The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
&
•
t
COrntiaHTED IN 1B41 «Y WILLIAM B. DANA COMPANY, MEW YORK.
\/n|
ICQ
VUL.
Issued Weekly 40 Oents a Copy—
100.
$18.00 Per Year
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1.79, AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH «, 1S79.
NEW
YORK, JULY 5,1941
William B. Dana Co., Publishers,
25
Mfl
liw
Spruce St., New York City
QOC7
•
Oa01
.
BROOKLYN TRUST
THE CHASE
COMPANY
NATIONAL
BANK
Chartered 1866
OF THE CITY OF NEW YORK
OF
George V. McLaughlin
President
Broaden your customer
NEW YORK
BROOKLYN
service with Chase
Member Federal Deposit Insurance
correspondent
YO RE
Corporation
facilities
:
■
Member Federal Deposit Insurance
Corporation
Hallgarten & Co.
Established I9S0
PREFERRED
NEW YORK
STOCKS
London
Chicago
City of
Philadelphia
"Guide
to
Railroad
Bonds
Reorganization Securities"
The
The New and Improved 1941 Issue
Containing all New Plans of Reorganiza¬
first boston
tion and all the changes in prior plans,
together
with
detailed
maps
of
each
system. ..;
There will be only
CORPORATION
/
NEWYORK
This book is
'$$
now
Moncore Biddle & Co.
printing
one
available at
BOSTON
philadelphia
CHICAGO
SAM FRANCISCO
PHILADELPHIA
per copy
{Including New York City Sales Tax)
AMP OTHER PRINCIPAL CITIES
Pflugfelder, Hampton & Rust
Exchange
Members New York Stock
61
Broadway
New York
Telephone—DIgby 4-4933
Bell Teletype—NY 1-310
~
New York Trust
RlTER
&
Members New York Stock
Members
New York Curb
Exchange (Associate)
48 WallStreet,
.
$37,500,000
v
OTIS & CO.
(Incorporated)
NewYork
CHICAGO
IOO BROADWAY
Chicago
«
St. Paul
Milwaukee
Rochester
Hartford
Easton
H-
avenue
madison
R. H. JOHNSON & CO.
and 40th
street
LAMBORN & CO., INC.
99 Wall
INVESTMENT SECURITIES
Street, N.Y.C.
sugar
New York
Export—I mports—Futures
ten
DIgby 4-2727
PHILADELPHIA
BOSTON
PHILADELPHIA
<
CLEVELAND
64 Wall Street
NewYork
Morristown
'.r'l'."
Established 1899
Exchange
Chicago Stock Exchange
Company
Capital Funds
Co.
rockefeller
plaza
Canadian Securities
Carl M. Loeb, Rhoades & Co.
61
BROADWAY
Member of the
NEW YORK
London
Federal
Geneva
Bnenes Aires
Insurance
HART SMITH & CO.
lawinumSt.
Deposit
Corporation
Montreal
NEW YORK
Toronto
The Commercial & Financial Chronicle
II
This is under
a
no
solicitation of
circumstances to be construed as an offering of these
an
offer to buy, any of such
July 5, 1941
securities for sale,
offer to buy, or as
or as an
securities. The offer is made only by means of the Offering Prospectus.
New 188U68
McKesson & Robbins,
Incorporated
$13,700,000
j
Fifteen Year Z}k% Sinking
due
Fund Debentures
July 1, 1956
Price 104%% and accrued interest
56,000 Shares
5%% Cumulative Preferred Stock
Par Value $100 Per Share
Price $103 Per Share
plus accrued dividends from July 1, 1941
Copies of the Offering Prospectus may be obtained from only such of the
legally offer these securities in compliance with
undersigned as may
the securities laws of the respective States.
Lazard Freres & Co.
Kidder, Peabody & Co.
Harris, Hall & Company
F. S. Moseley & Co.
White, Weld & Co.
W. E. Hutton & Co.
(Incorporated)
.
Hornblower & Weeks
Swiss American
Dated
Estabrook & Co.
■
„
W. C. Langley & Co.
Jackson & Curtis
Corporation
July 2.1941.
Dividends
THE
ATCHISON,
FE
TOPEKA
AND
SANTA
Former
New York, N. Y.t June 24, 1941.
W The
clared
Board
a
of
Directors
dividend
of
One
has
this
Dollar
day
($1.00)
de¬
per
share, being Dividend No. 114, on the Common
Capital Stock of this Company, payable Septem¬
ber 2, 1941, to holders of said Common Capital
Stock registered
on
the books of the Company at
close of business July 31, 1941.
Dividend checks
will
be
mailed
to
holders
of Common Capital Stock who have filed suitable
orders therefor at this office.
D.
FIDUCIARIES
RAILWAY COMPANY
C.
WILSON, Assistant Treasurer.
120 Broadway, New York, N. Y.
"Security Dealers of North America"
A
directory of Stock
end
Bond
House*
Strong—Rugged—Dependable
HERBERT
D. SEIBERT
&
CO
Publishers
25 Spruce Street
official
of
large trust
company, partner in investment
and real estate organizations,
manager of financial organiza¬
tion, available for opening. Ex¬
perienced in negotiating with
general public in connection with
banking and financial transac¬
tions, real estate management
and sales, fiduciary relationships
and reorganization of title com¬
pany issues.
Will consider any
activity calling for banking and
business experience, sound judg¬
ment, efficient management and
sympathetic understanding of
personal
problems.
Address
H. W., care The Commercial &
Financial Chronicle, 25 Spruce
Street, New York City.
The
is
t
adjustable to the thickness of
the number
of issues it contains
In sizes up to 13x8H
inches
Price $2.00 each
Plus postage
Prices for
on
larger sizes
application
THE "EXPANDIT" BINDER
25
New York Clt<
"Expandit" Binder
Spruce St.,
New York City
Volume
The Commercial & Financial Chronicle
153
y
Foreign
THE CANADIAN BANK
OF COMMERCE
HEAD
TORONTO
OFFICE:
Established 1867
-
The Public National Bank
COMPANY OF NEW YORK
TRUST
AND
•
$30,000,000
Paid-Up Capital
76 WILLIAM STREET
OFFICE
MAIN
20,000,000
Reserve
This Bank is in close touch with
the
commercial
and financial
life
established 1908
of Canada and is well
equipped to
serve
corporations, firms and in¬
dividuals interested in Canadian
business.
r„
in
Branches
every
Condition
the
at
30th, 1941
Business, June
of
close
important
city and town in Canada and New¬
foundland, also in Portland, Oregon;
San Francisco;
Seattle: Los An¬
geles; London, England; Havana;
Kingston,
Jamaica; Bridgetown,
Barbados,
and
Port of
Spain,
RESOURCES
Cash and Due from Banks
U. S. Government
Exchange PI. & Hanover St.
Customers'
.
.
.
$51,527,394.67
.
.
.
.
44,762,994.16
'
11,106,505.03
Corporate Bonds.
Loans and Discounts
YORK AGENCY
.,
Obligations
State, Municipal and
Trinidad.
NEW
STATEMENT
CONDENSED
of
.
.
.
.
81,258,252.92
.
.
.
691,425.72
Liability under Acceptances
Banking Houses
2,024,892.66
.
130,143.66
Other Real Estate Owned
Federal Reserve Bank Stock
Australia and New Zealand
.
.
420,000.00
.
Accrued Interest Receivable
.
329,152.62
....
Other Assets...
.
.
.
46,029.97
.
BANK OF
$192,296,791.41
Total
NEW SOUTH WALES
(ESTABLISHED 1817)
£8,780,000
Paid-Up Capital..
LIABILITIES
6,150,000
Reserve Fund
Reserve Liability
8,780,000
of Proprietors...
£23,710,000
Aggregate Assets 80th Sept., 1040. £148,908,000
SIR ALFRED DAVIDSON,
Capital.
•
Surplus.
.
,
.
.
...
:.
.
.
.
.
.
7,000,000.00
.
.
.
.
$7,000,000.00
.
$14,000,000.00
K.B.E.,
General Manager
Undivided Profits
::
Head Office: George Street, SYDNEY
.
••
*
'y
'y '
.
3,758,293.88
.
<r- y,J"
$17,758,293.88
the oldest and
Australasia.
With over 870
branches in
all
States of Australia, in New
Zealand. Fiji, Papua and New Guinea, and
London, it offers the most complete and efficient
banking service to investors, traders and travellers
The Bank of New South Wales is
bank
largest
in
Dividends
LONDON
OFFICES:
V
47 Berkeley Square,
Agency Arrangements with
.
.
$150,000.00
.
Oct. 1st, 1941
interested in these countries.
29 Threadneedle Street,
Payable;
July 1st, 1941
.
Unearned Discount
.
.
.
.
.
300,000.00
150,000.00
■;
.
.
426,018.08
.
E. C.
Reserved for Interest, Taxes,
W. 1
Banks throughout
the u. s. A.
Acceptances Outstanding
Less: Own in Portfolio
Other Liabilities
1,748,115.46
Contingencies
.
$2,527,819.14
.
1,313,562.20
....
.
;.
.
.
1,214,256.94
149,095.68
.
170,701,011.37
Deposits
Total
.
$192,296,791.41
Royal Bank of Scotland
Incorporated by Royal Charter 1727
Over
\
Securities with
statement are
ry.
200 Yeare of Commercial Banking
HEAD
OFFICE—Edinburgh
and
a
for other purposes
I
member:
the above
deposits
permitted by law.
booh value of $8,167,007.84? in
pledged to secure public and trust
n. y. clearinc
required
or
house association • federal
reserve system
General Manager
1
William
Whyte
Tota Inumber of offices,
CHIEF FOREIGN
3
DEPARTMENT
Capital (fully paid).............. £3,780,192
Deposits........—.....
....
£4,125,965
.......£69,921,933
Associated Bank,
Williams Deacon's Bank, Ltd.
DETROIT
INVESTMENT HOLDINGS
ANALYZED
Charles A. Parcel Is & Co.
Members of Detroit Stock Exchange
PENOBSCOT
BUILDING, DETROIT, MICH.
insurance corporation
•
258
Bishopsgate, London, England
Reserve fund—...........
federal deposit
30 Offices
Located Throughout Greater New
York
T
The Commercial & Financial Chronic!
VI
July 5, 1941
NOTICE
CURRENT
—Thatcher
M.
Jr.,
Brown,
son
of
Thatcher M. Brown of Brown Brothers,
Harriman & Co., has become a partner
in G. H. Walker &
Co., members New
Exchange.
Mr. Brown was
graduated from Lawrenceville School
and Yale University.
He is on the
board of the Yale University Alumni
Association, is one of the board of man¬
agers of Presbyterian Hospital in the
City of New York, is Chairman of the
finance committee of the Labor Temple,
York Stock
Bankers Trust Company
NEW YORK
and served
was
on june 30, 1941
v.'
assets
Cash and Due from Banks
ing them there.
647,489,970.35
Loans and Bills Discounted
277,041,910.00
Real Estate
2,250,000.00
44,595,482.71
.....
Mortgages
Banking Premises.
John de Forest
2,425,279.73
.
.
.
.
.
...
.
.
16,642,971.06
.
Accrued Interest and Accounts Receivable
3,904,729.25
Customers'Liability
Buckingham has also
become associated with &. H. Walker
& Co.
He was graduated from Taft
School
and
Yale
University.
Since
1932 Mr. Buckingham has been Secre¬
tary of the Composition Liquidating
Corp. and for the past five years was
with Clark, Dodge & Co.
44,281,291.43
......
Stock of Federal Reserve Bank
Other Securities and Investments
President of the New York Stock
considerable time in London represent¬
$407,081,986.88
,
Municipal Securities
appointed
Exchange to help deal with the unem¬
ployment problem in Wall Street.
For
11 years he was with Clark, Dodge &
Co. and during the years 1935-37 spent
U. S. Government Securities
State and
the committee
on
by William McC. Martin while the latter
condensed statement of condition
1,000,960.00
Acceptances
on
Bonds Borrowed
•
•
•
—Ryburn G. Clay of Atlanta, Ga.,
has
2,068,000.00
•
$1,448,782,581.41
LIABILITIES
Capital
$
.......
Surplus
.......
Undivided Profits
25,000,000.00
50,000,000.00
34,931,145.14
.
.
$109,931,145.14
Dividend Payable July 1,1941
Deposits
Acceptances Outstanding
$ 2,711,204.09
Less Amount in Portfolio
1,678,213.14
Liability under Bonds Borrowed
Other Liabilities
•
•
work in Atlanta.
Mr.
will
Clay
associated
be
limited partner with the Atlanta
of the firm.
carried in accordance with the method de¬
statement are
has
He
long been active in charitable and civic
600,452.96
$1,448,782,581.41
Securities in the above
Association.
Memorial
tain
2,068,000.00
*
•
director of the Atlanta Art Association,
and a former member of the Stone Moun¬
1,032,990.95
.
a mem¬
Advisory Board.
In addition
he was formerly President of the Atlanta
Clearing House Association and is a
trustee of Young Harris College, and a
1,730,208.84
.
partner¬
Reserve Bank of Atlanta and is
1,332,169,783.52
................
limited
to
ber of its
1,250,000.00
Accrued Taxes, Interest, etc
admitted
been
ship in Merrill Lynch, E. A. Pierce &
Cassatt.
Mr. Clay is President of the
Southeastern Pipe Line Co.
He is a
director of Fulton National Bank, At¬
lanta, of which he was formerly Presi¬
dent, Colonial Stores, and Southeastern
Greyhound Lines. Mr. Clay for six
years
was
a
director of the Federal
as
a
office
scribed in the annual
report to stockholders, dated January 9,1941. Assets carried
$5,273,844.04 have been deposited to secure deposits and for other purposes.
at
-Lester H. Holt has become associate
with the Chicago office of Brown, Ben¬
nett & Johnson, Inc., at 135 South La
Member of the Federal Deposit Insurance
Corporation
Mr. Holt has been identified
Salle St.
with security trading for almost 20 years,
his most recent association having been
with R. H. Smart & Co.
Name
of
Merchants'
Changed
;■
of
The
New
of
New
Be
to
and
Industry
the
organization, will
Association
membership ratify
by the Association's
of
the
on
Association, when
by-laws will
be
proposed
a
to the
new
of
York
name
to
if
a
which
Directors
June 25.
of the members has been called for
July
Room of the
York, the
be changed
New
Board
their last meeting, it was announced
at
A meeting
8, in the Assembly
necessary
change in
membership.
In
a
letter
members, John Lowry, the Association's Presi¬
dent, pointed out that the organization includes 68 divisions
of commercial and industrial
concerns,
although its present
title implies that it comprises
only merchants. * "The new
name was selected from a
long list of suggested names as
the most descriptive,
accurate and condense title," Mr.
Lowry said to the members.
He went on to explain the
reasons
for
bers
send
the
recommended
in
proxy
change and asked the
forms
which
were
enclosed
mem¬
in
the
letter, wThich also said:
Due to the
designation "The Merchants"
usually applied to the Associa¬
tion, legislative and political authorities, and .individual firms and business
both
men,
'broad
within
interests
complicated
the
Visitors': Bureau,
ing
out-of-town
represents
a
and
which
work
outside
the
of
the
Association
the
hata
city,
failed
serves.
Association's
New
The
to
understand
present
York
name
Convention
the
has
and
whose representatives have had to explain when address¬
groups
that The Merchants' Association of New York
cross-section
of
commerce
and
industry in this city.
Association's
In approving the new name the
Board desig¬
nated that to preserve the trade and
historic value of the
present name, all literature,
carp^the sub-title "Established in 1897 as The Mer¬
letterheadsfand
The
of
organization
commerce
strength.
commercial
and
to
its
in
It
was
the
was
organizations
on
of
United
Under the
Association
Mr.
Lowry.
A
a
group
four
over
activities
set
by
the modern
is
ago
of
one
an
on
type of service chamber
the
largest
entirely
in numerical
new
pattern
for
devoted to service to the community
defcades the Association has continued
its
slogan
"To
Foster
the
Trade
and
York."
new
The
years
-
,
to say:
It
44
as
During
the
New
States.
founded
members.
carry
Welfare
goes on
pioneer of
a
Commerce and Industry Association of New York,
name,
plans
new
to
and
materially enlarge its
expanded
membership, according to
of activities is in preparation.
program
the
the
to
will
chants' Association of New York."
The announcement
commercial
approved
sent to
York
Industry Assocation
of The Merchants' Association of New
name
majority of
was
and
York
city's largest
Commerce
Association
Commerce
to
printed matter
Federal Reserve Bank of St.
ship
of
Banks
426
Louis Has Total Member¬
with
Aggregate
Deposits
of
$1,747,000,000
In announcing on June 26 that the DuQuoin State Bank,
DuQuoin, 111., had that day become a member of the Federal
Reserve System, the Federal Reserve Bank of St. Louis re¬
vealed that with the addition of this bank the total member¬
ship in the System in the St. Louis District totals 426. The
deposits in these member banks, the announcement states,
aggregate approximately $1,747,000,000, and amount to
75% of the deposits of all commercial .banks in the Eighth
District.
Since the first of the year,
District have
As
the
to
member institution—Uie
Bank—the announcement of
had the
The
following to
new
lb State banks in this
joined the System.
new
member
surplus of $20,000,
was
and
the
St.
DuQuoin State
Louis
Reserve Bank
say:
organized in 1915.
total
resources
It hai
a
capital of $100,000,
of $2,3751253.
W. W. Parks, President, V. G. Croessmann,
Its officers
are:
Vice-President, A. J. Guerret-
taz, Cashier, M. L. Griffin and V. H. Hitter, Assistant Cashiers.
DuQuoin is in the heart of the southern Illinois coal fields.
operating
near
DuQuoin
are
said to be the largest in the world.
/■>
Two mines
The Commercial & Financial Chronicle
Volume 153
CURRENT
VII
NOTICE
—Lloyd & Co., members of the New
York Stock Exchange, and one of the
older investment houses in the financial
district,
was
dissolved Tuesday, July 1.
Established in 1879 under the
of
name
Lloyd & McLean, the firm has engaged
in a general brokerage and investment
SPECIALIZES
business
as
partner of W. E. Burnet
a
Exchange. After graduation from Prince¬
ton in 1916, Mr, Lloyd was
employed in
the personal trust department of the
Guaranty Trust Co. until 1917, when
Navy.
serve
became
He
OF
Main
associated
YORK
NEW
Office: 149 broadway (Singer Building)
with
made
was
TRUSTS
Uptown Office: 1002 madison ave. (Bet. 77th & 78th Sts.)
with the United States
Lloyd & Co. in 1919 and
PERSONAL
&
FULTON TRUST COMPANY
& Co;, members of the New York Stock
he left to
IN
BANKING
business for 62 years.
Edward S. Lloyd, senior partner of
the firm, will continue in the investment
CONDENSED STATEMENT, JUNE 30,1941
a
partner in 1920.
Of the other
Lloyd & Co. partners,
Weyland Pfeiffer and T. Lothrop Fred¬
erick
will
retire
from
the
RESOURCES
securities
Cash in Vault
business for other activities. John Hemp¬
hill will retain his
membership on the
New York Stock Exchange as an inde¬
Cash
Cash
pendent broker, and Francis J. Ridgeway will become associated with Morgan
Davis & Co., stock and bond brokers.
Demand Loans Secured
by Collateral.
1,129,635.55
2,585,045.63
Municipal Bonds
120,000.00
212,030.20
2,531,615.71
911,054.77
76,562.49
Short Term Securities
Other Securities
Time Loans Secured
by Collateral
Loans and Bills Receivable
Overdrafts—Secured
$7,910.50
Unsecured
Jr. and Milton L. Williams—have be¬
of
$25,627,186.95
842,168.16
.15,584,669.10
Federal Reserve Bank of New York Stock
Medway, Wadden
Williams, Inc. has merged with that
of Thompson, Davis & Phipps, Inc. on
July 1st, and while no legal merger of
the firms is made, the three principals of
Medway, Wadden & Williams, Inc.—
Willard Medway, William M. Wadden
Vice-Presidents
7,743,611.25
Deposit in other Banks.....
State and
—The personnel of
Davis &
on
327,102.89'
.$
Deposit in Federal Reserve
U. S. Government Securities
&
come
oil
Bank of New Yark
42.34
7,952.84
Real Estate Bonds and
Thompson,
Real Estate
Phipps, Inc.
Earl L. Virden
Sr., a salesman for the Medway firm,
has joined Thompson, Davis & Phipps,
Inc. in a similar capacity.
Both firms
340,075.11
100,000.00
121,750.00
119,225.06
Mortgages
(Branch Office)
Other Real Estate
'.
Accrued Interest and Other Resources
j
$32,752,498.76
LIABILITIES
have conducted securities businesses at
120 South La Salle St., Chicago, and
Due
Depositors
147—2%% payable July 1, 1941. .
Reserved for Taxes, Expenses and Contingencies.
Dividend No.
July 1 occupied the present quarters
of Thompson, Davis & Phipps, Inc. in
on
suite 1400.
Capital
Surplus
:■;.;; ;r«
John B. Dunbar has also joined
the
capacity of Vice-President
in charge of the trading department.
Mr.
Dunbar previously conducted a
.
$27,531,110.19
50,000.00
248,486.66
.$2,000,000.00
2,000,000.00
Undivided Profits
firm in the
.
922,901.91
4,922,901.91
$32,752,498.76
securities business under his own name
and more recently was a Vice-President
OF
BOARD
of Straus Securities Co.
LEWIS SPENCER
—Manufacturers Trust Co. has been
DIRECTORS
MORRIS, Chairman of the Board
EDMUND P. ROGERS, Chairman of the Executive Committee
appointed paying agent for the City of
Fort Myers, Fla., refunding bonds dated
July 1, 1939.
Interest payable Jan. 1
and July 1.
ARTHUR J. MORRIS, President
john d.peabody
henry W. bull
charles scribner
Stanley a. sweet
John a. Larkin
charles s. brown
russell v. cruikshank
bernon s. prentice
O'Donnell (selin
Franklin b. lord
E. townsend irvin
de coursey fales
russell e. burke
—Frederick B, Carpenter, who was
formerly Vice-President in charge of
the Chicago office of Barr Bros. & Co.,
Inc., has become associated with John
stephen c. clark
charles j. nourse
Nuveen&Co.
Member Federal Reserve System and Federa
Deposit Insurance Corporation
—MacBride, Miller & Co., 744 Broad
St., Newark, N. J., have prepared a
commentary on the financial condition
of Camden, Newark and Jersey City,
N. J.,"vj: d \.v 'A-'
FHLBB
Reports
May Non-Farm Mortgage
Recording
Activity Reached New Record Level
mately two-fifths of total defense contracts awarded having been awarded
in this area. V.
:
%Chy.
According to the current "Mortgage Recording Letter,"
issued June 30 by the Federal
month of
May marked
a
new
Home Loan Bank Board, the
May, 1941
\Type
Volume
well
as
individual
lenders,
reached the highest levels
attained since detailed recordation statistics were first col¬
1939.
Other still earlier data, while in¬
period was well under way, and the past two and one-half
years
have witnessed a persistent continuation of the trend
of the mortgage
toward ever-greater activity in all sectors
market.
The Board's
Increased mortgage
the
12
from
a
Federal
Home
decline of 2%
New York district.
of
letter continues:
financing activity from April was evident in
Bank
Loan
estate
York
and
financing
Pittsburgh
activity
largely the outgrowth
of
11 of
ranged
gain of 28% in the
Percentage
in the Loe Angeles district to a
Of further interest
changes
is the fact that almost three-fifths
in recording activity occurred in the Boston,
the April-to-May increase
New
districts.
Bank
in
the
districts.
three
This sharp
Northeastern
increase in ^real
Bank districts is
greatly accelerated industrial activity—approxi¬
January-May
to
Volume
% of
May
1941
1940
%
(000)
Total
April
Total
1941
(000)
(000)
Chg.
$
$
$
$
507,870
147,197
482,171 +17.8
122,589 +20.1
+17.5
444,908
377,709 +17.8
4.1 +28.0
75,202
301,523
250,949
59,064 +27.3
259,888 + 10.0
+ 9.1
230,033
8.2 +10.3
29,075
+9.3
91,164
24.5
33.0
107,151
&
4ii.i 123,485
33.1 + 16.4
7.8 +22.0
143,770
35,635
Insur. cos..
Bank
24.0
tr.
Mut'l. savs.
banks
complete, reveal that even at that time the general recovery
Cumulative Recordings
1940
Savs. & loan
cos
lected in January,
% of
(000)
Lender
assns
as
May, 1940
from
Real
financing by each of the types of lending institutions,
%Chff.
of
post-depression peak level of
$436,000,000 in non-farm mortgage recording activity.
estate
May,
'm
...
Individuals.
Others.....
19,705
69,836
69,864
435,961
4.5 +
16.0
L
'
13.7
100.0
16.7
+ 6.3
+7.0
15,394
58,372
54,981
+ 9.5 372,471
15.7 + 19.6
14.8
+8.9
100.0 + 17.0 1787,049 1531,535 + 16.7
Although the total volume of mortgages recorded by mutual savings
banks is relatively low for the United States as a whole, it is of interest
during the first five months of this year the dollar volume
69% above the same period of 1939—the greatest
to
note that
of
such financing was
percentage increase shown by any of the six major
recording data are compiled.
tinues
48%,
approximated
the
lender-classes for which
The savings and loan industry, which con¬
predominate in the mortgage-financing field, showed a gain of
while the remaining classes of lenders indicated rises that either
to
same
or were
two-yaer
less than the national average increase of
interval.
85% for
The Commercial & Financial Chronicle
VIII
July 5, 1941
CURRENT
NOTICE
—David M. Wood of Thomson, Wood
&
Hoffman, was elected President of the
Municipal Bond Club of New York at
the annual meeting of the club held
Monday, June 30, at the Bankers' Club.
TRUST
BROOKLYN
COMPANY
Mr. Wood succeeds Delmont K. Pfeffer
of the National City Bank of New York.
Whiting Anthony of Bankers Trust Co.
elected
was
Vice-President; Alfred S.
Smith, Barney & Co. was
named Secretary, and Wendell R.Erick-
Mante
Summary of Statement at the Close of Business,
•
June 30, 1941
and Other Banks
term.
Other Securities
Time Loans Secured by Collateral
Bank
.
.
Buildings
.
.
.
.
.
.
.
.
.
,
this purpose are as follows:
.
.
.
.
.
.
.
,.
.
412,533.98
.
.
.
.
.
.
595,050.49
.
any State or municipal government
term of six months or more,
upon
y
.
.
to and in *the discretion of the
Board of Governors may be continued in
or restored to all
rights and privileges of
..iVr$150,833,944.57
.
.
8
.
membership and may be relieved of all
obligation for the payment of dues for
the
semi-annual
periods
wholly
or
partly covered by such term of service.
A determination of each such
applica¬
8,200,000.00
4,550,000.00
1,412,889.47
.
Undivided Profits
Reserves
.
.
.
.
.
.
tion shall be recorded in the minutes of
the Board of Governors and may be
1,281,560.47
.
Deposits
134,713,619.48
Dividend payable July 1, 1941
Outstanding Acceptances
Other Liabilities, reserve for taxes, etc.
retroactive."
164,000.00
.......
—George E.
Dahlin and
R.
E.
Williamson, specialists in investment
trust
shares, and Ralph M. Bloom,
specialist
in real
estate
bonds, all
formerly with Kirstein & Co., have
become associated with Langill & Co.,
134 South La Salle, St., Chicago.
30,098.99
.
.
.
481,776.16
.
.
$150,833,944.57
As required bylaw, United States Government and State and Municipal bonds carried at
$3,530,717.33
pledged to secure public deposits and for other purposes.
are
One of the Oldest Trust
MEMBER
FEDERAL
RESERVE
SYSTEM
Companies in the United States
AND
DEPOSIT
FEDERAL
INSURANCE
a
cation
LIABILITIES
Capital
Surplus
for
appli¬
28,886.79
Acceptances
Other Resources
ter the armed forces or related services
of the United States Government or of
1,923,796.32
4,999,148.04
.
.
....
"Any regular member who leaves the
municipal business, temporarily, to en¬
17,510,001.15
.
.
.
.
Customers Liability on
:
.
......
Bonds and Mortgages
Other Real Estate
.
.
or
5,236,329.37
7,662,491.89
1,985,914.09
Acceptances
Demand Loans Secured by Collateral
on
memberships and waiving of dues re¬
quirements of members who have been
may be called for service was ap¬
proved.
The new provisions added for
5,789,090.41
Call Loans and Bankers
Loans
of
5,836,827.68
........
.
Bills Purchased
An amendment to Article III, sub¬
division (1), regarding the continuation
45,839,599.26
Municipal Bonds
Webster and
Blodget,
Phillips T. Barbour of
First of Boston Corp., was elected to
the Board of Governors for a
three-year
53,014,275.10
...
U. S. Government Securities
State and
Stone &
Inc., Treasurer.
Hand and due from Federal Reserve Bank
on
of
son
\
RESOURCES
Cash
of
—Allen & Co., 30 Broad Street, N. Y.
City, have prepared an analysis of City
of St. Petersburg, Fla., refunding 3-5%
CORPORATION
bonds.
Under
Surplus Foods Available in July in Exchange for Blue
tion
Stamps Announced by United States Department
of
Agriculture
The United
the foods which
blue stamps
taking
exchange
Fresh
Plan.
These
foods
apples,
be
are
available
obtainable
indemnity payment,
nationally
during
June
all
for
regular
by the order
needy families at the
for
areas,
are
grapefruit
and
in
the
distribu¬
for
provision for
a
per
special
a
and
areas,
the
the
milk
so-called
time
of
in
sales
the
reimburses
higher
milk.
lower
is
program
and
"surplus"
to increase
same
additional quantities
price received from sales,
used
than the
price
this
Through
The
than
that
estab¬
arrange¬
the consumption of fluid milk among
that
returns
to
producers
were
improved
milk used.
the
for
included
not
made available
the handling and distributing services.
milk
fluid
for
has been possible
ment it
July, but
fresh
for
price
been added to the list of foods
during
in
lished
*
plus
for the milk and
producer
established
Plan is
The Department's announcement said:
peaches and fresh vegetables have
will
The
special
Stamp
price averaging around 5c.
a
indemnity payment to handlers whose bids for supplying
accepted.
are
the
Food
is
at
possible through
a Federal
milk
each handler
obtainable at local stores wherever the Food Stamp
in operation.
which
through
throughout the month of July to families
in
part
be available in
will
milk
programs,
producer price in the Federal order for each of the marketing
Department of Agriculture announced
the
June 27
on
for
States
milk
eligible needy families
The programs are made
quart.
»
the iow-cost
sale to
or
July list.
With
period
these
revisions,
the complete list
July 1 through July 31
of
"blue
in all Stamp Plan
stamp foods"
areas
is:
United
Food
peaches, fresh vegetables s including potatoes, pork lard, all pork (except
that cooked or packed in metal or glass containers), corn
meal, shell eggs,
dried
and
prunes,
raisins, hominy
whole wheat
In
(Graham)
addition to
(corn)
grits,
dry edible beans, wheat flour,
nationally designated foods for all Stamp Plan areas,
vegetable shortening will continue available, during July in the Stamp Plan
areas
of Dallas, Tex., and all
oft Dallas County; Houston, Tex., and all of
Harris
County:
Memphis,
is that to be used
Tenn.,
and
all
sold to
consumers
"Made
Entirely
the
consumer
for
cooking and not
in bulk
from
package
or
in
Domestic
or
paper
of
Shelby
The vegetable
or
County,
and
New
shortening available
table spread, and which is to be
as
cardboard containers, and labeled
Vegetable
Oils,®*
this
the container from which
it
label
appearing
is sold
in
on
bulk.
Low-Cost Milk Programs in Effect for 1942 Fiscal
Year,
Agriculture Department Announces
Continuation through the fiscal year
ending June 30, 1942,
of
existing
needy
programs
persons
under
which
Lend-Lease
approximately
500,000
partment of Agriculture.
on
July 2 by the United States De¬
The programs
are
in effect in the
of
During
Available
Announcement
for
Agriculture
Week
Ended
Other
Reports
June
Countries
28—
Under
Act
was
made
on
June 30 by the United States
Department of Agriculture of the purchase of the fallowing
food
supplies during the week ended June 28:
Commodity—
Quantity
Pork meat products:
Commodity—
Cured &
frozen (lbs.)
Canned (lbs.)
1,260,000
4,021,000
Casings (100-yd. bundles)..
174,700
Dried eggs (lbs.)
140,000
Frdzen eggs (lbs.)
1,283,360
American cheese (lbs.)
2,692,500
Dry skim milk—spray (lbs.)__
120,000
Roller (lbs.)...
330,100
Evaporated milk (cases)
134,000
Honey (lbs.)
3,395,700
Oat cereal (lbs.)
34,650,000
Canned tomatoes—spot (cases)
316,400
Canned
have been receiving their daily milk supply at
low cost was announced
Department
Purchases
Supplies
flour.
the
Orleans, La., and all of Orleans Parish.
States
fresh oranges,
fresh
fish—sardine
futures
150,000
(cases)
Dried prunes (lbs.)
It is
food
5,580,400
Quantity
2,000,000
1,500,000
Cracked wheat (lbs.)
Rolled oats (lbs.)
Farina (lbs.)
Oranges (boxes)
500,000
_
46,200
Beets (bushels)
8,643
57,218
5,000,000
Cabbage (bushels)
Cornstarch (lbs.)
Corn sugar (lbs.).-
-
White potatoes (bushels)
Dry beans (lbs.)
Dried apple pomace (lbs.)
Concentrated orange Juice (gal)
Citrus pectin (lbs.)
Vitamin contrates—
...
Vitamin A (million units)
Vitamin
Bi (kilograms)
608,000
46,400
4,720,000
224,000
44,377
336,000
600,000
3,965
explained by the Agriculture Department that these
supplies can be used for domestic distribution to public
Boston, Mass.; Chicago, 111.; Washington, D. C.; New York
City, N. Y.; New Orleans, La., and St. Louis, Mo., milk
ments for the Red Cross for
marketing areas, and supplement operations under Federal
for transfer to other countries under the terms of the Lend-
orders
regulating the
handling of milk in these markets.
The Department explained the plan as follows:
aid
families
Lease
Act,
desirable.
and
or
for
for
free
release
school
lunches,
shipment to
upon
the
tq meet require¬
wf$ refugee
market
when
areas,
this
is
Volume
The Commercial & Financial Chronicle
153
IX
NOTICE
CURRENT
—Charles Clark & Co., members New
Stock. Exchange, announce the
York
NATIONAL CITY BANK
THE
opening of a corporate over-the-counter
trading department under the manage¬
ment of Robert E. Ricksen, Jr., assisted
by Wm. Cooke Faulkner, Thomas J.
Reilly and John Ricksen, who were for¬
merly associated with him at Peter P.
McDermott & Co.
The new depart¬
ment will maintain direct private trad¬
ing wires with the firm's correspondents
in Philadelphia, Boston, Buffalo, St.
Louis, Chicago and Los Angeles^
OF NEW YORK
Head
Office
<wi>
..
-
\-t
•
■
■.
■
Condensed Statement
—Schluter & Co. Inc., announce the
reopening of their office at 111 Broad¬
way, New York City, under the man¬
agement of Frank K. Roller Jr., Vice-
President
with
—Woodward
as
1,148,145,869
Guaranteed)
State and Municipal
Dougherty,
of
Corkran & Co. and the firm
name
179,531,021
Securities.
66,033,697
Other Securities
has
been
Real Estate Loans and Securities.
Customers' Liability for
6,791,688
*
8,544,513
4,260,000
Stock in Federal Reserve Bank
Cook and William J.
with
the
the firm's
40,227,751
156,622
Other Resl E.state
(
Other Assets.....
Chicago office of Sutro
Co. in
&
7,000,000
Corporation
Bank Prennses
Sennott Jr., both formerly with Kirstein
& Co. of Chicago, have become associ¬
Bros.
603,571,042
Acceptances
Ownership of International Banking
ated
)■
Loans, Discounts and Bankers' Acceptances
changed to A. Webster Dougherty
& Co., under which the business will be
continued at the present offices at 1421
Chestnut Street, Philadelphia, with the
existing personnel.
—Frederick J.
50,725,633
Obligations of Other Federal Agencies.
Corkran has with¬
W.
partner
a
$1,030,259,008
Bankers
Obligations (Direct or Fully
United States Government
general market securities.
drawn
BRANCHES
ASSETS
Cash and Due from Banks and
will handle
firm which
the
'
DOMESTIC AND FOREIGN
INCLUDING
Fred C. Rugen, R. M.
Wright and John Sinton will be associ¬
ated
AAA-
(In Dollars)
■ a. ■..*•/■,
'';•.***
■
n - :
.
oj Condition as oj June 30,1941
f:
biffin,
R. D.
STREET • Hew York
55 WALL
•
1
trading de¬
O
t a 1.
.
$3,145,875,843
..............................
...
.
628,999
partment, which is under the direction
of Paul Yarrow.
LIABILITIES
W.
Steffes, formerly ViceHickey & Co. of Chicago,
has been admitted to general partner¬
ship in the Chicago Stock Exchange firm
of Swift, Henke & Co.
Mr. Steffes is
Vice-President
of the Chicago Bond
—James
Deposits
President of
on
$18,275,697
Acceptances and Bills
Less: Own
Reserves for:
11,380,295
6,895,402
Acceptances in Portfolio......
25,297,158
Branches..................
Items in Transit with
"
,
1
Unearned Discount and Other
Traders' Club.
$2,934,824,738
..................................f.***.**
Liability
"
"
*
''
1
Unearned Income
' '
4,066,655
.. . ..
7,606,197
Interest, Taxes, Other Accrued Expenses, etc.........
C.
—Arthur
Gwynne, formerly a
partner of Jenks, Gwynne & Co., and
more recently of A. M. Kidder & Co.,
has
house
&
with
associated
become
Co.,
...
.........................
.
.
One Wall St., New
$3,145,875,843
Total
—Jules Blecher has been admitted as
of June 25, 1941.
Figures of Foreign Branches are as
general partner in Neuberger & Berman, members New York Stock Ex¬
change.
159,600,800
16,600,800
Undivided Profits
their main office at
York.
at
$77,500,000
65,500,000
Capital
Surplus.
White-
3,100,000
v
Dividend
a
Obligations and $14,177,264 of other assets
$57,963,996 of Public and Trust Deposits and for other
$77,135,91lof United States Government
are
deposited to secure
purposes
—Clokey
Miller
&
that
announce
their office will be closed
on
required
permitted by law.
or
(Member Federal Deposit Insurance
Saturdays
.
Corporation)
during July and August.
Savings,
and
Building
$82,000,000
The savings, building and loan
tive
banks
associations and coopera¬
completed payment
30
June
on
of their 221st
semi-annual dividend since the business began
try,
They distributed approximately
the
in this coun¬
United States Savings and Loan League reports.
the
half
first
1941 to
of
systematic savings
or
$82,000,000 in earnings for
members who have
Several mil¬
lump sum investments.
of the dividends which are paid in
issues.
Approximately half of the dividend payment, that
is ordinarily in
$40,000,000 will be put into circulation
and thus
some
and will be handy
increase
Homes
If
the
to
Help
hundreds
ican wage earners
invested
doubly
in
Stabilize
of millions of
John H.
the future of the
this year are
Nation will be
Fahey, Chairman of the Federal
June 21.
Home Loan Bank Board, declared on
to Amer¬
trend.
"Otherwise, they
Recognizing
this,
making homes available
to the hundreds of thousands of families
which have moved into the class
of potential home owners
the last couple of years."
Mr. Fahey further declared:
financing institutions and other units of the housing industry have
in
Home
gone
long
a
the
added to
offering new encouragement to home builders and
in-home ownership.
Technical improvements have
comfort, convenience and "livability" of small homes; stand¬
way
in
confidence
increasing
of materials
ardization
has made possible new
things the Nation's workers can
Then
can
obtain
homes
economies.
Here are a few
be told:
the
on
smallest
down
payments and the
long-term loans in our history. ...
rates are lower than ever before.
...
The most attractive designs, the work of the country's
now are available in the small
home field. ...
most
liberal
Interest
They
often
can
lower
at
for homes as conveniently
monthly instalments.
pay
The need for security was
Economy
dollars going
through increased inqqmes
sound homes,
secure,
Nation's
Mr* Fahey.
inflationary
the
attractive terms
on
for savings bond investment.
FHLBB Urges People to> Invest in Sound
stimulated by the de¬
help stabilize our economy if turned into
private industry has a job to do in
distress
J* H. Fahey of
of workers,
incomes
substantial investments," said
will
part which is on the lump sum investments,
cash
higher
fense program, can
the 6,500,000
cash are expected
to be invested in defense savings bonds, according to Morton
Bodfish, Executive Vice-President of the League.
He points
out that many thrift and home financing institutions which
have qualified as issuing agents for the bonds are carrying
on active advertising campaigns to help market the defense
lion
"The
Distribute
Associations
Loan
Semi-Annual Dividend Payment
as
of
recent
impressed
They
years.
can
upon all Americans by the economic
be made to realize that substantial
equities in homes will be a guarantee of future security—a
be attained during the crisis which we face now and
can
to
continue
homes
assured
to
will
the
spend.
for the next few years.
influence
homes
hundreds
they
A \
get
of
are
best architects,
A
t*
as' they can pay rent, and
guarantee that
which is likely
The terms on which they can obtain
thousands of families, if they can be
worth the dollars they are called on
.
..
Safeguards must be provided for their -investments.
They deserve good
architectural design and planning, quality materials, and adequate super¬
vision of construction.
These are provided by the most progressive homefinancing
institutions and the public should
insist on them
v
. ,
The Commercial & Financial Chronicle
X
July 5, 1941
M.
P.
McCullough Discusses Priori¬
Problem
ties
Before
Merchants'
Association of New York—District
Manager for New York of Priorities
IBmtlt of Atttmn*
NATIONALIIvSin"S
CALIFORNIA'S
Division of OPM Points Out Effects
ASSOCIATION
ONLY
Small
on
STATEWIDE
Companies and
Efforts
Overcome Obstacles
to
BANK
The Priorities
Program was discussed
July 2, by Phillip M. McCullough,
newly appointed District Manager for
Condensed Statement of Condition June 90,1941
;
•
on
RESOURCES'
the
Cash in Vault and in
Federal Reserve
Bank
•
Due from Banks
New
York
Division
192,414,441.49
$
.
104,256,861.83
of
of
area
the
the
Office
of
Priorities
Production
Management, who was guest of honor
principal speaker at a luncheonmeeting that day given by the Mer¬
and
TOTAL
CASH
.
$
.
296,671,303.32
chants' Association of New York at the
Securities of the United States Government and
Federal Agencies
.
.
.
.
•
.
State, County and Municipal Bonds
Other Bonds and Securities
.
•
.
•
.
466,119,879.95
•
164,733,098.75
.....
..>.«*•
36,573,378.15
.
Downtown Athletic Club.
Loans and
3,720,000.00
Discounts
844,466,563.53
Accrued Interest and Accounts Receivable
•
.
6,428,021.62
.
Bank Premises, Furniture, Fixtures and Safe
Customers'
31,873,314.42
Liability
on
6,227,867.58
Account of Letters of Credit,
20,231,211.86
Other Resources
694,035.45
.
...
.
in
the
Second
Federal
Reserve District" and in his address he
observed
that
"as
the
war
abroad
.
.
markets in which
buy supplies of
$1,877,738,674.63
$807,874,773.26
........
.....
Liability for Letters of Credit and
Endorser
Maker
or
on
877,613,644.73
as
J
1,685,488,417.99
•
11,256,896.95
.....••
2,967,645.29
Preferred (
540,000 Shares)*
the
few
be encompassed.
can
The interest which you have is to see that this
work of National Defense is done
expeditiously
possible.
as
function
.........
Preferred Stock Retirement Fund
.
Unallocated Reserve
some cases your own
New
1,200,000.00
York is individual.
located here,
$1,877,738,674.63
*Issued at $50 ($20 Capital—$30
Surplus), Annual Dividend $2. Preferred
price and accrued dividends.
This statement includes the figures of the
London, England,
we
to
They
continue
banking office.
both wish to
their
functions of the
[ndiiai »iih»G
lrtltM
both
do
for strength and service
world
insurance coup
is
in
of the
one
the
that
see
quantities
necessary to insure, first the defense of the United
our
and the defense of those
sense
President may designate as
own
security and second, the
of essential civilian needs.
care
member
i federal deposit i
It
Division to
materials
get
countries which the
necessary for
LOS ANGELES
.
the
comparable
a
the wherewithal
get
operations.
Priorities
States in its widest
495 California branches united
in
also have the largest number of
The span between these companies
is
broad, though basically their problem as far as the
application of "Priorities" is concerned is the
they
MAIN OFFICES IN TWO RESERVE CITIES OF CALIFORNIA
SAN FRANCISCO
have the head¬
area.
same.
.iMiia
We
largest companies
small manufacturing companies in
156,743,872.70
.
of the
quarters
472,974.23
.....
the State
or to
It is particularly of the New York
problem with which I should like to deal today.
TOTAL CAPITAL FUNDS
to extent of and retirable at issue
In
immediate problem may be
of New York.
2,740,782.65
TOTAL LIABILITIES
as
throughout the entire country
it affects your individual
company.
as
limited to the island of Manhattan
6,900,000.00
Other Reserves
and
the whole
with making
22,630,115.82
Undivided Profits
well
as
As individuals you are
cases,
62,000,000.00
Reserve for Increase of Common
Capital
far
as
10,800,000.00
.
.........
and
amounts,
as
it
as
scheme
$ 50,000,000.00
.
proper
is
concerned, in many
Common (4,000,000 Shares)
the
times.
proper
That, gentlemen,
21,281,841.70
.
•
Capital:
Surplus
points, in
proper
the
words
Foreign Bills
Reserve for Interest Taxes, Etc.
the
definition and the goal of "priorities" in
Acceptances and
•
"Thus,"
once a
decrease, it becomes necessary to insure that the
supplies for our national production are used In
at
Acceptor,
Reserve for Interest Received in Advance
materials."
raw
As general needs increase and available materials
DEPOSITS:
Savings and Time
curtailed
or
accustomed to
we were
growing
production load on industry and a
dwindling supply of materials essential
for that production."
In part Mr.
McCullough continued*
LIABILITIES
Demand
Priorities
he said, "we have had at
Acceptances and Endorsed Bills
TOTAL RESOURCES
of
progressed, it has removed
Deposit Vaults
Other Real Estate Owned
Mr.
was
presented under the head "A Code
were
Stock in Federal Reserve Bank
This
McCullough's first public appearance
since his appointment.
His remarks
It is the extent
to which the function of each
company
that
general
fits in to
that governs the monthly
supplies which it will receive in the future of those
materials
scheme
lacking in total
sufficient for
amount
both defense and civilian requirements.
Because of the extremes in range of size of the
companies here and the fact that
so
many
small
companies do exist here,
we must expect that the
impact of impending shortages of materials for
needs
essential
not
National
to
Defense
will
be
particularly hard here in the metropolitan area.
The imagination and resourcefulness that we
display in meeting this blow will determine
large degree the
the important part that we may
Cotton-
war
impact is being felt right
know that there
large part of the cotton business is done
through personal friendship—the same sort
of mutual faith which is
necessary to every
business.
are
You all
now.
many companies operating in
loft buildings in this city who buy their materials
in
the
morning,
manufacture
day and deliver them that
latest
the
next
You
them
Many
on
during the
night
same
morning.
panies base their product
at
or
of these
They largely
industry such
hold gadgets,
as costume
lamp fixtures
or
in
engage
any
one
of many
items we look upon as desirable but which would
help but little
a
in
man
a
tank
or
a
submarine.
The metal which goes into making these is needed
somewhere else, and will go where it is needed.
stop to think of the large
part played by consistent publicity in devel¬
oping the initial introduction?
you ever
is the Defense Contract Service, headed
Crabtree
Stevens
week.
An
non-
jewelry, house¬
We do not let this small fellow just sink.
BUT—did
the
com¬
non-ferrous metals.
realize the situation without my explain¬
can
ing that in detail.
defense
A
play in the post¬
economy of our country.
This
Friendship—
Advertising
to a
of the defense effort and
success
advertisement in the "Chronicle" will
help you form new friendships among the
people constituting the "backbone" of the
World's Cotton Industry.
as
was
appointed District Coordinator last
They try to turn this small enterprise into
the manufacture of
will
There
by W. O.
District Manager and of which R. T.
not
continue
have
to
with
the
defense need
some
go
out
least
of
so
business,
dislocation
of
that it
but
can
labor
or
capital.
They have done and
doing
are
a
constructive
piece of work in the transitions that they effect.
However, there is
where
quated
Mggf
the
so
a
limit and in those companies
machinery
that
it
is
inadequate
cannot
be
used
or
and
anti¬
the
Volume
The Commercial & Financial Chronicle
153
XI
materials the company customarily uses are not
forthcoming to it, the
to
cease
company may have just to
Have
operate.
point, there will be and
thing right
and this is
In
his
''How
pleasant pastime
a
of the results.
his
to
answer
can
about this
doing just that
many
War is not
now.
one
illusions
no
are
own
question,
avoid that?"
you
Mr. Mc-
Cullough said:
The first
thing to do (if you have not) is to
examine your operations and eliminate each
and
every one of them not for defense that consumes
essential materials or those that
may later become
essential.
Put your research
harder
discover
to
some
materials that you are
into
are
is
to
men
work
substitutes
using
and
Fifth Ave.
bit
a
for
which
or
straight non-defense goods,
Guaranty Trust Company of New York
going
Madison Ave.
LONDON
those that
."'
*"
VICHY
or
may
60th St.
PARIS
j
BRUSSELS
'
1
.: ■
/ '
Condensed Statement of Condition, June 30, 1941
.
become critical in supply.
This
hard job, but it is in the
way that we solve
these hard jobs just as much as in the
way that an
aviator flies his ship that this effort is to
a
■
..
1
■
,
,
now
at
those
are
!
.140 Broadway
44th St.,
at
j
RESOURCES
{
become
successful.
It must be successful.
Cash
Hand, in Federal Reserve Bank, and
Government
Obligations
.
There have been
handling
no
issuance,
certificates
mission,
on
an
Maritime
British
or
My
office
Bank
\
a
•
.
.
•
•
•
•
•
•
•
•
the
Total Resources
*$2,743,002,507.73
••••••
•
problem in
!
office may I ask your
my
about your problem,
me
least for the first contact.
what
This gives to us
problem is and
your
a
Deposits
.....
Outstanding •
.
•
•
.
$2,434,203,362.17
•
.
Checks
•
13,768,933.49
I
we
$2,447,972,295.66
be prepared to assist you in the best
way for
both of us.
If you require but a
can
single form
to
on
when
you
we
have it and
we
we
will get It for you if we do not.
If necessary to
visit with you we will write and ask
you to come
or we
in,
and
come out
in your office.
see
you at your
few moments
over
unintelligent service. After
ally
plant
we
position to expedite
an
We will then
your requests
or
to
When all you
in trouble and
you get
are
Due
Different
to
Statement
Foreign Branches
by all
me
Those few of
means.
you who have done this know that I can move fast
and that people
conditions.
to
want
of
Some
Miscellaneous Accounts
Payable, Accrued Taxes,
etc.
2,465,401,643.97
Capital
\Surplus Fund
Undivided
$ 90,000,000.00
170,000,000.00
17,600,863.76
*>;»*;•
-
Profits
an
bring with
Total
emergency,
you the
Capital Funds
Total Liabilities
.$2,743,002,507.73
Fifth, the issuance of "Priorities Certificates"
some
keep books
on
transactions
Do not let this
processes
of
business of
a
work.
paper
It
as
is
bookkeeping hold
business
in
or
any
good customer.
v';'
necessary
important
up the
to
these.
•;
'
.
.
'
,
.
.v:
at $19,266,124.71 in the above Statement are pledged to
qualify for
fiduciary powers, to secure public monies as required by law, and for other purposes.
Securities carried
This Statement includes the
Branches
as
of
an emer¬
Branch
his
-'-j
orderly
hazard the
way
If he has
gency and you are satisfied that
as
277,600,863.76
.....
facts
just desires.
involves
207,683.63
9,751,039.86
............
help if they know the
When you come with
it is that and
sure
Dates
91,769.00
2,700,000.00
•
threatened
actual shut-down of your plant which is
unusual, phone
and not
I
Difference in Balances Between Various Offices
we
in the right way to act.
Fourth, if
make
i'v:/
V.
4,678,855.82
dislike giving
in
except
a
an
vV'-v
4,154,535.16
or
few forms, please
write, you will gener¬
get them sooner in the end.
with
Vv.
Held for Investment
know your problem
the phone and
and you need to phone, please do.
need is
$8,833,390.98
•
Liability as Endorser on Acceptances and
Foreign Bills
Dividend Payable July 1, 1941
Items in Transit with Foreign Branches and Net
me
emergency or to discuss an appointment.
In the
first place it is hard to encompass a
problem in a
a
.
...
Third, please do not phone
be in
Acceptances.
......
Less: Own Acceptances
*
will
steer you
j.
' ;
LIABILITIES
Second, in contacting
cooperation ? Please write
will send it
j
11,094,428.19
1,352,661.73
,
•
.
securing material.
of just
,
•
•
.
To meet those functions I
need the help of every one who has
statement
.
Buildings
Other Real Estate
information, form issuing
expediting office.
.
.
;;2,730,555,417.81
Com¬
for
•
•
of
Purchasing
..
i
•
.
of
manner
...
.
„
now.
reextension
or
Navy,
Guard
certificates.
least is
moment at
changes in the
extension
Army,
Coast
Commission
but not
.
.....
.
I may later,
.
Public
First, I issue no "Priority Certificates."
I do
give out forms but I do not issue
ratings or au¬
at
$
962,197,492.60
1,208,283,442.26
Securities
•
32,573,919.28
Stock of the Federal Reserve Rank
7,800,000.00
Other Securities and Obligations
.
.
•
•
•
.
•
21,025,667.06
Loans and Bills Purchased
485,611,110.29
Credits Granted on Acceptances
4,678,855.82
Accrued Interest and Accounts Receivable
6,583,259.54
Real Estate Bonds and Mortgages
••.••••,
1,801,670.96
U. S.
stated:
thenticate certificates.
,
Due from Banks and Bankers
In
presenting to members of the
Association,
ways
to
expedite
the
handling of their own cases as they come
up, which he said, possibly could be
called
a
"code,"
Mr.
MeCullough
and
on
case
as
resources
and liabilities of London,
May 31, 1941; Vichy and Paris Branches
as
Liverpool and Brussels
of April 30, 1941; Havre
of March 31, 1941.
is just
that he can secure that
"rating" which he
promises, give him the material and do the book¬
or
keeping afterward.
V
'
Member Federal Depout
Insurance Corporation
We only ask you to be sure in
your mind that is the case.
Sixth, I would suggest that in each of the larger
companies you appoint some'one person to head
all of your "Priorities"
expedite
some
your
central
with you.
work
contact
Pick out
authority and be
work.
and
will
for
to
expediting
some one
Sure to
This will
give
who has
serve
to
my
office
our
work
ability and
notify my office.
Society of Residential Appraisers to Hold Annual Con¬
vention in Miama, Fla., Dec. 1—Will Be Held in
Conjunction
with
Annual
Meeting of
United
States Savings and Loan League in Miami, Dec. 2-5
The seventh annual convention of the Society of Residen¬
tial Appraisers will be held in Miami, Fla., on Dec. 1, it was
announced June 28 in New York by Frank D. Hall, national
President.
A group of representative appraisers and mort¬
lenders from all parts of the United States and Canada
are expected to attend, with a concentration of
delegates from
nearby Southeastern States.
The convention will be held in
conjunction with the United States Savings and Loan
League's 49th annual meeting, which is scheduled for Dec.
2-5 in Miami, and it is pointed out that attendance at the
Society's conventions is always marked by the savings and
loan delegates present, original sponsor of the Society's
organization having been the United States Savings and Loan
League, out of whose Appraising Division it developed.
gage
As to the program for the
tial
meeting of the Society of Residen¬
Appraisers, President Hall's announcement of June 28
had the following to say:
The program will be devoted to the effects upon property values of the
Defense economy, the Armament program, and the unlimited emergency in
which the country is now operating.
The convention will consider especially
the rises in construction costs which have occurred in recent months and will
attempt to anticipate the changes which
can
be expected in
December enough dwelling units constructed directly by the
ment will have been
completed and occupied to lend
force of the impact of this supply
of housing
on
some
1942.
By
federal govern¬
evidence
as
to the
the general real estate field.
Federal and state legislation both enacted and contemplated will be dis¬
cussed by national authorities.
effect of all these factors
Attempts will also be made to analyze the
buyers and sedprs of real estate and on mortgage
lending policies In the post-war period which experts are dating from 1945.
on
Opportunity will be provided for
a
first hand investigation of the real estate
development of Miami the day following the convention.
be arranged to the various subdivisions on the mainland
so
that
a
Special tours will
and Miami Beach
complete study can be made of development technique by delegates
from out of the State.
-
,
The Commercial & Financial Chronicle
XII
July 5,
1941
IRVING
TRUST COMPANY
NEW YORK
Statement
ASSETS
Cash
on
of Condition, June
LIABILITIES
<
Deposits
^7^7>479>335-73
Official Checks....
4,847,601.73 #792>326»937*46
Hand, and Due from Federal
Reserve Rank and Other Banks...
United States Government Securities
v
30, 1941
$388,622,963.37
277,902,621.08
$9,462,366.16
Acceptances
u
Loans and Discounts
Stock in Federal Reserve Bank.....
State, County and
LessAmountin
....192,211,152.52
....
;
3,088,100.00
*
Portfolio
6,361,245.63
...
3,101,120.53
Municipal Se¬
curities.
Reserve for Taxes, Claims, etc. ....
Unearned and Deferred Income
1,650,000.00
Other Securities
4,211,702.78
Dividend
First
17,382,000.00
1,187,389.64
1,1941
...
750,000.00
. .
13,109,934.94
Other Real Estate.......
payable July
1,143,308.90
2,155,693.60
Mortgages on Real Estate.....
Headquarters Building
Liability of Customers for Acceptances
Accrued Income, Accounts Receivable, etc..
Other Liabilities
3°7»57^*55
#
Capital Stock..... $50,000,000.00
Surplus and
Undivided Profits
53,896,653.31
2,169,457.81
2,145,970.21
$903,681,292.35
$903,681,29:1.35
United States Government Securities
are
pledged to
secure
are
stated at amortized
deposits of public monies
Member Federal
Of these, $z 1,307,206.38
required by law.
purposes
of Community Trusts Increased in 1940 to
$52,473,432—Disbursements During Year Reported
Resources
ings Banks t,o Speak Over Radio Tomorrow (July 6)
on
Relationship of Savings to National Defense
More than
The
relationship of savings to national defense will be
analyzed by President Andrew Mills, Jr., of the National
Association of Mutual Savings Banks, in an address sched¬
over
cost.
and for other
Deposit Insurance Corporation
President Mills of National Association of Mutual Sav¬
uled to be broadcast
103,896,653.31
<
the Red Network of the National
30% in Excess of Any Previous Year
The aggregate resources
of Community Trusts at the close
of 1940 had risen to $52,473,432,
a
year-end
survey
United States,
Broadcasting Co., from 4:30 to 4:45 p. m., tomorrow, Sun¬
day, July 6. Mr. Mills has chosen for his title, "Ameri¬
nental
Pay Envelope—The Bulwark of National Defense," and
i$ expected to analyze the significance of the savings dollar—
particularly the new savings dollar—in financing govern¬
mental needs growing out of the present
emergency.
according to the results of
covering 73 such foundations in Conti¬
nouncement said:
can
June
30
Community Trust.
The an¬
.
First among them in size
of
Canada and Hawaii, announced on
New York
by the
is the New York Community Trust with assets
$9,409,021, followed by the Chicago Community Trust, $9,126,048, the
Cleveland Foundation, $6,745,785, the Boston Permanent Charity Fund,
$5,535,761, and the Winnipeg Foundation, $3,422,191.
Increase
of
Charitable
disbursements
22% Reported in Mortgage Loans Made
During May by New York State Savings and Loan
exceeded by more
Associations
totaled
Mortgage loans made by all savings and loan associations
in New York State
during May, 1941 show an increase of
22% in dollar volume over the previous month of April and
also over May, 1940 according to
figures submitted to the
New York State League of
Savings and Loan Associations
by its member associations, and announced by the League.
The announcement states:
during
May, 1941.
197,156, 414
Of these, 696
were
were
for the purchase of homes, totalling $2,-
construction loans for
a total of $1,911,805, 147 were
refinanced, totalling $457,734, 120 were for repairs and modernization,
totalling $111,064, and 147 other loans totaUed $186,911.
Projecting the actual number of loans made
in the State
for May, 1941, there would be
$7,491,592, which represents
loaned
over
April, 1941.
amount loaned over
to include all associations
total of 2,193 amounting to
increase of 22%, or $1,356,554 in amount
It is also an increase of 15% or $964,644 in
an
May, 1940, and
of loans.
a
an
increase of 7%, or 144 in number
$2,225,396, compared with $1,277,927 in 1939, ac¬
cording to the announcement, which continued:
The Winston-Salem Foundation's allocation of $882,069, 95% of
represented
a
outpayments
which
disbursement of principal, gave it first place in volume
for the year.
of
Next in order were New York, $222,964,
Chicago, $191,292, Boston, $183,535, Los Angeles, $162,353, Cleveland,
$161,049, and Indianapolis, $106,016.
In
Trust
The 120 member associations
reporting, with assets totalling $289,794,
364, show a total number of 1,424 loans made totalling $4,864,670
by community trusts in 1940
than 30% those of any prior year and
additional funds received during 1940, the New York Community
was
first by a broad
margin with receipts of $5,207,281, followed by
$438,959, and Boston with
Cleveland with $546,657, Richmond, Va. with
$225,283.
The Harrisburg Foundation and La Crosse
Community Trust received
their first funds in 1940 and the Glens Falls Foundation and Peoria Com¬
munity Trust made their first appropriations during that year*
From
a
multipUed
total of $7,000,000 in
seven
1921, the funds of community trusts have
fold in the intervening 20 years.
upwards of $12,750,000 during the past decade.
consists of
purposes.
numerous
The trusts are characterized by
to amend the uses
purposes
They have paid out
Each community trust
funds from diverse sources and for differing charitable
having administrative
power
for which funds are applicable if orginally designated
become obsolete.
-
>
Volume
The Commercial & Financial Chronicle
153
Corn Exchange Bank Trust
ESTABLISHED
;
A
Bank
Statement that
any Man
Woman
or
Condensed Statement
OFFICERS
i:^;- June
;
DUNHAM B. SHERER
Due
Individuals, Firms,
Chairman
Company
1863
can
Understand
of close of business
as
J-,:':-: jl:
30, 1941
Corporations
and
Banks
RALPH
PETERS, JR.
$387,286,608.30
To meet this indebtedness
have:
we
President
Cash in Vaults and Due from Banks
JOHN
First
Cash Items in Process of Collection
Vice-President
U. S. Government Securities,
(Direct and fully guaranteed, including
to
v
$164,245,402.24
.
.
secure
deposits and for other
.
.
26,340,342.08
less Reserve
125,678,156.25
:
$3,851,000. pledged
as required by
'
V
purposes
law.)
-
Other Securities, less Reserve
DIRECTORS
•/
.
.
.
42,374,748.68
.
18,000 sh. Federal Reserve Bank of New York
.
I;
.
McWILLIAM
R.
900,000.00
9,990 sh. Corn Exchange Safe Deposit Co.
746,500.00
ROBERT A. DRYSDALE
*
DUNHAM
B.
SHERER
Secured Demand Loans
GEORGE
IDE
HENRY A.
RALPH
•
.
.
First
LOW
Liability
on
ERNEST
.
14,516,544.25
.....
16,866,161.96
Acceptances
.
.
929,350.62
.
.
11,664,486.91
less Reserve.
Accrued Interest Receivable
WAKEMAN
G.
1,641,576.81
.
.
1,987,427.74
.
940,871.22
PHIPPS
>
DAVID
13,653,207.30
.
.
Banking Houses Owned, less Reserve
Other Real Estate Owned,
H.
.
.
y.
Mortgages, less Reserve
Customers'
PATTEN
PETERS, JR.
JOHN
...
.
Other Loans and Discounts, less Reserve
DOUBLEDAY
ETHELBERT
.
Secured Time Loans
C. WALTER NICHOLS
.
M.
.
.
.
.
Other Assets
BULL
88,853.37
I
Total to Meet Indebtedness
EDMUND Q. TROWBRIDGE
.
$422,573,629.43
.
This Leaves
$ 35,287,021.13
BRUNSON S. McCUTCHEN
WILLIAM G. HOLLOWAY
HERBERT J.
Capital, $15,000,000.00;
Surplus and Undivided Profits, $20,287,021.13
STURSBERG
JOHN R. McWILLIAM
Branches
74
located
in
all
of the
parts
Member Federal Deposit Insurance
Cotton-Textile
Annual
Production
Rate
Association
Ocrtton-textile
annual
of
Is
Running
Greatest
at
History, According to New York
Textile
production
well
rate
in
above
Merchants
this
is
year
11,000,000,000
running
at
the
greatest production in the history of the industry, according
to estimates made
public June 27 by the Industry Committee
The Association of Cotton Textile Merchants of New
of
York, of which Gerrish H. Milliken is Chairman.
high records
19G7.
The
defense
were
Previous
9,593,557,000 in 1940 and 9,445,914,000 in
industry's
efforts
to
meet
the
demand
of
the
important factor in the
increase in cotton-textile production in the last year, Mr.
Milliken stated.
It is estiamted that directly and indirectly
program
than
more
national
20%
defense
have
of
been
an
production
present
effort.
The
will
Association's
go
into
the
than
a
10,000.000
normal
average
is also at
bales
high levels, aj^l it is estimated that
he consumed this year, as compared
new
will
of around
7,000,000.
6,500,000 to
that
against 89.4%
Last
number
month
in
the
in
May,
Taking full operation of all
defense demands.
the industry to meet
existing spindles 80 hours
indicate
practically all of the
mills
Mr.
mills
or
Milliken
entered
into
May, 1939.
pointed
the
the
industry
for
overtime
mills
which
resume
production
record
labor
out
year
is
of
are
per
1941,
week
the
as
rated 100% capacity, these figures
industry
was
operating
at
121.8%,
industry reported
history of
1,372,000
the Department
of
idle spindles, the smallest
Commerce
figures.
It
partially
of
rate
J
factors
paid
for
of
i'.;-:*
v
raising production
often
years
over
and
uneconomical,
time-and-a-half.
production
have
production in the
are
is
operation
dis¬
Some
have been
high-cost
enabled
Increased margins
to
during the
responsible for the ability of the
course
mills to raise their production through such measures."
Adding that "it is indicated in the
may soon
press that Congress
give consideration to methods of controlling prices
industries," Mr. Milliken continued:
in this and other
Whether price control
an
equitable solution
is accomplished by order of OPAOS
the
of
clearly show that this industry has
marginal
in
fixing
price
Current
gone
record
"all-out"
in
production
its efforts
figures
to
meet
They also indicate clearly the extent to which high cost
production
a
by legisla¬
or
do its best to facilitate steps towards
problem.
has
been
ceiling
for
called
the
forth.
industry,
This
if
fact
high
cannot
be
production
ignored
rates
are
to be maintained.
as
in May, 1940, and 81.4% in May, 1939.
the
in
v"'
"several
that
by current price levels.
early months of this
are
lie observed:
three-shift
operation
been
spindles
and overtime operation
generally;
have
out
present
Three-shift operation
recent State-by-State survey indi¬
A
inactive
recently in liquidation.
cotton-textile industry.
defense demands.
Department of Commerce figures show plainly the result of the pressure
upon
Corporation.
tion, the cotton-textile industry will
Cotton consumption
more
3,670,000 in
announcement
further said:
with
with
that
an
yards,
square
pares
cates
mantled
City of New York.
com¬
Reference to the cooperation of the cotton-textile industry
the OPAOS was made
in
our
issue of
June 28,
with
page
4056.
'
.
' /
\
■
The Commercial & Financial Chronicle
XIV
K
..k
t
July 5, 1941
'•
'In
1853
CHARTERED
(SrttHt
of Norn
fork
Statement of Condition June 30,
1941
RESOURCES
Cash
$ 83,155,541.84
Ranks
m
24,727,093.70
Loans
9,758,800.00
25,185,000.00
Bills Purchased
United States Treasury
Bonds and Notes.
.,.
.
.
Other Bonds
.
6,640,300.00
840,000.00
y.
Stock in Federal Reserve Bank.
.
5,878,586.57
.....................
Bonds and
1,900,000.00
.
Real Estate
......
«
•
...
......
...
......
.
249,163.06
Receivable.
Accrued Interest
$158,334,485.17
LIABILITIES
Capital
Surplus
$
................................
2,000,000.00
26,000,000.00
................................
2,871,511.04
125,898,333.46
Undivided Profits
Deposits
................................
Reserved for Taxes, Interest,
Unearned Discount
Dividend Payable
.
.
1,248,593.30
Expenses, etc
16,047.37
.
300,000.00
July 1, 1941
$158,334,485.17
United States Government and other securities carried at $430,000 are pledged to secure public
deposits and for other
required by law.
purposes
TRUSTEES
WILLIAM
M.
KINGSLEY,
WILLIAMSON PELL, President
Chairman
JOHN J. PHELPS
JOHN SLOANE
BARKLIE HENRY
BENJAMIN STRONG
GEORGE de FOREST LORD
JOHN HAY WHITNEY
FRANK L. POLK
ROLAND L. REDMOND
G. FORREST BUTTER WORTH,
HAMILTON HADLEY
JAMES
JOHN P. WILSON
H.
Jr.
BREWSTER, Jr.
FRANCIS T. P. PLIMPTON
MEMBER
S. M.
DEPOSIT
FEDERAL
Waters of Mortgage Bankers Association Favors
FHA Farm Mortgage Bill—Urges Further
the
Steps, However
insurance
as
amended by the
of Agriculture
gages
to go
tem
to
insure
Senate to permit the Department
up
to
$350,000,000 of farm mort¬
is a constructive development, the Government ought
further and create a really modern farm lending sys¬
by fully adapting mortgage insurance to this field
FHA has done in
former President
America, told
as
the home financing
of the
Mortgage
field, S. M. Waters,
Bankers Association of
conference of Association officers, mortgage
bankers and life insurance executives in Chicago on June 19.
Mr.
a
Waters stated:
There
la
no
'
legislative
action
lighten the heavy credit burden
hence
to
farm
institutional
000,000
of
insurance
should
today
by the
release millions for defense financing as
insurance
and
possible
carried
is
work
farm
a
loans.
loans
good
just
Under
investors
as
would
held
way
by
such
a
probably
would
so
'
greatly
Government,
and
take
life insurance
over
agencies.
more
If
companies
than
mortgage
farms, it
well for rehabilitating
our
farm mortgage
turned
conference
called
The Senate FHA bill
needs
this
can
broad
a
farm
the
nate
spent
the
investment—and private capital
as
amended recognizes
right now desper¬
the adaptability of mortgage
own
farms easily.
comprehensive system of mortgage insurance for farm loans
lending really needs.
that
provision
five
payments
to
15
at
The plan we have proposed will elimi¬
least
15%
of
FHA
an
farm
loan
be
of
from
2%
to
5%,
and
extend
the
loan
period
years.
plan calls for
no
Government money,
The
insurance.
mortgage
rates,
be
field, and the $350,000,000 limit specified represents
farm
present
from
This
quickly
mortgage financing can
improvements, would raise the loan limit to $25,000, would allow
on
amortization
for
financial
every
trend
Government
rearmament,
beginning in enabling tenant farmers to buy their
But
Government
no
Government subsidy—only
will
retain
all
control
over
charges, securities issued, and commissions - paid.
FHA
It
Federal
and
and the vast field of farm
investment opportunities.
new
insurance to the
system.
by the Association's Farm
Mortgage Committee, headed by Mr. Waters, to review the
was
defense
way
private
to
the
when
finance
other
reopened
loan
The
the
ately needs
$1,000,-
mutual
farmers buy their own
Today,
to
resource
a
nearing the crossroads in farm mort¬
Government is rapidly
If the present trend continues the day may not be far
practically all farm loans will be in the hands of (Federal
when
away
agencies.
be
Mr. Waters further said:
system.
financing.
gage
is what
adapting full FHA mortgage
system
Federal
to help tenant
that
Federal
.
National
The Federal
While the pending Federal Housing Administration legis¬
a month ago proposing amendments to
Housing Act to create a vast farm mortgage
it released
report
Senate
lation
CORPORATION
INSURANCE
created
financing.
will
give
a
modern
This
liquidity
streamlined
plan
and
can
do
mortgage banking system
the
same
thing
ready marketability to
thing this oldest type of American investment
never
for
farm
farm
for
mortgages,
had before.
home
mortgages.
some¬
The Commercial & Financial Chronicle
Volume. 153
•
•
Tur
£ X iLi
•
•
•
XV
•
PHILADELPHIA
NATIONAL BANK
Organized 1803
June
30, 1941
RESOURCES
Cash and due from Banks
$349,835,246.96
U. S. Government Securities
>.
180,358,134.38
.
State, County and Municipal Securities
14,364,623.29
Other Securities
44,478,118.38
Loans and Discounts
Bank
Buildings
.
100,515,199.61
2,725,000.00
.
Accrued Interest Receivable
Customers
1,553,068.85
Liability Account of Acceptances
.
.
.
.
3,008,862.97
.
$696,838,254.44
LIABILITIES
Capital Stock
.
.
$ 14,000,000.00
.
31,089,053.01
Surplus and Net Profits
Reserve for
Dividend
3,112,860.46
Contingencies
(Payable July 1, 1941)
875,000.00
Reserved for Taxes and Interest
1,548,630.73
Unearned Discount
223,434.88
.
4,307,233.19
Acceptances
Deposits
.
641,682,042.17
•
$696,838,254.44
Evan Randolph, president
charles
p.
blinn, jr., Executive
Vice President
DIRECTORS
JOSEPH WAYNE, Jr., Chairman of the Board
RODMAN
JOHN
E.
MORRIS
L. CLOTHIER
CHARLTON YARNALL
EVAN
RANDOLPH
WILLIAM
J.
JAY
TURNER
HOWARD PEW
WILLIAM
M.
CHARLES
GRISCOM
HAMPTON BARNES
POTTS
A.
J.
COUNTY
GEORGE
F.
SYDNEY
E, HUTCHINSON
STACY
A.
G.
B.
TYLER
LLOYD
ROSENGARTEN
KINGSLEY
WILLIAM
H.
RICHARD
D. WOOD
I.
W.
P. BLINN, JR.
BOOTH
JOHN
O.
PLATT
JOHN
F.
MACKLIN
P.
BLAIR
WILLIAM
G.
CLARKE MASON
WILLING
WILLIAM
;
LEE
L.
PEPPER
McLEAN, JR.
fVIt
MEMBER OF THE FEDERAL
421 Chestnut Street
DEPOSIT INSURANCE CORPORATION
32nd Street & Lancaster Avenue
1416 Chestnut Street
l\
,
.
„
The Commercial & Financial
XVI
Chronicle
July 5, 1941
The
New York Trust
Company
IOO
MADISON
AVENUE AND
CONDENSED
BROADWAY
40th
STATEMENT
At the close of business,
ST.
TEN ROCKEFELLER
PLAZA
OF CONDITION
June 30, 1941
ASSETS
Cash
on
Hand, and in Federal Reserve and Other Banks
.
.
$227,491,897.08
.
Exchanges, Collections and Other Cash Items
United States Government
Other Bonds and Securities
.
.
.
.
.
.
Loans, Discounts and Bankers' Acceptances
Interest
29,984,596.29
Obligations—Direct and Guaranteed
.
.
.
...
Customers'
Mortgages
.
.
.
Liability for Acceptances
Equities in Real Estate
....
.
.
.
.
115,757,728.21
.
.
1,716,656.34
Banking Premises—Equity
.
.
.
.
.
.
.
.
3,729,746.06
.........
1,266,401.36
.
2,728,257.19
.
.
.
17,933,836.17
.
.
Receivable, Accounts Receivable and Other Assets
Real Estate Bonds and
192,062,964.72
.
.
.
.
...
.
.
......
.
.
.
1,987,317.67
$594,659,401.09
LIABILITIES
Deposits
.
«
>
.
.
.
.
.
.
Outstanding and Certified Checks
$535,937,974.45
.
.
.
13,475,090.71
.
$549,413,065.16
Dividend
Payable July 1, 1941
.
625,000.00
Accounts
Payable and Other Liabilities
1,529,949.61
Acceptances
Reserve for
Capital
.
Surplus
.
.
.
1,523,794.63
.
Contingencies
....
.
1,000,000.00
.
■.«
.
Undivided Profits
.
.
..
.
.
.
...
.
.
.
12,500,000.00
.
.
.
.
25,000,000.00
.
.
.
3,067,591.69
40,567,591.69
$594,659,401.09
United
States Government obligations are carried at amortized cost. Government
obligations and other securities amounting to $5,119,241.70 in the above statement are
deposited to secure public and trust deposits and for other purposes required by law.
TRUSTEES
MALCOLM P. ALDRICH
B.
New York
MORTIMER N.
Chairman of
F. TRUBEE
DAVISON
President, American Museum
BUCKNER
of Natural History
the Board
MAXWELL
New York
Chairman of
Jas, B. Colgate & Co.
the Board
Company
Hercules Powder
ALFRED A. COOK
Cook, Nathan, Lehman
HARRY T.
PETERS
New York
SAMUEL H. FISHER
& Greenman
LitchfieldConn.
WILLIAM F. CUTLER
Vice-President
HOWARD W.
RUSSELL H. DUNHAM
JAMES C. COLGATE
American Brake Shoe &
BREWSTER JENNINGS
Socony- Vacuum Oil Co., Inc.
DEAN SAGE
Sage, Gray, Todd & Sims
ARTEMUS.L. GATES
f
President
Fdy. Co.
VANDERBILT WEBB
New York
WILLIAM HALE HARKNESS
FRANCIS B. DAVIS, JR.
New York
President
United States Rubber Company
Member of the
MEDLEY G.
B.
WHELPLEY
Guggenheim Bros.
Federal Deposit Insurance Corporation
Volume
The Commercial & Financial Chronicle
153
FOUND ED
Statement
the Close
at
XVII
1784
of Business
June 30,1941
on
RESOURCES
Cash
Hand, in Federal Reserve Bank, and Due from
on
Banks and Bankers
.
.
.
...
.
.
$81,645,128.40
.
Exchanges for Clearing House and other Cash Items
United States Government Securities
Short Term Securities
Other Securities
Loans and
.
.
.
Discounts
.
.
.
.
.
.
y
.
.
.
,
25,178,949.60
.
.
.
113,789,494.86
V
.
.
.
.
.
.
.
„
.
.
.
.
.
.
.
.
8,537,488.10
.
.
.
.
$106,824,078.00
.......
.<>
.
.
.
.
.
.
12,283,187.72
"55,507,769.16
1,775,274.14
.
,
Mortgages and Real Estate
.
;
.
Banking Houses
Customers'
....
.
:
•
.
•
.
.
Liability for Acceptances
.
.
♦
.
.
.
6,822,704.30
...
991,510.56
...........
1,656,875.06
...
Accrued Interest and other Resources
...
$308,188,381.90
LIABILITIES
Capital
$6,000,000.00
.
.
Surplus
9,000,000.00
...............
Undivided Profits
.
Dividend Payable July 1, 1941.
....
Deposits
.
Certified and Official Checks
Annuity Fund
.
.
.
.
.
.
15,341,033.32
.
.
Acceptances
.
.
y
.
Reserves
.
.
.
.
.
.
.
.
.
282,632,058.52
198,940.85
.
139,256.53
.
.
.
.
1,403,799.02
....
Less Own Acceptances Held
210,000.00
267,291,025.20
.
.
$20,294,334.37
.....
■
.
v
....
.....
.*
.
5,294,334.37
...
.
.
1,264,542.49
/
1,688,413.15
.
.
.
Other Liabilities
1,900,092.52
.
$308,188,381.90
Securities carried
at
$942,301 have been
pledged
to secure
deposits and for other
purposes.
Member of the Federal Deposit Insurance Corporation
—
BOARD
'
'
of TRUSTEES
,F- *'
'•
EDWIN
G.
MERRILL
1
if
'
"
,
JOHN FAIRFIELD THOMPSON
Sullivan & Cromwell
International Nickel Co. of Canada, Ltd.
WILLIAM B. BELL
STEPHEN F. VOORHEES
„
„
ED WARD J HANCY
Voorhees, Walker, Foley & Smith
Cadwalader, Wickersham & Taft
JOSEPH H. CHOATE, JR.
,
Choate, Byrd, Leon & Garretson
ROBERT C. HILL
LINCOLN CROMWELL
Consolidation Coal Co., Inc.
Wardwell, Gardiner & Reed
ROY BARTON WHITE
'
Baltimore & Ohio Railroad Co.
EUSTIS L. HOPKINS
WILLIAM M. CRUIKSHANK
ALLEN WARDWELL
Davis, Polk,
William Iselin & Co., Inc.
New York
LUCIUS WILMERDING
THOMAS E. MURRAY
New York
LANGBOURNE M. WILLIAMS, JR.
William Cruikshank's Sons
Harris, Upham & Co.
NORMAN H. DAVIS
S
V
Washington, D. C.
.
JOHN FOSTER DULLES
Company, Inc.
American Cyanamid Co.
,
'
President
CHARLES E. ADAMS
Air Reduction
'
l
J. C. TRAPHAGEN
Chairman
ELI WHITNEY DEBEVOISE
Debevoise, Stevenson, Plimpton & Page
Freeport Sulphur Company
HENRY PARISH
Vice-President
WILLIAM
D. WINTER
Atlantic Mutual Insurance Co.
48 Wall Street—-- Nezv York WWWf
UPTOWN
OFFICE:
MADISON
AVENUE
AT
63RD
STREET
The Commercial & Financial
XVIII
CHASE
THE
BANK
NATIONAL
OF
CITY
THE
Statement
July 5, 1941
Chronicle
NEW
OF
YORK
of Condition, June 30, 1941
RESOURCES
Cash
Due
and
from
Banks
U. S. Government Obligations, direct and fully
guaranteed
State
Stock
of
.
1,437,224,912.17
.
Municipal Securities
and
-i
f.
.
.
.
.
.
.
122,867,035.34
.
;
Federal Reserve Bank
..
.
6,016,200.00
163,109,750.33
Other Securities
Loans, Discounts
and
Bankers' Acceptances.
...........
773,392,278.82
.
Banking Houses
.
Other Real Estate
Mortgages
.
.
...
.
.
.
.....
38,408,355.36
7,066,325.35
.
.
10,495,534.00
...
..
......
9,597,216.00
.............
9,978,354.27
Customers' Acceptance Liability
Other Assets
$3,889,160,536^66
LIABILITIES
Capital Funds:
Capital Stock
$100,270,000.00
.
Surplus.
.
.
.
100,270,000.00
37,183,100.35
Undivided Profits
$
Dividend Payable August
.
5,180,000.00
...........
10,650,665.72
1, 1941
Reserve
for
Contingencies
Reserve
for
Taxes, Interest,
.
etc. '
Deposits
.
.
.
"
....
.
•
1,595,815.64
.
3,615,427,528.41
.
Acceptances Outstanding
Liability
as
Endorser
on
237,723,100.35
11,454,611.11
.
Acceptances
Other Liabilities
and
.
.
.
United States Government and other securities carried at
.
.
6,852,865.84
.
.
$162,927,930.00
public and trust deposits and for other purposes as required or
Member Federal
275,949.59
Foreign Bills
are
pledged to
permitted by law.
Deposit Insurance Corporation
secure
Vol. 153
JULY
No. 3967
5, 1941
CONTENTS
Editorials
The Financial Situation.
i
Authoritarian Price Control
...
Competitive Bidding in Operation
Comment and Review
■v/v-v-v
77
'/
■■"7
,
\
'
.
; J
■
■
:
'••■■■
..
.
V
to June 30
16
■'
'
v
Business Man's Bookshelf
Week
the
on
l
...
European Stock Exchanges
6
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
24
6
.....10 & 51
Course of the Bond Market
25
Indications of Business Activity
25
Week
on
the New York Stock
Week
on
the New York Curb
4
Exchange
47
Exchange
News
Current Events and Discussions..
34
Bank and Trust Company Items
44
General Corporation and Investment News
92
Dry Goods Trade.
123
State and
124
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
51
Bonds Called and Sinking
51
Fund Notices
Dividends Declared..
53
Auction Sales.
51
New York S ock Exchange—Stock
•'
♦New York Stock
i
■
■:: '•
'•
7;\
-;v:: 7
New York Curb
Quotations
Exchange—Bond Quotations..
60
60 & 70
Exchange—Stock Quotations
♦New York Curb
76
Exchange—Bond Quotations
80
7
Other Exchanges—Stock and Bond Quotations
82
Canadian Markets—Stock and Bond
77.
86
Quotations
Over-the-Counter Securities—Stock & Bond Quotations.
88
Reports
Foreign Bank Statements
9
Course of Bank Clearings
47
Federal Reserve Bank Statements
General
..34 & 57
Corporation and Investment News...
92
Commodities
The Commercial Markets and the
Breadstuffs
*
—
Crops
115
120
Is directed to the new column ^incorporated in our tables
on New York Stock Exchange and New York Curb Exchange bond quota¬
tions pertaining to bank eligibility and rating.
Published Every
Attention
Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City, N
Y,
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Selbert, President and Treasurer; William D. Rlggs, Business Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative. 208 South La SaUe Street (Telephone State 0613).
LondonEdwards & Smith, 1 Drapers' Gardens, London. B.C.
Copyright 1941 by William B. Dana Company.
Entered as second-class matter
June 23,1879, at the post office at New York. N. Y„ under the Act of March 3,1879.
Subscriptions in United Stateo 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 her 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.
The Financial Situation
THE time can hardlyget at least a partial even the so-called Government spending agencies market with
unthinking must be far distant when sense of
policy of raising funds directly in the pursued the
and reckless promises of the
regards the
as
Treasury guarantee, a substantial part of which has
been employed in returning "capital" to the Treasury.
Very substantial receipts from these agencies
during the period in question have been deducted
from expenditures rather than added to receipts,
giving vital reality to the extravagant ut-
the cost of
terances
Administration
raging in Europe, the cost
war now
only in terms of money but of disruption of our
not
normal life and of
good
Of
personal sacrifices.
course, a
Despite the fact that total receipts reached the enoraggregate of $8,269,000,000, against $5,925,000,000 in the previous year, the deficit ran to $5,168,000,000, against $3,740,000,000 in the previous
who have been called to active service or
many
training at great personal cost have for a good while
past fully
mous
understood that all this could not be done
paying the piper a high price, but it would
without
that the great rank and file have been stirred
appear
year.
Increases in armament
by the grandiose phrases of which Washington is so
the rise in
fond, and welcomed the armament and aid programs
—if
the
not
actual
grand manner,"
less
grave
effects
of
all.
us
upon
It
doubtless
mean a
without
the lives
would, they
vaguely realized,
continue
Public
event
a
hindrance and
Taxes,
those
been
half
and the putative
this
which
ers,
have
we
country
other
American
N.
A. ML,
not
at
tion
slightly,
Projects Administra¬
spent $1,285,000,000
against $1,478,000,000 the
Army
before, and total non-
y&dr
leader of public opinion in
defense
has. not,
expenditures (omit¬
ting transfers to trust ac¬
the
retirements
debt
counts,
and
fund
revolving
counts) still stood at $6,-
of
564,000,000
inevi¬
Aviation, Inc., Los Angeles, Calif.
Such action was necessary because produc¬
be
the
Inglewood plant of North American
tion of aircraft and other articles vital to the
than
defense of the United States had been inter¬
offset
rupted in violation of an agreement thus
jeopardizing the ability of the United States
tions
entailed
armed
fense
program.
the
feeling
deep and strong
that it is the other
the economic
the
pays
To
event.
in
taxes,
fense.
many,
denied
long
while
them
for
and
past,
to
its
national de¬
to
must
can
So by
we
have gone
of the real meaning of such
every-day lives of
becoming daily clearer.
than
has
a
en-
take
even
an
the rank and file
To those who give more
passing thought to public finance, the situation
now
on a
reached
a
stage where the figures begin to
real and Immediate
Treasury Statement
as
come.
give
a
No
safe
one
guess
period will bring.
year are now
meaning.
•
will in large part depend
upon
year
from
the rapidity with which
the Federal Government is able to buy the various
articles from an industry which is being daily goaded
to greater and greater efforts, or have
them made
under the various arrangements that have been set
up
for the
three times
may
It
purpose.
as
large
as
can
hardly fail to be two or
that for the
year
just passed and
be substantially larger than that,
Taxes for All
year
ended June 30 shows gross expenditures during that
no
now
a
The Daily
of the close of the fiscal
period of $12,775,000,000, which
The
deficit
plans.
is
we
largely meaningless.
along regretfully, skeptically, half
some
what
of
ginning of the
and large
Now, however,
But this
picture is but
Estimates made at the be¬
curred.
thusiastically, with the Administration with its epic
effort to the
even
what that
any
addi¬
by the de¬
expect during the 12
months to
others, apparently, higher
wages.
immense
foretaste
a
upon
governmental policy which
recognized and fully protected the "right to
work," many recent interruptions of defense
production probably would never have oc¬
a
the
dismal fiscal
determination
based
Under
employment, which had
been
impairing
of mediation.
the prospect
grams meant
essential
[to release the plant]
the fact that the differences
which existed at the plant have now been
adjusted by the orderly democratic processes
too, these armament pro¬
of
seriously
trifling reduction to
a
...
This
any
is
good
a
and
forces
royalist, who
materials
obtain
to
fellow,
$7,-
against
178,000,000, hardly more
table, but with the great
has grown
ac¬
morning of June 9 I directed the
Secretary of War to take immediate possession
rank
file
or
The
all, reduced.
would
dozen years,
and
subject,
sort or an¬
one
but
are
Work
re¬
in which he explains:
On
subjected for the past
obviously
Counselor of
the
of
schemes of
apparently,
even
thought of the matter in terms of any "right
to work," may be seen from the text of his
proclamation releasing the plant to its own¬
higher than
even
to
a
also
very
help."
a
Relations
all thoughtful.
of
outlays for pet New Deal
their sanity and clear the
its source.—Early
Harding,
That the Commander-in-Chief of the
the
"somewhat between
worst
the
$1,559,the pre¬
period, but to the
students
ferring to the seizure of the Inglewood plant
of North American Aviation, Inc.
debt in any
at
was
at
until
denied
be
to
recover
obstruction
years
past they had been taught
to believe that
vious
dismay
people
large increase in the
public debt, but for
during
000,000
right to work.
Public opinion will have to
do that, by seeing to it that our constitu¬
tional right is re-implemented in a new labor
law and by enforcement of laws long neg¬
lected.
For the right of every one to work,
unmolested and without paying tribute, will
or
more
Forgotten Right to Work
But the Army has not restored to every one
everywhere in America his constitutional
"in the
magic,
by
The
something
could do
we
against
000,000,
participation in the
shooting—as
that
being recorded at $6,048,-
of
prospect
costs, of course, account for
expenditures, total defense expenditures
longer include
If the Treasury statements have for so long been
carrying figures which "baffle the imagination," and
the rank and file have so fully
$661,000,000 appropriations to the Federal Old-Age
if
and Survivors'Insurance
absorbed the notion that the more abundant life,
Fund, against $9,665,000,-
a great many among
be found in profligate
000, including these latter outlays, in the previous
not sacrifice and suffering, is to
fiscal year.
public outlays, that such showings as these make far
over,
These prodigious disbursements, more-
do not tell the full story, for
a
number of the
less impression generally than they should, it is a
Volume
The Commercial & Financial Chronicle
153
defect likely in a measure, at least, to be offset in the
months to
by other developments which give
come
such figures a much more direct and personal mean¬
ing to Tom, Dick and Harry.
First of all, there are
taxes and more taxes to
come,
they
laid in
are
wise upon
another
and in
one
way
fail
to
more
our
that
sooner
the wayfaring
even
than is sound
people, in
recognize them
as
taxes.
or
earnestly,
raising
an
even
later felt in
scarcely
man can
The
Means Committee of the House has for
been
or
one way or
substantial degree be felt by
very
in the land, and
every
such
a
degree far
a
the minority of
which must, although
Ways/and
good while
a
frantically, seeking
means
of
additional $3,500,000,000 in revenue to
reduce the expected deficit as greatly as may be and
in the most
painless
way
it could find.
It has
now
completed its work (apart from the- actual drafting
of the
measure).
Henry N. Dorris, in
special dis¬
a
patch to the New York "Times," appearing
on
July 3,
described the final work of the Committee in these
terms, in part:
dipped into most of the possible
channels.
From
corporations, through
an
upward revision of income levies and the imposition
of
additional
viduals
profits taxes, and from indi¬
surtax schedule starting at 5%,
excess
through
a
the committee found it could
get $2,468,500,000.
"Included in the committee's decision
on
individ¬
the
requirement that married
couples hereafter must file a joint return. The yield
from this provision was estimated at
$323,000,000.
was
"In addition
"use" tax,
run
at
5%
"The
taxes
on incomes of $4,000,000 or
In addition the taxpayer would be required
to pay a
"The
to
10% defense tax
on
his normal and surtax
the
committee
present system of permitting corporations
determine their normal taxes
native methods of invested
ings
was
through the alter¬
capital or average earn¬
retained by the committee.
But it
dis¬
price to the
as a deduction in
computing
profits and permitted instead a deduction
of the excess
profits tax in computing normal taxes.
In
addition, it raised the present excess profits rates
10% in each bracket, making the maximum tax 60%.
"When the committee
met
today it found itself
$35,000,000 short of its goal of $3,500,000,000 in ad¬
ditional revenue.
It voted three more excise levies,
and a revision of one
previously adopted.
"The
levy.
revision
The tax
was
on
the
coin-operated devices
would be made to apply only to
now
back
went
World War
to
consumer.
a 5% tax on
telephone bills
long distance calls, telegrams and
cablegrams. If adopted by Congress, the rate here¬
after would be 5 cents on a long distance call or
telegram costing between 25 and 50 cents; 10 cents
between 50 cents and $1; and ranging upward to a
25-cent tax on a call costing between $2 and $2.50;
and
rates
new
with 5 cents
$2.50."
It
is
collect
each additional 50 cents above
more on
obvious
large
as
minority
it
as
on
•:
a
committee
the
that
and
it
is
It
from
paying income and similar taxes
now
woman.
to
seeking to
revenue
instead of reaching down to take
can,
can
is
part of the additional
ea^ti
part at least of the income of
some
and every man
clear, too, that it is doing all
lay the other taxes in such
that the
a way
file, who really will have to
of
pay many
them, will not be fully conscious of their contribu¬
tions.
fact remains
The
clear, however, that in
number of instances these exactions will touch
etbooks
rather
which
heretofore
believed to
were
have
been
remain
as
little tax conscious
as
a
pock-
immune,
be, from such taxes.
scarcely likely that the rank and file
or
It is
can very
long
they have been,
or
tax indifferent either.
as
Other Burdens
But the
general public in this country is due to
feel the
pinch of the defense
months
regardless of taxation.
"runaway"
prices
program
during coming
It may well feel it
despite
the
clumsy and ill-
considered efforts of the Administration to
machinery
regimentation
designed
set
to control
up
all
prices.
It is not probable that it can control the
cost of
living with any great success by such means
allowed the normal tax
excess
also
by imposing
"The committee voted
in
payments.
a
a levy of 1/6 cent per bottle on
soft drinks.
This amounts to 4 cents a case, which
the committee thought would not operate to raise
all income above exemptions, and
upward to 75%
more.
tax
on
new
levy, called a
automobile, yacht or
was
a year on an
"The individual income tax surtax schedule would
start
these
to
of $5
airplane.
/
rank and
"By increasing rates on existing excise taxes and
through the imposition of others the committee
estimated that $1,034,000,000 would be raised.
In¬
creases in the rates on estate and
gift taxes were
estimated to bring in $113,700,000 more.
ual income taxes
tubes.
the
t
"The committee
revenue
doubling of the present 3%% tax on automobiles,
parts and accessories; the raising to 5% the tax on
trucks and buses, and higher levies on tires and
if it
proceeds
as now
planned to borrow huge funds
(quite possibly directly
but
borrow
in
them
or
any
indirectly from the banks,
event)
and disburse the
proceeds in exorbitant wage payments which are
but
lightly taxed at best, payments which
hands
aside
which
for
a
accustomed
to
Regulation
days.
rainy
stream for
not
are
time, and partially for
period, but natural forces,
may
a
into
dam the
considerable
they gather
as
go
laying much
momen¬
such devices
tum, are usually quite unmanageable by such de¬
as
vices.
operated for pleasure or chance (such
pinball and slot machines), and not to vending
machines.
"The
new
levies
were
these:
resident aliens and non-resident
on
non¬
corporations from
16% to 27%% estimated to yield $26,000,600.
"Increasing the capital stock tax from $1.16 per
$1,000 of capital, to $1.25, estimated to vield $18,000.000.
tax
on
revising the coin-operated device tax there
was a loss of
$5,000,000 of revenue, which brought
to $38,600,000
today's net additions to estimated
revenue.
among
$1
a
the increases in excises and
were
gallon, to make the
addition undertake to
equipment for
a
huge
army
of
provide
our own, to
say
nothing of the enormous expansion planned for
navy.
It
at
"In
"Standing out
peoples who fight Germany, Japan,
Italy, and in
modern
cutlery of 10%, estimated to
yield $5,000,000.
miscellaneous taxes
such price convulsion
no
our
—
a
if
really going to make this country the arsenal
of all the other
and
even
place, the pinch must come nonetheless, if
we are
"Increasing the present withholding tax
"Tmnosincr
However,
takes
those
new
on
distilled
tax $4
a
spirits:
gallon; a
is not
the
say
same
possible to make all these things, and
time, provide all the luxuries, not to
the ordinary articles, which
been
we as a
people have
long accustomed to have in abundance.
ready, albeit in
attention of the
finished
goods
ways
public
are
Al¬
not likely to come to the
very
forcefully, shortages of
appearing.
ordinarily used by business
Many types of goods
men are
becoming
very
The Commercial &
is not yet
sense
in a production
really under way. Modern
and the defense program
scarce,
even
must provide the goods
times, is an
industry, which of course
which we depend in ordinary
exeeedingly complex thing. Materials
upon
which do not
in given articles of commerce at all may
nonetheless be essential in the production of
appear
well
Shortages of even a few
them.
affect
by most observers. The
foreseen
key materials must
of ways not now
economic life in myriads
our
Administration in
awkwardness of the
its
getting its work done, and
controlling, and damning
situation.
Many of these forces are destined to become
plainly and painfully operative during the next
penchant for interfering,
266,000 to $13,125,376,000 \ a decrease of the Treasury general account by $244,273,000 to $836,852,000;
a decrease of foreign deposits by $32,051,000 to $1,208,225,000, and a decrease of other deposits by $39,187,000 to $611,503,000. The reserve ratio fell to
91.1% from 91.2%. Discounts by the Federal Reserve banks increased $495,000 to $2,508,000. Industrial advances were up $185,000 to $9,273,000, while
commitments to make such advances fell $482,000 to
$12,590,000. Open market operations were lacking
in the week, as holdings of United States Treasury
issues were motionless at $2,184,100,000.
obviously further aggravates the
if the defense program moves even
twelve months
approximately
schedule henceforth—and for that
on
down"
if it tends to "bog
matter even
The American people
threatens to do.
it now
as
are'just be-
ginning to glimpse much of all this, and there is
to doubt whether they particularly like it.
reason
If
really must exterminate systems of governin other countries whom we cor-
we
ment and leaders
faced by a monu-
dially dislike and distrust, we are
mental task,
and
a
greater degree of willingness to
is essential to its comple-
sacrifice for the purpose
tion—even
assuming that we are not presently en-
tering the shooting arena.
Federal Reserve Bank Statement
July 5, 1941
Financial Chronicle
The New York Stock
Market
York stock market price swings for
SMALL upward and downward little changed left
the New
the
brief business week now
reflected a cautiousness on the
investors which
All sessions
ending.
part of traders and
apparently was induced largely by
untoward events in Europe, rumblings of new
troubles in the Far East, and actions by our own
Government officials at Washington which, to put
it mildly, are not encouraging to business men or
The holiday season was ushered in,
by blistering heat and the suspension of
business yesterday for observance of Independence
Day. In the four full sessions of this week trading
on the New York Stock Exchange never even approached the diminutive 500,000-share level, and at
timeg feU almogt to the 250,(MX)-share mark.
The
producers.
moreover,
OWING partly shows
influences, currency in change, Emil Schram,oftook office York Stock Exnew paid President
the New Tuesday, and he
circulation to holiday extraordinary advance
an
the
in
statistics for the period
banking
weekly
$214,600,000, which raised the aggregate to another record of $9,704,060,666.
This gain much exceeds the
sensational expectation, but is in line with the
tendency of recent months.
So sharp and steady
ended
The increase is no less than
July 2.;
has been the rise in the
circulating medium that an
inquiry into the contributing causes seems
able.
Despite the depressing effect of the currency
change
banking reserves, excess reserves of mem-
on
banks
ber
660,066 in
This
the
was
over
legal requirements were up $126,-
statement week
the
due to
a
$5,270,000,000.
to
heavy outpouring of funds from
Treasury account with the 12 Federal Reserve
banks and from non-member accounts.
of
An increase
$7,000,000 in the monetary gold stock raised the
total
to
$22,627,060,000,
failed to "cash" this
credit situation.
the
but the
Treasury
gold, and it had
no
to be
on
to
on
a
gain in
$33,006,000, to $2,264,000,660'.
understood, however, that
dealers
credit
weekly report-
ing New York City member banks shows
included in the
for
the increase, since
the combined condition statement of
business loans of
again
effect upon
Effective demand
accommodation appears
is
advis-
some
weekly rise.
It
term loans were
Loans to brokers and
security collateral advanced $33,060,000
$382,660,000.
Gold
serve
certificate
the
for
reserves
were
off $1,499,000 in the
week, to $20,312,231,600.
hand-to-hand
were
Other cash of
down
currency,
and their total
$46,215,000 to $20,562,164,000.
Federal Reserve notes in actual circulation
$154,722,000 to $6,787,914,006.
the
comments and awaited further developments. Mr.
Schram comes into office after six months of the
smallest trading witnessed in 27 years, and improvement can hardly be regarded as out of the question
in such circumstances.
Narrow price movements were recorded in all sessions of the business week, and net variations cannot be represented as a trend. Modest recessions in
the first two sessions were generally regained in the
Even the market lead' Commodity markets
good deal more attention for a time
remaining two full periods.
ers
changed only
attracted
a
a
little.
than the securities section.
ments
were
Downward price adjust¬
ordered from Washington,
last Satur-
day, on cottonseed oil and six types of cotton
goods,
the action being taken as a warning that similar
measures
may eventuate in other farm products,
The so-called Farm Bloc in Congress
promptly procommodities
tested most vociferously, but the farm
nevertheless show losses for the
impression
was
week.
The general
that the Administration in Wash¬
ington intends to clamp down ever more
cally
upon
business
every
autocrati¬
phase of economic life, and the
community does not feel happy over such
In the listed bond market some
holdings of the 12 Federal Re¬
regional banks fell sharply, because of the de-
mand
the future. Brodistrict noted the
prospects.
banks, combined,
statement
expressed a quiet optimism as to
kers and others in the financial
jumped
Total deposits with
of
activity
called
were
occasional spurts
observable, especially in the so-
reorganization railroad bonds.
Progress was
reported toward the financial reorganization of a
number of great systems, and good carrier earnings
suggest at least partial payments on many bond
issues.
The trend of speculative railroad liens was
upward, in these circumstances.
Best grade corpo-
regional institutions fell $175,245,060 to $15,-
rate obligations were steady to firm in all sessions.
781,956,000, with the account variations consisting
Foreign dollar bond trading also witnessed advances
in most bonds. United States Treasury securities
of
an
increase of member
bank
I
reserves
by $140,-
Volume
•
•
The Commercial & Financial Chronicle
153
''
•
•
.
.
'•
,
i
"
■
.
.
•
'
'
■
quiet and fractionally improved for the week.
were
Foreign
in
owing
trading
exchange
part
the
to
dull
was
general
throughout,;
freezing order
of
June 14.
On
New
York
Stock
Exchange 54
high levels for the
new
week while 30 stocks touched
York
New
Curb
low levels.
new
the New York
on
New York
Saturday
shares;
Stock
Curb
154% against 155%; National Cash Register at 11%
against
finish.
Wednesday,
market
what
little
centered
chief
in
which
on
on
Wednesday,
mar-
equities moved
Monday
on
interest
in
there
was
low-priced
performer in this
group
Common-
was
day, but
even
16,090
shares.
issues
sold
oil stocks
Steel
off because of
mixed.
were
reflected
the
on
equipment
demand, while
closing the general list
lowTer
Independence
against better and
appearance.
The
Day
Tuesday's session, aside from
which
ume
tion.
that
was
holiday
worked
active markets this week.
more
limited to
a
a
few
modest rise in vol-
issues,
In the rubber
day
as
the
new
brokers
on
head of the New York Stock
speculation in the minds of
some
hands.
was
noted, but it
Some evidence of
was
investment
buying
not sufficient in itself to
the rest of the list, and equities moved
encourage
haltingly throughout the day to close irregularly
lower.
A
higher tendency took form
as
inflation talk
in
no
encouraged buying.
general, but
sense
fined to the
were
not
a
mixed trend.
was
con-
Util-
at 28% against 28%; New York
against
moderately
500,090-share level, the market
a
on
Thurs-
generally firm tone and
edged fractionally higher.
Specialty and preferred
enjoyed attention during the day.
It
was
also noted that the usual inclination to sell securi-
the verge
ties
on
any
unexpected development
Price
as
be
holiday
seen
from
a
was
safeguard against
not,so pronounced,
were
mostly irregular,
comparison of closing prices
>':r
•••">
General Electric closed
32%
Co.
as a
Thursday last with final figures
week ago.
:
a
changes for the week
may
on
of
on
•
Friday
on
a
V
Thursday at 32% against
Friday of last week; Consolidated Edison
of New York
Gas & Electric at
at
18% against 18%; Columbia
12%;
Union
Pacific
Southern Pacific at 11%
on
Central at 12
81
at
against
against 11%;
81;
Southern
Ry. at 12% against 13, and Northern Pacific at 6%
against 6%.
steel shares lost ground the
The
present week.
United States Steel closed Thursday at 56% against
56%
on
Friday of last week; Crucible Steel at 37%
against 38%; Bethlehem Steel at 73% against 73%,
and Youngstown Sheet & Tube at 36 against 36%. ;
In the motor group, General Motors closed Thurs-
day at 37% against 38% on Friday of last week;
55%
Chrysler at
against
57%;
Packard
at
2%'
against 2%, and Studebaker at 5% against 5%.
Among the oil stocks, Standard Oil of N. J. closed
Thursday at 42% against 40% on Friday of last
week; Shell Union Oil at 15% against 14%, and At>
lantic Refining at 21% against 21%.
Among the copper stocks, Anaconda Copper closed
Thursday at 27% against 27%
week;
Smelting
American
against 41%,
aviation
the
Friday of last
at
41%
against
'
'■
In
on
Refining
&
and Phelps Dodge at 39%
29%.
Curtiss-Wright
group,
Thursday at 8% against 8%
on
closed
Friday of last week ;
Boeing Aircraft at 16% against 16%, and Douglas
Aircraft at 72% against 72%.
Best gains of
were
sales turnover somewhat
a
day managed to present
issues
for the most part
held, but levels
higher at the close.^ On
under the
was
The rally
Pennsyl-
Friday of last wreek; Atchison Topeka & Santa Fe
Wednesday
steel, rail, oil, and motor shares.
ity issues presented
the session
on
133%
Goodyear Tire & Rubber
group,
Railroad stocks sold lower this week.
to what the market's future would be in
as
new
at
vania RR. closed Thursday at 23% against 23%
was no excep-
Then, too, the installation of Emil Schram
Exchange caused
13%
at
closed Thursday at 17% against 17% on Friday of
last week; B. F. Goodrich at 13 against 13%, and
United States Rubber at 22% against 23%.
highly complicated international situation and the
approaching
Products
21% against 20%..
under
was
electrical
lack of
a
At
irregularly
an
the volume
and
the
securities.
Southern, the heaviest-traded issue
case
very
in
was
wealth &
in this
Dairy
Canada Dry at 14% against 13%; Schenley Distillat 12% against 10%, and National Distillers at
Monday, 51,620
on
opening of the stock
mainly
National
ers
Exchange the sales
Trading volume
and
12%;
against 94%; Standard Brands at 5% against 5%;
on
Saturday of last week, but extreme dulness
manner
Friday of last week; Allied Chemical & Dye
against 152%; E. I. du Pont de Nemours at
Monday, 272,450
; on
Tuesday, 88,060 shares;
aimless
on
at 153
Can at 35 against 34; Eastman Kodak
throughout the short session left prices mixed at
The
Western Union closed Thursday at 24% against
24%
against 134%; Westinghouse Elec. & Mfg. at 94%
35,590 shares;
were
on
the
light,
Co. at 72% against 72%; Montgomery Ward & Co.
at 33% against 34%; Wool worth at 29% against
on
Thursday, 464,670 shares.
on
Firmness attended the
the
•"
_
Texas Gulf Sulphur at 36 against 36; Continental
84,445 shares, and Thursday, 95,550 shares.
and
•
•
Exchange the sales
Stock
New York
the
Saturday
on
•
re-
Tuesday, 346,720 shares;
394,340 shares, and
ket
5
' _,'
_
Exchange
139,550 shares
were
on
shares;
•
■
against 13%; National Biscuit at 16% against 16%;
/
unchanged at 1%.
the
On
low
new
.
Call loans
On
On
Exchange 45 stocks touched
levels.*
mained
•
Harvester at 51% against 50%; Sears, Roebuck &
stocks
the present
year
high levels and 35 stocks touched
new
■
•
.
29%, and American Tel. & Tel. at 158 against 155%.
the
touched
the
■
Business reports for the week continued to reflect
high rate of activity,
a
as
save
for such adjustments
the holiday made necessary.
the week ending today
Iron
Steel
and
were
Institute
Steel operations for
estimated by American
at
93.7%
against 99.9% last week, 99.2%
74.2% at this time last
trie power
year.
a
of
capacity
month ago, and
Production of elec-
for the week ended June 28
was reported
by Edison Electric Institute at 3,120,780,909 kwh.
against 3,055,841,900 kwh. in the preceding week and
2,659,825,000 kwh. at this time last
ings of
were
revenue
year.
Car load-
freight for the week ended June 28
reported by the Association of American Rail-
roads at 908,664 cars, the highest since the week
ended Nov. 2, 1930.
crease
over
over
The figure represented an in-
the previous week of 23,106 cars, and
the similar week of 1940 of 156,017 cars.
2% against 2%; Public Service
As indicating the course of the commodity mar-
Corp. of N. J. at 21% against 21%; International
kets, the July option for wheat in Chicago closed
The Commercial & Financial Chronicle
6
Thursday at 10414c. against 10€%c. the close on
/
July corn at Chicago closed
Friday of last week.
Fri-
Thursday at 73%c, against 74%c. the close on
New July oats at Chicago closed
Thursday at 37%c. against 38%c. the close on Fri-
day of last week.
day of last week.
spot price for cotton here in New York closed
The
Fri-
Thursday at 15.40c. against 15.80c. the close on
The spot price for rubber closed
day of last week.
Fri-
Thursday at 21.75c. against 22.00c. the close on
Domestic copper closed Thursday
day of last week.
12c., against 12c. the close on Friday of last week,
at
In London the
price of bar silver closed Thursday
22% pence per ounce, the close on Friday of last
at
week, and spot silver in New York closed Thursday
34%c., the close on Friday of last week.
at
In the matter of
:
foreign exchanges, cable transfers
London closed Thursday at
on
$4.03%, the close
on
July 5, 1941
made by seven of the suspects. There were rather
circumstantial rumors afloat this week that
"patrol" of the Atlantic by American naval vessels
bears a remarkably close resemblance to convoying
of British ships, but Secretary Knox declared eategorically on Wednesday that no actual convoying
had taken place. It became known last Monday
that a ship in a British convoy, carrying a number
of American marines and Red Cross nurses to London, had been torpedoed and sunk in the Atlantic,
with three of the marines reported missing. The
embarkation required a presidential order, under
the Neutrality Act. The newest American promise
of aid to an embattled nation, made to Russia, was
followed on Tuesday by a request from the Russian
Ambassador, Constantine Oumanskv, for sizable
shipments of materials. Acting Secretary of State
Sumner Welles said that the request had been re-
ferred to the appropriate Government agencies.
Friday of last week.
Russian Campaign
European Stock Markets
FINANCIAL markets in the leading to the
P\ESPERATE fighting to the Black Sea marked
nervously this week European
U from the White Sea on a vast front stretching
centers reacted
war
There was little
activity on the British, German and Netherlands
exchanges, as investors plainly were not disposed
developments in Eastern Europe.
commitments
to extend their
and
ait
a
time of such vast
sweeping military movements as now are taking
Early sessions of the week were fairly firm
Stock Exchange.
Gilt-edged issues
place.
the London
on
were
best
in
demand, owing to rumors of further
British Treasury
rail stocks also
Industrial and home
borrowing.
improved modestly for a time.
But
the second week of the war which Nazi Germany
unleashed against Soviet Russia on June 22. That
the Germans have been able to make extensive advances
is clear, but the stout resistance of the Red
Army plainly is making this campaign the most
costly that the Nazis have attempted so far. The
implications of their advances are serious, however,
an(t are likely to become more so if the Panzer
divisions of the Reich finally dispel all Russian redistance in Europe and force the Russians to retreat
the British market turned soft in the mid-week deal-
beyond the Urals.
ings, and the decline continued as reports rolled in
°f the newest European war challenges the imagina-
of the
ti°n °f aH observers. The clash of Nazi and Cornmunist ideologies may explain the conflict in part,
an(l ^ *s possible that Russian troop concentrations
on the German border actually had something to do
with the decision of Fuehrer Adolf Hitler to launch
advances
vast
by the Germans in Eastern
Japanese bonds were sold on indications
Europe.
that Tokio is
preparing for new military adventures.
The Berlin Boerse switched
from
events.
later
rapidly in
pessimistic to optimistic
Most
openings
buying
enabled
it
gave
record
to
downward trend
was
market tone
net
Amsterdam Bourse also
session
weak at Berlin, while
were
the
every
interpretations of
and
usually
gains for the day.
was
nervous,
and
a
The
general
The astounding
sweep
Hitler
American Policy
scope
Bito warfare with the Russians. More impelling,
in aR probability, was the prospect of control by
Berlin of the vast grain producing area of the
Ukraine and the oil fields of the Caucasus. With
the German Army at the height of its
in evidence there.
and
and
l0 strike
his
Nazi
associates
power,
Herr
apparently decided
immediately for control of the entire Euro-
1NCIDENTS reflecting American but there policy military conquestand endeavor to assure through
pean Continent, the forthcoming "New Order"
days, foreign
is
were
reason
in
numerous
Washington
progress
press
in recent
no
to assume that official views have
with respect to the
in Europe and Asia.
changed
wars
In the
course
of
conference, Tuesday, President Roosevelt
pressed the hope that this country can avoid
broilinent in
could not
in
now
a
exem-
warfare, but he made it clear that he
promise continued aloofness from battle,
These comments followed
and the ability of the Reich to wage unremitting
warfare against Great Britain,
There is, it would
seem, a
definite prospect that
the Germans will be able to bring about
a
sort of
"unification" of much of Continental Europe
basis of antagonism to the Soviet regime.
on a
Rumania
joined the German campaign immediately,
on
the
exceedingly war-like state-
altogether obvious basis of Reich promises for the
ments
made, Monday, by Mr. Roosevelt's Secretary
restoration of Bessarabia to the Bucharest Govern-
of the
Navy, Frank Knox, who urged immediate
of the United States
This call
the
war
Navy to "clear the Atlantic."
by Mr. Knox for outright intervention in
could
approval
accepted
of
as
hardly have been made without the
Mr.
indications
sentiment
Roosevelt,
was
generally
Meanwhile all polls and other
continued
to
point to
a
vast
majority
or
Sunday took into custody
suspected spies, almost all of them
with German names, and confessions
promptly
ment in the event of a German victory.
joined after only
a
were
Finland
few days, and the enmity of the
Finns toward Russia also needs
no
emphasis, in
view of the events in the winter of 193940, which
ended in the cessation to Russia of much of the
Karelian Isthmus.
The three Baltic States of Lith¬
uania, Latvia and Estonia, absorbed by the Russians
last
year,
apparently
to the best of their
against active intervention.
Federal officials last
alleged
and
representing the real views entertained
by the President.
29
use
not
are
aiding the Reich forces
ability, although their lot may
be much better under domination of the Nazis
than
it
was
under domination
of the Reds.
The
Hungarian Government declared war against Soviet
Volume
The Commercial & Financial Chronicle
153
.Russia
on
aerial
attacks
June
on
the alleged ground of Russian
that small Central European
In view of the complete control of Hun-
country.
by the Reich, formal explanations from Buda-,
gary
pest of the
Fascist
the
27,
upon
war
declaration
war
by Russia in the Spanish
to the opponents
war
cisco Franco.
feat
importance,
Spain is reported to be enlisting men for
against Russia, which is not surprising in
view of the aid extended
civil
of minor
are
of Generalissimo Fran-
France, which
possibly
her de-
owes
in
good part to Communist doctrines, acted
through the Vichy regime last Monday, and severed
diplomatic relations with Russia.
Even Sweden
the
as
from
fear the Germans less than
to
seems
permission
for
the Russians,
of German troops
passage
Norway to Finland through Swedish territory
indicates.
by these factors
the
upon
campaign against Russia cannot be disre-
Far to the north
reported
against
the
German-Finnish drive is
a
Karelian
Soviet port of Murmansk.
Isthmus
and
the
At the southern end of
the 2,000-mile front, German, Hungarian and Ru-
manian troops
reported to be occupying impor-
are
tant Russian contingents.
The Russian plan of campaign is the simple
of fierce and determined resistance
and their associates
aggressors
on
one
the
Nazi
all fronts.
The
to
initiative in the conflict plainly rested with the
Reich divisions, this being true to such a degree
that
even
man
cities
repeated
the occasional Russian bombings of Gerin East
this
Prussia by
week.
airplanes
German
not
were
spokesmen
claimed
extraordinary damage to the Russian air fleet, and
all the circumstances of the war suggest that the
Reich
The influence exerted
German
tonia.
7
actually achieved command of the air in the1
first few days of fighting.
This is
standing importance, since it
now
a
matter of .out-
is recognized even
garded, although it is overshadowed for the time
by the so-called military experts that aerial
being by the vast military drive of the Nazis against
macy is the first requirement of offensive warfare,
Soviet
the
regime.
Even London and Washington
found it necessary,
to disclaim all
Dive-bombing
when promising aid to Russia,
attacked city after city in Russia proper, and German Panzer divisions followed through with that
remarkable precision that has attended all previous
sympathy with the Russian ideology
and to state that
only the primary aim of defeating
Herr Hitler's Reich makes Russia
laborator.
that
are
All the Continental
an
acceptable col-
European countries
contiguous to Russia,
or
that- have
subjected to Russian Communist influence
years,
to hate Moscow
seem
hate Berlin.
This fact is
of its
upon
is
bearing
even
Reich
might
a
been
in recent
than
more
they
pointed out here because
the military conflict which
getting into the decisive stage.
the
number
of
now
It has allied with
countries
that
otherwise
have
remained aloof and, in a sense, has
into the German orbit others of decidedly
anti-Nazi leanings.
The German military attack
swung
against Russia has been furthered immensely by the
availabilitv of
bases of
has
Finland, Hungary and Rumania,
operations, and by the sympathetic
of the Baltic
found
it
peoples to the German effort.
necessary
the States allied to
as
response
Moscow
to keep large and perhaps
vitally important forces engaged in
adjoining
areas
Germany, in this particular
cursion, and the outcome of the conflict
to be influenced
supre-
ex-
cannot fail
moves
Stukas
German
Luftwaffe
was
aimed at the
The
City of
Minsk, in White Russia, and the highly important
railway lines connecting Minsk and Moscow and
spreading out
move to
Poland
Russia from such termini.
over
This
the north of the Pripet marshes of Eastern
matched by
was
a
drive southward of the
Pripet marshes toward the Ukraine, in the
course
of which the Germans captured for the second time
in this war» the City of Lwow,
or
Lemberg.
Only
minor movements were reported from Rumanian
and Hungarian territory against the Russians. To
the north, however, the Germans managed to envelop most of the Baltic States and, with their Finnish allies, to start a major drive against the City
of Leningrad and the Port of Murmansk,
After a week of brief statements that all military
movements were proceeding in accordance with
plans, the German High Command began last Sunday to issue
some
detailed comments
Berlin made known
special communiques,
,
Eastern European Warfare
the
of the German military forces in Europe.
principal Reich attack
of the battle.
by this circumstance.
of
jqie
German
capture
on
of
the
on
course
series of 12
a
June 29, which rehearsed
Brest-Litovsk
and
other
W/ARFARE
points of military importance in former Poland.
in Eastern
thrusting
on a scale that dwarfs anything
previously known in history has developed
W
sia
Europe owing to the drive against Rus-
by the German Nazis with their assorted Fin-
nish, Baltic, Hungarian and Rumanian allies.
conflict that raged on the
Arctic Ocean to the Black Sea
of
the
Reich
week of the
occasional
advanced
close
ous
Panzer
divisions
reverses.
examination, than has been the
fact
puts
forward
war
forces have driven
and
in
case
in previ-
Europe.
Each
fighting, from day to
only
an
understandable
interpretation of the military events,
appears
to
be
southern
former Poland.
that
German
and
allied
deep within Soviet Russia, with
the main German thrust
era
in favor
The claims and counter-claims
conflicts of the current
and
ran
during the second
by Berlin and Moscow differ less, under
nationalistic
The
plainly
attack, despite heavy German losses and
side admits the locale of the
day,
The
2,000-mile front from the
sides
Another
taking place
of
the
on
the north-
Pripet marshes of
major movement is envel-
oping the Baltic States of Lithuania, Latvia and Es-
Nazi
armored
Bialystok,
divisions,
forward
Poland,
it
was
into Russia.
two
Russian
indicated,
In
the
armies
were
of
area
were
ported trapped by the German contingents.
re-
Per-
haps the most sensational aspect of the German
claim
war
was a
statement that in the first week of the
4,107 Soviet airplanes had been destroyed, at
loss of only 150 Reich airplanes.
was
claimed for the Reich forces.
Aerial
a
supremacy
The German
High
Command stated in addition that "bloody losses"
had been suffered by the Russians, and that 40,000
Soviet prisoners had fallen to capture by the Reich
in the initial week of battle.
Moreover, according
to Berlin, 2,233 tanks were lost by Moscow in the
first week.
Moscow scoffed at such German reports
was being
and asserted that "stubborn resistance"
offered to the Reich forces everywhere on the vast
Numerous German prisoners were reported
front.
captured by the Russians, whro indicated in their
detailed reports that the Germans
plete command
of the air.
were
not in com-
Some 1,500
German
■
The Commercial &
g
week of fighting
by the Russians, 'Moscow said, along with 2,500 Ger¬
planes were destroyed in the first
Many Germans were reported captured,
tanks.
man
and the German
casualties
all fronts were said
on
In the course of the week now
ending the German
High Command was able to report at least one
siz¬
series of ex¬
deep into the Russian defense lines.
victory over the Russians, and a
tended drives
Beginning
claimed
Bialystok area of former Poland.
in the
forces
Two Ger¬
Minsk, en¬
spearheads, converging on
in the first week
Panzer
man
Reich authorities
the
Wednesday
on
vast success over trapped Russian
a
circled the Russian frontier forces
and
day
the Russians finally sub¬
great struggle, and only after desperate
of the
night fighting were
In
dued.
took
a
more
number of Russian
the
lost in the war also
airplanes, tanks and guns
the Mos¬
forces, tanks destroyed or captured were placed
by the Germans at 5,774, and guns lost
numbered
The terse German High Command comments
spearhead drives indicated that fighting was
2,230.
the
on
Air¬
began rapidly to mount.
planes to the number of 4,725 were lost by
cow
beyond Minsk, and there were signs of a
Ukrainian capital
in progress
Reich turn southward toward the
mans
Ger¬
Southward of the Pripet marshes the
of Kiev.
took Lwow
(Lemberg) and Luck, and hastened
their drive after such captures.
Russian statements
countered with admissions of Germans in the Minsk
region, but added that fierce resistance had made
the Reich sacrifices
extremely heavy.
the frontiers of old Russia were
of the
and
rear was
In other areas
inviolate, according
The fact is, of course, that
to such Moscow claims.
the German
safeguarded by the destruction
huge frontier force in the; Bialystok sector,
a more
active and general advance by the
Reich
troops seems probable.
Hungarian frontiers with Russia indicate rela¬
tively moderate activity.
ress,
Some fighting is in prog¬
but the Reich plan possibly contemplates roll¬
ing the Red Army back upon itself in the southern
through
area,
a
Some aerial
Rumanian and Hun¬
drive from the north.
battles occurred every
day
over
garian territory, Bucharest being bombed repeat¬
edly.
The Rumanian port of Constanza, on the
Black
Sea,
was
Wednesday of
on
The British
mal
wastes,
another
a
combined
German-Finnish
army
contingent drove sharply into Soviet
San¬
territory, to threaten the port of Murmansk.
guine fighting occurred in each of the Baltic States
and Estonia,
Lithuania, Latvia
as
insurgents
within these countries battled the Reds and
man
army
ment
pears
Baltic
a
Ger¬
swept northward in an inland encircle¬
of the Russian
This Reich drive ap¬
forces.
to be aimed not only at capture of all the
States, but also against the City of Lenin¬
grad, second most important Soviet center.
While the
offensive
Germans
were
developing their swift
against the Russians, British authorities
began to study the question of the aid which Prime
Minister
the
This mission
opinion
that
was
reported
the
Russian
Foreign Office last Sunday sent
for¬
a
of that country
for
passage
Norway to Finland.
of German troops from
Protests also
were
reported
under consideration to Finland and other allies of
Germany in the anti-Russian
Washing¬
crusade.
ton, also, is reported to be giving active considera¬
tion to Russian requests
if
for aid.
It is, however, no
task to furnish direct aid to the Russians, even
easy
speed and determination were to mark the atti¬
tude of the democracies.
Western
Winston
Churchill
day that fighting began.
Europe
EXTREMELY heavy British aerialthe long against
attacks stretch
cities and ports, and
German
of
coastline
the English
across
Channel,
were
re¬
ported this week in the great struggle in Western
Europe.
Little resistance apparently was offered
by the Reich aerial force, since
be
can
Russia.
much of that force
presumed to be occupied in the war against
Daylight raids were made almost daily
the French occupied region, and British fliers
at times.
The port of
upon
bombed Kiel heavily
also
Bremen
subjected to intensified bombing and
was
conflagrations
vast
objective
bombs
few
noted there by the British
were
The only forays by the Germans against
targets.
British
were
Duesseldorf and other Rhine cities
observers.
Atlantic,
merchant
were
were
reported at Hull, where a
In the Battle of the
dropped.
sinkings of British, allied and neutral
ships continued, but the next British
report covering the month of June is not
scheduled
German statements
regularly reported sizable sinkings, but such claims
have been inaccurate.
The British, in turn, reported
to
appear
for several weeks.
the sinking of
several large Axis ships in the Mediter¬
late last week.
Prime Minister Winston
Churchill last Sunday shifted his Cabinet members
about, by making Lord Beaverbrook the Minister
Supply.
returns
of
He replaces Sir Andrew Rae Duncan, who
to his old post as President of the Board of
Trade, and Captain Oliver Lyttleton, who held the
trade post,
was
names were
assigned to "special duties."
introduced
as a consequence
No
of this
shift, the reasons for which were not disclosed.
Eastern Mediterranean
In the far North¬
pressed the Russians hard at the Karelian Isthmus,
of
the
protest to Sweden against the "ready consent"
shelled by the Russian Navy and
partially destroyed, Wednesday.
and
Moscow, late last week, under
Ambassador to Moscow.
new
ern
in
chairmanship of Sir Stafford Cripps, British
ranean,
Reports of the military actions on the Rumanian
and
the
100,000 prisoners in the pocket, ac¬
increased, by this battle, to 160,000, and
was
arrived
mission
July 5, 1941
single day, on Wednesday, the Germans
than
cording to Berlin, while several times that number
succumbed in the battle.
The total of Russian pris¬
oners
inancial Chronicle
position, while serious, is not necessarily critical.
to be severe.
able
'
promised Moscow
on
A British military
CHIEF amongstruggle this weekthe Eastern Medithe incidents of was change in
1 terranean
the British
a
High Command which is subject to various
interpretations.
The British Government announced
Tuesday that General Sir Archibald P.
Wavell had been replaced in the Middle East by
General Sir Claude J. E. Auchinleck, who previously
briefly
was
on
commander of the British forces in India.
two officers
The
traded posts, but Prime Minister Winston
Churchill refused, Wednesday, to
of Commons with any reason
supply the House
Inter¬
for the change.
pretations ranged, accordingly, from dissatisfaction
with the progress of the war in Syria
in the Cabinet
and Libya to
Far East.
area
of Syria
seems
to
preparations for eventualities in the
French mandated
That the conflict in the
be
is far from a brilliant operation now
evident, but the reason for the slow
Volume
The Commercial & Financial Chronicle
153
advance
of
the
British
Empire forces generally is
held to be due to London orders for
antagonisms.
British
is
The French continued to resist the
a
loyal French forces through Turkey
contemplated.
In the Western Desert
area
of the
Egyptian-Libyan frontier, torrid weather apparently
held
fighting to
British
minimum.
a
Italian
former
colony of
Far to the south, in the
Ethiopia,
the victorious
Empire forces continued their mopping
operations, which
vV:
up
virtually completed. V
now are
time is the Japanese official
reaction to the German attack upon Soviet
It is
only
Russia.
matter of weeks since Japan, as a full-
a
fledged member of the Axis, signed
non-aggression
a
treaty with Russia, and another about-face might
now
Japanese authorities de¬
embarrassing.
prove
bated the problem for ten days,
issued
and
on
Wednesday
statement which indicated a decision with¬
a
the previous peak
Notes
cline in
A really
revealing the nature of that decision.
world and the
Minister
concern
Yosuke
Other Japanese
of
circulation, resulted in
Public
while other
respectively.
fell off to
it
11.5%.
was
in
The proportion of
raised
which
That the Germans
are
making
the
and
change
some
measures
well be that such
rose
£1,671,591, is divided
which
gained
show the various items with
£182,323.
OlHsNGLAND'S
No
Below
comparisons for
/
<
•
pre¬
,
COMPARATIVE STATEMENT
Circulation
Public deposits
of trade in which
sort
desired by the Reich.
Y
:
1940
July 6,
July 7,
1938
1937
643,365,000 608,184,495 505,721,576 488,230,991 494,424,620
19,300,952 12,545,991
12,251,000 16,598,410
15,254,552
,
217,604,101 188,948,142 134,037,377 151,652,325 125,696,203
140,121,140 96,476,765 115,663,218 88,541,017
37,560,612 35,989,107
53,160,967 48,827,002
37,155,186
Bankers'accounts. 164,443,134
Other
accounts
Govt, securities
182,342,838 171,226,838 118,706,164 111,891,164
31,253,426 31,112,666
26,841,799 28.637,850
Other securities
Securities
8,401,486
18,440,313
38,520,000
1,884,874
....
Coin and bullion....
5,445,981
23,192,069
8,788,891
22,464,535
96,625,321
29,468,575
10,710,508
9,035,196
20,402,158
20,433,379
23,584,856 21,363,726 39,171,061
32,869,914
1,769,351 227,085,302 327,402,052 327,294,534
Proportion of reserve
to
u'K
liabilities..
16.7%
Bank rate.......
2%
Gold val. per fine oz.
168s.
v,
*
13.9%
2%
11.5%
2%
168s,
148s. 6d.
23.8%
2%
84s.
23.30|
ll^d. 84s. 11 Hd.
It
New York Money
relate to the Russian
measures
July 5.
1939
July 3,
1941
Croatia, Rumania and Bulgaria all recognized the
Italy,
Japanese puppet regime at Nanking of Wang Ching-
may
£44,400,000,
£182,342,838.
advances, which increased £1,489,-
vious years:
Reserve notes & coin
Japan agreed to
also disclosed
was
made in the 2% discount rate.
Spain, Slovakia,
suggests
which
securities,
was
BANK
to liabilities
ago; a year ago
holdings to
total
into discounts and
a
Japanese support was indicated
Tuesday, when Germany,
This
"other
namely
securities,
Other securities,
268
reserve
week
a
A large increase
Government
Dist. & advances..
wei.
Other
and
accounts"
16.7% from 22.8%
July 2,
spokesmen said that decisions taken
sort of
loss of £4,411,000
a
deposits expanded £54,713,770.
Other deposits-.
some
A de¬
ago.
deposits dropped £13,070,000
include: "bankers'
cryptically announced.
will remain secret until the time arrives to translate
bid for
year
a
Japan is manifest, Foreign
Matsuoka
them into action.
£643,365,000,
aggregate
now
£608,184,495
gold holdings of £29,987, together with the
reserves.
state of emergency is developing throughout the
grave
with
advance in
in
reached last week by £4,381,000.
circulation
compared
we
out
in
accounts," which gained £51,906,477 and £2,807,293
kNE of the great diplomatic uncertainties of the
world at the present
Statement
THE Bank's notethe week ended Julyscaled new
circulation again 2, topping
heights during
deposits
44%}
^ar East
Bank of England
avoiding needless
stoutly, and they denied this week that
withdrawal of the
9
Market
entry port of Vladivostok, through which supplies
from Britain and the United States
reach
Russia, in the event of
German conflict.
More
presumably might
long-drawn Russo-
a
plausibly, they
may
relate
to action in the Southern Asian
sphere, which would
tend to bring American interests
directly into involve¬
thus making advisable maintenance of the
ment,
United States fleet in the Pacific.
Discount Kates of Foreign
BUSINESS in the New York money week was for
on
extremely small scale this market
an
save
the usual trading in short-term
ties.
Rates
X
no
at
were
an
average
Stock
changes during the week in
the foreign central
all departments.
in
a
further issue of
of 0.087%, computed
bank discount basis.
Central Banks
the discount rates of any of
banks.
unchanged
last Monday sold
$100,000,000 discount bills due in 91 days, and awards
1
Call loans
on
on an
annual
the New York
Exchange held to 1% for all transactions, and
time loans
rT,HERE have been
were
The Treasury
Government securi¬
again
were
1J4% f°r 60 and 90 days and
J^% for four to six months.
Present rates at the leading centers are shown
New York Money
Rates
in the table which follows:
Date
vious
Effective
Effect
July 3
Pre¬
Rate in
Pre¬
Rate in
Country
Effect
Dale
Effective
Rate
3H
2
Mar.
2X
June 26 1941
3
Jan.
5 1940
2>i
Hungary
3
Oct.
22 1940
Dec.
1 1940
6
India
3
Nov. 28 1935
3H
May 18 1936
5
Holland
1 1936
...
4X
Chile
3
Dec. 16 1936
4
Italy.,
Japan.....
Apr,
7 1936
Colombia,.
4
July
5
Java...—
3
Jan.
14 1937
4
Lithuania
6
July 15 1939
May 28 1935
May 13 1940
7
Canada....
2«
Mar. 11 1935
18 1833
«*«•
Czechoslo¬
vakia
Jan.
3
...
1 1936
3H
..
3.29
6X
Morocco
3
3.65
4X
4X
Jan.
4
Danzig
was
ruling quotation all through the week for both new
loans
renewals.
and
4
5
Argentina..
Belgium
Bulgaria
DEALINGExchange from day toloans rates on the
in detail with call day, 1%
the
Stock
vious
July 3
Country
Rate
Denmark..
4
Erie
3
England
2
Estonia
4K
i
"1
2 1937
5
Norway
Oct.
16 1940
4X
Poland
4X
Dec.
June 30 1932
3H
Portugal—
4
Mar. 31 1941
4X
3
Rumania
3
Sept. 12 1940
3X
May 15 1933
3H
4H
Oct.
26 1939
...
..
17 1937
5
Oct.
1 1935
5
South Africa
Finland
4
Dec.
3 1934
4H
Spain
*4
Mar. 29 1939
5
France
IX
Mar. 17 1941
2
Sweden
3
3X
Apr.
6 1940
4
Switzerland
1H
May 29 1941
Nov. 26 1936
Jan.
4 1937
7
Yugoslavia.
5
Feb.
up
quiet.
to 90 days
maturities.
has
been
The market for time money
Rates continued nominal at 134%
and 134% for four to six months'
The market for prime commercial paper
quite active this week.
Prime
paper
is
fairly abundant and the demand has been good.
2
6
continues
—.
Germany
..
Greece
•
1 1935
5A@H% for all maturities.
Bankers' Acceptances
6H
IN bills
LONDON open market discount rates for short
Thursday
1 1-32%, as against
on
1
are
Not officially confirmed.
Foreign Money Rates
1
Ruling rates
3X
1-32%
were
Friday of last week, and 1 l-32%@
on
1-16% for three months' bills, as against 1 1-32%
@1 1-16%
London
on
on
Friday of last week. Money on call at
was 1%.
Thursday
THE market for prime bankers' acceptancesbeen
quiet this week.
The demand has has
been
good, but the supply of prime bills has been very
light.
Dealers' rates
as
reported by the Federal
Reserve Bank of New York for
bills
up
to and includ¬
7-16% asked; for bills
running for four months, 9-16% bid and 34% asked;
for five and six months, Y%% bid and 9-16% asked.
ing 90 days are lA% bid and
The Commercial & Financial Chronicle
10
The bill buying rate of the New York Reserve Bank
the
is
previous
lA°7o i°r bills running from 1 to 90 days.
March
sales
July 5, 1941
fell
to
compared with
$582,000,
monthly sales of several million dollars'
worth of the British investments.
Discount Rates of the Federal Reserve Banks
Lease-lend aid increased the value of United States
THERE have been nothe Federal Reserve banks;
changes this week in the
rediscount
rates of
recent advances
Government obligations are shown
on
the
in the footnote to
schedule of rates
of paper at
table.
The
following is the
in effect for the various classes
now
Commerce
Rate in Effect
Date
fiscal
Previous
July 4
Established
Rate
Federal Reserve Banks
Boston
1
—
1. 1939
Sept.
Cleveland
Richmond
Aug. 27. 1937
IK
IK
—
Sept
4, 1937
May
11, 1935
rose
2
2
IK
Aug. 27, 1937
*1K
Aug. 21, 1937
2
Chicago
♦IK
Aug. 21, 1937
♦IK
Sept.
the
over
indicated
1940 period.
of
gain
a
Expenditures
sharply to £1,074,280,716, against £694,834,402,
net
excess
over
revenue
of
£755,122,728.
Income
2
8t. Louis
for the first quarter of the 1941
£319,157,988,
at
year,
2
Atlanta
a
June 25.
revenue
£130,988,538
IK
IK
1
New York
on
Treasury reports of June 30 showed that
ordinary
FEDERAL RESERVE BANKS
1940, according to
figures published by the United States Department of
British
#■
Philadelphia
20-year record level of $128,000,000 in April, nearly
2% times their value in April,
the different Reserve banks:
DISCOUNT RATES OF
.
exports to the United Kingdom by $32,000,000 to a
2, 1937
IK
Aug. 24, 1937
2
Kansas City
♦IK
2
Dallas
•IK
3, 1937
Aug. 31, 1937
Sept. 3, 1937
San Francisco...
Sept.
IK
provided
payers
£79,597,000 of the
revenue,
against £23,299,000 in the first quarter of the 1940
2
Minneapolis
tax
fiscal year.
Floating debt outstanding at the end of
2
June, 1941,
2
£3,062,970,000.
was
*
Advances on Government obligations bear a rate of 1%, effective Sept. I, 1939.
Chicago; Sept. 16.1939. Atlanta. Kansas City and Dallas; Sept. 21,1939, St. Louis.
The United States
rency
Course of Sterling Exchange
on
THE market for sterling exchange is held under
devoid
The
pound, quiet and
of feature.
free
Treasury's $2,000,000,000
stabilization fund
June
28
devalue
prolonged for two
the
dollar
the
of
Presidents
former
The
tionary possibilities implicit in the
for
free
sterling
this
week
between $4.03 and $4.03for bankers'
compared with
last week.
between
of between $4.03 and $4.03%
a range
and
$4.0334
Official rates
tinue
$4.03%,
compared
with
a
Senate Banking Committee.
On
July 1 the British Consulate General at 25
Broadway, New York City, began to accept applica¬
ago.
tions for mailcerts to facilitate the passage
the British
New
York,
(Canadian
4.02%@$4.03%;
official,
Zealand,
Further
American
cut
were
at 4,02
reduction
In
London, exchange is not quoted
Italy,
Germany,
of the invaded European countries.
or any
New York,
on
exchange is not quoted
countries of Continental Europe,
tive order issued
June 14 by
on
on
In
of the
any
due to the Execu¬
President Roosevelt,
suspending trading in German and Italian currencies
restrictions
plied, effective July 1.
commercial bank rates for official sterling continue
buying and 4.04 selling.
mail for neutral countries.
Australian
non-sterling
were
of
exclusion
ap¬
Rayon piece goods imports
by 25%, tinned salmon by 25% to
a
total
75%, watch movements by 40% to
total decrease of
was
of
(Australian)
totaling £1,250,000
imports
through
censorship of United States parcel post
and package
90.09c.@
3.2280@3.2442.
pointed
measure
by leading economists in testimony before the
con¬
a
United States dollar); Australia, 3.2250@
New
despite the disastrous infla¬
week
4.43-4.47
90.91c. per
3.2280;
out
gold content,
quoted by the Bank of England
unchanged:
Canada,
sight bills,
The range for cable transfers has been
of between $4.03% and $4.03%
range
been
has
a
to
power
by another 9% to 50% of its
rigid control, closely approximates the official rates.
range
cur¬
years
hy Congress, which likewise granted
extension
two-year
was
50%,
complete.
excluded
paper
long list of
A
by virtue of
a
boards by 50%, making
a
materials
raw
90% reduction.
On
June 27 the New Zealand Government
prohibited the
importation from Britain of
and securities
and the export of
currency
gold, silver and bronze coins, in
and requiring general licenses to complete transac¬
order to assist London by
tions in the currencies of
transfers.
Finland, Portugal, Spain,
International
Sweden, Switzerland, and Russia.
Payment this
British
of perhaps $1,400,000,000 in
year
obligations for
war
supplies purchased before
Washington
United
wheat
July
on
checking
unauthorized
on
discussions
be
to
held
in
10 by representatives of the
Canada, Argentina, Australia, and
States,
the passage of the Lend-Lease Act on March 11 is
the United Kingdom
expected to be effected with the aid of the Recon¬
existing grain surpluses and trade in wheat after the
struction Finance
tiated
with
the
Corporation loan
When
Treasury.
now
being
approval of the Secretary
he
appeared before
the
nego¬
in the
hope that it
Senate
wider
problem of international commodity surpluses.
Morgenthau stated that the British then had dollar
here
of
he testified that
to
apply
balances
on
$2,167,000,000.
Of this amount
surplus discussions
lands
/The
was
needed for conduct of
000,000 in gold
was
required in various parts of the
world, and $21,000,000
exchange contracts.
business, $30,-
was
applicable to forward
While the collateral thus theo¬
retically available exceeds the outstanding
British
pledged.
The Treasury disclosed
on
so
June 27 that
basis for solving the
may
be held this
summer
by
Empire, the United States, and Latin America.
purpose
of the (July 10) meeting will be to
to
as
steps which
might be taken to safeguard against excessive
petition
for
markets
said
hostilities,"
following
Canadian
the
trade
com¬
conclusion
minister
J.
of
A.
Mackirinon.
The London money
rates
bills
are
at
market continues
easy.
Bill
substantially unchanged, with two-pionths
1
1-32%, three-months bills at
sales of British-owned American securities practically
1
ceased with the passage of the Lend-Lease Act, as
months bills at 1
a
exchange information and views
commitments here, the amount of the loan is being
considered in the light of the total collateral to be
provide
representatives of the British Empire, the Nether¬
available
was
may
According to unconfirmed reports in London, general
the debt because $305,000,000 of private
only $1,811,000,000
The conference will be watched with interest
war.
of the
Foreign Relations Committee in January, Secretary
resources
will deal with the problem of
1-16%, four-months bills at
3-32%.
1
1
1-32%-
1-32%, and six-
Volume
The Commercial &
153
and
taken
relatively firm.
June 23 to bring
on
modities
the Canadian list of
com¬
Wood pulp, tires and tubes
States.
exempted from the export restrictions when they
were
shipped to British territories
or
the United States.
The value of Canadian exports rose
according
published
figures
to
by
other
and
exports
sharply in May,
the
Dominion
leading items
newsprint
wheat, automobiles and parts,
during the week between
discount of 11
are
Montreal funds ranged
discount of 11%% and a
a
9-16%.
The amounts
follow
taken from the weekly statements of
United States
the
Department of Commerce and cover
EXPORTS, JUNE
AND
IMPORTS
19
TO
INCLUSIVE
25,
Imports
*$1,782,082
Ore and base bullion
$9,375,835
Total.
Canada
Exports
$743
—
_
$170,317
_
_
_
>
4,421,553
_ __—
______
Canada, $248,416 Nicaragua, $182,464 Mexico,
$135,625 Peru, $153,331, Saudi Arabia, $329,288
$258,450
Ecuador,
issued
during the week ended June 25
Federal Reserve banks was increased
by $1,398,790 to $1,916,785,900.
the
$4.03%@$4.03% for cable transfers.
day the
range was
York market
quotations on Thursday were
for demand and $4.03% for cable transfers.
Closing
holiday.
$4.03
closed in observance of the July 4
was
bills finished at $4.00; 60- and 90-
Commercial sight
day bills
are no
longer quoted.
invaders, the German soldiers will require less
Exchange
UNDER a of Economics,order of the24,German
retaliatory ; dated June special
Minister
permits must be obtained from the foreign exchange
the
dispose of bank balances and other
Germany, in the case of American citizens,
States Embassy and consulates, the
United
Chamber
American
of
is believed
Where,
France, the central banks
in
as
be around 2,000,000,000
to
provide the German occupation armies with cash for
their
the auxiliary
expenses,
22,
Commerce
in
Berlin,
and
showed
total of 14,523,000,000 marks.
a
a
Follow¬
dividend restriction decree on
lively advance occurred in German stocks,
a
the
since
is withdrawn
183,000,000 marks in the note cir¬
of
ing publication of the
June
money
,
.
Reiehsbank's report for June 23
The
opportunities
offered for diluting stock
capital neutralized the high tax rates on dividends
of 6%.
excess
The first Soviet request
announced
worth
materials
several
for United States supplies,
July 1 by Acting Secretary of State
on
Welles, is understood to relate to release
Sumner
of
months
ago,
purchased/ here
$1,700,000
consisting of
machine
tools,
oil-drilling machinery, railway
industrial material.
Much of this equipment,
automobile
and
trucks,
for which export
licenses
were
delayed to avoid its
possible transfer to Germany, is connected with
five-year
program
begun in 1937, as a
steel, electric
industries has
and in the trans¬
and
automotive
If the rich
but vulnerable
petroleum
agricultural, mineral, and industrial
jthe Caucasus (source of
oil) should [fall to the Germans and
9-10 of Russian
Russian armies should succeed in
into central
be
power
already been achieved.
chemical,
portation,
the
expansion
result of which expanded output
of heavy industries
of iron and
the
assets in
The amount of "occupation currency" in
circulation
regions of the Ukraine and
Continental and Other Foreign
control offices to
the limited quantities of
goods available in Russia for purchase by
money.
in
On Mon¬
$4.03@$4.03% for bankers' sight
and $4.03%@$4.03% for cable transfers.
On Tues¬
day bankers' sight was $4.03@$4.03% and cable
transfers were $4.03%@$4.03%.
On Wednesday
bankers' sight was $4.03@$4.03% and cable trans¬
fers were $4.03%@$4.03%.
On Thurday the range
was $4.03@$4.03% for bankers' sight and $4.03%
@$4.03% for cable transfers. On Friday the New
and
cur¬
complicated by peculiarities of the Soviet mone¬
tary system, but owing to
Beferring to day-to-day rates, sterling exchange on
Saturday last was $4.03@$4.03% for bankers' sight
credit office
a
known, and its establishment is expected to
is not yet
be
or
fixed relation to the local cur¬
The ratio between the "occupation marks-?
for the Soviet 'campaign and the Soviet ruble
which bears
British Oceania.
Gold held under earmark at the
has been supplied in the form
expenses
"Reichskreditkassenscheine,"
culation to
201
Turkey
_
personal
contraction
$2,961,180
210,819
i.
♦Chiefly
but the cash needed by the advancing armies
many,
$743
and Coin Shipments-*-
Venezuela
Australia
reichsmarks have not
of
According to
in previous campaigns,
been permitted to leave Ger¬
developed
technique
for
of tax
added strain has been
Reichsbank circulation.
g from circulation.
7,593,753
Refined bullion and coin
Detail of Refined Bullion
the
marks.
the week ended June 25, 1941.
GOLD
on
consumer
gold imports and exports which
of
imposed
rency.
1940.
and meats.
paper,
and loans, so that no
valued at $161,639,000 in
were
were
revenues
rency,
May, compared with $109,853,000 in May,
Russian campaign is reported
from Berlin to have been met months ago out
Canadian primary
Bureau of Statistics on June 23.
The
was
11
of the
Financing
re¬
Action
subject to export control in line with that
of the United
are
still
is
receded somewhat but
dollar
Canadian
The
covered
Financial Chronicle
withdrawing
Russia, vast quantities of supplies would
required, chiefly from the United States, to keep
those armies in the
field.
estimates for 1941, published on
French budget
July 1, show that anticipated total revenues of 68,-
205,000,000 franco are less than
one-third of expendi¬
and will compel resort to public borrowing to
about 60% of the French requirements. Ordin¬
diplomatic and consular officers and employees of
the United States.
Withdrawals up to 1,000 marks
tures,
be made without special
permits. The 1,000-mark monthly allowance is the
total for all members of depositors' families. Ameri¬
can
citizens who have been resident in Germany
ary
(about $400)
a
month
may
"permanently and exclusively" since June 17, 1940
are
exempt from the
action
was
Minister
taken
on
restrictions.
Further reprisal
July 1, when by a decree of
of Economics
Walther Funk, property in
with 25% United
frozen and the companies were
Germany of German companies
States ownership was
required to report by July 4 the extent
ownership.
>V
of American
raise
expenditures of 97,000,000,000 francs and sup¬
plementary credits of 37,600,000,000
costs
francs.
francs for war
134,600,000,000
addition, costs of4the German occupation
public works aggregate
and
In
forces for six
months of 1940
are
given
as
78,000,-
000,000 francs, but the agreement of June 24 between
the Bank of France and the finance ministry increas¬
ing the funds
available for occupation costs from
108,000,000,000
indicates
that
Germany to date
francs.
to 118,000,000,000 francs
occupation payments made to
francs
the
must be nearly 100,000,000,000
With the 9,000,000,000 francs
required for
The Commercial & Financial Chronicle
12
the national sinking
In his
francs.
fund, the total French expendi¬
the current year come to 243,600,000,000
tures for
catastrophe and the Treasury has been able to meet
obligations, should not be allowed to establish any
its
illusion about the
the Nation
on
Peru is nominal at 15.75, against 15.75.
The Mexican
is nominally quoted at 20.70, agai&st 20.70.
peso
budget report the Minister of Finance
"The fact that France has escaped a financial
states:
July 5, 1941
improverishment that was inflicted
during the
of the
course
In order to meet the effects of the
year
1940/'
defeat, the report
EXCHANGE on the Far Eastern countries is quiet.
The Japanese
which has been pegged in
yen,
York
New
since
Oct.
1940 at the New York
21,
equivalent of
23.48 cents,
explanation
July 1 to 23.62 cents.
unit
on
not affected.
was
advanced without
was
Trading in the
According to
recent report
a
points out, the Government had to borrow from the
from
Bank of France 12,000,000,000
Netherlands Indies will discontinue sales of rubber to
francs in May, 10
-
000,000,000 francs in June, and 15,000,000,000 francs
in
Money in circulation reached 208,000
July.
-
000,000 francs in August and 221,000,000,000 francs
On April 13, 1941, the total
by the end of 1940.
circulation stood at 232,000,000,000
A decree issued
on
Singapore,
francs.
all their rubber output to
duration of the war,
trade duties
on
stocks to
Burma road.
National Bank lowered
its discount rate
by Yi% to 2following general
in the open
ease
Confusion
prevail
among exporters
pending further explanation of the June 14 freezing
order
requiring general licenses for transactions with
nationals
of
Continental
the
regardless of where they
European
countries,
doing business.
are
Some
exporters stopped handling orders from Latin Ameri¬
and many other markets
can
of
all
and
customers
Others
obtained.
order until
any
Some exporters are
case
of
a
license has been
applying for licenses
shipments to customers listed in the
British black-list
Particular
determined.
be
applying for licenses on all orders and are
are
refusing to execute
in the
can
of enemy-controlled corporations.
difficulty is encountered in
Latin American accounts,
Spanish and Portuguese
identifying
owing to the prevalence of
By
a
proclama¬
apparently
long
as
is attributed in part to a
as
reciprocal exemption is
statement
cargoes.
bonds in recent weeks
trend
due to the German invasion of
recent
the
over
The suspension is retroactive to June 10
granted to United States vessels and their
away
from the Axis
Russia, reflected in
by Viscount
the
Kano,
a
London
of the Yokohama Specie Bank, that "the
manager
latest political news means that the correct price of
Japanese sterling bonds is between 90 and 100."
In
until the nationality
agents
American factories
supplies to China
war
The steady rise in Japanese
to
as
Burma vessels and cargoes,
speed the flow of
and will continue
market.
continues
the United States for the
inasmuch
July 1, President Roosevelt suspended
on
to
On June 26 the Netherlands
the
that
state
arming allies of the Netherlands.
are
the Secretary
General to request holders of foreign
offer them for sale to the Netherlands Bank.
sources
Japan at the end of 1941 and will deliver practically
tion issued
June 27 in Amsterdam authorizes
reliable
a
recent interview the
Fumimaro Konoye,
German
would not
war
the United States.
maintain
Japanese Premier, Prince
voiced the hope that the Russoinjure Japan's relations with
Emphasizing Japan's desire to
friendly relations with the United States,
Prince Konoye
stated that the tripartite pact between
Japan, Germany, and Italy
and
was
was
defensive in
purpose
designed to keep both Japan and the United
States from involvement in the European war.
Closing quotations for
names.
yen
23.60, against 23.46
were
on
checks
on
Thursday
Friday of last week.
Hongkong closed at 24 9-16, against 24% Shanghai
EXCHANGE on the Latin American countries is
concerned chiefly with events in Argentina.
Stringent foreign exchange regulations
which had
been in effect in that country
years
relaxed
on
for nine
were
at
5.50, against 5.55; Manila at 49.85, against 49.95;
Singapore at 47% against 47% Bombay at 30.31,
against 30.31; and Calcutta at 30.31, against 30.31,
Gold Bullion in European Banks
July 1, when the system of prior import-
modified so as to simplify
exchange procedure and place additional dollar ex¬
THE following table indicates the amounts of gold
(converted into pounds sterling at the
change facilities at the disposal of United States
British statutory rate,
export exchange permits was
Most of the 900 articles previously subject
porters.
to
ex¬
purchase restrictions
may now
be imported into
Argentina without limit.
Reversing the trend of
American trade
first
of
the
in
ihe last three
years,
1941
shows
a
Latin
during the
net
dates of most recent statements,
European markets.
closed
at
were
In
or
is pegged at 29.78.
5.15, against 5.15.
free
market
50%
peso
The Argentine offi¬
The Brazilian milreis
Chilean exchange is
nominally quoted at 5.17, against 5.17.
The Chilean
export peso is nominally quoted at 4.00, reflecting
the reduction ordered
of
the
United
on
May 29 in the cash value
States dollar from
to
25
£
*129,916,501
41,994,000
311,709,184
3,835,150
63,667.000
23,400,000
97,916,000
91,048,000
98,846,000
34,167,000
Denmark
6,505,000
6,505,000
6,555,000
Norway
6,667,000
6,667,000
6,666,000
698,058,627
700,090,707
698,073,791
700.285,757
x.
63,667,000
16,602,000
97,714,000
;
Netherlands
Nat. Belg..
132,857,000
84,758,000
Switzerland
Prev. week.
Note—The
are
pesos.
327,402,052
293,727,299
2,522,000
63,667.000
1937
£
327,294,534
296,116,493
2,481,450
80,520,000
72,588,000
87,323,000
25.232,000
102,265,000
105,377,000
83,597,000
29,151,000
25,821,000
6,540,000
6,548.000
7,442,000
6,602,000
25,232,000
123,436,000
867,724,835 1,032,227,351 1,068,657,477
870,501,876 1,031,000,078 1,013,996,811
In
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,
are
war
regular reports were not obtainable from Spain and Italy, figures for which
as
of April
30, 1938, and March 20, 1940, respectively.
The last report from
France
was received June 7; Switzerland, Oct. 25; Belgium. May 24;
Netherlands,
May 17; Sweden, May 24; Denmark, March 29; Norway, March 1 (all as of 1940)
and Germany, as of June 20. 1941.
»
Pursuant to the Currency and Bank Notes Act, 1939, the Bank of England
statements for March
1, 1939, and since have carried the gold holdings of the Bank
the statement date, instead of the statutory price
of value
On the market price basis (168s. per fine
holdings of £1,884.874. equivaJsnt, however, to only
at the market value current as of
which was formerly the basis
ounce)
about
the
Bank
reported
£953,181 at the statutory rate (84s. 11 Hd. per fine ounce), according to our
In order to make the current figure comparable with former periods
calculations.
as
31
1938
£
*894,761
Sweden
pur¬
corresponding 1940 period.
unofficial
1939
£
242,451,946
3,659,000
63,667,000
17,440,000
97,714,000
132,857,000
86,730,000
41,505,000
Total week.
closed at 23.85, against 23.85.
cial peso
United States
$340,000,000
1940
*953,181
filling defense needs and of offsetting the loss by
Argentine
by
us
comparisons
1941
242,451,946
3,889,500
Italy
than those of the
reported to
(Friday);
:
England
France y
Germany
Spain
The
fine ounce)
of respective
£
strategic materials, made with the double purpose of
more
per
as
corresponding dates in the previous
four years:
The
gain is ascribed to heavy United States purchases of
chases from Latin America at
yesterday
shown for the
Banks of—
the first four months of this year
11%1.
balance of
$69,000,000 in favor of the southern republics.
Latin America of its vital
84s.
principal European banks
special cable
with the United States
four months
bullion
well as with the figures for other countries In the tabulation, we show English
holdings In the above in statutory pounds.
Volume
X
The Commercial & Financial Chronicle
153
Gold holdings of the Bank of Gennany as reported In
1939 and since Include
^deposits held abroad" and "reserves In foreign currencies *
y 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), lnstitu.ed March 7. 1940. there are per British statutory pound about 349 francs; prior
to March 7. 1940, there were about 296 francs per pound, and as recently as Septem,
ber. 1936. as few as 125 francs were equivalent to the statutory pound.
For deta»*
========
Price-control in the form in which it is
be,
currently
Washington, with indifferent and
vary-
instructive and important study.
an
in
the extent
which it is
complex bureaucracy,
our
exclusive
means
characteristic
•
w
To
exercise
whose
first
Supply,
written
so
by
highways
or
bureau
a
and
This
the
ae-
unwritten
of the
one
former pedagogue
a
typically totalitarian
was
agency,
as
an
which
passed into unlamented
desuetude/ the
Recovery Administration.
