939-40
600-
24.
19.
139,428
64,391
Nil
16.918 2360,407 2725,840 2237,238
17,042 2321.071 2692,155 2216,336
14.112 2288,087 2667,674 2194.843
5.
Aug. 1
Crude oil, Ibs...
13,710
30,687 2480,117 2831,695 2322,171
45,944 2454.769 2795,440 2289.937
On Hand
Season
14,040
Nil
12,397
HAND
Item
Nil
13,145
25,323
46,094
60,671
13,296
26.
seed destroyed at mills but not 120,626 and 337,118
37,478 and 72,031 reshlpped for 1940 and 1939, respectively.
COTTONSEED PRODUCTS
1938
1939
1940
13,463
695
and 5,508 tons
hand Aug, 1 nor
on
99,668
4,053,2.56 4,208,304 4,109,491 4,400,486
United States
1939
1938
1939
1940
1938
1939
1940
Apr.
19.
Alabama
......
End.
June 30
Slate
Receipts from Plantations
Stocks at Interior Towns
Receipts at Ports
Week
On Hand at Mills
Received at Mills♦
1940
July 20, 1940
Georgia—Savannah
South Carolina—Charleston__
North Carolina—Asheville
4
4.27
90
68
York
are
Foreign Cotton Statistics—Regulations due to the war
in Europe prohibit cotton statistics being sent from abroad.
We are therefore obliged to omit the following tables:
1
0.43
84
64
74
0.50
81
63
72
1
0.52
0.15
2.61
92
75
World's
89
58
69
79
88
66
69
India Cotton Movement from All Ports.
3
1.66
90
63
1
Raleigh.
Wilmington
Tennessee—Memphis
Chattanooga
0.05
90
62
77
76
2
4
Nashville
The following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
July 19, 1940
Feet
Above
zero
of gauge-
4.6
Liverpool Imports, Stocks, &c.
Liverpool—The tone of the Liverpool market for spots
week and the daily closing
and futures each dav of the past
prices of spot cotton have been as follows:
zero
of gauge-
7.3
Saturday
Spot
10.4
Nashville
Above
zero
of gauge.
12.1
Shreveport
Vicksburg
Above
Above
zero
of gauge.
of gauge.
12.7
zero
Wednesday
Thursday
Friday
9.4
12:15
9.5
3.8
;
Quiet
Quiet
Moderate
Market,
|
Mid. upl'ds
the
Quiet
demand
■
Quiet
P. M.
10.3
Plantations—The following
CLOSED
7.96d.
8.07d.
8.03d.
7.80d.
7.83d.
table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
f
j
I
to 3 pots,
opened
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
Market,
f
I.M.
1
Steady;
St'y; unch.
Futures
Market
Southern
Tuesday
Monday
4.3
Above
from
Supply and Takings of Cotton.
July 21, 1939
Feet
Orleans.,—
Memphis
Receipts
36,938
Freights—Current rates- for cotton from New
no longer quoted, as all quotations are open rates.
2
Charlotte
New
Total
Cotton
decline
6
to
8
pts.
decline
St'y; unch.
to
1
pt.
decline
Quiet;
2
to
3
Quiet:
pts. 3 to 4 pts.
decline
decline
Barely st'y; Q't but st'y Barely st'y
1 to 3 pts. 3 to 4 pts. 13 to 18 pts 2 pts. dec. 5 to 10 pts.
to 2 pt.adv.
advance
decline
decline
advance
Quiet;
Quiet*
Volume
The Commercial & Financial Chronicle
151
Prices of futures at
Sat.
July 13
Liverpool for each day
Mon.
Tues.
are
given below:
Fri.
Thur..
Wed.
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
July 19
New Contract
d.
d.
d.
dl
d.
d.
d.
d.
d.
d.
net
higher.
A 2c. advance in the price of December corn,
which represents the new crop, gave the entire grain market
a spurt of
strength just before the Hitler speech started today,
but quotations later eased fractionally from the session's
highs.
d.
443
than a cent, with some buying
High temperatures in the wheat and
belts attracted attention and purchasing by previous
short sellers accelerated the advance at times, but much of the
strength in the new crop corn contract was based on the fact
that it had been quoted at an abnormal discount below cash
grain prices in view of the country holding policy. Many
traders hastened to even up accounts pending the Hitler
speech, believing that the European situation holds the key
to the market action in the near future.
Open interest in
wheat tonight was 78,646,000 bushels.
Wheat
*
7.58
7.57
7.62
7.60
7.51
7.42
7.35
7.40
7.38
7.35
attributed to
October
*
7.26
7.26
7.31
7.29
7.21
7.13
7.07
7.12
7.08
7.04
December
*
January 1941..^
*
6.99
6.98
7.04
7.02
6.96
6.89
6.86
6.90
6.85
6.81
March
*
6.90
6.89
6.95
6.93
6.87
6.80
6 78
6.82
6.77
6.72
May
*
6.81
6.80
6.86
6.84
6.78
6.71
6.69
6.73
6.68
6.64
July
*
rose
more
corn
July
»
1940
...
Nominal.
-
-
7.03
6.93
7.06
6.71
6.75
...
6.64
6.62
6.85
6.94
6.59
* Closed.
.
BREADSTUFFS
Friday Night, July 19, 1940.
week has been relatively
inactive, this being due in no small measure to the dullness
in wheat futures.
Shipping instructions have been lunning
moderately heavy so far this week, especially to bakers, who
do a good summer business.
The contract shipments at
least keep most of the mills operating on a part time basis.
Wheat—On the 13th inst. prices closed unchanged to
3^c. higher.
The wheat market closed slightly higher today
for the first time in eight sessions after prices lost most of an
early gain ranging from % to %c.
Buying during the first
hour was based largely on absence of moisture in the spring
wheat belt and prospects of warmer weather, but the forecast
promised scattered rains in the Dakotas and Minnesota
over the week-end and normal precipitation and subnormal
temperatures next week.
After this was released prices
backed down and at one stage dipped slightly below the
Flour—The flour market the past
for the
{irevious close, Sept. Some Dec. contracts equalingwas asso¬
and late buying of wheat previous
ows
year.
ciated with flour business, with purchases by a large South¬
west bakery chain estimated at 200,000 barrels and an
Eastern baker reported to be in the market also.
The small
amount of new wheat sold
at terminal markets
also had
a
strengthening influence.
On the 15th inst. prices closed
Y± to yc. net lower.
Wheat prices rallied fractionally in
the late trading today, wiping out about half of the earlier
lc. a bushel decline that established the lowest quotations
chalked up on Board of Trade blackboards since last Sept.
1.
After dropping to 72yc. for July and 73c. for Sept.,
wheat closed at a net loss of y to yc.
Early selling came
largely from dealers who were hedging new wheat.
The
late
rally
was
associated with forecast of fair weather in
Minnesota, North Dakota and most of the Canadian belt,
together with
complaints from some Canadian dis¬
tricts.
Some buying also was credited to mills, possibly in
connection with flour sales.
Exporters reported 3,500,000
bushels
of
crop
Canadian
wheat
were
sold
to
Great
Britain.
Hedging pressure was not large, considering the amount of
grain arriving at terminals, it was said.
Omaha reports
said 70% of receipts went into storage.
On the 16th inst.
prices closed
to 2c. net higher.
Trading was active on
the advance, which was attributed to lighter hedge selling,
peace talk and a better tone in the stock market.
Wheat
futures made the most impressive show of strength in a fort¬
night today, skyrocketing as much as 2^c. a bushel and
closing virtually at the highs for the session.
At Minneapo-'
lis wheat also advanced \y to l%c. and Kansas City closed
IK to iy8c. up.
Winnipeg continued at the minimum
pegged levels, but Buenos Aires was strong on reports of
unwanted rains.
Wheat started around the previous clos¬
ing levels and began to advance immediately on moderate
buying by commission houses.
Unfavorable crop comment
from the spring wheat territory and absence of important
moisture in the Northwest overnight, contributed to the
firmness of the market.
On the 17th inst. prices closed
% to iyc. net lower.
A drop of more than a cent in wheat
prices today wiped out much of the advance scored yester¬
day and registered the market's reaction as a result of
mild profit-taking, hedging and selling based on overnight
rains with promise of more in the spring wheat M?.
Gov¬
ernment experts reported stem rust is expected to
j cause
considerable damage in east-central Kansas, but that damage
in the soft wheat belt has been less than expected.
Thatcher
wheat in the spring belt has only a trace, but moderately
heavy infection has developed in the few fields of susceptible
varieties
in territory examined.
Scattered profit-taking
accounted for some of the early easiness and traders continued
to watch the foreign situation closely in view of recent rumors
of another attempted peace maneuver.
Hedging sales were
moderate in volume.
prices closed y to yc. net lower. After
holding small net gains most of the session, wheat prices
drifted lower in the final hour today and closed at fractional
net losses for the session.
Hedging sales and forecast of con¬
tinued unsettled weather in parts of the spring wheat belt
accounted for most of the weakness, although the trade was
without life and in the absence of outside participation prices
were easily influenced by small transactions.
Experts here
pointed out continuation of showery weather with moderate
temperatures as necessary to prevent a further setback in the
crop.
Real July heat was turned on in the Dakotas yester¬
day. The official forecast indicated unsettled weather may
prevail over most of the South, with possible showers in some
localities.
The
Roosevelt renomination
had
no
apparent
PRICES
NEW YORK
OF WHEAT IN
Mori.
Tues.
Wed.
Sat.
DAILY
CLOSING
PRICES
July
September
111%
111%
85%
December
DAILY
CLOSING
When Made
Fri.
92%
FUTURES IN CHICAGO
Tues.
Wed.
Thurs. Fri.
73%
74%
73%
73%
74%
75%
76%
73%
75
74%
75%
72%
—
73%
75%
73
74%
FUTURES IN
Mon.
Tues.
Wed.
WINNIPEG
WHEAT
OF
Sat.
74%
76
When Made
July 15,1940
July 15,1940
July 15,1940
Season's Low and
I
Apr. 22, 1940 July
Apr. 18, 1940 September
May 27, 1940 December
PRICES
92%
Mon.
73^
75%
____
December
Season's High and
Thurs.
92%
WHEAT
OF
Sat.
73
July
September
93%
91%
91M
Thurs.
Fri.
July
October
December
73%
73%
73%
73%
73%
....
Corn—On the 13th inst. prices closed unchanged to yc.
Weakness of corn reflected increased receipts. Chicago
lower.
had 119
and 43,000 bushels were booked to arrive, but
cars
for the week
as a whole the 12 principal terminals received
only 3,739,000 bushels compared with 5,034,000 the previous
week.
This supply decrease occurred despite lowering of the
redemption rate on old loan corn, but dealers said there have
been signs the last 2 days of increased offerings from the
country due partly to improved moisture conditions.
On
the 15th inst. prices closed yc. to lyc. net higher.
Late
strength was attributed to short covering, apparently on the
part of previous sellers who did not wish to deliver corn on
July contracts. No. 1 yellow corn was quoted 3c. to 3}^c.
over the July future.
Prospects of showers over most of the
corn belt checked the advance of Dec. corn, the new crop
contract, and at one time in the session that contract sold at
a new low for the season of 533^0.
On the 16th inst. prices
closed
yc. lower to yc. higher.
The stronger trend in wheat
tended to steady corn after a fractional setback which carried
Dec. to within
yc. of the low for the season. More liberal
purchases to arrive and fair rains overnight in the main corn
belt put some weight on the market.
On the 17th inst. prices
closed yc. lower to yc. higher.
Corn prices were also
fractionally lower, although July contracts which are priced
more
than 3c. above Sept. deliveries, held about steady.
Offerings of corn from the country were light.
On the 18th inst. prices closed unchanged to yc. higher.
Although July corn was depressed by hedges against increased
purchases in the country, the deferred contracts advanced.
Pit brokers said part of this strength could be attributed
to the premiums being quoted for cash grain due to the loan
program.
No. 1 yellow sold at 64 to 653^c., about 6c.
over September and 11c. over December.
The initial trade
in May, 1941 corn was made at 57^c.
Local handlers
booked 125,000 bushels to arrive and received 160 cars.
Receipts at the twelve terminals totaled 1,023,000 bushels,
about double those of a week ago.
Today prices closed
yc. to 2yc. net higher. Corn received support today from
commercial interests whose demand for available supplies
has been fairly constant.
Also the rather large receipts of
corn
have been going directly to elevators.
Few if any
crop complaints have been received from the corn belt.
Open interest in corn tonight was 20,955,000 bushels.
DAILY
CLOSING
PRICES
OF CORN
Sat.
No. 2
yellow.._
78%
_
DAILY CLOSING PRICES
Mon.
80
IN
60%
573*
54%
July
September
December....
Mon.
61%
58%
54%
September
December
Wed.
Tues.
62%
58%
54%
Thurs.
80^
803*
Season's High
July.
YORK
NEW
Tues.
OF CORN FUTURES
Sat.
803*
Fri.
803*
CHICAGO
Thurs. Fri.
IN
Wed.
62%
58%
53%
and When Made
|
Season's Low and
6934
May 10, 1940 July
52%
70
May 15, 19401 September
52 %
60%
June 12, 19401 December
5334
62%
59
54%
63
603*
56%
When Made
Oct.
23,1939
May 18,1940
July 15,1940
Oats—On the 13th inst.
prices closed unchanged to yc.
oats were advanced yc., with
No. 2 white %c. over the July price for shipment by July
20.
On the 15th inst. prices closed yc. off to l/ic. up.
Trading was light.
No. 1 mixed heavy oats received from
central Illinois sold at 33c., or 3c. over the July price.
On
the 16th inst. prices closed y to yc. net higher.
Trading
was light, but the market was firm in sympathy with the
strong wheat market.
On the 17th inst. prices closed yc.
off to yc. up.
Trading was light and without feature.
On the 18th inst. prices closed yc. net lower.
Trading
was light and fluctuations
extremely narrow. Today prices
closed yc. to yc. net higher. While trading was not very
active, the market for oats futures was steady in sympathy
with the advanced in other grains.
Bids to arrive
DAILY CLOSING
July
September
December
on new
PRICES
In the absence of broad outside
speculative activity, wheat had difficulty holding on to small
gains and declined frequently. Today prices closed ^ to lc.
CLOSING
No. 2 red
off.
On the 18th inst.
effect, pit brokers said.
DAILY
mills.
—
OF OATS FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
303*
28 %
28%
30%
27%
28%
30%
28%
29%
31%
28%
29%
31
28%
29
31%
28%
2934
The Commercial & Financial Chronicle
444
!
Season's High and When Made
Season's Low and
July
Apr.
Apr.
19. 1940 July
19,1940 September
December
June
12, 1940 December
38%
September— 36
34%
30
July
July
July
27%
28 %
10, 1940
Mon.
Tues.
Wed.
Thurs.
Wheal
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
Exports from.—
15, 1940
15, 1940
New York
387,000
27,000
282,000
DAILY CLOSING PRICES OP OATS FUTURES IN WINNIPEG
Sat.
July 20, 1940
When Made
74,000
-
33%
33%
32%
31
28%
26%
October
December
....
28%
28%
28%
28%
28%
28%
New Orleans
33%
29%
27%
1,756,000
2,425,000
350,000
4,425,000
1,447,000
Total week 1939.
1,771,000
22,000
Since July 1, 1939
4,848,000
84,000
Rye—On the 13th inst. prices closed unchanged compared
previous finals.
Trading was light and without
feature.
On the 15th inst. prices closed unchanged to %c.
with
The
higher.
Trading was light and featureless.
On the 16th
inst. prices closed %e. net higher.
There was very little of
interest to the trading.
The market's undertone was steady
during most of the session.
On the 17th inst. prices closed
1 to 13^c. net lower.
With the wheat market lower and crop
and weather reports somewhat bearish, the rye market
ruled heavy during most of the session and closed at about
the lows of the day.
i>
On the 18th inst. prices closed l^c. to l^c. net lower.
Stop loss selling of rye, with Northwest interests active,
Today prices closed l>£c. net higher.
The market for this grain was active and strong, largely
weakened that market.
sympathy with the strength displayed in wheat and
in
markets.
Mon.
43 %
44 %
47
Season's High and When
76
—
76%
50%
|
Tues.
May
Wed.
Thurs.
Fri.
43%
45%
43 %
45%
47%
42^
41 %
44
43 %
44%
47%
46%
45%
48%
Season's Low and When Made
18, 1939 July
22, 1940 September
29 1940 December
Apr.
December.—
Made
Dec.
38
40
July
1, 1940
29,1940
June 29,1940
June
42%
PRICES OF RYE FUTURES IN WINNIPEG
DAILY CLOSING
Sat.
Mon.
43^
43%
October
December
-
Tues.
45 %
433*
July
Wed.
44%
45%
44^
Thurs.
44
44%
45
visible
supply
44%
45%
45%
46%
Sat.
Mon.
July
34%
October
December
35^
Tues.
Wed.
Thurs.
Fri.
34%
34%
34%
34%
35%
36
•
36%
36%
36%
36%
37%
Closing quotations were as follows:
FLOUR
Spring pat. high
protein..4.75
Spring patents.
4.90
Rye flour patents
._3.65< >3.75
Seminola, bl., bulk basis.5.45(
4.40(|4.60
-4.20 @4.40
Hard winter straights
Oats good
2,75
@
4.85@5.10
Nominal
Clears, first spring
Cornflour
2.40
.
.
Hard winter patents
Hard winter clears.
-
-
.
-
Coarse
Prices Withdrawn
Fancy pearl (new) Nos.
1.2-0.3-0.2
4.75@6.75
GRAIN
i Oats,
uam.
Wheat, New York—
,
92%'
82%
No. 2 white.
Rye, United States, c.i.f
Barley, New York
40 lbs. feeding
Chicago, cash
Corn, New York—
<
all rail
All the statements
212,000
396.000
stocks in
and
the
comprising
Corn
Oats
Bushels
United States
Bushels
Bushels
New York.—.i*..,..
128,000
Barley
Rye
Bushels
Bushels
26,000
82,000
126,000
2,000
80,000
8,000
156,000
ii'ooo
3,000
4,000
25,000
3,000
2,000
67,000
282,000
1,000
1,077,000
10,123,000
53,000
48,000
8"666
628,000
PhUadelphla."——II—
a
79,000
177,000
129,000
a
Baltimore
New Orleans
Galveston
Forth Worth...
Wichita
7,792,000
3,885.000
33,898,000
4,741,000
680,000
4,033,000
256,000
St. Joseph
Kansas City
Omaha
-
15,000
4,000
5,000
399,000
2,000
27,000
84,000
228,000
14,000
7,009
348,000
38,000
44,000
Chicago...
164,000
9,218,000
323,000
38:66")
2,000
1,140,606
afloat
On Lakes
si'.ooo
10,000
280,000
160,000
3,332,000
'
Peoria"
84,000
869,000
2,591,000
1,041,000
114,000
Indianapolis
6,000
"4,995,000
-
Hutchinson
318,000
199,000
.....
Milwaukee
334,000
15,048,000
18,937,000
Minneapolis
Duluth
377,000
1,748,000
2,530,000
3,115,000
92.000
394,000
40,000
Detroit
40,000
2,000
4,000
Buffalo
3,042,000
749,000
583,000
124,000
767,000
2,558,000
2,006.000
2,000
1,242,000
976,000
2,323,000
341,000
405,000
445,000
afloat
On Canal......
Total July
Total July
a
j
13, 1940..112,964,000 24,952,000
2,112,000
8,885,000
6,1940.- 95,242,000 25,774,000
2,704,000
9,004,000
150,000
578,000
4,832,000
5,033,000
Philadelphia also has 229,000 bushels, and Baltimore also has 189,000 bushels
of Australian wheat in store.
Note—Bonded grain not included above: Oats—Buffalo, 129,000 bushels; Buffalo
afloat, 85,000 bushels; total, 214,000 bushels, against 99,000 bushels In 1939. Barley
—New York, 272,000 bushels; Buffalo, 1,805,000; Baltimore, 491,000; Albany,
329,000; total, 2,897,000 bushels, against 160,000 bushels in 1939.
Wheat—New
York, 823,000 bushels; New York afloat, 214.000; Boston, 2,231,000; Philadelphia.
1,192,000; Baltimore, 1,084,000; Portland, 1,211,000; Chicago, 47,000; Buffalo,
5,286; Buffalo afloat, 345,000; Duluth, 2,732,000; Erie, 2,010,000; Albany, 5,437,000;
on Canal, 289,000; in transit—rail
(U. S.), 3,187,000; total. 26,088,000 bushels,
against 7,202,000 bushels in 1930.
Wheat
Corn
Bushels
Bushels
Lake, bay, river & seab'd 60,283,000
Ft. William &Pt. Arthur 71,818,000
Other Can. & other elev. 120,558,000
Total July 13,
Oats
Rye
Barley
Bushels
Bushels
Bushels
1,166,000
636,000
4,008,000
1940...252,659,000
.....
6, 1940...253.725,000
304,000
580,000
5,810,000
6,042,000
1,811,000
1,815,000
5,229,000
4,832,000
5,229,000
927,000
793,000
1,277,000
3,159,000
5,676,000
Summary—
80%
domestic
Manitoba No. l.f.o.b. N. Y
No. 2 red,c.i.f..
65,000
GRAIN STOCKS
Total July
New Yorkiont—
25,000
228,000
105,206
215,291
grain,
25,000
4,000
Wheat
Canadian—
Barley goods—
of
2,000
41,345
85,585
at principal points of accumulation at lake
seaboard ports Saturday, July 13, were as follows:
Fri.
CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
No. 2 yellow,
1, 1940
granary
"
DAILY
_
St. Louis
July
September
DecemberJuly
.
Sioux City
OF RYE FUTURES IN CHICAGO
Sat.
September
corn
/
CLOSING PRICES
DAILY
25,000
2,000
24~9~,666
Total week 1940.
Since July
33
28%
July
40,345
"l'.OOO
Fri.
45%
American
112,964,000 24,952,000
2,112,000
8,885,000
62
Canadian
252,659,000
5,810,000
1,811,000
13, 1940...365,623,000 24,952,000
6,1940.-348,967,000 25,774,000
7,922,000
8,746,000
57%
Total July
48-52N
Total July
below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
The world's
shipments of wheat and
10,696,000 10,061,000
10,865,000 10,994,000
corn, as
furnished by
Broomhall to the New York Produce Exchange for the week
ended
July 12 and since July 1, 1940, and July 1, 1939,
following:
are
shown in the
Wheat
of the last three years:
Corn
Week
Wheat
Flour
bbls 196 lbs
Chicago
—
bushr60 lbs
bush 32 lbs
1,093,000
516,000
100,000
16,000
46,000
69,000
27:660
28,000
190,000
No. Amer.
67,000
Black Sea.
74,000
2,000
Argentina.
Australia
112,000
83",000
Peoria
27,000
Kansas City
23,000
Omaha
Joseph.
97,000
64,000
80,000
2,000
145,000
22,000
2,000
14,503,000
2,512,000
1,985.000
527,000
25,000
152,000
12:666
20,000
"2:660
1,149,000
Tot. wk. '40
Same wk '39
Same wk '38
357,000
393,000
400.000
July 12,
July 1,
July 1,
1939
1940
1940
1939
Bushels
Bushels
Bushels
Bushels
Bushels
7,379,000
8,240,000
2,952,000
341,000
1,319,000
71,000
448,000
6,135,000
8,027,000
ssj'.ooo
1,902,000
8.922,000
4,194,000
216,000
2,726,000
197,000
3,326,000
.
India
Other
928,000
31,910,000
35,075,000
38,132,000
4,741,000
930,000
42,000
554,000
4,210,000
1,481,000
1,927,000
631,000
144,000
1,084,000
7,265,000
countries
376,000
880,000
1,400,000
309,000
592,000
1,319,000
7,512,000
14,842,000
23,945,000
1,631,000
3,813.000
10,509,000
26:666
mooo
Buffalo
July 1,
1940
Total...
67,000
26,000
Sioux City.
Since
July 1,
6,000
630,000
3,920,000
Wichita
Since
bush 56 lbs bush 48 lbs
2,000
26,000
Week
Bushels
Barley
4,586,000
303,000
Indianapolis
Louis..
609,000
8.000
Toledo
300,000
23,000
16", 000
Rye
341.000
269,000
Duluth
Milwaukee.
St.
bush 56 lbs
Oats
1,998,000
208,000
Minneapolis
St.
