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'9^
JUL 28
US. ADttJ
LIBRARY
COPYRIQHTED IN 1941
IJO.
VOL.
8Y WILLIAM B.
DANA COMPANY, HEW
issued Weekly 65 Gents
1 R3
Vn 1
$18.00 Per Year
YORK.
This Issue
ENTERED AS SECOND-CLASS
Publishers,
Mfj
1879
QQ7H
York City
llW
•
MATTER JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH S,
William B. Dana Co.,
JULY 26,1941
NEW YORK,
25
Spruce St., New
BROOKLYN TRUST
•
CHASE
THE
COMPANY
dy# U
NATIONAL BANK
Chartered 1866
OF THE CITY OF NEW
YORK
McLaughlin
George V.
Broaden your customer
President
BROOKLYN
NEW YORK
Member Federal
service with Chase
correspondent
Deposit Insurance
Corporation
facilities
Member Federal Deposit Insurance
Corporation
'
•
.
..."."iv-iO. :V.V
.'•*
Hallgarten & Co,
BANK
Established 1850
if:
AND
NEW YORK
INSURANCE
City of
London
Chicago
STOCKS
Philadelphia
Bonds
"Guide to Railroad
Reorganization
The New and
Securities"
Improved 1941 Issue
Containing all New Plans
tion and all the changes
together
detailed
with
system.
of Reorganiza¬
in prior plans,
maps
of each
The
FIRST BOSTON
______
There will be only one
printing
available at
pe/copy
CORPORATION
$S
Sales Tax)
PHILADELPHIA
BOSTON
NEW YORK
This book is now
iIncluding New York City
Moncure Biddle & Co.
CHICAGO
SAN FRANCISCO
PHILADELPHIA
AND OTHER
PRINCIPAL CITIES
Pflugfelder, Bampton & Rust
New
Broadway
Members
61
York
Stock Exchange
Riter & Co.
New York
Telephone—DIgby 4-4933
Bell
Teletype—NY 1-310
The
Members New York
New York Trust
Members Chicago
New York Curb
Stock Exchange
Stock Exchange
Exchange (Associate)
Company
48 Wall Street,
Capital Funds
.
$37,500,000
OTIS & CO.
New York
PHILADELPHIA
Morrlstown
IOO
(Incorporated)
CHICAGO
BROADWAY
St. Paul
Rochester
Hartford
Milwaukee
Easton
Established 1899
NewYork
CLEVELAND
Chicago
MADISON
AND 40TH
R. H. JOHNSON &,
AVENUE
STREET
LAMBORN & CO., INC.
99 Wall Street, N. Y.
sugar
INVESTMENT SECURITIES
~
64 Wall
Street
NewYork)
PHILADELPHIA
BOSTON
C.
CO.
Export—Imports—Futures
TEN
DIgby 4-2727
ROCKEFELLER
PLAZA
Canadian Securities
CarlM.Loeb,Rhoades&Co.
61
BROADWAY
Member of
the
HART SMITH & CO.
NEW YORK
02 William St.
Federal Deposit
Leaden
Geneva
Buenos Aires
Montreal
Insurance
Corporation
NEW YORK
Toronto
IL
The Commercial & Financial Chronicle
July 26, 1941
This is an announcement and is not to be construed as an
offer to sell or as a solicitation oj an
offer to buy the securities herein mentioned. The offering is made only by the Offering Circular.
$1,720,000
Clinchfield Railroad
\%% Serial
Equipment Trust, Series B
Equipment Trust Certificates
(PHILADELPHIA PLAN)
To be due
annually $172,000
each August 15, 1942 to 1951, inclusive
on
To be jointly
and severally unconditionally guaranteed as to par value and dividends
by endorsement by Atlantic Coast Line Railroad Company and
Louisville and Nashville Railroad Company
These
Certificates are to be issued pursuant to an Agreement and Lease to be dated as of
August 15, 1941 and are to represent not more than 90% of the total cost of new stand¬
ard-gauge railroad equipment.
MATURITIES AND YIELDS
!■
1942
0.35%
1945
1.15%
1949
1.85%
1943
0.65
1946
1.35
1950
1.95
1944
0.90
1947
1.60
1951
2.00
1948
1.75
Issuance and sale of these
Circular may
as are
'
Certificates is subject to approval of the Interstate Commerce Commission.
be obtained in
any
registered dealers and
State in which this
are
The
Offering
announcement is
circulatedfrom only such of the undersigned
offering these securities in compliance with the securities law in such State.
HALSEY, STUART & CO. INC.
BLAIR & CO., INC.
LADENBURG, THALMANN &. CO.
OTIS & CO.
(INCORPORATED)
To be dated August 15, 1941. Par value and
semi-annual dividends (February 15 and
August 15) payable in New York City.
Definitive Certificates in $1,000 denomination,
registerable as to par value. Not redeemable prior to maturity. These Certificates
are offered for
delivery when, as and if received by us. It is expected that Certificates in
temporary or definitive form will be
ready for delivery on or about August 22, 1941. The information
contained herein has been carefully
compiled from sources
considered reliable, and while not
guaranteed as to completeness or accuracy, we believe it to be correct as of this
date.
July 26, 1941
J:,;.
V
Dividends
Dividends
Notices
The
NATIONAL DISTILLERS
OTIS
The Board of Directors has declared a regular
quarterly dividend of 50# per share on the out¬
standing Common Stock, payable on August 1,
1941, to stockholders of record on July 15, 1941.
Preferred
treasurer
THE ELECTRIC STORAGE BATTERY CO.
.per
of
Accumulated
Company
Fifty
share
Cents
the
on
a
($.50)
$7
GAS
Preferred
on
perthe Preferred Stock and
meeting of the
Gas Corporation
a
dividend of $2.25 per
the $7 Preferred Stock
August 26, 1941.
on
C. A.
Sanford, Treasurer
share
opens as
of
on
Directors of
July 22, 1941,
declared
was
THE
on
BUCKEYE
26
H.
DIXON, Treasurer.
COPPER MINING CO.
PIPE
of
New York, July 17, 1941.
A
dividend
of
of
JAS,
($1.00) Dollar per share
has been declared on the Capital Stock of this
Company, payable September 15, 1941 to stock¬
In sizes up to 13x8 H inches
Price $2.00 each
Phis postage
J.
R.
FAST, Secretary.
Prices for larger sizes
on
M.,
•
DICKSON, Secretary & Treasurer
copy
application
the
record at the close of business at
3 o'clock P.
September 2, 1941.
as
One
NO. 133
Directors
single
flat
22, 1941.
Anaconda
Copper Mining Company has declared a dividend
of Fifty Cents (50c.) per share
upon its Capital
Stock of the par value of $50. per
share, payable
September 22, 1941, to holders of such shares of
on
COMPANY
holders of record at the close of business August
Broadway,
DIVIDEND
LINE
a
Broadway,
New York, N. Y.,
July 24, 1941
Board
The
"Expandit" Binder
Dividend
Board
held
8, 1941.
The
■I.:!;;
Checks will be mailed.
Treasurer.
of the Corporation for
payment September 2, 1941, to stockholders of
record at the close of business
August
25
STARK, Cashier.
value Common Stock have
declared, payable September
Hew Tor\, July 23, 1941.
Stock
At^a
ANACONDA
W.
CORPORATION
United
E.
W.
Dated July 8, 1941.
ord
Philadelphia. July 18, 1941.
UNITED
135
20, 1941, to stockholders of rec¬
at the close of business on
Common
Checks will be mailed.
H. C. Allan, Secretary and
The Winter# National Bank located at
Winters,
in the State of California, is
closing its affairs.
All note holders and other creditors of
the
association are therefore
hereby notified to
present the notes and other claims for
payment.
171
par
been
divi¬
holders of record at the close of business
No.
dividend of 20# per share on the
no
Sur-
a
Stock, payable September 30, 1941, to Stock¬
September 9, 1941,
Association
Dated July 9, 1941
quarterly dividend of $1.50
share
Directors; ha ve declared
the
Dividend
Common Dividend No.
A
dend
National
COMPANY
THOS. A. CLARK
June 26, 1941
from
Suisun.
P.'S. JONES, President
ELEVATOR
The transfer books will not close.
| plus of the
of
creditors of the association are therefore
hereby
notified to present the notes and other claims
for payment.
PRODUCTS CORPORATION
The
Bank
located at Suisun, in tne State of California is
closing its affairs.
All note holders and other
INTERNATIONAL
HARVESTER
COMPANY
Quarterly dividend No. 92 of one dollar and
seventy-five cents ($1.75).per share on the pre¬
ferred stock,
payable September 2, 1941, has
been
declared
to
stockholders
close of business August
SANFORD
of
record
at
the
5, 1941.
B.
WHITE, Secretary.
The "EXPANDIT" Binder
25 Spruce St., New York City
JULY 26,
Vol. 153
No. 3971
1941
CONTENTS
Editorials
The Financial Situation
Guns, Not Automobiles
Life After Death
—
.
...
Comment and Review
New
Capital Issues in Great Britain
Week
the European
on
450
r- —-
The Business Man's Bookshelf
....
..
451
...
Stock Exchanges..
-
438
438
Foreign Political and Economic Situation
..443 & 498
Foreign Exchange Rates and Comment
450
Course of the Bond Market
451
Indications of Business Activity—
Week
on
the New York Stock Exchange
Week
on
the New York Curb Exchange
-
436
497
.
'News
463
Current Events and Discussions
Bank and Trust /Company Items
General
494
Corporation and Investment News
Dry Goods Trade
State and
_.
540
578
579
—
-—
Municipal Department
Stocks and Bonds
Monthly Range of Prices on N. Y. Stock Exchange
481
Foreign Stock Exchange Quotations
500
Bonds Called and Sinking Fund Notices-..--,—-..— 500
Dividends Declared
500
Auction Sales
498
New York Stock
Exchange—Stock Quotations..
♦New York Stock
Exchange—Bond Quotations.
New York Curb Exchange—Stock
♦New York Curb
_ .
508
508& 518
Quotations
524
Exchange—Bond Quotations
Other Exchanges—Stock
528
and Bond Quotations
530
Canadian Markets—Stock and Bond Quotations
534
Over-the-Counter Securities—Stock & Bond Quotations.
536
Reports
442
Foreign Bank Statements
498
Course of Bank Clearings
..463 & 505
Federal Reserve Bank Statements
General Corporation and Investment
News..
540
Commodities
The Commercial Markets and the Crops.
—
Cotton
Breadstuffs
♦
on
Attention Is
Published Every
to the new column incorporated in our tables
Curb Exchange bond quota¬
bank eligibility and rating.
directed
New York Stock Exchange and New York
tions pertaining to
Saturday Morning by the William B. Dana Company, 25 Spruce Street,
New York City, N. Y.
William D. Rlggs, Business Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone State 0613).
LondonEdwards & Smith. I Drapers' Gardens, London. E.G.
Copyright 1941 by William B. Dana Company.
Entered as second-class matter
June 23, 1879, at the post office at New York, N. Y.. under the Act of March 3.1879.
Subscriptions in United Statec and Possessions, $18.00
per year, $10.00 for 6 months; in Dominion of Canada, $19.50 per year, $10.75 for 6 months.
South and Central America, Spain, Mexico and
Cuba, $21.50 per year, $11.75 for 6 months; Great Britain, Continental Europe (except Spain), Asia. Australia and Africa, $23.00 per year,
$12.50 for 6 months.
Transient display advertising matter, 45 cents per agate'line.
Contract and card rates on request. NOTE: On account
of the fluctuations in the rates of exchange, remittances for foreign subscriptions and advertisements must be made in New York funds.
Herbert D. Seibert, Chairman of the Board and Editor;
William Dana Seibert, President and Treasurer;
The Financial Situation
We have
DESPITE the fact that reallydefense production
the under
yet
prices
effort is not
daily becoming
are
inflation
two
or
and
gathered together.
are
to it that the
see
day forget the subject, and
a
the
more
the case, current quotations
wife has to pay
for
many
public does not
if this
even
stood
July 13 last at
level
price
weaken the
has any.
within
Price increases in
economy
commodity prices of
others,
as
a
on
earlier. Moody's
year
index
sensitive
sale prices
July
on
week,
18,
a year
financial side the
picture is
Retail
at 207.7.
usual
prices
or
but
evidence
former
there
all
to reflect the
monopoly
over
materials which
on
can
be
no
justice and
natural
basis for
on
portion
inalienable right
which
human
every
breadth
of
the
controver¬
is
lation
as
.
commercial ambitions.
.
was
as
they
are
fixed in
the hated totalitarian
Current uneasiness
political and
chiefly
cerning this matter is
time
war¬
forced to oper¬
ranted.
It would
defense effort that
mental
headway,
changes,
doubtless
is
was
enter
such
even
Let
us
never
running
on
of,
or
alleviate the situation.
undergone funda¬
sary,
doubly to the
or very
seem
to
at least willing to adopt, to
To be sure,
Secretary Mor-
circumstances, but prices are not likely to be
permanently held in check by proclamations or sug¬
gestions made now and then to Congress or the coun¬
try.
When it comes to action, and that after all is
what counts,
it would scarcely be going too far to
that if the Administration had reached a consid¬
conclusion
that
prices should
move
rapidly and erratically, it could not lay its
better to suit such
a
purpose.
they
as
upward
course
are
the
feel
It
neces¬
certain,
to
attention
of
"Chronicle" readers to the
rather
obvious
fact
that
study of the proposals
but distantly related to such "objectives"
this.
Yet the sad part
nearly the sole,
in the
say
we
call
ideas
forget this simple truth.
genthau and one or two of the other figures in Wash¬
ington from time to time give utterances to certain
pious reflections concerning what policy ought to be
ered
from out¬
production."
retary quickly reveals that
It is
prescription that those in charge of affairs
be able to think
monetary pur¬
is, however, scarcely
as
these will
the realm of the practical.
point in view of the fact that artificial and arbitrary
be the sole,
powers
actually made by the Sec¬
of the ablest and wisest.
controls appear to
of
chasing
affairs had been and still
were
com¬
important
prevent a general rise in
volume
a
if the management of our
that the
spend for
less
for
the
prices by keeping the total
For the present, however, and for the now
foreseeable future, it is the part of wisdom to
take mankind as we find it.
presumably about to get
under full
to
and circumstances proved
necessary.—
When human nature has
probably
be warranted in the face of
resources
reducing
things;" and "is designed
as a
Acting Secretary of State Sumner Welles
July 22. ;
can
paratively
spokes¬
man
impartial
instrument in bringing about peaceful and
equitable adjustments between nations as
con¬
by
amount of money
enabled to operate as its chief
had intended, as an elastic and
coun¬
our
defense
never
today.
people
burden," "will help
mobilize
con¬
public
own
that
so
the
certain Powers
by those who dominated its councils,
means of
maintaining the status quo.
It
arbi¬
as
of
pro¬
expendi¬
our
sections
of the
But it failed
because of the fact that it
of
world; it failed
in other parts of the
of its utilization by
primarily to advance their
legis¬
authority
prices about
trarily
the
.
Mr. Wilson
ate
to fix
tries
as
as we
shall bear their fair share
throughout the length
world are demanding
League of Nations,
because
upon
sweeping
granting
well
appar¬
urge
all
ceived it, failed in part because of blind self¬
ishness of men here in the United
States, as
prices, and the
ently about to
Congress
The
paying
reasonable
a
tures,", "is designed
being
should possess of
living out his life in peace
and happiness, people
and
for
re¬
proposal presents
"a method of
.
security from want, disease, and starva¬
tion; whether it be security in enjoying that
upward trend.
Administration
Congress that his
cent tax
go
security, and freedom from fear.
sies about
activity from taxes
be
is
Mr. Henderson is involved
in innumerable
by
.
.
good deal
a
savings, and the Sec¬
world
a
peace.
To
public offi¬
some
retary of the Treasury has
told
re¬
needed
are
and
the
on
about financing de¬
Whether it be security from bombing from
the air, or from mass
destruction; whether it
beginning
now
a
peoples, there
order based
aplenty that the
are
possesses
sources or raw
tardily than whole¬
prices,
fense
or
lasting unless it established
fully and adequately the natural rights of all
peoples to equal economic enjoyment.
So
long as any one people or any one govern¬
as
slowly
move more
more
sale
No peace which may be made in the future
ment
But
favorable.
no more
to say
would be valid
later, it stood
inte¬
an
to learn if
soon
cials have had
When the Millennium Arrives!
Last
1940.
section of
one
of the fact at present.
more
stood at 155.2
They
must inevitably bring increases in
be sure,
whole¬
of
limits.
Mr. Henderson is destined
he is ignorant
mountain range,
reasonable
logic of price control in general—if it
grated
a
Such policies obviously strike
a
point 13.1% higher than
the
not
Statistics, which usually
sluggishness of
substan¬
very
roots of any effective procedure to keep
state of
same
move
rise substantially throughout most of the
wages
at the very
articles of ordinary daily
The index of wholesale
with the
see
ranks of wage earners.
even
were
appears
tially higher, and the willingness if not the desire to
and the prices the house¬
the U. S. Bureau of Labor
moves
prices of agricultural products
of
Mr. Henderson
consumption would result in about the
affairs.-
concern
being continually discussed wherever
are
three
and his OP ACS
for
more
repeatedly referred to what clearly
be the desire of the New Deal managers to see
to
way,
The prospects of what is popularly known
every one.
as
even
of the situation is that analysis
of the facts reveals that steps
designed for much of these
needed.
carefully and effectively
purposes are most
During the fiscal
year
defense expenditures are reported by the
at
$6,048,000,000.
urgently
ended June 30 last,
The increase in the
Secretary
gross
public
debt during the period is reported at $5,994,000,000.
This increase in national indebtedness provided an in-
crehse in the general fund balance of some
$742,000,-
000, leaving
a
deficit of
some
$5,251,000,000.
About
$1,345,000,000 of the funds required for these
poses were
social
pur¬
provided by "^contributors" to the various
security
funds, by the
and
other
similar
schemes—whose
repeatedly alleged to be safely
"tucked away" for beneficiaries.
The remainder of
the deficit
way, are
and the funds to bolster the
Treasury's
Volume 153
The Commercial & Financial Chronicle
current
balance were covered by the public sale of
$4,649,000,000 in direct Government obliga¬
tions.
In addition, there has been an increase of
some
about
of
$862,000,000 in the indirect (guaranteed) debt
the
national
Government.
The
two
together,
then, amount to roughly $5,511,000,000 increase in
the national debt, direct and indirect.
than
last, and
year,
Savings?
Now, who bought these obligations?
fide
The funds
course, over
received from taxes.
Did bona
savings of the country furnish these funds to
pay
the deficit?
but
some
a
very large proportion of the obligations thus
publicly sold went into the hands other than in¬
dividuals wrho had saved the funds
necessary to pay
them,
savings.
ment
of institutions entrusted with those
or
The increase in the holdings of Govern¬
obligations, direct and indirect, during the
in question by reporting member banks in 101
year
cities amounts to
$2,686,000,000,
or
half the increase in such issues
hands of the
not very far from
outstanding in the
public. If the figures for the remainder
of the commercial banks of the
country
were
avail¬
able, it would doubtless be found that substantially
more
than
half the increase in
outstanding public
debt
(in the hands of the public) went into bank
portfolios.
Despite the fact that the year was
of
one
scarcely hope to continue to add
six billions—to
say
—each year
nothing of
and avoid what is popularly known
inflation, the less
large degree going into the hands of individuals
little or no direct taxes (under present
arrangements and any now seriously proposed) and
whom the habit of spending
among
is very
very
large
consumer
proportion of current earnings for
goods
"Voluntary" Abstention
It is very well for
public officials and other lead¬
ing figures to be repeatedly calling upon the people
of the United States to
untarily."
That
is
"sacrifice," and do
to
say,
presumably,
$1,457,000,000, and
forgotten that banks of the country
have been taking what are about the
equivalent of
be
corporate securities (but which
are
termed loans) in
is,
or
of threats to
to observe.
ing
developments
a
stable
Despite
these
in terms
mean
price structure is not difficult
an
$1,710,000,000
as
increase in circulation reach¬
for
the
country
as
a
whole,
demand
deposits (other than Government deposits
inter-bank deposits) at the
reporting member
or
banks in 101 cities
during the period by
rose
some
$3,439,000,000.
As a result chiefly of government
borrowing at commercial banks even these incom¬
plete figures reveal the artificial creation of
an
addi¬
tional amount of what the
Secretary of the Treasury
"monetary purchasing power" in the amount
roughly $5,150,000,000. This is obviously a stagger¬
terms
of
ing sum, and the effect to be expected from such
developments is the greater by reason of the fact
that
the funds thus
trarily into being
are
out in the form of
which
are
goods,
most
brought artificially and arbi¬
in
so
higher
large
wages
degree being paid
for the very groups
a
likely to demand
more
in
tamely
to
existing circumstances,
regime of
a
rationing such
tries of
as
Europe.
is
of evidence of
tion
as
of which the Administration is definitely
to limit the supply, apparently rather
severely,
and
which largely
escape
income
found in the
But
Secretary of Treasury's tax plan.
this is only a
beginning. If those who
managing
our
defense effort
are
respects ourselves is
we
are
able to get the pro¬
during the current
will
be double those
may
well be three times that
of
the
year
past fiscal period and
amount.
Meanwhile,
ordinary outlays have not been reduced in
any
im¬
portant way, and apparently are not likely to be.
The deficit will almost
certainly be greater this
great deal
a
steps.
so
serious
They have
or
should
we
to
as
oblige
the whole
on
resigned
say
come.
At any
be taken for granted that voluntary
abstention from consumption on the
part of those
who
for
now
a
are
earning
gets under way,
granted, and
as
more
than they ever
lives,—and these
becoming larger in number
is
than they have earned
more
long while past, perhaps
as
groups are
the defense program
increase after increase in wages
overtime wage payments mount—
as
will not suffice to
many
ment.
from
prevent supply and demand for
types of goods from getting badly out of align¬
The
it proves
more
responding
to
situation the greater the
and
possible to prevent prices
the abnormalities
of
such
a
disparity between demand
supply is likely to become.
It is in circumstances such
as these that
Congress
apparently to be requested to enact legislation
authorizing the Administration to become price
is
dictator in this
has not lost its
country. If
reason
or
our
national legislature
the last
grain of the in¬
dependence, it will think twice before it grants
such request, the consequences of which must be
any
con¬
fusion, chaos, and almost hopeless failure, not to
disaster. If it is prepared to shoulder its nor¬
say
mal
part of the responsibilities of the occasion it
will take off its coat and
go to work to remove the
underlying
far
as
causes of the dangers complained of, as
that lies within its
powers—and its first task
framing
a
tax statute which in reality
could be
they desire, and apparently expect,—even
keep entirely free of actual military participa¬
tion—defense expenditures
and
coun¬
may
will be that of
duction
if
submit
warring
people do not give
patient enough,
taxes
under the
to
or
price fixing
having been convinced that the situa¬
them to take such
been
now
over-all
The fact of the matter is, however,
that the American
consumer
planning
vol¬
is expected to be, short in relation to normal
demand
earned before in their
subtantial quantities.
so
refrain,
among other things, from
entering the market
vigorously for goods they desire, the supply of which
rate, it
What such
a
strong.
cultural loans amounted to but
not
as
since this purchasing power
so
enough to date, but the test is still to
it
or
larger amounts
even
extraordinary increase in general business
activity, the rise in commercial, industrial and agri¬
let
Next
be foreseen, will be still
degree doubtless they did,
that
for
can
now
"monetary purchasing power" at the rate of five
certainly available information clearly indicates
In
can
who pay
they brought to the Treasury were, of
and above all
money
well be startlingly larger.
may
as
We
worse.
is in
From
far
as
435
year
expected to do what the Secretary of the
Treasury says a suitable tax measure must do, but
which his
own
bill
obviously would not do.
Federal Reserve Bank Statement
MODEST credit and currency the official banking
pected lines
reflected in changes along ex¬
are
statistics
Excess
for
the
reserves
of
weekly
period
member
ended
banks
over
July
23.
legal
re¬
quirements decreased $160,000,000 in the week to
$5,180,000,000.
This change was occasioned prin-
The Commercial & Financial Chronicle
436
cipally
by
borrowing by the United
$200,000,000, through the
money
new
States Treasury
of
some
Commodity Credit Corporation, the funds tending
swell the Treasury
to
deposit with the 12 Federal
Reserve banks while decreasing member banks de¬
Monetary gold stocks of the
posits correspondingly.
country
advanced
$9,000,000
the
Treasury
again
but
the drop
was
Effective demand
modest scale during the week,
a
on
the
recorded being
now
$11,000,000, to $9,634,000,000.
for credit
"cash"
to
circulation fell for the
Currency in
acquisition.
third successive week,
May's trade resulted in
706,000.
and
of
export balance of
an
vw.,-
Exports in April amounted to $385,454,000
*
imports $287,560,000, leaving an export excess
$97,894,000; in May, 1940,
export balance of
an
$112,279,000 resulted from exports of $323,749,000
and
imports of $211,470,000.
The lend-lease program
$22,664,000,000,
to
neglected
July 26, 1941
volume of
is not only affecting the
exports but is like\vise influencing their
character to
This fact is evidenced by
degree.
some
shipments of crude foodstuffs which
of
to
rose
total
a
$8,388,000 in May, compared with $3,963,000 in
April and $4,005,000 in May, 1940.
All agricultural
according to the condition statement of reporting
products exported
New York
$28,304,000 in April; they exceeded the May, 1940,
City member banks, combined.
Com¬
mercial, agricultural and industrial loans increased
Loans by the
$5,000,000 to $2,300,000,000.
banks to brokers and dealers
fell $30,000,000 to
Gold
of
notes
total
to
banks also advanced,
$8,874,000
up
that their
so
$20,611,-
to
Federal Reserve notes in actual circulation
874,000.
$3,001,000
$6,771,077,000.
to
de¬
Total
posits with the 12 Federal Reserve banks declined
$15,830,172,000, with the account
$34,547,000 to
variations consisting
an
of
decrease of member bank
a
balances by $105,943,000 to $13,117,089,000;
reserve
increase of the Treasury
026,000 to $954,398,000;
by
posits
$19,975,000
decrease of other
The
544,000.
from
were
general account by $105,-
improved
by the
$46,000
Industrial
holdings
as
while
$9,853,000,
to
dropped $557,-
Open market operations again
$11,393,000.
lacking,
Reserve
Federal
commitments to make such advances
000 to
U.
of
securities remained motionless at
United
any
of any
Exports
at $384,636,000
month
since
month in
$296,930,000
were
and,
for
except
than
more
were
a
less than
1937.
April,
ports and
of
our
no
a
the
has
trade
time
as
reported
more
and
President
$75,202,425
ended
May 31, and
no
goods
proportion occurred in May.
more
trans¬
in the 74 days
doubt
a
substantial
Out of the $7,000,-
minous strike
$53,900,000
fication included 511
shipments
availability of shipping
an
indefinite
period to
come.
goods, however, must be charged
and
must
for which
goods
not
Ave
or some
be
associated
Avould
are
likely to
space
for
The value of such
up
with
to defense costs
normal
exports,
ultimately receive payment in
other form.
April's
than
Shipments
in
ments
were
and
buses
in
April,
April and nearly double last
but
Shipments
someAvhat
Avere
as
in
corre¬
Iron and steel ship¬
year.
than
greater than in May, 1940.
trucks
Petroleum
substantially below the
smaller
Avere
peak
this classi¬
airplanes compared with 571
sponding month of last
a
little
of motor
greater than in
year.
Our
imports in May continued to consist largely
strategic materials, rubber alone accounting for
$40,700,000 of the total, compared Avith $24,800,000
of
in
April and $20,100,000 in May, 1940.
mohair
Wool and
received in smaller volume than in
April
but is several times the
quantity received in
was
May,
1940.
Coffee, hides and skins,
and Avhiskey also
cane sugar,
tin,
cop¬
imported in considerably
were
imports dropped in May to $34,835,000, the
of any
month since February, 1938, com¬
paring Avith $171,994,000 in April and $438,695,000
in May, 1940.
Exports of the metal Avere negligible
in
May
in
as
amounted
to
previous
months
this
year,
$3,563,000 in May, 1940.
but
Silver im¬
ports, after deducting exports, netted $2,732,000 in
May, compared with $3,134,000 in April and
$4,412,000 in May, 1940.
The New York Stock Market
OCCASIONAL bursts of activity
this
the
York
week
Avith
leading
higher leA^els.
and
on
the
ventures
New
on
issues
inclined
was one
somewhat
profit-taking
as
at times
well
on
a
commodities
of
as
investment
sizable scale.
all
The
un¬
of undoubted firmness,
buying in
Commodity
equities division, agricul¬
kinds
showing
higher
This probably aided the stock market to
degree, for it bolstered the belief
,trends
on
perturbing reports of fresh militaristic
markets overshadoAved the
prices.
Exchange,
toward
by the Japanese in the Far East.
speculative
tural
were recorded
Stock
The market Avavered
dertone, hoAvever,
with
shipments of goods
Aircraft exports of
only
about 24% above April, but
rose
prior months
progress
From such figures
be limited only by
smaller
were
planes in April and 309 in May, 1940.
000,000 appropriated for the program, $4,277,412,879
it is obvious that
in progress.
was
shipments of $66,300,000.
had been allocated up
to May 31.
of $10,100,000 were slightly less than
since
on.
goes
$12,743,000, in May, 1940.
May, 1940, but triple last April, when the bitu¬
probably
were
ferred under the lend-lease program
which
above April
greatest
activities
of
substantial portion of May's ex¬
doubt will account for
export
Roosevelt
1937,
Lend-lease
responsible for
Imports
nearly $10,000,000
March,
in
Gold
1930.
January,
of
Cotton exports in May totaled 71,539
Coal exports
smallest
$1,000,000 below April, and otherwise the largest
of
drop
a
greater amounts than in May, 1940.
States and the outside world in
greatest
decade.
of
spite
cotton shipments from May, 1940,
bales, worth $4,380,000, in April, and 226,469 bales,
valued at
per,
$2,184,100,000.
THE aggregate volume of commerce betweenMay
the
the
May, 1941.
Government
S.
Foreign Trade in May
was
$35,033,000 in
raw
a
91.2%
to
$432,000 to $2,728,000.
advances; increased
were
and
$1,165,141,000,
ratio
Discounts
up
decrease of foreign de¬
a
to
deposits by $13,655,000 to $593,-
reserve
91.0%.
banks
to
The redemption fund for Federal
moved
reserves
decline
$5,001,000 in the week,
increased, however, and other cash
the regional
of
bales, valued at $4,389,000, compared with 73,075
holdings of the 12 Federal Re¬
declined
$20,302,531,000.
Reserve
security collateral
on
$333,000,000.
certificate
banks
serve
same
shipments
$8,354,000 in
to $37,120,000 in May from
rose
are
apt to spill
that
a
inflationary
over into all departments
life, notAvithstanding frantic efforts by
price controllers in Washington to counter the in-
of economic
Volume
evitable
153
The Commercial & J
inancial Chronicle
On
Since the stock market is
one
NeAv
York
Saturday
Avere
36,205 shares;
place where inflation has not yet appeared, many
shares;
investors
125,850 shares;
apparently decided to place
funds at work in
keen to
equities.
such
sense
The speculative element,
any
undue subsequent rise by
Whether such tendencies will
con¬
Exchange the
Thursday, 115,725 shares, and
on
Equities in the stock market
Aveek met with
as
rather cool
a
major attention
lavished
Avas
Saturday of last
on
on a very
ton
of
blinking the adverse
11-year high levels and net gains
effects
of
the tax bill
no
taking shape, and the
now
market, where prices
from 51 to 56
the stock
ever-spreading world war, with its threat of full
on
American involvement.
the current
The stock market followed
has not been
last
usual, of late.
Monday, and
tial message
a course
a
After
quiet opening
a
quiet acceptance of the presiden¬
recommending congressional action for
keeping draftees in service beyond
market
this week that
one
the
year,
suddenly stirred into action during the last
hour of
that session.
The
railroad
led the
group
day was
a
Trading in that final hour
ran
to about
420,000 shares, and for the entire period the turn¬
exceeded
over
most active
a
late that
prices
of
One of the
followed, Tuesday, with
year
1,350,630 shares.
The opening was
active, but realizing sales began to prevail
For the entire remainder of the week
day.
wavered
established.
narrowly
Net results
tations at the
The
the
around
are
levels
thus
modestly improved
close, yesterday,
earlier.
week
900,000-share level.
days of the
turnover
firm and
the
as
quo¬
against levels of
trading volume held
a
the
over
highs for the
Many factors
sian-German
Avas
campaign,
withstand
Avitli oil shares
on
the
In the listed bond market
lative enthusiasm
of
occasional specu¬
some
developed for the cheaper issues
Rail shares
reorganization and other railroads.
But here,
financial
a
resistance levels and touched
new
dealing with
usual in the
foreign department, with sharp declines
the natural aftermath of the
that
country in
aggressive
not much
were
dull.
by
Indo-China and the warnings in
Washington of retaliatory steps.
were
measures
Australian bonds
affected, however, and other issues
United States
Treasury obligations
were
The
emer¬
had the effect before it was delivered of
gency
pace
recorded
The close
re¬
degree, but following its de¬
of trading increased and the final
turnover of
a
420,000 shares alone.
strong, and values at their best for
was
current
a
The
movement.
upward trend of the
day before was carried over into Tuesday morning's
close
active than
more
national
a
session, Avhere gains Avere extended
little
upturn, and
high ground.
rises.
were a
confident tone,
leaders in the
also, realizing sales developed and toned down the
Japanese bonds
have
quarters
ability of the for¬
onslaughts of the German
Avere
President's message
the
As for the Rus-
strong bidding movement broke through their
a
hour
at in these times.
involved in
enjoying the largest share of atten¬
livery the
sneeze
of them.
Initial trading revealed
sessions of the
week, which is nothing to boast of
one
evinced renewed confidence in the
tion.
were
good showing, and the country's tendency
toward inflation
to
new
and treating them corporately,
April, 1940.
army.-
expan¬
Innumerable stocks touched
year,
straining traders to
nothing to
A sharp
the greatest number to attain such records
were
mer
Mon¬
on
occurred, doubling the volume of last
500,000-share figure in each of the three final full
but also
the second smallest for
The position of the market
Friday's session.
the list's
the year.
was
predominant feature throughout.
making possible the recording of
new
extended
were
of the best for the year, with strength
sion in sales
they
hectic cot¬
the day established
month, although prices did show modest
one
since
of highs for
on
The day's volume of business
points.
exchange
improvement.
movement, which lifted virtually the entire market,
scores
on
reception from traders
is, of course, a matter
There is
on
Tuesday, 170,590 shares; on Wednesday,
on
tinue in the financial markets
conjecture.
sales
Monday, 113,720
on
Friday, 139,010 shares.
changes, bought rather heavily at
times, but restrained
profit-taking.
of their
more
Curb
the
long-term effects of ever-mounting Federal
debts and deficits.
437
one-half
to
million
shares
However, after the first two hours
developed in key stocks such
and United States
which
changed
AA-eakness in
of
an
Rubber,
the
course
as
a
on a
a
hesitant tone
United States Steel
selling
of
volume of
the first hour.
in
the
wave
followed
Late
market.
pivotal stocks had the ultimate effect
irregularly loAver closing for the general list.
extremely dull, both in the formal and the counter
Caution
markets, with variations of
the critical state of affairs in the Far East reached
no consequence.
high-grade investment bonds
out the week.
after the
established.
in
view
of
metals, of
steady through¬
were
In the commodities
wheat and other
one
Other
section, cotton,
agricultural staples
were
taken
other, and decidedly higher levels
Eaw
silk
Far
the
soared
Eastern
course, were
the
limit
were
yesterday,
developments.
motionless.
up
Base
The foreign
ex¬
On
York
New
the
now
Stock
Exchange
Curb
New York
levels and
high
new
new
stocks
On
low levels.
Exchange 106 stocks touched
12 stocks
touched
levels.
new
low
mained
on
Saturday
shares;
the New York Stock
Exchange
re¬
were
on
York
Trading volume
became the order
of the day.
Stock Exchange the
223,640 shares;
on
sales
on
Monday, 005,280
Tuesday, 1,351,330 shares;
This
Avas
especially
day.
At the close gains edged out losses and prices
ruled
steady in the absence of undue pressure.
Re¬
Thursday following the strong position
on
Wednes¬
Nervousness spread and brought
China.
dullest session of the Aveek.
and
Initial trades
about the
were
day Avere to be found among the specialty
shares, since pivotal stocks were passed up.
and
firm
mixed, but Avhatever trends were discernible
the
a
Avas
few
given to
sugar,
Some
oil, munition, airline
shipbuilding issues.
By afternoon activ¬
ity reached the vanishing point and prices ruled
easier and mixed at the finish.
irregular course,
and
fractionally higher about
Friday, 811,630 shares.
taken by
Washington in opposing Japan's move into Indo-
pursued
the Stock
trades, with the general list mixpd throughout the
day, 625,980 shares; on Thursday, 623,740 shares,
on
on
as
Dulness featured opening
true of industrial issues.
attention
unchanged at 1%.
the New
breaking point.
Wednesday
on
Exchange Avas cut in two, and further profit-taking
on
/v-
Call loans
On
254
high levels for the year the present
Aveek while nine stocks touched
the
practiced by traders
strictive influences Avere at work in the market on
changes were idle and dull.
touched
the
Avas
an
noon.
On Friday prices
with active stocks
The President's
an-
The Commercial & Financial Chronicle
438
nouncement that the United States would retaliate
week, 99.9%
with
last year.
specific action against Japan
duced
of
weaker tone at
midday, but equities that
likely to benefit in the event of
are
At
a
closing sales
Friday
changes.
33%
at this time
Electric
closed
Co. of New York at
&
Electric
at
last year.
Gar loadings of
freight for the week ended July 19
were
revenue
reported by
the Association of American Railroads at 899,370
Friday at 32% against
19% against 19%; Columbia
increase
cars, an
Friday of last week; Consolidated Edison
on
Gas
stitute at 3,162,580,000 kwh., against 3,141,158,000
kwh. in the preceding week, and 2,681,071,000 kwh.
-
General
for the week
power
tight,
reveal irregularly higher
ago
and 88.2% at this time
ago,
ended July 19 was reported by Edison Electric In-
Friday last with final quotations
on
week
a
month
a
Production of electric
A comparison
war sat
closing the market ruled steady.
on
Saturday in-
on
July 26, 1941
and
cars,
168,910
the previous week by 23,205
over
the similar week of last year by
over
cars.
3% against 3; Public Service
As indicating the course of the commodity mar-
Corp. of N. J. at 22% against 22%; International
kets, the September option for wheat in Chicago
Harvester at
Co. at
at
55% against 55%; Sears, Roebuck &
72% against 73%; Montgomery Ward & Co.
35% against 36; Woolworth at 29% against 29%,
and American Tel. & Tel. at
Western Union closed
153% against 156.
September
Friday at 28 against 26%
at Chicago closed
corn
Friday at 75%c. against 75c. bid the close
Friday at 38%c. asked
close
164% against 162%; E. I. du Pont de Nemours at
against 35%c. bid the
as
Friday of last week.
on
The spot price for cotton here in New York closed
155% against 158%; National Cash Register at 13%
Friday at 17.70c. against 16.46c. the close
against
day of last week.
13%;
National
Dairy Products
14%
at
against 14; National Biscuit at 17 against 17%
Gulf
Texas
nental Can
at
at
;
Sulphur at 37% against 36%; Contiat 36% against 35%; Eastman Kodak
139% against 140%; Westinghouse Elec. & Mfg.
91% against 93%; Standard Brands at 5%
against 5%; Canada Dry at 14%
against
14%;
of last week.
the close
on
Friday of last week,
In London the price of bar silver closed Friday at
23
7/16
per
pence
Sehenley Distillers at 13% against 12%, and Na-
silver
in
tional
close
In
the
closed
rubber
'
Goodyear Tire & Rubber
group,
Friday at 18% against 18%
on
Friday of
last
week; B. F. Goodrich at 16% against 16%, and
United States Rubber at 23i/2 against 24%.
Railroad
stocks
present week.
oai/
•
i
p
cs
fractionally changed the
Pennsylvania RR. closed Friday at
xo a*/
24% against 24%
m
were
x
j
th
*
i
i
x
ax
Friday of last week; Atchison
on
oart /
x
•
ohq/
x
xt
xt
i
Topeka & Santa Fe at 30% against 29%; New York
iioS
-V
Central at 13 against
12%; Union Pacific at 81%
011/
-icT
against 81% Southern Pacific at 13% against 12;
+
~x
io
x
•
ci
Southern
x
t>
itrv
•
t»
x
•
x
x
101/
iai/
•
j
xt
on/
x
an.aiT.st
.li/T !
shares
steel
ground this week.
/n'a
moved
•
i
into
more
no-oinof
day at 38% against 38% on Friday of last week;
Chrysler at 55% against 55%; Packard at 2%
against 2%, and Studebaker at 5% against 5%.
Among the oil stocks, Standard Oil of N. J. closed
Friday of last week;
Shell Union Oil at
15% against 15%, and Atlantic
Refining at 23 against 23%
'
Among the copper stocks, Anaconda Copper
closed
on
Friday at 28% against 28%
last week; American
on
Friday of
Smelting & Refining at 44%
\
1 ^
!
In the aviation
group,
day at 9 against 9
t
.
week
on
,
•
stock exchanges
,,
,
^
the leading Eu-
m
&
,
.
financial centers, with dealings on a modest
'
&.
scale.
The impression deepened during the week
r
'*
that fresh warlike moves impended m the Far East,
/
ropean
,
.
ml
,
.
.
•
x
as
,
...
,
new
,
.
,
,
,
x-
were
,,
t
~
g,
,
1
,
xi,
x
added to those al-
™
xt,
.
.
y
uncertainties
,
,
,
war,
ix
t
,
traders and
to the sidex
x
y
London Stock Exchange reported steady
1uotatlons during the first ha f of the week with
°AC,Casi0nal, buymg
111 So"h
ffncan g°ld atocks and Mexican od 8 larf" The
t°ne turned easy Thursday, when all doubts were
?>
,
dlsPelIed about the lntenti,on8 of JaPan toTcommit
furtber -fissions in Eastern Asia. Japanese
^nds sold off sharply in the London market, while
tbe Seneral llst moved
lawer" There were no
reports available this week regarding
tendenclie8 iaFrfncb or Netherlands markets. Deallngs 011 the Berlln Boerse were of httle ^nsequence,
and prices moved slightly lower one day and slightly
Mg^er the next. Official warnings against speculak*on r a ldsfi y ere reSarded as ^'le m°st potent
factor in deterrainin« affairs 011 the ^ich market
against 43%, and Phelps Dodge at 34% against
34%.
against
as
Friday of last week.
on
European Stock Markets
J
General Motors closed Fri-
Friday at 45 against 43%
exchanges, cable trans-
MARE0W and irregular changes took place this
,.
q«i/
per
Friday at 34%c., the
't
M
investors moved ever more decidedly
favorable
T
6(% against db%.
In the motor
group,
closed
London closed Friday at $4.04
United States Steel closed Fri-
on Friday of last week;
44% against 42; Bethlehem Steel
76% against 75, and Youngstown Sheet & Tube
Q73/
New York
ready occasioned by the European
day at 58% against 57%
at
on
pence
Friday of last week.
on
$4.03% the close
xt,
fi7/o
Crucible Steel at
at
against 23%
ounce
Friday of last week, and spot
on
In the matter of foreign
fers
Ry. at 15% against 14%, and Northern
pacific ,f 71/
The
tt
x
xu
Friday
on
Domestic copper closed Friday at 12c.,
the close
22% against 22%.
Fri-
on
The spot price for rubber closed
Friday at 23.00c. against 22.35c. the close
ounce
Distillers at
Fri-
on
September oats at Chicago closed
day of last week.
Friday of last week; Allied Chemical & Dye at
on
closed Friday at 106%c. against 103%c. on Friday
of last week.
Loans to Great Britain
/"YFFICIAL arrangements in Washington for aid-
Curtiss-Wright closed Fri-
Friday of last week; Boeing
Aircraft at 17% against
16%, and Douglas Aircraft
at 73% against
73%.
on
ing Great Britain financially reached a
phase last Tuesday, when President Roosevelt
new
and
Federal Loan Administrator Jesse H. Jones made
separate announcements of
a
loan of
$425,000,000 to
Trade and industrial
reports of the week reflect
the high rate of
activity desired in all essential defense lines.
Steel operations for the week
ending
insurance assets of the British in the United States.
today
The loan is
were
Institute at
estimated by American Iron and Steel
97.9% of capacity against 97.2% last
the British
British
an
Government,
on
the security of various
holdings of American securities
and certain
secured, it appears, by collateral having
estimated value of
some
$500,000,000.
It
will
Volume
The
153
enable the British authorities to meet
for the
commitments
purchase of American munitions
requiring
$100,000,000 monthly, entered into before passage
of the lend-lease measure.
Extended through the
Reconstruction Finance
vision for
a
5-year extention in the event that two-
principal has been repaid at the end
thirds of the
of
15
Corp., the loan will bear in¬
3% and will mature in 15 years, with pro¬
terest at
By means of this interesting trans¬
years.
action, which is forbidden to private citizens of the
United States under the Johnson and Neutrality
Washington makes
narrowing
area of finance left to private capital and initiative.
Many British assets have been liquidated in our
markets in the more ordinary course of affairs, and
it is fairly evident that the collateral now pledged
might also, in great part, have found its way into
private American ownership through the usual chan¬
serious inroads
further
in
Administration
the
acts,
the steadily
on
announcing this sizable loan, Mr. Jones de¬
that
clared
the collateral by the
management changes
of
possession
R. F. C. will not result in any
the corporations concerned.
among
the
that
arrangement
order to
He indicated
will make unnecessary the
collateral
the
of
sale
forced
was
foreshadowed, Tuesday, by Jesse H. Jones, Sec¬
by Great Britain in
provide the dollar exchange to meet com¬
The collateral is said to include about
mitments.
action for
Exchange, and about $115,000,000 of unlisted
shares of 41 British-owned insurance
United
the
States,
having
an
$180,000,000, also were pledged.
will be
ican
The capital
American corporations.
securities of
holding conscripts, National Guardsmen
and reservists in service for more than the
In addition, there
assigned to the R. F. C. the earnings of Amer¬
branches
porated
of
this
in
insurance
companies not incor¬
from
Revenues
country.
such
properties in the last five years have averaged about
$36,000,000 annually, it is said, and such income
hereafter will be
applied to interest on the loan and
amortization of the
be
principal.
If earnings continue
rate, it is expected that the loan
at the recent
will
repaid in about 15 years from such revenues.
*
American
ALTHOUGH
Fx
East
ities this
the
Foreign Policy
changed situation in the Far
profoundly occupied Washington author¬
week, fresh reactions to the European war
continued to
develop, and they did not differ from
"shoot¬
The members of President Roose¬
previous tendencies toward involvement in
ing"
warfare.
velt's entourage
who labored most actively toward
such ends
Harry L. Hopkins, personal repre¬
were
sentative of the President,
and Sumner Welles, Act¬
Mr. Hopkins appeared in
London, late last week, where he attended a Cabinet
meeting.
Together with Prime Minister Winston
ing Secretary of State.
Churchill, Mr. Hopkins
visited King George VI,
He was said in London dispatches to have
assured Great Britain of American production and
Tuesday.
delivery of war materials on a scale
the defeat of
press
Germany.
sufficient for
Mr. Welles declared at a
conference, Monday, that the United States
has information
regarding German
Government
but he refused
public address, Tuesday, the Act¬
plans for fresh aggressions in Europe,
to elaborate.
In
a
ing Secretary stated that there can be no peace "un¬
til the Hitlerite Government of Germany has been
finally and utterly destroyed."
Increased economic
collaboration between Russia and the
United States
present
statutory period of one year, and he included in
warning that the war danger to the
his message a
Western
than
a
An
Hemisphere
now
is "infinitely greater"
year ago.
interesting development of diplomatic
tions
the
between
States and
United
Commonwealth of Nations
was
ministerial
reported from Lon¬
representation for the United States in
Only
India, and for India in the United States.
New
rela¬
the British
Washington, early this week, in the form of
don and
Zealand,
Empire,
among
will
now
the major units of the British
direct
without
be
diplomatic
representation in Washington, and an exchange of
Ministers between the United States and New Zea¬
expected to follow.
don announced that Sir
be
The India Office in Lon¬
Girja Shankar Bajpai will
the United States.
Agent General for India in
The United States Commissioner to
rank of
is
India, with the
Minister, will be Thomas M. Wilson, who
acting at present as Consul General at Calcutta.
Hints
were
Washington that this step
thrown out in
be followed by the extension of lend-lease
may
aid
to India.
Japanese Aggression
ANOTHER
Fx
rapid shift in the kaleidoscopic world
attention in
focused
war
companies in
estimated value of
urging legislative
Monday,
Congress,
to
message
$205,000,000 of securities listed on the New York
Stock
President Roosevelt sent a
retary of Commerce.
land is
-V,-"
nels.
In
439
Commercial & Financial Chronicle
recent
days upon
Asia, which are cer¬
still some ques¬
Japanese intentions in Eastern
tainly aggressive, although there is
tion
to whether the next
as
forces will be
real move of the Tokio
against Russian Siberia or the
ish-Dutch interests of Southern
An
Indies.
of
extension
Japanese
"influence"
not previously
southward into areas of Indo-China
the seat of
Brit¬
Asia and the East
Japanese operations is conceded
"in prin¬
Some Japanese naval
and military units are reported moving toward
occupation of Camranh, the excellent harbor of
Indo-China, and aggressive designs possibly are en¬
tertained also with respect to Thailand (Siam).
ciple" by French authorities.
These
mate
moves
probably are preliminary to the
military aims of the vastly
ulti¬
ambitious officers'
clique that really determines Japanese policy. No
illusions are entertained at Washington or London
counter-measures
Many
international affairs long have contended
regarding the prospects, and some
already are reported
experts on
that if the United
under consideration.
States
ever
is drawn into full par¬
be through the
ticipation in the world war, it will
Far
Eastern
action.
As
route as a consequence
The danger is hardly to
the Japanese
of elapanese
be denied.
militarists began their game of
and of troop movements and concentra¬
tions, Washington issued loud warnings and also
hinted at action through retaliatory steps.
Japa¬
pressure
nese
merchant ships were not
permitted to clear
alleged ground
through the Panama Canal, on the
that
nationals
it
But ships of other
readily moved through the passage, and
repairs were in progress.
finally was indicated in "Washington
Canal is not closed to
strictions"
are
necessary.
The
Japanese
nese
ships
started on the
voyage around Cape Horn. More than 40 Japa¬
merchant ships bound for Pacific Coast ports
awaiting passage turned about and
long
that the
traffic but that "traffic re¬
440
of
The Commercial & Financial Chronicle
the
United
idling
States
offshore,
American harbors
of
economic
said, yesterday, to be
were
awaiting
orders
either
to return to
or
sanctions
against
Japan.
Tokio
the
British
the
threatening
Washington
The
Runlors
counter
Japanese policy began to
after the Cabinet change was effected
soon
Tokio, which resulted only in the replacement of
Minister Yosuke Matsuoka by Admiral
Foreign
Teijiro Toyoda.
sponsible
for
Although Mr. Matsuoka
the
Eastern Battle
Russo-Japanese
was
re-
non-aggression
Front
D USSIAN and German reports agreed, this week,
that fierce fighting remained in progress
along the vast front extending from the Baltic to
the Black
of
of the far-
;
disapproving
measures.
the flank
secure
flung forces of the Tokio regime.
It is clear
while
of Japan, prefers to leave to
moves
any
latest revision
develop
at
Government,
in Indo-China wrould
enter
circulated
steadily in London and Washington.
that
to
July 26/1941
Sea, with the lines of battle changing
little from day to day.
The vast struggle still
was
obscured by the haze of spent gunpowder and the
by each side that the tide of battle
assurances
surging in its favor.
minor advances
were
was
It appeared, however, that
attempted by the Nazis in the
main theater of warfare, extending east and west of
pact, which embarasses Tokio
the city of Smolensk,
has attacked
stok to Moscow.
retirement
about
that
now that Germany
Russia, it is not yet clear whether the
of
the
Foreign
Minister
by that circumstance.
the
is
censorship
to the real
as
was
cables and other
messages
Early
Tuesday on
leaving Japan, which sug-
that
a
Japanese movement for
Indo-China
and
perhaps
of
would ap-
soon
Wednesday the fact
on
de-
was
Japanese aims,
established
gested that the next developments
pear.
brought
was
quite possible
change in the Foreign Ministry
signed to delude others
Complete
It
was
established
control
Thailand
of
all
of
tion."
Tokio demands
had
been
received
for
Yichy pointed to Syria and
Japanese demands had been accepted "in prinStrong denials promptly were issued at Lon-
don that Great Britain had
any
against Indo-China
Siam.
or
intention of moving
The
Japanese, how-
ever, were not
to be deterred by such assurances,
Reports from various observation posts in the Far
East indicated naval and
troop movements of
siderable importance from
Japan
and fresh
developments
President
Roosevelt
to
con-
Indo-China,
assured.
are
tions.
spoke
informally,
late
on
To members of the Office of
Civilian
Defense,
foreign policy in the
having been designed io prevent the em-
Roosevelt
Pacific
as
described
his
barkation of Japan
upon
sions.
freshly aggressive
Oil had been made available to
country, he said,
necessary to
so
attempt
East Indies to obtain it.
invasion of the Dutch
an
The President remarked
Pacific,
supplies of rubber and tin from that
not be
excur-
Japan from
that Tokio would not find
the need for
peace in the South
so
area
that
would
interrupted.
Earlier in the day Acting Secretary of State Sumner Welles denounced
Japan
an
aggressor in
only
menace
Indo-China.
the
peace
The
and
as
steps taken not
safety of the South
Pacific, including the Philippines, but also jeopardize American sources of vital
defense
Acting Secretary said.
clear
materials, the
The developments provide
indication, he added, that further changes
now
being effected
any
retaliatory action
under duress.
was
No comment
a
are
on
made, but Mr. Welles
"noted" the American
sion.
of
policy toward acts of aggresMilitary observers pointed out that possession
Indo-China and Thailand would
give the Japanese
jumping-off points for attacks against
Singa-
pore and the Dutch East
ward
Leningrad
was
The
bogged
somewhat greater degree than the central
German-Finnish regiments found the going heavy
around the shores of Lake Ladoga.
conquests
Japanese really
are
Indies, if plans for
entertained
mean to move
mire that stopped
The German-
at Tokio.
even
the tanks,
The apparent slowing of the German movement
may
be brief, but it also
portant point in the
against the Soviet Union
an
im-
The much-
forces doubt-
less has been hastened throughout this fifth week
of the vast conflict.
Premier Josef Stalin not
only
took supreme command of all Russian forces, but
returned late last week to the system of political
doned
as
after
checks upon the
the
Finnish
military
campaign,
men.
the
Aban-
political
commissar system was regarded for a time as
utterly discredited, since it can hardly be regarded
as indicative of good morale. Reintroduction of the
peculiarly
Russian
method
occasioned
much
du-
biety among military experts as to the actual course
of affairs within Russia.
But no more real information is available from Russia
this
on
point
than there is from Berlin
regarding affairs in the
Reich.
The German High Command
contented
itself all
this
week
effect that matters
Reich forces.
with
are
brief
statements
to
the
progressing favorably for the
The Germans found it
necessary,
howto begin extensive and long-range aerial raids
upon Moscow, during the night from Monday to
Tuesday. On each successive night squadrons estiever,
mated
at
several
hundred
bombers
attempted
to
destroy the Russian capital, with German spokesmen claiming heavy damage.
But official Soviet
spokesmen said that only a few German planes managed to pierce the Russian aerial barrage and nightfighter defenses, and damage to the city was said
to be inconsequential.
It
hand, that the Kremlin
by
a
was
area
conceded,
on
the other
of Moscow had been hit
few bombs.
The actual battle lines in Russia
possible to define with
varying interpretations that
official
and
other
are
any accuracy,
south-
against Siberia, bases
June 22.
on
If
the
be
prove to
may
which the Reich unleashed
war
needed reorganization of the Russian
commissars
Thursday, regarding the menace of Japanese expansionism, and he hinted broadly at economic sane-
our
a
proceeding slowly.
against
battle, for the German battalions made relatively
little progress from the Baltic region, while the
announced that
ciple."
on
down to
be
to
seems
movement
Ukraine was hampered not only by stern Russian
resistance, but also by General Mud, for drenching
rains turned the area from Kiev southward into a
that
military control of Indo-China, to "prevent that rich
colony from falling under British domina-
it
also
Hungarian-Rumanian push into Bessarabia and the
was
Asiatic
this
mans
pincer
The Yichy regime of unoccupied France dis-
way.
Mr.
prevented the Reich Panzer divisions from moving
rapidly, and the infantry advance of the Ger-
very
under
closed
the
on the high road from BialyHeavy Russian counter-attacks
can
reports.
Smolensk, which the Germans
almost im-
owing to the
be put
Even
upon
the
claimed
city
last
the
of
week,
Volume
hands, and it appears that some fighting
But the Germans re-
the outskirts of the town.
on
iterated that Smolensk was in
stated that
Moscow
that
a
was
battles
enormous
their hands, and also
fromf'that city toward
Panzer drive
The Kussians admitted
developing.
taking place around
were
Smolensk, and it thus appears that the Reich
are
from 100 to
only
ment in this manner, and there is no reason to doubt
the comments, although confirmation naturally is
lacking. Dispatches reaching here yesterday were
forces
toward 'Moscow and possibly
200 miles from the Soviet capital.
Not
the highway
on
to the effect that American "flying fortresses" now
are being utilized with great success by British
fliers in pounding the Germans. Reich battleships
desperate attacks on the German spear-
are
reported, but it appears that Soviet troops far
behind the German advance units are struggling to
heads
prevent the infantry divisions of the
Nazis from
In the Kiev area, south of the
moving forward.
Pripet marshes,
somewhat similar situation is
a
battlefront
apparently turning a huge slice of the
into
the condiffer much at the
churning mass, with rains adding to
a
Nor does the situation
fusion.
and their
where the Reich troops
of the line,
end
southern
associates have been unable to cross
the
taken up
South of Leningrad the
Dniester, and the Reich squadrons have
the
bombing of Odessa.
Germans
without
seem
breached the
have
to
Stalin line,
being able to make much further progress
toward the former Russian
Moscow rail
capital
link.
the Leningrad<
.
official commentators in Berlin
The "informed"
asserted stoutly that
last week
or
-
Russian resistance
Russian reserves were
Throughout the week
now ending, however, the German spokesmen found
it necessary to excuse the lack of sharp Reich advances by referring to the desperate resistance and
fading and that final
was
being thrown into the fray.
counter-attacks
Russian forces.
of fresh
claimed, in turn, that the Germans were
their man-power,
serve
of
strength.
course,
Moscow
exhausting
and reaching the end of their reBut both armies are tremendous,
possibly overAs London observers
and problems of supply
shadow those of man-power.
pointed out, the Germans in some places have covered some 600 miles since the invasion began, and
this is
of
the
which
consolidation and refitting
relatively rapid rate of movement
require a halt for
may
The
a
mechanical
monsters leading
the advance,
completely
German
Moscow. These in-
question of aerial control is not yet
answered,' but a check is available in the
preference for night raids upon
dicate that the Russian air force remains a for-
Nazis, and an able defense
midable obstacle to the
for Russia.
be
Because of this circumstance, it cannot
accepted that the Germans have been
able to
Russian rail and other communications to the degree claimed by Berlin. Among the
tactical claims and problems of the conflict is that
destroy or damage
of the destruction of the
sary.
armed forces of the adver-
The Reich spokesmen claim that the
steadily slicing up
five Russian divisions are
from the Siberian
on
their way westward
outposts to engage the Germans,
despite the possibility of Japanese
eastern end o
ussia s
vast
and cruisers at Brest remained a particular target
of the British, who announced Thursday that one
of the 26,000-ton ships, probably the Scharnhorst,
had been moved to La Pallice, 240 miles southward,
As the week advanced the Germans were reported to
be increasing their resistance to the British air attacks, especially over occupied France. The conclusion drawn at London was that Nazi fighter planes
were being transferred back from Russian fronts to
Western Europe, the Luftwaffe thus being prevented
from concentrating all its strength for a knock-out
blow against the Soviet air force,
The German sea attacks against British and
allied merchantmen apparently have tapered off in
the last week or two, leading to optimism at London regarding the outcome of the Battle of the Atlantic. British submarine and aerial attacks were
reported to be making inroads upon Axis shipping,
The official opening of a new campaign by British
authorities was announced last Sunday, in the form
of a propaganda move to enlist much of the occupied European region in a British victory chorus,
By radio, word-of-mouth, and underground communications, the peoples of the occupied countries
were urged to display the "V" sign, standing for a
British victory over Nazism. According to London,
much success was achieved in this endeavor. The
Germans took over the "V" and declared that it
stood for Viktoria, which they indicated reflected
the Reich military prowess. Prime Minister Winston Churchill effected a Cabinet change of some
significance, last Sunday, when Alfred Duff-Cooper
was replaced at the Ministry of Information by Mr.
Churchill's parliamentary private secretary, Brendan Bracken. Mr. Duff-Cooper remains in the Cabinet without responsibilities, and he is to visit the
Far East.
Some minor Cabinet shifts also were
effected at the same time. London spokesmen recently have revived the stories of an impending oil
shortage in Germany, and Nazi labor shortages also
are now said to be imminent, notwithstanding the
Reich control of many teeming millions on the Continent.
Near East
Nazis
Russian contingents and
either destroying them or forcing them to surrender,
This, perhaps, is the most serious immediate aspect
of the struggle and it is emphasized by reports that
are
441
Chronicle
intensity this week that prompted many to refer to
the current phase of the Western European war as
the Battle of Germany. Huge squadrons of bombing airplanes roared over the Channel day after day,
while night flights were the rule over interior German points. London reported hopefully that much
damage was being done to the German establish-
their
took place
by Soviet authorities to be still in
said
was
The Commercial & Financial
153
attacks at the
omam.
Battle of Germany
D ELATIVELy little fighting now appears to be
ft in
ess in the vast region fetching from
Gibraltar to the Near
^
p
{
an
East with British naval con-
undigpnted fact and the iand
forces gteadn
French
and
bei
itluated in g
Since the
12 the Brit.
have hastened to
Jul
;
Free French conqnerors
convert that former
control of Em-
augmente<L
mandated area into a fortress.
Preparations are being rushed, it
is said, to meet
BRITISH aerial bombingof the so-called invasion anythe fall ofattack thatTurkishdevelop in the event
of German ports and in- of German Russia. might authorities denied,
dustrial cities, and
ports of the English
Channel, reached a degree of
last Sunday, that any German
demands had been
The Commercial & Financial Chronicle
442
made for the
right of troop transit.
uneasiness is
for
turning
reported
The evacuation of
children is reported under
attack
In
Western
the
forces
the French
on
attacked
Rale
Date
vious
Effective
Rate
3X
Mar.
2X
June 26 1941
3
2
Canada
Jan.
51940
2~X
Hungary...
3
Oct.
4
Dec.
1 1940
1 1936
6
India
3
Nov. 28 1935
3X
4X
May 18 1936
Apr.
7 1936
3.65
Holland
Mar. 11 1935
2H
Chile
3
Dec. 16 1936
4
4
July
5
...
Italy..
Japan
Colombia..
Java
rnmm
18 1933
Czechoslo¬
vakia
3.29
Jan.
3
Lithuania..
22 1940
6
14 1937
15 1939
6
July
3
Jan.
1 1936
3X
Morocco-
6X
4
...
Danzig....
Denmark
Pre¬
Effect
July 25
Country
Jan.
2 1937
5
Norway
3
4
7
May 28 1935
May 13 1940
Oct.
4
16 1940
...
4X
4X
being.
were
the
hold
their
respective lines,
German aerial attacks
on
the
reported, while British airplanes
coastal
points of Italian Libya and
Dec. 17 1937
5
Erie
3
June 30 1932
3X
Portugal...
4
Mar. 31 1941
England
2
Oct.
3
Rumania
3
Sept. 12 1940
Estonia
4X
Oct.
1 1935
3X
May 15 1933
4H
3X
4X
Finland
for the time
4
Dec.
3 1934
France
1H
Mar. 17 1941
Italy itself.
Naples
Monday, and Iiome admitted that 15
Apr.
4X
..
South Africa
5
*4
Mar. 29 1939
5
4X
Spain
2
Sweden
3
May 29 1941
3X
Switzerland
IX
Nov. 26 1936
2
Yugoslavla.
5
Feb.
6X
Ur;
6 1940
Jan.
Poland
4X
26 1939
sx
..
Greece
pounded last
was
..
6
Germany
•
cities in
some
take place.
may
British and Axis
region,
vious
5
Argentina..
Belgium
Bulgaria...
and
women
Rate in
Pre¬
Dale
Effective
Effect
July 25
study, in the belief that
possession
Desert
content to
seem
Suez Canal
Rate in
Country
French Somaliland to British and
over
Free French forces.
an
Some French
to alleged British pressure
as
July 26, 1941
4 1937
7
1 1935
Not officially confirmed.
persons were
Foreign Money Rates
killed and 24 wounded in the raid.
IN bills Friday market discountagainst for1-32%
LONDON open 1 1-32%,
rates 1 short
on
Latin America
VARYING degrees ofconflict with of Washington
leadership in the acceptance the Axis Pow¬
ers
indicated in events and reports of the
are
Latin American
Since Fascist
area.
considerable influence in Latin
a
to
be
huge
Spain wields
simple
a
.
The "blacklist" of
_.
1,800 firms
,
.
,
Washington pnb ished last week occasioned
satisfaction in most of the 20 Latin American
repub¬
lics, but also aroused
of
course
a
Roosevelt is
said
Italian economic
be
On the
Washington
little grumbling.
In the
to
have
intimated
that
German
penetration in South America will
fought with other
list.
a
conference, Tuesday, President
press
same
weapons, as
well
the black¬
as
day the Export-Import Bank of
announced
credits
of
$10,000,000 to
Chile, and $6,000,000 to Colombia, in addition to
previous
advances,
but
there
was
indication
no
whether such advances constituted
part
of the presi¬
dential arsenal for the economic battle.
The
more
affairs
and
to
were
violent
of
aspects
illustrated
by
Latin
occurrences
the border of Peru and Ecuador.
on
American
in Bolivia
It appears
be
any
be true, indeed, that the troubles
of Reich
the
origin.
discovery of
German
a
in
that
elements.
country, and involving
"Absolute
the
announcement
Minister, Ernst Wendler,
was
calm
prevails
stated.
The
German
declared persona
non
grata, and the German Government retaliated with
on
call at London
on
•
Bank of
'
.
England Statement
THJE Bank's statement for the in note circulation,
again showed
increase week ended July 23
this time of £1,735,000, which raised the total outgtandi
to
decline in
circulation, resulted in
Public
reserves.
other
deposits
include
record high of
£652,655,000.
5A
gold holdings of £84,426, together with the
advance in
in
new
a
rose
bankers'
loss of £1,819,000
a
deposits fell off £14,754,000 while
£15,357,391.
Other
deposits
which expanded
accounts,
£16-
236,862, and other accounts, which decreased £879,471.
to
The
proportion of
15.5% from 16.6%
12.7%.
while
other
securities
lost
"discounts
of
rities,"
liabilities dropped
it
ago; a year ago
rate.
was
Following
was
we
The latter
advances"
£1,251,425
No change
•
£1,645,038.
and
which declined
respectively.
with
week
Government securities increased £4,090,000
consists
count
reserves to
a
and
"secu¬
and
£393,613,
made in the 2% dis¬
show the various items
comparisons for previous
years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT
July 24,
July 26,
Jtdy 27,
July 28,
1941
1940
1939
1938
1937
Circulation,
Public
652,655,000 607,592,422 510,897,516 493,311,544 498,338,710
14,127,000 30,266.509 26,010,357
11,186,673
10,528,723
deposits
Other deposits
173,620,699 154,924,669 128,119,874 151,407,813 141,581,569
Bankers' accounts- 124,345,296 103,957,085
91,377,633 116,356,344 104,259,233
Other accounts
49,275,403
50,967,584 36,742,241 35,051,469 37,322,336
146,932,838 154,102,838 106,491,164 115,761,164 114,410,022
29,470,775 25,383,521 29,951,311 30,744,551 26,627,344
Disc't & advances10,316,243
3,143,811
8,049,256
9,475,959
5,811,909
Securities
19,154,532
22,239,710 21,902,055 21,268,632 20,815,435
Reserve notes & coin
29,254,000 23,665,056 36,142,595 34,170,023 29,177,458
Coin and bullion....
1,909,091
1,257,478 247,040,111 327,481,567 327,516,168
Proportion of reserve
Govt, securities
Other securities
to liabilities
15.5%
Bank rate
168s.
23.4%
2%
12.7%
2%
2%
Gold val. per fine oz.
168s.
148s.
6d.
21.0%
2%
19.10%
2%
11 Hd. 84s.
84s.
llHd.
prompt order for the Bolivian Minister to leave
Berlin.
in
Washington, Monday, that full
sup¬
port by the United States would be given Bolivia, if
the
incident
regime.
caused
difficulties
for
the
La
Paz
The
century-old border dispute between
Peru, which recently flared into open
fighting, again was said this week to be evoking
Ecuador and
hostilities.
Efforts to settle the incident
through
mediation appeared
the fresh
on
New York Money Market
Acting Secretary of State Sumner Welles
announced
of
on
Money
1%. 1
was
largely
throughout the country despite the Government's
action,"
against 1 1-32%@1 1-16%
as
July 23,
are
Bolivia announced last Saturday
subversive scheme, directed by the
Legation
Nazi-Bolivian
a
Friday
quite convenient, in these days, to attribute
untoward event to German machinations, and
it may
bills,
Friday of last week.
an
some
^
which
as
one,
despite obvious sympathy almost everywhere for
,
three months'
America, it is not
supposed that the problem is
Great Britain.
were
Friday of last week, and 1 1-32@1 1-16% for
on
about to succeed, last week, and
fighting therefore is
rather serious.
As
previous occasions, each side accused the other
starting the shooting.
'HERE have been
no
changes during the week in
the discount rates of any of the
foreign central
banks.
Present rates at the
leading centers are
shown in the table which follows:
at
this
a
again merely carried
months.
turned
in
small
sold
$100,000,000
discount
were
at
on
volume.
Monday
bills
0.098%
Stock
90
The
due
Treasury in
further
a
in
average,
annual bank discount basis.
lTork
were
from previous weeks and
Bankers' bills and commercial paper were
over
Washington
awards
on
91
issue
days,
computed
Call loans
on
of
and
on
an
the New
Exchange held to 1% for all transac¬
tions, while time loans again
Discount Rates of Foreign Central Banks
T
MONEY market business in Newand rates
York remained
minimum
week,
were
l1/4% for 60 and
days, and 1%% for four to six months' datings. :
New York Money Rates
DEALING in detailfrom day toloan rates
with call day, 1%
Stock Exchange
on the
the
was
ruling quotation all through the week for both
new
Volume
loans
The Commercial &
153
and
up
The market for time
renewals.
continues quiet.
The market for prime
months'
commercial
been available in good volume and the
Ruling rates
demand has
y%@%% f°r all ma~
are
:■(,.)v. *
turities.
paper
Prime paper has
has continued active this week.
been good.
money-
Eates continued nominal at 1%%
90 days and 1 %% for four to six
to
maturities.
Financial Chronicle
tracted for in this
to the RFC and
Collateral for the loan
Bank
is
reported
United States
Stock
include
to
States
on
the New York
such
of
$115,000,000
States
United
insurance
estimated net worth of around
an
Investments here above
policy
companies
$180,000,000.
by insurance
reserves
companies not incorporated in this country, largely
in cash and United
States Government
Dealers'
estimated at about
are
and including 90
Bank of New York for bills up to
unlisted
securities, and capital stock of 41
very
has been insufficient to meet the demand.
rates as reported by the Federal Reserve
$205,000,000
about
corporations listed
Exchange,
British-owned
with
paper
pledged
deposited with the Federal Reserve
present market value of British-owned securities of
United
THE market forquiet this week. acceptances con¬
prime bankers' The supply of
tinued
country prior to the passage of
the Lend-Lease Act.
.
Bankers' Acceptances
443
obligations,
The earnings
$200,000,600.
on
days
%% bid and 7-16% asked; for bills running
are
months, 9-16% bid and %% asked; for five
for four
The bill
of the New York Reserve Bank is %%
months, %% bid and 9-16% asked.
and six
buying rate
for bills
running from 1 to 90 days.
these investments and the interest and dividends
on
the
Banks
recent advances on
in
cipal.
The 15-year loan is subject to extension for
additional
schedule of rates
of paper
now
The following is the
at the different Reserve
banks:
Dale
Previous
Established
IX
July 25
1
Sept.
IX
Boston
Sept.
New York
Philadelphia
-
May
IX
Cleveland..
IX
Aug.
*IX
Aug.
Chicago
*1X
Aug.
St. Louis...——
*1X
Sept.
RichmondAtlanta
-
........
*IX
..........
...
San Francisco
♦
Aug.
IX
Minneapolis
Kansas City.
Dallas
Sept.
*1X
Aug.
Sept.
IX
-
ix
.
2
4,1937
11. 1935
27, 1937
21, 1937
21. 1937
2, 1937
24, 1937
3, 1937
31, 1937
3, 1937
Chicago: Sept. 16.
2
2
2
2
2
2
British
2
Exchange
give effect to the £106,000,000 RFC loan
agreement.
The value of food
since
Britain
about
March
in
limited
volume and the pound
closely approxi¬
lantic
already been shipped.
has been
bills,
compared with a range of between $4.03 and $4.03%
last week.
The range for cable transfers has been
between $4.03% and $4.04, compared with a range
The range
for three sterling this week
$4.03% and $4.03% for bankers' sight
of between
quoted by the Bank of England con¬
unchanged:
tinue
New
York,
4.02%
@
4.03%;
(Canadian official, 90.09c@
90.91c per United States dollar); Australia, 3.2150
@3.2280; New Zealand, 3.2280@3.2442.
American
Canada,
4.43—4.47
commercial bank rates for official
at 4.02
sterling continue
amount to about
have
been
honored
London, exchange is not quoted on
countries of Continental Europe due to
tive order issued
the Execu¬
by President Roosevelt on J line 14,
suspending trading in the German and
Italian cur¬
rencies, and requiring general licenses to
transactions in the currencies of
complete
Finland, Portugal,
Spain, Sweden, Switzerland, and Russia.
Authorization of a 15-vear 3% loan of $425,000,000 to Great Britain was
struction
announced by the Recon¬
Finance Corporation on
vide dollar exchange
$100,000,000
a
July 22, to pro¬
required at the rate of about
month to pay for war materials con¬
war
With improved At¬
$500,000. British food requisi¬
under the lend-lease
by
program
the
of $50,000,000
Department
of Agri¬
'
of non-essential industries due to
effort has affected small retailers far more
seriously than the small manufacturers.
closed
the
within
war
1940
as
two
months
and another
20,000
non-essential.
It is con¬
after
were
England entered
forced out early in
Though many plants produc¬
ing non-essentials have been closed where they could
not be converted to defense use or
where production
export has been concentrated in a few factories,
the
owners
of the closed plants must be
compensated
factories are
guaranteed the right to re¬
by the active companies, and the idle
being maintained and are
open
after the war.
An Order in Council issued on
defense
July 18 under the
regulations authorizes the Government to
personnel and to acquire ownership of
control the
buying and 4.04 selling.
Germany,
Italy, or any of the invaded European countries. In
New York, exchange is not quoted on any of the
In
Great
for
$4.03% and $4.04 a week ago.
Official rates
to
estimated at
daily food shipments
shipping conditions,
tions
the
delivery
for
is officially
servatively estimated that 20,000 small businesses
mates the official rates.
between
15
$100,000,000, of which probably more than
half has
now
bought by the Federal Surplus
Administration
Marketing
The elimination
under strict
British owners of United
place them at the disposal of the
Treasury under the Financial Powers Bill,
culture.
THE market for sterling control. Trading is
Government exchange continues
read in the House of Commons
were
requiring
States securities to
2
obligations bear a rate of 1%,
Course of Sterling
July 23,
2
effective Sept. 1, 1939.
1939, Atlanta, Kansas City and Dallas; Sept. 21. 1939. St. Louis
Advances on Government
Regulations
on
On the basis of
the past five years, the
within the 15-year period.
over
loan could be amortized
Rale
1, 1939
Aug. 27. 1937
Rale in Effect
if two-thirds of the prin¬
years
yearly earnings
in order to
RESERVE BANKS
DISCOUNT RATES OF FEDERAL
Federal Reserve Banks
classes
in effect for the various
five
cipal has been repaid at maturity.
Government obligations are shown
the footnote to the table.
for the past five years,
applied in payment of the interest and prin¬
average
THERE have rates of the Federal Reserve banks;
rediscount been no changes this week in the
a year
will be
an
Discount Rates of the Federal Reserve
pledged collateral, which have together aver¬
aged about $36,000,000
any concern
evading full cooperation with the au¬
thorities.
The London
to
Russia
commodity trade expects British aid
to. consist
chiefly of finished war ma¬
limited
possible wheat and
chines, highly concentrated chemicals, and
amounts of tin and
other food
man
from
rubber, with
shipments in the event of continued Ger¬
British timber needs cannot be met
advance.
Russian
sources,
it is thought, because ship¬
ping tonnage is not available, but chromium urgently
needed
by the United States could be obtained from
large Russian deposits in the Urals. Freight space
for the chromium and for some manganese ore could
be
provided
on
the trans-Siberian route on trains
-
The Commercial &
444
Financial Chronicle
July 26, 1941
returning from hauling United States war supplies
'
1
council, P.O. 7440, strikes are illegal until a conciliation board has issued its report on the dispute
aggregating 55% since the begin-
Wages are based on the maximum paid
during the period from 1926 to Dec. 16,1940, and are
supplemented by a separate cost-of-living bonus,
usually of $1.25 per week for each rise of 5% in the
for Russia.
Price advances
ning of the war, with 60% recorded in food prices
53% in industrial materials, were reported on
and
July 20 by the British Board of Trade, which placed
the June index for wholesale commodity prices,
based
June, 1930 .as 100, at 152.4 compared with
on
151.3 in
May, and 134.4 in June, 1940.
The index
August, 1939, just before the war.
stood at 98.1 in
The "Economist" index of
1927
on
104.8 two weeks
earlier, 97.9
and 70.3
a year ago,
August, 1939.
July 21 by John T. Madden, director of
on
of Statistics for the Dominion as a whole, with
three-month intervals between each index determination. If the cost of living index declines 5% in
the three-month interval, the bonus is decreased.
the Instiute of International Finance of New York
follow
taken from the weekly statement of the
are
the week ended July 16, 1941.
imports and
gold
exports,
■\''1
july
■-':jr-
University, Dean Madden notes that from 80% to
absence of definite
an
of
months
price control policy after 19
without centralization of control
war,
machinery and with prices regulated by several ap¬
Vol¬
parently uncoordinated Government agencies.
employers
between
cooperation
untary
ployees
The
em¬
with reference either to
price of
a
cost of
particular commodity,
a
em¬
collective bargaining,
by
determined
are
living index, the
the employer's
or
profits.
The
for
deficit
for the
the year
mated
at
for
the
than
than
March
It
the
peace
placed
times
year
of
1936-7,
1936-7.
of
reported
was
on
July 21 that
of
secretary
an
Portugal
United Kingdom
the next year,
the House of
soon
negotiations
Representatives
with internal
war
by
New Zealand......
the week ended July 16
two-months
1
war
in
1/32%,
£31,000,-
market continues easy.
lows:
bills,
11/32%,
four-months
are
Call
as
fol¬
three-months
bills,
1
1/32%
to
1/16%, and six-months bills, 1 3/32%.
The Canadian dollar is
industrial
reflected
a
Bank of Nova
age as
rise in
the
industrial
Scotia, based
on
100, to 132, 16% above
by
index
of
the 1925-1929
a year ago
delay in publication of the index
a
Canadian
high level in May,
a new
above the immediate pre-war level.
to
a new
the
aver-
and 32%
The three-month
was
said to be due
delay in official employment figures, which
Under
are
procedure collected with earnings data.
Canadian
stabilization
labor
procedure,
Saturday last was $4.031/4%$4.03% for bankers'
sightand ?4.03%@$4.04 for cable transfers.
On
Monday the range was $4.03%@$4.03% for bankers'
set
mediation
forth
in
On
$4.03%@$4.O3% and
gight and $4.03y2@4.04 for cable transfers.
bankers' sight
cable
transfers
was
$4.03%@$4.04.
were
On Wednes-
day bankers' sight was $4.03'1/4*@$4.03% and cable
transfers
$4.03%@$4.04.
were
range was
On Thursday the
@$4.03% for bankers' sight and
$4.03
$4.O3%@$4.04 for cable transfers.
range was
On Friday the
$4.03%@$4.03% for bankers' sight and
$4.03%@$4.04 for cable transfers.
tions
Friday
on
$4.03%
were
$4.04 for cable transfers.
finished at
Closing quota¬
for demand
and
Commercial sight bills
$4.00; 60- and 90-day bills
are no
longer
/
Continental and Other Foreign Exchange
PEDERAL Loan Administrator StatesJonesoffered
Jesse has stated
July 22 that the United
on
to
purchase from Russia strategic materials, espe¬
sian
manganese ore,
to offset Rus¬
purchases of machine tools and
The amount of available
quantities
be
from
of Vladivostok.
States
From
bought 40% of its
requirements, about 200,000,000
manganese
pounds, from Russia.
sential
way
1940 the United
tainable
supplies.
acquired, since the supplies will have
so
transported by
annual
war
shipping will determine the
Other strategic materials ob¬
Russia
are
platinum,
oils, drugs, and flax.
It
was
iridium,
es¬
learned that
Russia
relatively firm.
activity reached
in
during
by $15,037,608 to $1,<933,277,999.
Referring to day-to-day rates, sterling exchange
on
1933 to
Bill rates
34,353
—
Chiefly $201,066 Canada, $128,331 Nicaragua, $102,113 Peru, $115,483
Saudi Arabia, $818,194 Philippine Islands.
£13,000,000.
is available at %%.
—
—
*
to
money
bills,
the
on
July 19.
on
4,924,944
...
loan from Great Britain,
a
loans of
The London money
6,419,677
Canada....
cially chromium and
according to the budget presented to
000 will be financed
$350
32,469
Australian
disposal of Australian surpluses.
spend £70,000,000
$9,296
quoted.
problems, including tariff, shipping,
New Zealand will
1
or
Between
the Customs Department, will
economic
8,114
—
Australia
by E. McCarthy, assistant
leave for the United States to conduct
and
and
£7,797,000,000 to £11,394,000,000.
economic mission headed
on
1942
times
£4,206,900,000,
at
those
31,
2%
or
year.
31, 1937 and March 31, 1941, the public debt
from
rose
March
£1,786,400,000
are
five
ended
year
at
in
expenditures
more
£2,475,300,000
to
ended March 31, 1941, and is esti-
estimated
larger
ended March 31,
year
rose
£2,421,000,000 for the 1941-2 fiscal
Revenues
are
fiscal
£767,600,000,
was
$1,182
$13,283,741
Tuesday
^
1940
Exports
■
Gold held under earmark at the Federal Reserve banks increased
and
of about 3,000,000
wages
'■
Detail of Refined Bullion and Coin Imports
ployees continues the basic policy in employer-em¬
ployee relations.
v
11,411,793
._
Total
Despite the grant of far-reach¬
ing power to control prices and production, he finds
inclusive
16,
Imports
*$1,871,948
Refined bullion and coin
90% of Great Britain's imports are for the account
to
io
■
Ore and base bullion
of the Government.
,
The amounts of gold imports and exports which
United States Department of Commerce and cover
study "Some Aspects of British Economy,"
a
issued
cost of living index prepared by the Dominion Bureau
100, stood at 105.2 on July 8, against
as
at the end of
In
commodity prices, based
in question.
and
an
wage
order-in-
is
stantial
quantities of machine tools and other metal
negotiating
for
the
purchase
of
sub¬
working machinery and that shipment has begun of
some
$10,000,000 worth of machinery for which
port licenses
Russian
hides
are
sources
were
war
of
requirements
tin,
rubber,
large and must be sought from the
which
ex-
recently obtained,
supply the United States.
United States tin requirements
are
and
same
The 1941
placed at around
171,000 tons of the total world tin production of
210,000 to 220,000 tons.
suming 30,000 tons
a
As Great Britain is
year,
con-
only 10,000 to 20,000
Volume
be left
would
tons
The Commercial &
153
to
meet the
even
sumer
of tin.
needs of Russia,
is the third largest con-
in time of peace
which
Trade sources place
probable Russian
rubber at 100,000 tons
a year, which might necessitate a 14% cut in American annual consumption, estimated at 700,000 tons,
war
import requirements of
stockpile desired. SimiUkraine, source of 12% of
Russian hides, has already brought Russian buying
into competition with the United States and
GreaJ
Britain, which are taking 5,000 000 and 2,000 000
Argentine hides, virtually the total annual exportapart from the 400,000 ton
larly, the threat to the
a
e
supp y.
It
,
A special tax of 10% to 50% on excess profits
from the sale of securities was reported from Rome
on July 19, to divert investment into Government
bonds. Fear of inflation in Italy is understood to
have caused large-scale conversion of funds into
securities and real estate before the imposition of the
profits tax. The death penalty was imposed for
hoarding resulting in increased prices or depletion
of supplies.
j-,XCHANGE on the Latin American
^
&
^
^ Qf
reported that almost 200,000 applications
been filed with the Treasury Department for
14 Executive order
requiring such licenses for transactions with European countries or their nationals.
Assets in this
country of 29 countries and their nationals, valued
at approximately $6,000,000,000, are now reported
to be under freezing control.
Applications to export
export licenses under the June
wag
handled directly by the
amendments are now
New York office of the
Export Control
Administra-
effective July 21. Techni-
tion, at 500 Fifth Avenue,
patent applications and amendbe sent to Washington, as before.
cal data other than
ments must
of Economic
has declined
sharply, due to the necessity of keeping armament
production and manpower of the armed forces at
full strength.
Drafting of some 3,000,000 foreign
According to the British Ministry
Warfare, German industrial production
workers
into German
shortages in
industries has caused labor ;
the occupied countries.
Residential
building output in Germany is only % of pre-war
level and serious declines in textile and clothing
concessions of overtime
employment of women.
production are reflected in
payments and increasing
Production Manage-
Economists of the Office of
United States is now turning
state that the
ment
of military equipment
every month and by the spring will greatly exceed
German output of airplanes and tanks.
out
?1,000,000,000
A commercial
many
laxes
worth
Gerapparently re-
agreement concluded between
and Switzerland on July 19
somewhat the war restrictions
on
Swiss trade,
certain goods, includelectrical machinery. German-Swiss clearing arrangements continue With respect to Belgium, the Netherlands, and
Norway, and are extended to cover Alsace-Lorraine,
Luxemburg, and German territory in Yugoslavia,
Germany has agreed to deliver coal and iron, sugar,
seeds, potatoes, alcohol and poultry feed, and to
facilitating Swiss exports of
ing fine watch movements and some
imports
facilitate
Swiss
Balkans.
Switzerland
and
"a
certain
of motor fuel
will
deliver
from the
cattle,
quantity" of milk products.
fruits,
The
made no mention of delivery
manufactures to the Reich, and failed to
official communique,
of Swiss
dispose of reports that Germany wras
seeking credits
purchase of Swiss goods and using large numof skilled Swiss workmen in German factories,
for the
bers
Foreign securities on the Vichy
strong recovery in June,
May, 1940.
stood at 564, against
The monthly average for 1949 to
May 31 was 363, against 346 in
The
1939 and 411 in 1938.
83.1 in 1940, 83.9 in
monthly bond average was
1939, and 77.3 in 1938.
exchange made a
when the stock index, com-
pared with the 1913 level as 109
292 in
^ ^
attributed
in
countries
features. The proclamation
Qu
of
July 19> following at.
pro-Nazi elements,
Washington official circles to
shipments to.
Britain. The Bolivian
^ oubplld jas^. year 0f 27,000 tons was exceeded only
by British Malayan production of 55,000 tons, and
Netherlands Indies production of 31,000 tons,
A committee has been established in Washington
-^az-
eff0ldg
disrupt Bolivian tin
the United gtateg and Great
materials and preLatin American
power plants, railroads, and industries in operation.
The committee is under the direction of Brig.Qgn# Bllssep p,. Maxwell, the Administrator of Exp0rj- Control. The normal needs of these countries
take only about 3% of United stateg production.
The committee's chief function will be to find both
the needed glipplieg and the ships to carry them,
Urgent Latin American needs are for coal, iron and
gteel productg prefabricated goods, trucks, farm impigments, and construction materials,
Before the war 69% of Germany's export trade
wag
Europe, largely with the Nations she has
g|nce attacked, according to figures recently cited
ftt
meeting of American exporters. Only 4% of
ber foreign sales were made to the United States,
Latin America, like Germany, depends on foreign
to
expedite the export of raw
fabricated
and
no ^
tempted subversive activities by
is
have
445
Financial Chronicle
trade#
products essential to keep
While the United States exports
10yo of itg total production,
only 7% to
Argentina exports 33%,
Chile 41%. The manufactures
needed by the southern republics can normally be
supplied by both Europe and the United States, but
Brazil 34%,
and
the United States cannot absorb
Latin American
material surpluses, which largely parallel its
own.
United States efforts through loans and in-
raw
creased imports to offset the economic injury caused
by Latin American war loss of European markets
are believed to have established a trend toward a
trade balance in favor of the southern republics and
consequently toward decreasing dependence on Eumarkets.
Economic measures to curb Axis penetration of
Latin America are strengthened by the recent publication of the official United States blacklist of
1809 individuals and companies in Latin America
with known Axis connections, and the simultaneous
blocking of their assets here, under the terms of the
June 14 Executive order freezing Continental European
ropean assets. In order to avoid interference with
legitimate inter-American trade, the Treasury Department at once issued a general license (No. 53)
permitting trade and incidental financial transactions with European nationals in Latin America
whose names are not included in the blacklist. The
trade blacklist will be extended to Axis-affiliated
individuals and firms in countries outside the WestHemisphere, according to a statement on July 18
by Assistant Secretary of State Dean Acheson. Such
ern
The Commercial & Financial Chronicle
446
an
extension
is expected
tained under the world
American
investments
but will
said,
ordered
will not injure
program
be based
to
data ob¬
on
inventory of foreign-owned
The
American-financed
Axis
propaganda and trade ties in the countries affected.
The
Argentine
unofficial
•
at
23.85, against 23.85."
ficial peso
closed at
is pegged at 29.78.
market
peso
The Argentine of¬
The Brazilian milreis
5.15, against 5.15.
Chilean exchange is
nominally quoted at 5.17, against 5.17.
The Chilean
export peso is nominally quoted at 4.00.
nominal at
15.75, against 15.75.
Pursuant to
the
at the market value current as of the statement date, instead of the statutory price
which was formerly the basis of valueOn the market price basis (168s. per fine
ounce)
the Bank
reported holdings of £1,909,091, equivalent, however, to only
£965,427 at the statutory rate (84s. 11 Md. per fine ounce), according to our
In order to make the current figure comparable with former periods
well as with the figures for other countries in the tabulation, we show English
calculations.
Peru is
holdings in the above in statutory pounds.
Gold holdings of the Bank of Germany as reported in
z
"deposits held abroad"
reflected in declines in
prices of Japanese bonds.
trading volume
Threat of
bargo against Japanese imports caused
in
vance
halted
silk
raw
United
the
freeze
the
would be
was
York
of
have
to March
7,1940, there
the
Japanese
unoffically agreed to
States, in view of the
air
and
French Indo-China and in view of
military action in Siberia.
considered
likely
chases, which
naval
con¬
agree¬
bases
in
possible Japanese
The economic
include cessation of
measures
gold
pur¬
Japan aggregate credits here of
gave
nearly $459,000,000
in
1938,
1939,
and 1940, the
freezing of Japanese assets in this country, and com¬
plete import and export embargoes which would
deprive Japan of one-third of its essential
London
financiers
are
of
the
trade.
opinion that in
re¬
prisal for
a Japanese move against French IndoChina, Japanese assets would be frozen by the Brit¬
ish and United States Governments.
such action
would be to
place
a
The effect of
total embargo on
Japanese trade with both countries.
Closing quotations for
yen
checks
during the
increase
on
Friday
were
on Friday of last week.
Hong¬
kong closed at 24%, against 24 11/16; Shanghai
at 5.45, against
5.50; Manila at 49.85, against 49.85;
Singapore at 47%, against 47%; Bombay at 30.31,
against 30.31; and Calcutta at 30.31, against 30.31.
British statutory rate, 84s.
ll%d.
in the
principal European banks
dates of most recent
per
as
fine ounce)
of
respective
statements, reported to us by
special cable yesterday (Friday); comparisons are
shown for the
corresponding dates in the previous
four years:
Banks of—
England
1939
1938
1937
£
£
£
£
*965,427
242,451,946
France y
Germany
Spain
3,882,500
63,667,000
x_
Italy
16,602,000
97,714,000
132,857,000
Netherlands
Nat. Belg._
Switzerland.
84,758,000
132,857,000
6,505,000
86,730,000
41,994,000
6,505,000
6,667,000
41,994,000
.
*635,907
242,451,946
3,867,600
63,667,000
17,440,000
97,714,000
6,667,000
Sweden
Denmark
1940
£
.
Norway
Total week.
698,063,873
700,529,453
Prev. week.
698,106.568
700,094,779
r
'3
\
*141,331,648
311,709,184
3,845,600
63,667,000
23,400,000
94,083,000
94,400,000
98,474,000
34,222,000
327,481,567
293,728,209
2,524,000
63,667,000
25.232,000
6,555,000
6,666,000
6,539,000
7,442,000
123,394,000
83,505,000
111,440,000
29,218,000
327,516,168
296,118,527
2,485,750
87,323,000
25,232,000
104,823,000
105,172,000
83,398,000
25,864,000
6,549,000
6,602,000
878,353,432 1,074,170,776 1,070,084,045
879.752.390 1,072,803,979 1,070,747,659
product
trucks,
the
over
The
past,
going
no
which contributes
the
country's
purchasing
much to the national
so
comfort
and
people of the United States.
of the year
1940
number
automotive
of
at their
are
other manufacturing business
nearly
the
to
or
for
in the
ever
man-hour and in the aggre¬
per
swell
to
capacity, there is
income
public demand
throughout the industry
wages
highest both in rates
500,000
some
presently greater than
effective
an
previous
approximately
was
such vehicles is
happiness of
the
Even at the beginning
than two-thirds of the whole
more
vehicles
in
the
world
were
registered in the United States where, within the
continental
for every
area
alone, there
four inhabitants
was
such vehicle
one
against
as
one
for every
140 inhabitants in all the rest of the world.
War, threatened
now
lift
their
beneficent
fare
war,
hands
this
own
and
war¬
come
what may
devastating authority must be admitted and
-
The
Office
of
Production
first established in the field of
tive
war
Not only that, bureaucracy
joins in the attack and cries that
its
splendid
potential destructiveness of
be exalted.
may
and preparations for
against
industry and decree that it shall suffer
in order that the
Management,
coordinating produc¬
capacity in the interest of maximum production
of defense
equipment,
time ago suggested a
some
reduction to four-fifths of the
current
output and
conformity with this suggestion had been generally
accepted by automobile producers as reasonably
the
the
requirements
a
young
of
patriotic
submission.
and vigorous rival within
Government, and both those agencies
authority
materials and prices.
over
now
claim
It is inevit¬
able, and typical of the "planned economy" of the
Deal, that these competitive and conflicting
New
authorities
tend
towards
confusion
and
excess.
The OPM declares for curtailment to
four-fifths of
former
lute
1941
and
cars
40%
$3,200,000,000.
But the OPM has
THE following table indicates the amounts of gold
bullion (converted into
pounds sterling at the
passenger
substantially
The value of the
within
European Banks
of
which began
year,
of 1940 and is just about ending,
summer
and employed, in round numbers,
obeyed.
23.60, against 23.60
Gold Bullion in
For detat's
industry of the United States has
5,310,000 vehicles,
gate
believed to be under
of
equivalent to the statutory pound.
were
produced during the 1941-model
men.
Yichy Government "in principle" to
occupation
about 296 francs per pound, and as recently as Septem¬
The automobile
year,
readily available to silk traders.
sideration in the United
were
ber, 1936, as few as 125 francs
Among silk
Japanese nationals if Japan
are
1939 and since Include
foreign currencies."
of changes, see footnote to this table in issue of July 20, 1940.
market, but
Indo-China, but that special licenses
Economic sanctions
of
an em¬
sharp ad¬
a
expressed that Great Britain
States
funds
the
enters French
ment
New
buying in finished products.
traders the view
and
in
In
Guns, Not Automobiles
out
and in
"reserves
The Mexican peso
EXCHANGE onfeature. Eastern countries isin the
with¬
special the Far Mounting tension
was
and
The Bank of France gold holdings have been revalued several times in recent
years: on basis of latest valuation (23.34 mg. gold 0.9 fine equals one franc), insti¬
tuted March 7, 1940, there are per British statutory pound about 349 francs; prior
y
nominally quoted at 20.70, against 20.70.
Far East
Currency and Bank Notes Act, 1939, the Bank of England
1939, and since have carried the gold holdings of the Bank
statements for March 1,
as
closed
is
are as of April 30, 1938, and March 20, 1940, respectively.
The last report from
was received June 7; Switzerland. Oct. 25; Belgium. May 24; Netherlands,
May 17; Sweden, May 24; Denmark, March 29; Norway, March 1 (all as of 1940)
and Germany, as of July 11, 1941.
about
free
or
Europe has made it impossible to obtain up-to-date reports
from many of the countries shown in this tabulation.
Even before the present
war, regular reports were not obtainable from Spain and Italy, figures for which
France
14.
"overall" commerce, he
our
eliminate
June
on
July 26, 1941
Nou—The war In
production, with intimations that the abso¬
is tentative and may have to be
restriction
modified; the Office of Price Administration
Civilian
it
would
Supply, headed by the
be
Henderson,
own
kind
comes
say
the
more
bolder,
resilient, Leon
light-heartedly forward with its
determination and order that production
be diminished
It is
and
to
a
and
younger and
shall
fully one-half.
pretty little conflict among the planners
bureaucrats, especially to those
with the automobile
industry,
as
not connected
employees,
as pur-
Volume
The Commercial
153
of necessities and other supplies to its em¬
veyors
ployees,
producers of the raw materials and
utilizes, as dealers
as
manufactured articles which it
in
that it
vehicles
the
places
upon
the country's
which it
employs. It is an amusing little struggle conducted
in the sight of all who have eyes to see, exhibiting
markets, or as contributors to the capital
planlessness of pretentious official plan¬
real
the
ning, but unfortunately it carries not only to a
of
series
certainly
and
endless
almost
an
great
industry but to all American industry,
and essential
tial difficulties.
immeasurable
and poten¬
of this internecine
dislocations
unpredictable
Regardless
even
447
& Financial Chronicle
dropped by the Michigan factories alone.
see
can
any
this labor in the
all
No one
early absorption of
munitions industries, nor is it at
immediate
or very
likely that such absorption could
soon
occur
dis¬
So serious is
the prospective situation that Governor Van Wagonner
of Michigan, and the heads of the interested
labor organizations, have protested vigorously to
Washington, while President Roosevelt has vainly
attempted to explain that the inevitable unemploy¬
enough to prevent severe suffering among the
placed employees and their families.
ment is
really inconsequential.
Even
difficult will prove to
more
be the adjust¬
affecting the retail distributors of new and
rivalry of ambitions and zealous Federal agencies,
the condition of official confusion is almost in¬
ments
credible.
proportions and is said to include some 40,000 local
told
wrhat it has already been
OPM knows
The
produced but, as has occurred two or three
fortnight, it is liable at any
must be
times within the last
time
advised that
be
to
be made,
must
ditions
and indefinite
as
ad¬
to the enormous
supplies already in process
of materials and
masses
huge
while
production, or upon order, there is no adequate
schedule indicating the dates or the relative dates
or
particular items will really be required.
which
at
compelled the heads of the
If the White House had
Navy Departments to work out, with all
War and
military
possible aid from the expert officers of the
services, comprehensive schedules of ulti¬
and naval
requirements, with reasonable approximations
mate
quantities and dates of actual demand, the
of
elab¬
systematized program would have been
oration of
a
possible.
But it is precisely that quality of plan¬
ning that has been the preachment
and
dealers with at least 10 times that
number of em¬
ployees, very many of the latter working upon
salaries,
or
to the number of cars which
being proportioned
With only
they are able to dispose of to purchasers.
half the current
tribution it is
small
salaries at all, their real earnings
no
supply hereafter available for dis¬
probable that
considerable fraction
a
the dealers would be forced out of business
that the diminution in the number of employees
among
and
would amount to half or more of the total.
Here,
estab¬
lished employment of about 200,ObO individuals,
very few of whom are qualified for mechanical em¬
ployment or otherwise readily adaptable to profit¬
then, would be a sudden exclusion from their
able
utilization in other available lines of gainful
activity.
The
automobile
industry,
as
conducted in this
country, is the most spectacular of all
the mass-
and conspicuously
continuously absent at all times from its prac¬
In consequence every officer of Government
production industries and, in its present develop¬
that deficiencies in
heavy and unavoidable overhead charges are so ex¬
from the beginning
authority
tice.
of the highest
The trade lias developed to large
used automobiles.
believe
to
seems
and
asserts
materials which have not yet
abundant
actually ceased to be
inevitable, but these allegedly pros¬
are
pective shortages are still only paper shortages, and
no
one ventures to
declare either when they will
be realized
how extensive and serious they will
or
ment, is geared to an annual output of around five
million vehicles.
With that rate of production its
tensively distributed that the average cost of pro¬
has become
duction for each marketable automobile
instrumentalities
travel among
become.
When
Henderson
Leon
proclaims that the auto¬
Hence the vast success of the indus¬
amazingly low.
try as a whole and the
for
splendid distribution of these
vocational
avocational
and
the fortunate people of this country.
With enforced curtailment of
production the princi¬
mass-production will
mobile
pal source of the economies of
the
proportionately destroyed while few if any of the
overhead costs can be very much diminished.
This
output must be reduced to less than half
rate of the current demand for automotive
vehicles he contends that his demand is warranted
by these still indefinite and unmeasured
and he makes
shortages
effort to predict when or for what
the diverted materials will be needed for
purposes
defense
the
no
purposes
which
he regards as
para¬
Much less has he considered it incumbent
mount.
upon
his bureau to plan for the absorption in de¬
fense
industry
be
or
elsewhere of the labor that will
deprived of its earning capacity when the auto¬
mobile
alternative
employment upon
unlesJ it
find
defense production or
factory forces are reduced,
can
be
spells heavy increased cost per vehicle produced and
marketed and either corresponding advances in the
prices to consumers or, if these are
that will
shock
of dractically
It is easy to
affecting the supply industries, the
road-
hazards and
accidents,
and public taxation, that
ought to receive consideration but that need
to be
curtailed automobile
pro¬
suggest shifting of men and
only
suggested in this place.
Upon the whole this initial intrusion,
Labor, beyond any doubt, will be the first to feel
duction.
an
distribution and re-distribution of used cars,
elsewhere in industry.
the
not
consequences
prevented or
ensuing profitless production
long be continued.
There are other
unduly limited,
in the name
of
public defense, upon the fundamental direction
of
a
been
principal industry appears basically to have
taken without adequate consideration, with
productive facilities from vehicles to munitions, but
only the most nebulous comprehension of the con¬
it is
ditions alleged
simply impossible that such shifting should be
either instantaneous or
estimates
throw
to
are
155,000
that
men
even
complete.
a
Indeed, the best
20% curtailment would
out of work, and that if a cut
50% output were made at the beginning of next
montli the number of workers dismissed would be
280,000, while of these victims
175,000 would be
in its justification, with a most im¬
perfect understanding of inevitable consequences,
and in furtherance of a deplorable anxiety on the
part of one agency of Government to outstrip
other agencies of Government in drastic
of its claimed
that would
all
application
authority to great private enterprises
normally remain quite beyond the con-
448 ]
tracts
Commercial & Financial Chronicle
The
cognizance of the little men attempting to
or
exercise
Moreover,
temporary exaggerated powers.
it is
a
tive
democracy, this extreme exercise of power that
most remarkable fact
is but
been
that, in this representa-
doubtfully existent in any legal
attempted without
a
line
sense,
has
word of specific
or
were
July 26, 1941
encouraged to continued improvement in
accrue
eventually from their equity holdings.
companies, and their
operations
officials with little
sustained
enterprises under their direction.
by
remodelled Supreme
a
Court,
require the previous condemnation of all the
definitions of the conditions under which such dele-
gations
may
decision
be sustained, including the unanimous
setting aside the National Industrial BeAct,
covery
Chief
which
in
Justice
Stone
par-
ticipated.
When the American
resume
its
recover
the
Congress has the
abdicated
courage to
independence which since 1933 it has
surrendered, it may not be too late to deal compre-
hensively and in statesmanlike
imperative problems
defense
with such
manner
that of the organization of
as
production in such fashion
to inflict the
as
least
were
entrusted
or no
generally
salaried
to
financial interest in the
And since the
profit possibilities, once inherent in operating
pany
equities, had been transferred to the
corn-
common
shares of holding companies, while all important
transactions
were consummated at
holding company
headquarters, a job in the palace, with its implied
opportunity to enjoy some of the frosting, became
the goal of most operating subsidiary executives,
when it chooses to
powers,
had retired
owner-managers
moved up to holding company headquarters, local
or
statutory authority under claims of a delegation of
even
But
after control of these systems had passed to holding
legislative discretion that, if it could be judicially
would
serv-
ice and public regard by the rewards which would
But all that is changed today.
of
death
near-term
for
With the prospect
holding
companies,
or
a
starved existence at best, many holding company
executives are now casting envious eyes at operating subsidiary jobs, and a few have already planted
themselves atop operating official heaps.
For while
possible injury to labor and industry. A year's
experimentation has demonstrated that the present
the properties may not be of the
magnitude to which they have been accustomed, half
voluntary subordination of Congress and supremacy
a loaf in periods of uncertainty may be more
attractive than no loaf at all.
This return of prodigal sons to the hinterlands
of
executive
the
department, leads only to impotence, confusion and delay. If America must prefer
automobiles,
to
guns
it
should
least
at
the guns.
obtain
the "pickings"
on
has not, however, assumed the proportions of
exodus, due in large
•
measure
an
to the unwillingness
•
of
Life After Death
the
By Ernest r. Abrams
Ever since the Public
.■■■»
Act became law in
Utility Holding Company
August, 1935, and particularly
since its "death sentence"
tive
in
January, 1938,
existed
and
kind
the
over
utilities
gas
a
will
provisions became effec-
diversity of opinion has
of
life
lead
operating
once
their
holding companies have been executed.
public
power
as
one
electric
parental
New Deal
advocates* in high places and low, have
been unanimous in
in which
operating subsidiary officials to step aside.
whatever the
painting that "life after death"
utility lambs and New Deal lions
measure
of
For
autonomy granted them in
past, these operating company executives have
at least been the big frogs in their
And even though they
knee
on
puddles.
palace visits and submit to dictation from
palace favorites, they still
with
own
have had to bend the
may
ran
their
own
operations
public show of authority.
It is only
natural, then, that they should oppose the attempt
of distant bosses, softened by years of power and
some
glory, to assume direct command of local operations,
and establish ceilings for prestige and compensation. Whatever the outcome of this present jockey-
will dwell in
log for position, it is having the immediate
men
of disrupting operating morale, which can hardly be
beneficial to consumers and investors,
harmony, but holding company spokesgenerally have predicted their "orphaned" oper-
ating subsidiaries will be running
gantlet
between
public
a
never-ending
ownership exponents and
regulatory authorities.
Past behavior of
operating utilities would
to have little influence
holding
large
no
company
their future lives.
subsidiaries
have
been
or
maintained
is important in its potential effect
Where
tions, since the existing management will be in
granted
of autonomy in the past, and where
"kept" service organizations have been
to
supplant
operating intelligence, it
severing of holding company
greatly disturb the order of their past
probable that
ties will not
a
operations. But where subsidiary company officials
have been reduced to the status of hired
hands, and
even
insignificant
operating problems
have
been
master-minded from
the elimination of
holding company headquarters,
holding company control is likely
to necessitate the exercise of talents
or
the engagement of
part-time skills.
long dormant,
Management,
then, in all of its aspects, is
one of the phases of
utility operation which may be profoundly affected by the execution of holding com-
electric and gas
panies.
important operating utilities throughout the
country were managed by their
principal owners, or at least by those with a sub-
enterprise, and these
managers
future opera-
on
far better position to perpetuate itself
a
holding
once
company ties are severed.
So long as control was
holding company, not only was management subject to dismissal at the will of a compara-
vested in
a
tively small
group
of holding company officials, but
powers to initiate or veto operating plans and poli-
cies
wTere
exercised by
men
intimately acquainted
with utility operations and trained
of their problems.
But
once
in the solution
voting
power
is dis-
tributed thinly among investors, with little understanding of technical matters, and ill-equipped to
pass intelligent judgment on operating and engineering problems, discriminating control of management largely ceases to exist. With investors unor-
ganized and primarily concerned with
rupted return
on
trous blunders
an
uninter-
their holdings, existing manage-
ments tend to become fixed for life,
^
In earlier
years many
stantial stake in the
The exact personnel operating a utility at the
time of its release from holding company control
appear
measures
mutual
seems
on
effect
cause
or
until disas-
their downfall,
Another phase of operating utility management
the ability of
operating personnel to cope
with highly specialized problems, once holding comconcerns
Volume
control has been eliminated.
pany
449
The Commercial & Financial Chronicle
153
For many years
for adoption of the Holding Company Act
pressure
its
desire
to
past most holding companies have maintained corps
was
of
assist operating subsidiaries in the
experts to
solution of
design
problems ranging all the
and
construction
of
rates, and while a few have collected annual
proper
retainer
plied
plus compensation for the specific
fees,
services
rendered, most holding companies have sup¬
this
service
cost
at
subsidiaries
their
to
through mutualized service companies.
the
ever
from plant
determination
the
to
way
But what¬
particular arrangement, the cost of vital
services
to
operating
fraud has been
subsidiaries,
where
except
perpetrated, generally has been sub¬
stantially lower than had these services been pur¬
chased
piecemeal from independent experts, or had
individual
operating systems equipped themselves
Once the
relationship between operating systems
holding companies has been broken, however,
either
cost of
the
of
comparable service will be sub¬
to
When operating sub¬
industry.
holding companies were subjected to
unreasonable
regulation in the past, or when politi¬
cally inspired raids
were
made
their service
on
areas
by public ownership enthusiasts or public power
projects,
within
aggregations
the
of talent
and
ability
holding company systems were usually suf¬
ficient, when placed at the command of an attacked
unit, to protect it from serious injury.
that
But
once
unity of opposition was destroyed, through the
destruction of the
holding
company,
and its operat¬
ing subsidiaries established as independent systems,
with
ownership scattered widely among investors,
effective
no
would be
for self-service.
and
sidiaries
opposition
united
prevent
socialization of the
opposition
political
to
"blitzkriegs"
possible.
But the
pending conversion of holding company
subsidiaries
into
operating
independent
promises to affect them in other ways.
systems
Many
oper¬
desirable but not vitally
ating utilities, due to favorable fuel or water sup¬
essential services will be discontinued in the inter¬
plies, have always produced surpluses of power for
ests of economy,
sale
stantially
of
increased
or
both to the probable disadvantage
and
consumers
investors.
serving large geographic
course, are
Operating systems
metropolitan areas, of
or
less likely to suffer than smaller systems.
For many years now
Boston Edison, Commonwealth
Edison, Consolidated Edison, Detroit Edison, Ni¬
Hudson Power, Pacific Gas & Electric, Public
Jersey, and Southern California Edi¬
agara
Service of New
to name but a few, have maintained staffs of
son,
experts who, with the occasional aid of independent
and
problems
engineering
effectively
highly specialized operating
solved
have
experts,
the
as
service
as
economically
organizations of
and
large
But many smaller independent
holding companies.
serving economically
thin areas, have suffered from inefficient operation,
because their managements felt they could not
particularly
systems,
afford
was
maintain
to
and that
too
even
those
adequate staffs of their own,
the occasional
costly.
As
a
use
of part-time skills
result, some of these systems
have been confronted with consumer
with
rates
and
have
demanded
higher
pay
for the use of their
even
if every
be freed from
operating subsidiary about to
holding company control were to em¬
while less favored utilities
holding
same
tiguous
bargaining
been
within transmission range of one
Under these
of them may
one
system often operate in con-
company
areas, or
another.
conditions, particularly when
have been in need of added income,
over power
prices
may
are no
longer affiliated through common
ownership, and each is striving for maximum earn¬
ings, pencils are likely to be sharpened and powersales contracts
operating
rewritten, with subsequent effect on
costs
or
Moreover, through
revenues.
purchases of materials, equipment and sup¬
mass
plies, holding companies have been able to effect
economies for
operating subsidiaries, which savings
will be denied these
ships
systems, once existing relation¬
disrupted and subsidiaries become inde¬
are
pendent.
Again, although no case has so far been carried
to
its ultimate
conclusion, the Securities and Ex¬
change Commission has held, in tentative integra¬
service in
the
holding companies, that operat¬
rendering
companies
ing
same
or
both
ploy enough full-time or part-time experts to solve
permitted to retain both services.
ices
benefit derived from
one
For all
as
holding
company
service.
holding companies have served continuously
clearing houses for information on every type of
operating experience, and the more far-flung the
and gas
by
expense.
But
corners
advised
of
ployed in
current
their
components.
of the land
In
daily reports
holding companies
were
problems and the methods em¬
solution, which information was,
placed freely at the disposal of all operating units.
But
once
solved this
holding company relationships
dis¬
exchange of experience will be at an end.
In addition to the
of
are
depressing influence the death
holding companies will exert on managements
and the solution of
increase
the
operating problems, it will also
vulnerability of operating systems to
political attack, public ownership raids, and overzealous
believed
regulation.
one
of
the
Utility executives have long
major
reasons
for New Deal
both
electric
single system, maintaining a common
controlled, the more valuable was this information
from all
where
service are rendered in the same identical
area
individual
When these serv¬
operations continued at comparatively
added
small
headquarters and common
the
gas
operating systems might be made with a minimum
of loss and
system, the greater the number of operating units
to
and
overlapping, their separation into two
not
are
electric
separate areas may not be
their
special problems, each of them would still lack
not always have
But after operating
wholly at arm's-length.
companies
purchased at whole¬
types of operating companies in the
tion orders handed
funds.
But
other systems,
And both
sale.
dissatisfaction
quality of service, while investors
to
have been distributors of power
a
clerical and executive
dis¬
previ¬
ously profitable enterprises into candidates for
staffs, separation of the two services and the
posal of one or the other might easily convert
receivership.
And
finally, very few operating subsidiaries of
holding companies have not found it necessary in
the
fall¬
for debt
past, when security markets were stormy or
ing, to borrow from their equity owners
retirement
or
plant expansion.
Due to the low
capital turnover of electric and gas utilities, and
the
large
proportion
of operating
revenues
con¬
dare
the wages of capital, operating systems
not accumulate reserves of borrowed capital,
even
in periods
sumed by
of cheap money, against the day
t
The Commercial & Financial Chronicle
450
when
capital
be required.
may
panies, with their varied
But holding com¬
of income,
sources
July 26, 1941
ISSUES IN
UNITED
THE
KINGDOM
[Compiled by the Midland Bank, Limited]
pile
can
Geographical Distribution
cash
up
NEW CAPITAL
reserves
for the
temporary financing of
Total
United
operating subsidiaries until market conditions
favorable to
subsidiary financing.
Obviously, with bank
with investment funds
few
rates
today*
pany
control.
hiding
were
after
"orphaned,"
actively seeking employment,
on
difficulty
they cut loose from holding
But if capital should again
are
The
almost
small
or
Perhaps the New Deal "planned it that way," but
nothing in the present outlook for "orphaned" oper¬
of holding companies warrants
the belief that their "life after death" will be
peace¬
ful or harmonious.
221,000
1,295,000
4,425,000
157.000
195,000
2,716,000
828,000
200,000
1,031.000
249,000
following statistics have been compiled by the Midland
These compilations of issues of new capital,
Bank, Limited.
have continued at high levels with
fluctuation.
firm undertone, high-grade railroad bonds
a
registered fractionally better prices.
Virginian Railway
3%s, 1966, at 108gained % while Union Pacific 1st 4s,
1947,
% to 111
rose
Among medium-grade rail bonds
Chicago & Western Indiana issues participated in im¬
provement.
last week
Speculative rails have been
but
declined
a
gaining 3% points at 42%
Defaulted
Wisconsin Central 4s,
on rumors
of
rail
1949,
reorganization plan
a
for the company.
The utility
shade higher than
toward the close.
bonds have been better with
'
bond market has been quiet and uneventful
High grades and issues of investment quality
moved within
New Capital Issues in Great Britain
The
1,071,000
17,018,000
3,068,000
1,028,000
bond averages
no
this week.
|
6,078,000
2,996,000
6,368,000
1,280,000
Displaying
have
the
account.
ating subsidiaries
9,305,000
14,916,000
The Course of the Bond Market
into
many
£1,122,000
£15,633,000
com¬
if defense outlays should stimulate
or
9,149,000
Second half—....
subsidiaries
company
Countries
58,107,000
56,139,000
36,607,000
39,906,000
3,429,000
57,145.000
Second half.
go
holding
open
1939—First half
Foreign
Countries
£80,661,000
44,046,000
....
1941—First half
have
operating systems might long for the day when
funds
Second half
in
would
parental holding company stood ready to advance
a
1938—First half
1940—P^lrst half
competition for capital employment,
weak
redundant and
long-term capital at attractive
or
£97,416,000
73,490,000
74,051,000
Second half
reserves now
utilities
operating
engaging short-
1937—First half
British Overseas
Kingdom
are
a narrow
range,
displaying
no
particular trend.
Lower-grade and speculative issues eased somewhat although
losses have been restricted to fractional amounts.
profits; sales of already issued securities which add nothing
to the capital resources of the company whose securities
Nothing of importance occurred in the industrial section
Changes have been confined to
fractions, with the up side perhaps slightly favored.
Steel
company obligations have been generally steady to fraction¬
ally higher and sugars showed moderate strength.
The new crisis in the Pacific found reflection in a sharp de¬
cline of Japanese issues, with a loss of 19% points being
have been offered; issues for
recorded in
subject to revision, exclude all borrowings by the
British Government; shares issued to vendors; allotments
jwhich
are
arising from the capitalization of
securities
reserve
funds and undivided
conversion
previously held in the
United
or
redemption of
Kingdom;
short-
dated bills sold in
anticipation of long-term borrowings; and
municipal and county authorities which are not
of
loans
specifically limited.
the
In all
cases
the figures
are
based
upon
prices of issue.
MOODY'S BOND
(Based
on
of the bond list this week.
Government
the
6%s, 19.54.
Australian and
There have been only
unimportant changes in the South American list.
Among
European issues, Belgian continued strong while Norwegian
closed irregular.
Moody's computed bond prices and bond yield averages
are given in the following tables:
Canadian loans have been steady.
PRICES t
MOODY'S
Average Yields)
(Based
U. S.
Avge.
Daily
Govt.
Corpo¬
Averages
Bonds
rate *
July 25-. 119.55
107.80
118.00
115.24
24..
119.54
107.80
118.20
115.24
108.52
23-.
119.61
107.80
118.20
115.04
108.52
22.. 119.52
107.80
115.04
108.52
92.06
115.04
22...
3.29
21.. 119.47
107.80
118.20
115.04
108.34
92.06
97.31
112.00
115.04
21
3.29
119.47
107.62
118.20
115.04
108.34
91.91
97.16
112.00
115.04
19
3.30
1941
19-.
Corporate by Ratings •
Aaa
118.20
Aa
A
108.52
1941
Corporate by Groups *
Daily
Average
BOND YIELD
on
Corporate by Ratings
Avge.
Y
AVERAGES t5
Individual Closing Prices)
Corporate by Groups
Corpo¬
Baa
R. R.
P. U.
Indus.
92.06
97.47
112.00
115.04
92.06
97.47
112.00
115.04
24
3.29
2.74
2.89
3.25
4.27
3.91
3.06
2.90
92.06
97.47
112.00
115.04
23
3.29
2.74
2.90
3.25
4.27
3.91
3.06
2.90
97.47
112.00
2.74
2.90
3.25
4.27
3.91
3.06
2.74
2.90
3.26
4.27
3.92
3.06
2.90
2.74
2.90
3.26
4.28
3.93
3.06
2.90
3.26
July
rate
3.29
25
Aa
Aaa
A
2.89
2.75
3.25
Baa
4.27
R.
P. U.
ft.
3.91
3.06
Indus.
2.90
2.90
18-
119.47
107.62
118.20
115.04
112.00
115.04
18
3.30
2.74
4.28
3.93
3.06
2.90
17..
119.48
107.62
118.20
115.04
108.34
91.91
97.16
111.81
115.04
17
3.30
2.74
2.90
3.26
4.28
3.93
3.07
2.90
16—
119.49
107.80
118.20
115.24
108.34
91.91
97.31
112.00
115.24
16.
3.29
2.74
2.89
3.26
4.28
3.92
3.06
2.89
15— 119.49
107.62
115.04
3.26
108.34
91.91
97.16
2.90
118.20
115.04
91.91
97.31
15
3.30
2.74
2.90
3.92
3.06
14..
119.42
107.62
118.40
115.04
108.16
91.91
97.31
111.81
115.04
14
3.30
2.73
2.90
3.27
4.28
3.92
3.07
2.90
12..
119.44
107.62
118.20
114.85
108.16
92.06
97.16
111.81
115.04
12
3.30
2.74
2.91
3.27
4.27
3.93
3.07
2.90
11..
119.46
107.62
118.20
115.04
108.16
91.91
97.16
111.81
115.04
11
3.30
2.74
2.90
3.27
4.28
3.93
3.07
2.90
10..
119.50
107.62
118.20
115.04
108.34
108.16
91.91
97.16
112.00
4.28
2.90
111.81
115.04
10
3.30
2.74
2.90
3.27
4.28
3.93
9__ 119.58
107.62
118.20
114.85
108.16
91.91
97.16
111.81
114.85
9
3.30
2.74
2.91
3.27
4.28
3.93
3.07
2.91
8-. 119.58
107.62
118.20
114.85
108.16
91.77
97.00
111.62
115.04
8
3.30
2.74
2.91
3.27
4.29
3.94
3.08
2.90
107.44
118.00
114.66
107.98
91.77
97.00
111.62
114.85
2.75
2.92
3.28
4.29
3.94
3.08
2.91
107.44
118.00
114.66
107.98
91.77
97.00
111.62
114.66
2.75
2.92
3.28
4.29
3.94
3.08
2.92
7— 119.59
5- 119.55
4..
Stock
3.. 119.55
Exchan ge
7
3.31
5
Clos ed
3.31
4
Stock
Exchan ge
3.07
2.90
Clos ed
107.44
118.00
114.85
3—__
3.28
4.29
3.94
3.08
2.91
107.44
118.00
114.66
107.98
91.62
97.00
111.62
114.66
2.
3.31
2.75
< 2.75
2.92
2.. 119.56
2.92
3.28
4.30
3.94
3.08
2.92
1.. 119.56
107.27
117.80
114.66
107.98
91.62
97.00
111.62
114.46
1
3.32
2.76
2.92
3.28
4.30
3.94
3.08
2.93
June 27.. 119.45
107.44
118.00
114.66
107.80
91.77
97.16
114.44
114.66
June 27
3.31
2.75
2.92
3.29
4.29
3.93
3.09
2.92
20— 119.02
107.09
117.80
114.46
107.62
91.48
97.00
111.44
114.27
20..
3.33
2.76
2.93
3.30
4.31
3.09
2.94
13— 118.97
106.92
117.60
114.08
107.44
91.48
97.00
111.25
113.89
13
3.34
2.77
2.95
3.31
4.31
3.94
3.10
2.96
6- 118.81
106.74
117.20
113.70
107.27
91.19
96.69
110.88
113.31
6
3.35
2.79
2.97
3.32
4.33
3.96
3.12
2.99
May 29.. 118.71
106.39
116.61
113.31
107.09
91.05
96.69
112.75
May 29
3.37
2.82
2.99
3.33
4.34
3.96
3.13
3.02
23- 118.35
106.39
116.80
113.50
106.92
91.19
96.69
110.70
112.93
23
3.37
2.81
2.98
3.34
4.33
3.96
3.13
3.01
16— 118.52
106.39
116.61
113.31
106.92
91.34
96.85
110.52
112.75
16
3.37
2.82
2.99
3.34
4.32
3.95
3.14
3.02
9— 118.45
106.56
116.80
113.12
106.92
91.62
97.00
110.52
112.93
9
3.36
2.81
3.00
3.34
4.30
3.94
3.14
114.66
107.98
91.77
97.00
111.62
110.70
2— 118.66
106.39
117.00
112.93
106.74
91.34
96.85
110.52
112.75
Apr. 25- 118.62
106.21
116.61
112.75
106.56
91.19
96.69
110.34
112.19
18— 118.28
—
2
3.31
3.94
3.01
3.37
2.80
3.01
3.35
4.32
3.95
3.14
3.02
3.38
Apr. 25—
2.82
3.02
3.36
4.33
3.96
3.15
3.05
3.03
3.37
4.35
3.97
105.86
116.41
112.56
106.39
90.91
96.54
110.15
112.00
18
3.40
2.83
3.16
3.06
10— 117.36
105.69
116.41
112.19
106.21
90.77
96.54
109.79
111.81
10
3.41
2.83
3.05
3.38
4.36
3.97
3.18
3.07
4— 117.55
106.04
116.80
112.37
106.21
91.48
97.00
109.97
112.19
4
3.39
2.81
3.04
3.38
4.31
3.94
3.17
3.05
Mar.28.. 117.80
105.86
116.41
112.19
106.04
91.05
96.54
109.79
111.81
Mar. 28
3.40
2.83
3.05
3.39
4.34
3.97
3.18
3.07
21— 117.85
106.21
117.00
112.93
106.56
90.77
96.54
110.15
112.75
21
3.38
2.80
3.01
3.36
4.36
3.97
3.46
3.02
117.77
106.21
117.40
113.31
106.56
90 48
96.54
109.97
113.31
14
3.38
2.78
2.99
3.36
4.38
3.97
3.17
2.99
7— 116.90
106.04
117.40
113.31
106.39
90.20
96.23
109.97
113.12
7
3.39
2.78
2.99
3.37
4.40
3.99
3.17
3.00
Feb. 28— 116.93
105.86
117.20
112.93
106.21
89.78
95.92
109.79
112.75
28
3.40
2.79
3.01
3.38
4.43
4.01
3.18
3.02
21— 116.06
105.52
117.00
112.75
106.04
89.52
95.62
109.60
112.75
21
3.42
2.80
3.02
3.39
4.45
4.03
3.19
3.02
14— 116.24
105.86
117.60
113.12
106.21
89.64
95.92
109.60
113.12
14
3.40
2.77
3.00
3.38
4.44
4.01
3.19
3.00
7— 116.52
106.21
117.80
113.31
106.39
90.20
95.54
109.79
113.31
3.38
2.76
2.99
3.37
4.40
3.97
3.18
2.99
Jan. 31— 117.14
106.39
118.00
113.70
106.39
90.48
96.85
109.79
113.70
31
3.37
2.75
2.97
3.37
4.37
3.95
3.18
2.97
90.77
97.16
109.97
113.50
24
3.36
2.77
2.96
3.36
4.36
3.93
3.17
2.98
2.98
14—
24- 117.64
106.56
117.60
113.89
106.56
17— 118.06
106.56
118.20
113.89
106.56
10— 118.03
Feb.
7—
Jan.
90.48
96.69
110.16
113.89
17
3.36
2.74
2.96
3.36
4.38
3.96
3.16
106.56
118.20
114.27
106.56
90.34
96.69
110.15
114.08
10
3.36
2.74
'2.94
3.36
4.39
3.96
3.16
118.66
106.39
118.40
114.46
106.39
89.78
95.92
110.15
114.46
3
3.37
2.73
2.93
3.37
4.43
4.01
3.16
2.93
High 1941 119.59
107.80
118.60
115.24
108.52
92.06
97.47
112.00
115.24
High 1941
3.42
2.84
3.06
3.39
4.47
4.03
3.20
3.08
Low 1941 115.89
105.52
116.22
112.00
106.04
89.23
95.62
109.42
111.62
Low 1941
3.29
2.72
2.89
3.25
4.27
3.91
3.06
2.89
High 1940 119.63
106.74
119.00
115.04
106.74
89.92
96.07
110.88
114.85
High 1940.
3.81
3.06
3.19
3.78
5.24
4.68
3.42
3.36
109.60
99.52
79.37
86.38
105.52
106.56
Low 1940
3.35
2.70
2.90
3.35
4.42
4.00
3.12
2.91
3.56
2.87
3.01
3.57
4.78
4.29
3.24
3.15
3.63
2.89
3.06
3.80
4.79
4.37
3.38
3.16
3.
Low
.
1940 113.02
——
99.04
112.19
July 25'40 115.49
2 Yrs.Ago
103.13
115.63
112.93
102.96
85.07
91.77
108.70
110.34
July 25, 1940.—
July25'39 117.19
101.97
115.24
112.00
99.20
84.94
90.63
106.21
110.15
July 25, 1939.—
1
Yr. Ago
*
1
2
These
2.95
Year Ago—
Years
Ago—
,
prices are computed from average yields on the basts oi one "typical" bond
(3H% coupon, maturing In 25 years) and do not purport to show either the
or the average movement of actual price quotations.
They merely serve to illustrate In a more comprehensive way the relative levels and tbe relative
movement of yield averages, the latter being the true picture of the bond
market.
t The latest oornplete list of bonds used In computing these indexes was published in the Issue of
July 13, 1940, page 160.
average
level
Volume
451
The Commercial & Financial Chronicle
153
The Business Marls Bookshelf
His confidence
The Folklore of Inflation
Published by
L. Weissman.
By Rudolph
the
Council
American
26
C.
D.
Washington,
being accepted
the author of this booklet," are
judged for what they actually are—mere ex cathedra pro¬
minence of
concerning the im¬
as inflation."
emotion,
with
charged
nouncements,
dreadful visitation described
a
apparently the purpose of the author to show that
principles," which in a general way
appear to be the so-called orthodox conceptions and tenets
of credit and banking theory, are, as he says, "mere ex
cathedra pronouncements, charged with emotion."
Considerable factual material and a number of citations of
It is
"fundamental
these
present day economists in public
office and otherwise are
we
are
determined to resist
Here it is:
the point.
Having disposed of these
orthodox bug-a-boos (to the author's satisfaction, at least)
he proceeds to analyse the current situation and to cite with
strong approval steps now being taken or proposed in Wash¬
ington to prevent inflation during the defense effort.
marshalled to
He is certain
firm.,
some temporary sacrifices
from infinitely worse evils."
that the policies of the past eight
years have resulted in inflation is to adopt an unrealistic
viewpoint, unsupported by the plain facts, "concludes the
author, who adds that "to preach the inevitability of infla¬
tion in the future is to confess that we can learn nothing
from the past.
The investor as well as the taxpayer—and it
is to be hoped that more individuals will belong to both
classes—may rest assured of the soundness of the dollar if
the policies now being pursued are continued."
There are, doutbless, many of us who wish we could feel
the same degree of confidence.
Incidentally, the author's definition of inflation is interest¬
ing—and certainly quite different from most of those in the
literature of the subject.
unless
fundamental principles instead of being
as
is quite
score
in the interest of escaping
"To persist in repeating
including
Price $.50.
Pages
Appendix and Footnotes.
"Certain notions," says
Affairs
Public
on
this
on
that inflation and ensuing collapse are not inevitable "unless
we
are
determined to learn nothing from the past—not
prove
"A
good working definition may be found by proposing
as a rise in commodity prices
that inflation be conceived of
relative to expenses of
offset by an equivalent
production or a fall in expenses not
fall in commodity prices."
Indications of Business Activity
STATE
THE
TRADE—COMMERCIAL
OF
EPITOME
With the continued rapid pace of the
Business
Business
effect
over a
2.6%
over
straight
below the
struction
developments
in
Far East,
world," Paul S. Willis, President of the Associated Grocery
is
getting closer to the point where they will need more
the
maintain
to
principally west of the Mississippi River,"
estimates
It
continued.
production
steel
at
orders
mills still reflect considerable
reaching the
non-defense tonnage, much of it for the
is threatened with an
which
in its next
defense
drastic reduction
year's output, but bookings are decidedly on the
Electric power
for
the
,
few
of the Edison Electric Institute.
totaltd 3,162,586,000
the
appearances
kwh., against
from
a
year ago
The net
was
an
the week ended July 20,
approximately 71% ahead of a year ago, according to
nine
first
merce
railroads
Commission.
income of
"Sun" based
reporting to
the
on
earnings of
Interstate
Com¬
These nine railroads had net operating
$18,943,000 in June, 1941, as compared with $11,-
036,000 in the same month
last year.
Freight traffic moved higher in the week ended last Sat¬
Railroads
1941
was
reported yesterday.
The best previous total for
908,664 during the last week in June.
on
the automotive
loadings 2.6%
The contraabove
was
far east as the Northern
of the week ended July 5.
maximum tem¬
high readings of 100 de¬
from the 17th to the 21st inst.
While there
was somewhat less rainfall than in recent weeks from the
lower Mississippi Valley eastward, most sections there still
had considerable amounts and much cloudy weather pre¬
more
vailed, making a continuation of
the Central South and Southeast.
in
recovery
extending as
In the Pacific Northwest
border, scattered stations observed
had
car
'Plains.
the 15th-17th a number of areas reported
week
revenue
The weather has been per¬
peratures from 100 degrees to 107 degrees, while in the
Great Plains, from Oklahoma northward to the Canadian
tures
lifted
the past week.
sistently hot over a large northwestern area
previous week, reflecting in part the lag in the post-holiday
rise
calendar for the year.
nothing very unusual in the way of weather
developments
on
reduction
It added that
the lowest volume point
early August is expected to mark
the
seasonal
shut-downs of plants for changeover
assembly total at the end of July.
grees or
urday to a total of 899,370 cars, the Association of American
and with 34,822 this week a year ago.
models next week would develop a sharp
There
18.5%.
was
operating income of the Class I railroads in June
estimate by the New York
the
1940,
last week
109,912
The survey said that
the
In the previous week the advance
Inc., today estimated passenger car and
production this week at 105,635 units, compared with
in
the total for
retailers to increase their
Activity, said the review, had "all
of a sellers' market' as buyers requested
lines.
Ward's Reports,
truck
Against a year ago, power output for the week was
higher,
that
merchandise than sellers could supply in many
new
18%
estimated at 20%
referred to the wave of retail
In wholesale lines an effort of
to
being 2,681,071,000 kwh.
season
storekeepers felt that it was as yet exhausted.
3,141,158,000 the previous top, established in the preceding
week.
factors affecting it
inventories was noted.
production in the United States again rose
week
a
credit agency in its weekly review of trade
The veteran
and the
more
high in the week ended July 19, according to
the regular weekly report
vigorous in
corresponding week last year.
increase over that of the
automobile industry,
more
side," the survey comments.
to an all-time
Output
even
continued
activity this summer as a buying spree and reported
99.5% of capacity, against 98.5% a week ago.
"New
week
Sales volume for the country at large was
"In order to stimulate a better flow of scrap, many scrap
review
this
conventionally dull, Dun & Bradstreet, Inc., reported today.
experts now advocate immediate action toward better prices
the
consumer."
trade
Retail
iron
their current rate of operations.
in remote areas,
civilian
to meet a tremendous increase in the
sumption of food caused by the new demands of the
It added that steel mills are
this week.
This year we have been called
products.
domestic com
Army
Navy and by the ever-increasing purchasing power of
upon
period without significant let¬
surprising steel plant operators, the "Iron Age"
said in its summary
He added:
and
high
operating rate over a long
down
last night.
manufacturers produced about $4,000,000,000
"Last year our
worth of grocery
Performance of the steel industry in maintaining a
products this year
in the history of the
nation has ever produced
any
Manufacturers of America, predicted
this country and Japan
However, the stock market failed to reflect
real anxiety in the "Street."
any
381%
Private awards are 11% below last
"America will manufacture more food
than
especially the war¬
the threat of war between
looming larger.
Public con¬
week, but gain 19% over last year.
like moves of Japan, are of course viewed with grave con¬
cern,
The total is 0.5%
293%
0.5% compared with a week ago and
is up
higher than a year ago.
to 73%.
the
third
the
week ago, but is
a
higher than in the corresponding 1940 week.
unprecedented expan¬
an
record volume of
near
for
fourth highest peak ever
reaches the
and
mark
$200,000,000
the
tops
week,
reported by "Engineering News-Record."
in¬
23.1%
the major cities showing gains over a year
which ranged from 10%
The
$205,877,000,
week.
Car loadings for the week
prices.
the preceding week, and were up
clearings reflected
sion in business,
ago
past
the $200,000,000 mark for the third successive
Bank
week.
the
during
Engineering construction awards for the
year ago.
week topped
steady
held
generally were favorable, but had little
security
on
creased
activity
reports
second defense con¬
engineering award volume for the week,
struction program,
Friday Night, July 25, 1941.
than
fair
the
weather and fairly
West
recently.
unfavorable weather in
However, much of the
high daytime tempera¬
more favorable
Gulf area which were
Fair sunshiny weather is
urgently needed
in
Chronicle
The Commercial & Financial
452
central
Gulf
East
and
and
South Atlantic
the
Lightning forest fires
Government advices state.
ported numerous in the Far Northwest.
In the New York
City area the weather has been generally warm and clear
the past week.
Friday was warm and humid, with tem¬
The weather on
touching a low of 71 degrees and a high of 87
degrees.
Partly cloudy and continued warm weather is
forecast for tonight, Saturday and Sunday, with the proba¬
bility of scattered thunderstorms Saturday afternoon.
Low¬
follows:
The movement of the Index has been as
States,
were re¬
July 26, 1941
18
19
21
207.7 Two weeks ago, July 11
208.8 Month ago, June 25
209.2 Year ago, July 25
22.
2324
25
209.3
209.5
210.4
211.8
Fri.
July
Sat.
July
Mon.
July
Tues.
July
Wed.
July
Thurs. July
Fri.
July
-
205.8
202.3
153.0
171.8
149.3
211.8
1940 High—Dec. 31---
Low—Aug. 16
1941 High—July 25
171.6
Low—Feb. 17
peratures
tonight
thermometer readings
est
and 65 degrees in the suburbs, with a high on
for the city
Saturday of about 88 degrees.
Overnight at Boston it was
69 to 90 degrees; Pittsburgh, 70 to 91; Portland, Me., 66 to
Cincinnati, 69 to 96; Cleveland, 70
to 95; Detroit, 72 to 95; Milwaukee, 66 to 83; Charleston,
74 to 84; Savannah, 73 to 86; Oklahoma City, 74 to 96;
Salt Lake City, 63 to 89, ana Seattle, 55 to 76.
Chicago, 72 to 87;
90;
Labor Statistics'
of
Bureau
Week
placed at 70 degrees
are
Index of Wholesale
Com¬
Loading of
announced
commodity prices
0.2% during the week
Commis¬
reported
on July 24.
"The Bureau's comprehensive index of approxi¬
mately 900 price series is now at 88.3% of the 1926 average,
nearly 14% above a year ago," he said.
"An increase of
0.8% for textile products, particularly clothing and cotton
goods, contributed largely to the advance."
The Bureau's
announcement further said:
:
1
The upward movement
during the week was fairly moderate but quite
advance for textiles, farm products and mis¬
cellaneous commodities rose 0.5%, hides and leather products and fuel and
Aside from the
lighting materials, 0.3%,
building materials, 0.2%, and housefurnishing
The index for foods dropped 0.4%, largely because of lower
prices for dairy products and fruits and vegetables, and chemicals and
allied products
There
Average prices of metals and metal
declined 0.1%.
in
wheat,
corn,
fresh
prices for
market
agricultural commodities
in prices for
Quotations
oats and rye.
and
fruits
vegetables,
well
as
cotton and
raw
were
for
as
prices increased 5.6% during the week.
pro¬
varied.
was
for livestock.
seasonally lower for most
eggs
and wool.
Cattle feed
was
foods
group
Prices were also lower for wheat flour, dressed
index.
Meats rose fractionally as higher prices
were reported
for mutton and cured and fresh pork.
Sharp advances
occurred in prices for coffee, canned salmon, oleo oil, peanut butter, raw
o. sugar
index, 85.0% of the 1926
highest level since early in 1930.
is at the
average,
Prices were higher for men's and boys'
Prices for coal and fuel oil continued to rise.
366,566
increase of 3,832
cars, an
quotations for maple flooring,
Lumber averaged slightly
Douglas fir boards and several
strengthened.
Sharp advances were reported in prices
oil, resin, shellac and turpentine.
Crude rubber rose over \M%
week, and an increase of 6,739
increase of 547 cars above the preceding
cars
above the corresponding week in 1940.
amounted to 167,956 cars, an increase of 20,464 cars above
Coal loading
the preceding week,
and an increase of 46,970 cars above the corresponding
week in 1940.
Grain and
cars
grain products loading totaled 61,396 cars, a decrease of 1,301
week, but an increase of 8,217 cars above the
below the preceding
In the Western districts alone, grain and grain
corresponding week in 1940.
products loading for the week of July 19 totaled 38,735 cars, a decrease of
5,442
below the preceding week, but an increase of 4,005 cars above the
cars
corresponding week in 1940.
Live stock loading amounted to 9,414 cars, a
the preceding week,
a
decrease of 763
week, and
decrease of 1,149 cars below the corresponding week in 1940.
a
products
loading totaled 44,774 cars,
above the preceding week, and an increase
sponding week in 1940.
week in 1940.
Coke
loading amounted to 13,295 cars, a decrease of 281 cars below the
preceding week, but an increase of 2,879 cars above the corresponding week
in 1940.
All districts reported increases
compared with the corresponding weeks
in 1940 and 1939.
2,557,735
2,740,095
2,824,188
3,817,918
weeks of May
Four weeks of June.--
2,488,879
2,282,866
3,123,916
2,495,212
3,351,840
2,976,655
2,225,188
2,926,408
3,510,137
weeks of March
2,896,953
637,169
736,783
2,563,953
Week of July 19—.————
730,460
651,665
Total
19,018,947
17,140,505
changes from a week ago, a month ago, and
a year
(2) percentage changes in subgroup indexes from July 12 to July 19,
1941.
(1926=100)
July
July
19.
Commodity Groups
July
5.
12,
1941
1941
r
■
June
July
21,
Percentage Changes to
July 19, 1941 from—
1940
The first 18 major
railroads to report for the week ended
July 19, 1941 loaded a total of 428,592 cars of revenue
freight on their own lines, compared with 416,262 cars in the
preceding week and 353,023 cars in the seven days ended
July 20, 1949. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
20,
1941
22,362,456
1941
(Number of Cars)
July
12,
June
July
21.
20.
1941
1941
1940
Loaded
on
Ovm
Lines
Received from Connections
Weeks Ended—
88.3
All commodities.-
88.1
87.7
87.2
77.6
+ 0.2
Weeks Ended—
+ 1.3 + 13.8
July 19 July 12 July 20 July
85.4
Foods...
Hides and leather products
84.1
83.0
67.3
+ 0.5
+2.9 +26.9
84.1
84.1
83.7
70.4
—0.4
+ 0.1
99.9
+ 0.3
+ 1.3
+ 9.7
85.0
—
84.3
84.1
84.5
71.9
+0.8
79.3
79.1
79.0
79.0
71.8
+ 0.3
98.3
94.9
102.8 102.4 101.7 101.1
Textile productsFuel and lighting materials—
19 July
12 July 20
+ 19.0
109.6 109.3 108.8 108.2
—
85.0
83.8
Farm products
555,152
669,888
groups
of commodities for the past 3 weeks, for June 21, 1941 and July 20, 1940
and the percentage
2,288,730
2,793,563
4,160,527
Four weeks of February
Four weeks of April
Five
1939
1940
1941
Four weeks of January
740,493
(1) index numbers for the principal
cars
corre¬
preceding week, and an increase of 10,375 cars above the corresponding
876,165
899,370
Copra declined more than 17% in part because of lower
above the
^
5
tables show
cars
amounted to 81,289 cars, an increase of 185 cars above the
Ore loading
12
freight rates.
increase of 522
an
of 10,459
Week of July
The following
below
July 19 totaled 6,504 cars, a decrease of 552 cars below the preceding
for tung
during the week.
cars
decrease of 1,154 cars below the corresponding
In the Western districts alone, loading of live stock for the
week in 1940.
week of
and
Week of July
ago
week in
2.6% above the preceding
types of yellow pine
ocean
same
Loading of merchandise less than carload lot freight totaled 154,680 cars
an
Five
clothing, for industrial cotton goods and for burlap, hemp and sisal.
as
cars
and an increase of 84,425 cars above the
above the preceding week,
Most canned and dried fruits continued to advance.
and tea.
The textile products group
higher
increase of 168,910
The Association further stated:
Miscellaneous freight loading totaled
poultry, cocoa beans and pepper.
m.
revenue
increase of 23,205 cars or
an
week.
Lower prices for edible fats and
oils, including butter and lard were largely responsible for the decline in
the
was an
38.0% above the
the other hand, dropped 3.3% as lower prices were reported for
on
Association of American Railroads
This
freight for the week of July 19
leading of
Forest
sharp advances
were
Grains,
July 24.
1939.
ducts remained unchanged.
trend
freight for the week ended July 19,
increase of 247,705 cars or
rose
,
The
19
corresponding week in 1940.
Wholesale
goods, 0.1 %.
on
July
23.1% above the corresponding week in 1940, and an
or
cars
ended July 19 to equal their 1937 peak, Acting
sioner Hinrichs of the Bureau of Labor Statistics
general.
revenue
Ended
totaled 899,370 cars, the
modity Prices Advanced 0.2% During Week Ended
July 19
Totaled 899,370 Cars in
Revenue Freight Car Loadings
98.6
98.4
1941
1941
1940
1941
Atchison Topeka & Santa Fe Ry.
25,624
28,885
22,434
7,975
+0.6 + 18.2
+ 0.4 + 10.4
Baltimore & Ohio RR
43,914
40,776
43,839
Chesapeake & Ohio Ry
28,979
27,573
23,344
+ 0.3
1941
1940
7,000
5,207
22,455
18,709
19,037
14,875
10,082
12,301
+ 3.9
Chicago Burlington & Quincy RR.
19,722
18,844
17,131
92.8
+ 0.2
+ 1.5 + 10.6
24,261
20,076
10,238
8,920
6,906
85.0
85.1
84.6
83.8
76.9
—0.1
+ 1.4 + 10.5
Chicago Milw. St.Paul&Pac. Ry.
Chicago & North Western Ry—.
24,532
Chemicals and allied products—
22,772
20,368
12,768
11,660
10,055
Housefurnishing
95.4
95.3
94.3
93.7
90.0
+0.1
+ 1.8
+ 6.0
Gulf
22,238
2,653
2,339
1,873
1,740
+ 5.7
International Great Northern RR
Metals and metal products
98,6
Building materials
Miscellaneous
Raw
goods
81.7
Semi-manufactured
81.3
81.2
80.3
77.3
+0.5
+ 1.7
85.5
commodities
materials
Manufactured
0
85.1
84.9
84.1
70.8
+0.5
+ 1.7 +20.8
87.6
87.3
87.4
87.6
77.8
+ 0.3
90.0
articles
products
89.9
89.4
89.0
81.1
+ 0.1
-
—
+ 12.6
Missouri-Kansas-Texas
Missouri Pacific
2,609
'•
88.9
88.8
88.5
88.2
79.9
+ 0.1
+0.8 + 11.3
89.7
89.5
89.2
89.0
82.4
+0.2
+0.8
+ 8.9
CHANGES IN SUBGROUP INDEXES FROM JULY 12 TO
-
1,290
1,939
RR
1,939
1,530
2,054
2,037
1,624
5,009
x5,000
x4,000
3,364
*3,000
16,795
18,411
14,391
10,838
9,971
7,919
53,815
51,071
40,122
55,875
40,287
39,525
7,819
6,974
5,779
14,007
11,530
Norfolk & Western Ry
25,025
23,053
20,650
6,441
6,015
4,711
91,150
86,308
70,028
61,657
46,748
44,783
5,485
4,823
Chicago & St. Louis Ry
Pere Marquette Ry
6,776
Pittsburgh & Lake Erie RR
PERCENTAGE
7,085
x6,100
RR
New York Central Lines
N. Y.
All commodities other than farm
products and foods
Lines
8,558
Pennsylvania RR
0
+ 1.1 + 11.0
All commodities other than farm
products
Coast
10,406
JULY
19,
4,639
6,229
9,155
8,105
7,437
9,869
7,983
34,857
36,322
27,706
11,743
10,835
7,669
7,009
Southern Pacific Lines
Wabash Ry
1941
6,849
9,861
6,886
6,210
11,636
10,219
7,435
7,742
Increases
5.6
Total
Paint and paint materials
Meats
0.3
1.9
Bituminous caol
1.6
Petroleum products
0.3
1.5
Lumber
x
Estimated.
TOTAL
0.3
0.7
Other miscellaneous
0.7
Hosiery and underwear—
0.5
Silk
0,5
Chemicals
0.5
Shoes.
428,592 416,262 353,023 275,939'219,143 200,973
0.4
2,0
Non-ferrous metals
LOADINGS
AND
RECEIPTS FROM
CONNECTIONS
(Number of Cars)
0.2
0.2
.
.
..
Week Ended—
0.1
0.1
July 19, 1941
July 12, 1941
Chicago Rock Island & Pacific Ry.
Illinois Central System
31,185
31,062
26,142
39,105
36,262
28,162
St. Louis-San Francisco Ry
15,923
15,287
12.253
86,213
82,611
66,557
July 20, 1940
Decreases
3.3
Fruits and vegetables.
3.0
Cereal products
Other foods
1.7
Total
Moody's Commodity Index Advances Sharply
Moody's Daily Commodity Index advanced from /^07.7 a
week ago to 211.8 this Friday, a new high for 1941.
The
principle individual gains were for cotton and silk prices.
In the
M,,
followingwe undertake to show also the loadings
and systems for the week ended July 12,
1941.
During this period 116 roads showed increases when
compared with the same week last year.
for separate roads
Volume
from
1940
1941
Southern
Eastern District—
Ann
601
542
552
1,332
1,106
985
Arbor...
750
240
258
7,151
1,724
11,696
9,497
Bangor A Aroostook
Boston A Maine
8,611
1,233
7,106
Chicago Indianapolis & Louisv.
1,467
1,288
1,900
2,056
Delaware Lackawanna & West.
913
809
Richmond Fred. & Potomac—
424
386
353
1,121
4,485
9,452
24,253
8,031
19,993
8,188
1,392
5,810
4.991
20,533
16,814
13,979
561
420
408
662
522
114
121
157
741
628
Seaboard Air Line
53
66
73
2,427
4,346
9,433
2,137
7,860
Tennessee Central
9,128
8,268
7,819
7,323
Winston-Salem
73
472
454
1,227
999
379
250
310
2,659
13,244
11,961
3,678
3,441
12,935
7,408
194
171
200
1,869
2,403
2,086
1,967
1,700
9,589
9,594
2,769
6,063
Lehigh & Hudson River..
Lehigh & New England
Lehigh Valley
....—;
Monongahela
i
3,253
5,719
Montour
'
2,340
Maine Central.,
New York Central Lines
N. Y. N. H. A Hartford
5,036
2,073
41,675
9,108
51.555
11,664
1,068
New York Ontario & Western..
7,651
2,446
3,944
2,126
37,089
9,041
1,204
1,198
5,550
5,564
6,974
Louis
A Western.
193
V 51
32
39,803
14,502
38,853
11,648
1,891
2,095
Great
11,530
1,129
7,694
5,485
9,294
1,574
7,983
4,587
391
421
Pere Marquette
6,849
5,496
4,591
651
991
261
51
67
434
352
332
384
214
1,131
786
899
Pittsburgh & Shawmut
Pittsburgh Shawmut A North..
Pittsburgh & West Virginia
1,932
1,078
2,597
564
743
642
•1,024
6,889
5,790
6,506
6,349
10,219
4,617
3,840
3,561
7,475
2,957
180,551
151,081
136,222
173,970
152,736
.....
Wabash..
Wheeling A Lake Erie
792
Bessemer A Lake Erie
449
530
811
793
33,123
30,441
18,709
16,619
5,907
4,636
2,130
2,362
250
317
298
6
6
1,994
1,206
1,446
6,301
24
14
13,099
11,280
Buffalo Creek & Gauley
Cambria A Indiana
7,331
8,108
Central RR. of New Jersey...
20,291
8,920
2,410
7,149
3,400
Chicago Great Western
Chicago Mllw. St. P. A Pac...
Omaha
Chicago St. P. Minn. A
Duluth Mlssabe A Iron Range
.
Atlantic.
Elgin Jollet A Eastern.
Ft. Dodge Des Moines A South.
Duluth South Shore A
•
6,036
7,110
476
139
169
22,687
18,217
3,908
2,699
504
532
648
612
4,229
1,988
83
71
1,752
1,762
8,275
7,377
8,254
5,944
1,961
2,920
4,280
2,366
292
303
411
261
1,522
1,885
1,972
1,330
121,865
104,921
51,774
40,114
28,885
24,743
3,856
3,614
22,834
3,544
7.000
2,518
4,780
2,283
750
481
485
69
70
18,844
2,193
16,856
17,877
8,558
6,686
2,007
744
505
15,020
2,855
14,212
2,422
1,622
13,168
2,284
752
609
826
9,628
2,566
1,382
2,680
2,183
2,050
3,224
7,597
2,445
1,273
2,436
Central Western District—
Fe System.
Bingham A
Garfield
—
A Quincy..
Chicago Burlington
Midland
Pacific.
Chicago A Illinois
Chicago Rock Island A
Chicago A Eastern Illinois
Colorado A Southern.
Grande Western.
38
Denver A Rio
46
Denver A
74
30
Fort Worth A Denver
.
Reading
16,173
20,195
North Western
6,569
16,002
5,622
7,022
5,972
118,551
107,630
18,889
18,720
3,347
189,199
...
11,868
9,549
3,445
156,732
128,990
Maryland—
Missouri-Illinois
245
36
16
2,073
1,689
1,006
1,719
1,415
1,144
2,038
520
376
1,377
1,332
1,695
1,456
1,185
123
111
876
794
711
478
436
50
31
48
0
0
31,157
23,325
23,012
345
333
6,440
1,325
4,105
328
16,773
14,022
14,668
9.001
6,743
—
......
Northern
Nevada
Peoria A Pekin
Pacific
Union
—
(Pacific).....
Southern Pacific
Western
Toledo Peoria A
Total.
256
1,369
City
Illinois Terminal
1,570
47,348
3,805
Co
585
1,430
Salt Lake
2,385
1,273
45,188
2,254
554
1,009
58,011
Union Pacific System
27,573
23,053
4,868
25,256
21,342
4,163
23,443
18,918
4,013
10,082
6,015
210
163
4
9
1,628
1,576
2,266
1,567
134,173
12,012
Norfolk A Western
1,761
113,153
111,109
58,607
44,748
1,240
55,494
50,761
46,374
17,858
17,572
1,062
1,626
Pacific
Western
Chesapeake & Ohio
992
833
241
Utah
Pocahontas District—
3,294
358
Total
37
650
9,179
1,566
2,787
Seattle—..
36
1,117
69,101
14,563
536
5,136
146,801
Spokane Portland A
47
688
203
466
526
11,278
54
1,559
269
1,314
9,055
Spokane International
622
86,308
14,032
1,033
3,599
19,209
2,242
Northern Pacific
226
Pennsylvania System
8,920
4,256
3,087
Lake Superior A Ishpeming
Minneapolis A St. Louis
Minn. St. Paul A S. S. M
589
.....
Penn-Readlng Seashore Lines.
2,771
631
238
140
11,660
2,686
19,098
3,558
26,867
712
Valley
18,142
2,417
18,837
535
Northern
277
...
Cumberland & Pennsylvania..
Union (Pittsburgh)
22,238
2,761
23,611
4,132
25,893
1,207
10,899
Chicago A North Western
Atch. Top. A Santa
40,776
7,422
Baltimore A Ohio
Long Island
76,546
Alton
Alleghany District—
Akron Canton & Youngstown.
......
94,758
Green Bay A Western
:
6,948
4,827
Cornwall..
93,980
62,928
District—
Northwestern
413
8,317
425
Total.
113,562
Total
2,379
8,394
....
Southbound—
5,815
1,757
1,496
6,601
1,886
Pittsburgh A Lake Erie
N. Y. Susquehanna
Southern System
2,409
11,526
1,954
1,746
2,745
Grand Trunk Western
N. Y. Chicago & St.
4,090
111
14,974
Western
2,815
398
1,191
Detroit A Toledo Shore Line...
Llgonler
2,719
1,314
347
15
419
Detroit Toledo A Ironton
Rutland...
2,574
1,681
423
1,250
5,712
Detroit & Mackinac
Erie..
3,079
3,382
1,620
Piedmont Northern
Southern
Norfolk
49
Delaware A Hudson
1940
1941
District—(Conci.)
Nashville Chattanooga A St. L.
1,489
7,053
9,830
Central Indiana
Central Vermont...
Connections
from
1939
1940
1941
1940
1941
1939
Freight Loaded
Railroads
Connections
12
Total Loads Received
Total Revenue
Total Loads Received
Total Revenue
Freight Loaded
Railroads
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED JULY
RECEIVED FROM
REVENUE FREIGHT LOADED AND
453
Financial Chronicle
The Commercial &
153
Virginian
Total.
4,320
Total
Southwestern District—
Burlington-Rock Island
197
366
171
198
206
265
Atl. A W. P.—W. RR. of Ala..
803
616
717
1,500
1,137
Atlanta Birmingham A Coast..
925
846
950
627
Atlantic Coast Line
1,049
9,197
7,588
Central of Georgia
4,567
4,038
7,853
3,877
6,156
3,524
697
641
647
.1,662
1,328
1,287
1,361
2,192
4,954
3,220
1,140
1,867
327
138
352
271
302
Alabama Tennessee & Northern
Charleston A Western Carolina
Cllnchfield
Columbus A Greenville
International-Great Northern.
Kansas City
137
214
180
2,203
2,116
1,915
1,740
2,037
1,308
1,537
1,687
799
694
2,405
1,641
1,950
1,407
308
937
875
521
274
166
146
338
251
4,939
16,096
4,886
14,550
3,364
9,971
2,676
7,376
442
1,924
1,729
1,881
1,504
352
248
506
564
179
5,009
196
Southern
Louisiana A Arkansas....
Litchfield A Madison
212
2,492
1,937
Oklahoma A Gulf
Kansas
123
2,653
1,939
Gulf Coast Lines
Southern District—
v
...
Midland Valley
Missouri A Arkansas
Missourl-Kansas-Texas Lines,
18,436
306
Durham A Southern
181
157
164
313
291
Missouri Pacific
113
Quanah Acme A Pacific
146
626
102
340
739
101
421
355
163
Florida East Coast
21
27
65
83
Francisco
St. Louis Southwestern
Texas A New Orleans
7,218
2,412
2,186
5,808
7,403
2,125
4,937
36
8,712
Galnsvllle Midland
5,412
Georgia.
892
840
1,149
...
1,667
1,836
414
351
246
483
388
3,748
24,919
23,4§0
2,700
2,646
18,646
21,719
xl,4l4
18,744
21,223
12,366
6,794
2,532
9,401
4,910
Macon Dublin A 8avannah
207
103
147
646
190
3,821
3,579
4,195
177
143
194
56
61
15
15
46
59
31
56,385
49,211
47,514
39,783
30,296
7,150
3,860
656
Mississippi Central
3,849
4,070
2,093
2,293
3,075
St. Loul3-San
Georgia & Florida
Gulf Mobile A Ohio
Illinois Central System
Louisville A Nashville
Stores Hold
Chain
Sales
x
tions,
equal
was
June
to
133
of
the
1929-31 average as 100,
This was an increase
compared with 132 for May.
of 12% over June, 1940.
which
Sales
index figures
Total
commodity groups are as follows:
20; livestock and livestock products, 19; vegetable
other foods, 9; textiles, 12; fuel, 11; metals, 11;
neous,
18.
currency
.
#
The indexes which are
based
Grains,
fats and
miscella¬
,.
prices expressed in the
on
of each country were reported
July 21 as follows:
(August, 1939=100)
;
;
by groups compare as follows:
Argen-
Variety
June, 1941.................
May, 1941
...
June, i940
3,091
only.
the different
to
Activity in the chain store field in June as reflected by
the "Chain Store Age" index of sales of 20 leading organiza¬
Southern
Wichita Falls A
Weatherford M. W. A N. W_.
Gulf Mobile A Northern
During
Gains
149
360
118
105
* Previous figures,
Note—Previous year's figures revised.
Pacific
Texas A
Shoe
Drug
Grocery
126.0
136.3
154.0
157.4
137.0
160.0
158.0
122.0
145.0
126.0
148.0
140.0
110.0
120.0
138.8
Can¬
tralia
ada
land
Mex¬
Eng¬
tina
Apparel
Aus¬
Java
ico
194(1—
New
Zeal'd
Swe¬
den
Switz¬ United
erland
States
Indexes of 10 Countries Compiled
by General Motors and Cornell University
General
Motors
Corp.
and
Cornell
University,
which
prior to the European war had collaborated in the publica¬
tion of a world commodity price index, have resumed issu¬
ance
of international price statistics, but on a different
basis than before the war.
Instead of a composite index of
world prices, these organizations now are publishing
information only as individual country indexes.
The index is built upon 40 basic commodities and the
is the
same
for each country in so far as possible.
the
list
Each
commodity is weighted uniformly for each country, accord¬
ing to its relative importance in world production.
The
actual price data are collected weekly by General Motors
overseas
operations from sources described as "the most
responsible agencies available in each country, usually a
government department."
The commodities involved in¬
clude "a comprehensive list of several groups, including
grains, livestock and livestock products, miscellaneous foods
(coffee, cocoa, tea, sugar, &c.l, textiles, fuels, metals, and a
list of other miscellaneous materials (rubber, hides, lumber,
newsprint, linseed oil, &c.)."
Weights assigned in the index
120
143
116
113
112
132
112
118
120
144
116
113
114
131
136
109
118
118
120
145
115
112
114
132
140
109
118
119
120
150
115
111
120
132
144
109
August
Price
118
118
July
Commodity
120
131
May
June
110
122
135
153
111
September..
116
120
121
145
116
123
122
145
117
110
120
139
114
113
158
October....
113
124
146
118
111
118
142
164
118
November..
125
113
168
118
December..
144
126
126
149
120
111
119
rl20
111
119
144
rl72
120
1941—
January
114
127
126
150
114
126
127
150
121
113
119
147
171
120
February...
119
129
150
123
114
119
154
176
122
March
122
121
121
131
150
125
115
119
156
180
125
April
120
134
150
129
117
120
166
189
129
May
126
1941—
Weeks end.:
121
135
rl51
130
118
120
154
130
7...
rl31
192
June
121
136
151
133
119
120
155
132
14..
129
193
June
121
137
♦151
131
119
121
154
194
133
June 21..
132
132
120
121
154
194
133
*194
134
June 28..
134
121
139
*151
121
139
*152
134
123
121
154
S.¬
12..
rl33
121
141
*152
134
126
121
155
July
July
*
133
Preliminary,
Commodity
r
tilizer
Average
Price
Week Ended
The
135
Revised.
Continued to Advance in
National Fer¬
July 19, According to
Association
wholesale commodity price
level was again higher
week, according to the price index compiled by the
National Fertilizer Association.
This index in the week
last
ended July
19
rose
to 112.4 from
111.9 in the precedin
The Commercial & Financial Chronicle
454
week.
It
based
108.9
was
the
on
month
a
1935-39
ago,
average
as
debits
and 96.0 a year ago,
100.
The Associations
The continuance of the upward trend in the
all-commodity index
13 weeks ended July 16 amounted to
23% above the total reported for the
corresponding period a year ago.
At banks in New York
City there was an increase of 19% compared with the corre¬
sponding period a year ago, and at the other reporting
centers there was an increase of 25%.
These figures are as
reported on July 21, 1941, by the Board of Governors of the
Federal Reserve System.
due
In the food
price increases for milk, potatoes, oranges, and meats offset declines
group,
in
was
butter,
eggs,
chickens,
flour,
farm product prices were
and livestock
and
edible
vegetable oils.
Trends
mixed during the week, with advances in
In
cotton
than sufficient to offset decreases In grains, the result
more
was a
1937.
The textile index continued to
goods,
cotton
cotton,
prices advanced,
transportation
fibers
raw
This
1937
in
miscellaneous
commodities
and
group
1938.
advanced
average,
increased.
however,
index
for
Mixed
fertilizer
eighth
below
consecutive
was
'/"-V'v
July 16,
July 17,
July 16,
July 17,
1941
1940
1941
1940
of
week,
the building material
with the recession due to lower prices for lumber, cement, glass,
and linseed oil.
; ■
During the week 42 price series included in the index advanced and
Boston
$589
$7,313
$5,863
4,222
3,707
54,514
45,886
556
New York
$509
460
7,659
Philadelphia..
769
626
9,497
7,337
431
342
5,169
4,048
Atlanta
338
259
4,212
3,249
1,617
Chicago
1,252
19,747
15,792
347
273
4,349
200
165
3,380
2,301
Kansas City..
Dallas
364
318
2,492
4,048
273
226
3,292
2,661
San Francisco.
912
731
10,525
8,663
$10,616
$108,394
41,694
22 declined, in the preceding week there were 37 advances and nine
declines,
St. Louis
in the second preceding week there were 33 advances and 23 declines.
Minneapolis
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Per Cent
Latest
Each Croup
(1936-1939=100*)
Preced'g
Week
July 19,
July 12,
1941
1941
1941
1940
107.2
Croup
106.4
104.3
118.2
Foods
23.0
Farm products
Fats and oils
Ago
14,
84.4
142.1
128.5
97.0
77.4
110.5
108.8
103.8
110.4
107.6
103.3
Miscellaneous commodities-.
121.9
120.6
116.8
112.3
Textiles
135.8
134.7
130.5
103.4
Metals
103.9
103.9
1C3.5
100.9
6.1
Building materials
116.0
118.5
117.6
J
02.1
Chemicals and drugs
105.2
105.2
105.0
103.8
.3
Fertilizer materials
111.9
111.9
104.7
100.7
.3
Fertilizers
104.3
102.0
101.1
101.3
.3
Farm
99.3
99.3
99.3
99.4
112.4
111.9
108.9
96.0
100.0
Indexes
machinery...
All groups combined
on
1926-28 base were:
1926-28 average to 1936-39 average as 100.
July 19, 1941, 87.6; July 12, 1941, 87.2; July 20,
1940, 74.8.
919
743
72,102
11,194
57,565
9,135
available back to 1919.
are
82.6
110.4
Base period changed Jan. 4 from
49,522
96.1
99.5
7.1
*
$132,817
3,386
4,739
68.4
8.2
1.3
T
40 Other leading centers *
33 Other centers
69.5
127.7
106.0
96.6
Livestock
113.9
132.8
111.6
145.9
Fuels
j
♦Centers for which bank debits figures
115.7
Cotton
'
July 20,
128.2
Grains
10.8
Ago
June
112.7
Cottonseed oil
17.3
$8,867
3,863
5,835
New York City *
3,471
88.3
Total Index
25.3
..
Total, 274 reporting centers,..
Year
Month
Week
Bears to the
5,744
Cleveland
Richmond
r
Compiled by the National Fertilizer Association.
13 Weeks Ended
Federal Reserve District
the
and lubricating oil quotations moving
The only group index to decline
Week Ended
burlap, and
is still
representing the prices
the
(In Millions of Dollars)
prices for
as
fertilizer materials,
average,
The
with calfskin, rubber, cattle food,
higher levels.
silk
reflecting increases in
costs.
level reached
to
and
upward
move
or
SUMMARY BY FEDERAL RESERVE DISTRICTS
moderate advance in the group average to the highest point reached
since
during the
$132,817,000,000,
report, under date of July 21, went on to say:
primarily to higher prices for foods, farm products, and textiles.
July 26, 1941
Analysis of Imports and Exports of the United States
in
May and Five Months Ended May
The Department of Commerce's report of the character of
the country's foreign trade reduces the export and
import
figures into five separate groups, ranging from crude
terials to finished
cultural
and
non-agricultural totals
In the five months
ports and 55.4%
tural
ended
for
shown separately.
are
May, 1941, 8.2% of domestic
of imports for consumption
products; 91.8%
imports
ma¬
manufactures, in each of which the agri¬
of domestic exports,
consumption
were
ex¬
agricul¬
and
44.6% of
non-agricultural
were
products.
We/present the tabulation below:
Electric Output for Week Ended
July 19, 1941, Shows
Gain of 18.0% Over Year
Ago
The
estimated
18.5%
EXPORTS
over
to be 3,141,158,000
kwh.,
the like week a year ago.
PERCENTAGE
INCREASE FROM
an
increase
of
FROM
.ANALYSIS
New
Week Ended
Week Ended
July 12, 1941
July 5, 1941
England
2i.6
20.1
17.2
Week
Ended
June 28,
27.6
1941
24.5
21.2
18.4
25.0
■'
STATES—
April,
1941
1941
Class
Value
Value
May
May,
1940
Value
1940
1941
% of
Value
% of
Value
Total
Total
Domestic Exports—
Crude materials
39,124
16,857
96,487
5.6
8,903
10,970
269,557
199,263
16.1
19,508
11.9
19,616
Agricultural
17,677
70,294
4.2
47,594
48,893
2.8
22,341
22,203
1.3
28,647
2.8
4,005
7,954
3,963
8,388
34,411
2.1
Agricultural
17.6
22.8
y-
UNITED
Crude foodstuffs
PREVIOUS YEAR
Week Ended
Central Industrial
INTO
GROUPS
Five Months Ended
May,
Non-agricultural
July 19, 1941
Middle Atlantic
IMPORTS
Economic
3,984
3,931
8,362
34,090
2.0
21
32
26
321
10,683
14,306
~5~.2
67,800
13,588
16,935
16,156
87,087
10,040
79,169
4.7
62,135
3.6
643
718
779
7,918
0.5
5,665
0.3
74,285
67,004
55,136
21.6
306,338
17.8
370
438
579
2,003
0.1
73,914
66,566
54,557
188,359 274,054 267,248
359,407
21
3,129
303,209
17.6
922,063
55
,226,221
71.3
...
Non-agricultural
Major Geographic
Regions
AND
BY ECONOMIC
(Value in 1,000 Dollars)
Edison Electric
Institute, in its current weekly re¬
port, estimated that the production of electricity by the
electric light and power industry of the United States for
the week ended July 19, 1941, was
3,162,586,000 kwh.
The
current week's output is
18.0% above the output of the cor¬
responding week of 1940, when production totaled 2,681,071,000 kwh.
The output for the week ended July 12, 1941,
was
DOMESTIC
25.6
24.0
West Central
11.5
17.4
19.4
16.7
Southern States
19.7
21.0
15.6
16.0
Rocky Mountain
11.3
4.1
2.6
9.2
9.1
6.3
4.1
Mfd. foodstuffs and be v..
Agricultural
Non-agricultural......
Semi-manufactures
Agricultural
Non-agricultural
...
Finished manufactures...
1.3
138
361,410
3.9
0.2
2 6
Pacific Coast
Agricultural
Total United States.
5,463
0.3
5,946
0.3
916,600
54.7
,220,275
71.0
18.0
18.5
.
18.2
exports
of
U.
S.
merchandise
17.3
Agricultural
FOR
RECENT
WEEKS
(THOUSANDS
OF
KILOWATT-HOURS)
Change
1941
1940
1941
Non-agricultural....
Imports for Consumption
Crude materials
Percent
Week Ended
1939
1938
1937
from
Agricultural
Non-agricultural
Crude foodstuffs
1940
Agricultural
Jan.
Jan.
11
m
2.985.304
Jan.
18
mm.
2,995,562
Jan.
25
mm
2.979,610
Feb.
1
mm
2.977,501
Feb.
8
Feb.
15
mm
Feb. 22
mm
4
Mar.
2,972,566
1
Mar.
2,831,052
«.
8
mm
Mar. 15
Mar. 22
•
-
Mar. 29.--.-.
Apr.
5
Apr.
12
Apr.
19
7
June
14
June 21
June 28
July
5
July 12
July 19
July 26
Aug. 2
mm
mm
mm
2,982,203
2,988,470
2,964,817
2.963.579
2,956.149
2,937.585
mm
2,882.319
mm
Apr. 26......
May
3
May 10.
May 17.May 24_.
May 31
June
«.
2.958,855
2,967,576
2,873.710
m
m
2,926,445
m
-
2.914.882
to
-
mm
mm
mm
m
m
mm
mm
mm
2,975,024
2,982,715
3,011 ;754
2.924,460
3,042,128
3,066,047
3,055.841
3,120.780
2,866,865
mm
3.141.158
m
3,162,586
m
mm
mm
2.558,180
2,688.380
2.673.823
2.660.962
2,632,555
2,616,111
2.564,670
2,546,816
2.568,328
2,553,109
2.550,000
2,508,321
2,524,066
2.493.690
2,529,908
2.528,868
2.499,060
2,503,899
2.515,515
2,550,071
2,588,821
2.477.689
+ 10.7
2,238,719
2,142,112
2.278,249
+ 11.0
2.329,057
2.163.915
2,156,468
2,277,509
2.286,494
2.236,074
+ 12.0
2,342,328
+ 12.0
2,340,339
2.139.311
+ 13.1
2,327,192
2,130,558
2,225.581
+ 13.6
2,314.859
2,097,789
2,238.281
+ 16.4
+ 16.6
2,297,117
2,269,061
+ 16.1
2,293,682
+ 17.0
2.285,175
+ 16.3
2.275.658
Agricultural
Non-agricultural......
Semi-manufactures
Agricultural
2,272.424
2,243,986
2,050.101
2,218,798
2.234,908
+ 13.6
2,265,216
2.016,227
2,010,121
2.229,866
+ 17.1
2,244.039
+ 16.4
2,224.723
1,995,555
1,992,161
2,225,194
+ 18.3
2,238.826
2.019.066
2.242,421
ment
+ 17.0
+ 16.3
2,234,592
2.023.830
2.277,749
2.249,305
2,251.995
merce
2,258.221
2.251.888
2,251.111
2.237.926
2.183.704
2,237,542
+ 18.0
2.186,394
2.030,754
1.936.597
2,328,756
2,056,509
2.266.759
+ 15.1
2.051.006
2.653,788
+ 15.2
+ 18.2
2,340,571
2,362,436
2,395,857
2.145.033
+ 18.5
2,402.893
2,154.099
+ 18.0
2.377,902
2.152,779
2,159.667
2,193.750
2.426,631
2,399,805
71,005 103,422 116,777
77,751
91,516
25,671
25,261
36,629 36,418
35,712
35,221
917
1,197
33,125 34,370
22,805 28,036 27,437
393,672
4,409
43,391
5,089
66,377
37.9
516,347
41.3
296,843
28.6
395,712
31.6
96,829
9.3
120,634
125,416
12.1
167,476
13.4
120,386
5,030
11.6
162,021
13.0
5,456
0.4
120,986
11.7
137,640
11.0
97,472
50,889
20,116
26,094
24,945
1,149
27,214
9.4
114,294
0.5
23,514
2.3
23,345
1.9
228,815
22.0
271,515
21.7
2.3
17,414
1.4
N on-agricultural
4,944
24,061
37,670
36,189
4,187
62,191
35,031
52,918
35,925
204,754
19.7
254,100
20.3
779
1,109
169,473
2,864
16.3
623
34,253
34,816
166,608
16.0
157,801
3,684
154,117
12.3
0.3
Agricultural
.......
Non-agricultural
104,984 146,465 160,228
98,909 128,121 121,124
Week
Above
Bank debits
Ended
a
Year
July
Ago
2,176,399
2.082.232
2,260,771
2.287.420
2.074,014
2.285,362
1.937,486
Supplementing other data
on
May, given in today's issue,
541,626
52.2
693,125
55.4
47.8
557,653
44.6
the Nation's foreign trade in
present here an arrange¬
figures given out by the Department of Com¬
showing the value of each of the chief items of the
we
of the
export
and
import
trade,
arranged
according to economic
groups:
2,139.281
2.358,438
16,
1941,
DOMESTIC
EXPORTS
FROM
AND
IMPORTS
INTO
UNITED
STATES-
ANALYSIS BY LEADING COMMODITIES IN EACH ECONOMIC GPOUP
DOMESTIC
2,321.531
EXPORTS
Crude Materials—Value in
1,000 Dollars
2,312,104
2,341,103
19.7%
reported by banks in leading centers for
the week ended July 16
aggregated $10,616,000,000.
Total
as
0.3
496.735
5 Mos. End.
for
12.6
Tot. Imports for consum'n 203,893
274,585 281,351 1,038,361 1OC.0 1,250,778 100.0
Cotton, unmanufactured
Tobacco, unmanufactured
Coal
Crude petroleum
All other crude materials
May,
April,
1941
1941
May
May,
1940
Debits
9.1
6,933
57,862
35,565
Finished manufactures...
Agricultural
Commodity
Bank
9.6
2,218,615
+ 17.1
+ 17.3
316,457 376,185 376,354 1,674,527 100.0 1,719,187 100.0
35,033 28,304 37,120
19.1
319,988
8.2
141,008
281,424 347,880 339,234 1,354,539 80.9 1,578,180
91.8
5,722
Non-agricultural
+ 17.8
+ 13.9
+ 18.1
+ 17.1
2.242,433
2,598.812
2,664.853
2,659,825
2,425,229
2,651,626
2,681.071
2,760.935
2,762,240
Non-agricultural
Mfd, foodstuffs and be v..
2,112,046
2.071,639
2,077,334
2,054,861
2.066,563
2,027.433
2,036,671
2.225,539
2,237,729
1,444
1,053
Total
DATA
1,130
Non-agricultural...... 187,229 272,6i0 266,195
12,743
5,215
11,026
4,380
3,156
3,184
6,184
3,956
1
4,389
1940
5,438
9,725
163,911
23,741
28,158
3.460
6,130
27,531
2,677
2,965
26,216
1941
21,551
18,677
24,991
15,917
15,351
Volume
The Commercial & Financial Chronicle
153
Crude
Foodstuffs—Value In
455
Foodstuffs—Value in
Manufactured
1,000 Dollars
1,000 Dollars
5 Mos. End. May
May,
April,
1941
1941
5 Mos. End. May
189
Commodity
1940
1941
3,845
2,005
6,088
893
160
821
6,765
10.643
1,257
1,181
2,267
6,480
Apples, fresh.
143
88
79
1,082
3,864
4,027
2,023
3,554
1,808
4,093
Wheat
Corn
Vegetables, fresh and dried
1,010
1,205
Oranges
456
771
1,035
Other fresh fruit
576
324
560
All other crude foodstuffs
491
429
May,
2,421
475
April,
May,
1940
May,
1940
Commodity
1941
1941
Meat products
2,076
Cheese
2,061
1,016
328
422
880
937
856
1,044
5,393
254
187
Fish A shellfish (canned, prepared,Ac.)
Vegetable oils, edible
8,778
1,007
22,843
11,731
3,995
18,712
34,570
18,367
1,654
26,677
6,987
Whisky and other spirits
3,506
4,125
14,708
4,136
6,071
334
392
5,588
6,242
6,451
1,841
4,912
14,889
724
3,099
23,886
All other manufactured foodstuffs
Foodstuffs—Value in 1,000 Dollars
8,879
4,477
8,479
From foreign countries
Cade sugar—From Philippine Islands.
Wines
Manufactured
1941
1940
1,959
Semi-Manufactures—Value in
6,301
51,561
1,000 Dollars
5 Mos. End. May
May,
April,
May,
1940
Commodity
1941
1941
1940
5 Mos. End. May
1941
May,
14,313
6,121
Lard, Including neutral lard
984
1,892
956
7,140
Dairy products (except fresh milk)
887
2,155
4,346
3,320
6,630
11,079
427
479
518
6,787
4,409
Meat products...
j
—
Fish, canned, prepared, Ac
Milled rice,
including brown,
1,231
1,345
873
1,538
1,518
4,206
6,816
1,804
and screenings
2,969
2,718
9,962
4,036
10,720
Vegetables, canned and prepared
Dried and evaporated fruits
386
736
638
214
460
1,455
Canned fruits
198
98
89
Sugar and related products
1,632
585
554
9,794
All other manufactured foodstuffs
2,317
2,163
2,798
15,133
*
May,
1941
1941
481
5,660
Semi-Manufactures—Value in
2,784
4,028
4,362
8,034
491
3,231
11,491
1,000 Dollars
Sawed
boards,
lumber
and
May,
April,
1941
1941
Gas oil and fuel
oil.g..
Diamonds, cut but not set
Copper.©
....
Nickel and alloys
6,415
1,017
131
6,439
2,431
10,220
Iron and steel semi-manufactures.—
1,826
1,475
1,748
29,477
14,164
6,418
2,742
1,538
10,688
301
195
7,156
1,087
3,318
1,457
2,253
1,805
558
2,963
5,448
1,508
Aluminum semi-manufactures
Copper (ingots, plates, rods)
taggers' tin
Brass and bronze semi-manufactures..
Coal-tar products
4,497
1,023
14,892
Industrial chemicals.
Pigments.....
All other semi-manufactures
16,228
1,261
Ferro-alloys, ores and metals
rods, Ac..
Plates, sheets and skelp
9,414
1,825
22,476
2,405
25,530
5,173
9,671
5,708
3,416
1,931
Iron and steel scrap.b
Steel ingots, billets, bars,
1,734
3,193
13,176
Finished Manufactures—Value
127,110
19,841
39,294
1,235
9,225
10,374
9,459
127,302
7,052
64,913
11,988
23,682
11,169
7,156
45,774
15,891
3,777
26,816
11,756
40,559
4,093
5,791
16,188
32,692
689
885
1,394
Fertilizers and materials.d
All other semi-manufactures
6,440
1,312
2,467
9,113
2,325
9,555
67,805
3,638
5,627
11,159
44,695
1,000 Dollars
•
5 Mos. End. May
May,
April,
May,
1940
Commodity
1941
1941
269
190
1,916
2,469
2,198
1,821
13,752
502
Cotton manufactures...
1941
1940
326
555
466
3,107
18,935
8,280
Leather manufactures.
Cotton cloth
Burlaps
4,123
31,070
Flax, hemp and ramie manufactures..
10,167
Wool manufactures
1,435
1,511
2,870
1,508
1,736
2,776
5,093
1,733
12,290
Bilk manufactures
516
331
422
Shingles
687
645
835
3,016
10,613
12,460
46,785
11,491
13,191
Pottery
576
462
2,578
5,281
22,054
25,657
Works of art
1,560
12,049
7,075
70,567
6,602
60,934
All other finished manufactures
1,032
9,399
2,556
15,811
i
2,687
2,291
32,636
27,167
7,593
10,290
45,612
6,816
13,146
6,154
2,305
894
In 1,000 Dollars
May,
1940
1941
1941
Includes
1940
1941
j 1,288
t
609
1,321
10,230
10,639
4,337
4,751
45,039
1.858
2,158
2,257
9,514
9,736
a
354
203,893 274,585 281,351 1,038,361 1,250,778
consumption
small Item which is not a semi-manufacture,
and waste,
b Includes tinplate
Includes sisal, manlla, kapok, New Zealand fiber, crin vegetal,
c
d Includes a few items not semi-manufactures,
Ac.
6,987
1,812
692
#
705
Non-commercial imports.!
scrap
6,246
7,882
9,357
551
Machinery
a
April,
1,083
1,305
3,627
49,459
2,331
5,586
2,775
43,000
11,959
Newsprint
Total imports for
5 Mos. End. May
May,
Commodity
2,467
16,687
7,349
29,473
11,727
13,576
13,663
4,653
248
2,734
23,777
2,284
9,915
473
7,099
2,289
Gas and fuel oil..
1,056
3,313
Finished Manufactures—Value in
1,305
2,641
3,265
3,750
Wood pulp,*.....
2,076
17,200
2,983
16,220
1,091
3,348
1941
1,278
1,085
650
resins.a
Boards, planks, Ac
Tin plate and
1940
1,066
1,190
...
2,890
5,330
1,716
2,071
5,513
2,740
7,948
Wood pulp
May,
1940
Sawed timber
2,302
4,825
1,728
399
(except
cabinet woods and railroad ties)
Coal-tar products.d
5 Mos. End. May
Naval stores, gums and
683
,
1941
1940
4,738
818
1,809
4,060
1,358
Expressed oils, Inedible-d..—.
Industrial chemicals.d.....
Leather
4,126
;
Tin (bars, blocks, pigs)
Commodity
518
439
Leather
Wool semi-manufactures
broken
Wheat flour*.*...
April,
1940
Commodity
961
refining and export,
e
Chiefly unrefined copper for
f Chiefly merchandise returned,
g Partly oil used for refuel¬
h Revised to include anti-knock compounds.
ing vessels and for refining and export,
Automobile casings
—
Tobacco manufactures
Cotton manufactures
Cotton cloth, duck
and tire fabric..
Rayon manufactures
Wood manufactures, advanced.
2,809
1,198
1,507
4,879
3,056
1,336
974
Rubber manufactures...
4,836
2,512
1,288
7,204
1,186
5,835
2,640
4,531
2,667
6,240
Paper and manufactures
Motor fuel and gasoline
h6,722
9,287
Lubricating oil
1,169
Glass and glass products
Steel-mill manufactures
Iron and steel advanced manufactures.
Electrical machinery and apparatus..
10,292
5,267
9,637
1,785
Radio apparatus
Industrial machinery
Construction A conveying mach'y..
Mining well A pumping machinery.
Metal-working machinery
Office appliances
Agricultural machinery A implements.
36,891
2,922
4,514
19,824
1,978
9,556
7,056
1,680
13,074
8,431
12,278
2,114
40,963
2,772
3,557
4,460
14,433
6,079
1,746
6,062
22,091
11,948
6,717
8,285
5,669
27,232
17,667
22,819
2,924
1,107
6,217
3,297
7,760
11,708
5,050
2,349
24,808
5,106
27,929
7,657
h31,594
51,652
19,779
31,644
1,882
5,259
13,528
8,626
49,629
25,260
48,435
8,606
63,947
38,005
56,565
10,336
198,386
15,333
5,643
12,276
2,272
36,509
3,359
3,250
17,142
1,979
8,309
13,660
6,147
5,963
5,686
4,082
3,943
22,381
1,694
8,345
Motor trucks and buses (new)...
6,995
12,010
Passengers cars (new)
5,844
3,545
4,130
47,078
8,224
2,025
3,450
2,012
9,452
173,422
12,747
22,601
89,976
10,525
36,201
41,195
31,683
19,769
20,223
assembly—
Automobile parts for replacement
Airplanes (landplanes and seaplanes,
powered and without engines)
Engines for aircraft
Merchant vessels........
Mediclnals and
......
pharmaceuticals.....
374
Explosives, fuses, Ac
Scientific and
14,539
3,409
2,192
2,395
professional Instruments
Firearms and ammunition, Ac
—
All other finished manufactures
1,347
1,976
33,069
2,126
14,335
47,929
1,611
3,454
3,225
2,178
15,213
162,030
39,218
15,331
12,109
2,332
3,231
19,220
104,814
8,928
34,496
54,075
27,200
30,419
20,274
74,941
14,582
17,259
40,743
Automobile parts for
34,904
15,993
9,716
9,367
6,893
5,827
63,071
157,928
49,356
210,666
Agriculture
of
Department
The U. S.
:
products—Canned
Cured and frozen
April,
1941
May
May,
1941
1940
1941
6,420
6,207
7,078
5,907
22,206
5,421
20,092
24,842
40,655
115,448
Oilseeds
4,086
1,823
2,655
Flaxseed
1,976
3,289
908
882
11,199
4,655
1,054
2,959
1,579
2,124
378
450
472
39,264
4,055
Hides and skins
Undressed furs
Crude rubber
28,086
305
193
133
Wool, unmanufactured
4,589
18,679
Silk, raw
7,831
22,966
9,254
19,761
9,651
14,763
4,891
4,670
1,557
39,339
1,186
1,864
8,959
1,900
43,899
9,351
3,074
3,203
2,841
10,713
Tobacco, unmanufactured
Cotton, unmanufactured.
Jute and Jute butts.
Flax and hemp,
Other textile
unmanufactured
fibers.c
Crude petroleum
3,315
27,975
32,382
164,441
7,850
3,793
84,650 100-yd. bundles
...
9,162
14,157
307
793
1,913
3,399
437
2,467
3,280
9,438
13,525
51,645
3,472
19,342
15,629
Non-ferrous ores and concentrates
2,160
Ferro-alloyine ores
All other crude materials..
3,107
9,664
2,330
11,000
Crude
Foodstuffs—Value In
4,617
12,932
55,350
140,003 cases
Dried eggs
1,930,300 pounds
Frozen eggs.
.....
13,835,470 pounds
American cheese
4,293,300 pounds
Dry skim milk (spray)300,000 pounds
Dry skim milk (roller).
—.......
.......
160,000 pounds
Evaporated milk
201,200 cases
Canned fish (futures)
93,700 cases
Canned tomatoes (futures)
286,000 cases
Dried apples
100,000 pounds
Dried apple pomace
150,000 pounds
Cornstarch
18,820,000 pounds
Corn sugar...
2,224,000 pounds
....
...
-
_
Hoy flour
------Orange marmalade pulp-..-.........
Citrus pectin
Fresh plums....
Carrots
.........
...
be used for domestic distribution to public aid
requirements of
the Red Cross for shipment to war refugee areas, for transfer
to other countries under the terms of the Lend-Lease Act,
or for release upon the market when this is desirable.
can
Summary of Business Conditions by Board of Governors
of Federal Reserve System—Industrial Production
Further in June
Increased
"Industrial
production increased further in June, continu¬
ing the rapid advance that began
the Board of
2,322
Wheat for milling and
...
Cocoa or cacao beans
Coffee
Tea
All other crude foodstuffs
1,603
401
434
420
export
Vegetables, fresh and dried
2,166
591
Cattle, except for breeding
Bananas
1941
about a year ago," reports
Governors of the Federal Reserve System on
July 20 in its
monthly summary of general business and
financial conditions in the United States, based upon
tics for June and the
in retail
both
first half of July.
statis¬
Commodity prices,
and in wholesale markets, rose
considerably
part of June and the third week of July.
The Board's summary continues:
''*\U
Production
May,
1941
pounds
pounds
pounds
boxes
2,880 bushels
101,145 bushels
calls attention to the fact that these food
5 Mos. End. May
April,
1940
..... —
1,140,000
218,400
245,000
19,368
between the early
1,000 Dollars
May,
Commodity
6,420,336 pounds
Shell eggs
611
92,980
105
1,003
7,022
8,095,000 pounds
._
Casings
15,341
609
Diamonds for industrial use.
•
Quantity
4,639,976 pounds
families and for free school lunches, to meet
5 Mos. 17rid.
May,
1940
/
Commodity
— .......
Lard
supplies
1,000 Dollars
following food supplies during the week
Commodity—
Pork meat
The Department
IMPORTS FOR CONSUMPTION
Purchases
ended July 19:
316,457 376,185 376,354 1,674,527 1,719,187
Crude Materials—Value In
Food
Department of Agriculture announced on July 21
the purchase of the
White potatoes
Total domestic exports
Reports
During Week Ended July 19
1,565
2,618
2,844
2,249
11,592
1,193
4,883
593
1940
7,998
2,803
4,608
11,791
1941
Reflecting the continued advance in
8,543
2,060
estimates
the
with
1940, when the current advance in
59,515
1,617
2,947
10,333
9,694
4,725
5,989
17,614
21,919
\
industrial activity at a time when
declines, the Board's adjusted index advanced from
1935-39 average in May to 156 in June, and preliminary
indicate a further rise in July.
The current level compares
before the start of the European war and 111 in the spring of
ordinarily
of
17,706
89,870
19,732
10,754
150%
6,060
11,614
2.91Q
4,373
17,569
3,805
output
104
Further
increases
number of industries,
in
output
industrial activity began.
reported in June for a considerable
were
particularly those associated closely with the defense
The Commercial & Financial Chronicle
456
and there were
program,
industries
As in other recent months,
important declines.
no
production 'was maintained
high level of May, owing mostly to unusually large retail sales.
of
iron
and
show
not
metal
to
non-ferrous
increase
an
products,
shortages
and
steel
of
and
the
Output
Automobile
eharply.
rose
to
already
metals,
correspond
official
the
with
close to
rise
at
Steel
in output of
For the
the
of
rated
of
finished
continued
recent
and
there
heavy
demand
month
before
curtailment
represent
Mineral production
increased in June, with
of
construction
figures
of
increased
defense
F.
the
W.
sharply,
construction
clined somewhat
in
Corp.
Dodge
continued
Private
public
expansion
residential
seasonally, following
of
general merchandise fehowed
usual at this
ment stores
time of
rose
Loadings of
decreased
the year.
somewhat and
high
construction
7-216
202
128
206
129
Transportation
P210
194
122
p223
215
131
p874
p891
pl67
849
371
218
124
280
106
379
176
showed
prices of
at
change
the
from
seasonally,
level,
May
Locomotives---
industrial
24% higher than
further
earlier marked
have been
four
Shipbuilding
while rural
361
170
p402
191
130
pl90
196
130
142
131
P136
144
131
173
170
130
170
170
128
p221
224
115
p222
231
116
150
142
124
143
142
118
pl34
132
111
pl39
134
116
130
119
Copper smelting
—
—
Copper deliveries
Zinc shipments
Lumber and products
Silk deliveries
advance
to
Prices of
goods
gray
were
Retail prices for foods and many other commodi¬
Preliminary
July.
about 4% higher
was
indicate
figures
further
101
in
States
rise
offerings
now
Government
by the
the
greater
of
excess
volume
which
reserves,
51
88
123
96
pll8
121
88
119
*
116
88
129
90
♦
127
86
99
88
♦
94
108
91
♦
106
91
126
101
120
123
89
123
115
pl23
119
116
banks
by member
Commercial
bank
of
98
101
100
92
119
112
116
126
132
123
122
115
pll9
pi 18
pll6
117
132
111
110
States
all-time
Government
132
158
128
154
156
128
pl22
122
120
pl21
126
119
106
107
106
107
111
107
*
latter
*
115
*
*
116
*
112
*
*
113
♦
110
*
*
112
*
*
113
*
*
112
*
*
122
*
*
*
*
116
*
#
-
p531
191
196
i
Chemicals
Rubber products
—
Rubber consumption
515
pl40
Beehive coke
continued to
loans
over
loans
amounted
and
a
about
to
advanced
securities
Board
$5,300,000,000
Zinc
pl24
pl33
120
116
126
100
80
rll6
pll6
88
rl07
117
116
120
111
116
154
134
pl21
pl75
181
161
212
155
326
323
288
161
143
P150
159
140
118
149
150
150
116
*
.
114
122
*
108
97
*
i———
pPreliminary or estimated,
138
114
*
133
114
r
Revised.
FREIGHT-CAR
on
of
* Data not yet available.
LOADINGS
average =
100)
June 26
were
Governors
of
Without
Seasonal Variation
during the latter
Seasonal Adjustment
at an
Federal
June,
May,
June,
June,
May,
June,
1941
1941
1940
1941
1941
1940
156
138
120
131
117
101
Coke
189
182
145
170
167
131
Grain
126
124
98
j.23
107
88
91
95
69
82
75
136
130
108
141
135
112
152
266
134
265
276
233
■y-y
Coal
_
products
Ore
•
In another item in
The indexes for
139
136
111
141
138
102
102
94
101
102
100 for Industrial production and freight
1923-25 average = 100 for all other series)
average =
Adjusted for
Without
Seasonal Adjustment
May,
June,
June,
May,
1941
1940
1941
1941
Back figures
from the Division of Research and Statistics.
may
94
be obtained upon request
A chart showing the new series will
be available sometime in July.
June
Business
Activity in
High, Reports
Record
California
Reached
Wells-Fargo
Bank
New
(San
Francisco)
Seasonal Variation
1941
.213 and miscellaneous by .548.
California business activity in June again reached a new
record high, according to the current "Business Outlook"
loadings;
June,
112
,
Note—To convert coal and miscellaneous indexes to points in total index, multiply
coal by
follows:
car
96
sum¬
June, with
a year ago, are as
Miscellaneous
Merchandise, l.c.l
give the Board's customary
month and
Industrial production, total
116
149
—
Silver-i—,
BUSINESS INDEXES
(1935-39
116
Adjusted for
System for June
of business conditions.
a
117
164
123
152
Gold
on
System issued its monthly indexes of industrial production,
comparisons for
110
162
196
pi 53
(1935-39
further
factory employment and payrolls, &c.
we
133
191
116
180
Iron ore
investments,
On July 20 the Board of Governors of the Federal Reserve
mary
pl33
117
164
pl44
Metals
Forest
these columns today
116
162
rl23
pl21
Livestock
Reserve
134
386
pl30
earlier.
year,
Partially tax-exempt 1960-65 bonds
of
p435
pl26
-
Crude petroleum
the period, reflecting mainly
on a 2.02 yield basis.
Since that time they have declined
Taxable bonds generally continued to advance to successive new
levels.
Yields on Treasury notes showed little change during the
part of June and the first half of July.
Indexes
122
113
rl50
pl54
Anthracite
peak,
Monthly
130
141
*
—
Kerosene.
in
slightly.
high
*
141
United States Government Security Prices
United
90
a
July 16, compared with $6,900,000,000
part of June.
90
110
*
Lubricating oil
building up of Treasury deposits at
These developments also resulted in a decrease in the
the Reserve banks.
volume
131
67
165
154
Copper
(Notwithstanding
168
p66
pl62
pl22
Newsprint consumption
Petroleum and coal products
Petroleum refining
sharply.
growing demand for currency and
pi 72
56
89
-
—
Fuels
securities
Treasury.
deposits of city banks declined somewhat
a
144
71
107
Other manufactured foods..
leading cities increased further during June and early July, reflecting
part
189
168
pl22
—
Bituminous coal
United
108
Minerals
Bank Credit
of
101
164
pl22
Paper and products
j
Holdings
157
160
pll5
Meat packing
advances
pl55
114
136
Manufactured food products
reduced
107
164
*
Shoes
Following
79
162
♦
Fuel oil.
products.
142
*
Gasoline
finished
149
*
Goat and kid leathers
foodstuffs
and
80
pl33
pl29
Cattle hide leathers.
substantial advances in prices of a
were
129
142
:
p73
-
Calf and kip leathers
and
110
164
110
pl63
—
Wheat flour.
at any time during
142
pl67
pl89
Rayon deliveries
con¬
pi 51
112
168
Cane sugar meltings
reflecting
June,
113
141
pl62
—
Cotton consumption
151
152
Textile and products
122
pl56
pl46
—
Polished plate glass
retail
114
164
pl23
Furniture
8tone. clay and glass products
decline is
a
of commodities continued
materials
earlier.
p386
pl90
pl36
Printing and publishing..
rising, and in June the cost of living
months
102
Paperboard
advances, prices of hides and cotton
by governmental action.
280
Non-ferrous metals and products
a year ago.
in
in larger volume than
groups
raw
p274
p236
p285
May to June.
although
early part of June to the middle of July.
of
111
Leather tanning
than
increased
large increases, and there
number
106
193
—
Leather and products
little
more
were
were
most
364
141
p211
Wool textiles
Commodity Prices
the
832
pl55
Railroad cars---—
de¬
contracts
the seasonal peak last autumn.
Wholesale
equipment
Automobiles
Aircraft.-------—-
increase in May.
in shipments of coal and miscellaneous merchandise,
by the end of the month
in
151
Machinery
according
In the early part of July sales at depart¬
freight
revenue
tinued expansion
than
150
172
the volume of
in
building
an
the
at
a year ago,
for
Awards
reflecting continued
than
variety store sales remained
ties
151
175
pl79
p218
Lumber
June
nearly two-thirds above
projects.
more
Department store sales
from
172
179
154
rise in output of anthracite,
a
Distribution
Sales
and
pl79
148
high level.
awards
contract
level reached in May and was
again
154
166
165
July consumption
further increase in output of bituminous coal, and a continued advance
Value
June,
1940
165
Zinc smelting
in crude petroleum production to a new
1941
177
rapidly.
and the fact that June was the last
rubber consumption by industry was to go
of
May,
1941
pl82
Pig iron..-----—
Steel ingots—
reflecting continued
the month to be used in apportioning
was
June,
1940
pi 82
Iron and steel.-
various manufacturers.
among
to
instances
some
June
in
chemicals continued to increase
Output of
June,
1941
Manufactures
was
for rubber products
into effect and
some
in
manufactures
sharp rise in rubber consumption,
a
was
which
levels,
advanced
production.
capacity
May,
1941
1940.
other non-durable
most
June,
of steel has averaged 98%
date output
December,
of
as
textiles
at
Output
Also,
capacity
to
year
Seasonal Adjustment
ingot
99% of capacity during June, but the rate in the middle of July
slightly lower.
Without
Adjusted for
Seasonal Variation
did
capacity,
indicated growing concern over
production remained close
statements
materials.
numerous
(1935-39 average = 100)
machinery, and railroad equipment
the aircraft, shipbuilding,
activity in
July 26, 1941
INDUSTRIAL PRODUCTION
June,
1940
pl50
150
121
pl56
153
121
pl60
154
122
y
161
157
122
Durable
pl88
176
131
pl92
185
134
Non-durable
pl37
136
114
112
127
rll9
pl35
pl31
134
V132
128
118
Construction contracts, value, total._ pll2
Residential
p96
101
74
pi 30
121
86
88
69
pl05
104
111
77
pl51
136
just released by the Wells Fargo Bank & Union Trust Co. of
San Francisco. The Wells Fargo index measuring the State's
rate of business activity in terms of the 1935-39 average
equaling 100, rose to 149.1 in June from 146.2 in May. A
year ago the index stood at 113.6.
Comparing June with
May, two of the index factors (bank debits and industrial
production) were higher, while the other two (department
store sales and car loadings) showed slight declines.
Manufactures, total
Minerals
All other
pl26
_
Factory employment, total
Durable goods
*
124.8
129.4
99.0
120.4
108.5
x
Preliminary.
93
103.1
131.2
99.8
*
118.7
106.2
144.0
99.5
163.0
101.4
#
Durable goods
Non-durable goods
p
*
76
124.8
»
_
Freight-car loadings
Department store sales, value
Department store stocks, value
*
'
*
...
Non-durable goods
Factory payrolls, total
103.9
122.7
97.4
139
135
111
136
131
pl02
105
91
p98
105
87
74
67
76
* Data not yet available,
*
110
Revised.
store sales Indexes based
dally
0.469, and minerals by 0.152.
on three-month
moving averages, centered
W. Dodge data for 37 Eastern States.
To convert Indexes
to value figures, shown in Federal Reserve Chart
Book, multiply total by $410,269.-
month of F.
000, residential by $184,137,000, and all other by $226,132,000.
Employment index, without seasonal adjustment, and payrolls index compiled by
Bureau of Labor Statistics.
For back figures see Federal Reserve '•Bulletin" for
June, 1941.
in earnings
wage
to new high levels
"The
in May resulted from
increases and extension of overtime opera¬
tions in many
on
Construction contract indexes based
Revised series.
tary of Labor Frances Perkins reported on July 16.
rise
widespread
r
averages.
To convert durable manufactures, non-durable manufactures and min¬
erals Indexes to points In total index, shown In
Federal Reserve Chart Book, multiply
durable by 0.379, non-durable by
x
Hourly and weekly earnings of wage earners in manufac¬
turing industries in May registered a sharp advance, Secre¬
64
*
Note—Production, carloadings and department
at second
Secretary of Labor Perkins Reports Sharp Advance
in Hourly and Weekly Earnings in Manufacturing
Industries in May
industries," she said.
"During the past two
months
general
wage-rate
increases
affecting
nearly
1,500,000 workers have been reported to the Bureau of Labor
Statistics.
Indicative
of
overtime
conditions
among
the
durable goods industries where most of the defense
produc¬
tion is concentrated, 37 to the 43 durable goods industries
regularly
hours per
ther
tabulated reported operations in excess of 40
week per wage earner."
Secretary Perkins fur¬
stated:
Volume
The Commercial & Financial Chronicle
153
Wage-rate increases from April 15 to May 15 averaging 8.9% for more
than
700,000
of
out
wage
which
in
numbers of workers
goods
(87,845),
the
reported
(33,198),
agricultural
tile,
and
terra
(31,750),
implements
paper
(12,015),
smelting
and
(11,386), and brass, bronze, and
Average
hourly
the
of
one
90
manufacturing
since
earnings
interval.
and
April
time
and
9.7%
industries showed
90
per
wage
rise
a
hourly
in
increase
an
the year
over
45.4
machine-tool
hours
week
per
of
in May, with hours
wage earner
May:
foundry and machine-shop products,
45.2 hours; brass, bronze, and copper products, 44.5
aircraft,
hours;
47.2
&c.,
hours; shipbuilding, 44.0 hours
42.5
aluminum, 42.6 hours; ammunition,
;
hours; explosives, 42.2 hours; optical goods, 40.9 hours, and smelting and
lead, and zinc,
refining—copper,
39.3
hours.
pronounced effect
of the defense program on hours and earnings in the durable than in the
non-durable goods industries.
Average hours in May amounted to 42.5 per
Year-to-year comparisons continue to indicate the
durable
in
goods,
rise of 11.5% over the
a
more
compared with an
year,
of 38.9 hours in non-durable goods, an increase of 7.1%.
average
Hourly
earnings in durable goods in May were 80.6c., 11.1% above May, 1940, as
with
compared
result
of
4.9%
gain of
a
these
of
$35.51
Resumption
24.8% above
substantial
agreed
earnings
While
affected
Anthracite mining reported a
hours
was
still
anthracite
in
non-metallic
coal
mining
April to May and 14.6%
reported
In
an
trade
retail
showed
industry
400,090
the
wage
1940, weekly
of
increase
an
hourly
and
earnings
rose
is
worked, but the level of
year ago.
a
business
due
gain
The
of the total
for
Average weekly earnings
11.0% below
year
a
Quarrying and
ago.
5.3%
weekly earnings
in
showed
weekly earnings
an
over
the year.
4.3% during this
increase of
the
in
increase
hours of employment, and to
average
establishments
by 229
of
total
a
49,271
wage
their June
on
or 6.4%
weighted
earners,
covered by the reports, and the
earners
.
all-reporting industry indexes of employment and payrolls for June,
June,
125.4
and
154.2,
respectively
21.0% and 37.9%
are
1940, and
(average
equals
1935-39
100).
higher, respectively, than the indexes
10.7% and 26.0% higher, respectively, than the
are
1937.
Report of Lumber Movement Week Ended July 12, 1941
Lumber production
40%
was
during the week ended July 12, 1941,
in
than
greater
shipments were 15%
(holiday)
previous
the
greater;
business 28%
new
week;
greater,
according to reports to the National Lumber Manufacturers
Association
from
regional associations covering the opera¬
tions of representative
hardwood and softwood mills.
Ship¬
3% below production; new orders 16% above
production. Compared with the corresponding week of 1940,
production was 20% greater, shipments 20% greater, and
new business 23% greater.
The industry stood at 122% of
ments
the
were
production in the corresponding week of
129% of average 1935-39 shipments in the
of
average
1935-39
and
The Association further reported:
same week.
Year-to-Date
Comparisons
to date was 14% above
17% above the shipments,
Reported production for the 28 weeks of 1941
corresponding weeks of
and
orders
new
of
weeks
28
1941
above the
date
to
shipments
1940;
23%
were
were
business
new
12%
was
For the
the 1940 period.
orders of
above
production
and
shipments were 6% above production.
Supply and Demand Comparisons
The ratio of
unfilled orders to gross
stocks
was
Unfilled orders
14% less.
compared with 20% a year ago.
year
stocks
gross
ago;
were
on July 12, 1941,
94% greater than a
46%
were
Softwoods and Hardwoods
Wholesale trade establishments
May, 1940.
over
factors.
production
seasonal
be attributed to
may
reported
affected
wage
small
A
rate of wage increase amounted to 8.4%.
average
The
766,268
activity.
the period.
were
increases
industrial
normal
to
small increase in the
a
and
indicated by the 18-year average May
(as
payrolls
increase in weekly earnings of 7.1% from
an
year
Record for the current week ended
and
tho
for
board
corresponding
feet:
week
July 12, 1941, for the previous week,
of
a
year
ago
follows
in
thousand
'
interval.
same
-Cv';
♦
Payrolls In¬
on
Delaware
1941
1941
1941
1940
Previous
Week
Week
Week
Week
(Retised)
payments were expanded 4% further from May
June, according to reports received by the Federal Re¬
wage
serve
1941
Week
Factory employment in Pennsylvania increased about 2%
and
Softwoods and Hardwoods
Hardwoods
Softwoods
Employment and
creased
Further in June—Report
Factory Conditions
Factory
Pennsylvania
to
1933.
probably
the
Wage rate increases
17.9%,
9.0%.
hours
in
recovery
were
of
As compared with May,
13.8%,
increase of
average
portion
major
a
18.0% below that of
mining showed
from May to June in
in the
general
increases during
rate
reports.
following
resulted in a
hours worked in that industry.
The new
advanced
hours
May,
in
mines
pending wage negotiations,
bituminous coal
the
in
average
a
industries
in the durable goods
bituminous coal
employed in this industry.
earners
As
group.
in
April
upon
in
compared to weekly earnings of
1940,
by increases
or
increase of 12.8% over the year.
in average
recovery
scale
May,
goods
an
operations
curtailment in
sharp
wage
of
the non-durable
for
weekly earnings
increases,
were
$24.47 in non-durable goods,
the
change)
balance of
employment,
hours;
48.3
machine products,
screw
exceeded
18
maintained
industries
accessories
per
Other important defense industries operated
respectively.
turbines,
hours;
week
The
indexes
following levels during
engines,
June
to
These
and
tool
above 50
of 52.3 and 52.4,
the
increase
an
indexes for June,
machine
The
to
full-time and part-
Weekly earnings
The relative increases
years,
were
previous
the 18
11 of
recorded in
June was
to
Practically all of the gain in employment for the month is believed to be
due
were
year.
month
the
of
1941,
the
over
May
increase in payrolls in 13 of the years.
an
current
one
457
from
part of the increase in payrolls
increased from 39.9 in
earner
employment
The increase in hours amounted to 2.1% over the
1940.
operations
at
reported
Eighty-
averaged $30.69, a rise of 5.0% since April and 21.0% over
workers
May,
all
hours worked
Average
April to 40.8 in May.
month
industries
the
for
only
72.6c.,
to
rose
May, 1940.
over
in
and
years
wage
(10,453).
industries
representing a gain of 2.5% over April and 9.1%
and
lead,
refining—copper,
products
copper
(12,564), brick,
and pulp
manufacturing
in
earnings
chemicals
(29,468),
sawmills
(18,747),
cotta
blast furnaces,
(52,656),
(44,576), foundry and machine-shop products
turbines, &e.
(20,540), engines,
gain
(90,182), wollen and worsted
and meat packing
slaughtering
affected substantial
increases
wage
electrical machinery
were
steel works and rolling mills
zinc
plants
manufacturing
1,926
reporting sample of 33,791 plants employing 7,105,000 wage earn¬
a
Industries
ers.
by
reported
were
earners
A
Bank of Philadelphia from 2,680 establishments.
The
employed in factories in the month
estimated total of more than 1,100,000, or 24%
Production.
251,679
243,113
Orders
...
100%
97
10,615
12,459
293,466
_
Shipments.
117
10,305
451
455
455
100%
262,294
219,404
186,963
117
255,572
303,771
213,666
222,048
247,270
236,916
89
379
Mills
97
number of wage earners
reached
an
payrolls aggregated over $33,800,000 a
week, an increase of 54% in the past year and the largest
volume of disbursements on record.
Under date of July 18
above
a
year
Bank further said:
the
'■:;h■'?■)■('-;4' '?
Virtually all major industries showed gains in the month, but the largest
increases
were
again at plants producing heavy goods, where payrolls were
reported by
tools, nonferrous metal products, and nearly all types of transportation equipment.
In consumers' goods lines wage payments were 26% above a year ago.
At textile mills activity was well sustained when there is usually some
70%
June,
above
men's
silk,
iron
primary
Further
decline.
seasonal
cotton,
Particularly
1940.
of
manufacturers
industry.
sharp expansion
steel,
and
expansion
and knit goods,
clothing
Payrolls
at
and
reported at mills
was
dyeing
at
was
machinery
and
manufacturing
finishing plants, and
plants
turning
in
81c.
in
were
June,
a
level
expanded
over
8c.
an
hour above
by nearly $1 to
$26.65 in June, 1490.
an
a
high
a new
Weekly
year ago.
of
average
earn¬
$33.19 compared with
Working time increased fractionally in the month.
Regarding conditions in Delaware factories the Reserve
while
employment declined slightly from May to June,
payrolls increased by about 2%.
all
in
major
lines
except
the
largest gains were reported in
printing.
increa&ed
Manufacturers
wage
of
Wage disbursements were expanded
transportation
the
case
metal,
industry.
equipment
of lumber products and
leather
and
chemical
paper
products
The
and
also
Agriculture's Bureau of Entomology and Plant Quarantine.
rapidly approaching
With winter wheat either harvested or
maturity as far north as northern Kansas and Missouri, all
but very late fields are now safe from further damage from
stem rust.
Aggregate losses in Texas and Oklahoma will
be
not
In
in the number of wage earners and
4.7% in total
1941, according to
a
wage pay¬
report issued
Illinois Department of Labor on July 19.
These
percentage changes are based on reports covering a sample
group of 766,268 wage earners in Illinois manufacturing,
trade, service, public utility, coal mining, and guilding con¬
struction establishments.
The Department's announcement
Lafayette County, the aggregate loss for the State
near
mated at
an
before
area
has
been
a
wheat
winter
of
has
been
about
is tentatively esti¬
completed
east
of
the
While a sprinkling of rust appeared throughout this
matured, it will cause no appreciable damage.
There
River.
crops
rapid increase in the prevalence of stem rust in
southern Wis¬
week, and owing to very favorable rust weather
it causing damage to late fields of both wheat
barley.
However, winter wheat is mostly ripe and spring wheat is in
soft dough.
Only a sprinkling of stem rust has been reported on
consin
there
during
is
a
July
and
only
a
past
to date.
Wisconsin
in
On
the
possibility of
spring
10
wheat
in
the southern
half of
Minnesota was
in
dough state; barley varied from medium to hard dough;
sprinkling of rust could be found.
A trace of rust has devel¬
durum wheat in northeastern South Dakota, but crops in this
only about two weeks from harvest.
In the Red River Valley
the wheat is Thatcher, which continues to show resistance to races
oped
on
area
are
most
of
of
a
on
rust
prevalent this year.
In the western parts of the Dakotas there is
acreage of Ceres and Marquis.
A trace of rust appeared
considerable
these varieties about
losses
two
will
weeks.
be
•
governed
.
•
July 1 and
largely
damage may be expected although
weather conditions during the next
some
by
•
Weekly Statistics of Paperboard Industry
employment
average
im¬
2% to 3%.
Mississippi
said:
all-reporting industries are un¬
usually large for the May to June period.
The previous 18-year average
May to June changes were an average increase of 0.1% for employment
and
Kansas damage from stem rust is of minor
part of
western
about the medium
the
The
the
the extreme northwest section.
Stem rust infec¬
tion on predominating hard wheats in the southwestern sections of Kansas
was very light and grains are ripe or nearly so.
Although some late fields
of soft wheat in Missouri will be severely damaged, particularly in and
Payrolls Advanced
May to June
Reports from 6,464 combined Illinois manufacturing and
non-manufacturing establishments show increases of 2.6%
further
damage has occurred in
Texas, eastern Oklahoma,
Under date of July 19 the De¬
severe
north-central
partment also said:
the
by
of
areas
southeastern Kansas.
and
oats
Illinois Industrial Employment and
ments from May to June,
although
great,
limited
and
payments considerably.
from
Escapes Heavy Rust
general, winter wheat has escaped extensive damage
rust this year, according to the Department of
In
Harvesting
factories
Delaware
General,
from stem
Bank stated:
At
in
portance and confined to
Hourly earnings of factory workers in Pennsylvania reached
ings
Wheat,
Damage
food
various
out
the
products also expanded substantially.
of
Winter
ago;
and payroll
increase of
gains
0.7%
for
for
payrolls in
all-reporting
industries.
give herewith latest figures received by us from the
National Paperboard Association, Chicago, 111., in relation
to activity in the paperboard industry.
We
T/ze Commercial d
458
The members of this Association represent 83% of the
industry, and its program includes a statement each
financial Chronicle
July 26, 1941
above 1940,
than 20%
in some months of 1911 the
com¬
total
parison with last year will be less favorable than now.
The
week from each member of the orders and
Department's announcement likewise reports:
production, and
also a figure which indicates the activity of the mill based
on the time operated.
These figures are advanced to equal
100%, so that they represent the total industry.
STATISTICAL
REPORTS—ORDERS,
PRODUCTION,
MILL
ACTIVITY
By far the largest increase in prices will be for meat animals, showing
a
Orders
Production
Percent of Activity
Current
Cumulative
528,155
579,739
107,240
72
420,639
453,518
71
449,221
09
May
682,490
624,184
509,781
193,411
247,644
236.693
70
72
79
paid
73
June....
July
August
September
456.942
508,005
644,221
.....
70
196,037
102,653
72
72
73
184,002
79
488,990
464,537
December
1941—Month
509,945
161,985
77
151,729
71
probably
increases in
and
livestock
73
673,446
629,863
202,417
,y
so-called
costs
548,579
201,650
337,022
81
March..
662,128
671.050
April
May
857,732
656,437
726,460
June
634,684
1
155,262
Mar.
8.......
164,001
168,701
Mar. 22
167,430
161,996
183,264
181,778
19....
26
3
10
17
24
31
Apr,
May
May
May
May
tributed
In
__
88
by
160,769
166,338
165,583
170,486
161,295
168,875
155,831
156,188
82
77
cultural
80
78
be
82
78
82
78
84
79
337,022
308,304
393,732
415,485
146,578 /
83
84
83
80
84
149,884
472,782
84
80
only
152,410
85
81
May,
154,711
131,531
July 19
108,431
156,989
550,902
168,561
5
156,439
153,364
129,019
reports, orders made for
or
84
81
84
81
88
81
88
90
prices
The
1940.
is
than
mid-July
on
advance
in
July
82
some
feed
a
in
the
Factors
There is
which
contributed
the
to
level
of
domestic
the smaller
much
higher loan rates
(1)
the
of
consumption,
planted
field
v
in the
Prairie
the Peace
There have been
some
pastures
crop is
are
pro¬
generally have made rapid
progress.
and second-growth clovers.
being harvested.
A fairly
In the Maritime Provinces
continue to make satisfactory progress and average yields are gen¬
There is ample moisture and warm, dry weather would
erally indicated.
now
be beneficial.
In British Columbia,
excessively hot, dry weather
throughout the Province has adversely affected crops.
Tree fruits are
maturing rapidly with indicated yields of apples 70% of average, peaches
and
plums
100%, and
prunes
making good progress with
Drought
Advices
Lowers
from
and apricots
average
Vegetable
110%.
crops
are
yields indicated.
Australian
Canberra
July
Wheat
16,
made
Surplus
public
by
the
Australian News & Information Bureau in New York, state:
Government quarters announced today that Australia's last wheat
crop
totalled 83,200,000 bushels
which, owing to an unusually dry season, was
the lowest since 1919-20 and means that the
Government will have to extend
grants of $8,937,500 together with a loan of
$3,250,000 to growers.
It is
pointed out that marketing problems, which otherwise would have been
acute, have been solved by low production.
In the
1940
season
Australia enjoyed a record harvest of 210,277,000
bushels of wheat, leaving a
large carryover in face of
The Australian Wheat Board considers the
present
factory
Australia
shipping shortage.
a
wheat position satis¬
has 47,000,000 bushels
yet unsold as against 81,000,000 bushels consumed within Australia
as
now
annually, leaving a carryover
this year of 16,000,000
bushels, which is far below normal.
total
and
Income
pansion
in
partment
Received
Domestic
1
by
Farmers
Demand,
year
in
prices
to
Ex¬
De¬
early
summer
earlier, according
As
agricultural
a whole has changed
very little and export
declined, it is evident that most of this rise
as
demand has
and
income
may be attributed to expansion in
resulting from the defense program and
to new legislation
affecting prices. For the year 1941 as a
whole, however, says the Department, the general level of
prices received by farmers probably will average not more
domestic demand
advance
May.
Textile
available
the
and
1
for
new
is
indicated
were
June,
wheat
over
a
less
than
to
have
price
of
July 14
continuing high
a
in
on
trade
circles
that
delivery
cotton
and
goods.
estimated
by
Con¬
1941.
Since the decrease
ago.
for
usual
gain
a
retarded
the
The
at
year
168,
been
recently
in
making the 11-month total about
rose
some
of
the
by
establishment
area
of
cotton
23,519,000
the
four
acres.
of
in
If
the
season,
points over
lack
of
goods
ceilings
over
cultivation
the
per
on
cent
is
equal to the 10-year average, an acreage of 23,102,000
harvest, the smallest since 1895.
Exports during June
75.000 bales,
tion of
(2)
feeling
was
early
for
the
10-market
15 to 15.38c.
crop,
June
in
officially
was
(3)
the
in
June
on
1941
consumption
of
sales
prices of
July
the
on
increase of 23%
an
index
making
total for the 11 months of 1,051,000, a reduc¬
a
83% from the total for the 11 months ended
a
year
earlier.
Petroleum and Its Products—Cole Pipeline Bill Passes
House,
Senate—Oil
Coordinator
Ickes
Seeks
$70,000,000
Pipe
Line—England
Seen
Getting
Tankers—August
Crude
Demand
Above
More
1940—Crude
Oil
Inventories
Japan
Production
Decline—British
Slumps—Petroleum
Oil
Shipments
to
Cut
The Cole oil measure, which provides for Government and
(or) private construction of pipelines to cope with the trans¬
portation bottleneck created by the "loan" of 50 American
tankers to Great Britain under the lease-lend plan, was
passed early this week and sent to the White House for the
signature of President Roosevelt.
Since the Cole bill was
sponsored by the White House, it is generally agreed that
its signature is merely a matter of executive routine and it is
expected to become law over this weekend.
Final approval of the bill by the Senate and House came
after conferees had agreed to the elimination of a Senate
amendment which would have prevented operation of the
lines after June 30, 1943.
The Senate approval of the bill
in its original form, however, came only after Oil Coordinator
Ickes had. agreed to consult with the Interstate Commerce
Commission before any Elkins Act exemptions are granted
to the pipelines.
In return for this, the ICC agreed to with¬
draw its amendment, which would have prevented such
exemptions after mid-1943.
The news of the passage of the Cole bill came simultane¬
ously with a meeting of virtually all American-flag tanker
owners in
Washington with Coordinator Ickes and repre¬
tankers
or
tankers to
Great Britain.
proposals for their transfer
diversion of tankers is
Mr. Ickes said in
Department of Agriculture economists.
production
Reflect
According
Prices and income received
by farmers in
about one-fourth higher than a
to
and
sentatives of the Maritime Commission to discuss transfer of
of Agriculture
were
than in mid-June,
belt may materially reduce production
cotton
consumption
additional
Prices
higher
local hail
A sawfly infestation
In Quebec Province heavy rains during the past
crops,
satisfactory fall wheat
crops
in
adjusted
sufficient moisture in nearly all sections and the outlook is
In Ontario further heavy rains have greatly improved the out¬
look for late
extremely discouraging
and generally unfavorable crop conditions over
acreage
now
favorable.
an
by the holding back of
include:
Sugar beets in Alberta and Manitoba
week have proved beneficial and crops
export
substantial
for
In some districts of Saskatchewan
shortage is feared.
gressing satisfactorily.
situation,
prospects
program.
81
is reported in southern sections of Alberta and Saskatchewan and the dam¬
be considerable.
middlemen
by
they were the highest since
wheat prices was influenced by the* general
speculative markets, and
loan
abandoned in 1941
losses in southern Saskatchewan and central Alberta.
age may
for
con¬
when
92
Saskatchewan, southwest Alberta,
districts failure.
was
for wheat and cotton the
middling 15/16-inch cotton from 13.75c.
River country and scattered isolated districts, prospects continue favorable,
but elsewhere immediate and copious rains are required to prevent further
decline and in
and
were
8,
82
The Bank's report continues:
and Alberta
retail
follows:
as
82
Reports Bank of Montreal
southeast
remainder
markets and
77
The Bank of Montreal reports in its July 24 crop report
excessive heat with below-average precipitation has
Manitoba,
above the
at
Cotton
that
In
well
saving
situation.
lower
8,800,000 bales,
Provinces.
this
domestic demand
weak,
74
in crop conditions
of
Were it not for prevailing Government agri¬
producers of agricultural commodities for export would
wheat
slightly
under
Crop Conditions in Canadian Prairie
decline
the
continues
sumption totaled 875,000 bales in
further
half
not bright.
income
and
strength
ments of unfilled orders.
a
the
in
earnings of im¬
foods
buy 58
prices,
farm
82
filled from stock, and other Items made necessary adjust¬
Further Decline in
could
About
with the excellent
products
are
programs,
Domestic
Note—Unfilled orders of the prior week plus orders received, less production, do
equal the unfilled orders at the close.
Compensation for delinquent
caused
V
.
existing
With their earnings
1929.
80
not necessarily
Provinces,
•' VV>'.
V
;
relationships
other prices and to
many
lower
farm
80
151,648
year
affected
crops
Wteat
431,859
144,481
in
in
Department explained
447,525
466,064
161,114
149,197
June 21
June 28
of
80
147,582
158,821
July
;
with
With respect to the situation
80
78
price
79
85
f;
147,188
147,365
7_.
marketings
as
or
;
during the first half of this
in mid-1941
facing tremendously restricted
148,381
July 12
May
June 14
than
farmers
for
322,605
150,259
134,853
to
workers
sharp contrast
demand
261,050
143,748
141,874
147,263
489,915
488,993
500.252
504,780
518,755
609,231
529,633
542,738
June
$1,500,000,000,
through reduced marketing charges.
83
84
277,115
300,378
141,176
138,165
Mar. 15
Apr.
income
compared
relative
less
one-fifth
improvement
6
The over-all gain in
than
more
products,
of non-farm workers.
factory
Week Ended—
Mar.
in
1924-29, prices of farm products and retail food
years
low
are
groups
level,
about
1941—
Apr.
farm
livestock
increases,
prosperity
82
447,625
488,993
509,231
602,323
608,995
these
still
portant
75
608,521
Apr. 12
be
will
marked in the last half of 1941.
Despite
1929
Mar. 29
than
increased Government loan rates were seasonally reduced during that
The increase in income from crops over last year will be much
by
of—
January
February
smaller
much
period.
73
479,099
be
will
;
largest
in
more
73
October
November
The
73
163,769
farmers
73
74
670,473
587,339
487,127
470,228
648,611
452,613
468,870
...
dairy
ahd
Closely following
fruit and miscellaneous
"with
eggs,
17%.
were
70
,
and
by
70
A prll.. ............
429,334
520,907
137,631
129,466
70
March..
farm
71
February
for grains
while
about half this much.
progress.
prices
income
cash
about
of—
January
Blight
in
advance
30%,
perhaps
are
be around 15% greater in 1941 than in 1940.
may
Tons
of
chickens
and
prices of farm products, so that the ratio of prices received to prices paid
Remaining
Tons
mo—Month
1940
over
crops
making only
The
Orders
Tons
truck
be
will
crops
Received
1941
in
gain
products the prospective gains
Unfilled
Period
as
a
a
matter of vital
"The transfer of
or
oil
the reallocation and
military information,"
after the meeting
statement to the press
with the shipowners.
"Accordingly, the Office of the Petroleum Coordinator
discussions, proposals
or action taken at the
meeting held today.
I believe that
the American press generally will recognize that this par¬
ticular subject is one of vital importance to our own national
defense, and realizing that, that it will refrain from pub¬
lishing such information insofar as it involves specifics."
While no official comment could be obtained following the
meeting, it was common gossip in Washington circles that the
cannot at this time comment upon any
Volume
The Commercial & Financial Chronicle
153
459
British had asked for, and would obtain, an additional 100
oil tankers.
As was the case with the first 50 tankers trans¬
ferred to British service, these tankers will be withdrawn
ment's program, Mr. Ickes said, "I see no use of making
further recommendations to a legislature which has no inten¬
from the Gulf Coast-East Coast service.
breach in the trans¬
portation facilities caused through the "loan" of the American
coastal tankers to Great Britain in an efficient and prompt
manner, Chairman Eastman of the Interstate Commerce
The transfer of
the
original 50 tankers created a transportation bottleneck
of such severity that passage of the Cole bill, which waives
all anti-trust laws and regulations, has been necessary in
order that pipelines to bring crude to Eastern refineries may
be built as quickly as possible.
Rationing of gasoline and other refined products in the
Eastern section, which for a time had been believed averted,
is a certainty now for the fall season, it is believed.
Certain
emergency steps taken by Coordinator Ickes such as transfer
of West Coast tankers to the Eastern run, diversion of huge
Navy tankers to the Eastern run and emergency legislation
increasing the load limits of tankers currently operating
together with increased rail movements had relieved the
original bottleneck to the point where voluntary conservation
of refined petroleum products in the East would have averted
any rationing.
Despite the passage of the Cole bill, which opens up the
way for the immediate start of pipeline construction, such
pipelines will not be in operation for at least eight months,
which means that they will be of no aid in relieving the
expected shortage during the fall and winter sesaons.
The
transfer of additional tankers to England reported in Wash¬
ington quarters will almost certainly reduce available stocks
on the East Coast to a
point where rationing will become a
tangible reality within the next few months, barring any
radical change in the basic transportation difficulties, it is
Commission said in Washington during the week, with
voluntary reductions in rate schedules having been instituted
by the railroads themselves.
Under these new rates, filed
under emergency conditions on short notice by the railroads,
oil movement costs have been materially pared.
Daily average market demand for crude oil in the domestic
market during August will be 3,940,000 barrels, approxi¬
mately 94,000 barrels better than the estimated market
figure of 3,847,000 barrels for the current month and 11%
ahead of the abnormally low actual demand in August of
1940, the Bureau of Mines said this week in its regular
monthly market demand forecast.
The Texas Railroad
Commission set its August allowable at 1,404,665 barrels,
48,000 barrels better than July's figure but still approximately
6,000 barrels under the level recommended by the Bureau of
Mines.
Ten shutdown days were ordered during August in
all fields except the Panhandle, which will have five.
The
August quota for California was lifted 7,000 barrels to 610,000
barrels by the Conservation Committee of the California
Oil
Producers.
The Texas Railroad Commission cleared the way for the
donation of a day's petroleum output from the State to Great
Britain
Thursday when it announced that it would lift
production shutdown on August 10 for those
companies which desire to make such a donation to the
British.
The plan has won the approval of both the Rail¬
on
the State-wide
felt.
Immediate construction of
a
250,000-barrel crude oil pipe
line from East Texas to the East Coast, via St. Louis, at a
cost of $70,000,000 was recommended to the petroelum in¬
dustry by Coordinator Ickes following the passage of the Cole
bill in the Congress.
Mr. Ickes also announced approval of
plans for the Maritime Commission to build 40 to 50 more
high-speed tankers, in addition to the 139 now under con¬
struction or contract.
In addition, he asked that further
consideration be given by the industry to the construction of
a
products pipeline from the Gulf Coast to the Atlantic
Seaboard.
The Office of the Petroleum Coordinator is
prepared to
recommend priorities for steel and machinery needed both
for the crude oil pipe line and the tanker building program,
Mr. Ickes declared.
He
pointed out, however, that even
require at least
eight months to build and therefore "will not be a factor in
abating the East Coast situation for some time."
Among
the companies listed by Mr. Ickes as possible participants in
the joint construction of the recommended piepline are
Socony-Vacuum, Cities Service, New Jersey Standard,
Atlantic, Tide Water, Shell, Gulf, Texaco and Consolidated.
The crude oil pipeline, Mr. Ickes said "would originate in
East Texas oil fields and proceed as a 20-inch line to a point
in Illinois, east of St. Louis, and probably in the general
This 20-inch line would
neighborhood of Nashville, 111.
have a daily capacity of 200,000 barrels at its Illinois terminal.
under ideal conditions, the crude line will
The 20-inch line from
Texas
could connect with
a
16-inch
line originating at Wood River, Illinois, where other lines
Mid'Continent and Texas fields now terminate.
from the
The proposed 16-inch line
of 115,000 barrels daily.
would have
a
maximum capacity
"From the junction
of the 2 lines, a 24-inch crude oil pipe
daily capacity of 250,000 barrels would be con¬
structed to the Atlantic Coast, terminating in the Phila¬
delphia and New York refining areas.
Although the com¬
bined daily capacity of the 20-inch line from Texas and the
line with
16-inch
,
tion of conserving natural resources."
The nation's railroads are filling the
a
line from Wood
Rivers total 315,000 barrels,
road Commission and the office of Petroleum Coordinator
Ickes.
Each firm participating in the unique gift to England
give the equivalent of its day's allowable.
While the
plan is entirely voluntary, no company can produce the addi¬
tional oil without showing proof to the Commission that it
has actually donated and delivered the crude oil to the
British.
Based upon the latest production figures, if all
operators participate in the plan, Great Britain will receive
more than 1,250,000 barrels of crude oil.
Reflecting an additional shutdown day in Texas, daily
average production of crude oil in the United States showed a
net decline of 194,700 barrels during the July 19 week to
3,676,050 barrels, according to the American Petroleum
Institute.
This
compared with the Bureau of Mines
market demand estimate of 3,847,100 barrels for July.
Texas showed a drop of 205,750 barrels with Illinois reporting
a decline of approximately 9,000 barrels in its daily average
flow of crude oil.
These reductions were partially offset by
higher production totals in Oklahoma, California, Kansas
and Louisiana.
Inventories of domestic and foreign crude
will
were off 2,503,000 barrels to 255,567,000 barrels during
July 12 week, the Bureau of Mines reported this week.
Holdings of American crude dropped 2,612,000 barrels, but
this was offset by a gain of 109,000 barrels in stocks of foreign
oils
the
crude-oil.
■
.
British oil supplies to Japan have been drastically curtailed,
the United Press reported from London on July 22 in carry¬
ing remarks of Richard Law, new Under-Secretary for
Foreign Affairs, made in the House of Commons in which
he said that the Anglo-Iranian oil agreement of 1940 which
provided for sales of 1,000,000 barrels of oil to Japan was
inoperative.
There were no crude oil price changes.
Price* of Typical Crude per
the
Bradford, Pa
capacity of the 24-inch line after the junction is made will
be 250,000 barrels.
This excess capacity of the two feeder
lines
is intended so as to obtain a greater flexibility in
procuring crude oil for transportation on to the East Coast.
So routed, the main line, with the necessary feeder line
connections, will reach the principal sources of crude oil
production east of the Rocky Mountains and thus will be
supported with a maximum of crude reserves."
The Office of the Oil Coordinator announced in Washing¬
ton on Wednesday that a reallocation of tanker space as
between companies and changes in tanker movements will
Corning, Pa.
be made
make
a
so
that
no
Latin American nation will be asked to
greater sacrifice than the United States is making.
This announcement
was
made following a meeting between
Deputy Coordinator Davies and representatives of American
oil companies
doing business in South America at which
representatives of the State Department and Maritime Com¬
mission also were present.
The meeting was the result of
Mr. Ickes' decision that "we will do nothing in our efforts
to abate the East Coast shortage that will require Latin
American nations to carry a greater burden than we do."
A sharp attack was made upon the recently enacted
Illinois oil conservation measure by Coordinator Ickes at
his press conference in Washington Thursday, with Mr.
Ickes saying that the measure is not a conservation measure
at all but "a bill to encourage the waste of natural resources
and mineral wealth" of the State.
"It's a joke as a conser¬
vation bill," the Coordinator declared.
"It has nothing to
do with conservation except mis-use of the word in the title
of|the bill." In response to questions as to whether he would
seek a conservation bill in Illinois in keeping with the Govern¬
i
Barrel at Wella
shown)
(All gravities where A.P.I, degrees are not
Eastern Illinoisj
....
J2.75 Rodessa, Ark., 40 and above
.......
1.31 East Texas, Texas, 40 and over
1.22 Kettleman Hills, 37.9 and over
Illinois Basin
1.37
Pecos County
Mld-Cont't, Okla., 40 and above..
1.25
.83
Signal Hill. 30.9 and over
Smackover, Heavy
PRODUCTS—GULF
REFINED
Lance
REFINERS
RULING—HASLAM PREDICTS
DATA
SEEKS
ICKES
HITS
RECORD
SLUMP—MOTOR
FUEL
The recent request
the
of
Office
that
Price
the
Gulf
CURTAILMENT
PROBES
ADVERTISING
FUEL DEMAND,
HIGH—REFINERY
OPERATIONS
INVENTORIES SHARPLY LOWER
of Leon Henderson, Administrator of
Administration and Civilian
Gulf Coast cargo gasoline prices
maximum of 6 cents
from
a
Coast
1.23
OPACS
EASTERN OIL RATIONING—
IN TRADE—AUGUST MOTOR
PRACTICES
13%,
PROTEST
VOLUNTARY
DEPARTMENT
DRIVE—JUSTICE
UP
IN
.Texas
Creek, Wyo
J 1.20
1.25
1.29
.95
1.12
Control,
be maintained at a
gallon brought an immediate protest
Refiners
Association
that
4'such
a
harmful only to
to the advantage of their com¬
ceiling on the price of refined products is
independents and reacts
petitors."
protesting Mr. Henderson's request was sent
meeting at which a majority of the independent
refiners operating on the Gulf Coast were in attendance and
The
wire
following
a
said in part, "independent refiners of Texas, Louisiana and
Alabama are suffering tremendous hardship because of your
Sincerely believe your action must
information given you by
some source or failure to take into account factors essential
to fair basis.
Urgently request immediate hearing, within
10 days at most."
telegram of July
16.
have been based upon erroneous
The Commercial & Financial Chronicle
460
Failure to economize upon oil products
current summer months probably
consumption during
will hasten the oil
rationing on the Atlantic Seaboard that is almost a certainty,
for the fall, R. T. Haslam, general sales manager of the
Standard Oil Co. of New Jersey, said on a tour of the com¬
pany's pipeline from Portland to Montreal, now under
construction, made by a group of newspaper editors during
the past week.
The pipeline being built from Portland to
the
Montreal will release 4 oil tankers which
can
be used in the
Gulf Coast-East Coast run, Mr. Haslam said.
It is expected
completed by Dec. 1, at a cost of $8,000,000.
In furthering his drive for voluntary curtailment of con¬
sumption of gasoline and other refined petroleum products,
Coordinator Ickes this week requested 19 large oil companies
operating in the Eastern area to give him weekly reports on
their retail sales.
The purpose of the request, he explained,
is to determine the success of the efforts to secure voluntary
reduction of consumption.
Mr. Ickes had previously wired
the governors of the 16 Atlantic coast States that a 33 1-3%
cut in consumption in this area was "imperative" if gasoline
rationing was to be avoided.
"For the purpose of measuring what effect requests for
voluntary curtailment have on the consumption of gasoline
in the so-called East Coast refining district," the request
stated, "will you please report in one total figure for the week
ended Friday, July 18, and for each week ending Friday until
further notice, your net sales of gasoline to dealers and
through your own service stations to consumers.
"We do not want sales to jobbing resellers nor to large tank
car buyers or to commercial accounts, since these do not
entirely reflect the reaction of private owners, nor are we
trying to develop figures indicating total district sales.
What we want to develop is the nearest possible measure of
the trend of retail purchasing in this area—obviously,
voluntary shipments from refineries and terminals to points
of consumption will not suffice."
The Department of Justice's anti-trust division has asked
22 major oil companies for detailed information on their
advertising practices and expenditures, it was disclosed this
week.
Reports from Washington indicated that the desire
of the Department of Justice to curb petroleum products
advertising designed to maintain so-called "full line forcing"
policies in the retail distribution of gasoline and oil behind
the new investigation.
The Department stated that it
hoped that the information requested in the questionaire
to be
will be available in time for it to be discussed With oil
com¬
panies in connection with a consent decree now being con¬
sidered by a major section of the oil industry and the
Government in an anti-trust action brought by the Justice
Department some months back.
Domestic demand for motor fuel will reach
a
new
record
high for all time during August, the U. S. Bureau of Mines
declared in placing probable demand for the month at
62,500,000 barrels, which is 13% better than the actual
demand in the comparable 1940 month.
August exports of
motor fuel were placed at 2,200,000 by the Federal agency.
A sharp decline in refinery operations—7.3 points—during
the week ended July 19 pared operation to 88.5% of capacity
as the industry slid off from the record
high scored in the
previous week.
Daily average runs of'crude oil to stills
dipped 285,000 barrels from the record achieved in the
July 12 week, dropping to 3,805,000 barrels.
Gasoline pro¬
duction dropped 1,458,000 barrels to 12,562,000 barrels.
The sharpest decline in many weeks developed in in¬
ventories of finished, unfinished and aviation motor fuel,
which dropped 1,641,000 barrels during the July 19 week to
87,920,000 barrels, the American Petroleum Institute report
also disclosed.
Seasonal gains were shown in holdings- of
residual fuel oil, up 392,000 barrels, and gas oil and distillate
holdings, which gained 920,000 barrels.
Stocks of all refined products held strong during the week
in all major marketing areas but price changes were confined
for the most part to local readjustments.
producing States during July.
Daily average production
the four weeks ended July 19, 1941, is estimated at
3,763,050 barrels.
The daily average output for the week
ended July 20, 1940, totaled 3,580,350 barrels.
Further
details as reported by the Institute follow:
for
a
barrels for the week ended July 12, and 236,214
ended
weeks
bonded
or
include all oil imported, whether
These figures
19.
Texas
$.085
$.085
y
.09
y
Shell Eastern
potential refining capacity of the United States,
estimated daily
indicate that the industry as a whole ran to
stills, on a Bureau of Mines'
and that all
and in
finished and
unfinished gasoline.
The total amount of gasoline produced by all com¬
panies is estimated to have been 12,562,000 barrels during the week.
basis, 3,805,000 barrels of crude oil daily during the week,
companies had in storage at refineries, bulk terminals, in transit
pipe lines as of the end of the week, 87,920,000 barrels of
DAILY AVERAGE
CRUDE OIL PRODUCTION
(Figures in Barrels)
Actual Production
Four
B. of M.
Week
Week
Change
Weeks
lated
State
Ended
from
Ended
Ended
Require¬
Allow¬
July 19,
Previous
July 19,
July 20,
ments
ables
1941
Week
1941
1940
Calcu¬
(July)
498,500
225,300
237,400
4,200
Oklahoma—
Kansas
b5,200
82,350
Panhandle Texas...
417,250
237,850
189,950
4,900
'250
83,200
66,000
29,200
—1,650
100,850
30,150
—44,800
242,000
99,750
West Central Texas.
West Texas
Gulf Coast—
.06-.06
.06-.06 %
80,300
335,700
—32,350
194,950
173,200
243,900
—41,100
262,150
187,350
80,000
Texas...
Coastal Texas
1,324,000 C1347926 1,231,250 —205,750 1,329,300 1,168,050
Total Texas
76,100
Coastal
Total
Louisiana...
304,000
303,397
77,000
73,748
'
Arkansas
76,200
67,850
+4,600
242,650
218,100
320,600
Louisiana...
+ 1,900
244,500
North Louisiana
+ 6,500
318,850
285,950
73,100
+ 750
72,700
72,450
+ 5,050
8,800
37,950
338,500
460,500
—2,850
21,150
13,950
+ 1,050
+ 900
90,950
39,450
83,350
54,100
21,000
332,850
22,200
Indiana
b47,250
384,800
Mississippi
Illinois
bl9,600
—
nois and Indiana).
102,100
90,950
Michigan
37,200
Wyoming
88,400
40,550
83,450
Montana
19,900
19,400
Colorado
5,100
3,950
106,550
108,600
108,600
New Mexico
624,800 d603,000
These
are Bureau
3,950
110,150
+ 150
—4,800
.04
75,300
18,700
3,850
104,350
632,450
+ 900
640,500
617,600
3,676,050 —194,700 3,763,050 3,580.350
3,847.100
a
19,400
"
90,100
3,035,550 —195,600 3,130,600 2,962,750
Total East of Calif. 3,222,300
California
—2,050
of Mines' calculations of the requirements of domestic crude
oil based upon certain premises outlined In Its detailed forecast for the month of July.
As requirements may be supplied eltner from stocks, or from new production, con¬
templated withdrawals from crude oil Inventories must be deducted from the Bureau's
estimated requirements to determine the amount of new
b Oklahoma, Kansas, Nebraska,
7
a. m.
crude to be produced.
for week ended
Mississippi, Indiana figures are
July 16.
This Is the net basic 31-day allowable as of July 1, but experience Indicates that
It will Increase as new wells are comnleted, and If any uoward revisions are made.
c
Panhandle shutdown days are July 5, 12,
rest of the State
was
ordered shut down
19, 26 and 31; with a few exceptions the
July 4, 5, 6, 12, 13, 16, 19, 20, 26, 27
on
and 31.
d Recommendation of Conservation Committee of California Oil Producers.
Note—The figures Indicated above do not Include any estimate of any oil which
might have been surreptitiously produced.
CRUDE
OF
RUNS TO STILLS.
PRODUCTION OF GASOLINE
AND STOCKS
FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL
OIL, WEEK ENDED JULY 19, 1941
(Figures In Thousands of Barrels of 42 Gallons Each)
Refin¬
Capacity
Stocks
Stocks
Po¬
Crude Runs
Gasoline
to Stills
Produc'n
Fin¬
of
at Re¬
Daily
ing
ished <k
P. C.
Re¬
a
Stocks b Stocks
Oas
of Re¬
Unfin¬
Oil
sidual
tion
Incl.
ished
and
Fuel
Gaso¬
Dis¬
Oil
line
fineries
P.
a
C.
port¬
Daily
Oper¬
Natural
Gaso¬
ing
Aver.
ated
Blended
line
Avia¬
tillates
East Coast—.
673 10U.0
21,932
11,511
8,775 E.
570
84.7
Appalachian..
166
83.8
137
98.6
507
3,003
425
536
752
84.4
638 10U.5
2,434
16,534
4,207
Tulsa..
.0525
853
Kans.,
413
80.7
298
89.5
1,515
2,075
Inland Texas.
263
63.2
147
88.6
626
2,190
381
1,266
Texas Gulf...
1,097
91.0
906
90.7
2,953
11,549
6,830
146 104.3
389
3,310
1,490
Missouri..,.
.04%-.04%
C'st
3,840
1,642
Louisiana G'lf
North Texas
$.055
8,000
Eastern (not incl. Illi¬
Okla.,
0rleans.$.05%-.0t)
$.05251 New
71,700
374,900
—4,300
—76,950
179,650
Texas
Rale
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
Philadelphia
84,400
28,500
182,000
296,000
East Central Texas.
Southwest
422,150
+ 5,250
+ 150
220,400
North Texas
East
+8,850
—1,700
—2,900
b421,800
b239,050
415,000
L.
Nebraska.........
Ind., 111., Ky.
New York—
Baltimore
of the 4,538,000-
Reports received from refining companies owning 86.3%
barrel
ten¬
Super.
(Bayonue)
the week ended
Receipts of California oil at Atlantic Coast ports during
July 19 amounted to 59,000 barrels, a daily average of 8,429 barrels, all
of which was Other Petroleum Products received at the port of Philadelphia.
$.06-.06%
Chicago
.085
the separation in
for domestic use, but it is impossible to make
F.O.B. Refinery
Oklahoma
Branded,
July
of 227,286
barrels daily for the four
weekly statistics.
Other Cities—
New York—
Socony-Vac
Tide Water Oil...
x
ended July 19, totaled 1,780.000 barrels,
daily average of 254,286 barrels, compared with a daily average
tial
New York—
x
receipts in bond at principal
Imports of petroleum for domestic use and
United States ports, for the week
District
U. S. Gasoline (Above 65 Octane), Tank Gar Lots,
July 26, 1941
1,087
6,837
Inter'r
1,135
7,980 G. C'st
1,347
3,557
N. Y. (Harbor)—
Bunker
C
Savannah, Bunker C.$l.30 iGulf Coast
Phlla, Bunker C
1.35 Halifax
$1.35
Diesel..
$.85-.90
1.60
2.00
156
89.1
No. La. & Ark
Fuel Oil, F.O.B. Refinery or Terminal
95
49.9
46
97.9
132
392
Rocky Mtn..
Callfornia
136
50.1
62
91.2
246
1,402
139
492
787
90.9
515
72.0
1,226
14,721
11,181
64,807
1,840
86.3
3,465
88.5
11,242
81,870
6,050
37,912
7,385
820
91,576
1,515
Reoorted
Est. unrep'ted
1,320
340
233
458
Calif.
355
Gas Oil, F.O.B. Refinery or Terminal
♦Est. tot. U.S.
N. Y. (Bayonne)—
7 Plus
,
1 Chicago—
$.041
28.30 D
-$.03%-.03%
i Tulsa.
$.053
July 19 1941
4,538
3,805
12,562 e87,920
38,732
93,091
7,740
July 12 1941
I
4,538
4,090
14,020
89,561
37,812
92,699
7,577
<111,214
90,954
36,968 105,499
5,382
♦U.S.B. of M.
Daily Average Crude Oil Production for Week Ended
July 19, 1941, Drops 194,700 Barrels
The
American
Petroleum
Institute
estimates
that
the
July 19 1940
*
c3,481
Estimated Bureau of Mines basis,
a
At refineries, bulk terminals, in transit
and
pipe lines,
b Included in finished and unfinished gasoline total,
c July
1940, daily average,
d Tnis is a week's production based on the U. S. Bureau of
July, 1940, daily average,
e Finished,
80,368,000 barrels; unfinished,
7,552,000 barrels.
Mines'
daily
crude
average
July 19, 1941,
was
oil
production
3,676,050 barrels.
for
the
This
week
was a
194,700 barrels from the output of the previous week.
current
week's
ended
decline of
The
figures were below the 3,847,100 barrels
calculated by the United States Department of the Interior
to be the total of restrictions imposed
by the various oil-
Weekly Coal Production Statistics
The current weekly report
of the Bituminous Coal Divi¬
sion, United States Department of the Interior, shows that
Volume
Financial Chronicle
The Commercial &
153
the total
production of soft coal for the country in the week
9,500,000 net tons.
This is
tons produced in the corre¬
sponding week of 1940.
',
v
|
The United States Bureau of Mines reported that Pennsyl¬
vania anthracite for the week ended July 12 was estimated
at 1,107,000 tons.
This was a decrease of 82,000 tons,
about 7%, when compared with the output in the corressponding week of 1940 (July 13U
PRODUCTION.
SHIPMENTS
CEMENT,
UNITED
DATA
COMPARABLE
COAL, WITH
PETROLEUM
OF SOFT
STATES PRODUCTION
ON PRODUCTION OF
CRUDE
STOCKS
AND
OF
PORTLAND
FINISHED
BY DISTRICTS, IN JUNE,
ended July 12 is estimated at
in comparison with 8,244,000
ESTIMATED
461
1940 AND
1941
(In Thousands of Barrels)
Stocks at End
Production
District
1940
Eastern Pa., N. J. <fe Md
1941
1940
2,937
2,220
New York and Maine
Shipments
of Month
1941
1940
1941
2,652
3,127
4,408
3,963
927
1,176
883
1,264
2,004
Ohio, western Pa. & W. Va
Michigan
1,261
1,466
1,685
1,512
2,676
898
1,082
917
1,067
1,947
Wis., 111., Ind. & Ky
Va., Tenn., Ala., Ga., La. & Fla.
East. Mo., Ia., Minn. <fe S. Dak.
1,242
1,349
1,320
1,415
1,187
1,697
2,624
1,635
1,866
1,340
1,116
1,170
1,260
3,020
2,666
1,684
1,860
2,709
a
2,109
2,399
W. Mo., Neb., Kan., Okla. & Ark
d
Calendar Year to Date
Week, Ended
792
1,169
1,036
722
922
1,978
1,954
Texas
(In Thousands of Net Tons)
672
806
594
791
898
779
Colo., Mont., Utah, Wyo. & Ida-
317
411
310
472
420
489
1,201
1,659
1,174
1,846
1,593
937
562
430
480
470
574
658
33
46
34
46
2
12,490
15,222
13,223
16,109
24,010
California
July 5
12
July
1941
Bituminous Coal
July 13
1940
1941
1940
1941
Oregon and Washington
1929
Puerto Rico
Total
a—
9,500
cl.355
8,244 244,560 234,986 276,728
1,673
1,428
1,488
1,374
6,200
Dally average.
6,775
1,583
Total, including mine fuel.--
5,860
a
5,704 164,750 168,101 120,466
PRODUCTION,
Crude Petroleum b—
Coal equivalent of
tt
iliUIUUCO
production
weekly output.
\JL
IUI
produced during the week converted to
1939, page 702). c Average based on
five days; Independence Day is a universal holiday,
d Sum of 28 weeks ended
July 12, 1941, and corresponding 28 weeks in 1940 and 1929.