*
soon
tional
Na-
interesting individual, Mr. Leon Henderson,
significant capacity as the final Federal
who in his
authority
prices acts neither
on
that
Ulcll,
of
DOmt
puniL
when
Wlieil
ui
the
Lilt;
no
Obedience must
con-
candor, that contumacious disobedience
portation
in Washington
appearance
or
facto Office
de
now
is
political officeholder in Pennsylvania,
assistant in the
is
lb
It is true that claims have been advanced,
the
country, and in charge of
minor
11
disregard of any official requirement from trans-
its
prime favorites of the New Deal,
and
Tt
COlltedieU.
ceilings have been proclaimed, there is
fidence
properties
as
the
nrmPpqWl
to enforce the proclamation.
pelled.
last
of
De
the totalitarian
tlie lUlcliiUU Idil
it is impossible to declare with what degree of
unkown
laws
Cannot
UI
admillistradUiiumaua
still be obtained by persuasion, it cannot be com-
tually in potent existence, although it is wholly
the
leilipoicliy
fWpft
from
UeieLL, II UHl
ine
of
cAanat w
of
might be penalized by excluding products priced in
function of the
both
OI
xi
emu
officers
Uiiiceib
extent which is by no
of Price Control and Civilian
to
i
UI1U
fpmriGrai'V
presently centralized in
an
complete,
or
.
nf
dUUlOIliy
llOU,
way
ing degress of success, affords an interesting, and, it
may
LUe
f -
and exaltation
ihuiviuuai
ni1+linritv
formal
Authoritarian Price Control
exercised in
uie
p
View,
of changes, see footnote to this table In Issue of July 20. 1940
;
^.i
fvpP(]om of the individual
fiip
Ui
13
as
"officer of
an
by
in
and
expropriation
engaged
writer
a
carriers
common
in
The
their
New
public
upon
of
plants
and
production,
York
but,
"Times"
of
Sunday remarks with strange naivete, these
penalties
used."
are
"so drastic that they have not yet been
Probably it would be
more accurate to say
that the uncertainties concerning the actions and
reactions of the unused
immense that
weapon are so
the doubt whether it could be operated at all is
supplemented by dread lest its recoil might prove
more dangerous than its discharge.
However that
may
be, the quoted writer proceeds to summarize
the administrative positions in
admirable
simplicity
and
sentence of such
a
such
pervading
signifi-
the United States" whose appointment is constitu-
cance
tionally subject to confirmation by the Senate,
"It is this situation which has led to the conclusion that a law is necessary."
It seems suddenly to have been recollected, even
by the New Deal, that the Government of the United
States is "a government of laws and not of men."
Having failed, despite initial successes in other industries and in dealings ith complaisant individuals
who felt that they had smaller reason to be vitally
as
"inferior officer"
an
within
the
President
has
limited
more
or
the head of
nor
designated by Congress
appointing
some
of the
power
executive
as
department,
adopted and follows, in his attempts at price-
control,
a
procedure that must be unique under any
It begins with something that may
democracy.
perhaps be offically regarded
it rests upon
verbal
or
as
persuasion, because
written appeals for the sub-
mission of the particular producers who are
being
addressed to the administrative
demands
tion
rather
extreme
in
of
are
demands, but these
chiefly supported by voluble exhorta-
vehemently
reinforced
by
threats
of
although indefinite penalties, supposed to be
reserve
and to be
regretfully applied only in cases
persistent contumacy. How far these measures,
dulcet
or
severe, produce results
regulative instinct ; how wise
are
satisfying to the
the esoteric deter-
that it must be repeated.
concerned, in
attempts
to
He
says:
control
the
prices
furniture and automobiles, and several other
of
corn-
modities, without
any sanction from Congress or
consultation of the Legislative Department, it
occurs to some brilliant mentality in the Executive
anJ
that perhaps there may, after all, be convenience
and efficacy in the constitutional system that ineludes a representative legislature as a co-ordinate
an(i> at leas* nominally an independent instrumentality of the Government of separated powers. Pres-
minations of
i(I€nt Roosevelt, therefore, turns,
how
speedily to turn, to Congress and to demand, or
solicit, from its deliberations, if deliberations they
suitability in the delicate matters of
prices in furtherance of which they are utilized;
actually effective they have been made, in advancing the public interest or otherwise; cannot be
learned from any available
are no
ments
such records
public record, for there
except in the propagandist state-
occasionally promulgated to defend
to
or
exploit the novel authority.
"
But when these forms of
persuasion are ineffective
there is another recourse.
In that
case, if the
effort to control is not
abandoned, which may hap-
pen,
the ultimate consequence is
tion of maximum
a
formal declara-
prices for the industry
in current administrative
terminology
a
or
ing" specifically fixing prices to exceed
as
a
German
which
dictator might
say,
which
"verboten."
reads, to those who like authoritarian
and centralization in
a
product,
"price ceil-
is,
All
control
irresistible executive, like
very nice program in which the State is
everything
and
an
wholly efficient and the inividual
is nothing
completely impotent except as an instrumentality to be utilized or discarded at will by the
ma^
he called,
a
or
is
expected
statute that shall fill
more
less completely, the legal vacuum in which the
fical Price-fixing has proven to be inadequate
£ a°cord with his aspirations,
or
of-
to^
For a much longer period, Charles I "attempted
to &overn without his Parliament, and he eventually
*urned to it with far more evidence
encountering an obstinate discontent
which could have
no
of reluctance,
and resistance
similitude when the present Con-
£ress of the United States is addressed by this
coun-
try's Chief Executive, even upon a matter in which the
legislative existence was temporarily ignored. But
*he Stuart Kings were tactless and English Parliaments proud and independent
as
well
as
patriotic,
President Roosevelt desires a price-fixing statute
ancl recommends one, drafted in one of the Executive Departments in conformity with his wishes, to
and
^he Seventy-seventh Congress he is more than likely
to °htain all that he ought to have, or rather more,
executive
authority of the State. But the United
States has not yet reached that
point of submergence
an(i ahout what he desires, although impatience
the inevitable delays of the legislative
at
processes may
The Commercial & Financial Chronicle
14
July 5, 1941
modifications upon which even
must conform, and to conformity with which they
body of representatives containing a highly sub-
be compelled by some honest, law-observing, and
fearless agency, there can neither be freedom nor
the hope of freedom anywhere.
When the existing
unduly magnify the
a
servient
can
majority is pretty certain to insist.
who determine to control even
Dictators
which
laws
the
tails of
the de-
Congress
they demand must either
i si ate
by decree,
they must themselves select the
or
Mr, Roosevelt's price-fixing statute,
passes
which will soon be formulated under his direction,
all the safeguards for the citizen that it may con-
completely abolish legislative bodies and baldly legthey choose to call legisla-
tain, or that may be added while it remains within
tares, as Fuehrer Hitler selects those of his always-
legislative discretion, will be for consideration of
the Federal judiciary.
And the Supreme Court,
members of the bodies
obedient
Reichstag and
of
remains
Napoleon III chose those
as
Senate.
never-recalcitrant
his
of
American
the
with
Therefore, what
legislative
price-fixing without the
to
upon
construe all of its seeming limitations with such
not, even in its present condition of subordination,
establish bureaucratic
of the President's individual appointees
seven
in its membership of nine, can be relied
will
process
favor towards executive control that at least there
cer-
tainity of preliminary and at least partially clarify-
shall be
ing discussion, although it is improbable that the
undue restriction of the administrative
power.
discussion will
approximate to genuine deliberation,
and there will
no
doubt be formal but
no
Political
authoritarian price-fixing is not likely
or
mostly quite
to be, over any large field or any long period, either
unimportant alterations in the adminisrative draft
efficacious or satisfying. In the measure in which
it formally succeeds it may, even at an early date,
submitted to the
first
at
body in which it will be
pretended that it originated.
that
a
statute will almost
the head of the
and
probably
will hold
authority to exercise price-control,
statutory office to be filled only after
a
Senate.
quisite wherever there
discretion
official
of his principal assistants,
one or more
confirmation by the
of
One salutary change
certainly produce is that
re-
be significant exercises
can
and
That ought to be
this
in
instance, in
an
divert
so
curtail supply
or
to work injury far
as
greater than could have resulted from the normal
Sufs|rior
adjustments of demand and supply.
wis-
dom in the Executive Department, envisioning clearly
the difficulties of a future by
no
might therefore regard itself
fortunate in being
as
remote,
means
able to share the responsibilities of such
effort
an
with a vigilant Legislative Department,
extremely delicate and profoundly important field,
its
propriety is unmistakable.
Administrative
the character
Competitive Bidding in Operation
price-fixing partakes obviously of
By Ernest r
legislation and delegations of legislative authority must, to conform to the broadest
.
•
T1
conceivable
Abramb
of
xx-
,
x-
interpretations of
-xx
a
x-x
x-
written constitution
Approximately three months
,
T„
and
.
the Securities
ago
'
Commission adopted
/
.
.
,
Exchange
,
...
,.
rule, which
a
...
which recognizes the three-fold character of govern-
became effective May 7, requiring competitive bid-
mental functions and intends at all their
ding in the issuance and sale of securities of regis-
observe
be
some
fundamental requirements.
forgotten
Court,
the
Justice
leader
separation,
that
it
was
It cannot
unanimous
a
Chief Justice, then
present
Supreme
Associate
Stone, and Judge Biandeis, the idol
of all
x-
•
i
who
i
i
i
call
t
xi
themselves
-rt
x
and
liberals, particix-
patmg, which held that the delegations
-
xi
in
the Na-
xt
tional Industrial
Recovery Act, without statutory establishment of standards ahd determinations of
procedure, amounted to "delegation
fixing,
the
presumably it will under
as
1 resident
incurable
a
and
inflation
in
the
almost
practically irredeemable
Federal
the
run
mad."
If Con-
is to provide for general administrative price-
gress
pressure from
imminent
fear
of
tered electric and
utility holding companies and
In
public statement
a
panying this rule the SEC set out the
j|-8
a(j0ption, primary
,,.
x
which
among
,
xt
mr
accom-
reasons
was
for
its manda-
^
A
t°r'V obligation under the Holding Company Act to
"
...
.
.
f
.
.
see
unities under its jurisdiction obtained
their capital at the lowest cost consistent with a
sound financial structure.
weeks
have
the
specifically invited by
gas
subsidiaries.
their
During the past two
holding company and an operating utility
a
engaged capital through the medium of sealed
an(] jn neither of these transactions—the first
twf> ^ of
paper currencv and vast
,,
.
titive biddi
co
..
,,
rule_AVOuld it
.
aPPcar that the flnancm" utlllty satisfied its comthe* Legislative' 1 I>lete .capital requirements at the lowest possible
expenditures mostly to be met by borrowing,
least
that
can
be
required of
Department is that it shall specifically declare the
cost-
criteria upon
which the administrative regulation
shall proceed and provide for a
hearing and a pro-
four of the security issues
cedure to which each controlled
producer shall be
tests
entitled to resort
as
matter
of
right before he
can
This, of
^
course,
of the rule
,
x
is
a
matter of conjecture, since all
disposed of in the two
actually
were
*
+-
sold
\
competitively,
-x%
,
be bound to submit to the ultimate fiat of the
Gov-
But pr0p°SalS for the ne«otjated underwriting of
era men t.
011 e
The
Fifth
Amendment to
the
Constitution, and
particularly its specification which protects life,
liberty, and property against anything that is not
'
due process of
Carta
and
law," although derived from Magna
essential
to
bill of human rights
any
worthy of
0
,
and
a free people, has become, momentarily
'
-i
'
c"tclAAA.y
temporarily, unpopular and even the democ,
racies incline
strongly to the exaltation
determinations.
land
to
which
Yet without
officers
highest to the lowest,
as
of
well
a
of executive
supreme law of the
government,
as
from
the
the governed people
these issues
were
submitted to the financing
ntiHty, while the "Street" has been quick to appraise
e^ch
is
these issues on a negotiated basis.
evidence
some
foundation to support
or
that the mandatory competitive
jias tended
m
i
more
*
«?
"lack of
.
,
a
belief
bidding requirement
perpetuate than to prevent any
economies m
....
,
to
So there
.
.
,
-
xm*x
\
the raising of (utility)
,
*
,
capi-
1
tal
a c0nd,tl0n lar«ely responsible for the passage
of tlie Holding Company Act.
On June 10 New York State Electric & Gas Corp.,
an
operating unit in the Associated Gas & Electric
Volume
The Commercial &
153
system, invited sealed bids for $35,393,000 first mort-
bonds of 1971 and 120,000 shares of preferred
gage
stock within certain limitations.
No bids for bonds
would be considered which named
a
991/2 for 3%s, while
lower basis than
bids of less than par, as
no
15
Financial Chronicle
that bid, subject only to the sale of
pany to accept
And for another, since the New
the preferred stock.
York Public Service Commission had
approved the
company's hurried appeal for permission to boost
the maximum
preferred dividend rate from 5% to
provided by New York law, would be considered for
514%, it directed the company to invite new bids for
the
the revised
of
preferred shares with
In addition to these limitations, and the
5%.
of the SEC's competitive bidding rule,
pro visions
which
stipulated that
stocks,
ently too
rules
underwriting
bonds within the
sale,
The
company
discovered to
institutional investor and
one
willing to buy the
groups were
wras
interested in paying as much
for the preferred shares
par
Appar¬
sale, for when bids
a
price limitations surrounding the
of them
none
spoil
June 23 the
on
dismay that while
three
as
can
5% stock.
as
unwillingness of underwriters to reach to that
that
ment
betwreen
due
was
In
factors.
several
to
Boston
by the New Deal
of
preferred stock of
ing
utility,
power
far
removed
from
velopment of
electricity
on
odium
than
more
drive
to Associated
though that holding
even
bonds
Gas &
company
substantially in¬
are
Statistically, it is true, the shares
a
a
5% rate, but statistics
are
ap¬
likely
hard time of it in the face of what Wendell
once
one
described
or
as
the
was
stock
the sale of both
was
that
imposed
on
the
com¬
bid for either the
no
while
be
accepted alone, since
needed to meet
capital require¬
011
another
100.07
for
the
And
was
rule, in its
very
when
the
conferees
found that the
emerged
brought the
average
For
of
to approximately 3%% annually.
up
point
a
comparable
for
between the
thing, although
bids should have been invited under the
of June 23
the market
some
the
had
been
new
rule, since
rejected, and although
price of comparable bonds had advanced
three-quarters of
a
point,
011
the average, in
intervening four days, the SEC waived the
re¬
bonds
that
occurred
rejection of all bond bids and the rein¬
statement of the
high bid, which might have enabled
the company to dispose of its bonds on more advantageous terms had new bids been invited, and con¬
sidering only the cost of its preferred stock money, it
would not appear
New York
that the competitive device enabled
State Electric
& Gas
to
all its
obtain
required capital at the lowest cost consistent with a
sound financial structure.
in the
This
mav
be
attributed,
main, to the fact that the mechanics of com¬
petitive bidding do not permit of sufficient oppor¬
tunity for
an
adequate sales "build-up" to overcome
investor resistance.
Because of the unfavorable
Gas & Electric has received
or
of
ment
of its
one
receivership of its
shy
its
even
notoriety Associated
over
the
away
highest executives, and in the
two
top
companies,
soundest
operating subsidiaries.
supply of public
River, which,
end,
may
of
once
on
&
national defense activities
York, seeking
Gas
a
even
be
may
a
market at
any
price, has
range.
though New York State Elec¬
an
efficiently operated utility
structure,
as may
be inferred
a
shade
more
over
than $35,000,000 for 30
years
3% annually, the distribution
preferred shares, largely lacking in appeal to
institutional investors, requires educational
as
sales effort.
as
well
No matter how sound its statistical
quirements of the competitive bidding rule applic¬
position, extinguishment of public antipathy is
able
prerequisite to investor acceptance of utility
to
the
Assurance
bonds, permitting the Equitable Life
Society
to
June 23—104.015 for
interest rate of
some
reinstate
high
3%s, equivalent to
an
bid
of
annual
3.04%—without allowing other
bidders to submit proposals, and
its
directed the
com¬
ferreds.
a
pre-
And, obviously, distribution of this charac¬
ter is time
consuming.
Under the
now
proscribed method of private
nego¬
tiation, during which investment bankers often
sulted
at
willingness of the Equitable Life Assurance
Society to loan it
of its
are
appeal of the preferred shares
sound financial
only
a
the St. Lawrence
private utilities within transmission
.from the
as
power
And it
development of
turn into an unwieldy surplus in up-
Accordingly,
tric
in¬
many
from the purchase of securities of
will be apparent that the proposed
an
past eight years
culminating in the conviction and imprison¬
more,
with
one
cost of the total capital
Disregarding the advance of around three-quarters
competitive bidding
first test, had been mutilated almost
beyond recognition.
those
on
preferred
of the high bid'for its
acceptance
State New
mission.
headed by First
headed by Blyth & Co., bid
group,
not added to the sales
June 27 it
received two bids
group,
5%% preferred, which would have cost
bids, and then hurried into
huddle with the Com¬
One
July 1.
ments, the company rejected the four June 23 bond
a
to
the company 5.1214% annually. Accordingly, since
tlie company disposed of its bonds on a 3.04% basis,
vast
could
increased
5.10% shares, equivalent to a money cost of 5.057%,
vestors
"the general feeling."
of the conditions
by the SEC
pany
de¬
under the direction of the court, the
peared entitled to
Since
for immediate
million horsepower of
a
that still attaches
now
creased.
Willkie
public
And when the threat to
proportions of the selling task
to have
major
the nearby St. Lawrence is added to
control,
system is
any
private utility prosperity contained in the
Administration's "all-out"
Electric
value
par
sizable selling job under
a
present market conditions.
the
$12,000,000
highly regarded operat-
even a
project constitutes
continued
the past eight years,
over
opening.
Corp., submitted the high bid of 100.85 for
engaged
the successful distribution of
elapse
must
rate
State Electric & Gas
New York
antagonism toward privately-owned electric utilities
evidenced
dividend
maximum
the
for the stock
of the
view
days
invitation for bids and their
an
With
10
of
minimum
a
bring the shares into line with market requirements,
shares
level
shares, to be opened not less than two
days later, thereby washing out the rule's require-
"package" bids for bonds
110
lot, would be permitted.
as a
many
opened
were
its
applicable to this financing, the SEC
were
further
and
maximum dividend rate
a
with
con¬
utility companies for many months in
4
The Commercial & Financial Chronicle
Ig
July S, 1941
security offerings, sales forces, advised of
addition to the competitive bidding rule's provisions,
forthcoming issues, had ample opportunity to "iron
the same stipulation made in the New York State
Electric & Gas financing against "package" bids,
advance of
and
resistance
investor
out"
antagonism
toward
specific utilities, thereby paving the way for favorable
reception.
But since
banker
investment
no
competitive underwriting of utility
knows, under
issues, what securities he may have for distribution
sealed bids
until after
opened,
are
no
such "build
Because of these
circumstances, the feeling exists in informed underup" of investor interest is possible.
writing circles that while New York State Electric &
Gas's sale of
5.10% preferred at a slight premium
represents about the best to be expected under com-
petitive requirements, the negotiated sale of perhaps
a
preferred .'would be possible, after
4.75%
"build
But
within the limitations of the competitive
even
bidding rule, it would
better
fared
have
absurd
that this utility might
appear
had
SEC
the
not
imposed its
stipulation against "package" bids for its
bonds and stocks
100.85
for
the
on
"all
an
or
none" basis.
Paying
5.10% preferred, the underwriting
offered the shares for sale at 103%, to yield
group
4.9275%,
securing
thereby
spread of 2.65 points.
been
a proper
up."
5%,
a
underwriting
gross
But if the dividend rate had
4.9275% yield would have required
a
an
and the refusal to accept a bid for one security issue
unless a bid was simultaneously accepted for the
other, the company further directed that the bid
specifying the lowest coupon rate for each issue
would be accepted, without regard to the premium
included in the proposal.
Fortunately, identical coupon rates for each issue
were named by both bidders. The Kuhn Loeb-Smith
Barney group won the bonds
4%s for 100.3375,
as
topping the First Boston-Mellon Securities bid by
approximately a fifth of a point, and offering them
publicly at 102%, to yield about 4.07%. On the
other hand, the First Boston group secured the notes
as 2%s for 100.07, covering the Kuhn Loeb bid by
0.0575 point, and offered the several maturities at
price of 100.637239, to yield from 0.80%
an average
to 3.35%.
It is worth noting, in passing, that this
$12,000,000 piece of business
was
handled at
In view of the meager compensation accruing to
the note underwriters, occasioned in part by the
insatiable demand for high-grade short
offering price of but 101.45, which, in view of the
proved its short-term
underwriting procedure employed.
limited
definite
underwriting
gross
premium of 1.45 points.
had been
spread
the
to
In the event "package" bids
paper,
it
unlikely the Philadelphia Co. could have im-
seems
statutory prohibition of sales below par, would have
the
a gross
margin of $68,069.
reason
cost, regardless of the
money
But there
is
for believing it could have secured
cheaper bond money through negotiation.
For
one
com-
thing, Philadelphia and Pittsburgh buyers, familiar
pany's bonds have handled its preferred shares for
with the borrower's activities and credit standing,
that
permitted, would underwriters of the
money?
It
considered the bonds worth
y':
entirely probable.
a
3.85% basis.
And for
In the first place, all
another, few comparable issues have been under-
four of the bond bids of June 23 indicate the belief
written in recent years, nor are many outstanding
seems
that
3%,
basis,
shade above,
or a
though
even
"keeps."
one
was
the proper offering
of the bidders
definitely indicated
bid
approximately 1% points off
attractive
commission
institutional
window."
bonds
a
quality
an
a
bonds
of
and
likely
3% basis,
to
was
that removal
a
on
the
the stock, the record
gives credence to the belief
of the restriction
against "package"
its total capital requirements
over-all cost than the
The second
on
"out
point of the bond spread would be
probably would have enabled the
mediate
go
roughly three times that of the stock
tenth of
engage
an
demonstrated
Accordingly, since the face value of the
of bids at the two sales
came
interest in the preferred,
for
equivalent to three tenths
bids
buying for
In the second place, the two bidders, who
had
and
was
test
a
lower
separate sales.
of the
among
ing their attractiveness.
Apparently,
then,
had
time been available to educate prospective buyers,
time which banker negotiations would have provided, Philadelphia Co. probably would have been
able
dispose
to
of 4s
at
the
same
approximate
premium.
In
one sense
investors in securities below institu-
tional grades would
to have benefited from
appear
competitive bidding, since it has resulted
so
the under-pricing of this class of issues.
But, con-
far in
versely, the utilities have suffered from failing to
as
probably
the
banking
fraternity have been somewhat restricted.
company to
at
today, which resulted in much confusion
small dealers, banks and rating bureaus in apprais-
get a proper price for their issues.
In fact,
intended,
the
underwriting
fees
And
of
competitive bidding rule
aside from investors in second-grade utility issues,
24, when Philadelphia Co., an interholding company in the Standard Gas &
the only winners in this competitive bidding raffle
June
Electric group, opened bids for
trust bonds of 1961 and
The
$48,000,000 collateral
$12,000,000 serial notes.
In
would
appear
Division.
are
to
be
the
SEC's
Public
Utilities
Bright little boys, bristling with theories,
having lots of fun teaching Grandma to spin.
Capital Flotations in the United States During the Month of June
and for the Six Months of the
Calendar
Year 1941
Corporate financing through the capital issues market in
June aggregated
$203,857,159, somewhat less than the
railroads accounted for $51,235,000,
$260,976,300 recorded the previous month and the
285, fell into our general classification, "Other industrial and
about $238,000,000
average
of
during the first five months, but nearly
double the $111,247,808 tabulated in
June, 1940, which was,
however, the smallest amount issued in any month last year,
New
capital
issues
included
in
last
month's
aggregate
amounted to
$90,466,785, the highest monthly total in this
classification since August, 1938, with the
exception of
November, 1940, when the new capital total was bolstered
by the $140,000,000 debenture issue of the American Telephone & Telegraph Co.
Equipment issues of the Nation's
June's n6w capital total,
manufacturing."
or
more
than half of
and most of the balance, $29,454,-
Among the miscellaneous types of
cor-
porate entities in this group, several took relatively minor
portions of the total, but more than half of the amount went
to the International Paper Co.
The first completed deal under the competitive bidding
regulation of the Securities and Exchange Commission
was
carried out last month by the Philadelphia Co., subsidiary
of Standard Gas & Electric
Co., which sold through
a
public
offering $48,000,000 4^% collateral trust and sinking fund
Volume
Electric & Gas Co. had called for bids on
bonds and preferred stock, just
undertook its financing,
nearly a third of the
month's corporate total.
The June private figure repre¬
sented an increase over May both in amount and in percent¬
proposed issues of
before the Philadelphia Co.
but when
bids
no
were
made for the
issues
again called for
were
July 1,
on
on
$58,886,500 and represented 23% of the whole.
More
three preceding months.
represented new
of the
than any
of
two-thirds
than
the
aggregate
this
total was
indebtedness, the largest proportion in that category
banking syndicate and the bonds to an insurance company.
Philadelphia Co., only four other cor¬
In addition to the
,
Municipal financing last month totaled $84,422,818, con¬
siderably less
which date the
successfully disposed of, the preferred stock to a
were
totaled
of the total; in that month private transactions
age
preferred stock issue, no award was made of either issue.
The terms of the preferred stock were made more attractive
and bids
month had
private sales of corporation securities last
aggregate value of $65,806,000, or
an
The New York State
for refunding purposes.
were
All
the total proceeds
bonds and $12,000,000 2%% serial notes,
of which
17
The Commercial & Financial Chronicle
153
In May, in fact, the preponderance of the
year.
kr;..;vi> ■
e«;r"
porate enterprises
for
June's
figures since January,
1939, showing the different monthly amounts of corporate
financing as revised to date.
Further revisions of the 1941
figures will undoubtedly be necessary from time to time,
particularly as additional private financing is brought to
light in annual reports and other places.
borrowed amounts over $10,000,000 in
These were the New York Central
RR., $15,000,000; the Southern Ry., $11,250,000; Southern
Natural Gas Co., $13,000,000, and International Paper Co.,
capital market.
$26,500,000.
The total amount involved in these issues was
/
divided about equally
kets.
between the public and private mar¬
xi'er
.
Xv-XXx
SUMMARY OF CORPORATE
refunding
Below
FIGURES BY MONTHS,
.
^
*1939
Total
Refunding
New Capital
Total
Refunding
New Capital
-1'
1940 AND 1939
1941,
*1940
*1941
New Capital
purposes.
present a tabulation of
we
Total
Refunding
$
$
35,469,718
137,994,832
173,464,550
5,926,032
10,386,300
46,004,059
211,341,581
257,345.640
23,833,072
58,179,191
136.115,000
48,688,660
16,312.332
159,948,072
106,867,851
283.128.255
86,634,370
115,287.655
324,316,342
258,561,870
201,922,025
31,527,491
103,799,050
135,326,541
171,112,817
613,687,420
784,800,237
113,001,268
453,135,463
566,136,731
87.938.295
195,189,960
39,469,665
107,180,735
59,175,210
192,497,442
78,200,042
21,740,443
31,241,064
181,769,350
January
271,387.665
227,012,100
52,928,677
February
31,549,770
March
;
■
First Quarter...............
161,502,000
259,969,392
183,242,443
251,798,424
283,039,488
63,874,177
197,102,123
146,650,400
260,976,300
90,466,785
113,390,374
203,857,159
89,787,130
9,771,328
101,476,480
251,672,652
174,067,430
111,247,808
193,810,627.
417,673,232
611,483,859
158.733,668
378,254,222
536,987,890
131,181,549
595,069,774
726,261,323
790,259.734
1,009,379,678
180.669.959
230,373,325
343,357,486
May.........................
Second quarter..............
84,280,300
271,734,936
831,389,685
1,103,124,621
219,119,844
July
49,833,450
242,447,950
292,281,400
67,938,134
112,893,538
180,831,672
68,006,465
65.594,785
133,601,250
49,703,366
25,894,844
16.019,150
317,462.641
August
September
80,196,000
96,214,160
Third quarter............
185,778,049
420,936,273
606,714,322
91,617,360
578.327,600
669.944,960
Nine months....
457,512,985
1,252,325.958
1,709,838,943
310,737,204
1,368,587,334
1,679,324,538
47,728,100
345,346,770
393,074,870
168,943,139
93,942,646
262,885,785
334,579,682
396,778,240
20,297,396
21,640,375
30,778,067
157,474,063
90,834,833
195,817,168
112,475,208
226,595,215
1,396,284,096
1,031,360,652
364,923,444
Six months.................
...
October....
November....................
62,198,558
December
177,771,459
Fourth quarter..............
278,869,797
773,869,098
1,052,738,895
72,716,828
444,126,054
516,841,882
Twelve months.............
736,382,782
2.026,195,056
2,762.577,838
383.453.032
1,812,713.388
2,196,166.420
•Revised.
NOTE—In addition to revisions already noted
in previous issues of the "Chronicle," the
LONG-TERM
Classification /
Month
Add
1941
Jan., 1941
Feb., 1941
Mar., 1941
Jan.,
Add
Add
:
Add
Deduct
Mar., 1941
1941
Deduct
Apr.,
Add
Mar., 1940
-
Roman
*10.000.000
1,650,000
1,000,000
Other Ind. & Mfg.
Other Ind. & Mfg.
Apr.,
Equipment Mfg.
Public Utility
Add
1940
1940
May, 1940
May, 1940
July, 1940
July, 1940
Add
July,
1940
Public Utility
Aug., 1940
Sept., 1940
Public Utility
*1,400,000
Add
Sept., 1940
Public Utility
*600,000
Add
Sept., 1940
*1,830.000
Add
Add
Add
Add
/
-
*144,000
Public Utility
*500,000
Public Utility
*470,000
Bridgeport Hydraulic Co. 1st mtge. 3% bonds, series J,
La Crosse Telephone Corp. 4% 25-year bonds, 1965..
Public Utility
*500,000
Miscellaneous
*3,500,000
Public
Kaufmann
1940
Add
Nov., 1940
Public Utility
Dec.,
1940
Miscellaneous
*1,500,000
Dec., 1940
Public Utility
X
Oct.,
Add
Refunding
Refunding
New capital
-
See
—
324% bonds, 1965
Ohio Cities Water Co. 324% bonds, 1965
Marlon Water Co.
324s, 1965—
324% bonds, series B
Tri-County Telephone Co. 324% 1st mtge. 25-year bonds
Arden Farms Co. 10-year 4% serial notes, due 1941-1950
Ashland Home Telephone Co. 1st mtge. 424% s. f. bonds, 1965.:
Refunding
Refunding
-
New capital
Wabash Telephone Co.
*450,000
*743,000
See
Public Utility
*300,000
Bangor Gas Light Co. 1st 4 24%
Dec.,
1940
Public Utility
*100,000
;i. — --
Refunding
New capital
Portage Water Co. 1st 5% bonds.
Add
Dec.,
1940
Other Ind. & Mfg.
*500,000
Rheem Mfg.
Add
Dec.,
Public Utility
*292,000
'X
Add
1940
Dec., 1940
Add
"X ■r.-
Co. sink, fund 5% debs., 1948
San Jose Waterworks 1st 324s-.......i———
Wood Preserving Corp. 1st mtge.
Mfg.
*4,000,000
Other Ind. & Mfg.
*$1,725,000
*14,000,000
Other Ind. &
SHORT-TERM BONDS AND
I,
Add
1940
1940
July,
Add
July,
*
Oil
Indicates Issues placed
privately,
c
New capital,
Kendall Co. 224% serial debs.,
New capital
.......
New capital
Refunding
4s, 1950
NOTES
Refunding
Refunding
1941-45
Standard Oil Co. (N. J.) 12*% serai notes,
$244,000; refunding, $1,456,000.
c
See d
Refunding
bonds
Dec., 1940
Add
e
Refunding
Refunding
-
-
-
United Telephone Co. of Pa. 1st mtge.
*1,700,000
Add
Refunding
New capital
—
Peoples Telephone Corp. 1st mtge. 324s, 1965
Inland Telephone Co. 1st lien coll. trust 424s
*700,000
Utility
324 % bonds
& Baer Co. 1st mtge. 4% bonds, 1960
capital
New
1970
Iowa Water Service Co. 1st mtge.
Public Utility
Public Utility
Add
-
serial debs., 1942-51
—
.......
Corp. 2% equip, trust ctfs., 1941-46
General American Transportation Corp. 2% equip, trust certificates, 1941-1950.
Williamstown Water Co. 4% bonds, due 1965
——
Poor & Co. 2-324%
*700,000
Add
Add
Refunding
Refunding
Refunding
New capital
General American Transportation
*1,000,000
*5,250,000
Equipment Mfg.
Refunding
New Capital
Capital City Water Co. 1st mtge. 32i% bonds
Cuneo Press, Inc., 2^-223% serial debs., 1942-49
*600,000
Public Utility
of Proceeds
New capital
2*% bonds.
Corp. 2% promissory notes, 1946-48
Catholic Archbishop of Detroit 324% 12-year s. f. notes, due 1953
General American Transportation
*3,498,000
Equipment Mfg.
Land, Buildings, &c.
Allocation
of Issue—
California Public Service Co. 1st mtge. 4
*$140,000
Apr.,
Add
Name
Amount
,
Public Utility
following changes have been made:
BONDS AND NOTES
1943-1944....
$1,325,000.
d New capital. $175,000; refunding,
e
New
capital, $100,000;
refunding, $600,000.
was
.
The
six
Results
months
deavor to build up
high
just
the Half
concluded
Year
was
a
as
period of high
the nation's defenses to a level, at least
that of the Axis powers and, at the same time,
provide material aid to Great Britain.
Plant expansion
in a number of industries has naturally attended this program,
to
but
has
money
not
resulted
in
a
proportionate increase in new
borrowing by corporations, in the capital market.
capital purposes
have aggregated $364,923,444, somewhat greater than the
small volume brought out in the like periods of 1940 and
1939, but only about equal to 1938 and less than half 1937.
Compared with the first six months of 1940, there was an
increase of $93,188,508 in new capital taken by corporations,
During the period corporate issues for new
but the railroads alone increased
in the
same
period, and
their share by $110,319,602
public
utilities
Other industries had various increases
is obvious from
by $30,907,714.
and decreases but it
the railroad and utility figures
little
room
for increase in those
industries directly con¬
cerned with defense manufacture.
activity, based entirely upon the national en¬
industrial
as
for
that there
Whereas the
expansion in business activity has failed to
materially affect corporate borrowing, it has brought about
considerable increases in financing operations of the Federal
Government and the
As
noted
in
Reconstruction Finance Corporation.
this article, the
aggregating $3,336,561,151
compared with $783,702,243 in the
greater detail elsewhere in
Treasury borrowed new money
in the first half year,
opening half of 1940 and $470,385,883 in the same period of
1939.
The RFC in the first six months of the year borrowed
an
additional
tion's
$1,005,488,000 new money.
activities
now
The Corpora¬
plant
providing funds for
include
expansion and building up stock piles of raw materials, which
in more normal times would be operations to be performed
:C'\
half year
aggregated $1,031,360,652, compared with $831,389,685
in the same period of 1940; the half year's refunding was
in the greatest volume of any comparable period since 1936,
by private enterprise.
Corporate
■■.
.v.
e
refunding operations in the first
the
in
July 5,
The Commercial & Financial Chronicle
18
first
six
months
which
of
APRIL
refunding issues totaled
13,265,000 Central Hudson Gas & Electric Corp. 1st mtge. 3s, 1971
(refunding).
$2,121,163,258.
Municipal financing in the half
878,244,
when
amounted to $606,-
year
22,000,000 Koppers Co. 1st mtge. A coll. trust 3Ms. 1961 (refunding).
8,000,000 Koppers Co. 2% serial notes, 1941-47 (refunding).
little greater than in the same period of 1940,
a
$550,806,409
periods somewhat
floated by
was
this
10,000,000 Sun Oil Co. 2M% debs., 1951 (refunding and working
In both
group.
12,500,000 Swift & Co. 2M% debs., 1961 (refunding).
than half the total represented new
more
MAY
During the first half of 1941
first
foreign issue of
the
to date.
flotations
of the
European
In recent years, even
were
not
capital market.
the
we
war
prior to the
50,000,000 Firestone Tire & Rubber Co. 20-year 3% debs., 1961 (re¬
funding and new capital).
foreign
war,
19,519,000 Louisville Gas & Electric Co. (Ky.)
cum. pref.stock,par $25
(refunding).
-i
show the volume of corporate
1940
1939...
1936
$14,517,271
124,821,590
92,089,240
45,166,731
50,229,838
946,379,578
29,962,725
314,457,663
5,133,595
235,811,457
83.830,672
1,789,410,620
2,545,747,098
6,079,000
569,484,800
148,565,526
536,909,000
1934
1933
26,496,800
171,455,100
195,705,200
1932
238,853,800
*
Total
AND
FOREIGN
Bonds and Notes
26,096,485
17,413,278
217,443,478
4,194.220
249.823,295
CORPORATE
ISSUES—JAN.
2,908,800
Preferred Slocks
1
TO
JUNE
Common Stocks
$1,237,742,300
$144,024,525
30
prised
an
124,821,590
45,166,731
1939
867.060,500
92,089,240
50,229,838
$1,396,284,096
1,103,124,621
1,009,379,578
1938
643,868,695
29,962,725
5,196,095
679,027,515
1937
1,239,141,500
314,457,663
235,811,457
1936
2,351,350,900
83,830,672
1935
.536,909,000
148,565,526
26,496,800
1,789,410,620
2,583,747,098
1934
172,655,100
2,908,800
26,096,485
197,305,200
4,325,000
17,413,278
219,043,478
1932
238,853,800
6,775,275
4,194,220
249,823,295
6,079,000
569,484,800
Large Domestic Corporate Issues During the Half Year
such
the
recorded
124
raised
the
in
increase
issues
period just ended.
theses) the
principal issues of securities placed dur¬
of 1941, giving at the
purpose
same
time (in
paren¬
of the issue:
were
sold
earlier
periods
equip, trust certificates,
12,570.000 Union Pacific RR. 1 M% equip, trust certificates, due 19421956 (new equipment).
20,000.000 Bell Telephone Co. of Pa. 1st &ref. 2%si 1976 (refunding).
12,000,000 Consolidated Gas El. Light & Power Co. of Bait. 1st &
ref. 2%b, series Q, 1976 (refunding).
50,000,000 Illinois Bell Telephone Co. 1st mtge. 2Ms. series A, 1981
(refunding and new capital).
15,900,000 Philadelphia Suburban Water Co. 1st mtge. 3Ms, 1971
(refunding).
1,500,000 Philadelphia Suburban Water Co. 10-year (0.38%-2M%)
notes (refunding and working capital).
11,500,000 Southern Counties Gas Co. of Calif.
1st mtge.
3s, 1971
(refunding).
1961
(re¬
20,000,000 Phillips Petroleum Co.
working capital).
1M% debs., 1951
(refunding and
15,000,000 Phillips Petroleum Co. serial (0.25%-l.90%) notes, 19411951 (refunding).
Union
Oil
Corp.
serial
(0.375%-2.50%)
notes,
(refunding).
15,000,000 Shell Union Oil Corp. 20-year 2M% debs., 1961 (refunding).
12,000,000 Panhandle Eastern Pipe Line Co. 1st mtge. & 1st lien
3s, series B, I960 (refunding).
6,250,000 Panhandle & Eastern Pipe Line Co. 1st mtge. & 1st lien
(1.65%-2.30%) bonds, series A, 1946-1950 (refunding),
5,000,000 Panhandle Eastern Pipe Line Co. serial (0.75%-1.50%)
notes, 1942-1945 (refunding, corporate purposes).
a
half-year period
1940
';
v
private transactions in the first six months
a new
private deals
high, of 35.3%,
Following is
high mark.
were
corpora¬
was
In the final six months of
30.6% of the total and the previous
recorded in the last half of 1939.
list of all private issues which
a
corded in the first six months of 1941,
mary
of the figures for the past several
Addressograph-Multigraph Corp.,
$2,000,000 (May).
Albuquerque
1st mtge.
we
have
together with
re¬
a sum¬
years:
15-year 3%
Gas & Electric Co.,
$3,000,000 (June).
sinking fund debs.,
bonds, 3M%
series,
1956,
1966
Alton Water Co., 1st mtge. 3M % bonds, 1966, $1,100,000 (Feb.).
American Barge Line Co., 1st pref. mtge. serial bonds, 1942-1951, $250,000
G-10, bonds, due 1942-1951
Co.
1st
mtge.
3Ms,
1971
(re¬
.
13,200,000 Wisconsin Public Service Co.
stock, par $100) (refunding).
(132,000 shs. of 5% pref*
MARCH
20,000,000 Pacific
1st mtge. 3s, 1971
discharge
Gas & Electric Co.
(corporate purposes).
1966, $200,000
Associated Telephone Co., Ltd. (Calif.), 1st mtge. bonds, series B, 3M%,
1969, $1,368,000 (April).
Atlanta Gas Light Co., 3M% gen. mtge. bonds, 1961, $2,200,000 (March)4
Bell Telephone Co. of Pa. 1st & ref. 2 M %
Birmingham
(March).
Gas
Co.,
1st mtge.
Brunswick
Pulp & Paper
$2,600,000 (June).
Co.,
bonds, 1976, $20,000,000 (Jan.).
bonds,
1st
3%%
mtge.
series,
serial
1971,
$5,850,000
(0.50%-3.50%)
bonds*
Bryant Paper Co., 1st mtge. 4M% bonds, series A, due serially, 1947-56,
$1,000,000 (June).
Water
Co.,
1st
mtge.
bonds,
series A,
3M%,
1971,
$1,000,000
(May).
California Packing Co.,
(May).
2M% debs., 1942-1956, $7,500,000 (May).
California Public Service Co., 1st mtge. 4M% bonds, $140,000 (Jan.).
Capital City Water Co., 1st mtge. 3M% bonds, $600,000 (March).
Central Electric & Telephone Co., 1st mtge. & coll. 3 M% bonds, series B,
1966, $5,000,000 (March).
Central Hudson Gas & Electric Corp., 3%
000 (April).
Central Maine Power Co., 3M%
1st mtge. bonds. 1971, $13,265,-
1st & gen. mtge. bonds, series L, 1970,
Central New York Power
Corp., gen.
mtge.
bonds, 3M%
pref. stock, par
open account
1st
&
ref.
3s,
indebtedness).
series
J, 1970
16,000,000 Public Service Co. of Oklahoma 1st mtge.
3Ms, series A,
1971 (refunding).
8,350,000 Public Service Co. of Oklahoma (83,500
shs.)
stock, par $100 (refunding).
30,000,000 Wheeling Steel Corp. 1st mtge. 3Ms, series
B,
funding)
1965,
bonds, series D, 1966,
$400,000 (Feb.).
(additions, Ac.).
cum.
series,
$5,000,000 (Jan.).
Central Ohio Light & Power Co., 1st mtge. 3M%
20,240,300 Ohio Power Co. (202,403 shs.) 4M%
$100 (redeem pref. and
Armstrong Water Co., 1st mtge. bonds, series A 3M%,
(May).
$1,250,000 (Feb.).
10,000,000 Roman Catholic Archbishop of Detroit 3M% sinking fund
notes (refunding).
15,000,000 Ohio Power Co.
debs., 1950, $2,500,000 (May).
Cairo Water Co., 1st mtge. bonds, 3 M%, series B, 1971, $400,000
(refunding).
11,000,000 Chesapeake & Ohio Ry. ref. & impt. bonds (2%-2.90%)
series G-ll to G-25, due 1956-66
(refunding).
11,418,000 Monongahela Ry. 1st mtge. 3 Ms, series B, 1966 (refunding)
10,900,000 New York Central 1%% equip, trust ctfs. (new
equipment)]
101,271,000 Georgia Power Co. 1st mtge. 3Ms, 1971 (refunding).
26,500,000 Wisconsin Public Service
funding)
American Rolling Mill Co., series A 3%
Butler
Chesapeake & Ohio Ry. ref. & impt. bonds (0.35%-l.90%)
5%
pref.
1966
(re¬
.
10,000,000 Sun Oil Co. 2M% debs., 1951
(refunding).
15,000,000 Commercial Investment Trust Corp. 2% notes, 1951 (cor¬
porate purposes).
14,899,100 Philip Morris & Co., Ltd., Inc. (148,991 shs.),
4M% cum.
pref. stock,[par $100 (payjbank loans,
construction, Ac.).
until this
up
V
Buffalo Niagara Electric Corp., 2M% debs., 1951, $7,200,000 (April).
FEBRUARY
to
does the number of
American Rolling Mill Co., 0.50%-2.60% serial debs., $5,000,000 (Jan.).
.
series G-l
our
marked
(May).
28,000,000 Jones & Laughlin Steel Corp. 1st mtge. 3Ms.
funding)
$13,800,000
as
so
represented 37.7% of the total raised by
too, represents
$11,925,000 Pennsylvania RR. series L 1 % %
due 1942-1956 (new equipment).
1942-1953
The total
also the great¬
tions through sales of their securities in the period, and this,
JANUARY
10,000,000 Shell
issues
privately for $507,580,385, both of which
-
1941
six-
no
During the last six months of 1940, 92
the largest for
were
The volume of
of
was
began, but does not represent
the
over
individual issues.
figures
started
we
through the medium of private sales since
records of these deals
an
Since
near as many
involved, $518,812,300,
com¬
is evidenced
as
separately, in 1937,
period has produced anywhere
amount of money
est
below.
appears
transactions
year.
ing the first half
(re¬
1956
3Ms,
ref.
gen.
security sales during the first half of 1941
201,660,385
1933
&
imposing list of individual issues,
tabulate
to
months
Total
$14,517,271
933,136,300
list the
1961
serial notes
trust
Private Sales of Securities in the Half-Year
Private
as
1941
we
coll,
26,500,000 International Paper Co. 1st lien
(refunding, new construction, Ac.).
200,460,385
4,325,000
6,775,275
1940
Below
2%%
13,000,000 Southern Natural Gas Co. 1st mtge. pipe line sinking fund
3Ms. 1956 (refunding).
$1,396,284,096
1,103,124,621
by the presentation which
DOMESTIC
sinking fund 4Ms,
trust
678,965,015
1,239,141,500
2,313,3.50,900
...
1935
Co. coll.
funding).
Common Stocks
643,868,695
1937
june
•
12,000,000 Philadelphia Co. 1-10-year
1942-51 (refunding).
$144,024,525
804,060,500
1938
5%
11,250,000 Southern Ry. 2% equip, trust certificates, 1942-1951 (new
equipment).
"
TO JUNE 30
Preferred Stocks
$1,237,742,300
933,136,300
*...
1
(780,792 shs.)
15,000,000 New York Central RR. 2M% equip, trust certificates, 19421951 (new equipment).
48,000,000 Philadelphia
CORPORATE ISSUES—JAN.
.
.
past 10 years; the second table includes foreign
Bonds and Notes
1941
trust, certificates,
equip,
,
corporations:
DOMESTIC
2M%
15,825,000 Union Electric Co. of Missouri (150,000 shs.) $4.50 pref.
stock, no par (refunding).
and the only
by types of securities brought out in the first half
of each of the
Co.
80,000,000 Union Electric Co. of Missouri 1st mtge. coll. trust 3Ms,
1971 (refunding).
•V
•
In the tabulations below
issues
was
important factor in the American
an
Pacific
1942-1956 (new equipment).
This
kind brought out in the American
any
start
14,625,000 Southern
the Republic of Panama
$4,OCX),(XX) refunding bond issue.
a
market since
one
cap.).
12,500,000 Swift & Co. serial (0.35%-2.05%) debs., 1942-51 (refunding).
money.
floated
1941
Chesapeake A.Ohio Ry., ref. A impt. bonds, series G 1-G 10, 0.35%-1.90%,
1942-1951, $6,490,000 (Feb.).
Chicago & North Western Ry.,
1942-1951, $5,400,000 (Feb.).
Cincinnati Union
1M%
Terminal Co., 2.60%
equip,
trust
certificates, serial,
30-year bonds, 1971, $3,000,000
(March).
Citizens Water
Co.
of
Washington,
Pa.,
1st mtge.
3M%
bonds,
1966.
$2,000,000 (Feb.).
Commercial Investment Trust Corp., 2% notes, 1951, $15,000,000 (Mar.).
Commonwealth Water Co., 3M % 1st mtge. bonds, 1965, $5,010,000 (Feb.).
Consolidated Gas Utilities Corp., 1st mtge. s. f. bonds, 4% series A, 1956,
$6,500,000 (April).
Consolidated Gas Utilities Corp.,
10-year 5% debs., 1951, $900,000 (Apr.).
Copperweld Steel Co., 4% 1st mtge. bonds. 1956, $3,000,000 (May).
Cuneo Press, Inc., serial debs., 1942-1949, $1,650,000 (Jan.).
Volume
The Commercial &
153
(June).
Sun Oil Co. 10-year 2M % debs., 1951,
Sun Oil Co.
Denver & Rio Grande Western RR., 2%% trustees' certificates, series
H,
$10,000,000 (March).
2\i% debs., due 1951, $10,000,000 (April).
Terre Haute Gas Corp., 1st mtge. 4%
15-year s. f. bonds, 1956, $720,000
(June).
1946, $5,000,000 Uan.).
1942-1951,
Detroit Toledo & Ironton RR.f 1 \i% equip, trust certificates,
$1,150,000 (Feb.).
Texarkana Water Corp. 1st mtge. 3M%
Texas Gas & Power Corp., 1st mtge.
East St. Louis & Interurban Water Co.,
1st mfcge. bonds, 3H% series B.
1971, $7,500,000 (May).
A, 1966,
(April).
Elgin Joliet & Eastern Ry.f 1% equip, trust ctfs., 1942-1951, $2,900,000
(Jan.).
Ellwood Consolidated Water Co.,
bonds, 1966, $250,000
1st mtge. 3H%
(May).
bonds, 1966, $1,100,000 (Feb ).
4% bonds, $350,000 (June).
Texas Gas & Power Corp. common stock,
Texas Water Co.
East Tennessee Light & Power Co., 3H% 1st mtge. bonds, series
$4,800,000
19
Financial Chronicle
Deming Ice & Electric Co., 1st mtge. bonds, 3H% series, 1966, $300,000
1st 4Ms, series
$166,000 (June).
A, 1965, $350,000 (Jan.).
Tuscon Gas Electric
Light & Power Co. 1st mtge. bonds, 3H % series, 1966,
$3,500,000 (June).
Union Pacific RR., 1M% equip, trust ctfs., series
F, 1942-1956, $12,570,000
(Jan.).
United Telephone Co.,
(Ind.), 1st mtge.
Inc.
f. 3M% bonds, series A,
8.
1965, $1,975,000 (Jan.).
(Apr.)*
Florida Power Corp., 1st mtge. 4% bonds, series C, 1966, $1,000,000
Florida Power Corp. 3M% serial debs., 1941-1955, $2,000,000 (Apr.).
Florida Telephone Corp.,
1st mtge. 4% bonds, serial, 1942-71, $750,000
(June).
,
•
,
Victor Products Corp. 5% s. f. deb. notes, series A, 1945,
West
American Transportation Corp. 2%
$3,498,000 (Jan.).
General
promissory
notes,
1946-48,
$54,500 (May).
Virginia Electric & Power Co. 3Vs% 1st & ref. mtge. bonds, series C, 1971,
$3,000,000 (Feb.).
1st mtge. 3M% bonds, series due 1966,
Co.
Service
Virginia Water
$500,000 (March).
Westmoreland Water Co. 1st mtge. 3tf% bonds, series A, 1966,
General Finance Corp., 4% debs., 1946, $500,000 (June).;
$2,775,000
(March).
Georgia Power Co., 1st mtge. bonds, 3H % series 1971, $101,271,000 (Feb.).
Glen Rock Electric Light & Power Co., 1st mtge. bonds, 3 M % series,
1966,
$325,000 (March).
Ry.
Wheeling & Lake Erie
$800,000 (May).
1H%
equip,
ctfs., serial,
trust
1942-1951,
Wichita Water Co. 1st mtge. bonds, series X,3%%, 1971, $3,000,000 (May)
(W. F.) Hall Printing Co., serial debs. (aver. int. rate 2.04%), 1941-50,
$1,800,000 (June).
Williamsport Water Co. 1st mtge. bonds, series X,3%%, 1971, $2,400,000
(May).
CORPORATE
PRIVATE
(W. F.) Hall Printing Co. 10-year 2%% s.f. debs., 1951, $1,200,000 (June).
FINANCING
Holly Sugar Corp. 3H% 1st mtge. bonds, 1951, $3,750,000 (June).
Illinois Bell Telephone Co.,
000 (Jan.).
1st mtge. 2H% bonds, series A, 1981, $3,750,-
Inland Steel Co., \ \i% serial notes, 1941-1946, $7,000,000
International Paper Co.,
$2,000,000 (May).
;
3}4%, 1971,
1942-1951,
Volume
Keystone Telephone Co. of Philadelphia 1st mtge. 3H% bonds, series A,
1965, $8,000,000 (Jan.).
Vegas Light & Power Co., 1st mtge. bonds, 3H % series, 1966, $225,000
(June).
Lexington (Ky.) Telephone Co.
$1,800,000 (April).
Louisiana Ice & Electric
Volume
Inc., 2?^% serial notes, 1942-1946, $190,000
1 %% equip, trust ctfs., 1942-51, $4,970,000
1st
of Illinois
Co.
Telephone
$200,000 (March).
Co.
mtge.
3XA%
bonds,
1966,
of
Illinois
3%
debs.,
serial,
1942-1950,
-//Av'''/.1..
Valley Canning Co., sinking fund 3\i% debs., 1956, $1,000,000
(June).
(April).
Service
Co.
1st
mtge.
bonds,
A,
series
4%,
1956,
s.
f. debs., series B, 1953, $600,000
.
Mock Judson Voehringer Co. 2% s. f. debs., series A, 1944, $150,000
the
half-year
Dallas, Tex., 1st mtge. 4%
1957, $900,000 (Jan.).
New York Central RR., 1%% equip, trust
(Apr.).
bonds, due monthly to
law
a
defense
raised the
in importance
trust certificates,
r
series
■
B,
1942-51,
..v.
v.
.
serially 1 to 10
yrs.,
$3,000,-
under
Only
last
permitting the RFC to create new
securities
The same bill
collateral.
as
Corporation's borrowing
power
by $1,500,000,000.
During the first six months of 1941 the RFC sold over
sents
new
indebtedness.
issues
monthly
Banks, and also
<
this classification consisted chiefly of
Other financing in
of
the
Intermediate Credit
accounted for by the
Federal
small amount
a
was
Representing New Financing
f. 3>£% bonds, series A, 1966,
Eastern Pipe Line Co. 1st mtge. & 1st lien bonds, series A
(1.65%-2.30%), due serially 1946-1950, $6,250,000 (Jan.).
Pipe Line Co. serial notes (0.75%~1.50%), due 1942-45,
$5,000,000 (Jan.).
Panhandle Eastern
Paramount Pictures, Inc., 3M% conv. debs.,
happens from time to time that owners of large blocks
securities which have been outstanding for some time,
of
desiring to liquidate all or part of their holdings, prefer to
do
so
by making
1947, $2,492,800 (Feb.).
Pennsylvania Gas & Electric Co. 4lA% 1st lien & ref. bonds, 1942-1951,
$550,000 (April).
Water Co., 1st mtge. 3 ^% bonds, 1966, $316,000 (May),
Co., 1st mtge. bonds, series A, 3 %%, 1941, $4,000,000
Philadelphia Suburban Water Co., 1st mtge. 30-year 3J^%
$15,900,000 (Jan.).
Suburban Water Co.,
10-year
$150,000 annually, $1,500,000 (Jan.).
Philadelphia
notes
bonds, 1971,
(0.38%-2J^%),
due
Philadelphia Transportation Co., equip, trust certificates, series C, 1942-46,
$1,360,000 (June).
public offering of the securities involved.
kind have been on a
greatly expanded scale, due to the activities of the
Government in
Of course,
;
these transactions
from the sales of such
are
securities
tions of
new
issues, but
for whatever interest
on one
and the companies whose
and present
no
part of the proceeds of
these have
we
they
\
V
different, in effect,
of the exchanges or
.
no
the
compila¬
have tabulated them separately
involved receive
Such offerings as
;
are
in the over-the-counter market,
securities
British
liquidating the American securities owned
by its nationals.
sales.
(May).
a
months operations of this
In recent
Panhandle
Plainfield-Union Water
agency
programs.
It
$870,000 (June).
Peoria Water Works
lending
as a
aid-to-Britain
$1,200,000,000 notes of which about $1,000,000,000 repre¬
'
Northern Pacific Ry., 1 % % equip, trust ctfs.,
000 (Jan.).
Penobscot County
the Reconstruction
of the Federal Gov¬
1%% equip, trust certificates,
American Car Corp., 3-3H% equip, trust ctfs., 1940 series, 19411948, $4,790,000 (Jan.).
Ohio Telephone Service Co., 1st mtge. s.
arm
1966, $2,000,000
North
equip,
This huge
enacted
was
Agency Issues
carried out by
the
Issues Not
York New Haven & Hartford RR.,
1942-51, $2,890,000 (June).
2%
18.7
Joint Stock Land Banks.
ctfs., $6,540,000 (Feb.).
1st mtge. bonds, 3lA% series,
New
Ry.,
$5,700,000 (June).
117
$456,302,094
23.3
corporations and make loans to foreign governments
(June).
Pacific
53
$150,311,094
the financing falling under this heading
was
and
defense
the
Neiman-Marcus Co.,
Northern
64
17.1
V
Corporation.
against American
Co. 1st mtge. bonds, 3H%, series B, 1971, $650,000
Power Co.,
31.8
■
ernment has grown
1.04% equip, trust ctfs., 1942-46, $500,000 (May),
Morgantown, Water
(May).
New Mexico
the
Finance
-
Voehringer Co. 3M%
Montour RR.,
127
$680,511,780
30.8
$305,991,000
The great bulk of
month
States
76
$450,683,000
33.8
Farm Loan and Government
(May).
Telephone
(March).
51
$229,828,780
...
Volume
in
States
33.2
1937—Number of Issues..
Co., Inc., 1st mtge. 3)^% bonds, series A, 1961,
Louisvilie & Nashvble RR.,
137
$728,557,500
35.3
1st mtge. bonds, series A, 3K%, 1971,
/.V"...
■
71
$418,577,500
30.7
Percent of Mtal volume.....
$570,000 (Feb.).
Louisiana Ice & Electric Co.,
66
$309,980,000
....
1938—Number of Issues—
Lexington Water Co., 1st mtge. 3M% bonds, 1966, $2,450,000 (Feb.).
Mock Judson
30.2
Percent of total volume
1966, $600,000 (May).
Latrobe Water Co., 1st mtge. 3M % bonds,
Mississippi Public
$500,000 (Feb.).
157
$834,540,289
30.6
Percent of total volume
Las
Minnesota
92
$507,580,385
1939—Number of Issues
Koppers Co., 2% serial notes, 1941-1947, $8,000,000 (April).
$1,100,000
65
29.6
Percent of total volume
$1,050,000 (May).
Middle
37.7
$326,959,904
Volume
<
Iowa Electric Light & Power Co., gen. mtge. serial 3M% notes,
Middle
$518,812,300
Percent of total volume
1940—Number of Issues
Iowa Electric Light & Power Co., 1st mtge. bonds, series B,
(Feb.)..
124
Volume
1956,
1st lien & gen. mtge. bonds, 3V»% series,
$26,500,000 (June).
Total Year
Last 6 Months
First 6 Months
1941—Number of issues.--.
(Jan.).
may
no
have
place in
on
their
our
own
account,
the results in the table below:
ISSUES
NOT
REPRESENTING
NEW FINANCING
Co., 1st mtge. 3H% bonds, series A, $1,950,000
(April).
1940
1941
Poor &
Service Co.
1937
1938
1939
>
Co., 10-year serial debs., $1,000,000 (Feb.).
Public
of Indiana,
1st mtge.
bonds, series B, 3H%,
1971,
$4,650,000 (April).
Rensselaer & Saratoga
Rheem Mfg.
251,500
Total, 6 months.. 249,703,341
62,943,144
22,145,201
38,916,634
36,377,356
February.
RR., 1st mtge. 4% bonds, 1961, $2,000,000 (April).
Co., series B sinking fund 5% conv. debs., 1948, $500,000
March
April
May.
(Jan.).
Rheem Mfg.
10,080,151
60,081,270
—
Co. 15-year s. f. 3K% debs., series A, 1956, $1,500,000 (Mar.).
Fredericksburg &
1966, $6,500,000 (Feb.).
Richmond
Rio Grande Valley
Potomac RR.
gen.
mtge,
s.
f.
3%
bonds,
Gas Co., 1st mtge. 4% bonds, series A, 1961, $2,900,000
......
June
1st mtge. 3H% bonds,
1966, $525,000
(May).
$10,000,000
22,096",368
5,721,524
3,162,305
12,199,818
4,318,088
1,025,000
3,965,000
35,231,363
32,015,790
48,932,458
343,750
1,572,000
8,962,985
4,405,762
3,546,765
1,833,091
7,127,500
October
1,250,175
5,259,100
1,164,950
5,714,434
126,330,104
—
3,757,564
8,951,969
15,529,803
_ -
14,499,172
742,500
—
September.
66,876,758
5,547,372
...
November
Roman Catholic Archbishop of Detroit 3H% 12-year s. f. notes,
1,702,750
2,525,696
25,487,816
July
August.
(March).
Riverton Consolidated Water Co.
December
8,008,000
4,641,113
12,451,695
12,459,292
4,287,175
611,334
9,919,270
82,102,729
14,726,274
5,953,125
12,855,884
28,876,706
279,655
January
,
7,085,183
11,573,907
11,833,750
lib", 000
417,885
65,753,462
64.662,181
4,867,600
(Feb.).
St. Joseph Water Co.
1st mtge. 3H%> bonds, 1966, $2,600,000 (Feb.).
Southeastern Telephone
Total, cal. year—
Co. 1st mtge. 3H% bonds, series A, 1971, $450,000
Treasury Financing in June and the
(April).
Southern California Water Co., 1st mtge.
Southern Ry., 2%
3H % bonds, $300,000 (April).
equip, trust certificates, series JJ, 1942-51, $5,625,000
in June
(June).
Southwestern Public Service Co. 3H % 1st mtge. s.
f. bonds, series A, 1966,
$3,421,000 (May).
(E. R.) Squibb & Sons 20-year 3M% s.
Standard Oil Co. of Ohio serial debs.,
(May).
Direct
f- debs., 1961, $5,000,000 (May).
1949-1956 (2.65% to 3%), $5,000,000
meet
Half-Year
financing operations of the United States Treasury
comprised only weekly bill offerings, sufficient to
maturities,
and
sales of defense savings bonds
and
under the program inaugurated May 1.
The bill
maturities in each of the first three weeks of the month wer
stamps
The Commercial & Financial Chronicle
20
$2(X),000,000 each,
about
the heavier offerings of last
as
March became due in those weeks; in the fourth week of the
month maturities dropped back to
the
usual $100,000,-
more
e
Allotted
to
Government
July 5, 1941
Investment
f Comprised
accounts,
of three separate
series, of which series E have 10-year maturity, are sold on a discount basis at
and yield
2.90%; series F have
at 74. and yield
bear 2H%
a
12-year maturity, are sold
2.53%; and series G have
Interest.
a
12-year maturity,
are
75,
discount basis,
on a
sold at 100, and
$ Sales through June 28.
(XX) level.
USE
Sales of defense savings issues
amounted last month to
$307,615,115 (through June 28), which was not substantially
less than in the
previous month, when the
and when sales
totaled $374,777,142.
sales of these securities were
June by
the action of
a
program
number of business
in adopt¬
concerns
of money
fense program
2.
Jan.
Jan.
Jan.
and the Lend-Lease Act, in addition to
Treas. bills
100,435,000
100,002.000
100,002,000
Treas. bills
100,023,000
100,023,000
Treas. bills
100,078,000
bills
100,078,000
101,298.000
%% Treas. notes
U. S. Savings bonds
635,055,400
189.275,833
1522.
Jan,
29.
Jan.
31..
1-
Treasury had need for vast
in order to meet the requirements of the de¬
Treas.
100,435,000
101,298,000
635.055,400
189,275,833
1,326,167,233
91-day Treas. bills
100,450,000
non-
The need found reflection in
the
100,450,000
13..
100,294.000
100,294,000
19..
90-day Treas. bills
91-day Treas. bills
100,110,000
Feb.
26..
91-day Treas. bills
100,127,000
100,127,000
Mar. 15-
2% Treas. bonds.
H% Treas. notes..
1,115,868,600
32,422,500
1,115,868,600
32,422,500
Feb.
Treasury's financing activities in the period, with sales of
securities
Feb.
.
Mar. 15-
561,151,
representing
period of 1940, when
702,243, and about
the
same
indebtedness rising to $3,336,money
new
sum
raised in the
same
financing totaled $783,-
times the $470,385,883 raised in
seven
period of 1939.
obtained this
money
new
than four times the
more
A substantial portion of the
year
has been through the
new
sale of
1-
U. 8. Savings bonds
tot al
February
5
Mar.
Mar. 26
91-day
91-day
91-day
91-day
Mar. 31.
2
Mar. 12
Mar. 19
120,680,174
Treas. bills
100,968,000
101.204,000
Treas. bills
200,167,000
100,272,000
99,316,000
99,113,000
99,895,000
Treas. bills
100,413,000
c526,213,750
100,413,000
H% Treas. bonds
d447,458,200
d447,458.200
H% Treas. notes
1.
U. S. Savings bonds
the first four months.
raised through public offerings of
Treasury notes and bonds.
enacted
The
previous general limitation
the
of
$45,000,000,000,
short-term defense
Treasury little opportunity to
obligations,
prepare
plus
allowed
for the tremendous
32,639,300
1,868,393,652
882.954,500
91-day Treas. bills
91-day Treas. bills
100,571,000
100,091,000
100,571,000
91-day Treas. bills
100,439,000
100,439,000
91-day Treas. bills
91-day Treas. bills
U. S. Savings bonds
100,100,000
100,100,000
100,069,000
100.069,000
total-
9.
16Apr. 23,
Apr.
Apr. 30.
1.
Apr.
April total.
program,
for at Dec. 31, last only $887,-
141,250 of obligations could still be issued under the general
authority
and
$2,764,309,300
under
the
special
defense
authorization.
985,439,152
100,091,000
61,967,535
61,967,535
501,270,000
100,031,000
7
91-day Treas. bills
May 14
91-day Treas. bills
100,031,000
100,004,000
May 21
91-day Treas. bills
100.519,000
June
2
Mar. 15
91-day Treas. bills
1
U. S. Savings bonds
61.967,535
c661,750,800
2
2M% Treas. bonds.
2^% Treas. bonds.
%% Treas.notes.
May 28
spending
131,961,202
563,237,535
June
defense
e28,940,200
32,639,300
131,961,202
2.
Apr.
was
raising the authorized debt limit to $65,000,000,000.
$4,000,000,000 of
Mareh
Apr.
During the six months' period just elapsed legislation
c526,213,755
[
e28,940,200
Mar. 15.
were
120,680,174
200,284,000
200,317,000
Treas. bills
Mar.
baby bonds in
120,680,174
1,549,272,100
$682,392,257 defense savings bonds in the past two months
$503,884,744
100,110,000
1,669,952,274
and
Additional amounts
824,331,233
501.836.000
5-.
January total
Feb.
Feb.
military expenditures.
Indebtedness
Refunding
Treas. bills
90-day
91-day
91-day
91-day
91-day
8.
Jan.
Jan.
pur¬
chases of defense securities.
In the first half of 1941 the
Accepted
It is believed that
materially encouraged during
ing payroll deduction systems, to facilitate employee
sums
New
Total Amount
Type of
Security
Doled
opened,
OF FUNDS
May
May
100.004,000
100,519,000
C661,750,800
d787,625,600
d924,000
100,257,000
374,777.142
2,225,888,542
d
d787,625,600
d924,000
1,189,360,600
d
100,257.000
374,777,142
The Act
providing for the increase in the debt limitation
obligations issued
subsequent to Feb. 28 fully subject to Federal taxes.
It also
made more flexible the Treasury's authority to issue obliga¬
tions in small denominations, thus paving the way for the
defense savings bond program instituted May 1.
In the tabulations which follow we outline the Treasury's
financing activities in the current year:
likewise made Federal and Federal agency
UNITED
STATES
TREASURY
FINANCING
DURING
May total.
June
4.
June
11.
June
18.
June 25-
91-day Treas. bills
91-day Treas. bills
91-day Treas. bills
91-day Treas. bills
1.
U. S. savings bonds
June
June total—
Amount
Dated
Deo. 27 Jan.
2
90
Jan.
3 Jan.
8
91
Jan.
10 Jan.
16
91
648,182,000
days
days
days
days
days
Price
100.068,000
100,068,000
$307,615,115
$307,615,115
701,113,000
307,615,115
8,662,367,351
Public cash offering,
Investment
Accepted
200,298.000
200,608,000
5,325,806,200
3,336,561,151
1941
Amount
Applied for
Due
200.139,000
200,298,000
200,608,000
1,008,728,115
Total 6 mos
c
Dale
Offered
200,139,000
1,036,527,942
100,435,000
100,002,000
a
Nil
560,547,000
a
100,023,000
a
Nil
303,957.000
Allotted to Government
e
INTRAGOVERNMENT
FINANCING
Nil
398,849.000
*
d Public exchange offering,
$ Sales through June 28.
accounts.
Yield
1941
Jan.
17 Jan.
22
91
100.078,000
a
Nil
Jan.
24 Jan.
29
91
263,061,000
101,298,000
a
Nil
23 Jan.
31
ZVi yrs. 2,766,463,500
635,055.400
1
10 years
189,275,833
75
%
Net Issued
?
100
Jan 1-31 Jan.
Retired
%
Notes
Jan.
Issued
January—
Certificates
Jan.
189,275,833
total.._
49,800,000
88,260,000
total
31 Feb.
5
Feb.
7 Feb.
13
Feb.
14 Feb.
19
Feb. 21 Feb.
26
Feb.
25 Mar. 15
Feb. 25 Mar. 15
Feb 1-28 Feb.
Feb.
1
91
312,345,000
100,450,000
a
Nil
90
227,631.000
100,294.000
b
209,830,000
100,110,000
99.998
258,063,000
100.127.000
*0.007%
*0.043%
days
days
days
91 day8
99.989
9 years 1.115.868,600 1,115.868.600
100
2 years
32,422,500
100
120,680.174
75
32,422,500
120.680,174
10 years
2%
K%
*2.90%
1,669,952,274
5
91
525,347,000
7 Mar. 12
91
452,601,000
Mar. 21 Mar. 26
days
days
91 days
91 days
Mar. 19 Mar. 31
13 yrs.
Mar.
Mar. 14 Mar. 19
Mar,
200, 284,000
200, 317,000
99.978
200, 167,000
99.971
100, 413,000
442,380,000
308,808,000
99.984
99.970
2 yrs.
c526, 213,750
d447,458,200 d447, 458,200
e28 940,200
e28,940,200
32 639,300
32,639,300
100
131 961,202
75
10 yrs.
131,961,202
total
*0.086%
*0.120%
*0.117%
*0.065%
91
Apr.
4 Apr.
Apr. 11 Apr. 16
Apr. 18 Apr. 23
Apr. 25 Apr. 30
Aprl-30 Apr.
1
days
91 days
91 days
290,755,000
91
day8
days
10 years
91
2
May
May
May 16
May 22
May 22
May 22
May 23
Mayl-31
May
March—
Certificates.
10.000,000
May 21
91
days
91 days
91 days
June
2
17
yrs
June
2
17
yrs
Mar. 15
2
247,429,000
100,100,000
Certificates
65.000,000
15,250,000
49,750,000
1,049,000
26,547,000
x25,498,000
66,049,000
41,797,000
24,252,000
2,698,000
12,553,000
137,000,000
x9,855,000
139,698,000
12,553,000
127,145,000
y8,000,000
yl0,250,000
x2,250,000
y214,317,000
Certificates
y24,500,000
189,817,000
137,000.000
Notes
301,690,000
100,069,000
61,967,535
61,967,535
Certificates
*0.093%
Notes
99.975
*0.097%
99.976
*0.097%
*2.9%
75
315,843.000
100,031,000
374,651,000
100,004,000
301,533.000
100,519,000
C8268254,250 c661,750,800
d787,625,600 d787,625,600
May 28
91
10-12
May
d924,000
yrs
d924,000
260,380,000
374,777,142
days
99.976
99.982
100
100
100,257,000
374,777,142
total-
*0.096%
*0.069%
*0.070%
2H%
99.983
2M%
%%
100
99.983
*0.069%
f
f
June—
June
total
222,317,000
34.750,000
187.567.000
802,131,000
150,133,000
651,998,000
4
91
days
334,889,000
11
91
days
439,503,000
18
91
days
398.064,000
200,139,000
200,298,000
200,608,000
99.974
June 20 June 25
91
days
267,792,000
100,068,000
99.983
*0.066%
f
f
yrs
$307,615,115
total.
99.973
*0.107%
*0.100%
*0.103%
99.975
bank discount basis,
under par; infinitesimal yield,
c
a
Slightly above
Public cash offering,
notes;
certificates sold
to
(formerly Old Age Reserve
Service Retirement Fund, Canal Zone Retirement Fund,
ment
Fund,
Alaska Rsllroad Retire¬
Postal Savings System, Government Life Insurance Fund. National
Service Life Insurance Fund, Federal Deposit Insurance Corporation, and Federal
Loan
&
Insurance
Corporation,
x
In the
compare
Excess
of
retirements,
y
Through
for
the
comprehensive tables
on
par.
b
the succeeding
corresponding periods in the four
five-year comparison.
we
years
d Public exchange offering.
preceding,
>
give complete details of
the
capital flotations during June, including
any
kind brought out in that month.
Fractionally
pages we
the June and the six months' figures with those
Following the full-page tables,
8.662,367,351
on a
and
Account), Railroad Retirement Account, Civil Service Retirement Fund, Foreign
thus affording a
1,008,728,115
months
Average rate
$307,615,115
of special series certificates
Federal Old Age and Survivors Insurance Trust Fund
June 28.
6 June
1 1042
Comprises sales
Adjusted Service Certificates Fund and Unemployed Trust Fund, and notes to
Savings
2,225,888,542
13 June
*
149.056,000
Notes
99.976
99.980
June
Total 6
22,556,000
April—
*0.055%
*0.079%
June
June
159,056,000
171,612,000
May total
252,594,000
yrs
J'nel-28 June
12,556,000
563,237,535
7
May 14
May 30 June
xl0.000.000
171.612"000
Notes
*
May
107,849,000
H%
%%
*2.9%
99.986
total
x5.151.000
6.346,000
May—
100,571,000
100,091,000
100,439,000
208,941,000
6,346,000
114,195,000
February total
Total 6 months
April
113,000,000
1,195.000
Apr ]'total
100
1,868,393,652
Mar. 28 Apr.
113,000,000
Notes
March total
C6144786,150
Mar. 19 Mar. 15
Mar 1-31 Mar.
1
56,129,000
b
91
total-.
Feb. 28 Mar.
32,131,000
26,829,000
February—
Certificates
Jan.
20,500,000
11,631,000
29,300,000
38,460,000
January
1,326,167,233
...,;,
every
issue of
Total
Total
RCeafupn|idtilg
RCeafupnidtilg 3,60 17,408 6,318"0 2,540
1937
New
1YFMOJTEUIAVHNRSR938TCeoafuptniwdlg$291.17450,843389
'FALMGFIFCNUOOAVRRERCPEDNPIMGGLANTT,,11?99I3^40NRCTeeoaaffoeuupptnnitiwwtddalllgg$$27698,647738557549,2901,0101,5—1_333824,4894659
if
1,80 156,920 20,850 1,0,0 6,82",0 75,84.50 905,0 0
22
New
Total
1941
Refundig 108.7,42 5,3029
$
SOUMFARY Capit l 74,63 0762,01,0 10,38705 3,43,659
$
New
JUNE
OF
MONTH
Refundig
Capital
New
Notes— utiles&ccoopael,r,manuft acesor-iIndmuaasntnurficdtlrig -b&uildncgsR,uber-— th&raocdldi—inngg,, _ .—BNooteans—ds utiles—&ccoopal,,manufctres oi—indamuasnturfidctlrig b&uildncg—s, thr&aoldcdii—nngg,, utiles—&ccoopal,,manufctres oi—indamuasnnturfidctlrig -b&uildncgs, thr&aodlcdini—ngg,, utiles—-&ccoopael,,manuftracesoriinduamsantruifdcltrig bu&ildncgs, - thr&aodlcdin—ingg,, cosrepcuaritte
JUNE LBonoga-nTedrms
OF
MONTH
Railroads Irsoten,l,EquipmentMoatonrds Land, Ship ingtrust ,Miscelanous Short-TemRailroads Public ste l,Equipment Motanords
Total
Public
Other
Oil
Inv.
Iron,
Oil
Miscelanous ste l,EquipmentMoatonrds
Ship ingtrust ,
Other Land,Rub er Inv.
Total
Stocks— RailroadsPublic
Iron,
trust ,Miscelanous Total- Railroads ste l,EquipmentMoatonrds Rub e-rShip ingtrust ,Miscelanous
Total
Other
OU
Land,Rub er Ship ingInv.
Public Iron,
Other
OU
Land,
Inv.
Total
$
Total
- 85,0 0 134,0 0 163, 40 56,80 135
1,73241,5065,90 0314,576325,81457
1,78940,62
Refundi g 69. 56S 20,8 3920193,5 0276,09 1
960,4 9185,0 0 134,0 0 12,340 129,730865 1,429S,806
Capit l 503,24587245,076 80120,9 361 59,721.36
82,965 79 43.0 ",0 427,05270
$
1937
s
New
Total
s
638,4 6955,40,0 29,62755.13,59
Refundi g 312.460S 2,758,0 1,02 ,80
" 62.50 679,02 51
Capit l
$
New
1,2904 -19
50 362,785 "ob,1020 0 437,82 64 4,286,0
" "62",
Rcfimding 634, 9763 1.50, 0 81.0,871 63,0 0
309,10
219. 84 29,50. 436,01 0 61,32953
450. 0
Total
S
914,26.30 19,0 0 124,8 590 45,16731
946, 42
Refundi g 721, 3 5 8,0 ,0 10.329,08
$
1940
831, 9685 139~,8570b 243,6183
2,105 040,728195 0, 70 3,6450 30, 0 3,193,50 45,0 0 l.bo .b 2,790, 0 638,4 .695 2,0 ,0 750, 0
150, 0 50 ,0 0
1.100
2,bo ',0 5,40 , 0 3,091,425 40 ,598 29,56"7 862,50
1.234,520 35,18 20 2,105 0 405,819620 1 ,57 98 63, 47 31,6250 3,193,50 45,0 .0 1,0 ,0 6,024,520 679,02 51
750, 0 120, 0 21 ,0 0
890, 0
Refundi g 10, 0 243,79 40 1 ,956 0 1, 27",0 45,0 0 312,46084
1,67 ,0 2.758,0
20,30
30,0 0 289,0 0
32 .0 2,642.0
New
Total
57, 30 502,91.30 13,50. 3,90,0 47,96.20 10. ,0 4,8530 14,25 0 17,30. 0 852,105 9.50,0 2,0 .0 5 0, 0
Refundi g 23,480 48,235.10 94,0 0 20,92.53 56, 0. 2.708, 0 12,75 0 1,750, 0 697,349763 9.50 , 0 2,0 .0
1939
1,30.97
1,24908.36
Refundi g
1940
176,01 0 37, 30 216.5 0 6,250, 0 32,4750 21,80 0 6,472,0 1,350 15,80 914,2630 5,0 .0
420, 0 750, 0 10 ,0 213,90
51,65.76
910, 0
10 ,0 0
a-_
137,45602 94,38703216,0 0 24,70 10, 0 5,742,30 32.467,930 721, 315 5,0 ,0
1,02 ,80 10, 0 243,79 *10 757,0 0 13,07940 21 ,0 0 1, 27,0 45,0 0 2,587,30 316,24. 0
1,2 4,2 0 34,1602 12,05 0 162,39680 10,4 598 50,28537 31,5 0 2,06 ,50 1,0 ,0 3.4 7,2 0 362,785S
4.53 .52 142,39078 67.230 589, 620 104,5.0 3.90 . 0 420. 0 9.634,956 10,75 0 4.953,0 213.90 104",250", 24.3 ,52
15.57351". 81,409 71 32.9 8,0 94, 0 0 21. ,653 56, 0. 2,708, 0 12,75 0 3.285, 71
56,8015
790.25,734
13,0 0 19,0 0 79,4103 585,0 0 50,400"!4.809,352 1,40,0 1,0 ,0 37,83,659 169,8 321 18,01 0 417,69310 217,40 6,250, 0 5.40,0 7,384 52 1,80 0 6,472,0 1,40,0 1,0 ,0 1,350, 0 16,23 659 1,032461
3.0 ,0 8,0 ,0 67,5128 1,306, 0 19,6712
.-
14,25 107 102,7650 142,75602 361,9854 216,0 0 1,306,0 43,97162 10, .0 5,742,30 49,720 37 831, 9685
FLAMOUNRICMDPL OGNCRIOUSSTFRENUPFHPAOWIIAEERD
30 notes. notes_ notes. governmt. acis&_t,Poesin.'1,7295438 SbfifFnurttmoaecaounhlidcgpedyinldssreseayl 30 Notes— manufctrig &holdcing, Notes— manufctrig &holdcing, . manufctrig &holdcing, manufctrig &hocld—ing,
FCGOORVREPERNIGMANTT,,
Capit l 193,0 165 1,0 0 23,491682 4,20 89
New
Total
1941
1,259870 21,7540 14,025 14,57.21
Refundi g 920.79,42 18,01965 91,39275
540, 0
Capital 295,183 3,672,53 52,08520 13,97 21
SOUM AFRY
New
38,25 398 42.985,97 5 5,0 0 6,250, 0 7",05",0 1,80 0 729.70 1,350, 083, 207 193,0 165
Capit l
271,3496 17,50 307,14.26 1,625,0 597,64 2
1,396284,096 1,37 ,0 3,8605.34
1.03,6 52
364,9234
1,0438 0
1,6508.942
ACHANRDTE
32,54.9 1,0,0
10, *6 1,0 0 1,85902 585,0 0 4",b94~,6 25.642,190 1.40 , 0 1,0 ,0 15312", 67,1 71 38,25 3985,75026 1,40, 0 6,250, 0 4.094,0 -3,47190 1,80 0 729,70 1,40,0 1,0 ,0 1,350, 016,5362 271,3496
10 ,0 0
23",
New
4,0 ,0 60,87 24 1, 0 , 0
4,0 ,0 37.85,0 283, 5290
910, 0
6/63217,4 .0 13, 0 8,50 03,498,0 83",14280 85,17 0 23,85 0 50, 0 250, 0 700",7500", 1,25987,0 5,0,0 1,50, 0 7,0 ,0
204,50
7,50 ", 0 21,754 0 97,08 ",395 55,74145".
6,037,827 158.41,796 2 ,9430 712,04395 75, 0 0 3,498,0 138.762, 4 85,17 0 23,85 0 50, 0 250, 0 84,2 782
190, 0
Refundi g 68, 0 536,1280 62,40 0 3,498,0 56,70517 4,2 0 23,094 0 4.60, 0 51,28 95 920,79 412 5, 0 , 0 7,0 ,0
150, 0
5,241,965 18,0 1965 89,03 65 3,4 5,620
92,47925 74,3680 625,3165 69,40 0 3,498,0 60,356137 4,2 0 23,094 0 4,60 0 56,470.86
759.0 250, 0
Capit l 148,570 7,2480 6,10,0 26,382 ^3 10,953.0 5,40,0 19,521 05 295,18 3 1,360, 0
54,50
2, 58,035 3,672,53 8,054,7 0 51,96 54
Total
1941
379,58
1,009
2,50 , 0 3,05 ,0 5,"07 *60 420. 0 51,36.5 750, 0 10 ,0 213.90 2,9 7,951 60,9 107 34. 50 23,794.60 9.150. 0 3,90 . 0 420. 0 78,423. 0 4.09 0 2. 45.0 213,90 10,5"00", 21.047951 219, 84
New
Total
3,091,425 40 ,598 28,567"2 862,50
1,50 0 79,56 30 ■309*16
5 0, 0
Capit l 34, 50 18,724.09 S,60,0 3,90,0 27,06 47 3,40 2,145,0 1,50.0 15. 0 15,6073
1,0 2,50
2,50 , 0 14,50 84,63590
'
157",(>0 b 50,86.409 1,625,0 1,82563.0
1,032461
35,90" 45,076 80 2,482,70 16,23 76 12,57 053154,76549 3,12073 2, 84, 90 59,02486 280,64372 214,920 62,35082 53,0236 1. 0 , 0 17,63 453193,46579 156,095736,52,0 2.634,90 250, 0 12,4698 82,965.79
Capit l 12,05 0157,2485 10, 0 21,68 10 30, 0 2,06,50 1,0 ,0 1,90,0 326,0785 2,0 ,0
FSMITNEJFAONHUCIDXVRGR Governmt.STMEJ3FYONUHIIDVX0ARS
8
New
20,83920 84,05694 28,90259 40,73604 S8,10675 "682",50 26,391,859 269, 539 105,7820 52,10.32 53,97859 4,934",60 79,35826 15,4 765 18,5430 682,50 29,52359 960.4 91
3,20 ,50 6 9, 5628 1,450, 0 18,573920
7,000
1938
790.25,734 8.250, 0 12, 4537", 10.5S647 2.0352,706
S
80 ,0 0
Total
1.05,9413
Capital 15,6073 3,05,0 10,98 369 4,920738
1939
104,320 48,72169825,076 50 4,934,60 37,8978027,3480 18,5430
Rengdfun i
New
3,17.^0995.?3 7.50, 0 1,50.498,325726,89.60 450. 0 3,2476,503
S
35.90, 65,90 0 87.2S8394 5,2 905 12,57",053195,2 95 12, 8 3 2,"96",90 85,4 345 50,26910 320,74.0 63149, 61 19070,0150 0 02,57205327,84159 271,46 38 25,09 0 3,16,90 " 2050"0,15,019345 1,789.40,62
$
3
462,0356 50S.6329 4,286,0 1,653981.07
7S9.510 14.50 92,089.2405,2983 63,0 0
Total
YEARS
326,0785 2,642,0 28,93 255,13,59
1937
316,24 60 261,035" 70,6 728 648.037,68
—
8
1938
2, 0 , 0
54210, 20 7,106325,SO ,950 1, 0 , 0 5,065,40 37,58920 12,89750 6,5 2,0 350, 0 250, 0 26,38450 503,245872 4,350, 02.7 6.0S 60 ,0 0 l",40,0
Capit l
2.78,5307
60 .0 0
350, 0
5,314 7 0 0,82 0 60,850 1,0,0 10, 0 75,4290 150,24.50 25,09 0 ~25b"ob 29,58 0 1,73241,50 5,80,0 21.350,
Total
New
1,3962840
1,03652
827 6.02,51 148.57 0 86, 2740 6,10 . 0 78,40673 10,9530 759,0 0 5,40 , 0 250, 0 2976,8176 364,923 4
6.037",
MEJONUNDNTHES Corpate— Domestic— bLoongan-tnedrdmsShort-em. stock stock Candi— Lboongan-tedrmsShort-em stock stock.;foreign— Lboongan-tedrmsShort-em stock stock corpate-Governm tforeign LGooaavnntd, ♦Municpal—Stes,Staes toal. fdignuorest MEJONUNDTNHES LBonoga-nTedrms util es &sccotoepaellr,,,Equmiapnumfetnt aacensodri indaustril b&uildcngs, ttrraudsitng,,Miscelanous. SBhoorta-nTedms util es &sccotoepaell,r,,Equmiapnumfetnt aacensodri indaustr l b&uildcngs, ttrraudsitng,M,iscelanous util es &scctooepaellr,,,Equmiapnumfetnt aacensodri indaustr l b&uildcngs, ttrraudsintg,,Miscelanous Railrods. util es &sccotoepaellr,,E,qumiapnumfetnt aacensodri indaustril b&uildcngs, ttrraudsitng,,Miscelanous csoercpuritate
Pref red Com on Pref red Com on Other Pref red Com on Total
6
Can dian Other
Grand
Farm
United
These
Total
♦
6
Railroads Public Iron,
Motors Other Land,Rub er Ship ingInv.
Oil
Total
Railroads Public Iron,
Motors Other Land,Rub er Ship ingInv.
Oil
Stocks— Railroads Public
Total
Iron, Motors Other Oil. Land,Rub er Ship ingInv.
Total—
Public Iron, Motors Other Land,Rub er Ship ingInv.
Oil
Total
Volume
; JUNE, 1941
;
LONG-TERM
V.
-
*
BONDS
AND
NOTES
;
(ISSUES
THAN FIVE YEARS)
V:
■
MATURING
LATER
;
.
.
^'N..V;
railroads
13,000,000 Southern Natural Gas Co. 1st mtge. pipe line sinkingfund
bonds, 3X% series due 1956.
Purpose, refunding. Price,
103
and
int.
Offered by
Halsey, Stuart & Co., Inc.;
Coffin & Burr, Inc.; Blyth & Co., Inc.; Graham, Parsons &
Co.; Stone & Webster and Blodget, Inc.; Arthur Perry &
Co., Inc.; Jackson & Curtis; E. H. Rollins & Sons, Inc.;
Central Republic Co. (Inc.); Kidder, Peabody & Co.; F. S.
Moseley & Co.; Paine, Webber & Co.; White, Weld & Co.;
Adolph Lewisohn & Sons., and Equitable Securities Corp.
DURING
DETAILS OF NEW CAPITAL FLOTATIONS
■
equip, trust certificates,
Purpose, purchase of new
equipment.
Priced to yield from 0.40% to 2.45%, according
to maturity.
Offered by Salomon Bros. & Hutzler, Dick &
Merle-Smith, and Stroud & Co., Inc.
S7,880,000 Atlantic
series H,
Coast Line RR., 234%
*720,000 Tcrre Haute Gas Corp. 1st mtge. 4% 15-year sinking fund
bonds, due April 1, 1956.
Purpose, acquisition of properties.
Price, par.
Sold privately to Massachusetts Mutual Life
due July 1, 1942-1951.
t.
1
Insurance Co.
*350,000 Texas Gas & Power Corp. 1st mtge. 4%
acquisition of properties.
Sold privately.
2,325,000 Chicago & North Western Ry., 2% (second) equip, trust
certificates of 1941, due 1942-1951.
Purpose, purchase of
new
equipments.
Priced to yield from 0.40% to 2.35%,
according to maturity.
Offered by Harris. Hall & Co. (Inc.);
Alex. Brown & Sons; Tucker, Anthony & Co.; Illinois Co.
of Chicago; Milwaukee Co.,
and McMaster, Hutchinson
•
'i
v
:y
6,860,000 Chicago Union Station Co., guaranteed serial (0.70%2.10%) bonds, due 1942-1951.
Purpose, refunding.
Priced
to yield from 0.25% to 2.20%, according to maturity.
Of;
fered by Central Republic Co. (Inc.); A. C. Allyn & Co.,
Inc.; A. G. Becker & Co., Inc.; Stern, Wampler & Co., Inc.;
Paine, Webber & Co.; Blair, Bonner & Co.; Jackson & Curtis;
/
H. M. Byllesby & Co., Inc., and Farwell, Chapman & Co,
Chattanooga
&
St.
Louis
Ry.,
2 34%
to
2.50%,
according to maturity.
'''-4;
■
Securities Corp.-"'/'
.•
Offered
'-'A.
by
OTHER
and placed
^
privately.
2% equipment trust certificates,
Purpose, purchase of new equip¬
Marks & Co. on a bid of
99.274 and placed privately.
v
*5,700,000 Northern Pacific Ry.,
series B, due 1942-1951.
Awarded to
ment.
Laurence M.
Ry.»
2%
equipment
trust
certificates,
due
1942-1951.
Purpose, purchase of new
*5,625,0001 Southern
5,625,000/series JJ,
equipment.
Total issue of
100.1779.
The
1942-1946
$11,250,000 awarded on bid of
maturities
($5,625,000)
were
placed privately; the other maturities (1947-1951), amounting
to $5,625,000, were offered at prices to yield from 1.80% to
2.35%, according to maturity, by Harriman, Ripley & Co.,
Inc.; Blyth & Co., Inc.; Drexel & Co.; Lazard Freres & Co.;
Kidder,
Peabody & Co.;
Union Securities Corp.; Alex.
Brown & Sons, and "White, Weld & Co.
prices to yield from 0.40% to 2.45%,
.
434% bonds, series A, due
Purpose, refunding. Placed
Hall Printing Co. 10-year 2 34% sinking fund debentures, due April 1, 1951.
Purpose, refunding. Price,
100 and int.
Placed privately with Chemical Bank & Trust
Co.; First National Bank of New York; Harris Trust & Savings Bank, and Equitable Life Assurance Society of the U. S.
*1,200,000 (W. F.)
;
,
v
'
*3,750,000 Holly Sugar Corp. 3H% 1st mtge. bonds,
.Purpose,
refunding.
Placed
privately
due April 1, 1951.
with
Prudential
''■■/■AAA.-
Insurance Co.
*26,500,000 International Paper Co. 1st lien & gen. mtge. bonds, 354%
series, due April 1, 1956.
Purpose, refund Southern Kraft
Corp. bonds ($9,928,000); refund bank loans ($9,187,500);
new construction
($4,500,000); reimburse company for cost
of acquisition of property, &c. ($2,884,500).
Price, 100 and
int.
Sold privately to the Equitable Life Assurance Society
of the U. S.; Metropolitan Life Ins. Co.; John Hancock
Mutual Life Ins. Co., and Massachusetts Mutual Life Ins.
Co.
Arrangements for the sale were made through the First
Boston Corp. and Smith, Barney & Co.
1,000,000 (R. C.) Mahon Co. 4 34% sinking fund debentures, due
May 1, 1956.
Purpose, refunding ($529,924), working capi¬
tal, &c.
($470,076).
Gannett & Co.
Price, 100 and int.
Offered by Burr,
and Coffin & Burr, Inc.
& Terstegge Co. 1st mtge. 4%% sinking fund
bonds, due July 1, 1961.
Purpose, retire serial notes ($175,000), capital improvements ($50,000) and working capital
($125,000).
Price,
100 and
int.
Offered by Almstedt
Brothers; The Bankers Bond Co., Inc.; Security & Bond Co.;
O'Neal, Alden & Co.; Smart & Wagner, Inc., and Wakefield
350,000 Stratton
according to maturity.
& Co.
PUBLIC
UTILITIES
*$3,000,000 Albuquerque Gas & Electric Co. 1st mtge. bonds, 334%
series, due 1966.
Purpose, refunding ($2,000,000), pay der'
serial (0.50%privately to
privately.
/ 'V'
*1,800,000 (W. F.) Hall Printing Co. serial debentures (average int.
rate 2.04%),
due 1941-1950.
Purpose, refunding.
Price,
par and int.
Sold privately to Chemical Bank & Trust Co.;
First National Bank of New York; Harris Trust & Savings
Bank and Equitable Life Assurance Society of the U. S.
$58,095,000
•ci.v-i
INDUSTRIAL AND MANUFACTURING
A:A':'
1,900,000 Western Maryland Ry., 2 34% equipment trust certificates,
due
1942-1951.
Purpose,
purchase
of new
equipment.
Awarded to Salomon Brothers & Hutzler, Dick & MerleSmith and Stroud & Co., Inc., on bid of 100.38 and reoffered
at
•'
..v,'
r
*1,000,000 Bryant Paper Co. 1st mtge.
serially May
1,. 1947-1956.
Equitable
*2,890,000 New York New Haven & Hartford RR., l%% equipment
trust certificates, due 1942-1951.
Purpose, purchase of new
equipment.
Awarded to Gregory & Son on bid of 99.3612
Co.
Life Ins.
■
*$2,600,000 Brunswick Pulp & Paper Co. 1st mtge.
3.50%)
bonds.
Purpose, refunding.
Sold
seven institutional investors.
serial
15,000,000 New York Central RR., 234% equip, trust certificates
(2d equip, trust of 1941), due 1942-1951.
Purpose, purchase
of new equipment.
Priced to yield from 0.40% to 2.60%,
according to maturity.
Offered by Salomon Bros. & Hutz¬
ler, Dick & Merle-Smith and Stroud & Co., Inc.
\
$84,715,000
equipment trust certificates, series D, due 1942-1951.
Pur¬
pose, ourchase of new equipment.
Priced to yield from 0.40%
:'
Purpose,
bonds.
Light & Power Co. 1st mtge. bonds,
334% series, due 1966.
Purpose, refunding 1st mtge. 6s
($297,000), pay indebtedness to parent ($3,203,000). Price,
102 and int.
Placed privately with John Hancock Mutual
*3,500,000 Tuscon Gas, Electric
& Co.
4,290,000 Nashville
23
Financial Chronicle
The Commercial &
153
mand notes to parent ($1,000,000).
Price, 102 and
Sold privately to John Hancock Mutual Life Ins. Co.
*300,000 Deming
due
Ins.
Ice & Electric Co. 1st mtge. bonds, 334<% series
Purpose, pay indebtedness to parent.
Price,
Placed privately with John Hancock Mutual
U
350,000 Sisters of Charity of Cincinnati,
int.
debentures, due semi-annually,
Ohio, serial (3, 334. 4%)
May 1, 1942-Nov. 1,
1953.
school.
Price, 100-101,
B. C. Ziegler & Co.
127,500 (The) Sisters of the Holy Name of Jesus and Mary,
Tampa, Fla., 1st mtge. serial real estate (234. 254. 3%)
bonds, due
1942-1955.
Purpose, refunding.
Offered by
Dempsey-Tegeler & Co.
'
-r'A■■v.:.;V^:v:
Co.
*750,000 Florida Telephone Corp. 1st mtge. 4% bonds, due
1942-1971.
Purpose, refunding.
Sold privately to
chusetts Mutual Life Ins. Co.
'
LAND, BUILDINGS, &c.
Bernard's Hotel Dieu
(St. Bernard's Hospital),
Chicago, 111., direct obligation 3% notes due 1943-1951.
Purpose, refunding.
Offered by Dempsey-Tegeler & Co.
$200,000 St.
1966.
100 and
:Life
int.
$38,200,000
Purpose, construction of new high
according to maturity.
Offered by
serially,
Massa¬
'
*225,000 Las
Vegas Light
& Power Co.
series, due 1966.
Purpose,
Price, 100 and int.
Placed
Mutual Life Ins. Co.
1st mtge. bonds, 334%
indebtedness to parent.
privately with John Hancock
'.-'.vix vv'
pay
■
36,000 Southampton
*870,000 Ohio Telephone Service Co. 1st mtge. sinking fund 334%
bonds, series A, due May 1, 1966.
Purpose, refunding.
'-■<
Sold privately to an insurance company.
48,000,000 Philadelphia Co. 4 M % coll. tr. sink, fund bonds, due July 1,
1961.
Purpose, refunding.
Price, 102>4 and int.
Offered
by Kuhn, Loeb & Co.; Smith, Barney & Co.; Harriman Ripley
& Co., Inc.; Drexel & Co.; E. H. Rollins & Sons, Inc.; Ladenburg, Thalmann & Co.; Lee Higginson Corp.; Goldman,
Sachs & Co.; Union Securities Corp.; A. C. Allyn & Co., Inc.;
A. G. Becker & Co., Inc.; Blair & Co., Inc.; Blue Ridge Corp.;
H. M. Byllesby & Co., Inc.; Central Republic Co. (Inc.);
Estabrook & Co.; Hayden, Stone & Co.; Hemphill, Noyes
Co.; W. E. Hutton & Co.; Jackson & Curtis; Merrill
Lynch, E. A. Pierce & Cassatt; Paine, Webber & Co.; Dominick & Cominick; Hailgarten & Co.: Schroder, Rockefeller
&
Inc.; Dean Witter & Co.; Hayden, Miller & Co.;
Janney & Co.; Laurence M. Marks & Co.; G. M.-P. Murphy
& Co.; L. F. Rothschild & Co.; Schoellkopf, Hutton & Pomeroy,
Inc.; Stern, Wampler & Co., Inc.; Swiss American
Corp.; Whiting, Weeks & Stubbs, Inc.; Alex. Brown & Sons;
The Milwaukee Co.; Riter & Co.; G. H. Walker & Co.;
Baker, Watts & Co., Equitable Securities Corp.; The Illinois
Co. of Chicago; Kean, Taylor & Co.; Putnam & Co.; Bacon,
Whipple & Co.; Biddle, Whelen & Co.; Blair, Bonner & Co.
Elkins, Morris & Co.; First of Michigan Corp.; W. H. Newbold's Son & Co.; William R. Staats Co.; Field, Richards &
&
$713,500
A ■'"A-A
A -A A A.":,;' MISCELLANEOUS :v
*$1,000,000 Minnesota Valley Canning Co. sinking fund 334% deben¬
tures, due Mar. 15, 1956.
Purpose, refunding.
Price, par.
Sold privately to Mutual Life Insurance Co. of New York.
SHORT-TERM
BONDS AND NOTES
INCLUDING
AND
PUBLIC
Sweney, Inc., and Harold E. Wood & Co.
12,000,000 Philadelphia Co. 1-10-year 2H% collateral trust serial
notes due 1942-1951.
Purpose, refunding.
Priced to yield
from 0.80% to 3.35%, according to maturity.
Offered by
Mellon Securities Corp.; The First Boston Corp.; Auchincloss,
Parker & Redpath; Blyth & Co., Inc.; Boettcher & Co.;
Bond & Goodwin, Inc.; E. W. Clark & Co.; Coffin & Burr,
Inc.; R. S. Dickson & Co., Inc.; Eastman, Dillon & Co.;
Graham, Parsons & Co.; Harris, Hall & Co. (Inc.); Heller,
Bruce & Co.; Kidder, Peabody & Co.; W. C. Langley & Co.;
Lazard Freres & Co.; Mackay & Co.; Minsch, Monell & Co.,
Inc.; Mitchum, Tully & Co.; Moore, Leonard & Lynch;
F. S. Moseley & Co.; Arthur Perry & Co., Inc.; Shields &
Co.; Singer, Deane & Scribner; Starkweather & Co.; Stein
Bros. & Boyce; Stone & Webster and Blodget, Inc.; Stroud &
Co., Inc.; Tucker, Anthony & Co.; "White, Weld & Co., and
The Wisconsin Co.
(ISSUES MATURING UP TO
FIVE
YEARS)
UTILITY
*$1,360,000 Philadelphia Transportation Co. equip, trust certificates
Purseries C, due 1942-1946.
(Int.-IX. 1H. 2H. 234%.)
;nt.
Placed privately with seven
anks and insurance companies.
Sose, purchase of equipment
Co.,
Co.; The First Cleveland Corp.; Granbery, Marache & Lord,;
Green, Ellis & Anderson; Hawley, Shepard & Co.; Reynolds
& Co.; Schwabacher & Co.; Yarnall & Co.; BancOhio Securi¬
ties Co.; Brush, Slocumb & Co.; Butcher & Sherrerd; Curtiss,
House & Co.; Fahey, Clark & Co.; Farwell, Chapman & Co.;
Mackubin, Legg & Co.; A. E. Masten & Co.; Maynard H.
Murch & Co.; Nashville Securities Co.; Newhard, Cook &
Co.; Newton, Abbe & Co.; Parrish & Co.; J. M. Dain & Co.;
Glover & MacGregor, Inc.: J. J. B. Hilliard & Son; Kalman
& Co., Inc.; Knight, Dickinson & Co.; W. W. Lanahan &
Co.; Chas. W. Scran ton & Co.; I. M. Simon & Co.; Stix &
Co.; Wells-Dickey Co.; Whitaker & Co.; Wurts, Dulles &
Co.; John W. Clarke, Inc.; Grubbs, Scott & Co.; Hill & Co.;
Reinholdt & Gardner; The Robinson-Humphrey Co.; Lowry,
Louis, Mo.,
Purpose, com¬
by Dempsey-
Presbyterian Church of St.
1st mtge. serial 4% bonds, due 1942-1953.
pletion of new church
building.
Offered
Tegeler & Co.
--.v,
;•
ivVK'V'
*2,000,000 New Mex;ico Power Co. 1st mtge. bonds, 334% series due
1966.
Purpose,
refunding.
Price
101 and int.
Placed
privately with John Hancock Mutual Life Ins. Co.
MISCELLANEOUS
,
*$500,000 General Finance Corp. 4% debentures, due April 1, 1946.
Purpose, working capital.
Price, par and int.
Sold pri¬
vately to two insurance companies.
150,000 Interstate
debentures,
purposes.
Finance Corp. series B (2, 234, 3, 334, 4%)
Purpose, general corporate
due
1942-1946.
Price, 100 and int.
$650,000
Offered by Quail & Co.
STOCKS
(Preferred stocks of a stated par value are taken
stocks of no par value and all classes of common
their offering prices.)
PUBLIC
at par, while preferred
stock are computed at
UTILITY
$260,000 Bridgeport Hydraulic Co., 10,000 shares of capital stock
(par $20).
Purpose, construction costs of reservoir.
Price
$26 per share.
Offered by company direct to stockholders.
4,400,000 Luzerne County Gas & Electric Co., 44,000 shares of
53i%
preferred stock
(par $100).
Purpose, refunding.
Price, $105 per share and div.
Offered in first place in ex¬
change for $7 and $6 dividend 1st pref. stocks.
Unexchanged
amount offered by Drexel & Co.; Stroud & Co., Inc.; Bioren
& Co.; Biddle, Whelen & Co.; E. W. Clark & Co.; Elkins,
Morris & Co.; Graham, Parsons & Co.; Harriman Ripley
& Co., Inc.; Janney & Co.; Kidder, Peabody & Co.; Mellon
Securities Corp.; Merrill Lynch, E. A. Pierce & Cassatt;
W. H. Newbold's Son & Co.; Smith, Barney & Co., and
1
Yarnall
&
Co.
*166,000 Texas Gas & Power Corp. common
tion of properties.
Sold privately.
$4,826,000
OTHER
v
•
INDUSTRIAL AND
stock.
Purpose, acquisi¬
•-
MANUFACTURING
$540,000 Aircraft Accessories Corp., 60,000 shares of cum. conv.
(54c.)
pref. stock (par $5).
Purpose, working capital.
Price, $9 per share.
Offered by R. H. Johnson & Co.;
Nelson
Douglas & Co.; Murdock, Darth & White, Inc.;
Straus Securities Co., and Searl-Merrick Co.
The Commercial & Financial Chronicle
24
J.)
$217,500 (R.
$4,020,000 Flintkote Co., 40,000 shares of $4.60 cum. pref. stock (no
par).
Purpose, prepayment of promissory notes ($2,250,000),
acquisition of additional equipment and plant facilities,
working capital
($1,770,000).
Price, $100.50 per share,
July 5, 1941
Tobacco Co., 7,500 shares of class B
(par $10).
Price, $29 per share.
Offered by
Reynolds
stock
common
Reynolds & Co.
330,000 United States Rubber Co., 3,300 shares of 8% 1st pref.
stock (par $100).
Price, $92M per share (net).
Offered by
Slug divs.8c Offered by Lehman Brothers; Hallgarten & Co.:
ackson
Curtis; Ladenburg, Thalmann & Co.; Merril
Shields & Co.
Lynch, E. A. Pierce 8c Casatt; Shields 8c Co.: A. G. Becker
8c Co., Inc.: Dominick 8c Domlnick; Graham, Parsons 8c Co.;
Granbery, Marache 8c Lord; Hemphill, Noyes 8c Co.; Lau¬
rence M. Marks & Co.; G. M.-P. Murphy 8c Co.; Stroud 8c
Co.. Inc.; Wertheim 8c Co.; A. C. Allyn 8c Co., Inc.; Bacon,
Whipple 8c Co.; Bear, Stearns 8c Co.; L. F. Rothschild &
Co.; Schoellkopf, Hutton & Pomeroy, Inc.; I. M. Simon 8c
Co., and Swiss American Corp.
125,000 Virginian Ry., 5,000 shares of 6% pref. stock (par $25).
Price, $32.25 per share.
Offered by Harriman Ripley 8c Co.,
Inc.
1,375,000 (F. W.) Woolworth & Co., 50,000 shares of common stock
(par $10).
Price. $27.50 per share.
Offered by Harriman
Ripley 8c Co., Inc.
$10,080,151
2,000,000 Heyden Chemical Corp., 20,000 shares of 4H% cumulative
preferred stock, series A (par $100).
Purpose, repayment of
serial notes payable, for redemption of 7% pref. stock ($601,850). construction and equipment of new boiler ($300,000),
additional buildings, machinery. &c. ($1,098,150).
Price,
$100.50 per share and div.
Offered by A. G. Becker 8c Co.;
Merrill Lynch, E. A. Pierce & Cassatt; Hornblower & Weeks,
and Ladenburg, Thalmann & Co.
,* Indicates issues placed privately.
1,500,000 Higgins Industries, Inc., 75,000 shares of 6% cumulative
preferred stock (par $20).
Purpose, retire 8% pref. stock
($101,100), repay treasury for moneys expended for acquisi¬
tion of new plant, machinery, &c. ($572,000), working capital,
&c. ($826,900).
Price, $20 per share.
Offered by MacBride,
Miller & Co., Inc.
The Business Man's
Bookshelf
,
1,241,978 International
Tool
Machine
Corp.,
114,998
shares
of
stock (par $1).
Purpose, working capital.
Price,
$10.80 per share.
Offered by Reynolds & Co.; E. H. Rollins
& Sons, Inc.; Alexander & Co.,
Inc.; Bond & Goodwin,
Inc.; Burr & Co., Inc • Cavanagb, Morgan & Co., Inc.;
Cohu & Torrey; J. H. Drass & Co.: Hill, Richards & Co.;
common
R.
&
Guide to Railroad Reorganization
Securities
H. Johnson & Co.; Kalman 8c Co., Inc.; A. M. Kidder
Co.; Lester & Co.: McAlister, Smith 8c Pate, Inc.: Page,
Hubbard & Asche; Henry C. Robinson &
&
Co.;
G.)
convertible
pref. stock
short-term
loans
cum.
prepayment of
Purpose,
(no par).
($1,200,000), reimburse treasury for pur¬
chase of plant ($225,000), working
capital, &c. ($1,605,000).
Price, $101 per share plus divs.
Offered by Alex. Brown
& 8ons, Dean Witter & Co., F. 8. Moseley & Co. and Shields
& Co.
300,000 Rearwin Aircraft & Engines, Inc., 120,000 shares of com"
mon stock (par $1).
Purpose, working capital, purchase and
development of property and equipment, &c.
Price, $2.50
This is
$587,500 Creameries
Inc.,
of America,
100,000 shares of
common
discharge of promissory notes
($200,000); liquidate liabilities incurred in purchase of equip¬
ment ($250,000); working capital ($137,500).
Price, $5,875
per share.
Offered by BIyth & Co., Inc.; Mitchum, Tully
8c Co.; Pacific Capital Corp.; Bankamerica Co., and Key¬
$1).
(par
tion is
stock (no par)*
Price, $9.50 per share.
Offered by Courts & Co-
$1,157,500
It
can
quick, ready authority where specific informa¬
a
required
on
is
author
The
the status of any individual bond in this
States
*
The
i v
.
which
are
major
the
all
analyzes
reorganization,
with
extensively throughout the United
the subject.
"Guide"
considerable
in connection
Wall Street for over 15 years.
securities in
on
The
testified
having
reorganizations, as well as having handled
various railroad
railroad
expert with
railroad bond
a
experience,
practical
and
many,
railroad
at
plans
of
widely different
stages ,of progress.
factual analyses, the author sur¬
to the
In the foreword
common
purchase of equipment, payment of notes and work"
ing capital.
,
as
reference
group.
stone & Co.
Purpose,
indis¬
on
completed.
reorganizations have been
whose
those
Purpose,
570,000 Delta Air Corp., 60,000 shares of
It is
railroads being reorganized and
the American
bonds of
author has also lectured
MISCELLANEOUS
$5.00.
pages.
ganizations containing essential factual data with
to
Offered by F. L. Rossmann & Co., Colyer,
$13,140,159
200
third edition of the "Guide."
the
pensable, practical handbook and textbook on railroad reor¬
Co., Inc., and Chapman & Co.
200,000 Tool Steel Gear & Pinion Co., 2,000 shares of 4H% cum.
special preferred stock (par $100).
Purpose, repay bank
loan issued to redeem former issue of 7% special pref. stock.
Price, 103 and div.
Offered by Field, Ri( *
Mi
i, Richards & Co.
■
stock
Published by that firm.
be used
Sir share.
eckley 8c
& Rust, New York,
Bampton
Members of the New York Stock Exchange.
Inc., 30,000 shares of $4.50
Lc Tourneau,
McGinnis of the Staff of
B.
Pflugfelder,
308,181 Johnson Automatics, Inc., 49,309 shares of common stock
(par 10 cents).
Purpose, reimburse treasury for advances to
subsidiaries for purchase of machinery, &c., working capital.
Price, $6.25 per share.
Offered by Eldred, Potter & Co.,
M. H. Lewis & Co. and Cohu & Torrey.
3,030,000 (R.
Patrick
By
Co., Inc.-Wm. C.
Co., Inc.;
Straus Securities Co.; Stroud &
Throckmorton & Gillen, and Wyeth, Hass & Co.
Roney
the railroad reorganization field and comments briefly
veys
charges as
the reduction in fixed interest debt and fixed
on
Commission in 20
the Interstate Commerce
by
developed
•
FARM
LOAN AND
$19,945,000 Federal
GOVERNMENT
AGENCY
reorganizations approved by that body.
ISSUES
Intermediate
Credit Banks %% consolidated
July 1, due $8,725,000 Oct. 1, 1941, and
$11,220,000 Apr. 1, 1942.
Purpose, $11,4 00,000 refunding,
$8,545,000 new money.
Price, slight premium over par.
"Guide,"
the author points
as
debentures dated
Offered by Charles R. Dunn, New York, fiscal agent.
concerning railroad reorganizations so that those who read
Lack
amount of allowable charges
594,805 Consolidated Edison Co. of New York, Inc., 5,993 shares
of $5 preferred stock
(no par).
Price, $99M per share.
Offered by Smith, Barney & Co.
|
94,500 Dome Mines, Ltd., 6,000 shares of common stock (no par).
Price, $15^ per share.
Offered by Allen & Co.
620,000 Eastman Kodak Co., 5,000 shares of common stock (no
par).
Price, $124 per share.
Offered by Smith, Barney &
Co.
87,500 Fairbanks Morse & Co., 2,500 shares of common stock (no
par).
Price, $35 per share.
Offered by Paul H. Davis &
first
does
not prevent
the
for such roads.
devoted to each railroad that has a well
are
which has been consummated; the
outlines the dates showing the progress toward
page
completion of the plan; blank spaces are available so that
those
using the book
tion of
may
fill in the subsequent dates of
and a double page is devoted to an exact descrip¬
progress;
the
old securities and
their treatment, both in the
Dotted lines and
aggregatge and per thousand dollar bond.
connect the left and right pages so the reader may
arrows
quickly and easily find the exact treatment for each issue.
This double page also
shows a comparison of the total old
capitalization and the total old and new charges.
and new
Finally,
the earnings of
the
Co. and Fred W.
roads
predicting the limits of capitalization and the
advanced plan or a plan
59,850 Bon Ami Co., 1,400 shares of common B stock (no par).
Price, $42 % per share.
Offered by Bennett & Palmer.
.
certain
for
plans
Four pages
ISSUES NOT REPRESENTING NEW FINANCING
.
of
author from
$592,601,000
$400,000 American Smelting & Refining Co., 10,000 shares of com¬
mon stock
(no par).
Price (about) $40 per share.
Offered
by Merrill Lynch, E. A. Pierce & Cassatt.
the field more intelligently.
it may be able to survey
572.656,000 Reconstruction Finance Corporation 1% notes, series W,
dated July 3, due Apr. 15, 1944.
Purpose, $211,460,000
.refunding, $361,196,000 new capital.
Price, par.
Offered
by U. S. Treasury—Federal Reserve Banks, fiscal agent.
The purpose of the
out, is to present the facts
the last 12 years are applied
capitalization.
to
Fairman & Co.
245,000 Fairbanks, Morse & Co.. 7,000 shares of common stock
(no par).
Price, $35 per share.
Offered by Paul H. Davis
new
The fourth page
is devoted to footnotes which rather com¬
& Co.
2,166,000 Gar Wood Industries, Inc., 456,000 shares of common stock
(par $1).
Price, $4.75 per share.
Offered by Emanuel &
Co.; John J. Bergen & Co., Ltd.; Burr & Co., Inc.; Van
Alstyne, Noel & Co., and Goodbody & Co.
588,000 Inland Steel Co., 8,000 shares of common stock (no parL
Price, $73.50 per share.
Offered by Smith, Barney 8c Co.
1,015,000 Inland Steel Co., 14,000 shares of capital stock (no par).
Price, $72 H per share.
Offered by Alex. Brown & Sons and
Paul
H.
Davis &
Co.
413,996 International Machine Tool Corp., 38,333 shares of com¬
mon stock
(par $1).
Price, $10.80 per share.
Offered by
same bankers who offered
114,998 shares for the company
\806 &D0V6/
.
Price, $6.25 per share.
common
stock
Offered by Eldred
Co., M. H. Lewis & Co. and Cohu & Torrey,
314,400 (Mead) Johnson & Co., 2,400 shares of common stock
(no
par).
Price, $131 per share.
Offered by BIyth & Co., Inc.
894,600 Pure Oil Co., 8,946 shares of 5% cumulative preferred stock
(par $100).
Price. $90.50 per share.
Offered by Smith,
Barney & Co.
'
226,500 Quaker Oats Co., 3,000 shares of
and Jamieson & Co
securities.
Of tremendous added value to the reader of the "Guide"
is
6#
common
stock
(no par),
0ffered by Glore. Forgan & Co.
fact that
the
this year
detailed
maps
chart showing the
steps necessary in the Sec. 77 reorganizations.
In the
the
included for
;
The author has also added this year a
various
are
\
each road.
ing
312,500 Johnson Automatics, Inc., 50,000 shares of
{Par 10¢s).
Potter
prehensively outline the features of the plan and the new
appendices
law and
are some very
important articles
its related effects by authorities
cover¬
in
the
field.
The
"Guide"
in railroad
quickly
information
siderable
holders
supplies a decided need to those interested
reorganizations.
time
for
of railroad
It is easy to use and provides
which would
It
tabulation.
securities
fraternity generally.
as
ordinarily
should
well
as
be
require
con¬
welcomed
by
by the investment
The Commercial &
153
Volume
Power
short
week
holiday
has
in bond price levels.
change
touched
new
a
1941 high
resulted
virtually
in
no
The Treasury bond average
119.56,
at
with
in
strength
reduce
would
which
warrants
short-term
with
ing
The
Laclede Gas 6s,
of general
sold by
the Treasury.
/
fractional
the
General
Southern Pacific 3%s,
% lower.
were
Rand 4%s, 1956.
ton
tion and declined 3%
Norfolk
ern
St.
Louis-San
Francisco Ry. issues,
and
Southern
which moved into
A
5%s, 1942.
^
change in prices.
(Based
V. S.
Govt.
Averages
rate *
points to 66%.
in better
pronounced
with
Chilean and Mexican
of
State
advanced
Queensland 7s, 1941,
-v.;
;
the
Cana¬
demand, while among Aus¬
'
:>
bond yield averages
following tables:
MOODY'S BOND YIELD
AVERAGES t
(Based on Individual Closing Prices)
1941
Corporate by Groups *
Baa
P. V.
R. R.
Indus.
.
Cfwrtfbm.
Uv/Tir
;• ,V;
July
Stock
4——
A
Aa
Aaa
rate
Average
Clos ed
Corporate bp Groups
Corporate by Ratings
Avoe.
JLstlWy
Exchan ge
in
given
are
PRICES t
Aa
Aaa
interest,
Moody's computed bond prices and
Corpo¬
Bonds
1941
the
99.
Average Yields)
Corporate by Ratings *
Avoe.
Daily
BOND
on
bonds
3 points to
High grades have been firm, and issues
MOODY'S
renewed
fractionally better, .and Sao Paulo Coffee
loans have been
tralian
>
been rather quiet, with little
Boston Edison 2%s, 1970; Cincinnati Gas & Electric
as
;
slightly after reaching a new high at 60.
7s receded
dian
higher ground, as well as the Cuba North¬
The utility bond market has
such
isssues have been
centered about
group
1947;
The 5%s, 1965, absorbed some liquida¬
of the utility issues.
defaulted
4%s,
strength in the Government external 6%s, 1954, and some
Specu¬
the
Celotex
r-
reflected
loans
nese
Contrary to the general trend, Pitts¬
among
1949;
A better sentiment prevailed in the foreign list as Japa-#
>
ground, the 4%s, 1959, advancing 3% points to 63%.
interest
5%s,
1957 ; United Drug 5s, 1953, and Reming¬
burgh & West Virginia bonds continued to break into higher
lative
medium and lower grades, including
Castings
Steel
Manati Sugar 4s,
1946, dropped IV2 to 68%; Delaware & Hudson 4s, 1943, at
52%
Steels and oils experienced mixed
However, changes of a point or better have been
observed among a few
^
tively light trading registered losses.
strong.
and this has been true of most other
changes,
sections.
Speculative rail bonds in compara¬
higher.
to fractionally
1942, and Standard Gas & Electric 6s, 1951,
dustrial bonds this week.
high-grade railroad bonds have been unchanged
Prices of
with certain exceptions, such as
range,
defined trend has been established among in¬
No clearly
market issues that might otherwise be
amount
narrow
a
which have been fairly
of financ¬
of
high
record
Speculative issues
3%s, 1967, reached their peaks.
moved in
long-term
Governments is related to proposed new methods
1940's
119.63.
which compares
1970, and Northern States
Detroit Edison 3s,
3%s, 1966;
The Course of the Bond Market
The
25
Financial Chronicle
Baa
Exchan ge Clos ed
3.28
2.92
2.75
R.
R.
P. U.
Indus.
4_.
3_.
119.55
107.44
118.00
114.66
107.98
91.77
114.85
3
4.29
3.94
3.08
2.91
2_.
July
>:'■
Stock
119.56
107.44
118.00
114.66
107.98
91.62
97.00
111.62
114.66
2.
2.75
2.92
3.28
4.30
3.94
3.08
2.92
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
30
—
3.31
2.75
2.92
3.29
4.29
3.93
3.08
2.92
—
3.32
2.75
t 2.92
3.29
4.30
3.94
3.09
2.93
2.92
3.29
4.29
3.93
3.29
4.30
3.94
3.08
2.93
111.62
97.00
1_.
119.56
107.27
June 30..
119.54
107.44
118.00
114.66
107.80
91.77
97.16
111.62
114.66
28-.
119.49
107.27
118.CO
114.66
107.80
91.62
97.00
111.44
114.46
June
3.31
3.31
—
28
*
.
5
2.92
3.09
27-.
119.45
107.44
118.00
114.66
107.80
91.77
97.16
111.44
114.66
27
3.31
2.75
26-
119.31
107.27
118.00
114.66
107.80
91.62
97.00
111.62
114.46
26
3.32
2.75
2.92
107.80
91.77
97.00
111.62
114.66
25————————
3.31
2.75
2.92
3.29
4.29
3.94
3.08
2.92
91.77
97.00
111.62
114.46
24
3.32
2.76
2.92
3.29
4.29
3.94
3.08
2.93
■
25-
119.17
107.44
118.00
114.66
24-.
119.13
107.27
117.80
114.66
107.80
23-
119.09
107.44
118.00
114.66
107.80
91.77
97.00
111.62
114.46
23-
3.31
2.75
2.92
3.29
4.29
3.94
3.08
21-
119.02
107.27
117.80
114.46
107.62
91.62
97.00
111.44
114.27
21
3.32
2.76
2.93
3.30
4.30
3.94
3.09
2.94
20-.
119.02
107.09
117.80
114.46
107.62
91.48
97.00
111.44
114.27
20.—
3.33
2.76
2.93
3.30
4.31
3.94
3.09
2.94
107.62
111.44
114.27
19
3.33
2.76
2.93
3.30
4.31
3.94
3.09
2.94
V:
v:
19-
119.00
107.09
117.80
114.46
91.48
97.00
18..
119.00
107.09
117.60
114.27
107.62
91.48
97.00
111.25
113.89
17-
119.00
107.09
117.60
114.27
107.44
91.62
96.85
111.44
113.89
16..
119.01
107.09
117.60
114.27
107.44
91.48
96.85
111.44
113.89
16
3.33
14—
118.97
106.92
117.60
114.08
107.44
91.34
96.85
111.25
113.70
14
3.34
111.25
113.89
13
—
3.34
2.77
12
-
13-
118.97
106.92
117.60
114.08
107 44
91.48
97.00
12-.
118.95
106.92
117.40
114.08
107 44
91.48
97.00
111.25
11-
118.89
117.40
114.08
107.44
91.34
96.85
111.07
113.70
10..
118.86
106.74
117.40
113.89
107.27
91.34
96.85
111.07
113.70
9-
118.86
106.74
107.80
113.89
107.27
91.34
96.69
111.07
18
113.60
2.77
2.94
3.30
4.31
3.94
3.10
2.96
3.33
2.77
2.94
3.31
4.30
3.95
3.09
2.96
2.77
2.94
3.31
4.31
3,95 1
2.77
2.95
3.31
4.32
3.96
3.10
2.95
3.31
4.31
3.94
3.10
2.96
3.10
2.97
3.34
2.78
2.95
3.31
4.31
3.94
11
3.34
2.78
2.95
3.31
4.32
3.95
10—
t
3.35
2.78
2.96
3.32
4.32
3.35
2.79
2.96
3.32
4 32
>
9
—
2.96
3.09
;
2.97
3.11
2.97
3.95
3.11
2.97
3.96
3.11
2.98
>
7
3.35
2.79
2.97
3.32
4.33
3.96
3.12
2.98
e
3.35
2.79
2.97
3.32
4.33
3.96
3.12
2.99
113.12
5—
3.36
2.80
2.97
3.33
4.33
3.96
3.12
7-
118.83
106.74
107.80
113.70
107.27
91.19
96.69
110.88
113.60
6-.
'.■•■•v-;.:.
3.33
17
V-
113.70
106.92
2.93
118.81
106.74
117.20
113.70
107.27
91.19
96.69
110.88
113.31
113.70
107.09
91.19
96.69
110.88
..:y/
3.00
118.78
106.56
117.00
4-
118.76
106.66
116.80
113.50
107.09
91.19
96.69
110.88
113.12
4
3.36
2.81
2.98
3.33
4.33
3.96
3.12
3.00
3-
118.86
106.56
116.80
113.50
107.09
91.19
96.69
110.88
113.12
3
3.36
2.81
2.98
3.33
4.33
3.96
3.12
3.00
3.37
2.81
2.99
3.34
4.33
3.97
3.13
3.02
2.99
4.34
3.96
5-
118.82
106.39
116.80
113.31
106.92
91.19
96.54
110.70
112.75
2
May 29— 118.71
106.39
116.61
113.31
107.09
91.05
96.69
110.70
112.75
May 29
3.37
2.82
3.13
3.02
23— 118.35
106.39
116.80
113.60
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
3.36
2.81
3.00
3.34
4.30
3.94
3.14
3.01
2..
-
9-- 118.45
l??r<
106.56
116.80
113.12
106.92
91.62
97.00
110.52
112.93
9
118.66
106.39
117.00
112.93
106.74
91.34
96.85
110.52
112.75
2
3.37
2.80
3.01
3.35
4.32
3.95
3.14
3.02
91.19
96.69
110.34
112.19
Apr. 25
3.38
2.82
3.02
3.36
4.33
3.96
3.15
3.05
18
3.40
2.83
3.03
3.37
4.35
3.97
3.16
10
3.41
2.83
3.05
3.38
4.36
3.97
3.18
3.07
3.39
2.81
3.04
3.38
4.31
3.94
3.17
3.05
3.40
2.83
3.05
3.39
4.34
3.97
3.18
3.07
3.02
2..
Apr. 25— 118.62
106.21
116.61
112.75
106.66
18-- 118.28
105.86
116.41
112.56
106.39
90.91
96.54
110.15
112.00
117.36
105.69
116.41
112.19
106.21
90.77
96.54
109.79
111.81
4-"--
10
i
-----
4—
117.55
106.04
116.80
112.37
106.21
91.48
97.00
109.97
112.19
Mar.28,. 117.80
105.86
116.41
112.19
106.04
91.05
96.54
109.79
111.81
21.
117.85
106.21
117.00
112.93
106.56
90.77
96.54
110.15
112.75
21
14.
117.77
106.21
117.40
113 31
106.56
90 48
96.54
109.97
113.31
14—
116.90
106.04
117.40
113.31
106.39
90.20
96.23
109.97
113.12
Feb.28— 116.93
105.86
117.20
112.93
166.21
89.78
95.92
109.79
112.75
4—
7-
105.52
117.00
112.75
106.04
89.52
95.62
109.60
105.86
117.60
113.12
106.21
89.64
95.92
109.60
106.21
117.80
113.31
106.39
90.20
95.54
109.79
117.14
106.39
118.00
113.70
106.39
90.48
96.85
109.79
117.60
113.89
106.56
90.77
97.16
109.97
17-. 118.06
118.20
113.89
106.56
90.48
96 69
110.15
113.89
3.36
4.36
3.97
3.46
2.99
3.36
4.38
3.97
3.17
2.99
2.99
3.37
4.40
3.99
3.17
3.00
3.40
2.79
3.01
3.38
4.43
4.01
3.18
8.02
3.39
3.02
4.45
4.03
3.19
3.02
2.77
3.00
3.38
4.44
4.01
3.19
3.00
3.38
2.76
2.99
3.37
4.40
3.97
3.18
2.99
3.42
31——
.
2.75
2.97
3.37
4.37
3.95
3.18
2.97
3.36
2.77
2.96
3.36
4.36
3.93
3.17
2.98
17
3.36
2.74
2.96
3.36
4.38
3.96
3.16
2.96
10——
y
3.37
24
Jan.
3.36
2.74
2.94
3.36
4.39
3.96
3.16
2.95
3.37
2.73
2.93
3.37
4.43
4.01
3.16
3.42
2.84
3.06
3.39
4.47
4.03
3.20
3.08
3.31
2.72
2.91
3.28
4.29
3.92
3.08
2.91
3.36
10- 118.03
106.56
118.20
114.27
106.56
90.34
96.69
110.15
114.08
118.65
106.39
118.40
114.46
106.39
89.78
95.92
110.15
114.46
97.31
111.62
114.85
High 1941
3
2.80
3.40
„
14——
7
113.50
106.56
3.01
2.78
2.78
3.38
21
•
113.70
106.56
2.80
3.38
3.39
28
Feb.
113 31
24-- 117.64
3.06
7
113.12
116.52
7
Jan. 31..
■
Mar. 28-
112.75
116.06
14— 116.24
21..
: ••••
■
3.33
3
2.93
High 1941 119.56
107.44
118.6C
114.85
107.98
91.77
115.89
105.52
116.22
112.00
106.04
89.23
95.62
109.42
111.62
Low
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
2.78
5.24
4.68
3.42
1940 113.02
99.04
112.19
109.60
99.52
79.37
86.38
105.52
106.66
Low
3.35
2.70
2.90
3.35
4.42
4.00
3.12
2.91
3.59
2.87
3.02
3.59
4.88
4.40
3.23
3.15
3.72
2.90
3.11
3.91
4.94
4.51
3.42
3.21
Low
Low
1
1941
1
Yr. Age
July 3 '4C 115.61
July 3 '39 116.28
102.63
115.63
112.75
102.63
83.79
100.49
115.04
111.07
97.47
83.03
88.67
-
— —
1940
Year Ago—
108.88
90.20
2 Yrs.Ago
1941.
110.34
July 3, 1940
105.52
109.24
July 3, 1939
2
■.
Years Ago—
yields on the basis 01 one "typical" bond (3?4% coupon, maturing In 25 years) and do
kverage level o. the average movement of actual price quotations.
They merely serve to illustrate In a more comprehensive way the
novement of yield averages, the latter being the true picture of the bond marset.
.
t The latest complete list of bonds used In computing these indexes was published in the Issue of July 13, 1940, page 160.
*
These
prices are computed from average
Indications of Business
STATE
OF
aam.
TRADE—COMMERCIAL EPITOME
Thursday Night, July 3, 1041.
Business
industries
activity continues at an
showing steady
increasing pace, many
expansion.
Domestic statistical
expected to
record since
1030.
Electric power production was at an all-time high,
and steel operations are expected to snap back to capacity
next week after the holiday interruption.
The "Iron Age"
news
is
exceed
generally favorable, with car loadings
900,000 bars, which would mean a new
noted that the curtailment
holiday dips in history.
this week is one of the narrowest
The news of the war appears to
MM
have had little effect on the
despite
markets,
the
Russians.
being
show either the
relative levels and the relative
Activity
Si
THE
not purport to
markets, especially the security
German claims
However,
watched
—
closely,
as
the
it
of
smashing gains over
Russo-German
is
realized
that
situation
a
is
clinching
victory on the part of the Germans would have wide reper¬
cussions and
Price-fixing
but
in
there
view
profound effect in many quarters.
jitters still beset the commodity
.
was
of
the
greater
markets,
confidence shown in most quarters
opposition which
is developing within the
legislative branch of the Government.
.
y
The National City Bank of New York, in its July letter,
interprets the German attack on Russia as
increasing the
The Commercial & Financial Chronicle
26
long war, which will mean a further growth
expenditures in the United States, further
stimulus to defense work, and disturbance of peace-time
business.
"In many quarters," the bank says, "attempts
are being made "to reappraise the position
of this country7.
It is plain, however, that our fundamental policy of aiming
ourselves and giving aid to Great Britain will in no way
likelihood of
a
armament
of
Steel ingot production will decline only seven points to
93.5% of capacity this week in one of the narrowest holiday
the steel industry's history, the "Iron Age" pre¬
In the Independence Day
drops in
Kansas City,
Mo., 61 to 67; Springfield, 111., 58 to 82; Okla¬
homa
City, 66 to 85; Salt Lake City, 55 to 87, and Seattle,
57
61
to
Moody's Commodity Index Declines
Moody's Daily Commodity Index declined from 204.8
last Friday to 202.5 this Thursday. The principal individual
losses were in wheat and cotton prices.
The movement of the Index has been
Fri.
.204.8
—203.0
June 27---
Sat.
June 28..
Mon.
June 30
week last
Tues.
Wed.
July
July
rated
Thurs.
July
July
dicted in its mid-week summary.
year ingot production slumped 13% to 75% of
capacity.
Finishing departments in most steel centers will shut
down for the holiday, however, giving raw steel departments
'that small opportunity to catch up, the magazine adds.
Urgency of American and British steel needs is illus¬
by several developments, the survey contends.
"Curtailment in civilian steel shipments far beyond any¬
trated
steel
centers as the percentage of new bookings carrying prefer¬
ence ratings increases," the review observes.
"Some mills
thing imagined a short time ago is being forecast at
that
estimate
high
as
as
60%
of
new
orders are linked
directly or indirectly with defense needs.
With mills tight¬
ening up on commercial shipments, the outlook for complete
commitments appears obscure."
of such
fulfillment
Fri.
increase of
17.3%
kwh., and
over
the year ago figure of 2,659,825,000
with 3,055,841,000 kwh.
compares
in the week
subsidiaries of the American Tele¬
phone & Telegraph Co. included in the Bell System gained
68,300 telephones in June, the largest increase for that
in
history.
This brought the increase for the first
months of 1941 to a record 673,300 instruments, com¬
pared with only 449,000 in the 1940 period.
The
Week
During)
Association
of
American
Railroads
Dow—Aug. 16.
It41 High—June 27-—
—-200.3
194.8
156.4
.171.8
.149.3
204.8
Low-—Feb. 17--.-
.171.6
--
Year ago, July 3
1940 High—Dec. 31
Ended
28IReached
June
Loading of revenue freight for the week ended JuneT28
totaled 908,664 cars, the Association of American Railroads
announced
on
July 3.
This was an increase of|156,017
20.7% above the corresponding week in 1940, and an
increase of 247,260 cars or 37.4% above the same week in
1939.
Loading of revenue freight for the week of June|28
was an increase of 23,016 cars above the preceding week.
The Association further reportedcars or
Miscellaneous freight loading totaled 383,627 cars, an increase of 6,402
cars
above the preceding week, and an increase of 73,292 cars above the
corresponding week in 1940.
.
.
Loading of merchandise less than carload lot freight totaled
a
cars,
9,868
decrease of 465
cars
cars
from the preceding week,
the
and
an
159,300
increase of
above the corresponding week in 1940.
Coal loading amounted to
The principal telephone
six
l._
2
3
4
follows:
as
Two weeks ago, June 20Month ago, June 3__
908,664 Cars
ended June 21.
month
202.7
202.0
.....202.5
202.5
Holiday
Carloadings
Distribution of electric energy rose to an all-time high of
3,120,780,000 kwh. in the week ended June 28, the Edison
Electric Institute announced yesterday.
This represents an
July 5, 1941
161,131
cars,
an
increase of 9,753
cars
above
preceding week, and an increase of 47,043 cars above the corresponding
week in 1940.
Grain
6,357
and
cars
grain products loading totaled 52,931
cars,
an
above the preceding week, and an increase of 8,153
increase of
cars
above
the corresponding week in 1940.
vtt
Live stock loading amounted to 9,470 cars, an increase of 381 cars above
the preceding week, and a decrease of 1,571 cars below the corresponding
reported
today
week in 1940.
freight were loaded during the
week ending last Saturday.
This was an increase of 2.6%
compared with the preceding week; an increase of 20.7%
compared with a year ago, and an increase of 37.4% com¬
pared with 1939.
Loadings were the highest since the week
ended Nov. 2, 1930, when they totaled 934,715 cars.
The trade paper "Automotive News," in its weekly survey
preceding week, and an increase of 3,207
of the automobile
in 1940.
that 908,664 cars of revenue
industry, estimates today that assemblies
this week will total 96,902 units, compared
125,824
due
was
primarily to the curtailment of activities to four
assembly lines at Nash and Hudson
were shut down,
companies completed 1941 model output.
Sales of seasonal goods boomed to new heights this week
as retailers felt the public's scramble for hot weather needs,
Dun & Bradstreet, Inc., said today in its weekly review.
as
46,404
Ore
loading amounted to 73,025
preceding week, and
in
an
1940.
>
cars, a
cars,
increase of 2,849
an
increase of 3,525
•'
decrease of 2,636
cars
these
cars
cars
a
spurt, and volume for the country
new
to 22%
aged 18%
remained brisk
as
above
a
year
ago.
aver¬
"Wholesale trading
retailers continued to order fall merchan¬
dise freely."
The weather of the week in the eastern half of the United
States
controlled largely by persistent high
East and Southeast, which brought warm
moist air of tropical
origin northward over the central
and eastern portions of the country, according to the Gov¬
ernment
summary.
Temperatures were abnormally high
in all central and northern areas, with another
noteworthy
warm period in the interior of the Northeast on June 26-28.
was
\;v'
1
•
cars
1941
Four weeks of January—
Four weeks of February
again
maximum temperature at
Burlington, Vt., was 94 de¬
Y., 95 degrees; Concord, N. II., 96 de¬
grees ; Albany and Syracuse, N. Y., and Portland, Me., 97
degrees.
There was a similar hot spell in this area last
grees;
week.
years
Canton,
N.
North and west of Albany the worst drought in 30
continued
unabated.
Creeks
were
drying
up,
wells
Were
dangerously low, and farmers in many sections were
drawing water for their livestock.
It was feared that grain,
corn
above the
Five
weeks of March
7
;
Week nf June 14
Week of June 21
Week of June 28
Total
2,557,735
and
hay crops would be the lightest in years.
In the
City area the weather has been extremely hot
most of the week.
The temperature rose to 94.4 degrees on
Wednesday, surpassing the previous record—an even 94 de¬
grees on June 22.
Thunderstorms crossed the Alleghanies
New York
2,288,736
2,282,866
2,976,655
2,225,1882,926,408
630,066
633,955
728.493
638,534
661,404
752,647
19,846,428
...
1939
2,488,879
3,123,916
2,495,212
3,351,840
702,892
712,921
3,817,918
2,793,563
4,160,527
852,940
862,975
885,558
908,664
......
Five weeks of May
Week of June
1940
2,740,095
2,824,188
*
Four weeks of April
16,914,536
15,263,806
The first 18
major railroads to report for the week ended
June 28, 1941, loaded a total of 432,476 cars of revenue
freight on their own lines, compared with 419,151 cars in
the preceding week and 346,247 cars in the seven days ended
June 29, 1940.
A comparative table follows
REVENUE
FREIGHT LOADED AND RECEIVED FROM
pressure over the
The
cor¬
below the
above the corresponding week
The extreme hot weather and the approaching holiday gave
retail trade
cars
above the corresponding wreek
''"'.V.
Coke loading amounted to 14,023 cars, an increase of 465
last week.
days because of the holiday, but the publication added that
final
products loading totaled
responding week in 1940.
with its estimate
A year ago, it said, production for
this week totaled 53,783 cars and trucks.
This week's drop
of
Forest
above the preceding week, and an increase of 10,520 cars above the
CONNECTIONS
'
(Number of Cars)
Loaded
on
Ovm
Lines
Received from Connectionr
Weeks Ended—
Weeks Ended—
June 28 June 21 June 29 June 28 June 21 June 291941
1941
1940
1941
1941
1940
27,386
44,113
36,134
18,516
24,956
23,227
Gulf Coast Lines
—
International Great Northern RR
Missouri-Kansas-Texas
RR—...
Missouri Pacific RR
52,786
0,792
New York Central Lines....
N. Y. Chicago & St.
2,494
18,348
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR
Chicago MUw. St. Paul & Pac. Ry
Chicago & North Western Ry
25,463
41,768
2,382
2,331
4,664
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
Louis Ry...
25,654
93,334
7,247
9,143
35,835
6,246
Norfolk & Western Ry
Pennsylvania RR
i
Pere Marquette Ry
,.
Pittsburgh & Lake Erie RR—..
Southern Pacific Lines
—
Wabash Ry----
23,442
33,034
25,328
14,706
20,382
20,009
2,322
2,363
1.781
4,436
4,278
10,953
53,376
6,971
14,608
43,154
5,757
7,852
23,420
14,311
10,352
10,295
12,980
1,901
2,123
3,911
11,277
52,876
14,593
24,619
20,490
6,637
89,129
68,184
7,451
8,926
36,766
5,766
7,382
30,697
6,427
4,947
29,672
17,421
23,319
22,263
7,589
22.989
13,995
9,566
9,880
12.785
5,279
18,907
12,951
7,890
7,720
9,802
1,750
1,580
2,003
3,783
2.853
1,728
11,227
8,879
40,594
60,916
52,967
14,054
6,890
62,184
6,577
6,574
9,365
11,864
9,905
11,776
7,347
8,176
11,992
11,906
9,445
10,583
5,307
45,082
5,012
late
yesterday afternoon, delivering the torrid seaboard from
High temperatures caused five deaths.
On Thursday temperatures dropped from their
high levels
of previous days and ranged from 70 degrees to 79
degrees.
The day was cloudy for the most pari and attended
by
the heat.
showers
in
Thursday
the
night
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Can)/
Weeks Ended—
morning.
Light showers are forecast for
and on Friday.
Prevailing winds were
moderate and from
a
northeast to east direction.
fair and somewhat Warmer weather is looked for
Probably
on
Satur¬
day.
The lowest the thermometer is expected to register
Thursday night in the city is 68 degrees, and 62 degrees in
the suburbs, attaining a peak on Friday of
abput 85 degrees.
Overnight at Boston it was 65 to 96 degrees; Pittsburgh,
67 to 90; Portland, Me., 51 to 98; Chicago, 64 to
70; Cincin¬
nati, 72 to 96; Cleveland, 60 to 81; Detroit, 57 to 77; Mil¬
waukee, 54 to 61; Charleston, 75. to 88; Savannah, 77 to 89;
432,476 419,151 346,247 273,242 271,823 209.770
Total
June 28, 1941
Chicago Rock
Island & Pacific Ry.
Illinois Central System
St. Louis-San
Total
....
Francisco Ry...—..
-
—
In the following we
31,785
June 21,
1941
38,473
30,848
37,033
16,827
16.292
June 29, 1940
31,413
30,999
14,753
*
87,085
84,173
77,165
undertake to show also the loadings,
ended June 21 r
increases when
for separate roads and systems for the week
1941.
During this period 107 roads showed
compared with the same week last year.
Volume
The Commercial & Financial Chronicle
153
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
Total Revenue
Total Loads Received
Freight Loaded
Railroads
from Connections
1941
1940
1939
1941
Total Revenue
Railroads
Ann
641
Arbor
Bangor & Arooetook
Chicago Indianapolis A Louis v.
Central Indiana
559
1,216
7,085
1,403
;
1,019
7,062
22
1941
1,311
5,908
10,591
365
Delaware A Hudson
Delaware Lackawanna & West.
Detroit & Mackinac
_
Detroit Toledo A Ironton
Pittsburgh & Lake Erie
Pere Marquette
20,207
8,017
18,842
567
443
358
955
540
9,225
6,982
Winston-Salem Southbound-
141
129
137
894
655
403
143
116
119,887
97,665
90,615
89,345
63,610
Chicago A North Western
Chicago Great Western.
Chicago Milw/. St. P. A Pac...
22,263
16,815
2,423
17,486
12,785
3,356
9,880
3,988
9,523
2,501
7,237
3,330
Elgin Joliet A Eastern..
3,904
24,048
1,200
10,535
20,242
2,369
19,385
3,591
20,054
Ft. Dodge Des Moines A South.
Great Northern
623
464
476
115
180
24,165
21,098
16,358
4,199
3,218
591
499
547
782
638
2,563
3,108
79
1,956
6,423
2,119
1,675
5,579
8,922
97
1,969
7,904
10,792
^ 332
2,720
2,115
3,219
4,816
1,773
2,560
3,804
292
268
367
349
1,755
1,850
2,059
1,509
138,916
121,644
97,224
58,904
42,780
20,439
2,963
28,992
7,589
2,569
2,834
5,297
2.294
521
396
63
67
17,421
2,670
14,266
2,762
14,327
1,815
13,299
2,560
13,067
1,414
13,990
9,566
7,252
788
654
671
678
876
2,232
373
2,098
10,846
3,149
1,652
3,599
8,881
2,663
1.295
2,760
1,428
1,147
2,073
1,708
Nevada Northern....
1,143
2,091
1,848
North Western Pacific
843
2,021
2,469
2,553
1,970
3,550
1,948
497
230
Chicago St. P. Minn. A Omaha
Duluth Mlssabe A Iron Range
50
41
Duluth South Shore A Atlantic.
34,557
9,036
52,381
17,228
2,650
40,210
12,667
1,930
10,320
1,651
7,693
4,951
400
388
8,896
7,451
7,652
5,720
4,894
4,967
135
V
935
5,230
Northwestern
7,470
14,054
1,979
9,935
6,574
658
890
204
476
333
255
449
892
823
677
589
Wabash
6,427
4,816
5,487
5,596
4,645
3,593
11,906
4,311
189,900
154,712
131,312
214,014
Minneapolis A St. Louis.......
Minn. St. Paul A 8. S. M.
8,850
Wheeling & Lake Erie
161,373
Rutland,
>
Total
52
2,882
22,427
Green Bay A Western..
Lake Superior A Ishpeming
2,090
577
2,735
1,208
District—
.
234
1,210
Pittsburgh & Shawmut...
..
9,096
2,516
1,958
10,140
219
2,061
9,074
2,810
4,800
2,033
44,122
9,340
1,239
5,634
Pittsburgh Shawmut A North..
Pittsburgh & West Virginia
...
...
Total..............
2,629
12,117
6,825
1,924
1,407
15,778
—
Southern System
1,831
7,840
210
—
Seaboard Air Line.....;
959
1,516
3,579
268
435
N. Y. Chicago & St. Louis.....
N. Y. Susquehanna & Western.
72
Northern Pacific....
Spokane
....
International
....
Spokane Portland A Seattle....
Total
i
41,768
Baltimore & Ohio
424
33,000
5,837
27,068
4,252
Bessemer & Lake Erie
7,340
Buffalo Creek & Gauley
249
317
1,239
19
17
5,728
16,700
12,095
543
585
20
33
221
4
W
Colorado A Southern..
....
225
42
41
Denver A Salt Lake
97
79
42
48
38
574
608
3,381
3.186
Fort Worth A Denver City
Illinois Terminal.....
1,762
1,303
67,228
987
54,784
1,939
62,184
23,100
6,667
1,587
47,899
16,630
5,850
6,517
Long Island
89,129
Co..
17,992
20,156
15,017
11,736
18,450
4,278
Union (Pittsburgh)..
3,372
9,257
3,156
Maryland....
665
Denver A Rio Grande Western.
330
5
830
Ligonler Valley
Penn-Reading Seashore Lines..
Pennsylvania System
25,463
3,749
....
348
-
Cumberland & Pennsylvania
Western
18,820
2.185
2,662
...
Bingham A Garfield....
Chicago Burlington A Qulncy..
Chicago A Illinois Midland....
Chicago Rock Island A Pacific.
Chicago A Eastern Illinois.....
1,490
7,373
2,017
8,702
Central RR, of New Jersey
Cornwall
Reading
845
1,199
22,989
691
Cambria & Indiana
196,087
155,310
9,175 |
120,408
Missouri-Illinois
150,130 j
Norfolk & Western
Virginian
24,619
4,811
Total
58,502
24,813
19,622
22,067
3,952
19
1,649
477
455
117
120
757
753
484
433
12
17
27
0
o
31,543
26,375
23,308
299
330
263
6,754
1,535
14,915
Union Pacific System....
Utah
48,387
43,422
22,897
18,099
17,588
5,034
1,229
12,595
12,505
10,461
4,922
1,244
7,435
167
84
4
7
1,624
1,629
2,466
2,070
126,647
106,359
109,422
65,380
50,362
Southwestern
247
807
226
663
131
.
655
201
222
654
659
1,805
1,105
1,367
793
11,309
9,182
8,469
6,238
4,482
Central of Georgia.
4,497
3,902
4,034
2,873
395
1,252
4,267
1,810
2,846
Columbus A Greenville-.
351
199
191
237
1,347
1,916
286
415
1,694
1,822
1,418
212
278
1,750
2,003
1,014
2,263
1,920
1,078
474
417
498
313
236
187
...
Missouri a Arkansas...
258
1,902
371
Midland Valley
458
1,290
2,076
1,678
2,152
Litchfield A Madison...
1,122
1,959
460
1,694
Charleston A Western Carolina
121
2,291
1,941
2,446
Kansas City Southern.
Louisiana a Arkansas
Kansas Oklahoma a Gulf.
702
191
2,494
2,303
International-Great Northern..
Atlantic Coast Line
Cllnchfleld
.
District—
Gulf Coast Lines..
Atlanta Birmingham A Coast..
\
296
Burlington-Rock Island..
381
839
945
1,732
Total......
Southern District—
Alabama Tennessee A Northern
Atl. A W. P.—W. RR. of Ala..
;
,
11,836
3,767
13,995
6,890
2,012
1,874
252
30
Western Pacific
29,072
2,010
1,058
1,908
....
Southern Pacific (Pacific).....
115,747
/
196
Peoria A Pekln Union...
Pocahontas District—
Chesapeake & Ohio...
548,
5,316
1,217
1,585
1,223
1,644
/
Toledo Peoria A Western
Total
9,671
215
537
10,250
Central Western District—
Alton.
475
339
806
6,086
3,227
Atch. Top. A Santa Fe System.
746
3,386
12,428
•
1,549
9,188
903
Alleghany District—
Akron Canton & Youngstown..
773
1,279
4,478
4,128
14,217
10,255
25,421
12,314
1,378
6,971
N. Y. N. H. A Hartford
New York Ontario & Western..
2,426
Tennessee Central......
12,171
4,234
6,384
2,407
53,956
New York Central Lines
8,343
3,500
1,146
1,695
6,705
6,208
20,085
43
2,035
3,333
Montour
322
2,574
2,154
7,800
2,447
10,361
Monongahela
370
326
54
314
Maine Central..
2,093
2,263
444
408
Richmond Fred. A Potomac...
2,758
2,308
474
Southern....
Piedmont Northern
2,741
10,240
12,612
4,727
,
3,807
1,718
Norfolk
1940
323
6,693
Lehigh A Hudson River....
Lehigh A New England.......
Lehigh Valley
296
10,237
1941
18
436
Grand Trunk Western
1,282
266
1939
1,172
4,604
8,321
16,387
•
—
——
V:-
Southern District—{Concl.)
Nashville Chattanooga A St. L.
from Connections
1940
8,912
3,081
Detroit A Toledo Shore Line
1,652
13,995
2,553
1,571
11
1,468
7,023
Central Vermont
Erie
547
1,380
9,013
1,422
Total Loads Received
Freight Loaded
1940
Eastern District—
Boston A Maine
27
(NUMBER OF CARS)—WEEK ENDED JUNE 21
160
161
397
284
754
1,792
1,198
798
310
281
282
Missouri-Kansas-Texas Lines..
4,436
3,865
Durham A Southern...
2,853
113
155
614
400
Missouri Pacific
11,675
11,227
8,242
455
,16,982
4,332
13,330
3,783
196
Florida East Coast
378
415
740
771
I
104
161
40
96
Gainsville Midland
39
22
33
79
97
Quanah Acme a Pacific..
St. Louis-San Francisco.
1,148
1,112
837
1,819
1,439
4,524
2,151
2,538
3,928
Georgia..
Georgia A Florida
442
258
*303
552
406
3,805
23,707
2,945
18,959
3,177
14,166
7,281
10,123
859
387
207
26,671
22,045
1,430
17,722
19,018
Macon Dublin A Savannah
170
122
95
Mississippi Central
171
148
130
.
Illinois Central System
Louisville A Nashville
..
Vote—Previous year's figures revised.
Commodity
by
Price
Indexes
Motors
Corp.
prior to the European
tion of
ance
a
of
world
of
prices,
and
war
international
10
x
Cornell
same
Texas a New Orleans
2,473
5,587
3,859
2,274
5,836
3,567
3,498
187
136
184
52
59
14
16
39
63
23
55,617
44,416
46,131
43,903
32,976
....
Weatherford M. W. a N. W...
Total
war.
Instead of
these organizations
but
now
on
Argen¬
a
for each country
in
so
as
Can¬
Eng¬
tralia
ada
land
publishing the
Mex¬
Java
ico
Swe¬
New
Zeal'd
den
Switz¬ United
erland
States
1940—
May
120
118
120
143
116
113
112
131
132
118
118
120
144
116
113
114
131
136
109
118
118
120
145
115
112
114
132
140
109
August
118
119
120
150
115
111
120
132
144
109
September..
110
;.
June
July
different
t—
112
120
121
145
116
122
135
153
111
113
123
122
145
117
110
120
139
158
114
113
125
124
146
118
111
118
142
164
118
December.
i
116
October
November..
113
126
126
149
120
111
119
144
168
118
114
127
126
150
121
111
119
144
171
120
.
1941—
January....
February
indexes.
far
Aus¬
tina
which
composite index of
are
4,034
4,599
(August, 1939=100)
Compiled
University,
a
...
University
had collaborated in the publica¬
price statistics,
.....
Wichita Falls a Southern.
5,406
The index is built upon 40 basic commodities and the list
the
5,678
Gulf Mobile A Northern only.
Countries
Cornell
information only as individual country
is
7,941"
Texas a Pacific—
2,722
commodity price index, have resumed issu¬
basis than before the
world
♦ Previous figures,
General Motors and
General
Louis Southwestern.
7,635
555
....
Gulf Mobile A Ohio.
St.
77
9,035
2,778
7,347
3,826
possible.
Each
114
126
127
150
121
113
119
147
171
120
March
119
122
129
150
123
114
119
154
176
122
April-
121
121
131
150
125
115
119
156
180
125
189
126
127
1941—
Weeks end.:
commodity is weighted uniformly for each country, accord¬
May
3—
May 10—
rl21
120
rl31
150
127
116
120
156
121
120
132
150
128
117
120
166
190
ing
May 17—
124
120
134
150
129
117
119
155
190
May 24—
May 31—
126
120
135
rl51
131
117
120
155
*190
126
120
134
*149
131
117
119
155
135
*150
130
118
120
154
130
to its relative importance
actual
price data
Overseas
are
in world production.
The
collected weekly by General Motors
Operations from
sources
described
"the
as
most
responsible agencies available in each country, usually
government
clude
"a
department."
a
131
June
7..
rl32
121
June
14—
rl29
121
136
*151
133
119
120
155
rl32
June 21—
132
121
137
*151
131
119
121
154
133
*
Preliminary,
r
Revised.
The commodities involved in¬
comprehensive list of several
groups, including
grains, livestock and livestock products, miscellaneous foods
(coffee, cocoa, tea, sugar, &c.), textiles, fuels, metals, and a
list of other miscellaneous materials
(rubber,
hides, lumber,
newsprint, linseed oil, &c.).M Weights assigned in the index
to
130
T130
the different
Wholesale Commodity Prices Advanced Further During
Week Ended June 21, According to Bureau of Labor
Statistics Index
The Bureau of Labor Statistics wholesale
price index rose
0.6% during the week ended June 21, largely as a result
of further
sharp gains in prices for agricultural commodi¬
Commissioner Hinrichs reported on June 26.
"The advance brought the all-commodity index, based on
commodity groups are as follows: Grains,
20; livestock and livestock products, 19; vegetable fats and
ties,
other
approximately 900 price series, to 87.2% of the 1926 average,
13% above a year ago and about 1%% below the 1937 peak,"
foods, 9;
textiles,
12; fuel,
11; metals,
11; miscel¬
laneous, 18.
The indexes which
currency
Acting
Mr. Ilinrichs said.
are
of each country,
based
were
on
prices expressed in the
reported June 30
as
follows*
Further
follows:
details
were'
given
by
the
Labor
Bureau
as
The Commercial & Financial Chronicle
28
during the week, a gain of
weeks and 26%% in the past year. Foods
products 0.8%.
The fuel and lighting
materials, building materials, chemicals and allied products and miscel¬
laneous commodities groups were up slightly, less than % of 1%.
Hides
and leather products declined 0.2% as a result of the ceiling announced
for hide prices by the Office of Price Administration and Civilian Supply.
Weakening prices for pig tin caused the metals and metal products group
index to decline fractionally.
Average wholesale prices ofv housefurnishing
for farm products rose 2.3%
Market prices
nearly 7%% in the past four
increased
1.3% and
textile
unchanged from last week's level.
During the week raw material prices increased 1.4%, largely because
of the advances in farm product prices.
Manufactured and semi-manu¬
factured commodity prices increased 0.3%.
Compared with a year ago
raw
materials are up nearly 20%; semi-manufactured products, 12%%,
and manufactured commodities, about 10%%.
Outstanding increases in agricultural commodity markets were 7.4%
for fruits and vegetables, 5.7% for cattle feed, and 1.5% for livestock.
goods
were
hogs (which are now at the
Quotations were higher for calves, cows and
textile price index reached a new
cotton
In
the
index.
Other advances
than
lower
week
a
advanced and 16
and 15 declines,
40 advances and nine declines.
During the week 40 price series included in the index
in the second
preceding week there were
Latest
Bears to the
Year
Month
Week
Ago
June 28, June
Group
Ago
21, May 24, June 29,
1940
1941
1941
1941
105.6
105.4
101.1
124.6
118.2
111.5
70.2
147.1
136.0
120.8
69.0
110.3
108.1
102.9
83.7
138.1
133.4
Total Index
"
Foods
Fats and oils
Cottonseed oil
—
Farm products
89.1
•i
121.4
99.7
98.9
95.7
94.3
80.8
108.0
106.5
100.9
79.4
110.4
110.2
106.5
103.8
119.3
Cotton
118.5
115.0
112.1
Grains
Livestock
pack of
Miscellaneous commodities
Prices were also higher for butter, cheese,
8.2
__
133.5
132.7
128.3
104.4
7.1
Metals
103.9
103.5
103.4
101.4
6.1
Building materials
115.6
115.4
116.6
102.5
1.3
Chemicals and drugs
105.2
105.0
105.0
.3
Fertilizer materials
105.5
104.7
107.1
100.0
.3
Fertilizers
102.0
102.0
101.1
101.3
.3
Farm machinery
Prices for black
0.4% due to lower prices for fresh pork, bacon and lamb.
Preced'g
Week
Per Cent
Each Group
Fuels
higher quotations for the new
(1935-1939=100*)
Complied by the National Fertilizer Association.
10.8
with
INDEX
WHOLE8ALE COMMODITY PRICE
WEEKLY
powdered milk; for flour and corn meal; for sugar and cocoa beans, and
for dressed poultry, eggs, lard and edible vegetable oils.