Corn
Since
1940
Receipts at—
Since
July 12,
Exports
1,000
300,000
1,000
525,000
Weather Report for the Week Ended July 17—The
gen¬
eral summary of the weather bulletin issued
by the Depart¬
ment of Agriculture,
indicating the influence of the weather
for the week ended July 17, follows:
At the beginning of the week pressure was
moderately low over the
Southeast and cloudy, unsettled, showery weather prevailed in most sections
from the
Since Aug. 1
21,116,000 414,052,000 238,779,000 90,820,000 29.120.000 110,008,000
22,029,000 424,682,000 267,840,000 103,670,000 26.812.0001 96,280,000
19,117,000 356,733,000 320,014,000 111,148.000 25.694.000' 95.497,000
1939
1938
1937
Total receipts
the week ended
of flour and grain at the seaboard ports for
Saturday, July 13, 1940, follow:
Mississippi Valley eastward.
Temperatures were moderate for
By the morning of the 12th an extensive "high" had overspread
Central-Northern States, attended by considerably cooler weather, and
during the fallowing few days it drifted slowly southeastward to the south
Atlantic coast by tne morning of the 15th.
Temperatures were generally
lower east of the Mississippi River and fair weather
prevailed, except that
the season.
the
showers continued in much of the South.
The
weekly
mean temperatures were decidedly below normal practically
over the eastern half of the country,
the relatively coolest
being in the Lake region, the Potomac, Ohio and lower Mississippi
valleys. In the western States warm weather persisted with another week of
abnormally high temperatures, ranging in some districts up to 10 degrees
everywhere
weather
Wheat
Corn
Oats
bbls 196 lbs
Receipts at—
Flour
bush 60 lbs
bush 56 lbs
bush 32 lbs
York.
134.000
63,000
141,000
Philadelphia
33,000
244,000
54,000
Baltimore..
17,000
115,000
57,000
12:660
NewOrl'ns*
19,000
63,000
Rye
12,000
New
"4",000
Galveston..
Montreal
48,000
Barley
bush 56 lbs bush 48 lbs
35,00
"LOOO
10:660
249",666
220,000
2,182,000
564,000
79,000
45,000
4.000
69,442,000
17,602,000
2,588,000
1,674,000
1,141,000
"4~,666
303,000
2,988,000
178,000
99,000
4,000
212,000
8,173,000
Week 1939.
60,895,000
12,057,000
2,479,000
456,000
2,830,000
Since Jan. 1
1939
♦
on
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
from the several seaboard ports for the week
Saturday, July 13, and since July 1, are shown in
The exports
ended
the annexed statement:
as
high
as
Northeast
and
Lake
90 degrees were reported during the week.
below 90 degrees. However, in the West
extremely high temperatures were
reported, the maxima being 100 degrees or higher throughout most of the
western Great Plains, in a
large northwest area, and in the far Southwest.
Los Angeles, Calif., reported 105 degrees, Amarillo,
Texas, 108 degrees, and
Phoenix, Ariz., 113 degrees.
Rainfall was again rather heavy in most of the southern
States, with
moderate to substantial amounts rather general in the Atlantic
area, Lake
region and Ohio and upper Mississippi valleys. In the Great Plains some
fairly good showers occurred in the north and extrems south, but in central
sections, especially central and western Kansas and some adjoining districts,
the amounts were light. Very little
precipitation occurred west of the Rocky
Since Jan. 1
1940
readings
1,000
6.775,000
Tot. wk. '40
no
Also there
3,000
17,000
Maximum temperatures were relatively low in the
region where
2,000
1,756.000
..
Boston
above normal.
was
a
considerable southeastern
area
where the maxima
were
Mountains.
Rainfall for the first half of July was considerably below normal in
nearly
all sections north of the cotton belt.
However, in southern States the
amounts continued heavy, ranging up to about twice the normal in
central
Gulf districts.
Some marked contrasts are shown for nearby localities.
For
example, Missouri had less than one-fifth of the normal amount, while the
adjoining State of Arkansas had about
also northwestern Texas
was
one
and
a
half times the normal;
extremely dry, while the north-central portion
Volume
The Commercial & Financial Chronicle
151
of the State had much more than normal rainfall.
The outstanding
districts were eastern Kansas, Missouri, Illinois, eastern Nebraska
northwestern Texas.
dry
and
An
outstanding feature of the week's weather in relation to agriculture
of frequent rains in much of the South, where farm
was delayed with fields
grassy and badly in need of cultivation.
These conditions were especially prominent in most of Georgia, Alabama,
Mississippi, Louisiana, and parts of Tennessee and Texas.
In the Ohio
Valley timely showers during the week were helpful, but in general cool
weather retarded the growth of warm weather crops in that area, as well
as in most other sections east of the Mississippi River.
In the interior of the country, while rainfall was mostly light and scat¬
tered, there is still sufficient moisture to maintain growth of cultivated
crops, though it is much too dry in the south-central Great Plains, while
pastures are needing rain rather generally throughout the interior, the
Northwest, and in most western sections.
work
There was unusually heavy wind and hail damage in the upper Missis¬
sippi Valley and some adjoining areas, especially in parts of Iowa, Wis¬
consin, southeastern Minnesota, and eastern South Dakota.
In Iowa
some 400 farms were devastated in
Shelby and Harrison Counties, neces¬
sitating the replanting to other crops of some 60,000 acres.
In Wisconsin
hailstones were reported 2]4 inches in diameter. From the Rocky Mountains
westward the continued heat has required heavy drafts on irrigation water
with dwindling supplies or shortages reported from many districts.
#
Small Grains—Winter wheat harvest made good progress quite gener¬
ally under favorable weather conditions, much of the week being ideal
for this work.
Cutting has advanced to lower Michigan and progressed
rapidly well toward the northern Great Plains.
Considerable threshing
was accomplished in southern portions of the belt.
In the spring wheat
region relatively low temperatures were favorable in the east, but hot, dry
weather was detrimental in the western portion of the belt, especially in
the Pacific Northwest.
In Minnesota, showers were helpful in the Red River Valley and the
outlook for the State is still rather favorable.
In North Dakota small
grains are many places; the weekly localities, of spring wheat showers with
elpful in good only in scattered progress although local was fair were
being cut for feed. In parts of South Dakota much is being cut partially
to prevent further insect damage.
In Montana and the Pacific
Northwest, spring wheat continued to deteriorate with considerable damage
in the latter area.
Reports on oats continued rather favorable generally.
some
green
Corn—In the eastern corn belt low temperature continued to retard
growth.
While rainfall was scanty in most of the principal producing
areas, soil moisture is still sufficient to maintain satisfactory growth, ex¬
cept in parts of the Southwest.
Progress of corn was very good rather
generally from the Mississippi Valley eastward and in the northern and
southern Great Plains.
However, in central Plains districts, particularly
Kansas, it is entirely too dry and the crop is suffering.
/
There was considerable hail and wind damage in the upper Mississippi
Valley.
Some tassels are showing in all parts of Iowa and tasseling is
becoming more general in the southern Ohio Valley.
While the corn crop
is not suffering materially as yet, except as noted locally in the West, a
good, general rain would be very helpful, while warmer weather is needed
in eastern districts.
the
belt
tinued wetness.
In Texas progress of cotton
and extreme eastern portions,
continued poor in the central, northeastern,
with weevil favored, and warmth and sun¬
was good to excellent.
In Oklahoma
advance was good rather generally, but the crop is late and many fields
continue weedy in southeastern and south-central counties.
In the central areas of the belt conditions were fairly satisfactory in the
extreme North to decidedly bad in all other sections.
Fields are very
weedy, plants are sappy, and continued cloudy, damp weather favored
weevil activity.
In the more eastern States the weather was somewhat
more favorable
because of lighter rainfall, but there was much cloudy
weather and high temperatures are needed.
needed;
The
elsewhere
weather
progress
bulletin furnished
the
following
resume
of
conditions in different States:
Virginia—Richmond: Cool; light rain in north, heavy in southeast and
Southeast truck excellent, but potatoes lightly tubered.
Tobacco
Peanuts good color.
Cotton knee high; needs warmth.
Apples damaged slightly by rains.
Peaches 7 to 10 days late.
Pastures
good to excellent.
Haying stopped by rain.
Tnreshing wheat and oats.
North Carolina—Raleigh: Progress of cotton poor account cloudiness
and cold nights; condition fairly good; moderately favorable for weevil
activity.
Moderately favorable for curing and harvesting tobacco; slight
hail damage to tobacco in central and northeast.
Progress of corn good
account adequate rain on 12-13tn.
Pastures good progress, but lack of
rain felt in mountains and extreme east.
Truck ano vegetables in Piedmont
central.
rapid growth.
excellent progress.
South Carolina—Columbia: Cloudy; frequent showers; too cool.
Weevil
activity favored.
Progress of cotton mostly fair; condition fairly good,
except sappy where too wet locally in east.
Other crops generally good
but need rain locally in north interior.
Shipping melons and
peaches.
Georgia—Atlanta: More rain needed in southeast; excessive to flooding
progress,
elsewhere.
Progress and condition of cotton mostly fairly good, but too
sappy; poor in northwest; heavy shedding in some south counties.
Condi¬
tion of corn good; progress mostly good, except deteriorated on low, poorly
drained land.
THE DRY GOODS TRADE
,
Pastures, pecans, sweet potatoes, and peanuts favored where
Too wet for ripening crops most areas.
Florida—Jacksonville: Favorable warmth; too much
soil sandy.
rain; soil too wet
Progress and condition of cotton fair; slight shedding; favorable
for weevil activity; blooming and squaring.
Corn maturing well.
Tobacco
being cured and prepared for market.
Citrus groves good; fruit sizing well.
to work.
Alabama—Montgomery: Too much rain daily since July 1.
Progress
of cotton poor; condition poor to locally fair; fields grassy, plants sappy;
fruitihg delayed and weather favorable for weevil activity.
Other crops
fair to good.
Pastures mostly too sappy.
Cattle fair to good.
Mississippi—Vicksburg: Nights too cold; cloudy; almost daily rain,
amounts heavy; local flooding.
Soil too wet to work; water standing in
fields; considerable bottom acreage overflowed; little farm work.
Weather
favorable for weevil activity ;cotton mostly deteriorating; fields grassy;
growth too rank; fruiting scantily; developing late.
Progress of corn
mostly poor.
Pastures mostly excellent progress.
Louisiana—New Orleans: Wet; cloudy; unfavorable for all crops.
Fields
grassy; much standing water; cultivation seriously delayed.
Progress of
cotton poor; fruiting slowly; slight shedding; very favorable for weevil
activity.
Old corn holding well; much youn corn damaged.
Truck and
gardens poor; some rotting in fields.
Rice fair to locally good progress
Pastures growing rapidly; too sappy for much food value.
Texas—Houston: Too much rain in northeast, central, and parts of
southwest; more needed locally in extreme south, ample elsewhere.
Winter
wheat harvest rapid progress in northwest, elsewhere delayed by rains;
some damage to shocked wheat by rain in north-central; condition in drier
west-central areas still poor; elsewhere condition fair to good.
Progress
of corn poor on lowlands in north and central. elsewhere excellent; condition
generally excellent, except lowlands where rather poor. M ost oats harvested
in good condition,
but some rain damage in central and north-central.
Progess of cotton poor in central, northeast, extreme east, and parts of
southwest where warm, dry weather needed, fields grassy, and conditions
favor insect activity; elsewhere progress good to excellent; average condition
fair in north, good in extreme west and southwest, and excellent on coastal
plains; crop fruiting well over most of south; picking increasing in extreme
south.
Ranges, cattle .and rice good condition.
Truck and gardens good
condition on coastal plains, poor in north, fair elsewhere.
Okalhoma—Oklahoma City: Favorable warmth; lack of rain felt in pan¬
handle and extreme west, but rain mostly ample elsewhere.
Grain com¬
bining about done; harvest near end, except some thresning in north third.
Progress of corn good; most tasseling or in roasting-ear stage; chinch bugs
general, but damage slight; condition good to very good.
Progress of cotton
mostly good; late and many fields weedy in southeast and south central
where some late abandoned; some grasshopper damage in southwest; condi¬
tion fair to good.
Broomcorn harvest rapid progress in Lindsay district.
Cutting third alfalfa crop.
Pastures, gardens, and minor crops mostly
divergent trends featured retail business during
the past week.
While sales in the metropolitan area re¬
flected the usual summer dullness, buying activities in the
industrial districts of the West, Middle West, and parts
of the South, where employment figures are registering
steady progress, continued at highly satisfactory levels.
Summar apparel lines and home furnishings attracted most
attention.
Department store sales, the country over, for
the week ended July 6, according to the Federal Reserve
Board, gained 7% over the corresponding week of last year.
In New York and Brooklyn stores the volume decreased
0.3%, and in Newark establishments the loss in sales
reached 12.0%.
Trading in the wholesale dry goods markets continued
to show moderate seasonal improvement, although it was
observed that buyers did not abandon their previous cautious
attitude, with many merchants preferring to await the out¬
come
good progress and condition, except fair in dry areas.
Arkansas—Little Rock: Growing conditions improved, except in extreme
soutn
of the Democratic National Convention
outlook
acetate
and southeast where too much rain.
Ground too wet to work in south;
in
the
as
well
as
a
division.
situation, before
making heavier purchases.
Prospects for an early broaden¬
ing of buying operations, notably on the part of whole¬
salers and retailers serving the industrial sections of the
country, were regarded as good, however, inasmuch as
inventories in general are believed to have been cut to normal
levels.
An improved call developed for towels, supplies
of which are said to have reached rather low proportions.
Prices throughout the market held steady.
Business in
silk goods remained slow, with transactions confined to
scattered orders for fall use.
Trading in rayon yarns con¬
tinued fairly active as weaving operations rebounded from
the holiday interruption.
With surplus yarn stocks re¬
maining at abnormally low levels, and with a seasonal
pickup in the flow of finished goods not far off, a tightening
of the yarn delivery situation is predicted, notably in the
European
war
Goods—Trading in the gray cloths
previous desultory fashion, although
late in the week interest shown by buyers appeared to be
on
the increase, chiefly due to the growing believe that
continued and intensified Government purchases for defense
uses will result in stimulating the demand by private in¬
terests.
Reports were also current that an increasing num¬
ber of inquiries for goods for export is reaching the market.
Notwithstanding the present slackness in actual sales
accounting for less than half of the current output, the
easiness in raw cotton values, and the extreme sluggishness
of other commodity and security markets, prices of most
constructions held fairly steady, reflecting the rather strong
Domestic
Cotton
markets continued in its
position of the mills with regard to their backlog of unfilled
orders.
Business in fine goods continued dull but prices
ruled firm as producers adhered to their previous policy
of adjusting the output to the current demand.
Specialty
and fancy cloths moved in fair volume.
Closing prices in
print cloths were as follows:
39-inch 80s, 6 He.; 39-inch
72-76s, 6Hc.f 39-inch 68-72s, 5M to 5He.; 38H-inch 64-60s,
4H to 4He.; 38H-inch 60-48s, 4He.
Woolen
very
very
New York, Friday Night, July 19, 1940
Rather
clearer
cotton
abnormally low temperatures continued,
while persistent, heavy rains were quite detrimental in many sections.
In the extreme East and parts of the more western belt, also locally in
north-central sections, progress of cotton was fairly satisfactory, but in
large areas from Georgia westward to beyond the Mississippi Valley con¬
ditions were decidedly unfavorable because of low temperatures and con¬
shine
reports of soil moisture badly depleted in north-central and northwest.
Progress of cotton failry good; bloom general; crop suffering more damage
in central and north.
Progress of
corn good; cultivating, except wnere soil too wet.
Rice retarded ih north
after previous cool weeK.
Oat threshing delayed in south; some rain
damage to oat shocks.
Shipments early peaches near end.
Tennessee—Nashville: Progress of cotton failry good; condition fair; plants
small; warmth needed; Dlooming begun.
Progress of corn good; condition
very good to excellent.
Too wet to harvest winter wheat; some damaged
in shock.
Progress and condition of tobacco and truck mostly good.
Hay
growing well; harvest delayed. Soil too wet to cultivate locally, but mostly
favorable.
Crops mostly clean.
Kentucky—Louisville: Moderate to heavy showers most areas helpful,
but too much locally in south.
Staple crops, gardens, and pastures im¬
proving.
Threshing and cutting second alfalfa fair progress; halted by rain
2 or 3 days.
Tobacco better growth; late much improved; cultivation
satisfactory.
Condition of corn very good; progress good first half, fair
last; too cool; early tasseling.
Moisture and moderate warmth favored
planting late potatoes.
Gardens better.
Pastures mostly improved, but
need more rain in west.
Cotton fair: needs warmth.
in southeast; chopping good advance
was the continuation
Cotton—In
445
some
Goods—Trading in men's wear fabrics registered
moderate improvement as clothing manufacturers showed
more interest in the new lines of lightwear material for next
a
summer.
Reorders
on
fall fabrics also reached the market
in increasing volume, indicative of the steady reduction of
available stocks in the hands of clothing manufacturers.
Recent gains in mill operations showed no abatement,
although it was admitted that current activities are largely
based on the heavy Government orders received in recent
months.
Reports from retail clothing centers were not
uniform, with industrial sections revealing sharply increased
sales whereas other districts experienced the customary
summer
slack.
Business in women's wear materials ex¬
panded perceptibly, with the demand for fall fabrics being
stimulated by the termination of labor troubles in the in¬
dustry.
Increased
buying
by
retail
merchants serving
industrial districts also helped to spur activities.
Foreign Dry Goods—Trading in linens continued to be
hampered bv the growing scarcity of the raw material as
well as finished goods, due to the unsettled supply situation
in foreign primary centers.
Business in burlap remained
quiet, but prices steadied slightly as a result of Calcutta
reports indicating that the enactment of the curtailment
program
had been advanced by one month.
Domestically
lightweights were quoted at 5.15c., heavies at 7.35c.
The
Commercial & Financial Chronicle
446
■
"
court to force the issuance.
Funds provided by the $2,138,000 delinquent tax bonds together with
other funds for relief purposes are expected to leave the city with a deficit
of about $304,000 for this year's relief program.
This is based on esti¬
mated expenditures of about $7,611,000 and estimated revenues including
the $2,138,000 of approximately $7,307,000.
Further, this deficit is based
on action of the Ohio Legislature in
reimbursing local governments with
Stifel, Nicolaus & Co,Inc.
40% of relief expenditures this year.
However, it is expected that this
figure may be boosted to 50%, the same as last year, thus enabling the
city to take care of the estimated deficit, currently expected to result from
Founded 1890
•
the 1940 relief program.
314 N. Broadway
•
DIRECT
ST.
WIRE
LOUIS
News Items
Kentucky—County Debt Problems Reviewed—A survey of
Kentucky's county debts, showing 73 of the States 120 total
or nearly so unless remedial steps
are taken, has just been released by James W. Martin, for¬
counties in debt trouble
mer
State commissioner of revenue, who is now
a
director
of the
University of Kentucky Bureau of Research, accord¬
ing to the "Wall Street Journal" of July 16.
The work,
compiled at the University of Kentucky by Messrs. George
Peake and J. E. Keeves, the former now at the University of Denver and
the latter at Columbia University, is contained in a 62-page booklet and
answers all the questions about Kentucky's perplexing county debt problem.
The study
shows the amount of outstanding debt or each class, that about
$9,250,000 is payable from the general 50-cent tax levy that almost twice
as much is payable from the special 20-cent road tax and only a little over
y2 of 1 % is an obligation of special levies outside of the constitutional limi¬
tations of 50 cents for general and 20 cents for road purposes.
Some attention is given in the report to possibilities of rearranging the
debt by refinancing.
There is no proposal of particular plans, but it is
found that if the maturities were rescheduled at existing interest rates over
30-year
a
period (floating debts over 20 years at 4%) 45 of the counties
obligations unless additional funds became avail¬
still could not meet their
able.
Oklahoma—Real Property Tax Sales Upheld—The State
Supreme Court cleared the way for uninterrupted tax resale
of many thousand pieces of real estate on which taxes are
delinquent in numerous Oklahoma counties by affirming a
decision from the Oklahoma County District Court
denying
an injunction which a
taxpayer sought to prevent the tax
resale.
The Supreme Court decision upheld validity of the tax resale law passed
by the 1939 legislature.
The high court ruled the law providing for the
resale of property purchased by a county at tax sales, does not violate
Section 53, Article 5, of the constitution, by permitting the resale of such
property for less than the amount of taxes, interest, penalties and costs
due thereon.
United
Federal
Tax reductions of $9,910,000 ordered by Legislature include repeal of
sales tax, reduction of automobile license to $3, 50% reduction of trucks
license, and repeal of social security employe tax.
New taxation includes
levies on tobacco, natural gas, liquor, oil and income.
Municipal
Bond Market Reviewed—Commenting on
municipal bond situation, Halsey, Stuart & Co., Inc.,
in its mid-year review of the municipal bond market states
that most of the ground lost in the recent price decline has
since been regained.
the
"The recent
more
drop in the price level," the review states, "was to some ex¬
apparent than real, for liquidation at the low point was com¬
minor and quotations were often nominal, actual offerings in
paratively
any quantity failing to appear with bona fide bids.
Reflecting some an¬
ticipation of demand for cash on the part of banks and large corporate
buyers to finance expansion of inventory or plant growing out of the Govern¬
ment defense program, there has been some contraction of
buying of short
maturities with resultant wider price fluctuations in this classification than
among longer term issues.
In part, this merely reflects the fact, however,
that short-terms, because of the long continued heavy demand for such
issues, achieved disproportionately high levels and were thus more vulner¬
ready new taxes
are in effect and additional levies in
prospect, the effects
hardly fail to increase the demand for tax exempt securities.
development resulting from the siphoning of a still larger per¬
centage of national income into government hands, for defense measures, is
likely to be, if not actual curtailment in municipal expenditures at least
no substantial additions,
with resulting continuance of the recently exist¬
ing inadequate supply of new municipal offerings.
of which
A
can
second
"To these factors must also be added the
unprecedented total of unem¬
reserves which because of the recently
prevailing uncertainties and
restrictions have been unable or
unwilling to find employment.
With the
new international
complexities, it seems
ployed
unlikely that this situation will
fact, it may be further aggravated.
Thus, so far as the
over-supply of funds against an undersupply of acceptable
investments is concerned, little relief
appears immediately in prospect.
be
relived—in
effects
of the
"Whatever may be the
long-range implications of the frightful destruc¬
tion of men and materials abroad—and it must
be admitted that regard¬
less of who wins, the further removed outlook is
disturbing—the fact re¬
mains that the near term results can
hardly be such as to change materially
the price structure of the
high-grade municipal bond market.
Whatever
change there may be may as easily be for the better, price-wise, as for the
worse.
With some reduction in new issues
probable, little reduction in
the existing volume of idle funds now in
sight, and increased taxes a cer¬
tainty, there appears good grounds for the
viewpoint that the price level
should at least be well maintained."
Ohio—Sale of
—Possibility of
Delinquent Tax Bonds for Relief Needs Upheld
recurrence
this
year
Cleveland similar to that of 1939, was
by
of a relief crisis in
believed to be averted
decision of the Ohio Supreme Court declaring valid a
authorizing issuance of delinquent tax bonds for poor
relief funds, according to a
dispatch from Cleveland to the
"Wall Street Journal" of July 19.
a
law
Specifically, the ruling of the State high court approved the issuance
by
of $2,138,000 in delinquent tax
bonds to aid in financing the
Cleveland
1940
relief
other
large Ohio cities
Thus
program.
as
well.
the
decision
of
the
court
is
important
to
Urged—A
Study of Local, State and
recommendation that a
among Federal, State and local governments has been made
in a report to the Municipal Finance Officers Association of
the United States and Canada
Governmental
Activities
and
by its Committee
on
Local
Revenues.
Upon completion of the study, recommendations should be submitted
for the improvement and coordination of the entire
governmental revenue
structure, according to a resolution adopted by the Association.
The
Association resolved also to ask President Roosevelt to
appoint an invest¬
committee,
which may include representatives of all three levels
of government.
In asking that such a
study be made, the committee said "the world is
radical readjustment and change in social and economic orders,"
"this country cannot hope to avoid the evil
consequences and
effects of such a change.
"It is evident that local governments, of and
by themselves, cannot work
out a solution of their fiscal problems," the
report said.