Production
Month
competitive with coal (Minerals Yearbook,
ANTHRACITE AND
PENNSYLVANIA
OF
BEEHIVE
COKE
1940
1941
1940
1941
10,596
12.196
3,893
4,907
7,716
10,829
12,033
12,490
12,290
February
May
June
Calendar Year to Date
1940
1941
14,732
13,206
16,048
24,758
a22,750
15,222
13,223
16,109
24,010
21,863
6,205
5,041
March.
Week Ended
Stocks at End of
Month
Shipments
7,918
10,043
January
April
(In Net Tons)
July
9.02J
8.345
7,984
25,759
24,416
7,456
25,894
25,307
9,915
26,118
14.132
25,348
24 052
13,442
14,018
14,741
October
November
12,725
15,776
10,372
20,353
December
July 13,
1940
July 5,
1941
1941
1940
1929
a
11,195
8,192
23,379
130,292
130,315
September.
a
Anthracite
Penn.
Total, incl. colliery
c62,000 1,189,000 27,109,000 27.122,000 37,048,000
62,000 1,130,000 25,760,000 25,766,000 34,381,000
1,107,000
fuel.b..
Comm'I prod't'n.c 1,052,000
Beehive Coke—
United States total
51,900
3,015,100
1,036,600
18,273
6,282
authorized operations,
c
colliery fuel.
estimates are based on
from district
Week Ended—
:
July
'V^y State
July 5
June 28
July 6
July 8
1941
1940
1939
Avye.
July 6
1941
1929
3
3
1
2
220
Alaska
1923
e
f
f
and
Markets" in its issue of July 24
after closing the deal last week to acquire
225,000 tons of pig lead from Mexican and Canadian pro¬
ducers, the Office of Production Management began allo¬
cating such tonnages as could be shipped out of stocks held
in this country.
Surplus lead production of Peru will be
acquired as soon as all details are settled.
The copper
industry is waiting for word on the program for August
that points to complete control of distribution.
Advisory
committees on copper, lead, and zinc are being formed to
consult with the Office of Production Management.
Tin
prices continued firm.
Quicksilver again advanced on
limited offerings.
The publication further reported:
reported that
railroad carloadings and river ship¬
revision on receipt of monthly tonnage reports
Lead Being Released by
OPM—Copper Situation Unchanged—Tin Firm
"Metal
BY STATES
(In Thousands of Net Tons)
The current weekly
Revised.
Excludes
C' .'■
WEEKLY PRODUCTION OF COAL,
ments and are subject to
389
363
267
203
286
Arkansas and Oklahoma
13
21
22
6
63
Colorado
77
114
56
48
89
l
1
Illinois..
712
1,081
661
473
732
1,268
Indiana..
268
436
242
175
251
Mineral
soon
451
Alabama
Georgia and North Carolina
Iowa....
i
Copper
87
45
33
38
74
165
f
f
145
72
62
79
J 34
974
672
653
678
735
152
212
110
75
176
202
23
40
18
18
35
42
2
3
2
12
17
determine
44
52
44
35
38
41
tonnage as speedily as possible.
17
Western
Maryland—
Michigan
22
20
20
40
52
...—
.'s
M ontana
_
.
-i-—-—
_
Mew Mexico..
*
19
23
18
18
f9
Ohio
672
376
300
367
854
1,820
2,925
1,820
1,399
2,243
3,680
98
152
89
82
74
9
11
16
18
23
38
46
29
29
44
87
270
398
262
218
173
239
Tennessee
Texas
Utah
Virginia
30
29
21
23
31
2,312
1,698
1,524
1,405
1,519
485
894
534
428
583
82
106
78
75
77
115
f2
f4
Wyoming
*
Other Western States.c
*
1
*
11,070
1,267
7,159
5,917
7,550
696
491
772
1,950
6,837
12,337
7,855
6,408
8,322
Total, all coal—
a
Includes operations on the N. & W.; C. &
and on the B. & O. in Kanawha, Mason, and Clay counties,
b Rest of State, Includ¬
Arizona,
California,
Idaho,
c
Includes
Nevada and Oregon,
d Data for Pennsylvania an¬
Mines, e Average weekly rate for
thracite from publLshed records of the Bureau of
f Alaska, Georgia, North Carolina, and South Dakota included with
entire month,
•other Western States."
* Less than 1,000 tons.
to
are
bring
necessary to
out
additional
A meeting is
scheduled for Friday, July 25, at which the problem of
copper
will be
considered.
During the last week the Office of Price Administration and Civilian
Supply set ceiling prices on brass mill scrap,
of copper
Sales
in the domestic market for copper for the last week
19,174 tons, making the total for the month to date 79,548
amounted to
The price situation was unchanged.
The Board of Governors of the Commodity
Exchange announced early
yesterday (July 23) that trading in copper futures has been suspended.
Lead
Arrangements to buy up to 225,000 tons
OVirginian; K. & M.; B. C. & G.;
ing the Panhandle District and Grant, Mineral, and Tucker counties,
follow
By granting producers what would amount
13,158
6,775
Pennsylvania anthracite.d
to
naming those who are to serve oh the advisory committee for
11,208
62
feasible
subsidy over the 12c. basis, it was thought in the industry that 150,000
tons.
Total bituminous coal...
increase in the present rate of domestic
some
methods most
the
July
next two years.
866
Northern, b
announced that
was
on
200,000 tons of additional production would be forthcoming over the
to
37
1,340
Washington.
Virginia—Southern.a
to a
113
8
Pennsylvania bituminous
17, it
v-'
.
Washington ended
production of copper is possible, but further discussions
fl4
363
North and South Dakota
'
After the meeting of producers and officials in
88
575
Kentucky—Eastern
West
*
*
36
27
—>-—.-—.
.-
Kansas and Missouri
18,008
Non-Ferrous Metals—Foreign
J*
u auuuuco
turee
and coal shipped by truck from
ESTIMATED
19,921
21,957
Adjusted to comparaDie periods m viie
dredge coal,
21,549
3,622,900
8,650
115,000
23,000
21,483
.
Total
a
128,900
Daily average._
a
I
1941
.
25,988
22,855
12,712
13,105
13,935
August
July 12,
21,863
PORTLAND
-
" vv-
UWWliVM*
PRODUCTION
OF FINISHED
IN 1940 AND 1941
CEMENT, BY MONTHS,
equivalent coal assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per
pound of coal.
Note that most of the supply of petroleum products is not directly
ESTIMATED
AND STOCKS
(In Thousands of Barrels)
b Total barrels
lignite,
of
SHIPMENTS,
have been
of Mexican and Canadian lead
completed, Jesse H. Jones announced last week.
Of this
quan¬
tity 50,350 tons represents metal now held in stock piles and available for
Metals Reserve paid 3.75c. a pound, exclusive of duty,
release shortly.
Laredo, Texas, and Trail, B. C.
Negotiations for the purchase of Peruvian
lead have not yet been concluded.
Industrial consumers of lead should try to place orders with their regular
June Portland
The
suppliers before making application to OPM for allocations out of the supply
Cement Statistics
portland cement industry in June,
in the hands
1941, produced
15,222,000 barrels, shipped 16,109,000 barrels from the mills,
and had in stock at the end of the month
Production and shipments
Interior.
of portland cement in
June, 1941, showed increases of 21.9 and 21.8%, respectively,
as
compared with June, 1940.
mills
ton, D.
Portland cement stocks at
8.9% lower than a year ago.
given below are compiled from reports for
June, received by the Bureau of Mines from all manufac¬
turing plants.
In the following statement of relation of production to
capacity the total output of finished cement is compared with
the estimated capacity of 156 plants at the close of June, 1941,
and 160 plants at the close of June, 1940.
were
C.
RATIO
;;
OF
PRODUCTION
the nervousness about supplies being ample for some time to come is fast
The statistics covering lead refined in this country, issued
disappearing.
yesterday, showed that stocks dropped from 34,018 tons at the end of May
24,265 tons at the end of June.
to
The 12 months ended
58.8%
48.1%
May 1941
Apr. 1941
74.0%
58.3%
69.4%
57.4%
59.3%
56.5%
Production declined by 12,285 tons
Sales of common lead for the last week amounted to 5,462 tons.
The
quotations continued at 5.85c., New York, and at 5.70c., St. Louis.
Zinc
Sellers
were
surprised at the quiet that prevailed in the zinc market during
the last week.
Consumers, it was felt, are getting tired of asking producers
The market situation
for more metal.
on
was
unchanged, quotations holding
the basis of 7Mc. for Prime Western, St. Louis.
Sales of the
common
grades for the last calendar week amounted to 1,635 tons, with shipments
of
5,894 tons.
The backlog dropped to 82,139 tons.
zinc contained in ore and concentrate, 4,038 tons in pigs and slabs, and 134
tons in dross and
June 1941
-
during June, domestic shipments were off 11,413 tons in the same month.
During the month of May the United States imported 19,438 tons of
CAPACITY
i
June 1940
The month...
TO
New Social Security Building, Washing¬
It was pointed out that lead is not under mandatory control.
Instructions to ship foreign lead allocated by OPM are being issued, and
The statistics
'•
Applica¬
should be made to the Commodity Branch handling
lead, headed by Erwin Vogelsang,
21,863,000 barrels,
according to the Bureau of Mines, U. S. Department of the
of Metals Reserve, according to E. R. Stettinius, Jr.
tion for an allocation
Mar. 1941
49.8%
55.6%
skimmings.
Tin
Though the market appeared to be quiet most of the week, a fair volume
of business was booked almost daily.
The tone remained firm, owing to
The Commercial & Financial Chronicle
462
continued uncertainty about political developments in the Far East.
plate operations
are
Tin-
even
holding at around 94% of capacity.
decidedly
are
Outstanding lettings were 7,500 tons at Minneapolis for
week.
the Twin-Oities ordnance plant, 7,500 tons for an ordnance plant at Des
Straits tin for future arrival was as follows:
Moines, Iowa, and 3,800 tons for the General Electric Co. ship propulsion
plant at West Lynn,
gear
July
A ugust
September
October
53.000
52.750
52.500
52.375
New structural projects advanced to
Mass.
30,300 tons from 21,255 tons last week.
week
declined
5,650
to
Reinforcing steel awards for the
11,130
from
tons
New reinforcing steel
tons.
,
53.250
63.000
52.750
53.000
52.750
projects advanced to 24,925 tons from 21,185 tons last week.
52.625
53.250
52.625
July 21
53.250
52.750
53.500
53.250
53.000
52.875
53.250
53.000
52.750
THE "IRON AGE"
62.625
July 22.
July 23
52.625
53.000
99%,
spot,
was
nominally
follows: July 17
as
July 18, 52.750c., July 19, 52.750c., July 21, 52.750c., July'22
July 22. 1941, 2.261c.
52.625c.'
,
One month ago,..
53.000c.»
,
DAILY PRICES OF METALS
-V'.:';;,
("E. & M. J." QUOTATIONS)
Tin
Lead
Zinc
These products represent
85% of the United States output.
High
1941
Low
2.261c.
Jan.
7
2.261c.
Jan.
2.261c.
Jan.
2
2.211c.
Apr. 16
..2.286c.
Jan.
3
2.236c.
May 16
Oct. 18
.
—
—
1939
Straits
rolled strips.
2.261c.
2.261c.
.
1940
Electrolytic Copper
^V;-
Based on steel bars, beams, tank plates,
Lb.
2.261c.
wire, rails, black pipe, sheets and hot
a
One year ago
>\
July 23, 52.750c.
COMPOSITE PRICES
Finished Steel
One week ago..
Chinese tin,
but bookings
Structural steel awards, due largely to the
climbed sharply for the week to 39,950 tons from 11,150
tons last
Imports of tin in ore during May
amounted to only 9 tons.
July 17
July 18
July 19
the defense side.
on
its next year's output,
defense program,
Imports of pig tin during May amounted to 13,060 long tons, against
15,246 tons in the preceding month.
July 26, 1941
drastic reduction in
more
1938
2.512c.
May 17
2.211c.
7
1937...
St. Louis
St. Louis
2.512c.
Mar.
9
2.249c.
1936
2.249c.
Dec. 28
2.016c.
Mar. 10
1935
New York
New York
Dom.,Refy. Exp., Refy.
2.062c.
Oct.
2.056c.
Jan.
8
2.118c.
Apr. 24
1
Jan.
4
July 17
11.900
10.950
53.250
6.85
5.70
7.25
1934
2
11.875
10.950
53.375
5.85
5.70
7.25
1933
1.953c.
Oct.
3
1.945c.
1.792c.
Jan.
July 18
July 19
May
2
11.775
10.950
53.375
5.85
5.70
7.25
1932
1.915c.
Sept.
6
1.870c.
Mar. 15
July 21
li.825
10.950
53.375
5.85
5.70
7.25
1931
1.981c.
Jan.
13
1.883c.
Dec. 29
:
July 22
11.900
10.950
53.625
5.85
5.70
7.25
1930
2.192c.
Jan.
7
1.962c.
Dec,
9
July 23
11.800
10.950
53.375
5.85
5.70
7.25
1929
2.236c.
May 28
2.192c.
Oct.
29
11.846
10.950
53.396
5.85
5.70
Average..
725
Average prices for calendar week ended July 19 are: Domestic
f.o.b.
refinery,
11.825c., export
f.o.b. refinery,
copper,
Pig Iron
copper
10.950c., Straits
tin, 53.396c., New York lead, 5.850c., St. Louis lead, 5.700c., St. Louis
zinc, 7.250c., and silver, 34.750c.
July 22, 1941, $23.61 a Gross Ton
-—$23.61
One year ago.
—
on average for basic Iron at Valley
and foundry iron at Chicago,
Buffalo,
Valley,
and
furnace
23.61
22.61
Philadelphia,
Southern iron at Cincinnati.
Low
High
$23.61
Mar. 20
1941
The above quotations are "M. & M. M.'s" appraisal of the major United States
(Based
One week ago
One month ago
1940
$23.45
Dec. 23
22.61
2
Jan.
23.45
..
Jan.
2
markets, based on sales reported by producers and agencies.
1939
22.61
Sept. 19
20.61
to the basis of cash, New York or St. Louis,
They are reduced
All prices are In cents
Sept. 12
1938
23.25
June 21
19.61
July
6
23.25
Mar.
9
20.25
Feb.
16
Copper, lead and zinc auotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that Is,
delivered at consumers' plants.
As delivery charges vary with the destination,
1936
19.74
Nov. 24
18.73
Aug. 17
18.84
Nov.
5
17.83
May 14
as
noted.
per pound.
1937
the figures shown above are net prices at refineries on the Atlantic seaboard.
De¬
livered prices in New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic
seaboard.
On foreign business, owing to the European War, most sellers are
restricting offerings to f.a.8. transactions, dollar basis.
-
1935
1934
17.90
May
1
16.90
Jan.
16.90
Dec.
5
13.56
Jan.
3
1932
14.81
Jan.
5
13.56
Dec.
6
1931
15.90
Jan.
6
14.79
Dec. 15
18.21
Jan.
7
15.90
Dec.
18.71
May 14
18.21
Dec. 17
1933
-
.
1930..
1929
Steel Scrap
A total of 0.05c. Is deducted from
f.a.8. basis (lighterage, Ac.) to arrive at the f.o.b. refinery quotation.
daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: July 17, spot, £257Ms,
three months, £26034; July 18, spot, £25834, three months,
£261%; July 21, spot, £259, three months, £262; July 22,
spot, £259, three months, £261 %; and July 23, spot, £2583-4,
three months, £261.
'
One month ago..
One year ago
Age" of July 24 reported that heavy
High
7
$19.17
Apr.
10
21.83
Dec. 30
16.04
Apr.
9
1939
22.50
Oct.
3
14.08
May 16
1938
15.00
Nov. 22
11.00
June
21.92
Mar. 30
12.92
Nov. 10
17.75
Dec. 21
12.67
June
Dec. 10
10.33
Apr. 29
1937
1935
13.42
13.00
Mar. 13
9.50
12.25
Aug.
Jan.
8.50
Jan.
6.75
6.43
Dec. 25
pressure
annual output of 100,000 tons.
The magnitude of the Homestead expansion,
coming
as
same
it does in
a series
already largest in the industry,
time the Homestead project will cover almost
Management's
recent demand that steel
capacity be raised 10,000,000 tons annually, and will send United States
Steel Corp.'s capacity for making ingots well over the
30,000,000 ton level.
Revealing of details of the Homestead expansion, which will permit
sharp increase in production of needed
armor
6
8.50
Feb.
18
11.25
Dec.
9
1929
17.58
Jan.
29
14.08
Dec.
3
a
plate and other items within
American
The
Iron and Steel Institute on July 21 an¬
telegraphic reports which it had received indi¬
that operating rate of steel companies having 91% of
nounced that
cated
the steel
capacity of the industry will he 97.9% of capacity
beginning July 21 compared with 97.2% one
ago, 99.9% one month ago, and 88.2% one year ago.
This represents an increase of 0.7 points, or 0.7%, from the
preceding week.
Weekly indicated rates of steel operations
for the week
week
since June 10,
1940—
84.6%
June 17
87.7%
June 24
86.5%
74.2%
86.4%
July
July 15
July 22
July 29
Aug.
5
Aug. 12
Mahoning Valley.
Youngstown district steel
are
being lost in the
makers report,
because
of
lack of water for mill operations.
by
a
wildcat strike at
a
The reecent one-day shutdown caused
Detroit steel plant stopped production of some
hundreds of tons of vitally needed steel.
estimated that the present steel
scrap
In the
Pittsburgh
area
alone it is
tightness and the trend
to under-
Sept.
a loss of upwards of 50,000 tons of ingots a month.
Steel plant schedules for the week show that
ingot production for the
a
full point over last week's revised
activity up
a
point to 101%, Cleveland
up a point to
100% and other districts little changed.
Performance of the
industry in maintaining such high operating rates over a long period
a significant letdown is
surprising some steel plant operators.
Steel producers, however, find themselves
getting closer to the point where
they will need more iron, either in the form of scrap or
pig metal, to maintain
the current high rate of steel
production.
On Monday (July 21) the stock
pile of
Ohio steel plant, which
normally uses 13,000 tons of scrap monthly,
contained only 600 tons.
Leveling off in the quality of scrap has forced
an
the equivalent of
a
higher price for
cepting less desirable grades.
some
scrap
buyers, who
are
now
ac¬
inspection to the lower level and
undergrading had to occur at places where
inspection previously was rigid.
In order to stimulate a better flow
of scrap, many
scrap experts now advocate immediate action toward
better
prices in
remote areas, principally west of the
Mississippi River.
Complaints by defense users of steel
shortages, emphasized currently by
freight car builders and steel drum
manufacturers, suggest that the OPM
may have to turn to higher priority
ratings for such consumers.
The OPM
priorities division, following issuance of
preference ratings to freight car
builders, this week issued two blanket preference
ratings covering materials
for the construction and
repair of locomotives.
Some of these steel shortage
problems will be tackled by the OPM's new steel
advisory committee of
15 top steel officials which
was
scheduled to meet
Wednesday (July 23)
and assign special subcommittees to deal
with various products.
New orders reaching the mills still
reflect
industry which is threatened
with
an
20
96.5%
May
Jan.
27
97.1%
May 12
Feb.
3
May
Mar
Nov. 25
96.6%
14
Oct.
21
Oct.
28
Nov.
4.
9
the
50%
June
96.3%
June
9
3
97.5%
June
16
Mar. 10
98.8%
99.4%
99.8%
99.2%
99.3%
98.3%
June 23
Mar. 17
9
96.9%
96.0%
Mar. 24
96.8%
Mar. 31
Dec. 23
80.8%
95.9%
Apr.
7
Apr. 14
goods,
agers
defense
of
a
belt
This
of
rush
a
mouse
hooks
are
there is
iron
of
in
bullet
the
output
a
obtain
who
is
on
some
will arrive
Aug.
priorities.
turning out
much
scrap
for
that the amount of
much
future.
scarce
to
climb
A striking case
army
cots,
soldiers'
screw
prevent expanded production
now
for many
basic materials for
are
1
as
civilian
during the night.
striving
are
having bought automatic
cores,
wealth of substitutes
scrap
Railroads
regular
much
of
in the very near
depend
consumers
order to
Such shortages
after
After
sharply
week
as
the
on
is that
uniform
machines
for
do
are
returning
car
so
output.
much
scrap now
preliminary
some
cases
Though
of the finished lines of steel, pig
which
are
Many
finished
in
there
are
no
year.
alternate
ma¬
in much lower than normal volume,
scrap
makers
automobile
because of curtailed
so
Last
reduced
type of manufacture unrelated to his normal products.
shortages trace back to scarcity of steel scrap and
a
more
particularly
consumers,
severe.
expected to force reduction in steel output later this
and
2..
specialty,
literally day by day propositions, plant man¬
are
non-defense
maker
trap
and
and
terials.
and
reduce
whether fresh materials
on
bandwagon
pig iron.
and
more
allocations
had
which
plants
silvery pig iron,
making the last,
More
will
move
several
speculating
With
mills
large
effect that should become apparent
an
as
May 26
of the iron and steel
summary
products, is to become
6ome
more.
Operations
such
19
July 21 stated:
flat-rolled
or
97.9%
94.6%
2
of
96.8%
97.2%
21
17
Dec.
on
customers
7
14
July
10
Feb.
Cutting down allotments of steel to non-defense
in
July
July
Feb.
Dec.
Cleveland, in its
June 30.
96.8%
99.2%
99.9%
98.6%
99.2%
98.6%
99.0%
99.9%
93.7%
Feb. 24
Dec. 16
Dec. 30
5
96.9%
97.1%
89.7%
91.3%
are
expected
to
produce
less
scrap
employing barter arrangements,
A hopeful phase is
steel materials.
being shipped abroad is relatively negligible.
experimentation
and
negotiation
shell
steel
is
about to be produced in mass proportions, estimated at some
2,000,000 tons
of steel yearly.
Pending inquiries for bars and billets for this
purpose are
estimated
considerable non-defense ton¬
nage, much of it for the automobile
96.0%
94.3%
Jan.
82.5%
91.9%
92.9%
markets,
When price control went into
effect, it forced
scrap
Apr. 21
Apr. 28
96.6%
"Steel" of
steel
without
97.2%
98.5%
Nov. 18
7
Oct.
86.8%
88.2%
Sept. 16
grading is costing
country as a whole is at 99 lA %, a gain of
level of 98 H, with Chicago district
6
13
Nov. 11
Oct.
1941—
Jan.
Jan.
92.5%
92.6%
94.2%
94.4%
94.9%
95.7%
96.0%
96.1%
89.5%
8
Aug. 19
of steel
1941—
Sept. 23
Sept. 30
90.4%
90.5%
1
July
Aug. 26
Sept. 2
of tons
1940, follow:
1940
June 10
12 months, emphasizes the need for blocking steel
ingot production losses
Thousands
3
Jan.
15.00
from
existing plants.
Sept. 29
5
July
11.33
Government defense projects involving hun¬
dreds of millions of dollars, may be shown by the fact that the
project will
lift steel capacity of the Pittsburgh district,
At the
8
12
1931
struction of 12 open hearth furnaces of 200 tons capacity each and of two
one-fifth of the Office of Production
7
3
1930
Ingot capacity at Homestead and the nearby Duquesne, Pa., plant of
Carnegie-Illinois will be lifted by 1,800,000 tons yearly through the con¬
by almost 10 %.
.
1936
Jan.
1932
completing other projects under the vast national defense
this week brought out details of the large increase
in capacity planned for
Carnegie-Illinois Steel Corp.'s
Homestead, Pa., plant.
The "Iron Age" further stated
of announcements of other
Low
$22.00
1940
1933
program
an
18.17
1941
for steel to be used in building the two-ocean Navy and in
electric furnaces with
1
heavy melting steel
quotations at Pittsburgh, Philadelphia,
and Chicago.
(Based on No.
19.17
1934
♦
Operations at 993^%—Pittsburgh Capacity
Increased 10%
The "Iron
July 22,1941, $19.17 a Gross Ton
$19.17
One week ago.........
Due to the European war the usual table of
AV.\;
16
Quotations, for the present,
reflect this change In method of doing business.
Steel
27
at
500,000 tons.
About 47,000 railroad cars could be built during second half of the
year,
provided sufficient steel could be obtained, according to estimates in well-
Volume
posted quarters.
building
The Commercial & Financial Chronicle
153
are
limiting
a
bold
a
slab
zinc
hand
on
wanted, but
maker
ends
for
offered
hinges
skelp
whose
allocation
fense
of
modest
of
sheets
of
manufacture
material
raw
he
not standard.
were merely crop
was
wants
have been
reinforcing bars
OPM.
for air¬
involved
the first
in
Allocation
was
basis
on
of
with all
capacity,
It is expected that the allocation will become a regular
participating.
This
force into the background most all com¬
may
tonnage now on books.
'
$1
steel, aluminum and ceramics
order
to
books
cooperate
for
1942
the
to
Some
program.
store is sometimes
industries.
maximum
of
few
the
in
meeting
so
Several
that
steelmakers
there
should
be
disapprove
either
Steel
thus
ingot
last week to
in
had
because of
the
opened
under
requirements
who
yet
not
that
steelmakers will
most
ern
Unchanged
"Steel's"
iron
and
three
follows:
90,
at
Chicago
and
%
St.
priority
Scheduled
down
automobile
steel
composite
at
$38.15,
finished
ury
reserves
arose
ingot production for the week ended July 21 is placed
97%, unchanged from the previous week, according to
the "Wall Street Journal" of July 24.
Two weeks ago the
average was 93%.
The "Journal" further reports:
92%
two
weeks
Leading
ago.
+
4
29
1
78
3
84
72
2
66
+
3
77
New England, up 5
+
1935
45
+
3
40
+
2
49
the following: Pittsburgh at 99%, east¬
1934
26%
1%
25
2%
27%
1933.
55
1
59
1931
33
1930
57%
was
98.
at
declined
districts
Four
Cleveland 1%
for
as
Cincinnati
95,
points to
109,912 units,
was
for the like 1940 week.
1929
in Treas¬
by increases of $9,000,000 in gold
July 23 were estimated
a
decrease of $160,000,-
000 for the week.
The statement in full for the week ended
July 23 will be
506 and 507.
Changes in member bank reserve balances and related
items during the week and year ended July 23,1941, follow:
pages
Increase
(+)
July 23, 1941
—)
U. 8. Govt, guaranteed
Industrial advs.(not incl
$
$
2,179,000.000
5,000,000
obligations.
$11,000,000
commitments, July 23)
—264,000,000
—2,000,000
....
+1,000,000
—
22,664,000,000
—47,000,000
—46,000,000
+ 9,000,000
3,161,000,000
51,000,000
2,248,000,000
+ 22,000,000
243,000,000
+ 2,297,000,000
—
+ 4,000,000
+141,000,000
13,117,000,000 —106,000,000
—448,000,000
9,634,000,000 —11,000,000
Treasury cash
2,320,000,000
+11,000,000
Treasury deposits with F. R. banks.
954,000,000 +105,000,000
+1,780,000,000
+ 91,000,000
+ 311,000,000
Treasury currency
Member bank reserve balances
Money In circulation
Non-member
deposits
and
other
—34,000,000
2,047,000,000
F. R. accounts
+
7%
44
+
8
100
—
—
+
+459,000,000
Member
Banks in
Chicago—Brokers'
New
York City and
92
Reserve
System for the New York City member
banks for the current
week, issued in advance of full statements of the member
banks which mil not be available until the coming Monday.
MEMBER BANKS
IN CENTRAL RESERVE CITIES
(In Millions of Dollars)
July
$
carrying securities
1,979
496
497
507
19
100
100
94
3,881
3,685
1,032
1,052
940
691
588
623
8
8
7
291
285
"~17
*"l6
"16
1,512
Domestic banks...
1,511
1,489
271
271
253
Foreign banks........
Borrowings...
Other liabilities
Capital accounts....
Complete
746
Returns of Member Banks of the Federal
System for the Preceding Week
Reserve
As explained above, the statement of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before winch time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
close of business July 16:
condition
statement
July
16:
Increases
cultural loans, $234,000,000 in reserve
$340,000,000 in demand deposits—adjusted, and $125,000,000
industrial,
Commercial,
in New York City,
at all
agricultural loans increased
and
Treasury notes
United States bonds
guaranteed
by
delphia and
banks.
A summary of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended July 16, 1941, follows:
Increase
1,713
87
643
26
636
25
433
19
333
363
288
37
38
28
165
169
54
54
60
Other
112
123
21
21
18
29
377
carrying securities...........
Real estate loans
89
396
122
822
89
359
131
1,438
3,242
820
49
1,338
Other securities
Reserve with Fed. Res. banks..
...
Balances with domestic banks..
Other assets—net..
$
investments—total....28,577,000,000
10,523,000,000
Commercial, industrial and agricultural loans
5,988,000,000
1,802
1,335
5,660
5,593
91
94
1,288
1,336
6,635
80
86
315
88
315
83
322
159
372
1,115
41
273
41
152
379
1,156
41
274
41
135
348
1,165
42
248
43
Decrease
(—)
Open market paper
Loans to brokers and dealers In
loans
for
purchasing
$
+ 70,000,000
........
a
+ 55,000,000
382,000,000
+ 8,000,000
+1,524,000,000
+ 84,000,000
505,000,000
a—.......
+97,000,000
447,000,000
+1,000,000
*—27,000,000
1,254,000,000
39,000,000
1,908,000,000
+1,000,000
—2,000,000
+7,000,000
+ 49,000,000
+ 4,000,000
+275,000,000
+ 318,000,000
or
Loans to banks
Other loans
Treasury bills
July 17, 1940
$
+96,000,000 +4,834,000,000
+ 2,006,000,000
Loans and
—
Treasury notes.................
United States bonds.............
1,847
or
July 9, 1941
Loans—total
securities..................
321
159
728
(+)
Since
July 16, 1941
Assets—
the
United States Government
Cash in vault
increased $43,000,000 in New York
$15,000,000 each in the Phila¬
Cleveland districts, and $125,000,000 at all reporting member
Deposits credited to domestic banks
City, $31,000,000 in the Chicago district,
2,295
91
389
1,051
2,608
Cleveland district, the total increase at all
reporting member banks was $340,000,000.
2,300
88
31
the Chicago
$83,000,000 in New York City, $50,000,000 in
district, and $42,000,000 in the
$
630
Obligations
deposits—adjusted increased in nearly all districts, the principal
2,298
607
450
guaranteed obligations
Holdings of "Other
reporting member banks.
$
30
$17,000,000
$13,000,000 in the Chicago district, and $55,000,000
reporting member banks.
2,694
863
587
1,433
3,214
....
in deposits
credited to domestic banks.
$
452
Loans to banks
the week ended
commercial, industrial and agri¬
balances with Federal Reserve banks,
of $55,000,000 in
2,741
870
Other loans
banks in 101
weekly reporting member
of
leading cities shows the following principal changes for
$
Treasury bills
<
2,262
288
U. 8. Government deposits
9,458
2,786
Other loans for purchasing or
Real estate loans
1940
2,287
Inter-bank deposits:
162
Loans to brokers and dealers..
July 24
$
S
9,776
685
35
11,008
112
Commercial, Industrial and
agricultural loans.........
Open market paper
1941
1941
$
11,088
745
17
11,954
3,507
$
July 23 July 16
3,807
Demand deposits—adjusted....
Time deposits
11,896
3,477
$
Assets—
Loans and investments—total..
2
-Chlcago-
16 July 24
1940
$
New York City
Chicago
July 23 July 16 July 24 July 23 July 16 July 24
1941
1941
1940
1941
1941
1940
Loans—total
+
65
1941
Liabilities—
increases being
banks and also for the Chicago member
,
%
_
70
1%
71%
1941
Demand
Loans
ASSETS AND LIABILITIES OF WEEKLY REPORTING
%
1
2%
+
securities" declined $9,000,000.
Below is the statement of the Board of Governors of the
Federal
4
52
+
Holdings of United States Government direct and
of
1
+
—
33
76%
1%
+
1932 (not available)
increased $35,000,000 at all
Returns
%
33
68%
The
10,000,000
....
Other Reserve Bank credit
Total Reserve Bank credit
Gold stock
July 24, 1940
+1,000.000
3,000,000
discounted.
U. S. Govt, direct obligations
1941
July 16,
$
Bills
Decrease
or
Since
m
'
%
%
62%
—
50
%
84%
64
96
72%
1927.
1
1%
+
1%
8%
—
New York City
decrease of $46,000,000 in Reserve
on
+
July 23
Reductions in member
from increases of $105,000,000
of member banks
—
97%
+
_
91%
%
%-
+
96
1928
the past week
approximately $5,180,000,000,
on
Independents
37
$34,000,000 in
found
U. S. Steel
82
half point
a
in circulation and
to be
together with the
approximate changes, in points, from the week immediately preceding:
deposits and other Federal Reserve accounts.
reserves
97%%,
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years,
1936
whole sagged
a
as
and decreases of
Excess
credited with
1937.
Louis
money
are
1938
material.
stock and $4,000,000 in Treasury currency,
non-member
independents
53%
deposits with Federal Reserve banks and $11,000,000 in
$11,000,000 in
scrap
Steel
8
100,
a
steelworks
+
$106,000,000.
Treasury cash, and
unchanged:
were
and
+
The only increase
bank credit, offset in part
week
58%
of the
One
During the week ended July 23 member bank reserve
bank
last
$56.60,
87%
production
decreased
for
at
at
The Week with the Federal Reserve Banks
balances
steel
$19.16.
1939.
for the week, comparing with 53,020
4,406
times
stating
system,
all.
at
none
points to 85%, and Detroit 10 points to 86.
2%
normal
1940
country
were
point to
groups
when
lost markets
97
or
Pennsylvania at 97, Youngstown at 98, Wheeling at 91, Buffalo at 93,
Birmingham
of the
price
recover
return.
Industry
partial
priorities
idle
the
97% of capacity.
95%.
points to
for
Ceramics
steel and
It is expected
for places
pressure
to defense consumers long in advance of
creating much
production
place of steel
1941
all-out
present evils is shipping of steel
consumption,
the
of
In
bearing piles, wood.
long ago to stainless
monel metal in chemical manufacturing plants, for instance.
books and completely sold out 1941 conditions.
on
to hand.
come
for
lost
compared with 97% in the preceding week and 93%% two weeks ago.
producers
delivery are'about to do
steel
for
being used;
recovering markets
are
U. S. Steel is estimated at 96%, against 96%% in the week before and
ton to $21, with brisk demand in
per
Leading steelmakers have established elaborate offices at Washington
defense
piling,
at
The price of fluorspar has risen
the
the
by the Reinforcing Bar Subcommittee of the Steel Industry De¬
proceeding hereafter.
mercial
for
in
fear the zinc quality
for
,
tons
Committee
mills
it
turn
turned until he indicated his hinges were used
was
40,000
of suf¬
the assumption
course
would-be buyer of galvanized sheets who had
a
to
plane hangar doors.
About
Of
manufacturers
turned down
was
of
factor.
one.
Illustrating zinc scarcity
A
More instances of substitution
Shortage of skilled workers and delays in gearing up car-
plants
ficient steel is
463
1,087,000,000
2,247,000,000
7,951,000,000
+16,000,000
—1,000,000
+164,000,000
+11,000,000 +1,574,000,000
Obligations guaranteed by United
3,221,000,000
3,548,000,000
banks..10,899,COO,000
Cash in vault
—
546,000,000
Balances with domestic banks
3,583,000,000
States Government
Other securities
Reserve with Fed. Reserve
+9,000,000
—9,000,000
+ 234,000,000
—51,000,000
+171,000,000
+806,000,000
—34,000,000
—830,000,000
+ 55,000,000
+ 321,000,000
The Commercial & Financial Chronicle
464
Increase
(+)
Decrease
or
(—)
Since
LiabUUies—
i
July 9, 1941
JulV 16, 1941
J
July 17, 1949
%
+2,000,000
+3,328,000,000
+100,000,000
+ 63,000,000
9,309,000,000
+ 125,000,000
+781,000,000
654,000,000
1,000,000
—8,000,000
—19,000,000
...
is aimed at curtailing
The introduction of these blocked savings accounts
consumers' purchasing power for the duration of the war.
>
%
+ 340,000,000
—9.000.000
deposits—adjusted-..—24,260,000,000
Time deposits
......
5,416,000,000
U. 9. Government deposits.......
491,000,000
Demand
July 26, 1941
Trade
Concluded
Pact
Between
Germany
and
Switzerland
Inter-bank deposits:
Domestic banks......
Foreign banks
-
Borrowings.....................
a
—1,000,000
July 9 figures revised, Chicago district.
Dissatisfaction in Great Britain with Results Incident
Control of Prices and
to
Rise in
stantial
Production—Bulletin of
International
of
Institute
Finance
Finds
Sub¬
Living Costs and Wages
the control of
as
well
for
powers
prices and production, statements of officials
by the
comments
as
far-reaching wartime
indicate dissatisfaction
press
A
comminique
merchandise
Incident to the action of the British Parliament in clothing
Government officials with
Germany and Switzerland entered into a commercial pact
July 19, which, according to press advices "appeared to
relax to some degree wartime restrictions" on Swiss foreign
trade.
It was said, however, that the practical benefits
derived depended to some extent upon the administration
of the agreement.
The advices from Berne, Switzerland, to
the Associated Press, July 19, also said:
»
on
control
according to
measures,
a
bulletin entitled
"Some Aspects of British War Economy"
issued on July 21 by John T. Madden, Director of the in¬
stitute of International Finance, which states that, in spite
of the vast powers
vested in the Government, the latter has
not always used them, relying to a large extent upon volun¬
tary cooperation.
Wholesale prices, the cost of living, and
wages have risen substantially since the outbreak of war,
says the bulletin, which states:
The
the
principal economic powers placed in the hands of the Government
To take possession of land and requsition chattels,
(1)
are:
(2) to direct
of agricultural land, (3) to regulate production, storage, transport,
use
distribution, disposal, acquisition,
(4) to control prices, (5) to order
use or
consumption of any commodity,
perform such services in the
any person to
United Kingdom or in any ship under specified terms of remuneration and
conditions.
vision termed
numerous
orders and
regulations aimed chiefly at maintaining the economic machinery of the
country at maximum capacity and efficiency, preventing an inflationary
price movement, and the just distribution of the cost of
the Government has become the sole importer of a
it
being reported that from 80%
to 90%
for the account of the Government.
In addition,
war.
large number of products,
of Great Britain's imports
The Government is also
are
buying the
entire output of many domestic products.
policy after
19 months of war, and wholesale prices, as well as the cost of living, have
risen substantially.
The control machinery is not centralized, prices are
regulated by several Government departments whose activities apparently
coordinated.
not
reduced since
officials
and
Although the rate of increase in
November, 1940, recent public
comments
prices has
statements
been
by the British press still indicate dissatisfaction
The Government, with a few notable exceptions such as
Voluntary cooperation between
continues
the
as
basic
policy
in
employers
and
employees
employer-employee relations.
It
however, taken steps designed to improve supply-of-labor situation in
has,
war
industries and to reduce the number of working days lost caused
by strikes.
Under the Essential Work Order issued in April, 1941, concerns
engaged in
essential work, as defined by the Minister of Labor,
may not dismiss em¬
ployees except for serious misconduct, and employees may not relinquish
such employment except with the consent of
a
national supply officer and
upon one week's notice.
By an order of July 18, 1940, the Minister of Labor created
Labor Arbitration Tribunal to settle labor disputes.
National
a
The order provides
ing joint employer-trade union
there is
fails
to
no
or
to
the
or
bring about
an
agreement
working time lost by labor
Tribunal.
Where
the Minister is required to refer the
As
or
award thus made
result of these
a
the
measures
on account of strikes has decreased
sharply.
The index of wage rates, which rose from 106 in
August, 1939 to 121 in
January, 1941, has risen less than either the index of wholesale prices or
the cost of living.
Collective bargaining is the principal method of deter¬
but in a number of union contracts wage rates are linked
mining wages,
either to the cost of living index,
employees
are
employer.
as
unequal arrangement not
an
the price of
a
It is estimated that
particular commodity, or
wages
of about 3,000,000
ac¬
important clauses of the
ac¬
provision exempting oertain goods, including fine
some
electrical
machinery,
reducing what
from requirement
communique described
a
of
as
hindrances in delivery of transit certificates.
It was
recently reported that German authorities had virtually stopped
granting transit permits, which
counter-measure to the British
Oct. 9 to
cover
were
required beginning Sept. 1, 1940,
blockade and
as a
extended the following
were
shipments through France.
The list of products for which permits were required covered almost the
entire field
of
Swiss
manufactures
and
especially affected the watch in¬
dustry, the exports of which to the United States alone formerly consti¬
tuted
a
third of Swiss exports.
While the communique said
facilities for the export of
information
gave scant
as
that "Switzerland is able to obtain great
its products to third countries," the
statement
to what Switzerland would furnish Germany in
leturn.
nit
said
Switzerland
that
would
deliver
cattle,
fruits
and
"a
quantity" of milk products, but it did not mention manufactures.
said
of reports
that Germany
was
certain
Nothing
asking credits for the purhcase of
Swiss goods and that a large number of skilled Swiss workmen were at work
in German factories.
Other major terms
German-Swiss
Lorraine,
tinue to
included:
clearing
extended
are
Luxembourg and German territory
cover
'
'
arrangements
to
cover
in Yugoslavia.
Alsace-
They
con¬
Belgium, the Netherlands and Norway.
Germany agreed to furnish coal and iron to
Switzerland to the end of
even
after
that time."
Germany agreed to facilitate imports of motor fuel from the Balkans,
where Switzerland had large reserves in
Budapest, and imports from the
occupied territories.
yv
'
•
Germany will deliver sugar, seeds, potatoes, alcohol and poultry feed.
♦
..
Australian
Government
Requisitions
63 Ships
gaged In Australian Coastal Trade
Sir
En¬
Earle
Page, Australian Minister of Commerce, an¬
July 16 that the Government has requisitioned
63 ships engaged in Australian coastal trade, in accordance
with regulations issued recently by the Government.
The
ships will be managed as a fleet under control of the shipping
board, says advices from the Australian news and Informa¬
tion Bureau in New York, which also states:
nounced
on
Prime Minister Robert G. Menzies said at
an
earlier date this step was
in the interests of Australian security, giving the Government
absolute authority to use ships to best advantage.
The
move
is the latest of
a
series of Government
the Menzies "blueprint" for integrated national
Argentina
and
Peru
to
Any agreement, decision,
binding upon the parties concerned.
the profits of the
a
and
movements
German permits for export and
where such machinery
dispute to the Tribunal.
is
machinery
employer-labor machinery
suitable
buying
cord, which extends until the end of 1942, the clearing arrangement between
necessary
that differences between employers and employees may be reported to the
Minister of Labor.
In such cases strikes and lockouts are prohibited unless
the Minister fails to refer the dispute within three weeks either to the exist¬
of
-v/v'/■^
the two countries, is
agriculture, coal
mining, and contractors for Government work, has not exercised its control
wages.
source
by Government
with the results of the price-control measures.
over
privilege
choice and within certain limits," a pro¬
1942 and "promised, moreover, that deliveries would continue
"In the field of price control there seems to be no definite
are
by one foreign
the
received
Germany
From the Swiss viewpoint one of the most
was
Acting under these power the Government issued
that
corded other nations.
watch
of the
the results
with
said
"according to its
The
to
Open
war
New
-•
measures to
carry out
effort.
York
Agencies
Promote Trade
Peruvian
Embassy in Washington announced on
official commercial agency of Peruvian in¬
dustries will be set up in New York City to foster interAmerican good-will and create a more favorable balance of
July 17 that
an
trade between Peru and the United
also be established in 39 other
Announcement
was
States.
Branches will
large cities.
made in Buenos Aires
the Argentine Irade Promotion
lish a branch in New York.
on July 20 that
Corporation will soon estab¬
thus determined;
In the fiscal year ended March 31, 1940, which included the first seven
months
of the war,
600,000 and for the
300,000.
the finance
year
The budget for the
account
States
under the
the value
year
March
31,
1937,
or more
and
deficit Of
year
was
is estimated at £2,421,-
year
revenues
at
£1,786,400,000,
1936-1937, and expenditures
than five times those of 1936-1937.
March
31,
£767,-
1941, the public debt
Between
increased from
£7,797,000,000 to £11,394,000,000.
in
The increase in expenditures is due, of course, to the
war, while the rise
revenue is due largely to the
raising of existing rates of taxation and to
the
levying of
new taxes.
income-tax rate has
dependents
were
been
Thus
in each year since 1935-1936 the standard
increased, and exemptions and allowances for
reduced for the fiscal years 1940-1941 and 1941 1942.
.
.
.
A 100% excess-profits tax is levied on
profits of business concerns exceed¬
ing "standard profits", i.e., actual earnings in the years 1935, 1936, 1937,
or average earnings for two of those
years, computed in the same manner as
profits for income-tax purposes, but adjusted for capital changes.
"Estate duties
£100
were
raised in 1939 and range from
1% on estates of from
to £500 to
k In order
taxes
less
60% on estates valued at more than £2,000,000.
to make the 100% excess-profits tax and the increase in income
objectionable, the Chancellor of the Exchequer recommended
that after the
ments
one-fifth of all excess-profits tax payments and all
pay¬
resulting from the reduction of income-tax allowances be returned
The refund of excess-profits tax payments will be subject
war
to the taxpayer.
the condition that the funds will be used for reconstruction.
Income
will be returned to individuals in the form of a
credit in the Post
Office Savings Bank which will not become available until after the war.
to
taxes
Export-Import Bank Grants Credits of $10,000,000
Chile and
£2,475,-
be received from the United
Lease-Lend Act, estimates
£4,206,900,000
a
ending March 31, 1942, which does not
of supplies to
2X times larger than in the peacetime
at
closed with
The deficit for the 1941-1942 fiscal
000,000.
take into
or
accounts
ended March 31, 1941, the deficit
to
$12,000,000 to Columbia
Jesse Jones, Federal Loan Administrator, announced on
July 22, that the Export-Import Bank of Washington has
extended a $10,000,000 credit to Chile and granted a $12,000.000 credit to Colombia for purchases in the United States.
The Chilean credit
was
added to
an
earlier $12,000,000 credit
to the Fomento
Corporation; this previous grant was referred
to in these columns of May 11, 1940, page 2966.
It was
announced last May that the Bank would extend a $6,000,000
credit to Colombia (noted in our issue of May 10, page 2947)
but this sum was raised to $12,000,000 to finance public
works and various industrial improvements.
+,
Over $7,000,000 Republic of Colombia
Have Been
Holders of
Q% Gold Bonds
Exchanged for New 3% Dollar Bonds
over $7,000,000 Republic of Colombia
6% ex¬
sinking fund gold bonds, due Jan. 1, 1961 and Oct.
1, 1961 have, to date, tendered their bonds in exchange for
the Republic's new 3% external sinking fund dollar bonds,
according to an announcement made in New York on July
22, by Gabriel Turbay, Ambassador Extraordinary and
Plenipotentiary of the Republic of Colombia to the United
States.
"In view of the fact that the exchange offer by the
Republic only became effective on June 30," said the Am-
ternal
Volume
bassador, "the volume of acceptances is regarded as
satisfactory." He added:
Additional bonds
coming in regularly and the
are
transmission and other documents
are
with the opinion expressed
the
by
last December commenting on
The
BERS *
inquiries for letters
AND
STOCK
SALES
ON
YORK CURB EX¬
THE NEW
TRANSACTIONS FOR ACCOUNT OF
STOCK
•
Week Ended July
12, 1941
Total for
scale
Total round-lot sales:
A.
8,395
790,770
Short sales
Other sales.b
agreement
799,165
Total sales
release
State Department in a press
the fairness of the basic terms.
Round-lot transactions for the account of members:
B.
1. Transactions of specialists In stocks in which
3% sinking
exchange offer provides for issuance of new
Per
Cent •
Week
bonds
and it will undoubtedly require
have sensed it, is in
MEM¬
(SHARES)
o*
adequate measure of the response.
an
The initial reaction of investors, as we
ROUND-LOT
CHANGE
The holdings of the 6%
scattered broadly throughout the country
further time to obtain
TOTAL
extremely
required for the exchange are on a
interest in the offer.
to indicate wide-spread
465
& Financial Chronicle
The Commercial
153
they are
89,850
registered—Total purchases
in equal principal amount
in exchange for the 6% bonds of which $43,176,500 are out¬
standing.
The balance of the new $50,000,000 loan is re¬
served for issuance for past due coupons of the 6% loans.
The offer will remain open until Oct. 1, 1943, the Republic
reserving the right to extend the period for its acceptance.
The National City Bank*of New York is acting as exchange
agent under the offer and Hallgarten & Co. and Kidder,
Peabody & Co. as paying agents for the new loan. The 3%
bonds were authorized for listing on the New York Stock
fund dollar bonds, due Oct. 1,1970,
Exchange on June 27.
The exchange offer was
7, page 3572.
Short sales
5,495
105,500
.......
Other sales.b
Total sales
33,315
1,300
26,000
Short sales
Other sales.b.
?
,
;
Total sales
23,735
900
Short sales
28,845
Other sales.b.
York
12
The Securities and Exchange Commission made public
on July 25 figures showing the volume
of total round-lot
Trading
Curb
stock sales
New York Stock and New
on
During
Exchanges
Week
146,900
the New York Stock Exchange
on
York Curb Exchange
50,508
Total sales..
33,619
»
the Stock Exchange for the account
of total transactions on the
compares
week ended
of mem¬
week ended July 12 (in round-lot trans¬
actions) totaled 1,093,888 shares,
This
which amount was 19.30%
Exchange of 5,658,200 shares•
14.99% of total
On the New York Curb Ex¬
change, member trading during the week ended July 12
amounted to 168,040 shares, or 19.70% of the total volume
of 799,165 shares; during the preceding
that Exchange
trading for the account of Curb members
week
shares
The data
filed with the New
New York Curb Exchange by their respective
published are based upon weekly reports
York Stock Exchange and the
classified as follows:
These reports are
members.
of 68,075
16.91% of total trading of 344,230 shares.
was
New York
New York
Stock
specialists
.
transactions initiated on the
1.
Reports showing transactions as
2.
Reports showing other
.J.
Reports showing other
Exchange
1,066
Total number of reports received
floor
Curb
Exchange
3.
c
Sales marked "short exempt" are
—
transactions initiated off the
240
The
Securities
and
Exchange
Commission
on
During
July 25
public a summary for the week ended July 19, 1941,
of complete figures showing the daily volume of stock trans¬
actions for the odd-lot account of all odd-lot dealers and
made
specialists who handle odd lots on the New York Stock
Exchange, continuing a series of current figures being pub¬
lished by the Commission.
The figures are based upon
reports filed with the Commission by the odd-lot dealers and
specialists.
TRANSACTIONS FOR THE ODD-LOT ACCOUNT OF ODD-LOT
SPECIALISTS ON THE NEW YORK STOCK EXCHANGE
45
Week Ended July 19,
1941
:
,
Total
'V
Odd-lot sales by dealers
287
95
549
—
__
for Week
v
(customers' purchases):
15,139
Number of orders..
400,419
Number of shares.
Dollar value......—.....
................................
14,895,944
(customers' sales):
Odd-lot purchases by dealers
Number of orders:
196
Customers' short sales
Customers' other sales.a
The number of reports
in the various classifications may
Customers' total sales.
total more than
entries
STOCK
Customers' short sales—
^EX¬
SALES ON THE NEW YORK STOCK
STOCK TRANSACTIONS FOR ACCOUNT
(SHARES)
;
,
Customers' tota
Week Ended July 12, 1941
Total for
Week
Total round-lot sales:
Short sales-----.--
Pit
Cent
5,352
369,212
—
Customers' other sales.a.
CHANGE AND ROUND-LOT
OF MEMBERS *
15,634
Number of shares:
than one classification. j|
ROUND-LOT
15,438
received because a single report may carry
the number of reports
A.
Commission
Included with "other sales."
Odd-Lot Trading on New York Stock Exchange
Week Ended July 19
two exchanges.
TOTAL
which are exempted from restriction by the
sales."
b Round-lot short sales
rules are included with "other
DEALERS AND
Exchange, odd-lot transactions are handled solely
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 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
more
...—
374,564
sales.
11,841,161
Dollar value
a
Round-lot sales by dealers:
—
-
—
Other sales.b............——
166,250
5,491,950
Number of shares:
0
Short sales
88,570
Other sales.b
5,658,200
Total sales
88,570
Total sales
13.
Round-lot transactions for account of members, except for
the odd-lot accounts of odd-lot dealers and specialists:
1.
Transactions of specialists in stocks
registered—Total purchases
Round-lot purchases
In which they are
a
97,820
440,580
Sales marked
538,400
the floor—Total purchases
386,800
386,800
Other 8ales.b.
Total sales.
363,620
3. Other transactions Initiated off
the floor—Total purchases
Other sales.b.
1941 Than Year Ago
6.63
The July
of
165,025
165,025
Total—Total purchases
191,868
issue of "The Exchange," monthly publication
Stock Exchange, presents the following
the New York
3.15
dividends
1,090,405
living has risen 3.6% in the past year
Other sales.b.
153,438
940,450
1,093,$88
on
common
of 8.2 %.
the owners of business, the publication
lagging nearly 40% behind the rate of gain in wages
and salaries, but despite the unfavorable comparison, comIncome return to
19.30
and a half, average
13%, industrial activity is greater by 21% and
stocks listed on the New York Stock Exchange
weekly wages have gone up
show an increase
Short sales
earnings in relation to other economic
picture of business
indices:
The cost of
j_.
position
Dividend Payments of Common Stocks Listed on New
York Stock Exchange 8.2% Higher in First Half of
19,998
171,870
Short sales
"other sales."
odd-lot orders, and sales to liquidate a lODg
round lot are reported with "other sales.'
9.52
35,620
328,000
Short sales
Total sales
"short exempt" are reported with
b Sales to offset customers
which Is less than a
Total sales.
108,970
Number of shares
Other sales, b.
2. Other transactions initiated on
by dealers:
538,580
Short sales...
4.
their
volume Includes only sales
99
Not*—On the New York Curb
in
"members" Includes all Exchange members, their firms and
transactions as per cent of twice total round-lot volume.
Ju calculating these percentages, the total of members' transactions Is compared
with twice the total round-lot volume on the Exchange for the reason that the total
of members' transactions Includes both purchases and sales, while the Exohange
STOCK
773
191
499
floor..
term
Shares In memoers'
with member trading during the previous
July 5 of 261,280 shares or
trading of 1,746,750 shares.
on
The
partners, Including special partners.
figures.
on
50,508
Total purchases.
a
during the
0
...
Customers' other Bales.c................—...
continuing a series of
current figures being published weekly by the Commission.
Short sales are shown separately from other sales in these
Trading
the account of specialists:
Customers' short sales
these
19.70
168,040
Total sales.
C. Odd-lot transactions for
exchanges in the week ended July 12,
bers
•
Other sales.b.
and the New
for the account of all members of
7,695
160,345
Short sales
July
Ended
3.35
29,745
Total sales
4. Total—Total purchases.
Member
3.79
27,300
...
....
3. Other transactions initiated off the floor—Total purchases
discussed in these columns of June
12.56
110,995
.....
.....
2. Other transactions Initiated on the floor—Total purchases
states, is
The Commercial & Financial Chronicle
466
mon
stocks listed
viding
The
satisfactory investment return.
a
Four allied members or limited partners from New York
Seven members, allied members or limited partners from outside New
York, of whom not less than two shall be members of the Exchange.
magazine
further says:
common
Not less than 13 Governors, including the Chairman of the Board, would
yielded approximately $956,705,000
All told, 543 listed common stocks
In dividends In the first six months.
•
be members of the
In the same period a year ago, 595
New
Dividends on listed preferred stocks likewise show an increase, totaling
in the
same
period
area
Including the dividends paid or declared on listed common stocks since
July 1. there are 567 issues currently yielding a return.
with 577
'
high, even after the recent rise in stock prices.
And
on
stocks and bonds
with spreads during past periods when the accumulation of stocks
generally profitable of 2.2% in April, 1938, slightly more than 1% in
March, 1935, and 2.44% in July, 1932.
chemical,
automobile,
food,
formulate
to
broad
policies which the management
metal,
retail
Chairman of the Board
of the Board of Governors.
He would be concerned,
paid $8,151,000
on
their
dividend-paying issues in this group
stocks
common
members of any
be expected to
may
the
1940
group
paid
$2,616,000,
compared with
committees which might be authorized by the Board of
The Chairman would be
Governors.
Sixteen of 25 divi¬
dend-paying companies in this group made larger payments and disburse¬
of Governors,
Board
or
who
increased rail earnings are not yet benefiting
holders to any large extent.
Profits
among
common
are
only 19%, from $53,164,000 to $63,274,000.
The number of dividend payers
remained the
same
and only seven
com¬
in 21 of the industrial groups and
some¬
what lower in six groups.
complete responsibility for management and for carrying out the policies
laid down
by the Board would rest with the President and the staff respons¬
ible to him.
V:.-.v5''
New York Stock
Exchange Board of Governors Approve
Amendments Further Modernizing Administrative
Machinery—Members to Vote on Reducing Size
of
Board, Abolishing Standing Committees and
Centralizing Administrative Authority in President
The Board of Governors of the New York Stock
Exchange
July 23 approved proposed amendments to the Constitu¬
administrative machinery of the
Exchange.
According to a letter sent to the members by
Robert L. Stott, Chairman, the amendments provide for a
reduction in the membership of the Board of Governors from
32 to 25, abolishment of ail standing committees of the
Exchange and vesting their powers in the Board and chang¬
ing the method of electing a Nominating Committee. These
amendments were submitted to the membership on July 25
for balloting before Aug. 6 and, if approved, will become
effective Sept. 30, 1941.
The following is the explanation given by Mr. Stott in
on
tion further modernizing the
Objectives
the considered judgment of your Board of
Governors and follow a comprehensive study
by
a
special committee ap¬
What is proposed is,
for a compact and flexible management structure con¬
forming as closely as possible to the corporate form of organization.
Sub¬
this direction already has been made by the Exchange,
under the chairmanship of
notably since the reorganization committee,
recommendations in January, 1938.
board) and any committees authorized by the board.
the
Exchange organization.
further step in the improve¬
The broad purposes of the amend¬
approved by the board may be summarized as follows:
establish
To
the
Board
of
Governors
as
the
Exchange's sole
policy¬
^
To centralize administrative
authority in the President;
provide the constitutional framework for a competent, responsible
the Exchange.
To
and
Vice-Chairman
Proposed Changes
accomplish the foregoing purposes, the amendments provide (1) that
the membership of the Board of Governors be
reduced from 32 to 25, (2)
that all standing committees of the Exchange be abolished, (3) that the rule¬
making
powers now
of Governors, and
vested in such committees be transferred to the Board
(4) that the present process of nominating Governors be
simplified by holding the election of the Nominating Committee at the
time
as
same
the election of Governors.
Size
wide community
with
a
Elimination
members
It is
now
dealt with
by standing committees, may remain in the bands
expected that the Board of Governors may authorize from time
nation¬
a
In effecting
a
by approximately 25%, the proportionate
serve at
the pleasure of the
two-and-a-half-year period,
board, with
authority, but with only such limited
it.
upon
of
experience
problems.
for
all
Governors
vote of a
Such
a
sub-committee
constitutionally delegated
not function
rotated
so
with
as
respect
The board could not delegate to
rules, which it is provided
no
powers as the board itself may
Any such sub-committees would
standing committees, but would be
to
to
as
confer
do the present
develop
a
Exchange
broad body
policies
a committee the power to
and
make
hereafter be adopted only by the affirmative
can
majority of the Governors.
Discipline
The board would be able, however, to delegate to a sub-committee such
disciplinary
member
powers as
or
in the board.
it wished, other than the
power to suspend or
expel
allied member, which power, as at present, would reside
only
The members of the staff would collaborate with the board
or
with any sub-committee of the board in
collecting the information
required in the preparation and disposition of disciplinary matters.
In no
instance would the staff be put in the position of
passing judgment upon
or member firms.
members
Floor Procedure
It is contemplated that the floor duties and responsibilities of the
present
Committee on Floor Procedure would be assumed by those members of the
Board of Governors who
under power
of the
the
active
the floor of the Exchange,
acting
Such Governors, under the direction
on
board, would supervice the operations of members
Exchange and
tion
are
delegated by the board.
with
floor
pass upon
on
the floor
the hour-to -hour questions that arise in
The
transactions.
administrative
duties
of
of
connec¬
the
present
the staff.
The duties of the present Committee on Admissions with
respect to the
admission of members and allied members would be taken over
directly by
the Board of Governors.
The board could, if it wished,
has
authorize
a
sub¬
committee, the personnel to be rotated periodically, to collaborate with the
recommendations to the board.
Composition of the Board
making the necessary inquiries and investigations and
The final action
on
to
submit
all applicants would be
taken by the board.
The Board of Governors, when the reduction in its size,
been
Slock List
which will be
completed,
would
consist of
The Board of Governors may also deem it advisable to authorize from
time
The Chairman of the Board,
The President,
,
the membership would be divided
to
time certain Governors to deal, in cooperation with the
President,
bear upon the relations between the
Exchange and its
with matters that
Twenty-one Governors, elected by the membership, (besides the Chair¬
man)
Two representatives of the public.
to
time the appointment of one or more sub-committees for the
handling of
minor disciplinary matters and of other questions and
problems
Admission of Members and Allied Members
diversity of individual interests.
The 21 Governors elected by
of Committees
of Governors.
been increased.
a
the
order that various matters affecting the rights and obligations of individual
staff in
over
have
proposing to eliminate standing committees, it is contemplated that
appropriate new machinery of the Board of Governors will be provided in
representation of members and member firms outside New York City has
effected
would
In
of the Board
necessity of adequate representation for
reduction in the size of the board
and
fixing the terms and conditions of their employment.
Committee would be assumed by
The Board of Governors, in determining upon the size of the board, has
taken into account the
board),
The President would be responsible, through such organization
machinery
he may set up, for the selection of all employees, for their direction, for
and representative government of
To
of the
as
a
machinery.
making body:
Chairman
authority.to terminate the employment of all such officers, subject to ap¬
proval of the board, and of other employees without approval of the board.
the Conway Committee was recognized at the time as a desirable
The Board of Governors is now proposing a
ment
He would have the
authority, under conditions to be determined by the board, to fix the duties,
responsibilities, terms and conditions of employment of all officers (except
The
advance in the evolutionary development of the
ment of our administrative
Exchange.
officers of the Exchange (except the Chairman and Vice-Chairman of the
would
:>
pointed with the authority of the board last March.
program of
of the
The President would appoint, subject to the approval of the board, all
the attention of Governors, rather than of the staff.
Broad
Carle C. Conway, submitted its
Exchange in all public matters and in relations with the
requiring
his letter to the members:
stantial progress in
:
The President would be the chief executive officer of the Exchange, he
would represent the
and administration
in brief, the design
a vacancy
Government and its agencies, he would be responsible for the management
^
The amendments represent
in the event of
Subject to general conditions to be determined by the Board of Governors,
panies increased their dividends.
All told, dividends were higher
serve or
Exchange.
The President
were
659% in the first quarter to $81,042,458, yet common shares disburse¬
ments In the first half increased
would
year,
The Vice-Chairman would be chosen from the
members of the
share¬
56 listed rail companies
annual election each
the duties of the Chairman in the
assume
during his inability to
in the office of Chairman.
Governors
after the
Vice-Chairman to
a
$45,934,000 against $26,414,000 in the same period a year ago.
The sharply
up
The
designate
latter's absence
The steel industry came third with a rise of 74%.
member of the Exchange, elected
a
annually by the membership.
Six
$1,347,000 in
period.
ments totaled
as a
Vice-Chairman
highest was the shipbuilding industry with a gain of 94%.
in this
Chairman and
as
He and the President would be empowered to serve, ex-officio, as
ment.
expand, since last year 10 aviation stocks yielded dividends.
Next
to
pass upon
member of the board, with the formulation of policies rather than manage¬
gain of 105% over the $3,985,000 paid in the same period in 1940.
companies
(2)
(3)
The Chairman of the Board would be, as at present, the presiding officer
In the
Percentagewise, two of the smaller groups scored greater gains.
aircraft industry, three companies
would apply,
disciplinary matters affecting members and allied members.
Of the 543 dividend-
machinery and
(1) to select
President and stipulate the terms and conditions of his employment,
a
that the distribution of larger payments in the
merchandising and steel industries.
The number of
^
the duties and functions of the Board of Governors would be
paying stocks, 192 yielded a larger return, and 110 of these were concen¬
a
i
r
Looking at the dividends paid by the common stocks in the separate
industrial groups, it is seen
for
i.
present.
adopt rules, (4) to check the results of management, and (5) to
:
first six months was highly selective as to industries.
the
at
as
Duties and Functions of thr Board
Under the broad program which the Board of Governors has approved,
the yields
The current spread of about 3.5% between
in
'
that the reduction in the size of the board be made by the
instead of nine Governors
pick up in 1939.
trated
The ratio of
those outside that
to
area
Method of Reducing Board
It is proposed
buyers of selected listed stocks have now been benefiting from substantial
dividends for two and a half years, ever since business activity began to
was
York
2 to 1.
election of only seven Governors at each of the next three annual elections,
high record number will be set in 1941.
compares
the New
within
the new board, would be
This compares
dividend-paying issues in all of last year and indicates that a new
Yields continue
Exchange, of whom two would be from outside of the
The total number of Governors from outside the New
area.
would be increased from the present six to seven.
Governors from
elected
area, on
gain of 12 %.
a year ago— a
York
York
Issues paid $884,524,000.
approximately $169,567,000 in the first six months, against $151,400,000
July 26, 1941
Ten members from New York
the New York Stock Exchange are pro¬
on
as
follows:
1 sted companies.
upon
The major policies relating to listing, which bear vitally
upon the welfare of the Exchange, its members
the public interest and
and member firms, will hereafter be
developed by full discussion within the
board, rather than by discussions within
J
a
committee.
Volume
The Commercial & Financial Chronicle
153
of
The duties of the present Executive Committee, which relate mainly to
the finances of the Exchange, would be assumed directly by the
$1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity
value).
President,
:'(''''
closing hour, 2:00
Public Relations
be received at the
The responsibility for the relations between the Exchange and.the
public
for
necessarily and obviously to the President and his professional
advisers.
v"";-'1 ;
; ■-
It is proposed
of the Board of Governors,
a
Board of Arbitration to be
composed of 15 arbitrators, selected from the members and allied members
hear and decide claims and
and member firms which
Non-member
tion.
This Board of Arbitration would
disputes between members and allied members
submitted to the Committee
are now
on
desired
by the non-member, and the present facilities whereby a non-member may
also choose to have his
case
be used.
may not
heard by a group of arbitrators, the majority
of whom would be non-members of the Exchange, would be
the annual
May election rather than at
of
a
special January
Immediately after the closing hour, tenders will be opened at the Federal
by the Secretary of the Treasury of the amount and price
accepted bids.
or
The Secretary of the Treasury expressly reserves the
reject any or all tenders, in whole
cash
other
or
immediately available funds
The income derived from
only the officers and Governors to be elected at that time,
any
Nominating Committee be reduced in number from
(three of whom would be members and two of whom would be
five
allied members of the Exchange).
been revised,
The general election provisions have also
in several respects, in the interest of simplification of pro¬
cedure.
or
in part, and his
Payment of accepted tenders at
the prices offered must be made or completed at the Federal Reserve Bank in
and loss from the sale
but a new
of
range
Those submitting tenders will be advised of the acceptance
rejection thereof.
sale
seven to
Treasury bills applied for, unless the tenders are
Reserve banks and branches, following which public announcement will be
made
positions to be filled at the May, 1942 election, which would include not
Nominating Committee to serve for the purpose of the May, 1943 election.
'/<
10%
trust company.
or
January would, in April, propose a slate of candidates for the offices and
It is proposed that the
responsible and recognized dealers in investment
action in any such respect shall be final.
The Nominating Committee to be elected next
present.
at
as
Fractions
.'• ".VC
deposit from incorporated banks and
accompanied by an express guaranty of payment by an incorporated bank
right to accept
Nominating Committee
election,
Tenders will not
Tenders from others must be accompanied by payment of
of the face amount
or
retained.
Beginning May, 1942, it is provded that the Nominating Committee will
be elected at
.
trust companies and from
securities.
Arbitra¬
could also be heard by this board where
cases
(EST), Monday, July 28, 1941.
Treasury Department, Washington. Each tender must be
multiple of $1,000, and the price offered must be expressed on
Tenders will be received without
that the Chairman of the Board of Governors shall appoint,
of the Exchange who are not Governors.
an even
p. m.,
the basis of 100, with not more than three decimals, e. g., 99.925.
\
Arbitration
with the approval
.
Tenders will be received at Federal Reserve banks and branches up to the
his chief financial officer and the Board of Governors.
belongs
467
They (the bills) will be issued in bearer form only, and in denominations
Executive
or
July 30, 1941.
or
gain from the
other disposition of the bills, shall not have any exemption, as such,
or
special treatment,
other disposition of Treasury bills shall not have
as
such, under Federal tax Acts now
hereafter
or
The bills shall be subject to estate, inheritance, gift, or other excise
enacted.
whether Federal
taxes,
on
Treasury bills, whether interest
or
State, but shall be exempt from all taxation now or
hereafter imposed on the principal or interest thereof by any State, or any
of the possessions of the
United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills
originally sold by the^United States shall be considered to be interest.
Treasury Department Circular No. 418, as amended, and this notice,
are
The Proposed Amendment
Because the elimination of references to standing committees
the revision of all but
one
necessitated
of the Articles of the present Constitution, the
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
changes approved by the Board of Governors are in the form of a complete
new
Constitution,
Constitution.
submitted
Minor changes
a
as
General
Amendment
to
the
present
United
have been made in several Articles in the
interest of better procedure.
dum which will accompany
the text of amendments being sent to you by
the Secretary
members.
effective
with
of the Exchange.
The organization of the
Exchange is
a matter
be
Sept. 30, 1941, were approved by the Board of Governors after
thorough deliberation and full consideration of many alternate proposals.
The
conclusions
that
the
standing committees be
centered
which
in
are
the
Boards
of
Governors
be reduced
in size,
that
abolished and that administrative authority be
Presdent
are
based
on
sound
principles of organization
widely approved.
CCC Allotments
on
New
—$201,053,000
13^8% Notes Total $411,830,000
Represent
Exchanges
The Treasury announced on July 18 the
and allotment figures on the $400,000,000
final subscription
offering of 1^%
notes of the Commodity Credit Corporation, showing that
out of total subscriptions received aggregating $5,156,536,000
allotments were $411,830,000.
Of the total allotted, $201,053,000 represented subscriptions from the holders of matur¬
ing series D, CCC notes outstanding in amount of $202,553,000, which were tendered in exchange for the new notes
and allotted in full. The remaining allotments, $210,777,000,
was "new money" having been allotted on a 4% basis, but
not less than $1,000 on any one subscription.
A previous
item regarding subscriptions to this CCC note offering
appeared in these columns of July 19, page 319.
Mint
Had
New
Received to Offering of $100,-
Production
803,785,830 Coins Struck Off in
in
1940
Fiscal
Production of the United States Mini reached an all-time
record during the fiscal year ended June 30 with a total of
1,770,021,507 coins struck off in the 12-month period,
Nellie
Tayloe Ross, Director of the Mint, reported on July
high was noted in the 1940 fiscal year when
803,785,830 coins were produced.
The value of the 1941
domestic output is $74,987,420.07 as compared with $39,994,684.05 in the 1940 fiscal year and $15,538,37,-14 for the
The previous
25.
1939 fiscal year.
In numbers coin
was
recorded
as
production for the three past fiscal
1940
1939
Domestic coinage
255,566,260
Total
1941
48,187,200
768,090,830
35,695,000
1,599,349,007
170,672,500
303,753 460
803,785,830
1,770,021,507
Coinage for foreign countries.
.
Production
years
follows:
during the past three fiscal
years
by denomin¬
ations and pieces was:
1939
Halves
23,182,094
40,965,907
97,275,543
"175,632,300
440,539,800
77,807,861
181,685,402
315,228,278
1,001,445,372
_
...
1941
13,677,280
66,469,400
118,585.054
Quarters
Nickels..
1940
3,620,037
16,865,748
50,026,021
Dimes
Tenders of $291,758,000
Record
Year
of primary interest to all
The changes in the Constitution, which it is proposed shall
on
States
Fiscal Year Ended June 30, Reports Director Ross'—
Total of 1,770,021,507 Coins Produced Compared
These changes will be outlined in a memoran¬
—
Cents
000,000 of 91-Day Treasury Bills—$100,127,000 Ac¬
It is further announced:
cepted at Average Rate of 0.098%
A
Expressed in terms of weight, the coins manufactured during the fiscal
total of $292,758,000 was
tendered to the offering on
July 18, of $100,000,000, or thereabouts, of 91-day Treasury
bills dated July 23 and maturing Oct. 22, 1941, Secretary
of the Treasury Morgenthau announced on July 21. Of this
amount, $100,127,000 was accepted at an average price of
approximately 0.098%.
The tenders to the offering were received at the Federal
Reserve banks and the branches thereof up to 2 p. m. (EST)
July 21. Reference to the offering appeared in our issue of
July 19, page 319.
The following regarding the accepted
bids to the offering is from Secretary Morgenthau's an¬
year
Mrs. Ross reported that the three Mints were
the
Low
(Excepting two tenders aggeagating $250,000)
Average price—99.975 equivalent rate approximately 0.098%
(81 % of the amount bid for at the low price was eccepted)
New Offering of $100,000,000 of 91-Day Treasury Bills—
To Be Dated July 30, 1941
Tenders to
offering of 91-day Treasury bills to the
or thereabouts, to be sold on a
discount basis under competitive bidding, were invited on
July 25, by Secretary of the Treasury Morgenthau. Tenders
will be received at the Federal Reserve banks, and the
branches thereof, up to 2 p. m. (EST) July 28, but will not
be received at the Treasury Department, Washington. The
Treasury bills will be dated July 30 and will mature on
Oct. 29, 1941, and on the maturity date the face amount of
the bills will be payable without interest. There is a maturity
of a previous issue of Treasury bills on July 30 in amount of
$100,069,000.
Mr. Morgenthau in his announcement of the offering
of
a
new
It
■'.'v
required to work 24 hours
unusually high demand for coins to the sharp expansion
business activity
President
in general
arising mainly from the development and progress of the
Roosevelt
versary
Praises
Simon
Bolivar
on
Anni¬
of Birth-—Says South American Liberator's
of
Continental
Solidarity
Is
Constantly
Before Us
President
Roosevelt, in a message on the 158th anni¬
of the birth of Gen. Simon Bolivar, South American
liberator, on July 24 emphasized the ideal of Gen. Bolivar of
continental solidarity, saying it "encourages and stimulates
us
in the development of the defense of our hemisphere
against the perils which threaten it." The President's mes¬
sage, read at the annual memorial exercises held in Central
Park, New York City, by the Pan American Society, follows:
versary
Not the weakest among the many bonds which unite the American
$100,000,000,
further said:
for foreign countries.
.
national defense program.
Total accepted, $100,127,000
—99,982 equivalent rate approximately 0.071%
—99.974 equivalent rate approximately 0.103%
High
were
;;
Ideal
for, $292,758,000
Range of accepted bids:
amount
■'
daily seven days a week in order to keep up with the demand. She attributed
nouncement:
Total applied
1941 was 7,062 tons, of which 536 tons
would have required 2,355 three-ton trucks to have hauled the coins from the
■Mint.
re¬
publics is the memory of the great men throughout the continent who led
the
struggle for the achievement of the independence of the 21 sovereign
The life and deeds of Simon Bolivar and of the other
nations of America.
heroes of the lands to the south of us are
becoming constantly better known
in the United States.
Conversely, the achievements of George Washington and of those who
labored at his side to found our Republic are from year to year the subject
of
more
widespread interest and study in the other American republics.
The
resulting development of a body of shared knowledge regarding noble and
heroic efforts directed
toward
common
goals is
a
source
of strength and
vitality in the development of our relations.
The ideal of Simon Bolivar of continental
us
in these
solidarity is constantly before
tragic times, it encourages and stimulates
of the defenses
of
our
us
in the development
hemisphere against the perils which threaten it.
The
Commercial &
468
Government Securities Purchased
Treasury During June
$447,000 of
investment accounts in
June, 1041, resulted in net pur¬
$447,000, Secretary Morgenthau announced on
July 21. This compares with the sale of $200,000 of Govern¬
ment securities during May.
The following tabulation shows the Treasury's transac¬
tions in Government securities for the last two years:
of
chases
194®—
1939
^
13,295,750 purchased
71,904,950 purchased
August
September
December..
October
3,157,000 sold
November
$300,000
4,400,000
284,000
1,139,000
September
1,201,000 sold
2,844,350 sold
October
No sales or purchases
August
December
November...
sold
sold
sold
6old
1940—
February
1,636,100
387,200
934,000
-No sales or
April
May..
-
June
July
February........
sold
purchased
purchased
purchases
Sunday
undisclosed des¬
tination.
All were presumed to be going around the cape to the Pacific.
The Japanese Embassy made representations last week to facilitate
clearance for two Japanese vessels which had been delayed in sailing from
American east coast ports and one ship awaiting transit through the canal.
Mr. Welles said at that time that he understood some canal repairs
were being made and that the delays to other ships were due to local con¬
ditions rather than to any concerted action to hamper Japanese shipping.
Five vessels which
and two other more recent
-..........
$19,000,000.
customers' debit balances
principal related items of the member firms of the New
York Stock Exchange that carry margin accounts, together
and
with changes for
30, 1941,
the month and year ended June
follows :
June 30,
June
May 31,
1941
30,
1940
1941
Debit balances—
$616,000,000 -$6,000,000 -$37,000,000
Customers' debit balances
firm and partners' in¬
Debit balances in
100,000,000
186,000,000
banks
+ 30,000,000
+ 1,000,000
—37,000,000
—8,000,000
—7,000,000
65,000,000
Cash on hand and in
-12,000,000
395,000,000
255,000,000
vestment and trading accounts
+4,000,000
—12,000,000
+ 3,000,000
-1,000,000
—47,000,000
Credit balances—
Money borrowed—. -—... —.
.
Customers' credit balances—Free—....
Other
Credit balances in firm
vestment and trading
+ 19,000,000
and partners' in¬
—3,000,000
24,000,000
accounts
Credit balances in capital
222,000,000
accounts
United States' Position on Portuguese
Atlantic Islands
Welles
by Acting Secretary of State
Acting Secretary of State Sumner Welles in restating on
July 14 that Portugal's strategic Atlantic islands must re¬
main in "friendly hands," and that American policies were
directed toward that end, said that this country hopes
Portugal would remain in control of the Azores and Cape
Associated Press Washington advices stated:
Verde Islands.
He called attention at his press
Roosevelt's recent message to Congress on the
Presidont
that
Iceland,
conference, however, to a statement in
it
was
occupation of
vital to American security that strategic Atlantic
in friendly hands.
Welles was commenting on a statement by the Portuguese Minister,
outposts remain
Mr.
Joao Dibianchi,
who said in New York on Saturday that
ceived assurances that the
islands.
Portugal had re¬
United States would not occupy the Atlantic
'
.■
The Acting Secretary
which the United States
tentions against the
also referred to a recent diplomatic exchange in
told Portugal that it "harbors no aggressive in¬
sovereignty or territorial integrity" of the Portuguese
possessions, but that "our policy today is
based on the inalienable right of
self-defense."
Secretary of State Hull's assurance to the Portuguese
Government, referred to above, was given in these columns
June 14, page
on
3737.
+
President
Roosevelt
Reveals
Japanese Censorship on
Canal Closed
Radio and Cable Facilities—Panama
to
Merchant Shipping for Repairs
United
conference on
July 22 that the Japanese Government had imposed a cen¬
sorship on radio and cable facilities.
Regarding this, Asso¬
ciated Press Washington advices said:
A
naval
disptach
to the President
concerning
the
Japanese
late in the day just before his press
nounced its contents to the correspondents and added
tion
that
he
considered
it significant.
presented
conference.
He an¬
censorship
was
in response to a ques¬
He said the dispatch had been
referred to radio and cable companies for checking, but
declined to discuss
the matter further.
previous day (July 22) Sumner Welles, Acting
Secretary of State, made known that Panama Canal authori¬
ties have notified all shipping agencies of an order restricting
On
the
prohibiting transit of merchant shipping for the time being,
to permit repairs.
It was reported that Japanese ships
apparently were affected most by the action.
With respect
to this situation, an Associated Press Washington dispatch
of July 21 stated:
or
permitted oil shipments to Japan,
States has
helping that nation in "what looks like an act
of aggression"
spreading of the war to the South Pacific
which "was very essential from our own selfish point of view
of defense."
The President made these remarks in an
informal talk to the organization meeting of the Volunteer
Participation Committee at the White House.
This group
of civilians was appointed by Mr. Roosevelt on July 19 to
serve as an advisory body to the Office of Civilian Defense,
which is headed by Mayor La Guardia.
In explaining to
the group that they are to be an information bureau inform¬
ing the people of the seriousness of the world situation, the
President cited the Japanese incident in relation to the
threatened oil shortage in the Atlantic Coast States.
He
also said that the method in letting oil go to Japan with the
hope of keeping war out of the South Pacific was "for our
own good, for the good of the defense of Great Britain and
prevent the
to
was
the freedom of the seas."
is the text of the President's talk
The following
according
Associated Press:
to the
but I
certain things to every part
of the country, and that it has got to be done through civilian work.
It
has got to be done by civilians among civilians.
Other things are pretty
well organized—production and the training program, but what we need is
to get the people as a whole to realize certain facts.
The Mayor's lMayor F. H. La Guardia, of New York] work is really
in two parts.
The first is what I call quasi-military—things like preparing
sandbags (and they may be necessary in certain parts of the country, not
necessarily all over) air-raid alarms and so forth and so on.
That is only
part of it that can be done largely through the constituted authorities in
the state governments, city and county governments, but beyond that it
is-your work, which is at least equally important—more important.
People in this country unfortunately haven't got enough idea of what
a
I haven't prepared any speech,
lot of work to do.
strongly that we must bring home
do feel very
And it isn't anybody's fault over here
modern war means.
that modern
it used to be.
It is a
war between populations, and not alone between armies.
That, I think,
is something that those in the average home in this country have not yet
something entirely different from what
means
got through their heads.
We know what is happening in
women
a
as men on
I think we have a
We
England today.
We know the fact that
just as important in the defense
in London—mothers of families—are
of Britain
destroyer.
They are all part of this defense.
And
long, long way to go in this country.
organization in every community.
going to get through you an
are
The responsibility, I think, is yours
We can't do it all from Washington.
by units—by corps areas.
I am going to hold you
responsible in these
going to be put off by people
say, "well, we couldn't find out about this from WTashington."
Or,
don't know who has the jurisdiction."
I don't care who has the ulti¬
for what goes on, and I am not
corps areas
wTho
"we
problems
by
this, that or the other agency within a state, or a corps area, or a community,
I am not going to take that as an excuse.
Go ahead and do the thing
that you want to do, first, and talk about jurisdiction afterward.
I am looking for real results.
You may have some question about your
relationship to state councils of defense, and local councils of defense.
I am looking for results.I think they will work with you in almost every part
of the country.
I don't think you are going to have any real trouble,
any more than you are going to have sporadic cases of what might be called
mate
In other words, if you have some
You have.
jurisdiction.
of organization
and
you
can't find out whether it is being handled
political trouble.
just about as many
Frankly—I don't care,
except for the fact that this has been a good illustration that this work
is non-political.
You have labor here.
You have capital.
You have
Negroes here.
You have white people.
You have got every cross-section
I
don't know,
but
I have an idea that there are
Republicans in this group as there are Democrats.
of American life represented on
About this question of
it
President Roosevelt disclosed at his press
Defense Worjt
that the reason
President Roosevelt declared on July 24
war
Clarified
Government's Policy in Per¬
Was to Keep War
Pacific—Advises Volunteer Partici¬
pation Committee on Civilian
You have
Increase or Decrease Since
South
of
Out
the
Brokers' Balances for June
—Customers' Debit Balances for New York Stock
Exchange Firms Decreased $6,000,000 and Firms'
Borrowings Were Down $8,000,000
The Board of Governors of the Federal Reserve System
announced on July 21 that member firms of the New York
Stock Exchange carrying margin accounts for customers
reported for June 1941 a decrease of $6,000,000 in their cus¬
tomers' debit balances and a decrease of $8,000,000 in money
borrowed by the reporting firms.
These firms also reported
a decrease of $12,000,000 in the debit balances in their firm
and partners' investment and trading accounts.
During the
year ending June 30, 1941, customers' debit balances de¬
creased
$37,000,000,
while money
borrowed increased
Board's summary of the
arrivals at the canal left for an
mitting Oil Shipments to Japan
$743,350 sold
200,000 sold
447,000 purchased
April
Federal Reserve Report on
The
southward, apparently on the
homeward around Cape Horn.
had waited a week sailed for Rio de Janeiro
long route
No sales or purchases
March
May
June.
Mr. Welles
repairs.
wait at the canal for transit
of Japanese ships, after a week-long
Atlantic to the Pacific, was sailing
from the
$2,785,000 purchased
11,950,000 purchased
January
20,801,000 sold
5,700,000 sold
—
March
it would take to complete the
President Roosevelt Says
1941—
$9,475,000 sold
January
affected was not revealed, nor did
Whether all shipping was
indicate how long
A group
in Government securities for Treas¬
Market transactions
ury
by-
July 26, 1941
Financial Chronicle
to
You
me.
are
this committee.
Somebody may start it.
politics.
Americans.
You don't
Don't bring
belong to any party in this
work.
I
don't know that there is
quitejfrankly, I
am
anything else I want to say, except that,
looking for results from all of you.
We will do the best
little while to get all the machinery working
It is going to take a
we can
I am inclined to think that you
smoothly.
don't want to make mountains
out of molehills.
What
we want
is to get this thing
into every family in the United States.
And, incidentally, there are a great many people
families, who are off by
to
after
who don't even belong
We want you to go
seriousness of this
themselves—individuals.
people and explain the real necessity and
those
world situation.
There
an
are
lots of things that
people don't quite understand.
information bureau to all of them.
Here
on
Interior,
the East Coast you have
as
to curtail
their consumption of gasoline.
be called
an
a
the problem of not enough
how he is asking everybody
All right.
American citizen, living in Hyde Park,
funny thing.
are
been reading that the Secretary of the
oil administrator, is faced with
gasoline to go around on the East Coast, and
"That's
You
And I will give you the example.
Now, I am—I might
N. Y.
And I say,
Why am I asked to curtail my consumption of
gasoline when I read in the paper that thousands
of tons of gasoline are
The
153
Volume
Angeles—West Coast—to Japan, and we are helping
of aggression?"
All right.
Now, the answer is a very simple one.
There is a world
war going on, and has been for some time—nearly two years.
One of our
efforts, from the very beginning, was to prevent the spread of that world
war in certain areas where it hadn't started.
One of those areas is a place
called the Pacific Ocean, one of the largest areas of the earth.
There
going out from Los
Japan in what looks like an act
happened to be
Pacific where we had to get a lot of things
and so on—down in the Dutch Indies, the Straits
Indo-China.
And we had to help get the Australian
place in the South
a
—rubber, tin and so forth
and
Settlements
surplus of meat and wheat
It
and corn for England.
essential from our own selfish point of view of defense to
from starting in the South Pacific.
So our foreign policy
was very
vent a war
pre¬
was
At the same time,
from the point of view of even France at that time—of course, France
still had her head above water—we wanted to keep that line of supplies
from Australia and New Zealand going to the Near East—all their troops,
all their supplies that they have maintained in Syria, North Africa and
Palestine.
So it was essential for Great Britain that we try to keep the
trying to stop a war from
breaking out down there.
South Pacific.
nation called Japan. Whether they had
at that time aggressive purposes to enlarge their empire southward, they
didn't have any oil of their own up in the north.
Now, if we cut the oil
off, they probably would have gone down to the Dutch East Indies a year
ago, and you would have had war.
Therefore, there was—you might call—a method in letting this oil go
to Japan, with the hope—and it has worked for two years—of keeping
war out of the South Pacific for our own good, for the good of the defense
peace
All
down there in the
And now here is a
right.
of Great Britain and
the freedom of the seas.
citizen who would not hear
of that, or doesn't read the papers carefully, or listen to the radio carefully
—to understand what some of these apparent anomalies mean.
So, on
the information end, I think you have got just as great a task as you have
You people can
in the actual
Now,
on
help to enlighten the average
organization work.
this organization—to come
amazing the number of letters
wife in the White
back to that for a
I get here in the
minute—it is
White House—and my
in literally every county
be told what they can do to help.
House—from men and women
in the United States
who are pleading to
They honestly are ready to
So my message to you
President
a
Urges Congress .to
Roosevelt
"National Emergency,"
Acknowledge
Thereby Retaining Be¬
Selectees, National Guardsmen and
Service—In Message to Congress
Says Danger to Nation Is Greater Than Year Ago
President Roosevelt asserted on July 21 that since the
yond
Year
Reservists in Army
international situation is "far more grave
than it was a
ago" the Congress should declare a national emergency
and in this way authorize continuance in service of selectees,
National Guard and reserve components of the Army beyond
their original one-year periods.
In a special message to
Congress the President said:
I am not asking Congress for specific language in a specific bill.
But
I can say frankly that I hope the Congress will acknowledge this national
emergency either for a specific period or until revocation by the Congress
year
or
the President.
will
begin
a
demobilization this autumn, Mr.
Roosevelt
should be maintained in a complete
state of readiness and should not suffer any form of dis¬
organization or disintegration.
He added that "we Ameri¬
cans cannot afford to speculate with the security of America."
Asserting that "we have a definite responsibility to every
country in the Western Hemisphere" the President further
warned that the Army
Army would be, in his
faith toward our neighbors."
In
his belief that the danger to our national safety is
said that to weaken our
an
"act of bad
greater" than a year ago, President
believes "we are in the midst of a
judgment,
expressing
"infinitely
Roosevelt also said he
national emergency."
Selective Service Act provides that if Congress
declares that the "national interest is imperiled" the Presi¬
dent may extend the 12-month service period to such time
as
may be necessary in the interest of national defense.
The President concluded his message by saying that "time
counts" and the "responsibility rests solely with the Con¬
The existing
gress."
A proposed joint resolution carrying out the President's
request was sent to the Senate Military Affairs Committee
on July 24 by Secretary of War Stimson.
The Senate Com¬
mittee also has under consideration several other pending
service-extension measures.
Secretary Stimson submitted
his proposal in answer to a request for the War Department's
views on the subject. Meanwhile, the House Military Affairs
Committee on July 23 began its hearings in the matter with
Gen. George C. Marshall, Army Chief of Staff, appearing as
the first witness. v;'
An item reporting the President's intention to address
the special message to Congress was given in our issue of
July 19, page 327.
The text of the Selective Training and Service Act of
1940 appeared in these columns Sept. 21,1940, page 1629.
.
of the United States,
Last year the Congress
recognizing the gravity of
prudence required that American
weak, be strengthened in its two
aspects.
The first called for the production of munitions of all kinds.
The second called for the training and service of personnel.
The Selec ive
Training and Service Act authorized the annual induction into military
service of a maximum of 900,000 men for this training and service, of whom
600,000 are now in the Army.
The Congress also authorized the indue ion
into service of the National Guard, the Reserve officers and other reserve
components of the Army of the United States.
In the absence of further action by the Congress, all of those involved
must be released from active service on the expiration of 12 months.
This
time relatively very
at that
defense,
means
about two-thirds
demobilization.
that beginning this autumn
the United States will begin a
The action taken last year was
appropriate to the
of the Army of
international situation
and the undeveloped
which then formed the
bulk of these forces, had to be seasoned, its technical training and general
efficiency greatly improved.
The ranks of the National Guard and the
regular Army had to be brought to full strength, and, in addition, the
Army required for its tremendous expansion the services of approximately
consideration the small size
It took into
at that time.
The National Guard,
state of our armed forces.
50,000 Reserve officers.
effect, two steps were taken
In
First, the Selective Service
Nation.
military training as a
for the security of the
Act initiated annual
prime duty of citizenship.
training of field armies was begun—train¬
by company, battalion by battalion, regiment
Second, the organization and
ing in team-work—company
by division.
by regiment and division
at short notice an
The objective was to have ready
personnel of over 1,000,000 men.
organized and integrated
that if and when an
scarcely emphasize the fact
I need
organized and inte¬
regiment or division is compelled to send twothirds of its members home, those who return to civil life, if called to the
colors later on, would have to go through a new period of organization and in¬
tegration before the new unit to which they were assigned could be depended
on for service.
The risks and the weaknesses caused by dissolving a trained
grated company, battalion,
pointed out by George Washington
Continental Congress.
obvious that if two-thirds of our present Army return to
be almost a year before the effective Army strength again
in times of national peril were
and over again in his messages
therefore,
civilian life, it will
to the
reaches one million men.
that I should officially report to the Congress
undoubtedly knows: That the international situation is
Today it is imperative
what the Congress
not less grave
than it was a year ago.
opinion of all who are conversant
but is far more grave
opinion, and in the
in my
It is so grave,
with the facts,
effective strength and without
diminution of its effective numbers in a complete state of readiness.
Small
as it is in comparison with other armies, it should not suffer any form of
disorganization or disintegration. ' •."•• •
Therefore, we would be taking a grave national risk unless the Congress
were to make it possible for us to maintain our present full effective strength
and during the coming year give training to as many additional Americans
as we can.
When immediate readiness for service becomes more and more
a vital precautionary measure, the elimination of approximately two-uhirds
of our trained soldiers, and about three-fourths of the total officer per¬
that
be maintained in
the Army should
sonnel, would be a tragic error.
; -
Occasional individuals, basing their opinions on unsupported evidence or
evidence at all, may with honest intent assert that the United States
on no
need fear no attack on
its own territory or on
by aggressors from
hemisphere
Nevertheless,
it is
the other nations of this
without.
the well-nigh
unanimous opinion
of these who are
military and naval officers and as govenrment servants
field of international relations, that schemes and plans of aggressor
daily cognizant, as
in the
nations against
and
the rest
interests.
facts
the President also asked for removal of
the 900,000 limit in the number of selectees inducted each
year for service and suggested that employers be asked by
Congress to keep jobs open for employees who have been
held in the Army.
Saying that if Congress does not take
any action on this matter, about two-thirds of the Army
In his message
of the United States.
To the Congress
It is,
President's reference to the shortage of
oil on the East Coast, it may be noted that in June a ship¬
ment of oil from Philadelphia to Japan was halted at the
instance of Secretary Ickes, because, as stated at the time
of the threatened oil shortage in the Eastern States, mention
of this was made in our issue of June 21, page 3905.
Incident to the
National Guardsmen
the world situation, held that common
over
this "horse race."
calling for the re
and reservists:
Following is the President's message
tention of selectees,
army
work.
is: Act as starters of
469
Commercial & Financial Chronicle
and
all
events,
reluctantly and only after a
I recently
United States
their national
careful weighing of all
proclaimed that an unlimited
national
patriotic Americans find it
difficult
exists.
emergency
surprising that millions of
It is not
in the
American security are so evident that the
Americas are definitely imperiled in
of the
That is why,
pursuit of their daily
occupations and in the
normal lives of their
thought to the implications of happenings many
thousand of miles away. It is hard for most of us to bring such events into
focus with our own readily accepted and normal democratic ways of living.
That is why I must refer again to the sequence of conquests—German
families to give constant
conquests
several
or
attacks—which have continued
years—all the way from the coup
campaign against
Every move up
Russia.
and down and across
uninteruptedly throughout
against Austria to the present
Europe, and into Asia,
and into
time schedule utilizing in every
only in material but in trained men
as well.
Each campaign has been based on a preliminary assurance of
safety or non-aggression to the intended victim.
Each campaign has been
based on disarming fear and gaining time until the German Govei nment was
fully ready to throw treaties and pacts to the winds and simultaneously to
launch an attack in overwhelming force.
Each elimination of a victim has brought the Issue of Nazi domination
closer to this hemisphere, while month by month their intrigues of propa¬
ganda and conspiracy have sought to weaken every link in the community
of interests that should bind the Americas into a great Western family.
I do not think that any branch of the Government of the United States
will be willing to let America risk the fate which has destroyed the inde¬
pendence of other nations.
We Americans cannot afford to speculate with the security of America.
Furthermore, we have a definite responsibility to every country in the
Western Hemisphere—to aid each and every one of them against attack
from without the hemisphere.
I do not believe that any branch of the
American Government would desire today to abrogate our Pan-American
pacts or to discard a policy which we have maintained for nearly a century
and a quarter.
~—
If we do not reverse this histoi ic policy, then it is our duty to maintain
it.
To weaken our Army at this particular time would be, in my judgment,
an act of bad faith toward our neighbors.
Africa has been
case
an
conducted according to a
overwhelming superiority not
sacrifices are involved in extending the period of
National Guard and other reserve components of
our Army.
I believe that provision now can and will be made'in such an
extension to relieve individual cases of undue hardship, and also to relieve
older men who should, in justice, be allowed to resume their civilian occu¬
pations as quickly as their services can be spared.
Nevertheless, I am confident that the men now in the ranks of the Army
realize far better than does the general public the disastrous effect which
would result from permitting the present Army, only now approaching an
acceptable state of efficiency, to melt away and set us back at least six
I realize
that personal
service for
selectees, the
The Commercial & Financial Chronicle
470
months while
new
units
from the top down with
being reconstituted from the bottom up and
are
new
drafts of officers and
columns
men.
bill
July 5,
enacted:
as
July 26. 1941
38.
page
The following is the text of the
■
The legislation of last year provided definitely that if national
danger
later existed the one-year period of training could be extended
by action of
[H. R. 4646]
AN
the Congress,
I do not believe that the danger to American
safety Is less than it
one year ago,
was
in
when,
so
far
as
I do not believe that the danger to our
national safety is only about the same as it was a
year ago.
I do believe—I know—that the
danger today is
believe—I know—that in all truth
Infinitely greater.
in the midst of
we are
'
national
a
I do
emer¬
or
the President.
y-y: '■:
'
;
The objective is, of course, the
all-important issue.
continuance
in
service
of selectees,
National
;.:"-
Guard
and
Reserve
com¬
ponents of the
Army and the retired personnel of the Regular Army, with
the understanding that, should the
exigencies of the situation permit, early
return to civil
pursuits will follow in due
course.
Because of the swiftness of modern
events, I think the Congress should
remove the restrictions in
regard to the numbers of selectees inducted
each year for training and service.
also
And, in order to reduce individual hardships to a minimum, I
urge that the
Congress provide that employers be asked to continue to keep jobs
open for
their employees who have been held in the
Army.
For my part, I will direct
the return to civil life of officers and
men whose retention on active
duty
would impose undue
hardship, and that selectees and enlisted men of the
National Guard who have reached the
age of 28 be transferred from active
service to a reserve component as
rapidly
At
great
buying,
as
possible.
to the Nation, and at
increasing dislocation of private
accepting the material burdens necessary for our security.
cost
we are
In such matters
we
accept the fact of
It is true that in modern war
a
crisis in
our
history.
prepatation against
attack by those enemies of
hold dear.
democracy who
are
the enemies of all that
we
-
One final word:
Time counts.
would follow failure to take
armies of the United State®
with the
of the Gold
"Within two months disintegration, which
Congressional action, will commence in the
Time counts.
The responsibility rests solely
Congress.
FRANKLIN
D.
ROOSEVELT.
The White House, July 21, 1941.
Reserve Act of
further amended
"(c) All
1943,
ended
and
Sec.
ACT
the
"The
to
the
be
President
shall
of
this
30, 1934,
sooner
shall
section
of
1934,
declare
the
existing
May 12,
(b)
June
30,
emergency
(2) of section 43,
by section
1933,
12 of said Gold
amended, is further amended to read
as
amended, is
follows:
as
of the President specified in this paragraph shall be deemed
time to
time,
continuing
severally
the
existing
Approved,
June
Bill
whenever and
judgment may require;
1943,
the
as
except
unless the President shall
ex¬
that
sooner
ended."
emergency
30,
and may be exercised by
powers,
together,
or
his
shall expire June 30,
powers
of
as
expire
the stabilization fund terminated."
separate, distinct, and
from
Text
by
The second sentence added to paragraph
Act
declare
be exercised.
may
assembled, That subsection (c) of section 10
pressed objects of this section in
such
dollar
follows:
of the Act approved
powers
him,
relating to the stabilization
powers
1934, approved Jan.
as
conferred
powers
the operation
2.
III,
Reserve
to read
the
unless
1941.
Passed
by Congress Making Office
Reports a Permanent Agency
Government
of
Following the adoption by Congress of the bill giving per¬
status to the Office of Government Reports, (Presi¬
dent Roosevelt signed the bill on June 9, as we reported
in these columns June 14, 1941.
The agency, which is a
manent
division
without machines are of little value.
It Is equally true that machines without men
are of no value at all.
Let us
consolidate the whole of our defense—the whole of our
men
which
enacted by the Senate and Howe of Representative* of the United
Be it
title
It is to authorize
within
States of America in Congress
cY';
yvy '.Y'v,P'-'-;
I am not asking the Congress for specific
language In a specific bill. But
I can say frankly that I hope the
Congress will acknowledge this national
emergency, either for a specific period or until revocation by the
Congress
the time
fund and alteration of the weight of the
woefully weak position.
a
gency.
To extend
was
the Army was concerned, the United States
of
headed
the
executive
Lowell
by
office
Mellett,
of
the
as
acts
a
President
clearing
is
and
house
for
information about Federal activities and reports on the
opinions, needs and desires of citizens.
The bill was passed
by the House on March 25, and in slightly amended form
the Senate passed it on May 20.
A conference report on
the
measure was
adopted by the House
on
June 3, while the
Senate agreed to the conference report on June 5.
Refer¬
ences to the bill appeared in our issues of
April 5, page 2169,
and June
14,
3735.
page
[H. R. 3368]
AN ACT
President
Roosevelt Signs Resolution Providing
$40,000,000 for Expanding TVA Power Facilities
President Roosevelt signed on
July 16 the resolution
appropriating an additional $40,000,000 for the Tennessee
Valley Authority to enable the building of facilities increas¬
ing electric power for aluminum production.
Congressional
action
on
this
measure
was
completed on July 10 when the
Senate approved the legislation and the House
accepted
minor Senate changes (referred to in our issue of
July 12,
page 182).
The House had originally passed the bill on
June 13.
This fund, part of a
two-year program totaling
$51,000,000, will be for the construction of two additional
hydro-electric projects and two storage projects on the Hi-
River, a Tennessee tributary.
The program also in¬
additional electric generating facilities at
existing
projects and transmission facilities. About 117,000 kilowatts
wassee
volves
of continuous power are
expected from the projects.
Authorizing
Signs
Bill
Increasing
/^PppP:PPpP§P.:
Cargoes
.
on
on
June 30, is
designed to help meet the impending oil short¬
in the East arising from a lack of transportation facilities.
This bill, which amends Section 2 of
the Act of Aug. 27,1935,
permits the Secretary of Commerce,
during the present
new
load lines
on
the
clearance
and
local
ments
and
and
the
rules allow.
Congress Passes Petroleum Pipe Line
Bill—Designed
Relieve Threat of
Shortage on East Coast
Congressional action
of
information
to
legislation authorizing interstate
of petroleum
pipe lines was completed on
July 22 when the House adopted a conference
report which
had been approved the
previous day (July 21) by the Senate.
The measure
originally passed the House on June 5 (noted in
our issue of June
14, page 3735) and the Senate on July 15.
The bill authorizes the
Federal Government to build or aid
private firms in construction of
pipe lines from petroleum
producing areas to the Atlantic Coast. The legislation is
designed to relieve the threatened oil
shortage in the East
caused^by the recent transfer of 50 tankers to Great Britain
on
construction
and
governments
information
(d)
That,
in
of
the
the
Office of
annum.
I
:
the
power
Continues
noted in
our
by
the
House
on
issue of May 31,
page 3426: the
it without change on June
28,
signed the bill on the same day,
and
fund.
bill
and
State
activities
of
executive
depart¬
Congress, administrative officials,
President
currently
informed
be
That the
such
of
construed
aggregate
President
funds,
section
apply
to
to
involved
amount
may
does
any
not
of
more
the
purchase
exceed
fix the salary of
Government Reports at a rate of not
3709
or
$50:
the
Director
than
$10,000
:V
'.Y. y'
V
Text
of
Measure
Act—As
Were
i
....i':.y
V-•••.-,■
-v.1
.
Amending
Amended
Previously
Assembled
on
_1
;
Federal
Crop Insurance
Apply to Cotton—
Provisions
Limited
Wheat—Data
to
to
Be
Corn
As has heretofore been indicated in these
columns, under
recently passed by Congress to the Federal
amendments
Crop Insurance Act, authority is conferred on the Federal
Crop Insurance Corporation to insure cotton; the insurance
system had previously been limited to wheat.
The bill em¬
bodying the amendments passed the Senate on May 15; on
June 11
(not June 12 as previously stated) the House
adopted the bill, changed so as to provide that, preparatory
to the application of the Act to other basic
commodities,
data
be assembled relative to field
corn, with a view to
extending the system to that crop.
The Senate concurred
in the House amendment on June
12, and the President
signed the bill on June 21.
Items bearing on the congres¬
sional action appeared in our issues of
May 17, page 3110,
and June 21, page 3900.
The text of the bill
by the President follows:
as
approved
[PUBLIC LAW 118—SEVENTY-SEVENTH CONGRESS]
[CHAPTER 214—FIRST SESSION]
and
as
May
2t
was
Senate passed
President
was
To amend
ACT
the Federal
Crop Insurance 'Act.
Be it enacted
by the Senate and House of Representatives of the United
of America in Congress assembled, That section 502 of the Federal
Crop Insurance Act, as amended, is hereby amended
by substituting the
word
"crop" for the word "wheat-crop" and by substituting the words
States
to fix the gold content of the
dollar,
the $2,000,000,000
stabilization
the
Government
(c) collect and distribute
with respect to the work of Federal agencies:
not
AN
over
of
Federal
[S. 158]
We are giving herewith the
text of the bill recently
passed
by Congress extending for two years to June
30, 1943, the
authority
The adoption
the
Approved, June 9, 1941.
Extendings President's
Authority to Devalue
Dollar—Also
Powers Over Stabilization Fund
President's
the
expenditure
shall
♦
Text of Newly Enacted Measure
his
in
of the
and complaints of citizens and groups of citizens and of
Statutes
where
and
the
of
use
keep
State and local governments
Provided,
the
purposes
the
for
and
between
private institutions;
the
concerning
agencies
public;
opinions, desires,
vessels in coastwise
trade—lines "which will not be above the
safety point, but
which will give a "lesser free board"
than present load line
Reports
Office of
the President a sum not exceeding $1,500,000 in
to (a) provide a central
clearing house through which individual
citizens, organizations of citizens, and State or local governmental bodies
may transmit inquiries and complaints and receive advice and informa¬
tion ; (b) assist the President in
dealing with special problems requiring
age
emergency, to establish
Government
President.
by the Senate and House of Representatives of the United
of America in Congress assembledj That there is hereby authorized
be appropriated annually to the Office of Government
Reports in the
to
per
June 16 and the Senate
of
the
Executive
Legislation increasing the loadline for tankers in the coastal
was signed
by President Roosevelt on July 3.
The
which passed the House
of
order
service
measure
Office
Office
Be it enacted
Revised
Tanker
the
States
Provided further,
Roosevelt
for
Executive
service
President
expenditures
Roosevelt
indicated in these
"agricultural commodities"
Sec.
2.
That section
striking out
and
the
words
for the
506
"for
word
"wheat".
(h) of said Act,
wheat
by inserting in lieu thereof
a
and
comma
as
other
and
amended,
agricultural
the
is
amended
by
commodities"
following words:
"and
preparatory to the application of the Act to other basic commodities when
so
provided by law,, shall assemble data relative to filed
corn, for the
purpose of establishing a satisfactory actuarial basis for such
commodity."
Volume
Sec.
the
Sec.
That section
in
5.
■
the
thereof
of said Act,
"the
508
is further amended
amended,
as
commodity"
agricultural
of subsection
by adding at the end thereof the following
that
used
Sec.
the
on
for
section
That said
9.
518
Eection
518.
cotton,
Sec
both,
That
10.
after the
is
519, and by
Corporation
the
508
by
;
(d)
the
following
the
or
equivalent,
cash
(b)
to subsection
pursuant
as
immediately
sentences
"Nothing in this section shall prevent the
payable
such security as
for the payment of premiums,
from accepting,
commodity insured,
the Federal Crop Insurance Act,
of
upon
of this
notes
section,
and from
It
June 21,
1941.
June 11 by Representa¬
figures $6,000,000 to
$12,000,000 set forth in the above represents an additional
$6,000,000 to carry on the expenses of the program.
explained in the House
was
tive
'•■: Provided,
Poage
the
that
on
in
changes
$3,000;",
advance
loan,
maturity in
a
$5,000;
That
under
granted
extended
istrator
in
financing
striking out the
(2)
of credit,
that
except
credit,
of
or
purchase does not
five years and thirty-two
of
excess
$2,500 but
purchase exceeds
or
maturity limitations shall not
such
with
obligation
any
.
section
this
accordance with such
in
1939,
1,
may
conditions
and
terms
insurance is
be refinanced
which
to
respect
after July
or
on
as
the Admin¬
the
prescribe, but in no event for an additional amount or term
maximum provided for in this subsection."
may
the
of
excess
Subsection
4.
of section 2 of such Act, as amended, is hereby
(c)
(1) inserting after the letter "(c)" the figure "(1)",
amended by
the word "personal", and
serting before the word "property"
the
thereof
end
the
following
his
as
conveyed
erty
(a) to deal with,
or credit, in
sell for cash
or
to
upon
acquired by
otherwise
or
him
connection with
in
the
and
pursue to final collection, by way of compromise or otherwise, all
against mortgagors assigned by mortgagees to the Administrator in
to
claims
insurance heretofore or hereafter granted under this title
of
payment
(b)
insure,
such terms and conditions and for such considera¬
the Administrator shall determine to be reasonable, any real prop¬
and
discretion,
tion
modernize,
renovate,
rent,
(2) in¬
(3) adding
paragraph:
new
is authorized and empowered
"(2) The Administrator
such
with
connection
real
by
property
deficiency
of
way
otherwise:
or
Revised Statutes ehall not be con¬
strued to apply to any contract of hazard insurance or to any purchase or
contract for services or supplies on account of such property if the amount
thereof does not exceed $1,000.
The power to convey and to execute in the
name
of the Administrator deeds of conveyance, deeds of release, assign¬
ments and satisfactions! of mortgages, and any other
written instrument
Provided,
paid at maturity."
Approved,
alteration,
of the
apply if", and (3) striking out the period at the end thereof and inserting
complete,
indicate."
may
exceed
not
the
has
or
the loan, advance
where
does
case
(2) of such subsection and inserting in lieu thereof
"where
$2,500,
exceeds
structures
new
in clause
following:
days,
used in this Act, means wheat
as
purchasing the quantity of the commodity represented by any of such notes
not
the
the
in
existing dwelling designed or to be designed
an
family, exceeds $5,000), or for the purpose of
one
construction of
exceed
(or
$2,500
exceeds
■
is amended by
thereto of the following new
addition
inserting
sentence thereof:
be determined
amended, is hereby
$2,500" and inserting in lieu thereof
of financing the alteration, repair, or improvement
structures
than
more
at
section
as amended, is
inserting in lieu
of Section 2 of such Act,
(a)
of section 2 of such Act, as
(b)
purpose
word "unless"
v
the context
amended
first
and
;,
subsection
of
sentence
improvement of
or
Sec.
as
1941"
1,
"$165,000,000".
the
for
existing
and
premium rates."
as amended,
of said Act,
'Agricultural commodity',
or
amended,
may
returns from
period of years as
same
amended, is further amended by redesignating
as
"v.' V .V
"Sec.
in
the
"$6,000,000" and substituting in lieu thereof the
Act,
section
as
section:
or
(a)
new
for
cotton
of
"$12,000,000".
Sec.
last
Subsection
2.
"made
the
relationship between
average
lint
516
striking out the figures
figures
the
of
from
computing yields and
That
8.
basis
returns
1943".
1,
thereof
Seq.
for
subsection:
"(e) In connection with insurance upon yields of cotton, to include pro¬
vision for additional premium and indemnity in terms of lint cotton to
cover
loss of cottonseed, such additional premium and indemnity to be
and
"July
Housing Act,
National
out
by (1) inserting "and other sources" after
"premiums," and (2) striking out "$100,000,000" and inserting
word
lieu
"the agricul¬
commodity" for the word "wheat" wherever it appears.
7.
That section 508 of said Act, as amended, is further amended
determined
in
(a) of said Act,
Sec.
cottonseed
the
repair,
(c), and (d) and 516
(b),
word
the
for
(a).
further amended by substituting the words
are
the
2
_
sentence
That sections
6.
by
The
2.
of
striking
section
amended, is hereby amended
of the
yields
in
commodity against loss
"July
Sec.
as
is further amended
amended,
as
,
words
third
the
Act,
of
(a)
amended
amended by (1) striking out "exceeds
508
section
That
in
amended,
tural
crop
"producers of wheat against loss in yields of
and substituting in lieu thereof the words
agricultural
the
of
substituting
"wheat"
Sec.
cotton
sentence,
agricultural commodity."
as
the
of said
508
words
the
first
the
"producers
Sec.
hereby
■
by striking out
by
section
inserting in lieu
'planted for harvest
thereof and
(a)
■
4.
wheat"
with
"and
following:
1942".
subsection
in
the first comma
thereof
in
amended, is amended by strik¬
That section 508 of said Act, as
3.
ing out
471
Financial Chronicle
The Commercial &
IS3
3709
That section
relating
real property
to
of the
interest therein heretofore or hereafter
any
or
acquired by the Administrator pursuant to the provisions of this title may
Text of Bill Passed by Congress and Signed by
President
Amending National Housing Act—Extends for Two
Years Certain Powers of FHA—Mortgage Insurance
Limit
Increased
from
$4,000,000,000
to
$5,000,-
■
000,000
Changes in the National Housing Act were enacted into
on June
28, President Roosevelt on that date having
law
to this end, on which Congress completed
June 27.
The new law extends for two years, to
signed the bill
action on
1943,
July 1,
certain
powers
of
the
ministration.
Housing Ad¬
the legislation author¬
Federal
Among other things,
$1,000,000,000 increase in the mortgage insurance
limit of the National Housing Act, raising it from $4,000,000,000 to $3,000,000,000.
The bill embodying these amend¬
ments passed the House on May 15, and in amended form
passed the Senate on June 9.
Both the House and Senate
izes
a
the
bill,
Senate amendment which would have set
up a
agreed
the
to
conference
report
on
fund for insurance of farm mortgages.
this amendment by a vote of
of
the
shorn
of
$350,000,000
202 to 130
on
June 24 (the day
adoption by it of the conference report), while the
27, agreeing at the same
the amendment.
In explanation
of the amendments Senator Brown of
Michigan had the following to say in addressing the Senate
June 9:
on
The first amendment
to
$12,000
The
two
July
to
the
in
cost
of
the
$2,500.
structures
under Title
insured
the
in
money
It changes very slightly
for
may
be
I
Federal
of the
insured
This is increased to $3,000.
(Banking and
commtitee
single family
Currency
if they
Under the
Committee)
be insured
do
not
to
prevent
Sec.
to $2,500,
is
under the present law; but since a great many old houses may
case
be
a
may
up
required because of the present emergency and the necessity for housing,
it was decided to
permit the insurance of loans for the rebuilding of
and
houses
the
repairing
in value,
$5,000
The
houses
of
and
the
provided they accommodate
amendments
other
the
to
portion
of
alterations
more
than
bill
the
of
one
which
houses
up
to
family.
relates
to
the
ordinary activities of the FHA are mainly for the purpose of simplifying
methods
the
Title
In
be
insured
the Administrator may handle property when
by which
takes
closure
There
place.
II
the
from
is
fore¬
change whatsoever in policy.
no
$4,060,000,000 to
$5,000,(>00,000.
may
The additional $1,000,-
000,000 is placed under control of the President of the United States and
may
not be used by the Housing Administration
that it
original
outside amount which
authority
was
increase
The
the
to the
given
has
$4,000,000,000
about
amount
text
of
unless the President finds
That is the same as the prseent law, except that the
is necessary.
to
the
might be insured
$3,000,000,000, and
was
President to raise it to $4,000,000,000.
The
used up, and authority is granted to
been
$5,000,000,000.
measure
as
on
the
statute
book
"■
AN ACT
Be
States
it
enacted
Housing
Act,
and
for other
v"
purposes.
by the Senate and House of Representatives of the United
of America in
Congress assembled, That the first
hereby amended
is
anv
officer
he may
agent
or
(f) of section 2 of such Act, as
"charges" the
after the word
inserting
by
kind
in
all
as provided in this
collection, disposition, or
evidence of debt, contract, claim, property, or security
this
National
Housing
"$10,000"
at
and
7.
Sec.
on
sale,
July 1, 1941, the first sentence of section 1, of the
Act,
as
inserting
amended, is hereby amended by striking out
lieu thereof "$12,000".
as amended, is hereby amended by adding
in
of such Act,
Title I
thereof the following
the end
7.
"Sec.
insurance
the
with
Effective
6.
from
held by the Administrator as provided in subsection (c) of
respect to insurance granted on and after July 1, 1939".
or
section
Sec.
of
granting
derived
moneys
compromise of any
assigned to
the
with
connection
and
section,
section:
new
this title shall be construed to exempt any real
Nothing in
acquired and held by the Administrator in connection with the
property
payment of insurance heretofore or hereafter
taxation
by
granted under this title from
to the same extent,
State or political subdivision thereof,
any
property is taxed."
section 203 of such Act,
according to its value, as other real
Sec.
Subsection
8.
herebv
amended
thereof
lieu
by
(a)
(1)
of
"$4,000,000,000";
amended,
as
is
and inserting in
striking out "$4,000,000,000" and in¬
striking out
(2)
"$3,000,000,000"
lieu thereof "$5,000,000,000"; (3) striking out of the second
proviso "the effective date of this amendment and outstanding at any one
time, shall not exceed 25% of the total amount of the principal obliga¬
tions of mortgages with respect to which insurance may be granted under
this title after such effective date" and inserting in lieu thereof "June 3,
serting
in
1939, and outstanding at any one time shall not
the
of
amount
insurance may
principal
exceed 35% of the total
respect to which
of mortgages with
obligations
be granted under this title after such date"; and (4) strik¬
1, 1941" and inserting in lieu thereof
ing out of the third proviso "July
"July 1, 1944".
Sec.
hereby
is
amended
inserting in lieu thereof "July
Sec.
as
(a) of section 204 of such Act,
The last sentence of subsection
9.
amended,
by
striking
"July
out
1,
1941"
and
1, 1944".
The first sentence of subsection
10.
(d) of section 512 of such Act,
amended, is hereby amended to read as follows: "No individual,
associa¬
corporation shall hereafter, while the Federal Housing
Administration exists, use the combination of letters 'FHA', the words
'Federal Housing' or 'National Housing', or any combination or variation
of such letters or words alone or with other letters or words as the name
which he or it shall do business, for the purpose of trade, or by way of
tion, partnership, or
advertisement
which
induce
to
shall
use
the
individual, association,
product
so
offered for
authorization
sale
of
any
article
or
have the effect of leading the public
from,
the
of the United States, or
sale,
partnership,
to believe that any
corporation,
any connection with,
Housing Administration,
has
Federal
any
or
product whatsoever,
or
any
article or
approval
of, or
the Government
instrumentality thereof where such connection,
approval, or authorization does not,
in fact, exist."
Approved, June 28, 1941.
References to the bill appeared in these columns
page
May 17,
3112, and June 28, page 4052.
Text of
Newly Enacted Measure Extending Life of CCC
June
30, 1943—Also Increases its Borrowing
$1,400,000,000 to $2,650,000,000
Power from
[II. R. 3693]
the National
to
following: "any all moneys collected by the Administrator as fees of any
to
amend
discretion,
;
placed
follows:
To
Administrator
delegation of power
Assistant
any
:
The last sentence of subsection
5.
amended,
such
principal change is to increase the amount which
'^v'V
his
in
Attorney,
appoint."
as
proposes
by
or
the Administrator from delegating such power by order or by
of
power
arrange¬
as
existing structures
the
be
new
law
present
excess
which
ment
may
that
of the Act for
of
follows:
as
the
the amount
increases
$100,000,000 to $165,000,000.
houses
of
type
Under
the operations of Title I
and
1943,
1,
insurance fund from
Housing Act,
salary of the Administrator from $10,000
amendment extends
second
years,
raises the
year.
per
Administrator
the
Provided, That nothing in this paragraph shall be construed
attorney:
Senate adopted the report on June
time to drop
by
appointed by him without the execution of any express
of
a
The House rejected
exercised
be
sentence of sub¬
The bill
extending the life of the Commodity Credit Cor¬
poration for two years, viz. from June 30, 1941 to June 30,
1943 became a law on July 1, when President Roosevelt af¬
fixed his signature to the measure.
The newly enacted law
The Commercial & Financial Chronicle
472
also increases the
borrowing power of the Corporation by
$1,250,000,000, from $1,400,000,000 to $2,650,000,000.
As
was indicated in our issue of July 5, page39, when the measure
passed the House on June 26 its provided for a five-year
extension of the life of the Corporation, but the Senate in
approving it on June 28 reduced the life-extension for the
agency to two years, and on June 30 the House agreed to
the Senate version.
The $1,250,000,000 additional credit to
the Corporation, increasing to $2,650,000,000 the amount
of obligations it could have outstanding at any one time,
will be used to supply the funds necessary to carry out the
85% parity loans on cotton, corn, wheat, rice and tobacco.
An item regarding the legislation also appeared in these
columns May 17, page 3111.
The text of the measure as
signed by the President follows:
The committee called attention to the enactment of conscription legis¬
lation 10 months ago, adding:
"Since
cannot
resources
Corporation, and for other
of the
Commodity Credit
purposes
of America in Congress assembled,
January 31, 1935 (49 Stat. 4),
as
That
section
7
of
the
Act
approved
amended, is hereby amended by deleting
1941" and inserting in
has
country
be left to
increased,
of
by Senator Albert B. Chandler, Democrat,
permit
President
the
seize
to
military
naval equipment,
and
tools and materials
machinery,
munitions,
that before
noted
It
such action
President must deter¬
the
taken
was
mine that the need was pressing and that other means could not
the
reach
to
objective.
same
would expire June 30,
Reciting
1943.
long list of similar bills enacted during the first World War,
a
the Committee said:
,
longer afford to withhold such power from the Govern¬
we can no
'time of war.'
defense
national
must
Every power
necessary to
available
time
be
in
mobilize industry for
of emergency
Sec. 3. Section 4 of the Act approved March 8, 1938 (52 Stat.
108), as
amended, is hereby amended by deleting the term "$1,400,000,000" and
inserting in lieu thereof the term "$2,650,000,000".
Sec.
4.
(a)
Whenever during the existing emergency the Secretary of
necessary to encourage the expansion of production
Agriculture finds its
of any non-basic agricultural commodity,
he shall make public
announce¬
ment thereof and he shall
of this Act
or
so use the funds made available under section
3
otherwise made available to him for the disposal of
agricul¬
tural commodities, through a commodity loan,
purchase, or other opera¬
tion, taking into account the total funds available for such purpose for all
commodities, so as to support a price for the producers of any such com¬
modity with respect to which such
"Modern
has
war
taught
announcement was made of not less than
The comparable
such commodity shall be determined and used by the Secre¬
the purposes of this section if the production or consumption of
any
tary for
such
commodity has
as to
result in
a
so
changed in extent
Delay
may
Only complete preparation
be fatal."
power
would have eliminated
shall be
continued
announcement to
until
the
Secretary
has given sufficient public
permit the producers of such commodity to make
justment in the production of the commodity.
section, commodities other than cotton,
corn,
a
read¬
For the purposes of this
wheat,
tobacco, and rice
shall be deemed to be non-basic commodities.
(b)
It is hereby declared to be the policy of the Congress that the lend¬
ing and purchase operations of the Department of Agriculture (other than
those referred to in subsection
(a) shall be carried out
so
as
price and income of the producers of non-basic commodities
to
bring the
not
covered
by any such public announcement to a fair parity relationship with other
commodities, to the extent that funds for such operations are available
after
taking into account the operations with respect to the basic
com¬
modities and the commodities listed in any such public announcement and
the ability of producers to bring supplies into line with demand.
Approved July 1, 1941.
j
+.
Congress
Votes $585,000,000 for Naval Shipbuilding
Facilities—House Passes $244,000,000 Naval Shore
Bill
A
authorizing $585,000,000 for expansion of ship¬
building, repair and ordnance manufacture facilities at
naval shore establishments was passed by the Senate on
July 23 and sent to the White House.
The measure, which
had been approved by the House on
July 17, earmarks the
funds as follows: $300,000,000 for new
shipbuilding facilities;
$160,000,000 for repair facilities, and $125,000,000 for ord¬
nance-manufacturing expansion.
The Navy's request for this amount was referred to in our
issue of July 12, page 182.
The House
on
July 23 passed and sent to the Senate
a
bill
authorizing the Navy to develop shore facilities at more than
100 stations at a total cost of
$244,268,500.
The Navy
Department had requested $300,000,000 on July 14.
+
Approves
Authorizes
The
War
Department's original draft property measure
June 28, page 4051, while
letter calling for the enactment of
seizure legislation appeared in our issue of June 28, page 4051.
Under the Senate-approved bill the President could requisi¬
tion private property only in the event that the G overnment's need is "immediate and impending" and after having
exhausted all other means of obtaining the necessary equip¬
ment.
Compensation for the acquired property would be
paid on a "just and fair" basis and owners would be per¬
mitted to buy back the seized articles that are retained in
this country at the end of the defense needs.
The bill also
requires the President to make a report to Congress every
six months on operations under this Act.
was
referred to in these columns
President
Roosevelt's
:K
Modified
President
to
Property
Obtain
Seizure
Needed
Bill—
Defense
A modified draft
property bill,
authorizing the President
requisition military and naval equipment, supplies, muni¬
tions, machinery, tools and materials needed for the defense
of the United
States, was passed by the Senate on July 21
by a unanimous vote.
This measure, the fourth of its kind
to
be
Senate
Votes
♦
Plant
Protection
Establishments—Would
Sabotage
The Senate
Force for
Investigate
Shore
Naval
Threatened
■.
July 22 passed by a vote of 41 to 14 legisla¬
tion authorizing the creation by the Navy Department of a
special plant protection force to investigate any existing or
threatened sabotage or espionage at naval shore establish¬
ments.
The measure, authorizing the expenditure of $1,«
000,000 a year to maintain the force, was returned to the
House for
on
concurrence
in Senate amendments.
had passed a similar bill on
Senate approval came after
The House
May 22 by a 270 to 40 vote.
Senator Walsh, Democrat of
Massachusetts, Chairman of the Senate Naval Affairs Com¬
mittee, read a report on suspected sabotage in naval stations,
which had been given in testimony before the group last
month by Secretary of the Navy Knox.
Regarding Senate
debate on the measure, United Press Washington advices of
July 22 said:
Before reading the Navy report, Senator Walsh requested that the press
gallery treat the matter
full.
.
.
as
confidential although the visitors' galleries were
.
drafted
by the Administration, represents a com¬
promise version of the original bill drawn up by the War
Department, which would have given the President virtually
unlimited power to take over
property.
The authority
granted under this measure, which now goes to the House,
could be exercised during the present national
emergency,
but not later than June 30, 1943.
This bill had been favorably reported
by the Senate on
In its written report made public July 19, the
Senate Committee asserted that there was a
"growing crisis"
in the acquisition of critical defense materials and
said that
delay in meeting this situation "may be fatal."
The following regarding the report was contained in Asso¬
ciated Press Washington advices July 19:
July 17.
the Senate that "it would be disastrous if
of
cause
battleship
a
were
blo^n
up
be¬
sabotage."
It revealed that the
Navy believes certain "accidents" and fires
at shore
establishments have resulted from sabotage.
The bill, which now goes back to the House for concurrence in Senate
amendments, would authorize $1,000,000 annually for
tain the
plant protection force which would
carry
two years to
main¬
out counter-espionage
and anti-sabotage duties.
The
measure
was
vigorously
opposed
by
(Ind., Neb.), who charged it would create
was
joined by
proposal
was
Senator Hiram W.
Senator
an
Johnson
George
W.
Norris
"American gestapo."
(Rep., Calif.),
He
who said the
"the veriest poppycock" and would provide Secretary of the
Navy Frank Knox, whom he described as "irresponsible totally, so far as
the workings of such an organization is concerned," with an
"army for his
own
pleasure."
♦
.
.
House
Equipment
to
It said that suitable
"serious delays" in getting
After completing his reading of the Naval report, Senator Walsh warned
bill
Senate
some
needed products.
character since the base period
other operation which is under¬
or
may
r
The report substantiated reports that the Army had been balked thus
price out of line with parity prices for basic commodities.
Any such commodity loan, purchase,
taken
or
actual
that to delay in preparation of defense
us
invites the attack of aggressor nations.
avoid actual conflict.
85 per centum of the parity or comparable price therefor.
price for
before
v;.,v
far in obtaining the plans for a new secret weapon.
prices of such assets for a period of twelve months
ending with March 31 of each year, whichever is less;".
be found
The authority granted under the measure
requisitioning
the average market
supplies,
for defense of the
necessary
United States.
Sec. 2. Section 1 of the Act approved March 8, 1938 (52 Stat.
107), as
amended, is hereby amended by deleting from the second sentence thereof
or
than
Kentucky, discussed and defended provisions of the bill which would
lieu thereof the term "June 30, 1943".
the term "on the basis of market prices at the time of appraisal" and in¬
serting in lieu thereof the term "on the basis of the cost, including not
more than one year of carrying charges, of such assets to the
Corporation,
rather
volunteer system any more than the recruiting of our
a
The Committee report, made
conflict.;
Be it enacted by the Senate and house of Representatives of the United States
from the first sentence thereof the term "June 30,
this
to
The mobilization of industry to equip our Army and Navy
manpower."
ment until
To extend the life and increase the credit
danger
the
then,
diminished.
"Today
AN ACT
July 26, 1941
Approves $3,529,000,000 Tax Bill After Deciding
Against President's Excess Profits Proposals—Pro¬
vision
for
Joint
Retained—Tax
Bill
Which
Returns
on
Will
Radio
Be
of
Husband
Broadcasts
Brought
Before
and
Wife
Proposed
House
in
Next
Week
Final approval of the proposed tax bill, which in its present
form is designed to yield $3,529,000,000 in new revenue to
help meet defense costs was, recorded by the House Ways and
Means Committee on July 23.
The bill will be brought
before the House for consideration next week, under
parlia¬
mentary procedure proposed by the Committee, which would
bar any amendments except those which the Committee
might approve. At a meeting on July 24 House Republicans
decided to oppose the so-called "gag rule," and at the same
time, said Associated Press accounts from Washington, a
bi-partisan group of a dozen Senators organized to oppose
the provision calling for the filing Of a joint income tax return
by husband and wife, which the Committee approved on
July 21. The bill as it comes from the Committee besides
imposing heavier individual and corporation income taxes
and levies, for the first time, taxes on commercial radio
broadcasts and billboards.
On
July 22 the Committee voted
Volume
The Commercial
153
& Financial Chronicle
of the
profits
taxes, and added a new exemption for corporations which
invest new capital; in indicating this in its advices from
Washington on July 22, the New York "Times" added:
against the Administration's request to eliminate one
alternative methods for computing corporation excess
The
did
Committee
not
it rejected the
the vote by which
announce
have been made to the Committee leader^ by
delete the average earnings method of computing
request, which was said to
President Roosevelt, to
corporation excess profits.
tion experts said
Corporations then would be required to compute
several Administra¬
would hit hardest at those defense industries which have
the invested capital basis, which
their tax liability on
the bulk of defense orders.
Committee provided that
The
taken
if
on new
additional 25% exemption could be
an
capital invested by corporations.
The present exemption on
125%. For example,
of $100,000 adds $10,000 in new
profits up to 8% on $112,500 instead
capital is 100%, thus making the new exemption
new
corporation with an invested capital
a
capital it could take an exemption on
of $110,000.
Regarding the tax on broadcasting the Associated
accounts from Washington, July 24, stated:
Press
a
tax
broadcasting, estimated to produce about
on
maximum of 15% on all
Persons engaged
to pay an
feet
or
larger.
above that sum.
would be required
billboard of 300 square
600 square feet and $11 on those
would yield $7,000,000.
the first $2,000 of taxable income and range up¬
ward to 75% on incomes of more than $3,000,000, the
"Times" Washington advices, July 22, likewise said:
5%
on
final the corporation surtaxes of 5% on
The Committee also made
:
the
taxable income.
The 10% special defense tax levied last year also was continued until
repealed by Congress, as was the 1932 schedule of excise taxes.
The Committee voted to bring the bill into line with international treaties
$25,000 and 6% on the remainder of
first
governing the withholding tax imposed on
treaties. ;
the income of nonresident aliens
of various
The rates will be governed by the terms
earned in this country.
tentative decision to increase the
H to 27 Yt. % on corporations and
Also made final waa a decision to
for
deduction
flat 8% to 8% of the first
$5,000,000 and 7% above that figure.
From
Washington, July 23, the Associated Press
Chairman
Robert
Daughton,
L.
less," he said.
according to advices to the New York "Herald Tribune."
Louis J. Taber, master of the National Grange, advocated
reported:
D., N. C., anticipates three days of
general debate, with passage on Friday.
The Committee said the new tax burden will be levied as follows:
labeled
it
the
following to
Mr.
say:
Taber said that
"a public
supported the program as
Grange long had
the
benefits to the entire
people or to one section of our
improvement that will bring permanent
country'."
Saying that some persons had raised a question as to
development would have on farm and stock
of the
the
project, both as producers
people of this whole region will benefit from the
and consumers."
"The
of all
use
our
transportation facilities, including the
entire country, not hinder it, in
our
doubted if the St. Lawrence program
hog for defense," but added that he
would help.
"no national defense in a time
see," he said,
can
I think it can be agreed
this bill.
to
$1,250,000,000."
expenditure of $200,000,000
*
suggested that power could be developed
strategic materials."
The Governor
Washington advices July
From
"Journal of Commerce" we take the
As the United
to
States is in immediate
spend for the construction of
mission
$151,900,000.
need of ships, it would be better
vessels the money that would go
in the proposed new estate and
gift rates to com¬
tax on candy
and chewing gum which would have
which would have yielded $900,000,
brought in $5,000,000.
.
which yachts between 28 and 50
feet long would pay $10 annually, 50 to 100 feet, $40,100 to 150 feet, $100,
150 to 200 feet, $150", and those over 200 feet, $200.
It was estimated these
yielded $18,200,000, a tax on metal signs
A
tax on
cutlery which would have
yacht tax was proposed under
new
levies would produce $200,000
annually.
increased to produce
$5,000
and increase progressively to 70% on estates over $10,000,000.
Higher excises were approved on tires, tubes, admissions, cabarets,
Club dues, autos, trucks, buses and parts, radios, phonographs and records
and musical instruments, mechanical refrigerators, matches and telephone
Estate tax rates
previously agreed upon were further
The rates start at 3% on estates up to
additional $38,000,000.
an
and telegraph
allowing income from defense saving
the entire life of the bond for tax purposes
on
and terminals committee,
port
seaway
project was not actually an emergency measure
would extend
since its construction
anticipated emergency. It was con¬
would materially affect the country's
beyond the period of
tended further that the waterway
the ports and the inland
transportation and threaten the freight
structures, would unnecessarily increase the tax burden, and would favor
foreign shipping.
It was maintained also that "public necessity" cannot
justify the uneconomical power production feature.
freight movements,
waterways,
in¬
would jeopardize commerce of
would disrupt railroad
Federal
taxes on
what they make out
The Committee also
the future report all
companies shall in
Federal bonds in their
the proposed legislation and the changes
in the bill recommended by President Roosevelt appeared
A reference
to
issue of July 19, page
323.
The
Bureau of
Anthracite Industry—Head of
Grange Supports Project—Other Views
by
National
in opposition to and in favor of the
proposed St. Lawrence Seaway and power project has con¬
tinued in Washington before the House Rivers and Harbors
Committee.
An item bearing on some of the news already
Testimony both
referred to in these columns July 19, page
323. On July 18 Thomas Kennedy, Secretary and Treasurer
of the United Mine Workers (CIO), told the committee
that the UMWA opposes the St. Lawrence seaway project.
United Press accounts from Washington July 18 further
were
would mean the end of
the United States anthracite business to Canada, because "foreign coal
will come right into our own backyard and undersell our American product."
He said that foreign coal through the seaway would also be a direct
menace to American markets along the southern border of the St. Lawrence
Mr. Kennedy
said that the opening of the seaway
River.
19 instituted
determine in the courts the
question as
Government under the Con¬
from State and municipal se¬
curities. The Treasury Department's announcement said:
Action consisted in sending notices of deficiency to two bondholders of
the right of the Federal
stitution to tax the income
to
included interest from their
Bridge Authority who had not
bonds in their tax returns.
March 14, 1941, when notices of
bondholders of the Port of New York Authority
included interest from their bonds in their tax returns filed on
The Bureau's
first step was taken on
deficiency were sent to seven
who had not
March 15, 1938.
of the seven
Six
bondholders subsequently paid the
claimed by the Treasury
Department.
deficiency in tax
The seventh, Alexander J.
Sham-
Commissioner of the Port of New York Authority, filed his appeal
June 5, 1941. Within three weeks the Bureau of Internal Revenue filed
berg, a
on
its answer,
which maintained its position that
public corporations like the
States, territories, nor "political
subdivisions," and that, therefore, the interest from their securities is
subject to the Federal income tax under the Internal Revenue Code, and
denied Commissioner Shamberg's assertion that the interest on his bonds
Port of New
was
York Authority are neither
exempt.
The
reported:
Holders of Bonds of
Internal Revenue on July
another test ease to
the Triborough
Continued Before House Committee on
Proposed St. Lawrence Seaway Project—Opposi¬
Hearings
Another Action to
State and Muni¬
Institutes
Right to Tax Income From
cipal Securities—Acts Against
Triborough Bridge Authority
provided that banks and trust
interest payments made on
custody.
Government
Test
sold.
presented
Chairman of the organiza¬
the chamber maintained that the
signed by Albert B. Hager,
In its statement,
tion's
requiring those who invest in the
tion
American transportation system, ports
in general."
statement
defense program to pay income
of these securities the year they mature or are
stead of
our
project.
viewed by Mr. Ketner as
charges.
The Committee wrote in a provision
bonds to be allocated over
in
Virginia interests opposing the
opposing the St. Lawrence waterway was
July 19 with the House Committee in behalf of the
Brooklyn (N. Y.) Chamber uf Commerce.
In the Brooklyn "Eagle" it was stated:
A
filed
>
into the
maintained here today.
,
"extremely unfair to the existing
three excises, added three new ones,
York
17 to the New
following:
and power project, H. E. Ketner
counsel for the Virginia State Corporation Com¬
Ketner represented
and labor and industry
Committee today eliminated
plete the program.
a
cheaply in the
highly controversial St. Lawrence seaway
of Richmond, commerce
Excises, $902,400,000.
It eliminated a 5%
of emergency in
that it will take from four to seven years
It would call for the
to construct the seaway.
Subsidization of the St. Lawrence seaway was
and
St. Lawrence
products to market will ob¬
meeting the competition
of other countries in the post-war period," said Mr. Tabor.
Governor Phillips said that the people of the'Southwest had old-fashioned
ideas and believed that it was "better government for our children and
their children to refuse to spend money which would mortgage their future
on a doubtful experiment." i;
The Governor said:
"We common people are ready to go the whole
Seaway, to reduce the cost of shipping our
viously help
Mr.
and made slight increases
the effect the
raising regions west and south¬
Taber suggested that "undoubtedly,
Lakes, Mr.
Great
Corporations, $1,322,900,000.
The
experiment," said
which also had
: V
boondoggling
"a
Oklahoma,
Associated Press advices from Washington
Individual income, $1,152,000,000
Estates and gifts,
needed for
the St. Lawrence seaway program on July 17 as
the national
welfare.
Governor Phillips of
revise the capital investment
profits tax computation purposes from a
excess
or
Asserting that the proposed St. Lawrence seaway project
would be a positive hindrance to national defense, Royden
A. Blunt, Vice-President of Buck Glass Co. of Baltimore,
opposed the project before the House Committee on July
18 on behalf of the National Association of Manufacturers,
Southwest "near the source of
widowed head of a family.
a
coal be used to aid
expert at these matters have
are
project, in one-third the time
"I
withholding
nationals of other than Westei n
Hemisphere nations, which are not governed by treaties.
The Committee decided to disallow the first child as a special dependent
of
and that anthracite steam-size
area
estimated that the New
York Power Authority could erect sufficient strategically located steamgenerated electric power plants at an approximate cost of $68,000,000,
compared with an outlay of a billion dollars for the St. Lawrence power
""
•:
It made final the previous
tax from 16
New York
Kennedy said.
plants be erected in the
power
employment situation in the hard coal industry.
"Persons who
west
Stating that the Committee also adopted the previously
announced surtax rates on individual incomes, which start
at
the
steam-electric
that
nation, and not merely to one class of our
in renting billboard space to others
It was estimated this levy
recommended
upper
occupational tax of $5 yearly on every
less, $8 on those between 300 and
approximating 3,000,000 man-days
of production to the anthracite industry," Mr.
He
473
,
the loss of something
mean
however,
$4,500,000 an¬
nually, would be levied on the net time sales of a station, in excess of
$100,000 annually.
The rates would start at 5% on sales of $100,000 to
$500,000, increase to 10% on those from $500,000 to $1,000,000 and reach
The
"It will
present action represents no
of seeking to tax
tary
change in the Administration's
policy
municipal securities. Secre¬
consistently has voiced opposition to proposals which
interest on outstanding State and municipal securities to
only future issues of State and
Morgenthau
would subject the
Federal taxes.
Treasury
warrants
officials believe, however, that
having more than one
the importance of the issue
bondholders and one Authority
befor
474
The Commercial & Financial Chronicle
the courts.
In
order to avoid
putting
large class of taxpayers to
a
necessary expense, the Bureau of Internal Revenue will proceed only against
two of the many Triborough Bridge
Authority bondholders.
According to Treasury attorneys, the Bureau of Internal Revenue had
once ruled
that the interest
on
Triborough Bridge Authority bonds
was tax
exempt, but that in the light of the trend of recent judicial decisions the
Department had
cisions.
Roosevelt's
created
to
enforce the income tax law
as
declared in those de¬
They pointed out that Secretary Morgenthau had called President
attention
to
the
need
of legislation
to remove
uncertainties
by the Supreme Court's decision in the Port Authority salary
case
(304 U. S. 405, 305 U. S. 669).
President
j
Congress
Roosevelt
on
Jan.
19,
1939,
The silence of Congress since then,
opinion of Treasury officials, has left the Department
his message, the President said:
no
that
In the
alternative.
constitutional provision permitting taxes on 'income from whatever
derived' does not mean 'from whatever source derived'."
>■
source
Congress partially followed this recommendation by abating back taxes
public employees through the enactment; of the Public
Salary Tax Act
on
outstanding securities of public corporations.
Should
the
Supreme Court
now
uphold
the
liability the holders of
/
of taxes
,
The action in the
on
•
,•)."■■■
obligations
the
on
value
market
them
among
countries
a
France,
on
any
Japan
and
Norway.
interest; payments
average market
as
Ten
The decline
repurchases during the last three
or
four months of the year.
The figures in the following tabulation have been taken
from "Foreign Commerce Weekly."
ESTIMATED UNITED STATES HOLDINGS OF FOREIGN DOLLAR BONDS
DEC. 31, 1940
'
[Par value, in millions of dollars]
Govt. Issues
Cor pen ate Issues
Average
Country and Area
Pro¬
Na¬
(%)
tional
vincial
ment-
& Mu¬
faults of
in
Guar-
257.3
Total
U. S.
Invest-
anteed
471.0
of De¬
Held
Gotern-
nicipal
Can. &
Percent
Total
Repalrlr
atlonsa
Private
mentsb
Newfoundland-
Canada
439.2
—
N ewfoundland—
85.0
1.4
442.8
471.0
218.8
3.6
0.2
1386.3
2.6
3.6
case
Total.
257.3
218.8
1389.9
2.6
1.3
60.9
16.1
West Indies—
30.0
..-
-
Total.
Costa Rica.
1.3
73.7
13.3
8.0
1.6
10.4
100.0
1.1
2.7
0.5
11.1
70.3
4.1
0.2
100.0
25.9
83.0
4.1
Total.
Argentina
selves.
0.2
8.0
29.0
El Salvador
Bolivia.
has
72.2
9.0
....
largely in the early
continuous, and sometimes rapid, decline in United States
holdings
of these foreign obligations, as a
result of the regular sinking fund and
redemption operations required by the bond contracts, and of the
large
net repurchases by foreign investors and by the
borrowing entities them¬
5.6
28.0
GuatemalaPanama
This
a
7.2
5.6
Central America—
survey
years of the first World War and in the years from
1925 to 1930, inclusive, between the adoption of the Dawes
Plan for German
reparations and the worst phases of the depression.
Since 1930 there
7.2
32.0
—
59.4
49.0
29.0
.
Haiti-..
investment portfolio had its origin in United States
purchases of
foreign bonds following the World War, the original net amount of which
slightly over $11,000,000,000.
These purchases were concentrated
23.0
24.1
0.2
1.6
59.3
South America—
4.0
....
128.5
Chile....
62.0
190.5
123.8
8.5
2.9
53.6
53.6
121.0
9.0
....
1.0
24.0
.
Brazil
100.0
255.3
95.9
11.1
35.9
77.0
4.1
50.8
21.0
33.4
1.2
.'Total—
15.0
532.7
278.3
88.8
100.0
3.2
Uruguay....
122.0
62.9
20.0
20.0
V.O
54.0
109.5
Colombia....
Peru
2.0
75.3
183.5
34.6
75.5
7.5
893.5
7.0
67.9
Europe—
England borrowed about $1,250,000,000 from
bonds to
United
States investors
Government).
Most of these bonds
were
repaid without default
States
or
loss
1919 by selling
on
Thus, this
either interest
holdings of these dollar bonds
United
redeemed at par or above
were converted on a
basis in 1932 and retired at
maturity in 1937.
United
1915 to
(exclusive of obligations to the
during the early twenties—those remaining
at
or
favorable
enormous sum
principal.
the
Part of this reduction resulted from
redemption monies in the
000,000.
Another important factor
in
the
reduction
continued
amount
during
Belgium
Bulgaria-
59.0
..
...
.
...
.
.
11.5
62.0
4.8
77.0
...
Czechoslovakia
1.3
Danzig...............
Denmark..............
20.0
of $59,-
1940
was
repatriation, especially of German bonds, and
necessary deduc¬
tions from the estimates to allow for
previously unreported repurchases by
foreigners.
14.5
_.
Finland
50.0
3*2
Greece
60.0
48.0
103.2
94.0
14.8
100.0
11*3
*6*7
31.9
81.8
12*9
6.0
23*9
3.9
40*4
73.7
6.3
14.8
Hungary:...—
27*8
*7*9
29.7
"V.4
21*8
8.4
84.0
Ireland
100.0
80.9
——
1.3
1.7
90.0
Germany (lncl. Austria).
3.0
100.0
1.8
23.2
100.0
1.9
1.3
.
......
20.5
4.8
54.7
62.0
3.0
*0*6
1.8
22.0
Estonia.......
France
end of 1940 were
approximately $200,000,000 (par value) less than the estimated
holdings
of $3,335,000,000 at the end of
1939.
use of cash
sinking fund and
8.4
50.0
0.4
Italy
55.0
16.5
Lithuania
25.0
0.4
5.0
54.0
*4*2
*3.3
61.5
Poland
14.0
25.9
5.3
14.2
Rumania
25.0
N orw ay...
...... .
.
0.4
99*6
0.4
45.4
100.0
4.4
4.4
100.0
10.7
10.7
9.8
9.8
.
The investments
analyzed in this summary do not include (1) war debts
owed by foreign governments
to the United States
Government, (2) socalled "direct"
investments, amounting to about $7,000,000,000 at the
end of 1940, which
represent the interest of American companies in
foreign
business enterprises, and
(3) the relatively small amount of
miscellaneous
securities—$450,000,000—usually
included in the reported figures
"portfolio" investments.
On the other
hand, statistics in this
report include a few foreign
currency issues which constitute, however, less
than
of 1% of the total.
Funding bonds, distributed to
total
Turkey-..._...u r......
U. S. S. R
Yugoslavia
interest payments,
alrejady indicated, the
make allowance
employed in
a
are
also included in the present figure.
computed holdings
for estimated
repatriations.
broad
of foreign dollar
The term
bonds
foreign countries.
By
this procedure the
resulting figures relate solely to the amount of
foreign
dollar bonds
originally sold in the United States and still held in this
country.
It has been impossible to obtain
strictly accurate data on repatriations of
individual issues and, in
particular, on the annual movement of funds
for that purpose.
Nevertheless, estimates relating to the
aggregates of
issue (which totaled
$1,400,000,000 at the end of 1940) are believed to be
reasonably accurate.
Interest received in the United States
from its
one
of the
holdings of foreign dollar
to $109,000,000 in
1940, has for
larger items in the balance of international
many years been
payments
of this
In
country.
1930, when these holdings were at their
highest point, and
before defaults started, the estimated
interest received exceeded
$425,000,Even at its present
greatly reduced level, the annual income from
foreign dollar bonds provides valuable support to the
United States dollar
at a time when
heavy cash purchases are being made in foreign countries.
Defaults on interest payments started
among the Latin American issues
in 1931 and later
spread to Europe.
Over one-third of foreign dollar bonds
held in this country were in default in
1937, creating the impression that
practically all of the foreign dollar bonds were
worthless.
At the end of
000.
1940, 31.3%,
terms of
_.n
or $983,000,000, of these securities were in
default, while the
$191,000,000 additional bonds had been altered
following a period
default.
2.9
29.4
81.0
82.1
67.8
71.0
505.5
58.7
13.4
91.8
Asia—
China..
13.4
—
Japan...........
60.0
12.1
16.0
27.3
105.5
25.6
6.8
2.7
1.5
36.6
51.0
89.1
18.9
18.7
28.8
155.5
60.0
61.2
33.8
31.0
Total.
50.1
9.0
Philippine Islands.
1508.5
7.9
Oceania—
Australia—
95.0
AfricaLiberia..
1.8
Grand total.
a
1.8
884.5
420.9
326.9
3140.8
31.3
The repatriation estimates given in this column relate to those
parts of the foreign
were originally sold in the United States and are
still outstanding.
For
Issues that
example, of the Cuban bonds that
outstanding as of Dec. 31, 1940.
held abroad and
70%,
or
were once
sold in this country, $87,000,000 were
30% of that total
are
estimated to have been
$60,900,000, in the United States
as of
that date.
b By Interest default is meant the failure of
the borrower to pay
formity with the provisions of the bond indenture—the gold clause
Interest in
excepted.
Status of Interest Payments
bonds, which amounted
26.5
284.6
"repatriation" is
to
include not only repurchases
by the country
of issue but also all
purchases by the residents of
sense
29.0
63.0
-
Total.
American in¬
vestors In lieu of
As
The
ble exceptions to the trend were the German issues, which
during 1940
increased in average price from $157 to $230 per 1,000 because of extensive
outstanding, Treasury
was
for
was
European bonds, particularly Belgian,
conditions in Latin America resulting from the disruption of their
foreign
trade.
Even Canadian issues declined 10 points to $878 per 1,000.
Nota¬
■
in the July 19 issue of "Foreign
Commerce Weekly," publication of the
Department of
Commerce, approximately $2,000,000,000 of these securities
have never been in default.
The survey continues:
foreign
other
of the end of 1940.
value of foreign dollar bonds held in
Germany became imminent, dropped sharply in price after that time.
Cuba.
was
regards the percentage of defaults to total,
as
Australia,
in default
Dominican Republic
States
Canada during
prices of Latin American bonds fell because of the unfavorable economic
Status of United States Investments in
Foreign Dollar
Bonds, End of 1940
,
interest received from
Danish and Norwegian, which had been
highly rated before occupation by
Port Authority
1842 and June 28, page 4052.
been
The
rather general throughout the list.
page
a
basis.
better record
being
were not
During 1940 the
of holders of bonds of the New York
was referred to in these columns March
22,
According to
on
1940 amounted to just over $60,000,000, or 55% of the total received.
The
Canadian record is outstanding primarily because defaults were so few in
such a large volume of issues.
Other countries, with fewer bonds out¬
Treasury's position, the
now
of foreign
4.9%
Assuming that Congress carries out these recommendations, no holders
of Triborough Bridge
Authority and similar obligations have any reason
attorneys said.
portfolio
which amounted to only $36,000,000, or 2.6% of the total for that
country.
The Canadian bonds yielded an average of 4.3% on the par value and
Treasury intends to renew its recommendation to Congress (1) to abate the
payment of back taxes, (2) to exempt outstanding issues from
taxation, and
(3) to begin the taxation of future issues.
I
to fear the imposition
our
the United States declined from $520 to $450 per 1,000.
ment salaries hereafter earned and from all Government securities
hereafter
issued subject to the general income tax laws of the National and
of the
several States.
It is difficult for almost all citizens to understand
why a
action to relieve from tax
on
primarily due to the excellent record of the Canadian issues, the defaults
In
"Unless the Congress passes some legislation
dealing with this situation
prior to March 15, I am informed by the Secretary of the Treasury that he
will be obliged to collect back taxes for at least three
years upon the em¬
ployees of many State agencies and upon the security holders of many
State corporate
instrumentalities, who mistakenly, but in good faith,
believed they were tax exempt.
The assessment and collection of these
taxes will doubtlessly in many cases produce
great hardship.
"Accordingly, I recommend legislation to correct the existing inequitable
situation, and at the same time to make private income from all Govern¬
no
July 26, 1941
income of $109,000,000
dollar bonds gave a yield of 3.47 % on a par value basis and 6.1% on a market
value basis.
This relatively good showing as regards interest payments w as
standing, have
thereupon recommended
correct the situation.
of 1939, but has taken
1940 the cash
In
un¬
con¬
Negoti¬
ations often result in the lowering of the contract rate of
interest, the cancellation
of past-due coupons, the issuance of income
bonds in exchange lor the original bonds,
or some other solution
thought of as permanent.
When such revisions are
accepted
by the bondholders and adhered to by the debtors, the contracts are considered
as
having been amended, and the issues are treated as no longer in default.
For the
pin-poses of the above table, interest-default was based on the status of the
last
coupon
payable in
complete default
1940.
as to
Certain
Mexican,
Russian and
both principal and interest
are
Chinese Issues
long in
excluded from these estimates.
Department of Agriculture Plans Hearing Beginning
Aug. 1 on Amendments to New York Milk Order
The
Department of Agriculture announced on July 21
public hearing on amendments which may be proposed
to Order No. 27,
regulating the handling of milk in the
New York metropolitan milk
marketing area, will be held
beginning Aug. 1 at places to be announced later.
The
that
a
Volume
The Commercial & Financial Chronicle
153
hearing will be in
consideration
to recent requests for
response
of additional price increases to
dairy farmers made by pro¬
ducer organizations in
the New York milkshed.
The
Department's announcement added:
Most of the producer requests received by the Department have
with increases in the class prices, particularly Class I
interested
persons
indicated
formal notice of
New York
milk
marketing area
The hearing to be held will deal with
Spe¬
the hearing should be filed with the
Clerk of the Department of Agriculture not later
than July 26.
The Swiss company also sued in the District of Columbia to recover
interest but the United States filed
was
fraudulently obtained by
The hearing will follow rather
in
amendments
a representation
that Societe Suisse had been
and providing
judgment for the United States for about
The trial court, later supported by the Circuit Court, found
that the two
German
corporations and not the Swiss company were th
true owners of the stock
Societe Suisse
The Supieme
Court declined to review the case.
managed by the Swiss Bank Corporation and the 1921
was
made by both companies.
was
closely the hearing held in May, 1941,
the order which were made effective
to
July 1, increasing producer prices 25 cents per hundredweight for Class I
milk for July
the
counter-suit alleging that the money
a
$15,000,000.
claim
resulted
claim with the Alien Property
honest.
This trial in 1937 ended in a
the
cific proposals for consideration at
which
a
1921, although the Second Circuit Court had held the claim to be dis¬
the pre-war owner of the stock.
in
questions relating to milk prices and classification under the order.
Office of the Hearing
in
have
milk
file
hearing is issued.
a
(fluid milk).
Societe Suisse filed
Custodian for payment of $700,000 interest on the money it had obtained
proposed amendments to the order before the
in
to
desire
a
dealt
Other
Eleven years ago
475
additional increase of 23 cents beginning
an
Aug. 1.
Representative Lea Seeks Early Report from SEC
Proposed Amendments to Securities Acts
on
Early submission by the Securities and Exchange Com¬
of
Agriculture
Announces
Terms for
Releasing Excess Wheat When 1942 Seedings Are
Department
Below
Allotments
under the marketing quota may seed below their
1942 acre¬
marketing quota program may take out of storage and mar¬
ket
wheat equal to the amount by
which he reduces his following year's seedings below his
without penalty excess
allotment, measured in terms of his normal yield, or equal
to the amount his next year's actual production falls below
the normal yield of his allotted acreage.
The Department
explained as follows:
In cases where seedings are below the allotment, the Department said,
committees
AAA
county
wheat
excess
is
For
this
seeded
ment
and
to 80
acres
In
where
cases
time
Storage is
farm
the
long
As
wheat
be
Loans
eligible for
collect
may
of
12c.
the
Excess
of
out
of
If
wheat
trade
a
may
bushel
may
designate
a
Farmers
this
to
is
smaller
farm's
in
loan
30,
for Government loans and
and in
1943,
it
of farm
case
in settlement of the loan, the borrower
storage
allowance.
Delivery of the
wheat
and
used
in
a
The
for relief
delivery is made to
or
other
be
uses
elevator
any
the county
wish
to
or
on
or
has
their
feed
excess
may
the amount of the excess.
feed the entire
farm
wheat
sell
wheat
taken
outside
or
ware¬
committee will
the marketing
They will then be
crops.
wheat marketing
a
pay
actual
the
acreage
or
Suisse
Swiss
Compromise of Claim
Corporation and Societe
against the Swiss
Pour Valeurs de
Metaux, of Basle, Switzerland, to recover approximately
$15,000,000, have been settled by a compromise agreement
announced July 23 by Acting Attorney General Francis
Biddle.
The compromise payment amounted to $2,020,769.
Washington advices of July 23 to the New York "Times"
said regarding the settlement:
The settlement, ending a
20-year-old transaction in which Thomas W.
Miiler, former Alien Property Custodian and Harry M. Daugherty, former
Attorney General, were concerned,
was
made on the advice of the State
Whereas the $15,000,000 repre¬
1921, plus about
$8,000,000 in interest, the $2,020,769 sum represents 20% of the sum
then paid, plus simple interest at 2H% since that time.
The offer in
compromise, Mr. Biddle stated, was transmitted through the State Depart¬
ment by Dr. Karl Bruggman, the Swiss Minister, and a check for the full
amount has been deposited by the Swiss Bank Corporation and was counter¬
Department and Alien Property Bureau.
senting $6,967,987 paid to Societe Suisse in September,
signed by the Acting Attorney General today.
In
1921, the Department of Justice said, the Swiss Bank and Societe
Suisse
In his reply Representative Lea
order to enable our members to profit
In his letter to Mr. Eicher, dated July 15,
by the hearings."
Mr. Lea said:
Dear Mr. Chairman:
desire of the National
Association of Manufacturers and the Controllers Institute of America to
consider your present drafts
the
a report as to
Securities Exchange Act of 1934 before
the Securities Act of 1933 and
submitting
your
final report.
appreciate the advisability of having the information and suggestions
far
so
of
as
practicable of all those interested in these problems.
I recognize
that full consideration may contribute toward the elimination of inconse¬
quential controversies and clarify issues of importance that may be pre¬
by the reports on these problems to our committee.
appreciate the desirability of widespread
I
"While
consideration and
that it is highly desirable to dispose of this
The reasons which have caused the delay in
criticism, ,we must face the fact
matter this year
if possible.
receiving reports from your Commission and the industry will, to a large
degree, require time for consideration by our committee before finally acting
these matters.
"It is my earnest hope
and the industry on
constructive work.
that the commendable interest of your Commission
these important problems will enable us to do a useful,
I, of course, will regret any unnecessary delay in pre¬
senting the reports, but realize the value of giving every
reasonable con¬
sideration before reports are made.
take up consideration of these problems from
"It is late for any group to
It would seem to me that the National Association of Manu¬
Controllers Institute of America could best perform a
the beginning.
facturers and the
useful service at this time by promptly
concentrating their attention on the
problems that they believe of major importance, with a view of eliminating
It is
our
delays in presenting the reports."
desire to afford every reasonable opportunity for consideration
of the viewpoints of those
matter comes
who
may
have constructive suggestions after the
before the committee.
if all could present
While it would be a happier situation
their views before the reports, there will, doubtless, still
be those who will have suggestions worthy
Rather than to have any
to present your
formation.
of consideration.
prolonged delay, I think it would be preferable
reports as soon as possible on the basis of your present in¬
We must have these reports some time in advance of hearings
members to profit by the hearings.
However, if these two groups can give prompt
attention to essential phases
without undue delay, I am sure we will be profited by taking
I hope they can meet the need of early action on these reports
of your reports
that course.
reporting on their recommendations.
the earnest interest of your
Commission on these problems, I am
Sincerely yours,
Clarence F. Lea, Chairman.
*
Suits filed by the Department of Justice
Bank Corporation and the Societe Suisse
"prevailed" upon Messrs. Miller and Daugherty to pay an Alien
Property
drafts of the
Again assuring you of the appreciation of
Accepts
Bank
Lea that "an in¬
reports to your Committee"
advance of hearings in
by promptly considering and
Government
our
C.
Under date of
"we must have these reports some time in,
indicated that
and the only wheat
marketed or otherwise disposed of is the
normal yield on the acreage in excess of the
allotment.
Against
Lea.
corres¬
Edward
National Association of Manufacturers and to the Control¬
lers Institute of America.
in order to enable our
quota,
Chairman
proposed changes in the two Acts" had been given to the
*
Federal
delay in submitting
all unnecessary
is given to the county AAA committee.
impracticable,
is
manner
purposes
between
matter
would result in view of the fact that "the present
on
no
at 60% of the regular loan rate.
to April
run
the
Exchange
any
storage
subject to penalty when
of
evitable
time and place for accepting the delivery of the actual wheat.
who
market
Every
that
in
also
penalty of 49c. a bushel
free
intact
release is secured.
<
be delivered to the Government to
channels.
in
disposed of
or
however, is considered marketing and calls for pay¬
unless
channels
marketed
or
storage approved
and the warehouse receipt
delivery
farmer
is secured by putting up a bond or cash,
is delivered
penalty
commercial
house,
deposits with the
bond or cash for the
the producer's assurance that
the
wheat remains
excess
Government
a
payment of the loan,
ment
Either
be collected.
penalty
if the wheat
fed,
sold,
the
as
wheat
excess
on
storage
be
is stored in
payment of the
will
if
These deposits are
will
penalty
If excess
the
eligible
is
storage
will
excess
way.
marketing
farmers who have excess wheat
in compliance with the marketing quota.
excess
the
in
10 Chairman Eicher advised Mr.
July
sented
the penalty.
of
of
none
other
a
committee a warehouse receipt or a
AAA
amount
and
time.
warehouse
or
county
the determination will be made
corresponding amount of excesB wheat may
and
Representative Clarence F.
Eicher of the SEC and Representative
I
of three ways in which
one
handle their
may
seedings
his
the normal yield,
1942
in
that
at
he reduces
Securities
I received yours of July tenth in reference to the
100-acre wheat allot¬
a
the
This became known with the release this week of
pondence
begins about Sept. 1.
seedings equal the acreage allotment but where the actual
falls below
be released
If
free
to
and
1933
Act of 1934 has been asked by
acres).
20
on
spring
no
wheat
excess
200 bushels of excess wheat from
he will be entitled to release
production
harvest
yield.
normal
10-bushel-per-acre
a
where
areas
their
convert
may
example a farmer who has
an
(normal yield
storage
they
Winter wheat seeding usually
as
gave
amount of 1941
is completed and the wheat
corresponding
a
winter wheat
in
farmers
means
wheat late this fall.
Officials
release
will
seeding for the year
as
soon
measured.
seedings
wheat
as
of
Act
Lea, Chairman of the House Committee.
allotments and obtain release of the stored wheat for
age
marketing without penalty. The amendment to the Agricul¬
tural Adjustment Act of 1938, approved May 26, provides
that the farmer who stores excess wheat under the 1941
Committee of the
Commission's report on the proposed amendments to
Securities
The Department of Agriculture announced on July 21 pro¬
visions whereby farmers who have stored excess 1941 wheat
at
mission to the House Ways and Means
This represented the proceeds of
Metal Co. which had been seized in the name
claim of about $7,000,000.
certain stock of the American
of two German corporations, the
Frankfort-am-Main.
Metallbank and the Metallgesellschaft of
The
letter
addressed
by Chairman Eicher July
10 to
Representative Lea follows:
Dear Congressman
Because of your
make
a
Lea:
keen interest in the subject, I feel I should at this time
report to you as to
the Securities
the status of our conferences on amendments to
Act of 1933 and the Securities Exchange Act of 1934.
For more than a year, as you
with
know, the Commission has worked closely
representatives of the securities business and the stock exchanges on
this subject in an
effort to work out as many areas of agreement as possible.
These discussions are now
nearly concluded and I believe we are reaching
of complete understanding as to the respective positions of the
various parties.
We have, however, received indications from groups representing issuers
the point
of securities, who are or
like an
to
might be subject to these statutes, that they would
opportunity to go over the suggestions before they are submitted
Congress.
Since we felt that it was your wish that as many problems as
possible be worked out before these matters were presented to Congress
and since we recognized the importance of considering the impact of any
their requests. We have
of proposed changes in the two Acts to the National
Controllers Institute of America.
This step will, unfortunately, result in an inevitable delay in submitting
our reports to your Committee.
We have urged these two organizations to
expedite their considerations to the fullest extent possible.
I can assure
you that we shall not waste time in making any revisions in our reports
suggested changes upon issuers, we have acceded to
given the present drafts
Association of Manufacturers and to the
which may seem advisable
after discussion with them.
The Commercial & Financial Chronicle
476
Acting Secretary of State Wells Says Japanese Develop¬
ments Toward Indo-China Bear Directly on Vital
In
statement issued
a
"is following
ment
the Japanese Govern¬
course
in regard to Indo-China is giving clear
indication that it is determined to pursue
an
objective of
expansion by force or threat of force."
Saying that the
American people's attitude toward "acts of aggression" is
abundantly clear,
Mr. Welles asserted that the United
States Government can see no "valid ground" upon which
the Japanese Government would be warranted in occupying
Indo-China or establishing bases in that area as measures of
He also stated that this Government
self-defense."
con¬
cludes that the current Japanese steps are being undertaken
"because of the estimated value to Japan of bases in that
region primarily for
purposes of further and more obvious
movements of conquest in adjacent areas."
Mr. Welles also pointed out that the present Japanese
developments against Indo-China: (1) "Endanger the peace¬
use
by peaceful nations of the Pacific"; (2) "tend to
jeopardize the procurement by the United States of essential
materials, such as tin and rubber" and (3) "endanger the
ful
areas of the
He concluded by
safety of other
Pacific, including the Philippine
Islands."
stating that "such developments
bear directly upon the vital problem ot our national security."
Acting Secretary of State Welles' statement follows:
It will be recalled that in 1940 the Japanese Government gave expression
on
Articles
Certain
Designed
Conserve
to
Materials
July 24 Acting Secretary of State
Sumner Welles said that the
for
Strategic
in Treasury Department Specifications
Alteration
Problem of Our National Safety
,
July 26, 1941
to existing standard
being prepared by the Procurement
Division of the Treasury Department in an effort to conserve
certain materials in which acute shortages exist, Director
Emergency alternate specifications
Federal
specifications
are
Clifton E. Mack disclosed
July 20.
on
The emergency alternate specifications, drawn in collabora¬
tion with the Office of Production Management, are for those
non-military items in general Federal use in which one or
strategic materials are utilized.
A Treasury Depart¬
reporting this also said:
more
ment announcement
minimize,
By means of the alternate specifications, the Division plans to
in
and
these scarce materials which now
entirely eliminate
cases
some
in many non-defense items.
appear
Already promulgated are 26 emergency alternate
to
steel
specifications designed
aluminum and
chromium, bronze, cork, nickel, brass,
zinc,
conserve
:v-
alloys.
;.V
amended specifications
The
such items
cover
'
corrugated sheet iron
as
welded fencing, etc.
is used
containers, laundry appliances, chain-link or
Under the standard Federal specifications, for example, zinc
as a
The emergency specification eliminates
and substitutes metallic, painted, lacquered or enameled
galvanizer for pails, tubs and cans.
the
of zinc
use
In another emergency specification, use of
corrosion protective coating.
by providing for a thinner coat of the metal through
is minimized
zinc
hot dipping.
of electroplating rather than
use
preparation of emergency specifications, the Division
In addition to the
intensifying its effort to bring into agreement specifications for items
is
defense program which now are covered by confUcting
to the
necessary
specifications of two or more government agencies.
several occasions to its desire that conditions of disturbance should not
A
list
should
which
of items
Federal specifications is
by
covered
be
spread to the region of the Pacific, with special references to the Netherlands
being prepared for the Division by the Office of Production Management
East
and the War and
Indies
curred in
and
by
Indo-China.
This
In statements
by this Government, it
alteration in the existing status of such
processes could not
Pacific
On
was
areas
was
expressly
con¬
made clear that
by other than peaceful
was
based
on
a
Coast
achieved
under
developments relating to
that further changes are now
Requests
Oil Companies in
Sales to Determine Extent
Voluntary Rationing—Urges Industry to Con¬
struct
$70,000,000 Pipeline and Increase Tanker
being effected under duress.
The present
It is only too clear that they are in no position to resist the pressure exercised
them.
That attitude has been made abundantly clear.
which it has followed and is following in regard to Indo-
course
China the Japanese Government is giving clear indication that it is deter¬
mined to pursue an objective of expansion by force or threat of force.
There is not apparent to the Government of the United States any valid
ground upon which the Japanese Government would be warranted in occupy¬
ing Indo-China or establishing bases in that area as measures of selfdefense.
Britain
or
or
have
of the Netherlands have any
been
planning
any
moves
territorial ambitions in Indo-China
which
could have
been regarded
because
taken
primarily for
in
the
of the estimated
purposes
adjacent
In the
only conclude that the action of Japan is under¬
can
value
of further and
to
obvious movements of conquest
being taken
by the Government of Japan endanger the peaceful
of the
use by peaceful nations
Pacific, they tend to jeopardize the procurement by the United States
of essential
normal
materials, such
economy
as
tin and rubber, which are necessary for the
of this country and the consummation of
our
defense
program.
The purchase of tin, rubber, oil and other
area on
raw
Mr.
taken also endanger the safety of other areas of the
Pacific, including the
Philippine Islands.
The Government and people of this country fully realize that such
develop¬
ments bear
directly
upon
the vital problem of
our
national security.
Secretary Hull's remarks referred to above
these columns of Sept. 28, 1940, page 1812.
were
The
1.
from
daily
2.
Coast
Existing
petroleum
the
Atlantic
are
to
declines
further
of
shipment
average
Gulf
the
that
and
petroleum in¬
petroleum
and
has
seaboard
3.
not
transportation facilities
supplementary
be ready until
trend
The
make
can
products
petroleum
of
this
in
upward.''
As
stocks
result
a
heavy
these
fuel
there
be
not
an
was
the
factors
demand
winter
will
petroleum
unless
of
industrial
of
area
is
stocks
to
."/.■/
the
meet
only a
up
transportation facili¬
1942.
consumption
of
products
substantially
declined
expected.
of the deficiency and certain contemplated new
will
ties
below
well
is
seasonal
usual
the normal
•
in
increase
the
and
rate,
oils, domestic heating oils, motor fuel, and crude
adequate
essential
meet
to
immediate
this
demands
reduction
drastic
and
in
winter
current
con¬
sumption.
Mr. Ickes concluded his recommendation
Now,
of
therefore,
motor
chusetts,
fuel
do
I
the
in
of
States
Vermont,
Maine,
Rhode Island.
Connecticut,
by declaring:
hereby recommend that the
and
use
consumption
Hampshire,
New
Massa¬
New York, Pennsylvania, New Jersey,
Maryland, Delaware, Virginia, North Carolina, South Carolina, Georgia and
Florida, and the District of Columbia, immediately and until further notice
be
given in
the basis of in¬
on
dustry he has found that:
never
The steps which the Japanese Government have
July 19 that
Ickes explained on
formation from Government agencies and the
materials in the Pacific
equal terms with other nations requiring these materials has
been denied to Japan.
oper¬
Mr. Ickes
had previously appealed to the same Governors to reduce
petroleum consumption by 20%; this was mentioned in our
issue of July 19, page 328.
4.
as now are
companies
missioners of the District of Columbia, oil
areas.
light of previous developments, steps such
request was made in a communication
States, the Com¬
This
ating in the East, and other affected agencies.
Japan of bases in that region
more
one-third
a
Governors of 16 Atlantic seaboard
the
part
This Government
States.
Coast
as
threats to Japan.
for
voluntary reduction of gasoline consumption in the Atlantic
There is not the slightest ground for belief on the part of even
the most credulous that the Governments of the United States, of Great
the Interior Ickes, in his capacity
Coordinator, asked
Petroleum
Defense
as
to
There is no doubt as to the attitude of the Government? and people of the
United States to ward acts of aggression carried out by use or threat of armed
By the
On July 19 Secretary of
indication
French Government of Indo-China find themselves of course, is well known.
force.
Building Program
duress.
Indo-China provide clear
unfortunate situation in which the French Government of Vichy and the
upon
Consumption
This Area to Report on
Indo-China situation, the Secretary of State [Cordeil Hull] stated that it
being
Atlantic
Asks
Gasoline
Reduce
to
of
seemed obvious that the existing situation was being upset and that the
were
States
Ickes
Coordinator
33 1-3%—Also
by
doctrine which has
application.
Present
r
—
Sept. 23, 1940, referring to the events then rapidly happening in the
changes
Navy Departments.
Petroleum
Defense
but be prejudicial to the security and peace of the entire
and that this conclusion
area
universal
desire
other governments, including the Government of the
many
United States.
any
French
voluntarily
national
curtailed
by
activities
defense
1/3%
33
by
all
essential
services
or
except
engaged
those
to health
and
in
safety.
In another step designed to check on the compliance with
his
Non-Military
Federal
Purchases
Placed
on
Planned
Basis
planned basis, Director Clifton E. Mack
July 25.
First step toward establishment of
the program was taken, according to the announcement of
the Treasury Department, more than a month
ago, after
Congress provided funds to establish units for gathering and
analyzing data on Federal purchasing. At that time Fed¬
eral departments and agencies and their field offices were
requested to submit to the Division complete data on their
purchases.
The reports will be submitted monthly.. On
July 10 the first of these reports was received by the Division
announced
and
In
Its
is
now
on a
on
undergoing analysis.
announcing the
long
range
estimate in
program,
Mr. Mack said:
to
the
disruption to regular commercial trade.
to
It will enable
purchasing officers
regulate orders properly and will give freedom of choice in
determining
the market in which to buy.
Mr.
Ickes
For the purpose of
ment
have
refining
the
on
district
ending
Friday,
further
notice
through
your
We do
not
private
you
sales
to
East
week
motor
figure for
coast
until
(gasoline)
fuel
nor
are
we
the trend of retail
jobbing resellers
since
accounts,
What
and
so-called
total
one
to
and
dealers
service stations to consumers.
voluntary curtailment
refiners
the
for each week ended Friday
and
of
in
the
in
report
July,
sales:
gasoline
of
please
of
net
your
want
owners,
district sales.
of
will
own
signed by
measuring what effect requests for voluntary curtail¬
consumption
the 18th
commercial
or
July 20
on
their retail sales.
This telegraphic request,
Ralph K. Davies, Deputy Coordinator, said:
these
trying
we
do
to
not
nor
to large tank car buyers
entirely
develop
reflect
figures
reaction
indicating
of
total
do want to develop is the nearest possible measure
purchasing in this
have
terminals
on
to
Oil Coordinator Ickes
needs of the Government for
specific periods.
"Where possible, the Government will place orders
during slack seasons to
take advantage of better prices.
Ih this way industry and the Government
will benefit
industry because of elimination of lags in production and no
rationing,
a
on
from
value lies in the fact that the Division will be able
advance
telegram to 19 large oil companies operating along
East coast asking them to give him a weekly report
the
The Procurement Division of the Treasury
Department
has launched a program to place Federal
purchasing of non-
military items
request for voluntary
sent
the
use
area
and what effect requests for
of gasoline.
points of consumption
on
Obviously shipments
will not suffice.
July 22 urged that the oil indus¬
try undertake immediately the construction of a $70,000,000
pipe line system capable of carrying 250,000 barrels of crude
oil
daily from
East Texas
to
the Atlantic
coast,
and also
that it increase its tanker building program by ordering the
construction of 40 to 50 large
high-speed vessels. Regarding
pipe line, a Washington dispatch of
July 22 to the New York "Herald Tribune" said:
the
proposed
new
Volume
the coordinator would
pipe line system recommended by
JEast Texas oil fields and proceed
The
in
the
as
a
have
originating
and
continent
would
have
fields
Texas
now
where other lines from the
terminate.
The proposed 16-inch
111.,
capacity of
maximum
a
River,
Wood
at
with a 16-inch
the Texas line would connect
Nashville terminal
its
line
in
would
This pipe line
Nashville:
daily capacity of 200,000 barrels.
a
At
originate
20-inch line to a point
Illinois, east of St. Louis, probably near
midline
daily.
115,000 barrels
24-inch crude oil pipe line with a daily capacity
of 250,000 barrels would be constructed to the Atlantic coast, terminating
in the Philadelphia and New York refining areas.
"So routed, the main line, with the necessary feeder line connections,
will reach the principal sources of oil production east of the Rocky Moun¬
Mr. Ickes explained.
take approximately eight
tains,"
months to build the new line, so that
help modify the shortage on the Eastern seaboard
Ickes said that he was prepared to recommend
It will
the oil from it will not
for
Mr.
months.
some
line and the
insure
to
Calls for 50% 'Re¬
duction
in
Auto
Production—Program
Would
Affect
Refrigerators—Action
Designed to Save
Defense Materials—OPM Director Knudsen Favors
Gradual Shift
Krug said there was no indication
Mr.
Office of Price
Civilian Supply, announced on July 19
Administrator of
Administration and
tentative program calling for a
for
refrigerator production
mechanical
Household
and
mechanical
Domestic
would be cut 50%.
machines would be reduced
washing
The
initially
for the last 12 months.
necessitated by present "acute shortages" of industrial
Henderson said, and was drafted after conferences with
is
program
materials, Mr.
of the affected industries.
will be extended soon to
representatives
curtailment
Production
He
said.
Henderson
disclosed
that
conferences
Price Administration
Office of
on
in defense
areas.
;
head of OPACS, told the House com¬
investigating defense migration on July 17 that
rent-control laws would be necessary
other industries, Mr.
being held with
were
by the Associated Press as
There is
no
question in my mind that
will have to be invoked to curb rent
only partially
are
by
a
industrial defense areas involve us in the general
Exorbitant rent increases almost invariably produce
readjustments.
Some union contracts have specific
problem of wages.
demands
for
wage
reopening of wage negotiations
clauses stipulating a
industries
During recent
comparable
showed
21%
a
80%,
and
were
by eliminating some of
the grievances behind demands for reconsideration of wage scales.
If we
fail to curb rent increases we are contributing to the spiral of rising living
costs, rising wages and still higher living costs, from which nobody stands
to gain
in the end.
July 23 to the New York
of
Publicity for offending landlords was
that the Division of Defense
said
by
a
"will
initial
—OPM Puts
A
regard to Mr. Henderson's proposal, William S.
Director General of the Office of Production
Management, said on July 23 that a sudden cut of 50%
would increase unemployment.
He added that the curtail¬
ment should be gradual and offset by increased defense
With
Knudsen,
Yesterday (July 25) President
Roosevelt said that both the
the same objective but the former
favors a more gradual shift of auto production to war equip¬
ment.
He added that the problem will be worked out.
The
OPM and OPACS have
President had previously (July 22) indicated that the
"substitution" should be used instead of "curtailment"
word
when
referring to cutting down of auto production.
The automobile industry and the Office of Production
Management
last April concluded
an
agreement whereby
production would be cut 20% in the year beginning Aug. 1,
1941; this was referred to in our issue of May 10, page 2958.
Creates
Special Power Unit to
Power
The Office of
lished
a
leave from
head the
Production Management on July 21
estab¬
defense power
J. A. Krug, OPM power consultant who is on
the Tennessee Valley Authority, was named to
special power unit
problems.
Handle Defense
Problems
new
to handle all
division, which will have
full responsibility for
adequate power supply.
United Press,
advices of July 21 reported the following:
an
Washington
principal types of brass mill scrap was
of the Office
The prices,
commercial
95% or more copper, to 8%c. a pound
Prices on rod ends and turnings were
ranged from 9%c. a pound for
containing
bronze
yellow brass.
listed on a scale ranging downward from
for
the heavy scrap
prices.
Henderson on July
Price Administrator
21 also modified
calfskins as it
price ceiling order on hides, kips and
reLates to the producers of Pacific coast
the
'
calfskins.
He
coast skins, sayjng
that a permanent scale would be adopted after conferences
with buyers and sellers of the Pacific coast product.
Asso¬
ciated Press Washington advices further explained:
Meanwhile, he said, the tentative listing would have the effect of an
official price order for coast dealers.
He said it made "due allowances for
freight charges from the west coast and the special short trim used on
issued
a
skins
calf
23V2C.
are
skins
tentative
taken
a
off
pound
weighing
6
that area."
The prices, effective immediately,
skins weighing 13 to 15 pounds; 26c. a pound on
13 pounds, and $1.25 a skin for those under Bix
in
on
to
price schedule for
pounds.
It
emphasized
was
skins
weighing
coast
orders.
OPM
effective July 22,
under
Henderson said,
price ceiling on
imposed on July 21 by Leon Henderson, head
Price Administration and Civilian Supply.
of
about 20% above
of about 150,000 monthly.
in laundry equipment, Mr.
stringent cuts."
on Brass Scrap—Revises
Urged to Keep Price Down
Cutting Tools Under Priority System
Ceiling
Price
Hide Schedule—Bakers
laundry
mechanical refrigerators would be limited
declared
being conducted by
now
Places
OPACS
*
to a maximum
30% reduction
would refuse to
the rent for which had been
Fair Rent Committee.
Federal Research Agencies at the
request of the OPACS Rent Section and thousands of letters of complaint
show that rapid rises in rents are under way in more than 100 defense
areas," it was stated.
"Quick action to head off this trend is urged by the
OPACS Rent Section.
Designation of Fair Rent Committees, ably led,
guided by OPACS and backed by the full force of public opinion and the
local press is one method by which local authorities can curb rent
profiteering."
' .
'
the largest civilian
months automobile production has been
followed by more
be
automotive, refrigerator and
suggested by OPACS, which also
Housing Coordination
register any dwelling unit or room,
respectively.
program
The
the
Washington dispatch
"Times" said:
Concerning the new rent groups a
period last year, officials said.
Refrigerator production
increase, and washing machines and ironers were up 18%
Production of household
the
that
deal of industrial unrest
We can avoid a great
5,289,000 this year.
either the largest or close to
the scarce metals.
of
consumers
the
asserted
Henderson
Mr.
when the cost of living
rises.
for passenger automobiles and light trucks calls for an
approximately 200,000 a month throughout the next 12 months.
Because retooling of plants for new models will interfere with production
during August, a lump sum output of 600,000 cars for the three months
beginning with August will be permitted.
This is i!o be followed by a
leveling out to the 200,000 monthly figure in November.
The curtailment to approximately 2,400,000 vehicles in the new model
machine
increased rents it means
Finally, higher rents in
official Baid.
with expected production of around
successful.
because rents are
afford it is hardest hit.
least
program
compares
ultimately the authority of law
where voluntary
cutting other
relatively inelastic. Since we know
our surveys that on the whole rentals under $30 a month are increasing
higher percentage than those over $30 a month, the group which can
from
output of
year
He is reported
increases in those areas
When workers are forced to pay
items in the budget,
making air conditioning, heating and cooking
equipment, metal furniture and miscellaneous household appliances.
The reduction program for the motor vehicle industxy does not apply
to trucks with rated capacity of more than one ton.
There is an urgent
The
in defense areas where
increases.
saying:
voluntary methods fail to prevent
representatives of industries
need for such vehicles, an
and Civilian Supply
July 23 that Fair Rent Committees had been
established in 21 cities in an effort to curb rent profiteering
announced
"Surveys
by 30% under the average
raw
Laws
Control
Rent
for
The
unfair
50% reduction thereafter.
a
Administrator
Areas—Price
tHe
50% reduction in the pro¬
duction of automobiles and light trucks, domestic mechani¬
cal refrigerators and mechanical household laundry equip¬
ment.
Mr. Henderson explained that while the tentative
program was severe it is "being undertaken with full real¬
ization of the possible dislocating effect of such a reduc¬
tion on employment and operation of the economy generally,
but it is necessitated by severe shortages of steel, nickel,
copper, rubber and other basic materials for these and other
civilian durable goods industries."
He added that the pro¬
duction curtailment program is expected to be partially off¬
set "by the increasing participation by these industries in
defense work."
The following concerning the program was
reported in Associated Press Washington advices of July 19:
Mr.
Henderson's program calls for cutting automobile output for the
next three months 20% under that of the comparable 1940 period, and
a
Committees Set Up in 21 Defense
Henderson Sees Need
OPACS Reports Rent
methods
Henderson,
Leon
Pennsylvania and New Jersey.
of need for rationing power now.
England States, New York, eastern
New
Leon Henderson,
Henderson
Administrator
the aluminum and
formed to provide power for
aluminum plants in Tennessee.
Other pools are being considered for
Arkansas, Oklahoma, Texas, Louisiana, the southern section of Kansas
and'Missouri, and another pool for the northeastern section, including the
pool already has been
He said that one
mittee
Price
creation of vast "power
supply of electricity for
adequate
magnesium plants now under construction.
/
additional tankers
of
construction
machinery for both the petroleum
to speed the work.
and
steel
in
.priorities
Krug said, will be the
One of the first steps, Mr.
pools"
this junction a
From
477
& Financial Chronicle
The Commercial
153
15
practice.
but
for
not
that
the term Pacific coast
pounds or less and
calf skins referred to
trimmed short in line with
west
the Pacific coast area,
maximums established
skins and packer kips, respectively.
Calf skins and kips originating in
short-triinmed, must confbrm to the price
Chicago city calf
price ceiling on hides was announced on June 14, as
reported in our issue of June 21, page 3903.
In a letter to 250 leading bakers, on July 21, Mr. Hender¬
son warned
that he would not allow bread prices to rise
The
was
lc. per loaf when they find higher
absorbed by reducing operating expenses.
by more tlian
not be
costs can¬
Recogniz¬
this is the case in a few localities, the Adminis¬
trator permitted such bakers to make price changes without
consulting OPACS.
Mr. Henderson said, in part:
However, since average ingredient costs have risen only about half a
cent a loaf, fractional increases in the selling price would be more in
line with cost changes than would increases of a full cent.
In no locality
does it appear that an increase of more than one cent would he warranted.
ing that
Management on July 18 placed
full priority system.
The general
preference order said "there is an increasing shortage of
cutting tools, which are vitally needed in defense plants,"
and "supervision of the distribution on
these tools is
The Office
cutting
tools
necessary."
of Production
under
a
The Commercial & Financial Chronicle
478
OPACS
Cotton
Raises
Ceiling
Combed
Upward revisions
goods
in
combed
and
the
Grey
on
and
yarn
of
cotton
on
grey
announced
were
reached
OPACS
after
officials
and
the
single-ply
!
Two-ply
also
yarn
increased
Standard
The
20s from 44c. to 45c.
lc.
pound.
a
with
Unlisted
cotton
ceiling was reported in
3429, while the cotton cloth
page
€otton
Textile
Merchants
of New York, on
July 22 said
ceilings are regarded as a work¬
able adjustment by the industry generally."
He added that
the log-jam which has tied up selling and
delivery of cotton
grey goods since the original OPACS price ceiling order an¬
that he "believes the
at the end
nounced
Mr.
order.
Bell
new
of
June will
commended
the
be broken by the
action
"in
supplying what is hoped to be
cooperation between OPACS and
of
Mr.
dustry."
Gill
in
Current
Unemployment
at
Year—Assistant
500,000 Per¬
Commissioner
Tells
House Committee His
Agency Can Em¬
ploy Only 1,000,000—A. F. of L., President
Green,
Favors Forced Savings System
Approximately 5,000,000 persons will remain unemployed
this year despite payroll expansions
resulting from the de¬
fense production program.
Corrington Gill, Assistant WPA
Commissioner, on July 16, said WPA can employ only
1,000,000 persons. Mr. Gill told the Special House Committee
investigating migratory labor.
to meet
the
on
the
New
York
46
United
States
corporations.
total net worth of
a
change in the control
no
more
or
States
The estimated
insurance
com¬
than $180,000,000.
management of these direct
said.
said, "there will
policy obligations in this country, of approximately $200,000,000
in cash and United States Government securities.
The total income from the collateral and the
earnings of the insurance
companies, it
was said, have averaged $36,000,000
annually for the past
"On the basis of the past five years," the statement said, "the
five years.
available income would amortize the loan in
approximately 15 years."
Plans for extending this loan were noted in these columns
June 28, page 4053.
The Act under which the loan is made
was referred to in our issue of June
14, page 3734.
Rail Wage Talks
Begun in Chicago
Railroad management and labor
representatives
in
gathered
Chicago on July 23 for their biggest negotiations in his¬
tory on the principal issue of a requested $900,000,000 wage
gain for 1,150,000 employees.
railroad
operating and non-operating
brotherhoods and of nearly
every railroad in the
Nation attended the
opening on July 24 of conferences on
the unions' joint demand for a
41% over-all wage increase.
Management statisticians placed the cost of the requested
increase barely under the billion-dollar level.
They esti¬
of 41 % over present total
wages on the basis of a flat 30% increase
requested by 350,000
members of the "Big Five" brotherhoods and
boosts ranging
mated the demands at
an
average
from 30c. to 34c.
standard
an hour asked
by 800,000 members of
non-operating organizations.
The
United Press advices further reported:
He said
of
More than 400 officials of 19
WPA Official Estimates
sons
securities
revised
permanent basis for
the
cotton-textile
in¬
listed
total present market value
a
be assigned to the RFC the earnings of the United States branches of
41
British insurance companies not
incorporated in this country."
These
branches were described as having net American
assets, above reserves
Henderson
a
corporations
said to have
agency
was noted in our issue of
July 5, page 40.
In commenting on the revised
price ceiling for cotton
grey goods, W. Ray Bell, President of the Association of
as
:';"v
States
were
including the insurance companies," the statement
"Their financial position and
stability will continue unaffected."
In addition to this collateral security, the loan
pound.
price
yarn
May 31,
a
statement
investments,
other two-ply yarns
43c.
the
in
■-
United
These
panies estimated to have
All other grades
to
described
value of these securities was put at $115,000,000.
The capital stock of 41 British-owned United
pound.
pound,
was
of $205,000,000.
industry Ad¬
^v-V;"-V'"
v■■
columns
ceiling
a
a
print cloth and carded broadcloth from 39c.
combed
these
also increased 3c.
companies,
:;v
Securities of 61
Stock Exchange.
"There will be
20s from 38c. to 41c.
yarn
yarns wore
insurance
categories:
immedately, included:
Single-ply cotton
British
The loan agency statement said that collateral for the loan fell into three
visory Panel had conferred in Washington last week.
According to the Associated 'Press, the increases, effective
of
41
adequate to amortize the entire loan by the end of the maturity period.
on
July 20 by the Office of IPrice Administration.
Civilian
Supply Administrator Leon Henderson had revealed on
July 18 that the price schedule would be revised to the
ruling prices during the last week in May.
This decision
was
July 26, 1941
dividends
and
from the collateral securities to be pledged to
the RFC, however, plus earnings assigned to it from United States branches
Yarn
ceiling prices
cotton
Goods
Interest
conference
14
schedule
calls for an 18-member
joint
committee, representing 400 railroads, to meet on
alternate days with delegates from
operating and non-oper¬
ating brotherhoods.
Both labor and
management sources
indicated negotiations would continue 10
days, possibly
carriers'
only possible labor shortages would be in
"highly skilled
occupations and will be confined to certain localities."
Mr. Gill said there will be less Government aid this
year for the unem¬
ployed than at at any time since inception of the Federal Works
Program,
out that May employment was below the
peak employment
and pointed
without ultimate settlement for another two
months.
of 1929.
The axiom "that anybody who
wants^to
work
can work" is not
true, he
Two
added.
He
said
factors
preventing
full
employment
include
Will Have 71 Partners and
Maintain Offices in 93
Cities—To Hold
Memberships in 28
increasing plant
mechanization, vast increases in the labor supply, concentration of defense
work in a few industrial areas and
sharp curtailment of consumers goods
industries caused by imposition of defense
prioritirs.
Testifying before the same group on July 15, William
Green, President of th« American Federation of Labor, ad¬
vocated
a
Government-sponsored mandatory savings
tem to cushion the effects of
sys¬
a letdown in
employment when
the defense program is completed and to
prevent inflation.
Regarding this proposal, Washington advices of July 15 to
the New York "Times" said:
He suggested that the fund collected for
workers'
until
after
the emergency period,
family made the
use
or
until
an
ought to make employment
on
workers
program
as
in the worker's
He said the Government
defense projects attractive.
"One such inducement," he said, "would be the
security
benefits be withheld
emergency
of such savings necessary.
which
would
not
use
discriminate
of
a
revamped social
against
many
defense
the present one does now."
He explained that those workers who left
private
the Government lost benefits
accruing from old
employment to work for
age and unemployment com¬
pensation insurance laws, since Government workers
are not on an insured
basis, and that those who had worked temporarily
their old age and survivors' insurance benefits.
on
defense would lose
Largest Commission Brokerage Houses to
Merge,
Forming Merrill Lynch, Pierce, Fenner & Beane—
July 24 that the New York
Stock Exchange firms of Merrill
Lynch, E. A. Pierce &
Cassatt and Fenner & Beane will consolidate
on Aug. 18 to
form the firm of Merrill
Lynch, Pierce, Fenner & Beane. It
is reported that the new firm
will have combined
more
$425,000,000 Loan to Great Britain on
Security Investments in United States—Funds
Will Be Used to Pay for War
Supplies Contracted
Prior
to
Lend-Lease Act
capital of
$6,000,000 and combined debit balances of about
$56,000,000.
The senior partners of the new
organization
will be the
principal senior partners of the present firms—
Charles E. Merrill and E. A."Pierce of
Merrill Lynch, E. A.
Pierce & Cassatt and Charles E.
Fenner and Philip W.
Russell of Fenner & Beane.
In addition there will be a total
partners and 19 special partners.
The new
firm, which combines the two largest commission
brokerage
houses in the business, will be
represented in 93 cities and
hold
memberships in 28 separate security and commodity
of 48 general
exchanges. The following was pointed out in a letter sent to
employees of the New York office of Merrill
Lynch, E. A.
Pierce & Cassatt by Messrs. Merrill and
Pierce:
have
been
closely in sympathy with
Corporation has authorized
loan of $425,000,000 to Great Britain
to provide them
with dollar exchange to pay for war
supplies contracted for
in this country before the
lend-lease program went into
effect.
In making this announcement
on
July 22 Federal
Loan Administrator Jesse Jones said
President
had approved the loan, which has for its
purpose
the British with dollar
exchange without
Roosevelt
"providing
having to sell their
securities and investments at forced sale."
The loan, made
under specific authority
granted to the RFC by an Act
signed by the President on June 10, is covered
by an esti¬
mated $500,000,000 worth of
collateral,
securities
mainly
British-
and
capital stock of BritishStates insurance
companies.
In Associated
Press Washington advices
July 22 it was stated:
owned United
Funds to the total of $425,000,000 will
be paid out to the British
at the
approximately $100,000,000 a month under terms of
the deal, and
the loan, bearing interest at
3% annually, will mature in 15
years.
It
may then be extended for five years provided
two-thirds of the principal
has been repaid.
rate of
means of
users
of
of each other's
advertising
as a
carrying their messages to the public.
However,
of
many
Both have engaged in
aggressive merchandising
Both believe in and have been
effective
we
have both developed
in such
a
way
that the combining
forces will give us
working advantages that neither could have
It is not merely that this
merger joins the two largest houses of their
kind, it also creates the first complete
financial
our
.
a
American
methods.
alone.
The Reconstruction Finance
owned
on
than
Our firms
Grants
made
was
methods and objectives.
RFC
Security and
Commodity Exchanges
Announcement
are
house, offering facilities that
actually national in scope, and yet
closely geared to the local require¬
community.
ments of each section and
Both firms
At
the
same
are
financially strong and have been operating at a profit.
time, through the elimination of duplicate
facilities, it is
estimated that
our
new
firm will realize
in
a
saving of about
$1,000,000
a
overhead—a fact important to us and to our
customers alike.
Thus
road ahead promises
further progress, because it
gives us the oppor¬
tunity of further adapting our costs and
operations to present conditions,
and creates a doubl
y strong and flexible firm for
year
our
opportunities of the future.
meeting requirements and
Our office at 70 Pine
Street will be the home office of the combined
firm
and after several
months, the partners and personnel of Fenner & Beane's
home office will be moved
to our present location.
There will be no
change in our offices located at 745 Fifth Avenue and at
La Guardia Airport.
Besides the general
partners, indicated above, the other
comprising the combined firm follow:
partners
General
Partners—Alpheus C. Beane, Jr., Edward C. Bendere,
Harry F*
Bliss, Albert G. Boesel,
Anthony D. Cassatt, Russell Clark, Ryburn G*
Clay, Chauncey P. Colwell, Victor B.
Cook, Charles E. Crawley, J. D.
Dyer, Jr., Earle W. English, J.
Henry Fellers, Darwin S. Fenner, Douglas
Volume
& Financial Chronicle
The Commercial
153
C. Findlay, Robert B. Flinn, Samuel L. Fuller, George A. Garrett,
P. Hargrave, J. P. Henican, Jr., Earl H. Hulsey, Earl W.
B. Hyslop, John L. Julian, Arthur L. Kerrigan, Cyrus
Homer
Huntley, George
H. King, Ray L.
Lamb, G. Edward Ledbetter, Robert A. Magowan, R. A. McCord,Herbert
H. Melcher, James E. Merrill, Allen A. Pierce, Milija
Rubezanin, Caryl H.
Sayre, Almar H. Shatford, Ferdinand C. Smith, Winthrop H. Smith, Ray
W. Stephenson, Leslie L. Vivian, T. Johnson
Ward, John F. Wark, Norman
Joseph N«
Carpenter, Mrs. A. Y. Carpenter, Bessie W. Fraunhar, Betsey C. Gwathmey, Joseph H. Himes, Frederick Housman, William C. Jackson, Clarence
I. Jones, Arthur S. Laundon, Ethel F. Mercereau, Charles N. Monsted,
M. Stockton Pope, Wm. H. Raye, Earle H. Rodney, Robert L. Rooke and
E.
Partners—E.
Bartlett
Marian
Jr.,
B.
Beane,
Everett T. Tomlinson.
$339,980,661 of this amount has been with¬
drawn and $15,994,100 remains available to
has been disbursed and
During June, the authorizations to finance drainage, levee and irrigation
districts
was
increased by $400,000, $11,915 was
were
disbursed.
drainage, levee and irrigation districts aggregating $147,-
657
137,308, of which $46,203,550 has been withdrawn, $4,001,849 remains
Under the provisions of Section 5
in Cotton-Textile Markets Due to
Situation Did not Affect RecordProduction Trend During June, Says W. R. Bell
of New York Cotton Textile Merchants Association
Ceiling
released
June cotton production figures
on
by the Bureau of the Census, W. Ray Bell, President of
the Association of Cotton Textile Merchants of New York,
on
struction Finance Corporation Act June 19, 1934, and
July 21 pointed out that recent inactivity in cotton-textile
gregating
$500,029,768.
brought about in large part by defense needs.
With respect
to these figures the Association's announcement said:
Continuation of the record-breaking production trend in
the industry is
Active spindle-hours for the month were re¬
indicated by the statistics.
Second
quarter figures showed more than 30,500,000,000 active spindle-hours,
nearly 33% over the 1940 second quarter, and first half figures of 58,902,000,000 active spindle-hours are 21.8% over 1940, and 31.2% over 1939f
Both the quarterly and half-year figures are the highest in the history o
9,031,000,000, an increase of 44%
over
June,
1940.
the industry.
first-half production
Association of Cotton Textile Merchants
at
5,675,000,000 square yards of woven
compared
1940
annual rate of 11,350,000,000 square yards per year,
an
previous all-time high records of 9,593,557,000 square yards in
amount
the Corporation agreed to purchase
$102,278,259,
with¬
$1,374,590
authorized
043,301
the borrowers.
has agreed to
In addition,
authorizations aggregating
the purchase of participations aggregating $112,-
businesses, $59,461,530
1,931
ag¬
been with¬
Through June 30, 1941, the Corporation has
withdrawn.
were
or
of
of industry
has
participations amounting to $775,470
in loans to 13 businesses during June and similar
of which has
been withdrawn
and $31,559,016 remains available.
During June, disbursements in the amount of $173,000 were made to
public agencies for self-liquidating projects and repayments amounted to
borrowers.
405 loans have been authorized on
1941,
Through June 30,
withdrawn
and
$47,768,143
$776,637,133.
aggregating
projects
has been
amount
of this
$172,201,375 remains available to the
$556,667,615 has been disbursed and $512,491,124 has been
repaid.
During June the Corporation purchased from the Public Works Adminis¬
tration 229 blocks (229 issues) of securities having a par
and sold securities previously purchased from
of $911,900 at a premium of $21,610.
turing PWA securities having
par
value of $16,972,960
the PWA having a par value
The Corporation also collected ma¬
value of $83,745.68.
Through June 30,
1941, the Corporation has purchased from the PWA, Federal Works Agency
(formerly
blocks
Based upon these figures, the
Of this
drawn and $127,675,237 remains available to
self-liquidating
to
or
loan companies to assist business and industry
the Corporation has authorized 7,776 loans for the benefit
situation, had not affected the record-breaking production
cloth,
canceled
Through June 30, 1941, including loans to the fishing industry,
$158,000.
computes
amended April 13,
1938, 36 loans to industry, aggregating $1,790,453 were authorized during
June and authorizations in the amount of $1,052,733 were
markets, due to uncertainties caused by the price ceiling
ported at
disbursed.
(d), which was added to the Recon¬
.
Inactivity
Commenting
canceled and $4,476,137
1941, loans have been authorized to
Through June 30,
available to the borrowers and $96,931,909 has been
drawn.
Price
$1,034,386,051
the borrowers.
$981,838,007, approximately 95%, has been repaid.
to banks and to mortgage
Recent
depositors of 2,778 closed banks ag¬
for distribution to
gregating $1,390,360,811.
refinance
Weiden, Albert J. Wolf and William H. Woods.
Limited
been authorized
479
Federal
Emergency
Administration
4,417
(3,316 issues) of securities having par value of $694,236,259.
this amount, securities having par
still held.
has agreed to purchase, to be
In addition, the Corporation
held and collected
or
Of
value of $511,339,792 were sold at a
Securities having a par value of $150,115,120
premium of $14,184,900.
are
Works)
Public
of
sold at
later date, such part of securities having an
a
and 9,445,914,000 square yards in 1937.
aggregate par value of $44,938,480 as the Administration
consumption
in
June of last year, which was the first month of the defense program.
For
the second quarter of 1941, the total consumption of 2,714,000 bales is the
largest cotton consumption for any quarter in the history of the country.
Added to the previous record consumption of 2,491.000 bales for the first
quarter of this year, a grand total of 5,205,000 bales has been consumed in
to deliver from time to time.
Figures released by the Bureau of the Census on cotton
during June indicate a total of 875,000 bales against only 565,000 bales
the first six months of 1941.
entire
gain of 35 to 36% over the same
a
more
For the
bales, only
higher than in 1939.
1935, raw cotton consumption was 5,632,000
of
year
427,000
This is
1940, which in turn was SH%
period in
than has already been consumed in six months of the present
V";
year.
V'
-
J
The report
listed as follows disbursements and repayments
from Feb. 2, 1932, to June 30, 1941:
for all purposes
Disbursements
438,956 Canceled
or
Repaid—RFC
Withdrawn—$8,745,824,440 Dis¬
and
bursed for Loans
Investments—$6,431,427,936
Railroads
Transactions with
ized
.
—
Agricultural Credit corporations
Fishing Industry...
....
Credit unions
Reconstruction
of
amounted
to
authorizations
previous
$45,067,050,
and
total
making
commitments
authorizations
14,718.06
Processors or distributors for payment of pro¬
cessing tax
4, 312,114,138.91 3,538,422,059.45
Total loans under Section 5
and commitments of the
12,971,598.69
9,250,000.00
5,599,953.83
666,496.95
600,095.79
14,718.06
Federal Intermediate Credit banks
Loans
Secretary of Agriculture to
to
cotton
recissions
12,971,598.69
9,250,000.00
5,643,618.22
719,675.00
600,095.79
Livestock Credit corporations
Item¬
Corporation during June amounted to $74,827,235,
$
receivers).>.2,019,989,112.72 1,917,971,357.32
Railroads (Including receivers)
*340,568,216.67
810,325,175.16
446,683,075.83
Mortgage loan companies
639,099,118.63
Federal Land banks
387,236,000.00
387,236,000.00
173,243,640.72
Regional Agricultural Credit corporations
173,243,640.72
120,241,157.43
Building and loan associations (lncl. receivers).
124,596,664.73
Insurance companies
87,927,462.61
...
90,693,209.81
Joint Stock Land banks
22,383,654.37
24,666,880.20
8tate funds for insurance of deposits of public
13,064,631.18
13,064,631.18
Banks and trust companies (lncl.
v;"v-..
Authorizations
Finance
Repayments
$
Loans under Section 5:
moneys
Report of Operations of RFC Feb. 2, 1932, to June 30
1941—Loans of $17,256,651,188 Authorized—$2,391,-
is in a position
3,300,000.00
3,300,000.00
96,931,909.41
18,309,243.81
drainage, levee and Irriga¬
tion districts
—...
public school authorities for payment
salaries and for refinancing out¬
Loans to
of
purchase
—
Loans for refinancing
teachers'
23,242,170.85
1941, and tentative commitments out¬
512,491,124.22
Loans to aid In financing self-liquidating construc¬
standing at the end of the month of $17,256,651,188, accord¬
22,390,500.00
556,667,615.14
standing indebtedness
Loans for repair and reconstruction of property
through June 30,
ing to the monthly report of operations issued July 14 by
Charles B. Henderson, Chairman
of the RFC.
This latter
includes.,a total of $1,508,049,946 authorized for
amount
tion projects
damaged by earthquake, fire, tornado, flood
12,003,055.32
from
governmental agencies and $1,800,000,000 for relief
organization through June 30, 1941.
Authorizations
aggregating $3,202,027 were canceled or withdrawn during
June, Mr. Henderson said, making total cancellations and
withdrawals of $2,391,438,956.
A total of $2,905,049,181
remains available to borrowers and to banks in the purchase
of preferred stock and debentures.
During June, $99,804,227
disbursed for
loans
and investments
and
$24,856,431
repaid, making total disbursements through June 30,
1941, of $8,745,824,440 and repayments of $6,431,427,936
(approximately
74%).
Chairman
Henderson's report
was
was
cont
—
Bank
of assets of closed banks.
Loans to Export-Import
Loans on and purchases
Loans to mining businesses
Loans to finance the carrying
Commodity Credit Corporation
Other
Total loans ,excl .of loans secured by
prefAtock.6,537,141,722.49 5,176,682,041.28
of preferred stock, capital notes and
debentures of banks and trust companies (In¬
Purchase
cluding $45,161,800.76 disbursed and $17,182,-
secured by pref. stock) ..1,344,406,331.66
124,741,000.00
25,000,000.00
of stock of the Fed. Nat. Mtge. Assn..
11,000,000.00
451.07 repaid on loans
liquidation)
panies
increased
in the
amount
of 8269,818,
$155,877
$432,546 was disbursed and $3,304,109 was repaid.
canceled,
June 30.
were
Through
1941, loans have been authorized to 7,541 banks and trust
(including those in receivership)
was
com¬
aggregating $2,602,634,448.
Of
712,342,072.19
Purchase of stock of Federal Home Loan banks..
Purchase of stock of the RFC Mortgage Co
Purchase of Stock-Defense Plant Corp.........
5,000,000.00
2,000,000.00
5,000,000.00
Purchase of Stock-Defense Supplies Corp
5,000,000.00
Purchase of Stock-Metals Reserve Co
(including those in
767,716,962.21
18,997,873.00
and orderly market¬
ing of agricultural commodities and livestock:
Purchase
nues:
During June, loans to banks and trust companies
47,251,981.13
124,815,878.99
43,414,218.36
25,000,000.00
46,554,958.90
2,883,699.53
767,716,962.21
19,644,491.78
surpluses in foreign markets
Loans to business enterprises
Loans for National defense
other
5,133,541.68
47,300,825.57
284,562,856.47
332,657,473.87
25,000,000.00
49,106,814.56
6,893,409.40
and other catastrophes
Loans to aid In financing the sale of agricultural
.....
Purchase of Stock-Rubber Reserve Co
Loans
secured
by
preferred
stock
of
—
Insurance
(including $100,000 disbursed
the purchase of preferred stock)
companies
for
34,475,000.00
12,455,381.37
1,556,622.331.56
724,797,453.56
652,060,386.10
529,948,441.29
this amount $517,526,421 has been withdrawn, $16,012,100 remains avail¬
able to borrowers and $2,069,095,927 has been disbursed.
amount
Of this latter
$1,964,526,316, approximately 95%. has been repaid.
Only $5,-
Total
Works
Public
Administration,
Federal
Works
Agency, security transactions...
904,472 is owing by open banks and that includes $5,322,411 from one
mortgage and
8,745,824,440.15 6,431,427,936.13
Total
trust company.
Through June 30, 1941, authorizations have been made for the purchase
of
preferred stock, capital notes and debentures of 6,803 banks and trust
companies aggregating $1,466,740,663 and 1,123 loans were authorized in
the amount of
$52,811,026 to be secured by preferred stock,
thorization for preferred stock, capital notes and
and
trust
companies
of $1,519,551,689.
a
total
au¬
debentures of 6,873 banks
$174,322,857 of this has been
withdrawn and $822,500 remains available to the banks when conditions of
During June, loans for distribution to depositors of closed banks were
increased in the amount of $269,818, $155,877 was canceled, $432,546 was
Capital stock of Home Owners' Loan Corp..
Capital stock of Federal Home Loan banks.
Loan (now Land Bank) Commissioner
Through June 30, 1941, loans have
200,000,000.00
124,741,000.00
Farm
for loans to:
....—.
145,000,000.00
Federal Farm Mtge. Corp. for loans to farmers.
55,000,000.00
'Farmers
Joint Stock Land banks
authorizations have been met.
disbursed and $2,901,476 was repaid.
Allocations to Governmental agencies under pro¬
visions of existing statutes:
Secretary of the Treasury to purchase:
2,600,000.00
Federal Housing Administrator:
To create mutual mortgage
For other purposes
insuranoe fund..
10,000,000.00
79,186,380.80
The Commercial & Financial Chronicle
480
,
Allocations to Governmental agencies under pro¬
visions of existing statutes—Concluded—
Sec. of Agrlcul. for crop loans to farmers (net)_
Disbursements
Canceled
S
Farm tenant loans
provide capital for
Stock—Disaster Loan Corporation
24,000,000.00
Regional Agricultural Credit corporations for:
Purchase of capital stock (lncl. $39,500,000
held In revolving fund)
Expenses—Prior to May 27, 1933
Since May 26, 1933
-
1,957,075
90,000
1,867*075
227,434
10,000
8,795,500
15*078
8,780,422
61,422
15,000
(receivers)
15,000
78,000
10,539
3,183,000
Gulf Mobile A Northern RR. Co.
126,871.85
2,425.46
1,278,572,878.76
__25,007,952.93
299,984,999.00
Administrator
al7,159,232.30
546,000
Kansas City Southern Ry. Co
1,799,984,084.72
17,159,232.30
33,177,419.82
42,167„1S5.23
11,857,558,803.45 6,473,595,121.36
•
Does not Include $4,450,000 represented by notes of the
Canadian Pacific Ry.
Co., which were accepted In payment for the balance due on loan made to the Min¬
neapolis St. Paul & Sault Ste. Marie Ry. Co.
In addition to the repayments of funds disbursed for
relief under the Emergency
Relief and Construction Act of 1932, the
Corporation's notes have been canceled
in the amount of $2,734,475,131 on account of amounts
disbursed for allocations
to other governmental agencies and for relief
by direction of Congress and the
Interest paid thereon, pursuant to provisions of an Act
(Public No. 432 (approved
a
Feb.24. 1938.
10,278.000
800,000
i,obo"o66
9,278,000
800,000
9,278,000
350,000
2,500,000
450,000
2,550,000
50,000
2,550,000
to and
repaid by each, are shown in the following table (as
of June 30, 1941), contained in the
report:
Authorizations
288,500
3,000
744,252
Wtlhdravm
$
$
Aia. Tenn. & Northern RR. Corp,
Alton RR. Co
Ann Arbor RR. Co.
127,000
275,000
2,500,000
2,600,000
634,757
634,757
1,173,032
634,757
(receivers)..
Ashley Drew & Northern Ry. Co.
400,000
Baltimore & Ohio RR. Co
Boeton & Maine RR
90,000
400,000
95,358,000
Birmingham & So'eastern RR.Co.
14,600
400,000
95,343,400
12,457,495
41,300
41,300
41,300
47,877,937
47,877,937
53,960
549,000
Buffalo Union-Carolina RR
Carlton & Coast RR. Co
Repaid
s
127,000
275,000
7,684,937
53,960
13,200
535,800
141,697
4,150,000
14,150,000
3,124,319
464,299
464,299
140,000
5.916.500
140,000
155,632
4,933,000
46,588,133
1,289,000
245,000
4,338,000
Ohio Ry
(Atlantic Coast Line and Louis¬
ville & Nashville, lessees)
Central of Georgia Ry. Co
dI8,300,000
3,124,319
Central RR. Co. of N. J
Charles City Western Ry. Co...
Chicago & Eastern Illinois Ry. Co
35*701
5,916,500
Chicago & Eastern 111. RR. Co..
4,933,000
Chicago & North Western Ry. Co 46,589,133
Chicago Great Western RR. Co
1.289,000
Chic. Gt. West. RR. Co.
(trustee)
6,546,870
Chio. Milw. St.P. & Pac. RR. Co.
12,000,000
1,000
.
500,000
Chic. Mllw. St.P. & Pac. RR. Co.
1,289,000
160,341
1,080,537
(trustee)
8,920,000
Chicago R. I. & Pac. Ry. Co
Chic.R.I.& Pac.Ry.Co. (trustees)
158,000
13,718.700
8,762,000
8,762,000
1,680,000
1,150,000
2,680,000
10,398,925
Cincinnati Union Terminal Co..
Colorado & Southern Ry. Co
30,123,900
60,000 *
53,500
Columbus & Greenville Ry. Co..
Copper Range RR. Co
Del. Lackawanna & Western RR.
Denver & Rio Grande W.RR.Co.
25,000
b41,499,000
18,200,000
7,700,000
New York Central RR. Co
N. Y. Chic. & St. L. RR. Co
N. Y. N. H. & Hartford RR. Co.
8,300,000
1941
30,055,222
1,623,040
53*500
5,100,000
219,000
310,000
500,000
1.800,000
3,182,150
16,582,000
on
8.081.000
1,800,000
MONTHLY
(Complied from sales transacted
2,680,000
8,300,000
60,000
1,800,000
Denver & Salt Lake West .RR.Co.
3,182,150
Erie RR. Co
16,582,000
71,300
RANGE
January
Low
High
"**222
600,000
...
Pere Marquette Ry. Co..
Pioneer & Fayette RR
18.200,000
7,699,778
1,681,000
5,000,000
28,900,000
70,000
5,000,000
3,000,000
Pittsburgh A W. Va. Ry. Co...
Puget Sound A Cascade Ry. Co.
36,499*666
18,200,000
Norf.South.RR.Co. (receivers).
1,681,000
Northern Pacific Ry. Co...
5,000,000
Pennsylvania RR. Co
29,500,000
15,000
4,975,207
300,000
300,000
7,995,175
2,805,175
18,672,250
200,000
7,995,175
18,790,000
200,000
117,750
65,000
12*8*,000
1,200,000
500,000
100,000
5,332,700
1,897,000
108,740
2,035,000
30,000
Texas A Pacific Ry. Co
Texas-South-Eastern RR. Co
Tuckerton RR. Co
222,500
52,000
162,600
1,235,000
162,600
45,200,000
51,405,000
Tennessee Central Ry. Co.
8,225,000
44,000,000
50,905.000
624,000
31,000,000
47,278,000
100,000
100,000
5,332,700
1,897,000
183,700
2,035,666
789,000
30,000
108,740
30,000
45,000
The Utah Idaho Cent. RR. Corp.
(receivers)
6,000
39,000
452,000
25,981,583
452,000
210,080
8*200
25,973,383
4,366,000
13,502 922
10,241,800
750,000
500,000
22,525
22,525
Western Pacific RR. Co
4,366,000
Western Pac. RR. Co. (trustees).
Wichita Falls A Southern RR.Co.
13,502,922
750,000
Wrightsvllle & Tennllle RR
22,525
39,000
1,403,000
3,686,651
....929,330,087 116,782,912 810,325,175 345,018,217
Includes two guarantees
In addition the
a
18,672,250
200,000
400,000
(rec'rs)c c8,545,000
Texas City Terminal Ry. Co
Texas Okla. & Eastern RR. Co..
*
3,000,000
9.045,207
400,000
1,300,000
162,600
Southern Pacific Co
28,900,000
17,000
300.000
Salt Lake A Utah RR. Corp
Wabash Ry. Co.
-
9,045,207
Savannah A Atlanta Ry. Co
Sand Springs Ry. Co
Seaboard Air L. Ry. Co.
975,116
3,000,000
17,000
St. Louis-Southwestern Ry. Co..
Salt Lake A Utah RR. Co. (recTs)
of $350,000 each
(one of which has been canceled);
Corporation also guaranteed the payment of Interest.
The loan to
Minneapolis St. Paul & Sault Ste. Marie Ry. Co. (The Soo Line)
was secured by its
bonds, the Interest on which was guaranteed by the Canadian
Pacific Ry. Co. and when the "Soo Line" went Into bankruptcy, we sold the balance
due on the loan to the Canadian Pacific, receiving $662,245.50 In cash and Canadian
Pacific Ry. Co.'s notes for $5,500,000, maturing over a period of 10
years,
$1,050,000
of which matured and has been paid.
(now canceled); in addition the Corporation
also guaranteed the payment of Interest.
d Includes an agreement
by" which the Corporation may be required, or may
elect, to repurchase at any time prior to maturity, $4,150,000 securities sold by It
(now canceled).
582.000
OF
.
,
•
the performance of specified conditions.
Of
$326,069,901 has been canceled, leaving $61,401,358 outstanding at the end of the month.
UNITED
upon
STATES
February
High
-
this amount
Exchange—Quotations
Low
•
In addition to the above loans authorized the
Corporation
has approved, in principel, loans in the amount of $387,-
471,259
the New York Stock
BONDS
25.000
36,499,000
5,000,000
Corporation's liability under the guarantee.
2,680,000
8,300,000
53" 500
2,098.925
68,678
(trustees)
Treasury
Treasury
Treasury
Treasury
Treasury
Murfreesboro-Nashvllle Ry.Co..
99,200
c Includes $320,000 guarantee
by the corporation of securltle sold by It.
Since
the sale, $128,000 of the $320,000 has been
repaid by the railroad, thus reducing the
1,150,000
13,718,700
5,100,000
Denver & Rio Grande W.RR.Co.
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
785,000
1,070,599
b Includes a $5,000,000 guarantee
Chic .St .P .Minn. & Omaha
Ry .Co
Chic. No. Shore & Milw. RR. Co.
99*200
785,000
220,692
6,546,870
11,500,000
100,000
2,309.760
1,070,599
Totals.
500,000
140,000
a6,843,082
100,000
5,124,000
23,134,800
99,200
785,000
14,150,000
Carolina Clinchfleld <fc
985,000
6,843.082
1,070,599
Sumpter Valley Ry. Co..
Disbursed
127,000
285,500
(receivers)
Mobile & Ohio RR. Co
Mobile & Ohio RR.Co.
Southern Ry. Co.
or
Authorized
Co...
800,000
2,550,000
2,729,252
Minn. St. P.AS.S.Marle Ry. Co.
6,843,082
Mississippi Export RR. Co
100,000
Mlssouri-Kansas-Texas RR. Co.
5,124,000
Missouri Pacific RR. Co....... 23,134,800
St. Louis-San Fran. Ry. Co.
The loans authorized and authorizations canceled or
with¬
drawn for each railroad, together with the amount disbursed
Aberdeen & Rockflsh RR
407,000
1,379,000
1,112,000
56,073,000
1,112,000
*3,200,000
Lehigh Valley RR. Co
Litchfield A Madison Ry. Co
Missouri Southern RR. Co
3,111,734,363.30
Canceled
13,915
520,000
9,500,000
22,667
1,112,000
trustee)
Grand total
26,000,000
520.000
Meridian & Bigbee River Ry. Co¬
500,000,000.00
Interest on notes issued for funds for allocations
and relief advances....
354,721
26.000,000
13,915
520,000
Maryland A Penna. RR. Co
1935
23*666
i,2ii"666
*
99,422,400
Gulf Mobile & Ohio RR. Co. and
Gulf Mobile & North. RR. Co.
9,500,000
Illinois Central RR. Co
56,095,667
Louisiana A Arkansas Ry. Co
Maine Central RR. Co
499,999,065.72
500,000,000.00
Under Emergency Appropriation Act—1935...
Under Emergency Relief Appropriation Act,
78,000
3,183,000
10,539
Galveston Terminal Ry. Co
546,000
Georgia A Fla.RR.Co. (receivers)
354,721
Great Northern Ry. Co
125,422,400
Green County RR. Co
1
13,915
3,108,000.00
14,593,852.92
116,494.55
For relief—To States directly by Corporation...
To States on certification of Federal Relief
227,434
Galnsvllle Midland RR. Co
182,500,000.00
Total allocations and relief
813*075
(receivers)
Fredericksburg & North. Ry. Co.
44,500,000.00
....
Total for relief
$
3,300.000
3,000
GainsviUe Midl'd Ry.
.....
Total allocations to governmental agencies
Repaid
$
10,000,000
Galv. Houston & Hend. RR. Co.
Stock—Commodity Credit Corporation
40,500,000.00
97,000,000.00
Administrative expense—1932 relief
Rural Electrification Administration......
Disbursed
10,000,000
....
3,000
Fla. E. Coast Ry. Co.
pro¬
duction credit corporations
Administrative
$
Ft.Smith & W.Ry.Co.(receivers)
Ft. Worth A Den. City Ry. Co..
Governor of the Farm Credit Administration for
revolving fund to
Erie RR. Co. (trustees)
Eureka Nevada Ry.Co
Withdrawn
5
23,329,291.40
1,676,236.07
1941
or
Authorized
115,000,000.00
111,250,000.00
29,350,000.00
Sec. of Agrlcul.—Rural rehabilitation loans...
,
July 26,
Authorizations
Re-payments
GOVERNMENT
BONDS
after decimal point represent one or more 32ds of a point)
March
Low
4^s
1947-1952
120.26
121.26
119.4
4s...
120.21
1944-1954
119.8
113.1
113.18
115.7
112.8
113.1
112.9
High
119.20
April
Low
High
119.18
120.12
June
Low
May
High
Low
High
119.9
120.4
119.4
111.9
112.17
111.30
112.6
111.19
111.26
111.21
111.26
3^8
113.17
...1941-1943
113.12
101.19
113.12
113.10
113.18
113.3
113.7
113.6
101.24
113.6
3%s
100.31
101.13
1943-1947
100.1
100.1
107.20
107.25
106.26
107.12
105.29
106*1*2
1*0*6*18
3«s.
1946-1956
114.20
113.4
107.4
102.18
106.18
106.18
102.18
102
102.14
s
1943-1945
101.21
101.25
107.28
101.21
108.6
101.29
101.23
102.19
3^8
107.2
107.16
1944-1946
107.7
108.19
107.10
107.1
109.9
107.6
106.26
107.3
106.30
107.4
3^8.
108.1
108.18
1946-1949
108.6
108.9
108
108.4
107.29
108.4
112.12
108.7
108.1
111.28
3^s
110.11
111.19
1949-1952
110.11
110.22
113.12
110.12
110.24
110.17
110.24
110.29
111
114.9
3^8
3K
1941
111.4
1*1*0". 15
113.13
112.19
112.19
113.10
111.21
119^2*4
112.15
3s
1951-1955
109^25
111.28
1*1*0*4*
109.26
110.19
109.30
110.5
110.8
113.2
110.14
2%s
110.4
110.27
1955-1960
110.22
111.31
109
111.9
111.27
112.21
112,19
111.9
112.30
113.6
107.14
109.10
108.15
110.16
109.13
111.13
110.4
111.2
110.24
111.22
3s.
.1946-1948
2%s
1945-1947
108.28
113.10
2%s._
109.24
108
108.14
1948-1951
108.4
108.14
109.21
108.3
108.16
108.11
108.16
108.15
108.20
101.9
2%s
2^8
107.27
108.25
1951-1954
108.4
108.4
110.1
110.1
109.13
109.26
109.25
108.18
109.28
109.31
107.2
108.7
1956-1959
107.22
108.31
108.12
109.26
109.10
109.24
109.24
108.14
110.3
2%s
110.22
107.1
108.16
1958-1963
108.6
109.23
110.22
110.8
109.29
109.18
110.1
108.11
108.22
106.31
108.16
107.27
110
108.5
108.24
110
110.12
110.7
110.31
110.17
110.15
107.8
108.17
108.1
110.5
109.6
111.9
110.1
111.4
110.18
108.14
111.22
108.14
107.30
108.1
107.22
107.22
108.1
108.3
108.4
108.4
108.12
108.12
108.30
109.12
106.10
107.19
106^2*8
10*7*13
2%s,
1960-1965
2^8
1945
2>^s
1943
109.7
2^s
109.22
194*9-1953
107.16
108.21
106.9
2Hs
107.30
105.2
106.12
1950-1952
107
Treasury
Treasury
Treasury
Treasury
2^8-
107.23
105.4
106.1
1952-1954
2^8
1956-1958
Treasury
Treasury
Treasury
Treasury
2s
1947
2s
...Mar. 1948-1950
2s
Dec. 1948-1950
.
105.18
106.26
107.13
111
107.30
105.25
106.27
106.24
108
107.13
107.19
107.23
108.8
102.8
102.8
102.14
104.4
103.22
104.6
104.5
105.5
2^8
1951-1953
104.11
103.1
104.1
2^8
105.14
103.5
104.10
104.4
1954-1956
104.25
105*1*2
105*12
105.24
106.10
105.9
105*25
106.3
104.8
103.5
104
103.25
104.15
104.26
105.21
106.7
106.4
106.4
104.30
106.26
106.28
104.28
105.8
105.8
105.8
105.6
105.6
105.28
106.3
105*
10U.24
106.7*
101.5
104*12
1*0*4". 16
101.7
102.14
102.7
102.10
102.16
104.16
104.25
102.16
104.13
105.26
106.8
103.13
106.8
101.24
102.16
102.6
102.25
102.19
103.28
103.25
105.3
107.28
103*16
104.13
107.20
106.26
107.2
107
107.2
107.19
106.28
107
106.28
106.28
107*3
107*5*
2s
Federal Farm
Federal Farm
Federal Farm
Federal Farm
Mortgage
Mortgage
Mortgage
Mortgage
...........1953-1955
Corp. 3^8.1944-1964
Corp. 3s
1944-1949
108
106.28
107.12
Corp. 3s
106.29
1942-1947
107.1
103
106.31
107.4
106 .*31
107
i03.3
102.18
Corp. 2^8.1942-1947
102.18
102.21
103
102.22
102.7
102.20
103
101.28
101.30
102.15
1944-1952
102.15
107.12
107.26
106*17
10*7*9*
106.17
1942-1944
103
106.25
103
106*1*8
10*6*23
106*19
1*0*6*27
106.24
106.29
102.18
102.16
102.17
1945-1947
102.21
102.16
102.14
102.21
102.9
102.13
102.5
103.2
101.29
102.8 \'
102.8
101.30
101.31
101.30
102.16
102.16
102.18
Home Owners' Loan Corp. 3s
Home Owners' Loan Corp.
2)4*
Home Owners' Loan Corp.
lj^s
103.2
Volume
The Commercial & Financial Chronicle
153
Establishment
Schedules
of
Whereby
York
New
Under
tuities
State
Gratuities, the value of which is not established by schedule, shall be
Value of Gra¬
Unemployment
reported
established
by
schedules
Commissioner after
new
employers must submit
by
and
new
of the
effective 30 days after
of State will be indicated and they will
Insurance
and
Unemployment
1
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subject
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ment Office where the claim is filed a brief statement of the reasons for the
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had made all payments
of domestics
Employers
reports."
benefits listing him as his last employer, shall submit to the State Employ¬
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such
on
cluding employers
records,
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indicating that he has filed reports for
Another innovation in the regulations
that date unless otherwise noted.
■a
by the Division of Placement and Un¬
year,
certificate to each of their employees.
Industrial Commissioner and the Secretary of State and
Secretary
based
due
published within 30 days of the date of the filing in the office of the Secretary
of State,"
When the schedules are published, the date of filing in the
office
issued
each calendar quarter of the preceding year and
"in
regulation, these definite schedules must, be filed
regulation, every employer subject to the law,
new
maintain certificates
employment Insurance each
by Industrial Commissioner Frieda S. Miller. Notice of the
place and purpose of the hearing must be given at least 20
days prior to its occurrence. It is pointed out that gratuities
are considered as wages within meaning of the Unemploy¬
ment Insurance Law, and their value, in most instances, has
been established by the average amount of "tips" received
in the establishment where the employee in question worked.
Heretofore, no definite schedules have been set by the
Commissioner, according to the Commissioner's announce¬
ment, which says:
Under this
of the basis used in arriving at a reason¬
except employers of employees in personal or domestic service, "shall post
one
regulations concerning the Law announced this week
the offices of the
Upon request, /
Unemployment Insurance.
a statement
According to another
Industrial
of the
the
public hearings, according to
if this is impossible, shall
or,
reasonable basis and reported by him
a
able evaluation.
be determined and
may now
promulgated
by the employer upon
to the Division of Placement and
gratuities under the New York State Un¬
employment Insurance Law
the actual amount if ascertainable
at
be evaluated
Insurance Law May Be Determined
The value of
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which each employee was
such day.
employed and reflect the
applicable to each
wages
These records must be preserved for a
The filing of a notice
least six
of discontinuance of business
We
York State by an employer subject to the Law shall be construed
more
days in employment as defined in the
.
.
wealth and of taxpaying ability is necessary to conserve
for the task
15
on any
Law, unless the
.
Commission
of
Structure
to
Imperative to
Under
Balanced
Study United States Tax
Keep National Economy
Strain, Says Philip W.
Defense
States directed
Commission
a
The
Taxation in the United
on
proposed Commission would be directed to report to
to
(1) Present overlapping and pyramiding of the tax structure among the
175,000 tax levying units
present
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the relationship
and
use,
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be "authorized and directed to
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to integrate and unify the entire tax
program
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upon
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tr©©ia
ownership,
State and local government, and upon the
Commission "iyould
The
Mr. Kniskern says:
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home and farm
upon
of urban and
patterns
recommend
|N
financial interrelations of
(2)
general welfare; and (4) the effects of the present tax structure upon the
real estate boards from coast to coast.
I J
!©
structure
tax
financial stability of Federal,
taxation to
oo
of government;
Federal, State and local governments; (3) the economic and social effects
of the
kern, President of the National Association of Real Estate
Boards, points out in a series of addresses he is making to
J
of
economic strength
us.
the President the facts it finds upon—
study the whole present tax structure,
National, State and local, including its economic and social
effects on home and farm ownership, as proposed in H. R.
5196, now before the Ways and Means Committee of Con¬
gress, is a step imperatively needed if we are to keep our
national economy in balance under the extra strain put upon
it by new and enormous levies for defense, Philip W. Knis¬
N
have before
we
tional Association of Real Estate Boards.
Kniskern of Realtors Association
Establishment of
A careful
The bill, introduced by Congressman Homer D. Angell of
Oregon, would initiate a comprehensive study such as has
been called for by the Governors' Conference.
It would
implement in detail a proposal made by the National Council
of Real Estate Taxpayers and long advocated by the Na¬
employer has resumed operations in the meantime."
Creation
of
with no relation to
and equitable adjustment of tax burdens as between the various types
It shall be "deemed filed as of Jan. 1 next following a calendar year
tion.
during which the employer did not employ four or more persons
tax structure that is full
a
Federal, State and local government, and of tax confiscation.
an
as
on
in assessments, of levies
of inequalities
errors,
productivity, of confusion between the 175,000 different taxing bodies of
revised regula¬
a
July 26, 1941
superimposing defense costs
are
series
years.
removal from New
or
application to cease to be subject to the Law, according to
or
financial Chronicle
The Commercial &
482
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The Commercial & Financial Chronicle
Volume 153
structure of the nation upon a pattern or policy of economic
and social concepts consonant with the modern democratic
principles
problem, with varying results.
The experience of
Oregon, however, the Board states, suggests that by wise
and judicious procedures the administrative problem can be
As proposed the Commission
representatives of the Federal Govern¬
ment, the State government, the local government, home
ownership, agriculture, manufacturing, labor, urban real
estate, commerce, and education.
The Commission would
be required to report to the President and to both houses of
Congress by January, 1943.
of
the nation."
would be made up of
solved
ment
Board
In
a
;■=.v'.v'-'
.
to
Procedure
Insurmountable—Cites
2%.
the
reached
Possibly not
the
amounts
established
Oregon
'
:-v.?
■
"When
from
farmers,
email
and others
merchants
filing returns although required to law to do so.
individuals
income.
in
"■'
■-
The Oregon State Tax Commission recently made
returns
secure
who had not been
was
Not
comes
'-■
'•'._'■
Oregon the exemption for married individuals is $1,500, and the tax
campaign
a
generally satisfactory to both Govern¬
The Board's announcement further
manner
taxpayer.
schedule begins at
In¬
Problem of Taxing Small
Says
in
and
states:
all
Conference
483
with the
below
or
25%
more
than
were
collected
for
in
were
many
the lower brackets
of them
times the
had
taxable
collection
and
farmers
not*
did
owe
new
tax,"
any
incomes, but
costs, and
regular subsequent returns from the
merchants
Almost
taxable
of
The worst problem encountered in any attempt to increase
tax revenues by subjecting smaller incomes to taxation is
cases,
probably
basis
a
taxpayers.
the Conference
satisfactory to both the taxpayers and the commission in
Board's study says,
of administration,
that
according to a study by
Board, issued July 23.
Many small business
the Conference
time.
especially individuals engaged in retail trade and
farming, says the Board, customarily keep inadequate books
or none at all.
It goes on to say that it lias therefore been
considered difficult if not impossible for tax administrative
officers to determine accurately and justly the taxable net
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The Commercial & Financial Chronicle
484
Returns
size and
the
of
nature
brought
returns
by
in
Collection
taxation
if
it
the
at
to
to
try
smaller
tax
machinery
administrative
present
by__some to be essential
says the survey, made available July 23, "it seems
inescapable that the price level will go considerably higher,"
It goes on to say:
reasons,"
efficient
to
incomes, could not be adopted by the Federal Government,
of low
decides
asserted
source,
Most
exemptions require only Toutine,
■'''''V-
lowering
inexpensive audits.
without
incomes,
and
reorganization
entailing
without
other
heavy
as
it
business
official
prepared
significance
the
August
issue
of
picture, the
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attitude toward the public debt is one of constantly greater
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be allowed to
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While
the business
The six principal points
asserts.
survey
i
4
using the necessary clamps.
AH of these
creasingly important role of government in
of it to taxes.
is the fact that price control authorities will be deterred
reason
support whatever powers are needed to prevent inflation, a
directly concerned with the in¬
are
getting higher
are
by various social considerations and conscientious political objectors from
of
"Banking,"
by the magazine's editor, William R. Kuhns.
who
of individuals
millions
They are buying things with their additional dollars.
on
survey
Several
incomes than heretofore will contribute only a minor part
publication of the American Bankers Association,
factors, it is observed,
will fail in their
will be collected mainly from people who are not receiving the
dollars.
defense
A third
standing out
are now
according to the monthly
for
areas.
of pulling back to the Treasury some of the defense billions because
purpose
the money
by "BankingsOfficial Publication t>f A. B. A,-—Increasing Prices,
Government Financing and Taxes Among Factors
Six factors of major
surrounding
A second reason is that the new taxes, however, stiff,
Six Factors Influencing Business Cited
the business horizon,
of wage pay¬
dustries, have already reached heights that upset the balance
ments in the
is in Great Britain.
now
Wages in many defense in¬
almost all decisions of government agencies.
It may be necessary to adopt that method, however, the Conference
Board's study concludes, if the income tax burden in the United States
as
general policy of leniency toward labor which characterizes
is the
One
of
disadvan¬
tages.
becomes
July 26, 1941
increasing prices, a "cynical" attitude of the public toward
debt, increased government financing, priorities, taxes, and
the downward trend of profits and money rates.
"For three
economically by classifying them according to
As a rule, only routine audits are necessary,
income.
the amount of revenue warrants thorough examination.
except when
of
be audited
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The direct
of the
indirect financial interest
and
After the
of plants and
men.
wartime basis .
The Nation's industrial output will go more and more on a
All
financing of
the Government will be responsible for a
war
non-defense, will be subject to
project ratings, limited
enterprise, large and small, defense and
control,
mandatory
industry-wide
priorities,
and de¬
inventory control
blanket ratings, individual preference ratings,
Of tiie net
1940.
to the state and local
various other ways.
prodigious number
large scale housing projects and in
units,
made in
generally realized.
change is occurring through construction of defense plants,
industrial
50%, above the previous record
proceeds $1,096,865.84 will go
chapters of the Foundation for reliev¬
ing those stricken with the disease in the areas in which
the money was raised while the remainder, $1,007,594.69,
goes to the Foundation to be expended generally.
The
report was made to the President by Keith Morgan, Chair¬
man of the National Committee for the Celebration of the
President's Birthday; Basil O'Connor, President of the
National Foundation for Infantile Paralysis and former law
record, being $697,215, or
Government and its
agencies in business of all kinds is growing faster than is
The
485
Commercial & Financial Chronicle
The
153
fense supplies ratings.
obtained by borrowing will rise
paying a tax
partner of the President; D. Walker Wear, Assistant Chair¬
man of
the national committee; James V. Forrestal and
bound to take the easy way.
Finally, there is the downward trend in the wage scale that capital is
able to command.
This is evident both in the chronic low level of interest
and in the failure of business profits to rise with the vast increase in volume
George E. Allen, Vice Presidents of the National Foundation.
The celebration of the President's birthday on Jan. 30
Taxes will go higher but the amounts
Buying a bond is still less painful than
-at a much faster clip.
•and in
our
present frame of mind we are
of trade and industry.
\
Birthday
$2,104,460 for the National
Paralysis.
The amount set a new
Foundation for Infantile
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Dam to
Kingsley
new
President Roosevelt
was
read terming it an "epochal triumph" for veteran
Senator Norris, Independent, of Nebraska, and a symbol of
accomplishment for communities "where there is a strong
net total of
a
in
Dam
Ogallala, Neb., on July 22 a letter from
of his
showing that the 1941 celebration
testimonial report
dedicating the
ceremonies
At
for Paralysis
birthday had raised
Kingsley
New
Praises
Nebraska
Increased 60% over 1940—Fund
Foundation Totals $2,104,460
President Roosevelt received on July 23 an inscribed
velt's
Roosevelt
President
Roose¬
of President
Celebration
from 1941
Proceeds
reported in these columns Feb. 1, page 753.
was
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The Commercial & Financial Chronicle
486
and
clear demand from the
owned
and
people that power be publicly
distributed."
The Associated Press
publicly
July 26, 1941
North Platte River Valley behind it to store water that will wind
almost 600 miles of canals for
irrigation
through
and will generate power.
purposes
advices also reported:
In
letter to Senator Norris, read by K.
a
of the
Public
Administration
Works
Establishment
Sewell Wingfield, acting head
division, at dedication
power
Favored
cere¬
monies, President Roosevelt said the dam, second largest earthern structure
of its kind In the world,
"takes its place in the front rank of the
mental structures this nation is
and
use
"It
them to build
rearing to
our
"It is
a
tragic circumstance that such triumphs
often
so
us
a
must be achieved
all have learned from this may point the
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as
primarily to advance their
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high,
six
speech
"failed in part because of the blind selfishness of
communities, if there be any, where there is a strong and clear-cut demand
from the people that power be publicly owned and publicly distributed.
The dam, almost a quarter-mile thick at the base and 162 feet
took
Welles'
Government.
people and the companies.
we
7v:
Mr.
given by a high Administration official
con¬
flict in Nebraska, through the purchase of the private utility facilities
by
the public power systems on terms which I am assured are fair both to the
"The lesson
Wing
said:
and political, of shortsighted private
take heart from the amicable settlement of this
may
To
International Supervision and Control of
sufficiently strong to
was proposed
on July 22 by Sumner Welles,
Acting Secretary of State, as
the ideal for which "peoples of good will" should strive as a
foundation of permanent peace.
Reporting his further re¬
marks, Associated Press advices July 22 from Washington
interests," the President continued.
"Yet all of
Nations
Welles
guarantee disarmament and equal opportunities
key structure, and which is designed to distribute 731,000,000 kilowatt
hours of energy annually.
against the bitter opposition, legal
of
State
A post-war association of Nations,
possible a unified power pool, unique in certain respects,
controlled by the people, serving a very large proportion of the
citizens of the State with electricity for their farms and factories."
The President referred to the State-wide public grid, in which the dam is
Association
of
people,
makes
owned and
Post-War
Armaments—Speaks at Dedication of New
Norwegian Legation in Washington
conserve our national resources
stronger nation and a better life for
a
Provide
monu¬
of
by Acting Secretary of
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Volume
The Commercial & Financial Chronicle
153
But he declared with emphasis that the League "failed chiefly because
of the fact that it
cils,
"It
man
forced to operate, by those who dominated
was
as a means of
The word "security," he said, "represents the end upon which the hearts
of
its coun¬
spokes¬
tion, whether it be security from want, disease and starvation, whether it
had intended, as an elastic and impartial instrument in bringing about
Mr.
be
time and circum¬
as
to
said
undertake
the
the length and breadth of the world are demanding security, and freedom
"some
that
instrumentality must unquestionably be
such adjustments when the
achieve
of restoring
task
law and order
to
"That
disastrously shaken
a
mechanism, Mr.
vinced" of two things:
Welles said
v
"First, that the abolition of offensive
reduction of defensive
of
possible,
: v,':V
the
make
con¬
"Second, that
or
which may be made in the future would be valid
no peace
any one government
materials which
order based
are
needed
by all peoples, there
justice and
on
So long
as
any
monopoly over natural
possesses a
can
be
one
basis for
strive
more
to
Regardless of American capacity for defense
the
ideal of
great
an
equally
3s
eo
MNN
should
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peoples who not only will not, but cannot, become a source
secure
Thus, he said, the free governments and peace-loving nations everywhere
through which the freedom, the happiness and the security of all peoples
©©©
perfection of hemispheric
of potential danger to us in the new world."
association of nations
may be achieved."
,1
or
the existence in the rest of the world of equally peace-minded and
upon
peace."
on
realize
act of faith in
an
system, "Welles said that "our future welfare must inevitably be contingent
world
a
Welles declared he could not "believe that peoples of good will will not
once
"constitute
sense
people or
resources or raw
no
a
victory of the forces of human liberty; in the
triumph of civilization itself over the forces of barbarism."
In part the Associated Press added:
lasting unless it established fully and adequately the natural rights of
all peoples to equal economic enjoyment.
delivered at the dedication of the
was
the ultimate
be achieved.
can ever
means
.'
that the ceremonies in
rigid form of international supervision and control, and that without such
practical and essential control, no real disarmament
bringing that to pass."
wing of the Norwegian Legation in Washington, and in
praising the courage of the Norwegians, and predicting that
Norway "will once more be free and independent," he said
limitation and
tools which
and find the
new
only be undertaken through some
can
,
is the objective before us all today—to try
Mr. Welles' address
"unalterably con¬
was
armaments and the
and of the
armaments
struction of such armaments
he
.V:v: //''.V
fear.
from
of the earth again
nations
world."
Whatever the
security in enjoying that inalienable right which every human being
should possess of living out his life in peace and happiness, people throughout
proved necessary."
Welles
found
And he continued:
set."
"Whether it be security from bombing from the air, or from mass destruc¬
peaceful and equitable adjustments between nations
stances
and women everywhere today are
men
maintaining the status quo."
enabled to operate," Mr. Welles said, "as its chief
was never
487
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The Commercial & Financial Chronicle
488
the victory of the
forces of liberty and of human freedom."
section of the State
during the week of Sept. 15 and in the
during the week of Oct. 13, will be devoted
largely to a discussion of this program and also to prepare
for whatever contingency may arise.
The mid-winter con¬
ference of the Association, which will be held on Jan. 22,
in Chicago, will review the results of this organized effort
as
will also the Banking Conference at the University of
Those participating in the exercises included the Nor¬
wegian Minister, Wilhelm Munthe de Morgenstierne, Crown
Princess Martha of Norway and Sir Arthur
Salter who
represented Britain.
Members of Congress and of the
diplomatic corps were also in attendance.
Illinois Bankers Association
southern section
Reports Banks Cooperat¬
which is scheduled for March 25-26.
Illinois
ing With Defense Program
President
Roosevelt Sends Birthday
of Greece
bankers in each county in
the State to provide facilities for
cooperation among the banks in the sale of defense bonds
and the extending of any proper credits required for financing
the defense program.
The county associations are urged
to provide cooperative advertising to acquaint the
people
in the State of Illinois with the availability of defense bonds
through the banks and their desirability as investments for
It is further stated that
President
Roosevelt on July 19 sent birthday greetings
King George of Greece and expressed the "earnest hope
that the future may bring peace and the restoration of their
kingdom and their independence to the Greek people." The
message
was
delivered to Cimon P.
Diamantopoulos,
Minister of Greece, by Acting Secretary of State Sumner
Welles.
interest, the Illinois Bankers Association has authorized
the purchase for its own account of defense bonds to the
own
full amount of its present reserves.
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Mr. Roosevelt's message said, in part:
Upon the anniversary of the birth of His Majesty the King of the Hellenes
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Greeting to King
to
evidence of its
an
as
The annual
convention in 1942 will be held May 21-22-23 at St. Louis.
According to an announcement issued July 5 by the
Illinois Bankers' Association the Executive Committee of
the Association is urging a complete county association of
individuals.
1941
mittee also announced that the coming group meetings of
the Association—10 in all—which will be held in the northern
best prepare for "the better day which must come when the present contest
is ended in
July 26,
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available facility for
information regarding the bonds and to provide every
Majesty thercordial felicitations and the sincere good wishes of the President
the purchase of these bonds by the
for His Majesty's personal welfare.
f
489
& Financial Chronicle
The Commercial
153
public.
l
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♦"
Executive
of
Committee
York
New
Bankers
State
M.
Federal Reserve Bank of
17 the admission of The
Farmers and Citizens Bank & Savings Co., Bucyras, Ohio,
to membership in the Federal Reserve System.
This is the
eleventh Ohio State bank to be admitted to membership
so far in 1941.
Regarding the new member bank the Cleve¬
adopted a resolution urging its member banks to give all
possible support to the Tresury's campaign to stimulate
public interest in the Defense Savings Bonds.
The Com¬
mittee also urged these banks that are not issuing agents
for the bonds to quality and asked its member banks to
assist local Defense Savings Committee in spreading in¬
formation regarding the bonds.
The following is the Com¬
land Reserve Bank stated:
The Farmers and Citizens Bank & Savings
with
in
Association's officers and staff and urge upon all
maximum possible cooperation and support to the
Savings Staff, and particularly to
Patterson Jr., Chairman of the Defense Savings Com¬
periods,
member banks to give
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Mr. Kiess, who was
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Kennedy, Vice-President: John P. Wyer,
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in
Wyer, S. G. Angene, J. E. Faulkner,
Samuel Ulmer and H. G. F. Walther.
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T. M. Kennedy and E. 0. Heinla likewise have been
since the bank was organized.
Other directors include John P.
directors
that member banks search out all possible opportunities
local Defense Savings Committees, when organized, to
for assisting
involved
It ranks third in size among the
of them sinc^ the date of organization.
some
than
more
public interest in the Defense
have not already done so to
suggests, further,
organized in 1907
was
incorporated, and has been the active officer in charge of
The Committee urges member banks which
qualify as issuing agents for the bonds. It
Bonds campaign.
Co.
On Dec. 21, 1915, the capital stock
remained at that figure since that
been reorganized, and has never been
never
consolidations.
or
President
elected
Treasury Department and the Defense
Savings
has
banks, and has total deposits of approximately $1,400,000.
Most of the directors of the bank have been identified with it for long
Association direct the
Richard C.
mergers
any
and
$100,000,
to
The bank has
time.
of the New York State Bankers
mittee for New York State, in stimulating
paid-in capital of $50,000.
a
increased
was
mittee's resolution.
Col.
J.
Fleming, President of
Cleveland, announced on July
At its organization meeting on July 21, the Executive
Committee of the New York State Bankers Association
Resolved, that the Executive Committee
Cleveland
New Member of Federal Reserve Bank of
Cooperate in
Association Urges Member Banks to
Defense Savings Bond Campaign
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The Commercial & Financial Chronicle
490
J.
and
with
G.
Assistant
Schiefer,
the exception
All of
Cashier.
the officers
Mercer
directors
are
Richmond
of Mr. Schiefer.
In
Mr.
Strathy Becomes Assist¬
of
Cashier
ant
his
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duties.
new
Strathy is
of C.
B.
Strathy
of It. W. Mercer as Vice-President, and
Assistant Cashier of the Federal
as
he is
Re¬
Bank's
the
Board
Directors.
of
The
Richmond
the
of
charge
July,
Bank
as
appointment
in
during the following 12
Reserve
and
District.
credit
Cashier,
the
Office
Federal
the
years
Mr.
and
department,
where
Mercer
the
of
manager
later
and
he
four
was
made
of
manager
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observed his
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York
birthday on July 22 at his country estate at
Scarborough-on-the-Hudson.
Mr. Speyer, who since the dis¬
solution of the international banking house of Speyer & Co.
cooperation
I
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retired
Speyer,
by
eightieth
Assistant
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Speyer
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one-half
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II
several clerical
in
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12
served
and
brated his birthday on
in assisting in the
At present
and also is a member
committee.
manager
York
the discount
appointed
was
year
its President in 1933-34.
as
the
trans¬
was
and
,
positions before he
1934.
He now will
supervision of the discount and credit department.
the Federal Reserve
he worked for
following
Production
of
Reserve
•©©©COC
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•I
was
employee of
V-.
active part in the affairs of the Richmond
an
and served
years
messenger,
a
appointed
James
an
taken
in
having supervision of that department.
When
of
department,
Strathy
Cashier
member of the Bank's examining staff, and
traveled extensively over the Fifth Federal
a
1937
In
credit
the
Mr.
and
Assistant
was
State member banks of the Federal
graduate of the Richmond Chapter, American Institute
a
educational
as
have
Mercer
will
101
joined the staff of the Federal Reserve Bank of Richmond in April,
was
"Dis¬
...
department,
1925 he became
In
Mr.
Mercer became
clerk
a
credits,
and
department.
Mr.
the auditing
to
years.
hie
credit
1920,
here
ferred
of
discounts
and
discount
In
time
the
He
patch," in reporting this, said, in part:
At
in
,
1918,
July 19 by Hugh
Leach, President of the Reserve Bank, following a meeting
of
the
work
J
v. /
.'■ \C..
have supervision of the examining
v,'
Mercer
this
with
member of the Chapter's Board of Governors,
a
the
of
Bank of Richmond was announced on
serve
Mr.
He has
Banking.
Chapter for many
The appointment
July 26, 1941
charged
officer
the
as
department which examinee
Reserve in this district.
R. W. Mercer Named Vice-President of Federal Reserve
Bank of Richmond—C. B.
designated
was
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Volume
Financial Chronicle
The Commercial &
153
devoted to educational
pointment of Garlan S. Ferguson
and
philanthropic work which Mr.
He continues to maintain a private
Speyer helped establish.
office at 24 Pine Street, the former building of his
house.
'rC
Trade Commission.
banking
M.
Office of
appointment of Mark F. Ethridge, Vice President
Manager of The Louisville Courier Journal, as
chairman of a committee to investigate complaints of dis¬
crimination against Negroes seeking work in defense indus¬
tries
and the government was announced by President
Roosevelt on July 19.
Other members are: Philip Murray,
President of the C. I. 0.; William Green, president of the
A. F. L.; David Sarnoff, President of the Radio Corporation
of America, and two Chicago Negroes, Milton P. Webster,
Vice President of the Brotherhood of Sleeping Car Porters,
and Earl B. Dickerson, an attorney.