Meats declined
also declined during the week from their unusually high level.
pepper
registered by the indexes representing
chemicals and drugs, fertilizer materials,
17.3
and vegetables.
fruits
higher causing a fractional upturn in the
were
declined, in the preceding week there were 44 advances
ago.
advanced,
foodstuffs
Most
canned
ad¬
increase in the group average.
and miscellaneous commodities.
23.0
were
silk was slightly
brass products, tin, and copper prices
the prices of building materials,
apples,
Fresh
flaxseed.
group,
The price of anthracite coal was
fuel
dried beans and onions rose
sharply.
Although corn prices were higher, lower prices for barley, wheat,
rye and oats caused the index for grains to drop 1.3%.
Steers and sheep
and
metal
vanced and zinc declined, the net result was an
25.3
peanuts
high point due to higher prices for cotton,
goods, woolen yarn, and burlap, the price of raw
lower.
highest levels since late in 1937), and for poultry.
Cotton continued to
advance, rising nearly 5% during the week, and prices were also higher
for
July 5, 1941
Textiles
100.7
99.3
99.3
99.3
99.5
110.9
110.2
106.8
96.3
Notwithstanding the decline in prices for hides and skins, shoes advanced
All groups combined
100.0
slightly.*
2% as many fabrics advanced.
Prices were
higher for drills, duck, Osnaburg, tire fabrics, print cloth, carded yarns,
broadcloth, muslin, percale, sheeting and shirting.
Advancing prices for
raw silk were reflected in higher quotations for silk hosiery.
Manila hemp
rose about 4% and cotton rope was quoted at higher figures.
Cotton
goods
rose
over
0.3% because of increases
yellow
Prices were lower for yellow pine
Average wholesale prices for lumber were up
*
Base period changed Jan. 4
100.
lath and timbers.
boards and drop Biding.
Rosin and shellac
also higher for prepared roofing.
pine finish, flooring,
week
the
brings
this year to over
first of
Wholesale
for
1940,
22,
and
ago,
June
Prices
a
the
and
commodities
June
the
ago;
year
14 to June 21,
in prices
these commodities
of
the
since
86%.
for Week Ended June 21,
following tables show
The
of
gain
total
sharply, and prices were
The further increase of 1.5%
oils continued to rise.
fats and
Industrial
this
rose
weeks,
three
past
percentage
for
changes
24, .1941,
May
from
percentage changes
(2)
1941
index numbers for the principal
(1)
a
week
ago,
groups
for
and
month
a
29,
Electric Output for Week Ended June 28, 1941, Shows
Gain of
The Edison
17.3% Over Year Ago
Electric
Institute, in its current weekly re¬
that the production of electricity by the
electric light and power industry of the United States for
the week ended June 28, 1941, was 3,120,780,000 kwh.
The
current week's output is 17.3% above the output of the cor¬
responding week of 1940, when production totaled 2,659,825,000 kwh. The output for the week ended June 21, 1941,
was estimated to be 3,055,841,000 kwh., an increase of 15.2%
port, estimated
>
the like week
over
a
year ago.
PREVIOUS YEAR
PERCENTAGE INCREASE FROM
1941;
Percent. Changes to
June
June
June
May
1941
1941
June June 21, 1941 from—
24.
22.
1941
1940
7,
14,
21,
Commodity Groups
1941
"
•
May
24,
June
14,
1941
June
1941
1940
June 28,
All commodities
87.2
Farm products
83.0
81.1
79.6
77.3
65.6
83.7
82.6
81.5
79.5
70.1
+2.3
+ 1.3
108.2 108.4 107.6 106.9
85.9
85.0
77.1
+0.6
+7.4 + 26.5
+ 5.3 + 19.4
—0.2
83.2
82.9
71.9
+0.8
1941
14.
Week Ended
June 7,
78.7
78.3
76.2
71.9
+0.4
+ 3.7
18.4
16.4
12.9
19.2
Central Industrial
24.0
19.7
20.3
22.2
West Central
16.7
11.9
14.3
11.5
Southern States
16.0
14.8
16.0
15.8
Rocky Mountain
9.2
8.4
10.0
12.3
2.6
4.0
3.9
4.2
17.3
15.2
15.1
17.1
98.4
98.3
98.2
94.8
—0.1
+0.1
+0.2
+0.6
+ 9.5
FOR
DATA
RECENT
WEEKS
(THOUSANDS
+ 3.7
92.3
Total United States.
+9.9
98.3
1941
25.1
21.6
OF
KILOWATT-HOURS)
+ 1.9 + 17.5
79.0
Building materials
99.6
83.8
101.1 100.9 100.5 100.5
materials
Metals and metal products
1941 June
22.0
24.5
+2.6 + 13.1
84.5
Hides and leather products
New England
Middle Atlantic
Week Ended
Ended
1941 June 21,
Pacific Coast
86.7
-
22,
Week
Week Ended
Major Geographic
Regions
Foods—
1935-1939 average as
Indexes on 1926-1928 base were: June 28, 1941, 86.4; June 21, 85.8; June
in sub-group indexes from
(1926=100)
Textile products
luel and lighting
to
average
1940, 75.0.
prices for chestnut and poplar, and maple and oak floorings, and
in
1926-1928
from
+ 1.2
+ 8.6
Percent
Change
1941
Week Ended
1940
1938
1939
1941
1937
Chemicals and allied products--
83.8
83.7
83.6
84.2
76.3
+0.1
——0.5
+9.8
from
Housefurnishing goods.
Miscellaneous commodities
93.7
93.7
93.3
92.5
89.9
0.0
+ 1.3
+4.2
1940
80.3
80.2
79.7
79.7
77.2
+0.1
+0.8
+4.0
Raw materials.
84.1
82.9
81.9
79.9
70.2
+ 1.4
+ 5.3 + 19.8
Jan.
2.142.112
2.278,249
87.6
87.3
86.9
86.5
77.9
+ 1.3 + 12.5
Jan.
11
-•
2.985.304
2.688.380
+ 11.0
2.329.057
2.163.915
2.277.509
89.0
88.7
88.0
87.5
80.6
+0.3
+0.3
+ 1.7 + 10.4
Jan.
18
mm
2.995.562
2.673,823
+ 12.0
2,342.328
2.156.468
2.286 494
Jan.
25
2.979.610
2.660,962
+ 12.0
2.340.339
2.139.311
2.236.074
Feb.
1
mm
2.977.501
2.632,555
+ 13.1
2.327.192
2.130.558
2.225.581
Feb.
8
mm
2.238.281
Feb.
15
Feb.
22
Semi-manufactured
articles
Manufactured
products
All commodities other than farm
88.2
87.9
87.3
86.7
79.7
+0.3
+ 1.7 + 10.7
89.0
88.8
88.4
87.7
82.4
+0.2
+ 1.5
All commodities other than farm
products and foods
CHANGES
2.831,052
IN
SUBGROUP
TO JUNE
21,
INDEXES
FROM
+ 8.0
JUNE
14
7.4
Anthracite
0.7
Cattle feed
5.7
Shoes
0.6
Other farm products
4.0
Dairy products
0.5
2.1
Lumber
1.8
Silk
Other miscellaneous-
0.3
-0.3
..
Other textile products...
1.6
mm
2.238.719
+ 10.7
0.2
'
Livestock and poultry.
1.5
Bituminous coal
Oils and fats
1.5
Paint and paint materials
0.2
0.2
Hosiery and underwear..
Petroleum and products.
0.8
Cereal products
0.1
0.8
Other building materials
Chemicals
....
0.1
2.242.433
2.967,576
2.546,816
+ 16.5
2,269,061
2.071.639
2.225,539
2.982.203
2.568.328
+ 16.1
2,293.582
2.077.334
2,237.729
2.986.470
2.054.861
2.251.888
2.285.175
+ 16.3
2.275.658
2.066.563
2.251.111
+ 18.1
2,258.221
2.027.433
2.237.926
2.956.149
2.524.066
+ 17.1
2.272.424
2.036.671
2.183.704
m
2.937.585
2.493.690
+ 17.8
2.243.986
2.050,101
2.882.319
2,529,908
+ 13.9
2.234,908
2.016.227
2.218,615
2.873.710
2.528.868
+ 13.6
2,265,216
2.010.121
2.229.866
mm-
26
+17.0
2.508.321
2.926.445
2,499,060
+ 17.1
2.244,039
1,995,555
2.237,542
mm
2.914.882
2.503.899
+ 16.4
2,224,723
1.992.161
2.225,194
mm.
2,975,024
2.515.515
+ 18.3
2.238.826
2.019.065
2,242.421
mm
2.982,715
2.550.071
2.234,592
2.023.830
2.277,749
2.030.754
2,251.995
2.186.394
1,936.597
2.176,399
2.266.759
19
Mixed fertilizer
0.8
June
14
Crude rubber
3.9
Meats---
0.4
June
2.4
Leather
0.1
June 28
Fertilizer materials.
2.0
Non-ferrous metals--.
0.1
Grains.
1.3
Paper and pulp.
0.1
July
July
19
3.011,754
2.588.821
mm'
2,924,460
2.477.689
+ 18.0
12
July
mm
+ 17.0
+ 16.3
21
Hides and skins....
m
mm
3
May
May 10.--May 17
May 24
May 31
0.1
June
Decreases
...
Commodity Price Index Continues to Advance in Week
Ended
June 28,
Association
According
to
was
again
higher last week, according to the price index compiled by
Association.
2.249,305
mm
3.042.128
2,598.812
+ 17.1
2,328,756
2.056.509
mm
3,066.047
2.664.853
+ 15.1
2,340,571
2.051.006
2.260.771
3,055.841
2.653.788
+ 15.2
2.362.436
2.082.232
2.287.420
3,120,780
2,659.825
+ 17.3
2,395,857
2.074.014
2,285.362
2,139.281
mm
2,425.229
2,651,626
2,154.099
2,152.779
2.358,438
2,377,902
2,426,631
2,159.667
2,312,104
2.762.240
--
1,937.486
2,402,893
2,760,935
mm
2,145,033
2.681,071
5
July 26
2
Aug.
2.218.798
2,399.805
2,193,750
2,341,103
2,321.531
National Fertilizer
general level of wholesale commodity prices
the National Fertilizer
7
2,553,109
2,964.817 -2^550,000
2.963.579
mm
5
Apr.
2,112.046
mm
12
Apr.
2.097.789
2,297.117
mm
Mar. 29.
Apr.
2.314.859
+ 15.4
mm
Mar. 22
Apr.
+ 13.6
2,564.670
mm
8
2.616.111
2.958.855
mm
1
2.972.566
mm
Mar. 15
Fruits and vegetables--.
Cotton goods
Other foods
Mar.
Mar.
1941
Increases
The
2.558,180
*
products
PERCENTAGE
4
Rising for the ninth
May Building Valuations 32% Above Year Ago, Reports
Secretary of
Labor Perkins—All Types of Costruction Shared in
For text of this article
Increase
see page
85.
consecutive time, this index in the week ended June 28 stood
at
110.9% of the 1935-1939
preceding week, 106.8
compared with 110.2
ago, and 96.3 a year
ago.
The all-commodity index is now 15.2 % above the level
registered in the corresponding week of 1940.
The Associa¬
tion's report, under date of June 30, went on to say:
in the
Price
advances
were
average,
a
widespread throughout the commodity list, with
nine of the principal group
indexes advancing and two remaining unchanged.
The food price average was only slightly higher, the result of lower meat
and potato prices nearly counterbalancing increases in butter, eggs, flour,
and
edible vegetable oils.
week,
with cotton,
Debits
for
The farm products index soared upward last
grains, and livestock moving to
higher levels.
The
Bank debits
Week
Ended
Above
Bank
month
a
Year
June
25,
1941,
29.1%
Ago
reported by banks in leading centers for
Total
debits during the 13 weeks ended June 25 amounted to $131,357,000,000, or 19% above the total reported for the corre¬
sponding period a year ago.
At banks in New York City
there was an increase of 13% compared with the correspond¬
ing period a year ago, and at the other reporting centers
there was an increase of 23%.
These figures are as reported
as
the week ended June 25 aggregated $9,997,000,000.
Volume
The Commercial & Financial Chronicle
153
June 30, 1941,
Reserve System.
on
by the Board of Governors of the Federal
SUMMARY BY FEDERAL RESERVE DISTRICTS
(In Millions of Dollars)
Week Ended
13 Weeks Ended
Federal Reserve District
June
June 26,
25,
1941
Boston
June
1940
3,911
*
.
3,217
$7,324
53,676
582
.
$440
397
7,539
Philadelphia
Cleveland
763
...
Richmond
*!
7,208
5,080
4,179
19,960
4,015
St. Louis
232
1,536
Chicago
1,158
313
231
179
146
248
Dallas
256
185
/
3,942
3,265
San Francisco
820
642
10,347
$9,997
$7,743
3,518
2,887
5,614
4,179
16,196
2,419
314
3,276
4.238
Minneapolis
Kansas City
$131,357
48,920
71,433
11,004
_
...
Total, 274 reporting centers
New York City
140 Other leading centers *
133 Other centers
♦
865
Centers for which bank debits figures
676
3,368
'
2,309
Reported production for the 25 weeks of 1941
corresponding weeks of 1940, shipments
and
$110,255
43,403
orders
were
to date was
12%
above
16% above the shipments
22% above the orders of the 1940 period.
For the
25 weeks of 1941 to date, new business was 11% above
production, and
new
shipments
3,420
2,680
8,605
were
were
6% above production.
;
Supply and Demand Comparisons
;
The ratio of unfilled orders to gross stocks was
43% on June 21,
compared with 19% a year ago.
Unfilled orders
were
u
,
1941,
94% greater than
a
13% less.
year ago, gross stocks were
57,753
Y.-Y YvY;'
9,09o
Softwoods and Hardwoods
Y->v;YYY Y-' .-I:;-: :•'
Y,'
Record for the current week ended June 21, 1941, for the
previous week
and for the corresponding week of a year ago, follows in
available back to 1919.
are
Year-to-Date Comparisons
5,717
9,388
300
V.
316
—
$5,917
47,544
546
409
Atlanta——
26,
1940
$597
New York
June
25,
1941
29
regional associations covering the operations of representa¬
tive hardwood and softwood mills.
Shipments were 2%
above production; new orders 15% above
production.
Com¬
pared with the corresponding week of 1940, production was
10% greater, shipments 17% greater, and new business
35% greater.
The industry stood at 124% of the average of
production in the corresponding week of 1935-39 and 134%
of average 1935-39 shipments in the same week.
The
Association further reported:
1,000 board feet:
Far Western Business in May at
Highest Level Since
Softwoods
Hardwoods
Softwoods and Hardwoods
1929, Reports Bank of America
1941
Bank of America's index
of Western business rose from
127.8 in April to 128.2 in May, its highest level since
1929,
according to the bank's "Business Review" for May, recently
released.
The bank's announcement further said:
Industrial activity in the West established
for
factory
sale
trade
employment and payrolls,
rejoiced
experienced.
in
month,
though
recent
Stiffening
the
in
below
above
farm
of
orders
more
prices
the
last
the
wave
f Non-residential
far
the review.
says
buying
records during the month
for
to
rose
district
10 years.
its
were
best
the
has
initiated
growers
in
best since
two
and
1930,
the
recent
one-half
Y'
—
than
they
Crude oil production
the
in
Car loadings
years.
bank debits
:Y-:-:YY:"Y
income
more
highest in
over
Yv Y-'Y'Y-Y;V-: Y'YY''
Office of Production Management
figures are quoted to show that defense
contracts awarded in the Twelfth Federal Reserve District now total
$1,813,-
343,000,
York
West
which is 17% of the national total and second only to the New
total of $1,932,878,000.
These figures, it is noted, do not
District
include
large
Coast
British
aircraft
and
shipbuilding
contracts
held
now
;
by
week from each member of the orders and
also a figure which indicates the
production, and
activity of the mill based
These figures are advanced to equal
the time
so
operated.
that they represent the total industry.
STATISTICAL
REPORTS—ORDERS,
PRODUCTION,
MILL
ACTIVITY
Unfilled
Orders
/
Period
v
jVY'-7 V
•
100%
Shipments
Orders
290,624
116
..
1940—Month
J
Production
Orders
Received
Tons
Remainino
Tons
January...
February..
March.*..........
528,155
Percent of Activity
Tons
'"'f-
of—
Current
April
167,240
453,518
137,631
429,334
449,221
129,466
193,411
247,644
236,693
July
August
September
<;Y
.79
520,907
...
456,942
624,184
508,005
544,221
509,781 f;
587,339
>71
Y;r;
70
71
69
70
..'Y:.
,'Cv
:-.o72
70
70
76
72
72
648.611
79
161,985
77
464.537
479,099
151,729
7lY?Y
January
673,446
629,863
202,417
75
February
March..
608,521
548,579
261,650
81
337.022
470,228
April
571,050
June
726,460
447,525
656,437
602,323
634,684
.....
256,029
306,384
223,640
made^n the United
YY;;YY
YYY'^YYyy>: Y'-Y
1941
are
based
on
data received from 69
States, 20 making passenger
making commercial cars, trucks, or road tractors
(14 of the 20 passenger car manufacturers also making com¬
mercial cars, trucks, or road tractors).
It should be noted
that those making both passenger cars and commercial
cars,
trucks, or road tractors have been included in the number
shown as making passenger cars and in the number shown as
making commercial cars, trucks, or road tractors, re¬
spectively. The figures for passenger cars include those for
taxicabs. The figures for commercial cars,
trucks, and road
tractors include those for ambulances, funeral
cars,
fire
apparatus, street sweepers, station wagons, and buses, but
the number of such special purpose vehicles is
very small and
hence a negligible factor in any analysis for which the
figures
may be used. Canadian production figures are supplied by the
and 63
cars
Figures of automobile production in April 1, 1941, 1940,
appeared in our issue of May 31, 1941, page 3411.
:Y/Y/:YNUMBER OF VEHICLES (INCLUDING CHASSIS)
L
and 1939,
1941—
608,995
488,993
509,231
Week Ended—
84
'■
,-:;Y
'
■
~
7
•
'.v 88
;
*
V'
*
tV'tv.'.Ov.';.'
Trucks,
Cars
&c.
Co mm'I
senger
Cars &
Cars
Total
Trucks
500,863
Total (5
months)
23,195
11,990
91,103
97,609
23,710
26,044
10,647
12,093
374,979
87,291
27.584
12,091
'518,736
417,698
101,038
26.585
9,840
16,745
2,008,619
466,671
127,118
56,661
70,457
432,279
362,897
69,382
17,213
12,579
4,634
404,032
423,620
337,756
66,276
70,698
18,193
12,779
6,414
352,9,22
16,612
362,139
70,607
12,025
13,487
12,677
4,587
432,746
—
89,630
394,513
410,196
2,475,290
April
411,233
485,616
507,805
462,270
March
May
'
Passenger
i
January............
February*.
*
83
:
■
(Production)
Pas¬
(All
Vehicles)
7
\
Canada
Total
Month
,
73
mm
(Factory Sales)
Year and
-vi, 73
<
*
857,732
May......:
256,353
manufacturers in the United
73
74
of—
652,128
237,833
228,308
by Director
Capt, Bureau of the Census, Department of Com¬
C.
J.
United Stales
82
1941—Month
97
463
262,146
267,118
301,654
vehicles in May 1939. These statistics
comprise data for the
entire industry, and were released July 1, 1941
73
December
119
448
States, for May, 1941, consisted of 518,736 vehicles, of which
417,698 were passenger cars and 101,038 commercial cars,
trucks, or road tractors, as compared with 462,270 vehicles
in April, 1941, 391,215 vehicles in May,
1940, and 297,542
73
488,990
100%
assembled in foreign countries from parts
73
509,945
670,473
November
101
448
Automobile Production in May 1 f i
1
I
Factory sales of automobiles manufactured in the United
States, including complete units or vehicles reported as
73
163,769
184,002
487,127
October....
11,426
13,617
11,030
72
:Y
196,037
162.653
452,613
468,870
Week
Dominion Bureau of Statistics.
579,739
682,490
M ay
Cumulative
•
420,639
June
_
Statistics for
^I.The members of this Association represent 83% of the
total industry, and its program includes a statement
each
100%,
Previous
93
250,720
253,501
;
Weekly Statistics of Paperboard Industry
We give herewith latest figures received
by us from the
National Paperboard Association,
Chicago, 111., in relation
to activity in the paperboard
industry.
on
369
Production
merce.
//fY*
♦—
1940
Week
(Revised)
Mills.......
companies.
fr':-
1941
Week
in any
during
high levels of other
of
1940
Week
'
ever
year.
assured
level
Coast
private homes than
building
unusually
Retail and whole¬
Pacific
few months ago, the review continues.
a
California
years,
somewhat
still
was
expected
best
the
Builders received
month
months,
in
new
1941
Week
29,435
11,205
13,063
13,951
15,493
1941—
Mar.
1
155,262
141,176
Mar.
8
154,001
138,165
168,701
167,430
143,748
141,874
Mar. 15..
Mar. 22
...
Mar. 29
161,996
Apr.
147,263
261,650
277,115
300,378
322,605
337,022
368,304
393,732
5
183,264
146,578
Apr. 12
19
181,778
160,769
150,259
134,853
166,338
147,582
May
May
May
May
May
3
165,583
10
170,436
147,188
148,381
17...........
161,295
168,875
155,831
156,188
Apr.
!
77
so.:
78
78
82
79
83
79
85
80
78
80
431,859
84
80
447,525
83
80
'
June
24
31...........
7
June 14.
June 21.
...
.......
June 28
158,821
466,064
149,884
472,782
152,410
489,915
488,993
500,252
504,786
151,648
144,481
168,561
156,439
153,364
151,114
154.711
-;'i
•
78
84
415,485
Apr. 26
82
82
84
80
84
80
85
:
81
84
/
81
84
81
88
81
518,755
88
82
509,231
90
82
1940—
.
January
February.
...
March
...
April
391,215
May
Total (5 months)..**
325,676
65,539
19,687
21,277
2,083,892
1,741,390
342,502
92,982
63,547
342,168
303,220
...
281,465
60,703
243,000
60,220
3,386
12,689
4,864
4,100
237,870
72,243
63,966
59,672
14,794
14,300
17,553
10,914
299,703
273,409
1,335,447
316,804
6,200
8,600
1939—
January..;
February
...
March
...
....
April
......
May
Total (5
*
months)
371,946
337,375
297,542
1,652,251
11,404
3,390
16,891
12,791
15,706
11,585
4,121
79,244
59,383
19,861
Revised.
Note—Unfilled orders of the prior week plus orders received, less
production, do
not necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for or filled from stock, and other Items made necessary
adjust¬
ments of unfilled orders.
Russian
Report of Lumber Movement Week Ended June 21, 1941
was
Crops Delayed by Weather Conditions, Says
Agriculture Department
Indications
Lumber
production during the week ended June 21, 1941,
was 2% greater than in the
previous week; shipments were
4% greater; new business 2% less, according to reports to
the
National
Lumber
Manufacturers
Association
from
from
are
two
to
that
spring sowing
three
weeks
in the
behind
which also was
culture
Markets."
Soviet Union
of
last
year,
late, the United States Department of Agri¬
June 30 in its weekly "Foreign Crops and
The delay is attributed largely to unfavorable
said
"weather.
that
on
The announcement continued:
The Commercial &
30
time
early
too
of
survey.
importance
the
to
Russia.
of
regions
sources
latest
the
attention
to reduce yields, it was
crops this year, at the
In that connection the Department calls
of winter rye in the central and northern
late sowings of spring grains tend
to judge the ultimate effect on
Although
still
Financial Chronicle
Winter
grains
general are reported by Soviet
in
good in roost regions and excellent in some.
to be
and
in
August.
Cotton-Textile
Production
in
Rate
Annual
Is Running at Greatest
According to New York
History,
Association of Textile Merchants
For text of this article see
advertisement page xiii.
Products—Cole Legislation Still
Coordinator Ickes Defers Naming
Its
Pending—Oil
Average
Groups—Daily
Regional
duction Off—Oil Compact
Crude
Pro¬
Before Congress Shortly
—May World Crude Output Lower
The Cole pipeline
weekend,
at
but
legislation was still pending in Congress
Washington
reports
indicated
that its
in a short time was almost certain and quick presi¬
dential approval of the new law would open the way for the
construction of the new pipelines which the industry needs so
vitally to replace the transportation facilities lost through
the transfer of 50 Gulf Coast-Atlantic Coast tankers to
Great Britain recently under the terms of the Lease-Lend Bill.
The opposition of the Southern railroads to the pipeline
construction program which developed last week in surprise
testimony of the representatives of Southern railroads and
railroad labor executives is generally credited with the delay
passage
of the Cole bill which, since it was introduced and
sponsored by Representative Cole at the direct request of
President Roosevelt and has the backing of Oil Coordinator
Ickes in addition, should have been enacted without any
The July quota for Louisiana was reduced 16,000
daily in order to keep it in line with the recom¬
barrels
mendations of the Bureau of Mines.
World
production of crude oil during May was 184,700,000
barrels, off 2% from the 188,700,000-barrel total reported
for the
comparable period a year earlier but 4% better than
176,700,000-barrel total of April this year.
The sta¬
tistics, compiled by "World Petroleum," mainly from Gov¬
ernment sources, showed that the May gain over the pre¬
vious month was due in large part to the extra day of pro¬
duction during May as compared with April.
Most of the improvement over the previous month was
caused by the gain in production in the United States
which rose to 117,000,000 barrels, against 111,800,000 bar¬
the
The May figure for the United States, which
world flow of oil, compared
with 118,300,000 barrels in the corresponding month last
year.
Venezuela, normally third-largest producer, passed
Soviet Russia and occupied second place, mainly because of
heavy British orders.
Rumania, chief source of supply for
Nazi Germany, showed a gain of 300,000 barrels in May over
April but was 600,000 barrels under May of last year/
With sharply conflicting reports the only available infor¬
mation concerning the progress of the Nazi Army in its in¬
vasion of Russia, oil men are closely interested in military
developments in that section of the world in view of the
possible repercussions in the world petroleum structure
should there be any change in the ownership of or possible
destruction of the invaluable oil properties in the Eastern
April.
amounted to 64% of the total
area
in the
now
There
were
The deadline for the
petroleum industry to file nominations
regional committees was extended until the first week in
July in an announcement from the office of Oil Coordinator
Ickes durng the week.
At his recent conference with in¬
dustry representatives, Mr. Ickes explained the plan for the
establishment of the regional committees on which the in¬
for
would be represented.
Also, at that time, he
requested members of the industry to file nominations for
four committees to be set up in feach of five regions.
"We have received a very substantial number of nomina¬
tions for the committee thus far, and we are pleased with the
word of the opportunity for nominations
those who attended the meeting, and they have
they would like additional time to submit
We have decided, therefore to extend the time of
members did not get
as
promptly
indicated
names.
as
that
submission of nominations."
Despite a slump of 10,350 barrels in the nation's daily
crude oil production during the final week of June,
the total was above the level recommended by the United
States Bureau of Mines of 3,830,000 barrels daily for the
month for the second consecutive week.
The mid-week
zones.
crude oil price changes posted during the
Prices of Typical Crude per
Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
12.75
Bradford, Pa
Cornlog, Pa
Eastern Illinois
......
...
1.31
Rodessa, Ark., 40 and above
East Texas, Texas, 40 and
1.22 Kettleman Hills, 37.9 and
Illinois Basin.
1.37 Pecos County, Texas...
Mid-Cont't, Okla., 40 and above.. 1.25 Lance Creek, Wyo
Smackover, Heavy....
.83 Signal Hill, 30.9 and over
REFINED
.....—
...
PRODUCTS—GAS RATIONING
FUEL
FUEL,
MOTOR
COORDINATOR
OIL
OIL
ICKES
PRICE
ISSUES
over__L.
over
$1.25
1.20
1.20
.92
.85
1.26
SEEN LESS LIKELY-
STRUCTURE
FIRST
STRONG-
"CRACKDOWN
'
FUEL INVENTORIES PARED—REFINERY
ORDER—MOTOR
OPERATIONS JUMP
dustry
great willingness to help that is evident on the part of the
industry," Mr. Ickes said.
"However, it appears that some
war
no
week.
in passage
delay.
market demand hearing
that they cannot find enough oil to meet their requirements
because of the State's drastic reduction of oil allowables for
rels in
and
Petroleum
a new
for July 8 since buyers have complained
Baton Rouge
at
The Louisiana Con¬
the Bureau of Mines.
servation Commission ordered
July.
especially pronounced in White Russia,
in the Baltic territories, and in the central and northern provinces.
On
the other hand satisfactory weather in April favored seedings in southern
Ukraine, the Don and the North Caucasus regions.
Normally grain harvesting in the southern Ukraine and other southern
regions of European Russia begins early in July.
In the central, western
and northern regions harvesting begins during the latter part of July
in spring sowings was
The delay
Oklahoma by
July 5, 1941
The threat of
gasoline rationing in the East, where the
transportation bottleneck has seriously curtailed supplies of
receded somewhat during the week with
refined products,
Washington dispatches reporting that Government experts
now
thought such
At
time.
gasoline
the
much
as
step would not be necessary for some
time, drivers were urged to conserve
a
same
as
possible through traveling at lower
speeds.
While in the first flurry of excitement over
the threatened
gasoline shortage in the East following the transfer of 50
Gulf-Atlantic Coast tankers to Great Britain under the
average
report of the American Petroleum Institute disclosed that
the 10,350-barrel reduction had pared the daily average
crude oil
barrels,
production total for the June 28 week to 3,847,250
17,250 barrels above the Federal agency's market
Lease-Lend
Bill, it
it
now
thought possible that issuance of
appears
that it would not be a serious factor until the
possibly, the final quarter of the year.
There is no
doubt that unless basic conditions change, the initial quarter
third,
or
of 1942 will
see a
All refined
forecast.
was
gasoline rationing cards would be necessary by mid-summer,
serious shortage of motor fuel in the East.
product prices continued strong during the week
Sharpest contraction of production was in California
daily average production for the June 28 week was
off 13,400 barrels to drop to 626,200 barrels, with Louisiana
also showing a substantial drop in easing off to a daily
with advances being
of 325,700 barrels, down 6,200 barrels. Higher pro¬
duction totals were reported by Illinois, Texas, Arkansas
and Kansas in the American Petroleum Institute statistics.
A decline of 1,322,000 barrels in inventories of domestic
and foreign crude oil during the week ended June 21 pared
the total to 259,142,000 barrels, the Bureau of Mines re¬
ported on June 29. A decrease of 1,350,000 barrels in hold¬
ings of American crude oil was only partially offset by a gain
of 28,000 barrels in stocks of imported crude oil.
Heavy
crude oil stocks in California, not included in the "refinable"
total, were off 161,000 barrels from the previous week at
and retail
where the
average
With
all of the
Governors of the member oil-producing
legislation extending the Interstate Oil
Compact Commission for an additional two years from the
expiration date next Sept. 1, legislation by Congress to pass
enabling measures to continue the interstate compact is
expected to be introduced shortly. No barrier to the passage
of the legislation extending the compact is apparent, and it
appears that this is certain for the immediate future.
The July allowable for Oklahoma will remain at 415,000
barrels daily, the Corporation Commission announced last
week-end following its approval of the recommendations of
States having signed
producers and buyers.
the July allowable of
has advanced to 6 cents a
This figure is considerably below
498,500 barrels recommended for
gallon while in the East both bulk
gasoline prices are strong.
Eastern fuel oil prices
are moving into higher ground with advances in the various
marketing centers being governed mainly by local competitive
and supply conditions.
There is no concerted advance, due
primarily to the action of the Office of Price Administration
and Civilian Supply in asking the industry to make no general
price advances without the approval of the OPACS.
Action against operators of "oil burner" cars and "jackrabbitt" drivers was threatened in the first "crackdown"
order issued
week in
by Oil Coordinator Ickes in Washington this
he announced that such drivers would be
which
He said
regulations against such
driving tactics, "the public has been careless in observing
such regulations."
Arrests would be made, he continued,
for racing motors in an effort to start more rapidly, and
operating cars emitting offensive quantities of smoke and
arrested
10,774,000 barrels.
registered in various regions by gasoline
In the Mid-Continent market, bulk gasoline
and fuel oils.
that
on
parkways of the District of Columbia.
while there always had been
fumes.
•
.
Despite record refinery operations and increased gasoline
gas
^
production, stocks of finished, unfinished and aviation gaso¬
line were off 455,000 barrels during the week ended June 28
to 91,461,000 barrels, the American Petroleum Institute
reported.
Both residual fuel oils, off 385,000 barrels, and
gas oil and distillate, off 4,000 barrels, showed contra-seasonal
declines in inventories during the week.
Volume
The Commercial & Financial Chronicle.
153
A
2-point increase in refinery operations lifted the total to a
high of 91.8% of capacity, with daily average runs of
crude oil to stills climbing 85,000 barrels to a new peak of
3,930,000 barrels.
Production of gasoline was up 377,000
barrels from the previous week, rising to a total of 13,252,000
RUNS TO STILLS, PRODUCTION OF GASOLINE AND STOCKS
OF FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL
new
barrels,
.09
Branded,
$.084
Chicago
Gulf Coast—.
.08
$.05^-.06tf
.0554- 06
.05 fi-MH
Super.
y
New York—
i
$.052
(Bayonne)
Baltimore.
Philadelphia
North Texas
.05251
-—
Fuel
$.05251 New Orleans_$.05M-.00
.041
\->.£
or
$1.35
Phila, Bunker C
:•>.
of
Gas
of Re¬
Oil
sidual
tion
ished
and
Fuel
Gaso¬
Gaso¬
Dis¬
Oil
line
line
tillates
Gulf Coast—
i
1.35
S.85-.90
—
1.50
Halifax
Diesel. • ...2.00
Gas Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
7 plus
$.04
C.
fineries
C.
I Chicago—
I 28.30 D
Re¬
port¬
ing
Aver.
Rate
P.
Incl.
ated
a
Unfin¬
Daily Oper¬ Natural
Blended
Stocks
Stocks b Stocks
a
Avia¬
East Coast-..
643 100.0
600
93.3
1,645
22,888
9,421
Appalachian..
Ind., 111., Ky.
Okla., Kans.,
156
91.0
141
99.3
511
470
90.2
653
97.5
2,524
2,993
16,913
418
743
3,312
3,578
76.9
1,436
Missouri
8,240 E.C'st.
809
307
95.0
Inland Texas.
280
59.6
134
80.3
623
2,197
384
2,044 Inter'r
1,324
1,053
1,071
89.2
905
94.8
2,976
164
97.6
149
93.1
346
12,019
3,174
7,361
1,330
7,589 G.C'st
3,605
1,356
101
51.5
58 111.5
156
471
297
420
.$.03H-.03J4
i Tulsa
1,177
7,475
'
Louisiana G'lf
Terminal
Savannah, Bunker C.J1.30
C
P.
Stocks
Texas Gulf...
.043^-.0454
Tulsa
|
'
OH, F.O.B. Refinery
N. Y. (Harbor)—
Bunker
Fin¬
ished &
tial
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
,
Produc'n
ten¬
Oklahoma
(
Gasoline
to Stills
Refin¬
Capacity
Po¬
Other Cities—
Shell Eastern...
y
District
Octane), Tank Car Lots, F.O.B. Refinery
Texas
$.085
Socony-Vac
Tide Water Oil—
,
Daily
Crude Runs
at Re¬
New York—
New York—
x
1941
■■■
U. S. Gasoline (Above 65
*
OIL, WEEK ENDED JUNE 28,
ing
>•
31
CRUDE
No. La. & Ark
„
Rocky
Mtn..
California
491
121
56.0
53
77.9
216
1,560
137
527
836
87.3
591
81.0
1,578
15,421
10,896
65,757
1,609
86.2
3,591
91.8
11.752
85,111
34,992
91,376
7,076
339
1,500
6,350
740
1,520
335
3,930
3,845
13,252 e91,461
91,916
35,732
35,736
92,896
12,875
7,411
7,243
11,494
33,048 104,344
Reported
Est. unrep'ted
$.053 I
Calif.
■%.
♦Est. tot. U.S.
June
June
Daily Average Crude Oil Production for Week Ended
June
Petroleum
daily
1941,
was
the
This
3,847,250 barrels.
*
that
ended
week
was
a
the
loss of
10,350 barrels from the output of the previous week.
week's
current
figures
were
4,535
♦June 28,*40
estimates
crude oil production for
average
June 28,
Institute
4,535
and
pipe
lines,
b Included
in
The daily
3,836,050 barrels.
as
production
average
1941, is estimated at
output for the week
Further
average
1940, totaled 3,639,550 barrels.
ended June 29,
details
Daily
ended June 28,
reported by the "Institute follow:
Imports of petroluem
Summary of
Gas
for domestic use and receipts in bond at principal
totaled 1,684,000 barrels,
daily average of 240,571 barrels, compared with a daily average of 209,571
bonded
These figures include all
June 28.
ended
weeks
oil
imported,
whether
for domestic use, but it is impossible to make the separation in
or
Receipts of California oil at Atlantic Coast ports during the week ended
181,000 barrels
was
gasoline received
at
to
$81,561,500 in April, 1941,
month of the
reported
from refining companies owning 86.2% of the 4,535,000-
daily potential refining capacity of the United States,
indicate that the
industry as a whole ran to stills, on a Bureau of Mines'
barrels of crude oil daily during the week and that all
companies had in storage at refineries, bulk terminals, in transit and in pipe
lines as of the end of the week, 91,461,000 barrels of finished and unfinished
basis, 3,930,000
The total amount of gasoline
preceding
Total
of
sales
compared with $75,505,700
as
increase of 3.1% from the
an
The natural
year.
manufactured
35,347,200,000 cubic feet,
cubic
11.5%
or
produced by all companies is esti¬
for
gas
feet,
an
Week
Change
Weeks
Week
lated
State
Ended
from
Ended
heating, refrigeration,
&c.,
Allow¬
June 28,
Previous
June 28,
June 29,
ments
ables
1941
Week
1941
1940
{June)
Oklahoma—
459,700
415,000
b420,850
+ 6.800
Kansas.—
220,400
232,400
b237,300
+ 5,850
419,300
222,250
b4,750
+ 150
4,600
150
82,450
+ 1,300
+ 700
78,050
100,700
61,250
93,650
30,400
30,650
1*166
262,300
166
80,300
373,300
206,400
72,600
298,300
4,300
Nebraska
Panhandle Texas
102,200
30,850
North Texas
—
West Central Texas.-
264,050
West Texas
80,600
East Central Texas ..
373,300
211,350
283,450
Texas
Texas
Coastal Texas
1,371,700 cl411,732 1,428,250
+
"
+
420,450
183,100
319,700
319,500
83,000
Louisiana-..
Illinois
73,612
gained 2.5% and industrial
uses
increased 23.5%.
Natural gas sales
for domestic
purposes
coal increased
The total
5%) from the preceding week.
Compared with the
sponding week of 1940, however, the output showed
crease
—300
75,800
-5,900
250,450
325,700
-6,200
326,250
287,750
+ 500
28,050
517,050
72,850
72,350
b21,300
+ 950
20,900
13,250
92,500
+650
90,300
91,700
37,800
-2,400
77,700
-4,350
38,500
83,100
56,400
89,300
19,250
3,950
111,400
+ 50
19,200
19,850
4,000
+400
112,100
3,950
105,100
19,700
5,000
113,000
3,221,050
d575,000
626,200
3,847,250
8,830,000
79,300
-13,400
638,150
c
1941
1940
1941
1929
1940
1,717
10,150
1,692
7,898 217,215 211,517 249,925
1,316
1,684
1,434
1,474
6,179
6,123
6,390 146,527 150,797 106,747
10,300
Total, including mine fuel..
Daily average
Crude Petroleum b—
Coal equivalent of
weekly output.
Includes lor purposes of
production of lignite,
historical comparison and statistical convenience the
b Total barrels produced during the week converted to equiv¬
barrel of oil and 13,100 B. t. u. per pound
alent coal assuming 6,000,000 B. t. u. per
of coal.
Note that most of the supply of petroleum products is not directly com¬
petitive with coal (Minerals Yearbook 1939, page 702.) c Sum of 25 full weeks ended
June 21, 1941, and
corresponding 25 weeks of 1940 and 1929.
PRODUCTION
OF
PENNSYLVANIA
BEEHIVE
ANTHRACITE
AND
COKE
(In Net Tons)
Calendar Year to Date
Week Ended
domestic crude
June 21
Mississippi, and Indiana figures are for week
Penn.
June 14
June 22
1941
the month of June.
1941
1940
1941
1940
a
1929
a
Anthracite
Total, incl. colliery
1,210,000 1,278,000 1,159,000 24,673,000 24,172,000 33,895,000
Comm'l produc'n c 1,150,000 1,214,000 1,101,000 23,442,000 22,963,000 31,455,000
Beehive Coke—
3,183,800
889,800
42,400
2,630,700
149,700
129,100
United States total
21,512
6,012
17,775
7,067
24,950
21,517
Daily average..
fuel b
ended 7 a. m. June 25.
30-day allowable as of June 1, but experience indicates
that it will increase as new wells are completed, and if any upward revisions are
made
Panhandle shutdown days are June 7, 14, 21, and 28; with a few exceptions
the rest of the State was ordered shutdown on June 1, 7, 8,14,15, 21, 22, 28, and 30.
This is the net basic
of Conservation Committee of California
Oil Producers.
do not include any estimate of any oil which
surreptitiously produced.
Calendar Year to Date
a—
10,350 3,836,050 3,639,550
certain premises outlined in its detailed forecast for
+.V:;
-
June 14 June 22
1941
Bituminous Coal
£99,000
As requirements may be supplied eitner 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 crude to be produced.
Note—The figures indicated above
.
June 21
+ 3,050 3,197,900 3,040,550
of Mines' calculations of the requirements of
Kansas, Nebraska,
-
Week Ended
ESTIMATED
Total East of Calif- 3,214,700
615,300
California
in¬
ESTIMATED UNITED STATE S PRODUCTION IF SOFT COAL, IN THOUS¬
9,650
341,600
113,000
corre¬
an
51,000 tons.
68,200
219,550
*—150
....—
or
+ 6,050 1,414,900 1,180,500
38,000
might have been
slightly in the week ended June 21.
output is estimated at 10,300,000 net tons, a gain over the
preceding week of 150,000 tons, or 1.5%. Production in the
corresponding week last year amounted to 7,898,000 tons.
The U. S. Bureau of Mines reported that the estimated
production of Pennsylvania anthracite for the week ended
June 21 was 1,210,000 tons, a decrease of 68,000 tons (about
a
Mexico
Department of the In¬
ANDS OF NET TONS, WITH COMPARABLE DATA ON PRODUCTION
22,000
d Recommendation
increase
OF CRUDE PETROLEUM
-5,250
Wyoming
c
an
206,300
72,700
Michigan
b Oklahoma.
showed
8.4% for the month, while industrial sales gained 20.9%.
211,350
100,300
incl. Illi¬
and Indiana).-
oil based upon
than
decreased
210,800
Eastern (not
These are Bureau
purposes
279,050
b28,500
339,100
Indiana........
a
cooking,
more
+ 300
23,300
345,300
—
Mississippi-—
Total United States
as
+ 2,550
77,350
248,350
North Louisiana
Coastal Louisiana-
Colorado
1.5%
were
Sales for house-heating
3.0%, while commercial
of
gas
141,480,000,000
increase of 15.5%.
for April, 1940.
uses
were
Natural
Ended
Require¬
New
month
terior, in its current coal report states that production of soft
Four
Calcu¬
nois
than for
Weekly Coal Production Statistics
Actual Production
a
B. of M.
Arkansas...
the
increase 4.3%.
an
The Bituminous Coal Division, U.S.
Total
utilities
gas
more
Manufactured gas sales for domestic uses, such
(Figures in Barrels)
Total Texas.
June
1941
of $48,910,800,
revenues
DAILY AVERAGE CRUDE OIL PRODUCTION
Southwest
c
13,252,000 barrels during the week.
mated to have been
East
5,293
total,
April, 1940,
water
barrel estimated
gasoline.
April,
$32,650,700 for the month,
Philadelphia and 78,000
oil and distillate fuel oil received at the Port of NewJYork.
Reports received
gasoline
for the corresponding month of 1940, and increase of
8.0%.
The manufactured gas industry reported revenues of
June 28 amounted to 259,000 barrels, a daily average of 37,000 barrels, of
barrels of gas
unfinished
utility sales for the month amounted to
weekly statistics.,
which
and
Manufactured and natural gas utility revenues amounted
218,786 barrels daily 1 for the four
barrels for the week ended June 21, and
94,298
refineries, bulk terminals, in transit
Company Statistics for Month'
of
same
United States ports, for the week ended June 28,
a
finished
At
The
above the 3,830,000 barrels
producing States during June.
a
1940, dally average, d This Is a week's production based on the U. S. Bureau of
Mines June, 1940, dally average,
e Finished,
83,586,000 barrels; unfinished.
7,875,000 barrels.
total of restrictions imposed by the various oil
for the four weeks
d
c3,608
Estimated Bureau of Mines basis,
calculated by the United States Department of the Interior
to be the
93,281
U.S.B.of M.*
28, 1941, Lost 10,350 Barrels
American
The
28, '41
21, '41
a
Adjusted to comparable periods In the three years,
dredge coal, and coal
colliery fuel.
b Includes washery and
c Excludes
shipped by truck from authorized operations,
-The Commercial &
32
zinc
BY STATES
WEEKLY PRODUCTION OF COAL,
ESTIMATED
Financial Chronicle
and
(In Thousands of Net Tons)
carloadlngs and river ship¬
receipt of monthly tonnage reports from district
estimates are based on railroad
The current weekly
revision on
ments and are subject to
file
must
file affidavits with OPM stating
the order by customers, the
non-observance of
;'V.;; y v.
state.
v.':
final annual returns from the operators.
and State sources or of
'
y' ..-v-
•'
'yy
■
•
Tin
Week Ended—
of
Deliveries
June
State
7 June 15 June 17 June 15
1929
1939
1940
1941
to
1923
e
80,372
tin
primary
14,880 long
to
Avge.
June 14 June
1941
•
and producers
their intention to
revised regulations
suppliers
their
with
affidavits
inventory
must
producers
report
1941
July 5,
during June amounted
the United States
in
bringing the total for the first six months of
tons,
tin in
of
Consumption
tons.
1941
the Janu¬
this country during
to about 48,000 tons.
Inquiry for tin was fair most of the week, with the undertone steady
firm.
Spot tin was offered sparingly, which accounted for a spread
about three-eighth of a cent between spot and July metal.
ary-June period amounted
f
4
3
4
4
343
343
305
237
324
Arkansas and Oklahoma........
13
9
20
7
59
Colorado..—....—
94
76
59
41
103
1
1
Illinois......
812
787
669
422
825
1,243
Indiana.
348
364
267
178
275
416
28
32
43
30
58
88
Iowa
Missouri
Kentucky—Eastern
86
77
80
46
104
128
928
<895
779
682
876
661
148
155
114
74
191
183
34
35
23
24
55
47
June 28
5
4
2
4
15
12
June
Alaska
t
-
Alabama
........
......
Carolina
Georgia and North
.—
—
Kansas and
Western....
Maryland
Michigan...
...
*
#
387
70
to
175
of
f
f
August
September
October
June 26
52.500
52.250
52.125
52.000
June 27
52.500
52.375
52.250
52.125
52.500
52.375
52.250
52.125
30
52.375
52.250
52.125
52.000
1
2
52.375
52.250
52.125
52.000
52.375
52.125
52.000
51.875
y
47
46
38
40
38
23
18
20
13
45
51
July
20
19
13
14
flO
' '
July
Mew Mexico
V
•
#14
41
601
567
446
360
445
888
2,738
2,358
1,950
1,571
2,802
3,613
139
134
104
83
97
113
8
8
16
14
18
21
Ohio
Pennsylvania bituminous
Tennessee
Texas
...
—
—
'
49
45
36
31
55
393
254
247
239
35
27
21
35
2,338
2,268
1,867
1,611
1,990
823
545
549
728
82
73
86
DAILY PRICES OF METALS
856
90
Northern.b
July
52.250c.;
1st,
62.125c.;
("E. & M. J." QUOTATIONS)
1,380
826
Virginia—Southerns
30th,
52.250c.;
28th,
52.250c.;
52.125c.
44
104
...
Washington—
West
27th,
2d,
99%, spot, was nominally as follows: June 26th, 52.250c.;
240
37
Chinese tin,
89
392
Utah
Virginia
follows:
as
was
July
t.
North and South Dakota
Montana
arrival
future
for
tin
Straits
...
Wyoming...
75
Straits
Electrolytic Copper
Dom.,Refy. Exp., Refy.
Zinc
Lead
Tin
New York
New York
St. Louis
St. Louis
Total bituminous
Pennsylvania anthracite.d
f2
9,580
7,756
1,220
763
f5
9,478
1,175
6,376
1,125
10,150
1,278
coal
*
*
1
....
10,866
1,956
June 26
11.775
10.950
52.875
5.85
5.70
7.25
June 27
♦
Other Western States.c
11.825
10.950
52.875
5.85
5.70
7.25
June 28
11.775
10.950
52.875
5.85
5.70
7.25
June 30...
11.800
10.950
52.875
5.85
5.70
11.825
10.950
52.750
5.85
5.70
7.25
11.800
10.950
52.750
5.85
5.70
7.25
11.800
10.950
52.833
5.85
5.70
7.25
1
2
July
Total, all coal.
12,822
10,653
7,139
8,976
10,705
11,428
feci Includes operations on the N. & W.; C. & O.; Vlrglan; K. & M.; B. C. & G.; and
on the B. & O. In Kanawha, Mason and Clay Counties,
b Rest of State, Including
the Panhandle District and Grant, Mineral and Tucker counties,
c Includes Arizona,
California, Idaho, Nevada and Oregon,
d Data for Pennsylvania anthracite from
published records of the Bureau of Mines, e Average weekly rate for entire month.
t Alaska, Georgia, North Carolina and South Dakota Included with "other Western
Gtates."
* Less than 1,000 tons.
July
Average
-
_
7.25
ended June 28 are: Domestic copper f.o.b.
refinery, 11.808c.; export copper, f.o.b. refinery, 10.950c.; Straits tin, 52.896c.;
New York lead, 5.850c.; St. Louis lead, 5.700c.; St. Louis zinc, 7.250c.; and
Average prices lor calendar week
silver,
34.750c.
quotations are "M. & M. M.'s" appraisal of
The above
the major United States
They are reduced
prices are In cents
markets, based on sales reported by producers and agencies.
to the basis of cash. New York or St. Louis, as noted.
All
Negotiating
to
Acquire Foreign Pig Lead and Other Minerals
"Metal and Mineral Markets" in its issue of July 3
Metals
Non-Ferrous
Government
—
pound.
per
above are net prices at refineries on the Atlantic seaboard.
De¬
England average 0.225c. per pound above the refinery basis.
the figures shown
in regulating the
tliat the problems encountered
non-ferrous metals
industry under the
reported
program,
that
being made for fear of further
not
decisions are
quick
defense
in Washington, are so involved
being discussed
now
There was no further word on
upsetting trade practices.
week. Interest centered
in negotiations now being conducted that should result in
larger importations of pig lead and other metals from
"hemisphere" producers situated outside of the United
States.
Minimum carload shipments of zinc have been
sanctioned, i»roviding that such shipments do not interfere
price situation in copper last
the
reported:
The publication further
change.
showed little
tin, prices
Excepting
orders.
defense
with
based on sales for both prompt and future
Copper, lead and zinc auotatlons are
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,
livered prices In New
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
dollar basis.
Quotations, for the present,
A total of 0.05c. Is deducted from
the f.o.b. refinery quotation.
restricting offerings to f.a.s. transactions,
method of doing business.
reflect this change In
f.a.s. basis (lighterage, &c.) to arrive at
Due to the European war
the usual table of daily London
prices is not available.
(Prices on standard tin, the only
prices given, however, are as follows: June 26, spot, £257%
three months,
£261; June 27, spot, £257, three months,
£2G0%;
30,
June
snot,
£256,
July 1,
July 2, spot, £256%,
Vyy^y\yy'v
three months, £260;
spot, £256%, three months, £260%; and
three months, £260%.
.ytvy ''-y-y
Power Emergency in Southeast—Orders
FPC Declares
Creation of Pool for Aluminum Production
Copper
the copper industry under
yet been concluded.
So
far,
it appears certain that the percentage to be set aside for the
July pool will be the same as that imposed for June, namely 20%
of production.
There was some talk of the Government's intention to
in Washington on the problems of
measures
now
in force have not
Meetings
control
the
dual
with August.
be averted.
The
commencing
copper
yet
may
been settled.
not
during
booked
week
last
at
was
Valley,
12c.,
of
usual
Sales
during
82,880
the
15,854 tons in the week previous.
end-of-the-month bookings.
against
tons,
reflected
half of
first
released
in
half
first
1941
this
quantity
of
The
in
the
supply
and
all
relieve
active,
lead
pig
deal
the
the
action,
This
materially.
situation
producers
import
to
Inquiry
forced
restrict
were
to
Canada,
be
for
to
believes,
should
again
lead
just
offerings,
was
as
Sales
which
of
continued
in
Smelting
American
week
last
amounted
7,876
to
tons,
in the preceding week.
Quotations
which was also the contract settling
tons
York,
!New
5.85c.,
at
the
of
the
for
4,935
with
Refining
&
and- at
Company,
5.70c.,
Louis.
Board
The
The OPM is
joining with the FPC in calling equally on public and private
and their customers to rearrange their normal, peacetime use
electricity in order to keep the aluminum plants working full
also meet the urgent
essential to public
further
tions
may
June
30,
of
be
daily
one-quarter
transactions
made
prices
at
price
lead
in
positions
must
that
5.70c.
old
on
Exchange
futures
exceed
to
not
fluctuations
Old
center.
Commodity
the
of
Governors
notice
a
that
new
posi¬
Effective
pound.
not
shall
contracts
be
ruled
has
open
exceed
to
March
prior
liquidated
undertakings which are
welfare and national defense.
If individual savings seem
watt hours you save
insignificant remember this: Every ten kilo¬
makes possible the production of one more pound of
Multiply that saving by the number of electric users and you
aluminum.
every
aluminum available for defense.
home, store, office and factory, your
program can
be a vital one.
needs
were
aluminum industry
emergency
reported:
contemplated system would tap resources from Florida
to Illinois and Texas to
tinued to
In
contribution to the defense
Regarding the grid system the Associated Press
"Power
blast—and
needs of Southern steel plants, shipyards, munitions
factories, air fields, cantonments and many other
The FPC said the
until
aluminum
defense
other
will have millions of pounds of new
lead
common
compares
July 1 ordered that
linked in a
power systems
expected
are
trade
on
production.
Under the grid system
private generating plants, municipal facilities and electric
co-operatives will be interconnected.
To make available an
additional capacity of 200,000 kilowatts. This order followed
the commission's declaration on June 28 of a power emergency.
It was the first time the commission exercised its authority
under emergency provisions of the Federal Power Act.
On July 1 an appeal was made "to the people of the South"
by William S. Knudsen, Director General of the Office of
Production Management, and Sidney Hillman, Associate
Director, to cut down on their use of electricity and thus
make more power available for aluminum production.
This
message said in part:
Vy
.
• yyy
and
of
from
Commission
huge power pool to make available more power for
Asso¬
Copper
'yy
'
.
concerning
so.
or
States
weeks.
recent
1,
week
a
were
United
the
/-V.''. 'v.i-.''.'■,
negotiating
Details
Peru.
and
announced
St.
is
Government
Mexico,
of
Lead
.
foreign copper being
higher in the
With
purchases
year. '
total
r"'
,v
basis
last
figures
indicate.
ciation
by
Sales
year,
the
than
1941
80,143
to
period
January-June
the
in
,tons
tons, which compares with
the domestic industry over
totaled 518,584 tons, which compares with 428,684
amounted
in May.
June
(revised)
tons
to 24,544
in sales
gain
The
as
directions.
mine
Sales
far
so
operators were concerned, and at 12V&C. in other
copper to domestic consumers for the week amounted
large
.
has
situation
pric6
Business
of
drastic action
such
that
hopes
industry
distribution
of
charge,
full
take
The
The Federal Power
electric facilities in the Southeastern States be
Virginia.
It explained:
rendered particularly acute by the
practice of the
had con¬
although the
which, in expanding for defense production,
depend upon large quantities of seasonal power
called for continuous production."
1942.
Zinc
of
Sales
the
common
3,925
reduced
moderately
grades
to
of
zinc
for
of
6,342
shipments
with
tons,
totaled
92,811
Prime
tons.
the
ended
week
The
tons.
Western
June
lacklog
continued at
28
was
7:Uc.,
Louis.
St.
may
and
Such
make
a
in
changes
for
amount
full
deliveries
zinc
of
of
2.000
must
not
minimum
deliveries
the
emergency
order
minimium
lb.
in
interfere
the
made
were
allocation
by
the
by
carload
lots
of
zinc
.case
with
defense
the
Priorities,
the case of zinc,
One of
OPM.
Director
in
oxide
orders.
of
of
zinc
dust.
Customers
for
Together on Commercial Shipments—July
Output Drop—Smallest Holiday Decline
4th Ingot
in Years
The "Iron
Several
specified
Steel Mills
Age" in its issue of July 3 reported that Europe's
and its growing threat to American security
observance of the July 4th holiday in
many steel plants and steel ingot production for the week will
decline only seven points to 93.5%, in one of the narrowest
spreading
war
this week will hamper
Volume
The Commercial & Financial Chronicle
153
holiday drops in the steel industry's history.
Last year's
Independence Day saw ingot production slump 13 points to
75% of rated capacity.
Finishing departments in most steel
week ago, 99.2% one month ago, and
74.2% one year ago.
This represents a decrease of 6.2 points, or
producing
centers will shut down for the holiday, however,
giving raw steel departments that small opportunity to catch
6.2%, from the
Weekly indicated rates of steel operations
since June 10, 1940, follow:
preceding week.
The "Iron Age" further reported:
up.
How urgent the need for steel to meet defense needs of the United
States
1940—
and Britain is becoming is emphasized in a statement
1940—
June 10
it
June 17
by a Chicago mill that
longer ship flat-rolled products which are not for defense use, In a
meeting of automobile manufacturers and OPM officials called for Wednes¬
can no
day at Washington in connection with
tion, in indications that
and in signs
some
July
that, after 12 weeks of Government control of iron and steel
scrap markets the steel
industry does
not have an orderly flow of scrap to its
furnaces.
■
,
On June 25 the
Office of Price Administration and Civilian
Supply,
as
forecast, established maximum prices for the sale of pig iron, a step which
be followed by Government-directed shipments and which has dis¬
may
rupted
trade relationships where part
some
or full freight rate absorption
The pig iron situation is reaching a near-crisis
stage.
So far
there have been no allocations of pig iron,
although plants with large defense
involved.
was
orders
receiving
are
no assurance as to where their
when the small iron inventories
to
on
manufacturing plants and also
Highlighting the growing
enough steel and
some
hand
some
pressure
supplies will
used up.
are
come
from
The shortage extends
non-integrated steel mills.
civilian steel
on
consumers
find
to
other materials to maintain anything like normal
Sept. 23
92.5%
Jan.
92.6%
Jan.
13
Oct.
7
94.2%
Jan.
20
Oct.
14
94.4%
Jan.
27
Oct.
21
94.9%
Feb.
3
Oct.
28
95.7%
Feb.
4
96.0%
Feb.
Nov. 11
1941—
6
Sept. 30
91.9%
92.9%
1
8
July
July 15
July 22
July 29
Aug.
6
Aug. 12
Aug. 19
Aug. 26
Sept. 2
Sept. 9
Sept. 16
close for lack of pig iron,
may
1941—
84.6%
87.7%
86.6%
74.2%
86.4%
86.8%
88.2%
90.4%
90.5%
89.5%
89.7%
91.3%
82.5%
June 24
further slash in automobile produc¬
a
plants shortly
33
the steel capacity of the industry will be 93.7% of capacity
for the week beginning June 30, compared with 99.9% one
97.2%
98.5%
96.5%
Apr. 21
96.0%
Apr. 28
May
5
May 19
94.3%
96.8%
99.2%
99.9%
May 26
98.6%
May 12
10
97.1%
96.9%
97.1%
17
94.6%
June
2
99.2%
96.1%
Feb. 24
June
9
98.6%
Nov. 18
96.6%
Mar
June
16
Nov. 25
96.6%
Mar. 10
2
Mar. 17
Mar. 24
96.3%
97.5%
98.8%
99.4%
99.8%
99.2%
99.3%
98.3%
Nov.
Dec.
3
Dec.
9
96.9%
96.0%
Deo.
16
96.8%
Mar. 31
Dec. 23
80.8%
Dec. 30
95.9%
Apr. 7
Apr. 14
99.0%
23..---99.9%
June
June 30
'
"Steel" of
markets,
on
Cleveland, in its
June 30 stated:
of the iron and steel
summary
Increases in steel sales with priority ratings is the most rapid to date,
due in part to quickening of defense efforts and in part to the fact that
non-defense manufacturers covered their needs previously and are not so
much in the market now.
One
operating schedules, is the effort to curtail automobile production. Automo¬
large company notes that 60 to 70% of Its current sales
of such certificates, with the percentage increasing
constantly.
consumption of vital materials and its added importance after conversion
more, too,
into
the amount of
defense
a
industry, insist that the industry's planners and schedule
apparently.
mobile output to full defense production.
Already
classed
as
orders
for
automobile
"non-defense"
are
manufacturers
shipments far beyond anything imagined
steel centers
increases.
as
and
other
requirements
being set back and curtailment in civilian steel
the percentage of new
Some mills estimate that
short time
a
is predicted at
ago
high
as
60% of the
as
linked directly or indirectly to defense needs.
new
orders
are
With mills tightening up on
Latest developments in the dispute over adequacy of steel
capacity to
meet defense needs are estimates
shows
by Republic Steel Corp. that by the close of
expect from a wartime expansion of its plants.
to finance
agree
The Defense Plant Corp. is
Carnegie-Illinois
Steel
Corp.'s $85
million expansion plan at the Homestead and Duquesne, Pa.,
plants, for
which details were announced this week.
Meanwhile
an
increase of 16.5%
in car loadings of iron and steel in the
third quarter of 1941 over the corresponding period last year is forecast
by
the Shippers' Advisory Boards, with steel traffic of 566,743 cars in the cur¬
rent quarter compared to
486,382
cars
new
For
a
one
Lb.
One year ago
on steel bars, beams, tank plates.
wire, rails, black pipe, sheets and hot
rolled strips.
These products represent
2.261c.
.
85% of the United States output.
High
Low
Jan.
7
2.261c.
Jan.
differentials
be 50
1940
2.261c.
Jan.
2
2.211c.
Apr.
16
1939
2.286c.
Jan.
3
2.236c.
May
1938..
2.512c.
May 17
2.211c.
Oct.
16
18
1937
2.512c.
Mar.
9
2.249c.
Jan.
4
1936...
2.249c.
Dec. 28
2.016c.
Mar. 10
1935
2.062c.
Oct.
1
2.056c.
Jan.
8
1934
2.118c.
1.953c.
Apr. 24
Oct.
3
1.945c.
1933
1.792c.
Jan.
May
1932
1.915c.
Sept.
1.981c.
Jan.
6
13
1.870c.
1.883c.
Mar. 15
Dec. 29
..2.192c.
Jan.
7
1.962c.
Dec.
1929
2.236c.
May 28
as
orders are running somewhat less
company
to silicon grades,
previously 25 cents
2,192c.
Oct.
2
2
9
Gross Ton
One week ago
One month ago
are
presumably to compensate for
iron, 1.75 to 2.25 silicon, which is
on average for basic Iron at Valley
furnace and foundry iron at Chicago,
23.61
Philadelphia,
Southern iron at Cincinnati.
Valley,
Buffalo,
and
stacks, long idle and obsolete.
with six
due to start
more
as
of July
soon.
as
used for lining furnaces, have advanced
1, because of raising wages 10 cents per hour
Prices of wrought washers
scription
inefficency of steelmaking these days is the necessity of
are
so
large
Though orders
allow for
to
as
Low
$23.45
Jan.
2
Dec. 23
22.61
Jan.
2
1939
22.61
Sept. 19
20.61
Sept.12
1938
23.25
June 21
19.61
July
6
16
1937
23.25
Mar.
9
20.25
Feb.
1936
19.74
Nov. 24
18.73
Aug. 17
1935
18.84
Nov.
5
17.83
May 14
1934..
17.90
May
1
16.90
Jan.
27
Jan.
3
1933
5
13.56
1932
14.81
Jan.
5
13.56
Dec.
6
1931
15.90
Jan.
6
14.79
Dec.
15
1930
18.21
Jan.
7
15.90
Dec.
16
18.71
May 14
18.21
Dec.
17
16.90
1929
Dec.
record.
The
One week ago
One month ago-..—
One year ago
$19.17
19.17
a
one
size and de¬
runs
without roll
maximum number of
cus¬
impossible.
all-time
case
now
are
of most steel products.
being made from current production
Black pipe, which has been used
as
a
substitute for galvanized pipe, has also become scarce and some makers are
allocating it among customers
in the
as
case
of galvanized.
The number of inquiries and sales of fabricated steel and reinforcing bars
in June
was
much larger than usual, through small average tonnages per
project made for
no
great aggregate tonnage.
Automobile production for the week ended June 28 is 127,926 units, down
Advances took place
to
as
a year ago.
A point to 99 A % of capacity.
follows: Chicago A point to 102 A, Detroit 2 points
96, Pittsburgh 1 point to 100, Cleveland 3 points to 98 and New
at
Declines
were
Unchanged
at
were:
England
Cincinnati, 91, and Wheeling, 84, both
Youngstown at 98, eastern Pennsylvania
97, Birmingham at 95, St. Louis at 98 and Buffalo at 90A.
"Steel's"
three composite
price groups for last week were unchanged:
iron and steel at $38.15, finished steel at $56.60 and steelworks scrap at
$19.16.
For the week ended June 30 the output of ingots
is placed
99% in the compilation of the "Wall Street Journal" of
July 3.
This compares with 993^% in the previous week
ana 99% two weeks
ago.
The "Journal" further states:
at
U.S. Steel is estimated at 90 A %, against 98 lA % in the week before and
two
weeks
Leading independents are credited with
ago.
101%,
compared with 100% in the preceding week and 99 A% two weeks ago.
1
melting steel
quotations at Pittsburgh, Philadelphia,
Based
books of
large warehouse stocks which producers keep in normal times
depleted and deliveries
in the
as
97 A %
Steel Scrap
July 1, 1941, $19.17 a Gross Ton
on
record-breaking
Makers of merchant pipe say that June sales probably are an
are
on
working higher gradually because of
are
scarcity of raw material, plate discards.
An unavoidable
changing rolls frequently.
6 points to 100.
23.45
1940
re¬
Since June 1,11 relined furnaces have started
Makers of fire brick, such
down 4 points.
High
$23.61
Mar. 20
1941
higher costs of
economical to produce.
more
Steel ingot production last week gained
22.611
One year ago
some
sumption after relining and because of proposed rehabilitation of several
29
/Based
$23.6l{
per ton, are allowed to
coke, which had advanced 75 cents per ton on May 1.
Or they may be designed to encourage greater use of the basis
grade of pig
Pig Iron
a
a
Thus price
as
5,639 for the week, comparing with 87,550
July 1, 1941, $23.61
along
However,
with also extras for additional manganese content allowed.
cents,
These concessions
manufacture such
7
1930
widely-variegated
changing, the necessity to parcel out steel to
2.261c.
_
some con¬
triplicate from several mills
or
tomers and in short intervals makes such economies
1941
1931
Again, despite all precautions doubtless
ordering in duplicate,
producer.
fBased
>
2.261c.
It is
be filled, especially in the
never
to be canceled by buyers because of
constantly.
April 1.
COMPOSITE PRICES
2.261c.
a
many
Pit iron, which escaped the price freezing order of a new months
ago,
Finished Steel
July 1, 1941, 2.261c.
books will
on
with iron ore, has been frozen under a new ruling of OPACS.
few concessions have been granted in favor of the
extreme
One week ago
One month ago
i
books continue to ascend, with no relief in sight.
on
month ago and June shipments will be less despite efforts to increase
prices 8%,
projects jumped to 20,900 tons from 11,625 last week.
a
and hence overbought.
Reinforcing steel awards totaled 10,425 tons,
THE "IRON AGE"
by
The pig iron supply promises to be better in a few weeks because of
64,000 tons of rails.
Structural steel awards advanced to 34.0C0 tons from
27,000 tons last week, the outstanding letting being 46,500 tons for an
ordnance plant at St. Louis.
be amended for fairness,
will be commandeered
still running at 135 to 150% of capacity, which means that back¬
succeeded in
sumers
in the 1940 third quarter.
The week's rail purchases include 2300 freight cars, 55 passenger cars, and
while
priority certificate.
are
of non-defense projects,
case
them
report issued by the House military affairs subcommittee that neglect
increasing steel producing facilities has developed principally because we
or would not give definite assurance to
industry as to what it might
are yet to
distributor
certain tonnage of steel for a defense project, but
a
probable that many orders
and
could not
to
no
Sales
logs of orders
than
expected quickly
priority system
warehouse
when this distributor tries to replenish from a mill he is refused because he
1941 ingot capacity in the United States will be 91 million tons yearly,
against estimated U. S. and British defense requirements of 23 million tons,
a
a
delay in filling orders.
mitments appears obscure.
in
Thus
priority slip to furnish
bookings carrying preference ratings
commercial shipments, the outlook for complete fulfillment of such com¬
More and
defense lines, thus swelling
on
priority steel sales.
Some details of the
orderly transition from auto¬
an
do non-defense manufacturers take
holders
are to
bile manufacturers, singled out because of the size of their
industry, its great
makers have only one interest, and that is
93.7%
on
No.
heavy
and Chicago.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of
previous years, together with ap¬
proximate changes, in points, from the week immediately preceding:
18.92
'
JjOW
High
1941
$22.00
7
$19.17
1940
21.83
Dec. 30
16.04
Apr.
22.50
Oct.
14.08
May 16
June
7
1941
99
11.00
1940
88 A
frl
12.92
Nov. 10
1939
54 A
—1
24
—4 A
1939
Jan.
1938
15.00
1937
21.92
3
Nov. 22
Mar. 30
1936
-
Apr. 10
17.75
Dec. 21
12.67
June
3
1938
1935
13.42
Dec.
10
10.33
Apr. 29
1937
1934
13.00
Mar. 13
9.50
Sept. 29
1936
1933
12.25
Aug.
8
12
6.75
Jan.
5
1935
6.43
July
3
1934
23
Independents
8.50
Dec. 25
90
48 A
—2
+1
101
+1
60
—2
2bA
—3
87 A
+ 1
+1
22
—6 A
80
-—6
62
—6
61
—5 A
69
'—6
—4
A
32
—3
35
—5
24
—16
—4 A
8.50
1933
53 A
Feb.
18
11.25
Dec.
9
1931
32
—
S2A
—lA
32
—1
17.58
Jan.
29
14.08
Dec.
3
1930
59
—5
54
—5
55
—
—1
6
A —21A
+1A
IA
45
1929
93
—1
96
an¬
1928
71
—1
telegraphic reports which it had received indi¬
steel companies having 91 % of
1927
66 A
—1
69
+2
cated that operating rate of
Steel Institute
on
June 30
1932 not available.
23 A
61
—25 A
+1
5
—1
90
—1
68
75
The American Iron and
nounced that
Jan.
15.00
_
1929
Jan.
11.33
1931
1930
65
96 A
—5
70
------
A
—
34
1932..
United States Steel
Industry
9
—1
64
—1
The Commercial &
34
1941
July 5,
Financial Chronicle
Current Events and Discussions
Holdings of Treasury bills
Banks
The'Week with the Federal Reserve
and
bank reserve bal¬
Additions to member bank
of $244,000,000 in Treasury
During the week ended July 2 member
ances
.$140,000,000.
increased
from
arose
reserves
decreases
and $77,000,000 in nonmember deposits and other Federal Reserve accounts, and
increases of $24,000,000 in Reserve bank credit, $7,000,000
deposits with Federal Reserve banks
in
gold
in
offset
increase of $214,000,000 in money in circula¬
and $2,000,000 in Treasury currency,
stock
part by an
Excess
tion.
estimated
reserves
increase
approximately $5,270,000,000, an
be
to
banks on July 2 were
member
of
$120,000,000 for the week.
of
The statement in full for the
found
on
pages
week ended July 2 will be
and related
follow:
the week and year ended July 2, 1941,
C-f)
or Decrease
Since
member banks.
,
.
Deposits credited to domestic banks
....
Other Reserve Bank credit
...
Gold stock
-
77,000,000
2,273,000,000
22,627,000,000
3,150,000,000
Treasury currency
...13,125,000,000
Member bank reserve balances
9,704,000,000
2,276,000,000
Treasury deposits with F. R. banks.
837,000,000
Money in circulation
Treasury cash
deposits
+ 35,000,000
—230,000,000
+ 7,000,000 + 2,564,000,000
+ 2,000,000
+136,000,000
+140,000,000
—612,000,000
+ 214,000,000 +1,780,000,000
+1,000,000
+86,000,000
—244,000,000
+ 616,000,000
+ 23,000,000
+ 24,000,000
other
and
+ 602,000,000
—77,000,000
2,109,000,000
R. accounts
York
district, $14,000,000 in the Kansas City
and St. Louis districts, and $188,-
City, $26,000,000 in the Chicago
000,000 at all reporting member banks,
A summary of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended June 25, 1941, follows
.1
increase
•
.
25,
(—)
(+) or Decrease
June 18, 1941
1941
28,279,000,000
10,324,000,000
Investments—total
June 26, 1940
$
$
+124,000,000 +4,698,000,000
+ 62,000,000 +1,889,000,000
$
Assets—
Loans and
Loans—total
Commercial, Industrial and agri¬
+ 33,000,000
372,000,000
+2,000,000
487,000,000
+16,000,000
+ 92,000,000
452,000,000
+ 8,000,000
securities
Other
+1,426,000,000
+ 63,000,000
5,825,000,000
dealers In
purchasing
for
loans
or
carrying securities
Real estate loans
Other loans
Treasury notes .....
United States bonds
...
+ 279,000,000
+42,000,000
+ 4,000,000
+327,000,000
+182,000,000
•
1,098,000,000
2,236,000,000
Treasury bills
....— ....
—-15,000,000
+44,000,000
—4,000,000
+ 7,000,000
1,246,000,000
38,000,000
1,904,000,000
............
Loans to banks...............
9,000,000
.
Total Reserve Bank credit
...
declined $75,000,000 in New
district, $11,000,000 each in the Boston
cultural loans
Industrial advs.(not lnd. $13,000,000
F.
Chicago district, and $174,000,000 at
the
Loans to brokers and
+1,000,000
—264,000,000
—2,000,000
U. 8. Govt, direct obligations
commitments, July 2)—
York City,
aU reporting
increased $107,000,000 in New
deposits-adjusted
Demand
$48,000,000 in
Open market paper..
*
.
+1,000,000
3.000,000
2,179,000,000
guaranteed obligations.
5,000,000
discounted
(—)
July 3,1940
June 25, mi
$
%
Non-member
member banks.
Since
Increase
U. S. Govt,
district and
$21,000,000 at all reporting member banks.
Holdings of "other securities"
increased $47,000,000 at New York City and $45,000,000 at aU reporting
June
July 2, mi
Bills
distric
Holdings of United State
$18,000,000 in the Richmond
declined
bonds
58 and 59.
Changes in member bank reserve balances
items during
increased $.50,000,000 in the Chicago
$42,000,000 at all reporting member banks.
Government
—
—21,000,000 +1,561,000,000
7,940,000,000
Obligations guaranteed by United
+ 624,000,000
+115,000,000
—881,000,000
+ 90,000,000
+167,000,000
—8,000,000
+ 45,000,000
—95,000,000
+15,000,000
—61,000,000
3,030,000,000
Other securities
3,651,000,000
Reserve with Fed. Reserve banks..10,788,000,000
Cash In vault
596,000,000
Balances with domestic banks
3,439,000,000
States Government............
Liabilities—
Demand
Returns of
Banks in
Member
New York City and
U. 8. Government deposits
Chicago—Brokers' Loans
Inter bank deposits:
of the
Below is the statement of the Board of Governors
System for the New York City member
banks and also for the Chicago member banks for the current
week, issued in advance of full statements of the member
banks, which aiU not oe available until the coming Monday:
Federal
Reserve
IN
+ 623,000,000
Britain Introduces Mailcerts for Parcel-Post
Shipments
Foreign banks
from United States to Certain
A system
July 2 June 25 July 3
1941
1940
1941
1941
1940
$$$$$$
July 2
Assets—
June 25
1941
July 3
11,865
11,812
3,500
3,433
9,273
2,768
2,668
848
2,703
825
2,256
601
agricultural loans
2,264
Open market paper
91
382
2,231
94
1,712
96
262
616
25
40
601
24
33
431
17
349
168
164
166
55
55
61
Ill
114
122
21
32
30
33
452
451
377
610
579
1,460
3,222
369
1,015
2,542
Loans and Investments—total..
Loans—total
Industrial
and
Loans to brokers and dealers..
24
Other loans for purchasing or
carrying securities
Neutrals
of "mailcerts" for parcel-post shipments from
instituted
the United States to certain neutral countries was
Chicago
New York City
—7,000,000
♦
—.
CENTRAL RESERVE CITIES
(In Millions of Dollars)
Commercial,
—188,000,000
+ 5,000,000
9,048,000,000
671,000,000
1,000,000
Domestic banks
Borrowings......
REPORTING MEMBER BANKS
A88ET8 AND LIABILITIES OF WEEKLY
+174,000,000 + 3,365,000,000
+ 3,000,000
+ 98,000,000
+1,000,000
—98,000,000
24,046,000,000
5,410,000,000
482,000,000
deposits—adjusted
Time deposits
by Great Britain on July 1, The system, it is said, is compli¬
mentary to the navicert system covering freight shipments,
which has been in operation since Dec., 1939.
According to
an announcement issued by the British embassy in Wash¬
ington June 23, any packages lacking their certificates will
be "liable to detention and possibly to seizure."
Advices of June 23 from Washington to the New York
"Herald-Tribune" said in part:
-
Real estate loans
Loans to banks.......
Other loans
Treasury bills
....
1,459
Treasury notes
United States bonds
Obligations
guaranteed
3,245
by
21
18
91
91
50
361
125
813
417
127
812
303
159
715
140
382
1,088
134
344
1,145
1,707
1,344
1,716
Other securities
1,402
1,290
1,289
139
382
Reserve with Fed. Res. banks..
5,622
5,617
6,721
1,121
128
132
83
41
42
42
91
96
82
284
267
254
308
309
323
39
38
42
10,986
9,563
2,222
2,230
1,907
723
683
499
493
509
Cash In vault
2
Liabilities—
10,988
728
20
19
40
100
100
83
3,877
3,814
3,782
[1,036
1,018
963
603
609
630
8
8
8
289
302
297
~~14
"l6
13
1,509
Domestic banks
1,513
274
273
256
Foreign banks
Borrowings
Other liabilities
Capital accounts
1,487 1
merchandise, to certain neutral countries
in advance whether facilities can be given for their passage
ascertain
British
through the
Mailcert facilities will not be
censorship stations.
parcels and packets containing printed matter,
documents,
photographs, stamps, literature for the blind, commercial papers, and the
like.
Applications for mailcerts may be lodged with any British
to the
be issued
applicant, who should affix it to the outside of the parcel, packet, or
delay at
sary to
The
a
bearing
mailcert will not normally suffer
a
British censorship station beyond the minimum period neces¬
check that the contents conform to the description on the
mailcert.
will extend to items addressed to Eire, Finland.
mailcert system
French West Africa, Iran,
Portuguese
Irak, Liberia, Madagascar, Morocco, Portugal,
Portuguese and Spanish Atlantic Islands, Reunion,
Guinea,
Spain, Sweden, Switzerland and Turkey.
certs will be liable to
Items unaccompanied by mail¬
Mailcerts for par¬
detention and possibly to seizure.
cels, packets and packages of value less than $25 will be issued free.
Complete
Returns
of
Member
Banks
of
the
Federal
item'
A separate mailcert will be required for each
A parcel, packet, or package
any
Consulate in
If the application is granted, the mailcerts will
the United States.
package before posting.
>
Demand deposits—adjusted
Time deposits
U. 8. Government deposits
Inter-bank deposits:
is intended to enable United States senders of parcels,
small packets or letters containing
to
available for
the
United States Government
Balances with domestic banks..
Other assets—net
The mailcert system
'
the value is $25 or more, the
When
fee will be $1.
Reserve System for the Preceding Week
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 which time the statistics coveirng
the entire body of
reporting member banks in 101 cities
cannot be complied.
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 June 25:
The condition statement of
weekly reporting member banks in 101 lead¬
of $33,000,000 in commercial, industrial and agricultural loans
$174,000,000 in demand deposits-adjusted, and decreases of $188,-
Increases
000,000 in deposits credited to domestic banks and $95,000,000 in
reserve
balances with Federal Reserve banks.
delphia and Cleveland districts, the total increase at all reporting member
banks
being
$33,000,000.
$16,000,000.
Loans
for
Freezing of Funds by United
States
Since the
freezing of German funds in the United States
by President. Roosevelt on June 14, various retaliatory
steps have been taken by Germany with respect to tying
up American assets in the Reich.
On June 27, German
Economics Minister Walther Funk ordered that no exchange
permits
thereafter for payments going to
be issued
United Press dispatches from Berlin on
United States.
to
the
that
date also said:
Funk also decreed that no permits for payments
in foreign exchange be
American businesses or under¬
takings in other countries.
Simultaneously limitations were ordered with regaxd to access to their
assets inside
The
Germany by American citizens or American firms.
Minister
ceptions in
of Economics
cases
which
were
reserved
the right to make individual ex¬
"economically justified and not counter to
German interests."
Commercial, industrial, and agricultural loans increased $9,000,000 in the
Chicago district and $4,000,000 each in New York City and in the Phila¬
increased
Reprisals
issued to American citizens or branches of
ing cities shows the following principal changes for the week ended June 25:
and
German
brokers
and
dealers
in
securities
Berlin advices of
The official Gazette
nomics
Walther
Axis credit
Funk
July 1 to the United Press reported:
published today a new decree by Minister of Eco¬
announcing further
by the United States.
reprisals
for the
freezing of
Volume
The Commercial & Financial Chronicle
153
The decree freezes property inside Germany of German companies and
corporations that
Companies
from
to 25 per cent American-owned.
are up
obtain access to their property only by special permit
can
German economic authorities and must report
by July 4 to what
degree they are American-owned.
United States Supports Uruguay Plans for Hemispheric
Solidarity and
The
United
States
Defense
Government
35
$39,607,836,569, the Stock Exchange announced on .July 3.
This compares with 1,234 stock issues aggregating 1,463,343,927 shares with a total market value of $37,815,306,034 listed
on
the Exchange on May 31 and with 1,232 stock issues
aggregating 1,449,901,893 shares listed on the Exchange
June 29,1940 with a total market value of $38,775,241,138.
In making public the figures for June 30, the Exchange
said*
welcomes
and
whole¬
heartedly supports the proposal of Uruguay that the Ameri¬
can republics
exchange specific pledges of inter-American
solidarity and cooperation for defense, it was disclosed on
July 2 in a memorandum sent by Acting Secretary of State
Sumner Welles to the Uruguayan Government. Under the
Uruguayan proposal, sent to the American Republics on
June 21, the countries would pledge themselves not to
"treat as a belligerent any American country which, in
defense of its own rights, should find itself in a state of war
As of the close of business June 30,
member total net
date
therefore,
was,
ship between borrowings on listed shares and their total market value.
In the
following table listed stocks are classified by leading
groups with the
aggregate market value and
price for each:•
: • ■■■:■> ■' <;
y;
industrial
average
.
.
States
Reported as Planning to Supply Great
Britain with 600,000 Bales of Cotton Under LeaseProgram
Amusements
supply Great Britain with upwards
of 600,000 bales of cotton under terms of the lend-lease pro¬
gram, authoritative sources said on July 3, according to
Associated Press advices from Washington on that date,
which also stated:
The cotton will be taken from government stocks acquired under growerloan operations.
w.
The
least 20,000 bales a month as long as shipping
available, it was said.
British
months.
A
have
been
buying
very
little American cotton in recent
shortage of ocean shipping facilities, curtailment of civilian
consumption of cotton goods in Britain and the existence of relatively large
stocks were said to have been
*
major reasons for the small purchases.
current stocks are cut too low.
$18,965 to Holders of City of Cordoba
7% External Gold Bonds of 1927
Committee for the City of Cordoba
(Argentine Republic) on June 28 informed holders of the
city's 7% external sinking fund gold bonds of 1927, due
Aug. 1, 1957, that it has directed the depository to distribute
$18,965 to apply on account of accrued interest on the unpaid
principal.
This sum is equivalent to approximately $7.93
per $1,000 deposited bond, represented by certificates of
deposit.
This raises the amount distributed by the com¬
mittee during the current calendar year to $47.28 per
certificate of deposit.
(Argentina)
The
2,507,085,212
38,778,646
Foods
.......
.....
26.47
45.07
23.14
23.20
16.56
19.11
22.75
54.56
30.80
42.84
14.41
25.58
37,594,989
14,300,432
179,062,374
1,348,786,112
22.44
23.88
15,054,470
3.10
181,378,436
21.63
21.26
24.94
1,411,765,094
17.74
4,048,729,553
21.06
3,004,686,745
2,114,068,578
327,962,961
99,809,104
26.40
385,604,294
3,862,758,432
2,944,093,742
2,024,679,502
318,985,825
7.512,778
4.09
2,205,780,727
44.51
244,482,901
1,350,004,998
1,901,733,415
962,538,585
3,397,021,287
76,669,561
10.05
939,865,094
9.81
82.53
3,293,075,103
71,559,305
417,018,677
616,001,033
108,049,841
80.00
27.07137,815,306,034
25.84
—
Machinery and metals...
Mining (excluding iron)
Paper and publishing
Petroleum
Retail merchandising............
Rubber.....
....
Ship building and operating......
Shipping services
Steel, iron and coke.
Textiles.............
...
Tobacco
28.88
30.91
23.29
2.94
21.36
20.26
17.41
20.09
26.52
27.66
30.06
93,241,614
6,694,263
21.75
2,120,882,190
227,848,618
42.80
20.98
50.49
1,239,898,159
46.37
20.64
1,884,948,398
20.05
3.64
19.65
Gas and electric (operating)
Gas and electric (holding)
..........
9.76
U, S. companies operating abroad.
451,495,748
13.71
Foreign companies.
649,795,374
115,569,854
16.05
19.69
Miscellaneous businesses...—.—.
9.29
12.66
15.22
18.41
Bondholders
Payment
May
on
Grande
do
1,
Sul
1939 Coupons of State
(Brazil) 7% Gold Bonds
Ladenburg, Thalman & Co.,
of State of Rio
as
of
Rio
All listed stocks.
We
give below
Sul
Holders of City of
Porto Alegre (Brazil) to Receive 13%
on Jan. 1,
1939 Coupons
Payment
Ladenburg, Thalmann & Co., as special agent, is notifying
of City of Porto Alegre (United States of Brazil)
40-year 7lA% sinking fund gold bonds, external loan of 1925,
that funds have been deposited with it sufficient to make a
payment, in lawful currency of the United States of America,
of 13.325% of the face amount of the coupons due Jan.' l,
1939, amounting to $4.99 11-16 for each $37.50 coupon and
$2.49 27-32 for each $18.75 coupon.
Pursuant to the presi¬
dential decree of the United States of Brazil, such payment,
holders
if
accepted by the holders of the bonds and coupons, must
be accepted in full payment of such coupons and of the claims
for interest represented thereby.
No present
provision, the notice states, has been made for
the coupons
due Jan. 1, 1932 to Jan. 1, 1934 inclusive, but
they should be retained for future adjustment.
-*r'J/.-A
'K
♦
>•'•> k."
••
Value
of
Listed
Stocks
on
New
York Stock
Exchange on June 30 $39,607,836,569, Compared
with $37,815,306,034 on May 31—Classification of
Listed
^
Stocks
As of the close of business June 30, 1941,
were
1,232
aggregating 1,462,904,205 shares listed on the
New York Stock Exchange, with a total market value of
stock issues
price of stocks listed
on
the Exchange:
Average
Market
Value
Price
Value
1939—
Average
v
$40,921,074,970
40,673,320,779
Aug. 31
31
Nov. 30
28.51
June 29.
30.29
44,751,599,352
41,652,664,710
47,440,476,682
47,373,972,773
July 31
$28.69
43,229,687,173
41,004,995,092
Apr. 29
May 31
31.31
July 31
Aug. 31
Sept.30
Oct. 31
45,505,228,611
46,467,616,372
28.70
29.12
33.15
33.11
May 31
$36,546,583,208
38,775,241,138
39,991,865,997
40,706,241,811
Nov. 30—..
Dec. 31—
—
41,491.698,705
42,673,890,518
41,848,246,961
41,890,646,959
$25.26
26.74
27.51
28.00
28.66
29.38
28.72
28.80
1941—
31.79
Jan.
32.37
1940—
31.—.
40,279,604,457
Feb. 28—
Dee. 30
25.84
27.07
Feb, 29
Mar. 30
45.636,655,548
46,058,132,499
46,694,763,128
32.34
May 31
39,398,228,749
39,696,269,155
37,710,958,708
37,816,306,034
Apr. 30
46,769,244.271
32.35
June 30—
39,607,836,669
Jan.
Price
1940—
Mar. 31
31
31.68
Mar. 31
31.96
Apr. 30
27.68
27.08
27.24
25.78
New York Stock
Exchange Member Firms' Borrowings
Totaled $416,194,020—Decrease of
$37,162,743 from May 31
as
of
June
30
Announcement
was made on July 3 by the New York
that the total of money borrowed as re¬
ported by Stock Exchange member firms as of the close of
business June 30 aggregated $416,194,020, a decrease of;
$37,162,743 as compared with the May 31 total of $453,356,763.
The Exchange's announcement follows:
Stock Exchange
Thr total of money
borrowed from banks, trust companies and other
of
lenders in the United States, excluding borrowings from other members
National securities exchanges reported by New York Stock
ber firms
as
of business
Exchange mem¬
of the close of business June 30,1941, aggregated $416,194,020.
The total of money
borrowed, compiled
on
the same basis, as of the close
May 31, 1941, was $453,356,763.
SEC Reports Market Value of May Sales on Registered
Securities Exchanges Decreased 8.4% from April
and
68.3% from May, 1940
Exchange Commission announced on
registered
securities exchanges for May, 1941 amounted to $503,714,407, a decrease of 8.4% from the market value of total sales
for April and a decrease of 68.3% from the market value of
total sales for May, 1940.
Stock sales, excluding rights and
warrants, had a market value of $384,360,876, a decrease of
7.7% from April.
Bond sales were valued at $119,251,955,
a decrease of 10.5% from April's total.
The market value
of right and warrant sales in May totaled $101,576.
The
Commission further reported:
The Securities and
June 26 that the market value of total sales on all
The volume of stock sales, excluding rights and warrants, was 17,563,554
shares,
there
two-year compilation of the total market
a
Market
Oct.
special agent, is notifying
Grande do
39,607,836,569
value and the average
Sept. 30
(United States of
Brazil) 40-year 7% sinking fund gold bonds, external loan
of 1926, that funds have been deposited with it sufficient to
make a payment, in lawful currency of the United States of
America, of 14.35% of the face amount of the coupons due
May 1, 1939, amounting to $5.02 M for each $35 coupon
and $2.51 H for each $17.50 coupon.
Pursuant to the
presidential decree of the United States of Brazil, such pay¬
ment, if accepted by the holders of the bonds and coupons,
must be accepted in full payment of such coupons and of
the claims for interest represented thereby.
No present provision, the notice states, has been made for
the coupons due Nov. 1, 1931 to Nov. 1, 1933 inclusive,
but they should be retained for future adjustment.
Market
58.29
11.09
238,163,282
2,774,620,070
521,161,157
416,261,984
266,110,410
5,156,270,721
1,208,939,382
561,544,508
741,872,086
2,423,649,343
1,427,296,594
1,474,660,565
392,864,992
Land and realty.
Leather
20.27
23.67
14.75
—
Garments
17.57
34.42
machinery
Financial
11.82
24.00
758,966,565
-
June 30
holders
Price
5,512,652,591
1,350,978,338
590,757,801
Chemicals
Electrical equipment........
Miscellaneous utilities..
of
Value
441,424,613
276,856,101
...
Communications
'
Distribution
Avge.
Price
Utilities:
It was said that the British now desire to get additional supplies before
■
Building.
Business and office equipment
Railroad
The British plan to take as
Market
253,756,862
2,870,757,047
556,705,567
...
Farm
The United States will
Aver.
Value
Automobile.
♦
May 31,1941
Market
Group
Aviation
space is
that
June 30, 1941
praised the initiative of
the Government of Uruguay and expressed the hope that
common approval of all the American Governments will be
given to its proposal.
;
;!V:
Lend
on
As the above figure includes all types of
ratios will ordinarily exceed the precise relation¬
1.05%.
member borrowings, these
In his memorandum Mr. Welles
United
The ratio of
these member borrowings to the market value of all listed stocks
with nations of other continents."
■
1941, New York Stofck Exchange
borrowings amounted to $416,194,020.
sold
a
was
Total principal amount of bonds
decrease of 12.7% from April.
$218,628,100,
a
decrease of 19.0% from April.
The two leading New York exchanges
accounted for 93.4% of the market
value of total sales, 91.4% of the market
value of stock sales, and 99.8%
The Commercial & Financial Chronicle
36
registered securities exchanges.
of the market value of bond sales on all
The market value of total sales on all exempt securities exchanges for
May, 1941 amounted to $488,522, a decrease of 18.3% from April.
July 5, 1941
Commercial Cars and Trucks
in¬
Twelve corporations manufacturing commercial cars and trucks are
cluded in this group, and comparable
the last four years
data
available for all of them for
are
Of the 12 corporations, nine are
of the six-year period.
working on National Defense contracts:
SEC
Entitled
Against
Injunction
to
Sale
(Millions of dollars)
United
in
States of Chinese Government Bonds Unless First
1939
and
Securities
Exchange Commission reported
on
June 25 that the United States Circuit Court of Appeals for
the Second Circuit has held that the Commission is entitled
to
Net profits after all
156
159
128
198
178
5.3
(4.4)
4.8
8.6
3.2
Volume of business
1937
138
166
Total assets
1938
152
Registered, Federal Circuit Court Rules
The
1.4
5.4
7.5
charges
Dividends paid
—
1936
•
injunction against the sale of Chinese Government
registered
an
bonds in this country unless the bonds are first
under the Securities Act of 1933.
The Circuit
Court of
Appeals reversed a lower court opinion which had denied the
Commission an injunction.
The SEC states that the suit
was brought by the Commission against the Chinese Consoli¬
dated Benevolent Association, Inc., an organization which
had engaged in the sale of the bonds without registration.
The Association contended
and that its transactions
that its activities
were
exempt
not transactions
by an issuer
or an underwriter.
The majority opinion of the court was
written by Judge Augustus N. Hand and concurred in by
Judge Charles E. Clark; Judge Thomas W. Swan dissented.
Judge Hand's opinion stated in part:
were
It should be observed at the outset that the Commission is not engaged
Registration of 37 New Issues Aggregating $272,521,000
Became Effective During May
The Securities and
Exchange Commission announced on
effectively
June 27 that issues aggregating $272,521,000 were
registered under the Securities Act of 1933 during May, 1941,
against $102,761,000 in May, 1940, according to an analysis
prepared by the Research and Statistics Section of the
Trading and Exchange Division.
Securities proposed for
sale by issuers amounted to $164,480,000 in May, 1941,
as compared with
$99,739,000 in May, 1940.
The Com¬
mission's announcement further reported:
A few large issues accounted for
shown for
the greater part of the registration totals
Around three-fifths of the total proposed for sale
May, 1941.
in preventing the solicitation of contributions to
the Chinese Government
by issuers was represented by a single registration statement of the Union
Its effort is only to prevent the
sale of Chinese securities
Electric
its citizens.
or
If that can not be prevented there is
through the mails without registry.
nothing to stop Germany, Italy, Japan, or any other nation, as well as
China, from flooding
markets with securities without affording pur¬
our
the Securities Act intends to render avail¬
chasers the information which
able for investors in foreign bond issues.
of Missouri which included $85,900,000 of bonds and
Co.
$15,-
Most of the remainder consisted of the $49,-
825,000 of preferred stock.
500,000 of debentures of the Firestone Tire & Rubber Co.
The unusually
large amount of issues registered for the account of others was chiefly the
result of
a
single statement of the American Viscose Corp. covering $24,-
The preferred
561,600 of preferred stock and $37,632,000 of commonstock.
stock of Louisville Gas & Electric Co. totaling
$21,276,582 accounted for
the bulk of issues to be exchanged.
SEC
Volume
Publishes
VII
of
American
Survey of
A
comparatively small part of the total net proceeds to be realized by
Listed Corporations
The
and
Securities
issuers
$12,642,000,
Exchange Commission made public
on June 27 Volume VII in the series of industry reports based
upon a Works Progress Administration study sponsored by
the Commission and known as the Survey of American Listed
Corporations.
The report covers five industry groups em¬
bracing 96 corporations having securities listed and regis¬
tered on national securities exchanges at June 30, 1940.
Although the groups were selected because of their import¬
ance to National Defense,
none of the financial data pre¬
sented in the survey is for a period later than the year ended
Dec. 31, 1939, and therefore does not reflect any increase in
business because of the defense program.
The groups which are included in this volume,
of the salient
figures,
refunding operations continued during the month, with $144,698,000, or
90.6%, earmarked for repayment of indebtedness and retirement of stock.
All but $101,000 reflected debt retirement.
with
The predominance
fact that such
For all except
one
14
are
are
presented for
working
railroad equipment
are pre¬
of them, comparable data are
period,
17 of these companies.
The electric,
so
that combined
33.4%,
tire and other rubber products
of which occurred in the
most
of total securities proposed for
equivalent to 62.0%
Manufacturing companies accounted for $55,005,000, or
Virtually the entirety of securities proposed for sale by issuers was to be
This method of selling applied to $156,-
through underwriters.
95.2% of the total proposed for sale by issuers.
or
through
totaled $3,580,000,
agents
preferred stock aggregating $30,242,000, all registered for the account of
others, were to be offered through underwriters.
Included among the May registrations were
securities,
1938
1937
1936
672
696
741
738
307
258
477
305
13
(6.9)
42
19
securities proposed for
9.0
7.6
30
18
to
amount
Net profit after all charges
Dividends paid
37 issues effectively regis¬
for the total amount of $272,521,000.
remained
there
1939
Volume of business.
take
not
of the fact that common stock aggregating $44,191,000 and
any account
After de¬
(of
ducting $76,515,000 of securities registered for the account of others
T
__
These data do
2.2%.
or
Direct sales
2.6%, and issues to be offered
or
which all but $83,000 was to be offered for
Total assets
82.6%, of the total pro¬
or
and water utility group led all other industry classes
tered in 26 statements
(Millions of dollars)
/•
gas
$101,985,000,
sale by issuers.
Of the 18 companies,
National Defense contracts:
on
$135,850,000,
Preferred stock amounted to $17,964,000, or
by issuers amounted to $4,330,000,
available for the last four years of the six-year
figures
totaled
issues
10.9%, while common stock equalled $10,666,000, or 6.5%.
with
offered
Eighteen corporations engaged In the manufacture, and in the case of
in this group.
of bond issues during the month is indicated by the
posed for sale by issuers.
some
Railroad, Equipment
the largest company the operation as well, of
Net proceeds designated for the
purchase of securities equalled $2,356,000, or 1.5%.
570,000,
sented
showing a total of
The usual emphasis upon
only 7.9% of the May total.
or
sub-group.
listed below:
are
allocated to new money uses, this category
was
amounting
However,
$195,341,000.
to
securities
in
the
offered for sale, reflecting mainly
of $30,861,000 were not to be
exchange issues
sale) and $665,000 of substitute
This
$28,189,000.
$164,480,000 of
left
sale by issuers, of which only three issues amounting
$1,221,000 represented newly-formed companies.
Compensation to underwriters and agents applicable to securities pro¬
Radio and Radio Equipment
Thirteen corporations
equipment, and in the
engaged in the manufacture of radio and radio
case
of the largest company in broadcasting, com¬
munication and other activities
of these
13
period.
Of the
as
well,
are
by issuers equalled $3,983,000, or 2.4%.
posed for sale
included in this group.
$727,000,
or
Expenses were
0.5%, indicating a total cost of flotation equal to 2.9%.
EFFECTIVE
REGISTRATIONS UNDER
Eight
BY
THE
TYPES OF SECURITIES,
SECURITIES ACT OF
MAY, 1941
1933
corporations present comparable data for the entire six-year
13
corporations, four
are
Total Securities
working on National Defense
Effectively Registered
contracts:
Type of Security
(Millions of dollars)
Amount
1939
1937
1938
1936
1935
1934
$88,434,187
49,500,000
75,181,066
58,640,195
Secured bonds J
Total assets
123
117
116
126
134
Unsecured bonds
Volume of business
162
142
163
160
129
114
Preferred stock
Net profit after all charges
8.7
8.0
10.0
10.4
6.9
5.0
Common stock
6.5
6.6
7.2
4.6
6.4
0
Dividends paid
...
116
Assets Under $20,000,000 Each
Twenty-one corporations with
assets
under
on
or
rights
"lob",330
—
Substitute securities (voting trust ctfs. and ctfs. of
Grand total
$20,000,000
each
cluded in this group, and for 15 of these 21, comparable data are
for the entire six-year period.
—
—
Certificates of participation, beneficial interest, &c
Warrants
Non-Ferrous Metals and Their Products, Including Smelting and Refining—•
__—
______
Of the 21 corporations, nine
are
664,840
deposit)
$272,520,618
-
in¬
are
Total, Less Securities
available
Reserved for Conversion
or Substitution
working
National Defense contracts:
Securities
Proposed
for Sale by Issuers
Type of Security
(Millions of dollars)
May,
Amount
1939
1938
1937
1936
1935
1941
May,
1940
1934
115
107
105
100
95
97
103
72
108
85
65
53
Net profit after all charges
Dividends paid
8.1
2.7
7.7
6.4
2.6
3.9
2.2
5.6
4.1
2.3
Electrical Supplies and Equipment
•
2.0
2.4
Other than Household Appliances
Thirty-two corporations engaged in the manufacture of electrical supplies
and equipment other than household appliances are included in this
group.
Comparable data
six-year
are
period*.
available for all of them for the last four ye ars of the
Of the
32
corporations,
12
are
working
on
1941
%
%
%
Total assets
Volume of business
May,
Amount
May,
1940
%
Secured bonds
88,434,187
32.8
3.2
86,350,000
52.5
3.3
Unsecured bonds
49,500,000
18.4
75.2
49,500,000
30.1
77.1
Preferred stock
75,181,066
27.9
5.0
17,963,960
10.9
5.2
56,404,195
20.9
14.2
10,665,950
6.5
12.2
100,330
0.0
0.2
269,619,778 100.0
100.0
Common stock
Certificates
of
participation,
or
2.2
2.2
beneficial interest, &c
Warrants
rights
Substitute securities (v. t. ctfs.
and ctfs. of deposit)-
Grand total.
164,479,910 100.0
100.0
National
Defense contracts:
(Millions of dollars)
Subordination
of
Personal
1939
Total assets
Volume of business
Net profits after all charges
Dividends paid
,
1938
1937
1936
744
713
743
699
674
602
792
609
64
38
94
70
55
35
88
66
by All Citizens to
According to Guaranty
Aims
Nation's Defense Essential
Trust Co.
All loyal
and
citizens—workers and employees, public officials
upon to compose their
personal aims to the
private individuals—are called
differences
and
subordinate their
Volume
Nation's
defense
York
New
limited
The Commercial & Financial Chronicle
153
in
needs,
states
discussing
emergency"
the
Guaranty Trust Co. of
of
some
the
American
effects
business
of
"un¬
the
37
July 3, by Secretary of the Treasury Morgenthau.
received at
Tenders
the Federal Reserve banks,
and the branches
(EST) July 7, but will not be received
Considerations of present sacrifice and subsequent re¬
action must be dismissed for the duration of the emergency.
thereof, up to 2 p. m.
the Treasury Department, Washington.
The Treasury
bills will be dated July 9 and will mature on Oct. 8, 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 9 in amount of $100,091,000.
Mr. Morgenthau in his announcement of the offering
For practical business purposes,"
further said:
'The
on
in
issue
the
of
Guaranty Survey", its monthly review of business and
financial conditions,
published on June 30.
"The Survey"
points out that "all individuals and groups must be prepared
submit
to
closer
to
governmental
restrictions
economic
on
life.
it says, "the Nation may
at
henceforth be regarded as virtually on a war basis, and busi¬
ness
affairs must be conducted from now on with this
of $1,000, $5,000,
fundamental
value)
The
fact
trust
constantly in mind."
states that
company
"the price outlook must
be regarded as one of the major uncertainties of the current
The relation
in
between
emergency
economic
production
costs
the
Perhaps
introduced
issued.
in
Congress
be
to
fair
should
be
inquire
field
and
the
of
With
of
the
to
a
the
and
the
war-time
exercise
its
individuals
far
as
use
or
found
is
in
the President,
either
provisions
during
temporarily
any
as
could
or
Reports
modified form,
a
of
proclaimed
any
permanently,
or
for national
way
of
the
determines
President
If this bill
it would be
do
not
indicate
in
the
that the
primarily with
authority to
the
In
powers.
course,
fields
require
idle to
economic
measure
is
view to giving
a
maximum
emergency,
the
to
the
transition
from
the will
related
must now be merged
officially deemed
99.925.
g.f
securities.
multiple of $1,000, and the price
with not
more
than three
Fractions may not be used.
Tenders from others must be accompanied by payment
of the face amount
of
utilization
to
in
of
life
peace-time
a
the Government
defense,
the
economic
the
common
effort,
to
Immediately after the closing hour, tenders will be opened at the Federal
Reserve Banks and Branches, following which public announcement will be
accepted bids.
right to accept
action in any
Treasury of the amount and price
range
of
Those submitting tenders will be advised of the acceptance
The Secretary of the Treasury expressly
rejection thereof.
or
or
reject
all tenders, in whole
any or
such respect shall be final.
or
reserves
the
in part, and his
Payment of accepted tenders at
the prices offered must be made or completed at the Federal Reserve Bank
in cash
or
other
immediately available funds
on
July 9, 1941.
The income derived from Treasury bills, whether interest or gain from
the sale
other disposition of the bills, shall
or
such, and loss from the sale
as
not
hereafter enacted.
all taxation
by
now
but shall be exempt from
hereafter imposed on the principal or interest thereof
or
any State, or any
which
or
The bills shall be subject to estate, inheritance, gift,
other excise taxes, whether Federal or State,
or
have any exemption,
other disposition of Treasury bills shall
or
have any special treatment, as such, under Federal tax Acts now
not
of the possessions of the United States,
For
Treasury bills
are
or
by any local
of taxation the amount of discount
purposes
originally sold by the United States shall be
at
con¬
sidered to be interest.
Treasury Department Circular No. 418,
prescribe the terms of the Treasury bills and
so
in
are
trust company.
of
activties
of 10%
Treasury bills applied for, unless the tenders
accompanied by an express guaranty of payment by an incorporated bank
or
taxing authority.
unlimited
completed
an even
trust companies and from responsible and recognized dealers in investment
defense,
production.
virtually
groups
regu¬
the possible economic
the
dispose of such property.
could
basis—subject, of
vast
and
this
over,
e.
made by the Secretary of the
indications of
be used in
can
decimals,
and not
being
are
when he deems it in the interest of national
take
present.
proclamation
has
problem
one
prices
anything like its original form,
defense
country
as
and
really be
was
positive legal
for
determine
bill
Government
like
Government
facilities
costs
an
few days after the President's proclamation
a
likely to be enacted in
the
those who
now,
In
a
just, and to
in
contemplated.
other.
is
emergency
kind that
time
a
present,
payment of such compensation
what
at
At
emergency,
enacted
is
determine selling prices should
would authorize
requisition
subject to the
have
we
as
impressive of all
measure
property of any
believe
we
should regard the problem
unlimited
period of national
to
6uch
problems.
most
an
This
defense,
as
sufficient relation to each
the
meaning of
control
and
unrelated
lated without
such
and those who
people
same
two
as
production costs and selling prices is fundamental
civilization
economic
any
Each tender must be for
.
offered must be expressed on the basis of 100,
Tenders will be received without deposit from incorporated banks and
period," and it adds:
emergency
They (the bills) will be issued in bearer form only, and in denominations
$10,000, $100,000, $500,000, and $1,000,000 (maturity
as
amended, and this notice,
issue.
govern
the conditions of their
necessary.
RFC Allotments
Federal Reserve Bank of St. Louis Has
ship of 426 Banks
$1,747,000,000
For text of this article
with
see
on New
1% Notes Total $572,656,000—
$209,961,000 Represent Exchanges
Total Member¬
Aggregate
Deposits
of
Secretary
of
the
Treasury
advertisement page
vi.
President Mills of National Association of Mutual Sav¬
ings Banks to Speak Over Radio Tomorrow (July 6)
on
Relationship of Savings to National Defense
Resources
see
advertisement page xii.
of
Community Trusts Increased in 1940 to
$52,473,432—Disbursements During Year Reported
More Than
see
advertisement page xii.
Savings, Building and Loan Associations Distribute
$82,000,000 as Semi-Annual Dividend Payment
For text of this article
see
J. H. Fahey of FHLBB Urges People to Invest in Sound
Homes to Help Stabilize Nation's Economy
Increase
of
22%
see
in
Mortgage Loans
Made
During May by New York State Savings and Loan
Associations
For text of this article
see
advertisement page xii.
Tenders of
$281,145,000 Received to Offering of $100,of
91-Day
Treasury
Bills—$100,880,000
Accepted at Average Price of 0.087%
000,000
r
Secretary
of
the
Treasury
Morgenthau
announced
on
June 30 that the tenders to the offering last
week of $100,000,000 or thereabouts of 91-day Treasury bills totaled $281,145,000, of which $100,880,000 was accepted at an average
price of 0.087%.
The Treasury bills are dated July 2 and
will mature on Oct. 1, 1941.
Reference to the offering
appeared in our issue of June 28, page 4047.
The following regarding the accepted bids for the offering
is from Mr. Morgenthau's announcement of June 30:
Total
^
applied
for, $281,145,000
Total accepted, $100,880,000
Range of accepted bids:
Low.
99.990 Equivalent rate approximately 0.040%
99.975 Equivalent rate approximately 0.099%
Average price.
99.978 Equivalent rate approximately 0.087%
High
(35% of the amount bid for at the low price was accepted)
Of the
Offering of $100,000,000 of 91-Day Treasury Bills—
Will Be Dated July 9, 1941
f Tenders to
offering of 91-day Treasury bills to the
$100,000,000, or thereabouts, to be sold on a
discount basis under competitive bidding, were invited on
amount
a
new
of
was
total allotted
$209,961,000 represented subscrip¬
$5,064,950,000 of which $362,695,000 was allotted.
The
offering, made on June 23, was referred to in our issue of
June 28, page 4047.
♦
Treasury Plans to Make Available to Taxpayers Method
Whereby They Will Be Able to Meet Federal Pay¬
ments, in
Advance
Through
Tax Anticipation
Notes
j
is
described
"lay-away"
a
as
ordinary taxes which will be faced next
taxes to
tax-payment
be imposed
plan,
meet the extra¬
year
incident to the
under the pending Congressional bill,
announced on July 3 by Secretary of the Treasury
Morgenthau.
The plan, which would permit systematic
saving over a period of months is also designed to supply
the Treasury with tax revenues considerably in advance of
the due date.
In United Press advices from Washington
July 3 it was stated that Mr. Morgenthau told a press con¬
ference that under the "lay-away" plan taxpayers may
purchase Treasury notes this year for application on their
tax bill next year. From the United Press we also quote:
The new tax notes will be put on sale Aug. 1 in two series—one series in
denominations of $25, $50 and $100, the second series in denominations of
$100, $500, $1000, $10,000 and $100,000.
The certificates will be sold at par value and will return a small rate of
interest.
any
Small and large taxpayers alike may use the new notes to pay
Federal income tax obligation, including current and back personal
profits taxes.
and corporation taxes and excess
The three small series notes will provide a return of about 1.92% a year.
For example, a $25 denomination certificate will return four cents a month,
$50, eight cents a month, and a $100 certificate 16 cents a month.
amount of the small series
taxes
which
can
The
be presented in payment of income
will be limited to $1200 in any one tax year by any one taxpayer.
The large series will return
about .48%
They
a year.
for cash at any time after 60 days, provided the
may
be redeemed
Treasury is given 30 days'
notice.
Taxpayers will receive no interest if they cash in their notes or do not use
them for payment
of taxes.
On ca^h redemptions, the taxpayers will get
The notes will not be
back just the amount paid for notes and no more.
transferable and cannot be used
Mr.
the
New
Cor¬
total of $572,656,000
was
advertisement page ix.
Reported
on
the
tions from the holders of $211,000,000 of maturing Series N
notes which were exchanged for the new. 1 % notes of Series
W.
Other subscriptions were received to the amount of
What
advertisement page ix.
a
which would enable income tax payers to
For text of this article
on
allotted.
30% in Excess of Any Previous Year
For text of this article
announced
$500,000,000 offering of 1% Reconstruction Finance
poration notes, showing that
For text of this article
Morgenthau
July 2 the final subscription and allotment figures
as
collateral.
Morganthau said that "we feel this plan will be a convenience to
taxpayers
by
permitting
them to anticipate their tax bills in the
future and lay away, on a month-to-month basis,
enough to meet the new,
heavier bills when they fall due."
Mr. Morgenthau said he also
cost of
thought the plan would check the rising
living somewhat by curtailing expenditures for non-defense items.
The tax anticipation notes will
taxpayers may
be sold by Federal Reserve banks, and
make application at their private banks.
The Commercial & Financial Chronicle
38
President
Calls
Roosevelt
State
on
Governors
to
Cooperate Fully for Safety of America—Resolution
Adopted Approving President's Policy
July 5, 1941
American
When Burma reciprocates, shipments of
able to
move
for China will be
arms
through and across Burma and over the Burma Road at lower
cost.
President Roosevelt told the 33rd annual conference of the
Governors of the United States
ahead
on
June 30 that "the
days
going to test our energy, our ingenuity and our
statesmanship, and I know from past experience that
America can depend upon the States to do their full part."
His message to the Governors' meeting, held in Boston, was
read by Gov. Harold E. Stassen of Minnesota, Chairman of
the conference.
The President's message follows:
The Governors' conference which is about to
of the most critical times of
one
Roosevelt
President
Never
history.
in Boston meets at
convene
was
there a period when it
imperative for all levels of government to cooperate fully for the
was more
State-Justice-Commerce
Bill
Signs
Department Appropriation
are
A $279,416,547 appropriation bill for the State, Justice
Commerce Departments and Federal Judiciary in the
and
1942 fiscal year was signed by President Roosevelt on June
A conference report on this bill had been adopted by
28.
the House on June 19 and by the Senate on June 20.
The
legislation had originally passed the House on April 2 (noted
in these columns of April 12, page 2323) and the Senate on
May 19.
safety of America.
Your conference, realizing this, took definite action last ye&r urging a
comprehensive and adequate defense program, and pledging fullest coop¬
Roosevelt
President
eration and assistance.
that time,
Since
Council of National
Defense, 46 States have established State Councils of
Defense, and these agencies for many months have been busily engaged in
promoting
our race
against time in production, assisting the selective service
machinery in assembling
Army, and handling the impact of large and
our
rapidly developing industrial and military concentrations
upon our
demo¬
cratic institutions and services.
The days
ahead
are
statesmanship and
that America
can
I
De¬
Signs $188,000,000 Interior
Appropriation Bill
partment
the suggestion of the advisory commission to the
at
going to test
our
know from past
energy,
ingenuity and
our
experience with
your
depend upon the States to do their full
our
organization
part.
The Interior Department
Appropriation Bill for the 1942
fiscal year, aggregating $188,325,923 was signed by President
Roosevelt on June 28. The Senate had approved on June 3
$8,092,735 above the amount
14.
A conference report in¬
creasing the measure still further over the Senate appropria¬
tion was adopted by the House on June 19 and by the
Senate on June 20.
House passage of the original bill was
noted in our issue of May 17, page 3111.
a
$185,119,813 bill which
was
voted by the House on May
The
Governors, at their closing session on July 2, adopted
a resolution
approving the President's policy of warning the
people of the "pressing danger" facing the Nation and in
urging "continually greater speed in preparation."
The
resolution also reaffirmed the Governors'" intent to
cooperate
with the program to "preserve the freedom of men and the
institutions of free men."
With regard to another resolution,
advices of July 2 said:
>
In another resolution
Governors urged
the
United Press Boston
:y]>
a
study of three problems
outlined to them yesterday by Mayor Fiorello H. LaGuardia of New
York,
National Civilian Defense Director.
Namely, ways and means of
furnishing
additional fire protection for areas susceptible to
bombing in event of war,
protection of civilians against gas attacks, and the guarding of
strategic
points of communication and
public utilities
by either State
or
Record
Appropriation Bill of
Signed by President
Army
$10,384,821,624
President Roosevelt signed on June 30 the
$10,384,821,624
Appropriation Bill, which was the largest
single money bill in the history of Congress.
Final Con¬
gressional action came on June 28 when both the Senate and
the House approved a conference report.
When this bill
passed the House on June 9 (see issue of June 14, page 3736)
it aggregated approximately $10,010,000,000. However, the
Senate in passing the measure on June 27 increased it to its
present level, which the House agreed to on June 28.
War Department
Federal
guard organizations.
Governor Harold E. Stassen of Minnesota was reelected
Chairman of the executive committee.
Governors Herbert
H. Lehman of New York and Governor Charles A.
Sprague
elected to the committee.
Reelected were Governor
President Roosevelt Vetoes Bill for Navy Budget
President Roosevelt
to
Bane, of Chicago, was reelected Secretary of the conference's
permanent organization.
:
'V,
of
He
ment.
Burnet R. May bank of South Carolina; Governor Stassen
and Governor Herbert R. 0'Conor of
Maryland.
Frank
♦
July 1 reiterated his hope that the
United States could keep out of war but refused to
specifically
on
belief that this country can avoid involvement.
conference at his Hyde Park, N. Y., home, the
President also said, according to the Associated Press, that
it was obvious how anyone would vote in a
poll on whether
this country should plunge into the conflict
against the Axis
express
In
a
a
The purpose of
the Congress
ment
■
■■■■;
■
■
"Mr.
of
President,"
reporter remarked,
a
popular question to ask
a
"back when the
if
you
you
thought
we
war
official
same
old
still holds
answer
as
it has since Sept.
so.
1,1939, Mr. Roosevelt
said.
Rep. Fish (R., N. Y.), who represents the congressional district in which
the President lives, has been
polling his constituents
they believe the United States should
Mr.
Roosevelt
reminded
was
although his wife had.
that she
was
He recalled
to determine whether
enter the war.
of this,
but said he
which
not been
polled
He said smilingly he though she also had voted
well-known story about President Calvin
which went like this:
^
Coolidge and sin,
.
Mr. Coolidge had gone to church and Mrs.
Coolidge asked him what the
was about.
sermon
be
poll like that of Representative Fish
Daily News, Mr. Roosevelt declared,
or
are
one
just like saying
one way on the issue of
going to
This change
is
so
consequently I do
giving it
my
Bill
basic
not
to vitiate the
as
believe that
+.
Lifts
on
dispatched to him
was
measure
served by
a
a
vote of 226 to
of 42 to 20.
further gesture of aid
by
138, passed the Senate
40 to 22,
vote of
a
of
Adams (Dem., Colo.).
(Rep., Ohio)
was
taken, the procla¬
that the government
which is under British influence, would do the
same.
of Burma,
was offered by Sen¬
The Senate also on the
which would have terminated
Press accounts from Washington, June
The
monetary
to
cut
eliminate
the
approximately
would permit
in
1934.
economic
approved
devaluation
59%
an
of
now
argued
life
in
production.
Items
tinuance
insurance
bearing
of
of
quote:
The
content,
dollar
and
failed
in
were
more
that
it
that the
necessary
the
approved
/
granted
monetary powers,
than
ever
an
already has
because
of
the
was
on
"dishonest"
cause
to
depreciate
the
cur¬
suffering to holders of defense
policies and would frighten business,
men
engaged
'
the
course
of the bill through Congress,
Congress asking for the con¬
the
powers conferred under the Gold Reserve
1934, appeared in these columns May 3, 1941, page
2780; May 10,
3427.
page
gold
we
additional reduction to 50%.
They said devaluation would
bonds and
defense
old
its
28,
oppositionists
situation.
opposition
rency.
after
authority.
leaders had contended
Administration
originally
was
measure
Act
Th3 action
vote
1943, the President's authority to issue an ad¬
ditional $3,000,000,000 in paper currency.
From Associated
and goods
assurances
27 by
a
day rejected on a voice vote an amendment by Senator
and the President's message to
after receipt of
June 28 by
on
amendment to eliminate the
an
tonight cleared the way for shipment of supplies there over the Burma Road,
free from discriminatory duties levied
by the Burmese government.
He issued a proclamation lifting
discriminatory levies on Burmese ships
arriving in the United States.
insure its
June 30,
The
China, President Roosevelt
to
this amendment
powers;
ator Alva B.
staff
for embattled
airplane
Senate approval followed the defeat on June 28,
devaluation
world
Reciprocate
correspondent of the
Washington "Post" are from Hyde Park, N. Y., July 1 and
appeared in the July 2 issue of the paper quoted:
a
by
law before the end of the fiscal year on June 30.
The bill, which had been passed by the House on May
Burmese
SHips
Shipment of Supplies for China—
following advices by
be
approval in its present form.
President's power to devalue
30, 1943, and also extending the Treas¬
ury's authority to continue the $2,000,000,000 stabilization
fund was signed by President Roosevelt on June 30 follow¬
ing its adoption by Congress.
The President's approval of
the bill occurred at his Hyde Park, N. Y., home, where the
been
Levies
Burmese Government to
mation said,
of the legislation, and
purpose
real purpose would
any
The
by President
legislation
Roosevelt
and Goods to Aid
a
Congress.
The legislation extending the
attempt
♦
In
the
to
continuity of administration
Congress Extends President's Powers to Devalue Dollar
and
Continues
Stabilization
Fund—Signing of
war,
asserted.
The
the
that
in this position.
on
the similar
against sin.
President
the
by
statistical matters who
Navy
the
regarding
Office
designated
incapacity of
enrolled enactment places a line officer of the Navy
same
Anybody would vote, obviously,
he
or
Navy personnel.
Robert H. Taft
you are
Budget and
constantly changing
His wife wanted to know what the preacher said
about it.
"He was agin' it," Mr. Coolidge responded.
of the New York
with
obtained
be
cannot
the
duties
the absence
budgetary and
information
to
perform
during
expert in
an
give
to
to
was
Director
accurate
was
"Sin," Mr. Coolidge said.
The replies in any
civilian
as
to
was
becoming
had
against sin.
a
and
furnish
civilian
This
Office of
Director of the
the dollar until June
No, the Chief Executive corrected, he had said he hoped
"Is that still your answer*" he was asked.
The
and act
other things, to provide in the Navy Depart¬
Associate
as
of which would be a Navy officer with the rank of
This
Admiral.
could
started it
could keep out
You always then said you thought we could,"
war.
among
act
to
: v; c;;
...
Certainly everyone is against war, he said, just as everyone
against sin. These advices also reported the following:
used to be
the legislation which was presented for the consideration
was,
civilian
a
Secretary
press
powers.
is
following message
the
in
the House:
Rear
President Roosevelt Reiterates Hope that United States
Can Avoid War
President Roosevelt
explained his action
Reports, the Director
'
Reports in the Navy Depart¬
ing an Office of Budget and
were
Office
the bill establish¬
June 24 vetoed
on
page
2952; May 17, page 3111, and May 31,
Volume
The Commercial & Financial Chronicle
153
President
Roosevelt
Approves
$1,195,861,940
Labor
Department-Federal Security Appropriation Bill
A bill
appropriating $1,195,861,940 for the Department of
Labor, the Federal Security Agency and related independent
agencies, in the 1942 fiscal
Roosevelt
1.
July
on
year
Final
was
signed by President
legislative
action
came
on
June
30, when the Senate and the House both adopted a
conference report.
When the hill passed the House on
June. 5 it aggregated $1,191,766,000, but the Senate on
19 increased
June
this
total
to
page
3900).;
about
$1,200,500,000 (noted
In the compromise bill
the House refused to accept Senate increases totaling ap¬
in
our
issue of June
21,
proximately $569,000 for the Wage-Hour Administration,
the
Senate receded.
a
total of
$1,060,500,063.
Final Congressional action came
adopted the conference report
which had been approved by the House on June 20.
The
compromise version, carrying $212,000,000 for parity pay¬
ments, was about $7,000,000 above the original House bill,
passed on March 6, but $280,000,000 under the total ap¬
proved by the Senate on April 3.
The main Senate reduction
was in the
parity fund which originally amounted to $450,000,000.
This cut was agreed to when the President signed
on May 26 the
85% parity loan bill for the five basic com¬
modities; noted in our issue of May 31, page 3425.
Senate
passage of the agriculture appropriation bill was mentioned
in our issue of April 12, page 2323.
when the Senate
of
this
it
his
measure
signature.
passed the House
June 28 reduced the life extension
on
on
June 26 it pro¬
for the agency to
two years.
On June 30 the House agreed to the Senate ver¬
$1,250,000,000 additional credit to the Corpora¬
tion, increasing from $1,400,000,000 to $2,650,000,000 the
amount of obligations it could have outstanding at any one
sion.
Be
A bill
time
The
time, will be used to supply the funds necessary to carry
the 85% parity loans on cotton, corn, wheat, rice and
■.'/
v v
.
^ ■■
■„
.
extending for two'years, until June 30, 1943, the
during which direct obligations of the Federal Govern¬
ment may
five-year extension, but the Senate in approving
a
May
Notes
the President for
When
and President Signs Bill Extending
Which Obligations of United States
Used as Collateral for Federal Reserve
Passes
Period During
the
Commodity Credit Corporation was ex¬
tended until June 30, 1943, and its borrowing power was
increased by $1,250,000,000 under a bill which is now before
vided for
June 30
so
Congress
life
on
;■
Congress Extends Life of CCC for Two Years—$1,250,000,000 Additional Borrowing Power Provided
The
39
be used
as
Federal Reserve notes
June 30.
This
the House
expire
on
collateral security for the issuance of
signed by President Roosevelt on
passed the Senate on June 16 and
The present authority was due to
was
measure
June 26.
June 30.
In his explanation of this measure during House considera¬
tion on June 26, Representative Steagall, Democrat of Ala¬
bama, Chairman of the Banking and Currency Committee,
on
said:
-
out
This
tobacco.
dent
Roosevelt
Approves
$1,195,861,940
Labor
Department—Federal Security Appropriation Bill
A bill
appropriating $1,195,861,940 for the Department
of Labor, the Federal Security Agency and related
independ¬
ent agencies in the 1942 fiscal year was signed by President
Roosevelt on July 1. Final legislative action came on June 30
when the Senate and the House both adopted a conference
report.
When the bill passed the House on June 5 it aggre¬
gated $1,191,766,000 but the Senate on June 19 increased
this total to about $1,200,500,000 (noted in our issue of
June 21, page 3900).
In the compromise bill the House re¬
fused to accept Senate increases totaling approximately
$569,000 for the Wage-Hour Administration so the Senate
receded.
themselves without
for
Two
Years—$1,250,000,000
Additional
Borrowing Power Provided
The life of the
Commodity Credit Corporation
was
Reserve notes for protection,
bill
When the
measure passed the House on June 26 it provided
five-year extension but the Senate in approving it on
June 28 reduced
instead of 40%,
eligible
required by law.
as
has been extended from time to time, and this bill
once more
from the end of this fiscal year
The
simply extends it
until June 30, 1943.
Before the House Banking and Currency Committee on
June
24,
Chairman of the Board of
System, stated that the
Marriner S. Eccles,
Governors of the Federal Reserve
volume of currency
in circulation
now
approximately $9,000,-
000,000 has increased steadily in recent years reflecting in¬
creased
business
activity, changing customs and fco some
hoarding by foreigners.
The New York "Journal of
also quoted Mr
extent
Commerce" in reporting this on June 24,
Eccles as saying:
banking system is well able to finance the defense program, even
was
no
further
During the last war
expansion of deposits.
at
peak prices and production the demand deposits never exceeded $30,000,000000.
Now they are getting close to
$50,000,000,000. Deposits now are more
than enough to finance the defense program and
ex¬
tended until June 30, 1943 and its borrowing power was in¬
a
or
full employment at sub¬
stantially higher price levels.
creased by $1,250,000,000 under a bill which is now before
the President for his signature.
for
of commercial
amount
collateral back of the issues of Federal Reserve
notes, so that they were having to carry 80% of gold against their Federal
The
tion
At that time the Federal Reserve banks
sufficient
a
paper to maintain the proper
if there
Congress Extends Life of Commodity Credit Corpora¬
passed originally during the administration of Presi¬
was
Hoover, in February, 1932.
found
President
measure
the life-extension for the agency
to two
On June 30 the House agreed to the Senate version.
..The $1,250,000,000 additional credit to the Corporation,
increasing from $1,400,000,000 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.
From advices to the "Wall Street Journal"June 24 from
Washington
A compromise
bill carrying $910,905,000 for work relief
during the 1942 fiscal year was agreed upon by the
Senate and House on June 30.
The bill providing for the
employment of an average of 1,000,000 persons by the Works
Projects Administration, include a $25,000,000 item for
buying surplus farm products through the Food Stamp plan.
The House bill, passed on June 13, aggregated $885,905,000,
whereas the measure approved by the Senate on June 20
totaled $936,390,000; this was mentioned in our issue of
,
,
tql
Government
use
bonds and notes to back up Federal Reserve notes has not been used since
May 28, 1938, and will not be
There is
no assurance,
as
long
as
conditions remain as they are.
however, he added, that conditions may not change
'
rapidly and that this authority will be needed again.
years.
Congress Passes $910,905,000 Relief Appropriation Bill
take the following*
we
Mr. Eccles told the Committee that the authority
For example, he cited the possibility of a
rency, which would place a strain on
considerable expansion of cur¬
the reserves of banks, and an outward
gold movement which would force Federal Reserve banks to sell Govern¬
ment securities to member banks in order to get
the necessary eligible paper.
Chairman Eccles reported that Federal Reserve banks now
hold
or
have
certificates,
$7,000,000,000 of which are pledged as collateral for $6,900,000,000 of
of Federal Reserve notes.
This leaves $13,500,000,000 to cover the re¬
owing from the Treasury more than $20,000,000,000 in gold
quired
of
reserves
$5,600,000,000
against
$16,000,000,000
of deposits
in
Federal Reserve banks and to supply necessary collateral and reserves
or
whatever additional note issue
or
deposit may be necessary.
and relief
June 21, page
3900.
Roosevelt
Signs
$1,041,444,529
Second
De-
ficiency Bill
■
The second deficiency appropriation bill amounting to
$1,041,444,529 was signed by President Roosevelt yesterday
(July 3). The President, in a statement issued at the same
time, said he signed it reluctantly because it carried a pro¬
vision forbidding extension of the civil service to the Farm
Security Administration.
When this measure passed the House on June 25 it approxi¬
mated $895,000,000 but the Senate in approving it on June 30
added, among other items, a $150,000,000 appropriation for
national defense community facilities.
The House later that
same day (June 30) agreed to the Senate changes.
The bill
carries funds for 2,736 more Naval airplanes and 19 auxiliary
ships. -.V''-'"
v.
■
v.
♦
■
Legislative Action
on
:
-
$1,060,500,063 Agriculture
Department Appropriation Bill Completed
signed on July 1 the Agriculture De¬
partment appropriation bill for the 1942 fiscal year, carrying
President Roosevelt
of
Strategic
Deficiencies
Charges Failure to Build Up Reserves
Defense
Materials—-Report
Finds
Due to Lack of Coordination and
Absence of Responsible Head
The House
Military Affairs Committee on June 28 filed
with Congress a report on the
that
♦
President
House Committee
a
defense program maintaining
and "delays" had led to a
series of major "failures"
The report, pre¬
subcommittee headed by Representative Faddis,
Democrat, of Pennsylvania, after weeks of hearings, said
that a lack of coordination and absence of a single responsible
head has been largely responsible for the deficienciesJn the
defense program. The following bearing on the report is from
Associated Press Washington advices of June 28:
present serious lack of strategic materials.
pared by
a
The report spoke, too, of a
need for "vision" on the part of Government
officials and. observed:
"The Administration has been too prone when
to
difficult problems arose
easily dispose of them by creating another board, only to add to the con¬
fusion of agencies we now
As for the lack of
A
have."
strategic materials, the report said:
shortage of aluminum is "critical" because of inadequate power
and
fabrication facilities.
Rubber is not available in sufficient
quantities primarily because of a
lack of ships and refusal by some shippers to carry
the commodity. Is*HI
in connection
The House committee's report listed these as shortcomings
with the defense program:
(1) Failure
on
'
the part of Congress, the
to initiate a ttock
Administration and the public
pile program at an earlier date.
(2) Failure to entrust to a responsible head the
out the will of
Congress in the legislation enacted.
full authority to carry
The Commercial & Financial Chronicle
40
(3) Failure of a
of urgency on the part of officials of purchasing
sense
July 5,
Prior to acting on the new
organizations.
1941
levies, the committee revised its tax rates on
slot and vending machines to eliminate penny devices and machines
(4) The delay is establishing conservation methods and the
of sub¬
use
merchandise,
vending
stitutes for fear of creating unemployment.
such
(5) Unwarranted delays In building plants and facilities for the
conver¬
actually
This exemption reduced the
cigarettes.
as
estimated yield from this source
by $4,000,000.
In connection with the fourth point, the study said:
In these columns of June 28, page 4052, reference was
to the tentative schedules for estate and gift taxes.
We do
items
sion of
materials into finished products.
raw
because
wish
not
to
single out the automotive industry as an example
21,
realize fully its vital part in our industrial and civil life, but
we
this industry was
allowed too long to
the
on
tax
new
and
3900
page
made
Other
issues of June
proposals appeared in our
June 14, page 3736.
sorely needed defense mate¬
consume
rials in this first year of our defense effort.
Since
needs
the
of this
industry
those almost
are
furtherance of the defense program, some vision
identical
with the
President
needed by our Govern¬
was
into
ment officilas to restrict the automotive program.
of 21-Year-Old Men—Deferment for Men Over 28
Our government agencies are not amateurs in the methods of propaganda
but they have failed
public
to the necessity of not
as
defense
in that they did not long
effort
President Roosevelt issued
begin educating the
ago
squandering the materials used in our
pleted work
Ways and Means Committee
on
the drafting of
$3,500,000,000 in
Representative
now
a
on
July 2
com¬
tax bill designed to yield an
help meet defense
to
revenue
Dough ton,
Democrat
North
of
into legal phraseology by the legislative
This will take about two weeks and the
committee will then give its final approval
and send it to the
House for consideration.
During the past week the committee
cerned with revising or
adding
new
was
principally
excise taxes.
con¬
Tentative
schedules for individual income surtaxes, corporation sur¬
taxes, excess profits taxes and estate and gift taxes had al¬
ready been worked out by the House Committee during the
past month
Among the new or increased excise taxes tentatively apI>roved on June 30, estimated to yield $732,200,000, were a
.
$5 annual "use" tax
all privately-owned automobiles, a
transportation fares of more than 35
cents and a $l-a-gallon increase in the liquor tax.
Regarding
these and other changes the Associated Press reported:
on
on passenger
In addition to the "use" tax on automobiles, which would
yield about
$160,000,000 the committee voted tentatively in favor of doubling the 3 J4 %
the sale price of
on
automobiles and passenger trailers.
new
estimated, would produce about $79,000,000.
United
States
Ceiling for Six Leading Types of
Planned
Price
Fixes
A
price schedule for six
ceiling
existing exemptions from the admission
taxed
tax
"
leading types of cotton
liquor and sharp boosts in the levies
by the Treasury and it
$124,800,000,
was
The present tax
higher taxes
wines.
a
gallon in the tax
Both steps were indorsed
liquor is $3
on
a
gallon.
equipment,
photographic
apparatus,
matches,
In
the
musical-instruments,
year
would be imposed
on
all
A "use" tax of $15 per
a
revenue group
1-6 of 1 cent
a
bottle
approved
on
dispensed from fountains.
tax on office
was
10% tax
a
on
the retail sales price of furs,
It also voted for
a
The
written into the bill.
Revising the base for computing manufacturers'
estimated to yield $13,100,000 in additional
Other manufacturers' taxes
Electrical
appliances,
ma¬
taxes on cosmetics, the
are
revenue.
tentatively adopted yesterday would affect:
including
fans
and
kitchen
equipment,
the
have
1941.
maximum
price of
classes of sheetings;
and
include
seller's
pound
a
for print cloth,
30c.,
32c. and 83 ^c.
all commissions,
point of
for part waste Osna-
25c. a pound
The prices
combed broadcloths.
for
pound
a
39c.
tobacco cloth; maximums of
are
Henderson said.
Mr.
gross,
They
shipment.
Henderson on June 27 said that
price of cottonseed oil was being studied and "ceiling
action is planned."
He explained that this price ceiling
would be fixed after a survey of present holdings and that
it would be "far below present prices."
Commenting on the ceiling for certain cotton gray goods,
W. Ray Bell, President of the Association of Cotton Textile
Merchants of New York, said on July 1 that it is both "dis¬
appointing and confusing" and "seems to make the indus¬
try's cooperation difficult."
It is expected to bring in $18,500,000.
committee approved but did not announce the details of rates which
54c.
and
the
levy would produce $22,000,000.
new
Press
goods at prices higher than
contracted to sell at prices higher
gray
Prior to this action, Mr.
manufacturers' tax of
machinery, including typewriters and adding
and
2,
a
and
three
discounts,
f.o.b.
as
fixes
broadcloth,
pound
are
soft drinks, with an equivalent rate for beverages
on
Civilian
they may apply to OPAOS for permission to carry
signed, the announcement said, provided deliveries
by Sept.
burgs,
July 1 session the Committee took the following
action, according to the Washington "Post" of July 2:
chines,
contracts
schedule
before
At its
A 10%
such
completed
carded
bowling alleys, pool and billiard tables.
estimated to yield $20,700,000.
and
Associated
schedule,
the
acquired
have
today
maximums,
are
Cabaret bills would be taxed 5% of the total charge.
The
these
The
sellers
fixed
maximums
out
Telephone bills would be taxed 5% and, in addition, the tax rates on in¬
telephone, telegraph and cable messages would be boosted suf¬
dividual
new revenue.
Administration
Price
of
Concerning
certain
case
than
playing cards and sporting goods.
ficiently to raise about $35,000,000 of
cur¬
Washington advices, June 28, said:
radios and parts, phonographs and records, refrigerators and air condition¬
ing
Office
the
production."
which the committee voted to impose
on
candy, jewelry, watches, clocks, tires and tubes,
were
15% below
Mr. Henderson said the maximum prices for cotton
gray goods were required because they had risen on an aver¬
age of about 68% in the last 12 months, which was "out of
all proportion to any increases in costs of materials and
estimated that they would yield approximately
Among the other commodities
new or
on
goods, at levels about
gray
Supply.
'
,
of
head
Telephone bills would be
5%.
as
quotations, was ordered on June 28 by Leon Henderson,
rent
In addition, the
(theatres, sports events, etc.)
The committee agreed tentatively on increases of $1
on
cloth known
tax on all passenger transportation fares amounting to more than
would be lowered from 20 cents to nine cents.
and
Cotton Cloth—Cottonseed Oil Price Ceiling
levy, instead, last weak.
35 cents would apply to travel by rail, water, air or bus.
1941,
1,
Training and Service Act
This authorization, the maximum
OPACS
This, it
Members said that while
the Treasury originally had proposed the 7% tax, it had suggested a 15%
A 5%
into the land
permitted under
for the "national
the President had
authorized the induction of 800,000 men, but the War
Department inducted only 650,000 into the armed services.
The Secretary of War is given authority to call new selectees
"as he deems expendient."
It is expected that new draftees
will be inducted as the training period of those men now in
the service expires.
Approximately 750,000 men throughout the nation, who
attained the minimum selective service age of 21 since last
Oct. 16, registered for possible military service on July 1 in
accordance with a Presidential proclamation.
This was the
second registration under the Selective Service Act as 16,500,000 men between the ages of 21 and 36 were registered
last October.
The total of new registrants for New York
State was 74,529 with New York City accounting for 40,323.
A new national lottery will be held to determine order
numbers for these registrants.
Plans for this registration
were noted in our issue of May 31, page 3426.
Brig. Gen. Lewis B. Hershey, Deputy Selective Service
Director, on July 1 ordered State draft officials to defer
for 30 days induction of men over 28 years of age.
This
action was taken in view of a bill now pending in Congress
which would accomplish the same purpose.
It is said that
about 8,000,000 men will be affected by the order.
be put
drafting service.
was
July
the
the law, is required, the President said,
interest."
In the fiscal year just ended
Carolina, chairman of the committee, announced that the
levy
between
of
of 1940.
and Decreased Excise Taxes
The House
5% levy
executive order
an
men
June 30, 1942, under the Selective
Ways and Means Committee Completes Action
on $3,500,000,000 Tax Bill—Measure Goes to Draft¬
ing Experts—Final Week's Action Concerns New
bill will
June 29
900,000
forces
House
additional
on
authorizing the induction of
.
+
costs.
Roosevelt Orders Induction of 900,000 Men
Army in Year Beginning July 1—Registration
10%,
estimated to yield $18,000,000.
Rubber products, excluding footwear, tires and tubes and
surgical equip¬
ment, 10%, $25,900,000.
President
Electrical and metal signs, 10%, $3,690,000.
Coin-operated devices that pay cash
or
tokens
redeemable in cash
Government
merchandise, $25 annual license, coin-operated vending machines, $5 annual
President Roosevelt ruled
Week-End
Extended
Bars
Roosevelt
or
June 28 that in view of the
on
license, yield not yet estimated.
need
Optical instruments, other than eyeglasses, 10%, $1,400,000.
Washing machines for commercial laundries, 10% $1,000,000.
would
At its final meeting on July 2 the House group added other
taxes which would make the whole
program yield an es¬
timated $3,503,400,000.
This was somewhat in excess of the
resident
increased
the
present
withholding
aliens and foreign corporations from
16)4
tax
rate
to 27)4%.
$1.25 per $1,000 and that
a
was worth an added
10% sales tax
The withholding tax is
levied
on
on
$18,000,000.
cutlery to yield $6,000,000
The
in furthering
employees
regular four-hour work¬
ordinary
follows:
it
circumstances
would
be
quite agreeable
out the suggestion contained in your letter of
ment
employees
be
excused
from
duty
on
to me
to
June 23, that Govern¬
the Saturday
four-hour work¬
day following July 4, Independence Day.
com¬
In
more.
for
income earned in this country payable to
aliens living outside the United States.
their
from
energy
Government
carry
It increased the present tax on capital stock of corporations from $1.10
to
program,"
The President's letter
Under
was
estimated to yield $20,000,000.
mittee then voted
excused
and
time
He announced this decision in a letter
Representative McCormack, House majority leader, who
had requested that the President grant a three-day recess
since July 4, Independence Day, is a holiday.
The order
affects 1,478,407 employees.
non¬
on
This
defense
be
not
available
to
reported:
committee
our
day today (July 5).
Treasury Department's goal but revisions are expected to be
made before the bill is finally adopted.
With respect to the
action taken on July 2, the United Press
The
"all
national
the
,
for
for
Workers
/
view,
all
our
program
the
existing
however,
of
available
time
and
fact
that
and
of
the
energy
our
situation
in
with
furthering
defense program
I
respect
the
is
to
the
need
national defense
an
"all-out"
one
Volume
involving
153
the
services
establishments
advisable
to
The Commercial & Financial Chronicle
and
close
of
employees
agencies,
down
it
in
does
Government
nearly
not
plant
all
to
seem
the
that'
me
that
on
of
departments,
it
would
Vice-President
be
Bonds
President Roosevelt Returns North
American Aviation
Co.
Plant to
Taken
columns
June
14,
3733.
page
was
In
defense
issue
The text of the President's
statement
to its owners follows:
Oil the morning of June
9 I directed the
Secretary of War to take imme¬
diate possession of the
Inglewood plant of North American Aviation, Inc.,
Los Angeles, Calif.
,
Acting
my
,
In my order to the
terminated
Secretary of War 1/ stated that possession would
as soon as
a manner
I determined that the
plant would be
order
This
terminating the possession
determination is based
existed at the plant
processes
have
of mediation.
I have now
accordingly have signed
of the plant.
upon
now
be
privately oper¬
consistent with the needs of national
defense.
can be so operated and
determined that the plan
an
the fact
that
been adjusted
-J ■U.cU''
the differences
which
by the orderly democratic
Both the workers and
employers cooperated to attain this result.
With
their continued cooperation and
willingness to subordinate personal differ¬
ences to the urgent need of their
country, it is my belief and expectation that
they will fulfill their important responsibilities
without further
interruption.
Should efforts be made
again to interfere with this essential
production
I will not hesitate to
take whatever steps
may hereafter be necessary to
assure its
continuance.
Normal
according to
schedules
an announcement
were
restored
at
Three hundred C. I. 0. machinists voted
"to live up to plain old-fashioned
standards of honesty and
fair dealing" are "as much a
menace
to our system of
government and to the American
way of living, as anything
that comes from Russia,
Germany or Italy."
Mr. Healy
made these charges in an address at
the thirty-first annual
meeting of the Vermont Bankers Association at
Woodstock,
Vt.
He denied on the basis of his own
experience that the
SEC "is antagonistic to business and that
its activities fetter
the free flow
The SIX)
IX
San
Fran¬
on
June 29 to
work at six plants at
Oakland, Calif., and Alameda,
Calif., joining the 800 A. F. of L. machinists who on June 25
agreed to end their strike.
Plant officials reported full
complements of workers in production lines on June 30.
Wage demands for which the strike was called
May 10
were not realized.
The machinists will be
paid $1.12 per
capital into industry."
activities
any
know
restoration
the
of
the
shocking evils which
helping the Stock
confidence
its
that
which
old
investment
Exchange
States
Food
Department
During
Available
for
of
Agriculture
Week
Other
Ended
Reports
June
Countries
28—
Under
Lend-Lease Act
For text of this article
see
advertisement page viii.
Low-Cost Milk Programs in Effect for 1942 Fiscal
Year,
Agriculture Department Announces
For test of this article
see
advertisement page viii.
Reports May Non-Farm Mortgage Recording
Activity Reached New Record Level
For text of this article
see
P. M.
M.
advertisement page vii.
Mortgage Bankers Association Favors
Farm Mortgage Bill—Urges Further
Steps, However
FHA
For text of this article
advertisement page
xiv.
deserve
and
which
a
the
in
was
shall
proportion
shattered
do
our
restoration
by
part
of
imprisonment
"UUv".
the
of
'U'v'U.
deserve
it; another is to make
McCulIough Discusses Priorities Problem
Before
Association
of
New
York—District
New York of Priorities Division of
OPM Points Out Effects on Small
Companies and
Efforts to Overcome Obstacles
Manager for
For text of this article, see advertisement
page x.
to
Assure
Minimum Allocations
of Basic
Supplies to Enable Small Plants
Urged by Representative Baumhart
to
Operate
Congressional
action assuring minimum allocations of
keep smaller plants in operation until they
can get specific defense
assignments was urged on July 3 by
Congressman A. D. Baumhart Jr., of Vermilion,
Ohio, in
commenting on a statement reported as recently made
by
Peter R. Nehemkis,
Special Assistant in the Office of Pro¬
duction Management's Defense
Congract Service. Address¬
ing OPM field officers in Washington on June 17, Mr.
Nehemkis is quoted as having said that "it is one
of the
profound ironies of our defense effort that its total effect
may
well be to obliterate the smaller enterprises from the
American
business scene."
According to Mr. Baumhart,
"bureaucratic muddling in the administration of
priorities
and price-control is forcing thousands of
long-established
to curtail
Complaints
Essential
manner,
are
operations." In part he went
Vv
on
to say:
flooding into Washington from all
sections of the counlry.
allocated in a very arbitrary
metals and chemicals are being
utterly without regard to the needs of
When his
our
smaller independent
supply of basic metals
is suddenly cut off
by
choice but to close his factory.
No
effort is being made to ieep these smaller
plants afloat until they can be
swung into defense production.
Instead, normal operations are suspended.
The workmen scatter.
The plant is idle.
Then, two to six months later,
a
manufacturer has
no
when defense work Is available, the
plant manager must reorganize his entire
Often he must then wait three to six months
longer for the new tools
force.
see
We
and
to restore such confidence is to
business units.
Waters of
Senate
rise
which
1920's.
earn
>
Merchants'
Washington,
S.
investors
the
will
sure
that corporate officers observe their
fiduciary duties.
This is in
part the job of the SEO, and I believe that with the
continued cooperation
of the great
majority of honest men in business and finance we shall
accomplish it.
concerns
FHLBB
in
funds
basic supplies to
advertisement page viii.
Purchases
Supplies
idle
weakened
practices
President routed.
One way
Of
confidence of
prevailed
Congressional Action
see
•
-
all
the
were
Surplus Foods Available in July in Exchange for Blue
Stamps Announced by United States Department
of Agriculture
He stated:
however, within the limits of its
power, permit to go
and practices which are.
based on deceit even
though they profess to be conducted for the sole
purpose of improving
the capital market.
hour
and time and a half for overtime.
Previous rates
$1 per hour and double overtime.
The strikers had
asked $1.15 hourly and double overtime.
A previous reference to the strike
appeared in our issue of
June 28, page 4057.
of
will not,
unchecked
toward
resume
United
issued by the Treasury
Robert E. Healy, member of the Securities and
Exchange
Commission, declared on June 21 that the failure of fiduci¬
aries to discharge their
obligations and the failure of others
the
Strike Settled
machinists.
For text of this article
at the ceremonies by
behalf of the Treasury,
on
Healy Denies SEC Is Antagonistic to BusinessMember of Commission Says SEC Will Do Its
Part
to Restore Confidence in
Stock Exchange—Criti¬
cizes Work of Fiduciaries
'
We
cisco, Calif., shipyards on June 30 for the first time in 51
days, ending the strike of 1,100 A. F. of L. and C. I. O.
.
Bell
R. E.
,
Coast Shipyard's
work
accepted
was
Department it "will be used as a center for dissemination
of information about United States
defense bonds and stamps
and sale of the latter."
U,/-7UTv:..U
to
Pacific
were
U;
building
new
Under-Secretary Daniel W.
V;
instructions, the Secretary of War
took immediate pos¬
session of the plant on June
9, caused it to be reopened and
production con¬
tinued and took
necessary measures to protect the
employees who returned
to work.
ated in
I The
r
seriously impairing national
UU;'.
.
on
certainty than if the job of investing in defense
v
Such action was
necessary because production of aircraft and other articles
vital to the defense of the
United States had been
interrupted in violation
of an
agreement, thus jeopardizing the
ability of the United States to obtain
materials essential to its armed
forces and
defense.
troubled.
up
their stamp albums
regularly—every week.
farmers filling up their stamp albums can
stop inflation
and
left only to bankers.
and
returning the plant
be
stamps—filling
Workers
with much greater
same
Farmers will
disastrous price rise, which would
interfere with defense, is to get millions of
people buying United States
order
the
Standard Oil
■
steps may
referred to.
July 1 that "one of the best
If this rise continues
wages will not buy what
they should.
be dissatisfied and every one
except the speculators will
One of the best ways of stopping a
taking
plant appeared in
(page 3739) the labor dispute
on
building, and the gift to the
Co. of New Jersey.
In
referring to the recent price rise, Mr. Wallace said'
i,
Government of the
by media¬
these
gone up faster in
history," Vice-President
before in
ever
ways of stopping a disastrous price rise, which would inter¬
fere with defense, is to get millions of
people buying United
States defense stamps."
Vice-President Wallace spoke at
the dedication of the new
Capital information center for the
National Defense Savings
Campaign, located at 14th Street
and Pennsylvania Avenue in
Washington. The information
center is a
one-story glass-block
tion.
Saying it was his "belief and expectation" that the
workers and employers will fulfill
their important responsi¬
bilities without further
interruption, the President, however,
warned that if efforts were
again made to interfere with
President's statement and Executive
possession of the North American Aviation
than
Henry A. Wallace declared
President Roosevelt on
July 2 turned back to its private
the North American Aviation Co.
plant at Inglewood,
Calif.
This plant had been taken over
by the War Depart¬
ment on June 9 on Presidential
orders because necessary
defense production had been
interrupted by a strike.
In a
statement explaining his latest
action, the President decided
that the plant "can now be
privately operated in a manner
consistent with the needs of national
defense," since the
differences which existed have now been
adjusted
The
Defense
in
recent months
owners
assure
of
Stating that "prices of all kinds have
Possession and Operated
Factory Because of Labor
Trouble
Production, necessary tohesitate its continuance."
to take whatever
ereafter be "I will not
Purchases
Curb
to
Greatest
Had
Urges
Price Rise—Says Recent Rise is
History—Dedicates New Capital In¬
formation
Center
in
Washington for Defense
Savings Campaign
day.
Owners—Government
41
Wallace
needed for his defense contract;
July 5, 1941
The Commercial & Financial Chronicle
42
Approximately 159 investment company executives
sections of the country attended the dinner,
and dislocations would be unnecessary were the defense
Those hardships
all
coordinated and soundly administered.
effort properly
from
those
present including:
Committee of Investment Companies Gives Testimonial
Dinner
to
David
Schenker— Retiring
Head
of
SEC
Division
Investment
for
Industry
Praises
sound working
basis of cooperation
the Securities and Exchange
between
Commission and the
a
business in the administration of the
investment company
of 1940 was attested at a testi¬
Investment Company Act
New
given
dinner
monial
York City,
Company
occasion upon
first
Division
conclusion
the
of
at which
cussed
members
of
director
SEC.
the
The
the
Tudor
filed
be
to
staff
participated
Chairman
of
Incorporated
In¬
cooperative spirit between the Commission and the
Industry maintained very great credit was due to Mr.
for his openmindedness
and his ability to grasp
quickly the differences and problems of the various com¬
panies.
'■
\:v'
"In this
these
only
least
more
starting
a
days
Many of
said
Mr.
enactment of
regulation
by
law
a
Congress
administration
and
are
at
have experienced the arduous tasks of
you
said
Gardiner
whose
industry
he
spoke
aggregate
representative of the
exceeded .$3,000,000,000
as
assets
by 1,500,000 stockholders in some 250 invest¬
companies.
He said that the gathering was unique
in that
it
the first
investments
companies
industry
the
assistance to the Commission.
It
the
was
ever-ready
companies
your
the
public
hearings
ibring the study to
attitude
urged
reached
the
which
formed
the
upon
affirmatively
form
of
when
the
upon
government
and
the basis
discomfort,
the
Congress
semblance
in
favor
Up
the
the study;
surveyed,
its
com¬
expedited
that
virtually
the
the
enactment
time
industry
legislation
entails
least
at
unanimously
be
passed
enactment,
of
the
the
National
with
all
that
Committee,
inconvenience,
some
I
sought
order
companies.
harmony,
common
merely
the
of
The
outstanding
spirit
the
the
and
their
of
been
the
a
a
actual
the
through
instance
interest
interests
of
augur
representative
potential
the
Let
the
when
and
of
the
land which was deeded to
of
appointed a Board of Trustees composed of
state,
these
future
of
repre¬
in
of
th'osq
for
it
is
United
the
States,
will
who
Connor,
Chairman;
be
Harry L. Hopkins, Supervisor of the lease-lend program;
Basil O'Connor, Mr. Roosevelt's former law partner, and
Dr. Samuel Eliot Morison, Professor of History at Harvard
University.
The President's address follows:
dedication of
The
library is in itself
a
act of faith.
an
bring together the records of the past and to house them in buildings
To
where
will be preserved
they
nation
believe in
must
three
for the
fo
use
living in the future,
men
a
things;
It must believe in the past.
believe
must
It
in
the
future.
above all, believe in the capacity of its people so to learn from
It must,
the past that
they
gain in judgment for the creation of the future.
can
Among democracies the building
of
the people flourishes.
all
believe
we
that people
libraries and museums for the use
own land, for
of
That is especially true in our
and through their
should work out for themselves,
study, the determination of their best interest rather than accept such
so-called information as may be handed out to them by self-constituted
own
leaders.
It
r
in
is
that
trend in these difficult days
distributing historical collections more widely than ever before
are
we
it
is
point of view of the safety—the physical safety—of our records,
that
From the point of
they be not too greatly concentrated.
accessibility, modern methods make dissemination practicable.
of
This
hut
is
which
collections
This
many
the
refer
when
new
As President
libraries.
period
one
our
It
of
the
of
America
dedicated
is
themselves
by
people
of
proof—if
any
proof
is
needed—that
is
j'"\
'
therefore,
is,
future
this
accept
history.
archives
the
to
government
in
attacked.
the
I
people's record is preserved—public papers and
to
addition
latest
moment
of
one
in which
house
newest
land.
our
wiser
view
the well-considered
keeping with
From the
our
at
a
everywhere
\
confidence in
democracy has not diminished in this Nation and will not
diminish.
this
library has
people.
Most of
Into
of
mine
library
We
medium
me
protection
sponsors
for the
of
Since
the representatives
an
hopeful
cooperation
Companies.
investor's
and
diminished in this Nation
his country estate at Hyde
from
Government
The President
he
and will continue to go, the loving care of
gone,
you
who
are
throughout the years.
here today are old friends and neighbors
All of you
in the future.
in
are
sense
a
v
.
trustees of the
••
hope that millions of our citizens from every part of the land will
what we do today makes available to future Americans
glad that
the
story of what we have lived and are living.
I
am
grateful to all of
Plans
for
June 28,
the
page
you
for all that you have done.
dedication
were
noted
.
these
in
columns
4061.
body
acting in complete
diverse interests for the
motivated, not like the ordinary trade association,
to increase profits, but rather better to
perpetuate
Investment Company Act and enhance the
protection
Death
desire
a
on
public life.
The library was financed by subscriptions of
28,000 persons and to help meet the manitenance costs the
Federal Government will charge* an admission fee of 25c.
many
organization.
extended
negotiations with
encountered
is
informal
an
Investment
pecuniary
Committee
example
has
of
my
diminish
to
resolving
good
by
through
have not
enhance
to
legislation.
legislation was enacted,
cooperation
Committee
candor, that in all
sentatives
the
the
Built
Park, N. Y„ the Franklin D. Roosevelt Library will house
the President's official papers and other documents of his
regu¬
unmindful that
you were not
the
manifested
was
its
that
Federal
the
your
of
of democracy has not
and will not diminish."
helped
and
of
of
to
yet
proof that "our confidence in
to the archives of America is
the future
of
This fair-minded and helpful
industry
Although
regulation
representatives
industry, resolved to eliminate every
possibility of abuse by any individual who selfishly would
not observe
the high fiduciary duties which
the industry as a whole
recognized, actively and unstintingly, threw the full weight of its force
expense
30 the $350,000 library bearing his
President Roosevelt declared that this latest addition
throughout
formulate
to
of
companies
numerous
climax
the
of
incalculable
to say:
on
Commission
successful termination.
a
its
lating these financial institutions.
any
attitude
enabled
which
prehensive questionnaire
rendered
He went
cooperative
Documents—Calls It
Proof of Confidence in Future of Democracy
time
representatives of investment
companies have met in such numbers, the National Com¬
mittee including in its membership a substantial majority
of the investment companies in the country.
Commissioner
Robert E. Healy of the SEC, on behalf of the Commission,
voiced keen appreciation of Mr. Schenker's years of untiring
service and record of accomplishment.
Mr. Schenker stated that from the very inception and
throughout the entire course of the Commission's study of
was
Hyde Park,
Library at
Public
His
Housing
In dedicating on June
a
and is owned
ment
Y.,
archivist
complying with the variegated Blue Sky regulations in the several States.
We greatly
hope that the initial progress toward uniformity in State
regulation will be substantially increased
Mr.
N.
Dedicates
Postmaster General Frank O. Walker, Dr. R. D. W.
the
rules,
point;
important.
as
industry,"
our
avoided.'
has been
complicated
this
Fortunately
is
to
He added:
Gardiner.