"Members of the
committee are firmly convinced of the
necessity and desirability of an
early and comprehensive appraisal of the taxation system of this country
and the development of a co-ordinated revenue
system which will give
recognition to the importance of local governments in our financial struc¬
facing
and
a
that
ture."
Comparing findings of its recent local revenue survey with one made
18 months ago, the committee said: "It
appears that there has
been no
marked improvement in the financial structure of local
government."
Replies to the latest survey "more or less uniformly indicate that there
no abatement or
lessening in local welfare burdens, that assessed
still continue to shrink, and that local tax rates still
display
has been
valuations
upward tendencies.
"Today, it is more evident than ever before that government must pro¬
vide for the shortcomings of our industrial and economic
systems," the re¬
port said, adding that "since the outbreak of the depression
municipalities
have embarked on social services which now form a considerable
portion
of every municipal
budget."
It is becoming more and more difficult to establish
any direct connection
between these social services, which in the main are a direct
benefit to
persons or individuals, and benefits to real
property, according to the report.
.
"Since
further
developments in
these
services
may
be
anticipated,
it
would seem desirable and
necessary to evolve a revenue system that will
distribute over all the citizens some portion of the cost of social services
that are a benefit to individuals irrespective of their
ownership of property,"
the report said.
"As to the owner or tenant of real property, it can be
argued fairly that he not only is making his own contribution but is
sharing
the
burden of others."
Recent
developments, the review continues
"events abroad have naturally been mirrored in the
price trend of the
municipal bond market.
In view of the unprecedented character of such
developments and the incalculable long-term results, it is impressive that
the market stood its
ground as firmly as it did.
That there were no wide
fluctuations and so little liquidation appears to reflect an
increasing im¬
munity to shocks on the part of American investors, likewise the growing
realization that whatever the outcome abroad, there is no safer medium
for the employment of surplus funds than
carefully chosen tax secured
obligations of American municipalities.
"Beyond the immediate repercussions of the war news, certain longer
range developments in the municipal bond market appear inevitable.
Al¬
war
Structures
study of tax structures be undertaken to de¬
termine what fiscal and functional
relationships should exist
able to
change."
Referring to the effects of the
States—Nation-Wide
Tax
nation-wide
igating
Louisiana—Legislature Completes Budget—The biennial
budget approved by Louisiana Legislature totals $153,500,^
000, compared to $168,000,000 in preceding biennium. New
budget makes provisions for payment of deficit of $10,000,000 incurred by preceding administration.
Gov. 8am H.
Jones in announcing budget figures said expenditures will
be several million dollars under appropriations.
tent
had the authority
legality of the action, G. A. Gesell, director of finance, refused to issue the
bonds, whereupon the city's Law Department brought suit in the high
Illinois & Missouri Bonds
CHICAGO
The litigation over the question of whether the city
> issue such bonds for relief purposes began when the
City Council author¬
ized the issuance of the bonds.
Following this move, and to test the
Specialists in
105 W. Adams St.
July 20, 1940
>
recommendations of
vincial Relations in Canada
the
were
Royal Commission on Dominion-Pro¬
by the committee report as indica¬
cited
tive of the type of tax structure revision under
consideration by the com¬
mittee.
The Canadian Commission was appointed to
investigate
the
various difficulties that had arisen in the
relations, economic or otherwise,
between the federal and
provincial governments, and to make recom¬
mendations with a view toward readjustments which would
eliminate these
difficulties
and make
for the smoother working
lationships in the future.
A few highlights of the Canadian
of inter-governmental re¬
commission's
report were: (1)
the
Government would assume entire
responsibility for unemploy¬
relief for employables; (2) provinces would withdraw from
income,
inheritance and corporation tax fields; (3) the Dominion would
respect the
remaining revenue sources of the provinces; (4) National adjustment grants
would be paid annually to
provinces according to need in order to maintain
national average services without excessive
taxation, and (5) the income
tax base should be broadened and the burden on lower
and middle brackets
Dominion
ment
increased, and there should be
a
progressive elimination of the sales tax.
The Committee report said such a
survey and study could well be made
in the United States because, "if the dire
happenings which appear immi¬
nent at this moment should actually come to
pass, our
structure would need considerable
revamping and
If the proposed study were made, the
existing economic
change."
report said, there would be avail¬
able through the committee's research
on
which
and studies facts
and
information
comprehensive and coordinated revenue system embracing
industry as well as government, and in line with world develop¬
ments, might be established.
a
business and
United
States
Housing
Issues Sold—Salomon Bros.
Authority—Local
& Hutzler and
a
Unit
group
Note
headed
by Chemical Bank & Trust Co., on July 17 were successful
bidders for the majority of $20,363,000 notes offered
by
local housing authorities, being awarded a total of
$16,853,000.
Syndicate headed by Chemical Bank purchased $8,193,000 at a price of
Issues purchased in their entiretity consisted of $5,000,000 Birm¬
ingham, Ala.; $750,000 Montgomery, Ala.; $823,000 Allegheny County,
Pa.; $270,000 Martinsburg, W. Va.; $800,000 Paducah, Ky., and $550,000 Phoenix, Ariz.
0.57 %.
Issues awarded to Salomon Bros. & Hutzler, which
aggregated $8,660,000, included $2,000,000 Cleveland/Ohio, at 0.53%, plus a premium of
$2; $4,325,000 Cleveland, Ohio, at 0.54, plus a premium of $2, and $2,335,000 Toledo, Ohio, at 0.54% plus a premium of $2.
An issue of $810,000 Camden, N. J. housing notes was awarded to the
Camden Trust Co. at 0.48, plus a premium of $1.30.
Detroit, Mich., sold a $1,200,000 housing loan to the Detroit Bank at
0.475 plus $2.
R. W. Pressprich was nigh bidder for $800,000 New Britain,
Conn., notes at 0.475. plus $3 and First Boston Corp. was awarded $700,000 Stamford, Conn, notes at 0.47 plus $13.
Volume
Bond
The
151
$2,000 in 1941 to 1948, and $3,000
interest may be fixed for different
Proposals and Negotiations
the bids, the amount of
be made on the basis of
and int. payable at the
County Treasurer's office.
The approving opinion of Orrick, Dahlquist,
Neff & Herrington of San Francisco, will be furnished.
Enclose a certi¬
fied check for $3,500, payable to the Chairman Board of Supervisors.
Market* in all Municipal Iesuea
COLORADO
BECK & CO.
REFSNES, ELY,
SILT
CONSOLIDATED
Colo.—BONDS SOLD—It is
PHOENIX, ARIZONA
SCHOOL DISTRICT NO.
reported that $30,000 3H%
1 (P. O. Silt),
refunding bonds
by Amos C. Sudler & Co. of Denver.
Dated Aug. 1,
1940.
Due $2,500 Nov. 1, 1941 to 1952.
Prin. and int. (F-A) payable at
the County Treasurer's office, Glenwood Springs.
The bonds are issued to
refund a like amount of 6% bonds now outstanding.
Legality approved by
Myles P. Tallmadge of Denver.
have been purchased
ARIZONA
CASA GRANDE, Ariz.—BOND SALE—We are informed by Dahlberg,
Durand & Co. of Tucson that they purchased, acting in joint account with
Boettcher & Co. and Peters, Writer & Christensen, both of Denver, a
$90,500 issue of refunding bonds as 4s for a premium of $597.30, equal to
100.66, a basis of about 3.92%.
Dated Jan. 1, 1940.
Due July 1 as fol¬
lows: $4,000 in 1941 to 1945, $5,000 in 1946 to 1950, $6,000 in 1951 to
1957 and $3,500 in 1958.
Prin. and int. payable at the City Treasurer's
office.
The bonds, issued to refund valid indebtedness of the city, are in
the opinion of counsel direct and general obligations of the city, payable
from unlimited ad valorem taxes.
CONNECTICUT
CONNECTICUT (State
of)—BOND OFFERING—Henry
Wolcott Buck
Hartford,
Secretary of the Hartford Bridge Commission, 650 Main Street,
that the Commission will receive sealed bids at the State Treas¬
urer's office until noon (DST) on Aug. 20 for the purchase of $4,400,000
not to exceed 2% interest Hartford Bridge bonds.
Dated Aug. 1, 1940.
Denom. $1,000.
Coupon bonds, registerable as to principal alone and as
to principal and interest.
Due Aug. 1 as follows: $80,000 in 1944
$16,000 from 1945 to 1971. incl.
Bonds due 1968-1971, both incl.,
callable in inverse order of their maturities at par and accrued interest on
announces
and
will be
ARKANSAS BONDS
Markets in all State,
in 1949 and 1950.
Different rates of
maturities of said bonds, and it shall
that all bonds offered for sale bear the same rate of interest.
The interest rate or rates stated in the bids must be a multiple of
of 1 %.
The best bid will be determined by deducting from the total amount of
interest which the district will be required to pay up to the maturity of
not be necessary
the bonds at the coupon rate or rates specified in
premium, if any, bid therefor, and the award will
the lowest net interest cost to the district.
Prin.
BONDS
ARIZONA
447
Commercial & Financial Chronicle
County & Town Issues
interest
Aug. 1, 1965, or on any subsequent interest date.
Principal and
(F-A) payable at the State Treasurer's office, Hartford.
Delivery on or
about Sept. 5, 1940, at place of purchaser's choice.
The bonds are being issued to pay the cost of constructing a toll bridge
across the Connecticut River between the City of Hartford and the Town
East Hartford.
The full faith and credit of the State of Connecticut are
of
and interest of the bonds. In
bridge are also pledged. The
approving opinions of the Attorney General of the State of Connecticut
and of Masslich & Mitchell of N. Y. City will be furnisned the purchased
pledged for the payment of the principal
addition thereto, the net revenues of the
SCHERCK, RICHTER COMPANY
LANDRETH BUILDING, ST.
without charge.
LOUIS, MO.
Bidders are requested to name
ARKANSAS
(State of)—BOND TENDERS INVITED—State Board
of Education, acting for Teacher Retirement System, will receive tenders
July 30 when $100,000 will be available for purchase of Arkansas bonds.
On July 10 tenders, Board purchased bonds of $99,075.
Its total invest¬
ment after July 30 will be approximately $450,000.
ARKANSAS
EUDORA-WESTERN DRAINAGE DISTRICT, Chicot
REDEMPTION SCHEDULED—By terms of a
—BOND
County, Ark.
reorganization
plan approved by the U. S. District Court, the above named district will
redeem its $642,000 bonds on 42basis with cash of $80,000 and pro¬
ceeds of $211,000 loan by the Reconstruction Finance Corp.
The district
was placed in receivership in 1931 and reorganization plan has been pend¬
ing some time.
Ark.—CONFIRMATION OF ELECTION—The City
Clerk confirms the report given in our issue of July 13—V. 151, p. 280—
that an election is scheduled for Aug. 6 in order to vote on the issuance of
$200,000 in municipal air porti bonds.
PINE
BLUFF,
the interest rate or rates,
No bid may name
multiples of K of 1 %.
not exceeding 2% per annum, in
more than three rates and each
bidder must specify in his bid the amount
and maturities of tne bonds of each rate.
The bonds will be awarded to
the bidder offering to purchase the bonds at the lowest interest cost to the
State, such cost to be determined by deducting the total amount of the pre¬
mium bid from the aggregate amount of interest upon all of the bonds until
their respective maturities.
No bid of less than par and accrued interest
will be entertained.
information,
be enclosed
to The
Capitol
cashier's check
payable unconditionally to
Bids are required on forms to be furnished, with additional
by the Secretary of the Bridge Commission, and each bid must
in a sealed envelope marked "Proposal for Bonds," and addressed
Hartford Bridge Commission, care of the State Treasurer, State
Hartford, Conn., and must be accompanied by a certified or
upon
an
incorporated bank or trust company,
ffor $88,000.
the order of the State Treasurer
COLUMBIA
DISTRICT OF
RATE
Mor-
DISTRICT OF COLUMBIA, Washington, D. C.—INTEREST
ON PWA LOAN CUT TO 1.677%—Secretary of the Treasury Henry
$9,982,500 debt
genthau recently reduced the interest rate on the District's
to the Public Works Administration, saving the city some $4,000,000 over
15 years.
The rate of 4% provided by Congress when the loan was
was reduced to 1.677 % by the Secretary, this reduced rate being the interest
the District could have obtained by the sale of bonds to the public.
In a
letter to Commissioner Hazen, Secretary Morgenthau said the reduced rate
"is a fair rate of interest to include in the agreements between the PWA and
the District of Columbia."
The District will have 15 years to repay the loan.
The total amount of
interest under the revised rate will be $1,382,066, which will make the
repayment to PWA $11,364,566.
Under the former 4%
total debt would have been $15,592,373.
The Secretary was
and directed by Congress to determine the new rate of interest
made
California
Municipals
BANKAMERICA COMPANY
San Francisco
New York
Los Angeles
/
his
Representative
CALIFORNIA
CALIFORNIA, State of— WARRANT SALE—1The $2,645,181 issue of
general fund registered warrants offered for sale on July 12—V. 151, p. 280—
was awarded to R. H. Moulton & Co. of Los Angeles at 1 M%, plus a pre¬
mium of $5,559.
Dated July 19, 1940.
Due on or about July 29, 1941.
COUNTY (P. O. Salinas), Calif —SCHOOL BOND
OFFERING—It is stated by C. F. Joy, County Clerk, that he will receive
sealed bids until 10 a. m. on July 29 for the purchase of $5,000 Pfeiffer
School District bonds.
Interest rate is not to exceed 5%, payable F-A.
Dated Aug. 1, 1940.
Denom. $500.
Due $500 Aug. 1, 1941 to 1950.
Prin. and int. payable in lawful money at the County Treasury.
Bidders
will be permitted to bid different rates of interest for different maturities
of the bonds.
No bid for less than par and accrued interest will be con¬
sidered.
A satisfactory legal opinion approving the legality of the bonds
will be furnished without charge to the purchaser.
Enclose a certified
check for not leas than 10% of the par value of the bonds bid for, payable
to the Board of Supervisors.
(These bonds were originally scheduled for
sale on July 15, as noted here.—V. 151, p. 280.)
MONTEREY
SALINAS. Calif.—BOND ELECTION—The voters
of $186,000 in municipal airport bonds at an
for July 30, according to report.
Issuance
will pass on the
election scheduled
O. Redwood City), Calif.—SCHOOL
by W.H.Augustus, County Clerk, that
Aug. 6 for the purchase of an
$84,000 issue of San Mateo Union High School District bonds.
Interest
rate is not to exceed 5%, payable M-N.
Dated Nov. 1, 1938.
Denom.
$1,000.
Due $3,000 Nov. 1, 1940 to 1967.
Bidders may make one or
more alternative
bids or offers for the bonds at different interest rates.
Split rate interest bids will be received and it shall not be necessary that
all the bonds offered for sale bear the same rate of interest, but such in¬
terest rate shall be in multiples of % of 1%.
The best bid will be deter¬
mined by deducting irom the total amount of interest which the district
would be required to pay up to the maturity of the bonds, at the coupon
rate or rates specified in the bid, the amount of the premium, if any, bid
therefor, and the award will be made at the lowest net interest cost to the
district.
Prin. and int. payable in legal tender at the County Treasurer's
office.
Bids may be made for either the whole issue or for parcels thereof,
and must be for not less than the par value of the bonds bid for.
These
bonds were authorized at the election held on Sept. 27, 1938, by a vote of
1,567 to 516.
The purchaser will be required to furnish nis own legal
opinion as to the legality of the bonds.
Enclose a certified check for $1,000,
payable to the Chairman Board of Supervisors.
SAN
MATEO
COUNTY
(P.
BOND OFFERING—It is stated
he will receive sealed
bids until 11a. m. on
Calif.—SCHOOL BOND OFFER¬
ING—It is stated by Gladys Stewart, County Clerk, that she will receive
sealed bids until 10 a. m. on July 30 for the purchase of $2,500 Ducor Union
School District bonds.
Interest rate is not to exceed 5%, payable J-D.
Dated June 1, 1940.
Denom. $500.
Due July 1, 1947. Prin. and int.
payable in lawful money at the County Treasurer's office.
A transcript
of proceedings will be furnished the purchaser, and the purchaser will pay
for legal opinion of proceedings.
Enclose a certified check for not less than
5%, payable to the Chairman, Board of Supervisors.
YOLO COUNTY (P. O. Woodland), Calif.—SCHOOL BOND OFFER¬
ING—Sealed bids will be received until 2 p. m. on Aug. 5, by H. R. Saun¬
ders, County Clerk, for the purchase of $22,000 Clarksburg Union Ele¬
mentary School District bonds.
Interest rate is not to exceed 5%, pay¬
able F-A.
Dated Aug. 1, 1940.
Denom. $1,000.
Due Aug. 1 as follows:
TULARE COUNTY
(P. O. Visalia),
opimon
would be:
„
_
available to the District were said District author¬
Issue and sell obligations to the public at the par value
in a sum equal to the repayable amounts of such loans and advances, ma¬
turing serially over a period of 15 years in approximately equal annual in¬
stalments, including both principal and interest, and secured by a first
pledge of and lien upon all the general fund revenues of said
The first payment this year will be $757,516, which includes the interest
of $142,516.
The District has now available $800,000 in the present
bill to repay this amount.
The payments for the next 14 years will
"The lowest interest
Telephone WHitehall 3-3470
52 Wall St.
total
interest rate the
authorized
which in
thereof,
ized by law to
virtually the same.
The $9,982,500 is that
provided the District for
portion
its building program,
District."
supply
remain
of the total $18,150,000
wnich the District must re¬
The difference of the two sums was an out-and-out grant.
Engineer Commissioner David McCoach Jr. first conceived the idea of
borrowing money from tne publid to repay the loan to save the city money.
He estimated he would be able to obtain a cheaper rate of interest than tne
4% set by law and thereby save the city about $2,500,000.
At no
however, did he believe he could obtain an interest rate lower than 2 %.
pay.
time,
but dis¬
should not
however,
suggestion was approved by the Board of Commissioners,
couraged by the Federal Budget Bureau, which felt the District
depart from its "pay-as-you-go" procedure.
The President,
His
sympathized with the District.
have to pay any more
The President felt the District should
borrowed from the public.
interest than if it
not
FLORIDA
Board
Governor's
unmatured original
FLORIDA (State of)—BOND TENDERS INVITED—The State
of Administration will receive until 10 a. m. on Aug. 2 at the
office in Tallahassee, sealed offerings of matured or
or refunding road and
bridge or highway bonds, time warrants,
cates of indebtedness and (or) negotiable notes of the Florida
special road and bridge districts therein, as follows:
Brevard, Broward County Districts No. 1 and 2 only, Charlotte,
except districts No. 1, 2, 7, Charlotte Harbor and McCall,
nando, Levy District No. 7, Martin, Monroe, Okeechobee, Palm
tricts No. 4, 8, 12, 16, 17 and 18 only, and St. Lucie
certifi¬
counties and
R.
&
DeSoto
Glades, Her¬
Beach Dis¬
including Jensen
Bridge District and excepting Countywide
District and Quay
refunding and Districts Nos.
B.
R. & B.
2 and 3.
date
description and
of maturity
what coupons
price asked.
price, which
price shall be understood to be the price asked for such bonds with all
maturities of past due defaulted or unpaid
coupons attached and notice
is hereby given that if any such coupons have been detached prior to de¬
livery of any of the bonds accepted and (or) purchased hereunder, the face
value of such missing coupons will be deducted from the purchase price,
All offerings
submitted must be firm for 10
days subsequent to the
opening, i. e., through Aug. 12, and must state full name,
serial numbers of bonds, interest rate, date of issue, date
and price asked.
The offer must specifically state exactly
are attached and will
be delivered with the bonds for the
Bonds that are in default of interest must be offered at a flat
of
be submitted on this basis.
containing offerings of bonds shall plainly state on its
proposal for sale of road and bridge bonds.
Separate
tenders shall be submitted covering the bonds of each county, but any
number of such sealed offerings may be enclosed in one mailing envelope.
The right is reserved to reject any and all offerings or portions of offerings.
and offering must
Sealed envelope
face
that it is a
IDAHO
election will
of $4,000
with a Work
TROY, Idaho—BOND ELECTION—It is reported that an
be held on July 30 in order to have the voters pass on the issuance
water conversion dam revenue bonds to be used in connection
Projects Administration grant.
We had previously reported the
V.
151, P. 281.
,
amount of the issue as
,
,
„
.„nnn
being for $11,000
The Commercial &
Financial Chronicle
448
ILLINOIS
BELLEVILLE,
III
390,000 SEWER PROJECT APPROVED BY
for improvement of the municipal sewer
system at a cost
$1,390,000, including storm sewers and construction of a
$480,000
municipal sewage disposal plant have been approved by Charles E,
Miner,
Illinois director of the Works Projects
Administration.
Final action at
Washington is expected in a month or six weeks.
WPA—Plans
of
As approved by the State WPA
administration, Federal funds totaling
$811,600 would be earmarked for the undertaking, and Belleville
would
furnish the balance of $579,227.
The project was the first to be approved
with a clause
providing for participation of a private contractor.
It is
planned to let a contract for the sewage plant, which will be
built with
municipal funds.
CARROLLTON
VOTED—At an election on
road construction bonds.
July 18—V. 151, p. 133—were awarded to a syndicate
composed of the First
Chicago, Harris Trust & Savings Bank, Northern Trust
Co., Continental Illinois National Bank & Trust Co.,
City National Bank
& Trust Co., and the American National Bank
& Trust Co., all of
Chicago,
as 2Ms. at a
price of 101.55, a basis of about 2.11%.
Dated July 1, 1940,
and due $125,000
annually on July 1 from 1945 to 1960, incl.
Other bids:
National Bank or
Bidder—
'
Halsey, Stuart & Co., Inc., Lehman Bros., Phelps,
Int. Rate
Fenn & Co., etal_____
Lazard Freres & Co., et al
John Nuveen & Co., Blair &
Rate Bid
100.584
100.439
Co., Inc., Stern Bros.
Co., et al__
2M%
Boston
Corp., Smith, Barney & Co., Lee
Higginson Corp., et al
Bankers Trust Co. of New York, Chase National
Bank of New York and Farwell,
Chapman & Co.
100.428
2M%
100.117
101.78
KANE COUNTY UNION SCHOOL DISTRICT
NO. 46 (P. O. Elgin)
III.—BOND
SALE—The $130,000 coupon funding bonds offered
July 17—
V. 151, p. 281—were awarded to the
Union National Bank & Trust Co. of
Elgin as 1 Ms at par plus a premium of
$1,407.90, equal to 101.083, a basis
of about 1.31%.
Dated July 15, 1940 and due $13,000 on Jan.
15 from
1942 to 1951, incl.
The next highest bidder was the Harris
Trust & Sav¬
ings Bank of Chicago.
■,
•
-
■
NOBLE, 111.—BOND ELECTION—An
ORANGE
election will be held
Aug. 21 on
issuing $14,000 water system and sewer system bonds.
$30,000 road improvement bonds
recent election.
was
approved by
proposal to issue
vote of 2 to 1 at a
a
4
SPRINGFIELD, III.—BOND SALE—John Nuveen & Co. of Chicago
recently purchased $1,300,000
2M% electric revenue refunding bonds at
par plus a premium of $10,000,
equal to 100.77.
The city has called for
payment on Sept. 1, 1940, an equal amount of
electric revenue bonds, of
which $800,000 2.90s were
issued in 1937 and $500,000
2.70s, were sold
in 1938.
INDIANA
CLARK TOWNSHIP
(P. O.
$45,000 bonds offered July 12—V.
Ladoga),
150,
p.
Ind.—BOND
SALE— The
4161—were awarded to the
Ladoga State Bank, as 2s, at par plus a premium of
$550, equal to 101.222,
a basis of about
1.84%.
Sale consisted of:
$22,500 school township school bldg. bonds.
Due as follows: $500, July 1»
1941, $1,000, Jan. 1 and $500, July 1 from 1942 to
1951
incl.; $1,000.
Jan. 1 and July 1 from 1952 to
1954 incl., and $1,000, Jan. 1, 195522,500 civil township
community bldg. bonds.
Due $1,500 on Jan. 1
from 1942 to 1956 incl.
All of the bonds will be
dated June 1,
Bidder—
Other bids:
int. Rate
Rate Bid
2%
2%
2%
2%
2%
Fletcher Trust Co
T. J. Grace
First National Bank of
Crawfordsville.