/
This committee on fair employment practice was created
under an executive order issued June 25 to investigate
on
Jr., of New York City, as
and Civilian Supply, while
created by the resignation of
Emil Schram, former Chairman of the RFC and now Presi¬
dent of the New York Stock Exchange.
Both these nomina¬
tions were sent to the Senate on July 10 by President
Roosevelt; this was reported in our issue of July 12, page 188.
Previously (on July 15) the Senate had approved the reapPrice Administration
Mulligan fills the
vacancy
yy
?o
complaints of discrimination against Negro workers and other
minority racial, national and religious groups in defense
industries; this order was referred to in our issue of June 28,
page
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Investigate Dis¬
to
and General
July 17 confirmed the nominations of Ed¬
a member of the
Securities and Exchange Commission and that of Henry A.
Mulligan, Treasurer of the Reconstruction Finance Corpora¬
tion, as a member of the Board of Directors of the RFC.
Mr. Burke replaces Leon Henderson, who resigned on July 9
in order to devote his full time to his duties as head of the
Mr.
Ethridge Heads Committee
The
Mulligan as Member of RFC Board of Directors
S. Ferguson as Member of Federal Trade
Commission
'I1' v..
G.
The Senate
F.
crimination in Defense Work
H. A.
mund Burke
member of the Federal
was made on July 7;
as a
This renomination
referred to in these columns of July 12, page 189.
Senate Approves Nomination of Edmund Burke Jr. as
Member of SEC—Also Confirms Appointment of
and
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complaints and take appropriate
grievances which it finds to be valid.
steps
gate
Wilson
Named
by President Roosevelt
General
nominated by Presi¬
July 21 to be United States Commissioner
to India, with the rank of Minister.
Mr. Wilson who is at
present Consul General at Calcutta, India, will be the first
diplomatic representative sent by the United States to India.
The appointment followed the designation on July 20 of
Sir Girja Shankar Bajpai as Agent General for India in the
fall.
up
Lawyers Trust Co. of New
York; Aubrey S. Wolford of Marshall Geer & Co.; and J. D.
Massoletti, representative of the Downtown Restauranteur's
elected to the executive committee
Commodities, Banking and Allied In¬
Section of the New York Board of Trade.
Mr.
Association, have been
of
Securities,
the
dustries
Kelly was also elected a Vice-Chairman of the section and
will serve with Matthew G. Ely of Horace S. Ely & Co. and
Foreign Service since 1919, has served at various consular
The announcement of the
appointment of the Agent General for India in the United
States was made in London by the India Office in making
known a plan for an exchange of representatives by India
and the United States.
As to this a cablegram from London
July 20 to the New York "Times" said:
Girja is expected to take
Securities,
It. Kelly, President of the
0.
posts in China and Australia.
Sir
of New
Commodities,
Committee
Executive
of
Trade's
of
Banking and Allied Industries Section
on
Mr. Wilson, a member of the United States
United States.
Board
York
Thomas M. Wilson, of Tennessee, was
Members
New
Three
For India In United States
dent Roosevelt
He served twice as adviser
First
as
Agent
India—Appointment of
Envoy to
behalf of India and was present at
on
Disarmament Conference.
Washington
delegations at the League of Nations.
to
M.
conferences
He attended imperial
the
1941
July 26.,
educated at Oxford and entered the India civil service in 1914*
He was
redress
to
+.
T.
Chronicle
The Commercial & Financial
492
Corrigan of Albert Frank-Guenther Law who had
Einmett
previously been
chosen
Vice-Chairman
as
(noted in
of the section,
Marshall Pask of Mackay & Co., Chairman
made
presided at the meeting and reported on the progress
Mr. Pask said:
thus far.
first task is to cooperate
Our
his duties in Washington in the early-
He is serving on the executive council of the Governor General of
a
our
May 10, page 2964).
issue of
We have established
with public officials.
sympathetic contact with them on some of the main problems confronting
the exchanges and the financial district.
Although
the securities markets,
India.
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5
Volume
Golf—Richard A. Aishton, Continental
contains the names of more than
York
and
Stock
Curb
Definite progress
Illinois National Bank.
Ladies—Mrs. James R. Leavell.
commercial banks, members of the New
commodity exchanges and other lines.
including savings and
district,
Bank & Trust Co.
Entertainment—William H. Miller, City National
organization was established only in April of this year, the roster now
100 outstanding executives of the financial
the
493
Commercial & Financial Chronicle
The
153
exchanges,
is being made.
V.
.
V
National
.
Nominating
Traders Association
Appointed
Security
Committee
American
dent of the National Security Traders
nounced
67th annual convention of the
for the
Arrangements
in
be
charge
Executive—Fred A. Cuscaden, Northern
Thomas W.
Bloom of Langill & Co., Chicago, Roy W.
Jordan & McKinney, Inc., St. Louis,
and Claude J. Derbes of Couturier & Derbes, New Orleans.
Transportation—Thomas J. Nugent, First
Jordan of Gatch Bros.,
Halls,
The third annual session of the Graduate School of Sav¬
Trust & Savings Bank.
National Bank.
Registration—Harry A. Brinkman, Harris
w
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Loan to Hold Third
Aug. 18-29
Annual Session at Chicago
Northern Trust Co.
Arrangements—C. Edgar Johnson, First
••••;
^
Savings and
School of
Graduate
Educational Displays—Charles M. Nelson,
&
Places
Meeting
Illinois National Bank.
National Bank.
National Bank.
Hotels—Edwin N. Van Home, American
Ralph M.
cisco,
National
Bank.
Reception—Walter B. Allen, Continental
is chairman of the committee which also comprises
Price of E. H. Rollins & Sons, Inc., San Fran¬
phia,
Bank.
C. Childs, Continental Illinois
Information and Publicity—Kent
vention, to be held this year in New Orleans from Sept. 23
to 25.
R. C. Miller of E. W. & R. C.-Miller & Co., Philadel¬
Trust Co.
Finance—John J. Anton, First National
selection of candidates for office during the
organization's 1941-42 fiscal year. A slate of candidates for
five offices will be presented at the N.S.T.A. annual con¬
of 13 committees of Chicago bankers.
Philip R. Clarke, President of the City National Bank &
Trust Co., is chairman of the General Committee.
The
chairmen of the other committees are as follows:
will
nominating com¬
July 21 the appointment of a
on
mittee for the
Chicago, Sept. 28 to Oct. 2,
American Bankers Association in
Los Angeles, Presi¬
Association, Inc., an¬
Thomas A. Akin of Akin-Lambert Co.,
Appoints Committees
Sept. 28-Oct. 2
Association
Bankers
for Convention in Chicago,
ings
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3
The Commercial & Financial Chronicle
494
University, Chicago, it is announced by L. H. Allen, Presi¬
dent of the American Savings and Loan Institute, which
July 26, 1941
to
serve
Vice-Presidents,
as
Both
were
formerly Assistant Vice-Presidents.
A third-year curriculum will
the summer session.
sponsors
Edward Adams Jr.
At
meeting of the Board of Directors of Manfacturers
a
be added for those who have completed the first two years'
as a result the school will have its first graduat¬
Trust Co. of New York held
ing class of those who have rounded out six weeks of
President of the Western Union Telegraph
studies and
sum¬
director of the bank.
a
school application to law, management, advertising,
investment, personnel, public relations, construction pro¬
cedure, business forecasting and financial systems.
mer
of
Prior to
Mr.
ABOUT
Arrangements
BANKS,
TRUST
made
were
COMPANIES,
a
New York Curb Exchange membership at .$1,000, unchanged
from the last sale on July 2.
The present market for seats
is
the
appointment of
Vice-President.
Maurice
Mr.
G.
St.
Germain
St.
Germain
as
July 21
on
Second
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and
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y
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Bank
Banking Department's "Weekly Bulletin" of July 18.
The
same conditions prevail for the bank's safe deposit company.
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Directors of the Grace National Bank, New York City, at
meeting on July 23 promoted Harvey V. Delapena and
S*
month
a
Lehigh Valley RR.
July 17 to open a branch office at 30 Rockefeller Plaza,
after May 1, 1942, upon discontinuance of its branch
on
on
formerly Assistant
Manager of the Company's office in Vichy, France.
a
that, he was President of the
received
♦
Guaranty Trust Co. of New York announced
about
was
The
bid, offered at $2,500.
no
;
elected President
was
Co.
was
born in Denver, Colo., 53 years ago
graduated from the Sheffield Scientific School of
Yale University in 1910.
Practically his entire business
career, up to the time he became President of Western
Union last month, was spent in the railroad field.
&c.
July 23, for the sale of
on
Telegraph
Williams
and
ITEMS
Mr. Williams
Union
Western
the
July 21, Albert N. Williams,
Co., was elected
on
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Volume
died
The Commercial & Financial Chronicle
153
39.
July
on
He
the Boston "Herald"
He
50
usual
work
to
went
than
of
director
a
business
Troy
the
$31,468 and deposits of only $1,740. In its
30, 1941 the bank had assets
of 109,325,254 and
deposits of $103,540,013.
In a brief
sketch of the American Trust Co., prepared by its President,
W. H. Wood, it is stated:
statement of condition for June
bank
the
at
of
age
His
21.
father
had
more
years' service with the bank before him, the two having the un¬
family
of the bank
of
record
more
and the Troy
than
of
century
a
service
directorate
the
on
Blanket mills.
We paid our first dividend of 6% on our capital stock at the end of
'-yj
•
Mich., died on July 10.
He was 69 years of
age.
After having retired for nine years, he undertook the
conservatorship of the Detroit Trust Co. in 1933.
From the
Mr.
the
Fox started work
office
law
President
lege.
of
Don
of
Cleveland.
After serving
friends
which
bought
Mr.
Fox
as
a
M.
in
the
law
was
office
interest in
the
Central
But
active
after
bank
the
crash
is
or
40th
had
recalled
Our bank has been built from the
less.
and has
enlarged by consolidations
been
never
of other banks.
over
increased to $1,200,000 in 1920, which is the same
was
Our capital stock, surplus, undivided profits, and unimpaired
today.
today amount
to
little
a
constitutes
which
$5,000,000,
over
>>>;
•'
•
of the California Bank of Los
Angeles, which it is stated,
under the name of the
Bank, died on July 16. The Los Angeles
"Times" states that Mr. Chaffey was the founder of branch
banking in California, having, it is said established the
to business,
founded
he
nearly
40
ago
years
American Savings
anniversary.
The
bank
for
opened
was
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a
1934
unit bank in the United States in any
or
capital structure.
The American Trust Co. of Charlotte, N. C., recently ob¬
its
capital stock
it
♦
served
individual
friends,
our
taking
reserves
of
Savings Bank,
by
up
Our
col¬
business
attended
he
the largest
the
under
General
Postmaster
missed
1929 to Dec. 31,
31,
eventually became President.
preserve.
he remained
are
city with 110,000 population
or
at the age of 11 and later entered
He retired in 1924, hoping to devote the rest of his life to
game
We
auditor of the Home Savings Bank he and a group
controlling
a
deposits increased from Dec.
bottom
who
Dickinson,
While
as
Our
quote:
messenger
never
for 38% years, and have never reduced a dividend for 38% years.
of Detroit,
we
quarterly—and have
or
the
We have paid dividends every year since
months, JAn. 15, 1903.
then, either semi-annually
Harry J. Fox Chairman of the Board of the Detroit Trust
Detroit "Free Press"
18
first
■
Co.
July 15, 1901 and at the close of the first day
on
showed assets of
Advices from Keene July 19 to
said:
the
in
also
was
Blanket Mills for 54 years.
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Mr.
1898.
as
branch of the Cali¬
a
Kingston, Ontario, Can., April 9, 1874, and
States in
1891,
becoming a naturalized citizen
born at
was
United
the
to
came
in
quarters
and Cummings Streets.
First
Chaffey
in modern
functions
still
Bank at
»
....
Since
completing
Chaffey has been connected with
From 1896 to 1897 he was agent for the Union Bank
his education
Mr.
meeting of the Board of Directors of the
Union National Bank of Pasadena, Calif., it was announced
Following
banking activities.
the Royal Bank of Australia.
of Australia and
he was President of the
1900
Jn
In
1902
Holladay bad been elected a Director.
According to the
Los Angels "Times," Mr. Holladay who is a nephew of the
Bank of Imperial and
and became President of the American
Chaffey organized
Mr.
late
later became the California Bank.
Chaffey was President of the National
City Bank of Los Angeles, the Union Security CO. of Los Angeles, a Di¬
Bank
During
rector
Securities
California
the Pacific Indemnity
Co.,
the
Mortgage Guarantee
Citizens
in
Angeles,
its
&
condensed
Savings
Bank
$142,603,193 and $131,719,954, respectively,
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recently elected to the Union
wag
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reported at £159,987,893 according to its statement of accounts as of March 31,
Dec. 31, 1940.
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by the deaths of Stephen S. Wold and E. O. Navy.
Total
and
Mi-«t»«o©<Do0'-<o>i»»A'*e,iw*'!,i-<e«}-«©©'-<co©ffloQ5eoe9'-«»*^it>.®t»3OoeoP5<5
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Eric A>.
of Pasadena board.
the
at
deposits of $135,872,162, compared with
total
corporations.
Los
of
condition
of
statement
close of business June 30, 1941, shows total assets of $146,-
904,335 and
Bank
National
Trust
California
Director.
Another
Co.
National
connected
actively
states:
caused
The
been
has
Southern
of
and
Co.,
Collis P.
with a number
The same paper
E. Huntington and grand-nephew of
Henry
Huntington,
his business career, Mr.
the
of
which
Angeles,
Los
of
a
July 9 by President Charles L. Wright that Collis H.
on
(Calif.) Water Co. No, 1, and
Imperial
following year he organized the First National
First National Bank of Ontario.
the
Savings
dis¬
loans and
$52,323,006 (against $51,427,645) ; cash and due
from banks, $41,507,266
(against $42,233,561), and United
States obligations, direct or fully guaranteed, $45,889,985
(compared with $38,904,774 on the earlier date).
The
bank's capital structure is now $9,425,000, against $9,400,000
on Dec. 31, 1940.
counts,
From the
quote:
paper we
The
fornia
Savings Bank.
the American
of
President
July 26, 1941
The chief items listed in the resources are:
Southern California in 1905, while he
first branch bank in
was
Chronicle
The Commercial & Financial
496
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11
i
Volume
1941.
Current,
loss,
practically every group; the turnover totaled approxi¬
mately 169,000 shares, the largest volume since July, 1940.
The market continued fairly steady throughout the week
though there have been occasional periods of irregularity with
some profit-taking in evidence.
Mixed price changes within a narrow range dominated the
trading during the abbreviated session on Saturday.
The
turnover amounted to approximately 36,000 shares, compared
with 44,000 of a week ago.
Prominent among the utility
issues gaining ground were, Eastern Gas & Fuel 6% pref.,
which gained 1 point at 34M; Long Island Lighting 6% pref.,
5*4 points at 28and the 7% pref., 5)4 points at 30. Shares
losing ground in this group included among others, Electric
Bond & Share $5 pref., Pennsylvania Edison $2.80 pref.,
in
cash
are:
bullion, £44,884,335;
customers
The main items on the
and gold
given as £141,232,195.
are
side
asset
and
other
hand
with bankers,
and
investments, £44,230,950; advances to
accounts, £26,929,559, and bills dis¬
counted, £25,959,297,
At
Board
the
meeting
Directors
of
June 28 interim
on
dividends, in respect of the year ending Sept. 30, 1941, were
declared of 4% (actual on the cumulative preference shares
of
and
each
3%
of the "A" and "B" shares, subject in
of income tax, after making
(actual)
deduction
the
to
case
allowance for relief
income tax.
respect of Dominion
in
497
in
other accounts, including re¬
balance of profit
and
deposit
for taxation and contingencies and
serves
and
The Commercial & Financial Chronicle
153
affiliated to Barclays Bank, Ltd., Lon¬
don, recently announced that it has opened a branch in
Asmara, the capital of Eritrea.
The bank is thus the first
British financial institution to operate in occupied Italian
The bank, which is
Central New York Power 5% pref., and Brazilian 1 raction,
Light & Power.
Other issues losing ground were, Baldwin
Locomotive pref., Cooper-Bessemer, Copper Range, Emerson
General Fireproofing, Marion Steam Shovel, Sherwin-Wil¬
East Africa.
Allied Prod¬
1941 peak. Also up moderately
were
such stocks as American Seal Cap, Atlas Plywood,
Babcock & Wilcox, Colt's Patent Fire Arms, Consolidated
Steel and Standard Cap & Seal. In the petroleum and natural
gas group only fractional changes occurred.
Beech led the
aviations, with a % point rise to 8, a new 1941 high. Brew¬
ster and Fairchild were up a shade while Waco sagged.
Bell,
Cessna, Fairchild Engine and Republic remained unchanged.
liams, Technicolor and United Shoe Machine.
THE
Price movements
mixed
and
session
ucts closed
somewhat
short
the Curb Exchange were
on
within
held
MARKET
CURB
during the
range
narrow
a
Saturday, but the market steadied on Monday
strongly upward. Progress continued
on
and the trend turned
established
Tuesday and many new highs for the year were
on
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to more than
Derby Oil common and
preferred, Pantepec and Suuray Oil conv. preferred, all
participated in the upswing. Numerous others in this section
were up a shade.
Aluminum Company shares moved only
fractionally, as did also aviation issues. Singer Manufactur¬
ing was a particular strong spot, gaining 7% points at the
day's top and retaining 5% points at its close of 123. Ad¬
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issues closed under their best
in evidence, and numerous
of better than
States Power,
Light & Power
$6 preferred. Many other utility shares finished up fractions
to a point or better.
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company issues sold at their 1941 tops, with gains ranging
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Many new highs for 1941 were established, with share trading
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Tuesday.
The session's turnover totaled
169,000 shares, compared with 116,000 on the
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Republics, Eastern
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Merritt-Chapman & Scott, Western Maryland 7% pref.,
and West Virginia Coal & Coke, Fuller common was up 2
points at 55 and the $3 convertible closed a point higher at
42.
Jones & Laughlin was active and climbed 2% points at
29 %.
Stocks gaining a point or more included among others,
Cooper-Bessemer $3 prior pref., R. Hoe & Co., Montgomery
Ward, Phoenix Securities pref., Pittsburgh Plate Glass,
Quaker Oats, com., and Singer Manufacturing.
In the
utility listing there were numerous issues closing with gains
ranging from a i>oint to better than 2 points.
In the paper
and cardboard section fractional gains were held at the
finish by Taggart, St. Regis, con., Brown Company, pref.,
and International Paper & Power, rights.
Practically all
the leaders in the petroleum group advanced moderately.
For the most part aviation issues were confined to fractional
gains, though Beech again registered a new high for the year
while Aro Equipment duplicated its best 1941 quotation.
with
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contrasting with 71,000 on Friday, the last full day. With
gains of 2 points or better, new highs for the year were
established by Atlantic Coast Line which closed at 29,
Babcock & Wilcox at 31% and G. A. Fuller 4% prel., at
62.
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leaders
transactions were strong and more active, with a
number of new highs for the year.
The volume unusually
large for an initial session of the week, totaled 116,000 shares,
day's
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The Curb Market advanced on Monday;
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up% at .18%,
& Light A,
and Westmoreland
Coal.
Countless other issues
gained fractions to a point or better.
The Curb Market held to a narrow trading range on
Wednesday in a volume of dealings considerably below that
of the previous session.
Sales dropped to approximately
126,000 shares as against 169,000 on Tuesday. A few of the
special issues advanced over previous closing levels, some
going into new high ground. The majority of the list how¬
ever
showed only small price changes.
Political tension in
the Far East and conflicting reports from the Russian war
front tended to keep many traders on the sidelines.
Utility
shares for the most part were soft, though there were a few
issues which worked against the trend, including among
Consolidated Gas
others, Cleveland Electric Illuminating,
of Baltimore, Florida Power & Light and
.
New England
Telephone. In the industrial and miscellaneous groups, with
gains of a point or better, new highs for the year were estab¬
lished by G. A. Fuller, common, which closed at 60, the $3
preferred at 44 and the 4% preferred at 64. Driver-Harris
moved up 1% points at 33%, Pepperell advanced 2% points
The Commercial & Financial Chronicle
498
and
at 95
Hygrade-Sylvania gained 2 points at 38. Paper
petroleum and aviation shares were confined
and cardboard,
to fractional
changes.
Pursuant to the
Act
Irregular price movements with a tendency toward higher
levels characterized the dealings at the opening of trading on
Thursday, prices advanced from fractions to a point or more
and some new highs for the year were established.
There
profit-taking in evidence though as a whole the
remained moderately strong.
Stocks closed ir¬
market
regularly higher.
The turnover amounted to approximately
116,000 shares, compared with 126,000 on Wednesday.
Traders continued to be deeply concerned with the Far
Eastern crises although this was offset to some extent by
signs of stronger resistance by Russia.
Utility shares were
strong, Puget Sound Power & Light $5 pref. advanced 4
points to 105 ^ and the $6 issue gained 2% to 54.
Other
utilities advancing a point or more included, Electric Bond &
Share $6 pref., Continental Gas & Electric prior pref.,
Empire Gas & Fuel 7% pref., Northern Indiana Public
Service 6% pref. and United Gas pref.
In the industrial
stocks advancing a point or better
included among others, Mid vale Co., American Export
Lines, Niles Bement Pond, Elgin Watch, Great Northern
Paper and Singer Manufacturing.
Aluminum and mining
and metal shares were held to fractional changes.
Petroleum
and natural gas issues also moved within a narrow range,
though Humble Oil reached a new 1941 high at 64%. Avia¬
tion and cardboard and paper shares showed little variation
from previous close.
Following a brisk opening the Curb Market held fairly
firm on Friday, while there were a few weak spots scattered
through the list, the gains were in excess of the losses at the
close.
Traders became cautious as the session progressed,
and miscellaneous groups
the complicated Far Eastern situation.
There was some profit-taking from time to time throughout
the day although the market closed irregularly higher.
The
transfers were up to approximately 139,000 shares, against
116,000 on Thursday.
For the most part fractional changes
probably due
Cheseborough Manufacturing, Cities
pref., Duke Power, Empire Gas & Fuel 4%% pref.,
Florida Power & Light, Midvale, Niagara Hudson Power A
pref., Pepperell, Public Service of Indiana $6 pref. and
Valspar Corp. pref.
As compared with Friday of last week,
prices were generally higher, American Cyanamid B closing
last night at 40 against 39 % on Friday a week ago, American
Light & Traction at 13% against 13%, Babcock & Wilcox
at 31% against 29%, Bell Aircraft at 2 .0
against 19%,
Creole Petroleum at 19 agains' 1/GO 1
% Corp. at 38%
against 36%, Humble Oil at 63% against 62, International
Petroleum at 9% against 9% and Sherwin-Williams at 78%
against 78.
Celluloid $7 div. pref.,
Service
DAILY
TRANSACTIONS
AT
YORK
NEW
THE
EXCHANGE
CURB
requirements of Section 522 of the Tariff
daily to the Secretary of the Treasury the buying rate for
We
cable transfers in the different countries of the world.
give below
FOREIGN
a
record for the week just passed:
EXCHANGE
CERTIFIED
RATES
FEDERAL
BY
JULY
1941, INCLUSIVE
1941, TO JULY 25,
19,
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
RESERVE
ACT OF 1930
BANK TO TREASURY UNDER TARIFF
New York
Unit
July 21
July 22
July 23
July 24
July 25
$
$
$
S
$
a
a
a
a
a
a
a
a
a
a
a
a
Czecboslov'la, koruna
a
a
a
a
a
a
Denmark, krone
a
a '
a
a
a
19
July
Europe—
Belgium, belga
Bulgaria, lev
$
a
pound sterl'g;
Engl'd,
Official
4.035000
4.035000
4.035000
4.035000
4.035000
4.035000
Free
4.035000
4.034375
4.035000
4.035000
4.035714
4.036250
*
Finland, Markka
a
a
a
a
a
a
France, franc....
a
a
a
a
a
a
Germany, reichsmark
Greece, drachma
a
a
a
a
a
a
a
a
a
a
a
a
Hungary, pengo
a
a
a
a
a
Italy, lira.....
Netherlands, guilder^
a
a
a
a
a
a
a
a
a
a
a
a
Norway, krone
a
a
a
a
a
a
a
a
a
a
a
a
c
c
c
c
c
a
a
a
a
a
a
a
a
c
c
c
c
c
c
c
c
a
a
a
Poland, zloty
a
Portugal, escudo
Rumania, leu
c
Spain, peseta..
a
Sweden, krona
c
c
Switzerland, franc
c
c
Yugoslavia, dinar
a
a
a
1
a
a
a
Asia—
China—
Cbefoo
(yuan) dol'r
a
Tientsin (yuan) dol
a
a
.052450*
a
a
a
a
a
.052675*
.052568*
Shanghai (yuan) doi
a
a
a
Hankow (yuan) dol
.052450*
a
.053143*
.053143*
a
a
a
a
a
dollar.
.245500
.245500
.245500
.245862
.246250
.246000
India (British) rupee.
.301283
.301283
.301283
.301283
.301283
.301283
to
occurred in all groups.
However^ outstanding in the issues
that advanced a point or more, included, Air Associated,
RATES
1930, the Federal Reserve Bank is now certifying
of
some
was
July 26, 1941
EXCHANGE
FOREIGN
Hongkong,
Japan,
a
.234390
.234390
.234390
.234390
.234390
.234390
.471600
yen
Straits Settlem'ts, dol
.471600
.471600
.471600
.471600
.471600
3.228000
Australasia—
J
Australia, poundOfficial
3.228000
3.228000
3.228000
3.228000
3.228000
Free
3.215833
3.214791
3.215416
3.215416
3.215833
3.216500
New Zealand, pound. 3.228458
Africa—
3.227458
3.228291
3.228291
3.228708
3.229375
3.980000
3.980000
3.980000
3.980000
3.980000
South Africa, pound. 3.980000
North America—
Canada, dollar—
.909090
.909090
.909090
.909090
.909090
.883571
.883750
.883125
.882500
.882734
.882890
.205425*
.205425*
.205425*
.205425*
.205425*
.205425*
Official
.909090
.909090
.909090
.909090
.909090
.909090
Free
.881250
.8812.50
.880625
.880000
.880312
,880468
.909090
Official
Free
Mexico, peso
Newfoundl'd, dollar-
South America—
Argentina, peso—
Official
.297733*
.297733*
.297733*
.297733*
.297733*
Free
.237044*
.237044*
.237044*
.237044*
.297733*
.237044*
.237044*
Brazil, milrels—
Official
.060575*
.060575*
.060575*
.060575*
.060575*
.060575*
Free
.050600*
.050600*
.050600*
.050666*
.050666*
.050666*
Chile, peso—
Official
c
Export
c
c
c
c
c
c
.569800*
Colombia, peso
Uruguay, peso—
.569800*
c
c
c
c
.569800*
.569800*
.569800*
„•
c
.569800*
Controlled
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
Non-controlled
Bonds (Par Value)
Stocks
.437566*
.437566*
.437533*
.437566*
.437525*
.437525*
(Number
Week Ended
of
Shares)
July 25, 1941
Foreign
Foreign
Government
Domestic
Nominal rate,
Corporate
$4,000
$367,000
4,000
651,000
1,043,000
36,205
$363,000
113,720
170.590
Saturday
Monday
Tuesday
1,032,000
$T66o
10,000
2,000
11,000
755,000
5,000
695,000
$36,000
$4,471,000
647,000
125,850
115,725
31,000
4,000
690,000
701,100
Total
722,000
945,000
139,010
Wednesday
Thursday
Friday
$4,399,000
$36,000
960,000
••••/
Jan. 1 to July 25
Week Ended July 25
Sates at
New York Curb
1940
1941
Exchange
Stocks—No. olshares.
1940
1941
,
355,630
14,568,812
28,177,102
$3,522,000
$148,819,000
27,000
2,366,000
$189,437,000
1,397,000
74,000
1,590,000
$3,623,000
$152,775,000
701,100
Bonds
Domestic..
$4,399,000
Foreign government..
36,000
_
36,01)0
Foreign corporate
Total....
...
$4,471,000
v:
a
No rates available,
c
COURSE
OF
BANK
FINANCIAL
MARKET—PER
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 26)
clearings from all cities of the United States from which it
is possible to obtain weekly clearings will be 13.9% above
those for the corresponding week last year.
Our preliminary
total stands at $6,588,344,478, against $5,786,635,681 for
the same week in 1940.
At this center there is a gain for
the week ended Friday of 12.2%.
Our comparative sum¬
mary for the week follows:
4,252,000
Per
Clearings—Returns by Telegraph
Week Ending July 26
$195,086,00
CABLE
1941
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Silver,
p. oz...
Mom.,
July 19
July 21
Closed
23 7-16d.
Kansas
St. Louis
Frt„
July 25
23 7-16d.
93,224,853
88,100,000
+22.9
Cent
+ 12.2
+ 16.1
+ 13.4
168s.
168s.
168s.
168s.
168s.
168s.
Closed
£82)6
£82)6
£82
£81 ya.
£81K
Closed
£105
£105
£104 5-16
£104 Va.
£1043*
Closed
£114
£114
£114
£1133*
93,825,920
+ 57.8
100,613,444
+ 32.6
66,558,229
+26.3
$4,476,735,828
1,013,551,235
$3,899,469,554
851,991,160
+ 19.0
$5,490,287,063
S4,751,460,714
+ 15.5
1.098,057,415
Baltimore
+ 6.2
+ 27.4
84,286,349
1.035,174,967
+6.1
$6,588,344,478
Cleveland.
Consols, 2H%British 3 H %
W. L
154,280,000
115,566,458
133,364,323
Detroit
.
163,805,000
147,239,720
148,087,331
Pittsburgh
23 y3d.
+ 11.9
99,900,000
San Francisco.
Thurs.,
July 23
23 7-16d.
+ 11.8
207,3.50,801
114,535,416
——— — -.
363,000,000
232,105,277
City—
$2,346,307,564
270,642,285
406,000,000
__
July 24
Wed.,
Tues.,
July 22
23 7-16d.
Boston
1940
$2,633,174,352
314,238.060
CHicago......
Philadelphia
The
as
CLEARINGS
Bank
New York
ENGLISH
Temporarily omitted.
Total
$5,786,635,681
+ 13.9
£113^g
Gold,
p.
fineoz.
British 4%
1960-90.
—
.
_
...
Eleven cities, five days
Other cities, five days
Total aJl cities, five days.-
The
price of silver per ounce (in cents)
States on the same days has been:
Bar
U.
N.Y.(for'n)
343*
S. Treasury
(newly mined)
343*
343*
343*
343*
343*
71.11
71.11
71.11
71.11
71.11
following securities
were
SALES
sold at auction
on
of the current week:
Wednesday
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
C
In
By R. L. Day & Co., Boston:
Shares
35 First
Stocks
$ peT share
National Bank, Boston .par 123*-—----
7 units Washington Ry. & Electric Co.
—
_
"
~
.
—
44%
133*
4 Russell Mfg. Co
10 General Discount Corp. class A (Mich.), par Sl.____
20 General Finance Corp., common, par SI.
'
All cities, one day
Total all cities for week
*
71.11
AUCTION
The
in the United
+ 14.8
IIIIII'll —3*
—II— 13*
elaborate
cases
has to be estimated.
detailed
statement,
'however,
which
we
present further below, we are able to give final and complete
results
for
the
week
For that week there
of
previous—the week
wTas an
ended July
19.
increase of 23.0%, the aggregate
clearings for the whole country having amounted to
$7,111,047,190, against $5,782,669,378 in the same week of
Volume
The Commercial
153
Outside of this city there was an increase
1940.
499
& Financial Chronicle
of 31.0%,
this center having recorded a gain of
15.3%.
We group the cities according to the Federal Re¬
serve districts in
which they are located and from this it
appears that in the New York Reserve District (including
this city) the totals record a gain of 160%, in the Boston
Reserve District of 24.7% and in the Philadelphia Reserve
District of 21.3%.
In the Cleveland Reserve District the
totals register an expansion of 36.3%, in the Richmond Re¬
serve District of 33.0% and in the Atlanta Reserve District
of 35.9%.
In the Chicago Reserve District the totals are
larger by 37.8%, in the St. Louis Reserve District by 30.9%
and in the Minneapolis Reserve District by 34.3%.
In the
Kansas City Reserve District the increase is 25.4%, in the
Dallas Reserve District 26.1 % and in the San Francisco
Reserve District 31.3%.
In the following we furnish a summary by Federal Reserve
the bank clearings at
districts:
Week Ended July 19
Clearings at—
Inc.
or
1941
1940
S
S
1939
Dec.
%
Seventh Feder al Reserve D istrict—C h i cago—
+ 50.3
22,276,000
+ 35.1
2,068,068
+45.8
7,045,591
26,679,510
Bend...
Terre Haute,
Wis.—Milwaukee
Iowa—Cedar Rap
5,998,370
+ 17.5
22,708,823
1,084,240
+ 17.5
93,833,202
2,759,022
1,676,937
1,045,099
22,153,000
1,459,330
5,303,291
21,176,148
1,180,360
8,898,401
+ 13.8
3,616,288
336,583
320,354,242
1,053,894
+ 30.2
1,453,879
10.129,140
Moines.
Sioux
346,592
+ 67.8
2,409,510
Wayne
Indianapolis
Des
+ 31.1
3,015,596
Rapids,
Lansing
Ind.—Ft.
South
333,184
3,068,393
1,553,719
1,975,078
436,818
189,239,721
4,611,129
Detroit.
Grand
112,777,408
2,546,572
30,089,000
Mich.—Ann Arb.
4,706,687
City,...
111.—Bloom'ton.
380,615
416,293,927
Chicago
+ 55.1
+ 28.9
+ 34.1
7,320,136
3,236,107
+ 13.1
304,875
+ 29.9
295,989,321
+ 12.9
932,653
+ 21.0
4,017,519
976,183 + 164.6
+ 1.9
1,573,646
3,655,420
+ 37.8
465,059,470
Eighth Federa 1 Reserve Dis trict—St.Lo uis—
+ 26.5
102,200,000
129,300,000
+ 47.5
38,652,150
57,002,253
95,200,000
35,349,727
24,108,279
+ 23.1
18,782.142
720,000
559,000
+ 28.8
543,714
216,707,168
165,519,429
+ 30.9
149,875,583
Decatur....
1,190,020
Peoria
4,860,202
Rockford...
2,582,919
1,603,910
Springfield
SUMMARY OF BANK CLEARINGS
Total (18 cities)
709,274,746
514,670,039
1,182,928
1,505,049
Inc.or
'■
1939
Dec.
1940
1941
Week End. July 19, 1941
7
"
149,409,186
111,268;809
10th Kansas City 10
11th Dallas
6
"
195,149,713
155,598,351
"
99,987,670
79,302,505
%
+24.7
+16.0
+21.3
+36.3
+33.0
+35.9
+37.8
+30.9
+34.3
+25.4
+26.1
10
"
359,397,264
273,810,352
$
+31.3
Federal
$
Dists.
Reserve
$
353,616,212
283,657,076
3,550,149,015
3,060,670,972
"
547,988,936
451,729,539
"
468,909,637
344,151,530
"
212,524,031
159,765,699
10
"
247,733,607
182,325,077
Chicago....18
"
709,274,746
514,670,039
216,707,168
165,519,429
12 cities
1st
Boston
2d
New York.. 12
"
3d
PhlladelDhialO
4th
Cleveland..
7
6th
Richmond..
6
6th
Atlanta
7th
8th
St. Louis...
4
"
9th
Minneapolis
12th San Fran
1938
s
274,579,644
240,722,976
2,667,268,662
3,148,644,604
388,380,952
361,238,422
288,735,635
257,974,754
137,552,544
118,109,308
167,443,018
137,408,396
465,059,470
418,378,816
149,875,583
Mo.—St. Louis..
Ky.—Louisville..
Tenn.—Memphis
29,684,915
111.— Jacksonville
127,204,067
99,891,610
99,993,047
168,303,449
155,916,923
Total (4cities).
76,740,813
58,531,207
245,846,455
235,986,488
Reserve Dis trict—Minn eapolis
Ninth Federal
4,365,921
100,193,033
34,974,024
Minneapolis...
7,111,047,190
5,782,669,378
+23.0
5,329,698,055
5,360,109,008
3,711,867,149
112 cities
Total
2,833,336,835
+31.0
2,561,832,588
2,312,063,821
We
add
now
our
311,415,598
+30.3
309,858,236
403,691,889
.....32 cities
Canada
304,225,718
detailed statement showing last week's
N. D.—Fargo.
+ 10.0
+43.2
3,668,254
61,993,780
29,217,128
+ 19,7
26,308,507
2,565,740
906,809
822,798
+ 24.5
2,388,302
+27.0
784,784
3,833,813
+ 11.8
3,781,962
111,268,809
+ 34.3
99,891,810
1,351,141
1,045,041
4,285,234
S.D.—Aberdeen.
Mont.—Billings
3,968,148
69,954,373
3,194,792
Minn.—Duiuth—
St. Paul......
Outside N. Y. City
x
x
Quincy
.
Helena
149,409,186
Total (7cities).
966,221
+ 49.0
figures for each city separately for the four years:
Reserve Dis trict
Tenth Federal
Week Ended July 19
r*lcnrtvi
no
VtvWf wtVo
/T
1941
1940
$
S
or
Lincoln
Dec.
1939
1938
%
$
S
640,811
M aine—Bangor. _
■
532,704
+ 7.4
484,048
2,658,093
Mass .—Boston
.
_
River.
Lo well
.
2,066,618
+ 28.6
2,042,187
1,751,628
305,931,973
943,183
448,322
Portland.
Fail
596,686
n-~
242,185,047
+26.3
654,804
+44.0
240,019,694
578,636
209,245,698
663,983
447,757
+0.1
418,485
479,004
1,020,333
824,195
+ 23.8
757,162
3,892,406
3,310,568
2,424,612
13,611,538
4,921,955
+ 17.6
3,226,905
632,208
2,974,726
2,985,705
14,121,206
5,600,981
+23.1
1,793,695
N. H.—Manch'er
12,080,600
532,696
Total (12 cities)
353,816,212
City
105,848
+18.0
+ 5.2
159,948
3,216,179
31,652,822
+ 22.0
+ 24.7
2,702,018
32,068,956
2,476,064
+ 22.4
...
3,711,953
+ 42.2
3,466,066
Mo.—Kan. City.
137,766,544
109,431,517
+ 25.9
121,949,020
3,949,650
3,719,327
+ 6.2
3,772,553
672,019
539,048
+ 24.7
560,456
813,983
628,302
+ 29.6
577,831
195,149,718
155,598,351
+ 25.4
168,303,449
Wichita
St. Joseph
—
CoJo.—Colo.Spgs
Pueblo
Total (10 cities)
2,941,753
1,681,211
14,857,400
715,799
as
128,076
39,469,254
3,029,981
5,278,483
Omaha....
Kan.—Topeka.—
Reserve Dist rlct—B o s t o
First Federal
Kans
95,063
134,772
3,922,845
Hastings
Inc.
—
112,187
Neb.—Fremont-
/
ttf
New Bedford._
Springfield.
_ __
Worcester...
_.
Conn.—H art ford.
New Haven...
R.I.—Providence
9,754,541
4,281,663
8,262,297
+ 13.8
+23.0
10,231,500
+ 34.4
942,172
10,120,200
500,902
274,579,644
240,722,976
+ 3.7
Second
283,657,07 6
+ 24.7
Feder al Reserve D istrict—New
York-
7,007,684
1,296,544
7,715,591
+ 58.3
+ 54.3
779,978
685,947
+ 80.0
+ 39.3
..i.--.__
858,553
542,205
Jamestown-;,--
1,088,882
705,683
Buffalo
New
York— 3,399,160,041 2,949,302,543
7,367,417
11,294,113
4,548,429
5,683,659
Rochester
—2.7
1,231,505
416,429
+ 15.3 2,767,865,467 3,048,045,187
+ 53.3
7,291,980
6,240,862
+ 25.0
4,606,978
459,401
424,697
+ 8.2
3,921,515
4,827,522
317,984
Newark
23,705,015
19,380,443
+22.3
16,645,743
18,862,551
Northern N. J.
29,525,011
23,188,915
+27.3
23,902,195
28,064,765
Syracuse
Conn.—Stamford
N.
J.—Montclair
6,276,751
5,843,777
+7.4
3,550,149,015 3,060,870,972
Third Federal
Reserve Dist rlct—Philad elphia
_.j
599,982
Bethlehem....
1,438,020
545,125
Chester.
1,468,016
Lancaster
Philadelphia
..
528,000.000
Wilkes-Barre..
2,083,252
3,273,387
1,389,201
York..—.
2,079,553
Reading
Scranton......
317,700
440,663
455,903
603,772
338,578
1,134,584
435,000,000
+ 29.4
+ 21.4
1,097,551
1,075,973
377,000,000
349,000,000
1,829,801
+ 13.9
+ 26.8
305,004
2,459,567
+ 33.1
1,522,015
2,127,595
881,745
+48.9
1,119,833
3,249,200
3,819,000
+21.3
451,729,539
388,380,952
1,302,212
Mansfield,....
2,544,975
Youngstcwu...
4,002,869
4,328,000
1,445,021
2,102,000 +105.9
+ 15.3
1,252,777
+ 21.7
3,426,014
7,403,948
2,015,000
Galveston.,
Wichita Falls.
4,169,526
_
Total (6
.
179,790,516
468,909,637
Va.—Norfolk...
Richmond-,;..
.
.
S. C—Charleston
Md.—Baltimore
.
D.C.—Washing'n
Yakima......
55,337,221
21,142,960
17,355,561
+ 21.8
4,412,465
3,882,170
3,005,332
+ 39.7
200,008,000
154,280,000
+ 29.6
3,717,621
1,671,817
3,450,264
3,160,990
1,335,264
2,753,375
+ 17.6
Stockton....._
+ 25.3
1,245,378
2,159,093
ilO cities)
359,397,264
273,810,352
+ 31.3
245,846,455
5,423,501
Calif.—Long B'ch
Pasadena
San
Francisco
.
San Jose......
Santa Barbara.
Total
Grand
total
2,372,449
+47.3
2,303,019
3,203,887
66,669,595
+ 31.7
51,624,524
120,491,988
11,328,400
1,971,296
3,374,917
137,942,885
+ 47.0
61,475,250
100,924,865
+25.2
10,414,500
+29.1
1,817,304
+ 18.6
2,468,052
+ 30.3
109,332,645
83,725,136
9,430,300
1,569,227
2,558,461
105,863,219
344,151,530
+ 36.3
288,735,635
257,974,754
5,329,698,055 5.360,109,008
Outside New York 3,711,887,149 2,833,366,835
Week Ended July
424,449
279,124
Inc. or
Winnipeg
Vancouver
Ottawa
Quebec
102,119,660
+ 10.4
121,773,449
93,510,083
+ 30.2
59,358,964
19,275,214
34,781,117
5,750,023
.....—
31,825,404
16,947,277
18,988,329
+ 86.5
Calgary
-
2,361,000
2,169,000
1,210,583
+ 39.8
70,194,216
23,779,932
61,643,634
20,346,675
Saskatoon
Edmonton
—
4,244,842
404,948
......
525,974
1,436,354
Regina
Letb bridge
Moose Jaw....—
118,109,308
—
Fort William
Reserve Dist rict—Atlant
+ 29.4
4,287,715
3,914,679
+ 17.7
19,777,947
17,637,421
66,600,000
1,350,972
+ 32.9
59,400,000
48,500,000
+26.4
1,113,888
944,293
+ 62.7
1,099,186
1,001,940
784,781
Fla.—Jacks'nville
88,500,000
1,707,360
1,536,226
22,360,000
+ 21.6
17,954,000
15,070,000
Ala.—Birm'ham
33,696,083
18,386,000
22,262,637
2,017,580
Nashville
_
_
Augusta
Macon.......
.
Mobile
Miss.—Jackson..
Vlcksburg
La—NewOrleans
Total (10 cities)
2,861,252
+ 51.4
+41.8
X
22,345,730
1,708,450
17,032,513
1,250,517
X
X
118,099
Kitchener
Windsor..
—
—
3,850,268
+ 17.4
+ 25.1
X
140,031
112,856
+ 24.1
61,803,555
41,290,711
+ 49.7
39,638,003
32,109,595
247,733,6U7
182,325,077
+35.9
167,443,018
137,408,396
+ 18.8
+ 23.4
485,308
+ 19.7
1,204,041
576,642
+ 22.7
614,346
828,197
+ 29.7
843,698
+ 31.9
650,768
207,402
635,754
991,773
+ 14.3
804,989
710,385
573,587
+ 61.8
252,683
+ 9.2
1,052,597
2,823,293
+ 16.7
621,404
733,230
1,005,177
'
+ 15.8
+ 36.4
2,646,949
385,553
+ 27.9
686,251
474,939
924,709
+ 10.1
526,274
1,011,825
+ 9.4
1,111,166
403,691,889
309,858,236
+30.3
311,415,598
938,535
784,515
...
Chatham
—
Sarnia
—
Sudbury
Total (32 cities)
Estimated,
1,765,865
2,276,904
3,765,387
3,241,043
339,870
1,199,911
416,806
Moncton
*
4,369,089
1,906,748
325,978
912,952
683,428
Prince Albert-...
Kingston
+ 0.5
+ 12.4
694,260
1,228,795
—2.0
340,823
1,148,362
335,498
+ 44.5
103,089,126
103,049,348
29,908,785
16,866,657
13,284,892
4,528,247
2,630,403
6,801,599
426,353
743,887
Sherbrooke.——
+ 13.6
632,590
522,675
+ 2.8
787,502
+ 14.8
586,356
—7.8
542,685
106,950
X
+ 22.3
707,320
1,074,525
1,113,014
Westminster
Medicine Hat...
Peterborough.__.
a—
+ 17.7
2,497,876
3,792,937
3,775,362
4,746,495
Brandon
+ 47.0
32,716,191
954,684
137,552,544
1,848,696
2,923,401
39,582,364
+ 83.2
5,595,746
4,313,509
2,120,514
1,838,667
2,079,153
.——-
+ 13.7
4,883,431
3,063,973
3,480,598
6,845,292
6,234,175
Halifax—.-----
1939
%
112,780,369
Montreal
+28.7
+ 33.0
Dec.
$
Toronto
+ 52.3
159,765,699
1940
1941
+ 50.2
+ 18.9
17
Clearings at-
557,326
4,941,108
24,418,920
Ga.—Atlanta..
+ 25.2
2,561,832,588 2,312,063,821
London
6,393,748
28,735,352
Tenn.—Knoxville
4,943,719
3,675,180
143,014,000
3,200,085
+ 23.0
New
Sixth Federal
+ 46.8
+ 31.0
2,730,000
44,580,328
1,231,816
80,280,657
30,385,572
212,524,031
31,551,925
16,363,249
+ 32.9
7,111,047,190 5,782,669,378
Brantford
Total (6 cities).
+ 26.9
(112
cities)
837,206
36,124,929
38,777,970
915,856
Utah—S. L. City
4.159,000
57,368,535
1,810,759
112,223,602
SCO—
+ 38.7
Ore.—Portland.
Canada—
Reserve Dist rict—Richm ond—
W.Va.—Hunt'ton
Franci
45,276,853
1,117,616
41,643,191
Victoria
Fifth Federal
J6,740,813
+ 26.1
62,815,272
1,418,143
.
Hamilton
Total (7 cities).
967,002
3,245,056
a
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle.
St. John
Pa.—Pittsburgh
79,302,505
99,987,670
cities).
361.238,422
Feder al Reserve D istrict—Clev eland-
Cleveland.....
+ 28.2
1,496,056
—2.5
547,988,936
Columbus
61,769,633
6,929,758
950,757
Total (10 cities)
3,493,794
87,819,398
177,071,385
14,186,700
1,430,174
+ 24.0
8,882,260
2,328,847
+25.0
7,112,400
Cincinnati....
+ 14.6
64,033,421
Ft. Worth...
504,670
N. J.—Trenton..
Ohio—Canton.__
1,558,535
79,376,103
_
•
641,507 + 124.2
+40.0
389,253
473,172
1,110,931
1,396,624
7,294,100
Fourth
3,857,089
+ 16.0 2,867,288,682 3,148,644,604
Total (12 cities)
Pa.—Altoona
District—Da llas-
1,786,760
Dallas.......
28,600,000
8,833,549
1,333.314
39,400,000
Binghamton
Eleventh Fede ral Reserve
Texas—Austin..
La.—Shreveport
33,000,000
432,070
15,899,776
1,297,813
54,900,000
N. Y.—Albany..
Elmira
3,927,071
x
No figures available.
Note—Westchester Clearing House
discontinued.
The Commercial & Financial Chronicle
500
THE
LONDON
STOCK
EXCHANGE
Quotations of representative stocks
of the past week:
4
received by cable
as
each day
Sat.,
Mon.,
Tttes.,
Wed.,
Thurs.,
Fri.,
July 21
July 22
July 23
July 24
July 25
36/3
85/-
36/3
85/-
36/3
36/3
36/3
82/6
£60
£59 J*
£11
£11
37/6
30/£7H
£73*
British Amer Tobacco♦Cable & W
£603*
£60
83/9
£60
£11
(ord)
Central Mln A Invest—
£11
£11
Cons Goldfleldt of S A.
37/6
31/-
Courtaulds S & Co
De Beers
37/6
Distillers Co
37/6
30/-
30/3
£7
£7
65/-
£71*
V
82/6
37/30,-
11/6
65/11/9
65/12/-
20/3
20/6
20/6
24/6
24/6
24/6
Imp Tob A O B A I.—
103/9
103/9
103/9
♦London Mid
£135*
75/6
£133*
75/6
£135*
75/6
24/6
103/9
£135*
75/6
£63*
£53*
£63*
£53*
£7
£7
£7
£53*
£53*
£53*
80/45/24/9
15/9
Electric A Musical Ind.
Ford Ltd
Closed
HudsonsBayCo
Ry
Metal Box
Rand Mines
RloTlnto
Rolls Royce
Bhell Transport
80/-
(Jnlted Molasses
Vlckers
80/47/6
24/6
15/9
46/3
24/6
15/9
West
*
64/9
64/6
12/-
12/20/6
80/47/24/9
15/9
20/6
24/6
103/9
£135*
75/6
78/9
45/9
24/9
15/9
Wltwatersrand
Areas
£4h«
Per £100 par value.
The
following information regarding National banks :'s
Comptroller of the Currency, Treasury
Department:
VOLUNTARY LIQUIDATIONS
■
;v
July 10—The Clement National Bank of Rutland, Vt—
Effective, July 1,1941. Liquidating agents: Henry G. Smith
and George G. Smith, both of Rutland, Vt.
Absorbed by:
"The Killington National Bank of Rutland." Vt., Charter
No. 2905, and the Rutland Trust Co., Rutland, Vt.
£4 %
£4«i»:/
£43*
£43*
Amount /V
$150,000
July 10—The Citizens National Bank of Jasper, Texas (Common
stock, $27,500; preferred stock, RFC, $10,000)
Effective, June 30, 1941.
Liquidating agent, C. C. Pool,
Jasper, Texas. Absorbed by. The First State Bank, Jasper,
37,500
Texas.
July 16—The American National Bank of Bridger, Mont. Common
stock, $25,000; preferred stock (RFC), $15,000
$40,000
Effective, July 1,1941. Liquidating Agent, J. W. Jones, Bridger,
Mont. Succeeded by, Bank of Bridger, Bridger, Mont.
CHANGES
afloat
IN
NATIONAL
shows the
The following
'
.
BANKS
from the office of the
Jul\'/ 19
Boots Pure Drugu
July 26, 1941
NATIONAL
BANK
NOTES
amount of National bank notes
(all of which
are secured by legal tender deposits)
beginning of June and July, and the amount of the
decrease in notes afloat idurng the month of June for the
years 1941 and 1940:
at the
THE ENGLISH GOLD AND SILVER MARKETS
We
reprint the following from the monthly circular of
Samuel Montagu & Co. of London, written under date of
July 1, 1941:
National Bank Notes—All Legal
1941
TenderiNotes—
Amount afloat June 2—
...
1940
.$152,870,750
-
Net decrease during June-.---
$168,839,812
1,649,435
961,6.50
GOLD
The amount of gold held in the Issue Department of the Bank of
England
during the month of June, 1941, was unaltered at £241,575.
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, 1941, at 1,219,068 fine ounces,
established a fresh monthly high record; it compares with the
previous record
of 1,211,277 fine ounces produced in
October, 1940.
The output for April,
1941, was 1,166,456 fine ounces, and for May, 1940,1,186,063 fine ounces.
production
sources, the tone had been rather
heavy and on June 5 the quotation eased
%d.; conditions were very quiet and the price remained unaltered until
the 18th, when a slight
improvement in trade buying raised it to 23 7-16d.
There was no change until the
26th, when the quotation reverted to 23 5*d.
and remained at that figure up to the end of the
month.
Quotations during June, 1941 in London (bar silver, per oz.
standard):
to 23
Cash
2 Mos.
23 7-16d.
23 7-16d.
23 7-16d.
June
23 3* d.
233*d.
23 % d.
23 3* d.
June
June 23
June 24
23 j3* d.
23 3* d.
23 3* d.
23 H d.
June 25
23 7-16d.
June 26--..233*d.
233*d.
-233*d.
233*d.
23 3* d.
June 27
June
3
4
June
5----_235*d.
June
6
June
23 % d.
9 —-235*d.
23 5*d.
June
10
June
11
June
12.
June
13
June
16.
Cash
23 7-16d.
June 17
18
2 Mos.
233*d.
19
-
—
June 30
-
-
have not yet been
paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany
News
in our "General Corporation and Investment
Department" in the week when declared.
name
The dividends announced this week are:
23 7-16d.
Name
Per
Share
of Company
Acme Wire Co.
50c
—
Aetna Ball Bearing
Allied Stores Corp., 5% pref. (quar.)
American Automobile Ins. Co. (St. L.) (quar.)..
American Can Co., 7% pref. (quar.)__
___
233*d.
23 3*d.
233*d.
-23 3*d.
233*d.
price, 35c.: market
Mfg, Co.
35c
(quar.)
AND
SINKING
FUND
list of corporate bonds, notes, and
preferred stocks called for redemption, including those called
a
under
sinking fund provisions.
The date indicates the re¬
demption or last date for making tenders, and the page
were
$7 preferred
3c
American Furniture Co., Inc
20c
American Home Products Corp. (monthly)
American Paper Goods Co. (irreg.)
_
43* % debentures
give in
Page
93
£1591
Aug. 11
Armour & Co., Del. 4% bonds--.
Aug.
1
Bates Valve Bag Corp. 6% bonds
..Aug.
1
Blaw-Knox Co. 1st mtge. bonds..
Aug.
1
Chesapeake & Ohio Ry. 33*% bonds.
-Aug.
1
Chicago Union Station Co., 33*% bonds.
.Sept.
1
Coast Counties Gas & Electric Co.
4% bonds, series B. .Sept.
1
Consolidated Aircraft Corp. $3 pref. stock..
Aug. 30
Consolidated Gas Electric Light & Power Co. of Bait.—
First mortgage bonds...
Aug.
1
Continental Baking Co. 8% preferred stock
...Aug.
6
£4115
..Aug. 11
..Aug. 18
Aug.
1
£4121
394
Driver-Harris Co. 7% preferred stock...
Durez Plastics & Chemicals,
Inc., 43*% debs
East Tennessee Light & Power Co.
5% bonds
6% refunding bonds.
Federal Light & Traction Co. 5% bonds....
Nov.
....Sept.
General Water Gas & Electric Co.
5% bonds.. __i .___.Aug.
Great Consol. Elec. Power Co.,
Ltd., 1st mtge. bonds
Aug.
(R.) Hoe & Co.. Inc. 63*% preferred stock..
July
Houston Oil Co. of Texas. 4]*
% bonds
Iowa Power & Light Co. 1st
Aug.
mtge. bonds
Lehigh Valley Coal Co. 6% notes
Loew's, Inc., 33*% bonds
Sept.
Aug.
...Aug.
Aug.
_______
Gas Co» Incbonds
Rllth Memorial Theatre
Corp. 1st mtge. bonds
Nov.
common v.
t. c. (irreg.)
392
Bankers & Shippers Ins. Co. of
Bank of Montreal
Corp
£3805
99
£4124
100
£3657
£3028
399
399
399
£3819
25c
37 3* c
Bayuk Cigars, Inc. (quar.)..
Belding Heminway Co. (quar.)..
—-
20c
—
t$33*
t$4.55
(E. W.) Co. of Del.—
Representing 6 mos. div. (6 % conv. pref.)
Representing6 mos. div. (5% conv. pref.)____
Blue Diamond Corp. (irreg.)_
- .__w—
Boston Metal Investors, Inc. (liquidating)
Bourne Mills (irreg.),:
Brager Eisenberg, Inc. (quar.)
Budd Wheel Co. (irreg.)
Butler Brothers common
15c
373*c
Class B (interim)--—.......--^-------——
150c
£V.152.
_
_
_
-
,
153*c
10c
t$l
Sept. 15 Sept.
1
1 Sept. 17
Sept.15 Aug. 29
Sept.15 Aug. 29
Oct.
Aug. 15
Sept. 2
Aug.
1
Aug. 11
Aug. 15
Aug. 15
Sept.15
Aug. 13
Aug. 14*
July 21
Aug.
1
Aug.
5
Aug.
2
Aug. 30
Aug.
1 Julyl 28
Sept.22 Sept. 2
1 Sept. 10
Oct.
1 Sept. lO
Sept. 15 Sept. 1
Sept. 1 Aug.
4
Aug. 15 Aug.
1
Aug. 15 Aug.
1
Aug.
1 July 25
Aug.
1 July 19
Sept. 1 Aug. 16
Aug.
1 July 25
Aug. 12 Aug.
4
Sept. 2 July 31
Oct.
1 Sept. 15
Sept.15 Aug. 31
Aug. 15 Aug.
1
Oct.
Canton Co. of Baltimore (correction)
Sept.
Sept.
Aug. 23
Aug. 23
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Aug. 15 Aug.
5
1
July 15
Aug.
1 July 18
Sept. 2 Aug. 20
Aug.
8 July 29*
Sept. 1 Aug.
6
Sept.
1 Aug.
6
Sept. 1 Aug. 16
Aug. 15 July
Aug. 15 July
Aug. 15 July
Sept. 15 Aug.
July 19 July
Aug. 28 Aug.
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 15 Aug.
31
31
31
29
10
15
31
31
31
$10
65c
1
£4133
S4 payment.
Carolina Insurance Co. (s.-a.)
Extra
1
Central Eureka Mining Co. (bi-monthly)
Central Vermont Public Service Corp.—
Chesterville Larder Lake Gold Mining Co., Ltd.
Common (irreg.)
Chile Copper Co
- -
Incorrectly reported in June 28 issue
1
1
£3355
1
107
£4135
__
....
_
£3983
Aug.
2
1
109
£4137
Aug.
1
£4137
&"
_
-
as
$6 preferred (quar.)
_
_
_
being
-
.
_
—. -
8c
...
—— -
—
... -
-
-
-
-
-
« _
-
__
—
—
£1586
1
Auk.
1
114
1
z2r82
1
256
£3827
5c
-
_
Conduits National Co., Ltd. (interim)
Continental Amer. Life Ins. Co. (Wilin., Del.)—
Quarterly.
Continental Cushion Spring Co. (irreg.
Corrugated Paper Box Co., Ltd., 7% pf. (aecum)
Cosmos Imperial Mills, Ltd. (quar.)
Culver City Properties Co. (liquidating)
Dewey & Almy Chemical Co., common
_
Aug.
a
—
,
_
_
_
562
_
Oct.
1 Sept. 15
June 27 June 26
t$2
8% preferred (quar.)
402
Sept.
37 3*c
50c
xnvs
249
_~Aug
373*c
_
249
2
Aug.
1
.July 31
Aug
1
"
25c
—
—
1
Oct
Investing Corp. 53*% debs
Williamsport Water Co. 5% bonds
Winslow Bros. & Smith Co. 53*% debs
50c
5% conv. preferred (quar.)
Byers (A. M.) Co., 7% pref. (accumulated).__.
Div. of $2.0417, representing the quarterly
div. of $1.75 due May 1, 1938, and interest
thereon to Sept. 1, 1941.
Byron Jackson Co, (resumed)-.
California Water Service Co. 6 % pref. A (quar.)
6% preferred B (quar.)
:
California-Western States Life Ins. Co. (s.-a.)__
Callaway Mills
Callite Tungsten Corp
Canada Wire & Cable Co., Ltd. class A (quar.)
...—
Western Reserve
Aug. 15 July 31
Sept.15 Sept.
1
Oct.
1 Sept. 16
Canadian Foreign Investment Corp., Ltd.—
I~~—*~*Sept*.
Adjustment mtge. bonds
60c
25c
249
249
£3355
£3355
£3355
.
$95*
-
—_
7
Nov
Southeastern Power & Light Co.—See
Commonwealth
Southern Corp
10c
...
7
IlAug'.
75c
623*c
—
6 3* % preferred (quar.)
"~Nov
♦Public)Service Coordinated Transport
4% bonds
Republic Steel Corp. 43* % bonds
Safe Harbor Water Power
Corp. 43* % bonds
St. Joseph Ry
Light, Heat & Power Co. 43* % bonds
San Angelo Telephone Co. 1st
mtge. bonds
Holders
Associates, Inc.—
$5 conv. preferred.
$7 preferred...
_
1st mtge. 53*s
$13*
t$2
-
.
7
Nov.
50c
N. Y. (quar.)..
(quar.)___
Bath Iron Works
Nov.
"
15c
$1.05
.
£2550
£2550
556
£3032
Aug
_
48c
623*c
— _
Aug.
_•
t56c
Baldwin Locomotive Works 7% preferred (s.-a.)
Bankers Commercial Corp. (N. Y.) (quar.)
_ _ .
1
bonds-_.IIIIIIlAug'.
Prior lien 5s
First consolidated 4s
First consolidated 5s
$1
25c
-
_ _ _ _
239
1
I..Aug.
50c
$15*
t$l 3*
When
Payable of Record
Bliss
101
7
$1
75c
t$13i
Common (interim)
Associated Pel. & Tel. Co., 7% lstpref...
$6 1 st preferred
Atlantic Rayon Corp. $2.50 prior pref. (quar.)__
Berkshire Fine Spinning
1
Aug.
Aug
4% debentures
Announcements this week.
1
40c
_
Armour & Co. (111.) $6 prior preferred—
Armstrong Cork Co., 4% pref. pref. (quar.)
96
239
£3965
Oct.
Peoria Water Works Co—
*
1
1
28
1
1
20
15
__
$5 conv. prior preferred.___
—
Anaconda Copper Mining Co
Armour & Co. (Del.) 7% preferred (quar.)
£4117
£4118
Nov.
Corp. 33*% debentures
Philadelphia Co. 5% bonds—
Phdadelphia Electric Power Co.
1
94
£4116
Aug. 15
♦National Battery Co. preferred stock
Nebraska Light & Power Co. 1st
mtge. 6s
New Me/nco Power Co.
$7 pref. stock
New York State Electric & Gas
Corp.—
First mortgage 43*s, 1980
first mortgage 43*s, 1960
First mortgage 4s, 1965
53* % preferred stock.____
Ontario Power Co. of
Niagara Falls 5%
1
$1
75c
American Pulley Co
——
----American Re-Insurance Co. (N, Y.) (quar.)
American Ship Building Co
Bagley Building Co.
Company and Issue—
Date
Allied Owners Corp. 1st
mtge. bonds
Aug.
1
American I. G. Chemical Corp.—See General Aniline &
Film.
Anaconda Copper Mining Co.
25c
UH
t30c
t35c
American Steel Foundries (year-end)
American Zinc Lead & Smelting Co.—
NOTICES
number gives the location in which the details
the Chronicle."
$13*
Power Co. $6 pref
American & Foreign
_
Below will be found
1941,
grouped in two separate tables.
In the
bring together all the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced,but which
23 7-16d.
England during June, 1941,
follows: Buying, .$4.033*: selling,
,$4,023*.
CALLS
1,
are
23 7-16d.
Average—Cash delivery, 23.4000d.; two months' delivery, 23.4000d.
REDEMPTION
$167,190,377
July
1940.
we
23 7-16d.
23 7-16d.
-23 7-16d.
23 7-16d.
In New York (per
ounce, .999 fine)—U. S. Treasury
price, 34?*e.
,v.-/.;-,.
The official dollar rates fixed by the Bank of
were as
outstanding
notes
23 7-16d.
June 20----23 7-16d.
-
bank
233*d.
23 7-16d.
23 7- 16d.
$151,909,100
Reserve
Federal
DIVIDENDS
Dividends
first
SILVER
On June 3, the first working
day of the month, the price was 23 7-16d*
for both deliveries and this
figure was maintained the following day.
How"
ever, with demand rather poor and silver inclined to offer from
June
Amount of bank notes afloat July 1
Note—$2,182,009.50
secured by lawful money, against $2,203,796.50 on July 1,
Class B
$5 convertible nreferred (quar.)
Diamond Ice & Coal Co., 7% pref. (quar.)
Diamond Match Co. (irreg.)
^---
—...
I
$13*
15c
50c
125c
373*c
43*c
1S15*
130c
$13*
35c
35c
$13*
$15*
-- — -
37 3*c
1 July
17
Aug.
1 July 17
Aug. 15 July 31
Aug. 15 July 31
Aug. 20 Aug.
Aug. 26 Aug.
Aug.
8 Aug.
5
8
July 25 July
Aug. 15 July
Sept. 2 Aug.
Aug. 15 July
July 29 July
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 15 Aug.
Aug.
1 July
Sept. 2 Aug.
17
31
5
15
31
17
29
29
29
25
12
Volume
The Commercial &
153
Share
Company
25c
Dodge Manufacturing Corp. (Ind.)
Dominion Bridge Co., Ltd. (quar.).
Dim & Bradstreet, Inc., com. (quar.)
$6 preferred (guar.).
East Malartic Mines, Ltd
•___
Eastern Shore Pub. Serv. Co., $6.50
t30c
50c
_
$134
noc
pref. (qu.)
$6 preferred (quar.)
Electric Storage Battery Co. (quar.)
50c
40c
Employers Reinsurance Corp. (quar.)
Engineers Public Service Co., $6 pref. (quar.)
$5.50 preferred (quar.)
—
$5 preferred (quar.)
Fairbanks, Morse & Co
----Federal Asphalt Products, Inc
Federal Bake Shops, Inc. (quar.)
Federal Mining & Smelting Co--_—-------iFidelity-Philadelphia Trust Co. (quar.)
Fidelity Union Trust Co. (Newark, N. J.) (s.-a.)
Field (Marshall) & Co., 6% pref. (quar.)
6% preferred (2d series) (quar.)
Florida Power Corp., 7% pref. A (quar.)
7% preferred
Freeport Sulphur Co. (quar.)
$134
$134
MX
50c
234c
25c
$1
$334
60c
MX
$1
8734c
50c
35c
Fruehauf Trailer Co., common
MX
5% conv. pref. (quar.)
50c
Fruit of the Loom, Inc., pref. (irreg.)
50c
Gamewell Co., common (irreg.)
$134
$6 convertible preferred (quar.)
General Electric Co., Ltd.—
Final of 10%.and extra of 734%
General Iron Works Co., 7%
$334
pref. <,s.-a.)
General Metals Corp. (s.-a.)
25c
50c
...
Georgia Home Insurance Co. (s.-a.)
Extra
15c
;
MX
(qu.)_
Globe-Democrat Publishing Co., 7% pref.
t$2
Gorham, Inc., $3 preferred
Great Lakes Dredge & Dock Co. (quar.)
Greene Cananea Copper Co
Griesedieck Western Brewery Co.—
534 % cony, preferred (quar.)
Gulf Power Co. $6 preferred (quar.)
Hamilton Watch Co.
25c
75c
34 %c
25c
common
6% preferred (quar.)
MX
-
50c
Hart-Carter Co., $2 cony. pref. (quar.)
Hawley Pulp & Paper Co. $7 1st pref
---_
Hedley Mascot Gold Mines, Ltd. (quar.)
Higgens Industries (initial)
Highland Dairy, Ltd., 5% pref. (accum.)
Hollinger Consol. Gold Mines (monthly)
Extra.--
$1
|5c
J5c
-
-
-
J2c
5c
Idaho-Maryland Mines (monthly)
----Indiana Associated Temp. Corp. $5 pref. (quar.)
_ -
_
$134
12c
Indiana Steel Products Co
MX
Indianapolis Water Co. 5% pref. series A (quar.)
Ingersoll-Rand Co
—;
— Inspiration Consolidated Copper
Internat. Rys. of Central Amer. 5% preferred—
$134
_______
25c
t$134
5c
Kable Bros, Co.
(quar.)
6% preferred (quar.).
Kinney (G. R.) Co., In<
Inc., $5 prior pref. (accum.)
Kings burg Cotton Oil Co
Lake of the Woods Milling Co., Ltd., 7 % pf. (qu)
Lane Bryant, Inc. (quar.)
Lansing Co. (quar.)
— — —
Le Tourneau (R. G.), Inc.—
$4.50 conv. pref. (initial quar.)
...
Liberty Finance Co., participating pref. (qu.) —
$134
$1
.
Life Savers Corp.
5c
tMX
25c
30c
$134
.
_
_
—
—
—
—
-
-
_
wii
40c
$1
$1
20c
$134
J25c
X25c
10c
20c
50c
25c
-
5c
25c
Manufacturers Casualty Ins. Co.
40c
(Phila.) (quar.)
10c
—- -
-
$134
preferred (quar.)....
$134
6% preferred, second series (quar.)...
15c
McGraw-Hill Publishing Co
McLennan, McFeeley & Prior, Ltd.—
tl234c
Class A (quar.)
U234c
Class B (quar.)
—
$154
634% 1st pref. (quar.).
40c
Metropolitan Storage Warehouse Co.
—
Marshall Fie»d & Co., 6%
$2
Midvale Co. (irreg.)
Monsanto Chemical Co., common
50c
(quar.)
.
;
•
...
—
Associates,
.
Newport News Shipbuilding & Dry Dock Co.—
Common...
$5 convertible preferred (quar.)
...—
Nineteen Hundred Corp., class B——.....
North American Oil Consolidated
—
Oahu
Sugar Co., Ltd
—'—...
B'Gosh,
_
(quar.)—-
________
25c
$1
$134
50c
15c
—
_
15c
15c
$134
50c
$134
1234c
15c
20c
$134
t$2 X
6% preferred (quar.)
... -
_
60c
—
— _
.
£
--
Parker Pen Co
Extra—
_ _
-_ . —,-—Pemigewasset Valley RR. Co
Pennsylvania Water & Power Co., com. (quar.)
$5 preferred (quar.).
...
Perron Gold Mines, Ltd. (quar.)
I
June 21
June
June 21
June
June 21
Aug.
July
Oct.
Sept.
Aug.
Sept.
Sept.
July
Sept.
Aug.
Sept.
Aug.
-
Otis Steel Co.. $5.50 conv. 1st preferred
_
2
18
11
11
2*
21
5
11
4
1
11
1
1
15
15
19
June
Oct.
50c
Otis Elevator Co., common-.-.—
Outboard Marine & Mfg. Co. (irreg.)..
Owens-Illinois Glass Co.
Pacific Fire Insurance Co. (quar.)..
Aug. 18 Aug.
July 21 July
Sept, 2 Aug.
Sept. 2 Aug.
Sept.15 Sept.
Aug.
1 July
Aug. 15 Aug.
Aug. 15 Aug.
Aug.
8 Aug.
Aug. 15 Aug.
Sept. 2 Aug.
Aug. 15 Aug.
Aug. 15 Aug.
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 2 Aug.
55c
5c
...
Sept.
Sept.
75c
10c
.
9
21
Sept. 15
Aug. 11
July 18
Aug. 16
Aug. 15
Aug.
9
July
8
Aug.
9
Aug. 15
July 24
Aug. 14
Aug.
1
—
...
1 Aug.
1
2 Aug.
1
2 Aug.
1 Aug. 15
1 Aug. 15
Aug. 31
10c
(quar.)
■
Extra
Sept.
Aug.
MX
50c
$2 convertible preferred (quar.)
Oswego Falls Corp.
Oct.
10c
—
$134
$134
50c
$0$0026
I 11
t$334
$2
(quar.)..
MX
$7 preferred
50c
$134
25c
25c
$134
$1
$134
14c
ilc
Sept.
Aug.
Aug.
Aug.
Aug.
1
July 18
July 18
July
21
Aug.
1 July
21
Sept.
2 Aug. 16
Nov.
1 Oct.
16
Aug. 15 Aug,
l
Aug.
5 July 25
Aug.
5 Aug. 15
Aug.
1 July 22
Aug.
1 July 22
Sept. 2 Aug. 14
Sept. 2 Aug. 20
Sept. 2 Aug. 20
Aug,
1 July 25
Aug.
1 July 25
20 Aug. 26
20 Aug. 26
15 Aug. 30
15 Aug.
4
15 July 30
9 Aug.
1
1 Aug. 1.5
1 Aug. 15
1 July 16
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 22 Aug. 30
Sept.22 Aug. 30
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Sept.
Spet.
Aug.
Aug.
Aug.
July
Aug.
15
15
18
15
Sept. 16
Oct.
60c
$134
$6 preferred
June 30
Sept.15 Aug. 31
1 Sept. 10
20c
$134
'
35c
40c
$134
25c
Ha?
$1
1
Aug. 14
Aug. 14
Aug. 14
Sept.
Sept.
Sept.
July
Aug.
July
June 30
July
July
July
July
Aug.
July
Aug.
July
Aug.
Dec.
Nov. 20
t2c
Sept.
5c
Sept.
15c
Talon, Inc
60c
...
Taylor-Wharton Iron & Steel Co
...v— -—
Texas Pacific Coal & Oil Co. (quar.)
—
Trane Co., common
$6 lstpreferred (quar.) —- SU - - * United Engineering & Foundry Co., com. (qu.).
7% preferred (quar.)
United Gas Corp., $7 preferred
United Grain Growers. Ltd. (interim)
U. S. Playing Card Co. (quar.)
Universal Insurance Co. (quar.).
Virginia Coal & Iron Co. (irreg,)
Vogt Manufacturing Corp
W. J. R., The Goodwill Station (quar.) —
Extra
...
_
_
.
.
.
.
—.....
-
-
-
-
-
.
.
Warren Foundry & Pipe Corp
Warwick Co., com. v. t. c. (liquidating)
Webster & Atlas National Bank (Boston)
_ .
50c
10c
25c
$134
50c
$134
t$2 34
ill 34
Extra
Sept.
Sept.
Sept.
Aug.
Sept.
Aug.
Sept.
Aug.
Aug.
Sept.
Aug.
$134
25c
Sept.
$1
30c
10c
—
$1
$1-34
July "28"
July 21
July 21
July
9
Aug. 15
Sept. 15
Sept. 15
Aug.
1
Aug. 23
Sept.13
Oct.
Oct.
30c
Aug.
75c
Sept.
Oct.
in previous weeks
include dividends an¬
in the preceding table.
give the dividends announced
I
Name
Per
Share
of Company
20c
'
,
mm
'mm
-m «■»
mm
(s.-a.)
mm mm
mm mm mm
mm'm
m mm
7% preferred (quarterly)
Agricultural Nat 1 Bank (Fittsfield.Mass.)—•
(Quarterly).
Alabama Power Co. $5 preferred (quar.)
Alaska Juneau Gold Mining Co
Allen Industries, Inc
—
Alientown-Bethlehem Gas, 7% pref. (quar.) —
Aug.
25c
Agnew-Surpass Shoe Stores, common
Aug.
Sept.
Sept.
t$i x
$2
$134
1234c
25c
—
8734c
50c
Aloe
6% preferred (quar.)
25c
—
-
-
-
- - — - - -
(payablein U. S. funds).
(quar.)
—
Co. of Ga. $2 pref. (s.-a.)
Envelope Co., 7% pref. A (quar.)
American Discount
7% preferred A (quar.!
American Export Lines, Inc. 5%
American General Corp. $3 pref.
—
pref. (quar.).
(quar.)
$2.50 preferred (quar.)
$2 preferred (quar )
- - - American Home Products Corp. (monthly)
American Insurance Co. (Newark) (s.-a.)
-
Extra
Traction Co. com. (quar.)
6% preferred (quar.)
American Meter Co.
American Nat. Bank & Tr. Co. (Chicago) (quar.)
American Nat'l Bank (Nashville, Tenn.) (quar.)
American Paper Co., 7% preferred (quar.)
7% preferred (quar.)
Amer. Radiator & Standard Sanitary Corp.—
7% preferred (quar.)
American Stove Co
American Light &
50c
...
Quarterly
7% preferred (quar.)
7% preferred (quar.)
....
Amalgamated Sugar Co., 5% pref. (quar.)
Amerada Corp. (quar.)
Amerex Holding Corp. (s.-a.)
American Barge Line Co., new (initial).
American Book Co
American Can Co. (quar.)
-American Car & Foundry Co. common (resumed)
7% non-cum. preferred (quar.)
...
Accumulated (clearing up all previous undis¬
tributed earnings applic. to the preferred)..
American Chain & Cable Co., Inc.com.
5% preferred (quar.)....
American Chicle Co. (quar.)
American Cities Power & Light Corp.-—
$3 conv. class A, opt. div. series of 1928—
1-32d share of cl B stock, or at holders op¬
tion, 75c. in cash
American Colortype Co., common
—
Common
t$2
$134
50c
MX
MX
1234c
50c
50c
25c
50c
.
$1
$1
$134
$2.04
40c
$134
$1
15c
15c
$1
MX
MX
$134
75c
6234c
50c
20c
25c
5c
30c
37'4 c
75c
$2
15c
1134
11 X
MX
30c
Holders
When
Payable of Record
J40c
J20c
Adams (J. D.) Manufacturing Co
Adams-Millis Corp
American
Aug.
July
July
Sept.
July
July
Aug.
Aug.
July
50c
$2034
and not yet paid.
The list does not
nounced this week, these being given
.
July 24
Aug.
5
Aug. 29
Aug. 15
Aug. 26
July 28
Aug. 11
Aug.
1
Aug. 23
Aug.
1
Aug.
1
Aug.
8
July 25
Sept. 13
Aug. 15
Aug. 22
Aug. 15
July 21
July 21
Aug. 15
Sept.
Sept.
Sept.
20c
(s.-a.)
i
we
Nov. 20
July
Oct.
25c
50c
Co
—
Westinghouse Air Brake Co
...
Whitaker Paper Co., common (quar.)
7% preferred (quar.)
White (S. S.) Dental Mfg. Co. (increased)
Youngstown Sheet & Tube Co., common
534% preferred A (quar.)
Below
Dec.
25c
.. -
Western Cartridge
Nov. 20
Dec.
5Cc
$134
25
12
1
Oct.
Aug.
60c. prior preferred (quar.)
Southeastern Greyhound Lines,
Inc. com. (qu.)_ 3734c
30c
6% non-cum. preferred (quar.)
30c
6% conv. preferred (quar.)
25c
Stouffer Corp., class B
t3134c
Struthers Wells-Titusviile, $1.25 conv. pref
40c
Swan-Finch Oil Corp., common (irreg.)
3734c
6% preferred (quar.)
23
July 18
July 24
July 24
Aug.
2
Aug.
2
July 31
July 31
July 31
Aug. 16
Sept. 4
Sept. 4
10c
Extra
21
21
July 21
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sisco Gold Mines, Ltd
Sonotone Corp., common.
25c
Sept. 10
Aug.
1 July 22
Aug.
1 July 22
5
Aug. 15 Aug.
Aug.
Aug.
Aug.
(A. S.) Co
Alpha Portland Cement Co
$134
Inc., common
tMH
Security Insurance Co. (New Haven) (quar.)
Sierra Pacific Power Co., common
6% preferred (quar.)
Signode Steel Strapping Co., common
$2.50 preferred (quar.)
Sioux City Gas & Elec. Co., 7% pref. (quar.)..
Common (quar.)
Aluminium-, Ltd., common.t
—
6% preferred (quar.)
Oshkosh
Securities Corp. General,
Nov. 10
—
a
Oct.
25c
Nov. 10
10c
Okonite Co., common
Extra.
50c
Standard Products Co
Nov. 10
75c
(irreg.)...
6% preferred (quar.)
July
Sept.
Sept.
July
Sept.
£
37$
...
St. Paul Fire & Marine Insurance Co.
Dec.
45c
(semi-annual)
Extra.
15c
25c
6% preferred C (quar.)
6% preferred D (quar.).
—
5% preferred E (quar.)
Royalty Income Shares, series A (monthly).
Russell-Miller Milling Co. (quar.)
Sagamore Manufacturing Co. (quar.)
St. Louis Screw & Bolt Co., 7% pref
Dec.
$2
New Amsterdam Casualty Co. (s.-a.)
New England Fund, ctfs. benef. int.
New England Water Light & Power
Aug.
25c
Extra..
Risdon Manufacturing Co. (irreg.)
Rochester Gas & Electric Corp.—
Dec.
$134
(quar.)
Neptune Meter Co., 8% preferred (quar.)
National Gypsum Co., $4.50 pref.
New Brunswick Fire Ins. Co.
Sept. 2 Aug. 15
Aug. 15 Aug. 15
Aug.
fOc
Accumulated.
Aug. 11*
Aug.
1
Aug.
1
Sept.
50c
Quaker City Fire & Marine Ins. Co. (s.-a.)
Rayonier, Inc., common
$2 preferred (quar.)
Reliance Grain Co., Ltd.—
634% preferred (accumulated)
Remington Rand, Inc., common (interim)
$4.50 preferred (quar.)
Revere (Paul) Fire insurance Co. (s.-a.)
$234
$234
...
pref. (quar.).
Common..
Aug.
1 July 15
5
Aug. 15 Aug.
Oct.
1 Sept. 12*
4
Sept. 2 Aug.
Sept.22 Sept. 5
Aug. 15 Aug.
5
July 28 July 28
Aug. 15 Aug. 15
Sept. 22 Sept. 8
Sept.15 Sept. 5
Sept. 2 Aug. 16
$134
Philadelphia Suburban Water Co. 6% pref. (qu.)
Phillips Petroleum Co. (quar.)
Pitney-Bowes Postage Meter Co. (quar.)
Plomb Tool Co., 6% convertibe pref. (quar.)...
Poor & Co., $1.50 class A preference (quar.)
Aluminum Manufacturers, Inc.
Muskogee Co., 6% preferred (quar.)
Myles Standish Co., common voting trust ctfs__
Nat. Automotive Fibres. Inc. 6% conv. pf. (qu.)
National Battery Co., $2.20conv.
Aug. 15
Oct.
Sept. 20
Sept.15 Aug. 29
Sept. 2 Aug. 15
Sept. 1 Aug. 15
Aug.
1 July 21
Aug. 15 July
2
Aug. 15 July 24
July 30 June 24
Aug. 12 July 29
Aug. 12 July 29
Aug. 21 Aug.
9
Sept.
13134c Sept.
—
Motor Finance Corp. (quar.—
Munson Line, Inc. $4 preferred A (irreg.)
20
31
22
22
20
1
1
2
of Record
Company
$2
$4.50 preferred A (semi-annual)
$4.50 preferred B (semi-annual)
$4 preferred C (semi-annual).
Montreal Loan & Mortgage Co. (quar.)
Morris Plan Co. of Rhode Island (Providence)
Quarterly
Aug.
1 July
Aug. 15 July
Aug.
1 July
Aug.
1 July
Sept.
1 Aug.
Aug. 15 Aug.
Aug. 15 Aug.
Sept. 8 Sept.
Sept.
Sept.
—
—-
_
Aug. 30 Aug. 25
Manhattan Shirt Co_
Extra
-
14c
Macmillan Co.
common (quar.)
$5 non-cum. preferred (quar.)
Managed Investments, Inc. (quar.)
5
Aug. 15 Aug.
Aug. 25 July 31
Sept. 10 Aug. 22
Oct.
1 Sept. 25
1
Aug. 30 Aug.
9
Sept.
1 Aug.
9
Sept.
1 Aug.
Sept. 30 Sept. 9
Aug. 15 July 31
Oct.
Sept.12
Oct.
Sept.12
Oct.
Sept.12
Aug.
9
Sept.
July 25 July 21
Sept. 30 Sept. 15
Sept.19 Aug. 29
Aug. 15 July 31
Aug.
1 July 22
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Aug. 15
Sept.
Aug. 15
Sept.
Aug. 15
Sept.
Aug. 20
Sept.
Aug. 20
Sept.
July 25
Aug.
Sept.15 Sept. 5
Sept. 15 Sept. 5
40c
Special
Liggett & Myers Tobacco Co., com. (quar.) —
Class B (quar.)
Lindsay Light & Chemical Co_
r_
Liquidating Shares, Inc. (liquidating dividend).
Loblaw Groceterias Co., Ltd., class A (quar.) —
Class B (quar.)
Louisiana Land & Exploration Co
Lukens Steel Co. (irreg.)
.
Lunkenheimer Co
Holders
Name of
Payable of Record
Westchester Fire Insurance Co. (quar.)
(quar.)
501
r
Holders
When
Per
Name of
Financial Chronicle
Oct.
1 July 15
1 July 25
2 Aug. 15
2 Aug. 15
1 Sept. 15
15 Oct.
10
Aug.
1 July
Aug.
1 July
July 29 July
Aug.
9 July
Aug.
1 July
18
Oct.
7
21
31
21
Sept. 25 Sept. 2
Sept. 5 Aug. 15
8
Sept. 1 Aug.
Sept. 30 Sept. 15
Dec.
31 Dec.
15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
Aug.
1 July 17
July
July
Aug.
July
15*
10
Aug.
Aug.
July
21
July
18
24
31
1
1
1
Aug. 15
July
Oct.
1 Sept. 24*
Oct.
1 Sept. 24*
Aug. 29
Sept. 15
Sept.15
Sept. 15
Aug. 22*
Sept. 3
Sept. 3
Sept. 2
Aug.
1 July 21
Sept. 15 Sept. 5
5
Dec. 15 Dec.
Aug.
Sept.
Dec.
1 July 21
1 Aug. 25
1 Nov. 25
8
15
1 Aug. 15
1 Aug. 15
1 July 14*
Oct.
1 Sept.
3
Oct.
1 Sept.
3
Aug.
1 July 15
Aug.
1 July 15
Sept. 16 Aug. 27
Aug. 15 Aug.
Sept. 1 Aug.
Sept.
Sept.
Aug.
Oct.
15 Oct.
14
Sept. 30 Sept. 20
5
Sept. 15 Sept.
Dec.
Sept.
Aug.
15 Dec.
6
Aug. 25
July 17
The Commercial & Financial Chronicle
502
When
Per
Name of
Share
Company
Preferred
Aug.
July
Aug.
July
3
$1 M
Oct.
Sept.
5*
5(
Aug.
Aug.
Aug.
July 19
July 15
July 15
July 29*
July 15
$1M
(initial)
American Woolen Co., Inc., 7% pref
Amsterdam City Nat. Bank (N. Y.) (quar.)_-
Aug.
$:
.
_
Oct.
$3M
*68 Mc Aug.
UOc July
$1
Sept.
15c
Aug.
87
Aug.
Quarterly
Anglo-Canadian Tei. Co. 5M % pref. (quar.)
Anglo-Huronian, Ltd. (interim)...
Anheuser-Busch, Inc. (quar.)
Animal Trap Co. of America common (quar.)___
7% preferred (quar.)
A. P. w. Properties, Inc., class B
...
"il
$iM
Atlantic Macaroni Co., Inc
Atlantic Refining Co., 4% pref. A (quar.)
Atlas Plywood Corp. common (increased)
$1
$1
50c
$1.25 preferred (quar.)
31c
SIM
(quar.)
5M % preference (quar.).
Babcock & Wilcox Co
Badger Paper Mills, 6% preferred (quar.)
Baltimore American Insurance Co. (s.-a.)
75c
10c
Extra
10c
Bangor Hydro-Electric (quar.)
30c
Bank of Toronto (quar.)
•
*$2 M
Barnsdall Oil Co
V
15c
Bathurst Pow. & Paper Co., Ltd., cl. A (interim)
*2 5c
Bavside National Bank of N. Y. (s.-a.)
t25c
Extra
75c
Beatty Bros., Ltd., 6% 1st preferred (quar.)___
M
Bendlx Aviation Corp
Berland Shoe Stores, Inc., common (quar.)
Extra
12Mc
12Mc
$1 M
7% preferred (quar.)
Bertram (John) & Sons
Best & Co. common
Co., Ltd. (initial)
15c
40c
6% preferred (s.-a.)
$3
25c
Birdsboro Steel Foundry & Machine Co
Birtman Electric Co., com. (quar.)
25c
$7 preferred (quar.)
SIM
Blauner's $3 preferred (quar.)
Bloch Bros. Tobacco Co., com.
(quar.)
75c
37Mc
6% preferred (quar.)
x
Blue Ribbon Corp. 5% pref. (quar.)..
Bon Ami class A
SIM
*62 Mc
(quar.)
Class B (quar.)
62 He
25c
Bon wit Teller, Inc. new com. (initial)
5]A% preferred (initial quar.)
Booth Fisheries Corp. $6 2nd pref
6S®
Boston Edison Co. (quar.)
Boston Fund (quar.)
50c
Boulevard Bank (Forest Hills, N. Y.) (s.-a.)
75c
16c
Bourjois, Inc., $2.75 pref. (quar.)
68Mc
Brentano's Book Stores, Inc., $1.60class A (qu.)
40c
Bridgeport City Trust (Conn.) (quar.)
40c
British Columbia Telephone Co.—
6% preferred (quar.)
tSIM
Broadway Department Stores, common
25c
5% preferred (quar.)
Bronxville Trust Co. (N. Y.) (quar.)
Buckeye Pipe Line
SI
Buckeye Steel Castings, 6% preferred (quar.)
$1M
Common (irregular)
50c
Buffalo Ankerite Gold Mines, Ltd. (interim)!"
UOc
Buffalo Niagara & Eastern Power Corp.—
$5 preferred (quar.)
$1M
Bullock's Fund, Ltd., common
10c
Bullock's, Inc. (Los Angeles), 5% pref. (quar.)-SIM
Bunte Brothers 5% preferred
(quar.)
$1M
5% Preferred (quar.)
$1M
Burdine's, Inc
50c
Burlington Mills Corp. common
35c
$2.75 conv. preferred (quar.)
68 He
Burroughs Adding Machine Co
15c
Business Capital Corp. class A (quar.)
12Mc
Byers (A. M.) Co., 7% preferred
Accumulated div. of $2.0563; representing the
quarterly div. of $1.75 due Feb. 1,1938 and
interest thereon to Aug. 1, 1941.
Calgary Power Co., Ltd., 6% preferred (quar.)
t$l M
California Packing Corp., common
25c
5% preferred (quar.)
62 Mc
Canada Foundries & Forgings, class A
(quar.)_
Class A (quar.)
t37Mc
Canada Southern Ry. (semi-ann.)
$1M
Dividend declared payable in U. S. Dollars,
*Ti
less Canadian dividend tax.
Canadian Bank of Commerce
(Toronto) (qu.)__
*$2
(quar.)
*37 Mc
5% preferred (quar.)
;
*$1M
Canadian Converters Co., Ltd. (quar.)
*50c
Canadian Industries, Ltd. common A
tSIM
(irreg.)
Common B (irreg.)
*$1M
Canadian Invest. Corp., Ltd.
(quar.)___
*10c
Canadian Investment Fund, Ltd.—
Ordinary shares (irreg.)
*5c
Special shares (irreg.)
I
*5c
Canadian Oil Cos., Ltd. (quar.)_
*12Mc
Canadian Bronze Co., Ltd., com.
_
-
_
_
non-cum.
pref!!"
_
(quar.)
Central Hudson Gas & Electric,
com., (reduced)
Central N. Y. Power Corp., 5%
pref. (quar.)__
Central Ohio Steel Products Co
Central Power & Light Co.
July
8
July 21
July 21
July
8
July
21
Aug.
July
15
Copper
Champion Paper & Fibre,
6% preferred (quar.)
Aug.
1
Aug.
1
Aug.
1
Aug.
1
Sept.15
Aug.
1
Aug.
1
Aug.
1
31
20
Commonwealth Edison Co. (quar.)
Commonwealth International Corp., Ltd.
Commonwealth Investment Co. (quar.)
28
28
21
10
31
15
1
15
19
June
17
July
July
July
Aug.
July
July
July
22
22
25
22
16
16
25
Aug.
Aug.
Aug.
Sept.
1
1
1
2
Dec.
1 Nov. 24
July
July
15
15
July 12
Aug. 25
July 28 Juiy
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 5 July
July 31 July
Aug.
1 July
22
15
15
28
24
15
Aug.
1 July 15
Aug. 15 July 31
Aug. 15 July 31
Sept. 15 Sept.
1
Dec.
Aug.
Aug.
Aug.
Aug.
July
July
July
Aug.
15 Dec.
1
1 June 30
June 30
July
July
21
21
June 30
June
—
6M% preferred (quar.)
Commoil, Ltd
25
30
June 30
15
Aug. 10 Aug.
1
Aug.
1 July 25
Aug.
1 July 21
—
5% preferred (quar.)
5% preference (quar.)
15
15
28
15
15
22
1 Sept.
25c
21
31
31
10
15
11
21
1
25
29
19
15
15
1
8
1 July
Oct.
43 Mc
50c
18
1
1
Aug.
__
Colorado Fuel & Iron Co
$1M
68Mc
Columbia Pictures Corp., $2-75 conv. pf. (quar.)
Columbus & Southern Ohio Electric Co.—
2>
SIM
*lc
f--
45c
(qu.)_
*4c
Commonwealth Utilities Corp. 6M % pref. (qu.)_
SIM
6% pref. (quar.)
6M% preferred "C" (quar.)
Community Public Service Co
Concord Gas Co., 7% preferred
Confederation Life Association (Toronto) (qu.)Quarterly
Congoleum-Nairn, Inc. (quar.)
Coniagas Mines, Ltd. (interim)
Connecticut Light & Power, common (quar.)
5M % preferred (quar.)
Connecticut & Passumpsic River RR. Co.—
6% preferred (s.-a.)
Connecticut River Power Co., 6% pref. (quar.)
Consolidated Aircraft Corp. $3 conv. pref. (final)
Consolidated Chemical Industries, Inc.—
$1.50 participating preferred, class A (quar.)_
Common, class B
Consolidated Cigar Corp. 7%
pref. (quar.)
6M% prior preferred (quar.)
$1M
$1M
Consolidated
4c
50c
+50c
$1M
SIM
25c
*5c
75c
$1M
$3
SIM
50c
37Mc
75c
$1 M
SIM
Coppermines Corp. (irreg.)
15c
Extra
10c
Consol. Edison Co. of N. Y., Inc., $5 pref. (qu.)
Consolidated Laundries $7.50 preferred (quar.)_
1M
U M
5c
Consolidated Lobster, Inc. (quar.)
Consolidated Oil Corp. (quar.)
Consolidated
1 Sept. 30
65c
$1
(quar.)_
$1
Quarterly
65c
City of New York Insurance Co. (s.-a.)
Clark (D. L.) Co. (irreg.)
25c
Cleveland Cincinnati Chicago & St. L. Ry. Co.
Common (s.-a.)
$5
$1.25
5% preferred (quar.)
;
Coast Breweries. Ltd. (quar.)
*3c
12Mc
Colgate-Palmolive-Peet Co., common (quar.)
$4.25 preferred (quar.)
$1.06 M
Colonial Life Insurance Co. of Amer. (quar.)
$3
Columbia Gas & Electric, 6% pref. A (quar.)
15
$1
2 Aug. 15
1 July 18
1 July 15
Oct.
+$3
$1M
3
24
2
2
Sept.
Aug.
Aug.
20c
15c
Citizens Utilities Co
City Baking Co., 7% preferred (quar.)
City Nat'l Bank & Trust Co. (Chicago)
Columbus Foods Cor p., pref. (quar.)
Common (resumed;
15
$2
«1M
20c
Common
8
28
24
2.5c
Retail
12Mc
Nov.
1 Oct.
21
Aug.
Aug.
1 July
1 July
21
July
July
Aug.
Aug.
Sept.
Aug.
Aug.
15
31 July
31 July
1 July
15 July
30 Sept.
1 July
28 Aug.
21
21
16
22
9
29
14
Aug.
1 July 21
Aug.
1 July 21
19
Aug. 15 July "
Aug. 15 July 19
Aug. 15 July 19
1
Aug. 15 Aug.
Aug.
1 July
Aug. 29 Aug.
Aug.
1 July
Aug. 15 July
Aug.
1 July
Aug. 30 Aug.
Oct.
1 Sept.
Dec.
1
15
15
15
15
14
15
15
Nov. 14
Aug. 15 July
Aug. 15 July
25
31
Sept. 30 Sept. 25
Dm. 31 Dec.
14
Sept. 15 Sept.
2
Aug.
8 July 24
Oct.
1 Sept. 15
Sept. 1 Aug. 15
Aug.
1 July
1
Sept. 2 Aug. 15
Aug. 30
1 July
1 July
Sept. 2 Aug.
Aug.
1 July
Aug.
8 July
Aug.
8 July
Aug.
1 June
Aug.
1 Juiy
July 31 July
Aug. 15 July
Aug.
Aug.
17
17
15
15
25
25
27
15
12
15
Stores—
8% preferred (quar.)
Consumers Gas (Reading, Pa.) (irreg.)
$2
35c
Container Corp. of America
Continental Oil Co
Corn Exchange Bank & Trust Co. (N.
Coronet Phosphate Co. (irreg.)
25c
25c
75c
Y.) (qu.)
50c
*5c
Corporate Investors, Ltd., class A (quar.)
Extra
*3c
County Bank & Trust Co. (Cambridge, Mass.)—
Irregular
Cresson Consol. Gold Mining & Milling Co.—
Oct.
1 Sept. 15
Sept. 15 Aug. 29
Aug. 20 Aug.
5
Sept. 29 Sept. 8
Aug.
1 July 18
July 31 July
Aug. 15 July
Aug. 15 July
Aug.
1 July
10c
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Aug.
Aug.
Extra
10c
Oct.
15 July
1 July
12 July
15 Aug.
1 Aug.
30 Sept.
2 July
July
Sept.
Extra
10c
Dec.
Common (quar.)__
Croweii-Collier Publishing Co.
lblis
Crown Cork & Seal Co., Inc
20c
2c
$3 M
25c
43 Mc
7% pref. (s.-a.)__
Crown Drug Co. 7% conv. pref. (quar.)
Crown Zellerbach Corp. $5 conv. pref. (quar.)__
Crum & Forster 8% pref. (quar.)
$1M
$2
Crunden-Martin Mfg. Co., 7% pref. (s.-a.)
Culver & Port Clinton RR. Co. (s.-a.)
$3M
Cumberland Co. Power & Lt. Co., 6% pf. (qu.)_
5M% preferred (quar.)
Cuneo Press, Inc., common
4 M % preferred (quar.)
Dallas Power & Light, 7% pref. (quar.)
$6 preferred (quar.)..
Dayton Rubber Mfg. Co., common
$2 preferred, class A (quar.)
Decca Records, Inc. com
(quar.)
SIM
SI H
37 Mc
SIM
SIM
$1 M
25c
50c
15c
.
Extra
10c
Dejay Stores, Inc
Delaware Rayon Co. class A
Dennison Manufacturing Co., $6 prior pref
8% cum. debentures (quar.)
Dentists' Supply Co. (N. Y.) 7% pref. (quar.)_„
7% preferred (quar.)
10c
50c
75c
$2
SIM
SIM
6Mc
Deposited Insurance Shares, series A
Detroit Hillsdale & Southwestern RR. (s.-a.)
Diamond Ginger Ale Inc. (quar.)
$2
25c
Diamond Match Co.. pref. (semi-annual)
Diamond Shoe Corp. (quar.)
Dictaphone Corp., common
8% preferred (quar.)
Distillers Co., Ltd., Amer. dep.
75c
30c
50c
1 Oct.
Dec. 23
Aug.
16
31
24
28*
6
13
16
31
22
28
Nov. 22
Aug.
July
Aug.
July
Aug.
July
Sept. 15 Sept.
Aug.
1 July
Aug.
1 July
July 30 July
July 30 July
July 30 July
July 30 July
Aug.
1 July
Aug.
4 July
Aug.
1 July
Aug.
1 July
Oct.
21
29
29
Dec.
19
19
19
2
17
17
15
15
16
16
15
25
23
23
1
23
1 July
1
1-5-42 Dec.
20
July 30 June 21
Sept. 2 Aug. 12
Aug.
1 July 21
Sept. 2 Aug. 15
Sept. 2 Aug. 15
SIM
Aug.
35c
Aug.
July
July
10
15
July
July
July
15
15
25
Aug.
July
July
July
July
Aug.
Sept.
20
Dunlan
30c
Aug. 15 July
31
18
16
14
15c
Aug.
Aug.
Aug.
1 July
22
1 July
7
21
Duquesne Brewing Co. (quar.)
Electric Bond & Share Co. $5 pref. (quar.)
$6 preferred (quar.)
Elgin National Watch Co
30
Elizabeth & Trenton RR. Co., com.
(s.-a.)
U2lt
75c
25c
SIM
SIM
SIM
25c
17c
41c
$1
common
July
July
Aug.
1 July
July 31 July
Aug.
1 July
Aug. 15 July
Aug. 15 July
Aug.
1 July
Sept. 2 Aug.
Sept. 8 Aug.
Sept. 1 June
Aug.
1 July
Aug.
1 July
Aug.
1 July
Sept. 2 Aug.
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug. 15 Aug.
Aug. 15 July
July 30 July
July 31 July
Aug.
1 July
Aug.
1 July
Aug. 15 Aug.
Aug. 15 Aug.
Sept.30 Sept.
Aug.
1 July
July 31 July
July 31 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug. 20 July
Aug.
1 July
Aug. 15 Aug.
Aug.
1 July
Aug.
1 July
__+$ 2.91 2-3 Aug.
t$2M
Aug.
Central Railway Signal Co. pref., class A
(qu.)
$1
Aug.
Century Ribbon Mills, 7% pref. (quar.)
$1M
Sept.
Cerro de Pasco
July
Aug.
July
July
July
July
$1M
1
11*
23
23
20
21
15
15
1
1
1
30
30
31
25
25
18
18
5
(Mass.)—~
Chain Store Investment Corp. $6.50
pref. (qu.)
Chain Store Real Estate Trust
(Mass.) (quar.)_
June 27
Aug.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
7% preferred
6% preferred
Century Shares Trust (s.-a.)
Aug. 15
July 18
Aug. 18
Aug. 15
Aug. 15
70c
25c
July
July
Aug.
Aug.
July
July
July
July
July
July
July
July
Sept.
25c
Cedar Rapids Manufacturing & Power
Co."(q~u.)
Celotex Corp. common (quar.)
5% preferred (quar.)
Central Arizona Light & Power
$7 pref. (quar.)
$6 preferred (quar.)
Central Cold Storage Co.
Mar. 31
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Sept.
Sept.
July
Sept.
Aug.
Aug.
July
July 31 July
July 31 July
Sept. 2 Aug.
Aug.
1 July
SIM
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
25c
Extra
16
26
21
21
Chartered Investors, Inc., $5 pref. (quar.)-.Chase National Bank (N. Y.) (s.-a.)
Cherry-Burrell Corp., com
5% preferred (quar.)
Chicago Yellow Cab Co., Inc. (quar.)
Cincinnati Inter-Terminal RR. 4% pref. (s.-a.)
Cincinnati New Orleans & Texas Pac. Ry. Co.
5% pref.(quar.)
Cincinnati Street Railway (irreg.)
< ities Service Co., $6 preferred
Citizens National Bank & Trust Co. (Englewood, N. J.) (quar.)
Citizens National Trust & Savings Bank (Los
Angeles) (s.-a.)
Citizens & Southern Nat. Bank (Savannah, Ga.)
Holders
Payable of Record
18
_
'
15
15
Share
Name of Company
July
Extra
Canadian Pacific Ry. Co. 4%
Castle (A; M.) & Co. (quar.)
Oct.
July
July
Aug.
July
July
Oct.
Appalachian Electric Power Co. 4M % pref. (qu.)
Appleton Co. common (irreg.)
7% preferred (quar.)
Armstrong Cork Co. (interim)
Artloom Corp. 7% preferred (quar.)
SIM
Asbestos Manufacturing Co. $1.40 conv. pref
t35c
$1.40 convertible preferred
t35c
Associated Dry Goods Corp., 7% 2d pref
t$3M
6% 1st preferred (quar.)
Associated Insurance Fund, Inc. (s.-a.)
Associated Telephone Co. .Ltd., $1.25 pref. (qu.) *31 Mc
Atchison Topeka & Sante Fe Ry Co.—
5% non-cumulative preferred
$2M
Common (irregular)
si
Atlanta & Charlotte Air Line Ry. (s.-a.)
uy2
Atlantic City Electric Co. $6 preferred (quar.)__
SIM
Atlas Powder Co. 5% conv. preferred
Ault & Wiborg Proprietary, Ltd.—
July
1
When
Per
Holders
Payable of Record
50c
SI M
American Smelting & Refining Co., com
7% 1st preferred fquar.)
American Sugar Refining Co. 7% pref. (quar.)>_
American Thermos Bottle Co. common A (irreg.)
American Viscose Corp. common (initial)
July 26, 1941
SIM
20c
25c
SIM
Aug.
Aug.
Aug.
Aug.
Sept.
Oct.
June 30
15
rec.
for ord.
reg.
Final
Ordinary registered, extra
Distillers Cor p.-Seagrams, Ltd., 5% pf.
(quar.)_
Dividend Shares, Inc
Domestic Finance Corp., common (quar.)
Extra
aSH%
alM%
$1M
$2 preferred (quar.)
Dominguez Oil Fields Co. (monthly)
Dominion & Anglo Investment Corp., Ltd.—
5% preferred (quar.)
Dominion Bank of Canada (quar.)
Dominion Oil Cloth & Linoleum Co., Ltd.
(quar. )
Extra
Dominion-Scottish Investments, Ltd.—
5% preferred (accum.)
Dominion Tar & Chemical Co., Ltd.<—
5M % preferred (quar.)
Dover & Rockaway RR. Co. (s.-a.)
Dow Chemical Co., common
5% preferred (quar.)
Silk Corp., common (reduced)
5% preferred (s.-a.)
lMc
35c
10c
50c
25c
*$1M
*$2M
7 July
1 July
July
July
July
July
Aug.
July
July 31 July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
1 Aug.
1 July
31 July
31 July
8
3
17
15
28
28
28
16
15
19
15
*30c
July
JlOc
July
*50c
Sept.
1 Aug. 20
Aug.
1 July
Oct.
1 Sept. 30
*$1 %
$3
75c
$1M
SIM
SIM
25c
$1
SIM
Aug. 15
Aug. 15
ASI:
15
12
1
1 July
7
Sept. 22 Sept.
6
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Volume
The Commercial &
153
Williamsport RR. Co. (s.-a.)
Employers Casualty Co. (Dallas), (quar.)
Quarterly
_
Employers Group Associates (quar.).
Eppens, Smith Co. (s.-a.)
Erie & Kalamazoo RR. Co. (irreg.)
Eureka Pipe Line Co
Faber, Coe & Gregg, Inc., 7% pref. (quar.)
Fairbanks Co. new com. (initial)
6% conv. preferred (initial) (quar.)
Fairchild Aviation Corp. (irreg.)
Fall River Gas Works (quar.)
Falstaff Brewing Co. pref. (semi-ann.)
Fansteel Metallurgical Corp. $5 pref. (quar.)—
$5 preferred (quar.)
Farmers Deposit National Bank (Pitts.) (qu.)__
Farmers & Traders Life Insurance (quar.)
Nov.
1 Oct.
Aug.
1 July
20
25
Nov.
1 Oct.
25
Oct.
1 Sept. 30
1 Sept. 10
Federal Chemical Co. 6% preferred
Federal Insurance Co. or New Jersey (quar.)
Aug.
2 July
Oct.
1 Sept.
Elmira &
Federated Department Stores common
July 31 July 17
Aug.
1 July ,'25
Aug.
1 July 26
Aug.
1 July 15
Aug.
1 July 20
Aug.
1 July 25*
Aug.
1 July 25*
Aug.
8 July 25
Aug.
1 July 21
Oct.
1 Sept. 16
Sept. 30 Sept. 15
July
July
(quar.)__
434 % conv. preferred (quar.)
Ferro Enamel Corp
Extra-—-
Fidelity Fund, Inc. (quar.)
Fiduciary Corp. (quar.)
Field (Marshall) & Co
24
20
21
21
5
16
16
16
21
1
15
1 Sept. 25
Oct.
(quar.)
Quarterly.
31 July
31 July
Sept. 20 Sept.
Aug. 1 July
July 31 July
July 31 July
July 30 July
Aug.
1 July
July 31 July
(quar.)
Fidelity & Deposit Co. (Md.) (quar.).
Fibreboard Products, 6% prior pref.
Fifth-Third Union Trust Co. (Cin.)
15
18 Dec.
Dec.
Oct.
Jan2'42 Dec.
.........
26
First Boston Corp. (irreg.)
First National Bank (Atlanta,
July
Oct.
29 July 19
1 Sept. 20
First National Bank
Oct.
1 Sept. 20
Oct.
10 Sept. 30
Ga.) (quar.)
(Hartford) (quar.)
First Nat. Bank (Hazleton, Pa.) (quar.)
First Nat. Bank (Medford, Mass.) (s.-a.)
First National Bank (Mt. Vernon, N. Y.)—
Common (quar.)
First Nat. Bank (North Easton, Mass.) (quar.)
First Nat. Bank (Paterson, N. J.) (s.-a.)
First National Bank (Pittsburgh) (quar.)
First National Bank (Westfield, Mass.) (s-a)
First Nat. Bank & Trust Co. (Lexington, Ky.)
Aug.
1 July
Oct.
1 Sept. 30
Oct.
8
4
1 June
15
Aug*
1 July
Oct.
1 Sept. 30
1
1 July
Aug.
Oct.
1 Sept. 26
25c
Aug.
1 July 21
25c
Nov.
1 Oct.
20
3134c
3134c
(Quarterly).. ........
Aug.
1 July
21
——————
First National Trust & Savings
Common (quar.)
Bank (San Diego)
(Quarterly)
5% preferred (quar.)
5% preferred (quar.)
Nov.
1 Oct.
20
First Stamford Nat'l Bank & Trust Co. (Conn.)
Aug.
1 July
1734c
17 He
Sept.
2 Aug 20
1 Nov. 20
15c
pref. (quar.)
7% preferred (quar.)
—
Dec.
15
Foote Bros. Gear & Machine Corp.—-
Froedtert Grain & Malting Co., com
20c
$1.20 preferred (quar.)
Fulton Industrial Securities Corp. common
$3.50 preference (quar.)
Fulton National Bank (Atlanta, Ga.) (quar.);
Gardner-Denver Co., $3 convertible pref.(quar.)
General Cable Corp., 7% preferred
General Cigar 7% pref. (quar.)
General Foods Corp. (quar.)
$4.50 preferred (quar.)
...
General Hosiery Co. 53A % pref. (s.-a.)
General Mills, Inc. (quar.)
General Motors Corp., $5% pref. (quar.)
General Outdoor Advertising, class A
30c
July 18
July 18
July 21
July 21
July 15
July 15
Aug.
Aug.
Aug.
Aug.
July
July
$0.60
preferred (quar.)«_
(irreg.)
conv.
Common
25c
50c
Franklin Fire Insurance Co. of Phila. (s.-a.)
Extra:
........ ......
Preferred
'
-
20c
1734c
8734c
July
Aug.
Aug.
15
(quar.).
Preferred (quar
:.).
General Shoe Corp. (irreg.)
Aug.
Aug.
15
Sept. 30
July 21
July 25
Aug. 15
July 28
July 10
July 19
July 10*
July
Aug.
$1
Nov.
Nov.
$134
$134
Class A
~
Aug.
Aug.
Nov.
Nov.
July
July
$1H
75c
July
Oct.
$134
$254
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
$1
Aug.
+$1 54
$1*4
50c
25c
Aug.
Sept.
July 18
50c
———
Sept.
2 Aug. 15
15c
Gillette Safety Razor (resumed)
$5 conv. pref. (quar.)
Globe & Republic Insurance Co. of Amer. (quar.)
Gold & Stock Telegraph Co. (quar.)
Goodrich (B. F.) Co. common (irreg.)—
$134
1234c
$134
50c
$134
$5 preferred (quar.)
Goodyear Tire & Rubber Co., common
$5 conv. preferred (quar.)
Grace National Bank (N. Y.) (s.-a.)
Gran by Consol. Min. Smelting & Pow. Co., Ltd.
Payable in U. 8. dollars.
Subject to approval
of Canadian Foreign Control Board, less
15% Canadian dividend tax.
25c
$134
$3
15c
lc
Grandview Mines
Engineering Works (irreg.)
Green (H. L.) Co. (quar.)
Greenfield Gas Lt. Co. 6% non-cum. pref. (qu.) _
Greenfield Tap & Die Corp. $6 preferred
Hale Bros. Stores, Inc. (quar.).
Hamilton National Bank (Wash., D. C.) (s.-a.)Hanna (M. A.) Co., $5 pref. (quar.)
Harrisburg Gas Co., 7% preferred (quar.)
Hartford Electric Light Co
Hartford Times, Inc., 534% pref. (quar.)
HaskeliteMfg. Corp. (quar.)
—
Hat Corporation of America, 634 % pref. (qu.)—
Havana Electric & Utilities Co., 6% 1st pref—_
Hawaiian Electric Co.. Ltd. (qaur.)
Hawaiian Pineapple Co. (extra)
—
Hearn Department Stores, Inc. 6% pref
Hecker Products Corp. (quar.)
Helena Rubenstein, Inc
Hercules Powder Co. 6% pref. (quar.) —
Hershey Chocolate Corp. common (quar.)
$4 conv. pref. (quar.)
Hibbard, Spencer, Bartlett & Co. (monthly) —
Monthly
Hires (Chas. E.) Co
Holly Sugar Corp., com
7% preferred (quar.).
Home Insurance (Hawaii) (quar.)__
Quarterly
—;
*»••.•»•»«»«»«•••>
Home Insurance Co. (N. Y.) (s.-a.)
Great Lakes
90c
50c
75c
$134
25c
50c
$134
$154
68 34c
68 54c
25c
t75c
45c
$1
t75c
15c
60c
$134
75c
$1
15c
15c
30c
25c
$154
60c
Aug. 15
July 31 July 21
1
Aug.
1 July
July 30 July 21
Oct.
1
Sept. 30
Aug.
1 July 25
Sept. 30 Sept. 23
Sept. 15 Aug. 15
Sept. 15 Aug. 15
Sept. 1 Aug. 25
Sept. 2 Aug. 15
Aug. 15 July 15
1 July 24
Aug.
1 July 15
Aug.
1 July 15
Aug.
July 30 July 15
Sept. 2 Aug. 15
1 July 22
Aug.
1 Aug. 15
Sept.
Oct. 15 Sept. 30
1 July 15
Aug.
1 July 15
Aug.
5
Aug. 15 Aug.
1 July 17
Aug.
Aug. 15 July 31
Sept. 15 Sept. 5
July 28 July 18*
1 July 29
Aug.
1 July
10
Aug.
1 July 23
Aug.
4
Aug. 15 Aug.
Aug. 15 July 25
Aug. 15 July 25
Aug. 29 Aug. 19
Sept. 26 Sept. 16
Sept. 2 Aug. 15
1 July 15
Aug.
1 July 15
Aug.
Sept. 15 Sept. 12
60c
Dec.
15 Dec.
12
60c
Aug.
Aug.
1 July
1 July
15
15
21
.
20c
*
-
Extras
...
-——-
(s.-a.)
6% pref. (quar.)
50c
Homestead Fire Insurance Co. (Bait.)
Common
—
(irreg.)-——-——
Horder's, Inc. (quar.)__
Hormel (Geo. A.) & Co. common
6 % preferred (quar.)
(N. Y.) common (quar.)_ —
5% preferred (quar.)—
..
Horne (Joseph) Co. 6% pref. (quar.)
Houston Light & Power $6 pref. (quar.)
. _
7% preferred (quar.)
—
Humberstone Shoe Co., Ltd. (quar.)
Hussmann-Ligonier Co. common (quar.)
Huston (Tom) Peanut Co. common (quar.)
$3 conv. preferred (quar.)
—
Hydro-Electric Securities Corp.,5% pref.B(s.-a.)
Idaho Power Co. $6 preferred (quar.)__
7% preferred (quar.)
Horn & Hardart Co.
Oct.
1 Sept. 30
1-2-42 Dec. 31
July 30 July
Oct.
1 Sept.
July 31 July
Aug.
1 July
Aug.
1 July
Oct. 10 Sept.
Sept. 2 Aug.
Aug.
1 July
common
_ _
International Machine Tool Corp.
(initial)
International Metal Industries, Ltd.
6 % convertible preference (accumulated)
$134
30c
2.5c
50c
$134
50c
$134
$134
$134
$154
+2 5c
15c
25c
75c
25c
$134
$154
1 July
Aug.
Sept. 30 Sept.
Aug. 30 Aug.
1 July
Aug.
Aug. 15 July
Aug. 15 July
1 July
Aug.
Sept. 2 Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 JuJy
Aug.
1 July
Aug.
Aug. 15 Aug.
Aug. 15 Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
12
12
21
26
26
12
13
24
15
15
15
21
5
5
15
15
15
1 July 15
1 July 15
Aug.
1 July
Aug.
Oct.
2
1 July
1 Sept. 30
Aug.
1 July 23
$154
Aug,
3734c
Subject to approval of the SEC.
Interstate Department Stores 7% pref. (quar.)_
Investors Trust Co. of R. I., partic. pref. (quar.)
Aug.
Sept.
July 10
July 21
Aug.
9
30c
30c
Mfg. Co. (quar.)
Quarterly
Ironrite Ironer Co., com
10c
8% preferred (quar.)
Jantzen Knitting Mills common
5% preferred (quar.)
20c
Jefferson Standard Life Insurance
—
10c
«—
-
m
(s.-a.)
Dec.
Nov. 10
July
July
60c
Sept.
15c
Aug.
Kaufmann Department Stores
20c
July
Keith-Albee-Orpheum Corp. 7% preferred
Kellogg Switchboard & Supply com. (irreg.)
5% preferred (quar.)
Kemper-Thomas Co., 7% special pref. (quar.).
7 % special Dreferred (quar.)
Kennecott Copper Co
Special
Kentucky Utilities Co. 7% junior pref. (quar.)__
Kerr-Addison Gold Mines, Ltd. (interim)
King Oil Co (quar.).......
Kings County Trust Co. (Brooklyn) (quar.)
Klein (D. Emil) Co. common
5% preferred (quar.)
Kroger Grocery & Baking Co. common (quar.)_
7% pref (quar.)
7% preferred (quar.).
6% preferred (quar
Lancaster County Nat'l Bank (Pa.), com. (s.-a.)
Preferred (semi-annual)
—
Landis Machine Co.. 7% preferred (quar.)
7% preferred (quar.)
Lane Bryant, Inc., 7% pref. (quar.)
Langley s, Ltd., 7% conv. pref
mm
$134
$154
$154
25c
50c
8734c
t5c
15c
$154
88
t50o
Aug.
Nov.
Oct.
17
Oct.
Sept. 19
July 26
July 26
Sept. 5
Aug.
Sept.
Aug.
Aug.
Sept.
Leece-Neville Co. (initial)
Dec.
Dec
6
Aug.
Sept.
July
15
Sept.
3
3
Dec.
Dec;
5c
July
July
Sept.
Aug.
Aug.
July
July
Aug.
50c
Aug.
Aug.
Aug.
Sept.
8734c
Aug.
July 21
Aug.
Aug.
July 21
July 21
75c
30c
Extra------
$1
Lebigh Portland Cement Co. 4% pref. (quar.).
Common (quar.)
Leitch Gold Mines, Ltd. (quar.)
Lerner Stores Corp., 434% Pref. (quar.)
3734c
J2c
$134
50c
Libby-Owens-Ford Glass Co—
Liberty Loan Corp; $334 pref. (quar.)
Lincoln Alliance Bank & Trust Co. (Rochester
(quar.)
quarterly.-.,
—
Oct.
(Syracuse
50c
Co.
Oct.
30c
—
Insurance
(quar.)
7
9
15
July
July
July
July
Sept.
July
July
July
Aug.
75c
20c
-
(quar.)
8
19
3734c
50c
Lee Tire & Rubber Corp
Life
29
29
1
7
12
25
20 J
21
t50c
(initial)
(increased) (quar.) —
Lebanon Valley Gas Co., 6 % preferred (quar.) _ _
National
Nov. 20
Aug.
Aug.
Aug.
Aug.
July
July
Sept.
July
Aug.
July
Oct.
$154
$154
$134
$2
$134
7% conv. preferred
Wayne, Ind.)
Dec.
Aug.
Aug.
50c
15
15
15
25
22
6
18
10
31
15
July 15
Aug. 20
July
July
July
Sept.
July
July
July
July
Sept.
Sept.
Aug.
Aug.
25c
LeMaire Tool & Mfg. Co.
Le Tourneau (R. G.), Inc.
N. Y.)
Aug.
July
July
Sept.
$20
6234c
2
Aug.
Aug.
Aug.
Aug.
July
Jewel Tea Co., Inc. (quar.)
Kalamazoo Stove & Furnace
.
5
16
$154
834c
$134
87 He
7% preferred ($100 par) quar.)
7% preferred ($5 par) (quar.)
International Ocean Telegraph Co. (quar.)
Inter nat'l Utilities Corp. $3.50 prior pref. (qu.)_
Iron Fireman
3
15
21
21
21
22
Aug.
Aug.
tsi;
6% convertible preference A
International Nickel of Canada—
4% convertible preferred
15
1 Aug. 15
1 Sept. 24
1 June 30
Aug.
——
Lincoln National Bank & Trust Co.
20c
t40c
Allotment certificates
Sept.
Oct.
trust ctfs
Industrial Bank & Trust Co. (St. Louis), quar.)Inter-City Baking Co. (interim)
—
Intercbemical Corporation, common
6% preferred (quar.)
International Business Machines (quar.)
International Harvester Co. 7% pref. (quar.)
Lincoln
Gibraltar First National Ins. Co. (s-a)
Hooker Electrochemical Co.,
Quarterly
Incorporate Investors,
Holders
Payable of Record
Municipal Water Co. 6% pref. (quar.)-,
Illinois National Bank (Springfield, 111.) (quar.)
Imperial Bank of Canada (Toronto, Ont.) (qu.)_
Imperial Life Assurance Co. of Canada (quar.)__
N. Y.), common
German Credit & Investment Corp.—
Extra
Illinois
Share
of Company
—
$1*4
(Quarterly)
Fitzsimmons Stores, Ltd. 7%
When
Per
Name
Payable of Record
Share
Company
Holders
When
Per
Name of
503
Financial Chronicle
15 Oct.
Aug.
(Fort
... - -,
25
Oct.
Oct.
July 21
July 20
Aug.
8
Sept. 15
Sept.
Aug. 25
Aug.
50c
$1.10
$1.10
Sept.
Nov. 24
Dec.
50c
Sept.
Aug. 25
50c
Dec.
Nov. 24
15c
Aug.
Aug.
July
July
$154
Sept.
Sept.
1 Aug. 20
1 Aug. 20
Dec.
1 Nov. 20
Dec.
1 Nov. 20
Lone Star Cement Corp.—
,
(quar.)
(partic. div.)
(quar.)
(qt
(partic. div.)
Lone Star Gas Corp
-
25c
25c
—
Aug. 22 July
Aug.
1 July
1 July
$2 Aug.
Aug.
1 July
$134
$1.9449 July 28
$2.2692 July 28
$4
Aug. 15 Aug.
Aug. 15 Aug.
$234
Aug. 27 July
$3 34
Oct.
1 Sept.
$154
1-2-42 Dec.
$154
20c
25c
Loose-Wiles Biscuit Co. (quar.)
Taylor 8% second preferred (quar.)
Louisiana Power & Light $6 pref. (quar.)_-----Louisville Gas & El. 6% pref. (final)
—
7% preferred (final)
— Louisville Henderson & St. L. Ry., com. (s.-a.)
Lord &
5% non-cum. preferred (s.-a.)
Louisville & Nashville RR. (irreg.)
Lunkenheimer Co. 634% preferred (quar.)
634 % preferred (quar.)
Luzerne County Gas & Electric Co.—
Aug. 1 July
534 % preferred (initial) ————————— $1.3134
50c Aug. 15 Aug.
Lynch Corp
——.
Products, Inc.—
6% partic. preferred (quar.)
Lyon Metal
McCall Corp.
(quar.)
--
McClatchey Newspaper, 7 %
preferred (quar.)
-
7% preferred (quar.)----- — — McCrory Stores Corp., 5% pref. (quar.)-
*IU
4354c
4354c
$134
50c
(quar.)---15534c
Mclntyre Porcupine Mines, Ltd. (quar.)
McLellan Stores Co. 6% pref. (quar.)
Mack Trucks, Inc. (irreg.)-.'.—————
50c
Macy (R. H.) & Co--—
----25c
Madison Square Garden Corp
$134
Magnin (I.) & Co. pref. (quar.)
$134
6% preferred (quar.)—
Malartic Gold Fields (initial)
30c
Marine Bancorporation (quar.)
—
20c
Marshall Field & Co. -----20c
Marshall & Ilsley Bank (Milwaukee) (s.-a.)
Massachusetts Bonding & Insurance Co. (quar.)
Massawippi Valley RR. Co. (semi-annual)
75c
May Department Stores (quar.)-—-—
$134
Maytag Co., $6, 1st preferred (quar.)
75c
$3 preference (quar.)---—
3734c
Meadville Telephone Co. (quar.)__
15c
Meier & Frank Co., Inc. (quar.)
McGraw Electric Co.
$1,1
871§
(quar.)
$5 preferred (quar.)-——*--w—.-i—-----Mercantile Acceptance Corp. 5% pref. (quar.)-5% preferred (quar.)——
6% preferred (quar.)----————6% preferred (quar.)
—
Mercantile Stores Co., Inc., 7% pref. (quar.)_ - .
Merchants & Manufacturers Ins. Co. (N. Y.)—
Melville Shoe Corp., common
Quarterly
25
Nov.
Aug.
.
pref.
pref.
pref.
pref.
6
July 26
30c
$3.50 pref. (quar.)_.
Lindell Trust Co. (St. Louis, Mo.) (quar.).
Link-Belt Co. common (quar.) (increased).
634% preferred (quar.)
Little Miami RR.. original capital
Original capital
Special guaranteed (quar.).
*.).
Special guaranteed (quar
Loew's Boston Theatres Co. (quar.)
Loew's, Inc. $6.50preferred (quar.
partic.
partic.
partic.
partic.
5
14
31
17
29
8734c
Quarterly. .
Lincoln Printing Co.,
5%
5%
5%
5%
5
131
— ...
— --
19
29
22
19
17
18
1
1
28
20
23
15
5
1 July 15
1 July 15
Aug. 30 Aug. 29
Aug.
Aug.
Nov. 29 Nov. 28
Aug.
1
Aug.
1
Sept. 2
Aug.
1
July 29
Sept. 2
Aug. 29
Aug. 15
July
July
Aug.
July
July
Aug.
Aug.
Aug.
Nov. 15 Nov.
18
18
1
11
15
8
15
5
5
Aug.
1 July
Aug.
1 July
July 31 July
2
21
15
Dec. 27
Dec.
20
5
1
3
1
1
15
15
1
July
July
28
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
1
Aug. 15
July 15
July 15
July
31
Sept.
Aug.
1
July 18
1 July 18
5 Aug. 30
25c
Dec.
5 Dec.
30c
30c
Sept.
5 Aug. 30
Dec.
5 Dec.
1
Aug. 15 July
31
30 July
21
Aug.
50c
Aug.
$134
Aug.
25c
$154
10c
July
1
The Commercial & Financial Chronicle
504
Per
Name of
Share
Company
Michigan Central RR. (s.-a.)
Michigan Gas & Electric 7% prior lien pref-_„$0 prior lien pref
—
Mid-City National Bank of Chicago, com
-Midwest Rubber Reclaiming Co., com. (quar.).
$4 preferred (quar.)
Mine Hill & Schuylkill Haven RR. Co. (s.-a.)—
Mississippi Power & Light, $6 1st preferred
Montana Power Co. $6 preferred (quar.)
Montclair Trust Co. (N. J.) (s.-a.)
July
Juiy
July
Oct.
21
15
15
Sept. 20
21
20
15
15
11
21
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
July
Aug.
July
July
July
July
July
Moody's Investors Service, Inc.—$3 participating preferred (quar.)
Moore Drop Forging Co. class A (quar.)
Moore (W. R.) Dry Goods Co. (quar.)
June 30
Aug. 15 Aug.
1
Aug.
1 July 21
...
Oct.
Quarterly
1 Oct.
1
1-1-42 Dec. 31
Morris (Philip) & Co. 434% pref. (quar.)
Mortgage Corp. of Nova Scotia (quar.)
Mt. Diablo Oil, Mining & Development Co.—
Aug.
Aug.
Common
(quar.)
Munising Paper Co., 5% 1st pref
1 July
1 July
Sept.
....
Aug.
.--
15
24
3 Aug. 15
1 July 20
Mutual Chemical Co. of America—
6% preferred (quar.).
*.).
6% preferred (quar
Narrangansett Elec. Co. 434 % preferred (quar.)
Nashua Manufacturing Co. 1st pref
7% class C preferred
—
Nation-Wide Securities Co. (Colo.) series B
Sept. 27 Sept. 18
Dec. 27 Dec.
7% pref. (quar.)
7% preferred (quar.)
National Distillers Products Corp. (quar.)
National Electric Welding Machine Co (quar.)_
Quarterly
National Lead Co. 6% pref, B (quar.)
National Liberty Ins. Co
of America (s.-a.)-.
Extra.
National Paper & Type Co
—
5% pref. (s-a.)-National Power & Light (quar.)
pref. (quar.)
Nat. Savings & Trust Co. (Wash, D. C.)
(quar.)
(Concord. N. H.) (qu.)
Naumkeag Trust Co. (Salem, Mass.) (s.-a.)___
Neiman-Marcus Co. 5% preferred (quar.)—
Neisner Bros., Inc., 434% conv. pref. (quar.)..
Nekoosa-Edwards Paper Co. common
Nat'l State Capital Bank
Common
Dec.
New Britain Trust Co. (Conn.)
New England Trust Co. (s.-a.)
(s.-a.)
common
7% preferred (quar.)
;
New York Air Brake Co
1 July
1 July
1 July
15 Sept. 16
31 Dec.
_
New York Fire Insurance Co. (quar.)
New York Merchandise Co. (quar.)
New York State Elec. & Gas, 534% pref. (final)
Newberry (J. J.) Realty, 634% pref. A (quar.).
6% preferred B (quar.)
5% preferred A (quar.)
;•
Newport News Shipbuilding & Dry Dock Co—
$5 cum. conv. preferred (quar.)
Newton Trust Co. (Mass.) (quar.)
Niagara Hudson Power Corp.-—
5% 1st preferred (quar.)..
5% 2nd preferred A (quar.
(quar.).
5% 2nd preferred B (quar.).
1900 Corp., class A (quar.)...
_
Sept.
$134
50c
$134
$134
$134
Aug.
Aug.
1 July
1 July
Aug.
1
Aug.
1
Aug.
1
Aug. 15
Nov. 15 Nov.
$2.ri
Adj. preferred (quar.)
15c
$334
25c
$1.50 conv. preferred (quar.)
Northern RR. of New Hampshire (quar.)
Northwest Engineering Co
3734c
$134
Noyes (Charles F.) Co. 6% preferred
2214c
50c
(quar.)..
Nunn-Bush Shoe Co., common
20c
5% preferred (quar.)
O'Brien Gold Mines, Ltd
O'Connor Moffat & Co. $1.50 class AA
Occidental Insurance Co. (quar.)
J5c
t373«
Sept.
Aug.
Sept.
Aug.
Aug.
Aug.
July
Aug.
Aug.
July
July
July
Aug.
Aug.
Ohio Public Service Co.—
7% preferred (monthly)
58 l-3c
50c
412-3c
6% preferred (monthly)
5% preferred (monthly)
534% preferred (quar.)
Oliver United Filters. Inc., class A (quar.).
Omaha National Bank (Nebraska) (quar.).
Omar, Inc., 6% preferred (quar.)
Oppenheim, Collins & Co. (resumed)
Oswego & Syracuse RR. Co. (s.-a.).
%
$134
$134
40c
$2 34
Outlet Co.—
:
$1
$154
$134
Pacific Finance of California pref. A (quar.)
:ifi<
Preferred C (quar.)
5% preferred (quar.)
20c
1634c
.....
Pacific Gas & Electric Co.—
$134
Aug.
Aug.
Aug.
Aug.
Aug.
19
19
30
1
1
1
31
1
1
15
16
July 15
July 15
Juiy 15
Aug.
1
1
Aug. 30
July 31
Sept. 21
July 21
July 15
July 15
July 17
July 15
July 29
July 15
July 15
30
30
31 July 10
1.5 July 29/
15 Aug.
5
1
1
1
1
July
July
34 Vsc
3734c
1 July
21
1 July
1 July
21
1 July
1 July
1 July
from date of
pro-rated
purchase to payment date.
3134c
75c
t$l
$i?4
$134
3234c
(quar.)
$6 preferred (quar.)_
Pacific Public Service, $1.30
pref. (quar.)
Passaic & Delaware RR. Co. (s.-a.)
$134
3134c
Pearson Co., Inc. 5% preferred A
(quar.)
Pend Oreille Mines & Metals (initial)
Peninsular Grinding Wheel Co
Peninsular Telephone (quar.)..
A
6c
:
10c
.
I
50c
50c
(quar.)
Class B
Pittsburgh Bessemer & Lake Erie RR. Co.—
Common (quar.)
Pittsburgh Coke & Iron Co., $5 conv. pf. (qu.)_
Pittsburgh National Bank (Pa.) (quar.)
Plaza Bank (St. Louis, Mo.) (quar.)
Pollock Paper & Box Co., 7% pref. (quar.)
7% preferred (quar.)
Portland RR. Co. (Maine), 5% guar, (s.-a.)
Potomac Edison Co. 7% preferred (quar.)
6% preferred (quar.).Privateer Mine, Ltd. (quar.)
Extra....
Procter & Gamble Co. (quar.). ..—
Provincial Transport Co. (s.-a.)_
Provident Trust Co. (Phila.) (quar.)..
1-5-42 Dec.
35c
Penmans, Ltd., common (quar.)
6% preferred (quar.)
Penn Investment Co. (Phila.)—*
$4 non-cum. conv. pref. (initial).
5-15-42
t75c
xny
40c
15
Pennsylvania Power Co., $5 pref. (quar.)
Pennsylvania Salt Mfg. Co. (irreg.)
Peoples National Bank (Brooklyn, N. Y.)(s. -a.)
Peoples Nat. Bank (Charlottesville, Va.) extra..
Peoples Nat. Bk. or Wash.(Seattle,Wash.) (9u.)
Peoria & Bureau Valley RR. Co. (irreg.)
Petrolite Corp., Ltd. (increased, quar.)
Pfeiffer Brewing Co. (quar.)
Phelps Dodge Corp. (increased)
Philadelphia Electric Co., common
$5 preferred (quar.U
Philadelphia Electric Power 8% pref. (quar.)
Philadelphia Insulated Wire (increased s-a)
$134
$154
__
:
75c
50c
25c
$3
30c
25c
50c
35c
$134
15
15 Aug.
5
5
5-5-42
Aug. 15 Aug.
5
Aug.
1 July 21
1
30
9
.1
31
10
]
1
50c
Oct.
25c
Aug. 15
1
$134
$134
$234
$134
$134
13c
lie
3734c
58 l-3c
50c
41 2-3c
50c
50c
75c
$134
8c
125c
+75c
10c
$134
50c
25c
$234
3734c
25c
25c
75c
$3 preferred
25c
Reading Co. common (quar.)
50c
4% non-cum. 1st preferred (quar.)
2nd preferred (quar.)
50c
Reece Folding Machine Co. (irreg.)
60c
Reed-Prentice Corp. common (irreg.)
50c
7% preferred (quar.)
8734c
40c
Regent Knitting Mills pref. (quar.)
Preferred (quar.)
40c
Reliance Mfg. Co. (111.) common
15c
15c
Republic Investment Fund pref. A & B (quar.).
15c
Republic Investors Fund, Inc., 6% pref. A (qu.)
15c
6% preferred B (quar.)
Revere Copper & Brass, Inc. 7% preferred (qu.).
+$134
5)4% preferred (quar.)
t$ 1.3134
50c
Reynolds (R. J.) Tobacco (quar. interim)
Common B (qu. interim)
50c
RheemMfg. Co. 5% preferred (quar.)
3134c
Rhode Island Hospital Trust Co. (Prov.) (qu.).
$20
—
—- —
(quar.)
$1
50c
$2 preferred (quar.)
Richmond Insurance Co. (N. Y.) (quar.)
Rich's, Inc (quar.)..
15c
75c
Riverside Cement Co., $6 1st pref. (quar.)..—
Rochester Button Co—
preferred (quar.)
Rockland Light & Power Co. (quar.)
Rolland Paper Co., Ltd., common (quar.)
6% preferred (quar.)
Roos Bros., Inc., $6.50 preferred (quar.)
Royal Bank of Canada (Montreal) (quar.)
Royal Trust Co. (Montreal) (quar.)
Rubenstein (Helena), Inc
conv.
Rustless Iron & Steel
$2.50
Corp.
July 15
July 15
Aug. 29
July
8
July 21
Sept. 25
July 21
July 21
July 10
Aug. 15
July 10
July 10
Sept. 10
Aug.
1
Oct.
Aug.
Sept.
July 28
Sept. 15
$134
Dec.
Dec.
19
21
21
25
25
July 25*
Aug.
5
July 19
Sept. 20
July 19
July 19
July 19
July 15
Aug.
Oct.
Aug.
Aug.
Aug.
Aug.
50c
common
preferred (quar.)
Saguenay Power Co., Ltd., 534 % preferred
St. Lawrence Flour Mills, Ltd., common (quar.)
7% preferred (quar.)
St. Louis County Water Co., $6 pref. (quar.) —
St. Louis Union Trust Co. (Mo.), common—
(Quarterly)
15c
62 34c
Aug.
Aug.
Aug.
Aug.
Aug.
July
July
July
July
July
July
22
17
24
24
18
18
Nov.
Aug. 29
July 21
July 21
July 21
July 17
Aug. 21
Sept. 18
July 22
July 21
Sept. 17
Aug. 15
Sept.
Aug.
Aug.
Aug.
Aug.
Sept.
Oct.
Aug.
July
Oct.
Sept.
Dec.
Nov. 15
Aug.
July
July
21
Aug.
Nov.
Oct.
15
Nov.
Oct.
15
Aug.
Aug.
Aug.
Aug.
Aug.
1 July
10
July
July
July
July
July
July
10
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
34
25
25
15
19
15
15
July
July
19
11
15
Aug. 20
July 15
Aug.
5
Aug. 15
July 15
July 31
July 20
July 23
Aug. 15
Aug. 15
July 15
July 19
July 19
July 18
Aug.
Sept.
Aug.
Aug.
$134
15
July
July
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
til
17
Aug. 22
Aug. 22
Aug.
1
July 15
Aug.
Aug.
Sept.
1$2
conv.
July
July
Sept.
Sept.
Aug.
Aug.
Aug.
Sept.
180c
15
July
July
July
July
July
Aug.
Aug.
Aug.
3734c
1$134
$134
10
Aug.
18c
115c
—
50c
Sept. 30 Sept. 24
50c
(Quarterly)
San Francisco Bank (Calif.) (s.-a.)
San Francisco Remedial Loan Assn. Ltd. (quar.)
Schumacher Wall Board Corp.—
Dec.
$2.70
Aug.
75c
+$334
Scott Paper Co., $4 preferred (quar.)
$4.50 preferred (quar.)
Scotten Dillon Co. (irregular)
Seaboard Oil Co. (Del.) (quar.).i
;---
$1
25c
Sears Roebuck & Co. (quar.)
Second Nat. Bank (Houston, Texas) (quar.)—
Second Nat. Bank (Nashua, N. H.) (quar.) —
_
Quarterly
Security-First National Bank (Los Ang.) (quar.)
Servel, Inc
-
—
$1
$134
75c
(resumed)
-
Silex Co.
(quar.).
Simpson's, Ltd., 634 % pref. (accum.)
Skelly Oil Co
Snider Packing Corp
Soundview Pulp Co., common.
6% preferred (quar.)
South Carolina Power Co. $6 pref. (quar.)
Southeastern Greyhound Lines (quar.)
Preferred (quar.)
Conv. preferred (quar.)
Southern California Edison Co., Ltd.—
(Quarterly) common
Southern Canada Power Co., Ltd.. com. (quar.)
....
26 Dec.
20
1 July 26
Sept.30 Sept. 15
Aug. 15
Aug.
1
Aug.
1
Aug. 15
Sept. 15
Sept.10
Aug.
5
July 19
July 19
Aug.
6
Sept.
2
Aug. 11
Sept. 30
July 29
$2
Oct.
$1
$1
Nov.
Oct.
Aug.
Sept.
Aug.
Aug.
July 22
Aug. 14
65c
25c
50c
8734c
123c
$134
lc
30c
1$154
50c
25c
50c
$134
$134
3734c
30c
30c
3734c
120c
Aug.
July
July
Aug. 25
Sept.
1
Juiy 31
Aug. 11
Aug.
1
July 30
Sept. 15
Aug. 25
Aug. 25
29
21
22
July 24
Aug. 20
July
July
July
15
31
18
June 27
Sept.
5
Aug. 15
Aug. 15
Oct.
1
Sept.
Sept.
Sept.
1 Aug. 20
Sept. 15
1 Aug. 20
1 Aug. 20
Aug. 15 July
Aug. 15 July
19
31
Southern Indiana Gas & Electric Co.—
4.8% preferred (quar.)
Southwestern Life Ins. Co. (Dallas) (quar.)
Sovereign Investors. Inc. (quar.)
Sperry Corp. v. t. c
Spiegel, Incorporated, common
$4.50
conv.
$1.20
Standard Brands. Inc., $4.50 pref. (quar.)
Standard Chemical Co., Ltd. (interim)
Standard Silica Corp. (irreg.)
______
Stanley Works (The) 5% preferred (quar.)
Standard Wholesale Phosphate & Acid Works,
Inc. (quar.)
Stayton Oil Co. (quar.)
Stecher-Trapng Lithograph Corp.—
5% preferred (quar.)
5% preferred (quar.)
Steel Co. of Canada, Ltd., common (quar.)
7% preferred (quar.)
Stein (A.) & Co. (quar.)__
Sterling, Inc., $1.50 conv. pref. (quar.)
Aug.
1 July
15
35c
Oct.
15 Oct.
12
10c
Aug. 20 July
Aug.
5 July
Aug.
1 July
30
$1
15c
$134
pref. (quar.)
Squibb (E. R.) & Sons, $5 pref. series A (quar.)_
30
1
15
1
Sept.
25c
Extra
18
Oct.
3734c
Aug.
Quaker Oats Co., 6% pref. (quar.)
Quarterly Income Shares, Inc
(irreg.)
Quebec Power Co. (quar.)
Quincy Market Cold Storage & Warehouse Co.
5% preferredRailway & Light Securities Co. common-$6 preferred (quar.)
Randall Co. class A (quar.).
Class B (irreg.)
—
Rath Packing Co. 5 % pref. (semi-annual)
Raybestos-Manhattan, Inc. (quar.).
Raymond Concrete Pile, common
15
5
25
10
Sept. 15
Aug. 20*
Aug.
Aug.
Seton Leather Co
Nov. 15 Nov.
July
Aug.
Sept.
Aug.
Aug.
Sept.
Aug.
Aug.
July
Sept.
Aug.
Aug.
Oct.
$4
Sharpe & Dohme, Inc., $3-50 preference (quar.)
Shawinigan Water & Power (quar.)
Shenango Valley Water Co., 6% pref. (quar.)__
Aug. 15 July 31
Aug. 15 July 19
July 29 July 15
Aug.
1 July 21
Aug.
1 July 21
Aug.
1 July 15
Aug.
1 July 25
Aug.
1 July 21
July 27 June 28
Aug. 15 July 25
Oct.
1 Sept.15
Aug.
75c
—
Extra
$1.50
2-1-42 1-15-42
Sept.
120c
(N.Y.) (quar.)..
(mthly.)
class A
1 July 15
1 Aug. 15
1 Aug. 15
Nov.
—
6% preferred (monthly)—
5% preferred (monthly)
Public Service of N. J. 6% pref.
(monthly)
Puget Sound Pulp & Timber Co. (quar.)
Pullman, Inc. (quar.)
com.
Aug.
Sept.
50c
...—
Public Service Co. of Colorado 7 % pref.
Rhode Island P. S. Co.
Holders
1 Aug.
Aug. 15 Aug.
Aug.
1 July
July 28 July
July 28 July
15c
Pick (Albert) Co. common (irreg.)
Pierce Governor & Co
Public Nat. Bank & Trust Co.
When
Payable of Record
30c
Phoenix Acceptance Corp., class A (quar.)
Phoenix Securities Corp. $3 conv. pref. A
15
15
Aug. 15 July 31
Aug. 15 July 31
35c
35c
Preferred A (quar.)
Preferred A (quar.)
Extra
Class A (quar.).
Class A (quar
:.).
21
5°7q preferred ($25 par) amount is
Pacific Lighting Corp. (quar.)
Pacific Portland Cement 6 34 % pref
Pacific Power & Light Co. 7% pref.
234c
234c
234c
234c
234c
1234c
t75c
Phillips Pump & Tank Co., class A (quar.)
Sherman Lead Co.
534% preferred (quar.)
6% preferred (quar.)
Share
Company
$2 participating, preferred
July
July
1 July
Sept. 30 Sept.15
Sept. 10 Sept.25
July 30 July 18
Aug. 20 Aug.
8
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Name of
.--
July 16
July 16
1 Aug. 16
50c
Norma-H Bearing Corp. (quar.)
j_.
North Carolina IiR. Co. 7% gtd. (s.-a.)
J__
Northern Illinois Finance Corp., com. (quar.).._
20
Juiy 25
July
1
July
1
July 18
July 18
July 18
July 24
July 21
50c
(quar.)
Norfolk & Western Ry. Co., com. (quar.)
Common (quar.)
7% 1st preferred (quar.).
6% 2nd preferred (quar.).
1 July
1 July
Aug.
1
Aug.
Aug.
Aug.
Aug.
Aug.
July |31
Aug.
1
Aug.
7
Aug.
1
Aug.
1
Extra
New Process Co.
1 July
Aug. 30 Aug. 15
Aug.
1 July 15
Aug.
1 July 12
Aug.
1 July 19
Aug.
1 July 19
Aug.
1 July 15*
Aug.
1 July 22
Oct. 30 Oct. 20
Aug.
1 July 18
Aug. 15 July 31
Aug. 15 July 31
Aug. 15 July 31
Aug. 15 July 31
Sept. 2 Aug.
2
Aug.
1 July
3
Aug.
1 July 23
Oct.
1 Sept. 23
Aug.
1 July
3
Sept. 1 Aug. 20
Aug.
1 July 15
Sept. 30 Sept.20
National City Lines, $3 conv. pref. (quar.)
Class A (quar.)
Class A
15
25
25
15
15
6
Oct.
National Chemical & Mfg. Co. (quar.)
National City Bank (N. Y.) (s.-a.)
_
18
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
National Bank of Detroit (s-a)
National Bearing Metals Corp.,
National Biscuit Co. com
Per
Holders
Payable of Record
July
Aug.
Aug.
(quar.).-
Montreal Light Heat & Power Consol.
When
July 26, 1941
$l h
$1 lA
175c
20c
3134c
40c
15c
$134
$134
175c
175c
25c
3734c
28
19
Sept. 15 Aug. 30
1 July 15
Sept. 15 Sept.
2
July 30 June 30
Aug. 15 Aug.
5
Aug. 15 July 31
Aug.
Sept.15 Sept.
5
Juiy 30 June 10
Sept 30 Sept, 15
Dec
31
Dec.
15
Aug.
1 July
7
Aug.
1 July
7
Aug. 15 Aug.
1
Aug.
1 July 25
Volume
505
& Financial Chronicle
The Commercial
153
Bank of
Condition of the Federal Reserve
Sterling Products Inc. (quar.) _v—
Strawbridge & Clothier 6% prior pref. A (quar.) _
Sun Oil Co., 4K % pref. A (initial quar.)
_
Sun Ray Drug Co. common
6% preferred (quar.)
1
Superior Portland Cement, class B
Swift & Co. (quar.)_Syracuse Binghamton & N. Y. RR. Co. (quar.)_
Tacony-Palmyra Bridge Co.—
5% preferred (quar J
Telephone Bond & Share Co., 7% pref.
$3 first preferred.
Texas Gulf .Sulphur Co
Texas Power & Light $6 preferred (quar.)
7% preferred (quar.).................
Thatcher Manufacturing Co. $3.60 pref. (quar.)
Third Nat. Bank & Trust Co. (Scranton, Pa.)—
Quarterly
Quarterly
...
Toburn Gold Mines. Ltd. (quar.)....^
.
—
'Extra _■.
■
95c
Sept.
$134
$134
50c
Sept.
Aug.
Aug.
Aug.
Aug.
30c
Oct.
July 25
20c
3734c
Bank of New York at the close of
in
June
July 23,1941
18
Aug.
Aug.
July
July
20
Sept. 2
July 15
July 15
90c
Sept.
Aug.
Aug.
Aug.
45c
Aug.
Aug.
4
45c
Nov.
Nov.
3
J3c
Aug.
Aug.
July 22
July 22
Aug.
Aug.
Aug.
July
15
July
July
Aug.
July
15
15
21
Aug.
July
Aug.
Sept.
Sept.
Aug.
July 25
July 15
July 11
Sept.
5
Sept. 5
July 19
July 18
July 15
July 31
July 31
Aug. 20
t24c
50c
$134
UU
25c
Transamerica Corp. (s.-a.)
5c
Triumph Explosives, Inc. (quar.)
Truax-Traer Coal Co. 6% pref.
$134
$134
(quar.)
5>2 % preferred (quar.)
Tubize Chatillon Corp. $7 non-cum. class A
$1
Tung-Sol Lamp Works, Inc., $0.80 pref. (qu.)__
Udylite Corp. ........
...... .... . . _ . .
.
Union Electric Co. of Missouri $5 pref. (quar.).
$4.50 pref. (Initial quarterly)
Union Gas Co. of Canada. Ltd. (quar.)
Union Market Nat. Bank (Watertown, Mass.)
— _
....
-
10c
$1X
$134
J20c
Aug.
Sept.
_
Secured
U. S. Govt,
direct and guaranteed.
Oct.
July
15c
10c
ClassB
United Fuel Investments, Ldt.—
t75c
6% class A preference (quar.)..
8,885,980,000 8,847,429,000 9,124,837,000
1
515,000
790,000
201,000
1,705,000
1,633,000
1,305,000
1,533,000
484,000
1,991,000
384,113,000
231,036,000
384,113,000
405,667,000
231,036,000
345,434,000
615,149,000
615,149,000
751,101,000
618,387,000
18,000
2,904,000
220,893,000
10,107,000
12,416,000
617,987,000
753,576,000
Industrial advances
anteed:
Bonds............................
Notes
Total Uv S. Government securities,
direct and guaranteed..
.....
Total bills and securities
....
Due from foreign banks
Federal Reserve notes of other banks.__
18,000
B ank premises—
Other assets..
18,000
3,646,000
265,586,000
10,107,000
12,090,000
.
Uncollected Items
157,620,000
9,802,000
2,208,000
16,733,000
9,750,704,000 9,756,863,000 10064,794,000
Total assets.
10
Liabilities—
July 31
July 15
July 15
1,790,887,000 1,792,458,000 1,392,823,000
F. R. notes In actual circulation
Deposits—Member bank reserve acc't., 6,416,098,000 6,386,437,000 7,391,410,000
240,736,000
282,567,000
301,647,000
U. S. Treasurer—General account...
Sept. 30 Aug. 29
Sept. 30 Aug. 29
$134
$5 preferred (quari.wi.*..-**•
1 July 15
58 l-3c Aug.
United Light & Railways 7 % pref. (monthly) _ _
58 l-3c
Sept. 2 Aug. 15
7 % preferred (monthly)
1 Sept. 15
Oct.
58 1-3 c
7% preferred (monthly)
1 July 15
53c
Aug.
6.36% preferred (monthly)
53c
Sept. 2 Aug. 15
6.36% preferred (monthly)
;
1 Sept. 15
Oct.
53c
6.36% preferred (monthly)
1 July 15
50c
Aug.
6% prior referred (monthly)
50c
Sept. 2 Aug. 15
6 % prior preferred (monthly)
1 Sept. 15
Oct.
50c
6% prior preferred (monthly)
Oct. 10 Sept. 20
United N. J. RR. k Canal (quar.)
1.
Aug. 26'Aug. 12
United Specialities Cs. (quar.)..........'.iwi
85c
Aug. 26 Aug. 12
■. Extra....
.............
335,104,000
449,497,000
487,046,000
443,201,000
474,601,000
Foreign...........................
Other deposits.....................
1 Sept. 20
Oct.
283,000
420,000
1,285,000
Total bills discounted........
20c
United Gas Improvement Co., common
106,688,000
obligations
-.mother bills discounted...........—
Sept.26
Aug.
Aug.
Aug.
Aug.
by
1,035,000
1,810,000
66,057,000
1,656,000
68,053,000
.... - .......
Total reserves...............^.
25c
t38c
United Corp. Ltd. $1.50 class A (quar.)
United Drill & Tool Corp., class A (quar.)
9
8,816,271,000 8,779,562,000 9,017,114,000
Bills discounted:
Aug.
$
Redemption fund—F. R. notes
Other Cash t-———-
July 31
Aug.
Aug.
July 24,1940
9
United States Treasury
20
10c
:'
Extra
.......*.
Union Oil Co. of California (quar.)
20c
July 16.1941
Gold certificates on hand and due from
Toledo Edison Co.
58 l-3c
7% preferred (monthly).
...
_
50c
6% preferred (monthly)
412-3c
5% preferred (monthly)
15c
Trade Bank & Trust Co. (N. Y.) (quar.)
$134
Trademen's Nat. Bk. & Tr. Co. (Phila.) (quar.)
the corresponding
comparison with the previous week and
date last year:
Assets—
Aug.
$1X
t56c
tic
......
following shows the condition of the Federal Reserve
business July 23, 1941,
The
Aug. 15*
Aug. 15
July 10
July 15
July 15
July 23
Sept. 2
Aug.
:•"(S - New York
^
Payable of Record
Share
of Company
Holders
When
Per
Name
439,209,000
7,635,547,000 7,605,547,000 8,406,459,000
141,855,000
229,930,000
195,157,000
435,000
359,000
527,000
Other liabilities, lncl accrued dividends.
Total deposits
...
Deferred availability Items
9,622,118,000 9,628,294,000 9,941,572,000
Total liabilities
Capital Accounts—'
Capital paid in.....................
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts..........
Total liabilities and
51,080,000
53,326,000
7,109,000
11,707,000
51,637,000
56,447,000
51,639,000
56,447,000
7,070,000
13,430,000
7,070,000
13,415,000
9,750,704,000 9,756,863,000 10064,794,000
capital accounts
U. 8. Hoffman Machinery Corp.—
6834 c
5X% conv. preferred (quar.)
25c
U. S. Industrial Alcohol Co. (quar.)
Quarterly
-
50c
(quar.)
United States Pipe & Foundry Co.,
...
—......................
50c
$1
Universal Leaf Tobacco Co. (quar.)
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% pref. (quar.)
Upressit Metal Cap Corp., 8% preferred—
Vanadium Corp. of America
Vapor Car Heating Co., pref. (quar.)
Preferred (quar.)
$134
$1*4
t$2
25c
$134
$134
_
10c
Vertientes-Camaguey Sugar
37 34c
Virginian Railway Co. (quar.)__
Vulcan Defcinning Co. common (quar.)
7% preferred (quar.) —
.
_____________
(H.) Gooderham & Worts, Ltd.—
1 July
1 July
Aug.
Aug.
18
15*
Sept. 20 Aug. 30
Dec. 20 Nov. 29*
Aug.
July 17
Sept. 28
1
Oct.
1
Dec.
1-2- 42
Oct.
Aug.
Aug.
1 July
29
1
Sept. 15
4 July 28
Aug.
Sept. 10 Aug. 30
1
Dec. 10 Dec.
15
in
(quar.).........................
t25c
preferred (quar.).—
$2
Walton (Charles) & Co., 8% pref. (quar.)
t9634c
Warner Bros. Pictures, Inc., $3.85"preferred
40c
Warner & Swasey Co
....
3734c
Washington Gas Light Co. com. (quar.)
$134
$4.50 com. preferred (quar.)
$1
Waukesha Motor Co., extra-.
—
Wentworth Mfg. Co. $1 conv. pref. (quar.)
West Michigan Steel Foundry Co.—
25c
....
6% preferred (quar.)
__
Pulp & Paper Co., 6% pf. (quar.)
Westgate Greenland Oil Co. (monthly)
Westmoreland, Inc. (quar.)
(George) Ltd. 5% pref. (quar.)
Westvaco Chlorine Products Corp. com. (quar.).
$4.50 preferred (quar.)
Wheeling & Lake Erie Ry.—
5X% conv. preferred (quar.).
4% prior lien (quar.)
Wheeling Steel Corp, (resumed)
..
White Sewing Machine, $2 prior preferred
Whiting Corp., 634% preferred (quar.)
Willimantic Co., Inc. (s.-a.)
Willimantic Trust Co. (Conn.) (reduced, s.-a.)_.
Wilson & Co., Inc., $6 preferred
$6 preferred......
—
._
Wilson Line, Inc., 5% 1st pref. (s.-a.)
Winsted Hosiery Co. (quar.)
_
Extra
.
..... .......
Quarterly
.
..........
Extra
90c
$134
lc
25c
...................
WX
35c
1 July
1 July
Aug.
$134
Aug.
$134
AUg.
10
10
$1
25c
50c
Aug.
..........
77,500,000
90,000,000
41,591,200
21,000,000
15,000,000
10,000,000
50,000,000
Cnt Hanover Bk&Tr Co
Flrst National Bank
Irving Trust Co
Nov
1
Oct.
15
1 Oct.
15
mx
20c
40c
a20%
t$134
t$l 34
25c
25c
Aug.
1
July
Title Guar & Trust Co._
Aug.
Aug.
Sept.
Midland Tr Co_
1 July
1 July
21
21
1 July
19
15c
Oct.
1
10c
Aug.
Aug.
Aug.
1 July
9
1 July
190,477,000
105,701,000
82,210,000
335,217,000
27,584,000
149,079,000
3,079,000
455,135,000
42,070,000
146,301,000
96,315,000
1,643,000
53,267,000
762,798,000
7,000,000
Public Nat Bk & Tr Co.
7,000,000
852,000,000
684,000
747,511,000
5,096,000
1,220,000
89,209,000
359,078,000
59,948,000
210,672,000
18,123,000
10,758, 300
*
518,361,200
official reports:
As per
National, June 30, 1941; State, June
46,095,000
4,019,000
79,872,000
2,327,000
30, 1941; trust
companies, June 30, 1941.
branches: a $282,557 000 (latest available
b $65,328,000 (latest available date); c $3,425,000 (July 24); d $88,753,0C0
available date); eS21.961.000 (June 30).
deposits
Includes
In foreign
Stock
Below
are
the
and
Bond
date)?
(latest
as
Averages
daily closing averages of
stocks and bonds listed on the
representative
New York Stock Exchange
compiled by Dow, Jones & Co.:
15
50c
75,653,000
782,992,000
Comm'l Nat Bk & Tr Co
2 Aug. 20
1 Sept. 20
Oct.
50c
,350,224,000
28,067, 600
8,916, 500
Totals.
17,465,000
38,475,000
165,811,000
10,527,000
16
25c
10c
+20c
t3734c
244,834,000
606,011,000
,670,137,000
861,908,000
960,480,800 16,225,171,000
100,270,000
500,000
25,000,000
6,000,000
5,000,000
12,500,000
Fifth Avenue Bank
July 31 July 15
Sept. 2 Aug. 11
Aug. 21 July 15
Aug.
Average
187,600,,900
40,986,,600
75,642, 700
20,287, 000
109,849, 400
53,896, 700
4,531, 200
137,453, 100
4,267, 300
84,931, 100
1,168, 100
10,151, 100
4,000,000
Continental Bk & Tr Co.
Chase National Bank___
Nov
30c
Deposits,
14,294 ,300
27,221 000
82,100 800
58,357 ,100
20,000,000
$1*^
$1
$134
6% preferred (quar.)
Zion's Cooperative Mercantile Institution (qu.)_
National City Bank
Guaranty Trust Co.—
Manufacturers Trust Co
$134
$1
July 31 July 15
1 July 21
Aug.
1 July 21
Aug.
July 15
Aug.
Time
Deposits,
9
Chem Bank & Trust Co.
New York Trust Co
15
15
Net Demand
$
20,000,000
Bank of Manhattan Co.
Marine
JULY 24, 1941
Average
Surplus and
Undivided
6,000,000
Bank of New York
15
15
1
60c
t$l 34
t $l 34
$234
1
Capital
Profits
Bankers Trust Co
20c
Wisconsin Public Service Co. 5% pref. (quar.)__
Wood, Alexander & James, Ltd.—
7% 1st preferred (accumulated)
Woodall Industries (irreg.)
Woolworth (F. W.) Co. (reduced)_____
__
Woolworth & Co., Ltd. Amer. dep. rets, (interim)
Worthington Pump & Machinery Corp.—
4H% prior preferred
..........
4 34 % conv. prior preferred
Wrigley (Wm.) Jr. Co. (monthly
Monthly.....
......
......
Monthly
....
......
Wurlitzer (Rudolph) Co. (The)
Yale &TowneMfg. Co__
Yuba Consolidated Gold Fields, Inc.
Zeller's. Ltd., common (quar.)
*
Members
HOUSE
NEW YORK CLEARING
CLOSE OF BUSINESS THURSDAY,
Clearing House
25
50c
Bonds
Stocks
Aug. 30 Aug. 20
10
30
20
15
Total
10
First
Second
10
Indus¬
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
4o
trials
Date
1
July 15
Sept. 15 Sept.
5
Dec. 15 Dec.
5
1 On account of accumulated dividends.
t Payable in Canadian funds, tax deductible at the source.
tax, effecsive April 30 1941 increased from 5% to 15%.
remains at 2%.
a Less British income tax,
10
Sept. 10
roads
ties
Stocks
trials
Ralls
Ralls
ties
Bonds
Totai
29.92
18.52
43.23
107.73
94.53
53.69
109.90
128,59
30.35
18.65
43.51
107.91
94.68
53.76
110.04
91.60
129.16
30.30
18.78
43.66
107.95
94.51
53.83
109.95
July 23-
Non-resident
Resident taxs
128.06
91.46
July 25.
July 24.
Transfer books not closed for this dividend.
ASSOCIATION AT
21
9
9
(s.-a.)
*
MEMBERS OF THE
STATEMENT OF
June
$134
6% preferred (1897 series) (quar.)
Quarterly
Weekly Return of the New York City
Clearing House
The weekly statement issued by the New York City
Clearing House on Friday afternoon is given in full below:
1 July
Aug.
July 30 July
July 31 July
1 July
Aug.
Sept. 2 Aug.
Aug. 15 Aug.
1 July
Aug.
1 Ju y
Aug.
Wisconsin Electric Power—
Wisconsin Nat. Life Ins. (Oshkosh, Wis.)
These are certificates given by
Corn Exch Bank Tr Co.
1 July
26
1 July 26
Aug.
Aug. 15 July 25
$1>8
bank's own Federal
include Federal reserve notes or a
the United States Treasury for the gold taken
over from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
x
15
Sept. 2 Aug. 15
Aug. 15 July 18
Aug. 15 July 18
1 July
18
Aug.
Aug. 15 Aug.
1
Aug. 15 >ug.
9
Oct.
1 Sept. 15
Sept. 10 Aug. 27
1 July
15
Aug.
50c
Weston Electrical Instrument
Weston
,
1 July
22
15
8
22
15
31
15
I
AUg.
$134
93.1%
758,000
Reserve bank notes.
*
West Virginia
.
22
17 J4c
__
Co..
Sept. 16 Aug.
Sept. 15 Aug.
1 July
Aug.
Sept. 1 Aug.
5 July
Aug.
1 July
Aug.
Aug. 11 July
July 31 July
Aug. 15 Aug.
43 He
$1 34
7% prior preferred (quar.)
$1.75 conv. preference (quar.)___
WestPenn Electric Co., 7% preferred (quar.)
West Point Manufacturing
25c
t "Other cash" does not
94.1%
1,528,000
1 July
19
Sept. 20 Sept. 10
Oct. 20 Oct. 10
Walker
Common
94.3%
1,528,000
vances.
30.29
18.72
43.74
107.98
94.40
53.83
110.05
91.57
July 22.
129.58
129.51
30.54
18.61
43.77
107.92
53.82
110.32
91.57
July 21-
94.21
127.98 »
29.51
18.51
43.08
108.01
93.98
53.38
110.23
91 40
July
19.
91.56
The Commercial & Financial Chronicle
506
July 26,
1941
Weekly Return of the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of
These
and liabilities of the reporting member banks in 101 leading cities from which weekly returns are
resources
figures
always
are
the Federal Reserve
week behind those for the Reserve banks themselves.
a
System
the figures for the latest week
upon
in
appear
obtained.
The comments of the Board of Governors of
department of "Current Events and Discussions,"
our
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
ASSETS AND LIABILITIES
OF WEEKLY REPORTING MEMBER
DISTRICTS ON JULY
BANKS IN 101 LEADING CITIES BY
1941
16,
V.
(In Millions of Dollars)
Total
ASSETS
New York
%
delphia
$
Boston
i
%
San
Minne¬
Kansas
Chicago
St. Louis
apolis
City
Dallas
%
%
$
%
$
Phila¬
Federal Reserve Districts—
Atlanta
Cleveland Richmond
%
$
%
Francisco
S
28,577
1,400
12,920
1,315
2,201
774
732
4,075
842
452
776
609
10,523
757
859
314
381
1,331
407
230
370
320
2,481
1,088
5,988
409
3,913
2,446
553
297
405
147
192
869
235
117
217
214
440
Open market paper
382
85
105
40
17
13
5
44
20
3
27
2
21
Loans to brokers and dealers In secure.
505
13
368
26
15
3
7
47
4
2
4
3
13
447
16
212
30
20
14
11
62
13
6
10
14
39
51
183
49
37
141
60
33
23
385
109
218
88
127
168
74
79
64
""190
Loans and investments—total..
Loans—total..
Commercial, Indus, and agrlcul. loans
Other loans for purchasing or carrying
securities—
Real estate loans
39
Treasury bills
Treasury notes
United States bonds
Obligations guar, by U. S. Govt
Other
81
1,254
securities
Reserve with Federal Reserve Bank..
Cash In vault.......
196
4
1,908
1,087
2,247
7,951
3,221
3,548
10;899
149
Loans to banks
Other loans
2
1
31
555
-
15
1
------
87
'
7
3
1
651
1,477
3,497
25
182
89
47
214
34
389
731
200
114
1,246
214
1,912
1,470
88
174
46
178
128
260
253
67
114
573
110
39
133
59
342
567
5,758
508
789
285
182
1,579
241
109
210
152
519
74
2
2
360
69
102
1
32
22
39
380
351
6
.
.
19
41
32
48
124
1
112
120
824
37
76
114
546
151
119
24
52
26
15
82
13
7
18
12
3,583
1,169
219
250
213
393
293
265
620
207
126
345
322
330
67
389
78
88
42
51
74
21
15
21
30
293
24,260
5,416
1,460
11,774
1,113
1,139
1,781
656
528
3,439
580
343
629
571
230
260
746
209
191
999
192
111
142
134
1,360
1,089
491
14
46
16
43
33
48
136
21
2
13
37
82
9,309
403
3,979
483
542
381
365
1,400
428
183
474
287
384
Foreign banks
Borrowings
654
24
1
1
Other liabilities
772
24
6
7
—
Balances with domestic banks
Other assets—net
27
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
Capital accounts
3,871
590
248
.
6
1
298
16
18
1,636
218
2
39
22
97
102
392
1
1
9
14
...
425
97
32,
3
91
109
62
20
4
3
1
= o>
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors of the Federal Reserve System
showing the condition of the 12 Reserve banks
at the close of business on
for the System as a whole in comparison with the
week last 'year.
The second table shows the
Reserve note statement
Wednesday.
Thursday afternoon, July 24,
on
The first table presents the results
figures for the eight preceding weeks and with those of the corresponding
and liabilities separately for each of the 12 banks.
resources
The Federal
(third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve agents and the Federal Reserve banks.
returns for the latest week appear
in
our
The comments of the Board of Governors of the Federal Reserve System upon the
department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE
Three Ciphers (000) Omitted
FEDERAL
RESERVE
BANKS
July 23,
July 16.
July 9,
July 2,
1941
1941
1941
1941
June 25,
1941
ASSETS
$
$
S
$
$
Gold ctfs. on hand and due from U. S. Treas.x.
20,302,531
20,307,532
16,271
293,072
12,186
20,611,874
Redemption fund (Federal Reserve notes)
Otner cash *
Total reserves.-
20,310,531
AT THE CLOSE OF
BUSINESS
JULY
23,
1941
May 28,
July 24,
1941
1941
1941
1941
mo
%
%
$
S
June
11,
June
18,
June
4,
$
20,314,730
20,316,732
9,944
9,549
12.853
287,750
20,313,731
10,945
289,010
276,625
299,593
380.284
20,608,379
20,610,989
20,613,686
20,601,299
20,625,874
18,507,113
20,312,231
20,313,730
8,853
241,080
9,508
20,313,731
9,508
283,282
10,553
252,279
285,141
20,603,000
20,573,363
20,562,164
18,113,976
Bills discounted:
Secured
by
U.
S,
Government obligations,
direct and guaranteed
Other b.lls discounted
905
930
1,868
1,119
1,358
1,242
3,433
998
1,366
1,489
1,365
1,143
1,421
1,823
592
687
619
674
722
1,729
2,728
2,290
3,357
2,508
2,013
1,806
1,977
1,916
4,155
2,727
9,853
9,807
9,352
9,273
9,088
8,906
8,774
8,736
8,163
9,103
1,363,800
1,363,800
820,300
1,363,800
820,300
1,363,800
820,300
1,363,800
820,300
1,363,800
820,300
1,363,800
820,300
1,323,196
820,300
1,363,800
820,300
1,363,800
820,300
2,184,100
2,196,681
2,184,100
2,196,203
2,184,100
2,196,809
2,184,100
2,195,881
2,184,100
2,195,201
2,184,100
2,194,812
2,184,100
2,194,851
2,184,100
2,194,752
2,184,100
2,196,418
2,449,928
47
47
47
47
47
47
47
47
47
29,911
936,334
40,429
46,641
30,130
29,503
24,918
1,132,033
42,412
889,067
40,035
53,799
24,554
882,182
39,968
45,896
895,591
40,175
45,283
27,222
890,276
40,215
43,329
26,825
1,120,507
40,444
23,779
979,078
40,162
44,641
23,861,917
24,036,227
23,780,771
23,845,752
23,804,669
24,045,457
6,771,077
13,117,089
954,398
1,165,141
593,544
6,774,078
13,223,032
6,797,124
12,971,077
849,372
1,038,545
1,185,116
15,830,172
885,278
15,864,719
2,658
*
-
Total bills discounted.
Industrial advances
U. S. Govt, securities, direct and guaranteed:
Bonds
Notes
........
Total U.
S.
Govt, securities,
guaranteed
Total bills and securities
-
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
;
Bank
Other
premises
__
-
-
assets
Total
1,126,732
direct and
assets
_
2,461,758
47
25,436
21,193
828,654
654,894
40,019
.
51,782
51,819
41,432
57,153
23,818,310
23,794,584
23,768,267
21,743,590
6,573,156
13,130,642
1,023,809
1,229,892
6,542,175
13,312,189
940,973
6,460,010
5,223,282
13,748,879
461,674
1,240,046
13,564,561
624,714
582,106
6,534,194
13,201.494
993,072
1,243.661
608,123
686,292
512,853
40,246
LIABILITIES
Federal Reserve notes In actual circulation.
account..
Foreign
Other
deposits
Total
deposits
Deferred availability Items
6,787,914
6,633,192
12,985,110
1,191,575
564,481
15,781,956
901,936
1,747
15,957,201
836,114
6,086
16,009,057
1,085,664
16,061,794
16,046,350
16,136,891
15,534,921
835,205
626,010
5,610
7,133
836,781
5,312
793,881
2,115
15,765,678
843,364
2,229
5,612
2,205
23,663,678
23,408,395
23,473,553
23,432,593
23,673,487
23,446,307
23,422,637
23,396,394
21,386,418
140,889
157,065
140,797
140,578
157,065
26,785
151,720
26,839
47,993
47,902
47,948
47,822
140,311
157,065
26.785
47.786
137,460
157,065
26,785
140,469
157,065
26,785
47,880
140,284
157,065
26,785
reserve
United States Treasurer—General account.
13,U25,376
836,852
1,208,225
611,503
23,489,185
Deposits—Member banks'
23,861,917
24,036,227
23,780,771
91.2%
91.0%
91.2%
11,393
11,950
2,236
20
93
143
Other liabilities, lncl. accrued dividends....
■
Total liabilities
K'.'"
607,199
1,022,766
1,081,125
1,240,276
650,690
1,226,526
642,925
814,582
I■..
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)._
Surplus (Section 13-b)__
Other capital accounts
.
I
Total liabilities and capital accounts
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Commitments to make Industrial advances...
140,376
140,324
140,331
157,065
157,065
157,065
26,785
47,850
26,785
47,796
23,845,752
23,804,669
24,045,457
23,818,310
91.1%
12,590
92.1%
13,072
91.3%
91.2%
12,432
11,814
1,732
2,870
1,950
1,482
1,208
122
122
142
54
51
91
80
48
42
81
100
152
193
185
120
150
336
105
20
26
81
87
77
148
116
324
,
,
26,785
26,785
47,739
41,153
23,794,584
23,768,267
21,743,590
91.2%
12,272
91.3%
12,342
89.2%
11,629
1,384
1.346
3,611
1,402
8,587
Maturity Distribution of Bills and
Short-Term
Securities—
1-15 days bills discounted..
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted..
Over 90 days bills discounted
Total bills discounted.
1-15 days industrial advances
.
111
236
295
264
290
244
:• 267
222
V!;- 230
554
2,728
2,296
3,357
2,508
2,013
1,806
1,977
1,916
4,155
2,727
1,488
2,079
240 •:VJ
2,072
1,515
1,524
1,525
16-30 days Industrial advances
1,522
1,273
1.442
1,473
309
754
696
321
284
292
284
270
202
81-60 days Industrial advances
228
i8i
193
526
567
569
555
515
141
207
1,386
977
839
589
754
407
333
570
259
61-90 days industrial advances
Over 90 days Industrial advances...
Total industrial
advances
V
67
'
1,225
6,019
5,971
5,962
6,062
6,126
6,018
6,086
6,145
5,762
6,491
9,853
9,807
9,352
9,273
9,088
8,906
8,774
8,736
8,163
9,103
Volume
507
The Commercial & Financial Chronicle V-
153
System (Concluded)
Weekly Return of the Board of Governors of the Federal Reserve
June
June
June
June
11,
July 16,
July 9,
July 2
1941
1941
1941
1941
1941
1941
1941
1941
$
$
$
$
$
$
$
$
Maturity Distribution of Bills and Short-Term
Securities (Concluded)
U.S. Govt, securities, direct and
25,
18,
July 24,
May 28,
4,
July 23,
Thru Ciphers (000) Omitted
1940
1941
$
$
guaranteed:
1-15 days
10-30 days
31-60 days
57,000
61-90 days
2,184,100
2,184" 100
2,184~i66
2,184", 100
2,184",100
2,184",l65
2,184",100
2,184,100
2,127,100
2,449,928
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2.184,100
2,184,100
2,449,928
7,150,196
379,119
Over 90 days——-..—..—..——
7,138,328
7,113,287
316,163
7,067,169
279,255
6,942,165
308,973
6,899,789
326,633
6,865,638
6,835,331
301,137
6,767,692
307,682
5,566,947
323,463
6,534,194
6.460,010
5,223,282
Total U. S. Government securities, direct
and
guaranteed
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
364,250
6,771,077
6,797,124
6,787,914
6,633,192
6,573,156
7,293,500
7,243,500
7,184,000
3,037
2,198
7,033.000
1,475
7,011,000
1,693
1,642
6,909,000
3,842
5,679,500
1,801
7,063,000
1,739
6,971,000
2,204
Collateral Held by Agent as Security
6,774,078
7,305,500
7,307,704
In actual circulation
7,295.301
7,246,537
7,186,198
7,064,739
7,034,475
7,012,693
6,972,642
6,912,742
5,681,114
for
Notes Issued to Bank—
Gold ctfs.
hand and due from U. 8.
on
Treasury
By eligible paper
Total collateral
*
343,665
6,542,175
-
1,614
''Other cash" does not Include Federal Reserve notes.
These
*
are
eentson Jan.
certificates given by the United
difference, the difference Itself having been
'
visions of the Gold Reserve Act of 1934,
(000) Omitted
Total
and
hand
on
Boston
New York
Minne¬
$
$
Atlanta
5
$
$
due
$
Total reserves
City
$
$
Francisco
$
$
5
340,233
321,346 1,360,626
473,185
999
594
548
786
18,718
5,972
11,953
13,115
346,799
485,686
20,302,531 1,213,897 8,816,271 1,188,943 1,574,362
799
416
1,656
16,271
5,113
17,191
20,458
68,053
293,072
22,478
18,647
471,784 3,325,273
656
1,593
38,956
26,613
692,024
499.053 3,365,822
564,275
8
50
45
1,324
Dallas
544,558
672,053
20,611,874 1,241,488 8,885,980 1,209,817 1,592,352
from United States Treasury
Redemption fund—Fed. Res. notesOther cash *
San
Kansas
apolis
St. Louis
Chicago
$
Cleveland Richmond
delphia
$
ASSETS
certificates
BANKS AT CLOSE OF BUSINESS JULY 23, 1941
Phila¬
Federal Reserve Agent at—
Gold
.
EACH OF THE 12 FEDERAL RESERVE
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
Three Ciphers
dollar was devalued from 100 oents to 59.00
appropriated as profit by the Treasury under pro¬
States Treasury for the gold taken over from the Reserve banks when the
31,1934, these certificates being worth less to the extent of the
1,787
30,918
335,247 1,393,331
Bills discounted:
Govt, obligations,
and guaranteed
Secured by U. S.
direct
Other bills discounted
420
50
100
1,285
905
36
122
10
45
50
58
209
114
259
35
37
1,705
86
3,557
340
800
168
419
959
353
171
1,106
1,533
447
9,853
1,363,800
99,286
107,301
64,541
74,720
57,484
166,999
65,886
38,477
85,348
44,943
34,577
100,446
39,630
23,144
66,280
39,864
53,594
59,719
384,113
231.036
141,895
820,300
U. 8. Govt, securities, direct
107,765
64,817
2,184,100
159,005
615,149
171,842
227,243
119,663
92,061
267,445
105,516
61,621
106,144
85,829
172,582
227,705
120,471
92,287
267,914
105,561
62,277
107,217
86,441
172,788
& guar.:
Bonds
Notes..
Total U. 8. Govt, securities,
direct and guaranteed..
175,485
18
4
2
2
6
1
4
3
5
1
47
2,305
2,586
1,781
2,050
62,659
2,302
12,415
3,942
5,374
2,126
1,378
37,877
2,948
2,189
4,056
58,793
4,766
22,510
1,353
31,802
10,107
2,804
131,365
3,007
52,955
2,805
3,153
1,736
116,521
4,500
5,263
6,356
87,206
2,904
220,893
1,588
762
983
40,429
46,641
Uncollected items
Bank
618,387
32,235
29,911
936,334
Fed. Res. notes of other banks
premises.-
Other
160,148
2,196,681
Total bills and securities
1,181
1,994
4,023
Due from foreign banks.
assets.——
—
81,167
32,586
2,687
1,969
1,960
2,824
see
1
a
2,804
457,428 1,635,799
23,861,917 1,495,786 9,750,704 1,458,262 1,948,081
Total assets.—
905,531
630,162 3,776,292
729,806
436,098
637,968
639,316
318,744
220,643 1,457,220
251,692
172,710
226,005
106,655
557,227
280,243 1,840,713
154,015
36,103
139,804
40,776
4,446
7,329
319,439
286,445
236,106
49,421
167,700
34,309
41,043
34,951
25,631
33,786
37,124
33,786
9,264
5,860
2,582
834,872
49,743
88,574
26,842
364,451 2,138,978
413,075
233,500
363,856
131,970
53,118
20,095
36,696
30,659
50,707
295
81
90
109
120
66
616,531 3,728,463
717,966
426,395
626,666
15,165
22,824
1,429
8,411
4,343
3,000
4,544
4,925
3,152
533
3,613
1,138
2,039
1,000
2,561
2,007
630,162 3,776,292
729,806
436,098
637,968
2
352
31
437
LIABILITIES
6,771,077
F. R. notes in actual circulation
560,594 1,790,887
Deposits:
13,117,089
Member bank reserve account
954,398
U. 8. Treasurer—General account-
1,165,141
593,544
Foreign
Other deposits
15,830,172
Total deposits-
Other liabilities, incl.
395,494
113,008
967,150
63,140
107,183
18,426
27,731
5,754
688,859
54,345
443,201
9,194
474,601
69,221
82,383
553
50,096
490,840
64,609
108,884
79,631
31,369
212
195,157
259
278
'68
527
accrued dlvs...
39,496
889,514 1,165,204
826,645 7,635,547
2,658
Items
469,384
683,970 6,416,098
301,647
79,136
885,278
Deferred availability
23,489,185 1,470,175 9,622,118 1,423,719 1,913,663
Total liabilities--—
889,493
5,528
5,247
713
140,889
9,352
51,639
11,925
14,515
157,065
10,906
2,874
56,447
15,144
14,323
26,785
4,393
1,007
47,993
2,479
7,070
13,430
3,081
4,573
3,244
2,019
Total liabilities and capital acc'ts.. 23,861,917 1,495,786 9,750,704 1,458,262
1,948,081
905,531
2,186
962
779
Commitments to make Indus
1,528
1,419
11.393
advs—
"Other cash" does not Include Federal Reserve
notes,
a
5,725
2,359
49
1,515
308,531 1,000,013
445,965 1,608,031
1,263
1,948
457,428 1,635,799
39
3.60J
STATEMENT
vhtla-
(000) Omitted
Boston
Total
Federal Reserve Bank of—
S
S
Federal Reserve notes:
New York
Cleveland
'lichrnond
Atlanta
Chicago
$
S
$
$
$
$
Dallas
Minneap. Kan. City
St. Louis
S
lelphia
11,766
10,785
2,121
3,096
4,278
3,974
*
Less than S500.
FEDERAL RESERVE NOTE
Three Ciphers
~
4,834
CAPITAL ACCOUNTS
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
$
$
San Fran.
%
$
>•/:•
341,331
178,491
236,684
120,627
26,177
15,041
5,781
10,679
13,972
66,564
379,119
246,881 1,491,898
34,678
26,238
266,733
22,587
469,384
639,316
318,744
220,643 1,457,220
251,692
172,710
226,005
106,655
557,227
560,594 1,790,887
670,000
370,000
255,000 1,520,000
279,000
181,000
240,000
639,000
500,000
45
209
114
2,204
615,000 1,910,000
37
1,705
126,500
7,305,500
500,086
279,045
240,114
126,500
639,000
615,037 1,911,705
181,209
7,307,704
In actual circulation
491,295
21,911
665.493
623,791
587,082 1,899,890
109,003
26,488
6,771,077
F. R. Agent
by Federal Reserve Bank
Issued to F. R. Bank by
Held
91
168
2,728
Total bills discounted
Industrial advances
•
19
95
38
8
25
40
169
20
22
37
1,823
-...
7,150,196
agent as security
for notes Issued to banks:
Collateral held
by
Gold certificates
on
hand and due
States Treasury
from United
Eligible paper
—
Total collateral..
United States Treasury
Rates
8
86
670,000
Bills—Friday, July 25
370,008
255,000 1,520,000
Quotations for U. S. Treasury
Notes—Friday, July 25
quoted are for discount at purchase.
;•
Int.
Int.
,
>
Bid
Sept. 10 1941
Treasury Bills
July 30 1941
Aug.
-
6 1941
Aug
13 1941
Aug
27 1941
SeDt
0.13%
0.13%
0.13%
Sept. 17 1941
Sept. 24 1941
Oct.
1 1941
0.13%
0.13%
Oct.
8 1941
Oct.
15 1941
0.13%
-
3 1941
United
Bid
Asked
Oct.
States
York Stock
Government
22 1941
Securities
Exchange—See following page.
Asked
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
on
the New
Maturity
Dec.
Rate
Rate
Maturity
Asked
Bid
Dec.
15 1943—
15 1941...
1 \i%
102
102.2
1942 —
1M%
102.11
102.13
Mar. 15 1944—
103.11
103.13
June
103.4
103.6
Sept. 15 1944 —
101.2
101.5
Mar. 15 1945—
1 H%
102
102.2
1%
102
Asked
102.10
102.12
101.31
102.1
101.9
101.11
1%
H%
102.2
102.5
101.10
101.12
Nat. Defense Nts
101.30
Bid
1H%
1%
M%
Mar. 15
P-pt. 15 1942--.
Leo. 15 1942 —
JMar. 15 1943—
15 1943...
June
Sept. 15 1943—
2%
1H%
H%
Transactions' at
Daily, Weekly and
15 1944
—
tSept. 15. 1944
H%
jDec. 15. 1945
the
New
York
Stock
Yearly—See page 523.
100.10
100.12
100.6
100,8
Exchange,
\
July 26, 1941
508
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
sales in computing the range for the year.
of the day.
No
account is taken of such
United States Government Securities
York Stock Exchange
the New
on
the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation coupon bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32d of a point.
Below
furnish
we
daily record of
a
119.12
(High
J
Daily Jlecord of V. S. Bond Prices July
19 July 21 July 22 July 23 July 24 July 25
Daily Record of U. S. Bond Prices July
Treasury
4Mb. 1947-52
119.14
Treasury
2 Ms,
(High
119.12
119.14
119.12
119.14
(Close
in $1,000 units...
es
Low.
(Close
Total sa
19 July 21 July 22 July 23 July 24 July 25
4
17
Total sates in $1,000 units...
(Low
111.20
111.20
111.23
10
108.
108.8
108.
108.8
111.21
Total sales in $1,000 units...
108.
Low.
111.21
(Close
4s, 1944-54..—
_j Low.
.
:-r.
2 Ms,
21
1949-53
Total sales in $1,000 units...
'
113.7
(Close
(High
2Mb. 1950-52
113.7
108.12
108.12
Close
2
Total sales in $1,000 units...
108.12
Low.
113.7
(High
.J Low.
3Ms, 1940-56
108.8
(High
Close
111.23
(High
1948—-
*5
Total sales in $1,000 units...
(High
(High
J Low.
105
106
105.29
Low
105
(Close
Close
105.
Total sales in $1,000 units...
Total sales in $1,000 units...
(High
(High
(Low.
3Hs, 1943-47—
2 Ms, 1952-54...
Low.
3Ms, 1941..
2Mb. 1956-58
34
106.27
Low.
106.26
106.27
100.20
Close
106.26
5
Total sales in $1,000 units...
5
2Ms, 1951-53
j Low.
111
I Close
111
Close
Total sales in $1,000 units..
113.14
113.10
113.14
2s, March 1948-1950
2
(High
110.12
Total sales in $1,000 units...
1
1 Close
113.3
111.18
111.17
111.16
111.15
111.17
111.16
111.18
111.12
1
(High
(Low.
108.14
108.14
*2
3 MS, 1944-64—
Low.
Close
2
15
Total sales in $1,000 units...
108.15
Tota
110.3
110
110.3
110
3
110.18
106.20
106.20
3s, series A, 1944-52..—' Low.
106.20
106.20
106.20
(Close
106.20
106.20
106.20
Total sales in $1,000 units...
6
*2
*2
(High
102.27
102.27
(Low.
102.27
102.27
(Close
102.27
102.27
Total sales in $1,000 units...
2
10
(High
12
(High
(Low.
110.26
110.23
110.24
110.26
(Close
110.23
110.24
110.26
Total sales In $ l ,000 units...
2
1
:
1
•
(High
(Low.
110.29
(Close
110.29
Close
,
110.28
6
Low.
—
110.28
Total sales in $1,000 units...
(High
2Mb. 1942-44
110.28
110.27
5
(High
111.14
(Low.
111.14
111.14
111.15
10
1Mb, 1945-47
111.15
(Close
Total sales in $1,000 units
111.16
2
:
*2
x
x
x
106.20
Home Owners' Loan
110.18
s..
101.28
101.28
2MB, 1942-47
110.18
110.24
i
101.28
Low.
Total sales in $1,000 units...
110.23
Total sales in $l,000nu
106
*9
Close
Total sales in $1,000 units...
•
Odd lots sales,
t Cash sale,
t Deferred delivery sale.^
x
No transactions.
Note—Transactions in registered bonds were:
High
2Ms. 1945..
106
106.13
"High
3s,1942-47
1
(Close
106.31
sales in $1,000 units
110
110.3
Close
106.31
Low.
Close
(High
..(Low.
2Kb. 1960-65-...
106
(High
3s, 1944-49...
(High
(Low.!
Total sales in $1,000 units...
*1
(High
108.15
Total salesin $1,000 units...
Federal Farm Mortgage
108.15
(Close
105.1
Total sales In $1,000 units
111.16
108.14
105.1
(Close
113.5
111.17
111.12
I Close
4
105.1
Low
2s, 1953-55...
*2
111.12
Total sales in $1,000 units...
106.17
High
113.5
Total sales in $1,000 units...
(High
(Low.
106.17
Total sales in $1,000 units...
113.5
113.3
(High
106.18
/High
(Low.
(Close
2s, Dec. 1948-50
113.3
38,1951-55...—(Low.
2
Total sales in $1,000 units
110.12
(Close
103.29
103.29
•
110.12
(Low.
Low.
(Close
113.10
Total sales in $1,000 units...
103.29
High
113.10
113.14
(Close
2Mb. 1958-63
5
Low.
2s, 1947
(High
(Low.
2 Kb, 1956-59
106.27
.
(High
Total sales in $1,000 units..
2Mb, 1961-54
8
106.27
Close
111
i
106.27
Low.
Total sales In $1,000 units.
(High
11
106.27
2Mb, 1954-56-
Total sales in $1,000 units...
i:
104
(High
(High
(Low.
(Close
2Ms, 1948-51
104.21
104.20
(Close
2 Ms. 1945-47
104.20
2
Total sales in $1,000 units...
2Mb. 1955-00
104.19
104.20
106.20
3s, 1946-48....
104.20
106.26
Low.
314s, 1949-52
104.21
104
Close
106.20
3 Ms, 1946-49
104.20
High
High
8KB, 1944-46
*2
104.20
Total sales in $1,000 units...
Close
Total sales in $1,000 units..
3 lis, 1943-45
105.29
104
1
I Close
Treasury 4s, 1944-1954
1
(Low.
Treasury 3Ms, 1943-1947
Treasury 2Ms, 1955-1960
1
Total sales in $1,000 units...
111.16 to 111.16
106
to 106
-
—
111.13 to 111.13
—
New York Stock Record
LOW
AND
HIGH
PRICES—PER
EXCHANGE
j
Thursday
Friday
July 21
July 22
July 23
July 24
July 25
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
*52i4
*41
44
*41
*50
51l2
7
13
*53
53
53%
5234
53%
53%
53%
53%
*11514 117*2 *115% 117% *115% 117% *115% 117%
44
44
*40
43
*41% 44
*4n2
*40% 43
*50
51
51U
5034
51%
50%
50%
50% 50%
7
7
73«
7%
718
7%
7%
7%
7%
21
21
2()34
2014
20%
*20%
21%
21%
*20i4
51
*20
1314
1314
13is
13%
13l8
13%
13%
13%
4318
43
*13%
43%
44-%
13%
Par
Abbott Laboratories
4M%
.
-
—
—
600
7,600
400
900
No par
Adams Express....
No par
Air Reduction Inc
No par
Air Way El Appliance. .No par
Alaska Juneau Gold Min___10
42l2
42i2
43%
43%
44%
%
*716
*71C
41.!
4lt
4%
%
4%
4%
*%
4%
500
4>S
%
4%
%
414
4434
*2
4%
4278
*7i#
4%
5,700
38
38
38
38
%
716
%
%
*%
%
*%
%
1,300
*734
*658
*1714
2358
818
814
87S
8%
8%
8%
8
8
3,000
7*4
8%
7%
8%
7
8%
7%
Allegheny Corp
.No par
5M% pf A with $30 war. 100
7
7
7%
7%
1,400
6M% Pf A without war.100
*17%
18%,
814
162
18
18
2334
8I4
2358
712
18*4
2414
S14
8I4
I62I4
*lll4
1278
7'8
*8212
*30it
*1958
12
12%
714
83
3034
19%
*1
Us
*16
17*2
6038
*60
%
16212 163
*lli4
11*2
13
738
*82i2
30%
1934
1%
*15i2
60
13
7*2
24
8%
*8%
164
Allied Chemical & Dye.No par
Allied Kid Co
5
164%
12%
1,400
*11%
13%
13%
7%
7%
5,700
11,200
5% preferred
Allls-Chalmera Mfg
82%
8258
*82
83%
700
31%
31%
31
31%
6,000
1934
21
21
21
20%
21
3,800
1%
20%
1%
20%
Us
18
4414
8lo
*16
18
*16
18
1%
1%
400
No par
No par
100
No par
Alpha Portland Cem
No par
Amalgam Leather Co Inc
1
*16
18
63
63%
63%
63%
63
63
61%
62
2,300
6% conv preferred
Amerada Corp
18*2
4414
18%
18
18
18%
18%
18%.
1,900
Am Agrio Chem
45
44%
45
45
46%
18%
45%
46%
5,300
Am Airlines Inc
4,800
American Bank Note
46
858
4512
45%
*46
7
678
7%
7
8%
8%
*16
18
S58
8%
8%
8%
8%
46%
46%
6%
46%
6%
46%
*0%
46%
70
6%
2,700
7
Bid and asked prices; no sale3 on this day.
1%
No par
1
Allied Mills Co Inc
Allied Stores Corp
100
31%
*1%
pref .No par
Allen Industries Inc
83
1%
conv
Alghny Lud Stl Corp
1,400
31%
*1%
$2.50 prior
200
5,100
83
42
»
712
13%
7%
23%
32
41
*45l2
612
13
*17%
18%
24
24
23%
8%
8%
8%
*8%
163% 163% *161% 163%
*11%
12%
11%
11%
13%
13%
13%
13%
7%
7%
7%
7%
24
82%
41
46i2
6I4
163i2 165
1212
*1138
*18
31%
62*2
18%
614
812
82
183g
8%
19
24%
8l2
7,600
3m
197g
1814
Si2
I8I4
24
7%
18%
6
84
18l8
838
*45i2
*
*7
71
t In receivership,
a
Def. delivery,
n
Bosch
New stock,
8
3s Feb 26
0®4May 26
5%June 6
15 May 27
18% Apr 21
734May 22
*144% Mar 6
10M Feb 1
IIS4 Feb 3
514 Apr 21
71%May 14
25%May 28
14i2Mar 13
»u Apr 25
10
Apr 12
49U
share $
110
Dec
May
July 11
5134 Jan 6
30
May
Jan
734 Jan
22*4 Jan
15% Jan
9
3
3
4434 July 22
% Jan 14
5
Jan
5s
105s
9%
21i2
2538
Jan
Jan
4
3478 May
4*4 May
161s June
12% June
36% June
3* May
4
May
Jan
Apr
60
Nov
9
Jan
27% Apr
19% Jan
68% Jan
Ts Mar
7
Jan
Jan
Jan
24
Dec
May
634 June
Jan
1134 July 24
1434 Apr 24
7&8 Jan
21
Feb
Feb
lis
7
Apr
8
July 16
Jan
46%
share
145s
12%
15i2 May
37
70M
3s June
Jan
84
per
147
534 June
4U May
IH4 Jan
165
Highest
4
July 23
1% Jan 4
16
July 15
135% June
8% May
10
June
4i2 May
55
May
26% May
1234 Apr
182
Jan
16®4
93g
Apr
79
Dec
417g
11
18
June
Apr
14
2134 May
1*8 May
Jan
23s
Jan
Jan
Nov
Jan
18
Apr
38% May
58M
Apr
12% May
21
Jan
4134
75
Apr
9% May
Feb 19
6312 July 22
18*2 July 22
58% Jan 2
10
5*2 Apr 22
8% July 22
6
June
1234
Apr
50
(Del)-.Ns
42%June 19
Mar
6
35
June
50
Jan
Jan
2
par
..10
6% preferred
American
38 Apr24
334 July
..50
No par
Apr
per
7
44
38
*4%
$
share
5314 July 24
3
44
Apr 22
5*8 Apr 22
.19% Feb 20
12
May 15
35% Apr 23
No par
...25
No par
Address-Multlgr Corp.
10
per
120
Abraham <fc Straus..
Acme Steel Co
Adams-Millls Corp
$
Mar 21
115
conv preferred
Year 1940
Lowest
Highest
$ per share
46
Feb 21
100
30
Range for Previous
100-Share Lots
Lowest
500
5234
118
7'8
2U4
Range Since Jan. 1
On Basis of
Week
*115
4214
STOCKS
NEW YORK STOCK
the
CENT
Wednesday
118
13
NOT PER
Tuesday
118
678
SHARE,
Monday
$ per share
*52
5234
*20
SALE
Sales
for
Saturday
July 19
4H2 Feb 14
143g Feb 28
40
Corp.....
r
Cash sale,
5% May 29
x
Ex-div.
y
47
8%
Jan
518 June
9*8 May
Ex-rights, d Called for redemption.
i
Volume
LOW
Ne« York Stock
153
AND
HIGH
SALE PRICES—PER
Record—Continued—Page 2
Sales
509
NOT PER
SHARE,
Range Since Jan. 1
new york stock
On Basis of 100-Share Lots
the
CENT
stocks
jor
exchange
■P
Saturday
Monday
July i9
Tuesday
July 21
$ per share
$
per
July 22
July 23
? per share
37
36*2
30i2
37%
*128
128i2 *128'4 128*2
2
178
1 8
89
89
*174
180
*172
33
33
2
1%
89*2
89%
*175
1%
90*4
z88%
July 25
Week
$ per share
Shares
July 24
39
38%
38*2
3834
128*4 128% *128*4 129
2
89
Thursday
Wednesday
S per share
share
Friday
S
per
share
89
39
129
6,500
89
3,200
1%
89
88*2
88%
*175% 180
*174% 180
*175% 180
32% 33%
33*4
33%
3334
33*8
77
*76
78
77
77%
76*2
77%
7734
*76%
7634
7734
77%
21
21*4
21%
*20*8 2078
2078
21%
21*4
21% 21%
21% 21%
*108
*108
108
109*2 *1C8
109*2 *108
109%
10912 *108
109*2 108
111
111
111
110
110
*110
111
115*2 *110
115%
115% *111
3278
16
*1212
7*2
180
34%
16
*12*2
180
33%
m
»
13
16
13
13
13
77«
*7%
778
*7%
778
*7%
778
7
7*4
7
7%
7
734
16*8
16*2
16*2
17
*6%
16%
17*4
94
94
94
94
94
*9334
94%
158
*34
*U2
*5
6*2
34
*19%
*19%
*2*4
20
16
16
*16
35
35
35
3*4
*3*8
*30
*11
*46
*»i«
20*4
2%
16*4
35*2
16*2
36
16*4
3%
30
30
48
134
2334
4%
11
11
14
15
14*2
15*2
9134
92
93*4
94
25
*1*4
*327g
295s
634
♦148U
*14%
3%
31
4*4
134
*42l2
*1503s
*4534
*146
150
9*4
37*4
4%
4%
*1034
*46
14%
14
94
14%
11%
4878
14%
93
6578
66%
66*2
66*4
6634
*5U
5%
5*2
514
914
37i2
9i2
37*4
9l2
5%
9%
*146
150
*146
*24l2
247»
24*2
25**8
25
*11
1H2
11
11
11*4
25%
11*4
12
11**4
1134
17*4
1134
177«
11%
17%
*89%
*17
1714
*88
1134
17ig
*88*4
90
1*16
1"3J
13$
*89
90*8
15*4
15*4
15534 156*8
15578 156*2
1*332
15
15
15
•14ig
17*4
90*8
71
70
70
71
71
72
71
71*2
7178
152
*150
152
152
*151
38
152
152
153%
Amer Metal Co Ltd
19
91
400
10,600
'
72*2
71
72
7034
155% *153
21,100
2,100
3,200
7034
72
200
155
6
6
6
6
534
5
5%
5
5%
89%
7%
434
3,700
534
5
5
*57R
6
*53
57
*54
28*8
2838
28*4
32
32
115
*112
*1012
1112
*1*2
178
2912
*28*2
3158
*15
15*2
*14*2
6*4
6
*110
5
5
434
*6334
64%
*67
74
29*4
29i4
*8*4
85g
5*4
*434
29%
7%
7%
7
72*2
72%
72
6*4
*53
6%
578
6
*6
57
*53
29*4
30
29
31%
*33
33%
15%
15
15*2
64*2
*67
29
*8i4
*434
111
110*2 110*2 *110%
5*8
6578
74
65%
6634
*67
29*1
8%
*478
5%
9034
*85
90
*86
88
*86
9*2
87*2
*98
9934
*98
9934
9
9's
29U
29*4
*85
8534
9i8
29*4
*85
2912
29*2
6534
66*2
295g
6534
2334
27%
24%
245g
2758
3834
39
233g
23%
28i4
39i2
227g
29*4
*85
9*?
72
28*8
*87g
9*4
5
*478
47g
5%
66
74
28%
9%
478
9%
578
*53
57
32%
33
1,400
28%
87g
47g
800
'
200
900
200
5
27,100
3,700
65%
74
~wm'~
•»
28%
1,600
87«
300
5
400
*85
88
*100
103
400
*28*2
*85%
29
29
400
87
*85%
87
30*8
65%
26%
*28%
3078
297g
30%
66%
*65%
26%
67%
27%
29*4
29
*28*2
20*4
*85*4
86
8534
86*4
31
30%
31%
30*4
30%
66**4
2778
67
68*2
*66*8
67*2
26*2
27%
29
28*8
29%
2634
29*4
*28
29
28
29%
2,000
3934
39
39*4
39
39
39
39%
39%
3934
23%
22%
23*2
22%
2234
22%
23
23
23%
1,400
11,100
70
*68%
*117
123
40
9
9
1,300
*2%
2%
*2%
*17%
3%
2%
*2%
3%
3%
3%
16
1678
16*8
1678
4
4
4*4
4*8
4%
7
7*4
7*4
7*2
7*4
578
578
6
6*4
6*4
117
4%
10
2334
2334
978
23*4
*2718
2734
2734
27
*10318 105
31
27
25%
934
*8%
17
17
3%
16%
4%
4%
16
4%
7%
7
778
7%
26*2
33%
9%
9%
9%
9*4
9%
9%
9%
*31%
33%
10*4
10%
23%
2734
10%
23%
2731
10*2
10*8
10% I-
23**4
2334
24%
23*2
2334
23%
27**4
2778
28
28
28
2734
*33
27
34
27%
*103% 105
31
*29
31
*26
27
*103% 105
*29
31
*26%
7%
9%
4,610
1,600
9%
700
5512
*31*2
32
75*4
122
*27%
28
*21*4
2134
778
155g
*13*4
14
*82
87
*52
55*8
32
*52
33*2
75%
778
1534
*13%
87
77%
7734
1223g 122*8
28
28*4
22
3334
55%
34
79*8
122*2 12234
2834
29
22%
22*2
2278
8*2
834
15*4
9*4
*52
34
55
*52
55
3434
x33%
33%
78
76%
7734
77%
12234 12234 *122% 12234
*29
30
29*8
29*s
23
22%
22%
2278
87g
834
87g
87S
54%
*3234
76%
— „
'i.
mm
mt-mm
300
11,200
3,000
54%
100
1,500
13,400
122
1227g
2,000
*29
30
22%
22%
8%
15%
834
15*4
*15%
*13*4
14*4
*15%
*13%
16
14
14%
*1334
15%
15%
95
*84*2
95
*90
95-
*90
95
m w
76 a4
*84*2
this day.
^
'•
3334
*13*4
Bid and asked prices; no sales on
;
31
14
16%
700
700
27
87
1534
11,600
5,100
10%
24%
2734
*103% 105
*29
320
33
*11112 114*2 *1U7S 114% *11178 114*8 *1117g 114% *11178 114% *1117g 114%
8
8
*7%
*7%
7%
*8
8*8
7%
8*8
*8
8%
8*8
14
14
14
14
*1034
14
*1034
14
*1034
•IO84
*1034
*1034
39
38%
38%
3834
38%
38%
38*4
38*2
38*4
38%
3878
38*2
1578
16
15%
1578
15%
15%
15*2
1578
15%
1578
1534
155g
*52
9,400
6.700
34
*9
27%
80
8
32%
*9%
*8%
*31%
m
m
16,400
11,100
13,400
4%
7%
10*8
27%
^
16%
29%
33*4
*29
7
'■
18%
3%
7*4
10%
*103% 105
3%
2%
634
29*2
...
33
31
*17
3%
1534
9*4
33*2
27*4
18
4%
3%
16*4
16
10*8
9*2
*103*8 105
*28*2
.
27
25i2
978
200
87g
16
9*2
32*2
400
69%
8%
1534
934
69%
1>00
8*2
*37g
25*4
70
*68%
123
*117
-rn'm,
-
8%
117
117
17*4
934
934
32i2
25,600
2,200
29,000
109*4 *108
109% *108
109%
109*4 *108
7
67g
678
67g
67g
678
7*4
*49
49%
49%
49*4
49*4
49%
49*2
70
135
X In receivership,
500
June
105g
163
Jan
Jan
Mar
7334 Jan
4
48I4 May
634 Dec
74i2 Nov
1234 Mar
100
Jan 13
7
154
Jan
Jan
3
May 12
Apr 21
150i2 Jan 10
28i2 Jan 10
958May 29
May 26
lli2 July 12
10
13
Feb 19
100
81
Jan
........
Am Sumatra Tobacco..No par
A Teteg Co.__100
148i2May
Common class B
6% preferred...
...100
Am Type Founders Ino
10
Am Water Wks A Eleo.No par
Preferred..—..
1
May 28
62
May 27
146% Apr 26
4% Apr 21
4
May 20
..100
1
61
Feb 14
6
Apr 18
25
Mining..50
Anaconda W A Cable..No par
Anchor Hock Glass Corp 12.50
$5 dlv preferred
No par
Andes Copper Mining
..20
A P W Paper Co Inc...
6
Archer Daniels Mldl'd.No par
ArmourACo(Del)pf7% gtd 100
Armour A Co of Illinois
6
S6 conv prior pref
No par
Anaconda Copper
8
5i2May 19
46%May 13
2218 Feb 14
25i4 Apr 21
11% Apr25
11078June 30
9
Feb 24
1
May 14
Feb 20
20
109i2Mar 24
4
May
Apr
Deo
Feb
152*2 May
3338 Jan
1458
Apr
Jan
11
May
1714
1234 May
23*8
70%
Dec
93
Feb
III4 May
18
Mar
Mar 27
1038 July 25
16834 Jan 0
62
July
9i4 May
70
93
2
82
$6 1st preferred
19i2 May
155*2
Feb
Deo
19l2 July 25
1®32 July 24
...25
...26
139
Dec
May
54
13*2 Jan 14
1134May 27
Rights
American Tobacco.
41i2
4914
Apr 25
No par
No par
American Stove Co
113g
May
3014 May
122
May
Jan 21
54
May
23
2
37
American Sugar Refining.. 100
American Stores
5
9% July 10
13834 Mar 13
19
5
145
138 July 22
73i2 Jan 7
74i2 Jan
May
6834
130
Jan
9
7
Jan
9
Feb
175*4 Mar
Dec
Dec
66%
8
159
June
2% May
5*4 May
7% Jan 10
99i8 Jan 11
8-% Jan 9
83% June
0
May
73% July 22
25*2 May
8
Jan
4
414 May
5034 July 14
30
July 22
35
18
May
6
20
May
35
Jan
1534 July 25
12*2 May
4
107
12% Jan 7
2*8 Jan 17
8
Jan 13
23
113
30
Mar
1115s Jan 16
5%
Jan 25
9
June
June
May
1'4 June
June
97*2 June
4
May
35
May
3
67
100
60
Jan 20
04
No par
Arnold Constable Corp
6
Artloom Corp
No par
23
May 28
34% Jan 10
22r>8 May
078 Apr 18
87s Jan 13
684 Jan 10
0i8 May
100
89
7% preferred
Armstrong Cork Co
7% preferred...
,
Associated Dry Goods
1
100
6% 1st preferred.
7% 2d preferred
100
Assoc Investments Co..No par
47i2 Jan
4%May 22
May 16
53s Feb 19
79i2Mar
8
87
Feb 19
26
Apr 23
..100
85
May
9
Fe._100
5% preferred
..100
Atlantic Coast Line RR...100
Atl G A W I SS Lines
1
5% preferred
100
Atlantic Refining
25
4% conv pref series A—100
Atlas Corp
5
6% preferred
50
Atlas Powder
No par
5% conv preferred
100
Atlas Tack Corp
No par
Austin Nichols
No par
$5 prior A
No par
Aviation Corp of Del (The)..3
Baldwin Loco Works v t C..13
Baltimore A Ohio. j.....-100
4% preferred
100
Bangor A Aroostook
-.60
Conv 5% preferred
100
Barber Asphalt Corp
10
Barker Brothers
No par
514% preferred
60
18
Jan
2
5% preferred—
70
86
27%
29%
4®4 May
Jan 10
July 15
Jan
Jan
18*2 Nov
145
£
„
^
12,600
88
17*4
.:
_
9%
29
17%
*2434
90
105
17%
634
578
2 512
9
*85
234
034
*85
*100
*2*8
*55s
9%
88
2%
*15i8
490
Mar
9% May
100
6% preferred
Amer Telep
26
2
25
$5 prior conv pref
100
*2i8
312
90
20i4 June
6
Amer Steel Foundries..No par
_
42.600
29%
*67
......
American Snuff...
Preferred.
Mar
100
preferred
_
121
157s Jan
Amer Zinc Lead A Smelt
100
238
18*2
35s
778
Preferred-
July
1178 Feb 19
300
28%
4%
6434
conv
Jan
Mar
90
Jan 13
7U
Jan
25
25
5,800
3,600
*86
*2*8
75*4
Feb 17
2,500
9934
8*2
122
6
155
7%
87*2
8*4
35«
9%
5
.....100
7234
6%
9934
8*2
*18
*85
90
9*4
934
*8*4
*28*2
65%
*67
29
*85
90
83g
*26
5
5*8
Apr 21
5
Feb 14
89%
15%
66
*8*8
978
3334
7
72%
87%
109*4 *108
109U *108
7
7
7
678
*67g
*49
*49
49% *49
49iZ
70
69i2
*66*2
67% *67
*116
117
116*4 116*4 *116
912
57
29%
*85
33g
103
May
No par
American Woolen.....N# par
200
*108
*31*4
6%
1478
54
25
'
*85
*938
73
10,300
15%
1534
15%
*112% 115
115
*112% 115
1134
1134
*1034
11% *11
I7g
1%
1*2
1%
*1%
29%
29%
29% 29%
2934
*110% 111
*110% 111
111
2834
*87g
884
5*8
*33
15%
66
29*4
8%
29%
33*4
*67
74
29*4
29%
5
5*4
5*8
*53
57
33*8
*15
*112*2
*112*2 115
*112% 115
12
11*4
11*2
1134
1112
1*2
*1%
1*2
1%
*1*2
2934
*29%
2934
29'8
2934
110
110
57
*85
87
87
7%
May
28i4 May
May
par
DID 106,600
1%2
70%
73%
10
39
par
No
400
500
16%
153% 154%
71%
87
Deo
5U
I
30
Am Rad A Stand San'y.No par
7,300
1,400
1638
71
72%
Jan
92
63U
par
$5 preferred
500
91
8634
7*4
2234
May
May
23% Jan 24
No
No
W7o
Apr
May
3434 May
No par
$6 preferred
20
6*4
7**8
57
10
38
3% Jan 13
4634 Jan 13
4
Amer Power A Light
4
Apr
Jan
13*2 Aug
1'4 May
Preferred
Apr
Mar
658
1234 May
Mar
Apr
Jan 10
200
11%
19%
35
5% July 10
American Rolling Mill
11%
378
12i4 Sept
152
11
38
66I4
4H2 May
40
*11%
Jan
17%
10% Apr 23
111
Jan
60i2 May
65S Apr
8
4538 July 22
11%
11%
19%
Jan
24*4
1934 July 22
121
Apr 4
26
July 24
8,900
253gJ
Jan
2% Feb 15
20
4534
Apr
25g
95%June 21
13s4 Jan 6
1034 Apr 21
Apr 23
79
American News Co
140
12,000
2,000
5,400
24,300
146
658
15% Apr 24
100
Jan
28*4
714
No par
6% preferred
Apr
I5I4 Apr
91*4 Mar
3*4 Mar
Amer Mach A Metals..No par
mi
Feb
Jan
Feb 14
2478
June
934
8*4
50
Apr 18
47»
73
2
Apr 29
34
578
89*2
100
3
30
4**4
7*4
Locomotlve.No par
Preferred
43
Dec
May
Jan
Nov
13
8
13U Jan 27
4% Jan
6
Amer Smelting A Refg.No par
6*8
71
American
1
50
preferred
3%June
1058July
18
Amer Ship Building Co .No par
578
*85
American Invest Co of 111
Feb 14
1,240
434
7034
Amer Internat Corp...No par
conv
20
li2
8,600
434
8912
7*4
100
Jan
May
45i2 May
178 Mar 29
24
July 17
45
5*8
7
pref
4
51
May
23
30%June 17
May 15
3
1% Feb 20
39%
434
7034
6% non-cum
5%
27
44%June
01i2 Apr 23
4% July 2
7i8May 23
*512
*85
1
No par
American Seating Co.-No par
146
153% *153
50
American Ice
May
3
American Safety Razor..18.60
2478
91
conv preferred
American Home Products
234June 20
23
700
72
7134
72*2
6%
1
9% May
17»4 Jan 18
38% Jan 4
4ig Jan 10
1,240
1,100
150
16%
154
154%
1%! 1"J2
16*4
American Hide & Leather
3
217sJune 18
37s Jan 13
Feb 14
29
Sept
li4 May
312 June
84 Dec
1084 May
2U May
6
Jan
May
75
9%
*44
90%
10
Jan
8
Mar 26
1*8
117g Apr 15
3
5%
152
*15
178
5
2
2% Apr 16
2,600
-
l%May 14
23i2
13% May
July 25
334 Jan
preferred A ...No par
Amer Mach A Fdy Co .No par
m »»
7
No par
1,500
2,100
m
Jan
i2May 27
Uh Feb 15
Amer Hawaiian 8S Co
^1
^
No par
78
14
$6 preferred....... .No par
"8,400
67%
11*8
*11%
18%
18%
^
:
100
American Encaustic Tiling.. 1
Amer European Sees..No par
700
24*2
90*4
18*8 July 10
94i4 July 12
10
6
5
46
4534
11*2
9% Feb 19
18%June
107
*9%
39%
44%
6634
152
*146
155% 156%
lnaa
1%
7134
7234
38%
45%
44%
11*4
*15
156*8 1567g
1%
1%
*70
9*4
25
24%
11*4
*1134
150
418 May
700
93
53g
150
5% May
734 July 25
7,800
6578
*146
May
834 Jan 23
500
11
*92
67
66*2
6634
*5%
5%
5*2
9%
9%
*9*4
9%
38
37*2
38%
38*2
37%
44%
44%
45%
44%
44%
43i8
43*8
*150% 152
*150% 152
*l503g 152
152
46
46
46*2
46*2 46*2 *4534 46*2
5%
9
6% Apr 23
4% Feb 17
1,900
24%
12%
12%
1234
1234
1278
1278
*12%
1234
1278
1234
12%
5
5
5
5*8
5*8
5% •K'-5v
5*4
47g
5%
5*8
19
19
19%
19%
19%
19%
19*4
19%
187g *1858
1934
*114
116
*114
*114
116
*114
*114
116
116
116
116
25
*25
26
*25% 26
25%
2534 26
25-%
25%
25*8
1%
1%
1%
1*8
1%
1*4
1%
1%
138
1*4
1%
36
36
34
33
3478
35%
3434
33*4
34%
33*4
34%
31
31
30
3078
31%
30*2
30*2
3134
29*4
30*2
295S
7
7
7
67S
634
634
67g
634
67g
7*8
678
162
*150
162
*150
160
162
160
*150
*148*4 160
160
15
15%
1434
15%
15%
15%
1578
147g
15*2
1434
15%
6578
140*2 May
600
4%
*46
1434
May
100
48i4
24
11
11
31
48%
*1%
*23%
4878
4
*30
47%
134
134
94
14
91
*110l2
3%
24
14%
*917g
14
478
*18is
3%
47*2
487g
112
2,200
1,100
134
11
91
*1234
37%
23*2
•46
Jan
%7 2d
16%
*1%
11
121
3,000
36%
*30
4878
*46
x98%May 29
9i2Mar 27
$7 preferred
16%
23*2
*4
115
100
Amer & For'n Power
3578
*16
Nov
May
•
2%
65
34
1,600
1,200
20
May
33i4 May
100
700
3
31
4*4
234
■«*'«»«-
16%
48%
24
4%
4878
*2934
"is
Deo
May
Jan 21
600
6%
34
*19%
2%
Jan
185
May
18
79% July 11
23% Jan 7
preferred
conv
6% 1st preferred
3578
3*8
*47
*5
20
234
1634
3578
3*8
1%
*1%
11
*46
16%
31
24
20
234
*35
6%
164
115
150
94-%
1%
"is
34
2034
2*2
<
*5
a4
48
48
158
20
3%
*29%
*22*2
378
%
36
3*8
1%
6%
1%
*5
638
*34
1934
2*2
2*2
48
1^4
2334
334
IH4
487g
134
*2234
334
*5
.
20
314
30i4
48*4
*47
,
34
2*2
2*2
1%
1%
1%
6*2
"16
*5
18
17%
*9334
1%
7
Jan
June
234 July
116i2
American Crystal Sugar
2,500
6,800
1734
94%
1%
Feb 15
135
Oct
Dec
American Colortype Co
10
Am Comm'l Alcohol Corp..20
200
634
May
1%
85%
3434 July 22
185
Apr 19
50
128
American Chicle......No par
Am Coal Co of Allegh Co NJ25
90
*73g
23
7
Apr 22
5%
300
778
17%
*9334
1%
100
Mar
214 July 7
95U Jan 10
78i2May 29
171i2May 28
Am Chain & Cable Ino.No par
100
6%
6%
39
130
Highest
$ per share $ per share
28
May
4534 Jan
share
June 18
per
29?g Apr 14
par
4,100
*7%
658
16*2
734
*6*4
16i8
*9334
*1*2
•
Preferred
«• «•
$
100 zl22% Apr 14
1
Mar 18
Fdy.No
pref
conv
Lowest
Highest
$ per share
American Car & Fdy_.No par
Preferred..
100
14
13%
5K%
Araer Cable & Radio Corp__l
American Can
25
8,100
1,000
3434
*12%
Am Brake Shoe A
120
2
2
2
1,900
*37
129
38%
38%
*128*4 129
1%
Lowest
Par
Range for Previous
Year 1940
Atch Topeka A Santa
——5
Bath Iron Works Corp
1
Bayuk Cigars Ino
No par
Beatrice Creamery.
25
$5 preferred w w
No par
Beech Creek RR
—50
Beech-Nut Packing Co
20
Beldlng-Heminway
No par
Belgian Nat Rys part pref
Bendlx Aviation
6
Beneficial Indus Loan..No par
Pr pfd 12.50 dlv ser'38No par
Best A Co
—No par
Bethlehem Steel (Del) .No par
7% preferred
100
Bigelow-Sanf Carp Inc.No par
Jan 2
13i2 Feb 14
13% Feb 16
60%
300
50
d Def. delivery,
CoNo par
No par
Bliss A Laughlln Inc...
5
Bloomlngdale Brothers.No par
Blumenthal A Co pref.....100
Black A Decker Mfg
Blaw-Knox Co
n
New stock,
r
Cash sale,
June 17
Jan 14
934 July 22
87% July 22
7i2 July
60i4June
7214 Jan
118i2 Jan
9
7
2
2
10
3
9
4
July 25
l%May
3
278 Jan 11
6
20i4 Jan 11
514 Jan 6
2% Apr 17
12U Apr 21
3is Mar
3
43g Feb 15
5
Apr 23
23i4June 4
7
Apr 23
6% Jan
May
958 May
8*8 June
4
May
May
13
28>8 July 22
3138 July 7
Feb
13
82
39*2 May
4H2July
Apr 22
19
Jan
2
4i2 July 22
7i2 Apr 4
8
July 25
34
July 25
10i2 Jan 10
914 June
18U May
102
June
7
May
43U June
67
4
17g
Aug
12*8 May
2«4 May
3*8 May
Deo
434
24*2
934 July 19
4
May
May
20
23*2
22
Feb 17
103
MarlO
2758 July 22
104% July 3
28i2 Feb 17
June 25
108
73s Feb 19
32
126
Apr 28
Jan
Mar 17
13
323,, Apr 21
3912 July
15%May 23
64l2 July 25
2034May 12
OS's Apr 22
12112 Feb 20
2314 Apr 18
16% Apr 19
05s Apr 18
13i2June 4
Apr 29
Jan
7
v
6
83g Jan 24
10^8 Jan 14
Ex-div.
Dec
8*2 May
8
10i2 July 22
247gMar 17
31% Mar 24
x
Feb
May
4
33i2June 22
II
May
10
Jan 20
80
May
112*2 June
75s Feb 19
1834 Feb 3
2534May 5
28
Aug
3158 July 22
70i4May 8
24i4 Jan
iioi4 Jan
0
Jan
438 May
65
49*2 May
6
111
358 May
90*2
2912 June
2
6% Feb 14
47% Feb 14
61
May 16
Jan
July 23
19i2June
May 29
68*2
3518 Jan 23
90i2Mar 12
100
10i2 Jan
107
Barnsdall Oil Co
2,100
8,500
90
June
7*a June
Dec
20*4 May
18*2 May
105
May
29i2 May
102
May
7*4 June
10
Nov
8
24*2 May
2078 Jan 10
57
May 2
17*4 May
3434 July 23
3
131% Jan 28
2918 July 23
23
July 23
89i2 Jan
4918 June
22i2 May
63*2 May
109*2 May
14
May
16
May
10% Jan
1838 Jan
4
534 May
8
13*2 May
15
9
11
May
Mar 13
54
June
90
Jan
Ex-rights.
H Called for redemption.
New York Stock Record—Continued—Page 3
510
LOW AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
CENT
Monday
July 19
July 21
Tuesday
July 22
$ per share
% per share
$ per share
1678
31
31
*96
31
97%
*44%
23%
9712
*4312
*2234
1934
4512
23'4
19
21
31%
31%
*4%
4%
10%
1934
4%
10%
20%
1934
32
31
31
30
30%
*40%
*23g
42
*40%
*2%
10%
*30%
*21%
*2%
6%
12%
*30%
20%
11%
11
11%
118
412
4%
73
7'4
27
27
*32
734
21
21
20
6
6
6
21%
*2134
32%
33
1834
53%
8%
*2-%
8»2
18%
53%
8%
19%
5334
9%
3
3
2%
20l2
578
6
*21%
37s
*10%
22
21%
4
378
10%
94
20%
*51
»«
4%
11
11
94
95
11%
20%
11%
21%
11%
2134
52%
21%
52%
*51
1
22
4%
10%
10
20%
52%
9
2%
94
*92
10
5334
4
10%
94
934
19
1
*51
1
1
6%
6%
12%
14%
14%
*
40
4%
6*4
12%
14%
—
4%
7
7
13
14%
38%
-
4%
36%
36%
284
38%
2%
*37%
54
*91
91%
91%
*28
29%
29
3
*2%
7934
19%
55
55
9%
9%
19%
19%
19%
1934
6%
6%
22
6%
6%
22
4
14%
*----
3634
3%
38%
*38%
92
30
*36%
*3
5
V.,-5
2%
9%
6%
1734
9%
11%
98
11%
21%
11%
21%
52%
*51
1
7
15
38%
43g
37%
3%
39
*123s
1434
*34%
4%
36%
3%
1
7
6%
12%
*51
1
*42%
*52
54
43g
36%
6%
6,600
12%
14%
700
6,400
38%
4%
127)00
*%
2934
3
3
92
39%
30
*91
*91%
2934
300
*39
92
*91
92
29%
*29
29%
29%
3%
*3
3%
2%
75%
5%
5
238
238
934
6%
732
134
*1%
24% I
24%
55
10%
10%
55%
10%
—-
3%
*3734
5534
10%
103%
43
3%
38%
9
12%
3%
316
%
9
13%
lh
24%
5614
10%
43
24%
57%
10%
43
54
54
h.
*%
75%
*112% 113
*30
*100
38%
s16
31«
*83%
*4834
86
*38%
*33%
38%
*140
*92
*60%
*%6
*8%
*123g
*1%
38%
61
*60%
14
*102% 103
£14
3
3
17
3
86%
*83%
*4834
39%
34%
....
39
24%
24%
56'4
10%
3%
33%
500
19
5534
10%
55%
10%
56%
10%
*35
43
*38
100
3%
39
3
38%
3
39
75%
100%
*73
75%
*52
39%
39%
83%
3%
*38%
*73
30
*8334
*4884
3934
3%
39
....
75%
200
400
93
92
92
61
*60%
61
39
87%
....
39%
*91%
93
*60%
*720
61
*720
1334
14%
*1334
14
102% 102% *102
103
20 34
20%
21
20%
1634
3
*1%
17
16%
3'
3
7734
7734
*63%
*79%
538
68
*63 %
68
82%
*80%
*5%
82
*25
2634
*25
5%
27
5%
25%
2534
26
25%
*102% 10334 *102% 103%
3234
3234
32%
33%
*106 4 108
*106
109
10%
10%
10%
11
716
%
716
%
61
61
61%
61%
26% 26%
26%
26%
t * Bid and asked prices:
17
17%
16%
3%
78%
17
17
,
55%
42
3
*38%
*135
*73
1334
103
*1%
16%
*16%
"""500
1284
134
100
26
50
17,100
1,100
56%
1334
No par
100
Bullard Co
23%June 6
27% Feb 15
1534May 3
49 May 8
z7%May 1
2%May 1
No par
Terminal
-1
Bldgdep7% pf 100
Butler Bros
10
5% conv preferred
Butte Copper & Zinc
30
Byron Jackson Co.....No par
California Packing——No par
-50
..1
—
Calumet & Hecla Cons Cop..5
Campbell W & C Fdy—No par
Ginger Ale
5
Canada Southern Ry Co--100
Canadian Pacific Ry.
25
Cannon Mills
No par
22
Apr 23
43
Feb 14
112
Mar 18
Caterpillar Tractor
No par
Celanese Corp of Amer.No par
7% prior preferred
100
Celotex Corp .........No par
5% preferred
100
40
Apr 14
18%May 26
116»4Marl9
Central Aguirre Assoc .No par
Central Foundry Co.
1
Central 111 Lt 4^ % pref—100
il5%June27
l%Apr22
109%June 10
tCentralRR of New Jersey 100
Central Violeta Sugar Co
Century Ribbon Mills.No par
134June 11
100
Cerro de Pasco Copper-No par
Certaln-teed
6%
Products
1
prior preferred
100
No par
Checker Cab Mfg
5
JChesapeake Corp
No par
Chesapeake & Ohio Ry
25
Preferred series A
100
7
66
4% Feb 3
2% Feb 19
$3
pref erred. ..No par
Pr pf ($2.50) cum div No par
JChlc Rock Isl & Pacific. .100
conv
7% preferred.—
6% preferred
5
..No par
Ry Co
100
100
I—100
RRCo7% gtd.50
50
143% 144
*91% 93
*60%
61
70
Preferred---.--———100
300
Coca-Cola Co (The)...No par
Class A
No par
Coca-Cola Intern Corp.No par
Colgate-Palmollve-PeetNo
preferred..,
par
No par
Collins & Aikman
No par
5% conv preferred
no
sales
on
this day.
i In receivership,
a
Def. delivery,
n New stock,
r
7%
12%
Jan
10
2
May
5%
Apr
5% May
1634
Cash sale,
z
■
s
»
7%
Jan
23%
Apr
5
Sept
May
May
1384
39
May
82
9
May
15%
May
26% Feb
52% Mar
6
1
May
11%
De
23%
July
6% Mar
Jan
Apr
36% Aug
75% June
45
May
92%
22% May
3234 May
2
40%
May
39% May
100
June
50% July 15
42% May
283g Jan
12034 Jan 29
105% May
20
May
75
Jan
126
Dec
56%
Dec
May
12%
14
48
June
72
25
17
24
106
22
25
Feb
May
26%
338
Apr
Jan
June
1%
4
3% Jan 13
Jan
35% Apr
121
5
Aug
l%May
Dec
3% Nov
10
29
Anr
Apr
O
6
2%
Jan
Feb
Feb
Apr
Dec
3% Jan
92%May 20
Jan
1%
8%
19%
238 May
29% May
30% Jan 14
3% Jan 29
8134 July 22
Jan
Nov
May
4% May
11
34
Jan 17
Oct
May
May
114% Mar
Dec
5% Apr
1134May
May
2%
Oct
6
Mar
Sept
100
Apr
Jan
12% Apr 22
Apr
2
37% Jan 14
21% Jan 4
106% Feb 10
2134 July 22
18
Jan
2
2%May 23
44% Jan 13
102% Feb 3
88
15
% Mar
5
3
May
22
Oct
106
May
17% May
10% June
2%
101
Dec
134 July 21
534 July 22
2% July 11
10% July 22
8% Jan JO
8% May
23% May
41
May
8
8
4
June
2
July 21
834 Apr 21
Jan
3
July 25
«n Feb
6% May
6
%i Dec
7% May
Jan 27
72% Jan
1034 Feb
104
2
5
%»Dec
9
May
1% Aug
20
Aug
53% May
8%
June 24
85
Dec
Dec
46% Feb 20
44
Oct
51% Dec
3a Jan
34
16%
91%
Jan
Feb
*60
Jan
Jan 15
56
June
7434 Nov
Jan 24
108
May
26
May
114% Jan
43% Mar
74
May
85
Feb 14
114
3% July 18
101% July 24
83%June 27
2
4%
40%
133
50
Mar 11
46% May
48
27
9
Feb 14
40
July
4112
28% Feb 18
36
July 25
25% May
25% May
147
June 17
Feb 19
Mar 17
11% Feb 14
10034 Feb 15
18%May
5
106
Jan
8
2
62% Jan 7
July 16
131
Dec
99% May
56
May
141
Mar
63
Feb
10% May
20
Feb
740
14% July
8
103% Apr
2
30% Jan
9
June 102%
94
16% May
Mar 19
Apr 18
20
Jan 10
12% May
1% Jan 13
2%May 6
»ii Dec
1434June 24
1434June 9
2%May 20
Ex-div.
y
Apr
145
114
% Jan 2
1% Feb 6
1
Feb 18
Mar
45% Apr
May
3
Jan
Apr
Apr
Nov
83% Dec
4834July
July 16
Apr
14%
98
3384 Jan 10
Apr23
87
Nov
July
July 22
Apr 26
60
740
Apr
5% Mar
34
24
39
139
Jan22
Apr
% Jan
11% Mar
124
7
6
Apr 26
143
Jan
Sept
Sept
May
May
2% Mar
24%June 9
98 May 23
82 May 28
12%
15%
44%
%«Dec
30%June
139
73
110
Apr
Dec
84% June
44% Jan 9
54
July 24
Jan
4%
44
19% July 21
Apr
Apr
29% Mar
Oct
Apr 28
% Jan
3034
30% May
9% Feb 19
37% Apr22
49
Feb
99% June
334 July 14
34%May 19
93%June 2
--
;
4%
17%
2%
6%
25
Dec
Dec
16%
16%
800
16%
*16
Class B
1634
2.50
3
3%
3
3%
Columbia Gas & Elec..No par
3%
3%
3%
10,100
*7734
7734
7734 *77% 78% *77%
200
6 % preferred series A
78%
100
73 May 24
*63% 68
*63% 68
64
64
10
*63% 68
5% preferred100
62%July 17
81%
81%
80%
81%
82
400
80% 80-% *80
Columbian Carbon Co.No par
69% Apr 29
538
5%
5%
5%
5%
Columbia Pictures
53g
1,000
5%
5%
No par
4%May 16
26%
2634 *25% 26%
*26
100
*25% 26%
$2.75 conv preferred.No par
26%
21% Apr 17
25%
25%
24
25% 25%
24
Commercial Credit25%
24%
4,000
10
21'4May20
102% 102% *10234 104% *10234 104% *10234 104%
100
% conv preferred
100
99% Apr 8
32
32%
31% 32%
30
30% 31%
Comm'l Invest Trust.-No par
30%
•5,700
28%May 20
*106
108
*106
108
106
106
*106
100
107%
$4.25 conv pf ser '35.No par zl02%June
9
10%
11%
10%
11
11
1034 11%
Commercial Solvents_.No par
11% 21,700
8% Feb 15
716
7ie
%
7ie
716
716
7i«
7i«
27,600
Commonw'lth & Sou ..No par
%»May 19
61%
62
61%
62
61% 6134
$6 preferred series
2,100
60%
60%
NO par
49
Jan 30
26% 2 634
26% 26%
26% 26%
26%
2634
8,000
Commonwealth Edison Co-25
24%Maj'26
45
24
8%
3834
14
—
Oct
Jan
3% May
15% May
Colo Fuel & Iron Corp.No par
Colorado <fe Southern.
.100
100
36
35% Nov
21%
5% Jan 13
110
4% 2d preferred—
-.100
Columb Br'd Sys Inc cl A.2.50
Jan
17% May
12% May
27
24
Jan
10%June
7334 Jan
2234 Mar
3% July
115% Jan
3% July
10% July
6%
2%May23
22%Apr21
1534May 1
100 July 8
17% Feb 15
100
4% 1st preferred
20
6
7
22
24
55
4,600
290
8% Nov
5
No par
36
M00
3% May
22
27
Speclalgtd4% stock
"
72 34 Nov
22
10
— —
5% pref
120
May
25
Clev El Ilium $4.50 pf.No par
1,600
21
9% Jan 29
14%June 24
2% Jan 27
_.No par
Chrysler Corp
City Ice & Fuel
$4.25
Jan
25
Ji«July25
Clev Graph Bronze Co (The). 1
100
Dec
May
8%May 22
1084 Feb 7
l%June 17
160
300
May 119
3
41%
42
1,600
12 34 Nov
97
Jan
22% May
100
1,800
6% May
May
9
100
1,000
13%
13%
103
103
37% Apr
29% Apr
No par
Chlckasha Cotton Oil
Clev & Pitts
1484 May
% Jan 17
% Jan 18
Chile Copper Co
60
25%
27
34% July 12
-.100
Childs Co
80
1284 Dec
Feb 19
3%Mar20
5
4% Nov
2434 Sept
Jan 13
27
5% preferred...
Chicago Mail Order Co
50
May
1% Jan
*5*4 Nov
4% July
39% Apr
l38Mar 12
par
38
Jan 13
14
»u Mar 20
Chicago Pneumat Tool.No
Jan 13
Jan 14
97
Chic Great West RR Co— .50
5% preferred
87%
June 11
Chic & East 111 RR Co.No par
Class A
40
CCC & St. Louis
30
2
May
50% July
125
Apr
27
Jan 24
41
Mar
1334
86%June 13
City Investing Co
City Stores
Clark Equipment
75%
Jan
May
2634 Nov
1% Jan 6
7% Jan 6
14% Jan 10
1538 July 11
Carpenter Steel Co
2% Apr 28
8
13% May
8
Jan
40
7
4% Dec
2
Jan
Jan
6
53
37%May 26
86% Feb 25
5
15
May
21% Mar 29
3
Carriers <fc General Corp..__1
Case (J I) Co
100
3834 Nov
Jan 17
12
6)2 Feb 19
10%June
26
4-% Jan 4
1134 Jan 9
July 25
Mar 11
34june 2
36
25%
234
6
98
10%May 16
95
1,000
1,200
3%
39
2
51
100
....
16%
Apr 21
Feb 14
Apr29
Feb 20
1
Climax Molybdenum..No par
Cluett Peabody & Co ..No par
*l3g
16%
7%
76%
7%
I684
June
12% May
% Dec
41% Nov
5334 Apr
334 Jan
23% Jan
638 July
22% July
Apr 16
$3 preferred A
10
Carolina Clinch & Ohio Ry 100
Capital Admin class A
7300
2
3
May 7
3% Feb 13
34 May 27
2%May 20
39%
16%
16%
2
4% Feb 17
19%May29
5
Byers Co (A M)
No par
Participating preferred--100
5% preferred—
Callahan Zinc-Lead.
15% Jan
Jan
70% Mar
29% Apr
24% Mar
May
17
Apr
Nov
4
5% Jan
75% July
8% July
34% Jan
3334 Mar
19% July
55
July
9% July
5% Apr 15
28%
34
123%
Dec
19
32% July 25
23% Mar 21
12% Jan 6
118
May
51%
11
10
10
Jan
44%
2%
6%
14%
Feb 14
No par
...
-
Bulova Watch
Canada Dry
51
99
Jan 18
41
Apr 21
-No par
Burlington Mills Corp
1
Conv pref $2.75 ser..No par
Burroughs Add Mach-.No par
Bush Term
54
23% July
20% Jan
20% July
1% Apr
39% Jan
4% July
12% Jan
25% Jan
100 x109 June 11
3% Feb 14
G) Mfg
preferred
Budd Wheel
Bush
29
26
Jan 16
9
1234 Aug
1934 May
9
111% Jan 23
19% Apr 24
6preferred
*720
103
7% preferred
Budd (E
7%
30
Jan
Highest
share $ per share
per
18% Jan 27
35
9
2% Jan 3
684 Feb 14
10
Apr 21
-.5
Year 1940
Lowest
share
per
21
22
18% Feb 19
Apr 18
% Feb 19
30
Apr 8
3% Apr 23
884 Apr 19
18% Apr 22
30 July 23
38
Apr 18
200
42
....
*83%
*4834
3834
35%
par
$
16
390
1123a 112%
30
par
par
No par
Brown Shoe Co
Chicago Yellow Cab
10%
10%
103% 104
30
34%
34%
34%
35
143% 143% *143% 146
*60%
200
%
101% 101% *101
83%
100
5534
%
112% 1123S
*4 834
200
%
112% 112%
86%
16,300
1,900
14,100
9%
18%
,*%
30
30%
100% 101
....
2%
43
*24
—5
Cham Pap & Fib Co 6 % pf. 100
Common-...
..No par
4,400
10,600
7%
*42
43
92
14
938
17%
12%
1%
par
Chain Belt Co...
700
%«
26
par
180
9%
12%
1%
Briggs Manufacturing.No
Brlggs & Stratton
No
Bristol-Myers Co
Brooklyn & Queens Tr.No
Bklyn-Manh Translt-.No
Brooklyn Union Gas..No
200
2,100
100
%e
43
*720
78
2,270
103%
2134
14%
3%
38
*8%
12 34
*1%
*24
Bower Roller Bearing Co
-.5
Brewing Corp. ot America
3
Bridgeport Brass Co...No par
Preferred
~2,700
332
104
34%
143% 143%
61
*76%
200
3134
9%
103
112% 112%
30%
30%
*102% 103
16%
16%
230
3,100
8,800
95
20
20%
20%
20%
2034 2034
20%
20%
111% 11134 *111% 113% *111%
113% *111% 113% *111% 113% *11158 113%
*16% 17
17
17%
1734
18
18
18%
17%
17%
17%
1734
1%
1%
1%
1%
*1%
1%
*1%
13,
1%
1%
1%
*1%
*2%
2%
2%
2%
*2%
2%
2%
2%
2%
2%
2%
2%
*138
2
*134
2
1%
2
*1%
*16%
*16%
2,100
13,800
11134
3%
"
10%
*%«
104
*73
100% *100
*720
240
69%
1734
*8%
*135
34%
34%
34%
143% *142% 143%
9234
*92% 94
*720
*1334
*83%
*4834
650
2,400
'
*102
3%
38%
*72%
75
112% 112%
30%
30%
30%
100% *100
8,400
3,000
9,600
1,600
732
%
%
9%
12%
1%
*54
*135
*72%
"3766
1%
*7
7%
104
*35
3%
37%
*42%
*%
*%
102% 102% *102
*40
43%
5534
732
%
*8%
13%
*1%
24%
57%
*102
934
*42%
316
134
*20
3,800
79%
120
47%
26%
119%
9%
5%
*2%
18%
43%
5534
*%
%
16
*8%
12%
9%
7%
18%
18
*54
13%
10
7%
18%
19%
43%
a
*8%
*12%
*1%
934
7
7
18
610
9
10fe
6%
19%
15
share
Preferred-.-.--——---100
900
5
5
2%
*%
316
30
1,000
3
lag
5%
55
%2
*%6
1,500
3%
39
2%
*318
37
*3
39
534
*53
3,300
"4*800
1
*34%
4%
36%
15
2%
43
1,900
6%
38%
2%
43
340
I23g
14%
12%
5%
10%
6%
18
500
11%
97
5%
9%
6%
18%
43
2,300
5,200
11%
2%
2%
3,300
4
11%
21%
52%
81
4%
270
6%
22%
96
49
*23S
3
I934
11
6%
3
9%
79% 8134
78
78% 7934
80
*11634 120
*11634 120
*116% 120
*11634 120
*11634
49%
49%
48
48% 49%
48%
47
46%
47%
24% 24%
25
25%
25%
2534
25% 25%
25% 25%
2534
*118% 119
119
119
119
119
119
119
119%
119% 119%
*9%
9%
9%
9%
9%
9
9%
9%
x9h
9%
9%
*69
70
70
70
70
*69
70%
6934 269%
69% *6734
*16%
1734
*17%
1734
17%
1734
17%
17%
17%
1734
17%
2%
234
2%
2%
2%
234
2%
2%
2%
2%
3%
110% 111
111
111
111% 111%
111% 111% *111% 11134 *111%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
73g
7%
8
7%
734
7%
8%
9
9
9%
9%
*234
3
3
*234
3
*284
2 34
284
234
234
*234
*88% 95
*87
95
*87
95
*87
95
*87
95
*87
32% 32%
33
32%
33
33%
32% 33
32
32%
3134
*3%
334
334
334
3%
334
*3%
334
*33g
3%
3%
33
33%
33
35
33% 34%
32% 33%
32% 3334 *32 s4
*18% 19
19
*18%
19
*18%
*18%
19
19
*1884
19
103
103
*103
103
103
103%
*10234 103%
10234 103
103%
*20%
21
20% 20%
21%
2134
21% 21%
21% 2134
21%
*14%
14%
1334
14%
13%
14
14
*1334
14%
14
*13%
3%
3%
334
334
384 , 334
*3%
3%
3%
3%
3%
3738 373g
3734 38%
38% 38%
38% 38%
37%
38%
3734
*96
98
98
98
*96%
98% *94
100
*98
100
*98
1%
1%
1%
\h
1%
134
134
134
l3g
134
49
110
9,300
1,530
15,300
1,100
1,600
5,300
1,200
13,200
1,800
54%
11%
21%
*116% 120
-
200
19
96
1
(The)
Bruns-Balke-Collender.No par
11
21%
52%
Co
1
Bucyrus-Erle Co
11%
*51
Inc
1,700
96
*11%
21%
4%
3
100
200
27%
33%
2%
1934
6%
22%
3%
3%
Stores
7,600
29
3
22
Bond
Borden
1,200
1,900
8
1834
54%
3
4%
5
11%
9%
*2134
*3%
-1034
Brass
per
Range for Previous
Highest
12% Apr
25% Apr
90 May
38
Apr
17% Apr
5
&
21
7%
*27%
33%
33%
19
Bohn Aluminum
Borg-Warner Corp.———5
Boston & Maine RR
-100
400
32%
Boeing Airplane Co
%
Bon Ami Co class A...No par
Class B
.No par
7,900
4,000
6,900
2%
6%
Par
6,300
900
12
3
4%
3
80%
33%
150
1,000
200
42
11
8
900
1034
19%
*20%
28
9
92
29
*234
7934
734
27
28,500
500
31
12
20%
11%
•
4%
32
*234
12%
1434
*3
121
32
12%
54
19
38%
36%
2%
38%
92
2%
6%
11
1%
*4%
10%
19%
*29%
*40%
*2%
63g
42
23g
33%
19%
33%
29%
*35%
234
*37%
33
638
20%
»16
40
4%
36%
33
10%
1934
*30%
734
278g
96
13
-
4%
44%
2234
19%
19%
31
42
11%
7%
7%
12%
44%
2234
1934
1834
1%
19%
19%
I7g
31%
43g
31%
*4%
10%
19%
*30%
21
27
1
14%
44%
Lowest
70
*113
117% *113% 117
117
4%
4%
4%
4%
4%
72%
73%
73%
7434
7434
75%
*
12%
98
4%
6%
3212
18%
18%
30%
98
2234
1834
*134
.
32
*20%
11%
8%
2734
3334
19%
5334
9%
3%
21%
*5234
*19
12%
*30%
17%
30%
117
27%
33%
27%
6%
4%
74
72%
.
*26
118
118
*115% 118
4%
434
72% 73
7*8
7%
7%
414
7214
42%
2%
6%
12%
32
21
1134
*40%
17%
3034
98
44%
*22%
19%
42%
2%
6%
12%
1%
2%
6%
12
32
2134
*6%
1134
11
*115
19%
1%
19%
21
1078
19
17%
23
1%
10
11*4
32
Shares
*30
45%
*22%
*31
212
6I2
*3078
*44%
23%
20
31
1978
*23s
45%
22%
19%
19
*4%
32
4212
$ per share
Range Since Jan. 1
On Basis of 100-Share Lots
Week
98
32%
4%
10%
1934
10
19%
*3012
July 25
98
17%
32
4%
*6%
♦11&8
18%
31%
98
*97%
4434
19%
19%
1%
31%
4%
10%
19%
1%
*41
31
98
31%
EXCHANGE
Friday
$ per share
share
per
1934
1834
*134
32
*934
$
1734
32
20
19
*1%
16%
STOCKS
NEW YORK STOCK
the
Thursday
July 24
19%
1834
1%
19%
*31%
*4%
17%
31%
97%
45
23%
1634
16%
Wednesday
July 23
Sales
for
Saturday
July 26, 1941
108
1%
1%
May
35%
112%
24
484
Dec
Apr
Feb
May
Apr
Dec
Oct
May
May
26% Mar
26% Mar
4% Jan 9
82% Jan 25
4% May
67% May
7% Apr
93% Apr
72
2
59
July 11
71
2
Mar 31
2134 Jan
6
21
6
83
Jan
Apr
6% Jan
6
2634 July 22
16
16
June
May
3% May
1434 May
584
Apr
5
Apr
79
Jan
9834
Apr
8% Mar
26
Dec
31
Mar
7
27%June
104
Jan
6
95
June
37% Jan 10
32
June
56
Apr
June
113
Mar
110
Jan 15
97
11% July 25
8
13u
Jan
2
65% July
2
30% Jan 11
Ex-rights.
May
%
42
Dec
May
25% June
48
108%
16%
Jan
Feb
Apr
134 June
73%
Jan
33
Apr
If Called for redemptio
n#
Volume
New York Stock Record—Continued—Page 4
153
AND
HIGH
SALE
PRICES—PER
July 23
July 25
$ per share
$ per share
$ per share
Shares
July 19
July 21
July 22
$ per share
5 per share
$ per share
*1238
*873g
*3%
37g
16%
16%
16
16%
15%
33%
334
16%
33U
34l2
33%
12?g
35%
13
3334
1534
34%
334
334
12%
127g
88
98*2
*87%
88
*95l2
98
734
*95
734
*3%
8
*7%
12%
*912
*234
134
*H4
8%
8
101
8
10%
*2%
6%
6%
*1%
35
*838
834
834
4114
33s
2434
20%
*16%
4112
3i2
25%
2012
16%
41%
*53
33g
25%
20%
16%
*53
5578
35%
884
4134
3%
26
20%
16%
21
557g
347g
36
101
*8%
42%
42%
17
8%
9
2278
42
42
23
*41
13%
13%
86%
*89%
87%
4214
9034
*4%
434
4%
13%
*8534
42 ig
47g
42%
91%
94
9
*5234
16%
54
43%
4334
*43
44
52%
52%
175%
53
175
177
4
4
4
*5234
42%
400
8%
8%
8%
*16%
8%
17%
834
23%
23%
x22%
42
42
*41
14
14%
14
14
14%
14
*86%
87%
*86%
87
86%
8634
*86%
4434
94
44%
4434
44%
93
9334
93
94
4%
5%
4%
478
5
4534
44
93
95
93%
4%
47g
4%
5%
5%
5%
1378
5%
5%
6
*94
99%
*94
100
64
*61
65
64
*60
14%
*20%
1434
21%
*14
14%
14
1434
*21
21%
21%
21%
1
1
1
1
1
1
*34%
Hg
40
*33
40
*34
40
*33
30
30%
30%
*30%
9%
28%
9%
2834
28%
*297g
32
9%
30
28%
*44
2734
47%
*18%
19%
9
2734
9
*734
19
4
19%
4%
1634
16
16
*77g
8%
*334
1634
7%
8%
112
*111%
*111%
*44
.
30%
30%
9%
28
9%
28%
19%
*44
19%
*4
19%
*378
*16%
4%
*15
17%
*8
8%
112
8%
*8
25%
2534
26%
25%
2634
2534
29%
29%
29%
1134
15%
12%
15%
13%
15
1134
4%
4'g
*318
%
20%
17
28
39%
*8
8%
153^
17
1734
28
28
28
*27%
*3834
40
*39
3934
*39
8%
1534
*734
77g
*34%
18
3434
16
16%
16
18%
16%
*73%
74%
74
75%
18%
131
131
*127
4%
*6%
*105
21%
21
*20%
*414
*4%
*634
7
*105
113
15834 159
*12534 127
*111% 112%
*25%
257g
*4
4%
131%
21%
5
7
113
140
*139
140
177
*176
177
33%
131
131
33
113
33%
3334
16
*15%
16%
16
16
27%
28%
27%
28
15%
15%
15%
15%
34
3434
*32
2
3334
337g
3234
*29%
2934
29%
*31%
32
4334
*31%
*43%
4%
4%
4%
"16
8
*7
158 34
126
1534
1516
*lli#
*n16
3234
3234
16
2%
2%
35
36
*32
*31%
3234
30
2934
32
*31%
4%
4%
4%
78
78
4%
*77%
112
84
*82%
*88%
89
89
*83
84
89
*%2
1%
1%
*1%
*3
3%
7%
*27%
*%
*39%
7%
2834
*%
I'?
139
*73
78
29%
%
28%
96%
*25%
13%
13%
257g
13%
234
*27g
3
*887g
*14
41%
•
92%
1412
41%
*%»
2134
*88%
93
14%
42
41%
11%
94%
26
13%
20%
*10%
*91%
25
*1234
3%
%
41%
20%
11%
94%
26
133s
3%
3%
*%
3%
22%
*887g
14%
227g
93
14%
*88%
14
14
42
42%
42
42%
»1«
21
*14
*13
207g
»1«
Bid and asked prices; no sales on
*%«
23
%
23
preferred
Prior preferred
Conv 5% preferred
4%
20
Dlesel-Wernmer-Gllbert
10
Delaware & Hudson
...100
Preferred..........
Delaware Lack & Western..50
"MOO
1%
1%
78
JDenv & R G West 6% pf.100
Detroit Edison.._.........20
Devoe & Raynolds A ..No par
No var
Diamond Match
25
6% partlc preferred
Diamond T Motor Car Co—2
Distil Corp-Seagr's Ltd No par
5% pref. with warrants.. 100
Dixie-Vortex Co..
Class A
Dome Mines Ltd......No par
Douglas Aircraft
Dow Chemical Co
...No par
Dresser Mfg Co
1
Dunhlll International
1,600
600
3134
1,000
46
400
40
300
5,700
200
80
100
110
%
1%
2,200
2,500
Vi
2,300
6%
cum
Feb
Jan
May
Oct
35%
Elec & Mus Ind Am
shares...
preferred........No par
$6 preferred
...No par
$7
Elec Storage
Battery...No par
3
Endicott Johnson Corp.....50
5% preferred..
...100
Engineers Public Service
1
$5 preferred
..No par
$5)6 preferredNo par
$6 preferred..—....No par
Equitable Office Bldg..No par
{ Erie Railroad
100
4% 1st preferred
100
El Paso Natural Gas
preferred.......100
Erie A Pitts RR Co
Evans Products
28%
28%
29%
2,600
Cleaner
60
5
Ex-Cell-O Corp
5
3
Co..
Exchange Buffet Corp.