In
disastrous
been
have
could
field of Federal Regulation, arbitrary action
new
re¬
was
+»
name
Gardiner,
30,
June
effective
resignation,
Roosevelt
President
ac¬
a
Schenker
Schenker's
Mr.
shortly.
the companies
by
Commission
the
of
vestors, who presided at the dinner, said that if the
administration of the act had been successfully developed
and
Chairman,
Corp.:
ported in these columns June 14, page 3746.
the form of permanent registra¬
tively in these discussions.
Wm.
Massachusetts Investors Trust; Walter S. Mack
Phoenix Securities Corp.; David M. Milton, President,
Floyd B. Odium, President. Atlas Corp.; Francis F.
Randolph, Chairman, and Cyril C. J. Quinn, Vice-President, Tri-Continental
Corp.; James N. White, President, Scudder, Stevens & Clark
Fund,
Inc.;
Ernest
B.
Tracy,
President, United States & Foreign
Securities Corp.;
Mahlon E. Traylor, President, Massachusetts Distribu¬
tors, Inc.; Robert S. Adler, Vice-President,
Selected American Shares,
Inc., of Chicago; Richard Wagner, President, The Chicago Corp.; Reginald
B. Taylor, Vice-President, Niagara Share Corp. of Buffalo; and Henry S.
MeKee,
President,
Pacific Southern
Investors, Inc., of Los Angeles.
dinner
policy questions were dis¬
technical and
due
statement
retiring
of
all-day forum marking the
an
in connection with
Senior
Waldorf-Astoria,
the
Hugh
H. Bunker, Execu¬
the OPM; Merriir
President,
Equity
which the industry has sat down as a
group,
tion
at
Schenker,
David
to
Investment
at
2
July
on
by the National Committee of Investment
Companies
came
tive
Jr.,
of
President, National Bond and Share Corp.;
Bellamy,
Vice-President, Dividend Shares, Inc.; Arthur
Vice-President of The Lehman Corp. now with
Griswold,
Cooperation
Establishment
Wilder
F.
Bullock,
investor.
William
of
Guggenheim,
Philanthropist and
Interests
Member of Family Holding Vast Copper
William
Guggenheim, youngest of the
seven sons
of Meyer
Guggenheim, founder of the family's mining interests, died
,
^
Mr. Schenker voiced appreciation
services of
ful
National
specifically of the help¬
Paul Bartholet, executive director of the
Committee, and Alfred Jaretzki Jr. and Warren
Motley, counselor for
Guests
of
the
the
Committee.
Committee
included Senator Francis T.
member of the Banking and
Currency Com¬
mittee which held hearings on the
regulatory measure for
Maloney,
a
investment
companies which has since become law, Com¬
missioner Sumner T. Pike, Justice Jerome N.
Frank, former
Chainnan of the SEC, John W.
Hanes, former member
of the Commission and
under-Secretary of the Treasury,
John
J. Bums, former general counsel to
the SEC,
a
number of Mr. Schenker's friends and
former associates,
and the Rev.
Robert J. White, Rector of the Catholic
University Law School of Washington, where Mr. Schenker
taught.
at his home in New York
City on June 27.
Born in Phil¬
adelphia in November, 1868, he was 72 years of age.
In a
sketch of the life of the late Mr. Guggenheim, the New
York "Times" of June 28 said in part*
In
1890-91
Mr.
Guggenheim
was
Superintendent of the Philadelphia
Smelting & Refining Co. of Pueblo, Colo., and for the next 10 years was
of the various mining and smelting interests of M. Guggen¬
heim's Sons in Mexico.
He constructed lead-smelting works in Monterrey
General Manager
and
coppersmelting plants
in
Aguas Calientes.
He retired from active
participation in the business in 1901, devoting his time to th8 advance¬
ment
He
He
the
of educational and philanthropic movements.
was
was
a
member of the American Society of
also
was a
.
.
.
Royal Italian Orders, Inc.
member of the International Benjamin Franklin Society,
Italy America Society, the Pennsylvania Society of New York, the
Pennsylvania's Work in China, the Uni¬
Committee of the University of
versity of Pennsylvania Alumni Club of New York, American Chamber of
Commerce in France and American Museum of Natural History.
Volume
Mr.
The Commercial & Financial Chronicle
153
Guggenheim
also
was
member
a
of
the
New
York
Academy
Political Science, the New York Chapter of the International
Philosophical
Society,
American Academy of Political and Social Science, American
Philosophical Society, the New York Academy of Science and of the New
York Automobile Club.
He also
was a
Conant, President of Harvard University, becomes Chair¬
of the OSRD, whose other members are: Dr. Karl T.
Compton, President of the Massachusetts Institute of
Technology; Dr. Roger Adams, head of the chemistry de¬
partment of the University of Illinois, and Dr. Richard C.
Tolman, Dean of the graduate school of the California In¬
stitute of Technology.
Dr. Conant recently headed a scientific defense mission to
England at the President's request. This was noted in our
issue of Feb. 22, page 1224.
V
man
fellow of the Metropolitan Museum
of Art.
Death of George Blumenthal, President of
Museum of Art—Formerly Associated
& Co. and
Metropolitan
with Speyer
Partner in Lazard Freres
George Blumenthal, President of the Metropolitan Mu¬
of Art, and formerly active in the
banking field, from
seum
which he retired in 1925 to devote his interests to art and
medicine, died at his home in New York City on June 26.
In an account of his career the New York "Times" of June 27
said-
.7;;
43
fense Research Committee, was named Director of the Office
of Scientific Research and
Development.
Dr. James B.
of
;
,
.
Name
V;.'; .7:'i
Mr. Blumenthal became President of the
Metropolitan Museum of Art
in 1934 and continued his interest in the Mount Sinai
Hospital, of which he
was the head from 1911 until his
retirement in
of
Merchants'
Changed
Association
Commerce and
to
of
New
York
to
Be
Industry Association
of New York
For text of this article
advertisement page vi.
see
April, 1938.
Mr.
He
Blumenthal
came to
born
was
at
Frankfort-on-Main, Germany, in 1858.
this country in his youth and, at the
age of 24, became associated
with the German banking firm of
ten years,
when he
Speyer & Co.
was made a partner of Lazard Freres in 1893.
1896
who
were
Mr.
Blumenthal received much attention
of
managers
a
United States.
J. Pierpont
order
to
men
avoid further gold exports from
Morgan and Jacob H. Schiff also
were
the
members
It was,
however,
collector and patron that he was best known.
as an art
Metropolitan Museum of Art.
.
.
.
He was the co-founder with his first wife, the late Mrs. Florence
Meyers
Blumenthal, of the American Foundation for French Art and Thought, and
in 1921 established two bursaries for French artists
and writers to
develop
talent,A- '.'77:7
A
famous
"sound-money" advocate, Mr. Blumenthal
also was
known
of
the ablest financiers of Wall Street.
In 1929 he criticized the
Federal Reserve Board for raising call
money rates, saying: "It is an in¬
novation that nonbankers loan
money on Wall Street on securities, but
such loans have been a custom for
many
one
as
generations in Europe, and there
is
no
reason
to condemn them as
dangerous to the credit structure."
frequently criticized the monetary policy of President Roosevelt.
Apart from finance and art, Mr. Blumenthal's predominant interest
Mount Sinai Hospital.
Sinai 36 years
in
meet its deficit.
He
was
It
was
capacity, he
gave
President, as he was to be for many years.
with the hospital he saw it grow from a small
New York's first great medical center
among the non-
Blumenthal's
1928 contribution
Mount Sinai to almost $2,000,000.
At
ance
Safe
his death Mr.
Blumenthal
.
was
on research.
brought the total of his gifts to
.
.
Director of the Continental Insur¬
a
Co., the Fifth Avenue Bank of New York, the Fifth Avenue Bank
Deposit Vaults, Inc., the Greater New York Fund, Inc., and the
Niagara Fire Insurance Company.
He
was
a
Trustee
and
.y:''7
Chairman of the Executive Committee of the
Metropolitan Museum of Art
and Director of Mount Sinai
as
well
as
President, and President Emeritus
Death of Ignace Jan
Paderewski, Famous Pianist and
Former Premier of
Poland—President Roosevelt
Pays Tribute
Ignace Jan Paderewski, famous pianist and former Premier
of Poland, died of pneumonia on June 29 in his suite
at the
Hotel Buckingham, New York
City.
He
was
A solemn
offer
to
V.
♦
Confirms
Washington
Justice
Judiciary
of
United
Committee
Jackson
to
The Senate
on
—
Nomination
on
June 23
7 7A- :v",'
;;
of
Harlan
States
Approves
F.
Stone
as
Supreme CourtAttorney-General
be Associate Justice
June 27
unanimously approved the nomina¬
tion of Associate Justice Harlan F.
Stone, New Hampshire
Republican, to be Chief Justice of the United States Supreme
Court.
As Chief Justice, Mr. Stone succeeds Charles Evans
Hughes who tendered his resignation to President Roosevelt
on June 2, effective
July 1. Mr. Hughes' resignation was
referred to in
our issue of June
7, page 3589.
On June 30, the Senate Judiciary Committee
gave its unani¬
mous approval of the nomination of
Attorney-General Robert
H. Jackson to be an Associate Justice of the
Supreme Court.
by the Committee was taken over the protest of
Tydings, Democrat, of Maryland. Both
Action
Mr. Stone and Mr. Jackson had been nominated to the
posts
on June 12
by President Roosevelt, who at the same time
named Senator James F. Byrnes,
Democrat, of South Caro¬
lina, to be an Associate Justice.
Mr. Byrnes received the
confirmation of the Senate 10 minutes after his nomination
was sent
to it on June 12, as noted in these columns of
June 14, page
3745/^';VK'C
♦
80 years old.
high requiem Mass was celebrated at St. Patrick's
Cathedral in New York on July 3 after which the
body was
taken to Washington for
made this
received in
was
Senator Millard E.
Hospital.
Cemetery at Arlington.
He
■'
Senate
was
the hospital $103,701 to
a two-month tour of the
of the Middle East as a
military
by Admiral Harold L. Starke, Chief of Naval Operations,
and Major General Thomas Holcomb, Commandant of the
Marine Corps, in which the President's son holds his com¬
mission.
Captain Roosevelt, who had been abroad since
April 19, visited the island of Crete prior to its invasion by
Germany and had presented a letter from the President to
King George II of Greece; this was noted in our issue of
May 17, page 3123.-v^; V,
Chief
then its
municipal hospitals, placing special emphasis
Mr.
He
areas
observer, Captain James Roosevelt, eldest son of the Presi¬
dent, on June 23 reported to his superior officers on his
In 1928, when he had been associated with Mount
one or another
During his long association
institution.
Orient and the battle
observations.
of the syndicate.
In 1928 he gave $1,000,000 to the
Roosevelt, President's Son, Returns
Military Observer—Gives Report on
as
Observations
Returning the previous day from
of five
syndicate which pledged $50,000,000 with which
sell foreign exchange in
to
one
as
James
from Tour
He had
been senior partner for 21 years at the time of his
retirement.
In
Captain
He remained there about
temporary burial in the National
President Roosevelt on June 30
the
Paderewski family as a tribute of
respect to Mr. Paderewski, who was a close friend of the
President.
After the war his body will be taken back to
Poland for burial.
The following is the statement issued June 30
by Acting
Secretary of State Sumner Welles on behalf of the Govern¬
I.
.
Ian
Ronald
Campbell Appointed British Minister
United States Succeeding Sir Gerald
Campbell
;
to
Announcement was made in London, on June
24, of the
appointment of Ronald Ian Campbell as British Minister to
the United States, to succeed Sir Gerald
Campbell, it is
learned
from
special cablegram advices from London,
June 24, to the New York "Times" of June 25.
The new
Minister
the
to
Minister to
United
States
formerly served
as
British
Belgrade.
ment:
I
deeply shocked to learn this morning of the death in New York
Paderewski, the first President of Poland, an outstanding artist of
genius of the last three generations, and a foremost champion of freedom
was
of Mr.
and democratic ideals.
->-;7
.
I have asked the Polish Ambassador
to
accord
me
an
convey to him
Polish patriot.
on
V:.';-"'
opportunity immediately upon his arrival, personally to
sorrow of the President at the loss of this
great
an
expression of grief on behalf
of the Government and people of the United States.
The spirit of Mr.
Paderewski which illuminated his whole life is
by no
extinguished, the influence of his personality, character and genius
It will continue to inspire for many years to come those
who are struggling for the
highest ideals of humanity.
means
must
1941.
D. Bartow has resigned as a Vice-President of
Morgan & Co. Incorporated, New York, as of July 1,
He
The American Nation is proud to have counted
among its friends this
citizen of Poland, who among his other distinguished services, has
done
so
much
to
countries.
President
'
'
Roosevelt
v'
Establishes
Research and
President Roosevelt
Scientific Research and
Management.
on
Office
of
Scientific
Development
June 29 created
a
new
Office of
Development in the Office of Emerg¬
By executive order the President trans¬
ferred to this new agency the National Defense Research
Committee which had formerly handled this matter.
Dr.
Vannevar Bush, President of the
Carnegie Institution of
Washington, who has been Chairman of the National De¬
remain
as
a
director
and
member
Mr. Bartow had been
a
of
the
Vice-Presi¬
of the firm since April, 1940, when the
company's
private banking business was ended and it became incor¬
porated under the State Banking Law.
Prior to that time
dent
he had been
a
partner.
,i
♦
W. F. Whittier Designated Deputy Chairman of Phila¬
delphia Federal Reserve Bank
assist in
creating a deeper understanding between the
peoples of the United States and those of Poland, and of strengthening the
ties of friendship which have
already become traditional between the two
will
executive committee.
persist.
great
ency
Francis
J. P.
his return to Washington today
the deep
I shall also convey to him
F. P. Bartow Resigns as Vice-President of J. P.
Morgan
& Co. Incorporated
The Board of Governors of the Federal Reserve
announced on June 27 that Warren F.
System
Whittier, farmer,
dairyman and cattle breeder of Douglassville, Pa., had been
designated Deputy Chairman of the Federal Reserve Bank
of Philadelphia for the remainder of the current
year to
succeed Alfred H. Williams who resigned effective
July 1 to
become President of the Philadelphia Federal Reserve Bank.
Mr. Whittier has served
since his
appointment
of Mr. Williams
Bank, announced
who
was
Insurance
elected
as
on
a
as
a
such
Class C director of the Bank
Dec. 1, 1939.
The election
President of the Philadelphia Reserve
as
on
May 16, succeeding John S. Sinclair
Vice-President of
Cov effective July 1,
of May 24, page 3278.
was
the
New
York
referred to in
our
Life
issue
The Commercial & Financial Chronicle
44
$90,000,000 and $170,000,000, respectively, and undivided
profits total $17,600,864, as compared with $15,639,400 on
at
Society of Residential Appraisers to Hold Annual Con¬
vention in Miami, Fla., Dec. 1—Will Be Held in
with
Conjunction
States Savings
June 30,
United
of
Senator
Chairman
Succeeds
Emil
of
The statement of the Chase National Bank of New York
for June 30,1941, was made public July 3 and shows deposits
at the end of June of $3,615,428,000, which compares with
RFC—Former
March 31, 1941 and $3,190,823,000 on
Total resources amounted to $3,889,161,000,
contrasted with $3,890,245,000 on March 31 and $3,472,779,000 a year ago; cash in the bank's vaults and on deposit
with the Federal Reserve Bank and other banks, $1,311,$3,617,530,000
Schram
Reconstruction Finance Corporation, it was announced on
29 by the Corporation's Board of Directors.
Mr.
June
Henderson, who has served as a member of the RFC Board
Schram, who resigned to become
President of the New York Stock Exchange (noted in these
columns June 28, page 4061).
The new chairman, a Nevada
Democrat who represented his State in the United States
from 1918 to 1921, is a lawyer and former banker. Recently
he had been head of the Metals Reserve Co., a subsidiary
005,000, compared with $1,557,501,000 and $1,467,007,000
since 1934 succeeds Emil
on the respective dates; investments in U. S. Government
securities, $1,437,225,000, compared with $1,252,185,000 and
$1,039,031,000; loans and discounts, $773,392,000, compared
with $690,342,000 and $607,859,000.
On June 30, 1941,
the capital of the bank was $100,270,000 and the surplus
$100,270,000, both amounts unchanged.
The undivided
of the RFC.
June 30, 1941, after deducting $5,180,000 from
a semi-annual dividend payable Aug.
1,
March 31,
1941, and $33,821,000 on June 29, 1940.
Earnings of the
bank for the second quarter amounted to 42 cents per share,
compared with 38 cents a share in the second quarter of 1940.
profits
Federal Loan Administrator, said Mr. Hen¬
that
derson's election had been approved by President Roosevelt.
Emil
Schram Takes
Office
Stock Exchange—Sees
as
President of
New
on
June 29, 1940.
Charles B. Henderson has been elected Chairman of the
Jesse Jones,
1940.
«—.
advertisement page xi.
see
Made
Henderson
B.
Meeting
and Loan League in Miami, Dec. 2-5
For text of this acticle
C.
Annual
July 5, 1941
on
account for
amounted to $37,183,000 against $39,269,000 on
York
Closer Cooperation Between
Government and Business
former Chairman of the Reconstruction
Corporation, assumed on July 1 his new duties as
President of the New York Stock Exchange.
In a brief
interview Mr. Schram expressed the opinion that today there
is more cooperation and understanding between the Govern¬
ment and business than there was a few years ago.
This
attitude, he added, appeared to extend to the security
Emil
Schram,
The statement of condition of the Irving Trust Co., New
York, as of June 30,1941, shows total assets of $903,681,292,
against $893,343,673 on Dec. 31, 1940, and total deposits of
$792,326,937 (including official checks of $4,847,602),
against $782,588,748 (including official checks of $5,909,037).
Cash on hand and due from Federal Reserve Bank and other
Finance
markets
Stock
as
well
other branches of business.
as
The
banks is given at
new
Exchange President also hopes he will be able to
promote better relations between the security business and
the Securities and Exchange Commission, which, he is re¬
ported as saying, does not seek to destroy the Stock Ex¬
change.
Mr. Schram, who is the second paid President of the
Stock Exchange, receiving a salary of $48,000 annually,
succeeds William McC. Martin, who is now serving in the
Army. He was formally elected head of the Stock Exchange
on May 19; noted in our issue of May 24, page 3277.
Refer¬
ence to President Roosevelt's acceptance of Mr. Schram's
resignation from the RFC was made in these columns June 28p'r'
page 4061.
In the same issue (page 4059) Mr. Schram's
remarks at a dinner honoring him were reported.
John Hollands Made
Acting Director of SEC's Invest¬
The Securities and Exchange Commission announced on
July 1 the designation of John Hollands as Acting Director
of its Investment Company Division.
Since the formation
of
the division Mr.
who resigned effective June 30, as
Director to return to the private practice of law.
Mr.
Schenker's resignation was noted in our issue of June 14,
page 3746.
SEC
Names
J.
A.
Treanor
Director
of
Trading and
Exchange Division to Succeed Ganson Purcell,
Now Commissioner—Two Assistant Directors Ap¬
pointed
■
.
James A. Treanor, Jr.,
Assistant Director of the Trading
Exchange Division of the Securities and Exchange
Commission, was named Director of the Division on June
18 to succeed Ganson Purcell, who that day took the oath
and
of office
as
a
as a
The First National Bank of the
statement of
condition
as
City of New York, in its
at the close of business June 30,
1941, shows total resources of $965,329,627 and total de¬
posits of $840,228,722, compared with $935,661,908 and
$811,398,952, respectively, on Dec. 31, 1940. Cash and due
from Federal Reserve Bank and other banks, including ex¬
changes in the current statement, amounts to $292,394,398,
against $303,094,133 on the earlier date; holdings of United
States Government securities to $475,973,005, against $415,-
the July
Hollands has been Assistant Director
under David Schenker,
«
851,322; loans and discounts to $42,966,813, against $43,153,425. Capital and surplus remain unchanged at $10,000,000 and $100,000,000, respectively.
Undivided profits on
June 30 are shown at $9,849,381, after making provision for
Company Division
ment
$388,622,963, compared with $470,936,155;
holdings of United States Government securities totaled
$277,902,621, as compared with $194,489,300, and loans and
discounts, $192,211,153, against $181,055,652.
Capital
stock was unchanged at $50,000,000 but surplus and undi¬
vided profits now stand at $53,896,653 as compared with
$53,692,512 on Dec. 31.
652
:
of
on
1 dividend of $2,500,000, as compared with $9,720,-
Dec. 31, after providing for the Jan. 2, 1941
dividend
$2,500,000.
■—"♦
In its statement as of June 30, 1941, Bankers
Trust Co.,
New York, reports total deposits of $1,332,169,784 and
assets
of $1,448,782,581,
comparing, respectively,
total
with
$1,381,837,238 and $1,504,786,630 on March 31, 1941.
Cash and due from banks on June 30 totaled $407,081,987,
against
$518,399,819
Government
on
securities,
the earlier date;
at
$647,489,970,
United States
compared
with
$.581,843,987; loans and bills discounted, are now $277,041,910, against $267,081,889.
The bank's capital and surplus
are
unchanged from the previous quarter at $25,000,000 and
$50,000,000, respectively, but undivided profits have in¬
creased to $34,931,145 from $33,878,323 on March 31.
Commissioner. Mr. Purcell had been nominated
Commissioner of the SEC by President Roosevelt on
May 29 and received the approval of the Senate on June 5,
as noted in our issue of June 14, page 3746.
The Commission
also announced on June 18 the appointments as Assistant
Directors of Walter C. Louchheim, Jr., an assistant to the
Director the past two years, and Miss Olga M. Steig, who
has been
Chief of the Over-The-Counter Unit for the last
several years. Mr. Treanor has been an Assistant Director
of the Trading and Exchange Division for the past two and
a half years, in charge of enforcement of the Securities Act.
The Bank of New York, New
of condition
500,601
on
ABOUT
BANKS,
TRUST
COMPANIES,
&c.
Arrangements were completed on July 1, for the sale of a
membership in the Chicago Stock Exchange at $550, up $50
from the last previous sale.
York City, in its statement
1941,
at the close of business on June 30,
reports total assets
of $308,188,382
as
compared with $305,-
Dec. 31, 1940, and total deposits of $282,632,059,
against $280,718,815.
Cash on hand in Federal Reserve
bank, and due from banks and bankers, including exchanges
for clearing house and other cash items, amounts to $106,824,078, against $130,277,787; holdings of United States
Government securities
to $113,789,495, compared with
$96,562,665;
ITEMS
as
and loans and discounts
total $55,507,769,
against $47,744,322 at the end of December. The bank's
capital and surplus are unchanged at $60,00,000 and $9,000,000, respectively, but undivided profits on June
30 were
$5,294,334 compared with $5,147,762 on Dec. 31.
quarterly statement of condition as of June 30, 1941,
Schroder Banking Corp., of New York, made
public on July 2 shows total resources of $39,615,224, which
The
The statement of condition of the
pany
of New York
total
resources
Guaranty Trust Com¬
as of June 30, 1941, issued July 2, shows
$2,743,002,508 and deposits of $2,447,972,296.
Current total resources compare with $2,600,724,025 on June 30, 1940, and deposits now compare with
$2,302,794,073 a year ago.
The present statement shows
holdings of United States Government obligations of $1,208,283,442, as compared with $959,055,409 a year ago, and
loans of $485,611,110 as compared with $388,958,340 a year
ago.
The company's capital and surplus remhin unchanged
of
of J. Henry
figure compares with
$36,940,963 for the March 31, 1941
$39,071,153 in the June quarter a year ago.
Cash was $9,607,539 against $8,296,473
in the March
quarter and $10,581,518 a year ago. United States Govern¬
ment securities on June 30 were $14,776,489 against $12,960,727 and $12,405,885, respectively.
Collateral loans and
discounts were $2,461,840, compared with $3,074,918 and
$2,657,626.
Customers' liability on acceptances, less antiquarter and with
Volume
The Commercial & Financial Chronicle
153
cipations, was $6,355,702 against $6,853,845 and $7,383,416.
Acceptances outstanding at the end of June were $7,172,954
against $7,693,892 and $8,222,476. Amount due customers
was $24,477,740, compared with $21,135,309 and $22,578,605.
Surplus and undivided profits were $2,570,896, as
compared with $2,566,034 in the March quarter and $2,555,649 in the June, 1940 quarter.
It is also announced
Schroder Trust Co. shows in its statement of condition for the quarter
ended June 30, 1941, total resources of $27,128,041, compared
with $26,-
112,753 in the March quarter and $23,722,324 in the June, 1940 quarter.
Cash
was
$7,133,039
ments in United
as
compared with $7,377,859 and $6,470,906.
States Government securities
were
Invest¬
$12,092,823 against
$11,109,649 and $11,230,769, while investments in obligations of the State
of New York
were
$2,648,717 against $2,813,455 and $2,708,697.
and discounts were $4,142,589 against $3,435,132 and $2,446,466.
were
$20,339,540 in the June quarter of 1940.
were
Loans
Deposits
$23,374,818, compared with $22,510,722 in the March quarter and
Surplus and undivided profits
$1,834,535 against $1,827,513 and $1,783,468.
^
/
Fulton Trust Co. of New York reports total deposits of
$27,531,110 and total assets of $32,752,498 in its statement
of June 30,1941, compared with deposits of $27,198,184 and
assets of $32,392,853 on Dec. 31, 1940.
Cash, United States
Government securities and demand loans secured by col¬
lateral totaled $25,627,186 on June 30, against $23,496,018
on Dec. 31, last.
State and municipal bonds were $2,585,045,
compared -with $3,754,278, while time loans secured by
collateral were reported at $911,054 against $889,914 on
Dec. 31, 1940.
The undivided profits account, after divi¬
dends in both cases totaled $922,901 on June 30, against
$914,032 last Dec. 31.
<
U '
f
♦— :.£■>
The June 30th statement of the Continental Bank & Trust
Co. of New York shows that commercial loans and discounts
increased
to
$21,208,921 from $17,213,428 on March 31;
collateral loans
were $8,790,114, compared with $8,902,894
31; while call loans to brokers amounted to
$4,861,224 against $5,384,671 at the end of the preceding
quarter.
Total deposits were $77,931,770 and total re¬
sources $88,290,826, compared, respectively, with $78,773,169 and $89,153,093 on March 31.
Cash on hand and due
from banks amounted to $34,776,398 against $38,842,611,
and holdings of government securities increased to $5,288,013
from $5,135,000 March 31.
Capital remains unchanged at
$4,000,000, and surplus and undivided profits increased to
$4,531,221 from $4,511,140 at the end of the preceding
quarter.
'
on
March
„
.
o,,;•'
V
The Commercial National Bank & Trust Co. of New York
of June 30, 1941, total deposits of $155,059,009,
compared respectively with
$152,083,612 and $171,341,039 on March 31, last.
The
bank, it is shown, held cash on hand and due from banks of
$71,336,429, compared with $81,348,716; investments in
United States Government securities of $65,754,317, com¬
pared with $52,422,942; and loans and discounts of $30,607,822, compared with $29,065,941.
The bank's capital
account was unchanged at $7,000,000 and its surplus and
undivided profit account increased to $8,916,498 after the
payment of regular quarterly dividend.
reported
as
and total assets of $174,846,438,
Several additional
savings banks in New York City have
on deposits to 134%
from the 2% prevailing in the previous quarter.
The Broad¬
way Savings Bank and the Central Savings Bank, both of
Manhattan, announced the lower rate on June 24.
The
Kings County Savings Bank of Brooklyn has announced a
similar change while the Greater New York Savings Bank,
Brooklyn, which had paid 2% will pay a split rate of 2% on
the first $1,000 in the case of a single account and 1)4% on
the remainder.
The Excelsior Savings Bank of New York
is one of those whose board of trsutees recently declared a
quarterly dividend .at the annual rate of 2%, payable July 1,
maintaining the rate heretofore paid.
reduced their annual rate of interest
J. P.
Morgan & Co. Incorporated, New York, in its state¬
of June 30, 1941, reports total resources
of $756,366,382 and total deposits of $701,288,839, com¬
pared with $750,893,473 and $695,330,859 on March 31,
1941.
According to the latest statement (as of June 30)
cash on hand and on deposit in banks totaled $238,982,056,
against $211,991,586 three months ago.
United States
Government
securities
(direct
and
fully
guaranteed)
amounted on June 30 to $382,333,416 at the latest date, com¬
pared with $399,394,521, while State and municipal bonds
and notes are now $45,705,341, against $60,671,591.
Loans
and bills purchased are reported at the latest date as $47,980,108 as against $36,286,730 on March 31.
The capital
and surplus are unchanged from the previous quarter at
$20,000,000 each, and the latest statement shows undivided
profits of $1,011,972 compared with $603,381 on March 31.
ment of condition as
The statement of condition of Manufacturers Trust Co.
of June 30, 1941 shows deposits of $949,477,244 and resources of $1,044,876,094.
This compares with
of New York
as
deposits of $792,181,954 and
resources
of $889,091,344 shown
45
June 29, 1940.
Cash and due from banks is listed at
$338,701,839, as against $250,650,149 a year ago. U. S.
Government securities are shown as $346,935,913, whereas,
one year ago the total was $306,873,709.
Loans and bills
purchased amount to $246,503,520, which compares with
$203,332,207 a year ago.
Preferred stock is shown as
$8,592,780, common as $32,998,440, and surplus and un¬
divided profits as $40,986,645. Net operating earnings for
the three months ended June 30, 1941, after amortization,
taxes, &c., as well as dividends on preferred stock, but before
reserves, amounted to $1,583,332, or 96 cents a share, as
compared with $1,581,311, or 96 cents a share, for the cor¬
responding period last year—
The Manufacturers Trust Co., New York, announced on
June 30 that Robert W. Cordon, Errett Dunlap Jr., Ernest
H. Lankenau, Charles F. McNamee and Nelson M. McKernan, all formerly Assistant Secretaries, have been elected
Assistant Vice-Presidents.
Mr. McNamee is in charge of
the bank's office on University Place corner Ninth St.,
New York.
The other four officers are at the bank's prin¬
cipal office at 55 Broad St.
-
on
The Chemical Bank & Trust Co. of New
statement of condition
as
York, in its
of June 30, shows total
resources
at the record
figure of $1,028,080,283 and total deposits also
a record $940,555,899, compared with
$884,419,975 and $798,533,723 on June 29, 1940.
The bank's
holdings of United States Gotemment securities amounted
on June 30 to $319,587,627
against $189,603,377 a year ago;
cash and due from banks are now $362,126,568
against $433,988,006; loans and discounts to $156,683,246 at the latest
date compare with $139,009,889.
Capital and surplus re¬
mained unchanged at $70,000,000, while undivided^
profits
totaled $8,357,142 against $7,240,097 on June 29, 1940.
The bank showed indicated earnings for the second
quarter
ending June 30 of 63 cents per share compared with 55 cents
a share in the like
period of 1940.
advanced to
The New York Trust
Co., New York City, reported as of
30, 1941, that total resources
increased to $594,659,401 from $552,277,903 at the end of
1940, while deposits advanced to $549,413,065 from $507,940,598.
Cash on hand and in Federal Reserve and other
banks, (including exchanges, etc., of $29,984,596) in the
current statement is shown at $257,476,493, compared with
$242,816,915; United States Government obligations, direct
and guaranteed, at $192,062,965, against
$172,782,746; and
loans, discounts and bankers' acceptances at $115,757,728,
against $106,722,134.
The trust company's capital and
surplus are unchanged at $12,500,000 and $25,000,000,
respectively, while undivided profits now total $3,067,592,
compared with $3,015,432 at the end of December, 1940.
the
close of
business June
The statement of condition of the United States Trust Co.
as of June 30, 1941, shows total
deposits of
of New York
$125,898,333 and total assets of $158,334,485, as compared
$126,008,846 and $158,317,394, respectively, on
March 31, 1941.
Cash in banks June 30 amounts to $83,155,542, against $81,038,862 three months ago; holdings of
United States Treasury bonds and notes are now
$25,185,000,
against $27,645,000, while loans total $24,727,094, against
$18,903,581. Capital and surplus are unchanged at $2,000,000 and $26,000,000, respectively, but undivided
profits,
after making provision for the July 1 dividend of
$300,000,
amounts to $2,871,511, as compared with
$2,866,233 on
March 31, after providing for the April 1 dividend of
$300,000.
:
with
»
...
The Corn Exchange Bank Trust Co., New York
City,
reported as of the close of business June 30, 1941, total
deposits of $387,286,608 and total resources of $422,573,629,
compared with $383,641,997 and $418,998,559, respectively,
on Dec. 31, 1940.
Cash items at the end of June totaled
$190,585,744, against $209,651,106; holdings of United
States Government securities, less reserve (direct and fully
guaranteed) amounted June 30 to $125,678,156, against
$106,689,844, and loans and discounts to $29,811,328 against
$28,298,613 at the end of 1940.
Capital is unchanged at
$15,000,000 but surplus and undivided profits now stand at
$20,287,021, compared with $20,356,562 on Dec. 31, 1940.
According to the June 30, 1941, statement of condition
York, total
resources on that date amounted to $192,296,791 and
deposits
stood at $170,701,011, compared with $187,922,992 and
$166,532,808, respectively, on March 31, this year.
Cash
and due from banks in the current statement are given as
$51,527,395, against $51,367,112; loans and discounts now
amount to $81,258,253, against $72,376,469, and United
States Government obligations are reported at the latest date
at $44,762,994, against $45,138,389 on March 31.
Capital
of the Public National Bank & Trust Co. of New
and
surplus are unchanged from three months ago at
$7,000,000 each, and undivided profits totaled $3,758,294
on June 30, against $3,714,064 at the end of March.
The
June 30 statement gave effect to two dividends of $150,000
The Commercial & Financial Chronicle
46
each, both declared in May, 1941 and payable
Oct. 1, 1941.
on
July 1 and
July S, 1941
and total assets of
$13,250,447, compared, respectively, with
$10,951,421 and $12,398,032 on March 31, 1941.
Cash on
hand and due from banks amounted to $3,469,297, against
At the regular meeting of the Board of Directors of City
Bank Farmers Trust Co. on July 1, Bascom H. Torrance and
Edward C. Smith, Assistant Vice-Presidents, were appointed
Vice-Presidents; and Anthony G. Quaremba,
Assistant
Secretary, was made Assistant Vice-President.
The follow¬
ing were made Assistant Trust Officers:
Charles F. Piedmonte, John F. Fitzgerald, Henry B. Molony, and Roebrt C.
Oley, and John H. B. Kohler was made an Assistant Secre¬
tary.
$3,044,426; holdings of Government securities to $4,301,248,
against $4,179,114; and loans and discounts to $4,053,038,
against $3,779,536.
Capital and surplus were unchanged at
$700,000 and $100,000, respectively; and undivided profits
were $221,215, against $189,588 at the end of March.
The Westchester County Clearing House Association, the
only organization of its kind in New York State which
actually cleared the items of its member banks, has termi¬
nated
At the
regular meeting of the Board of Directors of The
National City Bank of New York on July 1, Max Cavanagh
was appointed an Assistant Vice-President and Charles A.
Kastner was appointed an Assistant Cashier.
Both are
located at the bank's People's Trust Branch, 181 Montague
St., Brooklyn.
Mr. Cavanagh was formerly an Assistant
Cashier.
I
,
its
23
June
check
issue
The statement of condition at June 30,
1941, of Clinton
Co., New York City, as released by Lee S. Bucking¬
ham, President, shows that total assets increased to $10,801,923 from $10,507,022 at the end of the first quarter and
$9,745,693 at June 29, 1940.
Deposits of the bank likewise
increased, being $9,681,640 at the end of the 1941 second
quarter against $9,312,814 reported on March 31 and $8,612,342 a year ago.
Loans and discounts rose to $3,059,278
from $2,773,995 reported at March 31, 1941, and $2,408,690
at June 29, 1940.
Surplus and undivided profits are re¬
ported at $373,090 on June 30,1941, compared with $347,697
at March 31 and $338,603 at the end of the 1940 second
quarter.
Capital stock remained unchanged at $600,000,
while capital notes totaled $75,000 compared -with
capital
notes of $100,000 on March 31, 1941, and June 29, 1940.
Other asset items compare as follows with the
figures for
three months ago and a year ago: cash on hand and due from
banks, $3,375,774 against $2,857,352 and
$3,111,998;
investments in bonds, $3,903,554, compared with $4,349,222
and $3,791,583.
v-.',;"'--
"The
service,
New
it
York
was
State
reported in the
Banker," weekly
publication of the State Bankers Association.
had
been
initiated
the check
in
1932.
clearing function
It is
was
said
for
The service
that termination
of
economy.
In its statement of condition as of June
30, 1941, the First
National Bank of Jersey City, Jersey
City, N. J., reports
total resources of $62,007,039, an increase as
compared with
resources on
Sterling National Bank & Trust Co., New York City, in
highs in total
assets, in deposits and in loans and discounts.
As of June
30, assets were $42,784,984, and deposits were $37,960,094.
This compares with assets of $39,488,311 and deposits of
$34,774,550 reported on March 31, and with assets of $40,975,026 and deposits of $36,301,462 on Dec. 31, 1940.
As of June 30, loans and discounts amounted to $22,344,337,
against $21,077,533 on March 31, and $17,780,402 at the
close of 1940.
Cash and due from banks totaled $14,452,683, compared with $13,173,344 on March 31, and $18,293,923 on Dee. 31, last.
Capital, surplus and undivided
profits totaled $3,749,642 as of June 30.
This compares
with $3,735,217 at March 31, and with $3,717,038 at the
close of last year.
Reserves were $757,302, against $645,123
as of March 31,
and $586,628 on Dec. 31, 1940.
United
States Government securities on June 30 were $4,355,898,
comparing with $3,094,702 on March 31 and $3,112,658
on Dec. 31.
On June 30, State, municipal and corporate
securities amounted to $1,167,970, compared with $1,642,720
on March
31, and $1,278,253 at the end of 1940.
its statement of June 30, reports new all-time
clearing
of
March 31, 1941, of $60,754,224.
Cash
on
hand,
due from banks and with Federal Reserve increased
during
the three months
to
$17,991,685 from $17,223,384 on
March 31, as did bonds of United States Government and
its
agencies which on June 30 amounted to $30,070,527,
against $30,049,201 on the earlier date.
During the period
deposits of the bank also rose to $58,087,965 at the end of
June from $56,899,306.
Capital and surplus were unchanged
while undivided profits were given at the latest
$350,000, against $300,000 at the close of March.
The
date
as
Philadelphia National Bank,
Philadelphia, Pa., in
of condition as of June 30, 1941, shows total
deposits of $641,682,042 and total assets of $696,838,254,
as compared,
respectively, with $659,355,482 and $713,363,-
statement
004
on March 31, 1941.
In the current statement, cash and
due from banks amounts to $349,835,247
(against $371,967,883 on March 31, last); holdings of United States Government
securities
are
now $180,358,134
(as compared with $178,758,134); and loans and discounts are $100,515,200 (against
$87,838,729).
No change has been made in capital account
which stands at $14,000,000, but surplus and net
profits
account has increased to $31,089,053 from
$30,680,820 at
the end of March.
Trust
■
Dissolution of the
formally voted
holders.
assume
This
Equitable Trust Co. of New York was
a special meeting of the stock¬
company, which was organized in 1930 to
on
June 24 at
certain trust business which
was
not carried in the
of the old Equitable Trust Co. with the Chase Na¬
tional Bank, had assets of slightly more than
$800,000, most
of which were in cash, and the remainder in bonds.
The
capital stock, which was closely held, amounted to $500,000,
while surplus was $325,000.
Most of the assets of the
Equitable Trust were assumed by the Manufacturers Trust
Co. in June, 1937; this was reported in our issue of June
12,
1937, page 3924.
merger
*
The statement of condition of the
Brooklyn Trust Co. of
Brooklyn, N. Y., as of June 30, 1941, shows total loans and
discounts of $34,318,532,
comparing with $30,916,530 on
March 31 last.
Holdings of U. S. Government securities
also increased, being $45,839,599 on June 30
against $43,-
294,449
the
on
latest
March 31.
date
Cash
on
hand and due from banks at
totaled
$53,014,275 against $65,832,077,
while holdings of State and
municipal bonds were $5,836,827
against $7,209,860, and those of miscellaneous corporate
securities were $5,789,090 against $6,177,224.
Total de¬
posits \yere $134,713,619 against $143,603,620 on March 31
and $120,833,427 a year ago.
Surplus of $4,550,000 as of
June 30 was shown, against $4,525,000 on March
31, while
undivided profits were $1,412,889 against
$1,415,676.
The Lafayette National Bank of
Brooklyn in New York
reported as of June 30, 1941, total deposits of $11,778,305
I
Hugh Frederick Denworth, Vice-President of the Land
Philadelphia, died of an heart attack
June 30 at his home in Swarthmore.
Mr. Denworth, who
was 49
years of
age, was, according to the
Philadelphia
"Inquirer," President of the United Security Trust Co. from
1929 to 1931, and acting manager of the
Philadelphia Loan
Agency of the Reconstruction Finance Corporation in 1933
Title & Trust Co. of
on
and 1934.
He had been Vice-President of the Land Title &
Trust Co. since 1934.
The Equitable Trust Co. of
Baltimore, Md., recently
completed the construction of an early American counting
room at its main office—for use
by the bank's customers, as
well as by its own personnel.
Robert G. Merrick, President
of the trust company observes that,
designed by the archi¬
tects who planned the famous
Williamsburg Restoration, in
cooperation with Baltimore architects, the counting room is
well worth seeing—as a faithful reflection of both the artistic
craftsmanship and the friendly, wholesome spirit of our fore¬
fathers.
Mr. Merrick has prepared a pamphlet
regarding it
for members of The Equitable organization and has made the
publication available to a select list of the bank's customers
and friends.
Carroll E Gunnin, who has been associated with the Bond
Department of The Boatmen's National Bank of St. Louis,
Mo., for the past two years, has been transferred to the
banking department where he will be employed upon corres¬
pondent bank work. Mr. Gunnin will travel in a territory
including Indiana, Ohio, Michigan, Minnesota, Wisconsin,
North and South Carolina, Virginia, West
Virginia, Georgia,
and Alabama.
Following his graduation from Duke Uni¬
versity in 1930, he became associated with the Guaranty
.
Trust Co. of New York, was transferred to its investment
affiliate, The Guaranty Co., and was continuously asso¬
ciated with the original group of men from that
organization
until 1939, working with them in New York,
Chicago, and
St. Louis.
This group at the time of the elimination of bank
affiliates in 1933 joined the firm of Edward B. Smith & Co.
Mr. Gunnin was manager of the St. Louis offices of the
pre¬
ceding companies from 1931 until joining the Boatmen's.
Another period of outstanding progress is revealed in the
mid-year statement of condition of Bank of America National
Trust & Savings Association (head office, San
Francisco),
California's Statewide bank, as of June 30, 1941.
President
L. M. Giannini pointed out that the record was achieved in
the face of increased expenses due to extra staff and facilities
Volume
The Commercial & Financial Chronicle
153
to promote
Stocks firmed up on Thursday with the industrial special¬
the defense effort, as well as rising costs generally
taxes.
Deposits stood at $1,685,488,000,
an
increase of $189,466,000 over the comparable date of
June 28, 1940.
Total resources were $1,877,738,000, again
of $201,097,000 in the same period.
Loans and discounts
and
increased
ties
were
$14,067,000.
From this $2,246,000
of losses and the revaluation of assets.
ham
2
was
Mfg. Co., 1M to 28; Indiana Service Corp. $7 pref.,
craft stocks
shares
total $156,743,000, which compares with $152,-
60,000 shares of preferred stock
As
unchanged.
was
Air¬
fraction, while
a
Shipbuilding
quiet, Todd registering the only change and
were
Paper and cardboard stocks
quiet and there was little activity among the oil shares.
were
Jan. 2, 1941.
on
unsettled; Bell advancing
advancing y point to 100
an increase of $4,537,000 for the year, after the
application of $3,000,000 of capital funds for the purchase and retirement
of
were
Beech declined and Bellanca
Capital funds including capital, surplus, undivided
reserves, now
selected list of
Noteworthy in this group were Gor-
points to 20; Montgomery Ward A, 3 points to 165; Scran-
June 29, 1940,
on
number of gains ranging
were among a
and Standard Power and Light pref., 1 y points to 28H-
bonus to employees, capital funds were increased from earnings in the six
206,000
these
or more,
The changes were largely
were a
ton-Spring Brook Water Service, $6 pref., 8y points to 85;
absorption
After the payment of $5,340,000
$2.00 per share on the preferred stock and after $348,000 in profit sharing
profits and
point
a
speculative favorites.
in dividends at the annual rate of $2.40 per share on the common stock and
months by $3,406,000.
to
up
reserved for depreciation of bank premises and amortization of bond pre¬
miums and $2,726,000 was set up in reserves and applied to the
again leading the advance.
fractional and while there
outstanding aggregated $844,466,000, which is $119,891,000
higher than a year ago. It is further stated:
Earnings for the six months
47
compared with Friday of last week price changes
President Giannini pointed out that the Articles of Asso¬
ciation which created the preferred stock provided for the
increase of
change and the Commodity Markets were closed
were
about
equally divided on Thursday night.
The New York Curb Exchange, the New York Stock Ex¬
common capital by amounts
equivalent to the par
value of preferred stock retirements.
Under this provisions,
in observance of
$1,200,000, representing the par value of the preferred stock
so far retired, has been set aside for future use either for an
increase in the
of
stock
common
or an
TRANSACTIONS
DAILY
AT
CURB
MARKET
predominated during
Monday and Tuesday, there
on
of substantial advances among
a
small group
moved around
continued to
move
within
a
absent from the tape.
was one
unsettled, St. Regis
were
sagged
a
ties, there
the
were a
general list
pronounced
common
on
is
week ended
Oil shares
Public utilities
mary
Line, Pantepec and Gulf
within
move
slightly
to
were
were
the
paper
were
of
+30.2
321,000,000
+24.4
208,075,087
173,376,018
+20.4
90,288,800
89,900,000
134,849,000
71,787,288
+25.8
70.000,000
+28.4
and cardboard stocks
among
were
as
the upturn
were
Public utilities
$3,876,230,379
749,833,730
+ 14.7
$4,626,070,115
928,844,104
+ 12.8
+40.5
$0,523,194,085
$5,554,914,219
+ 17.4
—
—
five days
Other cities, five days
Total all cities, five days
All cities, one day...
Total all cities for week
furnish
until
was
in our issue of next week.
today,
noon
inasmuch
as
the week
cases
has to be estimated.
present further below, we are able to give final and complete
was a
results for
the
week previous—the week ended June 28.
For that week there was
mixed, advances
of
clearings for the
an
increase of 18.9 %, the aggregate
whole country having amounted to
$6,802,909,073, against $5,720,408,218 in the
Light sagged 2 points.
1940.
In the paper and cardboard section,
Regis Paper pref. slipped back
unchanged.
in the aluminum group,
to appear on
within
a
little activity
Aircraft stocks continued to
channel and the
...unsettled. '
was
v"
shipbuilding shares
serve
one
this
:
week in
group
a
gain of
the cities according to the Federal Re¬
districts in which they are located and from this it
appears
were
clearings at this center having recorded
We
9.9%.
move
same
Outside of this city there was an increase of 29.7%,
the bank
points to 95, and
Aluminium Ltd. being the only
the tape.
narrow
There
today
In the elaborate detailed statement, however, which we
Wednesday
pref. and New England Telephone, while Bridgeport Gas &
St.
We cannot
ends
Accordingly, in the above the last day
today.
of the week in all
showing gains ranging
were
appear
them
(Saturday) and the Saturday figures will not be available
SV2 points being registered by Texas Power & Light 7%
Brown Co. pref. was
+2.9
Complete and exact details for the week covered by the
foregoing will
quiet,
unchanged and there
held until the market closed, there
to a point or more.
88,643,540
82,734,858
64,561,149
$5,218,655,268
1,304,038,817
Cleveland
the shipbuilding stocks.
group
—1.5
+30.8
+57.2
+21.7
+21.1
78,197,768
-
Eleven cities,
+ 9.5
$4,447,143,228
771,412,040
Detroit
on
136,917,000
101,212,611
132,341,067
139,334,714
100,700,658
Pittsburgh
generally
unsettled with
Shipbuilding issues
fairly long list of advances in this
up
$2,533,477,512
232,520,403
San Francisco
Public utilities
Industrial specialties were the strong stocks on
and
$2,774,080,572
302,763,562
396,000.000
Kansas City..
St. Louis
a narrow
levels
Per
Cent
Boston
up¬
were
irregularly upward followed by the oil issues, which
activity apparent
no
Aircraft stocks
higher.
sum¬
American Potash &
changes in minor fractions.
closed moderately
gain for
a
Our comparative
1940
Chicago
Philadelphia
not particularly noteworthy, they were
gain of 4 points to 58.
moved
higher
Our preliminary
year.
1941
New York......
of the strong spots and came back with a
was one
upon
today (Saturday, July 5)
Friday of 9.5%.
Clearings-—Returns by Telegraph
Week Ending July 5
The industrial specialties led the advance, and
gains
based
for the week follows:
Baltimore
pointed
us,
were
unsettled, South
were
compared with
At this center there is
week in 1940.
same
and cardboard issues
paper
movements
of
$182,733,000
$6,523,194,085, against $5,554,914,219 for
the
fairly well scattered through the list.
most
$138,654,000
corresponding week last
the
quiet.
Chemical
$3,200,000
possible to obtain weekly clearings will be 17.4% above
those for the
the industrial special¬
Aircraft shares continued to
while the
$177,444,000
1,292,000
3,997,000
Preliminary figures compiled by
Monday, and while the
among
the market closed.
as
Indiana Pipe
and the
Tuesday.
$135,132,000
2,151,000
1,371,000
clearings from all cities of the United States from which it
moving
Oil, Crown Central Petroleum and Creole moving
ward, while
Price
27,000
134,000
indicate that for the week ended
Paper and
points to 34K, and Niagara Hudson 1st pref. moved down¬
groove
$3,039,000
of the weak
goodly number of declines scattered through
ward 3 points to 653^.
down.
26,987,512
$4,338,000
year ago.
irregular, New York Water Service 6% pref. advancing 3
Penn.
12,462,009
$3,994,000
307,000
.
total stands at
were more
1940
1941
405,775,
telegraphic advices from the chief cities of the country,
.
The market turned downward
setbacks
1940
Course of Bank Clearings
\l/% points to 87, while International Paper & Power
warrants
Jan, 1 to July 4
group were
spots as it worked downward 4 points to 100.
cardboard shares
$307,000
Bank clearings this week show an increase
previous close, while Republic
Todd Shipyards
$3,994,000
37,000
.
Total
Aircraft stocks
unchanged and the other members of the
was
927,000
Saturday.
restricted range, with Bell, Beech
and Solar Aircraft below their
$4,338,000
821,000
Bonds
transfers totaled approximately 36,000 shares against
The
$37,000
1,247,000
355,265
Domestic........—.
Foreign government.
and dull trading were the out¬
27,000 during the preceding short session.
940,000
920,000
1941
Foreign corporate
on
14,000
7,000
910,000
Week Ended July 4
Exchange
Paper and cardboard shares
standing features of the Curb Market dealings
3,000
13,000
783,000
$3,000
5,000
8,000
HOLIDAY
Stocks—No. of shares.
without definite trend and the oil issues
Narrow price movements
up
.
Total
$403,000
$46,000
215,000
30,000
New York Curb
Air¬
of the
many
.
nates at
quiet.
were
355,265
.
number
either side.
on
uncertainly with
changes in minor fractions.
moved up and down
were a
Corporate
1,027,000
Total............
goodly part
51,620
88,060
84,446
95,550
Foreign
Government
Domestic
$354,000
Public utilities have been
irregular with few noteworthy changes
craft stocks
a
Shares)
35,590
the industrial specialties and
of selected issues.
EXCHANGE
CURB
Foreign
Saturday........
Monday..
Tuesday.
Wednesday
Thursday.
Friday
Curb stocks have been unsettled during much of the present
week and while setbacks
YORK
Bonds (.Par Value)
tNumber
of
July 4, 1941
trading
NEW
Stocks
Week Ended
of the
THE
increase in the par value
existing shares.
THE
Friday
on
Independence Day.
that in the New York Reserve District (including
city) the totals show
an
Boston Reserve District of
improvement of 9.8%, in the
30.2%, and in the Philadelphia
The Commercial & Financial Chronicle
48
Reserve District of
28.0%.
In the Cleveland Reserve Dis¬
trict there is an expansion of 33.9 %, in the Richmond Reserve
District of 29.0%, and in the Atlanta Reserve District of
36.2%.
The Chicago Reserve District enjoys a gain of
33.5%, the St. Louis Reserve District of 42.8%, and the
Minneapolis Reserve District of 26.4%.
In the Kansas
City Reserve District the increase is 25.8%, in the Dallas
Reserve District of 13.9%, and in the San Francisco Reserve
District 25.2%.
In the following we furnish a summary by Federal Reserve
Our usual monthly
the New York Stock
Month
1941
Stock, number of shares-
Reserve Dlsts.
Federal
I
12 cities
Foreign
1939
Boston
New York.. 12
"
3,535,833,603
PhiladelphlalO
S
1941
15,574,625
1940
63,720,802
126,966,815
581,058.000 51,004,965,000
17,928,000
82,417,000
3,677,000
9,803,000
5696,457,000
5149,426,000 5102,663,000 51,097,185,000
5844,424,000
13,242,000
1,010,000
U. S. Government
122,307.000
25,660,000
The volume of transactions in share properties on the
New York Stock Exchange for the first six months of 1938
to 1941 is indicated in the following:
1938
f
260,257,160 +30.2
246,984,292
262,853,148
3,220,121,530
338,961,404
10,461,813
5135,174.000
government
Total bonds.
%
1st
2d
3d
Dec.
1940
Bonds
Railroad and mlscell
Inc.or
1940
Six Months
of June
Description
SUMMARY OF BANK CLEARINGS
1941
detailed statement of transactions on
Exchange is appended.
Thefresults
for June and the six months of 1941 and 1940 follow:
districts:
Week End. June 28, 1941
July 5, 1941
+ 9.8
2,602,367,927
3,955,527,111
423,078,31?
+28.0
383,070,377
7
439,783,549
328,552,603
+33.9
276,362,404
Richmond..
6
"
198,914,991
154,221,916
+29.0
139,658,871
120,385,904
+36.2
+33.5
153,826,631
138,741,236
481,523,816
1941
456,504,547
1940
1939
1938
No. Shares
No. Shares
No. Shares
274,445,841
5th
No. Shares
392,109,177
Cleveland..
"
"
541,619,849
4th
Atlanta
10
"
216,625,433
158,952,289
7th
Chicago
18
"
658,502,317
493,422,788
8th
St
4
"
197,749,829
138,485,733
9th
Minneapolis
7
CitylO
"
"
129,287,796
102,296,524
165,392,188
131,502,111
0
"
72,149,996
12th San Fran... 10
"
6th
Louis...
10th Kansas
11th Dallas
of
91,657,507
61,065,709
57,545,127
246,155,949
+25.2
220,586,861
225,069,092
5,720,408,218
+ 18.9
2,615,960,465 +29.7
4,932,308,482
2,436,425,789
2,384,980,483
292,421,654
334,634,720
3,392,441,973
488,057,060
today
For
June.
309,389,943
a summary
that
month
First quarter..
was
an
June,
Inc.or
June,
1940
Dec.
1939
1,415,179.711
1,095,652,191
New York..14
"
16,053,344,633
12,824,339,874
3d
Philadelphia 17
"
2,289,432,549
1,772,225,022
Cleveland.. 18
"
1,937,197,738
1,434,876,440
5th
Richmond..
••
910,767,560
0th
16
Atlanta
7th
Chicago
8th
St. Louis...
1,073,244,752
1,008,198,571
14,542,310,709
16,236,173,470
+29.2
The
--36.2
612,846,242
745,925,283
--33.7
684,943,198
14,004,244
24,368,040
2,227,193,923
--32.6
2.104,206,060
81,235,027
45,145,238
55,491.388
126,966,815
108,764,085
117,165,183
following compilation
covers
the clearings by months
"
Clearings, Total All
,
•
641,433,641
611,057,095
551,474,518
692,258,124
491,149,308
932,124,144
752,384,685
M
656,801,083
1,428,549,970
1941
Jan
1940
%
%
"'V-P
1941
%
1940
J
S
%
+8.8 14,344,488,181 12,620,143,272 + 13.7
29,029,588,225 20,680,957,913
Feb... 25,171,449,682 22,835.233,658 + 10.2 12,559,873,578 11,029,591,650 + 13.9
Mar
30,443,121,496 26,069,750,545 + 16.8 14,806,844,353 12,180,425,608 +21.0
..
1st qu„ 84,644,169,403 75,591,942,116
+ 12.0 41,711,200,112 35,830,160,530 + 10.4
April.. 29,983,868,804 26,037,512,665 + 15.2 14,751,484,532 12,099,583,097 +21.9
May.. 30,583,252,200 26,862,160,674 + 13.9 15,447.739,023 12,708,917,205 + 21.6
June.. 31,051.131,016 24,240,996,435 + 28.1 15,568,242,355 11,906,779,189 + 30.8
2d qu. 91,018,252,620 77,140,675,775 + 18.8 45,767,465.910 36,715,279,491
+24.7
176262,412,023 152732,617,890 + 15.4 87,478,672,022 72,545,440,021 + 20.6
mos.
course
of bank clearings at
CLEARINGS AT
(000,000
LEADING
Month of June
1941
omitted)
1940
1939
CITIES
IN JUNE
1 to June 30
Jan.
»
1941
1940
I
1938
s
1939
1938
s
*
s
s
15,483
12,331
14,057
15,751
88,784
80,187
83,770
80,251
Chicago
1,720
1,367
1,278
9,483
8,304
7,358
7,121
1,195
2,163
919
1,349
911
855
5,586
1,729
1,518
10,432
9,544
8,737
397
387
398
6,796
12,544
2,822
5,754
1,674
530
2,345
2,613
2,047
783
563
490
459
4,266
3,326
2,817
2,724
4,251
2,531
3,715
3,465
1,696
3,368
2,015
New York
473,743,942
425,474,627
+23.9
Boston
759,367,157
717,258,253
+27.9
1,073,635,968 +33.1
Philadelphia
505,944,558
457,880,395
St.
1,030,090,846
999,631,232
Pittsburgh
513,584,148
leading cities of the country
for the month of June and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
Louis
San Francisco
772
31,051,131,616
569
+28.1
577
24,240,996,435
25,501,376,432
26,286,691,262
Baltimore
339
305
278
11,906,779,189
+3QJ9
501
15,568,242,355
191 cities
Outside N. Y. City
.C
Clearings Outside Neva York
Month
BANK
1,950,852,059
"
"
31,314,623
63,270,802
quarter
607,163,919
Mlnneapollsie
Total
12,935,210
11,963,790
MONTHLY CLEARINGS
557,706,320
10th Kansas Cltyl8
11th Dallas
11
12th San Fran... 19
38,964,712
15.574,625
'
1,168,358,677
668,695,952
-
+38.2
+20.6
9th
17,119,104
9,067,050
10,461,813
1,606,519,223
1,280,094,340
886,265,626
••
1,823,529,533
-35.0
952,222,365
"
7
+29.2
+25.2
996,988,113
"
31
20,246,238
since Jan. 1, 1941 and 1940:
The
%
4th
9
63,618,847
20,695,690
Sic months
1938
Federal Reserve Dlsts.
2d
45,731,788
11,185,760
June,
1941
61,673,795
24,151,931
14,526.094
32,406,179
Second
increase
June,
22,995,770
May
6
14 cities
25,182,350
13,878,323
24,563,174
April
of the clearings for the
there
body of clearing houses of 28.1%, the 1941
aggregate of clearings being $31,051,131,616 and the 1940
aggregate $24,240,996,435.
In the New York Reserve Dis¬
trict the totals record a gain of 25.2%, and in the Boston
Reserve District and the Philadelphia Reserve District of
29.2%.
On the Cleveland Reserve District the totals are
larger by 35.0%, in the Richmond Reserve District by 36.2%
and in the Atlanta Reserve District by 33.7%.
In the
Chicago Reserve District the totals show an improvement of
32.6%, in the St. Louis Reserve District of 38.2% and in
the Minneapolis Reserve District of 20.6%.
The Kansas
City Reserve District enjoys an increase of 23.9%, in the
Dallas Reserve District of 27.9% and in the San Francisco
Reserve District of 33.1%.
Boston
15,990,665
13,470.755
16,270,368
123.819,420
for the entire
1st
13,312,960
8,969,195
10,124,024
—
6,225,737,899
+57.7
February
March......
127,079,789
63,332,298
Month of January
June
32 cities
We also furnish
month
94,676,259
135,891,266
6,802,909,073
Outside N. Y. City
Canada..
137,294,069
+25.8
+13.9
308,188,118
113 cities
Total
+42.8
+26.4
11,444,083,268
10,535,289,421
Cincinnati
339
264
247
226
Kansas
498
388
390
368
1,895
2,809
City
571
s
1,573
s
6,012
1,595
1,369
1,421
2,188
We
1,891,174,760
1,456,680,103
+29.8
1,487,021,088
append another table showing the clearings by Federal
Reserve districts for the six months for four years:
.
636
468
410
363
3,480
374
310
299
264
216
160
157
140
1,997
1,279
1,827
1,066
1,579
New Orleans
976
904
Detroit
765
472
397
350
4,211
2,097
215
156
143
132
1,228
2,864
926
2,381
Louisville
1,486,260,485
2,367
2,659
Minneapolis
-...32 cities
Canada
858
790
883
770
746
Cleveland
....
Omaha
2,110
2,046
2,299
1,502
6
Months,
1941
1940
S
S
Inc.or
6
0
Months,
Dec.
Months,
1939
1938
S
%
155
123
125
116
Providence
6 Months,
71
51
44
44
367
291
260
250
Milwaukee
103
95
88
83
607
573
503
490
.......
695
Reserve Dlsts.
,%
Buffalo
195
150
146
126
1,072
893
793
755
St. Paul
Federal
143
115
109
103
780
699
619
604
Denver
147
125
127
121
868
766
725
683
464
422
1st
Boston
8,005,155,962
6,795,738,760
5,921,345,942
New York.. 14
108
85
77
73
607
514
"
92,076,612,276
83,099,828,096
+ 17.8
+ 10.8
6,535,319,273
2d
86,535,603,690
83,106,246,386
Richmond
218
175
166
148
3d
1,243
Philadelphia 17
1,027
932
883
"
13,182.850,258
10,984,866,166
+20.0
10,062,739,743
9,233,302,566
Memphis
126
81
74
65
764
540
444
4th
Cleveland..18
434
*'
10,625,289,535
8,382,536,135
+26.8
7,303,065,430
6,872,824,176
Seattle
235
172
152
144
5th
Richmond
1,300
988
852.
9
"
813
3,223,722,608
Salt Lake City
79
67
63
56
454
394
363
Atlanta.... 10
332
"
5,998,382,312
4,738,569,601
+24.7
+26.6
3,412,014,685
6th
4,243,437,186
3,828,535,489
Hartford
7th
65
52
48
43
352
314
283
Chicago
275
"
16,359,585,622
13,493,168,017
+21.2
11,796,334,080
11,114,166,374
8th
St. Louis...
9th
21,673 23,067 24,021
157,673
137,129
135,085
128,309
18,509
15,517
14,205
13,367
14 cities
31
3,921,929,603
"
4,863,724,361
3,854,694,436
+26.2
3,504,078,917
3,308,431,743
Mlnneapollsie
"
3,174,045,224
2,890,066,938
2,407,220,855
"
5,302,136,065
4,577,334,988
+9.8
+ 15.8
2,529,167,861
10th Kansas Cltyl8
11th Dallas
11
4,300,470,887
"
3,816,082,428
3,265,378,634
+ 16.9
2,971,550,167
2,764,638,571
12th San Fran... 19
"
7,887,843,057
6,641,950,655
+ 18.8
6,095,731,366
5,860,465,793
......
.....
4,134,758,022
Total
7
4,890,510,009
Indianapolis
191 cities 176,182,217,109 152,646,062,129
Outside N. Y. City
Canada
87,398,477,108
32 cities
10,166,113,010
72,458,884,260
9,100,987,731
CLEARINGS FOR
Total..
27,841
Other cities
3,210
Total all
31,051
2,568
2,434
24,241 25,501
26,287 170,182 152,646 149,290 141,676
Outside N.Y. City 15,568 11,907 11,444 10,535
87,398
72,459
65,520
61,424
+ 15.4 149,289,513,285 141,675,658,525
+20.6 65,519,666,266 61,424,265,060
We
.....
now
add
our
detailed statement
showing the figures
June and since Jan. 1 for two
for each city separately for
+ 11.7
8,335,971,424
8,118,072,466
and for the week ended June 28 for four
years
JUNE, SINCE JANUARY
Month of June
AND FOR
Six Months Ended June 30
or
1941
Week Ended June 28
Federal
Rese
Maine—Bangor
Portland
M ass.—Boston
Fall River...4
Holyoke
Lowell.
New Bedford
Springfield..
Worcester.
Conn.—H artf or d
New Haven......._
Waterbury
R. I.—Providence
N. H.—Manchester...
Total
(14 cities)....
rve
%
%
Inc.
Dec,
8
First
1940
.
3,398,641
9,766,994
2,783,603
+ 22.1
8,242,218
+ 18.5
1,195,461,220
3,496,178
1,891,681
1,968,823
3,633,687
15,633,612
918,735,846
+ 30.1
2,935,755
1.721,169
1,944,034
+ 19.1
3,061,393
14,162,239
9,239,278
1940
Dec.
8
$
%
+ 18.7
+ 10.4
+ 9.9
+ 1.3
17,466,175
58,598,254
6,795,703,577
21,209,045
10,854,295
11,353,155
20,709,371
14,743,785
+ 18.5
+ 8.3
2,123,905
221,860,050
673,063
+ 18.4
784,723
794,597
377~694
+ 15.5
"425" 548
"342",631
586,058
+ 11.0
52,295,116
19,010,598
+ 21.1
+ 5.2
131,740,898
47,518,600
71,048,300
7,142,600
51,116,300
+ 39.0
367,308,500
2,737,814
3,262,042
+ 16.1
15,056,666
1,415,179,711
1,095,652.191
+29.2
8,005,155,902
64,599,899
23,031,114
7,515,100
711,005
2,116,632
63,603,846
352,439,963
+ 16.9
1938
770,370
287,738,770
796,783
+ 5.1
1939
%
+ 18.1
9,781,587
or
Dec.
S
+ 18.4
+ 20.7
1940
$
49,503,106
+ 19.0
+23.5
91,593,617
Inc.
1941
5,753,788,771
17.573,610
10,800,121
17,711,306
86,495,586
54,692,279
314,115,051
117,340,975
43,065,100
290,737,000
10,996,648
or
1941
District— Boston—
years:
WEEK ENDING JUNE 28.
Clearings at—
Inc.
|2,266
S
%
521,153
727,279
—0.3
2,122,684
+ 29.7
208,466,537
1,946,032
223,353,840
"
"4 36",072
737,377
+ 25.8
661,458
597,275
+ 5.9
3,275,988
3,290,577
—0.4
2,394,682
17,221,000
5,559,148
2,534,530
11,448,121
—5.5
3.212.291
1,976,402
3,472,213
+ 16.3
+ 50.4
12,880,649
4,078,691
+ 36.3
4.184.292
1,822,050
12,131,803
4,621,228
+ 26.3
17",128",800
11,286+00
5l".8
IO",490" 900
11,691*665
15,390,483
—2.2
785,782
1,287,066
—38.9
1,277,655
1,453,200
6,795,738,760
+ 17.8
338,961,404
260,257,160
+ 30.2
246,984,292
262,853,148
+ 12.2
+ 12.3
+ 10.3
+
Volume
The Commercial & Financial Chronicle
153
49
CLEARINGS (Continued)
Month of June
Six Months Ended June 30
Week Ended June 28
Clearinos at—
Inc.
1941
$
Second Federal Res
erve
1940
;!■'
■■■
District
Inc.
or
Dec.
1941
1940
New York
—37.4
290,841,871
+ 9.7
Buffalo-—--Elmira-----
+ 30.2
+ 34.0
34,450,785
1.072,332,431
45,756,810
73,056,194
5,720,080
5,216,357
194,956,665
149,688,796
3,180,387
2,373,114
4,202,451
3,632,774
NewYork.
15,482,889,261 12,334,217,246
Rochester—-——42,365,202
35,409,916
Syracuse
23,027,151
20,056,252
Utica
5,469,937
4,533,496
Conn.—Stamford
25,408,914
20,047,671
N. J.—Montclair
1,811,410
1,982,672
Newark—
97,041,038
77,712,412
Northern New Jersey
118,445,030
93,324,071
Oranges..
—
3,070,297
3,088,903
cities).— 16,053.344,633 12,824,339,874
Third Federal Rese
rve
4,057,224
Chester..
Harrisburg-.—
Lancaster—--..—
Lebanon—--------Norristown
Philadelphia
2,186,141
10,866,411
6,548,727
2,596,709
2,414,762
2,163,000,000
Reading
—0.6
+25.2
92,076,612,276
83,099,828,096
13,908,532
11,518,892
14,066,986
+ 19.6
88,783,740,001
245,000,265
+ 14.8
+20.7
+ 26.7
—8.6
+ 24.9
+26.9
24,239,227
12,337,408
65,272,586
1,674,000,000
6,182,187
10,291,117
4,618,355
5,441,103
12,544,000,000
44,003,450
66,016,751
30,471,198
1,122,476
7,269,413
3,841,326
16,240,673
128,880,494
119,394,700
33,611,297
12,716,382
10,005,820
10,432,000,000
38,741,468
63,386.331
27,420,091
33,122,637
6,801,886
4,073,428
14,382,167
110,636,388
105,560,750
13,182,850,258
10,984,866,166
77,267,066
1,895,009,595
3,479,745,916
325,142,400
17,124,206
30,146,000
2,289,432,549
1,772,225,022
Potts ville
Du Bote..
Hazleton
Total (17 cities)
%
—59.9
+27.7
+ 19.9
+20.2
+20.1
+9.9
+21.4
—5.3
4,350,351
+31,7
480,057
19,390,972
—12.7
23,337,231
27,775,879
21,137,371
5,728,529
419,211
—4.5
+ 13.7
+ 8.6
+20.4
+31.4
1939
1938
%
;
$
14,464,026
18,622,192
1,114,171
1,384,598
31,600,000
30,800,000
455,834
670,427
704,280
696,004
2,495,882,693 3,840,757,416
8,333,443
9,210,556
4,253,394
4,732,526
3,963,207
375,732
15,778,729
25,442,418
4,380,646
396,285
17,089,418
26,787,043
+4.6
+ 10.8
+9.8 2,602,367,927 3,955,527,111
3,535,833,603 3,220,121,630
Fourth Federal Re
Cincinnati---
13,364,348
338,561,042
Cleveland
636,418,508
Columbus
40,667,851
+ 29.2
361,265
+33.7
579,175
350,688
—10.2
506,706
♦565,000
+45.8
395,635
1,595,157
1,264,692
+26.1
1,221,514
1,173,927
52i",o6o"666
407,000,000
1,392,597
+28.0
+55.0
366*.bob",000
376"bbo,66o
2,137,676
1,160,396
+24.4
+ 18.7
1,712,629
2,351,107
1,896,241
3,075,125
975,406
1,345,828
+ 14.0
1,308,580
988,688
1,643,052
2,157,882
2,659,842
1,377,904
1,534,389
+4.1
—
420,319
540,273
r
348,762
-
*"
—
-—..
m +
■
—
~
9,780,100
+ 30.6
8,033,800
6,022,900
541,619,849
423,078,317
+28.0
383,070,377
392,109,177
3,077,912
76,708,446
+20.0
7,486,100
2,210,520
61,057,830
112,197,617
9,406,800
+39,2
+29.3
1,810,644
50,948,119
92,012,373
10,987,100
1,676,374
63,908,850
83,523,932
10,843*900
1,798,587
3,062,152
+43.8
1,494",048
1,194,933
+ 11.8
1,940,226
1.418,232
+40.0
117,169" 894
121,979*620
District
Ohio—Canton——
482,976
520,325
511,274
56,606,931
1,572,684,715
2,658,789,837
277,369,900
13,673,463
5,537,238
46,902,531
70,043,193
33,337,309
120,987,390
6,108,764
2,355,855
3,989,970
3,326,146,003
43,434,687
N. J.—-Trenton-.
38,928,468
14,946,606
12,431,575
666,121
2,455,834
23,063,282
19,581,200
York
+20.4
10,673,912
56,247,831
9,095,560
5,301,327
2,192,827
1,685,266
Del.—Wilmington
Wilkes-Barre.
Dec.
S
7,634,035
19,019,441
1,091,923
1,394,075
36,200,000
43,400,000
631,435
525,156
958,097
797,963
3,410,467,136 3,104,447,753
9,465,118
7,799,353
4,622,857
4,881,190
32,568,485
142,752,220
28,108,346
139,586,443
11,491,930
554,082,340
711,829,924
18,997,249
18,360,445
25,038,026
+ 15.7
1.828.689
2.382.690
2,316,988
7.669,075
12,864,329
5,617,131
6,983,439
1,320,795
763,350
2,924,173
27,088,852
Scranton—
292,770,429
892,838,473
13,592,899
21,748,134
80,187,177,869
219.148,676
127,940,652
22,954,199
115,942,952
12,035,424
487,266,604
655,683,124
18,160,176
+ 25.5
1940
District— Philadelphia
2,385,431
...
Bethlehem
1941
,$
Y,—Albany...
Binghamton
Pa.—Altoona
inc. or
Dec.
%
N.
Total (14
or
Mansfield--.—
59,737,800
#3,500,000
1,140,345
10,337,608
Youngstown
17,535,006
Toledo!"-"-"." II"II"
7,611,238
29,158,816
Hamilton
Lorain
Pa.—Beaver County.Franklin-
Greensburg
Pittsburgh
———
Erie..
—-
Oil City-
1,240,711
516,817
1,103,517
782,664,726
9,237,013
11,558,646
-- ._——-
Ky.—Lexington
Fifth Federal
—
Rese
W. Va.—Huntington.
1,434,876,440
e
C.—Charleston
Md.—Baltimore
►-Frederick
(9 cities)
3,568,167
Sixth Federal Rese
Tenn.—Knoxville
—
Ga.—-Atlanta
— -.—
Macon
-
-
Mobile...
Montgomery------Miss.—Hattiesburg.
_
Jackson...........
Meridian
3,424,722
m.m
194,377,621
Vieksburg.._______
(16 cities)....
138,819^097
________
—
..
~
.
~
--------
-
--------
-------
8,382,536,135
+26.8
439,783,549
328,552,603
13,944,100
71,512,000
I
872,104
3,783,000
51,714,980
514,343
2,999,000
42,721,585
1,068,489
+ 35.0
10,625,289,535
2,438,244
12,765,000
174,613,424
5,562,979
10,404,243
4,209,170
338,657,636
+ 46.3
+ 24.6
19,857,602
99,710,000
1,243,156,092
+40.3
44,506,895
+28.4
74,503,172
36,768,279
2,530,750,965
1,026,750,544
33,426,490
58,859,565
29,393,815
2,014,719,327
9,849,578
+:
663,474,184
+i
+ 30.9
+ 58.2
+ 47.8
V
:
1,666,002
+ 21.6
+20.4
10,960,285
830,296,719
668,695,952
+ 36.2
4,890,510,009
3,921,929,603
+ 26.2
19,459,131
+ 25.6
84,655,371
258,000,000 +34.4
5,244,063 +21.7
4,514,008
+ 42.8
3,839,618 + 53.1
84,834,654 + 34.8
5,701,264 + 26.4
93,221,585 + 34.4
8,548,267
+46.3
3,611,613 + 27.7
4,827,000 + 97.5
7,133,019 :,+ 15.2
+ 5.8
2,219,266
—3.7
607,145
159,509,279 + 35,4
141,789,527
612,485,977
117,764,074
502,038,778
1,613,100,000
34,603,573
28,792,122
23,660,877
562,958,446
39,285,166
578,718,089
53.628.220
996,988,113
745,925,283
rve
—
A;
43,086,718
37,838,644
118,379,254
—
8,217,123
584,562
Flint..
5,738,483
Grand Rapids
Jackson-...—..—
Muskegon
-....
Bay City-.
Ind.—Ft. Wayne
Gary
Indianapolis.
i'
South Bend—-
_
-—
Terre Haute
Wis.—Madison.
Milwaukee..
Oshkosh
Sheboygan—
+69.6
421,764
2,622,000
42,222,967
#1,550,000
307,355
2,664,000
36,534,137
1,591,532
1
________
.
+26.1
+21.1
+49.0
1,337,324
_.—.___-
--—---
81,238,988
+35.6
30,761,815
25,679",511
+
198,914,991
164,221,916
5
110,191,560
J
+24.7
+1
-*r
66,163,185
53,516,139
19*8
26,678^955
26,026^949
+29.0
139,658,871
120,385,904
3,712,863
+38.0
19,532,382
58,300,000
1,155,778
+ 18.8
.+17I
3,529,819
16,474,839
55,100,000
1,016,834
+54.7
792,781
"904", 627
+ 49.0
15,960,000
13,618,000
187833,860
16,096*404
1,656,981
1,442,870
1
2,094,234,000
39,719,555
41,766,281
38,349,337
745,360,309
44,970,711
728,590,452
66,724,266
29,373,054
64,190,000
54,319,688
13,672,798
4,317,429
5,122,468
23,203,316
)
78,600,000
1,354,879
3,690,985
18,188,765
46,700,000
1,041,692
"
1,255,105
23,805,000
81+077
15,972,000
29,850,537
3,052,382
21~,620*459
1,814,126
tlli
24,346,328
1,278,518,928
5,998,382,312
4,738,569,701
x
29,939,000
48,454,651
11.612.221
4,085,117
1,065,583,039
12,367,504
4,211,411,932
35,245,080
100,475,300
17,668,776
53,885,493
22,105,840
19,056,351
57,746,620
+ 33.7
17,630,316
2,764,271
9,395,169
3,869,594
3,309,771
9,828,031
20,214,740
107,639,039
13,251,319
30,577,872
7,523,838
103,286,247
1,809,236
3,523,775
2,052,140
472,461,460
4,829,296
13,743,156
1,993,903
8,505,150
2,602,433
2,633,480
7,732,214
15,035,430
85,288,071
8,531,848
24,615,287
5,916,347
95,006,144
1,396,689
2,690,788
......
590,466
Des Moines...
1,638,960
6,569,047
47,190,867
Sioux City
18,877,579
112,061,537
606,632,786
68.552,143
165,881,668
X
X
x
X
________
"
114,345
105*954
+ 7.9
""127,716
"l57",833
50,167,401
35,927,650
+ 39.6
40,333,807
36,900,060
216,525,433
158,952,289
+36.2
153,826,631
138,741,236
11.088.433
342,105
690,267
—50.4
290,987
281,337
2,864,406,241
178,983,689
+26.6
111.—Aurora
....
Bloomington.
.
Chicago..
Decatur......
Eeorla
Rockford...
Springfield
Sterling—.—
.
*
+53.0
97,652,378
81,550,701
2,960*787
+ 37.6
3,002,179
2,506,227
1,983,206
1,658,622
+ 19.6
1,143,070
1,598,784
~
84,637,164
13,349,683
43,629,658
16,244,597
15,855,957
2,162,063
1,243", 467
928,742
+ 19*4
19,180,000
1,917,862
6,582,796
+58.6
1,925,296
+ 15.4
6,035,018
19,106,199
1,176,927
6,911,609
24,190,870
52,180,544
147,865,183
+22A
19",913*066
7,597,100
)
1,766,421
23,783,000
3,041,927
45,97L,315
91,787,453
514,117,474
--------
--------
20,339",216
+ 18.9
21,004,451
20,653,075
36.909.434
572,799,628
)
9,110,810
I
17,618.843
16.359,585,622
13,493,168,017
;
2,777,570
8,051,122
30,284,779
254,920,775
95,161,469
5,717,900
12,302,024
9,912,243
8,303,667,681
26,721,383
106,307,375
34,427,197
34,880,585
3,824,579
106,866,374
917,331
5,814,496
2,594,466
1,961,510
15,116,224
9,482,718,921
758,700
1,366,725,596
4,411,142
19,243,727
6,993,824
6,267,405
660,174
2,952,222,365
2,227,193,923
1,133,602
2,944,562
2,072,779
1,719,657,195
5,700,485
21,659,337
8,242,173
7,472,138
116,997,396
4.074,107
26,638,918
4,324,517
1,256,282
5,071.051
40,365,873
15,305,113
Manitowoc
vV-".'
'
43,525,179
607,106,486
10,570,312
20,013,255
3,355,926
9,276,154
35,653,786
281,250,057
386,593
Iowa—Cedar Rapids..
Watertown...
-
274,445,841
District —Chicago—
1,917,599
765,435,175
Detroit-..
—
276,362,404
■
Seventh Federal Re
Mich.—Ann Arbor
_
+33.9
~r*
District— Atlanta—
24,549,320
106.354,961
346,634,000
6,383,856
6,445,355
6,032,520
114,322,000
7,204,434
125,262,263
12,508,546
4,611,422
9,533,000
i 2,347,845
La.-pNew Orleans
Total
217,500,548
7,804,080
13,362,301
6,657,645
500,561,533
2,025,157
142,574,129
910,767,560
Nashville-.-.
2,585,672
+25.6
+31.4
64,642,987
215,996,906
D. C.—Washington-
Fla.—Jacksonville
.
12,158,400
■
Columbia
Augusta.-.
Columbus.
5,329,111
51,747,372
61,497,521
43,969,605
45,191,345
147,450,876
District— Richmond—
16,714,000
Greenville—-------
Total
563,440,710
7,347,900
9,893,873
1,937,197,738
.
Richmond----S.
56,843,365
88,694,101
40,602,123
155,349,218
6,642,894
2,885,402
5,602,945
4,265,550,207
6,418,624
Va.—Norfolk
i
6,424,254
12,816,191
6,008,558
21,336,258
955,614
395,394
773,094
5,531,340
7,980,257
W. Va.—Wheeling
Total (18 cities)
9,568,528
263,726,645
468,131,628
47,121,200
3,024,680
894,276
7,694,156
11,760,366
34.309,251
118,420,979
46,008,989
40,403,320
■.
-------
--------
l,l6~3"484
1,609",865
1,142*840
1,663,226
10,733,730
8,453,910
9.448,560
9,223,217
4,452,344
3,595,880
+23.8
3,290,854
3,269,345
380,812
386,099,207
1,233,884
4,329,502
1,695,491
1,856,054
318,207
298,862,447
991,633
4,382,064
+ 19.7
"341,611
+29.2
+24.4
308,593,766
—1.2
1,611,456
1,277,340
—1.0
3,968,274
1,320,621
+45.3
1,161,739
1,436,803
1,320,971
658,502,317
493,422,788
+33.5
481,523,816
456,504,547
—---r-
911,680
317,831
301,478,123
1,192,732
3,409,084
u a
Total (31
cities)
+32.6
+21.2
■
The Commercial & Financial Chronicle
50
July 5, 1941
CLEARINGS (Concluded)
Week Ended June 28
Six Months Ended June 30
Month of June
Clearings at1941
1941
Dec.
1940
1940
Eighth
Federal Re
—
serve
District
536.303,288
Qulncy---——-----
4,859,663
729,439
215,142,309
125,504,174
389,753
3,337,000
Total (7 cities)
886,265,626
Cape G irardeau
Independence——-
Ky.—Louisville—----Tenn.—Memphis
III.—Jacksonville——
Ninth Federal Rese
MinnDuluth———
Minneapolis.
-
Rochester—
St. Paul
—-
Winona
rye
1,945,907
142,793,503
2,044,951
430,814
Fergus Falls
N. D.—Fargo
11,617,610
1,102,000
1,118,630
4,055,676
8,804,701
879,636
3,830,015
4,441,772
14,669,564
320,817
Grand Forks———
Minot.
—
S. D.—Aberdeen
—
Sioux Falls..---——
Huron
Mont.—Billings -----Great Falls
Helena
Lewlstown
—:
Total (16 cities)
Tenth Federal Rese
592,258,124
rve
Hastings
Lincoln.———
Omaha
Kan.—Kansas City—
11,999,689
154,626,000
*21,500,000
774,370
644,684
9,475,091
Manhattan
...——
Topeka
...
Wichita——
Mo.—Joplin...
Kansas City
St. Joseph
Carthage--.
—
—
—
1940
$
$
or
Dec.
1938
1939
$
$
%
Louis—
+ 35.1
396,887,812
4,083,034
523,527
155,538,292
2,821,744,975
27,794,015
V
3,946,099
+ 19.0
+39,3
+38.3
+ 54,2
2,344.899,926
24,000,391
3,037,760
925,533,784
+ 20.3
119,000,000
84,100,000
+41.5
84,600,000
79,400,000
+ 15.8
+29.9
+32.6
51,067",892
36*,7*36",274
+ 39.0
33,980*726
30,2*15,069
539,982,438
1,965.137
+41.4
27,077,937
17,142,459
+58.0
17,260,343
13,569,351
+25.2
15,275,000
+ 10.9
604,000
507,000
+ 19.1
453,000
635,000
+ 38.2
4,863,724,361
3,854,694,436
+26.2
197,749,829
138,485,733
+42.8
136,294,069
123,819,420
+ 14.7
81,368,722
366,254
2,666,000
1,227,524,598
763,573,323
2,194,351
16,947,000
83,468,781
1,827,095,787
10,622,670
+2.7
3,386,819
87,102,233
3,118,493
68,283,260
+8.6
+ 9.3
+27.6
3,045,023
59,612,871
59,706,455
30*.888*271
23*.945*,166
+2*9*6
25,516,711
23.942,856
2,670,451
2*173*837
+22.8
2,2*13,886
1,9*78*,364
*8*81+35
+ 13*5
"7*81*401
*6*63*826
+6.4
641,433,641
Minneapolis—
17,852,232
310,408,401
1,907,156
115,163,763
1,619,545
626,878
10,128,032
990,000
743,522
3,785,135
6,213,409
+ 7.1
85,712,689
1,997,251,036
11,086,126
779,779,682
10,048,452
2,873,337
67,935,292
6,756,000
5,823.412
21,954,895
+41.7
47,689,933
+ 14.0
4,946,751
22,973,054
22,386,883
+20.4
+2.0
+24.0
+26.3
—31.3
+ 14.7
+ 11.3
+ 50.5
771,671
+ 11.7
3,429,605
3,792,722
13,385.883
331,354
+ 17.1
699,061,399
9,797,254
3,381,334
61,722,365
6,116,000
4,700,274
20,308,676
37,556,528
4,605,455
20,209,121
20,350,288
+ 11.7
2,527,413
+4.4
+ 11.5
+2.6
—15.0
+ 10.1
+ 10.5
+23.9
~
+8.1
+27.0
999 Ml
'
■
,■
+7.4
+ 13.7
'
765,747
732+08
+4.6
622,500
664,278
3,474,434
3+61*525
+ 9*9
2,883,873
2,174,315
+9.8
129,287,796
102,296,524
+26.4
94,676,259
91,657.507
+ 5.3
88,566
74,379
+ 19 +
89,479
150,402
2,578,325
35,489,718
112,402
2,550,762
+33.8
+ 1+
27,448,746
79,352,658
+ 10.0
+ 7.3
—3.2
85,159,321
1,668.361
1,728,348
—3.5
+20.6
3,174,045,224
2,890,066,938
+13.6
+27.2
2,767,511
3,978,113
2,627,293
72,420,688
+25.7
+7.5
+24.0
883,073,008
122,997,691
5,019,462
4,345,745
60,463,217
92,404,901
16,318,886
2,809,234,562
87,871,684
3,358,918
73,609,279
770,212,971
105,287,120
3,937,979
4,532,312
+ 18.4
—9.5
+ 9.6
491,149,308
District— Kansas Clty-
453,420
705,119
Neb.—Fremont.
Parsons
District—
20,467,629
373,735,000
-St.
1941
Dec.
%
%
Mo.—St. Louis
Inc.
Inc. or
Inc. or
18,204,809
2,745,884
497,820,532
15,104,609
588,372
399,056
554,461
13,259,054
122,983,711
19,992,783
624,427
749,038
9,692,971
12,415,600
2,347,915
388,304,957
12,526,490
466,947
36,132,543
2,442,008
125,037,226
3,005,105
1,450,394
—13.9
—2.2
+46.6
+ 16.9
+28.2
+20.6
59,271,917
78,047,678
13,898,066
2,367,104,777
78,331,844
—1.6
+ 14.7
+ 16.8
77,839
151,043
157,295
+29.3
2,169,856
30,228,827
2,613,865
28,557,706
2,2*79*353
+27.5
-r-4.1
+2.0
+ 18.4
+ 17.4
1,886*596
2,359*242 —2*0.6
2*.3*7*0+13
4,193,644
2,863,522
+46.5
3,641,992
4,204,961
+ 18.7
116",389*753
92,413*852
+*2*5*9
93*688*452
+ 12.2
3,304,253
2,536,529
+ 30.3
2,802,885
86,169,254
2,204,091
3,454,225
+ 17.3
206,773,907
15,012,118
765,906,915
+8.8
+ 13.3
17,455,996
+ 12.6
8,511,673
+ 15.2
+26.4
4,050.633
224,929,252
15,247,737
867,547,542
19,656,753
9,808,780
+23.9
5,302,136,065
4,577,334,988
+ 15.8
165,392,188
131,502,111
+25.8
135,891,266
—6.0
48,637,291
26,121,616
1,456,885,000
128,126,962
170,547,451
—8.7
1,642,895
1,893,217
—13.2
1,759,299
1,346,856
55*.745*,653
50,*717*,586
+9*9
46*.854,039
43,594,348
+ 16.5
7*.707*897
5,824*361
+3*2*3
7*,14*7*,622
60,140,000
+0.2
2,468,000
1,840,000
+ 34.1
2,024,000
6,878,737
2,134,000
1,243,364,997
12,094,918
26,630,354
7,718,929
85,111,116
+ 17.2
1,194+04
"*922",498
+2*9*4
*814*,580
""962*222
+27.8
44,418,521
29,092,056
1,706,544,000
170,759,434
198,620,679
60,238,000
1,456,736,333
12,596,664
29,070,449
9,593,810
98,412,582
+ 15.6
3,391,447
2+34,696
+ 5*8*9
2,466+69
2,628,964
+27.9
3,816,082,428
3,265,378,634
+ 16.9
72,149,996
63,332,298
+ 13.9
61,065,709
57,545,127
+ 16.5
14,672,871
+ 13.3
+ 36.4
1,300,348,332
28,470,314
36,364,975
10,052,000
1,119,305,707
12,945,235
988,419,792
28,252,265
31,934,257
7,371,000
873,051,295
52,277,636
1,156,944
40,256",055
+29*9
33,125*465
32*.42*3*847
1,027,680
+ 12.6
1,068,766
931,968
+36.4
+28.2
47*,2*87*, 152
35,8*10^281
+ 3*2*6
28,389*,274
27,286*680
19,018,907
16,407,100
+ 15.9
453,743,137
99,598,481
46,272,676
66,836,224
+ 15.0
18,149^041
17*,6"73"462
+ 6.3
13,770,085
12,689,865
4,656+22
3*.3*06*,707
+40.8
3**6*7*5^048
4+56+86
3*.22*6*,599
3~+23~847
+3*3
3,184,435
4,458,494
+ 14.5
174*,09*3*666
139*,*629*,291
+2*4*7
131,903,190
+ 15.5
+ 17.1
2,462,344
+ 25.7
+ 18.0
2,996,431
1,514,704
2,829,889
2,559,491
1,204,895
+ 32.7
77,132,394
39,373,794
69,523,475
394,481,521
91,975,481
46,703,314
52,662,655
100,004,849
20,684,424
81,342,645
20,141,224
3,714,559,224
66,791,800
37,282,503
58,940,071
2,200,300
+28.6
1,161,284
1,846,970
136,795,000
2,780,847
1,451,029
2,095,176
+ 33.1
7,887,843,057
6,641,950,655
+ 18.8
308,188,118
246+85,949
+ 25.2
220,586.861
225,069,092
Grand total (190 cities) 31,051,131,616 24,240,996,435
+28.1 176,182,217,109 152,646,062,129
+ 15.4
6,802,909,073 5,720,408,218
+ 18.9 4,932,308,482 6,225,737,899
Outside New York.—. 15,568.242,355 11,906,779,189
+30.8
72,458,884,260
+20.6
3.392.441,937 2,615,960,465
+ 29.7 2,436,425,789 2,384,980,483
Okla.—Tulsa-——Colo.—Colo. SpringsDenver.
-—
Pueblo
Wyo.—Casper.
Total
42,183,886
2,457,497
147,498,437
3,522,931
1,818,814
932,124,144
(18 cities)
Eleventh Federal R eserve Distric
Beaumont...
Dallas..-.-—-El Paso..—
Fort Worth..
Galveston
Houston--...
Port Arthur.—-—
Wichita FallsTexarkana
—
La.—Shre veport
Total
......
(11 cities)
513,584,148
2,529,013
235,194,194
Seattle
...
Portland...—
Utah—Ogden —
Salt Lake City.
Ariz.—Phoenix
8,699,643
12,600,962
21,943,008
4,513,155
15,333,466
4,361,385
Berkeley—..
Long Beach.
—
Pasadena..
...
Riverside.----San Francisco
San Jose
Santa Barbara
Stockton.
Total
...
(19 cities)
—
+27.0
+29.3
+ 36.5
+29.4
+ 9.1
+ 17.4
+ 39.0
1,028,958
13,160,921
-San
Franci
CANADIAN
"
"
"
471*220
469*522
+0*4
139,981
"267*358
*840,311
+ 1.6
"*6*73+55
+2*4*8
608,638
548,067
127,079,789
"
CLEARINGS
+ 11.4
+ 17.1
+33.3
+4.1
+ 9.2
+24.3
8CO
1,073,535,968
6,628,308
1,894,000
204,775,130
3,244,975
79,042,416
16,859,447
Calif.—Bakers field.
Modesto
+27.6
4,120,070
1,428,549,970
4,990,882
Ore.—Eugene
+32.6
2,170,501
172,473,422
5,862,346
5,439,710
1,412,000
155,077,600
2,806,649
66,957,914
13,656,591
7,676,236
7,876,184
16,405,226
3,218,424
12,869,692
3,302,553
570,388,201
10,231,173
5,792,479
9,919,067
Yakima..,—
Idaho—Boise
+ 17.2
752,384,685
771,673,726
13,767,784
7,332,596
13,165,880
—
+ 1.1
+ 18.0
8,521,079
4,065,441
226,285,000
19,739,421
27,892,898
9,031,000
197,713,779
2,025,581
Twelfth Federal Re serve District
Wash.—Belllngham.
+ 16.7
-Dallas—•
8,011,692
5,391,627
288,747,000
25,075,777
36,068,375
12,326,000
255,882,161
2,210,319
4,835,150
1,430,429
16,822,653
656,801,083
Texas—Austin...
+26.0
—14.9
+21.9
+34.1
+32.0
+ 15.6
+ 18.0
+ 23.5
+ 13.3
+60.0
+33.8
113,592,097
24,805,454
91,746,694
25,648,826
4,251,437,699
+ 40.2
+ 19.1
+32.1
+ 35.3
+ 34.6
+26.6
'
FOR
87,398,477,108
JUNE,
Month of June
+ 31.6
+8.4
+ 13.9
+8.3
—0.9
+26.9
+ 13.6
+ 19.9
+ 12.8
+ 31.8
+ 5.6
SINCE JANUARY 1, AND
FOR
WEEK ENDING JUNE 26.
Week Ended June 26
Six Months Ended June 30
Clearings alInc. or
1941
Toronto
———
Montreal—.
Winnipeg
-----
Vancouver.
Ottawa
...
Quebec
Halifax
Hamilton
——
—
Calgary....
St. John
Victoria..
London.
......
Edmonton
——
Regina—
.......
Brandon
Lethbridge
Saskatoon...
Moose Jaw.....
Brantford.
Fort William
New Westminster.....
Medicine Hat.
.
*
Peterborough
Sherbrooke
Kitchener...
Windsor
Prince Albert
—-
-
...
Moncton..
Kingston..
.
—
Chatham
—
Sarnia...
—
Sudbury
Total
*
(32 cities)..—
Estimated,
x
1940
Dec.
1941
$
Canada—
%
$
531,880,744
463,026,240
+ 14.9
483,410,849
213,748,732
80,845,395
406,329,642
179,952,655
+ 19.0
341,635,255
22,761,025
15,542,267
29,754,087
*23,500,000
9,508,132
8,202,611
14,252,626
20,969,058
*18,500,000
1,819,655
2,319,100
6,653,927
*2,500,000
4,626,525
5,295,997
3,281,735
*1,100,000
3,171,896
4,090,892
5,316,874
16,474.158
1,690,983
4,356,988
3,126,145
3,330,156
2,408,948
*5,100,000
1,891,174,760
71,402,657
+ 13.2
128,047,459 + 166.8
+ 1.0
22,544,425
13,378,363
24,733,859
21,515,702
8,639,815
7,966,650
11,654,732
17,514,124
15,456,469
+ 16.2
+20.3
+ 9.2
+ 10.1
+3.0
+22.3
+ 19.7
+ 19.7
1,503,440
+21.1
1,925,123
5,977,194
2,298,134
4,318,908
3,449,029
2,892,414
1,001,360
2,713,396
3,573,324
+20.5
+11.3
+8.8
+7.1
+53.6
+ 13.5
+9.9
+ 16.9
4,978,268
+ 14.5
+6.8
12,658,391
+30.1
1,436,696
3,892,403
+ 17.7
3,067,057,572
2,661,077,466
1,119,577,058
462,386,531
1,499,662,626
133,686,054
86,398,747
170,174,874
151,223,487
57,869,127
46.801.188
68.752.189
119,192,188
106,122,143
9,144,750
13,194,535
35,972,873
1940
2,863,722,109
+ 7.1
+2.1
2,605,940,625
-12.1
1,273,879,149
441,573,354
+4.7
711,428,613 + 110.8
21,796,037
+29.8
10,166,113,010
1,456,680,103*
on
the basis of weekly figures.
+ 7.4
+ 10.1
+ 16.3
+ 19.5
124,382,051
121,163,269
48,888,145
20,152,783
+ 12.5
521,965
+8.2
+ 13.9
+5.1
+44.1
+ 13.3
917,101
384,951
8,216,939
20,196,876
15,028,994
16,093,769
11,148,695
25,955,283
9,100,987,731
+8.2
2,855,293
5,985,461
5,469,617
+39.4
+27.6
+72.1
+ 18.0
93,443,325
92,155,619
34.929,107
16,440,343
15,674,074
4,231,816
2,254,320
4,801,590
4,127,760
1,747,996
1,695,069
2,061,605
3,396,895
2,260,434
119,189,440
119,251,547
24,028,388
16,152,037
14,825,174
3,660,089
2,249,786
4,983,164
4,860,041
1,639,671
1,666,282
2,813,796
3,630,151
2,641,080
339,242
372,322
1,080,481
414,119
+ 13.4
1,427,967
631,836
1,018,468
1 361,280
+4.9
454,678
991,436
+39.0
+2.7
291,659
432,936
947,759
500,002
930,092
1,362,349
801,489
780,449
+70.0
676,945
+ 17.5
784,325
227,280
596,000
852,641
+69.4
204,978
723,448
697,510
748,315
2.294,933
263,994
917,936
520,907
522,351
418,424
1,125,187
608,788
656,981
182,210
588,496
647,057
964,433
2,568,331
262,994
921,806
507,438
490,686
411,523
1,128,668
292,421,654
334 634,720
733,918
488,057,060
+ 1.1
+ 11.8
.
344,623
460,437
+11.7
+ 15.1
S
—65.8
+4.8
+8.3
+30.8
1938
1939
1,993,053
1,802,924
2,596,241
4,042,662
3.421.283
3,226,234
4,663,109
1,169,681
378,314
968,408
1,211,409
4,061,693
389,434
1,223,262
688,306
1,233,101
589,830
1,281,738
+23.8
+ 15.2
+41.0
+ 10.6
11,731,065
+ 3.5
+37.5
37,368,863
18,028,947
1,994,786
33,257,627
+25.2
+ 9.4
+8.3
90,488,395
85,920,209
29,775,962 +287.1
+ 11.1
4,261,239
+ 18.8
—0.2
Dec.
115,268,339
4,736,340
3.980,573
7,639,712
9,415,844
2,352,144
7,699,265
13,534,287
+ 12.1
1940
%
+3.6
+2.1
+ 16.6
+ 18.7
24,220,461
18,057,848
17,198,180
5,595,220
14,872,783
20,128,775
29,005,215
74,037,898
*4,550,000
1941
57,988,265
45,195,258
67,340,123
102,236,994
89,440,336
15,420,673
+21.0
+28.4
+ 10.9
124,463,637
78,912,689
146,362,466
126,524,933
25,465,217
26,020,126
19,490,770
7,005,468
16,274,891
2,583,604
2,593,300
2,172,333
+ 11.9
Dec.
%
30,024,580
91,643,945
9,466,387
21,876,045
17,298,545
16,277,958
12,057,770
27.201.190
No figures available, y Calculated
+ 18.8
Inc. or
Inc. or
1,130.551
2.859.284
350,009
1,213,483
+24.3
+ 15.3
+ 9.8
+23.1
+ 13.6
+7.2
+42.1
+ 11.3
+0.8
556,072
+23.8
631,112
491,196
1,277,774
+95.4
309,389.943
+20.1
+0.3
+ 57.V
Note—Westchester Clearing House Association discontinued.
898,499
Volume
The Commercial & Financial Chronicle
153
FOREIGN
Pursuant to the
of
Act
EXCHANGE
RATES
51
1930, the Federal
Reserve Bank is
SINKING
FUND
NOTICES
Below will be found
certifying
now
AND
CALLS
REDEMPTION
requirements of Section 522 of the Tariff
a
list of corporate bonds, notes, and
daily to the Secretary of the Treasury the buying rate for
preferred stocks called for redemption, including those called
cable transfers in the different countries of the world.
under
give below
RATES
EXCHANGE
FOREIGN
We
CERTIFIED
BANK TO TREASURY
JUNE 28,
BY
RESERVE
FEDERAL
UNDER TARIFF ACT OF
number gives the
Europe—
Belgium, belga
$
Bulgaria, lev
a
Czechoslov'la, kornua
a
'a
Denmark, krone
a
a
June 30
July
$
1
July
2
July 3
*
%
a
a
a
a
a'
a
a
a
a
:
V
a
a
S
v'
a
■
a
Xpi
a
Engl'd, pound sterl'gi
Official..
4.035000
4.035000
4.035000
4.035000
4.035000
Free..
4.030000
4.030000
4.030625
4.031250
4.030000
Finland, Markka
France, franc
a
a
a
a
a
Germany, relchsmark
Greece, drachma
a
a
a
a
a
a
Hungary, pengo
Italy, lira
Netherlands, guilder-
a
a
a
a
a
a
a
;.>-
a
a
a
a
a
a
a
v'
a
a
j;
a
a
a
a
a
a
a
Norway, krone
Poland, zloty
Portugal, escudo
a
a
a
a
a
a
a
a
a
a
c
c
c
c
c
Rumania, leu
a
a
a
a
a
Spain, peseta
a
a
a
vWa
a
Sweden, krona
C
c
c
c
Switzerland, franc...
C
c
Yugoslavia, dinar
Asia—
'Vy,
a*,//.;':1
a
V.:*.'. :"K'J
'
:rf\
c
/:
C
a,
:VV'.rC
a
,:/:/Va
C
y
/:•;■'
a
:y ;;y ry
■'J
China—
Chefoo (yuan) dol'r
Hankow (yuan) dol
a
>
a
;
■■■'
a
a
'■
■
a
.
yya
,';"
a
a
■
a
.053550*
.053625*
.053575*
HOLI¬
DAY
'
'''
a
Shanghai (yuan) dol
Tientsin (yuan) dol
.053833*
a
a
a
a
a
Hongkong,
dollar-
.244958
.244500
.244500
.244375
.243906
India (British) rupee.
.301480
.301283
.301283
.301283
.301283
Japan, yen
.234387
.234387
.234391
.234390
.234390
Straits Settlem'ts, dol
.4716G0
.471600
.471600
.471600
.471600
Official
3.228000
3.228000
3.228000
3.228000
3.228000
Free
3.211250
3.211250
3.211250
3.211875
3.211250
New Zealand, pound. 3.223833
3.223833
3.223833
3.224458
3.223833
3.980000
3.980000
3.980000
3.980000
.052275*
:
Australasia—
Africa—
North America—
bonds
Aug.
_
Page
93
1
Z1591
Corp.—See General Aniline & Film.
24115
Copper Mining Co. 4%% debentures
Aug. 11
*
Armour & Co., Del. 4% bonds.;
Aug.
1
5
Associated Chain Store Realty Co. 1st mtge. 5% % bonds .July
1
Bates Valve Bag Corp. 6% bonds_
Aug.
1
Blaw-Knox Co. 1st mtge. bonds
Aug.
*
Bush Terminal Co. 1st mtge. bonds
-July 25
1
Chesapeake & Ohio Ry. 3 5*% bonds
Aug.
*
Chicago Union Station Co., 3%% bonds
j
Sept. 1
x
Consolidated Aircraft Corp. S3 pref. stock
.....—..Aug. 30
Dennison Mfg. Co. debenture stock
.-July 10
Preferred stock
July 10
Driver-Harris Co. 7% preferred stock
...
Aug. 11
East Tennessee Light & Power Co. 5% bonds
Aug.
1
6% refunding bonds
....
Nov. 1
*
Eastern Gas & Fuel Associates 1st mtge. bonds—
July 21
Federal Light & Traction Co. 5% bonds
Sept. 1
*
General Water Gas & Electric Co. 5% bonds
__Aug.
1
Great Consol. Elec. Power Co., Ltd., 1st mtge. bonds
Aug.
1
Greenbrier, Cheat & Elk RR, 5% bonds
July 15
West Virginia, ext. 5s
July 15
*
(R.) Hoe & Co., Inc. 65*% preferred stock..
July 28
Holly Sugar Corp. 1st mtge. bonds
July 15
Houston Oil Co. of Texas, 4% % bonds
...
Aug. 1
*
Iowa Power & Light Co. 1st mtge. bonds.
Sept. 1
7
(B. F.) Keith Corp. 1st mtge. bonds
July
*
Keith Memorial Theatre Corp. 1st mtge. bonds
__Nov. 1
Nebraska Light & Power Co. 1st mtge. 6s
Nov. 1
New Mexico Power Co. $7 pref. stock
-Aug. 15
North American Rayon Corp. 6% preferred stock
July
7
Pacific Western Oil Corp. 35*% debentures—
...Aug. 1
Peoria Water Works Co—
*
/
4% debentures
Nov. 1
Prior lien 5s
Nov. 1
First consolidated 4s
Nov. 1
First consolidated 5s
Nov. 1
First & refunding 5s
July 22
*
Philadelphia Co. 5% bonds...
-Sept. 2
Philadelphia Electric Power Co. 1st mtge. 55*s____.____Aug.
1
Poli-New England Theatres, Inc., 1st mtge. bonds
July 17
Republic Steel Corp. 45*% bonds
Aug. 1
*
Safe Harbor Water Power Corp. 45* % bonds
Aug. 2
1
St. Joseph Ry., Light, Heat & Power Co. 45*% bonds....Aug.
San Angelo Telephone Co. 1st mtge. bonds..
Aug. 1
Southeastern Power & Light Co.—See Commonwealth &
Official
.909090
.909090
.909090
.909090
.909090
Free
.881953
.882142
.882890
.881875
.882812
.250300*
.205300*
.205425*
.205425*
.205425*
Official
.909090
.909090
.909090
.909090
.879791
.880312
.879531
95
24118
96
23965
23966
23966
24121
22550
22550
98
23805
99
24124
23655
23655
100
24125
23657
23028
100
101
23032
23819
23033
24133
23355
23355
23355
July
23355
107
24135
23981
23983
109
24137
24137
12
..July
11
bonds
23986
23827
Oct.
Aug.
1
23827
1
Aug.
Adjustment mtge. bonds
*
Western Reserve Investing Corp. 55*% debs—
Williamsport Water Co. 5% bonds
.880468
23355
1
114
22882
.909090
.879687
24117
„
Southern Natural Gas Co. 1st mtge. 45*8
dollar-
Free
94
24116
24116
21586
Southern Corp
Southern Kraft Corp. 45*%
Canada, dollar—
Mexico, peso
Newfoundl'd,
Date
Allied Owners Corp. 1st mtge.
-—
Australia, pound—
South Africa, pound- 3.980000
re¬
page
given in
were
Anaconda
Unit
June 28
location in which the details
American I. G. Chemical
Transfers in New York
Value in United States Money
1
and the
Company and Issue—
*
Country and Monetary
last date for making tenders,
or
the Chronicle."
1930
1941, TO JULY 4, 1941, INCLUSIVE
Noon Buying Rate for Cable
The date indicates the
sinking fund provisions.
demption
record for the week just passed:
a
*
Announcements this week.
iV. 152.
South America—
Argentina, peso—
Official
,297738*
.297733*
.297733*
.297733*
.297735*
Free
.237044*
.237044*
.237044*
.237044*
.237044*
Official
.060575*
060575*
.060575*
.060575*
.060575*
Free
.0,50600*
.050575*
.050575*
.050575*
.050575*
c
Export
c
c
c
C
.y
c
Department:
c
BRANCH AUTHORIZED
National Bank & Trust Co. of Memphis,
June 20—Union Planters
Controlled
.658300*
.658300*
.658300*
.658300*
.658300*
.443750*
.444666*
.440125*
.440562*
.440750*
yy.y/y;Vyy/Jy.
Memphis, Tenn.
270 North Cleveland St., Memphis, Tenn.
Location of branch:
a
No rates available,
c
Temporarily omitted.
1526A.
Certificate No.
June 27—The First National Bank
Location
THE
LONDON
EXCHANGE
STOCK
Quotations of representative stocks
each day
as
received by cable
Sat.,
Mon.,
June 30
33/9
83/9
British Amer Tobacco.
♦Cable & W
July 2
83/3
83/9
£61
£60 ,:;
£11
£11
£11
37/6
30/.
Cons Goldfieldt of S A.
Courtaulds S & Co
De Beers
Ford Ltd
£6%
19/6
93/9
24/.
93/9
£13%
£13%
£13%
75/.
£6%
£6%
£6
£6
£6
72/6
72/6
44/3
43/9
United Molasses
24/6
24/3
Vlckere
15/9
West
*
15/9
£4®i6
...
£4%
\
£47u
Amount
June 27—Standard National Bank
Sold
The
AUCTION
v'y " '
£421#
The
MARKET—PER
of the current week:
."r"
By It. L. Day & Co., Boston:
CABLE
daily closing quotations for securities, &c., at London,
as/reported by cable, have been as follows the past week:
June 28
Man.,
June 30
Silver,
per
oz-d
Closed
23%
Tues.,
Wed.,
July 1
July 2
23%
Fri.,
Thurs.,
July 3
28%
23%
168s.
168s.
168s.
Closed
£81%
£81%
£81%
Stocks
Closed
£1045*
£1045*
Gold, p. fine oz.168s.
''
British 4s, 1960
Closed
1990
The
States
£114
price of silver
the
on
"
Bar N. Y.,
(Foreign)
£104"i«
same
/
34%
per
£114
ounce
£114
/
50 Utilities Power & Lignt
.=■
10 Adams Building Trust
mined) 71.11
>■ V;/;,
Bonds—
preferred and 3 common
Slocks
;.yyy-\
£114
Per Cent
;
_____
yyy/yy v
34%
34%
71.11
71.11
71.11
1, 1967, W 8 Reg.
.25% flat
$ per Share
.
6
Virginia, common, par $50
2%
50 Ninth Bank & Trust Co., par $10
10 Bridgeport National Bank,
11 Lautaro Nitrate,
10 Southern
56
Pa., par $100..--
500 Hardwlck & Magee, capital, par $100
34%
13%
$25 lot
By Barnes & Lofland, Philadelphia:
Shares
71.11
—
$1 lot
168s.
24 Columbian Paper Co.,
34%
....
—
Electric.-..--------—-—
\y,;,'
£105
U.S. Treasury
(Newly
10 Bed Rock Petroleum Co. common;
Light Corp. common, par SI......
3 units Washington Ry. &
8 per Share
$100._$102 lot
Corp. class A, par 51, and 181 Utilities Power &
$2,000 Alflred Investment Trust 4%s, Dec.
(in cents) in the United
days has been:
::yV-Vv"-".
;
Co., par $100, and 66 J. H. Home & Sons, Co., par
50 Associated Gas & El. Co. cum. pref.;
£81%
British 3%s w 1
July 4
168s.
Consols, 2H%.
SALES
following securities were sold at auction on Wednesday
Shares
Sat.,
$300,000
72/6
43/3
24/3
15/6
36 Hoiyoke Bar
FINANCIAL
of New York, New York, N. Y.
locally
£6%
%
Per £100 par valu3.
ENGLISH
STOCK ISSUED
PREFERRED
£6
72/6
43 /9
24/3
15/6
WItwatersrand
Areas
75,000
$200,000
75/.
Rand Mines
...
$50,000
Abilene, Abilene, Texas.
19/6
24/.
Rio Tinto
Rolls Royce
Shell Transport
of New York, New York, N. Y.
$200,000 to $250,000
From $125,000 to
93/9
Amt. of Inc.
'4"?v"
yy-y
11/-
75/.
£6%
Ry
STOCK INCREASED
65/.
Metal Box,...
♦London Mid
From
65/.
23/9
93/9
£13%
75/.
Closed
Imp Tob & O B A I...
CAPITAL
June 27—The Citizens National Bank in
y ii/-
19/3
Hudsons Bay Co
$100,000
$350,000 to $250,000—.
37/6
10/9
19/3
24/.
Amt. of Red.'
Bank of Winona, Winona, Minn.
June 27—Standard National Bank
65/3
65/6
11/3
Electric & Musical Ind.
From
yyyyy:;.'
29/9
£6%
£6%
£6%
Distillers Co
COMMON CAPITAL STOCK REDUCED
23—The First National
COMMON
£11
37/6
29/9
37/6
29/9
yyy*'
.'y y
Fri„
£59
•
Boston,
East Boston,
St.,
July 4
33/9
83/3
33/9
£61%
(ord)_...
Central MIn & Invest..
Thurs.,
July 3
Wed.,
Tues.,
July 1
33/9
>
of Boston, Boston, Mass.
Meridian
Certificate No. 1527A.
..
June
June 28
2
of branch:
Mass.
of the past week:
Boots Pure Drugs
,
.569825*
Non-controlled
Nominal rate,
Comptroller of the Currency, Treasury
from the office of the
c
V''
.569825*
.569825*
.569825*
.569825*
Colombia, peso..-..
Uruguay, peso—
c
c''V""
•>
information regarding National banks is
The following
Chile, peso—
Official
BANKS
NATIONAL
Brazil, milreis—
—
—
Co.,
capital,
par
,
--S2 lot
Ltd., ordinary B shares,
Steel Service
30
$100
—$1 lot
HOLIDAY
50
Chicago & Northwestern Ry., common, par
$100..
$2 lot
52
The Commercial & Financial Chronicle
..,
1941—The statement of condition of the National banks under the
Condition of National Banks April 4,
troller's call of
April 4, 1941, has just been issued and is summarized below.
previous calls back to and including Dec. 30, 1939, are
ABSTRACT OF REPORT OF CONDITION OF
July 5, 1941
included.
NATIONAL BANKS IN THE UNITED STATES ON DEC. 30, 1939, AND
AND
DEC.
Comp¬
For purposes of comparison, like details for
31,
1040,
MARCH 26, JUNE 29
AND APRIL 4, 1941
Dec. 30, 1939
Mar. 26, 1940
June 29, 1940
(5,184 Banks)
(5,170 Banks)
Apr. 4, 1941
(5,144 Banks)
Dec. 31. 1940
(5,193 Banks)
(5,150 Banks)
9,043*632,000
9,060.292,000
7,117.420,000
1,956.515,000
1,784,899.000
1,731,837,000
220.905,000
7,079,569,000
1,891,697,000
1,920,115,000
1,678,163,000
217,894.000
9,179,227.000
7,219,890.000
1,891,336.000
1.928.352,000
1,648.245.000
217.452.000
10,027,773,000
7,658,549,000
2.094,056,000
2,008,472,000
1.694,058.000
212,905,000
$
10,427,466,000
8,482,114,000
2,113,876,000
2,147,574.000
1,634,616,000
209,456,000
21,855,208,000
21,847,730,000
22,084,502,000
23,695,813,000
25,015,102,000
12,503,613,000
600,296,000
131,691,000
12,935,818,000
13,877,104.000
597,251.000
15,120.067,000
65,551,000
55,845,000
—
—
Assets—
■
Loans and discounts, including overdrafts
.
obligations
United States Government securities, direct
Obligations guaranteed by United States Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of
——
Federal Reserve banks
Total loans and investments
Cash, balances with other banks, including reserve
items in process of collection
%
%
balances, and cash
$
119,515,000
594,398,000
108,197.000
14,243,808,000
598,722,000
103,068,000
66.980,000
52,121,000
65,392,000
42,339.000
62,415,000
47,154,000
62,439,000
45,736,000
58,033,000
49,020,000
63,699.000
42.944,000
58,672,000
40,305,000
60,399,000
45,519,000
68,289,000
55,857,000
35.319,257.000
35.736.657,000
36,885.080.000
39,733,962,000
40,193,021,000
14,940,606,000
7,717,408,000
589,190,000
2,080,992,000
5,899,785,000
385,017,000
15,136,162,000
7,792,009,000
15,976,786,000
7,875,792,000
572,253.000
564,997,000
2,270,856,000
6,084,051,000
301.925,000
17,939,331,000
7,954,096,000
506,709,000
2,358,230,000
6,575,298,000
518,760,000
18,070,367,000
8,050,125,000
478,412,000
2,530,319,000
6.751,121,000
407,137,000
31,612,992,000
31,996,268,000
36,287,481,000
1,794,000
124,000
33,074,407,000
2,910,000
35,852,424,000
2,882,000
120,000
3,127,000
117,000
110,000
2,430,000
101,000
64,175,000
37,709.000
41,031,000
155,230,000
58.328,000
40,775,000
54,143,000
147.734.000
50,641,000
41,376,000
49,741,000
189.447,000
54,489,000
46,395,000
48,082,000
192,937,000
52,371,000
51,299,000
59,775,000
167,198,000
31,914,139,000
32.299,166,000
33,408,639,000
36,197,564.000
36,620,655,000
1,532,903,000
1,216,222,000
445,403,000
210,590,000
1,524,973,000
1,225,648,000
1.534,649,000
1,249,961,000
468,203.000
223.628,000
1,527,237,000
1,309,533.000
1,526,939,000
1,319,321,000
491,310,000
234,796,000
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other
or other real estate
assets
indirectly
representing bank premises
—
...
Customers' liability on acceptances outstanding
Interest, commissions, rent, and other income
earned or accrued but
not collected.-------
Other assets
———
—
Total assets
—
Liabilities—
Demand deposits of Individuals, partnerships,
and corporations
Time|deposits of Individuals, partnerships, and corporations
Deposits of United States Government, including postal savings
Deposits of States and political subdivisions
Deposits of banks
Other deposits (certified and cashiers' checks. &c.)~
Total deposits
payable, rediscounts, and other liabilities for borrowed money—
Mortgages or other liens on bank premises and other real estate
Acceptances executed by or for account of reporting banks and outBills
standing
_ _
but not earned
and unpaid
Interest, discount, rent, and other income collected
Interest, taxes, and other expenses accrued
Other liabilities
Total liabilities--——
599,694,000
127,671,000
——
' ;
Capital Account—
Capital stock (see memoranda below)
Surplus
Undivided pro/'ts
Reserves (see memoranda below)---
2,138,403,000
6,031,089,000
326,352,000
,
——
475,013,000
211,857,000
467,984,000
231.644,000
3,405.118,000
3.437.491,000
3,476,441,000
3,536,398.000
3,572,366.000
35,319,257,000
35,736.657,000
36,885,080.0^0
39,733,962,000
40,193,021,000
194,001,000
17,732.000
1,323,694,000
185.551,000
15,273,000
1,326,593.000
193,904.000
14.859,000
1,328.180.000
182,019,000
13,638,000
1,333,816,000
175,651,000
13,374,000
1,339,894,000
1,535,427,000
1,527,417.000
1,536,943.000
1,529,473,000
1,528,919,000
226,662,000
19,755,000
a218,174,000
17.343,000
245,165.000
17,144.000
233,280,000
15,523.000
224,711,000
15,290,000
246,417,000
*235,517,000
262,309.000
248,803,000
240,001,000
5,456.000
9,116,000
19,581,000
189,475.000
5,381,000
8,571,000
21,396,000
196.296,000
Total capital account...
Total liabilities and capital account
Memoranda—
Par value of capital stock:
Class A preferred stock
Class B preferred
Common stock
Total
stock
—
........
....
....-.—...—
Retirable value of preferred capital stock:
Class A preferred stock—
Class B preferred stock
...—...
Total
—
-
R686rV6S!
Reserve for dividends
payable in
common
6,037.000
9,006,000
17.228,000
178,319,000 )
stock
Reserves for other undeclared dividends
Retirement account for preferred stock
Reserves for contingencies, &c_.
....
211,857,000
■
234,796,000
210,590,000
211,857,000
223,628,000
231,644.000
234,796,000
2,297.683,000
2,311,063.000
2.397,702,000
2,457,149,000
2,477,773,000
605,760,000
615.722.000
593,565,000
644,363,000
629,253,000
93,789,000
22.794,000
94,538.000
7,290,000
93.990,000
7.729.000
89,741,000
13,372,000
89,113,000
14,437,000
3,020,026.000
3,028.613,000
3,093.186,000
3,204.625,000
3,201,576,000
2,405,791,000
2,448,056,000
2,522,681,000
2.630,448,000
2,659,791,000
2,373,000
975,000
1,550,000
219,000
2,553,000,000
2,558,000
492,000
508,000
2,064,000
485,000
2,409,139,000
2,449,825,000
2,525,726,000
2,633,514,000
2,662,340,000
14,940,600,000
543,960,000
1,737,388,000
Total
15,136,162,000
15,976,786,000
518,805,000
1,936,456,000
17,939,331,000
463,368.000
1.998,658,000
18,070,367,000
436,830,000
2,212,054,000
5,641,680,000
6.121,622,000
343,176,000
355,707,000
Pledged assets and securities loaned:
Government
obligations, direct and guaranteed,
pledged to secure deposits and other liabilities
Other assets pledged to secure deposits and other liabilities, in¬
cluding notes and bills rediscounted and securities sold under
repurchase agreement
Assets pledged to qualify for exercise of fiduciary or corporate
powers, and for purposes other than to secure liabilities
United
States
•
Securities loaned
Total
Secured liabilities:
Deposits secured by pledged assets pursuant to requirements of law
Borrowings secured by pledged assets, including rediscounts and
repurchase agreements
Other liabilities secured by pledged assets
Total
—
Details of demand deposits:
of individuals, partnerships, and corporations
of United States Government
of States and political subdivisions
of banks in the United States (Including private banks
and American branches of foreign banks)
Deposits of banks in foreign countries (including balances of foreign
branches of other American banks but excluding amounts due
to own foreign branches)
Certified and cashiers' checks (including dividend checks), letters
Deposits
Deposits
Deposits
Deposits
529,877,000
1,810,104,000
5,433,548,000
6,647,921,000
5,927,019,000
356,840,000 )
9
of credit and travelers' checks sold for cash, and amounts due
to Federal Reserve banks (transit account)
I
'."rlr
385,017,000
326,352,000
301,925,000
518,760,000
407,137,000
23,397,353,000
Total demand deposits
23,729,514,000
24,719,328.000
27,397,446.000
27,774,309,000
6.977,727,000
533,532.000
36,604.000
78,792,000
249,137.000
7,129,006,000
7.792,009,000
7.792,009,000
7,875,792.000
42,376,000
328,299,000
334,400.000
7,954,096,000
43,341,000
359,572,000
93.720,000
93.046,000
4,975.000
4.923,000
Details of time deposits:
Deposits of individuals, partnerships, and corporations:
Savings deposits
Certificates of deposit
Deposits accumulated for payment of personal loans
Christmas savings and similar accounts
Open accounts
Total
Postal-savings deposits _b
Deposits of States and political subdivisions
Deposits of banks in the United States (Including private banks
and American branches of foreign .banks)
Deposits of banks in foreign countries (including balances of
of foreign branches of other American banks but excluding
amounts due to own foreign branches)
Total time deposits
Ratio of required reserves to net demand plus time deposits:
Total, Central Reserve city banks
Total, Reserve city banks
Total, Country banks.
Total, all member National banks
a
Revised,
6,910,203,000
531.400,000
31,049,000
16,424,000
228,232,000 )
•
,
'
7.717.408,000
45,230,000
343.604,000
103,939,000
l
8,050,125,000
8,050.125,000
*1,582,000
318,265,000
103,200,000
104.070.000
5,458,000 J
8.215,639.000
8,266,764,000
8,355,079,000
8,454,978,000
8,513,172,000
21.31%
13.64%
21.34%
13.67%
8.16%
14.40%
21.43%
13.72%
8.14%
21.46%
13.94%
8.34%
14.60%
14.73%
21.52%
14.03%
8.37%
14.81%
8.21%
14.29%
b Includes United States ^.Treasurer's time deposits—open accounts.
46,192,000
510,887,000
48,418,000
18,888,000
246,897,000
/
Volume
The Commercial & Financial Chronicle
153
53
DIVIDENDS
first
we
are
bring
show
Then
the
have not yet
News
name
follow with
we
dividends
in
our
in
Further details and record of past
given under the
many cases are
com¬
"General Corporation and Investment
Department" in the week when declared.
The dividends announced this week
\
■
Company
Holders
Aug.
1 July 15
July 15 June 30
Aug.
1 July
7
-
July
June 26
Aug.
July
July
July
31
July
July
10
15«
Aug.
July
July
July
July
July
10
1
1
July
July
July
—__
June 27
June 30
July
9
June
American Stove Co
Arlington Mills (irreg.)
Aro Equipment Corp. (irreg.)
Atlantic Nat. Bank (Jacksonville, Fla.) (s.-a.)
Ault & Wiborg Proprietary, Ltd.—
5K% preference (quar.)
Axelson Mfg. Co
.—
Badger Paint & Hardware Stores, Inc. (quar,)—
Bendix Aviation Corp
Beverly (Mass.) National Bank (s.-a.)
Bibb Manufacturing Co. (quar.)_.
Biddeford & Saco Water Co. (quar.)
Birmingham Nat. Bank (Derby, Conn.) (s.-a.)
Boston Safe Deposit & Trust Co. (s.-a.)
June 17
July
July
Aug.
July
July
July
-
June 17
June
American Steamship Co. (irreg.)
June 23
June 26
July
July
17
3
9
June
15
July
Aug.
1 July 15
July 24 July
7
July
1 June 25
2
Sept. 2 Aug.
July
1 June 24
July
1 June 20
July 21 July 10
July
1 June 30
July 15 July
1
July 15 July
1
.
-
Extra
Bremner Norris Realty Investments, Ltd.
British American Tobacco Co., Ltd.—
June 27 June 26
(s.-a.)
7 June 17
16
Amer. deposit receipts for ord. reg. (interim)-- 10 4-5c
Brockway Motor Truck (irreg.)
37 He
Brooks Bank & Trust Co. (Conn.) (s.-a.)
$2
Brush-Moore Newspapers, Inc., 6% pref. (quar.)
%\H
By ere (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.
Canadian Bronze Co., Ltd., com. (quar.)
t37Hc
5% preferred (quar.)
tSiH
Canadian Equity Trust Shares
J26c
July
Canal National Bank
$1
July
$1
July
Aug.
July
Aug.
June 20
June
June 24
Sept.
Aug.
Aug. 20
July 16
July
3
(Portland. Me.) (s.-a.)—
Cargill Trust Co. (Putnam, Conn.) (s.-a.)
Central Hudson Gas & Electric, com., (reduced)
4 H % preferred (quar.)
Central N. Y. Power Corp., 5% pref. (quar.)__
Central Trust Co.
17c
$1 H
$lbi
$1 H,
$1%
(Harrisburg, Pa. (s.-a.)-
Century Ribbon Mills, 7% pref. (quar.)__,
Cerro de Pasco Copper
------
$1
10c
Chilton Co
12He
Cincinnati Advertising Products Co. (quar.)—
Cincinnati Inter-Terminal RR. 4% pref. (s.-a.)
$2
July
19 July
June 30 June
18
July
Aug.
1 June 30
1 July 15
Aug.
Aug.
July 21
July
21
June
June 30
June 30
June 27
July
July
July
Aug.
10
June 26
July
21
15 July
Aug.
1 July
3
Cincinnati Postal Terminal & Realty Co—
(
Citizens
&
Manufacturers
bury, Conn.)
Nat.
July
'
0H% preferred (quar.)
ities Service Co., $6 preferred
l$6
Bank
Y.j
(s.-a.)--
15
(Water-
$1 V>
(quar.)
City Nat'l Bank (Binghamton, N.
July
1 June 25
$5
July
1 June 30
(Semi-annual)
$7
City Nat'l Bank & Trust Co. (Chicago) (quar.)_
$1
Quarterly--$1
Cleveland Hobbing Machine Co. (irreg.)
30c
Coast Breweries, Ltd. (quar.)
t3c
Collyer Insulated Wire Co
30c
Comm'l Discount Co. (L. Angeles) 8% pf. (qu.)
20c
7% preferred (quarj
17He
Commonwealth Tel. Co. (Madison, Wis.)
$1H
6% preferred (quar.)
Conestoga Nat. Bank (Lancaster, Pa.) (irreg.)
$1
Connecticut River Power Co., 6% pref. (quar.)
$1 y2
Consumers Gas (Reading, Pa.) (irreg.)
35c
Coronation Royalties, Ltd. (final)-tlHc
Corn Exchange Bank & Trust Co. (N. Y.) (qu.)
75c
Crown Zellerbach Corp. $5 conv. pref. (quar.)__
$1 %
Cunningham Drug Stores, Inc.—
Common (quar.)
25c
6% class A prior preference (s.-a.)
$3
6% class B preferred (quar.)
$1 H
Darling Stores Corp. 6% preferred (quar.)
37 He
Davidson Bros., Inc. (quar.)
—
7He
Dejay Stores, Inc
10c
Dempster Mill Mfg. Co. (quar.)
$1H
Deposited Insurance Shares, series A
0%c
Discount Corp. (N. Y.) (initial)
$120
Diversified Trust Shares, series C
0. 09689c
Dominguez Oil Fields Co. (monthly).
25c
-
_-
.
,
-
75c
Dow Chemical Co., common
$1H
5% preferred (quar.)
East Hartford Trust Co. (Conn.) (s.-a.)
Eastern Township
50c
J25c
Telephone Co
25c
$1
SIM
$1 %
Elgin National Watch Co
Elizabeth & Trenton RR. Co., com.
(s.-a.)
5% preferred (s.-a.)
Emerson Electric Mfg. Co. 7 % pref. (quar.)
Employers Group Associates (quar.)
Equitable Fire Ins.Co.(Charleston, S.C.) (s.-a.)_
Extra.
——--
—-
Equity Trust Shares
Eureka Pipe Line Co
Fall River Electric Light Co—
Fall River Gas Works (quar.)..-Fall River Trust Co. (Mass.) (quar.)
Farmers National Bank (Beaver Falls. Pa.)—
-
,
— —
(Semi-annual)
-
Federal Chemical Co. 6% preferred
Fiduciary Corp. (quar.)
First Exchange National Bank (Roanoke)—
(Semi-annual.)
First National Bank (Alexandria, Va.)—
(Semi-annual.)
50c
8c
50c
$1
45c
$1
$6
t$l H
$1
$5
1 June 30
1 July 21
Nov.
1 Oct.
July
Aug.
July
1 June 25
1 July 16
1 June 24
July
July
10 July
10 July
21
1
1
First National Bank (Chester,
_
July
1 June 15
June 30 June 23
2 Aug. 15
Sept. 15 Aug. 29
Sept.
June 30 June
Aug.
Sept.
16
1 July 18
1 Aug. 13
July 21 July 10
July
1 June 28
July 21 July 10
July
1 June 24
July 25 July 16
Aug.
1 July 15
July
1 June 24
1
Aug.
1 July
July 15 July
3
June 30
July 31 July 16
Aug. 15 Aug.
1
1
Aug. 15 Aug.
June 30 June
July 25 June
Sept. 22 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
July
1 June
July 31 July
July
1 June
July
1 June
June 30 June
Aug.
1 July
July
1 June
Aug.
1 July
July
18
30
6
20
20
27
17
30
30
26
15
27
21
1 June 26
June 30 June 30
Aug.
Aug.
2 July
1 July
July
1 June 23
July
24
1
—
25c
July
June 25
June 25
$3
July
1 June 23
June 30 June 30
June 30 June 30
SI %
8pgs.,Colo.) (rrieg.),
-
(s.-a.)__
(Greenfield,
$1
Fulton Nat. Bank
10
Oct.
10 Sept. 30
July
1
June 30
July
1
July
July
July
July
July
July
1
1
1 June 30
1 June 19
31 July
31 July
15
15
tic
June 30 June
16
20c
75c
SIM
-
50c
Co.,
July
30c
Co.
Forbes & Wallace, Inc., $3 class A (quar.)
20c
com
(Lancaster, Pa.) (s.-a.)-
SI
July
1 June 24
General American Oil Co. of Texas—
6%
conv.
15c
preferred (quar.)
General Bottlers Co., preferred (initial)
Glatfelter (P. H.) Co. 6H% preferred
(quar.)
13Mc
niH
_
Goodyear Tire & Rubber Co., common.
$5 conv. preferred (quar.)
Great Southern Life Ins. Co. (Houston) (quar.)
Greenfield Gas Lt. Co. 6% non-cum. pref. (qu.)
Common (irreg.) (reduced)
Greenfield Tap & Die Corp. $6 preferred
Halle Brothers Co., $2.40 conv. pref. (quar.)__
Harrisburg Gas Co., 7% pref. (quar.)
Harrisburg National Bank (Pa.) (s.-a.)
:
Harrisburg Railways Co., extra
Hawaiian Sumatra Plantation, Ltd., extra
Higgens Industries (initial)
Hoi yoke Water Power Co. (quar.)
25c
$1H
35c
_
75c
_
Homestake
50c
SIM
60c
$1H
$1H
10c
$3 H
75c
$2
25c
SI H
17c
5c
—
t30c
Kobe, Inc., preferred A
Kroger Grocery & Baking Co
50c
Common (quar.)_-
SIM
$1H
$2 H
7% preferred (quar.)
6% preferred (quar.)
Lake View Trust & Savings Bank
(Chicago)—_
Corp. (Del.), 6% pref. (initial) —
44.4c
75c
5c
(quar.)_
19
20
1 July 21
1 June 27
1 June 27
1 July
1 July
1
15
15 June 30
1 July 15
15
24
18
21 July 12
15 June 30
15 June 30
June 20
| Sept.
Aug.
Nov.
Oct.
Oct.
June
Sept. 19
June. 30
July
Aug.
July
July
July
July
8
17
10
15
7
$3
June
June 26
July
June 30
Aug.
Aug.
Aug.
Aug.
Aug.
July
July
July 21
July 21
July 22
Aug.
1
Aug.
7
July
June 25
June
June
13
July
July
15
July
July
July
June 28
37Mc
N. Y.), common (quar.)— *
4% convertible preferred (quar.)
50c
Lone Star Gas Corp
20c
$4
—
Louisville Henderson & St. L. Ry., com. (s.-a.)
$2 M
90c
$3
— —
Lynchburg Nat. Bank & Trust Co. (Va.) (s.-a.).
Lynn Gas & Electric Co. (quar.)
:.——
Mack Trucks, Inc. (irreg.)
Manchester Savings Bank & Trust Co. (Pitts
burgh, Pa.) (quar.)
Manning, Maxwell & Moore, Inc
Marathon Paper Mills Co., 6% preferred (quar.)
Marven's, Ltd., 6% preferred (quar.)
Massachusetts Power & Light Associates—
$2 preferred
Maytag Co., $6, 1st preferred (quar.)
$3 preference (quar.)
fig
,.
50c
25c
f1^
tSIM
40c
SIM
75c
$5
$4
(Concord, N. H.) (s.-a.)Bank (Cedar Rapids, la.) (s.-a.)
20c
Michigan Die Casting Co. (irreg.)
Middleborough Trust Co. (Mass.) (s.-a.)
i
I
Middlesex Products Corp. (quar.)_
Midwest Rubber Reclaiming Co., com.
-
25 July
(Rochester,
Lincoln Alliance Bank & Trust Co.
$4 preferred (quar.)
19
SIM
Lehigh Valley Trust Co. (Allentown, Pa.) (s.-a.)
Lexington Telephone Co., 6% preferred (quar.) -
Millers Falls Co.,
15 June
1 July
July
July
July
July
65c
—
■
5% non-cum. preferred (s.-a.)
Lowell Electric Light Corp. (quar.)
15
8
15 Sept. 30
1 June 26
1 July
Aug.
20c
-
Lebanon Valley Gas Co., 6% preferred
LeMaire Tool & Mfg. Co. (initial)
16
June 30 June
15c
—
1 June
1 June 15
July
July 30 July
3
Aug.
Aug.
$2 H
Kennedy's, Inc
-
Aug.
July
July
July
Aug.
July
Kalamazoo Stove & Furnace
Extra
July
10c
20c
Keystone Custodian Fund, series B-3
15/
15
1
15
30 July
15 July
June 30 June
.0235c
8% preferred (quar.)—
Kahler Corp. (quar.)
Merchants Nat.
July
July
10 July
1 July
30
June 26
25c
.
Lamson
Oct.
1 June
15 Aug.
15 Aug.
June 30 June 30
2 June 27
July
37&Cc
-
Hydro-Electric Securities Corp.,5% pref.B(s.-a
Illinois Commercial Teleph. Co. (Madison, Wis.)
$6 preferred (quar.)
Incorporate Investors, common trust ctfs_
Institutional Securities, Ltd. (Insur. group shs.)_
Ironite Ironer Co., com
;■
Series S-4
July
Sept.
Sept.
July
Aug.
July
July
July
$1
20c
-
Horder's, Inc. (quar.)
Hotels Statler, 7% pref. (s.-a.)
June 30 June 20
June 16 June
2
15c
Mining Co. (monthly)
Honolulu Finance & Thrift Co
(quar.)_
2d preferred—
Common (irreg.)
Miners National Bank (Nanticoke, Pa. (s.-a.) —
Miners National Bank of Wilkes-Barre
$3
$1
25c
50c
$1
—
7% prior preference
non-cum.
(s.-a.)_-
Mississippi Barge Line Co
—- —
Calculating Machine Co., com
—
7 % preferred (quar.)
Montclair Trust Co. (N. J.) (s.-a.)
National City Bank (N. Y.) (s.-a.)
National Bearing Metals Corp., 7% pref. (quar.)
National Money Corp., class A (quar.)
$1.50 preference (quar.)
Nat'l State Capital Bank (Concord, N. II.) (qu.)
Quarterly
— ----- Nay bob Gold Mines, Ltd. (quar.)
-.
Monroe
$1li
June 30
June 23
June 30 June
June 30 June 30
June
30 June 30
June 30 June
75c
July
July
July
S2M
20c
$1
SI M
15
July 15 July
7
1 July 15
Aug.
Aug.
l;July 15
lljune 24
July
June 30'June 27
7
July 12 July
1 June 30
July
1 June 30
July
1 June 24
July
1 July 21
Aug.
Sept. 2 Aug. 20
2.5c
30
1 June 30
10 June 30
1 June 28
June 30 June 24
June 30 June 24
20c
Aug.
1 July
21
50c
Aug.
SIM
Aug.
1 July
1 July
12
6
15 July
15 July
1
10c
37 He
July
July
1
July
1 June 24
$2H
Oct.
tic
July
1 Sept. 23
15 July
2
Nazareth Cement Co
10c
Newport Industries, Inc
Newport National Bank (Ky.) (s.-a.)
New York Trap Rock Corp. $7 preferred
Northern Ohio Telephone Co.
Common (quar.)
6% preferred (quar.)
5% preferred (quar.)
Northwestern Title Ins. Co. (Spokane, Wash.)
25c
$5
July
July
10 June 30
16 July
12
June 30 June 30
SIM
July
1 June 26
20c
July
July
July
15 June 26
1 June 26
1 June 26
!M
$2
June
30 June 30
J5c
July
31 July
10c
(quar.)
O'Brien Gold Mines, Ltd
July
July
July
1 June 28
Aug.
Aug.
Aug.
July
Aug.
1
1
1
1
1
10
Ohio Loan & Discount Co.—
Common (quar.)
6% participating preferred (quar.)
5% preferred (quar.)
—
SI H
SI H
1 June 28
1 June 28
Outlet Co.—
Common
(quar.)
7% 1st preferred (quar.)
6% 2nd preferred (quar.)
—
Oxford Cedar Co
SIM
—
Pacific Public Service, $1.30 pref.
(quar.)
Pahang Rubber Co., Ltd
Payne Furnace & Supply Co., Inc.—
$0.60 conv. preferred A "(quar.)-$0.60conv. preferred B (quar.)Pearson Co., Inc. 5% preferred A (quar.)
Peaslee-Gaulbert Corp. 6% preferred (quar.)
Common (irreg.)
Pennsylvania Salt Mfg. Co. (irreg.)—_ —
Peoples Nat. Bank (Charlottesville, Va.) (s.-a.)Extra
Pa.)—
(Semi-annual)
Trust
Mass.) (s.-a.)
$1
$2
(Semi-annual.)
First Nat. Bank (Colorado
25c
50c
July
Aug.
—
Extra--.First Nat. Bank (Biddeford, Me.)—
National Bank &
Mechanicks Nat. Bank
Citizens National Bank (Ashland, Pa.)—
-
First
Franklin Process Co
Payable of Record
.
First Nat. Bank (Wallingford, Conn.)
First Nat. Bank (Winchendon, Mass.)
$1.20 preferred (quar.)
Frontier Royalties, Ltd. (final)
(J. D.) Manufacturing Co
Aeolian Co., 6% preferred, class A (initial)
Alaska Juneau Gold Mining Co
Alberta Wood Preserving Co., Ltd.—
7% preference (quar.)
Allentown-Bethlehem Gas, 7% pref. (quar.)
All Penn Oil & Gas Co. (quar.)
Amerada Corp. (quar.)
Amerex Holding Corp. (s.-a.)
American Air Filter Co., Inc., common
7% preferred (quar.)
American Asphalt Roof Corp., 6% pref. (quar.)
American Dairies, Inc., 7% pref. (quar.)
American Forging & Socket Co
American Piano Corp., class A (irreg.)
Class B (irreg.)
—
June 27
(s.-a.)—
Froedtert Grain & Malting
Adams
American Screw Co
First Nat. Bank (Toms River, N. J.) (quar.)____
First Nat. Bank & Trust Co. (Summit, N. J.)
June 30
$2
SIM
$2
(Quarterly)
Payable
$4
$2 M
$2 M
87 He
First National Bank (Dover, Del.)
First Nat. Bank (Hazleton, Pa.) (quar.)
When
Share
Name of Company
Foreign Light & Power Co. 6% 1st pref. (quar.)
are:
When
Name of
the
announced
second table in which
a
previously announced, but which
been paid.
dividend payments
pany
In the
grouped in two separate tables.
together all the dividends
current week.
we
Holders
Per
Dividends
...—
Peoples Telephone Corp. (quar.)_
Pepsi-Cola Co (initial)
Phelps Dodge Corp. (increased)
Pierce Governor & Co
32Hc
July 21
July 21
July 21
June 27
July
15
10c
June 30 June 21
15c
31 He
July 15 July
July 15 July
1 July
Aug.
25c
June 27 June
15c
June
3
3
21
30 June 27
25
Sept. 15 Aug. 29
1 June 30
July
1 July 21
50c
Aug.
$2
July 15 June 30
July 25 July 17
SI
50c jSept. 10 Aug. 15
30c 'July 28 July 18
$1M
SIM
The Commercial & Financial
54
Per
Name of
Share
Company
Pittsburgh Cinn. Chicago & St. Louis RR. Co
(s.-a.)
*
Pittsburgh National Bank (Pa.) (quar.)
Quarterly
——
Pittsburgh Thrift Corp. (quar.)
Planters Nut & Chocolate Co. (quar.)
Plymouth National Bank (Mass.) (s.-a.)
Pollocks, Inc., 6% preferred (quar.)
_
Portland Gas Light Co. $6 preferred
Prairie
—
10
10
75c
Oct.
15c
June 30 June
1 June
July
10
$2^4
10
14
June
15 June 30
16 June
2
+$1
July
15 July
1
June 30 June
16
July 15 July
July 15 July
1 June
July
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
July 15 July
1 July
Aug.
15
1
50c
37Mc
50c
$6
Providence National Bank (R. I.) (s.-a.)._.
8c
Quarterly Income Shares, Inc
(irreg.)
25c
Raymond Concrete Pile, common
—
25c
Extra
—>.,4—.
75c
S3 preferred
—
7 14c
Reins Company (N. Y.) (irreg.) —
Riverside Cement Co. $6 1st preferred (quar.)—
$1)4
Revere Copper & Brass, Inc. 7% preferred (qu.)
5 +4 % preferred (quar.)
—.—+$ 1.31*4
3lMc
RheemMfg. Co. 5% preferred (quar.)
_.
Roos Bros., Inc., $6.50 preferred (quar.)__.
$1 %
t$7
St. Louis Screw & Bolt, 7% pref
St. Paul Union Stockyards Co. (quar.)
3714c
%%l%
Saguenay Power Co., Ltd., 5+4% preferred
San Diego Gas & Electric Co., com. (monthly) 714c
25c
5% preferred (quar.)
...
$1
Sanborn Map Co. (quar.)__
10c
San Gabriel River Impt. Co. (monthly)
50c
Santa Cruz Portland Cement Co. (irreg.)...
Schumacher Wall Board Corp.—
t$314
$2 participating, preferred
40c
Scullin Steel Co. (irreg.)
25c
Seaboard Oil Co. (Del.) (quar.)...
$1
Seattle Trust & Savings Bk. (quar.) (increased)
S314
Security Trust Co. (Lexington, Ky.) (quar.) —
40c
Security Trust Co. (Lynn, Mass.) (quar.).
Shaw-Walker Co. 7% preferred (s.-a.)
Sloano-Blabon Corp., 6% pref. class A
:—
Southeast'n Invest. Trust, Inc. (Lexington, Ky.)
t40c
$5 1st preferred
Southern Calif. Edison Co., Ltd. (Calif.) (quar.)
3714c
10c
Southern Franklin Process (irreg.)
........
$1%
7% preferred (quar.)
....i
75c
Spicer Manufacturing Corp., com. ............
75c
$3 preferred.
—
50c
State Street Trust Co. (Boston) (quar.)__
Stetson (John B.) Co., 8% preferred...
+$1
...
SI
Stonegar Coke & Coal Co., extra
....
S3
Stony Brook RIi. Corp. (s.-a.).
Strathmore Paper 6% preferred
+$5*4
.....
Sundance Royalties, Ltd
tic
50c
Super Mold Corp. (quar.)
50c
Taylor-Colquitt Co. (quar.),,
......
t56c
Telephone Bond & Share Co., 7% pref.
$3 first preferred
+24c
Texamerica Oil Corp. (stock)
.....
_
-
——
--.
—
_
—
—
.......
....
—
-
—
...
....
July
Aug.
Aug.
Aug.
Aug.
July
1
July
1 July
1 July
1 July
10 July
30
15
21
21
21
5
15
10
10
15
15
5
June 30 June 24
1 July 15
Aug.
July 15 June 30
July 15 June 30
1 June 24
July
June 23 June 20
1 June 20
July
Aug. 15 Aug.
5
July 15 June 30
Sept. 15 Sept. 2
July
June
1 July 10
30 June 25
1 June 30
July
June
25 June
July
15 July
14
1
1 June 28
July
Aug. 15 July 20
June
July
July
July
July
July
July
30 June
19
10 June 27
15 July
8
15 July ,8
15 June 30
15 July
1
15 July
5
5 June 30
July
July
1 June
June 30 June
30
16
July
19
June
30 June 20
July
5 July
5 July
Aug.
Aug.
July
8
20
20
1 June 23
Stockholders will receive 0.015 share of com¬
mon stock for each share held.
50c
412-3c
25c
l
Aug.
Aug.
1
Aug.
1
July 31
July
July
July
July
15
15
15
15
7% preferred (quar.)
American Republics Corp. (irreg.)
American Rolling Mill Co., 4 *4 % conv. pf. (qu.)
American Seating Co. (irreg.)
American Security & Trust Co. (Wash, D. C.)
$1*4
10c
$134
50c
$2
(Quarterly)
50c
Refining Co., com
American Smelting &
$134
7% 1st preferred (quar.)
American Stores Co
25c
Co. (Abilene Kansas)
5% preferred (initial)
July
15 July
$3
(s.-a.)
Union Market Nat. Bank (Watertown, Mass.)
Common (quar.)
Extra
Union Oil Co. of California (quar.)
1 June
July
American Telephone & Telegraph Co. (quar.)__
American Thermos Bottle Co. common A (irreg.)
$1.17
$234
$134
(qu.).
50c
Amer. Trust Co. (San Fran.) 4% conv pf.
American Viscose Corp. common (initial)
50c
$134
Preferred (initial)
50c
Anaconda Wire & Cable Co
$1
Anheuser-Busch, Inc. (quar.)
30c
Properties, Inc., class B
-50c
Armstrong Cork Co. (interim)
$194
Artloom Corp. 7% preferred (quar.)
+$3*4
Associated Dry Goods Corp., 7% 2d pref
$134
6% 1st preferred (quar.)
Associated Telephone Co., Ltd., $1.25 pref. (qu.) *3134c
Atchison Topeka & Sante Fe Ry Co.—
$234
5 % non-cumulati ve preferred
$1
Common (irregular)
$1
Atlantic Refining Co., 4% pref. A (quar.)
12c
Axe-Houghton Fund common (irreg.)
50c
Babcock & Wilcox Co-.---.
*
75c
Badger Paper Mills. 6% preferred (quar.)
30c
Baker Hotel of Dallas, Inc., com. (annual)
30c
3% non-cumulative pref. (annual)
Baldwin Co., 6% preferred (quar.)
$134
A. P. W.
1234c
Baldwin Rubber Co
Bangor Hydro-Electric (quar.)
...
Bank of Port Jefferson (N. Y.) (s.-a.)----—--Bathurst Pow. & Paper Co., Ltd., cl. A (interim;
Beatty Bros., Ltd., 6% 1st preferred (quar.)___
Canada (quar.)
Bertram (John) & Sons Co., Ltd. (initial)
Biltmore Hats, Ltd. (quar.)
Birdsboro Steel Foundry & Machine Co
Birtman Electric Co., com. (quar.)
$7 preferred (quar.)__
—
Blaw-Knox Co. (interim)
Blooming dale Bros., Inc
Bon Ami class A (quar.)
Bell Telephone Co. of
Class B (quar.)
(quar.)
Trust, (quar.)
Boston Edison Co.
Boston Personal Property
Bourjois, Inc., $2.75pref. (quar.)
Bralorne Mines, Ltd. (quar.)
!
Extra
Ltd., $1.30 1st pf. (qu.)
(irreg.)
Bridgeport Hydraulic Co. (quar.)
Brantford Cordage Co.,
Brewster Aeronautical Corp.
July
July
15 June
*38c
6% class A preference (quar.)
*75c
Oct.
Universal Consolidated Coal Co
25c
United Corp. Ltd. $1.50class A (quar.)
United Fuel Investments, Ldt.—
Warner Bros. Pictures, Inc., S3.85 preferred- —
Warren Refining & Chemical Co. (resumed)....
2.5c
+96+|_c
10 June 30
July
Aug.
July
July
30 Aug.
31 July
July
15
July
15 June 16
ord. regis, (interim)
ord. bearer (interim)
Ltd.—
30c
$3
*2 5c
1 July
Aug.
July 15 June
1 July
Aug.
1 July
Aug.
July 21 July
Sept, 12 Aug.
Oct.
Aug.
Sept,
Sept.
Sept.
Aug.
1 July
8
15
2 Aug. 15
2 Aug. 15
llJuly
_
$134
Aug.
July
Aug.
*15c July
25c
July
25c
Aug.
Aug.
$134
15c
July
20c
July
$1
July
6234c July
50c
Aug.
16c
July
6834c Aug.
*20c July
JlOc July
*32 34c July
30c
July
40c
July
II July 15
15 June 23
lfAug.
5
19
1 July
15
1 July
15
7 June
9
25 July
31 July
15
31 July
15
1
July
Extra
■
Waterloo Trust & Savings Co. (Ont.) (s.-a.)
Western Assur. Co., 12% pref. (Toronto) (s.-a.)
.......
(Pittsburgh) (s.-a.).
.
Westflank Oil Co., Ltd....
28
1 June
28
t$214
July
2 June 23
$1.20
July
July
50c
Westgate-Greenland Oil Co. (monthly)
tjc
lc
50c
—
_
50c
--------
25c
Westmoreland, Inc. (quar.)
Wilson Line. Inc., 5% 1st pref. (s.-a.)
$214
Woodall Industries (irreg.)
20c
Wrisley (A. B.) Co., 7% preferred (quar.).....
6% preferred (quar.)
—
.....
Common (irreg.)
Wurlitzer (Rudolph) Co. (The)
—
3
1 June
.J0c
Westmoreland Coal Co
.........
8
$114
20c
10c
June
Aug.
July
July
July
July
Aug.
15 June 30
15 June 20
15 July
Per
1
15
1 June 30
1 June 30
15 July
10
30 Aug. 20
When
Holders
Payable of Record
$1*4
—
_
25c
5c
-
Extra
25c
25c
Akron Brass Mfg. Co. (irreg.)
Alabama Power Co. $5 preferred (quar.)
Alberene Stone Corp. of Virgina (irreg.)
Alpha Portland Cement Co
Aluminum Manufacturers, Inc. (quar.)
Quarterly
7% preferred (quar.)
15c
$1*4
20c
25c
50c
...
50c
1
July
15
June 25
June 30
July
July
5
5
June 28
July 18
July 10
Sept. 2
Sept. 15
Sept.
Dec.
Dec.
15
(initial)
Amer. Car &
Foundry Co. 7% non-cum. pf. (qu.)
American Colortype Co., common
_
Sept.
Sept. 15
Dec.
Dec.
15
July
July
July
17
1
5
25c
Aug.
July
July
July
Aug.
July
$1
American Airlines, Inc., $4.25 conv. pref. (qu.)American Alliance Insurance Co. (quar.)
Common
$1*4
$1X
1234c
$1*4
$1.06 34
July
25c
7% preferred (quar.)
Amalgamated Sugar Co., 5% pref. (quar.)
American Air Filter Co., Inc., 7% pref. (quar.).
American Barge Line Co., new
American Can Co. (quar.)
50c
July
July
July
July
July
July
July
Aug.
July
Sept.
Aug.
$1*4
15c
15c
June 20
Telegraph Co. (N.J.)—
5% preferred (quar.)
American
Envelope Co., 7% pref. A (quar.)
7% preferred A (quar.)
Ltd. common (monthly)
American Factors,
Amer. Fidelity & Cas. Co., Inc. (Richmond) (qu)
American Fork & Hoe Co. 6% pref. (quar.)
American Home Products Corp. (monthly)
American Light & Traction Co. com. (quar.)
6% preferred (quar.)
American Meter Co
American Nat'l Bank (Nashville, Tenn.) (quar.)
American Paper Co., 7% preferred (quar.)
7% preferred (quar.)
15c
75c
*3c
$134
50c
*10c
$134
$134
$134
1234c
t$l§
California-Oregon Power Co., 7% pref
+$134
6% preferred
:
+$134
6% preferred (1927 series)
—
25c
California Packing Corp., common
5% preferred (quar.)
Campbell, Wyant & Cannon Foundry Co
Canada Bud Breweries (interim)
*20c
Canada Foundries & Forgings. class A (quar.)_ *37 34c
Class A (quar.)
*37 He
Canada Northern Power Corp., Ltd., com. (qu.)
*25c
*$134
7% preferred (quar.)
Canada Southern Ry. (semi-ann.)
$134
_
—
Dividend declared payable in U. S. Dollars,
less Canadian dividend tax.
Canadian Bank of Commerce (Toronto) (qu.)__
*$2
Canadian Car & Foundry, Ltd.—
*44c
7% partic. pref. (accumulated)
Canadian Converters Co., Ltd. (quar.) —
*50c
Canadian
Fairbanks-Morse
Co.,
Ltd.,
6%
*$134
preferred (quar.)
---Canadian General Investments, Ltd. (quar.) — *1234c
*$134
Canadian Industries, Ltd. common A (irreg.) —
*$134
Common B (irreg.)
*$134
7% preferred (quar.)
*50c
Canadian Light & Power Co. (s.-a.)
Canadian Oil Cos., Ltd. (quar.)
*1234c
Extra
*12 34c
Canadian Pacific Ry. Co. 4% non-cum. pref
2%
Canadian Tube & Steel Products, Ltd.—
*$134
7% preferred (accum.)
Canadian Wallpaper Manufacturers, Ltd.—
*$1
Class A
(/19<SS 33
mm mm
~ 'mm
mm
mt, trn 'mn*. mm m.
*$1
$134
Carolina Clinchfieid & Ohio Ry. Co. "(quar.)
25c
Castle (A. M.) & Co. (quar.)..
622lcC
.
—» fete ■* ~ m*
mm mm mm <m
mm mm
25c
Extra_'__
Celotex Corp. common
5%
25c
(quar.)
$134
3734c
preferred (quar.)
Central Aguirre Associates (quar.)
Central Cold Storage Co. (quar.)
25c
July
21
24
Central Kansas Power Co., 4*4 % pref. (quar.)
July
Sept.
June
27*
Central Ohio Steel Products Co
Sept.
5
Dec.
Dec.
5
American District
20c
*25c
70c
Burdine's. Inc.. $2.80 pref. (quar.)__
Business Capital Corp. class A (quar.)
Cable & Wireless (Holding), Ltd. (final)
Abbott Laboratories—
434% preferred (quar.)
Abraham & Straus, Inc
Addressograph-Multigraph Corp
Affiliated Fund, Inc. (quar,)
Air Reduction Co., Inc. (quar.)
Preferred (quar.)
16
give the dividends announced in previous weeks
Share
5%
30
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Name of Company
(E. G.) Iron Co
—
Brooklyn Borough Gas Co. common (quar.)_>_
Broulan Porcupine Mines, Ltd. (quar.)
Buckeye Steel Castings, 6% preferred (quar.) — .
Common (irregular)
- - —
Buffalo Ankerite Gold Mines, Ltd. (lnterim)--.
Buffalo Niagara & Eastern Power Corp.—
$5 preferred (quar.)
Bunte Brothers 5% preferred (quar.)
1 June
15 Aug.
—
$1.19
35c
15c
Central Republic Co
25c
Extra.;
Chain Belt Co
$1*4
$1*
$1 H
10c
15c
July 15 June 15
Sept.
1 Aug. 25
Dec.
July
10
$1*4
10
15
Aug.
1
Aug.
1
Aug.
1
Sept. 16
Sept.30
Sept. 15
$1 M
Dec.
$134
20c
30c
3734c
75c
15c
July
July
1
Nov. 25
June
30
June 30
July
July
July
July
Aug.
Sept.
Sept.
15 Dec.
5
14*
15
15
27
20
5
5
7
15 June 30
7^June
7iJune
17
17
15 July
i
Aug.
July 15, July
July 15|June
July 19 July
July 10 June
June
July
July
Aug.
July
Aug.
July
Aug.
—
(Philadelphia) (s.-a.)..Paper Co., Ltd. (quar.)
2 June 30
31 July
10
15 Aug.
1
15 June 30
*$134
-—
A (quar.)
Co.—
30 June
Aug. 15 Aug.
9
7
July 15 July
7
July 15 July
Oct.
1 Sept. 15
15
15 June 30
July
July
(s.-a.)
British Columbia Telephone
Brooke
7
1
15 July
31 July
234%
}50c
5% prior preference (payable in pound sterling)
July
July
July 17 July
1 Aug.
Sept.
July 15 July
15
1 June 27
Aug.
2 July 31
8ept.
l'July
3
Aug.
July 19,June 30
July 31 July 15
l'July 21
Aug.
July 25 July 15
July 25 July 15
July 15 June 30
July 15
July
July 10
Aug.