Kenneth S. Johnson
John Nuveen & Co
100.573
100.518
100.45
2*2%
101 41
2M%
2M%
2M%
214%
2%%
Share Corp
100.417
100.145
101.70
214%
McNurlen & Huncilman
Knight, Dickinson & Kelley.
Bliss Bowman & Co
101.24
101 026
100 275
100 12
100.622
COUNTY (P. O.
Huntington), Ind .-BOND SALE
3% coupon infirmary bonds offered
July 16—V. 151, p.
133—were awarded to
Browning, VanDuyn, Tischler & Co. of Cincinnati,
at a price
of^106.65, a basis of about 1.59%. Dated July 1, 1940 and due
as follows: $1,000
July 1 1941; $1,000, Jan. 1 and
July 1 from 1942 to 1948
incl., and $1,500 Jan. 1, 1949.
—The $16,500
Other bids:
^ Bidder—
t
Premium
Raffensberger, Hughes & Co
Huntington._.____
$913.78
First National Bank of
Bliss Bowman & Co
I
INDIA.NAPOLIS,
752 90
IIIIIIIIII 525^00
Ind.-t-BOND
OFFERING—James E. Deery, City
Comptroller will receive sealed bids until
9p.m. (CST) on July 22 for the
purchase of $250,000 not to
exceed 5% interest
public works of 1940 bonds.
Dated July 1, 194°.
Due July 1 as follows:
$12,000 from 1942 to 1960,
incl., and $22,000 in 1961.
Rate of interest to be
expressed in multiples of
.•
j
&' P^Yable (J-J().
Bids may be subject to legality of issue as detertoieider s
attorney, but otherwise must be unconditional.
A certified check for 2
A % of the bonds bid for,
payable to order of the city,
must accompany each
proposal.
mhlNK,^NAfP?innSno^NITARY
of $100,000
warrants
The
issue
DISTRICT, Ind.—WARRANT SALE—
offered July 12—V.
150, p. 4161—was
an account
composed of the Fletcher Trust
Co., Union Trust
Co., Indiana National Bank, Merchants
National Bank, American National
awarded to
sanCrwe inTdl,an?oTi;V^Co\S at °-625% interest,
y
at par plus a premium
The Albert McGann
Securities Co. of South Bend and due Nov- 14- 194°named a rate of
0.75% and $9.73 premium.
i
A?b19i°
Th«A«?KnCf°UNTY (f* °*. IndianaP°li8L
$250,000 temporary loan
offered
The
issue
prenSum
and 15
na
S'
—v£!uRi?EnISmNmHIP S?' 9'
o
X,««
$19,500 School
1942 to 1954 incl.
SPurgeon), Ind.—BOND
receive sealed
building bonds.
Due
22,500jinl'iSSmp2wwTtadbuildiDe
u
i
TSmThJ «ieo°^n
a
The $19,500
!?hu°L^-hlp:^e
township.
The
civil
& Ice of
Indianapolis
$1,500
bonds-
until
on
Jan.
1
from
Due $1,500
are dir<*t unlimited tax
oblifatiobs
approving legal opinion of
Matson, Ross,
will be furnished the
successful bidder.
on
of the
McCord
SPRINGFIELD TOWNSHIP
SCHOOL DISTRICT (P. O.
R. R. 1,
BOND
OFFERING—Alex C. Anderson,
Trustee, will rep. m. (DST) on Aug. 12 for the purchase of
4% interest school bonds.
Dated July 10, 1940.
One bond for $550, others for
$825 each.
Due as follows: $550 Jan. 1
and
Laporte), Ind.
ceiyeseaied bids until 1:30
$22,000 not to exceed
stated
best,
offering
$41
by the Town Clerk
DYERSVILLE, Iowa—MATURITY—It
is stated by the City Clerk
outlet and purifying plant bonds sold
jointly to
White-Phillips Corp. of Davenport, and the Carleton D. Beh Co. of
Des Moines, as 2Ms, at a price of 101.031, as noted here—V.
151, p. 281—
are due on Nov.
1 as follows: $500 in 1941:
$1,000, 1942 to 1948, and
$3,000 in 1949 to 1956, giving a basis of about 2.14%.
HARRIS, Iowa—BONDS SOLD—A $4,000 issue of water main bonds is
said to have been purchased by W. D. Hanna &
Co. of Burlington as 4s,
on
a premium of $15,
equal to 100.375,
Nov. 1 in 1941 to 1948, inclusive.
a
basis of about 3.91%.
Due $500
IOWA, State of —TAX FORFEITED PROPERTY PUT TO QUICK
USE—Through an amended tax-title law enabling counties to purchase and
dispose of tax delinquent property. Polk County, Iowa—City of Des Moines
—has within the last few years acquired land for a
number of
municipal
Eur poses, sold several hundred parcels at aSociety of Planning Officials
profit, and encouraged local
building, a report to the American
showed
July 17.
Polk County has a real estate department, set
up after enactment in
1935 of the "scavenger tax-sale law," which allows counties to
acquire title
to tax-delinquent land for the use and
benefit of other taxing bodies.
The
department determines whether property acquired by tax sale can be
put
to public use or whether it should be offered for sale.
on
Among properties so converted during the past five years were a green¬
house which was turned over to Des Moines for use as a
municipal green¬
house; a large tract in the center of Des Moines with a natural lake, now
made into a municipal park; land for a
hospital site; and a considerable
amount of property along street developments.
■
In 1939, the real estate department sold 694
parcels of land at an aggre¬
gate sale price of $66,881, which was $6,465 in excess of
the amount of tax
deqlinquency, interest, costs and penalties.
During the same year 186
permits
were issued for construction on vacant lots sold
combined building value of $553,000.
I
by the county, with
Many of the cheaper lots falling to the county were sold to people of
limited income for $50 apiece, enabling such purchasers to build a
home and
become property owners when otherwise it would have been
beyond their
means.
The
tax-sale law was designed, primarily, to reclaim taxtax rolls.
Although certain concessions are granted
of tax-reverted land, the bids of "outsiders"
must at least
equal the amount due in general taxes, interest, costs and
penalties before
scavenger
delinquent lands for the
former
owners
they will be recognized
as
legitimate bids.
MARION COUNTY (P. O. Knoxville). Iowa—BONDS
SOLD—The
County Treasurer states that $40,000 poor fund bonds were purchased on
July 15 at public auction by the Carleton D. Beh Co., and
Shaw, McDer-
mott & Sparks, both of Des
Moines, as lMs, paying a premium of $475,
equal to 101.1875, a basis of about 1.56%.
Due $10,000 in 1945 to 1948
incl.
POSTVILLE
INDEPENDENT
SCHOOL DISTRICT (P. O. Postnow reported that the
$60,000 building
2Ms, at a price of 101.79, as noted here
134—are due in 1941 to 1960, becoming optional on Nov. 1,
ville), Iowa—MATURITY—It
bonds sold to two local banks
—V.
151,
p.
is
as
ROLAND CONSOLIDATED SCHOOL DISTRICT
(P. O. Roland).
Iowa—BONDS SOLD—It is stated by the District
Secretary that $12,000
building bonds have been purchased by the Story County State Bank of
Story City, as lMs, paying a price of 100.833, a basis of about
1.57%.
Due on Dec. 1 as follows:
$2,000 in 1943 and 1944; $1,000 in 1945; $4,000,
1946, and $3,000 in 1947.
SCHLESWIG
INDEPENDENT SCHOOL DISTRICT (P. O. Schleswig), Iowa—BONDS VOTED—We are informed by the District
Secretary
that $35,000 school building addition bonds
were approved
voters but
no
date of sale has been decided
upon as yet.
recently by the
WAPELLO COUNTY (P. O.
Ottumwa), Iowa—BOND SALE CON¬
TRACT—We are informed by Fred Pohlson,
County Treasurer, that the
$139,000 2% refunding bonds authorized
recently by the County Super¬
visors, as noted here—V. 151, p. 281—have been contracted for
by the
White-Phillips Corp. of Davenport.
Denom. $1,000.
Coupon bonds,
dated May 1, 1940.
Due in 1941 to 1945, without
option of prior call.
Prin. and int. (M-N) payable at
Ottumwa.
Legal opinion by Chapman &
Cutler of Chicago.
WHAT
CHEER, Iowa—BOND OFFERING—It is stated by Carl G.
Draeger, Town Clerk, that he will receive bids until July 22 at 8
p. m. for
the purchase of $9,800 water system
improvement bonds.
Dated July 1,
1940.
Due in 1946 to 1950.
These bonds were approved by the voters at
an
election held on June 21.
The above bonds mature on Nov. 1 as follows:
$800 in 1946; $1,500 in
1947, and $2,500 in 1948 to 1950.
Prin. and int. (M-N) payable in What
Cheer.
Legality approved by Chapman & Cutler of Chicago.
fied check required.
No certi¬
KANSAS
CLAY
COUNTY
SCHOOL DISTRICT No. 99 (P. O.
Longford),
Kan.—BOND SALE DETAILS—We are now informed
by the District
Clerk that the $6,500 school
building and equipment bonds purchased oy
the State, as noted here—V. 151,
p. 134—were sold as 2Ms, at par.
Regis¬
tered bonds, maturing $500 on
Aug. 1 in 1941 to 1953 incl., optional on
any interest bearing date.
Interest payable F-A.
ABILENE SCHOOL DISTRICT
(P.
O.
Abilene), Kan.—BONDS
VOTED—The Superintendent of the Board of Education
states that the
approved the issuance of $107,250 construction bonds at the
voters
tion held
on
July 5.
It is said that these bonds
in the near future.
elec¬
are
to be offered for sale
KENTUCKY
DANVILLE,
Ky.—BONDS SOLD—A $68,000 issue
bonds is reported to have been
purchased by
Louisville.
of water
refunding
the Bankers Bond Co. of
LOUISIANA
10
Denom. $500.
Bidder to
expre5?ed in a multiple of M of 1 % and paybonds are direct unlimited tax obligations of the
$22'509
is
OFFERING
bids
interest bonds,
All of the bonds will
be dated July
1, 1940.
T
second
the
Ind.—LOAN AWARD—
Purchase of $42,000 not to exceed4%
Township
was
that the $31,500 sewer
Indianapolis,
wnslup Trustee, will
It,
divid^as^follows^
Arcadia
semi-annual sewer bonds sold to the
White-Phillips
as noted here—V.
151, p. 281—were purchased at
Dec. 1 in 1950 to 1959 incl.
on
July 15—V.
151, p. 281—was
at 0.275% interest,
plus
July 30, 1940 and due Dec. 15, 1940.
Campsecond k*£h bidder, named a rate of 0.45%
awarded to the Union Trust
Co. of
a premium of
$7.93.
Dated
Due
1950.
1940.
City Securities Corp
Raffensberger, Hughes & Co
Browning, VanDuyn, Tischler & Co_
&
of
that the $7,000 4%
par.
a
TOWNSHIP, III.—BONDS VOTED—The
Indianapolis Bond
Bank
ome
2M%
HAINESVILLE SCHOOL DISTRICT No. 43
(P. O. Grayslake),
III.—BONDS VOTED—At an election on June 29 the voters
authorized
an issue of
$7,500 construction bonds.
the question of
County State
on 3Ms.
CAMANCHE, Iowa—PRICE PAID—It
for
2M%
2M%
Blyth & Co., Inc., Harriman Ripley & Co., Inc.,
&
Carroll
premium
Corp. of Davenport,
COOK COUNTY FOREST PRESERVE
DISTRICT (P. O.
Chicago),
III.—BOND SALE—The $2,000,000 series S land
acquisition bonds offered
First
IOWA
ARCADIA, Iowa—BOND SALE—The $4,850 coupon water system
bonds offered for sale on July 15—V. 151, p. 134—were awarded to
Vieth,
Duncan & Wood of Davenport, as 3 Ms, for a premium of $42.
equal to
100.86, a basis of about 3.10%.
Due on July 1 in 1942 to 1950, incl. The
TOWNSHIP
(P.
O.
CarroIIton), III.—BONDS
July 9 the voters authorized an issue of $50,000
July 20, 1940
$825 July 1, 1942: $825 Jan. 1 and July 1 from 1943 to
1954, incl., and $825
Jan. 1, 1955.
Bidder to name a single rate of interest,"
expressed in a mul¬
tiple of Y of 1%.
Prin. and int. (J-J) payable at a Laporte Bank.
A cer¬
tified check for $1,000, payable to order of the
township, must accompany
each proposal.
GAAR'S MILL SCHOOL DISTRICT
(P. O.
Winnfield), La.—BOND
OFFERING—Sealed bids will be received unti 110 a. m. on
Aug. 12, by
D. E. Sikes, Secretary of the School
Board, for the purchase of $9,000
coupon school bonds.
Interest rate is not to exceed
6%, payable semi¬
annually.
Dated Sept. 1, 1940.
Denom. $250.
Due serially in 12 years.
Approving opinion of bond attorneys of purchaser's selection will
be
furn¬
Prin. and int. payable at the office of
the Treasurer of the Parish
School Board or at the Central
Hanover Bank & Trust Co., New York.
ished.
GUEYDAN, La.—PRICE PAID—It is now reported that the
$34,000
Sewerage District No. 1 bonds, and the $10,000
public improvement bonds
jointly to two Opelousas purchasers as 4s—V.
151, p. 281—were
purchased for a premium of $223, equal to 100.506.
sold
HAYNESVILLE, La.—BONDS VOTED—At
an election held on
July 12
said to have approved the
issuance of $100,000 in
park and
improvement bonds, to be used in connection with
a Works
Progress Administration grant.
the voters
sanitary
are
sewer
Volume
The
151
LAFAYETTE, La.—BOND OFFERING-—It is stated by Wilson J. Peck.
City Clerk, that he will receive sealed bids until 11 a. m. on Aug. 13 for the
purchase of $25,000 not to exceed 5% semi-annual municipal library
Dated July 1, 1940.
Denom. $500.
Due July 1, 1941 to 1965.
A
fied transcript and approving opinion of Chapman & Cutler of Chicago
be furnished the purchaser
without cost to him and all bids shall be so
bonds.
certi¬
will
Enclose a certified check
conditioned.
the City
for $1,250, payable to
Treasurer.
MAINE
(State of)—BOND OFFERING—Belmont Smith, State Trea¬
surer, will receive sealed bids until 11 a. m. (DST) on July 23, for the pur¬
chase of $1,000,000 coupon "war" bonds issued for State defense pur¬
poses.
Dated Aug. 1, 1940. Denom. $1,000. Due $50,000 on Aug. 1 from
1941 to 1960, incl.
Callable after five years, on any interest date, in such
amounts as may be determined by the Governor and Council at 102 and
MAINE
multiples of
Hth or K of 1%.
Principal and interest (F-A) payable at the State Trea¬
surer's office, Augusta.
The bonds are now exempt from taxation in Maine
and from all Federal income taxes.
They are part of an issue oi $2,000,000
autnorized by Chapter 120 of the Private and Special Laws of the 89th
Legislature approved June 27, 1940.
The opinion of the Attorney General
of the State as to the legality of the bonds will be furnished the successful
Bidder to name a single rate
accrued interest.
of interest, in
bidder.
MARYLAND
of)—OTHER BIDS—The award on July 12 of
$1,173,000 coupon certificates of indebtedness, due serially from 1943 to
1955, incl., to an account headed by the First National Bank of New York,
as
lMs, at 101.49, a basis of about 1.34%, was previously reported in
V. 151, p. 282.
The First National Bank of Baltimore also was a member
of the winning account, which re-offered the obligations to yield from 0.50%
to 1.40%, according to maturity.
In addition to a bid of 101.397 for lHs,
the account headed by Lazard Freres & Co. of New York, submitted an
alternate offer of 100.126 for the 1943 to 1950 certificates as lMs, and the
1951-1955, as lMs, making a net interest cost to the State of 1.3336%.
After some deliberation, this tender was rejected by State officials because
of the split-rate feature.
Associated with Lazard Freres & Co. were the
Equitable Securities Corp.; Tucker, Anthony & Co.; Edward Lowber
Stockes & Co.; Lehman Bros.; C. F. Childs & Co.; Charles Clark & Co. and
F. W. Craigie & Co.
The other unsuccessful bids, all of which specified an
interest rate of 1)4%, were as follows:
MARYLAND
(State
Rate Bid
Bidder—
Mercantile Trust Co. of Baltimore; Kidder, Peabody &
Northern Trust Co.; Baker, Watts & Co., and Stein
101.4199
100.397
Chicago
Ladenburg, Thalmann & Co.; Hemp¬
hill, Noyes & Co.; Adams, McEntee & Co., Inc.; B. J. Van
Ingen & Co., Inc.; Starkweather & Co., and Stern Brothers &
101.356
of New York; Blyth & Co., Inc.; George
Iioosevelt & Weigold, Inc., and Owen
Daly & Co
Hutzler; L. F. Rothchild & Co.; F. S.
Moseley & Co., and Estabrook & Co
Bankers Trust Co.; Glore Forgan & Co.; Union Securities Corp.;
Robert Garrett & Sons, and G. M.-P. Murphy & Co
Smith, Barney & Co.; Union Trust Co. of Maryland; First of
Michigan Corp.; Eldredge & Co., Inc., and First National
Bank of St. Paul
Davis & Co.; Otis & Co.; Chace,
Symonds, Inc.; Granberry,
Martin, Burns and Corbett, Inc
side
and
101.35
101.347
101.2699
101.2199
White¬
Marache & Lord, and
101.069
101.02
Shields & Co
Kean, Taylor & Co.; R. L. Day &
Co., and E. H. Rollins & Sons, Inc
Harriman Ripley & Co., inc.; First Boston Corp., and Harris
Trust & Savings Bank___
___
____
Mackubin, Legg & Co.; Phelps, Fenn & Co.; Stone and Webster
and Biodget, Inc.; the Boatmens National Bank, and Charles
Chemical Bank & Trust Co.;
K Morris & Co.
Inc
_ _ _
Alex. Brown and Sons, and the
Chase National Bank of the
101.01
100.9599
100.80
100.63
MASSACHUSETTS
Mass.—NOTE SALE—The issue of $200,000 notes
fered July 15 was awarded to the Second National Bank of Boston,
0.229% discount.
Dated July 16, 1940 and due June 13, 1941.
ARLINGTON,
of
at
Mass.—BOND SALE—The $50,000 coupon municipal re¬
lief bonds offered July 16—V. 151, p. 282—were awarded to Chace, White¬
side & Symonds of Boston, as l^s, at a price of 100.04, a basis of about
1.49%.
Dated July 1, 1940 and due $5,000 on July 1 from 1941 to 1950
CHELSEA,
incl.
Other bids:
Int. Rate
100.775
100.333
100.209
1 %%
Inc
Tyler & Co
Bond, Judge & Co
John Nuveen & Co
Rate Bid
1 %%
1M%
1^%
Bidder—
Halsey, Stuart & Co.,
100.061
Par
2%
— -
■____
100.899
2)4%
& Co
MICHIGAN
(P. O. R. F. D. No. 1, Iron River), Mich.—
BONDS NOT SOLD—The $20,000 water supply system self-liquidating
revenue bonds offered July 15—V. 151, p. 282—were not sold, as the fol¬
lowing bids were rejected: Walter H. Steere of Marquette, 95 for 4s; Bliss
Bowman & Co., 4HsA private sale may be arranged.
BATES TOWNSHIP
» BAY CITY, Mich.—NOTE SALE—The $100,000 general obligation tax
anticipation notes offered July 15—V. 151, p. 282—were awarded to the
National Bank of Bay City, and the Peoples Commercial & Savings Bank
of Bay City, jointly, at 1)4% interest.
Dated Aug. 1, 1940 and due on
or before Sept. 27, 1940.
DETROIT, Mich.—OFFERINGS WANTED—Donald Slutz, Secretary
of the Retirement System, announced that the
of city bonds in the amount of approximately
$125,000 until July 23, 1940.
Offerings will be accepted on the basis of
the highest yield.
of the Board of Trustees
Board will receive offerings
of not
more
than par
MONGUAGON
C.
certificates of
WANTED—H.
Mich.—TENDERS
WOODS,
HUNTINGTON
receive sealed tenders of series A
until 2 p. m. on July 27.
and accrued interest will be considered.
Bauckhan, City Clerk, will
indebtedness dated Aug.
Only tenders
15, 1937.
TOWNSHIP
SCHOOL
(P. O.
DISTRICT No. 2
Wyandotte), Mich.—LIST OF BIDS— Following is a list of the
re¬
$40,000 refunding bonds awarded July 8 to Cray, McFawn
& Better of Detroit, as 2s, at 100.107, a basis of about 1.996%, as pre¬
viously reported in V. 151, p. 282:
Int. Rate
Bidder—
McFawn
&
Petter
—
McDonald, Moore & Hayes
First of Michigan Corp
Stranahan, Harris & Co., Inc
Premium
2%
2)4%
2)4-2)4%
2)4%
2)4-2%
S6.80
76.00
56.80
87.77
34.00
8.55
5.11
Campbell, McCarty & Co
66.00
Miller, Kenower & Co
13.73
NEW BUFFALO TOWNSHIP (P. O. New Buffalo), Mich.—BOND
OFFERING—Frederick W. Schrader, Township Clerk, will receive sealed
bids until 8 p. m. on Aug. 2, for the purchase of $42,000 not to exceed 4%
interest Michiana Shores water works revenue bonds, payable as to prin¬
cipal and interest solely from revenues of the water system.
Dated Aug. 1,
1940.
Denoms. $1,000 and $500.
Due Aug. 1 as follows:
$1,000 from
1944 to 1954, incl.; $1,500, 1955 to 1960, incl.; $2,000, 1961 to 1966, Incl ;
and $2,500 from 1967. to 1970, incl. Principal and interest (F-A) payable
at the Bank of Three Oaks, Three Oaks.
A certified check for $2,000, pay¬
able to order of the Township Board, must accompany each proposal.
2)4-2)4 %
2)4%
2)4%
2)4%
Bidder is to
furnish bonds and legal
opinion.
Mich.—TENDERS WANTED—Minnie N. Reeves, City
Treasurer, will receive sealed tenders of series A, B, C, and D refunding
bonds until 7:30 p. m. on July 22, at which time they will be promptly
acted upon and the money made available on or before July 26 on bonds
thus purchased.
Bonds shall be delivered to the Detroit Trust Co., Detroit,
within 10 days after acceptance of tender.
Only offers of bonds below par
will be considered.
A separate tender must be made of each series.
Price
must be quoted flat, all bonds tendered to have Oct. 1, 1940 and subsequent
coupon attached.
A certified check for 2% of the par value of bonds for
each separate tender, payable to order of the City Treasurer, is required.
ROYAL OAK,
City
'
of New York
100.656
100.636
100.411
100.34
2%
Judge & Co__
R. K. Webster
Braun, Bosworth & Co__
Paine, Webber & Co
&
Kaiser & Co.; Paul H.
Perrin, West & Winslow
Crouse & Co
B. Gibbons & Co., Inc.;
Brothers
----
_
1M%
2%
2%
2%
First National Bank of Boston
Bond
Rate Bid
Int. Rate
Bidder—
Halsey, Stuart & Co., Inc
Harriman Ripley & Co., Inc
Kidder, Peabody & Co
Cray,
Co
Salomon
REVERE, Mass.—BOND SALE—The $150,000 coupon municipal relief
bonds offered July 12 were awarded to Graham Parsons & Co., New
York, and Lyons & Shafto, Inc. of Boston, jointly, as l%s, at a price of
100.711, a basis of about 1.61%.
Dated July 1, 1940. Denom. $1,000.
Due $15,000 annually on July 1 from 1941 to 1950, incl.
Principal and
interest (J-J) payable at the First National Bank of Boston.
Legal opinion
of Ropes, Gray, Boyden & Perkins of Boston.
Other bids:
ceived for the
Halsey, Stuart & Co., Inc.;
The National City Bank
Mass—NOTE SALE— The Second National Bank o
one-year revenue notes at 0.369%
RANDOLPH,
Boston purchased an issue of $50,000
discount.
Dated July 8, 1940.
bids
Co.; the
Brothers
and Boyce
First National Bank of
449
Commercial & Financial Chronicle
100.07
SENECA
DISTRICT
AND
MEDINA
TOWNSHIPS
FRACTIONAL SCHOOL
NO. 6 (P. O. Seneca), Mich.—BOND OFFERING—J. B.