.No par
*%
%
40%
T,800
Fairbanks Morse A Co.No par
7,500
Falardo Sug Co of Pr Rlco..20
Federal Light A Traction...15
3%
3%
3%
40%
21%
11%
94%
2634
1234
3%
*7ie
%
*%«
%
100
3,000
100
No par
Federal Mln A Smelt Co...—2
Federal-Mogul Corp
5
Federal Motor Truck..No par
Federal Water Serv A..No par
Federated Dept Stores.No par
4^% conv preferred
100
Ferro Enamel Corp
1
Fidel Phen Fire Ins N Y.$2.50
$6 preferred..
"MOO
300
1,800
23
23%
23%
93%
91
91
100
13%
14
14
14
900
4234
42%
42%
43%
2,600
a Def. delivery,
n
New stock,
r Cash sale,
3% May
107
Jan 24
June
21
28% May
June
11% May
Apr 21
18%
Jan 28
3
6
Jan 30
8
17% July 14
79
Jan
9
141'4
Jan
4
23%June 24
63g Jan 8
17% Feb 18
4
Apr 21
120%May
Jan
9
14%May 31
May
56% May
23%
63% Feb 19
May 26
24
Jan
37
120
May
Jan 10
Jan 11
Jan
10%
May 31
138
Dec
86
8
Apr
2%
12% May
25% May
32
May
434 May
12% May
41
Apr
Feb
10%
Feb
20% Nov
86
Dec
Apr
Apr
11% May
65% July
127% Nov
1434 Jan
5
May
9
Jan
7
146% May
2
Jan
3638
Feb
Jan
Jan 23
23%
43%
1438
16434
Jan
Jan
Jan
24%
23%
Dec
May
117
5%
Jan
34
38
9
9% June
113
Oct
34
Apr
6%
14
6
126% June 11
118
May 2
Apr
I93g
23%
30% May
Jan
9%
Nov
23%
13
21% Apr 29
3434 June 12
6% Apr 21
Apr
838
114
13% May
23% Apr 7
19% July 24
29% Jan 11
4
2
6
3
Electric Power & Light .No par
18% Nov
May 23
114
May
112% May
Jan
94% May
171
Apr
30
Apr
10
Mar
1334
120
Jan
Jan
189% Apr
1293g Dec
118'4
Jan
2534 June
44% May
3
May
6% Nov
142
Jan
4
117
June
16634
Jan
182%
Apr 29
7
29
Co
I334 May
Jan 10
20
160
Electric Boat
Eureka Vacuum
J In receivership.
51
5% Mar
%• Dec
100
Electric Auto-Lite (The)
1,100
*88%
Apr
May
3
»ie Feb 26
1
1
14
9
14
1
26
Edison Bros Stores Ino
3,000
26%
17
293g
4%
113g Mar
4
»u Jan
5
I) & Co...20
Eaton Manufacturing
4% 2d
78
*11%
Jan
91% Feb
45% Dec
3238 Mar
8% May
6%June
preferred
7%
12
Dec
8% May
6% July
13% Jan 10
5% July 25
Feb 19
9
2% July
89%
21%
*10%
*91%
Dec
Dec
4%
21% May
2% Feb 19
111% July
3%
21%
11%
94%
2634
12%
June
2934
Jan 10
8% July 22
113% Mar
Eastern Rolling
7%
*91%
26%
31
2634 July 22
29% July 25
183g Jan 2
100
Du P de Nem (E
3%
20%
*10%
9
114
14%June 26
Mills
5
Eastman Kodak (N J) .No par
*1%
1%
%
Jan
17%
Apr 30
Duquesne Light 5% 1st pf.100
Eastern Airlines Inc
1
30
*1%
4
No par
Duplan Silk
7%
41
27
120% Feb
89%
29
6
34% Feb 10
934 Jan 9
145gMay 26
6% Apr 18
109% July 2
18% Feb 19
80
83
*73
Jan
45% Dec
9% May
19% June
1% Oct
42% Feb
$4.50 preferred—..No var
1,500
1,800
43g
*82
2
29%
700
111
4%
Jan
45
2
July
Jan 25
1%
600
1,100
4,300
30
32
*76%
No par
Deere & Co
200
31%
16%
7% Feb 14
24% Apr 22
1
1
Class A.....
May
25
6
No var
No par
*HlK
111
78
*%
28
No par
Curtlss-Wrlght
3%
41
ll%May
....No par
7%
23
92%
this day.
%June 23
35
July 18
conv
3
287g
*%
40%
1978
*10%
*91%
25%
10%
21
*73
29%
20
Curtis Pub Co (The)...No par
7,600
%«
2834
19%
July 21
3,100
1%
7%
28%
*%
40%
60
19% July 15
4,600
%
3%
41
41% Feb 20
5
)4%
Cuneo Press Inc
17
2
1%
1%
*1%
3%
%
100
30
5
Cudahy Packing Co
34
35
89%
89
*7%
40%
60
No par
2
31«
734
40
July 21
No par
34
1%
I3g
1%
78
94
Doehler Die Casting Co No par
2%
35%
32 34
82
82
3%
10%
21
*73
78
Feo 15
400
*44%
7%
*91%
%
*1%
72
3,100
23,400
46
3%
11%
%
1%
100
Preferred
4,200
4,300
4,600
16%
in
4%
3% Feb 15
12%May 12
68%May 22
7 May 3
2734
16 34
*45
*76%
Sugar
47%
Oct
33%
*110
88%
Cuban-American
134 May
3% Aug
5%June 27
6% July 25
May
33%
*29%
S32
1%
6
100
10
95% May
z99
23
*15%
27%
15%
*30%
7%
96%
2534
234
88%
%6
1%
1%
1%
158May
Cuba RR 6% preferred
Oct
60
33%
16%
27%
16%
%
31%
84
75%
Sept
176
30
3%
*91%
2534
*13%
89%
*83
6
82
..100
preferred
8% preferred
139%
31%
714
*3
*10%
*19%
1%
1%
*1%
1-%
*%
40%
19%
3ie
16
1%
*1%
1%
*73
78
*73
*88%
3i#
®i«
1%
1%
1%
84
9
conv
14% May
'
*81%
Apr
5%
21% May
42
4.
30
4%
May
12
Jan
July 21
29%
4
31%
45%
78
25
Feb
July 14
112
28%
30
45%
44% 44%
*110
111
*110
111
3
500
155% 158
124% 124%
*174
176
1534
34%
*297g
31%
*174
27%
2
75
Jan
Jan
113
126
33%
35
Jan 16
No par
preferred
conv
3234
4
8
*105
158
16
2734
2%
21%
6
113
33%
35%
78
*5-%
33%
2
3234
30
21%
6%
*1578
27%
15%
3434
111
78
78
*76
4334
*110
111
*110
»16
34
31%
4334
21%
*7
7%
7%
*105
*105
113
176
92
47%
98%
$5
Crucible Steel of Amer.No par
70
1834
1634
1638
5%
158%
Dec
200
7334
74%
133
133
21%
6
2
2
132
132
21%
5
Apr
45%
July 15
Dec
20
9
74%
21%
734
38%
July
May
May
9
6
4
4734 Mar 29
35
112%
112% *112
111% 112% *112
2634
2634
2634
28%
26% 27%
4
4
4
*4
4%
4%
139
140
141
139% 139% 139%
28
15
*"u
*8
1834
19%
1634
Jan
3% May
20% I 20,900
19
1,330
600
2734
100
40%
500
8%
16%
1,700
200
70%
35
18%
16%
176
29%
15%
12%
8
7334
12534 126
177
2938
15%
35
19%
16%
16
26%
8
74%
75%
131
131
18%
25%
35
8%
3434
158
16
*l7g
*8
3434
17-2
Apr
Nov
1838 June
Dayton Pow & Lt4)4% pf-100
16
Jan
1%
24%
106
36
$2.25 conv pref w w..No par
Crown Zellerbach Corp
5
Davison Chemical Co (The).l
*8%
June
27% Jan 10
45% Jan 9
15% Jan 7
10
70%
June
75
Apr
19SgMay 28
3934 July 7
lligMay 1
82%May 2
35% Apr 14
No par
700
8%
16%
13
Jan 16
Dec
7%
Crown Cork & Seal
300
71
16
%iSept
Jan 14
Jan 10
Jan
184
19
100
*69
4
Apr 21
38
*8%
8%
165
4
May
Jan
Apr 18
538
16
61%
65%
3
*316
71
127
2734
1434
*34
,
15%
Dec
May
May
7
8
18%
27%
70
May
14%June
4% Jan
17%
*39
May
40%
15
,434
40
7
Apr 18
Apr
25% May
41
8
July 22
Jan 16
Jan
Jan
33
47
52% Jan
53%
182%
4%
%
19%
Feb
25
15% Mar
Jan 24
56
5
434
May
16% June
18% May
2634 July 22
23% Jan 14
18% Jan 2
5
25
316
19%
28
Feb 18
40% Mar
27% May
2
Jan
No par
12%
434
1778
*27%
Apr
107
8
20
Apr
9%
3% Apr 23
*16%
20%
49%
Davega Stores Corp
15,900
1,500
1,000
13,600
36,900
40
161
*176
33%
21%
5
7%
21%
*4%
*634
*105
111% 112
2534
27%
4%
4%
140
*33
I57g
74%
*8%
*69
8%
3434
187g
16%
757g
*34l2
18%
158
159% 16034
12534 12534 *126
*176
157g
71
8%
8
*734
3434
15%
*69
72
3434
8%
8%
8%
15%
20%
17%
97%
May
4% May
9% July 22
43% July 25
4% Jan 2
42% Apr 21
170
Mar 31
Cushman's Sons $8 prefNo par
26
29%
15%
20%
40
2012
June
33
Cutler-Hammer Inc
3I6
20%
17%
28%
20%
70
8
Jan
200
*112
12%
July 18
40%
"MOO
4%
4%
38
20%
17
20%
*69
69
18
*316
16%
17
*27
*38
69
4%
'%
?31«
%
28
20%
*15%
434
4%
4%
*31#
15%
1234
434
12%
10% Apr
4% Apr
8% Apr
2% Jj
5% Nov
2334 Nov
108% Deo
19% Apr
7
2,600
12%
29%
15%
29%
15%
1234
29%
*14%
*11%
29%
*147g
Feb
Apr
96%May
"MOO
38,300
9%
32%
102% July 15
3
% Jan
Apr
Dec
Deo
110% Mar
1% Jan
93% May
9% May
16% July 22
5
16
99%
100
2% May
834 May
July 21
106% Jan 22
6
3
14
26
24
25
Apr 21
13
% Aug
5% May
2% May
5% May
% Dec
2-% July 25
7
July 21
30
2
40%May
25
preferred
conv
Preferred
2534
29%
15%
26
293g
1,700
19
19
17%
....
300
9%
*3%
50
7
July 10
Jan
Feb
Apr
100
Cream of Wheat Corp (The) .2
Crostey Corp (The)
No par
5%
600
5,800
30%
*44
5% series
Corn Products Refining
30
28%
47%
9
47%
19%
4%
Conv pref
Corn Exch Bank Trust Co. .20
38%
27%
8%
*112
*112
25%
4
*30
30%
9%
1,170
23,400
1
»16
*34
5
Copperweld Steel Co
4,300
65
38%
28%
47%
9%
47%
19%
4
16
*15
*44
19%
*44
334
334
9%
28%
47%
1
I
1334
22%
1334
*22
Continental Steel Corp.No par
40
6%
*61
*61
14%
22%
7,600
27,500
104
*95
60
300
5%
99%
1334
40
1,200
2,700
2234
42%
14%
87%
45%
44
5
25
310
23%
42%
*41
1
Continental Oil of Del
4% May
213g May
97% May
9
6%May 21
52
$2.60
Continental Motors.
Crane Co
500
4,100
17%
Continental Insurance
Jan
1% July
13
Fibre.5
Coty Internat Corp
34
*16%
Diamond
Continental
7%
3% Jan 13
31%June
6% Feb
35% Feb
2%May
17% Feb
15% Apr
.1
1
16%
8%
17%
20
Continental Can Inc
May
11
4
Jan
Jan
May
75
Jan 15
1073g
12% Feb 15
4% July 21
79
100
100
99%
23%
*16%
17
*
8% preferred
63
6%
24%
31%
May
17% June
8% July 10
23% Jan 13
2
May 26
15% Feb
99
July
Continental Bak Co. L-.No par
Preferred
16%
*%
..25
Coty Inc..
99%
9734 Jan 23
2% June 2
i5% Apr 14
% Feb 16
2% Feb 15
preferred
100
Consumers Pow $4.50 pfNo par
Container Corp of Amerlca.25
14
103
% Jan 2
7% Apr 14
conv
60
16%
34
5%
4,500
99%
34
*20%
*1
3,200
51%
51%
177
*175% 177
4%
*4%
4%
16%
16%
100
Consolidation Coal Co
300
450
43
43
1334
*33
2,100
5234
22%
1
20%
16%
54
16%
99
%
%
16%
100
87g
24
42%
52%
20%
*13%
59%
9
3%
2534
*16%
16%
834
23%
4,400
2,200
4,100
11,600
13,900
1,600
437g
*2012
*55
2,400
11,600
4,200
3634
*94
94
60
94
200
338
21%
17%
4%
5%
5%
5%
*92
800
25%
53
17
87g
23%
42%
14
86%
44-%
93
*1634
*8%
2278
7
28,800
2,900
6,600
4278
16%
Consol Film Industries
$2 partlo preferred...No par
25%
20%
1 6%
54
21
17%June
2% May
18% Feb 8
353g July 14
15% Jan 16
Apr 25
95
No par
1
Consol Laundries Corp
5
Consol Oil Corp
No par
Consol RR of Cuba 6% pf.100
43
3%
21
Consol Coppermlnes Corp
5
Consol Edison of N Y
No par
600
25%
2038
1638
*5234
42%
3%
26%
100
300
42%
3%
3%
25%
100
800
36%
Q
7% preferred
6)4% Prior pref
2%
6%
29
3634
Consolidated Cigar....No par
Highest
share $ per share
per
Jan 10
4
14
22% Feb 19
10%May 26
82 May 20
90 May 23
5% Apr 21
1
30
134
7
No par
Consol Aircraft Corp
$5 preferred
Year 1940
Lowest
$ per share
Congoleum-Nairn Inc.No par
%
2%
Range for Previous
Highest
$ per share
3
Feb 19
2%
10
10
134
9
3%
52
*16%
800
»16
1
9%
2%
28
36%
2634
4334
4312
52
la4
634
9
3%
9,600
17,900
6%
28
36%
9%
26
734
7%
19
900
101
36
36%
42
40
19%
Conde Nast Pub Inc
60
96%
*100% 101% *10034 101%
16
16
16%
163g
16%
16%
4%
4%
4%
438
4%
4%
101
101% 102 1
101%' 101
101%
4334
43% 44
51%
51-%
52%
53%
*17538 17978 *175% I797g *175% 179
4
4
4%
4%
4%
4%
*%
34
34
34
5g
%
16%
16%
I6i2
I67g
I67g
17%
9934
9934 loo
9934
9934
9934
4312
134
6%
28
9134
101% 101%
6%
1%
*27%
.
2%
6%
1%
7
6%
30
28
*7g
9%
6%
6
*87
19%
2%
1,100
1,100
17,000
37g
16%
347g
12%
*95%
101% 101%
10
934
234
♦
*3%
734
19
Par
34%
*12%
96%
a:7%
101%
*7g
1
*27% 29%
101
101
*100% 101
*100% 101
16
16
*16l8
16%
16%
16%
4%
434
434
43g
4%
434
10134 10134 101% 10134 101% 101%
35
8
19%
19%
*934
*2%
7
6%
"•
28
87%
96%
Lowest
*1534
334
1534
34%
12%
87%
*95%
88
*95%
134
*1%
6%
6i8
*27
*3%
15%
3334
12%
127g
*87%
96%
6%
6
6
6
1234
88
19%
19%
100% 100%
*7g
1
I9I4
19%
19%
101
9978 *100
1
*34
1
10
10
10%
234
278
234
19%
99%
*78
37g
*87%
96%
Range Since Jan.
On Basis of 100-Share Lots
Week
Wednesday
1
EXCHANGE
Friday
Tuesday
*3%
16%
STOCKS
NEW YORK STOCK
the
CENT
Thursday
July 24
Monday
33
NOT PER
SHARE,
Sales
for
LOW
Saturday
511
Jan
9
155
June
180
Dec
Jan 10
22
May
37
Apr
36%
June
10% May
17%
Jan
25
33%
Jan 10
25
May
4134
Apr
12% Feb 14
3g Jan 4
173g
Jan
10% May
18-%
134
Apr
Jan
8%
Jan
16% July 17
14% Feb 14
Apr 21
6
3g
34 July 18
Jan 11
438
l%May 31
27% Feb 19
23% Feb 19
28
May 27
37% Apr
3
3438July
9
34%
Jan 13
July 7
3
Dec
May
18% May
15% May
z24%June
40% Nov
36% Nov
33% May
41% Jan
26% Apr 29
33
26
May
39% Feb 14
June 27
453s July 23
35
May
46
Apr
11134june 18
102
May
1J2
Mar
108
65
Feb 26
80% Apr
70
Feb 14
83% July 17
5% May
63
May
66
May
75% Feb 14
89% July 24
77
3%May
% Feb 15
Dec
7g
134
Deo
3%
Jan
% May
1%
Apr
7
Feb 28
3%
Jan
2
5% Feb 19
8'4
Jan
23% Apr 30
%«June17
3034
Jan
8
6
7
3
10
34
May 17
16%June 24
10 May 29
2
21% Feb 15
10% Apr 18
2% Apr 16
3g Apr 18
3
90%June 30
11% Apr 29
34% Feb 19
x Ex-dlv.
y
Jan
% May
75
Feb 28
18% Jan
97
%
l%July
I
May
Jan
Jan
34
2% Apr 23
90
Dec
Jan
83
89
Jan 30
%
% Feb 20
75
4
12%
l%June 30
l%June 23
«32June 28
%Mar
Jan 11
7
5
Jan
45% Jan
%
24% Mar
67% Aug
2% Dec!
5
May
20%
Jan
Oct
29% June
17% May
«g
Jan
Jan
67% Aug
5
Feb
11%
Apr
3434 May
1
Jan
49%
Apr
31%
Apr
Apr
18%
13
Mar 17
11
May
100
Jan 27
85
June
2634 July 24
16
July
29%
Jan
Jan 14
12% Aug
15%
Oct
Jan
7
4%
Jan
s4 Apr
1
25
15
14
25
2% May
%iMay
14%
4%
23% July
97% Jan
14% Mar
43% July
102
1
Mar
Jr.u
15
May
25
Jan
79
June
98%
Dec
10
May
20
Jan
40%
Feb
27% May
Ex-rlgbts. If Called for redemption.
New York Stock Record—Continued—Page 5
512
AND HIGH
WW
SALE PRICES—PER
SHARE,
NOT PER CENT
July 26, 1941
%
Monday
July 21
ver share
*10258 10378
36% 30 i2
*U\ 15
*2812 28%
*2l*4 22l2
6
6
120
15
28%
15%
28%
22
20%
30
$ per share
Shares
17%
37%
1478
130
3%
>
130
38%
212
38
38%
*2%
2%
*934
2%
2%
10
21%
4%
21%
434
634
678
4%
4%
434
6%
12%
52%
5
*658
1134
38%
2%
2%
10
17%
2%
2%
10%
22
434
130
2%
*10%
2078
434
29
105
17%
130
378
*45
6%
6%
32%
29%
*104% 105
*30%
*29
17
17%
130
378
53
38%
2%
*141
*141
144
378
4%
*13%
37g
4%
13%
149
4%
4%
4-%
4%
13%
*141
14
91
01
90%
90%
*10
20
20
20
125% 125%
33% 3378
3778
38
*116
117
%
*76
%
76
%
76
*43
45
*3%
3%
*3%
678
67S
678
*107
108% *107
*%
*14%
*101
*%
14%
110
<
1434
102%
*%#
%
*'i«
19%
*22%
19%
23%
10%
*10%
10%
75%
*18%
23
81
80
130% 131%
3878
39%
12578 126
45
43
43
1,500
4341
7
434
434
7
7
7
*141
4%
478
132
42%
3%
S18
51#
10%
10%
75%
21%
10%
74%
75%
*2%
*81%
16%
*64%
18%
*82%
*1%
*32%
%
*4%
*10%
*10%
*10%
34
*24
17%
1%
2%
86
1678
65%
18%
45
1%
*2%
*81%
16-%
66
1834
77%
45
*43
1%
2%
86
18
1834
134
*214
*81%
17%
*214
*81%
17%
86
45
18%
66
187g
19
18%
84%
*83
84%
83
*33
%
4"8
1078
10%
*1%
"l»
5
113s
*10%
*10%
*1034
34%
24%
*24
3334
5%
1078
10%
11%
34
24%
*5
1078
10%
10%
34%
*24
* 134
43
52
*1.%
*20%
24%
*22
3%
3%
11%
16%
134
24%
3%
21%
28%
*28
20%
28%
1934
*28%
*35
38
*35
38
*35
1434
13%
*14-%
15
*1434
*13
13%
*28
28%
1938
*28%
*35
38
*35
38
*14%
15
13
15
15
13
*13
*107
108
*107
19
19%
*105
105%
**19%
19%
*145
6%
*92%
2%
*86%
*7
*73
150
5%
3%
*145
5%
130
52
104
16
1878
24%
9%
141 •>
*128
*49%
51
24
*9
*1412
*108%
24
1234'13
2%
7%
149
89
*87
7%
14%
77%
130
9%
9%
14%
*108%
73%
14%
*77%
*128
*49%
51
10334 104
14%
7%
166
14%
24%
7%
73%
74
76
*14%
*17%
89
16
1878
24%
9%
15%
166
14%
78%
130
*87
7%
100
75
75
*165
166
*14
77%
*128
*165
14
14
78%
79%
130
*516
48
48
48
35
*34
35
*34
11%
11%
11%
52
52
52
48%
35
11%
51%
*
Bid and asked prices; no sales
7
on
a
2
48% Jan
6
126
Jan
2
48
Mar
7
4% Jan
16% Apr
20% Apr
9%May
4612 Jan
17%May
16
21
5
30
22
Apr21
18% Apr 16
Mar 17
10
Apr 28
2%May 13
34%May 24
5% Feb 14
60
Feb 21
12% Feb 24
40% Feb 25
1% Apr 23
2% Feb 13
82
May 21
% Jan 27
16% Jan 10
No par
% Apr 17
4% Apr 14
10
June 24
10
978 Apr 15
9
Apr 22
28% Apr 22
20
23
.No par
par
100
1
.No
$5 preferred.....
Hackensack Water.
1978 Jan
2
138% Mar 26
No par
42
Mar 26
10
"3*600
6H% preferred
Hayes Mfg Corp...
1
100
2
Hazel-Atlas Glass Co
104
17
6
70
100
Preferred
158
..No par
No par
cum preferred
100
preferred
10
10
10
Hollander <fc Sons (A)
6
Holly Sugar Corp
7% preferred
Def. delivery,
77% July 21
22% July 22
16% Jan 6
14
22
June 20
lll%June
1378 July
378 Jan
45% July
8% July
72
July
13
22
13
11
22
24
17
June
9
46
Jan
9
2% Jan 25
2% Jan 2
91
Jan 10
1634 May
734 May
137g May
98
Feb
10% May
3
Sept
3034 Oct
4% May
43
May
11
May
30
May
1%
Dec
Jan
65% Nov
2434 Mar
13%
23%
106
23%
Jan
Apr
May
Jan
634 Mar
6178 Mar
9
Jan
65
Nov
1034
Jan
5
Dec
4%
2
May
77
July
90
Jan 27
6% Jan
13% Jan
7
9% June
6% June
May
26
May
21% May
6
2
36% Jan 16
26% July 25
Jan 15
No par
July
May
% May
4% May
1378 Jan
50
25
8
34% July 22
10
113g May
15% May
18% May
*123
3%
Apr
Apr
Sept
Feb 25
Apr 14
Jan
»
June 12
June
2
7
16% Jan
8
15
Jan 24
108
July 16
106% Jan 16
25% Jan 10
149% Feb 11
638
101
Jan
23
35%
1734
Apr
May
96
7
9% May
10% May
100% June
7
168
Jan 13
14% Feb
4
1578May 23
May 28
6% Apr 12
23
56% Jan 18
16
Jan
Jan 14
1778 July
3034
8
Household Finance
No par
preferred....
.100
v
t C..25
483gMay 27
10734Jube 18
3% Feb 14
Howe Sound Co
5
Hudson & Manhattan
preferred
Cash sale,
100
1
x
8iiJune 23
Ex-dlv.
y
64
Jan
9
Jan 15
5
July 22
37% Jan 8
% Jan 22
3% Jan 6
2
478
34
Ex-rlght.
28%
9%
104
Jan
Apr
Apr
Apr
4%
Apr
113%
11%
Apr
110
Jan
Jan
167
Dec
Dec
21%
100%
Apr
126% Aug
133%
Jan
67%
115%
1834
Apr
Jan
Jan
12% May
50
June
94% May
12% July
19
May
4% July
35
May
28
May
8% May
54% May
101
June
33g May
28
i; %
Aug
Dec
2% May
May
9
12
3
Jan
Jan
Aug
Jan 13
19% July
Feb
17
Apr
Jan
9
Jan 10
9% July 24
111
Jan
20%
897g June
678 Dec
.86
June
May
Feb 14
37
138
69
115
14% Nov
34% Apr
16% May
May
130
155
8
Apr
Apr
2% Nov
Jan
July 11
16% Jan 9
128% Jan
3%
30%
Dec
79% July 25
Feb
Jan
Apr
106
10% Apr 21
Apr 22
Jan
12
25%
106%
83% June
6
Feb
June
95
Feb 10
7% July 24
Apr 25
May
1% Dec
8% Nov
5% May
Jan
Jan
55
Jan 23
3% Jan
95
Nov
27% July
29% June
30
May
Jan
29%
142
38
Mar 28
30
June
66
9
Dec
6
1234 Jan
143
June
138
May
r
Jan
Apr
Jan
8
New stock,
Jan
1%
18%
3334
143g
103
n
Apr
Jan
110
July
May
15% July 10
5%
Deo
7%
May
.100 zl07% Apr 14 rl07% Apr 14
Homestake Mining
12.50
52% Jan 8
42% Apr 21
Houdallle-Herehey cl A.No par
39
Jan 27
32%May 28
Class B
........No par
10
Apr 22
13% Jan 6
100
6638 Apr
127% Mar
10
33
.100 zl23%May
1
No par
48%May 28
No par
99%June 17
Hlnde <fc Dauch Paper Co
Hires Co (C E) The
Holland Furnace (Del)
5%
Deo
13% July
9
Feb 14
July
178 Apr 21
76
25
Hercules Powder
Houston Oil of Texas
131
20
11
3
4% June 26
93%June 20
1
Hecker Products Corp
Helme (G W)
100
Jan
Apr
29% Jan 11
11% Jan 10
%
Feb 18
9
25
Hershey Chocolate
200
% Nov
934 June
86% Jan
28% July 25
37g Apr 29
21% July 22
Jan
140
*2*,700
June
9
May
1434 June
13g Aug
Harbison-Walk Refrac.No par
6% preferred
100
Printing Co
Hat Corp of Amer class A
"2',700
100
11% Apr 22
Jan 9
2% July 25
1% Feb 19
28
"""900
700
May
9-% May
103% Apr 21
3,200
37% May
116
13% July 22
6% preferred
.100
Hanna (M A) Co $5 pf.No par
1,400
May
101
23% July 24
25% Jan 22
Feb 14
33
conv
118
Jan
44
Jan
17% July 14
28% July 22
22
25
$4
Jan
% May
Sept
77% May
28
Apr
Mar 12
90
500
118%
%
Deo
13% Feb 18
7% preferred class A.....25
6%
Apr
111% May
»j»
32% July 16
1% Jan 11
Prop ..No
Motors
49%
19%
June 10
preferred
Hercules
Dec
106%
25
Gulf Mobile & Ohio RR No par
20
Jan
3334
2478 Apr
97% Feb
4% Feb
71% Jan
1% Jan
9% Apr
1478 Jan
12% Dec
1634 Apr
3634 Apr
25% July
183s Jan
11% Apr 19
12%June 19
300
Deo
41
69
Hamilton Watch Co ...No par
2,700
Nov
120
Dec
178 Jan 10
Hall
300
22
May
1234 May
90
300
"MOO
1178 Jan
29% Apr
89% Nov
10
3
Jan
4% Sept
60
Feb
Jan
Jan
26% May
102
% July 24
11
145
5% May
109
Apr
Dec
57%
8%
4
106% Jan 15
102
Feb
105
7% Jan 15
2
500
2,400
4% May
Apr
May
7%
32%June
3% June
•i« Jan
JHupp Motor Car Corp
%
Jan
105%May 12
% Apr 8
11% Apr 12
98%June 25
2,000
38
*3
Mar 19
132% Jan 28
3% July 2
578June 30
15%May 26
234June 2
%
t In receivership.
5
Feb 14
100
%
this day.
40
Hud Bay Mln & Sm LtdNo par
Hudson Motor Car
No par
716
18%
3%
*%
*%
%
36'4May
123% Mar 19
2,600
2,000
%
18%
3%
3
716
*%«
*3
126
26% Apr 22
%June 20
2%June 20
18%
3%
18%
7ia
18
3%
*%
%
»i«Mar 17
86
3,100
3%
18%
3%
3%
*5l«
116% July 23
8
Apr 10
78% July
8
20% July 8
130% Apr 7
35% Jan 14
3934 Jan 6
91
34%
*%»
18%
3%
5ie
3%
11«4 May
48%
6
6,700
3%
5i«
*278
6% Jan 6
1578 Jan 10
96%July
2
4%
34%
%
3%
1878
3%
%
3%
18%
3%
18%
*3
52
109
Mar 20
Jan
4%
3%
18%
3%
*516
*17%
*51
109
5
June 20
dlv ctfs.No par
Guantanamo Sugar
8% preferred
130
*49%
51
*49%
51
*49%
51
104% 104% a;104% 104% *103
104
*14%
16
*14%
16
*14%
16
*17%
1878 *17%
1878
*17%
187g
24% 25
*24
25
24%
24%
*9
9%
9%
9%
*9%
9%
15%
15%
15%
15%
15%
15%
*108%
*108%
*108%
48,
48%
48
47%
48
48%
*34
35
*33
35
*33%
34%
11%
1178
1134
1178
117g
1178
*278
%
3%
*128
July 14
1
5H% conv preferred
Grumman Aircraft Corp
20
__
48
*2%
166
14%
78%
1178
*51
52
51%
*51
52
*109
110% *109
110% *109
110% *109
110% *109
110-%
4%
4%
4%
478
4%
5
4%
4%
4%
478
33
*32% 33
34
34
35
34
34
34
34%
*51
480
89
*73%
5% May
118
May
1% May
% Jan
38
June
3534 May
13
28%
7%
78.
June 18
28%May 29
33% Feb 15
112% Jan 8
94
6
8
144
61
3% May
Jan
100
20%
7%
120
45%June
7% Jan
par
19%
*28%
7%
10% Apr 21
73% Feb 19
17% Apr 25
55
1778
4,500
*87
102%May 10
12% Apr 23
1% Feb 4
11,200
13,500
89
5
June
46% Apr 21
2-5% June 19
134% Jan 6
3% Jan 6
3% Apr 22
1078June 27
3%
20% *1978
20%
197g
20%
1487g *146
14878 *146
1487g
578
*5%
6
5%
5%
99% *92%
99%
*92%
99%
2%
2%
2%
2%
2%
2%
101
1
2%
28%
578
*92%
11% July 9
5378May 8
5% Jan 10
10
3%
1478
13%
4
29%May 27
934May 5
2%
26%
14%
13%
14%
Mar 21
Apr 16
10% July
47% Jan 21
par
300
15
June
Apr 23
79% Apr 18
Preferred
2,800
13%
8
8
Sept
5% Mar 21
6
Greyhound Corp (The).No
11%
36
20
334 Apr 19
16,600
16%
36
May
"MOO
11%
36
Dec
12
100
16
28%
2
Jan 28
22
Green Bay & West RR
Green (H L) Co Inc
*146
578
99%
2%
w
Without dlv ctfs
120
5
June
100
Granite City Steel,
Grant (W T) Co
5,000
11%
3%
20
17
2% Jan 7
10%June 23
No par
1
5%
16
2
13%
34%
5
39% Dec
3% Sept
5% Apr
2084 Apr
69% Mar
5
Grand Union
3C0
l08
*128
103% 103%
*14%
16
*17% 1878
34
2%June
Apr
Dec
May
May
Great Northern pref...No par
Great Western Sugar..No par
13%
4
Dec
6%
41
10
Graham-Paige Motors
700
52
Jan
118
Apr
12% May
21,900
*50
39
2% Aug
May
2434 May
1% May
20
Jan
Apr
45
27%
2634
142
7
Nov
35
1834 July 22
Granby Consol M S & P
400
7
Jan
4% July 25
9% May
61
May
32
107%
21%
No par
$5 conv preferred
Gotham Silk Hose
700
300
132
17
June
20% Jan 10
Gr Nor Iron Ore
142
26
7
102
67% July 22
1,400
34%
134
3%
20% Jan
03g Sept
Sept
18% June
22
11% Apr 19
58%May 20
16
May 15
par
"5*400
26
Apr 21
Feb 19
May
par
2634
52
25%
1
17%
106
5%
*92%
Gobel (Adolf)
34.%
24%
*107
*166
130
3434
*105
74
1434
75%
600
Preferred
10
108
7%
75
*74%
3-%
...No par
....No par
No par
4H% conv preferred
50
43
106
*145
*166
25
16
preferred
5% preferred
No
Goodyear Tire & Rubb.No
*107
108
$6
Glldden Co (The)..
2,300
12,600
*105
7
*72%
20
600
1,900
36*666
106
*87
7%
3%
*11%
5
17%
108
2%
89 '
75
134
24
Glmbel Brothers
10,400
100
*107
2.%
*86%
*14
1134
149
11%
16%
134
34%
1234
100
Gillette Safety Razor..No var
$5 conv preferred
No par
900
80
*105
10534 106
20
20% 2034
*92%
15
*34
1434
*13
2%
89
76%
*14%
*17%
24%
*878
*14%
*108%
*47%
28%
99
*74%
*49%
20
*107
10534 10534
19% 20%
*14
*103
108
3%
5%
99%
*166
*128
13%
*1%
24
*11%
13%
par
General Tire & Rubber Co
3,300
4,700
2%
preferred
17%
26%
*141% 143
*11%
*1%
6%
65%
1834
8234
1%
*24
25%
11%
34%
Corp..No
Gen Time Instru Corp .No par
70
1,700
10
2734
16
34%
1278
16
Gen Theatre Eq
1,800
*24
11%
16%
1%
16
800
24%
13%
100
Goebel Brewing Co
Gold & Stock Telegraph Co 100
Goodrich Co (B F)._._No par
*34
10%
34%
24%
17%
34%
11%
16%
134
2434
3%
2078
28%
2,580
11%
10%
13
preferred
General Shoe Corp......
Gen Steel Cast $6 pref ..No par
General Telephone Corp
20
400
*1078
10%
10%
34%
*15%
6%
Gen Realty <fe Utilities
$6 pref opt dlv series.No par
General Refractories...No par
3,000
1,800
1078
10%
1034
34%
13%
No par
Gen Railway Signal....No par
20
1,400
33-%
No par
Common......
"5*266
33-%
1278
..100
10
General Printing Ink....
1
$6 preferred
No par
Gen Public Service
No par
2,700
34
34%
127S
1278
No par
$5 preferred...
5,800
478
11%
10%
*50
pref series A-No par
Gen Outdoor Adv A...No par
300
"l«
27%
conv
General Motors Corp
20
47g
*107g
*10%
34%
No par
6% preferred
700
34
17%
preferred
General Mills
100
5
52
*50
$6
1,600
5
17%
2778
2578
par
No par
16%
1%
43
7
Jan
Gen Gas <fc Electric A..No par
20
"l«
*50
52
25%
*3212
No
......100
preferred
$4,50
2,700
34
5%
*50
17%
27%
1%
.100
65%
18%
82%
*1%
83%
44
1%
32%
141
34%
*81%
66
65
100
134
134
*2%
I934
84%
1%
1.%
10%
76%
2134
13%
45
*43
134
2%
2%
*81 %
xl7
141
*11
45
67%
17-%
*50
*10%
74%
preferred
General Foods Corp...No par
400
10%
76%
21%
134
86
17%
17%
17%
26%
26%
26% 28%
27%
28%
*25% 25%
25% 25% *25% 2534
140
140
*13934 141
*13934 141
52
*43
134
2%
7%
1,500
108
cum
General Electric Co
5,300
3%
5
General Cigar Inc
80
500
2134
*21%
1378
13%
13% 1334
22
*2034 22
*2034
22
108
108% *108% 111
*108% HI
13
13
13
13%
13%
13%
3%
3%
3%
3%
3%
3%
43
43
*43
44
44%
44%
8
8
8
8%
8%
8%
70 y. 72
72
71
72
72
16%
1678
1634 16»4
16%
16%
*43
7%
400
678
No par
General Cable Corp...No par
Class A
.........No par
32,000
3%
5
6
General Bronze Corp
500
634
No par
18 preferred
2,600
1,700
3%
1834
%
4"8
*24
134
2%
*10%
75%
21%
$6 preferred
Gen Am Transportation
General Baking
1,300
26,600
108
107% Jan
31
4
10
7% Apr 16
Gen Ainer Investors...No par
"1*366
42%
5
50
4
Jan
July 21
46
10
Oaylord Container Corp
5>4% conv preferred
1,400
"MOO
678
65
%
17%
45
134
50
24%
80%
7
21
1
5% preferred
900
132
42%
108
108
500
38%
38%
125% 126
42%
19%
1%
*32%
34
42%
3%
678
66-%
1%
50
*10%
10%
11%
3334
132
84
*83
10%
11%
80%
86
17%
65%
19
84
478
11%
80%
No par
Gar Wood Industries Inc
4,300
79
19
2
2% Feb
May
32%May
1% Feb
1% Apr
20
Gamewell Co (The)
480
37g
434
*38
%
1434
15%
15%
14S4 15% *14-%
1434
14%
15
102% *10034 103
*10034 10334 *10034 103
*10034 103
6i#
%
7i#
9i«
»1«
5,
hi
®i6
19%
19%
19%
20%
21
21% 2334
22%
23%
2378
2334
243«
*2334
24%
2334
24
23%
2378
*21%
1334
*2034
45
80%
*130%
*75
6% preferred
30
378
434
79
400
141%
*%
77%
*1%
4%
.
21% 21%
2134 2134
22%
14
14
1378
Wa
1378
14 '
*20% 22%
*20% 22%
*2034 22
*108% 111
*108% 111
*108% 111
13
12.%
13
1278
13%
137s
3%
3%
3%
3%
3%
3%
*41% 42%
42%
42%
42% 42%
8
8
778
8
8
8%
*68
72
*70
71
70% 71
*16%
16%
16%
16%
16%
1678
45
141
38
38%
3834
38%
126
126 i *125% 126
10%
76
*4
*75
10%
76
144
10% May
2434 June
13
Freeport Sulphur Co
10
Gabriel Co (The) cl A..No par
Galr Co Inc (Robert)
1
21
21% Apr
38% Mar
25% Apr
8% Nov
8
8
4
June 17
4,900
*20%
16% July
3378 Jan
25% Apr
Foster-Wheeler...........10
6,000
*
Jan
Jan
36
Jan
Jan
46
104
105
share
per
2134
32% May
preferred.... 100
preferred
12% May
84
42% Jan 13
32
conv
Jan 10
Highest
$ per share $
106
31
$7
share
May
May 31
No par
No par
2%
2%
105
June 23
Francisco Sugar Co
Year 1940
Lowest
18% Jan 10
27
12
22
16
23
17
21
F'k'nSlmon&Colnc 7% pf.100
10%
per
24
10
39
%
100
10
conv
220
2%
20%
434
share
15% Apr 23
5,800
38%
*2%
2%
par
Follansbee Steel Corp...... 10
30
10%
39
No
5% conv preferred..
Food Machinery Corp
200
1,400
2%
3%
33s
3-%
*3%
7
634
678
108% *107
108% *107
198%
"i«
Fllntkote Co (The)
Florence Stove Co.....No par
2,500
10%
21%
434
80%
42%
Florshelm Shoe class A.No par
2%
80
132
600
10%
144
*75
80
First National Stores..No par
Range for Previous
Highest
101%June
3178May
12% Apr
26%June
21% July
37sjune
4%
4%
4%
1434
14%
1438
14%
14%
14%
14%
*91
91%
90
9234 290
913g
91%
*20
20%
20
20
20%
20%
20%
12434 12434 *122
125
12434 *122
123% 123%
3338
3438
3278 33%
32%
33%
32%
32%
3834
39%
39%
39%
39%
39% £39
39%
*116% 11634
11634 11634 *116% 117
*116% 117
»u
%
*
%
*%
®i«
%
%
80
1.700
3,300
1,100
10%
21%
4%
4%
478
*75
*70% 80
79%
79%
130
120% 120% 130
38% 39
38%
39%
125% 125% *125% 120
*43
4%
4%
434
14%
91%
6% preferred series A.-.100
387g
2%
7
*141
Firestone Tire & Rubber—10
200
per
47%
37g
*45
20
125% 125%
33%
34
3778
38%
*116% 116%
%
81
144
3,000
$
9,100
1134 *11
1134
1134
1134 1134
*1134
1178
*50
*50
*50
52%
*50
*50
52%
52
52
*4%
478
5
5%
5%
5%
5%
5%
5%
5%
5%
*102% 105
*102% 105
*102% 105
*102% 105
*102% 105
*102% 105
53
53
53%
53% 53%
53%
53%
53%
*52%
53
52% 53%
6
6
6
6
6
6%
6%
*6
6%
*6
6%
6%
*50
Par
17%
129%
*125
4%
47%
Lowest
3878
2%
2%
7
678
1134
52%
6%
31
17%
3%
*45
3878
6%
31
29
105
*125
3%
47%
6%
32%
29%
*105
18%
*45
17%
17%
17%
167g
17%
104
105% *103
104% *103
38
37%
38
38%
38%
15%
1434 15%
14%
1434
29
2834
29%
29% 29%
22
22%
22
*2134 22
6%
*31
29%
....
3%
46
21
2834
2I84
30
*104%
18%
17%
130
3%
7
3278
*31
30
46
*6%
*11
$ per share
15%
6%
6%
31
129
3%
2%
10
20%
Week
22
40
3818
*2i4
2%
*0%
July 25
2834
22
31
129
July 24
37%
15
28%
*104%
17%
1712
*3
Friday
*103
104
37
Range Since Jan. 1
On Basis of IQO-Share Lais
EXCHANGE
Thursday
S ver share
$ per share
17%
177»
104
STOCKS
NEW YORK STOCK
the
Wednesday
July 23
28%
*21%
6%
28>2
*43
j
17%
17%
10378 10378
36%
36%
33
2812
*10412
1612
July 22
5 ver share
17 %
*30
Tuesday
Sales
for
Saturday
Luly 19
6
May
% May
35% Apr
934 Nov
16%
110
Apr
Mar
60%
Jan
3834
Dec
16%
Apr
71%
112
678
50%
1%
7%
27
Apr
Dec
Jan
Feb
Feb
Feb
Jan
6%
Feb
1
Jan
Called for redemption.
Volume
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
Sales
CENT
NOT PER
July 21
July 22
$ per share
$ per share
share
per
8%
8%
18
40
*3%
4
*19%
8%
21%
8%
20%
40
40
39%
9
19%
9%
12%
12%
7
*6%
9%
1%
43
*158
56
*55%
*161
334
27
27
17
6634
37
1%
1%
7%
7%
334
27%
334
27%
334
27%
334
334
*127
132
*126
19
18%
130
18%
*1%
2
38%
39
18%
29%
*37%
2%
2%
11%
*92%
*883
*31%
*134
*134
*134
10%
*38
10%
3884
39
68
4%
434
5%
*19%
20%
2034
20%
20%
*13
14
*13
*102
103
102
8
14%
103
103
*73g
*7%
.8%
118
*115
*113% 118
*113% 118
16
15%
1534
1534
15%
*15%
7
7%
7
7%
7%
*634
*102% 104
*102% 104
38
38
38%
3938
100
14
14
14
*29
30
2934
2934
*2%
*2%
234
*4
5
*26%
27%
25
26%
27%
4%
26%
26%
27%
27%
21
*14
*102
7
7%
38%
14
14
14
14%
3034
*14
30
29%
29%
38
37%
39
39
25%
25%
25%
25%
4%
*4
5
4
4
27
27
27
26%
27%
2634
27
2634
27%
,27
27%
1134
13%
13
13%
12%
12%
3734
13%
40%
41
39%
39%
13%
13%
13%
13%
Kress (S H) & Co
27%
3,100
12%
39%
800
13%
13%
13%
2,000
10%
1,000
10%
10%
10%
*10%
10%
10%
10%
10%
27%
27%
2734
2634
2634
22534
2534
25
25
25
*25%
*24%
115
*114
116
114
25
24%
115
114
3%
3%
3%
3%
3%
334
3%
1%
1%
1%
1%
1%
83g
8%
9%
9%
23
13
13
*13
*22%
23
22%
2334
13%
22%
23%
*13
834
23%
13%
23
23
23
2934
534
38%
30
30%
29%
30%
*23
2934
534
*36
13%
.
87
87
5%
*36
86%
25%
25%
3%
334
3%
1%
10
2334
1%
1%
1%
9%
1^4
934
2334
9%
11%
2334
13%
2334
23%
13%
600
600
534
534
5%
5%
38%
*3534
*85%
37%
88
23
5%
5%
36
*35%
37%
100
Life Savers Corp
89
*86%
89
200
160
155% 155% *155
*155
5%
*155
160
160
21
21%
21
21
*20%
21%
*20%
21%
73
7334
72%
73
73
73%
x60
900
2634
*12%
*27%
28%
*27%
28%
2%
6%
*2%
*6%
*6%
6%
*13%
14%
1334
1334
*135%
*30%
*2
25%
*25%
26
*25%
26
*135%
*135%
*135%
....
*25%
31%
32
32%
31%
32%
27%
27%
27%
27%
27%
31%
27%
13%
*12%
13%
13
13%
2%
*12%
28%
2%
29
2%
28%
2%
*29%
29%
2%
2%
26
2734
13
29%
234
6%
6%
6%
*6%
7%
1434
1434
*14%
15%
1%
*1%
1%
1%
1%
138
1%
1%
4%
4%
4%
4%
4%
4%
4%
4%
*1%
4%
4%
8
8
8
8%
8
8%
8%
8%
8%
8%
16%
*2834
9%
*23%
15,500
1,800
1,100
1,700
3%
10,400
7%
100
Mandel Bros.!—..—No par
15%
300
1%
1,700
4%
9,600
Marine Midland
8%
8
890
16%
16%
16%
1034
16%
2934
9%
29%
2934
9%
29'4
9%
29%
9%
24%
29%
12,400
8,700
16%
29
2434
30
53
53
53
2%
25
107
13
1O34
*10534 107
*19% 20%
9%
*2%
24%
*104
*12%
15%
53%
53%
2%
2%
24%
*24%
107
*104
13
12%
15%
15%
2434
30%
176
53%
2%
25
107
1234
1534
105% 105% *10534 107
1934
*9
35%
35%
*3512
12%
12%
13
20
20
20
9
9
9%
3534
13%
24%
29%
*173
53%
*2%
25
*104
2434
30
2%
25
*104
107
12%
1534
107
*35%
13%
1334
13%
10634
24%
29%
*173
54%
*2%
*24%
*104
1,300
29%
176
'
1,800
55%
2%
300
300
25
106%
"
__
12%
300
1,200
12%
20
*12%
100
Corp
.;6
pref.. 100
Market St Ry 6% pr
Marshall Field & Co ...No par
1
No par
Masonite Corp
No par
Mathieson Alkali Wks.No par
7% preferred
100
May Department Stores....10
Maytag Co.......—..No par
$3 preferred.....—.No par
$6 1st cum pref
No par
McCallCorp
No par
McCrory Stores Corp.......1
6% conv preferred
100
Martin (Glenn L)
Co
Martin-Parry Corp
McGraw Elec Co..
20
20
834
834
*8%
36%
3534
36%
*3534
15
14%
15%
14%
9
3534
2%
25
*24
10,000
1,000
9%
15%
15%
1534
*15%
*1C534 107
*10534 107
*12%
20
20
9
3534
54
*2%
*24%
15%
19%
29%
176
54
54
12%
*106
24%
*173
176
10
1
Copper
Manati Sugar Co.
Manhattan Shirt
—..25
Maracalbo Oil Exploration— 1
10%
*173
*9
234
*634
*1434
1%
4%
29%
1634
30
*12%
*15%
Magma
30%
176
*104
29%
900
9%
24%
No par
Co Inc
No par
Garden—No par
1,500
9
300
McGraw-Hill Pub Co.-No par
36%
800
Mclntyre
15
26,300
Porcupine Mines..5
McKesson & Robblns, Inc.. 18
Feb
7
Jan
3
2i8 Feb 14
1978 Apr 12
11% Feb
1
Apr 18
21
26i2June
3
Feb 19
6
33%May 27
78U May 22
80
May 20
May
8
13
Apr 26
19% Apr 21
May 22
28
105
35
June
4
Apr 21
212 Apr 12
1334 Jan 30
15i8May 14
17
60
25
June
Mar
2
3
3% May
7% Nov
Jan
1038 May
3534
15% May
25
Dec
110%
Dec
4
Jan
1%
Jan
100% June
138 May
%
2
Dec
May
15% May
9% May
4»4 Nov
24% Nov
Feb
14
18% May
29
Jan
June
6338
5
May
9%
Jan
Apr
Jan 18
33
May
45
Apr
3
87
May
109
Apr
2
87
May
109%
Apr
3
June 25
39
98
169
June
188%
Dec
16
May
23%
18% May
27
May
3034
Apr
Dec
41
Apr
143s
Apr
Jan
Jan
Jan
30
37%
*
4
Jan 14
July 22
16% Jan
28% Jan
9
May
10% May
1838 Mar
22% July
8
9
6
41%
Apr
37% Mar
34% Jan
July 24
20% May
97
May
4434 July 25
29
June
109%
46%
3
2
May
4%
110
3% Jan
17
July 21
19% Jan 15
162
Jan 2
21% July 21
Feb 18
7334 July 22
1
May 15
31% Jan 21
138
Jan 21
May
Jan
21% Sept
1038 Jan
30
96% Jan
13
9%
May
8% May
45% Jan 9
7% Jan 23
21
9% Apr 15
Jan
Apr
4
Jan 13
24
189
z29
34%
May
11% Dec
2334 July 16
1338 July 15
18% Mar 11
2078 Apr 21
Feb
23% May
2% July 25
1278 July 25
June 10
174
4
29%
2
2734 July 22
25% Jan 9
116% Jan 4
4
July 25
109%June 4
134 Jan 2
l2 Feb 13 V
46%
22% Aug
27% Jan 9
2978 Jan 10
19% Apr 12
preferred-.100
6%
20
4% July 21
2178 Apr 14
133
Macy (R H)
Madison Sq
16-%
30
*24%
200
19% May
16% July 15
150
Mack Trucks Inc
29%
*173
2%
2,900
284
3134
Jan 13
26%
45% July 15
13% July 24
11% July 18
7% preferred
—100
Louisville Gas & El A..No par
Louisville & Nashville
100
MacAndrews & Forbes—..10
100
10%
24%
29%
10
Lorillard (P) Co
10
-
A...No par
Loose-Wiles Biscuit...—...25
900
1,900
3,200
16%
24%
Long Bell Lumber
200
4,300
29%
176
Inc............No par
$0.50preferred.
No par
Lone Star Cement Corp No par
Loews
6,000
13%
16%
9%
Liquid Carbonic Corp..No par
Lockheed Aircraft Corp
..1
1,000
1% May
17% May
Apr
Jan
Apr
2
8
Jan
Jan
1538 Nov
27«4 May
5% Feb 14
1184May
May
Apr
Dec
38%
Jan 10
39
Feb 15
17%
9%
105
3% July 25
July 25
4
Jan 24
z22% Mar
Co.........No par
Co...No par
10
Jan
18% Nov
434 May
87% June
24% May
38
278 Feb 15
24
4
3934 July 22
14
July 18
Feb 14
22
Jan
Mar 20
8%
100
23% Feb 15
Lion Oil Refining
2734
29
9%
1®4
2
Apr
109
8% May
Jan
18
Feb 14
25i2June
7
5
31%
27%
*12%
16%
9%
Link Belt
500
2,400
'
29
*173
*29
13*
Jan
Lily Tulip Cup Corp...No par
Lima Locomotive Wks.No par
100
2,200
25%
25%
*135%
3034
31%
14%
*6%
*14
95
Preferred..........—..100
69
*25"
Libby McNeill & Llbby
13,300
160
*155
73%
71
121% Apr 18
Libbey Owens Ford Gl.No par
4,200
2834
28%
21%
21%
Jan 22
Apr 22
13
Liggett & Myers Tobacco..25
Series B_....25
28%
71%
25%
26%
*135%
31
30%
26%
2634
*12%
13%
7034
6% conv preferred
4,000
36
534
*36%
*86%
104tg
5
No par
13%
23
2334
13%
*2234
26,900
21%
1*21%
Lerner Stores Corp
12%
2334
*89
90
89%
88
88%
87
89%
88%
87%
87%
*175
181
181
*175
181
*175
181
*175
183
*178
*178% 181
21
21
*1934
*1934 21
*1934
1934
1934
*1934
2034 *1934 2034
2834
28%
28%
28%
29%
*28% 29
28%
28%
29%
28%
*27%
34
*33
34
34
•*33
34%
34
34
34
35
*33
34%
13
13
1234
1234
12%
13
*12%
12%
12%
12%
*12%
12%
1584
*15%
15%
1534
15%
15%
1534
153^
1534
I.534
1534
*15%
27
27%
27
27%
26% 27%
2734
26
26%
26%
2734
26%
3234
32%
33%
33%
32%
33
3278
33%
32
32%
32%
31'%
*109
110
11134
110
109% 109%
109%
*108
109% *108
109% *108
44
4434
44%
*44
44%
44
44%
4334
43%
4.3%
4334
43%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
*3%
17
17
17
*16%
17
1634
17
17
17
17
16%
16%
18
18%
18%
18%
18
18%
18%
18
17%
18%
18%
17%
*154% 160
(The)
Lehn & Fink Prod Corp
35,500
87
87
Lehman Corp
2%
1%
11%
Jan
Dec
15%
No par
50
1
Lehigh Valley Coal
15%
104%
100
50
*87
29%
3834
86%
89
8,000
3%
May
Dec
...No par
...5
25
4% conv preferred
tLehigh Valley RR
9
May
Lehigh Portland Cement
*22%
28%
5%
23
28%
13%
30
4
Lane Bryant
1,100
Apr
20% Nov
7
No par
Lee Rubber & Tire.
700
25
116
*114
116
*114
26
Mar
7%
May
92
..100
5% preferred
121
3% May
11
8% July 23
No par
Lambert Co (The)
Apr
Apr 16
Laclede Gas Lt Co St Louis 100
190
16
Mar 19
Kroger Grocery & Bak.No par
12%
40
13%
Kresge Dept Stores
Dec
7
10
1
Kresge (SS)Co
Jan
109%
48% May
9% June
117% May
Jan
132
122% May
7
11038June
100
par
*37%
12%
12%
*39
Feb 11
128
77%
June
44
9
Deo
14% Jan 10
104% Jan 27
Kinney (G R) Co
15 prior preferred..-No par
27%
27%
Jan 16
69% July
12
3,600
10%
24%
Mar
par
27
26%
*2634
24%
116
52
Jan
44
Apr 23
5i2 Apr 23
08l2 Feb 21
31
Feb 14
300
27
*24
Jan
3484 May
1
5
*4
11
*114
17
par
•
Dec
130
May
par
2,600
3%
3
33
June
9
'
3
2%
.
122
Kennecott Copper
1,500
1,020
25
37%
25%
Jan
Jan
Dec
Jan
74%June
5% May
20% May
7
Kendall Co $6 pt
1,200
2934
234
25%
*4
..100
5
Keith-Albee-Orpheum pf__100
Kelsey Hayes Wh'l conv cl A. 1
5% conv preferred
pf A..No
No
Keystone Steel & W Co No
Kimberly-Clark
No
4%
10%
92%
8%
14
Kayser (J) & Co
600
37
*29%
2%
2%
1% May
9'4 Apr 21
10
Class B
Jan
434
I84 May
121% Mar 12
538 Jan 10
21
July 22
23,500
Deo
Jan 10
BNo par zll6l2June 12
334 Apr 23
1534 Jan 9
12
Apr 16
20
39%
38
*2%
3734
13%
6%
102
38%
Nov
May 14
City Southern.No par
4% preferred
100
Kaufmann Dept Stores
1
20
Jan
30
109
33
Kalamazoo Stove & Furn
1,500
1,500
36%
May
4% May
12% Jan 10
300
Jan
Feb
134
May 20
100
8
538
56%
39% Dec
Mar 21
10
Kansas
Apr
73
June
13% May
97% Jan
Jan
21% May
27% Apr 21
Apr 21
Kan City P & L pf ser
Jan
25
9
97
10
102
14
11%
13%
124l2Mar20
4,100
5%
*7%
39%
37
11
..100
Preferred
Jan
Jones & Laughlln St'l pref. 100
800
10%
6%
39%
11
*2634
5412 Apr 19
400
*100
39
36%
*13
No par
102
102
102
No par
Johns-Manvilie
400
7
634
104
Jewel Tea Co Inc
32
1,900
11884
117% 117% *117
16
1534
16
15®4
16
124
14
8%
Feb 14
7
l
1
21
14%
100
1
14
103
*7%
8%
3
Jan
38%
133
June
37
3% Jan 10
11% July 14
97
July 14
87S July 24
No par
*19%
21
*19%
14
1
$6 preferred
Jarvls (W B) Co
9,100
120
4%
2
178May
6U Feb 19
87
Feb 24
Apr
7
26% May
Mar 26
102
Intertype Corp....
10
120
178May
No par
Jan 16
JaD 2
43% July 25
31% Jan 30
40% July 25
3
Jan
14%
10% May
40% May
I84 May
3934
Island Creek Coal..
800
67
*9%
10
"5"
5
118
30
30
25%
4%
10
Jan
95
538
109
July 22
7378jurie 10
800
1G834 109%
4
Jan 13
2%
Jan
Dec
173
5% May
3% May
19% June
19
700
*127
107% 108%
Inter Telep & Teleg
Preferred
39
67
67
28% Apr
Deo
6234
Dec
1%
4
4
131
May 20
25% Feb 15
100
Foreign share ctfs__.No par
*10% "L300
*38%
3% Jan
9% Jan
20
50
7% preferred
Interstate Dept Stores. No par
.
10%
39
*38
14%
36
35
24%
25%
25%
2%
35
36
*34
"1034
.No par
International Silver
"
*134
10%
International Shoe
900
8%
May
32i2May 23
38I4 Feb 21
No par
2,000
32%
145
018 Apr 21
Apr 24
100
Salt
9,200
97
*92%
834
32%
8%
32%
1,000
29
6
2% Jan 10
57i2 Feb 19
li8 Apr 16
5% preferred
2% Dec
44
191% Mar
May
Jan
Mar
5% Nov
12% Jan
May
38
1078 Feb 19
International
1
June
170
100
InternatRys of Cent AmNo par
113
18% May
136
3
5 % con v p refer red
June
Apr
7% Nov
4738 Mar
2% July
Jan 10
49
15
Inter Paper <fc Power Co
91
167% Jan 10
57
July 22
100
Preferred...
63", 100
18%
15%
4% June
6% May
2338 Feb 19
125 May 8
135
Nov
2
3
Apr 15
1
Jan
94
21% Aug
June 10
I
Int Nickel of Canada..No par
900
97
150
Int Mercantile Marine.No par
12,100
40%
*92%
8%
*3234
100
Hydro-Elec Sys class A. 25
Internat'l Mining Corp
800
39%
39%
3934
*14
*1334
39
15,000
300
103
102% 102% *102
8%
3%
27%
43%
67
16
Int.
2,600
6
634 July 15
140
Jan
Apr
66% May
7% May
9
13% Jan
1% Apr 10
30% Apr 23
May 1
43i8May 5
100
Preferred
400
1%
43%
*28%
*134
•
118
Internat'l Harvester...No par
43
*120
8
8
6,300
350
5
102% *102
55%
300
10%
*19%
1334
14
8
*13
21
"i'ooo
Prior preferred
3,600
68
5
5%
158%
Int. Business Machlnes.iVo par
29
118
158
140
25% Jan 14
113% Jan 28
538 July 22
11% Jan
2% Jan
Apr
934
May
Jan 22
Jan 10
90% Jan
Jan
Nov
23
1638May
72
May
27% July 22
161
Apr 21
7
2®4
111%
5
3i8 Feb 17
Internat Agricultural-.No par
2
108
10%
10%
4%
400
3934
29
100
12,600
9%
1%
43
100% 100% *100% 102
2%
2%
2%
2%
2%
2%
2%
*238
11%
11%
11%
11%
*120
4%
6% preferred
67
*28%
May
1912 Apr 16
107
July 5
No par
Intercont'l Rubber....No par
Interlake Iron.
No par
66%
*127
107
170
2,300
5%
*1%
*38%
Dec
5
0i8 Apr 22
6
Feb 25
1
Interchemical Corp
43
*127
107% 109%
10%
-
Insuranshares Ctfs Inc
3934
39%
67%
68%
*120
*119
-
Inspiration Cons Copper.-.20
1,500
1,300
2
10%
*38
127
127
*
10%
1034
65
67
*65%
6634
127
*126
*125% 127
105% 107
10434 105%
10
*10
10%
10%
*119
*134
-
•
39
*38%
39
-
10%
10%
10%
•
8,900
7
17%
67%
*134
43
41% 41% *41% 43
*41%
29
29
29
29%
29%
29%
*2834
39%
3934 *38%
39%
38%
38%
38%
100% *100% 100% *100% 100% *100% 100%
2%
238
2%
2%
2%
2%
2%
2%
2%
2%
2%
*2%
2%
2%
11%
11% *11%
11%
11%
11%
11%
97
97
97
*92%
*92%
*92% 97
8%
838
*8%
838
8%
8%
8%
*32
32
32
32
32%
32% 32%
*100%
1234
39
6634
2
38%
43
*41%
No par
25%
110%
*127
18%
20
9% July 21
155% Feb 10
69% Apr 21
100
Inland Steel Co
37
68%
2
38%
0% preferred
2~400
~
7%
131
Indianapolis P & L Co.No par
79%
3%
26%
27%
*127
18%
68
69%
68%
134
38%
27
21% Jan 27
93%May
1
1%
7%
6%
2034May 27
16534 16534 *165% 166
165%
Dec
10
54%
1%
7%
4%May 10
No par
158
55%
55
2
No par
878
1%
157% 158%
56% 1
*164
69
37%
158% 158%
Apr
Ingersoll-Rand
*40
43
*40
Jan
43%
Industrial Ray on
*434
9%
1%
8%
*1%
1%
43%
56%
5%
24%
June
2,300
1,100
*109
110
May
31
4,300
*24
734
27%
18%
9
8%
*1%
1%
27%
!•%
1®4
37
*40
1%
7%
66%
6634
*1%
5
3%
17%
17%
634
*24
Jan
Jan
12
45%May 22
18%May 19
5
Feb 13
7834
12%
*6%
12%
034
25%
634
110
163
3%
132
12%
1234
2%
13%
5% May
21% July 22
6
Feb 18
Indian Refining
*153
791.J
100
8%
107
7834
4%
2634
107
*8%
2634
8%
*153
_
79
5%
163
1%
7%
*126
130
*126
2634
25
57
3%
2634
1%
7%
200
43%
1%
7%
1%
7%
*338
19%
110%
56%
162% 163
162%
19%
107% 108
1234
6%
158% 158%
56%
5534
19%
*5
*40
158%
RR Sec ctfs series A...1000
5%
9%
1%
1%
1%
580
110% *110
9
9
43
4%
40%
4%
34% Jan
*26%
27
25
6%
5%
5%
13
Leased lines
*19%
8%
108
78%
13%
110% *110
*40
158
158
2434
5%
834
*1%
8%
8%
*1%
*41
12%
6%
23%
634
6% preferred series A...100
570
$ per share % per share
9% July 22
0i8 Feb 15
100
7,300
4%
*153
•
13
24
110
5%
5%
.
78ti
634
*107% 110%
-
77%
Illinois Central RR Co
19,200
9
Highest
$ per share
21%
Highest
Lowest
Lowest
$ per share
Par
40%
4%
9%
21%
40%
8%
26%
,
834
20%
834
20%
*39%
1934
8%
108
108% 10834
*153
24
24
*23
Week
8%
Lots
On Basis of 100-Share
EXCHANGE
Shares
40%
4%
*19%
77
75%
123g
7534
1934
9%
27%
27 -
27
*153
75%
1934
,
107% 108
*153
July 25
$ per share
20%
*4
4%
9%
26
L07%
9%
4%
4%
*19%
26
*25%
834
20%
40
3934
334
19%
9%
*106
21
8%
19%
19%
*39%
July 24
$ per share
$ per share
July 19
$
the
Range for Previous
Year 1940
Range Since Jan. 1
STOCKS
NEW YORK STOCK
for
Tuesday
Monday
Friday
Thursday
Wednesday
July 23
Saturday
513
New York Stock Record—Continued—Page 6
153
13% June
Dec
17%
138% May
15% May
May
38
2534 May
128
Sept
May
Apr
Jen
Apr
1834 Jan
25% Apr
103% Dec
21% Jan
Nov
65
Jan
35
136% May
Dec
3134
2358 Apr 21
2234May 26
II
Feb 17
333g Jan 10
17
2778 July 23
13
July 7
20% May
8% June
31
9
4
30% Jan 2
3% July 25
6% Mar 22
21% May
38
May
7% Mar
1434 July 23
11% May
t%May 20
5% Jan 14
11% Jan 8
34 May
16% Jan
l%May
3% May
5%
Oct
2% May
1334
Dec
16% July 11
834 May
16%'Nov
6
6
26®4 June
28% Jan 13
2134 June
23% Apr
1% Feb
534 Jan 3
12% Apr 17
®4 Jan 14
z4 June 13
7% June
5
13% Jan 17
23
Feb 14
7
May 20
19
May 28
45
12% Jan
4
6% May
Jan
Mar
4%
4734
1434
5
30% July 22
21
June
40%
32%
June 13
175% Apr 29
160
June
173%
3638 May
53%
24% May
171
3034 Jan
1% Aug
Apr
1284
Apr 23
2%June 17
55% July 25
2% Jan 14
2% May
May
24%Jurie 25
28
Apr
8
20
103% Jan 23
123s July 18
107
June
5
96%June
14%May
6
12%May 26
103% Feb 20
1534 July 22
lll'u Jan30
18%June 3
7% Feb 19
31
Feb 3
25% Jan 11
9% July 18
36% July 11
1278 July 19
Apr
Apr
Apr
Jan
Apr
Dec
Jan
4%
Feb
30%
Apr
Mar
105
10% May
10%
Jan
10
May
17%
Apr
93
May 11111*! Dec
15% July 24
17% May
29
Apr
5
June
9%
Apr
26
June
47%
Jan
I.¬
*
Bid and asked prices: no
sales on this day.
t In receivership,
d Def. delivery,
n
New stock,
r Cash sale,
x Ex-dlv.
y Ex-rights.
If Called for redemption
New York Stock Record—Continued—Page 7
514
LOW
AND
HALE
HIGH
PRICES—PER
SHARE, NOT PER CENT
Sales
STOCKS
*
Range Since Jan.
for
Monday
July 21
Tuesday
Wednesday
Thursday
July 19
July 22
July 23
$ per share
$ per share
$ per share
$ per share
Saturday
NEW YORK STOCK
the
July 24
2l2
2%
234
278
234
15%
157S
15%
1578
89
8834 8834
88«4 89
89%
*11718 118'2 *117% 118% *117% 118%
1193g 11912 *119% 123
*119% 123
*15%
16
90
90
*110
110
15
234
$ per share
$ per share
Shares
15
112
3534
112
*110
*110
112
I
2%
*15%
16
I
90
90
234,
110
*3912
26's
26%
26%
27%
*734
8 >8
8
8
8
Lowest
Par
McLeilan Stores Co
400
6%
"MOO
1438
*2112
4%
14'%
22
14%
143g
14%
143s
14%
22
22
22%
22%
*22%
4%
71%
4.5s
74
438
4%
4%
4%
7134
7134
*70
72
♦115s
1278
1278
*12
13
71
4%
73
*1134
*70
1278
70-%
*110
111
558
*44%
5r>8
46
4
70%
*110
41
*45
1978
70
21
22
20%
57s
8
*57g
6
*7l2
8
*7%
*8%
8
834
*778
70%
46
Melville Shoe Corp
980
223«
534
8»4
578
734
734
9
834
17%
173s
1758
173% 173%
*10%
1034
17 %
17%
1734
173% 173% *170% 180
*17178
*10%
1034
1078
1078 *10%
*80
85
*80
*16%
17
17%
16%
Mld-Contlnent Petroleum.. 10
13
No par
26% Apr 21
8% cum 1st pref
100
Minn-Honeywell Regu.No par
10534 Apr 21
3734June 4
125
107
110
"1",900
Minn Mollne Power Impt...l
-
14%
1,900
7,400
67«
*6%
634
1,900
1,000
Nat Dept Stores
22
22 78
*7%
7%
714
73«
7%
7%
*17%
7%
978
7%
82
82
82
82
82
1778
18%
18%
1834
18
18%
175
*171
7%
8134
1734
82
18
175
175 *173
175
1078
*9%
22%
*17
18%
8334
70
10
23
85
934
934
22-%
22%
18%
7%
18%
*17
7%
8134
18%
*79%
678
1734
176
175
82
1734
175
145% 145% *145% 145% *145% 145% *145% 145% *145% 145%
23
22%
23
32%
32
32
32%
7
678
7
*55%
7%
14%
64%
66%
3%
9%
*9%
*16%
56
7
7
678
55%
5534
7%
14%
7%
1478
64
67
*22
64
5534
7%
14%
64%
5634
758
15
64%
67
68
68
334
9%
3%
9%
17
3«4
9%
9%
9%
9%
*16%
17%
70%
9%
70
70
22%
32%
*32
i
*50
117% *110
56
3i«
3i®
*%
78
117% *110
*54
56
*682
316
78
84
13,«
%
31%
25%
31%
31
114
13%
*5434
*54%
14%
*96%
114
1»
%
3178
*243g 25
20234 20234
114
114
*%6
25
*113
13%
13%
13%
13%
55
55
547g
54%
98
*54%
14%
*96%
54%
15%
98
32
25
20078 20078
55
54%
14%
%
31
15
*96%
98
7
7
7%
7%
7%
*111% 112
*111% 112
*11134 112
*734
8
778
778
*8%
8%
*37% 38%
38
39
38% *38
*2%
2%
*2%
2%
*2%
2%
*24% 25%
*24% 25
*24% 27
*12%
1234
*12%
13
13
1234
9%
9%
9%
934
984
97p
*21% 2134
22 34
21% 22%
22%
6
6
6
578
6
5%
76% 77%
78
79
78
78
1634
*14534
7%
*50
*20
*52
*116%
48
5%
5
1678
55
21
*20
21
20
55
*52%
*116%
55
48
48
*52%
*116%
46%
....
48
9%
*234
3
3
17
17
*67g
9%
7%
9%
24%
2434
37
37
17
17
*
17
*9%
*7%
*9%
2434
3634
17%
778
10
3
17%
7%
53
1,600
National Steel Corp
25
National Supply (The) Pa.. 10
$2 conv preferred
40
*66%
14
37s
*16%
17%
64%
*66%
378
69
3%
934
9%
14
*63
69
37g
10
934
934
9%
*914
*16%
9%
400
17%
100
17
201
*96%
7%
112
98
17
7%
934
25
984
25%
25%
37
3634
1734
17%
3678
177g
Bid and asked prices; no sales
on
58
316
~2~6o6
.
*5434
54%
1434
73g
112
8
7%
*111
8%
*37
W7o prior preferred
6% prior preferred
15,400
300
Nehl Corp
Nelsner Bros Inc
N a torn as Co.
22%
*21%
6
6
78
78
79
5
*4%
17
1634
*14534
"778
this day
2
200
*12%
200
934
97g
21,400
*21%
5
47g
300
3,700
734
77g
4,200
47
97g
9%
3%
1834
3%
18
8%
778
9%
25%
3678
17%
47
10
3%
19
New York Central
No par
N Y Chic & St Louis Co
100
6% preferred series A... 100
NYC Omnibus Corp..No par
Dock
No par
No par
730
2534
36%
17%
4,700
Moo
3,300
25%
25%
3634
17%
17%
36%
17%
receivership,
a
400
Def. delivery.
3
97g July 22
24% Jan 11
17
18%June
8% Jan
9378 Jan
1834 July
66
June
14% May
Oct
Apr
Jan
Jan
96
Jan
22%
Apr
Dec
Jan
68% Jan 6
7% July 22
15% July 14
48
4% Apr 23
8% Feb 19
534May 29
49
3
June
69% July 25
13% May
Dec
38'4 Sept
5% May
87g
Jan
May
7384
Jan
4% May
934
Jan
8
May
Feb
6
10% Jan
4
11% Apr 22
II84 Feb 19
25
Feb 14
157gMay 15
4%Mav 16
8
Apr 12
Mar
14-% May
45
June
Pharmacal
Co..2.50
Ohio Oil Co
No par
Oliver Farm Equip..
Omnibus Corp (The)
No par
6
8% preferred A
100
Oppenhelm Collins
Otis Elevator
No par
No par
No
5
var
100
2d preferred
No par
Pacific Finance Corp (Call). 10
Pacific Gas <fe Electric
25
Pacific Ltg Corp...
Pacific Mills
....
No
par
No var
Cash sale.
% Jan 10
32% July 10
3234 Jan 8
117
July
2
7
3
Jan 15
l%May 17
Apr 25
ll%June
3
6«4 Feb 19
1334 Feb 19
434May 23
8%
Apr
12%
Apr
115% Mar
117% Aug
58% Nov
June
5
Jan 11
1334 Feb
7
July 24
23% July 11
Jan
Jan
3134
357s
Dec
May
117
Dec
23
Jan
59
Jan
58
Jan
15
26'4
May
84% June
4% May
May
114
Sept
39
Nov
2% May
5%
Jan
25% Aug
42%
Jan
11
Dec
16% May
5% June
884 May
9
16
Jan
May
8
10% Jan 10
55
July 2i
9%
27
17«4 Jan
6% Apr 23
40% Apr 16
Jan
97% Dec
101
Feb 19
Jan 11
Apr
14% May
47% May
47% May
14%May 29
150
Jan
%
226% May
234 Jan 11
10
%
2
May
113% Feb 1
10% Mar 31
10
Jan
33% Mar
175
10% May
7% May
4
Jan
105
2
95
June
Tan
Jan
21%
Jan 25
6
140
Dec
1878
Jan
7
3
Dec
50
20
57% Jan 20
17% Jan 10
97% Apr 16
7%May 8
27
13%
Oct
Jan
June 10
2734
110%
Jan
May
17% Jan 10
58'4 Jan 6
40
%
104% Jan
57g July
73
Feb
»n Dec
215
7
Jan
14%
'11 Dec
Feb 25
May
May
23
% Jan 13
1% Feb 6
7
May 31
7%June
34
434 May
July 25
534 Feb 14
110
1234 July 11
58
24%May
Apr
303s Dec
39
May
3% May
Apr
24% Feb 14
Apr
15
May
Jan
91
53%
20% May
7
110
3
Apr
110
July 22
Jan 6
634 Jan
104
6
Apr
10% June
253g Mar
July 21
7
4
96
Jan 10
Nov
8%
103g
30% May
9% May
87g May
Jan
Jan
12
15%
1678
4378
24%
6
Feb 24
Jan
109
2
Jan
115
»u Jan
188
2734 Jan
45
112
12% Apr 21
60
May
June
4
1
Preferred
July
36
June 18
50
Northwest Air Lines...No par
Northwestern Telegraph
60
Norwalk Tire & Rubber No par
31% Jan
72
100
113% July 24
50% Apr 29
5034 Apr 29
Northern Pacific Ry
100
North States Pow $5 pf No par
Jan 17
May
2034 Feb 14
106% Mar 8
31% Apr 24
2
50
79% Feb 10
45% Jan 16
110
14
6% May
23% Nov
10534 Nov
*11
.50
July 21
11% July 14
33j
Norfolk & Western Ry
.100
Adjust 4% preferred....100
North American Co
10
17
5% Apr 23
100
$N Y Ontario & Western.. 100
N Y Sblpbldg Corp part stk..l
Noblitt-Sparks Indus Inc
5
978 Apr 18
Aug
3% Jan
7% May
8% Oct
20% July
100
Conv preferred
July 10
8
47
1NYNH& Hartford
r
7% June
5% May
13
10
22
Jan
738 Nov
734
2678
157g
12%
y28h
N Y Lack & West Ry Co..100
New stock,
20
June
32% July 23
7% Mar 20
Feb 19
110
»
May
5% May
26
109
1,080
*9%
July 22
Dec
50
1,100
1,220
3%
Jan 15
7
27
50
non-cum pref
Pacific Amer Fisheries Inc
5
Pacific Coast Co
..10
1st preferred
No par
8%
934
*9%
25%
3634
t In
.....No par
Owens-Illlnols Glass Co. 12.50
187g
8
11
14% Jan 10
16% Jan
133s Mar
18% Apr
48
2,400
3%
Jan
934 May
6
May
117g June
49% Nov
Newmont Mining Corp
Newport Industries
Outlet Co........
Preferred
18%
8%
934
July 17
26% May
Outboard Marine & Mfg
934
14
34
500
*9%
20%
5
200
47
99%
Oct
69
20
46%
15%
934 Apr 28
64% July 23
*19%
*5212
.
Nov
86
Apr
Apr
Feb 19
54
*116%
Dec
19
Feb 14
6% preferred
100
Otis Steel Co....... ..No par
$5.50 conv 1st pref ..No par
55
176
Dec
Apr 22
54
19%
....
50
Jan
June
12%
176
Apr 28
130
16%
55
*116%
7,600
16%
*14534
54
19%
*52%
1,500
6
*4%
8
55
23%
81
6%
24%
15334
June 12
Norwich
155
Sept
Apr
16%
Dec
May
38
10
*78
*53
150
2%
22%
6%
54
1,300
25%
13%
80
....
100
*2
10
8
9%
39
28^ 100
*24
24%
13%
1634
7%
16%
June
106
8,700
112
884 Sept
10
June
132
4?i% conv serial pref... 100
Newberry Co (J J)
No par
5% pref series A
100
15%
7%
9
3
5H pref series
North Amer Aviation..
Northern Central Ry Co
*111
7% June
1078 Jan 9
18% Jan 7
175% Jan 2
13% Feb24
88% Jan 6
17% Jan 15
zl60
Feb 17
700
7%
13% Jan
5% July
Feb
2
13
5434
97
8
6
Apr
73g
43
6% preferred series
*96%
7% Jan
Jan
53
22% Jan
2384 Dec
Jan 15
1
800
878
22%
*57g
3
97
June
9
Feb 19
14%
54%
15
2
11
Mar
July 11
Apr 30
12,900
*37%
934
40
Jan
June
83
111% Dec
87g Nov
3»4May
,
Jan
24
9
1334
5434
9
24%
*1234
600
41
Apr
5% Nov
56% Nov
1534 Mar
154
8
5434
55
112
200
4
May
18%
267g
41
N Y & Harlem RR Co
"<%800
4
Apr
100
5% preferred
%
8% May
May
56
97% May
Jan 27
Jan
May
Feb
16
9
May
..No par
10%
20
Jan 11
July 22
May
2% May
Feb
3078
16% Apr 21
...No par
New York
150
114
5% Apr 21
May 12
78
15
45
100
13%
*54%
39
2%
1734
7%
9%
25%
3678
17%
*113
Jan 30
N'port News Ship & Dry Dock 1
$5 conv preferred
No par
70,800
3,500
Jan
No par
National Tea Co
900
8%
2
25%
13%
97S
*934
25%
12
N Y Air Brake
1,100
31%
32%
*24% 25%
201% 201%
Apr 26
300
532
on
17
800
8,900
"I6
*3
%
31
7% Feb 14
/
1
532
*37%
39
2%
*24%
*1234
9%
58
6
22% Apr 28
6,100
8%
51%
5%
22%
23%
478 Feb 15
10
34
20lt2 202
113% 11312
14%
13%
*96%
47%
3
58
*247g
201
46
*234
180
500
12%June
No par
6
170
2,200
1,800
*332
20%
10
Nat Mall & St'l Cast Co No par
National Oil Products Co
4
800
934
*%2
30%
*24%
*19%
*52%
*116%
48
*56
%
20
55
2,000
Oct
56
31®4 May
33% May
21%June
87g May
12
May
Feb 19
176
56
14%
64%
July
12% July 9
71% Jan 16
142
National Pow & Lt
5,600
119
122
July 21
112
100
6,100
7%
74
Jan
Jan
110
May
113% May
4
14% Apr 22
168%May 29
7
7%
31%
253g
*52
....
50
17% Jan
434
193g
May
6
100
7% preferred A
6% preferred B
300
2,000
Jan
Feb 17
7% Apr21
15%May 26
16078May 27
10% July 18
8134 June 11
l4%May 21
634May 27
I l%May 20
834 Apr 1
1
...
preferred.No par
10
67g
7
5534
16
55
7%
984
*1,
conv
400
34
31
5
434
434
17
17%
1634
14584 146
*14534
8
8%
778
1678
*14534
7%
7%
5134
5134
____
*9%
*16
5
Nat Gypsum Co
par
33
7%
14%
6334
fi32
Stamping No
*32
56%
16
114% *113
114%
13%
13%
1334
55
*54% 55
54%
54% 54%
15%
1434
1538
7
*5
58
%2
II
10
No par
National Lead Co
117% *110
*56
3ia
*1
25%
*200% 204
56
316
*%
*%6
6% preferred
$4.50
7
No par
Nat Distillers Prod
Nst Enam &
150
*1093411034'*1093411034
117% *110
117%
117% *110
56
5,300
5,600
No par
22%
7
66%
334
934
9%
17%
200
10
*22
56
64%
7,400
100
223„
67g
7%
14%
5% pref series A
"
33
22%
70
70
70
70
70
69%
69%
*38
39
385s
39
*39%
3934 *39%
3934
39%
39%
38%
38%
*10758 10978 *107% 10978 *107% 10978 *107% 1097s *107% l0978
*107% I097g
29% 29%
29%
30
30%
30%
*30
30% 30%
30%
30%
30%
10
10%
934
103S
978
1038
934
10
934
978
934
10%
26
26
26%
26%
26%
2634
257g 2578
25%
257g
25% 26%
*110
112
112
112
*10038 112
113
113
115
113% 113% *113
41
*40% 4134
41
42
*41
40
40
40
40%
40%
40%
1234
1234
127g
1378
13%
14%
13%
13%
13
13%
13%
13%
15%
15%
1534
1678
16%
1634
16%
16%
16
16
1634
1634
4034 41
41% 43%
42%
4378
42% 4234
43
42%
43
4134
*17%
17%
17%
17% *17%
1734 *17
17%
*17
17%
17%
17%
*484
6%
*434
6
6% ;. *5%
*5
6
*5
6
6
*5%
*11%
12% *11%
1258
*11%
12%
*11%
12%
12
*11%
12%
*1134
*10934 m%;*io934 111% *10934111% *10934111%
*110
par
*6%
18
*69
100
678
233g
17
7% preferred
Nat Bond & Invest C0.N0
14%
18
958
17
10
National Cylinder Gas Co...l
Nat Dairy Products
No par
23%
*16%
5
3,300
*80
Apr 18
478june 30
10
Nat Aviation Corp
National Biscuit Co
200
100
47g Apr 23
..1
conv preferred
107«
14%
183«
2238
334
6%
1378
23
378
058
1,700
6,200
Co
10934June 25
Nat Automotive Fibres Inc..l
13%
1034
14%
22%
*3%
500
13%
7
*9%
958
16
*5%
13%
10%
14%
978
*65%
National Acme
500
578'
-
1034
1438
9%May 2
617g Apr 17
18,400
22% j
21%
57«
200
1334
934
Feb 19
22%
578
21%
534
4%
21%
21%
1034
14%
6%
934
678
46
43% July 3
384 Apr 21
14% Jan 3
4%
21.%
21
1,700
Jan
Apr
647g Dec
II84 Nov
1% Jan-
119
4% July 21
Nashv Chatt & St Louis...100
46
4
22
578
Apr
434
Nov
24% Jan 13
540
*45
4534
*558
4534
1334
14%
14
No par
No par
Nat Bond & Share Corp No par
934
6334
67
$7 preferred
6
234May 15
1
1
National Can Corp
Nat Cash Register
8
1834May
......5
1,800
67«
14
Motor Wheel Corp,
Mueller Brass Co
Mulllns Mfg Co class B
12
20,500
534
z79
29% July 23
678May 29
14%June 3
4534
478
534
54
Dec
9% May
43% Jan 23
4
V.666
678
G334
6
Jan
734
*9%
67g
June
16%
14
*31
38
21%
6
118% July 17
23
7%
95$
55
20
1%
par
No
16%
14%
634
""600
June
*ie Dec
Apr
July 25
........50
Essex
Motor Products Corp. .No par
Munslngwear Inc.
71
111
Dec
110
July 16
39% Jan
734
9%
22%
*1634
7
Morris &
1
31% Apr 30
17
14%
*634
55
1234
71
111
45
124% Dec
2% May
26
May
7% May
125g July 22
4
Murphy Co (G C)
No par
5% preferred.
100
Murray Corp of Amerlca.-lO
Myers (F & E) Bro
No par
Nash-Kelvlnator Corp
5
*110
Feb
July
85
10«4
7
Jan
112
7%
13%
22%
120
6
*80
10%
*171
6
*16%
10%
14%
175
Mar
734
1378
*145% 146
22%
2234
*31% 32%
115
1087gJune
No par
Montg Ward & Co. Inc.No par
16%
10%
1778
91% July 25
Mar 27
85
13%
*171
*1134
Feb 14
112
$4 pref ser C
190
111
72 %
77
$4.50 preferred..
No par
Preferred series B...No par
26
28% May
z38% Dec
12% Apr
17% May
95
July 25
3
16%
734
10%
*82
71
76
34% Mar
6% Jan
May
33% May
Jan 16
16
*16%
*10%
*17
800
3,800
103
4% Jan 11
13% Feb 15
17
*80
17
8%
1378
183S
2,400
4%
Jan 14
45% Jan 10
2
85
8%
:)7
14%
May
6% May
3
Morrell (J) & Co...
23%
May
11% May
23% May
Monsanto Chemical Co....10
100
14%
6
Feb 14
May
82
24
9
1% Jan
10
"iM
4
85
6
9% Feb
% Jan
No par
7% preferred series A... 100
Mohawk Carpet Mills
20
13,900
June
66
10
Mo-Kan-Texas RR
500
60
9% Jan
38% Jan
Jan
Feb
1778 July 24
0
2%june
No par
Mission Corp
5,100
*22%
1234
*1134
*70%
100
3,100
1,000
1,800
900
71
series B
$6.50 preferred...
600
734
71
coov pref
2
Jan 15
Miami Copper
4%
64
9%
108% Dec
14% May
53% Feb
24% May
2% May
11% May
10
Aug
July 25
37
Midland Steel Prod
Mar
5
May
May
7% May
90
4
3034 Apr
700
29
Feb
Highest
share $ per share
per
July 15
28
Feb 14
27%May 23
6% Apr 21
..5
$
33% Jan 10
5% July 24
4,000
*80
77g
758
4%
70
14
50
85
14
7%
14
4%
4%
734
834
,
23%
4%
71
4
21%
20%
534
2058
14%
23
82
8
7,900
2,200
100
share
7% July 11
109% Jan 9
9% July 9
70% Mar 19
May
Lowest
27%May 29
3% Feb 15
2134 Feb 15
Merch & M'n Trans Co.No par
Mesta Machine Co
5
300
Feb 15
May 21
per
65
1
Co
(The)
5% conv 1st pref
2,500
2%
7%
7
1
Mengel
$
101% Apr 30
$6 preferred series A.No par
90
91%
*117% 118
*11912 123
28%
6
100
-...No par
$5.50 pref ser B w w.No par
16
29%
77«
14%
70
111
578
4534
4%
21%
20%
28%
778
$ per share
1
preferred
Year 1940
Highest
734
734
734
*7%
734
834
8.%
87«
834
878
17
17%
17%
17%
17%
180
*17178 17434 *171
17434
10%
*10%
10%
*10%
10%
*110
6%
4
4%
1978
578
70%
111
*45
4
21%
197S
28%
578
46
4%
*20%
*3978
8%
*110
534
37
41
*1178
70%
36«4
28
*38
111
584
37%
16
conv
Mead Corp—
1,700
5,200
112
11034 11034 *110
36%
3678
3578
3634
*3978
41
*3978
41
41
295s
8%
14%
2278
*39»4
37
37%
2%
117% 117% *117% 118
119% 119% *119% 123
36
41
26<2
363s
2%
Range for Previous
On Basis of 100-Share Lots
Week
....
212
1
EXCHANGE
Friday
July 25
758
7%
7%
*7%
7%
7%
*7
*7%
7%
*7%
7%
7%
107
*10334 1077g *10334 10778 *10334 10778 *106
*10334 10778 *10334 10778
0
o
*9
9i
9%
93s
9%
9%
*8%
9
878
878
82
*80
82
*80
*80
82
*77% 82
82
*77% 82
*77%
73
*68% 74
*68%
74
*68%
*68%
73
73
*68%
73
*68%
30%
2934
30%
2934 2934
30%
30% 305g
303s 30%
29%
30%
5
5
5%
4*2
4%
5
458
5
5%
5%
5%
5%
27
27%
27%
277s
26'4
27
27% 277g
28
28
2734 277s
*22
21% 21%
22% 22% *21% 23
*215s 22*2
23%
23%
23%
31
3134
3134
3134
*3014
307s
3134 32
32%
33
32%
32<%
8
8
8%
*7h
8
8%
8%
8%
7h
778
17
17%
175s
17%
167g
167«
173s
17%
17% l77s
17%
1778
29
29
29%
2934
30%
30%
29%
30
30
2934 2978
30%
118
118
*117% 118'2 *117% 118
1*117% 118
117% 118
117% 117%
41%
42%
42
*4114
427«
42% 42%!
42%
42
42%
42% 42%
*108
*108%
*108%
*108%
*108%
*108%
*3%
334
334
3%
*3%
334
*3%
358
3%
3%
3%
334
73
71
*70
73
71
71
74
71
*69%
74
76
76
m
12
12
n
12%
12%
125s j
12%
12%
12%
123«
12%
12%
»
16
*%«
*»l«
«4
34
*%6
34
%
%e
July 26, 1941
May
2% May
11% June
12434 June
7
23% Apr
14% Mar
112
57s
18%
150
May
12%
Mar
Apr
Jan
Dec
Jan
21
May
47
June
4
26% Jan
6
19
June
32'4
Apr
48%June
3
55
Jan 17
47
May
55
Jan
Mar 26
120
Mar 26
115% May
120
120
38s4May
7% Apr 9
134 Apr 23
5034 July 16
10% July 9
10
19
May 3
4% Apr 17
9%June 19
22%June 3
32%May 5
II
Feb 19
x-dlv.
y
3% Jan
0
42
June
484 June
2
May
Nov
Jan
64%
10%
Apr
Feb
Jan
May
634
2334
8% July 24
3% May
12%
11% Jan 28
287g Jan 24
14
Apr
25% May
34%
Apr
40
8
33
May
50
Jan
17 78 July 22
8
May
16%
Jan
July 24
Jan
Ex-rlghts.
8
9% May
Jan
Jan
II Called for redemption.
Volume
515
New York Stock Record—Continued—Page 8
153
AND
Range for Previous
July 21
July 22
July 25
Week
? per share
S per share
Shares
July 23
$ per share
$ per share
117
117
S per share
$ per share
*116
117
*153
159
3%
33s
8%
*8
8%
4,200
1,700
10,100
11,400
234
2%
13%
13%
234
1234
13%
13
1334
13
13%
13%
1378
13%
14%
*9
11
*9
10%
*9%
11
*934
11
*9
11
*9
11
1%
*28%
1%
*101
*1%
30%
*29%
102
138
102
*101
1%
*29%
1%
30%
30%
11%
12%
12
12%
12
9734
11%
*15%
9734
9734
9734
*96%
10%
1534
*1%
11%
11%
*11
1534
*1534
1%
1%
3,700
Park & Tilford Inc
1
1434 Apr
Park Utah Consol Mines
1
3,300
Park Davis & Co
1% Feb 19
25%May 29
17 May 27
500
Parker Rust Proof Co
400
Parmelee Tranaporta'n.iVo par
Pathe Film Corp
7%May
9%
8%
9%
8%
9%
11,000
Patlno Mines <&
*48
2%
*2%
2%
2%
2%
81%
*2%
3
3
2%
2%
2%
*2%
2%
52%
2%
52%
2%
50%
15%
2%
*2%
3%
2%
*2%
43% Mar
$7
1,600
36
24%
6%
36
10%
11%
*9%
11
10%
10%
*938
60
58%
58%
573g
58%
57
36
38
36
36%
35%
36%
7
*23
3434
47%
47
47
4634
47
*46%
47%
800
90%
90%
89
90
89
89
*88
89
91
10%
1C%
10%
84
83
83%
10%
10%
10%
10%
10%
10%
1,800
83%
8334
8334
83%
85
85
85
109
109
74
75
75
75
4434
45%
45
45%
45
45%
45
45%
*234
3
3
4434
3
*234
7%
7%
3
*234
734
51
*47
51
46
17%
17%
17%
I7I4
17%
*17%
17%
*6
6%
6%
6%
63S
6%
*6%
638
*38
39%
39%
40%
17%
638
3834
7
7
7
*70
71
71
*65%
12%
12%
*17334
....
7%
6%
6%
58%
3334
34
64
64
64
14%
14%
15
*%
1%
*16%
16%
*17%
18%
59
59
*7%
*5612
37%
36%
3638
*35%
36%
65
69
*61
65%
*61
15
*163
1
*1
1
\*61
-mm
170
*164
—
1%
1
1%
*1
1634
1834
7%
7%
7%
8%
7%
7%
7%
7%
*7%
9
9
9
9%
9%
9%
8%
8%
8%
10%
1034
1034
11%
10%
*10%
10%
10% 11
11
1034
11% *10%
*1034
11%
11%
*10%
11%
37
*35%
36
36
3634 *35%
*35%
3634 *35%
x59%
59
59% 60
59%
57% 5834
5734 5734
119%
120
*117
119% 119% *118% 119%
*116% 120
22%
23%
22%
22% 22%
22% 22%
*22% 22%
99%
*9934
99%
*99
100
99%
993g
9934
99%
*111
*111
113% *112% 11334 *112
111%
111% 111%
125
*124% 126
*124
12534 *124% 126
12534 *124
7%
163s
16%
16%
16%
1834
19
1834
1834
3%
52
*19%
14%
20%
14%
2734
27%
3%
3%
3%
3%
*51%
53%
*51%
53%
20%
20%
20%
*16%
16%
*26%
26%
14%
27%
1634
*26%
23%
23%
*23%
*1%
1%
*1%
*9%
10%
9%
*8%
*11
12%
*9%
*834
22%
21
15%
15%
15%
15%
15%
28%
28%
28
28%
11
9%
*30%
12%
9%
*8%
*11
12%
*9%
9%
*11
7,400
Reading Company
36
*31%
35
11%
*10
11
11
9%
*8%
9%
*11
12%
9%
1,700
18%
*1%
32%
12%
9%
9%
9%
500
_-mmm-
10
12
9%
*11
32%
220
300
93s
12%
9%
9%
«
V.
—
4,500
62
62
62
62
*61
62%
*60
62%
*60
62%
300
56%
56%
56
56
*56
5834
*56
5834
*56
58%
*56
1%
1%
1%
21%
1%
1%
20% 20%
20%
100% 100% *100% 100%
*86
*86%
88%
88%
58%
1%
3,100
*60%
19%
9%
20
*100% 100%
*86%
88%
*8%
834
*18%
19%
*111% 113%
*72
72%
*12%
12%
*92%
93
7
*52
33
92%
93
92%
8%
33%
7%
32%
7%
33
33
53
*52
934
9%
5
5
*4%
5
17%
17%
*17%
17%
17%
17%
*11%
11%
11%
1134
11
11%
*44
45
44%
44%
4434
4434
%
hi
38%
8%
*4%
*38%
*%
*16
%
1%
1%
4
42%
183s
*2%
42%
*111
1834
*5n
%
*1%
%
1%
*%
*1%
4
4
*234
43
43
43%
*111
*111% 112
19
1934
19%
193s
4
42%
112
Bid and asked prices: no
400
9%
9%
9%
,
60
380
9,300
200
7%
32%
53
7,000
6,500
9%
5
5
*4%
18
17%
1134
1178
17%
12%
*4434
45
45
38%
%
%
%
3%
4
*3
43
4%
44
43%
112
112
112
19%
19%
,
20%
*3
44%
111
19%
{ In receivership,
4%
44%
112
20%
7
6% Mar 20
9% Apr 30
7i2 Apr 21
57%May 23
Feb 13
9934june 18
82% Apr 21
738 Apr 19
17
May 6
97
Apr 21
Apr 17
Feb 15
60
10
42% Mar 1
hiMarll
20
2,200
150
45,400
d Del. delivery,
Common..
....
Richfield Oil Corp
$2.50
6%
preferred......—..100
{St Louis Southwestern... 100
5% preferred..
100
Safeway Stores....
..No par
5% preferred
100
Savage Arms Corp new.....5
n New
stock,
r Cash sale,
July 24
110
158% Feb 11
Jan 25
117%
29% July 22
10% July 22
104% July 25
94
July 24
17
Jan
2
2878 Jan 14
June
143
May
Oct
114%
>10% May
Oct
034
June
84
73% May
9
June
9% Sept
2% Nov
June
13% May
May
24
18% July 25
9% May
27
July 24
1934 June
24
Jan 13
178 Jan 11
May
17
134 May
32% July 25
25
Dec
12% July 22
9%July 10
6
June
12% Jan
7
10% Mar 10
67% Jan 23
61
Apr 7
138 Jan 11
22®4 Jan 6
101% Feb 10
6% May
8
Aug
0
May
*3784 June
50
May
1
May
14
May
70% May
May
60
97
Jan 13
II
Jan
3
7% May
24
Jan
2
17% July
113% July 10
70
June
8
39
May
73
Jan
14% July 25
8% May
1
6
7
13
8
27
16
15
3
14
5
75% Mar
July
10% Jan
U2 July 17
May
120
21% July 25
10% July
Jan
100
1107s May
15% May
7% Feb 14
6
Apr 15
%
June
34
34% Jan
5
7
4
May
53
3% Jan 2
52%June 27
53% Jan
28%May
»i« Jan
21
112% May
28% Dec
4% May
48% May
Jan 17
934 Feb 15
Jan
5% May
434 Oct
6% May
0% May
11% Jan 11
1234 July 16
478 Jan 4
62% Jan 2
28%May 29
4%June 27
l434May
1
9
Jan 11
123% Jan 15
137
Jan 4
95
conv:preferred.No par
{Rutland RR 7% pref....100
St. Joseph Lead
10
{St Louis-San Francisco... 100
170
"•
Jan
1% Apr 9
22% Mar 12
7
Apr 22
10
No par
Ritter Dental Mfg
No par
Roan Antelope Copper Mines.
Ruberold Co (The)
No par
Rustless Iron A Steel Corp—1
800
%
*1%
%
6
*1%
21
62
500
%
2
5J4% conv preferred... 100
Reynolds Spring
1
Reynolds (R J) Tob class B.10
6,200
%
11
23l4May 28
12% Feb 14
23% Jan 8
81%May
6%May
300
1
*%
37%
1
®4 Apr 10
1034 Feb 14
80
78
177sMay
May
July 23
29% Jan
61
800
%
1%
warrants..25
Co..100
1
Republic Steel Corp—No par
6% conv preferred
100
0% conv prior pref ser A. 100
Revere Copper & Brass
6
Class A
...10
7% preferred..
100
634% preferred...
100
Reynolds Metals Co—No par
Preferred with
7,000
3878
%
June 24
Reo Motors vtc
400
%
60
June 14
May
12%
120
60i8May
Rensselaer & Sara RR
'-rn-m-m
38%
%
Hosiery
Remington-Rand
2,700
45
50
60
5
Preferred
....100
Reis (Robt) & Co 1st pref.. 100
Reliable Stores Corp...No par
Reliance Mfg Co
10
Real Silk
m'm-mm—
9%
*17%
11%
39
sales on this day.
7%
*51%
9%
70
4,000
1,400
*4%
%
%
32%
53
34,100
9%
93
93
77g
3278
*9
9
*UH
39%
*16
112
%
834
38%
*%2
2%
r
*%i
71«
8%
38%
3I6
*%2
*8%
*9%
93
9%
9%
50
86%
86
*7%
32%
*51%
33%
53
*52
53
9%
9%
20
2038
100% 100%
93
9234
7%
*4%
38%
*1%
•
93
13%
*8%
11%
*s«
17%
1234
9%
45
*3
112% 112%
71% 71%
13%
13%
73
„1%
21
*19%
*19% 20%
112% 112% *111% 113
*71
*71
72%
72%
14
14
143s
14%
22
*19
22
113
72%
12%
9%
9%
9%
5
*%«
42%
*9%
10
20%
113
7%
*52
88%
9%
1%
20%
834
*4%
*111
7
*87
9%
113% 113%
72%
72%
12%
20%
100% 100%
1%
17%
*8%
38%
20%
20%
19
1%
1%
9%
*17%
*44
834
9%
9%
100% 100%
*87
89%
32%
53
*93s
11%
1%
19%
*92%
7%
32%
9%
60
4% 1st preferred
4% 2d preferred
too
1%
15
167, Jan 17
Jan 2
21
97i2May 26
$5 preferred
...
No par
6% preferred......—..100 *108 May 14
7% preferred
100 12134June 9
8% preferred
100 13834June 17
114% July 17
Pub Ser El & Gas pf $5.No par
22% Feb 14
Pullman Inc
.No par
7
Feb 14
Pure OH (The)
No par
6% preferred
100 z94 Mar 7
8334 Feb 15
5% conv preferred
100
978May 2
Purity Bakeries
No par
8% Apr 1
Quaker State Oil Ref Corp.. 10
3%June 7
Radio Corp of Amer—No par
47%June 9
$3.50 conv 1st pref ..No par
2% Apr 21
Radio-Keith-Orpheum
1
3812 Mar 14
6% conv preferred
..100
28%
9%
62%
9%
No par
Procter A Gamble
1778
24
1%
134 July 25
3
Ma.
151% July
% Feb
9% Apr 21
9% Apr 21
32i2May 15
*28%
3,700
Mar 31
/ 434 Feb 14
Raybestos Manh8ttan.No par
Rayonlerlnc
...
$3 preferred
25
1,000
164
1
5
50
21%
15%
27
*1%
34
*30
11
200
7
pref.No par
5% conv 1st pref
5% conv 2d pref
21%
15%*
24
*23%
1%
*1%
1,900
52
27
23%
*1%
23%
1%
13,500
1,500
3%
237g
26%
*23%
1%
26%
23%
4
54%
27
26%
23%
26%
900
27
26%
17%
1,000
2,600
12%
17%
17%
17%
3%
500
11%
937g
15%
28%
177s
17%
17%
10%
104%
*51%
21
28%
20%
28%
100
10,300
23,500
,
May
July 15
8% Jan 10
21
530
114%
May
19
15
10%June 16
13% Jan 6
13% Jan 6
4034 Jan 2
5% pf (ser of Feb 1 *29). 100
126
10
5% Apr 22
Pressed Steel Car Co Inc
May
16% May
No par
Pub Serv Corp of N J.-No par
145
5
14% Apr 21
10 June 5
5
June
4% May
8
8
43% Jan
75% Jan
1
914 Feb 19
Mar 31
5,000
700
167
9% Jan 10
65
Jan
7
164
110
227g
100
100
52
1
6
115
100
3%
52
28
20%
12%
*11
53%
*52
4,100
13% Nov
8
Jan
Feb
»uMay
May
5% May
6434 May
Pond Creek Pocahontas No par
Plymouth Oil Co
400
59%
125
*3%
33s
Postal Teleg'h Inc
Plttston Co (The)
300
*112% 114
114
2034
15%
30
*3G
32
*27
3%
19,400
10,400
No par
Poor & Co class B
500
37
*124%
*142
145
*142
143
143
143
142
141% 141% *140% 142
114%
*114% 114% *113% 114% *114% 114% *114% 114% *114% 115%
28%
28%
2834
29%
28%
29%
28%
28%
27%
27% 28
10%
10%
10%
1C%
10%
10
10
1084
10%
10%
934
104
104
104
102% 102% *102% 103% 103% 103% *10334 104
94
93
937g
93
93%
92% 93
92% 92%
92%
92%
11%
11%
11%
11%
11%
11
11%
11
11%
11%
11%
11%
12% *11%
*11%
11%
12
*12
12%
1134
12%
1234
4
4
378
3%
4
3%
4
4%
3%
3%
3%
54
55
54%
54%
55
55
54%
*54
55%
5434 *54%
3%
52
4,700
10%
10%
100
100
7% pf 100
May
16
7% Jan
May
May
3% May
15
5384 Apr 29
Pittsburgh & West Va
36
181
27
Jan
22
2
2
2
5
Mar
434 Apr 26
0
May 3
51st ser conv pr pf.100
2,500
Deo
May
3% May
984 Apr 22
174
45% Feb 14
"6,400
June
11®4
68
Jan 30
84
100
100
120
120
2278
100
834 Jan
634May 27
Apr 23
69
7% pref class B
5% pref class A.
11
593s
120
46% Jan
360
7%
9%
59%
.
1
734 Jan
4% Apr 22
30
Apr 22
680
1%
16%
187g
70
23% Jan 11
No par
Pit Youngs Asht Ry
37% May
June 10
15
No par
1,890
Dec
25% June
3% Feb 7
52
July 15
Pittsburgh Steel Co
14
May
534
6% May
30
900
172
15
4
27% May
238 May
Pgh Ft Wayne A C 7% preflOO
Pitts Screw & Bolt .....No par
30
11% May
75
100
$5 conv preferred
5% May
17% May
4538 July 24
Pitts Coke & Iron Corp No par
Pittsburgh Forglngs Co
1% June
77s July 25
July 24
2
5,200
65%
10%
*10%
*35%
37
-
-
May
May
35»4 Feb20
234Mar 18
z3878 Feb 14
59%
7%
9
-
Feb
Deo
Jan
109% July
Mar 28
51%May 23
25
100
6% preferred
Jan
4
May
15
23
12% Jan 10
86% July 12
36
*18
1078
10%
-
100
934 June
15
Feb 20
7%
1%
16%
1%
16%
1834
16%
18%
16%
*18
-
........
4%
46%
16%
1% May
8%May 17
72®4 Feb 4
434May
62% Jan
96% May
1134 May
778 Jan 23
3578 Jan 2
47% July 14
91
July 21
6%
*164
172
*164
•„
--mm
13%
13%
13%
14%
13%
Preferre d..:
100
No par
5
Pillsbury Flour Mills
Pittsburgh Coal of Pa
120
400
:
36
734
*7%
8
m
3,300
12%
60
734
59
170
*164
-
*12
36%
3634
*59
8
59
•
74
*67
w
^
2,800
1,400
8
12%
6%
63s
^
Phillips Jones Corp
7% preferred
Phillips Petroleum
Phoenix Hosiery..
900
41
8
14
7%
58%
-mm,
41
*174%
6%
6%
734
7%
58 34
*56%
6%
Preferred 4M%
"""166
51
6%
73
/
*174%
—
17%
65
*7%
*163
12%
mm--
^
6%
40%
8%
12,900
■
17%
6%
12%
*12%
*17334
1234
6%
*56%
33%
14%
*69
71
71
71
71
6%
7%
series.—lOO
No par
105
80
3
*234
*45%
47.
17%
8
8%
7%
1234
*174%
12%
12%
40
40
41%
7%
40
*174
6
6
*47
51
7%
3
*234
51
*17%
*47
79
3,300
72
7
73s Apr
2% Mar
12% Mar
10% May
1% May
24% July
preferred........No par
Corp.....3
Philip Morris A Co Ltd
10
$6
Philco
400
77g
72
*47
7
*10878 110%
109
109
72
*65
69
*62%
43%
Jan31
25%May 5
40% Feb 18
1,400
10834 10834 *10834 109
7
6%
6%
6%
44%
*234
14,800
10%
10%
83%
42% Feb 15
20U Feb 14
21
2
2% Apr 9
30% July 11
ll%May 6
6038July 8
38
May 10
Feb 15
7
Feb
June
1% Mar 24
22
July
1
No par
250
47%
2
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
47
35
Feb 14
36®4 Jan
Deo
2% Nov
44% Apr
23% Nov
Dec
71
*5% Apr 17
6 May 19
Pfeiffer Brewing Co
300
6%
*6%
35
9
Feb 14
21
5
Petroleum Corp of Amer
34%
34%
>
mm
Jan
22
Pet Milk Co..........No par
■
634
47%
90%
6
111
"3", 100
6%
35%
91
44
24
*6%
34%
71
990
35%
6%
3434
47%
6
35
*22%
6%
6%
634
*90
*62%
50,100
1,000
1,640
35%
*47%
*108% 109
■
6%
35
*83
1,400
Jan 30
12
100
50
5
100
{Peoria A Eastern Ry Co.. 100
Pepsi-Cola Co
1
Pere Marquette Ry Co
100
5% prior preferred
..100
5% preferred
100
634
35%
61*
7
34
10%
6%
6%
24
*22%
24
*23
24%
6%
634
634
No par
Pennsylvania RR
Peoples Drug Stores Inc
Peoples GL4CC (Chic)
100
57
634
*6%
3412 Apr 23
5% preferred
27", 100
1034
583s
3734
24%
*23
638
*6%
10%
43
Jan
Dec
18
5% June
6
3%June 12
3% Jan 2
5234 July 16
15% July 21
112% Mar 1
25% Apr 4
24% Jan 27
43% Jan 23
Feb 19
2
No par
pref ser A...No par
Penn G1 Sand Corp
300
*108
59
conv
4
Jan
87
7434 Feb 20
ia4 Feb 16
Nov
11%
May
4934 July 25
4
No par
No par
10
Penn-Dlxie Cement
Jan
9%
Penn Coal & Coke Corp
400
51
50
50
*51%
51%
5134
51%
5134
I57g
15%
15% *15%
*15%
15%
15%
15%
15% *15%
110
*108
*108
110
110
*108
110
110
*108
11034 *108
24%
2438
2434
24%
25
24%
2434
25%
24%
24%
24%
24%
24
24
*23
24
*23
23%
*23% 24
*23
23%
*22%
2334
43
43
43
43
43%
43
43%
43
43%
*42% 4234
42%
*1%
*1%
2%
2%
2%
*1%
2%
*1%
*1%
2%
2%
*134
28
28%
27% 28%
27%
2734
27%
28%
2734 28%
27% 27%
*15%
I
14% July 24
Penney (J C) Co
99
May
6% May
29% Dec
13% May
34 May
53S May
1
Penlck & Ford
200
82
3
Dec
l'g May
«4 Feb 21
1
Enterprises.10
1,400
4934
82
49%
82%
4934
82%
3
8234
2.50
4% May
Apr
105%
1078
Sept
30% Jan 10
20% Jan 6
2,600
49%
81%
49
82%
19
..No par
Jan
45%
7
Jan
2
0% Apr 21
1%
2934
1834
2934
18%
*»?16
*48
49
82%
*23
15
100
2,300
69,300
8%
49
*35%
1534 July 22
16%
8%
82%
9%
57%
9
1
13%
12
9%
04
FeD
13%
13
58%
1234 Mar 28
99% Jan 10
1134 Jan 9
10
100
June
1
26% June
99
14%
12%
82%
37% Jan 10
95% Feb 14
9?sMay 27
__100
10
10
Jan
% May
Jan 11
1
6% 1st preferred
6% 2d preferred...
7% Jan
87S Nov
4% Mar
25% Apr
May
63*
9
134May
May 31
13%
13%
7%
*9%
58%
99
12%
18%
12%
18%
%
12%
838
100
12
6
Jan
per
Oct
2% May
10% July 11
Apr 22
78
18%
%
*48
400
11%
16
7U Jan 7
i2 Feb 15
*13ll
29%
%
29%
18%
%
29%
%
49
2% Apr 30
Apr 21
27
conv preferred
per
10
29%
*18%
29%
18%
*%
7%
5%
%
29%
18%
29
*18%
*47%
82%
2%
2%
*49%
8% July 22
3% Jan 6
*1318
134
8
5*2 Feb 18
1
Paramount Pictures inc
1178
987g
*1034
*1534
1%
16%
134
2934
278 June
%
13%
134
8
20",400
11%
11%
4% Jan 10
1%
29%
18%
134
29%
11%
*15%
16%
1%
4%
*9678
12
3
No par
Parafflne Co Inc
mm
— m—
102
*101
987g
*9738
11%
1534
134
11%
1534
*30%
102
1134
98%
1%
1%
30%
*101
12
12
98
1134
9734
10%
*15%
13s
*30%
102
*101
102
*101
1%
30%
*1%
*30
Mar
3
Corp....6
Panhandle Prod & Ref
Deo
Jan 10
Pan-Amer Petrol <fc Transp__5
"3,500
1%
30%
Mar
160
160
Pacific Western Oil Corp
10
Packard Motor Car
No par
Pan Amer Airways
139
June
126
8
110
100
Pacific Tin Consol'd Corp
1
_
_
May
144
6
100
6% preferred
$
share
per
share
115
May
147% Apr
$
pacific Teleo & Teleg
10
Highest
share $
$ per
share
Jan 27
Par
120
Lowest
Highest
Lowest
118%
118% *116
118% *116
118% *116
155
155
*153% 159
153% 153% *153% 159
3%
3%
3%
3%
3%
3%
33s
3%
8%
8
8
8%
8%
8%
8%
8%
278
3
2%
2%
278
234
234
2%
3%
8%
2%
3%
Year 1940
EXCHANGE
*116
159
*153
Range Since Jan. 1
the
July 24
Monday
On Basis of 100-Share Lots
Sales
CENT
Friday
Thursday
Wednesday
Tuesday
NOT PER
SHARE,
SALE PRICES—PER
HIGH
STOCKS
NEW YORK STOCK
LOW
Saturday
July 19
978 Jan
5®4 Jan
18% July
13% Jan
48% Jan
7g Apr
39®4 July 16
% Feb 8
% Apr 15
6 May 5
8
Apr 29
6% May
30% Dec
May
52
5% May
434 May
3% Aug
11% May
12% Dec
45% Oct
% Dec
20
June
hi Dec
%
Oct
2
Jan
3
Dec
4
July 17
35
Apr 19
45
Jan 13
34
May
10978 Feb 17
12%June 3
113
June 19
90
May
x Ex-dlv
20% July 24
y Ex-rights.
H Called for redemption.
New York Stock
516
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
Record—Continued—Page
CENT
9
July 26, 1941
$
Thursday
Friday
July 23
July 24
July 25
Week
I per share
$ per share
$ per share
123«
12*
12%
112
*112%
*104
110
*112%
mm*'*
22
*21%
mm
22
*13
14%
*14%
934
*1%
*16%
12%
13%
12%
*104% 111
*113
mm
22%
m
22%
*13%
147g
14%
147g
9%
9?g
10%
13
12%
2
2
2
16 84
1634
16%
*13
14%
14%
16
16
16
128
17
*118
12%
12%
12%
12
23%
12%
12%
23%
1534
2834
16%
28
23%
12%
12%
13%
14%
14%
26%
26%
2934
*28%
29%
29%
1%
1%
1%
1%
4%
4%
4
4
*57
69
*20%
22%
3834
6
*50%
*40
584
57g
*112% 113%
•M
32%
19%
2384
32%
43%
437g
23%
*45
45%
39%
*38
60
7%
5%
*7%
634
*2%
87g
42%
3%
3%
3634
*6%
*5%
*1284
634
*33%
37
*3
49
50
*4%
*34%
*2%
3%
*28%
*96
32%
*44%
4%
5134
*39%
53
53
40
40
11612
*17
17
19
19%
19
23%
24
32%
4384
45%
33%
24%
33%
45
44%
37
57%
6%
53
5%
Sparks
1,800
No
V 6%
6%
52%
*50%
39%
39%
*116%
"5%
5%
m
45%
45%
46
39%
39%
39%
60%
7%
60
mmm m
60
7%
46
46
*38
39%
61
46%
45%
32,300
46%
2,800
100
3,000
Stewart-Warner
27,900
10,600
71?
5%
5
9,000
3,100
40
*5
6
*5
6
23%
23
23
23%
23
2,200
3,700
2,500
300
23%
23%
2,500
5%
2%
*5
6
J
'
5",000
23%
231.1
3,000
Swift International Ltd
7%
7%
6%
7%
6%
3,100
3,200
Symington-Gould Corp
37
5%
36
5%
36
5
100
38
2%
2%
2%
3
300
9
9
9
9
9
9
9
9
3,000
43%
3%
37%
7%
44%
43%
43%
441.1
3%
3%
3%
7%
37%
7%
37%
7%
5%
5%
5%
*512
5%
43%
3%
37%
7%
5%
44%
3%
37%
7%
5%
13,500
7%
43%
*3%
37%
7%
13%
8%
13%
13%
2,000
634
5%
734
5%
13%
5%
13%
8%
8%
41
*36
3
*3
48%
3
48
*2912
5
30
%
13
10%
*96
■
5
30
%
13
10%
97%
33%
45%
4%
"id
5%
*11
6%
19%
1%
20
734
37
1178
78%
67
5%
13%
634
19%
1%
20
734
48
5
36
30
82
8234
8234
*11%
97
33%
44%
45
4%
*12
*67%
5%
*11
6%
4%
12%
9%
1%
70
7
19%
19%
*1%
1%
20
7%
20%
7%
12%
12%
78%
79%
12
30
30
30
41%
10%
4138
10%
42%
1034
3
82%
83
*11%
30%
41%
33%
45%
4%
*12%
45%
9%
9%
1%
37
14%
82%
83%
12
4%
12%
*1%
*68
70
5%
13%
8%
38%
3%
3,800
—
"
48%
130
Preferred
*4%
5
700
Therm old Co
*34%
36
40
3
*27g
*4%
29%
3
300
4%
29%
4%
300
29%
600
%
"id
%
1,000
4%
14%
14%
14%
10%
11
1,200
96%
33%
44%
*4%
12%
33%
45%
97%
33%
44
8%
8%
9
9
1%
1%
1%
1%
10%
*96
5%
*11
33%
4%
4%
13%
13%
68%
*68
600
3,500
5,700
~
mm
'
m
mm'
19%
6%
19%
*19%
6%
19%
1%
*1%
1%
*1%
1%
2C0
20%
7%
37%
*20%
20%
20%
20%
12
78%
12%
79
8
12
37%
12%
78%
79
*114% 115% *114% 115%
8,100
10,400
20
82%
82%
15%
82%
83%
*11%
*30%
41%
11%
*14%
83%
83
83%
147g
81%
*82%
12
*11%
no sales on this
day,
30%
42%
30%
42.%
8,900
15%
82%
3,200
83
1,200
12
"166
30%
433g
17,200
11%
12%
12
12%
15,500
14%
14%
14%
14%
1,100
110% 110% *110
47%
*18%
47%
47%
20%
*18%
%
20%
%
64,900
23%
24%
9,000
«16
23%
40
110%
47%
%
24
$ In receivership,
1,100
.
„■
a Def. delivery,
9
Jan
21
Jan 10
2% July 11
17
Jan
23%
Jan
20
,
24%
*17% May
16% Aug
7
-
July 10
5% July 24
6
36% July 18
334 Jan 16
9% Jan
44% July 24
4%May 12
5% Mar 4
3% Feb 18
8% Jan 4
5%May 19
32
June
4
2% Mar 3
38
May 21
1
Feb
Jan 17
ll%May 14
9% Mar
6
38
Jan 24
7% July
5% July
14
July
10% Jan
7
Dec
Dec
30
3
May
38-%June
20
June
July 18
5% July 10
6
4%
Jan
6
Jan
6
Jan 10
1%
18
Jan
11
9
July 24
Jan
Jan
5%
17%
Jan 13
Jan
June
234
4
Feb
Jan
2584 May
Jan 18
34%
51%
3
Feb 19
2% June
50
27% Feb 19
July
Oct
36
Apr 22
6
4
6%
334 July
5
May
23
3
Jan
Apr 16
4% May
May
2% May
26% May
33
40% Jan 21
9934
Feb 17
434 May
384 May
4»8 May
28% May
2% Dec
22
15
22
Mar 17
39
May
Jan 27
23% July 24
77g July 10
4
27g Feb 14
31% Apr 22
May
3
4% May
Feb 15
Jan
7% May
12% May
1% Oct
9% May
1
May
8
May
834 May
81
May
6
18
May
2
35% May
4% May
2
2
Jan
9
10% May
4% May
1% May
75
Jan
9
64
934 July 15
6% July 25
10%June 14
Aug
3% May
9% Jan 30
5 May 23
16%May20
6
5
May
19% July 21
14
May
Mar 25
1% Jan 10
1
7%
Jan
6% May
l%May
13% May
6% May
16% Feb 20
24
1
Union OU of Califonria
Union Pacific RR Co
6%May 22
30
FeD 14
9% Jan 13
37% July 23
21% June
1234 Jan 4
79% July 22
59% June
9% Feb 14
60
Feb 14
xlll% Jan 30
25
1234 Jan 2
75% Mar 28
100
4% preferred
*80
100
Union Prem Food Stores,Inc. 1
Union Tank Car
No par
United Biscuit Co
r
4
No par
No par
1834 Apr 21
5
5
No par
5% preferred
100
United Carbon Co
No par
United-Carr Fast Corp .No par
United Corporation
$3 preferred
Mar
ll%May 26
25% Feb 19
34% Apr 19
9%May 15
ll%May 27
109 May
1
407gMay 2
16% Apr 23
%June
3
United Aircraft Corp
Un Air Lines Transport
New stock,
May
May
4% May
100
par
n
Jan
2%June 30
7% Apr 23
34% Feb 19
96
par
Under Elliott Fisher Co No par
Union Bag & Paper
No par
Union Carbide & Carb.No
par
Union El Co of Mo $5 pfNo
12%
23
66
4684 Aug
.
% Apr 16
Twin Coach Co
78%
Ot
May
126
par
1,400
11%
82
30%
7 % preferred
4
Jan 10
5% July 25
6
par
May
Mai
29% June
Jan 11
34
2,400
77%
15
42
City Rapid Tran.No
Jan
884
3%June 30
8
114% 114%
15
*11%
Truax-Traer Corp.—.No
170
■
40
66
25% Apr 30
Truscon Steel Co
10
20th Cen Fox Film Corp No
par
$1.50 preferred
No par
Twin
45% July 25
46% July 16
par
37%
77g
37
14%
12
00
2284 Mar 21
24% July 22
34
July 24
60% July 23
July 10
62
6J4
May
May
2%
9%
12%
16%
2034
Dec
No par
13%
1
1% Jan 6
4% Mar 20
21% Mar 21
May
1
6
May
June
5
1
*11
5
98
534 May
Trl-Contlnental Corp
$6 preferrred
Dec
6
4
2% Apr 23
par
46
May
26% May
112
7
4%May 26
9%May 16
67g Mar 25
6
8
preferred.No
Jan
May
8%
Transue & Williams St'l No par
110
6%
May
8% July 23
4
Tide Water Associated Oil. .10
$4.50 conv pref
No par
Timken Detroit Axle..
10
Timken Roller Bearing.No
par
Jan 24
Oct
May
45% May
434 May
9
7
July
June
113% July 16
4
Transamerlca Corp.
2
Transcont'l & West Air Inc._5
4,400
6
40
May
Nov
May
19
4
116
16
500
1,800
June
67g Jan
57% Jan
May
33
July 24
59
19
14
1,200
13
37%
cum
38
25
Thompson Prods Jnc—No
Tompson-Starrett Co .No
$3.50
3934 July 22
14
137g
*1%
20%
7%
Apr 21
2712 Apr 25
66% Mar 19
6
Apr 21
44%May31
31% Feb 19
lll%June 2
6% Apr 26
108 June 19
% Mar 21
2% Feb 15
3,700
70
6%
29
4434
4%
6~300
6%
July 21
30
100
8
June 13
10
preferred
684 May
13%
17%
1%
384
60%
143g
6% July 25
64
May
23% May
3
Jan
22
1
conv
Third Avenue Ry
Thompson (J R)
1,000
11
97
$3 dlv
.....No par
100
2
6
32
25
par
36
6%
19%
37%
60
5
The Fair
3
11
22
22
22
327gMay 9
5
9
3%May 10
Texas & Pacific Ry Co
100
Thatcher Mfg
No par
$3 60 conv pref
No
Jan
10
12% July
137g July
1634 July
29% July
6*2 Feb 14
5
48%
100
6%
19%
30%
30%
42%
42%
10%
10%
11%
11%
14
*1334
*1334 14
14
14%
14%
110% 110% *109% 110% *110
110% *110
110%
47%
47%
47%
47%
47% 48%
*47% 48%
*18%
20% *18%
20% *18% 20% *18% 20%
«u
%
8i«
%
#id
%
23% <N CO
23% 23%
23% 23%
23% 23%
askedIprlces;
8%
*36%
*2%
*47%
May
May
Mar
5
Texas Gulf Produc'g Co No
par
Texas Gulf Sulphur...No
par
Texas Pacific Coal & Oil... 10
Texas Pacific Land Trust.-.1
28%
2
9
5H % partlc pref
*35
*68
5%
*11
8%
41
3,600
5,100
1,400
Jan
17% Mar
Telautograph Corp
*47%
4%
%
14%
33%
*13
1,700
8
1
Tennessee Corp
Texas Corp. (The)
3%
%
14%
10%
*2%
*2%
30%
97%
13
8%
*36%
*2%'
*4%
29%
4%
*96
6
13%
12%
78%
30
5
34%
3
97
37
41
48
4%
30%
10%
33
37%
82%
82%
3%
14%
10%
"114% 115% *114% 115% *114%
115%
14%
14%
14%
1434
14%
81%
41
*2%
47%
*4%
34%
3
4%
13
8%
*36
14%
10%
14
1%
6634
3%
"id
*9%
13%
9
41
"id
1%
*4%
*1234
14
37%
3
*2%
3
w w.l
Without warrants
Talcott Inc (JameB)
10
*4%
*35
9
13%
25
6%
5%
*36
3%
37%
100
Sutherland Paper Co
10
Sweets Co. of Amer (The)-.50
23%
Aug
May
60
Apr 14
117% June 2
7*4 Apr 22
15
Apr 21
1% Feb 27
11% Apr 14
18%June 21
4
Feb 28
19%May 5
J.
7%
433i
334
37%
7
.....No par
6%
16
128
3%May 5
5% Apr 23
(4K% cum) 100
Swift & Co.—
Mar 10
Mar 31
7% May
1% July
4%May 26
Sunshine Mining Co
100
Superheater Co (The)..No par
Superior Oil Corp
Superior Steel Corp
21
150
zl7%May 22
1
Sun Oil Co...
Class A pref
6
8
60
Dec
July 23
11% Feb 15
19% Feb 14
23*4 Mar 13
1
14
June
10%May 16
Stone & Webster
No par
Studebaker Corp (The).
1
7%
*87g
384
Stokely Bros & Co Inc
1584 Jan 8
1034 July 22
2% July 25
17% July 25
3
2
Feb 19
Feb
34% Feb
34
Feb
52
Apr
6% Mar
_5
6%
42%
37
Corp
8
Mar
Jan
33
Standard Oil of Ohio—
25
Starrett Co (The) L 8..No par
Sterling Products Inc
10
23
37
.No par
1,700
Jan
Feb 28
May
May
10% May
6
May
23% July 22
l4%June 12
10ig Feb 19
1212 Feb 14
177gMar 4
25% Mar 6
Standard Oil of Calif._No par
Standard Oil of Indiana
25
Standard Oil of New Jersey.25
60
6
22%
7%
6%
*5%
par
No par
39
23%
22%
7
No
prior pref
prior pref
60
46%
59
60
60%
60
60
60%
*123% 125
*123% 125
*123% 125
8%
8%
8%
8%
8%
8%
19%
18%
19
18%
*18%
18%
I8I4
2
.2
2%
2
2%
2%
2%
17
16%
16%
*15%
16%
16%
16%
23
*22
22
22%
22
22
22
7%
preferred.-
*38%
8%
*5%
2%
45
58%
6%
*36
22,150
125
*5
5%
34
8
5%
38
237g
33%
39
7%
5%
*36
23%
5%
7%
5%
22%
7%
cum
5%
8%
5%
7%
6%
$7
2,300
18,600
7%
7%
5%
8%
5%
7%
634
cum
5%
8%
5%
7%
5%
23%
$4
$6
18%
1
100
No par
$4.50 preferred
No par
Standard Gas & El Co.No par
600
18%
No par
j...
preferred
Standard Brands,-
12% May
67
22%May
11
conv
1,800
4%
7
*21'4
500
%
27g
17
7%
4%
2%
16%
300
7%
7%
4%
18%
9,100
57g
112
Square D Co
5%
m
7%
7%
4%
7%
4
8%
rn
60%
4
57%
mm'mrnr
m
60%
4
125
-
Conv $4.50 pref
140
800
3978
mm
%
2%
*16%
46%
*38
61
112
7,700
6%
527g
21% Jan 10
105
1
Sperry Corp (The) v t 0
3% May
6
128
$6.50 preferred
No par
Spencer Kellogg & Sons No par
mmmm mm
May
7% June
Jan 27
par
Spear & Co
3,800
6'g
Wlthington
May
4
Jan
Mobile & Ohio stk tr ctfslOO
800
1%
5%
r 63
53
1*50%
39%
39%
*39%
*116%
*116%
6
5%
5%
*112% 114
*112
114
ht
*%
%
%
3
2%
"3- 2%
2%
17
17%
17%
*16%
17%
19%
19%
19%
*18%
19%
24
24%
24%
23%
24%
33%
34
33% 33%
33%
45%
45
44% 45%
45%
m'm
*38
7%
37%
*57%
6%
40
m
18
39
57%
*116%
6
6
57g
5%
113
113
*112% 116
<%#
*%
*%
2%
27g
3
2%
9%
Bid and
*29%
1%
5% preferred
No par
*9
*
1%
4%
28%
31%
Jan
112
No par
100
-No par
2
*3%
12
28%
31%
1%
Ry
Spicer Mfg Co.-
*1%
81%
*82%
*1184
Southern
1,500
5
114
Southern Pacific Co ...No par
43,100
22,500
$3 conv pref A
Spiegel Inc
138
78
99,000
16
50
4
7%
3634
12%
783g
13%
3,100
9%
7%
3634
1134
12%
12%
34
Jan 30
1584 July 21
Feb 15
95
Southern Calif Edison
25
Southern Natural Gas.Co-7.60
5,200
15%
27%
13%
16%
15%
23%
57
27g
1%
23%
*12%
40
3
May
June
May
Aug
1% May
zl3
No par
100
40% Aug
484 May
112
Feb 5
14% Feb 19
Greyhound Lines..5
8% preferred
38
4
19%
31
23%
12%
12%
13%
10
57
*34%
*2%
21
So Porto Rico Sugar
129
38
6%
9%
*1%
S'eastern
17%
*120
571.1
6%
6%
*1%
19%
1,100
4,400
17
7884 Jan
107g Jan 21
14% July 22
7ia4 Jan 17
5% July 22
67
July 16
6%June 26
17% May
12% June
9
38
6%
*1184
*20
17%
17%
17
129
Sept
2% Jan 20
13%
8%
1%
13
5.400
3
684
43,800
Oct
May
1%
61%
8%
8%
51%
28% July 8
31% July 21
par
38%
36
5%
13%
2%
% May
%
11
23%June 4
187g Feb 19
par
z38%
4434
.
2%
17%
May
1% Mar 28
Socony Vacuum Oil Co Inc. 15
South Am Gold & Platinum _1
39
45%
4%
12%
6%
3,800
61,600
38%
37%
57%
39%
37%
33
*5%
*10%
15%
10%
39%
39%
37%
*57%
47g
*34%
67
15
10%
200
33
*66%
200
10
78
3%
12%
10%
Corp
Smith & Cor Type vtc.No
Snider Packing Corp...No
22%
3
2934
34
12%
10%
97%
No par
Smith (A O)
*65
36
*%
*13
$6 preferred
_
*22
48
5
__
"3,100
22%
13%
15%
23%
4%
30
'mm
m
78
*34%
384
113
22
27g
37%
6%
5%
13%
7%
*102
22
3
*8%
42%
5,100
*65
*5%
3934
31%
10
Slmonds Saw & Steel_.No par
Skelly Oil Co
15
SIosb Sheffield Steel <5: Iron. 100
69
634
*36
31
..No par
Simms Petroleum
22
7%
6
"i",Ioo
*60
55% 55%
55% 56%
125% 125% *125% 126%
*8%
8%
8%
8%
18%
18%
187g
19%
2%
2%
2%
2%
15%
15%
15%
16%
*21
22
23
*21%
*5
534
6
*5%
22%
23
2278
23%
21%
22
217«
22%
*5%
1%
26%
10%
2%
28
4%
Simmons Co
6,200
*1%
26%
31%
2li
16%
16%
♦
Shell Union OU
15
Silver King Coalition Mlnes_5
400
2
15%
10%
1%
8,900
34
107% June
101% June
July 15
% Jan
% jan
167g July 23
3% July
61
Fen 19
314 Apr 23
61% Feb 27
4% Feb 19
35*4 Apr 19
10% Jan 21
3%June 28
16%June 6
prefserA.No par
1,000
130
26%
.
conv
*20%
7%
334
714
5%
384
19%
$3.50
Shattuck (Frank G)
No par
Sbeaffer (W A) Pen Co.Nopar
69
60
60
*7
*4%
No par
$5 conv preferred—-No par
Sharpe <fc Dohme
No par
340
6%
36%
15%
4%
20%
15%
4%
19%
.1
Corp
22
*57%
*
*18%
15%
300
% Jan 9
*8 Jan 20
12% Mar 3
1% Apr 29
67% Apr 22
8*2 July 1
10% Apr 23
No par
Servel Inc..
Sbaron Steel
*57
57%
6%
5184
40%
3
36%
6,800
SearB Roebuck <fc Co
8,500
5,600
2,400
*21
37«4
57%
6%
18
6%
36%
400
69
39%
*234
5%
*55
6
tSeaboard Air Line
112
Feb 14
Highest
7% May
64% July
87% Jan 24
38% Mar 28
115% Mar 27
4-2% preferred
100
Seaboard Oil Co of Del.No par
Seagrave Corp——
No par
4,500
1384 July 25
June 23
108
22
37
*116
*17
5%
56
$4 preferred
100
8% Apr 15
79
33%June 12
109%June 9
22
38%
918
65
13%
1%
4%
661}
$ per share
No par
No par
$4.50 preferred
60
"2" 300
57%
*13
$ per share
No par
No par
*57
8884
3734
*3634
57%
*4
8%
13%
31
*29
Scott Paper Co
Lowest
Schenley DistillersCorr.——5
5preferred
100
600
%
167«
3%
73%
8%
13%
66%
5%
22
23%
12%
13%
16%
28%
27%
1%
*7id
16%
*3%
72%
8%
13%
104
*120
200
hi
*113
16%
15%
30
%
16%
3%
74 %
'
_
2%
12%
13%
1%
%d
15%
23%
13%
hi
Year 1940
Highest
$ per share
Par
9,000
112% 112%
111% *110% 111%
23
128
12%
16%
29%
36
22
17
128
23%
13%
15%
14%
26%
*28%
13%
84%
36
112
104
10%
16%
128
13%
84%
Range for Previous
Lowest
Shares
86
14
17
share
per
35%
*113
14%
10%
2%
.
2%
$
13%
22%
*13
10%
16
*118
23%
115
22%
14%
17
128
23%
*102
*113
m
-
23%
14%
10%
2
*15%
*118
On Basis of IW-Share Lots
EXCHANGE
Wednesday
♦84
*84
85%
85%
85
85
85
*84
*35
353j
35%
35%
35% 35%
35% 35%
35%
111% 111%
111% 111% *111% 112% *111% 112% *111%
*110% 112
*110% 112
*110% 112
*110% 111% *110%
hi
*%j
V
%2
%
%2
%
%
he
hi
hi
*%
*%
hi
hi
*71«
*ht
%
*16
16%
16%
16%
16%
16%
16% 16%
16%
*314
3%
3%
3%
3%
3%
*3%
3%
3%
73% 74
737g
74%
74
74% 75
74%
73%
834
884
834
8%
8%
8%
8%
8%
8%
13%
13%
13% >1334
14%
13%
*13% 14
13%
66
66
*65
66
66
66
66
67%
65
5%
5%
5%
5%
5%
5%
5%
5%
5%
*56
57
57% 356%
*55
*54
57%
56
57%
*6
*5%
6
6%
6%
6
6
5%
5%
*36% 36% *36% 36%
*36% 36%
36% 36%
36%
15% 15%
15%
1534
15%
15%
15% 15%
15%
*4
4%
4%
4%
4%
4%
*4%
4%
*4%
*18%
18%
18%
1834
19
18% 19
19%
19%
*1%
1%
2
*1%
1%
*1%
2
*1%
*1%
*25
2634 *2514 2634
*25% 26% *26
*26
26%
29% 29%
29%
30%
30% 31%
31
30% 30%
*102
Range Since Jan. 1
NEW YORK STOCK
the
Tuesday
July 22
? per share
share
per
STOCKS
for
V 12%
*84
Sales
Monday
July 21
Saturday
July 19
Cash sale.
*
Ex-dlv.
y
115
Jan 10
9% May
Jan 15
105
May
15% July 24
112
71
May
May
85%
Jan 10
70
June
13% Jan
2
13
Dec
30%June
7
22«4
Jan
443g Jan
9
31% July
17%
9
12
85% Jan 13
1484
113%
50%
20%
Jan
6
May
12% May
108% Nov
Jan 10
42% May
July 24
Feb
Jan 15
1% Jan 7
3034 Jan 10
12
1%
26
May
Dec
Dec
Ex-rights. T Called tor redemption.
Volume
LOW
AND
New York Stock Record—Concluded—Page 10
153
SALE
HIGH
PRICES—PER
Monday
J via 19
$ per share
*3%
1
Friday
the
July 21
July 24
J
July 25
S per share
$ per share
$ per share
5 per share
$ per share
Shares
*26
27%
4%
*39%
4%
40%
5
*40
5%
40%
*6734
68
334
4
37g
5
40%
68%
314
3%
16%
16%
13
127g
13
59%
*58%
8%
*4li4
27%
*314
7%
*81
59
5914
____
93
93
19
12%
17%
18
12%
60
60%
60
*175
8%
8%
43%
*41%
28%
43%
3%
3%
2934
*3%
8
8%
8%
*81
*42
30%
*31
22%
1%
24%
94%
*61
*71%
43%
30%
*22%
23%
23
H4
2478
1%
24%
95%
96%
1%
25%
96%
2334
92%
63
63
73
58%
20
...10
1
18% Apr 12
200
74
58%
58%
120% 121
*27% 28%
*45% 46%
1%
1%
400
7234
13I8
48%
%
%
*48
73
58%
59%
120%
120
48%
*sie
U S Pipe & Foundry
U S Playing Card Co
U S Plywood Corp
63%
60%
50
*14
14%
*54
57
2734
2734
*45%
46%
1%
1%
*131#
7g
*49%
50
*14%
14%
*53
56
155
155
%
*sis
63%
*71%
*7l7g
74
58%
59%
120% 120%
*27%
28%
*45%
46%
*1%
1%
%
%
50
145g
*54
*152
*152
19%
2734
26%
2634
26
26%
*25%
13%
13%
13%
13%
13%
13%
*25%
27
27
27
13%
28
*
*
72
*
72
72
25% 25%
*2434 25%
*2
2%
*1%
2
2
27% 2734
26% *26% 27
*117
*117
*117
118%
118%
118%
20
20
*18
18%
2G
187g
*39
*39%
41%
40% *39%
42
*31%
3234 *32% 32% *32% 32%
99
100
97
97
*97%
99%
*2434
*1%
25%
*26
*138
*138
149
*316
%
*8%
*19%
*98
%
9
19%
*29%
5
*137g
2934
14%
*4
5
*34
20
»516
20
4%
65
4%
65
*1
Hi
18
8%
100
47g
*138
149
S18
%
19%
*98%
5%
29%
14%
*4%
5
*34
15ie
*1934
2034
4%
4%
68
68%
43%
*_...
*25%
2534
2
2
27%
2734
118% 118%
*18
20
*39
41%
32%
100
100
?!«
11
*734
19%
19%
5%
29%
14%
5%
30
14%
4%
*34
20%
43g
4%
1%6
20%
4%
69
*68
*
72
3
%
*8%
29%
2934
297g
14
14
14%
5
*4%
434
19%
19%
*98% 100
5%
5%
*4%
19%
*98%
5%
*69
5
No par
48
May 20
Universal Picture# 1st pref.100
Vadsco Sales
No par
133
Jan 17
June
*11 Jan
15
Apr 18
83
6
May
48
Aug
*12%
39
Apr
22
Dec
24
Nov
% May
May
July 11
15
July 11
68% May
39% May
117
60
May
42
May
*73% Dec
76% Nov
65% Apr
4
76% Jan 29
70% Jan
130
6
Jan 13
33% Jan 13
48
Jan
4
158 Jan
1% Jan
7
4
60
Jan 10
16% Jan 10
69% Jan 15
157
Jan 21
160%June 26
% Jan
9
103% May
29% Dec
42% June
1% Deo
1
May
41
June
12% May
45
6
*22
Feb 14
28
July 10
100
114
Feb 13
Van Raalte Co Ino
Vlck Chemical Co
7% 1st preferred
...5
Vlcks Shreve «fc Pac Ry
""360
Va-Carolina Chem
900
Mar 13
26% July 15
2% Jan
19
28% July
14
May
6
May
No par
5% pf 100
1,700
*3 7% June 12
42
25
100
31% Mar 29
100
Walworth Co
Class B
"19
*13,8
15,6
20%
4%
4%
4%
4%
28,700
69%
6834
1%
6834
100
1%
400
13%
1,440
000
No par
7% preferred
100
Warner Bros Pictures
53.85
6
preferred
No par
Jan
4
33% Feb
5
36% June
28% May
89
Feb 15
102
June 13
71
Mar 27
143
June 21
120
% Apr 15
*11 Jan
8
Jan
17% Apr 22
96%June 27
3%May 13
par
July 25
May
1% May
135
par
No
_
Apr
.No par
Dlv redeem pref
Ward Baking Co cl A
12
4
May
25%May 31
*12% Feb 13
.No par
Walk(H)Good A W Ltd No
100
118% July 23
...25
tWabash Railway Co
100
5% preferred A........100
Waldorf System..
No par
Walgreen Co
No par
4£5% pref with warrants 100
500
115% Feb 17
23
Preferred
1,000
1% Apr 14
19% Apr 22
3
Vulcan Detlnnlng Co.
»iaJune
4
13% Apr 19
2% Feb 19
53
Jan
%Mar 11
J Warren Bros Co
No par
53 preferred
No par
6
% Jan 10
«%« Jan 17
9% Apr
22% Jan
105% Jan
May
June
%
*11
Oct
Dec
5% May
16% May
89
June
6% Jan
30% Jan
3
May
18% May
14% July 21
10
5% Jan
l%June
21% July 10
4% July 21
68% July 25
l%June20
14% July 25
June
3% Deo
% May
13% Aug
2
May
30
May
% May
334 May
1334
32%
1334
33
21%
13%
*3134
33%
*31%
14%
33
*20%
21%
500
Warren Fdy & Pipe
No par
Washington Gas Lt Co.No par
25
21
18%June
23%
16%
167g
27g
*15%
*1634
*2%
1634
100
Waukesha Motor Co
14
13% May
17%
1,500
15%May 28
2%May 6
17% July 22
20% Jan 6
4% Jan 7
80
80
80
16%
*2%
16%
16%
3
32%
3
22%
22%
21
17%
1634
3
23
227g
727g
*71
73
*71
72%
*98
9934
*98
9934
2334
73
9934
*98
*10134 103% *10134 103
96%
9534
*9534
9534
116
116
116% 116%
20%
20%
20%
*1934
*21
•16
16
*1634
*2%
17%
104
104
23%
23%
23%
73
*68
9934
*102
*68
9934
*99
102%
96%
104
116
20%
20%
20%
20%
*1053g 106% *105% 106% *10.5% 106% *105% 106% *105%
*29
29%
29%
29%
297g
29%
29%
29%
*28%
3%
*3
3%
3%
3%
3%
3%
3%
*3%
7%
%
%
*6%
*16
7%
*16
27% 2834
24
23
23%
23%
93
94%
93%
93%
133
*128
*128% 130%
31
31
3184
3134
36%
*35%
35% 35%
109
109%
*109% 110
28%
20%
7%
7%
**lfl
34
29%
277g
23%
24%
94
96
130% 130%
*31
32
*35%
36
*77
*77
96%
96%
96%
117
1167g *116
*9534
116
21
*1534
167g
27g
3
*77
*77
*77
*77
73"
7%
8%
7%
**16
*9ie
34
34
28
28%
287g
28%
23%
2334
23% 24
92
93%
93%
95
131
130%'130% *128
*31
32
31%
31%
36
36%
*35%
363g
*7%
*109
23%
98
9734
25%
24%
9734
25%
*67
70%
*67
71
*67
*1234
15%
13
13
13
15%
15%
16
*734
8
*4%
4%
9734
24%
8
43g
8
4%
7%
434
15%
*14
16
15%
1534
7%
~
4%
15%
15%
15%
7%
54%
54%
*52
54%
26
*24
26
*25
26
*25
26
*25
25
1®4
1%
1%
1%
1%
334
63g
3%
334
334
6%
3%
334
75
28%
29%
24%
117
36%
27%
29%
24%
6%
75
74%
2734
297g
25%
6%
1%
*
27%
28
29%
29%
29%
2934
2434
24%
6%
74
25
*2
27%
29%
24%
12,600
White
734
4%
3,400
White Sewing Mach
"""206
400
3,900
3,400
32.100
74
700
2734
2934
2734
30
"Y,406
24%
16,100
12,700
160
*115
160
*115
160
140
*112
130
*112
130
112
112
30
66
66
66%
663g
*66
67
67%
71
70
*69%
70
118
21
*20%
112
66
67
21
21
21
15
147g
117
*117% 11734
10%
10%
10%
1434
36%
*85
91
*16%
12%
16%
12%
*134
17g
3634
*87
38%
90%
65%
*2034
14%
15%
1434
117% 117% *117%
10%
10%
1034
377g
*85
39%
91
37%
*85
118
122
118
*65%
67
67
2134
2134
2134
21
14%
1434
14% ,14%
1434
*117% 118
*117% 118
118
10%
10%
10%
103g
10%
37%
38
37%
38%
38
*87
*88%
91
91
90%
800
21
9,000
110
1,300
12,100
"
17
17%
17
17
17
17
3" 400
12%
12%
12%
17%
12%
*1634
12%
17%
12%
11%
12%
12%
12%
1,900
*1%
1%
178
1%
*134
17g
134
134
134
134
800
16%
Bid and asked prices; no
sales on this day
t In receivership
d Def
May
2% May
Dec
15% May
6884 Aug
91
116
96% May
Jan 10
107% Jan 18
117% Jan 3
20% July 15
105 g Feb 10
29% July 22
80
June
June
108% May
11
May
100% May
21
June
334 Jan 22
2'4 May
8% July 24
l%May 13
4% May
29% July 22
24% July 22
105
141
Jan
2
Mar 22
34% Jan 10
36% July 14
110% Jan 6
% Dec
14% May
16% May
76
May
110
26
May
Jan
2784 May
108
Dec
July 23
50
May
Apr 28
100
Jan
2
85
May
21% Apr 18
64
May 19
30
Jan
3
18% May
76
Jan 14
7
12% Feb 14
4
Apr 21
15% July 25
10% Jan
17% Jan
9
61
784
7%
4%
3%
May
Aug
May
Feb 15
54%June 28
38
20% Feb 14
l%May 3
25% Mar 28
2%May 12
14»4 May
1% Apr 16
3% ADr 18
preferred
20
6
1
No par
6% preflOO
Woodward Iron Co........10
Woolworth (F W) Co
10
Worthlngt'n PAM(Del)No par
7% preferred A
100
6% preferred B
100
500
*65%
66'
14
Feb 14
Willys-Overland Motors
6% conv preferred
10
Wilson A Co Inc
No par
390
112
66%
18% Feb 13
17% Apr 22
86 May 31
120%May 2
27%June 6
27% Apr 17
6
4
Prior
1,000
*66
1
Feb
41
Wilcox Oil A Gas Co
900
69%
69%
110
109% *108
5
May
Corp_._l
56 preferred
Wisconsin El Pow
....
*115
*69%
Jan
»»i Feb
6
May
20
54 conv preferred....No par
150
71%
Mar 3
15% Feb 1
104% Apr 26
23%Mar 3
Apr 28
22
Jan 13
8% July 11
5% Jan 10
White Rock Mln Spr Co No par
54%
160
66
pref
White
*105
66%
*69%
70%
113
121%
No par
Dental Mfg(The SS)-20
Motor Co
1
55 conv prior
*110
66%
7
7
65
70
66"
112
July
July 23
4%
24
94
92
160
*120
100% July
July 23
25% June 27
74% Jan 18
106% Jan 25
65
*113%
2734
2934
2434
3
63^%conv pf
100
Wheeling Steel Corp...No par
9,600
3,400
63
16% Mar
65% Mar 6
97
May 31
Wheeling A L Erie Ry Co. 100
1%
6%
6
50
2%
1%
74
Feb
33
Apr 16
""460
25
Feb 19
3
May 14
105
54.50 preferred
71%
J
50
60
4
No par
3%
65
74
*113%
—
27%
2534
4-%
*52
3%
2734
24%
*69
1%
*3%
75%
74%
*112
*112
1st preferred
Westvaco Chlor Prod..No par
*110
120
*105
*10
6%
74%
*112
*112
14%
63g
*7334
*2
1%
334
6%
1%
*3%
2%
2%
*2
2%
*20
43g
Westlnghouse El A Mfg
Feb
20
28
71%
*52
2%
*1%
26%
27%
71%
4%
100
100
6% pref...100
4% 2d preferred
150
z2634
*67%
734
4%
Western Maryland
Western Pacific
Weston Elec Instrument-12.60
110
65
7%
Western Auto Supply Co
50
101
15%
7%
100
500
*109
54%
2%
7,300
110
*52
2%
3.200
.
100
10
3,500
600
54%
2%
6% preferred
36
*96
16
% pf
West Va Pulp & Pap Co No par
Westlnghouse Air BrakeNo par
*60
16
West Penn Pow Co 4
1,800
36
*52
2%
230
100
100
Western Union Telegraph-100
65
*13%
7% preferred...
6% preferred
10,400
101
16%
West Penn El class A..No par
30
"l~,500
par
33,000
65
14
No
28%
*96
16
54 conv preferred
100
*®X9
65
14
4%
10
100
23% 23%
92%
91%
12834 12834
*31
32%
28
*97% 101
70%
1
No par
Wesson Oil & Snowdrift No par
200
200
110
27%
8
"l~900
8
*109
25%
*67%
26%
Wayne Pump Co...
7% preferred
*68
8
5
Webster Elsenlohr
100
3
2334
72%
*99
9934
9934
102% *10134 103
96%
96%
96%
116
*116% 116%
20
20
203g
106% *105% 106%
29
29%
29%
334
3%
3%
2334
300
....
65
10834 109
*95%
24%
*95%
69%
Feb
May
109
Va El & Pow 56 pref
6% preferred...
19
Apr
July
20
Va Iron Coal & Coke
Virginian Ry Co
84
35% May
5634 Jan
6
No par
Mar 26
1334
32%
1634
*1534
*2%
*66
Jan
22% June
112
57
30
"9",900
7
9
Mar 26
710
130
115% July
44% Jan
67
6% dlv partlc preferred. 100
"""Boo
2
13%
20%
*107
18% Nov
May
100
Victor Chemical Works
600
39%June
6
13%
*31%
*65
Apr
Deo
Jan
13%
1634
23%
Apr
2%
63%
Deo
June
1334
32%
*110
Deo
234
128
69
1%
14
21%
*27%
29%
Apr
50
70
*1%
*1534
6%
Nov
39%
159
1%
*21
*7334
130
May
1%
16%
*24
Jan
Apr
67% Nov
13434 June
1%
32%
*52
Jan
26
1%
21
26%
134
41%
Jan
98
1%
*31%
*6%
May
38%
27% June
1%
2034
*15%
16%
*2%
22%
74
2I84 June
1%
*1
Apr
34% Feb
25% Jan 6
2% July 23
25
100
200
19
Apr
Apr
1234
Mar 17
Preferred..
""360
5
Deo
7%
31% Jan 11
15
300
16
5g Apr 28
44% Apr 25
12
May 10
6
July 23
■
35
17% July 21
*19%
*68
preferred
8% Jan
Jan
182% May
6% Mar
28
May
Deo
Nov
89
14
3% May
May
11
25% July
34% Jan
4%
69%
May 10
June 12
Apr 10
2,300
19
May
2% May
Apr 21
%
*4%
165
9%June 27
12
9
19%
100
5%
30%
14%
♦ 13
Jan 14
183
23
*16
*14
June
Van Norman Mach Tool..2.50
*834
19%
50
Vanadlum Corp. of A m .No par
"16
4%
1
140
20
""206
*98%
5%
30%
8
69% Jan
12%
5% May
7,100
20%
*34
20
Mar 27
3%
*11 Nov
12
June
316
1
9
19%
100
5%
30
14%
22% Apr 30
42
100
149
*%»
2
No par
72
*138
149
*s3J
conv
May
2,300
28
*115% 116
*43
44%
25% 25%
2534
*2
134
2
2%
27
27%
*27%
27%
117% 117% *117% 118%
20
21
21% 23
*39
41%
41% *39
32%
32%
32% *32%
*99
102
*99% 102
16
9
*98% 100
43%
500
26
13%
*25%
*138
149
'138
*26
28
43%
*__._
72
32
*26
*115% 116
43%
.
11,
16
18
8%
19%
100
5%
30
14%
149
*26%
16
A
10
*150
155
155
154% *150
*%6
sie
%
%
3g
*18
1934
1934 *18
1934 *18
*150
*115% 116
56
69% Apr 25
49% Apr 21
115%June
1
United Stockyards Corp
United Stores class A
300
"leJune
17% Feb 14
80% Feb 15
55% Mar 13
25
8% preferred
26%
44
No par
7% preferred
10
Universal Leaf Tob
*18%
*42%
U S Tobacco Co...
500
Universal-Cyclops Steel Corp 1
13
27
*115% 116
100
100
17%
44%
No par
Preferred..;
400
27%
*42%
60
U S Steel Corp
2,000
15
56
*54%
1234
*25%
50
47,600
*152
17%
*115% 116
U S Smelting Ref & Mln
Preferred
*14%
14%
57
*152
100
200
26
44
8% 1st preferred..
2,300
1234
44
J
1
2534
*115% 116
tUS S RealtyCo........ par
Rubber & Imp
..No 10
53
15i«
2534
*11%
*16%
3g
21,400
*50
50
%
17%
*5t0
4% Feb 17
100
64
121
170
May 14
Apr 23
8,500
*63
64
55
31%
24%
35,400
2,400
3
97
83
400
Oct
June
Jan
July 19
32% July 25
4% Jan 4
100
Jan
6
13
43
Prior preferred
15
118
9%
4
8% Mar
Feo 10
200
Deo
107% June
Deo
Apr 22
No par
Jan
May
Apr 18
conv cl A
Jan
Deo
85%
5
3
Partlc &
53g
41
May
80
3% July 25
July 23
July 22
33
No par
2% May
25% May
60
19
20
conv preferred
U S Leather Co
Apr
Mar
93
3034
91%
Jio22
11% July 22
4% July 15
7%
6
65% Mar
4
Mar
311*
2
24
117
8
Dec
9% Feb 19
84
30%
1%
Jan
334 May
Sept
2
26%
1334 Mar
7% Apr
7% Jan
83
23%
*62
9
May 3
8% Apr 25
25g Apr 10
25g Feb 19
307g
31%
91
92
5
6%May
5% Apr 24
64% Feb 24
26% Apr 26
29%May
*23%
5% July 24
50
1,500
92
*1%
155
2934
*307g
Jan 11
U S Industrial Alcohol.No par
600
8%
100
U S Hoffman Mach Corp
2 5" 000
3%
2%
24%
1%
13I6
*148
32%
3%
32
105
5
May 29
85%
*81
31
,
Highest
$ per share $ per share
70% Jan 10
10% Jan 15
5H%
31%
2
*1%
*148% 155
*42
334
92
13g
14%
3%
23%
73
72%
57
2934 r"
3%
share
42
7% preferred
*7%
30
per
4% Jan 13
3% Jan 11
60
5
U S Dlstrlb Corp conv pref.100
U S Freight Co
No par
U S Gypsum Co
20
"2", 900
834
43%
%
33%May
....
2%
24%
923g
*1%
14%
*175%
8%
1%
23%
46%
*52
*42
834
43%
31%
23%
28%
*152
....
8%
23%
28%
13
*175%
_
834
43%
23%
*45%
55
2,300
23%
46%
55
61
3034
28
127g
61
83
*45%
*152
62
29
46%
34
62
83
283g
50
4,600
*30%
46%
34
12
8
*28%
*47%
12
8
64
120
28
1234
I
No par
United Paperboard
10
U. S. & Foreign Secur. .No par
56 first preferred
No par
100
1%
26
96
*62
74
577g
59%
1197g 120%
334
23
1%
*71%
57%
5734
*119% 120
3%
*89
93
Year 1940
Lowest
No par
$5 preferred
No par
UnitedMer & Manulnovtc 1
1,200
3,700
4
100
United Gas lmprov't
400
4,800
990
29%
28%
*334
per share
2%June 3
l%May 6
20%May 16
3% Apr 21
5
..10
United Fruit Co
13,600
18%
8%
*31
United Electric Coal Cos....5
700
5,800
7%
109% 109%
1034
11
Highest
United Eng & Fdy
6,700
39
69%
7%
93
*89
31%
31%
5%
5%
39
68%
17%
—
*42
Par
United Drug Inc
United Dyewood Corp
Preferred
""""26
18
29%
3%
85
28%
27%
1734
12%
334
*81
85
28
*31
31%
22%
*23%
Lowest
7,700
4%
2%
61
8%
8%
3%
*2
Range for Previous
EXCHANGE
12%
*175%
8%
75s
85%
28%
3%
93
63
*2734
3%
334
18%
12%
*89
*175
28%
3%
69
4
3%
18
93
*88
*5
40%
7%
7%
7%
109% 109% *109%
11
11%
1034
3%
93
*25
69
4
*153s
3%
334
37g
*2
2%
2%
27%
*24%
27%
5%
5%
5%
40
40%
40%
69%
69%
69%
7%
7%
7%
1G934 *107% 109%
11%
107g
11
4
*334
4%
3%
3%
3%
*2
27%
5%
40%
26%
4
*88
334
2%
*2
68
68
3%
3%
37g
7
7%
7%
7%
*10934 HOI4 >109% 110
*103g
1034
1034
11%
*175
Range Since Jan. 1
On Basis of 100-Share Lots
Week
*23*4
13
STOCKS
NEW YORK STOCK
-
Thursday
2%
*3%
CENT
Wednesday
July 23
*2
4
NOT PER
Tuesday
July 22
\
334
2%
27%
*2
SHARE,
Sales
for
Saturday
517
delivery,
% series—100
Prior pf 4
conv series 100
Wright Aeronautical...No Par
Wrlgley (Wm) Jr (Del) .No par
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B..1
Preferred..
100
Young Spring A Wire.-No par
Youngstown SAT- —No par
5H% preferred ser A—100
Youngst'n Steel Door..No par
Zenith Radio Corp
No par
Zonlte Products Corp
1
Prior pref 4
n
New stock,
r Cash sale,
4% Apr 24
65% Feb 15
112% July 15
25% Apr 21
26%May 26
16% Feb 19
Mar
May
Jan
1®4
Oct
2% Jan 11
1%
Jan
5%
3
Jan
Jan 13
6% July 22
7 684
114
384 May
9
45
June 16
116
July
33% Jan
34% Jan
7
7
2534 July 22
June
Jan
1584 May
30
May
13% May
93
Mar 15
105
July
7
55
85
Jan 30
112
July 25
60
July
66% July 22
71% July 22
29
June
39
June
64% Feb 17
68
Feb 13
86
June
Apr 23
122
July 24
91
June
62%May 28
80
Jan 11
73
May
17% Apr 24
22% Jan
ll5g Apr 21
114
Feb 26
9% Feb 19
30% Apr 18
83
Apr 26
13% Apr 16
10%May 16
1% Apr 23
* Ex-dlv.
y
8
17% Jan 10
15% May
Jan 10
984 May
98
May
12% Jan 11
42% Jan 6
26% June
120
94% Jan 31
18% Jan 6
15% Apr
2% Jan
Ex-rlghta.
6% June
80
May
12% May
3
8% May
6
2
Mar
Tf Called for redemption
July 26, 1941
518
Record—New York Stock Exchange
Bond
FRIDAY, WEEKLY AND YEARLY
Cash and deferred delivery sales are disregarded In the
the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote
NOTICE—Prices are "and Interest"—except for Income and defaulted bonds.
week's range, unless they are
in the week in which they occur.
No account Ib taken of such such sales in computing the range for the year.
The italic letters in the column headed "Interest Period" indicate in each oase the month when the bonds
Friday
Range or
Range
Sale
Friday's
Since
Y. STOCK EXCHANGE
Week Ended July 25
N.
—-1944-1954
High
No.
119.14
21
119.4
111.20
111.23
31
111.19113.18
113.7
113.7
*106.2
106.5
M S
D
106.20
Treasury 3Hs
^49-1962
Treasury 3s
-
19«>1-1955
Treasury 3s
Treasury
2%B.„
2%b
Treasury
2%b...
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Jnlo'JnrI
2H8
}23"}S5J
1956-1959
2 Hs
2H8
2%b
2 Hs-2 hb
2He---2 He
2 He.
2 He
2He
SSKKi
.—
}945
-----1948
1950-1952
1956-1958
2He------—--1954-1956
2s
-----1947
2s-.—-Mar 15 1948-1950
2s—Dee 16 1948-1950
2s
1953-1955
Federal Farm Mortgage
Corp—
"
1944-1964
1944-1949
1942-1947
2HS.;
1942-1947
3 lis
"
3S
"
3s
Corp—
Home Owners' JLoan
series
3s
1944-1952
A
♦Ry extl. s f 68
Jan 1961
♦6s assented———-Jan 1961 j
♦Extl sinking fund 6s—Sept 1961 M
5
O
12H
MN
113.4
3
110.4
111.12
111.18
el08.14
C108.15
110
110.3
110.18
110.18
12
107.2
110.18
M 8
110.26 110.23
130.26
4
107.1
111
j
D
110.28 110.27
110.29
11
106.31110.31
J
D
111.15 111.14
111.16
13
107.8
J
d
j
M
J
M
M
8
8
D
t
«,
w
~
—
-
8
D
8
M
.1
«.
«.
.
<?108.12
-
111.24
107.16109.22
53
105.2
108.8
5
105.4
108.10
C108.12
13
102.8
104.21
52
103.1
104.21
106.27
13
103.5
106.27
106.27
106.27
5
103.5
107.1
.
m
»
M
«.
M
*106.15 106.17
106.2
104.28108.28
103.29
103.29
2
100.24 103.29
106.17 106.17
d
D
106.18
4
104.12106.17
e!05.1
105.1
2
el05.1
m s
*107.1
M N
/
J
107.4
101.24105.3
106.26107.28
10
el01.28 elOI.28
2
«
»
-
—
M S
*101.29 102
M N
106.20
106.20
J
*102.4
102.6
102.27
102.27
/
D
10
1980
Foreign
Municipal
(Colombia)
&
Govt.
Agricultural Mtge Bank
1947
♦Gtd sink fund 6s
1948
Akershus (King of Norway) 48.1968
♦Antloqula (Dept) coll 7s A--.1945
♦External s f 7s series B
1945
♦External s f 7s series C
1945
♦External s f 7s series D
1945
♦External s f 7s 1st series
1957
♦External sec s f 7s 2d series. 1957
♦External sec s f 7s 3d series. 1957
Antwerp (City) external 5s
1958
♦Gtd sink fund 6s
Government)—
1948
S f external 4Hs
1971
8 f extl conv loan 4s Feb
1972
S f extl conv loan 4s Apr-—1972
Australia Com'wealth 5s.
1955
External 5s of 1927
—.1957
External g 4 He of 1928
1956
♦Austrian (Govt) b f 7s
—1957
State) 6 He.—-1945
With declaration
6H8-—
/
D
i04H
104H
1960
♦7s assented
1951
♦Cologne (City) Germany 6 Hs-1950
Colombia (Republic of)—
1949
With declaration
1955
External 30-year s f 7s
With declaration
254
104H
M
O
J
1946 mn
1947 f A
1952
/
J
1949 f
106.17107.26
External loan 4Hs
6 He
1950
With declaration
6s_—1958
With declaration
1941
♦External s
1957
♦External s f 6H8 of 1927—-1957
♦7s (Central Ity)
----.1952
Brisbane (City) s f 6s
1957
Sinking fund gold 5s———1958
20-year s f 6s
—
1950
♦Budapest (City of) 6s
1962
external 8s
f 6 He of 1926
♦Brazil (U 8 of)
♦
100
O
26H
26H
1
22 H
26H
21H
26
'9
9H
16
7H
9H
9H
9H
11
7H
f 4H-4Hs
Refunding s f 4H-4Hs
External readj 4H-4Hs
External s f 4H-4H8
3% external s f $ bonds
1961
1977
1976
1976
1975
1984
Bulgaria (Kingdom of)—
♦Secured s f 7s
—.1967
♦Stabilization loan 7He
1968
*15M
100 H
103 H
88
%
9H
7H
7H
56
-
«
1
9H
6H
9
6H
9
73
64
64
28j
65
74
32
58 H
58 H
65
53
*5H
69H
69
60 H
13
*7
15
H
AfN
60 H
9
11
157
J*lst ser 5Hs of 1926
1940
§*2d series sink fund 5H3-—1940
Customs Admin 5H8 2d ser..1961
f
1
t
/
"91" "~3
1—1 t>-
1 1 1 H-|
1
1
1
47
60 H
8H
2
8H
17
17H
41
17
17
17 H
19
18H
18H
19
21
*62 H
70
*63
65
*
62
_
_
-
.
5H
5H
5H
15
5H
5H
5
*55
M 8
f
A
52
59 H
52 H
60
52 H
60
m
s
*58 H
67
52
58 H
*58
60
52
60
60
52 H
60
8H
27
69
8H
1969 A O
1969 A O
♦Dresden (City) external 7s...1945 mn
5Hs 1st series
5Hs 2d series
MN
J
/
52 H
/
J
mn
8%
6s
92H
25-year 3Hs
1961/
7-year 2Hs
1944 /
30-year 3s
1967 /
30-year 3s
1968 M
♦Carlsbad (City) 8s
1954 /
♦Cent Agrlc Bank (Ger) 7s.-..1950 M
♦Farm Loan s f 6s..July 15 1960 J
♦6s July coupon on
♦Farm Loan
99 %
101 H
95 H
78 unstamped
German Govt International—
1949
27
26
93
75
91
82 H
49 H
48 H
75H
6H
7
6H
s
♦68 Oct coupon
on
84 H
26 H
♦(Cons Agrlc Loan) 6Hs
♦Greek Government
s
f
ser
1958 j
♦Extl sinking fund 6s
♦6s assented
*
m
^
1968 f
"9"
9
8
O
*9
9
M N
6H
26H
♦Haiti (Republic) s f 6s ser A..1952 A
O
26
♦Hamburg (State 6s)
*7
..I960 A
Feb 1961"
Feb 1961 r
O
------
Oj
12 H
A
4
1
12H
*13H
12H
*13H
12H
14 H
12 H
—-
12H
9%
26 H
"12%
1
7
1
6H
HH
17H
15H
15H
16H
52 H
61H
55 Yi
55 H
38H
14H
55 H
17H
17H
19H
64
65
5
6H
5H
5H
25
66
26
1946 A
22 H
26
30
26
27
50
49 H
52 H
6
4H
6H
5H
4H
6H
5
5
6
6
5
With declaration
♦
*
/
♦Heidelberg (German) ext 7Hs 1950 J
Helslngfors (City) extl 6 Hs
1960 A O
Hungarian Cons Municipal Loan—
/
♦7Hs secured s f g
1945 J
♦7s secured
s
f g
1946 J
*4H
*
/
5
♦Hungarian Land M Inst 7HS-1961 MN
♦Sinking fund 7Hs ser B
1961 MN
With declaration...
Hungary 7Hs ext at 4Hs to...1979 F
*4H
r
5
4H
A
*10
1960 mn
*74
32H
38
Japanese Govt 30-yr s f 6 Hs—1954 f A
Extl sinking fund 5Hs
1965 MN
7H
5
8
d
20
B'47 m 8
15
12
75
H
4H
23H
65
16H
20 X
"l9"
"2
18
29 H
55
55
79 H
40
55
79 H
43
43
56 H
23
41H
*2
4H
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
♦Leipzig (Germany) s f 7s
1947 f A
6
28
d
*8
8%
d
70
19 H
8
d
70 H
97
102 H
89
96 H
♦Medellln (Colombia) 6Hs
Mendoza (Prov) 4s readj
91H
97 %
27
76 H
88 H
♦4Hs stamped assented
1943 mn
♦Mexico (US) extl 5s of 1899 £.1945 Q /
12
76 H
88
24
6
14 H
8
14
25
8H
8
Mexican Irrigation—
10
79 H
92
70
26 H
88 H 100 H
14
46H
30 H
19
J
65
75
20
11
*17
1951 j
ser
27
6
7
-
-
8H
9
12H
5
15
9H
O
21H
8
5
9H
♦Italian Public Utility extl 7s..1952 /
.....
18
8H
"8H "14 H
*9
7
52 %
9
*13H
12H
5
26
5H
-
llH
7
20
A
47
3
-
6
~_40
8%
6H
1968
♦Italy (Kingdom of) extl 7s
♦Italian Cred Consortium 7s
25
W
67
34
1964
♦6s part paid
Irish Free State extl s 15s
9
*
J
s
/
—.1942 MN
For footnotes see paee 523.
87 H
1960
1942
96 %
87 H
87H
93
93
.....
7S..1964 mn
♦7s part paid
♦Sink fund secured 6s
5%
5H
D
53
6H
7
*9
♦External sinking fund 6s... 1960 A
♦6s assented
91H
1960
f 6s...Oct 15 1960 A
♦Chile (Rep)—Extl s f 7s
♦7s assented
J
J
J
n
26 H
German Prov & Communal Bks
43 H
43 H
18
100 H
102 H
96
91H
97
88
87 H
27
64 H
With declaration—
52 H
38
99H
8
26 H
63
93
7s stamped... 1949 / D
52 H
52%
101 x
1960 A 0
1952 MN
—Aug. 15 1945 F a
10-year 2He
9
8
8%
*80"
With declaration..——.———
50
53
*5H
-■»-
59 H
68
4
*5H
8%
19
H
50" "55~"
♦Frankfort (City of) s f 6Hs—1953 MN
French Republic
45 H
46
83
52 H
51 %
52 H
8%
*8H
8
45
51 H
50 H
37
O
59 H
49 H
70
68
85
50 H
50 H
50 H
A
60
60
52 H
67
30
20 H
M S
59 H
65
27 H
31
O
♦5Hs of 1930 stamped
1965 / D
♦5Hs unstamped
1965
♦5Hs stamp(Canadian Holder)'65
♦German Rep extl 7s stamped.. 1949 A'"d
♦7s unstamped
....1949
8
20
20 H
17
D
33 H
56 H
A
43 H
43 H
"93"
~75H
69 H
15H
D
H
*57 H
16
>
"96"
*——
A
/
29 H
"43 H
*57 H
A
12
"91""
75H
65
53 H
53 H
5H
t
1
M S
9H
O
Dominican Rep Cust Ad 5Hb—1942 M 8
/
67 H
59 %
MM*.'.*
11
55H
69 H
51H
*42
1967 J
1945 M
67 H
O
8H
8H
Apr 15 1962 AO
External g 4Hs
Finland (Republic) ext 6s
8
D
1
38 H
86 H
M
j
90
73
55
78
mm
45
66H
A
64
99 H 104
*44
1955 F
With declaration
9H
86 H
66 %
O
49 H
A
49 H
/
/
A
8
With declaration.—
1948 J'
72
—
16
31H
♦El Salvador 8s ctfs of dep
J
D
11
-
101H
96
217
17
17H
63 H
/
64
101 %
90
17
63 H
7D
18
100 H 103 H
101
104 H
101H
61H
♦Lower Austria (Province) 7Hs 1950 J
Canada (Dom of) 30-yr 4s
14H
16H
100 H
20
14
A
AO
33H
63
18
O
/~D
37 H
82
50 H
9
a
Oi rH
27
72
62
J
7
F
ms
25
26 H
22
49 H
1942 /
10
86
a
37H
23
"26H
81
11
♦Estonia (Republic of) 7s
F
37 H
30
*10H
9
*12H
/
30
22 H
24 H
*90*
*9
J
8H
21
101
10
5H
♦6s stamped.—
21
*100 H
9
72 H
11
26 X
25H
64
*9
M n
11H
104H
A
M n
13H
H
21H
23H
With declaration
With declaration
Buenos Aires (Prov of)—
36 X
*102 H
A
14
♦External sinking fund
36H
81
1949
External gold 5Hs
1
12
37H
/
4Hs external debt
1977
Sinking fund 5Hs—Jan 15 1953
103
101.29103.2
26 H
9H
9H
9H
*9 H
12H
23 H
1951 M n
1944 m 8
23
/
12
21H
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
6
J
11H
*26 H
37 H
1953 MN
♦Costa Rica (Rep of) 7s
26 H
25
13H
12H
11H
*22
D
101.28103.3
26
*20
14
106.28108
A
M fl
14H
12H
8
36 H
With declaration
25-year gold 4Hs
13
12H
8H
431
26 H
*25 H
13H
8H
*25 H
"26 H
13
8H
36
36M
14H
8H
21H
O
♦Sinking fund 7s of 1927
8H
10H
8H
9H
"12"
M S
Oct 1961 A
Copenhagen (City) 5s
"12"
8H
♦6s of 1927
Jan 1961 j
♦Colombia Mtge Bank 6Hs—1947 A
♦Sinking fund 7s of 1926
9H
8H
Tin
*11
8
9H
10
D
j
1942
F
1
♦Berlin (Germany) s f
12H
36 H
-
11H
*11H
♦Chinese (Hukuang Ry) 5s
Denmark 20-year extl. 6s
7"5 "90"
1955
External s f 6s
s
1960 M 8
——1962
♦6s assented
♦Chilean Cons Munlc 7s
June 30 1945
♦Czechoslovakia (Rep of) 8s—1951
♦Sinking fund 8s ser B
1952
'
With declaration
External
~uJi
17H
Argentine (National
8 f external 4 He
Belgium 25-yr extl
*11H
♦Public wks 5Hs
With declaration
♦Bavaria (Free
MN
.
~12~"
Cordoba (Prov) Argentina 7s..
New York City
3% Corporate stock
9
1961
1962 MN
♦6s assented
10H
12H
*11H
*12 H
HH
*12H
*11 %
*12H
102.5
12
8H
....
"l2H "~64
102.15103
106.28 106.28 el()6.31
8H
10 H
"~3
12H
*12H
UN
1961
♦Guar sink fund 6s
♦6s Of 1928
20
High
10 H
31
With declaration
2He series G—------1942-1944 J
1 He series M
1945-1947
Transit Unification Issue—
-——-1962
fund 6s—-1963
♦6s assented
—1963
♦Chile Mtge Bank 6Hs
1957
♦6 Hs assented
1957
♦Sink fund 6Hs of 1926——1961
♦6Hs assented
1961
♦6s assented
♦External sinking
♦Guar sink fund 6s
106
M.
m S
j
109.24
106.26
d
J
107.27110.9
107.22108.14
108.8
105.29 105.29
D
J
108
104.21 104.19
s
d
«
107.14111.25
4
108.6
108.4
108.8
m S
J
*108.2
113.9
4
*109.17 109.19
Low
1
*13 H
110.11112.12
113.3
M
12 H
12H
H
A
109.24111.21
29
12H
Since
Jan. 1
20
*13 H
112.15114.9
m
*12
O
1
«
12H
*13 H
♦External sinking fund 6s—1962 A
4
113.4
Sept 1961 M 8
♦6s assented-
14
106.20108.6
110.12
8
12H
8
Range
High
14
j
107.25
113.14
M
No.
Foreign Govt. & Mun. (.Cont.)
Chile (Rep)—Concluded—
115.7
110.12
m S
II
Price
Ended July 25
113.3
113.10 113.10
«.
M
Friday's
Bid a Asked
107.27109.9
111
111
High
121.26
101.21102.19
5
106.20
*107.23 107.25
1946-1949
Treasury
-
*100.1
-----1941
Treasury 3H0------
Range or
Sale
Low
STOCK EXCHANGE'
106.4
2
M. «• -
Low
Y.
Week
119.14 119.12
Treasury 3He
Treasury
Jan. 1
0
Treasury 3Hs
Treasury
03^
D
—
Treasury 3Ha
Asked
A
/
Week's
Last
£
BONDS
N.
J
Treasury 3Hs
Treasury 3%b—-
4
Low
19f7-1952
Treasury 4s
Bid
Price
Government
U. S.
Treasury 4Hs
Friday
"g
2r
Week's
Last
BONDS
mature.
1
mrnm
m
9
9
10 H
8H
mrnmm
10
8
9
....
8
10H
9H
26 H
26H
14
13H
13H
14H
13H
13H
♦Assenting 5s of 1899
1954 J
1954 j
1945 Q /
1954 J d
♦Assenting 4s of 1904
♦Assenting 4s of 1910.—'
1945
J
{♦Treas 6s of *13 assent
1933 J
♦Milan (City, Italy) extl 6 Hs—1952 A O
Minas Geraes (State)—
♦Seo extl s f 6Hs
♦Sec extl
s
f 6 Hs
♦Montevideo (City) 7s
♦6s series A
8
9h
73
*5H
6
3H
5H
*5H
6
3H
3H
3H
4H
6
5H
5H
5H
5H
5H
6
*5H
15
1958 M 8
1959 M
6H
61
10 H
10M
10H
6H
15H
10H
10 H
15
i
8
8H
6
6
6
30
11
11
D
*39
62
54
62
1959 mn
*38
70
53
60
1952 j
H
Volume
New York Bond Record—Continued—Page 2
153
BONDS
n.
Y.
STOCK
Last
Range or
Sale
EXCHANGE
Foreign Govt. & Mun. (Concl.)
(State) eitl 5s..
1957
s f 5s
Apr 1958
Norway 20-year extl 6s
1943
New So Wales
External
Bid
A
A
o
F
A
F
A
declaration
1956
1965
s
1963
f extl loan
60
52
71
61
7054
3634
3034
33
34 34
40 H
F
32
2954
3454
3834
32
4034
1970
f 5s
s
/
30
29
3134
2754
28
35
41
A
d
31
3934
3134
3834
With declaration
Municipal Bank extl
5134
5134
3134
34 34
31
3934
With declaration
3934
*2734
With declaration
♦Nuremburg (City) extl 6s
Oslo (City) 8 f 434a
With declaration
♦Panama (Rep) extls f 5s serA
Conv gold 4s of 1910
Conv deb 434s
1960
D
Rocky Mtn Div 1st 4s
1965
Atl Knox «fe Nor 1st g 5s
1946
Atl A Charl A L 1st
434s A—1944
1st 30-year 5s series B
1944
Atl Coast 1st cons 4s.July 1952
General unified 434s A
4334
10-year coll
A
2534
2534
2534
3
2454
2734
33
57
9034
D
55
J
56 34
M S
M
m
J
*10234
834
S
a
D
654
634
634
*734
~~5
6
30
9
1968
4
J
J
534
1961
1966
1952
1951
♦Prague (Greater City) 7 J4s
♦Prussia (Free State) extl 634a
With declaration...,
J
D
*934
J
J
*8
Af N
m
934
834
S
1952
f 6s
1941
25-year external 6s............. 1947
♦Rhlne-Maln-Danube 7s A
1950
A
O
A
O
..1953
F
""934
9
27
27
27
99
59
675*
20
27
10
19
734
10
9
27
634
9
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
1946
♦6s extl
A
J
d
1966
♦7s municipal
1967
1952
1953
J
d
♦Rome (City) extl 634s
♦Saarbruecken (City) 6s
A
o
J
J
Santa Fe extl
1964
M S
1952
♦634s extl secured s f
1957
{♦San Paulo 8s extl loan of 1921...1936
Af N
loan....
f 4s..
♦Sao Paulo (City of, Brazil) 8s
1034
3154
2234
5434
934
834
2534
26
34
63
1334
1254
165*
20
1954
17
16
1954
♦6s extl dollar loan
1968
j
j
1834
18
19
12
1554
19
...1940
1945
A
O
5534
53
56
J
D
1946
J
D
4334
223*
2634
334
834
4
4
634
834
5
614
1958
1958
J
d
33*
534
J
d
♦SUeslan Landowners Assn 6s—...1947
F
A
Sydney (City) s f 534a
F
A
1952
1961
1946
13
K
*60
3734
"
35*
2034
55*
265*
68
61
71
3734
4434
18
37 34
m
a
1934
1934
21
22
19
A
O
44
44
6034
21
F
J
J
A
s
f 6s
1960
at N
s
f 6s—
1964
Af N
Af N
59
545*
*43
1979
3934
54
55
*43
♦External
505*
25
48
*44
♦External
"545*
3 5*-4-4 34s ($ bonds of
External conversion
46 34
4534
4634
97
3954
4634
Af N
1978
1978
1984
J
D
43
F
A
46 54
.1952
...1952
♦Warsaw (City) external 7s
♦4 34s assented
1958
1958
With declaration
43
4334
1979
♦Vienna (City of) 6s
84
33
47
cccl
313*
1454
3354
y
bb
53
5254
54
33
51
6134
S'west Div 1st M(lnt at 3 34 %
to Jan 1 1947) due
1950
Toledo Cin Div ref 4s A..1959
y
b
453*
45
46
71
43
5034
y
b
Bangor A Aroostook 1st 5s__ 1943
y
bb
583*
9234
Pgh L E A W Va System—
Ref g 4s extended to..1951 MN
503*
..1951
yb
493*
4s stamped..
Battle Cr A Stur 1st gu 3S..1989
Beech Creek ext 1st g 334s_^1951
1961
/
J
A
O
*10
m2v
♦Debsinking fund 6348—1959
A
1955
A
O
A
F
A
254
4
1
4
"4034
"25
'5034
434
3 54
434
454
4034
6754
3
Bank
N.
Y.
STOCK
EXCHANGE
Elig. A
Rating
Last
Range or
♦Berlin Elec El A Undergr 6 34s'60 A
Beth Steel 334a conv debs...1952 A
1959
ser F
—1944
Price
Week Ended July 25
Sale
Bonds Sold
Friday's
Bid
A
Asked
Since
Jan. 1
RAILROAD and INDUSTRIAL
{{♦Abltlbl Pow A Pap 1st 68.1953
4s—1948
/
D
z
cccl
Coll trust 4s of 1907
10-year deb 43*s stamped. 1946
y
♦Adriatic Elec Co extl 7s
1952
100 34
x
aa
x
aa
y
cccl
bbbl
y
bbbl
y
bb
2
y
b
2
9154
7854
1950
y
b
1
5734
y
bb
1
x
aa
2
x
bbb2
x
a
Allegh A West 1st gu 4s
1998
Allegh Val gen guar g 4s
1942 M S
Allied Stores Corp 434s debs. 1951 F A
Allls-Chalmers Mfg'conv 4s. 1952
M
♦Alpine-Montan Steel 7s
1955
Am A Foreign Pow deb 5s—2030
Amer IG Chem conv 534s
1949
Am Internat Corp conv 5 34s. 1949
American Telep A Teleg—
20-year sinking fund 634S.1943
3Ms debentures
1961
334s debentures...
1966
ioi"«
3s
conv
Am Type
2
Af S y
b
J y b
A m Wat Wks A Elec 6s ser
A
m
-
109
11034
_
— -
-
9154
39
76 34
785*
14.7
583*
72
45*s series JJ
2
1053*
104
A
a
2
1043*
a
2
x
aa
2
x
bbb2
10634
*10734
10134
10134
743*
S y bb
3
N y bb
3
O y bb
3
Bklyn Un Gas 1st cons g 5s..1945 Af N
1st Hen A ref 6s series A...1947 MN
J
x
aaa3
x
A
bbbl
59
a
x
bbb2
aa
3
x
aa
3
1
-
-
29
"~52~
59
10054 10434
20
9954 10334
"6054
..1952
A
1955 J
A
Consolidated 5s
Bush Term Bldgs 5s gu
1960
Calif-Oregon Power 4s_.
Canada Sou cons gu 5s A
2
101»32
101»ai
101»32
58
101 ®3j 104*11
A
O
x
aa
2
10854
108 V%
10934
110
J
n
x
1085*
11054
10934
45
10654 110
10654 10954
11134
892
aa
2
109
J y bb
3
10654
2
11054
y
bb
1964 Af S
x
bbb3
1955 F
1957 J
A
x
bbb2
J
x
bbb2
104"
ccc2
1
1
106 5*
109
106 5*
1
10934
10
10334
104 34
6
*29
"56
34
56 34
10054
1
10654
42
106 3*
106 54
25
56 34
10834 111
10234 106
2634
105J4
*100
10534
10634
32
11054 11254
10154 108
49
35
5834
9854 100
10634
10534 10634
107
10454
10634
19
100
1045*
7
m
10134
9934 102
795*
7534
3
73
2
8134
853*
27
75
78
72
51
6034
7434
333*
311
21
333*
21
10754 H054
1854
12
17
933*
4
106
*11254
*11054
m
„
—
93*
90
O y bb
a
43
6
7634
53
1
2
1083*
bbb2
aa
1946
J
5s equip trust ctfs
1944
Coll trust gold 5s...Dec 11954 J
8
10334
10334
10134
1033*
1043*
20
1023*
12
100
10034
1003*
1083*
10
6434
883*
50
10434
8234
7734
13
Too""
aa
S
aa
993*
aa
10834
bbb2
63
Collateral trust 4 34s
1900
guar
4S.1949
Corp 5s
w w_.
63
883*
2
1043*
D
bbb2
813*
J
J
bbb2
J
J
b
—
{♦Carolina Cent 1st
9934
108
bbb2
Carolina Clinch A Ohio 4s...1965 M S
MN
Carriers A Gen
77
1
*4*34
1073*
a
b
1950
Cart A Adir 1st gu gold 4s...1981
.
{♦Consol gold 5s
1945
B...1959
♦Ref A gen 5s series C
1959
♦Chatt Div pur mon g 4s._1951
♦Mobile Div 1st g 5s......1946
Cent Illinois Light 334s
I960
♦Ref & gen 534? series
10334
10334
{♦Central of N J gen g 5s
5s registered
♦General 4s
A
z
cccl
z
cc
1
z
cc
1
z
cccl
z
cc
x
aaa3
z
b
cccl
z
cccl
z
A
O
a
5
38
6
"4
9934
9634
2
"54
19
32
60
153*
43*
163*
111
43*
56
434
434
1634
38
16
15
*11134
65
6434
1834
1934
1834
1834
1734
1734
cccl
x
14
17
<
12
4
1534
11134
05
"34
22
264
1934
193*
*74
60
17
5
3
10934
10934
23
7134
7234
71
A
A y bbbl
O y bbbl
F
A y b
2
7334
5534
*102
Af N yb
Af S y b
2
F
Champion Paper & Fibre—
S f deb 43*8 (1935 issue)...1950 M S
1950
cccl
z
J
registered
S f deb 4 j*s (1938 issue)
1
z
1987
1987 J
.1987
1962
Cent Pac 1st ref gu gold 4s...1949
Through Short L 1st gu 4S.1954
Guaranteed g 5s
1960
Central RR A Bkg of Ga 5s. 1942
Certain-teed Prod 534s A...1948
2
71
49
*49
153*"
434
434
2
50
1073*
10334
*31
ccc2
z
O
A
1987
Central N Y Power 3{*s
953*
MN
F
37
34
10334
J
aa
16
10034
1033*
aa
J
1083*
8234
803*
993*
1043*
aa
43*s._June 15 1955
Guaranteed gold 434s
1956
M
Guar gold 434s
Sept 1951
Canadian Northern deb 6 34s. 1946 J
2
27
25
10034
aa
Guar gold
108
30
7634
5434
7834
i0334
2
aa
1970
6
7634
5234
7734
56
>41
634
M S
2
*60
5434
5434
*49
"8734"
87
x
bbb2
bbb2
1033*
"*30
*10634
x
7834
88
■M
10334
9534
113
1085* 1123*
mmmm
44
43
104
1033* 10734
111
— — —
27
105
Attention is directed to the column incorporated in this tabulation pertaining to bank eligibility and rating of bonds.
102 34 1003*
10734 109
.
10854 11134
*63*
O y bb
J y ccc2
1960
1902
4s
aa
103
(Interest
{♦Cent New Engl 1st gu 4s..l961
—
1053* 107
Buffalo Rochester A Pgh Ry—
modified
17
27
18
104
cccl
13
27
1534
17
m
1093* 11354
bb
1083*
m
17
D
10454
10634 10854
2534
103*
1534
mm mm
mmmm
""12
D
102
203*
2634
2534
—
110
{Central of Georgia Ry—
♦
1st mtge 5s
Nov 1945
7
—
11034
Celotex Corp deb 434s w w_.1947 J
♦Cent Branch U P 1st g 4s ..1948 J
10434
—
109J*
80
104 3*
—
110
105
bbb2
x
27
105
93
2
x
— ——
10054
15
203*
-
*103
11034
1093*
5434
84
x
J
2
x
79
1012»»il04
-
1
41
7
-
-----
1103*
9934
102
-
3234
*483*
101 -®32
—
7534
7034
3054
2054
1103*
a
73
8
84
b
69
73 34
97
1
1065*
75
7154
cccl
D y bb
1957 Af N
F
z
—
84
A
6234
-
-----
i
A
86
1373*
—
19
10634
10534
F
9734
11354
130
26
— —
------
—
x
{♦Boston A N Y Air L 1st 4s.l955 F A
Bklyn Edison cons M 33*8—1966 MN
F A
Bklyn Union El 1st g 5s
1950
1950
-
a
J
J y bb 3
1st mtge 4s series RR
1960
♦Inc mtge 434s ser A.July 1970 MN y ccc2
Debenture gold 5s
1st lien A ref series B
—
x
J
1981
1063*
—
Celanese Corp of America 3s. 1955 F
8534
7234
110
6
834
—
59
4634
-
85
83
"25
99
---
8154
-
56 5*
*71
25
-
54
5934
y
523.
-
10134
♦Anglo-Chilean Nitrate deb..1967 Jan
{Ann Arbor 1st g 4s
1995 Q J
For footnotes see page
-
-
-
102 34
aa
1st s f 4s ser
-
-
58 34
x
(Del) 4s B
C (Del)
—
25
1015*
10054
O
Armour A Co.
20
MN
Anaconda Cop Mln deb 434&1950 A
Ark & Mem Br & Term 5s
10054 10754
10154
10154
1975 MN y bb
.
j*
1
_
1
1
1956 M S
deb w i
Founders codv deb. 1950
79
*11
Af N xbbb2
J
8134
90
4
4334 5734
9954 10254
10034 10354
10834
10434
M S
S
54 34
*
-
10654 10734
54
*73
cccl
y
♦58 stamped
109
*4534
y
1946
334s
45
*40
334s registered
1946
Alleghany Corp coll trust 53.1944
Coll & conv 5s
1949
Alb A Susq 1st guar
-
106 3*
*10854
*10654
1943
1943
54
--
10134
*15
Albany Perfor Wrap Pap 68.1948
6s with warr assented
1948
1st cons 4s series B
5734
-----
106 3*
10134
bb
z
Ala Gt Sou 1st cons A 5s
5554
*10154
1
4434
-
18
x
434s
M S y bb
1947 J D y bb
Adams Express coll tr g
—
*85*
xbbb2
J
Can Pac Ry 4% deb stk perpet... J
M S
Coll trust
COMPANIES
—
8754
—
J
F
Blaw Knox 1st mtge 3 34s
1950
Boston A Maine 1st 5s A C—1967 M
1st M 5s series II
1955 Af
A
1st
Guaranteed gold 5s
Range
—
'
1957
Guaranteed gold 5s..July 1869
Guaranteed gold 5s...Oct 1909
Week's
See i
s*
Friday
555*
48
-
133
z
Bush Terminal 1st 4s
*3 34
43
50
11034
z
28
1234
55
132
5034
13234
*10554
9834
834
-
1734
4
43
*9
Af N yb
at 3% to 1946) due
1957
{Burlington Cedar Rapid A NorA O z cc
{♦1st A coll 5s
1934
z cc
♦Certificates of deposit
4054
84
110
z
48
4434
4334
43
50
84
-
3554
4134
3634
8
.....
F
4034
F
5
24
503*
z
3534
4654
99
z
♦Debenture 6s...
With declaration
g
110
z
With declaration.—.
33*s
1
62
80
855*
4734
4634
*4534
*80
xbbb3
Canadian Nat gold 434s
BONDS
b
3
43
*4
Yd
y
3354 1036
51
"853*
yb
12
4334
4254
46 34
*4034
■.
Yokohama (City) extl 6s
2
...1951
Con ref 4s
Stamped
1937)—
334-434-4'ie extl conv
4-4 3*-4 34s extl readj
334s extl readjustment..—.
♦Venetian Prov Mtge Bank 7s
365*
z
3434
3134
Vuffalo Gen Elec 434s B
1981
Buff Nlag Elec 3348 series C.1967 J D
(S bonds of '37)
external readjustment
36
F
Consol mtge 3s ser G
1960
Consol mtge 334s ser H... 1965 F
M N
Taiwan Elec Pow s f 534s
4634
ccc3
2634
2634
MN
6
4734
y
60
1962
*454
*454
333*
6334
Big Sandy 1st mtge 4s
With declaration
242
33
Cons mtge
(Kingdom)—
434
7334
365*
38
aaa2
434
03
3434
161
a
1954
Af N
6354
128
108
x
68
655*4.68
65
3634
x
4
613457334
41
348^^21943
3154
101
70
3434
Beneficial Indus Loan 2)fs. J$950
♦Berlin City El Co deb 6 348.1951
With declaration
8
6534
385*
Belvidere Del cons 3
1254
6234
36
11
1134
3134
9934
40
32
6
3 4 34
753*
3
ccc3
8
m a
Tokyo City 5s loan of 1912
External s f 534a guar
♦Uruguay (Republic) extl 8s
D y ccc3
18
1334
38
30 34
51
y
1940) due...1995
(lnt at 1%
Sept 1 1946) due..2000 M S
Ref A gen ser F (lnt at 1%
to Sept 1 1946) due—1996 Af S
F A
♦Conv due
Feb 1 1960
to
2
1334
33
17
10354|1063*
3534
2
6
170
31
*
2
aa
61
102
9934
1055*
63
D y ccc3
aa
17
233
6654
9234
99
995* 1023*
7334
803*
613*
69
77
9234
085*
75
203
32
643*
x
1956
1955
....1971
O y bb
x
♦7s extl water loan
♦434s assented
1st mtge g (lnt at 4% to
Oct 1 1946) due July 1948 A
Bell Telep of Pa 5s series B..1948
1st A ref 5s series C..——.I960
2234
4
7334
373*
2
125*
26
.1962
2
O y bb
1134
20
With declaration
O y bb
10 34
"66""
1254
36
97 34 1005*
--- —
Stamped modified bonds—•
734
*16 34
Af N
9054
705*
1
1053*
834
n
6034
65
"99""
934
1934
♦Silesia (Prov. of) extl 7s
Baltimore A Ohio RR—
A
1st mtge gold 4s.
July 1948
4s registered
-.1948 A
7834
6534
313*
J yb
793*
36
2
bb
5
J
extl....
..1948 J
1005*
10134
803*
913*
703*
bbb2
3
J
♦8s secured extl—......
y
34
J
Serbs Croats & Slovenes
x
D y bb
1054
1134
J
{♦Secured s f 7s
111
1034
1950
♦Sinking fund g 634s
111
12 34
1054
*1034
♦8s external
♦Saxon State Mtge Inst 7s..
4
10
m N
f g
111
1234
O
1968
♦7s extl loan of 1926
1115*
111
J yb
Second mortgage 4s
1948 J
J yb
Atl Gulf A W ISS coll tr 5s..1959 J
Atlantic Refining deb 3s
1953 M S x aa
1034
13
A
"16
109
2
Oct 1952 MN y bb
10 34
70
K
3
Ref A gen ser D
454
24
*63
a
111
10134
4*4
87
9734
A
1946
♦Rio de Janeiro (City of) 8s
♦Extl sec 6 34s
F
m
9734
11234
111
*1003*
534
8
13"
a~o
111
aaal
bbb2
434
5
16
Queensland (State) extl s f 7s
7
x
x
Ref A gen ser A (lnt at 1%
j
to Dec 1 1940) due
1995
Ref A ger ser C(lnt at 11-5%
J
to Dec 1
854
"834
1U34
J xbbb2
8
11
934
aaal
J
S
17
x
J
J
100
34'ilOl
9534
905*
1033* 105
10034 10234
10434
101J4
1115*
J
M
97
—— -
-
9454
97
i
10134
aa
1964
Af N
5s__May 1 1945
L A N coll gold 4a
Atl A Dan 1st g 4s
-----
104
x
834
With declaration
♦Porto Alegre (City of) 8s.
♦Extl loan 734s
tr
104""
88
—
10
— —
2
,
D
334
454
534
aa
J
334
*5
J
J
454
1354
bbb2
x
35
—
101
*965*
bbb2
x
J
334
454
734
With declaration
1963
7
13
*4
*454
1950
5434
55
5854
10354 104
654
854
8
634
734
634
6
734
7
....
*434
1947
f 7s
46
.
854
654
634
634
634
634
634
1958
a
104
81
x
D
J
Trans-Con Short L 1st 4s—1958 /
Cal-Arlz 1st A ref 434s A—1962 Af S
46
1940
♦4)48 assented
3 5*8-4-4 34s
101
27
1961
♦External sink fund g 8s
sec
bbb2
8
1960
♦4J4s assented
♦7s series B
x
33
1947
1959
♦434s assented
s
1955
D
33
1967
6s 2d ser
♦Stabilization loan
s
10234
'"9134
High
10654 11034
885*
9334
22
9134
*100
34
1963
8 ♦Poland (Rep of) gold 6s
s
91
bbb2
40
1994
♦Peru (Rep of) external 7s
♦Nat Loan extl s f 6s 1st ser
♦External
bbb3
4134
5
97
9154
bbb3
x
4034
56
No. Low
High
x
1948
Since
Jan. 1
11034
10954
913*
x
33
56
11034
D
33
56
aaal
1955 J
33
1/n
Is
1995 MN
34
mn
•3
Friday's
A
Asked
Bid
Stamped 4s
Conv gold 4s of 1909
Conv 4s of 1905
M S
1963
♦Stamped assented 5s.
Stamp mot 33*s ext to...
Ext sec ref 334s ser B
♦Pernambuco (State of) 7s
s f
41
x
Range
Range or
Sale
Lout
.........1995 A O
Adjustment gold 4s
1995 Nov
General 4s
M N
O
Price
Railroad & Indus. Cos. (Cont.)
Atchison Top A Santa Fe—
30
1952
1953
1958
...1955
Oriental Devel guar 6s
Extl debt 534s
♦Nat Loan extl
"24
FA
70
6934
51
67
*3234
3934
High
7
59
Last
See a
Y. STOCK EXCHANGE
Week Ended July 25
5654
5434
63
AO
f 43*s
1
2
59
*
M s
External
4s
No. Low
....
6934
...
External sink fund 434s
With declaration.
s
76
6934
62
1944
Jan.
Elig. A
Rating
BONDS
N.
Since
Asked
High
*69
With declaration
20-year external 6s
With
A
Low
F
Range
Friday's
Price
Week Ended July 25
519
Week's
Friday
Bank
Week's
Friday
See
a.
New York Bond Record—Continued—Page 3
520
Bank
Eliff. A
BONDS
Railroad & Indus. Co«.
Last
Ratino
Price
A
High
132 h
132 H
134
25
128 %
x
aa
2
104%
104 h
105
49
x
aa
2
28
2
18H
797
93 h
91
38
aa
x
105
105
aaa2
aaa2
ccc2
x
a
x
105%
x
118
*111H
97 h
"8IH
"8l"
1977 F
A—-—1971 F
A Eastern III RR
bbb3
x
bbb3
(conv)-J997 J
z
cccl
29 %
a
2
114 h
114h
98 h
95
28 h
x
series B
y
b
J
z
J
J
z
3
1
bb
J
4%«—----2038
t*Chlc Ind A Louisv ref 6s. 1917
♦
Refunding g 6s series B—1947
♦Refunding 4s series C
1947
♦ 1st A
gen 5s series A
1960
♦ 1st A gen 6s ser B.-May 1966
Chic Ind A Sou 50-year 4s.-1956
tChlc Milwaukee A St Paul—
♦Gen 4s series A...May 1 1989
♦Gen g 3%s ser B-May 1 1989
♦Gen 4 %s series ^-May
} JJ89
♦Gen 4 %s series E.May 1 1989
♦GM 4X8 series F.May 1 1989
tChlc Mllw St Paul A Pac RR—
♦Mtge g 5s series A
--1975
♦Conv adj 5s
Jan 1 2000
fChlcago A North Western Ry—
♦General g 3 %s.
1987
3 %s registered
—1987
73 X
73 &
84
82 X
36 h
ccc2
ccc2
"65
26
40
97
30
167
2
22%
65
64
73
30%
32 h
7
21%
30
8
20
26
29H
244
18%
6%
159
6%
bb
2
73
40
39 h
38h
ccc2
39
z
ccc2
40 h
J
J
z
ccc2
40%
z
ccc2
F
A
z
cc
2
z
c
1
2%
z
cccl
27%
"27 h
27
40 h
27
J
97% 102
7
92%
98
15%
14%
16%
21%
19%
25
16%
24
16
21
1
a
2
106%
m'mmm
"97%
x
x
mmm
„
101%
97%
12
cc
1
21
21%
z
cc
1
18%
19%
23%
21%
*20%
CCC2
25
ccc2
22
z
D
J
cc
1
♦6s
mm
cc
1
z
mm
1
z
D
J
series B
cc
cc
1
2
a
12
J
J
x
MN y bb
J
J x aa
2
62
29%
28%
30%
30%
30%
40%
39%
41%
42
41%
4%
27
67
107%
99
8
96
99%
mmmmmm
2
J
J
x
aa
2
J
J
z
cccl
J
J
z
cccl
42
52
F
A
z
cc
1
1%
F
A
z
cc
1
1%
O
z
cccl
14%
1%
1%
14%
41K
9
11K
12H
574
J
J
z
cc
2
5%
5%
3k
409
1
3%
28H
95
15
2%
M S
105%
*107%
14%
14%
14%
z
b
1
O
x
aa
3
"111%
S
x
aa
3
110%
D
x
aa
3
J
D y b
2
D z ccc2
2%
2%
15%
106
cccl
28h
24
16%
29%
M
S
x
aa
2
ma
MN
z
cccl
15
aa
3
103%
108%
103%
108%
z
cccl
"30h
108
MN
MN
z
cccl
105%
z
cccl
105%
D
z
cc
1
J D
J D
MN
z
cc
1
z
cc
1
c
1
x
aa
11
20%
East T Va A Ga Dlv 1st 5s_.l
MN
x
bbb2
33
10%
20%
Ed El III (N Y) 1st cons g 5s. 1
J
J
x
aaa3
2 H
127
1%
3%
Elec Auto-Lite
J
D
x
a
3
M 8
x
aa
2
O y bb
O y bb
1
1
z
cccl
z
cccl
cc
45 h
23 h
*19h
21H
22 h
19
38%
208
14%
11%
49
23%
*15"
cc
c
20
12%
7%
6
12%
14k
15 K
114
7%
6%
15%
14
2%
13%
12
13 h
7
2H
75
6s.----—---JjJJJ ^ O
19
44
75 h
7
*51
a
13 h
2
x
51%
%
i:"Jqa9 if*
a/
4s. 942 MN
3 Ha D..1971 MN
E---}J69 b A
5s..1943 J
A St Louis Ry~
69
68
53 h
54
78
46%
55%
44%
69
73
51%
69
54
J
98%
ccc2
41h
40%
41%
27%
y
ccc2
16%
18
x
aaa3
aaa3
*111%
x
aaal
*104%
109%
109%
*112%
*96%
"98%
76%
89%
57%
55%
*75%
108%
77%
89%
58
56
76%
109
bbb2
♦Conv 4s series A—.....]
A
O
z
cccl
]
A
O
z
cccl
'mm
1
A
O
z
cccl
'•J,
♦|Ref A lmpt 5s cf 1927—1
♦|Ref A lmpt 6s of 1930-1
MN
z
cc
1
A
O
z
cc
1
J
z
bbb2
93%
J
J
z
bbb2
115%
MN
x
a
2
a
2
98%
42%
18%
9%
107% 110%
109
111%
104% 106
108
110%
111
113%
110%
89
98%
♦Gen
conv
4s series D
s
f 6s. 1
♦N Y A Erie RR ext 1st 4s. 1
♦3d mtge
4%s
1
77 h
D x bbb2
J y bb
1
J y bb
2
coll tr g 4s—-1990 MN
y
bb
x
aaa3
"57 h
J
56
2
169"
aa
B
*104%
*103%
J
aa
*101^32
D y b
1974 M S z cc
JFlorlda East Coast 1st 4 %s.l959
♦1st A ref 5s series A
J
♦Certificates of deposit..
MN
MN
aa
*108
A
a
*106%
series B—.1981
Cleve Short Line 1st gu 4 Hs.1961
J
J
a
*107
O
bbb2
5HS—1972
1973
1977
Coal River Ry 1st gu 4s
1945
Colo Fuel A Iron gen s f 53—1943
♦5s Income mtge
—.1970
Colo A South 4Hs aeries A..1980
A
O
bbb2
O
bbb2
O
bbb2
B guar
lstsf 4Hs series C.
1st s f 5s series
D
x
61
With declaration.,
A
22%
22%
103%
103%
103%
1c3%
1C3%
13
103%
103%
28
Ss.May 1952 MN
Debenture 5s...—Apr 15 1952 A O
J
Debenture 6s_,
Jan 15 1961 J
Columbus A H V 1st ext g 4s. 1948 A O
Columbus A Sou Ohio El 3%s 1970 M S
Columbus A Tol 1st ext 4s.-1955 F A
♦Commercial Mackay Corp—
Income deb w w—Apr 1 1969 May
Columbia G A E deb
x
bbb2
x
bbb2
x
bbb2
x
aaa2
x
aa
x
aaa3
z
103%
103%
*110
3
109
23
12
113
109%
"21
*113%
♦20-year
s
MN
f deb 6s
11%
6%
10%
1%
2%
3
58%
*"
104% 106%
77
85%
13
26
103% 106
103% 106
103% 105%
114% 114%
104% 109%
113%
34%
52%
J
aa
3
bbb2
J
x
J
J
D
x
108%
104%
*9%
104%
104%
z
J
108% 110%
107%
107%
109%
69
107%
104%
95
29
of Upper
Wuertemberg 78.1956
deb 3H8—1951
conv
103% 105%
104% 107%
103% 107%
106% 109%
80
103% 108%
97% 104%
General 4%s series E
.1977 J
General mtge 4s series G..1946 J
Gen mtge 4s series H
1946 J
J
x
bbb3
"91%
J
x
bbb3
101%
101%
J
x
bbb3
97
J x bbb3
Gen mtge 3%s series I
1967 J
♦Green Bay A West deb ctfs A... Feb y bb 1
Feb z cccl
♦Debentures ctfs B
83
Gulf Mob A Nor 1st 5%s B..1950 A
1950 A
1st mtge 5s series C
Gulf Mobile A Ohio 4s
ser
B 1975 J
♦Gen mtge Inc 5s ser A
2015 j
Gulf A Ship Island RR—
1st A ref Term M 5s stpd—1952 J
s
1961 A
f 4%s
1949
r
*J
2
"71%
J y b
1
48%
x
a
9
93
87
89
95%
95%
100
105%
118
95
80
99%
87%
62%
22
....
64
11
5
87
93
2
79
90
73%
71
71%
36
62
48%
60
36
50
89
90%
64
104%
12
111%
7
132%
103% 105%
108% 111%
z
...
132%
"14
z
bb
2
99
99
99%
11
z
b
1
64
64
64
y
bb
2
x
aaa3
103%
A y b
z
38
2
103%
103%
4
37%
39%
55
122%
122%
3
"45%
44%
cccl
11%
10%
.
4
45%
56
65%
101% 103%
26%
39%
113
11%
127% 132%
85%
99%
151
121% 127
43%
9%
102% 106%
t
For fo
tnpfes see page
523.
9%
...-
104%
111%
2
89%
44
83
47%
*62
—
O
64
87
D y cc 2
1949 MN x aaa3
Febl957 A
97%
83%
*90%
A. 1962 j
Hudson Co Gas 1st g 5s
Hudson A Manhat 1st 5s A..1957 F
♦Adj income 5s
3
J y ccc2
O x bbb2
1
97
82%
8%
J y bb
J
91%
103
*62
3
1954 MN
ser
3
O y bb
O y bb
j
g 4%s.l999 j
1944 A O
JJ^Housatonlc Ry cons g 58.1937 MN
Houston Oil 4%s debs
Hudson Coal 1st 8 f 5s
a
15
36
96
73%
61%
9
♦Consolidated Hydro-Elec Works
Consol Oil
100%
60
3
Hoe (R) A Co 1st mtge
105
107%
95
....
mm"*'—
"70%
67%
104% 107
74%
81%
92%
101
104%
106%
107%
108%
67%
,;>•
.
60
-
2
91%
91%
119
107
'm'mrnm'm
*95
"66"
-
63
bbb3
119
107%
*100
2
—
x
101
104%
106%
79%
J
109% 109%
3
33
__
79
106%
1976 J
*117
3
21
*9
"106%
General 4%s series D
*109%
aa
23%
105% 109
2
aa
18
14
3
x
16
22
aa
x
96%
14%
23%
22
aa
110%
10
84%
99%
Gulf States Utll 3 %s ser D..1969 MN
110%
16
22
2
150
14%
107%
♦Harpen Mining 6s
Hocking Val 1st cons
110%
35%
96%
105%
109% 119%
2
12
mm
"95%
13%
"96%
99
107% 110%
3
mm
35
bbb3
x
3Ms debentures—........ 1946
3 H s deben tures
1948 AO
3 Ha debentures
1956 A O
c
*18
:
36
39
35
mmmm
bbb3
28
aa
121
11
35%
mm
mm
x
156
aa
121
"18"
x
109%
x
m'mmrn
*120
1%
x
111%
x
39
J
x
O
....
2
2%
58% •v.-'i 7
J
Gulf States Steel
A
3
*2%
2%
56%
m
J
109%
*100%
2
m
1973 /
107%
3
a
75
General 5s series C
107%
109%
aa
102%
43%
Great Northern 4%s ser A..1961 J
General 5%s series B
1952 J
50%
bbb2
L
z
J y
50%
x
x
43
....
9%
*15
A y
1
x
1968
....1958
Conn A Pasump RIv 1st 4s..1943
Conn Ry A L 1st A ref 4HB-1951
8tamped guar 4Hs
-.1951
Conn Rlv Pow s f 3%s A
1961
Consol Edison of New York—
series I
9%
8%
aaa3
A
J
99
103
7%
J t
Gt Cons El Pow (Japan) 7s..1944 F
1st A gen s f 6%b
1950 J
32%
118%
101
...-
30
10
J y bb 1
J z cccl
J
"79% '88%
Co—
Conv debs 3Ha
mmrnmm
16%
82%
103
16
J
cc
193
11
10
1
2
113
52%
23
2
D y b
D y bb
*105
2
395
94%
64 %
Grays Point Term 1st gu 5s. .1947
79%
73
"5
32%
115%
8
Gouv A Oswegatchle 1st 5s..1942 J
90
115
30%
93%
115%
*103%
16%
100
108%
74%
81%
229
5
109
84%
104%
32%
55%
50
2
67%
81
m
67
bb
18
104%
mm
67
bbb2
"67%
81
"30%
"31%
z
17
1
54%
32%
mm
m
*46
y
29
2
55
38
'm
1
x
76
68%
b
38
2
O
87
bb
6
36%
36%
104% 107
Goodrich (B F) 1st 4%s
1956 J D
Gotham Silk Hos deb 5s w w.1946 M S
82
O
MN
53%
z
79
75%
67%
2
53%
mm
z
80
aa
36
z
86%
bbb2
2
58%
J
86%
A
53%
5
108
D
60
53%
""2%
D
107% 107%
14
60%
42
mmtmm
1
J
.....
A
40%
15
1
+ m
....
108
c
m
m
58%
5
102% 103%
-----
m'mm
59%
c
m.
105% 105%
107%
84
95%
90%
58%
z
♦Certificates of deposit
104% 109%
aa
A
56
80%
"57%
z
{♦Proof of claim filed by owner.
J
58
70
55%
80
91%
58%
"58
Francisco Sugar coll trust 6s. 1956 MN y ccc3
80
..
F
90%
cccl
91
51%
101%
101%
z
JFonda Johns A Glover RR—
(Amended) 1st cons 2-4s..l982
54
..
56
....
2
c
72
75
150
102
z
85
..
98
103% 106%
107
109
aa
J
7
108%
100%
107""
J
J
93
150
6
*
D y bb
J z bb
J
D
J993
108
1
a
104%
108%
16%
24
105% 109
10
101%
31%
J
♦Genessee River 1st
♦Series B._
x
y
x
cccl
D
97 %
aaa3
cccl
z
J
2
103%
106
1
106%
bbb2
z
J
Federal Lt A Trac 6s ser B..1954 J
^♦Fla Cent A Pennln 5s
1943 J
89%
91%
aaa3
z
J
J
94%
94%
bbbl
J
J
z
94 h
97 h
y
J
'
z
94 %
x
bbb2
A
2
110
z
F
108%
9
105%
"90%
J
M S
108 K
102 h
x
—1
{♦Erie RR 1st cons g 4s prior 1
Prior 4s registered
1
♦1st consol gen lien g 4s...]
Gen 4s registered
]
30
101
....
67%
68%
43
30
101%
^'mm-
112%
102
'''
106% 109%
98% 104
108 %
x
Gulf con 58.1952 M N
3%S—1966 F A
A
A
5s stamped
lol %
7%
96
....
152
2%
16
27
"99%
98%
*150
♦Erie A Jersey 1st s f 6s..l
cc
20
991
20%
22%
20%
13%
....
21H
13k
13 h
19h
12k
11K
1
cc
z
44 h
23
2%s debs.—.l
Elgin Jollet A East Ry 3%s.l
El Paso A S W 1st 6s
1
99
16
3
9
53
*108
3
15%
102% 107%
....
106
*65
IH
1st 4s 1
109
43
108%
18%
*65
2
z
....
O
44
19h
cccl
M S
A
72
20
19
z
z
East Ry Minn Nor Dlv
20 h
19h
"35 h "85
7
96%
104
18%
20
/ J
z
aaa3
19h
23 %
----
ccc2
x
20 %
44 h
—-
z
J
19h
cccl
A O
x
J
J
34
cccl
J
O
J
27
*23
"34 h
z
9
A
28%
36
21%
—
108%
72%
77
108% 112
....
107%
z
30%
3%
m'mmrn'm.
96%
22
6%
5
■m^mmm
"96%
18
61
11
bbb2
16%
19%
10%
1
111%
110%
x
28 h
14
106%
-
7%
7%
1%
11
*45
107
mmmm
106
2
6
57
108%
103% 106
117
15
110%
J
15%
*81%
110%
M
J
*15
1
108%
"14%
46%
105
....
105%
mm" 1-
MN
*28
103% 109
830
56
52%
*107
2
108
107%
55
1
20
aa
}*Consol gold 4%s
19
15
x
t f*Den A R G 1st cons g 4s..
19%
1
J
12%
39
....
98%
aaa2
12
15%
16%
20
28%
z
106%
20
20
27%
F A
2
18%
■mmmmrn
16
z
9
23%
*19
14
J
68
25
18%
z
72
69
26 h
28h
104
21%
z
z
♦Deposit receipts.
108% 111%
105% 109%
107
111%
166
7
MjV
9
z
D
J
♦Deposit receipts.
106% 108%
107% 111
16
82
a
1958
8
aa
bbb2
x
O
27 x
28H
28H
F'---J963 J
3 H8 debentures
2
97%
D
D
28 k
x
1st mtge 3Hs
6
26
Indiana con 48.1952 J J
ref M 4 %s series D—1962 M £
Commonwealth Edison
110%
106%
101%
x
40 h
aaa2
Cleve Union Term gu
109%
cccl
aaa2
Gen A ref 4Hs
2
O
41K
F
Series
aa
cccl
Series B 3 Hs guar
Series
x
29
B—....1993
A lmpt 4 %s series E..1977
Wab A M Dlv 1st 48—1991
Gen 4
17
16
E.—1963 J
1942
1942
1942
C 3%fl guar
1948
D 3%s guar
1950
Ha series A———1977
109%
mm-.m m
14%
x
Gen 4%s series
41
109
mmmm
166
z
Series A 4%sguar
111%
^
28H
z
3s
1970
Cleveland A Pittsburgh RR—
"110 %
2
k
x
St L Dlv 1st
2
A
40 h
40 k
cccl
Cleveland Elec Ilium
2
aa
aa
28%
27%
cccl
75%
1
aa
A
MN
MN
26%
26%
84%
x
A
ccc2
18
29%
19
12
12
Station—
General g 4s..—--
111
3
x
A
30
10
bb
bb
General 5s series
108%
27
17%
x
J
40%
32%
10 h
y
Cleve Cln Chic
84
32
High
18
6
108%
110%
110%
2
■'
72
12
y
3%s ser
83%
ccc2
aa
|J
Crane Co 2 % s s f debs
30%
12
bb
1st mtge gu
z
x
25
MN
109% 114%
bb
cm Un Term 1st gu
J
No. Low
26%
26%
26%
MN
88
1
bb
Clearfield A Mah 1st gu
High
Since
Jan. 1
MN
80
71%
78%
1
y
Cln Leb A Nor 1st con gu
mm
MN
88%
cc
y
^♦Choctaw Ok A
rnrnrn'mmm
100%
81
28
ccc2
y
Cincinnati Gas A Elec
1st mtge 3 %s
cccl
96
93%
!~32
67 h
37 h
z
J D
J D
4S-..-1951 J D
Chic T H A So'eastern 1st 6s.1960 J D
Income guar 5s
Dec 1 1960 M S
Chllds Co deb
z
MN
cc
z
Memphis Dlv 1st g
Chic A West
J
93%
y
J
J
Ch St L A New Orleans 58.-1951
Gold 3%8-----June 15 1951
3%s series
1st mtge 3 %s series
\J
Range
c2
A)£i
26%
26%
26%
83%
26%
94%
z
z
1st mtge
cccl
J
z
♦Conv g 4%s——
Chicago Union
cccl
z
91
z
MN
J
J
z
{♦Refunding gold 4s....—1934
♦Ceitlflcates of deposit----{♦Secured 4 %s series A—1952
♦Certificates of deposit.....
z
J
J
•2
Asked
A
Low
J
>J
88
114h
35 h
29
z
Fed mc tax.1987
Fed inc tax 1987
4%sregistered
1987
♦Gen 6s stpd Fed inc tax„1987
♦4%s stamped
1987
{♦Secured 6H8------—--1936
♦ 1st. ref K 6s_------^lay 1 2037
♦
1st A ref 4 %s stpd May 1 2037
♦ 1st A ref 4%s C—May 1 2037
♦Conv 4%s series A------1949
Jf ♦Chicago Railways 1st 5s stpd
Aug 1940 25% part Pd-1927
|*Chlc RIA Pac Ry gen 4s..1988
4s registered
...1988
♦Certificates of deposit-.--1988
4s ctfs registered
♦GenSwIstpd
81K
66 X
1987 M N
MN
registered
♦stpd 4s n p
73 %
83 h
67
1987 M N
♦General 4s
Bid
Price
k
Railroad & Indue. Cos. (Cont.)
134
J
y
♦Gen Inc mtge
Cln
"98"
a
x
%
1st gold 68-1982 AT N
Chicago Gt West 1st 4s ser A. 1988 J
Ref
h
a
Chicago A Erie
1st A
16
92
a
♦Gen mtgeInc
4s
17 %
93
x
—.
1st A ref 5s series
Chicago
2
x
1st A ref 4%*
See
Range or
Friday's
Sale
Ratino
Consumers Power Co—
*120
a
1949 -1949 J
}949
-r*
cjs
120% 122%
112
119%
18%
8%
x
x
RRref 3a--1949 A
Q—111 Dlv 3%s 1949 J
registered
G
Last
Elig. A
1- O
STOCK EXCHANGE
Week Ended July 25
102% 106
102% 105%
z
4s
High
aaa3
Chic Burl &
General 4s
No. Low
x
♦Chic A Alton
registeredIllinois Division 4s
N. Y.
Jan. 1
J
Chesapeake A Ohio Ry—
General gold
M S
Ref A lmpt mtge 3%s D—1996 MN
Ref A ImptM 3 Josser E_.1996 F
Potto Creek Br 1st 4s.
1946 /
R & A Dlv 1st con g 4s..-1989 /
2d consol gold 4s.
1989 J
3 %s
Since
Asked
Low
(Cont.)
BONDS
Range
Friday's
Bid
26,
Week's
Friday
Bank
•5
Range or
Sale
See k
Y. STOCK EXCHANGE
Week Ended July 25
N.
July
«—
Week't
Friday
Attention is directed to the columo
Incorporated In this tabulation pertaining to hank eligibility
and
rating
of bonds. See
*
48%
13%
Volume
8TOCK
"S Elig.
Ik
i
EXCHAh
Week Ended July 25
Week's
Last
Range or
Sale
Friday's
<fc
Rating
® 3^
f
See
i Stt,
Bank
Friday
Bank
1
1
BONDS
Y.
Bid
Price
a
Railroad & Indus
2
&
103
*90
96%
J
J
x
bbb3
*88
91
J
J
x
bbb3
*90
A
O
x
bbb3
*91
M S y bbbl
A O yb
2
lfit gold 3%s
J xbbb3
*30
103%
aaa3
x
%
81m
80 M
52%
53
48
53%
39
36 %
44
28
44
38%
45%
Manila Elec RR A Lt
81M
81M
81%
86%
27
39
46%
Manila RR (South Lines) 48.1959
70
44
44
53
47%
35%
55
49
{§*Man G B A N W 1st 3Msl941
Marion Steam Shovel s f 6s..1947 A
25
31%
88%
98
A
Stamped
|*Market St Ry 7s ser A Apr 1940 Q A
Q A
(Stamp mod) ext 6s
1945
Mead Corp 1st mtge 4Ms...1955 M S
Metrop Ed 1st 4 Ms series D.1968 M S
A O
Metrop Wat Sew A D 5Ms..1950
F A
mMet W Side El (Chic) 4s_1938
♦Mlag Mill Macb 1st s f 78—1956 J D
Michigan Central—
148
2
41%
42%
12
MN yb
2
43%
43%
44%
53
52
53%
J
47
82%
2
78
82%
bbb2
62
62
1
59%
64
61%
registered
1951
Springfield DIv 1st g 3%s.l951
Western Lines 1st g 4s
1951
2
J ybb
3
J y bb 3
J x bbb2
J
C
ref 5s series A—1963
"46"
"46
trnm'im
*
kV*
*60"
2
J
D y bb
D y bb
F
A
63
2
bb
J
y
...-
1963
1948
Ind 111 <fc Iowa 1st g 4s
1950
{♦Ind & Louisville 1st gu 48.1956
Ind Union Ry 3%s series B.1986
1st & ref 4%s series
C
1
J
F1961
x
O
x
aa
*108
aaa2
A
A
Inland Steel 1st mtge 3s ser
O y bbbl
Inspiration Cons Copper 4s. 1952
Interlake Iron conv deb 4a_.1947 A O
••
-
106%
bbbl
"100%
z
cccl
15
106%
100
18
100%
33
A..1952
1952
J
A
O
z
cc
1
1%
1%
1%
97% 103
19
8
3
1956
J
J
z
cccl
17%
17%
28
1956
6s—1944
Int Merc MarlD® s f 6s
1941
Internat Paper 5s ser A <fe B.1947
Ref s f 6s series A
1955
Int Rys Cent Amer 1st 5s B.1972
1st lien & ref 6 Ms
1947
Int Telep & Teleg deb g 4Mb 1952
Debenture 5s
1955
{♦Iowa Cent Ry 1st <fc ref 4s. 1951
J
J
z
cccl
17%
17%
{♦Int-Grt Nor 1st 6s ser
♦Adjustment 6s ser A. July
♦1st 5s series B._
♦1st g 5s series C
James Frankl <fc Clear
2
"37%
37%
38
96
O y ccc3
J y bb 2
89%
88%
90
129
J
M S y b
104%
2
F
A ybb
90
91
41
43
44%
44%
119
32%
1%
1M
11
%
1
c
101% 105%
76%
81
83%
91
30%
47
11
70
'
y
J
bb
1
55%
54%
55%
19
52
x
1st 48.1959 J D
a
2
99
98%
99
24
95%
92%
A
O
x
bbb3
{|*K C Ft S & M Ry ref g 4s 1936
♦Certificates of deposit...
A
O
z
b
1
z
b
1
1950
A
*
92%
"47%
48%
....
49%
68
32%
23
32
63%
69
30
69
75 M
109%
Kresge
j^Laclede Gas Lt ref & ext 5s
x
S
x
a
3
M S
x
a
1
M S
Coll tr
Lake Erie & Western
5s extended at
104% 106%
20
102% 105%
1
97%
96%
97
75
75%
75%
217
75
72%
72%
6C%
69%
69%
3
49
71%
77
77
2
50
80%
89%
F
F
F
1
A ybb 1
A y ccc2
A y
77
ccc2
J
x
29
61
D
x
x
bbb2
89%
8
82
Dec y cc
90%
19
89%
95
Nash Chatt A St L 4a ser
84%
86%
12
84
91%
ybb
J y bb
4s..,1945
A
29%
29%
29%
45
78
79%
42
25%
62%
33%
78%
1964
stamped
1974
;.—1974
♦Sec 6% notes extended to 1943
♦6s stamped
1943
Leh Val Harbor Term gu 5S..1954
Lehigh Valley N Y 4Mb ext.. 1950
F
b
2
z
b
2
48%
z
b
2
72
mmmm
F
J
J
b
z
2
b
2
.2
b
2
b
J
1
1
A y
J y bb
z
cc
2
•'
_
w
^
"64%
A
64
"~2
48%
10
43
49
50%
55
43
52
33%
31%
O
x
a
J
J
x
bbb3
56%
A
O
x
x
D
A
x
a
57%
"l"02%
107%
118%
12
126
16
102
103
7
4
•
—
—
"
m
-
14
105
17%
17%
1
98%
2
124
98%
1
~
104
17%
30%
93
98%
98%
99%
99%
O
z
bb
x
bbb2
*96%
M S
x
bbb3
96%
96%
23
95%
95%
MS
x
bbb3
96%
97%
63
95%
A
x
aa
J
J
x
bbb2
"97%
aaa2
118%
"87%
5
124%
87
109
S
x
aa
2
M S
x
aa
2
123
47
88
10
110
*108%
M
110
A
O
x
bbb3
104%
1st A ref 4Ms
A
O
x
bbb3
97%
1st
A
O
x
bbb3
A
O
x
bbb3
J
J
x
a
3
J
J
x
a
3
F
M
A
x
x
bbb2
a
3
*91
87
103%
86%
103%
107
*105%
3
10
98
88
108% 110%
93%
87%
"61
35
104%
107%
106
87
87
23
^
;
-
"I
102
4
1
105%
96% 101
91
96%
85%
91%
103% 105%
105% 109%
104% 106%
85%
88
2
53
89%
2
37
38
145
77%
24%
29
28%
12%
24
30%
25%
160
24 %
11
32%
27%
25%
26%
102
11%
28%
10 m
11%
38
3%
: 27 m
19%
19%
1%
19%
28%
27%
27%
2
2
2
25 m
cc
1
10 m
98
1%
28%
27%
2%
119
cccl
2M
27 m
27 m
28%
474
cccl
27 m
27 m
16
19
28 %
28
27%
29 m
28 m
185
20
1%
29
29%
183
cccl
A
cc
M s
27%
1
cccl
mn
cccl
28m
......
1
10
104
5
mn
cccl
A
O
cccl
F
A
cccl
"27 %
cccl
27 %
27
28%
z
bb
1
87
87
89
£ y
bb
1
55
54%
59%
110m
111%
81
m
% 8
,
3
110%
*111%
ybb 2
z
3
a
y
y
y
y
y
y
mn y
mn y
106%
19
79%
x
x
a
57
19%
49
5
108% 111%
110% 113
102% 107
62%
85
113
106%
"70
72
50
39
50
39
*46 m
39
"38% "38%
65
43 m
41
37
42 m
43%
43%
194
43 m
116
36
38 %
37%
39
151
30%
110
1
110
aaa2
mn
89
53
20
*46 m
*46%
28%
1%
29%
29%
28%
28%
20
"28% "328
*70
bb
b
b
b
b
b
ccc2
ccc2
D
J
106 M
29%
%
*28
27%
2%
28%
19%
•4
29m
29m
cccl
MN
14
*115m
2
43%
39
107%
10
110%
115
117%
68%
43%
117
72
68
2
x
a
2
105 m
105 m
105%
40
102
105%
M s
x
bbb2
104 m
104%
6
103
105%
A
106%
16
106%
7
o
x
aa
3
106 %
103%
105%
D
x
a
3
106%
106%
MN
y
b
3
D
x
aaa3
J
z
bb
J
z
bb
D
x
aa
J
x
deposit
1954
A
-1945
RR 4s series A
f
1998
..1946
registered
2
126
109
"I
107
74
74
2
67
80
65
72%
*73%
122
8
85
72 m
72%
13
106%
14
106 m
106%
7
bbb2
z
b
z
b
z
b
z
b
z
b
z
b
FA
z
b
z
b
AO
z
b
46 m
z
b
45
45
x
106%
......
74%
1
38 m
*35
"46"
46
*38%
44 m
44 m
*44%
"44"
75
33
39
2
39%
46
"l7
"18
44
44%
44
5
45%
46%
7
45^
1
93
2
2
61%
61
62%
A
o ybb
92 m
93
54
O y b
2
2
92 m
A
56 m
56 m
58
380
A
O y b
2
62 H
61%
63%
293
MN ybb 2
J
J x bbb2
60%
60%
61%
130
ybb
ybb
ybb
2
bb
ybb
2
2
A
m
O ybb
77
12
64%
101%
37
34%
48
46%
35%
46%
45
32%
44%
33%
44
60*
55*
33%
47%
32
46
107
60%
89%
55%
63%
69%
59
67%
78%
80%
60
4
1
foo. notessee page
523
.
Attention Is directed to the
column incorporated In
83
70
64%
68
65
65
66%
54%
86%
76%
2
74 %
74
74%
43
63 m
62 m
63%
182
93 m
94%
69
bbb2
95 %
93%
95%
95%
55
90
95%
99 %
99%
99%
15
90
96
96%
10
79
99%
96%
102%
27
A
A
O
1941
1950
A
O y bb
1
J
D y bb
1
aa
2
this tabulation pertaining to
87%
101%
58%
O
x
x
102 %
101%
65
95%
98% 102%
1
Fo
69%
95%
60%
63%
59%
59%
55
39
100
64%
*58%
60
76
30
S ybb 2
x bbb2
F
A
83
*101
2
y
80 M
72
76
2
68
107
*107
aa
A y bb
82 m
105% 106%
105% 106%
32
48
44
bbb2
75
109%
34
"l4
F
x
123% 131%
30
46
45%
127%
70
106 m
x
J
60%
60%
45%
126
bbb2
J
124
60
18
109
bbb2
1998
A—1965
11
lOo"
1946
3 Ms extended to 1947
3-year 6% notes
6s debentures
N Y Connecting RR 3 Ms
60
123%
x
FA
120
"(30 "
123%
x
o
101% 106%
103% 106%
82% 86%
123%
J y bb
Mich Cent coll
4s collateral trust—
60
59 m
a
1997
1942
gold 3 Ms—1998
3 Ms registered
1998
New York Chicago A St Louis—
Ref 5 Ms series A
1974
Ref 4 Ms series C
1978
60
ybb 3
A
89
*120
1
bb
gold 3 Ms.-1998
registered
*83
aa
y
x
1935
1956
D
4 Ms
1st mtge
63
2
89 %
m~s
A..-.1983
30-yr deb 4s 1912....
3 Ms
1
63
b
"37"
F
deposit
Cincinnati Bdge Co—
Lake Shore coll
1
J y bb
D y ccc2
y cc
4Ms series A..2013
Ref A lmpt 5s series C
2018
Conv secured 3%s
1952
N Y Cent A Hud River 3 Ms. 1997
128
69%
89%
40%
c
Ref A lmpt
3 Ms
12%
5%
2
59
z
1956
10-year 3%s sec s
82%
107% 109%
104%
N Y Cent
118% 122%
2
118%
124%
2
»
%
11%
4%
M S
♦Certificates of
105
8%
1%
14
10%
c
103
~
76
21
12
cc
1954
♦Certificates of
Gen gtd
12%
14
cc
♦Certificates of deposit
Newport A
8%
7%
A ybb
♦1st 5s series C
♦1st 5 Ms series
146
z
♦Certificates of deposit
♦1st 4 Ms series
11%
11
11%
10%
3
D
♦1st 5s series B
131
95
'■
M S
F
gold 3s—
2
107
104%
z
39
57%
115% 120
104% 107%
118% 123
%
J
{|*N O Tex A Mex n-c Inc 5s
♦Certificates of deposit
33%
9
6%
1%
z
A imp 4Mb A'52
New Orl Pub Ser 1st 6s ser A. 1952
1st A ref 5s series B
1955
New Orleans Term 1st gu 4s. 1953
33%
31%
36
6
z
N O A N E 1st ref
19%
48%
25
116
*100
2
.....1951
A.1969
Louisville Gas A Elec 3MS--1966
Lou A Jeff Bridge Co gu 4s._
Louisville A Nashville RR—
1st A ref 5s series B
1
series E
:
Unif mtge 3Ms ser A ext..
Unif mtge 4s ser B ext
Paducab A Mem Div 4s._
123
118%
aaa3
O ybb 2
MN x aaa2
39
56%
125%
"107""
aaa3
A
A
33%
36
20
16
115%
3
F
176
32%
"38"
16%
14%
17%
5
36
1
J
324
33%
34%
2
A
New Orl Great Nor 5s
I02i3!
"l5
3
J
57%
50
35
A
F
65
85% 85%
82% 102%
.
J
z
36
'i'm
2m
26%
62
1945
N
64%
25
19
F
4s
N
47
102132
"50%
2
x
1st A ref 3 Ms
•
cc
cc
cc
Tel 5s A
1952
MN
1st g 4 Ms series B
1961
F A
J Junction RR guar 1st 4s. 1986
A O
J Pow A Light 1st 4 Ms—1960
61
33
9
*102142
_
guar
05
72
32
-
z
z
z
{♦Naugatuck RR 1st g 4s..
5s. 1948
35%
13
65
64%
31%
O y bb
J
O
65%
37%
26%
"l"2
25%
1
New Eng Tel A
100
15
59%
.1954 J
35
m.
-
*62%
31
O
series C—.J
A ref 48 series D
1
•m-m
31
A
debenture
65
■
2
MN
c
A. .1978
3 Ms
36%
37%
1
72
2
cc
z
{♦New England RR guar 5s. 1945
"48% ""2
cc
z
F
Newark Consol Gas cons
80
z
MN
1
.1954
'
Lorlllard (P) Co deb 7s
Louisiana & Ark 1st 5s ser
*62%
64%
2
bb
z
z
F
4s
1949
z
2
b
zb
A
Lehigh Valley RR—
48 stamped modified.....2003 MN
4s stamped
z
c
50%
8
*101 %
A
cccl
z
J y
107%
47%
28%
*26
ccc2
z
J
70%
103
13
99%
64
32
70
95%
1M
z
36
24
50%
107%
47. m
74 m
67
5
17
9m
J
MN
60%
93%
39
98
50
z
♦5s stamped
registered
2003
4M3 stamped modified—2003
4 Ma registered
2003
5s stamped modified
2003
Leh Val Term Ry ext 5s
1951
Lex & East 1st 50-yr 5s gu._1965
Libby McNeil & Llbby 4s..1955
Liggett & Myers Tobacco 7s. 1944
6s debenture
1951
Lion Oil Ref conv deb 4 Ms.. 1952
Little Miami gen 4s ser A
1962
Loew's Inc s f deb 3 Ms
1946
Lombard Elec 7s series A
1952
♦Long Dock Co 3Ms ext to..
Long Island unified 4s
1949
Guar ref gold 4s..
1949
76%
97
2
A
J
J
30
37 m
25
M S
79%
76%
98
♦Consol
1944
1954 ¥
1954
♦1st & ref s f 5s
75%
50%
S y b
Lehigh Valley Coal Co—
1964
75%
98
Ox bbb3
M
*62 M
36 m
ccc2
Prod 3%s debs. .1960
Nat Distillers Prod 3 Ms- .1949
National Steel 1st mtge 3s.. .1965
Natl Supply
37 m
cccl
Nat Dairy
2
2
2
J
106 m
44 %
z
J
6%
3%
75
95 m
68
107 %
1
z
90%
90%
bbb2
D
"86%
bbb2
J
RR 4s A.1965
♦1st & ref a f 5s
98
79%
79
97%
96%
1975
stamped
92%
56%
57%
97%
bbbl
Ltd—
♦5s stamped
4
99
bbbl
J
♦1st & ref s f 5s
1%
94
z
3 %s—
Lehigh & N Y 1st gu g
St Louis Dlv 2d
1%
1
z
J
5s
106% 108%
105
2
D
1991
Monongahela W Penn Pub Ser—
1st mtge 4Ms
....I960
6s debentures....
1965
Montana Power 1st A ref 3%s *66
Montreal Tram 1st A ref 5s.. 1941
Gen A ref s f 5s series A... 1955
Gen A ref s f 5s series B...1955
Gen A ref s f 4 Ms series C.1955
Gen A ref s f 5s series D...1955
Morris A Essex 1st gu 3Ms—2000
Constr M 5s series A
1955
Constr M 4Ms series B...1955
Mountain States TAT 3%s.l968
Mutual Fuel Gas 1st gu 5s. 1947
106% 108%
.
2
33
RR—
♦1st mtge Income reg
♦5s
...
106%
O
Lehigh Coal & Nav s f 4 Ma A 1954
/
Cons sink fund 4 Ms ser C.1954
♦5s
U'i*
108%
106
1%
z
J
Lautaro Nitrate Co
Lehigh & New Eng
"106%
O
registered
3 Ms
bbb2
5%
95m
a
J
J
69
54
64
68
68
2
M S
Moh'k A Malone 1st gu g 4s.
170
*63
3
b
cccl
{♦Mo Pac 3d 7s ext at 4% July '38
86
161
x
b
I
112
30
♦Certificates of deposit
92%
A y bb
3% to
Lake Sh & Mich Sou g
1
A
1939
1942
C...1953
ref 5%s series D...1960
6s series A
1942
6s series B
1942
Coll & ref 5 Ms series
Coll tr
~
F
A
Ref & ext mtge 5s
Coll &
-
*4
105% 107
109% 112%
106 H
z
z
1981
♦1st A ref 5s series I
m
88
*.
•
«•
-
170"
■
-
104%
J
M
ctfs....1959
{♦Kreuger & Toll 5s
^m
•
82%
81%
95
—
-
77%
107%
J
1954
3Ms.. 1961
Foundation 3% notes 1950
1st & ref6Hs
Koppers Co 1st mtge
•
111%
63%
dddl
z
♦Certificates of deposit
109% 110%
111M
2
aa
x
z
1949
1980
♦1st A ref g 5s series H
1
x
x
1978
♦Conv gold 5 Ms
82%
*105
♦Certificates of deposit
18%
....
60
bbb3
S
1977
♦1st A ref 5s series G
112"
x
♦Certificates of deposit
107% 109%
18%
79%
cccl
♦1st A ref 5s series F
31
—
73
O
1975
4s.
34
m
77
D
♦Certificates of deposit
67%
_
*75
J
1965
♦1st A ref 6s series A
48%
74%
"66%
bbb2
x
ccc2
y cc
66%
O
85
z
y cc
J
J ybb 2
73%
73%
Apr 1950
109
Kansas City Term 1st 4s
1960 J J x aaa3 109
Karatadt (Rudolph) Inc—
z
♦Ctfs w w stmp (par $645) 1943
MN z
♦Ctfs w w stmp (par $925) 1943
z
♦Ctfs with warr (par $925) 1943
j""j x a
3
*109%
Kentucky Central gold 4s_—1987
J
*25
J x a
1
Kentucky & Ind Term 4 Ms. 1961
J
J x bbb2 "82%
82%
Stamped
1961
*89
Plain
1961 J J x bbb2
*82
4 Ms unguaranteed
1961 J J x bbb2
170
A
O x aaa3 "176"
Kings County El L <fc P 68—1997
J
J x bbb2
*106%
Kings Co Lighting 1st 5s..—1954
gold 3s
Ref <fc lmpt 5s
78%
1962
♦General
Kan City Sou 1st
86
78
A
{Missouri Pacific RR Co—
49%
48
47%
99 m
*75
RR—
Prior lien 5s ser A
99
95%
Steel 3%s.l961
& Mich 1st gu g 4s 1990
*96
bbb3
A..1962
98
1
ccc2
40-year 4s series B.
1962
Prior lien 4Ms series D...1978
♦Cum adjust 5s ser A..Jan 1967
58%
*98%
bb
5 Ms
Missouri-Kansas-Texas
49
l'A
*96
105%
81%
z
J y
m
74%
*30
1
m S y
J
"81M
*47
cccl
z
105
*105%
Mn
1949
♦1st A ref 5Ms series B...1978
{♦Mo-Ill RR 1st 6s series A.1959
Mo Kan A Tex 1st gold 4s...1990
"♦25-year
102% 105
81%
41
A y cccl
Jones & Laughlln
39
90
44%
J y cccl
F
z
105
3
J
M S
104%
J
O y bb
O y bb
J
51%
71
12
104%
*80%
"105""
2
MN ybb
36%
2
a
D ybb
{ { ♦MStPASSM con g 4s Int gu *38
J
{♦1st cons 5s
1938
J
{♦1st cons 5s gu as to Int..1938
♦1st A ref 6s series A
..1946 J
18
8
O y b
J
Kanawha
20
17%
A
A
Internat Hydro El deb
♦Ref A ext 50-yr 5s ser
1%
18%
%
8%
1951
1952
C..1979
Michigan Codsoi Gas 4s
1963
{{♦Mid of N J 1st ext 5s
1940
{{♦Mil A No 1st ext 4Ms—1939
♦|Con ext 4Ms
1939
{♦Mil Spar A N W 1st gu 4s.l947
{ {♦Mllw A State Line 1st 3 Ms.*41
{♦Minn A St Louis 5s ctfs
1934
♦1st A ref gold 4s._
1949
101
98
29
18%
Ref A lmpt 4Mb series
102% 107%
1
13
101
18
Jack La its A Sag 3Ms
1st gold 3 Ms
51
48
73%
78
15%
23
106% 107%
57
....
-
100
106%
3
y
J
73%
23
18%
22%
M S
5
60
37%
....
65
25
91
29%
"73%
J y bbbl
J z cccl
J
44%
*
A
27
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f 5S..1953 M S y bbbl
mn x bbb2
40%
172
49%
43%
44%
s
58
48%
49%
1
x
60
64
*58
z
51%
•••••
5
111 Cent and Chic St L & N
♦Ilseder Steel Corp 6s
51%
95
62%
43%
46
44
4
50%
47
49
43%
«...
46%
■
_
58
4
51
--
A y bb
1951
48 registered
58
44%
*
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J
F
51
58
44
58
3
2
O
McCrory Stores deb 3Ms.—1955
3
a
z
Hydro El 6MS-1944
J
45%
82%
J
3 %s
260
bbb3
J y bb
85%
90
108% 111
52 %
43
44%
A y b
110% 112
2
2
44%
F
7
85 %
108%
Gen mtge 4Ms series A...1960 J D y b
2
Manati Sugar 4s s f._.Feb 1 1957 mn y ccc2
x
Maine Central RR 4s ser A. 1945 J
43%
J
110%
85%
108%
48%
47%
42%
x
110 %
38
Atl Knox A Cine Dlv 4s..l955 M n
F A
♦Lower Aust
70
42
46%
1
High
No. Low
93%
93%
44
x
High
89%
89%
....
mm+tmm
"44%
J
Low
(Coni.)
Louisville A Nashville RR (Concl)
3
Mob A Montg 1st g 4Ms—1945 m S x a
J xbbb2
South Ry Joint Monon 4S.1952 J
Jan.
Asked
A
90
2
D
Since
Friday's
Bid
Railroad & Indus. Cos.
High
Range
Range or
Sale
Price
a
97
MN yb
J
J y b
J
See
88
29
J
Last
Rating
STOCK EXCHANGE
92
....
'
MN y b
2
F A y ccc2
Y.
Week Ended July 25
100% 103%
78
103%
J
J
1
No. Low
High
J
<§
05
N
Since
Jan.
Week's
Friday
Elig. A
BONDS
Range
•
Asked
Low
Illinois Bell Telep 2 j
Illinois Central RR-
Joint 1st
521
New York Bond Record—Continued—Page 4
153
bank eligibility and rating of bonds. See a.
New York
522
Bank
BONDS
Last
See i
Price
Week Ended July 25
Railroad & Indus. Cos.
1951
N Y Dock 1st gold 4«._
aaa3
109J4
aaa3
122
aaa3
11534
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{♦N Y A Greenwood Lake 561946 M N
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—
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♦Non conv deb 4s
1947
♦Non-cony debenture 3 34s 1947
♦Non-conr deb 3 Vis
1954
♦Non-cony debenture 4s--1955
♦Non-cony debenture 4s—1956
♦Cony debenture 334s—..I960
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6s
cccl
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A
2734
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1937 F A
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1940 F A
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7
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134
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115
70
83
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1946 A
103
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bbbl
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2047 J
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1st mtge 4s
.41
6634
65
2
5834
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5834
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385
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D
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1966 J
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111
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1960 MN
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s f g
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1955 F
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a
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104
2
9534
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a
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2
1974
bbb3
Consol gold 4s
1948 MN
4s sterl stpd dollar May 1 '48 MN
Gen mtge 334 s series C...1970 A O
Consol sinking fund 4 34b„1960
aa
10934 11134
734
9
334
106
10734
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a
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1955
debentures
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1952
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1965
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106
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2834
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106
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1948
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21834 222
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107
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1952
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96
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434s without warrants
1950
Republic Steel Corp 4 34b ser B '01
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1940
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1961
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65
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2037
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2037
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1968
62
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11934
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117
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1959 A O
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1960 A O
.1902
110
109
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1977 J
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1950 J D
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77
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1534
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1989 MN
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J
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J
J
1534
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15
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2
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79
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16
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78
79
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61
cccl
3934
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cccl
A...1990
28
2134
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69
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223-4
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81
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1972 J
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534
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1943 J
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1989 MN
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{♦4s g stamped
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90
734
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x
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cccl
1950
z
i960
z
Oct 1949
z
1959
z
cccl
134
534
5
{♦Refunding 4s
100
108
10934
10834 11034
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2834
31
163
aa
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116
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534
10434
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1
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d
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1960 F
1963 F
4s
General 4 Ha series A
General 6s series B
For footnotes see page
62
5834
*109
2
4s_.1943 MN
5534
9534
*7834
bbb2
1969
334s
cons g
5434
94
2
z
z
z
1957 MN
62
4134
2
debentures
70
55
55
aa
Pennsylvania RR
5034
02 34
96
a
1981
39
124
aa
4 Vis series B
Penna Pow A Lt
4734
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55
D
1944 J
E trust ctfs...1952 MN
Pennsyl Glass Sand 334s.
.I960
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7034
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1
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8034
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1963 F
45
7334
71
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1942 J
104
10334
2
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10934
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aa
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28-year 4s
434s
1
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Guar 334s trust ctfs C
Guar 334s trust ctfs D
Guar 4s
89
a<aa&
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Paramount Pictures 334 s deb '47 M S x
Parmelee Trans deb 6s
1944 A O y
Pat A Passaic G A E cons 58.1949 M S
♦Paullsta Ry 1st s f 7s
1942 M S y
11034
10534
aa
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75
11234
aa
1st A ref mtge 3s ser J
1970 J D
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J
{♦2d ext gold 5s
1938 J
H334
11234
aa
13
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1940 J
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11034
11134
7
10634
2
Guar stpd cons 5s
69
5734
aa
Ore-Wash RR A Nay 4s
9
*106
3
Ontario Transmission 1st 5s. 1945 MN
206
5234
6734
5834
734
10634
3
D
.
6
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2
3
a
52
5634
11034
aaa2
1965 MN
Oklahoma Gas A Elee 354 s.. I960 J
4s debentures
1940 J
1st mtge 3 Ha
4334
4134
5134
A x
Northwestern Teleg 434s ext 1944 J
Ohio EdlBon 1st mtge 4s
42
5234
1964 M S
(Wise) 1st mtge 334s
"4234
7554
71
2
2
Northern States Power Co—
45
7434
71
J y bb
J y bb
2047 J
Ref A lmpt 5s series C
*55
75
J y bb
J y bb
Ref A lmpt 4 34s series A...2047 J
7
1949
1953 J
cons
/
lstgtdg 5s
2734
634
x
cons guar
27
*113
1954
1959 F
Gen A ref 4 34s series A
♦
F
12634
10434
63
26
11534
10934
11034
2834
934
8334
64
10
Series G 4s guar
Series J
10834 11054
10834
92
10134
434
11034
*102
3
1974 M S
Debenture 334 s
Debenture 4s
North Cent gen A ref 5s
10734
Series E 334b guar gold
Series F 4s guar gold
Series I
♦Ctfs of dep (Issued by reorgan¬
Norf A WRy 1st cons g 4s.-.1996 O
110 34
ccc2
x
Series B 434s guar..
734
♦Ctfs of dep (Issued by reorgan¬
ization manager)
a
aaa3
4 34b A *52 M 8
debs.. 1951
conv
3
100
105
108
30
106
z
{{♦Norf South 1st A ref 6s..1961 FA
♦Certificates of deposit
434
134
2
2
43
120 34
*11434
10934
110 34
2734
634
534
534
104 34
Series H
z
J
{{♦N Y West A Bost 1st 4 340 1946
Niagara Falls Power 3 348—1960 M S
Nlag Lock A O Pow 1st 5s A. 1955 A O
Niagara Share (Mo) deb 6 34s 1950 MN
7
86
cccl
J
7
2934
aa
J
134s
Series C 4 34s guar
78
x
J
2
x
z
j"j
Series D 4s guar
20
aaa3
x
Petrol
28
24
c
2
5434
110
7234
51
108
120
2
a
106
"71
6634
10734
10734
aaa2
a
4434
434
7
7534
6434
6834
High
10734 111
11434 11834
15
108
64
x
1949 M 8
J
s f 4s.. 1937 J
♦Certificates of deposit
4754
81
cc
x
x
{{♦Philippine Ry 1st
22
84
z
64
67
10734
a
x
Phi la Electric 1st A ref 3348.1907 M S
{♦Phlla A Read C A I ref 5s.1973 J J
3334
334
2934
bbb3
J
634
2034
28
bbb2
.,—1967
1946
1946
"75
82*4
x
1st 6s
257
4734
'
2834
x
N Y Steam Corp 1st 3 34s...1903 J
{{♦N Y Susq A W 1st ref 5s.1937 J
3034
4534
8334
z
x
No. Low
2
Pittsburgh Cine Chi A St Louis—
18
cccl
J
6s stamped
Pitts Coke A Iron
634
N Y A Rlchm Gas 1st 6s A..1951 MN
If Y Telep 3J4s ser B
Phillips
27
7334
1
Jan.
10734
11534
4834
634
*10634
7334
cc
aa
8 y bb
J
1977 J
1981 J D
2734
2634
3034
39
cccl
O y b
O yb
A
z
Since
Ask
High
10734
11534
11534
J y bb
J y bb
♦Conv deb 6s
67
1
A
*48
x
A
Phi la Bait A Wash 1st g 4s..1943 MN
General 5s series B
1974 F A
General g 4 34s series C
General 434b series D
aa
Range
Friday's
Bid
aaal
x
334b deb. 1952 J D
2734
2634
2634
40
m ~
cony
19
2734
4634
Phelps Dodge
x
Apr
Apr 1990
....