7 July
1
July
I June 15
Sept.
July
July
Brompton Pulp &
31
15
15
11
26
1 Mar. 31
7d.
Broad Street Trust Co.
1 Sept. 20
19
30
2 Aug.
7d.
June 27
10
1
3
25 June 28
Amer. deposit rets.
June 27
July
July
$114
Washington Trust Co. of Pittsburgh (quar.)
Western Savs. & Dep. Bk.
10c
18
18 June 27
British Columbia Electric Ry. Co.,
6% preferred (quar.)
15c
July
July
Aug.
9
Aug. 15
.........
30
13
Sept. 1 Aug. 25
July 10 June 30
American Telephone
British Colombia Power Corp. cl.
Uncas-Merchants Nat. Bank (Norwich, Conn.)
we
30c
(bi-monthly)
Standard Sanitary Corp.—
Amer. Radiator &
Holders
When
Payable of Record
Amer. deposit, rets.
58 l-3c
7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
Transamerica Corp. (s.-a.)
Below
Share
Company
British-American Tobacco Co.—
Toledo Edison Co.
Extra.
Per
Name of
American News Co.
19 July
15 July
15 Oct.
July
July
$1
Royalties, Ltd
E.) Mfg. Co
July 5, 1941
Holders
Payable of Record
+lc
Prentice (G.
Extra
-.
When
Chronicle
25c
Chain Store Investors Tr. (Boston, Mass.) (qu.)
20c
5c
70c
Extra
Chase National Bank (N.
Y.) (s.-a.)
Chemical Fund, Inc
Cincinnati New Orleans & Texas Pac. Ry. Co.
5% pref.(quar.)
Citizens National
$134
Bank
&
Trust
Co.
—
City Baking Co., 7% preferred (quar.)
City Title Insurance Co. (quar.)
Extra
JJune
July
17
5
30
7
30
30
16
16
25
15
Aug.
Sept.
Aug. 25
Dec.
Nov. 24
June 30
July
July
July 24
July
June 00
July
July 15'June 30
June 30
July
Aug.
July 31
July 31
Aug.
July
7
July
July
2
July
Sept. 1
Sept.
1
Dec.
Dec.
July
July
Aug.
June 30
June 30
Aug.
1 June 30
July
July
June 21
July
July
July
July
July
July
Aug.
Aug.
Aug.
July
July
July
July
Aug.
Aug.
Aug.
Aug.
July
Sept.
July
Aug.
July
July
July
July
July
Aug.
July
Sept.
June 30
June 30
June 30
June 30
June 30
June 30
June 30
June 26
Aug.
Aug.
July
1
1
1
15 July
8
July
July
July
July
July
July
July
4
4
10
30
30
25
25
June 30
Sept.
5
June 30
July
July
July
July
15
5
June
14
June
14
July
11*
5
10
June 30
Aug. 15
(Engle-
wood, N. J.) (quar.)
Citizens & Southern Nat. Bank (Savannah, Ga.)
Common...
8c
15 June 30
$1
Oct.
Sept. 30
20c
Oct.
1 Sept. 15
$134
Aug.
1234c
734c
July
July
l'July 25
20 July
20 July
15
15
Volume
Share
Company
t$7
Clmchfield Coal Corp
7% pref
Clinton Water Works, 7% pref (quar.)
Coca-Cola Bottling Co. of St. Louis (quar.)
$1 H
25c
25c
m
25c
Colorado Fuel & Iron Co
Columbus Foods Corp., pref. tquar.)
43 34c
50c
_
Common (resumed)
—
July
July
July
July
Aug.
Aug.
Aug.
1
1
10
10
Aug. 14
1 July 21
1 July 21
15
15
20
20
28
July
July
July
July
$IH
UOc
$1H
6% pref. (quar.)
6 34% preferred "C" (quar.)
Concord Gas Co., 7% preferred
$1)4
$134
t50c
Confederation Life Association (Toronto) (qu.)-
$1)4
$1H
X5c
45c
4c
Quarterly
Coniagas Mines, Ltd. (interim)
Conn (C. G.),
Ltd., common (quar.)
10c
—
7% preferred (quar.)
6% preferred class A
$134
$1 34
(quar.)
Connecticut & Passumpsic River RR. Co.—
6% preferred (s.-a.)
Consolidated Aircraft Corp. $3 conv. pref. (final)
Consolidated Car Heating Co., Inc. (irreg.)
Consolidated Cigar Corp. 7% pref. (quar.)
6 34 % prior preferred (quar.)
Consol. Edison Co. of N. Y., Inc., $5 pref. (qu.)
—
$3
50c
40c
$154
$154
$134
$154
J50c
t75c
12)4c
Consolidated Laundries $7-50 preferred (quar.)_
Consol. Min. & Smelt. Co. of Canada, Ltd. (s.-a.)
Extra
-
Consolidated Oil Corp. (quar.)
$2
80c
Consolidated Retail Stores. 8% pref. (quar.)
Continental Insurance Co. (N. Y.) (s.-a.)
20c
Extra
(quar.)
Corn Products Refining Co., common
75c
—
$1H
preferred (quar.)
Creamery Package Mfg. Co. (quar.)
Credit Utility Banking Corp., class B (quar.)..
Crowed-Collier Publishing Co. 7% pref. (s.-a.)
Crown Drug Co. 7% con v. pref. (quar.)
Crum & Forster (quar.)
8% pref. (quar.)
7%
30c
25c
$3 34
43 34 c
—
30c
$2
10c
Culver & Port Clinton RR. Co. (s.-a.)
Curtis Manufacturing Co. (Mo.)
75c
(irreg.)
Cypress Abbey Co. (irreg.)
Darby Petroleum (resumed)
Delaware Trust Co. (Wilmington) (quar.)
Dennison Manufacturing Co., $6 prior pref
8% cum. debentures (quar.)
Dentists" Supply Co. (N. Y.) 7% pref. (quar.)
7% preferred (quar.)
Detroit Edison Co. (capital stock $20 par)
Detroit Gasket & Manufacturing Co
Detroit Harvester Co. (quar.)
Detroit Hillsdale & Southwestern RR. (s.-a.)
Semi-annually
3c
25c
$IM
$2
SI 54
—
$134
Aug.
1 July
July 15 July
Aug.
1 July
Aug.
1 July
Aug. 30 Aug.
Oct.
1 Sept.
Dec.
Hamilton National Bank (Wash., D.
14
31 Dec.
14
July
1
June 30
Aug. 15
July 15
1 June 27
1 July 15
July 15 June 19
July 15 June 19
Aug. 15 July 15
Oct.
1 Sept. 15
July 10 June 30
July 10 June 30
3
July 21 July
3
July 15 July
July 10 June 30
July 10 June 26
Aug.
1 July 24
6
Aug. 15 Aug.
July 15 July
1
Sept. 30 Sept. 16
Aug.
1 July
July
7 June
July 15 June
July 15 July
July 15 June
Aug.
1 July
Aug.
1 July
22
23
30
2
30
23
23
1
1 Oct.
Dec. 23 Dec. 23
Oct.
July
July
15 June 27
5
21 July
25c
June
14 June
$2
—
$2
25c
5 June 20
1-5-42 Dec. 20
Sept.
15c
Dixie Home Stores (quar.)
July
July
75c
—
Diamond Ginger Ale Inc. (quar.)
Diamond Match Co.. pref. (semi-annual)
t50c
JS234
Dominion Oil Cloth & Linoleum Co., Ltd. (quar. )
t30c
flOc
Extra
10 June 30
30 June 21
July
25c
Doehler Die Casting Co. (interim)
Dome Mines, Ltd
Dominion Bank of Canada (quar.)
4
July
25c
Detroit Steel Products Co
15
15
25c
45c
2 Aug. 12
2
15 July
July 25 July 10*
July 21 June 30
Aug.
1 July 19
July 31 July 15
July 31 July 15
5)4%
preferred (quar.)__
40c
Nov.
$1
Duplan Silk Corp., common (reduced)
(E. I.) de Nemours & Co., $4.50pf. (qu)
Duquesne Light Co., 5% pref. (quar.)
Dwight Mfg. Co. (irreg.)
— —
East Pennsylvania RR. Co. (s.-a.)
Electric Bond & Share Co. $5 pref. (quar.)
$6 preferred (quar.)
Electric Household Utilities Corp. (increased) —
El Paso Electric (Delaware), 7% pref. A (quar.)
6% preferred B (quarterly)
Ely & Walker Dry Goods 1st pref. (s.-a.)
—
Second preferred (s.-a.)
Empire Trust Co. (New York) (quar.)
Employers Casualty Co. (Dallas), (quar.)
Quarterly
Equity Corp., $3 convertible preferred
Falstaff Brewing Co. pref. (semi-ann.)
Fansteel Metallurgical Corp. $5 pref. (quar.)
$5 preferred (quar.)
30c
$134
du Pont
.
Farmers & Traders Life Insurance (quar.)
Federated Department Stores common
(quar.)
—
4 34 % conv. preferred (quar.)
Federal Insurance Co. of New Jersey (quar.)
$134
SI H
$134
15c
IIH
$134
75c
t75c
July
3c
July
$134
$134
$234
15 July
15 July
1
31
25 July 10
15 June 16
8 July
_
15 July
if July
1
1
7
July
25 July
7
10
15 June
30
30
1
15 June
15 July
3
15 July
3
5 June 27
1
'
July
25
Oct.
25
21 June 16
Sept. 16
Sept. 30 Sept. 15
~
15
Dec.
Dec.
Oct.
8ept. 10
July 21
July 21
Sept. 20
July
$1.0634 July
35c
Oct.
July
July
$134
June
June
30
30
Sept. 5
July 16
25c
Sept.
$134
Aug.
July
July
July
July
July
July
July
July
$1
5
July
5
July
Sept. 20
Sept. 20
-
-
(quar.)
Fireman's Fund Insurance Co. (San
——
Fran.) (qu.)
-4-
-
-
-—-■■-
-
-
First National Bank
(Atlanta, Ga.) (quar.)
First National Bank (Hartford) (quar.)
First National Bank (Mt. Vernon, N. Y.)—
Common (quar.)
First Nat. Bank (North Easton, Mass.) (quar.)
First National Bank (Pittsburgh) (quar.)
First Nat. Bank & Trust Co. (Lexington, Ky.)
(Quarterly)
Fishman (M. H.) Co., Inc., 5% conv. pref. (qu.)
Fitzsimmons Stores, Ltd. 7% pref. (quar.)
-—
7% preferred (quar.)__.
Foundation Co. of Canada, Ltd. (quar.)
20c
Oct.
25c
Oct.
$2
Oct.
1 Sept. 30
4
1 June
Oct.
1 Sept. 30
Fundamental Investors, Inc
18c
Fyr-Fyter Co., class A (quar.)
25c
25c
Extra.
Gardner-Denver Co., common (quar.)
25c
$3 convertible preferred (quar.)
Light Co., common (,s.-a.)
General Cable Corp., 7% preferred
General Capital Corp
75c
$4
Gardner Electric
t$l54
27c
35c
5c
General Electric Co
General Finance Corp. (quar.)
General Foods Corp. $4.50 preferred
$134
(quar.)
Trust (Boston) (benef int.)
6c
$1
General Mills, Inc. (quar.)
General Motors Corp., $5% pref. (quar.)
General Outdoor Advertising, class A
Preferred (quar.).
Preferred (quar
p.).
.
General Trust Co. of Canada (Montreal)
Georgia Railroad & Banking (quar.)
Giddings & Lewis Machine Tool
(qu.)_
-
50c
$134
$134
25c
$154
68 34c
6I/fl
45c
40c
15c
75c
$1
15c
15c
15c
:5c
:5c
60c
60c
Quarterly
$134
Hooker Electrochemical Co., 6% pref. (quar.) —
Comrnon (irreg.)
Horn & Hardart Co. (N. Y.) common (quar.) —
30c
50c
$134
$1
$134
5% preferred (quar.)
Household Finance Corp., common
(quar.)
5% preferred (quar.)
Hussmann-Ligonier Co. common (quar.)
Hyde Park Breweries Assoc., Inc. (irreg.)
Hygrade Sulvania Corp., 4)4 % conv. pref. (qu.)
I X L Mining Co. (block shares) (quar.)
Idaho Maryland Mines Corp. (monthly)
Illinois National Bank (Springfield, 111.) (quar.)
Imperial Bank of Canada (Toronto, Ont.) (qu.)_
Imperial Chemical Industries Am .dep. rec
Imperial Life Assurance Co. of Canada (quar.) —
Quarterly
Indianapolis Power & Light Co. (quar.)
Industrial Bank & Trust Co. (St. Louis), quar.)_
15c
50c
45c
.;
Oct.
1 Sept. 26
July 15 June 30
Sept. 2 Aug 20
Dec.
1 Nov. 20
18 June 30
18 June 27
9 June 30
Oct.
1 Sept. 30
July 15 June 30
July 15 June 28
July 15 June 28
7
July 21 July
Aug.
1 July 21
July 15 June 30
Aug.
1 July 27
July 15 June 30
July 25 June 27
1
July 15 July
Aug.
1 July 10
July 21 June 30
Aug.
1 July 10*
Aug.
1 July
Aug.15 Aug.
July
July
July
Nov. 15 Nov.
$134
$134
t$134
$2 34
Aug. 15 Aug.
July
July
25c
July
Nov. 15 Nov.
15 June 30
1
15 July
7
17 July
20c
5c
$134
:$234
a5%
:$3 k
*$334
Payable of Record
Aug.
1
July 25
July 15
July 15
July 15
July 15
Aug.
1
July
July
Aug.
Sept.
July
July
July
Aug.
Aug.
Aug.
$134
_ _
$1 34
7% preferred ($100 par) quar.)
7% preferred ($5 par) (quar.)
International Products Corp., 6% pref. (s.-a.)„
8
IS
$1
15c
International Silver Co. (resumed)
Interstate Department Stores
7% pref. (quar.)
Interstate Home Equipment Co., Inc
Investment Foundation, Ltd.—
6% conv. preferred (quar.)
$154
—
20c
:75c
10c
Iowa Electric Light & Power Co.—
18734c
7% preferred A
6)4 % preferred B
6% preferred C
Iron Fireman Mfg. Co. (quar.)
Quarterly
Jason Mines, Ltd. (initial)
?83lcc
30c
30c
:2c
(s.-a.)
Joliet & Chicago RR. Co., stamped (quar.)
Joplin Water Works Co., 6% pref. (quar.)
Julian & Kokenge Co. (s.-a.)
Katz Drug Co. common (s.-a.)
Jefferson Standard Life Insurance
,
1234c
20c
Kaufmann Department Stores
Kellogg Switchboard & Supply com. (irreg.)
5% preferred (quar.)
Kemper-Thomas Co., 7% special pref. (quar.)—
7% special nreferred (quar.)
Kennedy's Inc. pref. (quar.)
Kentucky Utilities Co. 6% preferred (quar.)
Keystone Watch Case Corp. (irreg.)
King Oil Co (quar.)
Kroger Grocery & Baking 7% pref. (quar.)--.—
Krueger (G.) Brewing Co
Lancaster County Nat'l Bank (Pa.), com. (s.-a.)
(semi-annual)
Landis Machine Co., 7% preferred (quar.)
7% preferred (quar.)
Lane Bryant, Inc., 7% pref. (quar.)
Langendorf United Bakeries, Inc.—
$2 class A (quar.)
Preferred
£1jass
'
'w'm
tm
mum
<m *+
'mm
25 July
1 July
15 Aug.
15 July
15 July
25 July
29 Aug.
Dec.
t50c
75c
20c
v
G.), Inc. (increased) (quar.)—
25c
—
(quar.)
(quar.)
end dividend)
Lerner Stores Corp., common (quar.).
4)4% preferred (quar.)
Liberty Loan Corp. $334 pref. (quar.)
Liberty National (Wash.,D. C.) (s.-a.)_
Lincoln Bank & Trust Co. (La.) (extra)
Lincoln National Life Insurance Co. (quar.) —
Quarterly
—
Lincoln Telephone & Telegraph Co. (Del.)—
Common
Lehman Corp.
Extra (Year
(quar.).
Class B
(quar.)
(extra)
5% preferred (quar.).
$1
ic
15c
50c
$134
8734c
$3
$1
—-
—
(quar.) (increased).— —
634% preferred (quar.)
Lion Oil Refining Co. (quar.)
Little Miami RR.. original capital
Original capital
Special guaranteed (quar.)
Special guaranteed (quar.)
Little Schuylkill Nav. RR. & Coal (irreg.)
Lone Star Cement Corp.—
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
Loomis-Sayles Mutual Fund, Inc
Loomis-Sayles Second Fund, Inc
Loose-Wiles Biscuit Co. (quar.)
4
25
25
15-
Oct.
Aug.
July
Oct.
12
Sept.12
Aug. 12
July 12
Aug. 13
June 30*
June
30*
July
July
July
21
2
7
June 30
July 10
1 Sept. 24
1 June 30
8 Apr. 25
1 Sept. 30
1-2-42 Dec. 31
July
July
July
July
15 June
1 Sept.
15 June
15 July
15 July
10 June
30
15
30
5
20
Oct. 10 Sept. 22
July 15 June 20
Aug.
1 July 16
3
July 15 June
2
2
Aug.
Aug.
July
July
July
June
July
July
Aug.
July
July
10
June
19
July
July
10
1
July
July
30
15 June 30
15 June 30
July 21 June 30
July 21 June 30
July 21 June 30
9
Sept. 2 Aug.
Nov. 10
Dec.
July
July
July
July
July
July
July
July
July
Sept.
15 June 30
26 July 22
June 25
15 July
15 July
15 June
28 July
31 July
31 July
2 Aug.
1
1
30
10
15
15
20
1 Nov. 20
June 30
15
15
10
Aug.
1
Aug.
1
July 16
Aug.
Aug.
Sept. 15
June 30
July
July
July
July
July
July
Sept.
1*
12
19
9
26
26
5
Dec.
lo Dec.
5
Aug.
1 July
15
15 June 30
15 June 30
15 June 30
Sept. 12 Sept. 3
July
July
July
Dec.
12 Dec.
3
July
July
Sept.
Aug.
July
July
July
14
10
1
1
26
26
25
June
30
Oct.
Aug.
July
July
July
Aug.
Aug.
July
July
June 28
Aug.
9
July 25
July
5
July
5
July
5
1 Sept. 13
1 July 14
7 June 20
7 June 20
15 June 30
1 July 17
1 July 21
8
15 July
8
15 July
1 July 26
30c
Aug.
30c
Nov.
50c
25c
July
July
July
July
June 30
Sept.
Aug.
8
Sept. 15
25c
Class B
Link-Belt Co. common
75c
30c
Lehigh Coal & Navigation Co. (interim)
Lehigh Portland Cement Co. 4% pref. (quar.)
Class A
50c
20c
(initial)
5
10
15 Dec.
30
30
1
2
15
15
1
16
15
15
21
Dec.
75c
t50 o
pref--
15
15 June 30
1 July 15
1 July 15
July
July
July
$134
1234c
$2
$134
$154
$134
$134
July
Sept.
Aug.
Aug.
Sept.
July
July
Aug.
July
July
July
July
$134
15c
June 30
July 15 June 30
July 15 June 30
Sept. 15 Sept.12
3134c
$134
$234
15c
Lee Tire & Rubber Corp
Leece-Neville Co.
25c
$134
$134
50c
mm mm -m
Le Roi Co
Le Tourneau (R.
75c
$134
June 30
June 20
1 July 22
1 I Aug. 15
7
21 IJuly
5 June 21
Oct.
40c
27
July
15 June 30
15 June 80
July
40c
1
10
June
19
Sept. 26 Sept.16
$1
$134
Insurance Co. of North America (s-a)
Internationa 1 Bronze Powders, Ltd., com. (qu.)_ :3734c
:3734c
6% preferred (quar.)
$134
International Business Machines (quar.)
$134
(Quarterly)
International Harvester Co. (quar.)
International Machine Tool Corp. (initial)
International Milling Co. 5% preferred (quar.)
International Nickel of Canada—
July
1 July 17
Sept. 15 Sept. 5
July
Aug.
Aug.
Aug.
Aug.
July
Aug.
40c
Extra
$1
Class A—
I$2 34
(Hawaii) (quar.)
7% conv. preferred
Lawrence Gas & Electric Co. (quar.)
$134
$134
t$134
Extra
Home Insurance
6% preferred (quar.)
Langley s, Ltd., 7% conv.
Oct.
t25c
50c
Monthly...
Monthly
Hollinger Consol. Gold Mines, Ltd. (monthly.)
15
15
July
July
$1
$134
1734c
1734c
t$l 54
C.) (s.-a.)..
(M. A.) Co., $5 pref. (quar.)
Harbison-Walker Refractories pref. (quar.)__
Harris-Seybold-Potter Co. common (initial).—
Harrisburg Gas Co., 7% preferred (quar.)
Hartford Electric Light Co
Hartford Times, Inc., 5)4% pref. (quar.)
Hat Corporation of America, 6)4 % pref. (qu.)—
Hawaiian Electric Co., Ltd. (qaur.)
Hayes Industries, Inc. (irreg.)
Hecker Products Corp. (quar.)
Hercules Powder Co. 6% pref. (quar.)
Hershey Chocolate Corp. common (quar.)
$4 conv. pref. (quar.)
Hibbard, Spencer, Bartlett & Co. (monthly)
15
June 30
25c
10c
(quar.)
June 30
25c
He
Ltd
Fuller Mfg. Co. (Kalamazoo, Mich.)
Fulton National Bank (Atlanta, Ga.)
80c
20c
25c
434% preferred (quar.)
12
15 June 30
$ 1.1834
Extra
Field (Marshall) & Co
Filene's (Wm.) Sons, common
General Investors
1
Oct.
35c
6% preferred (quar.)
Ferro Enamel Corp
Fibreboard Products, 6% prior pref. (quar.)
Fidelity-Phoenix Fire Ins. Co. (s.-a.)
Firestone Tire & Rubber Co—
$1!i
.
75c
Federal Services Finance Corp. (quar.)
Four Star Petroleum,
40c
Aug.
July
July
Aug.
July
July
July
July
Aug.
Aug.
July
July
July
July
July
July
Aug.
t$l3A
t$lH
—
Dominion Textile Co., Ltd. 7% pref. (quar.)
Extra
25c
20c
25c
Investors Fund C, Inc
Dominion Tar & Chemical Co., Ltd.—
Dresser Manufacturing Co
$134
$134
Hanna
Aug.
8 July 24
5
July 15 July
July
5 June 25
July
5 June 25
Aug.
Aug.
(quar.)
Gimbel Bros., Inc., $6
1
15
1 Nov. 14
Aug.
1
Aug. 30
July 15
Sept. 2
Aug.
1
Gillette Safety Razor, $5 conv. pref.
15
Aug. 15 July 31
Sept. 30 Sept. 25
D„»c.
Share
Company
pref. (quar.)
Gladding, McBean & Co. (resumed)
Golden State Co., Ltd. (quar.)
Great American Insurance Co. (quar.)
Great Lakes Power Co., Ltd., 7 % pref. (quar.) —
Green (H. L.) Co. (quar.)
Guarantee Co. of North America
(Montreal)
(Quarterly)
Columbus & Southern Ohio Electric Co.—
6)4% preferred (quar.)
Commercial Alcohols, Ltd., 8% pref. (quar.)
Commonwealth Edison Co. (quar.)
Commonwealth Investment Co. (quar.)_
Commonwealth Utilities Corp. 6H % pref. (qu.)_
Name of
Payable of Record
Holders
When
Per
Holders
When
Per
Name of
Extra
55
The Commercial & Financial Chronicle
153
$134
50c
$154
25c
$1.10
$1.10
Oct.
July
Sept.
1 Oct.
25
June
30
30
June
30
June
June 24
Aug. 25
Dec.
Nov. 24
50c
Sept.
Aug. 25
50c
Dec.
Nov. 24
90c
July
June
Sept.
Sept.
Aug. 20
Dec.
Nov. 20
Dec.
Nov. 20
$134
25c
a
50c
20c
25c
13
Aug. 20
June 30
July
July 15'June 30
l'July 19
Aug.
The Commercial & Financial Chronicle
56
Per
Name of
Share
Company
iVhen
Holders
:) (initial)
6% pref. (final)
-
—
—
17
Omar, Inc., 6% preferred (quar.)
30
30
Ontario Silknit, Ltd., 7% pref. (accumulation).
Pacific Finance of California pref. A (quar.)
-
-
«
——
nim
Marshall Field & Co
20c
Marshall & Ilsiey Bank (Milwaukee) (s.-a.)
Massachusetts Investors Trust
20c
21c
Sept. 20
Dec.
23
Packer
30
30
30
July
15 June 30
1 July 15
30 Aug. 29
Nov. 29 Nov. 28
1
Sept.
Aug.
Aug.
Aug.
July 18
2 Aug.
1
1 July 11
29 Aug. 15
15 Aug.
5.
Nov. 15 Nov.
July
July
5
15 June 30
15 June 30
1 July
Aug.
July 15 July
July 15
July 15
July 15
July 15
July 10
July 31
2
5
June 30
June
30
June 20
June
20
June 20
July
5% participating preferred (quar.)
Massawippi valley RR. Co. (semi-annual)
62>|c
75c
May Department Stores (quar.)
common
50c
(quar.)
$5 preferred (quar.)
Memphis Natural Gas Co
Mercantile Acceptance Corp. 6% pref. (quar.)__
5% preferred (quar.)
—.
(quar.)
6% preferred (quar.)
-—...—
Mercantile Trust Co. (Bait.) (quar.)
Merchants National Bank (Boston) (quar.)
15c
25c
6 Dec.
6 Aug. 30
1
5 Dec.
$1M
15c
tSIM
t2c
(quar.)..
SIM
50c
*3 8c
+43c
5
July 15 July
July 15 June 30
July 25 June 27
1 Sept. 20
Oct.
8
July 15 July
July
July
Aug.
July
July
July
Aug.
July
10 June 30
10 June 25
1
July
15
15 June 30
15 July
15 July
1
July
15 June
1
7
11
13
July 30 June 30
July
15 June
30
1 Oct.
1
1-1- 42 Dec.
31
Oct.
-
common
1
Dec.
Sept.
$1
Moneta-Porcupine Mines, Ltd. (irreg.)
1
15
18
18
7
30
25c
$1
25c
Monongahela Valley Water, 7% pref. (quar.)__
Monroe Loan Society, class A
Montana Power Co. $6 preferred (quar.)
Montgomery Ward & Co., Inc., com. (quar.)
30
July 15 June
1 July
Aug.
Sept. 3 Aug.
1 July
Aug.
1 July
Aug.
July 14 July
8ept. 5 Aug.
Dec.
50c July 25 June 30
75c
July 15 June 30
1 July 15
S1.06M Aug.
SIM July 10 June 30
(quar.)
4 M %jpreferred (quar.)
Mount Carbon & Port Carbon RR. (s.-a.)
Mt. Diablo Oil, Mining & Development Co.—
Coomon (quar.)
lc
Mountain City Copper Co. (Irreg.)
Mountain States Power Co. com
10c
-
37Mc
62 Mc
-
5% preferred (quar.)
-
Mountain States Tel. & Tel. (quar.)
Munising Paper Co., 5% 1st pref
SIM
tsi
Sept,
July
July
July
July
Aug.
3
23
19
19
15
1
Aug. 15
July
9
June 30
June 30
June 30
July
20
June
June
19
Sept.
Sept.18
6% preferred (quar.)
—
6% preferred (quar.)
6% preferred (quar.)
Mutual Investment Fund, Inc
Mutual System, Inc., common
8% preferredNarrangansett Elec. Co. 4M % preferred (quar.)
—
.—
—
National Automotive Fibres (quar.)
National Aviation Corp
National Bank of Detroit (s-a)
SIM
$1M
SIM
10c
5c
50c
56 Mc
15c
25c
50c
National Biscuit Co. com
40c
'Common
40c
7% preferred (quar.)_
SIM
Quarterly
National Fuel Gas Co. (quar.)
National Funding Corp., class A (quar.)
Class B (quar.)
15c
10c
SIM
SIM
SIM
:50c
(guar.)
Naumkeag Steam Cotton Co. (irreg.)
$2
10c
Telephone (quar.)
Quarterly
Preferred A
(quar.)
Preferred A (quar
Preferred A (quar.)
Penmans, Ltd., common (quar.)
-
$4
-
Permutit Co
25c
Pfeiffer
Brewing Co. (quar.)
Philadelphia Co (quar.)
Philadelphia Electric Co., common
$5 preferred (quar.).
Philadelphia Electric Power 8% pref. (quar.)
Philadelphia & Trenton RR. (quar.)_
Phillips Pump & Tank Co., class A (quar.)
25c
10c
35c
$1M
50c
$2M
2Mc
2Mc
2Mc
2Mc
2Mc
12 Mc
Extra
Class A (quar.
Class B
Phoenix Acceptance Corp., class A (quar.).
Pick (Albert) Co. common (irreg.)
22
20
15*
30
June 30
June
30
July
10
30
June
July
July
18
31
3
June
30
July
July
7
June
30
20
30
16
16
SIM
Aug.
1 July
15
$1M
50c
t$!£
July
July
July
Aug.
15
15
15
1
19
19
30
15
15
1
Aug. 30
July 31
Sept. 21
July
1
June
30
tSIM
tSIM
tSIM
July
July
July
July
July
:20c
6% preferred (quar.).
tSIM
Northern States Power Co. (Del.), 7% pref
tSIM
6% preferred
tSIM
Northern States Power Co. (Minn.) $5 pf.
(qu.)_
SIM
Northwest Engineering Co
50c
July
July
June 30
July
July
July
Aug.
July
July
June
July
5
July
July
Aug.
Sept.
July
5
1
18
Northern Ontario Power Co., Ltd. com
Nu-Enamel Corp
Oahu Sugar Co., Ltd.
(monthly)
20c
25c
50c
SIM
Dec.
15 June 13
15 June 30
15 Juhe 30
15 June 25
15 July
July
3
3
3
June 30
30
June 30
June 30
July
15
June 30
July
July
Sept.15
1
1 Sept. 20
Oct.
July 15 June 13
Aug. 15 July 15
July 15 June 20
July 15 June 30
1
Aug. 30 Aug.
20c
19 June 30
July
July
19 June 30
19 June 30
20c
$2M
Nov.
2.5c
Aug.
Sept.
July
50c
50c
preferred (quar.)
2nd preferred
July
20c
-
$0.80 prefeired (quar.)
Rath Packing Co. 5% pref. (semi-annual)
Reading Co.—
Common (quar.)
4% non-cum. 1st preferred (quar.)
1
July 17
Aug. 21
June
19
50c
—
—
Oct.
Sept. 18
15c
(quar.)
Reda Pump Co
July
June 28
40c
(quar.)
Sept.
Aug. 15
Nov. 15
40c
Dec.
15c
Reliance Mfg. Co. (111.) common
Reliance Steel Corp
Aug.
July
July 21
July
July
July
July
July
July
July
20c
-
15c
8c
(H. W.) & Co. (s.-a.)
Extra
4c
-
Rike-Kumler Co. (irreg.)
Rochester-Amer. Insur. Co. (N. Y.)
(quar.)
Rochester Button Co. common (quar.)
75c
25c
25c
Common extra
37Mc
37Mc
$1.50 conv. preferred (quar.)
Rolland Paper Co., Ltd., common (quar.)
115c
6% preferred (quar.)
Royal Crest Petroleums, Ltd
Royal Typewriter Co., common (irregular)
7% preferred (quar.)
St. Croix Paper Co. (quar.)
St. Lawrence Corp. 4% class A conv. preferred
St. Lawrence Corp., Ltd.—
4% class A preferred (accumulated)
St. Lawrence Paper Mills 6% preferred
St. Louis County Water Co., $6 pref. (quar.) —
St. Louis Union Trust Co. (Mo.), common—
(Quarterly)
(Quarterly)
San Diego Gas & Electric Co. (monthly)
San Francisco Remedial Loan Assn. Ltd. (quar.)
Schuylkill Valley Nav. & RR. Co. (s.-a.)
Scott Paper Co., $4 preferred (quar.)
:$im
tic
S2M
SIM
$1
t25c
t25c
t50c
SIM
50c
50c
7Mc
75c
SIM
SI
$1M
$4.50 preferred (quar.)
Scruggs-Vandervoort-Barney, Inc.,
25c
com
Roebuck & Co. (quar.)
Security Storage Co. (quar.)
Security Title Building, Inc.—
Sears
75c
SI
$7 participating preferred
(quar.)..
15 Sept. 15
15 Dec. 15
15 June 30
15 June 30
a1i
Class A
Class B-__-------
17
Aug.
Northern Central Ry. (s.-a.)
Northern Indiana Public Service Co.—
Sept
July
July
July
July
July
July
July
5c
ailroad Employees pref. (quar.)
guaker Oats Co., 6% Corp.—
15
July
July
Sept.
Aug.
Sept.
July
July
21 June 30
SIM
June
19
10
21 June 27
July
:75c
:3c
-
July
Aug.
1
Aug.
1
Aug.
1
Aug. 15
8 June
15
:$im
—
Prosperity Co. preferred (quar.)
Public Nat. Bank & Trust Co. (N.Y.) (quar.)__
Public Service of N. J. 6% pref. (monthly)
6% pref. (monthly).,
Puget Sound Power & Light Co.—
$5 prior prefernece
Putnam (George) Fund of Boston
Rickel
19
5
July
July
15c
Procter & Gamble Co., 8% pref. (quar.)__
15
June
(quar.)
25 July
July
1 Sept. 15
10 June 25
$1M
$1M
$1M
Extra
Preferred
July
July
$1M
I
70
7% preferred (quar.).
.2d
25
1 Aug. 15
Aug.
5
July 10
June 25
Oct.
25c
21
2-1-42 1-15-42
Sept.
t$l
Pittsburgh Bessemer & Lake Erie RR. Co.Common (quar.)
Pittsburgh Brewing Co. $3.50 preferred
Pittsburgh Forgings Co
Pittsburgh Fort Wayne & Chicago Ry. Co.-
15
10
15
July 10 June 27
July 31 July lO
July 25 July
1
Aug.
1 July 10
Aug.
1 July 10
Oct.
1 Sept. 10
1
July 10 July
Aug.
1 July 15
Sept. 1 Aug. 15
Nov.
1 Aug. 15
75c
50c
Pittsburgh Screw & Bolt Corp.
Plymouth Cordage Co. (quar.)_„
Pollock Paper & Box Co., 7% pref. (quar.)_
7% preferred (quar.)
Power Corp. of Canada, 6% 1st pref. (quar.)
6 % non-cum. partic. pref. (quar.)
Premier Gold Mining Co., Ltd. (quar.)
Preston East Dome Mines, Ltd. (quar.)
July 30 July
July 25 July
Aug.
1 July
July 15 June
Sept. 30 Sept.
50c
SI preferred (s.-a.)
25
June 30
5
5-5-42
Aug. 15
July 28
July
7
July 21
15c
Piedmont & Northern Ry. Co. (quar.)
25
Nov. 15 Nov.
Oilstocks, Ltd. (s.-a.)
Old Colony Trust Associates
Oliver United Filters, Inc., class A (quar.)
Omaha National Bank (Nebraska) (quar.)
•MS
25c
June
Sept.
A
7% preferred
6% preferred
5M % preferred
12Mc
-
June
July
Aug.
Aug.
Corp., class A (quar.)
Nor ma-H Bearing Corp. (quar.)
North Penn Gas Co. $7 prior preferred
40c
pref. (initial)
Penn Traffic Co. (s.-a.)
Pennsylvania Power Co., $5 pref. (quar.)
Peoples Gas Light & Coke Co
Peoples Nat. Bk. of Wash.(Seattle,Wash.) (qu.)
non-cum. conv.
50c
SIM
SIM
tl3c
_
Nov. 15 Nov.
Penn Investment Co. (Phila.)—>
$2 preferred (quar.)
Richmond Insurance Co. (N. Y.) (quar.)
July
July
July
July
5
1
5
5
Aug. 15 Aug.
Aug.
1 July 21
30
30
June 30
July
July
July
5-15-42
June
Aug.
Sept. 16
Aug. 15
June 30*
35c
6% preferred (quar.).--
15
15
15
June 30
35c
:7.5c
:$im
Aug.
Aug.
Aug.
June
July
July
Oct.
June
Oct.
June 30
July
July
$1
July
Sept. 25
27 June 28
1 Sept. 15
15
1-5-42 Dec
5
Aug. 15 Aug.
6c
50c
50c
35c
Peninsular
15c
f1 M
(quar.)
Ltd. (quar.)
Newberry (J. J.) Realty, 6M % pref. A (quar.)_
6 % preferred B (quar.)
Newport News Shipbuilding & Dry Dock Co—
$5 cum. conv. preferred (quar.)
Niagara Hudson Power Corp.—
5% 1st preferred (quar.)
5% 2nd preferred A (quar.)
5% 2nd preferred B (quar.)
$1M
Republic Investment Fund pref. A & B (quar.)_
com. class A (quar.)
July
July
July
July
July
Aug.
Aug.
Aug.
July
July
July
35c
National Lead Co. 6% pref. B (quar.)
National Paper & Type Co. 5% pref. (s-a.)
National Power & Light, $6 pref. (quar.),
com.
$1
(quar.)
Rhode Island P. S. Co.
Oct.
50c
25c
35c
National Gas & Electric Corp. (irreg.)
National Investors Corp. (Md.)
18
June
75c
National Distillers Products Corp. (quar.)
National Electric Welding Machine Co (quar.)-
(quar.)
Norfolk & Western Ry. Co.,
Adj. preferred (quar.)
Cos., Inc., 4% pref.
Sept. 10
July 15
Aug.
1
Aug# 1
Aug.
1
July 15
July 15
July 15
July 15
July 15
July 15
30
Oct.
15c
New Brunswick Telephone Co.,
25c
Holders
When
Payable of Record
June
2c
50c
Class
Dec.
June 30
2c
25c
National City Lines, $3 conv. pref. (quar.)
Class A (quar.)
1900
Dec.
July
July
July
Aug.
July
July
Aug.
July
Aug.
July
July
Aug.
Aug.
Aug.
Aug.
National Bond & Share Corp
National Cash Register
Nazareth Cement Co. (resumed)
Neiman-Marcus Co. 5% preferred
50c
$1M
$1M
Regent Knitting Mills pref. (quar.)
Mutual Chemical Co. of America—
National Steel Car Corp.
-
Corporation (quar.)
Paraffine
15
Dec. 27 Dec. 20
July 19 June 30
30c
30c
S2ti
Mergenthaler Linotype Co
Mid-City National Bank of Chicago, com
Midwest Piping & Supply (irreg.)
Mill Creek & Mine HillNavigation RR. Co.—
Common (s.-a.)
Minneapolis Brewing
Mississippi Power & Light, $6 1st preferred
Montreal Light Heat & Power Consol.
Montreal Telegraph Co. (irreg.)
Moore (W. R.) Dry Goods Co. (quar.)_
SIM
16Mc
$1M
Pater son & Hudson River RR. Co. (s.-a.)
Pend Oreille Mines & Metals (initial)
1 July
15 June
15 June
15 June
5% preferred (quar.)
Pacific Gas & Electric Co. (quar.)
Pacific Lighting Corp. $5 pref. (quar.)
Pacific Tel. & Tel. 6% pref. (quar.)
15
Aug.
July
July
July
Aug.
Aug.
Aug.
20c
Preferred C (quar.)
Massachusetts Utilities Association—
Quarterly
Morrell (John) & Co
Morris (Philip) & Co.
$1M
:$i
July
June
-
6% preferred
Share
June
Aug.
1
July 15
July 15
$1.9449 July 28
$2.2692 July 28
1
SIM Oct.
1-2-42
SIM
7% preferred (final)
Lunkenheimer Co. 6M% preferred (quar.)
6M % preferred (quar.)
Luzerne County Gas & Electric Co.—
$1.31 M
5M % preferred (initial).
50c
Mac Andrews & Forbes Co. (quar.)
$1M
6% preferred (quar.)
15c
MacMillan Petroleum Corp
McCail Corp. (quar.)
13 5c
43 Mc
McClatchey Newspaper, 7% preferred (quar.)
7% preferred (quar.).....
43Mc
McColl-Frontenac Oil Co., Ltd.—
XMH
6% preferred (guar.)
SIM
McCrory Stores Corp., 5% pref. (quar.)
t55Mc
Mclntyre Porcupine Mines, Ltd. (quar.)
McLellan Stores Co. 6% pref. (quar.)
SIM
25c
Madison Square Garden Corp
SIM
Magnin (I.) & Co. pref. (quar.)
SIM
6% preferred (quar.)
50c
Mahon (R. C.) Co., $2 class A pref. (quar.)
55c
$2.20 preferred (quar.)
5c
Malartic Gold Fields (initial)
11c
Manhattan Bond Fund, Inc
Manufacturers Trust Co. (N. Y.)—
50c
$2 preferred (quar.)
Marcnant Calculating Machine Co (quar.)
37Mc
Maritime Tel. & Tel. Co., Ltd., 7% pref. (qu.)_
Common (increased)
»—
25c
Margay Oil Corp. (quar.)
Melville Shoe Corp.,
Company
$1M
$2
I
Per
Name of
Payable of Record
1133c
(quar.).
_
July 5, 1941
+$1
Selby Shoe Co. (final)
Shakespeare Co. (.stock)
Shawinigan Water & Power (quar.)
Sheep Creek Gold Mines, Ltd. (quar.)
Shelf Transport & Trading (6 pence) I nterim
Shell Union Oil Corp. (irreg.)
Sigma Mines (interim)
Silbak Premier Mines, Ltd
Simmons Co. (irreg.)
Simpson's, Ltd., 6M% pref. (accum.)
Skelly Oil Co
Smith (Howard) Paper Mills, Ltd. 6% pf. (qu.)_
Snider Packing Corp
South Pittsburgh Water Co., 4M % pref. (quar.)
Southeastern Greyhound Lines (quar.)
Preferred (quar.)
Conv. preferred (quar.)
Southern California Edison Co., Ltd.—
Original preferred (quar.)
5M% preferred C. (quar.)
Southern California Gas Co. 6% pref. (quar.)
Preferred A (quar.)
Southern Canada Power Co., Ltd., com. (quar.)
6% preferred (quar.)
50c
10c
-_
:23c
+4c
July
July
July
July
July
July
Sept.
Aug.
t4c
50c
15
11
1
1
1
July
9
July
9
Aug. 20
Aug.
5
Aug. 15
Sept.
June 27
July
July
July
July
July
July
1
1
5
June 30
July 15 June 30
July 15 June 30
Aug.
1 July 18
Sept. 30 Sept. 24
Dec. 26 Dec. 20
July
15 June 30
Sept. 30 Sept. 15
10 June 30
1 July 19
Aug.
July
1 July 19
Aug.
July 25 July
8
Sept. 10 Aug. 11
5
July 10 July
8 June
July
5 June
July
July 10 July
Aug. 25 July
July 15 June
8
July
July
July
21
July
24
25
1
24
30
8
15 June 30
25 July
5
10 June 27
37 Mc
July
Aug.
July
July
Sept.
July
Sept.
30c
Sept.
30c
Sept.
1 Aug. 20
37Mc
15 June 20
15 June 20
15 June 30
:20c
:sim
July
July
July
July
Aug.
July
$1.20
Aug.
:$im
50c
tSIM
.
15
15
June 20
July
July
40c" July
30c
30
25c
SIM
34 Mc
37Mc
37Mc
1
July
18
30 June 27
15 June 30
15 Sept.
5
15 July
1
1 Aug. 20
1 Aug. 20
15 June 30
15 July 31
15 June 20
Southern Indiana Gas & Electric Co.
4.8% preferred (quar.)
1 July
15
,
Volume
57
The Commercial & Financial Chronicle
153
Condition of the Federal Reserve Bank of
When
Per
Name of
Share
Company
Southern New England Telephone
Southwestern Life Insurance Co. (Dallas)
Southwestern Light & Power Co. $6 pref.
SIX
35c
(quar.)
(qu.)_
!!8
Squibb (E. JR.) & Sons, $5 pref. series A (quar.).
Standard Brands, Inc., $4.50 pref. (quar.)
Standard Chemical Co., Ltd. (interim)
Standard Coated Products
tlOc
75c
Corp-. SI pref
Standard Fire Insurance Co. of N. J. (Trenton)
Standard Oil Co,
P
_
SIX
(Ohio), 5% pref. (quar.)
Standard Radio class A (initial)
Class B (initial)
10c
Standard Silica
20c
10c
Corp. (irreg.)
;
Standard Steel Spring Co
Standard Wholesale Phosphate & Acid Works,
Inc. (quar.)
Stanley Works (The) 5% preferred (quar.)
Stayton Oil Co. (quar.)
Stecher-Traung lithograph Corp.—
5% preferred (quar.)
5% preferred (quar.)
Steel Co. of Canada, Ltd., common (quar.)
7% preferred (quar.)__
Stroock (S.) & Co., Inc. (irreg.)
Sullivan Consolidated Mines, Ltd. (irreg.)
50c
July 15 June
July 15 July
July
7 June
Aug.
1 July
Sept. 15 Sept.
New York
July
July
July
July
July
July
Aug.
July
30
10
23
15
10
10
15
10
The
following shows the condition of the Federal Reserve
Bank of New York at the close of business July 2, 1941,
in comparison with the previous week and the corresponding
30
12
20
15
2
date last year:
June 30
1
July
July
31Hc
15c
June 30
Aug.
Gold certificates
7
$
8,802,859,000 8,812,100,000 8,883,425,000
1,427,000
1,311,000
1,041,000
Redemption fund—F. R. notes
Sept. 15 Sept. 5
Aug. 15 July 31
July 30 June 10
93,401,000
50,412,000
43,403,y000
Total reserves
8,847,303,000 8,863,939,000 8,978,137,000
Bills discounted:
Secured
by
direct
U.
obligations
Govt,
S.
871,000
15
1
1
22
15
July
July
July
7
7
10
Industrial advances
June
16
180,000
92,000
971,000
627,000
and guaranteed...
31 Dec.
Aug.
Aug.
222,000
U. 8. Govt, securities, direct and guar¬
July
July
Other bills discounted
Total
June 20
(quar.)
June 20
Extra
Aug.
1 July
Aug.
1 July
Aug.
1 July
July 15 July
July 15 June
10
15
15
5
1 July
Sept. 15 Sept.
Sept. 15 Sept.
402,000
1,998,000
384,113,000
231,036,000
389,312,000
405,667,000
234,163,000
345,434,000
615,149,000
623,475,000
751,101.000
618,281,000
625,974,000
18,000
18,000
2,040,000
217,336,000
9,949,000
11,719,000
753,501,000
18,000
1,598,000
1,534,000
anteed:
Bonds.
Notes
Total U. S. Government securities,
direct and guaranteed
30*
1 June 18
Aug.
1
July 10 July
Aug. 15 July 31
1
July 10 July
Aug.
963,000
1,536,000
bills discounted
Total bills and securities
_
July 3,1940
$
hand and due from
on
United States Treasury_x
5
July
$
Assets—
Dec
6% preferred (quar.)
Superheater Co. (The) (quar.)
—
Symington-Gould Corp
Tacony-Palmyra Bridge Co.—
•
5% preferred (quar.).
Taylor Milling Corp. (irreg.).
(i
Thatcher Manufacturing Co. $3.60 pref. (quar.)
Tivoli Brewing Co. (quar.)
Trade Bank & Trust Co. (N. Y.) (quar.)
Truax-Traer Coal Co. 6% pref. (quar.)
5 A % preferred (quar.)
1941
30
June 30
Sept. 30 Sept.15
Sun Oil Co., 4 A % pref. A (initial quar.)
Sun Ray Drug Co. common
June 25,
July 2, 1941
16
June
Other Cash t
40c
—
Summitt Trust Co.
Holders
Payable of Record
21
5
5
Due from foreign banks
Federal Reserve notes of other banks
1,704,000
246,101,000
Uncollected Items
Bank premises....
9,930,000
11,667,000
Other assets
1,722,000
192,140,000
9,802,000
15,857,000
9,735,004,000 9,730,975,000 9,951,177,000
Total assets.
Trusteed American Bank Shares—
Series A coupon
(final)
-
Tuckett Tobacco Co., Ltd., 7% pref.
Ol3fS8 1~^
Mim-
0m
United Fruit Co.
«•
—
mm mm mm
\0m0m mm mm mt tm
mm mm mm m
*
(quar.)
20c
United Gas Improvement Co., common
$5 preferred
(quar.)
United Light & Railways 7%
pref. (monthly).
7% preferred (monthly)
7% preferred (monthly)
0.36% preferred (monthly).
6.36% preferred (monthly)
6.36% preferred (monthly)
6% prior referred (monthly)
6% prior preferred (monthly)
6% prior preferred (monthly)
United New Jersey RR. & Canal (quar.)
United Shirt Distributors, Inc. (irreg.)
United Shoe Machinery
SIX
58 l-3<
58 l-3c
58 1-3 c
53c
15
15
1 July
1 July
15
15
Aug.
Sept.
1 July
2 Aug.
Oct.
1
15
15
Sept.15
July 15
Sept.15
July 15
Aug. 15
Sept.15
Oct.
July
10 June 20
25c
July
July
22 July
62Ac
15
5 June
18
15 June 30
July
Aug.
July
18
Aug.
July
15*
50c
Sept. 20 Aug. 30
Dec. 20 Nov. 29*
30c
Plywood Corp
U.S. Smelting, Refining & Mining Co., com
7% preferred (quar.)
U. S. Sugar Corp. pref. (quar.)
—
United Stkyds. Corp., $0.70 conv. pref. (quar.).
Universal Consolidated Oil Co. (irregular)
Universal Leaf Tobacco Co. (quar.)
Universal Pictures 1st preferred
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% pref. (quar.)
Upressit Metal Cap Corp., 8% preferred
Vapor Car Heating Co., pref. iquar.)
$1
87 Ac
SIX
17Ac
25c
$1
+$2
$1A
15 July
July
Oct.
1
1
7
17
7
Sept. 28
1-2-42 Dec.
29
SIX
Oct.
1 Sept.15
Sept. 10 Aug. 30
Dec.
10 Dec.
July
19 July
Oct.
20 Oct.
Other capital accounts.
Sept.
Sept.
Aug.
Aug.
July
15 Aug. 22
15 Aug. 22
1 July 15
11 July 31
15 July
1
SIX
50c
17 Ac
43 He
SIX
S1A
SIX
X75c
tsix
lc
total
of
make
to
vances
are
certificates given by the
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:
STATEMENT
MEMBERS OF
OF
•
NEW
YORK CLEARING HOUSE
1941
Net Demand
Time
Undivided
Deposits,
Profits
*
Clearing House
Average
Deposits,
Average
Surplus and
Capital
Members
Bank of Manhattan Co.
20.000,000
Natlonal
77,500,000
City Bank
Chem Bank & Trust Co.
20,000,000
Guaranty Trust Co
Continental Bk & Tr Co.
Chase National Bank—
100,270,000
Irving Trust Co
7,000,000
7,000,000
25
10
518,361,200
960,480,800 16,149,885,000
500,000
15
July
Nov.
Oct.
Oct.
31 July 15
15 June 30
10 June 30
tsix
tsix
July
July
25c
Aug.
Aug.
Aug.
Sept.
25c
Oct.
15c
Oct.
25c
J20c
t37Ac
6% preferred (quar.)
50c
Zion's Cooperative Mercantile Institution (qu.).
50c
Quarterly
435,000
4,844,000
1,100,000
44,539,000
3,619,000
65,173,000
2,173,000
3,024,000
5,000,000
Midland Tr Co.
12,500,000
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co
Totals
*
As
official reports:
per
In foreign branches:
a $282,557
(latest available date);
available date); c 52,960,000 (July 2); d $88,753 (latest
$21,961,000 (June 30).
j
deposits
(latest
6 565,185,000
available
741,647,000
1941; State, June 30, 1941; trust
National, June 30,
30", 1941.
companies, June
Includes
41,983,000
1,633,000
53,211,000
date);
e
15
July
6,000,000
Stock
SIX
SIX
7Ac
27,471,000
-
Marine
New York Trust Co
15
Nov*
25,000,000
Title Guar & Trust Co..
1
15
15
15
18,057,000
39,500,000
164,832,000
11,330,000
75,707,000
104,562,000
78,454,000
69,776,000
4,531,200 ;
137,453,100 dZ,385,659,000
58,173,000
4,267,300
84,931,100 el ,215,688,000
16,197,000
1,168,100
141,951,000
10,151,100
474,415,000
28,067,600
149,425,000
8,916,500
98,167,000
10,758,300
Fifth Avenue Bank
Juiy
July
July
Aug.
July
§xtra-_T-.
First National Bank....
Bankers Trust Co
June
Aug.
Aug.
238,504,000
14,294,300
618,280,000
27,221,000
82,100,800 a2,645,374,000
862,807,000
58,357,100
187,600,900 62,301,671,000
771,998,000
40,986,600
75,642,700 cl,209,649,000
331,134,000
20,287,000
813,476,000
109,849,400
747,541,000
53,896,700
6,000,000
Bank of New York
Corn Exch Bank Tr Co.
July
—
teller's, Ltd.,common (quar.)
THE
OF BUSINESS WEDNESDAY, JULY 3.
CLOSE
AT
ASSOCIATION
15
18
18
July
July
Aug.
Sept.
Aug.
mx
Monthly
notes or a bank's own Federal
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.
These
June 20
Aug.
Aug.
—
Yale & Towne Mfg. Co
92.9%
811,000
t "Other cash" does not inolude Federal reserve
90,000,000
41,591,200
21.000,000
15,000,000
10,000,000
50,000,000
4,000,000
Aug.
35c
SIX
Worthington Pump & Machinery Corp.—
4A% prior preferred
4A% conv. prior preferred
Wrigiey (Wm.) Jr. Co. (monthly
Monthly
94.2%
1,535,000
ad¬
Reserve bank notes.
Wisconsin Electric Power—
July 21
July 21
July
Aug.
Aug.
Sept.
Aug. 20
Sept. 20
Sept.10
July 15
July 15
Sept. 5
Dec.
Dec.
as
are
Bond
Averages
the
compiled by Dow, Jones & Co.:
Bonds
Stocks
10
10
30
20
15
Total
10
First
Second
10
Indus¬
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
Dq,te
roads
ties
Stocks
trials
Rails
RaUs
ties
Bonds
Total
5
HOLI DAY
HOLI DAY
HOLI DAY
July
4.
3.
124.04
28.50
18.04
41.75
107.98
93.70
53.11
109.89
July
2.
123.58
28.45
18.04
41.62
107.86
93.75
53.04
109.75
91.10
1.
June 30.
122.85
28.28
17.71
41.33
107.79
93.79
52.81
109.83
91.06
123.14
28.41
17.80
41.46
107.76
93.87
53.05
109.79
91.12
June 28.
123.40
28.49
17.86
41.55
107.79
93.98
53.20
109.78
91.19
July
Transfer books not closed for this dividend,
% Payable in Canadian funds, tax deductible at the source.
tax, effective April 30 1941 increased from 5% to 15%,
remains at 2%.
a Less British income tax.
and
daily closing averages of representative
stocks and bonds listed on the New York Stock Exchange
Below
19
t On account of accumulated dividends.
Industrial
....
Cnt Hanover Bk&Tr Co
25c
6% preferred (1897 series) (quar.)
94.2%
1,534,000
F. R. note liabilities combined
Commitments
June 20
Aug.
25c
Wisconsin Gas & Electric Co., 43^% pref. (qu.)
Wolverine Natural Gas Corp
deposit and
15
July
Aug.
July
July
50c
$3
tsix
SIX
$6 preferred
Winsted Hosiery Co. (quar.)
*
to
reserve
June 20
Aug.
Sept.
Aug.
Aug.
July
July
July
July
Sept.
July 10
Aug. 27
July 15
July 10
July 10
July 25
July 10
50c
—
53,326,000
7,109,000
11,507,000
7,070,000
13,336,000
9,735,004,000 9,730,975,000 9,951,177,000
Total liabilities and capital accounts.
Ratio
Manufacturers Trust Co
White Motor Co
51,076,000
56,447,000
10
37 Ac
$4.50 preferred (quar.)..
Wheeling Steel Corp. (.resumed)
Extra
Surplus (Section 13-b).
10
tSl
$25c
—
51.584,000
51,619,000
56,447,000
7,070,000
13,395,000
Surplus (Section 7)
1 July 15
Aug.
1 July 19
Sept. 20 Sept. 10
SIX
Weston (George) Ltd. 5% pref. (quar.)
Westvaco Chlorine Products Corp. com. (quar.).
7% preferred (quar.)
$6 preferred
9,606,473,000 9,602,538,000 9,828,159,000
Capital Accounts—
1
$1H
Weston Electrical Instrument
White Sewing Machine, $2 prior preferred
Wichita Union Stk. Yards Co., 6% pref. (s-a)
Total liabilities
Aug.
Virginian Railway Co. (quar.)
Vulcan Detinning Co. common (quar.)
7% preferred (quar.)
7% preferred (quar.)
Walker (H.) Gooderham & Worts, Ltd.—
Common (quarJ)
$1 preferred (quar.)
Washington Gas Light Co. com. (quar.)
$4.50 com. preferred (quar.)
Wayne Knitting Mills, common (irreg.)
West Michigan Steel Foundry Co.—
7% prior preferred (quar.)
$1.75 conv. preference (quar.)
WestPenn Electric Co., 7% preferred (quar.)
6% preferred (quar.)
West Penn Power Co. 4H% pref. (quar.).
Western Grocers Ltd. common (quar.)
7% preferred (quar.)
Westgate Greenland Oil Co. (monthly)
7,582,212,000 7,635,594,000 8,256,201,000
165,619,000
193,028,000
211,008,000
144,000
1,886,000
210,000
Capital paid In
2
15 July
17 July
1 July
11 July
10c
Vertientes-Camaguey Sugar
405,888,000
17 July
8
15 June 25
15 June 25
July
July
July
July
July
July
Aug.
SIX
Preferred (quar.)
Total deposits
Deferred availability Items
Other liabilities, incl accrued dividends
x
25c
—
Other deposits
272,931,000
474,195,000
536,042,000
457,687,000
484,022,000
Foreign
18
5 June
J my
68 Mc
(quar.)
Co. (quar.).
1,813,043,000 1,772,030,000 1,406,195,000
Aug. 15
$2 A
37 Ac
25c
...
Deposits—Member bank reserve acc't.. 6,396,469,000 6,364,978,000 7,526,568,000
U. 8. Treasurer—General account—
50,814,000
260,379,000
244,034,000
15 June 19
30 Aug. 29
30 Aug. 29
Aug.
Sept.
50c
F. R. notes In actual circulation
15 June 30
Oct.
50c
Wichita Water Co.,
Wilson & Co., Inc.,
15
Sept.
July
Aug.
Aug.
July
Sept.
Sept.
Aug.
Sept.
50c
Quarterly
United States
10
16
July
7
July 31
July 31
Aug. 20
53c
Corp. (quar.)
(quar.)
1 July
50c
6% preferred (quar.)
United States Pipe & Foundry Co.,
Liabilities—
15 June 30
53c
U. S. Fidelity & Guaranty Co. (Bait.) (quar.)..
U. S. Hoffman Machinery Corp.—
5A% con v. preferred
U. S. Industrial Alcohol
7
July
July
Aug.
July
Aug.
Aug.
$1.
(qu.)
Udylite Corp
Union Bag & Paper Corp
Union Electric Co. of Missouri $5 pref. (quar.).
$4.50 pref. (Initial quarterly)
Union Gas Co. of Canada, Ltd. (quar.)
United Bond & Share, Ltd. (quar.)
United Drill & Tool Corp., class A (quar.)
Non-resident
Resident taxs
July
91.17
The Commercial & Financial Chronicle
58
July 5, 1941
Weekly Return of the Member Banks of the Federal Reserve System
Federal Reserve System, giving the principa'
which weekly returns are obtained.
These figures are alwavs a week behind those for the Reserve banks themselves.
The comments oj the Board of Governors of
the Federal Reserve System upon the figures for the latest week appear in our department of "Current Events and Discussions
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Following is the weekly statement issued by the Board of Governors of the
Items of
resources
and liabilities of the reporting member banks in 101 leading cities from
AND LIABILITIES
ASSETS
OP
DISTRICTS ON JUNE 25, 1941
WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY
(In Millions of Dollars)
Kansas
Chicago
St. Louis
apolis
City
Dallas
Francisco
%
%
$
%
%
$
S
$
%
1
%
12,778
1,375
28,279
...
Cleveland Richmond
delphia
%
%
ASSETS
Loana and Investments—total
San
Minne¬
Atlanta
Phila¬
New York
Boston
Total
Federal Reserve Districts—
1,304
2,173
763
717
4,070
832
439
762
606
2,460
379
1,286
403
220
362
315
1,072
424
10,324
741
3,837
545
854
310
5,825
398
2,378
290
401
146
195
831
229
108
214
211
Open market paper
372
79
109
38
13
12
5
46
20
3
25
3
19
Loans to brokers and dealers In secure.
487
13
356
27
17
4
6
41
5
2
4
2
10
Loans—total
Commercial, Indus, and agrlcul. loans
Other loans for purchasing or carrying
securities
16
211
32
20
13
11
68
13
6
81
198
52
182
48
36
135
60
14
38
4
30
...
1,904
150
........
1,098
18
Loans to banks
Other loans
Treasury bills
11
'■
|
555
2
1
,
220
87
124
165
9
106
2
6
«,
76
39
23
385
-
.
1
-
76
194
64
6
87
418
12
32
452
1,246
Real estate loans
38
'
597
3
■
•
-A
■■■(■
o0
2,236
39
1,503
25
169
58
44
220
35
19
40
34
7,940
374
3,488
391
735
236
109
1,236
206
123
110
117
815
3,030
3,651
10,788
69
1,810
82
157
88
63
331
71
35
105
43
176
134
1,543
261
249
69
116
579
117
39
139
59
346
558
5,797
506
765
276
177
1,518
233
104
204
146
504
8
19
13
Treasury notes
United States bonds
Obligations guar, by U. S. Govt
Other
v:-:/
securities
Reserve with Federal Reserve Bank..
27
596
150
157
25
53
28
17
84
15
3,439
1,219
200
243
207
374
285
256
606
185
135
315
315
318
67
447
82
87
41
51
69
21
15
20
31
288
24,046
1,428
11,822
1,134
1,726
649
508
3,405
557
336
597
555
1,329
5,410
230
1,089
261
746
208
192
995
192
112
143
137
1,105
482
14
44
16
44
32
47
135
20
2
13
'36
79
9,048
381
3,906
468
522
364
356
1,354
413
180
455
286
363
671
22
Cash In vault
Balances with domestic banks
Other assets—net
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
.-J1
Inter-bank deposits:
Domestic banks
.....
V
•
1
18
1
1
795
Foreign banks
26
310
20
22
38
16
23
7
8
3
5
317
248
1,640
219
391
102
97
426
97
62
109
91
386
611
1
6
Other liabilities
3,868
Capital accounts
,
1
9
2
'
'
'
Borrowings
'mmi*
—--
.......
mm <+
«.
-
-
«.
-
m'm
•
Weekly Return of the Board of Governors of the Federal Reserve System
The following was
issued by the Board of Governors of the Federal Reserve System
on
Thursday afternoon, July 3,
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
showing the condition of the 12 Reserve banks at the close of business on Wednesday.
for the System as a
Reserve note statement
Reserve agents
(third table following) gives details regarding transactions in Federal Reserve notes between the
The comments of the Board of Governors of the Federal Reserve System upon the
and the Federal Reserve banks.
returns for the latest
week appear in our department of
COMBINED RESOURCES
"Current Events and Discussions
AND LIABILITIES OP THE FEDERAL RESERVE BANKS AT THE CLOSE OP BUSINESS JULY 2,
June
July 2,
Three Ciphers (000) Omitted
June
1941
$
%
$
May 14,
1941
*
%
May 7,
July 3,
1941
1940
$
%
17,840,475
20,222,732
20,202,772
10,144
10,104
10,862
289,010
328,073
315,002
338,248
20,610,989
20,613,686
20,601,299
20,625,874
20,587,305
20,560,949
20,527,878
18,189,585
1,421
1,119
1,358
1,242
3,433
1,539
854
850
711
592
687
619
674
722
658
650
641
1,437
1,977
1,916
4,155
2,197
1,504
1,491
2,148
8,774
8,736
8,163
8,154
8,092
8,059
9,186
1,363,800
820,300
1,363,800
1,363,800
1,363,800
1,323,196
820,300
1,363,800
820,300
820,300
820,300
820,300
1,126,732
2,449,928
20,313,731
9,508
10,945
241,080
287,750
20,608,379
2,508
2,013
1,806
9,273
Total reserves..............—.—.
1941
20,256,731
9,549
321,025
20,313,731
9,508
285,141
1,365
1,143
.....
...........
May 21,
1941
20,316,732
9,549
299,593
20,313,730
20,562,164
Redemption fund (Federal Reserve notes)
May 28,
1941
20.314,730
9,944
276,625
20,312,231
8,853
Gold ctfs. on hand and due from U. 8. Trtas.x.
June 4,
1941
$
June 11,
18,
1941
S
$ "<
ASSETS
25,
1941
1941
Otiibroash *
The Federal
The second table shows the resources and liabilities separately for each of the 12 banks.
week, ast year.
9,088
8,906
1,363,800
820,300
1,363,800
1,363,800
1,363,800
820,300
820,300
Bills discounted:
Secured
by
U. S.
Government obligations,
direct and guaranteed..............
Other b lis discounted...—...—
Total bills dlsoounted
Industrial advanoes
U. 8. Govt, securities, direct and guaranteed:
Bonds .................................
Notes..................................
Total U.
8.
Govt, securities, direct
guaranteed
and
Bank
2,184,100
2,194,752
2,184,100
2,196.418
2,184,100
2,194,451
2,184,100
2,193,696
2,184,100
2,193,650
47
47
47
47
47
47
24,918
26,825
25,436
24,011
20,227
889,067
40,035
27,122
986,086
27,083
1,132,033
40,246
42,412
24,554
882,182
1,017,150
775.198
721,440
51,819
40,055
50,512
40,067
50,171
41,436
53,799
39,968
51,782
39.903
44,641
27,222
890,276
40,215
43,329
48,857
54,450
23,804,669
24,045,457
23,818,310
23.794,584
23,768,267
23,88S?578
23,889,163
23,609,544
21,488,447
6,787,914
13,125,376
836,852
1,208,225
611,503
6,633,192
12,985,110
1,081,125
1,240,276
6,573,156
13,130,642
1,023,809
1,229,892
624,714
6,542,175
13,312,189
940,973
6,384.387
13,731,835
477,144
1,241,201
761,624
6.343,877
13.439,698
803,941
13,736,629
221,447
582,106
608,123
6,460,010
13,748,879
461,674
1,240,046
686,292
6,359.671
13,457,866
1,226,526
6,534,194
13,201.494
993,072
1,243,661
730,450
1.235,048
725,782
1,226,555
678,940
489,981
15,781,966
901,936
1,747
15,957,201
836,114
16,009,057
16,061,794
16,046,350
16,180,320
835,205
836,781
16,136,891
793,881
16,180,630
1,085,664
943,641
5,610
7,133
5,312
5.612
5,117
971,989
5,504
16,149,134
739,989
6,086
23,473,553
23,432,593
23,673,487
23,446,307
23,422,637
23,396,394
23,513,775
40,162
premises
Total
2,184,100
2,194,851
47
979,078
Items
Other assets
2,184,100
2,194,812
47
23,845,752
Federal Reserve notes of other banks
2,184,100
2,195,201
23,779
...
....
2,184,100
2,195,881
47
.............
Total bills and securities............
Due from foreign banks....
Uncollected
'
.........................
assets...............—.....
/
828,654
40,019
2,461,262
47
•
LIABILITIES
Federal Reserve notes In actual circulation..
Deposits—Member banks' reserve account...
United States Treasurer—General account..
Foreign
Other
deposits....................
Total
deposits
Deferred availability Items
Other liabilities, inol. accrued
dividends..
Total liabilities..
650,690
5.247,837
755,373
15,203,430
679,476
4,893
1,373
23,517,484
23,237,893
21,132,116
140,254
157,065
151,720
CAPITAL ACCOUNTS
137,194
140,469
140,311
140,284
140,279
140.272
157,065
157,065
157,065
157,065
157,065
26,785
26,785
47,739
26,785
47,674
26,785
47,557
26,889
47,822
26.785
47.786
26,785
47,850
26,785
47,796
47.547
40,578
23,804,669
24,045,457
23,818,310
23,794,584
23,768,267
23,885,578
23,889,163
23,609,544
21,488,447
91.1%
12,590
92.1%
91.3%
91.2%
91.2%
91.3%
91.2%
91.2%
88.9%
13,072
11,814
11,629
12,272
12,342
11,080
10,945
91.3%
10,822
1,950
Total liabilities and oapltal accounts
140,331
157,065
23,845,752
Other capital accounts
140,324
157,065
26,785
47,880
Surplus (Section 13-b)
140,376
157,065
26,785
Capital paid In
Surplus (Section 7)
1,482
1,208
1,384
1,346
1.069
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Commitments to make Industrial advances...
8,700
Maturity Distribution of Bills and
Short-Term Securities—
3,611
1,676
928
962
16-30 days bills dlsoounted
142
54
51
91
80
48
56
81
47
31-60 days bills dlsoounted
100
152
193
185
120
150
90
96
94
162
61-90 days bills dlsoounted
26
81
87
77
148
116
150
162
181
304
290
244
267
240
222
230
225
237
207
468
1,504
1,491
2,148
1,439
1-15 days bills dlsoounted
Over 90 days bills discounted
Tctal bills dlsoounted
145
2,508
2,013
1,806
1,977
1,916
4,155
2,197
1,525
,1,522
1,273
1,442
1,473
1,488
1,522
1,426
1,910
16-30 days industrial advances
321
284
292
284
270
202
208
266
251
367
31-60 days Industrial advances
526
567
569
555
515
141
165
146
169
839
589
754
407
333
570
550
549
536
369
6,062
6,126
6,018
6,086
6,145
5,762
5,709
5,692
5.677
6,462
9,273
9.088
8.906
8.774
8,736
8,163
8.154
8.092
8,059
9,186
'-15 days Industrial advanoes
61-90 days Industrial advanoes
Over 90 days industrial advances
•
...
...
,
78
i
Total Industrial advanoes
Volume
The Commercial & Financial Chronicle
153
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
Thru Ciphers (000)
June
Omitted
June 18
25,
1941
1941
Maturity Distribution of Bills and Short-Term
Securities (Concluded)
U. S. Govt, securities, direct and
guaranteed:
1-15 days
16-30 days
31-60 days
61-90 days
,...
_
Over 90 days
.
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
In actual circulation
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
hand and due from U.S. Treasury
on
By eligible paper
Total collateral
•
"Other cash" does not Include Federal Reserve notes
These
x
are
certificates given by the United States Treasury tor the
gold taken over from the Reserve banks vvhen the dollar was devalued from 100 cents to
1934, these certificates being worth less to the extent of the difference,
rentson Jan. 31,
visions of the Gold Reserve Act of 1934
pro'
,
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE
12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 2, 1941
Minne¬
Total
delphia
Boston
Cleveland Richmond
Atlanta
City
St. Louis
Chicago
San
Kansas
apolis
Phila¬
Three Ciphers (000) Omitted
Federal Reserve Agent at—
59.00
the difference Itself having been appropriated as profit by the Treasury under
Dallas
Francisco
ASSETS
Gold
certificates
on
hand
due
and
from United States Treasury
Redemption fund—Fed. Res. notes.
_
Other cash *
Total reserves
...
Bills discounted:
Secured by U. S. Govt,
obligations,
direct and guaranteed
Other bills discounted...
Total bills discounted
Industrial advances
.....
U. S. Govt, securities, direct & guar,
Bonds
.....
Notes
—
Total U. S. Govt, securities,
direct and guaranteed.......
Total bills and securities
Due irom foreign banks
Res. notes of other banks.....
Fed
Uncollected Items
...
Bank
premises
Other
assets..........
....
......
Total assets.
LIABILITIES
F. R. notes in actual circulation.....
Deposits:
Member bank reserve account.
U. 8. Treasurer—General account.
Foreign
Other deposits.........
Total deposits...
......—
Deferred availability Items
Other liabilities, lncl. accrued dlvs...
Total liabilities
CAPITAL ACCOUNTS
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts.
...
Total liabilities and capital acc'ts.
Commitments to make Indus, advs.
*
"Other cash" does not include Federal Reserve notes,
a
Less than $500
FEDERAL
RESERVE NOTE STATEMENT
°hila-
Three Ciphers (000) Omitted
Federal Reserve Bank of—
lelphia
Boston
Total
Cleveland
'lichrrond
Atlanta
St. Louis
Chicago
Dallas
Minneap,
San Fran
federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation....
by agent as security
banks:
Collateral held
for notes Issued to
hand and due
Gold certificates on
from United States
Treasury
Eligible paper
Total collateral
July 3
United States Treasury Bills—Thursday,
Quotations for U. S. Treasury Notes—Thurs., July 3
Figures after decimal point represent one or more 32ds of a point
Rates
quoted
are
for discount at purchase.
Int.
Int.
Bid
July
9 1941.
16 1941.
July 23 1941.
July 30 1941.
Aug.
6 1941.
Aug. 13
1941.
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
Asked
Maturity
Aug. 27 1941
0.13%
0.13%
3 1941
0.13%
Sept. 10 1941
0.13%
dept. 15 1942..
Dec. 16 1942..
Sept. 17 1941
0.13%
JMar. 15 1943.
Sept. 24 1941
0.13%
0.13%
June
Aug. 20 1941
Treasury Bills
July
Bid
Asked
Sept.
Oct.
1
1941
Rate
Asked
Bid
Rate
Maturity
Bid
Asked
102 13
15 1943...
IH%
102.11
102.11
Mar. 15 1944...
June
1%
h%
101.30
103.15
101 6
101 8
i%
102.2
102 5
H%
101.5
101.7
H%
H%
100.11
100.13
100.5
100.7
15 1941..
1 H%
101 30
102
Mar. 15 1942..
IH%
2%
102.9
103 13
IH%
103 5
103 7
Sept. 15 1944...
H%
m%
101.3
101 6
Mar. 16 1946...
102.1
102.3
Nat. Defense Nts
i%
101.30
102.
Dec.
16 1943..
Sept. 16 1943..
Dec.
15 1944...
fSept. 15, 1944
JDec. 15. 1945
102
I
United
States
York Stock
Government
Securities
Exchange—See following page.
on
the
New
Transactions
at
the
New
York
Stock
Daily, Weekly and Yearly—See page 75.
Exchange,
July 5, 1941
60
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
No
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of the day.
computing the range for the year.
account is taken of such sales in
United States
Government Securities
on
the New York Stock Exchange
daily record of the transactions in Treasury, Home Owntfs' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
Below
we
furnish
a
Daily Record of U. S. Bond Prices June 28 June 30
July 3
July 4
119.5
.J Low.
(Close
4^8.1947-52
July 2
July 1
(High
Treasury
Daily Record of U. 8. Bond Prices June 23 June 39
119.5
Treasury
(High
IIII
(Close
1X9.5
Total sous in $1,000 units.
Total sales in $1,000 units...
111.22
(High 111.21
—(Low.. ,111.21
io~8~.r
(High
111.22
I Clo&t*
J11.21
111.22
Total sales in $1,000 units.,.
9
1
mmmm
mm — —
108.1
'mmmm
(Low.
(Close
mm--
108.1
Total sales in $1,000 units...
4S, 1944-54.—.
2Mb. 1949-53
(High
(Low.
I Close
3«s. 1946-50
mmmm
•
mm-m
1
mm—
—
——mm
(Close
■
Ammrnm
—
105~.9~
(High
(High
2Mb, 1952-54
(Low.
....
Total sales in
Total sales in $1,000 units..
(High
....
mmm —
105.9
mmmm
---
IIII
104". i"
104.1
104.1
'mmmm
104.1
J
—
104.i~
mmmm
(High
(Low.
Iciose
105.9
mm — —
$1,000 units...
2Mb, 1956-68
(Low
(Close
-mm-
—
(Close
(Close
'
•
Total sales in $1,000 units...
J Low.
3tfs. 1941
',
(High
] Low.
2Hs, 1950-52
Total sales in $1,000 units..
3Hb. 1943-47...
July 4
July 3
July 2
mmmm
...(Low,
2Mb, 1948
July 1
104.2
104.2
mmmm
104.1
—
mm
104.2
—
'
Total sales in $1,000 mils...
,
(High
(Low.
106.28
100.27
(Cyl086
106.28
1
4
3
mm--
106.19
mmmm
mm mm
100.27
Total sales in $1,000 units...
1
mmmm
100.27
106.28
m-rnrn
(High
Total sales in $1,000 units...
3148. 1943-45
(Low.
2*4s. 1951-53.
[Close
Total sales in
(Low.
8HB. 1944-46
111
1 Olotffi
111
106.26
:mm
5
:
:
mmmm
■
mm--
— —
....
—
....
(Low.
2s, 1947
—
[Close
HOLI¬
DAY
Total sales in $1,000 units...
106.26
mmmm
(High
111
mm-m
m.26
—
mm — —
Total sales in $1,000 units...
—
(High
..J Low.
3 MB. 1946-49
«.
[Close
(Close
Total sales in $1.000 units.
a
I
(High
(Low.
2J4s, 1954-56
mmmm
106.19
mm —
•
$1,000 units...
(High
7
mmmm
106.19
Total sales in
HOLI¬
DAY
$1,000 units...
(High
..J Low.
[dose
3tfs. 1949-52
IHlgh
Low.
Close
Total sales in $1,000 units...
Total sales in $1,000 units...
(High
(Low.
Total sales in
110.14
[Close
3s. 1946-48
110.14
110.14
2s, Dec. 1948-50
(Low.
113.6
113.3
[Low.
113.0
113.3
(Close
113.6
113.3
111.18
(High
2s, 1953-55
1
(High
(Low.
111.18
-(Low.
[Close
111.18
111.18
3
(High
(Low.
(Close
111.18
1
Pederal Farm Mortgage
3 >48, 1944-64..
111.17
(Close
108.17
(Low.
108.17
(Close
108.i7
Tola
109.28
109.28
Total sales in $1,000 units..
107.3
107.3
■
m'—mrn
■
''mm
mm
....
II-I
i
—
mm—
m---
*3
sales in $1,000 units...
109.28
(Low.
(Close
2Mb, 1948-51
Low.
(Close
3s, 1944-49
mm
----
107".§"
(High
Total sales in $1,000 units...
(High
mm
Total sales in $1,000 units...
(High
2KB, 1945-47
—
Total sales in $1,000 units...
Total sales in $1,000 units.—
2KB, 1955-60
....
mm mm
Total sales in $1,000 units.
(High
Total sales in $1,000 units.._
—
'
....
[Close
2
$1,000 units..
3s. 1951-55
I
/High
mmmm
(High
(Low
3s, 1942-47
[Close
Total sales in $1,000 units...
2
?'7:
■.
'
(High
.(Low.
2*48, 1961-54
110.13
110.13
I Close
Total sales in $1,000 units...
2*4s, 1942-47
110.13
106.24
106.24
106.24
7
*14
(Low.
2X*. 1942-44
102.4
'
—
mmmm
—
102.4
'mmmm
mm--
mmmm
-
—
—
*2
Low.
(Close
—
110.30
110.26
110.30
110.26
Iciose
110.30
110.26
Total sales in $1,000 units...
2
1
(High
mmmtm
Total sales in $1,000 units...
(High
1Mb, 1945-47
111.19
111.19
111.15
111.19
111.19
111.15
111.10
(Close
111.19
111.19
111.15
111.16
Total sales in $1,000 units...
5
1
1
5
Total sales in $1,000 units...
111.16
*
Odd lots sales,
t Deferred delivery sale.
Note—The
(High
(Low.
bonds.
(Close
Low.
Close
(High
(Low.
2Mb. 1945....*..
X
102.4
(High
(Low.
2J4s, 1960-65
X
mmmm
106.24
[Close
(Close
Total sales in $1,000 units.
106.24
Total sales in $1,000 units...
3s, series A, 1944-52
(Low.
2*48. 1958-63
x'
mmmm
X
108.24
(High
2
(High
2*48. 1956-59...
x
Home Owners'Loan
—
2
Total sales in $1,000 units...
above
table
J Cash sale.
x
No transactions.
includes
only sale
Transactions in registered bonds were:
Treasury 2Mb, 1955-1960
of
coupon
111.12 to 111.12
New York Stock Record
LOW
AND
HIGH
SALE PRICES—PER
Monday
June 28
June 30
$ per share
$ per share
*4912
♦llSSg
*4084
50is
Tuesday
July
$ per share
*495g
*118i4
50i8
50i8
*11814
4384
*40
4378
*40
*45
46
*45
46
578
*2012
*1278
4178
*%
378
6
221s
0
6
*2012
221s
*578
*2012
13%
4184
1318
13
4134
%
h
4114
12
~38
3
37S
*®8
678
lie
*3s
678
634
....
13i8
4178
%
378
7
7
6
6ls
*6
*15
1612 *15l2 16
22i2
223a 2212
*758
81S
*7?4
8
152i2 15212 *15214 154
*11
1U4 *11
III4
*125g
13
♦125a 13
6I2
65s
6%
684
*81
82
8I84 *81
2212
28U
♦165s
*78
*1284
6684
17
*42
712
*44
*
378
*578
1514
22i8
*734
152
81
275g
275s
1712
•
v8
"le
»ie
1384
5634
17i8
43i8
712
*1284
5612
50%
56
17l2
17l2
40ia
7i2
44
55s
Bid
♦55s
712
44
578
683
81
lsl#
43
2238
8
13
17i8
17
678
08s
15U
*1212
012
28
*73s
4184
12
4
7ie
IH4
1718
*42i4
22%
13
152
2712
14
6
*11
28i.i
45
55s
46
1712
.
50i8
....
4378
46
4
1
*17
7«
*1234
44
55s
$ per share
$ per share
*49%
*11814
*40
50%
—-
*20i2
127B
ar4l38
43l2
463s
578
22%
1278
4112
7l«
4
%
678
4
*578
16%
225s
784
151% 152
♦11
11%
22%
734
*1258
658
*7912
2778
1278
684
1714
82
28%
17%
*78
1S16
1384
*1234
67
*5684
17!2
17%
13%
57%
1784
4284
7%
44%
65s
40
41
73s
738
44%
44%
5%
5%
and asked prices; no sales on this day.
200
m —-mm
------
300
*57S
6
1,100
2034
1234
21%
127«
41
41
6%
*16
228%
734
Stock
Exchange
7,100
1,800
1,100
300
6%
100
Closed—
227«
734
152
11%
127fi
634
1,700
1
Inde¬
200
153%
*11
12 78
658
82
100
Day
28»4
17%
*1234
57%
175s
40%
1,600
pendence
13%
57%
175*
3.200
82
28%
17%
*78
7%
45
5%
25
Adams Express
No
No
Address-Muitlgr Corp
400
38
16%
Acme Steel Co..
Adams-Millls Corp
1,300
7
No par
500
4
38
7
Abbott Laboratories
4M% conv preferred—.100
Abraham A Straus
No par
200
38
38
Per
300
2,500
400
200
600
1,800
4,500
1,100
41
73«
130
45
'
5%
$ In receivership,
a
600
Apr
Apr 22
5*8 Apr 22
par
19is Feb 20
12 May 15
3584 Apr 23
10
Allegheny Corp...
No par
&M% Pf A with $30 war.100
5M% pf A without war.100
$2.50 prior conv pref.No par
% per share
53
Jan
2
Jan
7
110
4378June 25
30
378May 23
3s Feb 26
63<May 26
5%June 6
15
May 27
par
—
nNewstock.
r
Cash sale,
x
Ex-div.
y
4914 Dec
May
May
5I84 Jan
784 Jan
2284 Jan
6
9
3
157s Jan
3
347S May
414 May
16is June
12% June
4234June 23
83 Apr24
5g
5
Jan 14
Jan
4
5s Jan
105s
9i4
2Hs
253s
IH4
Jan
Jan
Apr
1940
Highest
$ per share $ per share
120
18*4 Apr 21
Jan
Allen Industries Inc
1
734May 22
Jan
Allied Chemical & Dye.No par *14412 Mar 6 ,165
Jan
Allied Kid Co
5
1014 Feb l
THsMar 17
Allied Mills Co Ino
No par
1184 Feb 3
148s Apr 24
Allied Stores Corp.
.No par
5% Apr 21
7&s Jan 8
82
July 3
5% preferred
-.——100
71«8May 14
Allla-Ch aimers Mfg
37
Jan
4
No par
253sMay28
Alpha Portland Cem__iVo par
14% Mar 13
1784 Jan 8
"u Apr 25
Amalgam Leather Co Inc.—1
1>4 Jan 4
10
6% conv preferred.
50
Apr 12
1514 Jan 15
Amerada Corp..
No par
587sJune 18
411j Feb 14
Am Agrlc Chem (Del)
No par
183sJune 18
148s Feb 28
Am Airlines Ino...
40
Feb 19
—10
68% Jan 2
American Bank Note.
10
512 Apr 22
8% Jan S
47
Mar 6
6% preferred50
42i2June 19
American Bosch Corp
.1
8% Jan 2
5i8May 29
Def. delivery,
No
Mar 21
38
par
Air Reduction Ino
No par
Air Way El Appliance. .No par
Alaska Juneau Gold Mln
10
Alghny Lud Sti Corp
115
Yearj
Lowest
Highest
$ per share
46
Feb 21
44
Range for Previous
of 100-Share Lots
Lowest
Shares
47
xi
*1512
$ per share
50%
47
Range Since Jan. 1
On Basis
Week
4
43%
38
678
6%
July
*40
7ie
4638
578
3
50%
♦118%
EXCHANGE
Friday
Thursday
July
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
Wednesday
July
2
Sales
for
Saturday
3612 June
83 May
4
May
83 June
534 June
414 May
7
May
1512 May
684 June
13512 June
87S May
70U
147
46*2
Feb
Feb
Apr
60
NOV
9
Jan
271a Apr
19%
Jan
68lg Jan
7g Mar
7
Jan
1%
145g
12i£
Jan
Jan
24
Dec
Jan
261a May
1234 Apr
182
Apr
14
Jan
Apr
4% May
I684
93g
55
May
218t May
417t
11
18
10
June
June
79
Jan
Deo
Jan
Nov
li8 May
912 May
38ia May
12ig May
21
Jan
41V Jan
28s
Jan
18
Apr
58ia
Apr
75
Apr
6
June
1284
Apr
35
June
50
Jan
5is June
93g May
Ex-rlghts. % Called for redemption.
■
jj
Volume
LOW
AND
New York Stock
153
HIGH
SALE
PRICES—PER
Record—Continued—Page 2
Monday
June 28
June 30
$
% -per share
ver
share
SHARE,
Tuesday
July
1
Wednesday
$ per share
$ per share
2
July
NOT
PER
Thursday
3
July
July
S per share
19%
19%
19%
19%
19*2
19%
111
*108
111
*108
*105
107
*105
108
*10634 109
*10
12
*10
12
*7
*10
111
12
19%
*108
*108
*10
*7
7*2
*5
5*4
5*4
5*2
*16*4
538
1634
*16%
16*2
*16%
16%
93%
*93%
93%
16%
93%
16*2
*93%
93*2
*93
93*2
1%
*1*4
1*2
*1*4
534
*4
5*2
*4
>1>4
*4
*4
*19
*34
19*4
*2%
19*4
234
19
15
15
15*8
15%
35%
15*2
15
*35*4
3534
*35
3%
*29
30
*47%
47*2
*3
*41
3%
*29
47%
*1*2
1%
*1*2
22 38
*21%
3%
11
*41
*92
*11*2
11%
*434
*17%
5
13%
11*2
434
1734
*17%
*114% 116*2 *114%
*156
14
3
*21%
*3%
*10%
47
*29%
6%
35
*29*2
47%
1%
13%
94*2
1%
*34%
3%
22%
13%
94%
*25*2
3534
29%
47%
26
25*2
1%
1%
35*4
34%
30*8
*29*4
6%
159% *156
I
14
14
35*2
3
29%
47%
1%
22
3*2
11
3%
*10%
10%
46
*41
46
3%
%
*2%
15%
35%
3
3
29%
*46*2
47%
1%
*1*2
*21
3%
10%
*43
64
*5*2
*53
27%
*30
14*2
*110%
*10*4
*1*4
*29
*110*2
434
63%
84
*83
7
5%
7*4
64%
65%
5%
*5334
*30
3034
*29
14*2
*14
14*2
28
28
*80
*7*4
734
*4
5
90%
8
*87
*86
734
14%
*80
74
28*2
7%
5
90*2
7%
*64
28*4
*7%
*4
*86
7%
84
7
65
5%
56*2
27*4
30*2
83*2
5%
*-54
74
28*4
7%
5
90*2
7%
82*2
65*4
1934
24
24%
24*4
23%
2434
37
37
37*2
37*4
36% 37%
21
21%
21%
21*4
21%
21%
21%
*106*2 107% *106% 107% *106*2 107% *106%
634
634
634
634
634
634
634
*493s
49%
49*2 49%
49*2 4934 *49*4
23%
*36
*1%
3*2
15
2
*1*2
*15
16*2
3%
33s
15
15
64
8*2i
2
16*2
3%
15%
1434
3%
*6%
*5*8
25*2
14%
3%
3%
3*2
6
6
*5%
5%
5%
5%
25*2
25*2
8%
8*4
*3134
3234
834
*734
*3134
93s
9%
9*4
22%
*27%
22%
28
I
*103
27 I
104%
*103
*22%
*27%
26
834
8
32
9*4
22 34
27%
27
8%
*7%
32
9*8
22*2
2734
6*4
5*2
25*2
8%
8
32
9*4
22%
2734
3%
14%
3%
*28%
*108
*7*2
*1034
3634
15%
*52
109% *108
7%
15
37
16
29%
73%
*121% 122
*25*8
21
*7%
*13%
*12%
*76%
•
26
21
7%
7%
110
1
May
19% Jan 10
121
Apr 4
2534 Feb 13
3% Jan 13
27
*28%
110
7%
31*2
110
7%
3484 May
28% May
484 May
155
Feb 17
Jan
3
American Rolling Mill..-...25
11% Feb 19
15% Jan
6
9% May
4Mi% conv preferred
100
American Safety Razor..18.50
61*2 Apr 23
73% Jan
4
48% May
Preferred
1,180
300
100
100
4% July 2
7%May 23
Preferred
100
Feb 14
34
Apr 18
162
7
Jan 13
9%June 23
40
Jan
45% Jan 13
154
100
145
Amer Steel Foundries..No par
19
May 12
Apr 21
150% Jan 10
28*2 Jan 10
"2,700
9%May 29
May 26
11% Jan 13
13*2 Jan 14
25
54
Jan
2
93
Mar 27
70*8 Dec
11% May
12%
157
157
13
158
69%
6934
70
70
70%
Exchange
150
5%
4%
83*2
149% 150%
5%
5%
4-%
4%
*81
83*2
7*8
7*4
67*2
Closed—
Inde¬
534
58%
5.%
5%
59
*56
27*8
27-%
31
*30
61%
62%
63*2
*64
74
29*2
7%
7%
29*4
*7%
29%
7%
8
Day
51
5
%5 prior conv pref
600
3%
14%
3%
25*2
8%
Anaconda W A Cable..No par
Anchor Hock Glass Corp
""loo
12.50
55 dlv preferred
No par
Andes Copper Mining
20
A P W Paper Co Inc
100
20
200
ArmourACo(Del)pf7% gtd 100
Armour A Co of Illinois
2,400
$6
2,600
"""966
Armstrong Cork Co
Artloom Corp
7% preferred
23%
27%
27
104%
21
25
110%June 30
9
Feb 24
1
May 14
26
Feb 20
3
31%
June
18
May
35
Jan
6
20
15
July
2
12% May
113
Mar
4
12*2 Jan 7
2% Jan 17
8
Jan 1?
23
30
111% Jan 16
5*2 Jan 25
4
May
65%June 23
35
May
Jan 20
par
23
May 28
34% Jan 10
6% Apr 18
8% Jan 13
6
4%May 22
May 16
par
89
6% Feb 19
64
June 17
6«4 Jan 10
90
Jan 14
8%June 26
87
Jan
85
May
9
18
Jan
2
13
May
70%May 8
21% May 13
39*2
9%
8%
9%
May
May
June
June
100
1
Atl G A w I SS Lines
..100
5% preferred..
Atlas Corp
—25
4%
400
conv
pref series A...100
.5
50
6% preferred
Atlas Powder
No var
300
5% conv preferred
Atlas Tack Corp
500
Austin Nichols
79% Mar
320
10,000
3,500
2,000
1,400
200
100
6% Feb 14
47% Feb 14
61
May 16
111
Apr 22
6
23%
27*2
2634
104% 104*2
200
Bayuk Cigars Inc..
Beatrice Creamery
.....50
No
112% June
4
20% Jan 11
5*4 Jan 6
10
May
4
Aug
31%
4
Apr 23
8
Jan 20
7% Feb 19
par
3
5
Jan
29% Mar 26
10*2 Jan 10
8%June 23
*33
June 25
9%May
26% July
No par
103
MarlO
104
Beech-Nut Packing Co.....20
Beldlng-Hemlnway
No
Best A Co
73*2
2,200
Bethlehem
13%
13*2
*13%
13
*11%
*76%
13
*12*4
13
*11%
81%
*76*2
87
*76*2
13%
7%
7%
7*4
*13*2
*11%
1434
13
81%
Bid and asked prices; no sales on this day.
26
21
14*4
13
81*2
*76*2
Pr pfd 12.50
X In receivership,
400
100
1.100
1,000
400
dlvser'38No
par
.No par
Steel (Del) -No par
7% preferred
100
Blgelow-fianf Carp Inc.No par
Black A Decker Mfg C0N0 par
68% Apr 22
121% Feb 20
23% Apr 18
16*2 Apr 19
6% Apr 18
No par
Blaw-Knox Co
Bliss A Laughlln Inc
6
13%June
4
8% Jan 24
32
49% June
22*2 May
3
63*2 May
109*2 May
May
May
15
7
90
y
17% May
14
Jan
Ex-dlv.
Nov
24% May
15
Apr 29
x
May
7% June
10
Mar 11
28
11
r Cash sale,
102
21%June23
10*4 Jan 4
18% Jan 8
80
a New stock,
29% May
Jan 16
131% Jan 28
100
d Def. delivery.
Mar 17
89*2 Jan
Bloomlngdaie Brothers .No par
Blumentbal A Co pref
Jan
6
3734 Jan 28
20% Jan 10
57
May 2
15%May 23
54%May 26
2634May 12
55*4
May
13
32% Apr 21
Dec
20% May
18% May
June
126
6
May
7*8 June
102
June 25
Bendlx Aviation..
20
23*2
105
Apr 28
7% Feb 19
Jan 14
5",900
May
6
32
108
par
Belgian Nat Rys part pref
4
Feb
104
10%
200
Dec
8*2 May
104%July
6
Feb
3*8 May
484 Deo
24*2
3
3
28% Feb 17
50
6
24% Mar 17
31% Mar 24
Feb 17
300
Feb
2«4 May
1834 Feb
2534May
25
Beech Creek RR
1%
May
4
Apr 23
19
22
J5 preferred w w
100
May
8%June 14
2% Jan 11
6*8 Apr
28
1
200
118% Jan
57
12% May
7
5
26*4
May
43% June
2
6*2 Jan
23%
*27*8
June
7
60%June
72% Jan
4
23*4June
5)4% preferred
102
7*2 Apr
100
10
Bath Iron Works Corp
18% May
24% Jan
110% Jan
7*8 Jan
4% Jan 10
..No par
Barker Brothers
3
July
May
5
50
Conv 5% preferred
Barber Asphalt Corp
6
28*4 July
40
82
3% Mar 3
4% Feb 15
100
...100
Bangor A Aroostook
3
May
2% Apr 17
12% Apr 21
Baldwin Loco Works v t 0..13
4% preferred
4
13
No par
(The)..3
Baltimore A Ohio
Feb
l%May
....No par
$5 prior A
Aviation Corp of Del
8
60*4 Jan 2
13% Feb 14
13% Feb 15
16*2 Jan 2
19%June 6
107 May 29
No par
Barnsdall Oil Co
20*2
Aug
100
50
*24%
65
29% June
73*8
*7
3% May
96*2 Jan
4-% May
49*2 May
2,700
122
Jan
22% May
6*8 May
35% Jan 23
96% Mar 12
30%May 7
3,000
122
68%
99%May 14
73%
121% 121% *121% 122
25
25
*24%
26
20%
20%
20*2 20*2
9
97*2 June
Apr 23
9%
*52
June
3
60
3234
*1534
May
I84 June
Feb 19
"960
90
37*4
June
26
Atlantic Refining
26
8%
7%
15
37*2
15%
May
107
'87
3,700
200
*1034
4% May
35
...100
100
5% preferred
3,000
5*2
110
May
56% July
1
28%June 23
47% Jan
Atlantic Coast Line RR...100
900
*7*2
6
25*2 May
109% Mar 24
4
May 5
1
5% preferred
1,200
2,500
8,600
6
*2834
Deo
2% May
5% May
83% June
Atch Topeka A Santa Fe..l00
4,800
3*2
110
110
4
par
...100
6% 1st preferred
7% 2d preferred
"""90
3*2
•
13
14
9
Dec
June
Assoc Investments Co.-No par
6
9%
No
Corp
No
Associated Dry Goods..
1,500
Apr 18
8% Jan
69% July
Jan
May
136
7% Jan 10
99% Jan 11
8
May
6884
100
Arnold Constable
1434
*31*2
5
No
prior pref
7% preferred
3*2
15
8
conv
Feb 14
46%May
22% Feb
25% Apr
11% Apr
Archer Daniels Mldl'd.No par
1,700
64
8%
25
40
2
5%May 19
Anaconda Copper Mining..60
100
3%
83% July
9% May
11
66*2
Jan
100
100
*63
64
7
Amer Zinc Lead A Smelt.... 1
82%
6534
6534
19%
20%
20
26
28%
25%
38*2
40
38*4
21-%
2134
22
107% *106% 107%
634
634
6%
4934
4934 *49
4% Apr 21
4
May 20
19*2 May
145
Jan
No par
16,100
8
73*2 Jan
74% Jan
159
No par
Preferred
14% Jan
16884 Jan
146% Apr 26
S6 1st preferred
96
66
May 27
American Woolen
29
8734
29*4
62
200
96
82%
May 28
2,500
7,000
90%
7%
100
10
1
62
Am Type Founders Ino
Am Water Wks A Eleo.No par
5
*86
ll%May 27
l48%May
...25
6% preferred
1,300
3,500
*28
82%
Common class B_.
2,000
74
*4
5
90*2
Amer Telep A Teleg Co... 100
American Tobacco
25
1,400
pendence
69%
100
Am Sumatra Tobacco.-No par
1,100
4,000
400
7*2
67*8
Preferred
400
69%
9*4
13%
Dec
May
Jan
100
72*4
7
May
49%
139
81
Stock
..No par
72*2
73%
121% 122
7
30*4 May
122
87%
3234
73
May
*85%
*12%
*31%
9*8
1534
Dec
May
87
8
36%
684
5
23
12% May
American Stores
800
'
1,300
15%
3634
15%
June
Mar 19
10*2
"400
363s
15
3
Jan 21
135
19
'
30
*1034
2
138% Mar 13
37
Apr 25
American Snuff
6% preferred
24%
30
Jan 13
7% Jan 10
Feb 19
8
*7*2
*1034
May
13
8
*2834
2
39
150
*5*8
*24%
*109
July
20% June
10
5*2
104% *104
90
No par
*5%
25*2
8%
*26%
134 May
1234 May
46% Jan 13
30
7%
May
4
5
30
20%
May
10
5
*29%
26
10
38
Feb 14
*53
7
Jan 10
May
30
73
20*2
Jan
17%
May
5534
*25
60
6
*52
15%
4
Apr 21
June
25
*29*8
29%
Mar
23*4 Jan 24
May
3
95*4June 21
13% Jan 6
5*4 Apr
8
18
12% Sept
41% May
American Stove Co
6%
14
81
111
4% Jan 8
13% Jan 27
30
..No
29*4
*52
3634
Apr 29
4
par
$5 preferred-
5534
36%
15%
15
2
2% Feb 15
15% Apr 24
Beneficial Indus Loan. .No par
*1034
6
10% Apr23
No par
No par
7%
15
37
1534
5534
7%
45*2 May
1% Dec
Jan
1% Mar 29
May
American Sugar Refining..100
6
22*2
27%
51
22%May 24
Feb 14
Preferred x-warrants .No par
*26
*103
,*103
104*2
31%! *28*2 31%
56
29%
73*4
*26
May
May
Am Rad A Stand San'y .No par
105
*25*2
3
23
"1,966
115%
115*2 *115
115% *115
*8*4
8*2
8*2
*8%
8*2
2
2
2%
*1*2
2
*1*2
16
*15
1734
16*2
*15*2
16
3%
3%
834
*63
23
1034 Apr 21
Apr 23
.No par
$6 preferred...
700
*8*4
3%
6*4
*734
64
100
38*2 Jan 4
4% Jan 10
1,100
7,000
115*2 *115
*3%
6*4
*25
*63
6% preferred
American News Co
Feb 14
79
No par
Amer Power A Light
1,400
■
5*8
8734
19%
;;
9
28%
65%
,■!"
Jan
Jan
2% May
100
29*4
65*4
19%
24 %
70
150
'■
■"
■
Apr
28%
700
87
1934
Amer Metal Co Ltd
6%
2%
16%
2834
66
300
3% Mar
Dec
84
11
87
19%
600
1% May
30% June 17
48
100
Amer Mach A Fdy Co-No par
Amer Mach A Metals..No par
300
65*4
11
8734
20
50
Locomotive.No par
Jan
15% Apr
91% Mar
9is May
3%June
10% July
Amer Smelting A Refg.No par
28%
1934
conv preferred
Preferred
200
400
*87
28%
5%
American
2,000
800
96%
87
*15
100
46
Feb
Apr
3*2 June
3
20
1
111
984
8%
6
1% Jan
44%June 3
1% Feb 20
No par
13
Nov
Mar 26
5
1734 Jan 18
234June 20
May 15
1
1,600
29
28%
Amer Internat Corp
American Invest Co of
Sept
IO84 May
27
100
pref
May
21%June 18
3% Jan 13
29
No par
non-cum
44%
*94
♦8*4
6%
149*2
*27
115*2 *115
American Ice
41
9634
87
8*4
American Home Products
200
8
75
11% Apr 15
1
149
29
*63
900
1*2
22
a44%
*27
28%
*115
47%
2
1
14»4 Feb 15
2% Apr 16
50
20
*80
66
conv preferred
39*8
41%
*93%
28%'
6%
39%
9634
66
64
200
Jan
%May 27
17*4June 23
93% July
1% Jan
*16%
734
*81%
American Hide A Leather
400
7
l%May 14
3»4
American Seating Co.-No par
Amer Ship Building Co .No par
82l2
66
87*4
3
30*4
9
29
28%
*63
1,000
*27
29
Encaustlo Tiling.. 1
Jan
*10%
*4
*86
9% Feb 19
78
4% May
16%
31
15
29%
*7*4
10
100
5*2 May
10*2
11%
30%
*64
May
8% Jan 23
634July 3
2434
27%
6034
9
35*8
15
15
14%
*110%
; *110%
*10
10%
11
*10*4
1034
1%
1*2
1*2
*1*4
1%
29*2
*2812 2934 *28*2 2934
11034 11034
110*2 *10934 11034
4%
4%
4*2
4%
4*2
62
6
35*8
*2%
*139
27
14%
Jan
6*2 Apr 23
24%
7
65%
12
4% Feb 17
16 preferred
..No par
Amer Hawaiian S3 Co
10
200
150
140% May
1,000
"""3OO
149
44%
Jan
May
16%
3%
39%
41%
Nov
112
16
64
*4%
23*2
3
Amer European Sees..No par
10%
9%
65
Jan
American
*3*8
4%
May
13*2 May
Deo
33% May
121
J7 2d preferred A ...No par
46
34
Jan
185
x98%May 29
9*2 Mar 27
No par
100
1%
May
115
2%
47%
18
Jan
June
2»4 July
May
1,200
*29
164
32%June 23
76%June 23
23% Jan 7
185
135
116%
100
6% 1st preferred
300
20
2%
7
May
Oct
Dec
May
1%
85%
Jan 21
American Crystal Sugar
1%
5%
»i«
19%
6
128
115
100
preferred
Amer A For'n Power...No par
$7 preferred
No par
*93*2
8234
*93
*27
534
5434
110% 110% *110%
*10%
11
11
*10%
1*2
*1*4
1%
*1*4
29
29
29%
*28*2
111
*110% 111
110*2
434
4%
434
4%
63
63*4
63*4
60*2
28
8
64-%
27
*64
*4
7
5%
5434
27%
74
*86
*81*2
27
*64
*7%
84
27*4
31%
55
110
*%
Feb 15
18%June
7
American Colortype Co
10
Am Comm'l Alcohol Corp..20
400
13
13
13%
1234
13%
13%
94
*94
94
94%
*92% 94
11%
11*2 *11*2
11%
11%
11-%
11%
4%
4%
434
4%
4%
4%
4%
17%
17%
18
17%
*17%
18
17%
116*2 *114*8 116*2
115% 115% 115*2 115*2
*25
26
25*2
25*2
25%
25*4
25%
1%
1%
1*4
1%
1%
1*4
1%
35
35*2
35*2
34*2
34*4
34*2
*34%
30
30
30*2
30
30*8
*29*4 30
6%
6%
6*2
6%
6%
6*4
6%
*148% 160
159% *148% 160
*148% 160
1
14
14
14
14*8
14%
13%
1334
7*4
64%
16%
93%
*10%
64%!
56
107
June 18
l%June 27
95*4 Jan 10
Highest
$ per share $ per share
28
May
4534 Jan
Apr 22
conv
American Chicle
/.
3%
5%
*6%
'
10%
46
100
Year 1940
Lowest
share
Mar
Range for Previous
Am Coal Co of Allegh Co NJ25
'i
93*2
*1%
*21
22
Preferred
4,200
*4
39
130
5%
*16*8
,
per
29% Apr 14
Am Chain A Cable Ino.No par
1,400
13*4
*8%
38*2
*80
200
6,200
1,200
94
64%
*434
5*2
%
19%
2%
29%
64
65
64
64
64*8
*434
5%
434
484
4%
*9
*9
9*4
9*4
*8%
9%
39
*37
*38
38%
*37%
39%
*41*4
41%
41%
41% 41*2
41% 41%
14 884 148% *147*2
*148
148% *148
148%
*44*2
44*2 44%
45%
44% 44%
44%
*149
150
*139
*148*2 150
*148*2 150
24*4
24*2
2334
23%
24*8
23% 23%
1034
10%
10*4
10*4
10%
10% *10%
10%
10%
11*2
10%
10*2 *10*2
*10*2
*16
*16
16%
16%
1634 *16
16-%
87
*86
88
*86*2
88
*86*2
8734
*12
13
*12*2
13
*12%
13
12*2
155
156
156*2 156*2 155% 156
15534
*68
*69
69*2 69*2
69% 69%
70
*69*2
71
70%
69%
6984
6934
*149
151
*149*2 151
150*2 150*2 150
*5%
534
5%
5%
5%
5*2
5%
4%
4%
4%
4%
4*4
4%
4%
64%
1%
*1%
*4
2034
2%
*14*2
*10%
1*2
5*2
*%«
1,500
7%
6%
6%
6%
%
&X% conv pref
100 *122% Apr 14
Amer Cable A Radio Corp_.l
1
Mar 18
American Can
25
78%May 29
Preferred
100
17i%May 28
American Car A Fdy_.No par
23
Apr 19
10
*.
Highest
$ per share
Am Brake Shoe <fe Fdy .No par
400
6,500
12
*7
7*2
5%
*34
*19
20
*1*2
*7
"i«
234
*21
7*2
*2*2
%
*2*2
*3
*7
Par
111
*10
12
7*2
*51
o'8
Range Since Jan. 1
On Basis of 100-5har« Lots
Lowest
Shares
5 per share
*10634 109
*10634 109
EXCHANGE
Week
4
20
19%
19%
111
STOCKS
NEW YORK STOCK
the
CENT
Friday
36 ig
*36
*35.
36
36
36%
3634
36*2
35%
36%
127^4 12734 *127% 129
*127*2 130
*127*2 130
*127% 130
134
134
ia4
1%
134
134
1%
1%
1%
1%
83
83
85
85
82%
82%
83*2 84
85%
84*4
*172
*171
174*2
175
179
174% 174% 175
*172% 177*2
31
31
31*4
31%
31%
31%
30%
31%
30%
31%
*74*2
75%
7334
74
*73%
74*2
73%
73%
74*4
75%
*108
Sales
for
Saturday
61
5«4 May
13*2 May
9
11
May
Mar 13
54
June
Jan
Ex-rlghts. H Called for redemption.
New York Stock Record—Continued—Page 3
62
HALE PRICES—PER
AND HIGH
Monday
Saturday
June 28
Tuesday
June 30
share
16%
16%
28%
*27%
$ ver
1
July
$ per share
16%
16%
15%
16
3
July
$ per share
July
$ per share
Range Since Jan. 1
On Basin of
Week
4
$ per share
4,300
Boeing Airplane Co
5
$
per
$ per share
123g Apr 21
*27%
28%
*27%
16%
28%
*27%
28
600
Bobn
99%
*99
99%
98
99
*95
99%
140
47
47
46%
*45%
46%
60
38
21%
46%
21%
46%
*21%
21%
21%
22
Bond
1
19%
19%
15
18% Feb 19
10%
17
17
*1%
1%
*1%
1
17%
*1%
17%
1%
19%
17%
1%
19%
17%
*1%
31%
31%
*29%
32
*44
48
*21
21%
*19%
17
*1%
*30%
32
4%
10%
17
4
4
4%
*9%
20
37«
1*31%
32%
*39%
41% *41%
*2%
2%
41%
2%
6%
10%
31%
6%
6%
6%
*10%
*10%
11
*30
30%
*20%
2Ug
*30%
*20%
10%
10
10%
*111
115
*111
*3%
4
07%
68
*6%
*25
0%
25%
*30
*17%
*52
30%
17%
*17%
53
*52
2%
*19%
*5%
*20%
2%
20
5%
21
*20%
4%
4
9%
4%
*9
*87g
85
*9
31
31
31
31
200
107g
31%
10%
*10%
32
*30
21%
21
21
100
Brown Shoe Co
200
Bruns-Balke-Collender.No par
10
1,200
100
6%
3,100
107g
4
4
68
68
6%
37g
67%
6%
6%
67g
*24%
2578
*24%
30%
257g
30%
*25
31
17%
17%
17%
*17%
53
53
8
8
*52
63
8
8
2%
2%
2%
19%
*18%
5%
*20%
18%
5%
5%
5%
20%
*20%
20%
4
4
4
8%
9%
85
87g
9
85
85
9
*18%
19
*50%
52%
laI6
lgi«
%
l%«
%
1,500
6%
*11%
6%
6%
6%
11%
6%
6%
2,500
11%
6%
11%
0%
11%
18%
*50%
18%
19
52%
*50%
11%
*11%
11%
300
13%
13%
13%
13%
13%
14
14%
8,500
*34%
40
»i«
7«
6%
18%
52%
9%
19
52%
%
—
-
*
137g
40
*.
40
-
40
*2%
37g
"3%
37g
"3%
36%
"3%
*35
*35%
*2%
36%
36%
*2%
*34
39
2%
2%
39
*90
92
90%
28
28
28
*00
2%
47%
*22%
47%
22%
9%
15%
*1%
*111
*2%
*6%
47%
47%
22%
23
117% 118
9%
70
*69
*9%
*90
9%
16
*6%
6%
3
95
9%
16
2
2
2
*111
112
*2%
6%
2%
6%
*6
6%
*3
227g
2%
6%
3
*2%
3
95
*86%
32%
32%
3%
29
18
18
28%
*17%
3%
*2%
36%
♦94
29
28%
18%
♦102% 103
19%
19% *18%
13% *13
13%
3
27g
*2%
36%
36%
36%
*94
98
3%
*17%
103
32%
28%
80
*13%
3%
30
19%
13%
13%
*3%
*12%
Apr 18
44% Jan 13
38
May
2% Jan 3
5% Feb 14
10
Apr 21
2% Jan 13
6% Jan 14
38
30
9
12% Dec
31
27
37%
June 11
5%
May
29% Apr
6% May
12% Nov
5% Apr 15
23%June 6
3
May
21
May
z7%
2
Jan
3% May
20
Jan
17%May
12% May
21%
8% Jan 16
7% Dec
3% Jan 10
2
15% Jan
23% Jan 27
3
Apr 21
Feb 14
Apr29
Feb 20
%June
Jan
5%
Apr
16%
May
7%
Jan
23%
Apr
5
Sept
2% May
39
May
82
6
9
May
15%
21% Mar 29
14
May
53
2
50% July
26% Feb
52% Mar
Jan
6% May
Jan 24
1% Jan
1
6
6
7% Jan
7
May
Apr 23
Feb 14
Mar 18
40
Apr 14
Day
200
3%
850
30
300
40
100
14%
2%
*2%
27g
700
36%
36%
307g
4,900
97
-»
-
m
Certaln-teed
6%
1
Products
100
prior preferred..
Chain Belt Co
No par
JChesapeake Corp
No par
25
Preferred series A
100
Chic A East 111 RR Co.No par
Feb
231*
6% Mar
92%
92%May 20
30% Jan 14
3% Jan 29
125
2
2
9
6
Jan
Jan 29
Jan
Dec
20
May
105% May
5
May
48
June
17
Aug
2% Jan 13
115% Jan 29
l%May
2%May 23
22% Apr 21
Dec
12%
72
Feb
May
26%
3%
Apr
Jan
114% Mar
Apr
11% May
4
88
34% Jan
Feb 19
Jan
35% Apr
121
June
3% Jan 13
Apr 2
97
27
56%
1% Dec
106
4
07gMar 11
3
3% Nov
75
10%June 10
2% Feb 19
86% June 13
Dec
32% May
120
42%May
73% Jan 14
22*4 Mar 25
Apr
Apr
May
June
100
2
3
Jan
0
45
39% May
3
Jan
May
Anr
Apr
O
75% June
22% May
Jan 17
41
June 11
May
5%
Oct
6
Mar
Sept
2%
100
Apr
9
22% May
41%
Jan
5% Jan 13
3% May
8%
Feb
38% Dec
37% Jan 14
Jan 4
15% May
May
22
Oct
106% Feb 10
20% Jan 10
99% June
106
May
15
21%
i
2%May 23
34%May 19
93%June
Feb
40%
arl5%June 27
15%May
1%
8%
2% May
120*4
Cham Pap A Fib Co 0 % pf. 100 xl02 June 12
Common
No par
17% Feb 15
Checker Cab Mfg
12% Apr 22
..5
Chesapeake A Ohio Ry
July
Jan
19% Apr
29%May
2% Dec
36% Aug
28%
18%May 26
116% Mar 19
4% Feb
Cerro de Pasco Copper. No par
May
397# Apr
3% Jan
50% Jan
Central Vloleta Sugar
2,800
Jan
67% July
300
100
4% May
Nov
4% Apr
2% Apr 28
Jan
Jan
9
3
12
3% Feb 13
May 27
7
13%
11% Jan
July
34
66
Oct
4% May
17%May
88
Mar 11
61
12%
May
5% May
5%June 26
Apr 16
7%
76%
7%
16%
35% Nov
Jan
21% Jan 13
4% Jan 4
4% Feb 17
19%May 29
43
Co
Jan
Oct
6
7
18% Jan 6
53% Jan 13
112
-
36
34% Jan
33% Mar
100
Preferred
6%
72% Nov
8% Nov
27% Feb 15
15%May
49 May
z7%May
2%May
No par
Century Ribbon Mllls.No par
Dec
May 119
97
9
71%May 27
Jan
Apr
14% May
6
Jan 17
118
Feb 14
l%June 11
pendence
Apr
4% Nov
1%
24% Sept
25% Jan
12% Jan
22
7%
53%
Jan
*5% Nov
23% Mar 21
Apr 21
61
Jan
14% Jan 13
Jan 16
19% Apr 24
1% Apr 22
109%June 10
2%
*92
41% Nov
pref-.lOO
36%
97
May
JCentral RR of New Jersey 100
27g
*92
27
1
100
Preferred
Apr
8
2%May 20
37%May 26
86% Feb 25
6
Mar
41
$3 preferred A
10
Carolina Clinch A Ohio Ry 100
1
7
13%
26% Nov
Central 111 Lt 4H %
367g
97
May
8
13% May
100
*2%
*92
4% Dec
2%
6
Central Agulrre Assoc. No par
Central Foundry Co
1
36%
97%
38% Nov
May
2
100
Inde¬
33%
33
297«
13%
25
No par
Jan
Jan
25%
26
12% Jan
740
Closed—
18
17%
17%
*17%
102%
102% 102% *100
19%
19%
*18%
*18%
18%
103
*18%
33%
*3%
28%
3%
Canadian Pacific Ry.
prior preferred
100
Celotex Corp
...No par
5% preferred—
-.100
95
33
June
12% May
% Dec
34
Celanese Corp of Amer.No par
700
6%
*2%
17
40
720
1,000
2%
*80%
Jan 10
Jan 9
Apr 4
Jan 6
Jan23
36
1,000
Stock
16
3
May
11% De
Caterpillar Tractor
Exchange
70
95
29
*12%
510
227g
118%
9%
9%
*2%
19
14% July
Cannon Mills
Jan
29% Apr
24% Mar
2
11
1,800
48
*86%
32%
Jan
Nov
34
123%
70% Mar
147g Jan 10
4,500
3
22%
20%
20%
17g
39%
4%
May
51% Dec
6% Feb 19
10%May 16
107gJune 3
67%
118
2%
19
8
23
19
22
19
19% May
99
Jan 18
25% Jan
1
Carriers A General Corp
Case (J I) Co
95
*10212 103
*18%
«« — —
40
48
*15%
54
Apr 18
7g Feb
30
Apr
3% Apr
8% Apr
18% Apr
3078May
9
111% Jan 23
Calumet A Hecla Cons Cop.-5
Campbell W A C Fdy..No par
Canada Dry Ginger Ale
5
Carpenter Steel Co
3%
*32%
50
700
*2%
*86%
33
5% preferred
Callahan Zinc-Lead
300
116% 117%
*17g
6%
10
2%
111% 111%
2%
*2%
2%
66%
70
16%
110% 111
*17g
^
91%
66%
m
28
9%
Bros
5% conv preferred
Butte Copper A Zinc
Byers Co (A M)_
'
28
70
1
7% pf 100
Capital Admin class A
2%
91%
2%
70
16
400
38%
*35
27%
9%
70%
"9,200
*i.|..
65
64
9%
70
16
*2%
4
36%
92
117% *116% 117%
48
47%
47%
47%
22% 227g
227g
227«
118
118
ll77g 118
70
30%
27%
*2%
2%
117
16
2
2
*17g
111% ♦111
111%
2%
*2%
2%
*2%
92
28
2%
62%
*69
157g
*86%
2%
38%
60%
*116% 117%
*117% 117%
*35
2%
60%
61%
117
117
36%
234
3812
*35
40
"V
4
3%
30%
*2%
*27%
91
*27%
2%
*
*90
*32%
2%
37g
36%
14%
Terminal
Butler
9
Apr 29
16
per
Canada Southern Ry Co--100
*
13%
No par
Burlington Mills Corp
1
Conv pref $2.75 ser..No par
Burroughs Add Mach..No par
California Packing ....No par
18%
52%
12
18%
*50%
No par
Bulova Watch
400
18%
6%
9%
No par
300
*50%
18ie
*9%
1,820
9%
*11%
9%
2,700
1.200
9%
9%
*9%
Budd Wheel
...30
5
No par
Participating preferred-. 100
Byron Jackson Co
No par
9%
9%
100
Bush Term Bldg dep
100
88
86%
preferred
7%
May
Jan
35
25% Apr 22
90
100 zl09 June 11
3% Feb 14
No par
7% preferred..
Budd (E G) Mfg
Bush
1,600
5%
4%
86%
5
160
21
87g
85%
Bucyrus-Erle Co
300
20
4
4%
400
2,100
2%
*18%
5%
200
8
8
*2%
No par
Bullard Co
""900
53
52%
2%
18%
21
1,800
257g
31%
17%
31
*2%
20
220
67%
67g
6%
17%
800
4
*37g
67%
31
10
114
*112
112
112
30
21
200
2%
97g
97g
97g
300
30
6%
42%
6%
*10%
2%
*6%
*407g
*2%
32%
*2%
Bristol-Myers Co
5
Brooklyn A Queens Tr. No par
Bklyn-Manb Transit..No par
Brooklyn Union Gas-.No par
21
*40%
2%
6%
114
4
85
85
3
Bridgeport Brass Co ...No par
97g
97g
41%
37g
667g
5%
Brewing Corp. of America
Brlggs Manufacturing.No par
Brlggs A Stratton
No par
8
21
5
800
10
53
*7%
*2%
18%
5%
8
"
Bower Roller Bearing Co
1,200
10
30%
17%
800
4%
4%
100
10
*20%
6%
25%
31%
*7%
6%
*24%
100
32
6
Boston A Maine RR
19
*30
37g
Borg-Warner Corp
*>■
19
97g
2%
6%
10%
68%
(The)
3,000
1%
19
*111
115
37g
67%
Co
Borden
17%
_
19
41%
2l7g
10%
Inc
1,100
4,200
5
19%
*31
19%
33
Stores
20
*30%
43g
Aluminum & Brass
32
19
*31%
*4
37g
97g
19%
32
*30
97g
10
97g
19%
*19%
*2%
%
27%
28%
Highest
share $ per share
28% Apr
12% Aug
$
18% Jan 27
17% Apr 26
20
21%
19%
*43%
21%
19%
Bon Ami Co class A ...No par
Class B
No par
99%
Lowest
Highest
share
*98
*98
Range for Previous
Year 1940
100-Share Lois
Lowest
Par
Shares
16%
16%
16%
EXCHANGE
Friday
Thursday
2
July
% per share
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
Wednesday
Sales
for
LOW
July 5, 1941
18
2
Jan
30%
29% Mar
3
Jan 16
10%June
2% Oct
44%
Jan 13
30% May
44
Dec
84%June
101
Dec
102% Feb
2
Apr
17% May
3
1
1% Apr
1%
1%
*1
1%
*%
1%
3%
3%
3%
3%
*3%
3%
3%
3%
900
Class A................40
%Mar 3
l%Mar 12
*17g
2%
2
Chic Great West RR Co...50
"iiMar 20
2%May
6
6%
6%
6%
6%
67g
2%
7%
1,700
6%
17«
6%
2
6%
l7g
6%
6,600
37gMar20
8% Apr
3
*6%
6%
*6%
6%
*0%
0%
6%
6%
6%
6%
200
Chicago Mall Order Co
6
8% Jan 10
Apr
4*g Apr 24
17«
3%
*17g
3%
rl%
4%
*1
1%
14%
*41
42
*51
14
51%
14
14
*40
*14
42
*40
51%
*%
7
32
*%
%«
%
*,16
%
%«
*8%
9%
*8%
13%
13%
12%
*1%.
*21
1%
*1%
20
*57%
♦10%
104
*22
*-.—
*112
26%
*83
*4884
37%
34%
*145%
*8812
00%
13%
10134
*19%
•11H2
*16
9%
*%
*8%
12%
13
1%
5784
10%
5684
10%
104
104
Pr pf ($2.50) cum dlv No par
tChic Rock Isl A Pacific.. 100
7% preferred
i
100
6% preferred
100
Chicago Yellow Cab...No par
%
*%
9%
12%
♦
13,
9%
13
11*
13,
*23
25
26
57%
56%
10%
10%
104
104
57
10%
2%
2%
2%
32%
32%
*32%
*43%
*15o
*23
104
284
46%
*8%
*12%
55«4
*10%
104
7M
«*
-
-
400
hi
,
300
9%
400
13
2%
35
72
City Ice A Fuel
2,000
104
*2%
34
300
400
♦16
U2
*1%
*2%
2%
2%
*1%
*2%
2%
♦1%
134
15
15
27g
78
1%
1%
1%
1%
147g
147g
1434
27g
78
*14S4
*14%
234
*77%
15%
15
234
79
*77
79
1434
27g
*77%
16%
16%
1%
16%
*16
800
June 17
30
800
200
1,800
300
300
100
17%
100
15%
1,200
15
15
15%
400
5,600
*77%
27g
79%
100
143
Jan 22
147
Coca-Cola Co (The)...No par
87
Feb 19
106
60
Mar 17
11% Feb 14
100% Feb 15
No par
Colgate-Palmollve-PeetNo par
$4.25 preferred
Collins A Alkman
No par
No par
110
14
61%
25'4
*
61%
26
100
2,600
61
2534
61%
26
60%
257g
10%
3g
%
.
61%
61
65%
26%
2534
26%
Bid and asked prices: no sales
97g
3g
on
this day.
10
1% Jan 13
•u Dec
May
35% Apr
112%
24
Feb
May
May
26% Mar
21
Jan
6
16
May
2%May 20
4% Jan
9
4% May
07% May
26% Mar
7% Apr
B
100
100
5%
preferred
$2.75
conv
Commercial
No par
preferred-No par
Credit
10
4% % conv preferred
100
Comm'l Invest Trust—No par
$4.25 conv pf ser*35.No par
Def. delivery,
12% May
108
2.50
Class
Commercial Solvents..No par
Commonw'lth A Sou..No par
a
Jan 10
Columbia Gas A Elec..No par
200
t In receivership,
Jan
Mar 19
20
1% Dec
1% Oct
4,400
7,500
16%May
114
Jan
Apr 18
Feb
Feb
Dec
16
38.700
7,300
65
20
June 102%
94
6
%
26%
June
21% Jan
10%
hi
63%
257g
"MOO
Mar
63
14%June 24
14%June 9
100
.100
Columb Br'd Sys Ino cl A.2.50
4% 1st preferred
4% 2d preferred
Columbia Pictures
25
*24%
24%
24
2434
24%
237g
102% *101
102% *101
102%
29%
30
30
29%
30
2984
29%
29%
10434 10434 *105
108
107% *105
105% 105%
30%
Dec
141
56
Apr
5% Apr
5
Apr
..100
Colorado A Southern
6% preferred series A
*9884 102% *101
18%May
100
Colo Fuel A Iron Corp .No par
5% conv preferred
14
145
131
2
Jan
May
10% May
103% Apr
Class A
May
99%May
62% Jan
Preferred
300
10
Mar
3,000
47g
24%
24%
%
83% Dec
48
Columbian Carbon Co.No par
10
Jan
43% Mar
June 18
10
%
Nov
74% Nov
114%
35
100
10%
100%May 12
83%June 27
133
Jan
28% Feb 18
80
%
Apr
Cluett Peabody A Co..No par
65
10
Apr
40%
41% Apr
45% Apr
*58
%
4%
May
25% May
25% May
*79
10
May
Jan
46% May
80
105
2
24
3
May
May 28
65
%
4
37% Jan 13
139
Apr 26
74
82
*79
10
98
x60
May
May 23
*58
*104
Sept
Sept
Mar 11
15%
1
85
44
26
98
Jan
Feb
June 24
33% Jan 10
24%June
14%
46% Feb 20
104
July
100
Nov
91% Apr
June 23
20
25
6
7
34
39
180
24
30%June
Oct
May
79
*24
3
6
Aug
8%
June
65
24
Jan
May
2% Mar
43
2
5
56
79
24%
10*4 Feb
53% May
108
*58
*237g
2334
72% Jan
8% Apr 21
20
124
64
24%
23%
*98% 102%
29%
29%
Jan 27
55%May 28
95
1% Aug
Jan 27
27g
27
16% Apr
5% Mar
May
Jan 15
80
*2378
23%
2
June
11% Mar
9
50
1%
47g
l%June17
22
7% May
Jan
1%
5
Jan
8%May 22
10% Feb 7
Feb 14
2%
*434
%
Jan 24
64
5
%i Dec
85
*79
*434
Apr
% Jan 18
9% Jan 29
14%June 24
Jan
114
68
47g
Jan
%
6
»n
Feb 14
80
47g
%
*ii Dec
Apr 23
♦62
5
%i Dec
% Jan 17
*n Feb
Apr 26
*79
*478
6
4
27
1%
2»4
8
49
2%
27g
51% Dec
May
8
% Jan
50
*1%
2«4
41
Apr
%i Jan
73
Special gtd 4% stock
153g
15
Dec
44% Dec
139
5% pref...
Jan
15%
23% May
110
Clev Graph Bronze Co (The). 1
12%
8% May
9
52% Jan 13
Climax Molybdenum..No par
1%
*15
6%May
15% Mar 18
44% Jan
3,400
2%
1%
49
Clev A Pitts RR Co 7% gtd_50
90
10
*1%
2%
*1%
9% Feb 19
37% Apr 22
.100
5% preferred
113
11234 *112
*112% 11284 *112% 11234
26%
*26
r203g
20%
26%
25%
26%
257g
257g
100
100% ♦100
100
100% *100
100%
*997g 100
86
87% *83
*83
*83
87
87
*83
84%
5012 *4834
50% *48»4
50%
50%
*48»4
50% *4834
3734
37%
37%
38
38%
37%
37%
37%
3734
34
34%
34
34%
34%
33
333g
33%
337g
146
*145
146
14634 14634 14634 *145
146
*145
90%
89% 89% *88% 8934
88
8834
887g
887g
60
60
60%
*587g 60%
*59% 60
*587g
60%
13
13
13
13%
13%
*13%
13%
13%
I37g
10184 *100% 10134 10184 10134 101«4 10134 *99
10184
20%
*19%
20%
20
*19%
20%
19%
*19%
19%
113% *111% 113% *111% 113% *111% 113% 111% 111%
*16
....No par
6H% preferred
100
City Investing Co
100
City Stores
6
Clark Equipment
No par
CCC A St. Louis Ry Co... 100
Apr 28
Clev El Ilium $4.50 pf. No par
73
*112
17%
25
5
Chrysler Corp
1,000
400
73
No par
7,200
567g
10%
150
*
..10
Chile Copper Co
44%
234
44%
Chlckasha Cotton Oil
Chllds Co
13,
26
34
46%
*1%
♦1434
2%
*77%
400
*%
17%
1%
2%
14%
52
*%
32%
73
43
$3 conv preferred...No par
%«
32%
*
Chicago Pneumat Tool-No par
100
*51%
44%
*43%
900
%2
*%
*8%
*12%
5
14
51%
44%
*2%
*
73
%
%
*119
24%l *22%
104
113
100
%
1C%
4012
*212
2%
♦32l4
33
*-- 150
hi
60
43
43%
*%
*%
32
5% preferred
137g
14
51
7
*%
100
1%
*40
51
J2
57
6734
10%
104
♦4312
7
14
43%
51
51%
*%
14
*1
7g Jan
1% Feb
1
2
6
Feb 18
73
May 24
64
Mar
4
6978 Apr 29
4%May 16
21% Apr 17
21%May 20
99% Apr 8
28%May 20
rl02%June 9
8% Feb 15
2%May
2
-
6
Mar 31
82% Jan 25
72
Apr 2
80%
Jan
14% May
Mar
7
27% June
Jan
6
95
June
37% Jan 10
32
June
56
Apr
June
113
Mar
Jan 15
97
11% Apr
3
8
Jan
2
65% July
2
110
i*ii
30% Jan 11
y
98% Apr
8% Mar
3% May
31
24%May 26
* Ex-dlv.
79
May
104
Commonwealth Edison Co-25
Cash sale.
June
6% Jan 6
24% Jan 16
$6 preferred series...No par
r
93% Apr
59
71
Jan 17
*i»May 19
49
Jan 30
n New stock,
4%
Ex-rlghts.
May
%
•
42
Dec
May
25% June
26
48
Dec
Jan
108% Feb
16%
Apr
1% June
73%
Jan
33
Apr
1 Called for redemption.
Volume
LOW
AND
Saturday
|
June 28
HIGH
SALE
Monday
$ per share
1634
31
*11*4
*3%
16%
30%
31
1214
12%
3%
12%
*3%
1634
30%
*12
*86
90
87
87
*92%
95
93%
94%
*95
7%
18%
97%
*%
834
*2%
578
*1%
*514
7%
7
7%
18%
7%
18%
97
97%
*%
78
*8%
*2%
57g
*1%
*5%
9
2%
578
134
5%
87%
18%
97
%
834
2*4
*2%
57g
*1%
5%
6
134
5%
24
24
*23'4 25
*100
10112 *100% 101%
16
16
*15%
1534
1234
12%
1234
1278
*»!•
"ll
98
»i«
July
»i«
*23%
997g
1578
12%
%
16%
15%
30%
12
12
87%
95%
87%
7%
7%
88
987g
34%
*77„
8
40%
39%
2%
40
234
2234
17%
*147g
40%
27g
*1478
40%
27»
23%
1734
15%
*52
55
44
44
49
49
175
175
*334
4
»»«
«u
1634
1634
99%
16%
734
99
*1578
234
2278
17%
15%
*17
*52
54
*52
54
*44
45
*44
45
7%
16
16%
7%
2278
16%
7%
227S
41
*7%
41
*22
23
*22
7%
227g
*39
41
*39
$ per share
4,900
600
60
2,800
18%
2%
5%
2%
6%
134
5%
25
*24
"l#
7.600
1,800
1,400
87g
%
*1%
5%
9%
700
2%
2%
6%
1,600
5,400
6
*1% -i 1%
5%
5%
99%
1534
13%
1534
13%
%
24
101
100
300
35
8%
397g
22 34
17%
8
5,600
1,700
400
22%
54
*52%
45
49
*3%
16%
16%
98%
16%
16%
7%
2278
7%
7%
22%
*22%
41
41
1284
12%
12%
"12"
12%
87
8534
8534
*84%
87
86
86
38
38
*37%
3778
377g
38%
87%
87%
87
87
87
38%
*87%
88%
5
5
*434
*86%
5
88
*52
5334
*13%
14
*21
22
434
*85
53%
13%
*21
"i«
"i«
*38%
41%
*29
2934
834
8%
27%
27%
*44
4%
47%
7g
*38%
*29%
8%
27%
*44
17%
17%
*3%
*15%
3%
17%
*3%
15%
15%
*7
7%
*109% 1107S
23%
23%
*2778
28%
*14
110
11
88
*4%
4%
86%
4%
4%
86%
53%
53
53
*53
13%
*13
2134
7g
*21
13%
21%
«n
*21
38U
*38
29%
28
434
:
78
38%
4034
2934
834
29
27%
47%
17%
*44
3%
15%
7%
110
27
17%
*3%
*15%
*7
8%
27%
47%
17%
3%
16
7%
'109% 109%
23%
23%
23%
23%
28
28
28
28
*14
15
*1034
*7
4%
87
"12% "12%
*14
15
10%
1034
15
*4%
4%
86%
390
400
7g
10%
1,800
*4%
4%
*3%
3%
*15%
16
7%
7%
109% 109%
23% 23%
28% 28%
*10%
10%
30
<
1,500
8%
3%
16
7%
Closed—
"""iOO
Davega Stores Corp
Conv 5% preferred
100
110
23%
28%
*14%
Inde¬
10%
24%
28%
15
10%
70
3%
7,200
1,600
pendence
Day
"""<566
20%
20%
20
20%
20
16%
15
15
15
20%
15%
26
26
*25%
26%
26
26
26%
27
27
400
*37%
38
377g
3778
8
38
37%
37%
200
7%
*7%
8
100
14%
*37%
*7%
14%
38
*7%
*14%
26%
*37%
7%
14%
*14%
14%
14%
14%
14%
500
*68
75
*68
75
*6978
14%
75
*7%
34%
8%
34%
1434
72%
*126
128
22%
*6%
18
7 17%
1434
15
72
*14%
*71%
21%
*21
17%
15
72%
12778
21%
*4
4%
*4
4%
*6%
7
*678
7
71%
*125
22%
4%
7%
*4
18
£21%
*108
11634 *108
154
15434 15434
*124
125
124
128
*3%
3%
134% 134%
124
32%
32%
32
24%
278
3%
133% 134
*175% 177%
32%
31%
31%
16
*15%
16
....
*15%
16
*15%
2734
14%
28
27%
28
27%
14%
14%
14-%
14%
27%
14%
%
*%
1%
%
%
%
1%
1%
33%
Ti«
'
*1%
32%
30%
*30%
32%
32%
32%
*30%
*30%
32%
*42
43
*42
*109
134
32%
30%
31%
1%
33
31
31
32%
43
110
*109% 110
3%
3%
3%
33
*30%
31
*30%
30%
32% 32%
42%
42%
109% 109%
3%
*75%
79
*76
78%
*75%
78%
*80
82
*79%
81
*80
81
*84
86%
86%
si«
*5»j
*84
86%
*21
*4%
*6%
17%
*14%
71%
3%
3%
24
12",600
130
24%
500
15
500
1,200
21%
*4%
21%
4%
900
7
24
700
116%
900
100
.....
Dome Mines Ltd......No par
Douglas Aircraft..
No par
Dow Chemical Co
No var
*%8
716
*37%
38%
38
17
17%
*17%
10%
10%
*%«
*%«
%
*5is
%
:
Eastern Rolling Mills....
6%
Eaton
7i«
*2%
%
2034
91%
13%
13%
*3834
39%
*
20%
90%
13%
39%
2O84
*90%
*13%
39
*20
20%
*20
92%
*90%
13%
13%
13%
500
39%
40
39
Bid and asked prices; no sales on this day,
"
$7 preferred
171
June
278 July
5%
30
""206
1,300
2,700
50
Engineers Publlo Service
1
Jan
120
114
Jan
189%
129%
Apr
Dec
11834 Jan
44% May
Apr 29
June
Apr 21
%
Jan
4
l%May 31
27% Feb 19
23% Feb 19
28
May 27
26% Apr 29
39% Feb 14
108
June 27
3% May
5
Jan
Mar 28
Jan 10
Jan
6
% Jan 23
4% Jan 11
37% Apr
33
34%
4
Jan 13
7
40% Nov
15% May
36% Nov
£24% June
33% May
41% Jan
1
26
35
11134june 18
Jan 11
Jan
May
10% May
% Dec
3
May
18% May
Jan 13
32% July
44%
3
Apr
6% Nov
May
46
A pr
112
May
102
May
5% May
63
May
Mar
12%
Jan
No par
preferred..
$6 preferred
65
Feb 26
80% Apr
4
83
Jan
No par
No par
70
Feb 14
83% Apr
4
66
May
89
Jan
75% Feb 14
8734 Apr
4
77
Dec
97
Jan
Equitable Office Bldg..No par
t Erie Railroad
100
%2june 28
% Jan 30
% Feb20
4% 1st preferred..
100
4% 2d preferred....... 100
78 Feb 15
%Mar 1
l%June 30
l%June23
1% Apr 3,
50
75
Feb 28
75
Feb 28
%
Dec
%
Jan
3%
1%
Apr
Jan
% May
% Dec
% May
Jan
Eureka Vacuum Cleaner
27g Apr 23
3%
Jan
2
5
5% Feb 19
8%
Jan
8
67% Aug
2% Dec
5
May
67% Aug
5
Evans Products Co
_3
23% Apr 30
30'4
Jan
6
20%
Jan
3434 May
%
Oct
Ex-Cell-O Corp
Exchange Buffet Corp ..No
40
Oct
Jan
...100
$5 preferred
Mar
8%
Elec Storage Battery...No par
El Paso Natural Gas
3
1,300
Apr
10
1384
Apr
Jan
Endlcott Johnson Corp
5% preferred
Jan 23
Apr
Apr
No par
No par
$6 preferred
100
200
par
Federal Mln & Smelt Co
100
Federal-Mogul Corp
2
5
Federal Motor Truck..No par
Federal Water Serv A..No par
sieJune 17
34
May 17
16%June 24
10
% Jan 7
45% Jan
2478 Mar 10
5
Feb
11%
Apr
1
Jan
49%
Apr
31%
18%
29% June
17% May
11
May
Apr
May 29
13
Mar 17
90
May 2
21% Feb 15
1078 Apr 18
2% Apr 16
100
Jan 27
85
June
Jan 23
16
July
29%
12%
% Apr 18
2534
14% Jan 14
102
Apr
Mar
Jan
Aug
15%
Oct
Jan
7
2% May
% Apr
1
%iMay
4%
1
Jan
Jr.iii
4%
„
200
Federated Dept 8tores.No par
18% Jan
May
25
Jan
4H% conv preferred
Ferro Enamel Corp
.100
90%June 30
21%June12
97% Jan 15
15
100
79
June
98%
Dec
1
11% Apr 29
14% Mar 14
10
May
20
Jan
Phen Fire Ins N Y.$2.50
34% Feb 19
40%June 23
27% May
40%
Feb
1,300
1,800
40%
t In receivership,
6
Jan
947g May
18%
134
100
92%
13%
39%
8
Jan
Elec & Mus Ind Am shares...
Electric Power & Llght.No par
600
20%
*90%
Jan
9%
500
%
13%
Apr
237g
6%
23%June 24
16
1,200
27%
92%
4
33%
1738
Erie & Pitts RR Co
2034
Jan
24%
11% May
65% July
127% Nov
14% Jan
5
May
9% June
14% Feb 14
3
100
234
*%
14L%
May
17%
4I34
2
100
*2%
716
9
14
25
Edison Bros Stores Ino
%s
2%
*%
20%
90%
*13%
3884
Jan
Apr
Feb
Jan
2%
2%
716
Jan 27
Dec
14%
38
Apr
*%
234
*3g
17
79
86
Dec
Deo
200
*2%
5
23% Jan 28
9
30% May
37
10%
94%
24
13%
13%
2%
Apr 21
8
May
10% May
*10%
94%
*2312
*12%
*2%
*12%
31
19
26
18
6
Jan 30
Jan
Feb
22
*10
13%
Jan
9
37
Apr
10% Feb
20% Nov
29
10%
13%
86
3
Jan 11
25% May
32
May
4% May
12% May
56% May
4
Manufacturing Co
93
13%
18%
8
May 31
3
166-%
Fairbanks Morse <fc Co.No par
*13%
Jan
Jan
180
Fajardo Sug Co of Pr Rico..20
Federal Light & Traction... 15
$6 preferred
No par
*13%
Jan 11
10% Jan 10
Apr
24
Jan
May
900
10%
2978
41
May
May
Jan
23%
36%
43%
12% May
7
6%June
5?g
34
Dec
June
""500
95
23%
2%
Apr
June
17
23%
8% May
4
%• Dec
34
:
1178 May
23% Apr 7
17% Jan 10
12% May 12
68%May 22
4
28% May
19% Apr
23% Jan
3
38
*90%
334 Apr
Nov
237g
June
»u Feb 26
67g Apr 21
14%May
63% Feb
120
May
17% Feb
•
Jan 10
2
114
June
13% May
21
4
21% Apr 29
34%June 12
17
18% Nov
8% Apr
155
17
*10%
13%
Oct
5% Mar
117
38
10%
Feb 19
2% Feb 19
'« Jan
May
23
107
3
Jan
60
May
13% May
3% May
29-% Jan 24
18%
1138 Mar
.32% Mar
Sept
14% May
8%May 20
Jan 24
Jan
May
Oct
4
17
94
9
3
24% July
51
35%
Feb
142
38
24
14%June 26
3% Jan 15
1734 Jan 10
114
Oct
Dec
6% July
21% May
42
Dec
Apr
17
29%
4%
182% Jan 9
367g Jan 10
17
24
Apr 30
9
47% Mar 29
19% Jan 8
Feb
160
*37%
*93
27
Jan
29% Jan 10
Jan
8% May
91%
45%
June
29%
Ueo
Dec
4%
120%May 26
?7
24l2
*90
5
38
*24
14%May 26
6% Apr 18
109% July 2
18% Feb 19
9^4
31
Vfnv
47%
£99
par
17
24%
13%
1%
34% Feb 10
Apr
100
J).No
preferred
38
93
93
cum
17%
*24
9
45
12% Feb 14
1,400
5,600
3%
6%
*5|S
..1
38
*91%
*20
10%
716
26%
No par
6
1
2
July
Apr 21
...No par
Class A.
...No par
Doehler Die Casting Co No par
Jan
Jan
l7g
2
38% July
13
6% partlc preferred
25
Diamond T Motor Car Co...2
Distil Corp-Seagr's Ltd No par
Jan
28
Devoe <fc Raynolds A ..No par
Diamond Match...
No var
new
25
25
78
27
100
Mar 11
53%June 25
16% Jan 25
Electric Boat
1%
257„
ll%May 6
May 20
%June 23
May 23
100
257g
417„ Feb 20
20
6
5% Mar 10
88
Electric Auto-Lite (The)....6
1%
26%
FeD 15
1,500
1,500
*1
26
3% Feb 15
72
95%
May
75% Oct
1% May
3% Aug
60
May
45% Dec
97g May
19% June
5%June 27
Jan
Dec
45% Deo
21% May
25
3
Eastman Kodak (N
100
26%
6
20
30
2,000
1,300
*26
l%May
47% Jan
98% Jan
May
May
1,200
1,300
%6
*6%
9
7%
25% June
1%
1%
*3
Apr
Jan
Feb
3878
45%
30% June
Jan 16
Apr
Nov
32%
May
112% May
**i«
»16
*73
82
12
75
106
July
2
1%
*1%
1%
3%
35% Apr 14
36
2
%s
6%
Jan 10
Jan
1%
78
83sJune 19
27%
May
1%
1%
6%
26%
17% Dec
3% May
18% June
4
34
**n
*3
June
Jan
Jan
Apr
1%
24%
June
75
Jan
Deo
7%
Ti»Sept
13
Jan 16
118
%«
*73
Feb 24
20
10
3
78 Jan 14
1978 Jan 10
126%June 11
90
6%
4
4
7
*86%
78
Jan
May
184
May
May
May 14
90
3
478
165
12078 Feb 14
*86
6%
182% Jan 16
114
120
1%
*73
40
Apr 21
Delaware Lack & Western..50
fDenv &RO West 6% pf.100
'""iOO
3
65%
Duquesne Light 5% 1st pf.100
Eastern Airlines Inc..
1
200
82
6%
61%
Dec
146% May
1%
1%
78
70
May
40%
113
1%
6%
May
41
6
7
25% May
47
4% Jan
June
Jan
Apr
8
19
19%May 28
Feb
33
3
7
1%
*2%
Jan 24
4%
25
52% Jan
9
1%
*73
56
97% Jan
49% Apr
9% Apr
4078 Mar
49% July
Jan
1%
1%
3
16% June
18% May
15% Mar
Jan
1%
7
23%June 28
23% Jan 14
187g Jan 2
7
Apr 18
20
Dresser Mfg Co..
41% June 23
4% Jan 2
4% May
2778 May
2
May
1478June
3
No par
Preferred
Detroit Edison
7
107
15
Davison Chemical Co (The).l
Dayton Pow & Lt 4pf.100
Delaware & Hudson
May
8% Feb
Apr
108% Deo
19% Apr
153g Jan
1% Apr
June
33
7
5
Deere & Co..
70
8
Feb
4% Apr
8% Apr
2% Jan
5% Nov
2334 Nov
Dec
6
Jan
96%May
40
%
June
40%
164%
*1%
*78
78
Apr 18
1% Mar 31
102
9%
7% May
117
5j2
*2%
13
5
1
1%
*6%
3% Apr 23
% Jan 7
24
Deo
32%
2% May
884 May
93% May
97g May
12
22
1
1%
*73
Mar 31
10
138
*80
1%
170
23
Apr
Dec
110% Mar
1% Jan
10% Apr
2% May
5% May
78 Dec
21
113% Mar
81
*1%
40%May 5
42% Apr 21
3
Jan 13
Du P de Nem (E I) & Co...20
$4.50 preferred
No var
3,900
%2
*1%
3
3%
6%May
l%June
5% June
26%June
106% Jan
16% June
14%June
Apr
16
100
% Aug
5% May
3,000
154%
126%
114%
24%
*3
*3
3%
3%
132% 133% 133% 133%
175% 175%, *175
177%
*31%
32
*31% 32
*15%
16
15%
15%
27% 27%
27% 27%
14%
147g
14%
14%
*%
58
J2
l'l.
*1%
1%
1%
33% 33%
33% 34%
31
32
31%
32%
30% 30%
30%
30%
*32% 32%
32%
32%
*42
43
*42% 43
*109% 110
109% 110
3%
3%
3%
3%
*76% 78%
*77%
79%
1%
Jan
par
Duplan Silk..........No par
8% preferred
i
100
1%
*1%
•%
79
1
9% July
7% Feb 14
...25
Dunhlll International
81
86%
%July
24% Apr 22
42% Feb 4
Dlxle-Vortex Co
90
*6%
7
7% Feb 19
l
5% pref. with warrants..100
7%
34%
17%
72%
129%
128
12% Feb 15
par
Class A
75
*7%
116% *108
116% *108
154:'?
154%
153% 154%
*12378 124%
124% 124% *125
*113% 114% *111% 114
114%
24
3%
3%
134% 134%
*175
71%
127%
*71
116% *108
153
154%
114% 114% *113% 115
25
25
25
25%
*175
*125
*14%
3,900
%
*34
2
1
Dlesel-Wemmer-Ollbert.... 10
*15
*18
Curt las-Wright
*3%
16%
7%
No par
......No par
No par
Cushman's Sons $8 prefNo
Cutler-Hammer Inc
No
207g
75
6
"""906
20%
*15%
34%
17%
15
72%
128
21%
4%
30
Stock
27%
15%
*7%
100
Exchange
110
4
July
3
92
10
17%
*7
15% F4b
99
"ie July
1
preferred
8%
47%
*15%
% Feb 15
2% Feb 15
9
2
100
17%
27%
2
Jan
Jan
Feb
99%
Jan
May
May
4% May
21% May
97% May
Jan 13
share
6%
75
7% Mar 19
23%
107%
2%June
7%
per
24%
31%
May
63
Jan 15
ll%May
Sugar
Curtis Pub Co (The)
1578 Jan 16
97% Jan 23
103
2
£5% Apr 14
Highest
!
17%June
82%May
Preferred
conv
14
8
June 10
5
12,400
1,600
*44
194<?
2% May
18% Feb
May 26
% Jan 2
7% Apr 14
CubaRRi6% preferred....100
5
Jan 10
share
33
par
Crucible Steel of Amer.No par
5% conv preferred
..100
Cuban-American
4
$ per
45% Jan 9
45% Jan 15
15% Jan 7
Prior preferred
2078
34%
17%
par
par
Crown Zellerbach
Corp
$5 conv pref erred. ..No
Preferred
%
*70
25
100
3%
8%
Crane Co
5% conv preferred
100
Cream of Wheat Corp
(The) .2
600
*3i«
34
1
...1
3,600
%
*7%
Coty Inc
Coty Internat Corp
39
3%
34
100
28%
3%
8%
Preferred
"is
"is
28
*3i«
3434
18%
1434
73%
...5
Cuneo Press Inc
%
*7%
...
Cudahy Packing Co
3%
*34
.....1
Conv pref 5% series
50
Corn Exch Bank Trust Co..20
Corn Products
Refining
25
700
*%
*7%
Continental Motors
Continental Oil of Del
400
*3%
.
8% preferred
...100
Continental Can Ino
20
Continental Diamond Fibre.5
Continental Insurance.
$2.60
200
%
8
100
5% Apr 21
17%June
95
No par
13
3%
87
Class B
21%
*%
?
conv preferred
13
3%
20%
15%
5%
25
Consumers Pow $4.50 pfNo par
Container Corp of America.25
Continental Bak Co d ANo par
150
3%
15
Consolidation Coal Co
21%
*38
27%
47%
17%
17%
400
55
27%
*14
10%
38
87%
478
4%
8%
*44
~YM
88
8%
Consol Laundries
Corp
5
Consol Oil Corp
No par
Consol RR of Cuba
6% pf.100
Crosley Corp (The)....No
37%
*87
*53
28%
Consol Film Industries
..1
$2 partlo preferred...No par
Crown Cork <fc Seal....No
par
$2.25 conv pref w w..No par
Pref ex-warrants
No
30
*84
39
Consol Edison of N Y._No
par
$5 preferred
No par
500
86%
55
12%
21%
78
May 23
200
400
"12% "12%
86%
12%
May 20
90
Feb 18
86%
4%
82
52
2,800
r
41
40
*12%
100
Apr 21
41
22%
22% Feb 19
10%May 26
6)4% prior pref
.100
Consol Coppermlnes
Corp...5
150
17%
98%
16%
Apr 25
13
"""TOO
%
99
No par
Feb 19
14
Copperweld Steel Co
2,300
'
Year
Lowest
$ per share
15% Apr 25
4
*%
16%
*85%
Consolidated Cigar
7% preferred
1
share
3
5
""""60
99
7%
Consol Aircraft Corp...
per
Continental Steel Corp .No par
54
49%
178% 178%
84
*15%
Congoleum-Nairn
$
400
45
<
No par
Inc.No par
3158June 6
6% Feb 3
35% Feb 14
2%May 26
17% Feb 24
1,900
5,600
6,500
27g
Range for Previous
Highest
300
2278
17%
15%
17%
*44
4
2,200
1,800
8
39%
*15
44%
49
£175% 178
35
39%
278
£47%
*3%
*%
700
14
.■
15%
15%
15%
%
34%
278
22%
*17
15%
13%
100% 100%
34%
Par
200
*99
•n
39%
2%
"""600
24
99
100
210
•
98
9
Lowest
Conde Nast Pub Inc
"Y.666
18%
Range Since Jan, 1
On Basis of 100-<S/iare Lots
Shares
16
63
EXCHANGE
Week
4
307g
*12
12%
87% 87%
*95% 100
7%
7%
97%
78
*52
487g
176% 176% *176% 181
4
*334
*3%
4
34
%
%
16
16%
*15%
16%
99
99%
987g
99%
16
STOCKS
NEW YORK STOCK
the
3%
18%
*8
17%
15%
*3%
97%
*16
34%
48%
96
%
98%
49
3%
*834
8
48%
July
18
*4
34%
15
3
97%
834
2%
578
134
5%
24%
9978
157g
13%
98%
22%
Sales
30%
*77g
23
CENT
Friday
$ per share
16
34%
2278
$ per share
30%
98%
*17
July
1634
30%
12%
8
*7%
*40%
278
Thursday
*3%
98%
34%
*34
2
■.
3%
7%
18%
9734
%
878
NOT PER
for
96
18
97%
SHARE,
Wednesday
$ per share
3%
1678
31
PRICES—PER
Tuesday
July
1
June 30
$ per share
*3%
*1612
New York Stock Record—Continued—Page 4
153
a Del.
delivery,
Fipel
n
New stock,
r
Cash sale,
x
Ex-dlv.
3
y
Ex-rlghts.
K Called for redemption.
77
New York Stock Record—Continued—Page 5
64
Sales
Monday
June 28
June 30
July
$ per share.
% per share
Wednesday
2
July
Tuesday
15*2
15*2
*101*4 1027«
*35*2
36
13*4
27*2
*21
4*4
*19
*25*2
13*4
27*2
22 3S
4*4
22)4
26
15%
*15*2
1
% per share
15*2
$ per share
% per share
16'
*16
15*2
102% 102% *101% 102% *101% 102
3534
3578
*3434
35%
3534
3534
13*8
27*2
22%
13%
27*2
*21
*4*8
4%
22%
*19
26
26
13%
13%
13*4
13%
July
3
July
*15*2
*2*2
*30
*36*8
*2*8
2*8
97g
18
157g
124
3
43
15*4
15*2
124
123
*2*2
3
700
36
2*8
9%
17*2
9%
18%
97g
18
2*8
4
638 Sept
22
8ept
300
Florence Stove Co
200
Florshelm Shoe class A.No par
4%
600
Foil ansbee Steel Corp
22%
21%
21*4
27
27
*20
27
*15%
123
*120
3
9*2
3
*37
43
*27g
*37
36*4
2*4
2*4
2%
2
2
9*8
9%
1734
9%
15%
124
36%
36*2
2%
18
18
125
*27g
2%
2%
2
15%
15%
157g
123
*2*2
1734
400
Jan
4
2434 May
2%
1,600
Gabriel Co (The) cl A.,No par
2%June
5
2
6,200
Galr Co lnc (Robert)
1
20
7% Apr 16
9*4
17% ;.17%
6% preferred
Gannet Co conv
484
6»4
67g
*634
7
300
10%
*10%
11
200
*53
5334
53
53%
10%
5334
*50
5334
200
Gaylord Container Corp
6
6conv preferred
50
Gen Amer Investors—No par
1,000
Gen Am Transportation
2.300
General
General
43g
13%
93
93*2
93*2
800
19*4
197g
187g
*18*4
1834
1834
1834
*120
125
*120
125
*120
125
124% 124%
32%
32%
32%
32%
323g
32%
32%
317g
32%
37
363g
3634
37%
367g
3634 37
37% 37%
367g
*115% 118
*115*2 118
♦115*2 118
*115% 117
*115% 118
17,200
91*2
*17*4
91*2
18*2
*120
91%
91%
91*2
*18*4
92*8
7ie
86
*7734
797g
*127*4 128
383g
38%
125
125
42
42
3*4
*578
108
**4
7i«
79
*78%
79
127
127
38%
38*8
*42
43%
3*4
3*4
3%
6
57«'
57g
108
6i«
15*4
*9934101
*3g
7i«
20
*108
**4
15
100
*%
*18
109
si«
15
100
2078
66
66*4
21
21
21
21
12%
12%
223g
*20%
*107*2 108*2
10*4
10*4
*23g
2%
36*2
67S
68*2
15*4
44
*3534
67g
*67*2
15
*43
*1*2
2%
*80
106
10%
2*2
86
100
79
100
126
2078
934
12%
12434 12434
*41
42*2
*3*4
3*2
6
*57g
2*2
103
*101
%
%
20
21%
*9%
22%
934
66
*10%
*10*4
*9*2
July
69*2June 12
14
May
22*8 Jan
16*4 Jan
1634 May
934
83
*1*8
*26
*82
1%
35
1%
*1%
*26
35
%
"le
%
"16
478
4*2
4*2
*414
434
11*2
*10%
11*2
10%
10%
*9%
10*4
*10%
10%
*9*2
1134
10%
934
32*2
2434
1578
257g
*31*2
2434
*23
*15%
157g
2584
26*4
24*2
1534
25%
24%
934
*106
106
2438
50
*31*2
32*2
*45
11*4
*15*2
11%
15%
*1*2
1»4
20
11%
*11
31%
11*4
11*4
*15*4
15*2
*1%
134
*18
3
16*2
2*4
*2%
2%
13
5934
17*4
600
83
1%
*25*2
%
35
*4%
*10*4
1%
434
11%
*4*4
*10*4
*984
*9*2
10*4
*10
32%
934
3284
11%
11*4
*11
11*4
15%
*15
1%
1%
19
234
278
16
32*2
11%
*107g
15%
*1*2
*18*4
33*4
11*4
11*4
11*4
*11
15%
15%
1%
*1%
19%
*18
1434
13
*1234
*1C7
*107
1057g 1057g *104
10578 *104
*92*2
6%
*71
17g
81
6%
72*2
*157*4 1597g *158
*13%
*13%
14*4
*70
71
*146
6%
_
.
Hackensack
12*4
lisg
177a
17*
Jan 10
13
Hamilton Watch Co
70*8
70
71
70*8
*6978
71%
126*2 126% *126% 130
*126*2 130
49
49
*48*2
50
50
*48*2
10
400
63s
1,600
72*2
200
1597g 1597g
14*4
*13%
6H%
Hecker Products Corp
Helme (G W)
Preferred
Hercules
73
1,100
3
Jan
93%June 20
17g Apr 21
June 12
2
June
Apr 25
Feb 7
1034 Apr 21
66
No par
Apr 22
*14%
15
16
16
16
*15*4
16%
16*4
*15*4
16*4
100
25
25
*24
26
*23
26
24
24
*23
25
300
Holland Furnace (Del)
8%
14%
*8*8
8%
14%
8*4
14*4
200
Hollander A Sons (A)
*8*4
14%
*110
*101
102
*14%
9
*8%
14*2
*14%
*110
114
101
15
101
14%
878
14%
114
*8*4
14%
*110
114
46
46*2
45*2
46%
45%
32*4
32*4
*31*4
32%
*31*4
11%
11%
*11%
12
101
14*2
%
*2%
*17%
45%
32*4
*3*8
*7i«
*
3
*2*2
17%
%
3%
716
11%
45%
*31
11*2
*49%
108
4*4
*2
*%
*2%
3*4
*31*4
*%
*2*2
17%
3%
*17%
17%
*17%
**16
1734
3*4
14*4
*110
11%
*49
*49%
51
*49%
51
50*2
*10734 110*8 *10734110% *10734110%
4%
4%
4*8
4*8
4*8
4*4
*31
32
31% 31%
*31*8
31*2
%
*14*2
*15*4
3
716
%
3
3
7i»
716
30
49*4
200
49%
101
*101
15
*14*2
114
8*4
14%
*110
46
46
32*4
1134
50*2
108
102
200
15
100
1,000
T.900
463g
33
*31
ll7s
*49%
4*4
31*4
6%
100
1178
800
cum
preferred
Hershey Chocolate
$4 conv preferred
100
5,600
4%
preferred
7
73s Jan 13
preferred
New stock,
r
May
May
1*4 Dec
8% Nov
May
95
5% May
83% June
2
56% Jan 18
16
17
Jan
8
Jan 14
Mar
Jan 24
Jan
Jan
100
LtdNo par
No par
Cash sale.