District Secretary, will receive sealed bids until 7 p. m. (EST) on
July 29, for the purchase of $25,000 not to exceed 4% interest coupon gen¬
eral obligation gymnasium bonds.
Dated July 1, 1940. Denom.
Due $5,000 on July 1 from 1941 to 1945, incl.
Principal and interest
payable at the First State Bank, Morenci. Bids shall be
upon
the purchaser's attorney approving the legality of the bonds.
to pay for the opinion and cost of printing the bonds.
A certified
2% must accompany each proposal.
Munro,
$1,000.
(J-J)
conditioned
Purchaser
check for
TOWNSHIP
WARREN
(P.
O.
Van
Dyke),
Mich.—TENDERS
WANTED—William Lawson, Township Clerk, will receive sealed tenders
refunding bonds, series A, B, C, and D, dated Jan. 1, 1937, and
1937 certificates of indebtedness, series 1, la, 2 and 2a, dated Aug. 2, 1937,
until 2 p. m. (EST) on July 29.
Amount on hand in the various sinking
FRAMINGHAM, Mass.—NOTE SALE—The Merchants National Bank
of Boston was awarded on July 12 an issue of $100,000 notes at 0.16%.
Due in 11 months.
The Second National Bank of Boston, next high
bidder, named a rate of 0.176%.
of 1937
GEORGETOWN, Mass.—NOTE OFFERING—'The Town Treasurer
bids until 5 p. m. (DST) on July 20 for the purchase of
$19,000 water main notes, due serially from 1941 to 1956 incl.
and
of $500,000 revenue antici¬
five
will receive sealed
HOLYOKE, Mass.—NOTE SALE—The issue
pation notes offered July 16—V. 151, p. 282—was awarded to the Second
National Bank of Boston, at 0.143% discount.
Dated July 16, 1940 and
due Dec. 27,
1940.
Other bids: National Shawmut Bank of Boston,
0.183%; Eyer & Co. of New York, 0.37%.
LEXINGTON, Mass.—NOTE OFFERING—James J. Carroll, Town
will receive sealed bids until 7:30 p. m. on July 22, for the pur¬
chase of $35,000 sewer construction notes.
Dated Aug. 1, 1940 and due
serially from 1941 to 1950, incl.
Bidder to name rate of interest.
Treasurer,
MALDEN, Mass.—NOTE OFFERING—J. Howard Hughes, City Treas¬
urer, will receive sealed bids until noon (DST) on July 23 for the purchase
at discount of $500,000 current year revenue anticipation notes.
Dated
July 23, 1940.
Denoms. $50,000, $25,000, $10,000 and $5,000, each ma¬
turity. Due $250,000 Feb. 14 and $250,000 March 14, 1941. Notes will bo
authenticated as to genuineness and validity by the First National Bank of
Boston, under advice of Ropes, Gray, Boyden & Perkins of Boston.
series C
series 1
decribe the
and
amount
firm for
follows: $7,079.78 for series A and B bonds, $3,011.42
$4,070.97 series D.
For certificates of indebtedness, $2,637.24
and $5,964.89 for series 2 and 2a.
Tenders should fully
securities offered, including serial munbers, their par value
the
for which they will be sold to the township.
Offerings should be
funds are as
and la,
•
days.
MINNESOTA
will be
Clerk, for
of indebtedness
AMBOY,
Minn.—CERTIFICATE OFFERING—Sealed bids
received until 7:30 p. m. on July 22, by Glen E. Johnson, Village
the purchase of the following 3)4 % semi-annual certificates
aggregating $11,100:
$8,000 street
Due $800 on July 15 in
improvement certificates.
Due $190 on July 15 in
1950, inclusive.
1,200 street
,
improvement certificates.
Due $120 on
1950, inclusive.
states
Allison-Williams
135—are
1950; callable
REDWOOD FALLS, Minn.—MATURITY—The City Recorder
$20,000 certificates of indebtedness sold to the
of Minneapolis, as l%s, at par, as noted here—B. 151, p.
dated Aug. 1, 1940, and mature $2,000 on Dec. 1 in 1941 to
on any interest payment date.
that the
Co
NEW BEDFORD, Mass.—BOND OFFERING— Timothy J. Crowley.
City Treasurer, will receive bids until 11 a. m. (DST) on July 23 for the
purchase of $690,000 coupon bonds, divided as follows:
$350,000 deficiency loan, Act
1941
to
1945 incl.
of 1939, bonds. Due $70,000 on July 1 from
340,000 municipal relief. Act of 1939, bonds. Due $34,000 on July 1 from
1941 to 1950 incl.
All of the bonds will be dated July 1, 1940. Denom. $1,000. Principal and
interest (J-J) payable at the First National Bank of Boston.
Bidder may
name a different rate of interest for each loan in a multiple of )4 of 1 %, but
must bid for both issues.
These bonds will be yaiid general obligations of
the city, exempt from taxation in Massachusetts, and all taxable property
in the city will be subject to the levy of unlimited ad valorem taxes to pay
both principal and interest.
The bonds will be engraved under the super¬
vision of and authenticated as to genuineness by the First National Bank of
Boston. The legality of these issues will be approved by Storey, Thorndike,
Palmer & Dodge, of Boston, a copy of whose opinion will accompany the
bonds
when
delivered,
without charge to the purchaser.
The original
opinion and complete transcript of proceedings covering all details required
issuance of the bonds will be filed with said bank, where they
for the proper
may be inspected.
Telegraphed
will not be accepted. Bonds will
bids will be accepted but telephone bids
be delivered to the purchaser on or about
the First National Bank of Boston, 67 Milk St., Boston,
against payment in Boston funds.
Aug. 2, 1940, at
1941 to
1941 to
July 15 in 1941 to
improvement certificates.
1950, inclusive.
1,900 street
ROBBINSDALE, Minn .—CERTIFICATE OFFERING—Both sealed
bids will be received until July 22, at 8 p. m„ by Charles
Clerk, for the purchase of $2,500 not to exceed 3% semi-ann.
certificates.
Dated July 1, 1940. Denoms. as purchaser may desire.
July 1, 1941.
Payable at the City Clerk's office. The city will
executed certificates in form satisfactory to the purchaser and the approv¬
ing legal opinion of Fletcher, Dorsey, Barker, Colrnan &
neapolis.
Enclose a certified check for $1,000.
O.
and auction
Wallace, City
Due
furnish the
Barber, of Min¬
MISSISSIPPI
municipal separate school district (p. o.
Biloxi), Miss.—BONDS SOLD—The following bonds aggregating $81,000,
were purchased on July 12, by a group composed of the J. S. Love CoJor
Jackson, Dane & Weil, Scharff & Jones, and White, Dunbar & Co., all of
New Orleans, paying a price of 100.10, a net interest cost of about 4.08%:
$42,000 4M% semi-ann. school bonds.
Due Aug. 1, as follows: $2,000 in
1941 to 1945, and $4,000 in 1946 to 1953.
#>| nnn
.
39.000 4% semi-ann. school bonds.
Due Aug. 1, as follows: $4,000 In
1954 to 1956, and $3,000 in 1957 to 1965.
biloxi
„
450
The Commercial & Financial
Chronicle
Dated Aug.
local
1,
depository.
1940.
Denom.
$1,000.
Legality approved
Prin. and int.
by Charles
Louis.
&
payable at the
Trauernicht, of
SALE—The $59,650 coupon or registere
bonds offered July 16—V. 151, p. 283—were awarded to
M. M. Freema
& Co. of Philadelphia as 3
Ms at par.
Sale consisted of:
$5,850 sewer bonds of 1938.
Due annually from 1941 to 1946, inclusive.
29,000 assessment bonds of 1938.
Due annually from 1941 to 1950, incl.
9,900 improvement bonds of 1939. Due
annually from 1941 to 1950, incl.
3,900 sewer bonds of 1939.
Due annually from 1941 to 1944, incl.
11,000 building bonds.
Due annually from 1941 to 1951, inclusive.
St.
COLLINS, Mias.—BONDS SOLD—A $10,000 issue of 5% semi-annual
street paving and sidewalks improvement bonds is said to
have been pur¬
chased by the State Bank & Trust Co. of Collins.
Dated April 2, 1940.
Legal approval by Charles & Trauernicht, St. Louis.
COLLINSVILLE
CONSOLIDATED
Collinsville), Miss.—BONDS SOLD—It
annual
construction
Jackson, at
bonds
have
been
SCHOOL
DISTRICT
(P. O.
6% semi¬
is reported that $7,000
sold
to
John
Nunnery & Co.
All
of the bonds will be dated
July 1, 1940.
One bond for $850, others
$1,000 and $900 each.
Combined maturities, with payments due on
July 1 of each year, are as follows: $6,650 in 1941; $7,000 in 1942 to
1944,
incl.; $6,000, 1945 to 1949, incl.; $4,000 in 1950 and $1,000 in 1951.
of
price of 101.428.
a
McCOMB, Miss.—PURCHASER—In connection with the public offer¬
ing by Dane & Weil of New Orleans, of the $100,000 4% semi-ann.
refund¬
ing bonds, noted here on July 6—V. 151, p. 135—it is now stated
that the
original purchaser of these bonds was White, Dunbar & Co. of New
Orleans,
paying par.
Other bids
Bidder—
were as
follows:
Int. Rate
Campbell & Co.
NATCHEZ, Miss.—RFC
with
the
loan
of
TA KES
UP BALANCE OF LOAN— In
con¬
authorized by the Reconstruction
Corporation, for a revenue toll bridge, $400,000 of which was
taken up on Jan. 2,
1939, and $500,000 in February of 1940, Bridge Clerk
James L. Patterson informs us that the
balance of $1,083,000 has now been
taken up by the
RFC, as 4s. J-D, at par.
The entire issue is dated Dec.
1, 1938, in the denomination of $1,000,
and matures Dec. 1, 1968.
Dated July
St. Louis.
1,
1938.
Legal
Bidder—
SOLD—The City Clerk states that the
approval
by
Charles
&
Ira Haupt &
of
CREEK
a recent
TOWNSHIP
(P,
election the voters
O.
Linneus),
Mo.—BONDS
are
reported to have approved the
issuance of $50,000 road improvement bonds.
O'FALLON, Mo.—BOND OFFERING—It is stated by Francis E.
Saali,
City Clerk, that sealed bids will be received
by the Board of Aldermen
until 8 p. m. on July
24, for the purchase of $35,000 waterworks and
public
sewer bonds.
Dated July 1,
follows:
$1,000 in 1943 to
1940.
Denom.
$1,000.
Due March 1, as
1947, $2,000 in 1948 to 1956, and $3,000 in
1957 to 1960, provided, however, that the
right shall be reserved on March 1,
1955, or any interest payment date
thereafter, to call in, pay and redeem
the bonds maturing in
1957 to 1960, in the inverse order of their
number.
are
requested to
name
the rate
of interest for all
the
bonds in
multiples of M of 1 %. Prin. and int. payable at a
place to be designated by
purchaser, subject to the approval of the Board of
Aldermen.
The
city will furnish the legal opinion of Charles &
Trauernicht, of St. Louis,
and will pay for the
printing of the bonds and registration fee at the State
Auditor's office.
Delivery of the bonds will be made on or before
Aug. 21.
Enclose a certified check for
$1,500, payable to the city.
the
100.60
100.43
100.42
100.296
100.289
lA%
%
3 M%
3M%
SCHOOL
nardo), N. J.—BOND SALE—The $76,000
EGYPT TOWNSHIP (P. O.
Norborne), Mo.—BOND SALE DE¬
TAILS—It is stated oy the Township Clerk that the
$12,000 2M% semiann. road improvement bonds sold
to a local bank, as noted
here—V. 151,
p. 283—were purchased at a price of
100.372, and mature on July 1 as
follows: $1,000 in 1941;
$2,000, 1942. and $3,000 in 1943 to 1945,
giving
a basis of about
2.15%.
Bidders
3M%
3
bonds offered July
& Co. of Newark,
j-l
DISTRICT (P. O. Leo¬
or registered school
coupon
12—V. 150, p. 4164—were awarded to J. B. Hanauer
as 3Ms, at a price of
100.166, a basis of about 3.24%.
Dated July 1, 1940 and due
July 1 as follows:
$2,000 from 1942 to 1946,
incl. and $3,000 from 1947 to
1968, incl.
Other bids:
DUNKLIN COUNTY CONSOLIDATED SCHOOL
DISTRICT NO. 9
(P. O. Card well), Mo.—BONDS SOLD—It is
reported that $12,400 3%
%
semi-annual school bonds have been
purchased by Berger-Cohn & Co. of
St. Louis.
Dated July 1, 1940.
LOCUST
TOWNSHIP
100.121
100.303
3
Buckley Bros
Campbell & Co
MIDDLETOWN
Rate Bid
3%
3M%
Co...
John B. Carroll & Co. and
Julius A. Rippel, Inc
missouri
VOTED—At
Int. Rate
H. B. Boland & Co
A. C. Allyn & Co., Inc. and H. L. Allen
& Co
B. J. Van Ingen & Co., Inc. and E.
H. Rollins
& Sons.
1948^95^,
Trauernicht
100.56
tered
following bonds aggregating $17,000, have been purchased by J. G.
Hick¬
man, Inc. of Vicksburg, at par:
$14,000 5% refunding bonds.
Due $1,000 on July 1 in 1945,
1952, 1954. 1956 and 1958 to 1965.
3,000 4% % refunding bonds.
Due on July 1, 1966.
100.123
100.08
4k%
.
LONG BRANCH, N. 3.—BOND SALE— The
$97,000 coupon or regis¬
bonds, including $80,000 series I and $17,000 series
II, for which
sealed bids were received on
July 16—V. 151, p. 136—were awarded to
M. M. Freeman & Co. of
Philadelphia, which bid for a total of $96,000
bonds, as 2Ms,.at a pricoof 101.41, a basis of about
2.22%.
Dated July 1,
1940 and due July 1 as follows:
$10,000 from 1941 to 1949 incl. and $6,000
in 1950.
Other bids, all for $97,000
bonds, were as follows:
$1,983,000
Finance
PASCAGOULA, Miss.—BONDS
Rate Bid
4%
4%
H. B. Boland & Co
H.L. Allen & Co
nection
July 20, 1940
FAIRVIEW, N. J.—BOND
Bidder—
*
Int. Rate
M. M. Freeman & Co
101.925
100.20
100.19
4%
4%
H. B. Boland & Co.
*
Rate Bid
3 H %
Campbell & Co
Bid for $75,000 bonds.
PENNSAUKEN
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Mer-
chantville), N. 3—BOND ISSUE DETAILS—The Amount of
repair
bonds purchased by the State
Sinking Fund Commission was $15,500, not
$15,000 as reported in —V. 151, p. 283.
They were so.d as 4s, at par, and
mature July 1 as follows:
$1,500 from 1941 to 1949, incl. and $2.000- in
1950.
RUNNEMEDE, N. J.—BONDS AUTHORIZED—The following
3M%
refunding bonds aggregating $320,000 have been
approved by both the
State Funding Commission and the
Borough Council: $277,000 general
bonds and $43,000 school
bonds, all dated Aug. 1, 1940.
WEST MILFORD SCHOOL
DISTRICT, N. J.—BONDS DEFEATED
E. Davenport, Clerk of the Board of
Education, reports that at an
election held July 16 on the question of
issuing $80,000 construction bonds
the proposal was defeated
by a count of 336 to 250.
—S.
new
mexico
NEW MEXICO NORMAL UNIVERSITY
(P. O. Santa Fe), N. Mexnow reported that the
$85,000 4% semi-ann. dormi¬
—PRICE PAID—It is
tory and student union building revenue bonds sold
last
here—V. 150, p. 3397—were purchased at
par.
montana
PONDERA COUNTY SCHOOL
DISTRICT NO. 16 (P. O.
Valier)'
Mont.—PURCHASER—We are now informed by the
Superintendent of
Schools that the $21,000
building addition bonds sold on July 9 as 2.90s,
as noted here—V.
151, p. 283—were purchased by the State Board of
Land
Commissioners, on a 20-year amortization plan.
Municipal Bonds
election is said to be
scheduled for July 26 in order to
have the voters pass on the
issuance of
$75,000 sewage system bonds.
Tilney
nebraska
76
bonds.
KIMBALL COUNTY HiGH SCHOOL
DISTRICT (P. O. Kimball),
is stated by the
County Clerk that the $19,000
bonds sold to the American
National Bank of Kimball, as
2Mb,
at 101.315, as noted
here—V. 151, p. 135—are due on
July 1 as follows:
$1,500 in 1941 and 1942, and
$2,000 in 1943 to 1950, giving a basis of
about 2.01%.
school
new
jersey
BLOOMFIELD, N. J.—BOND
SALE—The $82,000 coupon or
regis¬
tered public works bonds
offered July 15—V.
151, p. 136—were awarded
to Rogers,
Torrey & Cohu, of New York, as 2s, at
par plus a premium of
$7.90, equal to 100.009, a basis of about
1.999%.
Dated July 1, 1940 and
due July 1 as follows:
$3,000 from 1941 to 1958 incl. and
$4,000 from 1959
to
1965 incl.
new
M.M
Freeman & Co
H. L Aden & Co
J. S. Rippel & Co
John B. Carroll & Co. and
Campbell & Co
Colyer, Robinson & Co
C. Allyn & Co., Inc.
A.
,
Buckley Bros
100.63
100.55
100.303
100.267
2)4%
2)4%
and
100.267
MacBride, Miller
KSC5>-b-7--JY-^Co
Bid for $81,000
bonds;
Rate Bid
101 41
100!67
2K%
2M%
2M%
2)4%
100.187
102.16
b H. B. Boland &
a
2)4%
b for $80,000.
BORDENTOWN, N. J.—PROPOSED
plans
to issue $6,000
extension bonds.
athletic
field
BOND FINANCING—1The
City
improvement and $9,500 water line
CAPE MAY,
issue
of
N. J.—BONDS VOTED—The
voters have authorized
$60,000 sewer improvement bonds.
ELIZABETH, N. 3.—BOND OFFERING—Patrick
Comptroller, will
the purchase
receive sealed bids until 11
of $60,000 not
bonds, divided
as
follows:
to
exceed
a.
m.
an
6% interest coupon
or
registered
Aug. 1 from 1941 to 1956 incl.
dated Aug. 1, 1940.
Denom. $1,000
Prin
(F-A) payable at the National State Bank
of Elizabeth.
Bids
must be made on the basis
of the $60,000 bonds
constituting a single issue.
Bidder to name a single rate of
interest, expressed in a multiple of & of
The price for which the bonds
1%
may be sold cannot exceed
$61,000 and can¬
not be less than $60,000.
A certified check for
$1,200, payable to order
of the city, must
accompany each proposal.
The
approving legal opinion
of Reed, Hoyt, Washburn &
Clay of New York City will be
of the
divided
bonds
uccessful bidder.
as
purchased
furnished the
york
N.
follows:
$5,036.84
sidewalk and curb,
bonds,
on a
SALE—C. E. Weinig, White & Co. of Buffalo,
including $4,500 traffic light and $536.84
bid of 100.06 for 2.40s.
BARKER, CHENANGO, FENTON, TRIANGLE AND
GREENE
CENTRAL SCHOOL DISTRICT No. 1
(P. O. Chenango Forks, Box
68), N. Y.—BOND SALE—The $89,000 coupon or
registered school
bonds offered July 16—V.
150, p. 4010—were awarded to Roosevelt &
Weigold, Inc. of New York, as 2.10s. at a price of 100.10, a basis of
about
2.09%.
Dated Aug. 1, 1940 and due Aug. 1 as follows:
$2,000 in 1941
and $3,000 from 1942 to 1970 incl.
Other bids:
Bidder—
x Manufacturers &
Traders Trust Co
E. H. Rollins & Sons, Inc
Marine Trust Co. of Buffalo and R. D.
White & Co.
C. F. Childs & Co. and Sherwood & Co
A. C. Allyn & Co., Inc
George B. Gibbons & Co., Inc
Co., Inc
Int. Rate
2.10%
2.20%
2.20%
2.20%
2.20%
2.20%
2.20%
Blair &
Bid
_
Rate Bid
100.189
100.54
100.41
100.393
100.303
100.282
100.107
irregular.
CORNING, N. Y.—BOND
SALE—The $36,000 coupon or registered
public welfare (home relief) bonds offered July 15—V.
151, p. 283—were
awarded to the Manufacturers & Traders
Trust Co. of Buffalo, as
1.20s,
at par plus a premium of
$53.96, equal to 100.149, a basis of about 1.17%.
Dated Aug. 1, 1940 and due
Aug. 1 as follows: $3,000 from 1941 to 1944
incl. and
$4,O0O
from 1945 to 1950 incl.
Other bids:
Bidder—
will be
and int.
YORK, N. Y.
$16,000 parking place bonds.
Due July 1 as follows:
$2,500 from 1941 to
1944, iDcl. and $1,500 from 1945 to 1948, inclusive.
37,500 park bonds.
Due July 1 as follows:
$3,000 in 1941 and 1942;
$3,500, 1943 and 1944; $3,000, 1945; $3,500 from
1946 to 1949.
incl. and $1,500 from 1950 to
1954, inclusive.
All of the bonds will be dated
July 1, 1940.
Denom. $500.
Bidder to
name a single rate of
interest, expressed in a multiple of M or l-10th of
1%
Principal and interest (J—J) payable at the First National Bank &
Trust Co.,
Amityville.
The bonds are unlimited tax
obligations of the village and the
approving legal opinion of Hawkins, Delafield &
Longfellow of New York
City will be furnished the successful bidder. A certified check
for $1,070,
payable to order of the village, must
accompany each proposal.
x
McGann, City
(DST) on July 30 for
NEW
Y.—BOND OFFERING—Louis W. Ferris,
Village
Clera, will receive sealed bids until 4 p. m. (DST) on
Aug. 2, for the pur¬
chase of $53,500 not to exceed
6% interest coupon or registered bonds,
F.
$44,000 general obligation improvement
bonds.
Due Aug. 1 as follows:
$3,000 from 1941 to 1948 incl. and
$4,000 from 1949 to 1953 incl.
16,000 sewer bonds.
Due $1,000 on
All
AMITYVILLE,
AUBURN, N. Y.—BOND
Int. Rate
2M%
Company
&
Bell System
Other bids:
Bidder—
Minsch, Monell &Co
a
Government Bonds
BEAVER STREET
HASTINGS, Neb.—BONDS AUTHORIZED—The
City Council
Neb.—MATURITY—It
noted
Telephone: WHitehall 4-8898
Teletype: NY 1-2395
CHAPPELL, Neb.—BOND SALE DETAILS—The
City Clerk states
that the $32,000
4% semi-ann. electric light revenue bonds sold to
Fair¬
banks, Morse & Co. of Omaha, as noted
here—V. 151, p. 283—are dated
June i, 1940 and mature in
1941 to 1948.
Prin. and int. (J-D) payable
at the County Treasurer's
office.
is said
ordinance authorizing the issuance of
$50,000 refunding
as
Housine Authority Bonds
TOWNSEND, Mont.—BOND ELECTION—An
to have passed an
-
May,
Manufacturers & Traders Trust, Buffalo
Marine Trust Co., Buffalo
B. Gibbons & Co., N, Y
Minsch, Monell & Co., N. Y
F. W. Reichard & Co., N. Y
Geo.
E.
H.
Rollins &
Sons, N. Y
R. D. White & Co., N. Y.
L. Allen & Co. N. Y
C. F. Childs & Co., N. Y-.---
H.
Int. Rate
1.20%
-
1.25%
1.30%
1.30%
1.40%
1.40%
1.40%
1.40%
1.50%
Premium
$53.96
30.00
25.20
21.66
108.00
68.15
59.11
57.60
126.00
Volume
The
151
EDWARD
FORT
(P. O. Fort Edward), N.
First National Bank,
of the village and the
Longfellow of New York
certified check for $240,
each proposal.
PORT OF NEW YORK AUTHORITY, N. Y.—BOND OFFERING—
Frank C. Ferguson, Chairman, announced late yesterday that the Port
of New York Authority will receive sealed bids at 11 a. m. on July 24 for
the purchase of $9,000,000 3% fourth series general and refunding bonds,
due in 1976.
Subject to redemption prior to Dec. 15, 1950 only through
operation of the sinking fund.
Subject to this limitation, redeemable in
whole or in part, at prices ranging from 103 to par, depending on date of
redemption.