1734
1734
1834
1834
48
27
Range or
Sale
Price
O y b
st 6 348—1974 F
Pere Marquette 1st ser A 58.1956 J
1st 4s series B
1950 J
1st g 434b series C
tv80 M
25
2634
cccl
1960 A
28
2534
2834
cc
♦Income 4s
1943 A O
1947 M S
97
26
cccl
cons 6s..
101
cccl
O
Peoples Gas LAC
Refunding gold 6s
Peoria A Eastern 4s ext
100
cccl
29
6954
Last
Rating
Low
95
cccl
A
1968
5334
Elig. A
Railroad & Indus. Cos. (Cont.)
88
J
cccl
75
Week's
Friday
See 1
92
J
J
J
N Y A Putnam 1st con gu 4s. 1993 A
N Y Queens El Lt A Pow 3 34s '66 MN
N Y Trap Rock
6
2734
2634
2634
2634
2534
2534
2534
6334
2034
6634
10034 10534
■4954
57
9334
cccl
{♦N Y Ont A West ref g 4s--1992 M S
♦General 4s
1965 J D
N Y Rys prior Hen 6s stamp.
"20
MN
1942
55
10634 10934
10734 11034
102
100
*95
cccl
♦Debenture 4s
1957 IAN
D
♦1st A ref 434 s »er of 1927-1967 J
{♦Harlem R A Pt Ch 1st 4s 1954 M N
{♦N Y Prov A Boston 4a
*10034
M S
10
5434
*
SI
STOCK EXCHANGE
Peoria A Pekln Un
5834
5334
High
12034 12534
113J4 11834
66
3
bb
July 26, 1941
Week Ended July 25
60
5
45
10434
1
b
S
74
5834
bb
M S
1948
1940
registered
{♦Collateral trust 6s
"5434
b
6334
63
♦104
b
♦n Y L E A W Coal A RR 5 Hs'42 MN
J
♦n Y L E A W Dk A Impt 6e 1943 J
N Y A Long Branch gen
63
1
aa
MN
1973
10934
cccl
2000 MN
A—1973 MN
N Y A Harlem gold 334s
N Y Lack A Weet 4s ser
52
11534
73
x
N. Y.
1
Low
122
D
F
No
110
x
N Y A Erie—See Erie HE
N Y Gas El Lt H A Pow g 56-1948 J
4s.-.1949
63%
High
Jan.
10934
O
BONDS
Since
Asked
6234
7234
10934
O
Purchase money gold
A
x
Con* 6% no tee...
1947 A
N Y Edison 334b ser D
1965 A
1st lien A ref 3 34b ser E.._1960 A
Range
Friday's
Bid
Low
A y b
O yb
Record—Continued—Page 5
Bank
Range or
Sale
(Cont.)
F
Bond
Week'*
|
Elig. A
Rating
y. STOCK EXCHANGE
N.
Fridayi
of
2
*13
1334
.....
13
112
11134 11434
96
166
10634
12134
1334
14
3
9
..
834
8
54
154
634
534
425
334
254
454
334
1034
634
534
cccl
z
cc
1
734
834
255
z
cc
1
M_S
634
634
cccl
1634
1634
734
1734
476
z
""734
71
3
9134
Incorporated In this tabulation pertaining
to bank
14
114
z
.1933
7034 96
10434 10634
12134 12434
134
1945 M S
deposit
6s series A
♦Certificates of deposit
{{♦Atl A Blrm 1st gu 4s
cccl
d
92
eligibility and rating of bonds.
See
14
834
734
1734
Volume
Bank
£"§ Elig.
BONDS
N.
Y.
STOCK EXCHANGE
Week Ended July 25
I St
I *a.
1935
♦6s Series B certificates
4
63
2%
4
3%
3%
2
2%
4
98%
98%
99%
46%
98
94%
12
97
J
x
a
J
J
x
a
6 %s
7s..
98 H
99%
46%
54
45
45%
*10
14
27
46%
bbb2
1950
Skelly Oil 3a debs
Socony-Vacuum Oil 3s debs. 1964
South A Nor Ala RR gu 5s.. 1963
x
bbb2
x
aaa3
x
a
1962
x
aaa2
1979
x
aaa2
Southern Colo Power 6s A_. 1947
bbb2
106%
106%
"~26
109%
"ih
108%
104%
30
103
108%
21
104
106
*103%
106%
3
104%
104%
120
119
*118%
106 % 109%
Southern Pacific Co—
4s (Cent Pac
4s
coll)
M~S
44%
40%
398
39%
53%
222
39%
71
173
48%
83%
71
88
1968 MS yb
1969 M N y b
Gold 4 Ha
Gold 4 Ha
.
10-year secured 3%b
San Fran Term lBt 4s
52 %
53%
51%
52 H
51%
1981 M N y b
J y bb
1946 J
1950 A O x a
Lines) A.
Gold 4 %s
So Pac RR
350
82%
bb
53%
48%
57%
55%
55%
55%
72
48%
52 H
1977
50
37%
34%
106
b
y
54%
53%
53%
51%
69%
49
y
1949
registered
1st 4 %s (Oregon
D yb
1949 J
y
1st ref guar 4a___1955
54%
70 %
bbbl
bbbl
66
66%
181
31
High
No. Low
High
108% 112
111%
18
62
65%
25
54%
*81
87%
84%
90
10
65
74
65
70%
71
70%
107%
aa
2
108%
z
b
1
63%
63
24
106% 109%
44
108%
69%
§ ♦ 1st gold 6s
57%
89%
94%
57
65%
1955
y
1st cons g 58—1994
Devel A gen 4s series A
1956
x
bbb2
90%
89%
90%
89
y
bb
2
61%
61%
62%
198
y bb
2
82%
82
82%
47
75
84%
y bb
2
87%
87%
88
85
79
89
83%
83%
1
78
73%
80
65
114
44
65%
1939
F
A
z
23%
25%
173
13
25%
1954 J
J
z
b
1
51
52
3
30
52
♦Det A Chic Ext 1st 5s
1941 J
J
z
b
1
64
73
52%
J
J
z
cccl
20
20%
20
69
21%
O
z
cccl
16%
16%
2
M S
z
cccl
z
cc
1
15%
15%
16%
136
7%
17
|*pes Moines Dlv Ist4s..l939
♦Omaha Dlv 1st g 3%s._.1941 A
.^Toledo A Chic Dlv
g
48.1941
{♦Wabash Ry ref A gen 5 %s A *76 M 8
♦Ref A gen 5s series B
1976 F A
cccl
*59
----
61
12
17
59%
7%
45%
----
z
cc
1
14%
14%
15%
86
7%
16
♦Ref A gen 4%s series C—.1978 A
♦Ref A gen 5s series D
1980 A
Walker (Hiram) G A W—
O
z
cc
1
13%
13%
15%
76
7%
15%
O
z
cc
1
14%
15%
69
7%
Convertible deb 4%s
Walworth Co 1st M 4s
D
x
bbb2
1945 J
1955 A
...1955 A
6s debentures
Warner Bros Plot 6s debs
O y b
O y
S y bb
1941 M 8 z cc
{♦Warren Bros Co deb 6s
2
1946 F
86%
91
98
92%
96%
51%
65
27
32
36
71%
3
65
107%
5
98
94%
39
64%
93%
61%
64%
117
36
35%
36
71%
107%
94%
1
Warren RR 1st ref gu g 3 %s.2000 F A y b
3
Washington Cent 1st gold 4s. 1948 Q M y bbbl
Wash Term 1st gu 3%s
1945 F A x aaa2
1st 40-year guar 4s
30
86%
*97
------
1
16
105%
103
77%
84%
86
.
ccc2
1948 M
1
104
104
*
71%
106% 108%
'
110%
A
aaa2
D
x
aaa3
D
Westchester Ltg 5s stpd gtd.1950 J
Gen mtge 3%s._
..1967 J
x
x
aa
2
110
110%
5
107%
x
aa
2
112
112
1
111% 114
x
aa
2
12
109% 111%
a
3
111%
104%
111%
x
104%
2
101% 104%
—
-
*125%
-'
■
--
-----
124% 128%
110%
86
6
1939 MN
g term 4s
70%
226
66%
111%
Low
Jan. 1
i!2.d.Fold 5s
♦1st lien
101% 104
103% 107%
108
108
x
3s debentures
19
109
109"
South Bell Tel A Tel 3%b
104%
104%
104
x
3
Asked
{Wabash RR Co.-—
85
39%
102 % 104%
75
74
75
1941
1
A
Bid
x
Ry 3%s series A.—1966 M S
*43
Price
Since
Bonds Sold
Friday's
Sale
See A
Railroad & Indus. Cos. (ConcJ.)
Va Elec A Pow 3%s Ber B...1968 M S x aa 2
Va Iron Coal A Coke 1st g 5s. 1949 M S y ccc2
Va A Southwest 1st gu 5s.—2003 J
J y bbbl
1st cons 5s
1958 A O ybb 1
100
z
y
A
1952
Simmons Co deb 4a
99%
z
Shlnyetsu El Pow 1st 6%s__. ,1952 J D
♦Siemens A Halske deb 0%s. 1951 M S
Slleelan-Am Corp coll tr
High
No. Low
3%
Rating
Range
Range or
Last
Elig. A
Inter st Period
STOCK EXCHANGE
Week Ended July 25
c
1961
♦SI I eel a Elec Corp
High
Low
BONDS
N. Y.
Since
c
J
1946 F
Jan. 1
Bid
z
debs... ,1954
2%ss f debs
Range
Friday's
A
Asked
Sale
Price
z
A
F
Range or
Last
A
See i
Week's
Friday
Bank
Week's
Friday
Rating
Railroad & Indua. Cot. {Cont.)
{♦Seaboard All Fla 6s A ctfs.1935 F A
Shell Union Oil 2 He
523
New York Bond Record—Concluded—Page 6
153
1st 4s stamped
Southern Ry
1956
1956
Mem Dlr 1st g 6s
1996
St Louis DIt 1st g 4s
1951
So'western Bell Tel 3%s B„1964
1st A ref 3s series C
1968
{♦Spokane Internat 1st g 5s.1955
Standard Oil N J deb 3s
1961
Devel A gen 6s
Devel A gen 0%s
bbb2
bbb2
"76%
76%
76%
aaa3
111%
111%
111%
8
109% 112
108%
108%
5
1950
Swift & Co 2Mb debs
1961 MN
J
J
Tenn Coal Iron A RR gen 58.195»
Term Assn St L 1st cons 5fl—1944
Gen refund s f g 4s
1953
Texarkana A Ft S gu 5%s A.1950
Texas Corp 3s deb
1959
3s debentures
1965 MN
Texas A N O con gold 5s
1943 J J
J D
Texas A Pacific 1st gold 58—2000
A O
Gen A ret 5s series B
1977
A O
Gen A ret 5s series C
1979
J D
Gen A ret 5s series D
1980
M S
Tex Pao Mo Pao Ter 5%s A.1964
♦AdJ Income 5s
1960
Jan 1960
5s—1937
|»Thlrd Aye RR 1st g
39
105
105%
32
103
b
Superior Oil 3 Mb debs
4s
105%
aaa3
105%
106
26
100% 109
cccl
aaa3
2%s debenture
1953
Studebaker Corp cony deb 6s 1945
Third Aye Ry 1st ref
31%
105%
104% 109
34
26%
103% 106%
aaa3
105%
x
x
aaal
A..1946 M 8
z
ser
*124
x
aaa3
*111
126%
112%
x
aa
*111%
111%
108% 112
x
bbb2
x
aaa3
106
106
106%
23
102% 106%
Wheeling A L E RR 4s
Wheeling Steel 1st 3%s
x
aaa3
106%
106%
106%
64
102% 107
Wilson A Co 1st M 4s A
y
bb
3
90%
*94%
104
x
a
x
bbb2
x
bbb2
x
bbb2
x
bbb2
97
61
...
-
104
94%
88
lit
♦Westphalia Un B1 Power 6s. 1953 J
108%
68%
69%
26
62%
75%
68%
69%
78
62%
75
68%
68%
15
62%
74%
13
55%
17%
*98%
3
104
57%
70
17%
130
65
48%
14%
24
99% 101%
34
34
43
112
92
A Imp 3Ha '60
A O
Tol St Louis A West 1st 48—1950
M S
Tol W V A Ohio 4s series C—1942
J D
Toronto Ham A Buff 1st g 4S.1946
Trenton G A El 1st g 6s
1949 M S
J
J
Trl-Cont Corp 5s cony deb A. 1953
x
bbb2
92%
93%
y
bb
79
80
8
x
aaa2
x
a
x
aaa3
y
bb
Af N
z
*9
8%
F
z
*8
13%
*60
62
8
26%
30
15
30%
24%
26%
49
15
29%
82
85
71
71%
85
86
85%
86
76
73%
86
85
83
85%
256
74
85%
8
*9%
z
J y
2361 J
J ybb
51%
2
.1949 M
51%
48%
2
2
bb
48%
x
aa
x
bbb2
bbb3
------
1947 A O
y
bb
J
x
aaa2
J
{♦Wis Cent 50-yr 1st gen 4s..1949 J
♦Certificates of deposit
|*Su A Du dlv A ter 1st 4s.l936 MN
z
c
2
z
c
2
z
cc
1
z
cc
ser
1955 J
3%s
Winston-Salem 8 B 1st 4s... 1960 J
♦Certificates ol deposit
—
-
-
52%
48%
27
16
31
50%
66%
8
46%
52
------
94%
3
*103%
-
—
—
104
*114%
-
112% 115
130
106%
94%
106
2
9
115
115
94%
x
116
....
103
104
114
115
27
43
26%
41%
....
488
39
43
38%
41%
5
13%
113
1
12%
11%
42%
13
12
94%
92%
105% 107%
7
13%
7%
28
12
Wisconsin Elec Power 3%s__1968 A
Wise Public Servlce3%s_.._1971 J
O
x
aa
3
110%
111
4
108% 111
J
x
a
3
109%
109%
1
106% 109%
{♦Wor A Conn East 1st 4 %s.l943 J
Youngstown Sheet A Tube-
J
z
cc
1
*4
S
x
bbb2
102
1.02%
8
101% 103%
1960 MN
x
a
102%
102%
55
96% 103%
1st mtge
90
8
25
85
J
Cony deb
104%
105% 107
f 3%s ser D
s
M
.—..1948
"l02%
2
15
1945 M S y
J
95%
90%
100
25%
B1966 M S
48%
97%
34
8
3
26
2361 J
Registered
Cony deb 4s
y
23
105%
15
West Shore 1st 4s guar
96% 104%
103%
67
105%
With declaration
94
68%
17%
z
QO
93%
103%
......
♦5s assented
1945 M 8 z cccl
Western Union Teleg g 4%s_1950 MN y b
2
D y b
25-year gold 5s
1951 J
2
30-year 6s
1900 M 8 y b
2
aaa2
"l8
92%
103%
cccl
{♦Western Pac 1st 5s
x
102%
92%
103%
bbb2
x
111%
bbb3
J
aa
x
J y bb
J
O
O
99% 102%
100% 102%
123% 128%
109% 113%
cccl
O
A
105%
1952 A
1977 J
West N Y A Pa gen gold 4s..1943 A
101%
bb
57%
Tokyo Elec Light Co Ltd—
J D
1st 6s dollar series
1953
16
Western Maryland 1st 4s
1st A ref 6 %s series A
*100%
102%
y
J y ccc2
J
33
West Penn Power 1st 6s E..1963 M 8
1st mtge 3%s series 1
J
1986 J
West Va Pulp A Paper 3s... 1954 J
D
J
Tol A Ohio Cent ref
♦Tyrol Hydro-El Pow
♦Guar sec s f 75
7%s—1955
1952
UJlgawa Elec Powe* 5 f
78—
D
A
1945 A 0
{|*Unlon Elev Ry (Chic) 5s.
Union Oil of Calif 6s series A. 1942 F A
1969 F A
3s debentures
2
4s
99
99%
105% 107%
*120
*105%
1
80%
1
z
cc
x
aaa3
x
aa
x
aaa2
4
20%
103*%2
105%
18
Deferred
delivery
sale,
d Ex-Interest,
4s
registered
...
85-year 3%s debenture...
J
111%
112%
29
110
1
110% 114%
112%
110
99
41
99%
x
aaa2
a"o
x
aa
2
"99"
98%
1971 M N
x
aa
2
99%
99%
J
D
x
aaa2
A
O
x
a
2
A
O y b
3
72
72
M
S y bb
3
88
88%
1947
1970
1980
A
1955
United Biscuit 3%sdebs
United Clgar-Whelan 8ta 5s. 1952
1953
United Drug Co (Del) 5s
U N J RR A Canal gen 4s... 1944
United States Steel Corp—
Ref mtge 3%s ser
M S
x
96
100%
23
96% 101%
106%
106%
107
32
Odd-lot
sale,
sale.
Under-the-rule
n
t The price represented is the dollar Quota¬
Accrued Interest payable at the exchange rate of
S NegotlabUIty Impaired by maturity,
106%
107
8
$4.8484.
{ Companies reported as being In bankruptcy, receivership,
Section 77 of the Bankruptcy Act. or securities assumed by such
104% 107%
65%
76%
or reorganized
under
102% 107%
4
35
82%
*
companies.
No sales transacted during current
Friday's bid and asked price.
♦
90%
Bonds selling flat.
107% 108%
*107%
aaa3
e
Cash sale.
101% 105%
111%
110
2
a
r
103««107
103«32
105%
1033132
tion per 200-pound unit of bonds.
1947 J
84-year 3%s deb
Serial
108"
*103%
3
Union Pac RR—
1st A land grant
"99% "36
81%
104% 104%
93%
99%
70%
'
week.
.
debentures—
*99%
aaal
Nov I 1941 MN
May 1 1942 MN
Nov 1 1942 MN
1.008
May 1 1943 MN
1.125s
Nov 1 1943 MN
MN
1.26s
May 1 1944
1.375S
Nov 1 1944 MN
1.50s
May 1 1945 MN
1.625s
Nov 1 1945 MN
1.75s
May 1 1946 MN
1.80s
Nov 1 1946 MN
1.85s
May 1 1947 MN
1.90s
.—Nov 1 1947 MN
1.95s
--May 1 1948 MN
2.00s
Nov 1 1948 MN
2.05s
May 1 1949 MN
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 MN
2.40s
Nov 1 1952 MN
2.45s
May 1 1953 MN
2.50s
Nov 1 1953 MN
2.536
May 1 1964 MN
2.60s
Nov 1 1954 MN
2.65s
May 1 1955 MN
J D
♦On Steel Wks Corp6 Ha A— 1951
1951
♦3Hs assented A
1961
♦Sec s f 6 Hs series C
1951
♦3H« assented C
♦Sink fund deb 6Hs ser A. 1947
1947
♦3Hs assented A
.625s
100%
100
*100
aaal
*100
aaal
*100%
aaal
*100%
aaal
*100%
100% 100%
aaal
*101
*101%
100% 101
aaal
100%
aaal
101%
101%
100
102
102
100% 102
100
101%
100% 102
aaal
102
eligible for bank Investment.
100
aaal
*100%
*101
102%
aaal
*100%
101%
aaal
*101
102
aaal
*101%
Vandalla eons g 4s
Cons s f 4s series
aaal
*101%
*101%
aaal
aaal
*101%
101 %
101%
101%
101%
100%
102%
100% 102%
100
103%
100
103%
102%
100% 103
100
103%
102%
101%
*101
103
100% 104
100
102%
100
103%
aaal
101
101
or
*
bankruptcy, or in process of
Indicates Issues In default. In
101%
101
A great
majority of the Issues bearing
All issues
symbol ccc or lower are In default,
In default.
bearing ddd or lower are
Transactions
at
the
Stock Exchange,
Yearly
New York
Daily, Weekly and
103%
aaal
*101%
aaal
*101%
100% 104%
aaal
*101%
102
*
104%
20%
33
33
33%
20
25
20%
13%
*
31%
21%
33
Monday
91%
97
Tuesday
*36%
40
bbb2
a
1
95%
95%
96%
16
33%
Week, Ended
July 25,
1941
102%
103%
33
102
104%
102
102
103%
60
102
105%
Thursday
Friday—..
x
aaal
*110%
110
aaal
*110%
109
110%
Total
States
Bond
For'u Bonds
Bonds
Bonds
Sales
$2,198,000
—
223,640
905,280
1,351,330
625,980
623,740
811,630
§1,911,000
7,568,000
11,013,000
6,119,000
6,713,000
6,093,000
$220,000
298,000
342,000
471,000
549,000
700,000
$67,000
66,000
7,324,000
6,859,000
$39,417,000
$2,580,000
$347,000
$42,344,000
111
x
United
Municipal
4,541,600
Saturday
102%
A
State
Mis cell.
Number of
Shares
Wednesday..—
M1V
Railroad &
Stocks
30
37
bbb2
F
reorganization.
based on the ratings assigned to each bond
by the three rating agencies. The letters indicate the quality and the numeral Immedi¬
ately following shows the number of agencies so rating the bonds.
In all cases the symbols
will represent the rating given by the majority.
Where all three agencies rate a bond
differently, then the highest single rating is shown.
symbols In this column are
The rating
100% 104%
aaal
j——■■
103%
100% 104%
100% 104
aaal
aaal
m-m—mm—*.-
bank eligible due either to rating status
lt speculative.
100
iol"
*101%
aaal
1st 5s— 1944
series A—1955
B
1957
101
aaal
'
Indicates those bonds we believe are not
some provision In the bond tending to make
y
aaal
United Stockyds 4Hs w w._ 1951
Utah Lt A Trac 1st A ret 6s. 1944
Indicates those bonds which we believe
•
100% 100%
...
Utah Power A Light
Bank Eligibility and Rating Column—x
100% 101
aaal
.875s
A
100
aaal
,75s
Total
Week Ended
Sales at
New York
Stock
1941
Exchange
4,541,600
Stocks—No. of shares
July 25
1940
1,301,610
Bonds
industrial.
7,882,000
11,407,000
84,000
62,000
6,674,000
Jan. 1 to July
1941
..
25
1940
77,730,539
132,702,845
$12,153,000
$27,612,000
133,988.000
765,728,000
$347,000
Government
State and foreign
Railroad and
16,000
52,000
$588,000
2,580,000
39,417,000
2,550,000
92,098,000
15,598,000
1,149,191,000
New York Curb
524
NOTICE—Cash and deferred delivery sales
Exchange—Weekly and Yearly Record
July 26, 1941
disregarded In the week's range unless they are the only transactions of the week, and when selling outside
the regular weekly range are shown In a footnote In the week in which they occur.
No account Is taken of such sales in computing the range for the year.
are.
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange
beginning on Saturday last (July 19, 1941) and ending the present Friday (July 25, 1941).
It is
compiled entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether
stock or bond, in which any dealings have occurred during the current year. •
In the
for the week
Friday
Sates
Last
common-10
Aero Supply Mfg—
Class A.....
—1
Class B-.
1
Ainsworth Mfg common..6
Air Associates Inc (N J) — 1
Week
Acme Wire Co
21%
21%
new
conv
„
„■
m'm
'
9%
1%
*
Warrants..
•
«
m.m -
m
m
m
-
,16%
Mar
'mm
21%
Feb
23
July
6
9C0
5
July
4%
700
4
July
9%
100
July
12 %
Jan
1%
200
8%
1
Apr
1%
25%
1,1
Jan
Mar
mmm.mmm
Feb
20
mm
•
01 mm
'
mm
«
m m
86
109%
m
mmmm
40
94%
Jan
103
Mar
Blauner's
m'm
2%
May
2%
May
Bliss (E W) common
^mmmmm
mm'
-
'
—
mm m
mmmmmm
mm
%
Mar
1
July
Blue Ridge Corp com
1
'
..10
25
Altorfer Bros com.
*
Aluminum Co common...*
~
w
18%
18%
1,250
21%
*
21%
21%
675
120 H
Aluminum Industries com-*
6%
Aluminium Ltd common.*
72
mm*,
100
mm"■
m
22%
Jan
4% May
May
112% July
110
July
155
July
Jan
6%
Common class B
*
....*
33 preferred
35,50 prior pref
~w
-
m**im
mm
+ m*-*
m
mv
m
m m
mmm
~
mm
Apr
Breeze Corp common
%
Jan
Brewster
Jan
m.mm
m
July
m'
35
mm
Class B
20
*
mm
.
m
m
'm
1% May
be
Jan
in
Jan
9%
May
11%
Apr
68 %
Mar
Jan
be June
*u
Jan
m.
'm
mmmmm
mm
63
mm
mm
'
mm
75
20
mm
■
mm
Lines com..l
20
mmmmm
mm
%
40
„
41
5,700
350
2%
100
July
July
Mar
*i«
Jan
Apr
13%.
July
May
9%
23
Apr
%
20%
30%.
113%
Feb
105 %
2%
27%
27%
50
May
2 % May
25 % June
30%
25
28
23
150
Jan
—
-
13%
Feb
21
Feb
27%
100
25
Apr
15%
Apr
28 % June
m
■mmmmmm
m~
m
m
m
mm
mm.
m mm
m
-
mm
m
-
m
m
1714
Apr
79 %
m
m
Mar
23%
0,500
5%
Feb
8%
July
300
2%
Apr
H
Feb
42 % May
3%
Jan
Jan
5,300
51%
52%
700
4%
600
3%
Apr
2,100
2%
1%
Mar
Mar
>»i«
Apr
1
8%
July
12
2%
...
"8%
100
Apr
130
103
June
1%
1,600
1
Apr
1%
7%
2,500
1%
1%
7%
Jan
%
|BrownCo6% pref
11%
Jan
July
30
Apr
1%
600
1
Apr
Feb
3%
"506
%
100
52 %
400
12%
100
15
"19"
Brown Fence A Wire com.l
Class A preferred
......
.....
.....
preferred
"""450
"ico
*
3
Brown Forman DistlUers.l
36
"26""
2%
3
105%
July
2
July
2%
July
5%
700
4%
Apr
5%
11%
Jan
May
-
-
-
-
mmm. + m
mmmmmm
mmm'mm
-
""I"
1
m
3
31.00 preferred
12%
35 1st preferred
12%
1%
12%
"44% "44%
Mar
35 preferred._....._..*
Assoc Laundries of Amer *
«•
-
-
-
-
-
mmm
Atlanta Gas Lt 6% pref 100
Atlantic Coast Fisheries..1
m
mmm
100
mm
mm
mm
m
com
Vot trust ctfs
Calllte Tungsten Corp
3
3%
3,300
27
Atlantic Coast Line C0.-6O
29%
450
Atlantic Rayon Corp
1
Atlas Corp warrants......
be
2,400
»16
8%
Jan
96
Mar
11
July
13
Mar
Apr
"56 "~36%~Feb
*44
July
Class A voting
Class B non vot
93%
300
12%
300
%
"166
Mar
3
%
Apr
Jan
29%
6%
Jan
13% May
2% May
Automatic Products new.l
1%
3%
4%
700
1
Mar
900
2%
Mar
300
3%
Feb
100
12%
May
1%
3%
1%
Automatic Voting Mach.. *
3%
4%
Avery (B F) A Sons com.5
16
—
16
iG
...
......
...
,
15
mmm.mm
mmm,mm-\
m'mm
m.
Jan
"*2% "~2~
1%
Ayrshire Patoka Collieries 1
29
%
m
-
-
29
-
20
"u
1%
25
3%
mm-Lmm
*
31%
29%
32%
6,900
8%
*"2% ~5~66o
1%
2,800
com.
5%
5%
33%
5%
6%
4,200
36%
80C
000
3
7% preferred
1%
Apr
July
1%
May
2
Apr
7% preferred
30
36
Baldwin Rubber Co com.l
Barbon Corp
.1
Barium Stainless Steel... 1
Canadian
Marconi
be
1
Capital City Products
Carman A Co class A
%
8
*
25c
be
8%
be
------
Barlow A Seellg Mfg—
$1.20 conv A com
Basic
Refractories Inc..
2%
1%
.
%
500
125,
300
*
Jan
Mar
Apr
May
1% June
"39"" """loo
8%
8%
8%
1,700
"_20% ~20%
3%
3%
121%
121
43%
42
4%
4
39
113
Apr
110%
Feb
10 %
Jan
7%
Apr
6% June
5% May
17
2,800
121%
4%
43%
Jan
325
100
100
Apr
134
Feb
Feb
Jan
July
13$4
Apr
106%
%
83~"
70
8%
8%
100
8
May
114% 114%
25
110
Apr
81
80%
July
%
%
%
25
%
May
May
6%
7% preferred
Apr
July
%
6%
""5% ""6%
15^500
3%
be
Jan
1%
3,700
H
Apr
1%
12%
"""iflo
95
97
300
87
59
59
60
200
58%
...
common..
Jan
10
_
10
Jan
400
7%
9%
6%
Jan
4%
7%
1
100
Mar
4%
Mar
12 %
Jan
11
7%
Beaunlt Mills Inc com..10
100
7%
July
8%
225
.
""21%
21%
21%
200
22
-
July
For footnotes see page 529
4%
5%
13,200
72%
4% June
5% July
71%
72%
700
Jan
July
Feb
%
2%
%
Jan
Jan
Mar
Apr
.
mm-mm
>■;
July
48
%
Jan
6%
July
4%
Mar
Jan
5%
14%
110%
73%
Feb
June
Feb
Jan
Jan
Jan
Jan
10
Jan
5% June
3% July
4%
-
Feb
%
7% June
48
Jan
10
*n
June
»ii
:
8%
5%
Beau Brummell Ties Inc.. 1
20
8%
95
Jan
3%
Feb,
4% Mar
11% May
May
Baumann—See "Ludwig"
31.60 conv pref
4%
11%
97
Strip Co
;
Chads Corp common...]
Cherry-Burrell
Mar
Jan
Apr
Jan
May
»i4 July
200
4%
116%
110%
%
July
Mar
Mar
9
%
2%
Jan
5%
46
90
"""200
9
July
June
106
9
in
Jan
20%
June
Jan
Jan
8
4
35%
800
Mar
6%
107
Apr
Jan
4
1,000
7%
7%
Jan
2%
%
6%
Jan
2% May
Jan
Mar
Feb
*32
37%
i'n
35
X32
Apr
Jan
Apr
9
June
be
100
July
Ya
x%
ij2
3C0
1
% Mar
8% June
3I6
5
1%
7
Jan
32 %
Jan
5
10
Jan
18%
109% June
105% June
"39 ~
......
6
Jan
*
Carnation Co common..-*
May
%
Apr
1%
15
4% June
4% July
17%,
Jan
5%
5%
Mar
117%
Mar
FeD
3%
32
Feb
May
5%
Jan
Baldwin Locomotive—
Purch warrants for
H
14
2% May
II
July
4%
36 %
Feb
Feb
Feb
Feb
8%
13
July
19
May
Feb
Feb
%
%
May
14 %
2%
Jan
July
29
•ii
"~~3%"jan "~3%"j&n
Mar
4
Tobacco—
29
Mar
Feb
Mar
Jan
1
Jan
June
%
Catalln Corp of Amer....i
Celanese Corp of America
900
%
1%
July
July
July
109%
3%
3C0
12%
%
Castle (A M) common...,
200
May
"u June
y$
1%
May
3%
9%
*
72
8%
92
-----
Carrier Corp common
1
Carter (J W) Co common. 1
Casco Products
18%
June
19 %
99 %
16% June
*
Jan
8
3%
*
July
1%
Canadian Industries Ltd
2
18
Atlas Drop Forge com...6
Atlas Plywood Corp
*
Jan
45
400
Jan
3%
Jan
% May
2%
% June
11%
Jan
""306
12
.1
Canadian Dredg A Dock.*
Canadian Indus Aloohol-
1%
2%
Jan
July
July
Jan
92%
Can Colonial Airways
July
17
%
July
1,400
1
%
Apr
16
20
60c
Jan
108
Feb
13% June
1% May
Am
Jan
Jan
Jan
Jan
Cables A Wireless Ltd—
%
~~i%"~Jan
June
3
12%
60c
Jan
65
mm
10
109% 109%
3%
mmmm
10
10
17%
Burry Biscuit Corp.. 12 %o
in
700
Apr
Mar
Mar
93
..*
%
332
be
_______1
Jan
12%
May
17
25
in
mmmmm
12% June
31
July
*
Class B
1
July
July
July
Canadian Car A Fdy Ltd—
June
''
£\
Jan
Jan
June
3%
%
52%
1%
x24%
*
(EL) Co common. .6
Jan
6 %
10% June
May
41
7
6,100
Canada Cement Co Ltd..*
5%
25
11%
30%
10%
1%
Camden Fire Insur Assn..6
Jan
11
Feb
1%
Jan
%
35% June
%
100
Jan
|Associated Gas A Elec—
Babcock A Wilcox Co
10 %
Apr
British Col Power cl A...*
Carib Syndicate
Class A common.....10
Feb
7%
%
Jan
200
5
Warrants
3%
5%
2,700
5%
reg..10s
July
Associated Elec Industries
Axton-Flsher
2,200
10%
Apr
Am dep rets ord
3%
6
11
July
July
10%
8%
2%
7% June
1
6%
4%
9%
10%
July
California Elec Power... 10
800
Assoc Breweries of Can..*
Jan
May
Jan
60C
Ashland Oil & Ref Co
Jan
Jan
%
Feb
6
Feb
11
5
%
5
Mar
8
8
6
11
1
Apr
2% June
Am dep rets ord reg...£l
60
10
7%
10
Aro Equipment Corp
Art Metal Works com
25
io~ 100
dep 5 %% pref sha £1
Calamba Sugar Estate..20
1% June
6%
Apr
79% June
Arkansas P & L 37 pref...*
25
Jan
July
7% partlc preferred...26
105%
105
......
1%
6% preferred w w
6% preferred x-w
7%
5%
1%
Am dep rets ord bearer £1
Cable Elec Prod
'32
m-mmmm
Common cl A non-vot._*
Auburn Central Mfg
Feb
Burma Corp Am dep rets..
8%
3%
1%
Assoc Tel A Tel class A..*
38 %
British Celanese Ltd—
66
%
.'.ii..
*
Common.....
Mar
Mar
British Amer Tobacco—
% May
32%
Jan
Jan
June
3%
8%
Jan
%
%
2%
33
%
Buckeye Pipe Line
50
Buff Niagara A East Pow
28 %
60
75
2%
100
*
Brack Silk Mills Ltd
500
58%
7%
%
62%
35
♦
Co
Mar
800
30
-
July
34%
12%
Bunker Hill A Sullivan 2.50
4%
-
American Thread 5% pf..5
Anchor Post Fence
2
Atlanta Birmingham A
Coast RR Co pref
A.
June
58
58%
7%
35
50
..100
July
1
84
%
29%
30
36 series pref erred _....*
Amer dep rets reg
7% preferred
Bruce
Feb
m
May
30
Brillo Mfg Co common...*
Brown Rubber Co com
16%
11 %
mmt'
18%
*
Class B
8%
5%
20
3%
—*
Jan
15%
mm
'
May
Jan
Apr
Jan
July
Mar
1,800
100
Brill Corp class A
Jan
Apr
23%
*
Jan
900
~m*i
Corp com *
$0 preferred
*
Class A
Bridgeport Machine
8%
4
1%
5%
Jan
13%
■m
8%
%
10%
Class
Jan
Jan
Mar
33
%
m'mm'mmm
3%
"13%
mmm
-
1
29 %
33
23
-
*
-
Aeronautical._.l
Apr
27%
J
Am Superpower
0% preferred—
500
25%
110%
24%
1 JO
-
*
com
Feb
%
1
Appalachian Elec Power—
4%% preferred
100
31
21%
.........
Amer Potash A Chemical.*
Angostura-Wupperman ..1
Apex Elec Mfg Co com...*
Jan
Jan
15%
r
100
American Republics
10
A mer Seal-Kap common. .2
%
38%
500
13
preferred
25
Amer Mfg Co common. 100
Amer Meter Co
26 %
Jan
%
10,500
6%
Amer Maracalbo Co
May
35
30%
.
25
Preferred
m
%
13%
J'Lmmmm
Macb—20
m'm
20%
13
10c
1
Amer Lt & Trao com
m
%
24%
32.60 conv preferred...1
Amer Hard Rubber Co..60
16% June
Feb
Feb
7,100
110%
32 conv preferred
28 %
17%
100
Amer General Corp com
May
"39% "40%
American Gas A Elec... 10
preferred
m
16 %
500
%
mm
Amer Foreign Pow warr—
Amer Fork A Hoe com...*
Arkansas Nat Gas
m
m
m,
mm
20
m
Cynamld class A..10
Class Bn-v
10
1st
m
Mar
40%
H
38%
1
Brazilian Tr Lt A Pow.._*
British Amer Oil
25
25
1
Class A new
Amer Laundry
%
m'mm
m'm
mm
Amer
4%%
mm
-
mm
-
j
*
8%
6% June
3% July
Feb
Bridgeport Gas Light Co.*
5%
Apr
13%
June
""ISO
99%
4
H
34%
2%
Jan
300
% May
600
2%
Apr
Jan
Jan
34
300
37
2%
May
mm'mm
Apr
27%
20 %
7% 1st preferred.... 100
$5 2d preferred
*
Ye July
24 % May
m
111
Feb
Jan
Jan
18%
Jan
13%
%
900
93
m
mm
37
25
Jan
116
Mar
July
Jan
Jan
32%
v..
m
m.mm
■
%
%
-
8%
Borne Scrymser Co...
m±mmm-
30
m1»m
m
«*
-
3,300
7%
Feu
'
mm
..
mmm-m+m
100
mm
mm
-
17%
7%
Lt—
Conv class A
Amer Export
7% 1st preferred
65
5%
'
mm
m
m
Corp.—l
Amer Cities Power A
mm
f.
17%
33 opt conv pref
*
Blumenthal (S) A Co
♦
Bohack (H C) Co com...*
Preferred
10c
10c
Class A common
mmmmmm
200
8
3%
18%
7%
American Capital—
Amer Centrifugal
*
common
7%
3%
Bourjols Inc
*
Bowman-Biltmore com ...»
Mar
12
»
7%
75%
27
5%
Apr
18%
Apr
May
5%
Foundry
A Machine Co com
mm
mm
27
2
Feb
18%
.*
J2.60 preferred
Blrdsboro Steel
600
m:m
American Book Co-.--100
700
73
com._l
Amer Box Board Co com.l
SCO
6%
72
100
0% preferred
•750
120% 122%
111% 112%
13%
13%
niu
13 H
Aluminum Goods Mfg...*
American Beverage
1% May
14
4
100
6% preferred
^m'mmmm
mm
mm
.
Class A conv com
May
May
24 %
2%.
10
10 % May
37
Apr
1
mm
Jan
Apr
Mar
8%
""% """360
""%
Berkey A Gay Furniture.1
Bickfords Inc common...*
111%
mm
..
500
Apr
32
Jan
100%
...
3%
High
%
96
Jan
88
21%
Low
4
23%
Apr
-m m
19%
3%
Conv preferred
be
m
8%
23,600
1,500
Jan
75%
m
7%
20%
3%
103 %
mm
109%
Week
8%
Bellanca Aircraft com.
40
m
86
109
100
•rm
Jan
Jan
Allied Intl Investing—
.
Shares
1
Beech Aircraft Corp
100
"
m
-
Southern..6G
37 pf-*
30 preferred—
*
Alies & Fisher Inc com...*
Alllanceln vestment
*
Alabama Power Co
$3 conv pref
for
of Prices
Low
High
Price
Par
22%
6%
6%
mm
m
Alabama Gt
Allied Products (Mich)
Weet's Range
Sale
High
250
m'm
-
5%
4%
9%
1%
4%
com...2
pref
Low
Range Since Jan. 1, 1941
Last
STOCKS
(Continued)
Bell Aircraft Corp com
mmmm
-
Air Investors new
Range Since Jan. 1,1941
Shares
23
Sales
Friday
for
of Prices
Low
High
Price
Par
STOCKS
Week's Range
Sale
%
July
5%
74%
6%
July
10
70
Jan
July
July
Jan
Volume
New York Curb Exchange—Continued—Page 2
153
Sales
Friday
STOCKS
Last
Sale
(Continued)
Par
Price
Cities Serv P A L %7 pref.*
$6
Week's Range
of Prices
High
Low
95 X
preferred
*
City Auto Stamping
95 X
*
....
Week
Too
City A Suburban Homes 10
Clark Controller
1
Co
16%
16 X
250
*14
16%
®14
Feb
102
Mar
5X
Mar
X
"39 ""
"450
4%
4%
500
4
4
4
100
3X
2%
1
*
1
IX
500
1
36%
Cllnchfleld Coal Corp. .100
Club Alum Utensil Co
»
35
X
8X
6%
5%
4
4 X
200
Colt'
117
July
Jan
8%
115
112% 115
50
72
Jan
120%
21%
Apr
22%
July
Mar
July
Jan
July
2X
Jan
Mar
Mar
4%
May
May
2X
53%
IX
54 X
IX
90
5,700
x«4
3,400
500
X
July
4%
Jan
Jan
4
Jan
X
xl9% xl9%
X July
18% June
1,100
150
2
Apr
82 X
51
June
60 X
1
Feb
70X
Columbia Gas A Eleo—
5% preferred
54 X
100
1
Columbia Oil A Gas
Mar
June
2
Commonwealth A Southern
Warrants
...
Commonw Distribution. .1
X
Community Pub Service 25
Community Water Serv._ J
Compo Shoe Mach—
Vtoextto 1946
1
*
100
he
*16
200
11X
11%
250
Corp—l
Consol Biscuit Co
1
IX
24%
Jan
%
Jan
Jan
Mar
%
33 X
Mar
IX
55%
May
3,400
58 X
TT66
40
115
20
105
110
109
1
Consol Gas Utilities
July
June
IX
56%
4%% eerles B prof..-100
4% pref series C....10U
IX
1%
Consol Mln A Smelt Ltd. .5
300
Feb
1%
2X
Feb
Jan
73
119%
110%
May
Mar
Jan
2
July
May
%
2
150
100
IX
100
4
July
Jan
105
Apr
7X
6
6,000
Feb
5%
Feb
91X
90 X
100
93
IX
8X
Jan
Jan
"T"
1,200
Apr
37
"l'X "1%
*
30
750
IX
IX
12
Crystal Oil Ref com..
*
S6 preferred
...10
5
19
1%
9%
Jan
11%
Apr
July
11%
11
25
X
J
10
Feb
11%
Apr
23
400
%
Jan
Apr
Feb
%
Mar
9
300
21
"966
9%
20%
22%
17
8% May
May
May
Mar
Jan
Jan
July
July
July
525
34
Feb
60
175
28
Feb
45
150
50
Mar
64
Gamewell Co 86 conv pf..*
95
95 X
90
Jan
90
95% May
Gatlneau Power Co—
5% preferred..
Gellman Mfg Co com..
July
% June
%
Feb
49%
100
1
200
._._*
55%
Apr
1%
,
Jan
1%
Jan
Gen Electric Co Ltd—
86
preferred
14%
*
1
2,900
X
Jan
Feb
1%
12%
July
4X
14%
75
75
76
X
60'
30
X
%
200
12% May
Jan
40
100
%
60
10
52%
75
78
40
75
26
Gen Outdoor Adv 6% pf 100
Gen Pub Serv 86 pref
*
86 conv preferred
4%
16%
91
26%
60
23
%
%
Jan
May
July
Apr
Jan
Mar
60
May
60
General ShareholdlngsCorp
Common
1
400
May
4
Amer dep rets ord reg.£l
June
Feb
2X
Feb
7,600
2,100
12X
3%
Mar
19%
July
May
7X
July
200
19%
7X
X
Jan
%
Jan
IX
600
2%
2%
500
"i
ix
"""400
X
1%
Jan
I'll
Apr
20 %
~"x "TOO
Feb
31
%
83
Jan
July
Jan
Jan
Jan
%
»i,
Apr
Jan
Mar
60
45
June
61
Jan
103% 103%
10
rl01%
Mar
108
May
"~40% "40%
"25
40
May
43
Mar
400
98
Jan
110
Mar
100%
Mar
6%
Mar
50%
*
~~8~x "T%
12~706
100
Gen Water G4Ecom___l
83 preferred.
53
85
Jan
5
Apr
45
Jan
49
*
x3%
Jan
4%
7%
15%
28%
7%
99%
%
Apr
Gil ehrlst Co
22 X
Apr
Gladding MoBean A Co..*
July
Glen Alden Coal
July
Godchaux Sugar* elan A.*
9%
July
3%
Mar
Jan
Jan
1%
7X May
Feb
8X' July
Gorhain Inc class A
800
20
Mar
10%
500
8
May
12
Jan
25
25%
70
24
June
28 X
Jan
18X
Feb
5X
Feb
3%
3%
200
2X
IX
Jan
Feb
52
52
2
25
2%
2~200
35
Jan
99%
60
100
Derby Oil A Ref Corp com*
Feb
Jan
1
87
83
July
8
3%
2%
53 X
Gray Mfg Co
Mar
Mar
2%
July
7% 1st preferred
June
112
July
Greater N Y Brewery
Gt Northern Paper
*
1
9
500
8X
Apr
10
Jan
Jan
18X
Grocery Sts Prod com
§ Guardian Investors
Feb
IX
Jan
Gulf Oil Corp
Jan
2X
Apr
X
Jan
100
200
1%
he
14
100
10
17
May
21
July
Jan
De Vllblss Co common.. 10
86
10%
100
11
25
"7
7%
1,600
Dobeckmun Co common. 1
Dominion Bridge Co Ltd.*
725
37%
"~8%
8
37%
100
8%
900
..*
10
68
68
32
33 X
10
100
Apr
12X
JaD
IX
Mar
Hartford Rayon v t 0
5%
7X
July
37%
38%
l~M6
2%
2%
25
May
5X
Jan
16%
July
22%
"22% "22%
"350
Harvard Brewing Co....!
Apr
Hammermill Paper
Hartford Eleo Light
10
75 X
74
75 X
Jan
Hazeltlne
4%
17%
17%
100
Jan
Hearn Dept Stores com..5
2%
2%
300
50
28%
25c
5%
28%
6
900
"'%
*
""%""%
6%
To
9%
6X
10X
July
B non-vot common
6%
Corp..
conv preferred
July
111
Jan
Heola Mining Co
Apr
3
Jan
June
"Too
X
%
100
6X
1,900
7%
100
Helena Rubenateln
75
2X
72 X
4%
300
1
6
Durham Hosiery cl B com *
Jan
76%
% June
1%
Jan
Mar
7%
Jan
May
10 X
Jan
June
Apr
2%
2
May
48
June
3%
68X
Jan
36 X
16%
1,550
30
May
42
Jan
175
11
Apr
"15% "l5X
'""125
51%
53
36
3i%
Eastern Malleable Iron..26
IX
150
2%
53
16
500
*14
Apr
12%
12%
2%
11%
Apr
Apr
*
'ilx
S6 preferred series B
*
15%
Easy Washing Mach B
*
2%
Economy Grocery Stores.*
12
Eleo Bond A Share com. .5
2%
15%
3
12
50
300
50
16 X
May
May
Jan
July
'14
Jan
16X
July
July
16
3%
13
Jan
June
2%
7,500
2
Apr
4%
Jan
900
50
June
65%
Apr
56
52
57%
3,400
8
8X
150
30X
25
$6
preferred
*
51 X
2%
51%
$6
preferred
•
66 X
Elec P A L 2d pref A
»
132
%
35
Class A...
10%
8%
*
2
Heller Co common..
Preferred w w
Preferred
10%
8%
50
100
7% June
Mar
29
Mar
Mar
111%
2%
25
ex-warr
4
Feb
20
June
For footnotes see page 529
4%
5%
1,600
65
Feb
Jan
Jan
Apr
1%
June
May
5%
26%
Mar
3%
4"
17
1%
20
Feb
4%
9% June
7%
Jan
Mar
100
65
100
8%
"166
11%
8
13
Horder s, inc
(Geo A) A Co com*
Horn (A C) Co common..1
2%
Horn A Hardart Baking
Horn 4
5%
"27"
♦
Hardart
preferred
2%
Too
"27%
125
..100
1%
12%
32%
5%
Feb
Jan
63%
62
64%
3,500
6%
200
Hussmann-Llgonler Co... *
Feb
May
Vtcfor 1st pref
Feb
May
Jan
Apr
Apr
24% June
113%
Feb
6%
June
62%
5%
6%
%
1
Jan
Feb
Mar
Huyler'e com
...*
4%
150
4
Jan
Mar
5
2%
16
Hub bell (Harvey) Ino...
9
26
Apr
31%
Hormel
Jan
10%
26%
Apr
Feb
300
"16"
6%
12
Jan
10
12%
To"
May
29
Jan
Jan
July
July
Feb
Feb
4%
11%
Apr
May
82%
May
July
July
Jan
May
12%
Humble OH 4 Ref
Feb
115
X
80
Hummel-Ross Fibre Corp 6
2
38%
110%
Jan
11%
Jan
Mar
Jan
Mar
8%
25%
80
Apr
27 X
Jan
Apr
Mar
Heyden Chemical
10
Hoe (R) A Co class A...10
Hollinger Consol G M
6
Holophane Co common..*
*m
30X
Apr
10%
1%
2%
11%
11X
1
16
Apr
%
42
Mar
26
Henry Holt A Co part A..*
13
warrants
Jan
Jan
Feb
Mar
25
25
70
7
Jan
June
9
June
55X June
Jan
Jan
105
Hewitt Rubber common..6
*
July
35%
Hat Corp of America—
76
Apr
July
1% June
1%
May
33%
97
"500
1
June
Feb
6%
54
25
61
21 %
July
July
July
July
4% May
Mar
Feb
109
100
Dublller Condenser Corp.l
3% June
109
38%
....
May
July
6
1%
16%
4%
Dominion Steel A Coal B 25
28
"Too
""x
Gypsum LimeAAlabastlne*
10
IX
Jan
127% June
99% 100
25c
3%
10%
he
1% Mar
14%
Jan
25% June
><i
__
11
10
Elgin Nat Watch Co
"Too
preferred
Hall Lamp Co
2%
Electrographlc Corp
300
Gulf States Utll 85.50 pf.*
he May
IX
2%
*16
17 preferred series A_._*
31
"l'x "4%
26
100
Greenfield Tap A Die
IX
100
100
50
600
4% June
100
Non-yot com stock...
July
2 X
Eagle Plcher Lead
10
East Gas A Fuel Assoc—
99
Mar
July
June
Great Atl A Pac Tea—
45
1
Duro-Test Corp common. 1
Feb
4% May
94
May
30%
1G
Mar
Det Mich Stove Co oom__l
100
Feb
19%
900
preferred
Mfg common__10
Grand Rapids Varnish
1
29%
17X
IX
Divco-Twln Truck com__l
8%
100
7
ha
Gorham
20
20
Detroit Gray Iron Fdy._.l
10 X
15%
*
45
w w
Diamond Shoe common..*
6,800
27
6%
Apr
60
9
Detroit Gasket A Mfg..
14%
27
7
preferred
Goodman Mfg Co
40
*
14 X
27
Goldfield Consol Mines.. 1
10%
25%
♦
Mar
8X
8X
*
Class B
May
1X
7% June
98%
X
10%
7
10%
90
Jan
Apr
July
*
»
Preferred
Feb
h*
105% 1Q6
*
preferred
Gilbert (A C) common
1%
•
9%
♦
Georgia Power 86 pref-..*
5X
1,200
A conv preferred
July
5
6% preferred A
5
9H
7X
16 prior pref
Feb
1%
2% May
May
May
4%
Delay Stores
1
Dennlson Mfg ol A com..6
JP
May
500
11%
134% June
64
86 X
7%
Emerson Elec Mfg.
Apr
July
60
Jan
Decca Records common.. 1
Option
58%
z90%
45
70
1
2%
1
35
A conv
Eastern States Corp
July
60
2,675
62
10
5
Dayton Rubber Mfg
4%% prior pref
6% preferred
June
71
Gen Rayon Co A stock...*
2X
Darby Petroleum com...5
Davenport Hosiery Mills.
Common...
June
10%
8%
55
Jan
July
19
71
May
July
41
Mar
1
(Mo)l
Duval Texas Sulphur
60
45
X
12 X
35
Apr
7
conv preferred...100
4%
1%
Cuban Tobacco com
Duke Power Co
6
Jan
July
Jan
Jan
Jan
July
7%
18
(Geo ▲) Co com_._l
83 conv stock
•
Jan
Curtis Llght'g Inc obm 2.50
preferred
1,600
7
8%
1
preferred._-.25
Cuban Atlantic Sugar
7%
8X
21
21
"Too
£1
Crown Drug Co com...25c
Driver Harris Co...
25 %
-
1
6X
Crown Cork Internat A..*
Draper Corp
5% May
19% May
Jan
General Tire A Rubber—
Crowley, Mllner A Co—*
Crown Cent Petrol (Md)_5
Llauors
150
15
Feb
4%
he June
316
preferred
20X
400
Jan
Jan
2,700
3
19
Common
Conv partlc pref
3
10%
4%
'
83
83
60
Jan
July
June
Froedtert Grain A Malt—
Jan
100
17%
6X
7%
20X
Jan
Jan
Mar
7% May
2%
Apr
11
*
Gen Gas A El $6 pref B._*
General Investment oom.l
6X
1
Distilled
1,400
Jan
%
20%
3%
28%
j
1
11%
Gen F1 reproofing com...
33X
*
§ Detroit Paper Prod
Detroit Steel Prod
10%
8
Apr
Apr
1% May
21% Mar
99% 106
106
Brewing Co..5
Franklin Co Distilling
1
Jan
11
6
6% preferred
9%
2%
Fox (Peter)
Jan
May
Croft Brewing Co
8% debenture
Am dep rets ord reg_._£l
Ford Motor of Canada—
Class A non-vot
*
X
7
Crocker Wheeler Eleo
Class
800
*w
19
*
8%
11%
TOOO
Creole Petroleum
Curtis Mfg Co
2%
69%
(Phlla).lO
Feb
"1%
5% May
13
35
May
CourtauldsLtd—
conv
375
7
X
Fansteel Metallurgical
*
Fedders Mfg Co....
5
Fed Compress A W'h'se 25
Flat Amer dep rets
June
6%
*
Cornucopia Gold Mines 5o
Corroon a Reynolds
1
Copper Range Co
7%
100
900
7%
"20
1
6X
33X
com—»
S3 prior preference
*
Adrs ord reg stock
Fanny Farmer Candy
2%
Mar
X
7%
Cooper-Bessemer
preferred
%
18
2
9%
"~7% "~7%
»
Cosden Petroleum com..
Mar
98
June
85
1
1
Cook Paint A Varnish
conv
Eversharp Inc com
...1
Fair child Aviation.
1
Fairchlld Eng 4 Airplane. 1
Falstaff Brewing
1
General Alloys Co
Cont Roll A Steel
5%
7X
he
15%
110
2%
1
Fuller
July
IX
Consolidated Steel Co'p. *
Stt preferred A
Esquire Inc..
Jan
Feb
28
21X June
100
10
Continental Oil of Mex
%
17%
1
Fruehanf Trailer Co
Continental Gas A Elec Co
7% prior pref
preferred
Jan
Mar
2
Consol Retail Stores..—1
preferred
conv
Florida P A L J7 pref
Ford Motor Co Ltd—
13X
X
1X
117% 117%
Consol G E L P Bait com.*
8%
$3
106X 106X
7X
Equity Corp common__10o
Fire Association
June
%
30%
—*
Conn Telep A Elec
Consol Royalty Oil
Empire Power part stock.*
Emsco Derrick A Equip..5
Class B voting..
*
S3 preferred
100
Jan
Conn Gas A Coke Secur—
Common
preferred
Feb
hi
2
h# June
10
July
108
Feb
IX
77X
July
Feb
68
9
warr.
111
70
Jan
Patent Fire Arms.25
Colorado Fuel A Iron
Feb
10
106X
Eureka Pipe Line com._60
£1
preferred
July
67%
275
Jan
4%
2%
77X
conv
93
112
%
8
Colon Development ord...
High
Apr
105
Cockshutt Plow Co com..*
Cohn A Rosenberger Inc.*
Low
80
112
Jan
41
Jan
)
30
Jan
Feb
Apr
June
93
93
Empire Diet El 6% pf 100
Empire Gas A Fuel Co—
Range Since Jan. 1,1941
for
Week
Shares
100
6X
May
of Prices
High
106 X
106 X
Jan
17
Jan
Week's Range
Low
6% preferred
100
6X% preferred
100
7% preferred
....100
6X
May
4%
*
com
Mar
Jan
5X
15X June
Price
Par
104
5%
Clayton A Lambert Mfg__4
Cleveland Tractor
High
Mar
89
1,100
Claude Neoa Lights Inc__l
Cleveland Eleo Ilium
Low
*89 X
.....
Sale
(Continued)
Shares
20
Last
STOCKS
Range Since Jan. 1,1941
for
525
Sales
Friday
Apr
May
May
13%
Jan
85% June
13
July
9%
Apr
16
July
13
Apr
33%
Feb
2%
Feb
31%
114%
18
7%
*u
7
Jan
Apr
Jan
64%
6%
Feb
June
Feb
July
July
Jan
Jan
Jan
New! York Curb
526
Friday
STOCKS
Last
Week's Ranoe
Par
Price
Week
Low
High
Range Since Jan. 1,1941
Shares
Low
'he
Hygrade Food Prod—..5
2
38
IX
IX
27%
28%
3,100
200
4
•
1236
4
Jan
136
236
3936
336
Feb
Feb
1%
24%
8%
13
11
July
May
July
35
9%
300
Apr
13
Mar
2,100
656
6X
6Vs
'"*856 ~~8%
736
Indianapolis Power & Light
100
6% pf-100
preferred.-
8%
4Vs
4X
536% preferred
7%
July
July
Jan
2,500
113
8X
456
9
Apr
7
May
9
Jan
100
2%
Apr
5
June
10
110% June
113
July
19%
20
13 %
Jan
2136
Jan
20%
50
14%
Jan
24
Jan
Jan
'he
July
Jan
36
Mar
10%
25
78 %
%
9%
64%
2,250
June
Mar
Feb
153*
10%
July
36
60
Jan
July
2%
2%
23,300
IX
Apr
0%
9%
9%
1,600
8%
Jan
236
May
Mar
1036
May
8%
Feb
436
Feb
%
8%
4%
1,400
May
36
Mar
Internat Safety Razor B_*
International Utility—
hi
13 X
he
-
14%
30
$3.60 prior pref
—*
International Vitamin.—1
12%
32
"4%
Interstate Home Equip._1
Interstate Hosiery Mills. _*
4%
8%
836
100
100
1036
X
Irving Air Chute
28
3436
Jan
436
July
Apr
May
May
Apr
Feb
Feb
%
1536
11
100
936
2,000
10
Jan
12
Mar
336
May
Apr
>i» May
Jan
Mar
14
67 H
June
11536 June
Feb
936
July
800
3
Feb
4 J6
July
67 %
20
67
July
76
Mar
July
54
Jan
1%
1%
300
1
Feb
136
Jan
2X
100
1%
Jan
236
Feb
hi
July
36
Jan
12
100
May
14
Feb
836
July
1036
Jan
336
8%
June
336
96
96%
100
4%
4%
100
Mar
94
Apr
50
Apr
50
Apr
1336
Jan
June
536
Apr
1136
436
37
11%
"II*
8%
"Ilk"
"90C
300
4
1036
336
36
9836
10%
10%
100
♦
Jan
July
May
Feb
Jan
736 June
15
Jan
12
10436
June
Jan
Apr
42
Jan
1436
Jan
536
2
Jan
July
106
June
1036
Jan
15
Jan
*
%
1
4%
»
In
26
8
4%
%
4%
hi
16
100
July
14,800
%
636
236
300
hi
100
~"~8X "~8%
26
Lit Brothers common——*
Locke Steel Chain
6
Lone Star Gas Corp
»
%
8
*
Le Tourneau (R G) Ino.-l
Line Material Co.——.6
16
150
50
Common
8%
"Ilk "l4%
8%
•
7% pref class A
100
0% pref class B
Loudon Packing
100
""256
Mangel Stores
Feb
3336
July
June
836
Jan
1536
May
Mar
19
Feb
Feb
136
Jan
1536 June
Apr
1036
Jan
36
Jan
July
2936
3
July
July
536
10936
July
Feb
July
136
436
10636
Jan
Feb
29%
5%
5%
T, 700
he June
25
10
21
21
100
2136
18
100
2%
50
500
50
Apr
Feb
25
25
Mapes Consol Mfg Co.—*
Marconi Intl Marine
Communication Co Ltd.
25
2736
Mar
2536
Jan
24
Jan
June
hi
Jan
136
Mar
38
100
4%
4%
500
~29%
"466
1
*
common
Master Electric Co__
"29*
1
May McEwen Kaiser Co—
preferred
Mar
McCord Rad A Mfg B___♦
2X
1%
9%
9
For footnotes see page 529.
2%
10%
1,500
5,200
June
Apr
50
1536
July
18
Jan
175
10836
Apr
127
July
100
136
Apr
5236
112
54
112
600
7
21336
Feb
1436
July
Jan
36
Apr
A
4536
Feb
8336 May
475
112
20
836
836
100
636
6
31
4,500
31
36
1
136
171
136
200
172"
"160
156
425
15
236
2236
36
4%
3
2,700
536
536
500
169*
Moody Investors part pf_»
Moore (Tom) Dlst Stmp.l
'2236
Mtge Bank of Col Am shs..
Mountain City Cop com.6c
Mountain Producers
10
236
536
100
36
50
Feb
36
Mar
236
July
July
50
2636
236
common
*
1336
Nat Bellas Hess
1136
14
1136
"Ilk "l"236
300
11
1136
200
956
Mar
Mar
836
Jan
3636
56
July
256
1136
Mar
174
Apr
May
26
Jan
Jan
1836
Jan
Jan
Jan
Jan
36
436
July
July
3 36
Jan
636
Apr
1136
.♦
*
loo""
National Tea 6 36 % pref. 10
National Transit
12.50
Nat Tunnel A Mines
*
Nat Union Radio
Navarro Oil Co
436
836
336
30c
*
"12"
Nebraska Pow 7 % pref. 100
Nehi Corp 1st preferred..*
Nelson (Herman) Corp
Neptune Meter class A
Apr
1236
336
36
11%
111
1,100
9
MOO
56
14 36
Jan
Mar
Jan
*
Feb
1256
336
10036
June
July
25 36
87
736
May
Feb
Apr
12
500
100
10936 May
100
300
Jan
Jan
July
1236
111
900
%
8
June
4436
636
Feb
10 36
Jan
236 May
36
Jan
9%
Feb
1236
336
1136
1756
1036
236
100
800
Apr
May
236 May
436' Jan
2036 Mar
1,400
4336
12 36
1136
336
336
9936 10036
Jan
7
71
1236 May
3836 May
1036 June
100
900
11
1736
Mar
Mar
May
May
636
12
Jan
Mar
1236
he May
14
43
May
1536
140
Jan
10
2,000
•
Nat Rubber Mach
*
National Steel Car Ltd...*
National Sugar Refining.*
336
5
956
836
*236
'336
56
12
11036
Jan
July
July
Jan
Mar
Mar
July
July
Apr
July
Mar
336
July
836
836
100
836
Apr
136
136
136
100
536
36
Feb
Nestle Le Mur Co cl A...*
New Engl Pow Assoc
*
Jan
156
July
0% preferred
100
$2 preferred
•
New England Tel A Tel 100
New Haven Clock Co
•
"3536
3536
2C0
336
3236
5
*
New Idea Ino common
New Jersey Zinc
26
New Mex A Aria Land
New Process Co
36
122 36
436
*
121% 122%
436
436
16 36
1 6 36
6936
70
"76""
Apr
6 36
Jan
5636
1836
Feb
70
11036 May
129 36
Jan
700
336 July
Feb
1336
6136 May
536
1636
Mar
July
100
1,550
1
N Y Pr A Lt
$0
*
7% pref—100
preferred
Jan
2936
336
Apr
Jan
4% June
N Y A Honduras Rosarlo 10
N Y Merchandise
10
17
17
Jan
Mar
1
N Y Auction Co com
N Y City Omnibus—
5
June
14
*
70
July
156
2936
July
Apr
336
July
6
Mar
109"
lio""
10136 102
•
""30
50
15
Apr
1936
Jan
7
110
50
Feb
Feb
736
July
107
Apr
11636
Jan
9836 June
10536
Jan
2936
Mar
836
July
Shipbuilding Corp—
Founders Shares
New York Transit Co
1
29
5
N Y Water Serv
0% pf.100
2836
36*
29
600
""120
4,500
Apr
656
"36 36
2236
Jan
2636 June
42
Jan
Niagara Hudson PowerCommon
5% lBt preferred
6% 2d preferred
100
236
6936
69
236
6936
100
58
58
60
10
236
225
30
Class A opt warrants
Class B opt warrants
236
Apr
336
Jan
May
7936
Jan
5636 May
65 36
Jan
61
'111
Feb
'ie
Jan
36
Apr
he
Feb
336
8836
Jan
4
Feb
July
92
Apr
Niagara Share—
Class B
common
5
Class A preferred
100
Nlies-Bement-Pond
336
92
•
336
336
200
91 %
92
40
49
50
300
Nineteen Hundred Corp B1
Jan
N1 pissing Mines
Apr
Noma Electric
Nor Amer Lt A Power—
Common
Jan
i)%
536
*
Nat Mfg A Stores com
National P A L $6 pref
National Refining com
$0
June
July
June
67
.1
com
National City Lines com.l
$3 conv preferred
60
National Container (Del).l
National Fuel Gas
•
Jan
1
10
National Breweries com—*
National Candy Co
*
Apr
Feb
536
Jan
536
1136 June
13036 May
'""260
100
Nachman-SprlngfUled
5
Apr
11656
436 July
236 June
536
Jan
*
common
preferred
10
hi
Jan
Mar
fMountaln States Power—
Jan
236
6536
93
Feb
1436
1936
36
436
Jan
Jan
136 June
1136 Mar
Montreal Lt Ht A Pow.
8
July
736
Jan
536
Apr
2936 May
IOC
Montana Dakota Utll.-_10
*
Fbb
336
Molybdenum Corp
Monroe Loan Soc
Jan
200
Missouri Pub Serv com..*
Mock Jud Voehrlnger—
Montgomery Ward A
136
hi
Minnesota Mln A Mfg
*
Minnesota P A L 7% pf 100
Mississippi River Power0% preferred
100
Feb
he May
136 May
2736 May
236
5536
McWUllams
Dredging.—*
24
236
936
Margay OH Corp
•
Marlon Steam Shovel.—*
Massey Harris
25
136
736
1436
Warrants
Manlschewltz(The B) Co.*
Mass UtU Assoc v 10—
1436
N Y
28%
2%
July
32
28
50
Jan
June
1,200
1,775
3,925
256
July
he
2136
1936
32
•
436
Jan
hi
7ie
l
preferred
Jan
1336
836
26%
Ludwlg Bauman A Co com*
Conv 7% 1st pref
100
Conv 7 % 1st pf v t o. 100
Lynch Corp common
__6
Manatl Sugar opt warr
Feb
8
3,800
31
"1%
36
Jan
9%
»
Louisiana Land 4 Explor.l
Louisiana P A L $0 pref..*
2336
636
1
14X
Long Island Lighting—
$4
May
10
96%
Langendorf Utd Bakeries—
conv
Feb
July
7
2%
Lane Wells Co common.. 1
$6
119
200
49
Lakey Foundry 4 Mach_.1
Llpton (Thos J) Ino—
0% preferred
14%
0%
Apr
9%
4%
Lamson Corp of Del
6
Lane Bryant 7% pref..100
Develop
"7%
Muskogee Co
8%
1 6 36
127
10
Jan
IX
125
Midwest Piping A Sup.—*
Mining Corp of Canada.
Jan
67
127
136
736
3736
2336
4%
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
Leonard Oil
16 36
1
60c
29%
100
Lehigh Coal A Nav
dlv shares.
26%
Kress (S H) special pref. 10
Class B
non cum
Jan
Klelnertd B)Rubber Co.10
1
$2
10436
110
July
Jan
Mar
Midland Steel Products—
July
Knott Corp common——1
Kobacker Stores Inc.—.
Lake Shores Mines Ltd
50
95
24
56
Corp—
preferred
120
1
Lefcourt Realty com
Conv preferred..—
8
he
Mountain Sts Tel A Tel 100
22
1
Class A
Apr
conv
96
Klrkl'd Lake G M Co Ltd.l
Kelln (D Emit) Co com.
4% conv 1st pref
036
$2
Murray Ohio Mfg Co
*
Muskegon Piston Ring.236
Jan
Jan
July
May
Apr
336
Jan
136 May
June
636
9736
50
Jan
36
Apr
436 May
July
119
336
100
8936
9%
4%
500
Mar
1,900
100
119
6 36
Jan
136
656
Feb
he
300
9J6
36
436
90
7,900
200
436
1
10236
28
Kings Co Ltg 7% pf B.100
6% preferred D
100
Koppers Co 0% pref—.100
Kresge Dept Stores—
Feb
Apr
56
636
Class B v t c
—1
Middle West Corp com..5
90
Kansas G 4 E 7% pref. 100
Kennedy's Ino
6
Ken-Ilad Tube 4 Lamp A *
Kimberly-Clark 6% pf.100
Kir by Petroleum
Jan
36
112
Apr
July
1%
36
90
Jones A Laughlln Steel. 100
Julian 4 Kokenge com.
Kingston Products
Jan
36
1836
Jersey Central Pow & Lt—
636% preferred
100
0% preferred.—_—100
7% preferred
100
Johnson Publishing Co..10
4 36
Monogram Pictures com.l
336
June
36 May
600
736
Apr
700
"i«
107
30
Jan
336
1436
200
"i 6
*
Jan
Apr
40
Feb
836
8%
*
Jeannette Glass Co
56
2
Apr
636
900
2%
July
% May
136 June
3336 Apr
5
2.60
%
2%
10336
78
175
236
1
Monarch Machine Tool..*
17 %
236
FeD
900
1,300
Apr
400
Jan
11
1
Italian Superpower A
Mar
July
July
200
May
17
Jacobs (F L) Co
Apr
736
36
736
<ii
1,100
X
2956
Feb
3 36
036
8%
1
1
436
Feb
336
H
736
Jan
4%
1036
Iron Fireman Mfg v t o—*
Mar
28
50
5,800
1
6 36
636
Mar
»u
1,100
Interstate Power $7 pre!.*
Investors Royalty
Apr
100
'he
Mar
May
4%
1
—*
July
336
c
Common
•
-
Jan
11
9
8Vs
5
20
1
t
Jan
236
2%
Registered shares
International Products—*
Jan
Apr
Mar
1
v
Mid-West Abrasive
Midwest Oil Co
536
736
*
Mid vale Co
Feb
International Petroleum—
Class A
Jan
10736 10736
36
36
536
536
10
Jan
8% May
1% June
Intemat Metal Indus A—♦
Class B
preferred
Preferred
July
4%
Internet Industries Ino—1
*
*
736
36
36
10236 10336
he
36
-15
Mlcromatic Hone Corp
Middle States Petroleum
June
1236
7936
2036
Internet Hydro Eleo—
A Pow warr
28
*
25c
Michigan Sugar Co
77
78 X
36
Michigan Bumper Corp..1
Michigan Steel Tube—2.50
Metal Textile Corp
P&rtlc preferred
Midland Oil
100
4
310
148
Metropolitan Edison—
100
International Cigar Mach *
Coupon shares
1
-
200
V t c common.———1
$1.76 preferred
Warrants
Class A
Insurance Co of No Am. 10
436
7
Mesabi Iron Co
High
12436 May
1
736
1
Internet Paper
Merchants A Mfg cl A
28
May
Apr
Apr
Low
480
336
436
Participating preferred.*
%
20%
127
1536
7
Industrial Finance—
Pref $3.60 series
Memphis Nat Gas com..6
Jan
May
7% ■ Feb
113
19%
20%
125
Merritt Chapman A Scott *
X
-100
preferred
12036
Range Since Jan. 1. 1941
Shares
Mercantile Stores com..
6%
Non-voting olass A——1
Class B
•
Price
Jan
Indian Ter Ilium Oil—
7%
Mead Johnson A Co
$6
£1
Line
Indiana Service
Feb
6
Imperial Tobacco of Can.6
Indiana Pipe
Week
Par
July
256
Imperial Tobacco of Great
t Ireland
for
of Prices
Low
High
036% A preferred...100
£1
Imperial Oil (Can) coup..*
Registered
-*
Britain
Week's Range
Sale
Jan
736
Imperial Chemical Indue—
Am dep rets regis
Last
High
2%
Dlv arrear ctfs
Illinois Zinc Co
1%
31
500
28
60
6% cony preferred
10
3936
136
39 X
Sales
STOCKS
(Continued)
Hydro-Electric Securities *
Hygrade Sylvanl* Corp—*
Illinois Iowa Power Co.. .*
July 26, 1941
Friday
for
of Prices
Sale
(Continued)
^Exchange—Continued—Page 3
Sales
36
336
6
1
1
"66
64
♦
8736
87
North Amer Rayon ol A—*
Class B common
*
1936
1936
preferred
%
336
9036
20
900
200
1,500
1,200
4536 June
8
July
56
Feb
3
May
60 36
Jan
10 36
Jan
36
Jan
hi May
56
Jan
July
70
4
Jan
Jan
5936
236
1036
Jan
July
July
Feb
9036
1736 May
1856
Apr
23 36
23 36
Jan
50
5036
Feb
5236
Jan
No Am Utility Securities.*
Jan
33
36
Jan
36
Jan
336
Ian
0%
prior preferred
Nor Central Texas Oil—.5
"3k ""336
200
200
5
Jan
May
Volume
New York Curb Exchange—Continued—Page 4
153
Sales
Friday
Week's
Lasi
stocks
Sale
(Continued)
Par
7%
100
preferred
~2%
112* 112*
9*
9*
5*
5*
40
110
119
.1,800
100
2*
21*
3
18
100
2,900
July
2*
50
10
Ollstocks Ltd common...5
19*
19*
50 *
Apr
3*
4*
Jan
Ryan Consol Petrol
•
2*
100
2*
Feb
2*
3*
Jan
Ryerson A Haynes
1
1
2*
1*
900
*
St Lawrence
Mar
May
1*
1*
2*
3,000
23*
Apr
110*
Jan
113* May
50
50*
Jan
,
18
48
Apr
May
118*
110*
Jan
Jan
7*
21*
July
54
Jan
Jan
orlor pref...*
*
107*
Apr
116*
5
July
6
Jan
July
1
5*
Jan
6*
Mar
Overseas Securities new..l
1*
May
2*
Jan
$5*
conv
Oliver Utd Filters B
Omar Inc
33 *
6*% 1st preferred...25
Pacific lighting S5 pref..*
105*
Pacific P A L 7%
SI.30
33
*
3 *
"~34*"~Jan
87*
Mar
3*
14*
July
4
3*
Mar
Jan
May
18*
4*
15,000
Jan
67*
Jan
2*
Feb
Jan
4*
3*
July
Apr
6*
300
Apr
5*
30
Mar
Mar
30*
June
13
#
Jan
Convertible stock
9*
10*
3,200
8*
May
14*
Jan
64*
36*
Mar
July
61*
May
Shattuok Denn Mining...5
50
40
Mar
Apr
Jan
Apr
Mar
Apr
Pioneer Gold Mines Ltd—1
Sentry Safety Control
37
500
3
110* 110*
109* 110
ht
July
125
108*
106*
May
May
162
316
May
Jan
Apr
30
13*
*
Pittsburgh A Lake Erie. 50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Jan
113
Apr
Sllex Co
182
Jan
Jan
200
49*
57*
Mar
300
79
May
93
July
June
28
113
~
30*
3*
U4~"
31
500
Jan
'"216
50
4*
800
8
8*
6.400
44
45*
1,350
1*
300
3*
2*
May
4*
5
July
6*
113
$3
coma on
conv
1 *
1*
6*
6*
700
""280
15*
69*
15*
80
"68*
80
150
83*
2,300
2*
2*
700
8*
8*
100
"""* """*
2*
9
Jan
31*
4*
Jan
July
Feb
Singer Mfg Co
8*
47*
July
July
Feb
18*
Jan
sobs
Feb
1*
Jan
.100
Jan
Jan
July
47
47
47
2
1,200
*
2*
8*
1*
4*
4*
100
45*
May
Pratt A Lambert Co
*
Premier Gold Mining
16*
Apr
Jan
50
Mar
60
42
Jan
50
Mar
*
800
*
4
4*
"78*
Pressed Metals of Am
1
6*
500
7
Nev... 1
*18
»1«
5*
5*
600
Providence Gas
111
79
i~650
65
Apr
100
109
Jan
*
6% 1st preferred
7% 1st preferred
6*
11
13
Jan
Apr
23*
1*
1 *
125
1 *
Jan
Jan
115* 125*
1*
1*
102* June
130*
Feb
1* June
2*
Mar
Apr
1*
300
350.
100
102
$6 prior preferred.
•
105*
$6 preferred
*
53*
65
Puget Sound Pulp A Tim *
Pyle-Natlonal Co com...6
Pyrene Manufacturing..10
127
7*
6% preferred B
2*
*
Apr
4
Jan
200
1
June
2,600
1*
1,000
2
43
July
38
2* June
1
36*
30*
41
41*
50
Jan
May
46*
Feb
28*
*
29*
400
*
May
100
29
28
31*
29*
*
Jan
Jan
FeD
May
*
Jan
July
105
Jan
4*
Jan
Mar
6
Apr
6*
1*
17*
June
Jan
Jan
Mar
23*
*
Jan
Jan
6*
June
»i«
May
»u
Feb
Feb
July
Mar
Jan
4
8*
*
9*
60
105*
Jan
Mar
61
1,725
Jan
108* June
116
June
95*
Jan
Jan
65
July
May
37* May
14*
Feb
8* June
112
Jan
65
900
45
101* 107
450
94
51*
54*
18*
1,510
300
72
73*
148* 151
140
69
190
147
7% preferred
Southern Pipe line
100
Preferred A
300
1*
1*
..25
"6*
6~
"6*
July
3
Jan
Feb
25
5
Jan
May
July
'2~900
4.00
1*
7*
8*
2*
2*
600
Stahl-Meyer Ino
Standard Brewing Co
Standard Cap A Seal com.
4*
4
*
90
2*
Spalding (A G) A Bros...
1st preferred
Conv preferred
Jan
8
20
1*
Southern Union Gas
1
Apr
4* May
1
Feb
Jan
1*
8*
July
2*
1*
July
Mar
*
July
2,800
>it
3*
Mar
5*
Jan
500
12*
Feb
17*
July
100
""300
10
17*
16*
18*
18*
4*
17*
*u
Jan
Apr
Standard Dredging Corp—
2*
July
Jan
Apr
14*
Jan
1,700
1*
12*
17*
Apr
13*
19
20*
Jan
110*
125
107*
ins
700
»n
Jan
Feb
»u
13*
$1.60 conv preferred..20
Standard Oil (Ky)
10
129*
July
5% preferred
Standard Pow A Lt
Jan
67*
18*
8*
8*
Jan
Apr
Feb
July
100
10
Apr
1
Standard Stiver Lead
Standard Steel Spring
Standard Tube cl B
Jan
Jan
Steel Co of Canada
9*
Jan
*
Feb
•i« June
0% let preferred
50
5% 2d preferred——.20
Sterling Aluminum Prod. 1
Sterling Brewers Ino
1
Sterling Ino
1
Stetson (J B) Co com
•
Stlnnes (Hugo) Corp—6
Stroock (S) Co
— *
Sullivan Machinery
*
Sun Ray Drug Co
1
SunrayOll
1
5*% conv pref
50
Superior Oil Co (Calif)—25
Superior Port Cement-
7*
Jan
Jan
*i«
Jan
1,050
July
"~3* "3*
60c
13
Jan
17*
Jan
50
Apr
""600
"is
Jan
4*
July
'u
Feb
1*
Jan
*
*
1,800
20*
300
17*
Feb
21
Reeves (Daniel) oommon.*
20*
5*
1,600
3*
May
6
Relter Foster Oil Corp.50c
*82
Reed Roller Bit Co.....
6
7
Reliance Elec A Engln'r'g 5
3*
14
3*
14
I*
16*
Jan
Feb
5*
14*
Jan
6*
1*
July
Mar
Jan
7u
Jan
Technicolor Inc common.. •
Feb
pref—100
Texon Oil A Land Co
2
3,700
100
15*
3*
11*
Mar
200
4*
1 *
1*
July
7ji June
Jan
Jan
Jan
Rio Grande Valley Gas Co-
Class B common
■is
2,600
Rochester GAEi 6% pf C100
100
102* 103
""150
Rochester Tel 6*% prflOO
Roeser A Pendleton Inc
102* July
101* June
114
May
12
Feb
104
107
Feb
114
May
13*
Jan
1
5
2*
2*
12*
12*
*
For footnotes see page 529.
2*
13
1,300
300
13*
"150
5*
5
8*
Apr
10*
Jan
Mar
2*
Jan
5*
*
Jan
2*
June
Jan
July
Jan
27*
Jan
2** July
44
600
6
July
2*
38*
5*
40*
9*
July
Mar
Jan
6* May
*
Feb
8*
1*
Jan
July
800
5
450
Jan
Apr
13*
400
1 *
ifit
10* May
Jan
Feb
Mar
Feb
1*
July
2*
Apr
5
July
*
>
Feb
7n
July
16
July
Apr
14*
July
Jan
10 *
2
June
*16
716
200
14*
13*
150
11
May
300
11
100
10
1*
43*
15*
14
10*
2
44*
32*
13*
32*
10*
43*
7
"3*
8
2*
22
"9*
200
1*
37*
400
22*
2,500
800
3*
23
9*
1,800
300
Jan
Apr
Mar
9*
Apr
5*
Apr
2* June
19* June
8
Apr
44*
32*
Jan
July
July
12
Jan
8
July
3*
Jan
25
Jan
10
July
9*
2,400
109*
90
103* June
114*
Mar
3*
17
6*
1,200
2* May
14* May
5* June
3*
Apr
16*
6*
19*
Jan
Jan
*
*
300
8*
*
109
"3*
Tobacco Prod Exports—*
4*
*•
May
July
1*
4*
1
Tlshman Realty A Constr ♦
Tobacco A Allied Stocks—*
1
9*
Apr
Apr
7
6
1*
200
com.
Jan
July
*
Apr
44
13*
Texas P A L 7%
Thew Shovel Co com
18
"400
Swan Finch Oil Corp.... 16
Taggart Corp com
Jan
*i«
30
1*
—•
Tampa Electric Co com..,*
Voting trust ctfs
"266
.*
Mar
4
14
Rice Stlx Dry Goods.....*
Richmond Radiator
Jan
200
Jan
Feb
111* June
Jan
"20* "26*
Stein (A) A Co common..♦
Sterchl Bros Stores
*
Feb
7*
300
9
Starrett (The) Corp v t o.l
44
17*
8*
Jan
1
105
Raymond Concrete Pile—
17*
8*
6
159*
He
17*
19
.1
July
5
110
*
—_*
Standard Products Co...1
Mar
Railway A Utll Invest A.l
preferred.....*
110
Preferred
June
1,200
20
Feb
Apr
Apr
300
1,600
149*
May
warrants
Root Petroleum Co
42*
10
Radlo-Keith-Orphuem-
6% preferred D
41*
July
Jan
July
2*
3*
Mar
Railway A Light Sec—
1
41*
Apr
Jan
23
.....
25
6*
Republic Aviation
*
2*
2*
2
1*
4*
3*
Feb
6*
.100
Rheem Mfg Co
*
1*
2*
1*
Feb
South New Engl Tel.—100
z*
Quebec Power Co
Raytheon Mfg com
Red Bank Oil Co
Jan
104
Feb
Soutnern Phosphate Co. 10
100
129*
18
72
——.*
2*
6% original preferred.26
Common class B__
New voting com
June
Jan
Jan
Puget Sound P A L—
0% preferred
Mar
Standard Oil (Ohio)—
129*
Quaker Oats common...
Jan
Jan
Feb
Feb
Mar
113*
*
•
$6 preferred
Jan
Apr
Publle Service of Indiana—
$7 prior preferred..
Jan
80*
115*
6*
»*»«
107*
106
Feb
22*
Common
100
100
Jan
4*
12*
May
,*
Public Service of Colorado
7
11
10*
7*
*
Prudential Investors
Feb
Feb
5*
8*
...
Apr
July
3*
100
*
Prosperity Co class B
June
111
77*
Spencer Shoe Corp
350
Feb
4*
8* May
Southern Colo Pow oi a.26
*
22
*
*
Jan
3
600
Feb
Feb
Jan
1*
4*
6*% pref series C...25
Jan
4
*
22
Jan
FeD
Southern Calif Edlson-
Southland Royalty Co—
22
Jan
41
Mar
1
com
*
2*
200
Southwest Pa Pipe line. 10
90*
100
Prentice-Hall
25
Mar
*
*
700
6
Jan
1
1
Mfg com.
Jan
June
Apr
9*
Jan
1*
2,700
*
*
*
1
Sonotone Corp———.1
70
2*
1*
6*
Solar Mfg Co
June
12*
73
11
Corp. of Canada..*
6% 1st preferred
Feb
37* May
6*
South Coast Corp com
South Penn Oil
63
Jan
»x»
Smith (H) Paper Mills.
Feb
May
Jan
Jan
Mar
3*
"16
Simplicity Pattern 00m..1
Simpson's Ltd B stock...*
31
5*
45*
Jan
1*
*
7ie June
Sioux City G A E 7% pf 100
Skinner Organ
5
118*
1*
14*
Apr
Mar
2* Apr
7* June
46*
2
Singer Mfg Co Ltd—
Amer dep rots ord reg. £1
July
4*
Apr
*
600
,*
Jan
Mar
30* June
2*
Feb
'"l"66
5
Powdrell A Alexander
pref
Ross la International
Jan
400
1,400
—.*
pref
12
8*
25c
Sugar common
conv
115
Simmons-Boardman Pub—
14
22
..7.50
Polaris Mining Co
$1.20
Jan
73* June
Sherwln-WlUli,ms of Can.*
95
3*
44
Jan
Feb
22
1,300
46*
1
1
115
53*
Pneumatlo Scale com...10
Roosevelt Held Inc
Mar
"16
46*
6% cum prefser AAA 100
90
50
Pitts Bess ALE RR
Corp
Apr
deprcts ord reg—.1
Jan
52
•
Meter
Rome Cable
Am
Serrlck Corp class B
Sherwin-Williams com..25
Pltney-Bowes Postage
conv
Jan
Jan
24
Solar Aircraft Co
Conv $3 pref series A. 10
Pierce Governor common. »
July
13*
29*
115*
Selfridge Provino'l Sts Ltd-
July
Phoenix Securities-
Common—......—.—1
July
Mar
Shawlnlgan Wat a Pow..*
4*
*
14*
"it
Seton Leather common...*
36*
114
Jan
Feb
36
5
$5.50 prior stock
25
Allotment certificates
Jan
95
July
3*
Common
Apr
Phlla Eleo Pow 8% pref.25
*
*
»i§
*
July
Apr
110
Jan
* June
25*
* May
*
2*
1
$3
Selby Shoe Co
Selected Industries Inc—
11,100
*
Pharls Tire A Rubber
11*
*
*
10*
Perfect Circle Co
Common
*
Selberllng Rubber 00m...*
3*
Penn Water A Power Co.*
Optlon
11*
*
20
Securities Corp general... 1
Seeman Bros Inc
*
Mar
6*
33
91
11*
Warrants
2*
*
Phillips Packing Co
90
91
35*
32*
*
2*
.3*
110*
Mar
17* May
*
Philadelphia Co common.*
Phlia Eleo Co 95 pref
♦
""900
common.
2*
Peppered Mfg Co——100
28*
*
1,100
3*
31
*
$6 preferred
*
Penn Halt Mfg Co
50
Pennsylvania Sugar com 20
Jan
June
3*
114
27*
25
Water Service $6 pref—*
Soullin Steel Co com
11
Penn Pr A Lt $7 pref
2*
100
9
3*
Class A common
May
Scranton Spring Brook
Pennsylvania Gas A Else—
Producers Corp of
Mfg
Scranton Lace
Jan
Apr
July
Feb
June
12
Conv preferred....—.25
Scovlll
leb
2*
■i:o66
Jan
6*
Pennsylvania Edison Co—
S5 series pref
——*
$2.80 Berles pref
*
Inc
*
Feb
50c
Power
—6
Schlff Co common
Schulte (D A) com.
31*
2*
Potero
Savoy Oil Co
108*
3
Cent Airlines oom.l
*
100
1"* May
70
*
Segal Lock A Hardware..1
Pennroad Corp com
800
22
May
25
Penn Traffic Co
150
3*
*
May
May
-10
Penn-Mex Fuel
96*
3*
*
28*
Patchogue-PlymouthMUls*
Peninsular Telephone com*
$1.40 preferred A
2*
98
Corp com.l
Sanford Mills
101*
78*
67*
Parkersburg Rig A ReeL.l
Plough Inc com
3*
1
110
Paramount Motors Corp.l
Penn
May
96
100
600
3*
—
Parker Pen Co
7% preferred
2*
5
Bait Dome OH Co
Samson United
Feb
pref..50
30* 30*
105* 106*
Page-Hereey Tubes
Pantepec Oil of Venezuela—
American shares
conv
2,200
»
*
1st preferred
30*
1
Corp Ltd—*
St Regis Paper com
33*
pref—100
Pacific Public Service
Class A $2
com..
Scranton Eleo $6 pref
Pacific Can Co common..*
Pacific G A E 6% 1st pf.25
69* June
3
Jan
100
Mar
2* June
200
Apr
300
52
200
4
May
20
High
3*
18
6
Oklahoma Nat Qas com.16
Low
4
109*
113*
Mar
Range Since Jan. 1,1941
3*
30
Apr
105* June
for
Week
Shares
*
Russeks Fifth Ave
High
2*
Ryan Aeronautical Co.—l
9*
9*
Apr
7*
4* June
20
Royal Typewriter
Jan
Mar
Low
*
107
50
113* 113*
115* 115*
0% 1st preferred——100
preferred
Apr
Royallte Oil Co Ltd
Jan
110
*
Ohio Oil 0% preferred.. 100
Ohio P 8 7% lBt pre!
100
S3
Jan
101* June
Range
of Prices
Price
Par
High
20
18
Ohio Brass Co el B com..*
Low
Week's
Sale
(.Continued)
Shares
104*
21*
Last
stocks
Range Since Jan. 1,1941
for
Week
High
'
5*
Novadei-Agene Corp....*
Ogden Corp com
4
Ohio Edison $8 pref
Low
103
Nor Ind Pub Ser 0% pf.100
Northern Pipe Line
10
Northern Sts Pow cl A..25
Range
of Prices
Price
527
Sales
Friday
2*
200
700
Tobacco Sec Tr Co
July
13
*
Jan
Tllo Roofing Inc
Ltd—
Am dep rights def reg 5s
Todd Shipyards Corp
•
*
43
Jan
Mar
103
4*
101* 104
400
120
3*
Mar
*
4*
July
82
JaD
53
Jan
Jan
4*
July
*
July
104* June
New York Curb Exchange—Continued—Page 5
528
Sales
Friday
Sale
Par
Toledo Edison 6%
Week's Range
Last
STOCKS
{Concluded)
for
Low
(Continued)
Shares
pref 10c
Last
BONDS
Range Since Jan. 1,1941
Week
of Prices
High
Price
July 26, 1941
Sales
Friday
Low
105*
Apr
108*
112
Feb
114
Week's Range
Sale
Price
High
Jan
Danzig Port A Waterways
♦Ext 6*s stmp
1952
Jan
♦German Con Munlo 7s '47
♦Secured 6s—
1947
Jan
Range Since Jan. 1, 1941
for
Week
of Prices
High
Low
Low
9
High
5
7
Jan
$11
15
13
May
27
Jan
$7
16
13*
Apr
27
Jan
♦Hanover (City) 7s.—1939
♦Hanover (Prov) 6*8.1949
Lima (City) Peru—
8*
$7
8
June
27
Jan
16*
8
June
16
May
♦6*s stamped-—1968
7% preferred
100
Tonopab-Belmont Dev. 100
Tennpah Mining of Nev.l
Trans Lux Corp
1
Transwestern Oil Co
10
1958
5*
$13
19
♦Medellln 7s stamped. 1951
$8*
9
*11
*
2*
*
July
1
Jan
Mar
3*
*
July
Jan
8*
*
3*
*
3%
Jan
Jan
8*
Jan
800
<
Jan
Trunz Pork g tores-
Name changed to
♦Maranhao 7s
—*
Trunz Inc
Tublze Chatlllon Corp—1
6*
6*
7
1,500
1
41*
41*
42
t*
7
Jan
Mtge Bk of Bogota 78.1947
1,300
2,000
Tri-Contlnental warrants
7i»
5
3,000
8*
Feb
6*
Jan
Feb
14*
Feb
Mar
9*
Jan
5*
2,000
6*
13*
7
Apr
8
Jan
2.50
32*
May
45
July
$25
32
22*
Mar
25
Tung-Sol Lamp Works—1
1%
15
100
Feb
2*
Jan
$25
27
25
July
6*
7
200
July
7*
Jan
♦Mtge Bk of Chile 6s. 1931
$11
17
Feb
13
July
3*
4
2,800
2*
June
4*
Mtge Bk of Denmark 6s '72
$27
Feb
40
Mar
*
Jan
*
Jan
Jan
23*
9*
30*
Apr
•
1
*
*
10
1*
6*
CliBSB
WW WW WW WW
WWW sew
preferred
80c conv
Udyllte Corp
lUlen A Co ser A pref
Series B
pref
3*
3%
900
3
June
Feb
300
7*
May
9
Jan
♦Russian Govt 6*s__1919
July
3*
Apr
♦6*s
♦Santiago 7s
June
Apr
10*
11*
1
*
1,500
7*
United Chemicals com—•
cum
A part pref
9
18
18
l.OOC
$8*
9*
"u
*
"18
1921
1949
Mar
'
.
•
„
»
-
6*
-
7i8 May
July
*18 June
13
$10*
9
Mar
16,000
14,000
8*
*
June
June
11
Jan
June
Jan
♦
Sts_-10c
5,900
* June
100
United Corp warrants
United Elastic Corp.-—*
'
1
United Gas Corp com
1st S7 pref.
18* May
Jan
9*
8*
43* June
16
Apr
4*
Un Stk Yds of Omaha. .100
United Aircraft Prod
July
32* June
8
3%
7*
Union Investment com..
S3
With declaration
♦Parana (State) 7s
1958
♦Rlo de Janeiro 6*s.l959
3
Unexcelled Mfg Co
Union Gas of Canada—
Un Clgar-Whelan
♦Issue of May 1927
♦issue of Oct 1927
*
*
*
4*700
117* 119
non-votlng_*
600
Option warrants
»»i
Apr
*11
7*
Jan
* June
106*
Feb
he July
7*
Jan
Bank
Friday
»ii
Jan
Elig. A
Last
Week's Range
for
Rating
Sale
of Prices
Week
Since
See i
Price
%
Jan. 1
119
Jan
July
*11
BONDS
Jan
Sales
Low
High
Range
United Gas A Elec Co—
80*
80*
10
'n
100
7% preferred
*
1,300
*
United Lt A Pow com A—*
80
SO
23
Milk Produots
S3 partlc pref
24*
25
•
*
23
25
3,000
50
85
Feb
x
bbb2
Jan
1951
x
bbb2
29*
Mar
1st A ref 6s-
1956
x
bbb2
1st A ref 6s
1908 y bb
1st A ref 4*s
1967 y bb
22
June
25
Mar
Apr
74
June
60*
60*
45*
"12*
12*
5*
26
United Specialties com—-1
U S Foil Co class B
1
5*
61*
2,425
70
46
13*
6
2,700
*
U S and Int'l Securities.
600
*
57
Am Pow A Lt deb 6s
July
Appalachian Elec Pow 3*s 1970
Appalao Power Deb 6s
2024
July
8*
June
*
Jan
61*
Jan
May
500
49
June
4*
9,300
3
Jan
28*
28*
100
27*
July
29*
1*
3*
1*
3*
100
2*
Feb
4*
Mar
»x8
500
~6*
Jan
ht
July
6*
6*
60
1*
2*
*
3*
Mar
900
*i«
1 *
1*
1*
600
6*
28*
6*
1,100
20
pref
U S Radiator
1%
3*
1
com
U 8 Rubber Reclaiming..*
60c
U S Stores common
1st S7 conv pref
*
5
Universal Cooler olass A--*
Class B
•
1
8
Universal Insurance
Universal Plotures oom
Utility Equities oom
S5.60 priority stock
conv
Va Pub Serv
16*
i
3*
Apr
5*
*
5*
Jan
Feb
1
Jan
7
Mar
*
7% preferred
23
25
3i8
100
*
200
3*
22,500
94*
8*
7*
100
8*
5*
4*
9*
•
Western Grooer com
Convertible 6s
Jan
July
July
Jan
Bethlehem Steel 6s
*
Jan
Boston Edison 2 *s
1970 xaaa
Broad River Pow 6s..—-1964 y bb
44
Mar
Jan
49
1st 5aaeries B
5e series
Canada Northern Pr 5s
May
Jan
Cent States PAL
1,100
2,10c
ICO
700
4*
4*
3*
July
Apr
8*
Jan
3
Apr
Feb
5*
9*
July
7*
4*
*
Feb
Apr
•u
1*
1*
Apr
5*
H
H
Apr
Apr
Mar
95* June
July
15
2*
2*
102
July
Feb
3*
May
Jan
5*
Debenture 5s.-
76
80
Feb
76
July
21
"7"
1
21
50
8
"l
"loo
8
200
»
2*
100
"7* "8 *
600
2*
Williams OU-O-Mat Ht—•
v
)
7% pf 101/
Wolverine Portl Cement. 10
Woodley
5*
]
5*
4*
5*
2.0(H)
5*
400
4*
2
Petroleum—
Wool worth
20
Jan
Jan
21
July
Jan
14*
6
Jan
7
; 5*
Feb
6*
4*
Mar
1
Jan
8
3
_6e
Wright Hargreaves Ltd..*
"2*
4*
2*
3
100
8,300
Mar
12*
July
8*
Jan
Mar
65,000
12
12.0c0
93
21,000
37*
86*
90*
49
83*
93
80*
91
80
90*
45
94
94
1,000
97
97
1,000
92*.
92*
1950 y b
90*
90*
12*
89
89-
"98"
97*
Conn Lt A Pr 7s A
1952 yb
♦6 series A
-
196:
68,000
8,000
79
81,000
45,000
88
99*
88*
99*
12,000
99
bb
131
1951 x aaa3
131
2,000
98* 103*
127* 131
Consol Gas El Lt A Power—
(Bait) 3*s
scr N
1971 * aaa3
1st ref mtge 3sser P
1969,x
1st ref M 2*s ser Q_—1976 x
Consol Gas (Bait City)—
Gen mtge 4*s
Cont'l Gas A El 5s
Cuban Tobacco 5s
aaa3
aaa3
1954 x aaa3
1958 y bb 3
104*
$123*
98
Elec Power A Light 5s
2030 yb
Elmlra Wat Lt A RR 5s—1956 x a
Empire Dlst El 5s
1952
♦Eroole Mare 111 Eleo Mfg—
6 *s series A
1953
x a
3
3
1
98
60
1944 y ccc2
x
$109* 110*
$108* 109*
104* 104*
93
124
98* 161.0G0
3,OCO
42,000
89*
51,000
60
101* 102*
88*
92* 93* 109,000
$124* 126
105* 105*
17:600
$13
z
107* 111*
105* 111
3,000
101
;
101
For footnotes see pagr 529
89*
95
119* 126
104
106
44
45
.....
1967 x a
2
1954 yb
3
103*
110* 110*
103* 103*
5,000
108* 110*
101* 104
Apr
4*
Jan
6*
5*
July
4
Apr
5*
Jan
ser O
1966 x bbb2
Florida Power A Lt5s—I964,x bbb2
102*
5,000
106* 107*
102* 104* 116,000
41* 48
104* 107*
102* 106*
June
4*
Jan
Gary Electric A Gas—
ICO
100
Jan
Banks 6s-5s stpd
$25
1961 y
Florida Power 4s
2*
1944 y bb
2
1969,x bbb2
1953 y b
81*
80*
100
1
102*
1,000
54
101 *
13,000
100
81*
100*
29,000
75
102 * 102 *
1956 y bbbl
1948,z
1943 x bbb2
100* 101
Georgia Pow A Lt 6s
1978 yb
♦Gesfruel 6s
1963 z
Glen Alden Coal 4s
1965 y bb
5,COO
20,000
$63
Gen Wat WksAE15s
3
85
84*
*87*
87*
23
Jan
25*
72
85*
88*
95",000
18*
80*
88*
Jan
$8*
14
6*
Apr
9* June
17
30
9
July
27
X7
24
22
Feb
22
Feb
+80
95
52
Jan
97
July
May
73
"44"
May
25
Mar
29
June
Attention is directed to the
new
Jan
column In ttila
tabulation
65
11,000
July
26*
21*
22*
17*
98* 103
99* 102*
85
$9
2
101*
84*
98* 102
65
"*5:666
Feb
Jan
Mar
30
129*
102*
86
78*
Erie Lighting 5s
25*
196?
104*
122* 128*
89*
98*
53*
60
Federal Wat Serv 5 *s
Finland Residential Mtge
17
With declaration
Ext 6a—-
90
Jan
25*
1955
97
Jan
68
♦Prov Banks 6s B..196)
94
89*
89*
,
Cent Bk of German State 3
Danish 5*8
31
98*
99*
89*
1969 y b
y
30*
100*
102* 102*
—1958 y b
Community Pr A Lt 58—.1957
7,000
90* 230,000
109*
5*
$
Bogota (see Mtge Bank of)
♦Cauca Valley 7s
1941
17*
92*
1955 y bb
87
17*
105
Mar
Week
2,000
69*
105* 106*
100*
16*
100
♦General Rayon 6s A
35
5,000
2looo
36,000
Gen Pub Utll 8*s A
$25*
"loco
156
4*
4*
Sales
BONDS
1961
109
44*
88*
for
♦Baden 7s
100
1956 x bbb3
Feb
108
17
"17"
bb
Eastern Gas A Fuel 4s
g0vernmen1
and municipalities-
Agricultural Mtge Bk (Col,
♦20-year 7s
Apr 194f
♦20-year 7s
Jan 194?
y
1949 yb
6s ex-warr stamped
Gatlneau Power 3*s A
General Pub Serv 5s
foreign
"ios"
x a
July
(F W) Ltd—
Amor dep rots
83*
78*
78*
83* 85
$106 * 107*
101* 103*
103* 104*
102* 108*
73*
81*
162"
Mar
117
27,000
bbb2
7
10*
102* 103
103* 104*
$103* 104*
3,000
103*
1965
July
109* 127*
105* 111*
106* 112*
Cudahy Packing 3*8
Jan
72,000
29,000
149
Feb
114
8
*
Wolverine Tube oom
15* June
13
11*
104*
102
3,000
—1962 y bb
5*s
July
58*
117* 120
—1966 yb
Debenture 5s
Jan
6*
July
100
100
2,000
1927 z bb
Cities Serv PAL5*s
Jan
4*
104*
104*
153*
1948 y cc
Conv deb 5s..
Jan
Feb
108*
107* 109*
110* 111*
bbb3
.—.1964 y cc
8*k—1953
Cincinnati St Ry 5*8 A
6s series B
Jan
June
106
"2^660
153
ho*
+.1964 x bbb2
3*s..„1968
6*s
x
3
2
—1942 x bbb2
Cent States Eleo 6s—
Apr
2*
3*
74
1953
{♦Chic Rys 5s ctfs
Wichita River Oil Corp.-ll
Wisconsin PAL
2
11
11,800
1,800
1(
Co
2
a
103
4*
4*
20
Wilson-Jones
aa
x
Jan
Feb
„
Wilson Products Inc..
x
1998
June
13*
100
Williams (R C) A Co
1960
C—
7*
4*
13*
109
108* 109*
2
*
85*
20
Weyenberg Shoe Mfg
aa
Cent 111 Pub Serv
*
Western Tablet A Station')
Common
x
Jan
2*
Westmoreland Coal
1057
22
4
15*
15*
69
15*
15*
Bell Telep of Canada—
Canadian Pac Ry 6s
Cent 111 EI & Gas 3*s
2*
117*
1968 x bbb2
Apr
July
Jan
4*
Westmoreland Ino
2
Feb
17*
2*
83*
Western Maryland Ry—
7% 1st preferred
—I960 z b
28*
21
Cities Service 6s
-
9.00C
109
3
Jan
1*
1
Western Air Lines, Inc
aa
Jan
Apr
6
15*
63
13,000
1,000
$100
July
West Texas Utll 16 pref.
13*
13*
13*
$100
si»
300
13*
64* 65
$108
108*
2
1*
1
13*
65
2,000
2
Jan
Class B--—
51
12*
12*
12*
12*
12*
18,000
1947 yb
Feb
May
May
Waltt A Bond olass A—.*
43
59,000
13*
1947 yb
*11
GO
131
106* 108*
14
13*
5s without warrants
9*
90*
108*
128
Baldwin Locom Works—
1*
175
106
33,000
18*666
13
6s with warrants
Jan
100
West Va Coal A Coke
x
July
1C0
17
3
6*
Walker Mining Co
3*s—1964
5*
*
15*
7*
Wayne Knitting Mills...6
Wellington Oil Co
1
Wentworth Mfg..•
1.26
13*
13*
13*
300
1*
•
—J
Wagner Baking v t o
d
Atlantic City Elec
Jan
*18
108
108
108*
133
$130
107*
107* 108
45
44* 46*
106*
108*
110*
109*
Avery A Sons (B F)—
1*
ht
6
Waco Aircraft Co
z
Jan
62*
*
Vuitee Alrcralt Co
—1968
Jan
25
45*
103*
105*
106*
100*
15,000
77,000
108* 117,000
$13*
13*
♦Conv deb 5*s
1977 z d
AssocTAT deb 5*» A—1955 y b
1
Atlanta Gas Lt 4*8
1955 x bbb2
July
12,000
2*
1 *
7% pref. -100
Vogt Manufacturing
d
ht
50
ht
1
Petroleum
Venezuelan
15,000
106 * 107*
107* 108
d
z
1*
50
45*
7
preferred
z
1960
6*
13*
2*
13*
Utility A Ind Corp com..6
14
1949
♦Debenture 6s
Jan
1
Valspar Corp com—
z
♦Conv deb 5a
Jan
1948
Birmingham Elec 4*8
2*
10c
1
Conv preferred...,-
15,000
28,000
d
♦Conv deb 4*a
♦Conv deb 4*s_—
Apr
66* >66*
6
.
Utah Pow A Lt S7 pref—•
Utah Radio Produots
103* 103*
101* 102*
"Ids*
bbb2
14*
*
Utah-Idaho Sugar
103* 106*
102* 105*
103
105*
101* 103*
{Associated Gas A El Co—
Feb
July
28*
I
Universal Products Co
x
Arkansas Pr A Lt 6s.„—1966 x bbb2
Associated Elec 4*8——1953 y b
2
3*
2
Universal Corp rlo
7.000
1,000
108
104* 104*
2016 y bb
1
United Stores common.60c
United Wall Paper
105* 108
104
103
106*
a
July
6
U S Plywood—
conv
9,000
104
103*
101*
x a
13*
58*
4*
•
x
1970
46
4*
58*
S51st pref with warr—*
*1.60
2
107
103
104
a
1960
Jan
Mar
July
7*
Feb
4* May
7* June
*
Feb
U S Graphite com
1950 x
3*Btf debs
*11
6*
61*
Mar
49*
43*
6,400
2*s sf debs
3*sif debs
Mar
May
Apr
*
4*
10
United Shoe Maoh com .26
U S Lines pref
1946
American Gas A Elec Co—
United Profit Sharing..26c
Preferred
Co—
tii
1st A ref 6e
United NJRRA Canal 100
10% preferred
Power
1st 6a
70
•
Alabama
Jan
Apr
19*
Jan
7ii
July
*16
1st preferred
United
Mar
*u
Common class B
pertaining to bank eligibility and rating of
bonds.
23
Volume
New York Curb
153
Bank
Eliq. &
Last
Rating
Sale
BONDS'
See
(Concluded)
1950
Grand Trunk West 4a
x
2
a
105
1958
30
ccc2
y
I
{♦Guardian Investors 5s.__ 1948 y c
1935
103% 106%
17%
18
1938
x
♦Hungarian Ital Bk 7Hs.--.1963
1949
y
2
aa
*3
79 %
ccc2
ccc2
z
aa
x
bbb2
106%
1st A ret 5%s ser B
1954
x
bbb2
105%
1st A ref. 6s ser C_
1956
x
bbb2
105%
2
1
1
1963 ybb 1
-
2
1967
1958
1950
y
bb
bb
bb
1952
z
x
May
5s
Indiana Service 5s
1st lien A ret 6s
♦Indianapolis Gas 6s A
y
{International Power Sec—
♦6 % s series C
1955
109
2,000
78
1
coupon) 1957
z
z
dd
*11
1
*15
19'62
1958
y
2
ccc2
x
aa
1962
1963
78
z
1967
♦Isarco Hydro Elec 7s
♦Italian Superpower 6s
92%
109%
78
b
y
2
*t12
14%
y
3%s
Lake Sup DIst Pow 3 His...
Long Island Ltg 6s
Louisiana Pow A Lt 6s
109
109%
Milw Gas Light 4*48
Minn PAL 4KB
1st A ret 5s
Mississippi Power 6b
Miss Power A Lt 6s
*10%
2
a
y
bb
x
80%
24%
43
5,000
106% 108%
15%
26
To"o~6
14
35%
50%
15,000
42
50%
109%
25,000
30
14%
112
105% 109%
106
109
123
128%
112
1,000
11,000
35
85%
1945
1943
1967
1978
y
bb
y
bb
x
a
x
bbb2
x
bbb2
1955
y
bb
1957
1951
1960
x
bbb2
99% 100
100
108% 108%
109
109%
111% 111%
101% 102%
13,000
109
10,000
96% 103
100% 102%
bbb2
bbb2
{♦Nat Pub Serv 6b otfs_..1978
Nebraska Power 4HS.....1981
z
d
1
x
aa
2
2022
x
a
2
1948
Nevada-Calif Eleo 6b
1956
New Amsterdam Gas 6s...1948
N E Gas A El Assn 5b
1947
x
bbb2
1948
bb
2
x
aa
y
b
b
y
b
2
2
2
1961
1948
x
bb
y
bb
2
2
1949 ybb
Debenture 5%s
106% 106%
20
20
~3~666
5,000
14,000
2,000
i
....
119
119
*109% 112
99%
98%
118% 118%
"17666
2197666
4,000
60%
*92%
3
95%
61
62
68,000
60%
61
61%
55,000
61%
60%
108% 109
33.000
92%
50,000
91%
94%
95%
112
New
York
103% 104
3%s
1964 xaa
Debenture 5a
105% 105%
*111
112%
*106% ...
*115
38
41%
3
3,000
84,000
4,000
Ohio Pow 1st mtge 3%a.,
1956 ybb
x aa
1947
1948 y b
1945 y bb
x aa
1968
Ohio Public Serv
1962
6%b series A
Nor Cont'l Utll 6%8
Ogden Gas 1st 6s.
102% 102%
105
53
x
a
x
4s
bbb2
1955
1948 ybb
Okla Nat Gas 3%s B_
Okla Power A Water 6s
Joaquin L A P
6s
6s B...1952
1937
10,000
98% 105
19,000
98% 102
88
3,000
z
1951
108%
18
26
111%
114% 124
106
109%
99%
88%
117% 121%
56%
66%
66%
56%
56
*135% 137
*7
*40%
88%
ccc2
83%
15
20
36%
40
75%
87%
37,000
84
93%
5,000
87%
87%
88%
*98% 100%
88%
85
93%
99
93
103
*104% 105%
104%
104% 105
59%
39,000
108%
107% 108%
110% 110%
6,000
12,000
58
16%
13,000
"43"
84
84
28%
106% 109%
133
138%
105%
102% 105%
60,000
60
50%
105% 108%
101
110%
"*39%
38%
39%
13,000
34%
46
1948 y b
(stamped)
Debenture 6s
89%
90%
77,000
69
b
89%
89%
89%
90%
31.000
69%
89
90%
90
90%
64,000
69%
28,000
70
92%
92%
92%
92%
92%
90%
23
50.000
1948
y
1951
yb
89
1957 y b
-
22%
*22%
_
44
1953 z
1960 x bbl>2
Texas Power A Lt Be
1956
6s series A
44
14
70
46,000
20
92%
25%
68%
4,000
26%
32%
1,000
43
56%
2,000
13%
27
14
44
z
♦Terni Hydro El 6%s
Texas Eleo Service 5s
x
bbb2
2022 y bb
Tide Water Power 5s
89%
cccl
1946 z
Certificates of deposit
89
89%
..1957 yb
z
89%
89%
Dec 1 1966 y b
6s gold debs
1979 y bb
14%
107%
107% 107%
108
108%
108%
*118
119
98%
99%
26%
41,000
106% 107%
17,000
107
108%
118
121%
100%
~5~666
96
Tleti (L) see Leonard-
Toledo Edison 3 %s
2
1968 x a
Twin City Rap Tr 5%s...l962 y b
106% 109%
5,000
106% 107
h; 61%
9%
9%
*116
117
*13
18
58%
25,000
20.000
61
61%
3
62%
{♦Ulen A Co—
Conv 6s 4th stp
United Eleo N J 4s
9%
1950 z
1949 x aaa3
♦United El Service 7s
1956 z
♦United Industrial 0%s_..1941 z
♦1st
b
f 6s
*10
Debenture 6%s
1st lien A cons 5%s
14
30
42,000
85
100
88
100%
*105% 107
100%
09% 100%
23*666
103% 108%
93% 101%
16,000
117
21,000
1,000
(Del) 0%s. ..1952
y
1
bbb2
bb 2
United Light A Ryo (Me)6s series A
1952
x
bbb2
119%
Deb 6s series A
..1973 y bb 1
Utah Power A Light Co—
1st lien A gen 4 %a
...1944 x bbb2
98%
119% 120%
98%
98%
100%
100% 100%
91% 100
105%
1974 y bb
Deb 6s series A
2022 y bb
Va Pub Service 5% A
1st ref 5s series B
Deb s f 6s
25
30%
99%
98%
1
x
66%
118%
15%
2,000
1959
Un Lt A Rys
10%
114
20
14
98
7
30
14
1945
United Light A Pow CoDebenture 6s
1975 y bb
106% 109%
87%
97%
102
4,000
108% 108%
90%
14
*9
cc
y
82
17%
86%
*9
z
.'.1951
Conv 6s (stamped)
Debentures 6s_.
121
83% 100
8,000
100
102
104%
18,000
103
109
101% 102%
19,000
1,000
101% 102%
102% 103
2,000
100% 102
103
2
1946 y bb
1950 y bb
103
103
101% 101%
101%
..._1946 yb
111
108%
3
105
52%
53
109% 109%
109% 109%
110% 111%
108% 108%
♦5s
Income
deb
4
4%
1
...1954 z c
4%
Wash Ry A Elec 4s
1951 xaa
3
Washington Water Pow 3%s'64 x a a
2
*109% 109%
115
38
45
6.000
3,000
8,000
7,000
5.000
9,000
12,000
102% 103%
104
105%
49%
54%
109% 113%
106
109%
108% 111%
2030 x bbb2
West Penn Elec 5s
West Penn Traction
*107
108
105
107%
108%
116% 119
4,00(j
2
116%
116% 118%
Western Newspaper Union—
6s unstamped
...1944 y b
1
wiso Pow A Light 4s..... 1966 x bbb2
68%
2,000
104%
104% 104%
96%
97
8,000
104% 107%
3,000
99%
3,000
96%
99%
98% 100%
5s... 1960
x
a
68
1937 z bbbl
{♦York Rys Co 6s stmp
♦Stamped 5s
1947 y bb
1
98%
70
59
106% 109
103
*103% 104%
4
5%
109%
105% 110
63,000
*109% 110%
106%
114
5,000
101% 106%
307% 109%
No Amer Lt A Power—
No Bost Ltg Prop 3%s
102%
103
10.000
.....
1953 y
Nippon El Pow 6%8
103%
102
101% 102
Waldorf-Astoria Hotel—
195i * a
2
1964 * a
3
2004 x aaa3
♦Ext 4kb stamped
N Y A Weetcb'r Ltg 4a
104
Southwestern Pow A Lt 68-2022 y bb
Spalding (A Q) 5s.
.1989 yb
Standard Gas A Electrlo—
Penn A Ohio—
N Y State E A G
100
Southern Cal Edison 3s...1965 x aa
Soutnern Indiana Ry 4s...1951 y bb
S'western Gas A El 3%s.._1970 x aa
New Orleans Pub Serv—
♦Inoome 6s series A
39,000
103
102%
101%
x bbb3
1st 4%s series D
bbb3
1970
Sheridan Wyo Coal 6s.....1947 y b
Sou Carolina Pow 5s
1957 x bbb2
105% 109
107
*110% 114
...*
aaa2
y
1964
3%s
101% 102
106%
2
y
1950
Conv deb 5s
103
5%s series A
1952 y bb
♦Ruhr Gas Corp 6%s
1953 z
♦Ruhr Housing 6%s____._l958 z
104
13,000
x
New Eag Pow Assn 6b
y
1946
22,000
x
New Eng Power
100
■
162
90
106% 106%
1945
2030
68
5,000
107% 109
150
Stlnnes (Hugo) Corp—
7-4s 2d
104% 105%
*107% 108%
105% 105%
105%
104% 104%
111%
y
7,000
105% 109%
105% 107
1,000
12,000
1950
95% 100
105% 109%
107
110%
11,000
152%
25
50%
59%
103% 107
102% 105%
106
108%
103% 105%
102% 106%
102%
6s series A
25,000
25T660
104%
2
109
152
Standard Pow A Lt 6s
♦Starrett Corp Ino 5s
6.000
3
Nelsner Bros Realty 6b
77
1,000
106%
109
152
ser C
1950 y
1st A ref 4%s ser D_____1950 y
Queens Boro Gas A Eleo—
101% 103%
*102% 103%
54% 56
56
aaal
Nat Pow A Lt 5s B
24.000
103%
aa
106
2
bb 2
bb 2
bb 2
1st A ref 5s
102% 106%
107
109%
25
26
y aa
6% perpetual certificates
Puget Sound P A L6%b...1949
106% 109%
18T666
76%
10
Public Service of N J—
112%
3,000
69
108% 108%
Shawlnlgan WAP 4%s.—1967
66%
54.000
50
106
bbb2
Scullln Steel Ino 3s
144,000
100
95
75
17
108%
bbb2
x
♦Saxon Pub Wka 6b
♦Schulte Real Est 6s
79
aa
x
bb
Nassau A Suffolk Ltg 6b
a
x
7-4s 3d stamped
x
y
Missouri Pub Serv 6s
x
1949
1969
110%
*85
2
..1964
15
!*i 02
85%
1962
1947
1971
x
Miss River Pow let 5s
1st mtge 3%a
debs 4s
b f
Pub Serv of Indiana 4s
98%
86%
109
109% 112%
*72
*9%
1
z
15%
108% 108%
*9
40
102% 105%
108% 108%
108%
1965
4s series G
Middle States Pet 6%s
Midland Valley RR 6s
ccc2
1959
24
112
102%
3
1957 x a
1965
Metropolitan Ed 4s E
z
y a
Corp(Can)4%sB
♦Prussian Electrlo 6s
1954
Publlo Service Co of Colo—
15%
128%
112
1966 x a
3
1946 z
1946 x bbb2
1948 yb
Mengel Co oonv 4 His
Potrero Sua- 7s stamped... 1947
Power
aa
*109
1941
6s stamped..
2,000
x
McCord Rad A Mfg
Memphis Comml Appeal
Deb 4 He
13,000
San
Mansfeld Mln A Smelt—
♦7s mtgesf
110%
111% 111%
25%
*126
2022 x bbb2
1969 xaa
3
Kansas Gas A E ©c 6s
♦Leonard Tlets 7%s
50%
2
3
2
.1942 z b
Jersey Cent Pow A Lt 3%s_1965 x a
Kansas Eleo Pow 3 Mb
1966 x a
Kansas Pow A Lt
110
3
15%
—
6s stamped.
3
a
26%
93% 100%
15,000
96
1
a
aa
79
95%
bb
x
x
35%
108% 108%
22%
z
Safe Harbor Water 4%s—.1979
34%
35
102% 106
17%
29%
1,000
97%
z
21
17
24
1950
13
1952
Debenture 6s
79
75
105
95%
4,000
30
97%
1
Jan.
1961
16
dd
1952
Iowa Pow A Lt 4%8
71%
79%
97%
Since
$
1956
:
15
dd
♦7s (July 1941 coupon)
72%
1
bb
15
1957
z
Interstate Power 6s
98% 103
100% 102
z
*11%
*9%
19%
1
♦7s series F
Jacksonville Gas
92
109
77%
77%
108
104% 107
26,000
9,000
18,000
82%
zdd
♦7s series E
♦7s (Aug 1941
105
4,000
101% 102
78
78%
78%
2
a
'2~66O
81
70%
80%
70%
107% 110%
106% 108
105% 106% 136,000
20,000
101% 102
102
Indianapolis Pow A Lt 3%sl970
110
113.000
106% 108
48,000
105% 106%
101%
y
S f deb 5%s
Indiana Hydro Eleo
8.000
81
110
y
1967
1953
6s series B
*79%
78%
*78
1949
111 Pr A Lt 1st 6s ser A
Idaho Power 3%s
14%
18%
109% 110%
*io
:
*110% 111%
z
Hygrade Food 6s A
5s stamped extended
Potomac Edison 58 E
4%s series F.
z
1968
A St Ry 5%B
1953
Portland Gas A Coke Co—
♦5s stamped
..1940
29%
18
20%
30%
15
1,000
10,000
11,000
30
64
High
105 % 105%
105%
3
Range
for
Week
of Prices
Low
♦Pomeranian Elec 6s
58
♦Hamburg El Underground
Houston Lt A Pr 3%s
Price
~5~666
*12
♦Hamburg Eleo 7s
Sale
See a
Phlla Rapid Transit 6s ....1962 y bb
♦Pledm't Hydro El 6%s_.1960
61%
30
1945 y ccc2
Guantanamo A West 6a
61%
20
Grocery Store Prod 6s
Rating
75%
85
107% 108%
113
105
1
2,000
84%
*110
-
BONDS
(Concluded)
Since
%
Week's Range
Last
Eltq. &
Range
Jan.
Sales
Friday
Bank
for
Week
of Prices
High
84%
1950 x aa 1
3%b—1963 x bbb2
Gr Nor Pow 5s stpd
Green Mount Pow
Price
a
Week't Range
Low
529
Exchange—Concluded—Page 6
Sales
Friday
106%
Paclfio Gas A Eleo Co—
1941
1st 6s series B
x
aa
2
Pacific Ltg A Pow 6s
1942
x
aaa3
Pacific Pow A Ltg 5s
1955
y
bbbl
Park Lexington
1964
1977
y
cccl
x
a
1979
1971
x
a
x
a
..1962
1947
1954
x
a
x
a
x
101%
a
3s.
Penn Cent LAP 4%a
1st 5s
Penn Electrlo 4s F
6s series H
Penn Pub Serv 6b C
6s series D
101%
103
103
101
100
x01%
104%
25
*33
104% 106
1,000
60,000
101% 104%
103
106%
95
101%
34
38
247666
104% 106
105% 107%
105% 106%
108% 108%
157666
104% 109%
6,000
109% 109%
*107% 107%
1,000
107% 110
106% 109%
109% 109%
109% 109%
1
"9"6oo
106% 109%
1,000
106% 109%
304%
104
16,000
103%
103% 104%
78,000
113% 113%
8,000
*106% 109
105%
Pennsyl Wat A Pow 3%s__1964
3%S
1970
Peoples Gas Light A Coke—
1
4s series B
1981
x
a
4s series D
1961
x
a
1
1972
x
aa
2
Phlla Elec Pow 6%s
101 =
2,000
105
107% 109%
102
105
102% 105
109
115
▲
I
*
n
No par value.
a
Under-the-rule sale,
r
Cash sale,
X Friday's bid and asked price.
♦
d Ex-interest.
Deferred delivery sale.
x
e
Odd-lot sale.
Ex-dividend.
No sales being transacted during current week.
Bonds being traded flat.
f Reported in receivership.
Abbreviations
Used
Above—"cod,"
certificatea of deposit: "cons," consolidated
"cum," cumulative, "conv," convertible: "M," mortgage;
"v t 0," voting trust
"n-v," non-voting stock
"x w,'
certificates; "w f," when Issued; "w w," with warrants;
without warrants.
a
Bank Eligibility and
Rating Column—x
Indicates those bonds waich we
believe eligible for bank investment.
Indicates those bonds we believe are not bank eligible due either
status or some provision in the bond tending to make It speculative,
y
z
Indicates issues in default, in bankruptcy, or
The rating
to rating
In process of reorganization.
symbols in this column are based on the ratings assigned to
bond by the three
rating agencies.
each
The letters indicate the quality and the numeral
rating the bond.
In all
cases the symbols will represent the rating given by the majority.
Where all three
agencies rate a bond differently, then the highest single rating is shown.
immediately following shows the number of agencies so
A great
majority of the issues bearing symbols ccc or lower are
or lower are in default
bearing ddd
Attention Is directed to the new
columnfin this tabulation{pertalnlngflto
bank eleglblllty and rating of bonds.
See note a above
In default.
Issues
The Commercial & Financial Chronicle
530
July 26, 1941
Other Stock Exchanges
Baltimore Stock
Exchange
CHICAGO
July 19 to July 26, both inclusive, compiled from official sales lists
Friday
Last
Week's Ranye
of Prices
Sale
Stocks—
Par
Arundel Corp
Price
*
Low
16%
28
Atlantic Coast L (Conn) .50
Bait Transit Co com Vic*
28
"2.90
1st preferred v t c._.100
Eastern Sugars As com vtcl
135
50c
514
2.90
1,734
2.70
;—1
Feb
17
28
July
Jan
27c May
1.65
JaD
418
66
20
114
5
106
50c
Apr
24
300
July
Jan
71%
118%
11034
10%
27%
Mar
Mar
July
5 %
Jan
1285* 129
32
113%
Apr
130
45
Feb
15
35
9 %
3
Jan
11
1,135
15%
Feb
22%
May
July
July
15
Feb
2934
Apr
....—100
15
11
11
21%
22%
22
Houston Oil pref
100
Merch & Miners Transp—*
22
18%
96%
22
"im
New Amsterdam Casualty2
Northern Central Ry—50
31
Penna Water & Power com*
53%
18%
96%
53%
PhillipsPackg5%% PfdlOO
85
85
24%
25%
25
2
20
16 34 May
94 %
Jan
50
49%
3,158
5
1,985
18% July
97% June
57
Apr
83
21
June
Mar
87%
May
Feb
27% June
BondsBait Traslt
B 5s........
39% 40% $26,500
48% 49%
16,000
101% 102
21,000
101% 101%
1,000
1975
..1975
Interstate Co
5%
1945
Boston Stock
July
33%
Mar
40
100
41% June
49% May
102% July
Jan
Jan
10134 May
102
Last
Sale
Stocks—
Par
Price
100
Arner Tel A Tel
153%
Rights W I
1%
Bigelow San Carpet pfd 100
Low
High
153 % 157%
1*32
1%
9
100
92%
Shares
Boston Edison Co (new) .25
Boston Elevated
100
27%
45
Boston Herald Traveller..*
Low
2,942
10,736
22
9
91%
27%
44%
18%
Range Since Jan. 1, 1941
Week
105% 106
Bird & Son Inc
Boston A Albany
for
148 y. May
1*32 July
168% May
100
106
20
94
29
Jan
254
8% May
87% Mar
26% May
41%
Apr
50%
Jan
Feb
18
20%
Apr
1%
July
July
May
July
July
July
595
,
3,043
45%
19
10%
97%
34%
Jan
Maine—
1%
1%
6%
9
Class A 1st pref std..l00
2%
2%
65
Class A st pref
100
Class B 1st pref std.100
Class C ist pref.....100
2%
2%
2%
2%
5
V*
5%
1H
1%
15
1%
Jan
2%
2%
2%
2%
100
i %
Jan
335
ClassDst pref
.100
Boston Per Prop Trusts..*
2%
7
2,652
62
IX
Jan
Mar
9
Jan
2%
2%
2%
2%
2%
12%
23%
Jan
Jan
11%
11%
Boston &*Provldence—100
21%
22
Brown & Durrell Co com.*
1.00
1.00
20
95c
Jan
6%
662
6%
Aor
6%
7%
6%
544
4%
FeD
2c
5c
130
2c
July
Calumet A Hecla
6
Copper Range...
East Boston Co.
10
35
ii
June
Common
*
1%
51%
100
100
Eastern Mass St Ry—
Common
35
100
1%
81%
1%
100
Adjustment
81
55
205
25%
2%
7
3
25%
3%
650
10
29
29
30
Intl But Hole Mach Co. .15
5
5
1%
9c June
3%
58%
41%
1%
87%
July
14%
2%
Jan
Mar
Jan
29
July
3%
%
80
1% May
45
4
30
1
11c
22%
.
National Tun & Mines
*
New England Tel A Tel 100
NYNH&Hart RR...100
North Butte..
5%
122%
3%
3%
120% 123
225
25c
100
Pennsylvania RR
17%
24%
50
16%
24%
Qulncy Mining Co
25
Reece But Hole Mach...10
Reece Fold Mach Co
10
Shawmut Ass'nT C
Stone A Webster
»
Union Twist Drill Co
United Fruit Co
1%
*
Torrlngton Co (The)
1%
8%
5
10%
7%
*
28
"69"
United Shoe Mach Corp.26
cum pref
10%
28
*
61
..25
46%
Utah Metal & Ton Co
1
Vermont & Mass Ry Co 100
Waldorf System
*
Warren Bros
7
50
%
12%
Feb
5c
May
May
26
25c
200
18%
4%
2%
May
May
110
25%
1%
8%
1%
10%
8%
28%
Jan
Jan
6%
3%
Apr
July
129
Jan
Jan
*i«
Feb
45c
June
20c
July
30
8c
May
295
11%
Feb
18
Feb
25%
1%
10c
18
May
52c
Jan
1,399
22
170
%
May
100
8
Feb
100
1
9%
5%
Apr
370
Mar
25c
Feb
July
June
June
Jan
10
Jan
1%
Jan
Apr
J8%
Jan
565
25
Apr
30%
Jan
190
33%
Feb
40
Mar
70%
61%
46%
July
July
52c
Mar
518
38
1,105
59%
June
60%
45%
61%
46%
628
49%
Apr
32c
1,665
31c
110
104
25
8%
1%
May
37%
67%
104
*
Apr
6
20
14
10c
*
161
125
%
2
Jan
430
5%
...2.50
Old Colony RR...
Pacific Mills Co
15c
23
5%
Jan
5% June
2
July
Apr
1%
Jan
38
Jan
6
Mass Utll Ass vtc.-i
Feb
3 %
18
Linotype .*
NarragansettRacg Assnlncl
Jan
May
6
Mergenthaler
Jan
Jan
2
18
1%
July
Apr
5% cum pref—.——.100
....
Feb
July
8%
25%
Lamson Corp (Del) com..5
100
M aine Central com
Apr
Apr
May
150
1%
Jan
July
1.50
7%
6%
,
Jan
21
295
Isle Royale Copper Co. .15
May
1% June
3%
Feb
237
Hathaway Bakeries—
Preferred—*
Jan
74% June
490
25
._*
75c
130
7
*
1% May
47% June
30%
Apr
20
2%
.*
Employers Group
Gillette Safety Rasor
15
14
100
100
58
55
1%
81%
13
1st preferred..
Preferred cl B
Eastern 88 Lines
2
51%
35%
Feb
12%
East Fuel & Gas As—
4%% prior pref
6% pref
July
July
406
v
Common std-.——100
Prior preferred
100
8%
105
1%
1%
21
43% May
30c July
98
Apr
7%
Apr
%
Feb
Jan
107
Jan
9%
Apr
1% June
4%s
69
Eastern Mass St Ry—
Series A 4%.
.—1948
71
$6,300
66% June
74
Mar
30%
1970
to
32
27,000
19
32
July
104% 104%
10,000
Jan
101 %
Jan
105%
Apr
for
Week
July 25, both inclusive, compiled from official sales lists
Last
Sale
Amer Tel A Tel Co cap. 100
153%
Stocks-^-
Par
Abbott Laboratories
Acme Steel Co com
com
Price
*
25
conv
For footnotes
C11iO 11H-»l III III
I
pref
Amer Pub Serv pref
see
High
Shares
Low
t
250
46
111
2%
150
43%
2%
11%
30%
11%
31%
11%
350
11
315
200
25%
10%
18
18
450
14%
21%
21%
100
19%
11
Feb
Apr
May
May
May
63%
51%
3%
12%
JaD
1,700
5,550
4
Apr
10%
1%
2%
100
7
May
100
1%
Jan
2
Ap
3%
Jan
3%
1,350
Apr
6%
Jan
mm
16
page
9%
18%
11%
38%
""9%
mm'mm
38%
7%
5
pref
Feb
18
July
23
Jan
21
10
17
Jan
21
June
89
90%
20
85
June
94
Jan
I
8%
Jan
5%
July
18%
Jan
20%
2%
July
18%
1%
7%
12%
19%
1,300
16
Apr
2
250
1% June
9
350
7
21%
13%
22
'rn.mi.mm mm
21
21
87
87%
80
Jun
Jan
9%
e
Jan
12%
400
10%
Jan
13%
Mar
6%
2,250
4%
Feb
6%
July
450
22
19%
Jan
10% May
17%
Feb
82
May
5%
Jan
25
13%
150
July
14%
Jan
21
Jan
95%
Jan
6%
July
6%
6%
650
mmmmmm
»u
*16
600
*16
Feb
%
Mar
mmmmmm
.
%
%
50
%
July
%
July
*16
1,100
m..mm'mm
Prior lien preferred
mm
*16
m—mmmm
*
107% 108
'
mmmmmm
Preferred.....—....—*
46
44
Cent States Pow & Lt pfd.*
Cherry Burrell Corp com.5
4%
Chicago Corp common.._i
Convertible preferred..*
~""K
Chicago Flex Shaft com..5
4%
*11%
%
31%
59%
69%
mmmmmm
cap..*
mmmmmm
Chicago Yellow Cab cap..*
Chrysler Corp common..6
55
55%
Cities Service Co com...10
Coleman Lmp & Stv com.*
5%
4%
4%
%
31%
200
27%
16
47
60
Jan
Jan
8%
14
Feb
Jan
Jan
Jan
31%
July
350
59%
July
73
Jan
69%
50
69%
July
73
Apr
8%
300
57%
5%
1,000
728
26%
6%
6
%
112% May
June
41
6%
Container Corp of America
Common
20
Crane Co com..
.25
20
100
600
26%
26%
Jan
June
30% June
4% July
10% May
%
41
Commonwealth Edison—
Capital
26
Consolidated Oil Corp...*
%
103
480
12
8%
mmmAmm
40
46
50
6,050
July
9%
72%
3%
Feb
5%
37%
Feb
41
24% May
30
8% May
65
2,500
6%
Feb
12%
Feb
Jan
Jan
July
July
Jan
6%
May
July
16%
200
16%
17%
381
13
Apr
16%
19%
Cudahy Packing 7% prflOO
93
94
50
80%
Jan
96
Jan
Cunningham Drg Strs__2%
Curtis Lighting Inc com2%
Decker (A If) & Cohn com 10
17
17
50
15
May
19
Jan
60
1%
1%
19%
Deere A Co
com
«.
mm
m
m
m m
16%
2%
2%
1%
25%
1%
100
26%
8%
509
34%
13%
34%
50
13%
100
19%
3%
*
19%
Diamond T Mtr Car com.2
8%
Dixie-Vortex Co cl A..—.*
Dodge Mfg Corp com
*
mmmmmm
mmmmmm
Eddy Paper Ccrp (The)..*
mmmmmm
Elec Household Utll Corp.6
m
Elgin National Watch Col5
Eversharp Inc
mm mm
29%
2%
40%
6%
6%
20%
4%
mmmmmm'
1
com
Fairbanks Morse
m
*
com
mmmmmm'
FitzSim&Con Dr&Dk com*
Four-Wheel Drive Auto. 10
6%
6%
20%
4%
Fox (Petei) Brewing com.5
Fuller Mfg Co com
1
General Am Transp com.5
General Candy cl A......5
General Foods com
*
Gen Motors Corp com.. 10
General Outdoor Adv com *
Gillette Safety Razor com *
Goldblatt Bros Inc com..*
53%
m
m
mm
~~14%
HibbardSpencerBart com25
"35%
mmmmmm
m
rn
m
mm
m
*
com
Hormel & Co com...
*
Houdallle-Hershey cl B
*
Hubbell Harvey Inc com.5
Illinois Brick Co cap__..10
Illinois Central RR com 100
Indep Pneu Tool vtc
*
Indianapolis Pr A Lt com.*
150
450
32%
~
m
mmmm
8%
50
117
10
100
380
39%
1,950
3%
3%
368
9%
14%
14%
9%
35%
Great Lakes D & D oom„*
Horders Inc
6%
39%
18%
m
*
9
B 8%
1 13
J 32%
A 11%
i 14%
ft
3
f 8%
28
26
25
••
mm
mm
Indiana Steel Prod com..1
Inland Steel Co cap
•
7
100
"99"
Jan
11
Jan
Jan
36%
May
48%
3% July
2% May
6% May
4%
Jan
3%
July
8
Jan
40
50
Apr
Jan
Jan
Jan
10%
17%
16%
9%
35% June
7
Jan
20%
10
Mar
Jan
July
Jan
Jan
100
8% June
7
May
12% May
9%
13
14%
Jan
32%
11%
14%
3%
9%
150
30% June
35
Jan
150
8%
9%
Jan
250
10
Apr
13%
Jan
150
14% July
2%
Feb
7% June
17%
Jan
150
2,450
290
150
56%
17%
100
10%
10%
600
131
600
5%
26"
5%
*
21%
18%
3
May
May
June
69%
Apr
43% May
15% May
9%
Apr
4
Jan
8
:
*
5
•
300
50
7
May
100
1
1
3
99
200
300
4%
Jan
44%
July
July
% June
3% June
9% July
Jan
29%
21%
4
90%
Jan
Apr
Jan
56%
July
18
Mar
14
5%
Jan
July
3%
mmmmmm
'
m
—
"21"
18
Jan
4%
27%
7%
1
100
1
Feb
8
500
12
50
12%
15%
13
250
9%
"16%
16
3%
Jan
Feb
Jan
13%
Jan
1
May
16
100
15%
2%
150
21
100
18
1,190
Jan
106%
5
10
2%
July
25
18
21
July
5
10
5%
12
13
9%
50%
2,550
26
18
7%
*
*
.*
5%
500
5
1
......
_..*
com.*
26
9%
46
21
1%
July
Feb
Jan
May
Jan
8
Apr
June
12
May
9%
Apr
13% May
1%
Feb
17% June
13
July
6%
11
Jan
16%
3
23
Jan
July
Jan
9
Jan
18
July
10%
16%
150
5%
Jan
July
2,700
13%
Jan
10%
16%
3%
650
3%
Mar
4%
Apr
Merchants A Mfrs Sec—
Class A com
Jan
35%
79%
4%
*
com
Jan
Jan
5
39%
June
500
1
com7
McCord Rad & Mfg cl A..*
McWilliams Drdg Co com *
Field
6%
14
99%
Marshall
Jan
23
11%
350
4%
*
com
Feb
3
175
99
100
com
33%
Jan
45%
7% June
DH
La Salle Ext Univ com...5
Preferred
Apr
150
46
pref
July
4%
350
9
LlbbyMcNelll&Libby
Jan
20
9%
*
6% preferred
14
14%
3%
5
Jan
July
55%
15
9
July
9%
34%
46%
Feb
9% May
33%
Feb
May
May
Kellogg Switchboard—
Common
5%
Feb
18% May
3% May
8
54%
"Io%
July
16
17%
Iron Fireman Mfg Co vtc *
Jarvis (W B) Co cap
1
Katz Drug Co com
1
6%
570
19%
3%
f
26%
May
250
28
"19%
2
19%
9%
1 75%
.»
28% June
34% May
400
20%
4%
53%
Apr
Feb
May
34% Apr
11
Apr
13%
Apr
3%
Feb
Jan
2% May
Jan
1%
Jan
7
50
313
6%
7
rn
500
2%
3%
9%
Hall Printing Co com..".10
Hamilton Mfg cl A pt pfdlO
Heileman Brewing cap
1
Hein Werner Motor Parts 3
30
41
3%
mm
1,100
38
38%
m
100
4
10
m
mmmmmm
Goodyear T A Rub oom__»
Gossard Co (H W) com...*
50
38
mmmmmm.
m
2%
533.
'. l! ft
Apr
Feb
13% June
6
Common..50c
Loudon Packing
Lynch Corp com
Apr
10% May
19%
Apr
May
3 9% July
12
4%
6%
1
Jan
Jan
Apr
Jan
6
12%
.*
17
150
170
■
Jan
700
10
Lion Oil Refg Co cap
Jan
32%
July
2%
Jan
15%
......
10%
Feb
795
Jan
r
May
10
6
Common
Liquid Carbonic
13
9%
16%
19%
6
Centlivre Brew Corp
Central A 8 W—
com
100
200
15%
*
117« July
5%
July
200
11%
39%
7%
5%
7%
2%
15%
100
15%
Castle & Co (A N) com. .10
Cent 111 Pub Ser $6 pref..*
conv
9%
18%
5
Brown Fence & Wire com.l
Class A pref
Bruce Co (E L) com
Butler Brothers.
mrn
50
16
1
Berghoff Brewing Corp.—1
Jan
21
100
1%
2%
3%
mm
3%
Binks Mfg Co cap.—_ —_1
Bliss & Laughlin Inc com.5
Jan
36%
Feb
Jan
lht
5%
Bastian-BIesslng Co com.*
Lindsay Lt & Chem
53%
50%
High
168%
1»»
10
m
Belden Mfg Co com.....10
Bendix Aviation com
5
Lincoln Printing
Common
High
Low
149%
4%
1
Barber Co (W H) com
Cumulative pref
Range Since Jan. 1, 1941
2%
Aetna Ball Bearing com__l
Class A
Low
for
52%
50%
25
Advanced Alum Castings_5
Allls-Chalmers Mfg. Co..*
Allied Laboratories com..*
Allied Prods Gorp com.. 10
Sales
Week
797
153% 156%
4%
Athey Truss Wheel cap..4
Aviation Corp (Del)
3
Chicago Towel
Range Since Jan. 1, 1941
Shares
1*321
Asbestos Mfg Co com
Central 111 Sec
High
May
1»« July
Rights (W i)
Armour <fc Co common...6
Aro Equipment Co com..1
Leath & Co com.
Week's Range
of Prices
Low
Price
Par
Ken-Rad Tube&Lp com A*
Ky Utll jr cum pref
50
Chicago Stock Exchange
Friday
Altorfer Bros
(Continued)
of Prices
International Harvest com*
Bonda—
Boston & Maine 4s...I960
July 19
Stocks
Week's Range
Sale
5% cum conv pref
30
Camp Wynt <fc Cr Fdy cap*
High
1%
Sales
Last
.
Sales
Week's Range
of Prices
CHICAGO
Friday
Borg Warner Corp—
Common
Exchange
Friday
6%
Jan
19 to July 25, both inclusive, compiled from official sales lists
Boston 4
La Salle St.,
S.
Barlow&Seelig Mfg A com5
Co, 4s flatl975
A 5s flat.---
Principal Exchangee
Jan
120
1434
10
Jan
Feb
25
17
Members
Bell System Teletype
Trading Dept. CGO. 405-406
Municipal Dept. OGO. 521
July
2.90
May
May
Ga Sou & Fla 1st pref.. 100
U 8 Fidelity A Guar
17
59
25
Pawl H.Davis & @<x
High
14% May!
117
108% 108 n
7%
8%
8
Fidelity A Deposit.....20
2nd pref
Low
60
58
100
4% preferred C_.—100
Preferred vtc
Shares
117
58%
4%% pref cl B
UnlUted
Range Since Jan. 1,1941
16 %
28
32c
Consol Gas EL A Pow—
for
Week
High
16%
SECURITIES
LUted and
Sales
July
Volume
Sales
Friday
Week's Range
for
Sale
of Prices
Week
Middle Weet Corp cap...6
Midland Utd conv pref
65*
3 J*
7
Feb
3
3,150
5%
4%
Apr
250
145*
July
Apr
5*
May
Jan
145*
July
14
14
%
135*
H
100
133*
100
100
100
7% prior lien
Members Cleveland Stock Exchange
Apr
Midland Util—•
6% prior lien
6% preferred A
Ohio Listed and Unlisted Securities
Jan
65*
May
4%
3,050
4%
4%
4%
High
Low
Shares
High
Low
Price
Par
1, 1941
Range Since Jan.
Last
Stocks (Concluded)
13%
200
3
15*
6%
15*
65*
250
May
5% June
65*
July
200
24
200
24
------
%
GILLIS !<l RUSSELL co.
Miller A Hart—
105*
15*
65*
255*
375*
105*
------
26
26
------
25
255*
6
65*
8%
9
Vtccommon stock
$1 prior pref
10
Modine Mfg com
*
_*
Montgomery Ward com
•
25
25
36
Gas com—1
National Standard com. .10
Noblitt-Sparks Ind cap..5
North American Car com20
36
Natl Cylinder
65* •I.
Northern 111 Finance com.*
-
-
-
—
15* June
%
600
250
23
May
275*
31H
May
395*
Jan
Apr
11
32
Jan
8%,
500
Jan
Friday
May
Mar
Last
Week's Range
for
8
400
May
105*
Feb
Sale
of Prices
Week
125*
July
325*
July
100
8
105* June
125*
125*
600
62
------
63
10
Apr
14
545*
63
Feb
70
9%
Feb
July
63
10
13
Parker Pen Co com
15*
com—__1
1
Pressed Steel Car com
J
Preferred
640
22
Feb
c
Jan
July
c
170
8
5*
115*
55*
Apr
150
5*
Jan
500
95*
Feb
6% preferred .....——5
------
July
27
July
Jaeger Machine...
20
20
40
155*
UK
11%
100
100
Interlake
Steamship..—*
Kelly Island Lime &
Tr___*
Lamson & Sessions......*
Jan
Leland Electric
July
Jan
10
Apr
12
Feb
*
Drug—*
23%
17
Feb
24
June
15
560
7
Jan
16
June
Apr
35*
250
15*
Feb
20
295*
5*
Mar
5*
Apr
%
Jan
615
45*
Apr
6%
25*
135*
345*
135*
25*
135*
325*
135*
135*
125*
Jan
920
255*
Mar
%
Jan
6 5*
Apr
81*
Jan
75*
July
75*
75*
-
34
Swift International cap.. 15
235*
215*
235*
26
235*
225*
25
2
435*
43
235*
445*
4
4
------
50
28
Co com—20
United States Steel com..*
79 5*
565
105*
725
595*
125*
615*
575*
585*
100
Radio Products com 1
445*
July
0%
Feb
795*
------
May
May
605*
3,300
49 5*
Apr
203
1155*
15*
800
200
195*
295*
1,070
935*
85*
28
Westngh eEl A Mfg com.50
15*
195*
265*
195*
»
100
Walgreen Co com
Western Un Teleg com
17
935*
25
.
com.*
------
85*
*
------
25*
Wise Bankshares com
*
---—--
55*
25*
5%
2,950
07%
45*
340
45*
655*
45*
125*
305
Wrlgley (Wm Jr) Co cap.*
Yates-Amer Mach cap
5
115*
Zenith Radio Corp com.. •
'
Jan
15*
Feb
35*
Apr
355*
Jan
Feb
465*
July
10
Apr
34
Jan
20
16
May
18 5*
Jan
152
499*
Apr
709*
50
4 5*
May
65*
Jan
39* May
Apr
89*
75*
July
0%
5%
7%
2,550
8%
47
a 15%
al0%
60
125*
a37% a38%
135
30 5*
75*
55*
795*
"a37%
*
Industries.
Aluminum
High
Low
55*
Anr
105*
6
Exchange
75
215*
975*
215*
975*
985*
117
179*
975*
35*
35*
35*
472
25*
Cincinnati Telephone. ..50
845*
849*
105*
131
...
-
Cin Union Stock Yds.
Coca
—
-
*
*
975*
*
75*
Corp
preferred.
Dow Drug
Eagle-Picher
.
I'm
105*
Jan
Jan
99
103
4$*
208
149*
85*
Jan
75*
Jan
Feb
Feb
30
6
40
Apr
109*
.
July
July
Jan
31
10
29
June
31
July
189*
189*
50
18
May
23
Mar
255*
26
22
25
June
29
—
-
—
*
55*
135*
55*
135*
100
50
45* June
115*
Jan
34%
..12
pref
Participating pref.. .100
34 %
11
34
June
Jan
65*
Mar
165*
Mar
45
Jan
.....
103% 103 5*
100
pref
"275*
*
Kroger
-
—
—
-
—
*
Lunkenheimer
*
National
Gamble....
25*
*
495*
Pumps
Proctor &
5%
10
315*
*
Card
102
102
4
25
54
25*
575*
25*
26
605*
674
1025*
Jan
245* June
1025*
Jan
185*
Feb
1055* June
30
Jan
1035*
25
Apr
July
Mar
25*
July
605* May
605*
July
2
118
Jan
5
117
July
205*
20
20
Feb
225*
Jan
31
315*
65*
215
295*
Apr
34
Feb
1,792
15*
Jan
65*
Feb
July
117
*
U S Printing.
669
205*
"loo
Randall A
55
275*
275*
24
.50
Little Miami gtd
U S Playing
Feb
4
255*
55*
Hatfield prior
Kahn 1st
20
105*
1075*
July
July
99*
975*
100
85*
May
July
31
------
Gibson Art
A-_-_
95*
979*
Feb
July
July
75*
215*
795* June
50
40
High
185*
...*
Early & Daniel.....
Formica Insulation— 1.1*
Hobart
85*
40
40
10
.....—
83
105*
'
Cola A
Crosley
—
-
4%
49*
117
Randolph 5530
Telephone:
Detroit Stock Exchange
July 19 to July 25,
both inclusive, compiled from official
»
15
July
Kinsel Drug com
July
Masco Screw
Mill
145*
155*
273
115*
Feb
155*
July
105*
65
85*
Apr
105*
Feb
29* May
365* May
45*
Jan
485*
Jan
515*
Jan
14%
..25
*
City Ice.
105*
-
.
3
♦
Columbia
Gas
General Motors..
Tim ken
375*
10
445*
Roller Bearing
445*
3
395*
455*
16
157
82
415* May
Prod;com
...
Michigan Sugar com
July 19 to July 25,
both inclusive, compiled from
... -
-
Last
Sale
Par
Stocks—
Price
50c
5
City Ice A Fuel
* "al05*
Preferred
100 104
Clark Controller
1
Cl Builders Realty
*
Cl Cliffs Iron pref
*
c Cl Graphite Bronze com 1
Cleve Ry
100
Cliffs Corp com......—5 "165*
Akron Brass
Mfg
Amer Coach &
Body
—
For footnotes see page
533.
Week's Range
of Prices
High
Low
Range Since Jan.
for
Week
Shares
55*
150
al05* al05*
al09* al05*
1025* 104
3
55*
242
341
20
High
Low
49*
8
89*
95
Jan
305*
289*
165*
100
245* June
200
255*
7,623
125*
155*
109*
104
17
155* June
70
305*
11
Apr
220
117
65*
Jan
Mar
al65* al65*
25*
25*
795*
795*
275*
1,1941
19*
Apr
Apr
,
Mar
June
Feb
June
Jan
25* July
8%
1,135
5%
115
5%
998
7% May
19%
485
185*
1.25
9%
480
92c
92c
100
3%
3%
1,045
1.00
1.00
1.00
80c
80c
82c
205*
20%
1%
205*
3,089
|1J*
350
2%
2%
800
15
Feb
Jan
1.25
July
9%
July
Apr
165*
Feb
[Mar
60c
1.00
July
4
Jan
690
1.25
Mar
700
68c rJan
94c
Mar
20c
| 20c
1,150
1?*
"~3%
1%
12%
3%
500
12 J*
3
1%
20
May
i
15*1 Feb
1% ' Jan
10c May
1
Apr
23
Apr
1%
Jan
2%
Apr
45c
Jan
1%,
Jan
Apr
14
Jan
650
2}*'May
4
Jan
575
19*j[May
2%
Jan
363
4%
200
1,038
100
2%
39%
2%
"70c
706
70c
55c
52C
55c
500
5
5*
250
195*
19%
12
12
"~19%
t
2% May
91c "June
"l6c
1%
4%
38%
Jan
24
600
Apr
75c rJan
33
16
July
0%
33
100
16
38%
Apr
8%
Feb
33
1%
9%
1%
High
Jan
125
11%
3%
Apr
4% June
369*fMay
2% J Mar
485*
25*
60c* June
1.00
Jan
Jan
Jan
jMar
55c
July
177
49*fJune
183*9' Feb
7%
21
Apr
125
lO^iMay
30c
Jan
Jan
3%
31*
1,230
3
Apr
135*
45*
42c
42C
1,450
30c*June
45c
Jari
1%
1%
100
1
Mar
1 %
Apr
48c
50c
700
46c
Feb
60c
Jan
1%
1%
1%
100
1% '(May
1%
Mar
20c
20c
22c
1,500
16c I Jan
25c
Jan
1.25
Mar
"3%
1
1
*
I 98c
95c
98c
650
60c
I
16%
0%
0%
580
4%
'Jan
7%
1H
7%
300
59*fMay
1%
300
1%
7%
8i
465
7
iMay
6 *
600
5
Apr
85*
13*
1%
1,200
1%
I
Apr
2
2%
2%
29%
736
2%
May
35*
0
1
2%
..*
*
Jan
Apr
Jan
65* June
July
1%
11
Jan
Jan
Jan
June
Jan
May
305*
Jan
Parker-Wol. erine com—*
8
8
349
7%
May
11
Jan
.1
*
Prudential Invest com
1
Reo Motor com—......5
Rickel (H W) com
2
River Raison Paper com . _ *
Sheller Mfg com
.1
Simplicity Pattern com___l
Std Tube clBcom.
1
91c
92c
200
85c
July
6%
0%
1%
100
6%
Apr
1,049
1%
June
300
75c
830
2
Parke Davis com
Sales
Friday
Low
5%
19%
.
Packard Motor Car com
official sales lists
6%
Week
Shares
33
33
----10
Micromatic Hone com—1
Mid-West Abrasive com50c
Motor Products com
*
Murray Corp com
10
Preferred.
Michigan Die Cast
Cleveland Stock Exchange
7%
com__l
1
McClanahan Oil com
r
Unlisted—■
Amer Rolling
of Prices
High
Low
Range Since Jan. 1,1941
for
_
45*
435*
45*
248
45*
45*
.
435*
37J*
12
5
Baldwin Rubber com
1
Bower Rolling Bearing...5
Briggs Mfg com
*
Brown McLaren com
1
Burroughs Add Machine.*
Consolidated Paper com. 10
Consumers Steel com_-.il
Continental Motors com__l
Crowley Milner com
*
Det& Cleve Navcom__.10
Detroit Edison (new).-.20
Detroit Gray Iron com
5
Det-Michigan Stove com.l
Detroit Paper Prod com . . 1
Durham Mfg com
1
Federal Mogul com
_*
Federal Motor Truck com*
Frankenmuth Brew com..l
Gar Wood Ind com
3
General Motors com
10
Goebel Brewing com
1
Graham-Paige com
1
Grand Valley Brew com__l
Hall Lamp com
*
Hoover Ball & Bear com. 10
Houdaille-Hershey cl B . - *
Hudson Motor Car com. .*
Hurd Lock & Mfgicom.._1
sales lists
Sales
Week's Range
Atlas Drop Forge com
Kingston Products
"50
Price
Par
Stocks—
July
*
Preferred
Waco
Jan
DETROIT
Building
Ford
Sale
June
-.50
Cincinnati Street
Jan
425*
New York Curb Associate
Chicago Stock Exchange
New'York Stock Exchange
Detroit Stock
Last
Low
Shares
pref... Zioo
Champ Paper & Fibre.
Cin Gas & Elec
179*
Apr
Members
Jan
May
155*
35*
40
7
7
7
Jan
Feb
& CO.
W ATLING, LERCHEN
Jan
May
Jan
Week
Price
Par
Stocks—
105*
July
May
63
for
of Prices
Jan
Mar
Mar
1
Range Since Jan. 1, 1941
Week's Range
Jan
169*
8%
Jan
Sales
Sale
May
30
_
July
compiled from official sales lists
Last
12
229*
345*
259*
5 J*
Cincinnati Stock Exchange
Friday
Apr
145
Friday
July 19 to July 25, both inclusive,
Jan
109*
Mar
a07% a60
a46J*
...50
Youngstown Sheet & Tube*
July
295*
85*
45*
800
65*
115*
Mar
420
32
31%
May
24
1045*
55*
200
150
Jan
12
a45% a40%
a30% a30%
10%
10%
Jan
July
15*
Apr
Feb
19
Williams Oll-O-Matic com
June
Feb
Feb
White Motor
Jan
855* June
50
75
11?*
180
U S Steel
Weinberger Drug Stores
a8%
115*
a20>* a2l
com...._....*
Upson-Walton... ______.l
Van Dorn Iron Works—*
c
95*
Apr
July
7
20
a8
"11%
_
_ _..
100
7
119*
69*
90
0%
7
Union Metal Mfg
Jan
130
Feb
15*
175*
769
.
July
Jan
ft)'
''
15*
------
Jan
695*
705*
June
% Mar
Util & Ind Corp—
Convertible pref—_—7
_
a 14%
0%
7
July
465*
155*
26
July
180
615*
95*
535*
15*
137
al3%
.
Jan
35*
Mar
19*
1,526
Jan
1195* 1205*
------
7% cum pref—
July
May
Feb
235*
245*
35* June
458
775*
Jan
36
Mar
195*
345*
3,150
125*
Apr
Feb
175*
1,250
77%
U S Gypsum
55*
29
800
325*
.
_—*
c Republic Steel com
*
Itichman Bros
*
Standard Oil com (Ohio) .25
Thompson Prod Inc
*
Packer Corp.
July
100
600
35*
46%
*
6%_.
239*
Mar
16
277
39*
45%
Ohio Oil com
July
1
—
N Y Central RR com
July
75*
-
c
Jan
1
33
United Air Lines Tr cap..5
105* June
10
-
c
July
25*
145*
345*
135*
Apr
1
------
Thompson (J R) com
Union Carb A Carbon cap •
15*
100
75*
------
—
150
....
.*
*
Ohio Confection cl A.—*
Otis Steel—...
*
Jan
Sunstrand Mach T'l com.5
caoltai
Prior pref
a22
a20
3 5*
Jan
65*
345*
3i
6
Storkline Furniture com .10
a21%
July
355*
5*
32
----*-
com.l
Swift A Co.
700
17
Feb
13
50
17
.1
National Refining (new)..*
Jan
785*
4% June
65*
*
Stein & Co (A) com
15*
225*
Mar
45*
14
100
National Acme
Jan
Apr
Jan
4%
14?*
June
Mar
10%
Miller Wholesale
%
129*
49*
July
18 5*
Jan
July
10 34
4
675*
Jan
20
May
35*
Jan
Apr
115*
435*
Jan
11
Jan
_i-
23 %
50
209* May
Apr
Jan
433
165
a20% a27
a20%
June
105
5*
345*
20
26
.;
Standard Oil of Ind
Wieboldt Stores Inc
429*
7
160
------
com25
2
Common...........—1
Utah
Apr
40
July
350
17
------
Spiegel Inc com
Standard Dredging—
Texas Corp
409*
25
42 %
42%
38
July
1%
35*
------
Signode Steel Strap com..*
South Bend Lathe Wks cap 5
Sterling Brewers Inc
Stewart Warner
35
20
Jan
205*
755*
735*
------
1
Serrick Corp cl B com
_
Jan
Medusa Pert Cement.,
Sangamo Electric com
*
Sears Roebuck A Co cap..*
July
16
19
42
13
Jan
189*
205*
115*
9
Mar
a8%
71
1
Apr
May
129*
Apr
42
148
800
July
10
7
a8%
20
3%
17
25
-100
100
735*
150
35*
15*
205*
35*
50c
Common
Preferred
5* June
July
330
Interlake Iron com. _—*
Jan
8
Halle Bros pref.
355*
139*
76
80
a33% a35
Industrial Rayon com..*
365*
255*
435*
July
1,000
Raytheon Mfg Co—
Northrn Colo Pwr A
*
435*
735*
149
100
15* June
Jan
13
May
al8% al8%
alGVs
al6%
Glidden Co com...—..*
255*
10%
------
Quaker Oats Co common.*
5*
June
al0% al6%
Goodyear Tire & Rubber.*
Great Lakes Towing
100
c
July
%
5*
Goodrich (B F).__
Jan
51
75*
*
Poor & Co class B—
Jan
135*
Jan
42%
435*
July
10
45
245*
------
117
Apr
Jan
10
285*
105
al6% al8%
General T & R Co__.___25
20
51
High
Low
10 %
10%
a235* a23%
al3% a\3%
10 %
__1
GeneralEleccom
c
105* June
July
11
100
15*
1941
Range Since Jan. 1,
Shares
High
Low
Price
Par
5% May
117
50
100
51
------
100
65*
13
13
------
50
Peoples G Lt&Coke cap
65*
—
40
117
117
—
com..5
6% preferred...—-.100
Penn RR capital
95*
9%
Peabody Coal Co B
Potter Co (The)
(Concluded)
Sales
Jan
90
Stocks
Colonial Finance
100
Nunn-Bush Shoe com..2 %
Okla Gs & El 7% pref.. 100
Omnibus Corp com
6
A. T. & T. OLEV. 565 & 560
Telephone: OHerry 5050
55*
1,300
"
North West Util—
Prior lien pref
Bidding, Cleveland
Jan
May
Union Commerco
Jan
357
125*
12%
125*
*
Northwest Bancorp com..*
Northern Paper Mills com
531
& Financial Chronicle
The Commercial
153
29%
Peninsular Mtl Prod com
6%
Pfeiffer Brewing com
Stearns
(Fred'k) com
Tlvoli Brewing com
795*
July
Udylite Corp com
339*
325*
Jan
United S pecialties
May
Mar
Apr
179*
Jan
Radiator pref
Universal Cooler cl B
U 8
1%
534
25
1.25
7
Jan
Feb
15*
Jan
Apr
15*
Apr
25*
1% .1.25
>2%
2%
3%
3%
1%
1%
850
1%
Apr
25*
July
July
July
500
3
Apr
45*
Jan
100
1
Feb
15*
Jan
2%
2%
2,278
12%
200
145*
12%
1%
3%
13%
14%
60c
60c
200
2%
1%
1%
2%
*
1
"l%
1%
3%
1
1
60
_
*
_
13
100
1% June
105*
May
1% May
900
3
Feb
915
8
Apr
25
145* 'July
60c
June
July
125* 'July
25*
15*
Jan
45*
Jan
135* 'July
165*
Feb
15*
'Jan
The
532
Friday
Warner Aircraft
Week's Range
for
Sale
(Concluded)
of Prices
Low
High
Week
Price
Par
1
com
Low
1
1 %
700
1
Feb
3%
400
2
Jan
5%
135
101
101
July 19 to July 25, both inclusive, compiled from official sales lists
Friday
1%
Jan
3% May
5% May
4% May
101
July
10
Philadelphia Stock Exchange
High
5%
103
Stocks—
July
Exchange
Last
Par
Aircraft Accessories
Week's Range
50c
1%
Bandlnl Petroleum Co...l
Blue Diamond Corp
2
3)4
2%
Broadway Dept Store Inc.*
Byron Jackson Co
*
Calif Packing Corp com..*
a21%
17%
Central Invest Corp... 100
Cessna Aircraft Co.. ..._,1
5C
1.20
Maj
2 %
Jet
3%
2%
Jan
July
5%
65%
0%
386
7%
10%
a74%
0%
10%
7%
_
650
Douglas Aircraft Co
_*
Electrical Products Corp.4
Emsco Derrick <fe Equip
Fitzslmmons Stores Ltd.
1
*
39%
1
110
220
July
7%
37%
582
July
18 K
18K
260
55c
55c
1,400
48c June
10
10
120
42c
39c
45c
27%
7K
27 %
8
8
16,376
27%
170
650
8
July
July
._..
Sun Oil
_.
Jan
8
50
June
1,060
Oceanic Oil Co
1%
May
40c
40c
40c
400
30c
Jan
Mar
49c May
4%
9%
Apr
6%
11%
28%
10
34%
42%
July
30%
36%
255
a8
a8
a8
115
6
150
1%
Republic Petroleum com.l
2%
5%% pref
50
Richfield Oil Corp com...*
Warrants.
2%
40
40
40
9%
Ryan Aeronautical Co
4
a43%
al5
10c
a
23%
30 K
39%
Superior Oil Co (The).
Transamerlca Corp
.
5
29%
a32%
33%
6% pref 25
29%
a32%
33%
13
12%
23%
24%
32%
.25
7%
Feb
Feb
1.10
July
Jan
10%
July
June
76
150
10%
25%
32
10c
1,000
5%
23 K
3,1,74
39%
29%
a33
33%
12%
24%
32%
4%
15%
7%
4%
4%
14%
14%
10
Vega Airplane Co
Vultee Aircraft Inc
7%
8%
7%
8
7
Yosemite Port Cem pref 10
12%
Feb
29
May
June
Apr
May
12
5
July
May
28
Jan
29
731
May
30%
29%
Jan
28%
May
6%
Feb
Mar
10
150
31% May
3,770
8%
Jan
1,585
18
Feb
225
7
1
,
Feb
8
349
i
4%
Jan
40
June
38
Jan
22%
754
8
7
1%
May
June
29
2
U niversal Consol Oil
2%
40
17
26
Union OH of Calif
950
75
10c
5K
6% pref cl A
25
Southern Pacific Co
*
Standard Oil Co of Calif..*
July
July
July
9%
15
29
23%
25
2%
40%
10%
Jan
29
al5
29
25
Mar
47 %c
30
So Calif Edison Co Ltd..20
6%% pref cl C
6
Apr
30
Jan
5
4
,
30
Sontag Chain Stores Co..*
6% pref B
Mar
Apr
384
a43% a43%
30
Signal Oil & Gas Co cl A..*
Signal Pet Co cf Calif
1
40
210
a!0% al()%
4
1
*
Secur Co Units of Ben Int..
Shell Union Oil Corp
15
27
25
Feb
471
4%
3,080
27%
36%
100
6%
5%
4,897
2%
Feb
1%
Jan
Feb
May
May
Jan
8%
5%
July
July
4
July
May
13
Jan
4
975
7
1,000
5% May
Jan
Jan
3
3,912
2
25%
7%
22
Apr
113%
Apr
29% Mar
8% June
12%
Feb
23%
Feb
179
500
693
27
60%
27
23%
3%
35%
55%
23%
100
21%
200
2%
35K
69
60%
Jan
18
July
27
July
24
Jan
4%
33% June
50%
Apr
258
.
Feb
31% June
Jan
12%
Feb
40
Apr
118
Feb
3%
July
■
Feb
163
Mar
3%
25%
182%
July
38%
60%
-
July
Apr
July
Mar
he
100
he
Jan
%
*
%
1,211
he
Apr
...*
23%
1%
30%
10%
117%
Preferred...
24
197
19%
Apr
7%
7,564
6%
109% 109%
*
66
104%
13%
May
May
7%
0%
*
Jan
Jan
20
20
10
Jan
Jan
20
Jan
July
Pittsburgh Stock Exchange
34%
13%
24%
July 19 to July 25, both inclusive, compiled from official sales lists
Thurs.
Last
Jan
July
July
32%
5%
July
15%
Stocks—
Allegheny Lud Steel
350
6%
Apr
9
1,387
4%
Apr
8% June
4%
Apr
8%
Apr
1%
Low
23%
com
7%
3%
10
133
8K
535
6%
Apr
10%
100
7%
Mar
11%
Jan
130
6
7%
Jan
709
2%
May
May
5
Jan
Lone Star Gas Co com...-*
Mountain Fuel Supply ColO
8%
National Fireproofing
*
National Radiator Corp. 10
"~65c
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
18%
25
Apr
Jan
Jan
17
140
13%
Apr
17%
12%
10%
29%
150
12
Apr
14
Feb
410
Apr
12
Jan
9%
107
107% 107%
96
96%
100
20
17%
Apr
101
Jan
20%
107%
May
July
July
85
94%
Apr
105
Jan
770
8%
5%
8%
Apr
10%
Jan
5%
792
65c
65c
800
55c
July
1%
8
8
100
"41""
7%
May
8
July
41
41
50
Jan
41
July
1%
81%
6%
Jan
83
~~6%
1 %
96%
Jan
7%
Jan
•
Oil & Gas. ....5
Plate Glass..25
Pittsburgh Steel Fdry com*
Shamrock Oil & Gas com.l
High
19%
7%
3%
10
Jones & Laugh Steel preflOU
Screw & Bolt..*
1, 1941
Low
24%
1%
2%
16%
12%
Duquesne Brewing Co...5
Harbison-Walker Ref com *
Coal Co preflOO
Range Since Jan
Shares
10 K
Copperweld Steel
Hoppers Co pref....
High
23%
7%
Blaw-Knox Co..........*
Devonian Oil Co...
for
Week
40
100
1K
69
595
6%
6
"2%
6
1%
2%
803
150
2%
2%
3
410
24%
23%
6
72% June
4% Apr
100
2%
23%
23%
Westinghouse Air Brake.. *
Westinghouse El & Mfg.50
5% May
75
Jan
Jan
6
May
May
2
17%
23%
Jan
July
3
Jan
Apr
23%
July
July
23%
July
Jan
2%
Jan
Unlisted—
Jan
1.30
Price
Byers (A M) Co com
Clark (D L) Candy Co...*
Columbia Gas & Elec Co
July
Jan
Par
Sales
Week's Range
of Prices
Sale
Jan
1
alOK
Safeway Stores Inc
July
9%
1
...
Roberts Public Markets..2
So Calif Gas Co
2%
2%
22% June
30% May
37%
Apr
33% June
100
765
823
8%
Jan
Jan
34%
34%
48%
...1
Jan
Pacific Western Oil Corp 10
July
Tonopah Mining
July
,..*
a4%
9%
25%
33%
42%
36%
50
25%
33%
42%
a4%
9%
25%
33%
42%
150
8
Jan
71%
1%
United Corp com
May
Jan
3,000
25
July
28% June
16
Westmoreland Coal. ....20
1%
38
18
...»
Jan
45c
6% 1st pref
Pacific Indemnity Co
Pacific Lighting com
7%
Jan
IK
506
July
Mar
45c
710
158
151
.
.
...
46c
28
IK
9%
July
9%
May
3,255
Salt Dome Oil Corp.
1
Scott Paper
__.._*
10%
Jan
45c
ai%
11%
168%
'be June
175%
50
Feb
1
Pacific Clay Products
*
Pacific Finance Corp com 10
Pacific Gas ec Elec com..25
55
113% 114%
31%
31%
19%
10%
18
17%
.50
United Gas Imp com
Preferred
57 %c
Apr
5%
.....50
1st preferred.....
2d preferred
7%
47%
Jan
7% July
8% June
19%
Jan
June
20c
20
Reading RR
Jan
Jan
Menasco Mfg C0..—....I
1
153
295
39%
39%
39%
175
Phila Elec Pow pref.....25
Philco Corp
3
Mar
1
7%
24%
.
9%
1
8
1,047
1
2%
24%
3
175%
.
7%
100
300
565
Feb
0%
Pennsylvania RR__.—.50
Jan
9% June
7%
39%
7%
10
Lincoln Petroleum Co.. 10c
Lockheed Aircraft Corp..l
Los Angeles Invest'mt—10
Mascot Oil Co
Feb
20%
72%
4
Penna Salt Mfg. -.
...50
Pbila Elec cf Pa $5 pref..
Jan
May
6% May
7%
Apr
55c
.
Lane-Wells Co
8
May
5% May
5%
Feb
17% May
7K
.
Goodyear Tire & Rub Co.*
Holly Development Co
6%
Feb
7%
18K
General Paint Corp com .*
Gladding McBean & Co.
6%
68%
4%
Pennroad Corp v t C.....1
July
July
May
May
155
1
7%
30%
7%
18
8%
8K
1
7K
10
5%
68%
8K
9
9%
Mar
10(J
2.50
2.50
18%
2
7% *7 %
6% May
2% May
5%
Feb
National Power & Light..*
20C
9
8%
Foster & Klelser Co
Lehigh Coal & Navlgat'n.*
Lehigh Valley
50
Jan
Feb
7K
General Metals Corp
General Motors com
July
Jar
17
9
-.
Girnbel Bros....—.......*
6%
1,485
19%
a74K a74%
148% May
20
29%
29%
37%
8%
4%
3%
17%
Feb
9%
Jan
3% May
55% July
5%
Api
391
0%
942
..._*
11%
High
390
"is
Api
1 %
2,00C
50%
0%
56
A pi
Low
■
11%
*
corn.
Range Since Jan. 1,1941
Shares
154% 157
9%
9%
4%
4%
7%
8
55%
57%
8
3%
24
OK
*
8
15C
10C
High
19%
Electric Storage Battery 100
General Motors
10
Jan
2%
18
0%
High
15C
60%
Consolidated Steel Corp
Preferred
;
^. *
...
2,034
Tj<rw
*
......
Prior preferred-
2,3(K
15
Chrysler Corp..
Consolidated Oil Corp..
Jan. 1, 1941
Low
a21% a2l%
OK
10%
a
Range Sin
1%
1%
3%
3%
2%
2%
OK
OK
al0% al0%
Price
5
Chrysler Corp
Curtis Pub Co
Week
Shares
Week
Barber Asphalt Corp.... 10
Budd (E G) Mfg Co
*
Budd Wheel Co—-
for
of Prices
Low High
Price
for
of Prices
American Tel A Tel. ...100
Sales
Sale
Stocks—
Par
Week's Range
Sale
July 25, both inclusive, compiled from official sales lists
Friday
Sales
Last
American Stores....;
Los Angeles Stock
to
Range Since Jan. 1, 1941
Shares
3
./
Wayne Screw Prod com..4
Wolverine Tube com..—.2
Wolverine Tube pref
100
July 19
July 26, 1941
Sales
Last
Stocks
Commercial & Financial Chronicle
Jan
100
Jan
1.50
1.50
1.50
339
a2c
«2c
a2c
300
3c
Apr
5c
Jan
1%
IK
IK
200
1.10
Apr
1%
July
0%
6%
a44% a44%
al53%al56%
491
Pennroad Corp vtc
;
..1
Mining Stocks—
Cardinal Gold Mining... .1
Cons Chollar G & S Mng.l
St. Louis Listed and Unlisted Securities
Unlisted—
Amer Rad & Std Sanl Cor.*
Amer Smelting & Refining.
Amer Tel A Tel Co.
Rites (W I)
6%
a44 %
..100 al53%
1123
Anaconda Copper..
60
Armour & Co. (111)......5
Atchison Top & San Fe.100
Atlantic Refining Co
25
Aviation Corp (The) (Del)3
Baldwin Locomo Wks vtc.
Barnsdall Oil Co
...5
a28%
a30%
a23 %
3%
16 %
alO
a76%
Commercial Solvents....*
Continental Oil Co (Del).5
al 1%
0.3)4
a26%
1
Elec Power & Light
Corp.*
General Electrlo Co
»
General Foods Corp
*
Goodrich (B F) Co..
*
Intl Nickel Co of Canada.*
Intl Tel & Tel Corp
*
Kennecott
Copper Corp..*
Lowes Inc
*
Montgomery Ward
a80%
& Co.*
New York Central
RR...*
North American Aviation.1
North American Co
*
9 %
2)4
a33
'a39%
al6%
27)4
a2%
o39
a32%
a37)4
13%
15%
...»
al3%
9%
Packard Motor Car Co... *
2%
Paramount Pictures Inc.. 1
Pennsylvania RR
50
all%
a24%
a 10%
a3%
a20%
Ohio Oil Co
Pure Oil Co
*
Radio Corp of America...*
Republic Steel Corp
*
Sears Roebuck & Co
*
a73 %
Socony-Vacuum Oil Co..15
10)4
15%
a5%
Southern Ry Co
'...—*
Standard Brands Inc
*
Standard Oil Co (N J)...25
Stone & Webster Inc
Studebaker Corp
...
a44%
7
*
.1
Swift & Co.
25
Texas Corp (The)
25
Tide Water Assoc Oil...10
Union Carbide & Carbon.*
United Air Lines Trans...5
United Aircraft Corp
5
U S Rubber Co
10
U 8 Steel Corp
5)4
a23VH
a43%
al0%
a78%
12%
a42%
a24%
40
11332
5
100
22%
1%
18%
21%
2%
170
14
40
75
10
al0%
a75% a76K
a89K a89%
a3
a3%
all% all%
a25
a26%
9%
9%
2%
2%
a33
a33%
a39% a39%
65
35
21%
4%
Feb
18%
9% May
9%
New York Stock Exchange
St. Louis Stock Exchange
Jan
July
76
Jan
Mar
83%
4%
Exchange
New York Curb Exchange Associate
Jan
2%
11
Jan
11
Feb
28% June
766
200
75
2
Jan
9%
Jan
Jan
Last
Week's Range
for
Jan
Sale
of Prices
Week
11%
160
27%
Feb
July
36%
16%
27%
July
Apr
2%
Jan
245
*
95
104
33%
30%
37
Mar
39
Feb
32%
Feb
39
Mar
Friday
Stocks-
Par
American Inv
*
com
July
Feb
Jan
Columbia Brew
11%
July
15
Jan
Dr
12%
Apr
17%
Jan
12%
June
17%
Jan
0%
9%
2%
2%
all% al2%
a24% a25%
320
6%
Feb
2% May
10%
Feb
22%
Feb
9%
July
19% al0%
a3K
a4%
a29% a20%
a.73% a75%
19%
10%
14%
15%
a
a5%
a5%
a44% c45
7
7
118
140
50
152
8%
3%
75
17%
147
70%
247
580
80
34
125
5%
4%
21%
320
a42
193
alOK alOK
a77% a79
12
12
%
a42% a42%
a24
a24%
a58% a60
94
48
37
11%
25
Jan
Jan
Jan
9%
May
May
June
4%
Jan
22%
72%
Apr
Apr
10%
July
July
15%
6%
42%
7%
July
Jan
July
Jan
Apr
May
July
Jan
8%
23
41%
10%
July
73
36 %
Feb
125
21%
Feb
24
4%
4%
700
Willys-Overland Motors..1
1%
IK
IK
100
com
_
_
.
_
_
_.
Johnson-S-S Shoe
Key Co com
104
29%
Jan
31
July
25%
22%
25
25%
22%
July
28
Mar
no
July
27
Jan
10%
11%
12%
15%
Feb
11%
5
1
7%
17%
Brw com *
Feb
50%
Apr
2%
Feb
1% May
71
com,
1.50
5
32
170
20
105
7%
70
17%
15
1.60
200
28%
29
12
*
*
June
Apr
68%
12%
5%
Candy
11
9
11%
2%
6
17%
16
26
60
12
July
Scruggs-V-B Inc
Preferred
com
1st pref
Scullin Steel com.
Apr
2.5
100
com *
7
16
50
8
100
Rice-Stix Dry Goods
1st pref
2nd pref
6
8
713
97
20
7
325
6%
4%
5
10%
70
7
Jan
Jan
Jan
Jan
114
Apr
102
98
10
Jan
Jan
111
10%
July
July
Apr
10
60
Jan
1.60
31%
13%
5%
7
10
296
Apr
Apr
July
July
Mar
4%
112% 112%
2%
May
July
5%
7%
25
16% June
101
2%
July
98
101
2%
Apr
June
Jan
Apr
112%
2%
July
Jan
13% Feb
5% June
100
5
June
13%
96
100
101
July
1.00 May
150
97
com.
2nd pref
5%
6
Mo Portlnd Cemnt com.25
Natl
2%
1
July
Apr
8%
July
Jan
3
Feb
2%
July
July
Jan
45
45
2
8%
42%
11
100
Feb
45
Mar
100
99
99
10
96%
Feb
99% June
Jan
14%
._*
Stix Baer & Fuller com.. 10
Wagner Electric com
15
Jan
4%
1%
5%
Laclede-Christy CI Pd com*
St Louis Bk Bdg
Eqt com.*
13%
Feb
38% May
4 %
Falstaff Brew
Griesedieck-Wst
Hydraulic Prsd Brk preflOO
International Shoe com..*
St Louis Pb Srv A
com.__l
July
Mar
High
10%
11%
_.
Jan
9%
64%
12%
251
Low
11
31
25%
22%
5
com
Pepper com...___...*
Emerson Electric com.
.4
Feb
July
July
205
235
Range Since Jan. 1, 1941
Shares
Jan
May
May
5% May
216
5%
5K
a22% a23%
a44
8%
14
3
High
11
Coca-Cola Bottling com..l
527
50
Low
31
Brown Shoe com.—___..*
Burkhart Mfg com
1
1,460
145
Price
Sales
July
15%
al3%al3%
15%
Exchange
July 25, both inclusive, compiled from official sales lists
4%
34%
20
2
to
Feb
May
Mar
20
St. Louis Stock
July 19
Mar
28%
36%
135
a2%
a39%
13%' 14
Postal Long Distance
A.T.T. Teletype STL 593
Jan
July
Phone
CEntral 7600
Chicago Stock Exch.
Chicago Board of Trade
Associate Member Chicago Mercantile
Feb
Apr
Building, ST. LOUIS
Members
29%
5%
Jan
30% May
17%
7%
Warner Bros Pictures Inc 5
Established 1922
Boatmen's Bank
July
July
70
a58%
533
Jan
July
1««
Apr
94
•
For footnotes see page
July
Feb
Feb
Edward D. Jones & Co.
Jan
40% June
21
no
al6%*al8%
27%, 27%
a39
7
158
1»»m
380
a
a32%>a32%
a36K'a37%
Apr
402
5
a39% a39%
a22% a23%
3%
3%
10%
10%
a2%
6
39% May
149% May
1,876
a28% a30
5
Bethlehem Steel Corp
.*
Case (J I)
.'.100
Columbia Gas & Elec
*
Curtis-Wright Corp
11232
K
220
il%
11%
11%
135
10
"25%
10
850
25
25%
328
82%
84
9
June
9
May
23% May
10% June
28
;/
Jan
86%
Jan
Bonds—
Scullin Steel 3s
1941
84
$1,500
79
May
Volume
The Commercial & Financial Chronicle
153
533
Sales
Friday
San
Last
July 19 to July 25, both inclusive, compiled from official sales lists
Sales
Friday
Stocks—
POT
Aircraft Accessories
Week's Range
for
Sale
of Prices
Wee k
Price
Loio
{
755
2.10
Jan
Anglo Calif Natl Bank,.20
41*
91*
Feb
10
4
4
400
3%
July
8%
325
7
June
4?*
Atlas Imp Diesel Engine..5
4%
100
8
250
108
7%
108
Bank of California N A..80
20
Mar
4%
Jan
6%
104
June
Jan
5% July
8% June
Feb
112%
....2
1.75
1.75
450
1.15
Apr
1.75
Jan
*
Bishop Oil Co
10 %
11%
291
7%
8%
Apr
11%
Jan
Apr
14
May
11
July
Byron Jackson Co
Calamba Sugar com
Calif Cotton Mills
20
11%
21%
Calif Water Service pref.25
"26"
com
Central Eureka Min com.l
Chrysler Corp
July
51
May
52?*
Jan
.25?* May
40%
Apr
2.50 May
271*
390
56
May
71
249
24% May
30
426
20% May
26
8
570
Apr
8
5%
5% June
11% May
Apr
82%
92
8
14
2,502
87
130
6
4?*
May
81*
"~5%
a411* 042
United States Steel com_.»
Utah-Idaho Sugar Co
8
20
El Dorado Oil Works
;
8
8
300
3%
Jan
9%
9%
125
8%
Apr
91*
19
com,
Preferred,
18
Feb
19%
Apr
191
<tl
Feb
44%
Jan
51
20
47
May
592
90%
100
1.05 May
15
Apr
1.05
.2 %
,
245
105?* 107
107"
19
43
51
Firemen's Fund Ins Co..25
Foster & Kleiser
16
.25
16
10
7%
950
6
Apr
38%
General Paint Corp com..*
Gladding McBean A Co..*
39%
7%
698
37
May
619
5
Jan
8%
850
5%
Feb
10%,
13%
100
8Jan
*
7%
7H
10%
Greyhound Corp com..,.*
13%
Hawaiian Pine Co Ltd
15%
13%
*
Honolulu Oil Corp cap
*
Hunt Brothers com—...10
Preferred
1.05
Feb
7%
Gen Metals Corp cap..2?*
General Motors com
10
Golden State Co Ltd
.
42 %
43
1.20
4
10
%
15%
13%
1.20
1.20
4
4%
51 '
107
1.30
Feb
8
Jan
7% July
81* June
10
May
181
14 %
June
171*
295
11%
Apr
14
160
48c
Feb
1.20
Feb
4 J*
6
Jan
8
July
July
July
Jan
July
July
Mar
7%
75
P2
2.25
2.25
700
2.25
July
2.85
Mar
15%
16%
169
14%
Jan
16 %
Mar
42
42
17
41 %
May
441*
Jan
300
36
June
43?*
325
24 %
IXL Mining Co
Preferred
7%
.50
Leslie Salt Co
6%
39
33
Libby McNeill A Libby._7
"27 %
Lockheed Aircraft Corp..l
Lyons-Magnus cl A._._..*
39
32H
5%
,..10
LeTourneau (R G) Inc._.l
33
27
27%
625
5%
345
5%
1.00
5%
2,241
Jan
19?*
5%
Feb
33
Jan
July
May
5
7
Jan
Apr
28
Jan
1.00
200
80c
Jan
Magnin & Co (I) com
*
7%
7%
100
7 J*
July
Meier & Frank Co Inc
10
13%
13%
180
12?*
Apr
Magnavox Co Ltd
1
Menasco Mfg Co com
1.75
1
6
1.75
100
1.50 May
5
June
5?*
1.15
9
131*
2.35
Jan
July
Mar
Mar
July
Jan
com
1
Natomas Co..
1.30
N. American Inv com. 100
6?*
Jan
....
Oliver Utd Filters cl A
.
__
Apr
10
Jan
1.25
Apr
1.80
Jan
8%
794
12c
100
22
100
5%
403
100
13
91*
12c
Ma£
51*
3u\y
13
Jul
1.10
1.20
61*
61*
T.Io
_
trading privileges.
33
Jan
101% May
39?*
107?*
35
115%
105%
35
117
155
June
year,
x
Deferred delivery,
A
Ex-dividend,
Ex-rights.
y
Toronto Stock
Feb
181*
Apr
5
701
Rayonier Incorp com
Preferred....:
Jan
14J*
Feb
15%
15%
125
28
251
111* May
231* May
14%
Rheem Mfg Co
__1
Richfield Oil Corp com...*
14 J*
400
12
650
0%
1
Ryan Aeronautical Co
3
219
28
1
....25
Roos Bros com
27%
1
3%
9%
17%
3%
17%
100
3%
200
Mar
7%
Feb
5
271*
Sullivan.
m
Soundview Pulp Co com ..5
Southern Pacific Co
100
Sperry Corp com v t c.__.l
Spring Valley Co Ltd
*
Super Mold Corp cap...10
13%
m- rnm
mm
com
Transamerlca Corp
.
2.65
141*
m
Victor Eaulp Co com
10%
July
20
20?*
810
17?* May
12?*
13?*
6,950
39
39
164
8
240
6
Apr
9?*
Mar
3,474
18
Feb
24?*
July
8?*
Jan
32?* May
23?*
3?*
2,355
2?*
Mar
.90
2.00
16,455
1.27
Feb
2.28
Jan
Ventures
*
4.25
4.05
4.15
2,030
4.25
Jan
3c
3,500
2.95 May
lc June
3c
4.15
2,215
July
July
Vermilata Oils
W aite-Amulet
13?*
Jan
July
1,050
11
July
9?*
Jan
4%
May
5?*
Jan
Jan
15?*
July
Jan
13?*
July
May
14?*
4?*
145*
4%
3,988
15%
2,620
13
13?*
13%
250
8
12?*
7?*
12%
550
9?*
7%
400
6?* June
4
203
3?* June
4?* July
22?*
Feb
17?*
Apr
22?*
Jan
50
22
Jan
30?*
July
40
6
Feb
7?*
Jan
18%
30%
a7
a7
100
168
250
9
5
8?*
28?*
Jan
'Jan
Jan
Jan
Mar
Preferred
3.75
41?*
41?*
19?*
20
*
Westons
_.
^
_
.
*
20?*
Jan
26c
Jan
July
1.75
Jan
20
105
14
June
25?*
Jan
10?*
10?*
120
9
May
11
Jan
96
96
6
90
Feb
98
Jan
1?*C
l?*c
1,000
lc
Apr
15*c July
3.85
3.95
8,580
3.65
July
7.00
Jan
5c
5c
3,000
4c
Mar
8c
Mar
101?*
99?*
Mar
75c
85c
pref 100
10?*
_.
Wiltsey-Coghlan...
Jan
July
16c May
19?*
3,600
May
20
Western Canada Flour...*
Western Can Flour
24c
4.15
48
37
127
20
Jan
4
3.10 June
220
42
22c
23J*c
_..l
.1
Wright Hargreaves
3.85
*
Ymir Yankee
*
75c
5
Bonds—
War Loan
32,000
40
101?*
1,250
101
(1st).
5,800
985*
War Loan, 2d..
84
June
101
98?*
42
42
.100
Uchi..
Feb
July
98?*
Feb
Mar
Toronto Stock
Exchange—Curb Section
July 19 to July 25, both inclusive, compiled from official sales lists
Par
Stocks—
Bruck Silk
Price
*
Sales
High
Low
Range Since Jan. 1, 1941
High
Low
Shares
1.10
100
1.00
Jan
July
3?*
636
2?*
Feb
1.25
100
1.25
July
1.50
Feb
26
20?*
June
29?*
Jan
1.10
m
m
m
m
3
1.25
mm
July
July
4?*
5%
3%
5%
25
5%
5%
22
22
1.10
Jan
4
1.55
1.50
1.58
2,145
1.20
Apr
2.10
Jan
4?*C
4?*c
4?*c
1,000
4?*
Apr
8?*
Jan
No par value
Bank of Montreal Reports
Continued
to
Canadian Business
Advance
in June
dated July 23, the Bank of
Montreal reports that "the upward march of industry con¬
tinues, with war contracts mounting day by day, and war
production reflected in a marked acceleration of exports."
The bank's summary adds:
In its
"Business Summary"
awarded
Contracts
and
now
close to the
by
the
Department
of
and British Government account are
$2,000,000,000 mark.
The value of Canada's
made
commitments
Munitions and Supply on Canadian
...
external trade in May, gold excluded, was $290,-
previous month. Imports were $128,compared with $100,537,000 in May, 1940, while exports were
758,000, a gain of 29.4% over the
096,000, as
$162,662,000,
Undated—
compared with $110,764,000 a year ago, the favorable
marked advance at $34,556,000. The high export
as
trade balance showing a
Am Rad A St Sntry
*
....
m
m
m
m
American Tel A Tel Co. 100 0153?*
mmmmm
a3%
5
1
Blair A Co Inc cap
m
Cities Service Co com..10
1
Dominguez Oil Co
5
m*wmmm
*m
m
.
.
—
May
July
.20
mmm
31?*
a3?*
267
19?*
Jan
20
2?*
36?*
Apr
5
Jan
40
Jan
38
July
60c
65c
12
Feb
1,266
50c
255
9%
May
May
3?* June
5?*
Jan
Feb
6?*
May
Feb
9?*
Jan
33
33
27?*
Mar
2
May
34
756
28?*
11?*
202
11
5?*
750
39
28
Jan
May
34?*
27?*
6?*
*
25?*
25?*
25 J*
100
24?*
Mar
M J & M & M Cons
1
15c
5,565
6c
2?*
Olaa Sugar Co
mm
*
'mmmm
4%
20
Pennsylvania RR Co
50
Radio Corp of America...*
Riverside Cement Co cl A *
'mm-mm
mm
mmmm
mm
mmm.
mm
'mmmm
3?*
36
2?*
•
lines of manufacturing activity, such as
the women's
the normal summer recessions have been
visible, the
factories are maintaining a higher scale of operations than
Jan
Jan
15c
July
32?*
Apr
2?* June
39?*
3?*
Jan
17?*
Jan
290
15
200
14
16
16
101
14?*
55
3?*
May
Jan
CURRENT
will be in charge
and'was formerly a' partner of Hoit, Rose & Troster.
Mar
many years
Feb
May
6
Mar
ST—Hoit~Rose> Troster
4?*
3
3
130
2?*
115
Jan
3?*
25?*
295
22?*
3?*
Apr
4?*
Jan
100
5?*
Jan
7?*
June
Jan
Apr
& Boyce in their New York office where he
of trading. Mr. Hoyt has been active in trading circles
20
4?*
NOTICES
"~~W. Thomas Hoyt has become associated with the New York Stock
Exchange firm of Stein Bros.
Jan
024?* a25
4
3?*
6?*
in any recent summer.
Jan
755
2?*
14?*
6?*
.
Jan
May
Matson Navigation Co
--
great majority of
.
Mar
July
4?*
227
Mountain City Copper..5c
certain
clothing industry,
.
July
2?*
39
8c
33
40
100
While in
commodity, according to figures
in
months of the year, newsprint having held this position
the first half of 1940.
7%
36
those of the
position as the Dominion's leading export
Jan
5?*
8c
over
domestic exports, at $712,348,000, showed a
Jan
529
39
36
1941,
1.35
302
11?*
5?*
nearly one-third higher than in June, 1940,
12?*
215
5?*
but, at $146,851,000, it was
and for the first six months of
gain of roughly 30%
similar period of last year.
Wheat is back iu its old
figure of May was not maintained in June,
for the first six
6?*
6?*
39
Montgomery Ward A Co.*
July
o9?*
4?*
"mm
5%
29?*
31?*
a9
2?*
33?*
mm
Corp..1
Packard Motor Co com
Jan
July
July
31?*
a3%
1?*
22
Kennecott Copper com...*
Oahu Sugar Co Ltd cap. .20
115jj
755
4?* May
31?*
Feb
North American Aviation. 1
168
12,046
2%
General Electrio Co com..*
Hawaiian Sugar Co
149?*
1"m
29?*
12
6?*
*
Elec Bond & Share Co
m
5?*
*
Curtlsa-Wrlgnt Corp
mm
12
Bunker Hill & Sullivan_2?*
Consolidated Oil Corp
449
1?*
a38% a38%
AtcbJsonTop&SantaFe.lOO
Aviation Corp of Del
3
Bendix Aviation Corp
01535*0156?*
28?*
1%
Rights (wl)
Anaconda Copper Mln..50
Idaho Mary Mines
4.15
July
Mar
18?*
2c
"
...»
Wendigo
July
39
15c
200
30?*
„1
-
Walkers
Jan
50c
mmmmm
Mar
3?*
May
19?*
Western Pipe A Steel Co 10
Jan
3?*c
1
Feb
Yel Checker Cab series 2 50
Jan
35*
1
15?*
7%
25%
2?*c June
1,000
Jan
1.97
Pend-Oreille
30
7?*
Apr
July
50c
3?*c
Temlsk, Min.
Feb
4
2?*
15c
1
Jan
Feb
25
*
3?*
Jan
...»
Jan
May
25%
Jan
1.80
Upper Canada
United Steel
July
June
1
38?*
5%
4?*c
260
18%
5c
Waialua Agricultural Co.20
Jan
30?* June
3?*
3?*c
■41*
40c
I
Vultee Aircraft
14?*
25
July
14 J*
7%
June
125
May
100
12%
10?*
35
21*
16
200
mmmmm
1,587
*
10?*
11
39c
33
*
25?*
10?*
May
33%
3%
Montreal Power
5c
4?*
6C
..50
Crown-Dominion
50c
15
20c May
900
11?*
July
5C
11
5,100
4,804
11?*
»
100
18
15c
11%
United Oils....
Jan
Jan
35c
•
Class B pref
Jan
3.75
107
9?*c
140
35c
1
.
July
Apr
2.90
30c
15c
*
Uchl Gold..
United Fuel cl A pref.
2.65
100
Jan
65c
Apr
9?*c
.1
Transcontinental Res
Gas
1.65
Apr
2.40
220
1.65
1.60
1.65
1
Towagmac........
Apr
50c May
4,830
45
Mar
24c
May
1.48 July
9c July
5
50c
mm
2.75
105
4?*c
1.10
800
1,260
2.65
Jan
2c June
950
60c
2.70
105
100
Toburn
1.40
60c
.1
Hughes
Tip Top Tailors pref
Consolidated Paper..
300
24?*
1.40
2.65
1.78
13c June
1,500
2.70
Coast Copper.
155*
8
16c
1
Jan
28?*
23?*
2?*c
15o
1
Jan
28?*
17?*
10
U ni versal Consol Oil-
m'mm
2%c
*
28
m
25
.
m
2J*c
High
Mar
81c
82,650
10,000
1
„
16
mmmmm
mm
10
Union Sugar com
.25
United Air Lines Corp—_5
rn
-
■m
2
Union Oil Co of Calif
m
23%
Thomas Allec Corp cl A..*
Tide Water Assd Oil
mm
mmmmm
Standard Oil Co of Calif. _♦
Texas Consoli dated Oil... 1
mm
1.65
_L_
Union
Low
1.34
Sylvanite Gold...
Teck
Range Since Jan. 1,1941
for
Shares
1.58
Straw Lake.......
Sturgeon River
of Prices
High
Low
Jan
July
15?*
15
com
Price
Par
Steep Rock Iron Mines...*
♦
Shell Union Oil
Signal Oil & Gas Co cl A..*
(Concluded^
Week
for
141*
5
Stocks
Range
Week
300
25
Sale
of Prices
18
27%
Sales
Week's
Last
Week's Range
17%
100
Exchange
Friday
Sale
Puget Sound P & T com..*
....
June
(Continued from page 535)
Last
371*
_
1
Cash sale—not Included in range for
flu default,
X Title changed from
Friday
160
May
.
s
Jan
Mar
27
.
7
Admitted to unlisted
c
Listed,
z
Jan
126
148
Preferred
Jan
6 Ex-stock dividend,
Jan
May
23
R E & R Co Ltd com,....*
Feb
61*
Feb
491
_
70c
10
Canadian Markets
Jan
30%
100
com
820
25* May
45* July
1.40 July
Feb
The Wahi Co. to Eversharp, Inc.
Jan
358
30%
Preferred
Jan
3
Jan
931
33%
36%
1.30
J*
Pacific Tel A Tel com,,100
Paraffine Cos
Feb
350
Jan
July
231*
1.65
2,372
116
*
Mar
281*
341*
1,388
25%
154
Pacific Light Corp com...*
Apr
7c
Mar
1.40
24?*
33%
36%
105
26
25?*
7%
Jan
21?*
3?* Mar
101* June
22?* June
30?* May
1.30
25
§5 div
9%
120
13
__.*
8% 1st preferred
210
1.40
5
Pacific Coast Aggregates.6
Pac G A E Co com
9H
1.30
22
22
*
Pacific Can Co com
225
12c
1
,.*
Class B
6
8%
North American Oil ConslO
Occidental Petroleum
70?*
1,330
Preferred—......... 100
9H
National Auto Fibres
Apr
573
2?*
45*
Sudbury Basin
481*
230
1.90
Jan
17
111*
131*
1,551
July
July
Langendorf Utd Bak cl A.*
Hutchinson Sugar Plan.. 15
491*
11*
59?*
Jan
_
July
4?*
81* June
.
Jan
1.35
21*
Odd lot sales.
a
Jan
8
Preferred (w w)._„__.50
Fireman's Fund Indem.,10
421*
Jan
581*
West Coast Life Insurance5
No par value,
Apr
1.00
5
Westates Petroleum Ltd__l
Jan
35?*
3,010
1.35
.5
com
Jan
Jan
40
1.25
1.25
51* May
10
Apr
100
Emporium Capwell com
6
61*
151*
Di Giorgio Fruit pref
Electrical Products Corp .4
5%
June
29?*
61*
Mar
260
13%
_
55*
Jan
31
200
Warner Bros Pictures
Jan
Jan
5%
:
86 %
14
281* June
July
24
1
29
g51*
*
Jan
24
Preferred
100
130
Jan
24
26%
Consol.Chem Ind cl A
*
Consolidated Coppermines5
Crown Zellerbach com...5
301*
291*
a5%
May
May
28
291*
23%
Studebaker Corp com
1
United Aircraft Corp cap.5
US Petroleum Co
1
Jan
3,600
7%
High
22%
25
Jan
142
3%
57 %
Low
667
23%
30%
23?*
>.25
6% pref
*
Range Since Jan. 1, 1941
Shares
High
July
4.00
Low
Jan
501*
134
26%
48%
57%
26%
.
Apr
21?*
26
3
5
com.
401*
Feb
10
26?*
Creameries of Amer
July
17
51%
Commonwealth Edison. .25
com
May
39
39%
21%
48 %
.*
.
7
40
11
20?*
51%
*
Calif Packing Corp com..*
Preferred
.50
Caterpillar Tractor
150
2,390
11
39
100
com.
Calif Ink Co cap.
320
11%
Week
26
com
Standard Brands Inc
1.05 May
for
of Prices
Price
Par
51*% pref.
High
Low
Shares
1.65
8
Alaska Juneau Gold Mln 10
Assoc Ins Fund Inc
High
1.60
50c
(Concluded)
Bo Calif Edison
Range Since Jan. 1,1941
Last
Stocks
Week's Range
Sale
Francisco Stock Exchange
"
for
'
announce the installation of direct private wire8
tcTSearl-MerricK Company, Los Angeles, California, and O'Brian Mitchell
& Co.,
Buffalo, N. Y.
The Commercial & Financial Chronicle
534
July 26,
1941
Canadian Markets
LISTED
Industrial and Public
AND
UNLISTED
Montreal Stock
Utility Bonds
Closing bid and asked quotations, Friday, July 25
Exchange
Friday
(American Dollar Prices)
Sales
Ask
Abltlbl P ATP ctfs 5B..1953
54
Alberta Pao Grain 6s..1946
70
72)3
72
Ask
74
70
Bid
72
Algoma Steel 5e
1948
56
Gen Steel Wares 4X»-1952
Gt Lakes Pap Co 1st 6s '65
•
70
72
71
73
Canada Cement 4)3s.l951
Canada SS Lines 5s... 1957
6Xs
1961
59
62
73)3
75
Massey-Harris 433S...1954
66 X
68
71
73
McColl-Front Oil 4)3s 1949
73
75
Canadian Vlckers Co 6s '47
45
47
N Scotia Stl A Coal 3 Xs *63
58)3
60
Dom Steel A Coal 6)3» 1955
Dom Tar A Chem 4 )3 i 1951
75
77
72)3
74
51
52
4)3s
Famous Players 4XS..1951
Federal Grain 6s
1949
70
75
69X
71
71
Hollinger Gold Mines....5
12X
Imperial OU Ltd
1962
4)3s series B
72
74
73
1966
75
Municipal Issues
i
—L
_
mim
Intl Petroleum Co Ltd...*
1 1948
45%
47
5s
Oct
Oct
1 1966
44 X
46
6a
Sept 15 1943
May
1 1959
103
104
102 X
103)3
1 1962
93
95
16 1965
96
98
Oct
12 1949
5s
1 1942
102X 103)3
91X
93
4b
87
89
4Xs
1 1941
97
100
16 1954
73
75
4Xs
Mar
2 1969
73
75
4s
Feb
2 1960
1 1958
85
87
4)48
May
1 1961
85X
87)3
1 1953
—June
Jan
Aug
6s
June
6s
Deo
Prov of New Brunswick—
13 X
94)3
21%
100
15
Apr
21
May
13X
14
86
14%
13 X
415
80
Mar
July
12
Feb
3
110
2
4
490
May
3% June
-
—
-
21%
22
2,878
20% June
29
Jan
25X
25X
26
30
Jan
61
Mar
25
16X
16 X
16 X
155
24X
277
19
May
May
May
38
10
35
Mar
31
15
Jan
49 %
May
57 %
Jan
21X
Jan
49
Jan
5X
12 X
Jan
Jan
67 X
Apr
Penmans
*
50
50
10
49
Jan
Power Corp of Canada._.*
Price Bros A Co Ltd
*
5% preferred---Quebec Power.
4X
Co of
Canada
m. —
1 1960
77
78
17
47
17
Apr
18
Jan
9
50
8
May
10
Mar
89
89
10
89
July
93 X
104
104
48
103
•
»
—
m
1J30
14X
6fl
Deo
July
82
July
May
9X June
8%
63
Jan
14X
May
Jan
225
1.25
July
July
107
1.60
14X
40
13
June
17
Jan
20
110
Feb
112
Feb
Jan
2X
«.
-
•»
«.
14
m-m
-
-
mmmmmm
m
«,
—
-
68 X
„
mm mm
110
35
110
31
14
877
12
July
May
4CX
14
-
110
6
6
30
6
Feb
6 X
Feb
10
10
15
6X June
10X
Mar
63 X
-
63 X
125
59 X
68X
3X
68X
195
64
3X
300
30
30
85c
85c
...100
-
m«
•
«.
•
23 X
..25
85c
10
135
73
Feb
75c
Jan
70
Feb
Feb
24
Jan
17
Mar
2X
Apr
85c
28
4%
....*
Preferred
210
35
—.«
4%
40
4%
July
23X
23 X
10
23 %
June
89X
1 1954
17
m,-
*
Zellers pref
88 X
81
125
-
»
B
Ask
Canadian Paclflo Ry—
15
11
m.
25
Winnipeg Electric A
(American Dollar Prices)
10
70
10%
9
United Steel Corp
—*
Wabasso Cotton —___.__*
Closing bid and asked quotations, Friday, July 25
3X May
to
mm'mi
100
Preferred..
340
69
Saguenay Power pref..100
St Lawrence Corp
*
Steel
Railway Bonds
4%
10
...
Preferred
4
10)3
*
Simon (H) A Sons.-.....*
Southern Can Power
*
4 Xs
Jan
70
100
Shawinlgan Wat A Pow..*
1 1946
Jan
Jan
May
65
Sept
Jan
Jan
3X
5%
Feb
18
73
4Xs
Jan
16
38 X
38
160
64
Bid
15%
87 X
27X
19X
62
Ask
Jan
77
240
19X
60
84)3
85)3
104% 105X
21
*
1 1951
1 1944
21
1,941
15 1946
71
Jan
May
38
-
-
Jan
36 X
145
24X
'■m
25
May
56 X
15 1943
15 1942
May
29X June
145
56
Oct
July
22
4
56 X
Nov
Sept
30
1,643
.*
June
5fl__
22
34%
Jan
155
315
6Hs
6s
33%
Jan
155
36 X
4Kb
Prov of Saskatchewan—
63 X
j an
35
5b
62)3
10%
36 X
97
Bid
June
*
94X
Canadian Pacific Ry—
4s perpetual debentures.
13
11X
3X
*
92 X
95
1 1960
3,580
14)3
25
83
15 1952
14%
4
81
Mar
July
*
4Xs
Apr
15 1961
Province of Nova Scotia—
Sept
7X
McColl-Frontenac Oil
86
5s
Jan
3
83
4Xa
7
3
15 1960
Apr
14
110
86
Class A pref
50
St Law Flour Mills pref. 100
St Lawrence Paper pref 100
6s
July
10X
Feb
880
*
Rolland Paper vot tr
Provlnoe of Quebeo—
93
27 X
Feb
9
912
*
Regent Knitting pref... .25
Provlnoe of Manitoba—
4Xs
Jan
Ask
Jan
July
22%
Jan
9X
Ogllvle Flour Mills
Bid
Province of Ontario—
4 Xs
4X»
'
m>
100
Preferred
5s
6s
625
Jan
14%
100
12X
7X
Natl Steel Car Corp
Noranda Mines Ltd
Ask
Prov of British Columbia—
26 X
Lake of the Woods
National Breweries
(American Dollar Prices)
Bid
Feb
May
May
22
34X
—
15
Montreal Telegraph.. ..40
Montreal Tramways
100
Closing bid and asked quotations, Friday, July 25
province ol Alberta—
11
97
13X
14
*
....
60
45
13
7X
25
Int Power pref.
13X
99
9%
12X
100
Intl Paper & Power
High
May
25%
*
Preferred
Low
12
435
13X
£1
Intl Nickel of Canada
12 X
99
*
International Bronze
Range Since Jan. 1, 1941
Shares
'
Imperial Tobacco of Can.6
Preferred
High
12X
Howard Smith Paper.—*
Preferred
100
Montreal L H A P Corns..*
Provincial and
Low
Massey-Harris
Quebeo Power 4s
Saguenay Power—
72
69
73
Price Brothers 1st 6s—1967
1966
Week
Price
Par
Preferred
Power Corp of Can 4 Xs '59
Donnacona Paper Co—
for
of Prices
Hudson Bay Mining.....*
Lake St John Pr A Pap Co
British Col Pow 4)31.1960
Stocks (Concluded)
Week's Range
Sale
Bid
Last
70c May
Jan
Jan
Jan
3%
31
July
1.15
Jan
1.00
Jan
7
Jan
24 X
Jan
•
Banks-
Commerce
145
145
Montreal
100
182
182
21
171
Mar
193
Nova Scotia
..100
100
269
269
269
47
267
July
284
Jan
...100
155
155
157
54
150
Feb
166
Jan
Royal
Dominion Government Guaranteed
145
28
143
May
Jan
162
Jan
Bonds
Closing bid and asked quotations, Friday, July 25
Montreal Curb Market
(American Dollar Prices)
July 19 to July 25, both inclusive, compiled from official sales lists
Bid
Ask
Bid
Canadian National Ry—
Sept
4)3s
Canadian Northern
1 1951
4H»
June 15 1965
99% ioo %
102% 103
4Xs
Feb
1 1956
100
4)3s
July
1 1957
6s
July
1 1969
5s
Oct
1 1969
6s__
Feb
1
1970
6)3s
100)3
100
100)3
103 % 104)3
103)3 104)3
103 X 104)3
Ask
1946
Last
107)3 108)3
4s..—-...Jan
1
1962
93
3s
1
1962
84)3
95
86)3
Friday
for
of Prices
Low
High
Week
12%
8)3
5)3
12%
8)3
5)3
1,135
5)3
40
Associated Breweries
*
16
16)3
100
100
110
1154
.....
Brazilian Tr Lt & Power _♦
Brit Col Power Corp cl A.*
Building Products A
*
Bulolo
5
Canada Cement
•
preferred
Foundry
4
..50
22)3
21
*
6)3
6
Rights
23
Cndn Converters
100
18
Pacific Ry
Cockshutt Plow
25
Dominion Bridge
_*
*
Dominion Coal pref
25
Dominion Steel & Coal B 25
Dominion Textile
6)3
Dry den Paper
14)3
108)3
Jan
17
10)3
May
13
Jan
May
160
Jan
857
118
137
5X
Jan
Feb
110)3
22)3 May
8)3
26)3
200
Feb
15)3
14)3 May
20
3,559
4)3
Feb
94)3
June
5
3)3
23)3
685
17)3
6)3
550
5
19
6)3
100
May
Apr
Preferred.....
.
_
.
...
«
m''
170
98X June
2
62
IX June
9X
36
6 X
4
7%
.....100
cum pref
23 X
Jan
Jan
10X
Apr
5
Jan
15X
415
15
June
18 X
Jan
10
65
10
Apr
Jan
100
35
100
June
12%
102%
Feb
23X
23 X
195
20%
June
27
Jan
85
-
85
110
85
July
95%
Jan
106
mm
106
10
107
24X
Jan
Jan
Apr
Donnacona Paper cl B
Mar
Jan
7%
cum pref
*
mm
m
Jan
Fairchild Aircraft Ltd
5
5)3
Jan
Fleet Aircraft Ltd
Feb
22)3
July
May
10)3
Jan
Fraser Companies vot tr.
Hydro-Elec Sees Corp
Ford Motor of Can A
Jan
Intl Paints
Feb
25
Jan
Feb
3X
Jan
10
.
Jan
50c
May
17
July
Apr
5
2X
6
Jan
May
4
Jan
25
Mar
25
10
3X
3X
4
625
2X
July
July
4
125
2 X
June
9
9
25
2
2
4X
4X
25
4
-
-
9
-
m
«.
m
4X
37
17
May
19
July
Lake Sulphite Pulp Co...*
MacLaren Pow A Paper..*
12)3
July
6)3
5)3
350
175 X
2
405
1,447
Jan
June
25c June
6
216
5
3X
60c
Jan
23
Feb
17
5
3X
*
27)3
28)3
4)3
3X
24
5X
Jan
5X
Jan
Jan
July
5%
60c
Massey-H 5% cum pref 100
McColl-Fr Oil6%cumprflOO
Moore Corp Ltd.
*
3.00
310
3X June
5%
380
15
Jan
209
7
July
60c
100
60c
July
15
75c
7
75c
100
'
15
"44 X
"45 "
Jan
Feb
1.50 May
5X
9X
15
cum pref.20
9
110
16
9
Feb
3,246
2X
Jan
Jan
207
16
Apr
6)3
June
160
9
May
3
150
16
16
18)3
Jan
32
20c
*
22)3
Feb
Jan
95c
25
168
»
_
20)3
2
107
155
16
*
10
Feb
Feb
166
m
20c
...100
8)3
25
Jan
70c
22
Eastern Dairies Ltd—
July
310
5
220
154
mm
Dom Engineering Works.*
Donnacona Pap Co Ltd A *
June
2)3
70c
24X
July
60
615
70c
24X
-A—*-
3H
15
39 X
90
44X
60
385
.■vrV:
90
5
15
July
Jan
16
Apr
10X
Jan
80c
Mar
15
\:i July
50c May
11
Feb
15X
27
42
Jan
Jan
90c May
Jan
July
89 X
July
96 X
Feb
45
45
200
41X
Feb
47%
Jan
86
86
45
86
Jan
86
Jan
80
80
8
90
190
4
May
32
May
22)3
21)3
22)3
425
19
May
24
24
24
120
21)3
May
27)3
Mar
6% cum 1st pref
100
Provincial Transport Co. *
18)3
18)3
490
17)3
Feb
20)3
Jan
SouCndnPwr6% cumpflOO
98
6)3
May
9)3
JaD
Walkervllle Brewery Ltd.*
Walk-Good A Worts H... *
75c
Jan
Jan
41X
42
230
38 X
Mar
47 X
Jan
Jan
Walker-G A W $1
20
20
310
19 %
Feb
20 X
Jan
~~7%
7%
73
4)3
8
476
73
47
4)3
25
25
13
13)3
70
May
70
4
Feb
5
24
Mar
160
10)3
7)3
Feb
40
28
82
5)3
27
13)3
Jan
Nova Scotia Lt A Power.
July
Power Corp of Canada—
Jan
_
*
.
rnm'm
-
—
6X
20
8
8
Feb
9)3
Jan
Aldermac Copper Corp
*
70
3
70
July
80)3
Feb
Beaufor Gold.
1
80
10
80
July
95
Feb
Bouscadillac Gold.______ 1
25c
General Steel Wares
25c
25c
10
25c
Apr
1.25
Jan
5
100
Feb
6)3
Jan
Dome Mines Ltd
88
15
86
June
93)3
Jan
East Malartic Mines
55
55
5
53
July
56
3
3 53
150
4)3
2)3
Mar
*
3)3
70c
25
11c
Jan
No par value,
_*
1
r
16c
9,250
5c
W
m
5c
800
2Xc
2Xc
1,000
1.49
«.
1.50
1,600
23%
2.28
23 %
100
2.35
500
Feb
4)3
"55
16c
4.
Chesterville_
88
100
15
20
Feb
5X June
98
May
50c June
98
Jan
7
Mar
104
Jan
Mines—
70
130
6%
99
70c
prefl
cum
-
Jan
July
80
3% May
Jan
2X
100
m'm-
7% cum pref
100
Commercial Alcohols pref 5
Consolidated Paper Corp.*
*
Preferred
16
Jan
10
3%
5% pref.... 100
5)3% preferred
100
Goodyear T pref inc '27.50
Gypsum Lime & Alabas.
4
Mar
7X
115
959
13)3
;
Feb
265
5)3
Gatineau
Rights
4
6
85c
15%
mm m, mm
Cndn Industries Ltd B_._*
20
5)3
Feb
9X
15X
m
Cndn P A P Inv Ltd.....*
Canadian Vickers Ltd
*
23
18
High
55c
104
5X
9X
..*
22)3
12
Low
310
39)3
*
Gatineau
165
300
18
75c
102
cum prflOO
25
5)3
*
English Electric A
July
409
.
Shares
38
"39)3
*
Foundation Co of Can
CanNorPow7%
22
2)3
*
Consol Mining A Smeltlngb
Distillers Seagrams
Mar
4)3
12
»
Canadian
prflOO
um
22)3
*
Cndn Ind Alcohol
Jan
7)3
19)3
5)3
">
10
July
Jan
5
96
CalgaryPow6%c
Range Since Jan. 1, 1941
for
Week
2
»
Brit Columbia Packers...*
25
*
Cndn Foreign Inv
5)3
5
Feb
422
14)3
17
4)3
7
12)3
5)3 June
3,465
16)3
96
Cndn Car A Fdry pref-.25
Canadian Celauese
*
8
14)3
.....
5X
102
*
6% cum pref
.....100
Canadian Breweries Ltd..*
High
Jan
14%
1
24)3
5
Canada Steamship (new).*
5%
24
5)3
Canada Cement pref
100
Can North Power Corp.."
Cndn Car A
110
12
11X
145)3 145)3
0%
24
Low
11)3
71
18
Telephone
Shares
8)3
18
Preferred-
100
Range
Canada Wire A Cable—
50
*
Batnurst Pow A Paper A.*
Range Since Jan. 1. 1941
12%
Asbestos Corp
Bell
6% cum pref
Aluminium Ltd
75c
Canada A Dom Sugar Co. *
Week's Range
Sale
Price
Abltlbi Pwr A Paper Co..*
Brit Amer Oil Co Ltd
Sales
Last
Par
Price
Beauharnois Power Corp.*
Brewers A D ists ofVanc..5
July 19 to July 25, both inclusive, compiled from official sales lists
Stocks-
of Prices
Low
High
Bathurst PAP class B_._*
Montreal Stock Exchange
Agnew-Surpass Shoe
*
Algoma Steel..
*
Amalgamated Electric.._*
Par
Week's
Sale
1
Stocks—
Grand Trunk Pacific Ry—
..Jan
Sales
Friday
Ry—
1
.July
23%
Canadian market.
8c June
5c
16c
Jan
Feb
9c
Jan
lc June
2Xc
Feb
Apr
1.50
July
21X
Jan
2.18 May
24 X
May
2.90
Jan
1.40
Volume
535
& Financial Chronicle
The Commercial
153
Canadian Markets—Listed and Unlisted
Toronto
Montreal Curb Market
Last
Sale
Stocks
Par
(Concluded)
Price
of Prices
High
Low
30c June
200
36c
36c
2.75
2.75
75
48c
48c
600
Gold.
He
He
56
Consolidated
Stocks
High
Low
Shares
Nickel
Francoeur Gold——-—
J-M
Sales
52c
Jan
{Continued)
Par
Range Since Jan. 1, 1941
Francoeur
for
of Prices
Week
Price
*
Gatineau Power
Feb
2.50
-Jan
36c May
55c
Jan
He
July
lHc
Feb
Gatineau Power pref
General Steel Wares
Gillies Lake
2.00
Week's Range
Sale
Week
Eldorado Gold..-.J.——
Falconbridge
Exchange
Last
Range Since Jan. 1, 194
for
Week's Range
Stock
Friday
Sales
Friday
*
_
47c
Low
6H
High
51c
44%c
.
28,900
6%
7
72%
6%
70
100
Shares
65
*
4%
4%
Low
High
34Hc June
6% July
70
50
54c
9%
Jan
Jan
June
6,450
4%
90
Jan
Feb
6
June
3c June
lHc
l%c
1,000
lc
May
l%c
Feb
1
6%c
7 %c
8%c
July
Kerr-Addison Gold..—..
4.50
4.45
4.50
1,100
3.50
Apr
4.50
July
God's Lake..
*
30c
30c
1,900
21c June
29c
Jan
Malartic Goldfields.
1.16
1.13
1.16
2,300
87c May
1.17
July
Goldale
1
12c 12 %c
2,000
n%c
Mar
16%c
Jan
83c
83c
250
23c
Jan
Golden Gate....... .—I
5C
Mar
13c
Jan
1
2%c May
10c
Jan
2c
Jan
Joliet-Quebec Mines—
McWatters Gold
——
Pickle-Crow Gold
...
—
...
....
3.10
Red Crest Gold.
.
.
Siscoe Gold
...
8c
8c
8%c
8,500
4%c
4c
4%c
4,500
V
2.29
May
3.00
Jan
600
3.40
Gold Eagle
2.75
Feb
3.35
Jan
Goodfish
1
%c
%c
500
He
July
l%c
Mar
3c
Feb
Goodyear Tire & Rubber.*
71%
71%
15
67 H
May
80
Jan
52c June
69c
Mar
54%
54%
5
52%
June
55%
Apr
2c
1,000
Mar
2%C
Jan
2%
25
2
Feb
12
June
3%
19%
July
14
l%c
l%c
500
52c
.
.
—
Feb
_
—.—.
1,000
3
3
.
Preston-East Dome.
18 He
________
52c
200
Preferred
50
....
54%
2c
Graham-Bousquet. _.—..1
60c
2,219
50c
May
65c
Mar
Upper Canada Mines..„
1.95
1.99
1,700
1.73
Apr
2.00
June
Great Lakes vot trust
*
Ventures Ltd—
4.05
4.05
30
3.10
Feb
4.00
July
Great Lakes vot pref
*
16
16
16
4%c
4%c
4%c
26c
1,100
l%c
15
26c
60c
Sullivan Cons Mines
i——
60c
5c
5c
1,500
5c
May
8%c
Jan
Great West Saddlery
*
3.90
3.85
3.90
450
3.80
July
7.00
Jan
Gunnar
2.15
2.25
2,600
1.58
May
2.55
Jan
2.%
1
Wood-Cadillac Mines
Wright-Hargreaves
"2 %
2c
Jan
23c June
June
Jan
5% c June
37c
Jan
3%
160
3%
Jan
1
4%C
6%c
6,100
4Vs
July
9%
Apr
.1
3.95
3.95
360
3.95
July
5.40
Jan
Hamilton Bridge
...*
3%
3%
140
3
May
*
3%
3%
100
2%
5%
3%
Jan
Harding Carpets
Hard Rock
1
72c
77c
9,340
1.10
Jan
Harker
1
3%C
3%c
1,000
67c May
3c May
8c
Jan
*
8c
8C
I,000
6c June
15c
Jan
*
9%
Apr
10%
Jan
12
May
13%
Gypsum
*
2.15
Royalite Oil Co Ltd
*
23
35
23
23
Toronto Stock
18
July
official sales lists
Week's Range
for
Sale
ofjPrices
Week
Price
Low
High
__
_
Hlnde & Dauch
75c
Abltlbi pref
12%
1,510
2.17
2.13
2.25
5,235
1.59
May
2.64
Jan
1,000
l%c
Feb
2c
July
Mar
17%
July
Co
•
Homestead..
1
High
Low
..*
_—__.
15%c
—
—
Algoma Steel
Anglo Huron
8
500
4c
July
ll%c
Jan
Imperial Bank
10c
Apr
18c
Feb
15,470
5c
July
17c
Jan
Imperial Oil Co
Imperial Tobacco ord
..*
10%c 15%c
8%
74
Feb
9%
Jan
International Metals A...*
2 .00
Mines
Gold
-
-
— -
_
—-i
-
16 H
...—*
Bath Power cl A
12
145%
Bldgood Kirkland
Biltmore
-
-——-
-
--
-
--
1.03
——_
•
"53%c
—
Brown Oil.
l
*
—
Buffalo-Canada———
—
*
50c
95c
95c
1,000
85c
Mar
95c
July
July
5%c
Jan
16%c
Jan
Island Mountain..
5%c
7,700
4c
May
Jan
Jason Mines———.1
39c
40c
4,900
35c June
46c
Apr
171
Mar
193
Jan
Kerr-Addison
1
4.35
4.50
Feb
4.50
July
283
Feb
Kirkland Lake
1
72c
74c
16,307
3,540
3.05
July
67c
July-
1.05
242%
23
240
June
250
Jan
Lake Shore
1
15%
15%
340
14%
July
16%
10
16
Apr
22
Apr
14%
14%
50
12
4.40
50
16%
9c
2,000
He
16,700
9c
8C
1.02
7c
100
12
5,400
1.08
144% 145%
83
8%c
10% June
20
8
15
7c
59c
26,050
10%
July
May
8c
200
3
9%
9%
115
Leitch
1
51c
4,300
Jan
13 %C
8c
Laura Secord (new)
Jan
160%
Lapa-G'adillac
*
_1
4.40
Levy Bros.
Jan
1.20
May
May
7c
Little Long Lac..
Lamaque Gold....
—
25%
25%
388
24
Mar
27
23%
23%
336
22%
May
26
Jan
15%
16
75
14%
Feb
16
July
1,400
3.45
Feb
4.30
59c
July
Macassa
Mines
1
3.75
3.85
.1
1.75
A
:...
*
23 H
(Marcus)—...—100
Feb
10.75
July
McL Cockshutt
5
Feb
8%
July
Madsen Red Lake
4
40
3
May
5%
Jan
1.49
May
2.35
Jan
50c
Fen
76c
July
1.17
22,625
87c
May
1.17
Jan
%c
1,000
%c June
lc
Jan
July
7%
Jan
1.50 May
2.75
...1
812
15
June
18%
Jan
Manitoba <fc Eastern.....*
200
10
July
12%
Jan
Maple Leaf Gardens pref 10
%c
5%
5%
23
26
Jan
Maple Leaf Milling.
2%
2%
4%
6
675
2%
3
1,681
2
900
25
70
43,550
71c
Feb
1.10
Jan
7%c
1,000
6c
June
9c
Jan
4.00
4.25
920
3.40
June
5.95
Jan
Massey-IIarris pref
3c
3c
500
2 %c
Mar
6c
Apr
McColl-Frontenac.
14%
60
13% June
7%
Feb
15%
Apr
Mclntyre-Porcupine
5
10%
Jan
McKenzie—
1
10
9
— .
Preferred
1.31
1.85
5%
95
1.35
-
65C
1.05
May
1.49
Jan
2.75
_
.
.
July
Jan
May
"22%
136
5
Jan
Feb
22
July
61
Jan
21%
22
696
17
50%
*
51
25
50
July
17%
May
80c
145"*
10
19
19
19
*
145
80c
200
148%
33
60c
143
Class A
-
-—- .
-
1
Murphy....
Apr
May
23
Jan
Naybob—
Jan
Negus Mines
Jan
1.00
163
N1 pissing
85
18%
Jan
July
Noranaa
9%
190
8%
May
10
Jan
285
4%
May
10%
Jan
Norgold
Normetal
21%
22%
140
20%
Jan
25
14
June
2%
100
2
Mar
3
Jan
100
150
Feb
225
July
225
4%
Apr
20%
28
Mar
21%
,.*
Mines
—
*
—-—
Orange Crush pref
Feb
20%
Jan
Jan
Pamour
Castle-Tretheway
1
55c
55c
55c
45c
June
55c
Jan
Central Patricia
1
1.85
1.76
1.85
2,400
2,100
1.65
Feb
1.05
Jan
Pandora-Cadilliac.
Partanen-Malartic
15c
4,500
9c
Feb
21c
15c
Central Porcupine.——1
Chartered Trust
Jan
May
July
50c
241
49%
4 %
56%
1,000
2%c
Feb
July
67%
2%P
4c
Jan
45c
51c
10,810
1,000
26c
Mar
51c
July
30c
July
50C
Feb
3
17c
17c
650
15c
Mar
32c
Jan
Pioneer
1.40
1.53
24,728
1.10
May
1.74
Jan
Poweil-Rouyn...
1.45
22c
*
;
"74c
5H
650
12c
Feb
75c
5,025
64c
July
5%
356
4%
1.28
*
o
22c
73c
37%
39
1.30
850
40
322
100
116
116
23
__*
22
22
10
Crows N Coal_.----._100
30
30
7
Gas
——...
.
——
350
18% May
23V2
22%
23%
18 H
18%
19
—
—
——100
—
50
Dominion Steel cl B
Duquesne
East Crest
—
.
_
i.—
Mar
4%
50
1.25
1.25
130
83
8
4
50c
May
May
6%
Mar
7,350
8%c June
3 %C
1,000
2.25
2.35
17,830
40c
2,000
30c June
1,000
3
3
4c
Fernland
2.85
725
22%
425
4c
4c
2,000
l%c
_ _——
2.85
22
2.85
Falconbridge
2c
9,500
4%
16
4%
15%
10
16%
494
16%
15%
16%
35
Fleet Aircraft
A
—
9%
2.05
July
Jan
-
.
-
.
....
2.25 May
3.05 June
300
1.96
May
2.35
500
52 %c June
1.04
65c
65c
4
20
3%
8
335
7%
May
July
155%
3.45
36,295
2.70
Feb
3.45
July
11c
1,100
10c
May
20C
July
500
10c June
I3%c
Jan
5c
149
May
166%
75
18
May
2,000
23
23
3c June
23
3 %c
3%c
155% 156
23
13%
Jan
Sladen-Malartic
Jan
24
Jan
Jan
July
14%c
Jan
Feb
2 65
Jan
3c June
7%c
Jan
35o June
59c
Jan
12
Jan
25
78c
6,225
61c June
87c
1
7.40
100
7.10 June
8.00
Jan
6%
July
6
-.-...*
*
—*
6%
Jan
Steel of Canada
l%c June
3% May
14%
Feb
6%c
Jan
Preferred-J
16%
July
15%
16
July
•
25
6%
3
25
3
Feb
5% May
3
52c
3
June
5
91
Apr
100
7,580
51c June
17c June
Jan
6% June
20
3
97
51c
1
1
Jan
.
96
-—100
125
6
June
17
13%
75c
7.40
13%
Jan
Mar
69c
43c
Mar
Jan
17c
2c
2H
19c
1,500
7 %c
Slave Lake
•
Jan
1
...... — —-
Jan
Jan
9%
11c
49c
52c
Jan
6
3.15
3%c
class B
Mar
11%C 11%C
—...
6c
July
1.27 May
7,985
43c
5
Jan
2,436
3%c
2.95
6
Jan
1.46
3.00
1
Sherrltt-Gordon
Sim psons
1.69
Jan
2.20
———1
Simpsons pref.....
Siscoe Gold
July
Jan
2.03
Jan
2.95
2Sc
8
.
28
Feb
15c June
4
1
—*
*
,1
1
---1
1
.
21% May
3%c Mar
July
2,900
1.44
1
South End Petroleum
*
Standard Radio
*
Standard Paving pref—..*
1.97
Feb
6,748
2,800
15,000
Silverwoods pref
Jan
60
2.56
Feb
June
2%c June
2.35
Apr
5c
Jan
1,000
*
5%
8
8c
3c
San Antonio
1.75
16%c
1.65
3c J uly
July
Sigma— —
Silverwocds
2%c May
3
3
English Electric B
Class B
Feb
25
38c
_
Fanny Farmer—„
Federal Kirkland—
Ford
107
4%c May
98c June
1,500
7 %c
Shawinlgan.
Mar
July
Apr
3,150
3c
2,000
Senator-Rouyn
May
2%c
3,000
1.10
8c
Sand River.
6%
6% 'Feb
7%C
Jan
22%
July
1
Jan
60
4%
St Anthony
24%
895
-
...
Roche (L L)
23%
7%
90
2.15
Royal Bank — - — - — - -100
Royalite - ...—————*
Feb
3%c
2.35
_
105
Jan
E Dome
Reno Gold..
May
9%c 10%c
————
...
5
28%
22%
105
7%
20
East Malartic
.
17
4%
1.25
Mining
Eldorado—.
21%
172
July
7%
22%
Dominion Stores.—.
Dom Wollens pref.
2,716
17c
22%
105
105
25
Dominion Woollens
Apr
July
22%
.
Preston
35
Apr
3c
.—- .
Pressed Metals.
Ree ves-Macdonald
Jan
17c
3%c
— —.
Power Corp....
Jan
Mar
Jan
10c June
3c
— — -
Jan
25
21%
.
July
145
3%
1.15
1.00
Pickle-Crow
1.55
5%
Jan
July
56c May
18c 18%e
40%
June
12c May
*
Preferred
30
Jan
June
2,.500
.*
Dom Scott Inv pref
21%
16c
22%
Dome
111
May
15%c
*
Distillers Seagram—.—*
Dominion Foundry
3% June
1.13 June
31%
4C<c May
1.04
II,355
3,534
2.95
..... -
1
*
100
5
4%
_
—
.
July
Smelters
_
_
3%
j._
Davies Petroleum
Perron..
July
l
Consumers
Paymaster
3%
1
Cosmos
Jan
50
Coniaurum
Cons
May
90
3%
Cochenour
Cockshutt
July
Jan
56
3c
3%
Chester ville
_
82
Jan
2%c
56%
*
_*
Chemical Research
Chromium
3
83
82
—100
Chateau Gai Wine
.—*
July
j an
July
75c
PacaltaOlls
2.91
21c
5
8
38%
31o
13c
Apr
Mar
1.20
13c
June
June
Feb
1
2.10
18
7
60c May
Omega—...
80
4,273
3% May
30%
1.00
85c
100
6H
Jan
Jan
3%c July
100
30c
6%
—25
188
500
3
2.30
_
July
Feb
12,600
78c
19%
...
—
Jan
47%
65c
30c
6
..
.
Jan
54c
24c
3
2.30
.
2c
83c
16%
1.10
1
19
.
.
205
O'Brien
Jan
235
25
8
5
"2'. 30
R-
4%
36%
35%
Northern Star pref
—-1
C P
Cariboo.
176
Feb
July
65c
1
.....
6%
Canadian Wirebound——*
41
30
Jan
Feb
30c
25.500
July
Mar
60c
15
108
3c
23c
Northern Canada——*
16%
225
25
4,355
14c
1.10
-1
1
5
2%
*
Apr
36c
180
8
.
—
6%
23 H
>—*
Canadian Ind A1A-..—_*
—
Mar
2%C
3%
*
National Sewer class A.—*
National Steel Car
...*
6%
20
Jan
24c
45
44%
178
3c
National Grocers.
16%
*
34 %C
35c
*
—100
9%
20
Canadian Canners cl A_ .20
90
Jan
July
4c May
4,500
39
June
1.32
88c
Moneta..—1
2%
51%
Apr
16%
Modern Containers. ...._*
216
Jan
May
1.01
80c
Mining Corp..-..-.....*
Mar
Mar
4%
Jan
46%
16%
Jan
7
Jan
July
15
1,500
100
44
4,850
15c
Feb
Jan
July
3%
1.10
50
1.07
4%c
July
Jan
5
'5%
15c
June
Apr
May
June
4%C
.
1.85
Moore Corp
2%
3H
*
.>
4%
89%
32%
Jan
5%
566
4
50
1.10
925
—1
Mc W atters
100
30
44%
3%
29
5,100
245
120
4
40
...*
5%
32
122
2%
*
100
Massey-IIarris
1.85
95
123
33
*
--*
—
Jan
4,800
10
86c
Jan
21,884
15%
7 %c
Jan
1.91
15%
Malartic (G F)
60c
71c 75%c
1
1.12
122
—
July
47c June
*
*
25
Mar
2.10
24%
..
Canadian Car
Preferred
3%
Apr
B
11
.100
July
Loews
87%
Cndn Canners class B
Feb
2%
Jan
May
-.--.*
45c
Jan
8,397
"3c
Jan
1.60
Jan
Apr
Jan
13c May
10%
50
78C
1.33
Apr
1,567
lie
June
Canadian Bank of Com
Mar
2%
8%
5
Canadian Breweries
6%C
1.95
49c
37%
9.50
5.15
2%
Mar
Loblaw
Mar
Apr
1.90
49c
May
6c
4.25
9
Jan
Jan
14%
*
.*
June
7%
32
21
Feb
1
.........
.....
8
518
15 H
ol the Woods..—.__*
Jan
15c
1.00
137
Lake
Feb
13
June
4,600
53 %c
11%C
6c
2,200
34
Mar
8c
76
Canada Wire A
Jan
268
5
*
--—50
Jan
8
25
.
110
10
6
Can Permanent Mtge„ 100
37
184
82
Canada Packers.--.
110%
110
34%
270
34
B.
20c
1,175
6
—
July
10c
82
Canadian Dredge
10c
...
7 %c
_*
—
B
500
Intl Utilities class B...
Canada Northern Power .*
Preferred
10c
Jan
188
Canada Steamships
10c
2.45
110 H
24
100
Preferred
Canada Malting
Jan
.1
June
78c
*
—
.—
15%
»
McVittie
Canada Cement
36%
1.50
9
*
*
Jan
Mar
2,900
14
Calgary & Edmonton
Canada Bread------
Feb
June
2.00
—-*
—
6%
May
1.89
Burlington Steel— ———*
Building Prod--.
Jan
140
9
9
10
1
Buffalo-Ankerlte
Jan
13%
International Petroleum..*
4
*
—
Broulan-Porcupine
10%
Feb
13%
International Nickel
Jan
6%
8
British Columbia Packers *
B C Power cl A
8%
11H
May
425
29 H
Feb
5%C
8
"l5H
British American Oil
Jan
1,540
854
Int Milling pref —...100
9c
Feb
6%C
5
Brewers & Distillers
205
9%
12%
1,065
Jan
Apr
34
34
—
Brazilian Traction
Feb
192
2
9%
12%
13%
2.75
3%c
3%c
8c
*
-—-1
——1
.
Apr
35
May
500
10%
Bobjo.
B onetal. mi
B r alorne
-
50
Blue Ribbon pref..
Jan
July
56
13%
2.00
13,600
5c
10%c
1
100
1
—-
Bell Telephone Co
30c
27%
Feb
33%
732
8c
11%
Exploration——1
Beattie Gold
June
9%
115%
2.50
9c
*
Base Metals
21c May
23 %
52
242
100
50
10
199% 199%
9H
5
7%c
6%c
Bank of Toronto
54%
184
100
Bank of Nova Scotia.-.100
——
Barkers pref
1,960
490
26
14
268
Bankfield
Bank ot Montreal
7
22c
26
54%
100
1,500
4
10
Jan
Feb
7c
25
l%c
15
21 %c
"26"
100
.........
9%c
Ashley
Bear
*
Huron & Erie
5c
7%c
1%C
15
is
Howey.......I
Jan
90c
15c
'
Bagamac
Mar
2.35
—
—
A rntflel d
Aunor
5%
55c
8%
15c
AJax Oil & Gas
Aldermac
100
15c
-———
Jan
12%
7c
100
6%
Acme G as
8%
Jan
12%
Honey Dew.....
Shares
75c
5%
—-
175
10
Apr
Holiinger Consolidated.-.5
Hudson Bay
Abltibi
75c
2%
Home Oil
Range Since Jan. 1, 1941
Last
Mines
High wood
Sales
Friday
Pa
24
Exchange
July 19 to July 25, both inclusive, compiled from
Stocks—
Feb
Hallnor
••V 3
*
Halcrow-Sway
OilHome Oil Co Ltd
8%c
14,300
6 %o
May
19%C
Feb
1%C
2c
4,000
lHc
Mar
4c
May
3%
2,750
2%
May
3%
July
4
4
80
2%
Feb
4
July
64
64
10
69 H
Mar
70
Jan
66%
66%
30
66%
July
73%
Jan
2%
No par value.
(Concluded
on page
533)
536
The Commercial & Financial Chronicle
'
Quotations
New York
m
Over-the-Counter Securities—Friday July 25
on
City Bonds
Chicago & San Francisco Banks
Ask
Bid
Ask
123%
124%
125%
126%
126%
124%
125%
Par
1969
102
lu3
a3s
Jan
1977.
104 %
104%
a3s
June
1930.
104% 105
u4%s Apr
o3%s July
a3%s May
a3%s Nov
1975.
107% 108%
1964.
1U.X 112%
1964.
112
113
1960.
112
113
1976
112
113
118
a2%a July
15
1
a4%8 Mar
a4%s Apr
1964.
1 1966.
15 1972.
1
1974.
16
1976.
1977.
June
126%
1980.
123% 124%
1967.
129
a4%s Bept
1960.
122
123
o4%s
a4%8
a4%s
a4%8
a4%8
a4%s
a4%s
a4%s
a4%s
a4%s
a4%s
Dec
15
1971.
aiH ■ Mar
1962.
123
124
a4%s Deo
1
1979.
129% 130%
133% 134%
o3%s Mar
a3%s Jan
16
May
1957.
117
a4s
Nov
1958.
a4s
1959.
117% 118%
117% 119
a 4e
May
May
1977.
122
a4e
Oct
a4s
123
July 26, 1941
Feb
1
Jan
15
Nov
127%
127%
127% 128%
1978.
128
1981.
129
Par
Ask
A Trust
235
86
262
269
515
530
37
39
89
100
Northern Trust Co
240
33 1-3
322
100
Bank A Trust
First National
123% 124%
123% 124%
127% 128%
128% 129%
May
1957«
Nov
1967.
Mar
1863.
June
1965.
July
BAN
FRANCISCO—
Bk of Amer N T A S A 12 %
New York Bank Stocks
Ask
Bid
Par
130
Par
104%
61.80
38 1981
51.85
«•
m
3%fl Mar 1970
139
4s Mar 1961
140% 142%
4%s April 1941 to 1949-
Canal A Highway—
fie Jan A Mar 1964 to'71
Highway Imp 4%b Sept '63
61.95
mmm
150
Public
Canal Imp An JAJ '60 to '67
Barge CT4%a Jan 11045
Bid
Bid
3%s August
3%s
3%s 5th
16 77
ser Aug
190
.100
1968
f revenue
s
670
1980
6th
series...1975
27
28%
12
15
10
14
17
60
Penn Exchange
45
50
17%
30%
32%
Sterling Nat Bank A Tr 25
25%
27%
Peoples National
710
1515
150
100
130
.
■
t
New York Trust
mmm
Companies
Ask
Bid
Par
3s serial
103% 104%
101% 102
103%
101% 102
rev
1953-1975.
Bank of New York
106% 107%
103% 104%
62.60
.
2%s serial rev 1945-1952
Bid
Bankers
100
335
...10
Bronx County
Brooklyn
35
100
Central Hanover
343
53%
Fulton
...100
98%
61.50
2.50%
Bid
U 8 Panama 3a June 11961
109
Apr
1955
100
Feb
1962
1941...
28
31
20
38%
40%
20
51%
53%
26
96
97
100
46
48
60
33
37
New York
25
10
12
Title Guarantee A Tr...l2
Manufacturers
Preferred....
13%
15
Trade Bank A Trust
42%
43%
44%
47%
118
121
107
108%
99
3%
4%
10
19
21
Underwriters
100
80
90
United States
100 1365
1415
Telephone and Telegraph Stocks
128
4%s July 1952
1600
25
20
50
12
100 1550
Chemical Bank A Trust. 10
Govt of Puerto Rloo—
109% 111%
100
115
July 1948 opt 1943.
100%
112
Hawaii—
U 8 conversion 3s 1946
4%s Oct 1956 Apr '40..
294
11
Kings County
Lawyers
Clinton
Ask
126
6s
101
6a
6s
5%B Aug
289
10
Irving
109
107
210
Guaranty
18
75%
190
100
55%
15
70%
Continental Bank A Tr.10
Corn Exch Bk A Tr
20
Ask
107
Ask
Bid
auk.
United States Insular Bonds
Philippine Government—
4%s Oct
1959........
4%s July 1952...
50
12%
—.12%
Safety
Empire.
3s
46
Colonial
General A Refunding—
15 '76
184
A si
Bid
50
"mmm
Pennsylvania Turnpike—
Port of New York-
4th ser Deo
33
Fifth Avenue
Trlborough Bridge—
3s
31
First National of N Y..100 1475
109% 110%
1*76
13.55
Par
Ask
San Francisco-Oakland—
3%s2ndserMay
National
Authority Bonds
California Toll Bridge—
4fl 1976
140
National
Merchants
60.90
140%
111%
National City
85
Bronx
Publlo National
Highway
Improvement—
4s Mar A Sept 1958 to '67
42
National
17%
Commercial National.. 100
149%
147
World War Bonus—
142
16
Chase
Bid
Canal Imp 4%s Jan 1964..
Can A High Imp 4%s 1965
Bank of Manhattan Co. 10
Bensonhurst National...50
Ask
104 %
3s 1974
100
Illinois Natl
Continental
130
New York State Bonds
2s July 1944.
Ask
312
Bank of Yorktown_.00 2-3
Bid
Bid
Harris Trust A Savings. 100
129
Mar
Bid
American National Bank
■
110% 111%
Conversion 3s 1947
112
113
Par
Am Dlst
Teleg (N J) com.*
5% preferred
100
Bid
Ask
103
107
no:
112
Par
Preferred A
Emp A Bay State Tel.. 100
28
Int Ocean Telegraph...100
81%
New York Mutual Tel__25
17
16%
7
•
7
18%
32%
25
49
Franklin Telegraph....100
A si
Bid
Atl Telegraph...25
Peninsular Telep com
*
Pac A
34%
32%
31
'
Rochester Telephone—
Federal Land Bank Bonds
Bid
Ask
Bid
Ask
$6 .50 1st pref
...
84%
Sou New
3s 1965 opt 1945
J AJ
38 1956 Opt 1946
JAJ
3a 1966 opt 1946
MAN
108% 108%
109% 109%
110% 110%
3%S 1955 opt 1945..MAN
48 1946 Opt 1944
JAJ
109% 109%
110% 110%
4s 1904 opt 1944
100
So A Atl Telegraph
111%
25
19%
17%
Eng Telep... 100
149
151%
109% 110%
JA J
—
Chain Store Stocks
Joint Stock Land
Bid
Atlanta %s, 1%B...
Atlantic l%s, 1%b.
Ask
99
Bid
Lafayette l%s, 2s.
Lincoln 4%s
rll
A si
1
Bohack (H C) common...*
96
1%
1%
2%
Par
Kress (S
%
100
33
Flshman (M H) Co Inc..*
7
7% preferred
98
88
North Carolina %a, ls.
Carolina—
1%s, 2s
36
$5 preferred
Pennsylvania l%s__
,
.•
SPECIALIZING
99%
99
%s, 2%s
99%
St. Louis..
99
San Antonio %s, 2s..
Southern Minnesota.
99
Southwest (Ark) 6s..
First Trust Chicago—
Is, l%s
Fletcher %s, l%s
Fremont 4%s, 6%s
r24
F.H.A. INSURED MORTGAGES
26
99%
715%
93%
The best
17*
"Hedge" security for Banke and Inettrance Co'e.
Circular
on
82
Illinois Midwest 4%s, 4%s
Iowa 4%s, 4%s__
100
Union Detroit 2%s.
Is
Virginian
Par
Bit
100
98
Dallas
100
85
Denver
100
80
Des Moines
100
54
100
..100
Atlanta
STORMS AND CO.
99
First Carolines
Fremont
Ask
104
Commonwealth Building
Par
PITTSBURGH, PA.
Phone Atlantic 1170
Bid
Ask
Lincoln
100
90
New York
100
3
7
90
North Carolina.
100
125
135
60
PennHyjvATiia
inn
57
23
28
San Antonio
100
130
2
5
Virginia
6
7
3%
10
FHA Insured
Federal Intermediate Credit Bank
Due
.11-1-40
Bid
A si
8-1-41 0.25%
9-2-41 0.25%
Dated
4
.10-1-40
10-1-41 0.25%
94%
%%
94%
94%
94%
94%
Bid
Alabama 4 %8
Arkansas 4%s
New Jersey 4%s—
1-2-41
10-1-41 0.25%
94%
.11-1-40
11-1-41 0.25%
11-1-41 0.25%
94%
94%
-
.12-2-40
-
.
-
.
-
.
~
--
-
.
.
3-1-41
9-2-41 0.25%
6-2-41
9-2-41 0.25%
10-1-41 0.25%
7-1-41
2-1-41
Bid
.12-2-40
6-2-41
A si
11-1-41 0.30%
12-1-41 0.25%
12-1-41 0.30%
.
.
.
.
.
.
.
.
5-1-41
3-1-41
1-2-42
4-1-41
1-2-42
2-1-41
2-2-42
6-2-41
3-2-42
7-1-41
4-1-42
5-1-41
5-1-42
Bid
Ask
94%
May
11943 100.24 100.26
Jl%%—Feb 15 1945
w i
100.23 100.25
Federal Home Loan Banks
94 e
Apr
15 1942 100.10 100.12
28
.Apr
1 1943 102.19 102.23
Federal Natl Mtge Assn—
2s May 10 1943—
l%s Jan 3 1944—
101
101.20 101.23
N Y (Metrop area) 4%s._
Florida 4%s
New York State 4%s
103%
Georgia 4%s
North Carolina 4%s
103
Pennsylvania 4%s
103%
U%%
}ls
Apr
Michigan 4%a
A
1 1941 100.21 100.23
15 1942 100.21 100.23
11942 100.31 101.1
Oct
15 1942 100.21 100.23
July
101.2
15 1943 101
15 1944 100.21 100.23
100.1
100.3
102%
insured Farm Mtges 4 %s
Flat
price,
n
a
Interchangeable.
Nominal quotation,
wi When Issued
w-s
6 Basis
r In
price,
recelvorshlp.
With stock,
x
Now listed
y
♦
Quotation not furnished by sponsor or Issuer.
x
102%
103%
103%
d Coupon,
on
t These bonds
e Ex
Interest.
Quotation shown Is for all
Ex-dividend.
Now selling on New York Curb Exchange.
New York Stock Exchange.
are
' t''.
:^7jk7;--
....v7',
^::U7v7:
subject to all Federal taxes.
? Chase National Bank announced that
102.11 102.13
103
Virginia 4%s
West Virginia 4%s
♦No par value,
July
103%
103
.....
servicing fee from %% to %% must be deducted from Interest rate.
maturities,
Jan
%% notes Nov 1 1941..
1%% notes Feb 11944..
Rhode Island 4%s
South Carolina 4%s
Corp—
Nov
103%
Tennessee 4%s
Texas 4%s
Minnesota 4%s
Ask
102%
4%s
Massachusetts 4%a
Reconstruction Finance
%%
%%
1%
t%%
102%
Delaware 4%s__
District of Columbia 4%s_
Maryland 4 %s...
U S Housing Authority—
Call Nov 16 '41 at 100% 101.10 101.13
Jan 3 1942 at
Bid
103%
5s..._
New Mexico 4%s
Louisiana 4%s
0.35%
0.35%
0.30%
0.40%
0.40%
0.40%
Obligations of Governmental Agencies
Commodity Credit Corp—
1%
Nov 15 1941 100.23 100.25
Asked
Illinois 4%s
Indiana 4%s
Debentures
Due
Mortgages
Asked
140
5s
Dated
request
100
Joint Stock Land Bank Stocks
94%
94%
%%
94%
21%
8%
r41
Oregon-Washlngton.
Is. l%s
First Texas
94%
94%
20%
.....*
99% 100
—
100
First New Orleans—
%%
94%
13%
U nlted Cigar-Whelan Stores
99
3%s
..
A si
12%
99%
First Montgomery—
%%
Bid
H) 6% pref....10
94
New York 5s
First
Bid
B/G FoodsInc common..*
Lincoln 5 %s
r2%
Denver l%s, 3a
Par
Ask
99
Lincoln 5s
99
Burlington
Chicago
Bank Bonds
on
and after June 27 a distribution will
be paid at the rate of $40 on each $1,000 original principal amount.
Previous pay¬
ments were $77.50 Dec. 31, 1940, 5% July 7, 1939, and 5% % on Sept. 25, 1939
ak
Volume
I
537
Financial Chronicle
The Commercial &
153
Quotations on Over-the-Counter Securities—Friday July 25—Continued
Railroad Reorganization
Guaranteed Railroad Stocks
Securities
{When Issued)
3o$epb tUalkersSons
Mtmkrrs J^rw
Bear, Stearns & Co.
~Y»rk Sink Exclumft
Members New York Stock Exchange
D««lcn in
120 Broadway
Tel. RE ctor
New
GUARANTEED
NEW YORK
York
Chicago
.
2-6600
STOCKS
Since 1855
Reorganization Rail Issues
(When,
as,
and If Issued)
Guaranteed Railroad Stocks
Bid
Asled
Akron Canton A Youngstown com (no par)
27%
29%
5% preferred (par $100)
Chicago Milwaukee St Paul A Pacific RR—
6% preferred (par $100).............—........
50
52
14
15
(Guarantor In Parentheses)
Dividend
Stools—
Asked
Bid
in Dollars
72%
97%
75%
.100
0.00
Albany A Susquehanna (Delaware A Hudson)
ion
10.50
Allegheny A Western (Buff Roch A Pitts)
100
0.00
80
83
2.00
29%
31
Alabama A Vlcksburg (Illinois
Central)
Beeoh Creek (New York Central)
102
8.75
92
95
8.60
20
24
3.00
36
39%
C L)_. .100
5.00
91
93%
Central). .100
5.00
72%
76%
3.50
83%
86
60
Boston A Albany (New York
100
Central)
Boston A Providence (New Haven)
.100
Canada Southern (New York Central)
Carolina Cllnchfleld A Ohio com (L A N-A
CJeve Cln Chicago A St Louis pref (N Y
Cleveland A Pittsburgh
(Pennsylvania)
2.00
50
53
2.00
47%
63%
49%
5.50
9.00
143%
4.00
43%
Michigan Central (New York Central)
,.100
50.00
Morris A Essex (Del Lack A Western)
-60
......