1
*
Ex-dlv.
y
Apr
June
110
Jan
Jan
167
Dec
21%
Apr
Dec
100%
Apr
126% Aug
133%
67%
Apr
12% May
69
50
June
947g May
12% July
19
May
4% July
8
May
28
64
Apr
Apr
Dec
Jan 27
Feb 14
13«4 Jan
104
Jan
115%
Jan
18%
Jan
5
3034 Jan 10
9
Apr
Apr
9%
11%
67g
155
115
Jan
138
4%
Jan 10
9
Dec
28%
113%
166
Jan
Jan
106
Aug
86
163s
106*2
897g June
Jan 13
77*2 Jan 11
128*4 Jan 8
June
16% May
130
May
May
tHupp Motor Car Corp
n
11
96
6
9
Jan 15
19*8 Apr 5
47g Jan 13
34 Jan 6
400
Def. delivery,
6
1534May 26
2'4June 2
hsJune 23
Hud Bay Min A Sm
Hudson Motor Car
a
Jan
37*2 Jan
100
{ In receivership,
Jeeb 10
3*2 Jan
95
26*2 Apr 22
%June 20
2i4June 20
800
2,100
101
.....6
%
716
14934 Feb 11
6% Jan23
434May
234
3
Jan 10
111
1734
3
25*4
3% Feb 14
616
716
106»4 Jan 16
10734Jube 18
234
*2
Jan
100
17*2
3*4
Jan
Feb
9
May
100
Jan
17
No par
*2
7I6
17%
20%
Houston Oil of Texas v t C..25
5%
Jan
Apr
9% May
35
Hudson A Manhattan
Feb
55
103
Howe Sound Co
142
37
39
500
Jan
30
32t4May 28
10
Apr 22
483gMay 27
400
Nov
29*4 June
12.50
31*2
Jan
18%
30
29%
35*2
8
preferred
1478 Jan
12% Dec
16'4 Apr
36% Apr
25% July
7
Jan
Mar 28
Houdallle-Hershey cl A-No par
Class B
—No par
5%
Jan
Jan
30*2 Apr
2% NOV
14% NOV
34*4 Apr
623g Jan
Mining
Apr
Jan
42% Apr 21
Homestake
3*4
17%
*3
May 28
6% Apr 12
9%
May
15*4 June 23
No par
100 *107% Apr 14 *107*2 Apr 14
Household Finance..
50
23
10
5
9
Holly Sugar Corp
7%
114
*10734 110%
4*4
3134
Bid and asked prices; no sales on this day.
126% 126*2
Feb
23
100*4 June
*15
50
*10034 102
*48*2
June
4%
71%
1%
27% July
Jan 16
100 *123%May 1
48%May 28
No par
99%June 17
No par
14% Feb 4
Hlnde A Dauch Paper Go... 10
Hires Co (C E) The
1578May 23
10
126*2 126*2
*123
107
Apr 14
412JUJ e26
No par
Motors
Hercules Powder
15*4 May
18% May
Feb 25
103% Apr 21
—
Hazel-Atlas Glass Co
50
72
preferred
Hayes Mfg Corp.
May
21% May
11% May
9% May
168
1597g 1597o
14
*13%
6*4
72*2
1,500
26
10*4 May
100
14
6%
72*2
2%
88
preferred
May
Jan 24
70
6%
*71%
2
85
6%
10
15
104
100
Hat Corp of Amer class
4% May
9*g June
6% June
8
25
6*4
*71*4
72*2
I597g *159% 15978
2%
85
300
Dec
May
% May
Apr
Jan
163g Jan
6
94*2
2
*8134
434
93*2
13g
25
12%June 19
No par
preferred
June
3%
33
1
*92*2
2
81*4
10
148
3
Jan
Feb 14
12% May
Apr
1% Aug
38
76
94*2
2
6%
4
Feb 18
25
*92%
*4%
93%
Apr
Sept
Apr
Apr 22
1134 Apr 19
140
484
3%
12
28%May 21
100
A—1
1
100
2
*146
148
*4%
Apr
253s
33
17
*146
4%
1434 June
25
Harbison-Walk Refrac.No par
434
Dec
May
9
Mar 10
2034June 23
378 Apr 29
1884May 6
25
10
Water
7% preferred class A
Hall Printing Co
Hanna (M A) Co $5 pf .No par
*107
5
li2 Feb 19
9
No var
600
*107
M
148
*13%
^
400
Jan 13
""'20
»
72*2
14
^
""20
Jan 15
Mar 26
10578 *104
10534
IO584 *104
18%
*18%
19*4
187g
187g
434
6*4
^
263g Mar 19
34
200
13
81*4
178
■
16*gJune
283g Jan
42
U4 Feb
100
preferred
36*2 Jan
25*8 Jan
6
2
16
22
13
11
143
9'4May
1
No par
preferred
Jan
Mar 26
107gJune 27
1284 Apr 23
10
Gulf Mobile A Ohio RR No par
$5
2
1234
29%May 27
42
13%
*.
18%
81
6%
72*2
13
8%
30
20
28*2
33%
1434
33
*12*2
Guantanamo Sugar
*28
*14
14%
100
300
28*2
14%
500
15%
1%
Feb 14
1378 Jan
138% Mar 26
Greyhound Corp (The) .No par
5H% conv preferred
Grumman Aircraft Corp
11*4
1,100
33*2
2
Mar 12
197g Jan
100
1
Green (H L) Co lnc
4,000
113g
278
*28
82
23
100
Green Bay A West RR
^
16%
234
*32%
94*2
10
20
Preferred..
180
^
3,500
33*4
*16
3
33*2
434
94*2
.No par
Co
preferred
No par
Great Western Sugar..No par
1,100
16
*234
16
33*4
28%
2
5%
June 24
97g Apr 15
Apr 22
28% Apr 22
9
22
*28
146
10
Great Northern pref
*14
*80
Grant (W T)
178 Jan 10
1*8 Jan 11
63g Jan 6
1334 Jan 7
4ig Apr 14
No par
Without dlv ctfs
90
28*4 Jan 22
3,500
31%
2
June 20
26
*32*2
*92*2
Granby Consol MSA P
.i.
^
Dec
June 10
2534
15
19
25
1
5
Motors
2578
2434
28*2
12%
1
...100
Preferred
100
50
45
% Apr 17
.No par
Gotham Silk Hose
25*2
*45
May
1'4
69% Mar
247g Apr
97% Feb
26
50
30
Jan
2*4 Jan 25
2i2 Jan 2
May
13ig Feb 18
*45
Jan
9
46
69
No par
400
24*2
24*2
*24*4
140% 140% *140% 141%
Nov
19»4
45
Gr Nor Iron Ore Prop..No par
2434
65
May
4% May
Jan 13
1,700
50
May
11
20*4 Jan 10
Jan 27
16
2434
Jan
43
65U
No par
preferred
1534
140% 140*2
9
68*2 July
1
153gJune 11
90
1534
25*2
37*2 Jan 15
7*8 Jan 9
2034
Granite City Steel..
^
517g Mar
July
Grand Union w dlv ctfis-No par
2434
>634 Mar
Oct
May
400
32%
Jan
23%
Sept
3034
10
Graham-Paige
11*2
9%
*23
3
Apr
May
77
1534
2434
10% May
Jan
13%
23%
106
Jan 10
157s
*23
Jan 10
37s Jan 13
Feb
Jan 10
No par
$5 conv preferred
100
10%
9*2
13
784 May
1378 May
98
Jan
65*4 Nov
2484 Mar
1434
5%
4,800
434
2ig Feb 13
May 21
19
20
15
18
1
June 20
llli2June 13
Apr
Dec
91
20
"16
32*4
4014 Feb 25
li4 Apr 23
Goodyear Tire A Rubb.No par
400
35
%
50
...1
preferred
9
6
*4
1U2 Apr
58%May
16
May
79% Apr
100
1
1
*26
"16
conv
22
8
82
500
17%
82
12«4 Feb 24
IU2
Mar
Goodrich Co (B F)
2,500
12%
59%
82
No par
Feb 21
20
Gold A Stock Telegraph Co 100
£
17%
33%
*4%
•.
13
*28
146
** + -
5984
1234
*32%
4*2
800
2*4
M%
5ig Feb 14
60
Gobel (Adolf)
Goebel Brewing Co
4
34igMay 24
No par
No par
200
1%
Apr 28
2%May 13
No par
Brothers
preferred
Glldden Co (The)
*587g
17%
*14%
148
$6
600
Day
86
15
4*2
Glmbel
500
44
2834
*146
$5 conv preferred
300
2,200
pendence
preferred
*1534
16
19
10
6%
'
19
19
100
Gillette Safety Razor..No var
2484
27«
1584
19
7
15
*80
86
Mar 17
General Tire & Rubber Co...6
80
68*2
1%
Apr 21
18% Apr 16
1,200
Inde¬
2*2
*43
11
Gen Time Instru Corp .No par
-
102
35*2
33*2
*107
Gen Theatre Eq Corp..No par
-
Closed—
11
35%
*32%
*14%
*12%
12%
600
Corp
300
112
67g
*67%
*28
1234
1734May 22
Shoe
*23
20
284
I584
General Telephone Corp...20
'
50
31%
Gen Steel Cast $6 pref. .No par
Exchange
*45
140*2 *140*8 140*2
*45
12%
634
1%
*1# Jan
1,490
Stock
36*2
*1%
preferred
800
66%
21%
15
6%
9%May 5
46% Jan 30
22%
32%
32
32
21%
12%
*21
%
*82
83
%
97g
32*2
934
65*4
44
*23
*284
10
*43
*3U2
*18
Jan 10
44
17%
*16
Jan
10
1
44
127g
59*2
11*8
Apr
General
*1478
1234
Jan
400
15
17%
Deo
18%
2%
59%
Jan
19%
106*2
3334
143g
*10%
127g
Jan
Jan
1%
May
2%
17*2
Apr
13% July
10%
59*2
7*4
10
110
20
2*2
*80
*4 Nov
034 June
86% Jan
Apr
Dec
60
•14 Mar 27
10%
2*4
106*2 Jan 15
June
5«%
127% Mar
29*2 Jan 11
12%
86
12 Jan 27
16*8 Jan 10
5% May
100
Deo
800
22%
2%
3
May
131
22
147g
*80
Feb
37% May
32% June
3% June
Jan
Apr
22
15*4
2%
7*2 Jan 15
109
May
Jan
101
22*4
*15
86
2
2
20%
1%
116
Jan
%
44
16*4 Apr 16
20ig Apr 21
*21
1%
132*4 Jan 28
48*2 Jan 6
118
Mar 19
98%June 25
2*2
*43
Jan
i»u Mar 17
100
1
68*2
15*4
134
118%
June 27
$6 pref opt dlv series .No par
General Refractories
No par
*1178
634
*66*2
Jan
Apr
111% May
*4 May
28
Sept
77% May
116
102
Gen Realty <fc Utilities
180
103
*16
10*2
6»4
11% Apr 12
Jan
Apr
89% Nov
100
984
106
No par
117g
29*2
Dec
4
Gen Railway Signal
4*8 Sept
493g
43g Jan
8
Jan
Jan
Dec
2
14 Apr
Jan
8*4
145
3384
3934 Jan
7
No par
4*8 May
1134 May
48*2 Feb
1284 May
Dec
57*4
Nov
Jan
No par
5% May
May
I84 May
118
Apr
105
22
Mar
2
June
3534 May
Apr
May
734
41
48
57gJune 30
94
14%
51
120
Jan
126
3% July
3% May
400
12
*10%
2*2
3
3
7
14
6
45% June
May
86
5
20
Sept
105*4 Mar
26*8 May
35*8
June 27
400
15
6% Jan 6
157g Jan 10
91
Apr 10
Dec
3*8 Sept
5*4 Apr
20
21
107
*14%
Mar 20
93% July
2
Gen Public Service
preferred
5
197g July
105%May 12
60
8
130*2 Apr
300
*4
Jan
142i2May 17
Apr 25
1
Printing Ink—
7%
6
Feb 14
40
No par
Common
$6
Jan
June 18
Jan
39*4
20
22%
12
*4
No par
General
1,000
55
12334 Mar 19
No par
Gen'Outdoor Adv A
Apr 21
Feb 19
3034May
10
preferred
$5
1,200
634
108
108
*101
%
66
17%
*11
22*4
*6*2
preferred
General Motors Corp
100
38
conv
5%
110
900
6
Jan
Apr 22
Apr
Dec
20
103
*S16
*18
65%
*58*2
24*2
6*2
21
65*2
*20%
*1234
140
6
$6
21,900
125% 125% *124% 125
*41*2
42*2
*51*2 42*2
3*4
3*4
3*2
3%
109
*108
107*2 108
>16
*16
**4
**4
1434
147g
1478
1434
*21
22%
107*2 *104
10%
%
%
127%
127% *127
*126% 127*2 *127
38*4
37%
37%
377g
377g
37%
13*4
1%
3%
3%
1012
73i2
17ig
79
1734
27*2
2-5%June 19
134% Jan 6
*78
60
*1
102%May 10
June
4634 Apr 21
79
1734
27*2
%
*4%
5
101
*78
*35
*82
Apr 16
537gMay 8
53g Jan 10
79
127g
83
4712 Jan 21
pref series A .No par
General Mills
No par
59%
*82
June
Dec
6*2
41
Mar 21
11% Jan 15
4
118
5% Mar 21
8
2
Gen Gas & Electric A..No par
35*4
67„
68*2
*2%
8
334 Apr 19
6
Apr 23
10% July
30
68
*80
June
1,200
35*4
*1%
97
76
*43
134
2%
No par
preferred
June 23
76
%
68
67g
68
$4.60
110
77
%
35%
67g
35%
3,100
104»4 Mar 26
77
7n
*18
21*8
97g
67*4
*21
No par
General Foods Corp
Dec
May
June
28%May 29
33% Feb 15
112% Jan 8
% Jan 6
No par
2
12
120
100
preferred
1*2 May
2% Jan 7
10%June23
Jan 28
79
*%
*100
21*8
*934
66*2
*12*4
7%
General Electric Co
May
22
*77
7i«
20
934
No par
General Cigar lnc
10
May
2i2 Aug
5
17
79
*77
*12434 125*4
*15
*19
*%
100
7% cum preferred
900
125
*38
No par
Class A
323g
*77
5
Bronze Corp
General Cable Corp—No par
100
*4*4
*12%
43g
Baking
preferred
18
20
No par
5
5
—No par
preferred
16
14
*4*4
-.10
6% preferred
1,000
4%
4*2
4%
*4*4
4*2
*4*4
4*2
*4%
4*2
104
*102
104
*102
*100% 104
*100*4 104
*100*4 104
52*2
52*2
53
53
52*2
52%
52*2
52*2
5234 5284
584
534
5%
584
5%
534
534
5%
5%
5%
142
142
*141
1433.1
14334 *142
14334 *141*2 14334 *142
4%
4%
*37g
4%
*37g
43g
*37g
4%
*37g
*37g
*13
1
Gar Wood Industries lnc
3,900
434
*4*8
4%
No var
16 pref No par
Gamewel! Co (The)
230
434
137g
9134
Apr
39
900
Jan
Apr
21*4
32%May 31
1% Feb 4
II4 Apr 10
3634
67g
1134
*4*4
61
Jan
384 Feb 28
Nov
35
9i2 May
900
preferred.-
32
10734
20
conv
Jan
June
7
484
*13
7
13
18*8 June
Jan
*6%
4%
102
Apr 21
7
7
46
*10*8
14
2
132
434
7
*4*8
Jan
Feb 19
11*4
*13
Jan 13
2% Feb 17
May 21
484
*634
*10*4
4*4
38*4 Mar
25*4 Apr
8% Nov
May
36
434
7
11*2
5334
14
19
105
434
*634
*10*8
4*4
2434 June
No par
No par
30
1103*
*13
8
4
32
May 31
June 17
Francisco Sugar Co
43
*U)Q3a
*50
Apr
7% pf.100
Free port Sulphur Co..
10
$7
170
3
9*4
434
Jan
21%
29
24
—...10
Foster-Wheeler
46
84
107% Jan
20% Jan
June 23
21
104
Jan
32i2 May
10'g May
Jan 13
Jan
share
2134
106
42% Jan 13
7
12*4 May
May
Jan 10
Fk'nSlmon&Co lnc
126
1tn3o
434
Jan
37gJune 17
100
preferred
conv
22
100
10
preferred
conv
4H%
700
15*2
10
Machinery Corp
Food
......
#
*1 ()U3a
6%
100
22*4
27
*1nu3,
*53
—No par
2734
223g
4*2
36%
2*4
25% Apr
No var
22%
36%
2*4
2%
337g Jan
3
Fllntkote Co (The)
*27*2
36%
2%
2*4
15
1.800
4*2
38
36*2
12% Apr 22
26%June 16
13*2
28
38
36*2
First National Stores..No par
18% Jan 10
Highest
share $ per
105
22%
26*4
per
15% Apr 23
*21
26*4
$
101%June 27
3178May 12
*27*2
*21
$ per share
10
28
4*2
$ per share
6% preferred series A—100
Firestone Tire & Rubber
22%
4*4
Year 1940
Lowest
Highest
200
1,000
*21
43
*37
Par
*27%
4*4
Range for Previous
Lowest
Shares
$ per share
*104*2 105*2 *104*2 105*2 *104% 105*2 *104*2 105% *104% 105*2
*123
On Basis of 100-Share Lots
EXCHANGE
Week
4
1634
1534
1013410134
3584
13*2
Range Since Jan. 1
NEW YORK STOCK
the
Friday
Thursday
STOCKS
for
LOWLAND HIGH SALE PRICES—PER SHARE. NOT PER CENT
Saturday
July 5, 1941
6
8
5g Jan 22
35g Jan 6
35%
Apr
984 Nov
16%
110
Apr
Mar
Jan
May
60%
38%
Dec
884 May
16%
Apr
54*2 May
101
June
71%
112
Apr
Dee
67g
Jan
Aug
50%
Feb
Dec
1%
7%
Feb
3% May
28
*2
2% May
12
May
3
May
% May
27
Feb
Jan
6%
Feb
1
Jan
Ex-rtght. H Called for redemption.
Volume
LOW
AND
New York Stock
153
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Record—Continued—Page
6
65
Monday
June 28
June 30
$ per share
7%
17%
1778
*734
*17%
40%
*40
40
8
*3%
*19
4
*378
19%
*534
2212
*102
$ per share
-
*153
*19
6%
23%
*2234
104
....
6%
*102
73i2
12
73%
*11%
*6
6%
23
*22%
*107l2 109
*4%
8%
*1%
412
8%
1%
*40
42
*152
155
50%
50i2
*158
160
1
*6
678
678
3%
*126
14%
*65%
*1%
2534
135
4%
8%
1%
*40
49%
67S
*3
7334
12
7%
17%
$ per share
734
17%
40%
4
*39%
*3%
22%
2234
*19
*102
105
61"
23%
104
11%
11%
11%
3,400
6%
1,200
100
1%
42
50%
160
*6
162
162
*160
1%
678
1
1
1
1
634
678
6%
3%
*3
3%
*3%
26%
135
26
*125
3%
26%
135
162%
*3
26%
2684
*126
129
*125
14%
1434
66
134
10
10
97
83g
31%
1%
39
*36
39
*1%
*36%
39
42
42
*41
43
*41
28
28
*36%
38
*28
28%
*37% 38
*97% 102
9
*10%
10%
*38%
40
6334
2
2%
2%
2
10%
95%
*8%
10%
95%
8%
10
10
*94
97
31
31
*1 34.
*134
2
10%
*38
6334
2
2
10
>
*8%
8%
31%
31%
*30%
*10
97
2,600
28%
38
*2%
10
No par
Inspiration Cons Copper...20
Insuranshares Ctfs Ino
1
300
1,000
100
"1,600
2
2%
300
10%
1,600
107% July 1
3% Feb 17
Internat'l Harvester
No par
Preferred
Int.
Inter Paper A Power Co
5 % conv preferred
15
100
International Salt
..No par
No par
International Shoe
International Silver
50
7% preferred
100
Inter Telep A Teleg
No par
Foreign share ctfs...No par
Interstate Dept Stores.No par
Preferred
100
No par
No par
64
*125
126
*125
38%
300
400
Kalamazoo Stove A Furn...lO
—
*109
*14%
*6%
*100
113
15
6%
102
*109
*14%
*6%
*100
3678
3678
3634
1334
13%
26%
2%
35%
*25%
*2%
35%
24%
113
1434
634
102
37
13%
*2578
2534
26%
2534
25%
2634
2%
36%
24%
4%
2534
25%
7%
7%
*6%
7%
*2%
2478
*4
255^
126
247g
4%
*4
113
*14%
*6%
*100
3684
13%
*25%
*2%
*35
24%
*4
2534
*2534
7%
113
15
6%
105
37%
13%
26%
2%
36%
2434
4%
7%
28
28
12%
12%
84
86%
*20%
*27
86%
175
21%
83
*85%
*174
*20
86%
177%
21%
27%
2778
27
30%
30%
*30
1134
1134
11%
11%
16%
16%
16%
25
25%
16%
25
*2934
*107%
2278
42%
*278
*15
2434
30%
29%
2934
110
*107% 110
23%
22%
23
42
42%
42%
3
278
2%
15%
*104"„ 105%
*17%
*151
20%
*66%
*26%
18%
153%
20%
67
28%
134
134
29
29
*24%
24%
*12%
*26%
1234
*178
*6
*13%
28
2
7%
14
1
1
4%
4%
*134
*12%
14%
*104%
1978
*8%
*33%
3%
29%
•
30
12%
1578
24%
29%
16
25
*15%
2434
*4134
*234
42
278
42
*134
,
15%
25%
2734
*134
*6
*13%
1%
7%
14
*1
1%
*1
1%
4
4%
4
4%
'170
2978
12%
1534
25%
2934
*42
42
15%
25%
2934
31
"
24%
13
27
1%
*6
7%
14
*1
5% preferred
*134
*6
*13%
par
par
100
No par
.No par
5
50
...1
Lehn A Fink Prod
Corp
5
Corp
No par
Llbbey Owens Ford Gl.No par
Llbby McNeill A Llbby
7
Life Savers Corp
5
Liggett A Myers Tobacco..25
Lerner Stores
900
Series B
200
Preferred
25
.....100
Lily Tulip Cup Corp
No par
Lima Locomotive Wks.No par
No par
300
Link Belt Co
400
Lion Oil Refining Co
104% Jan 22
13
Apr 22
1%
4
Jan 24
2% Feb 15
3
z22% Mar
Feb 15
24
6% Feb 14
Jan 2
8
Long Bell Lumber A
2
% Feb 13
2% Feb 14
19% Apr 12
11% Feb 1
21
Apr 18
26%June
6
3
Feb 19
33%May 27
78% May 22
80 May 26
174
8
Apr 26
par
35
Apr 21
100
10
May 22
4
June
2% Apr
13% Jan
1047gjune
15%May
12
30
19
14
150
June
2
Louisville Gas A El A..No par
Louisville A Nashville
100
17
Mar
3
60
MacAndrewsA Forbes.....10
25
6% preferred
100
10,300
23% Apr
9
1
1% Feb
4
5% Jan
3
No par
Shirt
25
12% Apr 17
Maracalbo Oil Exploration... 1
Marine Midland
Corp
34
xi
6
Jan 14
June 13
7%June 5
13% Jan 17
28
28%
28%
28%
8%
8%
8%
834
834
*8%
22
22%
22%
22%
22%
22%
*27%
2834
*27%
2834
28% 28%
173
173
173
*170% 173
*170% 173
52
503g
5134
51%
5134
*50%
51%
2%
23*
2%
2%
2%
2%
*2%
25
25
*2434
25
*24%
*24% 24%
*106
107% *105% 107
107
*105% 107
12%
12%
1234
12%
1234
12%
1234
14%
14%
14%
1434
1434
14%
1484
105
105
104% 104%
105% 105% 105%
19%
19%
1934
1934
1934
*19% 20
9%
8%
*8%
8%
8%
8%
*8%
35
*34
34
33%
34%
34%
33%
3%
3%
3%
3%
3%
33g
3%
31
31
2978
30%
30% 31%
29%
2,800
Martin (Glenn L)
Co..
23
Feb 14
No par
7
May 20
..No par
19
1
9
500
Martin-Parry Corp
2234
28%
800
Masontte
300
Mathleson Alkali Wks.No par
Bid and asked prices; no sales on this day.
t In receivership,
20
500
Corp
$6 1st
900
171
June 13
10
45
Apr 23
May Department Stores
M ay tag
Co.:
cum
May 28
24%May 5
100
7% preferred
No par
62S4
173
pref
Jan
14%
Apr
7
109
June
38%
133
10% May
40% May
is4 May
37
73
13% May
Jan
1% May
5%
5% May
20% May
18
36%
700
McGraw ElecCo
100
McGraw-Hill Pub Co ..No par
400
Mclntyre Porcupine Mines..5
JMcKesson A Bobbins, Inc..5
4,000
$3 series conv pref
n
New stock,
7
Jan
12%May 26
100
103% Feb 20
1
Nov
Dec
4»4
4%
Jan
Jan
92%
8%
Dec
Jan
33
Dec
June
130
Dec
May
17
Jan
34% May
52
Mar
44
June
77%
Jan
Apr
121
Mar
7%
3% May
May
11
May
104% Dec
8% Jan
4
434 May
87% June
24% May
Mar 26
3778june 23
13%June 10
Jan 10
38
234July
3
4
Jan 13
June 23
27% Jan 9
2978 Jan 10
15%
109
Jan
Apr
18% Nov
9%
105
38%
Apr
Deo
Jan
10
May
15% Nov
27%
1%
17%
19%
May
46%
2
May
May
284
4
Apr
9%
16%
Jan
Jan
Jan
7% Nov
Jan
3% May
3584
25
Dec
116% Dec
4
Dec
Jan
1%
1% May
%
Feb
21% Sept
Dec
16% May
2
Apr
Feb
29%
34%
May
15% May
100% June
Jan
3D4
8% May
11%
Apr
26
May
May
22% Aug
23% May
4
8% Jan
Apr
9
20% Nov
15% Jan
8% May
106
Jan
16
Jan
May
4«4 Nov
15% May
9% May
18% May
24% Nov
29
45% Jan 9
7% Jan 23
30
June
63%
Jan
5
May
9%
Apr
39
33
May
2234 July
1278june 20
24
Jan 13
Jan 18
14
Feb
Jan
45
Apr
Apr
96% Jan
3
May
109
98
Jan
2
87
May
189
Jan
3
169
June
109% Apr
188% Dec
June 25
30
Jan
4
Jan 14
June 7
37%
12
87
16
18% May
3034
Apr
Deo
27
May
41
Apr
9
May
May
23%
1488
Apr
8
10% May
18% Mar
9
34% Jan 6
109
Jan 29
22% July
20% May
97
May
16% May
41%
109%
39%
29
June
46%
Jen
2
May
4%
Apr
13% June
105% May
18'4
Jan
16%
Jan
28% Jan
23%June 28
42%June 23
3% Jan 3
1534 July 3
110% Jan 18
19% Jan 15
162
Jan
2
20%May 24
70% Jan 27
138
Jan 21
17%
Dec
138% May
15% May
27
678 Mar 22
Jan 13
l%May 20
141?
5%
Jan 14
11% Jan 8
16%June25
Apr
37% Mar
Apr
Apr
109% May
25%
Apr
163% Dec
21%
Jan
May
65
Nov
2534 May
128
Sept
35
Jan
38
17
May
136% May
31%
31
12®4
38
4%
1% Aug
4
16%
Apr
Jan
Mar
Apr
Jan
l%May
*4 May
3%
2%
834
26»4
Dec
7% Mar
May
11% May
Oct
May
6%
13%
May
16% Nov
June
May
Dec
80%
Jan
6
4784
Apr
12%
Jan
6
6% May
14%
Apr
28% Jan 13
21»4 June
Apr
Jan
Jan 22
21
June
40%
32»4
175% Apr 29
53% Jan 23
160
June
173%
Dec
36% May
53%
Jan
Feb
Apr
30
27g
Jan 14
4%
2% May
8
20
June
5
96% June
14%May
6
6
10% May
16%
Jan
10
17%
Apr
1478 Jan
111%» Jan 30
May
30%
105
May
Mar
May 111»»ii Dec
29
Apr
17% May
93
18%June 3
7% Feb 19
25% Jan 11
9
Jan
9
5
June
9%
Feb
36
Apr
2
26
June
47%
3
24
Feb 18
Feb 19
Jan
6
3134 July
2
Apr
Jan
'
No par
r Cash sale.
Jan
10%
31
3
Jan
30
9
2
107
12%
Jan
122
Jan
103% Jan 23
1
Apr
109
17g May
4% May
74% June
Jan
56% Feb
39% Dec
2678 May
25
May
97%
Jan
Jan
21% May
June
Jan
No par
No par
Jan
Dec
5% May
Dec
Apr
400
d Def. delivery,
191% Mar
3% May
May
28
M
Dec
6%
7
2%June 17
241^^25
MoCallCorp
cCrory Stores Corp
6 % conv preferred
7,200
May
1% Dec
95
..No par
$3 preferred
1,100
May
21% May
10
Market St Ry 6% pr pref..lOO
Marshall Field A Co
No par
1,200
June
38
145
30% Jan 2
2% Mar 10
Copper...
M anatl Sugar Co
.560
28
136
Jan
2% Dec
44
8% June
3,500
28%
May
127gjune 26
7%
16
1
Mar
5% Nov
12%
18% May
Feb 17
I63g
8
16%
113
2% July
11
7%
734
16
June
Apr
7% Nov
4738 Mar
6% May
No par
16%
28%
8%
16%
91
15%
Aug
20% May
Manhattan
4%
Nov
Jan 14
Mandel Bros
*4
94
33% Jan 10
Magma
4%
8%
16%
May
May
June
23% Apr 21
22%May 26
100
100
66%
7%
4%
21%
No par
27
1%
Apr
No par
Madison 8q Garden
7%
Jan
158
92
Jan
31% Jan 21
May 15
118
May
Macy (R H) Co Inc
200
14
133
May
Mack Trucks Inc
13
*1
Feb 18
May
Jan
72
6
8
21
May
29
Apr
140
121% Apr 18
18% Mar 11
2078 Apr 21
x29
100
7% preferred
4
14% Jan 10
104% Jan 27
June 16
Feb 19
Lorillard (P) Co
30
Jan 10
9%June 26
14
25
5-%
20% Apr
27% Jan 10
25% Jan
116% Jan
3% Apr
l%June
8% July
4
16% May
Jan
Nov
132
3
Jan
934
109% Dec
21% Apr 14
19% Apr 12
184
23
48% May
97g June
117% May
13%June 14
109%June
May
122% May
31% July
Jan
Dec
6
7
ll34May
28
No par
3
17%
7
20
Feb 11
26%
105
Loose-Wiles Biscuit
65% July
110%June
3734june 17
Feb 14
1
100
Jan 16
22
No par
400
7
23% Feb 16
No par
Corp No
9
10%June 23
"95% June 30
8% Mar 16
121% Mar 12
15% Jan
Loews Inc
Lone Star Cement
Mar 26
zll6%June 12
334 ^pr23
1,500
$6.50 preferred
7378june 10
2% Jan 16
39% Jan 2
43
July 3
31% Jan 30
3934June 18
12% Jan 10
19% Apr 21
1
Loft Inc
15% June 10
Jan
2%
19% June
Jan 13
May 20
9% Apr 15
No par
Corp
41
10
Lockheed Aircraft
1%
6
28% Apr
131
128
7,300
300
Jan
Apr 21
13
50
1%
53% Jan 10
170
97
Liquid Carbonic Corp..No par
6,700
1,000
Jan 16
167% Jan 10
54% Apr 19
124% Mar 26
1,300
5% preferred
31%
24%
1
$5 prior preferred... No par
Kresge (SS)Co
10
Kresge Dept Stores
1
No par
50
400
49
44
Feb 14
Lehigh Valley Coal
6% conv preferred
Lehman Corp (The)
28%
2
Apr 23
12
1,700
8,700
1,000
66%
6
6% Jan
Jan 10
25%June
100
6634
13% Jan
25% Jan 14
113% Jan 28
4% June 24
11% Jan 2
2% Jan 3
May 14
par
4% conv preferred
1 Lehigh Valley RR
*26%
9
14
par
Keystone Steel A W Co No
Kimberly-Clark
No
Kinney (G R) Co
"1:266
1,200
90% Jan
33
Feb 14
Lee Rubber A Tire
500
Jan 10
134
31
Lenigh Portland Cement...25
""800
161
Mar 21
5% Apr 23
98% Feb 21
700
""666
Feb 14
No par
400
500
Feb 24
No par
Laclede Gas Lt Co St Louis 100
"l",366
31%
24%
cl A. 1
330
300
87
Apr 16
Kress (8 H) A Co
No
Kroger Grocery A Bak.No
2,500
2,000
Jan 10
111% Jan 22
Jan 10
Marl9
500
17%
17%
153% 153%
20%
20%
*12%
28
*13%
4%
7%
*234
1534
42%
2%
15%
*134
*134
*27
9
"1,900
Day
l6",866
28
8
31
8
29%
29%
2934
107% 110
*107% 109% *107% 109%
13
16%
pendence
conv
Kendall Co $6 pt pf A
Kennecott Copper
800
*12%
14
734
130
3,300
26
6
Jan
7
l
9%
9%
9%
9%
*9%
24%
24%
*24%
24%
24-%
24%
23
22%
22% 22%
*22%
23
111% 113
*111% 113
*111% 113
3
278
2%
2%
2%
3
1%
1%
1%
1%
1%
1%
8
7%
7%
8
8%
8%
22
22
2134
2134
22% 22%
12%
12%
12%
12%
12%
12%
*22
22%
22%
22%
223g
22%
27%
28%
27% 27%
2734
283S
5%
5%
5%
5%
5%
5%
*34%
3578
*34% 35%
*34%
36
84
*83
83%
84%
84%
85
8534
86%
86%
86%
86%
86%
*17478 177% 177% 177% *174% 178
*20
*20
*20
21%
21%
21%
27
*26%
2634 27%
27%
27%
31
30
30
*30%
*29%
31
*11%
1178
11%
11%
1134
11%
1234
*578
""300
Inde¬
6%May
3%
100
5
Lane Bryant
12%
*26%
*13%
300
Closed—
6%
l%May 2
l%May 1
6% Feb 19
i.,100
Lambert Co (The)
24%
*12%
*27%
1%
1%
7%
"6" 500
Dec
3
12
Class B
200
30%
1%
Exchange
Apr
102
1
5% conv preferred
Kayser (J) A Co
1,840
24%
5134
51%
2%
*2%
25
*24%
107
*105%
13
1234
14%
14%
105
*10478
197g
1,934
8%
*8%
34
*33%
3%
3%
29%
____
*4
37%
13%
26%
2%
35%
24%
4%
43%
3
Jan
9
Apr 16
Kelth-Albee-Orpheum pf._100
31%
12%
30%
28
*105%
28
734
*12%
24%
*22%
28%
5134
*2%
*24%
4%
734
29%
22%
28%
173
*4
2934
24%
7%
*170
24%
29%
*24%
16%
28%
9
*28
*2%
*35
2%
2%
*15
15% *15
15%
1534
*104*%? 105%
17%
1734
17%
17%
17% 17%
*151
153% *152
153% *152
153%
20%
20%
20%
20%
*20% 20%
67
67
*66%
66%
*66%
*26% 28% *26% 28% *26% 28%
778
28%
*25
*15
16%
*8%
*22%
31
*13%
37%
♦133s
*25%
2%
35%
2434
100
Kaufmann Dept Stores
"166
26
12%
175
37%
1334
26%
2%
35%
24%
ser BNo par
4% preferred
Kelsey Hayes Wh'l
Stock
26%
29
36
83
37%
26
*12%
9%
*34%
20
15
25%
*28
5%
*1434
30
300
6%
6%
*6%
6%
*100
102
*100
104
25%
9%
5%
15
100
City P A L pf
Kansas City Southern.No par
100
7%
26%
12%
*34%
Kan
"166
118
25%
29
5%
36
84%
*14%
7%
*110
26
9%
*2434 25%
2434
2434
*22% 23% *22%
23%
*111% 113
*111% 113
3
3
*278
3
1%
1%
1%
1%
7%
8
7%
7%
2134 2134
2134
2134
*12%
12% *12%
12%
22% 22% *22
22%
*2734 28%
2734
28
,
118
2534
*28
9%
*110
26
*12%
5%
10
-
*13%
*25%
35%
*125
May 20
95
32
Preferred
100
Jones A Laughlin St'l pref.100
125
June
9% Apr 21
400
125
10%
Jan
31
27% Apr 21
1,900
105
*10
26
25% Feb 16
124
1
rl04
104
103 % 103%
*103% 105
103
103%
*9%
10%
10%
10%
10%
10%
*10%
10%
*118%
*118%
*11838
*118%
*11838
*4%
4%
*4%
4%
*4% "4%
4%
4%
4%
*4%
*19
20
*19
20
*19
19
19
*19
19%
19%
*13
*13
14% *13
14%
14%
*13%
1334
13%
13%
*103
104
*103
10378
10378 104% *103
104% *103
104%
*7%
734
*7%
734
7%
7%
*7%
734
12634
*104
32%May 23
38% Feb 21
7
No par
65%
125%
*125
May 8
10% Feb 19
57% Feb 19
1% Apr 16
Jan
45%May 22
4%May 10
21% Jan 27
3% Jan
23% Feb 19
share
24%
6% Apr 21
125
13%
May
3
Apr 24
per
5% May
12
Internat'l Mining Corp
Int Nickel of Canada..No
par
Preferred
100
Johns-Manvllle
64
7
20%May 12
Int- Mercantile Marine.No
par
1
64
8% May
Highest
I per share $
2% Jan 10
9% Jan
1
63%
1
5
Apr 15
Jarvls (W B) Co
Jewel Tea Co Inc
39%
May
43%May
1
Island Creek Coal..
$6 preferred
63%
140
Hydro-Elec Sys class A.25
Intertype Corp
39%
1% Apr 10
30% Apr 23
June 10
300
64
Apr 21
150
400
39%
7
100
8
"loo
Feb 25
6
100
32
10%
9% Apr 22
No par
No par
8
10%
38%
20%May 27
93%May 6
155% Feb 10
69% Apr 21
Interlake Iron
32
*134
Feb 13
5
19% Apr 16
97
10%
38%
18%May 19
No par
10
*38
Feb 18
Interchemieal Corp
6 % preferred
Intercont'l Rubber
InternatRys of Cent AmNo par
5% preferred
100
43
*94%
...
*10
"7",900
130
38
8%
32
*134
To%
1,200
2,200
7%
3%
26%
28%
Inland Steel Co
400
*97% 102
2%
10%
*2%
2,400
1
43
100
Int. Business Machlnea.No
par
67
1%
39
2
10
Internat Agricultural..No par
Prior preferred
100
"7I66
*1%
par
200
14%
*36%
2
*94%
8%
*134
"10%
134
2
"loo
14%
43
*97% 102
300
2,700
66%
*36
28
28%
*36%
38
*97% 102
20
162% 162%
1
2% Jan
No par
11%
6
1000
No par
11%
6%
6
6
6% preferred
23%
*2234 23%
22%
22%
107% 107% *100
108
*100
108
*4
*4
4%
4%
*334
4%
8%
;8%
8%
838
8%
8%
*1%
1%
*1%
134
1%
1%
*40
42
*40
*40
41%
41%
155
155
*153% 155% *155
156%
50
50%
5034 51%
51%
51%
6%
6% Feb 15
34% Jan
Indianapolis P & L Co .No
Year 1940
Lowest
$ per share
100
Ingersoll-Rand_.
11%
share
Leased lines 4%
RR 8ec ctfs series A
200
"2,000
per
13
800
106
74
65%
*95%
23%
23%
100
$
Range for Previous
Highest
6% preferred Berles A...100
Indian Refining
Industrial Rayon
73%
14%
2
200
7334
65%
28%
"""460
6%
73%
14%
3734
*97% 102
2
2%
*2%
2%
19%
Illinois Central RR Co
20
73%
65%
*1%
*363s
39%
4
Par
300
*22%
4%
8%
Shares
*72%
6%
Lowest
*153
1478
*1%
$ per share
Week
1,300
106
*153
66
134
4
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
7%
17%
*6
23%
104
July
STOCKS
NEW YORK 8TOCK
the
19%
4
*6
Friday
3934
*3%
19
6%
19%
6%
19
7%
*17
40
23%
2578' 26
*126
1734
17%
14%
39
63%
1%
734
*17%
*39%
*3%
*153
*153% 155
160
$ per share
Thursday
July
3
2
66
423g
*8%
105
$ per share
July
1434
*42
*31
6%
23
Wednesday
66
*36
*28%
19%
*107% 109
1
*3%
2534
4
*1 ri^
7314
1134
*22l2
778
18%
40
Tuesday
July
1
Sales
for
Saturday
*
Ex-dlv.
y
37g
Ex-rlgh»s.
Dec
8%
Ap
17% May
32%
Ap
3%
^ Called for redemption.
New York Stock Record—Continued—Page 7
66
July 5, 1941
AND
SALE PRICES—PER
HIGH
June 28
Monday
June 30
Tuesday
July
1
$ per share
$ per share
S per share
f
NOT PER CENT
SHARE,
Wednesday
July
2
per share
Friday
Thursday
July
3
July
$ per share
4
$ per share
♦7
*7
7%
7%
7%
7%
7%
7%
10778 *106
*105% 1077s *105% 107% *106
107%
1077s *106
*8
*8
8%
8%
*7%
8
8%
8tz
8%
8%
♦7614
81% *75% 81% *75% 817g *75%
*75%
81%
817g
*66
4
25%
23%
*24
25
*22
24
29*4
7%
16*4
30
*29*4
16*4
*28%
16%
30%
*114
115%
114
*39
39%
*39
*104
3%
*63%
11%
*»„
114
39%
*3%
65
*»il
3
33%
*111
111
*37
*37
41
25%
*7%
*14%
*19%
*3*4
25%
7%
14*4
20%
4
62
*10*4
*67
*109
5%
.
*43%
3%
♦17%
18%
5%
111%
33%
34%
41
25
*63%
11
65
11%
*»r
*4
111
111
33%
*37
7%
14%
61%
*107g
25%
7%
*7%
14%
*19*4
14%
20*4
3*4
61%
11%
67%
33%
41
25%
*19%
3*4
62
34
3*4
61
25%
7*4
14%
20%
3*4
61
*107g
11%
67
67%
67%
110
110
*110% 111*4
5
5%
5%
5%
*43%
44% *43%
44%
37g
4
37g
37g
18%
18%
18%
18%
*18%
187g *18
18*4
47g
*47g
5%
5%
11%
67%
110
5%
44%
4
18%
18%
5%
600
37g
*24%
23%
24*4
24
29*4
7%
16%
28*4
29*4
7*4
*3%
24%
23%
7%
16%
39
10
24%
23%
29*4
7*4
16%
39
29*4
39%
...»
3
64%
11%
*64
66
11%
*%«
*4
2%
13%
2%
135
13%
83
83
11%
*%«
2%
*13*4
83
117% 117*4 *117%
*118
119% 120
*111% 112
*111%
33%
34%
33*4
*38%
*38% 41
25
25%
25%
7*4
*7%
7*4
14%
14% 14%
*20
20*4 *20%
*3%
3*4
3%
60%
*58%
60*4
*11
*11
11*4
67
67%
67%
*110% 111*4 *110%
5
5%
5%
*43%
43%
44%
172
*169
*169
172
53%
*6%
*13%
*61*4
64
*3%
53%
a53%
634
6%
*13%
13*4
62*4
64%
3%
9%
*8*4
*14
*72%
*38
*105*4
*28*4
6%
25%
*110
*37%
12%
*14*4
37*4
*16%
*5
*12%
9
*53
64
83%
900
Monsanto Chemical Co
100
112
7,100
34%
41
25*4
7*4
14%
20*4
3%
60*4
11*4
"Bio
68%
111*4
l"500
5
1,300
100
""800
900
70
320
62
62
64
65
64%
9%
14
9
3%
9%
3*4
*9%
*8*4
*13*4
8%
14%
8*4
.
14
*110
114
*37%
15%
377g
*14*4
17%
16%
15*8
377g
16%
5
5
12%
12
37%
12%
39%
12%
12%
110
37%
11*4
*14%
110
*16%
37%
12%
15
37%
17%
5
5
37
*11*4
12%
*108% 111% *108% 111
*108% 111
*110
115
115
*110
*50
68
58
*50
*110
*50
*%
*12
*»l«
*4
*%l
%
7%
14%
64
39
12%
6%
53%
62
%
3*4
9%
8*4
14
3%
9%
14
8%
*13*4
56%
500
7,100
200
3,100
100
3,100
600
8,100
1,500
8,400
3,200
480
500
1,500
500
400
10
12%
*53
53*4
14%
*95
6%
*112
8%
*39
*178
114
113
113
*112
12%
12%
12%
12
53%
53
53
53%
53*4
14%
97*4
6%
*53%
14%
*95%
6%
53*4
14%
53*4
115
8%
39%
2%
*112
*7*4
39
*178
97
6%
115
8%
~
39
2%
14
*95%
6%
25
*24
25
*11%
12%
9%
*11%
12%| *11%
*20%
21
9
20%
*24
9
21*4
6
6
6
6
*80
84
*82
83
12%
53%
63%
14%
97
198% 198%
*112
113
12%
53%
53*4
13%
12%
53%
53*4
14
96
96
6%
43% July
3*4 Apr
14% Jan
16
4%June
7
10
6% preferred
Nat Gypsum Co
1
;
17
176
..100
142
154
Nat Mall A St'l Cast Co No par
National Oil Products Co ...4
National Pow A Lt....No par
26
National Steel Corp...
25
National Supply (The) Pa..10
$2
preferred
conv
40
5H% prior preferred
49
3
7% Mar 20
68% Jan
7% July
14% July
Feb 19
64%June 16
68%June 18
Apr 22
,5
Feb
6
9
Apr 30
10%
Jan
4
8
Feb 19
4H%
13
..1
conv serial pref.-.100
No par
..100
71
9% Apr 18
Feb 17
16
Nov
99%
Apr
Oct
20%
Jan
16%"
Jan
15%
9*4. May
6
May
6% May
June
7% June
5% May
66
June
14% May
*160
May
132
June
13% May
028*4
Dec
5% May
May
4% May
May
26% May
34
Aug
3% Jan
7% May
8% Oct
June 12
Jan 18
14
79% Feb 10
Apr 28
106
86
72
July
45%
7
June
38
Apr
8
Feb 14
Newberry Co (J J)
5% pref series A
19
48
3
No par
Dec
3
43
Nehl Corp
Neisner Bros Inc.
12%
6
3
41
Jan 16
36
May
Jan 17
100
June
110
22% Apr 28
5% Apr 23
8
31*4 Jan
May
20% July
6% May
13% Mar
18% Apr
7% NOV
7*4
26%
15%
12%
conv
preferred....No par
.No par
New York Central
York
No par
Dock
No par
No par
5% preferred
700
8% May
Feb 14
40%May
15%May 15
4%May 16
24% Jan
6
6
7
20% May
110
47
$N Y N H A Hartford.... 100
100
JN Y Ontario A Western..100
N Y Shlpbldg Corp partstk..l
Noblltt-Sparks Indus Inc....6
500
Norfolk A Western Ry
4,606
113
100
Adjust 4% preferred.... 100
54
14%
500
3,900
20
97
3,100
100
900
40
Jan
Apr
176
Dec
153*4
Dec
27
Jan
38% Sept
8% Jap
73%
Jan
934
Jau
14% May
48
Nov
49% Nov
8%
91
Apr
63%
110
Jan
Dee
Feb
Dec
Dee
"""960
58% Nov
20
Dec
% Oct
%« Dec
13%
175
2
105
%
Jan
%
Jan
2
Jan
31% Dec
35% Apr
226% May
117
Dec
23
Jan
50% Apr 29
50*4 Apr 29
12% Apr21
47% May
47% May
59
Jan
58
15
May
26%
Jan
Northern Central Ry Co....50
Northern Pacific Ry
.100
96
2
97% Apr 16
North States Pow 35 pf No par
Northwest Air Lines—.No par
110
7%May 8
113% Feb 1
10% Mar 31
97%
914
Dec
5*4 Feb 14
84% June
4% May
North wester n Telegraph
Ohio Oil Co
...
.....No par
Oliver Farm Equip
No par
Omnibus Corp (The)
6
8% preferred A
100
Oppenheim Collins....No par
......No par
6% preferred
100
Otis Steel Co
...No par
Otis Elevator
35.50
conv
1st pref—No par
Preferred
5
var
100
....
Owens-Illinois
1,400
Pacific Amer Fisheries Ino
Glass Co. 12.50
Pacific Coast Co.
"""40
12
1st preferred
6
—10
.....No
par
2d preferred....
No par
Pacific Finance Corp (Call).10
Pacific Gas A Electric......25
May
July
May
7
7i&June
3
Jan 15
l%May 17
Apr 25
11% June 3
6*4 Feb 19
13*4 Feb 19
4%May 23
73
3
June 10
Feb 19
14%May 29
140
June
16
x
7
9%May 21
22% July
2
10
6
Jan
104% Jan 7
4% June 12
17*4 Jan 8
150
Jan 11
10% Jan 10
53% Jan 10
26% Jan 6
3
65
Jan 17
120
Mar 26
1
7% Apr
9
1*4 Apr 23
10
May
3
4% Apr 17
9%June 19
11
r Cash sale,
13% Feb
Mar 26
38*4May
Paciflo Ltg Corp......No par
New stock,
5
Jan 11
48%June
120
Pacific Mills
n
June
2% Jan 11
27
4
900
var
40
June
800
......No
4
6% Apr 23
40% Apr 16
8
9%June 23
3% Jan
6
16%June 18
7% Jan
6
11% Jan 28
28% Jan 24
5
40
Feb 19
Ex-dlv.
49% Jan
3
22%June
32%May
Def. delivery,
June
»u
May
1,800
a
45
9
% Jan 13
1% Feb 6
% Jan 10
31*4 Mar 17
32% Jan 8
14% May
-..
400
117% Aug
17% Jan 10
10
Outboard Marine A Mfg
Outlet Co....—...No
2,000
Apr
115% Mar
68% Jan 6
57% Jan 20
17% Jan 10
200
100
Apr
7
North American Co
50
700
8%
12%
Apr
Jan 25
22%
2,300
Jan
33% Mar
May
Jan
21*4
500
39
110
117
9%
3,100
Jan
Jan
104
215
9%
5%
Tan
18%
21%
7
Feb 25
Norwich Pharmacal Co..2.50
22
50
Jan
24%May
May 31
109
12%
80
Jan
188
*12
15,500
Apr
30*8
Feb 24
Jan
May
May
12%
9%
12%June 14
May
3% May
4% May
Apr
10% Apr
10% June
25*8 Mar
115
56i2June
Jan
24% Feb 14
*11%
200
Jan
%« Jan
*!»
.
Jan
Jan
96
112
Mar
June 18
*m
6*4
15
Jan
6% preferred series..
50
5H pref series
...50
North Amer Aviation.......1
40
8,700
Apr 12
8
109
....100
9% May
6
50
Conv preferred
15% Jan 10
May
non-eum pref.......50
400
27*4 Jan
20*4 Feb 14
106% Mar 8
N Y Lack A West Ry Co.. 100
*»#
Jan
Oct
Apr
22%
11*4 Feb 19
35
N Y Air Brake
8*4
Jan
Dec
25
56%
t In receivership,
Jan
100
12%
9%
Bid and asked prices; no sales on this day.
Jan 15
Jan 10
31
Apr
176
6% preferred series A...100
NYC Omnibus Corp..No par
400
5%
2
Sept
16%
24%
New
12%
21*4
Jan
10
Dec
16
54
80
6
23%
3
June
Jan
6% prior preferred
.100
National Tea Co......No par
Natomas Co
....No par
34
5%
9
Feb 19
4% Apr 23
8% Feb 19
23
80
May
5*4May 29
50
5%
Jan 13
Jan
Deo
8*4 8ept
June
17
168%May 29
16% Apr 21
23%
11
100
7% preferred A...
6% preferred B
Feb
Jan
11% June
3
May
18iaJune 20
8%
Apr
10
14
25
17*4
Norwalk Tire A Rubber No par
Preferred
50
80
Jan 15
93% Jan 10
25
5%
11
14% Jan
6% Jan
9%June
24% Jan
14% Apr 22
*24
82
13% Mar 20
Dec
June
155
Jan
78
25
22
9
Mar
8% Nov
7%
22%
7% June
16%
Jan
15*4 Mar
83
111%
June
5% July
Jan
5% Nov
56% Nov
53
3% May
13%
Jan
10
conv
National Lead Co
*24
81*4
*3%
4
6
Feb 24
Jan 6
17% Jan 15
9*4 Apr 28
5% Apr 21
May 12
preferred.No par
11
9
Apr 26
Jan 30
12
June
10% Jan
6
4% Feb 15
7% Feb 14
Nat Distillers Prod.—No par
Nat Enam A Stamping No par
41
18%
175%
13%
88%
12%June
10
May
7% Jan
160%May 27
10%May 27
81*4Junell
14%May 21
6%May 27
ll%May 20
8*4 Apr 1
10
May
4
23%
7% Apr21
par
56
97% May
5% Jan
20%May
15% May 26
100
Feb 19
8% Jan 11
51% Jan 27
Feb 17
5
25
21%
5%
Apr
112
May
Apr
Apr
Jan
110%
.
4% Apr
Nat Dairy Products...No par
Nat Dept Stores..
..No par
10%
4
4
4
3%
4
3%
*3*4
4
3%
15
14%
14*4
14*4
15%
15%
14%
15
14*4 15%
*143*4 145
*143*4 145
*143*4 145
*143*4 145
*143*4 145
*678
7%
6%
6%
6%
6%
6%
7%
*6%
7
48
48
*47% 48%
47%
*46
47%
48
*47% 48
*18%
20% *18%
19
*18% 20
*17*4 19
*1734
19
55
*49
55
*49
*49
*48% 50% *49
55
55
*116%
*116%
*116%
*116%
*116%
45
45
45%
45% 45%
45%
45
45% 45%
45%
*9
87S
9%
9%
*9
9%
9%
9%
9%
9%
3
3
3
*2%
*2%
*2%
*2%
3
*2%
3
*14%
15% *14*4
15% *14%
15%
15
15
*14% 15
7
7
*6%
7
*6%
6*4
*6%
7
6%
6%
*9*4
10
*9*4
10
*984
9%
9*4
9*4
*9*4
10
23% 23*4
24*g 24%
2334 2334
23% 23*4
23% 24%
34
34
34
33%
33*4 34
33*4 34
*33%
35
17
17%
17%
17% *16
17%
17%
17%
17%
17%
*
61% Apr
2% May
8% May
16
18%
26%
30% May
12
9%
May
23% Nov
54
*5334
13%
*95%
6%
May
15
400
30%
31%
*24% 24%
198% 199
113
12
500
6%
6%
6;
112
112
115
*111% 112% ♦111
*7%
8
7%
7%
7%
734
39
39
*39
39
39
39%
2
1%
1%
*1%
1*4
1*4
*24
9
113
2
17
25
23
3
21
3
18
30
109*4June
No par
National Cylinder Gas Co...1
34.60
Feb 19
...10
N Y & Harlem RR Co
30%
24%
4
105% Nov
%
*113
conv preferred-
National Can Corp..
Nat Cash Register
400
30%
30%
30%
*24% 25% *24% 25% *24% 25
*197
199% *197% 201
197*4 198
6
Jan
2~600
12
*ht
30%
6%
112
%
31%
24%
Jan
17% Jan
24% Jan 13
4% Jan 6
N Y Chic A St Louis Co... 100
5%
*%*
Feb
Jan
*108% 111
*%
Feb
30%
45
16%
*50
45
110
16%
%
Jan
May
June
May
31% Apr 24
11*8 Apr 22
37%
17%
6%
56%
66
14%
27%
37%
*16%
*5%
%
30%
28%June 10
Nat Aviation Corp
National Biscuit Co
300
U16
30%
4
Newport Industries
l
N' port News Ship A Dry Dock 1
17,200
*#l«
*%»
6
Jan
1,500
2,900
12
15%
38%
»i«
**«
June
Newmont Mining Corp.... 10
11%
*14%
37%
*%
'
38
1,200
12
15%
%
Oct
May
31%
33%
21%
8%
20
260
11%
*14%
♦50
122
23
9%May
Jan
113% May
8
Jan
63%June 17
ll%june 12
71% Jan 16
200
300
12
Jan
Jan
46
400
*110
1%
4%
19%
12
30
4,300
38%
12
*u Dec
July
50
Mulllns Mfg Co class B
1
37 preferred
No par
Munslngwear Inc
No par
Murphy Co (G C)
..No par
5% preferred
100
Murray Corp of America.. 10
Myers (F & E) Bro
No par
Nash-Kelvlnator Corp....—6
Apr
64% Dec
11% Nov
May
120
1
Apr
Jan
4%
1% Dec
9% May
V-
18'4May 6
2%May 15
200
*38
112
4
111% June 18
39% Jan 8
43% Jan 23
5% pref series A._
100
Corp No par
38
*%
13
Day
71
71%
72
*38
39%
39%
107
106*4 106*4 *106
28
*28
28%
28%
6%
6%
6%
7
24%
24*4
24*4 24%
*108
110
*108% 110
12
Apr
7% May
Dec
110
119
6
Nat Bond A Share
3,600
2,100
66%
3*8
9%
8%
14*4
*110
Jan 13
Dec
54
119
6
Nat Bond & Invest Co.No
63
*108% 111
115
2% May
26
May
June
45
124%
Nov
Mar
7% preferred..
300
29%
71%
5%
Jan 11
6% May 29
14%June 3
100
200
4,200
*38
38
95
Motor Products Corp..No par
Motor Wheel Corp
5
70
pendence
6*4
64
72 j; 72
72% 73
72%
*38
39*4 *38
39%
39%
*106
107
*106
107
107
28
28
28%
29
28*4
6%
6%
6%
6%
6%
24*4 247g
25%
24% 24%
114
145
62
3%
9%
Inde¬
173
6*4
Jan 16
...No par
Morrell (J) <fc Co
Morris & Essex
May
33% May
May
108%June
31% Apr 30
23% May
103
Jan
Feb
26
28% May
*38% Deo
12% Apr
17% May
110
115
Nat Automotive Fibres Inc-.l
13%
62*4
Jan 14
Mueller Brass Co
400
1,300
43%
53%
May
6% May
11% May
6
6%
x79
Feb 14
Mar 27
600
53%
6*4
13%
3
77
34 pref ser C
....No par
Montg Ward A Co. Inc.No par
24
Jan
34% Mar
15%May 19
88% Jan 7
11734 July 2
112
5%
*13%
4
1% Jan 2
13% Feb 15
Jan 15
ll*4May 6
7gMay 10
10
200
*53%
6%
67
3
No par
Preferred series B
80
120
4%
par
...No
18%
13%
9%
34.50 preferred
10
18%
*4%
53%
3%
No par
18*4
13%
3%
9% Feb
% Jan
7% preferred series A...100
Mohawk Carpet Mills
20
118
4
6
Feb 14
56
10
Mo-Kan-Texas RR
June
Aug
45% Jan 10
2%June
36.50 pref erred.....No par
Mission Corp
*18%
13*4
62*4
6%
110
Nashv Chatt A St Louis...100
National Acme Co
1
64
*62
*8*4
14%
53%
6*4
107
300
6%
9%
11% May
10
17%May 21
38% Jan 9
6
125
1,100
20%
Mar
26% Apr 21
300
20%
29%
37
6% Apr 21
7% May
2
30*4 Apr
105*4 Apr 21
37%June 4
2%
145
Feb 14
14
Midland Steel Prod. ...No par
3,500
*144% 145% *144% 145% *144% 145% *144% 145
*20% 21
207g 207g
20% 20%
*20-% 20%
29
*28
30
*29
29% *28
29*4
29%
6%
6%
6*4
6%
6%
6%
6%
6*4
May
8% cum 1st pref....... 100
Minn-Honeywell Regu Jfo par
4% conv pref series B...100
Minn Mollne Power Impt
1
14
*169
82
4
33% Jan 10
4% Jan 3
26%June 12
21% Feb 15
4
19%
171
53% Feb
24% May
2% May
....60
3%
19%
171
Feb
8
13
2,900
■
172
May
70
May
27%May 23
11*4
*4
*7%
7%
738
*7%
7%
7%
7%
*7%
7%
*7%
*8
8
8
*8%
8%
S%
*8%
8%
8%
8%
16%
16%
16%
*16% 16%
16%
16%
16%
16%
16%
*166% 175
*167% 175
*166% 175
*167% 171
*168% 170
*10%
11
*10%
11
*10% 11
♦10%
11
*10% 11
*82*4 86% *82*4 86% *82% 83
*82*4 83% *82*4 83%
*15% 16% *15%
16
*15%
16
*15%
16
*15%
16
7%
7%
7%
7%
7%
7*4
7%
7%
7%
7%
12%
12% *12%
12%
*12%
12%
12%
11*4
12%
12%
10
10
10
10
10%
10%
*9%
10%
*9*4 10%
13%
1334
13*4
13%
13*4
13%
13%
1334
13*4
13*4
6%
6%
*6
*6%
6%
6%
6%
6%
*6%
6%
Stock
9%
*8%
9%
*8*4
9%
*8*4
9%
9%
*8*4
9%
20% 21%
20% 20%
20% 21%
21%
20%
21%
21*4
*17
18
18%
18% *16*4
18
Exchange
*16*4 18
*16*4
18
6%
6%
6*4
6*4
6%
6%
6%
6%
6%
6*4
*84
Closed84*4 84*4 *84
84*4
84*4 *84
84*4
84*4 84*4
16%
16%
16%
16%
16%
1634
16*4
16*4
16%
17%
*169
85
65
..1
3%
19%
5
Feb
40
66
108% Dee
14% May
64
Miami Copper
5
Mld-Contlnent Petroleum.. 10
T,2o6
May
Jan 16
300
3%
90
Jan 13
600
200
9
9
75
27%May 29
3% Feb 15
3%
18*4
5
7% Jan 15
109% Jan
Highest
9 per share S per share
6
May
9% Jan
70% Mar 19
1
Mengel Co (The).
5% conv 1st pref
Lowest
May 21
7
1,100
1,600
*105
3%
Melville Shoe Corp
Feb 15
101% Apr 30
.No par
Merch A M'n Trans Co.No par
Mesta Machine Co
4
6
500
16%
28*4
27%
28%
116%
1167g *115
3
2%
2%
2%
2%
2%
*2%
14
14
13*4 13*4
*13*4
14%
827g 827g
82% 83%
82% 82%
*117% 118% *117% 118% *117% 118%
120
120
119*4 119*4 119% 119%
111
4
4
*105
*63
11%
*4
1,000
*39
3
11%
29
115% *115
3
11%
*4
70
-■
29
9 per shots
6
1
100
preferred
conv
Mead Corp
$6 preferred series A .No par
95.50 pref ser B w w .No par
*66
*39
3
McLellan Stores Co
6%
70
115
16%
30%
*105
3%
66
600
Year 1940
Highest
9 per share
Par
Shares
"""600
Range for Previous
Lowest
Week
29
•
124
Range Since Jan. 1
On Basis of 10O-Share Lots
EXCHANGE
29
16%
♦28*4
*104
124
30
7%
7%
STOCKS
NEW YORK STOCK
the
*66
287g
4
29*4
7%
25%
24%
29*4
7%
16%
*28*4
70
28%
28%
4%
*23%
23%
4
*23%
*66
28%
*3%
28%
*23%
29*4
*7*4
70
*66
70
28%
Sales
for
LOW
Saturday
y
Jan
8
17%June 26
Ex-rights.
101
May
114
Jan
Jan
Sept
""27~~May "39""Nov
2% May
25% Aug
11
Dec
5% Junei
10% May
7% May
May
2% May
11% June
124% June
95
5%
Jan
42%
Jan
16% May
8*4 May
23%
Apr
14% Mar
112
5%
18%
150
Mar
A pr
Jan
Dec
7
May
12*8
21
May
47
19
June
32%
Apr
May
55
Jan
115% May
120
47
42
June
4*4 June
64%
10'g
2
May
6*4
8
May
23%
3% May
12%
9% May
25% May
33
May
8
May
Jan
Nov
Jan
Jan
Apr
Jan
Feb
Jan
14
Apr
34%
Apr
50
Jan
16%
Jan
1 Called for redemption.
Volume
LOW
New York Stock
153
AND
HIGH
SALE
PRICES—PER
Saturday
Monday
Tuesday
June2S
JuneS 0
July
$ per share
$ per share
1
$ per share
*115
120
*115
120
*116% 120
*151
159
*151
159
*151
3%
155
SHARE,
July
$ per share
33s
33
*7%
2%
21
2%
12%
127
12%
127,
10
*9
10
127g
1278
»834
10
1%
*28
28%
*98% 100
11
11
*95
97?,
138
13g
28%
28%
*9734 100
1078
11
*834
*1%
*28%
*99
13
285
100
2%
1%
*28%
*99
1%
28%
100
9878
*1012
10%
97%
105s
10%
*15
15%
15%
10%
15%
*10%
*15%
1%
27
1%
*26%
134
27
1734
a4
9%
17%
17%
1%
*26%
*17%
*%
9%
;
8
*45
♦793a
*258
*2i4
*47
*96
*%
9%
8
1%
®4
*%
734
734
46%
46
80
3
,80
2%
2l2
487,
48
2%
2%
8
46
17%
778
23%
23
5534
32%
*24
9%
56
32%
25
6%
*6%
2934
*45%
*84%
10%
79%
*8
56
40
1%
63»
7
30
46
85
10%
79%
*8
24
24
6%
6%
*35
48
108% 108%
*124% 129%
140% 141
*114
115
7
*6%
6%
73g
*72
*11%
*35
6
3%
59
11%
634
*71%
*11%
*173%
73s
75
12
5%
6%
56%
33%
63
75
16%
52%
20%
13
25
25%
*22%
16%
25%
23%
'1%
1%
*30
31
25%May
40% Feb 18
46
79
87
12%
8
5734
*115
21%
*98%
65
*2%
50
0
16%
~i",I66
100
6
"""400
7
37%
678
37%
*6%
67,
400
*71%
*11%
75
71
72
12
11%
11%
*37%
38
5%
6%
5%
6%
5%
55
*52%
*32
33
32
100
"i",66o
Exchange
59
58%
59
13
400
32
59
13%
13%
1%
15%
18
6
8%
10%
13%
13%
*163
*%
6%
*7S
1%
15%
9
10
10
*9%
11
*10
*32
34
57%
57%
*115
118
21
21%
99%
*98%
6%
8%
*32%
57%
*115
21%
*7,
80
Inde¬
60
1,050
15%
Day
0%
87,
8%
10%
*10
16%
116
June 14
4,000
Pub Serv Corp of N J. .No par
15 preferred........No par
21
June 24
21%
115
*113
400
400
200
290
115
*1%
*30
200
24%
*24%
16%
25
17%
"4"206
*26%
*2234
*1%
26%
23%
1%
400
*25
31
1%
31
16%
61
*54
8%
31
*59
58%
%
19%
*25%
1%
*30
*58
16%
25%
23%
*1%
*54
*8
♦87
11
9%
*7%
9
*7
11
9%
%
%
19%
8
18%
*7%
*734
19%
89%
8
►100
*87
*7%
9%
*10%
11%
11%
l,i«
8%
*67
*50
52%
*7%
8%
*4
32%
8
8%
4%
16%
16%
*10%
10%
44%
*44
*7i«
3434
%
35
*JM
32%
*50
7%
*7%
*4%
*16
%
*17%
12%
9334
7%
32%
52%
7%
18
>%«
100
69
18
111%
69
700
100%
6,900
100
86%
500
*7%
8%
17%
18
11284 H284
300
69
12
95
90
7
100
32%
3234
32
*50
7%
4%
*4%
9
*50
8%
*7%
*634
52%
3284
*50
3234
*8
9
100
44%
44%
*44
*4%
16%
16%
*10%
1034
4%
16%
*10%
1034
45
10%
*44
45
*44
45
*%•
3434
%
484
*%i
%
35%
36
36%
*%«
36
100
4%
16%
.
1,000
700
30
"4", 500
*»«
%
%
*%
%
""260
*4%
5%
*4%
5%
*3%
5%
14
*8%
14
*8%
14
39%
39%
42%
•42%
43%
111
*110% 111
*110% 111
15
15%
15%
15%
15%
100
*8
14
*39%
15%
*
3934
113
15%
*8
*39
14
*8
39%
39
11134 112
15%
15%
111
Bid and asked
prices;
15
no
sales on this day.
{ In receivership,
Republic
0%
Steel Corp..-No par
conv
preferred
100
99%June 18
82% Apr 21
7% Apr 19
0% conv prior pref ser A.100
Revere Copper A Brass
6
97
........
Reynolds Metals Co...No par
6H% conv preferred...100
Reynolds Spring
1
Reynolds (R J) Tob class B.10
"V,300
d Def. delivery,
2
8% Jan 10
10%June 10
13% Jan
13% Jan
40%
59
Jan
June 27
119% Jan 29
29% Jan 9
Jan 17
Apr 15
4%June 27
1
14%May
1
9% Feb 15
42% Mar 1
100
Cash sale,
117%
Jan 25
28%May 22
10
May 10
Ti.Marll
5
7
% Jan 4
2% Jan 18
4% Mar 20
4% May
5
May
16% May
10
May
19
May
7
Ma.
161% July
%
15
Feb
May
12% Jan
5% May
4% Oct
6% May
6% May
21
May
63
June
Feb
23
Nov
43
Nov
24
Apr
87, Nov
10% Feb
40% Jan
47
Jan
87% Deo
14% Nov
97% May
7%
49
Apr
Deo
41%
07,
Jan
Feb
00
Feb
287,
Apr
75
Deo
7% Nov
46% Deo
97, Nov
85% Deo
16% Nov
178
Oct
8%
Jan
11
Jan
67
Deo
41% Nov
73%
16%
161%
1%
22%
Deo
Apr
July
Mar
Feb
20% DC0
12% Jan
8
July
147, Jan
14% Jan
45% Nov
71% Apr
118% Jan
43% Apr
115% Jan
Apr
Mar
Apr
118
Jan
0%
Oct
32% Jan
11% May
97% May
84
11% Jan 11
9
June
15%
Feb
10%June 17
47, Jan 4
9% Sept
4% May
15%
Feb
62% Jan
3%
Jan
2
2
June
73% May
48% May
2% Nov
2
287, Jan 14
17% July 3
Jan 13
17, Jan 11
30
June 25
9% Jan
8
7
June 18
12% Jan 7
10% Mar 10
67% Jan 23
61
Apr
7
1% Jan 11
22% Jan
6
101% Feb 10
June
24
May
97, May
19% June
17
May
1% May
May
7% Apr
09
Apr
3% Deo
43% DeO
23
Apr
297, May
37% May
17% Apr
27
23
4%
Oct
Jan
Feb
Deo
55
Mar
6
June
13
Jan
0% May
8
Aug
0
May
*37% June
60
May
1
May
14
May
70% May
97
Jan 13
00
11
Jan
24
Jan
7% May
17% July
3
89
25
May
113
Jan
70
June
73
Jan
39
May
8% Nov
13% Feb
10% Jan
03% Dec
69
Jan
2
Apr
24% Nov
106% Sept
97% Deo
14% Jan
30%
117
Apr
Nov
741,
Deo
157,
Feb
13% Jan
July
8% May
757, Mar
10% Jan
6% May
30% Deo
52
May
67, May
4% May
3% Aug
11% May
12% Dec
45% Oct
% Deo
48% Nov
1% Feb
26
42
34% Jan
97, Jan
5% Jan
17% Mar
13% Jan
48% Jan
7, Apr
387, Jan
% Feb
% Apr
0
8
May
27
10
20
3
14
5
10
8
15
5
Apr 29
June
96% Apr
117, Nov
44
May
66
Oct
9% Nov
7% Jan
12
%
2
Apr
15% Nov
3
Dec
34
May
90
May
Jan
%
7,
Oct
Jan
Feb
22%
>i, Dec
Jan 13
y
4
40% Deo
16% Jan
105
June 19
Ex-div.
Mar
62% Jan
96% May
4% Jan
145
45
x
Mar
May
128
113
3
Apr
Nov
May
114% Oct
107, May
Apr 19
12%June
Nov
June
143
1097, Feb 17
35
Feb
2%
44%
23%
2%
12%
10%
102%June 27
9178 July 3
53% Jan 13
9% July
0
$2.50 convJpreferred.No par
r
_
158% Feb 11
95
7% Feb 14
Roan Antelope Copper Mines.
Ruberold Co (The)
No par
n New stock,
Jan 11
Jan
52
10
St. Joseph Lead
110
81%May 9
6%May 5
28%May 29
Richfield Oil Corp.....No par
Rltter Dental Mfg
No par
Rustless Iron A Steel Corp
May
Savage Arms Corp new.....5
%
*%
*112
% Apr 10
16% Feb 14
..1
c
8,200
*ht
%
4
Reo Motors v t
Feb 13
50
%
%
4
51
>u Jan
**3!
%6
4%
57%May 23
{St Louis-San Francisco
100
0% preferred
..100
{St Louis Southwestern...100
5% preferred....
100
Safeway Stores
.....No par
5% preferred
.......100
%
*%
4
1
Remington-Rand
28%May
%»
*%2
7
7
Apr 22
6% Mar 26
9% Apr 30
7% Apr 21
10
*%
Jan
24
Jan
1% Apr 9
22% Mar 12
100
{Rutland RR|7%4pref
%
36%
Mar 31
21
6
Common
2l",200
434
16%
10%
16%
10%
4,200
52%
8%
9
Hosiery.
Feb 15
*11%
*94
7
164
7
20% Apr 24
10
800
12
Jan
June
13% May
60
95
7% Jan 0
9% Jan 10
167
Jan
2
7% preferred
.......100
634% preferred
100
*634
1
17
May
190
12
Feb
15% May
6
Apr 21
Apr 17 j
95
181
34
17
634
32%
52%
8%
04% May
13% Nov
Jan 23
...10
12
8
20
Class A
210
Jan
52%June 27
300
69
5%'May
15
23%May 28
12% Feb 14
23% Jan 8
...60
4% 1st preferred........60
4% 2d preferred...
..60
Silk
7
Preferred with warrants..25
%
19%
86%
Reading Company
Mar
Rensselaer A Sara RR Co.. 100
95
634
16%
%
19
2
Jan 30
11
..25
"366
900
2
84
38% Mar 14
17%May 1
Re Is (Robt) A Co 1st pref..100
1178
*7%
35
*17%
8
1
preferred......100
Raybestos Manhattan .No par
Rayonier Inc..........
1
conv
...
Feb 14
83% Feb 15
9%May 2
8% Apr 1
3%June 7
47%June 9
2% Apr 21
Reliable Stores Corp...No par
Reliance Mfg Co..........10
60%
58%
%
0%
10
734
95
9
*%«
8
111
68%
10%
35
13i«
Radio-Kelth-Orpheum
Real
9
*54
_
;69%
*634
9
*58
5834
18%
18%
19%
101% *100% 100% *100% 100%
87
87
89%
86%
86%
*67
12%
93%
9
60%
1834
109% 111
7%
9
*58
*54
*%«
100
11%
9%
60%
No
$3 preferred
7%
11%
*10%
9%
500
2
114%May 26
22% Feb 14
Pure Oil (The)
Preferred...
7%
*7%
18
95
31
784
111
*93%
*634
32%
*25
1%
9
110
12
*1%
*7%
*17
69%
16%
26%
23
*7%
18%
12
23
8%
*11034 111%
*68
7,600
1,000
Mar 28
7% Jan
46% Jan
8% Jan
126
$3.50 conv 1st pref..No par
19%
13%
78
Pub Ser El A Gas pf $5.No par
Pullman Inc
No par
1,100
5234
23% Jan 11
137
Radio Corp of Amer...No par
*51%
2
123% Jan 15
11,300
*1834
7
June
Jan
97%May 26
May 14
121%June 9
138'4June 17
300
19%
13
May
100
100
8% preferred..
Nov
11% Deo
18
3% May
100 zl08
6% preferred.....
7% preferred....
z94
300
Dec
112% May
28% Dec
100
May
1107, May
0% preferred
100
5% conv preferred...... 100
Purity Bakeries
No par
Quaker State Oil Ref Corp.. 10
"""600
51%
16%
-.60
No par
7
19%
13
Procter A Gamble
par
6,100
51%
5834
100
"3" 100
19%
25%
5
conv
6% pf (ser of Feb 1 '29). 100
52
*23
1st pref
conv 2d pref
1
20
21%
3% Feb
51
l%June 9
107, Jan 17
5% Apr 22
4% Feb 14
9% Apr 21
9% Apr 21
32%May 15
50%May 1
par
Dec
30
21
2.300
19%
16%
5%
5%
3
June
May
May
27% May
2% May
30
May
22
May
35
May
3% May
10
May
10
""300
52
26
'uMay
May
May
69% Jan 18
14% Apr 21
5
pref.No
Mar 31
58
19%
23%
9% Feb 19
104
99
41, Jan
13% Apr
46% Dec
29% Apr
44%June 18
43% Jan 8
75% Jan 8
13% Jan 10
1
Jan
2
Jan 17
65
May
34
21%
3
June
1
June
June
68
July
27
63% Apr 29
70
81
45% Feb 14
115
52
61
100
Plymouth Oil Co....
9
108% July
3
58
34
115
*25%
7% pref class B........100
5% pref class A
100
5H% 1st ser conv pr pf.100
Pittsburgh A West Va
100
May
115
*137
*23
0
58
34
♦113
25
5
118
115
*24%
Mar
Jan
6%
11%
4% Apr 26
par
Pressed Steel Car Co Inc
*114
25
174
Pitts Screw A Bolt.....No par
Postal Teleg'h Inc
99% 99%
99%
99%
109
109
109
*1087, 109%
127
128% *125
125
125
140% *137
*138
140
140
*24%
Apr 22
Pittsburgh Steel Co....No
1,300
109
12%
*24%
June 10
5%May 27
Apr 23
9% Apr 22
Pittsburgh Forging* Co
1
Pgh Ft Wayne A C 7% pref 100
100
11
23
20
18
14
09
30
Mar 29
10
45% Apr
105% Dec
107, Deo
267, Nov
6% May
25% June
37% May
12% Jan 10
7
0% preferred
100
Pitts Coke A Iron Corp No par
$5 conv preferred
No par
1,800
*125
13
15
7% Apr 4
77, Jan 23
357, Jan 2
_
37% July
4% Apr 22
8,000
141
*1278
51%May
35% Feb
2% Mar
x38% Feb
25
6%
128
13
Flour Mills
Mar 28
4%May
Pirelli Co of Italy "Am shares"
Pittsburgh Coal of Pa
100
9
109
52
105
.....6
100
10%
139
*19%
*12%
Pills bury
Feb20
8%May 17
72% Feb
Pond Creek Pocahontas No par
Poor A Co class B
No par
125
*113
....3
Phoenix Hosiery
Preferred
May 19
_
No par
200
18
109
*54
*%«
6
Pit Youngs Asht Ry 7% pf 100
Pittston Co (The).....No par
1%
15%
10%
11
Closed—
pendence
*17
18
6%
8%
55
*163
15%
*17
978
21%
99
Stock
6%
*52%
18
58
160
*173
«.'
•
33
*15%
34
100
37%
61
12%
118
10
4,700
3
*45%
\ 16%
37%
*5%
5%
6%
*163
11
100
43%
33
*58
19%
16
Phelps-Dodge Corp
25
Philadelphia Co 0% pref...50
*57
59
7%
11
9%
June 24
30%
55
*7%
*734
*1034
*9%
9%
24
Jan31
x5% Apr 17
2634 2634
26% 26%
2634
2634
2678
27%
27%
2678
9%
9%
9%
9%
938
9%
9%
9%
9%
9%
►101
*100% 102
102
*101
102
*101
1017, *101
1017,
9134 9134 *91% 91%
91%
91%
91%
91%
91%
917,
*10%
10%
*10%
11
1078
10%
10%
10%
10%
10%
10%
10%
*9%
10%
*9%
10%
*9%
10%
*9%
10%
3%
4
3%
3%
334
3%
3%
37,
37,
3%
5134
51%
51%
51%
51%
52
52
*52
52%
53%
338
338
3%
3%
3%
3%
3%
3%
3%
3%
52%
*19%
*12%
*24%
21
No par
Petroleum Corp of Amer....5
Pfelffer Brewing Co
No par
3
«...
0
May 10
700
50
*5%
0
May
200
*2%
*173
*5%
*6%
6%
10%
*10%
*32%
11%
*52%
*163
*%
61
371
ll%May
60
6%
*45%
*35
*5%
37
9
Deo
7% Jan
87, Nov
4% Mar
25% Apr
May
May
May
38
Preferred
% series...100
Phillips Jones Corp....No par
7% preferred
100
Phillips Petroleum
No par
37%
2% Apr
15
20% Feb 14
Feb 15
6%
108% 108% *108% 109
*5
5%
5%
*5%
4
9% June
42% Feb 15
100
...
14%May 13
112% Mar 1
100
6% prior preferred
5% preferred
Pet Milk Co
Philip Morris A Co Ltd....10
*5%
37%
June 16
1% May
1% May
11% May
1%
6%
17%
11%
1,400
*35
50
1% Mar 24
7
81
16%
June
2
100
100
80
16%
Jan
J Peoria A Eastern Ry Co..100
79%
161
Jan 30
36% Jan
22
July
1
79
50
71
_
3% Jan
15
79%
16%
Jan
3% June 12
23
79%
43
87
25% Apr
79%
*55
Deo
Jan
43% Jan 23
24% July 3
1,200
65
43
7
24% Jan 27
10%
43%
Jan
Jan
1
Feb 19
34% Apr23
100
10
43
May 27
2
30% Jan 10
20% Jan 6
Feb 14
10
*55
48
19
Feb 14
10
433
23
10% July
9% Jan
15% Jan 31
29
99
Sept
4% May
64
May
6% May
15
May
1% May
29% Dec
13% May
% May
6% May
5% June
9
Pere Marquette Ry Co
200
Jan 11
Jan
160
% May
21
10
4234
234
*45%
16%
100
0%
26% June
22
$6 preferred...
Phllco Corp
19
98
6%
0
l%May 9
37% Jan 10
111
320
1%
15%
21%
2,440
24
6
5% Oct
2% May
12
May
5
8,000
700
*18
98
1,630
35%
0
Jan
June
27, June
50
Peoples Drug Stores Inc
Peoples G L A C C (Chic)
46
*15%
21%
597,
24
3% Jan
16
10%May
27
14
144
100
5% preferred
Pennsylvania RR
86
19%
58%
59
6
12
86
15%
34
200
Jan 10
4% Jan 10
May
Highest
$ per share $ per share
115
139
May
Mar
No par
45%
*18
118
47", 500
9%
35
297,
i *15%
*115
24%
2
share
12% Mar 28
99% Jan 10
11% Jan 9
43% Mar 4
74*4 Feb 20
134 Feb 15
par
Pepsi-Cola Co
*9
1
1
0% Apr 21
10
Penn-DIxle Cement
.No par
$7 conv pref ser A._.No par
30%
62
11
200
25
6%
No
Feo
7%May
Penn Coal A Coke Corp
30%
*59
*10%
*32%
5734
40%
2%
59%
*6%
Penney (J C) Co
Year 1940
Lowest
Jan 27
8
«4 Feb 21
No par
85
6%
6%
100
17
Patlno Mines A Enterprlses.10
46
*52%
33%
8%
10%
7,000
23%
2.50
85
634
*63s
8%
10%
23%
1
No par
*45%
*173
1
110%
1
Penlck A Ford......
Apr 21
95% Feb
9% May
14% Apr
1% Feb
25%May
10
Parmelee Trans porta'n. No par
Pathe Film Corp
1
Penn G1 Sand Corp
34%
*24
Park Davis A Co
Parker Rust Proof Co
10
100
6% 2d preferred
Park A Tllford Inc
Park Utah Consol Mines
845
5%
....
10
May 31
1
46
56%
*7,
9%
2%
23%
99
conv preferred
10
*6%
*163
100
14%
23%
*227,
*39%
*1%
22%
Apr 22
84%
7%
12%
♦14
27
46
50
34%
1,100
160
3
7% Jin 7
% Feb 15
No par
100
10%
*52%
*3334
12%
8%
46%
8
Mar
5% Feb 18
2% Apr 30
Paraffins Co Ino
84%
16%
5%
*77,
126
10
46
*45%
*172
100
13,300
6
147% Apr
Pan
Paramount Pictures lno
6% 1st preferred
per
May
Amer Airways Corp
5
Pan-Amer Petrol A Transp..6
Panhandle Prod A Ref
1
84%
17
1134
7«
10
$
110
3
Range for Previous
Highest
$ per share
Pacific Western Oil Corp... 10
Packard Motor Car
No par
*10%
79%
50
75
40
7
3
*72
*397,
*1%
22%
30
43
6
200
110% *108
23%
*6%
*2%
38%
14%
23%
29%
42%
...
1,700
17%
500
6%
6%
3
*5%
*37%
7%
27%
477,
48
30
43%
*234
*45%
*163s
27%
17%
32%
♦1073g 108% *107% 108% *107% 1088
*5
5%
5%
*5
53
534
60
60
*55
\ 62
*55%
65
43
1,000
57
32%
25
*6%
29%
*45%
1%
200
10
57
32%
*24
1%
300
23%
10
100
1,000
*22%
22
*9
300
15%
2%
*14
2%
200
10%
27,
*108
*134
97%
*10%
*15%
*45
Par
Pacific Telep <fc Teleg
..100
6% preferred
100
Pacific Tin Consol'd Corp.._l
4%
"3", 800
107,
80%
*14
2%
500
27,
2%
47%
*108
*134
28%
80%
15
*39
"2",300
27,
111
40%
1%
2%
*14
23%
2,600
10
80%
*108
40%
900
6,600
13
*%
46%
1,100
2%
*2%
15
23
10%
*96%
Range Since Jan. 1
On Basis of 100-Share Lots
Lowest
Shares
*2%
48
111
40%
$ per share
67
EXCHANGE
100
97,
77,
*14
2334
23%
*99
%
*45
*108
23%
*2234
*39U
2%
12%
*8%
1%
28%
10%
80
*2%
*46
28%
%
*734
48
15%
1%
10
80%
*2%
*2%
97%
10%
*1%
9%
*45%
46%
S014
11
28%
*17%
10
% per share
8
Week
4
*116% 120
♦151% 152
*151% 152%
3%
3%
3%
3%
7
7%
7%
7%
3%
73
July
STOCKS
NEW YORK STOCK
the
Friday
3
*116% 120
7%
2%
2%
125s
*8%
1®8
*11%
July
3%
10
2%
Thursday
2
3%
7i4
2%
1278
Sales
for
Wednesday
7%
*7
Record—Continued—Page
NOT PER CENT
5
Jan
Jan
May
4% May
63
Mar
111% Dec
15%June 26
Ex-rights.
T Called for redemption.
New York Stock Record—Continued—Page 9
68
July 5,
Saturday
Monday
Tuesday
June 28
June 30
July
$ ;per share
$ per share
10%
*79
113
113
112
*110
*8'2
11%
*65'4
378
*5312
107S
11%
11%
1134
1178
80
80
82
82
82%
35%
35%
113
110
*%
*%*
718
**18
15%
1534
1534
500
3%
72%
3%
3%
72%
1,100
5,200
834
1,600
717«
*8%
72%
7178
72%
8%
8%
10%
8%
8%
11
8%
10%
8%
11
1034
*10%
11
66%
65
65
65
90
*378
4
53%
54
53%
53%
6
*534
6
37%
*6514
66%
4
4
*53%
54%
6
6
*36%
37%
*578
*36%
14%
14%
14%
14%
*378
4%
*378
4%
17%
36%
14%
*37g
36%
15
4%
17%
17%
134
*1%
1%
17
*1%
*25%
29
*113
17
1734
134
134
2778
72
8* -
*113
113
113
*36%
37%
20
15
15%
7,400
4
4%
800
17%
1,500
1%
1%
200
*112
14
*13
14
*13
20
1378
*19%
13%
*14
1434
*14
14%
*14
14%
14
9%
9
87«
878
2
2
2
157s
9
*178
*1534
1578
*23 %
2314
*11
1134
23%
11%
11%
lh
"""400
37%
37%
3,000
36
36
20
37
367g
373g
3634
37%
35
35
35
35
35
59
59
*58%
6884
*58%
5834
7i«
2 34
*1514
*17i2
16
I8I2
21%
30%
40%
4234
*373s
57%
2112
30'2
4012
4278
38%
57%
7%
384
334
*38
*2%
%
234
%
2%
%
234
15%
15%
18
18
*15%
*17%
153s
18
21%
21%
21%
303s
4034
43%
44%
*373«
38%
30%
4034
43
,43%
*3738
38%
*57%
58
7%
*3%
334
30%
403s
6I4
6%
6%
5%
5U
5%
5-%
5334
5334
5334
5334
*122% 123
123
8
'8
8
%
2%
16
16
18
18
18%
17%
19%
213«
21%
2134
22
30%
31
3078
31%
59
4134
44%
*37%
58%
67S
4
37»
4%
*37S
6
6%
5%
6%
5%
5%
53%
5234
53%
53%
122% 123
53%
123
13%
*12%
13%
*18%
20
*19
20
*4%
6
22
19
217«
18%
22
19
217s
*1834
7
*634
7
634
684
6%
6%
6%
4%
4
3434
3%
2%
*4
8%
4%
8%
2
*1834
*4%
*35
39
*2% 3
*2-%
8%
8'%
8%
39%
334
39%
3%
39%
*8%
*33%
*2%
*38%
*4%
*34%
*2%
*334
*28%
3534
*578
5%
3534
6
357s
3578
578
578
3558
*578
5%
5%
5%
*5
11
*10%
11%
11
*57*
6
*10%
578
*33%
36
*33%
*278
36
38%
36
3%
*2 34
38%
3%
38%
4%
4%
4%
36%
*34%
27S
*2%
3%
39
4
*28
29
3
*%
*%
35
*4%
11
11
5%
5%
83%
11%
30
®n
%
22%
Bid and
100
4%
28%
34
27«
4%
500
28%
400
*%
*13
14%
*1012
10%
2,100
9634
300
10%
14-%
10%
967g
9678
96 34
4%
11%
4%
4%
1034
1034
*778
8
*778
*1%
5%
*10%
11
11
8%
*778
1%
66%
1%
*62
5%
*1
19%
7%
11
4%
*10%
8
*778
1%
65
5%
*10%
14%
578
578
18%
19%
*7%
1%
64%
5%
*10%
*5%
18%
8
1%
64%
5%
1%
62
1%
62
3,900
14% *10%
578!
5%
18%'
18%
14%
5%
18%
l",406
llo
100
1
19%
*18%
19%
7%
*7%
*18%
7%
36%
7%
36%
11
*1
19
3484
36
7%
36%
11%
11%
7134
H%
xll
72
71%
72%
113% 113%
14%
14%
3584
3584
36%
11
11
11%
72
71%
72
*113
11334 *113% 113%
1378
1378
1378
14
8034
8034
80%
80%
71%
83
83
*11%
H78
30%
%
*18
22%
22%
askedlprlces;
113% 113%
14
81
14%
81%
110
13
110%
110
110
43%
*43%
45
19%
*17%
19%
*18
®1«
®16
22%
22%
22%
2234
no sales on this day,
47
Feb
May
3834
Apr
June
45% May
68%
Dec
67g Jan
67% Jan
484 May
11%
Jan
46
397gJune 23
267g May
59
May
6
6
May
Apr
40% Apr
112% Deo
7% Apr
113% Feb 14
98
June
113
1
May
2%
2% May
7%
18%
2234
26%
116
Jan 24
6%
Jan
1%
Jan
6
4% Mar 20
21% Mar 21
2234 Mar 21
23%May
31% July
427S July
44% July
112
Dec
97g May
12%
16%
O't
66%
Dec
Jan
Jan
Jan
Jan
Jan
6
3
2O84 May
29
3
29?g June
46%
2
Jan
3834
8034
87g
Dec
Jan
Feb
Jan 10
834
4% May
Apr
Apr
Feb
Jan
6
4684 Aug
60
Apr 14
117%June 2
7% Apr 22
15
Apr 21
1% Feb 27
Jan 10
68-%
123
Jan
6578 May
June 26
9
21
4
7% May
107g
Jan
Jan 10
12% May
277g
Jan
Jan
2%May
6
1%
Oct
2% Jan
18% Nov
1
Superior Steel Corp
100
Sutherland Paj5er Co
10
Sweets Co. of Amer (The)..60
11% Apr 14
18%June 21
Swift A Co
19%May
6
24%
Jan 27
xl7% May
247g
Apr
17% Mar
4
19% June 23
16% Aug
2
7
484 May
32%
9%
Jan
Jan
4
25
Swift International Ltd
6% Feb 14
Symington-Gould Corp w w.l
Without warrants
6
1
Talcott Inc (James)
Feb 28
9
Feb 15
3%May 10
6
17
Jan
6
23%
Jan
2
4%May
2
734 Jan
8
4% May
6
Apr
28% May
27g Dec
40
Mar
38
$4.50
conv
18%
40% Jan 21
36
Dec
53
Mar
4
Feb
Jan 17
June
4
2% Mar
3
3
May 21
Feb
1
45
Jan 18
30
June
5
Mar 16
3
May
June
2% Apr 23
3%June 30
10
10
9%May 15
67g Mar 25
1
1
No par
$6 preferrred
Corp
62
No
Feb 14
Union El Co of Mo $5 pfNo par xlll% Jan
25
100
30
100
%
22 s4
#i«
4~5O6
23%
6,100
United Biscuit Co..
5% preferred
No par
5
5
No par
100
United Carbon Co
No par
ll%May 27
109
May
1
407gMay 2
16% Apr 23
%June
3
United-Carr Fast Corp.No par
United
Corporation...No par
No par
$3 preferred
n
New stock,
18% Apr 21
-
r
Cash sale,
x
Ex-div.
y
May
2%
18
May
34%
35% May
6
2
Jan 13
17% Jan 2
884 Jan 7
5%
9
Feo 14
Jan
12
51% Jan
Jan
934 Feb 14
60
23
34% Jan
lO%June 14
30
No par
Union Carbide A Carb. No par
May
9934
75
Mar 25
May
May
534June 27
1
1
81
6
3
July
6%May 22
Under Elliott Fisher Co No par
4% preferred
9
9
16% Feb 20
Union Pacific RR Co.—
Jan
8
884 May
1% Jan 18
1034May
Jan
1
Union Oil of Califonrla..
Apr
2
100
Union Bag A Paper
38%
Apr 16
16%May 20
Twin City Rapid Tran.No par
7% preferred
Dec
2534 May
Jan 10
9% Jan 30
5
May 23
10
No par
Twin Coach Co
Apr
6%
Feb 19
4
par
20th Cen Fox Film Corp No par
$1.50 preferred
7%
Jan
Feb 17
Transconfl A West Air Inc..5
Truax-Traer
Feb
4
9984 Jan
4%May 26
Trl-Conttnental Corp
2»4
6
Mar 17
39
Nov
6
18
2
35
6
Jan
Jan
27% Feb 19
No par
Ttmken Roller Bearing.No par
20
42% Feb
584 Mar
6
34
96
2% June
4%
% Apr 16
ll%May 14
9% Mar 6
par
Apr 22
Jan
Jan
38%June
2584 Apr 30
preferred.No par
Transamerlca Corp
Jan
Dee
30
pref.-
6%
12%
7
10
Tlmken Detroit Axle
Oct
Apr
Apr
37% Nov
8% Jan
10% Jan 23
4
_
5%
Dec
May
38
Third Avenue Ry
100
Thompson (J R)
25
Thompson Prods Inc._No par
cum
267g May
9%
47%
4%
5
1
Tide Water Associated Oil.
634May 12
2% May
334 July
.....No par
100
$3 dlv conv preferred
Jan 24
4% May
May
33
5%June 19
12»4May 6
Jan
32
-
4%May 12
5% Mar
4
8%
pref..—.No pa'
Preferred
384 Jan 16
9% Jan 8
5%May 19
1
Therm old Co
7% May
7
31% Apr 22
5% Mar 4
3% Feb 18
conv
Feb
7% Mar
Jan
Texas Gulf Sulphur...No par
Texas Pacific Coal A Oil
10
$3 60
334 May
35%
484
40% June 23
7% Apr 23
May
35% Apr
34% Feb 19
27g Feb 14
Jan
May
3
Jan
32
2%June 30
9% May
20
67g
60
6
;
5
..26
Texas Gulf Produc'g Co No par
5H% partlc pref
Telautograph Corp
Tennessee Corp
Texas Corp. (The)
45
19%
a Def. delivery,
May
19
Apr
12%
*42%
*17%
t In receivership,
2384
33
38% Jan
2:3784 Jan
14% May
8%
12%
Un Air Lines Transport
290
607g
Dec
United Aircraft Corp
*109
43%
*17%
%
May
4
May
5,600
300
72
June 13
20% Jan
584 May
3,000
10%
127S
Jan
Oct
64
Apr
5
10%
13%
110%
3934
10%
13
4% Jan
7
May
40%
40%
10%
3%
66
26% Feb 19
34% Apr 19
9%May 15
3934
10%
*1234
1% May
384 June
Jan 11
Union Tank Car...
10%
*1234
30%
39
30%
3984
800
Jan
Jan
2
66
""700
30%
83%
1178
110
3,200
1,400
39
Apr 16
ll%May 26
1178
30%
*11%
700
6,800
Jan
Jan
17% Nov
May
100
81%
8234
1178
3,000
Jan
347g
23
Union Prem Food Stores,Inc. 1
81
8234
83%
10
100
1538
20%
7
100
Truscon Steel Co
250
3012 May
May
8
26% Apr
3278May
684 May
4
12% Jan 2
75% Mar 28
80
Mar 4
*11%
30%
83
*11%
*2984
83
90
5%
Apr
13% May
6
Jan
4
Jan
30S4 May
152%
8% Jan
Transue A Williams 8t*I No par
5%
1
1%
600
'"900
23% May
12% Jan
2% Mar
16%
8%
Superior Oil Corp
$3.50
2,900
1,600
2,100
1278May
14%May
40
6% Mar
No par
Tompson-Starrett Co.No
34
4%
4%
39
39%
39%
40
10%
10%
10%
1034
*12%
13
*12%
13%
110%
110% 110% *110
*4312
46
*43% 46%
*17%
19%
*17%
19%
22%
*%
90
35
4%
4%
30
30
10%
97%
700
Jan
3
117gjune 11
28%
May
4%May 26
Class A pref (4M% cum) 100
The Fair
"""390
*2%
32
1%
81
28
35
4234
*7%
*82%
4
42%
*18%
*11%
4
32
19%
*80
4%
35
27g
42%
*7%
784
*34%" 3434
14
4278
4
1% July
par
Texas Pacific Land Trust
4%
*34%
*2%
35
7% May
10
Feb 14
3%May
Texas A Pacific Ky Co
100
Thatcher Mfg
No par
42 7g
4%
8un Oil Co
2
1
No
Webster
Studebaker Corp (The)
100
3
*234
Stone A
July
4
800
42
*40
Feb
5% Jan 28
400
32
*1
114
500
100
3%
Jan
2434
5
5% Apr 23
5%
3134
*18
14
20
36
27g
42 7g
434
4%
1
11%
Dec
52
5
1
6%
11
42
18%
*113
*5
42%
*578
H%
72
357«
3134
18%
*11%
71%
1,000
1,700
31%
6
1%
7,200
3%
36
41%
19
*18%
8%
3934
3%
32
*578
*1
8%
39%
42
*18%
13%
300
200
*33%
,
534
14%
6
*10
4%
31%
*62
65
65
700
1,200
42
11
1%
6%
33%
*13
97
2,300
1,100
33%
*234
14%
97
I
1,100
*13%
10%
*95%
10%
,
1,700
6%
534
28
34
1434
Corp
Stokely Bros A Co Inc
8uperheater Co (The)..No par
36%
27«
6
6
2% Apr
16
Oct
May
34
10
Stewart-Warner
Feb 14
34% Feb 19
25
8unshine Mining Co
*534
578
28%
34
10%
8%
39%
334
36
33
S..No par
Sterling Products Inc
June 19
10% Feb 19
12% Feb 14
l778Mar 4
25% Mar 5
25
Standard Oil of Ohio...
170
*2.%
4%
prior pref
Apr 21
%Mar 21
2% Feb 15
No par
No par
500
6%
*35
cum
108
par
800
*10
10%
28%
♦%
*1338
19
6%
29
27% Apr 25
66% Mar 19
5
Apr 21
44%May 31
31% Feb 19
lll%June 2
5% Apr 26
Standard Oil of Calif. .No par
600
5%
10%
534
2834
14%
8%
*3%
2%
10%
97
317s
4234
438
*1%
39
2%
*384
103s
*95%
31%
*734
35
•
278
334
*13%
42
4%
3%
19
par
Standard Oil of Indiana
"""766
2,400
2,500
5
tl7%May 22
Standard Oil of New Jersey. 25
6
22%
4%
3614
2%
$7
100
13
19
No
preferred
$6 cum prior pref
20
*4%
6%
6%
6
6
*124% 125%
8
8%
*16%
1634
2
2%
13
$4
1,600
1,500
2,000
12,300
12,100
29,400
3,000
1,400
Day
Mar
$4.50 preferred
No par
Standard Gas & El Co.No par
Starrett Co (The) L
Inde¬
60
conv
Standard Brands.—-No
1,200
22
6
39
578
Closed-
53
22
39%
3%
3%
Exchange
pendence
*19
6
*4%
187s
*35
8%
1634
2
2%
*4
3434
278
8%
a:1634
36
*10%
123
*12%
63s
Stock
6%
5
6
63s
4
*3%
20
22%
427g
44%
38%
59%
7%
5
*4%
3638
578
*5%
*634
*18%
4
36
59
*12%
*278
3%
42%
44%
*37%
*2
2
*3434
39
4234
44%
38%
58%
6%
%
6%
5
190
1,000
22%
30%
2%
13
16%
130
3
1
No par
1'
...No par
.No par
2
Conv $4.50 pref
No par
Square D Co
1
5 % conv preferred
100
400
716
5
9
pref A
Spiegel Inc
6,400
2%
May
May
Splcer Mfg Co
1,200
534
1
3
Sperry Corp (The) v t c
300
2
par
Spencer Kellogg A Sons No pax
$3
Jan
11% Feb 15
19% Feb 14
23% Mar 13
-No par
---100
Sparks Withington...No
Spear A Co
40
116
5%
8
Mobile A Ohio stk tr ctfslOO
500
%
41 %
Ry
6% preferred
$5.50 preferred
58*4
5%
507s
39%
8
10%May 16
Gas.Co.7 50
Southern
900
*111% 114%
111% 112
Southern Natural
2,800
•
534
8
6
*83s
*114
5%
1634
20
*678
*6%
115
115
8
2%
13%
*18%
39
5%
16%
2%
22%
*5%
50%
39
8
1678
*18%
*4%
50%
3834
16%
*16%
*13
123
*58%
2%
*15%
6%
5%
58
5834
3%
*60%
20%
50
49
39
7i»
35
*58%
*538
5%
5%
5b
49
49
493s
39
39
38%
38%
115
*115% 116
*11514 116
115%
57g
684
578
5%
534
578
*112
114
111
111
*11178 114
37
35
20%
3714
*34
3%
78
20%
2
Feb 19
22%May
25
Southern Calif Edison
800
78
3
1% Jan
Apr
5
Aug
1%
3%
78
20%
*20
8% Mar
22
14
May
*1%
3%
8
16
100
78
Jan
10% May
128
28
1%
9
21%June 23
14%June 12
1534 Jan 8
97gMay 6
Mar 10
28
1%
3%
*60%
114% May
Mar 31
28%
1%
334
120
May
13% Feb 28
Southern Pacific Co..-No par
23% May
May
105
21
500
Jan
Apr
Nov
Jan 27
150
3,200
2%
31
114
6
4
20,200
2,900
24
Feb
10
8% preferred
Feb
Jan
6% Nov
67
6
24
1%
12% June
Apr
7% Mar
6
June
12%
1%
17% May
56
40%
13%
Jan
June
13
2334
2778 July 1
297sJune 26
132
23%
11%
11%
1234
24%
*28
1% May
zl3
11%
12%
2378
28%
12% May
Jan 20
2%
100
23%
*28
21% Jan 10
3
So Porto Rico Sugar...No par
90
11%
12 34
24
29
May
484 May
34
May
2,100
23%
11%
24
3
40% Aug
14%
11
12 84
Jan
112
14% Feb 19
South Am Gold A Platinum .1
16%
16% Nov
73% Nov
534 Jan
7% June
3% May
Jan
Jan
8% June
4
5
Jan
27g Nov
Feb 15
112
Smith A Cor Type v t
Jan 30
1%
20
8% May
13
23%
*10%
24
15% July
8
5534 Jan 14
6%June 26
Jan
111% Dec
% Jan
Apr
S'eastern Greyhound Lines..5
130
11
47g Feb
40
Jan 21
2
115%
88
61% May
700
113s
20%
*2l2
2
Jan
107g Jan 21
1% Sept
15%
11%
*20
493#
14%
128
61% Aug
No par
Snider Packing
11,900
1,900
9%
1%
15%
23%
*60%
*38«4
200
11%
12-%
2384
3l2
78
20%
*49
700
14
11%
*1%
*3%
*60%
5%
20%
14
Oct
May
Jan 17
95
Smith (A O) Corp
%
11
71%
c.No par
Corp...No par
Socony Vacuum Oil Co Inc. 16
500
% May
Feb 19
187g Feb 19
15
$6 preferred
Jan
107% June
101% June
4
1% Mar 28
23%June 4
10
Simonds Saw A Steel..No par
70
113
Dec
49
Jan
378June 28
16%June 6
No par
Skelly Oil Co
88
May
34
14
Sloes Sheffield Steel A Iron. 100
23%
1134
13
3%
100
1,700
23%
11%
*28
11%
1284
2414
29
~
*7
9
2
16
14%
1478
143g
143g
14%
1438
*126
*126
128
128
*125% 128
1412
15
*12514 128
53g
9
87g
2
16
2
157«
Simmons Co
par
Sim ma Petroleum
3
% Jan 9
157(jJune 3
3%June 26
1484 Mar
7% May
64% July
% Jan
lOi*
Sliver King Coalition Mines. 6
17%
3
Jan 24
Mar 28
Mar 27
Jan 10
3% Apr 23
61% Feb 27
4% Feb 19
3534 Apr 19
Sheaffer (W A) Pen Co.No par
Shell Union Oil
15
*13
15«4
No
Sharpe A Dohme
1,300
July
78%
61
$3.50conv prefser A.No par
1312
19%
preferred
Shattuck (Frank G)._.No par
1434
1984
conv
12%
87%
38%
115%
1117g
12% Mar 3
1% Apr 29
67% ADr 22
8% July
1
10% Apr 23
No par
No par
300
~20%
1934
$5
Steel Corp
1,500
20
20
Sbaron
4
55%
57s
3%
*53%
5%
*26
28
2778
*26
28
277g
29%
29%
29%
2934 297s
29% 297g
102% *101
102% *101
102% *101
102%
-
100
Seaboard Oil Co of Del.No par
8eagrave Corp...
600
*65%
,1034
'05%
Feb 14
% Jan 9
% Jan 20
Servel Inc
11%
66I2
37«
54l2
preferred
4-2%
June 23
108
No par
Seart Roebuck & Co..-No par
200
3%
7178
*113
3714
No par
15%
10212 *101
*20
8% Apr 15
79
33% June 12
109%June 9
No par
3%
*101
3l2
*60>4
$4 preferred
{Seaboard Air Line
200
15%
1*4
277g
29%
13s
80
110
3s
1734
2414
00
3%
37«
*27
113
...No par
No par
15%
*112
*2512
2914
115s
1234
900
Highest
$ per share $ per share
share
$ per
$ per share
5
100
7i«
1734
17«
5H% preferred
Scott Paper Co
$4.50 preferred
3%
141%
9
500
15%
14%
1534
Schenley Distillers Cory
18,200
*%
37
1312
Shares
3%
37
*20
$ per share
12%
82%
36
Par
Lowest
Highest
Lowest
Week
15%
6
*
$ per share
$ per share
11%
81
4
312
72 %
8%
6
*14
July
15*8
*%
72 ig
$ per share
2
Range for Precious
Year 1940
Range Since Jan. 1
On Basis of 100-Store Lots
EXCHANGE
*18
718
*«
*1512
*3%
July
STOCKS
NEW YORK STOCK
the
Friday
Thursday
July
3
Wednesday
1
35% 35%
35%
35%
*112% 113
*112% 113
*112% 113
112
*110
*110
110
110
.112
*u
3i»
ai«
*%
*%
»18
35%
*35
NOT PER CENT
SALE PRICES—PER SHARE,
AND HIGH
Sales
for
LOW
7%
19%
Jan
Jan
6
7
4% May
10% May
Jan
Dec
Dec
62% Nov
7
Mar
217g
Apr
4% May
9'% Nov
1% May
234
64
Aug
3% May
6% May
5
May
14
May
Jan
82% Mar
5%
Apr
10%
Apr
13%
Jan
25%
Jan
3%
Apr
Apr
1% Jan 10
l%May
Jan 10
137g May
30
Jan 13
6% May
21%June
9% May
697g June
13% Mar
24
9%
36% July
3
Jan
4
12%
727gjune 18
115
Feb
18'4
Apr
Jan
105
May
116%
Dec
6
112
May
17%
Jan
Jan 15
1434May
45
88%
Jan 10
71
May
98
85% Jan 13
13% Jan
2
70
June
89%
13
Dec
16
307gjune
22*4
Jan
297g May
857g
Apr
Feb
July
31% July
53%
Apr
17% Jan
12
23*4
14
Jan
12% May
18
Apr
Apr
113% Feb
1087g Nov
1117g
Dec
44%
Jan
May
50% Jan 10
42% May
65% May
20% Jan 15
1% Jan
7
3084 Jan 10
12
20% Dec
27g Apr
1%
26
May
Dec
Dec
42
Feb
Ex-rights. T Called for redemption.
I
Volume
LOW
AND
New York Stock
153
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Record—Concluded—Page 10
69
,
Tuesday
i
June 28
Monday
June 30
July
$ per share
*3i4
*1%
*2038
$ per share
3%
2234
414
414
33g
*1%
*2038
414
is4
*35i8
6578
6%
3%
134
July
1%
414
134
21
4U
4%
36
653g
7
*20%
4%
*35
3612
66
3%
*1%
*35%
65%
6%
6534
67g
7
♦1083s 10934 *108i2 10984 »10834 10934
*10
10
10i8. 10%
10
lOU
234
234
278
278
*234
3%
*3
3%
3%
314
*3ig
3%
*84
91
*84
91
*14l4
15
*13%
1434
914
*9
*56%
*175
*8%
*9
914
57
56
56%
9
176
"¥34
4412
*24i2
*42
25
2514
245g
2478
4
*334
4
*75s
8
*78
2712
*31
*21
1%
80
*78
2734
315g
223g
27%
177
23 %
22l2
9414
94
*1%
7%
*7%
80
27%
80
157% *152
*31
27%
31%
*21
22%
1%
22%
9234
1%
""966
22%
5,800
93
93
1,500
58
58
*57%
59
58
58
200
*71%
73
*71%
557g
73
1%
157
1%
55%
56%
118% 119
16
115
*41
*....
716
49%
*46
*14
15
*13%
*49
52
*50
54
100
153
40
4%
4%
*%
1
334
*61
-■
1
334
334
61%
63
23%
*70%
*96%
116
434
1334
*13%
434
1
19
334
62
23
28
28
27g
7
%
%
%
24%
21
21%
23%
21%
24%
21%
*234
I
2%
*6
7
93
94
*130
31
*30
31
*30
3238
*31
132% *130
*20%
21
21
21
*15
15%
15
15
16
16
16
600
2%
....
23
72%
96
24%
21%
94
20%
133
31
*11%
12%
15
15
*5%
6
x5%
4%
54%
4%
4%
54%
*52%
*2434
25%
25
22%
22%
22%
22%
22%
22%
1,900
*68
69
69
69%
200
*11%
12%
12%
15%
6%
4%
100
14%
3%
3%
*3%
3-%
1,200
4%
4%
74
5
5,300
3%
3%
4%
73%
28%
29%
20%
*27%
29
20%
105
*96
*87
90
*63
98%
*96
98%
*96
69
*66
69
*66
*10
35%
*85
20
13%
118
10%
36
60%
*19%
13%
118
10%
35%
5%
7334
114
73%
*27%
29%
28%
*20%
20%
*1%
*111
28%
105
25
2
*96
90
*86%
61
29%
20%
105
63%
800
28
100
28%
2034
*86%
*62
61
98%
*96
29%
7,500
2034
600
105
90
61
400
64%
200
98
*6734
6834
97% 98
68%
68%
20
20
20%
*1934
20%
13%
1334
13%
13%
14%
118
*117% 118% *117% 118%
10
10
10%
10%
10%
35%
36%
35%
3534
36
91
91
*84
91
*16
16%
16%
16%
16
*11%
1%
*84
16%
16
16%
*11%
11%
11%
11%
11%
11%
11%
11%
1*4
134
*1%
134
*1%
134
1%
1%
Bid and asked prices; no sales on this day.
74%
20
600
7% preferred
16%
12
"2, ioo
1%
1,100
J In receivership,
400
d Def. delivery,
43% May
22% June
39% Mar
117% Apr
49% May
Apr
July
117% Feb
56®4
Jan
May
109
May
5
May
36% June
28% May
33% Feb
62
Feb
Oct
31% Mar
4% Jan
31*4 Jan
120
15%
48
Nov
Apr
Jan
35
Jan
June 21
120
June
135
May
% Apr 15
•ii Jan
8
4
6% pref
Westvaco Chi or Prod. .No par
54.50 preferred
No par
WbeellngALE5>4%conv pflOO
Wheeling Steel Corp
No par
prior pref
No par
White Dental Mfg (The 88) .20
conv
1
preferred....No
Prior preferred
conv
Wilson A Co Inc...
56 preferred
21
63
Jan
Feb
Feb 19
2%May
Feb
1634Mar
3
101
July
95% July
112
Mar 31
15% Feb 19
104% Apr 26
23% Mar 3
234 Apr 28
6
Jan
T»i Feb
18% Feb 13
1734 Apr 22
86 May 31
120%May 2
27%June 6
27% Apr 17
105
Apr 16
92
Apr 28
21% Apr 18
64 May 19
10% Jan 7
12% Feb 14
4
Feb 14
41
20
Apr 21
4
Feb 16
..1
20% Feb 14
l%May 3
1% Apr 16
10
3% ADr 18
No par
4% Apr 24
65% Feb 15
113
July
3
Woodward Iron Co
10
25% Apr 21
Wool worth (F W) Co
10
26%May 26
16% Feb 19
Worthlngt'n PAM(Del)No par
7% preferred A
100
6% preferred B
100
Prior pref 4^% series
100
Prlorpf4H% conv series 100
93
85
86
25
Feb 25
9% Feb 19
30% Apr 18
83
Youngst'n Steel Door. .No par
Zenith Radio Corp
No par
Cash sale,
Apr 23
114
100
Zonlte Products Corp
Feb 13
62%May 28
17% Apr 24
11% Apr 21
par
Young Spring A Wire. .No par
Youngstown 8 A T
No par
ser A
Jan 30
54% Feb 17
No par
100
Mar 15
68
Yellow Truck A Coach cl B..1
Preferred
June
3
Apr 26
13% Apr 16
1034May 16
1
1% Apr 23
s
Ex-dlv.
June
May
Mar 21
20
20
25
13
16%
Feb
Dec
9%
1%
Jan
Jan
13% Aug
2
May
30
May
% May
384 May
22
May
20
May
13% May
25%
14
May
2% May
Feb
80
Deo
v
25%June27
74% Jan 18
106% Jan 25
15% May
6884 Aug
Jan 10
96% May
107% Jan 18
117% Jan 3
18%June13
80
105% Feb 10
29%June11
334 Jan 22
7% Mar
l%May
25%June
22% Jan
105
141
Jan
28
13
23
10
2
Mar 22
34% Jan 10
36
June
198
Jan
120
Oct
11
June
May
100% May
21
June
2'4 May
4% May
% Dec
14% May
16% May
76
May
110
May
26
108
2
30
Jan
3
76
Jan 14
Jan
85
33% Jan
34% Jan
24% Jan
102
7
7
9
Apr
108% May
3
June 16
29%
Jan
6
6% Jan 13
684 Jan 25
74% July 3
Jan
Feb
Deo
Apr
Apr
Jan
2% Jan 11
4%
115
Jan
54%June 28
25% Mar 28
2%May 12
24
80
75
100
1234june 18
17% Jan 9
7% Jan 13
5% Jan 10
Jan
4% Feb
50% Deo
2% Sept
12*4 Sept
34% Nov
28*4 Feb
20% Apr
110%
91
110% Jan
114
9% Nov
23% May
104% Deo
6% Nov
35% Jan
% May
3%
June
13gjune
13%June
30%June
23»4 Jan
16% Jan
20% Jan
4% Jan
June
115
65% Mar 6
May 31
No par
Wright Aeronautical
89
3% Apr 17
80
97
par
6% preflOO
Jan
6% Jan
l%June
80
6
Willys-Overland Motors
6% conv preferred
Jan
10
18%June
14
May 14
15%May 28
par
50
13g
2%
14
% Mar 11
100
100
50
Oct
Deo
18% May
63
Western Union Telegraph. 100
Westlnghouse Air BrakeNo
Westlnghouse El A Mfg
1st preferred
%
•u
5% May
16% May
6% Jan
13% Apr 19
2% Feb 19
7% preferred
6% preferred
100
9% Apr
22% Jan
105% Jan
30% Jan
•nJune
100
Western Maryland...
May
% Jan 10
»ii Jan 17
3%May 13
No par
100
100
West Penn Pow Co 4
pf.100
West Va Pulp A Pap Co No par
6% preferred
100
Western Auto Supply Co
10
Jan
25%May 31
212% Feb 13
par
Warren Fdy A Pipe
r
19
May
84
143
6
preferred
n New stock,
Jan
Mar 27
100
preferred
Deo
June
135
Warner Bros Pictures
5 M%
Jan
128
59
Nov
Ward Baking Co cl A ..No par
Class B
...No par
Yale A Towne Mfg Co
3,400
18% Nov
70
159
110
No par
300
91
_
Jan
96% June 27
Wrlgley (Wm) Jr (Del) .No
120
Apr
Apr
Deo
May
35% May
June
100
200
3,700
2%
63%
134>4 June
112
Mar 26
42
.No par
Wisconsin El Pow
Deo
2®4
25
115% Jan
44% Jan
21
Apr
4M% pref with warrants 100
54
12% May
45
Apr
60
May
Wilcox Oil A Gas Co
28
63%
68%
*84
400
2
30
90
16%
•
25
100
113
*96
*61
64%
5
74
54%
113
27%
12
White Rock Mln Spr C0N0 par
White Sewing Mach Corp
1
3%
*52
June
Nov
39%
71
White Motor Co
600
41
130
June 13
1,500
T.200
25
*1%
116% Feb 17
100
Walk(H)Good A W Ltd No
55
*73% Dec
76% Nov
May
May
102
2,100
1%
64%
10
4%
1%
61
36%
6%
4%
54%
1%
*63%
91
15
6%
1%
*60%
10
15
5%
25
*87
36%
15
*4%
1%
6334
*85
15
*11%
20
25%
2
60%
13%
220
97%
6334
20
'""360
*96%
60%
118
108% 108%
*96%
97%
96%
60
103% May
29% Deo
42% June
1% Deo
1
May
*i» Nov
12
June
Jan
237% June 12
31% Mar 29
17% Apr 22
Western Pacific
Jan
Jan
Apr
67% Nov
Feb 15
Weston Eleo Instrument. 12.50
96%
114
14
33
20
1%
1%
5%
20%
33
2,300
31
*2434
*1%
2
73%
118%
*30
*52
5%
14
31
54%
*7334
20%
94
94%
94%
133
132% 132% *130
*30
*51%
5%
73%
*118
3,300
2,700
54%
25%
5%
69
24%
21%
94%
21
534
4%
3%
*96
24%
*5%
*4%
3%
*90
24%
21
534
4%
3%
*96
24
32%
32%
32%
109% *108
108%
11%
29%
""~600
1'4
41%
117
100
4% 2d preferred
%
May
68% May
39% May
89
360
%
% May
15
Jan
100
102
'16
Apr
May
Apr
134 May
14
May
101
7
Apr
1284
74
Nov
19
Wesson Oil A Snowdrift No par
54 conv preferred
No par
100
7%
39
2% Jan
27% Jan 11
West Penn El class A ..No par
T.900
Jan
182% May
6% Mar
24
57
3,300
7
Nov
38%
Deo
24% Jan 15
"~30
2%
Deo
11
22
Mar 28
Webster Elsenlohr.....No par
28%
12%
89
2184 June
27% June
Mar 13
1
*6
2
No par
No par
Walworth Co
Oct
1384 Mar
7% Apr
7% Jan
97
May
Apr
1% Apr 14
19% Apr 22
25
Vulcan Detlnnlng Co
Preferred
Jan
Deo
57
25
6% preferred...
Jan
15
118
28
20
5
*234
i2 Jan
June 11
Wayne Pump Co
28%
2
27
Waukesha Motor Co.....
7
160%June 26
Feb 13
200
105%
Jan 21
Feb 14
39%June
6
60
16% Jan 10
5934 Jan 15
157
114
25
400
Jan 10
x22
No par
Washington Gas Lt Co.No par
240
50
Jan
Dec
85%
Mar 17
97
18
1% Jan
1% Jan
15
No par
234
7u
11%
21
23%
72%
Jan
17
97
28
234
%
12%
15%
*96
*70%
97
*6
*11%
2934
*20%
23%
727g
33% Jan 13
48
41
35
May
3% May
42
Jan 13
34% Jan
No par
2%
130
Mar
5%
14
,
6
7% preferred
23%
102% 1027g
957g
96
28
28
69
*27%
29%
20%
*2%
.
7034 Jan
Apr 10
53 preferred
*77
65% Apr
76% Jan 29
Apr 21
JWarren Bros Co
240
_
Apr 18
6% dlv partlc preferred. 100
53.85
_
12
200
95%
95%
115% 116% *115% 116%
*65
27%
23%
*70%
2%
....
18
*17%
18
18%
105% *104
105% *104
69%
*27%
*2%
*77
97
97
*65
73%
100
*1534
69%
*1%
*1%
8,300
100
*65
1%
62
200
200
*22%
2
100
1
109
1%
100
\
1834
334
12%
2934
*31
*1%
3%
434
31»4 Jan 11
34% Feb
25% Jan
1% Jan 11
25% Apr
9434June 10
15
No par
Dlv redeem pref
Day
12%
32%
15
62
400
2934
108% 109
*96% 97%
22% 22%
109
61%
1,700
*»i«
97%
23
109
1834
%
1834
pendence
July
6
65% Mar
25% July
,
100
Va-Carollna Chem
Walgreen Co
12%
*7u
133
*96
Vlcks Shreve A Pac Ry
Victor Chemical Works
600
31
7
*30
*4
434
27%
13%
2
80
6
fWabash Railway Co
5% preferred A
100
June
*11 Jan
6
Waldorf System
12%
*29%
2%
*130
4%
27%
*13%
Inde¬
May
284 May
June 12
100
7% 1st preferred
100
1
*5%
23%
20%
93%
19
165
Jan 14
June
9%June 27
23
Vlck Chemical Co
400
Closed—
12
*234
I
'""966
'•
»1«
1
115% 116
*17%
18%
Exchange
100
1
3%
*60
20
9
19
434
*%
*18
»1«
"l'ioo
*15.«
102% 102%
*94
105% *104
28
28%
94%
2234
*70%
*96%
72%
*4
100
*3H
9
Stock
33%
*98
19%
100
27%
13%
*2%
116
1053s *104
*19
*97
%
*4%
15%
9734
102% 102%
96% 96%
*5%
*%
24%
*3 1
%
87g
*2634
*77
*234
94%
*»•
87g
4%
27
*»i«
2%
*17%
Jan 17
Virginian Ry Co
*133% 149
*®i«
100
33%
*96
%
3%
*77
96%
115% 11534
*17%
18
100
*133% 149
*i«
*60
1634
22%
*70%
*96%
33%
8%
19%
16
10234 10234
28
*96
96
....
15%
24%
727g
9734
133
No par
21
*94
*104
334
*2%
May 20
5% pf 100
*15
23g
140
40
*20%
*2%
48
100
*38%
*18
61%
% Apr 28
44% Apr 25
12
May 10
No par
8% preferred
40
15%
*77
Universal Leaf Tob
*38%
*32%
*%
16%
5
No par
40
2O84
*15
167g
May 10
Va El A Pow $6 pref
30%
15
preferred
1
Va Iron Coal A Coke
12
21
..1
United Stockyards Corp
United Stores class A
10
*4
19
22% Apr 30
Mar 27
70
3234
2
42
1,200
2 534
26
116% *116
Apr 21
25
17%
30%
15
200
Feb 15
Mar 13
Apr 25
115%June
No par
...
26%
1
11%
30%
*16%
100
116%
*%
11%
*28%
2034
50
.....No par
.....
*15%
12
30
""466
134
*13
1
80%
65%
69%
49%
50
17
1
117g
*28%
*20%
U 8 Smelting Ref A Mln
4
17% Feb 14
100
17
4%
2634
4%
"uJune
par
10
8% 1st preferred
25
*98
434
*18
1834
JU 8 Realty A Imp....No
*116
#i«
1334
*%
1
20
*8%
19%
27%
*4
10
U 8 Rubber Co
conv
64% Feb 24
26% Apr 26
29%May 6
18% Apr 12
20
25
*®i«
%
*13%
U 8 Playing Card Co
U 8 Plywood Corp
116
3234
19%
*1314
23%
134
50
Aug
*38%
98
4%
23%
17g
183
5% May
48
100
25
8%
*27
72
24%
134
Jan
May
2
Prior preferred
U S Pipe A Foundry....
116
96
98
*
100
Dec
5
May
*17
*14
1#
72
24%
2
*133%
8%
19%
434
24
*1S4
98
3g
27%
1334
1834
60
"24"
"_70
3%
80
6
Van Raalte Co Ino
267g
9
Jan 17
15%June 16
10% Jan 27
69% Jan 8
6
...No par
Vanadium Corp. of Am.No par
Van Norman Mach Tool..2,50
115% 115%
*4134
427g
3% Jan
90
8% Jan
conv cl A
300
17%
*24%
12%
*25%
May
6% Apr 24
Partlc &
900
*15%
25
12%
12%
27%
*25% 26%
*25% 27%
115
*115
11534 *115% 11534
*41
42ig
42%
42%
42%
June
3
4
12%
17%
24%
6
4% Jan
2434
*15%
Jan 13
3% Jan 10
28'4 Jan 10
Universal Pictures 1st pref.100
12%
11
107% June
Apr 22
Vadsco Sales. ........No par
Preferred..
...100
17%
Apr 23
4% Feb 17
Jin 22
Apr 18
40
<
4
117
3
600
2434
24%
170
5
Universal-Cyclops Steel Corp 1
152
Mar
9% Feb 19
8% Mar 4
65 May 14
8
20
$6
14%
2434
87g
*4%
1,100
*12%
*132% 149
*9
34
49%
*15%
3234
98
""300
*5lg
17g
17g
26
265g
2534 2534
*1155g 116
*115% 116
*17
18
*1714
1914
*38i2
40
*38% 40
*32
1%
84
Jan
50
conv preferred
7% preferred
%
2
*2314
28%
46
*%
*
Deo
2% May
25% May
60
May
9% Dec
U S Industrial Alcohol .No
par
U 8 Leather Co
..No par
U 8 Tobacco Co
*46
*
Sept
26%
Jan 11
43
1,000
28
*44%
1%
**u
*
2
Jan 11
5
Feo 10
Preferred
%
60
100
U 8 Steel Corp
Preferred
46
1%
ui«
3% Jan 11
33
1,000
152
*150% 152
153% 15334 xl52
S16
7% preferred
U S Hoffman Mach Corp
14,100
28%
2% Feb 19
$6 first preferred
No par
U S Dlstrlb Corp conv
pref.100
U S Freight Co
No par
U S Gypsum Co
20
56%
*28%
52
10
U. S. & Foreign Secur_.lVo par
118% 11834
*44%
1%
34
*152% 156
2434
1213
*2634
200
22%
*2414
12%
*25%
19%
*96% 100
1,400
*1
*15%
*J16
27%
93
173g
*»!•
27%
22%
243g
12%
*8%
*187g
100
93%
243g
99
85
22%
*15i2
*98
*77
93
*3g
♦132% 149
80
100
734
6'4May 9
May 3
8% Apr 25
2% Apr 10
United Paperboard
6H%
22
71«
325g
♦7%
31%
27%
15
32%
734
*21
152
24
400
8%
44%
*31
*14
*134
8%
*42
27%
31%
15
*23U
20
22%
*49
*477g
497g
48l2
48%
*149
153
*150
*147% 153
72
"if, ioo
*21
49%
*
56«4
*31
34
*46%
27l2
""""70
300
34
42%
14%
9%
"2", 500
4912
*14
116
91
22%
1%
ul«
*46
*40i2
300
3%
1%
*25%
"""766
3
56
8%
434 Jan 13
105
5
May 29
Highest
share $ per share
384 May
7% Apr
per
32
United Gas ImproVt
No par
85 preferred
No par
United Mer 4 Manu Ino v t c 1
*9
44%
S
10,400
67g
*177
*8
5
United Electric Coal Cos
United Eng & Fdy
share
70% Jan 10
10% Jan 16
267g
*1%
*115
177
5
2%June 3
l%May 6
20%May 16
3% Apr 21
10
100
per
42
1,300
9%
56
5
60
*83%
14%
14
share
33%May
10
10
3%
91
5
Per
Lowest
No par
*234
3
5
Year 1940
Highest
United Fruit Co
3%
1%
*12ig
67g
Par
United Drug Ino
United Dyewood Corp
Preferred
Range for Previous
"2,606
66
*109% 10934
*42
*71%
74
*71% 73
5534
563g
55%
56
*118
11834 119
119%
28
287g
287g
28ls
*44% 46
*44% 46
*'l#
37
6534
257g
74
*151
1,100
334
*71%
15
4%
2534
*58
4912
80
334
61
*14
1,800
134
25%
*58
*46
3%
Lowest
Shares
60
2234
94
56%
56%
*11834 119
28
283g
*44%
46
*1
H4
"l« «I6
$ per share
Week
1%
23
94l2
*1
1%
*36
678
4
Range Since Jan. 1
On Basis of 100-S/wra Lots
EXCHANGE
4
*76
2734
31I4
22%
3U4
*2H4
*55%
July
8TOCKS
NEW YORK STOCK
the
25
7%
80
14
*9
8%
44%
*33d
8
*75g
*8334
55l2
*42
*334
*234
3%
176
*8
44i2
*8%
*42
37
Friday
21
4%
10
9%
553g
*175
....
21
65%
109
14%
*9
*3%
'1%
1«4
22%
4%
10
,
$ per share
3%
109
91
*8334
*1314
Thursday
July
3
2
$ per share
35g
21
2234
65%
67g
1
S per share
3%
*35
36i2
65%
6%
Wednesday
Sales
for
Saturday
27®4 May
Dec
May
18% May
61
May
7«4
7%
4%
3%
38
Aug
May
Mar
May
Jan
14«4 May
26% May
105
Apr
40% Apr
5
Jan
8%
Apr
1
Jan
28*4
28%
Jan
Jan
118
Jan
140
Nov
37% May
38% Feb
109% Dec
103
Nov
35%
Apr
74%
11%
17%
11%
7%
67%
24%
Nov
Apr
Dec
Apr
May
Mar
May
I84
1%
Oct
3%
Jan
Jan
3%
Apr
3
Jan
6*4
7%
Apr
Apr
3'4 May
70
45
June
116
Jan
121% Mar
1584 May
30
May
34% Nov
13% May
42%
Mar
Apr
24% May
102% Oct
June 19
55
3
60
95
Oct
61% June 24
64% Jan 28
101% Jan 9
29
June
68
Nov
39
June
65%
91
June
129
Apr
73
May
93
Apr
25
Jan
92
80
Apr
Jan 11
22% Jan 8
17% Jan 10
June
July
15% May
984 May
May
Oct
19% Jan
126% Sept
14
Apr
Jan 10
98
Jan 11
6
Jan 31
26% June
6
12% May
48%
99%
28%
Jan
Dec
Jan
15% Apr
2% Jan
3
6
8% May
17«4
Apr
4%
Apr
120
12%
42%
94%
18%
Jan
Ex-rlghts.
6% June
80
2
May
Mar
Jan
U Called for redemption
July 5, 1941
70
Bond Record—New York Stock
Exchange
THURSDAY, WEEKLY AND YEARLY
NOTICE—Price®
"and intereet''—except for income and defaulted bond®.
Cash and deferred delivery sales are disregarded in the
week's range, unless they are the only transactions of the week, and when selling outside of the regular
weekly range are shown in a footnote
in the week in which they occur.
No account is taken of such such sales in computing the range for the year.
The italic letters in the column headed "Interest Period" indicate in each case the month when the bonds mature.
are
Thurs.
Week'*
Week's
BONDS
Lost
Range or
Range
BONDS
N. Y. STOCK EXCHANGE
Sale
Thursday's
Since
N. Y. 8TOCK EXCHANGE
Week Ended July 4
Price
Jan. 1
Week Ended July 4
BUI
Ac
Low
U. S. Government
Asked.
High
No.
Low
High
Treasury 4*8
O
119.5
119.5
Treasury 4s—...
D
111.21
111.22
M 8
*113.2
113.10
113.3
/
D
*106.6
106.16
106.12107.25
A
*100.8
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
1947-1952
1944-1954
3*8
1945-1955
3*8
1943-1947
3*b
—
1941
3*s
1943-1945
3 Vis
1944-1946
3 *s
1946-1949
3*8—...
1949-1952
8s...........-1946-1948
3s
..1951-1955
2*s..—
1955-1960
2*8
1945-1947
2*8—
1948-1951
2*8
1951-1954
2*s
——1956-1959
2*8
1968-1963
2*8
.1960-1965
2 *s
.-1945
2*s
1948
2*s__—......1949-1953
2*8
1950-1962
2*8
1952-1954
2*8....
1956-1968
2*8
1951-1953
2*s
1954-1966
....—
1947
Treasury 2s.
.......1953-1965
119.4
121.26
111.19113.18
115.7
101.21102.19
O
106.27
O
*107.30 108.6
D
111
D
*113.11113.20
112.16114.9
110.14
110.14
109.24111.21
113.3
113.6
110.4
111.17
111.18
107.14111.22
D
M
8
113.3
M 8
106.28
106.28 108,6
107.29 109.9
111
110.11112.12
113.6
M
8
10817 108.17
108.17
108
M
8
109.28
109.28
107.271109
J
D
110.13 110.13
110.13
107.2
110.13
107.1
111
M
8
J
D
J
D
J
*110.24111
D
M
J
109.24
Jan
Jan 1961
J
12
♦Extl sinking fund 6s..Sept 1961 M 8
♦6s assented..
♦Chile Mtge Bank 8*8
♦6*s assented
♦Sink fund 6*s of 1926
1957
1957
12*
15
"12*
14
12*
"l2*
7
11*
15
D
♦6s assented
♦Guar sink fund 6s
O
*11*
O
10*
*11*
11*
*11*
10*
*8*
1962 AfN
108.10
107.16109.22
♦Chinese (HukuangRy) 5s
108.1
105.2
108.1
105.4
108.8
*108.9
108.18
105.9
105.9
105.9
3
102.8
105.9
104.2
104 wi
104.2
11
103.1
104.2
J
D
106.19
106.19
2
103.5
106.19
J
D
106.26
106.26
5
103.6
106.26
J
D
*106.13106.22
104.28106.28
*103.8
103.14
100.24 103.2
*106.12106.20
104.12 106.8
*104.26105.2
101.24105.3
Federal Farm Mortgage Corp¬
♦6s assented
1962 AfN
1960 M
1960 M
M 8
*106.30107.6
106.26107.28
1944-1949 Af N
J
1942-1947 /
107.3
101.28103.3
2*8
1942-1947
M 8
*101.27102.3
102.15103
10*
Oct 1961 A
*
35%
0
«.
11*
3
9*
8*
"10*
23
8*
8*
*
13*
12*
13*
12*
13*
12*
13
12*
11*
11*
11*
11
12*
11*
11*
11*
11*
10*
11
"I" "26*
51
♦25*
10*
8*
36
a
With declaration
MP
36*
D
8*
14
36*
1952 /
9
9*
9*
8*
WWr
35%
1947 r
♦Sinking fund 7s of 1927
Copenhagen (City) is
-----
21*
*25*
♦25*
8*
10
~ii*
35%
♦25*
36
8*
10*
30
37*
30
22*
37*
25
~30"
23
26
22*
21*
25
"28"
27
37*
23*
37*
23
1953 AfN
37*
23
23
21
,
24*
30*
25-year gold 4*s
36
33*
21*
33*
82
72
82
16
14*
.
106.28108
*101.27102.3
S
♦6s of 1927
„Jan 1961 J
J
♦Colombia Mtge Bank 6*8—1947 A O
♦Sinking fund 7s of 1926
1946 M N
With declaration
3s
8
1951 J D
♦Cologne (City) Germany 6*8.1950 Af S
Colombia (Republic of)—
♦6s of 1928
-
11
*11
High
11*
*11*
D
Low
10*
*11*
11%
D
1961 A
♦Guar sink fund 6s
*108.2
D
12
11*
*12*
1961 A
♦6*s assented—
"l2% ""9
*13
D
Jan. 1
10*
O
1961
1961
♦Chilean Cons Munic 7s
♦7s assented
8
No.
O
♦External sinking fund 6s..-1963 AfN
♦6s assented
1963 AfN
107.8 111.22
107.22108.14
8
High
*13
Sept 1961 M 8
♦External sinking fund 6s...1962 A
♦6s assented
1962 A
106.31110.31
M
Since
fiQ«
*12
♦6s assented
111.19
M 8
Range
or
Asked
Low
J
110.30
108.1
A
1961
111.15
M
J
♦Ry extl. sf 6s
*109.12109.20
8
D
Bid
Foreign Gevt. & Mun. (Com.)
Chile (Rep)—Concluded—
110.26
*11116
Treasury 2s.....Mar 16 1948-1950 M 8
Treasury 2s
Dec 16 1948-1950 J D
Treasury 2b..
1
10
Range
Thursday's
ses
1944-1964
-
----
3s
Home Owners' Loan Corp—
3s series A.
1944-1952 Af N
J
J
1942-1944
.....1945-1947
2*8 series G
l*s aeries M
J
107.3
106.24
106.24
20
el02.4 C102.4
el 02.4
2
D
*102.21102.30
106.17107.26
102.5
103
101.29103.2
New York City
1980 /
Govt.
Foreign
D
104
104
104*
93
100
26
26 *
6
26*
26 *
1
23
26%
22 *
26%
21*
26
'
*Gtd sink fund 6s
1948 A O
AkershUB (King of Norway) 4S.1968 Af 8
/
♦Antloqula (Dept) coll 7s A... 1945 J
♦External
s
f 7s series B
1945 J
/
♦External
s
f 7s series C
1945 J
/
♦External
s
♦External
s
f 7s series D—..1945 J
f 7s 1st series
1957 A
♦External sec s f 7s 2d series. 1957 A
♦External sec s f 7s 3d series. 1957 A
J
26*
*20
9%
9%
9%
9%
*8*
9*
9*
/
0
0
9
0
*8*
26
9*
"~2
9*
1
9%
1
9%
20
9*
9
9*
7*
7%
7%
7*
CM
6*
9%
9%
9%
9%
9
D
*12
9
7
18
-
Argentine (National Government)
S f external 4 *s
1948 M N
17
17*
85
23
74
84*
71 *
85
1971 M N
74
69
65
74
A
64*
64
65
35
65
A
58 *
28
58%
64*
35
78
85
O
64*
64
1955 J
J
66*
66
64 *
67
1957 M
S
66 *
67
35
External g 4*s of 1928
1956 If N
/
1967 J
63%
53%
67
External 6e of 1927
68
59
32
47
59
8 f extl
conv
loan 4s Apr
1972
Australia Com'wealth 5s
♦Austrian (Govt) s f 7s
♦Bavaria (Free State) 6*s
With declaration
1949 M
5*
5*
1
1945 P A
Belgium 26-yr extl 6*s
"ss*
s
f 6s
1955
83
J
84
1955 / D
1950
9*
1957 A
0
0
s t 6*8 of 1927—1957 A
♦7s (Central Ry)
1952 J D
♦External
Sinking fund gold 5s
s
1950 /
1962 /
f 6a
♦Budapest (City of) 6s
8
15%
9*
8
27
89
82*
75%
36
17%
17
17 U
11
18*
18*
61*
18*
6
61*
*57
♦6s stamped
1961 Af B
1977 M 8
49
1976 F
f
4*-4*s
Refunding s f 4*-4*s
External readj 4*-4*s
External s f 4*-4*s
3% external s f $ bonds
*55
a
*8*
9
♦El Salvador 8s ctfa of dep
♦Estonia (Republic of) 7s
1948
58
58
♦Frankfort (City of) a f 6*s
/
1953 AfN
18*
26*
1949 / D
94
63
93
93
93
93
64*
67
93
7s unstamped
"64"
5
♦Greek Government
a f ser
6%
7
7*
89
6
11*
5*
6*
19
5
8*
9*
85
9
1949 AO
1949
*5%
78—1964 M N
♦6s part paid
9*
8*
1968
"9* "12*
*6%
9*
11
55%
55
55*
0
21*
16%
52%
19%
64
61%
65
17%
17%
6%
♦7*s secured
♦7a secured
a
s f g
f g
68
26
30
26
27
50
49*
1945 J
1946 J
4%
52*
/
1961 AfN
1979
5
4*
6*
6*
4%
6*
5
5
7
5
*12
1960 MN
F
4*
*4*
♦4*
*4*
/
A
50 X
19
47
52%
82%
37
1954 /
38
*5
8*
5%
7%
*5*
6*
5
8
*74
1951 J D
♦Italian Cred Consortium 7s ser B'47 Af S
♦Italian Public Utility extl 78—1952 /
J
23
Japanese Govt 30-yr a f 6*8... 1954 F A
Extl sinking fund 5*s
1965 AfN
75
♦Jugoslavia (State Mtge Bk) 7s 1957
♦Leipzig (Germany) a f 7s
1947
♦Chile (Rep)—Extl s f 7s.
70
88*
24
97
75
20*
18*
23
7
20
18*
2
18
30*
20
20*
23
18
29*
69
77
56
58*
77
67*
69*
69
41*
6
r
a
28
D
D
95*
6
89
96*
90
90 %
5
79*
90*
96 X
97
92
"87 *
86 %
87*
25
97*
88*
87
87%
4
*
9
9
76*
76*
7
88
*"
0
25
14*
24
29*
*11111
16
26*
25
J
D
♦Assenting 4s of 1904
♦Assenting 4s of 1910
.1933 /
J
{♦Treas 6a of '13 assent
♦Milan (City, Italy) extl 6*s. .1952 A O
26*
8
70
8*
26*
8*
14
14
13*
"lT*
1
10*
13*
12*
10
8*
12*
♦External sinking fund 6s...I960 A O
♦6s assented
1960 A O
13*
12*
13*
11*
13*
12*
56
♦Extl sinking fund 6s
♦6s assented
13*
13
13*
4
12*
29
12
*8
*5*
6
8*
10
8*
61
6
6
6*
8
3%
10
9*
73
5%
"3% "6"
Mlnaa Geraes (State)—
17%
9*
12
A
8*
D
14
Feb 1961F
19*
8
.1943 M N
♦4*s stamped assented
♦Mexico (US) extl 5a of 1899 £.1945 Q /
.1945 Q /
♦Assenting 5s of 1899
J
A
6
46*
Mexican Irrigation—
1942 M N
For footnotes see page 75.
O
"90 *
J
Feb 1961F
75
*
23*
99*
102
1942 M N
♦7s assented
5
4
65
15
A
♦Medellln (Colombia) 6*s... .1954 J
Mendoxa (Prov) 4s readj
.1954 J
1950 M S
15 1960 J
J
♦6s July coupon on
1960
♦Farm Loan s f 6s...Oct 15 1960 A
♦6s Oct coupon on—....I960
6
4*
12*
68
79
22*
25
♦Hungarian Land M Inst 7*s_1961 AfN
♦Sinking fund 7*s ser B
With declaration...
66
38*
14*
26
1946 A
♦Heidelberg (German) ext7*s 1950 J
/
Helslngfors (City) extl 6 *s
1960 A O
Hungarian Cons Munlelpal Loan
50
1968 M N
f 6s..July
"V* "n"
With declaration...
60 *
A
♦Carlsbad (City) 8s
♦Cent Agric Bank (Ger) 7s
9%
28*
11
11
1968
♦Hamburg (State 6a)
Irish Free State extl a f 5a.
J
5
*7%
Y'k
♦Italy (Kingdom of) extl 7s
99*
"8* "l4%
15
...1964
26*
51 %
102
54
20
1958 / D
♦7s part paid
♦Sink fund secured 6s
52*
1967 /
27
*9*
7%
0
17%
15%
15%
6
♦(Cons Agrlc Loan) 6 *s
52
30-year 3s
30-year 3s
8
1949
♦5*s of 1930 stamped
.1965 / D
♦5*s unstamped
1965
♦5*s stamp (Canadian Holder) "65
46
J
8*
55
German Govt International—
45*
1961/
1944 /
8
50
26*
45
99
59*
27
22
8
With declaration
12
101 *
95
10
8*
/
1967
French Republic 7s stamped
With declaration
86
Aug. 15 1945 F
58*
59*
50
25-year 3 Ms
7-year 2Mb
L
52
52*
52*
49
99 *
59
70
49
102
58
52*
67
48*
0
58
52*
60
48*
1952 AfN
52
70
♦58*
49*
1960 A
68
s
♦57*
47*
"63"
J
Canada (Dom of) 30-yr 4s
♦Farm Loan
♦57*
*58*
49
J
...1967 /
1968 M N
♦Stabilization loan 7*8
10-year 2*s
*40
*58*
1975 MR
J
1984 J
f 7s
28
55
8
♦Haiti (Republic) s f 6s ser A—1952 A
Bulgaria (Kingdom of)—
♦Secured
64*
*
M
1976 A O
*36
20
5*s 1st series
1969 A O
5*s 2d series
1969 A O
♦Dresden (City) external 7s—1945 M N
50 *
A
60
51
0
Hungary 7*s ext at 4*s to
External
55*
69*
51*
65
49*
50
F"A
26
57
17 *
5
9*
31*
38*
29*
33*
27*
10
26%
26
Buenos Aires (Prov of)—
s
8%
52%
20*
17%
63
88
8*
8*
A
84 %
28
D
73
0
49 %
48 %
20 X
D
62*
99* 104
A
84*
20 *
17 *
1957 M B
1958 F A
Brisbane (City) s f 5a
20-year
67
14
D
96
49*
German Prov A Communal Bks
*8
1958
87
104*
101*
31
{♦1st ser 5*s of 1926
1940
{♦2d series sink fund 5*s
1940
Customs Admin 5*8 2d ser. .1961
26
With declaration
1941
1
1
62
J
Apr 15 1962 A O
90
15
♦Brazil (U 8 of) external 8s
♦External s f 6 *s of 1926
External g 4*s
With declaration
75
"82 *
With declaration
♦External sinking fund 6s
15
100*
103*
101
♦8*
Dominican Rep Cust Ad 5*8..1942 Af S
43 %
With declaration
♦Berlin (Germany) s f 6*8
18
101
1
102*
101*
60*
*9
63*
1955
43*
43%
43%
With declaration
External 30-year s f 7s
*84
1942 /
83
16
...
101%
1949
1977
Sinking fund 5*8
Jan 15 1953
♦Public wks 5*8...June 30 1945
♦Czechoslovakia (Rep of) 8s
1951
♦Sinking fund 8s ser B
1952
4 *s external debt
♦German Rep extl 7s stamped
♦7s unstamped
With declaration
External
5%
12
8
*99%
102*
101*
59*
100*
a
External loan 4*s
Finland (Republic) ext 6s...—1945 M
1972 F
-
15*
9
14
17*
1958
8 f external 4*s
S f extl conv loan 4s Feb
1949 r
External gold 6*s
With declaration
A
*80
16
1944 Af S
A
Denmark 20-year extl. 6s
With declaration
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s
1947 F
With declaration
ser
Y"j
—1951 M N
104*
& Municipal
Antwerp (City) external 6s
♦Costa Rica (Rep of) 7s
Cuba (Republic) 5s of 1904
External 5s of 1914
Transit Unification Issue—
3% Corporate stock
Cordoba (Prov) Argentina 7s.. 1942
3
10
9
10*
9
13*
12*
13*
12*
♦Sec extl
s
f 6*8
♦Sec extl sf6*s
♦Montevideo (City) 7s
♦6s series
A.
Af 8
M
/
8
♦5*
6
6
17%
6
"57
3%
3%
6
-
6
38
4*
17*
10*
♦10*
17*
10*
11
9
17
8
8*
6
6
6
30
11
11
D
63
54
62*
MN
70
53
60
Volume
New York Bond
153
Thurs.
BONDS
N.
Y.
STOCK
EXCHANGE
Range
Sale
Week Ended July 4
Foreign Govt. & Mun. (Concl.)
Bid
A
Apr 1958
A
O
1943
F
A
Norway 20-year extl 6s
1944
F
70
External sink fund 4 %s
With declaration
External
1956
M
1965
A
O
—1963
F
A
s
f extl loan
1970
Atchison Top A Santa Fe—
General 4s
1995 A O
Adjustment gold 4a
1995 Nov
71
Stamped 4s
61
70 %
Conv gold 4s of 1909
Conv 4s of 1905
1955 J
...1955 J
Conv gold 4s of 1910
Conv deb 4 Ha
1960 J D
—.1948 J D
31X
36 H
34%
41
31
31 X
2
30 X
34 H
39 X
31 H
33
40 H
♦
_
29
♦Nuremburg (City) extl 6a
1952
f
Oriental Devel guar 6s
l f 5s
X
32
Yd
♦27 H
34 H
40%
31H
30
29
27 %
8
28
24
A
1953
M P
44 H
Extl debt 5%s
1958
UN
42
Oslo (City) s f 4 %s
With declaration
1955
A
♦Panama (Rep) extl s f 5s serA
43 H
27
1963
Stamp mot 3%s e<ct to
sec ref 3%s ser B
♦Pernambuco (State of) 7s
1994
J
..1967
39
46
49
36 %
24 %
43 H
30 %
57
90 X
81
If N
Af N
11
42 %
25 %
30
1963
44 H
40%
*22 H
O
♦Stamped assented 5s
Ext
6s 2d
a f
S
M
57
56 H
.....
J
104
8
8
6%
7
6H
6%
6%
6%
7H
6H
6H
6
7H
7
7
4
*7
1940
1958
~~8
*12H
23
1968
*3H
1950
♦4 Ha assented
*4%
1947
♦4 %s assented
♦External sink fund g 8a
*3
1963
1961
*9
♦Prague (Greater City) 7Hs
1952
If N
♦Prussia (Free State) extl 6 Ha
1951
M
declaration
♦External s f 6s
9H
*8
25-year external 6a
♦Rhine-Main-Danube 7s A
A
o
a
99
r
M
8
a
o
f
a
67 H
24
a
8H
13
j
UN
♦7s municipal loan
♦Rome (City) extl 6 Ha
♦Saarbruecken (City) 68
1967
j
1952
1953
j
j
1964
M S
(lnt at 1%
1946) due... 1995 J
Ref A ger ser C(lDt at 11-5%
to Dec 1 1946) due...1995 3
12%
8%
8
3
20
20
3
59 %
12 %
60
*
12%
10H
11X
11
7%
2
j
58 %
to
Yd
D
a
a
j
1952
S
3H
...1961
a
F
s
f 6s
1960
s
f 6s
1964
aa
mm
mm'mrn
99
2
98
105%
bb
2
y
bb
2
O y bb
1979
2
j
*
2
15%
18 %
43%
22%
26 X
to
32
63
73%
104
33%
47%
D y ccc3
aer F (lnt at 1%
Sept 1 1946) due.. 1996 M S
Feb
1
1960 F
S'west Div 1st M(lnt at 3 H %
to Jan 1 1947) due
1950 J
Toledo Cln Div ref 4a A-.1959 J
38 H
38%
39%
25
38%
53%
y
ccc3
33 H
33%
34%
77
33
46%
y
ccc3
33 H
29 H
33%
34%
29%
90
33
47
338
14%
30%
61%
2
26 H
26 H
mm
mmmmmm
y
b
2
b
2
b
2
x
bbb3
♦Debenture 6s
21 h
6X
5
*
"110%
133 H
133%
*103%
7
56
71
50%
19
25
10
35 X
23
41X
f
a
39 x
46 x
/
j
*36 x
a
o
1952
UN
1958
f
a
3h
3 x
2
2X
xbbb2
f
a
*2h
4h
mmmm
3
4X
1961
j
D
49 h
50 x
5
41
57 X
36 X
17 X
mmrnrn
"*i~"
50 H
4
12 X
106%
a
a
2
x
aa
2
x
bbb2
Bank
STOCK
Last
Rating
EXCHANGE
Thurs
Elig. A
BONDS
Y.
Sale
Week Ended July 4
See k
"105%
mmm.mmm
bb
bb
1961
y
bb
3
3
1960
y
bb
♦inc mtge 4H« aer A.July 1970
{♦Boston A N Y Air L 1st 4s. 1955
y
z
x
aaa3
x
bbbl
x
a
x
bbb2
cons
cons g
5s..1945
3
ccc2
2
a
or
Price
Bid
A
Range
§2
Since
Asked
Jan. 1
RAILROAD and INDUSTRIAL
COMPANIES
JlMbltlb! Pow A Pap 1st 68.1953
/
D
z
cccl
Adams Express coll tr g 4s... 1948 M S y bb
Coll trust 4s of 1907
1947 J D y bb
10-year deb 4X8 stamped. 1946
y
bb
54
53
3
1
101
1
106
101 x
106
1
100x 107x
106
Ala Gt Sou 1st cons A 5s
1943
X
aa
3
1943
x
aa
3
*106h
4s series B
6s with warr assented
z
y cccl
*40
20
mmmrnm
mmmm
109
107 h
57
mmmm
106x 107x
mmmm
mm
y
cccl
*42
48
1946
y
bbbl
*82
83 x
1946
y
bbbl
*77
Alleghany Corp coll trust 58.1944
y
bb
2
Coll A
conv
m
mm'm
■mmmm
1949
y
b
2
y
b
1
54x
74 x
52 h
54 x
y
1025,,
*72 x
1025,,
102*1,
103 x
104x
26
107x
bb
1
1942 Af S
x
aa
2
Allied Stores Corp 4 Ha deba.1951 F A
A Ilia-Chalmers Mfg conv 4a. 1952 M 8
x
bbb2
x
a
♦AIpine-Montan Steel 7s
2030 M 8 yb
2
conv
Corp
5Ha...1949 Af N
conv
5 Xs, 1949 J
107%
x
129
m
m
109%
y
bb
2
93
x
bbb2
105
x
aa
3
x
aa
3
Stamped modified (Interest
at 3% to 1946) due
fyb
1957 M N
{Burlington Cedar Rapid A Nor—
S♦ 1st A coll 5s
1934
z
cc
3Xa debentures
aa
1966 J
d
aa
deb.1950 J
J
bb
Am Wat Wks A Elec 6s ser A.1975 UN
Anaconda Cop Min deb 4Xsl950 A O
bb
Am
Type Founders
conv
cc
1
y
1952
bb
3
"51%
♦Anglo-Chilean Nitrate deb..1967
Jan
ccc2
{Ann Arbor let g 4a
1995 Q
Ark A Mem Br A Term 5s
1964 M S
y
ccc2
y
bb
1
x
a
2
x
bbb2
Canadian Nat gold 4 Hs
1957
Guaranteed gold 5s..July 1969
x
aa
2
x
aa
2
Guaranteed gold 5s...Oct 1969
Guaranteed gold 5s
1970
Guar gold 4%s..June 15 1955
x
aa
2
x
aa
2
x
aa
2
mm
1956
x
aa
2
'mmmm
Sept 1951
x
aa
2
"99%
Canadian Northern deb 6 Hs.1946
Can Pac Ry 4% deb stk perpet
x
aa
Armour A Co, (Del) 4a B
lBt a f 4s ser C (Del)
1955 F
A
bbb2
1957 J
J
bbb2
bb
4%s
75%
108%
81
mm
m
1
18
8
8
17
page
75.
26%
26%
25%
27
15%
17
103
106%
100
104%
102 % 108
107% 109
99% 102
73
79%
81% 85%
75
78
66%
74%
30%
20
107% 110%
18%
9%
104
104
108% 111%
109% 113%
90
95%
103% 107%
111
113
68
40%
48
22
6%
23
3%
3%
66%
6%
74
41%
51%
66
77
76
51%
24
77
26
108%
3
81
5
14
7
42
99
99%
6
5s equip trust ctfs
1944
x
aa
2
Coll trust gold 5s
Dec 11954
Collateral trust 4 Hs
1960
x
bbb2
104%
81%
107%
63
m'rn m
m
107%
5
63%
86%
104%
96
1
14
82
14
x
bbb2
48.1949
z
b
1
*40
50
1965
Jx
a
3
106
106
6
Carriers A Gen Corp 5s w W..1950
Cart A Adlr 1st gu gold 4s...1981
y
b
1
102
103
10
y
b
2
mmmm
Celanese Corp of America 3s. 1955
Celotex Corp deb 4%s vr w__ 1947
x
a
2
"99%
97 h
y
bb
2
95%
1948
z
cccl
..Nov 1945
z
ccc2
1945
1959
z
cccl
"13%
z
cc
1
3%
1
4
{♦Carolina Cent 1st
guar
Carolina Clinch a Ohio 4s
54 x
84
80
9
72 x
86
♦Cent Branch U P 1st g 4s
35
46x
62 x
77
76%
103
*
18
77%
mm
m
50
105% 108%
80
89%
90% 100
93% 102
94
102%
93% 103%
92% 101%
90% 99%
90% 99%
102% 107%
52
63%
76
87
101% 104%
69% 82
64% 77%
41
-
7
46
104% 108
99% 103
99%
77
51%
97%
95%
27%
96%
20
88
97
30
42
17%
30
49
49
13
13%
4%
"99
m
63
99%
{ Central of Georgia Ry—
69
mmmm
73
♦
1st mtge 6s
102»m 104
| ♦Consol gold 5s
102
♦Ref A gen 5 %« series B
♦Ref A gen 5s series C
104x
30
54
108 h
*106
108x
43
106x ho
106x 109x
101x 108
Central N Y Power 3%s
x
a
108x
111
Cent Pac 1st ref gu gold 4s.—1949
y
bbbl
103
106
Through Short L 1st gu 4s.1954
Guaranteed g 5s
1960
Central RR A Bkg of Ga 58.1942
y
bbbl
y
b
2
"53%
y
b
2
2
"86"
106x 108x
mmmrnm
52
mmmrnrn
60 x
mmmm
13
1
26 x
49
5
25
35
58
100
106 x
106x
106 x
32
98x 100
105
106x
106 h
106 x
106x
17
105x 106x
mmmm
3%
1959
z
cc
♦Chatt Div pur mon g 4s..1951
♦Mobile Div 1st g 5a
1946
z
cccl
*11
z
cc
2
11
x
aaa3
z
b
Cent Illinois Light 3H3
{♦Cent New Engl 1st
gu
1966
4S..1961
gen g 5s
5s registered
♦General 4s—
4s registered
mmmmmm
1
I z
cccl
1987
z
1987
f z
cccl
1987
z
cccl
'
mm
"18%
cccl
1987
1962
'
*99 x
3%
Certain-teed Prod 5 Hs A...1948
J y b
......