Proceeds of tb,e issue will be used in connection with the
refinancing of the outstanding series D 4 M % Inland Terminal bonds, which
mature serially until
1960.
The forthcoming operation will mark the
completion of the general refunding plan started by the Port Authority
five years ago, which has resulted in substantial savings in interest charges
its funded debt and simplified the previously complex debt structure.
Decision to proceed with this final step in the refinancing program at this
time was prompted by the excellent position of the Port Authority bond
l-10th of 1%.
Prin. and int. (J-J) payable at the
Sparkhill.
The bonds are unlimited tax obligations
approving legal opinion of Hawkins, Delafield &
City will be furnished the successful bidder.
A
payable to order of the village, must accompany
Y.—BOND SALE—The
$19,000 coupon or registered work relief bonds offered July 18 were
to Sherwood & Co. of New York as l^s, at par plus a premium of
awarded
$21, equal
$1,000.
basis of about 1.45%.
Dated July 1, 19401. Denom.
follows: $4,000 in 1941 and $5,000 from 1942 to
Prin. and int. (J-J) payable at the Fort Edward National Bank, Fort
ward, or at holder's option in New York exchange.
Papers and
copies of all proceedings in connection with the issue will be
upon
request by Robert W. Baseom of Fort Edward.
Second high
for l>£s was made by the Fort Edward National Bank.
to
100.11,
a
1944, incl.
Ed¬
Due July 1 as
certified
furnished
bid of 100.026
MONTGOMERY,
NEW
issue of $13,000 water system
CITY TUNNEL AUTHORITY, N. Y.—PARTICIPA¬
TRIBOROUGH BRIDGE AUTHORITY IN TUNNEL
YORK
OF
TION
AUTHORIZED—The Board of
improvement bonds.
Y.—BONDS
N.
Trustees authorized an
PRO¬
announcement that the Reconstruction
Corporation had agreed to purchase at par the entire issue
$57,000,000 3K% Battery-Brooklyn tunnel construction bonds,
the comment that the remainder of the total outlay of $80,000,000 would
be provided for by the Triborough Bridge Authority and the City
York—V. 150, p. 136.
In order to fully clarify the bridge authority's
responsibility in the matter, the foliowmg statement was issued
Looser, General Manager:
"The Triborough Bridge Authority has not and will not make any con¬
tribution of money to the design and construction of the Brooklyn-Battery
Tunnel.
The Triborougn Bridge Authority did, nowever, sometime ago,
enter into an agreement with the City (New York) by which the Authority
will, entirely at its own expense, build an elevated highway between
Head Park and the vicinity of Henry St. and Hamilton Ave. in the Borough
of Brooklyn.
This agreement in turn was incorporated in a three-party
agreement between the Authority, the city and the New York City
Authority.
The Triborougn Authority believes that this is a
necesary link between the Belt Parkway which is both a feeder and
for all of the five bridges controlled by the Authority and the central part
of the Borough of Brooklyn.
We are certain that this elevated parkway,
which we are now constructing at an estimated cost of approximately
$14,000,000, will be of value to the Authority in the collecting and diffusing
of its traffic with all of our bridges.
It is, of course, quite true that this
elevated highway will provide an easy access to the Brooklyn-Battery
Tunnel when completed, and, if the Authority had not decided to construct
it, the New York City Tunnel Authority would doubtiess have had to
provide other means of approach to the tunnel entrance in
JECT EXPLAINED—Recent
of
included
Finance
on
of New
market.
by Paul
$69,000 general improve¬
RENSSELAER, N. Y.—BOND SALE—The
(not funding) bonds offered July 16—V. 151,
H. L. Allen & Co. of New Yrork, as 1H&, at
1.47%.
Sale consisted of:
to
$3,500 in 1941 and $4,000
$2,000 from 1941 to 1943
,
28,500 series C bonds.
Due $1,500 on Jan. 1 from 1941 to 1959 incl.
All of the bonds will be dated July 1, 1940.
Denoms. $1,000 and $500.
Prin. and int. (J-J) payable at the Rensselaer County Bank & Trust Co.,
Rensselaer.
Legality approved by Dillon, Vandewater & Moore of New
York City.
Re-offered to yield 0.25% for the earliest maturities to a
price of 98.50 for the last maturing bonds.
Other bids:
Bidder—
Int. Rate
Rate Bid
$31,500 series A bonds.
Due Jan.
from 1942 to 1948 incl.
1 as follows:
9,000 series B bonds.
Due Jan.
incl. and $3,000 in 1944.
Tunnel
desirable and
outlet
1 as follows:
E.
Brooklyn."
and the
Jan. 1,
that an
on payments to employees under established sick-benefit plans,
reporting of such payments, had been suspended for the period from
1940 to July 1, 1941, by a regulation just issued.
Miss Miller said
effort would be made at the next session of the Legislature to obtain
Co. and Sherwood & Co___
Co. of Buffalo and R. D. White
Rensselaer County Bank & Trust Co
Manufacturers & Traders Trust Co
Union Securities Corp
a per¬
from unemployment insurance
&
Mineola),
N.
Y.—BOND
$130,000 series A
E refunding,
to
were
l^s
been
&
Co., Inc.: 100.059 for
cost of 1.9209%.
Co. and Sherwood &
July 9 an issue of $75,000
oasis of a^ut l.oo /o.
follows: $3,000, 1941
$11,000 in 1948 and
payable at the Solvay
approved by Dillion, Vande¬
Corp., Smith, Barney
Hutzler, Roosevelt & Weigold, Inc., A. C. Allyn
Son, R. D. White & Co., and Minsch, Monell &
$1,350,000 2.20s and $1,000,000 l?*s, net interest
Equitable Securities Corp., Edward Lowber Stokes &
& Co., Inc. and F. W. Reichard & Co.: 100.061 for
$1,000,000 1.80s, a net cost of about 1.9707%.
Savings Bank
Rol¬
tration improvement
100.189
10(1.116
{00.17
1.70%
1 H%
2%
2 /o
iXnni?
100.013
CouncH
necessary documents for
Works Progress Adminis¬
bonds.
NORTH
CAROLINA
informed by W. E
Commission, that he will
23, for the purchase of
and maturing annually,
BRUNSWICK, N. C.—BOND OFFERING—We are
Easterling, Secretary of the Local Government
receive sealed bids until 11 a. m. (EST), on July
$4 000 coupon water bonds, dated Aug. 1, 1940
Feb. 1, $500, 1943 to 1950 incl., without option of prior
YORK (State of)—BOND OFFERING—Morris S. Tremaine,
Comptroller, will receive sealed bids until 1 p. m. (DST) on July 30
for the purchase of $15,000,000 not to exceed 4% interest State Institu¬
tions buildings bonds.
Dated Aug. 1, 1940.
Due $600,000 annually on
Prin. and int. (F-A) payable at the Bank of
Exempt from all Federal and New
York State income taxes.
Bidders for these bonds will be required to name
the rate of interest which the bonds are to bear not exceeding 4% per annum
Such interest rates must be in multiples of M of 1% and not more than a
single rate of interest shall be named for the issue.
Bidders may condition
their bids upon the award to them of all but no part of the entire $15 000 000 bonds and the highest bidder on the basis of "all or none" will be the
one whose bid figures the lowest interest cost to the State after deducting the
amount of premium bid if any.
No bids will be accepted for separate
maturities or for less than par value of the bonds nor unless accompanied
by a deposit of money or by a certified check or bank draft upon a solvent
bank or trust company of the cities of Albany or New York, payable to
the order of the "Comptroller of the State of New York" for at least 2%
the par value of the bonds bid for.
No interest will be allowed upon the
good faith check of the successful bidder.
Approving opinion of Honorable John J. Bennett, Jr., Attorney General
of the State, as to the legality of these bonds and the regularity of their
issue will be furnished the successful bidder upon delivery of the bonds
to him.
If the Definitive Bonds of this issue can not be prepared and de¬
livered at the time to suit the purchaser, the State reserves the right to
deliver Interim Certificates pending preparation of the Definitive Bonds
and will endeavor to have these Interim Certificates ready for delivery on
1.70%
1.70 A>
AUTHORIZED—City
Inc.,
Co., Mackey, Dunn
$1,350,000 2 Ms and
1965 incl.
Co., New York City.
D. White & Co.
WATERTOWN,
N.
Y.—BONDS
authorized Treasurer D. C. Ayers to prepare the
the issuance of $163,000 relief bonds and $97,000
NEW
the Manhattan
- -- -
Solvay Bank
Syracuse
State
Aug. 1 from 1941 to
Inc
Rollins & Sons, Inc
Marine Trust Co. of Buffalo and R.
George B, Gibbons & Co., Inc
Manufacturers & Traders Trust Co
E. H
Stuart & Co., Inc., Kidder, Pea body & Co., Shields & Co.,
Stranahan, Harris & Co., B. J. Van Ingen & Co., inc., Otis & Co., G. M.-P.
Murphy & Co., H. L. Allen & Co., Schlater, Noyes & Gardner, and Stroud
& Co.: 100.048 for $1,350,000 2s and $1,000,000 1.90s, net interest cost
of 1.9336%.
National City Bank of New York and Harriman Ripley
& Co.. Inc.:
100.05 for $1,350,000 2Ms and $1,000,000 lKs, net cost of 1.941%.
Bankers Trust Co. of New York, Blyth & Co., Estabrook & Co., F. S.
Bate Bid
Dd. Pate
Bidder—
Blair & Co.,
Halsey,
Moseley & Co., Northern Trust Co., L. F. Rothschild & Co., E. H
lins & Sons, Inc., Eldredge & Co., Schoellkopf, Hutton & Pomeroy,
National Bank, New York
of the city and the ap¬
& Clay of New York City
check for $5,000, paya¬
proposal.
Co., Salomon Bros. &
Inc., Gregory &
& Co.,
$1,000. Bidder
multiple of M or 1-10th of
SOLVAY, N. Y.—BOND SALE— C. F. Childs &
Co., both of New York .jointly, were awarded on
refunding water bonds as 1.60s, at a price of 100.28, a
Dated Aug. 1,1940.
Denom. $1,000. Due Aug. 1^as
to 1944 incl.; $6,000, 1945; $8,000, 1946; $10,000, 1947;
$14,000 in 1949 and 1950.
Principal and interest
Bank, with New York exchange.
Legality
water & Moore of New York City.
Other bids:
1
.
of New York, First Boston
1950 incl.
bonds will be dated Aug. 1, 1940.
Denom.
single rate of interest, expressed in a
Prin. and int. (F-A) payable at the Chase
City.
The bonds are unlimited tax obligations
proving legal opinion of Reed, Hoyt, Washburn
will be furnished the successful o.dder.
A certified
ble to order of the city, must accompany each
Unsuccessful bids were as follows:
Chase National Bank
There wdl
be no auction.
Denom. $500; coupon
in the Town of
.
■
payment.
bonds not
registerable;
Whiteville, North Carolina,
prin. and int. (F-A), payable
in legal tender; general obligations;
Aug 5, at place of purchaser 's choice.
interest rate or rates, not exceeding 6% per annum
Each bid may name one rate for part
maturities) and another rate for the balance,
unlimited tax; delivery on or about
Bidders are requested to name the
in multiples of M of 1%.
of the bonds (having the earliest
but no bid may name more
than two rates, and each bidder must specify in his bid the amount of
bonds of each rate.
The bonds will be awarded to the bidder offering to
purchase tne bonds at the lowest interest cost to the town, such cost to
be determined by deducting the total amount of the premium bid from the
aggregate amount of interest upon all of the bonds until their respective
maturities.
No bid of less than par and accrued interest will be enter¬
tained
Bids must be accompanied by a certified check upon an incorpor¬
ated bank or trust company, payaDle unconditionally to the order of the
State Treasurer for $80.
The right to reject all oids is reserved. 1 he
approving opinion of Masslich and Mitchell, New York City, will be furn.
nisned the
.
purchaser. •
will be "re¬
Secretary of
$5,000 sanitary
$500, 1943
payment.
registerable as to
tender in.Ne^ York
about Aug. 9,1940
place of purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of M of 1%.
Each bid may name one rate for
part of the bonds (having the earliest maturities) and another rate for the
balance, but no bid may name more than two rates, and each Didder roust
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at tne lowest interest
cost to the town, such cost to be determined by deducting the total amount
of the premium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities. No bid of less than par and accrued
interest will be entertained.
Bids are required on forms to be furnished
with additional information and each biu must be accompanied by a certi¬
fied check upon an incorporated bank or trust company, payable uncon¬
ditionally to the order of the State Treasurer for $100.
The right to reject
all bids is reserved.
The approving opinion of Masslich and Mitchell, New
about Aug. 1, 1940.
The net debt of the State of New York on July 1, 1940, amounted to
$559,651,621.55, which is about 2.2% of the total assessed valuation of the
real and personal property of the State subject to taxation for State pur¬
FOREST, N. C.—BOND OFFERING—Sealed bids
ceived until 11 a. m. (EST) on July 23, by W. E. Easterling,
the Local Government Commission, for the purchase of
sewer bonds, dated Aug. 1, 1940, maturing annually, Feb. 1,
to 1946 and $1,000, 1947 to 1949, all incl., without option of prior
There will be no auction.
Denom. $500; coupon bonds
principal only; prin. and int. (F-A) payable in legal
City: general obligations; unlimited tax; delivery on or
poses.
at
or
NORTHVILLE, N. Y.—BOND OFFERING—P. C. Pickard, Village
Clerk, will receive sealed bids until 1 p. m. (EST) on July 26 for the pur¬
chase of $22,000 not to exceed 5% interest water bonds.
Dated July 1,
1940.
Due $2,000 on July 1 from 1941 to 1951 incl.
Bidder to name a
single rate of interest, expressed in a multiple of M or l-10th of 1%.
and int. (J-J) payable at the Northville Bank, Northville, with New York
exchange.
The bonds are unlimited tax obligations of the village and the
approving legal opinion of Dillon, Vandewater & Moore of New York
will be furnished the successful bidder.
Prin.
City
PIERMONT,
lage Clerk, will
N. Y.—BOND OFFERING—Charles L. Auryansen,
receive sealed bids until 11 a. m. (DST) on July 22 for
Vil
the
registered street
$1,000. Due
$3,000in 1944 and 1945.
purchase of $12,000 not to exceed 6% interest coupon or
improvement bonds of 1940.
Dated July 1, 1940. Denom.
July 1 as follows: $2,000from 1941 to 1943 incl. and
Bidder to name a single rate of interest, expressed in a multiple
of M or
Aug. 1
Due $6,000
1%.
from 1948 to r1955JncL
1940.
In the re-offering, the 2>£s
be dated'Aug.
priced to yield from 0.30% to 1.95%, according to maturity, and the
from 1.65% to 2%.
The bankers reported that all of the bonds had
sold at the close of business on the day of the award.
„
Due $13,000 annually on
to name a
^
All of the bonds will
public works bonds.
All of the
1950 incl.
due $125,000 annually on Aug.
1950 incl.
annually on Aug. 1
from 1941 to 1945 incl.
90,000 public welfare bonds.
Due $9,000 annually on Aug. 1 from 1941
as"*follows: $55,000
series
public works bonds.
from 1941 to
30,000 series B
675,000 2y2% series E public works, due Aug. 1 as follows: $70,000 in
1941; $75,000, 1942; $85,000 in 1943 and 1944, and $60,000 from
1945 to 1950 incl.
,
1,000,000 1^%
of Buffalo.
divided as follows:
SALE—The
$2,350,000 coupon or registered bonds offered July 15—Y. 151, p. 136—
were awarded to a syndicate composed of Lehman Bros., Ladenburg, Thalmann & Co., Blair & Co , Inc., Phelps Fenn & Co., Kean, Taylor & Co.,
George B. Gibbons & Co., Inc., ail of New York Manufacturers & Traders
Trust Co., Buffalo; Hemphill, Noyes & Co., Adams, McEntee & Co., Inc.,
Ii. H. Moulton & Co. and Charies Ciark & Co., all of New York.
The
group paid a price of 100.011 for the $1,000,000 refundings as l^s and the
remaining $1,350,000 as 2Ks, making a net interest cost to the county of
about 1.8946%.
The bonds mature as follows:
$675,000 2M % series L emergency relief, due Aug. 1
from 1941 to 1945 incl. and $80,000 from 1946 to
Co.
Director of
25 for the pur¬
registered bonds,
year.
O.
J00.194
SCHENECTADY, N. Y.—BOND OFFERING—H. A. Root,
Finance, will receive sealed bids until noon (DST) on July
chase of $250,00j not to exceed 6% interest coupon or
legislation would bring the State law into con¬
with the Federal Social Security Act as amended by Congress last
(P.
& Co.
1-90%
100.339
1-90%
100.189
1.90%
100.10
ROSCOE FIRE DISTRICT (P. O. Roscoe), Town of Rockland, N. Y.
—CERTIFICATE SALE—The $4,500 fire apparatus and equipment cer¬
tificates of indebtedness offered July 16—V. 151, p. 284—were awarded
to Bertha T. Twiss, local investor.
Dated Aug. 1, 1940 and due $500 on
Aug. 1 from 1941 to 1949 incl.
A bid was entered by C. E. Weimg, White
taxation, and that the new
BOUNTY
l/f %
1-80%
Rollins & Sons, Inc
Marine Trust
YORK, State of—TAX ON BENEFITS SUSPENDED— Frieda
S. Miller, State Industrial Commissioner, announced on July 13 that col¬
lections from employers of unemployment insurance contributions based
formity
H.
C. F. Childs &
NEW
exemption of such benefit payments
p. 284—were awarded
100.15, a basis of about
ment
Owl's
manent
451
Commercial & Financial Chronicle
WAKE
York City,
will be furnished the
purchaser.
The Commercial & Financial Chronicle
452
NORTH
fied check for $600
proposal.
DAKOTA
CURRIE SCHOOL DISTRICT NO. 15 (P. O.
Rolla), N. Dak.—
CERTIFICATE SALE—The $2,000 certificates of indebtedness
offered for
Bale
NORTH BALTIMORE, Ohio—BONDS AUTHORIZED—
City Council
on July 2, passed an ordnance
calling for the issuance of $127,200 rot ex¬
ceeding 6% light plant mortgage revenue bonds, that carried at the election
July 8—V. 151, p. 135—were purchased by Peter Boardman of
Overly, as 7s, according to the District Clerk.
No other bid was received.
Due on June 24. 1942,
LEWIS AND CLARK IRRIGATION DISTRICT
(P. O. Williston),
N. Dak.—BONDS SOLD—A $25,000 issue of 3% drainage
system construc¬
tion bonds is said to have been purchased by the State Water
Conservation
Commission, at par.
on
~
on Feb. 14.
Dated July 2, 1940.
Denoms. $1,000, $500 and $100. Due as follows:
$3,600 Jan and $5,000 July 1, 1942; $5,000 Jan. and July 1, 1943 to
1947;
$3,600 Jan. and $5,000 July 1, 1948, and $5,000 Jan. and
July 1, 1949
.....
to
1954.;
ORRVILLE, Ohio—BOND SALE—The issue of $15,000 library bonds
offered July 15—V. 151, p. 137—was awarded to Ryan, Sutherland &
Co.
of Toledo, as 2s, at par plus a
premium of $87, equal to 100.58, a basis of
about 1.93%.
Dated March 1, 1940 and due Oct. 1 as follows: $750 from
1941 to 1950 incl. and $1,500 from 1951 to 1955 incl.
Callable in whole or
in part at par and accrued interest on Oct.
1, 1951, or on any subsequent
interest date.
Second high bid of 100.337 for 2s was made
by Charles A.
Hinsch & Co. of Cincinnati.
NORTH
DAKOTA, State of—CERTIFICATE OFFERING—Sealed bids
be received until 10 a, rn. on Aug, 1, by James E.
Bothne, Secretary of
State
will
the
Industrial Commission, for the purchase of a $600,000
issue of
certificates of indebtedness.
Interest rate is not to exceed
4%, payablo
F-A.
Dated Aug. 1, 1940.
Denoms. $10,000, $5,000 and $1,000.
Due
Aug. 1, 1941.
Bids for less than par and accrued interest shall not be
con¬
sidered.
Enclose a certified cneck for at least 2%,
payable to the State
Treasurer.
Bids
NOONAN TOWNSHIP (P. O. Devils Lake), N. Dak.—BONDS
SOLD
now reported that the $6,000 funding bonds offered
for sale without
success on Feb.
13, as noted here—V. 150, p. 1476—were purchased on
March 20 bv the Allison-Williams Co. of
Minneapolis.
Dated Feb. 1,
Due
on
1,
CINCINNATI,
000,000
connection
with
1940, instead of April
Ohio—BOND
1, 1940: interest dates
Aug. 1 of each year.
ELECTION—A
motor bus bonds will be considered
proposal
by the voters
to
an
in
error
the maturity schedule.
CLEVELAND,
Ohio—DELINQUENT
TAX
BONDS
FOR
COLERAIN
4%
coupon
Due $1,000 on
1954.
noon
bonds.
iractional rates are expressed in
The bonds may
be
registered
ample taxes levied within
1944 incl. and $800 in 1945.
Interest F-A.
Bidder may name a dif¬
ferent rate of interest expressed in a
multiple of 34 of 1%.
A certified
check for $500, payable to order of the
Village Clerk is required.
FAYETTE COUNTY (P. O.
Washington C. H.), Ohio—BOND SALE
The $3,500 poor relief bonds
offered July 16—V.
151, p. 285—were awarded
to the
The issue
was
sold
Bank of
Washington, C. H.
Dated Aug. 1. 1940
1 from 1941 to 1946 incl.
l%s, at par.
Other bids:
J. A. White & Co. of
as
Cincinnati and Washington
Savings Bank,
Fuller ton & Co. of Columbus bid
for 2)4 s.
each
named
a
rate
of
2%;
FLUSHING, Ohio—BOND
SALE—The $2,900 coupon
delinquent tax
bonds offered July 11—V.
151, p. 137—were awarded to the
Community
National Bank of Flushing, the
only bidder, as 434s, at par.
Dated July 1,
1940 and due Oct. 1 as follows:
$100 in 1941 and $400 from 1942 to
1948,
inclusive.
,
GALION, Ohio—BONDS
AND NOTES SOLD—The
Commercial Sav¬
ings Bank Co. of Galion purchased
$7,600 poor relief notes as 2s, at a
of
i°JU22' ^basi? of ?bout 1 -95%•
Dated Dec. 1, 1939.
price
Denoms.
$1,000
Due March 1,1943.
The City Treasury
Investment Board bought $1,500
4% sanitary sewer
construction bonds at
par.
Dated Sept. 1,1939.
Denom. $303.
Due $300
on Sept. 1 from
1940 to 1944, inclusive.
and $600.
COUNTY
(P. o. Cambridge),
Ohio—BOND SALE
$20>000 delinquent tax poor relief
bonds awarded July 9
Cincinnati, as reported in V. 151, p. 285—
lfis, at par plus a premium of $133.33, equal to 100.66, a
basis of about
1.64%.
Complete list of the bids follows:
to Charles A. Hinsch &
Co. of
were sold as
Bidder—
Charles A
/m. Rate
Hinsch & Co
BancOhio Securities Co
Stranahan, Harris & Co..
"
?yAn& C°
— - --
J. A. White & Co
a.
m.
112 85
i
94 00
--
89 00
1^%
87^00
i
C7
18 88
\%%
14 00
2%
18 00
HI 2%
!rUS:AaSv5:0.VN^Y1 (p; the Board
JoIed°),
Schmitt, Clerk of
of
10
-- --
_HII~
laide E.
untd
$133 >33
13A%
p/%
_
VanLahr, Doll & Isphording
Weil, Roth & Irving Co
Provident Savings Bank & Trust Co
1
Premium
1^%
Seasongood & Mayer
Ohio—BOND
14.00
OFFERING—Ade¬
Supervisors, will receive sealed bids
the purchase of
$15,620 234% highway im¬
bonds.
Dated Aug. 15, 1940.
One bond for $620,
Due as follows:
$3,620 in 1941 and $3,000 from 1942
Conditional bids will not be considered. Prin. and
on
Aug. 5 for
provement No. o37
others $1,000 each.
incI",
(^7°) Payable at the County
1
% of the
lssue^must
Treasurer's office.
int.
A
certified
accompany each proposal.
check
for
MASSiLLON CONSERVANCY
DISTRICT
(P. O. Massillon), Ohio
—BOND SALE—The issue
of $345,000 district
bonds offered July 15—
was awarded to an
account composed of
Stranahan, Harris & Co., Inc.,
Toledo, Field, Richards & Co. of
Cleveland, Granberry & Co. and P. E.