.........
11%
-.
149
.—
30%
60%
6.00
50
4.00
96%
98%
4.60
42%
46
,.50
1.50
44
47
50
3.00
87
92
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)
17.00
174
177
7.00
165
Western (D L A W)
...
Northern Central (Pennsylvania)
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
,
Preferred
■
68
1988
convertible B 4%s
Chicago A North Western Ry—
First general mortgage 2%-4s
Second mortgage convertible income 4%s
General mortgage incone
142
6.00
.100
10.00
.100
6.00
51
100
6.00
62
Vlcksburg Shreveport A Pacific (Illinois Central). .100
6.00
61%
64%
1(M)
5.00
62%
66
3.50
26
/42
44
f'32
34
71%
First mortgage 4%s A...
4s B__
convertible 4%s A
72%
27%
28
84
103"
101%
82%
82
52%
/52
69%
70
38
40
26%
27%
29
56%
85
—1969
..1957
1995
2015
1990
2005
2015
Missouri Pacific RR 1st 4s
100
72
83%
1989
..1999
—
General mortgage income
70
1989
2014
2039
Chicago Milwaukee St Paul A Paolflc RR—
First mortgage 4s
General mortgage income A 4%s
First mortgage
73
55
50
Co
Bonds—
Erie RR
144%
137
3.00
Second preferred
170
140
5%
5%
Common (no par)
—
56
6.00
7%
6%
Norfolk A Southern RR—
Des Plnines Valley 4s..
60
6.64
17
16%
.
Ctfs of beneficial interest In J L Roper Lumber
45%
.100
New York Lackawanna A
3%
—
..........
6%
3%
6%
Certificates ben Interest In common stock.
Missouri Pacific RR common
Akron Canton A Youngstown 4%s—
28%
56%
4%
34%
34
Second preferred
66%
750
600
3.875
12%
3%
....
5% preferred A (par $100)
Prior preferred
25
(Pennsylvania)
Fort Wayne A Jackson pref
Erie RR
;V
4%
.......
_.....
Common (no par)
100
(N Y Central)
100
Georgia RR A Banking (L A N-A CL)
Lackawanna RR of N J (Del Lack A Western)... .100
Betterment stock
Delaware
4
Common (no par)
Chicago A North Western Ry—
5% preferred (par $100)
60
Tunnel RR St Louis (Terminal RR)
United New Jersey RR A Canal (Pennsylvania)
Utlca Chenango A Susquehanna
___
(D L A W)
Valley (Delaware Lackawanna A Western)
Preferred
Warren RR of N J (Del
West Jersey A Seashore
Lack A Western)
(Penn-Readlng)
Railroad
...
—
249%
3.00
60
Income 4s series A
253 %
55%
-
-
—
-
series B......
Norfolk Southern Ry—
General mortgage convertible Income 5s
Sioux City A Pacific 4s.......
62.25
1.90
Missouri Paclflo 4 %s-5s
...
Asl
2%s
Boston A Maine 6s...
62.25
1.80
1.30
Nash Chat A St Louis 2%s
62.25
1.90
1.50
New York Central 4%s._.
61.85
1.40
2%s and
3.60
N Y Chic A St Louis 4s
64.25
3.40
N YN HA Hartford 3s.
Central RR of N J 4%s...
61.50
1.00
Central of Georgia 4s
63.80
3.25
Northern Paclflo 2%s-2%s
No W Refr Line 3 %s-4s
Chesapeake A Ohio 4%s__
61.60
61.70
1.35
Chlo Mllw A St Paul 6s
62.25
1.75
61.75
1.25
Cllnchfleld 2%s_._
62.25
1.90
Del Lack A Western 4s
62 50
_—
»
•
9%
12%
13
Permutlt Co
Corp..25
1
10%
6%
11%
6% conv pref 1st ser..10
2d series
10
12%
Petroleum
12
25
Pan Amer Match
1.90
3d series..........10
1.75
Amer Distilling
62.25
1.75
American Enka Corp
1.40
Co 5% pflO
*
25
52
61.85
American Hardware
22%
63.50
2.50
Amer
17
19
Maize
61.90
1.40
1.60
Pere Marquette—
Amer Viscose Corp
5% preferred
pref 100
14
100
1.75
1.50
$3 partlc preferred
61.75
1.40
Arlington
61.70
1.35
Autocar Co com
Botany Worsted Mills ol A5
$1.25 preferred
10
Brown A Sharpe Mfg...50
62.00
1.50
Erle 4 His
61.75
1.45
St Louis S'western 4%s_„
61.85
1.35
Shippers Car Line 6s
Southern Pacific 4%s
71.85
1.50
Growers
Express—
City Southern 3s__
1.40
Lehigh A New Engl 4%s__
61.85
1.40
Union Pacific 2%s_.
61.85
1.40
Long Island4%s and 6s..
61.75
1.35
1.40
2%s
Southern Ry 4s and4%8—
172
._.*
Steel common
Tennessee Products.
Thompson Auto
Arms—1
61
*
*
65%
14%
26%
Trioo Products Corp
24
Triumph Explosives
2
*
17
19
United Artists Theat com. •
62.00
1.50
$1 partlc preferred
Crowell-Collier Pub
West Fruit Exp 4%8-4%s.
61.75
1.35
Cuban-Amer
13
7%
Manganese.2
8%
—.6
Common.
Class A....
1.25
Class B
46%
16%
49%
18%
Dictaphone Corp..
*
Dixon (Jos) Crucible... 100
Domestic Finance cum pf_*
27%
30%
42%
45%
29%
Veeder-Root Ino oom....*
•
67%
71
Welch Grape Juice com
Draper Corp
27
Dun A Bradstreet com...*
33%
110
Farnsworth Telev A Rad. 1
106
Ohio Water Service 4s. 1964
107
Federal Bake Shops
1%
11%
2%
13%
1958
105
Oregon-Wash Water Serv¬
es
1957
100
108% 109%
Pittsburgh Sub Water—
Atlantic County Water—
.1958
58
Calif Water Service 4s 1961
Community
6s series A
....1946
92%
14%
27%
Glddlngs A Lewis
Machine Tool
Richmond Water
Gulf Coast Water—
74
76
1957
1951
Water 6s
4%s
1958
Scranton-Spring Brook
Water Service 5s. 1961
106
Kankakee Water 4%s.l959
102%
1967
1st Aref 5s A
Shenango
Val 4s
B_ 1961
ser
106
5S...J.
1950
-
99% 101
1956
....1951
5%s
100% 101%
95%
14%
1st 4s
-
.
1961
5s series B
1951
98
100
1st 5 %s series
6%s series A
1951
100
102
A.
1st 5s series B
1st conv 5s
New York Water service—
99% 100%
1950
1950
-—.1951
deb 6s extended
1950
$5
preferred
14
1
73
76
Lawrence Port! Cement
Long Bel) Lumber
108%
$5
preferred
100
♦
....100
*
Corp_._l
13%
Mallory (P R) A Co
105
Marlin Rockwell
0%
100
preferred
-57
29%
1
Merck A Co com...
102%
Wickwire Spenoer
1%
8
6
%
%
1%
2
52
55
21%
22%
16
17%
108
6%
7%
8%
Steel-10
50
Worcester Salt
...100
York Ice Machinery.:
*
'/
5
Wilcox A Glbbs oom
100
preferred...
10%
50
40
47%
3%
50%
82%
85
3
Industrial Bonds—
«B._i901
A..1946
1948
Deep Rock Oil deb 6s. 1952
Firestone Tire A Rub 3s *71
Amer Writ Paper
/54%
56%
Carrier Corp 4%s
95%
88%
97%
97%
97%
1956
Minn A Ont Pap 5s...I960
Monon Coal 6s_-.---.1955
1 NY World's Fair 4s. 1941
3%s
Old Ben Coal 1st mtg 6s
Akron
i
Canton
A
Cuba RR 5s
67 a
58%
69 %
Denv A Salt Lake 6s..1960
52
54%
1946
50
52
Monongahela Ry 3%s.l960
103
Hoboken Ferry 5s
84
N Y A Hob Ferry
104%
102%
4%
28%
Tenn Ala A Ga 4s
536.
64%
22
11%
For footnotes see page
1
I960
80%
25%
4
76%
74%
105% 106%
99%
99%
i
5%s ser B triple stamp..
Bait A Ohio 4% notes. 1944
*
100
'
Youngs-
58%
*
Nat Papet A Type com__.l
5% preferred../
50
3%
23
f20
3%
town—
National Casket..
Preferred
3%s '55
103%
75%
74%
103
Railroad Bonds—
106% 107%
10%
'48
Scovill Mfg3%s deb..1950
30%
118
Ring.2%
90
McKesson A Rob bins—
12%
13%
Muskegon Piston
98
*
2%
100
preferred
Western Auto Sudp
103
Western N Y Water Co—
1951
26
92%
36%
Harrlsburg Steel Corp
6
Interstate Bakeries com..*
West Va Water Service—
106
New Rocbelle Water—
5s
25
Northern Paper. .25
Great
Union Water Service—
102%
Muncle Water Works—
..1965
7%
21%
16%
69%
40%
100%
Springfield City Water—
4s A
Monongahela Valley Water
53
1965
5s....
Monmouth Consol Water—
1950
19%
14%
7
100
104% 105%
Spring Brook Wat Supply
5%s
7%
2%
Great Lakes 88 Co com..*
South Bay Cons Water—
Kokomo Water Works—
1956
25%
Graton A Knight com
101%
13%
2
1
*
Good Humor Corp
Scranton Gas A Water Co
106% 107%
Joplin Water Works—
1st 5s series A—...1957
5s
•
15%
3%
8%
73%
43%
39%
15%
1%
27%
8%
Landers Frary A Clark..25
105%
Ontario
7
Brown Co 5%s ser
Preferred
Indianapods Water—
1958
6%
King Seeley Corp com__.l
1st 5sseries A.
1st 5s series A
Gen Fire
103%
Works—
Rochester A Lake
1966
15%
29%
Extinguisher...*
94%
88
4
X
55
4%
Gen Machinery Corp com •
1951
6s
....1946
1st mtge 3 >$s
53
90
Water Service
1948
Warner A Swasey
7%
6%s series B
1st 5s
27
Oarlock Packings com...*
103
*
Preferred
30
Foundation Co Amer shs ♦
ri\
United Piece Dye Works. •
Preferred
100
35
Ohio Valley Water 5s. 1954
16%
35%
3%
*
...._...*
com___10
Dentists Supply
14%
33
United Drill A Tool-
Devoe A Raynolds B com *
6s
3%
13%
11%
4
3%
53%
61%
120% 125
Tokheim Oil Tank A Pump
Western Pacific 5s
Ashtabula Water Works—
4%
46%
46
Time Ino
Western Maryland 2s
Asl
42%
2%
7
1.50
Bid
6
5
39%
44%
.1
Tampax Ino oom
6%
1.50
Asl
126
124
Taylor Wharton Iron A
City A Suburban Homes 10
Coca Cola Bottling (NY)*
Columbia Baking com—*
62.00
Bid
28%
6%
20%
6%
62.00
Water Bonds
27%
18%
5%
61.90
61.75
5%
54%
43%
10
Chilton Co common
Wheeling A Lake Erie 2%s
8%
8
4%
51%
6
Talon Ino oom
179
22%
61.80
1.30
5
46
Texas A Pacific 4s-4%a
61.75
1%
4
21
1.85
2%s, 4 %s A 5s
Stromberg-Carlson
Sylvanta Indus Corp
43
62.35
Despatch—
17%
14%
2%
Buckeye Steel Castings..*
Kansas
Merchants
42
16
13%
10
Chlo Burl A Qulncy—100
1.80
3%s
39
25
*
*
1.50
62.30
Maine Central 6s
20
1.40
Illinois Central 3s
Louisiana A Ark
Standard Screw
1.40
1.25
Singer Manufacturing. _ 100
Stanley Works Ino..
61.75
2.50
61.75
4s, 4%s and 4 His
Exploration
Manufacturing...*
Remington Arms com
46%
62.00
1.20
63.50
Great Northern Ry 2a
Pollak
2%
44%
2%
7%
2%
3%
2%
Pilgrim
3kenandoa Rayon Corp..*
62.50
61.60
Grand Trunk Western 6s
1
10%
1%
83%
79%
Art Metal Construction. 10
Deny A Rio Gr West 4%s.
Fruit
Mills.
Petroleum Heat A Power. •
26%
26%
113
113%
*
100
Reading Co 4%s__
St Louis-San Fran 4s-4%s.
Conversion...!
1
Safety Car Htg A Ltg_._50
Soovlll Manufacturing..25
1
Arden Farms com v t o
61.90
2%s-2%s and 4%s_;
3%
Products...*
American Mfg 5%
2%s series G A H
46
44
New Britain Machine
Ohio Match Co
12%
62.15
Pennsylvania 4s series E—
8%
7%
16
12%
12%
4%
64%
23%
1.25
Chlo Burl A .Qulncy 2%s__
„
Ask
Bid
10
National Radiator
34%
•
A com
62.50
64.35
Canadian Pacific 4%s
Chlo A Northwestern 4 %s.
4
62.20
2%s._
Canadian National 4 %s-5s
Par
Asl
American Cyanamid—
1.40
6
3%
14
Amer Bemberg
61.70
2s-2%sand 3%s
86
83%
31%
1.40
61.90
Bessemer A Lake Erie
Bid
...*
•
Alabama Mills Inc
61.85
62 50
Baltimore A Ohio 4 %s
24%
/23%
Industrial Stocks and Bonds
American Arch
Atlantic Coast Line 2%s..
77
75%
1998
—-.2014
1969
First mortgage 4%s
Par
Bid
Ail
—
Income 4%s
Equipment Bonds
Bid
....
...
V
-
-
-
-
m
5s__1946
37
39%
1957
64
A'~
Vlcksburg Bridge 4-63.1968
80%
®.—
538
The Commercial & Financial Chronicle
Quotations
"Public
July 26,
Over-the-Counter Securities—Friday July 25—Continued
on
Investing Companies
Utility Preferred Stocks
Par
Bid
ASk
Par
7.65
8.32
1 %
2.44
2.68
♦Amerex Holding Corp. 10
Amer Business Shares...1
13%
14%
2.77
3.04
Amer Foreign Inv't InclOc
Assoc Stand Oil Shares...2
6.73
7.41
4%
5%
Series K-l
1
18.32
19.91
Series K-2
Axe-Hough ton Fund Inc.l
10.67
11.47
3%
3%
4%
Aeronautical
Bought
Sold
.
Securities.. 1
Affiliated Fund Ino
Quoted
.
Jackson & Curtis
Aviation Capital Ino
established 1879
Members
Principal Stock and Commodity Exchanges
1
28.67
31.44
Series B-2
23.22
25.47
Series B-3
14.51
Series B-4
7.47
8.20
15.18
16.61
13.16
14.53
...
12.03
13.23
9.16
10.09
Series 8-4
3.36
3.73
5.99
6.60
5
4%
3.40
13.92
.07
.17
21.20
22.92
Mass Investors Trust
Bullock Fund Ltd
12.46
13.66
1
Canadian Inv Fund Ltd._l
Century Shares Trust...*
Public
Utility Stocks
Par
Ask
Chemical Fund
1
Alabama Power J7 pref..*
109
Amer Utll 8erv 6% pref.26
111
7% pf. _*
Atlantio City El 6% pref.*
New Eng G A E 5 %% pf.*
New Eng Pr Assn 6% pf 100
87%
90%
121
Birmingham Elee 17 pref.*
86%
17
87 prior lien pref
86 prior Hen pref
89%
86
2.60
3.58
preferred
111
113%
120% 123
*
7% pf 100
preferred
7%
87 preferred
*
New York Power A Light—
86 cum preferred
*
7%
100
99
100
preferred
67%
64%
7%
»
53%
51%
Central Maine Power—
16
*
cum
101
cum pref erred... 100
N Y Water Serv
6% pf.100
Consumers Power 85 pref_♦
105
Connecticut Lt &Pow—*
107
Continental Gas A Eleo—
7%
100
91 %
93%
Derby Gas A El 87 pref—*
67%
70
preferred
Federal Water Serv Corp—
86 cum preferred
*
80.60 cum
40%
42%
preferred—♦
Florida Pr A Lt 87 pref..*
105
Hartford Electric Light.25
Ind Pow & Lt 5%% Pf-100
Interstate Natural Gas
55%
113
•
42%
44%
107
57%
114
20%
22%
27
Jamaica Water Supply
*
Jer Cent P A L 7% pf-.lOO
30
102% 105
Kansas Power A Light—
101
65
67%
29%
Louisville G A E 5% pref25
28
preferred
100
100
preferred
100
Okla G A E
7% pref_—100
Line Co
preferred
100
106
15
16
*
18%
2
87
preferred
28%
81%
6% preferred D
100
♦
8'western G A E 6% pf.100
*
81%
94
70%
72%
Missouri Kan Pipe Line..8
Monongabela West Penn
5%
6%
Pub 8erv
7% pref
Mountain States Power. .*
6% preferred
50
Mountain States T & T 100
1.20
17.81
18.92
1
1
10.62
11.28
24.88
26.75
Fund
17%
18%
16.02
17.24
5.60
6.20
2.07
8.64
3.40
3.90
15.89
19%
5.08
2.34
Texas Pow A Lt 7% pf.100
109
3.52
...*
3.91
26.96
28.99
84.50 preferred
4.41
4.80
United
Pub
Utilities
Amer Gas A Pow 3-5s. 1953
65%
13%
Participating units
West Penn Power com...*
West Texas Utll 80 pref..*
fl 4
14%
f 14%
fl 5
f!5
15%
15%
f22%
25
7.79
8.57
3.24
3.58
5.98
6.59
6.36
7.00
No Amer Bond Trust ctfs.
40%
No Amer Tr Shares 1953.*
7.46
1.96
Series 1955
1
2.41
Series 1950
1
2.36
Series 1958
1
1.94
w
»—
....
.36
.41
1
12.30
13.16
4.30
5.20
Republic Invest Fund
1
3.35
3.74
*
79.50
8i.i0
Selected Amer Shares..2%
Selected Income Shares.. 1
3.70
Plymouth Fund Inc... 10c
Putnam (Geo) Fund
Scudder, Stevens and V
8.23
8.98
-
-
-
-
1
5.80
6.42
*
Sovereign Investors
Spencer Trask Fund
i3.i2
13.92
.21
.24
64%
4.86
8.27
3.79
4.18
4.90
5.40
5.23
shares
6.49
7.52
5.76
4.58
5.05
2.66
2.94
RR Equipment shares..
3.60
3.97
Steel
4.72
5.20
4.22
4.65
shares
shares
Tobacoo shares
cHuron Holding Corp.__l
Income Foundation
.10
.20
...10c
1.30
Incorporated Investors._6
Independence Trust Shs.*
14.47
15.56
2.04
C
1
2.15
♦Series
D
1
2.04
♦Series
A
1
5.16
♦Series
B
1
5.34
Trusteed Amer Bank Shs—
.
.
Investm't Co of Amer..10
Investors Fund C.
1
106% i07%
25c
.45
Trusteed Industry 8hs 25c
Union Bond Fund B
16.03
13%
Class B
2.27
com
Bank Group shares
Insurance Group shares.
1956
♦Series
Trustee Stand Oil Shs—
.71
1.42
Fund lnc
23%
98% 101%
1970
Trustee Stand Invest Shs—
U 8 El Lt A Pr Shares A...
22%
Bid
Kentucky Utll 4s
Standard
5.35
5.90
shares
Equipment...
Railroad shares
22%
B
1.55
Wellington
Fund
Investment
Banking
Corporations
♦Blair A Co
13.70
15.02
.90
1.00
1.23
1.36
18.61
20.23
9.32
9.53
13.95
...1
1
♦Central Nat Corp cl A..*
♦Class B
20
1
•
♦First Boston Corp..._. 10
13%
♦Schoelikopf Hutton A
104% 105%
25
/23%
Oils
com...
10c
.10
Par
Pomeroy Ino
Hid
ASk
31
33
50%
Income deb 3%s...l978
Income deb 3%s._.1978
8.90
6.78
2.10
Aviation Group shares
Ask
97%
11.22
8.09
62%
Mining shares
Utility Bonds
67%
10.21
Metals
Utilities Inc. 50c
Merchandise
14%
95%
7.52
♦State St Invest Corp...*
Food shares
Washington Ry A Ltg Co—
49
5.61
9.12
6.83
equipment...
Super Corp of Amer AA..1
5.44
68
Associated Electric 5s. 1961
Assoc Gas A Eleo Corp—
Electrical
3.95
Building shares
23%
65%
Amer Utility Serv 6s..1964
8.87
5.09
8.29
8.10
shares
Institutional Securities Ltd
Bid
8.06
supplies
7.37
Electrical
Corp
44
Public
4.61
11.39
3.58
Chemical
107% 108%
Utah Pow A Lt 87 pref...*
24%
8.24
4.18
10.36
4.94
Petroleum
*
22%
22
7.49
....
Automobile
Union Electric of Missouri
21%
55%
N Y Stocks Ino—
Clark Fund lnc
i Aviation shares
111%
*
133
11.92
Quarterly lnc Shares.. 10c
3.11
Group Securities—
21
*
54%
5.48
7.40
11.06
17.41
4.29
B
102% 104
83 preferred
29%
131
Narrag El 4%% pref...60
Nassau A Suf Ltg 7%pf 100
1.09
General Capital Corp
*
General Investors Trust. 1
6%
15%
28%
13%
42%
4.68
4.97
6.68
Railroad equipment
Steel...
25c
Shares
Fundamental Invest Inc.2
Fundament'l Tr Shares A 2
21
82.75 preferred
15
1.20
5.48
4.21
Insurance stock
5.60
Foundation Trust Shs A.l
103% 106%
84
Mississippi P A L 86 pref.*
1.08
5.09
Agricultural shares
Mass Utilities Associates—
27 %
3.29
Machinery
3.25
4.95
Bank Btock series... 10c
85%
5%
9.52
Bank stock..
17.77
Insurance stk eeries.lOe
Fixed Trust Shares A
10
129% 131%
100
preferred
8.71
Chemical
*
First Mutual Trust Fund. 5
Fiscal Fund lnc—
110% 111%
18%
20%
83%
Mutual Invest Fund lnc 10
Nation .Wide Securities—
Building
-
Fidelity Fund lnc
Queens Borough G A E—
Sierra Pacific Pow com
6% conv partlc pref..50
Mississippi Power 86 pref.*
-
Stock
37%
Pub Serv Co of Indiana—
Republic Natural Gas
105
-
Eqult Inv Corp (Mass)..5
Equity Corp 13 conv pref 1
Rochester Gas A Eleo—
__♦
1
'.m*
Eaton A Howard—
66
*
9.20
Railroad
31%
Mass Pow A Lt Associates
31%
■
4.23
2.50
Dividend
86
35
Peoples Lt A Pr 83 pref.26
Philadelphia Co—
cum
28%
29%
16.44
D...
116% 118%
64%
8.56
Agriculture
112
Diversified Trustee Shares
C
1
73%
*
Mass Investors 2d Fund.l
Low priced bond scries..
Preferred stock series...
New England Fund
1
26%
Delaware Fund
117
83%
19.54
Aviation
♦Common B shares... 10
105% 107%
115
3.90
18.17
Income series
-
117%
♦7% preferred
100
Cumulative Trust Shares. *
64%
*
Penna Edison 85 pref
Penn Pow A Lt 87 pref---*
85
100
-
8.02
3.00
1
Automobile
101% 103%
109% 112%
35%
37%
70%
2.47
—
Crum A Forster Insurance
109% 111%
61%
.1
—
2.07
Balanced Fun.d
preferred
Pacific Pr A Lt 7% pf._100
Panhandle Eastern Pipe
0%
Luzerne County G A E—
preferred
6%
7%
pref
102
Long Island Lighting—
7% preferred.
100
82
(Del) 7%
*
87 prior lien pref
4%% preferred-....100
Kings Co Ltg 7% pref. 100
5%%
84 preferred
2.47
♦8% preferred
Ohio Public Service—
Community Pow A Lt—10
Northeastern EI Wat A El
2.07
1
♦Crum A Forster com..10
68%
67%
8%
20%
18
Northern States Power—
Consol Elec A Gas 86 pref.*
110% 112%
114% 116%
8%
9%
41 %
42%
9
7%
Cent Pr A Lt 7% pref-.lOO
2.17
7.29
10c
(Colo) ser B shares
•
3.89
(Md) voting shares._25c
26% National Investors
Corp.l
National Security Series—
25
Series ACC mod
.10c
com
10.28
Series A A
.1
Accumulative series... 1
37
Fund lnc
Maryland Fund lnc
3.25
27.54
Series A A mod
4%
16%
35%
preferred
*
New Orleans Pub Service-*
Carolina Power A Light—
Cent Indian Pow
3%
15%
14.97
9.49
Commonwealth Invest...1
Consol Investment Trust..
Ask
New Eng Pub Serv Co—
Birmingham Gas—
13.60 prior preferred. .50
Bid
National Gas A El Corp.10
7
6
Arkansas Pr A Lt
Par
Knickbocker Fund
Manhattan Bond
25.61
Corporate Trust Shares.. 1
Bid
15.96
Series S-2
British Type Invest A...1
Broad St Invest Co Inc..5
Teletype N. Y. 1-1600
Ask
Series B-l
Basic Industry Shares..10
Boston Fund lnc
5
♦5% preferred
BArclay 7-1600
Bid
KeyBtone. Custodian Funds
Series S-3
Bankers Nat Investing—
♦Common
y
New York City
115 Broadway
Tel.
1941
Income deb 4s
1978
Income deb 4%s...l978
Conv deb 4s
1973
Conv deb 4%s
Conv deb 6s
1973
1973
Conv deb 5%s
1973
8s without warrants 1940
15%
5s
1968
1983
Michigan Pub Serv 4s. 1905
f24
25%
Montana-Dakota
26
64
3%
1961
Narragansett Elec 3%s 66
Sfino4%s-6%s
1980
Sink fund lno 5-0S..1986
Calif Wat A Tei 4s...1969
Cent Ark Pub Serv 58.1948
11%
9%
9%
Ohio Power Co 3s
9%
Old Dominion Pow 5b. 1951
Cent Maine Power 3%s '70
Central Publlo Utility—
Income 5%s with stk '52
Cities Service deb 6s.. 1963
1971
Parr Shoals Power
101
Philadelphia Co4%s-1961
103
5s.1952
96%
97%
99%
110% 111%
103% 109%
/1%
88%
Cons Cities Lt Pow A Trac
1962
95%
6s
1950
Pub Serv of Okla 3%s.l971
Pub Util Cons 6%s
1948
Republic Service—
Collateral 6s
1951
97%
Sou Cities Util 5s A... 1958
Southern Count Gas 3s *71
3%s...l970
63
64
62%
64
Tel Bond A Share 5S..1958
65%
68%
Texas Public Serv 5S..1901
Toledo Edison Co—
El Paso Elec
92%
94%
3%s
1970
Federated Util 5%s_..l957
108
Houston Natural Gas4s-'55
Inland Gas Corp—
104% 105%
6%s stamped
95%
1st mtge 3%s
S f debs 3%8
104%
81
96
73
60%
61%
103% 103%
104% 104%
79%
81
103% 105%
79
.10
22%
24%
21%
12%
Jersey Insurance of N Y.20
41%
43%
6
20%
6
11%
10
5%
com
7
102% 103%
1957
129
108% 109%
6
8%
Lincoln Fire
5
1
2
Maryland Casualty
1
3%
4%
For footnotes
see page
536.
104
6%s
i960
101
103
9%
13%
15
Mass
Bonding A Ins. .12%
64
67%
47%
49
53
Merch A Mfrs Fire N Y..5
7
American Surety
Automobile
25
13%
49%
49%
14%
51%
Merch Fire Assur com—6
10
10
37%
39%
Baltimore American
Bankers A Shippers
Boston..
Camden Fire
2%
25
100
6
7%
8%
97% 101%
613
628
20%
Carolina
10
27%
City of New York
City Title
10
22%
5
8
22%
29%
23%
9
National Casualty......10
National Fire
10
National Liberty
National Union Fire
New Amsterdam Cas
Excess
10
49
51
Fidelity A Dep of Md...20
128
133
Federal
...
Fire Assn of Phila
10
Fireman's Fd of San Fr 25
Firemen's of Newark
5
68%
105
9%
19%
35
37
47%
15
Northeastern
5
North River
8
18%
46
34%
..5
2
5
32%
1%
9
161
10
Northern
43
8
156
10
28%
%
66%
2
New Brunswick
26%
x40
8
29%
New Hampshire Fire
New York Fire
Northwestern
2%
Employers Re-Insurance 10
26%
64%
20
5%
12.50
101
2.50
25%
16%
6%
105
26%
National .25
127
131
25
119
123
Pacific Fire
Paciflo Indemnity Co. -.10
Phoenix
..10
42%
45
89
93
Preferred Accident
15%
35%
37%
6
Providence-Washington .10
17%
70%
108
Reinsurance Corp (N Y) .2
7
8%
9%
11
Republic (Texas)
10
5
31%
34
Revere (Paul) Fire
10
2%
3
5
General Reinsurance Corp 5
Georgia Home
10
Gibraltar Fire A Marine. 10
42%
44%
26%
St Paul Fire A Marine62 %
Seaboard Fire A Marine. 10
245
255
Glens Falls Fire
41%
39%
123% 126%
Franklin Fire
24%
26%
24%
7%
39%
37%
28
26%
8%
25
27
Seaboard Surety
10
6
43%
10
10%
45%
11%
Security New Haven
Globe A Republio
5
Globe A Rutgers Fire...15
2d preferred
Great American
15
63%
67
Stuyvesant
...5
4
5
5
27%
29
Sun Life Assuranoe
100
205
250
1
10
12
Travelers
100
398
408
8
10%
Springfield Fire A Mar..25
Standard Accident
10
Great Amer Indemnity
Halifax
10
9%
Hanover
103
2%
2%
•
West Texas Utll 3%s.l969
Western Public Servioe—
10
Knickerbocker
Rhode Island
ni% 112
103% 105%
1%
American Re-Insurance. 10
105
83%
106% 107%
78
75
107% 108%
1970
Union Elec (Mo) 3%s_1971
United Pub Utll 0s A. 1900
Utlca Gas A Electric Co—
5s
1952
19%
106%
1960
109
96%
19
Ins Co of North Amer—10
Eagle Fire
Sou Calif Gas
Southern Nat Gas 3%s '56
Dallas Ry A Term 08.1951
17%
81
10
American Reserve
97%
2%
89%
1962
Crescent Publie 8ervice—
Coll ino 0s (w-s)
1954
30%
78
Connecticut Gen Life...10
Continental Casualty
6
1902
0s series B
94
28%
American of Newark
104%
106
5
10
American Home
64
106% 106%
88%
90%
/18%
...
25
American Alliance
Portland Electric Power—
95%
Home...
Home Fire Security
Homestead Fire
American Equitable
Amer Fidel A Cas Co
108% 109%
104
10
Companies
*S
Agricultural
105% 106
110% 111%
96
•
130% 134%
57%
59%
Aetna Life
Indiana—
Public Service 3%s.l969
10
...
107%
9%
Central Gas A Eleo—
Central Pow A Lt 3%s 1969
Northern
106% 107%
1st Hen coll tr 6%S-\.1940
1st lien collt rust 6s. 1940
Aetna Cas A Surety
Aetna
Utll—
61
nsurance
Par
106%
/62
fio
J7%
f 7%
f7%
S7%
I
68%
94%
107
New Eng G A E Assn 6s '02
Cons ref deb 4%s___1958
Sink fund lno 4%s_.1983
66%
92
Luzerne County G A E—
3%s
1966
NY PA NJ Utilities 5s 1950
Sink fund lnc 6s
Consol E A G 6s A
Lehigh Valley Tran 5s 1960
Lexington Water Power—
f24
Assoc Gas A Eleo Co—
5s
4%B
10
27%
11%
28%
U S Fidelity A Guar Co..2
U 8 Fire
4
Hartford Fire
Hartford 8team Roller
10
90
93
U S Guarantee
10
51%
53%
Westchester Fire
51
24%
53
26
51%
53%
10
76%
80
.2.50
36%
38%
.
Volume
The Commercial & Financial Chronicle
153
Quotations
Over-the-Counter Securities—Friday July 25—Concluded
on
If You Don't Find the Securities Quoted Here
In
which
our
have interest,
you
you
cation quotations
and
are
Banks and Trust
classes
B'way Barclay inc 2s._1956
B'way A 41st Street—
are:
Domestic
Public
Canadian
Bid
36
16
1st leasehold 3 3*-5s 1944
Broadway Motors Bldg—
of securities covered
28
293*
693*
61
163*
18
4s with stock stmp. .1956
N Y Title A Mtge Co—
30
313*
Ludwlg Baumann—
7
1st 5s (Bklyn)
8
3s
1957
Chanin Bldg 1st mtge 4s '45
Public Utility Stocks
8 f deb 5s
Railroad Bonds
Cheseborough Bldg 1st 6s '48
Industrial Bonds
Railroad Stocks
Colonade Construction—
l3t 4s (w-b)
1948
20
Industrial Stocks
Real Estate Bonds
Real Estate Trust and Land
62 3*
653*
153*
163*
473*
493*
313*
i960
Mill Stocks
50
U. S. Territorial Bonds
Mining Stocks
173*
173*
Prudence Secur Co—
3
2
53*8 stamped
Broadway Building—
1st Income 3s
1946
123*
f5H
Your subscription should be sent to
sells for 512.50 per year.
73*
Dept. B, Wm. B. Dana Co., 25 Spruce St., New
38
15 H
16 3*
1966
15
17
1939
26
Inc deb 5s
ws
.
Bid
Anhalt 7s to
1946
Bank of Colombia 7 %
"mmm
1947
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 73*b '32
.
/25
/25
/32
1948
7s
1964
1945
Barranqullla ext 4s
Bavaria 03*b to
1
m'mm
■'mmm
/73*
1945
/18
7a
1940
Brandenburg
funding scrip
1940
6S
43*
63*
1936
change Bank 7s
mmm
/53*
1943
/9
Land M Bk Warsaw 8s *41
/3
/9
/9
mmm
m
mm
12
Leipzig O'land Pr 63*8 '46
Leipzig Trade Fair 78-1953
Luneberg Power Light A
Water 7s
1948
Merldionale Elec 7s-.1957
scrip
1945
Munich 7s to
Munlc Bk Hessen 7s to '45
mmm
mmm
/9
/4H
1962
/9
/12
/35
mmm
mmm
mmm
/8j*
/83*
—
Recklinghausen 78—1947
Nassau Land bank 63*s '38
/9
1953
/47
mmm
/95*
/153*
(Colombia) 7S...1947
Callao (Peru) 73*8
1944
Cauoa Valley 73*8
.1946
Call
173*
43*
/33*
/92*
/2
1947
Ceara (Brazil) 8s
103*
mmm
/io
103*
(A A B) 48—1946-1947
m
/60
mmm
/83*
/9
1946
Oberpfals Elec 7s
'
.
/43*
1946
86
Cordoba 7s stamped..1937
/35
'■'mmm
Costa Rica funding 5s. '51
/10
12
Costa Rica Pao Ry 73*s '49
/13
no
15
88
mmm
.
12
---
9A
/83*
—
/8
1945
/83*
1945
/83*
R C Church Welfare 7s *46
/8 3*
/83*
Eabi Prussian Pow 68.1953
/8J*
/83*
/8 3*
Saarbruecken M Bk 6s.'47
/83*
Eleotrio Pr (Ger'y) 03* a '60
1953
European Mortgage A In¬
vestment 73*8
1966
73*s Income
1966
03*8
4s scrip
8s
■mm mm
,
Mtge 7s. '63
1945
Frankfurt 7s to
mmm
1947
/io
Santa Fe 4s stamped. 1942
706
/8 3*
mmm
Santander (Colom) 78.1948
/13
/93*
/83*
.
Sao Paulo (Brazil)
35
68.1943
/io
mmm'
'
1948
'9
mmm
Conversion
f9
1938
Agricultural 6s
mmm
Mtge Bk Jugoslavia
5B...
1956
1946
1956
2d series 5s
Office
Funding 3s
1951
6s..1947
Stem A Halske deb 6a. 2930
10 H
143*
10
/173*
German scrip
J1
Graz (Austria) 8s
1954
1948
39
^mmrn
/5
Guatemala 8s
19
43"
Stettin Pub UtII 78—1946
mmm
'mmm
"
/83*
f8
showed
substantial
a
gain
Electrio 7s
1955
1947
Tollma 7s
The Association further reports:
Water Wks
f83*
1957
68
1953
48
Hamburg Electric 6s.. 1938
mmm
/9
Haiti 6s
'mmm
Uruguay conversion scrip..
Unterelbe Electric 6S..1953
Vesten Elec Ry 7s
1947
'
m
m m
■
'■-'■mmm
12
no
/83*
15
/60
fl8
2d Quarter 1940
•
,
Amount
New Loans
1945
Wurtemberg 7s to
gages,
purchase money mortgages and additional
by the FIIA, 2,183 mortgages, for
$17,371,356, were purchase money loans,
made on mortgages previously
and 304
held by
additional loans for $1,630,832 were
savings banks.
'
Newspapers Are Best Advertising Medium
Bankers, Says L. E. Mahan
1951
6s
proved to be by far the most
bankers, L. E. Mahan,
President, L. E. Mahan & Co., St. Louis, declares in the
current issue of "The Mortgage Banker," a semi-monthly
publication of the Mortgage Bankers Association of America.
Mr. Mahan is a member of the organization's Board of
medium
Governors.
for
not
mmm
He says:
Stocks
Par
Bid
4D
1
7?*
24 3*
83*
253*
1H
7H
13*
83*
Refg...l
Assoc com. 1
Baraqua Sugar Estates—
1947
68
Haytlan Corp 4s
6s
62
1954
1989
/46
49
/25
27
phrase, "it pays to
Hn
1940-1942
293*
303*
6
3?*
who says advertising is not necessary
West Indies Sugar Corp..l
53*
5?*
Sugar
—
♦
CURRENT
NOTICE
have issued a study of the Boston
the prospective movement through New
Clark, Kohl & Eyman
For footnotes see page 536.
to his business is
his opportunities.
The mortgage business
our'eyes and we must constantly sell our "goods"
to the public and advise them of our services.
Newspapers are the best
medium to use. It has been my experience that newspaper classified adver¬
tising is the best medium for advertising specific properties or services.
Mr. Mahan's article also analyzes three other advertising
media and is one of a series published in "The Mortgage
Banker" in recent months on mortgage advertising.
rapidly changing before
35*
Savannah
Sugar Co
/30
advertise," is as true today as it ever was.
profitable mortgage business without advertising, but it
profitable if you have a carefully worked advertising program.
You may have a
Vertlentes-Camaguey
New Niquero Sugar—
advertising
A common
advertisements is that enough white space is
advertising is within reach and the
interested in the local mortgage concern.
used.
That old
mmm
...
mortgage
generally one who is not alert to
Preferred
f21
for Mortgage
Newspaper advertising has
reaches those most
Haytlan Corp com
_•
Punta Alegre Sugar Corp.*
Antllla Sugar Estates—
loans on mortgages already
savings bank loans
with a value of $9,032,606, were insured
is
Eastern Sugar
$55,492,361
ended June 30, 1941, 2,550 new
In the quarter
The mortgage man
Ask
6,776
bank mortgages, FI1A insured mort¬
made for $27,457,567; 1,739,
were
will be more
Bid
2d Quarter 1941
Amount
New Loans
$40,830,277
5,150
New loans are classified as savings
—
Sugar Securities
Bonds
table:
1st Quarter 1941
New Loans
Amount
$51,502,000
5,393
70
fiO
/8 3*
/83*
/83*
of the current year
and the
loans for
both over the first quarter of 1941
fault, however, of mortgage
Hanover Hari
Savings banks of
In the latest quarter there were 6,776 new
second period of 1940.
The cost of newspaper
Toho
34
ings hanks made 11,926 new loans with a total value of
$96,322,638.
This represents an increase over the first six
months of 1940 of 2,220 loans, or approximately 23%, when
9,706 mortgage loans with an aggregate value of $92,737,000
were made.
The average new loan in the first half of 1941
was for $8,076 as compared with $9,550 during the corre¬
effective
•
/83*
100
213*
31
---
State
German Central Bank
German
63*8
Saxon State Mtge
Building A Land-
bank 6Ks
193*
mmm
9
Santa Catharlna (Brazil)—
mmm
.
Saxon Pub Works 7s.. 1945
German
mmm
/8
/43*
}3
'
French Nat Mall SS 6s '52
German Atl Cable 7s..1945
/3*
/io
8%—
Farmers Natl
■>
8
6A
1948
1951
sharp increase over the same period last year, according to
figures released July 21 by the Savings Banks Association of
the State of New York.
During the first half of 1941 sav¬
held.
mmm
/6
8s ctfs of deposit. 1948
1st 43*8 w-s
Westinghouse Bldg—
1st mtge 4s
1948
303*
29
mortgage loans made by mutual
mmm
n
1957
7s
mmm
f3
fl7
mmm
Salvador
mmm
/17
1967
7s income—
___
7s ctfs of deposit..1957
1967
7b
»—
New
8H
Dulsburg 7% to
1952
Sharp Increase in New Mortgage Loans Made by New
York Savings Banks in First Half of 1941
"'
mmm
Duesseldorf 7s to
48"
11
1950
Wall A Beaver St Corp—
$55,492,361, as is indicated by the following
1933
Rio de Janeiro 6%
55
London Terrace Apts—
mmm
/9
Rom Cath Church 63*s '46
3s
39
■mmm
/9
63*s..l959
46
253*
Walbrldge Bldg (Buffalo)—
463*
Mortgage lending activity during the second quarter
1941
Dortmund Man UII103*8'48
93*
/313*
2 Park Ave Bldg 1st 4-5s'46
1951
sponding 1940 period.
/9
/9
0a 1936
6B
f*7A
23 J*
Trinity Bldgs Corp—
1st 53*8
.1939
393*
Lincoln Bldg Inc 63*8 w-s
due 1952 ($500 paid)...
34
fZ
/8 H
1950
1908
Protestant Churob (Ger¬
many) 7s
1940
Prov Bk Westphalia 0s *33
87
1958
6s
mmm
32
Porto Alegre 7s
1955
1st
50
zm
/55
5% scrip
Poland 3s
1953
.1949
1952
City 03*8
Panama
City SavingB Bank
Cundlnamaroa
/43*
1948
Panama
5s...
mmm
/Q
1934
Budapest 7s
mmm
National Hungarian A Ind
Mtge 78
(Syracuse)
1st 3s
-mmm
/43*
1962
Oldenburg-Free State—
7s to
1945
Central German Power
Colombia 4s
■
33*
Central Agric Bank—
see German Central Bk
Madgeburg 6s
mmm
Nat Central Savings Bk of
Hungary 74*8
Syracuse Hotel
New York State for the first six months of 1941 showed a
/83*
(C A D) 4S—1948-1949
mmm
18
22
Textile Bldg—
1948
mm
Nat Bank Panama—
'
25
Burmelster A Wain 6s. 1940
Caldas (Colombia) 7>*s '46
36
mmm
Brown Coal Ind Corp—
6H s
35
34 X
17
1957
mmm
Municipal Gas A Elec Corp
Buenos Aires scrip
30
1st A gen 3-4s
29J*
1950
3s with stock
Hotel St George 4s...1950
LexlDgton Hotel units
mmm
1947
The Madison Ave—
89
14
1st 4s
Koholyt 63*8.
143*
(Newark)—
33*s with stock
87 J*
Lefcourt State Bldg—
1st lease 4-6)*s
1948
Lewis Morris Apt Bldg—
12
fS
f8
A3
61 Broadway Bldg—
37
313*
123*
1st 4-58
113*
1956
1st 33*8—
393*
Harriman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s' 42
mmm
63
10 3*
Shernetb Corp—
Lefcourt Manhattan Bldg
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 6s. 1956
Montevideo
Hungarian Bank
73*8
A.--
Hungarian Discount A Ex¬
Mannheim A Palat 7s. 1941
43?*
/83*
/83*
Bremen (Germany) 7s. 1935
British
43*
/83*
/423*
/61 ?*
Eleo 6s. 1953
Brasll funding 5s..1931-51
Brazil
183*
43*
/43*
f3Vi
fZK
/53*
1958
1969
6s
mmm
/173*
.
Bolivia" (ReVubilo)" 8al 1947
7s
/43*
/43*
m
64
1956
se with stock
1st 5H b(w-s)
373*
Fuller Bldg debt 6s...1944
1st 2 3*-4s (w-s)
1949
Graybar Bldg 1st lshld 5s '46
mmm
Bavarian Palatinate Cons
Cities 7s to
-
34
/83*
Bogota (Colombia) 63*8 '47
8s
1945
•
/9
•Housing A Real Imp 7s '46
mmm
Ask
Bid
|
mmm
/83*
/50
1946
Antloqula 8a
Alt
J.
61
60
Savoy Plaza Corp¬
60 Park Place
1400 Broadway Bldg—
1st 4s stamped
1948
situation some of the quotations shown below are
Due to the European
1943
1957
Income
1st mtge 4s
36
42 Bway 1st 6s
nominal
se
Roxy Theatre—
35
Film Center Bldg 1st 4s '49
40 Wall St Corp 6s...1958
Foreign Unlisted Dollar Bonds
253*
59
Realty Assoc Seo Corp¬
1st leasehold 3s. Jan 1 '52
York City.
24
1961
133*
03*8 (stamped 4s).. 1949
52d A Madison Off Bldg—
Quotation Record Is published monthly and
/3
58
163*
600 Fifth Avenue—
The Bank and
573*
473*
31
16 J*
5s 1952
Deb 6s 1952 legended
U. S. Government Securities
I960
2d mtge 6s
1951
165 Broadway Building—
Seo s f ctfs 43*8 (w-b.'58
Hotel units
Equit Off Bldg deb
Stocks
,
56
46
Ollcrom Corp v to
1 Park Avenue—
33
26
Eastern Ambassador
Title Guarantee and Safe Deposit
Joint Stock Land Bank Securi¬
ties
1st 33*s
30
53*8 series F-l.
55*s series Q
22
N Y Towers 2-4s
Dorset 1st A fixed 2s._1957
33*
53*8 series BK
5)* s series C-2
Court A Remsen St Off Bid
Insurance Stocks
1946
50
Foreign Government Bonds
Stocks
84
N Y Athletlo Club 28.1955
1948
Brooklyn Fox Corp—
Utility Bonds
54
1947
1951
1st 5s (L I)
183*
Metropol Playhouses Inc—
Federal Land Bank Bonds
Investing Company Securities
Ast
N Y Majestic Corp—
4-68
Canadian
Out-of-Town)
Certificates
Ask
Apt 1st mtge 38.1957
Beacon Hotel inc 4S..1958
Municipal Bonds—
Companies—
Domestic (New York and
Bid
Aid en
Id this publi¬
carried for all active over-the-counter
The
bonds.
Real Estate Bonds and Title Co. Mortgage
will probably find them in
monthly Bank and Quotation Record.
stocks
539
Railroad
freight
based
on
destined for Iceland and England.
and Maine
England of
The Commercial & Financial Chronicle
540
General
July 26, 1941
Corporation and Investment News
RAILROAD-PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
reasons
it
is not
However, they
FILING
OF
REGISTRATION
always possible to arrange companies in exact alphabetical order*
always as near alphabetical position as possible.
>
STATEMENTS
SECURITIES
The
are
Abitibi Power & Paper
UNDER
ACT
Period End. June 30—
following additional registration statement (No. 4798)
has been filed with the Securities and Exchange Commission
1933.
The amount involved is
under the Securities Act of
and bond interest
The shares are to be offered at par ($1,000) and the net proceeds ($48,000)
together with $682,450 to be raised from other sources (sale of 1,500 shares
6% preferred stock,
$718,109
Adams Express Co. (&
Plywood Corp. (2-4798, Form A-l) Seattle, Wash, has filed a
registration statement covering 48 shares of common stock (par $1,000 each).
$100, additional 241 shares of common stock and
equip a new plywood plant and for
working capital. No underwriter named.
Emory E. Moore, is President.
Filed July 21, 1941.
a %:■
6 Mos. End. June 30—
Income—Divs.
$885,862
$3,849,132
»
■.
'V-.
#
'•
#
1940
1939
$498,761
23,829
$597,360
85,691
Interest on securities-
$522,590
99,586
General expenses
Int.
was
given
collateral
on
$376,711
26,455
$470,476
111,258
$403,709
116,250
201,910
15,554
198,905
Net income
received—-
Divs.
$5,910
_
Expenses
10,367
1,489
2,286
...
Franchise and other taxes
Expense of change to par value for capital stock--
$8,232
10,852
199.224
al3,430
18,231
$297,691
$210,373
$141,763
$69,995
3,853,344
3,787,063
3,852,972
$4,439,577
219,491
$4,063,717
224,981
$3,928,826
149,985
$3,922,967
149,984
surplus,
on com.
stock
Write off of
undeprec't'd
bal. of prop. & eqpt—
Consolidated
a
No
5,705
earned
surplus, June
Net loss, before profit on sales of securities
Net profit on sales of securities, computed on the basis of "firstin-first out"
provision
30—.$4,214,380^ $3,838,736 $3,778,841
$3,772,983
"has"been made for "possible FederaMncome taxes^for
the years 1941 and 1940.
\
~
Comparative Consolidated Balance Sheet
$2,619
-
—
$282,141
amount
at
which
securities
were
carried
over
by market quotations at Dec. 31,1940
123,064
relation to cost thereof
—
List of Securities Oumed at June 30, 1941
Securities for Which Market Quotations
Shares
Oamed
Available—
Securities listed
on
N. Y. Stock
b
a
Exchange:
American Airlines, inc., com. stock
500
$28,656
Boeing Airplane Co., capital stock
Curtiss-Wright Corp., common stock—
1,000
4,500
16,902
Eastern Air Lines, Inc., com. stock
Grumann Aircraft Engineering. Corp.,
500
capital stock
$21,125
16,250
38,812
12,500
29,700
14,827
1,000
The Glenn L. Martin Co., com. stock
Northwest Airlines, Inc., com. stock
Pan American Airways Corp., cap. stk_
25,000
15,040
74,823
18,578
547,496
15,250
56,250
8,525
321,875
1,400
1,000
16,996
30,789
15,400
39,500
2,000
1,100
$3,837,757
$2,753,428
-
65,098.
1,445
Amount receiv. for securities sold (not delivered)..
a Securities at cost-J
Property and equipment (less depreciation)
36,292
19,725
40,807,356
5,956
37,961,342
__
_
$41 ,865,642 $43,622,757
Liabilities—
$159,077
(2) No provision has been made, or is believed to be required, for excess
profits tax.
•
__
___
Dec. 31,'40
Total
Indicated decrease in market quotations of securities in
'
June 30,'41
Accrued interest and dividends
-
amounts indicated
Are
Assets—
Cash.
Excess of amount at which securities of $991,020 are carried
over
amount
indicated by market quotations at June
30, 1941
of
543
4,141,886
...
earned
Investors, Inc.—Earnings—
Earnings for the Six Months Ended June 30, 1941
199,201
15,072
a
Dec. 31
Income—'Dividends
i
trust
Provision for taxes
Consol.
Excess
1938
$431,557
37,855
1,064
Miscellaneous income.
bonds & debentures-.
The last previous list of registration statements
in our issue of July 19, page 384.
(1)
$3,327,229
par
'
Net income-.
Notes
-6 Mos.—1940
Subs.)—Earnings-
1941
$581,071
16,288
on secur-
bank loans will be used to construct and
Air
1941-
—V. 152, p. 4114.
approximately $48,000.
Peninsula
Co.—Earnings—
1941—Month—1940
Earnings prior to audit &
charges for
deprec'n
Collateral trust 4 % bonds, due 1947
Collateral trust 4% bonds, due 1948
10-year 4 M % debentures, due 1946
Amount
payable for securities purchased
received)
;
-
-
-
-
Capital surplus
Earned surplus
Total
a
—
Market
99,103
159,190
39,979
152,664
1 ,463,400
26 ,221,925
4 ,214,380
115,113
159,741
30,437
155,150
1,500,000
28,005,431
4,141,886
$41,865,642 $43,622,757
—
June
value:
$1,256,000
1,375,500
6,883,500
(not
Accrued interest including unclaimed matured intAccrued taxes and expenses
Reserves for contingencies.
b Common stock
$1 ,256,000
1 ,375,500
6 ,883,500
—
30,
1941,
$22,725,778; and
at
Dec.
31,
1940,
b Represented by 1,463,400 no par shares at June 30, 1941,
$23,843,063.
and 1,500,000 no par shares at Dec. 31, 1940.—V. 152, p. 2538.
Transcontinental & Western Air., Inc.,
common
stock
-i—-■■
United Aircraft Corp., capital stock.__
United Air Lines Transport Corp., cap.
2,100
33,056
21,262
$826,865
Securities listed on N. Y. Curb Exchange:
Air Associates, Inc., common stock
Pennsylvania-Central
capital stock
Airlines
$109,457
10,079
$566,750
$85,671
Corp.,
2,100
Securities not listed:
Adel Precision Products Corp., cap. stk,
The Garrett Corp., common stock
2 ,500
26,644
,
21,000
$136,102
106,671
$5,530
$6,000
6,600
-
-
-
—
—
-
—
Aircraft,
_
—
Inc.,
—
—
—
13,738
8,283
9,357
$35,457
$708,878
com.
—
-
warrants
common stock
3,000
$991,019
StOCk
purchase class A
500
$28,051
■:
Northrop
2,200
6,238
Northrop Aircraft, Inc., class A
-
—
13,500'
to
.
(2) Securities for Which Market Quotations
Are Not Available x
American Export Lines,
y
common
stock
Air Transport,
capital stock, stamped..
on
Inventories.--——
Other assets
fclO.OOO
13,700 No amount
$10,000
Total, all securities
$1,001,019
a Cost, on the basis of
"first in-first out." b Amounts priced at June 30,
1941; market quotations or bid prices,
x Valued by board of directors,
In liquidation since 1935.
y
$4,285,455
J_
154,452
123,100
5,468,800
4,485,743
49,769
Investments (at cost or less):
a Subsidiaries not consolidated
6,442,201
101,847
1,695,216
2,475,220
14,368,053
85,876
1,206,699
505,371
Other companies.
Land, buildings and equipment (less deprec'n)
Patents (less amortization)
Goodwill
Insurance and other prepaid items
Total
29,263
7,829,773
93,527
-----
------
$2,198,843
Indebtedness to subsidiaries not consolidated
45
Accrued accounts
Special contingencies
reserve
—.
—
General contingencies reserve-.-.
cum. conv.
1,718,312
2,476,220
13,871,514
94,934
1,206,699
335,791
—$43,295,058 $35,171,078
Liabilities—»
Accounts payable
-
—
—
2,882,382
1,088,364
134,694
pref. stock ($100par)
Total.
Inc
Dec. 31, '40
$9,362,302
hand
Indebtedness of subsidiaries not consolidated-
Capital surplus
Earned surplus
100
-
Transcontinental
June 30 '41
deposit and
b Common stock
Inc.,
;
-
on
Marketable securities (at quoted market)
Notes and accounts receivable (less reserve)
5lA%
5% cum.
pref. stock with warrant to purchase
555.55 shs. American Export Airlines,
Inc..
American Brake Shoe & Foundry Co.—Balance Sheet—
Assets—
Cash
-
——
—
9,800,000
12,544,800
7,387,182
7,258,748
$1,521,873
38,821
1,634,221
646,421
103,341
5,463,300
12,544,800
6,546,380
6,671,921
--.$43,295,058 $35,171,078
a The
increase, since acquisition, in the equity in subsidiaries not con¬
solidated, resulting from profits, losses and distributions, amounted to
$717,500 at June 30, 1941, and $633,859 at Dec. 31, 1940.
b Represented
by 769,092 no par shares.
Earnings for the three months ended June 30, 1941 appeared in the
"Chronicle" of July 19, page 384.
>
American Export Airlines—Court Sustains
Company
on
Ocean Route—
Balance Sheet June 30, 1941
We take the following from the
Assets—Demand deposits in banks and cash on hand, $106,502; invest¬
ments in securities,
$1,001,020; air travel deposit, $425; furniture and
fixtures (less $147 allowance for
depreciation), $442; total, $1,108,389.
"Herald Tribune" of July 19:
American Export Airlines is assured its right to operate a non-stop
trans-Atlantic service between the United States and Lisbon under a ruling
Liabilities—Account payable, $3,500; Federal
§2,209; convertible preference stooc ($10 par),
down July 16 by the U. S. Circuit Court of Appeals, John E.
Slater, Executive Vice-President of the air line, said.
The Court denied Pan American Airways' application to review the
order of the Civil Aeronautics Board granting certificates to American
Export Airlines, holding that the certificates could not be questioned in
view of the findings of the Board that American Export is fit, billing and
able to perform air transportation.
It also held that certificates approved
by the President were not subject to review.
Concluding its decision, the Court stated: "It would seem extraordinary
if the Government cannot give even a temporary certificate for air carriage
to a prospective competitor of Pan American when the latter holds a mo¬
nopoly in such foreign transportation.
Unless we are to assume that air
carriage, which in general has been growing vastly, is to stagnate in the
future, and unless the Nation is to be given no chance to avail itself of the
stimulus of competition between air carriers engaged in foreign service,
there is nothing since the close of the hearing Jan. 10, 1940, which affords
a reason for the change in the decision of the Board."
James M. Eaton, a Vice-President of American Export, explained that
the decision had clarified the situation concerning the validity of the cer¬
tificate, although it had done nothing to change an action by the Senate
last May refusing an air-mail subsidy to the new air line.
The question
of the certificate's validity entered into the subsidy debate, he said.
Mr.
Eaton said that four-motored Vought-Sikorsky planes were nearing com¬
pletion for use of the company and would be available for service by Sep¬
tember.
The planes, he said, could carry 16 passengers and 3,000 pounds
of mail across the Atlantic, avoiding stops in Bermuda and the Azores.—
V. 151, p. 1424.
/v'.T' ■■■;
and State taxes accrued,
.j>147,210; common stock
$407,068; paid-in surplus, $280,586; earned surplus, $267,816;
total, $1,108,389.
m
($2 par),
Note—There were issued and outstanding at the above date common stock
purchase warrants evidencing the right to purchase 267,450 shares of com.
stock at $10 per share on or before Nov.
1, 1943.—V.
152,
Air Reduction
3 Mos. End. June 30—
Gross
sales,
after
p.
1902.
Co., Inc. (& Subs.)—Earnings—
1941
1940
1939
1938
dis¬
counts, &c
$13,243,670
9,217,854
$5,744,382
b4,689,431
$2,111,221
10,220
$1,416,728
43,447
$1,054,951
$2,121,441
458,335
$1,460,175
254,835
$1,093,561
$2,137,298
expenses
$6,605,989
4,872,778
316,483
al ,548,440
Oper.
Depreciation
$8,613,420
6,165,783
336,416
$1,663,106
$1,205,340
$888,757
1.61
$0-47
384,490
Operating income.
Other income (net)
$3,641,326
44,412
_.
$3,685,738
Net profit
Earns, per share
on
stock
See b
38,610
204,804
cap.
;
$0.79
_
Including $661,13i, provision for
preciation.^—V. 153, p. 92.
a
excess
"profits tax."
$0-35
b Includes de¬
handed
.
The Commercial & Financial Chronicle
Volume 153
American Chicle Co. (&
Subs.)—Earnings—
6 Mos. End. June 30—
1941
Gross prof, from sales- $6,024,651
a
1940
The company on
mission a
1938
1939
$4,932,278
$4,654,038
$4,114,102
3,043,832
2,526,629
2,409,366
2,197,294
$2,980,818
$2,405,649
35,624
31,646
$2,244,672
37,287
$1,916,808
39,583
$2,281,959
398,578
$1,956,391
334.808
Advertising, distributing
& admin, expenses.__
Earns, from oper
Other
income.
Net prof. bef. inc. tax.
Est. income taxes
$3,016,442
$2,437,295
bl ,211,115
537,751
$1,805,327
$1,899,545
1,306,000
1,416,725
434,325
$4.16
435,700
$4.36
Net profit
Dividends paid.
Shs.com.stock (nopar).
_______
Earnings
a
share.....
per
After
$1,883,381
1,311,900
437,300
'
$4.31
$1,621,583
1,093,450
437,500
$3.71
deducting cost of materials, labor, manufacturing expenses and
b Including excess profits tax.
depreciation,
Comparative Consolidated Balance Sheet June 30
1941
Assets—
Accts. receivable
Advs., chicle
pur._
Investments
b Land,
bldgs.
Accruals, incl. prev.
year's inc. tax.. 1,095,497
751,609
123,410
978,165
309,754
167,556
316,773
est. income tax .el, 210,307
321,007
534,189
advertising exps
General
68,855
Res.
2,153,599
521.273
reserves
for
.
.
89,783
current
4,375,000
4,375,000
6,359,133
7,308,363
stk_2)r339,709 Z)r200,251
Common stock..
c
patents
Earned surplus...
& trade-marks..
Total...
S
Res. for selling and
&
2,392,434
Deferred charges..
581,969
■
Accounts payable.
4,444 400
mach
Goodwill,
1940
231,606
Liabilities—
3,847,131
1,315,818
6,156,136
1,507,623
56,583
Inventories (cost).
1941
345,968
$
2,084,505
377,670
Marketable securs.
a
1940
S
Cash.
1
d Treas. com.
14,472,737 12,457,842
Total
14,472,737
12,457,842
a After reserve of $107,322
in 1941 and $91,981 in 1940. b After reserve
for depreciation of $3,682,473 in 1941 and $3,458,827 in 1940.
c Repre¬
sented by 437,500 no par shares stated value $10 per share,
d 3,175 shares
in 1941 and 1,800 shares in 1940.
D.
e
Including
excess
profits tax.—V. 152,
3168.
American & Foreign Power
The board of directors declared
a
Co., Inc.—Dividends—
dividend of 30 cents per share on
the
$6 preferred stock and 35 cents per share on the $7 pref. stock for payment
on Sept. 15, to the stockholders of record
Aug. 29. Like amounts were p^id
on June 16 and March 15, last, Dec. 20 and
Sept. 16,1940. These dividends
are
account of accumulations.—V.
on
American
International
June 30*41
Secure,
-Balance
Dec. 31 *40
$
$
Assets—•
a
153, p. 93.
Corp.
owned-.16,768,193 16,764,499
b Gash...
Sheet-
June30 *41 Dec. 31 '40
Liabilities—
2,498,671
46,267
26,962
Accts.
3,094.732
Divs. receivable &
sees,
$
payable tor
5,167
purchased.
Other accts. pay'le
securities sold..
27,375
rec'le
1,735
1,680
189,137
20,866
260,672
Res. for taxes
49,810
20-year 5H% debs.
due Jan. 1, 1949 9,316,000
c Common stock..
1,000,000
9,479,000
1,000,000
Earned surplus.
Accts. receiv'le for
256,190
6,419,915
6,729,157
Capital surplus
interest accrued.
2,531,186
2,531,186
Deben. int. due
18,276
107,904
186,080
Other
accts.
Investm't in Allied
Mach'y Co. of
America, wholly
owned (less res.)
'
60,000
....19,591,378 20,133,952)
Total.
19,591,378 20,133,952
b Including debenture interest due July 1,
$260,672.
c
Represented by 1,000,000
no
1941, $256,190: Jan. 1, 1941,
par shares.
Notes—(1)
The book value of securities owned consists of the following:
June?,0,'41 Dec. 31,'40
Securities acquired subsequent to Dec. 31, 1932—
stated at cost
_____
.$16,104,761
Securities acquired prior to Jan. 1, 1933—stated at
market or assigned values as of that date..
663,432
$16,088,128
676,370
Total...
...$16,768,193 $16,764,499
(2) The book value of securities owned exceeded market quotation values
(or, in the absence thereof, valuations assigned by the board of directors
at the respective dates) at June 30, 1941
by $3,524,111 and at Dec. 31,
1940 by $3,592,763, the unrealized appreciation for the 6 months ended
June 30, 1941 being $68,652.
Earnings for the 6 mos. ended June 30,1941 appeared in the "Chronicle"
of July 19, page 385.
American Light & Traction Co.- —Detroit Edison Common
Sought in Exchange for American Light—AUied Chemical
Proposes Plan to SEC—
proposal that American Light & Traction Co. liquidate its preferred
stock by exchanging it for the common stock of Detroit Edison Co., now
held as an investment, has been placed before the Securities and Exchange
Commission.
Author of this suggestion is Allied Chemical & Dye Corp.,
which
owns a
substantial part of American Traction's outstanding preferred
American Traction is a subholding company
and some of its common stock.
in the United Light &
Power System.
Chemical is on record as tentatively agreeing with
requirements of the Utility Act "death sentence,"
American Traction must be divorced from United Light and that American
Traction must dispose of all its properties except those in Wisconsin and
Michigan.
Allied's latest proposal was made by its attorney, Alfred A. Cook, in
refuting contentions of U. L. & P. that an SEC order forcing United to
sell its stock interest in American Traction now would be "seriously harm¬
ful, even calamitous" to investors in the holding company system.
United has taken the position that the SEC should not order a forced
sale of this stock interest until each subholding company has had oppor¬
tunity to dispose of the properties if must give up under the death sentence
and has distributed its holdings to its stockholders.
United also has contended that the SEC has no power to force a holding
company to give up an "investment" as distinguished from a subsidiary
interest in another company.
American Traction's' interest in Detroit
Edison is an "investment," it is contended.
While reserving the right to contest the SEC's interpretation of the
"death sentence," and its powers under the Utility Act, Allied Chemical
took the position that while American Traction's preferred is non-callable,
the stock can be exchanged for Detroit Edison stock.
Such an exchange
offer would give U. L. & P. a chance to sell its holdings and rid itself of
any interest in the company, Allied contendedr
Mr. Cook told the SEC that Allied Chemical was prepared to show that
United's control over American, which began in 1928. frequently was used
by United for purposes "that were not the purposes of American."
American Traction, according to a recent SEC report, has outstanding
$13,408,100 par amount of 6% cumulative preferred stock.
The company
owns 1,289,205 shares of Detroit Edison common, which is carried on its
books at around $50,800,000, and which has a current market value of
approximate $26,000,000.—V. 152, p. 3012.
Moreover, Allied
the SEC that to meet the
American Paper
Goods Co.—$1 Dividend—
Directors have declared
a
dividend of $1 per share on the common stock*
payable Aug. 1 to holders of record July 21.
This compares with 60 cents
paid on May 1 and Feb. 1, last; $1 paid on Nov. 1,1940: 60 cents on Aug. 1,
1940; 50 cents on May 1, 1940; 75 cents on Feb. 1, 1940, and on Nov. 1,
1939, and previously regular quarterly dividends of 50 cents per share were
distributed.—V. 152, p. 817.
& Light Co.—Files Integration Plan
Reclassify Preferred Issue into Common
Retain Some Companies—
American
with
—To
company proposes to reclassify its preferred and common stocks
class of common stock.
The new stock would be issued to
existing preferred on the basis of one share of new common stock (or a
convenient multiple or fraction of such share) for each
presently outstanding
share of preferred stock, and an additional share of new common stock (or
convenient multiples or fractions thereof) for each $100 of
arrearages on the
present preferred stock, calculated to the effective date of the plan.
No specific proposal is made for the treatment of the
present common
stock.
The plan covers the junior equity's participation as follows:
"The
present
common stock is to be awarded such
participation in the new com¬
stock as may be determined to be fair and equitable."
Whether any differential is to be allowed in favor of the
$6 preferred stock
over the $5
preferred stock, in addition to the greater number of shares
resulting from larger dividend arrearages also is to be left for future deter¬
mination.
mon
Company has outstanding 793,581 shares of $6 preferred stock and
978,444 shares of $5 preferred stock.
As of Dec. 31, 1940, arrears on both
classes aggregated $32,701,400 representing more than three
years require¬
ments on each class.
The plan also would discharge the funded debt of the
company out of
and the sale or exchange of securities in the company's
available cash
portfolio.
The company's debt consists of
$46,261,000 of 6% debentures.
It has
$16,000,000 of cash in its treasury.
The recapitalization and debt elimination is to be followed by integration
and dismemberment steps.
The plan proposes that the company then will
select and retain from its present systems such "integrated public
some
utility
system" or systems, as it may be entitled to retain under the Public Utility
Holding Company Act and will distribute the stocks of the remaining
subsidiaries to the holders of the new capital stock in proportion to their
respective holdings, either directly or through the creation of such new
companies, or combinations of existing companies, as may be found desirable
and practicable.
As a result, the present stockholders will have certificates for shares or
fractional shares of stock in the reorganized company and in the other com¬
panies, not sold or exchanged, proportionate to their present holdings as
reflected in the reclassified stock.
To become effective the plan must have the approval of the Securities and
Exchange Commission and the vote of 90% of the company's $6 preferred
stock, 90% of the $5 preferred stock and a majority of the common stock.
The company claims in its plan that its system comprises six integrated
public utility systems consisting of the Northwestern group of properties,
the Texas group, the Kansas-Nebraska
group, the Minnesota-Superior
group, Florida Power & Light Co., and Central Arizona Lfight & Power Co.,
and claims the right to elect any two of these groups as the integrated
systems which it is entitled to retain.
"/■■r-lk-i: :'v-:
Prominent in the plan may be the creation of several holding companies
to expedite the integration or dismemberment operation.
It provides that a "Northwestern holding company" shall be created or
selected which shall acquire American's holdings in the Montana Power Co.,
Washington Water Power Co., Pacific Power & Light, Northwestern
Electric and Portland Gas & Coke Co., except such thereof as may be
sold to public holders, unless control of such companies is retained by the
parent American.
A similar step would be taken for the Texas properties which are Texas
Power & Light, Texas Electric Service, Texas Public Utilities and New
Mexico
Electric Service.
Likewise the Nebraska Power Co. and Kansas Gas & Electric would go
a "Kansas-Nebraska company."
into
Market value: June 30, 1941, $13,244,082: Dec. 31, 1940, $13,171,736.
A
Briefly,
into one new
in northern Minnesota and Wisconsin.
Total
a
60,000
important turn in its affairs.
Minnesota Power & Light Co. would acquire the stock of Northern Power
Co. and Superior Water, Light & Power Co., which shall first be merged
a single company, operating all such properties as an integrated system
Mar¬
vin (less reserve)
July 23 submitted to the Securities and Exchange Com¬
program for full compliance with the capital and corporate simpli¬
Utility Act of 1935.
notifying them of this
fication and dismemberment provisions of the
Public
At the same time it sent word to its stockholders
into
Inv't in Scciedade
Anonyma
541
Power
SEC—■Would
The remaining properties, which are
Florida Power & Light and Central
Arizona Light & Power would maintain their present corporate
and operating status.
organization
The management proceeded with the plan apparently on the
that the company would be granted adequate time to obtain the
for investors
assumption
best values
in its securities.
The Public Utility Act, Howard L. Aller, President, explained in his
letter to stockholders, states in nearly every important section that it shall
be administered "in the interest of consumers and investors."
This gives
rise, he asserted, to the hope that the Commission and the courts
adequate time for an orderly reorganization under the plan.
will grant
submitted was chosen by directors in preference to formal
statutory dissolution on the theeory that it would bring more to American
Power's security holders,
"The long continued depression,'
it explains,
"followed by a period of unstable business conditions, accompanied by high
taxes, increased expenses and Government competition, and now aggravated
by war and worldwide economic dislocation, render extremely problematical
the results of a liquidation involving sale of assets and discharge of debt and
preferred stock obligations in their order of priority."—V. 153, p. 93.
The plan
as
American Steel Foundries Co.—75-Cent
Dividend—
Directors have declared a dividend of 75 cents per share on
the common
This compares with
cents paid on Dec. 16,
1940, and 25 cents paid on Sept. 30, June 29 and March 30,1940, this latter
being the first dividend paid on the common stock since March 31, 1938
when 25 cents per share was also distributed
The company has changed its
fiscal year, beginning Oct. 1, next, to the 12 months ended on Sept. 30 in
each year, instead of the calendar year, as heretofore, and the annual meet¬
ing henceforth will be held on the last Thursday in January of each year.
stock payable Sept. 15 to holders of record Aug. 30.
25 cents paid in each of the two preceding quarters; 75
.
—V. 152, P. 3012.
American Superpower
To
Corp.- -Drops Recapitalization-
Acquire Stock—•
President, in his semi-annual report states:
public utilities and the depressed market in
corporation's portfolio have made it impracticable for
directors to go forward with the formulation of a plan for capital readjust¬
ment such as was referred to in the corporation's annual report for 1940.
Although no shares of the first preferred stock of the corporation were
purchased during the first half of the year, the management intends to re¬
sume its acquisition (by purchase or exchange) of first preferred stock for
retirement as favorable opportunities present themselves.—V. 153, p. 385.
Gordon Grand,
,
.
.
The uncertainties affecting
the securities in the
American Water Works &
Electric Co., Inc.—Monthly
Output—
\
The power output of the electric
Works & Electric Co. for the month
subsidiaries of the American Water
of June totaled 268,884,424 kilowatt
compared with 221,774,391 kilowatt hours for the corresponding
of 21%.
June 30,1941, power output totaled 1,564,847,879 kilowatt hours, as against 1,349,245,708 kilowatt hours for the same
period last year, an increase of 16%.
hours,
month of 1940, an increase
,
,
For the six months ended
Weekly Power Output—
Output of electric energy
of the electric properties of American Water
Electric Co. for the week ended July 19, 1941, totaled 64,970,000
increase of 23.28% over the output of 52,700,200 kilowatt
hours for the corresponding week of 1940.
Comparative table of weekly output of electric energy for the last five
Works &
kilowatt hours, an
„
years
follows:
"Week Ended
June 28-.-
July
July
July
*
....
1941
65,016,000
^
lft,9
52,682,000
45,814,000
1938
37,513,000
1937
47,850,000
*44,221,000
5...*57,275,000 *45,057,000 *38,876,000 *33,488,000
50,993,000
39,814,000
52,596,000
46,361,000
12.-- 62,960,000
49,906,000
39,518,000
52,700,000
45,100,000
19— 64,970,000
Includes July 4 holiday.—V.
153, p. 386.
American Zinc Lead & Smelting Co.—Pref. Dividend—
Directors have declared a dividend of $1.25 per share on the $5 prior
pref. stock, payable Aug. 1 to holders of record July 28.
Same amount
was paid in each of the six preceding quarters, the Feb. 1, 1940, dividend
being the first dividend paid since Nov. 1, 1937, when $1,25 per share was
«isn
mid.—V. 152, p. 3335.
Chronicle
The Commercial & Financial
542
Arkansas Power &
Operating revenues
Operating expenses, excl.
_ _
direct taxes
Direct taxes
Light^ Co.—Earnings—
1941—Month—1940
1941—12 Mos.—1940
$1,243,530
$880,565 $10,944,412 $9,901,423
Period End. June 30—
„
„
129,712
4,309,394
2,050,300
4.130,001
1,280,765
112,000
1,281,000
1,293,000
$301,002
531
$3,303,718
$3,197,657
558,377
287,907
337,851
113,000
$284,246
709
____
Prop, retire't res. approp
Net oper. revenues
Other income (net)
July 26, 1941
Atchison Topeka & Santa
10,775
11.840
;
Fe Ry.—Earnings—
1941—Month—1940
1941—6 Mos.—1940
$19,733,952 $13,978,643 $97,282,276 $75,183,585
Period End. June 30—
Gross income
Net ry. oper. Income—
—Y. 153, p. 94; V. 152, p.
Automobile Banking Corp.
4,473,812
13,847,475
1,627,076
3,346,274
4116.
(& Subs.)—Earnings—
Consolidated Earnings for Six Months End. June
Income
30, 1941
$346,986
....——
70,091
50,294
Commissions.
Interest and discount
Int.
mtge. bonds....
on
Other int. k deductions.
499
307
10,789
3,561
$120,035
$136,342
$1,328,550
$1,167,961
preferred stocks for the period
949,265
income.........
Divs. applicable to
$379,285
$218,696
April 1, 1941,
rate which will result in the accumulation of such taxes
Balance
is being marie at a
30% for the full year 1941.
of $85,819 and $289,564 for Federal excess profits
1941, and in the 12 months ended June 30, 1941,
respectively.—V. 152, p. 4115.
Includes provision
tax in the month of June,
.
111.—To Pay Preferred
Armour & Co. of
Directors have declared
Dividend—
Depreciation on furniture and fixtures
share.
Commenting
per
,
the current declaration, George A. Eastwood, President,
necessary in 1938 to omit dividends on the prior
preferred stock of the Illinois company.
In the opinion of the board of
directors, stockholders' interests require conservation of resources, building
up of working capital and reduction of our funded debt.
The directors
will continue to follow this conservative policy.
However, earnings of the
"It
647
on
became
company for the current fiscal year to date, in the
warrant a declaration of a dividend at this time.
_
38,431
Provision for current taxes
Net profit
$71,111
49,100
—
_
Dividends paid
Consolidated Balance Sheet June 30, 1941
deposits in bank and cash on hand, $582,362; notes
$4,417,018; repossessed cars, $28,319; accounts receivable
Assets—Demand
receivable,
(claims, &c.), $32,337; miscellaneous investments,
$2; furniture, fixtures
equipment (net), $5,120; prepaid interest, $2.3,998; deferred charges
(Pennsylvania taxes in litigation), $6,870; other deferred charges, $610;
total ,$5,096,638.
V,
Liabilities—Notes payable, $3,239,500; accounts payable (insurance),
$67,046; reserve for accrued taxes, $25,126; reserve for current taxes,
$38,613: reserve for dividends, $24,550; dealers' participation loss reserve,
$139,838: general loss reserve, $79,961: unearned finance charges, $189,354;
$1.50 cumulative convertible preferred stock (par $25), $719,575; common
stocs: (par 25 cents), $15,688; common stock, class A (par 25 cents), $18,706;
capital surplus, $50,128; earned surplus, $488,553; total, $5,096,638.—V.
152, p. 670.
and
„
dividend of $1.50 per share on the $6 prior
a
preferred stock, payable Oct. 1 to holders of record Sept. 10.
This will
be the first dividend paid on the issue since Jan. 1, 1938, when $1.50 per
share was distributed.
Arrears as of July 1, 1941, amounted to $21
stated:
73,205
42,376
___.
Operating expense
Provision for bad debts
Notes—Provision for Federal income taxes, subsequent to
at the rate of
830
premiums
Life insurance
949,265
Int.chgd. toconstr. (Cr)
Net
$3,209,497
1,756,486
288,611
$3,314,493
1,761,711
235,021
$301,533
146,364
19,134
$284,955
147,023
18,396
Gross income
Automobile Finance Co. (&
$353,306
opinion of the board,
Income
Future dividends wili
Operating
depend entirely on a continuation of satisfactory earnings as our policy
is to continue to improve the working capital and reduce the amount of
our funded debt, all of which we feel is in the best interests of the stock¬
holders."—V. 152, p. 1738.
Subs.)- -Earnings—
1938
1939
1940
$316,767
1941
6 Mos. End. June 30—
$234,440
166,944
$256,009
161,484
179,333
170,833
$173,97.3
56,145
$145,934
50,959
$67,496
38,422
$94,525
55,720
$117,828
$94,974
$29,074
$38,805
35,225
27,584
5,880
$76,603
expenses
Operating profit...
Cost of borrowings...
$67,390
30,626
$23,194
Net income before in¬
Armstrong Cork Co.—To Pay 25-Ceht Dividend—
come taxes_
Directors have declared an interim dividend of 25 cents per share on
common
50 cents
June.
On June 25 last, a dividend of
1.—See also V. 153, p. 94.
declared payable on Aug.
was
Associated Electric Co. (&
Subs.)—Earnings—
_.—
$26,551,025 $26,512,327
9,,558,299
9,161,897
Operating expenses
Electricity, gas and water purchased for resale
Maintenance,..
i
....
_
__
1,836,327
.
909,104
2,048,228
2,075,642
$7,941,723
322,175
$7,535,610
$8,263,897
1,722,320
170,578
1,735,078
170,696
38,750
...
43,011
182,222
CY25.505
576
...
Gross income
.....
...
Subsidiary companies—Int. on long-term debt
Amortization of debt disct. & exp. (less premium)
interest
135,232
CY27.314
Other interest charges
Interest charged to construction.
Miscellaneous amortization
Provision for dividends in
_
...
576
Balance
Associated Electric Co.—Interest
50
16,598
$5,471,990
3,379,616
231,709
17,249
$6,141,171
3,381,382
_
....
on
50
23,426
pref. stock
arrears on
Miscellaneous income deductions.
bonds
Amortization of debt discount and expense,
Taxes assumed
......
interest..
231,773
18,516
623
$1,843,416
on
$2,508,876
debt to associated company
on
,691,177
$7,236,761
298,849
—
on
x
2,425,853
682,010
2,811,215
Operating income
Other income (net)
Taxes assumed
2,534,024
2,151,091
Provision for retirement of fixed capital...
a Provision for Federal income tax.
Other taxes
1940
$26,551,025 $26,512,327
_
Prov. for employees' con
Includes provision for declared value excess profits tax.
Statement of Income (Parent Company) for the 12
Income—
30,626
dividends
Div.
on
Int.
on
1941
invest, in wholly-owned sub.—Com. stock,
invest, in wholly-owned subs.:
$200,000
$1,965,000
3,443,199
Convertible obligations.__________
Accounts receivable..
Int.
1949
3,555,283
95,544
87,230
invest, in other associated companies:
Bonds
$17,500
— — -
Consolidated Balance Sheet June 30, 1941
receivable (automobile security), $5,749,159; cash surrender value of life insurance, $43,556; other notes and
accounts receivable (net), $55,247; repossessed automobiles, $304; receiv¬
able from dealers on recourse repossessions, $16,583; deferred charges,
$3,570; prepaid interest, $24,778; land and office building (less deprecia¬
tion), $156,073; furniture, fixtures and equipment (less depreciation),
$24,337: total, $6,788,456.
Liabilities—Collateral trust notes payable, $4,142,500; accounts payable
(insurance), $95,108; accounts payable and accruals, $945; reserve for taxes,
$69,419; contingent profit sharing reserve, $6,000; reserves and deferred
certificates (dealers), $186,314: reserve for losses, $152,466; deferred income,
$335,611; 7%
cumulative preferred stock, $875,000; common stock,
$240,310; earned surplus, $374,114; capital surplus, $310,669; total,
$6,788,456.—V. 152, p. 4116.
$714,848;
Assets—Cash,
notes
Baltimore & Ohio
RR.—Earnings—
1941 —Month—1940
Period End. June 30—
1941—6 Mos .—1940
$15,294,836$104,361,261 $83 ,159,829
,596,482
9,575,407
1,652,350
,706,094
23,937,466
3,144,615
,463,899
2,512,784
442,006
447,143
,289,590
34,265,698
4,986,353
6,027,708
744,963
833,104
138,818
160,924
,184,430
645,476
2,755,269
463,941
02,687
Cr3,147
Dr4,750
Operating revenues
$19,342 ,077
Maint. of way & struc..
1,771,354
Maint. of equipment—
4,125,659
Traffic..
-
Transportation..
Miscell. operations
______
Transp. for investment.
Net
Months Ended March 31
:
38,805
Net income.
Preferred
General
Net income.
a
6,000
tingent bonus
Additional prov. to re¬
serve for losses.
[
Prov. for State & Federal
income taxes
1941
12 Mos. Ended March 31—
Operating revenues
;
Interest
Similar interim
stock, payable Sept. 1 to holders of record Aug. 4.
dividends were paid in March and
the
rev.
$6,345,348
1,054,406
209,593
141,784
$4,280,468 $30,484,680 $20,177,058
950,360
6,134,537
5,718,276
318,303
1,144,654
1,269,063
171,191
950,446
813,557
income. _5$4,939,565
$2,840,614 $22,255,043 $12,376-162
from
ry. op.
_
Railway tax accruals—
Equipment rents, net...
Joint facility rents, net._
Net ry. oper.
-V. 152, p. 4116.
on
Account receivable.......
Other
income....
282
Gross
Interest
expenses,...
on
$5,682,600
88,062
42,735
20,542
56,148
$3,706,407
__
bonds.
$5,495,656
3,381,382
231,773
18,516
623
3,379,616
Amortization of debt discount and expense
Taxes assumed on interest
Interest
,
3,632
...
income..
on
84
$3,795,811
65,231
______
Provision for Federal income taxes
Other taxes
65,100
1,589
4.
Total income.
General
65,100
....
231,709
17,249
debt to associated company.
Net income
$77,833
$1,863,361
Notes—(1) No provision has been made for excess profits tax for 1940
(2) The above figures insofar as
they relate to the calendar year 1941 are preliminary, being subject to
verification by the auditors.
Certain previously published figures have
been reclassified herein for comparative purposes.—Y. 152, p. 3013.
Baltimore Transit
Co.—Earnings—
[Including Baltimore Coach
1941—Monlh—1940
Period End. June SO-—
$7,117,178
5,655,803
$6,270,989
5,235,164
$257,762
151,388
$164,922
98,753
$1,461,375
$1,035,825
603,457
$106,374
5,519
$66,169
5,100
$641,267
13,784
$432,367
$111,892
$71,269
5,863
$655,051
33,303
$444,348
32,303
$105,029
$65,406
series A 4% and 5% debentures..
$621,748
588,043
$412,044
352,827
$33,705
$59,217
._.
Operating income....
Non-oper. income
Gross income
Fixed
6,863
charges
Net
1941—6 Mos.—1940
$1,014,836
849,914
Net oper. revenue
Taxes...
Co.]
$1,196,365
938,603
Operating revenues
Operating expenses
income
Int. declared on
820,108
11,980
under the Excess Profits Tax Act of 1940.
Associated Gas & Electric
(kwh.).
This is an increase of 19,550,475 units or 20.6 above pro¬
duction of 95,076,435 units a year ago.—V. 153, p. 387
236 94; V. 152,
p. 4116, 3961, 3799, 3641, 3487, 3335, 3171, 3013.
,
~
_
_
_
_
_
_
_
1941
$64,773,523
Sales...
52,764,520
1,852,241
Cost of expenses
Depreciation-
409,379
$5,079,559
239,879
x$145,044
132,826
$1,859,645
144,614
Selling
and
administrative
$1,274,957
965,001
$1,212,362
930,498
240,580
....
$10,566,140
1,172,408
$5,319,437
1,131,956
x$12,218
841,784
$2,004,259
897,752
211,781
202,982
expenses
incl. outward freight.
a5,451,043
Profit
Int. and misc. expenses.
Federal & Pennsylvania
1,655,351
b585.963
633,800
profit
of Mid vale Co.____.Drl ,456,345
Dr797,785
Dr548,702
Dr408,647
Net
$1,734,345 x$l ,988,667* >
income taxes..______
Equity
Operating profit
Other
income
$171,749
Income before depreciation
Depreciation...
...
$98,175
2)r2,931
$78,882
3,412
$157,669
29,854
-------
less other deductions..
$95,245
$82,294
29,300
26,492
37,500
12.757
9,417
D*-14,080
Provision for Federal and State income
:
taxes
——_
—vei52C°™e3642""""
Antofagasta
—$90,315
(Chile)
&
Bolivia
Ry.
$53,186
Co.,
$46,385
Ltd.—New
Chairman—
A.
G. Hunt has been elected chairman of this company and of its asso¬
ciated companies, the Chil an Nothern Railway Co. Ltd. and the Andes
Trust Ltd., in place of the late A. W. Bolden,—V. 138 p 4120
_________
1939
$1,671,635
1,259.306
—
Cost of goods sold.
1940
1938
1939
$41,849,475 $21,431,400 $40,086,205
34,920,871
19,726,466
36,375,970
1,849,045
1,849,978
1,850,590
$10,156,761
Operating profit
Other income,
1941
(& Subs.)—Earnings—
1940
12 Mos. End. June 30—
,
Atlas Tack Corp .—Earnings—
6 Months Ended June 30—
Net sales..
— -
__
95.
Baldwin Locomotive Works
Co.—Weekly Output—
The Atlantic Utility Service Corp. reports that for the week ended July 18,
net electric output of the Associated Gas & Electric group was 114,626.910
units
Remainder
-V. 153, p.
of
holders
min.
in
stock¬
net
$2,486,345
profit
a Including $2,139,000 for excess profits tax under Second
of 1940 and $6.36,000 allowance for increases in normal and
taxes under a new revenue act for 1941.
b Provision for
Pennsylvania income taxes of subsidiary
$2.26 per share of common stock,
x Loss.
companies,
c
$64,060
Revenue Act
excess-profits
Federal and
Equivalent to
Bookings—
Charles E. Brinley, President of company, announced on July
dollar value of orders taken in June by the Baldwin Locomotive
24 that the
Works and
subsidiaries, including the Midvale Co., was $40,635,672 as compared with
$10,055,883 for June, 1940. The month's bookings brought the total for the
consolidated group for the six months of 1941 to $102,622,211 as compared
with
$23,172 886 in
the
same
period
of 1940.
Consolidated shipments,
The Commercial & Financial Chronicle
Volume 156
including Midvale, in June aggregated $7,567,547 as compared with $3,509,IP June- 1940. Consolidated shipments for the six months of 1941 were
$35,732,805 as compared with $22,100,199 for the same period of 1940.
9n June 30,1941, consolidated unfilled orders,
including Mid vale, amounted
to $218,254,046 as compared with $151,336,668 on Jan. 1, 1941 and with
$43,329,926
on
Directors at
special meeting held July 18 declared a dividend of 10
a
cents per share on the
capital stock, par $2, payable Aug. 15 to holders of
Dividend of 20 cents was paid on Dec. 18, last.—V. 152,
record
Aug. 5.
1906.
p.
June 30, 1940.—V. 153, p. 4116.
Bon Ami Co.
Bangor & Aroostook RR.—Earnings—
Period End. June 30—
Gross oper. revenues...
Operating
1941—6 Mos.—1940
1941—Month—1940
$332,295
292,317
$3,274,677
2,015,909
$3,079,603
1,978,318
$39,978
29,504
$19,069
40,568
$1,258,768
387,692
$1,101,285
$10,474
36,471
x$21,499
23,208
$871,076
67,086
$777,046
7,716
$46,945
61,232
1.243
$1,709
61,575
2,966
$938,162
368,174
11,169
$784,762
370,236
15,253
x$15,530
expenses
$285,346
266,277
x$62,832
$558,819
$399,273
Net rev. from opers_.
Tax accruals-
324,239
543
Blue Diamond Corp.—10-Cent Dividend—
Depreciation
Gross income
Interest on funded debt.
Other deductions
Loss.—V. 152, p. 4116.
x
x$10,305
$115,881
$221,012
$133,550
12,368
23,831
15,740
33,086
$208,644
$92,050
x$26,045
After depreciation and other charges, but before income taxes,
x
machine
licenses
1940
1939
1938
1,343,00b
$2,620,320
1,338,355
$2,291,586
1,297,118
$1,859,976
1,193,177
83,769
&adm.exps—
Prov.for deprec .of bldgs.,
equip. & automobiles.
Amort, of cost of cigar
79,467
76,917
and
1,075
10,518
24,096
$1,055,743
$1,201,423
$907,034
$560,313
53,947
60,654
35,464
$1,109,690
pay. (net).
15,211
Prov. for taxes on incomei
329,998
$1,262,076
10,360
293,963
$942,499
13,099
194,820
$599,462
15,671
110,500
and miscell. income
on notes
the
on
on common
Shs.
com.
Amt.
stock.
stk. outstand'g
common
per
sh.
$734,580
45,185
147,403
393,060
$957,753
29,400
196,530
393,060
7% 1st pf. stk.
earned
$473,291
59,325
147,403
393,060
$1.05
$1.75
$2.16
$1.93
stock
Beech-Nut Packing
6 Mos. End. June 30—
Profit after charges but
Bourne Mill—60-Cent Dividend—
Directors have declared a dividend of 60 cents per share on the common
stock, payable Aug. 1 to holders of record July 18.
This compared with
60 cents paid on May 1, last; 50 cents paid on Feb. 1, last, and on Nov. 1,
1940, and dividends of 20 cents per share distributed in each of the three
preceding quarters.—V. 152, p. 2695.
Broad Street Investing
consoli¬
Interest earned
Dividend income
Net inc. for period-__
Dividends paid
before Federal taxes$2,562,442
1939
Earns, per sh.
on
on
$1,322,449
al,561,491
bl,461,018
bl,094,055
bl.111,809
$3.57
$3.34
$2.50
$2.54
b And after divs.
stock.—V. 152. p. 3337.
Fine
Spinning
Associates,
Inc.—To
Pay
have declared
$111,636
a27,871
$144,660
138,476
$127,173
125,467
$101,557
108,539
$83,765
86,046
$1,706
def$6,982
def$2,281
After deducting $2,374 prior year's net
over-accrual of capital stock
Balance Sheet June 30
Assets—
1941
5354,365
25,128
S pec. deps. for divs
Total
Divs. payable
Due for cap.
66,580
70,934
cost.-.-a6,334,149
69,490
Invest, at
7,084,924
1941
a
$708,957
revenues
expenses,
$8,287,091
$617,432
$7,847,474
excl.
433,402
taxes
100,903
50,000
309
res. appropi
Amort, of lim.-term in v..
412,596
77,092
50,000
5,271,970
1,129,222
600,000
3,707
309
5,057,073
$1,194,650
4,517
992,036
2,016
for exps.,
8,245
taxes, &c—
20,966
46,713
6,769
$5) 1,362,790
Earned surplus... 5,258,302
479,035
Due for sec. purch.
Com. stk. (par
466
$6,749,000 $7,535,708
Total
$6,749,000 $7,535,708
,962,358
to
Investments, based on market quotations as at June 30,1941, amounted
$5,195,849, or $1,138,300 less than cost.—V. 152, p. 2542.
Budd Wheel Co.—25-Cent Common Dividend—
Directors have declared
a
dividend of 25 cents per share on the common
stock, payable Aug. 8 to holders of record July 29.
Dividend of 20 cents
was paid last January, while during 1940 a dividend of 40 cents was paid in
July.—V. 152, p. 3643.
Period End. June 30—
-Earnings1941—6 Mos.—1940
1941—3 Mos.- -1940
Net profit after all chgs.
and taxes
Earns per sh. on common
3,715
—V. 152, p. 364,3.
Period End. June 30—
1941—3 Mos.
-Earnings—
-1940
Net profit after all chgs.
and taxes
$957,466
$644,419
Earns per sh. on com. stk
$0.51
$0.33
1941-
461
369
$1,282,192
5,550
$124,804
45,750
4,399
$77,804
45,750
4,288
$1,287,742
549,000
55,317
$1,199,167
$74,655
$27,766
$683,425
429,174
$596,754
429,174
$254,251
'
Gross income
mtge. bonds
Other int. & deductions.
-6 Mos.—1940
$965,351
$0.45
$1,840,972
$0.98
—V. 152, p. 3801.
(A. M.) Byers Co.—Preferred Dividend—
Directors have declared a dividend of $2.0417 per
$77,435
$167,580
Other income (net)
$394,445
$0.39
$915,973
$0.94
$182,050
$0.18
$437,200
$0.44
600,000
$124,343
Net oper. revenues
on
$66,580
stock
for retire.
re pur.
Reserve
4,711
(Edward G). Budd Mfg. Co.
1941—12 Mos.—1940
1941—Month—1940
Direct taxes
Int.
1940
570,934
Liabilities—
1940
5251,467
22,495
.
Divs. receivable-.
Birmingham Electric Co.—Earnings—Period End. June 30—•
Prop, retire't
$132,635
31,078
Surplus.-
Budd Wheel Co.
dividend of $3.25 per share on
the $5 con¬
vertible preferred stock and a dividend of $4.55 per share on the 7% con¬
vertible preferred stock, both payable Sept. 2 to holders of record Aug. 23.
These dividends will reduce arrearages on $7 issue to $6.65 per share and
that on $5 issue to $4.75 per share.—V. 152, p. 2845.
direct
$159,175
32,002
a
Preferred Dividends—-
Operating
Operating
$171,327
26,667
437,524
class A preferred
Directors
$19,769
91,867
and Federal income taxes.
$1,342,862
And after deducting $365,000 for excess profits tax.
Berkshire
132,167
1938
$1,827,075
shs. com.stk.(par $20)
a
$159,175
$6,184
Total income
General exps. & taxes..
Rec. for cap. stock
sold (not issued;
1940
1938
1939
$468
1940
$171,327
Rec.forsec.sold.-
Co.—Earnings—
1941
Corp.—Earnings—
Income Account 6 Months Ended June 30
Net profit after est. Fed.
...
new
Cash
of
x
Including dividends of $5,250 from controlled company not
dated.—V. 152, p. 3488.
taxes
Teller, Inc.—Initial Dividends—
Transfer Agent—
a
Net profit
Divs„.
taxes under
exchange re¬
Manufacturers Trust Co. has been designated transfer agent for the
5^% preferred stock and the common stock of this company; also as
Exchange Agent in accepting the old and delivering the new common and
preferred stock.—V. 152, p. 3642.
39,149
Discount, rental, divs.
Divs.
131,443
$679,035
1941
1,577
Int.
151,667
$717,284
an initial dividend of 25 cents per share on the
stock, and an initial quarterly dividend of 68 M cents per share
514% preferred stock, both payable Aug. 1 to holders of record
82,390
patent rights
x
180,191
$681,726
Directors have declared
Loss.
Bayuk Cigars, Inc. (& Subs.)—Earnings—
6 Mos. End. June 30—
1941
Gross profit.
$2,484,095
gen.
a301,569
$100,4o4
-V. 152, p. 3488.
Sell.,
842,400
31,922
a Includes
$74,000 provision
for estimated additional
pending legislation,
b Includes foreign profits subject to
strictions in amount of $41,381.—V. 152, p. 3642.
1941—6 Mos—1940
1941—3 Mos.—1940
income taxes
a
897,586
28,634
July 28.
Trinidad
Net income
884,747
22,830
b$641,025
Net profit
on
aProfit....
Est. U. 8. &
$1,358,512
new common
Barber Asphalt Corp.—Earnings—
Period End. June 30—
$1,410,352
22,899
Bonwit
Net income
1938
1939
1940
$1,431,691
Reserve for Federal and
Canadian inc. taxes-_
Operating income!
Other income
Earnings—
(& Subs.)
6 Mos. End. June 30—
1941
Gross profit on sales
$1,483,358
Net profit before deprec.
& Federal & Canadian
income taxes
965,493
share on the preferred
payable Sept. 1 to holders of record Aug. 16.
This dividend repre¬
ordinarily due on May 1,1938 plus interest accrued.
Dividend of $2.0563 per share, previously declared, will be paid on Aug. 1.
—V. 153, p. 237.
stock,
sents the $1.75 dividend
549,000
53,413
Byron Jackson Co.—25-Ccnt Dividend—
the common
15 to holders of record July 31.
Regular quarterly
Feb. 15, 1941.—V. 152, p. 3812.
Directors have declared a dividend of 25 cents per share on
Net
income
Divs. applicable to preferred stocks for
the period
Balance..
Notes—(1) Provision for Federal income taxes, subsequent to April 1,
1941, is being made at a rate which will result in the accumulation of such
taxes at the rate of 30% for the full year 1941.
(2) No provision has been made for Federal excess profits tax since
present indications are that no such tax will be payable.—V. 152, p. 4117.
(&
Blaw-Knox Co.
Subs.)—Earnings—
stock,
payable Aug.
dividend of 25 cents was last paid on
Canada Wire & Cable Co.,
Ltd.—Interim Dividend—
dividend of 50 cents per share on the
15 to holders of record Aug. 31. Litce amount
Directors have declared an interim
class B stocs:, payable Sept.
paid on June 12, March 15 and on Dec. 15,
paid in preceding quarter.—V. 153, p. 237.
last, and dividend of 25 cents
Capital Administration Co., Ltd.—Earnings—
$2,483,550
Operating profit after depreciation
$731,569
75,884
Interest and amortization
excess
profit taxes, &c
$838,717
54,426
1,271,945
Total income
181,574
Interest
Dividends
Interest
:
.
The unconsolidated
domestic subsidiary
(American Gas Service Co. of
Ohio) incurred an operating loss of $68,689 in the six months ended June 30,
1941.—V. 152, p. 4117.
(E. W.) Bliss Co .—Accumulated Dividend—
Directors have declared
a
—
General expense
Service fee—
Tcixgs
$1,220,496
$602,717
Earnings per share of common stock
$0.91
$0.45
Note—Federal income taxes, including excess profits tax, have been
provided for at rates which are in excess of those in existing law.
Net profit
v.*"—
Prior year's
of capital
dividend of 75 cents per share on the 6% cumu¬
dividend of 62 lA cents per share on
pref. stock, par $25, both payable on account of accumulations
Sept. 1 to holders of record Aug. 15.
These distributions represent second and third quarter payments.
Ar¬
rears were cleared up in March this year on both issues.—V. 152, p. 1584.
lative preferred stock, par $25, and a
the 5% cum.
Laughlin, Inc.—Earnings—
Net profit after all chgs.
and taxes
:Shs.
com.
stk. outstand.
1941—3 Mos.—1940
$211,328
262,757
$144,766
262,554
$0.79
$0.53
Earnings per share.
—V. 152, p. 2695.
1938
$12,940
67,894
16,000
17,144
$112,925
16,014
20,933
~7,174
~7~, 182
$107,050
16,000
8,451
12,906
6,060
$80,834
16,076
8,848
13.499
4,901
$348,218
262,554
$1.29
» »
»
~
Net inc. for the period
Preferred dividends
$80,158
$68,795
65,100
Crl,509
65,100
$63,632
65,100
$39,019
65,100
$3,695
$15,058
Surplus.
def$l ,468
def$26,081
Balance Sheet June 30
Cash-
—
Interest
1941
$524,925
-----—-
$526,100
17,311
receivable.—-—
24,216
Reserve
dividends.-.-—
35,570
35,181
Rec.for sec.sold--
16,367
c4,529,639
4,750,311
in
U.
Total
a
26,169
c210,000
....$5,333,812 $5,361,977
Represented by
1,600,000
31,709
for exps.,
15,558
18,733
434,000
143,405
434,000
Class A stock...
stock...
2,400
2,400
Surplus..—----- 3,095,383
3,096,549
taxes, &c
Preferred stock-.,
a
b Class B
S.
$35,181
1,600,000
Bank loans
1940
$35,570
7,495
Divs. payable—Due for sec. pur..
and divs.
Govt, securities-
1941
Liabilities—
1940
Special deposits for
Invest,
1941—6 Mos.—1940
$424,298
262,757
$1.58
•
w
over-accrual
Invest, at cost
Bliss &
1939
$9,395
97,655
stock tax.__
Assets—
on
Period End. June 30—
1940
$9,194
103,730
107,148
$2,559,434
66,993
Other income.
Federal income &
1940
1941
$6,829
113,647
$120,476
6 Mos. End. June 30—
1941
6 Months Ended June 30—
$5,333,812 $5,361,977
Total-
143,405 shares of $1
b Par one cent, c In¬
June 30, 1941, amounted to
par.
vestments, based on market quotations as at
143,405
$4,114,955 (or $624,684 less than cost).—V. 152, p. 2543.
The Commercial & Financial Chronicle
544
$25,642,352 $22,359,937 $141,715488 $113,681551
18,813,909
16,798,731 109,607,277 97,481,469
Operating revenues
Operating expenses
Net
"$6^828,443
revenue
$5,561,206 $32,108,211 $16,200,082
Earnings for Week Ended July 24
1940
1941
Gross
$5,845,216
revenues
c
New President—
v
;
7
Hungerford has resigned as President of this company, including
National "West Indies" Steamships, Ltd., Canadian Govern¬
Marine, Ltd., and other subsidiary and affiliated companies,
but will retain the position of Chairman of the board of the railway.
R. C. Vaughan, now Vice-President in charge of purchases, stores and
steamships, has been appointed President and chief executive officer of
Canadian National and its steamship and rail subsidiaries.
Mr. Hungerford has resigned as President of Trans-Canada Air Lines and
H. J. Symington will succeed him as President of the airline.
Mr. Syming¬
ton has been a director of Trans-Canada Air Lines since its inception.
J.
S.
Operating revenues
Oper. exps., excl. direct
2,392,235
74,231
37,750
2,010,718
988,599
468,500
192,890
72,384
25,000
201,802
taxes
Direct taxes
Prop, retire, res. approp.
Amort, of limited-term
862,409
415,000
2,909
2,913
34,936
34,960
$48,185
$100,181
$914,783
17,937
$1,103,732
19,001
$932,720
227,500
9,650
$1,122,733
227,500
9,320
Crl.163
investments
$4,907,208
1 941—12 Mos.—1940
$4,799,053
$4,426,819-
1941 —Month—1940
$364,877
$393,368
Period End. June 30—
1941—6 Mos.—1940
1941—Month—1940
Co.—Earnings—
Central Arizona Light & Power
CanadianJNational Ry.—Earnings—
Period End. June 30—
July 26, 1941
Net oper. revenues
Other income (net)
108
60
$48,293
18,958
$100,241
18,958
963
967
Canadian
Gross income
ment Merchant
Int.
interest.
Cr678
Int. chgd. to constr'n—
Debentures Placed
Privately—It
announced July 24 that
was
,000,000 of 10-year
the Equitable Life
The proceeds are to be used
to supply additional working
Placement of the debentures was made through
Assurance Society of the U.
to refund bank loans and
$94,077
14,361
$99,890
14,332
$226,464
11,898
3,730
41,019
52,300
3,328
2,533
1938^
loss$59,256
13,369
31,135
$116,680
$53,151
2,760
1,182
24,694
3,345
1,371
26,546
837
and expense
interest
Depreciation.
an extra dividend of five cents per share in addi¬
semi-annual dividend of 65 cents per share on the com¬
stock, both payable Aug. 1 to holders of record July 17.
Like amounts
paid on Feb. 1, last.—V. 152, p. 672.
1939
1940
1941
Amortization of debt dis¬
count
Directors have declared
(& Subs.)—Earnings—
Central Foundry Co.
3 Mos. End. June 30—
Net profit from oper.—
Interest on funded debt.
Other
Carolina Insurance Co.—Extra Dividend—
$779,022
Notes—(1) Provision for Federal income taxes, subsequent to April 1,
1941, is being made at a rate which will result in the accumulation of such
taxes at the rate of 30% for the full year 1941.
(2) Includes provision of
$5,000 and $82,369 for Federal excess profits tax in the month of June, 1941
and in the 12 months ended June 30,1941, respectively.—V. 152, p. 4118.
S.
Otis & Co. (Inc.).
——
$887,076
108,054
$587,516
income—------
Balance
Capital Finance Corp., Columbus, Ohio—$4,000,000
$695,570
108,054
$28,372
$80,994
Dividends appiic. to pref. stock for the period
Net
—V. 153, P. 389.
capital.
mtge. bonds
on
Other
;
Fed. inc. tax (estimated)
tion to the regular
Net profit
mon
—V. 152, p.
Carolina Power & Light Co.—Earnings—
revenues
Oper. exps., excl. direct
Prop, retire,
075,015
90,000
res. approp.
6,207,665
2,354,608
1,170,000
4,993,357
1.842,438
1,080,000
$5,315,068
21,448
481.611
580,036
264,710
105,000
taxes
Direct taxes
$20,354
17,449
$5,366,075
9,446
19.886
Gross income.
$375,891
$704,635
143,750
296.667
Cr3,643
CM ,346
CV3.504
$5,385,961
1,746,560
CY34.793
Cr6,628
Int.
mtge. bonds
on
Other int. & deductions.
Int. chgd. to construct'n
Net income..
$237,130
$411,472
Divs. appiic. to pref. stocks for the period—
Balance
$5,336,518
2,405,000
80,403
$2,851,113
1,255,237
1,255,237
$2,425,585
_
$1,595,876
Notes
(1) Provision for Federal income taxes, subsequent to April 1,
1941, is being made at a rate which will result in the accumulation of such
30% for the full year 1941.
(2) Includes provision of $100,000 for Federal excess profits tax in the 12
months ended June 30, 1941, but includes no provision for such tax appli¬
cable prior to Jan. 1,1941, since no excess profits were indicated before that
date.—V. 152, p. 4118.
taxes at the rate of
8hs. of com. out. (no par)
Earns, per share on com.
$63,580,981 $53,524,493 $49,214,900
51,790,556
2,536,778
45,708,691
2,474,704
41,014,405
2,296,089
$9,253,646
232,510
Dr92,352
$5,341,098
324,653
P/T5.546
$5,904,406
463,992
Pr9,851
$15,915,582
a7,287,439
$9,393,805
2,194,780
$5,650,204
1,231,729
Assets—
Interest paid....
$7,199,024
$4,418,476
Cash surrender
eral taxes
Net profit
Income
profits taxes have been included herein on the
basis of latest available information concerning the probable 1941 income
and excess profits tax rates which are in excess of the tax rates currently
a
and
Inventories
excess
Assets—
Liabilities—
5
8 ,585,976
Notes payable
V 8
017,667
Accrued
8,891,182
23 ,470,309
Inventories.
18,955,546
1,804,534
1
1
Pref.
Land, buildings,
stk,
net
1,160,065
6,344,795
Res. tor Fed. taxes
and goodwill
1,923,148
yet
21,364
c
stock.
-----
-
Earned
surplus...22,546,587 17,682,925
Total...
61,925,824 50,822,444
for depreciation of $15,122,198 in 1941 and
reserve
b Represented by 1,882,240 no par shares.—V.
$14,108,980
152, p. 4118.
1941
1939
1,800
$81,467
1,936
$87,345
3,011
$74,634
15,212
$87,019
16,299
$83,402
21,821
notes payabl
Prov. for Fed. inc. taxes
on
Net income for period
cum.
pref. stock (par $100)-—
Chicago Burlington & Quincy RR.—Equip. Issue Sold
All of the 1 y2 % equipment trust certificates awarded last week to Salo¬
Bros. & Hutzler and associates have been sold, it has been announced.
The amount was
$9,387,000.—V. 153, p. 390.
Clark Equipment Co.—Earnings—
4,128
3,620
>
See
6,025
See b
a
$51,674
_
6,677
6,942
5,245
$59,450
11,161
12,123
1,250
$46,713
1941
6 Months Ended June 30—
Miscellaneous
Total income
*
$42,288
that capital losses charged to capital
Ss deductible under the 1940 Act exceed the net income for the period.
income tax return
$3,199,054
Net income from operations
1,866,000
increase in
Federal normal and
a
Assets—
1941
$12,078
1940
4,179,341
Investments
$21,369
4,441,493
on
preferred
on common
stock
stock
2,406
2,439
<fe
charges
1941
$470,000
a.
$4,193,825 $4,465,3011
1941
Cash
$
Liabilities—
Liabilities—
3,834,946
2,468,415
292
Accts. rec. (net).. 1,802,240
Inventories
3,921,964
rec.
(trade).
886,398
2,425,710
than Federal...
4,633
9,402
Conv. pref. stock 2,056,600
2,143,530
Common stock...
915,736
915,736
b Treas. stock..Drl,481,034 Drl481,034
Capital surplus... 1,762,330
1,789,341
c Undistributed net
?ePreStf4 by 205,660 (214,353 in 1940)
sented
by 606,034 shares of
common stock
dividends and interest.—V. 152, p. 673.
insur.
and payrolls
465,559
388,326
$4,193,825 $4,465,301
no par shares,
in treasury,
at cost,
44,709
42,135
44,072
50,672
3,248
3,648
4,665,316
Taxes, &c., accr'dRes.
for Fed.
224,700
472,019
inc.
2,957,446
7% cum. pref. stk.
4,298,706
12,723
S
676,469
25,062
($100 par)
1,927,900
1,927,900
b Common stock..
Land
Co. (100% own.)
Sundry
1940
1,430,756
& exc. prof. tax.
policies—
Buchanan
$
Current accts. pay.
4,798
Notes
V
1941
1940
$
■
4,996,760
4,996,760
Capital surplus...
608,180
Earned surplus
investm'ts
and claims
c
608,180
2,396,393
1,763,741
Treasury stock..£>r212,625
Dr239,525
14,329,511
10,205,544
Land, bldgs., ma¬
&c
charges and
prepaid expense.
$700,000
a
Total
65.469
297,020
237,616
$3.25
7
[Including Clark-Celfor Tool Corp.]
Total
income
Total
1940
$921,252
factory expense, including depreciation of $336,220
Consolidated Balance Sheet June 30
chinery,
Liabilities—
$1,164,228
242,976
$981,054
66,416
356,424
237,616
$3.85
stock
common
After deduction of
Def'd
Notes pay., banks
Accr'd taxes, other
73,247
576
in 1941 and $258,939 in 1940.
a
Balance Sheet June 30
450,941
352,000
Net
profit
Dividends paid
Dividends paid
$1,688,993
excess
profits tax
for the calendar year 1939 is subject to re¬
by the Treasury Department.
Cashiin bank.....
$3,904,466
587,851
116,994
568
Inv. in & advs. to
reason
.
Interest and exchange paid
purposes on the basis of the original cost, exceed net income for the period.
b No provision has been made for Federal income
taxes for the six months
1940, for the
_
Administrative and selling expense
Cash discount allowed
Estimated
1940
$1,667,533
21,460
$3,855,220
49,246
income.
Surrender value life
expenses
2,000,000
—-
mon
No provision has been made for Federal taxes on income for the reason
that losses realized on the sale of
investments, determined for income tax
deferred
$5,026,506
$1,200,000
542,250
508,300
2,000,000
775,956
640,676
Assets—
a
Prepaid
32",821
$1,450,000
727,321
500,300
Common stock.
$90,357
24,785
taxes on income
view
3,122
3.185
31,943
$5,318,297
$5,026,506
a After
reserve for depreciation of $1,610,488 in 1941
and $1,521,388
in 1940.
b 35 shares preferred
c Represented by 10o,000 no-par shares.
—V. 152, p. 3016.
1938
$85,219
2,488
'
Total income
1940
$72,146
General & admin, exps..
Taxes other than Federal
[
federal
17,955
11,733
outstanding (no par)
Earnings per share-.—..—;
Central-Illinois Securities Corp.—Earnings—
6 Mos. End. June 30—
Income—D i vidends
Interest
i he
—
$5,318,297
Shares of
ended June 30,
— -—
Total.
9,411,200
Capital surplus...13,733,577 13,733,577
.61,925,824 50,822,444
Interest
_
Surplus...
64,901
9,411,200
presented for red
b Common
equipment, &C.21 ,717,587 19,966,784
Prepaid Insurance,
taxes, &c
;.
134,385
31,438
After
4,000,000
$
2,346,628
4,500,000
payroll &
expenses
trademarks
in 1940.
-
-
1940
$428,054
26,750
1,824,391
36,054
1,311,869
1,333,756
3,089
2,715
—
Notes payable—banks and bankers
Accounts payable
1940
$
2,977,494 Accounts payable. 4,063,767
Notes & accts. rec.
a
-----
[Including Clark-Celfor Tool Corp.]
1941
1940
$
Cash
Total
—
value, life insurance
...——-
Balance Sheet June 30
a
u
_
1941
Pats.,
Nil
$595,970
21,276
2,005,774
43,964
1,311,692
1,298,688
hand
Land, building, machinery and equipment
—
Due from factoring departments, manufacturers
serial notes (secured) matu/ing 1941-42—
Due from former factoring department, inactive
manufacturing account (secured)
Investment in mill superintendent's house
b Treasury stock--——
Deferred charges applicable to future operations—
in force.
less reserves
on
a
$4,998,428
Net profit before Fed¬
Prov. for Federal taxes.
100.000
$0.62
Accounts receivable.
$6,358,547
1,360,118
$8,628,143
Interest earned
x$219,637
100,000
Nil
Consolidated Balance Sheet June 30
1940
Cash in banks and
7%
70,815,887
2,787,617
$15,808,207
190,659
Dr83,284
Profit
$62,524
100,000
Liabilities—
1Q^t8
Cost of sales, oper. exps.,
&c., less misc. income.
Depreciation
x$81,642
Total
1Q3Q
1940
18,625
x$189,933
19,704
10,009
xLoss or deficit.
Caterpillar Tractor Co.—Earnings12 Mos. End. June 30
1941
Net sales
$89,411,710
$81,149
Common dividends
Notes receivable..------
$3,680,822
x$63,703
17,939
$2,905
100,000
$0.03
dividends
Preferred
1938
1939
1940
1941
6 Mos. End. June 30—
Net profit after deprecia¬
tion and Fed. taxes—
Balance, surplus
$367,587
8,304
$695,189
Other income (net)
Net oper. revenues
-Earnings—
Century Ribbon Mills, Inc. (& Subs.)
1941—Month—1940
1941—12 Afos.—1940
$1,317,333
$1,191,785 $15,098,348 $13,230,863
Period End. June 30—
Operating
$43,864 loss$101,261
3492.
b Repre¬
c
From
a
After
14,329,511 10,205,544
reserve
for depreciation
Total
..—
and amortization of $5,310,704 in 1941
and $4,867,594 in 1940.
b Represented by 249,838 no par shares,
c Rep¬
resented by 269 preferred shares and 12,222 common shares in 1941 and
538 preferred shares and 12,222 common shares in 1940.—V. 152, p. 2699.
Clinchfield
RR.—Equipment
Trusts Offered—Halsey,
headed a group which on July 24 offered
$1,720,000 series B l%% serial equipment trust certifi¬
cates, dated Aug. 15, 1941, and maturing $172,000 each
Aug. 15, 1942-51, at prices to yield 0.35 to 2.00%, according
Stuart & Co., Inc.,
Volume
The Commercial & Financial Chronicle
153
'3
ruling dated June 20, 1941, excluding
respondent's proffered valuation evidence, it must be assumed that the
intrinsic value of prospective earning power of respondent's assets is suf¬
ficient to justify a substantial amount of preferred stock, for this was the
express purpose of the proffer.
"4 The proposed order would prejudice respondents and holders of its
stock for the reason that it would foreclose many possible types of re¬
capitalization plans which, in view of the assumption which must be made as
stated above, would be fair, equitable and feasible and for the other reasons
which we have heretofore shown in our briefs dated May 19,1941, and July
15, 1941."
Paul Davis, counsel for the SEC pointed out that dividend accruals on
C. & S. preferred stock now total about $29,000,000, and that these ar¬
rearages have been accumulating since 1935.
He said that Commonwealth's
capital structure was "not sound" when it was created at its organization.
"The common stock issued in 1929 on the basis of highly inflated values
received dividends in 1930 and 1931," he said.
"Since 1932 even the com¬
mon stock has received no dividends.
Investors who paid prices up to $29
a share saw their stock decline to 1% in 1932 and even less since then.In
the face of this record it is surprising to us to find this company asking to
keep preferred stock.
Its own record shows that no preferred stock in its
capital structure can possibly be justified."
:
to
maturity.
Associated in the offering are Blair & Co.,
Inc.; Ladenburg, Thalmann & Co., and Otis & Co., (Inc.)
The certificates, issued under the Philadelphia plan, and subject to ap
proval of the Interstate Commerce Commission, are to be jointly and
severally guaranteed as to par value and dividends by the Atlantic Coast
Line RR. and Louisville & Nashville RR. by endorsement.
The certificates
are to represent not more than 90% of the total cost of
standard-guage equipment: 8 steam freight locomotives,
type: 7 all-steel 8-wheel caboose cars; and 5-all steel
covered hopper cement cars of 70-tons nominal capacity.
Seven bids were made for the issue.
The Halsey group won the award by
bidding 100.1259 for l%s.
Other bids on the issue included: Chase Na¬
tional Bank, 100.328 for 2s; Salomon Bros. & Hutzler, 100.419 for l%s;
the
following
articulated
new
4-6-6-4
First Boston Corp., 100.076 for 1 Ua\ Harriman Ripley & Co., 100.199 for
124ss; Lazard Freres & Co., 100.063 for l%s; and Evans, Stillman & Co.,
100.1588 for 2s.—V. 152, p. 4119.
Cluett, Peabody & Co., Inc. (& Subs.)—Earnings—
1939
1938
$10,591,020
11,403,325
9,399,548
122,387
115,690
$9,880,551
8,480,750
103,356
$8,833,977
8,213,376
$1,603,577
49,349
$1,075,781
45,808
$1,296,445
44,323
$497,689
377.389
842,119
545,304
562,005
$2,495,045
317,686
428,047
200,000
$1,666,893
250,756
179,452
$1,902,773
494,999
141,602
$1,549,312
118,895
847,305
$1,236,685
118,895
677,844
$1,266,171
118,965
338,922
$314,834
118,965
271,137
$583,112
677,844
$2.11
$439,946
677,844
$1.65
$808,284
677,844
$1.69
def$75,268
6 Mos. End. June 30—
1940
1941
Gross sales, less returns,
&c
.$13,129,289
Cost and expenses
Depreciation—.
i
Other income
a
,
Weekly Output—
122,912
The weekly kilowatt hour output of electric energy of subsidiaries of the
Southern Corp. adjusted to show general business con¬
Commonwealth &
185,770,796
sanforizing patents.--
charges.J
...
U. S. & Can. inc. taxes,
b Provision
Net profit
Preferred
dividends
Common dividends.
_
Surplus
Shares
common
Earnings
per
stock
share
1940
$875,078
484,673
as
increase of 36,170,807 or
an
Conde Nast Publications, Inc.
Interest
Profit
$156,551
Earnings per share on common stock.
$0.46
Notes—(1) The above figures do not include the earnings of foreign sub¬
sidiary companies.
(2) No provision for excess profits taxes
p. 3647.
Connecticut Light &
$0.29
1941
£254,433
1,160
on
3,907
7,818
5,869
£301,966
900
900
148,149
148,610
49,955
40,790
27,557
sale of £200,000 of British Govt.
27,433
common
stock & other corp. purposes.
a
2y2%
convertible loan due 1944-1949
1940
1941
-...$21,762,467 $20,092,982
a3,865,791
3,629,514
Earned per average share..
$3,367
$3,161
After provision for taxes of $2,952,755 in 1941 and $2,324,159 in 1940.
Notes—(1) For comparative purposes the 1939 and 1940 figures have been
restated.
(2) The accrual for the 1941 Federal income tax is at an esti¬
mated rate of 30% as against the 24% rate called for under the present
1940
£286,661
1,617
Miscellaneous income
Power Co*—Earnings—
12 Months Ended June 30—
Operating revenues
Ltd.—Earnings—
investments..
considered necessary.—V. 152,
677.844
£259,500
on
1939
'
$89,794
$0.26
$137,389
$0.42
depreciation
Balance for
Colon Development Co.,
1940
Net profit after Federal income taxes
a After provision for U.
S. income taxes (estimated portion applicable)
$379,189 in 1941, $131,346 in 1940 and $142,839 in 1939.—V. 152, p. 3494.
3 Months Ended March 31—
(& Subs.)—Earnings—
1941
6 Months Ended June 30—
75,571
and
Proceeds from sale of crude oil to associated co
the week ended July 17, 1941 amounted to
compared with 149,599,989 for the corresponding week in
24.18%.—V. 152. p. 391.
ditions of territory served for
Inc. from royalties on
Other
545
In view of the Commission's
law.—V. 152, p. 4120.
Consolidated Cement Corp .—Earnings—
Total.
Directors' fees
Drilling, production and field expenses
Administration and general expenses, &c
Prov. for deprec., less adjustment in respect of
a
a
a
Including intangible drilling expenditure on producing fields
Int. on 15-yr. 6% cum. income
Bond discount and expense
Jan. 1,
1936, no provision has been made during the three months ended March 31,
1941, and 1940, for depletion of the cost of concession and development
Loss
retirement
on
of
a
Commercial Investment Trust
Corp.—Terms Changed—
fixed
$86,303; and sic months ended June
V. 151, p. 3086.
—V. 152, p.
Earns.
1941
Output1940
149,224,000 126,501.000
$388,918
$0.84
$0.48
$1.65
$1.08
com¬
stock
3019.
Consolidated Mines of
York, Inc.—Weekly
York announced production of the electric
18.0
amounting to 141,corresponding week
California—Promoter Guilty—
Commission and the Department of
Justice
July 21 reported that William J. Shaw of Los Angeles, Calif., was found
guilty by a jury in the Federal District Court at Los Angeles of violating
the registration provisions of the Securities Act of 1933, in connection
the sale of interests in a mining venture and the stock of Consolidated Mines
of California.
He was acquitted on mail fraud charges.
The indictment charged that Shaw and Frank S. Tyler, who previously
with
3339.
pleaded nolo contendere to
all counts of the indictment,
devised a scheme to
in California. It charged that Shaw controlled
committee formed to represent stockholders of two Fortland cement companies and that he employed the trust and confidence exist¬
ing between the committee and depositing stockholders to persuade them
to exchange their certificates for interests in a gold mining venture which he
and Tyler dominated.
defraud numerous investors
and dominated a
counsel for the corporation, argued before the Securi¬
Commission July 21 that the company's voluntary plan
reorganization "can eliminate all the problems under Section 11" and
opposed a Commission order which the utilities division seeks for elimina¬
tion of the preferred stock.
Counsel for the SEC, which seeks simplification of Commonwealth's
of
Continental Steel Corp. (&
Subs.)—Earnings—
1941—6 Mos.—1940
1941—12 Mos. 1940
$12,863,933 $8,046,188 $23,244,135 $18,533*820
cSt of safes.
10,635,370
6,422,304 19,288,837 14,712,255
Admin., sell. & gen. exp.
789,882
726,661
1,531,156
Prov. for depreciation...
285,457
277,492
492,009
502,692
capital structure under Section 11 (B) (2) by elimination of the preferred
stock on the grounds that it complicates the capital set-up of the company,
stated that the experience of investors in utility holding companies in pre¬
Period End. June 30—
sales
Net
particularly unfortunate."
the Commission announced that it will
At one point, Mr. Roberts addressed his
remarks to the press regarding the unfavorable affect a Commission order
would have if it directed the company to eliminate its preferred stock.
Edward C. Eicher, Chairman of the SEC, asked Mr. Roberts whether he
was appearing before the press, or the Commission.
Mr. Roberts said he
was addressing his arguments to the SEC, but that he wanted to make clear
ferred shares "has been
At the conclusion of the argument
under advisement.
Profit from operations
Other income..........
Total income
Int.
his point to
the newspaper men.
Commonwealth has proposed that holders of its preferred stock exchange
their securities for those of its northern properties as part of the general
integration plan.
under the "death
The company seeks to
sentence."
Opposing the contentions
,
$1,153,223
44,364
$619,731
28,746
$1,932,133
85,974
$1,807,104
67,195
$1,197,588
26,250
1,220
$648,477
29,250
1,360
$2,018,108
53,250
2,475
$1,874,299
55,500
l,90o
1,740
12,962
4,953
18,864
144
.337,000
193,675
390
132,720
323
618,930
193,675
2,777
332,565
$637,558
$471,795
$1,144,501
$1,447,687
119,000
81,000
419,000
real estate held
15'0°°
for sale
^emenTS proper
L°SeSt<foPert°I AHOt"
.
,
The proposed
funded debt
of dt. disc. & exp
Prov. for
retain its southern properties
voluntary recapitalization plan can eliminate all the
problems under section 11.
The proposed order will eliminate none.
It
will have no effect on Section 11 B 1 problems and it leaves totally undecided the essential and most difficult issue in the whole Section 11 B 2
proceeding, the terms of readjustment between the existing classes of stock.
There are also convincing arguments that the Commission does not have the
powgr to make such an order.
"2 The proposed order would act primarily upon the lawful and valuable
rights of respondent's stockholders who are not party.
Respondent,
solely by its own action and without the consent and approval of such
stockholders given in the mannei provided by law, would be incapable of
complying with the proposed order.
Any proceeding to enforce such an
order by the appointment of a trustee or otherwise would be, in view of
respondent's legal incapacity to comply with the order, highly inequitable
even if legally possible (which correspondent denies).
.
on
Amort,
of the SEC utilities staff, Mr. Roberts offered
the following points:
"1
$590,720
The Securities and Exchange
Settle Problems—
case
$173,732
on
Commonwealth & Southern Corp.—SEC Is Urged to
Company to Plan Change—Counsel Says Company Can
take the
Inc.—Earnings—
$301,910
Consolidated Edison Co. of New
Allow
George Roberts, of
on
2548;
1941—6 Mos.—1940
1941—3 Mos—1940
plants of its system for the week ending July 20, 1941,
500,000 kwh., compared with 136,000,000 kwh. for the
of 1940, an increase of 4.1%.—V. 153, p. 391.
11.6
12.6
18.7
391, 239: V. 152, p. 4119, 3965, 3803, 3646,
30, 1939, $84,782.—V. 152, p.
Consolidated Edison Co. of New
Per Cent
Increase
142,848,000 127,988,000
143,239.000 127,248,000
132,294,000 111,457,000
ties and Exchange
2,494
4,133
1,629
Output—
with last year:
-Kilowatt Hour
sh.
Per
bined
Commonwealth Edison Co.—Weekly Output—
Last week's electricity output of the Commonwealth Edison group of
companies, excluding sales to other electric utilities, showed an 11.6%
increase over the corresponding period of 1940. Following are the kilowatthour output totals of the past four weeks and percentage comparisons
-
„
Consolidated Chemical Industries,
Period End. June 30—
feeling that this reduction will serve the present needs of the defense program
without placing too great a burdon on the consumer."—V. 152, p. 2699.
June 28....
5,365
4,707
assets,
income).
x Loss.
Note—Charges included in the above profit and loss accounts and in
finished cement inventory for depreciation and depletion were as follows:
Six months ended June 30, 1941, $89,801; six months ended June 30, 1940,
Net profit after all chgs.
and Federal taxes
—V. 153, p.
46,735
4,448
6,060
Federal taxes
$86,362
x$3,599
$47,279
Including expense applicable to non-operating periods, &c. (less mis¬
sidering a reduction in terms available oh major household appliances. The
terms announced today (July 17) are as short and in some cases shorter
than those recently adopted by the Electric Home and Farm Authority,
the Government finance company handling electrical appliances.
It is our
July
42,257
cellaneous
Aug. 1 in New York City after which it is anticipated these requirements
will be extended nationally.
Mr. Maddock said:
"For the past several months C. I. T. has been con¬
July
$296,902
190,321
Net profit before
Corporation announced on July 17 that it is reducing the maximum terms
available on major household appliances from 36 months to 30 months and,
at the same time, increasing the minimum down payment required to 10%
of the sales price.
According to S. D. Maddock, Vice-President in charge of industrial
business for the company, C. I. T. will make the new terms effective
19..
12
5
notes.
obsolescence, oper. of dwellings, &c.
expenditures to date.—V. 152, p. 1126.
Week Ended—
$289,416
236,117
4,143
4,143
income bonds
amounting
£34,605.
Note—Pursuant to the policy adopted by the management as from
July
$352,508
216,844
Gross profit on sales
.
Selling, gen. & admin, expenses
on 15-year 1st mtge. 6% cum.
Interest
£84,115
£32,940
Profit for the three months
to
1939
$716,682
419,780
39,387
sales, less freight,
allowed, &c.
Cost of goods sold
117
Interest payable to associated company
1940
$648,722
359,306
discounts
Gross
•
retirements.
1941
$827,870
475,362
6 Months Ended June 30—
Prov
for Fed
Prov. for
"inc.'UlW-
increased taxes
——
,
Net
profit.
Approp. for
___
future inven-
torryesPrfor
cSttosfff."
Bair0nfedrsun)lu7^^
$637,558
$352,795 $1,063,501 $1,028,687
and $95,100 in the six and 12 months period, respec
for excess profits tax.
Earnings for the three months ended June 30, 1941, appeared in the
"Chronicle" of July 19, page 392.
a
Includes $45,000
tively, provision
The Commercial & Financial
546
$
a
..
Notes & accts.rec
36,579
d Sundry
subsequent provision
payable.
565,793
415,653
1,275,383
92,431
93,791
8,264,005
8,378,548
b Land, buildings,
1
1
30.518
47,248
Dayton Union Ry.—Listing—
200,000
200,000
1,600,000
401,701
371,482
568,693
within
year....
Operating reserves
Res. lor conting's.
7%
cum.
649,693
pre!, stk. 1,885,500
1,885,500
5,279,300
ZM8.293
Initial & cap. surp.
5,279,300
7>r22,338
1,807,404
Earned surplus...
Patents
Deferred charges..
152, p. 4120.
790,360
due
10-yr. 3% s.l. debs. 1,400,000
sale
much. & equip.-
%
Accrued liabilities.
Accounts
Debentures
5,149,495
——-
Real estate held lor
1941, provision of $4,132 for
applicable prior to Jan. 1, 1941, but includes no
for such tax since no excess profits are indicated.—V.
Federal excess profits tax
1940
%
Liabilities—
440,976
1,910,491
1,409,563
2,119,967
19,904
receiv'8Inventories
5,264,796
Cash
1941
1940
$
July 26, 1941
Includes in the 12 months ended June 30,
Consolidated. Balance Sheet June 30
1941
V.
Assets—
Chronicle
3,758,750
c
Common stock..
Treasury stock
Stock Exchange has authorized the listing of $2,400,000
The New York
and outstanding.
General Balance Sheet Bee. 31
1 040
A
24,114
a
17,201,187 16,057,129»
3,157,031
Special deposits...
15,940
29,246
24,376
11,599
Deferred assets...
10,700
2,248
Unadjusted debits
18,911
16,057,129
After reserve for doubtful notes and accounts and discounts of
Grants
$185,879
5,009,006
Audited accts. and
payable-.
Int. mat'd unpaid
Other
curr.
on
Corn Products Refining Co.
the common
Delaware & Hudson Co.
$5,665,698
1,257,314
$5,335,663
1,039,035
$6,434,723
905,628
..$10,531,841
Fed. & State income tax. b4,903,200
Depreciation
750,000
$6,923,012
1,765,288
750,000
$6,374,698
1,420,005
750,000
$7,340,351
$4,878,641
860,083
3,795,000
$4,407,724
860,083
3,795,000
$4,204,693
860,083
3,795,000
$5,046,623
860,083
3,795,000
$223,558
14,858,846
x$247,359
16,588,226
x$450,390 sur$391,540
15,777,994
15,334,491
Other income
Total income
Net profit
Preferred dividends
Common dividends ..
—
'
Surplus
Surplus Dec. 31-
1,513,728
On
shares
2,530,000
60,812
22,153
19,950
394,779
4,932
6,344
411,787
5,082
Net
(& Subs.)—Earnings—
9,790,161
8,776,119
19,672,540
18,349,752
$3,414,703
of cos. consol.
rev.
revenues of
consolidated
Net
Net
revenue
Taxes,
cos.
$2,572,371
$7,139,187
$5,561,264
not
def4,568
def57,494
4,281
48,382
$3,410,135
$2,514,877
$7,143,468
$5,609,646
829,520
1,321,010
834,634
1,324,485
1,651,781
2,643,793
1,681,237
2,640,414
655,505
673,339
1,357,949
1,354,831
3,533
75,512
11,297
$539,194 def$321,114
of all cos.
$1,414,433
def$78,133
other than Fed'l
taxes on income
Fixed charges.
—
Depletion & depreciation
for Federal
income
Provision
a
taxes on
Net
stock,
b Includes excess profits tax
House Ways and
Deficit.—V. 152, p. 3804.
common
64,906
income—
x
profits taxes.—V. 152, p. 2850.
Detroit Edison Co.
1941.
No provision for excess
(& Subs.)—Earnings—
a
and the Federal taxes are based on recommendation of
Means Committee for
.
1941—3 Mos.—1940
1941—6 Mos.—1940
$13,204,864 $11,348,490 $26,811,727 $23,911,016
revenues
Expenses
$15,082,404 $16,340,867 $15,327,604 $15,726,031
$1.59
$1.40
$1.32
$1.65
Surplus June 30
Earnings per share
a
Gross
780,000
_____
a
•58". 547
Period End. June 30—
$9,502,423
1,029,418
Profits from operation..
__
-V. 152, p. 117.
1938
1939
1,683,817
$6,380,972 $6,074,589
Total
$6,380,972 $6,074,589
Total
(& Subs.)—Earnings—
1940
1941
6 Mos. End. June 30—•
2,120
10,081
liabs._
Unadjusted credits
Approp. surplus
Profit & loss, def..
stock, payable Aug. 15 to holders of record July 31.
Dividends of 3 cents
were paid on Feb. 15, last, and on Nov. 15, 1940; 5 cents paid on Aug. 15
and Feb. 15, 1940, and on Nov. 15, 1939, and 4 cents was paid on Aug. 15,
1939, this latter being the first dividend paid since Nov. 15, 1937, when
514 cents per share was distributed,;—V. 151, p. 2640.
868
985
1,940
-
Unmat. int. accr'd
Deterred liabs..
share
25,577
aflil.cos
Misc. accts. pay._
Continental Cushion Spring Co.—43^-Cent Dividend—
Directors have declared a dividend of 414 cents per
106,000
3,458,251
59,268
...
Non-negot. debt to
wages
1940.
b After deducting reserve for depreciation
of $7,717,263 in 1941 and $7,362,752 in 1940.
c Represented by 200,648
shares of no par value,
d Includes miscellaneous investments.—V. 153,
p. 392; V. 152, p. 3020.
699,635
3,997,000
65,656
construction
Fund, debt unmat.
2,248
in 1941 and $196,243 in
oI
aid
in
$321,000
$1,059,000
Capital stock
8,120
Misc. accts. ree'le.
17,201,187
Total
Cash--.—-
1939
1940
Liabilities—
1939
$995,124
*6,108,965
194,961
Total Investments
1,807,404
Mat'l & supplies..
Total
1, 1965 which are issued
general mortgage series B 314% bonds, due Dec.
Corrugated Paper Box, Ltd.—Accumulated Dividend—
12 Months Ended June
Directors have declared a dividend of $1.75 per share on account
of ac¬
cumulations on the 7% preferred stock, payable Sept. 2 to holders of record
Aug. 15.
Arrears on Sept. 2, 1941 will amount to $15.75 per share.—
V. 152, p. 2391.
Gross earnings from
1941
1940
$69,958,669 $62,514,855
52,216,193 45,934,246
30—
utility operations
Utility expenses..
$17,742,476 $16,580,609
175,835
142,518
Income from utility operations
Other miscellaneous income
Cramp Shipbuilding Co.—Obituary—
James Reed, President of this company died at
Mr. Reed was 59.—V. 152, P. 3885.
Gross corporate
his home on July 22.
Interest
on
$17,918,311 $16,723,127
5,841,455
5,805,537
Cr27,148
Cr78,520
646,558
403,545
income
funded and unfunded debt
Interest
charged to construction
Amortization of debt discount and
Crosley Corp.—Court Decision—
In
an
expense
opinion handed down by the United States District Court for the
factured and sold by this corporation were held not to infringe
MacDonald
patents Nos. 1,913,604 and 2,022,514 owned by the Hazeltine Corp.
The patents in suit were claimed by Hazeltine to cover primaries
-V. 152, p.
in
4120.
Devoe &
coupling transformers of such high inductance as to insure that the
natural resonance of the antenna circuit was below the lowest frequency of
antenna
The Court held that the claims were to be read
placed on them by the United States Patent Office
prior to the issuance of the patents.
The patent office had held that the
claims covered only a circuit in which the primary itself had sufficient
inductance to insure resonance below the band.
The Crosley primaries
were themselves resonant within, not below, the band and were held not to
infringe.
The decision of the Ohio Federal Court followed closely that of the United
States District Court in Delaware in a suit by Hazeltine against the General
Motors Corp. holding Hazeltine's Trube Patent No. 2,111,483 for com¬
bined magnetic and capacitive coupling invalid and not infringed, and a
decision by the Supreme Court of the United States in a suit by Hazeltine
against Detrola Radio & Television Corp. holding Wheeler Reissue Patent
No. 19,744 for automatic volume control invalid for lack of invention.
—V. 152, p. 3020.
s
the band being received.
in the light of limitations
.$11,457,446 $10,592,566
Net income
Southern District of Ohio, Western Division, certain radio receivers manu¬
Raynolds Co., Inc.—Consol. Bal. Sheet May 31
$1,159,229
2,935,362
38,115
3,699,641
24,599
47,528
3,325,464
153,761
227,668
Cash
Trade accounts and notes receivable (net)
Other notes and accounts receivable.
Inventories
Investments (less reserve)
Miscellaneous notes and accounts receivable
a Land, buildings, machinery and equipment
Leasehold improvements
.......
_
.
.
_
.
_
...
Prepaid insurance, deferred charges, &c
Tptal
T 4nhdlitd/?<?——
Culver City
Properties Co.—Liquidating Dividend—
Dallas Ry.
& Terminal Co.—Earnings—
1941—Month—1940
Period End. June 30—
$273,102
Operating revenues..—
Oper. exps., excl. direct
1941—12 Mos.—1940
$3,300,013
2,181,171
209,647
176,693
17,758
8,639
2,293,065
$43,010
$42,343
15,505
15,505
$513,126
186,063
$503,715
186,063
$27,505
_
Prop, retire, res. approp.
$26,838
$327,063
3,375
...
Earned surplus
$330,438
282,180
24,631
$331,402
282,180
24,725
218,852
a
Operating income
^
792
Other income
Int.
$27,505
23,515
1,959
mtge. bonds.
deductions
on
Other
$27,630
23.515
1,959
$23,627
103,901
$24,497
103,901
def$80 ,274
$2,031
Divs. applic. to pref. stock for the period.
def$79,404
$2,156
Balance
Note—No provision has been made for Federal excess profits tax since
present indications are that no such tax will be payable.— -V. 152, p. 4120.
Dallas Power &
Light Co.—Earnings—
Period End. June 30—
1941—Month—1940
Operating re venues.
Oper. exps., excl. direct
taxes....
$7,224 ,928
108,666
2,739,713
1,451,680
21,820
283,288
2,612,571
1,237,815
512,639
Net oper. revenues
income
on
mtge. bonds
Other int. & deductions.
_
Net income
$229 805
$228,623
$2,750,247
reserve for depreciation of $2,198,373 in 1941 and $2,362,974 in
b For extraordinary obsolescence, and piant consolidation expendi¬
par
c
Represented by 116,757 no par shares,
$229,805
46,667
1,877
*181,261
vV
341
$228,623
$2,750,905
$2,718,661
46,66/
560,000
1,833
22,037
560,000
449,326
$180,123
——
$2,168,868
507,386
$1,709,335
507,386
$1,661,482
$1,201,949
Notes—Provision for Federal income taxes, subsequent to April 1,1941, is
being made at a rate which will result in the accumulation of such taxes at
the rate of 30% for the full year 1941.
d Represented by 35,783
shares.
Earnings for the six months ended
May 31,
1941, appeared
in
the
"Chronicle" of July 12, page 239.
Dewey & Almy Chemical Co. (& Subs.)—Earnings—
a
Net
1941
1940
$342,838
Earnings per share
•
After all charges and
....
$272,773
217,397
profit
Shares of common stock outstanding
216,475
$1.34
$1.02
Federal income and excess profits tax.—V. 152,
p.3649.
Diamond Match Co.-—Dividends—
Directors have declared a dividend of 3714 cents per share on the common
stock, payable Sept. 2 to holders of record Aug. 12.
This compares with
25 cents paid on June 2, last and 50 cents on March 1, last.
In January, 1940 company declared four dividends for 1940—50 cents
paid March 1, 25 cents paid June 1, 50 cents paid Sept. 3 and 25 cents paid
Dec. 2.—V. 152, p. 3649.
Dome
Mines, Ltd.—Earnings—
1941
1940
1939
1938
$3,931,606
$3,9'<4,237
$3,625,178
17<,675
178,355
124,180
$3,640,528
160,332
$4,109,281
1,360,384
$4,152,592
1,322,091
$3,749,358
1,325,750
$3,800,860
1,322,633
908,187
776,856
385,964
358,760
24,000
9,391
32,825
5,410
$2,004,820
$2,114,057
6 Mos. End. June 30—
Total
recovery...--.-.
— -
$2,718,320
658
-
Divs. applic. to pref. stock for the period.
Balance
818" 792
$11,611,367 $11,060,813
...
Total income
Oper. and
Int.
1,700,000
894,000
3,819,658
1,307,398
1,538,259
1,948,931
...
Other income.
Other
1,600,000
79,33,3
114",164
$7,081,345
232,774
136,315
40,817
res. approp.
$591,883
237,722
....
Direct taxes
Prop, retire,
1941—-12 Mos—1940
$644,659
64,197
100,000
After
1940.
tures.
a
Net income
$704,345
894,000
_ _
6 Months Ended June 30—
Gross income
35,331
303,883
53,780
226,529
143,461
100,000
c3,736,813
dl ,260,523
Total
no
Net oper. revenues
Rent for lease of plant..
($100 par)
24,500
3,378,568
407,642
;
7 % cumulative preferred stock
Class A.common stock...
Class B common stock—
$317,652
13,750
198,336
295,486
_
...
$3,113,385
191,978
15,391
22,723
taxes
Direct taxes
$245,433
fund payment due currently.
Sinking fund debentures
Other long-term liabilities.
Debentures sinking
b Reserve
61,884
3,592,865
136,892
$300,000
860,354
Other accruals
special meeting held July 16 the board of directors declared liquidat¬
ing dividend No. 4 at the rate of $1.50 per share, payable July 29, 1941,
to stock of record July 17, 1941.
This brings to $16.50 per share the total of liquidating distributions to
date on the stock of $10 par value.—V. 150, p. 1431.
a
$883,780
2,643,111
$11,611,367 $11,060,813
I
L
payable—banks
Accounts payable—trade
Dividends declared and payable
Notes
Accrued taxes
At
1940
1941
Assets—
gen.
Estimated
Dominion and
United
States
cost
taxes.
_
Outside
exploration ex¬
penditure
Foreign exchange paid on
195,798
transfers of funds
Net income
Note—In
the
$1,816,710
above figures
depletion and adjustments
152, p. 3805.
—V.
of
$1,848,456
allowance is made for depreciation or
surplus or contingent reserve accounts.
no
Volume
(In Kilowatt-hours)
Duluth Winnipeg & Pacific Ry.—Earnings—
Increase
r,
Amount
P.C.
15,810,000 12.2
10,087,000 14.2
19,912,000 23.1
include the system inputs of any companies
$84,093
def6,755
def25.161
$83,636
def21,653
def37,232
714,267
142,054
def9,320
614,657
52,373
def81,707
555,552
def23,188
not
defl59,257
From Jan. 1—
Gross from rail way
Net from railway
183,972
17,813
Net ry. oper. income
The
above figures do not
appearing in both periods.—V. 153, p. 394.
Eastern Massachusetts Street Ry.- -Earnings-—
—V. 152. p. 4121.
Subs.)—Earnings
(E. I.) du Pont de Nemours & Co. (&
1941—6 Afos.—1940
1941—3 Mos.—1940
Period End. June SO—
Sales & other operating
Ry.
Ry.
$163018,582
22,819,205
1941—6 Mos.—1940
$3,961,822
2,417,051
$3,665,934
2,333,698
$190,295
60,042
$1,544,771
505,611
$1,332,236
352,143
$130,253
5,042
$1,039,160
$980,093
22,516
29,644
$135,295
$1,061,676
$1,009,737
38,416
42,151
232,018
260,946
$111,274
88,893
$93,144
84,777
$829,658
516,415
$748,791
$22,381
1,367
$313,243
$239,417
(& Subs.)-
-Earnings
bl941
$3,160,640
1,138,479
$2,966,271
1,162,673
$232,489
86,885
Operating income....
^
$125,915,197 $84,514,779 $235061,156
sold and
operating charges
67,637,143 46,326,187 126,130,15o
Selling, gen. and admin.
oper. revenues
oper. expenses
1941—Month—1940
$643,914
$560,670
411,425
370,375
$149,690
Period End. June 30—■
a
iv..
$125,076
32,015
9,107
Operating Subsidiaries of—
1941
1940
American Power & Light Co... 145,263,000 129,453,000
Electric Power & Light Corp.. 81,248,000
71,161,000
National Power & Light Co...106,058.000
86,146,000
809,547
income—
oper.
-7,''v.
v-
$141,801
37,270
13,432
Gross from railway
Net from railway
Netry.
-
1938
1939
1940
1941
June—
547
& Financial Chronicle
The Commercial
153
21,604,886
revenues--—.
Cost
of goods
89,272,56o
Prov.
for
Net oper.
and
deprec.
Gross corp. income
12,368,908
9,933,647
opers—$40,128,544 $22,425,927 $73,742,887
Interest
Income from marketable
&c
34,084
in
invest,
cos.
61,056
20,028
31,292
from
controlled
Available for deprec.,
_
securities
dividends,
239,695
239,698
174,695
174,698
Income from misc. inv't's
584,845
681,924
780,741
Dr34,743
Dr2,276
Dr42,585
346,010
-1-—10,000,000
10,000,000
17,500,000
17,500,000
.$50,884,636 $33,300,298 $92,281,797
outstand'g bonds
8,791
....—
$61,245,674
21,979
Net
918,401
securities (net)
from invest-
on
Income
~ ~
Int. on
b Prov. for Fed. taxes
on
10,370,000
contingencies
for
toownta^——
nnn
_
„
38,520,000
6,165,000
21,377,000
income.
I
4,000,000
10,000,000
4,000,000
6,500,000
—
$23,007,636 $23,126,507 $43,761,797 $46,853,695
1,899,957
1,899,957
3,794,913
3,799,913
Netinqome
Divs. on pref. stock
Bal. applic. to common
stock.
$21,107,679
d Incl. E.I. du Pont
$21,226,550 $39,961,884 $43,053,782
de
22,348,879
41,475,431
44,877,680
11,043,213
$2.02
Nemours & Co.'s equity 21,918,453
c Shares of common
11,050,987
Amount earned a share.
$1.98
11,050,779
$3.75
11,044,663
$4.06
a Net
of returns, allowances, outward freight, &c.
b Based on laws
existing June 30th each year. (In 1941, includes excess profits tax of $10,566,OO0 for three months, and $18,680,000 for six months,
c Outstanding
during period, excluding average number of shares in treasury,
d In un¬
divided profits of controlled companies not wholly owned, amount earned
common
stock is.
'
for retirement losses
12 Months Ended June 30—
Operating revenues
Operating expenses
Electricity purchased for resale
„
„
43,761,797
Total
-
Dividends—Preferred stock
Common stock
—
46,853,695
5,500,000
Provision for retirement (deprec.) of
a Provision for Federal income taxes
Other taxes
$313,516,594 $309,068,067
3,799,913
3,799,913
38,702,393
38,678,131
Taxes assumed
In accordance with a
General Motors Corp. common stock is
carried was adjusted on the books of the company in March, 1940 to $202,500,000 ($20.25 a share) and in March, 1941 to $208,000,000 ($20.80 a
share), which closely correspond to the equity indicated by the consolidated
balance sheets of General Motors Corp. at Dec. 31, 1939 and Dec. 31,
Co.'s
Pont
investments
in
1940, respectively.
The net amount so added to surplus from 1925 to
1941, inclusive, is $150,378,252.
Also, there was added to surplus in
prior years $4,364,113 as a result of revaluing a Canadian investment
carried in "other securities and investments."
1941
1940
1941
props--430,067,039 391,563,155
Patents, good¬
will, &c_.
30,026,942
30,063,586
112,567,597 101,255,357
h Cash
25,686,565
38,850,071
curities
24,973,840
Inventories
62,157,542
14,980,111
57,105,404
11,463,037
4,220,459
Net income...
Corp.com.stk.208,000,000 202,500,000
40,830,505
Provision for Federal income tax for the period from Jan. 1, 1941 is
based upon an anticipated 1941 tax rate of 30%.
No provision has been
considered necessary
Tax Act of 1940.
b
co.
acquired..
2,408,044
2,873,590
4,556,514
1,630,366
963,529,475 874,392,022
General
a
Motors
Corp.
common
1,899.956
65,180,551
Eastern Gas & Fuel
27,330,821
Misc. accts. pay.,
Electric Power & Light Corp. (& Subs.)—Earnings—
&c. 13,132,460
6,453,427
empls. un¬
der bonus plans
Res.
Taxes
Property retirement de¬
pletion res've approp.
32,712,983 114,126,233 110,805,742
40,887,766
11,065,715
40,870,048
5,821,673
1,501,385
5,679,270
4,701,333 al9,484,105
16,197,775
4,887,585
4,998,294
17,917,935
17,094,225
9,132,739
10,446,256
30,804,303
342,745
8,655
39,345
3 0,174,875
264,922
9,141,394
2,892,010
10,485,601
2,993.317
30,439,797
11,786,877
31,147,048
566,524
312,769
Crl8,148
502,647
382,767
Cr3,062
2,090,273
1,051,712
2,004,711
1,411,548
CV42.639
Cr 19,690
5,388,239
1,971,613
87,370
6,609,932
1,971,618
704,551
15,553,574
7,886,452
377,029
15,701,723
7,886,473
357,411
3,329,256
3,933,763
7,290,093
7,457,839
Electric Power & Lt. Corp.—
b'Net equity..
3,329,256
3,933,763
7,457,839
313
308
7,290,093
3,288
3,329,569
7,293,381
396,197
1,645,575
7,458.454
257,529
1.654,787
5,251,609
5,546,138
Net oper. revenues
Other income (net)
long-term debt..
interest
(notes,
loans, «fec.)
on
12,048,756
Other
deductions
Less int. chgd. to constrBalance
.
b Net equity
Other income—
Expenses, incl. taxes
154,218
410,860
3,934,071
80,291
412,486
615
7,140,207
2,764,491
3,441,294
13,380,996
Reserve
insur.,
for
de¬
Bal.
preciation, &C143,151,231 128,588,334
d271,014,288 266,590,023
963,529,475 874,392,022
Total
carr'd to
by subsidiaries for Federal excess profits tax of
$159,956 for 3 months and $265,322 for 12 months,
b Of Electric Power & Light Corp. in income of subsidiaries.
provision
Statement
n
Period End. Feb. 28—
Gross inc.—From subs..
Other
Total
•
Int.
4,323,516
2,794,817
602,820
coll. trust bondsof debt disct. &
expenses on
(Company Only)
1941—12 Mos.—1940
$3,323,483
$2,704,485
3,288
615
$856,108
154,218
387,500
13,071
$842,427
80,291
387,500
14,707
$3,326,771
396,197
1,550,000
9,744
9,744
38,974
debentures
Other int. deductions—
requirements $3,291,920
$2,844,183
1,108,704
Net
_.
55,510
48
1,705,100
257,529
1,550,000
61,915
38,974
2,860
income.
545
487
1,091
1.038
$291,030
$349,650
$1,284,999
$792,784
—
Note—No provision has been made for Federal excess profits tax since
613,653
1,108,730
on
Amort.
bonds retired
2,656,797
preference stock
'
Int. on debentures
of Income
1941—3 Mos.—1940
$855,795
$842,119
313
308
Prem. & exp. on coll. tr.
4,338.855
Debt discount and expense
'
Expenses, incl. taxes..
1841
1940
$12,968,240 $11,407,315
2,077,848
831,146
_
consol.
earned surplus
Includes
stock,
Interest
Div. requirements on 43^ % prior
—
Maintenance
32,403,981
11,108,793
1,387,489
a5,887,375
Int. & other deduc'ns
5,268,472
contings. 26,926,336
for
1
Net income available for dividend
1941—12 Mos.—1940
Subsidiaries-
Operating re venues
Operation—
Total
Associates—Earnings—
Depreciation and depletion
1941—3 Mos.-—1940
Period End. Feb. 28—
gProv.for awards
12 Months Ended June 30—
Federal income taxes, current year
\
Employees Association.—V. 152, p. 3650.
1,899,956
f Accr'dliabils.-
share in 1941 and $20.25 a share
Total consolidated income
and insure uninterrupted production in the national defense
The company manufactures torpedo boats for the Navy.
The two-year contract was signed by the company and the Elco Works
24,939,472
10,000,000 shares carried; at
1940. b Quoted market value
June 30, 1941, $24,973,840 (1940, $14,980,111).
c Represented by 11,065,762 shs. of $20 par value.
dE.I. du Pont de Nemours & Co.'s equity
in surplus of controlled companies not sholly owned has increased since
acquisition by a net amount of $5,725,143 at June 30, 1941; which is not
included in surplus in above balance sheet,
e Held for awards to employees
under bonus plan,
f Includes provision for Federal and other taxes $56,214,683 in 1941 and $20,943,537 in 1940. g Exclusive of $1,285,196(1941)and
$1,579,817 (1940) included in current liabilities, h Less reserve for doubtful
accounts and notes, cash discounts, &c., $3,133,202 in 1941 and $2,635,173
in 1940.
i Represented by 1,688,850 no par shares.—V. 152, p. 3966.
a
wages
program.
a
Total
Co.—Wages Increased—
Pref. divs. to public
Por. applic. to min. ints
8,956,347
advs.—
Surplus
$20.80
for Federal excess profits tax under the Excess Profits
Preliminary.—V. 152, p. 3021.
Company announced a general 12% wage increase for its 2,000 employees,
including office workers.
The company estimated the increase, retroactive to last June 23, would
mean an additional income of $500,000 annually for the workers.
The
announcement added that the action was taken in line with a move to sta¬
7,868,546
Res. for pensions 28,625,566
and
Com.stk.of the
Def. charges
9,174,028
$333,066
8,308
a
to
Motors
Other investm'ts 40,141,773
e
$
U. S. Govt, con¬
advnaces,
Misc. accts. rec.,
Gen'l
payable-
Div. pay. on prd
b Marketable se¬
advances, &c.
c
$388,107
16,142
9,081
Cr23,579
_ ,
Miscellaneous income deductions
1940
168,885,000
Com. stock.-.221,315,240 221,315,240
Accts.
496
$850,613
439,812
49,844
13,998
10,036
Cr3,273
7,129
Other
168,885,000
i Pref. stock
tract
Notes and accts.
receivable
$
Liabilities—
$
j\.sscts
Plant &
$842,305
466,395
54,010
...
Other interest charges
Interest charged to construction
Int.
Companies]
37,570
140,552
427,269
99,317
256,586
$910,651
interest
Gross income
Consolidated Balance Sheet June 30
[Including Wholly-Owned Subsidiary
on
1940
$901,325
9,326
Gross income
Interest on long-term debt,
Amort. of debt discount and expense.
$271,014,288 $266,590,023
practice followed since 1925, the amount at which
Surplus at June 30
a
_
Operating income
.
a
fixed capital,
Other income (net)
bilize
345,657
43,263
192,860
449,724
177,657
257,332
Maintenance
Electric Boat
1941
1940L.
$264,254,797 $256,368,715
Adjustment resulting from revaluation of investment in General Motors Corp
—5,500,000
Difference between cost and the value placed on
common stock awarded under bonus plan
a
509,374
prov.
—"V. 152, p. 4121.
of Consolidated Surplus
Statement
6 Months Ended J'une 30—
Surplus at beginning of year.
Net income six months ended June 30
du
before
Eastern Shore Public Service Co.
Total income
on
inc.
rec.
Corp—
Prov.
&c
Depreciation
not
wholly owned
Profit
funded debt,
on
rents,
Income
:)•;
$42,207,484
5,116,075
6,493,964
obsolescence.
Income from
$145,604
4,086
income
Other income
„
10,646,590
11,655,546
expenses
Taxes
„„„
_
no excess
profits are indicated.—V. 153, p. 394.
Electric Storage Battery
Co.—Dividend—Preferred Stock
Converted—
The board of directors at
a
meeting held July 18 declared a quarterly
dividend of 50 cents per share on the common stock, payable Sept. 30, 1941
preferred stock before
State taxes on dividends
$2,183,190
Earned per share on 6% preferred stock
$5.84
—V. 153, p. 98.
Balance available to 6%
__
stockholders of record Sept. 9, 1941.
At the meeting it was announced
that all of the preferred stock of the company had been converted into
common stock leaving only common stock outstanding.—V. 152, p. 1913.
to
$1,735,479
$4.64
Electrol Inc.—Delisting—
Ebasco Services
Inc.—Weekly Input—
For the week ended July 17, 1941 the system inputs of client operating
of American Power
& Light Co., Electric Power & Light Corp. and National Power & Light
Co., as compared with the corresponding week during 1940 were as follows;
companies of Ebasco Service Inc., which are subsidiaries
The Securities and Exchange
Commission has granted the application of
this company to withdraw its common stock (par $1) from listing and regis¬
tration on the New York Curb Exchange, effective at the close of the
trading July 22.
registration.
Accordingly, the issue has been stricken from listing and
The Commercial & Financial Chronicle
548
The Common stock of Electrol Inc. has never been dealt In on the New
York Curb Exchange.
Listing and registration of the issue was
in the armed service or
From Jan. 1—
Gross from railway...
1941
1940
1939
$1,729,478
$1,221,516
651,659
453,362
$2,457,311
1,136,994
—
232.588
625,025
1938
$799,690
75,226
def9,202
95,691
13,968,416
6,078,442
3,349,208
..
.
.
9,602,662
3,045,889
1,800,602
7,872,867
1,96*,213
958,713
Endicott Johnson Corp. (&
52
Period—
From Jan.
Whs.End. 52Wks.End. 53 Wks.End. S2 Wks.End.
Cost, expenses, &c
■
Operating income.... $3,675,297
Other income
135,151
Total income
$3,810,448
Interest, &c
Fed. and State inc. tax.
43,705
924,500
$1,347,402
435,637
$1,158,471
225,704
$1,711,665
78,924
340,750
$1,783,0.39
284,810
236,871
$1,384,175
154,875
26,523
Federal surtax
49,582,422
16,860,421
10,166.391
39,813,641
10,269,578
5,138,110
37,106,404
8,998,553
4,199,692
31.915,410
4,608,678
def279,205
1940
_
_
.
—
$1
496,440
Equip. & fixtures.
Mortgage bonds..
Inventories
Liabilities—
a
$1
1941
Capital etcck—
payable,
accrued payrolls,
taxes, AC--
3,116
$855,939
141,620
190,789
207,790
111,480
261,554
$832,314
—
Accts. receivable..
1940
$611,385
Accounts
570,907
2,000
39,186 Capital surplus
2,697 Deficit
38,852
.
$941,703
—
139,529
Funds deposited in
15,502
escrow
Cash
261,949
294,437
31,956
16,972
$832,314
$941,703
500,000
Total
Net profit
dividends
$2,342,243
Preferred
Common
365,300
dividends
1,216,080
$1,291,991
365,300
1,216,080
$1,261,358
365,300
1,216.080
$289,389
$320,022
$1,202,152
365,300
1,216,080
sur$760,863
,
(par $50).
$4.88
$2.28
Afaz/31,'41
Liabilities—
$
Tctal
shares.
par
The
declared
value
of the
July 19, page 394.
$2.06
Peripd End. June 30—
Operating revenues
Operation.
$
$74,466
38,524
Non-oper. income (net).
$12,143
5,584
Balance
Retirement
10,918,961 10,905,308 5% pref.stock.... 7,306,000
7,306,000
1
1
b Common stock-20,268,000 20,268,000
19,437,308 20,003,093 Notes payable
2,750,000
4,250,000
Accts. & notes rec. 9,445,605
7,199,534 Notes held by empl
446,320
463,578
Empl. bldg.fd.,&Ci 1,495,588
1,734,640 Accts. payable, &C. 2,658,012
1,955,332
Sundry debtors..*
90,910
78,559 Sundry creditors
76,292
63,661
Mis cell, investm't.
Federal
147,949
181,736 Accrued
Sec. dep. for W. C.
taxes
744,683
494,471
Insurance
272,053
272,053 Res. for work com.
250,000
250,000
Prepaid taxes, <fcc_
295,364
262,139 Inventory reserve. 2,354,145
1,745,655
Empl. stock acct..
12,504
4,289 Res.for possible fu¬
........
15,128
$906,720
498,572
68,426
170,095
$16,257
3,544
$132,728
52,965
$169,625
35,131
$19,801
5,000
$185,694
60,000
$204,756
60,000
$12,727
$14,801
441
573
$125,694
6,840
$144,756
7,697
$12,286
Net oper. revenues
a
$929,004
535,247
56,222
204,805
$17,727
5,000
Taxes
$
Property acct
Goodwill
1941—12 Mos.—1940
$77,165
42,787
5,241
16,994
June 1, '40
^
-Earnings-
1941—Month—1940
Maintenance.
MayZ 1/41 June 1, '40
no
reduced from $3.50 per share to $2.50 per share.
Fall River Gas Works-
$2.21
Consolidated Balance Sheet
%
was
$379,228
After deducting $1,413,758 transferred from inventory reserve.
Assets—
stock
The earnings for the year ended April 30,1941 appeared in the "Chronicle"
.....
,
Represented by 244,554
a
common
of
Deficit
Earns, per share on 405,360 shares com. stock
a
817,275
$5,468,752
798,612
def8,577
1941
Deferred charges..
prices
1938
$6,408,250
1,641,820
lease¬
&
holds...
625
for possible
decline in hide
res.
1939
$6,955,169
1,993,080
1,148,392
Exchange Buffet Corp.—Balance Sheet April 30—
Assets—
Goodwill
$1,558,785
152,880
1940
$9,231,880
3,516,799
2,009,129
1—
Net ry. oper. income—
—V. 153, p. 241.
May 31, '41 June 1. *40 June 3, '39 May 28, '38
$67,934,995 $57,324,624 $56,850,265 $54,265,785
64,259,698
55,765,839
55,502,863 a53.107,314
Sales
future
1941
_
Gross from railway
Net from .ailway..
Subs.)—Earnings—
resulting from
Earnings—
railway—Net from railway
Net ry. oper. income.—
5,111,436
480,363
defl 14,363
—V. 152, p. 4121.
Prov. of
Erie RR.
June—•
Gross from
Net from railway
Net ry. oper. income.
act of war and death
policies, issued without this rstriction.
It was adopted, he said, as an
precautionary measure to prevent the body of existing policyholders from
having to assume the burden of possible excess mortality losses.—V. 153,
P. 394..
V-T
V-'
Elgin Joliet & Eastern Ry.—Earnings—
-
an
He added that where liability is limited due to operation
of the clause, the premiums will be refunded.
Mr, Parkinson emphasized that the war clause in no way affects existing
trading privileges to the voting trust certificates
representing the common stock, which voting trust certificates were stricken
from listiing on the Exchange on June 26, 1940.—V. 152, .p. 3342.
June—
Gross from rail way..
Net from railway.—*
Net ry. oper. income.
result of
as a
aviation training.
required
for the purpose of extending
July 26, 1941
$14,227
$118,853
$137,059
4,556
Inventories
.
Cash
3,188,978
3,204,501
ture
decline
hide prices
.
Total
500,000
152,815
7,798,954
6,951,311
...45,305,221
43,845,853
a
After depreciation,
152,
p.
Total
Interest
Net
—V.
b Represented by 405,360 shares,
par
97,846
$50.—V,
2393.
Engineers Public Service Co.—SEC Interprets *One Area'
for Company—Rules Holding Company Must Confine
Properties to One State or Adjoining States—
The Securities and Exchange Commission on
July 23, for the first time
formally ruled that utility properties retained by a holding company under
one
State
or
States
provisions of the
Holding Company Act means that a holding company cannot keep widely
separated properties but must confine its holdings to a single locality.
Moreover, the Commission ruled that in paring its holdings to an inte¬
grated system in one area, a holding company must give up all interest in
subsidiaries and other businesses outside that area.
A mere reduction in
its holdings of voting securities in such
companies to less than 10% would
not be sufficient to comply with the "death
sentence," the SEC said.
These important decisions as to the meaning of the "death sentence"
were announced by the SEC in an
opinion holding that Engineers must
choose between Virginia Electric & Power Co. and Gulf States Utilities
Co.,
plus such other properties which under standards of the act mught be linked
with the principal system Engineers decides to
keep.
Thus, the SEC established the basis for a legal test of the
integration
sections of the Holding Company Act.
Engineers, the smallest of nine
major holding companies against which the SEC is now pressing integration
cases, nad challenged the Commission's tentative "one-area"
integration of
the act, contending that it could keep both the
Virginia property and Gulf
States.
The holding company already has indicated that it would
contest
this point and throughout hearings before the SEC has
carefully prepared
its case so that court review migh t be
sought.
In its opinion July 23, the SEC also announced the
following general
decisions affecting all utility integration cases:
(1) The SEC does not have to make findings, prior to definite orders to a
holding company to dispose of non-retainable properties, as to the status
of such properties under the "death sentence."
Engineers had argued that
prospective purchasers of such properties would be deterred unless
they
knew in advance whether
they were "integrated" under the SEC's interpre¬
tation of the act.
(2)
The SEC has
no power to pass on
for the time being the question of whether a
holding company has the right to make its own selection as to which
prin¬
cipal system it will keep.
In the Engineers case, the SEC said the company
would be allowed to make the
selection, which would be a "close" decision,
but that the selection would be made
over
quickly.
In connection with the selection of
the "primary" system by a holding
company, the SEC said the law did not require it to make
findings in advance
as to what
properties might be kept with the eingle integrated system so
*5
i-,
j!*ulinS
Engineers must give up either the Virginia company or
Gulf States, plus whatever
properties can be kept with the system selected,
the SEC ordered the
holding company to dispose of certain other properties
which "clearly" could not be
kept with either Virginia or Gulf States.
These latter properties include the
Puget Sound Power & Light Co., all its
subsidiaries, and the Key West Electric Co.
The SEC said the one-year
period allowed for compliance might be extended for an
additional year
showing.
In addition, the SEC ruled that
Engineers must give up the Western
Service Co., out withheld a formal order
to this effect pending a
determination as to what action the latter
company, also a holding company,
should take to comply with the
Utility Act.
At the same time, the Com¬
mission in a separate
action, instituted corporate simplification proceedings
against Western Public Service and ordered
hearings on the matter to be
consolidated with hearings in the
Engineers case.—V. 153,p. 98.
Public
Equitable Life Assurance Society of the United States
—Adopts War Risk Clause—
company has adopted a "war risk clause" for new policies, effective
July 31, Thomas I. Parkinson, President, announced
July 23.
*
Policies issued with the
war
clause
will provide fuil protection
against
normal hazards, Mr. Parkinson
pointed out.
The main exceptions, he
continued, relate to death as a result of an act of war while in the armed
■service during time of
war; death outside United States and Canada while
4121.
Fedders Mfg. Co .—Government Orders—
Company has received U. S. Government orders for approximately
$2,000,000 machine gun links and for approximately $600,000 bullet clips
for Garand rifles, Vice-President Theodore C. Fedders announced.
Both
orders will be filled in Buffalo, the Owosso, Mich., plant
continuing work
on automobile radiators, Mr. Fedders said.
The company has produced about 110,000,000 machine
gun clips for the
British Government since last November, but will terminate British work
at the end of this year to start on the United States
orders.
The Garand
clip work will necessitate setting up a new department and purchase of
additional machinery, deliveries of which are not expected until late this
year, Mr. Fedders said.—V. 152, p. 3805.
Federal Mining & Smelting Co.—$1
Directors have declared
payable Sept.
a
Dividend—
dividend of $1 per share on the common stock,
to holders of record Aug. 29.
Like amount was paid
on June 20 and March
20, last, and on Dec. 20, 1940, and compares with
50 cents paid on Sept. 20, 1940; 25 cents paid on June 20 and March
20.
19
1940; and following a five-for-one split-up, company paid
per share on Dec.
since
20, 1939, this last being the first
dyidend of $1.50
dividend paid
a
common
1937.—V. 152, p. 3342.
Federal
Water Service Corp.—Hearing on
Reorganization
The hearing on the declarations and applications (Files
34-9, 34-41 and
70-28) of Federal Water Service Corp., Utility Operators Co. and Federal
Water & Gas Corp., regarding a plan of reorganization
through merger, will
be reconvened on Aug. 12, 1941, at the SEC's
Washington office.
On March 24,1941, the Commission issued its
findings and opinion deny¬
ing effectiveness of the declarations and applications but granted leave to
file amendments within 30 days for the purpose of
correcting certain defects
pointed out by the Commission.
The companies, after discussions with
the staff of the Public Utilities
Division, have filed certain amendments
and have indicated their intention to file,
prior to the date set for the recon¬
vening of the hearing, certain other material bearing upon the solicitation
of proxies as well as actual and pro forma financial statements
than those now in the record.—V. 152,
p. 3342.
Finance Co. of America
Baltimor
at
more recent
-Earnings-
6 Months Ended June 30—
1941
.
Operating
expense.
$278,729
103,241
Provision for Federal and State income taxes.
$154,283
38,150
$91,409
$35,909
$0.69
Net profit
Preferred dividends.
Common dividends.
Surplus.
Earnings
a
per
share of
common
stock
On 125,000 shares of class A and B
common
Balance Sheet
Assets—
1941
1940
Net cash invested.$5,789,107 $4,616,993
Cash In banks
1,020,361
939,237
Investments
June
stock, $5
24,725
5,500
50,000
par.
30
Liabilities—
1941
Short term notes.
_
1940
4,130,500 $3,139,500
Fed. & State taxes
9,525
Sundry accts.
Due
98,519
$175,488
38,429
41,759
$39,800
$0.72
Interest
a
1940
$2o2,802
$95,300
5,500
50,000
.
selected.
upon a proper
p.
constitutionality of the statute and
will exclude from its record, until ordered otherwise
by a court, any evidence
bearing on
constitutionality.
(3) The SEC does not have to make investigations and reports under
Section 30 of the Utility Act as to tne overall economic
aspects of utility
integration prior to ordering one company to comply with the
integration
provisions.
The Commission passed
income.
152,
Sale of company's No. 3 Mill to Alderman Top
Manufacturing Co. of
Holyoke, for $50,000 has been authorized by Judge George F. Leary of
Superior Court.
The mill building is the last remaining unsold parcel of
real estate of this company, which has been in
receivership since January.
The mill has been occupied by Alderman
company for the last two years.
Principal beneficiary in the sale is the City of Holyoke, which ultimately
will receive the entire proceeds in
partial settlement of tax claims against
Farr Alpaca Co.—V. 152, p. 120.
Section
the Utility Act "death sentence" must be confined to
which adjoin one another.
This
"one-area" interpretation of the integration
charges
Farr Alpaca Co.—To Sell Plant—
;.
reserve...
.....45,305,221 43,845,853
accrualsi
Gross income
in
Earned surplus...
Miscell.
res.
rec.
from
& others
38,432
accrued & pay'le
77,078
47,872
53,516
119,007
Accrued Interest..
5,927
Sundry accts. pay.
24,513
6,300
26,848
officers
(see.)..
6,022
7,815
Furn„ equip, and
life insurance.
Unamort. & prepd.
dlsct. & insur'ce
Funded debt
444,500
Reserves
5H%
__
cum.
308,865
472,500
226,799
pref.
stock ($5 par)..
Total
a
par
.....$6,909,284
35,176
200,000
625,000
200,000
Common stock..
Surplus.—.......
30,752
1,092,900
1,011,841
a
$5,756,6611
Total
..$6,909,284 $5,756,661
Represented by 75,000 shares of class A and 50,000 shares
$5.—V.
153,
p.
625,000
of class B,
394.
Fruehauf Trailer
Co.—Transfer Agent—
Guaranty Trust Co. of New York has been appointed co-transfer agent
of the
common
pany, effective
$1 par and the 5% convertible preferred stocks of this
July 21. 1941.—V. 152,
p.
4122.
com¬
Volume
The Commercial &
153
Florida Portland Cement
To
Co.—Earnings—
1940
$1,980,137
1,199,606
$1,530,384
971,554
Gross profit on sales
Selling and administrative expenses
$780,531
192,908
$558,830
148,372
b Net
$587,623
$410,458
Gross sales, less discounts and allowances
Cost of goods sold, iricl. freight on shipments
a
profit
——.
Pay 50-Cent Common Dividend—
Directors have declared
1941
6 Months Ended June 30—
549
Financial Chronicle
applicable to non-operating periods (less miscel¬
b Before provision for Federal income taxes.
Note—Charges included in the above profit and loss accounts and in
finished cement inventory for depreciation and depletion were as follows:
6 months ended June 30, 1940, $87,468; 6 months ended June 30, 1941,
$85,696.—V, 152, p. 2705.
>vV
a
Including expense
laneous income, &c.).
dividend of 50 cents per share on the common
a
This compares with
stock, payable Sept. 15 to holders of record Sept. 5.
25 cents paid on June 14, last; $1 paid on Feb. 15, last; 50 cents paid on
Sept. 16,1940, 75 cents paid on June 15,1940; 50 cents on March 15, 1940,
and 25 cents paid on Jan. 2, 1940 and Sept. 15, 1939, this latter being the
first dividend paid on the common shares since May 25,1938. when 25 cents
was also distributed.—V.
152, p. 3342.
General Cable
Corp.—Earnings—
1941—3 Mos—1940
$3,437,557
$2,007,021
422,742
469,143
charges, net.
93,221
70,228
1941—6 Mos —1940
Period End. June 30—
Gross profit on sales
Expenses
Other oper.
$6,186,475
856,474
160,492
$3,683,655
889,493
118,216
res. approp.
Net oper. revenues—
...
.... -
-
$6,542,126
37,142
$6,579,267
2,600,000
1,320,000
217,240
Other int. & deductions.
on
Int.
on
mtge. bonds—debentures
$2,482,362
$7 pref. stock.
$6 pref. stock..
1,366,260
75,000
..
on
Divs.
on
_
_
.
... -
$5,447,302
42,385
$5,653,719
2,600,000
1,320,000
223,995
$6,232,704
2,600,000
1,320,000
2*4,360
$1,509,724
955,601
52,600
$2,068,344
$1,309,906
273,252
15,000
259,781
682,349
37,500
1941—12 Mos.—1940
1941--Month—1940
Operating revenues
$1,300, 908
Operating expenses, excl.
direct taxes
538,470
Direct taxes
181,358
$1,123,170 $16,452,922 $15,285,390
Prop, retire't res. approp
158,333
113,194
133,333
6,138,108
2,253,430
1,950,000
6,266,978
1,626,424
1,500,000
Net oper. revenues—
Rent from lease of plant
$422,747
$384,349
$6,111,384
$5,891,988
on
11,247
Dr8,376
13,677
$395,596
137,322
$6,103,008
$5,905,665
807,376
422,644
$532,918
216,667
110,000
14,870
Crl,917
.>6,910,384
2,600,000
1,320,000
230,227
Cr47,502
$6,328,309
2,600,000
1,320,000
19.088
$442,055
216,667
110,000
mtge. bonds
deb. bonds
17,061
Other int. & deductions.
Cr 1,703
Int. charged to constr
Net
income
$100,030
$193,298
applicable to preferred stocks for the period
Balance
197,189
Cr 5,47 5
$2,807,659
$2,216,595
1,153,008
1,153,008
$1,654,651
__
Notes—(1)
$5,230,150
484,884
$2,728,027
502,355
$2,706,577
28,932
$1,219,515
20,357
$4,745,266
55,811
$2,225,672
33,839
Interest, &c
$2,735,510
121,293
al,565,000
$1,239,872
131,716
340,000
$4,801,077
232,854
a2,513,000
$2,259,511
264,930
499,000
$1,049,217
$768,156
$2,055,223
$1,495,581
Profit
Other income, net
Profit
Netprofit
a
Includes $637,000 and
$1,063,587
Provision for Federal income taxes, subsequent to
April 1,
will result in the accumulation of such
taxes at the rate of 30% for the full year 1941.
(2) No provision has been made for Federal excess profits tax since
present indications are that no such tax will be payable.
1941, is being made at a rate which
General Electric
Schenectady, N. Y., at Erie, Pa., and West Lynn, Mass.,
cost $24,508,494.
The plants will be used for production of naval
equipment.
The corporation also will provide $2,407,756 for construction
and equipment of a plant at Schenectady for the manufacture of radio
equipment.—V. 153, p. 395.
to
General Foods Corp. (&
property
equipm't.135 ,464,552 132,116,716
54,565
55,535
2,773,438
Cash
2 ,982,547
1,520,431
(Special deposits.
1 ,467,646
Plant,
and
Investments
long-term
750
1,000
97,841
360,629
159,669
288,231
1 ,584,206
1,977,008
Accts. payable..
924,286
92,005
886,121
Matured interest
118,117
Customers' dep.
450,077
30,385
2,111,408
63,115
47,997
Accrued accts..
Divs. declared..
Misc. curr. liab.
377,697
377,697
(3,856 shs. $7
2,418,558
144,892
Sundry credits..
215,094
347,573
20,832
1,931,933
2,046,748
39,193
257,803
8,505,385
7,444,600
15,149
Contributions in
of constr.
151,310
Cash dividends on stocks of other
Capital surplus.
Earned surplus.
821,778
5,917,682
821,778
5,017.095
aid
debt
857,193
disc't & exp_.
219,442
ch'g's
Total.......144,180,095 141,430,657
144,180,095 141,430,652
Total
Represented by $7 pref. cum. (entitled upon liquidation to $100 a sh );
$6 pref.; authorized, 500,000 shs.; outstanding (incl. 10
exchange for pref. stock of merged company), 160,007
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,
2,500,004 shs.—V. 152, p. 241.
x
(Detroit)—New Officials—
Ford, President of the company, announced on July 17 the elec¬
and A. M. Wibel as Vice-Presidents and direc¬
tors of the company.
At the same time the resignation of P. E. Martin,
Vice-President of the company, was announced.
He plans to take a year's
leave of absence to recuperate from an illness.—V. 153, p. 241.
Edsel
tion of Charles E. Sorensen
Fruit of the Loom
.
400
income
Miscellaneous
$50,617
7,740
5,124
1,639
Management expenses
Corporate expenses
Capital stock and sundry taxes.
Excess of income over operating expenses
Without giving effect to
$40,622
6,138
8,385
$36,115
Total
a
49,129
764
$25,622
477
results of security transactions.
1941
receivable for securities sold,
$53,389; dividends receivable and interest accrued, $11,412;
general market securities at market quotations (book cost, $3,066,453),
$1,757,338; investment in securities of associated company—Utility Equities
Corp. (cost $1,254,094), $59,604; total, $2,197,889.
Liabilities—Accounts
payable, accrued expenses and taxes,
$4,479;
reserve for contingencies, $5,928; $6 div. series cum. pref. stock, $1,463,250;
class A stock ($1 par), $100,000; common stock ($1 par), $950,233; surplus,
$2,177,604; unrealized
depreciation (net) of general market securities
owned. Dr $1,309,115; excess of cost of investment in Utility Equities Corp.
over amount
carried herein, Dr $1,194,490; total, $2,197,889.—V. 152,
p.
3023.
General Investors Trust—Earnings1941
1940
$52,632
13,781
$47,530
12,440
$66,412
11,041
6 Months Ended June 30—
Income—Cash dividends
Interest on bonds
pari passu with
shs. issuable in
Ford Motor Co.
corporations. J>
Interest earned on bonds
a
$725
36,190
3,307
$725
$59,970
99,893
923,199
rec.
Reserves
94,713
Hpeclal funds
def.
52,000,000
22,000,000
Misc.
ser.
debt........
Reacq'd cap. stk.
Unamort.
48,954,308
A 22,000,000
6% debs.,
Cust. refunds...
Mat'ls & suppl's
Other
(no par)..... 48,954,308
1st mtge. gold 5s 52,000,000
42,850
14,087
Prepayments.,..
Misc. cur. assets
Non-current
stock
Capital
1940
1941
Utility Equities Corp
Assets—Cash in banks, $316,145; account
249,126
Working fends.
Notes receivable
Accts. receivable
x
Corp.—Earnings-
General Investment
6 Months Ended June 30—
Income—Cash dividend on stock of associated co.:
not delivered,
5,070
259,692
46,550
Temp, cash inv.
1941—3 Mos.—1940
$3,016,150
$0,542
Net profit
1939
$
$
Liabtlities—
$
Subs.)—-
1941—6 Mos.—1940
$2,873,331 $7,519,078 $7,352,126
$0,515
$1,367
$1,335
a After
charges and taxes,
b On 5,251,440 shares of common stock.
Note—Earnings for the first half of the year 1941 take into consideration
additional provision for estimated tax liabilities under the proposed 1941
amendments to the Internal Revenue Code.—V. 152, p. 3497.
a
Balance Sheet June 30,
1940
1939
$
Assets—
Co.—Defense Loan—
Defense Plant Corp. (RFC subsidiary) reported July 17 that it would
for the construction and equipment of plants for General
advance funds
Consolidated Balance Sheet Dec. 31
1940
$1,116,000 for excess profits taxes for the 3 and
$300,000 in each period for anticipated
6 months periods respectively, and
increased taxes.—V. 153, p. 242.
Period End. June 30—
220
Gross income
Divs.
492,294
$422,967
(net)
on
$1,470,664
251,149
Profit
Depreciation
b Earnings per share.—
Operating income.
Other income (net)
Int.
$2,956,057
249,480
..
Electric Co.,
Earnings for Pe~iod Ended June 30
Int.
$2,675,946
52,080
$5,489,688
2,600,000
1,320,000
40,335
Int. charged to construe.
Net income
Divs.
$6,186,407
46,297
$5,580,932
72,786
Gross income
Int.
$5,169,509
60,641
Prov. for Federal taxes.,
1939
1938
1937
$15,385,251 $lo,476,789 $14,610,246
8,321,266
7,975,035
8,252,582
13,283
Crl0,478
25,094
25,904
1,909,010
1,493,530
1,290,253
884,458
Rent for leased prop.___
Other income-
$1,467,650
3,014
1940
Calendar Years—
Operating revenues....$17,33 8,564
Oper. exps., incl. taxes.
8,874,144
Prop, retire,
$2,921,594
34,463
Net oper. profit
Metal profit
(& Subs.)—Earnings—
Florida Power & Light Co.
Co.—50-Cent Preferred Dividend—
dividend of 50 cents per share on the preferred
stock, payable Aug. 8 to holders of record July 25.
This compares with
10 cents paid on March 14, last; 50 cents paid on Dec. 28, 1940; 25 cents
paid on March 15, 1940: $1 paid on Dec. 20, 1939, and an initial dividend
of 10 cents paid on April 1, 1939.—V. 152, p. 1432; V. 151, p. 3889.
Total income.
Expenses
7,911
-.—$55,371
$52,059
Dividends
—
—
49,928
47,788
a Not including realized and unrealized gains or losses on securities, or
a
Net income--...—..--—--
—
------
capital expenses.
— —
—
Balance Sheet June 30, 1941
Assets—Securities owned at quoted market prices (cost per
books was
$2,018,842,) $1,716,043; cash in bank, $99,694; accrued interest on bonds,
$9,152: total, $1,824,888.
Liabilities—Shares of beneficial interest (par $1), 420,547 shares out¬
standing, of which 502 were held in escrow for exchange of certificates),
$420,547; capital surplus, $1,662,297; unrealized depreciation of securities
owned, Dr$302.800; undistributed income, $17,084; dividends payable
July 21, 1941 (not including shares in escrow), $25,203; accrued miscella¬
neous taxes, $143; unpaid dividends on shares in escrow, $1,090; unclaimed
dividends, $22; reserve for Federal capita] stock tax, $380; reserve for con¬
tingent capital liability, $923; total, $1,824,888.
Note—The net assets at June 30, 1941, based on market values amounted
to $1,797,128, or $4.27 per share.—V. 152, p. 2706.
Directors have declared a
Net profit after
and taxes
1941—3 Mos.—1940
1941—6 Mos.—1940
all chgs.
Earns .per sh .on com
$47,971
loss$18,170
Nil
$0-18
.stk.
Motors
Corp.—Discussion by Mr. Sloan
with Defense Production—
Defense activities in
$44,661
$0.17
loss$31,419
Nil
substantial and increasing flow
indicated by deliveries with a
of 1941. This was re¬
Sloan Jr., Chairman of
in advance of his forthcoming second quarterly report to
dollar volume of $75,200,000 in the second quarter
vealed in a statement released July 25 by Alfred P.
General Motors,
stockholders.
This
—V. 153. p. 241.
of
General Motors plants, evolving from the preparation
stage into production, now are resulting in a
of a wide variety of defense materials, as
Gabriel Co.—Earnings—
Period End. June 30—
General
Certain Problems Connected
report, due for distribution next week, will show the progressive
delivery of G. M. defense products in the last three quarters
period prior to Oct. 1, 1940, as follows:
increases in
and for the
(Robert) Gair Co., Inc.—Earnings—
Before Oct. 1,
[And United States Subsidiaries]
6 Months Ended June 30—
a
Profit
-
1940
$437,905
depreciation, interest and dividends of sub. and provision for
Federal income tax but before interest on income note.
/
Note—Provision for Federal income taxes includes * 176,900 determined
in accordance with the revenue acts
ofl940 and $45,000 estimated for
anticipated increase in Federal taxes.
No provision has been made for
excess profits tax as none is required on the basis of the present statutes.
Gair Co. Canada, Ltd., wholly owned subsidiary, reports for the six
months ended June 30, 1941, profit of $121,181 in Canadian dollars, after
a
After
provision of $105,000 for Dominion and
p. 4122.
Provincial income taxes.—V. 152,
Gamewell Co.—Earnings—
^
Years Ended May 31—
after all
charges and taxes
Earnings per share on
1941
1940
1939
1938
$617,801
$465,131
$153,039
$306,877
stock
$4.41
$3.06
$0.40
$1.65
First
—
..$34,000,000
1940
56,600,000
quarter, 1941
Second quarter, 1941
75,200,000
(latest available figures).
"The greater part of current volumes," Mr. Sloan stated, "naturally is
made up of those products for which basic manufacturing facilities existed
or were under development at the inception of the national defense program
in May, 1940In these categories are Diesel engines, military trucks and
Allison aircraft entines.
"But in addition, production and deliveries of materials are under way
in the case of a number of entirely new projects originated less than a year
ago following the inauguration or the national defense program—items for
the production of which extensive retooling and in some cases new factory
construction were necessary.
Included are machine guns, specialized
electrical equipment, tank gun mounts, shells, cartridge cases, fuses,
airplane control and instrument equipment, and many other products of a
technical nature.
"Further tooling operations and factory construction are
.
Net profit
1^.common
1940
Fourth quarter,
1941
$586,411
'
-
,
,
.
,
A
being pushed to
completion in the case of still other projects more recently assigned.
duction from these sources, together with an expanding output of
Pro¬
items
The Commercial & Financial Chronicle
550
already in production, may be expected to increase delivery totals pro¬
gressively in coming months.
"The aggregate of defense orders assigned to General Motors or under
negotiation now amounts to about SI ,200,000,000, representing of course
commitments extending over a considerable period of time. By far the great
General Theatres
Equipment Corp. (& Subs.)—Earns.
3 Mos. End. June 30—
1941
Net income
a
July 26, 1941
$194,920
b$0.44
e$0.33
c$0.31
d$0.33
provision for depreciation. Federal income taxes, and
profits tax in 1941.
b On 585,752 shares,
c On 597,247 shares,
597,172 shares,
e On 592,497 shares.
Note—Above statement excludes figures of Cinema Building
—V. 152, p.
Military trucks and transport equipment
Diesel engines for naval and military use
products
_______
..
$45,400,000
48,400,000
3,900,000
1941
Total established products for defense
Special Defense Products by G. M.—
...
_
Canada, principally trucks and transport
equipment
were
$10, both payable Aug. 1, to holders of record July 22.
paid on Feb. 1, last, Aug. 1 and Feb. 1, 1940, and extras
Aug. 1, and on Feb. 1, 1939, Aug. 1 and Feb. 1,
1938, Aug. 2 and on Feb. 1, 1937, and on Aug. 1,1936.—V. 152, p. 827.
$209,500,000
German
a dividend of 40 cents per certificate on the
allotment certificates payable Aug. 1 to holders of record July 18.
of 85 cents was paid on Jan. 26, last; 40 cents was paid on
Aug. 1, 1940; 75 cents was paid on Jan. 26, 1940; 40 cents Aug. 1, 1939; 65
cents on Jan. 26. 1939; 40 cents paid on
Aug. 1, 1938, and 75 cents paid on
Jan. 26, 1938.—V. 152, p. 426.
(Adolf) Gobel, Inc.—Meeting Adjourned to Sept. 8—
Further adjournment of the adjourned special and adjourned annual
meetings were announced July 21.
The next meeting will be held Sept. 8.
Before adjournment stockholders were given a report on progress
being
made
under
series
A
Net from railway
es¬
"It might be interesting to point out for emphasis that in
May of this
year General Motors agreed to limit its 1942 model production to
of that of 1941.
This is equivalent to a reduction of about
It
sources.
has
recognized that the time inevitably must come—as the
continues to expand—when sacrifices will become essential.
program
Then they must be accepted to the full degree
necessary, as a patriotic
duty to a very just cause.
And the need of such sacrifices must be judged
by demonstrated shortages of management, materials, workers, supporting
services and other economic resources,
of defense production.
The transfer
production
to
defense
production
as
they actually develop in the
of such
then
from
resources
area
General Shareholdings
Grumman Aircraft
Guysborough Mines, Ltd.—Earnings—
3 Mos. End. June 30—
Tons of ore milled
Net
produced
1940
5,403
9,305
1939
10,509
7,987
$40,876
from
1941
$82,380
$56,708
$58,825
36,020
inc.
54,544
47,399
48,469'
$4,856
$27,836
$9,308
272
285
$10,356
179
-_
Developm't & operating
costs
Estimated
oper.
Non-operating
profit
revenue-
Provision for taxes
1,950
Estimated total profit
—V.
Hartford Fire Insurance
Richard M
Hercules Powder Co., Inc.
$375,320
52,696
38,18.5
4,435
$350,797
49,061
8,839
or
receivable
from
$271,165
c271,703
the
whole to
in cash and $3 in common stock,
stock.
specified,
c
b $272,157
$271,686 in cash and $17 in
July 18.—V. 151,
p. 3562.
1940
1939
1938
$24,944,066 $18,151,385 $15,598,476-
7,546,932
4,415,019
1,121,953
2,791,669
522,200
206,266
Net profits for period. $2,831,189
Surplus at beginning of
-if-:
$3,293,066
$2,269,470
$1,227,134
16,803,631
15,273,413
14,225,972
13,636,948
-
year...,
Adji
ijust.
of
"
1941
1,433,401
plant
additions
272,250
sources
be considered true income,
c
$252,345
payable from earnings or otherwise, except amounts
expressly
be liquidating distributions.
In an economic sense,
therefore, the
amount shown is not in
sources..
on
(& Subs.)—Earnings—
Fed. income tax (est.)._ d4,715,743
3.500
Preferred dividends
received
Co.—Obituary—
.
42,005
37,023
37,540
3,350
14,344
Ci5,843
$10,535
Bissell, President of this company and Chairman of the Board
Hartford Accident & Indemnity Co. and President of numerous
6 Mos. End. June 30—
1941
Gross receipts
$34,858,700
a Net
earnings from all
$365,881
b272,160
cash
$8,893
152, p. 986.
$4,164
346,633
__i_
Net income
all
700
$26,159
$4,856
$19,044
356,276
;r
1938
metals
$19,751
433,464
Other taxes
stated to
with the result that the backlog of unfilled orders mounted
to the
highest figure in the history of the corporation.
A total of $18,492,000 of new business was placed on the books
during
the three months ended June 30, compared with $4,600,508 in the
same
period a year ago.
This brought the backlog of unfilled orders on June 30
to $74,500,000 compared with
$61,591,000 on April 1, $63,500,000 on
Jan. 1 and with $8,982,802 as of July 1, 1940.
Second-quarter billings, which represent unit deliveries, jumped to $5,579,000 from $3,261,000 in the first quarter and $1,317,000 in the corre¬
sponding period a year ago.
On this basis, deliveries in the first six months of the year almost
equalled
those for the full year 1940.
Billings for the first half amounted to $8,840,000 compared with $8,847, 271 in the entire year 1940 and
$5,105,600 in
1939.—V. 152, p. 3499.
1939
;
were
than four times as large as in the second quarter 1940.
time, new orders were received at a faster rate than produc¬
same
tion
of the
.Refund of prior year's taxes.
Includes
more
At the
1940
________
Capital stock tax-...
a
Navy,
slightly
affiliates of the group, died of a heart attack
a Total income
General expenses
Interest
whether
Engineering Corp.—Operations—
$453,215
_______
Five-
been working a five-day 48-hour
experiment, he said.—V. 152, p. 4124.
4,806
Dividends.
on
area nave
as an
1941
Income—Interest
Co.—Employees
As measured by billings and new business booked,
second-quarter opera¬
of this corporation, builders of fighting planes for the
Corp.—Earnings—
6 Months Ended June 30—
8,225,452
1,655,637
defl3,586
483,458 defl ,169,922
tions
peacetime
times be the first consideration.
the moment."—V. 153,
p. 242.
1,794,891
120,940
def91,332
possible-
becomes imperative, for defense
It is the prime objective of
must at all
10,396,734
Employees in the New York
783^%
35% from the
the first quarter of 1941.
Should the
relationship of the 1942 model production as compared with that of 1941 be
established at 50% instead of 7834 % • in that event the reduction would be
equivalent to nearly 60% as compared with the production level of the first
quarter of 1941.
"The management of General Motors, from the inception of the national
defense program, has urged the policy of first developing to the maximum
and then maintaining the full utilization of the Nation's
economic re¬
level of production established in
12,363,894
3,036,131
5,043,176
3,496,395
__
week for about two months
And
The plants under construction by General Motors,
$1,407,377
John A. Hartford, President of the company, announced ail of the
grocery
chain's employees would be put on a five-day work week as soon as
1942.
simple.
1938
$1,677,231
278,641
97,802
Great Atlantic & Pacific Tea
assumed
is
1939
$1,939,996
431,327
264,977
Day Week—
n
sential for producing the things needed for defense, are
only just beginning
to reach the point when they can absorb materials and
employ workers.
And other plants are just being started.
__
1940
$2,686,570
963,977
695,976
15,269,264
...
—
Net ry. oper. income.
—V. lo3, p. 396.
Jirogram becomes intensified, the materials industry may be required, in
the normal activities of the automotive that might otherwise be used
reason
RR.—Earnings—
1941
Net ry. oper. incomeFrom Jan. 1—
Gross from railway—
part, for national defense.
To what extent is unknown.
The peak of
defense production by General Motors, as measured by obligations
already
so far as
General Motors operations are concerned.
all likelihood result in the temporary
unemployment of large
of productive workers now employed by General Motors.
The
extending the maturity on the
1941, for a five-year period.—V.
1,
•
Grand Trunk Western
Thus
It will in
agreement
\
June—
again are seen the limitations
imposed by the relative inflexibility of mass production.
It
is
inevitable that this relationship between defense production
workers and those workers involved in civilian production will
begin to
change rapidly as the new plants commence to produce. Thus the number
of defense material workers will substantially rise. The number of workers
engaged in civilian production is likely to decline. This is because, as the
numbers
modification
debentures due May
'';
Gross from railway—
Net from railway
directly concerned with production itself.
There were within this group
approximately 36,000 employed in defense production.
In other words,
14.4% of General Motors productive workers were engaged as of that date
be, any reduction in the production of the automotive industry cannot
possibly result in any measurable acceleration in the production of materials
the
41^ %
153, p. 242.
limitations of the processes of mass production.
"At the end of June, 1941, General Motors was
employing in the United
States and Canada approximately 250,000 hourly wage earners—those
for national defense
Corp.—To Pay 4Q-Cent
The directors have declared
ability
"It is believed that it should be perfectly clear from what has
just been
said, based upon the corporation's operating statistics, that, aside from the
question of priority of materials, or however essential the objective might
Investment
25%
produce the things that are needed are available, but the means to
produce those things, the productive capacity—plants, machinery and the
essential equipment—must be created specifically for the purpose.
These
are not available except to a minor degree.
All or which simply reflects the
or under negotiation, cannot be reached until toward the end
of
Full production facilities being created will not be available until
this is on the assumption that the essential
machinery and
tooling for the plants already under construction, and now contemplated,
are made available to the corporation in
harmony with the scheduled devel¬
opment of each individual project.
&
A dividend
to
then.
Credit
Dividend—-
the
defense.
1940
$574,893
of 10 cents were paid on
automotive industry's most important
contribution to the cause of national defense consists of managementadministrative and technical.
In other words, the knowledge and
of national
July 14
par
Like amounts
45,100,000
Aside from the manufacture of military trucks and Diesel engines, which
required comparatively little radical changeover from normal production,
Mr. Sloan pointed out that defense production has "resulted from special
plants and machinery developed for the specific task, and in some cases
from the reequipment of existing plants with new machinery—all for the
purpose of producing the special articles needed.
This specialized pro¬
duction will of course increase in volume as more of such new capacity reaches
the production stage. Of approximately $1,200,000,000 in defense contracts
assumed or in process of negotiation
by General Motors, due to the require¬
ments for specialized machinery, fully 75% are outside the corporation's
normal activities; and 90% are outside the normal area of production of the
automotive industry as a whole—the remaining 10% comprises
principally
the production of military trucks.
the interest
to
The directors have declared an extra dividend of 15 cents per share in
addition to the regular semi-annual dividend of 50 cents per share on the
capital stock,
$66,700,000
_
Total defense deliveries to end of June, 1941
in
1
1941
$702,063
Dividend—
—
that
153, p.
-Jan.
1940
$19,675
$24,125
Georgia Home Insurance Co. (Columbus, Ga.)—Extra
$60,900,000
Guns, shells and related it4,800,000
Other products
1.000,000
is
test.)
395.
revenues
$97,700,000
Aircraft engines, aircraft parts and equipment
means
d On
Corp.
3653.
-—Week Ended July 14—
Gross
—V.
this
excess
Georgia & Florida RR.—Earnings—
Established G. M. Products Adapted for Defense—
"What
1938
$182,686
After
a
throughout the organization are progressing steadily in step with the na¬
tional defense program.
In a number of important instances it has been
possible to surpass projected schedules."
A breakdown of deliveries of G. M. defense products to date (latest avail¬
able figures) follows:
Total special defense products
1939
$195,637
stock
ntensive application of engineering and production skills. Defense activities
{jroportion of these involve intricate, highly technical products requiring
Other
1940
$258,014
Earns, per share capital
725,000
Total surplus...
$20,359,820 $18,566,479 $16,495,442 $14,864,082
Adjust of 1940
Federal
income taxes
Preferred dividends
Common dividends
725,000
262,464
1,580,052
-
—
—
262,464
1,580,052
262,464
1,053,368
common
262,464
855,862
Surplus at June 30---$17,792.304 $16,723,963 $15,179,610 $13,745,757
b Shs.
Balance Sheet June 30
1941
Assets—
Invest.
In
1940
$
U.
19,669,936
8.
Govt, securities.
450,000
Cash
870,251
receivable
Special
29,400
sec. sold
dep.
Dep. of others
33,795
132,863
18,411
50,732
28,482
21,309
a
b Common
stock.
Capital surplus
S
Total
a
stk. outstdg.
21,309
After
deducting
1,316,710
$1.95
all
1,316,710
$2.30
incident
1,316,710
$1.52
1,316,710
$0.73
to
manufacturing and sales
ordinary or extraordinary repairs, maintenance of plants, accidents, de¬
preciation,
&c.
b Average number of shares outstanding,
c Includes
capital surplus,
d Includes $1,891,630 for excess profits tax and $850,000
provision for high rates.
100,940
28,482
expenses,
Production of smokeless powder by company is now ten times that
o
a
year ago, the company discloses in connection with the report for the six
At this rate of production, the company is on or ahead of schedule
with each of its various national defense construction and
operating con¬
tracts.
•.
months.
67,015
2,268,750
1,602,414
15 ,280,449 15,353,812
3 557,017
2,384,832
1 602,420
19,411,541 20,807,835
a Represented
by no par shares of stated value of $25 per share,
of $1 par value.—V. 152,
p. 3182.
■
3,775,000
3,428
exps., taxes, &c.
54,662
Preferred stock
2 268,750
_
19,411,541 20,807,835
1940
un¬
der indem. agree
Divs. payable, &c.
Res. for contings.,
Deficit
Total
%
3 ,700,000
932,995
for
dividends, &c__
Liabilities—•
Bank loans
Due for sec. pur__
Dividends and int.
Rec. from
1941
?
18 ,014,998
Investments
com.
Earnings per share
b Shares
"When the additional facilities
in late
now
under
construction
are
completed
summer or early autumn, our smokeless powder production
capacity
will have doubled again," Charles A. Higgins, President, said.
"The national defense effort the company has been asked to make
has
brought a sharp increase in the number of employees," Mr. Higgins said.
"Including both our own and the Government plants we operate, the
number of our employees engaged in the production of all products has
Volume
increased 50% during the past year.
There are also under the company s
supervision thousands of additional workmen engaged in the completion of
ordnance facilities for defense representing
$75,000,000,
plants combined.
plant investments of
greater than all of the company's own
"The creation of an organization capable of making
an amount
such large quantities
Since the peace-time pro¬
compared to the quantity
required by the Government, our staff was called upon to teach new
while also directing construction of the plants where the new personnel
of powder presented many difficult problems.
duction of smokeless powder was infinitesimal as
now
men
would work.
"Not only skilled workmen were trained, but chemical supervisors,
laboratory technicians, and chemical and ballistics engineers had to be
provided to direct the thousands of workmen and to maintain the extreme
accuracy demanded by the ballistic requirements of rifle and cannon powder.
"Thase recently trained men, directed by our experienced explosives men,
now are making possible these sharp, on-schedule, increases in smokeless
powder output.
"Meanwhile other products of the company, including rubber solvents,
core binders for castings, cellulose products for plastics and lacquers,
textile
explosives, are also being
chemicals, mineral flotation agents, and industrial
manufactured
defense
in
greater
of the national
volume to meet the demands
program."
A sscts
1941
$
Liabilities—
§
prop_21,315,560 21,067,859 a Commonstock-_16,945,850
9,619,400
Cash
.23,813,509 10,945,691 Preferred stock
Accts.receivable.. 7,997,520
4,547,800 Accts. payable and
accrued accts
3,213,950
Invest/securities-39,200
39,200
14,464,222
Other assets
102,376
19,463 Contracts advs
131,232
U. S. Govt. sees..
88,377
84,009 Preferred divs
36,541
Inv. in assoc. cos.
147,327
147,327 Deferred credits.-
b Plants and
—
Deferred charges--
Goodwill
5,000,000
Finished products-
16,945,850
9,619,400
2,444,802
2,117,724
131,232
28,020
1,750,048
6,050,930 Federal taxes (est.) 7,220,369
4,514,398
4,146,044
4,522,889 Reserves
272,797 Earned surplus. —13,679,848 12 611,507
4 112,456
4,112,456
5,000,000 Capital surplus
8,513,817
4,645 051
329,701
Mat'l & supplies--
c
Total.---.----71,992,437 52,697,964
that there
Drl,577,474Drl577,474
Treasury stock
71,992,437 52,697,964
Total
Represented by 1,355,668 (no par) shares,
b After reserve for depre¬
ciation of $21,986,119 in 1941 and $19,380,171 in 1940.
c Consists of
8,706 shares of preferred and 38,958 shares of common.—V. 153, p. 100.
a
Trust
1941—Month- -1940
$44,622
$44,719
26,941
25,699
2,599
2,301
7,198
7,279
$7,884
1,074
$88,003
10,463
Retirement res. accrualsi
determines
$8,9572,917
$98,466
35,000
Net income
$6,041
$63,466
proper
and legal in every
share in addi¬
of like amount on the capital stock,
record July 29.
Dividends of like
amounts were paid on July 15, June 17, April 22 and Feb. 25, last, on
Dec. 31, Dec. 2, Nov. 4, Oct. 7, Aug. 12, July 15, June 17, April 22 and
Feb. 26, 1940, and on Dec. 30, Dec. 2, Nov. 4, Oct. 7 and Aug. 12,1939.
Directors have declared
—V. 153, p.
43
763
397.
$5,998
$62,703
.
Operating
Operation
358,756
30,737
77,119
119,140
105,888
487,274
437,206
486,742
406,652
$248,198
77,7o0
income
$201,689
81,375
$874,877
313,721
$797,014
325,738
$170,498
26,464
$120,314
40,504
$561,156
143,724
$471,276
(before
Gross income.
on
bonds
on
11,208
822
of action arising
Hoe & Co. and the action of the officers, directors
commenced in 1936, involved various causes
the financing of R.
—V. 152, p.
that company in past years.
The action required seven weeks for
trial, the testimony consisting of
.
..
.
,
,
,
„
,
liability of the individual defendant directors
"I cannot find that they or any of them violated their
obligations to R. Hoe & Co."
The opinion concludes as to this cause of
action that there was no conspiracy by the bankers and no participation
therein by any of the remaining defendants and that plaintiffs failed have
to establish by competent proof this cause of action.
The second cause of act ion against the Guaranty Trust Co. alone attacked
the banking loan agreement of Jan. 28, 1928, and the pledges of Hoe & Co.
receivables thereunder to secure bank loans.
In an extended discussion
of the facts pertaining to this cause of action the Guaranty Trust Co. is
completely exonerated of these charges, the opinion stating "There was
nothing illegal or fraudulent in these transactions," and holding that it
is clear that the loan agreement did not violate the trust indenture securing
the bonds, as the plaintiffs claimed; and that no oppression or domination
was employed by the bank in securing a modification of the loan agreement.
The opinion further states "Under all the circumstances I believe that the
bank on the one hand the Hoe directors on the other sought to make the
best arrangement that the existing situation afforded."
The opinion con¬
cludes that the acts of the Guaranty Trust Co. wene in accordance with
the terms of the loan agreements and the notes evidencing the loan and that
the plaintiffs have failed to establish this cause of action.
the opinion states.
$66,504
$363,731
$269,986
Houston
Lighting & Power Co.—Earnings-
taxes
$1,129,603 $13,497,305 $12,520,771
5,642,178
1,655,205
544,415
235,678
454,170
185,410
5.447,690
2,667,774
62,565
153,969
1,224,263
1,210,523
$357,016
,
Direct taxes-
$336,054
$4,157,578
$4,012,865
Prop, retire, res. approp.
Net oper. revenues
Other income
721
884
19,301
25,637
$357,737
80,208
14,013
$336,938
$4,176,879
$4,038,502
80,208
962,500
962,500
14,091
167,394
174,384
$263,516
$242,639
Divs. applic. to pref. stocks for the period
$3,046,985
$2,901,618
Gross income
Int.
on
mortgage bonds-
Other int. & deductions,
Net income
,
1941—12 Mos.—1940
1941— Month—1940
Operating revenues
$1,199,674
Oper. exps., excl. direct
—
Balance.-.-
315,078
315,078
$2,731,907
-
$2,586,540
subsequent to April 1,
the accumulation of such
Provision for Federal income taxes,
Notes—(1)
1941, is being made at a rate which will result in
the rate of 30% for the full year 1941.
taxes at
Includes provision of $31,701 and $376,209 for Federal excess profits
of June, 1941, and in the 12 months ended June 30, 1941,
153, p. 100.
(2)
tax in the month
respectively.—V.
Co.—Earnings—
Howe Sound
3 Months
Period Ended June 30, 1941—
upwards of 6,000 pages and upwards of 500 exhibits.
The complaint originally contained six causes of action, two of them had
theretofore been dismissed in their entirety by the appellate courts of New
York State and of the remaining four causes of action which were tried
the first was directed against the Guaranty Trust Co. of New York, E. B.
Smith & Co., Dominick & Dominick, and various officers and directors
of R. Hoe & Co., manufacturers of priting presses.
The remaining three
causes of action were directed against the Guaranty Trust Co.
alone.
The total recovery sought by the plaintiffs exceeded $3,000,000.
The first cause of action alleged a conspiracy by the defendants Guaranty
Trust Co., Guaranty Co., E. B. Smith & Co. and Dominick & Dominick,
participated in by the defendants Boudinot Atterbury, John W. Cutler,
Charles W. Caskell, Charlton B. Hibbard, Allen W. Lsiahawa, Edwin A.
Potter Jr. (Estate), Harry R. Swartz, and R. Hoe & Co., Inc., to cause
R
Hoe & Co. to be put unnecessarily into a judicial receivership.
In an
extensive discussion of this cause of action the opinion reviewing the history
and financing of R. Hoe & Co. squarely exonerates the defendant officers
of R. Hoe & Co. of any malevolent design or impropriety in the institution
of the equity receivership suit; exonerates all the defendants of all impro¬
priety and affirmatively finds that the receivership operated to the advantage
of the company in the light of its financial difficulties.
The opinion further finds, in connection with the plaintiffs' charge that
protective committees were formed by the defendant bankers in furtherance
of the alleged conspiracy that the defendants were not prompted to promote
their own interests but by the fact that they had organized and promoted
the company and sold its securities to the public.
In connection with the charge that the Guaranty Trust Co. dominated
and controlled R. Hoe & Co. through voting trust agreements, the Court
finds the charge unproven.
In discussing the alleged
36,364
2,907
1753.
Period End. June 30—
with the financial difficulties
R. Hoe & Co. in connection
45,666
2,923
$126,949
Net income
York.
In an opinion handed down on July 23, 1941, Justice Froessel of the
Supreme Court, Kings County, decided the minority stockholders deriv¬
ative action of Henry M. Chance and others against Guaranty Trust Co.
of New York and others, in favor of the defendants dismissing the com¬
plaint upon the merits,.
12,578
727
Int. on equip, notes
Amort, of debt expense-
held July 22nd Benjamin T.
152, p. 1752.
5,111
5,056
G.-H. Co
Corp.—New Vice-President■—
162,018
coll. note to
JNTcw
of
$3,293,523
1,j03,116
126,356
110,984
Interest
Co.—Accumulated Dividend—
(R.) Hoe & Co., Inc.—Minority Stockholders' Complaint
Dismissed—Guaranty Trust Co. Exonerated—
The following statement was dictated by Theodore Kiendl of Davis
Polk Wardwell Gardiner & Reed, counsel for Guaranty Trust Co. of
The action
$3,421,051
l,b21,o93
depreciation)
Depreciation
Hearn Department Stores, Inc.—Preferred Dividend—
Directors have declared a dividend of 75 cents per share on the 6%
cumulative convertible preferred stock, par $50, payable Aug. 1 to holders
of record Juiy 29.
Like amounts were paid on May 1, and Jan. 30, last,
Nov. 1, Aug. 1, May 1 and Jan. 26, 1940 and on Nov. 1, 1938.—Y. 152,
p. 2553.
and bankers of
$830,022
403,305
Taxes—General
Gross
1941—12 Mos.—1940
1941—3 Mos.—1940
$901,172
415,634
revenues
Maintenance-
dividend of $7 per share on account of accumu¬
lations on the preferred stock, payable Aug. 1 to holders of record July 21.
Like amount paid on July 1, last.—V. 153,p. 100.
out of
a
the 6%
on
Period End. June 30—•
$58,452
meeting of the board of directors
Moffatt was elected a Vice-President.—V.
Inc.—Accumulated Dividend■—
dividend of 7 ^ cents per share on account of
preferred stock, payable July 15 to holders of
record June 30.—V. 144, p. 2483.
Directors have declared
accumulations
558
a
extra dividend of five cents per
House of Westmore,
4125.
Hewitt Rubber
an
tion to the regular monthly dividend
both payable Aug. 12 to holders of
Directors have declared a
At
the complaint in this action.
the opinion indicate or suggest that
defendants were other than perfectly
respect.—V. 153, p. 100.
Hollinger Consolidated Gold Mines, Ltd.—Extra Div.
$59,010
Hawley Pulp & Paper
have wholly failed to prove or
conspiracy, fraud, illegality
Nowhere directly or indirectly does
the acts and conduct of any of the
$94,010
35,000
charges-
■'
the plaintiffs
that
Interest
Gross income-
—V. 152, p.
of action."
cause
The opinion also finds that the action of the board of directors unani¬
mously refusing to institute this suit was approved by the stockholders
of the company at a special meeting called for that purpose.
This opinion of Justice Froessel in this minority stockholders' suit against
a large trust company, certain
investment banking houses and officers
and directors of R. Hoe & Co. covers 26 typewritten pages and throughout
$85,782
8,228
$10,751
2,917
Balance
anyone
whatever for this
$552,394
$9,380
1,371
Net oper. revenues—
Non-oper. income (net).
Interest
$550,435
340,801
33,936
87,694
$7,792
Taxes
or
Houston Electric Co.—Earnings—
42
Maintenance
Co.
In the remaining cause of action the plaintiffs sought to recover from
the Guaranty Trust Co. alleged grossly excessive interest payments claimed
to have been exacted from Hoe on large bank loans over an extended period.
The cause of action is disposed of with the statement "There is no basis
1941—12 Mos.—1940
$7,834
Operating revenues
Operation.
by the stockholders
establish any fraud on the part of Guaranty
concluding "This cause of
else in that connection,
action has not been sustained."
Haverhill Gas Light Co.—EarningsPeriod End. June 30—
complete disclosure to and approval
was
and that the evidence failed to
sustain any one of the innumerable charges of
and impropriety so liberally spread throughout
1940
$
1940
<5
*
The next cause of action charged the Guaranty Trust Co. with fraudu¬
lently contriving and causing the Hoe board of directors to authorize the
purchase of its Bronx factory property at a grossly excessive price and
charges that the Guaranty Trust Co.'s action was caused by selfishness
improper motives and sought an accounting and a judgment against the
Guaranty Trust Co. for $950,000.
In a careful analysis of these charges
the Court found that the amount paid for the properties was not excessive;
judicially
Balance Sheet June 30
1941
551
Commercial & Financial Chronicle
The
153
metals sold.
Marketing, smelting, converting, refining, freights,
Gross value of
1,549,425
Net value of
Operating
metals sold
$1,244,152
$700,988
$1,263,214
4,028
—
19,063
169,422
139,019
335,778
Federal income taxes
—
$392,547
$693,028
Depreciation
.
Provision for United States
Net income
per
shareDomonion of Canada
Earnings
*»0.83
.<——
234,409
and Republic of Mexico income and excess
$1.46
profits
152, p. 2707.
Hudson Coal Co. (&
Period End. June 30—
Net revenues-
Taxes
—
Fixed charges--..
a
-
Depletion and deprec
Subs.)—Earnings-
1941—3 Mos.—1940
$674,013
$425,908
327,827
347,244
351,601
348,053
368,928
408,766
1941—6 Mos.—1940
$1,863,576 $1,503,809
660,052
712,004
694,401
696,507
784,406
826,786
$682,512
$275,283
income.—V. 152, p. 3345.
$731,488
$369,986
Net loss..
a
3,285,168
$696,960
Total income
taxes.—V.
2,433,529
$4,529,320
1,807,161
costs
Operating profit
Miscellaneous income
a
6 Months
$6,962,849
$2,504,121
&c
a
$4,053,547
No Federal taxes on
Hudson & Manhattan
Period End. June 30—
Gross oper. revenue
RR.—Earnings-
1941—Month—1940
$617,265
$604,981
1941—6 Mos.—1940
$3,828,253 $3,776,308
and taxes—
452,811
430,492
2,723,791
2,635,989
Operating income.—
Non-operating income._
$164,453
9,716
$174,488
9,920
$1,104,462
66,442
$1,140,319
62,249
Oper. exps.
$174,169
$184,408
$1,170,905
$1,202,568
adrjgTnc? bonds
149,232
154,509
906,100
927,623
avail, for int.
adj. inc. bonds-.
$24,937
$29,899
$264,805
$274,944
Gross income—
Infntm
on
— --
Net inc.
on
adjust, in¬
bonds outstandin the hands of
Interest on
come
intt
,
public (at 5%)
118,554
120,650
711,325
723,900
Deficit.-----
$93,617
$90,750
$446,520
$448,956
—V.
152,
p.
4125.
The Commercial & Financial Chronicle
552
Hudson Bay
Mining & Smelting Co., Ltd.- -Earnings—
6 Mos. End. June 30—
1941
Estimated net earns.. $3,296,993
Earnings per share.--$1.19
1940
a
1939
1938
and
$2,610J32
$2,243,591
$2,038,323
$0.95
$0.81
$0.74
Hussman-Ligonier Co. (& Subs.)6 Months Ended June 30—
-
—
—
Cost of goods sold
Selling & admin,
expenses.
—,
$181,387
43,669
$171,868
41,761
$272,973
$225,056
3,902
See a
16,768
31,386
71,306
15,89.3
41,771
Total
—
stock
common
—
investments, &c_
Miscellaneous income
$146,229
307,481
$145,204
248,359
$609,461
14,934
77,050
$453,711
15,311
85,470
$393,563
15,624
84,968
4,395
Provision
Cash
Notes pay.,
$265,842
$242,429
Notes & accounts
receivable
3,239 781
3,175,769
899,312
688,258
Inventories
Other cur. assets..
18,257
e24,535
dl~7~359
properties.—-—
dies and
547,846
446,207
patterns, &c—
Deferred charges.-
1
1
45,402
38,871
Investments
a
Plant
and
other
1941
a
&
1940
25,683
50,561
144,959
161,536
31,386
158,204
15,893
539,500
517,477
,
374,451
$5,040,975 $4,608,893
RR.—Equipment Trust Certificates—
equipment.
The report of the Commission states
in part:
The certificates were offered for sale
through competitive bidding.
In
response thereto two bids
representing 15 parties were received. The higher
bid, 98.7579 and accrued divs., was made
by Halsey, Stuart & Co., Inc.,
and associates, and has been
accepted.
On this basis the
Illinois Terminal
From Jan. 1—
Gross from railway
Net from railway..---.
Net ry. oper. income—.
—V. 153, p. 100.
average annual
be approximately
2.26%.—V.
RR.—Earnings1941
1940
1939
1938
$583,014
230,749
142,635
$510,368
181,380
104,098
$445,552
132,595
69,501
$410,992
99,859
40,647
3,221,462
2,930,134
955,132
535,498
2,696,798
793,550
438,255
2,493,263
646,512
276,514
1,190,157
701,906
Inspiration Consolidated Copper
Co.;—Earnings—
6 Months Ended June 30—
Total
$1,276,610
12,384
$ 1,757,348
income
Interest, &c
Arizona and U. S. income taxes
(estimated)
Reserve for additional taxes..
1940
$1,741,883
15,465
•
Dividends and miscellaneous income
$1,288,994
112,336
122,025
113,036
244,600
155,000
266,620
Provision for depreciation and
obsolescence
Net income, without deduction for
depletion.._
Dividends
Expenses
on
1941
securities.
1940
$96,754
$818,008
Int. paid and accrued
Taxes
$43,239
9,357
2,903
161
15
Net Income
Divs. paid or accrued...
Assets—
Cash in banks
Due from brokers.
Investments
$83,111
$86,510
$85,002
56,150
60,220
66,600
Condensed Balance Sheet June 30
1941
$20,336
4,811,955
1940
Liabilities—
$17,664
26,435
4,364,125
1941
in 1
$4,832,291 $4,408,2241
Treasury
$20,071
Business
6 Months Ended June 30—
Earnings
™
" V " "V-u-v;",-"
per share of capital stock
602,600
3,140,731
666,859
stock.
Total
Machines
656,029
Dr25,110
Drl 1,207
$4,832,291 $4,408,224
1941 and 2'200 shares
"
.
■
have declared a dividend of $1.25
per share on account of
accumulations on the 5% cum. pref.
stock, par $100, payable Aug. 15 to
holders of record Aug. 5.
Line amount was paid on May 15, and Feb.
15,
last, Nov. 15, Aug. 15 and May 15,
1940; $2 paid on Feb. 15, 1940; $1.25
on Nov.
15, and on Aug. 15,1939; $2 on May 15. 1939, and
$1.25 on Feb. 15,
1939.—V. 152, p. 100.
William B. Yeager, Vice-President and
director, has been elected to the
of the firm to succeed P.M. Chandler, who
resigned as President
and Chairman.
According to Mr. Chandler, the change in the
company
leadership was made to restore harmony within the
corporation and among
its
stockholders.—V. 153, p. 397.
Presidency
Intertype Corp .—Earnings—
Period End. June 30—
Gross profit.
1941—3 Mos.—1940
Non-recurring
$390,091
$897,293
$783,549
25.3,272
21,570
50,000
15,000
312,446
22,894
494,852
43,073
125,000
65,000
603,143
45,556
45,000
$76,416
selling expenses
Depreciation
1941—6 Mos.—1940
$416,258
General administrative &
$34,751
20,000
income
Cr29,958
Net profit
a Includes other
income,
German subsidiary
$199,326
$89,849
b
From a partial recovery of
investment in
previously written down to $1.
Note—The foregoing statement of 1941
earnings does not include any
profit or loss
relating to investment in and advance to
Intertypr, Ltd.,
British
subsidiary.
Provision for taxes is the estimated amount of
Federal and State taxes
payable under the existing laws.
Reserve for contingencies includes
pro¬
vision for estimated additional taxes
under the proposed 1941
amendments
to the Internal revenue
code.—V. 152, p. 3185.
(Byron) Jackson Co.—Earnings—Period End. June 30—
Net profit after all
ch'gs.
Earns, per share
1941—3 Mos.—1940
1941—6 Mos.—1940
$152,997
$94,185
$177,846
$0.40
$0.25
$0.47
on com.
stock
$241,318
:
$0.64
New Director—
Corp.—Earnings—
1941
1940
$8,405,336
©4,728,336
$5,996,482
f4,293,482
d$4.78
c$5.01
r18-3
foreign net profits applicable to the 1941 and $958,364 in 1940, blocked
respective periods, but before taxes,
b After provision for U
S. Federal and Canadian
taxes,
c On
943,087
shares.
d On 898,178 shares,
e
After providing
$672,000 for U. S. excess
profits tax under the present Revenue
Act and also an additional
amount
.
International Rys. of Central
America—Pref. Dividend
The directors
and taxes.
(HO^—-V"l52 bp 3027^ Shar6' b 4,1°° 8hares in
International
1940
Due to brokers
income.
Total—
$33,706
74,200
a
Capital stock
$563,200
Capital surplus
3,627,342
Undi8trib. oper't'g
b
.
Co., being ap¬
proximately 80% of outstanding, and 1,200,000 shares of common
stock
of the United States
Lines Co., being 100% of
outstanding.—V. 152, p.
3657.
b
1938
$99,138
11,231
4,938
4,295
Co.
Upon completion of the recapitalization of the United States
Lines Co.,
the International Mercantile
Marine Co. will own
approximately 1,078,00G
shares of new preferred stock of
the United States Lines
Res. for
contingencies..
1939
as
The new preferred stock will have a
par value of $10 per share and will
carry dividends at the rate of $0.70 per share
per annum accumulative from
July 1, 1941 and will have the same
characteristics, rights and privileges
as are now
enjoyed by the prior preference stock of the United States Lines
Reserve for taxes-.
$103,325
11,876
9,348
much
as
Simplification of U. S. Lines Co. Capital Structure
The plan contemplates the
simplification of the capital structure of the
United States Lines Co.
by an exchange of the three classes of preference
stock, namely, prior preference stock,
preference stock, and junior preferred
stock now
outstanding for new preferred stock on the following basis:
Prior preference stock—share for
share.
Preference stock—share for share.
Junior preferred stock—6-10ths of a share
of new preferred stock for each
share of junior preferred stock.
—
236,625
$978,092
of
$450,000 a year payable to the RFC for the retirement
of that amount of
bonds at par, after
which, with the approval of the RFC, as much as $450,000 a year might be
paid in retirement of bonds in the hands of the
public
at 102
a
Insuranshares Certificates,
Inc.—Earnings—
6 Mos. End. June 30—
Co.—Refinancing
Co. to Recapitalize—
International Utilities Corp.—New President—
1941
Operating income
Marine
would provide
sufficient for the company to make the cash
payment to bondholders. All
the stock owned
by the I. M. M. in the United States Lines Co. would be
deposited as collateral for the new bonds.
Under the plan there would be
outstanding in the hands of the public
$5,734,500 of new bonds and in the hands of the RFC
would be new bonds
in the amount of the loan
obtained from that corporation.
The indenture
covering the new bonds provides for a sinking fund of
556,850
stock.
The Interstate Commerce
Commission on July 12 authorized the com¬
pany to assume obligation and liability in
respect of not exceeding $6,920,000
equipment-trust certificates, series V, to be issued
by the Pennsylvania
Co. for Insurances on Lives &
Granting Annuities, as trustee, and sold at
98.7579 and accrued dividends in connection
with the procurement of
June—
Gross from rail way
Net from railway
Net ry. oper. income—.
$294,587
bonds of the I. M. M.
1,134,660
will
Mercantile
Company—United States Lines
Company has arranged a 10-year loan from the RFC
$4,500,000, which, with cash available in its own funds,
(par
paper pur¬
chased.
d 1,396 shares
company's common stock no par value and six
shares company's preferred stock
$50 par value, e 1,113 shares of
company's
common stock, valued at
$12,535 and other investments in the amount of
$12.000.—V. 152, p. 1435.
the applicant
$442,574
advances.—V. 152, p. 3501.
W. Hanes, Chairman of the
Refinancing Committee of
While practically all the details of the
plan have been worked
by the committee, the plan is subject to approval
by the Reconstruction
Finance Corporation and the U. S. Maritime
Commission.
Briefly, the plan contemplates meeting the
maturity of the I. M. M. 6%
collateral trust bonds due on Oct.
1, 1941, which are outstanding for $11,469,000, by payment to bondholders of
50% in cash and 50% in new 4%
10-year collateral trust
After
to
on
I. M. M.
reserves for depreciation of
$407,561 in 1941 and $391,984 in
1940.
b Represented by 172,336 no
par
shares,
c After
deducting
$170,144 in 1941 and $119,231 in 1940, amounts withheld on
proceeds
$147,190
July 23 by John
70,419
126,905
Earned surplus.—
of the
_prof$524,469
493,975
After deducting $39,858 interest received
International
28,793
1,134,660
Capital surplus.-22,605
cost
70,125
out
$50)
certain
48,253
A complete plan for
refinancing company and its subsidiaries and for
recapitalization of the United States Lines Co., the most
important sub¬
sidiary, has been completed and will be presented to the stockholders
of
I. M. M. for approval at a
special meeting on Sept. 2, it was announced on
92,508
payable
on
stockDeferred 1 lability
Res. for contlng..
5y*% cumul.conv.
Illinois Central
75,000
Plan of
Div.
Total
a35,142
3 934
34,375
_
a
—
238,000
5,000
151,989
Res. for losses—__
Deferred income.-
55.040,975 $4,608,893
671
288,900
2,959
ser¬
common
Total---.
84,056
297,549
5,400
30,782
5,000
gen,
tax accruals
b Common
64.559
539,016
18,184
10 546
vice contracts..
pref. stock
$172,268
91,399
285.138
2,041
25,851
Three directors were elected on
July 16 by this corporation, as follows:
A. Willard of Reynolds &
Co.; D. M. S. Hegarty, Vice-President of
E. II. Rollins & Sons, and John
Ballantyne, Treasurer and director of the
Philco Corp.—V. 152,
p. 4127. >
Liability under in-
and
3,374
Ioss$18,999
91,590
277,681
3,869
2,182
19 702
Accrued payroll..
Distributors' accts.
Income
11,006
2,815
F.
—$2,100,000 $1,960,000
109,050
60,263
Accts. pay,, tradeSundry creditors-
staiation
Patents,
20,481
Cr7,700
Net loss....
Dividend paid.
banks
(unsecured)
110,116
$157,888
International Machine Tool Corp.—New Directors—
Liabilities—
hand and
on
in banks
c
148,709
loss$42,295
$2,468,787
2,200,783
Federal income tax
Consolidated Balance Sheet June 30
1940
1938
$345,598
11,368
$1,708,941
Dal ton Ore Co...
Cancellation of prov. for
1939
$3,337,985
3,231,571
$318,367
18,950
8,281
111,268
Federal income tax (est.)
Provision for est. add'l
Federal taxes
Amort. of investment in
for
1941
1940
$4,349,296
3,920,658
110,271
$1,678,969
18,604
Int. & disc't on bonds..
Prov. for depreciation—
ment is included in cost of
Assets—
on
Prov. for doubtful acc'ts
Loss on coal operations.
$517,477
$352,930
$292,971
depreciation of buildings, machinery and other equip¬
goods sold ($16,157), and in selling and admin¬
istrative expenses ($2,092).
a
gen. exps.
Profit
Int.
1941
-.$10,002,496
8,212,259
—
Sell., admin. &
4,732
13,470
15,438
34,775
$166,380
443,081
Dividends—On preferred stock
On
3 Mos. End. June 30—
Gross sales
Cost of sales.
Total income.
Prov. for Fed. & State income taxes..
laws,
Subs.)—Earnings—
$213,619
...
new
8. Federal
but due to addi¬
excess profits taxes levied after the statement was issued
Revenue Act of 1940 as amended in 1941, and applicable
1940, It was necessary to make an adjustment of
$242,000, leaving revised net income as above.—V. 153, p. 243. •
$1,265,314
876,088
217,357
Total profit
Expenses (net of non-oper. properties,
incl. of depreciation)
Prov. for deprec. of oper, plants & eq.
Provision for contingencies.,
-
$4,535,482 of net income,
tional income and
19.39
$1,351,202
955,406
214.409
Other income and credits.
Net profit..
Earned surplus, balance Jan, 1
showed
Interlake Iron Corp. (&
1940
$1,619,109
1,194,064
227,610
$197,435
75,538
—
taxes
to the first six months of
-Earnings—
1941
--—
Canadian
under the Second
After deducting all operating costs including
administration, deprecia¬
tion. and all taxes, but without provision for depletion.—V. 152,
p. 3345.
a
Net sales-.---
July 26, 1941
of $830,000 for estimated increase in U. S. Federal taxes under
f The report for the first six months of 1940 after estimated U.
Election of Chas.
S. Thomas as a director of this
company to fill the
vacancy caused through the death of Stuart &.
Rawley was announced by
E. S. Dulin, President.—V.
152, p. 3812.
Jones & Laughlin Steel
and
Corp.—Listing of Stocks—Merger
Recapitalization Plan Approved.—
The New York Stock
shares of 5% cumulative
Exchange has authorized the listing of 293,568
preferred stock, series A, 293,568 shares of
5%
cumulative preferred stock, series B,
convertible, and 1,310,240 shares of
stock (no par), all on official notice of
issuance pursuant to the
articles of merger, and
880,704 additional shares of common stock
common
(no par)
Volume
B,
stock
and
official notice of issuance upon conversion of preferred stock series
making the total amounts applied for 293,568 shares of 5% cum. pref.
series A, 293,568 shares of 5% cum. pref. stock series B, convertible,
2,190,944 shares of common stock.
Under the terms of the proposed merger, the shares are to be issued
reserved for issuance as follows:
upon
or
293,568 shares of
stock are
of the
stock
of the corporation, now outstanding, into one-half share of preferred stock
series A, one-half share of preferred stock series B, and IX shares of com¬
mon stock..
v
•.
'VThe 576,320 additional shares of common stock are to be outstanding
upon the consummation of the merger by virtue of the conversion of each
of the 576,320 shares of common stock ($100 par) now outstanding into one
stock series A, the
293,568 shares of preferred
The
preferred stock series B, and 733,920 of the shares of common
to be outstanding upon the consummation of the merger by virtue
conversion of each of the 587,136 shares of cumulative 7% preferred
r-r
stock (no par).
880,704 additional shares
share of common
The
of common stock are,
pursuant to the
on
Kansas City
Depreciation
The
1941, the boards
9,
consummation of the merger the
plan of merger provides that upon
the corporation, as the surviving corporation,
is to consist of 3,087,136 shares, which shares shall be classified so that
587,136 shp.ll be 5% cum. pref. stock (par $100) and the remaining 2,500,000
shall be common stock (no par), the 5% cum. pref. stock being divided into
and issuable in two series, of which one series to be known as the 5% cum.
pref. stock, series A, shall consist of 293,568 shares, and the other series,
to be known as the 5% cum. pref. stock, series B, convertible, shall consist
authorized capital stock of
of 2Q.3 o08
■"'
^ fi a,res
i ■
*
Upon consummation of the merger,
each share of cumulative
7 % preferred
on
215,636
123,457
800,391
x$ 10,485
x$51,857
76
,
$6,286,806
5,117,229
216,266
124,353
785,199
952
$30,092
2,342
Loss.—v.
$621,828
V'; -'X-;;;,
3972.
152, P.
$32,435
229,468
103,150
321,645
$384,719
$35,222
$19,000
Net loss
x$50,905
44,926
195,236
93,652
X$10,409
3,926
16,115
4,772
$5,613
3,686
61,541
4,386
bonds
RFC obligationOther fixed charges
on
x
1941—12 Mos.—1940
$6,213,673
5,139,712
90
Gross income
of
approved and adopted a joint plan of
merger providing for the merger of Vesta and Shannopin with and into the
corporation, as the surviving corporation, and directed the submission of
the same for action thereon by the shareholders of the corporation at a
special meeting called to be held on July 22, and by the shareholders of
Vesta and Shannopin at special meetings called to be held on July 23.
At the aforesaid shareholders' meetings the plan was approved and adopted
by the required percentages of the shareholders of the corporations, and
articles of merger have been executed and filed with the Department of
State of the Commonwealth of Pennsylvania.
June
$5,523
Operating income
Non-oper. income
stock series B
on
expenses
Social security taxes
Int.
Earnings—
1941—Month—1940
$521,290
$486,864
421,986
402,578
18,875
19,420
10,049
9,963
64,857
65,388
General taxes
Interest
of treasury
153, p. 398.
Total oper. revenue
Operating
Supply Corp. and gain on sale
Public Service Co.
Period End. June 30—
conversion of their shares into shares of such common stock.
At meetings of the respective boards of directors of the corporation and
The Vesta Coal Co. and of Shannopin Coal Co. (wholly-owned subsidiaries),
upon
consolidation of Frick-Reid
shares, $994,720.—V.
becoming
provisions of the joint plan of merger, and upon the merger
effective, to be reserved for issuance to holders of the preferred
held
553
Commercial & Financial Chronicle
The
153
Cleared Up—
Keith-Albee-Orpheum Corp.—Arrearages
$17.50 per share on account of
pref. stock, payable Aug. 7 to holders of
record July 31.
This payment clears up all dividend arrearages up to and
including June 30, 1941.—V. 153, p. 101.
Directors have declared a dividend of
accumulations
on
the 7%
cum.
-Earnings—
Kimberly-Clark Corp.
Net
sales
(exclusive
interplant sales)
of
$9,009,919
7,227,055
Cost of sales
761,232
Gen'l & selling exps
Profit from operation.
1941—6 Mos.—1940
3 Mos.—1940
1941
Period End. June 30—
$7,498,577 $16,718,863
5,912,129
13,584,901
700,383
1,468,797
$14,882,960
11,729,359
$1,665,165
$1,790,988
$886,066
$1,021,633
1,362,613
296,468
39,165
502,291
339,938
$1,318,101
88,385
Bond interest..
377,000
Federal income taxes
149,445
Prov. for divs. on pf. stk.
$925,230
5,167,456
$2,130,926
78,625
186,000
149,445
177,135
621,500
298,890
3,99,500
Other income
v
Total income
and
dividends),
150,000
Res. for contingencies
Net loss of Wm. Bonifas
one-half share of preferred stock series B, and
IX shares of common stock.
Each share of common stock ($100 par)
then outstanding and not held in its treasury, and all rights in respect
thereof, is to be forthwith converted into one share of common stock (no
172,975
298,890
North. Star Timber Co.
stock of the corporation
all
then outstanding and not
held in its treasury,
respect thereof (including accrued but unpaid
be forthwith converted into and exchangeable for one-half
rights
is to
in
share of
preferred stock series A,
par).
1,310,240 shares of common stock
to be outstanding upon consummation of the merger is to be $57,632,000,
which is the same as the aggregate par value of the common stock, $100
par value, of the corporation now outstanding.
The stated capital applic¬
able to the preferred stock series A and to the preferred stock series B is to
be the par value thereof, or $100 per share (a total of $58,713,600), which is
the same as the stated capital now applicable to the cumulative 7 % preferred
stock.
There will, therefore, be no change in the total stated capital ap¬
plicable to the shares of the corporation as shown on its balance sheet.
Upon conversion of shares of preferred stock series B into shares of common
stock without par value, the stated capital to be allocated upon the cor¬
poration's balance sheet to the shares of common stock without par value
so issued will be the aggregate par value of the shares of preferred stock
The stated
capital applicable to the
converted.
plan of merger does not contemplate any change in
corporation except that the surplus of Vesta
will be credited to the surplus accounts of the corporation.
series B so
The
counts of the
Consolidated Income Statement for
the Four Months Ended
less cash discounts,
adjustments
Cost of sales and operations
returns and
Selling, administrative and general expenses
Provision for doubtful notes and accounts
income.
$15,207,125 $15,207,125
364,363
364,363
... —
Total income
$15,571,488
■
.
2,732,934
97,669
Depreciation
Depletion
Amortization
of
stripping
prepaid
and
royalties
Furnace relining and rebuilding,
■
Profit, before other charges,
&c
384,608
2,451,130
....
&c
_—_
$9,905,147
670,879
3,641,765
366,458
1,235
Supply Corp.,
subsidiary
Profit for the period—
a Before giving effect to merger,
Actual—
Pro Forma
Actual—
$
23,695,290
S
23,695,290
Cash in b'ks and
hand.....
Liabilities
to Merger
to Merger
Assets—-
Accounts
receiv. (net)-w
20,296,409
41,161,237
41,161,237
258,125
258,125
Invests, in & ad¬
718,046
Investments
15,282
Advances
Land,
541,113
686,611
933,403
sation
686,611
933,403
sions
taxes,
expenses
Maintenance
514,687
514,687
2,044,118
2,044,118
40,397,059
&
286,487
267,934
543,037
515,670
Operating income
Non-oper. income (net).
$335,284
2,981
$586,095
17.225
$715,850
8,370
$314,853
118,940
16,443
$338,265
$603,320
247,255
31,873
$724,220
275,380
2,948
2,639
2,821
5,769
8,411
5,520
8,702
$173,883
$171,834
$310,012
$392,928
long-term debt..
Other interest—
Amort, of debt discount
Int.
on
and expense
...
:
Miscellaneous deductions
Net income
(G. R.) Kinney Co., Inc.
30—
6 Months Ended June
Net sales_______...
Net profit on oper. before
interest charges...... ... _ _
Miscellaneous charges (net)
$8,892,014
8,404.141
$7,050,372
6,855,799
$487,873
20,928
13,348
$194,573
deprec. & amort
151,266
a95,000
Depreciation and amortization
Federal income taxes
—
21,548
11,254
127,241
9,000
$207,331
$0.19
._
Earnings per share
of common stock
$25,530
Nil
computed at 30% of net taxable income.
required for excess profits tax.
b Preliminary.
Consolidated Balance Sheet June 30
Federal normal income taxes
provision
163,659
Accts. receiv. (net)
Merchandise... - . 4,762.001
151,397
Prepaid exp., &c_.
$566,660
116,769
3,744,869
Notes
Accts.
1,398,778
1,404,118
estate
_
^
2,693,000
148,818
57,542
120,000
140,000
■«*
587,500
Notes
pay.—bank
(long-term)
512,500
$5 prior pref.
stk. 3,207,700
46,684
46,684
Total.......-$7,063,353 $6,251,848
a
58,713,600
To
57,632.000
Total...
$7,063,353 $6,251,848
Pay Preferred
Dividends—
declared a dividend of $1 per share on the $5 prior pref.
payable Aug. 22 to holders of record Aug. 8. Like amount was paid
on May 20 and Feb. 25 last and on Dec. 30, Nov. 25 and Aug. 20, 1940, and
compares witn $1.50 paid on Dec. 27, 1939; $1 on Nov. 10, 1939; 50 cents
on July 6, 1939, and $1.50 paid on Dec. 28, 1938, this latter being the first
payment made on this issue since Dec. 27, 1937, when an initial
of like amount was distributed.—V. 152, p. 3659.
Directors have
......
stock.
29,356,800
29,356,800
57,632,000
dividend
Surplus at April
30,1941
112,279
394,338
stock,
Capital surplus- 31,010,055
Earned surplus. 27,533,998
58,544,053
Koppers
Bankers
244,495,683 244.495,683
a Accumulated
from earnings of the corporation, its predecessor com¬
pany and their subsidiary companies, $57,549,333; capital surplus arising
Total
200,963
98,163
563,225
Preliminary.
pref.
stock
5% pref. series A
5% pref. series B
Common
3,162,150
152,050
201,649
par)
1,490,220
(par $100)...
111,500
Capital surplus
Earned surplus—
2,043,546
cum.
248,235
10,000
Fed, taxes on inc..
2,693,000
1,490,220
stock
334,731
_
mtge.
Real estate mtges.
pats., dies,
marks &
trade
Fire
Common
1940
$475,000
721,791
iniscl.
instalment
219,174
Fixed assets (net).
&
liabilities-_
Real
244,744
pay.—banks
pay.—trade
Accrued
200,255
val.,
a 1941
$875,000
880,067
Liabilities—
1940
a 1941
$342,771
Cash
Common stock ($1
2,043,546
7%
41,690
(& Subs.)- —Earnings— 1940
bl941
$8 pref. stock
in cap. stock.
5,094
. . . . _____ .
goodwill..^..—
Contingencies
244,495,683 244.495,683
137,690
20,826
:..._■J__...._
excl. of deprec. & amort.
40,397,059
Minority interest
Total
194,376
119,243
1,592,600
$301,183
13,670
Lasts,
Insurance..
a
$3,137,739
197,250
152,531
Taxes (incl. est. prov. for
Federal income tax)..
pen¬
payable.
Nil
$3,102,755
1,623,842
845,109
106,909
76,216
76,312
Depreciation
1940
loss$53,836
1941—12 Mos.—1940
$1,631,452
96,758
life Insurance—.
long-
Reserves:
$99,551
$0.08
act
Co. (& Subs.) —Earnings—
$1,597,991
837,251
revenues....
Cash surrndr.
& long&
1941
1941—6 Mos.—1940
Accident compen¬
bond
insurance, &c.
541,113
pen¬
term debt
153,806,265
Operating
Operating
Assets—
sions payable.
Funded
Funded
res.,
disct. & exps.
Prepaid
&
sation
term debt pay.
steamships, &cl53,806,265
Unamort.
951,262
Advance colls, on
plants,
mineral
6,279,934
951,262
Accident compen¬
466,323
718,046
15,282
466,323
at cost
Kings County Lighting
Period End. June 30—
No
sales contracts
ciated ore cos.,
(& Subs.)— -Earnings—
30—
Net profit after all charges and taxes
Earnings per share on common stock
—V. 152, p. 3659.
3,628,621
Other
vances to asso¬
Kingston Products Corp.
6 Months Ended June
a
6,279,934
income
proposed to be contained in a revenue
standing of the provisions now
for 1941.—V. 153, p. 101.
Net income..
Taxes, Federal
2,458,692
2.458,692
$2.20
Earnings for the 12 Months Ended June 30, 1941—Net sales (exclusive of
sales), $31,158,098; cost of sales, $25,465,493; gross profit,
$5,692,607; general & selling expense, $2,829,620; profit from operations,
$2,862,986; other income, $735,401; total income, $3,598,387; bond in¬
terest, $357,707; provision for Federal taxes, $904,741; North Star Timber
Co. (60% of loss) estimated, $24,000; provision for dividends on preferred
stock, $597,780; net profit on common stock, $1,714,159.
Note—The provision for Federal taxes in the 1941 periods which includes
both normal and excess profits taxes is estimated on the company's under¬
interplant
312,083
3,628,621
Income
Invests, in other
-
2,220,921
than Federal
receivs.,
&c
2,220,921
Interest
contracts, long-
1,074,761
$2.17
6,442,782
Taxes—Other
Real estate sales
$1,057,931
$0.98
Prov. for
6,442,782
312,083
—
liabils.:
Payrolls.....
20,296,409
Inventories.—
pay.,
trade....
Accrd.
Notes & accounts
Pro Forma
Before
—After
Giving Effect Giving Effect
to Merger
to Merger
—After
Giving Effect Giving Effect
Before
$479,161
$1.42
Cost of sales & oper. exp.
of April 30, 1941
as
$691,270
Net profit on common
Amount earned per share
on common stock
—V 152, p. 2709.
$5,224,810 $5,224,810
b After giving effect to merger.
Consolidated Balance Sheet
corporations
670,879
1,235
Minority int. in profits of Frick-Reid
term
$9,905,147
12,000
12,000
12,000
12,000
(60% of loss) est
Gross income
384,608
2,451,130
3,641,765
366,458
Other income taxes
on
15,571,488
2,732,934
97,669
mining
—
Other charges
Federal income taxes
a
b Pro Forma
$67,188,122 $67,188,122
49,017,348 49,017,348
2,909,527
2,909,527
54,122
54,122
Balance.
Other
April 30, 1941
Actual
a
Sales and operating revenues,
the surplus ac¬
and Shannopin
22,800
20,000
Lumber Co
Co.—Definitive Bonds Ready— •>'
Trust Co.
will be prepared on and after
definitive first mortgage and
1961, upon surrender at its
standing temporary bonds.
July 21, to deliver
collateral trust bonds, 3M% series due March 1,
office at 16 Wall St., New York, of the out¬
At the option of the holder, this exchange may
554
also
The Commercial & Financial Chronicle
be made at
the office
burgh, Pa.—V.
of the
Union Trust Co.
of
152, p. 3502.
Pittsburgh, Pitts¬
Lone Star Cement
Period End. June 30—
(S. H.) Kress Co.—Retirement Plan Voted—
Sales.
Stocaholders on July 16 at a special meeting
approved the retirement
plan for employees which had been outlined to them some time
back.—V,
153, p. 244.
July 22 by officials of the
•company.
Sales for the period which ended
with sales of $19,837,601 for the
July 12 were 123,380,121, compared
corresponding period last year.
Cumulative sales for the first
a
13% increase
over
Cost of sales
Selling & admin,
seven periods amounted to
$155,409,685,
sales of $137,915,485 for the same seven
periods
year ago.
a
number of stores in operation during the period was
3,608,
compared with an average of 3,860 stores in operation
during the 1940
seventh period.—V. 153, P. 101.
Ltd.—Operations—
Company's mill treated 154,451 tons
including premium.—V. 152, p. 3348.
of dry ore,
recovering
$2,302,507,
Setting a new record month for sales, company reported
gross income
for June from services, sales and
royalties amounting to $298,500, a gain of
27.8% over the $233,600 gross income in June, 1940.—V.
152,
3186
p.
(R. G.) Le Tourneau, Inc.—Earnings—
Period End. June 30—
1941—Month—1940
Net sales
,,..$1,778,961
$1,126,640
aNetincome.
272,391
275.892
b Earns, per share,
$0-61
1941—6 Mos.—1940
$9,189,646
1,613,748
$3.59
$0.61
$4,519,877
1,152,043
a After provision for
depreciation, and Federal income taxes, and
profits taxes in 1941.
b On 450,000 shares.
Initial
$1.12)4
per share on the
Lehigh Valley RR.—EarningsPeriod End. June 30—
1941—Month—1940
1941—6 Mos.—1940
Operating revenues.$5,086,709
$3,968,567 $26,610,846 $23,094,418
Operating expenses
3,149,587
2,768,721
17,595,177
16,848,260
Net ry. oper. income
1,162,260
715,850
5,414,552
3.013,025
Net income..,..
583,025
125,743
1,826,165
def612,987
—-V. 153, p. 244.
1941
1940
Mfg. profit after deduc.
$818,055
$1,934,012
966.597
$0.85
948,597
$2.04
$1,371,610
966,597
$1.14
profits
excess
~
""
$1.42
taxes, capital stock, franchise taxes, &c.t
charged directly to costs or other accounts,
are
taxes
for the first six months of 1941
is
$1,123,306 representing estimated Federal income and
excess-profits taxes
against $326,149 for the first six months of 1940.
The estimates of
as
Federal income and excess-profits taxes
for 1941 have been calculated at
the increased rates contained in the House
Committee new tax plan.
How¬
ever, the excess-profits tax has been
computed after deduction of normal
income tax.
The House Committee plan now
provides for calculation of
excess profits taxes before
deduction for normal income tax, which is a
radical departure from the present
method, and, if such provision is enacted
into law, the reserve for total Federal
income taxes will have to be increased
substantially.—V. 152,
p. 3813.
Long-Bell Lumber Corp.—Earnings—
1941
1940
$2,074
$2,899
$955
513
433
289
210
$2,587
interest
$3,332
$1,244
$1,143
Interest
period
1939
1938
$933
The corporation, as of June
30, 1940, was the owner of certificates of
beneficial interest for 100,701.1 shares of the
common stock of the
LongBell Lumber Co. which at the time had
outstanding 197,683 shares of com¬
mon stock (par $50) and
128,866 shares of preferred stock(par
corporation
owns
practically
$100).
no
The
other assets.
Earnings of the Long-Bell Lumber Co.
3 Mos. End. June 30—
before
1941
~
1940
1939
193*
$792,094
262,665
285,522
21,699
$497,302
$220,977
231,41?
156,541
9,721
$222,208
$34,029
deductions
1939
deplet., deprec. &
interest.. —$1,729,303
Depletion
347,378
Depreciation
314,288
1938
Interest....
Acer. Fed. & State taxes
2,606
a613,544
_
$8,849,505
907,044
$5,738,441
1,076,571
$2,288,510
1,123,793
$7,942,461
501,163
$4,661,870
$1,164,717
148,083
Gain for period.
607,389
.
$1,079,016
948,597
..
for
labor
Net mfg. profit....
..$11,543,853
Other income..
$3,524,313
620,382
1,272,309
260,012
for doubtful accounts and
contingencies.
Charles L. Hogan,
President, states:
The results of the foreign
subsidiary companies included above are figured
at the average exchange
rates, except as to the provision for depreciation
and depletion which is based on the
dollar value of fixed assets at the
Gain
Libbey-0wens-Ford Glass Co.—Earnings—
and mfg.
expense....$12,303,621
Depreciation..