*111%
61%
18%
16%
16%
"72%
9
4
13%
10
*
*
11
'mmmrnm
~
10
mmmm
22
17
7
1
16%
mmmm
108 ""
4
73%
75%
17
53
54%
75
76%
85%
86%
107%
72%
*62
28% 49%
5%
14%
1%
5%
1%
5
6% 14%
5%
11%
108% 111%
56
62 %
19
"
3
3
65
9
78
50
65
13
20%
11%
17%
11%
18
12%
12%
106% 108%
65% 76%
63% 75%
42% 58%
51% 79%
82% 91%
Champion Paper A Fibre—
8 f deb
4Xa (1935 issue).—1950
4Xa (1938issue).—1950
J
x
bbb2
?
x
bbb2
*105%
*103%
105%
....
Attention is directed to the column incorporated in this tabulation pertaining to bank eligibility and ratlnfl of bonos.
27
105% 107
105% 106%
103% 104%
4
Bee
100%
-
7
42%
99%
86%
S f deb
For footnotes
137%
97
108% 110%
100%
63 H
108x
57 x
17
112%
103%
107%
101x 104»i,
26 x
93
105
98%
2
2
26 x
57
13
102
bbb2
26
57 h
mmmm
*100%
bbb2
101 x
109
tmrnmmrn
mmmm
27
x
101h
107
mm
24
x
100x 104x
99x 103x
nox
m
99%
1946
19
103
m
111
110%
102%
102%
Coll trust 4 Ha
102 x
101
103
m
8
98%
m
102 x
109
1
18
110%
102%
101%
99%
102%
mmrnrnmm
101
—
51%
77
mm
101
bbb3
J
1955
Consolidated 5s
19
m—
*71
tmmm
77
mmmm
6%
6%
6H
m
58 x
109
aa
41%
7
1
108 x
25
mm
*109%
109«%
92%
104%
112%
*110%
42%
1
z
♦Certificates of deposit
Bush Terminal 1st 4s
{♦Central of N J
aa
130
Buffalo Rochester a Pgh Ry—
59
Amer Telep A Teleg—
20-year sinking fund 5%s.l943 UN
1961 A O
3Xa debentures
110%
*103
m'm
m
108%
1
18
mmmm
"no %
108 h
bbb2
J y b
—
30%
56 x
♦
1
—
29%
58 x
102 x
trnmmmm
,
74 h
1
m m
29%
101h
1955 M S
Am A Foreign Pow deb 5s
75
3
84
75
20
1957
79
8
104
1998
73
*
69%
1950
85x
38
6
"67%
1st lien A ref series B
81x
mmmm
88
110x
15
mm mm
mmmm
"68 H
luffalo Gen Elec 4 Ha B
1981
Buff Nlag Elec 3H« aeries C.1967
41
mmmm
80
25
4
84
mm m
1947
54
m
..1950
5a
♦5a stamped
Am Internat
f
86 h
75
Allegh A West 1st gu 4a
Allegh Val gen guar g 4a
Amer IG Chem
mm
86 h
mm mm
103x
mmmm
...
1948
Alb A Susq 1st guar 3 Ha
3 Ha registered
56
99x 102x
101 x
ioix
*16h
*108x
cons
43 x
ioi x
101x
1952
let
12
101 %
♦Adriatic Elec Co extl 7s
Albany Perfor Wrap Pap 6s. 1948
54
1
1
15
73
cccl
Bklyn Edison
1st g 4Xa series JJ
1st mtge 4s series RR
"
106%
102%
105%
107
*107%
3
y
mmm
*101%
'
Guaranteed gold
Guar gold 4 Ha
Week's
Range
Thursday's
106%
106%
102%
105%
2
x
Bush Term BIdgs 5s gu
1960
Calif-Oregon Power 4s
1966
Canada Sou cons gu 5s A....1962
N.
mm mm
m*
m
"i06H
2
y
3X
1958
48
40
.....
32
mmm* m
110% 113%
.
10%
15%
1st lien A ref 6§ series A
D
8
99
■
mmmm
x
Bklyn Un Gas 1st
41H
41X
48
44 H
28
11
mm
25%
1944
54 X
35 X
m
15
1965
59
7
mm
z
1960
55
40 x
40
85
'
M 3X8—1966
Bklyn Union EI 1st g 5s
1950
45 X
83
55
26%
a
54
39 X
48
133%
mrnmmmrn
x
39 X
148
55%
44%
z
1959
50 X
45 x
43
mmmm
111
98%
mrnmmmm
43
9
mmrnm
87%
"UOVB
z
Blaw Knox 1st mtge 3 H8
1950
Boston A Maine 1st 5s A C..1967
1st M 5s series II
1955
38
24
51x
Consol mtge 3X« ser H
Big Sandy 1st mtge 4s
61
~2
sox
6 H
8H
3%
rnmmm
50
mrnm-m
mmm m mm
14
46
z
8H
5H
26 X
46%
*46
mmmmrnrn
z
1955
With declaration
♦Berlin Elec El A Undergr 6Hs*56
Beth Steel 3 Ha conv debs...1952
Cons mtge 3Xa ser F
Consol mtge 3s ser G
3%
20 X
1
51
85%
z
5
mm'
mm mm
50
85%
45%
mmmrnmrn
2
y
With declaration
4
1
mm
b
bb
y
cons
29
45
y
y
Con ref 4s
1951 J
4a 8tamped
..1951 J
Battle Cr A Stur lat gu 3s.. 1989 J
Beech Creek ext 1st g 3H8--1951
3%
"
65
38 x
68
Ref A gen
60
20
40 %
73%
65%
34%
z
6
44
61%
64%
♦Berlin City El Co deb 6XS-1951 J D
With declaration
F A
♦Deb sinking fund 6 Ha
1959
46 h
44 %
89
....
70
34
a
13H
12%
1978
(City) extl 6s
75% 99%
103% 106%
96% 100%
63
x
8X
5
mm*
61H
2
1952
♦4 Ha assented
63%
75
34 H
2
1984
3 Ha extl readjustment
♦Venetian Prov Mtge Bank 7a
♦Vienna (City of) 6s
♦Warsaw (City) external 7s
61%
11
105%
90
63
y
aaa2
46 x
J/N
1978
3%-4%-4*i, extl conv
4-4%-4%s extl read)
21
99
105%
77
ccc3
D
aa
64
48
y
Debenture gold 5s
External conversion
4
1
aa
13
If N
3%s-4-4%s ($ bonds of *37)
external readjustment
3%-4-4%s (3 bonds of 1937)—
Yokohama
2
x
J y b
x
Af N
1979
S
x
Af N
♦External
34%
x
A
♦External
30%
3 Ha
1943
Beneficial Indus Loan 2X8..1950
32
103
4h
*3x
*3x
C
1946
32%
Bell Telep of Pa 5s series B..1948
1st A ref 5s series C
1960
4%
5
f 5Ha guar
s
38
32
2
Belvidere Del
11%
*4
With declaration
External
33
25 H
MN
♦Uruguay (Republic) extl 8s
11
(int at 1%
Sept 1 1946) due..2000 M S
4%
Af N
Af N
U
36
63
18 X
D
j
35
3
13%
*10 %
o
1971
35
54%
9%
"~~6
(Kingdom)—
5H8
Tokyo City 5s loan of 1912
68%
2
22%
22 H
60
f
11
J y
J y b
J y b
50%
17H
s
71
68%
92%
58
Taiwan Elec Pow
71
50
9 %
10 %
10 %
D
f
mmmmmm
Ref a gen ser D
19H
1955
2
84
16
f 5 Ha
bb
b
1
8H
1
s
24
y
10
6%
18%
Sydney (City)
89
43
8
f
88%
51
M
1947
56
89
99% 102%
73% 79%
61% 69
46
1956
♦Slleslan Landowners Assn 6s
65
2
14
22
♦7s extl water loan
j
64%
bb
101%
52%
20
1958
24
2
y
''mmmm
97% 100%
101%
mmmmmm
6
44%
16 X
1958
77
bb
76 H
65
75
y
mrnmmm
100%
51
1
♦4 Ha assented
bbb2
m
100
43%
19%
18%
17%
♦Silesia (Prov. of) extl 7a
bbb2
x
ioo x
52
19
1962
x
mmmmmm
44
j
....1962
111%
bbb2
3
j
extl
109
aa
x
2
1950
sec
mmm
x
b
♦8a external
With declaration
115
*106
rnmmm
bb
34
♦8s secured extl
112
y
26
♦7b series B
100% 102%
111
112%
mmmrnm
y
9 %
2
j
*101%
*111%
*111%
67 %
27
7X
33
1946
m
cccl
33
♦Sinking fund g 6 Ha
+
z
j
Serbs Croats & Slovenes
2
mm'mmk
A
j
a
2
97% 101
95% 98%
103% 105
♦Conv due
If N
j
aaal
45
104%
Pgh L E A W Va System
Ref g 4s extended to..1951 UN
1936
j
aaal
x
2
mmmrnm
104
99
1957
1945
aa
x
100
*96%
104 %
93%
94%
100
27
20
13
*10%
dlOH
10 %
cflOH
27
|*San Paulo 8s extl loan of 1921
1968
x
J
to Dec 1
27
M N
...1940
J
100
100
rnmmmmm
97
Ref A gen ser a
27
1952
♦68 extl dollar loan
bbb2
1st mtge g (int at 4% to
Oct 1 1946) due July 1948 A
9
♦Sao Paulo (City of, Brazil) 8a
♦6 Ha extl secured s f
f*Secured a f 7s
♦Saxon State Mtge Inst 7s
bbb2
x
Bangor a Aroostook 1st 5s.. 1943 J
12 %
O
Santa Fe extl s f 4s
8H
D
a
.....
D
1966
*
o
1968
..1946
f g
bbb2
x
88
4
100
59
"26
8H
♦78 extl loan of 1926
x
100
106% 110%
25
91%
,
High
88%
-
mmmm*
Low
87
1
9%
9%
.-1953
99
67 H
1947
1946
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
D
100
33
108%
*90%
90%
91H
No.
High
108%
mrnmmmm
Since
Jan. 1
13
97 H
1950
♦Rio de Janeiro (City of) 8a
♦Extl sec 6 Ha
bbb2
?3
Asked
Stamped modified bonds—
4H
8
13
O
a
x
Baltimore a Ohio RR—
1st mtge gold 4s
July 1948
4a registered
1948
10 H
10 H
16
1941
7a
D
4s.July 1952
J D
1964
10-year coll tr 5s..May 1 1945 Af N
LAN coll gold 4a
Oct 1952 MN
5
8%
"~8%
8%
S
1952
a t
bbb3
Atl A Dan 1st g 4s
1948 J
Second mortgage 4s
1948 J
Atl Gulf A W I SS coll tr 5s__1959 J
Atlantic Refining deb 3s
1953 M
Austin A N W 1st gu g 5s
1941 J
A
Range
■3
Thursday's
Bid
108%
aaal
bbb3
x
General unified 4 Ha A
4H
8
........
Queensland (State) extl
x
x
1995 MN
J
Atl A Charl A L 1st 4 H3 A—1944 J
J
1st 30-year 5s series B
1944 J
M S
Atl Coast 1st cons
13H
3%
3%
3%
8%
11
9H
1966
8
13
4
*3%
♦Porto Alegre (City of) 8a
♦Extl loan 7 Ha
With
Range or
Sale
Low
Cal-Arlz 1st A ref 4 Ha A.. 1962 Af S
Atl Knox A Nor 1st g 5s
1946 J D
4H
Last
Price
k
(Cont.)
Rocky Mtn Div 1st 4s
1965 J
Trans-Con Short L 1st 4s..1958 J
Week's
8
7
"~6%
8
D
1961
7s
t
a
54 %
55 %
68 %
103% 104
57%
*103
S
M
1960
ser
63
27 H
6H
1959
|♦Poland (Rep of) gold 6s.
♦4 %s assented
♦Stabilization loan
*56
D
M
...1947
♦Peru (Rep of) external 7a
♦Nat Loan extl s f 6s 1st ser
s
60
2
With declaration..
♦6s extl
68 %
39 H
With declaration
Municipal Bank extl
♦Nat Loan extl
68%
39X
With declaration
4s
Railroad &
51%
35
High
52
6
70 X
H
See
51%
65
*32
8
39
f 4%s
s
Ended July 4
Indus. Cos.
Thurs.
Elig. A
Rating
STOCK EXCHANGE
Week
54 H
"~2
71
70
Y.
56 H
*"~3
61
*60
N.
1
51
68 X
68X
A
No. Low
69
*60
declaration
71
BONDS
Since
Jan.
High
70 X
20-year external 6a
Range
Asked
*67
With declaration
With
A
Low
F
.>.1957
2
Bank
or
Thursday's
Price
New So Wales (State) extl 5a
External s 1 5a
Record—Continued—Page
Week's
Lost
See k.
New York Bond Record—Continued—Page 3
72
Bunk
BONDS
Rating
Bet
Railroad & Indus. Cos. (Cont.)
Chesapeake & Ohio Ry—
8
General gold 4 J4s--------M
MN
Ref ft Inapt mtge 3 H»
lmptM3%s»erE~1996 F
Potta Creek Br 1st 4e
1940 J
R ft A Dlv 1st con g 4$—1989 J
Ref ft
gold 4s_.
2d consol
-*??£ {
ref 3a—-1949 A
♦Chic ft Alton RR
Dlv 3 Ha 1949
3 Ha registered,
1949
Illinois Division 4s..
1949
4s registered
....—1949
General 4s.
-1958
let & ref 4Ha aeries B
1977
1st ft ref 6s series A-——1971
Chicago ft Eastern 111 RR- ion(y
♦Gen mtge Inc (conv) - -—1997
Chicago A Erie 1st gold 08--1982
Chicago Gt West 1st 4s ser A-1988
♦Gen Inc mtge 4Ha--.-—2038
(•Chic Ind ft Lotilsv ref 68—1947
♦Refunding g 6s serial B..1947
♦Refunding 4s series C
1947
Chic Burl ft Q—111
J
A
X
x
aa
x
aa
J
X
105%
105%
z
*113
10H
2
93 H
16%
92%
01
97
97 H
a
a
-
36
88
93%
96
100%
93%
81%
71%
88%
78%
88
cccl
a
/
MN
/
ybb
3
66
J
yb
1
35 H
J
z
ccc2
z
ccc2
------
z
ccc2
-
z
cc
z
cc
1
10
ybb
2
*71
25 H
24%
H
114%
10
64
30%
21%
25%
9%
20
27
2
18%
48
6%
72
ccc2
z
ccc2
z
ccc2
40
39%
3
z
ccc2
39H
z
ccc2
39%
39%
10
....
36
40
39
*
39%
2H
z
cccl
m at z
10c
40%
40%
28
16
40
10
z
cccl
z
cccl
MN
z
cccl
MN
MN
z
cccl
4X
1
-
—
32
27%
-----
—
-
260
------
*24%
-----
27%
28
27
28%
225
28 H
28%
19
.
* OK
40%
40%
10%
3%
F
J
z
cccl
z
cccl
22%
z
cccl
20 H
cccl
22
22 H
24
32
z
cccl
22
21H
22
3
19H
series B
extended
49
20%
12
14%
11%
13%
60
12%
19%
7%
13%
12%
14%
13%
2%
22
19%
13%
634
12%
328
6
14%
180
7%
cccl
19%
19%
cc
1
13%
z
cc
12
12%
11 %
z
cc
14%
z
cc
z
c
13%
2%
13%
12%
6%
65
%
76%
*50%
*65%
------
24
2%
*75
------
13%
2
y
66
aaa2
x
aa
x
aaa2
x
a
2
x a
2
2
A X aaa3
51%
108%
108%
-----
------
101
73
22
J
44%
aa
22
-----
-
-
-
-
30
106% 109 H
105
107%
98% 104
16
14
89%
91%
94
96
39
15
27%
9%
*13
-
-
-
109%
------
18
109%
*111%
*104%
*109%
—
-
-
—
—
112%
*
*95
---
.
-
— -
--
—
-
-
7
109%
----
--
-----
---r ~
1
112%
98%
55
56
55%
55%
------
75%
108%
108%
*104%
*103%
96%
107% 109%
109
111%
104% 106
108
110%
111
113%
89
—
--
-
-
85
85
x
a
*106%
x
a
O
54
61
61%
58
75
79
27
104% 109%
105% 105%
---M-
-----
102K
---
--
-
-
-
-
-
— —
103U
109
109
108
108%
♦1 fV7
x
bbb2
O
x
bbb2
f 6s series B guar— .1973
.1977
f 4Hs series C
o
x
bbb2
76
o
X
bbb2
68%
Coal River Ry 1st gu 4s... .1946
Colo Fuel ft Iron gen s 16s. .1943
D
-
-
Columbus ft H V 1st ext g 4s. 1948 A O
Columbus ft Sou Ohio El 3Ha 1970 M S
2
105
104%
aa
2
13
103%
103%
12
103% 106
—
103%
MM-
103%
103%
1
103% 106
1
45
45%
15
-
-
-
-
108%
113%
5
46%
56
1
103% 105%
114% 114%
104% 108%
113
113%
34%
00
110
109%
111%
*101%
bbt
110
9
112
25
107% 110%
111
119%
101
101
x aa
*117
119
119
x
aa
*109%
109% 109%
x
aa
*109%
108% 109%
Consol Oil conv deb 3 Ha.—1951 J
D
71
1
108
108
x
aa
z
cccl
14 H
14
H
15h
139
z
cccl
14 H
14 H
14 h
18
A
z
cc
1
2H
2H
2H
8
b
aa
110H
110H
lion "~6
x
aa
H2H
112 H
106 H
.1965 A
Gen ft ref mtge 3 Ha ser G.1966 M S
Gen ft ref 3s ser H
1970 J D
cc
2
2H
4H
*81H
106H
x aa
106 H
1
6h
5
5
D
z
ccc2
*23
x
bbb2
98 H
98 H
x
aa
2
*103H
2
aa
3
25
103 H
107 H
18
3
105h
108 h
15h
15h
3
15h
7H
3h
77
72 h
108h 112
109
112H
102H 106 h
43
27
12
30
96
102
101
4
1
18
105H
67
2h
43
~28H
107 H
105H
7h
7h
1h
74
Detroit Term ft Tunnel 4 Hs. 1961 AfN
Dow Chemical deb 2Ha
-1950 M S
107 H
106
27
*40
3 Hs 1962
((♦Dul Sou Shore ft Atl g 68.1937
Duqueane Light 1st M 3 Ha--1965
46h
108h
103h 106
15
D y b
h
103h 109
105
—|
z
1965
El Paso ft 8 W 1st 5b
stamped
40
*108
104h
106
107 h
16h
24
105 h 109
108
93
108 h
100 h
150
101H
101H
106 H
3
152
106 V%
98
101h
103h 106 h
O y bb
*67
69
y
bb
*59
69
z
b
z
A
b
......-.1965
(♦Erie RR 1st cons g 4s prior 1996
Prior 4s registered
1996
♦1st consol gen lien g 4s—1996
Gen 4s registered
—1996
5s
♦Conv 4s series A
150
♦Gen
conv
-----
-
-
-
-
x aa
104%
104%
104%
27
x
105%
105%
106
38
107
106%
107
28
108%
108%
aa
X aa
aa
*
-
-
105%
Attention la directed
4
103% 105%
104% 106%
103% 107
106% 109
32
z
104%
to
105%
cc
z
cc
1
40h
60 H
60 H
177
54 Vi
55
"27
53 H
54 H
""8
38
54
28 %
28 H
29 H
163
16h
29 h
29 H
150
16h
29h
98 H
2
H8H
3
42
*54 H
29 H
29 H
z
b
z
b
118H
x
a
*103 H
98
55
36
54 H
36
82 H
55
h
99
103
118H
101
106
103
a
z
Fairbanks Morse deb 4s
56
53 H
60
"54H
cccl
z
z
70
95 h
90 h
58H
cccl
...1954
•Ernesto Breda 7b
56h
80h
1950
x
a
Federal Lt ft Trac 6s ser B..1954
y
bb
(♦Fla Cent ft Pennln 5s
1943
(Florida East Coast lst4Hs.l959
z
bb
y
b
z
cc
z
c
z
107
107
36 h
36 h
104h 107
100
102h
43
43h
64 h
75
7h
hh
0h
10h
cccl
♦1st & ref 5s series A—..1974 Af S
♦Certificates of deposit....
(Fonda Johns ft Glover RR—
(Amended) 1st cons 2-4s_. 1982
{♦Proof of claim filed by owner. MN
♦Certificates of deposit
Francisco Sugar coll trust 68.1956 MN
Jd49
1945
{♦Sinking fund deb 6Ha..1940
With declaration
J
107
*101H
50
*46
66 H
65
9H
10 H
9H
10
101
9H
c
1
z
c
1
*2H
*2H
y
ccc3
52 H
aaa3
z
102 H
3
1h
3
1h
52 H
39
*120
2h
3
56 h
D
x
J
J
z
*14
11
36
J
D
z
*14
35h
39
35
35
12
35h
95h
121
z
......
♦20-year s f deb 6s...
1948 AfN
J
1949 J
J
(♦Georgia ft Ala Ry 5s.Oct 11945 J
J
J
((♦Ga Caro ft Nor 1st ext 68.1934
♦Good Hope Steel ft Ir Beo 78.1946 A O
Goodrich (B F) 1st 4%s.._-1956 J D
Gen Steel Cast 5Hs w w
'*14"
y
bb
z
z
c
93
cccl
1
95H
bbb2
Gouv ft Oswegatchle 1st 68—1942 J
Grand R ft I ext 1st gu g 4 Hs 1941 J
Grays Point Term 1st gu 58—1947 J
D y b
J X aaal
Gt Cons El Pow (Japan) 7S..1944 F
1st & gen s f 6%s
1950 J
A y
D ybb
14
18
23
21
33
m%
106 H
78 H
10
*100
*95"
2
72;
95
96
73
61h
72
70
104h 107
74 h
81H
95
100h
100
101h
63
"72%
72
J y
10
*76 a
106 H
2
2
84h
14
k
Gotham Silk Hos deb 6s w w.1946 M S y bb
212
121
31
*12
2
z
x
95 H
21H
*20
80
J x
a
3
107 H
1952
J
bbb3
104 H
107
103 H
1973
J xbbb3
99 H
99H
Great Northern 4Ha ser A—1961
General 5 Hs series B—
General 5s series C
x
J
bbb3
x
bbb3
J
x
bbb3
J
General mtge 4s series G—1946
Gen mtge 4s series H
1946
x
J
General 4Hs series D.....1976
General 4Hs series E
1977
x
bbb3
J x bbb3
Gen mtge 3H8 series I
1967
♦Green Bay ft West deb ctfs A... Feb y bb 1
Feb z cccl
♦Debentures ctfs B
91H
91H
100 H
97 H
82
1950 A
1st mtge 5s series C
ser B1976 J
♦Gen mtge inc 5s ser A
..2015 J
Gulf ft Ship Island RR—
1st ft ref Term M 6s stpd—1952
Gulf Mobile ft Ohio 4s
ser
J
3
A
17
H
81H
8H
92
7
43
95
16
80
99h
87 h
02 H
64
62
8H
87
18
92
J
bb
2
71
70
b
1
48
47H
48H
3 y
ccc2
5
8
#Adj Income 5a
J
O
90
8
62
73h
29
36
60
*88
89
104 H
105
6
110H
110H
2
130 H
aaa3
bb
1
130H
""I
AfN
bb
2
D
cc
2
94H
2
b
Febl957 A O
90h
103h 105h
108h hih
"63 H
94 H
8
01H
63 H
14
38 H
122 H
"96
*103 H
"38
35 H
122 H
aaa3
1
127 h 131h
85 h
94 h
56
3
"44H
44 H
45
45
cccl
10H
10H
10H
34
b
bank and eligibility rating
of bonds.
65
101H 103 h
26h
39h
121h 127
43 h
48 h
13h
22
the column Incoroorated in this tabulation pertaining to
9h
93
79
3
Hudson Co Gas 1st g 5s
1949 MN
Hudson ft Manhat 1st 5s A—1967 F A
*
105 h
87
*3
71
J
110H
95h
97H
82 H
87
2
95 h
100
*89
a
89 h
14
107
3
bbb2
105h 109
103 h 108h
97 H 104 h
100 H
3
MN
A.1962 J
30
O y bb
bb
O
O
s f 4 Ha
1961
Gulf States Utll 3 Ha ser D—1969 AfN
♦Harpen Mining 6s..
.1949
Hocking Val 1st cons g 4 Ha. 1999
Hoe (R) ft Co 1st mtge
1944
{(♦Hou8atonlo Ry cons g 6s. 1937
Houston Oil 4Hs debs
1954
97
8
104 H
»1H
91H
100 H
*60
....
Gulf Mob ft Nor 1st 6Ha B—1950 A
91
107%
100
102% 106%
15
-
cccl
z
J
s f 68-1957 J
♦N Y ft Erie RR ext 1st 48.1947 AfN
♦3d mtge 4 Ha
1938 Af S
56
133
cccl
z
1953
4s series D
cccl
z
1953
94 H
84
93H
z
1953
♦Series B
Hudson Coal 1st e f 6s
x
106
x
26
Consol Edison of New York—
3
53h
108 H
106
J
Gulf States Steel
Wuertemberg 78.1956 J
52 H
♦107H
2
z
-----
133
108%
aa
3%s debentures
1940 A O
8%s debentures..........1948 A O
3 Hs debentures—
....1956 A O
J
3 Ha debentures...
....1958 J
♦Consolidated Hydro-Elec Works
52 %
2
aa
O
104% 106%
22%
21%
x a
x
1
x
J x
J
(♦Des M ft Ft Dodge 4s ctfs.1935
(♦Des Plains Val 1st gu 4 Ha-1947 Af S
85%
113%
x
-----
13
Commonwealth Edison Co—
I.....1968 J D
3H8——....1958 J /
Conn ft Pasump Rlv 1st 4s._1943 A O
J
Conn Ry ft L 1st ft ref 4H8-1951 J
Stamped guar 4Ha.......1961 / J
Conn Rlv Pow s f 3%s A....1961 F A
1
14 H
73
77
--
x aa
1st mtge 3 Ha series
107 H
14H
79%
68
31
1
22%
2
-
103%
Conv debs
90
74%
81
-
*110
cc
107 H
aaa2
19
88%
84%
-----
103%
z
79%
4
105
81
—
-
13
76%
69%
68%
*104%
107% 107%
36
87
76
....
80
86
-
Columbus ft Tol 1st ext 4s.. 1955 F A
♦Commercial Mackay Corp—
Income deb w w
Apr 1 1969 May
107%
79%
——
A x bbb2
Columbia G ft E deb 5s.May 1962 AfN
Debenture 6s.....Apr 15 1952 A O
J
Debenture 6s.....Jan 16 1961 J
x
1
91
3
-
J
Colo ft South 4Hs aeries A. .1980 AfN y b
5
cc
80
3
55%
75%
108%
—
-
*108
1
99
16
98 h
cccl
98%
72
*1012632
——
A
bb
10 h
16
98 H
z
Gas ft El of Berg Co cons g 5s
75%
89%
56%
.1977
y
15
96
2
98 H
1
x a
1
z
18
'
-
B_. .1981
Cleve Short Line 1st gu 4 Hs .1961
Cleve Union Term gu 5 Ha. .1972
x aa
15h
16h
O
39
x aa
.1970 A O
16
3
2
A
53%
48
108%
93%
aa
x
3
18 H
J
♦Assented (subJ to plan)
♦Ref ft lmpt 5s ser B.Apr 1978
65%
93%
95%
aa
x
19 h
16 h
18 H
2H
2H
51%
55%
37%
*86
.1960 F A
18 H
16 H
2
J
-
♦Gen Elec (Germany) 7s
.1948 M2V
/
♦Genessee River 1st
46%
39
bbbl
x
20 h
18
18h
24 h
22 h
1
cc
Z cc
78
93%
95%
:
bbb2
O
20 h
2
z
♦{Ref ft lmpt 5s cf 1927—1967 AfN
♦{Ref ft lmpt 5s of 1930--1976 A O
J
♦Erie ft Jersey 1st s f 6S-.1065 J
....
101
x00
x
.1942
15h
14h
16h
16 h
cc
z
J
1st mortgage 4 Ha
.1969
{(♦Den ft R G 1st cons g 4s. .1936
{♦Consol gold 4 Ha
1936
(♦Denv ft R G W gen 5s. Aug 1956
23%
....
53
52
52%
x
J y
38%
07
'
23%
22
-----
z
,
J
8
J
J
2%
97 h 102
97 h
92 h
zee
D
to 1946 J "d
♦Deposit receipts—
♦6s
H
10
37
105 h 109
■
*75
.1942 J
cccl
aa
1%
20
bbb2
75.
z
J
a
108
20%
-1993 / D
see page
20 h
18 h
21
16H
96 H
x
20
22%
20%
x
Gen ft ref 4 Ha series
For footnotes
19H
18 H
x
20
10%
48
*45
z
Jybb 1
4 Hs series E. -1977 J
Jybb 2
1st 4s_ 1991 J
coll tr g 4s. -1990 MNybb 2
J x aaa3
Cleveland Elec Ilium 3s— .1970
Cleveland & Pittsburgh RRO x aa
.1942
Gen 4Hs series B
—
of Upper
20 H
2
98
2
D
.1993 /
....
2
cc
*150
11
St Louis Ry—
♦5s Income mtge.
cc
z
aaa3
2%
Cln Wab ft M Dlv
s
bbb2
z
aa
1
St L Dlv 1st
1st
x
D
bbb2
c
Ref ft impt
8
D
J
x
21
aaa3
1st
1
3
101h
96h
x
10%
83
1
l
101H
x
118
19%
19%
2%
105
19
aaa3
Ha series A
a
J
Ed El 111 (N Y) 1st cons g 68-1995 J
D
Elec Auto-Lite 2Ha debs....1950 J
Elgin Jollet ft East Ry 3HB-1970 M S
20%
19
aaal
Gen 4
x
East Ry Minn Nor Dlv 1st 4s 1948 A O
East T Va ft Ga Dlv 1st 5s.-1956 MN
19%
x
—
106
O
ccc2
19%
x
3%» guar
104
A
aaa3
19H
x
Series D 3 Ha guar
111h
9
z
19
MN
Series C
107
106
x
1
4s-1942 MAT
Series A 4 Ha guar
4
105 H
x
1
---J907 / D
...
110M
105 H
J
1
aaa3
Series B 3 Ha guar
110
aa
J
cc
x
General 5s series B
HOH
x
Del Power ft Light 1st 4%s..1971 J
lstftref 4Hs
1969
cc
ccc2
Cleve Cln Chic ft
General g 4s
aa
D
Del ft Hudson 1st ft ref 4s.. 1943 AfN y bb
cc
y
3 Ha ser E——1969
Clearfield ft Mah 1st gu 6a—1943
x
J
11%
z
Gulf con 68-1952 Af N
Cincinnati Gas ft Elec 3H8—1966 F A
1st mtge gu
MN
J
z
z
(♦Choctaw Ok ft
3Ha D—1971
29
Dayton P ft L 1st mtge 3S..1970 J
z
ccc2
1st mtge 3 Hs
2
108 h
O
19%
y
Cln Un Term 1st gu
110h
108 H
110
/
20
8
--1943 A O
Cln Leb ft Nor 1st con gu
110H
108 H
J
35
J
M
J
Chic ft West Indiana con 4s. 1952 J
1st ft ref M 4%s series D-1962 M
Childs Co deb 6s
HOH
aa
A
34%
...
aa
Dul Miss ft Ir Range Ry
34%
Income guar 6s
ChicagoTJDlon Station—1st mtge 3%s series E
1963
3%s guaranteed-.--——1951
1st mtge 3H8 aeries F..—1963
aa
x
99
cccl
J D
J ^
J
M S
107 h 110h
108 h 111h
x
x
MN
1970
--I960
1969
Continental Oil conv 2Ha--1948
Crane Co 2Hs s f debs
1950
Crucible Steel 3Ha s f debs
1955
♦Cuba Nor Ry 1st 5H»
1942
♦Deposit receipts.
♦Cuba RR 1st 5s g
1962
♦Deposit receipts....
♦7 Ha series A extended to 1946
....
3%s
1st mtge 3%s.
29%
28%
35%
z
Memphis Div 1st g
3
7
MN
1st mtge 3%s
18
16%
16%
Jnn®15 1951
4s.—-1961
1st 58.1960
Dec 1 1960
Gold 3 H«—-
106 h 108h
28%
28%
28
Chic T H ft So'eastern
4
24
1987 MN
bb
y bb
y bb
ybb
ybb
108 h
110
16
88
I
{♦Secured 4 Ha aeries A—1952 M S
♦Certificates of deposit----. ....
.....——1960 MN
Cb St L ft New Orleans 68—1951 J D
108H
25h
25
aa
Detroit & Mac 1st lien g 4s—1995 J
♦Second gold 4s
—1995 J
28
♦Conv g 4 Ha.
3
28%
29%
A O
83 h
28
28%
—-
83 H
25
28
... -
/ z ccc2
16
"29"
registered—1988
25h
14%
cccl
{♦Refunding gold 4s
1934
♦Cei tlflcatea of deposit- - ...
*23 H
15
cccl
J
84
cccl
24 H
14
~
28
27%
cccl
A
26
z
25
1 ft
26%
*25
-
-
27H
z
z
25h
75 h
J
25%
11%
40
z
({♦Chicago Railways 1st 6s stpd
Aug 1940 25% Part Pd-}927 F
(♦Chic Rift Pac Ry gen 48-1988/
4s registered--—
1988 J
♦Certificates of deposit
27
18
cccl
"o
39%
40%
z
J D
J D
J D
MN
High
18
17h
cccl
z
♦Deposit receipts
Curtis Publishing Co 3s deb. 1955 a
29%
138
3
28%
28%
30%
30%
30%
MN
{♦Secured 6 Ha - - - - - - - - Von«5
♦ 1stref
g 5s-------May 1 2037
♦1st ft ref 4 Ha stpd May 1 2037
♦lBt ft ref 4 Ha C-May 1 2037
♦Conv 4%s series A———1949
No. Low
z
72
6%
69
700
10%
2%
27H
cccl
MN
MTV
High
•23 H
Since
x
Detroit Edison 4s ser F
-1987 MN
Low
Range
Jan. 1
Asked
J
1st mtge
40%
28%
z
■
ft
1st mtge 3 Ha
May 1 1965 AfN
1st mtge 3Ha...........1967 MN
72
73
28%
25%
10%
10%
10H
109% 114%
40
28
——
27
67
*26
10H
22%
80
35%
34
28H
1
54
25%
114%
65%
2
1
♦4Hs stamped
97
2
2
4s ctfs
mm
18%
94%
28
c
1987
4sregistered.----------1987
♦StDd 48 n p Fed inc tax.1987
♦Gen 4 Ha atpd Fed Inc tax 1987
4%sregistered
1987
♦Gen 6s stpd Fed Inc tax—1987
-
8%
91
41
cc
-"jqi?
10
84%
z
3Hsregistered-
20
82%
74%
z
♦General 4s
----
82%
x
Bid
J
J
Consolidation Coal a f 5S....1960 J
120% 122%
112
119%
81%
74%
a
A-------1975 F A
Western Ry—
102% 105%
95
„
-
6S-..--—Jan 1 2000 A O
♦Mtge g 68 series
10
97%
*
-
-
z
Range or
Thursday's
Sale
1956 J
♦Debenture 4s
84 H
r
Last
Price
a
.1956 J
102% 106
81 H
74 H
x
Elig. ft
Rating
See
Railroad & Indus. Cos. (Cont.)
(♦Consol Ry non-conv deb 4s 1954
21
bbb3
x
^
(Chicago & North
♦General g 3 %s-
High
xbbb3
M
F
F
tl
STOCK EXCHANGE
Week Ended July 4
♦Debenture 4s.....
1
118%
16%
93%
*
x a
x
Y.
128 H 132 H
121
121
ccc2
x
N.
1
1941
Week's
Consumers Power Co—
aaa2
O
...
1
.
2
aaa2
J
NO. Low
High
131%
105
105H
x
a
Jan
I3i%
131H
2
3
J x
Since
Asked
ft
BONDS
Range
or
Thursday's
Bid
104
aaa3
J x aa
J
J
♦lBt A gen 6s series A...-I960 AfN
♦1st ft gen 6s ser B—Mar 1966 J
Chic Ind ft Sou 60-year 48—1966 J
(Chic Milwaukee ft 8t Paul—
♦Gen 4s series A.--May 1 1989 $
♦Gen g 3Hs ser B-May 1 1989 J
♦Gen 4 Ha series C-May 1 1989 J
♦Gen 4 H» series E.May 1 1989 J
♦Gen 4%s series F-May 1 1989 J
(Chic Mllw St Paul & Pac RR—
♦Conv adj
Range
Sale
Price
a
Low
,
.
Last
BUff. ft
N. Y. STOCK EXCHANGE
I Week Ended July 4
July 5,
Thurs.
Bank
Week's
Thurs.
See
a.
Volume
New York Bond
153
Bank
Elio. A
BONOS
N.
Y.
EXCHANGE
STOCK
Thurs.
Last
Rating
Sale
See a
Railroad &
Indus.
Cos.
J xaaa3
.
x
103H
A
102H
x
bbb3'
X
bbb3
44 H
y
b
44H
y
b
b
y
b
ccc2
bbb3
bbb2
3
59
3s—.1951
St Louis Dlv A Term g 3s—1951
y
b
2
44 H
y
bb
2
44
*45
*47
3
y
bb
*..
bb
z
93 H
McCrory Stores deb 3 Ha—-1955
{♦McKesson A Robblns 5 Ha 1950
O
x
a
Af S
z
b
80 X
64
43 X
43 H
47
49
47
51H
44
61H
H
62 H
*58 %
2
49
61H
91 H
62
2
"
"eo" "65"
65
60
58
111 Cent and Chic St L & N O—
D y bb
D ybb
Joint 1st ref 5s series A—1963
1st A ref 4 Ha aeries C
1963
1948
Ind 111 A Iowa 1st g 4s
1950
{♦Ind A Louisville 1st gu 4s. 1956
Ind Union Ry 3 Ha series B.1986
Inland Steel 1st mtge 3s ser F1961
Inspiration Cons Copper 4s.1952
♦Ilseder Steel Corp 6s
F
J
J
A
o
49H
44 H
x
aaa2
19H|
{♦Int-Grt Nor 1st 6s ser A..1952
z
cccl
♦Adjustment 6s ser A.July 1952
♦1st 5s series B—
.—1956
z
cc
*100
17H
z
cccl
cccl
b
1H
16H
16H
16H
36 X
y
1941
y
ccc3
A A B.1947
—1955
y
bb
2
Af 8 y b
M n ybb
2
F
5s B.1972
1st Hen A ref 6Hs
1947
Int Telep A Teleg deb g 4 Ha 1952
J
.1955 F
Debenture 5s
{♦Iowa Cent Ry 1st A ref 4a.1951
4s_1959
A y bb
J
_
A y
M 8
2
cccl
cccl
c
1
a
J
Kanawha A Mich 1st gu g 4s 1990 A
{}*K C Ft S & M Ry ref g 4s 1936 A
o
O
b
1
b
♦Certificates of deposit
Kan City Sou 1st
gold 3s
Apr
4s
Karstadt (Rudolph) Inc—
♦Ctfs w w stmp (par $645)
♦Ctfs w w stmp (par $925)
♦Ctfs with warr (par $925)
Ref A lmpt 5s
Kansas City Term 1st
1950
1950
1960
A
"o
J
bb
J
J
aaa3
73
10
104X
105
13
81
27
1
80
90
90
H
41H
42
43 X
43 H
*1
"4l"
"54
1%
98 H
92 H
98 H
92 H
45H
48H
44%
48 H
46 H
67
I
34
|
12
66%
72 X
108H
72 H
109
73
9
18
1
155
108 H
6
3
a
1
*25
85
1961
bbb2
92
bbb2
1954
bbb2
108H
1st A ref 6 He
aaa3
*165H
bbb2
112
1
Af 8
a
3
105 H
Kresge Foundation 3% notes 1950 M 8
a
1
103 H
3H3.-1961
103H
*1%
{♦Kreuger A Toll 5s ctfs....1959 Af 8
53 H
52
53 H
12
y
ccc2
38H
36 %
38H
17
28
y
bbbl
*81%
x
bbb2
z
cccl
*46 H
*15H
87 %
70
y
bb
1
O ybb
1
z
z
ccc2
x
bbb3
Af S
x
A
O
A
z
/
D
A O
z
bbbl
A O
F A
F A
F A
z
bbbl
y
F A
y
bb 1
bb 1
ccc2
ccc2
J
1941 J
2d gold 58
Lake 8h A Mich Sou g 3Ha—1997 J
3 Ha
J
J
y
y
170
1975
♦1st mtge income reg
Lehigh Coal A Nav s f 4 Ha A 1954
Cons sink fund 4 Ha ser C.1954 J
Lehigh A New Eng RR 4s A.1965 A
Jiybb
2
2
Jack Lans A Sag 3 Ha
1951 M S y bb 3
1st gold 3Ha
—.1952 Af N x bbb3
J y b
Ref A lmpt 4 Ha series C—1979 J
2
2
Michigan Codsoi Gas 4a
1963 M S x a
{{♦Mid of N J 1st ext 5s
1940
{{♦Mil A No 1st. ext 4Ha—1939
♦{Con ext 4Ha
1939
A
O
z
D
z
b
J
D
z
2
♦5s
stamped
♦1st & ref
s
—.——.1954
1964
f 5s
♦5s stamped
♦1st A ref
s
z
37 H
38
1
*36 X
37
cccl
36 X
24 X
1974
f 58
1974
extended to 1943
stamped
—1943
F
A
♦5s stamped
♦Sec 6% notes
♦68
Leh Val Harbor Term gu 5a.. 1954
j"J
¥
Lehigh Valley N Y 4 Ha ext. .1950 J
108 H
105H
103X
13H
12 H
cons 5s
cons
5s gu as
4s Int gu *38
1938
to Int.. 1938
J
J
z
cc
1
12%
J
z
cc
1
12
J
z
c
1
47
3
{♦Mo-Ill RR 1st 5s series A.1959 J J y b
Mo Kan A Tex 1st gold 4s. -.1990 J D y ccc2
32 H
49
Missouri-Kansas-Texas
«*
95 H
96 H
27
%
1962 J
J y cc
29 H
24 X
108
24 %
25
25X
24
95H
♦Cum adjust 5s ser
z
1
11H
12
12
152
75H
18H
82
88
92 H
4
y
1965 F A
♦1st A ret 5s series A
cc
4s_.
cccl
cccl
♦Certificates of deposit
♦General
..1975
~M
8
cc
1977 Af S
26H
27 X
27
26 H
27
.1981
28H
27 H
28H
28
27
28
cccl
1
cccl
29
1951 A
MN
bb
1
bb
1
M S
9
bb
a
Lion Oil Ref conv deb 4 Hs—1952 A
b
b
*95 H
b
100 H dlOOH
O y bb
1962 MA
1946 F A
Lombard Elec 7s series A——1952 J D
61 H
58 %
58 H
3
2
x
a
2
104H
*
bb
2
*97"
bbb2
A
x
aa
Louisiana A Ark 1st 5s ser A. 1969 J
J
x
bbb2
Louisville Gas A Elec 3 Ha—1966 M
5
x
aa
96
2
96
aaa2
1951 F
96 H
*118H
2
124
I
86
*109H
4
63
57
111H
5
111H
18
106H
111
108H UIH
110H 113
102H 107
72
62 H
40
39
50
39
39
85
~38H "38H
65
41H
52
45
36
B—1955 MN
Mountain States TAT 3H8-1968 J d
Mutual Fuel Gas 1st gu 5s. 1947 M2V,
41X
ccc2
42H
y
37M
36 H
63
aaa2
30 H
39
x
*109 H
37H
112
x
a
*115H
116
Constr M 4 Ha series
2
F
A y bb
1954
{♦Naugatuck RR 1st g 4s...1954
Newark Consol Gas cons 5S.1948
Natl Supply 3Ha
2
2
x
a
x
bbb2
A
O
x
aa
3
J
d
x
a
J
D
x
37
43 %
107H 109H
J
z
bb
z
bb
x
y
53 H
1
5
117
107
119H
125 X
11
5
100 H
3
104 X
"42
bbb2
z
b
z
29H
28
105H
20
101H 106%
104H
105
28
103H 106%
32 H
86%
*83
♦1st 5s series C
20
19 H
35H
48 H
57
♦1st 4 Ha series D
♦Certificates of deposit
104 H 107
118H 123
131
124
*120
93
95 %
98H
05H
96 X
95
119
H
99 H
99 H
122 H
128
123
82 H
87 H
108 H 110
107 H 109H
108
108 H
104
7
102
105H
1st A ref 4 Ha aeries C
2003
1st A ref 4s series D
H 101
96H
O
x
bbb3
97
97
97
47
96
2003 A O
x
bbb3
93 X
93 H
93 X
E
2003 A O
Unlf mtge 3 Ha ser A ext—1950
Unif mtge 4s ser B ext
1960
x
bbb3
87
x
a
3
x
a
3
Paducah A Mem Dlv 4s.. 1946
x
bbb2
120
60
"60
2
55
59
31
50
45H
124
60
60 X
127H
123 H
126 H
10
75
'108%
109""
*8
107
109
73 H
3
67
80
65
72 H
4
122
123H 131H
z
b
72 X
37
ll»
46
35 H
32
45
32 H
33 H
44 H
42
b
z
b
z
b
x
aa
2
1998 F A
"46 H
33 H
47
59
30
46
21
44 X
43 X
44
47
46
44 X
z
J
39
30
45X
b
J
30
39 H
45X
b
1945
70
39 H
44
z
Newport A Cincinnati Bdge Co—
68
*38 H
47
z
♦1st 5 Ha series A
1954 AO
♦Certificates of deposit-
105H 106H
105H 106H
106 X
73
*33 H
"73"
b
FA
106
106 X
b
1956
72 H
106
1
z
1956 FA
♦Certificates of deposit
Gen gtd 4 Ha
*70
106
44
3
16
~46~~
"47"
"85
45 X
45 H
10
32
107
*107
47
46
45H
107
100 H
95
104" 105"
119K
124 H
89
60
3
z
♦Certificates of deposit
32 H
30 X
99
2
91
86 X
103 H
87
7
85H
91H
104
6
103 H
105H
*105H
108
*105H
106
88
105H
b
30 H
96 H
86 H
105 %
70
x
1st A ref 58 series B
bb
2
10-year 3Hs sec s f
A
O
bb
2
Ref A
A
O
b
2
A
O
b
2
bb
2
N Y Cent RR 4s series A
111
104%
73 H
J
22
"96 H
105 X
103
bb
O
116H 120
"4
102
27
108H
A
{{♦N O Tex A Mex n-c inc 5s 1935
♦Certificates of deposit
♦1st 5s series B
1954 AO
33
352
104
123H
125H
J
New Orleans Term 1st gu
52
29%
72
105H
59
a
J ybb
49
16H
14H
17H
117
104H
bb
y
68
103 H
aa
x
115
12
104
aa
x
1
70
105H
aaa3
J
43
34
68
3
43
92
70
3
Af n y b
1955
4s. 1953
103 H
88 H
53 %
41
bbb2
108
75
28 H
27 %
79%
40H
bbb2
104
page
19
1
40 H
x
2
For footnotes
19H
4
41 H
x
aa
*
25 H
41H
O
bbb3
3
"27% "in
29
20
ccc2
d
x
a
1H
20
b
J
x
Sx
395
28
y
J
O
8t Louis Dlv 2d gold 3s—1980 M
yb
A
M S
103 H
H
y
Constr M 5s series A
N O & N E 1st ref A imp 4 Ha A'52
Louisville A Nashville RR—
1st A ret 3 Ha aeries
28 X
19H
71
1955 MN
Morris A Essex 1st gu 3Hs—2000
New Orl Pub Ser 1st 5s ser A. 1952
2003
4s.. 1945
20
20
88
"40"
58 H
1st A ref 5s series B
Lou A Jeff Bridge Co gu
a
29
19
348
26H
2%
28H
27H
b
4
*96 X
bbb3
28H
1H
19H
57 H
25
z
19H
17
*40 H
85H
*100
104H1
bbb3
debenture
y
Gen A ret
f 4 Ha aeries C.1955
f 5s series D—.1955
19
1
x
x
a
47
47
x
x
Gen & ref
82H 101
29%
O
O
b
12
31 %
Af s
Af 8
5s
161"
j26 X
100 H
..—
...
A
y
33
28 H
M 8
A
f 5s series B—1955
47
aaa2
x
28H
14
26 X
K
85H
26M
Loew's Inc a f deb 3Hs
1944
"61H
*57 X
Little Miami gen 4s ser A
7s
100
b
aaa3
Lorlllard (P) Co deb
80
z
x
♦Long Dock Co 3Ha ext to—1950
Long Island unified 4s—.—1949
Guar ref gold 4s......—.1949
4s stamped
—1949
100
z
a a a
y
s
{♦New England RR guar 5s. 1945
J
♦Consol guar 4s
1945 J
J d
New Eng Tel A Tel 5s A
1952
1st g 4 Hs series B
-.1961 MN
N J Junction RR guar 1st 4s_1986 F A
N J Pow A Light 1st 4H8—1960 A O
New Orl Great Nor 5s A
1983 J J
59 H
x
27 H
11H
3H
106 H
106 H
bb
b
45
35 H
32
Liggett A Myers Tobacco 7S.1944 A O
5s debenture
1951 F A
32 H
11
111H
UIH
111 H
z
National Steel 1st mtge 3s—1965
59 H
a
26 H
UIH
y
33 H
76H
75
97
59
bbb3
12H
53 %
a
y
1965
Nat Dairy Prod 3Ha debs..1960 J D
Nat Distillers Prod 3 Ha
1949 M S
59 H
x
89
40H
88
Montana Power 1st & ref 3Ha '66
91H
14
59
x
H
77 H
24H
26 %
Montreal Tram 1st A ret 5s_.1941
84
84 %
58
61H
J
"27H
z
Nash Chatt A St L 4s ser A—1978
35
O y bb
27%
1H
681
*27 H
cccl
90 H
36 H
37 H
O
Lex A East 1st 50-yr 5s gu—1965 A
Llbby McNeil A Libby 4s..1955 J
%
cccl
cccl
95
59
29%
33 %
53 H
53 H
*115H
107
106H
119H
118H
125H
6H
2
100H
59
"33 %
2
69
19H
cccl
♦Certificates of deposit
{♦Mo Pac 3d 7s ext at 4% July '38
Moh'k A Malone 1st gu g 4s. 1991
Monongahela W Penn Pub Ser—
1st mtge 4 Ha
I960
6s debentures
27%
"2% "30
2
27%
fa
82
59
cc
26 %
cccl
m]N
♦Conv gold 5 Ha
1949
♦1st A ret g 5s series H
1980 A O
♦Certificates of deposit
92 H
56 H
b
cc
7
*26 H
cccl
1978 UN
♦1st A ret 6s series I
27%
.....
1
cccl
♦Certificates of deposit.....
Gen A ret
b
z
3
{Missouri Pacific RR Co—
98
93 H
36
z
"22
28H
95
7
2003 in
stamped modified
Leh Val Term Ry ext 5s
5s
37 H
25H
1962 J J
1978 J J
A.. Jan 1967 A O
90
6
31
36 H
24 %
z
29H
37
53
10H
RR—
A....
89
96 X
"31"
13
29M
ser
90 H'
43H
cc
65 H
87 %
2
69
60H
cc
d62%
*84 H
2
63 H
69
25 H
62 H
cc
1H
2
107 H 109
10
z
1H
H
cc
46 X
22
z
2003
registered
•
4H
48 %
75
z
4s
12
y cc
Prior lien 6s
6H
1H
%
Prior lien 4H8 series D
32
27 H
4 Ha stamped modified—2003 MN
4 Ha registered
—2003
2%
2
40-year 4s series B
1H
94
245
"5
58 H
99
92 H
32 H
1%
I
21
8%
IX
1
3
83 H
30 H
25H
35 %
*1
J
♦25-year 6 Ha
1949 M 8 z c
J y bb
♦1st A ref 5 Ha series B—1978 J
91
*27
1946 J
101H 105H
76H
81
76H
46H
33
8H
102 H 105 H
43
47
25H
7H
73H
71H
47
15
52
{♦1st
{♦1st
con g
♦1st A ret 6s series A
106 H 108 H
104 H 105H
96
J ybb
36 H
23
S9H
27
A y bb
Lehigh Valley RR—
4s stamped modified.....2003 Af n
65H
26H
13
51H
71
77
"58 H
45 H
69 H
12H
11H
*3H
36H
{{♦MStP&SSM
102H 104 H
z
1964
—
28 H
25
"8
12H
50
*61H
60 H
12
36 H
H
107
8H
77
b
103
93
z
A
70H
U%
z
F
64
11H
72
100
8
52
97
11H
71
b
99
68H
106 %
96 H
1
57 H
b
z
z
A
70
95H
67H
106 %
cc
17H
17H
8
Lehigh Valley Coal Co—
♦58 stamped
—1944
♦1st A ref s f 5s....—...1954 F
67
3
67 H
z
8H
49
43
6H
30
J
1H
71
Ox bbb3
Lehigh A N Y 1st gu g 4s...1945 MSyb
75
106 X
cccl
J
*63
J
H
71
76H
69
3H
30
1
72
2
54
c
69%
84
5
z
z
68
84 H
109H 112H
3
6
2H
Lautaro Nitrate Co Ltd—
Dec y cc
/
J y bb
2
60
1
161
168H
106H 108H
*97 H
—1997 J D.x bbb2
registered
111
79H
c
71H
89
111
6
.
z
70 H
*85 H
111
73
♦1st A ref gold 4s
1949 Af 8
♦Ref A ext 50-yr 5s ser A..1962 Q F
18 X
8
71
bbbl
105H 107
8H
98
72
71%
bbb2
2
2
60
aa
106H
cccl
68 H
y
85
106 H
ccc2
96 H
x
98
98
ccc2
*94 H
96
D|x bbb2
88 H
86
78 H
z
81H
99
1
31H
"29
dddl
Gen A ret s f 5s series A...1955
{♦Laclede Gas Lt ref A ext 58 1939
Ref & ext mtge 5s
1942
Coll & ref 5 Ha series C—1953
Coll & ref 5Ha aeries D—1960
Coll tr 6s series A
1942
Coll tr 6a series B
1942
Lake Erie A Western RR—
5s extended at 3% to
1947
1
85
44
25
78 X
X
F
80 H
44
97%
*75 X
77 H
53 H
38 %
86
"98"
98
ccc2
80 %
z
77 H
88
92 H
*106H
108H
104%
115H
2
z
101H 103
109H 110H
*82
H
105H
74 H
48
{♦Minn A St Louis 5s ctfs—.1934 MN
70
*81
*109H
105
103
8
115%
Michigan Central—
♦Certificates of deposit
bbb2
2
249
80 H
A Apr 1940 Q A
(Stamp mod) ext 5s
1945 Q A
Mead Corp 1st mtge 4Ha—-1955 Af 8
♦1st A ret 5s series G
3
105H
115H
80
1
t^Mll Spar 4 N W 1st gu 4s. 1947 Af 8
{ {♦Mllw A State Line 1st 3 Ha.'41 J J
*10
2
a
105H
115
sot
Metrop Ed 1st 4Hs series D.1968
Metrop Wat Sew A D 5 Ha—1950
{{♦Met W Side El (Chic) 4s. 1938
♦Mlag Mill Macb 1st 8 I 78—1956
2
103
*10
unguaranteed
Koppers Co 1st mtge
A
90
27
80
Manila RR (South Lines) 4s.1959 Af N
J {♦Man G B A N W 1st 3H81941 J J
Marlon Steam Shovel s f 6s__ 1947 A O
Stamped
112
87 H
108H 111
2
D y bb
D y b
Gen mtge 4 Ha aeries A—.1960 J
Manatl Sugar 4s s f—.Feb 1 1957 MN
Manila Elec RR A Lt s f 5S..1953 Af 8
{♦Market St Ry 7s
112
101
18H
bb
A
A.1945 J
*
97 H
102H 107 H
—
55H1
..1961
County El L A P 6s—1997
Co Lighting 1st 5s__..1954
Plain
4 Ha
Kings
68
X
45Ht 158
54 H
H
20 H
107H
ser
♦1st A ret 5s series F
1943
1943 ma¬
1943
Keith (B F) Corp 1st 6s
1946 m's
J
Kentucky Central gold 4s—1987 J
Kentucky A Ind Term 4HS-1961
Stamped
1961
Kings
2
9
25
bbb2
J
...
89 H
1
3H8.1961
16H
37 X
81
78
15H
106 X
10
104H
bbb3
Jones A Laughlln Steel
1H
104 X
8SX
2
D
73
36 X
88
104 H
105
74
33
Maine Central RR 4s
110
1
High
98
"22
17
1
bb
J
J
James Frankl A Clear 1st
"25
106%
100 %
16H
3
Ref s f 6s series A
Int Rys Cent Amer 1st
2
14
19H
17X
17
"l6H
z
"l
75
100 H
100 H
1
♦1st g 58 series C
1956
Internat Hydro El deb 6s—1944
Internat Paper 5s ser
48
19H
bbbl
Int Merc Marine s f 6s
51
37 H
25
,*107H
1 105%
•
bbbl
y
deb 4s—1947
40H
25
29 H
| "75""
■
3
aa
y
conv
81
45
*
x
Interlake Iron
49H
44 H
49H
1
J y bbbl
J z cccl
M 8
A
1
z
No. Low
88 %
♦Lower Aust Hydro El 6 Ha. 1944 F A
78
*60
bbb2
*108
93H
59 %
58 %
48
High
Jan.
108 H
51
H
3
Since
*87 H
61H
59H
44 X
Louisville A Nashville RR (Concl)
Mob A Montg 1st g 4H8—1945 M S
Range
Asked
108H
49 H
59
3
ybb
*59"
A
Low
(Cont.)
or
Thursday's
Bid
3
55
76
Range
Sale
a
47 H
35 H
28
Indus. Cos.
Last
Price
1
a
45%
46%
53 H
See
bbb2
47 %
46 H
Railroad &
A
Rating
x
38 H
39
9
Elio
EXCHANGE
x
39
....
STOCK
Weeks
x
90
80
53 H
45H
*
x
x
43%
43H
43
45%
ybb
44 H
Y.
Thurs.
J
South Ry Joint Monon 4s. 1952 J
Atl Knox A Cine Dlv 4s.. 1955 M N
97
*38" "48 H
44 X
43%
53 H
y
100X 103H
90
43 X
43 X
y
y
%
*42 H
ybb
1951
94
*30
bbbl
High
89 H
*91
b
73
Week Ended July 4
88
*93"
y
Low
N
1
89 %
bbb3
x
Gold 3 Ha..1951
3 Ha registered
1951
Springfield Dlv 1st g 3H8-1951
Western Lines 1st g 4s
1951
37
103H.
Jan.
92
x
y
bonds
Since
High' No.
♦
Loulsv Dlv A Term g 3 Ha-1953
Omaha Dlv 1st gold
Range
£3
Asked
*90
bbb3
Litchfield Dlv 1st gold 3s„1951
4s registered
!
Bid
Low
1951 J
4s registered..
1951 J
1st gold 3 Ha
1951 J J
Extended 1st gold 3HS—1951 A O
1st gold 3s sterling
1951 Af S
Collateral trust gold 4s
1952 A O
Refunding 4s
1955 UN
J
Purchased lines 3 Ha
1962 J
Collateral trust gold 4s....1953 M N
Refunding 5s
—-—1955 M N
40-year 4Ha
Aug 1 1966 F A
Cairo Bridge gold 4s
1950
1st gold 4s
I
Thursday's
I
(Cotlt.)
Illinois Bell Telep 2Haser A.1981 J
Illinois Central RR—
4
Bank
Range or
Price
Week Ended July 4
Record—Continued—Page
Week's
105 H 109H
104H 106 H
85 H
Ref A
1946
lmpt 4 Ha series A—2013
lmpt 5s series C——2013
1952 M N
J
N Y Cent A Hud River 3 Ha. 1997 J
Conv secured 3Ha
bbb2
1998
Ha—1998
3Hs registered
1998
New York Chicago A St Louis—
Ref 5H8 series A
1974
Ref 4 Ha series C—
1978
bb
bb
60H
105
56 H
292
89 H
56 H
61
60%
61 H
274
60%
69 X
59 %
59
59 %
50
59
67 H
79%
78 X
79%
101H
101H
*
2
64H
68
72 H
M 8 y bb
2
61 %
94 X
60 H
bbb2
O ybb
*55 H
bbb2
A
70
60
68 H
73
x
83
63H
60
2
x
5
87 H
101H
60 X
57
2
O
64
100
03H
*59 X
bb
A
78 X
sox
"~7
69 X
95 H
*56
O y bb
A
36
80
64
2
1946 F A
3 Ha extended to 1947
3-year 6% notes
..1941
6s debentures
.54
94%
55%
2
bb
registered
1st mtge
61 H
93 X
56
2
bb
Mich Cent coll gold 3
4s collateral trust
60 X
93 X
bbb2
3Ha registered
1997
30-yr deb 4s 1912
1942
Lake Shore coll gold 3 Ha—1998
3 Ha
60 %
94 H
60 H
73 H
62
260
53
05
66H
76%
65
95H
54%
94 H
36
95%
2
90
95 H
99 H
95
80H
1
99
99 H
10
90
1950 J D
y
bb
1
92
92 H
7
79
O
x
aa
2
101 %
4
98 H 101H
N Y Connecting RR 3 Ha A—1965 A
101H
101 H
88
\ttentlon Is directed to the column incorporated In this tabulation pertaining to bank
eligibility and rating of bond*.
See k.
New York
74
Bank
BONDS
N.
Ellg. A
EXCHANGE
Y. 8TOCK
Thurs.\
I
Last
Rating
Sale
See k
Price
Week Ended July 4
D
1st lien A ref 3%b ser
Range or
A
Low
F
A
A
A
1951
1947
1965
E.—1066
Conv 5% notes
N Y Edison 3%b ser
Ay b
Range
61 %
High
60
J
D
gold 4s...1949 F A
Purchase money
(♦N Y A Greenwood Lake fi«1946 MN
334*
2000 Af N
N Y Lack A West 4s ser A... 1973 MN
No
55
74
91%
74 M
22
109
109%
9
109 H
109%
109%
2
aaa3
121%
x
aaa3
*115%
z
cccl
57
aa
1
♦104
y
b
2
54%
1973 M N y b
2
AfNy bb 1
4 Ha series B
100m
58
♦N YLEAWCoalARR634s*42
♦N Y L E A W Dk A Impt 6s 1943 J
N Y A Long Branch gen
J yb
2
4s_.1941 M £
y
bb
{N Y New Hav A Hart RR—
♦Non conv deb 4s
;—1947 M 8
♦Non-conv debenture 3 Mb 1947 M 8
z
Low
55
High
6334
60
75
12034 12534
116
113 34 11834
57
26 34
52%
54%
49 34
58
58
5334
101
92
100
3
35
27
2634
cccl
25 M
24 34
2534
94
z
cccl
24%
24
2434
23
18
81
20 34
15
112
J
J
z
cccl
28%
2734
2534
1948 J
J
z
cccl
28
28
28
1
(♦Collateral trust 6s..—-1940 A O
♦Debenture 4s
1957 MJV
%
cccl
44
43
44
40
z
cc
{♦N Y Proy A Boston 4s
1942
A
N Y A Putnam 1st con gu 4s.
1993
A
N Y Queens El
z
cccl
z
c
1
6%
1
2
2
x
x
bbb3
N Y A Rlchm Gas 1st 6s A—1951 MN
x
bbb2
J
3348—1963
5s_1937 J J
(♦2d gold 4KB
1937 F A
(♦General gold 6e
—1940 F A
♦Terminal 1st gold 6s_.—1943 MN
J
N Y Telep 3mb ser B
,..1967
D
N Y Trap Rock 1st 6s..
1946
6s stamped
1946
"j
((♦NY West A Boat 1st 4 He 1946
Niagara Falls Power 334S—1906 M S
Nlag Lock A O Pow 1st 6s A. 1955 A O
Niagara Share (Mo) deb 5 34 s 1950 MN
{(♦Norf South 1st A ref 5S..1961 F A
N Y Steam Corp 1st
x
t**N Y Susq A W 1st ref
aa
cc
y
b
b
2
2
c
1
x
aaa2
2
31
1
49%
4834
3
5434
108 34 11034
107%
33
"15%
15
104 34 106
7
7
"9
84
10934
109M
94
94
"99 %
98%
3%
110%
*110)*
103% 103 %
3m
110m
10834
"2
2
9934
3%
25
uo%
11
15
10534 10834
26
40
9j4
15
934
1634
6134 87
108 34 11134
92
97
9534 10134
234
109
634
111
a
3
y
b
1
104"
9
z
cc
1
27 M
26
27%
20
12 34
2734
z
♦Certificates of deposit
cc
1
29%
24%
26%
15
12 34
2634
10834 10934
10234 104
♦Ctfs of dep (Issued by reorgan
5s.... 1961
lzatlon manager)
734
100
105
108
*80
w9%
134
99
27 m
z
cc
1
z
b
1
102
100%
102
127
127
127%
104%
17
104%
103%
104
11
104
10434
25
26
27%
15
12
25
8
77
A
x
aaa3
1949
F
A
x
a
3
1954
F
A
x
a
3
104""
.....1959 F A
North Cent gen A ref 6s..—1974 M S
Gen A ref 4 34s series A
1974 M S
x
a
3
104 M
x
aa
2
*115)4
x
aa
2
102
*113
North Amer Co deb 834s
Debenture 3%B
Debenture 4s
;
4
125
103 34 108
103 34 107
113
123
1946
♦
A
O
O
North Pacific prior lien 4s...1997 Q
"J
4s Registered
Gen Hen ry A Id g
3s Registered
1997 Q J
3s Jan.. .2047 Q F
2047 Q A
Ref A lmpt 4 mb series A...2047 J
Ref A lmpt 6s series B....2047 J
ccc2
z
ccc2
*55
z
1st mtge g 5s (stamped can¬
cellation of guarantee). 1946 A
♦Certificates of deposit
z
ccc2
*55
115
x
a
1
x
a
1
x
bbb2
x
bbb2
65
y
2
2
y
bb
2
57%
(Minn) 1st A ref M 334s_.l967 F A
(Wise) 1st mtge 334s
1964 M S
Northwestern Teleg 4 mb ext 1944 J
J
{|*Og A L Cham 1st
x
aa
3
x
aa
3
x
Ohio Edison 1st mtge 4s
c
S
2
a
3
1967 M
1st mtge 334 s
110%
111%
4134
4234
41
51
52 34
6534
64 34
5734
6734
5%
a
107%
10734
*10934
3
a
3
5834
62 34
70
12
55
62
54 34
62
11034
10834
10734
aa
2
2
aaal
Ore Short Line 1st cons g 5s. 1946
Otis Steel
22
113
10734 11034
114
11434
3
113 34 11734
80
{♦Pao RR of Mo 1st ext
b
112%
Pacific Tel A Tel 3 mb ser B__ 1966 A
Ref mtge 334 b series C
1966 J
Paducah A 111 1st Bfg434s..l955 J
Panhandle East P L 3s B
O
Paramount Broadway Corp—
1st M s f g 3s loan ctfs
1955 F
A
x
11134
11034
11034 11134
104 34
28-year 4s
..1963 F
Pennsyl Glass Sand 334s. -I960
A
Pa Ohio A Det 1st A ref 4 Hs A '77
4 Mb series B
1981
Penna Pow A Lt 3mb
1969
A Mb
debentures
Pennsylvania RR
cons g
1974
4s.. 1943 MN
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 434s..1960
General 4Mb series A—...1966
General 6s series B
1968
90
10934
106 34 10934
110
10734 11034
10334
101 % 10334
104 34 105 34
10334
5254
52
5534
9534
96
94
9634
4134
49
49
*120
"78"
J 49
J
b
1
aa
2
2
*105
124
12034 126
*10334
aa
aa
2
a
3
78
*10734
106
105
2
103
2
*104
a
2
103
109
2
aa
aa
11034
10834
10534
11034
10934
10534
112
*112
106
10
1
1
10534
112
bbb3
80
10434 10434
104 34 10534
110
106 34
a
68
107
10534
a
aa
80
105
bbb2
10834
10334 107
105
10534
121 %
105 %
aa
a
a
103
105
25
16
5
2
113
108
11034
10634 110 34
10534 10734
11134 11534
11134 11434
9534
"31"
12134
12234
23
10534
10534
11134
9334
76
12034 125 34
10434 10834
93
98
16
1970
110
bbb3
111%
93%
111
Debenture g 4 Mb
General 4mb series D
Gen mtge 4lis series E
42
1981
90
a
3
102%
10234
103
1984
36
a
3
103
9934 105
102
103
Cony deb 3J4s
27
1952
bbb3
89
aa
93
8834
8934
1
1
47
100
8734
63
64
8334
74
74
110
"5l"
17
27
56
16
1
58
7
10634
10734
11634
11334
11534
108
7
*105
*10934
F
1949
1953 j
O
*102«ai 10734
aa
A
10934
108
109
120
105»i«10734
10834 110 34
1634 2734
354
634
434
634
334
534
99 % 105
10134 10434
aa
103iii 10434
10534 10634
10834 11034
*109
109
109
aa
*110
11134 113
aa
*11034
1960 F A
.1963 F A
1964 MN
Series J cons guar 4 34s
Gen mtge 5s series A
D
1957 MN
Series Q 4s guar
Series H cons guar 4s
Series I cons 4 34s
11034 112
11134
11734
*11134
11734
110
aa
11734
8
117
12034
aa
11734
11734
H734
6
117
119
110
10934 11334
10934 11334
D
a
A
O
a
J
J
a
10334
J
D
bb
100
MN
aa
1970 J
God mtge 5s series B
1976
Gen 4 34s series C
.1977
Pitts Steel 1st mtge 4 34s
1950
Pitts Va A Char 1st 4s guar. 1943
Pitts A W Va 1st 4 34s ser A. 1958
aa
3
D
110
111
5
110
110
1
103
10334
6
102
100
3
99
10034
106 34 10634
9934
*10634
'"<33
bb
6034
"64""
115
10534
6134
64
60
6434
132
62
6434
60
6434
289
62
6434
117
11934
1959 A
1980 A
O
bb
O
bb
Pitts Y A Ash 1st 4s ser A... 1948 J
1st gen 6s series B
1962 F
1st gen 5s series C
1974 J
D
x
aa
*10534
A
x
aa
*11734
D
x
aa
1st mtge 434s series B
1st mtge 434s series C
1st 434s series D
..
Port Gen Elec 1st 4 34s
1st 6s extended to a
"6234
2
*9934
1977 J D x aa 2
1960 M S y bbbl
J y a
1
1950 3
Potomac El Pow 1st M 334s 1966
Pressed Steel Car deb 6s.... 1951 J
J
x
Public Service El A Gas
334s 1988
1st A ref mtge 5s
2037
1st A ref mtge 8s
...2037
9534
1
9334
9734
434
434
1
234
434
*63
**********.
aaa3
8334
10634
10934
9534
******
x
"92
10934
*10434
2
J
1
0oi toi
8334
aaa3
J,y bb
1
1
11134
J
x
aaa3
11134
14534
D
x
aaa3
O
x
aa
x
bbb2
O y bb
—
—
—
—
17
J
x
J
x
1940 J
""2
1
10934 11134
142
152
21834 222
116"" "13
10834 110
bbb2
bbb2
bbb2
8234
10434
104
—
—
-
-
106
m
6534
78
84*4
82
7834
84
1
7034
105)4
104
24
10434
10334
*9934
10334
bbb3
3
14
37
10434
J 0534
10334
********
-----
10334
1
bbb2
68
8234
1G434
10
102 54 104 34
10334 10534
104
18
103
10
8
10534
9934
....
3
1946 J
♦334s assented
11134
14534
82
bbb2
a
10934
82
bbb2
334s 1960
7s
*10434
107
68
J
Remington Rand deb 4 34s w w *66 M S
434s without warrants... .1956 M S
Republic Steel Corp 4 34s ser B '61 f a
s f
10934
7734 85 34
10634 107 34
87
♦22C34
Pub Serv of Nor 111
334s
1968
Purity Bakeries s f deb 6j...1948
10234 10634
10334 10534
10634
9634 101
19
11
11
11
1
2834
11
33
♦Rhine-Ruhr Water Serv 6s
25
17
2634
2934
1434
3
l953 J
El Pr 7s. 1950 MN
1952 MN
♦Direct mtge 6s
With declaration
♦Cons mtge 8s of 1928
With declaration
1953
....
♦Cons mtge 6s of 1930
Oil Corp—
*9
834
s f cony
debentures
*9
"o
*9
•Rlma Steel 1st s f 7s
1952 M 8
-.1965 F a
{(♦Rio Gr June lBt gu 5s...1939
{(♦Rio Gr West 1st g 4s...1939
♦1st
con A coll trust
bbb2
b
1
J
b
1
O
Roch Gas A El 4
34s ser D...1977 M
Gen mtge 334s series
cccl
S
aa
aa
334s series I
334s series J
a
M S
aa
aa
2
.1948 A
1949 3
8
116
97 34
10434
9134
10534
105
1034
634
2634
107
9
40
45
44
35
47 34
1034
7
131
*110
15
1134
10934
5
1534
130
534
634
"l3
J
634
x
91
2
*109
aa
y
b
1990
St Louis Iron Mtn A
Southern—
y
b
z
b
z
b
7
92
110
61
73
7434
40
4034
4034
80 34
80
*4234
9534
47
112
70
60
7434
*73
9
934
60
61
73
1534
31
334
434
111
75
61
1034
85
114
*35
{♦St L Peor A N W 1st gu 6s 1948 3
J z cccl
St L Pub Serv 1st mtge
6s__.1959 M 8 y b
2
St L Rocky Mt A P 5s
J y ccc2
stpd..1955 3
{♦St L-San Fr pr Hen 4s A...I960 J
♦Certificates of deposit
6
bbb2
x
of deposit
110
107
31
J
g 4s...1933 MN
131
110
10934
1434
534
cccl
1996
St Lawr A Adlr 1st
g 5s
2d gold 6s
131
O
1941 3
f 6s
Saguenay Pow Ltd 1st M 434 s '66
St Jos A Grand Island
1st 4s. 1947
♦Certificates
1034
*
2
1969 M S
~
1967
{♦Rut-Canadian 4s stmp
{♦Rutland RR 434s stmp
♦(Rlv A G Div 1st
1734
41!
4234
1034
2634
2
{(♦R I Ark A Louis 1 st 4
M 8
34s. 1934
♦Ruhr Chemical
*
43
2
HL..1967 M S
Gen mtge
Gen mtge
10534
*8
D
4s A..1949
105J4
15
13
1734
f"a
..
1955 a
1434
27
15
61
6434
7434
6434
25
10
6734
4034
8134
39
8O34
7334
47
4634
45
cccl
"1434
1334
1434
"720
cccl
1434
1334
1434
83
cccl
1534
1534
227
1534
69
cccl
1534
cccl
1534
1334
1334
1434
1434
1534
cccl
1989 mn y b
2
♦2d 4s lnc bond ctfs..Nov
3 z b
1
1989 3
(♦1st term A unifying 6s__1962 J
J z cccl
76
75
76
10
69
76
4934
4934
4934
10
2834
21
1834
72
3534
1734
934
4934
28
78
81
1950 3
♦Certificates of deposit
♦Con M 4 34s series A
J
z
J
z
1978
♦Ctfs of deposit
stamped.
M~S
_
(♦St Louis-Southwestern Ry—
♦1st 4s bond ctfs
♦Gen A ref g 5s series A
1990 J
St Paul A Dul 1st con
g 4s..1968 J
J
z
cccl
D
x
bbb2
{♦St Paul E Gr Trk 1st 4 34s. 1947 J
{(♦St PAKCSbL gu 4348.1941 f
J
z
cccl
a
z
cccl
J
x
aaal
St Paul Un Dep 5s
guar
..1972 J
'1734
8 A A Ar Pass 1st gu g 4s
J y bb 2
1943 J
Santa Fe Pres A Phen 1st 6s.
1942 M s x aa 2
Scioto V A N E 1st g»i 4s
..1989 mn x aaa3
{Seaboard Air Line Ry—
*4
1034
9534
(♦Refunding 4s
z
cccl
1946
m's
z
cc
1
734
z
cc
1
M~5
634
1933
z
cccl
z
cccl
z
d
♦Certificates of deposit
♦1st
cons
6s series A
♦Certificates of deposit
( (♦Atl A Blrm 1st gu 4s
1064
256
1534
100
434
1034
13
112
4
9334
9534
90
10434
4
1234
134
26
cccl
2
cccl
934
1434
9
14%
1534
934
934
934
934
234
10434
z
z
O
16
*12134
O
1959 A
O
1034
112
(♦lstg 4s unstamped
—1950 A
(♦4s g 8tamped
1950 A
♦Adjustment 6s
...Oct 1949 F
A
17.34
*7934
10534 106
9434
aa
U634
10434
aa
♦Prior lien 5s series B
52 34
49
104
1942 A
9034
80
*104
103%
2
ccc2
83 34
90 34
10934
2
2
aaa3
1942 J D
Guar 3 Mb trust ctfs D
1944 J D
Guar 4s ser E trust ctfs...1952 MN
10434 104 34
9034
109 34
-ua3
aa
Pat A Passaic G A E cods 5s. 1949 M S
Pennsylvania Company—
Guar 334s trust ctfs C
10834 11034
*90
bbb2
1942 M S
7034
90
Paramount Pictures 3Mb deb '47 M S
Parmelee Trans deb 6s
1944 A O
♦Paullsta Ry 1st s f 7s...
8934
60
80
7834
10434
1
a
b
10534 10734
110**.ill3 34
a*aa3>
Dix
JU
1960 Ma.
5
112 34
bb
bb
~26
104%
aa
J
11334 11734
11234
11134
11034
aa
A
80
100 54 104 34
111%
aa
4s. 1938 F
11734
10634
*6934
aa
..1938 J
g
(♦2d ext gold 58..
*11434
D
D
11134
10134 103 34
10834 11234
106
D
108 34
107 34 10934
104
10634
5
2
1970 ./ D
1
2
2
1st A ref mtge 334 s ser H..1961 J
1st A ref mtge 3 mb ser I...1966 J
14
10834
"~e
aa
1st A ref mtge 3s eer J
11134
103"
bb
1946 J D
10734
106 34 10834
10934
1961
Pacific Gas A El 4s series G.1964 J
9
10134
1st mtge A 434s_. 1962
Pacific Coast Co 1st g 5s
3 34
10934
2
15
Richfield
14
10234
10134
2
Ore-Wash RR A Nay 4s
10834 11034
10934 11134
103
aa
1946
.
109%
aa
Guar stpd cons 5s
10
26
934
110
♦Rhlne-Westphalla
50 34
*10534
aa
4434
19
171
20
10434
1945 MN
♦Rhelnelbe Union
5834
534
aa
bbb2
1942 MN
4734
58
26
Series D 4s guar
Series E 3 34s guar gold
Series F 4s guar gold
4s
a
A
45
»•—
534
bbb3
D
5234
39
11034
"i0434
x
6534
6734
72 34
Pittsburgh Cine Chi A 8t Louis—
76 34
3
J
4s.. 1946 J
6
d
x
434
10734
10734
High
111
11434 11834
4434 5434
106
28
7734
105»ul05»«
11034
11034
2534
2634
534
634
434
6
4%
4%
10434 10434
6
d
z
72 %
16
D
cod g
cc
z
8 f 4S..1937 J
4154
3
11134
D
Ontario Transmission 1st 6s. 1945 MN
z
J
♦Certificates of deposit
Phillips Petrol 134s debs..1951 7 "3
Pitts Coke A Iron cony 4 34s A '52 M S
24
11034
1972 J
Ontario Power N F 1st g 5s.. 1943 F
ccc2
61
111
Oklahoma Gas A Elec 334s.. 1966 J
4s debentures
1946 J
Oregon RR A Nav
83
106
3
S
aaa3
z
80 34
11034
*95
-
x
7334
42
*10834
J
Pur mon 1st M conv 5
348.1954 MN
Gen mtge 434s series C... 1956 MN
Revere Copper A Brass
MN
aaa2
1965 MN
1st mtge 4s......
57%
bbb2
J
Ohio Connecting Ry 1st 4s.. 1943 M
"hi"
2
bb
bb
y
74%
73
41
42%
74
70
45
73
J y bb
Ref A Impt 5s series C
2047 J
Ref A lmpt 6s series D
2047 J
Northern States Power Co—
gu g 4s. 1948 J
74%
80
46 34
...
115
8
Gen A ref 4 34s series A...1997
Gen A ref 434s series B...1997
{Northern Ohio Ry—
♦lstgtdg 5s
10734
11634
Reading Co Jersey Cent coll 4s '61
125 34 1 27 34
104
10734
123
"10734
-
115
66*4
10734
bbb3
334s_1967 M S
67%
a
x
6534
a
{♦Providence Sec guar deb 4s 1957 MN z cc
{♦Providence Term 1st 4s...1956 M S yb
♦CtfS of dep (Issued by reorgan¬
isation manager) 5s
1941
Norf A W Ry 1st cons g 4s...l99« O
x
D
7634
6534
Series B 4 34s guar
105%
*15
15m
4%
77%
Series C 4 34s guar
7
110%
33
cccl
y
86
100
134
107%
1
aaa3
78
4
*106
1
cc
2834
178
109%
3
z
20
734
*110
cccl
z
228
6
8234
*48%
aaa3
N Y Rys prior lien 6s stamp.
28
46
2734
100
2
2934
22
*534
26 34
6
27
8
108
D
1949 M
5
*6
1967 J
♦Cony deb 6s
4634
4634
*106
1981 J
{♦Phlla A Read C A I ref 5e_1973 J
3334
334
8234
"27 %
cccl
O y b
O y b
Lt A Pow 3 34s '65 MN
1958 J J
1
Phi la Electric 1st A ref
108
"~2
cc
Jan. 1
No. Low
HI
Ill
aa
x
6s series A
{(♦Philippine Ry 1st
z
....
1966 J
1948 J
zee
sec
2634
2534
|*N Y Ont A West ref g 4S..1992 M S
♦General 4s
1955 J D
Phlla Co
Since
11534
11534
x
J
1977 J
Range
£3
Ask
z
J y bb
5S.1956 J
1950 J
General g 4 34s series C
General 434s series D
A
*
11534
J y bb
1st g 4 34s series C
1*80 M S y bb
Phelps Dodge cony 3 34s deb. 1952 J D x a
Phi la Bait A Wash 1st g 4a..l943 MN x aaa2
General 5s series B
1974 f a x a
2634
2834
2434
2434
%
ser A
1734
1734
1834
1834
*2334
24%
25 M
aa
O yb
i960 A
Pere Marquette 1st
1st 4s aeries B
97
cccl
aaal
x
or
Thursday's
Bid
Low
x
s
Apr 1990 Apr
34s..1974 F A
st 5
Range
SaU
Price
O
...1947 M
Peoria A Eastern 4s ext
♦Income 4s
Week's
Last
Rating
See k
6s.. 1943 A
cons
26*4
cccl
1927.1967 J D
(♦Harlem R A PtCb 1st 4s 1964 MN
Peoples Gas LAC
19
cccl
Thurs.
Railroad & Indus. Cos.
(.Cont.)
88
25
25
z
1st A ref 434* ser of
5934
95
%
♦
57
100 H
99%
100%
z
6s registered
57
100 34 10534
♦Non-cony debenture 4s—1966
♦Cony debenture 6s
Ellg. A
a *
8TOCK EXCHANGE
Refunding gold 5s
10634 10934
10734 11034
♦Non-conr deb 3 34s
♦Cony debenture 334»
July 5, 1941
Week Ended July 4
121%
108%
*98
cccl
1954 A O
J - J
♦Non-cony debenture 4s_.1966 MN
Y.
Peoria A Pekln Un
%
*
N Y A Harlem gold
N.
Jan. 1
N Y A Erie—See Erie RR
N Y Gas EI Lt H A Pow g 5s. 1948
5
BONDS
Since
Asked
109
O y b
0% aaa3
O x aaa3
Record—Continued—Page
Bank
Thursday's
Bid
Railroad & Indus. Cos. (Cont.)
N Y Dock let gold 4s
Bond
Week't
534
112
7034
----
434
1234
*134
434
*434
634
6
1434
434
434
"22
—
—
-
734
134
634
13
15
4
16
1534
2934
1834
334
11
11434
9534
10434 106j4
12134 12434
9
1234
1534
834
34
334
234
434
334
1034
1334
1334
134
634
434
834
734
1734
Volume
New York Bond
153
Bank
BONDS
N.
Y.
Elig. ft
Rating
EXCHANGE
8TOCK
Thurs.
Week Ended July 4
See
Last
Railroad & Indus. Cos. (Cont.)
•♦Seaboard All Fla 6s A ctfs.1935 F
A
z
c
1
♦6s Series B certificates--.1935 F
A
z
c
x
a
2
1961
x
a
2
1962
y
♦Siemens ft H&lske deb 6 *■_1951
♦Blleela Eiec Corp 6 Ms
1946
Sileel&n-Am Corp eoll tr 78—1941
•?
Thursday's
Bid
1
1954
75
6
Bank
Range or
Sale
Price
a
Record—Concluded—Page
Week's
z
ft
Asked
Low
3*
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 4
Since
BQ$
Jan.
NO. Low
High
3*
33
1
High
2*
3*
Last
Elig. ft
Rating
See
Range
Sale
4
2*s
s
Ms debs
f debs
Shlnyetsu El Pow 1st 6 Ms
34
94*
100
45
97
52
27
47*
54
45
45*
14
27
98*
99*
98*
52
*43
mmrnm
♦
z
25
mmrnm
99*
100
1st cons Be
..1952
x
bbb2
103
103*
15
1950
Sooony-Vacuum Oil 3s debs.1964
South ft Nor Ala RR gu fie..1963
x
bbb2
102*
103*
9
x
aaa3
106*
107*
21
a
South Bell Tel ft Tel 3*s
1962
.....1979
X
X
aaa2
107*
Southern Colo Power 6s A..1947
x
bbb2
104*
•♦1st gold 6s....
...1939
•♦2d gold 6s.......—...1939
♦1st lien g term 4s
1954
♦Det ft Chio Ext 1st 5s
1941
•♦Des Moines DIt 1st 48—1939
♦Omaha DIt 1st g 3*s—1941 A
103* 107*
x
Simmons Co deb 4s
Skelly OU 3s debs
3s debentures.....
3
*118
aaa2
108*
107*
104*
84
^
m
18
mrnm
rnmm
m
1
108*
107*
104*
120
119
O x bbb3
103
108*
104
106
.1949 J
coll)
4s registered
D yb
2
b
2
.1949
...
y
105* 107*
1st 4 Ms (Oregon lines) A .1977
Gold 4Ms.............. .1968
Gold 4Mb
Gold 4 Ms
48*
48*
ybb
2
53*
b
2
51
51
51
10-year secured 3*s
So Pac RR 1st ref guar
-
57*
55*
55*
125
40*
204
39*
185
y
b
2
y
b
51
52
bb
2
2
51
y
68*
68*
69*
24
39*
48*
65*
72
x
a
1
82*
82*
83
79
71
88
.1946 J
4s...l956
J
y
y
bb
05*
66*
65*
2
2
"91*
2
ybb
x
91*
67*
70*
57
65*
31
75
79
89
84
1
78
86
74
3
73*
80
27
J
X
aaa3
111*
112
x
aaa3
2
z
cccl
107*
32*
108
J
33
24
x
aaa3
105*
x
aaa3
z
b
2
105*
105*
105*
ybb
2
1961 J
Standard Oil N J deb 3s
1963
.
J
Studebaker Corp conv deb 6s 1945 J
Superior OU 3 Ms debs
—1950 A
Swift ft Co 2MS debs......1961 Af N
J
Tenn Coal Iron ft BR gen 6s. 196
Term Assn St L 1st oons 5s..1944 F
x
aa
111*
105*
105*
x
x
aaa3
Gen refund s f g 4s
..1953 J J
Texarkana ft Ft S gu 5Ms A. 1950 F A
Texas Corp 3s deb
1959 A
8s debentures..
.....1965 M
x
aa
x
bbb2
3
-
m
m
w ** m
»
m
x
aaa3
107
D
x
a
bbb2
1980 J
Gen ft ref 5s series D
D
1960
J
Jan 1960 A
I ♦Third Ave RR 1st g 5S...1937 J
Tokyo Elec Light Co Ltd—
♦Ad] income 5s
103*
x
70*
T-4 O 0
103*
------
16*
87
43*
93*
45*
93*
43
bbb2
2
80*
80*
3
aaa2
x
a
3
97
x
aaa3
*120
1952 F
*106*
1
mmmm
108
78
103
48*
14*
*8
24
39
z
cc
A
x
aaa3
.1959 F
A
x
aa
.1947 J
J
3s debentures
rnmmm
86*
3
*1048j2
2
105*
x
aaa2
HI*
x
aaa2
x
aa
63
7*
7
45 *
22
45
7*
7*
7*
CCCl
54*
z
cc
1
13*
13
54*
13*
z
CC
1
12*
12*
13*
z
cc
1
13
13
13
z
cc
1
3
25
12*
12*
104
104
104
83*
82*
94*
02
60*
62
*33*
*71*
35
107*
124*
107*
111*
109*
125*
109*
112*
112
*110*
10
111*
104*
2
93*
—
63
103
105*
25*
24*
79*
82*
103
21
25*
25*
80*
25
82*
82*
8*
90* 95*
104*
105* 107
15
30*
21
105*
110
114
111*
101* 104*
100.
82*
82
81*
8*
24
15
31
49
71*
73*
70
74
4
8
2
2
S
x
aa
S
x
27
18
x
48
93*
100*
48*
114*
93*
100*
104
"93*
2
114*
38*
2
"04
1
103
104
3
114
115
56
27
38*
20*
87
x
aaa2
J
z
c
z
c
37
37
z
cc
10*
10*
z
cc
10
10
6
x
aa
110
11
x
a
z
cc
102*
102
56
114*
30*
2
36
109*
5
36
13
7
12
7*
108* 110*
106* 108
*108*
1
85
60*
60*
52
46*
112* 115
92*
93*
105* 107*
6
104
114*
bbb3
O ybb
"40
"62
*114
bbb2
J
"51"
51*
48*
2
29*
80*
82*
*4
-
102*
102
102
101*
30
101* 103*
96* 103*
105* 107*
13*
20*
15
62
90
8
8*
a
Deferred
delivery
sale,
d Ex-interest,
e
Odd-lot
sale,
n
Under-the-rule
i Negotiability impaired by maturity,
t The price represented is the dollar quota¬
tion per 200-pound unit of bonds.
Accrued interest payable at the exohange rate of
•
101* 105*
14.8484,
34
112*
sale,
sale.
12
105*
111*
92*
101*
105*
25*
24*
79*
128*
104* 104*
93*
98
104IS»2l07
-
105*
104
93*
71*
106* 108*
110*
125*
109*
104*
98*
65
34*
51*
72*
107*
107*
*
109 *
24
98
65
95
84*
32
....
"94*
105*
91
36
99*
77*
92*
84*
♦97
7*
103
2
48*
97*
81*
92*
70*
1
O
Union Oil of Calif 6s series A .1942 F
12*
9*
54*
J
r Cash
••♦Union Elev Ry (Chic) 5s .1945 A
12*
Conv deb 4s
...1948 M S xbbb2
1st mtge s f 3*s ser D...190O MN x a
2
101*
mmrnm
-----
86*
86*
2
Youngs town Sheet ft Tube—
8
y
"4
16
z
ybb
2361
•Certifiestea of deposit
•♦Su ft Du dlT ft ter 1st 48.1936 AfN
♦Certificates of deposit
Wisconsin Elec Power 3Ms.. 1968
05
18*
12*
56*
14*
13*
13*
13*
64
16
|*Wor ft Conn East 1st 4 Ms .1943
108*
67*
12
64
16
Wise Public
Service3*s..—1971
94
49*
52*
35
50
mmrnm
rnmmm.
*9
--mm mm
z
UJlgawa Elec Power s f 7s.., .1945 M 8
1
97
m
102* 107
61*
20*
44
97
19*
19
13
30
61
59*
64~~
ybb
1949 M
ser B1966 Af
Wilson 4 Co 1st M 4s A....1955 J
Cony deb 3*8
1947 A
Winston-Salem 8 B 1st 4s... 1900 J
•♦Wis Cent 50-yr 1st gen 4s—1949 J
102* 106*
100
*103*
1
z
A
75
106* 108K
15
Wheeling ft L E RR 4s
Wheeling steel 1st 3 Ms
94*
90* 101*
16
x
♦Tyrol Hydro-El Pow 7 MS—1966 AfN
4
16*
Tol W V ft Ohio 4s series C..1942
Toronto Ham ft Buff 1st g 4a_ 1946 J D
Trenton G 4 El 1st g 5s....1949 Af 8
88
Registered
75
74*
99*
J y bb
Ox cccl
Af S
With declaration....——..
West Shore 1st 4s guar..—..2361
100* 102*
123* 128*
109* 113*
108* 111*
62*
62*
27
43*
99* 102*
24
53*
y
100* 109
75*
*97*
ybb
103* 100*
103
105*
62*
51*
3
1
J ZCCCl
Ox bbb3
Jxbbb2
West N Y ft Pa gen
gold 4s..1943 A O x aaal
•♦Western Pac 1st Be ser A..1940 Af S z cccl
♦6s assented.
;
.1940 Af 8 z cccl
Western Union Teleg g
4Ks. 1950 AfNyb
25-year gold 5s..
.1951 J D yb
30-year 6s......
8
1900 Af ° yb
♦Westphalia Un El Power 68.1953 J J
34
13
53*
x
TrI-Cont Corp 5s cony deb A. 1953
-
12
104*
70*
69
...1953
J
-
-
70
Tol ft Ohio Cent ref ft Imp 8Ms '60
Tol St Louis ft West 1st 4s..1950
1st 6s dollar series
24
•
69*
*
cccl
J y bb
107
70
bbb2
z
9
106*
69*
J y ccc2
O
11
70
bbb2
7
91
*94*
bbb2
X
Tex Pac Mo Pac Ter 6Ms A.1964
Third Are Ry 1st ref 4s
x
6
106*
106*
2
x
J
124*
112*
111*
91
106*
Jzto
J
Western Maryland 1st 4s -..1952 A
1st 4 ref 5 Ks series A...
..1977 J
109* 112
104* 109
26*
74
65
9
38
.
4
111*
91
aaa3
1977 A O
Gen ft ref 5s series C.....1979 A O
7
—
102
*111
3
Gen ft ref 5s series B
109
124*
124*
-
x
ybb
gold 5s
1943
Texas ft Pacific 1st gold 5s..2000
con
131
102
aaa2
A
J
104*
105*
JV 103*
*102
2
"'2
84*
3
74
74
59
81*
87*
84
bbb2
62
80*
-»
87*
71*
108*
High
108* 111
54 *
64*
84* 90
2
00
*46
Westchester Ltg 5s stpd gtd.1950 J D x aaa3
Gen mtge 8 *S
1967 J D x aa 2
West Penn Power 1st 5s E..1963 Af S x aa 2
1st mtge 3Kb series I
1906 J
J x aa 2
West Va Pulp ft
Paper 3s
1954 J fixa
"96" "94*
86
81*
...1968 J
B..1964
1st ft ref 3s series C
sec s f
48
"92" "84
61
61*
+
bbb2
x
1951 J
•♦Spokane Internet 1st g 58.1966
2*s debenture
bbb2
ybb
Devel ft gen 6s....
...1956 A
Derel ft gen 6MS........1966 A
Mem DIt 1st g 5s.......1996 J
St Louis DIt 1st g 4s
So'weetern Bell Tel 3 Ms
bbbl
x
J
00*
19*
I
Washington Cent 1st gold 48.1948 Q Af y bbbl
Wash Term
lstgu3*s.—1945 F A x aaa2
1st 40-year guar 4s
1945'F A x aaa2
1956 J
1st 4s stamped......
♦Guar
44*
.1969
Southern By 1st cons g 5s..1994 J
Devel ft gen 4s series A...1956 A
Texaa ft N O
96
54*
51*
52*
51
San Fran Term 1st 4s.... .1950 A
1
1945 J Dx bbb2
Walworth Co 1st M 4s
1955 A Oyb
2
6s debentures
—1955 A O y ccc2
Warner Bros Pict 6s debs—1948 M Sybb
•♦Warren Bros Co deb (to—..1941 Af S z cc
Warren RR 1st ref gu g 8*8.2000 F A y b
53*
48*
.1981
-
CCCl
Jib
Convertible deb 4*s
37*
34*
49
53*
y
40
49*
*48*
b
z
A
7
♦Ref ft gen 6s series B
1976 F A
♦Ref ft gen 4Kb series G...1978 A O
♦Ref ft gen 5s series D
1980 A O
Walker (Hiram) G ft w—
Southern Pacific Co—
4s (Cent Pac
z
F
g 48.1941
•♦Wabash Ry ref ft gen 6*s A '76 Af S
100* 108*
9
6
*43
No. Low
111
♦58*
87*
71*
108*
71*
108*
2
x aa
AfN
^J^Toiedo ft Chio DIt
Southern Natural Gas—
1st mtge pipe line 4Ms... .1961 A
1966 Af S
Since
Jan. 1
•Wabash RR Co.—
39*
85
102* 103*
101* 104
78
83*
y
..1958 A
Vhtfman Ry 8Kb series A
.
High
111
Jybbbl
Oybb 1
2003
gu 5s
98*
Range
la
Asked
ft
Low
"
Shell Union Oil 2
or
Thursday's
Bid
Price
k
Railroad & Indus. Cos. (Concl.)
Va Elec ft Pow 3*s ser B...1968 M Sx aa 2
Va Iron Coal ft Coke 1st
g 58.1949 Af S y ccc2
Va ft Southwest 1st
4
2*
3*
*3
Range
Is
Week's
Thurs.
,
110* 114*
• Companies reported as being in bankruptcy, recelversblo. or reorganized
Section 77 of the Bankruptcy Act. or securities assumed by such companies.
Union Pac RR—
1st ft land grant 4s
4s registered.......... .1947
.1970 A O
35-year 3Ms debenture.. .1971 M N
Ref mtge 3Ms ser A..... .1980 J D
United Biscuit 8Mb debs.. .1955 A O
34-year 8 Ms deb.....
*110
2
2
x
aa
x
aaa2
x
a
2
99*
106*
mmrnrnm-.m
United Cigar-Whelan Sts 5s .1952 A O y b
3
United Drug Co (Del) 5s.... .1953 M 8 y bb 3
U N J BR ft Canal gen 4s... 1944 Af S X aaa3
United States Steel Corp—
Serial
98*
98*
106*
*100*
*70*
87*
88
107*
——
99
4
29
99*
106*
107*
73*
59
——
——
40
88
4
107*
110
112*
96
under
100*
96* 101*
*
102* 107
104* 107*
65*
76*
♦
No sales transacted during current week.
Friday's bid and asked price.
Bonds
sellingflat.
82 *
90*
107* 108*
debentures—
aaal
,625s
Nor
1941 MN
.758
May
1942 MN
x
aaal
Nov
1942 MN
x
aaal
1943 MN
x
875s
1.00a
x
*99*
*
M m
m
m
aaal
....May
Not
1943 MN
x
aaal
...May
1944 MN
x
aaal
Nov
1944 MN
x
aaal
May
1946 MN
x
aaal
..Not
1946 MN
x
aaal
x
m
mmrnm
*100
m
mmrnm
aaal
*100*
*100*
*100*
*100*
*101*
*100*
*101*
1.80s
Nov
1946 MN
x
aaal
*101 *
...May
1947 MN
X
aaal
*100*
m
1.90s
Not
1947 MN
x
aaal
1.95s
May
1948 MN
x
aaal
100
1.26s
1.375s
1.60s
1.625s
1.75s
.May
mm
mmmmmm
mmmmmm
*100*
*100*
101*
m
mmrnm
x
aaal
mmmmmm
x
aaal
rnmm
m
*101
1949 MN
x
aaal
mmmmmm
*101
101*
101*
101*
1950 MN
x
aaal
mmmmmm
*101*
102
...Not
1950 MN
x
aaal
mmmmmm
*101*
102
May
1951 MN
X
aaal
mmmmmm
*101*
102
1951 MN
*101*
*101*
103
*101
101*
mmrnm
aaal
mmmmmm
May
1952 MN
x
aaal
mmmmmm
Nov
1962 MN
x
aaal
mmmmmm
2.45s
1953 MN
x
aaal
mmmmmm
1953 MN
x
aaal
mmmmmm
1954 MN
x
aaal
mmmmmm
2.60s
May
—NOT
May
...Not
1954 MN
x
aaal
mmmmmm
2.65s
May
1955 MN
x
aaal
D
z
♦Un Steel Wks Corps Ms A.
1951 J
101
*101*
*101*
1
♦3Ms assented A
1951
♦Sec s f 6 Ms aeries C
1951
z
♦3Ms assented C
1951
z
mmmmmrn
1947
z
mmmmmm
1947
♦3Ms assented A
United Stockyds 4Mb w w. 1951
z
mmmmmm
♦Sink fund deb 6 Ms ser A
z
*10
mmmmmm
100
— —
1
mmrnm
13*
40
Transactions
'
102*
at
the
York
New
Exchange,
Stock
Daily, Weekly and Yearly
100
103*
100* 104*
101
103*
100* 104*
102
mmrnm
33
20
25
20*
13*
Total
Municipal
States
Bond
Bonds
For'n Bonds
Bonds
Stats
Railroad ft
Number of
Shares
33*
rnmmm
Week Ended
33
United
MisceU.
Stocks
104*
20*
.
mmrnmrn
13*
*
103*
103*
100* 104*
100* 104
100* 104
mmrnm
mmrnm
mmrnm
All Issues
100
mmrnm
28
A great majority of the issues bearing symbol ccc or lower are in default,
bearing ddd or lower are in default.
100
rnmmm
m
_
100
101*
100* 102
mmrnm
m
...
mmmmmm
default, In bankruptcy, or In process of reorganization.
100* 102*
100
103*
100
102*
mmrnm
mmrnm
*10
Indicates issues in
100* 103
101
*
z
we believe are not bank eligible due either to rating status
provision in the bond tending to make it speculative.
rating symbols in this column are based on the ratings assigned to each bond
by the three rating agenoies. 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,
——
101*
*101
x
2.35s
2.408
Indicates those bonds which we believe
The
100* 102
mmrnm
101*
101*
*101
2.30s ..—.....Not
100*
100* 101
100
100*
100
102*
101*
102 *
102
-x
Indicates those bonds
or some
mm
100* 101
rnmmm
May
....
100 *
y
100* 100*
mm
mmrnmrn
1949 MN
mm
——
mmrnm
mmmm
mrnmm*
1948 MN
2.25s
2.5m
101
Not
2.15s
2.608
mm mmm
101*
Nov
....
2.10s
2.20s
mm
.May
2.00s
2.05s
1946 MN
mm
100
....
102
1.85s
—
1.125s
a Bank Eligibility and Rating Columneligible for bank Investment.
100*
*100
2
mm-m
July 4. 1941
Saturday.
139,550
272,450
346,720
394,340
464,070
6,757,000
Monday
33*
33
91*
97
Tuesday
Wednesday
Thursday
95*
90*
32
103*
102*
103*
28
102
103*
31
$23,000
601,000
561,000
734,000
486,000
0,595,000
31*
21*
Sales
$227,000
$2,739,000
4,394,000
5,966,000
31,000
32,989,000
4,920,000
12,000
6,539,000
10,000
7,339,000
22,000
7,265,000
102* 105*
x
bbb2
1944
x
a
1
103*
Utah Power ft light 1st 5s., 1944
x
bbb2
103*
Vandalla cons g 4s series A—1955 F A
Cons s f 4s series B
...1957 MN
x
aaal
*110*
110
111
x
aaal
*110*
109
110*
Utah Lt ft Trae 1st ft ref 5s
mmmmmm
104*
HOLIDAY
Friday
Total
1,617,730
$26,451,000
$98,000
$2,509,000
'
Sales at
1
Week Ended
Jan, 1 to July 4
July 4
New York Stock
1941
Exchange
Stocks—No. of shares
1940
1941
1940
1,617,730
—
1,423,370
64,926,532
128,220,055
$98,000
2,509,000
20,451,000
$480,000
2,877,000
14,864,000
$9,847,000
84,198,000
1,024,283,000
$26,104,000
124,866,000
710,100,000
$29,058,000
$18,227,000
$1,118,328,000
$861,076,000
Bonds
/
Government-
State and foreign
...
Railroad and industrial
t
Total.
Attention la directed to the column incorporated in this tabulation pertaining to
bank eligibility and rating of bonds.
See note A above.
New York Curb
76
Exchange—Weekly and Yearly Record
July 5,
1941
the only transactions of the week, and when selling outside
No account Is taken of such sales in computing the range for the year.
NOTICE—Cash and deferred delivery sales are disregarded In the week's range unless they are
tithe regular weekly range are shown in a footnote
In the week In which they occur.
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange
for the week beginning on Saturday last (June 28, 1941) and ending the present Thursday (July 3, 1941), jtriday,
July 4, being Independence Day, and a holiday on the Exchange.
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
Thurs
Par
STOCKS
Acme Wire Co
STOCKS
for
of Prices
Low
High
Week
Price
Last
Week's
(Continued)
Salt
of Prices
Low
High
Range Since Jan. 1, 1941
Week's Range
Sale
Low
Shares
High
10
16K
100
21K
22
Mar
Feb
Par
June
Aircraft Corp
Price
21
21
21 %
21 %
Aero8upply Mfg—
1
1
Class A....
22 K
]
6%
18%
6%
Bell Aircraft Corp 00m...1
common-10
Sales
Thurs
baits
Lost
19%
3%
Beech
Jan
Bellanca Aircraft com
1
3
Range
for
5K
5
h%
300
5
6K
Jan
Bell Tel of Canada
100
100
4
4 %
200
4
July
6%
Jan
Benson A Hedges com...*
27
8%
8%
300
8%
July
12%
Jan
I%
1%
100
1
Apr
IK
Jan
20
Feb
25 K
Mar
Air Investors new com..
new oonv
.2
.
1H
*
pref—
July
75%
Ot Southern..60
88
Jan
108
108%
Jan
111K
Jan
103
2K
pf-*
May
103 K
60
preferred
com...*
AUlanceln vestment
*
Alles & Fisher Inc
K
May
Mar
Mar
2K
May
Allied Products
16
16
14
150
K
2
Feb
16%
6% preferred
100
Aluminum Goods Mfg..
Apr
Bohack (H C) Co com
Jan
7% 1st preferred
Borne Scrymaer Co
155
Jan
Bourjols Inc
111
110% 111
12%
12%
900
110%
June
116
Jan
Bowman-Blltroore
68"
68
common.*
~68
65
50
4 %
Amer Box Board Co cora.l
4%
4%
7%
Jan
95 2d preferred
•
Breeze Corp common
1
1
XlO
Common class B
Mar
1%
May
hi
Jan
h*
Jan
9%
*
•
$3 preferred
16,60 prior pref
Amer Centrifugal
%
10c
10c
May
11%
Mar
Apr
68 %
Jan
63
hi June
hi
Jan
10% May
16% June
28 %
Feb
26%
Feb
May
Corp. ..1
175
100
10
39 K
28%
40%
Jan
38%
Jan
Feb
40%
July
Amer Export
Lines com..l
15%
15%
15%
Apr
19%
Jan
British Col Power ol A
Mar
hi
Jan
Apr
May
12%
30%
113%
3%
June
29%
Amer Foreign Pow warr...
12%
Amer Fork A Hoe com...*
American Gas A Elec—10
24 %
100
107%
Amer General Corp com 10c
2%
12%
500
24%
7,6Wi
107% 107%
2%
2%
225
11%
23%
26%
92 conv preferred
1
preferred... 1
800
9%
23
105%
125
27
2%
25%
.
May
May
Jan
Jan
Feb
Jan
150
28
Apr
19%
20%
500
Feb
20
Jan
Feb
21
Mar
Amer Lt A Trac com
25
12%
12%
400
15%
16%
11%
6%
.50
Amer Maracalbo Co
*
30
30
57%
58
7%
7
Apr
28%
June
Apr
23%
Jan
100
75
Class A preferred
•
preferred
96
10
Jan
23%
200
23K
July
30
Apr
1%
600
1
30
30
41
1,200
3%
(EL) Co
10%
10H
Feb
Feb
IK
July
June
IK
41
Jan
June
3K
July
July
Jan
%
100
K
Jan
%
450
35 %
June
50 K
May
12K June
10K
July
12 K
May
10
100
10%
Jan
8
300
6
.
K
31
Jan
Apr
June
July
8K
Jan
Apr
K
15%
Feb
Feb
15
16%
7%
250
17
"loo
"7% "7%
1%
11%
common. .6
Bruck SUk Mills Ltd
500
1%
1C0
11%
13K June
IK May
7
May
10
1%
x24%
Mar
Mar
40
% June
11K
Jan
Jan
18% June
Jan
2K
Jan
IK
Jan
June
IK
13
Mar
Apr
*
Buckeye Pipe Line
42 K
May
16K June
19K
92
June
99 K
May
12 K
Mar
Feb
Mar
36 K
60
Feb
Buff Niagara A East Pow
91.60 preferred
16K
*
%
32%
May
1,000
92
50
9%
Burma Corp Am dep rets
66
92
16K
92
25
95 1st preferred
60
Jan
Apr
5%
49%
1
28% June
Apr
Feb
Jan
11K
Bunker Hill A Sullivan 2,60
%
K
Feb
Feb
♦
June
Mar
Jan
Jan
5
Apr
*
84
3W)
%
%
1
Amer Meter Co
Amer Potash A Chemical.*
16H
Apr
17%
79%
100
Feb
25
12%
preferred....
26
Co common. 100
Amer Mfg
Preferred
33
Jan
UK
30%
Brown Forman Distillers. 1
Bruce
29%
18%
20%
%
Am dep rets ord reg.. 10s
Jan
29%
20
12,60 conv
Apr
K
Am dep rets ord reg...£1
Brown Rubber Co com
Amer Laundry Mach
May
British Celanese Ltd—
Jan
Amer Hard Rubber Co..60
38 K
7
3K
6K
%
JBrown Co 6% pref
100
Brown Fence A Wire com.l
31
6, WW
3W)
July
Feb
1W1
Am dep rets ord bearer £1
%
*
28
Mar
British Amer Tobacco-
15K
Cynamld class A.. 10
preferred
•
May
%
•
...
18K
5%
•
Co
Jan
Mar
7K
47
..100
Class A
IK
3,600
*
preferred
Jan
o
35
Class Bn-v
4K%
Class B
7%
BrlJIo Mfg Co common
Mar
12,300
1,700
40%
3%
40%
•
%
1
Class B
Amer
10%
18H
""%
17%
25
Class A with warrants.26
100
Jan
7K
5%
10
9K
XlO
•
Brill Corp class A
British Amer Oil
Amer Cities Power A Lt—
Class A..
5%
Bridgeport Gas Light Co.*
Bridgeport Machine
Preferred
Apr
38 K
%
11%
4K
10
Brewster Aeronautical
Jan
K
34% June
5% May
1%
Brazilian Tr Lt A Pow
Jan
Jan
Jan
23%
Apr
Apr
5%
Jan
Apr
20 %
2% June
% Mar
%
35
8K
4
Feb
Feb
13 %
200
•
Apr
4
Jan
Mar
%
100
99%
American Capital—
Class A common
1st preferred
75%
May
100
Jan
7%
Jan
24%
100
American Book Co
20
28
K
•
com
Apr
hi
40 K
Apr
33
28
"e'% "o
May
93
100
6% preferred
American Beverage com..)
Jan
1
•
18%
Fe.
Jan
Jan
34
13 %
100
300
26
July
Mar
%
34%
100
May
112K
6%
%
34%
16%
•
4%
May
500
12
16%
Blumenthal (8) A Co
112% 116%
600
900
16%
'34%
Feb
112 K
Aluminum Industries com-*
27 %
%
3%
22 %
Apr
Apr
111
% May
10 % May
6K June
Mar
com
common
4
common...*
Aluminium Ltd
,
18%
26
Class A convcom
Altorfer Bros com
Aluminum Co
Machine Co
Bliss (E W) common
93 opt conv pref
*
(Mich)..10
Jan
Foundry
1
Blue Ridge Corp com....1
Allied Intl Investing—
S3 con v pref
92.60 preferred
A
Mar
Jan
Jan
Jan
37
500
Blckfords Inc common..
Blauner's
5K
May
32
Berkey A Gay Furniture. 1
Birds boro Steel
24 K
23 K
Conv preferred......
Apr
Mar
1%
Jan
Apr
94 K
Alabama Power Co $7
96
hi
Apr
Warrants
Alabama
May
96
27
8
7%
May
2%
100
4
(N J)..l
Class B
Apr
16
19%
3%
High
Low
4%
6K
A Ins worth Mfg common. .6
Air Associates Inc
Range Since Jan. 1, 1941
Week
Shares
»hi June
Jan
1
Jan
Burry Biscuit Corp.. 12 Kc
'it
100
%
Jan
•11
Feb
Jan
Cable Elec Prod
%
ICO
K June
H May
K
Feb
Feb
com
60c
5W)
6%
300
3%
Jan
he
%
he
2,700
2%
H
Apr
Am Superpower Corp com *
Feb
%
Jan
*
*
49 %
48%
49%
250
42%
May
60
Feb
4K
3%
2%
4%
2%
500
3%
2%
1%
Apr
8
Jan
Calamba Sugar Estate..20
Calllte Tungsten Corp
1
Mar
3%
Jan
2% June
Canada Cement Co Ltd..*
K
Camden Fire Insur Assn..6
Mar
Canadian Car A Fdy Ltd
7%
10
American Republics
3
Amer Seal-Kap common.. 2
1st $6 preferred
96 series preferred
American Thread 6% pf..5
Post Fence
2
3
100
Anohor
Angostura-Wupperman ..1
Apex Elec Mfg Co com...1
Appalachian Elec Power—
4 >4% preferred
100
Common cl A non-vot..*
1%
104
105
June
220
103
June
300
1
Apr
1,600
10
0%
84%
84%
30
8%
9%
600
0%
6%
100
4%
4%
900
..6
Jan
104%
1%
1%
Arkansas P A L $7 pref...*
Aro Equipment Corp
.1
com
Jan
12
x9%
0%
1,700
IK
IK June
6%
Apr
79% June
7% June
Jan
9%
July
»
Canadian
Capital City Products
Carlb Syndicate
3
Mar
Jan
K
Jan
hi
Jan
%
Jan
2%
22%
3%
3,400
22%
50
%
he
6 %
0%
15%
IK
3K
Jan
3K
Jan
14%
Apr
18H
Jan
200
100
Apr
16
96
preferred
%
Avery (B F) A Sons com.5
6% preferred w w
25
6% preferred x-w
25
"l5~
"15"
Celluloid
4
Jan
Mar
"11
May
Jan
7%
16
Jan
May
Jan
'
4K
Mar
Mar
2
May
2%
3%
Mar
4K
June
Feb
4H
Jan
12%
May
17K
Jan
16
Jan
15
Jan
H
Warrants
%
May
30
30
29%
30%
3,300
5%
2,200
25
Corp
Cent Hud G A E
4%
35%
30
36
250
Baldwin Rubber Co com.l
8%
32
5K
com
6% preferred
7% preferred
7H
Jan
Charts Corp common
Mar
2%
2%
2%
200
he
Jan
1%
1
1%
2,300
%
Apr,
IK
Apr
Jan
9%
Jan
6%
Jan
11
7K
May
Jan
4%
100
"17% "18%
""500
4%
20
81.
50
39
Jan
Jan
Mar
IK June
7K
Apr
39
June
113
Apr
June
110K
10 K
Feb
Jan
Jan
7K
Apr
June
May
8
Jan
Apr
20
Apr
Jan
4
June
June
134
2K
107
35K
9%
"~9%
100
9K June
106
~85~
"85"
10
Feb
Jan
96
~
6K
Jan
82
Apr
K
Apr
Jan
5K
Mar
Mar
46
116K
Mar
13K
Jan
106 K
95
Apr
Jan
Feb
10
8
May
110
1
Apr
116K
Jan
100
K
Jan
hi
May
300
hi
Jan
hi
Feb
May
May
K
2K
Jan
1000
%
%
%
%
%
%
%
May
K
Mar
hi
July
K
Jan
3K
Apr
5K
July
"18
Chief Consol Mining
Chllds Co preferred
4
100
10
5
100
Jan
Feb
4K
Mar
Mar
6K
14 %
"150
61
200
110K
Jan
Jan
Jan
59 K
July
73 K
Jan
June
10
Jan
hi
89
June
7K
88 %
59 K
7%
7%
Cities Service common.. 10
4%
3%
67%
55%
...»
Mar'
4K June
60c preferred B
*
4%
Mar
5
Feb
96 preferred BB
*
12%
Jan'
July
3K
4K
11K May
Jan
87
1
4%
18K
8,400
...5
100
preferred
125
5%
5%
Cherry-Burrell common..6
Chesebrough Mfg
25
Chicago Flexible Shaft Co 6
Chicago Rivet A Mach
4
96
Baumann—See "Ludwig"
Beaunlt Mills Inc com.. 10
Uji
9
Feb
35
109 K
105 %
100
37 %
1
Beau Brummell Tlee Ino..l
Apr
Feb
Cent A South West UtU 60c
Cent States Elec com
1
Apr!
Fbd!
1
'""166
117K
Chamberlin Metal Weather
Barbon Corp
7
75
39
Cent Ohio Steel Prod_.__l
Cent Pow A Lt 7% pfd 100
Jan
Barlow A Seellg Mfg—
7
400
118% 119%
*
Apr
Barium Stainless Steel
Refractories Inc... 1
3%
3%
...»
4%
Apr
6K
Jan
2K May
..6
Jan
Feb
K Mar
8K June
x% June
17
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Strip Co
5%
IK
5K
»
31H
36 %
Baldwin Locomotive—
com.
IK
common. 15
97 div. preferred
1st partic pref
Feb
FebJ
June
3K
Ayrshire Patoka Collieries 1
Jan
Apr
May
6K
7% 1st partic pref...100
100
Conv preferred
100
Conv pref opt ser '29.100
Cessna Aircraft Co
1
Jan
Tobacco10
Jan
Mar
Celanese Corp of America
May
May
May
25
400
8%
.1
May
July
6%
"260
50
10
3%
13 K
~~3% ~~3%
Castle (A M) common
Catalln Corp of Amer
23 K
100
2%
300
39
*
Jan
1
3%
Automatic Voting Mach..*
38%
110% 110%
...»
Apr
200
200
May
108 %
5
7
•
Casco Products
2K
Jan
•
Class B
Carnation Co common...*
Carolina P A L 97 pref...*
Carrier Corp common
1
Carter (J W) Co common. 1
17
Feb
May
15
114 K
%
Jan
72
K
14
Jan
IK
IK
8%
Jan
Jan
Feb
2K May
13
%
1%
1,700
3%
3%
Auburn Central Mfg
♦
Automatic Products new.l
May
8%
2
3H
1
Atlas Corp warrants
For footnotes see page
Apr
IK
•
Jan
108
3%
Atlas Drop Forge com...5
Atlas Plywood Corp
•
91.60 conv pref
8K
300
26c
Feo
65
Atlantic Coast Fisheries.. 1
Basic
900
1%
l
Marconi
1
Atlantic Coast Line Co..60
91.20 conv A com
13%
1%
100
1%
100
Atlanta Gas Lt 6% pref 100
7% preferred
7% preferred
Jan
500
Atlanta Birmingham A
Coast RR Co pref
*
13%
1 %
non vot
May
Assoc Laundries of Amer *
Purch warrants for
Class B
5%
hi
Assoc Tel A Tel class A..*
Babcock A Wilcox Co
13K
Class A voting...._.._*
6K June
Jan
Mar
1
Class A common
K
Canadian Industries Ltd—
UK
1
$5 preferred
200
..1
Canadian Dredg A Dock.*
Carman A Co class A
Class A
%
Canadian Indus Alcohol—
Apr
5%
4%
£1
Common
%
7% partic preferred...25
Jan
Jan
{Associated Gas A Elec—
Axton-Flsher
60c
dep5K% pref she £1
Mar
IK
8K
96
Associated Elec Industries
Atlantic Rayon Corp
Am
10% June
1
Assoc Breweries of Can..*
Amer dep rets reg
Vot trust ctfs
Cables A Wireless Ltd—
Can Colonial Airways
104
1%
1%
7%
Ashland OllARefCo
1
Apr
»hl
1%
Art Metal Works
Apr
9
Arkansas Nat Gas com...*
6% preferred
7% May
5%
"62"
53
8
275
4%
70%
9,400
6%
700
66 %
90
3,500
5K June
3% July
48
4%
48
Feb
June
Feb
K
Jan
5K
Jan
70%
6K
July
10
70
Jan
July
Jan
—a-'
Volume
New York Curb Exchange—Continued—Page 2
153
Thar3.
STOCKS
Sales
Week's Range
{Continued)
of Prices
High
Par
Low
94
preferred
•
City Auto Stamping
94
92
Cities Serv P A L17 pref.*
Range Since Jan, 1.1941
for
92
Clauds Neon r ights Ino..l
Clayton A Lambert Mfg. .4
x89K
5K
100
163*
hi
"35"
700
"36 K
"250
Cleveland Tractor com...*
3
dlnchfleld Coal Corp. .100
Club Alum Utensil Co—•
3
4K
700
3
K
400
Par
Mar
104
Mar
Feb
Mar
102
Mar
3*
Jan
15K June
K May
5
3 53*
*
Cleveland Else Ilium
Sigh
5
163*
hi
3*
35
Jan
May
3%
2 K
Apr
Jab
1
June
8
Jan
Jan
6% preferred
63*% preferred.....100
7% preferred..
100
8% preferred.......100
Jan
17
Jan
H
8 H June
Jan
41
Jan
5K
33* June
Jan
2%
Cohn A Bosenberger Inc.*
0%
oonv
preferred
IK
IK
300
£1
~2~
Colorado Fuel A Iron warr.
"2"
"l"o6
Patent Fire Arma.25
Colt'
9
Mar
13*
Mar
H
Jan
43* May
43* May
2
4
May
Apr
Jan
Jan
June
7034
3*
823*
603*
Mar
Columbia Oaa A Eleo—
6% preferred..
100
Columbia Oil A Gas
51
1
IK
53
IK
700
IK
51
5,200
1
Feb
2
June
Commonwealth A Southern
Price
Sales
Week's Jiange
of Prices
High
Low
913*
Empire Dlst El 6% pf 100
Empire Gas A Fuel Co—
Feb
OK
OH
Cookshutt Plow Co com..*
Colon Development ord—
Sale
(Continued)
Low
89
*
$0
City A Suburban Homes 10
Clark Controller Co
1
Last
STOCKS
Week
Shares
77
Thurs,
93
100
913*
101
Range Since Jan. 1,1941
for
Week
Shares
10
Esquire Ino
1
.....
Eureka Pipe Line oom..50
Eversharp Ino oom
1
FairehUd Aviation....... 1
Fairchild Eng A Airplane.1
Falstaff Brewing....
1
hi
67
90
70
Feb
1013*
68
Feb
102
72
Jan
108
102
102
96
106
325
Commonw Distribution.. 1
1
Community Pub Servlos 25
Community Water Serv
1
Compo Shoe Maob—
V t c ext to 1948
1
19
19
150
June
*16
hi
143*
23*
14>*
22
22
243*
hi June
10
K
10K
50
183* June
Florida P A L J7 pref
Ford Motor Co Ltd—
23*
3*
Jan
Jan
June
133*
Jan
3*
333*
Mar
Mar
10
Conn Gas A Coke Seeur—
23*
73*
K
Mar
33 K
Mar
l
K June
Jan
13*
2
Jan
200
23*
Feb
400
55% May
73
1163* 116 K
109
109H
20
"253* "25 K "25 3*
"""50
IK
Consol GELP Bait oom.*
4 3* % series B pre!
100
100
4% pre! series C
Consol Gas
Utilities.
573*
109 K
573*
1,200
70
1
Consol Mln A Smelt Ltd..6
1
Consol Retail Stores
8%
l
IK
58K
1
Consol Biscuit Co
May
Feb
105
IK May
21K June
Mar
3
100
10
preferred
Consol Royalty 00
115
Jan
100
Jan
1193*
1103*
Jan
Jan
Feb
Jan
Jan
13*
253*
33*
13
700
13* May
213* Mar
150
8K
400
23*
73*
23*
73*
203*
73*
1,200
105
7
100
100
400
Continental Oil of Mex
Cooper-Bessemer
to
preferred A
Coaden Petroleum
1
com..
IK
6
Creole Petroleum.....
16 K
4%
Crocker Wheeler Elee....*
6%
63*
100
6K
6
650
83
270
IK
UK
IK
1,300
UK
100
2K
200
15 K
10%
43*
3,800
4
K
400
June
Feb
H
May
9K June
7
May
OK
Apr
Feb
43*
hi June
Jan
70
Jan
K
43*
Jan
Feb
7% conv preferred
Crystal Oil Ref oom
400
K May
1% May
5
300
43*
Jan
»u
Cuban Tobacoo oom
98
Mar
%
83*
113*
Mar
Jan
Jan
11
Jan
37
Jan
63* June
3*
Jan
13* Mar
863* June
May
13*
113* June
7
1
9K
...36
25 K
600
5
July
3*
7% June
Mar
7K
200
"ok "ok
""160
Jan
7
May
3% Feb
18%
Feb
8
May
24
20
1,800
63*
200
2K
13*
IK
200
13*
51K
IK
51K
8% debenture
100
Derby Oil A Ref Corp oom*
"i%
"i~K "lK
""160
June
Feb
Jan
Feb
51
125
♦
1
20
1
100
2K
18K
IK
2%
18K
IK
2K
100
100
400
35
Jan
993*
Det Mloh Stove Co com._l
Feb
1
OK
OK
OK
100
Dobeckmun Co common. 1
1
Mar
13*
Jan
73* May
73* May
20
Mar
12
Jan
283*
Jan
73* June
33*
Mar
Mar
23*
513*
50
..10
Durham
Hosiery cl B
74 3*
74 K
25
OK
8K
.10
"it
OK
300
8K
400
*
IK
51K
IK
49H
36 K
33K
51K
20%
14
14
Eastern Malleable Iron. .26
preferred......
36
preferred...
Elee P A L 2d
Option
15
300
2
May
Jan
Apr
3*
Jan
21
Gray Mfg Co..
Apr
May
13* Mar
53*
Feb
33* May
IV"
10
Non-vot
oom
stock
Jan
7
May
15
§ Guardian Investors
25
36 preferred
13
273*
123*
263*
273*
53*
53*
53*
100
"""ha ~"~K
Jan
3
Jan
72 3*
Apr
3* June
3* June
63*
Mar
73* May
763*
Jan
3* June
13*
Jan
73*
Jan
105*
Jan
13*
May
33*
Jan
June
683*
Jan
30
May
42
Jan
Apr
14
11
Corp
6% conv preferred
Hecla Mining Co
Helena Rubensteln
43*
4
51K
52K
57 %
500
50
June
553* June
7
K
K
K
1,100
1
16
June
*11 May
113*
Feb
273* May
"4 K
4
81
4K
"4 K
"loo
43*
33*
100
4K
4
100
400
128
3*
37
25
7
37
2
Feb
3 3*
100
Preferred
Jan
Heyden Chemical....... 10
Hoe (R) A Co class A...10
Holllnger Consol G M....6
70
Hubbell (Harvey) Ino
6
Humble Oil A Ref.......*
13
Jan
Hummel-Ross Fibre Corp
Feb
123*
Jan
323* Mar
43* June
10 J*
Apr
43
Mar
Jan
110
Mar
Jan
5
Apr
1003*
63*
Mar
Mar
Jan
49
Mar
z83*
Jan
73* June
83*
Feb
193*
Feb
4
June
43* May
hi
May
Jan
143*
Jan
253* June
43* June
33* June
Apr
1273* June
3*
35
7f* June
133* June
273* July
73* Mar
99
Jan
3*
July
13* June
2434 June
35 %
Jan
5
Jan
63*
'1133*
35
1133*
3,400
'""20
"2l"
"2l"
"foo
'""k "~K
'"166
Mar
29
Mar
Mar
1113*
Jan
23* Mar
43* May
4 K
43*
173*
20
Feb
54
173*
June
3* May
13* Apr
100
4
June
100
17
May
Mar
Jan
26
"166
6
6
400
20
4»*
7 J*
25
4
300
150
66
12
82
11
113*
1,000
83*
83*
1,200
8
143*
50
83*
143*
3% preferred
3
26
263*
325
563*
53*
59
536
2,600
700
1
43*
60
23*
83*
253*
65
Jan
Mar
Jan
Jan
Jan
xhi
Jan
13*
Mar
5%
263*
Jan
Jan
June
12
May
63*
Feb
Jan
103*
Jan
Mar
9
263*
26
Jan
5
Feb
Apr
Apr
Feb
Feb
May
Jan
Apr
Feb
133*
Jan
853* June
113* July
93*
Apr
153*
Apr
13
Mar
333*
23*
Apr
Feb
Feb
243* June
Feb
313*
1143*
Jan
Apr
June
523* Apr
53* May
63* May
3*
Feb
43*
115
26
Apr
16
53*
Jan
13*
Apr
3* Mar
353* May
1103* Feb
Apr
May
1133*
59
Jan
10 3*
Jan
23*
Hussmann-Llgonler Co... *
Huyler's com
......1
Vtcfor 1st pref
113*
13
26 3*
Apr
Apr
2
313*
...100
3*
42
Jan
3*
10
115*
82
"UK
132
Feb
26
12
Feb
Feb
13*
25
105
Jan
June
hi
33 3*
Hormel
Horn A Hardart Baking..*
Horn A Hardart..
.*
13*
Apr
May
98
109
343*
ex-warr....26
Jan
Apr
Apr
43*
653*
Jan
May
73* June
13* Mar
Henry Holt A Co part A..*
June
13
61
1,500
Horder's, Ino...
*
(Geo A) A Co com*
Horn (A O Co common..1
Apr
warrants
28
128
37
Holophane Co common..*
2
3,000
28
Heller Co common......2
Preferred w w
25
JaL
113* May
Mar
108
93* June
Mar
Mar
400
Jan
hi
Mar
*
Class A..
June
10,200
Jan
H
June
9
hi
2K
K
rl013*
»
153*
153*
2K
Apr
97
60
25c
Apr
123*
Apr
23* May
31
"i3*"Mar
28
♦
Apr
2K
56
200
Harvard Brewing Co....2
Hat Corp of America—
June
31
Jan
May
Jan
23
94
1
Haxeltlne
2K
57
4,400
13
Hearn Dept straws com..6
111
Jan
Jan
""666
23
Jan
2 K
....*
For footnotes see page
"800
10
Hartford Elee Light
Hartford Rayon v t 0
Jan
Feb
653*
83
90
"'Ik ""53* "63*
.....6
6
Apr
Jan
June
10J*
♦
76
May
Apr
Jan
Mar
623* May
1
Gulf Oil Corp
June
61
4 3*
163*
91
40
Gulf States Uttt 33.30 pf.*
Jan
48
50
io
104
"l"25
1
63*
900
75
104
'1053* 106"
1053*
100
Apr
Mar
Jan
45
104
*
Hall Lamp Co
Hammermill Paper
13*
4
May
123* May
3*
""66
Gypsum LlmeAAlabastlne*
123*
Jan
Jan
Great Atl A Pae Tea—
Jan
400
pref A.....*
Emerson Eleo Mfg...
33 preferred
_•
Gorham Mfg common.. 10
Grand Rapids Varnish...1
183* June
13*
Apr
13*
13*
3*
~~io
Goodman Mfg Co
50
Gorham Ino class A......*
7% 1st preferred
23*
553*
Feb
3*
"263* "26 3*
*
Jan
Feb
Tk
*
*
Etectrographlc Corp..
Elgin Nat Watch Co
37 preferred......
173*
13*
13*
Jan
hi May
July
June
3*
76
"54 k ~54>*
Goldfleld Consol Mines.. 1
•11
Economy Grocery Stores.*
Eleo Bond A Share com..6
36
*
Godchaux Sugars class A.*
Class B
123*
._*
37 preferred series A...*
36 preferred series B
*
953* May
493*
40
Grooery Sts Prod eom..25o
Eastern States Corp
Easy Washing Maoh B
Glen Alden Coal.
Hewitt Rubber common..5
..100
100
300
•
Greater N Y Brewery
East Gas A Fuel Assoo—
Common
*
Jan
"166
"it
Duval Texas Sulphur....*
June
45
Gilbert (A C) common
Preferred
July
13* June
23*
*
Duro-Test Corp common. 1
43*% prior pref
6% preferred..
.100
June
com
Eagle Plcher Lead..
6% preferred A
10
110
100
133*
36 conv preferred......*
General Tire A Rubber—
40
213*
100
Dublller Condenser Corp.l
166
133*
B non-vot common.... 1
68K
50
"11
General Shareholdings Corp
Common
1
43* May
07K
Duke Power Co
203*
223*
3*
Gen Pub Serv 36 pref
*
Gen Rayon Co A stock...*
June
112
Dominion Bridge Co Ltd.*
Dominion Steel A Coal B 25
493*
hi
Amer dep rots ord reg.£l
Gen Firs proofing com
•
Gen Gas A El S6 pref B..*
General Investment com.l
36 preferred
....*
Gen Outdoor Adv 6% pf 100
Apr
10
Dlvco-Twin Truck oom..l
8
1
•
Mar
"H"
23*
493*
100
com
General Alloys Co...
Gen Eleotrio Co Ltd—
293*
8K
17
7% preferred
...10
Diamond Shoe common..*
preferred
Jan
Gt Northern Paper
25
Greenfield Tap A Die....*
1
10
Jan
May
De Vllblss Co oommon_.10
7%
June
90
Gamewell Co $6 conv pf..*
Gen Water G A E oom___l
8
3 K
Draper Corp
Driver Harris Co
June
57
33 preferred
.....*
Georgia Power 36 pref...*
35 preferred
..*
3*
Jan
13*
Feb
23* May
Jan
7K
Distilled Llauors
39
Mar
Jan
6
Feb
25 K
Detroit Steel Prod
50
Feb
50
Apr
7
| Detroit Paper Prod
Feb
28
25
173* May
63*
3 K
w w
34
25
57
Gladding MoBean A Co..*
25
6% preferred
50
38
Gilchrist Co
7K
Detroit Gray Iron Fdy
49
57
Apr
33*
A conv preferred
Mar
Jan
Jan
38
Apr
Jan
Stores
__1
Dennlson Mfg ol A com..6
36 prior pref.
60
Detroit Gasket A Mfg
9K
57
13*
Decca Records common.. 1
Dejay
Mar
38
conv preferred... 100
223*
1%
Darby Petroleum oom
Davenport Hosiery Mills.*
Jan
Feb
%
49
4%
Feb
1
.5
5
23
Jan
Fuller (Geo A) Co com... 1
$3 conv stock.
....*
hi
7K
Curtis Llgbt'g Ino oom 2.50
Dayton Rubber Mfg
Feb
23*
5
7K
*
Curtis Mfg Co (Mo)
11
Apr
J*
May
Apr
*
7K
Feb
19
>* May
May
20 J*
30 preferred
....10
Cuban Atlantic Sugar
5
Class A conv
Feb
Mar
35* May
H
Jan
23*
123*
2K
25c
25
Crown Drug Co com
10
49
5% preferred
Gellman Mfg Co
2K
4K
Crown Cork Internal A..*
100
Gatlneau Power Co—
Crowley, Mllner A Co...*
Crown Cent Petrol (Md)_5
Apr
93*
18
Jan
-.1
Croft Brewing Co
Apr
113*
1
500
17
Jan
Courtaulds Ltd—
Adrs ord reg stock....£1
13*
Jan
200
103*
103*
100
Apr
2 K
5% oonv preferred....60
May
13*
103*
103*
1343* June
100
13*
80
80
Apr
July
100
83*
1
...
Jan
583*
$963*
9
Feb
30
.1
.♦
June
69
70
1,875
183*
Feb
Cornucopia Gold Mines 6o
Corroon A Reynolds
19
64
18
IK
oom...*
•
OK
Jan
Jan
73* July
253*
Jan
103*
Jan
83*
Jan
9
5K
33 prior preference
*
43*
183*
400
*
Copper Range Co
Jan
Jan
103*
18
200
85
63*
3
Jan
Jan
Mar
xOOK 132
13*
10 K
Jan
1
Common
IK
1
Cook Paint A Varnish
June
8
July
July
July
July
Mar
Conv partlo pref
16
Fruehaaf Trailer C0.....I
6
.100
Cont Roll A Steel—....1
June
73* May
23* Apr
53* May
193* May
6
Apr
7
May
19
63
993*
Fox (Peter) Brewing Co. .6
1K
Continental Gas A Elee Co
7% prior pref
hi
Franklin Co Distilling
1
Froedtert Grain A Malt—
6
Consolidated Steel Corp. *
H
203*
33*
283*
15
23*
223*
203*
Am dep rets ord reg_..£l
Ford Motor of Canada—
Class A non-vot......_*
Class B voting........*
*
S3 preferred—
*
Conn Telep A Elee Corp..l
Common
223*
175
2
{Phllai.10
*
101
Apr
Apr
1,600
Fed Compress A W'h'se 25
Fiat Amer dep rets
Firs Association
Feb
hi
8K
Fansteel Metallurgical...*
Fodders Mfg Co
8
Feb
2
J*
213* Apr
53* May
Fanny Farmer Candy....1
Jan
hi
Jan
913* June
170
93
....
Warrants
High
Apr
875
923* 1013*
100
Empire Power part stock.*
Emsco Derrick A Equip..6
Equity Corp common.. 10c
S3 conv preferred......l
Low
80
4
June
18
63
Jan
Jan
63*
73*
hi
7
Jan
Jan
Jan
Jan
sar
Sales
Thurs.
STOCKS
Last
Week's Range
for
{Continued)
Bale
of Prices
Low
High
Price
Hygrade Food Prod
5
Hygrade Sylvanl* Corp—*
Illinois Iowa Power Co...*
60
5% conv preferred
arrear
Low
134
1H
134
600
Jan
IX
Feb
31
IX
26
IX
800
26 X
IX
26
800
334
800
Feb
IX
9%
regie
£1
Imperial Oil (Can) coup.
Registered ..........
Imperial Tobaeoo of Can.fi
Imperial Tobaeoo of Great
Britain A Ireland
£1
Am dep rets
7%
634
OX
OH
6
July
24X May
334 July
9X
Apr
38
3X
35
Feb
July
Participating preferred
Merritt Chapman A Scott *
Jan
Jan
7X
6
1,400
100
2X
May
7
Apr
6
May
7X
Apr
9
Apr
7
300
7
600
2X
434
93
l
Metal Textile Corp
Partlc preferred
"50
X
86
112
June
78
FeD
100
800
34 May
134 June
3334
Apr
2
Apr
40
Jan
13X
Jan
21X
Jan
20
14X
Jan
24
Jan
H
X
Jan
Jan
X
H
X June
9X Mar
04 X
Feb
12 X
Mar
Mar
Feb
Mar
107
Class B
v
conv
634
334
preferred
634
334
100
100
*14
Middle West Corp #om..5
Midland Oil Corp—
82
34 May
34 Apr
34
Feb
300
434
'1.
4X
1,000
Jan
Feb
X
,
Jan
Mar
May
X
Jan
112
Apr
34
Jan
634
Jan
134 Mar
634 June
634
Jan
2 34
Apr
34
Apr
X
434 May
634
100
434
3 34
5
634
1
t 0
34
June
4
Middle States Petroleum—
Class A v t 0—
l
30
Apr
150
34
Preferred
.....10
Mlcromatlc Hone Corp
1
11034 June
19 X
Apr
300
preferred..........*
Jan
20
334
Apr
434
2934
534
Metropolitan Edison—
June
19X
Feb
28
20
434
16
9
18X
34
High
Mar
Mar
9334
34
25c
5
im
334 June
May
Jan
634
Apr
8
100
1534
July
18
Jan
100
10834
Apr
120
June
134
Apr
.*
Mar
Midland Steel Products—
1
H
X
300
.100
iiH
nx
25
V t o common
Insurance Co of No Am. 10
73
73
74 H
580
International Cigar Maob *
16M
1534
10X
2,700
lsx
July
X June
Jan
76
June
20X
Jan
Internet Hydro dec—
Berlee.--.-50
100
4
1
Internal Industries Ino.-.l
Ye
4
IX
IX
1,500
Internal Paper A Pow warr
3X May
IX June
Feb
IX
Apr
4X
Internal Metal Indus A..*
Tx
"lX "lX
"2I2OO
934
Coupon shares-.
»
Registered shares
*
International Products—*
Jan
9X
2,400
9X
9H
800
9
9X
3X
100
3X
Feb
X May
Interaat Safety Razor B.*
Mar
non cum
4X
»ia
100
Mar
*
Midwest Oil Co
Midwest Piping A Sup
Vitamin...!
434
934
7
*
Jan
Jan
Apr
Jan
*u
11
May
May
4X
Feb
X Mar
10 X
OX May
Jan
*u
Jan
4934
5034
900
Feb
May
115
6% preferred..
..100
Missouri Pub Serv com..*
Molybdenum Corp
834
634
200
X
"600
440
156
"1734 "17k"
8X
1
"SO
15
834
634
400
*
Monogram Pictures 00m.1
Monroe Loan Soo
A..
1
200
10X
Mar
14X
Montana Dakota Utll
10
100
28
May
34 X
Montgomery Ward A
•
2,400
x9X
300
Apr
Jan
434 June
10
Jan
12
Mar
16034 165
165
Apr
3X
Jan
1
X
Feb
15X
Feb
X
18X
Jan
Mar
Mountain City Cop oom_5c
Mountain Producers
10
Jan
Jan
734
Jan
534 Apr
2934 May
34 Mar
134 June
1134 Mar
Feb
1434
Montreal Lt Ht 4 Pow..*
Moody Investors part pf.*
Moors (Tom) Dlst Stmp.l
Mtge Bank of Col Am shs..
Iron Fireman Mfg vto—*
Apr
334
Mock Jud Voehrlnger—
Common
2.50
11
3H Apr
8X May
1034 May
Jan
4534
8334
134
Jan
Jan
8
1434
34
Feb
Apr
Mississippi River Power—
Minnesota Mln A Mfg....*
Minnesota P 4 L7% pf 100
29X
4X
4X
x9X
Feb
Mining Corp of Canada..*
234
Feb
xl334
10
11
Interstate Home Equip.. 1
1534
120
115
115
60c
29X
*
*
1534
dlv shares. *
Monarch Machine Tool
International Utility—
Class A..
•
Class B——————————————1
91.76 preferred
93.60 prior pref
8X
9X
82
Mldvale Co
Mid-West Abrasive
7X
2X
63*
International Petroleum—
International
Meeabl Iron Co
Apr
20
1534
3 34
100
May
Industrial Finance—
Pref 13.60
200
Michigan Steel Tube. .2.60
Michigan Sugar Co......*
4X
80
1 734
*2834 "29
Michigan Bumper Corp.. 1
7
112
1734
34
1234
Feb
Lots
High Shares
Low
........
Mar
Jan
Non-voting class A....1
Class B
1
preferred..
Warrants—.
634% A preferred
H
6X
434
111
Price
Mercantile Stores 00m...*
Merchants A Mfg cl A...1
Jan
IX
IX
Indian Ter Ilium Oil—
7%
Week
Jan
Jan
7X
Line—-734
preferred.—.—100
for
of Prices
Par
Imperial Chemical Indus-
Indianapolis Power A light
6>4% preferred
100
Indiana Sendee 6% pf.100
Week's Range
Sale
2
ctffl
1111 note Zinc Co........
Indiana Pipe
Last
High
«u
Hydro-Electric Securities *
Range Since Jan. 1.194
STOCKS
(Continued)
Shares
1941
Sales
Thurs.
Range Since Jan. 1,1941
Week
Pat
Die
July 5,
New; York Curb Exchange—Continued—Page 3
78
Apr
May
6534
93
Jan
Mar
11634
Jan
534 June
934
834
3634
X
234
1134
Mar
Jan
Jan
July
Jan
Mar
Jan
174
1834
Jan
26
Jan
(Mountain States Power—
Interstate Hosiery Mills..*
"i'x "l'x
Interstate Power 97 pref.*
Investors Royalty
Irving Air Chute
Italian Superpower A
1
*
1
10
10
Jersey Central Pow A Lt—
534% preferred
.100
6% preferred
100
7% preferred...
100
Johnson Publishing Co.. 10
Jones A Laughlln Steel. 100
100
10
"VA "2X
Jacobs (F L) Co
Jeannette Glass Co......*
""260
"600
9X
Apr
>i« May
IX May
X
Jan
14
X
Feb
3X
Jan
89X
89X
July
97 X
Apr
96
103 X
96
96
July
104 X
Jan
103
June
110
Jan
103
103 X
400
Apr
37 X
June
23 X
118
115X June
1,400
8X
9
4%
4X
7
Feb
9
150
3
Feb
434
Kimberly-Clark 6% pf.100
Kings Co Ltg 7% pf B.100
69 X
SIX
100
100
Klrkl'd Lake Q M Co Ltd.l
Kelln (D Emll) Co com..*
Klelnertd B) Rubber Co. 10
Knott Corp common
1
Kobaeker Stores Ino.....*
Jan
Feb
Apr
Jan
July
Apr
76
Mar
Feb
64
Jan
Feb
IX
Jan
Jan
X
Apr
12
May
9
Apr
234
X
Feb
Jan
1
Kingston Products.
1
Klrby Petroleum........1
IX
ZX June
10
Mar
14
Feb
10 X
Jan
3X May
12
June
96
10
95
94
Apr
50
Koppers Co 6% pref...100
Kresge Dept Stores—
4% oonv 1st pref.... 100
Kress (S H) special pref. 10
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
Apr
Apr
June
60
Apr
13 X
Jan
Apr
Jan
42
July
14
11X
434
4X
100
10X
41
10X
900
10X
334
3X
3X
100
2
2
2
100
3X May
X
Feb
9834
Jan
7X June
4X
Lake Shores Mines Ltd.._l
Lakey Foundry A Mach-.l
Lamson Corp of Del
6
Lane Bryant 7% pref..100
4X
40X
mm8H "~8X
Lane Wells Co oommon..l
50
"166
37
104X
5X
Jan
Jan
X
BX
Jan
2
Jan
July
106
June
Jan
15
*
Lehigh Coal A Nav
*
Leonard Oil Develop
26
Le Tourneau (R Q) Inc..1
Line Material C0........6
4X
4X
X
7X
4%
X
Tx 'Tx
18,400
650
Llpton (Thos J) Ino—
6% preferred
....26
Lit Brothers oommon
Locke Steel Chain.
*
6
Lone Star Gas Corp.....*
Long Island Lighting-
Common—........
♦
7% pre! class A
100
6% pref class B
100
Loudon Paoklng
......*
Louisiana Land A Ezplor.l
8X
IX
14X
8X
200
ix
14X
9
2,900
100
conv
Apr
434
July
*»
Jan
*it
Jan
3234 June
834
.
*
National City Lines 00m. 1
83 conv preferred.....60
1434
1434
4134
4134
*u June
34
Jan
200
21)4 June
1934 July
134
Jan
434
Feb
10634
Apr
3134
Jan
"~4X
434
800
3,900
"99"
National Refining com...*
Nat Rubber Maob
National Steel Car Ltd...*
"434
100
50
300
11
1034
1134
2,600
166""
"1,166
3 34
434
2334
300
"99"
334
434
2334
1234
3
3
100
100
75
7
7
7
1234
Nat Tunnel 4 Mines..
*
Nat Union Radio
—30c
1234
334
800
34
700
34
800
2834
Jan
234 July
534 May
109 X
Feb
May
634 May
1234 May
3834 May
1034 June
1034 May
234 Feb
Feb
87
234 May
434
Jan
2034 Mar
734 Apr
634
Feb
1034
Jan
2 34 May
34 Jan
934
Feb
10934 May
Navarro Oil Co.........*
Nebraska Pow 7 % pref. 100
Nehl Corp 1st preferred..*
Nelson (Herman) Corp
5
Neptune Meter olaes A...*
Neetle Le Mur Co ol A...*
734
7X
IX
7X
134
100
334 May
534
Feb
200
34
Jan
15 34
Jan
Mar
140
1234
1734
Mar
Jan
7
Apr
71
May
1134 June
34
Jan
1734
Jan
634
Apr
1434
Jan
44 34 Mar
1234
Jan
1234
Jan
334 June
100
July
334 June
434
Jan
2534
Jan
934 Mar
834 Mar
1234
Jan
334
Jan
34
Apr
1134 June
11634 Mar
5
Jan
834
Apr
134 June
Nevada-California Eleo—
Common
3%
3
3
3
10
.....
4% non-cumlOO
Pow Assoc
*
preferred
...100
cum
4434
44
100
4434
450
3
July
36 34
Jan
334 Apr
3234 June
534
49
...*
2934
Apr
*
334
Jan
334
New Haven Clock Co....*
New Idea Ino common...*
Now Jersey Zinc
.25
New Mcx 4 Arls Land..-1
New Process Co
~3634
3634
3834
175
com
Mar
14
334
11634 11634
334
3 34
16
16
110
11034 May
6834
6734
134
6834
134
200
334
July
100
16
1334
Feb
1,550
6134 May
100
1
Jan
180
234
6834
6334
2,000
Mar
Apr
Jan
Apr
2934
Mar
10734
J»n
8
Mar
Apr
10434 10534
734
734
3434
37
July
10434 June
634
Jan
2634 June
Feb
107
10
July
Jan
Jan
Jan
Jan
7
50
300
Jan
Mar
1934
734
11634
10534
Apr
100
2734
2634
Feb
Mar
15
10834
Jan
Feb
6
4X June
734
7 34
10834 10834
10034 10034
Mar
June
634
6634
1834
12934
534
16
6834
134
2934
86 preferred
•
N Y Shipbuilding Corp—
Founders Shares......1
400
200
Nat Mfg 4 Stores 00m...*
National P 4 L 86 pref...*
N Y A Honduras Roearlo 10
N Y Merchandise-—...10
N Y Pr 4 Lt 7% prof—100
7i6
19X
*ii May
900
11
1034
National Sugar Refining.*
National Tea 5 34 % pref. 10
National Transit
12.50
34
14
National Container (Dd).l
National Fuel Gas
•
134
Jan
1534 June
1034
Jan
June
9
2234
New York State El 4 Gas—
534% preferred.—.100
10534
New York Transit Co
5
N Y Water Serv 6% pf.100
~35X
100
140
42
Jan
Niagara Hudson Power—
25
Feb
2134
18X
18X
X
18X
X
250
18
100
Mar
June
2734
2534
24
Feb
Jan
Jan
Tia
Jan
34
Mar
134
Mar
134
Jan
38
Mar
24
June
.10
234
6% 1st preferred..—100
5% 2d preferred
100
"6234
Common.
234
934
Marlon Steam Shovel
Mass Utll Assoc v t C....1
234
Apr
Jan
Feb
*i« May
134 May
2734 May
Massey Harris oommon..*
Master Electric Co
1
May McEwen Kaiser Co—
94 preferred-.
......*
5534
MoCord Rad A Mfg B.__*
MoWllllama Dredging...*
1
834
126 X
126
4X
81.
8X
127
4X
200
130
200
534
4
Apr
Class B common......5
Class A preferred—-.100
Nlles-Bement-Pond.
*
234
Apr
10
Jan
5
Apr
Feb
1it
234
33
69 34
234
934
Jan
3
34
Jan
70
Jan
May
7934
6634 May
6534
Jan
Feb
in
Apr
»u
Jan
Feb
Niagara Share—
Jan
Apr
Apr
61
Apr
34
2634
June
12434 May
250
234
im
.....
Communication Co Ltd.
Margay Oil Corp...
234
6534
6234
Class A opt warrants..
Class B opt warrants
49
Marconi Intl Marine
.
Mar
22X
20
2X
4X
preferred.....*
see page
934 May
534 Mar
34
Feb
6ia
June
10
N Y City OmnibusWarrants
21X
19X
2X
Mapes Consol Mfg Co...*
For footnotes
.
19
Apr
200
10
00m
1
National Breweries 00m..*
National Candy Co......*
Jan
Manlsohewltz(The B) Co.*
Mead Johnson A Co.....*
Memphis Nat Gas com.
11J4 June
13034 May
10
Nachman-SprlngfOled.
May
Feb
Apr
Jan
N Y Auction Co
sia
Conv 7% 1st pref
100
Conv 7% 1st pf v t o.lOO
96
Feb
22 X
Louisiana P A L 90 pref..*
Ludwlg Bauman A Co 00m*
Lynch Corp common....6
Manatl Sugar opt warr
Mangel Stores
l
34
1
Jan
634
Apr
6%
82 preferred...
..__*
New England Tel A Tel 100
734
1334
834
334
Jan
10
Jan
Jan
Jan
1534
June
534
67
15
Feb
2334 Feb
634 June
234
500
New Engl
X
OX
2X
700
1,400
Muskogee Co oommon...*
6% preferred—.—100
Jan
Class B
Lefoourt Realty com...Ill
Conv preferred....
*
234
534
»
10 34
Langendorf Utd Bakeries.....
234
534
Nat Bellas Hess
25X
24
22
25X
Kennedy's Ino—......6
Ken-Rad Tube A Lamp A *
Class A—
254
Murray Ohio Mfg Co
*
Muskegon Piston Ring.2 34
common
Jan
Jan
Mountain Sts Tel 4 Tel 100
IX May
8934
Julian A Kokenge com..*
Kansas G A E 7% pref. 100
6% preferred D
1
nii
34
148
434
Jan
Jan
Jan
Jan
Mar
Nineteen Hundred Corp B1
Nlplaslng Mines......
6
Noma Electric
...
....1
334
334
8
—
—
— —
—
86 preferred
*
6% prior preferred—.50
6% prior pref called
Jan
No Am Utility Securities.*
Jan
Nor Central Texas Oil—5
100
100
"ia
3
3
3
"49k ""260
8
"H
Nor Amer Lt 4 PowerCommon
.....1
North Amor Rayon el A—*
Class B common
*
334
334
89
"49"" "49"
-
—
-----
5134
Jan
Feb
X
Jan
X
3
May
800
82
8234
225
70
1934
1934
100
1934
5134
500
1734 May
1834 Apr
5034 Feb
5034 Mar
34
Jan
334
Tan
5134
50
Apr
1034
19
— — -
Feb
July
8
*M
'ia
4
92
6034
200
200
Jan
Jan
4534 June
4
in May
Feb
Jan
Jan
34
Jan
8534 May
2334
2334
6234
Jan
Jan
50,tm
May
34
5
Jan
Jan
May
Volume
New York Curb Exchange—Continued—Page 4
153
Thurs.
STOCKS
Last
Sale
{Continued)
Par
Price
Nor Ind Pub Ser 6% pf-100
7%
Sales
Week's Range
of Prices
High
Low
101% 101%
for
Range Since Jan. 1,1941
9%
9%
9%
'""lOO
5%
4%
5%
600
21H
2%
2,400
Novadei-Agere Corp....*
Ogden Corp
4
com
21
~~2X
Ohio Brass Co el B com..*
19
2H
18%
19
High
June
110
Apr
101%
110
10
119
7X
Apr
4% June
20% May
Apr
2%
18
May
300
75
113%
May
Jan
109%
113%
25
105%
June
300
Oklahoma Nat Qas
$3
*5%
conv
60
Overseas
51H
Pacific Can Co
common
32 X
6%% 1st preferred.-.25
29%
104 %
Pacific Public Service
1st preferred
Jan
May
Jan
Savoy OU Co
116%
Jan
Schiff Co common...
6%
Mar
Jan
34%
Jan
May
May
31%
Jan
108%
Feb
30
78%
May
87%
Mar
2,500
18%
Jan
67%
Jan
Feb
3
6%
5%
6%
300
5%
"io'o
30%
31
Mar
*
common
Penn Pr A Lt 57 pref
•
Apr
Apr
3
2X
3
17,500
2%
Jan
10
9%
10
800
8%
May
04%
38
%
110%
h
h»
100
110%
110
125
50 preferred
Penn Salt Mfg Co
50
Pennsylvania Sugar com 20
Penn Water A Power Co.*
52
Pepperell Mfg Co
89
100
Perfect Circle Co
1
52 X
89
22
214
Phlla Elec Co 55 pref
2%
100
5
Philadelphia Co common.*
5
100
»
5
May
July
113%
..♦
3X
3%
Mar
30%
Phila Elec Pow 8% pref. 26
2%
6%
Conv 53 pref series A.10
39 X
Pierce Governor common.*
Pioneer Gold Mines Ltd_.l
Pitney-Bowes Postage
Meter
"iti
•
Pitts Bess ALE RR
6
6%
37X
14%
IX
6
Serrlck Corp class B.....1
Be ton Leather common...*
bherwln-Williams com..25
115
Jan
600
73
Jan
Jan
Jan
Jan
May
Jan
Feb
>»i«
57 prior preferred
50 preferred...
*
122
122
25
45
Jan
May
49%
51%
775
37%
14%
8%
200
40
74
June
140
147
Mar
149
17%
16%
47%
500
13
60
44
2%
%
%
5%
5%
400
100
5% preferred—....100
3%
"3% "1%
Teoo
._*
1
Voting trust ctfs
17%
3%
"lX
Tx "Tx
"Too
3%
11%
4%
1%
1
*u
Rochester GAEl 0% piG100
104
Rochester Tel 0%% prflOO
Roeser A Pendleton Ino
Rome Cable Corp com...5
25
20
Jan
Jan
*n June
7%
Jan
Jan
,
Apr
2%
July
Jan
Feb
1 %
21
May
5%
Jan
June
7m June
Jan
Mar
Feb
Mar
16%
14%
Jan
JaD
Mar
5%
June
1%
Jan
5%
Jan
Ti«
Jan
Jan
Jan
Feb
104
Feb
107
Feb
114
May
Feb
Apr
Mar
400
1
Jan
10%
10%
11%
300
4%
Jan
page 81.
Apr
1%
119%
180
1%
100
Jan
0%
July
Jan
Jan
Jan
80%
115%
Jan
6%
Feb
13
1% June
June
Jan
23 %
Jan
104
Jan
2%
"300
1%
300
2%
1%
40%
200
300
900
Feb
7%
2%
%
1%
Apr
4
Jan
Apr
1
June
Jan
1%
Mar
314
1%
40%
Jan
Mar
July
2% June
1
Feb
30%
23
Apr
Apr
1
Feb
30%
Jan
May
•
38
40%
Feb
"30%
30
30%
600
29
May
%
152
31%
May
28
29%
Jan
Jan
%
Feo
Jan
June
105
Jan
Jan
6
Apr
Mar
8
Jan
4%
6%
1%
23
1%
23
5%
1
1%
500
1%
July
3
Feb
25
May
Jan
6
June
23
75
20
6
700
5
1
-
Jan
600
%
Apr
6
2%
6%
110
4%
May
7%
Jan
2%
2%
400
Feb
2%
1%
June
%
May
1%
Jan
Mar
*u
'""3%
3%
14%
2
1%
3%
15
2
Jan
1,200
3%
Mar
6%
Jan
600
12%
Feb
15%
Jan
"18%
110
18%
110
"l9"
200
1%
12%
17%
Jan
14%
Jan
TToo
Apr
20%
Jan
110
50
107%
Jan
111%
June
Apr
*u
2
Apr
Jan
Feb
»!•
Apr
*11
Jan
Preferred...