Kline, Inc., both of Cincinnati, as
2%s, at par plus a premium of
$2,028.25,
equal to 100.5879, a basis of about
2.70%.
Dated July 1, 1940 and due
Nov. l as follows: $4,000 in
1942; $8,000I in1943 and
1944, and $13, from
1945 to 1969 incl.
Second high bid of 100.57
for 2%s was made
by Seasongood & Mayer, of Cincinnati and
associates. *'
NEW
BOSTON,
w
Ohio—BOND
receive
OFFERING—Ronald
sealed bids until
exceed 4% interest
noon on
Greene,
City
Aug. 1 for the purchase of
coupon street improvement
bonds.
Denom. $1,000.
Due $6,000 on June 1 from
1942
a different
rate of interest,
provided that
a
multiple of y of 1 %.
Purpose of issue
provide for city s share of the cost of
street
$60,000 not to
Dated July 1, 1940.
1951 incl.
Bidder may name
fractional rates are expressed in
to
is to
ditional bids will be considered.
& Gorman of Cincinnati will be
improvements.
WILLARD, Ohio—BOND SALE—The $20,000 coupon swimming pool
bonds offered July 6—V. 150, p. 4011—were awarded
to
Strahahan,
Harris & Co., Inc. of Toledo, as 1 %s, at a
price of 100.06, a basis of about
1.74%.
Dated Oct 15. 1939 and due $2,000 on Oct. 15 from 1941 to 1950
incl.
as
1% payable to the City Treasurer.
ELYRIA, Ohio—BOND ISSUE DETAILS—The
City Sinking Fund pur¬
chased as 3s, at par, $48,000
funding bonds, not $38,000 as reported in our
issue of March 30 on
page 2148.
Due $4,800 annually on
Sept. 1 from
1941 to 1950, inclusive.
and due $500 on Nov.
Hollow
the tax
the form of blanks which
will be
City Clerk.
The bidder will receive
and pay for the bonds as
may be issueo as above set forth on
Aug. 15, 1940,
at 10 a. m. (EST),
providing the award is made not less than 10
days prior
thereto.
The approving opinion of a
recognized bond attorney or firm of
bonding attorneys will be furnished and be
paid for by the City to the
purchaser.
Enclose a certified check for
First National
Stony
$4,400 4% fire equipment bonds.
Dated Aug. 1, 1940.
One bond for
$300, others for $500 and $400.
Due Feb. 1 as follows; $900 from 1941
a
a
$20,000
to
COLUMBUS, Ohio—BOND OFFERING—Helen T.
Howard, City
Clerk, will receive sealed bids until noon
(EST) on Aug. 3 for the purchase
of $223,500
4% coupon deficiency bonds.
Dated Aug. 15, 1940.
One
bond for $500, others $1,000 each.
Due Oct. 1 as follows:
$44,500 in 1944:
$44,000 in 1945 and $45,000 from 1946 to 1948 incl.
Bidder
different rate of interest provided that
multiple of M of 1%.
Interest A-O.
provided by law and are
payaDle from
limitations.
All bids must be made in
furnished upon application to the
25.00
125.00
93.13
34.00
WATERVILLE, Ohio—BOND OFFERING—Ernest D. Hook, Village
Clerk, will receive sealed bids until noon on July 22 for the purchase of
on
Dated
may name
174.90
39.85
31.50
30.00
25.00
.
repair bonds offered July 15—V. 151, p. 137—were awarded to
Charles A. Hinsch & Co. of
Cincinnati, as 134s, at a price of 100.377, a
basis of about 1.43%.
Dated Aug. 1, 1940 and due $2,000 on Nov. 1
from 1941 to 1950 incl.
Second high bid of 100.975 for 134s was made
by
Paine, Webber & Co. of Toledo.
(P.
O.
District Clerk,
July 31 for the purchase of $25,000
June 24,
1940.
Denom. $1,000.
Jan. 1 and July 1 from 1942 to 1953 incl.
and $1,000 Jan.
1,
building
SALE—The
sewer
RURAL
SCHOOL
DISTRICT
OFFERING— Stanley Downs,
bids until
*
234%
234%
2Vi%
2)4%
2H%
2'A%
STEUBENVILLE, Ohio—BOND
RELIEF
TOWNSHIP
Maynard), Ohio—BOND
50.55
46.00
15.00
SHELBY, Ohio—BOND OFFERING—Chester P. Nonn, Director of
Finance and Public Record, will receive sealed bids until noon on
July 30,
for the purchase of $5,000 3%
sewage disposal plant bonds.
Dated June 1,
1940.
Denom. $500.
Due $500 on Dec. 1 from 1942 to
1951, incl.
Bidder
may name a different rate of interest provided that fractional
rates are
expressed in a multiple of 34 of 1%.
Interest J-D.
A certified check for
$50, payable to order of the city, must accompany each
proposal.
VALIDATED—The Ohio Supreme Court recently held valid
a law auth¬
orizing issuance of delinqeunt tax bonds for poor relief
purposes.
Ruling
specifically approved a proposed issue of $2,138,000 by
Cleveland, although
it applies with equal force to other cities in
the State.
will receive sealed
$87.00
The bonds were sold as 2
at a price of 101.38, a basis of about
2.62%.
Second high bid of 100.906 for
2^s was made by Fox, Einhorn & Co.,
Inc. of Cincinnati.
V
are
The issue will be re-offered in
the
future.
Premium
PEEBLES, Ohio—BOND SALE—The issue of $50,000 sewer bonds
offered July 15—V. 151, p. 137—was awarded to Fullerton & Co. of
Colum¬
bus.
Dated May 1, 1940 and due Nov. 1 as follows:
$2,000 from 1941 to
1962 incl. and $3,000 in 1963 and 1964.
CIRCLEVILLE, Ohio—BONDS NOT SOLD—The $3,000 3)4% street
improvement bonds offered July 15—V. 151, p. 137—were not
sold, due
near
2%
2%
2%
2%
234 %
234%
2 M %
Stranahan, Harris & Co
the
issue $5,"
November
at the
general election, according to report.
to
_
Katz & O'Brien
DATE—In
are
-
Orrville Savings Bank
Browning, Van Duyn, Tischler & Co...—
Aug. 5, instead of July 29 as originally announced.
Details of the
offering, as previously given in V. 151, p. 285 have been
changed insofar
as the $360,000
delinquent tax issue is concerned, as follows: The bonds
be dated Aug.
—
Fullerton & Co., Inc
National Bank of Orrville
on
Feb. 1 and Aug. 1 and the maturities
—.—
Ohio State Teachers Retirement
System.
Paine, Webber & Co
Seasongood & Mayer
Provident Savings Bank & Trust Co.
Jroposed sale of $1,283,531.55 4% coupon refunding and delinquent bonds.
'. W. Ferguson, Director of Finance,
reports that the offering will be made
will
Int. Rale
Johnson, Kase & Co—
OHIO
OFFERING
follows:
Charles A. Hinsch & Co
Feb. 1 in 1942 to 1949.
Ohio—NEW
as
Ryan, Sutherland & Co
WHEATLAND SCHOOL DISTRICT NO. 3 (P. O. Devils
Lake),
N. Dak.—BONDS OFFERED—Sealed bids were
received until July 19,
by
B. A. Keiter, District Clerk, for the purchase of
$20,000 4% semi-annual
funding and refunding bonds, approved by the voters at an election on
June 4.
Dated July 1, 1940.
AKRON,
were
Bidder—
—It is
1940.
July 20, 1940
payable to order of the city, must accompany each
No
con¬
Legal opinion of Peck,
Shaffer, Williams
furnished the successful bidder.
A
certi¬
OKLAHOMA
BROKEN ARROW, Okla.—BOND SALE— The
$25,000 coupon water¬
extension and improvement bonds offered for sale on
July 10—V.
151, p. 137—were purchased by the Small-Milburn Co. of
Tulsa, at a net
nterest cost of 2.997%, according to the
City Clerk.
works
ADDITIONAL SALE■—The $4,000
coupon
bonds offered on the same
day—V. 151,
p.
City Treasurer
as
All of the bonds
Is, at par.
are dated July 1, 1940,
fire fighting equipment
137—were purchased by the
are
in the denom. of $1,000 each,
and mature
serially.
(This notice supercedes the sale report given in
V. 151, p. 285.)
our
issue of July
13—
COLLINSVILLE. Okla.—BONDS TO BE EXCHANGED—It is
stated
by F. A. Wright, City Clerk, that $127,332.64 4% semi-ann.
refunding
bonds will be exchanged with the
original holders of the bonds.
Dated
July 1, 1940.
Denoms. $1,000 and $500.
Due July 1, 1960, optional
for call.
Prin. and int. payable in New York
City.
Legality approved
by the Attorney-General.
TERRAL SCHOOL DISTRICT
(P. O. Terral), Okla.—BOND SALE
—The $5,000 building bonds offered for sale on
July 11—V.151, p. 285—
were awarded to the
County Treasurer as 234s, according to the Clerk of
the Board of Education.
Due $1,000 in 1943 to
1947, inclusive.
VINITA, Okla.—BOND OFFERING DETAILS— In connection with the
offering scheduled for July 23 of the $160,000 light and
power revenue
bonds, noted here—V. 151, p. 285—it is stated that the said bonds are
due $8,000 in 1944 to 1963.
Award will be made to the bidder
offering
the lowest rate of interest and
agreeing to pay par and accrued interest.
A certified check for
2% of the amount bid is required.
OREGON
LANE
COUNTY
SCHOOL DISTRICT No. 68 (P. O. Blue
River).
OFFERED—Sealed bids were received until
July 20, at
7:30 p. m., for the purchase of $90,000 not to exceed
5% semi-ann. build¬
ing bonds.
Denom. $1,000.
Dated July 1, 1940.
Due July 1 as follows:
$8,000 in 1942 to 1952, and $2,000 in 1953, optional after
July 1, 1945.
Ore.—BONDS
These
the bonds authorized at the election held on
June 29.
Prin.
payable at the County Treasurer's office or at the fiscal
agency
State in New York.
are
and int.
of the
MALHEUR COUNTY SCHOOL DISTRICT No. 64
(P. O. Vale).
Ore.—BOND SALE—The $5,000 4% semi-ann.
building bonds offered
on July 12—V. 151,
p. 285—were awarded to the Oregon Mutual
Fire Insurance Co. of Salem, at a price ot
103.00, a basis of about 3.55%.
Dated July 1, 1940.
Due $500, July 1, 1943 to 1952 incl.
for sale
VALE UNION HIGH SCHOOL DISTRICT
(P. O. Vale), Or7^BONDS VOTED—It is reported that the voters
approved the issuance of
$36,000 refunding bonds at an election held on June 24.
WASCO COUNTY SCHOOL DISTRIST NO. 12
(P. O. The Dalles),
Ore.—BOND OFFERING—Sealed bids will be received until
8 p. m. on
July 22, by Prudence M. Patterson, District Clerk, for the purchase of
$180,000 not to exceed 6% semi-annual school bonds.
Dated July 1, 1940.
Denom. $1,000.
Due $9,000 July 1, 1945 to 1964.
Principal and interest
payable at the office of the County Treasury, or the fiscal
State in New York City.
agency of the
No bid will be accepted for less than the
of the bonds and
par value
accrued interest.
The approving opinion of Teal,
Winfree,
McCulloch, Shuler & Kelley, of Portland, will be furnished the purchaser.
These bonds were authorized at the election held on June
25.
Enclose a
certified check in the amount of the
par value of the bonds upon which a
bid is submitted.
YONCALLA, Ore.—BOND REOFFERING—Sealed bids will be received
until 7:30 p. m. on July 8, by H. C. Johnson,
City Recorder, for the pur¬
6% semi-annual water, second series bonds.
Dated July 1, 1940.
Denom. $500.
Due July 1, as follows:
$500 in
chase of $30,000 not to exceed
to
1944
1946,
$1,000 in 1947 to 1950, $1,500 in 1951 and 1952, $2,000 in 1953 and
1954, $2,500 in 1955 and 1956, $3,000 in 1957 to 1959, and $3,500 in
1960.
The right will be reserved to redeem
any of the bonds, or any part, at any
Jan. 1 interest-paying date on or after Jan.
1, 1944, at the par value thereof
and accrued interest.
Prin. and int. payable at the City Treasurer's
office.
(These bonds
—V. 150, p.
were
4168.)
originally scheduled for sale
on
July 2,
as
noted here
The
151
Volume
Poole & Co., of
PENNSYLVANIA
SCHOOL DISTRICT, Pa .—BOND OFFERING—W.
H. Fisher, District Secretary, will receive sealed bids until Aug. 5 for
purchase of $227,000 not to exceed 234% interest refunding bonds.
ALLENTOWN
the
Pa.—BOND OFFERING—John D. Miller, Borough
sealed bids at the office of Padl B. Joslin, 1206 Erie
until noon (DST) on July 27 for the purchase of $11,000
3% coupon water system bonds.
Dated Aug. 1, 1940. Denom. $500.
Due $500 on Aug. 1 from 1944 to 1965 incl.; optional Aug. 1, 1950 or any
subsequent year.
Registerable as to principal only.
Prin. and int. (F-A)
CRANESVILLE,
Secretary, will receive
Trust Bldg., Erie,
payable at the First National Bank of Albion. Sale of the bonds is sub¬
ject to approval of the Pennsylvania Department of Internal Affairs.
A
certified check for $220 must accompany each proposal.
COUNTY (P. O. Harrisburg), Pa .—BOND SALE—The
$365,000 series A coupon, registerable as to principal only,
bonds offered July 17—V. 151, p. 138—were awarded to an acount com¬
posed of Stranahan, Harris & Co., Inc. of Toledo and Barclay,
Co. of Philadelphia, jointly, as 0.50s, at a price of 100.263, a basis of
0.35% to maturity.
Dated Aug. 1, 1940 and due Aug. 1 as follows:
000 in 1941 and $120,000 in 1942 and 1943.
Bonds maturing in 1943 are
callable in whole or in part at the county's option, at par and accrued in¬
terest, on Aug. 1, 1942 or on Feb. 1, 1943.
Other bids:
DAUPHIN
courthouse
Moore &
about
$125,-
Rate Bid
Int. Rate
Bidder—
0.50%
Drexel & Co
Stroud & Co. and Walter Stokes
Hemphill, Noyes & Co
Dougherty, Corkran & Co.
Savings Bank
W. H. Newbold's Son & Co_
100.177
100.176
100.127
100.027
0.50%
0.50%
0.50%
First Boston Corp
& Co
and Harris Trust &
0.75%
100.387
0.75%
100,232
1%
100.028
100.01
0.75%
Harrisburg Trust Co
DISTRICT, Pa.—OTHER
DOVER SCHOOL
100.319
0.75%
Halsey, Stuart & Co., Inc
Union Trust Co. of Pittsburgh
BIDS—'The $11,000 3%
school bonds awarded to the Guardian Trust Co. of York, at par
plus a premium of $620, equal to 105.63, a basis of about 2.47%, as pre¬
viously reported in V. 151, p. 285, were also bid for as follows:
coupon
Premium
$595.10
468.22
Bidder—
Industrial National Bank of
York
Kidder, Pea body & Co
400.75
Henry W. Lauer, Dover
Drovers & Mechanics Bank, York
Dover National Bank.
285.35
280.00
Glover & MacGregor
112.20
DUNCANNON SCHOOL DISTRICT, Pa.—BOND OFFERING— L.
C. Lightner, District Secretary, will receive sealed bids until 7 p. m. (EST)
on July 25 for the purchase of $12,800 334 % school bonds.
Dated June 1,
1940.
Denom. $800.
Due $800 on Dec. 1 from 1944 to 1959 incl., except
that the Board of School Directors reserves
advance the retirement
the right after June 1, 1948 to
bonds still outstanding.
Al¬
of any of all of the
will be no accrued
will cover a period
less than 1% of the amount
though the bonds will be issued as of June 1, 1940, there
interest to be taken into consideration as the first coupon
of only four
A certified check for not
months.
bid for must accompany
each proposal.
STROUDSBURG, Pa .—OTHER BIDS—The $35,000 improve¬
W. & R. C. Miller & Co. of Philadelphia, as
2s, at par plus a premium of $486.50, equal to 101.39, a basis of about
I.82%—V. 151, p. 138—were also bid for as follows:
Philadelphia; Thomas & Co.,
bonds awarded to E.
Int Rate
Bidder—
East Stroudsburg National
2%%
234 %
234%
234%
3%
234%
Bank
Schmidt, Poole & Co
Blair & Co., Inc
Mackey, Dunn & Co
Halsey, Stuart & Co., Inc
Moore, Leonard & Lynch
W. H. Newbold's Son & Co_
234%
713.65
313.00
409.50
165.55
234%
Dougherty, Corkran & Co
&
$421.05
356.58
110.60
31.50
304.50
234%
234%
418.60
234%
Singer, Deane & Scribner
C. C. Collings & Co
Charles Clark & Co
Butcher
Premium
Par
234%
Sherrerd
234%
Burr & Co., Inc
551.95
157.50
AUTHORITY, Pa.—BOND SALE—C. W.
purchased an issue of $450,000 water company
LANSDALE MUNICIPAL
McNear & Co. of Chicago
purchase bonds, due in 30 years.
,
The bonds were issued to finance purchase
of the Lansdale Water Co.
properties.
MANHEIM
TOWNSHIP
SCHOOL DISTRICT (P. O. Lancaster),
W. B. Arnold will receive sealed bid
Pa.—BOND OFFERING—Solicitor
office, 110 East King St., Lancaster, until 4 p.m. (DST) on Aug. 5
for the purchase of $85,000 not to exceed 3% interest
coupon building
bonds.
Dated Aug. 15, 1940.
Denom. $1,000.
Due Aug. 15 as follows:
$3,000 from 1941 to 1955 incl. and $4,000 from 1956 to 1965 incl.
Optional
Aug. 15, 1950 or on any subsequent interest date.
Bidder to name a single
rate of interest, expressed in a multiple of 34 of 1% and payable F-A.
Bonds will be registerable as to principal only and issued subject to ap¬
at his
proving legal opinion of Townsend, Elliott
certified check for 2% of the bonds bid for,
must accompany each proposal.
MIDDLETOWN
TOWNSHIP
& Munson of Philadelphia. A
payable to order of the district
SCHOOL DISTRICT
(P. O. Park-
land), Pa.—BOND SALE—The issue of $8,000 improvement bonds offered
July 15—V. 151, p. 138—was awarded to Moore, Leonard & Lynch of
Pittsburgh, as 234s, at a price of 101.638, a basis of about 2.04%.
Dated
June 1, 1940 and due $1,000 on June 1 from 1945 to 1952 incl.
BOROUGH AUTHORITY, Pa .—BOND ISSUE
DETAILS—In connection with the report of the sale of $250,000 334%
sewer revenue bonds to Burr & Co.. Inc., and E. H. Rollins & Sons, In*,.
Philadelphia, in joint account—V. 150, p. 4012—we learn that the bonso
are dated July 1, 1940, coupon in form, registerable as to principal only
in $1,000 denominations, and mature July 1, as follows:
$5,000 in 1942 ,t
1953, $6,000 in 1954 to 1956, $8,000 in 1957 and 1958, $9,000 in 1959 and
1960, $10,000 in 1961 and 1962, $11,000 in 1963 and 1964, $12,000 in 1965
and 1966, $13,000 in 1967. $14,000 in 1968 and 1969, $15,000 in 1970, and
$16,000 in 1971. The bonds are subject to redemption at the option of the
Authority as a whole, or from time to time in part, in inverse number, on
any interest date upon payment of the principal amount and accrued
interest plus a premium of 3% if redeemed on or before July 1, 1945; 234%
If redeemed after July 1, 1945, and on or before July 1, 1950:2% ifredemed
after July 1, 1950 and on or before July 1, 1955; 134% if redeemed after
July 1, 1955, and on or before July 1, I960; 1% if redeemed after July 1,
1960, and on or before July 1, 1965, and 34% if redeemed after July 1,
1965, upon 30 days' published notice.
Principal and interest payable at the
Farmers National Bank & Trust Co., New Holland, trustee.
Payments are
to be made from the annual revenues of the Authority derived from its
sewer system.
The lease is dated July 1, 1940, and shall be in effect until
the bonds have been retired and the system shall then revert to the Borough.
Under the provisions of the indenture securing this issue, the Authority
shall have the right on or before July 1, 1941, to issue additional bonds to
provide the necessary funds for the completion of the sewer, such bonds to
bear the same date and be in the same form as the bonds provided for in
Section 2 of the indenture.
Legality approved by Saul, Ewing, Remick
& Saul, Esqs.,of Philadelphia.
NEW
HOLLAND
PENNSYLVANIA TURNPIKE COMMISSION (P. O. Harrisburg),
Pa.—$5,000,000 BONDS QUICKLY SOLD—'The syndciate headed by
B. J. Van Ingen & Co., Inc. and Blyth & Co., Inc., both of New York,
which made public offering on July 15 of an additional block of $5,000,000
and accrued interest, (see advertisement on
page
of this issue), experienced little difficulty in placing the obligations
in investment account.
A detailed report of this financing appeared in our
issue of July 13 on page 286, together with a partial list of the underwriting
group.
Other members of the account were as follows:
Walter, Woody & Heimerdinger, of Cincinnati; Weil, Roth & Irving Co.,
of Cincinnati; Geo. E. Snyder & Co., Stroud & Co., both of Philadelphia;
Charles Clark & Co., Campbell, Phelps & Co., both of New York; Alfred
O'Gara & Co., of Chicago; Bankers Bond Co., of Louisville; Fox, Einhorn
& Co., of Cincinnati; Johnson & McLean, of Pittsburgh; E. W. & R. C.
Miller & Co., of Philadelphia; V. P. Oatis & Co., of Chicago; Schmidt,
334% revenue bonds at par
of Pittsburgh; Buckley Bros.,
Inc. of
York;
Leonard
Lowber
Brooke,
Co.,
Suplee, Yeatman & Co., both of Philadelphia; John W. Clarke,
Chicago; Walter Stokes & Co., of Philadelphia; Burr & Co., of New
Bioren & Co., of Philadelphia; S. K. Cunningham & Co., Moore,
& Lynch, both of Pittsburgh; Stein Bros. & Boyce, of Baltimore; E.
Stokes & Co., of Philadelphia; J. S. Strauss & Co., of San Fransicso;
Stokes & Co., of Philadelphia; Adams & Mueller, MacBride, Miller &
C. A. Preim & Co., Julius A. Rippel, Inc., all of Newark; Schlater, Noyes
& Gardner, Inc., of New York; Van Deventer Bros., Inc., of
George G. Applegate, Glover & MacGregor, both of Pittsburgh; Warren
York & Co. of Allentown, and Wheelock & Cummins, of Des Moines.
Newark;
W.
Dated Aug.
1938.
1,
able in whole, or in part
Denom. $1,000.
Due Aug. 1, 1968. Redeem¬
by lot, at the option of the Turnpike Commission,
Aug. 1, 1947, or on any interest payment date thereafter prior to ma¬
turity, upon 30 days' notice, at the principal amount thereof
interest, together with a premium of 4% of the principal amount
redeemed on or prior to Feb. 1, 1952; 3% if redeemed thereafter and on or
prior to Feb. 1, 1957; 2% if redeemed thereafter and on or prior to
1961; 1 % if redeemed thereafter and on or prior to Feb. 1,1965, and
premium if redeemed thereafter and before maturity.
payable at the Fidelity-Philadelphia Trust Co.,
or
Bankers Trust Co., New York.
These bonds are part of a total of
800,000 authorized for purchase by the Reconstruction Finance
tion to provide funds to pay a portion of the cost of
new
Pennsylvania Turnpike, which covers most of the distance
burgh and Pittsburgh.
With this sale the RFC has taken down
$35,000,000 of the bonds.
The remainder of the cost
covered by a Public Works Administrative grant of not to
250,000. The bonds are payable solely from net revenues
operation of the Turnpike.