759,768
143,429
$5,040,181
1,448,755
1,308,197
349,217
b(Including provision
Loss for
used,
399,607
718,933
$2.56
convertible preferred stock,
payable Sept. 1 to holders of record
Aug. 9.
—V. 153, p. 244.
materials
$2,080,024
891,87l
642,839
202,574
3 Mos. End. June 30—
Loss before deduction for
initial dividend of
new
6 Mos. End. June 30—
$3,406,384
117,928
other than the taxes which
excess
Preferred Dividend—
an
$4,848,216
191,965
time of acquisition.
Included in the provision for
Lane-Wells Co.-—Sales—
Directors have declared
Including
$2,021,583
58,441
,
__
Shares outstanding.
Earning per shate__
a
Corp. (& Subs.)- ■Earnings-—
1941—3 Mos.—1940
1941—6 Mos.—1940
$7,463,049
$5,662,040 $13,688,088
$9,892,146
4,033,374
2,942,198
7,463,242
5,167,508
718,521
698,259
1,376,630
1,318,254
$2,816,301
Total Income
Net profit.
1941
$2,711,154
105,146
a Provision for inc. taxes
Prov. for deprec. & depl.
b Miscellaneous charges-
Average
Lake Shore Mines,
expense
Operating profit
Miscell. income
Kroger Grocery & Baking Co.—Sales—
An 18% gain in sales for the seventh four-week
period of 1941 over sales
for the same period in 1940 was
reported on
July 26,
391,086
a
$433,487
Includes $184,590
as
p. 3505.
226,108
204,373
32,792
losk^206,698
addition to accruals for first
quarter.—-VS.
152,
Total mfg. profit and
other
income.
$12,151,242
2,006,995
a4,767,000
1,899,064
$5,052,956
1,775,423
bl ,367,812
622,719
$5,377,247
Exps. & other deduct's._
Est. Federal income tax.
$5,176,748
Netprofit
Earns, per sh.
$8,443,624
$1,312,801
1,734,681
$2,654,814 loss$421.880
on com.stk
$2.14
$2.06
$1.06
Nil
Consists of taxes under the
Revenue Act of 1940: normal
taxes, $2,435,000, excess profits taxes. $1,325,000. and
estimate of additional taxes
based on prospective amendments
of Revenue
Act, $1,007,000.
b On
basis of 1940 Revenue Act.—V.
152,
a
2399.
p.
Life Savers
Corp/—Special Dividend—
Directors have declared
a
to the regular
special dividend of 40 cents per share in
addition
quarterly dividend of 40 cents on the common
stock,
both payable Sept. 2 to holders
of record Aug. 1.
See also
par
Period End. June 30—
Operating revenues.
Operating expenses
Maintenance..
Depreciation
Taxes
6 Months Ended June 30—
aNetincome
1940
1939
$73,143
$57,376
2709.
Calendar Years—
Cost
expenses
Net profit from
oper..
Other income
^Totalv
Earnings—
1939
$10,070,243
7,914,283
of sales
Selling expenses
Administrative
Subs.)
1940
sales.
1938
1937
$7,235,423
5,463,765
1,009.385
337,366
$9,205,701
7,026,163
945,968
325,817
902,593
273,875
5,589,825
925,259
260,308
$809,208
$907,751
113,709
123,535
$595,189
111,292
$1,195,308
C 151,093
$7,970,701
$922,918
Other charges
Pro v. for income
__
$1,031,287
$706,481
16,518
18,287
207.477
21,161
56,529
137,246
337,822
$548,072
$952,048
taxes280,463
Net profit.
$625,9.36
Dividends paid___
$805,522
128,170
213,616
$1,346,401
Consolidated Balance Sheet Dec. 31
Assets—
Cash in banks and
on
hand
Marketable
Receivables
Inventories
Liabilities—
1940
$50,000
153 988
Accounts payable.
1,936,827
2,293,014
Accrued liabilities.
Prov.tor inc.taxes
Bank loans payable
Instalm't
119,059
151,772
1,555,354
1,481,770
5,270
4,980
95,773
129,334
patent
rights, less
amort
on
Cap. stock (par?5)
Capital surplus
17,500
100,000
2,147,040
100.000
2,147,040
21.071
2,798.330
$7,502,266 $6,234,194
Z)r8 093
Total
Dr8,093
$7,502,266 36,234,194
s
preferred dividends
Reserve for contingencies
_
Reserve for depreciation..
Excess
and
2,628 270
153,
2 742 378
1,755,306
$7,206,466
stock
reserve on account of such
to year-end audit.—V.
June 6,'40
2,275,726
$3.92
profits taxes estimated to be nominal
Subject to
June 5,'41
$15,210,462 $15,594,078
3,100,000
3,100,000
^Reserve for Federal income taxes.
a
p.
879,407
$1,615,364
917,710
$3 .390,711
1 ,770,676
$3,279,274
1,850,432
$745,057
$697,654
$1 ,620,035
$1,428,842
288,000
288,000
576,000
576,000
$457,057
$409,654
$1,044,035
$852,842
Jj11,624,464
reservations
of
Bal. transf.
to earned
surplus
Refunding Program,—
It
is stated
that the company
will shortly file with the Public Service
Commission a plan for refunding its entire funded
debt and bank loans,
totaling approximately $41,000,000.
The proposal calls for issuance of
$10,292,000 of 3)4% 1st mtge. bonds
due 1971;.»19,669,000 of
3^% 1st mtge. bonds, due 1971: $6,500,000of
4%
debenture bonds, maturing from 1951 to
1961; $2,500,000 of 3)4% serial
notes, maturing from 1947 to 1951; and $2,000,000 of
2)4% serial notes,
maturing from 1942 to 1946.
Under the plan insurance companies
holding $10,292,000 of 4% series C
bonds, due 1960, would be given a liice amount of new
3)4$ in exchange.
Companies holding $3,000,000 of 4% series D bonds, due
1961, and $16,669,000 of series E 4% bonds, due 1963, would be issued like
amounts of
new 3%% liens for their
holdings.
The $6,500,000 of new 4% debenture bonds would
be sold to one
insurance
company.
They would mature at the rate of $600,000 a year from 1952 to
1956 and at the rate of $700,000
annually from 1957 to 1961.
Another insurance company would
buy $2,500,000 of serial notes carrying
3H% interest, maturing $500,000 a year from 1947 to 1951.
The $2,000,000 of serial notes,
carrying 2)4% coupons and maturing at
the rate of $400,000 a year, would be sold to
three banks.
The plan was designed to use
savings in annual fixed charges to reduce
debt, with the larger savings in later years
allowing for an increase in the
provision for payment of principal.
It is estimated that the annual
savings in interest requirements on the
1st mtge. bonds alone will amount to about
$125,000, should the Com¬
mission authorize consummation of the
refinancing plan.—V.
152, p. 2709.
12 Mos. End. June 30—
Gross oper. revenues
Operations
__
Maintenance
Co.—Earnings—
1941
Taxes—Local, State and
Federal
Net oper.
,
are
foreign funds
399.
$7,996,394
$4.39
1941.
be restricted.
$742,685
408,242
'
61,467
124,870
$180,321
$199,638
1,592
$182,125
11,668
$148,105
17,139
3,710
$201,230
42,750
7,059
$193,793
42,750
11,483
$165,244
42,750
8,911
46,635
income.
140,908
47,096
45,900
45,028
600
600
600
470
$180,791
42,750
__
...
_
indebt. of Amer.
Utilities Associates
600
on
Net
Divs.
income.
CV765
$87,096
on common stock.
106,684
$103,725
60,962
Balance Sheet June 30,
included for
as may
.
1938
$751,907
356,938
71,936
146,213
Gross income
Int. on long-term debt..
Int. on other debt
Prov. for retirements and
Int.
1939
$762,197
350,339
66,008
154,191
Non-operating income..
expense.
1940
$764,921
370,895
59,514
Amort, of debt disct. and
share operating profit after
subsidiaries'
Company's share net profit
Earnings per share on common
$3,282,260
D/2,986
replacements
Loew's, Inc.—Earnings—
Company
b
125,182
21,071
40 Weeks Ended—•
b
234,176
Earned surplus...
3,210,651
Treas. stk. (2 176
-V. 153, P. 399.
r
748,988
261,627
chase contract..
Res. for conting..
1,938,682
Dr2,951
Lowell Gas Light
$328,810
1,230,680
210,580
pur¬
shares)
Total
1939
Notes payable
2,667,255
2,673,508
Total pl't & equip.
&
1939
$138,506
196 177
securs.
Supplies, unexpired
insurance, &c._
Invest., advs., &c.
Patents
1940
$133,869
2,258,852
$3 ,393,662
Net income
_
p.
976,630
$1,617,912
Dr2,548
Drl,542
Gross income
$22,836
per share of common stock.
$1.07
$0.81
$0.25
After all charges,
including depreciation and taxes.
Note—The 1941 first half year
earnings were comnuted after setting up a
reserve of $63,213 to cover
excess profits tax at the new
proposed rates now
being considered by Congress and also to cover an
estimated normal Federal
tax of
30%.—V. 152,
1,181,444
!$1,626,006
..
Income deductions
a
Line Material Co.
(&
for
net income
1941
Earnings
prov.
Operating income
Other income (net)
Miscell.
Lindsay Light & Chemical Co.—Earnings—
Net
(incl.
income tax)
1941—6 Mo.s.—1940
1941—12 Mos.—1940
$6,764,631
i,446,192 $13,598,349 $12,839,529
2,741,063
2,631,098
5,460,490
5,202,563
450,485
502,858
906,13.5
998,889
765,633
717,694
1,579,210
1,417,235
$5,
V. 151, p. 2502.
—V. 152, p. 3504.
Long Island Lighting Co.—Earnings—
$93,060
60,962
Assets—Property, plant and equipment, $3,671,534; investment
in capital
$2,440; long-term appliance contracts, $25,040;
$16,532; accounts receivable (less reserves for
of $24,457), $40,498;
merchandise, materials and
insurance deposits, $1,217; prepaid expenses,
$4,518;
stock of affiliated company,
cash in bamcs and on hand,
uncollectible
supplies,
accounts
$136,278;
$68,719
152,405
1941
Volume
unamortized
The
153
discount
debt
$10,309; maintenance
and expense,
worK
in
$9,810; other, $6,087; total, $3,924,262.
Liabilities—Long-term debt, $950,000; consumers* meter and extension
deposits, $48,154; notes payable (bank), $40,000; accounts payable, $60,701;
balance due on authorized instalments on serial obligations assumed,
progress,
$1,076; accrued interest on long-term debt, $14,250; accrued interest on
other debt, $829; accrued taxes, local, State and Federal, $86,957; other
current and accrued liabilities, $3,461; unadjusted credits, $12,610; reserves,
$795,877; capital stocx (par $25), $1,524,050; earned surplus, $386,296;
total. $3,924,262.—V. 153, p. 245.
•/ ■
'•
.
Loose-Wiles
Co.—$4,000,000 Loan Placed Pri¬
Biscuit
555
Commercial & Financial Chronicle
vately—The
notes,
company has sold privately to Prudential
Co. of America an issue of $4,000,000 3% serial
April 1, 1944, 1947, 1950, 1953, and 1956.
used to retire on July 1, 1941, the outstanding
assumed 30% tax basis on a forecast
Assets—-Fixed
capital,
of net earnings
1941
Balance Sheet June 30,
with bond trustee,
$1,344,059; cash deposited
$59; cash, $101,531; accounts receivable, $220; interest deposit (contra),
$725; other special deposits, $423; deferred assets, $7,177; reacquired stock
(1,754 shares), $73; total, $1,454,267.
Liabilities—Capital stock (14,830 shares, no par
value), $14,830; income
$28,132; debenture
bonds when issued
$177; sin-plus, $258,622;
debenture bonds, $907,500; payables and local taxes,
bond interest, $27,225; payable on $2,500 debenture
(contra), $725; reserves, $217,057;
$1.454,267.—V. 149, p. 736.
suspense,
total,
Insur¬
ance
accrued monthly on an
for the calendar year.
Mid vale Co.—To Increase Stock—
"The
board of directors at its
the call
stockholders to be held on Sept. 10,
meeting held July 24 authorized
due $800,000 each
of
Proceeds
1941, at 2 p. m. EDST, for the purpose of voting upon a proposed
in the total number of authorized shares without par value from
were
5% preferred stock at $105 per share.—V.
153, p. 245.
Louisville & Nashville RR.—To Pay $3.25 Dividend—
$3.25 per share on the common
stock, payable Aug. 27 to holders of record July 28. This compares with $2
paid on Feb. 23, last, and on Dec. 21, 1940; $2.75 paid on Aug. 26, 1940;
$1.25 on Feb. 28, 1940; $2.75 on Dec. 22. 1939; $1.25 on Aug. 30, 1939;
$1 on Feb. 28, 1639,; $1.50 on Dec. 23, 1938, and regular semi-annual divi¬
dend of $2.50 paid on Feb. 28, 1938.—V. 153, p. 102.
Casualty Insurance Co.—Extra
Div.—
dividend of 10 cents per share in addi¬
quarterly dividend of 40 cents per share on the capital
stock, par $10, both payable Aug. 15 to holders of record Aug. 1.
Similar
payments were made in each of the 20 preceding quarters.—V. 152, p. 2710.
Directors have declared an extra
tion to the regular
Marion-Reserve Power
and Exchange Commission
company and its parent, Utility Service
and declaration (File 70-354) under the
Marion-Reserve Power Co.—V.
153, p. 399.
capital
To
$26,000,000 in the aggregate.
during June brought the totai outstanding to $7,000,000.
The June transactions consisted of two promissory notes of $2,000,000.
The notes bear 1H% interest payable monthly and mature Oct. 1, 1942.
Proceeds will be used by the company to reimburse itseif for or to pay for
costs and expenses of acquiring, constructing and installing emergency plant
facilities.
The notes are secured by an assignment to the Guaranty Trust
Co. of all claims for funds due now or in the fuutre from the United States
Government under an agreement signed with the Under Secretary of War
The borrowings
April 14, 1941.—V. 152, p. 3350.
Net assets equivalent were to
1941
48,725
3 Mas. End. June 30—
Tons of ore milled
Mines, Ltd.—Earnings—
1940
1939
1938
41,636
39,128
39,501
^
Net income from metals
produced.
...
Developm't & oper. costs
$241,251
166,013
$182,414
136,859
$213,590
159,226
$200,138
159,938
Operating profit
._
Non-operating revenue.
$75,238
2,530
$45,555
1,441
$54,364
910
$40,199
443
Total income
Net
$46,995
6,750
16,000
$61,768
profit
Note—No allowance has been made
$55,275
4,900
$40,642
$40,245
$77,768
...
Provision for taxes
$50,375
$40,642
for depreciation.—V.
Gross income from operations.
Expenses and taxes
1941
$1,846,883
1940
$1,518,918
1939
$1,370,199
1,313,546
30—
Pay $2 Dividend—
Directors
declared
have
dividend of $2 per share on
the common
Minneapolis-Honeywell Regulator Co.—Earnings—
[Including Domestic and Canadian Subsidiaries]
sales
of goods sold
Cost
and
3,963,897
117,059
2,723,532
85,456
6,912,572
234,233
4,942,227
201,412
$1,505,190
$458,925
$2,317,404
$839,343
714
18,793
1,753
8,064
883
25,331
2,223
9,558
$1,524,698
$468,741
$2,343,618
$851,124
479,823
130,357
724,191
215,882
18,642
22,272
476,079
39,070
31,321
$550,153
$316,112
$1,104,278
$603,921
operating expenses
Depreciation
Net profit from oper__
Interest earned
Miscellaneous income
Gross income
and
income
for
Prov.
capital stock taxes
Prov. forest, excess prof¬
Other
1941—6 Mos.—1940
$9,464,209 $5,982,982
1941—3 Mos.—1940
$5,586,147
$3,267,913
Period End. June 30—
Net
476,079
deductions
Net inc. for the period
Notes—(1)
Operations of the English and
Swedish subsidiaries for the
June 30, 1941, are not included in the accompanying
Net sales for the five months ended June 30, 1941, include
six months ended
statement.
and its domestic and Canadian subsidiaries to the
subsidiaries; $30,622 of this amount applies to the
30, 1941.
Dollar remittances are being currently
$48,694 by the company
English and Swedish
three months ended June
received covering such sales.
(2) As of June 30, 1941, the investments in and the net advances to
English and Swedish subsidiaries of the company and its domestic
subsidiaries were as follows:
subsidiary,
12,540.
Canadian
and
the
The English subsidiary,
the
and
457,550,
Swedish
(3) In view of the proposed new tax bill, which requires the
profits taxes before computing normal income taxes, the company has
changed the policy announced in its annual report for 1940, and
accompanying interim report has made provision for excess profits taxes for
the first half of 1941; no deduction was made for excess profits taxes in the
excess
in the
interim report for
1,099,949
the first half of 1940.
The provision for Federal income
profits taxes for the first six months of 1941 shown in the accom¬
panying statement represents an estimate based upon the latest
available as to the anticipated rates under the proposed new tax bill which
would be applicable to the earnings for this period upon the basis of esti¬
mated earnings for the full year 1941.
In the case of the Canadian
sidiary the tax provision is based upon the Canadian War Tax Act and
Excess Profits Tax Act.-—V. 152, p. 3030.
•
and excess
information
sub¬
the
Ontario Paper Co.
Minnesota &
Including earnings of
and
Net sales
(JAinnf)—Earnings—
directly or indirectly wholly-ow ned
Canadian subsidiary
Period Ended
Quarter
4,012,185
442,792
and general expense.
1,033,837
Total
$533,337
$418,969
$336,362
42,044
12,664
2,078
$575,382
$431,633
86,547
1,650
96,930
1,579
$338,440
3,510
126,838
7,594
131,127
1,819
132,516
Savings on 1st mtge. bonds purchased
for sinking fund and retired.,
and excess profits taxes
bond interest...
Interest on income mortgage
bonds
$1,024,336
$1,229,167
445,900
$644,787
140,596
-
$910,429
156,258
$1,066,687
421,900
Net profit on sales
Other income (net)
Provision for income
Mwt/is
$9,573,628
7,728,040
^ 821,153
; r6
$5,365,406
(includingrailroad revenue)
b Cost of sales..
Selling, administrative
United States
companies.]
June 30—1941
Net income before
Operating profit..
a
stock, payable Oct. 1 to holders of record Sept. 15.
Like amount paid on
July 1, last, and compares with $1.50 paid on April 1, last: $5 paid on
Dec. 24, 1940; $1.50 paid on Oct. 1 and July 1, 1940; $1 on April 1, 1940;
$3.50 paid on Dec. 16, 1939; $1.25 on Oct. 2, 1939; $1 on July 1, 1939, and
75 cents paid on April 1, 1939.—Y. 152, p. 3507.
:;v oV"
a
152, p. 3350.
Mayflower Hotel Corp.—Earnings—
6 Months Ended June
without change in either the stated
deduction of
Investors Trust—Asset Value—
$17.34 per share on 5,901,109 shares out¬
standing on June 30, 1941.
This compares with net assets equal to $16.90
a share on 5,773,51^ shares outstanding on the same date a year ago.
At
the close of the preceding quarter, on March 31, 1941, the figure was $17.31
per share, on 5,864,477 shares.—V. 152, p. 4129.
Massachusetts
Matachewan Consolidated
or
its tax.
(Glenn L.) Martin Co.—Borrows Further Under Agreement
company borrowed an additional $4,000,000 from the Guaranty
Trust Co. during June under a loan agreement signed on April 30 whereby
the Guaranty Trust Co. agreed to take promissory notes from the company
on
additional 400,000 shares,
surplus of the company.
the proposed
The
for an amount not to exceed
to
ance
Co.—Stock to Be Offered—
announced July 19 that the
Co., have filed a joint application
Holding Company Act regarding
the proposed issuance by the subsidiary of 330,000 shares of common stock,
($5 par), in exchange for 33,000 shares of its outstanding common stock
($20 par), all of which is owned by the parent.
The subsidiary company also proposes to increase the voting power of its
$5 preferred stock from one vote to 10 votes per share and to transfer
$910,100 from capital surplus and $79,900 from earned surplus to capital.
The application states that Utility Service Co., upon completion of the
transaction, proposes to acquire its outstanding securities, transfer all of its
assets to its parent, Manufacturers Trust Co., and dissolve.
Manufacturers
Trust Co. proposes to make a public offering of the common stock of the
The Securities
increase
200,000
shares, as well as voting upon the authorization of issu¬
stockholders of record at the close of business on Oct. 10, 1941, of
shares to 600,000
Directors have declared a dividend of
Manufacturers
special meeting of the company's
a
293,09b
204,832
.1.-
$504,190
$490,171
Includes depreciation for the quarter of $298,593 and for the six months
period of $598,374.
b Depletion of $14,982 for the quarter and $230,010 for
the six months period on the 1940-41 season's cut off company-owned lands
has been accrued and credited to depletion reserve and will be absorbed in
Net income after
interest
a
profit before int., corp. exps.
depreciation
Interest on bonded indebtedness
Net
and
Bond and mortgage expenses
Corporate expenses
Depreciation.
Net
profit (before income taxes)..
$194,404
$356,836
Balance Sheet June
100,135
341
$103,629
30, 1941
Mexican
Light & Power Co.,
Ltd. (& Subs.)—-Earnings
1941—6 Mos.—1940
$3,672,118 $3,098,754
1941—Month—1940
$756,555
$618,923
613,188
470,433
Gross earns, from opers.
Oper. exps. & deprec
against 1941
$143,367
...
3,020,429
Miami Bridge
2,377,200
taxes
Direct taxes
Prop, retire, res. approp.
of limited-term
investments
30—•
Net oper. revenues—
Int. on mortgage
Other int. &
.....
Depreciation
costs
Federal income and excess profit taxes
Other deductions
income,.
Debenture interest paid on
92,135
77,826
$138,166
331
$109,931
24,839
2,183 v
b33,750
1,058
2,259
7,228
1,058
$105,993
Surplus
Mar. 1__
$102,448
59,910
70,980
24,218
2,279
.
_
1,058
$82,374
74,190
$46,083
$31,468
$8,184
from the surplus income earned in the calendar years 1938, 1939
at 6%.
b Includes the six months' estimated income tax for 1941,
Remainder
Paid
96,608
24,521
earnings..
Interest on unfunded debt
Net
a
1939
$187,758
$167,507
Operating expenses and taxes
Amort, of security & reorg.
1940
$230,301
bonds.
deductions.
chgd. to constr'n—
$7,094,744
147,995
132,160
57,143
2,374,238
1,609,461
2,135,724
1,211,344
682.143
657,143
571
574
6,896
6,876
$316,657
$297,709
$3,180,164
1,888
$3,083,657
$3,182,052
1,603,522
$3,085,040
1,612,903
71,952
Cr2,119
432
22
133,054
7,173
$297,731
133,850
5,953
Or 190
CV269
$177,052
income..
1941—12 Mos.—1940
$7,852,902
197,183
163,897
68.452
$317,089
Other income
>
1941
$264,116
Co.—Earnings—
1941—Month—1940
$746,760
$635,581
Amort,
Net
Total re venues......
and 1940
$721,554
Power & Light
Period End. June 30—
Divs. applic. to
Co.—Earnings—
12 Months Ended June
a
$651,689
$148,490
and excess profits taxes has been made on
best available information as to rates likely to be applied
income.—V. 152, p. 2862.
Operating revenues
Oper. exps., excl. direct
Int.
Netearnings.
—V. 153, P. 246.
throughout the year.
Note—Provision for income
the basis of the
Minnesota
receivable (net), $108,787; inventories
of salable supplies, $178,189; other assets, $28,970; furniture, furnishings,
and equipment (net). $693,125; land and buildings (net), $4,196,076; pre¬
paid expenses and deferred charges, $69,124; total, $5.702,201.
Liabilities—Accounts payable, $144,213; accrued liabilities, $67,443;
reserve for 1940 Federal income tax, $30,466; accrued interest on 1st mort¬
gage bonds (unmatured), $70,162; matured interest on unissued bonds,
$6,102; 15-year 5% 1st mortgage sinking fund bonds, $3,369,460; capital
stock ($1 par), $389,738; paid-in surplus, $905,734; earned surplus, $687,955;
reserved surplus, $30,928; total, $5,702,201.—V. 152, p. 835.
Assets—Cash, $427,930; accounts
Period End. May 31—
cost of sales
pref. stocks for the
74,606
Cr6,031
1,383
""$158,197 $1,509,955 $1,402,304
period
990,825
990,825
$519,130
$411,479
Notes—(1) Provision for Federal income taxes, subsequent to April 1,
1941 is being made at a rate which will result in the accumulation of such
taxes' at the rate of 30% for the full year 1941.
(2) Includes in the 12
months ended June, 1941, provision of $50,000 for Federal excess profits
tax applicable prior to Jan. 1, 1941, but includes no subsequent provision
for such tax since no excess profits are indicated.—V. 153, p. 103.
Balance
_.
Missouri-Kansas -Texas RR.—Earnings—
Period End. June
30—
Operating revenues
Operating expenses
Jnc. avail, for fixed chgs.
ixed charges
Inc. after fixed charges . .
—V. 153, P. 104.
,
Month—1940
$2,901,367
2,129,564
383,148
365,491
17,657
1941—6 Mos.—1940
$2,266,315 $15,304,479
1,745,741
11,693,869
143,705
1,572,135
365.192
2,197,614
def221,486
$13,036,157
10,532,655
559,782
2,191,399
def625,479defl ,631,618
556
The Commercial & Financial Chronicle
Missouri Pacific RR.—Abandonment—
The
Interstate
Commerce
Commission
June
on
2
issued
a
certificate
permitting abandonment by Guy A. Thompson, trustee of the
company,
of a branch line of railroad extending from Le
Roy to Madison, approxi¬
mately 29.5 miles, in Coffey and Greenwood counties, Kan.—V.
153, p. 401
1941
26,
National
Battery Co.—Stock Called—
Company has notified the Chicago Stock Exchange that 1,000 shares of its
par preferred stock will be called for redemption Oct. 1 at $35
per share,
plus accrued and unpaid dividends.
The stock to be redeemed will be
selected by lot.—V. 151, p. 249.
Monsanto Chemical Co., St. Louis, Mo.—Semi-Annual
no
Report—
Edgar M. Quincy, President, states:
Domestic sales for the second quarter
were limited
only by our ability
Amounting to $16,075,620, they were the largest for any such
period in our history and exceeded those of the
corresponding quarter of
last year by 54 %.
Net income for the second quarter rose to
$1,945,977, which is the equiva¬
lent of $1.40 a common share.
Tnis is inclusive of a
$281,400 dividend
from our British subsidiary but after a deduction of
$450,000 providing for
anticipated tax increases.
Including this additional
National Malleable & Steel
to produce.
provision, income
30% greater than the remaining net income.
After adjustment
for the taxes assessed later by the Second
Revenue Act of 1940, second
quarter earnings last year equaled 82 cents a common share.
Despite increased taxes, the $2.38 a share earned during the first six
months of 1941 compares favorably with
adjusted earnings of $1.70 a share
for the same period of 1940.
We have provided $800,000
during the current
six months for additional income taxes
probably required by the pending
revenue Act.
However, in view of certain suggestions being
considered,
even this amount may be
inadequate.
Our opportunities to participate
directly in the defense program are
limited.
It might be said the chemical
industry is in the second line of in¬
dustrial defense.
It is supplier of raw materials that are
vital in the produc¬
tion of the great variety of material used
by the military in modern warfare.
Our defense depends upon products of the
metal, textile, rubber, plastic,
explosive and companion industries, all of which are
dependent upon the
chemical industry for the maintenance of their
standards.
We in common
with others in the chemical
industry are doing our utmost to fill the demands
July
(2) Includes provision of $56,896 and $804,464 for Federal excess
profits
tax in the month of June, 1941, and in the 12
months ended June 30, 1941,
respectively.—V. 153, p. 104.
27,591
11,329
July 1, '39
July 2, '38
$30,817 loss$447,654
14,698
15,231
$1,230,754
225
$271,291
49,159
$45,514 loss$432,423
6,345
10,157
200,000
74,000
Int., divs., rents & misc,
Net profit
Other deductions
taxes were
Castings Co.—Earnings—
3 Mos. Ended—
June 28, *41 June 29, '40
Net profit from oper'n
$1,203,163
$259,963
a
Prov. for Federal normal
income taxes.....
Prov.
Fed.
for
7,000
excess
profits tax
557,000
Net profit.
$473,529
$148,132
$32,169 loss$442,580
After deducting provision for
depreciation of $132,159 in 1941, $116,264
a
in 1940, $110,475 in 1939 and
$$113,437 in 1938.
Note—The provisions for Federal income taxes have been
computed to
the probable requirements for taxes
arising from the income of the
period in accordnace with latest published draft of the Federal Revenue
Act of 1941 as proposed by the
Ways and Means Committee of the House
of Representatives.
cover
Based on the same proposals the
provisions for similar taxes for the first
three months of 1941 have been increased
approximately $74,000.—V.
153,
401.
p.
made upon us.
Income Account for Six Months Ended June 30
(Including Subsidiaries) '
6 Mos. End. June 30—
dl941
dl940
1939
1938
sales
$30,518,546 $19,903,344 $19,148,587
Cost of goods sold.
19,901,705
Net
National
Period End. May 31—
Gross profit
Sell. & admin, exps
$10,616,841
2,245,403
691,264
$6,601,792
2,077,457
614,023
Net profit from oper__
Other income
$7,680,174
$3,910,312
a592,082
a43Q,272
Gross income
Income charges..
Prov. for inc. taxes (est.)
$8,272,256
268,020
b4,703,968
13,579,500
$4,340,584
Research
expenses.
.
_
can
for
divs.
867,144
Operating income
Other income (net)
$2,280,577
$1,224,735
Gross income
$5,778,741
Int. to public and other
deductions.
2,390,286
29,325
21,626
(net).
■
$2,217,267
39,346
on com..
$2.38
$2.30
$1.60
$0.85
Includes $281,400 ($270,375 in
1940) dividend from British subsidiary,
$1,885,000 provision for excess profits tax and
$800,000 as pro¬
vision for probable additional taxes,
c Before
minority interest,
d In¬
cluding American subsidiaries only.
The
provision
amounted
to
are
for
depreciation and obsolescence during the
(2) The 1940 figures as given are the
The adjusted figures (due to tax
adjustments)
not available.
Balance..
Balance
Sheet
[Including American Subsidiaries]
June 30 '41 Dec. 31
.$
Assets—
Cash
Cash
5,092,582
prop,
add'ns
Inv. in British sub.
Inv. in
at
729,413
2,070,160
729,413
assoc. cos.,
737,505
invest.,
and
$
461,245
containers.
cence
456,285
reserve...18,943,068
3,085,201
17,672,621
2,940,000
Pensions reserve..
less depletion...
843,085
863,084
Pats. & processes.
1
1
Deferred charges..
168,174
202.587
int.
in
pref. stock
$4
cum.
5,000,000
series
352,742
5,000,000
85.164,061 71,903,865
Petiod End. June 30—
Operating revenues
Operating expenses
Maintenance
Depreciation
12,416,940
Total
...
Lighting Co.
9,570,060
1941—6 Mos —1940
$1,272,603
1,264,917
781,793
780,822
67,705
43,330
84,800
$2,434,431
1,526,313
136,689
169,071
$2,327,218
1,466,361
81,419
175,471
254,326
$348,032
403
Dr911
$386,488
1,103
$245,147
137,485
$347,121
260,794
$9,753,303
1,004,015
$9,386,978
1,020,692
$1,883,835
$0.26
$8,749,288
$8,366,286
$1.22
Period Ena. June 30—
Operating revenues
$107,662
$86,327
$108,442
1941—Month—1940
$1,466,879
_
_
_
279,149
Subs.)—Earnings—
direct
taxes
1941—12 Mos—1940
$1 325,736 $18,508,281 $16,229,776
i
440,100
270,282
5,514,927
4,450,970
4,982,501
2,848,998
145,653
1,842,368
1,699,311
$6,700,016
Dr5,423
$6,698,966
5.676
$6,704,642
1,897,586
529,495
459,758
5,829
deplet.
reserve approps.__
Net oper. revenues
Other income (net)
$471,266
share
$0.22
Of National Power &
a
$469,701
2,413
4,283
$473,679
156,50,1
$47.3,984
157.517
44,125
38,814
37,341
$6,694,593
1,883,221
529,495
486,552
Int.
1,173
on
mtge. bonds..._
Interest on debentures
Other int. & deductions.
Int. chgd. & construct'n
__
Dr .44
16,384
(credit)
44,125
Netincome
$235,412
$234,957
Divs. applic, to pref. stock for
the period.
Statement of Income {Company Only)
Period End. May 31
Income from subs., con¬
solidated
Other income
Balance.....
Notes (1)
___
_____
33,712
$2,854,175
$1,628,038
31,503
$3,823,632
957,530
$2,866,102
1941—12 Mos.—1940
>,733,247
121,798
$6,458,106
101,860
$6,559,966
$1,659,541
$6,855,045
46,291
104,271
46,795
254,597
195.355
63,330
382,295
217,679
$1,509,814
$1,549,416
$6,218,153
$6,146,932
240,593
257,596
1,004,015
1,020.692
$1,269,221
shares
$0.15
$1,291,820
SC. 15
$5,214,138
$0.64
$5,126,240
$0.63
Int. and other deduct'ns
from income
common
To Vote
on
excess
profits tax since
no
Exchange Plan—
Stockholders at
special meeting on Aug. 14 will consider a proposed
offer to holders of $6 preferred
stock, to exchange their shares, for common
a
stock of Houston
Lighting & Power Co. (now owned by the company), on
the basis of
l^ths shares for each share held.—V. 153, p. 247.
National Tea Co.—Sales—
Sales for the four weeks ended
July 12, 1941, amounted to $5,363,170,
compared with $4,578,668 for the
corresponding period in 1940, an
increase of 17.13%.
as
at
The number of stores in
operation decreased from 1,058 in 1940 to 1,053
July 12, 1941.—V. 153,
New
p. 401.
England Fund-^—To Pay 15-Cent Dividend—
Directors have declared a dividend of 15 cents
per share on the common
stocK, payable Aug. 1 to holders of record
July 21.
This compares with
13 cents paid on May 1 and on Jan.
30, last, 14 cents paid on Nov. 1, 1940;
10 cents on Aug. 1, 1940; 8 cents
paid on May 1, 1940: 7 cents Feb. 1, 1940;
17 cents Dec. 27, 1939; 8 cents Nov. 1 and
Aug.
cents
paid
on
Nebraska Power
Calendar Years—
Amortization of limitedterm investments.
Prop. retire.
res.
approp.
Net oper. revenues
Otherincome
Int.
on
on
mortgage bonds.
debenture bonds.
Int. charged to constr'n.
Net income
Divs. on pref. (7%) stk.
Divs. on 6% pref. stock.
on common
Co.—Earnings1939
1938
1937
$8,641,568
$8,393,333
4,894,537
$8,071,490
4,542,673
$7,546,354
4,147,617
23,340
630,000
23,827
580,000
25,574
542,500
$2,845,457
1,828
$2,924,990
11,962
$2,830,662
$2,847,285
$2,936,952
742,500
$2,857,499
742,500
210,000
109,484
022,300
210,000
108,094
044,507
$1,897,268
363,734
$1,841,412
763,734
135,366
135,366
1,400,000
5,264,146
13,600
630,000
$2,733,822
1,313
Other int. & deductions.
Divs.
1, 1939; 7 cents May 1,
Feb. 1, 1939.—V. 152, p. 2712.
1940
Operating revenues
Oper. exps., incl. taxes__
Int.
$3,811,709
957,534
Provision for Federal income
taxes, subsequent to April 1, 1941
will result in the
accumulation of such taxes
year 1941.
being made at a rate which
at the rate of 30% for the full
is
1941—3 Mos.—1940
$1,626,664
$1,660,376
Gross income
...
b Includes
respectively.
___
Gross income
$1.29
Light Co. in income of subsidiaries,
provisions, by certain subsidiaries of $155,103 and
$444,508 for Federal
excess profits tax for the
three months and 12 months ended
May 31, 1941,
1939, and 5
477,589
363,958
154,066
u
com.
413,034
con-
solid, earned surplus $1,658,750
Earns, per
$387,591
Montana Power Co. (&
_
$2,141,431
257,596
217,479
$244,744
$71,415
_
111,221
$201,416
130,001
—V. 152, p. 2711.
i
$9,800,012
1941—12 Mos.—1940
22
Income deductions.
Direct taxes....
Prop, retire. &
$2,220,053
31,503
Note—No provision has been made for Federal
profits are indicated.
$201,394
Other income (net)
excl.
$9,698,152
excess
137,473
Operating income
exps.
$10,268,397
$2,251,556 $10,390,195
110,125
636,892
.85,164.061 71,903,865
-Earnings-
for
prov.
income tax)
Oper.
222
$2,220,053
$9,698,374
Balance
$1,899,343
Interest and other deduc.
240,593
12,416,940
11,194,032
84,238
Net income.
94
$9,698,152
101,860
Earns, per
Nassau & Suffolk
(incl.
$10,268,491
23
33,712
Other expenses.
—V. 152, p. 3352.
Taxes
$2,220,076
$2,016,193
Taxes.
Paid-in surplus...11,269,032
Earned surplus.-.11,536,309
.....
10,980,204
Crl5,276
$2,016,193
Net equity
5,000,000
C
pref. stock..... 7,500,000
Common stk. (par
$10)
9,830,096
Cr83,738
$10,268,397
121,798
225,000
543,625
Minority
2,589,606
CV5.936
24
Nat'l Poio. & Lt. Co.—
Net equity
Balance carried to
3,502,575
3,573,610
Depos. for return¬
able
$6,209,548 $25,638,055 $26,315,898
$3,625,878 $15,891,697 $15,350,970
1,405,802
5,623,206
5,652,596
.$
2,754,536
2,167,117
American sub..
489,166
Buildings
9,873,515 $4.50 cum. series A
Mach'y & equip..36,357,560 34,403,120
pref. stock
5,000,000
Phosphate depos.,
$4.50 cum. series B
Total
7,312
$26,218,845
97,053
...
Otherincome
payable
accruals-..
Est. income taxes. 6,626,182
Pref. dlvs. payable
737,505
413,925
2,239,103
10,758,445
re¬
ceivables & deps.
Land
Accounts
Deprec. & obsoles¬
cost...
Misc.
8,971,780
for
approp.
June 30 '41 Dec. 31 '40
Liabilities—
6,331,756
6,365,880
8,393,780
res..
Inventories
5,635
...
40
18,157,190
Receiv's, less
6,281,466
$25,559,987
78,068
Total
Consolidated
6,432,414
$2,016,217
...
ity interests
a
1,603,506
$6,188,055 $25,554,352 $26,211,533
$2,049,905
Expenses, incl. taxes.150,562
$1,646,184.
figures originally reported.
v.
ri
,;
$3,422,019
1,405,802
Portion applic. to minor¬
a
..
1,693
C'r33,564
Preferred divs. to public
$1,162,551
.
>,189,748
19,800
8,686
22,838
37,004
$3,356,475
<"■
1,054
Int. charged to construe.
26,305
*
$80,914,434 $76,253,503
9,124,079
38,528,220 36,846,580
2,103,127 bl0,399,448
6,913,924
$5,770,055
Balance.
$3,270,943
1,386,168
Net oper. revenues
$5,769,001
Rent from lease of plants
$1,754,829
166,545
363,550
a
Note—(1)
b3,170,264
Property retirement re¬
serve appropriations..
b Includes
period
9,855,936
$2,940,673
93,184
566,913
pref.
shares of British sub..
Net income
Earns, per sh.
expenses
$1,437,410
317,419
on
1941—12 Mos.—1940
<■"
$20,181,369 $19,018,767
$2,809,455
131,218
in Ameri¬
subsidiary.
revenues
1,378,100
Net income
$3,300,268
Portion of net inc. applic.
Prov.
$3,473,239
1,449,435
586,394
Subs.)—Earnings—
'1
Direct taxes
$5,569,087
2,126,859
632,773
95,339
c
to min. int.
Operating
Operating
(&
1941—3 Mos.—1940
Subsidiaries—
-
13,301,552
Power & Light Co.
$2,735,135
742,500
210,000
112,699
Cr3,820
$1,673,756
363,734
135,366
stock/
1,150,000
742,500
210,000
110,629
Drl ,445
$1,782,711
363,734
135,366
1,300,000
1,350,000
26,836
Volume
Gas output is reported at 84,458,000 cubic feet, an increase
cubic feet, or 5.66% above production of 79,933,000 cubic feet
Balance Sheet Dec. 31
1940
1939
1940
1939
$
5
Assets—
sponding week
S
Liabilities—
Plant,
7% cum. pref. stk.
5,200,000
($100 par)
Investments
6% cum. pref. stk.
($100 par)
2,300,000
property &
equipment
38,468,934 >58,389,709
12,430
12,430
Cash
344,538
3,447
99,973
5,500
793,159
356,110
Special deposits...
3,090
99,792
Temp, cash invest.
funds...
851,840
Mat'ls & supplies.
566,432
Prepayments
123,960
Other current and
accrued assets.
Unamortized
16,540
-
debt
disct. & expense
a
b Common stock..
First
5,000,000
1,775,428
1,695,737
mtge.
Other current and
118,456
112,229
3,364
3,985,715
4,052,543
accrued Ilabils..
Reacquired capi47,700
47,700
Deferred credit-
6,847
BtOCk
10,080
Reserves.—2—_i.
Conslgn'ts (contra)
2,300,000
5,000,000
Contrib.
in
13,015
Consign'ts (contra)
6,847
10,122
9,278
10,080
10,122
surplus... 4,424,473
Earned
..42,254,912 42,129,765
...
42,254,912 42,129,765
Total
preferred,
Represented by 38 shares 7% preferred and 439 shares 6%
b Represented by 1,000,000 no par
shares.—V. 152, p. 4131.
New Bedford Gas & Edison
1938
1937
$4,445,268
1,897,627
$3,984,311
1,771,026
313,768
377,890
334,662
332,384
296,393
346,229
$4,386,516
1,877,603
373,255
xl,066,201
Operating expenses
997,950
838,921
Provision for retirement.
Taxes (incl. provision
$731,741
Dr20,775
$949,922
31,942
$890,565
$710,966
34,451
42,834
43,295
$843,509
Federal surtax
$856,114
833,414
801,361
$938,569
854,784
$668,132
667,800
profits tax of $11,062.
y No provision for
undistributed profits has been made.
Federal
on
excess
Balance Sheet Dec. 31
1940
1939
$
.
7,608
5,342,400
3,081,268
$13,828,930 $12,071,163
5,350,737
4,672,032
Net operating income
1,056.874
744,419
467,926
402,888
Deferred charges.-
45,736
105,586
from parent co-i
Accts.
payable
.....^
114,652
affil. companies.
98,184
7,608
Income
Earnings
per
net income
New
certain, taxes are in all probability under¬
reported is higher than it will ultimately prove
248.
appear
as
Jersey Power & Light Co.—Earnings—•
Earnings for the Years Ended Dec. 31
Operating
Operating
revenues
.
expenses
-.2__■_2■„
(deprec.) of fixer! capital..
(1940 includes
$73,701.25 applicable to prior years)
$1,753,513
Interest
accrued..
37,560
20,778
.
129,046
122,438
5,972
6,528
5,359,019
5,268,055
1,460
3,974,969
...
1,461
3,882,984
..20,516,463 20,034,948
Total.
1940
Calendar Years—
1938
1939
—$lo,057,536 $14,593,146 $13,685,551
5,771,840
5,949,401
6,113,353
570.727
574,310
464,895
i,102,006
1,121,935
991.728
1,381,266
1,287,147
556,878
1,219,272
380,543
2,269,952
2.322,537
2,113,978
$2,912,3!-3
Maintenance
$2,958,498
117,357
on
plant and equipment
795,723
Federal income tax.....
17,958
.
Operating income.__
72,410
Balance Sheet Dec. 31
capital.....24,280,164 23,835,819
Investments.
5,436,218
5,438,428
Deps. for matured
Fixed
...
and
int.
divs.
__
$2,984,793
175,626
$2,710,125
102,215
charged to construction
Income applic. to com. stock held by
the public
Interest
____ _
700
property sold,&c
Balance
98,273
5,626
Cr22,703
3,500
CV21.095
45,578
47,333
38,519
$2,771,790
$2,476,997
Engl. Gas A Elec.
Assn. Charges—
Interest on long-term debt
Interest accrued..
270,994
246,564
589,801
188,403
1,900
481,413
Miscell. accruals..
13,832
19,424
245,608
Appi,
Cash (incl. working
funds)
900
Notes receivableAccounts receiv.
383,700
..
Net income
$5.50 preferred shares..
1,967,102
$
90,746,424
3,124,196
1,505
15,944
183,144
a
24,985
981,492
918,446
.
$
Liabilities—
$
Capital stock cf
Notes payable
Mat'd
2,994,680
bond
terest,
.
823,800
.
42,986,500
1,032,300
Divs. declared..
Divs. declared..
Acer .taxes & int.
Acer .taxes & int.
al ,481,007
al,481,007
Accts. receivable
Misc. accruals
Misc. accruals-.
Mat'ls & suppl's
1,772,158
5,946
944,820
81,732
1,843,720
1,305
Def. debit items
1,918,150
50,106
636,543
61,951
58,739
58,739
.
.
Consumers'dep.
846,321
Contrib. for ext.
Contrib. for ext.
2,181,820
Def'd credits...
Def'd credits...
""
13,163,198
8,397,565
surplus.def4,246,225
Reserves.......
Capital surplus.
$4,482,133
1,553
$4,150,595
$5,070,754
$4,483,686
2,181,306
262,107
2,284,038
252,576
$4,160,416
2,406,279
Preferred dividends
$2,627,341
2,995,223
$1,947,072
816,879
Common dividends
263,678
...
mortgage bonds—
Other interest and deductions
on
Total
129,491
411,356
11,698
1,483,079
19,122
633,179
59,798
50,368
12,442,071
5,346,193
1,521,933
100,580,548 102,300,171
$17,958.
1940
a
Electric Association
of 11,606,241 kwh.
This is an increase of 2,768,510
31.33% above production of 8,837,731 kwh. for the corresponding
year ago.
9,821
246,144
Cr59,759
$1,567,752
476,527
$
71,871,698 71,713,902
Investment & fund
68,199
3,129,669
accounts-
Cash
deposits..
566,059
funds...
Notes receivable..
31,383
Special
■
62,016
3,116,733
267,419
15,453
13,539
2,094
Deferred debits... 1,543,464
1,794
Other current
accr'd
Long-term debt...41,964,940
Accounts payable.
631,191
Dividends declared
324,488
Matured
Interest.
Taxes accrued
13,996
1,652,130
413,168
Prepayments.
cum,
Customers'
22,940
receivable..
Mat'ls & supplies.
1,669,327
deps..
accrued.^
Interest
Other
current
Total
a
79,363,956 78,963,178
Total
Represented by 77,798 no par shares,
shares.—V. 153, P. 105.
New York &
Net income
4132.
1,076,910
698,063
823,822
817,646
124,578
126,447
115,212
3,821,542
115,196
surplus...
147,569
116,588
1,076,570
1,720,399
79,363,956 78,963.178
b Represented by 753.367 no
Richmond Gas Co.—Earnings30—
Operating revenues .....
Gross inc.
after retire'
reserve accruals.
—V. 152, p.
-
61,176
1,116,789
1,238,080
in
aid of construct.
Earned
591,171
66,295
.
5,115,393
credits..
Reserves.
Contributions
43,209,130
and
accrued liabils..
Deferred
and
assets—
8
7,779,800
pref.,stk 7,779,800
Common stock. 18,834,169 18,834,169
87
39,154
1,724,319
388,677
Accts.
b
1939
$
Liabilitiesa
and
prop.,
1940
1939
$
Assets—
Period End. June
System Output—
July 18, New England Gas &
12,132,913
2,349,814
charged to construction
Net income......
par
100,580,348 102,300,1711
Includes accrued excess profits taxes of
$18,322,153
12,047,558
2,124,000
2,725
Working
&c.t
31,852
Earned
35,499,400
673,682
in¬
payable.
1938
1939
$5,068,029
equipment
N. E. G. & E.
5,425
week
3191.
Inc.—Earnings—
—
Plant,
46,626
or
31.91o.635 31,337,094
Total
...
(net)-.—...
1939
banks.
kwh.,
97,810
60,282
Balance Sheet Dec. 31
1940
(contra)
reports electric output
210,164
1940
Net operating revenues
199,995
Accts.
For the week ended
210,164
350,870
$18,964,860
99,994
Notes receivable
a
Capital surplus...
143,355
Contrib. for constr.
Calenar Years—
$157,180
318,631
notes
Total--
5,703,814
Reserves...«_....
Operating.___;
..$20,453,266
Operating expenses, incl. taxes
13,023,840
Property retirement reserve approps.
2,361,397
$605,978
129,491
pledged
Int. & divs. rec.
6,028,072
77,094
rcc.
Represented by 87,500 no par shares.—V. 152, p.
Interest
35,499,400
610,789
Long-term debt. 43,437,600
dividends
pay. to
392,672
New Orleans Public Service
10,746
200,404
661
Min. int. in sub.
Interest
against
268,169
31,915,635 31,337,094
9,906
188,143
104,194
491,878
10,002
Cash
&
Earned surplus...
143,355
.
Prepayments.
Interest
Assn
Depe. for mat'd
Cash
serv.
accts.
sold (contra)...
Appliance accounts
rec. sold (contra)
2,108,666
1939
?
Special deposits.
142,587
construction....
line deposits
219,195
Consolidated Balance Sheet Dec. 31
1940
104,194
167,704
3,964,387
Customer adv. for
Customers'
13,087
Int. & divs. rec'Ie.
Materials, supplies
and merchandise
$550,963
Taxes assumed on interest...
Amort, of debt disc't & expense...
(contra)
103,393
109
Gross income—
1,911.994
Other interest
and
256,448
(contra)
849
Miscell. deposits..
Other income
New
bond
19,866
Accts. payable....
Taxes accrued
48,290
108,350
381,212
& divs.
109,988
79,381
6,137
Crll,873
$2,669,725
Other interest
Amortization of debt disc't & exp
Investments
67,300
company
Matured bond int.
j-
long-term debt
88,529,306
3,124,833
cum.
250,223
$3,075,856
195,845
Subsidiaries Charges—
Fixed capital
3,306,000
a
6,535,000
Long-term debt...14,175,000 14,175,000
Accts. pay. to affil.
pref. stock 3,306,000
Common stock.. 6,535,000
$6
19,866
48,290
(contra)
with trustee
<5
$
Liabilities—
jijj
11
1939
1940
1939
1940
SSCtS
Total
Gross income
650,000
....
$73,701 applicable to prior years.
Note—No provision has been made for excess profits tax.
Def. debit items.
Other income (net)
198,360
$6 cumulative preferred stock
stock..-.—-i.-
on common
$2,459,901
property,
_
CV256
,131,183
198,360
915,000
Includes
a
-■
England Gas & Electric Association (& Subs.)—
Assets—
C? 1,237
in lieu of mtged.
_
639,150
32,376
45,419
$1,101,419
4,533
2402.
_
-
...
charged to construction
Dividends
bond
...__ __
$1,847,873
Net income.
Dep.
_
70,940
$1,829,227
639,150
44,475
45,419
:
long-term debt
on
Dividends
Surplus
Federal excess profits taxes....
Other taxes.
$1,776,933
75,713
Other interest
137,011
....20,516,463 20,034,9481
of
212,526
416,516
....
Gross income
213,696
Reserves.
on
440,984
400,826
Other income.
341,505
34,780
159,127
Contribs. for exten
retirements
455,378
Provision for Federal income taxes
203,011
deposits
Operating expenses..
Power and gas purchased
$4,594,529
1,398,342
278,993
511,217
378,401
Provision for retirement
279,591
Deferred credit...
Total operating revenues
1939
1940
$4,760,631
„.....a_1,331,527
Maintenance
Consumers' service
Dividends
$3.73
share
to have been.—V. 153, p.
315,000
Interest
on
$636,052
$4.46
.....
actively to Jan. 1, 1941,
stated and
Miscell. accruals..
Interest
4,333,738
$1,276,632
...
Note—Federal taxes for 1941 have been accrued at tax rates now in effect.
As heavy increases in both income and excess profits taxes effective retro¬
Taxes accrued....
for
$4,969,791
4,667.103
.....
—......
balance
Divs. declared
Prov.
$5,943,735
84,086
104
300,000
Accounts payable.
New
370,216
$7,488,398
2,100,000
84,086
334,521
2,100,000
....
Amortization of debt discount and expense
Deposits (contra).
-V.152,p
$8,498,037
Income available for fixed charges.
interest
Discount on funded debt
Other interest
Interest
185,000
to
Notes pay. (banks)
;.
$7,399,131
89,267
Bond
1,000,000
490,738
424,637
Total
5,478,193
19,844
_
_
Other income (net)
3.081,268
Long-term debt
1,500,000
Ad vs. on open acct.
104
Mat'is & supplies-
._
expenses
Net operating revenues
Operating taxes...
§
5,342,400
Liabilities—
Accts. receivable..
Cash
1941
1940
..$42,331,585 $39,221,754
28,502,655
27,150,591
revenues
Operating income
$
Com. stk. (par $25)
Prem. on cap. stk.
.
Deposits (contra).
Operating
Operating
Othertaxes
-
Plant, prop., &c.. 18,452,188 18,229,721
In vestments
61,493
61,493
i 2
.
& Telegraph Co.—Earnings—
1939
1940
S
Assets—
New England Telephone
6 Months Ended June 30—
$981,864
stock.
on common
$10, botn payable Aug. 1 to holders of record July 18.
Like amounts
were paid on Feb. 1, last, and Aug. 1 and Feb. 1, 1940.
Extra of 10 cents in
addition to semi-annuai dividend of 75 cents was paid on Aug
1, 1939 and
previously extra dividends of 35 cents and regular semi-annual dividends of
50 cents per share were distributed —V. 152, p. 686.
par
..
Net income
Includes
7,920
59,992
.
$882,644
$903,501
....
Gross income.
Int. on long-term debt,
&c. (net)..
x
y845,733
$895,056
8,445
Operating income
Other income.
340,002
for
Federal taxes).
in
capital stock,
extra dividend of 15 cents per share
an
addition to semi-annuai dividend of 75 cents per share on the
Dividend appropriations.
1Q3Q
Maintenance
Divs.
Light Co.—Earnings—
$4,619,045
1,966,130
Total oper. revenues
The directors have declared
Net income
1940
Years End. Dec. 31—
of 4,525,000
in the corre¬
248.
4,399,817
Capital surplus-__
a
p.
2,433
aid of
construction...
Total
ago.—V. 153,
year
a
New Brunswick Fire Insurance Co.—Extra Dividend—
5,200.000
4H%
gold bonds
16,500,000 16,500,000
3,500,000
6% gold deb. bds. 3,500,000
109,649
119,055
519,816 Accounts payable.
3,447
3,090
126,333 Matured interest164,395
Customers* deps..
161,009
579,402
730,571
1,650 Taxes accrued-...
176,369
Interest accrued..
179,194
5,500
Accts. receivable..
Working
557
The Commercial & Financial Chronicle
153
1941—Month—1940
$103,062
32,211
$15,543
$102,243
30,362
$15,692-
1941—12 Mos.—1940
$1,242,893
$1,227,507
333,878
$154,054
324,370
$153,605
New York Chicago & St. Louis
1940
1939
1938
$3,370,508
906.660
400,243
$3,335,879
1,023,335
535,940
$2,773,682
711,382
284,764
27,590,874
ll,49o,132
6,926,241
21,807,346
6,354,726
3,143,321
19,464,490
5,709,617
2,833,857
16,690,873
3,869,812
1,176,049
Net ry. oper. income—
From Jim. 1—
'".'-j.
Gross from railway
Net from railway..
Net ry, oper. income
152,
RR.—Earnings—
1941
.$4,970,965
2.226,363
1,303,231
June—
Gross from railway
Net from railway
—V.
p.
4131.
New York Dock
The company proposes to offer to purchase with any additional cash it
receives the 120,000 shares of its common stock held by the public at $6.50
a share.
Subsequently, the company will dissolve and distribute its assets,
including the common stock of Northern Indiana, to its stockholders.
Northern Indiana Public Service Co. proposes to borrow $5,000,000
which will be used, together with treasury funds, to purchase the stock of
Gary Heat, Light & Water Co.—V. 153, p. 402.
Co.—Earnings—
NY PA NJ Utilities Co.
Expenses.t
Taxes, interest, &c
__
862,582
695,989
$1,393,325
780,100
694,968
$90,679
xfl.254
*$81,742
--
______ -
—
Net income
x
1940
$1,557,316
1,160,760
694,605
Revenues..
__
1939
Operating revenues
Operating expenses._________—i__
Electricity and gas purchased for resale
Note—No deduction has been made for excess profits tax.—V.
2713.
152, p.
V;'
•
New York
Maintenance.
Provision for retirement of fixed capital
a Provision for Federal income taxes
.__
1941
1940
$80,421,938 $/?,759,167
25,430,946
25,577,527
6,314,015
6,346,082
5,324,450
4,980,825
7,396,411
7,436,533
5.099,021
2,896,690
8,985,156
Operating income
Other income (net).
Shipbuilding Corp.—Billings—
Gross
Company's statistics on operations for six months ended June 30, 1941,
billings for the period of $41,461,407.
This compared with $18,219,811 in the 1940 period and $10,027,761 in the 1939 period.
Billings on account of undelivered contracts to June 30, 1941, amounted
to $57,965,260 compared with $35,216,821.
Gross value of undelivered contracts at June 30, last, was estimated by
the corporation at $564,114,700 against $170,058,000 June 30, 1940, and
$578,111,700 on March 31, last.
the
basis
of
—
income..
8,535,377
$21,871,939 $21,987,133
662,112
749,337
$22,534,051 $22,736,469
Subsidiary companies:
show
Interest
long-term debt
Amort, of debt disct. & exps. (less premium)
Taxes assumed on interest
8,269,827
440,993
101,601
412,965
Cr83,186
271,074
3,371,468
7,965
130,045
Other interest charges
Miscellaneous
amortization
Divs. paid or accrued on preferred stocks
a
Prov.
for divs. in
arrears
on
pref. stocks
,__
Miscellaneous income deductions
$9,250,631
798,661
92,975
___
8,680,266
569,663
141,620
358,217
0 30,328
313,397
3,290,756
25,886
136,361
$9,611,299
on
Interest charged to construction
comparison of the statistical statement for the first
quarter and for the first half year, indicated billings for the June quarter
799,365
93,027
amounted to $25,858,138 compared with $10,152,890 in the corre¬
of 1941
sponding 1940 period.
The number of employees at the close of the June half year totaled
13,415 compared with 11,575 on March 31, last, and 8,814 a year ago.—V.
152, p. 3820.
Norfolk & Western
Balance..
NY PA NJ Utilities Co.:
Interest
Miles of road operated..
2,190
2,190
Interest
$10,239,482
Net
43,557
51,967
Incidental & Jt. facility.
Ry. operating revs...$10,805,541
Operating Expenses—
Maint.of way & struc..
980,73 2
Maint. of equipment...
1,812,921
Traffic
314,221
28,342
45,416
.
2,699,021
228,087
344,736
177,334
338,115
5,642,910
11,677,841
Miseefl.
147,744
886,970
11,483,297
114,064
207,042
17,998
1 81,366
1,180,331
Cr12,874
Cr43,462
$5,654,656
2,683,123
2,971,533
GY314.396
Dr30,363
2,532,120
13.347,123
14,653.669
Cr401,827 Crl ,696,870 Crl ,787,949
Drl5,391
L>rl05,037
Z)r75,968
Net Ry. operating inc.
Other inc. items (bal.)__
$3,255,566
46,714
$2,918,556 $14,938,956 $16,365,650
5,676
108,366
146,831
Gross income........ $3,302,280
on funded debt...176,612
$2,924,232 $15,047,323 $16,512,481
177,581
1,061,754
1,065,765
Net income.........
$3,125,668
on
Interest
Northern Pennsylvania Power
on
____
.
Maintenance
_
_____
...
______
___
Provision for retirement (deprec.) of fixed capital.
Provision for Federal income taxes.
Other taxes....
Operating income..
Gross
Interest
Other interest-
Net income
on
459,014
506,469
106,851
common
stock.__.___
__
114,636
co.:
4,166
General expenses
Prov. for Fed. inc. & declared value
$9,269,090
261,094
254,594
9,537
$4,177,745
1,896,855
11j>,014
_
6,048
$4,317 724
9,149
Totaiincome
$8,743,864
1,897,559
119,066
111,072
profits.
excess
19,757
Other taxes.
Gross
Interest
income.
on
bonds and deoentures..
Amortization of debt discount and expense
Taxes assumed
Interest
on
on
interest-
878
debt to associated companies
Net income_
_
—
2,530,989
128,897
less$340,192
_:
_
____
2,456,815
44,375
$4,067,354
Other interest charges
No provision has been made for
profits tax for 1940
excess
180,000
1 67,541
121,100
170,291
148,541
(2) The above figures insofar as they relate to the calendar year 1941
are preliminary,
being subject to verification by the auditors.
Certain
previously published figures have been reclassified herein for comparative
purposes.—V. 152, p. 3194.
450,143
75,080
524,366
Corp. (& Subs.)—Earnings—
80,100
$531,214
33,582
$578,892
33,003
$611,895
186,806
23,662
long-term debt-_.___
Amortization of debt discount and expense
Interest charged to construction.
Dividends
$2,024,664
186.075
___
ihcome...
on
1939
$2,074,939
$564,795
income.
124,613
investment in other associated
under the Excess Profits Tax Act of 1940.
Co.—Earnings—
1940
_____
5,000
1,192,320
12,000
1 54,151
Income note.
Notes—(1)
Years Ended Dec. 31—
5,000
451,865
12,000
142,158
;
Other income.
—V. 153, p. 106.
Operating revenues
Operating expenses
Electricity purchased for resale
1940
$7,709,678
75,258
investments in wholly-owned subs.:
Notes receivable
Accounts receivable.
$2,746,651 $13,985,569 $15,446,716
Int.
1941
$3,518,414
59,508
.__
Mortgage bonds.
$3,983,453 $24,336,476 $22,179,393
1,451,333
10,989,353
7,525,724
Railway oper.income...
Equipment rents (net)..
Joint facility rents (net).
Income (Parent Company) for the 12 Months Ended March 31
Convertible obligations
CY99.677
Net ry. oper. revs....
Ry. tax accruals..
$5,698,354
on
Preferred stocks
108,089
1,124,661
CY8.357
22,640
2,530,989
128,897
$6,217,595
income!
Interest
10,841,578
.
44,375
investments in wholly-owned subs.:
Common stocks
Divs.
874,489
1,726,228
Transp'n for investm't..
operations
General.........
—----
2,456,815
Includes provision for declared value excess profits tax.
Statement of
5,114,373
10,177,540
149,769
raiiline.
debt to associated companies
Income:
$8,609,751 $55,278,427 $50,320,446
899,913
1,665,923
878
1,763,441
1,986,136
_
Transportation
a
$8,221,771 $52,COO,583 $48,041,556
470,534
Pass., mail & express..:
Other transportation...
on
_
Other interest charges—
1941—6 Mos.—1940
2,190
2,190
Operating Revenue—
Freight
bonds and debentures
on
Amortization of debt discount and expense—_
Taxes assumed on interest
"Ry.-—Earnings-
1941—Month—1940
Period End. June 30—
Other
— _
Other taxes
Loss.
On
(& Subs.)—Earnings—
12 Months Ended March 31—
1941
$1,946,044
Mtmlhs Ended June 30—
July 26, 1941
As of May 31, 1941, Gary Electric & Gas Co. had 480,000 shares of
common stock (no par), outstanding, of which 360,000 shares were held by
the trustees of Midland Utilities Co. and 120,000 shares by the public.
[Including New York Dock Trade Facilities Corp.]
*6
Chronicle
The Commercial & Financial
558
25,0l8
18,622
Crl ,953
6 Mos. End. June 30—
1941
1940
1939
Operating income
Operating expenses...-_
$291,572
189,175
$256,211
163,199
$227,180
152,193
Net income from oper.
Other income
Other deductions
$102,397
Cr31.089
19,680
•
$338,390
35,000
$380,390
385,000
$93,012
$74,987
C'r243
17,217
29,067
13,875
17,410
11,152
$87,201
69,695
$61,726
Est. prov. for inc. taxes.
Net
income...
Surplus balance Jan. l._
Adjustment of deprec'n
for years 1^39 & 1940Adj. of prior year's taxes
1938
$211,763
147,954
1
12,816
$51,263
35,061
49.142
$63,809
Cr2,413
13,325
9,230
$43,666
29,956
2,137
""126
Dr 592
Consolidated Balance Sheet Dec. 31, 1940
Assets—Fixed capital, $8,426,299; investments, $376,520; special funds,
$22,254; doposits for matured bond interest (contra), $4,135; cash, $69,828;
miscellaneous special deposits, $2,423; notes receivable, $2,091; accounts
receivaole
(less reserve for uncollectible accounts of $35,011). $173,091;
accounts receivable from associated companies, $12,971; interest receivable
(including $4,860 from parent company), $5,519; materials, supplies and
merchandise, $41,701; prepayments, $6,015; deferred debits, $357,088;
total, 89,499,937.
Total...
Class
Northern States Power Co.
(Del.)—Weekly Output—
Electric output of the Northern States Power Co.
system for the week
ended July 19, 1941, totaled 32,271,986
kwh., as compared with 28,873.412
kwh. for the
corresponding week last year, an increase of
p.
11.8%.—V. 153,
249.
$86,325
$73,030
per
A
1,373
1,623
1,438
2,189
1,305
2,871
1,610
2,310
sh.
40,789
37,920
35,371
35,329
1,277
$69,447
$46,778
$32,555
($0.25
quar.)J_
com.
per
Pref., min. int. (8%).
Add'I
Fed.
inc.
tax
years 1939 and
for
1940--
413
Balance June 30.____
Liabilities—Capital stock of Northern Pennsylvania Power Co., preferred
(par $100); common, authorized (22,130 no-par shares), $2,213,000; longdebt, $3,717,000; matured bond interest (contra), $4,135; notes
payable to bank, $185,000; accounts payable, $69,900; accounts payable to
construction, $13,100; capital surplus, $435,859; earned surplus, $622,981;
total, $9,499,93?.—V. 152, p. 3034.
$110,995
Dividends paid in cash—
Prior preferred ($0.80)
Preferred (7%)
term
associated companies, $274,250; customers' deposits, $8l ,655; ta_.es accrued,
$248,381; interest accrued, $62,741; other current and accrued liabilities.
$5,501; deferred credits, $16; reserves, $1,566,417; contributions in aid of
$159,034
$114,836
Consolidated Balance Sheet June 30
Assets—
1941
I
hand
on
a
$229,591
Notes receivable 1,489,013
Cash
surr. value
$198,181
1,438,708
of
33,178
Divs.
Int.
5,096
4,937
Conv.
ac¬
counts receiv'le.
Northern Indiana Public Service
Co.—Merger
Proposal
set at
Exchange Commission on July 22 announced the filing
of applications and declarations
(File 70-355) under the Holding Company
Act regarding the dissolution of Gary Electric & Gas
Co., and the acquisition
of the assets of Gary Heat,
Light & Water Co., an operating subsidiary, by
Northern Indiana Public Service Co.
United Co. system.
1,040
debs.,
25
6%,
due 1951...
548,721
63,100
69,300
(offset
against notes at
maturity)
726.200
125,691
548,745
23,172
18,792
Prior pref. stock._
38,381
40,204
15,421
19,432
Preferred stock...
41,200
62,550
Class A com. stock
164,630
Class B com. stock
25.000
153,964
25,000
Capital surplus.._
Earned surplus.
636.201
7,872
Reserves.
Furn. & fixt's, de¬
The Securities and
21,106
947
invest¬
fully paid.
Contra
726,200
maturity)
Real estate.
debentures
of
$599,504
22,050
Ctfs. of invest.—
Contra (to be off¬
Filed with SEC—
on
1940
$571,281
payable
ment
27,697
Notes receivable—
1941
Notes & acets. pay
Certifs.
life insurance.__
Other notes &
Liabilities—
1940
Cash in banks and
preciated value.
Deferred
charges.
The companies are all in the Midland
__
114.836
83,042
582,565
69,447
It is
proposed that Northern Indiana Public Service Co. purchase from
Gary Electric & Gas Co. all of the common stock of Gary Heat, Light &
Water
would
Co., consisting of 100,000 shares, for $10,066,000, of which $7,042,000
be paid in cash and the balance by
delivery of 370,700 shares of
Northern Indiana
common
stock.
an additoinal cash payment not in excess of $756,000,
the number of shares of Northern Indiana stock to be
acquired
would be reduced to 278,025.
case
Gary Electric & Gas Co. proposes to apply the funds to the redemption
of $7,042,000 of 5% 1st lien coll. bonds, series A, due
July 1, 1944.
Cash
for the interest on the series A bonds will be realized
through a dividend
declared by Gary Heat and paid to Gary Electric.
a
After
$2,529,542 $2,256,4681
reserve
for doubtful loans of
Total...
$2,529,542 $2,256,468
$114,417 in 1941 and $103,734 in
1940.—V. 152, p. 2713.
Gary Electric & Gas Co. would have the
option of requiring
in which
Total--.-
Norwich Pharmacal
Period End. June 30—
Co,—Earnings-
1941—3 Mos—1940
1941—6 Mos.—1940
Net
profit after all chgs.
and depreciation
Earns.per sh .on com.stk.
—V. 153, P. 3822.
$211,360
$0.26
$165,601
$0.21
$405,983
$0.51
$358,241
$0.45
Volume
The Commercial & Financial Chronicle
153
Ohio Power
559
Balance Sheet June 30
Co.—Earnings—
1941
1940"*
$28,118
4,800
5,823
$13,020
6,275
6,855
1,634,216
1,133
1,492,242
1,238
$1,674,090
$1,519,630
$35,380
6,400
$52,649
4,629
kv:, 7,475
9,075
378,000
474,000
9,446
388,000
497,000
Assets—
*■
V
Cash.
i _;X.
Due for securities sold but not delivered
Accrued interest and dividends, &c., receivable..
,
Calendar Years—
Operating
Operation
1938
$25,673,645 $23,502,980
8,472,719
8,194,595
1,453,671
1,300,914
3,413,188
3,322,572
3,189,685
2,475,616
$28,759,260
9,139,077
1,643,150
3,736,972
b4,462,994
revenue
Maintenance
Depreciation
Taxes..
.
al937
19391
1940
c
$24,278,002
8,066,164
1,473,534
3,031,730
2,785,777
_
_
__
_
_
_
.
... _
_
_
__ _
_
_
_
_ _.. _
$9,144,381
46,738
$8,209,284
$8,920,796
18,597 ■;
52,150
$9,818,384
Int. on funded debt
2,246,563
Amort, of dt. disc. & exp
158,670
Other deductions (net)..
89,377
$9,191,119
2,255,312
159,212
Cr7,615
$8,227,880
2,754,858
280,864
95,391
$8,972,947
2,881,953
$6,784,210
1,188,390
4,374,376
$5,096,765
1,188,390
2,773,994
$5,712,834
1,188,390
3,769,787
Total income
Net
$7,323,774
1,188,390
5,121,220
income
dividends
Preferred
Common dividends.....
Amounts
a
for
restated
comparative
300,045
78,113
b Company
purposes,
Prepaid
expenses
1940
invest.
&
fund acc'ts
1,606,057
$
funds.
145,855
Special deposits.
1,450
2,913,854
2,416,783
59,332
549,584
337,623
Ac....
109,614
102,000
102,000
205,977
1,600,802
137,742,028!
157,124
120,190
$1,519,630
Owens-Illinois Glass Co.
(& Subs.)—Earnings—
Years Ended June SO—•
1941
Net sales, royalties and other operating revenues.$100804,593
a
Cost of sales, royalties paid, patent, develop¬
ment and other operating expenses
79,160,961
1940
$86,719,273
p.
Cash discounts
Sundry
on
expenses
Profit
.$11,348,280 $10,142,962
618^*28
516,908
____
Cash proceeds received in year
—
from sale of patent
$12,015,708 $10,696,473
3,560,725
2,071,640
797,950
_ — —
income.
Federal
excess
profits tax
Operating revenues
Operating expenses
Maintenance and repairs...
Appropriation for retirement reserve
— _
__
Amortization of limited-term electric investment.
(other than income taxes)
_
...
Provision for Federal and State income taxes
Net profit for period
Number of shares outstanding at
Earnings
16,495
35,630
$7,640,538
State and foreign income taxes
1941
1940
$13,893,986 $13,720,980
4,667,781
4,641.590
712,814
755,693
1,500,000
1,400,000
23,605
22,626
1,528,817
1,496,743
823,167
622,625
$8,589,203
2,661,204
2,661,204
V
end of period.
—
share
per
Including depreciation of manufacturing plants
a
$2.87
$3.23
and amortization of
leased equipment; $3,482,187 in 1941 and $3,472,278 in 1940.
Note—Provision for Federal normal and excess profits taxes
amount
36,603
49,000
rights and licenses.
Provision for Federal normal income tax__
3194.
Co.—Earnings—
96 283
358,734
133,678
Other income
Total
764,941
' 880,911
188,358
saies
and losses
17,782,015
9,896,153
66,999,878
Manufacturing profit and net operating revenues$21,643,631 $19,719,394
Selling, general and administrative expenses
8,763,897
7,813,967
Interest on debentures
279 ,583
344,889
Other interest
279
8,868
Provision for management bonus
48,644
188,750
19,806,500
142,275.529 137,742,028
"
Years Ended May 31—
b725,434
2,149,687
2,310,061
$1,674,090
Provision for bad deb ts
_
Total
3,556,403 shares (no par),—V. 152,
Oklahoma Gas & Electric
Taxes
27,814
16,633,630
6% pref. stock
3,056,383
(par $100)... 19,806,500
1,494,5191 a Common stock 17,782,015
Surplus
10,914,622
2,896,582.
142,275.529
construction.
339,179
debt
disc't & exp..
UnadJ. charges.
a
20,846
18,462,535
Contrib. in aid of
rec.Cnot curr.)
Total
120,069
Reserves....
Acc'ts and notes
Unamort'd
99,033
99,033
iiabll
accr.
Unadl. credits--
insur.,
taxes,
on
pref. stock
285,339
Prepaid
.
Contract'lliabll.
Other
2,251,805
al41,151
2,733,970
2,108,516
;
3,110,868
65,329
receivable
1,173,973
59,557
4,228,653
Interest
3,259,868
Mdse. for resale
2,016,053
accrued
deposits
Divs. accrued
Acc'ts and notes
Mat'is & suppl's
1,470,892
Taxes accrued—
2,356
Working
1,456,936
from
87,905
571,442
Cust's
2,303,805
133,975
J
Paid-in surplus
Profit and loss deficit
66,750,000
parent co
Acc'ts payable._
1,684,906
3,641.008
Cash
_
Represented by 141,151 shares, par $1.
b Represented by 141,151
shares,
c Including deposit, for matured debenture interest,
d In¬
cluding matured debenture interest.—V. 152, p. 2714.
66,500.000
debt..
Advances
475,540
1,256,860
Construe'n contr
5% debentures
on
5% go.d debentures due Nov. 1, 1947.
5% gold debentures due April 1, 1948
Capital stock
no par
1939
1940
Liabilities—
Total
Accrued interest
accrued Federal and
a
1939
Funded
d Sundry accounts payable,
other taxes and expenses
Total—
Comparative Balance Sheet Dec. 31
plant...125,193,345 122,389,024
_
Liabilities—
Due for securities bought but not received
Deposit on stock loaned
believes
it will not be subject to excess profits tax for 1940.
Utility
_.
Securities owned
Total
$9,777,066
41,318
Operating income
Other income (net)
_
exceeds the
required by the present tax law.
The amount provided is based
estimate of the requirements under the anticipated new tax law.
upon our
—V. 152, p. 3354.
Net operating income
Other
605
$4,638,406
1,629,167
264,886
68,206
Ci 6,493
35,500
Other interest..
....
Interest charged to construction
_
.
.
_
_
i.
_■_
_
_
_______
Net income
Note—No provision
of 1940 was made as
$4,792,641
1,648,167
266,844
$2,647,141
Amortization of debt discount and expense..
Miscellaneous
$4,781,703
10,938
$4,637,802
...
income
$2,750,588
99,014
Cr6,251
34,280
profits tax under the Second Revenue Act
it is estimated no such tax will be due.—V. 153, p. 402.
for
excess
Oklahoma Natural Gas
Co.—Earnings—
1941
1940
$9,446,471
$9,323,145
3,319,901
2,486,858
3,529,474
2,516,505
$3.44
$3.59
12 Months Ended June 30—
Pacific Gas & Electric
Co.—Offering of Preferred Stock—
The company is offering 400,000
to the public at $27 per share.
shares ($25) of 5% first preferred stock
.
_
be paid either (a) in full at the time of subscrip¬
tion, in which case the stock subscribed for will be issued as of the date of
acceptance of the subscription; or (b) in instalments upon the terms and
conditions provided by the instalment subscription agreements.
Subscription for the syock may be made only upon the forms furnished
by the company and subject to the terms thereof.
These forms may be
obtained from the company at its stock sales department, 245 Market St.,
San Francisco, Calif, or at any of its district or division offices.
Sub¬
scriptions will not be binding until accepted by an officer or the stock
transfer agent of the company.
Until so accepted the company reserves
the right to reject any or all subscriptions and to reduce any or all sub¬
scriptions in excess of one share.
The offering is made directly by the company to the public.
There are
no
underwriters and no firm commitment to take any of the securities
offered has been made.
Since its initiation of the "customer ownership"
plan in 1914, the company has effected the direct sale, without under¬
writing, of approximately $76,000,000 par value of its first preferred stock.
The last offering of this kind was made earjy in 1932, when $5,000,000
par value of stock was sold within a period of six weeks, more than 7,000
individual subscriptions having been received.
Transfer agents: Office of company (C. E. Holt, transfer agent), San
Francisco, Calif., and Bankers Trust Co., New York City.
Registrars:
American Trust Co., San Francisco, Calif., and New York Trust Co.,
The purchase Price may
^
Operating revenues
Gross income after retirement reserve accruals
Net income
Earnings per common shares (550,000 shs. out.).
—V. 152, P.
4132.
Oswego Falls Corp.—Extra Dividend—
in addition
regular quarterly dividend of 10 cents per share on the common stock,
payable Aug. 1 to holders of record July 25.—V. 151, p. 2202.
Directors have declared an extra dividend of 5 cents per share
to the
both
Otis Steel
Co.—Earnings—
New York City.
158,519
276,000
a.575,295
Bond int.&amort. of bond disc. & exp.
...
Provision for Federal tax on inc.
(est.)
loss$37,695
166,550
276,000
Cr48,479
$494,072 loss$196,630 loss$431,767
$0.33
Nil
Nil
Net profit...
Earnings per share of common stock.
$244,127
164,757
276,000
$1,503,886
_
,
The amount provided for Federal taxes on income includes
for normal tax and $64,398 for excess profits tax, computed at
a
$260,897
the rates
prescribed by the Second Revenue Act of 1940, plus an amount of $250,000
to cover possible additional taxes which may be effective for the year 1941.
To Pay Preferred
Dividend—
$2.75 per share on the $5.50 con¬
Sept. 15 to holders of record Aug. 30.
15 and on March 15, last, this latter
the issue since 1938.—V. 152. p. 2868.
Directors have declared a dividend of
vertible first preferred stock, payable
A similar payment was made on June
being the first disbursement on
Outboard Marine & Mfg.
Co.—60-Cent Dividend—-
Directors have declared a dividend of
60 cents
per
share
on
the common
stock, payable Aug. 15 to holders of record Aug. 4.
This compares with
40 cents paid on May l5 and on Feb. 14, last; 85 cents paid on Sept. 26,
1940; 60 cents paid on Aug. 9, 1940; 40 cents on May 10 and Feb. 9, 1940;
85 cents on Sept. 25, 1939; 60 cents on Aug. 10, 1939, 40 cents on May 10,
1939, and 30 cents paid on FeD. 10,
Oxford Paper
1939.—V. 152, p. 2868.
from oper. before
depreciation
Other income (net)
1941—3 Mos —1940
1941—6 Mas.—1940
Gain
Int.
on
—
—
-
$586,237
41,211
$602,212
40,127
$1,107,517
74,138
$996,594
71,831
$627,448
213,032
Total income—
Depreciation..
$642,339
199,317
$1,181,655
421,222
$1,068,425
398,553
29,369
122,227
49,959
92,756
59,219
226,292
98,378
134,360
$262,821
$300,307
$474,922
$437,134
_
bonds
&
serial
bank notes
Prov. for Federal taxes._
earnings
——
Overseas Securities
Co., Inc.1941
6 Mos. End. June 30—
$.36,999
Inc. from oper.—Divs—
7,186
30
Interest
Miscellaneous
Earnings—
1940
$32,402
7,859
1938
$25,826
6,956
$25,432
2,302
12
16
$44,214
$40,262
12,122
21,300
22,201
$32,794
11,439
22,746
$27,750
10,508
Interest on debentures__
Net profit from oper—
Net loss from sales of sec.
$12,406
$5,938
loss$l ,391
21,844
168,497
loss$4,125
215,711
....
$9,437
$162,560
,
Outstanding
and
$150,000,000
500,000,000
$8,973,000
29'989'999
91,428,000
116,236,000
Series I 3^% bonds, due June 1, 1966—
50,000,000
6% 1st pref. stock, cumulative (par $25)
5,600,000 shs. 4,197,662 shs.
514% 1st pref. stock, cumulative (par $25) — 1,600,000 shs. 1,173,163 shs.
5% 1st pref. stock, cumulative (par $25)
800,000 shs.
Common stock (par $25)
8,000,000 shs. 6,261,357 shs.
j\rote—on March 28, 1941, the company sold $20,000,000 1st and refund¬
ing mortgage bonds, series J, 3%, due Dec. 1, 1970.
bonds may be issued under the San Joaquin Light &
unifying and refunding mortgage except bonds issued there¬
additional
Power Corp.
the issuance of additional bonds under
mentioned, as to matters of law and legal conclusions,
reviewed by Wm. B. Bosley, general counsel of the company,
made in this prospectus on his authority as an expert.
55,879
8,856
23,019
have been
and are
Consolidated Net Income and Preferred Stock Dividends
1940
1939
1938
Consolidated net income, before sur¬
Summary of
$57,271
i $219,835
y
Years Ended Dec. 31—
plus adjustments
outstanding 1st pref. stock..
$10,000,000 5% 1st pref. stk.
(present offering)...-...
Total divs. on 1st pref. stock
Divs. on
$24,671,419 $25,676,639 $23,210,071
7,909,821
7,909,820
7,708,495
Divs. on
a
a
Net loss for the period
Light & Power Corp. unifying
,
the two mortgages
1939
Expenses
Total
0
Authorized
,
refunding mortgage.
Pacific Gas &'Elec. Co. 1st & refunding mtge.
Series B 6% gold bonds, due Dec. 1, 1941 —
Series G 4% bonds, due Dec. 1, 1964
Series H 3 54% bonds, due Dec. 1, 1961
under in lieu of outstanding bonds.
The statements made above as to
—V. 152,p.3354.
holder thereof to
of $1.25 per share
,
No
Net
,
annually, when and as declared by the company's board of directors, out of
surplus profits.
This stock is not redeemable and is identical in all respects,
except as to dividend rate, with other first preferred stock of the company
now outstanding.
'
The company has paid dividends regularly on its first preferred stock
since 1914 when stock of that class was first issued.
While the company's
articles of incorporation do not prescribe the dates on which dividends on
the first preferred stock shall be paid, it has been the practice of the board
of directors to declare dividends on such stock at quarterly intervals.
Dividend payments have been made to holders of the first preferred stock
of record at the close of business on the last days of January, April, July
and October, the checks therefor having been mailed in time to reach such
holders on or about Feb. 15, May 15, Aug. 15 and Nov. 15, respectively.
As of Dec. 31, 1940, the company's outstanding $134,270,625 first pre¬
ferred stock was held by about 59,000 stockholders, of whom about 48,000
or 80% were residents of California.
Company's outstanding $156,533,925
of common stock was held by about 37,000 stockholders, of whom more
than 21,000 were residents of California.
The company expects prior to Dec. 31, 1941, to make application to list
the stock now offered on the San Francisco Stock Exchange and Los Angeles
Stock Exchange and to register the stock under the Securities Exchange
A0
°f 1934*
Funded Debt and Capitalization
San Joaquin
Co. (& Subs.)—Earnings—
Period End. June SO—
,
The 5% 1st preferred stock, cumulative, entitles the
receive, from the date of issuance, cumulative dividends
1939
deprecia'n
and Federal taxes on income—
Depreciation
1940
1941
3 Months Ended June 30—•
Profit before bond charges,
After giving effect to
now
offered.
500,000
8.409,821
500,000
500,000
8,409,820
8,208,495
preferred stock
the sale of $10,000,000 of 5% first
The Commercial & Financial Chronicle
560
Purpose of Issue—The net proceeds to be received will become a part of
the treasury funds of the company.
Company proposes to use an amount
equal to such net proceeds, together with other treasury funds, to pay at
or
before maturity the $20,000,000 first and refunding mortgage gold
bonds, series B, 6%, due Dec. 1, 1941
Initial Dividend— I .V;,'-,
v'.V
2870.
Directors have declared an initial dividend of 31M cents per share on the
5% first preferred stock .payable Aug. 15 to holders of record July 31.—
V. 153. p. 249.
Paramount
volved
Pictures, Inc.—No Company Securities In¬
Collateral to British Loan—
as
Although the British Government has been
relatively large stockholder
a
in the company in the recent past, no Paramount securities were involved as
collateral in the current $425,000,000 loan to Great Britain because Para¬
mount
over
a
year
ago
repurchased $600,000 of the company's first
pre¬
ferred stock from the government of Great Britain, Stanton Griffis, chair¬
man of the executive committee, pointed out today.
"Along with the several American amusement and fiim securities held
by the British Government and pledged with the Reconstruction Finance
Corporation as collateral on the recent $425,000,000 loan to Great Britain
there undoubtedly would have been $600,000 of Paramount first preferred
stock if this company, as part of its refinancing plan
had not repurchased
this stock at the market more than a year ago," Mr. Griffis declared.
"Thr stock was one of several film stocks held by the Government of Great
Britai
until its repurchase by us."—V. 153. p. 403.
1940
1939
$6,465,841
2,010,961
25,560
$6,033,176
1,854,990
41,442
Maintenance
542,911
Provision for retirement (depreciation) of fixed cap
Provision for Federal income taxes._
552,471
531,395
487,892
305,207
426,197
188,982
415,737
$2,602,532
$2,512,736
Operating income
Net loss after interest, depreciation, &c. but before
$52,044
_
$113,744
Interest on bonds
11,750
85,782
Taxes assumed on interest.
54,450
As
result of discussions concluded July 23, stockholders of the corpora¬
tion will receive soon from E. I. duPont de Nemours & Co., a formal offering
a
stock which, at current market values, would be the
equivalent of more than $15 a share, it was announced by Kenneth M.
Young, President.
The two companies, ho pointed out, have been weighing acquisition by
duPont of Patho's interest in the jointly owned duPont Film Manufacturing
Corp.
''
"Taxes and other considerations," Mr. Young added, "more recently
have caused Pathe to pursue discussions more actively, and for the first
time executives of the two companies have substantially reached agreement
as to a fair basis for the transaction.
This agreement, however, is subject
to approval by the appropriate committees and directors of the two com¬
panies and the stockholders of Pathe.
It is also subject to the satisfactory
solution of certain tax and other problems which it is believed can be
worked out."
There
7.469 shares of $7 dividend (no par) convertible preferred
577,052 ($1 par) common shares of Pathe Film outstanding.
owns 35% and E. I.
duPont de Nemours & Co. 65% of the
duPont Film Manufacturing.
This investment and $59,520
are
and
Pathe Film
shares
of
in cash
were the sole assets of Pathe Film at the close of
1940, its stock¬
holders previously having received shares in a new company in which were
segregated the motion picture film developing and
formerly carried on directly by the company.—V. 152,
printing
2870.
Directors have declared
semi-annual
an extra
Penick &
gen.
$2,800,620
$1,988,541
•
expenses...
734,231
583,605
1,398,192
1,178,106
Operating profit
Miscell. income (net)...
$794,431
29,457
$364,112
9,178
$1,402,428
41,206
$810,435
30,473
$823,888
146,315
$373,290
123,801
$1,443,634
282,179
$840,908
243,270
178,811
59,342
a328,001
129,541
Total income
Depreciation.
Prov. for Federal income
and cap. stock taxes..
114,202
Net income—
$190,146
$719,252
253,205
251,334
269,427
723,979
227,849
618,618
228,624
Interest accrued..
Miscell. accruals..
136,182
27,228
36,643
954,373
Consumers' service
1,802
3,751
& line deposits..
63,347
677,274
736,097
Deferred credits.-
641
9,571
46,754
3,262,094
76,120
25,717
3,000,702
_
Reserves.
...
....
Contrlbs. for exts.
merchandise.
336,708
259,072
Def. debit Items..
3, 227,118
3,418,523
77,580
59,027
Capital surplus...
Corporate surplus.
5,552,753
201,501
4,485,572
285,662
current and
47,129
accrued assets..
51,423,827 50,755,711'
Total..
Total
51,423,827 50,755,711
workmen's
compensation self-insurance agreement, &c.
$5 pref. stock (cum.), no par value (entitled to $75
per share on liquidation and $80 on call) (3,117 shares in treasury), out¬
standing, 123,466 shares at stated value of $8,773,900; $2.80 pref. stock
(cum.), no par value (entitled to $50 per share on liquidation and $52.50 on
call) (2,140 shares in treasury), outstanding, 84,029 shares at stated value
of $3,902,609 and common stock (par $1), outstanding, 166,600 shares.
—V. 152, p. 3035.
'
a
Under
b Represented by;
Pennsylvania Power & Light Co.-
-Earnings—
1941—Month—1940
1941—12 Mos.—1940
$3,491,995
Operating revenues
Oper. exps., excl. direct
taxes
1,768,135
Direct taxes
484,201
Prop, retire, res. approp.
237,500
Amort, of lim.-term inv.
1,283
$3,239,393 $42,012,443 $39,968,302
2,013
$1,100,761 $13,944,482 $15,501,049
7,785
56,805
96,731
$1,002,889
Int. on mortgage bonds.
277,083
Int. on debentures
106,875
Other int. & deductions96,666
Int. chgd. tc constr.—Cr
13,968
$1,108,546 $14,001,287 $15,597,780
277,083
3,325,000
3,665,972
106,875
1,282,500
1,206,667
102,576
1,223,853
1,164,920
1,667
90,756
16,362
—
369,000
369.000
$0.52
$1.95
$1.27
Peninsular Plywood Corp.—Registers with SEC-—
1,620,851
279,097
237,500
1,184
Net income..
$536,233
$623,679
Divs. applicable to pref. stocks for the period
20,525,839
4,677,182
2,850,000
19,635,927
2,017,507
2,800,000
14,940
13,819
$9,576,583
3,846,532
$4,414,158
Balance..
$8,260,690
3,846,532
$5,730,051
Note—No provision has been made for Federal excess profits taxes since
present conditions indicate that no such tax will be payable.,—V. 153,
'
107.
;
Period End. June 30—
1941—12 Mos.—1940
1941—3 Mos.—1940
Operating re venues..
$10,690,654 $10,403,238 $42,258,895 $41,030,549
Oper. expenses and taxes:
Gas purchased
15,873,983
4,059,709
3,940,648
16,162,524
Gas produced
220,822
801,068
1,375,658
15,790
Operation
■.
9,705,110
2,194,075
2,482,570
9,637,601
Maintenance.
315,945
338,215
1,323,736
1,356.917
3,027,118
Deprec. (provision for)
755,173
737,925
2,972,109
State, local & miscell.
Federal taxes
3,561,222
993,275
936,689
3,711,810
Federal income taxes.
873,619
399,306
295,252
1,230,481
...
See list given on first page of this department.
Corp.—Consol.
(net)
Gross income
$468,097
369,000
Cement
(contra)..
Peoples Gas Light & Coke Co. (& Suh&.)—Earnings-
a Computed on the proposed law basis for
1941, as announced to the
public by the Committee on Ways and Means.—V. 152, p. 2869.
Pennsylvania-Dixie
901
Materials, supplies
al 14,202
$384,559
369,000
$1.04
Number shares
Earned per share
10,501
Interest receivable
P.
excess
profits tax
Sheet
Accts. receivable.
Other
Mat'd bond int. &
Accounts payable.
Taxes accrued....
1, 237,045
lnf funds)
Other income
1941—6 Mos.—1940
$947,717
__
Selling, advertising,
8,848
Notes receivable..
&
stock...12,843,109 13,676,509
Long-term debt—-27,875,000 27,875,000
divs.
251,334
$
8
b Capital
Net oper. revenues... $1,000,876
the common stock,
Extras of 5 cents were
on
1941—3 Mos.—1940
1939
1940
Liabilities—
253,204
(contra).
a Dep. with trustee
Special deposits—
Cash
(incl. work-
Period End. June 30—
(Including Subsidiary)
Period End. June 30—
Provision for Fed.
S
'
Ford, Ltd., Inc.—Earnings—
Gross profit and income
from operations
$1,528,662
& admin,
1939
$
45 578,104 44,979,881
Miscell. invest'ts.
55,051
132,607
Deps. for matured
Fixed capital
activities
dividend of 10 cents per share in addition
dividend
of 60 cents per share
1 to holders of record July 22.
paid in previous 6-month periods.—V. 151 p. 563.
a
both payable Aug.
5,362
$1,113,824
Consolidated Balance Sheet Dec. 31
1940
p.
(The) Paul Revere Fire Insurance Co.—Extra Dividend
to
10,157
$1,197,500
Note—No provision has been made for excess profits tax.
of duPont common
stock
Crl ,832
Interest charged to construction...
Miscellaneous income deductions
bond int. & dlvs.
Corp.—May Sell to Du Pont—
4,136
85,782
58,566
Other interest.
—V. 152, p. 3978.
Pathe Film
$2,532,861
1,265,250
Amortization of debt discount and expense.
(& Subs.)—Earnings—
1940
20,124
$2,623,057
1,265,250
Gross income
Net income
1941
Federal taxes
20,525
Other income
to the regular
6 Months Ended June 30—
...
Other taxes.
extra dividend of 25 cents per
Parmelee Transportation Co.
■
Years Ended Dec. 31—
Operating revenues
Operating expenses
Electricity purchased for resale
share in addition
quarterly dividend of like amount on the common stock, both
payable Sept. 1 to holders of record Aug. lo.—V. 151, p. 3570.
an
f'fy-
Pennsylvania Edison Co. (& Sub.)—Earnings—
Parker Pen Co.—Extra Dividend—
Directors have declared
July 26, 1941
Pennsylvania Gas & Electric Corp. and Pennsylvania Gas & Electric
Co. (a subsidiary), have filed an application (File 70-353) regarding the
proposed surrender for cancelation by the parent of all of the common stock
of the subsidiary company, consisting of 120,000 shares (par $10) each.
The parent company also filed a declaration regarding the solicitation of
proxies from its stockholders for approval of the transaction.—V. 152, p.
Balance
June 30—
•
1941
Assets—%
/
1940
s
V:
Cash
&
2,094,846
952,641
1,320,193
35,000
1,441,762
35,000
receivable (net).
Inventories..
....
trustee
773,299
Sundry inv. & def.
b Fixed assets....
7,71i,7i8
.
45,726
13,803
7,577,661
.
112,808
200,188
Int.
413,235
394,213
215,521
for
Notes
Fed.
In¬
taxes..
First mtge. 6s
Res. for self insur.
176,798
3,030,000
400,000
400,000
951,936
1.420.565
951,936
621,523
...12,338,886
12,049,179
Common
stock.
Total
Net income
6,059,000
...
a'aU-Tre•3°im6' rei£aininS in
in 1940).
c
accounts at June 30,
Represented by 121,200
no
par
•
of
July 19, page 403.
$7,336,696
3,143,183
$7,396,073
3,298,899
120,011
123,360
178,949
194,871
52,319
9,854
209.277
35,351
209,277
225,563
$871,329
$3,705,514
$3,288,515
656,000
656,000
656,000
$1.33
$5.65
$5.01
_
198", 938
3,030, COO
$7 cum. pref.stk.
Earnings for the 12 months ended June 30, 1941,
icle
$1,810,471
807,491
30,002
39,476
8,989
long-term debt..
1,637,500
Represented by 400,000 no par shares,
b After reserve for depletion
depreciation as at June 30, 1926, together with provisions out of
earnings since that date
$18,472,719 ($18,394,065 in 1940); transferred
from special reserve since Jan.
1, 1937, $2,781,913 ($2,581,832 in 1940), and
special reserve created out of capital surplus for elimination of
appreciation,
.
on
Miscell. income deduc'ns
(non-
pay.
current)
Shares of stock in hands
of public.
Per share earnings..
Pennsylvania Gas & Electric Co.—Acquisition—Parent
Company to Cancel Stock—
excess
profits tax under existing
law.
Plans Private Sale
George A.
Ranney,
of $37,000,000 Issue—
Chairman,
stated July 23
that
the
company
had
under discussion the private sale of securities sufficient to refund $37,000,000
of its outstanding funded indebtedness.
The company's funded debt totals
$72,000,000.
New seucirities which it is planned to issue, according to reports will
provide funds for the calling of the $15,000,000 of series B 4% bonds, due
July 1, 1931. and the $22.000,000 series D first and refunding 4% bonds,
due June 1, 1961.—Y. 152. p. 4133.
appeared in the "Chron¬
f
$1.93
Note—No provision has been made for
a
($6,836,4oo
$5,256,921
2,139,153
52,319
Other interest charges..
Amort, of intangibles of
subsidiary companies
Res.
Gross income..
and
1Q411 «6
s
1941, $6,338,451
917,131
$2,164,534
781,952
30,001
25,751
Amort.of debt disc.& exp
Earned surplus
6Q3jI'6S
$6,419,565
656,000
225,298
a
12,049,1791
$1,456,138
354,333
$1,265,523
412,500
Capital surplus
12,338,886
$1,952,357
212,177
Accrued liabilities.
c
Total
Operating income
Other income
pay'le (cur¬
rently)
Accts. pay. (trade)
come
3,000
13,283
Deferred charges.
$
Notes
398,914
First mtge. 4Hs_. 3,250,000
accounts
U. S. Govt, secur.
Assets in hands of
1940
S
Liabilities—
2,257,325
Notes
1941
Perron Gold Mines, Ltd.—Extra Dividend—
Directors have declared an extra dividend of 1 cent per share in addition
to the regular quarterly dividend of 4 cents per share on the common stock,
Inter borough Gas Co. and Conewago Gas Co. have
filed with the Securi¬
both payable Sept. 22 to holders of record Aug. 30.
Like amount was paid
June 21 and March 21, last; Dec. 21, Sept. 21, June 21 and March 21,
1940; extra of 3 cents was paid on Dec. 21,1939, and one of 1 cent was paid
on Sept. 21, 1939.—V.
152, p. 3356.
the companies in consideration for the
acquisition of their assets, and will
assume all of their other indebtedness.
stock, payable Aug. 15 to holders of record Aug. 1.
Dividends of 10 cents
were paid on Feb. 15. last, and on Aug. 15,1940, and semi-annual dividends
of 15 cents were previously distributed.—V. 152, p. 687.
r
ties and Exchange Commission
applications (File 70-352) regarding the
proposed sale of their properties and franchises to
Pennsylvania Gas &
Electric Co.
Pennsylvania owns all of the capital stock of the two com¬
panies and all of their indebtedness other than current indebtedness.
The
parent company will cancel the capital stock liability and indebtedness of
on
Philadelphia Insulated Wire Co.—25-Cent Dividend—
Directors have declared
a
dividend of 25 cents per share on the common
Volume
The Commercial & Financial Chronicle
153
Pere Marquette
Ry.—Earnings—
Period End. June 30—
1941—Month—1940
1 941—6 Mos.—1940
Totaloper.revenues
Operating expenses
$3,382,923
2,325,558
Net oper. re venue
$1,057,366
347,495
$349,001
197,554
$5,667,360
1.7/0,145
$3,531,640
1,097,997
$709,871
51,279
$151,447
69,009
69,834
$3,897,214
405,201
250,001
-$2,433,643
502,771
220,93*
$589,583
33,722
27,992
$3,242,012
273,690
$1,709,937
308,767
$623,305
$35,124
$3,515,702
$2,018,705
7,503
7,684
36,876
37,486
5,435
274,594
5,367
266,032
34,504
1,613,568
34,356
1,602,932
$335,773 def$243,959
$1,830,754
$343,930
Railway tax accruals
Operating income..
—
Equipment rents (net)__
Joint facil. rents (net)—
Net ry. oper. income.
Other income
Total income
$2,361,218 $19,102,312 $15,934,205
2,012,217
13.434,952
12,402,565
84,481
$7,132
Brief Description of Income Bonds
The income bonds will be dated
fixed
equipment
Interest
on
debt..
Net income
Inc. applied to sinking &
other reserve funds
jnc
v
profit & loss
—V. 152, p. 4135.
$335,7/3 def$243,959
$1,830,129
—
al940
Interest
6%
$343,355
•
al941—12Mos.—al940
Oper. revenue and other
utility income.
$19,985,631 $18,575,666 $78,685,658 $74,027,297
Oper. expenses, deprec.,
taxes, &c
13,820,467
11,548,522
49,973,187
44,936,087
_..„
Gross income
Income deductions
$6,165,164
1,719,860
$7,027,144 $28,712,471 $29,091,210
1,747,727
6,939,782
6,987,415
Net income...
$4,445,304
590,073
$5,279,417 $21,772,689 $22,103,795
590,073
2,360,290
2,360,290
$3,855,231
$4,689,344 $19,412,399 $19,743,505
Divs.
on
pref. stock
Balance
a
Restated and adjusted for comparative purposes.
Note—No provision has been made in the current
eral excess profits tax.—V. 153, p. 107.
year's figures for Fed¬
Philadelphia & Reading Coal & Iron Co.—
Jacques Coe, chairman of the debenture holders' protective committee
a letter to the bondholders containing a summary of the proposed
plan of reorganization and stating that it is the intention of the committee
to support this plan before the court.
The letter, dated July 22, states
has sent
in part:
Improved conditions in the anthracite industry have brought about a
substantial increase in the earnings of company. The last available figures
disclose an income, before deducting depreciation and depletion reserves,
interest and other items not expected to be paid in cash, of $3,612,991 for the
12 months ended June 30,
1941. This figure compares with $1,702,825 in
Net working capital, before allowance for reor¬
has increased from $1,668,228 on June 30, 1939, to
$6,148,215 on June 30, 1941.
Some months after a preliminary plan of reorganization for the company
had been prepared and filed with the court on April 3, 1939, an Examiner
was appointed.
Nicholas G. Roosevelt was instructed to examine into the
affairs of the company and to report thereon to the court. This report was
filed on Dec. 28, 1940.
A study of the findings and conclusions of the
Examiner's report made it apparent to the four committees which had
filed a previous plan of reorganization that there would have to be a radical
revision of the earlier plan.
Therefore, after extended consultation with
other committees, the Coe committee, together with the Philadelphia bond¬
holders' committee representing debenture bonds, and the Philadelphia
bondholders' committee representing first mortgage bonds, and the debtor
company, agreed to a plan of reorganization dated July 1, 1941, and filed
with the court on July 11, 1941.
This plan takes the place of the earlier
plan, dated April 1, 1939, which has been withdrawn.
Under the required statutory procedure, hearings will be held by the
court upon this plan and any other plans which may be submitted, after
which such plan or plans as the court may deem worthy of consideration,
will be submitted to the Securities & Exchange Commission for an advisory
report thereon.
After receipt of this report, the plan approved by the court will be sub
mitted to the security holders for their acceptance.
It is expected that the initial hearing on the plan will take place some
time in October and it will probably be some time later, before the report
of the SEC will be received, after which time the court can indicate its
approval or disapproval of the plan.
the preceding 12 months.
ganization
expense,
Phillips Petroleum Co. (& Subs.)—Earnings—
Additional claims are not expected to be allowed in an amount
exceeding $300,000. Current obligations incurred since the institution of the
reorganization on Feb. 26, 1937, are being currently paid pursuant to order
of the court and are not affected by the plan.
Present Securities
Refunding Mortgage Bonds—Each holder of $1,000 principal amount
$100 in cash; $300 principal amount of income bonds, and 30
will receive:
shares.
(b) Debentures—Each holder of $1,0C0 principal amount will receive:
$110 principal amount of income bonds, and 11 common shares.
•
(c) The examiner has declared the company to be insolvent.
Its stock
therefore has no value and does not share in the new securities under the
plan.
claims in amounts less than $1,000 principal
distribution of new securities or fractional scrip rep¬
of securities or
Income bonds will not be
proposed distribution of new securities among the different classes of
creditors has been arrived at by using the formula of the examiner. Current
The
unmortgaged assets were taken at their book figures as of April 30, 1941
($5,890,000), those being the latest figures available when the plan was
formulated.
The other unmortgaged assets were taken at the figures
attributed to them by the examiner ($4,878,000). The cash and the Reading
Iron stock held by the trustee under the refunding mortgage were taken at
$3,300,000 and the fixed assets (including securities of subsidiary coal com¬
panies) subject to the mortgage were taken at $15,000,000. Interest on the
refunding mortgage bonds and the debentures was calculated to April 30,
1941, to arrive at the total claims of the holders of those securities.
The
cash payment to be made to the bondholders was deducted from the total
of the claim on account of those bonds, and from the amount of the mort¬
gaged assets.
$450,000, was taken as the estimated maximum of allowed
general claims which will be entitled to participate on the same basis as
debentures.
Application of the examiner's formula to the foregoing values
results in a division of new securities as provided in the plan, namely, about
and other allowed general claims.
mortgage securing the new income bonds will be a lien on all fixed
owned by the company; and all capital stock and funded debt of
The
_
42,448,011
39,952,038
9,569,000
b2,178,035
10,110,691
1,028,200
$6,378,198
$1.43
.
—
$1.85
business or gasoline taxes collected
and paid to Federal and State governments.
1940 income includes nonoperating income of $950,000. b The provision for Federal taxes on income
exceeds estimated requirements under existing law.—V. 152, p. 3035.
company
$160,000.
assets
-
Net profit
Earnings per share on common stock. __
"~"a"Does
mortgage
allowed as general claims,
as the holders of such claims will receive these new securities on the same
basis as holders of debentures.
Such claims as heretofore allowed amount
.
^
$8,236,680
and retirements
not include any intercompany
Corp.—75-Cent Dividend—-
Phoenix Securities
Directors have declared a dividend of 75 cents per share on account of
accumulations on the $3 convertible preferred stock, payable Aug. 1 to
holders of record July 25.
Arrears after this payment will amount to $9.75
share.—V. 151, p. 113.
per
—
69% and 31 % to holders of debentures
„
products sold, operating and general
expenses, taxes and interest
;—
Reserves for depletion, deprec., development costs
of
Cost
The above amounts of income bonds and common shares will be increased
Holders
lS^l
1940
$62,431,726 $57,469,126
Gross income
Provision for Federal income tax
to the extent that claims against the company are
amount will receive
the income bonds shall be cumulative from the date thereof at
principal amounts thereof from time to time remaining unpaid.
6 Months Ended June 30—
a
As the present trustees under that mortgage wish to
resenting the same, or both, at the same rates.
issued in denominations of less than $100.
on
all income bonds then outstanding, the board of directors shall call a
meeting of shareholders to vote whether or not the company shall be
liquidated.—V. 153, p. 403.
;
Upon consummation of the plan there will be outstanding:
General mortgage 6% income bonds
$10,509,690
Common shares (par $1)
1,050,969 shs.
(a)
on the
pons on
resign, an indenture supplemental to that mortgage will be executed to
provide, among other things, for the discharge of the present trustees, the
appointment of their successor and the aforesaid release of lien.
common
income bond shall be surrendered for payment upon
board may determine to set aside as reasonable reserves for depreciation,
depletion, bad or doubtful accounts, repairs, renewals, replacements, taxes
and for other similar purposes. No income shall be deemed to be realized as a
result of any acquisition of income bonds through the sinking fund or
otherwise, and all gains or losses from disposition of capital assets shall be
excluded.
At maturity or on redemption of the income bonds all unpaid
interest shall then be due and payable irrespective of net earnings.
The mortgage securing the income bonds will require sinking fund pay¬
ments on each March 15 commencing in 1943, whichever be greater of (a)
the amount of one principal coupon on all income bonds then outstanding;
or (b) an amount equal to 10 cents per gross ton mined or taken by the com¬
pany or its lessees or licensees during the preceding calendar year from all
property owned by the company (including culm and slush banks); or (c)
an amount equal to one-third of the net earnings for the next preceding
calendar year.
For this purpose, net earnings shall be taken as above
defined, except that interest at 6% on all outstanding income bonds shall be
deducted from gross earnings, and no deduction from gross earnings shall be
made for depreciation or depletion.
All sinking fund moneys shall be applied, first, to payment of principal
coupons maturing on the ensuing April 1 on all income bonds, and, second,
any excess, at the company's option, shall either be applied to the purchase
of income bonds (including attached common share certificates), if obtain¬
able at or below the redemption price, or to the payment or redemption of
subsequently maturing principal coupons.
Where income bonds and
common shares are acquired through the sinking fund, the bonds will be
canceled and the shares will not be reissued. The mortgage will permit the
company to make sinking fund payments in cash or by surrender of income
bonds and attached common shares at the cost thereof to the company, but
not in excess of the redemption price.
The mortgage will contain provisions authorizing the holders of a majority
in principal amount of outstanding income bonds to direct any proceeding
for any remedy available to the trustee or exercising any trust or power
conferred upon th etrustee, and to consent on behalf of all holders to waiver
of any past default and its consequences; and providing that any of the
provisions of the mortgage or the income bonds may be altered, amended,
or other provisions added, including creation of prior liens, upon consent by
holders of 75% in principal amount of outstanding income bonds.
The articles of incorporation of the company will be amended to provide
that if an event of default shall occur under the mortgage securing the in¬
come bonds, or if the aggregate net earnings for any three consecutive years,
plus all amounts earned prior to such three-year period and which shall have
been applied to or held for the paymeht of principal coupons maturing during
such period, shall be less than the aggregate amount of three principal cou¬
notes and so on, acquired by the trustees as a result of their
activities in connection with the abandoned coal lands. All property of the
Cash and Securities To Be Distributed to Holders of
an
periods. For the purpose of determining whether interest
has been earned, the net earnings shall be taken to be gross income remaining
after operating expenses and all usual charges and such amounts as the
contracts,
to
Until
full six months'
Summary of Plan of Reorganization
will be surrendered.
be
ments so payable shall not be required to be paid on such date unless earned.
Company may pay interest in advance of the dates upon which payment is
required. No interest payment shall be made covering less than one or more
The company will retain all of its property and will receive all cash and
securities held by the trustees under the refunding mortgage, other than
company will be released from the lien of the present refunding
and all claims of the trustees under that mortgage against the
as may
Interest shall be payable in annual instalments on each April 1, but instal¬
Philadelphia Electric Co. (& Subs.)—Earnings—
1941—3 Mos
such later date
The income bonds will be redeemable as a whole at any time at the unpaid
principal amount thereof plus all accumulated and unpaid interest at 6 %
from the date thereof to the date of redemption.
{
Period End. June 30—
or
maturity or earlier call for redemption, neither it nor the share certificate
may be transferred separate and apart from the other.
The principal of the income bonds will be payable in 20 equal annual
instalments.
Each income bond will have attached thereto 20 principal
coupons, each representing 5% of the principal amount of the bond, and
payable successively on each April 1, commencing in 1943 and ending in
1962.
The company may anticipate the payment of any principal coupon
appurtenant to all income bonds then outstanding.
The company may,
with the consent of the holders of a majority in principal amount, postpone
the maturity date of any principal coupon appurtenant to all income bonds
then out standing, but no maturity may be postponed to a date later than
April 1, 1962.
*'
to
bond.
income
575
625
tr8/iis6
April J, 1941,
by the court.
Each income bond will have attached to it a share certificate for new
common shares at the rate of 10 shares for each $100
principal amount of
Miscell.
deducts,
from
income...
Rent for leased roads &
561
subsidiaries owned by the company will be pledged as additional security;
except the stock of Reading Iron Co. and its subsidiaries, the assets of which
will, upon liquidation, be available for general corporate purposes.
,
i
Pittsburgh Steel Corp.—Ordered to Furnish
'
Stock List—
F. P. Schoonmaker on July 23 ordered this corporation to
a complete list of holders of 7% cumulative preferred stock to a
of shareholders protesting against a plan of capital readjustment of
1937-1938.
Federal Judge
furnish
group
the petition of William F.Heesch, John R.
committee, who said they desired
determine "the manner in which
consents to it (the capital readjustment plan) were secured.
The Court
granted leave to send the questionnaire.
The plaintiffs filed their suit attacking the validity of the plan on April 9,
The
order was granted on
Hattstaedt and Charles I. Fox, acting as a
to send to shareholders a questionnaire to
last.—V. 152. p. 4135.
Poor &
Co.—Accumulated Dividend—■
Directors have
cents per share on account of
and partic. class A stock, no par value,
declared a dividend of 87
accumulations on the $1.50 cum.
payable Sept. 1 to holders of record Aug. 15.
Dividends of 37cents
were paid on June 1 and March, last; dividend of 50 cents paid on Dec. 27,
1940: 37^ cents paid on Dec. 1 and Sept. 1, 1940, and dividend of $1 was
paid on Aug. 1, 1940.—V.
152, p. 3036.
^
Queens Borough Gas & Electric
prov.
Gross income.——
a
deductions
Includes $20,000
355,174
217,159
433,773
433.332
442,500
a902,478
838,439
$364,088
30,689
Operating income
Other income—net
Net income.
353,866
$342,123
29,427
$990,389
60,795
$1,014,855
57,537
$394,777
390,336
$371,550
407,876
$1,051,184
793,610
$1,072,392
813,113
$4,441
Dr%36,326
$257,574
$259,279
for
incometax)-
Income
$5,247,679
2,605,879
196,652
a476,600
Depreciation
$5,323,732
2,643,226
216,667
Maintenance.._
Cincl
1941—12 Mos— bl940
1941—6 Mos.—bl940
$2,561,206 $2,522,189
1,317,386
1,323,755
186,465
Period End. June 30—
Operating revenues."-a
Operating expenses—
Taxes
Co.—Earnings—
:
representing estimated additional Federal income tax
(1941) on amount transferred from "Gas
comparative purposes.—V. 152, p. 2718.
Sales Suspense." b Reclassified for
The Commercial & Financial Chronicle
562
Portland Gas & Coke
Calendar Years—
Co.—Earnings—
1939
1940
1938
$3,444,225
2.681,985
$3,400,133
2,668,218
$748,450
Z)r2,279
$760,606
Dr504
$762,240
Dr2,675
$731,915
Dr3,654
Gross income.
Int. on mtge. bonds—
$746470
$760,102
480,556
487,250
$728,261
487,250
Other inc. & deductions.
29,617
53,733
$759,565
487,250
54,373
Int. chgd. to construct*n
CV928
C'r554
Cr634
Net Income
Div. on 7% pref. stock..
Divs. on 6% pref. stock.
$236,925
$219,673
$218,576
67,481
9,322
„
.
_
Net revs. from oper.
_
_
Other income (net)
...
48,914
Crl27
$192,224
134,962
18,643
Balance Sheet Dec. 31
1940
Assets—
1939
1940
Liabilities—
$
1939
$
$
Plant, prop., fran¬
chises, Ac
.22,340,430 22,122,110
7% cum. pref. stk.
($100 par)-..—
5,458,000
5,458,000
Investments I
6% cum. pref. stk.
871,200
Ritter Dental Mfg.
a
Period End. June 30—
Net profit. ——
Work funds......
14,587
Notes receivable..
5,816
a Common
stock. 4,113,000
3,513,000
1,014,608 Long-term debt- 9,736,000 10,045,000
84,515 Accounts payable.
185,757
287,822
13,255 Customers' depos.
37,030
42,211
(on
demand)
1,266,360
Special deposits...
247,261
Accrued accounts.
......
630,000
Matured
Prepayments..—
10,922
15,794
Misc. curr. assets.
821
790
59,500
59,500
354,238
156,940
5,411
477,944
3,960
Reacq.
cap. stock.
Deferred charges..
,
Contrib.
in
construction
190
2,688,289
_
...
Reserves
Rochester Gas & Electric
Corp.—Earnings—
1941
1940
1939
.$17,277,327 $16,876,093 $16,009,001
4,699,670
4,710,460
3,934,488
Surplus after charges & pref. divs...
945,963
1,463,162
729,877
—V. 152. p. 3037.
12 Months Ended June 30—
Gross earnings.......
Net after taxes
Rome Cable
Corp.—Earnings—
Earned surplus.
Represented
4136.
by 311,130
1,013,017
Total— .......25,192,003 24,411,926
(305,130 in
1939)
shares.-—V.
par
no
Earnings per share
152. p. 3356.
Root Petroleum Co.
152,
r'iV;-,
,
Public Service
1940
$60,570
$45,993
$0.32
$0.24
—V.
25,192,003 24,411,926'
a
p.
1,259,705
_.
1939
1941
$120,734
$0.64
3 Months Ended June 30—
Net profit after deprec. and all charges
including taxes
...
Total
$26,926 for
Shipments during the second quarter exceeded those for the corresponding
quarter of 1940 by 171 %. The shipments during the first six months of 1941
exceeded those for the same period of last year by 117%.
Current assets amounted to $3,281,168 on June 30, including cash on
hand and in banks of $937,728.
Current liabilities including provision for
Federal and other taxes amounted to $743,049, a ratio of 4.4 to 1.—V.
/152, p. 3983.
of
aid
profit tax.
Depreciation was charged at the usual rate and amounted to
the second quarter and $.52,852 for the six month's period.
7,788
190
interest.
Deferred credits.
1941—6 Mos.—1940
$223,974
$41,520
charges and all taxes.
Notes—$265,000 has been provided for Federal income tax for the first
six months of 1941 of which approximately $135,000 was provided for
3,505
7,384
Misc. curr.liab
289,301
13,652
2,874,674
649/296
Mat'ls A supplies.
617,387
279,707
Accts. receivable-.
Co., Inc. (& Subs.)—Earnings-
1941—3 Mos.—1940
$113,316
$20,401
After
a
871,200
799
Cash in banks
$49,144
$111,341
Net profit after charges and income taxes...
—V. 152, p. 2718.
excess
...
1940
1941
6 Months Ended June 30—
1937
$3,428,023
2.667,417
Operating revenues.
$3,478,767
Oper. exps. (incl. taxes)_
2,730,318
July 26, 1941
Richmond Radiator Co., Inc.—Earnings—
6 Mos. End. June 30—
a
Coordinated
Transport—Tenders—
Tenders for the purchase of 1st & ref. mtge. 4% bonds, series due Jan. 1,
1990, have been requested by the Fidelity Union Trust Co., as trustee
under the mortgage.
Bonds in an amount sufficient to exhaust money in hand and money to
be received as proceeds of the release of real estate covered by this mortgage
•will be purchased and canceled.
At the present time the trustee has $257,400.58 on hand and expects
an additional $56,700.
Tenders will be opened at 12 o'clock noon EDST on Thursday, July 31,
to receive
1941, at the office of the trustee, 755 Broad St., Newark, N. J.—V. 152,
1447.
p.
After
depreciation,
depletion,
interest,
leases
and rentals
b After Federal income and
before Federal income taxes,
1938
$52,735
1939
$122,885
1940
loss$19,333
b$145,850
Net profit—.........
a
(& Subs.)—Earnings—
1941
paid, but
profit8
excess
taxes.—V. 152, p. 3358.
Russell Mfg.
Co.—Earnings—
Earnings for the 6 Months Ended May 31, 1941
a
Net income from operations
Depreciation
— -
-
...
—
— _
...
Provision for Federal income and
excess
profits taxes (est.)_....
Net income from operations
$276,076
53,742
69,000
$153,334
Excess of proceeds from life insurance over cash surrender value
Quincy
Market
Accumulated
Cold
Storage
&
Warehouse
Co.—
Dividend—
Directors have declared
dividend
of 75
cents
share on account
of accumulations on the 5% cum. pref. stock, par $100, payable Aug. 1
to holders of record July 17.
Dividend of $6.25 was paid on May 1, last,
thus clearing up all back dividends to that date.—V. 152, p. 3981.
a
per
15,470
previously carried on books.
Excess provision for 1940 Federal income tax
Total
I
—
—
—
.
6,406
$175,210
—
in connection with the issuance and regis¬
Expenses incurred
tration of the company's capital stock
Provision to reduce investment in wholly owned
1,661
Canadian sub¬
sidiary to estimated realizable value
2,549
Reliance Grain Co.—Accumulated Dividend—•
Directors have declared
a dividend of $1.62H per share on account of
6XA% cumulative preferred stock, payable Sept. 15
Aug. 31.
Like amount was paid on June 14 and Mar .15,
last; Dec. 14, Sept. 16 and on June 15, 1940.—V. 152, p. 2872.
accumulations
the
on
Net amount transferred to earned surplus
Earned surplus, Nov. 30,1940—
.
---
.
—
$170,999
234,684
to holders of record
Remington Rand, Inc.—Coupon Rate Increased—
An amendment filed
July 24 to the registration statement relating to the
proposed issue of $15,000,000 15-year sinking fund debentures changes the
coupon rate to 3 H %, as compared with a rate of 3 % % originally filed. It is
expected that the issue will be offered to the public July 29 through a group
of underwriters headed by Harriman Ripley & Co., Inc.
The new debentures will be redeemable as a whole or in part by lot at any
time at the following redemption prices:
To and including July 1, 1944 at
10734%; thereafter with successive reductions in the redemption price of
134 % during each successive three-year period to and including July 1,
1953; thereafter at 101)4%: in each case with interest to the date of re¬
T.
demption.
The indenture provides for fixed minimum sinking fund payments on
Nov. 15,1946 and each May 15 and Nov. 15 thereafter, to and incl. Nov. 15,
1955, sufficient to redeem $6,000,000 of debentures; also an additional
earnings sinking fund, payable on Nov. 15, 1942 and each Nov. 15 there¬
after, sufficient to retire $500,000 of debentures or equivalent to 22% of the
amount by which consolidated net profits for the next
preceding fiscal year
exceed $2,700,000, whichever is less. Sinking fund payments may be made
in
cash
or
debentures.
A separate scale of
redemption prices for the sinking fund is established
follows:
To and including July 1, 1944 at 105%; thereafter to and in¬
cluding July 1, 1947 at 104%; thereafter to and including July 1, 1950 at
as
103%; thereafter to and including July 1, 1953 at 102 %; thereafter at 101%:
case with accrued interest to date of
redempton.—V. 153, p. 404.
In each
1941—3 Mas.—1940
1941—6 Mas —1940
$8,328,048 $40,568,770 $16,159,030
Dr9,651
DrS,277
Profit._ ..$20,201,325
1,076,714
3,720,862
Federal income taxes... a9,975,000
18,318,397 $40,568,770 $16,150,753
1,004,866
2,147,644
2,022,016
2,835,800
6,802,410
5,814,284
1,140,000 a18,000,000
1,865,000
Deprec. and depletion..
Netprofit.
_____
$5,428,749
Earns, per sh. of com.stk
$3,337,730 $13,618,716
$0.87
$0.47
$2.22
Earned surplus, May 31,1941
a
50.357
.
...
-
Before deducting depreciation and
----- — -----
$355,326
Federal income and excess profits
taxes.
Balance Sheet May 31, 1941
Assets—Cash, $184,375; accounts receivable, drafts in process of col¬
lection and sundry notes—trade (net), $681,113; inventories, $1,322,240;
fixed assets (net),
$1,023,095; investment in and advances for non-operating
wholly owned Canadian subsidiary, $11,500; patents, trademarks and
goodwill, $1; prepaid insurance, interest and other deferred charges, $24,573;
total, $3,246,897.
Liabilities—Notes payable—bank, $175,000; accounts payable—trade,
$475,984; customers' advance payments against contracts,
$154,369;
dividend payable, $26,081; accruals, $240,618; common stock (69,546 no
par shares), $869,325; capital surplus, $950,195; earned surplus, $355,326;
total, $3,246,897.
The total capital of the company, as at May 31, 1941, amounted to
$2,174,846, made up as follows:
Capital stock (69,546 shares, no par) issued and outstanding
at stated value of $12.50 per share.
$869,325
Capital surplus
950,195
Earned surplus
355,326
___
—
_
—
...
—
Total capital.
—
—
$2,174,846
...
The issued capital stock (69,546 shares), amounting to $869,325, includes
sum of $6,225, representing the unsubscribed portion
(498 shares) of
Operating profit... —$20.201,325
Adjut. of minority int
Interest
$405,683
—
the
Republic Steel Corp. (& Subs.)—Earnings—
Period End. June 30—
Total.
Dividends paid and payable.
$6,449,453
$0.90
Provision has been made for Federal income and excess profits taxes on
basis or present law,
plus contingent provision in amount of $2,000,000
the offering to stockholders on Oct. 28, 1940 purchased by the underwriters
during December, and also includes the sum of $60,125, representing 4,810
M. Williams, President, and his assignees in the
management, through the partial exercise of his option for 16,000 shares
which will expire on Feb. 28, 1943.
The capital surplus of $950,195 is unchanged from the amount shown in
the latest annual report as of Nov. 30, 1940.
The earned surplus as at May 31, 1941, amounting to $355,326, is the
result of the balance as of Nov. 30, 1940 of $234,684, plus the net amount
transferred to earned surplus as at May 31, 1941 of $170,999, less $50,357
for dividend paid March 15, 1941, and dividend paid June 14, 1941, both
at the rate of $0.37H per share.—V. 152, p. 1294.
shares purchased by George
a
for
anticipated changes in tax law —V. 152,
p.
Reynolds Metals Co. (& Subs.)—Earnings—
a
6 Months Ended-—
Net profit
Earnings
per
share
June 28, '41
on common
stock.
Rustless Iron & Steel
3983, 3512.
June 29, '40
$1,886,853 b$l,312,447
$1.71
$1.15
Period—
Gross
July 1.'39
$488,704
$0.34
After all charges
including Federal income taxes, and excess profits
taxes in 1941 and 1940.
b The taxes for 1940 were increased over estimates
Corp.—Earnings—
3 Mos.
June 30 '41
sales,
less
counts,
returns
Ended
—6 Mos. Ended
Mar. 31 '41 June 30, '41 June 30, '40
dis¬
and
V
$5,792,338
3,789,453
—
...
$5,577,033 $11,369,371
3,591,586
7,381,039
$4,162,327
3,001,419
$2,002,885
61,946
125,047
$1,985,446
62,306
108,758
$3,988,332
124,253
233,805
$1,160,908
113,236
117,057
37,500
37,500
75,000
65,128
23,952
23,747
47,699
39,943
$1,754,441
15,241
$1,753,134
$3,507,575
$825,543
16,473
31,714
13,475
$1,769,682
allowances.
Cost of goods sold
$1:769,608
$3,539,289
$839,018
11,419
6,000
11.410
9,000
22,829
15,000
24,268
1,213
420,200
569,300
419,800
567,700
840,000
1,137,000
191,400
153,600
a
previously published (see below).
oMAM°wte(1 earnings for the half
June 28, 1941, were $3,-
ob/,057 before provision for income and excess profits taxes.
pares with $2,061,770 for the
corresponding
This comperiod of 1940.
income taxes, the net profit for the
was $2,523,552, and after provision for excess
After deduction for estimated normal
firs».,81* m<>nths of 1941
net
Profit
$1,886,853, as against $1,543,092 and $1,Federal tax provisions were: 1941—normal tax, $843,504;
312,447 for 1940.
excess profits tax,
$636,700; total, $1,480,204; 1940—normal tax, $518,678;
excess profits tax
$230,645; total, $749,323.
"The provisions for 1940 have
been increased
respectively $78,682 and $230,645 over estimates published
a year ago
m order to put both years on a
comparable basis," R. S. Rey¬
nolds, President, said.
After providing for preferred stock dividend
requirements, the net
earnings on 1,023,662 shares of common stock
outstanding for the six
1941
were
$1,751,989 or $1.71
share in 1940.
per
176.449 or $1.15 per
"Production of aluminum has commenced
^,
Gross profit on sales..
Selling
year ended
share, compared with $1,-
expense
Gen. and admin, exp
Prov.
for
officers
and
executive
employees'
special compensation.
Research, development &
patent
expense.
Net profit from opers.
Miscellaneous
income..
Total income
Prov. for losses
on
retire¬
ments.—
Interest
...
expense,
&c
Miscellaneous deductions
Income and excess-profits
at
the
Listerhill, Ala., alu-
the Reynolds company," Mr. Reynolds said, "with 1,-
NormafFed.
inc. tax.
700,000 pounds of virgin aluminum expected to be producted in
July.
In the month of June the
company shipped ovjer 4,000,000 pounds of
fabricated aluminum, and expectations are that fabrication of aluminum for
National defense will reach the total of
16,000,000 pounds a month before
Excess-profits tax
the year is over.
Netprofit
"Progress on the construction of the Reynolds aluminum plant at Longview, Wash., has been rapid." Mr. Reynolds added, "with production
expected to start there early in August."—V.
1§2, p. 3664.
38,000
/
Est.
for
proposed tax
increase
Earns, per sh. of com. st.
180,000
180,000
360,000
$582,762
$0.61
$581.698
$0.60
$1,164,460
$1.21
$430,537
$0.42
Note—Federal normal income and excess-profits taxes applicable to the
three months ended March 31 and June 30, 1941 and the six months ended
Volume
The Commercial &
153
563
Financial Chronicle
June 30,
1941 have been determined on the basis of the increased taxes
proposed by the House Ways and Means Committee and were computed
by projecting the net profit subject to such tax on an annual basis.
Onehalf of the estimated excess-profits tax for the year 1941 on such basis was
allocated to the 6 months ended June 30, 1941 and the method of calculating
the provision for the excess-profits tax for the 6 months ended June 30,
1940 has been revised on a comparable basis with 1941.
(& Subs.)- —Earnings—
Seaboard Oil Co. of Del.
3 Mos. End. June 30—
1938
1939
1940
1941
$1,717,417
655,588
Operating
profits
$994,357
46,070
$1,144,883
52,736
$1,368,829
28,607
$1,080,676
.
$1,824,050
455,221
18,848
expenses
$1,637,393
492,510
$1,040,428
$1,197,619
$1,397,436
763,438
Operating
$1,615,410
621,053
$1,061,828
Gross earnings
780,885
813,239
960,279
Other income
Balance Sheet June 30
1941
Assets—
1941
Acc'ts receiv. (net) 1 ,520,002
Inventories—
2 ,977,738
1,754,189
Prepaid
C594.810
^
1,858,000
926,547
1,351,420
Capital surplus
Earned
188,671
280,499
b
467,606
(net). 4 .775,831
Drl,546
3,798,789
2
2
Patents..
Inccme Account Six Months Ended June 30
1939
1940
1941
1,316,670
2,476,500
Drl,598
surplus
Treasury stock..
Selected Industries, Inc.—Earnings—
1,368,833
:
Fixed assets
As of June 30, 1941, the current assets were $3,712,391, and current
liabilities, including dividend payable Sept. 15, 1941, $1,071,164.—V.
152, p. 2875.
1,189,088
926,547
current)
Emergency plant
Net profit....
$384,380
$437,157
$317,238
$259,543
Earned per sh. on cap.stk
$0.31
$0.35
$0.26
$0.21
Net profit for the second quarter of 1940 was $259,543, equivalent to
21 cents per share of capital stock.
1,500,000
1,189,088
Com.stock (par$1)
/71,305
wholly-owned
facilities
(non-
Preferred stock
accts.
(non-current)
subs, not consol.
a
loan
311,430
d3,030,257
taxes
come
Bank
56,545
Invests, in & ad vs.
to
117,803
Res. for Fed. In¬
Chrome
and
268,896
Depos. on uncom¬
57,368
Mines, Inc. (not
rec.
355,256
pleted sales orders
affiliated)......
Notes
200,000
735,438
565,474
Accrued liabilities.
102,258
Advances to United
States
267,000
rently)
Accounts payable.
def.
and
items
.
Bank loan (due cur¬
970,042
—
$
Liabilities—•
3
2,,335.448
—
1940
S
1940
$
Cash
Total income
General
12,515,929
Total
7,435,175
7,435,175
12,515,929
Total
or acquired under terms of contract with United States of
b 333 shares (322 shares in 1940) of common stock representing
fractional shares accumulated in retiring stock of predecessor company,
Constructed
a
America,
held in treasury,
at cost,
profits tax.—V. 152,
c
p.
$1,079,000
$7,324,260
def20,966
255,711
$5.50
on
1941—12 Mos.—1940
1941—3 Mos.—1940
Deprec. and depletion..
$639,955
505,615
112,213
$233,538
169,511
28,193
16,412
$123,004
101,207
27,951
9,410
_
48,015
$1,046,006
821,673
113,838
69,337
Before Federal taxes on income.
Crl 1,000
693,013
698,925
699,750
713,981
sur$13,800
$168,921
$295,883
$421,576
Balance Sheet June 30
1941
Cash
in
S.
Rec'ble
for
830,322
Int.
a850,000
l
rec
depcs.
168,632
Bank loans
St. Louis-San Francisco
33,243
Other income
Bal. avail, for int., &c.
To
$592,928
5,869
$1,140,296
$587,058
$5,223,159
39,397
$5,183,762
$899,429
43,806
$855,623
St. Louis recommend¬
ing payment of semi-annual interest due Sept. 1, 1941, on Kansas City,
Memphis & Birmingham mortgage 4% bonds in the amount of $66,460, and
on the 5% income bonds in the amount of $89,540—V. 153, p.
251^
&
Screw
Louis
Surplus
b Treasury
Investments owned
a
or
March 31,1931, are
Dr71,733
34,113,665 34,615,728
carried at the lower of cost
carried at cost. Invest¬
Subsequent purchases are
market quotations at June 30, 1941, or, in the absence
their then fair value in the opinion of the corporation, amounted
based
thereof,
to
on
market at that date.
stock.
Total.--.
34,113,665 34,615,728
Total
on
on
$26,882,609,
or
$5,500,230 less than the amount shown,
b Repre¬
prior stock, held at cost, c Divs.
sented by 1,500 shares $5.50 cumulative
The trustees have filed a petition in Federal court at
St.
6,353,750
2,121,585
2,056,940
13,194,975 13,411,612
6,325,000
Cum. conv. stock. 2,121,585
Common stock
2,056,940
ments,
Pay Interest—
42;998
prior
cum.
stock...
1941—6 Mos.—1940
$4,129,317 $28,568,098 $22,475,043
3,172,633
21,261,650
19,562,462
579,394
5,108,425
813,105
13.534
114,734
86,324
$1,146,064
5,767
Total income
Other deductions
.
Due for secur. pur.
Ry.—Earnings of System—
$5,399,363
3,790,271
1,112,820
68,900
107,676
196,473
against cash
361,295
367,608
-
1941—Month—1940
June 30—
Period End.
10,000,000
Due for sees .loaned
for
dlvs., Ac.....
377,961
9,900,000
112,033
$5.50
Operating revenues.....
Operating expenses
Net ry.oper. income
c364,l08
65,254
234,422
sold....
54,409
Dep. of others und.
indem. agreem't
Loss.—V. 152, p. 3983.
x
46,213
_
dlvs.
&
accr.
—
payable-.....-
_._a31,532,839 33,143,445
secur.
Int. & dlvs.
exps.,
taxes, &c_.
1
Govt.securities.
Invest, at cost
for
Res've
$
$
Liabilities—
$
1,063,541
U.
1940
1941
1940
,
$
—
Invest,
Special
Net income....
a
$41,158
x$25,888
$19,423
x$15,564
a
* $292,405
cum.
152,
Mountain & Pacific Co.—Earnings—
Period End. June 30—
$403,867
Cr3,500
$706,813
Assets—
Cost, expenses and taxes
Interest charges
$530,004
41,064
100,boo
99,025
37,155
.
25,406
437.
Gross earnings
$567,654
48.751
76,896
130,817
29,784
Prior years' over-accrual
of taxes,
$6,831,000
45,924
St. Louis Rocky
26,062
79,550
100,000
35,202
prior stock
but before payments on income bonds.—V.
After fixed charges
a
$659,684
1941—6 Mos.~ 1940
$1,239,722
Net income
a
$763,785
107,719
Taxes
Dividends
Co.—Earnings—
1941—Month—1940
Passenger revenue
$41,800
525,854
$927,181
87,688
'.i
expenses
Net income
St. Louis Public Service
Period End. June 30—
$46,575
613,109
d Includes excess
Includes notes receivable,
3512.
p.
$50,378
713,407
Service fee
Interest
1938
$59,743
867,438
Interest income.
Dividends
Bolt
Co.—Accumulated Dividend—
of ac¬
on the preferred stock, payable Aug.
1 to holders of record
Dividend of $7 was paid on July 10, last, and $3.50 paid on
Dec. 2 and Aug. 1, 194C—V. 153, p. 252.
Directors have declared a dividend of $3.50 per share on account
payable oniy.—V. 152, p. 2568.
Sharon Steel
Corp.—Earnings—
Period End. June 30—
Net
sales
______
'
1941— 6 Mos.—1940
$15,646,218
$9,048,880
13,268,227
$.277,332
1941—3.Mos.—1940
$8,1^4,557
$4,136,447
6,794,477
150,000
3,887,893
147,900
300,000
295,800
$1,200,080
24,779
Costs,exps.,ord. tax., &c
Depreciation
$100,654
14,070
$2,077,991
52,751
$475,748
45,052
$1,224,859
8,871
21,000
289,000
320,000
$114,724
8,397
$2,130,742
17,501
$520,800
16,897
27,000
1,300,000
115,000
$ 79,327
$0.01
$813,241
$1.69
$388,903
$0.61
cumulations
July 25.
Operating profit
Other income—
St. Louis Southwestern Ry.—Correction—
Total income
Old Securities,"
reorganization plan, given in last week's "Chronicle," the
amount holders of 1st terminal and unifying bonds outstanding will receive
in cash for each $1,000 of such bonds should have read $6.44 and not $644,
as therein stated.
See V. 153, p. 405.
In
the footnote to the "Table of Exchange of New for
relative to the
Interest
State income tax
Federal income tax—_
Prov.
in
San Diego
Gas & Electric Co.—Earnings—
Years Ended May 31—
1941
$10,076,535
3,671,552
670,224
1,422,698
a
a
Taxes (other than Federal income taxes)..
Provision for Federal income taxes
Net operating income
income
Other
Gross
Interest
,
:■
...
Amortization of debt discount and expense
Other interest.—
Interest charged to
Miscellaneous
.
■
j
——
.....
—
construction
;
180,775
$2,229,749
2,190
...
...
$2,743,113
568,888
58,227
29,067
$2,231,940
620,000
61,953
9,594
020,159
8,636
$2,100,340
...
funded debt
1,182,257
023,004
income
on
428
$2,743,093
19
...
458
403,300
Amortization of limited-term investments
1940
$8,782,482
3,109,227
700,192
1,379,851
1,165,207
Operating revenues
Operation
Maintenance and repairs
Depreciation....
$1,552,139
9,369
a
Net income
a
In its Federal income and State franchise tax returns for 1940 the com¬
—
pany has claimed as a deduction
and redemption premium on bonds
the unamortized discount and expense
called during that year.
The provision
1940 for such taxes, accordingly (which includes no excess
profits taxes) is approximately $410,000 less than it otherwise would have
been.
Of this amount, $60,000 applies to State franchise taxes and $350,000
to Federal income taxes (the latter amount including approximately $16,000
made
for
increase
profits tax
poss.
excess
excess
profits tax).
greater.
Sanford
Mills—SI .50 Dividend-—
Directors have declared a dividend of $1.50 per share on the common
July 25 to holders of record July 19.
Dividend of $1.50
was paid on Nov. 30 last; 50 cents was paid on Sept.
16, 1940; $1.50 on
Sept. 1, 1939, and on June 20, 1939; one of $1 was paid on Sept. 1, 1938,
and previous payment was the $2 distribution made on Nov. 30, 1937.
—V. 152, p. 843.
stock, payable
$285,988
Earns, per sh. on com.
Of
a
p.
which
$0.54
stk.'
$130,000 applies
against first
quarter
earnings.—V. 152,
2719.
'
Shell Union Oil Corp. (&
Subs.)-—Earnings—
3 Months Ended June 30—
1941
operating earnings
—$70,720,273
Operating and general expenses.52,531,485
Depletion, depreciation, &c-11,383,119
Gross
Interest
F^erai VaVe^:::::::::.:::::::::::
Net profit
...
— —
1Q40_o
1939
$64,408,263 $61.079,357
47,786,684 48,459,442
11,033,505
9,865,492
602,486
849, soo
298,761
757,817
1,839.700
771,506
$1,684,156
stock in 1941 and 28 cents
_a$4,208,152 a$4,135,788
Equal to 32 cents per share of common
share in 1940.
■
.
.
.
been made for Federal income tax determined at
the rate now in effect.
No provision for excess profits tax is considered
necessary under the present Act.
In view, however, of expected increase
in Federal taxation, a provision of $850,000 has been included for the first
half of the year in addition to the estimated liability under the Present Act.
Net income for the six months ended June 30, 1941, was $7,829,946,
compared with $9,449,947 for like period of 1940.—V. 153, p. 109.
a
per
,
Note—Provision has
Schick Dry Shaver,
Inc.—Name Changed—
Company has changed its name to Schick, Inc.
The change was stated
the development of new products by the company,
the nature of which was not revealed.
Sierra Pacific Power
Period End. June30—
Operating revenues.
Gross inc. after retirem't
reserve
accruals—
Net income
—
Half of the production of
in the future, it was stated
the company will be devoted to defense items
by Ralph J. Cordiner, President.—V. 150 ,p.
Sioux City
above.
1941—12 Mos-—4940
$2,381,317
$2,189,852
54,315
$43,432
Gas & Electric Co.—Extra
832,992
$721,814
893,024
$759,047
record July 31.—V. 152, p. 3359.
Sloss-Sheffield Steel & Iron Co.6 Mos. End. June
Gross
-
30—
-
Interest
Federal income taxes—
Prov.
for possible
tax
Earnings—
1940
1939
402,429
114,918
$898,222
403,750
86,347
136", 935
64,534
$572,543
$343,592
85.941
297,954
155,170
148.977
173,799
49,659
$479,569
$7.83
$268,396
$4.20
$120,134
$1.71
396,699
127,209
8,571
281,236
$1,226,825
1938
$918,099
419,180
66,523
8,781
79,178
165,000
increase
Net profit
Common
1941
$1,842,179
$863,464
—
Depreciation
Depletion .—-------
Preferred
Dividend,—
dividend of 10 cents per share in addition
25 cents per share on the common stock,
regular quarterly dividend of
both payable Aug. 11 to holders of
dividends.
dividends...
..
Surplus
Schick Dry Shaver, Inc.,
61,b71
$54,691
Directors have declared an extra
to the
2743.
Schick, Inc.—New Name—
Co.—Earnings-
1941—Month—1940
$205,259
$183,979
—V. 153, p. 253.
to be in connection with
See
a300,000
Net profit
during
The net income reported for 1940 is correspondingly
Provision for Federal income taxes for 1941 is being made on the
basis of an assumed normal income tax rate of 30%.
Under the provisons
of the Second Revenue Act of 1940, as amended in March, 1941,which
allow the carrying over of unused excess profits credit for two years, it is
estimated that there will be do liability for excess profits taxes for the year
1941 as the company will have unused excess profits credit from the year
1940 which resulted from refinancing of funded debt in that year.—V. 153,
p. 406.
for
_
Excess profits tax—
Earns, per sh. on com.
—V. 152, p. 2407.
$344,437
181,014
99,318
$64,105
$1.64
The Commercial & Financial Chronicle
564
Simms Petroleum
Swan Finch Oil
Co.—Report—
Following is an analysis of the changes in the consolidated cash position
during the three months ended June 30, 1941:
Cash, March 31, 1941
Received
$268,316
—
Tide Water Associated
from
Oil Co.
sale
of
account
on
price of Simms Oil Co. stock
Acc'ts receivable collected, plus increase in general taxes payable
Corp.—To Pay 40-Cent Common Dividend
Directors have declared
$389,411
3.680
116
-
Excess of expenses over income for
Legal expenses
three months
in defending Simms Oil Co. litigation
Cash, June 30,1941
1451.
..
Operating profit.
1941
,
for
bond
8,906
6,087
_
Earnings for 12 Months Ended May 31, 1941
Net sales
—
Operating income
—
—
--
Total income
Net income before providing for Federal income taxes
—V. 152, p. 3359.
Southern
struction
-
—
Loss
$6,988,698
1,315,639
1,413,235
1,017,178
Gas
Co.—Lets
Contract for
Con¬
of New Gas Holder—
Net
oper. revenues
Co.—Earnings—
152,
1941—6 Mos.—1940
p.
$5,208,127 $42,684,719 $24,444,428
1,556,496
9,418,028
9,182,500
1,110,640
6,329,o37
u,688,410
69,945
338,803
400,659
$6,011,336
$2,471,046 $26,598,351
—Second Week
(est.)$3,415,720
of July
1941
$2,447,788 $90,998,209 $71,133,327
the Sperry board.
Dividend—
meeting of the board of directors held July 17,
a
cash dividend of $1
per share was declared payable Aug. 5 to voting trust certificate holders
of record as of the close of business July 28.
Dividends of like amount
paid
Dec. 20 and Aug. 28, 1940, and
on
Dec. 8 and Aug. 25, 1939.
on
Standard Gas & Electric
Earnings for Six Months Ended June 30, 1941
compared with 180,023,946 kwh. for the
year, an increase of 16.8%.—V. 153, p. 407.
SunShine Mining
After depreciation,
corre¬
1940
939
1938
$1,285,934
$1,392,888
$1,958,091
$0.86
$0.93
$1.32
Federal income taxes, &c.
y
On 1,488,821 shares
capital stock.—V. 152, p. 3360.
Operating revenues
revenues
1941—Month—1940
$91,141
$86,023
53,973
21,405
Property retirement reserve appropriations.-
direct taxes
Co.—Earnings—-
301,547
158,359
Direct taxes.......
51,467
13,945
705,299
170,597
685,305
160,947
3,467
4,000
45,298
$16,611
$191,394
18
129
Grossincome
Int. on mtge. bonds
$12,296
454
7,382
83,333
1,000,000
1,000,000
$265,321
$3,280,720
941
$2,913,289
19,367
$264,498
140,542
2,812
$266,262
140,542
2,732
$2,932,656
1,686,500
33,750
$3,294,201
1,686,500
32,188
Net income.
$121,144
$122,988
Divs. applicable to pref. stocks for the period
$1,212,406
375,678
$1,575,513
375,678
$836,728
$1,199,835
Grossincome
Int.
on
mtge. bonds....
interest
.
$16,611
$191,412
5,450
84,299
Crll4
Balance.
\
•
Period End. June 30—
Net
income—..
Earnings
share.....
per
35,000
6,862
-
Netincome
$4,460
$9,295
Divs. applicable to preferred stocks for the period
1941—3 Mos.—1940
$2,598,640
$0.68
$114,380
35,000
the month of June, 1941, and in the 12 months ended June
30, 1941, re¬
spectively, but includes no provision for such tax applicable prior to Jan. 1,
1941, since no excess profits were indicated before that date.—V. 153,
p. 111.
Co.—Earnings—
$9,083,629
$2.44
$2.36
charges for depreciation, amortization, contingencies, Federal
income taxes, and foreign income and excess profits taxes,
b On 3,840,000
shares of capital stock, no par.
Note—No provision has been made for Federal excess profits taxes since
the company's computations indicate that it is not liable therefore under the
Second Revenue Act of 1940," the report states.
"It seems certain that
laws
effective
Jan.
1,
1941,
will
be
taxes on income and therefore the net
enacted greatly increasing Federal
earnings above reported are probably
be when provision is made for
prove to
tax increases."
of
June
30, 1941, current assets, including cash of $14,214,115,
$18,381,568.
This does not include inventories of sulphur
or materials and supplies.
Current liabilities (including
provision for current taxes of $2,787,988) amounted to $3,319,797.
Earned
surplus of the company as of June 30, including net earnings for the second
qaurter, and after payment of a dividend of 50 cents per share on June 16,
1941, amounted to $32,319,534.—V. 152, p. 2721.
amounted to
above
ground
Texas Pacific Coal & Oil Co.
Period End. June 30—
Gross oper. income...
a
(& Subs.)—Earnings—
1941—3 Mos.—1940
1941—6 Mos.—1940
$937,565
470,374
$882,565
$467,191
$313,335
4,642
$471,833
54,700
Profit from operations
Other income
Grossincome.
Income charges
c
Prov. for deprec.,
$1,723,552
905,891
$1,793,325
3,916
$817,661
8,968
$676,023
7,922
$317,252
36,386
$826,629
80,871
$683,944
62,443
569,229
a
and
143,226
$609,582
426,707
$553,129
437,525
$1.52
$i .48
Symington-Gould Corp.—Earnings—
167,717
276,253
328,661
$273,907
$0.31
$113,148
$0.13
$469,505
$292,840
$0.33
other than
Federal income tax.
c
Lease rentals,
Profit before Federal income taxes
Provision for Federal income taxes:
$671 975
share
132,159
51,490
$470,384
$0.58
Note—No provision is made for possible excess profits
tax, except insofar
the "additional provision" of $51,490 may be used for that
purpose.
ac¬
profits taxes.—V. 152, p. 2721.
Texas & Pacific Ry.
Period End. June. 3Q—
Operating revenues
Operating expenses
Railway tax accruals
Equip, rentals (net)....
Joint facility rents (net).
Co.—Earnings-
1941—Month—1940
1941—6 Mos.—1940
$2,600,138
$2,117,894 $14,767,617 $12,925,996
1,693,925
1,543,630
9,902,902
9,206,729
271,105
158,069
1,241,134
930,165
83,391
99,711
531,150
577,374
3,913
Cr969
Cr7,736
13,934
$547,804
39,849
$317,453
30,830
$3,100,167
217,005
$2,197,794
197,789
Total income
Miscell. deductions
Fixed charges
$587,653
7,644
320,103
$348,283
6,611
319,851
$3,317,172
25,731
1,927,324
$2,395,583
29,857
1,931,463
$259,906
$21,821
$1,364,117
$434,263
150 101
a After provision for depreciation of
plant, all selling and general expenses,
provision for operating reserves and for State taxes,
b On 810,555 shares
of common stock, including scrip for fractional shares.
—V. 152, p. 2720.
and
counts, dry hole or retirement expenses, &c.
Note—After allowance for additional statutory deductions and credits,
no provision has been made or is deemed necessary for Federal income and
$539,816
Net profit
&c.,
uncollectible
Net ry. oper. incomeOther income
Earnings for the Six Months Ended June 30, 1941
a
Operating profit.
Other income (less other deductions)
rates"J—J
$0.53
Sales of crude oil and gas produced, refined products purchased,
other revenues,
b Costs, general and administrative expenses
taxes,
1940
a After deductions for
operating expenses, normal Federal income taxes
ot,her charges, but before provision for excess
profits tax.
b On
287,000 shares common stock.—V. 152, p. 2740.
At tax rates applicable under
existing laws.
Additional provision for possible increase in
tax
1,117,302
deple¬
Netincome..
Earns, per sh. of com.stk
excess
1941
per share
$9,385,936
$0.64
$79,380
Notes—(1) Provision for Federal income taxes, subsequent to April 1,
1941, is being made at a rate which will result in the accumulation of such
taxes at the rate of 30% for the full
year 1941.
(2) Includes provision of $150 and $900 for Federal excess profits tax in
6 Months Ended June 30—
Profit before taxes
a Net profit
1941—12 Mos.—1940
$2,455,966
After
tion, &c
Balance
Sutherland Paper
Co.—Earnings—
Cr85
$101,777
454
$203,634
5,450
83,889
$66,777
Int. charged to construe.
as
13,481
Notes—(1) Provision for Federal income taxes, subsequent to April 1»
1941, is being made at a rate which will result in the accumulation of such
taxes at the rate of 30% for the full year 1941.
(2) Includes provision of $16,667 and $305,000 for Federal excess profits
tax in the month of June, 1941, and in the 12 months ended June 30, 1941,
respectively.—V. 153, p. 112.
b Operating
...
Other int. & deductions.
per
3,330,677
1,179,245
re¬
83,333
$203,505
Earnings
$8,790,642
3,508,538
1,754,382
276,173
110,136
$262,540
1,958
48,000
$12,296
b
1941—12 Mos.—1940
$9,176,209
appropriations..
serve
As
Net oper. revenues...
Other income
Earnings
rates..$23,407,368
$2.15
Operating expenses, excl.
such
1941—12 Mos.—1940
$1,112,588
$1,097,757
excl.
direct taxes
Direct taxes
b
...
1941—Month—1940
$805,779
$734,963
higher than they eventually will
Superior Water, Light & Power Co.—Earnings—
Period End. June 30—
expenses,
capital stock
Texas Electric Service
a
Co.—Earnings—
—
Operating
Operating
on
Note—European subsidiaries excluded from above statement.—V. 152,
p.3201.
•
Co.—Weekly Output—
as
6 Mos. End. June SO—
1941
Net profit.
$1,186,431
y Earnings per share.-$0.80
x
Corp. (& Subs.)—Earnings—
Texas Gulf Sulphur
Electric output of the public utility operating companies in the Standard
& Electric Co. system for the week ended July
19, 1941, totaled
151,916,590 kwh.,
sponding week last
1,480,215
1,473,019
113,096
'
Gas
x
Texas
Other
—V. 152, p. 2409.
1,531,433
1,520,106
Net earnings after charges for depreciation, depletion & amortiz.
1940
Sperry Corp.—New Directors—
were
$4,874,872
113,733
105,303
104,624
—Jan. 1 to July 12
1940
President Thomas A. Morgan announced that Brig. Gen. Frank T. Bines
Lindsey Hopkins Jr. had been elected to the board of directors.
The
election of Gen. Hines and Mr. Hopkins fills two of the three
existing
a
Netincome
$9,172,858
and
on
$5,460,422
—V. 153, P. 112.
Property retirement
—V. 153, p. 407.
vacancies
1941—12 Mos—1940
$407,513
retire¬
ment reserve accruals-
^v:"£V;
1941
x$4,684
Net oper. revenues...
Other income (net).....
4139.
Gross earnings
after
1041— Month—1940
$475,587 '
revenues
inc.
Period End. June 30—
from ry.oper.
Southern Ry .—Earnings—
At
Operating
Gross
Earnings per share
1941—Month—1940
Net ry. oper. income-
x$202,550
Tampa Electric Co.—Earnings—
Period End. June 30—
.$25,176,189 $18,871,541 $133783,823$106,292,008
16,222,273
13,663,414
91,099,104
81,847,581
$8,953,916
Railway tax accruals-.1,613.325
Equipment rents (net)-1,267,091
Jointfacil. rents (net)--62,164
—V
$106,733
a After charging $62,228 in 1941, $64,579 in 1940, $72,027 in 1939 and
$71,999 in 1938 for depreciation of plant and properties,
x Loss.—V. 152,
oper. expenses.
rev.
—
$158,727
& after providing for Fed. inc. & excess profits at 1940
Earnings for the Transportation System
Period End. June 30—
660
p.1940.
The company has awarded a contract to the Bartlett Hayward division of
Koppers Co. for the design and construction of a 10,000,000 cubic foot gas
holder at its plant in Los Angeles.
The holder will rise 190 feet above
ground, will be 273 feet in diameter and wili consist of five lifts operating
from a pit 38 feet deep.
Construction will be speeded due to national defense demands for addi¬
tional gas by shipyards and aircraft plants in Los Angeles and vicinity.
The holder is expected to be ready for operation early in January, 1942.
Due to the priority demands for heavy steel, in the national emergency.
Bartlett Hayward has designed a concrete pit which will be constructed
instead of a steel tank which requires steel plates up to two inches thick,
—v. 152, P. 2408.
;\v;rv0;'
Railway
Railway
4,740
128,172
25,126
202,650
taxes
Profit
California
43,365
4,616
profits & State income
/
Southern Pacific
of Phi la .prop
inc. & excess
Fed.
42,881"
...
on sale
Est.
$44,080
42,840
6
int.
Other int. & disc't (net)
Exps.of leased plant(net)
Co.—Earnings—
x$26,880
$i55,660
$44,074
12,500
36,601
Total..
13,654
1938
x$30.384
3,504
$119,436
23,724
payable Oct. 1
Southern Advance Bag & Paper
1939
1940
$419,490
Drl,132
$432,012
—-.
Misc. inc. & exps. (net).
Divs. from investments.
Provision
,
paid
Taylor Wharton Iron & Steel Co. (& Subs.)—Earnings
a
$385,616
---
—V. 152, p.
This compares with
25 cents paid on May 15, last; 10 cents paid on Dec. 18, 1940; 20 cents
on Feb. 15, 1940 and 25 cents on June 25, 1937.—V. 152, p. 2878.
6 Mos. End. June 30—
Total
dividend of 40 cents per share on the common1
a
stock, payable Sept. 15 to holders of record Aug. 29.
120,996
99
_
.
July 26, 1941
Netincome
—V. 152, p. 4140.
Tide Water Associated Oil Co.—Retirement Plan—
1
Company has announced adoption of a monthly contributory retirement
plan for employees, the purpose of which is to regularize retirement practice
in its far-flung organization.
.~i
The plan provides for a normal retirement allowance to employees
attaining the age of 65 and having had 20 or more years of service.
For
such an employee the annual retirement allowance from the company is
the amount
which
when
added
to
his Federal
primary insurance benefit
Volume
The Commercial
153
any other governmental pension will produce a total annual income
1.5% of the entire cash compensation he has received from the company
a
minimum aggregate payment of $50 a month.
For employees
retiring earlier, reduced retirement allowances will be payable.—V. 153,
of
with
-
Texas Power & Light
1941—12 Mos.—1940
$896,183 $11,493,464 $11,245,714
1941—Month—1940
Period End. June 30—
$992,791
Operating revenues
Operating expenses, excl.
direct
Co.—Earnings—
j
4,509,082
1,224,834
1,087,922
4,496
480
'386
4,583,459
1,528,453
1,129,991
4,742
$318,634
$334,366
$4,246,819
952
Dr74
20,395
$4,419,380
15,193
$319,586
170,417
10,000
11,354
$334,292
170,417
10,000
10,716
$4,267,214
2,045,000
120,000
89,390
$4,434,573
2,074,167
120,000
102,617
$127,815
$143,159
$2,012,824
$2,137,789
865,050
865,050
$1,147,774
$1,272,739
370,774
100,489
90,168
411,836
161,841
100,000
taxes
Direct taxes
Prop, retire't
res. approp
Amort, of lim.-term inv_
(& Subs.)—Earnings-
United-Carr Fastener Corp.
and
p. 409.
565
& Financial Chronicle
6 Mos. End. June 30—
Net sales
Net inc. before deprec.
Depreciation
Loss on foreign exchange
Reserve against foreign
earnings not realized._
Divs.
receivable
$3,943,033
2,983,849
119,643
$2,960,821
2,468,371
52,460
$1,870,147
1,716,107
$839,541
128,777
27,624
$439,990
139,632
$116,953
141,741
$1,487,349
122,008
56,920
Cr33,252
Profits applic. to minor¬
7,300
Dr8,294
Dr4,249
•$618,920
$292,064
loss$29,037
ity interests
Net oper. revenues
Other income (net)
Gross income
Int.
on
Int.
on
mtge. bonds
deb. bonds
Other int. & deductions.
Net
income
Divs. applicable to pref. stools for
the period
Balance
Notes—Provision for Federal income taxes,
Includes provision of $18,500 and
in the month of June, 1941, and in
Net inc. bef. int. & tax
income
a835,491
357,307
67,768
29,036
$563,101
$261,612
$224,296
loss$58,073
305,192
305.192
$1.85
taxes
$0.96
305,192
$0.73
305,192
$0.19
Consol. net income
Shs.
stock out¬
common
standing (no par).
per share
Earnings
$364,593 for excess-profits taxes and $138,600 for increase
anticipated in pending United States Revenue Act.—V. 152, p. 2880.
a
subsequent to April 1, 1941,
$79,500 for Federal excess profits tax
the 12 months ended June 30, 1941,
$1,398,593
Federal, State & foreign
Includes
Inc. (& Subs.)—Earnings—
United Chemicals,
in the accumulation of such taxes
is being made at a rate which will result
at the rate of 30% for the full year 1941.
37,087
from
subs
overseas
1938
1939
1940
1941
$5,830,603
Cost of goods sold, &c_.
4,211,183
Net sundry charges
132,070
Income Account for the
Year Ended Dec. 28, 1940
I
Net sales
$794,259
628,383
Costofsales
respectively.—V. 152, p. 4140.
Transcontinental & Western Air, Inc.—New Officers—
John M. Lockhart, formerly associated with an investment banking
firm in Chicago, has been appointed Assistant to the Treasurer of this
company, E. Lee Talman, Vice-President and Treasurer of the airline,
67,444
Selling and administrative expenses
Profit from operations.
Other income
announced
on
July 21.—V. 152, p. 3989.
Dividends
$38,206
492,775
134,078
$44,530
401,066
164,684
$665,059
32,811
210,242
141,500
$610,280
29,815
291,059
142,008
$69,259
566,088
Managem't & service fees
$734,670
25,581
99,482
140,500
Expenses
Interest
f
.....
$635,348
$469,107
434,415
Total income.
Taxes.
1938
1939
1940
1941
$362,310
436,800
25,427
106,111
141,500
over-accrual
stock tax
Prior year's
of capital
Crl4,500
Net profit
Preferred divs. declared.
$280,506
437.400
$161,897
450,300
1941
1940
1941
Res. for exp. & tax
1,277,517
1,791,385
divs. payable
for securities
securities
Inv. In other sec.
loaned
a39,400,601 41,009,631
Spec. dep. for divs.
&c
334,828
324,090
Due for sec. pur__
for se¬
and
Interest
...
324,090
Net profit of subsidiary
_
.
86,400
177,304
$170,751
Assets—Cash
on
hand and in banks, $233,905;
for compensation insurance claims, $868; deferred credits, $5,088;
interests in subsidiary companies, $24,981; $3 cum. participating
United Gas Improvement Co.—-Weekly Output—
U. G. I. system companies for the week just
for the same week last year are as follows;
Week
ended July 19, 1941, 103,473,602 kwh.; same week last year, $87,571,705
kwh., an increase of 15,901,897 kwh., or 18.2%.—V. 153, p. 410
United States & Foreign Securities
Other income
3,640,000
2,429,318
Treasury stock..
25,561,837 25,637,471
Dr34,789
42,600,789 42,841,010
Total
30, 1941, was less than cost
by $15,205,886.
b Represented by 2,429,318 no par shares,
c Repre¬
sented by 500 shares of $6 cumulative preferred stock, at cost.—V. 152,
The market value of investments on June
p.
2571.
Trinity Buildings Corp. of N.
Y.—Amended Plan—
plan of reorganization dated Oct.
The amended
certificates in the first mortgage 20-year
1, 1940, for the share
5}4% sinking fund gold loan of
corporation due June 1, 1939, and guaranteed thereof by United States
Realty & Improvement Co. has been consummated.
The new securities
deliverable in exchange for such share certificates are now ready for de¬
livery in the corporate trust department of the main office of Guaranty
Trust Co. of New York, exchange agent under the plan.—V. 149, p. 3884;
V. 153. p-410.
Trunz Pork Stores,
name
$652,317
$655,330
Net realized on invest
Drl81,985
xCrl71,115
xIJri.12,953
profit
Cap. stock & other taxes
$826,299
17,180
$655,500
29,063
$542,377
43,849
Pro v. for Fed. inc. tax..
40,000
83,480
23,000
$823,432
24,578
33,000
84,663
Other
expenses
Balance Sheet June 30
3 Months Ended June 30—
Net income
_
Depreciation, &c
Corp. (& Subs.)—Earnings—
1941
1940
.$15,696,819 $12,885,985
192,044
306,058
3,076,457
4,708,277
-
.
1939
$8,515,479
306,058
2,751,902
$9,503,470 $5,457,519
$1.0243
$0.6004
profits, and other taxes.—
profit
...$10,796,498
Earnings per share on capital stock..
$1.1637
Net
a
After provision for
increased income, excess
V. 152, p. 3514.
Union Pacific RR.
—Earnings—
30—
June
End.
.29,718,393 30,782,115
: J-"
Securities Corp.
1
1
Net
rev.
from ry. opers
Railway tax accruals..
Railway oper. incomeEquipment rents (net)..
Joint facility rents (net).
Net ry. oper.
a
$3,958,507
1,846,800
$2,111,707
581,816
49,082
$1,320,007 $11,639,281 $10,030,544
536,146
3,433,244
3,503,127
46,823
336,019
230,897
$7,870,018
$737,038
Note—it is estimated that the company
United
Directors
Gas
have
$6,296,520
paid in previous
not received-
4,950,000
100,000
but
—
-..
53,467
117,400
106,253
1,026,285
6,576,936
f Res've for taxes.
Total...
30,584,878 32,314,641
$538,231
54,933
$543,822
53,715
$714,189
prof.l ,105
$722,972
723,082
$593,164
262,228
$597,537
270,890
$715,294
9,959
73,480
26,500
lOS8$110
8,209
83,940
$330,936
22,646
80,581
$326,647
35,283
$605,355
Net realized loss on
Net
loss$92,259
589.000
299,000
$227,709
418,600
$213,556
299,000
44,543
11,119
inv.
profit
Cap. stk. & other taxes.
expenses
—
Prof.for est.Fed.inc.tax.
Net
profit
dividends. .
record Aug. 8.
Dividend of like amount was paid in
preceding quarters and dividends of $1.75 per share were
quarters.—V. 153, p. 410.
77,808
Balance Sheet June 30
1941
1941
1940
IAabUUies—
$
Assets—
2,117,713
Cash
receiv., int.
accrued, &c
1,435,929
1940
S
48,016
84,000
1st pref. stock.. 23,920,000 23,920,000
500,000
2d pref. stock...
500,000
9,475,000
Special reserve.. 9,475,000
accrued exps...
Divs.
Securities at
$
Res. for taxes and
125,355
115,928
cost41,172,731 41,755,696
a
b
24,855
24,855
Capital surplus... 9,346,831
9,346,831
def7,149
d
Common stock.
Operating surplus.
$2.25 per share on account of
non-voting pref. stock, no par value, payable
1938
1939
$671,658
51,314
$658,527
Int. rec'd & accrued
Other income
...
Other
1940
1941
30—
Cash divs. received
will not be liable for excess profits
Corp.—"Accumulated Dividend—
purch.
International Securities Corp.—Earns.
United States
6 Mos. End. June
.
declared a dividend of
Sept. 2 to holders of
each of the eight
$
a 172,319 (194,517 in 1940) shares (no par) $6 cum. div.
h 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.—
Y. 152, p. 2572.
tax.—V. 152, p. 4141.,
accumulations on the $7 cum.
Secur.
c
Includes Federal income taxes.
4,950,000
100,000
General reserve.
d Common stock..
Operating sur__lus 6,754,125
$2,525,829 $21,571,426 $17,865,566
1,205,822
9,932,145
7,835,022
income.. $1,480,809
c
1940
stock..17,231,900 19,451,700
50,000
pref. stock
50,000
1st pref.
-...30,584,878 32,314,641
1st preferred
a
119,077
114,919
accrued, &c
Secure, (at cost)
i
$
Liabilities—
a
b 2d
int.
receiv.,
Total income
1941—6 Mos.—1940
1941—Month—1940
$92,404,841 $73,154,913
Ry. operating revenues.$17 ,380,190 $12,448,392
7,210,724
11,121,657
1,732,085
Maint. of way & structs
2 ,595,169
15,047,147
21,541,511
2,719,810
Maint. of equipment...
3 ,849,691
2,608,637
2,711,495
428,158
502,728
Traffic
26,133,370
30,734,179
4,291,487
5 ,539,477
Transportation
1,538,463
1,853,745
310,943
415,798
Miscellaneous operations
2,751,006
2,870,828
440,080
518,820
General expenses
Period
$
1,413,448
$
751,565
Cash....
Divs.
1941
1940
1941
Assets—•
Total
Interest
83,311
prof it
1st pref. dividends
by the New York Curb Exchange that
Inc., has been changed to Trunz, Inc.—
Union Carbide & Carbon
89,731
$685,640
$513,707
$681,191
$415,217
516,957
583,551
840,000
630,000
x After deducting $16,416 ($16,812 in 1938) for cash and securities received
during the year in settlement of reichsmarks balances received in prior years,
y Includes $40,115 cash received in settlement of reicbsmark balances.
Net
Inc.-—Name Changed—
of Trunz Pork Stores,
— —
$837,485
.
Capita) surplus... 1,381,453
V. 150, p. 2364.
a
1938
$573,828
81,503
Inv .'in U. S. & Int.
below.
has been received
Information
the
1939
$570,667
81,650
$826,307
DrS
Total income
e
See Trunz Pork Stores, Inc.,
1940
$752,945
84,541
77,152
y55,572
this
Trunz, Inc.—New Name—
Corp.—Earnings—
1941
$693,582
6 Mos. End. June 30—
2,460,000
J_.42.600,789 42,841,010 I
minority
preferred
The electric output for the
Total
a
a*
(23,399 shares no par), $584,975; common stock (102,000 shs. no
par), $102,000; capital surplus, $2,646,197; ; deficit (earned), $581,507;
total, $2,946,887.—V. 152, p. 3361.
pref. stk. 3,630,000
2,429,318
Surplus.
Total
marketable securities,
(market value $17,786), $67,247; accounts and notes receivable (less
$500), $42,875; inventories, $240,080; deferred charges to futur6
operations, $2,788; investments, at book value, $1,616,505; fixed asset8
(less depreciation of $345,296), $128,658; patents and processes, $1; good"
will (at cost), $614,829; total, $2,946,887.
Liabilities—Accounts
payable,
$43,812; dividend payable, $70,197;
unclaimed dividend checks, $2,420; accruals and reserves, $47,856; reserve
cost
reserve
29,428
196,473
—
b Common stock..
c
9,546
26,051
Consolidated Balance Sheet as at Dec. 28, 1940
8,000,000
cum.
38,217
13,190
...
Net profit for year
Cash dividends receivedInt. received & accrued.
6%
—.........
.
companies applicable to min. interests..
7,900,000
Funded debt..... 2,460,000
121,650
141,244
*„
.
--
closed and the figures
Bank loans
dis.
receivable...
Extraordinary items..
indemnity
agreement
108,122
82,731
-
Dep. of others un¬
der
curities sold....
329,328
against
cash—
at cost
Receivable
$
124,230
Due
a850,000
—at cost
1940
61,392
and
accrued
Int.
Investment in U. 8.
Govt,
$
Liabilities—
$
$
Assets—
payable)
stock
Balance Sheet June 30
Cash
23,966
!
Other taxes.
Earnings for 6 Months Ended June 30
$63,685
670,985
$313,461
31,737
Total income
Other deductions
Depreciation and depletion
Federal income taxes (no excess profits tax
Tri-Continental Corp..—Earnings—
Interest earned
$98,432
215,029
65,112
Total
43,415,799 43,307,553
43,415,799 43,307,553
b Represented by
Represented by 239.200 no par 55 div. shares,
100,000 no par $5"div. shares,
c Set up out of amount paid in cash by
subscribers to 2d pref. stock,
d Represented by 2,485,543 no par shares,
e Securities, at cost, include 5,000 shares common stock of United States &
Total
a
The Commercial & Financial Chronicle
566
July 26,
The Applicants
Securities Corp., under option to the President until March 1,
Foreign
1942, at $25 per share.—V. 152, p. 3990.
In addition to its being an operating company, Virginia is also a subholdThe chain of control from the top
holding company to Virginia is linked successively through AGECO,
AGECORP, GENGAS and Southeastern.
The elimination of Eastern
Power Co., formerly the immediate parent of Virginia, by merger into
ing company in the Associated system.
United Grain Growers, Ltd.— To
Pay $1.25 Dividend—
Directors have declared a dividend of $1.25 per share on the capital stock,
par
on
$25, payable Aug. 1 to holders of record July 25.
Like amount was paid
Aug. 1, 1940, this latter being the first dividend paid since 1936 when
75 cents was distributed.—V. 151, p. 3579.
Southeastern was recently effected in accordance with our
jurisdiction as to certain of the transactions involved in the
United States Lines Co.—To
Recapitalize—
"gee International Mercantile Marine Co. above.—V* 152,
United States Pipe &
6 Mos. End' June 30—
Total income
Allowance for depree'n._
Foundry Co.—Earnings—
1941
$3,389,502
212,802
1940
$1,188,678
207,660
bl,360,000
a
Prov. for est.
198,000
1939
$1,931,122
207,206
^
289,000
$1,816,700
$783,018
$1,434,916
Federal in-
come tax
Netprofit...
....
*
p. 3516.
■.
•.
..
1938
$1,126,071
$778,294
199,777
148,000
After deducting cost of operating, maintenance of plants, expenses of
sales and general offices, provision for taxes (other than Federal income
a
taxes), and doubtful accounts,
b Including $600,000 for estimated excess
profits tax.
Estimates based on rates in effect under existing law, after
applying one half of the full year's excess profits credit against the six
months earnings.
No provision has been made for any future increase in tax rates applicable
to 1941 earnings.—V. 152, p. 2573.
,
B
,
,
.
Utility Equities Corp.—Earnings—
6 Months Ended June 30—
Income—Cash dividends on stocks
Interest earned on bonds
1941
Total
Management
expenses
$167,627
20,239
3,032
5,304
-
Corporate expenses
Capital stock and sundry taxes
Prov. for Federal income and defense taxes
Interest—paid to bank
a
a
on
$140,572
9,258
^
$149,830
1 6,609
5,325
7,742
700*
;„r,
667
——
Excess of income over expenses
Dividend
1940
$149,375
18,252
$138,351
75,099
-
$5.50 dividend priority stock
$119,488
79,399
Without giving effect to results of security transactions.
$483,592;
account
receivable
for
securities
sold
(not
delivered), $105,771; dividends receivable and interest accrued, $28,630;
5.565,530; total, $6,183,523.
feneral market securities, at market quotations (book cost $7,254,055),
Liabilities—Accounts payable,
accrued
expenses
and taxes,
$8,382:
for Federal income and defense taxes, $700; $5.50 dividend priority
reserve
($1 par), $75,099; common stock (10c. par), $56,755; surplus, $7,731,112; unrealized depreciation (net) of general market securities owned,
Dr $1,688,525; total, $6,183,523.—V. 152, p. 3516.
stock
Demand for Power in Territories Served by Virginia Public Service
The demand for power in the territories served
by Virginia has increased
years, and it is estimated that this rate of increase
approval of two prior applications for financing by
Virginia was predicated largely on its need for additional capital for replace¬
ment and improvement of its facilities.
Virginia now owns and operates six steam generating plants having a total
greatly in the last five
will
Our
continue.
installed capacity of 98,250 kw. and nine hydro-electric plants with a total
of 6,886 kw. capacity.
It also leases and operates a 7,500 kw. hydro plant.
It has interconnections with other systems but the amount of electricity
available from such interconnections and the facilities for its transmission
are limited.
In March, 1941, facilities were completed to enable the trans¬
mission of 15,000 kw. by interconnection with the Virginia Electric Power
Co.
This power is to be used to provide for the near-capacity demand in
the Newport News area; however, the facilities of Virginia Electric will not
be adequate to supply this amount of power until the completion of a new
generating unit in its Norfolk plant, which, it is expected, will take place
in the latter part of the year.
At present, the Virginia Electric connection
serves
only as
a
stand-by in the event of
Quarter Ended June 30—
1941
$97,369
4,007
1,151
Deprec. of bldgs. & eq..
Amort, of patents
Est. Federal income and
excess
Carolina
It
are
also planned in 1941.
clear that the company's available capacity is not adequate to
the needs of its customers and the demands related to defense pro¬
seems
serve
jects and that substantial steps must be taken to install additional generating
capacity or to build new transmission lines and substations.
In this connection, the company has stated that it plans to
spend for
additions and improvements $3,855,800 in 1941, $4,475,000 in
1942, and
$3,754,000 in 1943.
Capitalization of Virginia Public Service
$53,233
1939
$18,962
6,342
1,151
$36,669
$11,469
74.2%
21.7%
Earned surplus.
$37,087,000
10,833,616
782,000
1,269,976
Amount
$36,500,000
10,833,616
$49,972,592 1 00.0%
1,078,885
1,500,000
$50,694,501
1938
Total debt
$15,921
6,124
1,147
Total preferred stock
Common stock
($1 par)__
$8,650
probably higher than it will ultimately prove to have been.—-V. 152, p.2361.
Virginia Public Service Co.—SEC Disapproves Proposed
Applications for approval of issuance of $28,000,000 of bonds and $8,500,000 of debentures by the Virginia Public Service Co., for a capital contribu¬
tion of more than $4,000,000 to the company by its parent, the Southeastern
Electric & Gas Co., and for dissolution of three of the subsidiaries of Vir¬
ginia Public Service, were denied July 23 by the Securities and Exchange
Commission.
All the companies are subsidiaries of the Associated Gas & Electric Co.
both an operating and a holding company.
Southeastern Electric is a holding company owning securities of public
utility companies, including all the common stock of Virginia Public Service
The applications were grounded on the need, for an increase in the power
capacity of Virginia Public Service to serve the needs of its customers and
judgment admitted that "the need for an increase
in the quantity and quality of Virginia's services is vitally related to na¬
tional defense,
but declared that "we are by no means convinced that the
plan presented to us is the only possibly plan for raising the necessary funds."
It declared that the plan would be flagrantly unfair to the rights of public
holders
of/the preferred stock of the General Gas & Electric Corp., which
nearly all the outstanding securities of Southeastern Electric & Gas,
a "thorough-going reorganization" of
Virginia
and that what is needed is
railway, ice, and other non-utility
book value of $612,832.
The electric and gas utility plant per books of the
according to the schedule filed by the company
company and subsidiaries,
as of Jan. 31, 1941, are:
;
In the same decision the Commission also put into operation its
pre¬
viously expressed policy of requiring utility refunding issues to meet the
as
new
issues.
findings and opinion of the Commission follow:
Applications and declarations have been filed relating to the issuance of
$28,000,000 of bonds and $8,500,000 of debentures by Virginia Public
Service Co., a capital contribution in excess of $4,000,000 to Virginia
Public Service Co. by its parent, Southeastern Electric & Gas
Co., and the
dissolution of three subsidiaries of Virginia Public Service Co.:
Virginia
Public Service Generating Co., The Hampton Towing
Corp. and Middle
Virginia Power Co.
[All of these companies are subsidiaries of Associated
Gas & Electric Co.l
The proposed transactions contemplate the
following steps:
(1) Virginia is to issue and sell at private sale $28,000,000 in principal
amount of 30-year 3 'A % first mortgage bonds and
$8,500,000 in principal
amount of serial debentures, due 2H to 15 years hence; the bonds are to
be sold at 104.62 and the debentures
are to
be sold at par.
(2) Virginia is to acquire from Southeastern, its parent, $1,200,000 in
principal amount of Virginia's outstanding 20-year 5% first mortgage and
refunding bonds in consideration of 60,666 shares of Eastern Shore Public
Service Co. common stock (now owned by Virginia), plus
$14,000 in cash,
together with accrued interest to the date of delivery on the bonds to be
acquired.
(3) Virginia is to retire at call prices all of the outstanding indebtedness
(other than current indebtedness) of itself and its subsidiary, Generating
company, in an amount totaling $.36,780,956.
(4) Southeastern is to borrow $1,600,000 from the New York Trust Co.
on a 4%
five-year collateral note and is to pledge as collateral for this note
various
securities held in its portfolio.
Southeastern is to transfer to
Virginia $1,500,000 of the proceeds of this note as a capital contribution.
$100,000 will be used to discharge an outstanding note of
The remaining
Southeastern.
(5)
Southeastern is also to give to Virginia an undertaking to contribute
additional $2,500,000 out of the available proceeds received
by South¬
eastern from the first sale or sales of
all, or substantially all, of the electric
utility properties or the securities of any of its subsidiaries.
(6) Virginia is to surrender for cancellation all of the common stock of
Generating company; all assets of the latter company will be transferred
to Virginia and Generating company will be dissolved.
(7) Virginia is to assume all liabilities and surrender for cancellation all
common stock of its
wholly-owned subsidiaries, Hampton and Middle
Virginia.
All assets of the latter two companies will be transferred to Vir¬
ginia and Hampton and Middle Virginia will be dissolved.
(8) Virginia is to amend its charter to increase the voting rights of its
preferred stock from one to five votes per share.
After careful consideration of the record, we make the
following findings:
•';••• "•
Less
Revaluations
Retirement
reserve
.$47,325,415 $45,712,357
2,827,725
2,645,178
for utility plant
Net utility plant
_..$44,497,690 $43,067,179
The actual and pro forma
represented
as
earnings of Virginia and its subsidiaries
are
follows:
Consolidated Income Statement for 12 Months Ended Jan. 31,1941
Actual
Pro Forma
Total operating revenues
$10,163,956 $10,163,956
3,644,994
3,644,994
Maintenances...—————
569,710
569,710
Provision for retirements
1,244,633
1,244,633
Provision for taxes
1,307,742
1,503,926
Operating
expense
...
Operating income
$3,230,169
1,315,125
41,784
322,333
Cr36,220
058,773
$1,305,364
605,664
Gross income....
Interest on long-term debt
Other interest
$3,200,693
29,476
058,773
I
$3,396,877
49,193
$3,446,070
1,981,380
41,784
Other income
$1,645,920
605,664
Amortization of debt discount and expense
Amortization of bond premium.
Interest charged to construction
The
an
:•
Gross utility plant.....
.
Public Service.
rigid standards
100.0%
■
The Commission in its
same
782,000
properties having relatively small net value.
For example, the railway
plant has a book value of $3,930,139, a reserve of $3,317,307, and a net
is
the demands of national defense.
holds
%
72.0%
21.4%
The above tabulation does not reflect
any elimination of net revaluations
in the amount of $2,086,299.
The net plant of the company includes
Financing Plan—Reorganization Urged—
Service
1941
Fro Forma
%
Capital surplus
Total capitalization
1940
$40,717
2,897
1,151
Note—Federal taxes for 1941 have been accrued at tax rates now in effect.
As heavy increases in both income and excess profits taxes, effective re¬
Jan. 1, 1941, appear certain, the net income as reported is
Public
Jan. 31,
Amount
troactive to
Virginia
Subs.)
Actual
.
38,979
profits taxes—
Netprofit
an emergency.
The increased demands for current caused by the rapid increase in
popula¬
tion in the Alexandria-Arlington district has occasioned several disruptions
in service and the company has on order a large steam turbo-generator unit
""Victor Equipment Co.—Income Account—
Profit
merger.
All of the subsidiaries of Virginia Public Service are incorporated in Vir¬
ginia except The Harpers Ferry Paper Co., which was organized in West
Virginia.
Generating company owns and leases to Virginia certain real
estate and electric utility properties.
Middle Virginia is an inactive com¬
pany owning real property and water rights in Virginia.
Hampton operates
a tug and barge service in the harbor of Hampton Roads,
primarily for
transporting coal for Virginia's power plant at Hampton.
The Harper's
Ferry Paper Co. owns and leases to Virginia a hydro-electric plant located
at Harpers Ferry, W. Va.
The other subsidiaries of Virginia are Citizens
Rapid Transit Corp., which operates bus transportation properties In Vir¬
ginia, and Newport News Distilled Ice Co. and Virginia Northern Ice Corp.,
which are engaged in the operation of ice plants owned by Virginia.
Southeastern is a registered holding company owning securities of public
utility companies, including the entire outstanding common stock of
Virginia.
scheduled for operation in late 1942. Additions to interconnections between
the system and Virginia Electric Power Co. at Alexandria and in North
Balance Sheet June 30,1941
Assets—Cash,
order approving
merger.
A plan to merge Southeastern into GENGAS has also
been submitted and has been approved by us, subject to the reservation of
such
Net income.
Preferred dividend requirements
Times earned ratios:
Interest on long-term debt
Total fixed charges
176,315
...
1.74
Virginia suffers not only from
an
2.46
1.61
Fixed charges and preferred dividend requirem'ts
2.04
1.26
1.48
unwieldy debt structure but from
a
lack of cash brought on primarily because of the
carrying charges on such
debt and by reason of the distribution in years past of
large dividends and
the payment of service fees to the service
company in the AGECORP
In addition to the need for additional cash for plant construction
during the next few years, Virginia must meet maturities on
obligations for which no provision has yet been made.
By Jan. 1, 1944, the
total maturities and sinking fund payments to be met amounts to
System.
and expansion
$5,232,500.
Under the proposed plan, during the same period Virginia will be
required
meet only $650,000 for
sinking funds and maturities.
The company's
cash position under the
proposed plan would be bettered by the contri¬
to
bution
and
a
by Southeastern, the premium paid upon the sale of the securities,
savings in interest requirements amounting to $657,602 per annum
less increased taxes and increased amortization costs.
Assuming that the
is carried out, the company estimates a
1, 1944, after payment of dividend
arrearages, as contrasted with a deficit of $6,551,355 and no payments on
arrearages if a refinancing is not effected.
proposed construction
program
cash balance of $2,261,024 as of Jan.
Approval by State Commissions
The plan of
financing as originally presented appears not to have been
satisfactory to the State Corporation Commission of Virginia, and its order
approving the plan expressly provides that such approval is conditioned on
Southeastern's making the capital contributions heretofore referred to
(including the transaction involving the Eastern Shore stock) and on
modification of the voting rights of the preferred stock of
Virginia.
Similar
orders have been issued by the North Carolina Public Utilities
Commission
and by the West Virginia Public Service Commission.
Applicants assert that, by reason of the orders of the State Commissions,
the issuance and sale of the
Virginia Public Service bonds and debentures
fall within the exemption
provided in the third sentence of Section 6 (b) of
the Act and must be tested under Section 6
(b) rather than under the pro¬
visions of Section 7.
However, it must be noted that this financing has
been approved by the State Commissions
only on the express conditions
that, concurrently with the financing, Southeastern shall make the
capital
contribution of $1,500,000 (which involves the issuance of the Southeastern
note in the amount of
$1,600,000), shall agree to donate an additional capital
(
Lr-
Volume
contribution
transaction
The Commercial &
153
of $2,500,000, and shall effect the so-called Eastern
with Virginia Public Service, which latter transaction
Financial Chronicle
Shore
itself
represents, at least in part, still a further capital contribution by South¬
eastern.
The contributions by Southeastern, the sale of Southeastern's
and the Eastern Shore transaction are concededly independently
subject to, and must be scrutinized under, Sections 7,10, and 12 of the Act.
If these transactions do not comply with the applicable provisions of the
Act and may not be permitted thereunder, the conditions imposed by the
note,
In that event, the orders of the
effect, and the issuance and sale of the
State Commissions cannot be satisfied.
State Commissions would be of
no
Virginia Public Service bonds and debentures could not fall under Section 6
(b) but would necessarily have to be tested under Section 7.
Accordingly, we shall consider the statutory provisions applicable first,
to the Southeastern contributions including the issuance of the Southeastern
note and the Eastern Shore transaction, and second, to the issuance of the
Virginia Public Service bonds and debentures.
The Capital Contributions by
Southeastern
should also be noted that of the total pro forma
above, $508,720 or 88.5% is derived from securi¬
be pledged as collateral under the proposed note.
pro forma net income.
It
income of $574,541 shown
these contributions to be made by South¬
questions under Sections 7, 10 and 12.
However, in view of
disposition, it is necessary to refer only to the provisions of Sections 7 (d)
(2) and (6) as they apply to the proposed $1,600,000 note, to Sections 10 (b)
(2) and (3) as they apply to the acquisition by Southeastern of the 60,666
shares of Eastern Shore common stock, and to Section 12 (b) as it applies
to the contributions by Southeastern to Virginia.
Even if we assume that the proposed $1,600,000 note satisfies the provi¬
sions of Section 7 (c), we cannot permit its issuance if we find under Sections
7 (d) (2) and 7 (d) (6) that:
"(2) the security is not reasonably adapted to the earning power of the
eastern raise
our
cIgcI cii*ciuti#
•
•
•
i
or
"(6) the terms and conditions of the issue or sale of the security are
detrimental to the public interest or the interest of investors or consumers."
Under Sections 10 (b) (2) and (3) we cannot permit the acquisition by
Southeastern of the Eastern Shore stock if we find that:
to be given, directly or
is not reasonable or does not
the earning capacity of the
the utility assets underlying the securities
"(2)
.
.
the consideration
.
.
.
indirectly, in connection with such acquisition
bear a fair relation to the sums invested in or
.
utility assets to be
to be
acquired or
acquired; or
.
„
"(3) such acquisition will unduly complicate the capital structure of the
holding-company system of the applicant or will be detrimental to the public
interest or the interest of investors or consumers or the proper functioning
of such holding-company system."
'
And with respect to the capital contributions by Southeastern, Section
12 (b) prohibits any registered holding company from directly or indirectly
lending or "in any manner" extending its credit to any company in the same
holding-company system in contravention of such rules and regulations or
orders as the Commission deems "necessary or appropriate in the public
interest or for the protection of investors or consumers or to prevent the
circumvention of the provisions" of the Act.
In the light of the figures heretofore noted, we agree with the argument
of counsel representing some of the public holders of the prior preferred
that this portion of the proposed plan is in flagrant
and equities of these stockholders, and that adverse
be made under Sections 7, 10 and 12.
We think that the record clearly demonstrates that the issuance of the
note by Southeastern to a bank with which it will pledge the bulk of its
income-producing assets is fraught with danger to the ggneral public now
holding the securities of GENGAS, particularly in view of the present finan¬
cial condition of the proposed borrower.
While we believe that there is
imposed upon holding companies a duty to assist their subsidiary operating
companies, we cannot close our eyes to the effect such action will have on
the security holders in the parent companies.
We cannot permit a trans¬
action to be effected in which the primary risk is to be borne by one class of
security holders and the primary benefit—if any benefit is realized—is
to be derived by another class.
At the present time the income of GENGAS is just about sufficient to
meet the dividend requirements of its prior preferred.
These requirements
have been met since 1936.
From the figures heretofore cited it will be seen
that the pro forma income of Southeastern and GENGAS will be grossly
inadequate to cover these requirements.
This inadequacy derive (largely
from a reduction in income of $120,000, which results from the surrender of
the Virginia bonds which Southeastern now owns for shares of common
stock on which no dividends are expected to be paid and from the assumption
stock of GENGAS
violation of the rights
findings must
,
,
sold, Southeastern's choice assets which would represent the collateral for
the bank loan, and which constitute 88% of Southeastern's income-produc¬
ing properties, would be placed in jeopardy.
This possibility is not merely
a theoretical one.
The loan cannot be paid out of Southeastern earnings
and negotiations for the sale of the South Carolina properties—apparently
the only source for the payment of the note—have certainly not reached
a point where their
disposition is assured.
We think that these facts demonstrate that a wholly unfair and dispro¬
portionate burden in the loss of dividends and the risk of loss of equity is
the public holders of the preferred stock of GENGAS,
proposed contributions—as far as Southeastern
concerned—would be merely an increased equity for
their common stock, most of which is held in the Associated system.
Lastly, we cannot reconcile ourselves to an approval of the proposed con¬
tributions by Southeastern in the face of the problems which are presented in
the Associated system under Section 11 (b) (1).
It has been stated by
counsel for Virginia that the proposed plan will not interfere with and that
it does not directly involve compliance under Section 11 (b) (1).
We cannot
agree that Southeastern's contributions and increased investment position
in Virginia would have any effect but to prolong the complexities of the
Associated system and increase the problems under Section 11 (b) (1).
while the
be financed
by a loan from the New York Trust Co. in the principal amount of $1,600,000.
Of this amount, $100,000 is to be used to repay existing indebted¬
ness of Southeastern; the remainder is to be given to Virginia unconditionally.
The pledged collateral under this proposed loan constitutes more than
88% of Southweastern's income-producing securities.
The proposed loan agreement provides, moreover, that, during the life
of the note, Southeastern will not pay any dividends upon any class of its
stock unless out of earnings and that, if the available income of the colla¬
teral securing the note shall be less than $600,000 in any 12-month period,
an additional pledge shall be made to bring it up to that figure.
Among the
provisions constituting a default permitting the sale by the Trust Company
of any or all of the collateral at a public or private sale at prices "deemed
best" by the lender, are a default for 30 days' in interest payments, failure
to discharge a final judgment for $100,000 not covered by insurance 90 days'
after entry thereof—where such judgment is rendered against Southeastern
or any subsidiary thereof whose securities constitute a part of the note's
collateral or default in observance of any condition or covenant of the
agreement 90 days' after written notice thereof.
Southeastern proposes to repay the loan from the New York Trust Co.
and to obtain the money for the additional $2,500,000 contribution through
the sale to the State of South Carolina of its interests in utility companies
in that State.
While it is clear that Southeastern will not be able to raise
this money from earnings and that it must come from the sale of properties,
the record contains no definite evidence as to the status of negotiations for
the sale of properties and we are asked to assume that such sales will be
made and that the proceeds will be available for repayment of the note and
contribution of the $2,500,000 to Virginia.
There is no testimony indicating
either affirmatively or negatively whether local legislation is necessary to
permit the State of South Carolina to acquire the properties in that State.
The Eastern Shore Transaction—Virginia is to acquire $1,200.000 of its
20-year bonds now held by Southeastern in exchange for 60,666 shares of
Eastern Shore Public Service Co. common stock (now owned by Virginia)
plus $14,000 in cash.
It is stated that this exchange is calculated on the
basis of 97 for the bonds, or $1,164,000, which was the cost in 1937 to a
predecessor of Southeastern.
The value of the common stock of Eastern
Shore is stated to be $1,150,000, the book value given to it by Virginia
when it purchased the shares from its then parent , Seaboard Public Service
Co., in 1932.
Since Southeastern owns the remaining two-thirds of the
common stock of Eastern Shore, there are no market quotations for it.
An appraisal of its value is'now in process but the results have not yet been
made available.
At this time, we have no way of determining the value of
the Eastern Shore stock, although it does appear that the figure of $1,150,000 is approximately 34 times 1940 earnings.
It seems to be conceded
that this figure is much too high and we have been asked to consider the
transaction in the nature of an additional contribution by Southeastern;
we will proceed, for the purposes of this opinion, on that assumption.
The Effect of the Proposed Contributions on the Security Holders of South¬
eastern and GENOAS—All of the outstanding securities of Southeastern,
except approximately $1,225,000 of indebtedness, are held by GENGAS
and, as has been stated, steps are now being taken to merge Southeastern
into GENGAS.
GENGAS now has outstanding 32,111 shares of $5 prior
preferred stock held by the public and 27,889 shares held by AGECOBP.
The dividend requirements thereon are $300,000.
Upon completion of the merger of Southeastern and GENGAS, the note
to the New York Trust Co. will have priority over all GENGAS securities.
On a pro forma basis, the income of the merged companies is estimated as
follows:
Income from securities, $574,541; expenses and taxes, $172,600;
total, $401,941; deductions, $332,372; balance, $69,569.
It is to be noted that this pro forma income has been very materially
affected by the loss of $60,000 derived annually from the bonds which are
to be surrendered to Virginia under the plan and by $60,000 added interest
costs which Southeastern would assume in order to make its initial contri¬
bution.
The capital contributions which Southeastern is to make will not
result in increased current income to Southeastern (or GENGAS after the
merger) in view of (1) this Commission's restriction on the payment of
common dividends by Virginia, and (2) the proposal of Virginia to use all
available earnings for construction.
The dividend requirement of $300,000
on the GENGAS preferred stock will thus be $230,000 in excess of the
ties which would
The transactions involved in
prior preferred of GENGAS would undoubtedly also be subjected to a
resulting decline in the market price of the stock.
Moreover, payment of the note and the freeing of the collateral pledged
therefor hinge upon the satisfactory disposition by Southeastern of its
South Carolina subsidiaries.
In the event that the properties cannot be
being placed
The initial contribution of $1,500,0C0 by Southeastern is to
.
.
.
567
of annual interest charges of $60,000 to permit the $1,500,000 contribution
to Virginia.
In addition to the loss of dividends, the public holders of the
and
upon
benefits of the
GENGAS
are
The
Virginia* Bonds and
Debentures
Since we have held that the Southeastern contributions cannot be per¬
mitted under the Public Utility Holding Compnay Act and since the orders
of the State Commissions expressly conditioned approval of the Virginia
on the carrying out of the contribution agreements, the
orders are of no effect in any consideration of the Virginia financing
financing
approval
divorced
from the Southeastern contributions.
The exemption in Section 6 (b) is,
therefore, not available and the issue and sale of the Virginia bonds and
debentures must be tested under Section 7.
In view of the figures heretofore cited, and
particularly the ratios of debt
there is presented immediately the ques¬
Section 7 (d) (1) that the securities to
be issued are "not reasonably adapted to the security structure of the declar¬
ant and other companies in the same holding company system."
We believe, and we have declared in considering a previous application of
Virginia Public Service, that the ratio of its long-term debt to its property
account is far in excess of that which ought to exist in a sound capital
structure.
That application arose under Section 6 (b) and the issues pre¬
sented were necessarily more narrow than those before us now.
But even at
that time we pointed out that, if possible, the extremely high debt ratio
"should not be perpetuated by permitting the applicant to issue new debt
of a like principal amount to refund maturing bonds."
We stated that
"the extremely unsatisfactory ratio of debt to property indicates that the
need for increasing the common stock equity of the applicant is very real."
and our order granting the application for exemption imposed restriction
on the payment of common dividends.
In a later case which also arose under Section 6 (b), Virginia requested
to capitalization and to net plant,
we must find under
tion whether
exemption of an issue of its subsidiary, Generating company.
In granting
the application for exemption, we again alluded in our opinion to the unsatis¬
factory debt ratios.
In addition to these two warnings in cases involving the applicant, we
have even more recently had occasion to restate our views on this general
question at length.
In the El Paso case we clearly indicated that our
policy henceforth would recognize no distinction between a new issue and a
refunding issue where there is a high ratio of debt to net property, "or
where the security issue does not fully meet the standards of Section 7 (d)."
The Act as a whole was clearly designed to remedy existing situations
future maladjustments of a financial structure.
As
in his dissenting opinion in one case:
sections of the Act should be construed,
Congress has erected guides or directions.
They are found in Section 1 (b)
of the Act.
There it is stated "when such securities are issued upon the
basis of fictitious or unsound asset values having no fair relation to the
sums invested in or the earning capacity of the properties, and upon the
basis of paper profits from intercompany transactions;" "when such securi¬
ties are issued by a subsidiary public utility company under circumstances
which subject such company to the burden of supporting an over-capitalized
structure and tend to prevent voluntary rate reductions;" when "operating
companies "enter into transactions in which evils result from an absence of
arm's length bargaining"; "when control" of such companies "affects ac¬
counting practices and rate and dividend
.
.
.
policies"; "when con¬
trol of such companies is exerted through disproportionately small invest¬
ment"; "the holding company becomes an agency which, unless regulated,
is injurious to investors, consumers, and the general public '; and ft is de¬
clared to be the policy of the Act, "in accordance with which policy all the
provisions of (the Act) shall be interpreted, to meet the problems and elimi¬
as
well
as
to prevent
Commissioner Ilealy pointed out
"
'On the subject of how these
nate the evils" so
enumerated.'
in connection with a
Act would seem to require its elimi¬
"Thus, where any of the enumerated evils appears
Section 7 declaration, the policy of the
nation whether the evil be new or old.
"Where corporate debt is excessive and the refunding is accomplished
through the sale of new long-term obligations, the issuer perpetuates the
two attendant major perils—the necessity of paying it off at some date in
the future, and the necessity of meeting fixed charges in the meantime."
The existing long-term debt of Virginia Public Service constitutes 74%
of the total capitalization and surplus of the company.
Under the proposed
plan this percentage will be 72 %.
The actual and pro forma percentages of
long-term debt to the net utility plant account are 80.7 and 78.3, respec¬
tively, and 84.5 and 83.2 to net plant less revaluations.
We need not attempt here to set precise ratios in defining an ideal captal structure for a utility.
It is clear that the figures in this case demon¬
strate that Virginia Puolic Service now has an extremely unhealthy capi¬
talization and that the proposed plan will not result in any material better¬
ment of its structure.
Accordingly, we must find that the proposed issue of
bonds and debentures "is not reasonably adapted to the security structure of
the declarant" under Section 7 (d) (1).
Conclusion
and the
violation of the rights
of GENGAS and that,
with respect to these transactions, adverse findings must be made under
Sections 7, 10 and 12.
We have further found that the proposed issues of
Virginia bonds and debentures do not comply with the standards of Section 7.
It is unnecessary for us to consider other phases of the plan, such as the
modification of voting rights of the preferred stock of Virginia or the dis¬
solution of the Virginia subsidiaries.
These questions have been presented
as integral parts of a single plan, and presumably since the contributions
and financing may not be permitted, the entire plan will be revised.
We are indeed in sympathy with the need for the expenditure by Virginia
of large sums for new construction and betterment of its existing facilities
to meet the needs of the area which it serves.
We think, too, that the need
for an increase in the quantity and quality of Virginia's services is vitally
related to national defense.
But we are by no means convinced that the
plan presented to us is the only possible plan for raising the necessary funds.
And we cannot permit what is in effect an outright raid on the rights and
equities of the public preferred stockholders of GENGAS.
Nor can we
look with favor upon what is admittedly a palliative where it is so clear that
stronger medicine is needed and is needed quickly.
It is interesting to note
that the only representative of a consumer group who appeared before us
took the position that a company with an unsound capital structure cannot
render adequate service and argued that, for that reason, if for no other,
We have found that
the proposed contributions by Southeastern
transactions incidental thereto would be in flagrant
and equities of the public holders of preferred stock
the plan
should be turned down.
thoroughgoing job of reorganization, including provisions
We think that a
adequate depreciation reserves and for the elimination of write-ups
is an absolute necessity for Virginia Public Service.
We do not think that
any of the holding companies above Virginia has the resources at the present
time to be able to make any substantial contribution to Virginia.
More¬
over
under Section 11 of the Act, it would appear to be at least doubtful
whether Virginia can be retained in the AGECOBP system.
If retention of
Virginia may not be permitted under Section 11, divorcement should be
effected in the shortest possible time.
In view of the inaction of the trustees
in this respect, we propose to issue immediately a formal order under Sec¬
tion 11 Cb) (1) requiring AGECOBP to show cause why it should not dis¬
pose of its interest in Virginia Public Service.
The impact of Section 11 on
Virginia itself would also seem to raise substantial questions.
To resolve
those questions and to insure a thoroughgoing reorganization of Virginia,
for more
568
we
shall
The Commercial & Financial Chronicle
Institute immediately a proceeding against
Virginia under
Section 11 (b) (2) of the Act.
However, if the problems we have suggested
are recognized and faced, we see no reason
why Virginia cannot itself present
a plan which will meet the
problems which it faces.
If Virginia decides to
prepare such a plan, our staff will be available for
consultation and will
offer its fullest cooperation.—V. 152.
p. 3204.
>
Wabash Ry.—Foreclosure Asked—
The Central Hanover Bank & Trust
Co., New York, has asked the
Federal Court at Toledo, Ohio, July
18, for the foreclosure of property owned
by the road on its Detroit and Chicago extension.
The action, filed as an amended
complaint, is a step in the attempted
reorganization of the road which has been in receivership since 1931.
Accord¬
ing to the complaint, the road is in default of more than
$1,000,000 of bonds
and interest.—V.
152,
4143.
p.
Warner & Swasey Co. (&
a
Period End. June 30—
Net profit
Earns, per sh.
common
on
Subs.)—Earnings—
1941—3 Mos.—1940
.$1,263,356
$2,303,433
shares
$1.55
__
West Virginia Water Service
$2.82
$2.62
Co.—Barings—
1941
revenues
_
—
General expenses charged to construction_
1940
$1,381,710
450.449
for depreciation
96,665
104,800
182,623
78,940
...
General taxes.
Federal income taxes
June 30, *41
Total income
b Other deductions
Mar. 31, '41 June 30, '40
$457,093
loss$4,017
26,395
43,762
$707,075
20,978
$728,052
104,185
134,260
29,352
__
Net income before prov. for taxes
$483,488
$460,256
....
Provision for depreciation
Interest on bonds and notes
$231,172 loss$177,471
87,989
134,975
29,352
102,000
179,670
39,170
$515,655
.
—
_
-
Wisconsin Bankshares
Corp.—Earnings—
[Including Subsidiary Operating Banks and Trust Company]
Years Ended Dec
31—
Gross income from operations.
Total operating expenses
1940
Gross income
$538,473
255,615
13,440
loans and other assets
on
Provision for dividends
Amortization
of
on
preferred stock
;___
on, and provision for
__
___--
Second preferred dividends
depreciation of securities
Proportion of net earnings applicable to min. ints_
$5,399,527
267,451
252,680
2,622,484
31,406
46,889
_
equities
29,256
$496,650
242,786
10,122
45,337
Dividend paid—25 cents per share
$198,405
69,000
100,000
Cash & due from
1940
____
Assets—Utility
plant,
deposits, $257,852; cash,
Pledged
14,491,343
104,496,088
&
Pledged
23,410
43,905
Unpledged-.- 33,186,444
30,853,797
692,100
140,900
4,964,898
42,801,113
40,955,473
499,664
496,963
recelv'le.
42,633
40,344
buildings.
7,225,781
6,968,143
416,908
2,807,590
408,208
Jurn., fixtures &
equipment
Custs.
Like amounts
were^aid on May 1 and Feb. 1, last, and Nov. 1 and Aug. 1,1940.—V. 152,
pref. stock.
98,072
100,246
2 232,544
716,824
860,646
774,934
579,437
amort,
1,620,595
1 112,228
990,373
of
For losses, pro¬
3,146,126
subs
For losses,pro¬
vided by par.
co
For deprec. of
bk. premises
For deprec. of
furn.& flxts.
200,011
1,041,474
121,926
oth. rl. est.
194,613
1 048,916
For deprec. of
of credit, &c.—
per contra
17,215
722,107
— .
Other assets
Inv.
of
in
par.
42,980
subs,
For income on
534,944
trust'd assets
3 800,000
156,219
3,800,000
7 845,000
8,215,000
436,931
424,029
1 957,576
5 564,960
1,957,576
5,564,960
10 ,739,764
9,162,214
For
co.
contings.
RFC, pref. stk.
not
consol-.
Telegraph Co.—To Raise Wages—
42,980
;
pr'ms&secs
on
753,684
752,607
Min. int. in cap.
stk., surpl. <fcc.
Albert N. Williams, President of the
company, announced on July 23
that the company has just completed a
study of the wages of its land line
employees, taking into account work performed, length of service,
earnings
as compared with
other employees similarly situated, and the effect of
of subs.
cons.
Cap.stk.(1,957,576
shs.
no
par)..
previous adjustments.
On the basis of this study, it is planned to make
certain individual adjustments,
aggregating an increase of about $1,300,000
in the company's annual payroll.
These wage increases will be retroactive
to July 1.
This action does not include superintendents or other
visory officials.—V. 153.
on
accepts., letters
Directors have declared an extra dividend of 10 cents
per share in addi¬
tion to the regular quarterly dividend of 30 cents
per share on the common
stock, par $10, payable Aug. 1 to holders of record July 21.
liab.
17,215
"
dlvs.
vided by bk.
Other real estate
Pay Extra Dividend
625,693
per contra
&
discounts.
Acer. int. ree'le.
Accts.
625,924
letters
Reserves:
For
Unpledged
loans
<fc
pay.
accr. exps
681,600
123,000
6,372,496
....
Pledged..
Bank
Accts.
For
Real est. loans:
Other
$
of credit, &c.,
Stk. In Fed. Res.
banks
1939
; s
Deposits: Dem'd224 ,439,153 201,122,683
Time.
86 772,515
87,445,388
Special
1 ,758,089
4,862,812
Accepts.,
securities:
for uncollectible accounts and notes of
$14,658) $174,645; accrued
utility revenues, $61,442; materials and supplies, $188,653;
prepaid taxes,
insurance, Ac., $8,811; commission on preferred capital stock,
$154,000;
debt discount, premium and expense in
process of amortization, $518,186;
total, $12,043,779.
A'
Liabilities—$6 cum. preferred stock (11.500 no par shares), $1,114,000;
$6 cum. second pref. stock (5,000 no par shares), $365,000; common stock
(12,000 no par shares), $552,000; long term debt, $6,734,983; accounts
payable, $52,977; I)ivid<nds payable, $7,500; customers' deposits and
accrued interest thereon, $114,401; accrued items,
$222,762; miscellaneous
liabilities, $5,208; customers' advances for construction, &c.,
$49,859;
reserve
for depreciation, $742,885; contributions in aid of
construction,
$31,774; capital surplus, $1,517,268; earned surplus, $533,160;
total,
$12,043,779.—V. 152, p. 2574.
14,371,400
bonds
1940
IAabilUies—
U. S. Govt, sees.:
reserve
Western Union
!
$
banks.——.134,859,891 119,800,295
Other
$2,155,503
Balance Sheet
Unpledged...105,295,472
$10,464,828;
investments,
$120,528;
special
$94,834; accounts and notes receivable (less
Westchester Fire Insurance Co.—To
1939
70,000
$1,896,818
489,394
;
Consolidated
Balance Sheet June 30, 1941
Capital surplusSurp. subsequent
to reorgan'n_.
super¬
412.
p.
Total
350,210,916 328,818,620
Westinghouse Electric & Mfg. Co.—New Plant—
Total
350,210,916 328,818,620
Comparative Income Account (Parent Company Only)
Company announced on July 16 that it is building a $22,000,000 plant
for the manufacture of steam turbines and
gears for use in merchant ships
of the United States Maritime Commission.
plant will be operated under a lease agreement with the Defense
Plant Corporation, a subsidiary of the Reconstruction Finance
Corporation,
which is advancing funds for the plant.
The plant will adjoint the Westinghouse South Philadelphia steam division
works, R. A. McCarty, VicePresident of the company, announced, and will
cv-',;'.
J
.
1940
.
Total income
Operating
1939
$1,164,515
300,827
$368,365
308,233
$863,688
75,800
$60,131
66,567
$939,488
$126,698
29,772
20,000
70,000
$889,716
489,394
$56,698
expenses
new
employ
workmen.—V. 153, p. 412.
more
than 1,500
Net income from operations
Recoveries—net
Total income
Provision for revaluation of real estate owned and
other investments
Westland Oil Corp.
Provision for income tax
(Del.)—Earnings—
Calendar Years—
1940
Sales
Operating and administrative
expenses, taxes, &c_
1939
68,621
$75,768
32,237
70,629
$79,943
42,886
$43,531
Number of barrels of crude oil sold
$37,056
11,793
Net income
Dividends paid—
Comparative Balance Sheet {Parent Company) Dec. 31
1940
Net profit
Other income, net-_
623
Net income
$44,154
40,002
Provision for depletion, depreciation, &c
Net income
Surplus at end of
$48,850
38,557
$4,152
59,287
-
Surplus at beginning of
year.
year--
$10,293
48,993
$63,439
$59,287
Note—No provision is made for Federal income taxes for the
year 1940,
indicated allowable deductions exceed taxable income for that
year.
Balance Sheet Dec. 31, 1940
Real
est.
owned
& equities
Mtge.
loans
1,122,804
with
Treas.
Cert'fe of dep.
171,462
41,273
10,535
100,100
100,000
waukee assigned
contra.
Weymouth Light & Power Co.—To
Pa\j
63-Cent Dlv.—
Directors have declared a dividend of 63 cents
per share on the common
stock, payable July 31 to holders of record July "7.
Dividend of 75 cents
was paid on April 30 last; 63 cents
paid on Jan. 31 last; 80 cents paid on
Oct. 31, 1940; 63 cents on July 31, 75 cents on
April 30 and 63 cents on
Jan. 31, 1940; 75 cents paid on Oct. 31, 1939; 63 cents on
of 75 cents
on Jan.
paid on April 28, 1939, and
31, 1939.—V. 152, p. 2726.
one
July 31, 1939;
of 63 cents per share was
(S. S.) White Dental Mfg. Co.— To Pay 2>WCent Dividend
Directors have declared
a
dividend of 30 cents per share
on
the
common
stock, payable Aug. 16 to holders of record Aug. 1.
This compares with
25 cents paid on May 17 and Feb. 15 last, and
previously regular quarterly
dividends of 15 cents per share were distributed.—V.
152,
p.
3834.
Whitirtg Corp.—20-Cent Dividend—
Directors have declared a dividend of 20 cents per share on the common
stock, payable July 15 to holders of record July 3.
Dividend of 40 cents
was paid on April 25, last, and dividends of
20 cents were paid on Nov. 15
and on May 15, 1940.—V. 152, p. 2575.
on
banks
&
164,465
Total
for
dep.
$1,100,000
miscell.
$85,050
excess
liabs.
of
84,229
of
over
sub.
banks
in
liquidation
338,483
1,255,858
3,800,000
Cap.
617,375
hand
&
res.
576 2-5
to that bank, per
524,405
11,440
Other assets
Milwaukee.-
tingencies
3,800,000
Cap. stk. (1,957,-
.Wisconsin
in
Res.
Gen.
Nat. Bk. of Mil¬
Cash
$
Bank
Accts. pay., accr'd
State
in
items, $437; total, $239,734.
Liabilities—Accounts
payable,
$459;
accrued
liabilities—taxes, $22;
deferred credit items, $11,182; capital stock
(16,139 shares, no par), $164.630; surplus, $63,439; total, $239,734.
Nat.
assets
of
State of Wis
Wis.
expenses
155,252
1939
$
pay.-—First
taxes
land contracts
rec_-
1940
Liabilities—
Notes
of
1,028,025
&
Miscell. investm'ts
Assets on deposit
First
Assets—Cash, $3,696; accounts receivable (less reserve for doubtful
accounts, $2,719), $10,836; material and supplies, $772; fixed assets
(less
for depletion and
depreciation, $216,907), $223,993; deferred debit
1939
Assets
S
$
Total inv. In subs.20,985,276 20,365,768
Other investments:
reserve
one
$4,465,080
384,636
236,524
premiums
Assets—
paid
2,775,628
813,659
1,870,955
Total income..
Provision for Josses
44,7.57
______
as
$1,810,239
5,558,859
942,860
$224,660
69,000
67,500
Interest on long-term debt
Miscellaneous interest (net), &c_
Amortization of debt disct., premium and expense
The
$7.36^,098
$1,788,841
1,733,379
Net income-
Net income
Preferred dividends
1939
$7,303,804
5,514,963
Gross income.
Net profit on sale of securities
Recoveries
$471,658
24,992
22,818,
—
$39,746
63,625
123,488
30,103
ia After deduction for
selling, administrative and general expenses but
before provision for depreciation,
b Interest allowed on prepaid accounts,
discounts allowed, bad debts and franchise
taxes, &c.—V. 152, p. 2575.
Provision for revaluation of real estate owned and
earnings
Other income.--
44.3,496
CV32,083
Cr33,322
82,566
_
...
<
$1,300,575
Maintenance
Provision
Quarter Ended—
a Profit from
operations
Other income.
$2,136,920
$1.38
Co.—Earnings—
[Including wholly-owned subsidiary, American Wire Fabrics Corp.]
1 941—6 Mas.—1940
$1,126,011
Years Ended June 30—
Operating
Operation
Wickwire Spencer Steel
816,635
a After
depreciation and Federal taxes (incl. in 1941 an allowance for
possible additional taxes and contingencies.—V. 153, p. 114.
Net
July 26, 1941
also
12,487
..22,485,834 22,924,839
for
con¬
shs.)—
surp.
1,957,576
1,957,576
arising
out of
reorganlz.
Dec. 31, 1934.. 5,564,960
Surp.
subsequent
to reorganiz't'n. 10,739,764
Total
5,564,960
9,162,214
—22,485,834 22,924,839
-V. 151, p. 3581.
WJR, The Goodwill Station—Extra Dividend—
Directors have declared an extra dividend of 25 cents per share in addi¬
tion to the regular quarterly dividend of 50 cents
per share on the common
stock, both payable July 30 to holders of record July 21.
was paid on Dec. 20, 1940.—V.
151, p. 3905.
Extra of $1.20
Worth'ington Pump & Machinery Corp. (& Subs.)—
Earnings—
6 Months Ended June 30—
1941
Net profit after charges and Federal
income taxes
-__a$l,309,858
Earnings
a
per share on common stock.
$3.86
1940
1939
$1,078,922
$2.95
Ioss$95,164
Nil
After setting up reserves for all Federal taxes equal to
one-half of the
net income.
For the quarter ended June 30, 1941 net
profit was
a share on common.—Y. 152, p. 4143.
$1.75
$609,666 equal to
The
153
Volume
Yellow Manufacturing Acceptance
Corp. (&
a
Finance
1939
$1,610,614
charges
$1,492,268
27,049
33,373
15,613
Interest on investment and loans
Reversal of reserve for balances in
,
Subs.)—
1940
Calendar Years—
569
Commercial & Financial Chronicle
clsoed banks
1940
$6,162,292
Outbound freight and discount allowed
Cost of goods sold, but excl. items listed
224,642
4,769,235
552,542
below
Selling, general and administrative expenses
3,135
1,007
Miscellaneous income
Wolverine Tube Co.—Earnings—
Years Ended Dec. 31—
Gross sales
1939
$4,666,980
180,078
3,474,451
447,743
$1,522,453
$1,660,608
-
942,315
Net income
$566,247
96,314
165,428
Provision for Federal income taxes
$552,866
$469,933
2,103,356
2,113,423
$2,656,222
$2,583,356
480,000
Net income for the year
Earned surplus at
480,000
— —
beginning of year
43,561
$564,709
10,714
$659,434
$575,423
4,925
1,084
1,000
1,084
1,103
956,206
$718,293
Total expenses and charges
$615,873
Total income
Total income
Gross profit
Other income.--
Interest
on
163
funded debt
Bad debt provision
Amortization of pref. stock expense
Amortization of mtge. note expense
Dividend paid
of year
Federal normal and defense taxes.
for insurance less
equipment lien receivables.
$
Assets—
.
■
payablel9,700,000 22,670,000
Accts. pay.
and ac¬
crued items:
maturities):
Coach Mfg.Co.
15 689,049 15,205,044
4,719,309
3 149,095
4,344,494
Due after 2nd yr. 2 512,964
480,564
530,318
Contr. in transit
Due within 1 yr.
receivable.
47,688
(parent co.) and
Acer. int. receiv..
71,285
notes—————
250,000
30,1942
32,666
52,572
Other acc'ts pay..
91,504
81,986
371,391
103,693
290,504
118,711
636,215
583,440
4,000,000
2,103,356
Reserves—Dealers'
Credit losses
closed
Unearned
27,011
banks
Furn., fix. & auto¬
mobiles
—.
72,085
Prepaid
31,402
expenses.
Cap.stk. ($100 par) 4,000,000
57,393
44,683
Earned surplus...
-V. 141, P.
454.
2,176,221
Ltd., Toronto, Canada—Earns.
Income Account Year Ended Dec.
31, 1940
.$516,454
110,096
Net operating profit
Provision for depreciation
37,771
Bond interest
$368,587
7,880
Net income.
$376,467
75,000
130,000
Total net profit
Provision for special wartime
V
inventory reserve
profits taxes
Provision for income and excess
Yale & Towne Mfg.
Co.— Earnings-3 Months Ended'41 June 30 '41
Period—
Afar. 31
Net earnings from
Interest
income.
Reserve for
$1,484,695
11,595
$690,820
138,290
117,838
$1,496,290
277,594
261,702
139,304
— ———_
_ _
$684,738
6,082
$805,470
—
...
Depreciation. _ _—„
a
$799,957
5,513
operations
received
Total
6 Mos. End.
June 30 '41
143,864
Federal income tax
$956,994
$434,692
$522,302
$1.96
$0.89
b Earnings per share
— —
$1.07
Reserve for Federal income tax has been determined on basis of present
rate (24%) and no provision has been made for any excess profits tax.
b On 486,656 shares of capital stock, $25 par.
Net profit for the six months ended June 30,1940, was $424,880, equal to
87 cents per share of capital stock.—Y, 152, p. 2727.
profits
Net
a
$0.97
assets (net), $1,344,597; deferred charges, $30,420; other assets, $1,024;
total, $3,368,120.
Liabilities—Bank loans, $250,000; accounts payable (trade), $135,400;
customers' credit balances and advances, $68,359; accrued payroll and
salaries, $53,040; unclaimed wages and sundry payables, $848; accrued
insurance, $10,117; accrued Federal and State taxes, $223,506; reserve for
factory vacations, $30,000; 7% cum. pref. stock (par $100), $378,800; com¬
mon stock (par $2),
$792,244; capital surplus, $402,147; earned surplus,
$1,023.653; total, $3,368,120—V. 153, p. 412.
Dividends received-..-..-.^...-—.........
28,057,439 30,717,432
Total
28,057,439 30,717,432
Total
finance
charges & interest
158,449
Assets—Cash, $367,930; U. S. Govt, securities, $8,200; other marketable
securities, $5,136; receivables, $524,463; inventories, $1,086,347; fixed
York Knitting Mills,
losses———
600,000
995,400
denture notes
$0.90
$411,530
26,516
Balance Sheet Dec. 31, 1940
repossession
Invest, in trust in¬
Balances in
718,328
98,531
Acer. int. onl%%
74,225
ing June
165,807
Federal income tax
matur¬
rec.,
779,939
subsidiaries
41,206
Note
I;.:''-'.'-:-''-'
Yellow Truck &
Due in 2nd year
Accts.
5
$
Total notes
Equip, lien receiv¬
ables (instalm't
26,516
178,255
1939
1940
Liabilities—
S
Cash.....—54 ,708,149 $5,123,499
$382,723
Earns, per share of common stock
1939
48
50,700
profits tax
Net profit
Preferred dividends
Common dividends
Consolidated Balance Sheet Dec. 31
1940
excess
1,317
68,124
91,053
141,715
_j
$2,176,222
-
Including charges
a
interest on
$2,103,356
related insurance expense and
-
Depreciation
Federal
Earned surplus at end
2,371
5,066
70,849
Miscellaneous deductions
Obsolescence
Total
$171,467
Net profit for year
31,500
68,704
Preferred dividends
Common dividends
Balance Sheet Dec.
Assets—Cash on
accounts,
doubtful
31, 1940
hand, $1,379; accounts receivable,
$546,168; inventories, $2,091,668;
less reserve for
advance to sub¬
$97,252; life insurance—cash surrender value,
$42,732; land, buildings, machinery, equipment, furniture and fixtures,
motor cars and trucks,
less reserves for depreciation, $1,592,386; other
assets, $107,537; goodwill, $1; total, $4,479,125.
Liabilities—Bank advances, $1,010,021; accounts payable and accrued
charges, $315,110; bond interest accrued, $15,313; reserve for Dominion
and Provincial taxes, $136,393; 1st mortgage redeemable bonds, $850,000;
7% 1st preferred shares (par $100), $150,000; 7% 2nd preferred shares
(par $100), $300,000; common shares (300.000 shs. no par), $672,201;
surplus, $1,030,088; total, $4,479,125—V. 152, p. 1001.
sidiary company, less reserve,
and the Crops
The Commercial Markets
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
•
Friday Night, July 25, 1941.
Coffee—On the 21st inst. futures
closed 26 to 30 points
higher for Santos contracts.
Sales totaled 223 lots, the
best in some weeks.
Improvement was influenced largely
net
firming of Brazil spot prices following announcement
minimum price had been established on "strictly soft
coffee" of 42.500 milreis per 10 kilograms, equal to about
12.30c. New York.
Soft 4s in Brazil on the spot were un¬
changed at 38,300, hard 4s up 100 at 35 milreis, Rio 5s
up 300 at 30.300, and Rio 7s up 200 at 24.200.
On the 22d
inst; futures closed 14 to 22 points net higher for the Santos
contract, with sales totaling 309 lots.
The Rio contract
closed 2 points up to unchanged, with sales totaling 18 lots.
Trading in coffee was unusually active and demand good,
with the result that the market was bid up to new high prices
by
a
that
a
It was reported that commission houses
buying contracts.
Brazilian interests also were active
on the buying side.
The market advanced about
of a
cent a pound up to early afternoon.
Attending the rise
were rumors that the Brazilian Government would advance
minimum export prices.
Roasters were reported active in
the market for actual coffee, taking both Brazilian and
for
the season.
were
Colombian grades.
On the 23d inst. futures
closed 14 to
points net lower for the Santos contracts, with sales
totaling 85 lots.
There was only one contract traded in the
Rio division, and that was made in the Dec. delivery which
closed 7 points off.
The coffee market ignored strength in
other commodities.
Prices were easier, the market register¬
15
ing losses of from 11 to 15 points in the early trading.
Hedge
selling caused the decline in absence of demand.
Brazilian
buying was limited.
It is said that Biazilian interests are
the effect of their price policy on Wash¬
The trade are still awaiting clarification of the
Government's policy.
The market in actual coffee was
a
little
nervous over
ington.
steady.
'•
inst. futures closed 9 to 12 points net higher
contract, with sales totaling 66 lots. The Rio
contract closed 2 points off to 3 points up, with sales totaling
On the 24th
for the Santos
22
lots.
The coffee market
was
easier during the early
trading due to profit taking.
Subsequently the Santos con¬
tract turned firm.
One July notice was issued.
Tomorrow
will be last notice day.
Trading in coffee was slow. In the
actual coffee market good demand for green coffee was re¬
ported at steady prices. It was said that buyers were con¬
tracting for coffee for delivery as far ahead as June, 1942.
Government release revealed that six
signatories of the international coffee
agreement have filled their quotas for the first quota year.
Those are Brazil, Colombia, Guatemala, Santo Domingo,
Venezuela and Costa Rica.
Today futures closed 11 to 19
In
Washington
countries
a
which
are
points net lower for the Santos contract, with sales totaling
80 lots.
The Rio contract closed unchanged to 1 point off,
with sales of two contracts.
Rumors that the Government
frowns on higher prices for coffee caused liquidation in the
market, with the result that prices slipped off 9 to 19 points.
The fact that 25 July notices of delivery were issued on this
the last day of trading in that month, had a depressing
influence.
The United States Government is said to regard,
11.70c. a pound for coffee ex-dock New York as a fair price.
The market for actual coffee was steady.
Rio coffee
prices closed as
July
September
7.58
December
follows:
March
7.92
May
8.05
7-72
—
Santos coffee
July
prices closed as follows:
--IMarch, 1942
September..
December
11.44 trad. [May
11.55 trad. ] July..
Cocoa—On the 21st inst. futures
__
11.67
-11.77 trad.
-—-.11.85
closed 9 to 11 points net
of demand and some commission house
selling caused prices to sag.
Earlier in the session prices
scored gains of 7 to 8 points.
Again switching out of the
Sept. delivery into the forward positions was noted.
Sales
on the Exchange totaled 242 lots, and switching operations
accounted for 68 lots.
There were 30 more Bahia transfer¬
able notices issued against the July delivery, bringing the
total notices issued so far to date to 99.
Importers and
dealers report that offers from the primary centers are still
limited.
Local closing: July, 7.12; Sept., 7.20; Oct., 7.24;
lower.
Absence
Dec., 7.33; Jan., 7.36; Mar., 7.44.
closed 12 to 10 points net higher,
On the 22d inst. futures
with sales totaling 146
570
The Commercial & Financial Chronicle
lots.
Trading in cocoa was slow today, but prices were
firm, largely because of the absence of offerings from primary
The
sources.
slackness
demand
of
is
described
as
seasonal.
being
Open interest decreased 02 lots yesterday.
The
open interest was reduced to 7,003 lots.
Warehouse stocks
decreased 2,000 bags overnight.
They total 1,440,060 bags
compared with 1,114,170 bags a year ago.
Local closing:
July, 7.24; Sept., 7.31; Dec., 7.43; Mar., 7.55; May, 7.63.
On the 23d inst. futures closed 5 to 6
points net higher. Sales
totaled 162 lots.
Excitement in other markets was
ignored
by cocoa traders. Prices this afternoon were steady at gains
of 3 to 5 points, but dealings to that time totaled
only 80
lots,
a
slow
pace
for
cocoa.
Manufacturers continue in¬
different, their attitude furnishing the key to the market.
Offerings by primary countries continue scarce. Twenty-two
notices were issued, making 119 to date.
Manufacturers
stopped all. Warehouse stocks continue to pile up. They
increased 8,500 bags over night and now total
1,454,588 bags
compared with 1,119,857 a year ago.
Local closing: July,
7.29; Sept., 7.37; Dec., 7.49; Jan., 7.53; Mar.,
7.60; May,
Vr
7.69
On the 24th inst. futures closed 13 to 10
points net higher,
with sales totaling 754 lots.
The cocoa market
experienced
a revival of interest.
Turnover was heavy and
prices were
strong, although there was nothing new in the situation.
Advances of 11 to 12 points were registered
by mid-afternoon
with Sept. selling at 7.49c., up 12
points.
Switching ac¬
counted for most of the transactions which totaled 665
lots
to
that time.
However, manufacturers were
renewed interest
and
Wall
Street commission
showing
houses
also
bought.
Primary markets continued to show reluctance to
offer cocoa.
Open interest was reduced by 69 lots yesterday
with the result
lowest in
some
that
time.
time totaled 280 lots.
points net higher. Sales to that
The general buying was
inspired by
reports from Paris that the Nazi-controlled
press
was
de¬
manding that German troops occupy Dakar.
The cocoa
country of the Gold Coast lies adjacent to Dakar.
Primary
countries continued to withhold offerings,
possibly figuring
on eventually
higher prices.
Open interest in cocoa was
reduced by 9 lots yesterday, standing at 6,943 lots
today.
Local closing: Sept., 7.69; Dec., 7.81; Jan.,
7.85; Mar., 7.93;
May, 8.01.
Sugar—On the 21st inst. futures closed 4 to 5 points net
lower for the domestic contract.
First reaction of the
sugar
market to the week-end quota increase of
500,000 tons was
nothing like Dept. of Agriculture officials had predicted.
These officials expected that prices would move
back to
levels prevailing a year ago. which were near extreme
lows.
The mildness of yesterday's decline did not
indicate that
this would occur.
World sugar advanced as the
domestic
due to the prevailing
impression that
the domestic market was
moving toward elimination of
quotas, in which event the world list would benefit.
Prices
advanced
to 5H points on a turnover of 464
lots.
was
Spot
raw
sugar declined 5 points today to 2.55c., ex-duty or
3.45c. delivered.
On the 22d inst. futures closed 3 to 1
point
net higher for the domestic
contract, with sales totaling 234
lots.
The world sugar contract closed 3 to 4
points net
higher, with sales totaling 596 lots.
Increased speculative
and Cuban buying of world
sugar caused prices to rise to new
highs for the season in active trading.
The market stood
3^ to 4 points higher during early afternoon. The buying
was based on
expectations of expanding overseas demand for
Cuban sugar and the increased
quota given to the island
which
will
ease
the pressure
market.
of extra-quota sugar
The domestic market also
caused by buying based on the
on
the
improved. Its strength
was
theory that the increase
of 500,000 tons in the
sugar marketing quota will be absorbed.
In the raw market holders were
firm, demanding from 3.50c.
up to 3.55c. a pound.
On the 23d inst. futures closed 7 to 5
points net higher for the domestic contract, with sales total¬
ing 620 lots.
The world sugar contract closed
4>£ to 6
points net higher, with sales totaling 1,136 lots.
Sugar
markets were active and
strong under buying said to have
emanated mainly from Wall Street
commission houses. Raw
also was more active. Following sale of Puerto Rican
sugars late yesterday at 3.45c., unchanged, an
operator today
paid 3.50c. a pound for 6,000 bags of Puerto Ricos,
clearing
July 31, and more important yet, the American
Sugar Re¬
fining Co. paid 3.51c. a pound for 6,600 tons of Puerto Ricos
sugar
now
loading.
That raised the spot price 6 points.
On the 24th inst. futures closed 7 to 2
points net lower for
the domestic contract, with sales
totaling 229 lots. The world
sugar contract closed 7 to 6 points net
higher, with sales
totaling 999 lots.
Interest in sugar centered in the world
market where demand persisted with
undiminished vigor
following the heavy trading yesterday. Prices were bid
up 2
to 3 points to new
high levels for the movement. The buying
of world sugar is based on the
feeling that there is little likeli¬
hood of either Government control or a
ceiling price for that
market.
Increasing reliance of both the United States and
Great Britain on Cuban supplies is another
significant factor.
It was learned that the American
late
yesterday, paid 3.55
domestic contract, with sales
totaling 659 lots. The world
contract closed 8 to 103^ points net higher, with sales
totaling 1389 lots. Aggressive buying orders came into the
sugar market and caused prices to soar.
The world market
sugar
furnished the main attraction.
Prices
cents
a
Sugar Refining Company,
raw sugars, high¬
pound for
were
bid up more than
16
points following an opening as much as 6 points net
higher. All months went to new high prices for the move¬
ment. The buying was
mainly by outside interests who were
impressed by official intimations that the nation may be
forced to draw
more
definitely
on the Caribbean area for its
the Pacific is harder to book.
sugar market was also active and strong
though less sensational than the world market.
supplies, since shipping
on
domestic
The
Prices closed
July-_„~
September
follows:
as
w
_________
2.58
November
——__________
January, 1942
_
Increased
_
.2.60
March....
May.
July..
.........2.61
_______._2.63
2.65
2.60
_—
Sugar Supplies Made Available by Depart¬
of
Agriculture—Consumers'
Requirements
ment
Raised
to
7,627,563 Tons
The
Department of Agriculture announced on July 19 an
increase in the quantity of sugar made available to meet
consumers' requirements for the calendar year from the
7,125,561 short tons, raw value, announced June 9, 1941, to
7,627,563 tons, an increase of 502,002 tons.
The quotas for the various sugar
producing areas under the
revised figure compare with the former quotas as
follows,
according to the Department's announcement:
Preseni
Dec.,7.62;
the market stood 20 to 22
This
price in two years. Further raws were offered at 3.55
cents today, including 3,000 tons of
Philippines July-August
shipment. Today futures closed 1 up to 2 points off for the
this morning it stood at 6,952
lots,
Local closing: Sept., 7.48;
Jan., 7.64; Mar.^ 7.71.
Today futures closed 19 to 22 points
net higher, with sales totaling 355 lots.
Trading in cocoa
was active and prices were
strong as commission houses com¬
peted with manufacturers for offerings.
In mid-afternoon
list declined.
July 26, 1941
est
Determination
Determination of
June 9, 1941
1,768,996
1,652,571
479,562
1,070.641
1,000,177
Domestic Areas—
Continental beet
w
-
-
Mainland cane (Louisiana and Florida)
Hawaii
—
Puerto Rico
448,000
910,787
-
Virgin Islands
850,844
9,507
10,176
Under L. S. Sovereignly—
Commonwealth of the Phillippine Islands—
al,060.023
b982,663
Foreign Areas—
Cuba
'
2,181,825
*
2,038,230
Foreign countries other than Cuba
C145.553
143,569
—--L-:
7,627,563
7,125,561
Total
a Quota of 1,175,428 tons less
115,405 tons reallotted to foreign countries other
than Cuba since Jan. 1,1941;, b Quota of 1,098,068 tons less
115,405 tons reallotted
to foreign countries other than Cuba since Jan.
1, 1941. c Base Quota of 30,148
tons plus 115,405 tons reallotted from Philippine quota since Jan.
1,1941,
The Department's announcement further
explained:
The Sugar Division of the Agricultural Adjustment Administration
that with respect to the Philippines,
approximately
stated
717,000 tons
of th
Commonwealth's sugar qtiota had entered the
country by July 18, and tha
additional quantity was on its way to the United States, Officials
asserted
an
however, that should any part of the balance of the Philippine quota
available, the deficit
can
be reallotted to nearby
could also be made in the
case
areas.
not be
Such reallotments
of any other area unable to fill its entire
quota.
-
■
The Sugar Act of 1937 directs the
Secretary to make an initial deter¬
mination of consumers' sugar requirements in December
for the following
calendar year, and to make any necessary adjustments
during the
year.
The present estimate of 7,627,563 tons compares with
the 7,465,633 tons
1939, in the fall of which year the sugar quota
system was
suspended by Presidential proclamation and a distribution for
marketed in
consumption
of about 6,890,000 tons in 1939 and 1940.
The present increase is in accordance with the
sugar
by the Department
on
June 21, 1941, when it
was
policy announced
stated that if buyers and
consumers wish to carry
larger working stocks than in prior years, it would
be the Department's policy to increase
quota supplies accordingly.
The previous revision on June 9
was
given in these columns
of June 14, page 3720.
Dyer Index of Sugar Distribution Rises in June
The
preliminary
June distribution of 699,536 tons as
Agricultural Adjustment Administration
was
approximately 113 % of a normal June distribution accord¬
ing to the Index of Sugar Distribution (adjusted for seasonal
variation and long-term trend) prepared
by B. W. Dyer
& Co., New York, sugar economists and brokers.
Their
June figure of 113 compares with 99 in
June, 1940, and 92
in May, 1941.
The Dyer firm states that June distribution
announced by the
advanced
as
consumers
added further to their inventories.
They estimate that invisibles
(consumers inventories) ad¬
vanced approximately 50,000 tons in June to
a
total of about
590,000 tons above the level prevailing at the first of the
year
#
Lard—On the 21st inst. futures closed 5 to 10
points net
lower.
The market showed considerable firmness in the
early trading, but there seemed little aggressive demand and
prices later sagged.
Chicago hog receipts were 62,400 head
against 85,500 head last year. Hog sales ranged from $11 to
$11.85 in the Chicago market.
On the 22d inst. futures
unchanged to 5 points higher.
Trading was fairly
active, with prices moving within a narrow range.
Prices
on
hogs at Chicago declined 10c. Sales ranged from $10.85
to $11.85.
Hog marketings at the principal packing centers
totaled 57,300 head against 68,700 head for the same
day
last year.
On the 23d inst. futures closed 2 to 7 points net
closed
lower.
Trading was light and without particular feature.
hog receipts totaled 46,200 head against 46,800
same day a year ago.
Sales of hogs at Chicago
today ranged from $10.85 to $11.90.
Western
head for the
On the 24th inst. futures closed 2 to
Trading
was
7 points net lower
light and without special feature. Western
hog
Volume
A big Chicago packer today sold 6,000
2,000 butts; 2,000 branded cows;
1,000 heavy native steers and 700 heavy cows at 15c. Packers
may have sold more, dealers here state, but no reports came
through on the contemplated transactions. In Albany, Ga.,
2,000 June-July hides, all weights, were sold at 14 %c. per
pound, on a flat basis, f.o.b.
Local closing: Sept., "14.62;
Dec., 14.58; Mar., 14.56; June, 14.56.
On the 23d inst.
futures closed 5 to 12 points net higher.
Sales totaled 38
lots.
There was fair trading in hides at advances of 4 to 7
points during the early part of the session.
The buying
represented covering of contracts influenced by news of a
firm spot situation.
The open interest in hides today stood
at 903 lots, a decrease of 7 yesterday.
Local closing: Sept.,
14.68; Dec., 14.63; Mar., 14.61; June, 14.68.
On the 24th inst. futures closed 7 points net lower.
Trans¬
actions totaled only 14 lots.
Trading in hides was limited to
switches.
Up to early afternoon 14 lots had been trans¬
ferred to forward positions.
The bid on September was 14.60
with 14.66 asked.
Open interest in hides was down to 884
lots, a decrease of 19 lots. Local closing: Sept., 14.61; Dec.,
14.56; Mar., 14.54; June, 14.54.
Today futures closed
4 points net higher, with sales totaling only 2 lots.
The
hide market was at a virtual standstill.
September sold at
14.65c., an advance of 4 points. There was nothing new in
spot hides.
Open interest in hide contracts is down to 884
lots.
Local closing: Sept., 14.65; Dec., 14.60; Mar., 14.58;
totaled
37,600 head for the
day a year ago. Sales of hogs at Chicago ranged from
$10.65 to $11.75.
Today futures closed 10 to 5 points net
higher. This market was relatively quiet, with the undertone
receipts totaled 60,600 head against
firm.
CHICAGO
DAILY CLOSING PRICES OF LARD FUTURES IN
Sat.
Mon.
Tues.
Wed.
Thurs.
10.25
10.37
July
September.
10.32
10.47
10.27
10.40
10.27
10.42
October.
10.60
December
10.77
10.50
10-70
10.55
10.75
10.50
10.67
10.42
10.65
10.75
10.77
10.77
Fri.
10.72
----
10.42
10.32
10.52
10.72
10.77
May
Pork—(Export), mess, $29.87Yi C8-10 pieces to barrel);
family (50-60 pieces to barrel); $22*325 (200-pound barrel).
Beef: (export), steady.
Family (export), $22.25 per barrel
(200-pound
Cut
barrel).
Meats: Firm.
Pickled Hams:
17V&.\ 6 to 8 lbs., 17
Picnic, loose, c.a.f.—4 to 6 lbs.,
17%c.
Skinned, loose, c.a.f.—14 to 16
25^c.; 18 to 20 lbs., 24lie.
Bellies: Clear, f.o.b.
York—6 to 8 lbs., 20|ic.; 8 to 10 lbs., 20lie.; 12 to 14
10 lbs.,
8 to
lbs.,
New
lbs.,
Bellies: Clear, Dry Salted, Boxed, N. Y.—16 to
18 lbs., not quoted; 18 to 20 lbs., 14|^c.; 20 to 25 lbs., 14|^c.;
25 to 30 lbs., 14lie.
Butter: Firsts to Higher than Extra
and Premium Marks: 33 to 34lie.
Cheese: State, Held
18Kc.
Eggs: Mixed Colors:
'40, 25|i to 26|i.
Packs: 23 li to
Checks to Special
281^.
Quotations:
Oils—Linseed oil in tank cars—10.2 to 10.4.
Tanks, spot—31 offer; Drums—321^ offer.
Coconut: Tanks, nearby—.0714 bid, nominal; October for¬
ward—.07 bid, nominal; Pacific Coast—.06|i bid, nominal.
Corn: Crude, West, tanks, nearby—12|i to 12|iSoybean:
Chinawood:
Tanks, Decatur, old crop—to
June, 14.58.
Freights—Dealings in the charter market have
the past few days. Charters
included: Time Charter: West Indies trade, $7.50 per ton.
Canadian trade $7.50 asked per ton.
North of HatterasSouth African trade, $7.50 per ton.
North of HatterasEast Coast South America, $7.50 per ton; West Coast, $7.50
Ocean
been few and far between within
10; October-December—
9|i offer, nominal; New York, l.c.l., clarified—12.3
12.6.
Edible: Coconut: 76 degrees—13bid.
Lard:
9 bid to
to
prime—12 offer.
Cod: Crude: not
Turpentine: 55|i to 57Ji. Rosins: $2.58 to $4.40.
Ex.winter
Cottonseed
contracts.
Oil sales yesterday,
quoted.
ton.
United States Pacific-Far East, $8.25 per ton.
Sugar: Philippines to United States Atlantic, $25 bid, asking
$30.
Queensland to Halifax-St. John, $21 per ton.
Santo
Domingo to North of Hatteras, July, 37c. per hundred
per
including switches, 133
Prices closed as
Crude S. E., 10%-11 nominal.
follows:
September
October
November
Rubber—On
the
21st
January, 1942
February
March
inst.
futures
Hatteras, July, 36c.
Coast to China, $28
per ton.
Linseed: Plate to North of Hatteras, $22 on berth,
$24 per ton on full cargoes (foreign ships). Ore: SouthAfrica
to Hatteras, $18 f. i. o. per ton; Brazil to Sydney, N. S.,
$12.50 per ton.
Philippines to Baltimore, $18 bid.
pounds.
Santo Domingo to North of
hundred pounds.
Flour: Pacific
_11.53 @.54 tr
11.52 @11.55
11.52@ nom
___11.60@11.66
December
11.80@ nom
11.80 fell. 81
11.62@.63 tr
11.62@ nom
August
closed
per
unchanged
Only 6 lots were traded.
Seven more
transferable
notices were issued
against the July con¬
tract, bringing the total so far to date to 61 notices.
Cer¬
tificated stocks in licensed warehouses increased 30 tons to
420 tons today.
Spot standard No. 1-X ribbed smoked
sheets in cases
advanced to 22|/gc. per pound.
Local
closing:
July, 21.30; October, 22.05; December, 22.00.
January, 21.45; March. 21.60.
On the 22d inst. futures
closed unchanged to 15 points net higher, with sales totaling
23 lots.
Trading in rubber was small, only 6 lots being sold
to early afternoon.
Most of the transactions were transfers
into physical rubber.
It appears that a good many out¬
standing contracts are being liquidated in that manner. To¬
day's exchanges amounted to 16 lots up to early afternoon.
Open interest today stood at 1,474 lots.
Local closing:
July, 21.30; Sept., 22.30; Oct., 22.20; Dec., 22.15; Jan.,
21.45; Mar., 21.60.
Od the 23d inst. futures closed 30
points up to 5 points net lower.
Sales totaled 39 lots.
Liquidation of old contracts caused a rise of the limit of 50
points in prices when Julv sold at 21.80c. Thirty-two con¬
tracts changed hands and 6 lots were tendered on contract.
The Far Eastern news was a market influence.
From the
to 8
points higher.
spot rubber trade came news
Coal—With the continued strong
tional
officials
Consumers are heeding the word of Govern¬
coal companies that transportation
coal distribution later this year.
and
closed 3 to 5 points net
with sales totaling 25 contracts or 125,000
pounds, according to ring estimates.
Spot certificated
tops were quoted at 127.5c. nominal.
Grease wool closed
steady at 1 to 7 points net lower.
Sales were estimated at
25 lots or 150,000 clean equivalent pounds.
Spot grease
wool was 92.7c. bid and 93.5c. asked.
Boston wired that
the trade there was disappointed in the small amount of new
business following the Government awards of last week.
Local closing: Wool Tops: July, 124.5; Oct., 120.5; Dec.,
119.4; Mar., 118.2; May, 117.6.
Grease Wool: July, 93.5;
Oct., 120.5; Dec., 119.4; Mar., 118.2; May, 117.6.
On
the 22d inst. futures closed 12 to 15 points net higher for
wool tops in all positions with the exception of July, which
closed 5 points off as the result of the circulation of nine
delivery notices representing 45,000 pounds.
Sales for the
day were estimated at 30 contracts or 150,000 pounds.
Spot
tops were quoted at 15 points lower at 126.0c. nominal.
The grease wool market closed quiet and steady, unchanged
to 2 points up.
Trading was rather limited with about 16
contracts done, or 96,000 clean equivalent pounds.
Spot
Wool—On the 21st inst. futures
lower for wool tops,
light, and little shipment rubber
12 points net
The market ruled quiet, with the undertone firm.
the last hour accounting for all but one
lot.
Certificated hides in licensed warehouses increased
1,998 hides to 259,874 today. The actual spot hide market
started the week without any sales in the Chicago packer
market.
Last -week when the stalemate was broken, more
than 200,000 hides were disposed of in the open market.
T&nners paid 15c. per pound for all selections wih the excep¬
tion of Colorado steer hides, which brought 14|^c.
Local
closing: Sept., 14.64; Dec., 14.59; Mar., 14.57; June, 14.57
On the 22d inst. futures closed 1 to 2 points net lower.
Sales
Sales totaled 28 lots,
supplies.
facilities may hamper
^
higher.
are
ment
moving.
Open interest in rubber decreased 39 lots,
standing at 1,377 today.
Local closing: July, 22.10; Sept.,
23.00; Oct., 22.90; Dec., 22.45; Jan., 22.61; Mar., 21.80.
futures closed
substan¬
orders will keep them busy for another month.
currently running far aheaa of production and re¬
tailers as well as the wholesale suppliers are seeking addi¬
Sales
that details of the Government
the 21st inst.
a
present
was
Hides—On
demand and
backlog of orders the anthracite mines will work five days,
again this week.
This makes the sixth consecutive week
that the anthracite mines in Pennsylvania have operated on
this basis, excluding the week of July 5th when mines were
closed down due to the vacation week provided for in the new
contract.
Retailers in the New York area report that their
tial
purchase plan were still being worked out and that little
rubber was changing hands pending adjustments.
Open
interest today was 1,451 lots, a decrease of 23 lots.
Local
closing; July, 21.60; Aug., 22.60; Dec., 22.35; Jan., 21.40;
Mar., 21.60.
On the 24th inst. futures closed 50 to 10 points net higher.
Trading in rubber was relatively quiet, but the July position
was tight.
It sold at 22.10c., up 50 points, the maximum
limit permitted in one day.
Only five lots had been done
to early afternoon.
Nine transferable notices of July de¬
livery were issued.
The open interest stands at 1,406 lots,
a
decrease of 45 lots.
Local closing: July, 22.10; Sept.,
22.75; Oct., 22.65; Dec., 22.45; Jan., 21.60; Mar., 21.80.
Today futures closed unchanged to 25 points net higher,
with sales totaling 60 lots.
Trading in rubber contracts was
small, but the market had a strong tone. Four transferable
July notices were issued. The spot rubber market was quiet.
Far Eastern offerings were
only 14 lots.
Colorado steers at 14|^c.
same
January, 1942
571
Commercial & Financial Chronicle
The
153
grease
wool was 93.3c. bid and 94.0c.
asked, the asking prices
the few bids in the
being 5 points up.
Boston wired that
market there for domestic wools were
generally below ac¬
ceptable price levels for sellers and business as a consequence
was much restricted.
Local closing: Wool Tops: July, 124.0;
Oct., 122.0; Dec., 120.8.
Grease Wool: July, 93.5; Oct.,
93.5; Dec., 93.0.
On the.23d inst. futures closed unchanged
to 6 points higher for wool tops, with sales estimated at 75
lots or 375,000 pounds.
Liquidation of July following
issuance of 36 delivery notices represeuting 180,000 pounds,
featured the session.
Spot certificated tops were 126.0c.
nominal, or unchanged.
In grease wool sales for the day
were
10 lots, or 60,000 clean equivalent pounds.
Three
delivery notices or 18,000 pounds, were issued against the
July.
The closing was very steady at 3 to 7 points advance.
Boston reported that there was a moderate but spotty de¬
mand for fine territory wools but very little spot business in
foreign apparpl types.
Local closing: Wool Tops: July,
124.0; Oct., 122.3; Dec., 121.2; Mar., 120.0; May, 119.4.
Grease Wool: July, 94.2; Oct., 94.2; Dec., 93.5; Mar., 92.5.
The Commercial & Financial Chronicle
572
On the 24th inst. futures closed 10
*
points lower to 5 points
higher for wool tops, with sales estimated at 70 contracts, or
350,000 pounds.
Spot certificated tops were 124.5c. nom¬
inal, 15 points off.
Principal declines were in the July con¬
tract against which delivery notices for 40 lots or 200,000
pounds, were issued.
In grease wool sales today were esti¬
mated at 13 lots or 78,000 clean equivalent pounds.
The
market closed 1 to 3 points net higher.
Spot grease wool was
94.5c. bid and 95.0c. asked, the bid price being 5 points
higher. Boston wired that future deliveries were firmer in
the wool market due to the uncertainties arising from the
Far Eastern situation.
Trading on Summer Street was
spotty, but wool prices were unchanged.
Demand for
foreign apparel wools was reported quiet.
Local closing:
wool tops: 123.0; Oct., 122.8; Dec., 121.3; Mar., 119.7.
Grease wool: July, 94.5; Oct., 94.3; Dec., 93.8.
Today
futures closed 10 to 11 points net higher for wool tops. Wool
grease futures closed 1 to 9 points net higher.
Local closing:
Wool tops: Oct., 123.8; Dec., 122.3; Mar., 120.8;
May,
120.1.
Grease wool: Oct., 94.8; Dec., 93.9; Mar., 93.5.
Silk—On the 21st inst. futures closed 3c. to 2c. net
lower.
The market ruled quiet during most of the session.
Although
210 bales
sold
today, switching operations accounted
for 10 lots and exchanges for physicals accounted for 4 more
were
transferable notices issued against the
July contract today, bringing the total so far this month to
133 notices.
Futures at Yokohama since Friday advanced
There
lots.
were
3
34 to 9 yen,
the greater gains being recorded in the nearby
was quoted at 1,505
yen.
Spot sales in
both primary markets amounted to 200 bales, while futures
transactions in Yokohama only totaled 4,400 bales.
Local
closing: July
3.04; Aug., 3.04; Oct., .3.04
Dec., 3.05;
Jan., 3.043^.
On the 22d inst. futures closed
6^c. to 7c.
net higher
with sales totaling 150 lots.
3.he silk market
was rather
unpleasantly surprised not to receive the cus¬
tomary daily market cable from Japan.
The lack of that
valuable information was caused by political ban on trans¬
mission of messages in code.
The local market was strong
deliveries.
on
trade
Grade D
as
well
Wall Street
buying, based on political
developments in the Far East and news of a typhoon which
was sweeping across the islands and
causing much destruc¬
tion.
Trading was active, sales to early afternoon totaling
132 lots.
In the spot market crack double extra silk was
4^c. higher at 3.12 a pound. Two transferable notices were
issued.
Local closing: July, 3.11; Aug., 3.11;
Sept., 3.10^;
Oct., 3.10; Nov., 3.11; Dec., 3.11; Jan., 3.11.
On the 23d
inst. futures closed 19 to 21 points net
higher, with sales
totaling 302 lots.
Great activity was noted in the silk
market as prices boomed on news of a new
Japanese threat
to Indo-China and possible reprisals
by the United States
which might interrupt the silk trade.
Futures were 15c.
and this afternoon stood 13 to 143^c.
higher.
Trading to
early afternoon amounted to 181 contracts.
Four notices
of delivery were issued.
Japanese cables were resumed
today. They registered advances of as much as 51 yen on
the Bourse since Monday and a rise of 60
yen in the spot silk
market to 1,565 yen a bale.
In New York spot silk was up
13c.
with
decreased
sales
as
at
$3.25
a
pound.
Open interest in silk
standing at 1,460 lots today.
Sept., 3.31; Oct., 3.31; Nov.,
14 lots yesterday
Local closing: July,
Jan., 31; 3.3.31^.
3.30;
higher,
totaling 180 lots.
On the opening silk advanced as
much as 6c., with February at a new
high price for the season,
as a result of further
buying caused by nervousness over the
The market held
fairly well until mid¬
day, after which profit taking caused a selloff of from \y2 to
3c. net.
During early afternoon August was quoted at
$3,283^, off 13^c. Thirty-three transferable notices of de¬
livery were issued. To early afternoon 84 lots had been sold.
Spot silk was 12c. higher at $3.37 a pound.
On the Yoko¬
hama Bourse prices were 16 to 18
yen lower.
Spot silk was
5 yen higher at 1,570
yen a bale.
Open interest in silk futures
locally stood at 1,133 lots today, a decrease of 27 lots. Local
closing: July, 3.29H; Aug., 3.30; Sept., 3.30; Oct., 3.32;
Dec., 3.31; Jan., 3.32; Feb., 3.32.
Today futures closed
353^ to 25 points net higher. Sales totaled 405 lots. Alarm
over the turn of events in the Far
East, lest they precipitate
a break with
Japan and cessation of silk shipments, caused
nervousness
on
the
silk
market.,
maximum limit of 25c. this
Prices
morning
on
were
bid
up
the
all positions except
July, which is exempt as the spot month and made an even
sharper advance. Strong limit bids were in the market this
afternoon.
On
the
advance 212 lots
were
sold.
transferable.
Houston
New Orleans,...
2,317
The
Movement of
;
the
/"day Night, July
25, 1941.
indicated by our tele¬
Crop, as
grams from the South,tonight, is given below.
For the week
ending this evening the total receipts have reached 90 172
bales against 69,682 bales last week and
79,412 bales the pre¬
vious week, making the total
receipts since Aug 1 1940
Thurs.
Fri.
Total
5,874
8,272
4,000
517
1,447
10,837
4,864
1,854
2,470
5,194
3,882
3,974
25
2,057
15,938
2,078
2,288
....
14.9C3
125
91
:
....
6,898
249
1,022
500
9,853
500
14,697
90,172
....
10,427
27,309
23,084
19,942
36,564
The
following table shows the week's total receipts, the
total since Aug. 1, 1940, and the stocks tonight, compared
with last year:
1940-41
Receipts to
July 25
1939-40
Stock
This
This
Since Awj
Week
Brownsville...
Houston
Since Aug
1, 1940
Week
1,1939
23,064
Galveston
_
19",942
__
Corpus Christi—
■■■:
....
Beaumont
753,084
15,596
1,483,880
149,324
8,588
9",723
4",965
62,464
597",545
955,162
60,480
92,520
453,805
72,250
2,495,397
""2
647,804
760
41,153
2,108,149
4
1940
934,897
179,457
761
26
Gulfport
1941
6,704 1,789,697
36,504 1,424,647
10,529
249
35,259
New Orleans...
38,839
96,773
548,927
■
^
Mobile
Pensacoia,
Jacksonville.
Savannah
^
^
•
_
9,853
m.
6
—
48,500
'm. —
162,006
54,597
1,882
678
66,597
«.
54,477
153,484
60,098
53,321
1,883
1,365
110,413
'
City
Panama
''m
15
m
_
<-
m.
■
'500
__
New York
38",565
7,600
20,576
'
'
*
'
~
20,256
9,700
25,890
14,354
1,905
10,375
24,249
'
mi
30,446
45,985
19,031
29,156
'
Wilmington
Norfolk—
89
'
—
'
•»'-*.
_
m
m.
a.
Boston
—
m.*m
m,
—
irn.mmmmm.
m.
'
230
90,172 4,020,536
.....
«.
—
230
Baltimore..
Totals
±
m
Charleston
Lake Charles.
23,461
25,522
4,127
6,691
33,239
3,000
2,899
875
......
21,723 7,113,820 2,859,197 2.231,438
In order that comparison may be made with other years,
give below the totals at leading ports for six
we
1940-41
Receipts at—
Galveston.
1938-39
4,965
249
6
9,853
Houston
New
1939-40
23,064
19,942
36,564
...
2
6,704
9,723
1937-38
8,795
4,793
16,368
3,836
seasons:
1936-37
1,217
1935-36
79
7,694
2,366
5,623
8,559
533
15
867
"1,044
788
470
281
89
156
844
234
Savannah—
6,038
4,071
5,286
1,335
62
Orleans.
Mobile
38,520
33,394
1,414
34,019
1,132
13,749
21,723
73,527
53,593
55,199
39,742
Charleston
Wilmington
""500
..
Norfolk
All others
Total this wk_
90,172
4,255
7,562
4,167
1,873
28
Since Aug. l._ 4,020,536 7,113,820 .3,670,493 7,219,871 6,369,025 6,794.420
The exports of cotton for the week
ending July 25 reach a
4,750 bales, against 11,543 bales in the corresponding
date last year and 21,170 bales in the same week two years
ago.
For the season to date aggregate exports have been
884,429 bales, against 6,021,219 bales in the same period
of the previous season and 3,324,176 bales for the season
to date two years ago.
Due to restrictions placed on in¬
formation regarding exports, we are obliged to omit our
total of
usual detailed tables of cotton
exports.
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
_
Shipboard Not Cleared for—
July 25 at—
Leaving
Great
Ger¬
Britain France
Galveston
Houston
New
Orleans.
Savannah
Other
Coast¬
many
Foreign
wise
Stock
Total
4,200
10,332
1:
3,400
4,000
_
4,200
10,332
3,700
4,000
300
'm,
Charleston
Mobile
....
Norfolk
Other ports
Total
1941__
Total
1939.
7,400
4,631
1,750
1940._
Total
.
14,832
"804
22,232 2,836,965
9,326 2,222,112
10,569 1,867,602
3",000
1,619
4,318
"900
1,361
930,697
944,830
450,105
149,484
30,446
54,477
25,890
251.036
2,240
Speculation in cotton for future delivery was unusually
active the past week, with the market
showing substantial
net
sharp drop in prices
gains.
On Wednesday there
was a
resulting from the report of threatened release of Govern¬
ment owned cotton.
These losses
subsequently
were
ered, with bullish sentiment prevailing.
more
recov¬
Reports of improved
business in Worth Street also aided sentiment.
reported accepting
Mills
were
of the large orders submitted.
On the 19th inst. prices closed 49 to 62 points net
higher.
Rallies of about $2.50 to $3
from
active
trade
Civilian
Supply had
granting
an
to
43c.
bale in cotton futures resulted
a
demand
Washington that the
Office
made
the
on
of
overnight
first
its
a
11-year highs
pound.
as
May,
a
The
market
1942,
from
news
Administration
Price
major
increase in the ceiling level
closed at 16.55c.
„
Wed.
period
1, 1940, of
same
38
Totals this week.
39
COTTON
Tues.
5,158
2,000
5,667
61
Wilmington....-
Sixteen
July notices were issued. On the Yokohama
Bourse prices were 2 yen higher.
Spot silk sold at 1,580 yen
a bale, an advance of 10
yen.
Open interest in silk futures
decreased 11 lots, standing at
1,122 today.
Local closing:
July, 3.65; Aug., 3.55; Sept., 3.55; Oct.,
3.57; Nov., 3.57;
Dec., 3.56; Jan., 3.57; Feb., 3.57.
■mm
Mem.
2,321
2,487
8,752
Mobile.
Savannah
sales
Far Eastern situation.
Sat.
Receipts at—
Galveston
On
On the 24th inst. futures closed lc. off to lc. net
July 26, 1941
4,020,536 bales, against 7,113,820 bales for the
of
1939-40,
showing a decrease since Aug.
3,093,284 bales.
print cloths from
on
sold
deliveries
and
concession by
into further
rose
to
new
16.58 and
pound, with the general list finishing the
day 49 to 62 points net higher.
Expectations that over¬
whelming demand for cotton goods would appear in the
Worth Street gray goods market
Monday, stimulated antici¬
patory mill buying in the futures market
move
against
pending
raw
cotton
as
a
protective
requirements.
Other
Volume
demand
The Commercial &
153
came
from commission house
Financial Chronicle
573
The market
sources.
29-32
15-16
31-32
Inch
Inch
Inch
Inch
Middling Fair
.33
.43 on
.55
on
.61
Strict Good Middling
.26 on
.37
on
.49
on
.55 on
.64
.20
on
.31
on
.43
on
.49
on
.58
.08
on
.19
on
.30
on
.37
on
.46
on
Basis
.06
on
.14
on
.61 off
.51 off
.45 off
.36 off
1.36 off
1.31 off
1.27 off
1.23 off
opened with advances of 37 to 45 points, with a heavy ac¬
cumulation of buying orders executed on the opening call.
On the 21st inst. prices closed 29 to 35 points net higher.
The
Good Middling
Strict Middling
Middling
.22 off
.11 off
.71 off
1.42 off
advance
in
cotton
futures
under
way
Saturday was
continued
n
<;
on
Strict Low
market
Good Middling
.20
on
.31
Strict Middling
.08
on
.19
on
Middling
.22 off
.11
nff
at the close.
Prices
came close to the 17c. level as May, 1942, deliveries sold in
the last few minutes of trading at 16.90c.
Unfavorable
crop advices from the eastern half of the Belt contributed
to the advance.
Early sellers turned to the buying side in
the late trading.
Opening quotations were 5 to 8 points
higher, but the market soon ran up to gains of 15 to 24 points
as
a
strength
week-end accumulation of mill and commission house
executed.
Partial reactions followed
profit-taking.
Both buyers and sellers
were cautious pending actual
developments in the Worth
Street cotton goods market.
On the 22d inst. prices closed
14 to 15 points net higher.
Prices jumped into new high
ground for the last, 11 years on the opening.
First sales
were
made at gains of 9 to 15 points.
Mills and trade
interests were active buyers and their support was supple¬
mented by demand from Wall Street commission houses and
spot firms.
Hedge selling and offerings by New Orleans and
local traders supplied the contracts.
The rush to buy at
the start apparently was inspired by rumors that the price
legislation which soon is to be offered in Congress will not
touch farm products, but will be aimed,rather at prices of
industrial products.
The argument against including farm
prices in the control measure was said to be that Governmentcontrolled surpluses of farm commodities can be released at
any time to break any tight situation which may develop.
On the 23d inst. prices closed 42 to 43 points net lower.
The cotton market was badly shaken by reports that the
Government may release a portion of its supply to check the
rise.
Prices broke more than $2 a bale but regained a
portion of the loss, standing 16 to 25 points net lower this
afternoon.
The opening was irregular, 5 points lower to 4
points higher in mixed trading, but immediately after the
first call heavy liquidating sales set in with the result that
prices broke sharply.
The selling continued for half an
hour and caused the sharpest declines in a couple of weeks.
Prices fell more than 40 points.
The decline was acceler¬
ated by the catching of stop loss orders.
At the lowest
levels the market met resting orders to buy, which halted
the fall and started a rally that extended to as much as 16
points before midday.
The market later went into another
tailspin.
Today's decline was caused by selling on rumors
that the Government may release 300,000 bales of cotton
buying
orders
and there
it
owns
was
which
could
sold
be
at
current
prices under the
Also commission houses did
As liquidation had about
some
its
replacement buy¬
the market re¬
versed its trend and recovered all of its early losses.
By mid¬
day the market was 10 to 14 points net higher.
The pro¬
posal of the Government to sell some of the cotton it had
taken over on defaulted old cotton loans, was regarded as a
distinct threat to any sustained further rise in prices.
On
run
course
the other hand members of the trade commented that
some
necessarily would have to elapse before the cotton would
Today prices closed 42 to 47 points net higher.
Wall Street buying forced cotton prices up to new highs
for the last 11 years when it became known that Southern
Senators were organizing against price control at this time.
This afternoon prices were more than $2 a bale higher.
The
opening was 7 to 15 points higher on spot house, trade and
commission house buying which developed a relative scarcity
of contracts.
The South sold, as also did Bombay, brokers
for the latter offering July.
Shortly after the opening the
market turned definitely strong, with active months shooting
up to new highs and selling at best prices quoted since
January, 1930. On that flurry the market made net advances
of 34 to 39 points, with all active months selling either at or
above 17 cents a pound.
official
on
White-
Strict Low Middling
Low Middling.
.48
on
.58
on
.30 on
i
.49
.37
on
.46
on
Rven
on
.06 on
on
.14 on
.71 off
.61 Off
.51 off
.45 off
.36 off
1.42 off
1.36 off
1.31 off
1.27 off
1.23 off
.34 off
.23 off
.11 off
.05 off
.03
.46 off
.36 off
.23 off
.18 off
.11 off
.93 off
.84 off
.72 off
.65 off
.59 off
Spotted—
Good Middling
Strict Middling
a
Middling
on
Middling spotted shall be tenderable only when and If the Secretary of Agri¬
a
culture establishes
a
type for such a grade.
New York
Quotations for 32 Years
The quotations for middling upland % (nominal) at New
York on July 25 for each of the past 32 years have been as
follows:
1941 *
17.70c.
1933
25.75c.
1917
10.28c.
1932
10.50c.
5.75c.
1925
1940
1924
9.68c.
8.87c.
1931
8.95c.
1923
35.25c.
23.96c.
1916
1939
1930 .....12.75c.
1922
1914
11.72c.
1929
.......18.80c.
1921
21.65c.
..12.25c.
13.30c.
12.00c.
1928
21.10c.
1920
4.20c.
1912
13.00c.
1935
1927
18.95c.
1919 .....35.50c.
1911
13.60c.
1934
12.85c.
1926
19.20c.
1918
28.90c.
1910
15.75c.
1938
1937
1936
*
..
25.45c.
,
13.20c.
1915
9.20c.
13.25c.
.
1913
12.05c.
,
1941 quotation is for 15-16ths.
Market and Sales at New York
on the spot each day during the
indicated in the following statement.
For the convenience of the reader we also show how the
The total sales of cotton
week at New York
market for spot
are
and futures closed
on
the
SALES
Market
Spot Market
Closed
Closed
Nominal
Saturday
Monday
Tuesday
Wednesday
Thursday
Nominal
Nominal
Nominal
_
Nominal-
Total
__
Nominal
Friday
Spot
Contr'ct
400
Futures—The
York for the past
1,873
1,000
"600
500
500
2.900
2,273
136,394
1
Total
1,873
Very steady
Very steady
Steady
Barely steady..
Very steady
Steady.
week.
Since Aug.
days:
same
Futures
2,900
4,000
6,273
74,100 210,494
highest, lowest and closing prices at New
week have been as follows:
Saturday
Monday
July 21
Wednesday
Tuesday
July 19
July 22
July 23
Thursday
July 24
Friday
July 25
Augl 1941)
Range..
15.94-15.94
Closing.
16.12n
16.41M
16.56M
16.16M
16.43M
16.85M
16.22M
16.51M
16.66M
16.26M
16.53M
16.95M
16.65-16.65
Range..
Closing.
October—
Range..
16.10-16.33 16.35-16.63 16.63-16.83 16.34-16.80 16.30-16.65 16.72-17.10
Closing.
16.32
16.61
16.76-16.77 16.34-16.38 16.63
16.38n
16.68M
16.83M
-—
17.05-17.06
NovemberRange..
Closing.
16.42M
16.69M
17.12M
December—
16.18-16.46 16.47-16.78 16.79-16.96 16.48-16.91 16.41-16.76 16.87-17.26
16.91-16.92 16.48-16.49 16.75
16.76
17.19
16.44
Range..
Closing.
Jan. (1942)
16.28-16.37 16.51-16.80 16.85-17.03 16.55-16.93 16.45-16.66 16.95-17.28
16.80M
16.96
16.55
17.24
16.80
16.46w
Range..
Closing.
February—
Range..
16. 98M
16.83M
16.49 M
Closing.
16.57M
16.85M
17.28M
March—
Range..
16.28-16.55 16.57-16.88 16.88-17.07
Closing
16.53-16.54 16.87
.
16.58-16.99 16.51-16.90 16.97-17.41
17.01
16.59-16.61 16.90
17.02M
-
16.60M
17.33-17.34
April—
Range..
16.88M
16.54M
Closing.
16.89M
17.34M
May—
quotation for middling upland cotton in the
New York market each dav for the last week has been:
July 19 to July 25—
Sat.
Middling upland 15-16 (nom'l)-16.97
Mon.
17.26
Tues.
17.41
Wed. Thurs.
Fri.
17-01
17.28
17-70
Premiums and Discounts for Grade and
and discounts for
on
Staple—The
contract on Nov. 00.
16.55
16.89-16.90 17.03
16.54M
16.89M
16.60
16.89-16.90 17.35-17.38
16.60M
16.89M
June—
Range..
Closing.
17.03M
17.36M
July—
16.31-16.57 16.60-16.89 16.91-17.07 16.57-16.98 16.50-16.89 16.98-17.36
16.89
16.60
17.36
17.03
16.89
16.54M
Range..
Closing.
Nominal.
n
Range for future prices at New York for the week
ended
July 25, and since trading began on each option:
Range Since Beginning of Option
Range for Week
Option for—
1941—
August
September
October.
15.94 July
19 16.65 July
25 15.14 July
9 1941 16.65 July
15 1941
16.10
July
19 17.10 July
25
8.70
Oct.
18 1940 17.10 July
25 1941
_
...
November.
_
16.18
July
19 17.26 July
25
9.28
Dec.
19 1940 17.26
July
25 1941
16.28
July
29 17.28 July
25
9.49
Feb.
17 1941 17.28
July
25 1941
March—.. 16.28
July
19 17.41
25 10.43 Mar. 17 1941 17.41 July
25 1941
July
19
December..
1942—
January
February
April
-
-
July
—
f 6:28
13 Te"
"May 19" 1941 17~H July" 25* 1941
25 15/92
July" 18~ 1941 17:3"6 July" 25" 1941
Ij'H July"25
June
July
16:57 "July" 19 17:36
Volume of Sales for
Premiums
grades and staples are the average quota¬
tions of 10 markets, designated by the Secretary of Agri¬
culture, and staple premiums and discounts represent full
discount for % inch and 29-32 inch staple and 75% of the
average premiums over 15-16 inch cotton at the 10 markets
on July 24.
16.28-16.58 16.61-16-90 16.91-17.10 16.60-16.98 16.51-16.90 17.01-17.44
May
following table gives premiums and discounts for grade and
staple in relation to the grade, Basis Middling 15-16 inch,
established for deliveries
Range..
Closing.
be released.
The
Extra
on
September -
closed 27 to 31 points net higher.
Replacement buying of cotton rallied the market from a
fresh break this morning.
As a result of that support prices
stood about a dollar a bale higher this afternoon.
The
market met further liquidation on and immediately after the
opening.
First prices were 2 to 10 points net lower and
losses were extended during the first hour under active selling.
On that dip trade interests came to the aid of the ailing
time
Low Middling..
.70 on
on
was
On the 24th inst. prices
ing.
Middling...
some
existing law governing cotton holdings.
market.
Up
While—
today on trade demand, which encountered a
scarcity of offerings.
The effects of the 4c. a pound increase
in "ceiling" prices for cotton goods were still making them¬
selves felt and although some profit-taking developed, the
displayed renewed
1 Inch
and
July
Future Delivery—The Commodity
Exchange Administration of the United States
Department
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.
of
The Commercial & Financial Chronicle
574
July 26,
In
Open
New York
July 18 July 19 July 21 July 22 July 23 July 24
July 24
1941—
August
100
-
-
10,900
27,800
37,400
22,000
47,500
18,400
33,200
50,200
86,500
72,100 130,700
62,100
493,000
Total marketed
229,000
December
1942—
1,400
.
.
500
1,800
5,700
3,900
1,500
43,800
67,300
50,700
63,300
39,700
38,100
54,200
70,600
54,800
39.700
269,400
5,800
8,600
15,300
7,300
5,500
3,900
27,000
93,500 169,100 262.500 228,400 305,700 165,300 1,532,200
Total all futures....
over
21,723
957
h
108,000
h
h
h
h
takings
consumption to July 1
130,680
*32,866
h
H
h
h
Came into
sight during week...231,120
Total in sight July 25
North,
July 16 July 17 July
18 July
19 July 21 July 22
n
h
h
H
....
*
Open
New Orleans
h
H
489,000
19,900
.
Week
Atug. 1
284,297
*53,177
Interior stocks in excess
Excess of Southern mill
32,900
22,300
... ...
March
May
.............
July..........
...
Since
Aug. I
Since
Week
Receipts at ports to July 25
90,172
Net overland to July 25
4,125
Southern consumption to July 25.190,000
500
October
January
Sight and Spinners
Takings
Contracts
1941
1939-40
1940-41
spinn's'takings to July 25
69,930
.
adjustment at the end of the
H
h
1,146
h We withhold the totals since Aug.
Decrease,
proper
97,814
H
1 so as to allow for
crop year.
Contracts
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
day of the week:
July 22
Below
1941—
1,700
1,100
July
August
*6,050
14,850
1,500
100
200
23,900
9,050
30,200
40,000
December
37,900
17,400
26,900
73,550
34,600
700
26,850
31,500
110,450
42,0.50
....
October .i.......
Southern cotton markets for each
Closing Quotations for Middling Cotton on-
2,500
1942—
400
January
.........
32,4.50
23,950
29,250
38,550
35,700
24,200
10,950
14,300
30,1.50
23,800
99,900
1,850
700
350
5,100
July
Total all futures
Saturday
61,850 103,200 151,450 109,700
124,200 120,250
Includes 6,050 bales against
460,800
|
Tuesday
Monday
Friday
Thursday
Wednesday
July 25
158,300
21,900
300
May
*
4,950
41,3.50
March
Week Ended
Vi
15-16
%
15-16
K
1516
%
15-16
K
15-16
Vi
15-16
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
Galveston... 15.62 15.82
16.13 16.35 16.55
New Orleans. 15.79 15.99
16.26 16.52 16.72
The Visible
Supply of Cotton—Due to war conditions,
are not permitted to be sent from abroad.
We are therefore obliged to omit our usual table of the
visible supply of cotton and can give only the spot prices
at Liverpool:
1941
Closed.
15.30d.
8.34d.
10.40d.
July 2b—
Middling upland, Liverpool
Egypt, good Giza, Liverpool..
Peruvian Tanguis, g'd fair, L'pool
Broach, fine, Liverpool
C. P. Oomra, No. 1 staple, super¬
fine, Liverpool
1940
7.95d.
12.81d.
_6.42d.
~8.55d.
1939
5.40d.
7.29d.
5.15d.
4.17d.
1938
4.99d.
4.94d.
4.04d.
15.57 15.77
16.08 16.30 16.50
15.97 16.12
16.43 16.70 16.85
Norfolk
cotton statistics
Mobile
Savannah
which notices have been issued, leaving net open
contracts, none.
15.90 16.10
16.40 16.60 16.80
Montgomery. 15.95 16.15
16.45 16.70 16.90
Augusta
16.17 16.42
Memphis
15.65 15.90
Houston
15.66 15.86
.15 16
Little Rock.. 15.55 15.80
10 16
Dallas
16.73 16.90 17.15
9516
15.52 15.77
-_,16.25
92,15 97il6.17
,06 15
2115
4.26d.
6.25d.
16.37 16.57
81'15 83 16.08 16.25 16.50
New Orleans Contract
Market—The closing quotations
leading contracts in the New Orleans cotton market for
for
the past week have been
as
follows:
Saturday
8.34d.
16.40 16.65
85,15 90 16.15 16.30 16.55
Monday
Tuesday
July 19
July 21
July 22
4.11d.
Thursday
Friday
July 24
Wednesday
July 25
July 23
1941—
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, ana the same items for the
corresponding periods of the previous year—is set out in
16.495
16.785
January
16.975
16.585
16.825
17.275
March.... 16.58-16.60 16.89-16.92 17.06-17.07 16.67-16.70 16.95-16.97 17.38-17.41
detail below:
May..... 16.59-16.60 16.92-16.94 17.08
October... 16.34-16.35 16.60-16.61 16.80-16.81 16.41-16.44 16.61
17.05-17.07
December. 16.48-16.50 16.76-16.78 16.95-16.97 16.56-16.57 16.79-16.82 17.25-17.29
1942—
..
16.69-16.70 16.95-16.97 17.42-17.43
16.585-.60a 16.915-.93a 17.06 5-.08a 16.675-.69a 169551697a 174051742a
July
Tone—
26, 1940
Movement to Jily
Movement to July 25, 1941
Spot
Steady
Steady
Steady
Firm
Firm
Steady
Futures...
Towns
Stocks
Ship¬
Receipts
ments
Week
3,850
Ala., Birm'am
143
Eufaula
136,819
16,758
25
Week
4,370
53,652
720
16,701
71,288
1
6,190
14,018
6,535
Forest
1,771
91,987
l",02i
383
75,543
22
26,386
677
44,024
70
29,565
284
145,245
2,098
77,013
19,975
31
171,818
12
32,397
71,111
41,164
1,906
3,529
1,803
48,252
100,633
25,177
69,922
497
39.992
City
"72
60,940
174
22.937
2
294
44,649
1,008
24,059
15
13,275
29
22,448
7
2*876
146,192
5,949
100,164
"358
170,606
"760
44,358
65.993
502
27,524
16,484
154
11,822
36,491
246
30.938
670
146,336
726
31,473
3", 154
Augusta..
4,508
312,794
10,030
184,510
1,983
Columbus.
800
31,900
650
Macon
531
41,633
661
29,2,50
37,958
Helena....
Hope
Jonesboro..
Little
Rock
Bluff.
Walnut Rge
59
Ga., Albany..
Athens....
Atlanta
600
21,314
54,681
Newport.
"l04
9,307
115,945
39,059
142,982
63,007
"26
596
251
31,903
30,079
1,122
23,012
116,723
163
20,495
815
Report
on
1940-41
and
1938-39
Cotton
Loans—The
Department of Agriculture announced on July 17 that
through July 12, 1941 loans outstanding on the 1940-41
crop cotton held by Commodity Credit Corporation and
lending agencies aggregated $11,775,685.27 on 257,871 bales.
Loans and repayments by States—with the exception of
repayments of $21,854,111.08 on 437,804 bales made but
not yet allocated by States—follow:
00,325
940
30,145
159
15,451
40,244
Total Loans
9,969
Loans
Repayments
Outstanding
States
36,741
96,907
Bales
3,683
3,504
300
181,026
178,073
18,200
100
29,800
Alabama-
189
40,025
557
26,089
Arizona
Amount
Bales
Amount
112,549
Bales
Amount
$
$
123,375
5,901,339
105,956
5,079 361
17,419
71,092
...
3,324,899
65,716
5,376
5,042
200
31,246
35,776
"218
Arkansas
53,484
16,801
109,439
200
859
128,504
6,089 185
123 462
250
54,018
California...
4,337
39,075
368
169,207
641
386,164
16,609 632
54,362
Florida..
307
151
37
511
23,565
1,411
1, 750
114
26,944
19,240,979
7,320
331,802
30,349
27,029
3,377
45,163
146
184,731
243,608
962
8,833,436
159,045
7,619, 247
25,686
58
7,599,896
139,110
34,375
155,747
6 804 877
55
47,652
12,180
Louisiana.
157
202,622
25,884
16,637
4
Mississippi
12
77,199
3,298, 091
4,699
Missouri
535
12,738
10,674
495, 263
2,064
48,194
386
12,326
28,993
4,680
North Carolina...
215, 454
1,823, 336
1,995
4,457
Oklahoma
9
405,813
5,288
3,546,302
591,757
251,826
2,821,017
9,925,277
72,500
12,218
"52
7,333
28,213
89
1,233
South Carolina...
111
335,351
1,986
2,088
159,103
71,290
Columbus..
314
Greenwood.
2,328
564
663
8,575
5,663
99
7,862
Vicksburg..
98
Yazoo City.
Mo., St. Louis
N.C., Gr'boro
20,483
33,236
78
21*294
607,949
Jackson....
Natchez
7,940
16,522
2,182
2,819
1,654
21,306
2"o56
221
10,004
94
15 towns *.
1,653
472,483
S. C., Gr'ville
2,011
134,932
11,306
2,876
78,426
791,386
3,657 136,445
25,614 3595,694
1,000
11,271
26,954
5
27
890
16
Oklahoma—
Tenn., Mem's
Texas, AbUene
62,830 4832,862
316
49,508
Austin
90,793
39,439
490,155
9,441
1,365
20,218
11,024
443
915
8
81,639
3,701
33,113
1,678
7,422
15,779
54,746
3,947
29,389
380
88.455
1,470
20,009
16
76,262
839
21,466
1
6,519
4,406
37,449
37
523
128
"166
21,215
299
57,220
100
Robstown..
585
6,778
"§64
Marcos
178
Waco
1,426
9,885
49
1,056
53,795
48,693
357
_
—
New Mexico
5,473
....
59,457
210,688
122,853
6,205,967
38,420
199,225
106,573
9,390, 370
5,281, 871
15,141
734,654
15,141
78 008 475
110,967
53,113, 350
913
43,203
913
5,570
1,214,189
795,019
248,210
96.493
793
36,372
21,037
11,463
997,681
16,280
924,095
435,906
43, 203
Virginia
Total
241,383
2,631,347
734 654
1,625 670
Texas
821,977
197,423
514",703 24,895*125
3,179,896 153,125,539 2,484,221 119.485,743 695,675 33,639,796
13.058
"Si
Paris
Georgia
Tennessee
142,543
1,354
.
Dallas
1,075
4,144
533
13,572
Total,56townBlll2,128 8633,126 165,30512225,970
*
Firm.
Nominal.
158,238
17,049
*375
Texarkana
n
Steady.
16,570
148,060
Rome
San
b Bid.
Steady
Steady.
Barely st'y Very stdy.
3,127, 475
5,847 801
La., Shrevep't
Miss., Clarksd
Brenham.
Ask,
a
26
333
45,096
538
July
Week
Season
686
2,410
Montgom'y
Sclma
Ark.,Blythev.
Pine
Stocks
ments
July
Week
Season
Ship¬
Receipts
42,774 6777,098
28
1,063
1,078
The Agriculture Department announced on July 17 that
through July 12, 1941, loans outstanding on 1938-39 crop
cotton held by the CCC and lending agencies
aggregate
568,390 bales. Loans and repayments by States follow:
Repayments
75,6401980,272
States
Overland Movement for the Week and Since
Aug. 1—
We give below a statement
showing the overland movement
for the week and since Aug. 1, as made
up from
reports Friday night.
Aug. 1 in the last two
telegraphic
The results for the week and since
years are as
Since
Week
Aug. 1
h
3,825 "
..
Via Rock Island.
h
Balance
Outstanding
{Bales)
California
48,396
695,801
Arkansas
288,321
79,994
Arizona
{Bales)
317,598
Alabama
627,432
(Bales)
29,277
31,598
68,369
94,977
100,167
195,144
.....
1939—40—•—
Sinte
1,995
o4,000
Aug, 1
177,953
168,370
9,583
291,970
244,537
Mississippi....
Week
Georgia
Louisiana
follows:
1940-41
July 25——
Shipped—
Through
July 12, 1941
Total Loans
Includes the combined totals of 15 towns in Oklahoma.
762,317
110,793
660,061
47,433
102,256
Missouri
h
Oklahoma
h
South
'
Carolina
Tennessee....
4,999
23,216
15,972
21,841
1.893
168,442
16,124
53,065
....
105,794
39,188
23,734
184,566
New Mexico
North Carolina..
50,880
2,185
92,244
h
""80
h
Texas
320,957
1,228,696
274,678
1,136,452
3,300
h
h
Virginia
150
139
11
2,000
h
3,230
6,000
Total
4,481,926
3,913,536
568,390
h
..
Via other routes, &c
..
-30,990
15,305
h
h
230
h
h
*204
h
Inland, &c., from South
Total to be deducted
Leaving total net overland *
*
Including
since Aug.
11
I--26.656
-26,656
h
13,914
h
-26,865
26,865
h
14,348
h
4,125
h
957
h
-
movement
1 so
Estimated-
Report
209
-
as to
by rail to Canada,
h We withhold the totals
allow for proper adjustment at end of
crop year.
._
_
46,279
h
h
Deduct Shipments—
Overland to N. Y., Boston, &c_.
Between interior towns
h
on
1940
Corn
Loans—The United States De¬
partment of Agriculture announced on July 19 that 1,086
loans made
on the
1940 corn crop were repaid during the
This brought total loan repayments to
July 12.
that date to 9,065, representing 8,753,120 bushels valued at
$5,330,658.
On the same date the Department reported
99,925 loans outstanding on 93,782,002 bushels valued at
$57,146,891.
Loans by States follow:
week ended
Volume
The Commercial &
153
575
Financial Chronicle
JWy 25, 1941
Repayments
Bushels
13,495,934
904,821
12,589
Illinois..
4,010,587
3,698
326
274,107
59,018
879
3,612
626.371
49
24
66,890
9
3,310,903
35,147
24,862
9
5,649
2
856
10,411
7,974,118
219
183,821
3,440
2.939,236
665
497,422
15,441
Iowa...
Kansas
13,110,985
113,150
302
294,034
17
Kentucky
Michigan
Minnesota..
Missouri
Nebraska
461
261,670
126
24,978
66,782
5,540
4,030.502
34
18,928
6
102,535,122
9,065
8,753,120
Dakota
Wisconsin
Above zero of gauge.
Above zero of gauge.
1940-1941 cotton
Industry for June,
on July 19 that,
according to preliminary figures 24,326,162 cotton spinning
spindles were in place in the United States on June 30, 1941,
of which 22,991,546 were operated at some time during the
month, compared with 22,980,286 for May, 22,787,396 for
April, 22,795,742 for March, 22,769,368 for February, 22,820,724 for January, and 21,954,616 for June, 1940.
The
aggregate number of active spindle hours reported for the
month was 9,931,548,864.
Based on an activity of 80 hours
per week, the cotton spindles in the United States were
operated during June, 1941, at 121.5% capacity.
This
Activity in the Cotton Spinning
announced
1941—The Bureau of the Census
the same basis, with 121.8 for May,
119.6 for April, 116.7 for March, 114.0 for February, 112.1
for January, and 87.9 for June, 1940.
The average number
of active spindle hours per spindle in place for the month was
408.
The total number of cotton spinning spindles in place,
the number active, the number of active spindle hours, and
the average hours per spindle in place by States, are shown
percentage compares, on
5.9
The
tions.
figures do not include overland receipts nor
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:
Southern
Receipts from Plantations
Stocks at Interior Towns
Receipts at Ports
End.
1941
1939
1940
1940
1939
1940
1941
1939
Apr.
25,323
Nil
61,959
50.671
12,397 2848,100 2454,769 2795,440
36,091
2.
57,306
35,572
16,498 2802,116 2411,420 2757,237
10,724 2751,529 2360,407 2725,840
11,322
Nil
Nil
17,109
Nil
Nil
21,240
Nil
Nil
37,576
9,324
Nil
25,232
Nil
Nil
35,193
Nil
Nil
19,766
34,047
3,658
Nil
Nil
8.083
32,014
Nil
Nil
25.
May
9.
67.696
41,104
16.
75.438
39,262
23.
83.347
42,308
29.
65,092
30,472
15,932 2697,331 2321,071 2692,155
16,953 2651,560 2288,087 2667,674
17,870 2611,700 2256.647 2635.929
June
13.
73,311
27,624
32,919
16,177 2553,544 2220,186 2600,639
23,331 2499,999 2190,925 2570,117
20.
78,427
25,190
27.
64.570
40,690
36,239 2455,619 2152,669 2541,961
26,909 2423,063 2100,527 2512,919
3..
53,576
27.653
11.
79,412
19,555
18.
69,682
25.
90,172
19,881
21,723
6.
93,349
July
4,043
13.700
Nil
5.562
22,358
36,995
73,527 2225,970 1980,272 2434,289
Nil
22,696
26,363 2383,187 2061,441 2490,599
33,685 2326,471 2034,995 2462,476
58,075 2279,147 2013,138 2444,446
Nil
40,045
Nil
63,370
(1) That the total receipts
plantations since Aug. 1, 1940, are 4,307,465 bales;
were 6,847,665 bales, and in 1938-39 were 4,474,001 bales.
(2) That although the receipts at the outports the
past week were 90,172 bales, the actual movement from
plantations was 36,995 bales, the stock at interior towns
having decreased 53,177 bales during the week.
The above statement shows:
from the
in 1939-40
Manchester Market—Our report by
cable tonight from
and cloths
Manchester states that the market in both yarns
steady.
Demand for foreign markets is good.
We
give prices today below and leave those for previous weeks of
this and last year for comparison:
is
1940
1941
8 M Lbs.
statement:
following
«
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
1941
corp—third official estimate Northern Brazil, 615,000 bales;
first estimate Southern Brazil, 1,849,000 bales—total of
2,464,000 bales for all Brazil against final estimates for
1939-1940 of 630,000, 1,511,000, and 2,141,000 bales, re¬
spectively.
Argentina 1940-1941 cotton crop-third official estimate
placed at 235,000 bales against a second estimate of 227,000
and a final 1939-1940 estimate of 362,000 bales.
the
Shreveport
Vicksburg
3.5
6.6
9.7
14.6
of gauge.
Week
South American Cotton Crops—Brazil
jn
zero
2,748
108.990
Ohio
Total
Above
Feet
of gauge.
Orleans
26,873
38
96
North Dakota.
South
zero
Nashville
58,986.868
1,044
Indiana
Above
3.0
9.5
16.2
13 3
8.0
of gauge.
Memphis
Bushels
No. Loans
zero
New
State
No. Loans
Above
July 26,1940
Feet
Total Loans Made
Shirt¬
8 >4 Lbs.
Cotton
Shirt¬
32s Cop
ings, Common
Middl'o
32s Cop
to Finest
Upl'ds
Twist
Cotton
Middl'o
ings, Common
Twist
to Finest
Upl'ds
Active Spindle Hours
d.-
for Juue
Spinning Spindles
s.
s.
d.
Total
22,991,546
.408
9,931,548,864
0
13
0
9..
Spindle in Place
13
2..
ing June
24,326,162
United States
Average Per
A dive Dur¬
June 30
16.19
16.19
13
0
16..
In Place
16.19
13
0
25..
@13
17,970,354
5,643,660
712,148
17,344,526
7,863,817,200
438
23..
16.19
13
0
5,026,140
620,880
1,862,420,381
330
29..
16.19
13
1
205,311,283
288
6..
—
Alabama
16.19
13
3
1,779,554
502,394
3,006,712
598,680
2,800,474
804,591,546
448
13..
16.19
13
3
1,015,632,522
321
132,246
56,824,400
374
253,154
273,800
118,526,920
418
18.
16.19
13
98,198,377
302
25.
16.19
13
5,601,594
837,166
2,419,091,779
307,494,474
2,520,063,820
461
247,198,853
104,662,016
447
248,730,266
175,129,951
388
525,000
—
3,147,948
657,620
Georgia
Maine
3,167,412
151,830
283,524
Massachusetts
Mississippi
New Hampshire
325,660
New York
5,775,134
911,592
5,469,360
North Carolina
Rhode Island
Tennessee
553,328
5,306,906
544,044
Texas
242,656
d.
s.
Virginia
641,272
677,610
300
20..
16.19
13
3
448
27..
16.19
13
3
16.19
13
16.19
13
584,256
All other States
157,707,574
542,786
Returns
;:;'v<Vr.
374
3..
11.
Rain
337
York
431
this
76
Tort Worth
—
93
67
74
84
93
75
84
96
75
86
75
74
88
73
74
84
85
99
73
73
Waco
101
97
dry
dry
+
95
dry
dry
—
96
94
86
84
86
0.01
103
71
1
0.05
100
72
1
0.82
95
69
82
2
0.14
93
72
83
1
0.05
97
70
84
1.40
95
69
82
0.23
95
4
1.27
93
67
71
81
2
Orleans..—
Shreveport
1
2
Louisiana—New
0.74
91
68
80
92
71
dry
Montgomery.
87
•
81
82
83
3
0.17
95
70
98
78
1
0.88
0.12
93
74
84
6
Atlanta.
5.02
95
70
82
1
0.06
91
69
94
70
90
68
dry
Augusta.
Macon..
1
1.01
88
'
80
82
79
'
6
3.47
91
72
82
73
2
0.12
88
58
2
0.33
92
68
80
Raleigh.
1
0.14
101
66
84
Wilmington
2
0.09
88
70
79
Tennessee—Memphis
2
1.21
95
69
82
2
0.31
91
65
78
1
0.49
93
64
79
North Carolina—Asheville.
Nashville.
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:
The
4X
Closed
14.04
11 10H
@12
@13
@13
@13
@13
6
6
6
6
Closed
14.04
11 10H
@12
Closed
14.04
11 10@12
14.22
12
4X®12
IX
7X
7.25
Closed
Closed
14.06
12
6
@12
9
7.60
Closed
6
7X Closed
7Yi Closed
7X Closed
14.13
12
6
@12
9
7.82
14.25
12
6
@12
9
7.98
14.19
12
6
@12
9
7.83
14.05
12
4^@12
9
7.95
7X
IX
8.14
7.42
Closed
Nominal
IX
Closed
@13
4^@13
4^@13
4H@13
IX Closed
7.82
Statistics—Regulations due to the war
prohibit cotton statistics being sent from abroad.
We are therefore obliged to omit the following tables;
World's Supply and Takings of Cotton.
India Cotton Movement from All Ports.
Alexandria Receipts and Shipments.
Liverpool Imports, Stocks, &c.
BREADSTUFFS
Friday Night, July 25, 1941.
Flour—The
recent
strong action
of the grain
markets
marking up of the entire price list for
flour 5c. a barrel.
However, this has caused no noticeable
demand on the part of flour consumers in this area.
It is
assumed that a very large proportion of the consuming
trade is covered for some time ahead, and regular shipping
instructions will be sufficient for their needs.
has
resulted
in
a
86
3
Tampa.
are
79
2
OMahoma—Oklahoma City...
Arkansas—Fort Smith
Little Rock
Closed
Nominal
80
93
0.88
2
Na vasota,
Palestine
San Antonio
14.08
83
0.06
Rio
14.74
Freights—Current rates for cotton from New
no longer quoted, as all quotations are open rates.
85
94
63
72
dry
dry
dry
Corpus Christi
Closed
Closed
Mean
Low
0.01
1
3
3
3
in Europe
259
95
dry
1
@13
@13
@13
@13
@13
3
Foreign Cotton
93
0.61
3
Austin.,
Abilene.
3
12
Cotton
High
lrtcn.es
8.18
12
14.85
-Thermometer
Rainfall
dry
8.07
7X
14.78
Closed
419
'
by Telegraph—Telegraphic advices to us
Days
7X
4^@12
12
4X®12
11 10^@12
Closed
July
evening indicate that cotton has been benefited by warm
days and fair weather, which promoted fruiting and lessened
weevil activity.
Rank growth has been checked and plants
are fruiting better.
•Texas—Galveston.
4H@12
3
June
1,411,499,299
246,197,067
227,780
South Carolina
Del
d.
May
1,796,216
growing States
New England States.
Cotton
..Connecticut
s.
Apr.
State
All other States
d.
d.
Wheat—On the 19th inst. prices closed
H to %c. net
The market ruled firm during most of the short
session, influenced by strength in other commodity markets,
especially the cotton market which showed exceptional
strength.
The first major concession on the part of the
Government in granting an increase in the ceiling level on
print cloths from 39 to 43c., seemed to have a decidedly
bullish effect on other commodity markets and wheat seemed
to be affected indirectly.
Reduced wheat receipts at many
terminals because of full or partial embargoes against ar¬
rivals for storage under loans, attracted trade attention, but
there was no unusual mill activity.
Kansas City reported
steady progress in clearing accumulated cars on track there.
On the 21st inst. prices closed unchanged to ^c. lower.
Wheat traders let prices drift during the first three hours of
the session today, but when losses of about a cent a bushel
established new lows for the last month, the market re¬
covered virtually all of its decline.
Hedging sales, though
higher.
light; liquidation of July contracts,
in which trading ends
The Commercial & Financial Chronicle
576
Wednesday, and
storage situation
some
ment has discontinued
selling influenced by the congested
terminals—accounted for the
bulk of the pressure.
The rally was attributed partly to
buying by milling interests (although no unusual flour
business was confirmed) and by previous short sellers who
were covering accounts.
Throughout the session conflicting
war reports limited operations.
Farmers with excess 1941
wheat may obtain permission to sell without the 49c. pen¬
alty, a quantity in proportion to the reduction they make in
acreage for 1942 harvest below their allotment.
On the
22d inst. prices closed Y to Yc. net higher.
Strength in
cotton and stocks was reflected in the wheat market today
with prices showing moderate gains.
Wheat ignored the
distressing storage situation as well as the news of a greater
spring wheat crop than estimated earlier.
Trade was not
very active and the advances were mostly fractional, al¬
though July was a full cent over the early low quotations.
There was little change in the storage situation.
Reports
that Minnesota, Montana, North and South Dakota were
expected to harvest a spring wheat crop of 228,843,000
bushels or 22,000,000 bushels more than earlier estimates,
was construed as meaning that all this extra wheat threat¬
ened to clog already overstuffed terminals.
Reports that
several million bushels of storage room would be made
available
in
at
Illinois
discounted
were
it
and
channels, at 75c.
cember
based
Corn
business
JulySeptember.
Although the local storage
rarily by release of approximately 750,000 bushels of space
which had been reserved for Government com, the picture
for the Nation as a whole appeared to be growing critical.
This was best illustrated by the fact that embargoes on
storage
become
will
wheat
effective
St. Paul, Duluth and Superior
apolis,
tomorrow
Minne¬
at
before the har¬
even
vest of
spring wheat really gets under way.
Today prices closed unchanged to y±c. lower.
After regis¬
tering earlier fractional gains, extending the week's recovbased
ry,
on
hot weather and active flour business,, wheat
prices today
close
and
reacted, dipping at times below the previous
finishing with little net change for the day.
A
of above-normal temperatures with showers
continuation
and
thunderstorms
was
forecast for the
spring wheat belt
period ending July 30.
Early buying came from
mills and dealers acting on weather
reports, but the price
advance ran into profit-taking that caused a reaction.
Open
interest in wheat tonight totaled 50,999,000 bushels.
for
the
DAILY CLOSING PRICES
OP
WHEAT
NEW
IN
Sat.
No. 2 red
DAILY
CLOSING
PRICES
OP
Tues.
119%
-
Mon.
118%
119
WHEAT
Sat.
July
September
December
101%
103%
.105%
__
.
_
Thurs.
120% 122
IN
Mon.
Tues.
100%
101% 103
104% 104%
106% 106%
103%
105%
Wed.
May
High and
July
107%
September... 108%
December
CLOSING
Made
July
8,1941 July
8,1941 September
8, 1941 December
25, 1941 May
July
July
July
109%
..110%
May
DAILY
When
PRICES
OF
I
Season's Low and
WHEAT
Sat.
_
,
CHICAGO
Thurs.
106%
108
July
76%
October
79
December
Feb.
Feb.
May
July
109
Tues.
Fri.
106%
107%
109%
When Made
73%
73%
96%
FUTURES
Mon.
Fri.
IN
Wed.
17, 1941
17, 1941
31, 1941
24,1941
Season's
80%
77""
.....
78%
77%
78%
76%
78
Corn—On the 19th inst
prices closed unchanged to Yc.
corn contained little of
interest,
trading being very light.
On the 21st inst. prices closed
Y to Yc. net lower.
The excellent new crop prospects for
corn had
a
bearish effect on corn prices.
Farmers con¬
tinued to take corn out of loans.
On the 22d inst. prices
closed Ye. net lower.
Trading was light.
The pit was
higher
The short session in
inactive
no
23d
most
of
the
session
and
traders
said
there
light, with prices irregular.
Corn
corn
was
the
24th
advanced
contracts
inst.
with
M
to
%c.
net
higher.
over
a
Initial trading in May, 1942,
premium of almost 5c. a bushel
September deliveries.
The Govern¬
Fri.
90%
IN CHICAGO
Tues.
Wed.
Thurs.
72%
74%
77%
73%
75%
77%
75%
78
Fri.
75%
78%
Season's Low and When Made
When Made
June 23,1941 July
58%
Sept. 23,1940
June 23,1941 September
57%
Feb. 17. 1941
June 23, 1941 December
73%
May 23,1941
July 24. 1941 May
80%
July 25, 1941
75
December
79%
80%
May
81
___
Oats—On the 19th inst. prices closed Yc. off to Yc. up.
Trading very light.
On the 21st inst. prices closed un¬
changed to Yc. off.
Oats were steady despite hedging
associated with large terminal receipts, which totaled 670,000
bushels at 12 markets, compared with 410,000 bushels a
week ago and 228,000 bushels a year
ago.
On the 22d inst.
prices closed unchanged to Yc. off.
Trading light and
without feature.
On the 23d inst. prices closed Yc. to lYc.
net higher.
The strength displayed in the July delivery
was due largely to
covering by those not caring to take
the
undertone
firm.
was
CLOSING PRICES OF OATS FUTURES IN
Sat.
July--September
July (new)...________
September (new)
December (new)
May (new)
Season's
High
Mon.
34%
Tues.
33%
__
33%
35%
37%
____
June
June
Made
I
July
33%
__
July
30%
September
30
July (new)
33%
Sept. (new) -.33%
Dec. (new)— 36%
25, 1941 May (new)— 41%
Mon.
III"
9, 1940
17, 1941
July
May
23,1941
3, 1941
May 26, 1941
July
24, 1941
IN WINNIPEG
Wed.
Tues.
Thurs.
34%
40%
36%
December
^
Oct.
Feb.
___
Sat.
""
When Made
8,1941
October
____
38%
_
DAILY CLOSING PRICES OF OATS FUTURES
.
38%
34%
35%
Season's Low and
30.1941
July
Thurs. Fri.
37
30,1941
June 30, 1941
June 30,1941
—
CHICAGO
Wed.
33%
36
When
July
and
July
39
September
39%
July (new)... 38%
Sept. (new)
39%
Dec. (new)
40%
May (new)
41%
37%
34%
Fri.
41
_
34
39%
37%
Rye—On the 19th inst. prices closed Yc. off to %c.
This market
up.
dull with
price range narrow and irregular.
prices closed Yc. to ^c.net lower. There
was little to
report on rye trading, the market being rela¬
tively quiet and fluctuations narrow.
On the 22d inst.
prices closed Yc. lower to Yc• higher.
This market was
relatively quiet with fluctuations extremely narrow.
On
the 23d inst. prices closed
unchanged to Yc. up.
There
was
relatively little trading done in this market, attention
seeming to be focused on wheat.
was
On the 21st inst.
On the 24th
was
some
inst.
prices closed l%c. net
higher.
There
good
buying in rye futures on the strength of
bullish trend of wheat and other commodity markets.
To¬
day prices closed % to %c. net higher.
independent firmness.
DAILY
CLOSING
PRICES
July.
September
July (new)
September (new)
December (new)
May (new)___.____
OF
RYE
55
__
_______
Fri.
.
.1.1
61%
I'll
____
_
OF
RYE
FUTURES
Mon.
55%
....
IN
When Made
Feb.
Feb.
May
May
May
July
21, 1941
21. 1941
31, 1941
31, 1941
23, 1941
25, 1941
WINNIPEG
____
Tues.
Wed.
Thurs.
54%
54%
55%
-
December.....
56
60%
56
When Made
|
Season's Low and
~
July 23, 1941 July
43
June 27,1941 September
44
May 15, 1941 July (new)
54
May 15, 1941 Sept. (new)
54%
July 25, 1941 IDec. (new).
56%
July 25, 1941 (May (new).
65%
CLOSING PRICES
Thurs.
56%
_
60
.
Sat.
July
CHICAGO
Wed.
____
57%
_
,
IN
Tues.
55%
56 %
.
High and
July.
56%
September
57%
July (new)
60%
Sept. (new)
60%
Dec. (new).. 62%
May (new)... 66
DAILY
Mm.
56
._
This market showed
FUTURES
54
Season's
54%
55%
__*.i
____
Fri.
54%
55
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat.
Mon.
Tues.
Wed. Thurs. Fri.
July
56
October
48%
December.
47
Closing quotations
were as
56%
....
54%
48%
52%
47
46%
_
47
._
51%
48%
46%
follows:
FLOUR
Standard Mill Quotations
Spring patents
6.35@6.501 Soft winter straights
6.10@6.35| Hard winter straights
First spring clears
6.10@6.35
6.20@6.45
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic
121
Manitoba No. l.f.o.b.N.Y.
90%
Corn New York—
•
"wheat.
disclosed
being quoted
prices closed
90%
was
incentive for the market to move either
way.
On the
inst. prices closed Yc. off to
Yc. up.
Trading was
On
High and
July
September
October..
..
Thurs.
89%
May
WINNIPEG
Thurs. Fri.
Wed.
89%
72%
74%
77%
...
77%
-
YORK
Tues.
89%
Mon.
Sat.
121
no
Season's
____
YORK
Wed.
FUTURES
_
December
DAILY
under way in some markets.
situation was relieved tempo¬
was
NEW
IN
Mm.
Sat.
but
ing release of about 750,000 bushels of space originally in¬
tended for Government corn.
Southern reports indicated
flour
CORN
oats, which responded in an unusually vigorous way.
To¬
day prices closed % to %c. net higher.
Trading was light,
Some buying also was associ¬
good
OF
89%
_
price
totaled 21,029,000 bushels.
Sat.
yellow,
the regular
consumers at
corn
On the 24th inst. prices closed %c. to lc. net higher.
The
strong advance of cotton and wheat had its influence on
grain storage situation follow¬
a
Orxm interest in
DAILY CLOSING PRICES OF CORN FUTURES
definite direction
bushel today.
a
offered for sale to
was
commitments.
expected as long as there is a situation of plentiful
supplies with little storage space available and so much
talk of legislative activity to control prices on the one hand
or insure parity levels on the other.
■■ ■
Or the 24th inst. prices closed % to l^c. higher.
Re¬
newed buying of wheat attributed to mills and dealers fear¬
ing possible crop damage due to the heat wave lifted prices
than lc.
are
V
was
ated with easing of the local
on
DAILY CLOSING PRICES
No. 2
could be
more
May above 80, traders believed deferred
above the probable new loan rate, which
yesterday's parity figures wTould be around 71c.
prices
of 75c.
pointed out that this would be merely a temporary help
proffered bins would be needed by Sept. 16 for soy
On the 23d inst. prices closed Y to l%c. net higher.
Buying attributed to mills, commercial interests and dealers
seeking to eliminate "short" sales of July contracts lifted
wheat prices as much as 2c. a bushel today.
July wheat
led the rally, rising to above $1.03, within fractions of the
four-year peak established June 27.
Trading in July futures
ended today and before the session opened contracts involv¬
ing 801,000 bushels of wheat, 222,000 corn and 485,000
soy beans remained to be settled.
Mill support was ac¬
companied by disclosure of large scale flour sales the past
week, including the best business of the year in the South¬
or
78 and
corn
futures
beans.
Traders said the market's lack
a
%c. up.
Corn prices were steady to easy, with May con¬
declining fractionally, reflecting some hedging of new
corn purchased to arrive in the fall.
Approximately 50,000
bushels were bought in this manner yesterday, and with De¬
tracts
since the
west.
temporarily offering of corn to mer¬
to quote grain for consumptive
bushel.
Today prices closed %c. off to
but continued
chandisers,
many
central
July 26, 1941
,
No. 2 yellow, all rail___
90%
All the statements below
Oats, New York—
No. 2 white
Rye, United States, c.i.f
Barley, New York—
40 lbs. feeding
Chicago, cash
47%
72%
63^
53
regarding the movement of grain
■receipts, exports, visible supp y, &c.—are prepared by us
The Commercial &
Volume 153
from figures collected by the New York Produce
Financial Chronicle
Exchange.
577
The world's shipment
of wheat and
corn, as
furnished by
give the receipts at Western lake and river ports
for the week ended Saturday, July 19, and since Aug. 1 for
Broomhall to the New York Produce Exchange for the week
each of the last three years:
shown in the following:
First
we
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
2,300,000
943,000
12,000
105,000
379,000
521,000
675,000
„
„
3,404,000
Milwaukee-
_
802,000
79,000
108,000
53,000
Fmce
July 18,
July 1,
1941
1941
292,000
153.000
748,000
55,000
16,000
Toledo
2.461.000
1,000
89,000
Buffalo
3,557.000
512.000
440.000
113,000
Indianapolis
1,196,000
350,000
281,000
2,000
106,000
1,632,000
227,000
180,000
12,000
42,000
32,000
402,000
634,000
227,000
5,000
78,000
24,000
4,305,000
21,000
70,000
94.000
499,000
36,000
81,000
July 18,
1,
Since
Since
July
1,
July
1,
1940
1941
1941
1940
Bushels
Bushels
Bushels
Bushels
92,000
1,791,000
July
Bushels
Bushels
Week
Since
Week
826,000
130,000
'
Duluth
Exports
are
Corn
Wheat
5.775.000
Minneapolis
-
July 18 and since July 1, 1941, and July 1, 1940,
Barley
Rye
bush 56 lbs bush 48 lbs
2,971.000
192.000
Chicago
ended
Louis.
St.
_
Peoria
Kansas City
'
Omaha
'
-
...
No. Amer.
_
291,000
Joseph-
'
v
-
--
-
-
_
...
-r
-
— -
Argentina.
48,000
11,000
5,000
17,000
6.128,000
3,191.000
985.000
1,781,000
Tot. wk. *41
370,000
Same wk '40
419,000
26,084,000
6,329,000
1,290,000
126,000
734,000
Same wk '39
454,000
27,221,000
4,347,000
1,895,000
349,000
1,161,000
Since Aug. 1
20,901,000 436,625,000 285,660,000 78,171,000 20.576,000 104001 GOO
21,535,000 440,136,000 245,108,000 92,110,000 29,246 000 110 742000
22.483,000 451.903.000 272.187,000 105,565.000 27.161.000 97.441.000
1939
1938
of flour and grain at the seaboard ports for
Saturday, July 19, 1941, follow:
Total receipts
the week ended
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
116,000
Y,666
4,000
718,000
266,000
7,000
12,000
72,000
25,000
20,000
21,000
6,000
7,523,000
..
1,582,000
Atl. ports
786,000
35,000
6,000
142,000
6,959,000 118,706.000
7.548,000
1,417,000
684,000
879,000
211,000
3,395,000
1,275,000
55,000
6,000
1,000
6,986,000
1941
72,837,000
18,877,000
2,643,000
1,680,000
1,142,000
Week 1940.
1940
1
*
on
....
Receipts do not include grain passing through New Orleans
The exports from the several seaboard ports for the week
ending Saturday, July 19, and since July 1, are shown in the
annexed statement:
South
Bushels
Bushels
mation that
on
can
be used in
with the
facilitating the orderly movement
of July 15
as
at 228,843,000 bushels, compared
Continuation
through the first half of July of unusually
favorable moisture and temperature
conditions have resulted
187,186,000 bushels and the
was
a30,000
498,000
3,221,000
1,441,000
47,445
7.863,000
2,769,000
(1930-39)
Improvement in the prospects during the first half of July
pronounced in North Dakota, and in South Dakota,
most
was
excepting in the East Central District.
Indicated production of winter wheat
in Montana also is
July 1 by about 1,333,000 bushels,
from 25,688,000 bushels on July 1 to 27,040,000 bushels on
July 15.
Estimates by crop reporting districts are shown in the
the opposite
on
on
side.
ALL
SPRING WHEAT
Production
Indictiled
State
1940
July 1, 1941
133.030
104,000
87,000
Total wk. 1940
10-year
is 127,469,000 bushels.
average
Average
495,000
July 1 estimate of
Their 1940 spring wheat
1930-39
2,546,000
North Dakota, and
July 1 estimated production of 206,767,000 bushels.
1,582,000
11,286,000
prepared the
probable production of spring
production of all spring wheat in the four States is
estimated
23,000
Total wk. 1941
of July 15,
81,000
30,000
Since July 1, 1941
as
Crop Reporting Board of the
Bushels
130,000
Can. Atl. ports-
943,000
of the crop.
Barley
Bushels
Bushels
Barrels
495,000
834.000
York
Baltimore—.—
Rye
Oats
Flour
Corn
6,214,000
Dakota, and all wheat in Montana, to supply infor¬
table
New
States—The
above that indicated
Wheal
892,000
wheat in the three States, Minnesota,
tor foreign ports
through bills of lading.
Exports from—
583,000
20.816,000
United States Department of Agriculture has
crop
3,080,000
192,000
3,040",666
Indicated Production of Spring Wheat
1941 for four
Since Jan. 1
Since Jan.
24,364,000
production in these four States.
Canadian
Tot. wk. *41
394~666
in the addition of 22 million bushels to the
179,000
_
2,231,000
~O~3~666
i
8,906,000
1,336,000
~
i; 275",000
23,000
_
New Orl'ns*
Galveston.
Barley
bush 56 lbs bush 48 lbs
13,000
28,000
Rye
4,000
448,000
314,000
107.000
York.
Boston
Philadelphia
Baltimore.
5,7~95~600
countries
The
Flour
Receipts at-
New
2,511,000
following mid-month report
1940
498,000
Other
Total
29,682,000
Sioux City.
480,000
10,062,000
—
1,593,000
41,000
Wichita
18,569,000
512,000
-
'
St.
5,012,000
Black Sea.
---—
186,000
Bushels
Bushels
Bushels
July 15,1941
Bushels
20,750,000
134,754,000
36,799,000
Minnesota..
Since July
1 1940
25"666
_4"66o
visible
The
of grain,
supply
28,061,000
63,739,000
19,682,000
35,273,000
97,054,000
20,710,000
119,101,000
25,121,000
56,070,000
61,010,000
63,580,000
Four States
138,259,000
,206,306,000
255,883,000
United States..
178,090,000
227,547,000
232,455,000
241,292,000
South Dakota..„.—___
Montana, a....
Export data not available from Canadian ports.
a
19,565,000
North Dakota—
-----
comprising the stocks in
granary at principal points of accumulation at
board ports, Saturday, July 19, was as follows:
lake and sea¬
Weather
Corn
585,000
New York
aflo&t
'
—
'
mi
New Orleans—.
.
...
.. —
Galveston
—.
Fort Worth
-
City..
St. Louis..
Indianapolis.—
'
.
.
_- -
.
"4~,666
1,000
443,600
55,000
59,000
-
-
2,000
1,326,000
116~d66
"Y600
"2,666
South,
2,860,000
5,000
260,000
41,000
the
9,228,000
1,386,000
18,000
22,000
45,000
14,000
7,000
15,000
ending at 7:30 a. m„ July 16; 2.89 inches at Montgomery, Ala., were re¬
ported on the morning or the 17th, and 3.12 inches at Meridian, Miss.,
on
the 20th.
Near the close of the week a rather extensive anti-cyclone
advanced slowly eastward over Central and Northern States, attended by
decidedly cooler weather; temperatures in the middle 40's were reported
from Appalachian
Mountain sections.
On the other hand, the weather was persistently hot over a large north¬
western area extending as far east as the northern Plains.
In the Pacific
Northwest on the 15th-17th a number of first-order stations reported maxi¬
mum
temperatures from 100 degrees to 107 degrees, while in the Great
Plains, from Oklahoma northward to the Canadian border, scattered stations
observed high readings of 100 degrees or more from the 17th to the 21st.
The weekly mean
temperatures were mostly from two degrees to six
degrees below normal from the Ohio Valley northward and in the Middle
Atlantic area.
In the extreme Northeast, the South, and central and
southern Rocky Mountain States about-normal warmth prevailed, but from
the northern Plains westward to the Pacific Ocean the week was
four
fairly low for the season.
928,000
106,000
4,000
1,461,000
212,000
178,000
9,030,000
193,000
6,000
22"666
38,000
1,413,000
1,702,000
290,000
937666
"
356,000
30,000
84,000
687,000
4,300,000
883,000
2,885,000
2,684,000
2,316,000
2,000
119,000
570.000
582,000
140,000
4,000
2,000
135,000
6,000,000
558,000
470,000
197,000
549,000
137,000
60,000
561,000
3,571,000
3,029,000
6,489.000
1941—157,573,000 42,854,000
20, 1940—.132,761,000 23,910,000
2,023,000
4,890,000
4,908,000
4,529,000
-- -- ---- - - -
Buffalo-afloat
Canal—————
Total July
19, 1941.-176,825,000 42,076,000
Total July 12,
Total July
Note—Bonded grain not included above: Oafsafloat, 64,000; total,
6,055,000
8,802,000
Buffalo, 297,000 bushels; Buffalo
361,000 bushels, against 330,000 bushels in 1940.
Barley
Buffalo afloat, 87,000; New York, 66,000; Duluth, 107,000;
Buffalo. 11,000 bushels;
271,000 bushels, against 1,192,000 busnels in 1940.
Wheat—New York,
2,989,000 bushels; New York afloat, 368,000; Boston, 2,349,000; Philadelphia,
472,000; Baltimore, 663,000; Portland, 1,156,000; Buffalo, 5,329,000; Buffalo
afloat, 429,000; Duluth, 12,330,000; Erie, 2,233,000; Albany, 2,770.000; on Canal,
520,000; in transit—rail (U. S.), 1,633,000; total, 33,241,000 bushels, against 25,660,000 bushels in 1940.
total,
Wheat
Corn
Oats
Rye
Barley
Bushels
Canadian—
Bushels
Bushels
Bushels
seab'd 60,752,000
155,000
300,000
Arthur 78,583.000
Other Can. & other elev.363,779,000
906,000
456,000
4,023,000
1,088,000
697,000
3,687,000
Ft. William & Pt.
they
but
heaviest
degrees
were
included
less
2.33
There were again some heavy local rains in the
numerous than for
several preceding weeks,
inches
at
Columbia,
S.
C.,
for
the 24
hours
16' degrees warmer than normal.
This chart shows also that
temperatures exceeded 100 degrees in parts of the Great Plains
north-south belt from Washington State to southern Arizona.
other hand, they did not reach 90 degrees from the Potomac
to
maximum
and
in
a
the
On
northward and northwestward over the Lake region.
rain occurred, except very locally, between the Mississippi Valley
Rockv Mountains.
In the South heavy falls were somewhat less
general than for preceding weeks, but many stations again reported weekly
totals of one to three inches.
The Ohio Valley had mostly moderate
showers, but there was substantial rainfall in most of the eastern Lake
Valley
Little
and
the
region.
Bushels
465,000
Lake, bay, river &
movements
mass
3,000
5,837,000
Duluth
follows:
during the week were rather sluggish, with no
active depressions appearing on the weather maps.
This resulted in much
cloudy weather from the Mississippi Valley eastward, but precipitation
was
mostly in the form of local showers; temperatures were moderate to
Air
1,000
29,564,000
-
the
weather for the week ended July 23,
99"O66
144,000
376,000
51,000
2,631,000
-..i.
of the weather bulletin issued by
Department of Agriculture, indicating the influence of the
23,523,000
Milwaukee
Minneapolis—
Report for the Week Ended July 23—The
summary
29,000
8,000
—...
general
52,000
16~O66
afloat..
Lakes....—------
On
9,000
233,000
306,000
10,926,000
City
Detroit-
238,000
358,000
Chicago
—.
St. Joseph.
On
Bushels
1,22l"666
Peoria--.-—----------
Hutchinson
Omaha.
Barley
Bushels
5,438,000
1,493,000
4,913,000
7,775,000
10,261,000
4,889,000
37,282,000
8,920,000
736,000
7,165,000
1,973,000
1,018,000
Wichita-
Sioux
Rye
Bushels
9,875,000
Philadelphia.. .1.111.11
Baltimore. _«;V
Kansas
Oats
Bushels
31,634,000
All wheat..
a
GRAIN STOCKS
Wheat
Bushels
United State*—
........
"While
lower
able
there
was
somewhat
less
rainfall than in recent weeks from the
sections there still had consider¬
Mississippi Valley eastward, most
amounts and much cloudy weather
prevailed,
making a continuation
Total July 19, 1941.
.503,114,000
5,394,000
Total July 12, 1941.
.423,782,000
4,427,000
1,699,000
1,200,000
4,684,000
3,812,000
unfavorable weather in the Central-South and Southeast.
However,
of the week had fair weather and fairly high daytime temperatures
in
the west Gulf area which were more favorable than recently.
Fair,
sunshiny weather is urgently needed in central and east Gulf and the South
Total July 20, 1940.
.253,827,000
5.526,000
1,747,000
5,591,000
Atlantic
.176,825,000 42,076,000
.503,114,000
3,571,000
5,394,000
6,489,000
1,699,000
4,890,000
4,684,000
19, 1941.
.679,939,000 42,076,000
Total July 12, 1941.
.581,355,000 42,854.000
.386,588.000 23,910,000
8,965,000
7,456,000
8,188,000
7,255,000
7,549,000 10,549,000
9,574,000
7,720,000
10,120,000
of
much
American
Canadian
Total July
Totftl July 20, 1940.
States.
other sections of the country,
in general, while crops are etill making
the current weather situation is somewhat less favor¬
week aj?o.
While the South so far this month has had far
above-normal rainfall, the falls have been decidedly scanty in many places
from
Indiana and
Illinois northward, in the upper Mississippi Valley,
from eastern
Kansas northward, and in Montana.
Most of these areas
have had from less than one-half to about two-thirds the normal rainfall
In
Summary—
favorable
able
than
progress,
a
The Commercial & Financial Chronicle
578
the first three weeks
of July and, consequently, a good general rain is
the western Ohio Valley northward and northwestward.
Rocky Mountains westward conditions continue largely favor¬
able, except that high temperatures in the Pacific Northwest were un¬
favorable
for spring-grain
crops
and hot weather in the San Joaquin
Valley of California caused sunburn of fruit.
Lightning forest fires were
numerous in the Far Northwest, and there was more or less loss to grain
crops' rank, dried range grass also creates a critical fire hazard in some
areas.
Except in the .South, farm work made generally good progress.
SMALL GRAINS—The harvest of winter wheat has been largely com¬
for
from
needed
now
the
From
pleted and threshing is progressing in earlier sections.
The weather was
mostly favorable, except for delay to threshing and some sprouting of
in shock, from Kentucky and Ohio eastward.
Threshing returns show
good yields in the Ohio Valley, but there are many complaints of poor
quality grain in the southwestern belt where spring and early summer
rains were persistent.
In the Pacific Northwest high temperatures were
unfavorable for spring grains, but winter wheat has been mostly made or
there is sufficient soil moisture to carry it through.
grain
spring wheat belt the weather continued favorable and the out¬
look remains satisfactory, though under the influence of high temperatures
during the week maturity was hastened.
In North Dakota much of the
spring wheat crop will be combined fully 10 days ahead of a normal sea¬
son.
In Montana recent weather has been too hot and dry for dry-land
Oat harvest is well along, but both yield and quality have
by rust in some heavy producing upper Mississippi Valley
spring grain.
been
reduced
sections.
[/.V l-i■'>], V-V'
CORN—While
in
the
to
make
on
somewhat higher temperatures
corn
belt during the week, the
eastern
silking and.
in
the
been
helpful
critical
condition
unfavorable
an
true
have
progress.
reached
now
would
crop generally continued
However, in most sections of the belt
stage of growth, tasseling, or tasseling
because of scanty rainfall so far in July, it is bordering
satisfactory
has
corn
-over
considerable
a
area.
parts of Illinois, especially the south, the
Nebraska, and some other local areas;
This
is
especially
eastern portions of Kan¬
curling is reported
in eastern South Dakota.
Southern Illinois and eastern Kansas have had
only slightly more than half of
normal rainfall in July and eastern
Nebraska only about a third of normal.
In Iowa three successive weeks
of cool weather have retarded progress, which was about two weeks ahead
of normal at the first of the month, to about normal at the present time.
In this State
more
than one-half of the crop has tasseled and much is
shooting; a rather unusual condition exists in that there are practically
no
adverse reports this week.
and
sas
wildfire
excellent;
to
but
lent,
Pastures and bay excellent.
progress.
California—San
Francisco: Mean temperatures well above normal, but
extremely high.
Loac mlsbrdluESOTHMARFODWILYNUPN
extremely high.
Local mountain thundershowers, but practi¬
cally no precipitation
in
agricultural
areas.
Generally
favorable for
crop development and harvesting, although heat in portions of San Joaquin
Valley caused some sunburn of grapes and in south increased drop of
Valencia
oranges.
Cotton
developed rapidly and condition very good.
Rice, sugar beets, and lima beans made very good progress.
Range feed
abundant and condition of livestock good to excellent.
maxima
not
maxima
not
THE DRY GOODS TRADE
the
In
and
some
New York, Friday Night, July 25, 1941
The feature in the markets for
week
and
.
favored
in
the
favorable,
in
southeast.
but
ward
and
rainy
in
the
In
Tennessee and Arkansas advance was mostly
and rather generally from
Mississippi east¬
belt there was still too much cloudy and
Louisiana
northeastern
weather.
Stalks are growing sappv at the expense of fruit, weevil
favored, and poisoning operations made relatively ineffective
of continued rains.
Dry sunshiny weather is urgently needed in
been
have
because
area.
The
N..;.Y:<C Y.YY;,
Weather
Bureau furnished
conditions in different
the
following
resume
of
States:
Virginia—Richmond: Weather favorable for crop growth, but wet soil
prevented proper cultivating.
Peanuts and cotton very grassy.
Corn
good to excellent condition.
Pastures and meadows much improved.
Hay
harvest retarded in mountains.
Truck
crops
reported
excellent, though
weedy.
Y'YY-7Y,..^YYY"-:'Y.YY ;;'Y'Y'
YYY,
North Carofmifr—Raleigh; Temperatures
generally favorable, except a few
nights too cold in some sections.
Too much rain generally, except just
adequate locally.
Much cloudiness; sunshine inadequate.
Soil too wet
for cultivation large areas.
Progress of cotton generally rather poor; con¬
dition fair to good; weevil activity favored.
Corn generally satisfactory
condition, though some ears filling poorly.
Tobacco damaged bv too much
rain.
Truck, vegetables, and fruit plentiful.
Pastures
excellent.
South
again
two
Carolina—Columbia:
Too
much
rain
and
inadequate sunshine
to most all crops, except
pasturage.
Most places had
inches of rain.
Plants too sappy.
Continued rains interfered
detrimental
to three
with
commercial melon and peach harvests and tobacco curing.
Progress
of cotton mostly rather poor; condition
fair to scattered abandonment;
heavy shedding locally and blooming retarded by continued rains.
Georgia—Atlanta: Most places had too much
cultivation.
Considerable
of
rain
and
soil
too
wet
for
cotton
abandoned; growth stalky
at expense of
fruiting; continued very favorable for weevil aetivity and
heavy shedding in some places.
Progress of corn fair to good, but ears
rotting on stalks locally in south.
Planting fall potatoes hindered by
rains.
Growth
of most
truck, pecans, sugar cane, sweet patotoes, and
peanut vines good.
Elberta peach harvest in central near close; wide¬
spread lose of peaches elsewhere from rotting on trees.
Florida—Jacksonville: Favorable temperatures, but too much rain and
soil
too
weather
wet
for
very
acreage
cultivating.
favorable
for
Tobacco
being gathered
fruit holding well,
and
Progress
weevil
cured.
of cotton good; condition fair;
activity.
Corn
maturing in north.
Citrus good new growth and new
Alabama—Montgomery:
Temperatures favorable for growth; too much
and condition of cotton fair.
Weather moderately favor¬
activity and bolls forming in all sections.
Corn, sweet
potatoes, gardens and melons fair.
Hay, grass, pastures, legumes, pea¬
nuts and peaches fair to good.
rain.
able
Progress
for
weevil
Mississippi—Vicksburg:
Sunshine
mostly
Temperatures generally favorable for growth.
inadequate.
Frequent local afternoon thundershowers
resulted in soil too wet for cultivation.
Cotton stalks sapny; fruiting poor;
activity favored generally; conditions making poisoning ineffective
mostly about normal shedding; locally heavy.
Progress of late-planted
corn
mostly good; cultivation locally poor.
Progress fruit, gardens, pas¬
tures, and truck good to excellent.
weevil
*Louisiana—New Orleans: Continued cloudy
unfavorable.
Progress of cotton generally
in
and showers; weather verv
considerable deterioration
poor;
weather very favorable for weevil activity.
Much corn
laid by; condition rather poor in
lowlands; fair to good elsewhere.
Early
rice heading rapidly; late doing well.
Truck and gardens mostly poor.
All crops need dry
sunshiny weather.
some
areas;
Texas—Houston: Temperatures favorable; rainfall
snotted.
Farm work
good progress.
Harvest of wheat in full swing in
Panhandle, although
wet
fields and
weeds
hampering harvest somewhat; quality of much
of crop poor.
Harvesting excellent crop of barlev and oats in Panhandle
nearing completion; threshing small grains in other sections continued.
Progress
of
corn
good:
maturing
in
south.
Cotton
benefited
from
warmth
which
permitted
cultivation,
promoted
fruiting, and
lessened
insect activity; rank growth
checked; fruit setting; shopping practically
completed, except in northwest.
Harvesting melons beginning in north
dry goods during the past
the revised ceiling schedules for cotton gray goods
combed cotton yarns as announced by the Office of
was
Price Administration and Civilian Supply on July 19.
The
revision put an end to the controversy which had continued
for several weeks between the industry and the OPACS and
terminated the stalemate in
trading which had existed during
Adjust ceiling levels for print cloth and carded
broadcloth was placed at 43c. a pound.
Combed broad¬
cloth was raised to a maximum of 61c. a
pound, and three
classes of sheetings to 35 He, 36He. and 38c.
per pound,
respectively.
Part waste onsaburgs were divided into two
the
period.
classes in the amended schedule
yarn
mum
follows:
as
cloth made of
numbers up to and including 9s were assigned a maxi¬
price of 29c. per pound and cloth made of numbers
above 9s
a
maximum
of 32c.
pound.
Top prices for
The settlement of the
ceiling question enabled the markets to put on an appear¬
ance of normalcy, as mills started to move out
print cloths,
sheetings and various other lines at the revised ceiling levels.
It was generally admitted that the four-week deadlock
created by the original order of the OPACS had been broken
and that trading henceforth would be
steady. According to
some reports, the
closing of the rift between the OPACS
tobacco
COTTON—Temperatures again averaged near normal in the cotton belt,
but cloudy and rainy weather continued too prevalent in most central and
eastern sections.
In the western belt the week was mostly sunny, which,
together with warm days, was helpful.
In general, the weather was
favorable in western sections, but continued unfavorable rather generally
east of the Mississippi River, except in Tennessee.
In Texas cotton was benefited by warm days and mostly fair weather,
which promoted fruiting, lessened weevil activity, and facilitated control
measures;
rank growth has been checked and plants are fruiting better.
In
Oklahoma
progress
was
mostly good, although weevil activity was
this
good.
Tobacco hurt considerably by too much rain;
and frenching; sunshine needed.
Progress of com good
condition of early fairly good and late very good to excel¬
grassy
and needing cultivation.
Truck and vegetables good
condition
heavily;
some
July 26, 1941
cloth
raised
was
to
per
46c.
,
and
the cotton textile industry, was
expected to release
orders for at least 150,000,000 yards of
gray goods, and that
an additional
100,000,000 yards could be sold if the mills
had the goods available for
nearby shipment.
Wholesale markets developed more
activity
week as a result of the upward revision of the
during the
ceiling sched¬
ules. However, many buyers who
sought goods were unable
to find selling houses with sufficient
offerings to meet their
requirements. The markets therefore, continued to be highly
selective.
Furthermore, there were all sorts of delivery
problems to contend with, reflecting the varied attitudes of
mills.
It
stated
that a number of cotton
finishing plants
obliged to close for lack of materials in the next few
weeks unless mills sold
gray goods more freely.
While mod¬
was
would be
erate
quantities of
some
constructions
available
were
scattered
not
in
delivery positions, buyers reported that they
able to purchase any appreciable amounts.
Rayons
good demand
Woolen
the
bulk
at firm
for
were
were
prices.
Goods—As wool piece goods mills have booked
of
their fall business, they have commenced
show lines for the 1942
spring season.
to
However, only a few
majority of producers will
not have their
complete lines of styles and colors ready for
display much before Labor Day. It was pointed out that
despite the fact that the combination of Army ahd
civilian
orders responsible for the current
record-breaking con¬
sumption of wool, mills are reported to be giving much
attention to styling in the belief that
Army buying is likely
to taper off
during the remainder of the year, and that good
styles will serve to stimulate consumer sales. In the men's
offerings have been
on
view
as
the
division, spot demand for fabrics wa3 confined for the
part to tropical worsteds and
lightweight gabardines.
Notwithstanding the fact that buyers were willing to pay
wear
most
premium prices, they found it difficult to locate
supplies of
these items. Fall fabrics were also in
request and difficult to
secure even for
fairly distant delivery because of the sold-up
condition of mills.
Overcoatings were in brisk demand and in
short supply, and it appeared to be the
general belief that
the shortage of these cloths would continue.
Mills in this
division
are
producing large quantities of these cloths for the
defense forces and their
output for civilian account fails to
equal the demand.
Activity prevailed in the
markets with a number of mills
reported as
their production for the fall-winter season.
women's
wear
having sold
up
It was stated
that the supplies of worsteds
normally available for women's
wear have been
greatly reduced because of the diversion of
loomage to defense requirements.
Wool hosiery mills
con¬
tinued to operate at
capacity, wool underwear was in steady
request, while there was a brisk demand for swim suits and
knitted sports wear.
and
east.
Seed beds for fall truck being
planted in south; tomato and
plants being set.
Ranges and cattle in excellent condition.
Oklahoma—-Oklahoma City: Very warm days.
Favorable week, except
lack of rain Dein? felt in many localities
where topsoil is drving rapidly.
Progress of cotton good; weather favorable for weevil
pepper
_
activity in south¬
east; condition fair to good; blooming in central.
Progress of corn fair;
beginning to show effect of hot dry weather in central and
northeast;
condition fairly good to good.
Winter-wheat harvest in full swav in Pan¬
handle : yields good : harvest
mostly completed elsewhere.
Much plowing
accomplished.
Threshing of oats and barley practically completed.
Third
cutting of alfalfa progressing; yields verv good.
Gardens, pastures, and
livestock mostly good to excellent condition.
Prospects of lar^e crop of
late broomcorn in Lindsay area
favorable, but early crop very small.
Tennessee—Nashville: Unthreshed wheat further
damaged bv too much
rain; loss considerable in east.
Progress of cotton
very
good;
blooming
Foreign Dry Goods—There was a good demand for all
types of linens in the domestic markets during the week with
prices ruling firm. Business in a number of directions, how¬
ever,
was
restricted
by the scarcity of supplies.
Mills in
Belfast have resumed operations after a two week's
holiday
during which period they overhaul their machinery. Prices
for burlaps continued their
upward trend with offerings
limited.
The difficulty in
arranging vessel space for ship¬
ments from Calcutta was said to be
tically, lightweights
at 14.20c.
increasing.
were
quoted at
Domes¬
10.75c.
heavies
and
Volume
The
153
579
Commercial & Financial Chronicle
N. Y.—Mayor LaGuardia Announces ThirdCandidacy—Mayor LaGuardia announced to the
people of New York City on July 21 his willingness to run
New York,
Term
Specialists in
Running with him
city-wide ticket, he said, will be Comptroller Joseph
McGoldrick, independent Democrat, and Newbold
Morris, President of the City Council, Republican.
Mr.
for
a
Illinois & Missouri Bonds
third term of another four years.
the
on
D.
LaGuardia is
WIRE
ST. LOUIS
News Items
Bureau of Internal Revenue Opens
Test
on
Taxation
County, who is 51
Internal
intended
ultimately to prove in the courts that the Federal Govern¬
ment has the right under the Constitution to tax income from
State and municipal securities.
Action consisted in sending
notices of deficiency to two bondholders of the Triborough
Bridge Authority, of New York, who had not included in¬
Triborough Bridge Bonds—The Bureau of
Revenue instituted on July 19 another test case
of
terest from their bonds in
Sheriff David H.
Fertig, of the Bronx,
bondholders subsequently paid the deficiency in tax
Treasury Department.
The seventh, Alexander J. Sham-
filed his appeal last June 5.
weeks
considerations.
maintained its
Texas—Special Legislative Session not Contemplated—Any
expectation that a special session of the Legislature would be
called for next September for the purpose of reenacting the
county bond assumption law has been dispelled by Lieuten¬
ant-Governor Stevenson.
The State official asserted that
it would be useless to call the Legislature in special session
According to Treasury attorneys, the Bureau of Internal Revenue had
ruled that the interest on Triborough Bridge Authority bonds was
resigns to take his seat in the
Mr. Stevenson said it was
Chattanooga, Tenn.—Bond Refunding Plan Approved—
Mayor E. D. Bass announced on July 18 that the Board of
City Commissioners, at their meeting on that day, passed a
resolution engaging the firm of Wainwright, Ramsey &
Lancaster, consultants on municipal finance, with offices in
New York City, to handle the refunding of $6,135,000 of
outstanding bonds of the city.
provides for the equalization, or leveling off, of
annual debt payments at approximately $1,000,000 a year until
the taxpayers of the city
approximately $1,800,000 in interest payments during that period when
compared to the rate and method of retirement of the city's debt that has
been provided heretofore.
The awarding of the contract to the New York firm climaxes a series of
negotiations undertaken by the mayor's office which commenced shortly
after the first of the year.
Other proposals were submitted by leading
Tennessee and large New York and Chicago bond houses.
The final program was adopted by the Board of Commissioners after
examining a detailed study of the city's finances and future debt require¬
ments prepared at the request of the city by the New York firm. They were
engaged to make the study last May and it was presented to the Board on
Friday, July 11.
The refunding program
the city's
It is estimated that the program will save
New
Jersey—Railroad Tax Measures Passed—The State
Legislature remained in session until 5:30 a. m. on July 22
over the opposition of Democratic Boss,
Frank Hague, Mayor of Jersey City, bills absolving railroads
of interest and penalties on delinquent taxes.
in order to pass,
of newspaper advertisements, had denounced
legislation as "the railroad steal or $121,000,000 of the peoples' money."
His followers in the Legislature filibustered against the bills for three hours
but finally were overwhelmed by the Republican majority.
Governor Charles Edison, a Democrat, who was supported for election
by Mayor Hague, supported the entire tax revision program.
It provides
for payment of $34,000,000 in back taxes by instalments, and for the
establishment of a flat rate of 3% for future railroad property taxation, plus
a franchise tax based upon earnings.
Governor Edison contended that under this arrangement the State in the
future will collect more taxes from railroads than it nas in the past.
The vote in the House of Assembly was 33 to 22 for the bills.
Six Demo¬
crats joined 27 Republicans in voting for them.
Mayor Hague, in a series
the
Governor Signs Bills—Later the same day Governor Edison
signed the controversial bills, thus converting them into
State law.
Meanwhile, as the Jersey City administration
planned court tests of the bills which Mayor Hague insists
city $57,000,000 of anticipated revenue in the
next 20 years, both Democrats and Republicans in New
Jersey pondered the complete significance of the wide-open
Hague-Edison split.
will cost his
The
primary elections will be Sept. 9.
In November the State
of 60 members and one-third of the 21-man Senate.
whole Assembly
Hague has announced he would campaign
approved the tax bills, and Governor Edison
support behind those Democratic members
elects
a
Mayor
against every legislator who
is expected to throw vigorous
whom Mayor Hague tries to
defeat.
City makes good its threat to challenge the constitutionality of
action would come in State Supreme Court which meets
next in October in Trenton.
Collections under the new tax law will not
If Jersey
the new tax, the
begin until 1942 on taxes
for that year.
.
W, Lee O'Daniel
United States Senate in the near future.
mistake to have permitted the excess to
accumulate, that it should have been used in the construction of highways
needed by the State.
Approximately $85,000,000 of bonds were assumed
under the law.
Assumed bonds must have been issued prior to Jan. 2,1939.
The bond assumption account now has cash of $6,742,016 to its credit,
with $1,225,000 due from unprorated or untransferred gasoline tax.
How materially the counties have been aided by the bond assumption
bill is illustrated in the fact that they received $20,363,706 between Sept. 1,
1939, and Jan. 31, 1941.
Of that amount $13,817,888 was in payment
of interest and matured principal on eligible issues regularly assumed under
Mr. Stevenson will become
trend of recent judicial decisions
had to enforce the income tax law as declared in those
exempt, but that in the light of the
1967.
under the current
October, when the members of
Legislature are not in agreement, according to a dis¬
patch from Austin to the "Wall Street Journal" of July 25.
the
bondholders.
the department
decisions.
provide for payment of the obligations
to
Act, due in September and
once
tax
1,
provisions of Section 14 (1) (f) of the Banking Law,
the Banking Board, acting upon the application of Savings Bank Trust Co.,
has authorized savings banks to invest in the above listed corporate interest
bearing obligations.
In taking this action, the Banking Board does not presume to pass upon
the question of whether the above listed securities constitute suitable
investments for any particular savings bank.
This question can be decided
only by the management of individual banks with due regard to all relevant
Pursuant to the
seven
three
State Banking
$25,000,000 The Atlantic Refining Co., deb. 3s, due Sept. 1, 1953.
15,000,000 Phillips Petroleum Co. serial notes, 0.25s-1.90s, due July
1941, to Jan. 1, 1951.
the Bureau of Internal Revenue filed its answer,
position that public corporations like the Port of
New York Authority are neither States, territories, nor "political subdivi¬
sions," and that, therefore, the interest from their securities is subject to
the Federal income tax under the internal revenue code, and denied Com¬
missioner Shamberg's assertion that the interest on his bonds was exempt.
The present action represents no change in the Administration's policy
of seeking to tax only future issues of State and municipal securities.
Henry Morgenthau Jr., Secretary of the Treasury, consistently has voiced
opposition to proposals which would subject the interest on outstanding
State and municipal securities to Federal taxes.
Treasury officials believe,
however, that the importance of the issue warrants having more than one
bondholder and one authority before the courts.
In order to avoid putting
a large class of taxpayers to unnecessary expense, the Bureau of Internal
Revenue will proceed against only two of the Triborough Bridge Authority
Within
of Legal Investments—
following bulletin was issued by the
Department on July 17:
March 15,1938.
which
a
The
March 14, when notices of deficiency
were sent to seven bondholders of the Port
of New York Authority who
had not included interest from their bonds in their tax returns filed on
Six of the
old.
New York State—Additions to List
their tax returns.
berg, a Commissioner of the Port Authority,
Mr. McGoldrick will be opposed by former
York County Democratic
will be opposed by M. Maldwin
member of the State Transit Commission.
years
Knott, Chairman of the New
Mr. Morris, of Manhattan,
Committee.
The bureau's first step was taken on
claimed by the
again came in response to requests
the City Affairs Committee, the Citizens'
Union, the City Fusion Party, the Citizens' Non-Partisan Committee and
many other organizations and individuals.
Most of these are the same
groups which sponsored the Mayor's campaign four years ago and some of
them eight years ago.
In seeking another term as Mayor, Mr. LaGuardia will not give up his
post as Director of the Office of Civilian Defense, but if re-elected will con¬
tinue to hold both positions.
Acknowledging that the work of both offices
was greater than he had expected, it was not beyond human endurance, he
said, and he felt that his Federal office was so closely related to his city job
that to keep both would serve the best interests of the city.
Mr. LaGuardia, now 58 years old, of Manhattan, will be opposed on
the Democratic ticket by District Attorney William O'Dwyer of Kings
314 N. Broadway
DIRECT
CHICAGO
member of the American Labor Party.
from the American Labor Party,
Founded 1890
105 W. Adams St.
a
The Mayor said his decision to run
Stifel, Nicola us &
the
usual
Governor when Governor
a
bond assumption policy, while an additional $6,545,817 went
road bond account.
Every county in Texas received benefit
to the lateral
payments.
Not one dollar of any of this money will be available to the
counties after Aug. 31 next unless a session of the Legislature is called to
appropriate it.
Care¬
Public Works—Local government
officials in general are urging caution in the handling of
public finances during the present defense emergency and,
in many cases, are suggesting the development of "reservoirs"
of possible public works projects which can be built for em¬
ployment-creating purposes should such a program be
necessary when the defense spending slows down.
States—Defense Program Makes Necessary
United
ful Planning of Municipal
To
guide the Nation's
municipalities in preparing for the
future, the Municipal Finance Officers Association of the
United States and Canada recommends the following:
1—Present curtailment of public improvements construction except
where expansion is necessary in connection with defense activities; 2—main¬
tain present public facilities in first class shape; 3—adopt a pay-as-you-go
4—balance local governmental
of
Association points out
that many cities are handling the problem of local public works programs
during the emergency period through long-term planning and programming
based on principles developed during the last 10 years by a number of local
policy
to the greatest extent possible;
budgets; and 5—enforce rigidly the collection
taxes.
In a similar vein, the International City Managers
lan Board,
fovernments,and by New York City andSchool Board, the
including the Milwaukee Richmond, Va.
Cincinnati Joint
principles include determination of public improvements needed;
of financial resources, commitments and expense of the com¬
munity; and preparation and recommendation of a practicable program or
schedule of construction for the period adopted.
These principles were tested successfully., the Association said, by demon¬
stration projects carried out since 1939 with the help of the National Re¬
sources Planning Board by seven cities—Winchester, Mass.; Fargo, N.
•
The
analysis
Nashville*
Kalamazoo,
Mich.; Dallas, Spokane
D
and Sacramento, Calif.
and reports were
also participated in the experiment,
handed in recently by five of them—Idaho, Maryland.
A
number of States
M"lioperadevelopment
New Hampshire,
for public works will place
in the hands of public officials a device by which they can exercise judictous
control of capital expenditures in terms of type of improvement and timing
of a long-term program
construction," the Association said.
significant because it enables a community to take advantage of a
economic situation by spending in times of depression and con¬
serving in times of relative prosperity, such as the present.
of
"This is
treneral
"A unique
feature of this type
of programming is its
provisions for an
annual review and revision of a program to suit the changing needs of a
community," the Association said. • 'At the time of the re view an additional
vear is included in the program to replace the one just expired.
The whole
brogram moves along in orderly progression, meeting needs of the times "
Such a program also prevents special-interest groups from forcing ill-
local government without
with a "reservoir" of projects
advised projects upon
provides the city
advantage
able.
of Federal
careful consideration, and
which it may use to take
grants-in-aid if and when the projects become advis¬
The Commercial & Financial Chronicle
580
United
States
Authority—Local Homing
Chemical Bank & Trust Co.,
syndicate that submitted successful bids
for $13,240,000 of the total of $13,740,000 notes offered
by a
group of local housing authorities on July 22.
The other
$500,000 were sold to R. W. Pressprich & Co., New York,
and consisted of Chester Housing Authority, Pa., sixth series
notes, which were taken by the investment house on a bid
of 0.36% interest, plus a premium of $5.
Units
1941
O. El Centre), Calif.—BOND SALE—The
$67,000 Brawley School building and improvement bonds offered July 21
—V. 152, p. 4155—were awarded to Dean Witter & CO. of San Francisco,
Notes—The
Award
New York, headed
July 26,
IMPERIAL COUNTY (P.
Housing
3s, at par plus a premium of $525, equal to 100.783, a basis of about
2.90%.
Dated June 16, 1941 and due $6,700 on June 16 from 1945 to
1954 inclusive.
a
as
KERN
COUNTY (P. O.
Bakersfield), Calif.—BOND SALE—The
$100,000 Lakeside Union Elementary School District building and im¬
provement bonds offered July 21—V. 153, P. 273—were awarded to the
Security-First National Bank, of Los Angeles, as 0.75s, at par plus a
premium of $59, equal to 100.059, a basis of about 0.72%.
Dated June 1,
1941 and due $33,000 in 1942 and 1943, and $34,000 in 1944.
Next highest
bid of 100.053 for 0.75s was made by the American Trust Co. of San
The $13,240,000 notes taken by the Chemical Bank syndicate were
$2,200,000 Allegheny County Housing Authority, Pa.,
$3,000,000 Chester Housing Authority, Pa., and $620,000 Denver Housing
Francisco.
awarded as follows:
LOS
Authority, Colo., at 0.36%: $3,900,000 Dallas Housing Authority, Texas,
at 0.40%; $400,000 Parish of East Baton Rouge Housing
Authority, La.,
at 0.44%; $2,310,000 New York City Housing
Authority, N. Y., at 0.33%,
and $810,000 Orlando Housing Authority, Fla., at 0.42%.
ANGELES
COUNTY
(P.
O.
Los
Angeles),
Calif.—SCHOOL
BOND SALE—The $40,000 semi-ann. Artesia School District
building and
bonds offered for sale on July 22—V. 153, p. 273—were
awarded to Redfield & Co. of Los Angeles, as
2Ms, paying a premium of
$130, equal to 100.325, a basis of about 2.22%.
Due $2,000 from
improvement
July
1, 1942 to 1961,incl.
ADDITIONAL SALE—The $8,500 semi-ann. Bloomfield School Dis¬
trict building and improvement bonds offered for sale on
July 22—V. 153,
p. 27.3—were awarded to G. W. Bond & Son of Los Angeles, as 214s,
paying
a premium of $43, equal to
100.505, a basis of about 2.40%.
Due on July
1 in 1942 to 1950, incl.
Bond Proposals and Negotiations
NAPA
(P. O. Napa), Calif.—SCHOOL BOND SALE—The
Union High School District, junior college con¬
on July 21—V. 153, p. 273—were awarded
jointly to Dean Witter & Co. and Kaiser & Co., both of San Francisco,
paying a premium of $768, equal to 100.118, a net interest cost of about
1.61%, on the issue divided as follows: $90,000 as 5s, due $10,000 in 1942,
and $20,000 in 1943 to 1946; the
remaining $560,000 as 1-54s, due $25,000
in 1947 to 1954, and $30,000 in 1955 to 1966.
Municipals
Steiner, Rouse
&
struction bonds offered for sale
Co.
Members New York Stock Exchange
BIRMINGHAM, ALA.
NEW
NORTH SACRAMENTO SCHOOL DISTRICT
(P. O. Sacramento),
Calif.—BONDS SOLD—The Bank of America National Trust &
Sa\ings
Association of San Francisco is said to have
purchased on July 14 a $250,000
issue of semi-annual construction bonds as
2s, paying a premium of $235,
equal to 100.094.
Denom. $1,000.
Due in 1943 to 1961.
YORK
Direct Wire
ALABAMA
SEAL
ALABAMA
POLYTECHNIC INSTITUTE! (P. O. Aub^n) Ala.—
OFFERING NOT SCHEDULED—It is stated
by W. T. Ingram,
Business Manager, that the $200,000 revenue improvement bonds
BOND
as yet to
be placed
mitted to
report. 4
GADSDEN, Ala.—BOND SALE—The $26,000 bonds offered July 22—
V. 153, p. 272—were awarded to Marx & Co. of
Birmingham, as 3s, at a
price of 100.77,
a
basis of about 2.89%.
Sale consisted of:
$5,000 refunding gold bonds.
Due $1,000 annually from 1945 to 1949 incl.
6,000 refunding public improvement bonds.
Due $1,000 annually from
1945 to 1950 inclusive.
15,000 refunding bonds.
Due as follows: $1,000 from 1945 to 1949 incl.
and $2,000 from 1950 to 1954 inclusive.
All of the bonds are dated Aug. 1, 1941.
Second high bid of 100.76 for
3s was made by Brodnax & Co., Inc. of Birmingham.
TUSCUMBIA,
Ala.—BOND TENDERS ACCEPTED—In connection
on July 17, of
refunding bonds, it is stated by the
with the call for tenders
land purchase and
the voters at
an
"
of
$198,000
improvement bonds will be sub¬
election scheduled for Aug. 12,
according to
.
SONOMA COUNTY (P.
the market.
on
BEACH, Calif.—BOND ELECTION—The issuance
jetty construction,
are not
ready
COUNTY
$650,000 issue of Napa
Alabama
O. Santa Rosa),
Calif.—SCHOOL BONDS
SOLD—It is reported that $42,000 Cloverdale Union
High School District
semi-annual bonds have been purchased
by Lawson, Levy & Williams of
San Francisco as lj^s,
paying a premium of $125, equal to 100.297.
Due in
1942 to 1961.
YOLO
COUNTY
(P. O. Woodland) Calif.—SCILOOL BOND SALE
DETAILS—The County Clerk states that the
$175,000 Woodland Ele¬
mentary School District semi-ann. bonds sold to the
Bank of America
National Trust & Savings
Association, of San Francisco, as l)4s, at a
price of 100.206—V. 153, p. 273—are dated Aug. 1,
1941, and mature on
Aug. 1 as folxows: $9,000 in 1942 to 1960, and $4,000 in
1961, giving a basis
of about 1.48%. Prin. and int.
(F-A) payable at the County Treasurer's
office.
Legality approved by Orrick, Dahlquist, Neff &
Herrington of
San Francisco.
First National Bank of Birmingham, sinking fund agent and
depository for
Tuscumbia, that bonds were purchased as follows: Public improvement—•
$5,000 at 61.00: $5,000 at 60.00; $2,000 at 59.99; all plus interest. General
improvement—$1,000 at 56.99; $2,000 at 57.99, $2,000 at 58.99, ail
plus
interest, and $15,000 at 54.50 flat.
ALASKA
COLORADO
JEFFERSON COUNTY SCHOOL DISTRICT NO. 8
(P. O. Wheat
Ridge), Colo.—BONDS APPROVED—According to
report, the election
on July 14 resulted in favor of
issuing $35,000 2M% funding bonds.
Due
from 1942 to 1951.
Voters approved this issue
by a vote of 126 for to 16
against.'
v-
SITKA, Alaska—BONDS SOLD—Hartley, Rogers & Co. of Seattle
purchased $200,000 4% light, power and water utility general obligation
bonds.
Dated March 1, 1941.
Denom. $1,000.
Due March 1 as follows:
$5,000 in 1944; $6,000, 1945 to 1948, incl.; $7,000, 1949 to 1951,
incl.;
$8,000, 1952 to 1955, incl.; $9,000, 1956 to 1958, incl.; $10,000 in
1959 and
1960: $11,000 in 1961 and 1962; $12,000 from 1963 to
1965, incl., and $13,000
in 1966.
Callable in whole or in part, in inverse numerical
order, on 30
days' published notice, on any interest payment date on and after March
1946.
105
at
1,
If called prior to maturity any bonds so redeemed are
redeemable
March 1 or Sept. 1, 1946; at 104 on March 1 or
on
Sept. 1, 1947;
at 103 on March 1 or Sept. 1, 1948; at 102 on
March 1 or Sept. ], 1949;
at 101 on March 1 or Sept. 1, 1950; and at 100 on
March 1 or Sept, 1 of
any year after maturity.
Principal and interest payable at the National
Bank of Commerce, Seattle.
Legality approved by Preston, Thorgrimson, Turner, Horowitz & Stephens of Seattle.
CONNECTICUT
NORWICH,
Conn—BOND
OFFERING—I.
Dyer
Potter, Town
Treasurer, will receive sealed bids until noon on July 28 for the
purchase of
$750,000 coupon bonds, divided as follows:
$300,000 trade school bonds. Due $15,000 on
Aug. 1 from 1942 to 1961 incl.
450,000 funding bonds. Due $25,000 on Aug. 1 from 1942 to
1959 incl.
Each issue will be dated
Aug. 1, 1941. Denom. $1,000. Bidder to name
of interest for each issue in a
multiple of J4 of 1 %. Principal and
interest (F-A) payable at the
Hartford-Connecticut Trust Co., Hartford.
Bonds will be valid general
obligations of the town and all of its taxable
property will be subject to levy of unlimited ad valorem taxes
to pay both
principal and interest. Bonds will be delivered to the
purchaser on or
one rate
about
Aug. 15,1941
at the aforementioned trust
company against payment in New
A certified check for
1% of the bonds, payable to order of the
town, must accompany each proposal.
Each loan will be engraved under
the supervision of and
authenticated as to its genuineness by the HartfordConnecticut Trust Co. The legality of this issue will
be examined by Day,
York funds.
ARIZONA
A
CRANE SCHOOL DISTRICT (P. O.
Yuma), Ariz.—BONDS SOLD—
$15,000 issue of semi-ann. school building bonds is said to have
purchased by Refsnes, Ely, Beck & Co .of Phoenix,
SAFFORD,
Ariz.—PRICE
PAID—The
Town
been
as 2
Ms, at 100.10.
Clerk
states
that
the
$95,980.10 paving bonds sold to Refsnes, Ely, Beck & Co. of Phoenix—
V. 153, P. 272—were purchased as 6s at a price of
101.50.
Berry & Howard, of Hartford,
of whose opinion will accompany the
The original opinion
covering ad details required in the
proper issuance of these bonds wid be filed with the
Trust company, where
they may be inspected.
TUCSON, Ariz.—BOND OFFERING INDEFINITE—We are informed
by Charles C. Irwin, City Clerk, that no definite date has been fixed for
the
offering of $50,000 water plant and system revenue bonds.
florida municipal bonds
Our long experience In
hensive background of
will be glad to answer
ARKANSAS
ARKANSAS,
State
of—ASSESSED
SOLD—The City Clerk states that $8,000
fire equipment bonds, approved
by the voters in January, have been pur¬
chased by Hill, Crawford & Lanford of Little Rock.
WEST
Memphis.
CALIFORNIA
CALIFORNIA, State of—WARRANTS SOLD—An issue of $2,683,466.49 general fund, registered warrants was
offered for sale on July 24 and
was awarded to R. H. Moulton &
Co. of Los Angeles, at a rate of
0.50%
plus a premium of $589.
Dated July 29, 1941.
Due on or about Feb. 25,
1942.
CONTRA COSTA COUNTY
(P. O. Martinez), Calif.—BOND SALE
$25,000 Lafayette School District bonds offered
July 21—V. 153,
126—were awarded to Dean Witter & Co. of San
Francisco, as l^s, at
par plus a premium of $71, equal to
100.284, a basis of about 1.71%.
Dated July 1, 1941 and due as follows:
$1,000 from 1942 to 1946 incl. and
$2,000 from 1947 to 1956 incl.
Second high bid of
100.132 for lMs was
made by R. H. Moulton & Co. of San
Francisco.
—The
p.
no
obligation.
1ST NAT. BANK
NEWPORT, Ark.—BONDS
MEMPHIS, Ark .—ADDITIONAL INFORMATION—It is now
reported that the $240,000 3M% semi-ann. water and
electric revenue cer¬
tificates sold jointly to Stifel, Nicolaus &
Co. of Chicago, and Leftwich &
Ross of Memphis, as noted here on Feb.
1, are in the denom. of $1,000, and
mature Jan. 1, as follows:
$5,000 in 1942 to 1944, $6,000 in 1945 to
1948,
$7,000 in 1949 to 1953, $8,000 in 1954 to
1956, $9,000 in 1957 to 1959,
$10,000 in 1960 to 1965, and $11,000 in 1966 to
1970, redeemable in whole
or in part, in inverse numerical
order, as follows: On Jan. 1, 1946. at 103;
on any interest
payment date from July 1,1946 to Jan.
1, 1951, at 10214,
and any interest payment date thereafter
at 102.
Prin. and int. payable
at the National Bank of
Commerce,
inquiry regarding them at
R E Crummer & Company
BLpG.\^_^/CHICAGO. ILLINOIS
$315,761.
PINE BLUFF SCHOOL DISTRICT NO. 3
(P. O. Pine Bluff) Ark.—
BONDS SOLD—The District
Secretary states that $50,000 semi-ann. school
bonds were sold to the Simmons National Bank of
Pine Bluff, as 2}4s, at a
price of 101.00, a basis of about 2.41%. Due $5,000 on
Sept. 1 in 1949 to
handling Florida issues gives us a oomprofamiliarity with these municipal bonds.
We
any
VALUES SHOW DECLINE—
Assessed valuation of Arkansas real and personal
property for 1940 is re¬
ported by State Auditor J. Oscar Humphrey at $433,179,856,
compared to
$436,197,282 in 1939 and $427,085,505 in 1938.
It was the first loss shown
in tax valuations since 1936, when the series of
reductions which began in
1930 was halted.
Peak of $624,324,850 was reached in
1929.
Homestead
exemptions amounted to $35,084,647, compared to $32,699,553, and de¬
creased State tax income by
a copy
bonds when delivered without
charge to the purchaser.
and complete transcript of
proceedings
FLORIDA
BROWARD COUNTY AND SPECIAL ROAD
AND BRIDGE DIS¬
TRICT NO. 3 (P. O. Fort
Lauderdale), Fla.—BOND CALL—E. R.
Bennett, Clerk County Board of Commissioners, states that the
following
county and Special Road and Bridge District No. 3 bonds are
being called
for payment on Nov. 1:
Nos. 1 to 970, general, series of
1935; Nos. 1 to
2071, Highway, 1935, and Nos. 1 to 226, Special Road and
Bridge District
No. 3, series of 1935 bonds.
Dated Nov. 1, 1935.
Said bonds will be
paid on Nov. 1 at par and accrued
interest, evidenced by coupons due
Nov. 1, 1941, on presentation with all
subsequent unmatured coupons
attached, at the Chase National Bank, New York City.
Interest ceases
on Nov.
1, 1941.
DADE COUNTY SPECIAL TAX
SCHOOL DISTRICTS NOS. 2
AND 4 (P. O. Miami) Fla.—BOND
OFFERING DETAIL—In connection
with the offering scheduled for
Aug. 6, of the school bonds totaling $2,540,-
000—V. 153, p. 273—it is reported
by Attorney John J. Lindsey:
"Some question has arisen as to the
possible effect of the provision for
delivery of these bonds on or before Nov. 1, 1941, in contemplation of an¬
ticipated future.Federal Government taxation.
While the date of
delivery
in the
advertisement was specified as above, it is the intention of the Board
of Public Instruction to
deliver these bonds immediately after the
accept¬
of the successful
bid, and there is every reason for assurance that
this will be within 15
ance
days after Aug. 6, 1941.
FLORIDA, State of—RAILROADS APPEAL TAX RULING—The
Florida State Railroad Board was asked
recently by the four largest rail¬
roads operating in Florida for an
appeal from the ruling by Comptroller
J. M. Lee that they must be assessed at
full cash value.
an
In their motion for
appeal the four railroads—Atlantic Coast Line RR.
Co., Florida East
Co., Seaboard Air Line Ry. Co. and Louisville & Nashville RR.
Co.—sought to be allowed to continue to pay taxes on the old basis of a 24
%
assessed valuation and at the same time
they sought a reduction of their
official cash valuations.
Coast Ry.
Volume
The Commercial
153
$10,000 from 1952 to 1958, lncl.; $15,000 in 1959 and 1960,
1961.
Principal and interest (F-A) payable in Chicago.
The A.. C. L. asked for a cut from $8,502,426 to $6,109,736; the Florida
East Coast, from $4,829,365 to $3,894,329; the Seaboard from $6,880,095
to
$3,815,092 and the L. & N. from $1,600,950 to
Under orders of the court a year ago
required to
after attorneys
Comptroller Lee was
disappeared as a result of Governor Dwight Green's veto of
enabling legislation.
The county had hope to issue the bonds to fund an
existing judgment held by the City of Chicago, which bears a higher interest
rate.
With his veto, Governor Green flayed the attempt to issue the bonds
has practically
the average of
counties traversed
by the roads.
This year, however, the State Legislature passed an Act
making a 100% valuation mandatory.
assessed
valuations
on
and $6,000 in
COOK COUNTY (P. O. Chicago), 111.—GOVERNOR VETOES FUND¬
ING MEASURE—Prospect of a $4,000,000 judgment funding bond issue
$1,461,871.
accept railroad assessed valuations at 24 % of their cash value
for the roads had submitted proof that such a figure was
581
& Financial Chronicle
all properties in the different
without
referendum
a
as
"reprehensible" and protested against
according to report.
CITY, Fla.—BOND TENDERS INIVTED—It is stated by
Paul D. Joyce, City Clerk, that he will receive sealed tenders of refunding
bonds, until 8 p. m. on Aug. 6.
AND
BRIDGE DISTRICT
(P. O. Tampa), Fla.—BONDS CALLED—It is
stated by Charles H. Pent, Clerk County Board of Commissioners, that
bonds numbered 1 to 268 are to be called for payment on Sept. 1.
Dated
March 1, 1938.
Due on March 1, 1968.
Said bonds will be paid at par
and accrued interest on Sept. 1, evidenced by coupons due on that date,
upon presentation with all subsequent
unmatured coupons attached, at
uneconomic
management in government,
provement bonds that were authorized at an
July 1, 1941, and due in 1951.
HAINES
HILLSBOROUGH
the Manufacturers Trust Co.,
DECATUR SCHOOL DISTRICT,
VALIDATION
construction
READING TOWNSHIP, Livingston County, 111.—BONDS VOTED
an election on July 15 the voters authorized an issue of $12,000 road
improvement bonds.
PENDING—It is
July 23 to take
bonds.
—At
ROCK ISLAND, III.—PROPOSED REFUNDING ISSUE—City
approved an issue of $154,000 3XA% terminal refunding bonds.
with the above report,
letter sent to us on July 22 by Austin Miller,
City Attorney:
"Replying to your inquiry of July 11, relative to issuance of $3,388,000
City of Jacksonville refunding bonds, Second Issue of 1941, beg to advise
that these bonds will be dated Sept. 1, 1941, and will mature serially in
numerical order $339,000 on Sept. 1 in each of the years 1960 to 1968, both
inclusive, and $337,000 on Sept. 1, 1969.
These bonds are for the purpose
of refunding bonds becoming due in 1942, 1943, 1944, and 1945, and are
to be exchanged for the present issue of bonds, not sold.
The bonds will
bear interest at the rate of four (4%) per cent, until maturity of the re¬
8 p. m. (CST) on Aug. 5, for the purchase
Dated Sept. 1, 1941.
Denom. $500.
Due
Bonds are direct
ad valorem taxes
Other bids:
ment bonds.
on
1952, incl.
Indianapolis will be furnished the
O. Salem),
Indianapolis
IOWA
GRAETTINGER, Iowa—BOND SALE DETAILS—The Town Clerk
states that the $100,000 electric revenue bonds sold to a syndicate headed
by the Carleton D. Beh Co. of Des Moines—V. 153, p. 425—were pur¬
chased as 2V>h, for a premium of $1,115, equal to 101.115, and mature
on Dec. 1 as follows:
$4,000 in 1943 and 1944, $5,000 in 1945 and 1946,
$6,000, 1947 to 1956, $7,000, 1957 and 1958, and $8,0000 in 1959, giving
a basis of about 2.39%.
WASHINGTON
COUNTY (P.
O. Washington), I owa—BOND
OFFERING—It is stated by Marion S. George, County Treasurer, that she
will receive bids until July 31, at 2 p. m., for the purchase of $48,000 coupon
1, as
bonds
the
be approved by Chapman & Cutler
hospital bonds.
Dated Aug. 1, 1941. Denom. $1,000.
Due Nov.
follows:
$3,000 in 1942 and $5,000 in 1943 to 1951.
These are the
authorize 1 at the election held on June 10.
Prin. and int. payable at
Treasurer's office.
County
Legality to
of Chicago.
WAVERLY SCHOOL DISTRICT (P. O.
ELECTION—The Secretary of the Board of
election will be held on July 29 In order to vote
construction bonds.
WHAT CHEER
$85,000 4% semi-annual fund¬
INDEPENDENT SCHOOL DISTRICT (P.
Cheer), Iowa—BOND SALE— The $23,500 building bonds
153, p. 425—were awarded to the J. J. Kelly Co. of
—V.
KANSAS
(P. O. RocKmart), Ga .—BOND
DETAILS—The Secretary of the Board of
that the $75,000 school bonds sold to Wyatt, Neal &
SALE
School Trustee states
Waggoner of Atlanta,
GALENA, Kan.—BONDS OFFERED TO PUBLIC—The Rittenoure
Investment Co. of Wichita, is offering for general investment an issue
®12« (;no 3% refunding bonds.
Denominations $1,000 and $500. Dated
of
at a price of 105-25, as noted here on Jan. 4, were purchased as 3s, are
dated Jan. 1,1941, and mature on Jan. 1, as follows: $1,500 in 1942 to 1951,
1971, giving a basis of about
Waverly), Iowa—BOND
Education states that an
on the issuance of $15,000
O. What
offered July 21
Des Moines as
2s at par plus a premium of $546, equal to 102.323.
Second high bid of
102.319 for 2s was made by Paine, Webber & Co. of Chicago.
O. Lexington), Ga .—ADDITIONAL
ing bonds contracted to Brooke, Tindall & Co. of Atlanta, as noted here on
May 3,1, it is stated that the amount of the issue was increased to $115,000.
Dated^Aug. 1, 1941.
Due on Feb. 1 as follows:
$7,000 in 1943 to 1946;
$8,000, 1947 to 1949; $9,000, 1950 to 1952; $10,000, 1953 to 1955. and
$6,000 in 1956.W*
1944, $7,000,
1952, $10,000,
1953. $12,000, 1954. $12,500, 1955, and $13,000 in 1956.
Prin. and int.
(M-S) payable at the State Treasurer's office.
Legality approved by
1941. Due on Sept. 1 as follows: $6,500 in 1942 to
1945 to 1948, $7,500, 1949, $8,500, 1950 and 1951, $9,000,
May 1
2.60%.^rti
Lafayette), Ga .—BONDS VOTED—At an
July 19, the voters are said to
successful bidder at the
McCord
O.
Ringgold),
Ga.-ADDITIONAL
$30,000 3% semi-annual fund¬
& Co. of Atlanta, had contracted to pur¬
it is now reported that the amount of the
Dated Aug. 1, 1941.
Due on Feb. 1 as
follows:
$2,000 in 1944 toa1950; $3,000, 1951 to 1961, and $4,000 in 1962
and 1963.1
I
on
Denom. $500.
Due $1,000 annually
Bidder to name a single rate of interest,
Dated June 1„ 1941.
1 from 1943 to
purchased $16,081.85 1 A. % judgement funding bonds at a price of 100.833,
Dated July 1, 1941 and due semi-annually from July 1, 1942 to July 1,
1950, incl.
Interest J-J.
Legality approved by Matson, Ross,
& Ice of Indianapolis.
(P.
3%
1A%
%
Harbor
WASHINGTON TOWNSHIP SCHOOL TOWNSHIP (P.
Ind.—BOND SALE—The Indianapolis Bond & Share Corp.of
INFORMATION—In connection with the
WALKER COUNTY (P. O.
Jan.
Weyl & Jewett of
city's expense.
ing bonds that Brooke, Tindall
chase, as noted here on May 31,
issue was increased to $55,000.
of $750,000
1^%
.—-
& Co., Inc
expressed in a multiple of )4 of 1%.
Interest J-J. Principal and interest
payable at the State Bank of Rensselaer.
The bonds are direct obligations
of the city and are payable out of unlimited ad valorem taxes to be levied
and collected on all taxable property therein.
Legal opinion of Elliott,
GEORGIA
election held
— ------
100.187
100.158
101.18
RENSSELAER,
Ind.—BOND OFFERING—John R. Merritt, City
Clerk-Treasurer, will receive sealed bids until 10 a. m. (DST) on Aug. 6,
for the purchase of $10,000 not to exceed 3 A % interest fire truck and equip¬
Harriman Ripley
Union National Bank of Indiana
PETERSBURG, Fla.—BOND OFFERING—Sealed bids will be re¬
ceived until 10 a.m. on Aug. 5, by G. V. Leland, City Manager, for the
purchase of a $660,000 issue of 4% coupon semi-annual refunding bonds.
Dated March 1, 1941.
Denom. $1,000.
Due $33,000, March 1, 1942 to
1961.
Prin. and int. payable at the Chemical Bank & Trust Co., NewYork, or at the Union Trust Co., St. Petersburg, at the holder's option.
These bonds are direct obligations of the city, secured by a pledge of the
entire taxable property in the city, and the city will be obligated to levy
taxes upon all property within its present territorial limits which was subject
to taxation under the Constitution and laws of Florida as they existed
prior to Nov. 6, 1934, including homesteads.
No bid for less than par will
be considered.
All bids must be unconditional and must be made upon
a form supplied by the city without alteration thereof.
The bonds will be
delivered to the purchaser, and the purchaser will be required to take up
and pay for the bonds on Sept. 1, at the office of the Union Trust Co.,
St. Petersburg, unless otherwise agreed upon between the city and the
purchaser.
The bonds are authorized by a resolution of the City Council,
adopted on Jan. 10, 1941, as supplemented by resolution dated July 15,
1941, and the bonds have been validated and confirmed by decree of the
Circuit Court of Pinellas County.
The legality of said bonds will be
approved by Thomson, Wood & Hoffman of New York, whose opinion as
to the legality of the bonds, or duplicate thereof, will be delivered free of
charge to the purchaser.
Enclose a certified check for 2% of the par value
of the bonds bid for, payable to the city.
(This notice supplements our previous report of offering.—V. 153,
p. 424.)
'
YWaV *
and $3,000 in 1952 to
was
Rate Bid
100.618
100.44
Int. Rate
1A%
13^%
Bidder—
$37,000 in 1951.
ROCKMART SCHOOL DISTRICT
equal to
lj^s
„
Fletcher Trust Co. of Indianapolis.--.John Nuveen & Co
—.
Harris Trust & Savings Bank
ST.
OGLETHORPE COUNTY (P.
Point), Ind.—BOND SALE—The
awarded on July 21 an issue of
of Chicago was
$43,000 bridge bonds as l^s, at par plus a premium of $147.50,
100.343, a basis of about 1.21%.
Second high bid of 101.02 for
made by Raffensperger, Hughes & Co. of Indianapolis.
Fla.—ADDITIONAL INFORMATION—In connection
with the $118,000 3% semi-annual refunding bonds that were exchanged
with the holders of the original bonds, as noted in our issue of May 10, it
is now reported by J. E. Frenkel, City Clerk-Comptroller, that the bonds
were exchanged at par, are dated Dec. 1, 1940, and mature on Dec. 1 as
follows;
$8,000 in 1947, $10,000 in 1948, $46,000 in 1949, $20,000 in 1950
INFORMATION—In connection with the
Crown
O.
(P.
Securities Co.
Channer
PENSACOLA,
COUNTY
COUNTY
LAKE
RIVER
of $10,000 4% building bonds.
$500 July 1, 1942; $500 Jan. 1
incl. and $500 Jan. 1, 1952. Interest J-J.
obligations of the school town, payable out of unlimited
to be levied and collected on all taxable property therein.
1 from 1943 to 1951,
and July
COUNTIES, ATLANTIC-GULF
O. Kissimmee), Fla.—
BOND CALL—The Board of Trustees states that all road and bridge
refunding bonds of the above-mentioned district are to be called for pay¬
ment on Sept. 1.
Dated Sept. 1, 1931.
Said bonds will be redeemed
on Sept.
1 at par plus that accrued interest evidenced by coupons due on
that date, on presentation with all subsequent
unmatured coupons at¬
tached, at the Guaranty Trust Co., New York City.
Interest ceases on
call date.
;
'-.'v.-' ;;'-vv"Y
CATOOSA
Ind.—BOND OFFERING—Herman
the Board of Trustees, will receive sealed bids until
FRENCH LICK SCHOOL TOWN,
T. Wright, Secretary of
SPECIAL ROAD AND BRIDGE DISTRICT (P.
and
Ind.—BOND OFFERING—Ivap G.
Arnold, Secretary of the Board of Trustees, will receive sealed bids until
7:30 p. m. (CST) on Aug. 4, for the purchase of $7,500 not to exceed 4%
interest building bonds.
Dated July 1, 1941.
Denom. $500. Due $500
annually on July 1 from 1945 to 1959, incl.
Interest J-J. A certified check
for $500, payable to order of the school city, is required.
spective issues of bonds to be refunded and then not exceeding 2M%..
The bonds are in denominations of $1,000 each.
Interest is payable semi¬
INDIAN
Coucil
INDIANA
ALEXANDRIA SCHOOL CITY,
annually in March and September.
The bonds may be registered as to
principal only, and are payable at Manufacturers Trust Co., the fiscal
agency of the City of Jacksonville in New York City, or at the office of the
City Treasurer in the City of Jacksonville.
Messrs. Thomson, Wood &
Hoffman, New York, will render opinion as to the legality of the bonds.
The City of Jacksonville has entered into an agreement with Natt T.
Wagner relative to the exchange of these bonds."
AND
Council recently author¬
MORRIS, 111.—BONDS AUTHORIZED—City
an issue of $8,500 well replacement bonds.
the following is the text of a
OSCEOLA
III.—BOND ELECTION—An elec¬
of issuing approximately $175,000
bonds.
ized
reported that the Circuit Court of Duval County met on
action on the question of validating $3,388,000 refunding
ADDITIONAL INFORMATION—In connection
be held soon on the question
tion will
New York City.
Fla.—BOND
JACKSONVILLE,
DAKOTA TOWNSHIP (P. O. Dakota), 111.—BONDS SOLD—The
White-Phillips Co. of Chicago purchased as 3J^s, the $20,000 road im¬
election on June 19. Dated
LAKE FERN SPECIAL ROAD
COUNTY,
have approved the issuance
semi-annual funding bonds.
Depew,
Stanley, Weigand &
Hook of Wichita.
IDAHO
KENTUCKY
of—BOND OFFERING—Myrtle P. Enking, State
Treasurer, reports that she will receive sealed bids until 2 p. m. (MST),
on Aug.
4, for the purchase of $659,100 State Institutions improvement
bonds.
Interest rate is not to exceed 5%, payable F-A.
Denominations
to suit purchaser.
Dated Aug.
5, 941. Due Aug. 15, 1961, optional
any time after Aug. 15, 1943.
The bonds will be payable to bearer and
holders shall have the right to registration and to payment in New York
City.
Printed and engraved bonds will be furnished by the State at the
actual cost thereof, not to exceed $50.
The approving opinion of the
Attorney General will be furnished.
Any other legal advice must be pro¬
cured by and at the expense of the purchaser.
The bonds will be sold to
the best bidder for par and accrued interest.
The State Treasurer reserves
the right |to divide the issue among two or more bidders and to reject any
and all bids.
Purchaser to take delivery at Boise.
Enclose a certified
check for 2% of amount bid, payable to the State Treasurer.
HAZARD, Ky.—BOND SUIT FILED—A. petition is reported to
been filed in Perry Circuit Court in a suit brought to set aside a contract
made by the city for the refunding of the outstanding debt of
The charge is made that the city received and rejected more advantageous
bids on the refunding proposal.
The refunding contract, as set
In the petition, provides for a fee of 5% of the par amount of
by exchange.
IDAHO,
have
State
$220,000.
forth
bonds refunded
KENTUCKY,
of—BRIDGE BONDS SEEN PROFITABLE—
wide margin of profits over interest
bonds this year, as a result of the
State owned bridges,
traffic on all
Kentucky borders, and increased
according to the Chicago Journal of
C°T?Sireseon0W^1trKentucky bridges show large increases in
Ferrv
ILLINOIS
3^6
Bridge,
1941; Eggers
Smithiand,
Paducah-Brookport, 33,431 to 42 831.
A considerable surplus is expected to go to the bridge funds this year,
to be a backlog to pay off interest and meet payments in future years, when
13
the voters
to
19.64'./;
authorized an issue of $12,000
63Yields
CICERO, III.'—BOND SALE DETAILS—The $107,000 3H% general
bonds recently sold to Channer Securities Co. of Chicago,—V. 153, p. 425
—are in $1,000 denoms. and mature Feb.
1 as follows: $1,000 in 1951;
bridge travel,
Bridge jumping from 11,261 in 1940 to 15,658 in
11,64/ to 14,970; Paducah, 17,262 to 22,462;
Canton
CATLIN, 111.—BONDS VOTED—At an election on July 9
sanitary sewer and plant bonds.
State
Municipal finance specialists anticipate a
and term payments on Kentucky bridge
many defense plants in and around the
and
from bridges at Louisville, Cincinnati,
various other border and interior points,
shown large
I
increases as compared
Maysville, Madison, Ind.,
reported to nave also
are
with last year.
The Commercial & Financial Chronicle
582
LOUISIANA
FARMERVILLE,
July 26, 1941
WARE, Mass.—BOND SALE—The $3,000 water main extension bonds
July 22—V. 153, p. 426—were awarded to Chace, Whiteside &
Symonds. of Boston, as 0.75s, at a price of 100.03, a basis of about 0.73%.
Dated Aug. 16, 1941 and due $1,000 in 1942, 1943 and 1944.
Similar bid
was made by Newton, Abbe & Co., Boston, and the award was determined
offered
La.—BOND
OFFERING— It is stated by J. R.
Dawkins, Town Clerk, that he will receive sealed bids until 7:30 p. m. (CST)
on Aug. 21, for the purchase of the following 3% refunding
bonds, aggre¬
gating $52,600:
$12,600 First Series bonds.
Denora. $100.
Due Oct. 1 as follows:
$200
in 1942 to 1956: $300 in 1957 to 1966; $400 in 1967 to 1973; $500
in 1974 to 1979, and $800 in 1980.
40,000 Second Series bonds.
Denom. $500.
Due Oct, 1 as follows:
$1,000 in 1942 to 1958; $1,500 in 1959 to 1972, and $2,000 in 1973.
Interest payable A-O.
These bonds were authorized by ordinances
adopted on Feb. 10, 1941, and will be sold subject to the final approving
opinion of any recognized bonding attorneys.
Enclose a certified check
for $500, payable to the Mayor.
at the toss of a coin.
MICHIGAN
"
AVON TOWNSHIP SCHOOL DISTRICT NO. 4 (P. O. Rochester),
Mich.—BOND SALE—The $24,000 coupon refunding bonds offered July 22
•—V. 153, p. 426—were awarded to the Peninsular State Co. of Detroit,
on a bid of 100-058 for $20,000 234s, due $2,000 yearly from 194? to 1951
incl., and $4,000 lHs, due $2,000 in 1952 and 1953.
Dated July 15, 1941.
Bonds maturing July 15, 1952 and 1953 will be callable on any interest
on or after July
15, 1942, in inverse numerical order on 30 days
date
LOUISIANA, state of—BOND OFFERING—Sealed bids will be be
received until 11 a. m. on Aug. 1, by L. B. Baynard, Secretary of the Board
of Liquidation of the State Debt, for the purchase of a $675,000 issue of
coupon
registered series H bonds.
Dated July 15, 1941.
or
Corp., Detroit.
BANNISTER
Interest rate is not to exceed 5%.
payable J-J.
Denom. $1,000.
Due July 15,
as
Second high bid of 100.212 for 234s was made by First of Michigan
notice.
At an election
SCHOOL
on
DISTRICT, Mich.—BONDS DEFEATED—
June 10 the voters defeated
proposal to issue $4,000
a
follows: $225,000 in 1945, $300,000 in 1946 and $150,000 in 1947.
Bidders
are requested to name the rate or rates of interest in
multiples of one-quarter
construction bonds.
one-eighth of 1%.
Different interest rates may be named, and it shall
not be necessary that all bonds of the issue bear the same date.
Prin. and
int. payable in lawful money at the State Treasurer's office, or at the fiscal
BELDING, Mich.—BOND SALE—The $25,000 coupon refunding bonds
offered July 22—V. 153, p. 426—were awarded to Paine, Webber & Co. of
Chicago.
Dated Aug. 1, 1941, and due Aug. 1 as follows: $3,000 from
or
agency of the State in New York.
The bonds will be awarded to the bidder
offering to purchase the same at the lowest interest cost to the State, and
the successful bidder will be determined by
computing the amount of interest
to be paid at the rate or rates bid
by the bidder to the respective dates of
maturity of the bonds and deducting from the total amount of interest
to be paid the premium, if any, bid.
No bid for less than the par value
of the bonds and accrued interest to date of delivery of and
payment for
the bonds will be accepted.
These bonds will constitute general obliga¬
tions of the State.
All bids must be unconditional.
The opinion of Thom¬
Wood & Hoffman of New York, approving the validity of these bonds,
Enclose a certified check
payable to the Board of Liquidation
son,
will be furnished the purchaser without
charge.
for 1 % of the amount of bonds bid for,
1942 to 1947, incl.; $2,000,1948; $3,000 in 1949 and $2,000 in 1950.
on
DEARBORN
TOWNSHIP
SCHOOL DISTRICT
NO.
4, Wayne
County. Mich.—TENDERS WANTED— H. E. Hemans, District Secre¬
will receive sealed tenders of certificates of indebtedness, dated
July 15, 1936, due July 15, 1946, up to 8 p.m. (EST) on Aug. 4. Approxi¬
mately $2,000 is available for purchase of certificates.
Tenders should be
firm lor five days.
tary,
DETROIT,
of the State Debt.
(An issue of $720,000 series H bonds
was not consummated.)
was
offered
Bonds
to 25, incl., are callable in inverse numerical order, at par
accrued interets, on 30 days' published notice, on any interest date
or after Feb. 1, 1942.
numbered 21
and
Mich.—TAX COLLECTIONS HIGHEST SINCE
Tax collections in
on
which
May 15, the sale of
NEW IBERIA, La .—BOND ELECTION—It is
reported that an elec¬
tion has been called for Aug. 19 to submit to the voters an issue of
$300,000
airport improvement bonds,
the fiscal year ended June 30,
year
ALLEGANY COUNTY (P. O. Cumberland), Md.—BOND OFFERING
—Simeon W. Green, President of the Board of County
Commissioners, will
receive sealed bids until 10:15 a.m. on
Aug. 15 for the purchase of $800,000
not to exceed 5% interest
coupon school bonds.
Dated
Sept. 1, 1941.
Denom. $1,000.
Due $40,000 annually on Sept. 1 from 1942 to 1961 incl.
Rate of interest to be expressed in multiples of 1-10 of 1
%.
Bonds will be
registerable
as to principal on registration books kept for that
purpose by
the Clerk of the Board of
County Commissioners.
Principal and interest
(M-8) payable at the County Treasurer's office.
Authority for issue:
Chapter 416 of Maryland Acts of 1941.
A certified check for 2% of the
bonds offered, payable to order of the
County Treasurer, is required.
BALTIMORE, Md.—TAX COLLECTIONS GAIN—City taxes and
other
accounts collected
during the six months ended June 30 totaled $33,672,938,
58.46% of the year's estimated levy of $57,599,251, according to the
monthly report issued by Herbert Fallen, Municipal Budget Director.
or
with $31,927,502 collected
in
the like
period of the pre¬
ceding year, or 56.75% of the total amount.
In 1939 the city collected
57.17% of that year's estimated levy in the first half.
This year 's budget is based on the collection of
94% of the total current
levy,
-
or
as against 93% in the preceding year and 94% in 1939.
Current real estate taxes collected as of June 30 amounted to
$18,215,594,
63.68% of the $28,603,231 estimated to be collected in 1941.
This
compares with
60.28% in 1940 and 57.46% in 1939.
MASSACHUSETTS
AGAWAM, Mass.—BOND OFFERING—Henry E.
Treasurer, will receive sealed bids until 2 p.m. (DST)
Bodurtha, Town
on July 30 for the
$100,000 coupon office building bonds.
Dated Aug. 1, 1941.
Denom. $1,000.
Due $10,000 on Aug. 1 from 1942 to 1951 incl.
Bidder
chase
Aside from current levy, collections of delinquent
fiscal year totaled $6,296,263, only $200,000 short of the
multiple of % of 1 %.
Principal and interest
(i-A) payable at the First National Bank of Boston.
Bonds will be valid
general obligations of the town, exempt from taxation in Massachusetts,
and ail taxable property in
the town will be subject to levy of unlimited
ad valorem taxes to pay both prin. and interest.
Bonds will be engraved
under the supervision of and authenticated as to
genuineness by the First
National Bank of Boston.
Legal opinion of
Dodge of Boston will be furnished
Storey, Thorndike,
Palmer
the successful bidder.
ESSEX COUNTY
(P. O. Salem), Mass.—NOTE OFFERING—Harold
Thurston, County Treasurer, will receive bids until 11 a. m.
«DST)
July 29 for the purchase at discount of $30,000 industrial farm loan
Dated Aug. 1, 1941, and payable
Aug. 1, 1942, at the Merchants
National Bank, Salem, or at holder's
option at the National Shawmut
E.
on
notes.
Bank
;-v.
n
.■
Controller, will receive sealed offerings of non-callable city bonds in the
amount of approximately $500,000, until 10 a.m. (EST) on July 29.
Offer¬
ings shall state the purpose of the bonds, rate of interest, date of maturity,
dollar value and the yield.
Offerings shall remain firm until 1 p.m. (EST)
on July 30 and the city reserves the right, on bonds purchased, which are
delivered to Aug. 5, 1941, to pay accrued interest up to that date only.
ECORSE TOWNSHIP SCHOOL DISTRICT NO. 11 (P. O. Melvin
dale), Mich.—BOND OFFERING—Ralph L. Jolly, Secretary of the Board
(EST) on July 28 for the
purchase of $803,000 not to exceed 3% interest coupon refunding bonds.
Dated Aug. 1, 1941.
Due March 1 as follows: $15,000 from 1943 to 1945,
incl.; $16,000 in 1946; $30,000 from 1947 to 1956, incl.; $35,000 from 1957
to 1961, incl.; $45,000 from 1962 to 1966, incl., and $42,000 in 1967.
Bonds
of Education, will receive sealed bids until 8 p. m.
672 to 803, both inclusive, will be subject to redemption prior to maturity,
inverse numerical order, at par and accrued interest, upon 30 days
in
published notice, on any one or more interest payment dates on and after
following dates, to wit: Bonds Nos. 762 to 803, both inclusive, on and
1, 1944; bonds Nos. 717 to 761, both inclusive, on and after
March 1, 1945; bonds Nos. 672 to 716, both inclusive, on and after March 1,
1946.
These bonds are the general obligation of the school district wnich is
authorized and required by law to levy upon ail the taxable property t herein,
such ad valorem taxes as may be necessary to pay the bonds and interest
thereon, without limitation as to rate or amount.
Rate or rates of interest to be expressed in multiples of
of 1 %.
Prin¬
cipal and interest (M-S) payable at the Detroit Trust Co., Detroit, or its
successor paying agent named by the district.
A certified check for 2%
of the bonds, payable to order of the district, is required.
Bids shall be
conditioned upon the unqualified opinion of Miller, Canfield, Paddock
& Stone.
Detroit, approving the legality of the bonds.
The cost of said
opinion and cost of printing the bonds will be paid by the school district.
the
after March
of
to name one rate of interest In a
&
1924—
the highest
DETROIT, Mich.—OFFERINGS WAN TED—Charl es G. Oakman, City
MARYLAND
compares
were
totaled 91.95%.
taxes in the last
Treasurer's estimate.
This
1941,
for any period since 1924, according to Albert E. Cobo, City Treasurer.
At close of the recent period the city had collected $63,766,808.37 or 95.10%
of the total levy of $67,071,190.34.
Collections in the 1939-1940 fiscal
of Boston.
Notes will be certified as to genuineness and
validity
by the Boston Bank, under advice of Ropes, Gray,
Best, Coolidge & Rust
FARMINGTON
TOWNSHIP
(P.
O.
Farmington),
Mich.—B0ArD
OFFERING—Harry McCracken, Township Clerk, will reecive sealed bids
until 8 p.m. (EST) on July 28 for the purchase of $20,000 not to exceed 4%
interest
coupon refunding bonds.
Dated July 1, 1941.
Denom. $1,000.
Due $4,000 on July 1 from 1942 to 1946 incl.
Bonds maturing on or after
July 1,1945 will be redeemable in inverse numerical order at par and accrued
interest on any interest date on or after July 1, 1942, on 30 days' published
notice.
Rate or rates of interest to be expressed in a multiple of M of 1 %.
Principal and injterest (J-J) payable at the Farmington State Bank, Farm¬
ington.
The refunding bonds are to refund a judgment evidenced by a
writ of mandamus dated Nov. 3, 1931, and a further judgment thereof
of June, 1941, and shall be a general obligation of the township.
A certified
check for 2% of the bonds, payable to order of the Township Treasurer,
is required.
Bids shall be conditioned upon the unqualified opinion of
Berry & Stevens of Detroit, approving the legality of the bonds.
Township
will pay for the opinion and successful bidder will pay cost of printing the
bonds.
>■
..
-^/V'
of Boston.
HAMTRANCK, Mich.—BOND OFFERI NG—Albert J. Zak, City Clerk,
FALL
RIVER
HOUSING AUTHORITY, Mass.—PA YING AGENT
IN NEW YORK—Manufacturers Trust Co. has been
appointed New York
paying agent for $368,000 series A (first issue) housing
authority bonds.
LYNN, Mass.—NOTE SALE—'The
22—V.
issue of $500,000 notes offered July
153, p. 426—was awarded to the Manufacturers-Central National
Eank^0/«Lyii?
26, 1942.
0-217% discount.
Due $250,000 each
Other bids:
on
May 12 and May
Bidder
Discount
.
Security Trust Co. of Lynn
Day Trust Co. of Boston.
First
National
Bank
0 259%
_
0.27%
...
of Boston
0.28%
£?®88'—BOND SALE—The
$145,000
coupon bonds offered
July 22—V. 153, p. 426—were awarded to the Middlesex
County National
Bank of Everett, as 0.75s, at a
price of 100.042, a basis of about 0.74%.
Sale consisted of:
t
$50,000 street construction bonds.
1946, inclusive.
Due $10,000
25,000 macadam and sidewalk bonds.
to 1946, inclusive.
35,000
sewer
construction
bonds.
„
main
Due $7,000
extension
on
July 1 from 1942
Due $5,000 on July 1 from
water
to
$7,000
on
1942
July 1 from 1942 to
department
equipment
bonds-
on July 1 from 1942 to 1946, inclusive.
ttA11. °Lthe bonds will be dated July
1, 1941.
Other bidders:
(for 1%)
?rvnrriooTrVstT,&^a.y\ngs ®ank• 100.577; First National Bank of Boston,
100 432; C. F. Chikis & Co., and
Bond, Judge & Co., 100.399; Tyler &
Co.,
i00^333; Chace, Whiteside & Symonds and Shields & Co., 100.30;
Maiden Trust Co., 100.29 and National
Shawmut Bank, 100.25.
MALDEN, Mags.—PROPOSED BOND ISSUE—At
the Board of Aldermen considered
an
™I^Er)yBURYP0£T' Mass.—BOND
a
meeting
on
July 22
issue of $124,000 relief bonds.
OFFERING—Charles E. Houghton,
City Treasurer, will receive sealed bids until 12:15 p. m.
(DST) on July 29
for the purchase of $10,000
coupon municipal bonds.
Dated Aug. 1, 1941.
Denom. $1,000,.
Due $1,000 on Aug. 1 from 1942 to 1951 incl. Bidder to
name rate of interest in a
multiple of K of 1
%.
Principal and semi-annual
payable at the Merchants National Bank of Boston. These bonds
will he prepared under the supervision of
and certified as to their genuineness
by said bank, and their legality approved by Storey, Thorndike, Palmer &
Dodge, of Boston, whose opinion will be furnished the
purchaser.
the successful bidder.
These bonds will refund $135,000 of 1941-1942 tax
anticipation notes maturing Aug. 1, 1941 and $125,000 of 1940-1941 tax
Aug. 31, 1941.
Refunding bonds are issued under the provisions
of Public Act No. 13 of the State of Michigan, Extra Session of 1932, as
amended.
Full faith and credit of the city is irrevocably pledged for the
payment of principal and interest.
Bids shall be conditioned upon the un¬
qualified opinion of Chapman & Cutler, of Chicago, approving the legality
of the!bonds.
City will pay for opinion and cost of printing the bonds.
A certified check for 2% of the issue, payable to order of the City Treasurer,
s required.
notes due
HUNTINGTON
WOODS,
Mich.—BOND CALL— George W. Evans,
City Treasurer,
are
reports that 1940 refunding bonds
called for payment on Aug. 1, 1941 at
Nos.
146
,147,
148
the Union Guardian
Trust Co., Detroit.
LIVONIA
TOWNSHIP, WAYNE COUNTY, Mich.—BOND OFFER-
ING—Jesse L. Ziegler, Township Supervisor, will receive sealed bids until
Due
and
(EST) on July 29 for the purchase of
$260,000 not to exceed 434% interest coupon refunding bonds.
Dated
Aug. 1, 1941.
Denom. $1,000.
Due $26,000 annually on Feb. 1 from
1952 to 1961 incl.
Rate of interest to be expressed in a multiple of V\ of 1 %.
Principal and interest (F-A) payable at a bank or trust company chosen by
and 149,
1946, inclusive.
35,000 water
will receive sealed bids until 8 p.m.
8 p.m.
(EST)
on Aug. 5 for the purchase of $27,000 3% coupon water
supply system revenue bonds.
Dated July 1, 1941.
Denom. $1,000 and
$500.
Due July 1 as follows: $1,000 from 1944 to 1950, incl.; $1,500 from
1951 to 1962 incl. and $2,000 in 1963.
The bonds will be redeemable in
numerical order, at par and accrued interest, on any interest date before
maturity, on 30 days' notice by publication in a paper circulated in the
State of Michigan which carries, as part of its regular service, notices of
sale of municipal bonds, and if registered, by mail to the registered holder.
The proceeds of sale of the bonds will be used for the construction of a
Water Supply System for a part of Livonia Township designated Water
District No. 2.
The bonds are issued under Act. No. 94 of the Public
Acts of Michigan for 1933, as amended, and are not a general obligation
or indebtedness of the
township.
The principal and interest will be paid
from revenues derived from the operation of the Water Supply System in
Water District No. 2.
*
Principal and interest (J-J) payable at the Detroit Trust Co., Detroit,
and shall be registerable as to principal only on the bonds of said institution.
A certified check for
2% of the bonds, payable to order of the Township
Treasurer, is required.
Bids shall be conditioned upon the unqualified
opinion of Miller, Canfield, Paddock & Stone of Detroit, approving the
legality of the bonds.
The cost of the legal opinion and of the printing
of the bonds will be paid by the
of the bonds will be considered.
township.
No proposal for less than all
Volume
..
The
153
LIVONIA TOWNSHIP SCHOOL DISTRICT NO. 2 (P. O. R.
Wells-Dickey Co. of Minneapolis, and associates, according to
Clerk.
Dated July 25, 1941.
Due on July 25 in 1942 to 1953.
F. D.
No. 3, Farmington), Mich.—BOND OFFERING—Sealed bids will be re¬
by the District Secretary until 8 p.m. on July 28 for the purchase
of $67,000 not to exceed 3H% interest refunding bonds.
Dated July 15,
1941.
Denom. $1,000.
Due Sept. 1 as follows: $3,000 from 1942 to 1950
ceived
incl.; $4,000 from 1951 to 1960 incl.
Bonds maturing in 1959 are
in inverse numerical order on any interest payment date on or after
callable
not to exceed
Sept. 1,
6% coupon semi-ann. bonds
$750,000 public relief bonds.
on
..
KhtlfcH
aggregating $1,446,000:
1951, incl.
Due $75,000 on Sept. 1 in 1942 to
696,000 permanent improvement bonds.
Due on Sept. 1 as follows:
$32,000 in 1942, $33,000 in 1943 to 1946, $34,000, 1947 to 1951;
$35,000, 1952 to 1954; $36,000, 1955 and 1956; and $37,000 in
1957 to 1961.
Denom. $1,000.
Dated Sept. 1, 1941.
Rate of interest to be in a mul¬
tiple of M or l-10th of 1 %, and must be the same for all of the bonds.
The
bonds may be registered as to both principal and interest on application to
the City Comptroller.
Prin. and int. payable at the fiscal agency of the
city in New York City or at the City Treasurer's office.
Bids offering an
amount less than par will not be considered.
In addition to the purchase
price, purchasers will be rquired to pay to the city $2 per bond to apply
on the expense to the city in issuing and transporting the bonds to place
of delivery and of meeting bank charges for handling maturity payments.
Delivery will be made in New York City, in Chicago, or in Minneapolis
at a national bank satisfactory to the purchasers, any charge made by the
bank for delivery service to be paid by the purchasers.
The obligations will
be accompanied by the opinion of Thomson, Wood & Hoffman, of New
York, that they are valid and binding obligations of the city.
A certified
check for 2% of the amount of the bonds bid for, payable to the City
Treasurer, is required.
approving legal opinion of the purchaser's attorney.
Cost of opinion
and of printing the bonds to be borne by the successful bidder.
A certified
check for $2,000, payable to order of the district, must accompany each
proposal.
-'-''C■■
'
' :
the
DISTRICT (P. O. Marysville), Mich.—
Miller, Secretary of the Board of Education,
(EST) on July 31 for the purchase
of $200,000 not to exceed 3% interest general obligation bonds.
Dated
July 1, 1941.
Coupon bonds in $1,000 denoms.
Due July 1 as follows:
$25,000 in 1942; $40,000, 1943, and $45,000 in 1944, 1945 and 1964.
Prin¬
cipal and interest (J-J) payable at the Peoples Savings Bank, Port Huron.
Rate or rates of interest to be expressed in a multiple of % of 1 %.
Pay¬
ment for and delivery of bonds to be made at a bank in Port Huron, to be
designated by the Board of Education and specified in notice of acceptance
of bid.
A certified check for 2% of the bonds bid for, payable to order of
the District Treasurer, is required.
Bids shall be conditioned upon the
unqualified opinion of the purchaser's attorneys approving legality of the
bonds.
Cost of opinion and of printing the bonds to be paid for by the
successful bidder.
The school district is authorized and required by law
to levy upon all the taxable property therein such ad valorem taxes as
may be necessary to pay the bonds and interest thereon, within the limita¬
tion prescribed by Section 21, Article X of the Michigan Constitution and
the Michigan "Property Tax Limitation Act."
The school district au¬
thorized an increase in tax limitation to 1.35% of the assessed valuation for
the years 1941 to 1945, both inclusive.
MARYSVILLE
the District
MINNEAPOLIS, Minn.—BOND OFFERING—Sealed and auction bids
will be received until Aug. 12, at 10:30 a. m., by Geo. M. Link, Secretary
of the Board of Estimate and Taxation, for the purchase of the following
30 days' notice, and the bonds maturing in 1960 are callable on or
after Sept. 1, 1942.
Rate or rates of interest to be expressed in multiples
of M of I %.
Principal and interest (M-S) payable at the Detroit Trust Co.,
Detroit.
Bonds will be general obligations of the school district, which
is authorized and required by law to levy upon all taxable property therein
such ad valorem taxes as may be necessary to pay both principal and int.
without limitation as to rate or amount.
Bids shall be conditioned upon
1943,
583
Commercial & Financial Chronicle
SCHOOL
BOND OFFERING—Wilson J.
will receive sealed bids until 7:30 p. m.
ADDITIONAL OFFERING—Sealed and
auction bids will be received
PONTIAC, Mich.—BOND OFFERING—H. A. Maurer, City Clerk, will
(EST) on July 29 for the purchase of $500,000
refunding (1941) bonds.
Dated Aug. 1, 1941.
Denom.
$1,000.
Due March 1 as follows: $15,000 from 1945 to 1949 incl.: $25,000
from 1950 to 1958 incl. and $50,000 from 1959 to 1962 incl.
Bonds matur¬
ing in 1959 to 1962, will be subject to redemption prior to maturity, in
inverse numerical order, at par and accrued interest upon 30 days' published
notice, on any one or more interest payment dates on and after the following
dates, to-wit: Bonds maturing in 1962, on and after March 1, 1952: bonds
maturing in 1961, on and after March 1, 1953: bonds maturing in I960,
on and after March 1, 1954: bonds maturing in 1959, on and after March 1,
1965.
Rate or rates of interest to be in multiples of H of 1%.
Principal
and int. payable at the National Bank of Detroit, Detroit, or at its successor
paying agent named by the City which shall be a responsible bank or trust
company in the City of Detroit.
These bonds will be the general obligations of the city which is authorized
and required by law to levy upon all the taxable property therein, such
ad valorem taxes as may be necessary to pay the bonds and interest thereon,
without limitation as to rate or amount.
Bids shall be conditioned upon
the legal opinion of Claude H. Stevens, of Berry & Stevens of Detroit,
approving the legality of the bonds.
The cost of the legal opinion and of
the printing of the bonds will be paid by the City.
Bonds will be delivered
at Detroit.
Enclose a certified check for 2% of the par value of the bonds
bid upon, payable to the city.
an
issue of $1,270,000 coupon
satisfactory to the purchasers, any charge of the bank for delivery service
to be paid by the purchasers. Bids offering an amount less than par cannot
be accepted.
The bonds will be accompanied by the opinion of Thomson,
Wood & Hoffman, of New York, that the obligations are valid and binding
obligations of the city. A certified check for 2 % of the amount of the bonds
bid for, payable to the City Treasurer, is required.
receive sealed bids until 8 p.m.
series A-6 coupon
PARK RAPIDS,
ann.
semiCo of
equal to 101.17, a basis
Minn.—BONDS SOLD—A $30,000 issue of 2%
have been purchased by Kalman &
refunding bonds is said to
St.Paul, and associates, paying a premium of
of about 1.78%. Due $3,000 in 1942 to 1951,
$351,
incl.
City) Minn.—BOND SALE—The $90,000
refunding bonds offered for sale on July 14—V. 153, p. 128—were awarded
to the Allison-Williams Co. of Minneapolis, and associates, as 2Hs
paying
a premium of $650, equal to 100.72, a basis of about 2.37%.
Dated July 1,
1941. Due $10,000 on July 1 in 1943 to 1951 incl.
The First National Bank & Trust Co. of Minneapolis, was second best
bidder, offering $600 premium on 2
PINE COUNTY (P. O. Pine
F.
ST. PAUL, Minn.—BOND OFFERING—We are informed by Harold
Goodrich, City Comptroller, that he will receive sealed bids until 10 a. m.
on Aug. 5, for the purchase of $132,000 coupon public welfare bonds.
terest rate is not to exceed 6%, payable semi-annually.
Bids may besubmitted in multiples of 1-10th or M of 1%, but bonds must bear one rate
In¬
SCHOOL DISTRICT (P. O. Royal Oak), Mich.
C. Dunham, Secretary of the Board of Edu¬
sealed bids until 8 p.m. (EST) on July 31 for the pur¬
chase of $400,000 series AA-2 refunding bonds.
Dated Aug. 1, 1941.
Coupon bonds in $1,000 denoms.
Due $25,000 annuady on Oct. 1 from
1943 to 1958 incl.
Bonds to bear interest at not to exceed 3% per annum
to and including Oct. 1, 1944: not to exceed 3M% to Oct. 1, 1947: and not
to exceed 4% per annum thereafter to and including Oct. 1, 1958.
Princi¬
pal and interest (A-O) payable at the Detroit Trust Co., Detroit.
A
certified check for 2 % of the bonds bid for, payable to order of the Treasurer
of Board of Education, is required.
Bonds will be general obligations of
the school district, payable from unlimited ad valorem taxes on all of its
taxable property.
Bids shall be conditioned upon the legal opinion of
Miller, Canfield, Paddock & Stone, of Detroit, approving legality of the
bonds.
Cost of opinion and of printing the bonds to be paid for by the
ROYAL OAK CITY
both
Coupon bonds may be exchanged for registered bonds,
principal and interest, at a cost of $1 per registered bond, plus postage.
Dated Aug. 1, 1941.
Due on Aug. 1 as follows: $12,000
in 1942 and 1943, $13,000, 1944 to 1947, and $14,000 in 1948 to 1951.
Prin. and int. payable at the office of the Commissioner of Finance in St.
Paul, or at the city's fiscal agency in New; York City.
The approving
opinion of Thomson, Wood & Hoffman of New York, and James T. Denery
of St. Paul, will be furnished with the bonds at the time of sale and all bids
must be unconditional.
Bonds will be furnished by the city but delivery
shall be at purchaser's expense.
No bids will be considered which are for less
than par and accrued interest.
A certified check for 2% of the amount
bonds bid for, payable to the city, is required.
(These bonds were originally scheduled for sale on Aug. 1—V. 153, p.
427—but the postponement was made necessary, due to some discrepancy
in the original resolution.)
—BOND OFFERING—Albert
of interest.
cation, will receive
as
of
OAK TOWNSHIP SCHOOL DISTRICT NO
8 (P. O.
Station, Royal Oak),
Mich.—TENDERS 1VANTED—
ROYAL
to
Denom. $1,000.
school district.
Hazel
by
Clerk, until Aug. 12, at 9:30 a. m., for the pur¬
refunding bonds. Interest rate is not
to exceed 5%, payable M-S.
Denom. $1,000. Dated Sept. 1, 1941. Due
$127,000 from Sept. 1, 1942 to 1951. Rate of interest to be in a multiple of
H or 1-10 of 1 %, and must be the same for all the bonds. The bonds may be
registered as to both principal and interest on application to the City
Comptroller.
Prin. and int. payable at the fiscal agency of the city in
New York City or at the City Treasurer's office. Purchasers will be required
to pay the city $2 per bond to apply on the expense of the city in issuing and
transporting the bonds to place of delivery and in meeting bank charges for
handling maturity payments.
Delivery will be made by the City Comp¬
troller in New York City, in Chicago, or in Minneapolis at a national bank
Charles C. Swanson, City
chase of
TRACY,
Minn.—PURCHASER—The City Recorder states
8
that the
1 %s,
$33,000 permanent improvement semi-ann. bonds sold on July
as
at a price of 101.484, a basis of about 1.56%—V. 153, p. 276—were
chased by J. M. Dain & Co. of Minneapolis.
Due on July 1 in
1956; optional prior to maturity.
Park
Ralph Valom, District Sectetary, will receive sealed tenders of ly36 refund¬
ing bonds, series A and B, dated April 1. 1936, until 7 p. m. (EST) on
Aug. 4. Amounts on hand in sinking fund for the retirement of each
are as follows:
Series A, $12,882.61; series B, $23,148.10.
Offerings should
state bond numbers and amount for which they will be sold to the district,
and shall be firm for three days.
pur¬
1942 to
series
INDEPENDENT SCHOOL DISTRICT NO. 33
Minn.—BOND SALE—The $37,000 refunding bonds
153, p. 427—were awarded to J. M. Dain & Co. of
Minneapolis, as 2^s, at par plus a premium of $25, equal to 100.067, a
basis of about 2.49%.
Due as follows: $2,000 from 1942 to 1944 incl.;
$3,000, 1945 to 1954 incl., and $1,000 in 1955.
WADENA COUNTY
(P. O. Manahga),
offered July 19—V.
MINNESOTA
CALEDONIA INDEPENDENT
SCHOOL DISTRICT NO. 42 (P. O.
understand that an election
voters an issue of $115,000
Caledonia), Minn.—BOND ELECTION—We
has been called for July 28, to submit to the
construction bonds.
CASS COUNTY
(P. O. Walker), Minn .—BOND
WILLMAR,
that the
Northwestern
Minn.—PRICE PAID—The City Clerk states
$20,000 street improvement certificates sold on July 14 to the
National Bank & Trust Co. of Minneapolis—V. 153, p. 427—were pur¬
chased as 3s, for a premium of $780, equal to 103.90, a net interest cost
about 2.10%.
Due $2,500 on Aug. 1 in 1942 to 1949, incl.
The $6,000 sewer and water certificates sold at the same time to two
Willmar banks—V. 153, p. 427—were purchased as 3s, for a premium
$60, equal to 101.00, a basis of about 2.65%.
Due
on
1942 to 1946, incl.
of
OFFERING—Sealed
1 p. m. on Aug. 1, by L. O. Peterson, County
of $100,000 refunding bonds.
Interest rate is
not to exceed 3%, payable F-A.
Dated Aug. 1, 1941.
Denom. $1,000.
Due Aug. 1, as follows: $5,000 in 1944, $10,000 in 1945 to 1953, and $5,000
in 1954.
The approving opinion of Fletcher, Dorsey, Barker, Colman &
Barber of Minneapolis, will be furnished.
Prin. and int. payable at any
suitable bank or trust company designated by the purchaser.
Enclose a
certified check for $2,000, payable to the county.
bids will be received until
Auditor, for the purchase
of
Aug. 1 in
$1,200
MISSISSIPPI
GREENVILLE, Miss.—BONDS SOLD—It is stated by Mayor Milton
Smith that $30,000 2M% and 2^% airport bonds have been
by the Union Planters National Bank & Yrust Co. of Memphis,
a
interest cost of 2.35%. Dated June 1, 1941. Legality approved by Charles
Trauernicht of St. Louis.
purchased
at net
&
COUNTY COMMON SCHOOL DISTRICT NO. 5 (P. O.
R. F. D. No. 2), Minn.—BOND SALE—The $3,600 3V2%
semi-annual funding bonds offered for sale on July 14—V. 153,
p. 275—were purchased by the American State Bank of Moorhead, the
only bidder, at par, according to the Clerk of the School Board.
Dated
July 15, 1941.
Due $400 on July 15 in 1943 to 1951 incl.
CLAY
Hawley,
coupon
DISTRICT
Bank
RETREAT
CONSOLIDATED SCHOOL
Brookhaven) Miss.—BONDS SOLD—The Deposit Guaranty
Co. of Jackson, is said to have purchased $7,000 3% semi-ann.
school bonds. Dated June 1,1941. Legality approved by Charles & Trauer¬
nicht of St. Louis.
HEUCKS
CP. O.
DULUTH, Minn.—BOND SALE—The $50,000 coupon semi-annual
park refunding bonds offered for sale on July 21—V. 153, p. 426—were
awarded to the Harris Trust & Savings Bank of Chicago, as 1%b, paying a
premium of $11, equal to 100.022, a basis of about 1.12%.
1941.
Due $10,000 on Sept. 1 in 1944 to 1948, inclusive.
&
Dated Sept. 1,
MONROE COUNTY ROAD DISTRICT NO. 3 (P. O.
Miss.—BOND PURCHASE CONTRACT—It is reported that
of Columbus,
1950 incl.
Kalman
Charles &
& Co. of St.
Paul, was second best,
offering $45.60 premium
$14,598 semi-ann.
153, p. 427—were
paying a premium
basis of about 1.87%. Due $1,459.00 on Aug. 1
Minn.—CERTIFICATE SALE—The
•,
PONTOTOC COUNTY (P. O.
July 21—V, 153, p. 275—were
purchased by Kalman & Co. of St. Paul, as 314* at par, according to the
District Clerk. Dated Aug. 1,1941. Due on Aug. 1 in 1943 to 1959; optional
on
bonds offered for sale on
and after Aug. 1,
1950.
SCHOOL DISTRICT NO. 1 (P. O. Grand
Rapids), Minn.—BOND SALE—The $266,000 issue of semi-annual fund¬
ing bonds offered for sale on July 18—V. 153, p. 275—was awarded to the
ITASCA
COUNTY
Bank of
improvement
Pontotoc), Miss.—BONDS
OFFERED
PUBLIC—Weil & Arnold of New Orleans, are offering for general in¬
$130,000 3% coupon refunding bonds, priced at 101.50 to 102.50,
according to maturity.
Denom. $1,000.
Dated May 1, 1941. Due on
Aug. 1, 1961; callable on Aug. 1 in 1942 to 1946.
Prin. and int.
payable at the First National Bank of Pontotoc.
Validated by decree
the Chancery Court of Pontotoc County.
Legality to be approved by
Charles & Trauernicht of St. Louis, Mo.
TO
^
LAKE OF THE WOODS COUNTY CONSOLIDATED SCHOOL
DISTRICT NO. 91 (P. O. Williams) Minn.—BOND SALE—The $21,500
semi-ann. funding
Trauernicht of St. Louis.
bonds.
certificates of indebtedness offered for sale on July 22—V.
awarded to the Security National Bank of Hopkins, as 2s,
of $101, equal to 100.69, a
in 1942 to 1951 incl.
semi-ann.
the bonds
1941. Due
furnished by
ALBANY, Miss.—BONDS SOLD—The First National
Memphis has purchased an issue of $25,000 1^% street
NEW
on2^s.
HOPKINS,
Aberdeen)
Cady & Co.
have contracted to purchase at par, $40,000 2 3^%
refunding bonds. The purchaser is to pay the expense of having
printed and the legal opinion. Denom. $1,000. Dated Aug. 1,
$5,000 on Aug. 1 in 1945 to 1952 incl. Legal opinion to be
HALLOCK, Minn.—BOND SALE—The $8,000 coupon village hall con"
struction bonds offered for sale on July 17—V. 153, p. 275—were awarded
to Juran, Moody & Rice of St. Paul, as 21£s, paying a premium of $50,
equal to 100.625, a basis of about 2.15%. Due $1,000 on Dec. 1 in 1943
to
Trust
vestment
(F-A)
of
WAYNESBORO, Miss.—BOND CALL—In connection with the recent
$154,700 4% general refunding bonds to Edward Jones & Co. of
and associates—V. 153, p. 427—the city made the folllowing
sale of
Jackson
announcement:
584
The Commercial & Financial Chronicle
BOND CALL—The following 5%
refunding bonds are being called at the
First State Bank of Waynesboro:
On
Sept. 1:
Nos
16 to 113. aggregating $49,000.
.
On Oct. 1: N(W. 2 to 39,
aggregating $18,500.
Nos. 3 to 25. aggregating $11
Nos. 15 to 70, aggreating
j500.
pr^entation to the town.
aggregating $34,500.
Denom. $500.
jEVnnn
$240»000 HOt tO
6XC66u u% mt6T6Sl) COllpOH Of
rB^iStfirGu ^GBGFm rGfUHulQ^
r>onds.
Dated Aug. 1, 1941.
Denom. $1,000.
Due $15,000 annually on
Dee. i from 1942 to 1957, incl.
Bidder to name a single rate of
Due April 1,
$2,100.
Denoms.
$400 and
expressed in a multipleof 34 or 1-10th of 1%.
The price for which the bonds
be sold cannot exceed $241,000.
Principal and interest (J-D) payable
Peoples Trust Co. of Bergen County, of Hackensack.
A certified
check for $4,800, payable to order of the
city, is required.
Legal opinion of
$100.
may
at the
*
jyj | CjCJO (J R |
b'dcf' Hoyt' Washburn & Clay of N. Y. City will be furnished the successful
KANSAS CITY, Mo.—BOND SALE—The
$3,243,000 issue of coupon
water revenue, series A bonds offered for
sale on July 21—
V. 153, p. 427—was awarded to a
syndicate composed of the First Boston
MORRISTOWN, N. J.j-BOND SALE—The $30,000
semi-annual
Corporation; Harris, Hall & Co.,
Inc.; John Nuveen & Co.; Paul H. Davis
Co. all of Chicago,; the Milwaukee Co. of
Milwaukee, and C. F.
Childs & Co. of Chicago,
paying a small premium, giving a net interest
cost of 1.837%. on the bonds divided as
follows:
$505,000 as 334s, due on
Aug. 1, $84,000 in 1943, $89,000 1944, $99,000 1945,
$110,000 1946 and
$123,000 in 1947; the remaining $2,738,000 as 1
due on Aug. 1, $135,000
in 1948, $1.36,000
1949, $144,000 1950, $160,000 1951, $163,000
1952,
$171,000 1953, $175,000 1954, $176,000 1955,
187,000 1956 and 1957,
$192,000 1958, $216,000 1959, $248,000 1960, and
$448,000 in 1961.
...
BONDh ALL SOLD—It was
reported by the syndicate managers on T1
July
23 that the issue had been reoffered for
general investment and all bonds
were sold.
.
State
,,
,,
of-NEW BUDGET SHOWS
BIG
Preliminary compilation of appropriation measures approved
by the
General Assembly indicates total of
$250,210,655, highest in the
State's history and an increase of
$20,000,000 over the preceding biennium.
Total includes $62,283,474
general revenue, $21,500,710 other State funds,
$31,424,133 school funds and $64,335,000 Federal
funds.
Despite the
sharp increase in budget figures, however, the State's
fiscal position apparently will continue favorable, as general revenue
appropriations are well
exp^nd^d^un^e^^as^f^on j?i^,aPPropriations from other funds
budget increase includes $17,000,000 additional of Federal
funds,
SCHOOL
equipment
as
2s at par—V. 153,
p. 427—are due
on
-
Minsch, Monell & Co
IH%
-
states
of Land
that
the
Commissioners,
Feb. and Aug. 1 in 1942 to 1952.
an
election
on
»*
tditdm
u
m
u/iAmc
i^?h
Neb.—BOND6
paving bonds have been
D/im
x
.SOLD—It
x.
is reported that $4,375 intersection
purchased by Greenway & Co. of Omaha.
DECATUR BRIDGE COMMISSION
(P. O.
Decatur), Neb.—BOND
SALE CONTRACT—'The Robert
E. Schweser Co. of
Omaha, is said to have
contracted to handle the sale of
approximately $600,000 bonds, the funds
to be used to finance the
construction of a bridge across the
Missouri
River.
MITCHFl I
N«.k
AnnATVCW
rnn
saTF
nie
rtn\rnv
hanSg fta Je'of Me JlSO,OMi2«%^XuSg
tf,e City Council.
& Co
of Omaha are'
bonds recently authorised
by
:
1
■
r
NORTH PLATTE, Neb.—BOND
ELECTION—The issuance of 5$25,000
municipal airport bonds will be submitted to the
voters at an election called
for Aug. 19,
according to report.
T
RAVENNA, Neb.—BONDS
AUTHORIZED—According to report, the
City Council recentlyIpassed an ordinance
calling for an issue of $20,000
3^% semi-annual refunding bonds.
not to exceed
m
nr x
r
WAHOO SCHOOL DISTRlv,
(p. O. Wahoo), Neb.—BOND SALE—
The issue of $100,000
school bonds offered
July 21—V. 153, p. 427—was
awarded to the National Co.
of Omaha as 2s.
j'
_
Mril/
"
VORfcC
C-ȴ,
BEACON, N. Y.—BOND
1 V/n r\
SALE
DETAILS—The
$17,000
JERSEY
«
j
as
follows:
$3,000 from 1942
to
VINCENT,
coupon
CLAYTON
or registered
AND
LYME
CENTRAL
PARK, N. J.—FISCAL AGENT DISPUTE STILL
LED—Supreme Court Justice Joseph B. Perksie denied
Jersey City
as
UN-
July 21 the
municipal refunding bonds for an order
compelling
accept appointment of the Hudson
County National Bank
fiscal agent.
d>^«^se11 V; Adams and Joseph Mueller of Newark, who said they hold
$7,000 worth of the
obligations, said the City Council had acted
illegally
as one of its agents and
naming
exclusively.
1 he bondholders
said that on
July 2 they had named the Hudson
County
National.Bank as fiscal agent under
powers granted by the
refunding program.
Justice Perksie said the entire
dispute would be settled by a SuJune 13 in
the
eliminating the Jersey City bank
Asbury Park and °cean Grove Bank
vin,r^fv
.municiPal resolution.
viously ordered by Justice Clarence E. Case.
n?H^pHeKw,,otf!th®
The review
was
pre-
CALDWELL
TOWNSHIP, Essex County, N. J — PROTESTS
AGAINST DEFENSE
HOUSING—'Two township officials
protested to
defense housing authorities
July 15 against
.
plans to build 250 residences
according to an Associated Press
dispatch from Washmgt,on.
Clyde Evans, Treasurer of the
township, and
Robert Shaw,
Township Counsel, told Frank
Vanderlip Jr., Assistant in the,
Co-ordmator s Office for Defense
Housing, that the township was unable to
provide necessary public services for the new
population which would come
In, and showed
photographs of what he said was the
contemplated site for
the housing.
The photographs showed
part of the surrounding area under
flood waters from
Passaic
for industrial workers
the
in
the township,
and
Pequannock Rivers.
The housing was
planned for workers of the Caldwell
plant of the Curtiss
propeller division, Curtiss-Wright
Corp.
He showed a letter from
the company to the
township officials which
stated that the firm had
not asked for
housing and that, so far as it knew
there was no need for the
new residences.
Mr. Vanderlip, the conferees
said, promised to restudy the
situation, but insisted the new housing should
be somewhere in the
township.
"
__
ELIZABETH, N.
J^-—BONDS TO BE
Commission will purchase an issue of SOLD—The City Insurance Fund
$24,850 school
receive
final approval of the
City Council
on
Aug. 5.
SCHOOL
SALE—The
building bonds offered
July 22—V. 153,
a group composed of C. F-Childs & Co., Boettcher
?• 428—were awarded to
& £°: and
8£erwood & Co
all
Rf
at™ £r\ce of) R,°-27i
basis of about 1.68%.
Dated Aug. 1, 1941 and due Feb. 1 as follows:
$5,500 in 194.3; $5,000 from 1944 to
1946, incl., and $7,000 from 1947 to
1971, incl.
Other bids:
110?'
Bidder—
Int. Rate
&
Traders Trust
Co.
and
Gordon
Graves & Co
EMI. Rollins & Sons, Inc., and A. C.
Allyn & Co., Inc.
Marine Trust Co. of Buffalo and R. D. White & Co
Blair & Co., Inc., and Bacon, Stevenson & Co...
George B.
Gibbons
&
Co.
and
& ffidv /ro
ivld(ier' Beabody & Co.
Rate Bid
1.70%
100.219
100.446
100.277
100.269
l%%
l%%
1^%
Adams, McEntee &
Tin^nn'fT^Pnr'n"^WpiVoiH"YnV"
i
T^o?l??i
and
and Kean laylor & Co '
Kean,
inn'l?9
mw
1 90%
1.90%
100 39
100.39
CHAMPLAIN CENTRAL SCHOOL DISTRICT NO. 1 fP. O.
Champlain), N. Y.—BOND OFFERING—Oscar E. Bredenberg, District
Clerk,
SjL1 SSel„^,Se,?.,e0d^
to 1962
Z
incl., and $4,000 from 1963
JiSneTas M?ows: S™000f?™
to
1971, incl.
Bidder to
name a
8inJ1? rate of interest expressed in a multiple of H or l-10th of 1%. 3>rm.
and int. (J-D) payable at the Plattsburg National Bank & Trust Co.,
Plattsburg.
A certified check for $1,980, payable to order of the Board of
Ejiaca^0IC Is required. Legal opinion of Reed Hoyt, Washburn & Clay
of N.
Y. City will be furnished the successful bidder.
eral obligations of the district, payable from unlimited
-CUAWC
r
The bonds are genad valorem taxes.
<
n/iArn'viPrFDT„A
f
T
EVANS, (P. O. Angola), N. Y. BOND OFFERING Edward A.
Lemmler, Town Clerk, will receive sealed bids until 11 a. m.
(DST) on
Aug. 6, for the purchase of $35,000 not to exceed
5% interest coupon or
registered Water District No. 3 bonds. Dated Aug. 1, 1941.
Denoms.
SI ,000 and $500. Due Aug. 1 as follows: $1,000 from 1942 to 1952, incl.
and $1,500 from 1953 to
1968, incl.
Bidder to name a single ratd of in-terest, expressed in a multiope of A or l-10th of
1%. Principal and interest
(F-A) payable at the Evans National Bank of Angola, with New York
Exchange.
The bonds are general obligations of the town,
payable pria levy on the taxable
property in the water district, but if not
Paiti from such levy, all the taxable
property in the town is subject to levy
of unlimited ad valorem taxes to
pay principal and interest on the bonds.
A certified check for $700, payable to order of the
marilyfrom
Legality approved by Dillon, Vandewater & Moore of
at
request of two holders of
the resort city to
of
fire-
1944, incl., and $4,000 in
DISTRICT NO. 1 (P. O. Cape Vincent), N. Y.—BOND
$195,500
purchased
wi-iiok.
ASBURY
SET 1
134%
^uck^nds r^eiRly purch^dl^C. E. Weinig, White& Ox 9bOUt
153* jP»
SOlCx 3/t>
priCG Of 100.0«3o» 9* *39818 Co.^Buffalo—1.49%*
town,
New
is
required,
York.ia.ffidMl
TREDONIA, N.Y.—BOND SALE—The
m-r-xr
IM E.WW
voters
PITMAN SCHOOL DISTRICT, N. J.—BOAD OFFERING—R. D.
Mitchell, District Clerk, will receive sealed bids until 8
p. m. (DST) on
Aug. 15 for the purchase of $49,000 coupon building bonds.
Dated May 1,
1941.
Denom. $1,000.
Principal and interest payable at the Pitman
National Bank & Trust Co., Pitman.
Legality to be approved by Hawkins,
Delafield & Longfellow of New York City.
NEBRASKA, State
of—PROPERTY VALUATION MUCH HIGHER
THAN 1940—Tax Commissioner
Brady reports that the 1941 valuation of
personal and real property in the State
will show an increase of about
$50
millon over 1940.
This is accounted for
by closer accessment of personal
property as real estate values are the same as last
year, being assessed only
during the even numbered years
Mr. Brady said that as a
result of the larger valuation that it
would
probably not be necessary to increase the State mill
levy above the 2.47
of 1940
despite an increase of $1,071,000 in the
appropriation made from
property taxes by the 1941 Legislature.
..
notes-
(P. O. New Mar-
July 14 the
refused to approve an issue of $60,000 construction bonds,
Manufacturers
MTDDACI/ A
vi LDnMOrVM
™
100.31
^ and $100'°00 b°Dd antlciPatl°n
^
PISCATAWAY TOWNSHIP SCHOOL DISTRICT
ket), N. J.—BONDS DEFEATED—At
a
,
Clerk
\H%
—
fij
100.192
IRR'ol
NEWARK, N. J.—PROPOSED FINANCING—An ordinance scheduled
for final reading July 30 calls for the issuance of
$95,000 not to exceed 6%
CAPE
J
Rntp Rid
™
} WSr
1.70%
-
1945 and 1946.
DISTRICT NO. 14 (P. O. Shelby),
Mont.—BOND SALE—The $15,000 shop
building and $3,000
bonds offered July 21—V.
152, p. 4159—were warded tq the State Board
of Land
Commissioners, as 2s.
Dated July 1,19X1.
„
£ 8T'Rl?,pel ? £°" " "
H. L. AJfen & Co
£Slyeru' ^binson & Co
Due March
ftVI fMVIT A M A
Mont.—MATURITY—The Town
$11,712.33 refunding bonds sold to the State Board
Rat?
7'^
1.40%
-
*
MONTANA
WIBAUX,
regis"
or
Co___
cannot be
onft (inn
suoiect to fpIorro *xnfl $3,900,000 3Hdltiofi3l of mihlio fsohool ■Pirnfltz
to release, and
additional ot public school funds.
COUNTY
Tnt
~
H-B-Boland & Co
REDUCTION
61st
TOOLE
nitirier
„
.
—After completion of adjustments on which
conferences are no win progress,
Missouri's 1941-42 budget will be
$248,000,000, compared to $288,997,668
in the
preceding biennium.
Statisticians retained by the Senate estimate
revenue from sales
tax, liquor, property, corporation franchise and other
assessments at $61,325,000 after
payment of bills of approximately $2,000,000 unpaid at close of
preceding biennium.
coupon
tered water extension bonds offered
July 18—V. 153, p. 276—were awarded
to Parker & Weissenborn of Newark as
1.40s, at a price of 100.31, a bsais
of about 1.34%.
Dated July 1, 1941 and due $3,000
annually on July 1
from 1942 to 1951, incl.
Other bids:
&
The
1947, and
ON CASH ACCOUNTS
interest,
Nos. 29 to 40, 534%.
aggregating
Due April 1, 1941 to 1943.
MISSOURI,
LEE, N. J .—FISCAL AGENT REPORTS
HACKENSACK. N. J.—BOND OFFERING—Ethel M.
Hoyt, City Clerk,
The following refunding non-callable bonds,
past due, on each issue and
noTiK
past due coupons nvf* tfi hft t)A.id on T>rAftonfcation tft fih#* town*
are to be paid on
3 *>76,
19o8.
1946 incl.; $2,850 in
to
VS&S S30-19"-as provided by ResoIution '•
1,1943 to
Tinaf, rliiA
to
as
—The Peoples Trust Co. of Bergen
County, of Hackensack. fiscal agent
under plans of composition of debts of the
borough and school district,
recently issued a report of the condition of the funds under its control for the
•
82: 188:SS$82?» gs&{j 1: llll£ IS
1J41
due
FORT
Due April 1,1938>to 1956.
1956!n0mS'$50°; N0S"1 to27'aggregatIngf13'500' D«e April
July 26, 1941
follows: $2,000 from 1942
$3,000 from 1948 to 1951 inclusive.
Due March 1, 1958.
^ue April 1, 1938 to 1956.
Due April 1, 1942 to 1956.
§26,000.
and
bonds which is to
Dated Aug. 15, 1941
a
on July 11
price of 100.06.
Citizens Trust Co. of Fredonia
issue of $10,000 lighting system bonds as
1.20s,
Other bids:
an
Bidder—
Marine Trust Co. of Buffalo
National Bank of Fredonia
Merchants National Bank of DunkirkC. E. Weinig, White & Co
Dunkirk Trust Co
D. S. Wright of Dunkirk.—
GRANVILLE (P. O.
Int. Rate
134%
1.70%
1.70%
1.80%
1.80%
4%
—------
—
Rate Bid
100.07
100.139
Par
100.055
Par
Par
Granville), N. Y.—BOND SALE— The $35,0J'J
coupon or registered bonds offered July 24—V. 153, p. 428—were
awarded
to the Ma.'ine Trust Co. of Buffaclo, as 1.40s, at a
price of 100.271, a basis
of about 1.32%.
Sale coasisted of:
$13,000 home relief bonds.
$1,500 from 1943
Due March 1
to
16,000 improvement bonds.
c
qoo
b'UUU
WaterV)i<strirt No
l qtq
inHnsfvP
1
1950,
bonds
as
follows:
on
March 1 from 1942
Due 8500
AO of the bonds wMl be dated
Tulv
All or the bonds will be dated July 1 1941
1,1941.
on
Int. Rate
—
________
:
to 1945,
March 1 from 1942 to
March I Irom 1J12 to
Other
Other bidsbids
Bidder
Roosevelt & Weigold, Inc.
Campbell, Phelps & Co., Inc.
R. D. White & Co—
George B. Gibbons & Co., Inc
Manufacturers & Traders Trust Co
E. H. Rollins & Sons, Inc
_
$1,000 in 1942 and
inclusive.
Due $4,000
-
134%
134 %
134 %
1.70%
1.70%
2%
Rate Bid
100.23
100.19
100.08
100.189
100.119
100.18
_
HAVERSTRAW, N. Y.—BOND
SALE—The $11,500 coupon
or
regis-
tered public improvement bonds offered July 21—V. 153, p. 428—were
awarded to George B. Gibbons & Co., Inc., New York, as 1.9os, at a
price
of 160.169, a basis of about 1.84%.
Dated Aug. 1, 1941 and due
Aug. 1
as follows:
$2,000 in 1942, $2,500 from 1943 to
1945, incl., and $2,000
in 1946.
Other bids:
Bidder—
R. D. White & Co
Ramapo Trust Co.
Int. Rate
Rate Bid
2%
of
Spring
Valley.I
100 109
3%
Pa,.
Volume
The
153
HEMPSTEAD,
Y.—BOND
N.
OFFERING—Lael Yon Elm, Village
Clem, will receive sealed bids until 2 p. m. (EST) on July 29 for the pur¬
chase of $43,000 not to exceed 6% interest coupon or registered fire house
bonds.
Dated Aug. 1,'1941.
Denom. $1,000.
Due Aug. 1 as follows:
$2,000 from 1942 to 1955, incl., and $3,000 from
single rate of interest, expressed in a
Bidder
1956 to 1960, incl.
multiple of M or l-10th of
Principal and interest (F-A) payable at the West Hempstead Na¬
tional Bank, West Hempstead, or at the Bank of New York, N. Y. City.
A certified check for $860, payable to order of the village, must accompany
each proposal.
Legal opinion of Hawkins, Delafield & Longfellow of N. Y.
City will be furnished the successful bidder.
to name a
1%.
O.
Hempstead), N. Y.—BOND OFFERING—
Presiding Supervisor of the Town, will receive
(EST) on July 29 for the purchase of $58,000 not to
exceed 5% interest coupon or registered Frankiln Square Water District
bonds.
Dated Aug. 1, 1941.
Denom. $1,000.
Due Aug. 1 as follows:
$3,000 from 1942 to 1947 incl. and $4,000 from 1948 to 1957 incl.
Bidder
to name a single rate of interest, expressed in a multiple of
or 1-10th of
1%. Principal and interest (F-A) payable at the Second National Bank &
Trust Co., Hempstead.
The bonds are payable primarily from taxes to be
levied on property in the water district, but if not paid therefrom, all the
taxable property in the town will be subject to levy of unlimited ad valorem
taxes to pay the bonds and interest thereon.
A certified check for $1,160,
payable to order of the town, is required. Legal opinion of Dillon, Yandewater & Moore of New York City will be furnished the successful bidder.
HEMPSTEAD
A.
(P.
Patterson,
Holly
585
Commercial & Financial Chronicle
SCHOOL DISTRICT (P. O. North TarryELECTION—An election will be held July 25 on
$33,944 construction bonds in connection with a
NORTH TARRYTOWN
town),
N. Y.—BOND
the question of issuing
WPA grant.
PELHAM MANOR, N. Y.—PROPOSED BOND
Deputy Village Clerk, reports that an issue of
year.^
ISSI7E—B7H7FairlamB",
$12,000 refunding bonds
will be sold later in the
^ROCHESTER, N. Y.—TAX COLLECTIONS HIGHER—Fred Smith,
Deputy City Treasurer, reported that tax collections during the first six
aggregated $12,568,470, a gain of $231,496 over re¬
ceipts in the same period last year.
Current year's tax levy is $17,554,335.
Final quarterly instalment is due next month, when it is expected that the
bulk of the outstanding amount of $4,985,865 will be received. *miiAm*'
months of this year
sealed bids until 10 a.m.
FREE SCHOOL DISTRICT NO. 17 (P. O.
N. Y.—BOND OFFERING— William B. Bryan, Dis¬
sealed bids until 2p.m. (EST) on Aug. 1 for the
purchase of $360,000 not to exceed 6% interest coupon or registered build¬
ing bonds.
Dated July 1, 1941.
Denom. $1,000.
Due Jan. 1 as follows:
$10,000 from 1943 to 1957, incl., and $15,000 from 1958 to 1971, incl.
Bidder to name a single rate of interest, expressed in a multiple of H or
l-10th of 1%.
Prin. and int. (J-J) payable at the Franklin Souare Na¬
tional Bank, Franklin Square, or at the Central Hanover Bank & Trust Co.,
N. Y. City.
The bonds are unlimited tax obligations of the district and
the approving legal opinion of Hawkins, Delafield & Longfellow of N. Y.
City will be furnished the successful bidder.
A certified check for $7,200,
payable to order of the Board of Education, is required.
UNION
HEMPSTEAD
Franklin Square),
trict Clerk, will receive
(P. O.
UNION FREE SCHOOL DISTRICT NO. 28
Beach), N. Y.—BOND OFFERING—James J. Morrison,
HEMPSTEAD
Long
District
Clerk, will receive sealed bids until 4:30 p. m. (DST) on Aug. 5 for the pur¬
chase of $80,000 not to exceed 6% interest coupon or registered refunding
bonds.
Dated July 15, 1941.
Denom. $1,000.
Due $8,000 annually on
July 15 from 1952 to 1961, incl.
Bidder to name a single rate of interest,
expressed in a multiple of ii or 1-10th of 1 %.
Prin. and int. (J-J) payable
at the Marine Midland Trust Co., N. Y. City.
Purpose of the issue is to
refund $80,000
outstanding funding certificates of
indebtedness which are
payable on either Aug. 15, 1941 or Jan. 15, 1942, or Mar. 15, 1942.
The
purchasers must accept delivery of the refunding bonds at such time or
times and in such manner as will permit the simultaneous payment of an
equivalent amount of such outstanding funding certificates of indebtedness,
either at or prior to their maturity.
In the event that less than all of the
refunding bonds are delivered at one time, the bonds will be delibered in
the order in which they mature.
The district is authorized and required
by law to levy on all taxable property of the district such ad valorem
be necessary to pay the bonds and the interest thereon, with¬
out limitation as to rate or amount.
The successful bidder will be furnished
with the opinion of Reed, Hoyt, Washburn & Clay of New York, that the
bonds are valid and binding obligations of the district.
Enclose a certified
check for $2,400, payable to the Board of Education.
(District failed to receive a bid at an offering on July 8 of $120,000 fund¬
ing certificates of indebtedness.)
k Mtftp Mr fcfil
taxes as may
NASSAU COUNTY (P. O.
Mineola), N. Y.—PROPOSED
FINANCING
issuance
July 15 passed ordinances for the
refunding and $325,000 home relief bonds.
Harry L.
—The Board of Supervisors on
of $500,000
County Treasurer, was authorized to
in anticipation of 1941 tax collections.
Hedger,
than $1,000,000
borrow/not more
ORK, N. Y.—$40,000,000 REVENUE BILLS SOLD—Comp¬
D. McGoldrick sold July 24 by allotment $40,000,000 in
The bills are dated July 25th and were sold at an interest
rate of 0.25%.
Of the total, $10,006,000 are payable Oct. 2 and $30,000,000 payable Oct. 8.
The banks and their allotments follow:
NEW
troller J
revenue
seph
bills.
Amount
Bank—
$3,222,000
1,560,000
480,000
'.
Bankers Trust Co.
Co
Bank of the Manhattan
Bank of New York
Brooklyn Trust Co440,000
Central Hanover Bank & Trust Co
3,000,000
Chase National Bank of the City of New York...
—
7,289,000
1,560,000
80,000
200,000
1,120,000
Chemical Bank & Trust Co
Commercial National Bank & Trust Co
Continental Bank & Trust Co. of New
Corn Exchange Bank Trust Co
_.
York
Empire Trust Co
.
Fifth Avenue Bank of New York
_
First National Bank of the City of New
Fulton Trust Co. of New York
80,000
280,000
2,013,000
York--
Guaranty Trust Co
■
,—
Irving Trust Co
—
Kings County Trust CoManufacturers Trust Co
— - - ------- - _
Marine Midland Trust Co. of New York—
—
National City Bank of New York
New York Trust Co
Public National Bank & Trust Co. of New York
Title Guarantee & Trust Co
;
United States Trust Co. of New York
J. P. Morgan & Co. Incorporated
80,0^0
5,276,000
2,000,000
\
120,000
1,720,000
280,000
5,760,.;00
1,120,000
400,000
80,000
320,000
1,520,000
$40,000^000
NORTH HEMPSTEAD
(P. O. Manhasset), N. Y.—BOND SALE—
15—V. 153, p. 129—
Kidder, Peabody
lj^s, at a price of
The $744,000 coupon or registered bonds offered July
awarded to a group composed of Bankers Trust Co.;
were
&
& Co., all of New York, as
basis of about 1.46%.
Sale consisted of:
Co., and Estabrook
100.309
a
$460,000 Great Neck Sewer District improvement bonds.
Due May
follows: $20,000 from 1942 to 1949, incl. and $25,000 from
to 1961, inclusive.
140,000 Great Neck Sewer District, Saddle Rock Extension
$7,000 on May 1 from 1942 to 1961. inclusive.
Park District bonds. Due May 1 as
to 1949, incl. and $5,000 in 1950.
85,000 Great Neck
from
59,000 Port
1942
Washington Sewer
bonds.
1 as
1950
follows:
Rate Bid
Bidder—
Harriman Ripley & Co., Inc.; Goldman, Sachs
Rothschild & Co., and R. A. Ward & Co
Union Securities Corp.;
R. W. Pressprich & Co.; Lee
Corp., and Bacon, Stevenson
Sons,
& Co.
100.819
100.529
E. II. Rollins
J. Van Ingen
-
—
and First of Michigan Corp-__
& Traders Trust Co.; Kean, Taylor
and Adams, McEntee & Co., Inc
Halsey, Stuart & Co., Inc.,
100.327
100.299
Lehman Bros.; Manufacturers
& Co.,
100.289
SCHOOL DISTRICT NO. 6
(P. O. Manhasset). N. Y.—CORRECTION—The report in our issue of
July 19, page 428, of the sale of $398,000 building bonds on July 15 to an
account headed by the Bankers Trust Co. of New York, was erroneous
Actually, these bonds were awarded July 9 to Blair & Co., Inc. and Adams,
McEntee & Co., Inc., both of New York, as reported in—V. J53, p. 277.
NORTH
HEMPSTEAD UNION FREE
I
I
Y.—BOND'OFFEWlNG
carolina
north
OFFERING—
W. E. Easter-
Government Commission, at his office in Raleigh
for the purchase of $15,000 refunding school bonds.
Dated Aug. 1, 1941.
Due on Feb. 1, 1963, without option of prior payment.
Denom. $1,000.
Prin. and int. (F-A) payable in New York City in legal tender; general
obligations; unlimited tax; coupon bonds registerable as to principal alone,
delivery on or about Aug. 20, at place of purchaser's choice.
There will be
ling, Secretary of the Local
auction.
no
Bidders are requested to name
4%
per annum
in multiples of
the interest rate or rates, not exceeding
of 1%.
Each bid may name one rate for
and another rate for
and each bidder
part of the bonds (having the earliest maturities),
the balance, but no oid may name more than two rates,
bonds will
specify in his bid the amount of bonds of each rate.
The
be awarded to the Didder offering to purchase the bonds at the lowest
interest cost to the county, such cost to be determined by deducting
total amount of the premium bid from the aggregate amount of interest
must
the
their respective maturities.
No bid of less than
par and accrued interest will be entertained.
Bids must be on a form to be furnished and must be accompanied by a
certified check upon an incorporated bank or trust company, payable un¬
conditionally to the order of the State Treasurer for $300.
The approving
opinion of Masslich & Mitchell, New York City, will be furnished the
upon
all of the bonds until
purchaser.
In the event
that prior to the delivery
of the bonds the income
received
shall be
by private holders from bonds of the same type and character
taxable by the terms of any Federal income tax law, the successful
at his election, be relieved of his obligations
purchase the bonds and in such case the deposit
will be returned.
may,
CONCORD, N. C.—BOND
bidder
under the contract to
accompanying his bid
ELECTION—It is stated by W.
D. Brown,
Aug. 12 (not Aug.
„
as pre¬
SALE—The $55,000 water
works,
City Clerk, that an election has been called for
viously reported—V. 153, p. 429) to submit
to the voters the following
bonds aggregating $405,000: $340,000 water system, $20,000 fire apparatus,
$15,000 street improvement, $15,000 municipal building improvement,
$7,000 sanitary sewer, $5,000 sidewalk, and $3,000 local improvement
bonds.
''';V:^Vyyr
v;; ■
-"'V''
f:
V'-V
GRANITE FALLS,
electric
N. C.—BOND
light and street
bonds offered July
22—V. 153, p. 429—were
Hall, of Greensboro, and McAlister, Smith & Pate, of
Greenville, jointly, as 4Hs, at par plus a premium of $60, equal to 100.10,
a basis of about 4.49%.
Dated July 1, 1941 and due Jan. 1 as follows:
$2,000 from 1944 to 1948 incl.; $3,000 from 1949 to 1953 incl. and $5,000
from 1954 to 1959 incl.
awarded to Lewis &
RANDOLPH COUNTY (P. O. Asheboro), N. C.—NOTES
Co. of Charlotte, are reported to have purchased
anticipation notes, at 0.875%, plus a premium of
R. S. Dickson &
$2.55.
revenue
SOLD—
$65,000
Due in
four months.
ROWAN
COUNTY (P. O. Salisbury),
N. C.—NOTES SOLD—It is
reported that $50,000 revenue anticipation notes have
R. S. Dickson & Co. of Charlotte, at 0.625%, plus a
Due in six months.
SOUTHERN PINES, N. C.—NOTES SOLD—It
notes have been purchased by Kirchofer &
revenue
been purchased by
premium of $6.55.
is reported that $14,000
Arnold of Raleigh.
STATESVILLE, N. C.—BONDS VOTED—The issuance
airport bonds is said to have been approved by the voters at an
on July 16.
;X'-;v.-
north
of $150,000
election held
>.•
dakota
N. Dak.—BOND ELECTION—We understand that an.
called for Aug. 4 to submit to the voters an issue of $15,000
GRAFTON,
election has been
4% armory and
equipment bonds.
N. Dak.—PRICE PAID—The City Auditor states that the
$6,000 coupon semi-annual sewage disposal bonds sold on July 12 to the
Bank of North Dakota, of Bismarck, as noted here—V. 135, p. 429—were
purchased as 4s at par. Due $500 on July 1 in 1944 to 1955,
LEEDS,
incl.
DISTRICT NO. 82 (P. O. Stanissuance of $28,000 not to exceed
bonds is said to have been approved by the voters at an
MOUNTRAIL COUNTY SCHOOL
ley), N. Dak.—BONDS VOTED—The
2%% refunding
election held on July 9.
ohio
SCHOOL DISTRICT, Ohio—NOTE SALE—The
$5 083 70 second,series refunding notes offered July 16 were awarded to the
Union Savings & Trust Co. of Akron, as 1.58s.
Due in two years. Optional
RURAL
30.
RURAL SCHOOL DISTRICT (P. O. Marysville), Ohio—
SALE—The Union Savings & Trust Co. of Warren purchased on
issue of $2,594.57 second series refunding notes as
ALLEN
NOTE
1.74s. Due
July 16 an
in two years.
Optional after Nov. 30.
DISTRICT (P. O. Williston),
be held Aug. 12 on the ques¬
ALLEN TOWNSHIP RURAL SCHOOL
Ohio—BOND ELECTION—An election will
issuing $150,000 construction bonds.
tion of
Higgison
& Co
Buffalo; R. D. White & Co.;
Inc.; A. C. Allyn & Co., Inc., and B.
Marine Trust Co. of
&
& Co.; L. F.
Branch), N.
ALAMANCE COUNTY (P.O.Graham), N. C.—BOND
Sealed bids will be received until 11 a.m. (EST) on July 29, by
after Nov.
date of May 1, 1941. They were re-offered to yield
1.50% for maturities up to 1957, at 99.50 for the 1958 and
1959 maturities, and a 99 for the I960 and 1961 maturities.
Other bids, for
All of the bonds bear
from 0.25% to
reconstruction bonds.
Harry E. Martinsen, Town Clerk, will receive sealed bids until 11 a. m.
(DST) on Aug. 12 for the purchase of $30,000 not to exceed 6% interest
coupon
or registered public
improvement work relief projects bonds.
Dated April 1, 1941.
Denom. $1,000.
Due April 1 as follows; $6,000
in 1942 and 1943 and $9,000 in 1944 and 1945.
Bidder to name a single
rate of interest, expressed in a multiple of U, or l-10th of 1%.
Principal
and interest (A-O) payable at the Bank of Smithtown, Smithtown Branch.
The bonds are unlimited tax obligations of the town and the approving legal
opinion of Hawkins, Delafield & Longfellow of New York City will be
furnished the successful bidder.
A certified check for 2% of the bonds,
payable to order of the town, is required.
ALGER
District, Southeast Extension bonds.
3,000 from 1942 to 1960, incl. and
AUTHORIZED—City Council recently
SMITHTOWN (P. O. Smithtown
Due
follows: $10,000
Due May 1 as follows: $
$2,000 in 1961.
1.60% bonds, were as
ROCHESTER, N. Y.—BONDS
authorized an issue of $700,000 street
SALE—The
153,
129—Dated
ATHENS CITY SCHOOL DISTRICT, Ohio—NOTE
$10,506.87 second series refunding notes offered July 14—V.
p.
were awarded to the Athens National Bank, at 0.90%
interest.
July 7, 1941 and due July 7, 1943.
Callable after Nov.
30.
SCHOOL DISTRICT (P. O. Macksburg),
$2,476.74 second series refunding notes offered
July 16 were awarded to the Union Savings & Trust Co. of Warren, as 1.58s.
Dated July 16, 1941 and due July 16, 1943. Optional after Nov. 30.
AURELIUS VILLAGE
Ohio—NOTE SALE—The
BATAVIA
VILLAGE SCHOOL
DISTRICT, Ohio—NOTE SALE—
July 17 an issue of
Ohio National Bank of Columbus was awarded
$5,721.37 second series refunding notes as 1.85s.
Optional after Nov. 30.
The
Due in two years.
The Commercial & Financial Chronicle
586
BLOOM
TOWNSHIP
RURAL SCHOOL DISTRICT
(P. O. South
Webster), Ohio—BOND SALE—1The $82,000 building bonds offered
July 22, were awarded to the Provident Savings Bank & Trust Co., Cin¬
cinnati, as 2 Ms, at par plus a premium of $877-40, equal to 101.07, a basis
"%. Dated July 1, 1941. Denoms. $1,600 and $1,700.
Due
as follows:
$1,600 May 1 and Nov. 1 from 1943 to 1957, incl. and $1,700
May 1 and Nov. 1 from 1958 to 1967, incl.
Other bids:
RILEY TOWNSHIP SCHOOL DISTRICT (P. O. Pandora), Ohio—
NOTE SALE—The First National Bank of Pandora purchased on July 17
issue of $3,849.27 second series refunding notes as 2.45s.
an
Bidder—
Int. Rate
.
Stranahan, Harris & Co., Tnc—
Season good & Mayer.
State Teachers Retirement
Premium
2M%
3%
„
System3%
Par
Lithopo-
li»), Ohio—BOND OFFERING—J. J. Kiger, District Clerk, will
receive
bids until noon on Aug. 9 for the purchase of $35,000
3% school
building bonds.
Dated Aug. 1, 1941.
Denom. $500.
Due Oct. 1 as
$2,000 in 1942 and $1,500 from 1943 to 1964, incl.
Bidder may
name a different rate of interest expressed in a multiple of
M of 1 %.
In¬
terest A-O.
A certified check for $500, payable to order of the Board of
Education, is required.
sealed
follows:
BLOOM TOWNSHIP SCHOOL DISTRICT (P. O.
—BONDS VOTED—J. J.
LithopolU), Ohio
Kiger, Clerk of the Board of Education, reports
that the voters approved on July 8 an issue of $35,000 construction bonds
BOWLING GRJEEN CITY SCHOOL DISTRICT, Ohio—NOTE SALE
—The $9,801.05 second series refunding notes offered
July 17 were awarded
to the Ohio National Bank of Columbus, as 1.65s.
Due in two
Due in two
Optional after Nov. 30.
years.
$691.00
861.85
BLOOM TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
July 26, 1941
PLYMOUTH VILLAGE SCHOOL DISTRICT, Ohio—NOTE SALE—
The First National Bank of Delaware purchased on July 17 an issue of
$1,593.22 second series refunding notes as 2.20s. Due in two years. Optional
after Nov. 30.
SHELBY CITY
SCHOOL
DISTRICT,
Ohio—NOTE
Ohio National Bank of Columbus purchased on July 17 an
refunding notes as 1.20s.
Due in two
second series
Nov. 30.
SALE—The
issue of $10,060.89
Optional
years.
SOUTH BLOOMFIELD SCHOOL DISTRICT (P. O.
Sparta), Ohio—
NOTE SALE—The $2,563.35 second series refunding notes offered July 7
were
sold to the First National Bank of Mount Gilead, as 2s.
Optional after Nov. 30.
years.
STRUTHERS,
Due in two
•
Ohio—BOND
OFFERING— John
F.
Pearce,
City
Auditor, will receive sealed bids until noon on Aug. 2 for the purchase of
$6,424.39 4% coupon street improvement bonds.
Dated April 1, 1941.
One bond for $424.39, others $1,000 and $500.
Due Dec. 1 as follows:
$3,000 in 1942 and $3,424.39 in 1943.
Bidder may name a different rate
of interest expressed in a multiple of M of 1 %.
Interest J-D.
Transcript
covering this issue may be obtained by the bidder at his own expense from
Squire, Sanders & Dempsey of Cleveland.
A certified check for $75,
payable to order of the city, is required.
years.
Optional after Nov. 30.
VALLEY RURAL SCHOOL
BROWN TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
Fletcher)
Ohio—NOTE SALE—Gillis, Russell & Co. of Cleveland purchased on
July 17 an issue of $2,243.69 second series refunding notes as 1.65s.
Due in
two years.
awarded
O.
R.
No. 2'
Barnesville
D.
Bank of
July 21 an issue of $1,649.91 second series refunding notes
Due in two years.
Optional after Nov. 30.
1.70s.
as
on
CENTRALIA RURAL SCHOOL DISTRICT (P. O. RR. No. 4,
Chillicothe), Ohio—NOTE SALE—Tne $5,449.45 second series refunding
notes offered July 16 were awarded to the Adelphi
Banking Co. of Adelphia.
Due in two years.
Dated July 26, 1941 and due July 26, 1943.
lMs.
Optional after Nov. 30.
ADDITIONAL NOTE FINANCING—Paine, Webber & Co. of Chicago,
purchased on July 21 an issue of $1,500,000 tax anticipation notes at
0.40%
interest rate, plus a premium of $15.
Dated July 31, 1941.
Due in sixmonths and callable in advance of that date.
COLD WATER,
Ohio—BOND OFFERING—M. E. DeCurtins, Village
Clerk, will receive sealed bids until noon on Aug. 4 for the purchase of
different xate of interest, expressed in
a
tion, will receive sealed bids until 7 p. m. on Au.g 11 for the purchase of
$4,581.30 not to exceed 4% interest second series refunding bonds. Due in
Optional after Nov. 30.
WOODLAWN VILLAGE SCHOOL DISTRICT (P. O.
Glendale),
Ohio—NOTE SALE—The $3,413.93 second series refunding notes offered
July 18—V. 152, p. 4162—were awarded to the First National Bank of
Barnesville, as 1.65s. Dated July 22, 1941 and due July 22, 1943. Optional
after Nov. 30.
The Ohio National Bank named a rate of 2%.
quired.
DISTRICT, Ohio—NOTE
SALE—The
$276,836.53 second series refunding notes offered July 15 were awarded to
the Union Savings & Trust Co. of Warren, as 1.23s.
Dated July 15, 1941
and due July 15, 1943.
Optional after Nov. 30. The Ohio National
Bank
of
Columbus, second high bidder, named
CONGRESS
RURAL
a rate
of 1 M%.
FAIRFIELD RURAL SCHOOL DISTRICT (P. O.
Hamilton),
NOTE SALE—The $7,025.96 second series
refunding notes offered
awarded to
a
bank in Warren, as 1.58s.
of $10,000 refunding bonds.
HOBART, Okla.—BOND OFFERING—Sealed bids will be received
until 8 p. m. on July 30 by E. L. Cupps, City Clerk, for the
purchase of
$18,000 water works extension bonds.
Due $2,000 in 1944 to 1952, incl.
The bonds shall be sold to the bidder offering the lowest rate of interest
and agreeing to pay par.
A certified check for 2% of the amount bid is
required.
LE FLORE COUNTY (P. O. Poteau) Okla.— WARRANTS CALLED—
L. Ferguson, County Treasurer, is calling for payment the
T.
following
county and school districts warrants:
1934-35 series, District 2 up to incl.
No. 158: District No. 3 up to incl. Nov. 180; District 25 up to incl. Nov. 24;
District 26 up to incl. No. 63: District 51 up to incl. Nov.
up
10: District 80
16: District 84 up to incl. No. 22; District 99 up to incl.
County general fund, 1940-41 series, up to and including No. 1380.
to incl. No.
No. 14.
NORMAN, Okla.—BOND SALE—The $20,000
offered for sale
SCHOOL
DISTRICT (P. O. R. D. 2, West
Salem), Ohio—NOTE SALE—The Union Savings & Trust Co. of Warren
was awarded on July 16 an issue of $2,794.86 second
series refunding notes
as 1.69s.
Due in two years.
Optional after Nov. 30;
were
OKLAHOMA
HENRYETTA, Okla.—BONDS AUTHORIZED—It is reported that a
was passed on July 7 by the
City Council, calling for an issue
resolution
multiple of M of 1%.
Principal and interest (A-O) payable at the Peoples Bank, Coldwater.
A
certified check for $200, payable to order of the Village
Treasurer, is re¬
COLUMBUS CITY SCHOOL
Ohio—
July 16
Optional
Due in two years.
after Nov. 30.
FOSTORIA, Ohio—BONDS SOLD—Ryan, Sutherland & Co. of Toledo
purchased $250,000 2 M% water works extension first mortgage revenue
bonds.
Dated March 1, 1941.
Denom. $1,000.
Due serially on Sept. 1
from 1942 to 1961, incl.
Bonds maturing on and after Sept. 1, 1957, are
callable in inverse numerical order at par and interest on
Sept. 1, 1947,
any interest payment date thereafter
on 60
days' published notice.
Principal and interest (M-S) payable at the City Treasurer's office.
The
bonds are payable solely from gross revenues of the water works
system
under an indenture executed by the city to the Toledo Trust
Co., Toledo.
or
on
July
Treasurer
at
par,
as
Is
repre¬
sented
by outstanding non-payable State warrants amounting to ap¬
proximately $17,000,000.
The law places the funding in the hands of a
rive-member board but to date no meeting of the board has been held.
In
my opinion, a meeting will be called by the Governor some time in Septem¬
ber or October, at which time we should know
something of a definite
nature regarding the funding.
OKMULGEE, Okla.—BOND OFFERING—Sealed bids will be received
until 10 a. m. on July 28 by Harry Devinna, Commissioner of
Finance, for
the purchase of the following bonds aggregating $185,000:
$105,000 airport,
and $80,000 water works system bonds.
Due $37,000 in 1946 to
1950,
The
bonds
the
lowest
FOSTORIA
CITY
SCHOOL
DISTRICT, Ohio—NOTE SALE—
The Ohio National Bank of Columbus was awarded on
July 12 an issue
of $14,732.76 secured series
refunding notes as 1.65s.
Due in two years.
Optional after Nov. 30.
voters
HEIGHTS
CITY
at
amount
an
will
be
election
held
bid is required.
City,
1.69s.
as
SALE— The
DISTRICT (P. O. Cleve¬
second series refunding notes
Quaker City National Bank, of Quaker
Optional after Nov. 30.
KEY RIDGE RURAL SCHOOL DISTRICT
(P. O. Bellaire), Ohio—
NOTE SALE—The $1,879.29 second series
refunding notes offered July 16
werG awarded to the Farmers & Merchants National
Bank, of Bellaire, as
1.60s. Dated July 24,1941 and due July 24, 1943.
Optional after Nov. 30.
LITTLE
HOCKING RURAL SCHOOL
DISTRICT, Ohio—NOTE
SALE—Gillis, Russeli & Co. of Cleveland purchased on July 17 an issue of
$1,998.60 second series refunding notes
as
1.85s.
after Nov. 30.
the
on
bidder
These
July 8.
wrho
bonds
agrees
were
to pay
par
and
approved
by the
certified check for 2% of the
A
,
semi-annual park and airport
bonds, aggregating $75,000, offered for sale on July 22—V. 153, p. 430—
awarded to R. J. Edwards, Inc. of Oklahoma City, at par, divided
as follows:
$52,500 as 2Ms, due $7,500 in 1944 to 1950; the remaining
$22,500 as 2s, due $7,500 in 1951 to 1953.
SCHOOL
were awarded to the
Due in two years.
to
interest.
SEMINOLE, Okla.-—BOND SALE—The
OREGON
land), Ohio—NOTE SALE—The $14,759.47
July 14
sold
of
rate
were
$13,699.32 second series refunding notes offered July 16 were awarded to the
Quaker City National Bank, of Quaker City, as 1.69s.
Dated July 16.
1941 and due July 16, 1943. Optional after Nov. 30.
GARFIELD
semi-ann. airport bonds
430—were awarded to the City
Due $4,000 in 1944 to
p.
City Clerk.
;-v: -.7
offers
offered
153,
OKLAHOMA, State of—WARRANT DEBT FUNDING STILL PEND¬
ING—The following report was sent to us on July 22 by Carl B.
Sebring,
State Treasurer: The last legislature of the State of Oklahoma
passed
Senate Bill No. 230 which provides for the funding of our State
debt,
incl.
DISTRICT, Ohio—NOTE
22—V.
reports the
1948, incl.
Legality approved by Squire, Sanders & Dempsey of Cleveland.
GALLIPOLIS CITY SCHOOL
Optional after Nov. 30.
two years.
CLEVELAND CITY SCHOOL DISTRICT, Ohio—NOTE SALE—
The $835,658 second series refunding notes were purchased
by the State
Treasurer, as 0.61s.
Due July 31, 1943.
Option after Nov. 30.
may name a
(P. O. Lucasville), Ohio—
WEST CARROLLTON EXEMPTED VILLAGE SCHOOL
DISTRICT,
Ohio—NOTE OFFERING—C. F. Holliday Clerk of the Board of Educa¬
Optional after Nov. 30.
CARTHAGE RURAL SCHOOL DISTRICT (P.
Coolville), Ohio—NOTE SALE—The First National
was
DISTRICT
NOTE SALE—The $10,605.90 second series refunding notes offered
July 15
were awarded to the Security Central National Bank of
Portsmouth, as
Due in two years.
Optional
LANE COUNTY UNION HIGH SCHOOL DISTRICT NO. 10
(P. O.
Florence) Ore.—BOND SALE—The $7,500 coupon semi-ann. gymnasiumauditorium bonds offered for sale on July 17—V. 153, p. 430—were awarded
to Atkinson-Jones &
Co. of Portland, as 2Ms, paying a price of 100.13, a
Dated April 1, 1941. Due $500 on April 1 in 1943 to
and after April 1, 1943.
basis of about 2.16%.
1957; optional
on
MERRILL, Ore.—PRICE PAID—The City Recorder states that the
$12,000 semi-ann. refunding bonds sold to Daugherty, Cole & Co. of Port¬
land—V. 153, p. 279—were purchased as 2Ms, at a price of 100.07, a basis
of about 2.74%.
Due on Nov. 1 in 1942 to 1953, optional on and after
Nov. 1, 1945.
MAHONING COUNTY (P. O.
Youngstown), Ohio—NOTE SALE—
$175,000 poor relief bonds offered July 15—V. 153, p. 130—were
awarded to Ryan, Sutherland & Co., Toledo, and
Hawley, Shepard & Co.,
Cleveland, jointly, as 1 %s, at par plus a premium of $587,
equal to 100.335,
a basis of about
1.66%.
Due $25,000 Nov. 1, 1943. and $25,000 May 1
and Nov. 1 from 1944 to 1946, incl.
Second high bid of 100.077 for
2Ms
was made by Otis & Co. of Cleveland.
The
MINSTER VILLAGE SCHOOL
DISTRICT, Ohio—NOTE
OFFERING
—The Clerk of the Board of Education will receive
sealed bids until 8 p. m.
on Aug. 2 for the
purchase of $4,959.49 not to exceed 4% interest second
series refunding notes.
NEWTON RURAL SCHOOL DISTRICT
(P. O. Pleasant Hill),
Ohio—NOTE SALE—The Piqua National Bank & Trust Co.
of Piqua was
on July 15 an issue of
$5,804.18 second series refunding notes as
2s. Due in two years. Optional after Nov. 30.
SALEM, Ore.—BOND SALE—The $200,000 sewage disposal bonds
July 21—V. 153, p. 131—were awarded to E. M. Adams & Co. of
Dated Aug. 1, 1941 and due serially up to Aug. 1, 1961. Callable
offered
Portland.
after five years from date of issue.
SALEM,
Ore.—BOND ELECTION—It
is
stated
by
Hannah
Martin»
City Recorder, that an election has been called for Aug. 20 on the proposed
issuance of $75,000 airport bonds.
WALDPORT, Ore.—BONDS APPROVED—It is reported that
an
of $15,000 water system bonds was approved at an election on
July
issue
7.
PENNSYLVANIA
awarded
OpRANDER VILLAGE SCHOOL DISTRICT,
—The $2,458.92 second series
Ohio—NOTE SALE
refunding notes offered July 15 were awarded
to the Union Savings & Trust Co. of
Warren, as 1.89s. Dated July 18 1941
and due July 18, 1943. Optional after Nov.
30.
PERRY
TOWNSHIP
RURAL
SCHOOL
DISTRICT
(P.
Holland), Ohio—NOTE SALE—Gillis, Russell
chased
1.70s.
on
July 17
Due in
O.
New
& Co. of Cleveland pur¬
issue of $1,747.38 second series
refunding notes as
years.
Optional after Nov. 30.
an
two
PIKE RURAL SCHOOL DISTRICT
(P. O.
R. D. 3,
New Carlisle),
ALE—-The $2,935.81 second series refunding notes offered
July \%T~v-153, P-130—were awarded to Gillis, Russell & Co., Cleveland,
r-n
^
Nov. 30.
Dated July 21, 1941 and due July
Other bids:
21,
1943.
Optional after
Bidder—
SCHOOL DISTRICT (P. O. Bristol), Pa.—
SALE—The issue of $62,000 building bonds offered July 21—V.
153, p. 2,79—was awarded to Warren A. Tyson Co. of Philadelphia, as
1 Ms, at a'price of 101.07, a basis of about 1.14%.
Dated July 1, 1941, and
due July 1 as follows: $3,000 from 1942 to 1961, incl., and $2,000 in 1962.
Second high bid of 100.119 for lMs was made by H. T. Greenwood & Co.
of Philadelphia.
HAZLE
TOWNSHIP
I tit
Rate
65<7
1
~~~
I.I
1 90<7
"
II
'
a<7
3 cy
SCHOOL
DISTRICT
(P.
O.
Hazleton), Pa.
—BOND
SALE—The $25,000 series B repair and improvement bonds of¬
fered July 22—V. 153, p. 430—were awarded to S. K. Cunningham & Co.
of Pittsburgh, as 2Ms, at par plus a premium of $273.25, equal to
101.093,
a basis of about
2.58%.
Dated Aug. 1, 1941 and due Aug. 1 as follows:
$1,000 in
1942, and $2,000 from 1943 to 1954 incl.
100.179 for 2Ms was made by John B. Bunting & Co.
LANSDALE
First National Bank of Barnesville
George T. Lennon & Co
Lagonda National Bank, Springfield
Huntington National Bank, Columbus
BRISTOL TOWNSHIP
BOND
SCHOOL
DISTRICT,
Pa.—BOND
Second high bid of
'
ELECTION—An
election will be held Sept. 9 on the question of issuing $125,000 vocational
building bonds.
MECHANICSBURG, Pa.—BOND ISSUE DETAILS—'The $23,000
refunding, fire equipment purchase and municipal building bonds mentioned
in V. 153, p. 430, will be dated Oct. 1, 1941, in $500 denoms. and mature in
Volume
The Commercial
153
1956, callable in
1943.
Principal and interest
(A-0) payable at the Me-
„
sealed bids until 7 p. m.
MUNCY, Pa.—BONDS AUTHORIZED—The Borough Council passed
an ordinance for an issue of $12,000 3 M % refunding bonds.
Dated Sept. 1,
1941.
Denom. $1,000.
Due Sept. 1 as follows: $1,000 from 1942 to 1949,
incl., and $2,000 in 1950 and 1951.
Interest M-S.
OLYPHANT SCHOOL
that
Affairs
on
District Secretary, will receive
(EST) on July 29 for the purchase of $12,000 2%
school bonds. Dated July 1, 1941. Denom. $500. Due $1,000 on
July 1 from 1944 to 1955 incl. Interest J-J. Bonds may be registered as to
principal only and will be sold subject to approval of the Pennsylvania
Department of Internal Affairs. Each bid may be made subject to favorable
opinion of bidder's attorneys. A certified check for $500, payable to order
of the District Treasurer, is required.
coupon
DISTRICT, Pa.—BOND SALE—M. M. Free¬
the $25,000 4% operating expense
approved by the Pennsylvania Department of Internal
July 18.
Co.
&
man
SPARTA TOWNSHIP SCHOOL DISTRICT (P. O. Spartanburg),
Pa.—BOND OFFERING—Mabel lshman,
chanicsburg Bank.
bonds
587
& Financial Chronicle
of Philadelphia purchased
were
notes offered July 22—V.
153,
Territory of—BOND CALD-We are in¬
formed by Ruth Hampton, Acting Director, Division of Territories and
Island Possessions, Interior Department, that $4,109,000 of Philippine
bonds which are to mature on Aug. 1 would be paid as of that date.
The
5.5% bonds are part of a 1921 issue under authority of the Philippine
PHILIPPINE
p.
Noyes & Co., W. E. Hutton & Co., Jackson &
Legislature.
The announcement said bonds
ment,
hands
SOUTH
bonds.
SOUTH
supple¬
(State of)—LOCAL ISSUES APPROVED—The
Pennsylvania Department of Internal Affairs has approved the following
local bond issues. Information includes name of the municipality, amount
of issue and rate of interest, purpose of loan and date approved by the
Department:
Amount
Date
Dunkard
$30,000
July
7
highway improvements
50,000
July
8
July
9
25,000
debt--
July
9
paying
-
$195,000 warrant funding bonds by the First National Bank & Trust Co. of
of Minneapolis, and associates, as 2s, paying a premium of $351,
equal to 100.18.
Due in 1943 to 1951.
_
275,000 permanent school funding bonds by the South Dakota Permanent
School Fund, as 2s, at par.
_
INDEPENDENT
BURKE
SCHOOL DISTRICT (P. O. Burke) S.
of annual refunding bonds offered
Dak .—BOND SALE—The $35,000 issue
for sale
July 17—V. 153, p. 279—was
on
purchased by the State School
according to the Clerk of the
Due on Aug. 1 in 1943 to 1961.
Fund, the only bidder,
Dated Aug. 1,1941.
CHAMBERLAIN, S. Dak.—BOND
Board of Education.
OFFERING—W. E. Mussman, City
Auditor, will receive sealed bids until 8 p. m. on July 28 for the purchase of
$15,000 not to exceed 2% interest street improvement bonds.
Dated
Aug. 1, 1941.
Due $3,000 annually on Aug. 1 from 1943 to
1947 incl.
•";
Interest F-A.
ELK POINT, S.
Dak.—PRICE PAID—The City
■
•••'
Auditor states that the
Co. of Sioux
$10, equal
on or after
$20,000 municipal auditorium bonds sold to Gefke-Daiton &
Falls, as 2Ms—V. 153, p. 279—were purchased for a premium of
to 100.05, a basis of about 2.24%. Due on July 15,1961, optional
five years
from date of issue.
EMERY, S. Dak.—BOND SALE—The $3,000 4% semi-ann. paving of
sale on July 22—V. 153, p. 279—were purchased by
the Security State Bank of Alexandria, at a price of 101.666, a basis of
about 3.58%. Dated May 1, 1941. Due on May 1 in 1943 to 1948; optional
on any interest payment date.
1941 bonds offered for
non-electoral bonded
Lafayette Township, McKean County; 2M %,
COUNTY
*
30,000
2M%. refunding electoral and
DAKOTA
(P. O. Aberdeen), S. Dak.—BOND SALE—The
bonds, aggregating $470,000, offered for sale on July 21—V. 153, p. 279—
were purchased as follows:
BROWN
PENNSYLVANIA
Township School District, Green County;
%& M %, funding floating indebtedness
Cornplanter Township Sch. Dist., Venango County;
1% & %%, erecting and equipping elementary
school and addition to present building; purchase
of land and rights-of-way
Smithfield Township
Sch. Dist., Monroe County;
CAROLINA
CHARLESTON, S. C.—BONDS VOTED—At an election held on July 8
the voters are said to have approved the issuance of $50,000 street paving
TERMS—The prices paid by the
1
bought
ISLAND
RHODE
/
syndicate for the two issues, as shown above, represented increases over
the terms# originally offered by the group and were agreed upon in con¬
ferences between State officials and group managers.
The initial offers,
as stated in the proposal submitted to the State, were 100.7219, a basis
of about 0.67%, for the notes due May 31, 1942, and 100.8647, or 0.99%,
for the series maturing April 30, 1943.
No change was made in the original
reoffering prices, however, the earlier maturity having been offered to yield
0.40% and the later series to yield 0.80%.
An exceptionally strong demand
for the notes was reported by the banking group.
According to G. Harold
the original bid was $136,103,158 and the
$136,296,446.76.
face value of $3,591,000
CRANSTON, R. I .—NOTE SALE—The issue of $500,000 notes offered
July 18 was awarded to G. M.-P. Murphy & Co., New York at 0.42%
discount.
Due June 30, 1942.
The First National Bank of Boston, only
other bidder, named a rate of 0.45%.
delphia; Swiss American Corp., Spencer Trask & Co., Tucker, Anthony
& Co., Union Securities Corp., and Wood, Struthers & Co., all of New York.
mental offer was
a
Govern¬
leaving securities with a face value of $4,109,000 outstanding in the
of the public.
The bonds will be redeemed in Washington.
Curtis, all of New York;
Wagner, State Treasurer,
with
additional
Kenower & Co., of Detroit; Milwaukee
SYNDICATE REVISES ORIGINAL
ISLANDS,
from Philippine Government funds had been canceled and that
bonds with a par value of $2,300,000 were owned by the Philippine
Pierce & Cassatt, of New York; Miller,
Co. of Milwaukee; Moore, Leonard
& Lynch, of Pittsburgh, R. H. Moulton & Co., G. M. P. Murphy & Co.,
both of New York; W. H. Newbold's Son & Co. of Philadelphia; Otis &
Co. of New York; Parrish & Co. of Philadelphia ; Reynolds & Co. of New
York; E. H. Rollins & Sons, of Philadelphia; L. F. Rothschild & Co.,
Schlater, Gardner & Co., Inc., both of New York; Schmidt, Poole & Co., of
Philadelphia; Singer, Deane & Scribner of Pittsburgh; Stein Bros. & Boyce
of Baltimore; Stern Bros. & Co., Kansas City; C. Lowber Stokes & Co.,
Walter Stokes & Co., Stroud & Co., Suplee, Yeatman & Co., all of Phila¬
Kaiser & Co., Merrill Lynch, E. A.
RICO
PUERTO
$135,000,000 1M%
431—were awarded to
a syndicate headed
by the Mellon Securities Corp. of Pittsburgh, as follows:
$45,000,000 series HT notes, due May 31, 1942, were sold at a price of
100.8C29, a basis of about 0.50%, and $90,000,000 series II maturing April
30,1943, brought a price of 101.039, a basis of about 0.90%. All of the notes
will be dated July 16, 1941.
Only one bid was submitted for the notes.
Other members or the successful group were as follows:
Halsey, Stuart &
Co., Inc.; Kidder, Peabody & Co. ;Smith, Barney & Co., all of New York;
Drexel & Co., Philadelphia; Lehman Bros., Salomon Bros. & Hutzler,
Ladenburg, Thalmann & Co., all of New York; A. Webster Dougherty &
Co. of Philadelphia; Shields & Co., Blair & Co., Inc., White, Weld & Co.,
Stone & Webster and Blodget, Inc., Hallgarten & Co., Phelps, Fenn & Co.,
R. W. Pressprich & Co., Dick & Merie-Smith, all of New York; E. W. Clark
& Co., Yarnall & Co., Moncure Biddle & Co., Bioren & Co., all of Phila¬
delphia; Alexander Brown & Sons, of Baltimore; Burr & Co., C. C. Collings
& Co., both of Philadelphia; S. K. Cunningham & Co. of Pittsburgh;
Darby & Co., Inc., of New York; Dolphin & Co., of Philadelphia; Eastman,
Dillon & Co. of New York; Equitable Securities Corp., Estabrook & Co.,
Geo. B. Gibbons & Co., Inc., both of New York; Glover & MacGregor, of
Pittsburgh, Graham, Parsons & Co., Hannahs, Ballin & Lee, Hemphill,
PENNSYLVANIA (State of)—NOTE SALE—The
tax anticipation
HARDING COUNTY (P. O. Buffalo) S. Dak.—BOND OFFERING—
will be received until Aug. 6, at 2 p. m., by C. C.
for the purchase of a $207,000 issue of funding
bonds.
Interest rate is not to exceed 3%, payable J-JDenom. $1,000.
Dated July 1, 1941. Due July 1, as follows: $2,000 in 1942 to 1946, $4,000
in 1947 to 1951, $7,000 in 1952 to 1956, $10,000 in 1957 to 1959, $12,000 in
1960 and $100,000 in 1961. The county reserves the right to call any or all of
said bonds in consecutive order at any time after July 1,1942. The approv¬
Sealed and oral bids
Gullickson, County Auditor,
PHILADELPHIA, Pa .—NO SURPLUS THIS YEAR—Philadelphia has
prospects of a surplus for 1941, Mayor Lamberton declared yesterday.
His statement was in reply to optimistic forecasts of the city's financial
operations for the current year.
"Much has been spoken and written recently about the favorable condi¬
tion of city finances," said Mayor Lamberton.
"Six months' tax collec¬
tions in excess of those of the year before, plus millions of dollars in the city
treasury have led to talk of a surplus at the end of 1941, expanding city
activities and reduced taxation.
"Unfortunately the facts do not support these conclusions.
There is
no prospect whatever of a surplus in 1941 and what the year 1942 may hold
none of us can at this time foretell.
"The estimated income of the city for 1941 is $81,418,943.
That amount
no
in our budget.
If we should hold our expenditures to the
amount appropriated, receipts in excess of our estimates would constitute a
surplus.
Receipts will exceed estimates but unfortunately rising com¬
modity prices will cause our expenditures to exceed appropriations.
"What little excess there may be in tax receipts will be counter-balanced
is appropriated
by increased cost of coal,
gasoline, fuel oil and food.
Prices of these
the year so that there will be
commodities have advanced since the first of
large deficiency in each of these items and in many others.
With the cost
of living increasing we must raise the pay of our lower paid employees."
The Mayor pointed out that for each per cent increase in pay for these
workers the city's payroll will increase roughly $300,000, a 5% increase
a
meaning $1,500,000 and 10% raise meaning
$3,000,000.
OF SEWER PROGRAM— To deter¬
borrowing capacity and the validity of the proposed sewer
finance the $42,000,000 sewer proposal and sewer program, it is ex¬
COURT TO PASS ON VALIDITY
mine the city's
tax to
pected that a petition will be filed in Common Pleas Court.
After a ruling
in this Court the plan is to appeal it to the State Supreme Court.
This is the same procedure followed last year with the sewer loan then
proposed, which the high court did not find legal.
The present sewer tax
is contended to be a self-sustaining proposition and therefore not a general
charge upon the city, and if its validity
borrowing capacity for the city.
is upheld would mean a substantial
READING, Pa.—EXPANDING INDUSTRIAL OPERATIONS CAUSE
SHORTAGE—Because two major iron and steel industries—
American Chain & Cable Co. and Carpenter Steel—are expanding opera¬
tions on a large scale and increasing their working forces, the Reading Real
Estate Board has applied to the Federal Housing Administration for grants
to contractors to enable them to engage in new housing operations for
skilled workers in the better-paid classes.
A definite shortage of dwellings
in the $35 to $45 monthly rental class is reported.
Pa.—BOND OFFERING—C. G. Giles, Borough Secretary,
Aug. 12 for the purchase of
will receive sealed bids until 7 p. m. (EST) on
$30,000 3% bonds.
Dated Aug. 1, 1941.
Denom. $1,000. Due $2,000
annually on Aug. 1 from 1947 to 1961 incl. Subject to redemption on Aug. 1,
1947 or on any interest payment date thereafter.
Sale of bonds will be
subject to approval of proceedings by the Pennsylvania Department of
Internal Affairs.
Legal opinion of Burgwin, Scully & Churchill of Pitts¬
burgh will be furnished the successful bidder. A certified check for $1,000,
payable to order of the Borough Treasurer, is required.
SCRANTON,
Pa .—BOND
OFFERING—Foster W. Nauman, City
Comptroller, will receive sealed bids until Aug. 12 for the purchase of
$243,000 not to exceed 3% interest judgment bonds.
Dated Sept. 1, 1941.
Denom. $1,000.
Due Sept. 1 as follows: $13,000 from 1942 to 1944, incl.',
and $12,000 from 1945 to 1961, incl.
Interest M-S.
SPARTANBURG SCHOOL DISTRICT,
Pa.—BOND OFFERING—B.
District Secretary, will receive sealed bids until 7 p. m. (EST)
$8,000 2% coupon school bonds. Dated
July 1, 1941.
Denom. $500.
Due $500 annually on July 1 from 1943 to
1958 incl. Interest J-J. Bonds may be registered as to principal only and
will be sold subject to approval of the Pennsylvania Department of Internal
Affairs. Each bid may be made subject to the favorable opinion of bidder's
attorneys.
A certified check for $500, payable to order of the District
Treasurer, is required.
D. Bryant,
on
July 29 for the purchase of
recognized firm of bond attorneys and the printed bonds will
cost to the purchaser. Enclose a certified check for
County Treasurer.
$2,500, payable to the
HUTCHINSON COUNTY (P. O. Olivet), S. Dak.—BONDS SOLD—
County Auditor E. Schamber reports that $60,000 funding bonds were
purchased by the State on July 18, as 2s, at par.
Denom. $1,000.
July 1, 1941.
Due on Jan. 1 as follows: $8,000 in 1943 to 1949 and $4,000
Dated
in 1950.
TENNESSEE
Ripley), Tenn.—BOND SALE—The
offered for sale July 23—V. 153, p. 280
Bank of Memphis, and associates, as
2Ms, paying a premium of $125, equal to 100.186. a basis of about 2.74%.
Dated July 1, 1941.
Due on July 1 in 1949 to 1966.
LAUDERDALE COUNTY (P.O.
$67,000 semi-annual refunding bonds
were awarded to the First National
Tenn.—BONDS SOLD—It is reported that $15,000 4J$%
works bonds have been purchased jointly by the Bank of
Sweetwater Bank & Trust Co. of Sweetwater. Denom. $500.
Dated June 1, 1941. Due on June 1 as follows: $500 in 1943 to 1960, and
$1,000 in 1961 to 1966.
■' ;Y: —VV/
NIOTA,
semi-ann. water
Niota, and the
TEXAS
Lufkin) Texas—BONDS SOLD—It is
$100,000 county hospital bonds approved by the voters on
ANGELINA COUNTY (P. O.
reported that
June 7. were
HOUSING
ROSCOE,
ing opinion of a
be furnished without
3s and
4Ms.
purchased by Mahan-Dittmar & Co. of San Antonio,
Denom. $1,000. Dated July 15,1941. Due in 1942 to
(P. O. Belton) Texas—BONDS
Sinking Fund is said to have purchased $14,000 2%
bridge refunding bonds at par. Due on Oct. 1 in I960
BELL COUNTY
as 2Mb,
1956.
SOLD—The County-
semi-ann. road and
and 1961.
BEXAR COUNTY (P. O. San Antonio), Texas—BOND OFFERING
—We are informed by Charles W. Anderson, County Judge, that sealed
bids will be received by the Commissioners Court, until 9:30 a. m. on
Aug. 11, for the purchase of a $285,000 issue of 2M% county tubercular
hospital, series 1941 bonds.
Denom. $1,000. Dated April 15, 1941. Due
April 15 as follows:
$12,000 in 1942 and 1943; $13,000 in 1944 to 1947;
$14,000, 1948 to 1952; $15,000, 195.3 to 1957: $16,000 in 1958 to 1961 .all
incl.
Prin. and int. (A-0 15) payable at the Chase National Bank of New
on
^The^above
election held on Nov. 5, 1940, by a
9,016 against and are issued for the purpose of
expanding the present facilities of the Tubercular Colony or
the Robert B. Green Memorial Hospital of San Antonio.
The payment of
the principal and interest on said bonds are provided for by an annual ad
valorem tax upon all taxable property in Bexar County, estimated for the
current year at the rate of ,0138c. on the $100 valuation, and annually
thereafter in such an amount as may be necessary to produce sufficient
funds to pay-off the annual instalment of principal and interest due thereon.
The successful bidder will be required to pay the cost of employing bond
vote
bonds were voted at an
of 9,546 in favor, to
enlarging and
for all necessary proceedings hereunder, to furnish the printed
standard lithographed bond paper, and to pay for the unqualified
approving legal opinion of such bond attorneys as the successful
attorneys
bonds on
bidder
m
Any1expense
of litigation concerning approval of the bonds will be borne
by the county.
A certified or cashier's check payable to the County Judge
in the amount of 2% of the face value of the bonds shall accompany each
bid.
If, for any reason the county is unable to make delivery of the bonds,
The Commercial & Financial Chronicle
588
the successful bidder may cancel the contract of purchase at his option,
and upon such cancelation the successful bidder's check will be returned
to him.
BIG SPRING INDEPENDENT SCHOOL DISTRICT (P. O.
Big
Spring) Texas—BONDS SOLD—Crummer & Co. of Dallas, are said to
construction bonds as 3s, at a price of 103.54.
July 26,
1941
VIRGINIA
NEWPORT NEWS, Va.—BOND ISSUANCE NOT CONTEMPLATED
—We are informed by A. M. Hamilton, City Clerk, that the city does not
contemplate offering housing project bonds, as had been reported recently.
have purchased $12,000
BROWN COUNTY WATER IMPROVEMENT DISTRICT NO. *1
(P. O. Brownwood), Texas—BONDS OFFERED TO PUBLIC—A syndicate
composed of Crummer & Co. of Dallas, Barcus, Kindred & Co. of Chicago,
R. K. Dunbar & Co. of Austin, Moroney & Co. of Houston, Beckett,
Gilbert & Co., and Moss, Moore & Cecil, both of Dallas, are offering the
following tax and water supply revenue bonds aggregating $1,490,000:
$230,000 3% refunding bonds.
Due March 1 as follows: $10,000 in 1942,
$28,000 in 1943 and 1944. $29,000 in 1945, $35,000 in 1946,
$25,000 in 1947 and 1948, $20,000 in 1949, and $15,000 in 1950
and 1951.
1,138,000 3XA% refunding bonds.
Due March 1 as follows: $43,000 in
1956, $45,000 in 1957, $70,000 in 1958, $75,000 in 1959 and 1960,
$80,000 in 1961, $82,000 in 1962. $85,000 in 1963, $90,000 in
1964, $93,000 in 1965, $95,000 in 1966, $100,000 in 1967 and 1968,
and $105,000 in 1969.
Interest payable M-8.
Dated Sept. 1, 1941.
Denom. $1,000.
102M, bonds maturing in 1968 and 1969, carrying in addition to this re¬
demption privilege a provision whereby the district has the right to redeem
same in inverse numerical order for retirement purposes
only on Sept. 1,
1943, and on any interest payment date thereafter prior to maturity at
101 and accrued interest.
If these bonds should be called for
refunding
purposes the redemption price is to be 102
Principal and interest pay¬
able at the First National Bank, Dallas.
These bonds constitute a direct
obligation of the district, and are payable from an unlimited ad valorem
tax on all the taxable property in the district.
In addition they are secured
by a pledge of the revenue received from a water supply contract with the
City of Brownwood, dated Nov. 22, 1937.
Legality approved by Dillon,
Vandewater & Moore of New York.
CHILDRESS, Texas—BONDS AUTHORIZED— It is reported that the
City Council on July 9 approved an issue of $151,000 refunding bonds.
**
COLORADO SCHOOL DISTRICT (P. O. Colorado), Texas—BOND
OFFERING CANCELED—The call for bids until
July 30 for the purchase of
$104,000 building bonds—V. 153, P. 431—was rescinded by the Com¬
missioners Court.
v.
.,
;
COMAL COUNTY (P. O. New
Braunfels) Texan—BONDS SOLD—A
$200,000 issue of 1 % % and 2M % semi-ann. road bonds is said to have been
purchased by a group composed of Dewar, Robertson & Pancoast of San
Antonio, Rauscher, Pierce & Co. of Dallas, and McClung & Knickerbocker
of Houston, at a price of 100.277.
Due in 1942 to 1961.
DENTON, Texas—BOND ELECTION—We
understand that
an
election
has been called for Aug. 19 to submit to the voters
$135,000 school improve¬
ment, $65,000 airport, and $50,000 park and swimming pool bonds.
COUNTY
(P.
O.
Sherman),
Texas—WARRANTS
on July 9
AUTHORIZED—We understand that the Commissioners' Court
passed an order calling for an issue of $300,000 road and
bridge warrants.
HAMSHIRE-HOLLAND
SCHOOL
DISTRICT
(P. O. Hamshire),
Texas—BOND SALE—'The $60,000 semi-annual
building bonds offered
July 18—V. 153, p. 432—were purchased as follows:
$22,000
as 2s, due on Aug. 1, $1,000 in
1942. $3,000 in 1943 to 1949: the
remaining
$38,000 as 2^s, duejon Aug. 1, $3,000 in 1950 to 1960, and $5,000 in
1961.
for sale on
HARRIS
COUNTY
DISTRICT
NO.
3
(P.
WATER CONTROL AND IMPROVEMENT
O. Houston), Texas—BONDS SOLD—'The fol¬
lowing tax and revenue bonds aggregating $50,000, are said to have been
purchased by A. W. Snyder & Co. of Houston, for a premium of
$218,
equal to 100.436, a net interest cost of about 3.66%: <
$20,000
{improvement bonds. Due $2,000
on March 1 in 1950 to
30,000 3% % improvement bonds.
Due on March 1 as follows: $2,000 in
1960 to 1962, and $3,000 in 1963 to 1970.
Denora. $1,000.
Dated March 1, 1941.
Prin. and int. payable at the
City National Bank, Houston.
Legality approved by Vinson,
EJkins,
Weems & Francis of Houston, and Chapman & Cutler
of Chicago.
These
were authorized at an election held on
June 22, 1940, and are issued
under authority granted under
Chapter 3-A, Title 128, Revised Civil
Statutes of the State, to complete the construction of
the water and sewer
system in the presently developed area of the District.
They are payable
from an unlimited ad valorem tax on all taxable
property within the district.
Supplementing this unlimited taxing power, the district has pledged all of
bonds
the net revenues of the water and sewer
system to the payment of principal
and interest on its
outstanding bonds.
i|
BOND
SALE
DETAILS—The
$43,900
3K %
semi-ann.
improvement
bonds sold at par to A. W. Snyder & Co. of
Houston, and associates—V.
153, p. 432—are in the denomination of $1,000, with one for $900.
Dated
March 1, 1941.
Due March 1, as follows: $900 in
1949, $2,000 in 1950 to
19.54, and $3,000 in 1955 to 1965.
Prin. and int. payable at the
City Na¬
tional
Bank, Houston.
Legality
approved
by the Attorney General.
Vinson, Elkins, Weems & Francis of Houston, and
Chapman & Cutler of
Chicago.
These bonds were authorized at an election held June 22, 1940.
By authority granted under Chapter 3-A, Title
128, Revised Civil Statutes
of the State the bonds
supplemented by
an
are payable from a
pledge of net revenues which is
unlimited ad valorem tax on all property within the
boundaries of the district.im
HUNT
Texas
BONDS
BOUNTY JUSTICE PRECINCT
NO. 5 (P. O. Greenville),
APPROVED—It is reported that the voters
$125,000 road construction bonds at an election held on
July 12.
approved
of 3 K% semi-ann.
water works revenue bonds is
reported to have been purchased at par by
McClung & Knickerbocker of Houston. Due on July 1 in 1943 to 1947.
MART, Texas—BOND ELECTION—It
.
on
is reported that an election
July 24, at which time the voters passed
on
water system and water and
sewer revenue bonds.
sewer revenue
Co. of San Antonio, as lMsat
par—V.
follows: $1,000 in 1942 to 1951, and
153, p. 132—are due
to 1961.
on
July 1
as
r»^^UNTY (P. O.
San Augustine), Texas—BONDS
on June 28, the $80,000
DEI EAT ED—We
understand that at the election
road improvement bonds failed to
carry.
SPEARMAN, Texas—BOND
TENDERS
Leo Dacus,
INVITED—It
is
stated
by
City Clerk, that he will receive tenders until
Sept. 2, at 10 a. m.,
refunding bonds, dated Aug. 1, 1938, and
maturing on Aug. 1, 1978.
to be made by payment
through the First National Bank
AH purchases
Dallas.
nnx^n qV?£En ££PJSDISTRICT (P. O. Van) Texas—
^V J.u TjiIL%In connection with the sale of the $125,000 (not
'ii wiu1
®
sold to R. K. Dunbar & Co. of Austin, as noted
«1 no
«rco
nnm
nnn
?" ^
I
P,?""!!/©Ported that the bonds were sold as follows:
1942' $11*000 in 1943, $12,000in 1944
fnH^Qd^Tnrfo^n^810'^0111
?
^J,946,
as 2¥s, and $67,000 maturing
nS0TW1 aSin Denom.1^° an<1
n°° in
Dated Dec. 1, 1940.
$1,000.
days
notice
Spro?£i
or on
by
Feb. 1, $13,000
1951'
as 2 ^S.
Callable on Feb. 15, 1947, on 30
any interest payment date thereafter on
30 days' notice.
"the^ttorney-GMeral "^afciona^ Bank' Grand Saline. Legality
UTAH
+h^Tth^1«?rm<nnn
election
(P.
224
O.
Fordyce &
par to
electric hgnt
KING COUNTY WATER DISTRICT NO. 59 (P. O. Seattle) Wash.—
BONDS DEFEATED—It is
now stated by Roy Erford, Superintendent of
Registrations, that at the election held on March 11, the
rejected the proposal to issue $2,000,000 water revenue bonds.
Elections and
voters
OROVILLE,
Wash.—BONDS
AUTHORIZED—'The
City
Council
is
said to have passed an ordinance calling for the issuance of $15,000 not to
exceed 5% semi-annual water plant revenue bonds.
SEATTLE, Wash.—BONDS AUTHORIZED—An ordinance is said to
have been passed recently by the City Council calling for the issuance of
$10,700,000 4^ % semi-ann. municipal transportation system refunding and
improvement revenue bonds.
Dated July 1, 1941.
Denom. $1,000. Due
annually on July 1.
TACOMA,
Wash.—BOND SALE—The $500,000
coupon
or
APPROVED—The City Recorder states
revenue bonds were approved at a recent
registered
semi-ann. water revenue of 1941 bonds offered for sale on July 17—V. 153,
132—were awarded to a syndicate composed of Blyth & Co., Inc., Dean
Witter & Co., both of San Francisco, the Wells-Dickey Co. of Minneapolis,
Bramhall & Stein of Seattle, and Richards & Blum of Spokane, as 2s, paying
a premium of $2,011, equal to 100.4022, a basis of about 1.95 %. on the bonds
maturing as follows: $12,000 on July 1, 1942, $13,000 on Jan. 1 and $12,000
on July Tin 1943 to 1961, and $14,000 on Jan. 1, 1962.
Callable in whole or
in part on Jan. 1, 1952, or on any interest paying date thereafter, upon 60
days, advance notice.
p.
The following statement relative to the sale was also furnished by the
City Comptroller:
Answering numerous inquiries for information relative to the sale of
$500,000 City of Tacoma Water Revenue bonds of 1941, please be advised
that bids were received July 17th from nine groups of bidders.
The best bid was that of Blyth & Co. and associates who bid as follows:
Plan No. 1—2% coupon and $2,011 premium.
«
Plan No. 2—2% coupon and $1,500 premium.
Plan No. 3—2% coupon and $2,011 premium.
The sinking fund board elected to sell the bonds on Plan No. 3 and the
same was therefore consumated to Blyth & Co. on their Plan No. 3 bid,
which provided the callable feature from 1952 on.
The group of financial men present commended the City of Tacoma regard¬
ing the manner in which advance financial and other data was prepared and
distributed prior to the sale.
,,,■■•■
A
^
Since the city contemplates calling for bids in the near future on $4,000,000 Light & Power bonds you are invited to make any suggestions
relative to the preparation and distribution of financial data of our Light
& Power System that you think would be of assistance to prospective bidders
It is probable that some firms may refrain from bidding on bonds because
of lack of authentic information regarding the basic financial condition of
a city or a particular utility division.
1
We, therefore are most desirous of preparing our reports in as complete
and understandable a form as possible so there will be no unanswerable
questions in the minds of those interested in bidding.
;
.
BOND OFFERING SCHEDULED—It
was
stated
subsequently
by
Mr. Swayze that he will receive bids until Aug. 25, at 2 p. m., for the pur¬
chase of $4,000,000 light and power revenue bonds.
Due serially in 20
years,
or
with optional bidding invited
after 1952.
on
non-callable and bonds callable
on
•
.
,
WEST
VIRGINIA
ELKINS, W. Va .—BONDS SOLD—It is reported by B. Brown, City
Attorney, that $20,000 3% semi-annual municipal building bonds have been
purchased at par by the State Sinking Fund Commission.
Denom. $1,000.
Dated May 1, 1941.
Due $1,000 on May 1 in 1942 to 1961, incl.
Prin. and
int. (M-N) payable at the .State Treasurer's office.
MONTGOMERY,
W.
Va .—BOND SALE
DETAILS—In
connection
with the sale of the $24,500 incinerator and swimming pool bonds to the
State, noted here on Jan. 25, it is now reported that the bonds were sold as
3s, at par, are dated July 1, 1940, and mature July 1, as follows:
$700 in
1942, $800 in 1943, $700 in 1944, $800 in 1945, $700 in 1946, $800 in 1947,
$700 in 1948, $800 in 1949, $700 in 19.50, $800 in 1951, $700 in 1952. $800
in 1953, $700 in 1954, $800 in 1955, $700 in 1956, $800 in 1957, $700 in
1958, $800 in 1959, $700 in 1960, $800 in 1961, $700 in 1962, $800 in 1963,
$700 in 1964, $800 in 1965, $700 in 1966, $800 in 1967, $700 in 1968, $800
in 1969, $700 in 1970, $800 in 1971, $700 in 1972, $800 in 1973, and $500
in 1974.
WISCONSIN
BELLEVUE (P.
O. Green Bay, Route No.3), Wig.-—BOND SALE—
4% annual bridge bonds offered for sale on July 17—V. 153,
p. 280—were awarded to Gillespie & Wouters of Green Bay, paying
a
premium of $601.25, equal to 109.25, a basis of about 2.55%.
Dated
July 14, 1941.
Due $500 on July 14 in 1942 to 1954.
The $6,500
_
BROWN COUNTY (P. O. Green
Bay), Wis .—BOND ISSUANCE
CONTEMPLATED—It is stated by M. L. Clark, Deputy County Clerk,
that another block of bonds, out of the total authorized issue of $600,000
of which $225,000 were sold on
May 19, as reported here at the time, will
or
December.
EAU CLAI RE, Wis.—BONDS SOLD—The City Clerk states that $50,000
general obligation water improvement bonds have been taken by special
city funds.
thorized at
an
election
on
Feb.
6 were sold to the
of Wabasha.
First
bonds
National
au¬
Bank
•
MADISON, Wis .—BONDS OFFERED— Sealed
states that the
bonds sold to the Ranson-Davidson
$2,000 in 1952
in
NO.
ETTRICK, Wis.—BONDS SOLD—'The $9,000 village hall
was
the issuance of $90,000
Texas—MATURITY—The City Secretary
$30,000 water works and
of
DISTRICT
Co. of Portland—V. 153, p. 432—were purchased as follows:
$4,500 as
2^s, due on July 15, $500 m 1943, and $1,000 in 1944 to 1947: the remain¬
ing $10,500 as l^s, due on July 15, $1,000 in 1948 to 1951, $1,500, 1952:
$1,000,1953 and 1954, and $1,500 in 1955 and 1956.
Denom. $500.
Dated
July 15, 1941.
Prin. and int. (J-J) payable at the County Treasurer's
be offered for sale next November
JASPER, Texas—BONDS SOLD—A $5,000 issue
held
SCHOOL
Wash.—BOND SALE DETAILS—'The County Treasurer
states that the $15,000 semi-annual school bonds sold at
Bonds
maturing in 1952 to 1969, are redeemable on Sept. 1, 1951, and on any
interest payment date thereafter prior to maturity on 30 days' notice at
GRAYSON
Goldendale),
COUNTY
office.
122,0003M% refunding bonds.
Due on March 1 as follows: $20,000 in
1952; $22,000, 1953, and $40,000 in 1954 and 1955.
t
WASHINGTON
KLICKITAT
and oral
bids
were
re¬
ceived until July 25, at 10 a. m., by A. W. Bareis,
City Clerk, for the pur¬
chase of a $300,000 issue of 2%% coupon semi-ann. hospital revenue bonds.
Dated Aug. 1, 1941. Denom. $1,000. Due Aug. 1 as follows: $5,000 in 1944
to 1949, $6,000 in 1950 to 1955, $7,000 in 1956 to 1961, $8,000 in 1962
to 1966, $9,000 in 1967 to 1970, $10,000 in 1971 to 1957 and $11,000 in
1976 to 1981.
Said bonds maturing after 1961 shall be subject to call and
prior payment at the option of the city in inverse numerical order on any
interest payment date after 1961, at the par value thereof and accrued
interest, plus a premium of $20 on each $1,000 bond so called.
SHULLSBURG,
Wis —MATURITY—'The
City
Clerk
now
reports
that the $7,000 street improvement bonds soid to Harley, Haydon & Co. of
Madison, as 1 J^s at par, as noted here on April 5, are due $1,000 on Feb. 1
in 1942 to 1948 incl.
SUNSET
SANITARY
DISTRICT
(P.
O.
Madison),
Wis.—BONDS
OFFERED—Gordon E. Dawson, Secretary of the Board of Commissioners,
received sealed and oral bids until July 24, at 2 p.m. (CST), for the pur¬
chase of $36,000 not exceeding 514% coupon semi-annual sewer system,
special assessment bonds.
Dated Aug.
15, 1941.
Due on April 1 as
follows:
$3,000 in
1948 to 1951.
1942 and
1943, $3,500 in 1944 to 1947 and $4,000
n
CANADA
CHARLESBOURG,
Que.—BOND
SALE—The
$56,100
4%
bonds
offered July 21 were awarded to J. E. Laflamme, Ltd. of Montreal, at a
price of 99.42, a basis of about 4.12%.
Dated Aug. 1, 1941 and due serially
on Aug. 1 from 1942 to
1951, incl. Denoms. $1,000, $500 and $100.
HUNTINGTON, Que.—BONDS SOLD—The Sun
Canada,
of
Montreal,
serially from 1942
purchased
to 1971 incl.
$100,000 4%
Life Assurance Co of
improvement bonds, due
@FedFRASER