The Commonwealth is not
to pay
same except from revenues nor are its faith and credit
approved by Masslich & Mitchell, of New York, and
Munson, of Philadelphia.
on
and accrued
thereof
Feb. 1,
without
Principal and interest
Philadelphia,
at the
$40,Corpora¬
the
160-mile
between Harrisand resold
of the project is
exceed $29,derived from the
obligated
the
pledged. Legality
Townsend, Elliott &
PHILADELPHIA,
COUNCIL—An
IN
sent
proposed $42,000,000
Pa.—SEWER RENT PLAN INTRODUCED
establishing a sewer rent plan was
ordinance
City Council on July 11 in connection with the
sewer and sewage disposal plant program.
The new tax, if approved by Council, would be based on
present water rent and would he equal to 125% of that water
the total charge for "water service" more than double
At present the average water rent for a Philadelphia
to the
the taxpayer s
rent, making
the current charge.
household is $8 a year.
Thus the average new sewer rent would be $10 a year, making an annual
"water service" charge of $18, with the higher current rentals affected
accordingly.
After his announcement of sewer rent proposal, Mayor
Lamberton said the voters will
be asked at the
next election to approve a
similar to the $18,000,000
Imposition of a sewer
$42,000,000 loan for the construction program,
water loan approved at the primary on April 23.
tax, he said, is necessary if the new bonds, as
as
invested in the city's sewer and sewage disposal systems,
$60,000,000 already
are to be self$8,200,000 a year.
emphasize that it would
needed $42,000,000
in the case
bonds which
should be declared self-supporting by the courts.
Other possible methods,
he explained involve using the ail-but defunct Philadelphia Authority, or
the issuance of non-debt revenue bonds guaranteed only by sewer rent
income.
In both cases, however, Mayor Lamberton said that the interest
well
supporting.
The new tax, or rent, would produce
Mayor Lamberton predicted, but he hastened to
be offset by reductions in other city taxes.
To raise the
Mayor Lamberton urged following the same procedure as
of the water bonds—the issuance of full faith and credit
rates would be
EAST
ment
453
Commercial & Financial Chronicle
higher.
City
July 30, for
public welfare
1
1959 Bidder to
PITTSBURGH, Pa.—BOND OFFERING—Edward R. Frey,
Comptroller, will receive sealed bids until 10 a. m.
on
the purchase of $150,000 not to exceed 4% Interest coupon
relief bonds of 1940.
Dated June 1, 1940. . Denom. $1,000.
Due June
as follows:
$8,000 from 1941 to 1958, incl. and $6,000 in
name a single rate of interest of not less than one-half of 1 %.
The coupon
bonds are exchangeable at the option of the holder at any time for a
tered bond or bonds of the same maturity and denomination or a
thereof not exceeding the aggregate principal amount of the coupon
or bonds surrendered in exchange therefor.
No bid at less than par
accrued interest from the date of the bonds to the date pf delivery
accepted. The bonds are issued for the purpose of providing
clothing, fuel and shelter for and otherwise assisting residents
(DST)
regis¬
multiple
bond
and
will be
funds for food,
of the city
who
without adequate means of support, and are part of an issue auth¬
orized by the electors at an election held April 26, 1932.
The city reserves
the right to de.iver to the purchaser a temporary typewritten or printed
bond
bonds for the aggregate principal amount of the bonds which shall
be substantially in the same form as the definitive bonds with appropriate
omissions, insertions and variations as may be required.
UntiLtheir ex¬
change for definitive coupon bonds, the temporary bonds shall be in full
force and effect, according to their terms.
Bids must be made upon blank
forms which may be ohtained from the City Comptroller.
The purchaser
will be furnished with the opinion of Reed, Smith, Shaw & McClay, of
Pittsburgn, that the bonds are direct and general obligations of the city,
payable both as to principal and interest from ad valorem taxes, without
limitation as to rate or amount on all property legally taxable therein.
Enciose
certified check for 2 % of the principal amount of bonds bid for,
are
or
a
payable to the
city.
Moore, Director of
p. m. on July 31 for
334% interest coupon,
Dated July 1, 1940.
1941 to 1950 incl.
single rate of in¬
bonds Did for, paya¬
Pa .—BOND OFFERING—Aaron
Finance, will receive sealed bids until 7
POTTS VILLE,
Accounts and
purchase of $50,000 2, 234, 234, 234. 3, 3 34 or
registerable as to principal only, improvement bonds.
Denom. $1,000.
Due July 1 as follows: $1,000 from
and $2,000 from 1951 to 1970 incl.
Bidder to name a
terest, payable J-J.
A certified check for 2% of the
ble to order of the City Treasurer, must accompany each
the
proposal.
ISSUE
awarded
3701—were
basis of
(P. O. McKees Rocks), Pa .—BOND
operating revenue and funding bonds
June to Glover & MacGregor of Pittsburgn—V. 150, p.
as 334s, at par plus a premium of $776, equal to 101.193, a
STOWE TOWNSHIP
DETAILS—The $65,000
last
sold
about 3.28%.
SCHOOL DISTRICT, Pa .—BOND OFFERING—
of the Board of School Directors, will receive
Aug. 8, for the purchase of $60,000 134,
1 34, 2, 234, 234, 234, 3, 334, 334. 334 or 4% coupon, registerable as to
principal only, school bonds.
Dated July 1, 1940. Denom. $1,000.
$5,000 on Jan. 1 from 1942 to 1953, incl. Bidder to name a single rate
interest, payable J-J.
Bonds will be sold subject to approving legal opinion
of Townsend, Elliott & Munson of Philadelphia.
A certified check for 2%
of the bonds bid for, payable to order of the District Treasurer, must
accompany each proposal.
WEST
Miles A.
READING
Seidel, Secretary
sealed bids until
8 p. m. (DST) on
Cue
of
YORK, Pa .—BOND
SALE—The issue of
$250,000 improvement bonds
Newbold's Son &
$4,799.90, equal to
due $25,000 on
12—V. 150, p. 4167—was awarded to W. H.
Philadelphia, as 134s, at par plus a premium of
101.919, a basis of about 1.33%.
Dated Aug. 1, 1940 and
Aug. 1 from 1948 to 1957, incl.
Other bids:
offered July
Co. of
Bidder—
and Schmidt, Poole & Co
Halsey, Stuart & Co., Inc
Edward Lowber Stokes & Co
First of Michigan Corp.; Mackey, Dunn & Co. and
Co., and Stein Bros. & Boyce
Dougherty, Corkran & Co
—
Harriman Ripley & Co., Inc., and Merrill Lynch,
E. A. Pierce and Cassatt
Stroud & Co.
Drexel & Co
Corp
Guardian Trust Co. of YorkE. H. Rollins & Sons, Inc.,
First Boston
and Eastman, Dillon
& Co
Mercantile-Commerce Bank & Trust Co.; Barclay,
Moore & Co., and E. W. & R.C.Miller &Co._Harris Trust & Savings Bank, and Salomon Bros. &
& Hutzler
Phelps, Fenn & Co., and Charles Clark &
Alex. Brown & Sons, and Wurts, Dulles
Co—
& Co
Blyth & Co., and Hemphill, Noyes & Co
Union Trust Co, of Pittsburgh.
Blair & Co., Inc., and Singer, Deane & Scribner
Harrison & Co
------Glover & MacGregor, and Moore, Leonard & Lynch
Smith, Barney & Co
InL Rate
134 %
134%
134%
134%
134%
134%
134%
134%
134%
134%
134%
134%
134%
Rate Bid
19}'nil
101.03
,«««,>
100.93
100.92
100.817
}XH?4
100.645
100.639
100.569
.nn M1
100.521
100.389
inno'io
inn'170
134 %
1X%
1 34 %
134%
inooe
JOf-456
{Xi oi
101.24
The Commercial & Financial Chronicle
454
July 20, 1940
-
WHITAKER, Pa.—BOND SALE—The issue of $15,000 coupon bonds
offered July 15—V. 151, p. 138—was awarded to S. K.
Cunningham &
Co. of Pittsburgh, as 3%*.
Dated Aug. 1, 1940 and due Aug. 1 as follows:
$1,000 in 1943 and $2,000 from 1944 to 1950 incl.
.
also
*
as
2Ms, at 100.389,
bid for
as
a
basis of about 2.21%—V. 151,
O.
Premium
2M%
$29.80
2M %
2M %
214%
214%
2%%
...
275.00
236.75
141.9.5
40.80
175.30
86.67
2M%
RHODE
(P.
I.—BOND
R.
OFFERING—G. CAnderson, City Treasurer, will receive sealed bids until 11 a. m. on July 25
for the purchase of $40,000
coupon police and fire station bonds.
Dated
July 1, 1940.
Denom. $1,000.
Due $5,000 on July 1 from 1942 to 1949
incl.
Bidder must name a single rate of interest, expressed in a
multiple
of M of 1%.
Prin. and int. (J-J) payable at the Rhode Island Hospital
Trust Co., Providence.
The bonds will be valid general obligations of
the City, and all taxable real estate and
tangible personal property in the
City will be subject to the levy of unlimited ad valorem taxes to pay both
principal and interest.
The rate on taxable intangible personal
property
is fixed
by statute.
The bonds will be certified as to genuineness by the
above bank and their legality will be
approved by Storey, Thorndike,
Palmer & Dodge of Boston.
Telephone bids acceptable call City Hall,
Greenwood 1020.
Bonds will be delivered to the purchaser about two weeks
after date of sale, against payment at the Rhode Island
Hospital Trust Co.,
or shipped to
any member bank of the Federal Reserve System in Boston
or
New York, draft attached.
SOUTH
SOUTH
DISTRICT
(P.
O.
Aber¬
ALEXANDRIA, S. Dak.—BOND OFFERING—Bids
will
be
until 3 p.m. on
received
Aug. 3, by D. G. Blackman, City Treasurer, for the purchase
3M% annual refunding bonds.
Dated July 1, 1940.
Denom.
Due July 1, as follows: $100 in
1941, $300 in 1942 to 1952, and
$600 in 1953.
If the sale is not completed on the above
date, the sale will
be continued to the same hour from
day to day until Aug. 10.
TRENT
INDEPENDENT SCHOOL
DISTRICT
Dak.—BOND OFFERING—Sealed bids will be
S.
(P.
O.
Trent),
received until 2 p. m.
July 22 by Lester Bates, District Clerk, for the purchase of
$30,500
4M% semi-annual refunding bonds.
Dated July 1. 1940.
Due Jan. 1
as follows:
$500 in 1942, $1,000 in 1943 to
1950, $2,000 in 1951 to 1955.
and $3,000 in 1956 to 1959.
The Board reserves the
right to deliver
the bonds in instalments from time to
time
for payment.
as
the old bonds
are
surrendered
TENNESSEE
KNOXVILLE, Tenn.—BOND REOFFERING
—Pursuant
NOT CONTEMPLATED
the unsuccessful
offering on May 27 of the $3,300,000 re¬
funding bonds of 1940, when all bids were rejected—V.
150, p. 3549-—it
is reported as follows
by A. P. Frierson, Director of Finance:
"Nothing further has been done, or can be done, about this
proposed
refunding until the next interest period, which will be Jan. 1
1941, and
whether or nor we revive the
plan depends, of course, upon conditions in
the closing months of the
to
April 10 in 1941 to
3,500 Common School District No. 25 bonds.
v
1954.
Due
on
April 10 in 1941 to
GILMER, Texas—BOND OFFERING—It is stated by Mayor Royce C.
Hogg, he will receive sealed bids until 7:30 p.m. on July 25 for the purchase
of $35,000 water and sewer system
improvement bonds.
Interest rate is
not to exceed 4 %, payable (A-O). Bonds are to be dated on or about
July 15,
1940.
Due April 1 as follows:
$1,000 in 1941 to 1943, $2,000 in 1944 to
1953, and $4,000 in 1954 to 1956.
The bonds are general obligations of the
city, and were authorized at an election held on July 8.
Legality approved
by W. P. Dumas of Dallas.
Enclose a certified check for 2% of the par
value of the bonds, payable to the Mayor.
Texas—
refunding,
Due on
series 1940 bonds is said to have been
purchased by Hill County.
April 10 in 1941 to 19.51.
LYTLE INDEPENDENT SCHOOL DISTRICT
(P. O. Lytle), Texas
—BONDS SOLD—A $21,000 issue of
4% semi-annual refunding bonds is
reported to have been sold to R. K. Dunbar & Co. of Austin, at par.
Due
on June 10 in 1941 to 1961.
MINEOLA, Texas—BOND ELECTION—It is reported that an election
has been called for Aug. 5 in order to vote on the
proposed issuance of
$247,242 in light and power plant bonds.
TEXAS
(State
issues of bonds
of)—SCHOOL
nave
BOND ISSUES SOLD— The following
been purchased by the State Board of Education:
$50,000 Holliday Indep. Sch. Dxst.
approved on May 4.
20,000 Moscow Sen. Dist. building
June
3M%
semi-ann.
bonds, approved
Tmilding
bonds'
by the voters
on
18.
UTAH
BOUNTIFUL, Utah—BONDS SOLD—The City Recorder states that
$30,000 electric light revenue bonds were purchased on
July 17 by Brown,
Schlessman, Owen & Co. of Denver as 4Ms at par.
Denom. $1,000 and
$500.
Dated June 1. 1940.
CACHE COUNTY SCHOOL
MATURITY—It is stated by the
the $50,000 tax anticipation notes
& Trust Co. of Salt Lake
City, at
are
due
June
on
30,
DISTRICT (P. O. Logan), Utah—
Clerk of the Board of Education that
sold to the Continental National Bank
1M%,
as noted here—V.
151, p. 286—
1941.
WEST
VIRGINIA
NUTTER FORT, W. Va.—BONDS OFFERED TO
PUBLIC—A $30,000
of 2M% coupon street
paving revenue bonds is being offered by
McGregor, Irvine & Co. of Wheeling for general investment, priced at 100.
Denom. $1,000.
Dated July 1, 1940.
Due $5,000 on July 1 in 1941 to
1946, incl.
Redeemable on 30 days'
issue
of $4,000
on
on
stated
deen), S. Dak.—BONDS VOTED—We are informed by the District Clerk
that the voters approved the issuance of the
$100,000 school building bonds
at the election held on
July 9, by a count of 2,220 to 902. The date for the
offering of these bonds has not as yet been fixed.
Interest rate is not to
exceed 4%.
Due as follows:
$5,000, 1941 to 1946, and $10,000, 1947 to
1953.
$100.
Due
1951.
<.
is
DAKOTA
SCHOOL
O
10
$1,600 Common School District No. 18 bonds.
CAROLINA
HARTSVILLE, S. C.—BOND SALE DETAILS—It
INDEPENDENT
(P.
following 5% semi-annual refunding bonds,
4,0.0 Cunningham Indep. Sch. Dist. 3M% semi-ann. building bonds.
3,000 Slocum Indep. Sch. Dist. 3M% semi-ann. construction bonds
approved by the voters on June 29.
by the
Town Clerk that the $94,000 refunding bonds sold as
2Ms, as noted here
—V. 151, p. 286—were purchased by the Citizens and
Southern Bank of
South Carolina, of Columbia, and the Bank of
Hartsville, jointly, paying
par.
Dated July 1, 1940.
Due on Nov. 1 as follows: $9,000 in 1942 to
1947, and $10,000 in 1948 to 1951.
ABERDEEN
DISTRICTS
HILL COUNTY ROAD DISTRICT NO. 4 (P. O.
Hillsboro),
BONDS PURCHASED—An $11,000 issue of 3% semi-annual
ISLAND
Apponaug',
SCHOOL
Fairfield), Texas—BONDS SOLD—'The Teague National Bank of Teague
286—were
p.
Int. Rate
WARWICK
COMMON
is said to have purchased the
follows:
Bidder—
Phillips, Schmertz & Co..
Singer, Deane & Scribner
Glover & MacGregor, Inc
S. K. Cunningham & Co
Moore, Leonard & Lynch
Johnson & McLean, Inc..
Philip J. Davidson
•.
COUNTY
aggregating $5,100:
ZELIENOPLE SCHOOL DISTRICT, Pa .—OTHER BIDS—The
$17,000 high school addition bonds awarded to E. H. Rollins & Sons of Phila¬
delphia,
FREESTONE
year.
"Should these refunding bonds be issued
and the 1958 bonds
called, the
of call would have to be
published 30 days prior to the interest
coupon date."
notice
PUTMAN COUNTY (P. O.
Cookeville), Tenn.—BOND SALE—Thf
$10,000 armory bonds offered for sale on
July 11—V. 150, p. 4167—wers
purchased jointly by the Cumberland Securities
Corp., and W. N. Este
& Co., both of
Nashville, as 4s, according to the County Judge.
July 1, 1940.
Due $2,000 in 1941 to
1945, inclusive.
Dated
interest
in
whole
or
in
published notice at 102 and accrued
part
on
any
interest
date.
Prin.
and
payable at the State Sinking Fund Commission, Charleston.
be approved by Chapman & Cutler of
Chicago.
WEST VIRGINIA, State of—BOND
OFFERING—We are
int. (J-J)
Legality to
informed by
Governor Homer A. Holt that he will receive sealed bids until
1 p. m. on
July 23 for the purchase of a $500,000 issue of road bonds.
Bidders are to
name the rate of
interest, not to exceed 4%, in a multiple of M of 1% it
being provided that a part of the issue may bear one rate and a
part a dif¬
ferent rate.
Not
more
than
two rates will be considered in
any one bid.
Coupon bonds in $1,000 denominations, convertible into
fully registered
bonds of $1,000 and $5,000 denominations.
Dated Sept. 1, 1939.
Due
$20,000 from Sept. 1, 1940, to 1964, incl.
Prin. and int. (M-S) payable
in lawful money4 of the United States
at the State Treasurer's office in
Charleston, or at the option of the holder, at the National City Bank in
New York.
These bonds
are issued under
authority of amendment to the Constitu¬
known as $50,000,000
State Road Bond Amendment, and under
authority of an Act of the Legislature of the State of West Virginia known
as Chapter 77, Act of
1937, regular session. To secure the payment of these
bonds, principal sum and interest, when other funds and revenues sufficinet
are not available for that
purpose, it is agreed that, within the limits pre¬
scribed by the Constitution, the Board of Public
Works of the State of West
Virginia shall annually cause to be levied and collected an annual State tax
on all
property in the State, until said bond is fully paid, sufficient to
pay
tion
the annual interest on said bond and the
time this bond becomes due and
payable.
The bonds will be sold to the bidder
principal
sum thereof within the
offering to take the bonds bearing the
lowest interest rate and to
pay the highest prices offered for bonds bearing
such rate.
Each bid must be accompanied by a certified check
upon a bank
or trust company for
2% of the face value of the bonds bid for, payable to
the order of the State for
security for the performance of such bid and as
liquidated damages in case a successful bidder fails to take
up and pay for
the bonds.
TEXAS
AUSTIN, Texas—BOND OFFERING—It is stated
by Guiton Morgan,
City Manager, that he will receive sealed bids until
10:30 a.
m. on Aug. 15,
exceed 3% semi-ann.
hospital improvement,
aggregating $450,000, divided as follows: $250,Betterments for the Accomodation of
Charity Patients bonds, and
$200,000 Betterments for the Accomodation of
Pay Patients bonds. Denom.
$1,000. Dated Sept. 1, 1940.
The bonds mature
beginning July 1, 1941
on a level tax basis.
Prin. and int. payable at the
City Treasurer's office
or at the Chase National
Bank, New York.
All primary or basic
bids
must be submitted on a form
provided by the city (wherein the numbers
and maturities of the bonds
are shown) and such
bids must provide that
for
the purchase
of not to
^ie?,1940' c0uPO1} bonds
000
all bonds within each
separate issue bear the
same rate
of interest.
gosals for split rates should be made considered.
id for less than all the bonds
in the form
will be
of alternate bids.
The bonds
were
No
author¬
special election held on April 15.
Delivery of the bonds will be
made at Austin.
The bonds will be sold
only upon the approving opinion
of Charles & Trauernicht of
St. Louis, or
Thomson, Wood & Hoffman of
New York, cost of
opinion and printing of bonds to be
paid by the city.
Enclose a certified check for
$9,000, payable to the city.
a
the
CORPUS CHRISTI, Texas—BOND
OFFERING—It is stated by Ray
Kring, City Secretary, that bids will be received
until 11 a. m. on
July 23,
for the purchase of the
following bonds aggregating $875,000: $550,000.00
®orof
^M% bonds, maturing serially 1942 to 1965, and
$325,000.00 sanitary sewer
improvement and extension
3%% bonds,
maturing 1957 to 1965.
Bid forms and
maturity schedules will be furn¬
ished upon request.
Printed bonds and
approving opinion of Dillon,
Vandewater & Moore.
Bids must be
accompanied by cashiers check for
3% of face value of bonds.
WISCONSIN
MILLTOWN
UNION
Co.
of St. Paul
of about
Due
on
as
2s, paying a premium of $360, equal to 101.00, a basis
Dated April 1, 1940.
1.87%, according to the District Clerk.
Feb.
1 in
1941 to 1956, inclusive.
SPENCER, Wit.—BOND SALE DETAILS—The Village Clerk states
that the $35,000 4% water
system revenue bonds sold to Bell & Farrell of
Madison, as noted here—V. 151, p. 286—were purchased at par and mature
in 1943 to 1965.
WAUWATOSA, Wig .—BOND SALE—The $50,000 school, 23rd series,
bonds offered for sale on July 16—V.
151, p. 138—were awarded to the
First National Bank of
Chicago, as lMs, for a premium of $205, equal to
100.41, a basis of about 1.70%, according to the
City Clerk.
Dated July 15,
1940.
Due on March 15 in 1941 to 1960 incl.
WYOMING
LARAMIE COUNTY (P. O.
WORTH, Texas—BOA7"!)
SALE—The $85,000 issue of street
on July 15—V
151
p
138—
was awarded to the
Small-Milburn Co. of
Wichita, paying'a premium of
$28, equal to 100.032, a net interest cost of
about 2.03%, on the bonds
divided as follows: $35,000 as
2Ms, due on Aug. 1; $5 000 1945 to
1948*
$15 000, 1949; $15,000 as 2s, due on
Aug. 1,
as l%s, due on Aug. 1:
$15,000 in 1951, and $20,000 in
1952.
1950:tneSmaL^V$35,00()
Cheyenne), Wyo.—BOND ELECTION—
An election is said to be scheduled for
Aug. 20, in order to vote
ance of $85,000 memorial
hospital bonds.
on
the issu¬
CANADA
I960.
FORT
improvement, series 56 bonds offered for sale
FREE
HIGH SCHOOL DISTRICT
(P. O.
Wig.—BOND SALE—The $36,000 issue of refunding bonds
on July 16—V.
151, p. 286—were awarded to Kalman &
Milltown),
offered for sale
Texas
HIGH BID—We are
informed that the formal award
following bonds aggregating $400,000,
offered for sale on
July 17,
here—V.151, p. 286—would not be made
until late on July 19,
but the highest bid was an
offer of 99.659 on
lMs, submitted by Kaiser &
Co of San Francisco, the
City National Bank of Kansas
City and the First
National Bank of St. laul:
$300,000 paving and $100,000
street bonds.
Dated Aug. 1, 1940.
Due on Feb. 1 in
1941 to
noted
Pur¬
delivery.
To expedite delivery, interim cer¬
tificates will be furnished purchasers.
The purchaser or purchasers will be
furnished with the final
approving opinion of Caldwell & Raymond, New
York, but will be required to pay the fee for
approving said bonds.
OPTION—The successful bidder will be awarded an
option until 1p.m.
(EST) July 26 to purchase an additional $500,000 of road bonds alike in
all respects to this issue at the same
price, conditions and terms bid for this
issue.
In case the option is not
exercised, the additional bonds will not be
offered for sale until after the successful
bidder has had a reasonable op¬
portunity to dispose of this issue.
of the
as
date of
Delivery will be made in N. Y. City.
Alter¬
nate bids,
contemplating no material change in the
maturities, will be con¬
sidered, but the city reserves the right to
reject any and all bids.
Pro-
ized at
The bonds cannot be sold at less than
par and accrued interest.
chasers will be. required to pay accrued interest
to
CANADA
$40,000,000
interest
cost
(Dominion
of)—TREASURY BILLS SOLD—An issue of
Treasury bills, due Oct. 16, 1940, was sold at an
average
of 0.718%.
SASKATCHEWAN
(Province of)—BOND SALE—An account com¬
posed of the Dominion Securities Corp.; Wood,
Gundy & Co., and A. E.
Ames & Co., all of Toronto,
purchased at par $4,475,000 4%
refunding
bonds, due in two years.
@FedFRASER