*
Jan
28%
Mar
Feb
9%
May
Standard Products Co
"28% "27% "28%
8%
"Too
8%
200
"19% "19%
1
"Too
Steel Co of Canada
""x ~"x
"Too
__50
20
Stetson (J B) Co oom
1%
1%
100
15%
13%
15%
100
*
5
(Hugo) Corp
Stroock (8) Co
.....*
SuUlvan Machinery..
•
Sun
Ray Drug Co
SunrayOU
15%
13%
common
19%
Technicolor Ino common.*
Texas P A L 7% pref..100
Texon OU A Land Co
2
13%
Tbew Shovel Co
6
10%
Jan
TUo Roofing Ino
oom
1
Tlshman Realty A Constr ♦
Tobacco A AUled Stocks..*
Tobacco Prod Exports
•
Todd Shipyards Corp....*
Apr
44
10% May
Jan
2%
Feb
38%
12
Jan
5% May
Feb
%
Feb
1%
Apr
2%
n*
2%
2%
19% 20
8%
8%
106% 110
2%
2%
15%
16%
5%
6
100
500
1,100
Jan
8%
1%
4
Jan
*i«
Mar
15%
July
Apr
14%
Jan
10%
Jan
Apr
3%
100%
100
3%
100 %
2
Jan
Jan
June
40%
June
Mar
32
June
Apr
12
Apr
6%
2% June
June
Apr
200
2% May
14% May
5% June
43*
Jan
Jan
Feb
103% June
600
Mar
May
50
400
Feb
Mar
»!• May
1%
37%
8
Jan
Apr
4%
40%
9%
11
19%
Apr
Jan
9%
300
Too
•
Swan Finch OU Corp....16
Taggart Corp com
1
Tampa Electric Co oom..*
Apr
Jan
Apr
22%
"1%
5%% conv pref
50
Superior OU Co (Calif)..25
Superior Port Cement—
Class B
%
2
10
13%
"T% "Tx
1
....1
%
27%
Jan
7
1
Stlnnes
Jan
Apr
18
44
*
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Ino
7%
*11
"Too
(A) A Co common..*
0% 1st preferred
5% 2d preferred
19
1%
Sterchl Bros Stores......*
Jan
Jan
2%
2% June
12% June
Jan
%
Feb
Mar
102
Starrett (The) Corp ▼ t o.l
50
2%
4%
*16
Jan
Jan
2%
1,000
65
Jan
7
11
*11
159%
9%
17% June
2%
Rossla International
1%
111
1
June
May
101%
8%
1%
i.
1
111
1
12
101% 101%
"700
.
6
114
100
Feb
8% May
*
Standard SUver Lead
Feb
V
15%
"78%
Apr
3
300
June
4%
400
4
Feb
4%
...1
Standard Tube clB
Jan
»i«
"77"
5%
;
%
%
Jan
Common class B—
Standard Steel Spring
Jan
100
1
see
Jan
Jan
Feb
<is
60c
Rio Grande Valley Qas Co-
For footnotes
May
10
105
Feb
5
17%
47%
2%
Richmond Radiator
pref
June
%
4,500
5%
3%
31.00 conv preferred..20
Standard Oil (Ky)
Standard Oil (Ohio)—
Stein
Rheem Mfg Co
conv
May
67%
Jan
18%
Apr
8%
Feb
8% May
Jan
6%
%
Republic Aviation
51.20
112
June
8%
74%
148
common
Root Petroleum Co
8%
0%
; 8
74
•
Reiter Foster OU Corp. 60c
Reliance Eleo A Engln'r'g 5
Roosevelt Field Inc
June
125%
59%
May
Feb
...♦
0% preferred D
158% June
116
Standard Pow A Lt
Reed Roller Bit Co
Rice Stlx Dry Goods
Jan
94
preferred...
(Daniel)
Conv preferred
10
Standard Dredging Corp—
Common..
1
75
Raymond Concrete Pile—
Common
._...*
Reeves
Standard Brewing Co
*
Standard Cap A Seal oom.l
Jan
200
New voting com......10
Railway A Utd Invest A.l
com
Apr
Mar
9%
95%
Feb
Jan
*
6%
56
warrants
Red Bank Oil Co
Feb
*
8%
Jan
Mar
Jan
Feb
109
1
May
x% May
99%
•
77
...•
Feb
55
Radlo-Keith-Orphuem-
Raytheon Mfg
May
99
Railway A Light Sec—
conv
Spalding (A G) A Bros
Spencer Shoe Corp
Btahl-Meyer Ino
99%
0% preferred
..100
Quebec Power Co_._._
53
Jan
56
Pyrene Manufacturing..10
Optlon
25
Jan
105%
113%
Puget Sound Pulp A Tim *
Pyle-Natlonal Co com
5
common
._*
%
•
50 preferred
Southern Union Gas
8%
7%
.....
5%
Southland Royalty Co—5
Jan
*
Puget Sound P A L—
56 prior preferred..
""23% "Tan
1st preferred
0% 1st preferred....100
Jan
%
Southern Phosphate Co. 10
Southern Pipe Line.....10
6% June
7% 1st preferred
100
Public Service of Indiana—
%
2%
%
1%
7% preferred
...100
South New Engl Tel... 100
"
500
Jan
Apr
Southern Calif Edlson-
Preferred A
"500
Mar
%
1%
Southern Colo Pow cl A.26
Feb
6%
60
44%
Bouthwest Pa Pipe Line. 10
Jan
2%
%
Jan
1%
39%
Jan
400
5%
42
2%
Jan
19%
*
100
To""
10%
12%
1914
*
Mar
.1
96 %
4
June
100
Public Service of Colorado
50
25
Boss Mfg oom
South Coast Corp com.
Penn OU
South
5% original preferred.25
0% preferred B.
25
6%% pref series C_..26
Jan
Mar
Providence Gas..
Prudential Investors
FeD
1%
2%
Jan
Apr
Mar
hs
41
2%
Apr
1%
4
200
Too
0%
16%
4%
3%
1
Jan
%
%
(H) Paper Mills..
70
Feb
*
Jan
"44% "45%
Sioux City G A B 7% Df 100
Skinner Organ
5
Mar
Prosperity Co class B
3%
9% June
Mar
Jan
Mar
17% June
»i»
Apr
2%
Mar
31%
3%
X
%
2%
Jan
3%
600
7i« June
100
Feb
100
♦
Too
1%
900
1
X
2%
Jan
130%
IX
314
Producers Corp of Nev
May
Simplicity Pattern oom.
Simpson's Ltd B stock.._•
Singer Mfg Co
...100
Singer Mfg Co Ltd—
Amer dep rets ord reg.fl
IX
Pressed Metals of Am
37%
Apr
Jan
Jan
3X
1
Jan
1%
Jan
-
4%
6%
118%
5
6% 1st preferred
Mar
102% June
92
28
6
Premier Gold Mining
Prentice-Hall Ino com
Jan
1%
%
Apr
Powdrell A Alexander
Pratt A Lambert Co
14%
Apr
Mar
22%
Potero Sugar common
Power Corp. of Canada..*
Apr
X
»n
*
Mar
%
9
10
Simmons-Boar dm an Pub
33 conv pref....
Mar
June
11
25c
Jan
\ Jan
2% June
8%
115
14
67%
Feb
"Too
200
Jan
73% June
11
Jan
78%
Jan
*
Jan
"m ~~8X
Feb
22
SUex Co common
6%
45%
12%
29%
115%
5% cum pref ser AAA 100
Sherwin-Williams of Can. *
Feb
63
Apr
Mar
Jan
May
100
Jan
20
10%
»i«
44%
Solar Aircraft Co.......
"TTo
13%
7% June
Solar Mfg Co
Bonotons Corp.........
15%
Jan
Jan
Mar
Apr
Jan
66%
May
113
July
15
uie
182
7%
78
%
14%
200
3%
Shattuck Denn Mining..
Shawlnlgan Wat A Pow.
39%
18%
1%
1H
Jan
Selfridge Provlno'l Sts Ltd-
Feb
6%
45%
85
%
Feb
10
Polaris Mining Co
10%
"44%
Feb
66
;;
10%
....1
12
15%
7.50
com
83
35.50 prior stook
26
AUotment certificates..
31
78
Pleasant Valley Wine Co.l
Quaker Oats
Common...
Convertible stock
200
600
June
Feb
9
•
8,300
1,250
400
X
Jan
%
23% June
% May
36
14%
1X
50
Pittsburgh A Lake Erie. 50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
85
%
6%
3914
6
June
Jan
June
3%
17% May
1
Jan
Feb
4%
2%
100
Selected Industries Ino—
Smith
1
.......
Peb
300
Am deprcts ord reg...l
Sentry Safety Control
1
Mar
Feb
24
Warrants
Securities Corp general
Seeman Bros Inc
May
X
Phoenix Securities—
Pneumatic Scale
Water Servloe 36 pref—*
SculUn Steel Co com.....*
Jan
61%
June
100
Apr
July
Jan
1%
114
7i«
Mar
Jan
1
2% May
% Mar
"50
11
2%
Jan
40
June
2%
May
70
500
Scranton Elec $0 pref
Bel by Shoe Co
Apr
3
Feb
Mfg
%
10%
Seiberling Rubber com...*
Mar
14%
Mar
Apr
%
108% May
106% May
102
May
Jan
13%
Apr
49%
79
May
*
Phartfl Tire A Rubber
X
200
12
Segal Lock A Hardware..1
Mar
35%
32%
%
2%
Pennsylvania Edison Co—
*
Apr
Mar
May
1%
2,900
99%
2%
%
J an
33
Apr
X
*
Pennsylvania Gas A Else—
Feb
Feb
4%
2%
22
Apr
6%
June
2%
Pennroad Corp oom
1
Penn Cent Airlines oom.l
2
2%
June
3%
13
Mar
60c
2%
4
Jan
Apr
30
"31 % "zlx
Peninsular Telephone com*
51.40 preferred A
25
$5 series pref
12.80 series pref
Mar
Jan
2%
Patohogue-PlymouthMills*
Penn Traffic Co
4
May
11
Parkersburg Rig A Reel-.l
Penn-Mex Fuel
Mar
14%
3%
June
3%
Apr
%
25
May
3%
59%
3
100
*
Scranton Lace common..*
Scranton Spring Brook
30%
67%
314
2
95
2%
25
,
28%
101%
Paramount Motors Corp.l
Parker Pen Co
10
%
Mar
2% June
1
2%
Scbulte (D A) com
Conv preferred
160
4
American shares
62
•
Jan
May
54
High
1
5
Apr
900
*
250
"300
Samson United Corp com.l
Sanlord Mills
♦
500
Pan tepee Oil of Veneiue la-
Plough Inc com
1
May
32%
82%
59%
%
100
0%
29%
SIX
Low
2%
6
preferred...
21%
29%
.*
Page-Hersey Tubes
Common
7%
Salt Dome Oil Co
Jan
32%
104 % 105
*
Phillips Packing Co
St Regis Paper oom
Apr
_
Pacific Lighting $6 pref..*
Pacific P A L 7 % pref.. 100
Class A
Jan
48
50
Range Since Jan. 1, 1941
Shares
Class A $2 conv pref..50
6
107%
5%
1%
Pacific Q A E 0% 1st pf-25
11.30
51H
*
—1
Securities nevr.-l
High
55
Ryerson A H&ynea oom..J
St Lawrence Corp Ltd...*
ScovlU
prior pref
Omar Inc
Apr
for
Week
of Prices
"3% ""3%
2%
Ryan Aeronautical Co...l
Ryan Consol Petrol
»
18
!
15
com.
preferred
3%
118%
110%
50
:
Jan
Jan
Jan
114%
105 % 105%
100
1st preferred
30
Mar
114
0%
*
Week's Range
Low
Russeks Fifth Ave
Mar
Jan
Ohio P B 7% 1st pref—100
Ollstocks Ltd common—5
Royal Typewriter
Jan
Price
Sales
»
Jan
9%
9%
Royallte Oil Co Ltd
Apr
113
107
Jan
23%
112 a
25
Par
110%
Ohio Edison $0 pre!
*
Ohio Oil 6% preferred--100
107 % 107%
Sale
{Continued)
Low
70
Northern Sta Pow cl A..25
Last
STOCKS
Week
Shares
100
preferred
Northern Pipe Line
79
Thurs.
Jan
Mar
300
Mar
80
Jan
Jan
7%
Jan
3%
Jan
25
Jan
Jan
9%
114%
Mar
3%
Apr
19%
8%
%
Jan
63
4%
Jan
Jan
Jan
Jan
104% June
July 5, 1941
New York Curb Exchange—Continued—Page 5
80
Last
Week's
(.Concluded)
Sale
of Prices
Low
High
Par
Price
pref 10c
Toledo Edison 0%
Range
for
7% preferred
100
Tonopah-Belmont Dev.100
Tennpah Mining of Nev.l
Low
Shares
Apr
108%
Jan
20
112
Feb
114
Jan
Trans western Oil Co
Jan
H
5%
5%
X
8%
Jan
Jan
8
Jan
♦Maranhao 7s
3%
32%
May
Feb
40%
Jan
2%
700
6%
July
7%
Jan
Jan
500
2% June
3%
4%
Jan
Jan
%
Jan
Juna
4%
Feb
9
Jan
3
200
"Z%
"266
8%
1,800
3
July
3%
Apr
7% June
10%
Apr
9
8%
8%
Apr
11%
Jan
%
27
Jan
June
10
May
stamped-1951
8%
*it
It
il\t
"i«
3,300
% June
114% 115%
Option warrants
United Gas & Elec Co—
1,100
106%
Feb
ht
%
X
ht
200
%
*10%
1it
Apr
13
for
See i
I
Price
Alabama
Power
1st 6s
1940
x
bbb2
1st Aref 6s
1951
x
bbb2
74
June
1st A ref 5s
1956
x
bbb2
1st A ref 6a
1968
y
bb
2
1st Aref 4 %s
1967
y
bb
2
x
a
2
x
a
2
x
a
United Shoe Mach com.26
54 %
53%
26
43 %
44%
Preferred
oom—1
FoU Co class B
1
Graphite oom
6
9%
U 8
U 8
"ili
4%
54 %
44%
10%
4%
450
49%
43%
Mar
7%
Feb
500
U S and Int'l Securities..*
52
361st pref with warr.__*
4%
•
U S Lines pref
4%
49
Jan
Jan
3%ssf debs
3%«sf debs
61 %
5
Jan
May
conv
...20
pref
27%
3X
U S Rubber Reclaiming. .»
1%
3%
1%
100
3X
200
May
1%
2%
%
1
U S Radiator com
60c
U S Stores common
*
1st 37 conv pref
IX
200
*
Class B
Universal Corp v t c
6%
1
6%
800
Universal Insurance.....8
—2016 y bb
Appalachian Elec Pow 3%s 1970
Appalac Power Deb 6s
2024
104
8,000
105% 107%
103% 106%
102% 105%
101%
101% 101%
21,000
101% 103%
104% 104%
1,000
103% 106%
107%
105% 106
107% 108%
6,(MX)
2
105% 108%
106% 110%
3
108%
107%
107% 108%
75,000
107
107%
24,000
106
129
129
128
107
108
2,000
33,000
46
43,000
x
bbb2
107"
1956
x
bbb2
Associated Eleo 4%s
1953
y
b
1948
1949
z
d
z
d
13%
1960
1968
z
d
13
z
d
13
%
Jan
2
46
44%
8,000
5,000
June
he
Jan
.1977
z
d
103
105%
100% 109%
107%
130
106% 108%
43%
51
12%
12%
12%
12%
15%
11%
12%
Jan
Assoc TAT deb
b
2
6%
Jan
Atlanta Gas Lt 4%s
x
bbb2
%
5%
Jan
Feb
1
Jan
Atlantic
5%sA—1955
..1955
City Elec 3%s.—1964
y
Apr
x
aa
7
Mar
Jan
27%
Feb
Jan
21
Feb
2%
1,300
13% May
1%
Jan
62% July
68
200
Jan
17%
2% May
83%
Jan
50
46%
%
Mar
44
Jan
Jan
49
%
3
96%
Vogt Manufacturing.....»
Vultee Aircraft Co...
1
6%
1
"2% "T"
96%
6%
15%
z
b
2
117
117%
26,000
109% 127%
1957
1960
1998
x
aa
2
107% 108%
8,000
x
aa
2
109% 110%
3,000
105% 111%
106% 112%
x
a
2
x
bbb2
102%
3
103%
6s series
C_.
Bethlehem Steel 6s
Jan
Broad River Pow 6s
1964
Jan
Canada Northern Pr 6s ...1953
85%
Feb
103
May
7% June
4%
Apr
11
Jan
Jan
Cent States Elec 6s
8%
4%
Jan
July
5%
Apr
%
1
Wayne Knitting Mills...6
ht
Apr
%
13%
Apr
Walker Mining Co
1
2%
"95% "96"
2%
600
""56
2%
...1.26
1%
1%
15
Apr
2%
Apr
Jan
Jan
June
Jan
Mar
2
May
95% June
102
Feb
3%
3%
Western Air Lines, Inc
1
3%
4
Western Grocer oom
1,300
500
20
4,(MX)
4,000
102% 108%
81%
73%
85%
9,000
106%
16,000
105% 106%
108% 108%
105
85%
106%
106
69%
86
108%
12% 30%
1
1
1
15%
cc
15%
15
15%
32,000
12
bb
100%
100
100%
51,000
93
1927
..1952
z
bb
1
45%
45
45%
12,000
37%
49
y
bb
2
93
94
26,000
86%
94
1965
y
bb
96%
97
22,000
90%
97
1960
y
b
92
92
5,000
83%
'222,(XX)
80%
90%
80
90
Cincinnati St Ry 6 %S A
fis series B
Cities Service 6s.__
y cc
------
14%
90
89%
89%
1950 y b
Conv deb 6s
89
31
100%
92%
89%
28,000
89%
89%
89%
16.000
79
89%
y
b
98
97%
98%
99%
b
98%
98%
99%
75,000
18,000
88
y
88%
99%
y
bb
18,000
98% 103%
1951
x
aaa3
b
Debenture 6s
1968
Debenture 5e
1909 y b
Cities Serv P A L 6 %s
3% May
5%
Jan
Jan
4%
Feb
Conn Lt APr 7s A
58%
Feb
72
May
June
20
Jan
(Bait) 3%sser N
1st ref mtge 3s ser P
1st ref M 2%s ser Q
Mar
y
Consol Gas (Bait City)—
2%
3% June
Feb
-
102
102
103
127% 130
*130% 132
Consol Gas El Lt A Power—
71
100
10
71
Western Tablet A Statlon'y
Common
Westmoreland Coal
20
13
Westmoreland Inc
10
11%
Weyenberg Shoe Mfg
1
Wichita River Oil Corp_.lU
Williams (R C) A Co
•
5%
6%
6
....
5%
6%
100
700
.....
"25
Feb
Gen mtge 4%s
...1964
x
aaa3
Mar
Cont'l Gas A El 5s
1958
y
bb
3
6%
Jan
Cuban Tobacco
1944
y
ccc2
*55%
Mar
6%
July
Cudahy Packing 3%s
1955
x
bbb2
3
Mar
Eastern Gas A Fuel 4s
1956
x
bbb3
Mar
Elec Power A Light 5e
2030
y
b
Jan
Elmira Wat Lt A RR 6S—1956
x
a
3
1962
x
a
1
Jan
•
7
Feb
7% pf 100
114
Mar
11%
8%
1
Empire Diet El 5s
Mar
5%
Jan
4%
Apr
6%
Jan
Jan
4%
Mar
117
Woolworth (F W) Ltd—
6%s series A
Erie Lighting 5s
Federal Wat Serv 6%s
5s
Wright Hargreaves Ltd..*
4
2%
2,000
2%
3
105% 111
101
103%
122% 128%
98%
89%
*123% 126
102
88%
93%
125
53%
56%
60
101% 102%
88%
89
18",000
101
102%
46,(XX)
86
89%
93%
31,000
93%
125
1,000
104
106
44
104% 105%
94%
78%
119% 126
5,000
125
45
♦Ercole Mare 111 Eleo Mfg—
4%
200
Jan
4%
2
Petroleum
Mar
5s
5,000
117,000
97%
Feb
107% 111%
111%
*108% 109%
103% 103%
6%
Wilson-Jones
Wolverine Portl Cement.10
103%
19%
1
com
aaa3
14%
Wilson Products Inc
Co
aaa3
x
*110
aaa3
x
Jan
1
10%
x
Jan
5%
4%
1971
1969
1976
Jan
6
Williams OU-O-Mat Ht..*
Amer dep rets
101% 103%
103% 103%
y
1962
6%S
.1949
Community Pr A Lt 6s... 1957
Western Maryland Ry—
7% 1st preferred
12,000
y
1948
1964
15%
6
bbb3
"18,606
5%a—1953
5 %8
Cent States PAL
3%
West Va Coal A Coke.
150
102% 103
103% 103%
104% 106
77%
76%
|y bb 2
x
149
*152% 1.54
3,000
32,000
|*Chlo Rys 5s otfs
Feb
%
West Texas Utll 36 pref..*
xaaa
10
4%
104%
Canada—
Apr
4%
Wentworth Mfg
1950
Convertible 6s
Bell Telep of
1968
1970
•
WeUlngton Oil Co...
100% 102
Birmingham Eleo 4 %s
*
Class B
102%
Boston Edison 2 %s
100
Waltt A Bond olass A
101
*100
Jan
Feb
107% 109%
b
Apr
Apr
15%
69
107%
y
*xi
7%
63
106
1947
Canadian Pao Ry 6s
1942 ix bbb2
Cent 111 El & Gas 3%s.....1964 x bbb2
3
Cent 111 Pub Serv 3%s.
1968 x a
600
5,000
6e without warrants
Jan
"266
2,000
65
Baldwin Locom Works—
%
6%
13%
64
*107% 108%
15%
15%
108%
%
13%
""9%
....
15%
104%
1%
1%
3
T
•
14,000
1,000
*100
400
.»•
64%
3
MOO
96%
13%
12%
*108
Jan
3%
12%
1947 y b
Feb
May
May
22
15,000
6a with warrants
>u
i
13%
Avery A Sons (B F)—
1%
1
6
Wagner Baking v t o
Apr
%
46%
1
Utility A Ind Corp com..6
Conv preferred...
7
36.60 priority stock
100
—
♦Conv deb 5%s_.
1st 6s series B
Utility Equities oom...10c
25,000
13
13%
1
1%
14%
2%
Va Pub Serv 7% pref..
Registered
13%
13%
*13
13%
12%
4%
Feb
50
62%
Petroleum
6s
Apr
50
2%
34 conv preferred
♦Debenture
July
*i«
1
Valspar Corp oom
♦Conv deb 6s
1
17
62%
7% preferred
Jan
13%
6
Utah Radio Products
Waco Aircraft Co.
♦Conv deb 4%s
Mar
17
Utah Pow A Lt 37 pref—*
Utah-Idaho Sugar
Jan
Mar
Feb
13%
Universal Products Co—*
Wolverine Tube
104
2,000
Arkansas Pr A Lt 6a..
♦Conv deb 4%s
23
1
Universal Pictures oom
Wisconsin PAL
%105% 106
104
102% 102%
103% 103%
3%
IX
2
Universal Cooler olass A..*
Woodley
Am Pow A Lt deb 6s..
Jan
29%
2%
4%
3%
100
United Stores common.60c
United Wall Paper.
Venezuelan
1
|Associated Gas A El Co—
U S Plywood—
tl.60
.....1950
1900
1970
2%s s f debs..
Jan
10% June
5%
Jan
8% June
%
Jan
June
3
Since
American Gas A Elec Co—
45%
4% May
7% June
%
Feb
50
Jan
Mar
61
-
500
52
4%
'it
5%
Apr
60
400
Range
Jan.
%
High
Co—
Apr
United Specialties
Low
Jan
70
Mar
May
June
Sales
Week
33 partlc pref
*
United NJERA Canal 100
%
4%
»i« June
11
Jan
of Prices
Jan
10
8%
Week's Range
Mar
Feb
*u June
Sale
Jan
85
Mar
19%
Sharing..26c
8% June
% June
*it May
Last
Mar
10% preferred
Mar
43% June
18% May
Mar
156,000
Thurs.
ht
United Profit
40
Bank
Rating I
29%
I'SOO
Feb
Mar
Ellg. A
Jan
25
24%
22% May
23% June
11% June
135,000
%
%
June
ht
~22%
Feb
Apr
6%
9
%
22
24%
Jan
Mar
10
4,000
18
*8%
Milk Products...*
36 1st preferred
United
Jan
Feb
9%
32% June
18
1958
♦Rio de Janeiro 6%s.l959
♦Russian Govt 0%s__1919
♦5%S
1921
♦Santiago 7s
.....1949
BONDS
Mar
80
X
*20
30
With declaration
♦Parana (State) 7s
i»u
Jan
118
May
July
100
United Lt A Pow oom A..*
16
♦Issue of Oct 1927
6%
14%
Jan
June
hi
Apr
7%
Jan
%
1,700
115 A
*11
22%
23%
9%
30%
34
♦Mtge Bk of Chile 6s. 1931
7
2.000
Jan
7%
3,700
•
*23%
*23%
Feb
Feb
Mar
5%
13%
6%
Jan
"""ht
United Corp warrants
*
._.*
June
8%
Mtge Bk of Bogota 78.1947
♦Issue of May 1927
7% May
~3~
United Gas Corp com
Common class B
8
8
20
*13
1968
50
3
Sts..l0c
7% preferred
Jan
*5%
1958
♦6%s stamped
♦Medellln 7s
%
Omaha..100
United Aircraft Prod
1
United Chemicals com—•
13 cum & part pref
*
1st 37
Jan
27
16%
Jan
Jan
Un Stk Yds of
1
pref. non-voting.*
7
27
Apr
Mtge Bk of Denmark 5s '72
3
•
Union Investment com...*
United Elastic Corp
Jan
May
13%
10%
Apr
200
Union Gas of Canada
Un Clgar-Whelan
7
13
Lima (City) Peru—
5
Jai
5
*9
3% June
Mar
High
16
*9
1
Jan
%
40
"6% "6%
♦
Udyllte Corp
1
lUlen A Co ser A pref
*
Series B pref
*
Unexcelled Mfg Co——10
Low
16
1%
♦Hanover (City) 7s.—1939
♦Hanover (Prov) 6%s.l949
Apr
2%
Works—1
preferred
Range Since Jan. 1,1941
%
High
*11
*8
1%
40
Low
for
Week
1947
♦Secured 6a
300
3%
%
Corp—1
—1
Class A
80c conv
1it
600
»i»
3
Trun* Pork Stores Ino._
Tung-Bol Lamp
Jan
Range
of Prices
Danzig Port A Waterways
♦Ext 6%s strap
1952
♦German Con Munle 7s '47
8%
1
10
Trans Lux Corp
Trt-Contlnental warrants
Tublze ChatlUon
Sale
Price
106%
ht
Week's
Last
High
20
114
114
BONDS
(Continued)
Range Since Jan. 1,1941
Week
107% 107%
8aies
Thurs
Sales
Thurs.
4 STOCKS
2%
Apr
5%
June
4%
Jan
Jan
1953
1967
1964
*13
z
.....
108% 109%
103%
*109% 111%
102% 103%
bbb2
105%
*25
46%
105% 105%
3,000
bbb2
106%
105% 106%
43,000
104
*101
101%
77%
78%
11,000
100% 101%
75
84%
98%
3,000
x
a
y
b
i
x
28,000
101% 104
Finland Residential Mtge
Banks 6a-5s stpd
1961
Florida Power 4s ser C
1966
Florida Power A Lt 6s
1964
41% 48
104% 106%
106%
Gary Electric A Gas—
FOREIGN
1944
1969
y
bb
Gatloeau Power 3%s A
x
bbb2
General Pub Serv 6s
GOVERNMENT
1963
y
b
bbbl
102% 103
bbb2
*63
100% 101
6e ex-warr stamped
AND MUNICIPALITIES-
Sales
for
Gen Pub Utll 0%s A
♦General Rayon 6s A
1956
1948
y
Week
3
BONDS
Gen Wat Wks A El 5a
1943
x
Apr 1946
*25%
28
21%
Jan
23
Feb
Jan 1947
*25%
*9
28
22%
17%
Jan
24
Mar
Mar
6%
Apr
♦Baden 7s
1961
z
30
26%
1978
y
b
3
♦Gesfruel 6s
1963
1966
y
bb
2
Glen Alden Coal 4s...
98%
1
Georgia Pow A Lt 6s
Agricultural Mtge Bk (Col)
♦20-year 7s
•20-year 7s
2
84
83%
28,000
"e'ooo
87
10,000
99% 102%
72
85%
87%
24,660
18%
80%
Jan
Bogota (see Mtge Bank of)
♦Cauca
Valley 7s
1948
*8%
9%
9% June
Cent Bk of German State A
♦6 series A
..1962
Danish 6%s
With declaration
Ext 6S
195*
1953
For footnotes see page 81
*9
30
*9
24
80
82%
*25%
13
Feb
22
52
Jan
82%
May
25
40
27
22
5,000
Apr
68
♦Prov Banks 6s B..1961
Mar
Attention Is directed to the
0
new
Jan
Feb
July
73
1
May
29
June
column In this tabulation
65
84
*14
"87%
98% 102
98% 103
65
pertaining to bank eligibility and rating of
bonds.
23
87%
Volume
New York Curb
153
Thurs,
Bank
Elig. A
Rating
BONDS1
(Concluded)
See
Grand Trunk West 4a
1950
x
Gr Nor Pow 6s stpd
Last
Sale
Price
a
a
2
1
1050
x
aa
Green Mount Pow 3 Ml—1963
x
1945
Guantanamo A West 6s... 1958
y
{♦Guardian Investors 5s...1948
y c
♦Hamburg Elec 7s..
z
ccc2
1935
of Prices
for
Week
High
83
%
m
5,000
3~oq6
+61
27%
1
27m
20m
Exchange—Concluded—Page 6
Range
BONDS
1
75 m
85
107m 108 m
103 m 106 m
64
2I660
17m
27%
6.000
15
29m
18
27m
20m
18
j13m
♦Hamburg El Underground
x
♦Hungarian Ital Bk 7 Ms-. 1963
z
..1949
y
Houston Lt A Pr 3 Ms
Hygrade Food 6a A.
aa
2
ccc2
1949
y
Idaho Power 3 Ms
.....1967
111 Pr A Lt 1st 6s ser A
1953
z
aa
x
bbb2
6a series B
1957 ybb
Indiana Hydro Elec fis ....1958 y bb
Indiana Service 6s
1950 y bb
1st lien A ref 5s
1963 y bb
♦Indianapolis Gas 5s A
1952
Indianapolis Pow A Lt 3 Msl970
tllOM 111m
£3
78 m
ccc2
2
1st A ret 5 Ms ser B.....1954 xbbb2
1st A ret. 5s ser C
...1956 x bbb2
Sf debSXs—May
15 m
18m
109 m ho m
£14
z
2
1
1
1
107 m
106 m
106 m
102 m
101M
78
~78m
5,000
£78 m 81
110M 110m
107 m 107 %
106 m 106 m
106 m 106 m
101m 102 m
101
101m
78
78%
78 m
77m
36,000
3,000
19,000
13,000
2,000
78
78
z
x
a
2
~4lo66
12,000
16,000
70 m
78 m
76 m
70m
107 m 110 M
106m 108
108
104 m 107
105
98 m 103
100m 101M
72 m
79x
78 m
75
92 m
2,000
108 % 108M
71m
1,000
78
105
109
f International Power Sec—
.1955
z
dd
1957
z
dd
♦7s (Aug 1941 coupon) 1957
...1952
z
dd
z
dd
*6%s series C
♦7s series E
♦7s series F
£11
14m
16m
10M
Iowa Pow A Lt 4 Ms
1958
x
♦Isarco Hydro Elec 7s
1952
Italian Superpower 6s
Jacksonville Gas —
1963
z
b
x
a
31m
y
6s stamped
1942
Jersey Cent Pow A Lt 3 Ms. 1965
77 m
z
aa
2
24
3,000
19m
2
1966
x
a
2022
x
bbb2
1969
xaa
3
x
3
6s
Lake Sup Dlst Pow 3 Ms—. 1966
a
♦Leonard Tleti 7 Ms
47
11,000
54,000
Long Island Ltg 6s
Louisiana Pow A Lt 6s
1945
x
x
a
"
3
108
108
123
1,000
128m
112m
106 m 109
104m 106 m
109%
107
35
25
25
£79 %
80
77
90
1948 yb
x
Mengel Co conv 4 Ms
1947
Metropolitan Ed 4s E.....1971
y
bb
x
aa
1965
x
2
a
aa
4s series G
104 m
99 %
99 %
£108M 110
£102
Mllw Gas Light 4Ms~
Minn PAL 4MB...
1967
1978
54%
x
a
x
bbb2
1956 Xbbb2
1st A re! 5a
Mississippi Power 5s
1955
y
bb
103%
107
2
Miss Power A Lt 6s......1957 X bbb2
104m
aaal
111M
..I960 ybb 3
101 %
Miss River Pow 1st 5s
1951
Missouri Pub Serv 5s
X
X
bbb2
x
bbb2
1978
z
d
1
1981
x
aa
2
2022
x
a
2
Nassau A Suffolk Ltg 5S...1945
Nat Pow A Lt 5s B
2030
{♦Nat Pub Serv 5s otfa..
Nebraska Power 4mb
68 series A
Nelsner Bros Realty 6s ....1948 x bbb2
Nevada-Calif Elec 5s.....1956 ybb 2
New Amsterdam Gas 5s... 1948
x
53 h
54%
105% 105m
103 % 104 m
107
107m
105 % 105 %
Islooo
104
104 %
17.000
111m 111M
101M 102 %
102 %
£101
106M 106 %
23
£19
6,000
19,000
109
"11666
105 m 109
U0M
£118m 119
108 m 108 %
97%
97% 97%
aa
118
"57 m
58
1948 y b
57 m
Conv deb 5s
1950 yb
1961 x aaa2
57 m
109m
2
91m
1948 ybb
—..1954 y bb
"ilooo
100
2,000
20,000
20,000
2,000
94
56 m
56 m
56m
109
90 %
93
118
108 M
112
96 m 103
100 m 102 M
21
26
1,000
51,000
3.000
117m 121M
56 %
66 %
25,000
56m
66 m
26,000
56 m
66 M
38,coo
57%
91 %
94
106
103 m 105 m
102m 106 %
111M
h4m 124
109 %
106
99%
88M
57 m
57%
109m
104
60m 59 m
103 m 107
102 M 105m
107
£110
1947 yb
N E Gas A El Assn 5s
4,000
101M 103 m
99 m
05 m
105m 109 m
107
110m
108 M 108 M
£102 M 104 %
Middle States Pet 8Mb
1946 ybb
Midland Valley RR 5s....1943 ybb
6,000
57,000
46,000
106 % 109 m
87% 97 %
91% 100
New Orleans Pub Serv—
♦Inoome 6s series A—1949 ybb
New
3
103
103
1,000
102
105m
York Penn A Ohio—
♦Ext 4mb stamped.....195'
n Y State E a G 4Mb
1980
x
a
1st mtge 3mb
1964 x a
2
8 f debs 4s
1949 x bbb2
Pub Serv of Indiana4s___. 1969 x bbb2
Publlo Service of N J—
6% perpetual certificates.... y
aa
Puget Sound PAL 6M*—.1049 ybb
1st A ref 5s ser C.......1950 ybb
2
2
1st A ref 4Mb ser D
1950
Queens Boro Gas A Eleo—
5Ms series A
........1952
y
bb
2
2
y
bb
10,000
1
102M 106
17%
29%
22%
93 m
♦Ruhr Gas Corp 8mb
15,000
4,000
109
2,000
26m
106 m 106 %
107m 108
151
105m 107
107m 108 m
87
150
162
100
103 %
2,000
11,000
98 m 104 m
86% 87
£9m
£9M
108M 109 %
101 %
4,000
74,000
18,000
82
135
I
£13 m
£40 %
£82
"43""
109
1937 z
...1951 y ccc2
1970 x bbb3
Spalding (A G) 5s
16 m
% 109 m
138 M
20
36 m
40
75%
87%
2
2
18,000
84
93 m
4,000
85
93m
93
99
31666
103
104 m 104 m
104 % 104 m
104 m
104 m
55
56 m
2
88
107 m
57
m
"
50,000
11,000
105m
102 m 104 M
50 m
60
107
107m
8,000
105 m 107 %
110
110
6,000
1,000
101
34 m
46
126,000
83,000
154,000
69
62,000
203,000
115,000
70
91m
91%
91%
91 %
68%
91%
91%
2,000
20
25 %
37m
37m
91m
91 %
89 m
89 m
1961 y b
91m
89 m
91m
01 %
91m
91m
91%
91%
b
y
133
15
1948 y b
1948 yb
1989
106
1,000
90 m
28 m
87h 88
100
£98
1987 x bbb3
2
22,000
84
87
87 h
98m 102
17 m
14
135
1967 x bbb2
26
105 m 109
5.000
17,000
3,000
151
2
Sheridan WyoCoal6s.....1947 y b
76m
17
103m 104%
101
101 %
2
1st 4Mb series D
100
50
102 % 103%
103 m
104 %
♦Ruhr Housing 6M8......1958 z
Safe Harbor Water 4Mb
1979 x aa
San Joaquin L A P 6s B
1952 x aa
1961 z cc
100m
86 m
98 m
109
110m
109m him
69
15
109
z
1953
97 m
110m hom
111m 111m
£85
95
£70
72m
106 %
3
110 m
Standard Gas A Electric—
6s
(stamped)
Conv 6s (stamped)
Debentures 6s..
„
-
Debenture 6a
Dec 1 1966 y b
6s gold debs
1957 yb
*
Standard Pow A Lt 6a
1957 y b
♦Starrett Corp Inc 6s
1950 z cccl
91M
89
91m
91
m
%
23
23
69
%
69%
70
a
2004
x
aaa3
..1954
xaa
3
3
1953 y
1956 y bb
1945
y
bb
x
aa
x
a
Ogden Gas 1st 6s
I960
6s series A
2022 ybb
Tide Water Power 5s
Tiets (L) see Leonard—
.1968 x
♦1st
s f
1949
Okla Nat Gas 3Ms B
1955 x bbb2
Okla Power A Water 6s...1948 ybb 3
49 m
54 m
109m 113m
106
19,000
2,000
103
3,000
114
62 m
9%
118m
25
20
30 %
15
30
85
100
88
100%
108%
United Light A Pow Co-
Debenture 6s...
Debenture 6Ms>.
1st lien A
1975 ybb
1
bb 1
..1959 xbbb2
..1952 ybb 2
..1974
y
5Ms._
(Del) 6 Ms
United Light A Bye (Me)cons
Un Lt A Rya
Deb 6s series A.
..1973 ybb
West Penn
30,000
12,000
117
120
120
99m
99m
3,000
101m
121
83m 100
103 m 103%
102
102 %
m"
1946 y b
102 m102 m
101
101
....2030 xbbb2
Elec 5s.
5s... 1960
2
a
x
102
103
109
101 % 102 %
1,000
102% 103
1,000
100 m 102
4
£4m
4m
£109
110 m
£109
110 m
c
z
100
16,000
16,000
£100 m 100 %
102
103%
1950 y bb
f 6s...
West Penn Traction
Western
99% 100%
103 %
93 m
1
1944 x bbb2
..2022 ybb 2
1946 ybb
Va Pub Service 5M A
1st ref 6a aeries B
s
4,000
Light Ho¬
ist Hen A gen 4 Ms..
Deb 6s series A
Deb
6,000
15,000
"§9%
1952 xbbb2
6a aeries A.....
Utah Power A
99m 99m
99 m 100
104 % 104%
100
117%
107m 107 m
117m 118
5%
108
5,000
16,000
109m
105m 110
105
108m
116m 119
Newspaper Union—
6s unstamped..........1944 yb
1
x bbb2
Wise Pow A Light 4s
1966
{♦York Rys Co 5s stmp...l937
♦Stamped 5s
1947
67m
6,000
69
68 m
106 m 106 %
10,000
105
107 %
97%
99%
10.000
67
67%
z
bbbl
106 m
97 m
y
bb
1
99%
97%
98%
7,000
97%
99%
98m 100m
108 m 110M
106m 109
1,000
7
20
aa
4,000
58 m
£14
aa
Islooo
13,000
100m
108 % 109
1945
x
102 % 103 %
104
105 m
23,000
121M
96
1941
6a
x
3,000
19,000
51,000
118
15m
..1951
104m 105
51 %
52%
£109m 110
108 M
108m 109
110m 110m
1J0M
108m 108m
103 m 103m
103 %
1,000
4,000
106 m 107m
107
108m
18
30
Washington Water Pow 3Ms'64
102 m 102 m
21,000
£13
£14
Wash Ry A Eleo 4a
45
99
108M 108 M
59m 60m
z
102m 106
115
118
8%
8%
£115m 117
x
x aaa3
1956
107 m 109 m
103
106m
38m
26m
5,000
23,000
98 %
60
1950 z
Waldorf-Astoria Hotel—
*5s Income deb... ....1954
114
13m
15m
118
108%
a
3,000
Islooo
32m
66m
98%
City Rap Tr 5 Ms...1962 y b
{♦Ulen A Co—
♦United El Service 7s
♦United Industrial 6 Ma
43
15
~
Twin
Conv 6s 4th stp
United Elec N J 4s
26m
107% 107%
107% 108
107 %
107 m
1979 y bb
Toledo Edison 3Ms..
52
28
15m
bbb2
x
1956 x bbb2
8,000
102 M
No Boat Ltg Prop 3M*—-1947 x aa
Nor Cont'l Util 5Me
1948 y b
Ohio Pow 1st mtge 3Ms-.--1968
Ohio Public Serv 4a
1962
Texas Eleo 8ervloe5e
Texas Power A Lt 5s
109% 109 m
£106
106 %
£114 m
42 m
43 M
43 m
a
x
Nippon El Pow 6Mb
No Amer Lt A Power—
5Ms series A...
£25
£15m
1948
7As 3d stamped
1946 z
Certificates of deposit
z
♦Ternl Hydro El 6 Ms
1953 z
102 % 102 %
x
N Y A Westch'r Ltg 4s
Debenture 5s
7-4s 2d
101 % 106 m
£105m 107
—196*
1st mtgs 8Mb
Since
Stlnnes (Hugo) Corp—
6s stamped
6Ms
Range
Jan.
I
99
£9
48
112
110m
z
42
21666
for
Week
26 m
96
1
1
y a
Southern Cal Edison 3s...1965 x aa
Sou Indiana Ry 4s
1951 y bb
S'western Gas A El 3MS—1970 x aa
So'west Pow A Lt 6a
2022 y bb
105 m 109
106
106 %
1
3
3
a
35m
£14
Memphis Comml Appeal-—
Deb 4Mb
.1962
Debenture
bb
z a
Sou Carolina Pow 5s
McCord Rad A Mfg—
New Eng Power 3Ms
New Eng Pow Assn 5s
z
£9
26
Mansfeld Mln A Smelt—
1941
£97
15m
2,000
£108
109m
£13 m 40
£105
106
bbb2
1957
112
106 m 108
bb
z
14
15m
108% 109
£108m 109
125m 126
112
1946
♦7s mtgesf
Power Corp(Can)4M8B___ 1959
♦Prussian Electric 6a
1954
Public Service Co of Colo—
Shawlnigan WAP 4Ms
79m
z
z
Potrero oiiar 7s stamped...1947 z ccc2
♦Saxon Pub Wks 6s
♦Schulte Real Est 6a
Scullln Steel Inc 3s
43
105% 105%
£11m 24
...1961 x
....
15
24 m
47
108 M
Kansas Elec Pow 3 Ms
eo
....1940
5s stamped extended....1950
Potomac Edison 5s E.....1956
24
66 m
180,000
78
32 m 51,000
£107m 108m
£12 m 30
bb 3
y
♦5s stamped
15m
75%
of Prices
Low
High
Price
a
Portland Gas A Coke Co—
25m
15m
30 m
£12m
Kansas Gas A E
Kansas Pow & Lt 3M3
Rapid Transit 6s ....1962
♦Pledm't Hydro El 6M&-.1960
♦Pomeranian Eleo 6s
1953
15
17
1957 y b
2
1952 y ccc2
Debenture 6s
Phlla
15
£-----
7s (July 1941 coupon).1952
Interstate Power 5s..
21
See
Week's Range
Sale
Rating
(<Concluded)
4Mb series F.
1938
1966
A Rt Ry SMs.......
Last
Eltg. A
Since
Jan.
58
63
81
Sales
Thurs.
Bank
Sales
£108M 112
104m 105m
ccc2
y
Week's Range
Low
83
bbb2
Grocery Store Prod 6s
I
102M 104 m
109
106 M
Paclflo Gas A Elec Co—
1st 6s series B
1941
x
aa
2
Paclflo Ltg A Pow 5s
1942 x aaa3
Paclflo Pow A Ltg 6s—..1956 y bbbl
Park Lexington 3s
1964 y cccl
1
Penn Cent LAP 4Mb
1977 x a
1st 5s
5s series D__
..1947
1964
103
52I660
1,000
95
34 m
106 %
100 M
38
104 m 106
105m
106 M
106 %
107%
105m
29,000
106 %
1,000
105 % 107 m
106%
11,000
108
5,000
104 m 106 %
107 % 110
108
2,000
108
108
109
"3I660
109
109
1
104 m
104 % 104%
14,000
a
1
104 %
aa
2
104% 104%
113m
20.000
4s series B
1981
x
a
4s series D
1981
x
1972
x
113m
113
106 m 109
107m 109 m
£106M 108
Pennsyl Wat A Pow 3MS—1964
3Ms
1970
Peoples Gas Light A Coke—
Pblla Eleo Pow 5Mb
99 %
35
108
106 %
........1962
Penn Pub Serv 6s C
99
35
99
1979
Penn Electric 4s F........1971
6s series H.
102 % 102 %
£102 M 105
1,000
6,000
106 m 108 M
106 % 109
102
lo5
102 m 105
109
115
▲
I
*
n
No par value.
a
Deferred delivery sale.
Under-the-rule sale,
r
Cash sale,
£ Friday's bid and asked price.
♦
x
d
Ex-Interest.
e
Odd-lot sale.
Ex-dividend.
No sales being transacted during current week.
Bonds being traded flat.
I Reported in receivership.
Abbreviations
Used
Above—"cod,"
certificates of deposit; "con
consolidated
"cum," cumulative, "conv," convertible; "M," mortgage; "n-v," non-voting stock
"v t c," voting trust certificates; "w 1," when Issued; "w w," with warrants; "x w,'
without warrants.
i
Indicates those bonds wnlch wt
Bank Eligibility and Rating Column—x
believe eligible tor bank Investment.
Indicates those bonds we believe are not bank eligible due either to
status or some provision In the bond tending to make lt speculative,
y
z
Indicates Issues in default, In bankruptcy, or In process of
The rating symbols in this column are based
on
rating
reorganization.
the ratings assigned to each
bond by the three rating agencies.
The letters Indicate the quality and the numeral
immediately following shows the number of agencies so rating the bond.
In all
cases
the symbols will represent the rating given
by the majority.
Where all three
agencies rate a bond differently, then the highest single rating Is shown.
A great majority of the Issues bearing symbols ccc or lower are in default.
bearing ddd or lower are In default
Attention is directed to the new
columnfin this tabulationfpertalningQto bank eleglbillty and rating of
bonds.
See note a above.
Issues
The Commercial &
82
July 5, 1941
Financial Chronicle
Other Stock Exchanges
Sales
Thurs
Range Since Jan.
Last
Range Since Jan. 1,
Last
for
Sale
of Prices
Low
High
2.30
.
28 %
Jan
3
15
Jan
15%
140
Feb
27%
Apr
2.25
22
Feb
2.55
2.55
74
134
70
Jan
47
47
2
47
July
"18"
17%
18
825
16% May
95%
21%
96
159
94%
'22%
22%
601
21
34%
Mar
Mar
Borg
15
May
8
May
Bunte Bros com..
Butler Brothers
Mar
$6,800
Mar
18
Feb
Jan
97%
June
May
27%
June
33%
Mar
4%
50
36%
37%
1,435
7%
41 %
June
7%
100
13%
270
17
17%
17%
1,200
1%
100
7%
50
1%
7%
7%
12
12%
13
12
13
5%
5%
20%
m
Jan
4% June
32%
Apr
19%
Jan
Jan
Apr
12
May
6
Jan
37%
Jan
Apr
8%
Jan
June
18%
Jan
Apr
1% June
20%
Jan
2%
9%
13%
Jan
Jan
Mar
15%
Jan
6
13%
20%
85%
87
6
m-mm
7
June
10%
13
Jan
Mar
1,220
4%
Feb
19%
Jan
60
82
May
300
5%
»i»
50
he
lit
500
6
ht
Common
16
230
21
mm
100
70
5%
87
5% cum conv pref
30
Cent BJ Pub Ser $6 pref..*
Jan
5% June
21%
Jan
95%
Jan
6
Jan
%
Feb
Mar
Central <fc 8 W—
*19
50c
Common..
Prior lien
preferred
103
-
-
-
-
-
160
17%
-
11%
Cherry Burrell C'crp com.5
Chicago Corp common... 1
60
37
17%
11%
37
103
33%
103
*
*
Chain Belt Co com
40
39
11%
4%
Central 111 Sec conv pref..*
Preferred...
flatl975
1975
Apr
May
*
5
June
Bonds—
Bait Traslt Co, 4s
2%
10
10
48%
3H
16%
10
May
3.25
Apr
100
5
Class A pref
Bruce Co (E L) com
80
2
Warner Corp—
Common
July
29%
100
350
Brown Fence & Wire com.l
Jan
2M
13%
July
20%
Jan
Jan
726
Bliss & Laugblln Inc com
Jan
2%
35%
3%
5%
11%
3%
9
Jan
Apr
1%
11%
Berghoff Brewing Corp...1
Jan
May
26
50
37%
7%
5
Feb
7
50
l'A
18
10
Belden Mfg Co com
200
High
Low
Shares
18
3%
*
Bendlx Aviation com
Feb
10
1,600
28%
Belmont Radio Corp
Jan
9%
Jan
74
"74"
,
Apr
129
5%
17
50
8
20%
Mar
8M
28
2%
18
40c
Jan
Apr
250
14
8
20
20
1%
28
Bastlan-Blesslng Co com
2.80
Apr
May
106
120
8%
__
Athey Truss Wheel cap—4
Aviation Corp (Del)
3
Feb
71%
113 %
29
114
58
17
118H
110%
10%
27%
7
25
14
---100
Houston OH pref—-- 100
Mon W Penn P 8 7% pf 25
MVern-Wood Mills corn 100
Preferred
100
National Marine Bank..30
New Amsterdam Casualty2
Northern Central Ry...50
U 8 Fidelity A Guar
2
May
11
123% 129
34%
32%
2nd pref
56
264
7%
7%
25
May
27c May
1.65
JaD
22
59
116% 116%
108 % 108%
129
14%
46
2.40
58
58
High
Low
665
31c
31c
Co com v t c *
preferred v t c—100
Bait Transit
Consol Gas EL4 Pow___*
Asbestos Mfg Co com
1, 1941
Week
Associates Invest Co com.*
Shares
16
15%
4%% pref clB
100
4% preferred C
100
Eastern Sugars As com vtcl
Preferred vtc...
1
Fidelity & Deposit
20
Fidelity & Guar Fire
10
Georgia Sou & Fla 1st pf 100
1941
Week
Price
Par
Stocks—
Week's Range
Arundel Corp
Co com..l
1
Arc Equipment
Sales
Thsur
1st
official sales lists
July 4, both inclusive, compiled from
June 28 to
for
of Prices
Low
Higl
Price
Par
Stocks (Continued)
Week's Rang t
Sale
Baltimore Stock Exchange
11%
%
103
2,000
%
Jan
June
Jan
112% May
47
50
30% June
16
May
21%
Jan
150
10% May
14
Jan
%
June
Jan
1
Boston Stock
June 28 to
3,500
official sales lists
Range Since Jan. 1, 1941
Week's Range
for
Sale
of Prices
Week
Par
Blgelow Sanf Cpt Co pf
Price
100
Tel
May
Sales
Last
Stocks—
49%
Exchange
July 4, both inclusive, compiled from
Thurs
Amer Tel A
Jan
Jan
Low
158%
High
Low
Shares
154% 158%
104% 104%
100
1.382
50
148 %
100
205
2,175
High
Mar
97%
Jan
May
34%
50%
20%
Jan
88
90
30%
29%
30%
44%
43%
18%
44%
102
26%
41%
19
149
18
100
(new)-25
Boston Elevated
100
Boston Herald.Traveller_. *
Boston A Maine—
Common std._
—100
Pref stamped
100
Prior preferred
100
Class A 1st pref std__100
Class D 1st pref std -100
18%
Apr
Jan
July
Feb
Apr
1%
1%
100
v%
Jan
1%
Jan
99c
99c
5
75c
Feb
1.00
Jan
7%
2
450
5%
Mar
6
6%
1%
Jan
2
7%
2%
June
Jan
2%
Apr
June
12%
Apr
May
2%
11%
6%
—6
Caiumet A Hecla
Copper Range..--
2%
39
20
6%
283
6%
Aor
7
June
6
mmmmm
11%
6%
.
Boston Per Prop Trusts..*
6%
788
4%
Fep
6%
June
5c
10
East Boston Co
1%
11
4c
100
5c
9c
Feb
June
East Fuel & Gas As—
Common-
75c
100
1%
Jan
Adjustment—
100
2%
2%
50
7%
23%
7%
23%
1,340
"7%
May
1%
3%
52
21
2%
2%
165
2
2%
1%
50
Co..15
2%
1%
Lamson Corp (Del) com..6
1%
2
1,745
25
12
23%
*
*
"~2%
25
'
Jan
20
3%
Jan
Jan
15c
156
5c
May
30
18 %
May
5%
150
4%
Jan
274
May
Apr
129
Jan
Jan
he
Feb
June
45c
June
17
"l%
17%
90
23%
368
1,010
11%
Feb
22
Feb
May
1%
184
8
Feb
1
211
1
Feb
10%
10%
*
%
220
10%
9%
5%
Apr
Jan
Jan
Jan
45%
Jan
40c
125
35c
Apr
8%
9%
175
26%
26%
10
7%
26%
July
.1
35c
...»
9%
35c
..*
Jan
60%
50
Utah Metal A Ton Co
11
Jan
54%
44
Apr
52c
9%
31
Mar
Apr
June
Bonds—
Boston & Maine 4s
67%
1960
68%
$1,000
66 %
June
74
Mar
Eastern Mass St Ry—
Series A 4%
37%
Feb
26%
25%
26%
25
Capital
Consolidated Biscuit
104
1948
104
1,000
101$*
Jan
105%
Apr
Feb
13
Apr
40
17
150
20
15%
15%
23%
23%
Cunningham Drg Strs. .2 %
Deere <fc Co
------
»
com
Diamond T Mtr Car
Feb
Fuller Mfg Co com
Feb
24
June
Jan
50
7
May
11
Apr
4%
38%
50
Feb
4%
100
May
45%
Jan
19%
200
May
23
Jan
4%
550
3%
34%
18%
3%
May
5
Jan
9%
14
Jan
Apr
*
16%
16%
50
15%
June
19
Jan
.5
52%
52%
76
46%
Apr
55%
Jan
1% June
Feb
33%
May
2%
Jan
48%
Jan
_.
com
Jan
100
8
4%
4%
1
com
Jan
19
19%
mmmmmm
Fox (Peter) Brewing com .5
General Amer Trans
19%
96
4%
38%
Elec Household Utll Corp. 5
Gardner Denver Co
35
15
16% June
19%
Jan
Jan
May
12%
8
-mmmmm
Fairbanks Morse com....*
100
80%
12%
com
Dodge Mfg Corp com
250
General Finance Corp coml
General Foods com
•
1%
1%
1%
200
37%
36%
37%
37%
Gen Motors Corp com.. 10
38%
1,537
36%
3%
3%
50
3%
June
4%
Jan
2%
May
Jan
General Outdoor Adv com *
39%
Jan
Gillette Safety Razor com *
-
2%
2%
10
Goodyear T A Rub 00m..*
17%
17%
200
May
Gossard Co (H W) com
*
Great Lakes DAD com..*
8%
8%
17%
9%
3%
20%
600
8
May
10%
Jan
14%
1,050
14
June
Mar
8%
450
17%
9%
9%
Hormel & Co
Houdaille-Hershey cl B
30% June
35
11%
100
10
Apr
13%
Jan
8%
300
May
25%
100
7% June
21% May
8%
25%
7%
25%
Jan
19
19
19%
300
18%
29%
21%
X
-
-XX
•
.
—
—
73%
150
69%
Apr
49%
mmmmm
51%
430
43%
1
1
20
1
3
May
100
73%
mmm mm
1
May
3%
3%
X
*
Jarvis (W B) Co cap
Jan
8
32
50
7
Jan
8
XXXX
.1
Inland Steel Co cap
»
International Harvest com*
50
8% June
Jan
11%
XXX
-
Indep Pneu Tool vtc
*
Indianapolis Pr A Lt com.*
Interstate Pow $6 pref
8%
32
*
.
14
16
32
XX
Illinois Central RR 00m 100
Indiana Steel Prod com
mm
X
14%
8%
*
com
June
4
Jan
Apr
10%
265
9%
8%
9%
450
7
Jan
May
90%
53%
May
10%
10%
Jan
2%
Feb
Apr
14
Jan
Jan
Kellogg Switchboard—
Common
*
Preferred
4%
com A*
Ky Utll Jr cum pref
50
LlbbyMcNelllALlbby com?
Lincoln Printing pref
Lion Oil Refg Co cap
Loudon Packing
Lynch Corp com
99%
99%
100
Ken-RadTube&L'p
X
5%
5%
99%
40
4%
200
30
45
2%
350
18%
50
11
20
2%
mmmmm
Jan
5
150
11
5
3
16
11%
18%
2%
*
99% June
400
18
11%
.
May
44%
20
5%
18
*
com
44%
XXX
18
*
McCord Rad A Mfg cl A. *
McWllllams Dredging com*
Marshal]
Field com..
_•
July
Feb
8%
8%
200
Jan
4% June
Jan
50%
7%
Jan
21
Apr
12% June
2% July
1%
Feb
17% June
Mar
23
Jan
Jan
9
14%
Feb
Jan
8% Mar
16% June
16%
1,500
5%
13%
3%
100
3%
Mar
16
16%
July
Jan
9%
3%
.mmmmm
9%
101%
Jan
Mer A Mfrs Sec—
Class A
1
com
5
4%
4%
4%
1,300
4%
May
pref ..*
5%
5%
5%
200
3%
Feb
Middle West Corp cap
Midland Utd
conv
4%
6%
Apr
7
Apr
Jan
Midland Utll—
6%
6%
7%
7%
100
100
100
preferred A
11%
.XXX-X
prior lien
14%
%
11%
14%
preferred A
14
100
prior lien
%
750
3
100
400
%
%
200
1%
1%
600
Apr
%
3
14%
Apr
Jan
14
July
% May
July
Apr
% May
% May
5% June
1% June
6% June
%
Miller A Hart—
$1 prior pref
com
1
.*
com
1
.
Mills
X
x'.x
X
33%
X
9%
-----
4
6%
4%
34
10%
300
50
245
75
4% June
31% May
8%
Apr
6 %
Jan
39%
Jan
11
Jan
50
4
Mar
25%
25%
25%
250
24
May
24
—
10
com *
Nor 111 Finance com
6%
4%
6%
10
Ward
Northern Paper
24
24%
310
24
July
5%
5%
50
5% May
8
Mar
10%
10%
20
10% June
12
Jan
-
X
X
-----
x-xxx
8%
8%
*
4
8%
100
8
May
4% May
32
32%
Jau
Jan
10%
Feb
10%
Mar
8%
100
11%
11
11%
600
10
Apr
14
Jan
10%
10
10%
70
6
May
13
Jan
23%
23%
40%
390
22
100
36%
Jan
10
150
9%
72
74%
310
Feb
July
46
46
8%
N'west Airlines Inc com..*
Principal Exchangee
Northwest Bancorp com..*
7% June
N West Utll—
7% preferred
100
60
Peoples G LtACoke cap 100
Municipal Dept. OGO. 521
Penn RR capital..
CHICAGO
23%
10
Quaker Oats Co common.*
72
com
Roth Packing com
Chicago Stock Exchange
Range Since Jan. 1, 1941
for
Sale
of Prices
10
Common
6% preferred
2%
50c
1%
5
Week
10
St Louis Natl Stkyds cap.*
50
-
X
X
2%
1,450
1%
800
110
63%
11%
63%
2%
1%
11
11
Reliance Mfg Co com
Sales
Week's Range
9%
72
Feb
41% May
25%
43%
13
105
57%
Apr
Mar
Jan
Jan
Jan
Raytneon Mfg Co—
July 4, both inclusive, compiled from official sales lists
Last
v
40
X---
1
Pressed Steel Car
Thurs.
12%
16
16
Noblltt-Sparks Ind cap..5
Bell System Teletype
June 28 to
6% May
92
Natlonal Standard com.
Unlisted
La Salle St.,
2%
Feb
16%
Natl Pressure Cooker com 2
Paal RDavis &<90>
S.
Jan
Jan
6%
91%
North American Car com20
10
30
1%
17
Vtc common stock
SECURITIES
Trading Dept. OGO. 405-406
24% May
100
982
92
Montgomery
Members
4,950
1%
6
25
..20
Crane Co com..
Natl Cylinder Gas com
Listed and
Jan
1%
6
•
Cudahy Packing 7% prflOO
Minneapolis Brew Co
CHICAGO
5
40% June
5%
com
.
8%
44%
54%
44%
Jan
70%
786
25
Jan
30 %
26
456
cum pref
United Shoe Mach Corp.25
June
1%
Apr
116
66
53
1%
10
Apr
6%
26%
65%
6
*
17% June
25% June
59% June
49%
Apr
43J4 May
122
6
26
66"
•
•
Waldorf System
Jan
Jan
6%
»u
8%
Warren (8 D) Co
52c
26
21c
1%
6%
May
48
1
Stone A Webster
26
230
8%
United Fruit Co
Apr
*32
23%
17%
10
Torrlngton Co (The)
June
2
39c
Reece Fold Mach Co
Shawmut Ass'n T C
Jan
332
Reece But HI Mach Co.. 10
25
1%
Apr
25c
mm
—*
Qulncy Mining Co
Mar
2%
22%
110
Jan
May
Apr
May
May
114% 116%
116%
Feb
8%
25%
11c
5%
..50
Pennsylvania RR
375
1%
87%
14%
2%
Feb
May
May
5%
mmmmm
2.50
Pacific Mills Co
2%
%
1%
June
22%
11c
1
North Butte
70
Apr
1%
10
N YNH&Hart RR...100
Feb
40
3%
4%
Heilemor Brewing cap
1
Hein Werner Motor Parts 3
74% June
Mass.Utll Ass vtc
3%
40
Jan
75
NarragansettRacg Assnl nol
New England Tel A Tel 100
2,350
40
Jan
25
Mergenthaler Linotype..*
4%
Coleman Lamp & St com.*
May
Commonwealth Edison—
3%
58%
11%
50
Jan
41%
Apr
78
pref
72%
1% May
11%
cum
65%
30%
78
6%
260
47% June
100
Isle Royale Copper
57%
77
100
100
-
56%
20
1st preferred
Employers Group
56%
235
1%
Preferred cl B
Gillette Safety Rasor
Jan
36%
Eastern Mass St Ry—
Hathaway Bakeries cl A..*
Jan
73
50%
1%
Eastern 88 Lines
30
Apr
33
100
100
Common
Feb
60
50
——
4%% prior pref
6% pref
27%
250
Common...,
87%
90
Boston Edison Co
650
61
Container Corp of America
May
Jan
Boston A Albany
%
28%
60
Consolidated Oil Corp
168%
104%
May
%
27%
60%
Chrysler Corp oommon._6
Cities Service Co com...10
40
28%
Chicago Flexbl Shaft com.5
48%
47%
%
Convertible preferred..*
A 6s flat
-
X
1
Jan
%
9%
Apr
Jan
2%TJuly
1% June
11%
July
10
63% June
70
Par
Price
Low
High
50
50
Allis-Chaimers Mfg. Co..*
45%
27%
46%
28%
Allied Laboratories com..*
10%
11
Abbott Laboratories com
Acme Steel Co com
*
50
25
Shares
100
35
58
200
High
Low
Jan
i
21
25
6
For footnotes see page 85
c
18%
150
18% June
22 %
Jan
7%
7%
7%
150
9%
Jan
72%
71%
72%
616
6% June
67%
Apr
3%
3%
200
1%
Feb
30
28%
Mar
30
100
29%
Mar
35%
Jan
950
Apr
2%
July
150
1%
25%
6%
250
29
Serrick Corp cl B com
53%
JaD
43%
Apr
25% May
51%
Jan
1
Signode Syeel Strap pref .30
36%
Jan
Sou Bend Lathe Wka cap.6
10%
13
Jan
21
154% 156%
4%
4%
4%
50
78%
Jan
4% June
Standard Dredging—
Feb
Common
Amer Tel & Tel Co cap.100
Armour & Co common
18%
Feb
46
Allied Prods Corp—
►' Class A
18%
Sears Roebuck A Co cap..*
Stocks—
Sangamo Electric com
*
Schwitzer Cummins cap__l
483
19%
149%
600
4
Apr
23
May
168%
Apr
5%
Jan
Standard Oil of Ind
Jan
Jan
Stewart Warner
1
26
6
Sunatrand Mach T'l com.5
2%
31
XX
xxx!
30%
30
30
31
30
31
1%
30%
7
30%
2%
31
7
30%
610
Mar
Apr
Feb
31
8%
36
Jan
July
Jan
Jan
Volume
The Commercial & Financial Chronicle
153
Thurs.
Sales
Last
(Concluded)
Par
Week's Range
for
Sale
Stocks
of Prices
Week
Price
Swift International cap..15
Swift A Co
25
Texas Corp c&oltal
U 8 Gyps una Co
22%
39 J*
21%
39%
9%
71%
22%
495
9%
com
pref
50
com
1
Weetnghs El A Mfg com.50
24
.....
*
com
Wise Bankshares com
*
Woodall Indust
61%
Feb
9% May
53% May
58
129
49%
Apr
115% June
4%
W rig ley (Wm Jr) Co cap.*
68
Jan
12
Jan
72% June
17
Jan
Yates-Amer Mach cap...5
Zenith Radio Corp oom.
4%
%
Mar
1%
1%
Feb
Mar
1%
ii«
17 %
Apr
24
May
Last
Week's Range
for
Feb
24% June
Sale
of Prices
Low
High
Week
55
19
26
85% June
Feb
5%
100
May
Jan
Apr
104%
8
Jan
100
1
4%
4%
68%
850
4% Mar
3% May
100
63
May
V9%
4%
11%
300
3% May
10% May
5%
Jan
15%
Apr
300
210
Jan
3%
5%
Thurs.
Stocks (Concluded)
Par
Mar
Baldwin Rubber
1
Brown McLaren com
1
Jan
Burroughs Add Machine.*
Jan
5
com
Jan
Consolidated Paper com. 10
Consumers Steel com
1
June
28 to
Exchange
Sales
Week's
Range
for
10
5%
Low
5%
99c
91c
550
High
75c
7%
99c
7%
15
475
725
7%
15
880
345
91c
2%
2%
600
200
5%
Apr
Jan
May
6%
Apr
8%
16%
60c
Mar
93c
2%
May
15
Jan
1.00 May
Jan
Feb
May
4
Jan
78c
78c
200
2,000
"i%
1%
200
1%
Jan
2%
2%
340
1%
Feb
Jan
1%
Det-Michigan Stove com.l
20%
1%
2%
20%
Detroit Gray Iron com...5
July 4, both inclusive, compiled from official sales lists
Last
Range Since Jan. 1,1940
Shares
78c
2%
Apr
15c
15c
150
10c May
45c
26%
26%
310
24%
4%
4%
345
2%
48%
2%
Jan
1.00
Jan
Detroit Edison
Thurs.
5%
Continental Motors com.l
Det A Clev Nav com
Cincinnati Stock
Price
Sales
June
2%
4%
11%
DETROIT
Telephone: Randolph 5530
Jan
300
8
3%
Ford Building
Jan
130
New York Curb Associate
Chicago Stock Exchange
50
93%
4
Members
York Stock Exchance
Detroit Stock Exchange
Jan
69%
70%
New
100
24
68
WATLING, Lerchen & CO.
Jan
June
150
'
19%
19%
23%
93%
Feb
June
19%
24%
40%
2%
"~4%
2
com
9
100
8
Williams Oll-O-Matlc com *
34%
750
he
Western Un Teleg com 100
Wieboldt Stores
10%
56%
56%
55%
High
17% Mar
19% May
362
118% 119%
1%
1%
1%
1%
•
oom
72
10%
Utll A Ind Corp conv pref 7
Common
5
Walgreen Co
350
56
56%
100
Utah Radio Products
Low
1,395
39%
*72"
United States Steel oom__*
7%
Range Since Jan. 1, 1941
Shares
19
20
com
High
18%
25
Union Carb A Carbon cap •
United Air Lines Tr cap..5
Low
18%
25
Trane Co (The) com.
83
Range Since Jan. 1, 1941
100
com
Detroit Paper Prod com__l
Ex-Cell-O Corp com
3
Gar Wood Ind
3
com
,
68c
20
Jan
May
May
94c
23
Mar
Apr
29
Jan
Mar
Stocks—
Am
Par
Laundry Mach
Price
20
Cln Ball CraDk
High
Shares
1%
99%
100
Low
25
20%
5
Cin Gas A Elec pref
Low
20%
1%
1%
12
99%
290
98%
50
3
2%
3
85
81%
85
16%
1%
3
Rights
Cin Tobacco Ware
25
Cohen (Dan)
Crosley Corp
9%
*
*
....
7
8%
25%
13%
34
25%
Little Miami special-.-.50
30c
100
30c June
45c
Jan
Apr
107%
Feb
July
4
Jan
Kingston Products com..l
99
Jan
1
18c
18c
*
85c
83c
85c
Jan
Motor Products com.....*
7%
7%
200
7
7
July
8% June
Murray Corp com......10
5%
7%
5%
5%
300
5
Apr
1%
1%
2
Apr
2
Jan
1%
2%
Jan
Parke Davis
July
6
Jan
230
4%
7%
Jan
37
11%
34
5
5
25
50%
*
3%
3%
3%
18
6%
6%
4
435
27%
16%
27%
700
16c
Jan
25c
Jan
558
60c
Jan
1.25
Mar
2%
2,150
2%
411
May
Jan
11
Jan
Jan
June
5%
30%
Jan
1.25
Jan
River Raison Paper com.. *
Scotten-Dillon com-....10
1%
1%
200
1%
17%
17%
1%
17%
3%
1%
11%
300
4
Jan
Jan
8%
4
60c
May
May
June
27%
1%
Feb
85c June
50% June
Jan
Mar
200
June
Feb
1
46c
86c
Jan
6% May
560
300
85c
30
1%
15
10
1%
48c
85c
Jan
58%
1
com
1%
48c
*
com
Sheller Mfg com
Std Tube B com
27%
1
3%
1
1%
11%
Stearns (Fred'k) com
*
United Shirt Dlst com...*
475
330
25
Jan
May
1%
Jan
17% May
20%
Jan
3
Apr
4%
Jan
100
1%
Jan
2%
Apr
100
10%
May
11%
Feb
1
Universal Cooler B
*
60c
1
1%
5
Jan
1%
100
4% June
1% Mar
5
1%
U S Radiator com..
July
com
28
4%
July
Warner Aircraft
50
Preferred
Jan
52c June
Peninsular Mtl Prod com.l
45
July
1%
Mar
Mar
June
3%
200
3%
27%
10%
29
50% May
372
Randall B
Jan
50
47
58%
Apr
June
14%
24% June
500
Jan
8%
Mich Die Casting...
1
Packard Motor Car com..*
2%
9%
57%
4
30c
June
Michigan Sugar
50%
*
30c
Mar
"57%
*
500
July
*
US Printing
52c
Grand Valley Brew com..l
Hurd Lock & Mfg com—1
6
Procter A Gamble
Rapid
50c
Apr
3%
26%
25%
60c June
2% May
35
34
*
—
500
4% June
13%
Kroger
62c
2%
23
10
100
Hobart A.——.——--*
Gibson Art
60c
Jan
100
._*
Eagle-Picher
60c
com
23
7%
8%
25%
Hatfield Part pref
1
June
4,945
7
7
Graham-Paige
20%
Kinsel Drug com..
McClanahan Oil com
10
9%
430
90
3%
4%
4%
180
1,019
2%
4% June
79% June
251
Cln Union Stock Yards... *
1%
2%
37%
2%
37%
1
General Motors
High
1
com
Feb
98
809
Cincinnati Telephone—50
Cincinnati Street
1%
37%
1%
10
3%
Apr
1% June
36% May
2% Mar
General Finance
Week
of Prices
com
Goebel Brewing com
Sale
2%
Jan
60c
60c
110
60c June
1%
Jan
1%
1%
700
1
1%
Jan
550
Feb
Unlisted—
Am Rolling Mill
13%
25
Columbia Gas
—
3
*
10
General Motors..
37%
13%
288
14
3
38%
2%
37%
11% Feb
2% May
36% May
60
318
15%
4%
Jan
48%
Jan
Jan
Los Angeles Stock
June 28 to July 4,
Exchange
both inclusive, compiled from official sales lists
Thurs.
Sales
Last
Ohio Listed and Unlisted Securities
Members Cleveland Stock
Stocks—
Aircraft Accessories
Exchange
Par
50c
Week's Range
for
Sale
of Prices
Week
Price
1.50
Bandlni Petroleum Co...l
3
5%% pref..50
Berkey & Gay Furn Co
1
32
Barker Bros
Blue Diamond Corp
2
Broadway Dept Store Inc.*
Buckeye Union Oil com..*
Calif Packing Corp com..*
Central Invest Corp... 100
Unlin Cimmerci
Billdln^ Cleveland
Telephone: OHerry 6050
Cessna Aircraft Co...—1
i
Chrysler Corp
A. T. A T. OLEV. 565 A 666
%
2
June 28 to
July 4, both inclusive, compiled from official sales lists
Thurs,
Last
Sale
Stocks—
Par
Price
Brewing Corp of Amer—3
City Ice & Fuel
*
Preferred.
—.100
...
CI Cliffs Iron pref..
Cleve Ry.. —
104
78%
104
for
a4
10%
Range Since Jan. 1,1941
60
176
1,933
95
79
326
70
78%
29%
14%
28%
30
563
14%
14%
871
10%
10
10%
255
Firestone T & T
10
al5%
60
*
9%
al5% al6%
9%
9%
com..
Fostoria Pressed Steel
General Elec com......*
Goodrich (B F)
a32%
42%
100
Hanna (M A) $5 cum pref *
Harbauer Co
*
c
Industrial Rayon com..*
c
Inter lake Iron
*
com
Interlake Steamship
42
42%
105
30
140
4
a23% a23%
8%
8%
40
_.*
4
105
4
a23%
8%
*
Jaeger Machine
76
a32%
al7% al7%
*
Halle Bros pref
a32
al2% al3
...»
Goodyear Tire & Rub
10
40
21
11
75
39
12
33%
20
15%
1,150
al8% al8%
25
National Refining (new)..*
Natl Refining pr pref
6% .*
3%
"46"
Nestle LeMur cl A......*
all%"
cNY Central RR com—*
c
Ohio Oil
com....
......*
Packer Corp
c
*
8 O H
c
al8%
32
..*
Rlchman Bros
a44%
U 8 Steel com....
*
a
56
Weinberger Drug Stores..*
West Res Inv Corp pref 100
*52"
White Motor
al5%
50
.
3%
45%
46
180
478
225
1%
1%
all% al2
Youngs town Sheet A Tube*
Feb
8%
Jan
9%
Jan
35%
Jan
14%
20%
Jan
28% June
11% Apr
16
a9%
11%
al8% al9%
31%
32
20
a42% a44%
a55% a56%
8%
8%
54
30
167
Apr
103
Apr
Feb
2%
20% June
Jan
15%
11
June
42
Jan
June
106%
Jan
4%
Apr
26
11%
43%
19%
12%
Jan
Jan
Jan
Apr
Mar
33
July
7
Jan
15%
July
16% June
23%
Jan
1%
Mar
Mar
26
%
Jan
11% June
Feb
6%
11% Mar
Feb
Jan
3% June
July
1% June
Jan
15%
46
9% June
12
May
Jan
304
30
Apr
140
34%
49%
Feb
44% June
Apr I
70%
10%
JaD
2%
Feb
Apr
5%
June
lc
Jan
lc
Jan
30
17%
Feb
18%
Mar
fll8%
11
5%
a56
9
37%
033%
Jan
55%
17%
42%
Goodyear Tire & Rub Co.*
017%
o29%
48c
a8c
Lincoln Petroleum Co.. 10c
35c
Lockheed Aircraft Corp__l
24%
11
3%
5%
055% 057%
100
20
al5% al5%
a35% a35%
to
60
75
Apr
8%
51% May
Feb
12%
30% Apr
Jan
Jan
Jan
Apr
5%
June
350
17
5%
375
a71% a71%
9
8%
37%
37%
o33% a33%
al7% al7%
029% a29%
15
5% June
68%
Feb
19%
5%
48c
a8c
35c
24%
48c
for
of Prices
Low
High
48c June
aS c
200
37c
1,445
24%
100
8c
20c
20
May
19%
33%
57 %c
Feb
9c June
Apr
Jan
Jan
Feb
46c
Mar
Apr
28
Jan
May
200
38c
Jan
50c June
1%
May
May
2%
11%
200
22% June
30% May
400
28%
Mar
28%
34%
30%
300
32%
29%
41
1%
1%
9%
9%
a23% a23%
32%
32%
29
29%
41
033%
9%
3%
41
Ryan Aeronautical Co...l
Safeway Stores Inc
*
o42%
033% 034%
8%
9%
3%
3%
042% 042%
Secur Co Units of Ben Int..
a29
a29
Shell Union Oil Corp
15
015%
Sierra Trading Corp...25c
2c
20
9%
95
37%
33%
1,688
7%
Apr
June
Feb
350
2%
May
41
40
June
40
29
June
Jan
Jan
Apr
Mar
Jan
9%
4%
5
Mar
June
40
6
a29
38
July
Jan
June
Jan
105
10%
Feb
12%
Apr
2c
2,000
2c
Apr
2c
Apr
al4% 015%
2c
925
300
Signal Petroleum of Calif .1
12c
12c
12c
1,200
80 Calif Edison Co Ltd..26
23%
23%
23%
917
22%
25
25
So Calif Gas 6% pref cl A 25
30%
28%
30
30%
686
29
28%
28%
567
28%
32%
32%
11%
22%
1%
4%
195
31% May
34%
Jan
110
8%
18
12%
May
1,406
23
al0% ol0%
31
6% pref B
5%% pref cl C
Southern Pacific Co
Standard Oil Co of Calif. _•
32%
11%
22%
Sunray Oil Corp
1
1%
Transamerlca Corp
2
4%
al0%
14%
7%
Transcon A Western Air.. 5
Union Oil of Calif
Vega Airplane Co
26
1%
Wellington Oil Co of Del.l
11%
21
1%
4%
13%
7%
14%
8c May
May
May
May
Jan
Feb
12c June
28
Jan
30%
Jan
29%
Mar
100
1 %
Jan
1%
May.
May
1,664
4%
May
5%
Jan
Jan
14%
Jan
7,338
2%
2
13
7%
510
4%
Apr
8%
June
2%
262
1%
Apr
2%
Jan
Mining Stocks—
Alaska Juneau Gold MnglO
3%
3%
3%
100
Cons Chollar G & 8 Mng.l
1.50
1.35
1.50
500
a6%
a6%
50
a41%
a41% a41%
..100 0156% al54%al56%
50
27%
27%
27%
219
Shares
Range Since Jan. 1,1941
Armour A Co (111)
5
a4%
a28%
High
Bendix Aviation Corp
5
Bethlehem Steel Corp
Low
3% June
1.10
Apr
5.
Jan
1.50
Feb
Unlisted—
Amer Rad A Std Sanl Cor_*
*
Canadian Pacific Ry Co.25
2
2
200
2
Feb
Continental Oil Co (Del)
6%
6%
500
5%
Jan
2%
7%
Jan
6%
Apr
Curt is-Wright Corp
Auto
1
14c
14c
500
14c June
20c
Jan
page
17%
29% June
Jan
Jan
Feb
43c
*
2
see
10
35
100
9%
47%
34
43c
Richfield Oil Corp com...*
1
City Brew com
Feb
Mar
43c
1%
5
For footnotes
May
May
34
72%
8
9%
o23%
Atlas Drop Forge com
com
8%
37%
25
Jan
Mar
6
Jan
1
Commonwealth A South..*
Allen Electric
350
794
Jan
8
20%
5%
Menasco Mfg Co
Aviation Corp (The) (Del) 3
Week
Price
Feb
554
Pacific Finance Corp com 10
Anaconda Copper..
Sales
Week's Range
Sale
Par
June
5%
8
-.1
Amer Tel A Tel Co.
Exchange
Last
Stocks—
59
400
Jan
July 4, both inclusive, compiled from official sales lists
Thurs.
55
44
6%
19%
6
Apr
11%
5% July
68% May
6% May
8
Atchison Top A San Fe.100
June 28
2,155
Jan
9%
3% May
o5%
o5%
Amer Smelting A Refining.
Detroit Stock
100
8
Mascot Oil Co..
Pacific Lighting com
al8% al8%
11
10
Pacific Indemnity Co... 10
2
Jan
Feb
1%
General Paint Corp pref..*
25
25
Jan
3%
071%
6% 1st pref
5%% 1st pref
%
%
Jan
June
415
Douglas Aircraft Co.
.*
Electrical Products Corp.4
Pacific Gas A Elec oom..25
325
%
3%
32
200
5%
Los Angeles Invest'mt.-lO
Feb
1,000
19%
40c
Jan
27%
lc
*
Lac Chemicals Inc
2%
50
Mar
59
16%
38
22%
35%
52
52
June
40%
100
a9%
11%
*
Republic Steel com
13%
Jan
18%
Apr
18%
15%
al8%
13
Apr
June
June
12
1
10
7
18%
June
15%
40
33
104
25% June
12% Apr
100
McKee (A G) cl B
*
Miller Wholesale Drug—*
Jan
Feb
79% June
32% Mar
Jan
17%
Apr
100
Kelly Island Lime & Tr...*
National Acme
Jan
4%
10%
900
5%
Holly Development Co...l
High
3% June
Apr
8%
104
5
100
Low
3
lc
Hancock Oil Co cl A com.*
Week
Shares
-.1
Colonial Finance
c
High
a3%
10%
*
Cliffs Corp com—
c
of Prices
Low
High
2%
5%
6%
General Motors com
Sales
Week's Range
Low
1.20 May
32
2
a5%
—
500
lc
Creameries of Amer v t c.. 1
Exchange
1.50
Range Since Jan. 1, 1941
Shares
5%
Consolidated Steel Corp—*
Cleveland Stock
1.40
2%
Consolidated Oil Corp....*
Preferred
High
32
...
GILLIS 1<J RUSSELL co.
Low
Class A
3%
037%
a73%
a3%
a® i«
5
1
o22%
08%
1
a27%
a4%
a4%
o28% a28%
3%
3%
036% a37%
a72% o73%
51
6
Apr
39% May
7-
Jan
40% June
158
149%
22%
May
Feb
27%
Jan
45
4%
Feb
60
18%
Jan
5%
30%
May
325
410
Apr
Jan
35
Jan
4%
35
Jan
60
170
76
Mar
83%
Jan
Mar
4%
Apr
%
Jan
100
2%
Apr
Jan
a3%
a3%
a»i»
a»i«
75
022% a22%
a8%
a8%
27% 027%
15
17%
Feb
100
7%
Feb
23% June
Jan
9%
70
25%
Apr
28
3%
su May
June
85
J3*
ill
The Commercial & Financial Chronicle
84
I
me*
Thurs.
Stock* (Concluded)
Week's
me
Price
Par
General Electric Co..
32%
General Food* Corp
a36%
a 12%
—*
32%
Corp..*
a26%
a87%
Montgomery Ward & Co.*
a33%
New York Central RR—*
11%
a36%
a 12%
0.26%
a37%
a.33%.
11%
12
a
Goodrich OB F) Co
...*
intl Nickel Co of Canada.*
Kennecott Copper
North American Co.....*
a
Packard Motor Car Co...*
Pennsylvania
<zl0%
a2Z%
Sears Roebuck A Co.....*
a72%
RR
60
Radio Corp of America...*
Republic Steel Corp.....*
a3%
Socony-Vacuum Oil Co..16
a5%
a42%
«6%
Standard Oil Co (N J)—.26
Stone & Webster Inc.....*
a5%
21%
a39 Ys
al0%
071%
o3 9%
o%
...1
Studebaker Corp
Swift & Co
25
Texas Corp (The).
.26
Tide Water Assoc Oil... 10
Union Carbide A Carbon.*
United AlrcraftCorp
6
United Corp (The) (Del).*
U S Rubber Co—
10
US Steel Corp
•
Warner Bros Pictures Inc 6
a22%
36 %
50
11%
Feb
13%
Mar
Mar
Huttig S & D com
20
88%
Mar
75
37
21
200
51
35
2%
100
2
27
48
295
19
178
a71% o72%
112
9
9
75
«5%
a5%
a40% a42%
a6%
a6%
25
a5%
28
21%
21 %
360
a39% a39%
al0% alOYs
a.71% a7l%
72
130
038% 039%
51
a%
70
30
022%. a22%
455
a3%
50
56
a3%
092% a94%
15
Jan
Knapp Monarch com
17%
Jan
Feb
9% May
25
Apr
May
100
70
26
May
20
6
July
6
6
34%
34%
25
34
Price
American Tel & Tel.... 100
*
Budd (EG) MfgCo.
—*
Budd Wheel Co
Chrysler Corp.......—.5
"\58%
«•
of Prices
mm
30
35
14%
May
20
Jan
50
Feb
15
Feb
Mo Port Cement com —25
15
15%
112
13%
13%
Feb
16% June
17
17
6%
Jan
6
June
23
37
JaD
89% June
Mar
10% June
8%
Natl Caring Metals com
Preferred..
17
.*
.
..100
Natl Candy com
St Louis P S cl A
Rice-Stlx Dry Goods com.*
com
1
2%
Scruggs-V-B Inc com....5
8%
8%
Preferred..
Feb
Scullin Steel
Feb
71
June
36%
Feb
38 %
1%
Jan
9%
Warrants
.10
.
mm
mm
Curtis Pub Co com......*
6%
57%
%
28%
527
%
28%
30 %
mmmmmm
..10
37%
Horn&Hardart (Phil) com *
113%
General Motors
Lehigh Coal & Navigation *
Natl Power & Light
.*
4%
6%
2%
23 %
115%
-
Pennroad Corp vtc——1
200
6%
Prior preferred—..—*
Electric Storage BatterylOO
37%
35%
35%
52%
52%
42%
42%
.
Scott Paper
Tacony-Palmyra Bridge—
Class A participating—.*
Tonopah Mining
1
United Corp com
.*
Preferred
*
—
United Gas Improv com
.
Preferred.....
m
m-mrnmrn
m
m
mm
mmm
mrn
mmrn
2%
23%
115%
16%
25%
23%
2%
Feb
24
Apr
Apr
21%
60%
2%
68 %
Jan
Feb
8% June
m
mm
mm
7
.*
108%
10
mmmmmm
Westmoreland Coal.... .20
19%
1
Apr
8%
July
11
Jan
42%
Feb
45
Mar
98
35
96%
Feb
99% June
50
57
10%
13
50c
10
255
25
25
30
Bonds—
.
St Louis P S 1st Mtg 5sl959
mm
.
80
m
27
80
25%
1041
26%
82
1964
25-year conv Inc
Scullin Steel 3s
San
Low
9
June
50c
July
9
May
14% June
1.55
100
Feb
May
2% May
5%
Feb
9%
148%
55
May
"u June
28% June
27%
36%
113%
2%
5%
May
May
June
Feb
May
6,489
2
22
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
4% June
7% Mar
2% June
Apr
Feb
25
Apr
120
Jan
1,859
11%
168%
5%
7%
71%
1%
34%
34%
48%
25%
118
i
23
68%
Jan
80% June
Jan
26% June
86%
Jan
3%
38%
58%
65
42% June
46
Jan
50
26
116
52
Jan
16% June
26%
Mav
24
Jan
*i«
1,350
Jan
360
Apr
100
19%
Apr
6% May
104% May
Jan
Jan
%
7i«
1%
30%
10%
117%
%
22%
7%
6%
108% 109 %
12
11%
19%
19%
2,500
2,000
Francisco Stock
June 28 to July 4,
11%
79
May
Exchange
both inclusive, compiled from official sales lists
Sale*
Week's Range
Sale
of Prices
Low
High
Price
Par
1.45
Anglo Calif Natl Bank„20
Assoc Ins Fund Inc
7%
10
Bank of California N A. .80
Byron Jackson Co
Calamba Sugar com
'm'mm
*
m
mm
9%
*
20
Calif Art Tile cl A..
13%
for
week
Range Since Jan. 1, 1941
Low
Share*
1.50
450
7%
7%
4%
4%
105% 105%
9%
9%
13%
13%
1,269
7
7
^
/
Calif Water Service pref.25
mmmmmm
Commonwealth Edison..25
26%
Preferred
*
High
June
9%
104
Jan
112%
Feb
Apr
11%
Apr
14
May
5
Jan
7
Jan
80
Jan
30
Jan
May
15%
107
11%
82%
Apr
92
Jan
2.55
100
2.25
Feb
3.00
Jan
18%
18%
41%
41%
102% 104
6%
6%
37%
37%
210
86
86%
611
173
18
150
41
Feb
96%
Feb
104
July
8
Jan
Feb
19%
44%
5,397
183
342
130
«ie
Mar
Jan
Jan
Jan
Jan
19
Apr
19%
10% June
13%
Jan
Apr
Gen Metals Corp cap..2%
General Motors com
10
6%
mmmmmm
General Paint Corp com..*
Gladding McBean <fc Co..*
Golden State Co Ltd.
*
6
6
m
m-m
m
10%
1
48c
'mmmmmm
10
Preferred
LeTourneau (R G) Inc.—1
Apr
584
37
May
370
5
Jan
100
5%
8%
Feb
48%
mmmmmm
mmmmmm
mm m
m
m
ml
32%
Lockheed Aircraft Corp.. 1
mmrnmmm
Magna vox Co Ltd
1
mmmmmm
March Calcul Machine
5
17
-
7%
10%
225
15%
203
48c
146
47c
Apr
13
39%
Mar
43
100
48C
41
41
13%
13%
Jan
14% June
Jan
Mar
Jan
11%
Apr
14
90c
91c
600
48c
Feb
1.00
Apr
3%
32%
24%
3%
32%
450
1.90
Feb
3%
July
165
25
Jan
32%
Apr
28%
Jan
100
80c
Jan
1.15
Mar
360
15%
Feb
18%
12%
Mar
12%
17%
32%
17
197
12%
450
1.50 May
640
9%
Apr
both inclusive, compiled from official sales lists
No American Oil Cons.. 10
mmmmmm
8%
252
7%
Apr
9%
O'Connor Moffat cl AA..*
mmmmmm
7%
9%
8%
7%
Sales
Oliver Utd Filters cl B—*
5
5
170
23
Allegheny Lud Steel com.*
Blaw-Knox Co
_
.*
Byers (A M) Co com—„*
Clark (D L) Candy Co.—*
22%
7%
9%
6%
mmmmmm
*
Devonian Oil Co
2%
12%
Harbison Walker Ref com *
—100
Koppers Co pref
com.
...
Mining Co
mm
mm mm
mmmrn-mm
*
Mt Fuel Supply Co
10
Pittsburgh Plate Glass. .25
Pittsburgh Screw & Bolt. .*
Ruud Mfg Co
5
San Toy
High
—10
Col Gas <fe Elec Co
Lone Star Gas Co
9%
of Prices
Low
8%
"78%
-——-
6% pref..
...—100
6% pref.
—10
Westinghouse Air Brake _*
.
80
134
7%
9%
18%
6%
20
6%
145
3
581
6
18%
25
96
96
50
17% Apr
94%
Apr
8%
Apr
5% May
72% June
4%
Apr
7% June
8%
6%
78%
6%
8%
5%
1,073
78%
6%
262
247
125
7%
22
2c
2c
11,099
2%
2%
100
100
100
80
100
10
570
20%
21%
386
2%
2%
135
9%
10%
Jan
11%
Jan
Pacific Light Corp com...*
Pacific Light Corp $5 div_*
Jan
Pacific Pub Serv
7%
5
lc
Jan
14
Apr
2
7%
Feb
20%
Mar
105
.....
100
Paraffine Cos com.
Phillips Petroleum cap...*
R E & R Co Ltd com
Jan
Jan
9
Feb
3c
Jan
Preferred
Jan
6
100
10
_*
*
Preferred
Rayonier Incorp com
Preferred
1
Rheem Mfg Co
1
Richfield OU Corp com...*
May
May
22%
Jan
Jan
2%
Jan
105
3%
16%
117%
mmmmmm
mmmmmm
mmmmmm
m-mmm m
m
20
com
—
...
1
1.30
1.30
200
23%
32%
24%
32%
2,492
29
29%
1,124
34
34
949
t c__—.1
2
Shell Union Oil com
9%
16
Southern Pacific Co
100
Standard OU Co of Calif—*
St. Louis Listed and Unlisted Securities
Transamerlca Corp
Union OU Co of Call!
Union Sugar com
Universal Consol OU
Edward D. Jones & Co.
1
1
Western Dept Stores com
Building, ST. LOUIS
Members
.
*
Chicago Stock Exch.
Chicago Board of Trade
St. Louis Stock
Mar
1.65
Jan
28%
Jan
152
133
148
28
28
207
27
43
43
444
4
4
100
692
33
June
Mar
May
41% May
3
Jan
22%
108
14%
13
no
11% May
23% May
24%
306
1.70
1.80
200
13
13
190
8
9%
95c
1,795
95c
100
16
105
3%
100
14%
100
100%
32%
32%
11%
11%
22%
21%
4%
4%
285
3%
mmmmmm
mmmmmm
11%
22%
4%
14%
12%
6%
34%
151
14%
Feb
7%
Jan
Jan
Jan
37%
44
Jan
June
5
Jan
23 %
16
June
Jan
Jan
28
1.80
July
14%
Jan
Feb
July
2% May
10%
Feb
30
100
Apr
31
May
9%
July
95c
July
18%
1 Jan
4%
Jan
14%
July
102
Feb
34%
18
Jan
4%
Jan
13
May
Feb
8%
5,261
2,100
Jan
Apr
75c May
16
1,970
Jan
Feb
Mar
1.25
12
460
676
160
Jan
Jan
23
May
May
5%
Jan
13%
14%
13
Jan
U% May
12%
6%
12%
6%
134
8
Jan
13
235
6%
Apr
mmmmmm
3%
3%
600
mmmmmm
6%
6%
225
3% June
4% June
1.85
1.85
166
1.85
Am
Rad&StSntry—....*
American Tel & Tel Co.100
A.T.T. Teletype STL 593
Exchange
Anaconda Copper
Min_.50
Anglo Nat Corp cl A com.*
AtchlsonTop&SantaFe. 100
Aviation Corp of Del.
3
Bendix Aviation Corp.
5
Blair & Co Inc cap
July 4, both inclusive, compiled from official sales lists
1
Cities Service Co com.. 10
06%
06%
0158% 0l55%«158%
27
27%
6%
6%
o28% a28%
03%
o3%
03%
o37% 036% 037%
mmmmmm
mmmmmm
ThUT8.
Last
Sale
Stocks—
Par
Price
.1
Cocoa-Cola Bottling com.l
Dr Pepper com
26
*
Ely & Walker D Gds com25
Emerson Electric com
4
—100
bor footnotes see page 85.
Week's Range
of Prices
High
Low
45
5% pref-.50
Buarkart Mfg com..
Sale*
ConsoUdated Oil Corp
for
Range Since Jan. 1,1941
Week
Shares
Low
50
Feb
Kennecott Copper com.—*
Matson Navigation Co
*
28
Mar
M J&M&MCons—1
27
Jan
20
12
45
17
Apr
15%
Feb
19%
Feb
4% June
North American Aviation.l
Jan
95
Pennsylvania RR Co
45
60
26
22%
12%
22%
100
18
18
93
12%
4%
93
General Electric Co oom—*
High
July
340
4%
Curtiss-Wrignt Corp
Domlnguez OU Co
—*
July
22% June
45%
26%
26
*
1
300
5
2%
91
May
Feb
Feb
MonoUth Po Cem
8% pf 10
50
288
1,260
20
119
140
55c
55c
151
o4%
03%
18%
a4%
18%
500
mmmmmm
8%
32%
037%
25%
6
100
8%
8%
384
32
60
32%
32%
037% o37%
25%
25%
9c
mmmmm
9c
7
9c
7
033% 033%
2%
...
100
6
31
32
Montgomery Ward & Co.*
Mountain City Copper..5c
64
256
55c
Cons Edison Co of N Y... *
Preferred
1.30
22% June
301% May
28% May
1.60
Jan
June
9
Jan
5
Jan
8%
Jan
2.00
Apr
7%
Jan
Unlisted—
CEntral 7600
Postal Long Distance
Associate Member Chicago Mercantile Exchange
New York Curb Exchange Associate
American Inv
June
Phone
St. Loula Stock Exchange
to
10
Victor Equip Co com
New York Stock Exchange
June
25
Vultee Aircraft
Established 1922
Boatmen's Bank
2
25
Jan
5
157
16
..15
Soundview Pul Co pref. 100
So Cal Gas Co pref ser A.25
8
24%
1.80
mmmmmm
Ryan Aeronautical Co.—1
v
Jan
Mar
5
348
97
Jan
3%
13
13
Jan
Jan
16%
16%
117% 117%
103% 105
3%
3%
July
2.35
10
31%
39%
107%
101% May
3% May > 4%
14
May
18%
126
115% May
491
Unlisted—
Pennroad Corp
Apr
22
95c
Warrants
Roos Bros
mmmmmm
...25
Republic Petroleum com.l
Jan
Apr
32%
29%
100
Feb
3
9% June
*
Jan
10%
Jan
*
com
Preferred
Pacific Tel & Tel com.. 100
Jan
96%
7%
May
17%
6% 1st preferred...—26
6%% 1st pref
26
Jan
2% May
......
Pac GAECo com.....25
25
Mar
May
12
2c
9%
20%
7%
Apr
Apr
50
mmmmmm
Mmmmmm
23
High
12%
18%
7%
.1
Shamrock Oil & Gas com.l
Pacific Coast Aggregates.5
Low
Shares
'mmmmmm
1, 1941
Range Since Jan
for
Week
—
July
24%
19%
Feb
480
1.05
1.05
1.60
Menasco Mfg Co com
Natomas Co..
Jan
55c
9%
Sale
Jan
16%
1.50
Price
Apr
Feb
6%
8% June
10% June
7%
10%
-
Home F & M Ins Co cap.10
Honolulu Oil Corp cap...*
Hunt Brothers com
10
6
15%
•
Hawaiian Pine Co Ltd—*
Holly Development.
6
100
9%
Par
Jan
540
mmmmmm
Stocks—
Jan
7%
8%
120
1
Week's Range
Jan
5
*
Last
Jan
Mar
June
4%
525
26%
26%
12%
2.55
41%
103%
135
7
2.10
27%
Doernbecher Mfg Co
Firemen's Fund Ins Co..25
20
1.05 May
25% May
24% May
"86%
*
Emporium Capwell com.. *
Preferred (w w)
50
7
550
26%
26%
12%
Crown Zellerbach com...5
Meier & Frank Co Inc.-.10
Thurs.
Jan
''
13,000
83
23% May
Apr
92
113%
Apr
12%
Feb
23%
Feb
21% Feb
2%
Feb
33% June
50%
Apr
565
Pittsburgh Stock Exchange
June 28 to July 4,
Jan
10% June
High
\
22 Yt
mmmmmm
mmmmmm
m
.*
Westmoreland Inc
20
2,211
43%
50
50
—50
Salt Dome 011 Corp..... 1
—
Sun Oil
1,397
2%
23%
115%
16%
25%
23%
2%
35%
53%
50
Phlla Elec of Pa $5 pref... *
Reading RR
1st pref
2nd pref—
20
291
113% 113%
4%
4%
6%
6%
*
— ...
178
30%
38%
-*
Pennsylvania RR
591
25
V*
901
8%
Jan
July
7% Mar
5% June
2% July
6
50c
Wagner Electric com.... 15
Stocks—
56%
mm-
50
5%
2%
10
mmmmmm
Range Since Jan. 1. 1941
170
4
4
102%
44
10%
50c
com
22%
Mar
May
91$ June
*
com
June
5% June
4% Mar
98
98
100
Stlx Baer & Fuller
17
100
220
7
July
44
^100
1st pref
4
27
102% 102%
*
6%
5%
1%
Jan
64%
High Shares
10%
154% 156%
mmm
34
Feb
18
Week
mmm* -
•
Jan
Jan
35%
14%
Last
for
10 %
*
34% June
34
July
34
Aircraft Accessories....50c
American Stores—
July
8
17%
Sales
Low
1.30
31%
45
Week's Range
Rale
Par
Stocks—
101% June
14%
34
*
corn
Thurs.
Last
Apr
1.00 May
20
July 4, both inclusive, compiled from official sales lists
Thurs.
98
70
1.30
28%
Jan
Laclede Steel
39% June
Apr
Mar
1.16
6
"
Jan
Mar
8%
May
Midwest Plpg & Sply com *
4%
Jan
22%
Jan
72%
Apr
9% May
May
8
7%
May
Feb
June
6% June
5
7%
Jan
11%
May
100
June
28%
*
$2.50 pref
6
101% 101%
1.30
*
$2.70 pref
High
Low
250
Jan
3
Feb
Philadelphia Stock Exchange
June 28 to
8
International Shoe com...»
4% May
21% July
18
a%
6%
8
Range Since Jan. 1, 1941
Shares
7%
6%
8
Hydraulic Pr Brick pref 100
Jan
High
7
100
37% June
May
9%
Low
7%
5
39
June
5%
Week
.*
.
July
8%
&
a5
H ussma nn-Ligonier com
Preferred
11%
12%
8%
2%
10%
22%
3%
17%
70%
for
of Prices
1
Feb
80
55 %
56
a3%
094 y8
Westinghouse EI & Mfg.50
35
Week's Range
Price
Par
Falstaff Brew com
a8%
9
Standard Brands Inc.....*
(Concluded)
Jan
2%
19
Stocks
High
84%
a
19
Low
28 H May
86 % Mar
10% al0%
a.23% a23%
a3%
a4 i
2%
Paramount Picture* Inc.. 1
232
32%
a36%
al2%
026Yt
a37%
a34Ys
12 %
a8%
a8%
*
Ohio Oil Co
for
al2
12
Last
Sale
Week
of Prices
Low
High Shares
1941
Sales
Thurs.
Rang* Sine* Jan. 1.1941
Last
Range
July 5,
2%
3
795
Feb
6
149% May
168
Feb
27% June
4%
19%
2%
36%
Jan
6% June
30% May
Jan
5
37%
Jan
1.35
Jan
3% June
17% May
5%
23%
Jan
Feb
6%
May
7%
Feb
27% Mar
28% May
9%
32
34%
Jan
37%
June
5%
50
31%
Feb
130
24%
Mar
6c
Jan
75
600
014%
a 14%
10
23%
23%
214
Jan
Apr
Jan
50c May
100
29
Jan
22
7
July
32%
Apr
2% June
14
May
22%
Jan
Jan
Jan
June
Mar
28
9C
8
July
Mar
39%
Jan
3%
17%
25%
Jan
Jan
Apr
Volume
The Commercial & Financial Chronicle
153
Thurs.
Sales
Last
(Concluded)
for
of Prices
Week
Price
Par
Radio Corp of America
Week's Range
Sale
Stocks
*
Low
aSH
34
Apr
Jan
54
Jan
74 June
ship, Pa., for one-family dwellings to cost $739,000, In Philadelphia, Pa.,
6 4
Jan
84 June
for one-family dwellings to cost $2,469,000, in Upper Darby Township,
Pa.,
for one-family dwellings to cost $1,109,000, in Chicago, 111., for
116
224
May
28
Jan
29
May
31
June
234
339
304
1,371
28 4
29
a5 H
o54
a6
40
40
394
Title Guaranty Co pref
18
39 4
18
*
364 May
354
Feb
143
294
41
24
100
64
and warehouses to cost
to
July
May
174
Feb
184
75
354
Apr
424
Jan
1.15
1.15
1,100
1.00
Jan
1.30
Feb
564
328
494
Apr
704
Feb
Feb
34
June
a384 a394
1.15
United States Steel com..*
5
Westates Petroleum com.l
3
300
34
6c
6c
6c
537
6c
Feb
11c
Jan
80c
1
cost
75c
80c
1,150
70c
Feb
90c
May
cost $2,645,000,
one-family
and f0r stores
$1,467,000, in Jeffersonville, Inc., for warehouses
$708,000, in Dearborn,
Jan
394
564
34
United Aircraft Corp cap_5
U 8 Petroleum Co
1
5
dwellings to cost $2,647,000, for factories to
Jan
Jan
284 May
54 May
428
Sup Port Cement pfd cl A_*
Texas Corp com
25
Preferred
June
29
30 >3
Warner Bros Pictures
32
150
29
44
Jan
32
25
*
Borough of Queens for one-family dwellings to
50
23 H
30
Standard Brands Inc
$771,000, in the
$2,439,000, and for apartment houses to cost $1,061,000, in Chester,
100
25
6% pref
5Pref.
cost
cost
Pa., for shipbuilding facilities to cost $14,252,000, in Lower Merion Town¬
a4
32
26
com
High
74
84
So Calif Edison
Brooklyn, for apartment houses to cost $854,000, and for public buildings
to
Low
84
Riverside Cement Co cl A ♦
Schumach Wall Bd com__*
*
Range Since Jan. 1, 1941
Shares
High
a3 H
7 4
Preferred
85
Mich.,
for one-family dwellings to
cost
$848,000, in Detroit, Mich., for one-family dwellings to cost $4,610,000,
in Cleveland, Ohio, for one-family dwellings to cost $846,000, in St.
Louis,
Mo., for cantonments to cost $1,790,000, in Wilmington, Del., for ship¬
building facilities to cost $954,000, in Washington, D. C., for one-family
dwellings to cost $1,527,000, for apartment houses to cost $2,760,000, for
office
in
buildings to cost
$1,411,000,
for
and
a
library to cost $900,000,
Jacksonville, Fla., for one-family dwellings to cost $721,000, in Balti¬
Md., for one-family dwellings to cost $788,000, and for shipbuilding
facilities to cost $2,051,000, in Wilmington, N. C., for shipbuilding facilities
more,
*
No par value,
year,
x
Odd lot sales,
a
trading privileges,
b Ex-stock dividend,
d Deferred delivery,
Ex-dlvldend.
yEx-rlghts.
Admitted to unlisted
e
Cash sale—not Included in range for
f
t Listed,
J Title changed from
f In default.
The Wahl Co. to Eversharp, Inc.
to cost
cost
$2,492,000, in Arlington County, Va., for one-family dwellings to
$1,053,000, in Norfolk, Va., for- improvements to
$1,225,000, in Beaumont,
250,000, in
May Building Valuations 32% Above Year Ago, Reports
Secretary of Labor Perkins—All Types of Con¬
Shared
struction
Building
permit
than
greater
Increase
in
valuations
during
the
in
1941,
of
month
corresponding
Secretary of Labor Frances Perkins reported
32%
were
1940,
June 28.
on
"All types
of building construction shared in the increase,"
she
"The
said.
non-residential
most
occurred
gain
buildings, which showed
in
new
increase of 92%.
an
residential buildings
new
registered
while additions, alterations, and repairs
12%,
existing structures
17%."
rose
Perkins further
Secretary
explained:
Total
during April.
for
of both
were
This decrease
new
issued
during
May
7%
were
lower
than
caused by a decline in contracts awarded
was
based
identical
as
having
and
in
Calif.,
Beach,
Denver,
Colo.,
for
according
one-family
for one-family dwellings
for
houses to cost $2,455,000, in
apartment
one-family dwellings to cost $828,000, and for
to
cost
a
San Diego,
Calif., for
public building to cost
$1,786,000,
in
$1,356,000,
and for shipbuilding facilities to cost $1,912,000, in Vallejo,
San
Francisco,
Calif., for improvement to
for
Calif.,
for
one-family
dwellings
to
cost
plant to cost $900,000, in Portland, Ore.,
power
$772,000, in Bremerton,
one-family dwellings to cost
Wash.,
for
a
pier to cost $1,278,000, and in Seattle, Wash., for one-family dwellings to
$1,076,000, and for shipbuilding facilities to cost $3,975,000.
Contracts
were
housing projects:
in
awarded during May for the following publicly financed
(600 <L u.),
In Bridgeport, Conn., to cost $1,816,000
Boston, Mass., to cost $1,427,000 (414 d. u.), in Clifton, N. J., to cost
$801,000 (200 d. u.), in East Paterson, N. J., to cost $1,064,000 (300 d. u.),
in
$185,000
in
City—in the Borough of Brooklyn, to cost $607,000 (207 d. u.),
Bethlehem, Pa., to cost $915,000 (320 d. u.), in Annapolis, Md., to cost
(50 d. u.), in
Baltimore, Md., to cost $1,046,000
(300 d. u.),
(68 d. u.), in Mobile, Ala., to cost
Frederick, Md., to cost $239,000
(195 d. u.),
PERMIT VALUATION OF BUILDING CONSTRUCTION, TOGETHER WITH
These data
THE NUMBER OF FAMILIES PROVIDED FOR IN NEW DWELLINGS,
rose
9%.
Bureau of Labor Statistics from 2,099
population,
a
$1,-
In contrast, indicated
compared with April.
reports received by the
on
cities
$1,993,000,
cost
Long
3% higher in May than April.
Permit valuations
$1,469,000 (500 d. u.), in Denver, Colo., to cost $561,000
buildings and new non-residential buildings showed 1 and in Alameda, Calif., to cost $570,000 (200 d. u.).
in May
expenditures for additions, alterations, and repairs
are
to
in
was
residential
decline of 9%
a
valuations
permit
publicly financed construction, privately financed construction for which
permits
$898,000,
in New York
building
plant to cost
power
shipbuilding facilities to cost
$740,000, in Los Angeles, Calif., for one-family dwellings to cost $3,871.000,
a
to
for
dwellings to cost $856,000, in Burbank, Calif., for one-family dwellings to
cost
Permit valuations for
gain of
pronounced
Texas,
Texas, for recreation pier to cost $1,288,000, in
Houston, Texas, for one-family dwellings to cost $1,080,000, and for ship¬
building facilities
cost
May,
Galveston,
the
to
1940
census,
IN
of
CITIES IN NINE REGIONS OF THE UNITED
2,099 IDENTICAL
MAY,
BY PERMITS ISSUED,
AS SHOWN
STATES,
1941
approximately 64,000,000.
During the first five months of 1941, permits were issued in reporting
,
New Residential Buildings
,
cities for buildings valued at SI,124,400,000, an increase of 34% as com¬
residential building during the first five months of the current year
to
$595,079,000,
gain of 22%,
a
amounted
Percentage
of
Permit
Cities
Geographic Division
Percentage
Families
Change from—
Valuation,
compared with the first five months of
as
NO. of
Change from—
No.
Permit valuations for new
pared with the corresponding period of 1940.
Provided
April,
May,
for
April,
1941
May, 1941
1940
May, '41
1941
the preceding year.
•
The Labor
Department's announcement also stated:
The percentage changes in permit valuations from May,
2,099 $138616 588
All divisions
1940, to May,
+ 11.6
*
1940
—8.9
36,923
+ 38.0
—9.0
May,
+ 13.4
or over:
Change from May 1940 to May 1941
Class of Construction
141
$10,487,892
+ 48.8
29,809,120
—5.0
+ 13.4
2,638
7,361
+ 1.2
559
+ 0.1
+ 22.9
31,470,507
—22.2
+ 4.3
6,541
—27.8
206
7,136,546
—30.4
—1.1
1,917
—26.8
—0.7
South Atlantic
given below for 2,099 cities having a
455
West North Central
population of 1,000
are
New England
Middle Atlantic
East North Central
1941, by class of construction,
238
18,635,002
—0.6
+ 20.8
+ 3.0
69
3,851,385
7,236,862
+ 31.2
—36.8
+ 42.7
—31.5
—13.0
+ 15.0
East South Central.
119
West South Central
Excl. N.Y. City
All Cities
97
Mountain
New residential
+ 11.6%
+
+
91.8%
17.2%
+104.6%
+ 21.6%
—3.8
—1.8
+25.1
7.243
+ 18.5
—4.2
—18.1
+ 6.4
—6.1
—9.9
—3.1
+21.0
+ 12.4%
New non-residential
Additions, alterations, and repairs
+ 14.5
4>,749,496
25,239,778
215
Pacific..
6,135
1,483
2,383
1,222
All construction.
36.1%
+
32.0%
+
Buildings
permits
7,879
were
there
was
vided.
in
in
an
the
2,099 cities during May,
Population
1941, provided 36,923
these
cities
provided
increase of 13%
Publicly
financed
40,528
projects.
publicly financed
dwelling
Compared
May,
for
which
contracts
were
May,
occurring between April and
changes
awarded
in the permit
1941,
valuations of the various classes of building construction are
indicated in
Change from, April 1941 to May 1941
Class of Construction
All divisions--
A
+
—41.9
+ 168.2
E. N. Central. 15,082,716
—8.7
+42.5
6,132,185 + 160.5
+ 51.1
+ 53.0
+20.1
Excl. N.
All construction
+
+ 9.0%
+
29.4%
76.8%
10.9%
33.7%
+
38.6%
The
and
information
municipal
+
collected
by
the
+
21.9%
+
_—_
contracts awarded
Y. City
+ 75.1%,
Additions, alterations, and repairs
construction.
For
1941,
Federal
and
State
con¬
cities totaled $53,624,000, for April, 1941,
$80,932,000, and for May, 1940, $20,963,000.
Permits
projects:
were
In
issued
during May for the following important building
Cambridge,
Mass.,
for
institutions
to
cost
$725,000,
in
Harrison, N. J., for factories to cost $1,184,000, in Newark, N. J., for an
office building to cost $4,450,000, in
The Bronx, for apartment
5,747,327
—16.2
2,077,270
+ 31.5
+ 56.5
3,585,378
+ 10.1
+ 0.4
—8.5
Pacific
1,351,534
+ 52.0
6,021,339
—2.1
+ 149.2
45,937,004
+8.8
1%.
—R.
H.
Palmer
Named
Acting Director of Bureau
June 30 after serving as head of the Bureau for
it was announced in Albany, June 30,
by the State's Department of Taxation and Finance.
In a
letter of resignation addressed to Mark Graves, Commis¬
sioner of Taxation and Finance, Mr. Wilber called attention
resigned
on
than 12 years,
past the ordinary retirement age and
and responsibilities
said he wished to be relieved of the duties
Bureau of Labor Statistics include
May,
4,775,229
+ 22.4
+ 28.9
—38.0
to the fact that he is
by Federal and State governments in addition to private
struction in the 2,099 reporting
+ 17.8
+ 18.0
—8.6
+ 64.3
+ 32.5
1,717,396
7,252,436 + 169.7 + 167.0
Cortland A. Wilber, Deputy New York State.Tax Com¬
missioner and Director of the State Income Tax Bureau,
All Cities
New non-residential
+ 15.6 15,200,949
15,934,521
W. So. Central
with the corresponding
Change from, First 5 Months of 1940
to First 5 Months of 1941
..—
+ 46.7 19,456,949
—15.9
917,424
_
5,599,165
—25.1
54,677,722
15,827,014
36,957,082
6,681,242
16,514,974
6,509,219
Atlantic 13,277,496
more
New residential
+ 63.3
C. A. Wilber Resigns as Deputy State Tax Commissioner
and Director of New York State Income Tax Bureau
8.0%
period of 1940 shows the changes indicated below:
Class of Construction
+ 32.0 63,815,140
—5.0
+10.0%
>
-7.1%
comparison of the first five months of 1941
—7.1
21,000,071
67,240,614
+41.6%
+ 8.5%
All construction
1940
+ 91.8 271,344,942
—8.9 + 239.6
♦Decrease less than l-10th of
-8.1%
—9.0%
—9.3%
Additions, alterations, and repairs
Y. City
—9.3
96,226,106
New England7,121,910
MlddleAtlantic 28,790,022
Mountain
New residential
May,
$
$
South
New non-resldentlal
1940
April,
1941
May, 1941
May,
1941
E. So. Central
Excl, N.
April,
May, 1941
W. N. Central
the following tables:
All Cities
(Census
of 1940)
Valuation.
1940,
in the total number of dwelling units pro¬
projects
Percentage
Permit
Change from—
Valuation,
of which
units,
with
during May, 1940, provided 4,450 dwelling units.
The
Permit
Division
Of these 3,354 were in projects financed from public funds.
dwelling units.
April
in
Change from—
Percentage
Geographic
Permits issued
Total Building Construction
(Including Alterations
and Repairs)
New Non-Residential
New York City—in the Borough of
houses to cost $1,268,000, in the Borough of
of the office, which have in recent years grown increasingly
numerous
and exacting.
Commissioner Graves accepted
the
resignation, which is effective Oct. 1, and granted Mr.
a three months' vacation to cover the interim period
Wilber
before the resignation takes effect.
Commissioner Graves said he would
appoint as Acting
months, Roy H.
Director of the Bureau.
He indicated
Director of the Bureau for the next three
Palmer,
Assistant
that Mr. Palmer would be named Director as
of Oct. 1.
The Commercial & Financial Chronicle
86
July 5, 1941
Canadian Markets
LISTED
Industrial and Public
AND
UNLISTED
Utility Bonds
Montreal Stock Exchange
Closing bid and asked quotations, Thursday, July 3
Thurs.
(American Dollar Prices)
Sales
Ask
Abltibl PAP ctfs 5fl—1953
52
Alberta Pac Grain 6S..1946
68
70
Algoma Steel 5s......1948
70
Bid
Ask
72
British Col Pow 4^8-1960
53
Gen Steel Wares 4KS.1952
Gt Lakes Pap Co 1st 6s '65
Lake St John Pr A Pap Co
6 ha
1961
70
68
68
70
63
66
56
58
71
73
Maasey-Harris 4KB
1954
63
65
Canada S3 Lines 6s...1967
69
71
McColl-Front Oil 4Kb 1949
70
72
Canadian Vlckers Co 6s *47
40
42
N Scotia Stl A Coal 3Ks '63
56
58
Dom Steel A Coal 6 K« 1955
73
75
Dom Tar A Chem 4 K i 1951
69
71
Power Corp of Can 4 Kb '69
1968
46 H
68
70
lusw
67
69
73 K
65K
67K
48 h
Famous Players 4 Kb..1951
72
Prloe Brothers 1st 6s..1967
Co—
4s
Quebec Power 4s
Par
Hollinger Gold Mines
1962
70 K
72 K
for
of Prices
Week
6
Hudson Bay Mining.....*
Imperial Oil Ltd
*
Price
25
12
May
13
Jan
25X
25X
270
22%
May
26 X
Apr
Feb
iox
Feb
12%
9
9
922
4 Xs series B
1966
71
73
Provincial and Municipal Issues
217
11K
14
Jan
13%
240
13
June
16%
Jan
"22X
22X
22 X
60
22
May
25
Jan
32
31H
32
877
29 K
June
36 K
Jan
13K
13 X
125
13%
15%
Jan
80
80
Mar
July
May
May
87 K
Jan
10 x
Jan
80
1
9H
9K
100
9
2K
140
2
3K
2%
3K
25
Bid
Bid
Jan
4KB
1 1948
42
43 K
6s
Oct
Oct
be
1 1966
41
42 h
6s
91%
4s........June
81
83
4Kb
July
4Kb
Oct
12 1949
1 1953
6s
92
15 1966
Jan
91
94
96
Provlnoe of Manitoba—
Jan
Mar
Jan
25K
25K
19
16
17
20
15
May
51
23 K
23 K
34
24
150
19
May
27K
Jan
34
34
25
31
Feb
38
Jan
Montreal Tramways...100
National Breweries
*
Natl Steel Car Corp
.*
•
53 K
52%
53 K
445
*
20
20
20 K
330
1C0
m •
-
Co
m
*
5
*
1.30
4m mm -
5
265
10
8%
8%
64 K
5
10
10 K
25
1.30
365
1.30
150
May
57 %
May
21K
June
3%
8%
May
Jan
Jan
155
Feb
5%
Apr
June
12K
Jan
May
67 K
Apr
9K June
14K
63
1.30 June
Jan
Jan
2K
13
1
13
June
17
Jan
19
95
19
Mar
22
Apr
12
May
17
Mar
70
Jan
Feb
73
Jan
*
4
Feb
14
265
65
65
65
25
69
5
13K
3K
54 K
3K
3K
Apr
54 K
June
54 K
7
*
29K
28
29 K
190
mmmrnmm
80
80
mmm
m
mm
59 K
64
100
Winnipeg Electric el A...*
100
49 X
18
13
69
13%
•
Viau Biscuit pref
10
May
19
mm
25
Viau Biscuit
152
64 K
---»
10 K
*
of Canada
Preferred
152
4K
100
__*
St Lawrence Corp
Steel
m.
*
Shawinlgan Wat A Pow
103
100 K 101 h
30
25 K
40
*
Class A pref
50
St Lawrence Flour Mills..*
1 1962
26
Montreal Telegraph
102 x
1 1942
Jan
551
101X 102 h
Sept 16 1943
May
1 1959
89K
Prov of British Columbia—
5s
Ask
29
5%
21K
Price Bros A Co Ltd
Province of Ontario—
3% June
20% June
21X
5% preferred..
Ask
Jan
3%
21X
Quebec Power
province of Alberta-
80
9X
mmmmmm
Montreal LHAP Cons..*
Power Corp of Canada
(American Dollar Prices)
Jan
12X
13
.*
Preferred
Closing bid and asked quotations, Thursday, July 3
9
12%
Ogllvie Flour Mills
8 ague nay Power—
High
201
Noranda Mines Ltd
Federal Grain 6a.
Low
12
3
*
Range Since Jan. 1, 1941
Shares
25X
100
Massey-Harrls
McColl-Frontenac Oil
High
12
mmmmmm
Intl Nickel of Canada....*
Intl Petroleum Co Ltd...*
Int Power pref
Laura Secord
Low
12
Imperial Tobacco of Can.6
International Bronze
*
Preferred
Canada Cement 4KB-1951
Donnacona Paper
Stocks 0Concluded)
Week's Range
Sale
Bid
Last
Jan
60
Apr
28
June
4Kb
Aug
1 1941
95
100
6s
June 15 1964
70
74
4Kb
Mar
2 1950
90 K
92
6s
Deo
2 1969
70
74
4s
Feb
1 1958
83
85
Preferred
100
4Kb
May
1 1961
83
85
Zellers pref
25
15 1943
62
65
Commerce
149
28
15 1946
58
61
Montreal
100
179
179
179
115
171
Mar
193
Jan
1 1961
53
56
Nova Scotia
100
269
269
269
11
269
June
284
Jan
Royal
100
154
154
34
150
Fen
166
n
Provlnoe of Quebec—
Prov of New Brunswick—
6s
15 1960
81
77
80
4K
42
Feb
24
70c May
4K
4K
170
4K June
10%
10%
25
23% June
1.15
Jan
7
Jan
24 K
Jan
84
4Kb
Apr
15 1961
Provlnoe of Nova Sootla—
Wabasso Cotton
Apr
Prov of Saskatchewan—
5s
..June
4Kb
Sept
15 1952
89
91
5 Kb
Nov
5s
Mar
1 1960
91
94
4Kb
Oct
Banks—
100
Railway Bonds
149
149
June 28 to July 4, both
(American Dollar Prlcea)
Canadian Pacific By-
perpetual debentures
6s
Sept 16 1942
1 1944
July
-
Bid
--
Ask
Sales
Last
63%
85 x
104
63 %
4Kb
86 X
104M
Sept
1 1946
86 K
87 K
5s
Deo
1 1964
81X
July
1 1960
76 H
77 h
Stocks—
Par
Abitibi Pwr A Paper Co__*
6%
cum pref
....100
Aluminium Ltd
Dominion Government Guaranteed
Bonds
Ask
11961
99
99 h
June 16 1966
100
Ask
Ry—
100 H
4Kb
4 Ms
Sept
4 Ms
Feb
4
Bid
Canadian Northern
1 1966
6s
July
1 1967
1 1969
6s....
Oct
1 1969
6s
Feb
1 1970
July
99 X
99 %
99%
99 %
102 % 103%
102% 103K
102 h 103K
6 Kb
July
1
1946
Beauharnols Power Corp.*
Brewers A Dists of Vane. .5
Week
107 X 108
Price
70c
5%
99
3s
Jan
1
1962
91
92 K
83
85
Thurs.
Asbestos Corp
»
Associated Breweries
of Prices
Low
High
Week
*
Braslllan Tr Lt & Power.*
"Ik
British Col Pwr Corp B__*
Bruck Silk Mills
*
Building Products A
Canada Cement
Canada Cement pref-..100
Can North Power Corp.
Canada Steamship (now).*
95
Canadian
Preferred
7%
Rights
*
6K
Mar
4
3K
4
23
May
5
Jan
June
18 %
102 X
Feb
98 H
June
Canada A Dom Sugar Co. *
Can Nor P 7% cum preflOO
24
24
58
20 H
June
100
Cndn Foreign Inv
15K
Cndn Ind Alcohol
88
88
54
88
June
95 M
7
7
7
100
7
June
8X
Cndn Industries Ltd B
*
151
151
151
29
150
June
207
..100
158
6
160
7%
cum pref..
158
158
Jan
Jan
Jan
June
175 K
30c
30c
30c
500
30c
July
40c
Mar
5c
5c
5c
200
5c
July
10c
Mar
Consolidated Paper Corp.*
3
2%
3
Donnaoona Pap Co Ltd A *
2H
2%
2%
2%
City Gas A Elec Corp....*
Claude Neon Gen Adv
*
"Teo
*
4
•
Fraser Companies
*
Ltd
Fraser Cos vot trust
*
*
469
2K
3
296
2%
2%
7%
165
7h
5
1.60
1.60
120
4
4
15h
5
15H
12
150
15K
May
JuJy
2% June
7
Jan
1.50
Low
Jan
4
Jan
5K
Jan
5%
Jan
10
Feb
May
3.00
3K June
5H
Jan
Jan
305
15
Jan
16
Apr
5
July
Jan
5
5
6
5
July
141
6
Feb
8
6K June
11
Jan
1
Jan
7
7
7
7K
7K
7K
Mackenzie Air Service_._*
1
1
1
100
1
Jan
12
12
12
100
11
Feb
15K
37
40
Jan
36
36
36
90
27
Jan
McColl-Fr Oil6%cumprflOO
Melchers Distilleries Ltd.*
89'K
89 K
89 K
20
90
May
96 K
Feb
1.25
1.25
1.25
125
1.25
Jan
1.25
Jan
14 K
Jan
Apr
Moore Corp Ltd
44 X
25
41 K
Feb
47h
1
14 K
Jan
18 K
17
3
98 %
Apr
104
Jan
10 K
298
10 X
May
5% June
7
Mar
144% 145
6%
8K
103
May
104
Jan
18
255
16
10 K
25
1.75
5X
5%
14K
4%
95
5
95
7
137
High
44
*
May
Page-Hersey Tubes Ltd..*
13
Jan
160
Jan
102
Provincial Transport Co. *
8ou CndnPwr6% cum pf 100
5K
15
5K
99
36
1
98X
25
98
May
July
May
Jan
5K
Feb
8K
515
22 X
May
26 K
Jan
Standard Clay Products 100
United Securities Ltd. .100
10
1.50
Mar
1.75
Apr
Walk-Good A Worts II
10
4K
Feb
5K
Mar
10
13 %
15K
Jan
OX
100
Mar
Jan
Cartler-Malartic Gold
1
lc
lc
8%
5K
Jan
East Malartic Mines
1
2.28
2.28
Jan
Lapa-Cadillac Gold..
1
8c
8c
1,000
3.80
3.80
200
87c May
1.00
1.00
4,100
1.00 June
70c
70c
230
70c
Apr
70c
Apr
3c
3c
1,000
2c
Feb
3c
Apr
60c
Apr
115
4K
Feb
Feb
5
94K
June
35
5X
May
3 K
June
July
1
2h
Bousacadlllac Gold
17 K
Feb
21K
Mar
Macassa Mines Ltd
1
25
20 K
Apr
Malartic Goldfields
1
May
Jan
112
112
27
18 X
110
27 X
28 K
Jan
55
Mining Corp of Canada..*
Murphy Mines.
1
124
Feb
23
Feb
O'Brien Gold
1
68c
18 K
11
Feb
Perron Gold Mines
1
1.35
Apr
Pickle-Crow
1
3
Jan
Sherritt-Gordon
6K
22 K
10
22 K
18
18
40
17
May
11
95
10
Jan
125
2
Feb
2,714
70c
May
11
40
1HC
*
245
22 K
20
39 X
lXc
500
700
IK
Feb
4%
Mar
Mar
47 K
Jan
lc June
1,500
lc
2.30
1
2Kc
Feb
2
38 K
Mines—
23
Jan
2K
38 X
*
22 K
2X
5X
102
Mar
5.852
19K
2%
5X
H
102
_
23
5%
Jan
Jan
88
22 K
*
Canadian Paolflo Ry._.2o
15V,
*
525
18
15 X
Cndn General Invests
3X
19K
*
Apr
27
3X
......_*
Cndn Converters
10K
100
3%
100
Jan
44
405
5%
~23~"
Jan
9K
100
5X
60
Celanese..
Jan
7K
115
100
•
5%
Cndn Car & Fdry pref__25
June
Massey-Har 5% cum prflOO
14K
~T%
98 M
Jan
1.75
"Bk"
Feb
4
84
85c
10
25
*
...»
6% preferred
25
High
Feb
Feb
50
16
"iok
Brit Col Power Corp cl A.*
Shares
8
18
Paper A.*
Bell Telephone.......100
Batnurst Pow A
Range Since Jan. 1. 1941
8
18
210
99
Low
55c
MacLaren Pwr A Paper..*
for
*
5K
5%
550
cum preflOO
Lake St John PAP
Sales
Week's Range
Sale
AlgomaSteel
70c
9
Ford Motor of Can A
Exchange
Last
Price
70c
9K
Fleet Aircraft Ltd
July 4, both inclusive, compiled from official sales lists
Par
Range Since Jan. 1,1941
Shares
Donnacona Paper cl B
*
Ea Koot Pw 7% cum prf 100
Grand Trunk Pacific Ry—
4s
Jan
1
1962
Montreal Stock
Stocks—
High
99
Falrchild Aircraft Ltd
June 28 to
Low
3X
15
CalgartPow6%
(American Dollar Prices)
Bid
*
Brit Amer Oil Co Ltd
Closing bid and asked quotations, Thursday, July 3
Canadian National Ry—
for
of Prices
82 K
4Kb
Week's Range
Sale
Canadian Pacific Ry—
is
6s
:
Jan
162
inclusive, compiled from official sales lists
Thurs.
*•
Ask
May
Montreal Curb Market
Closing bid and asked quotations, Thursday, July 3
Bid
143
Gold
68c
lc
Jan
lc
Jan
2.18 May
2.90
Jan
Mar
8c
12 he May
1.16
Jan
1.04
Jan
1
68c
300
1.35
1.35
200
1.28 May
1.65
Jan
2.85
3.00
600
2.29 May
3.00
Jan
350
61c May
84 c
Jan
67
67
1.10
Jan
Jan
Consol Mining A Smeltlngh
Sullivan Cons Mines
1
53c
54c
50c May
Mar
35K
36
1,500
65c
36
295
32
May
39
Jan
Distillers Seagrams
Dominion Bridge
610
4.00 June
7.00
Jan
21
*
4.05
21
Wright-Hargreaves
4.00
21
145
19
May
28
Jan
23
23
100
21K
May
140
21c
Jan
2.55
Jan
*
*
Dominion Glass pref.__100
Dominion Steel A Coal B 26
Dom Tar A Chemical
"
6%
*
Dry den Paper
Electrolux Corp
7K
English Electric A
*
12
4%
6K
May
9K
Jan
25
3%
June
5X
Mar
4
7K
73
7
4
125
7 K
23
3K
*
12
12
35
4K
7X
4K
145
70
4
May
Feb
82
5K
Mar
"53
OilCommonwealth Pete.
*
20c
20c
20c
100
Home Oil Co Ltd
♦
1.85
1.85
1.85
1,030
Toronto Stock
Jan
.30
6
May
8
23
June
27
May
3K June
5
May
110
10 X
12 K
7K
Feb
9K
25c
Apr
1.25
Jan
July 4, both inclusive, compiled from official sales lists
Thurs.
Jan
1
June 28 to
Jan
110
50
Feb
Feb
6X
2
86
June
93 X
Jan
53
75
53
June
56
Feb
4
4
40
Mar
4
Jan
3
3
90
3K
Sales
Last
Stocks—
Par
Week's Range
for
Sale
of Prices
Week
Price
Low
Jan
High
Jan
87
53
3
3
50
4K
2 K
2%
2K
Mar
May
5
May
Exchange
Jan
4
6
19c June
1.58
Jan
87
.100
Goodyear T pref lnc 192750
Gued (Charles)
*
Gypsum Lime A Alabas..*
Apr
600
3%
7%
30
Rights
General Steel Wares
Hamilton Bridge
5
7
3K
Gatineau
Preferred
140
6%
23
B
Foundation Co of Can
Mar
27 K
155
73
4
..1
Feb
3X
140
*
Dominion Textile
4K
Abltibl pref 6%
100
Alberta-Pacific Grain prflOO
Aldermac
*
*
Jan
No par value,
r
5K
26
5c
Canadian market.
Low
9c
140
4
5
5K
26
5c
Range Since Jan. 1,1941
Shares
25
550
High
Feb
Apr
5c
8
29
July
17c
Jan
Jan
Jan
Volume
87
The Commercial & Financial Chronicle
153
Canadian Markets—Listed and Unlisted
Toronto Stock
Par
Week's Range
Sale
of Prices
Price
Low
Shares
8A
200
50 Ac
52c
1,200
2.55
400
Stock*
High
(Concluded)
for
of Prices
Low
High
Week
Price
Par
594
10
2A
294
2
185
25
Jan
49
49
49
Apr
81c
Jan
2.00 May
2.75
Jan
Feb
Massey-Harrls
Massey-Harrls pref
Mclntyre..
85
6c
6c
694c
8,200
394c
Apr
9c
494c
4Ac
4 Ac
Feb
594c
Jan
McKenzle
1
1.06
1.70
2,100
2,000
394c
1.66
1.50
June
2.45
Jan
McWatters
*
14c
14c
Ashley
Gold
Mines
4
6c
Bagamac
Bankfleld
5c
.....1
...
6c
250
5c
6,000
6c
4Ac
594c June
1694c
Jan
8c
Jan
Monet a
283
Feb
250
Jan
Moore Corp
Moore Corp A
179
179
6
171
Mar
193
Bank of Nova Scotia...100
269
270
28
269
July
242
243
19
240
June
Bank of Toronto
100
242
7c
lie
Mar
694c
.....1
Beattie Gold
8c
1,000
1094
25
1094 June
6Ac
694c
300
6c June
15c
1.05
...»
Bear Exploration
8c
1094
1.05
100
1.00 May
1.20
8c
*
Bath Power clA
1
Bell Telephone Co
...100
144 A
Bldgood Kirkland
1
7Hc
14494
794c
98
794c
144
13
Jan
32c June
54c
100
41
Feb
4794
5
176
July
176
176
100
294C
Feb
Jan
Negus Mines
Jan
Nipissing
5
"T.Io
1394c
Jan
Noranda Mlnee
*
54
Mar
11c
Jan
47c June
52c
10.50
Apr
Bralorne.
*
9.90
9.90
9.90
165
894
1594
5
Feb
794
July
*
894
1594
5,208
British American Oil
930
15
June
1894
Jan
B C Power cl A
*
23
26
79c
4,580
Feb
1.10
950
16c
17c
2,500
Canada Bread class A.. 100
100
*
494
Canada Northern Power. _*
594
Canada Cement
Canada Packers
122"
294
200
122
294
.
5
120
9
9
23
Canadian Malartic......*
Canadian Oil
*
45
1.27
May
2.25
May
3.05 June
2.15
100
1.96
May
2.35
2.99
3,880
1.71
1.74
800
1
16 Ac
1694c 1694c
1
1.38
1.40
*
26c
l
64c
*
Chromium
Com moil.
"l9c
iA.
Coniagas..;
100
163
Jan
Jan
20
May
2194
58c
3,100
35o June
69c
Jan
66c
67c
1,942
61c June
87c
Jan
7.10
7.10
206
7.10 June
8.90
Jan
1
1
Senator-Rouyn
Sherrltt-Gordon
67c
---1
Sigma
6
694
157
594 May
Siscoe Gold
51c
51c
51c
800
51c June
7c
8c
4,000
1294
12 94
25
9
—
.......*
*
.........I
Chemicals
7c
1.65
Feb
1.95
Jan
3,300
9c
Feb
5,500
1.10
May
1,000
4.600
80
40c May
100
Dominion Coal pref
Dominion Steel cl B
294
May
25
59 94
Mar
1.26
1.14
1.26
33,625
81c
Mar
1.78
Jan
2c
2hc
9,500
2c
June
494c
Mar
1.15
1.15
1.15
50
1.10
Apr
1.65
Jan
294c
Straw Lake
Sudbury Basin
Sudbury Contact
*
1
;
294 c
294c
5,500
2 94c June
594c
Jan
Sullivan
1
60c
60c
60c
400
Jan
Syivanite Gold
1
2.45
2.45
2.50
1,345
1094
1094
5
2.80
2.90
1,350
May
3.75
694
694
20
6
June
10
105
10
100
May
107
26c
1.55
Feb
1.30
210
'
20
3694
592
9
27
113
23 94
2394 ■\V
40
60c
60c
60c
115
21A
2194
2194
260
694
494
8
9c
10c
1
294c
1.13 June
9
Apr
3194
111
May
Tamblyn com
Teck
Jan
Tip Top Tailors.
3994
Jan
1.55
June
145
Jan
25
Mar
2.80
1
Jan
14
2194 June
10c
Apr
1.05
Jan
2194
May
2494
Jan
Hughes
*
103
Preferred
2.26
Extension Oil
75
19
Feb
10
64
June
soo
2,000
Jan
Upper Canada
694
Mar
894 c June
294c May
10
Feb
6
4
June
15c
1,000
2.55
2.60
360
2294
2294
25
1094
Apr
10
2.60
..........l
2.17
May
11 94c May
1.97
Feb
2194 May
994
594
8
294C
294
1.82
3.50
3.50
...
Federal Klrkland
1
» *
—
194c
**
Fleet Aircraft....
Ford A
B...
394
15A
Francoeur
39c
Golden Gate—
1694c
:/-• 5c
*
Jan
Ventures
Jan
Vermilata Oils*.
39c
5,100
5
70
3c
34 94 c June
70
June
3c June
1994
95
18c
3,500
2 60
Jan
Western Can Flour pref 100
Jan
Westons..
28
6C
Jan
694c
Jan
1694
Apr
1594 June
54c
Jan
90
5294 June
*
War Loan
12 A
Hollinger Consolidated...
Home Oil Co
Honey Dew
Howey..
1.89
Imperial Bank
200
10
Int Milling pref..
International Nickel
110
294 June
394
June
2994
Apr
Consolidated Paper.
3
May
Jan
Klrkland-Townsite
3
295
Apr
594
394
67c
67c
1,400
67c May
1.10
Jan
Langley's pref
Mandy...
3c
5,000
3c May
8c
Jan
Montreal Power
2 94
Jan
50c
50c
1,570
50c
July
50c
July
994
50
894
Apr
1094
1394
*
2 94
894c
24
24
594c
594c
594c
2194
12
1.88
1234
1,028
1.90
1,400
1794
15
23c
500
300
1
1,155
12
May
May
2.54
1794
30c
Jan
2394 June
192
Feb
8J4
May
7
70
7
July
30
6 94
112
10
2694
205
1094
Jan
794 May
Feb
994
Jan
May
110
Bank
of
Montreal
11594
Jan
The
In the prairie provinces
the last few days have
1,500
lc June
294c
Jan
38c
38c
46C
Apr
94c
1,800
5,000
35c May
94 c
94 c June
194c
Feb
4.15
69c
3.05
Feb
July
4.25
7,108
70c
8.995
69c
350
14 A
July
190
4.25
Mar
900
694 c
15
4.65
4.65
894c
894c
894c
*
Laura Secord (new).
3
994
994
994
Leitch
1
45c
45c
47c
4,100
270
Jan
Jan
5.15
Jan
13c May
6c
Apr
9c
Jan
10
20 94
June
2994
Jan
900
1.20
Apr
2.10
Jan
Canadian
on
Crop
in
Saskatchewan
week of intense heat has adversely affected
a
and
Alberta but stimulated
extent in
to some
Cooler weather and heavy precipitation in
been beneficial but good July rains are required.
Loss
fror)d pests has been small although a widespread infestation of sawfly
There has been slight scattered damage from hail.
In
Quebec growth has been retarded throughout the greater portion of the
province by excessive heat and lack of moisture and hay and pastures have
threatens damage.
suffered.
Rain is urgently
needed.
In Ontario prolonged drought with
high temperatures has been detrimental to crops
in nearly all parts of the
Fall wheat on the whole is fairly
Apr
1094
Jan
province and the situation is menacing.
Feb
60c
Jan
satisfactory but the condition of other cereal crops, hay, pasturage
1.60
1.90
200
2594
55
24
23
50
22 94
Apr
2.06
Jan
Mar
27
Jan
May
26
Jan
:
Mlnee
1
3.75
3.75
3.80
875
3.45
Fee
4 30
Jan
1
1.53
1.53
1.65
3,000
1.49
May
2.35
Jan
Madsen Red Lake...
1
70c
67c
75c
63,638
50c
Feo
Malartic (G F)
1
96c
96c
1.07
800
87c
May
200
45c
25
1.86
1.05
21
McL Cockshutt
Macassa
Jan
Apr
9
2294
25
4.45 June
Mar
1494
Lamaque G
Lapa Cadillac
»
25
following is the general report on the condition of
issued July 3 by the Bank of Montreal: m\
Jan
•
Feb
Jan
10c
Canadian crops as
27c
*
1.40
Feb
15
4
Conditions
12c May
A
May
5
Reports
Jan
Jan
23,900
B
Feb
8c
85c
July-
21c May
16c 1994c
lc
lc
Loblaw
2 94
2,500
May
No par value
crops
Little Long Lac
60c
Jan
Mar
1.59
14
8
994
*
healthy growth in Manitoba.
.
9c
1.30
High
Low
200
2194
1.36
Pend-Oreill«
Jan
69c
Range Since Jan. 1, 1941
Shares
24
*
Jan
4.20
3
294
*
3694
1594
15
Mar
264
65c
894c
..._100
2994 June
1394 Mar
1
High
Low
65c
1
.
762
Lake Sbore
Mar
9994
Jan
Jan
Price
1
415
Klrkland Lake
10194
Jan
1394
Kerr-Addison
Feb
84
Feb
May
Sales
for
Par
Stock*—
3194
lc
June
9894
Exchange—Curb Section
Jan
1394
94c
101
5,200
37c
3194
1
40
,500
9894
23c June
112
1
$200
40
101
3,500
13A
J M Cons
Jan
Jan
Week
31A
Jason Mines
7.00
of Prices
•
Jacola
3.85 June
Week's Range
7
19c
10,355
Jan
both inclusive, compiled from official sales lists
International Petroleum._»
Jack Waite
Jan
Sale
8
100
794
Last
5
9
9
Imperial Oil Co—
Imperial Tobacco pref..£
International Metals A.__*
Jan
11
Thurs.
2594
2534
20094 20094
Hudson Bay
Jan
26c
2594
Jan
45
23c
—-
2094
July
Jan
3,400
17
—
48
July
16c May
May
Apr
994
50c
....
May
1994
June
1994
194c
12
3c
Hinde <fc Dauch
Jan
37
4.05
3.85
9894
Toronto Stock
June 28 to July 4,
3
Hedley Mascot
Jan
9
40
(1st)
War Loan, 2d......
3
Harker
Jan
4.10
4
101
100
UchL...
3
"~67c
Jan
2 94
Apr
14
12
5594
294c
3
794c
4.25
June
1
3.10
40
10
Mar
60
294
2.95 May
Jan
180
1594
4
494
3.85
5
June
500
2c
2A
2.28
Bond*—
Jan
30
53
13
*
Feb
494
14
10
10
Wright Hargreaves
Jan
....—....—1
Jan
4
Jan
494c
Jan
25c
Mar
294
1.27
Jan
Jan
6
Jan
24c
Rock.....
600
3894
.........
Canadian Marconi.
Hard
2,500
17c
2c
Harding Carpets........
1
1994
13c
694c
332
3.50
3.40
3894
10c
6Ac
14,970
1
Wendigo...
Mar
25c
Halcrow-Sway.
1.93
•
Jan
94c June
Hamilton Bridge..
115
*
....
Preferred
1694 c
294c May
2c
234
*
5,000
13
Jan
Mar
Walkers
7c
53
1494
4 94c
Waite Amulet...
94c
2c
1094 June
294c June
98
2,500
Jan
Jan
394C
13
Jan
39c
Jan
94c
53
50c
May
3c
1
...1
5
394c
5c
May
6c
2 95
694c
*
Gypsum
1594 June
Jan
20c
1394
Ac
-
—
—
10
14c
500
;
July
3.40
3Ac
1
--1
t pref
38c
3 94c Mar
1,000
21,000 f, 194 c June
110
394 May
575
1494
Feb
Jan
Feb
June
1,500
2,000
17,500
Great Lakes
Gunnar
1594
1594
2c
4
3c
Goodyear pref
......50
Graham Bousquet.
-1
v
1594
70
Gatineau Power pref...100
Gillies Lake
-1
-
394c
1594
—
Gold Eagle
Goodfish. .v.
394c
194c
394
Jan
2194
80
9c
11
1094
1.82
Gas
Jan
500
10c
—
United Steel
2.31
2294
25c
10c
Towagmac
Union
12 94
4
15c
25c
Uchl Gold
Jan
Mar
7oo
1294c
9c
United Oils
May
29,000
9c
Jan
May
2.71
20
Winnipeg Electric pref. 100
Fernland ....
1194
64
Jan
4
15c
.——
Feb
64
21
694
1
... .
Jan
10
20
200
95
*
Fanny Farmer
2.90
.*
Toronto Elevator
June
2.26
4
English Electric class B._*
Apr
Apr
50c May
Toronto General Trusts 100
1894 May
184
85
325
8
294C; ;
50c
1294
East Malartlo
Eastern Steel...
.
50
1894
494
794
*
Falconbridge
14
185
185
18 94
20
65c
2.40
Jan
Apr
694
.........
Jan
70
Jan
Apr
494
Duquesne Mining
May
600
594
19c
"694
East Crest..
294
394
2%
6594
294
1.04
1.50
*
Dom Wollens pref
Mar
Feb
200
25
Dominion Stores
Feb
394
July
3,800
112
185
2 94
12c
19c
112
25
June
64c
1.50
36
*
...
Dominion Bank
Feb
12 94
394
*
.-*
Transcontinental Res....*
Dome
1994c
394 June
19c
36
Cub Aircraft....^-*—...»
Mar
May
May
6 94c
294
6494
Steep Rock Iron Mines—*
66c
69c
40
Steel of Canada
26c
694 June
J
294c
Standard Paving pref
Standard Radio
Jan
Jan
June
6
Feb
3
6
6
..
Jan
1.74
10
6
Silverwoods pref
Silverwoods
694
494
9
2394
42c
17
64c
9
Cosmos..
40c
41c
2094
21c May
Jan
Jan
500
Apr
Jan
2.65
794c
3,700
1,594
4c
18
1.25
*
Consolidated Bakeries.*..
Cona Smelters
o
Consumers Gas
May
1.50
.5
Coniaurum
Jan
Feb
3c June
2.44
4c
1294 June
4 94
Feb
4
26c
Jan
Mar
July
2.03
8c
2.35
Apr
1.74
Cockshutt.
5
Jan
1494c
794 c
794c
1,200
1
June
21
May
8c
1
Central Patricia
Jan
3.40
Feb
2.70
18
2.35
*
10
61
21
1
Slave Lake
65
2.97
Sand River..........—1
Standard
2,531
2.15
20
—1
St Anthony...
San Antonio
Jan
594
Cochenour
136
Jan
Jan
1994
1.34
2.97
20
Jan
Mar
June
100
10
12 94
Central Porcupine..
Chester vllle
2.15
1
*
29
594
1994
Jan
400
10,410
Feb
123*
Jan
28c
1.37
May
5A
May
105
15c June
3.05
May
19%
113
Apr
95 94
1.35
47c
*
Mar
105
2.85
894
26
C P R
Apr
1.35
1994
Canadian Wlrebound
Jan
17c
2.85
10
52c
10
8,500
16c
75c
1
1
Feb
18 94
102
Jan
May
10c June
35c
-—-.1
Royalite
July
25
107
15c
Jan
1.69
Preston E Dome
June
294
1.15
16c
1
Paymaster...
70
994
23
52c
Feb
56c May
102
*
Jan
143
20
23
494
10,550
107
——50
*«..
Jan
17
149
*
Apr
65c
500
1.49
120
20
Cndn Canners class B
95
63c
3,766
24 94c
Mar
148
Canadian Celanese—...*
14c May
90c
15c
Pickle-Crow
May
60
Preferred..
1.05 May
35c June
40c
Perron..
7
Canadian Canners cl A. .20
Mar
6794
40
40c
Jan
11
Canadian Bank of Com. 100
Jan
Feb
35c
54
1494c
Apr
87 94
121
4994
35c
15c
6c
May
394
Jan
289
1.09
53
40c
5.95
Mar
June
19
1.10
1.18
*
Page-Hersey.
5
19
May
Feb
1
Ontario Loan
76
35
594
75c
1.00
Omega
Jan
123
5A
60c May
655
Okalta Oils
Jan
80
494
80
*
Can Permanent Mtge-.100
Canada Steamships
*
100
100
500
66c
Pioneer
1.10
Jan
65c
1
Jan
3.40 June
*
Calmont
31o
O'Brien
9c
294c
.-1
Calgary <fe Edmonton
2594
July
*
1.10
1,000
3c
June
21c
Northern Star
Feb
Apr
3c
3.80
Jan
May
2494
9,600
35c
6c June
71c
4.05
894c
*
....
9.50
1,000
1,400
894c
4.05
.....1
B uff alo -Canadian
15
81c
894c
*
B uffalo-Ankerlte
2594
79c
5
394
35
22c
June
6c
1,550
1
July
21c
1
16094
5,500
......
394c
65c
2194c
May
7c
51c
BroHian-Porcupine
11,500
4
Jan
Jan
188
Feb
250
394c
2c
25
694c
Brown Oil
Jan
Feb
100
2,500
75c
4
6c
7
Apr
60c
75c
33c
4494
May
137
1,500
1594
25 A
Jan
32c
25
49c
Brazilian Traction
Mar
794
83c
4494
—*
49c
1
..,
Jan
24c
June
32c
75c
---1
1
....
1.32
15c June
4
4494
Murphy
Bonetal
Bobjo
60
*
National Grocers pref—20
Naybob
—1
Jan
Apr
Jan
5194
—1
....
National Grocers
Base Metals
100
Mar
"
Mercury Mills
—*
Mining Corp...*...—
Jan
4c May
100
1.08
1.06
Jan
394
37
May
1.01
4
1
Bank of Montreal
4694
1,210
14c
4
Arntfleld
Jan
794
May
36
2 94
3694
680
3694
Maple Leaf Gardens preflO
46c
594 June
594
*
Jan
Feb
High
Low
Shares
100
——6
994
7
1,1941
Range Since Jan.
Week's Range
Sale
2.50
62c
Anglo Canadian....
Anglo-Huronian
Sales
Last
Range Since Jan. 1, 1941
for
W t/CA
High
8
Algoma Steel
Aunor
Low
Exchange
Thurs.
Sales
Last
Stock* (Continued)
Toronto Stock
Exchange
Thurs.
75c June
1
17
Jan
most
fruit
crops
is below normal.
and
In the maritime provinces crops are
generally making satisfactory progress although they have been retarded by
cool wet weather.
In British Columbia grain and vegetable crops show
Heavy rains have done
good growth and average yields are indicated.
damage to some crops notably cherries.
\.
V
The Commercial & Financial Chronicle
88
Quotations
New York
Bid
Over-the-Counter Securities—Thurs. July 3
on
Chicago & San Francisco Banks
City Bonds
Bid
At*
101
16
a4%s Mar
1
a4%s Apr
1
1966
Jan
1
1977
June
1
1980
a3%i July
a3%s May
a3%s Nov
1
1976
107
1964
1964
111% 112%
111% 112%
a4%s Feb
1
a3%s Mar
1
1900
o4%s Nov
16
1976
111% 113
111% 112%
116% 118%
117% 118%
117% 119
121% 122%
122% 124
o4%s Mar
a4%a May
1
1981
1
1957
a3fl
a 3s
a3%s Jan
1
a4s
May
1
1957
a 48
Nov
1
1968
a48
May
May
1
1959
1
1977
a 48
1980—
1
Oct
a 48
..
108%
Par
Ask
123 % 124%
1964
101%
103% 104%
104
104%
a2%s July
July 5, 1941
123% 125
A Trust
.
Continental
Tirst National
15
1976
126% 127%
1
1977
1978
127%
128%
122%
123%
235
1
1960
122
Mar
1
1962
122% 123%
a4%s Jan
260
100
129%
1957
1
1963
a4%s June
1
1965
126% 127%
127% 129
a4%s July
1
1967
128% 130
15 1971
1
a4%s Dee
1/29
130%
133
1979
134%
2s July 1944
104% 104%
38 1974..
61.80
38 1981
61.85
...
...
3%s Mar 1970
139
4s Mar 1961
140% 142%
Bid
Par
Bank of Manhattan Co. 10
Highway Imp 4%s Sept '63
Bank of Yorktown._66 2-3
42
Bensonhurst National... 50
85
31%
National
13.55
...
...
183
1475
130
150
1001
45
50
29%
31
Sterling Nat Bank A Tr 25
24
26
New York Trust
Improvement—
Barge C T 4%8 Jan 1 1945.
Par
Ask
Par
339
10
52%
Bronx County
35
Brooklyn
..........100
14%
17%
72%
77%
Trlborough Bridge—
97% 100%
44%
30
Preferred
28
31
37%
39%
20
Manufacturers...
46%
51
53
96
Clinton
50
35
New York
26
103% 104%
Colonial
25
10
12
Title Guarantee A Tr
12
98%
14%
Trade Bank A Trust
10
17
21
61.50
2.50%
Continental Bank A Tr.10
Corn Exch Bk A Tr
20
13
2%s serial rev 1945-1952
103% 104%
15'77
20
62.60
43%
43%
44%
Underwriters...
100
80
90
46%
United States
100 1330
3s serial
rev
1980
100% 101%
103%
series...1975
Central Hanover
1963-1975..
3%ss f revenue
ser Aug
25
20
Lawyers
105% 106%
Ask
215
195
292
100 287
10
11%
12%
1610
....100 1560
Guaranty
Irving
Kings County
55%
Bid
100
Fulton
Chemical Bank A Trust .10
General A Refunding—
4th ser Deo 15 '76
Companies
A sk
Bid
332
100
Bankers
Bid
3%s August...—.1968
3s
60
Canal Imp 4s JAJ '60 to '67
111
3%s5th
17
4%s April 1941 to 1949.
Highway
Port of New York—
3s
15
14
World War Bonus—
Ask
1'76
29%
12
Peoples National..
Pennsylvania Turnpike—
110
50
28
...12%
Safety...
Penn Exchange
33%
Ask
46
700
Merchants
Can A High Imp 4%a 1965
San Francteoo-Oakland-
3%s2ndserMay
National
1435
Bid
Bronx...
National City
mmm
177
First National of N Y..100.
Authority Bonds
California Toll Bridge—
48 1976
•
660
100
Bank of New York
Bid
National
4s Mar A Sept 1958 to '67
61.95,
150
I
Public
17
Public National... ...17%
Canal Imp 4%s Jan 1964..
I
6s Jan A Mar 1964 to'71
38%
36%
Par
Ask
15%
Fifth Avenue
142
Canal A Highway—
Bk of Amer N T A S A 12 %
267
Commercial National..100
Ask
|
FRANCISCO—
New York Bank Stocks
123%
124%
1
New York State Bonds
Bid
528
SAN
87
83%
128%
a4%S Nov
a4%s Mar
a4%» Dee
512
100
Illinois Natl
Bank A Trust....33 1-3
Chase
123
a4%s Sept
«4
324
Northern Trust Co
240
314
126% 127%
15
Ask
Bid
Harris Trust A Savings. 100
100
124% 126%
125% 127
15 1972
a4%s Apr
1 1974
a4%s June
Par
Ask
Bid
American National Bank
99
3%
2%
100% 101%
6th
Empire
50
Telephone and Telegraph Stocks
United States Insular Bonds
Bid
Philippine Government—
4%s Oct
1959
Bid
A sk
D S Panama 3s June 11961
1962
106% 108%
106% 108%
6s
Apr
1956
100
6s
Feb
1952
108% 110%
5%S Aug
1941
Ask
126
Bid
Par
Par
Ask
Am Dlst Teleg (N J) com.*
Govt of Puerto Rico—
Hawaii—
5% preferred
4%s July 1952
118
107
108%
July 1948 opt 1943.
112
Emp a Bay State Tel.. 100
100
28
100
79
New York Mutual Tel..25
3s 1956 opt 1946
JAJ
3a 1956 opt 1946
MAN
110% 111%
112
1113
Conversion 3s 1947
115
Bid
Ask
i^i- i->01
QO
CO
O
3%s 1955 opt 1946..MAN
10915ie
is 1946 opt
1944
JAJ
1a 1964 opt 1944
JAJ
Bid
Lincoln 4
rll
Ask
%8-J.
Kress (8 H)
Bohack (H C) common... •
1%
2%
Oregon-Washington.
100
100
26
7
99%
Is, l%s
mm m
99
mmm
99
mmm
82
Illinois Midwest 4%s, 5s
19
*
20%
8%
F.H.A. INSURED MORTGAGES
The beet "Hedge" security for Banks and Insurance Co's.
99%
St. Louis
r24
San Antonio %s, 2s
Southern Minnesota
Circular
100
mmm
mmm
715%
Southwest (Ark) 5s
request
STORMS AND CO.
17'
93%
Union Detroit 2%s
Virginian
on
26
99%
Commonwealth Building
mmm
98
Iowa 4%s, 4%s
$5 preferred....
12%
SPECIALIZING
Til
.
mmm
First Trust Chicago—
Fletcher %s, 3%s
Fremont 4%s, 6%s
Ask
11%
•
99% 100
Pennsylvania l%s, l%s._.
First Texas 2s, 2%s
30
10
m mm
First New Orleans—
99
Bid
United Cigar-Whelan Stores
6% pref
mmm
First
la. 1 %8
Par
17A
98
88
5s
North Carolina %s, Is
Montgomery—
3s, 3%s
Ask
'mmm
Carolina—
99
19
152%
96
Lincoln 5%s
.
Bid
Flahman (M H) Co Inc..*
94
New York
l%s, 2s
17
99
Lincoln 6s
r2%
First
149
1%
7% preferred
Lafayette %s, 2s
99%
111
26
Sou New Eng Telep... 100
B/G Foods Inccommon..*
Ask
99
l%s, 3s
100
So A Atl Telegraph
Chain Store Stocks
Par
09
Denver
$6 .50 1st pref
83
1093u 1097i«
Atlanta
Chicago.
32
110% 110%
110«1#
Atlantic
%s, l%s
l%s, l%s
Burlington.....
32%
17
Telegraph
1093ie 1097ie
Joint Stock Land Bank Bonds
Bid
30%
30%
Ask
10S»ie
i-*
18%
*
47
Franklin
16%
26
Preferred A
Federal Land Bank Bonds
Bid
Atl Telegraph...26
Peninsular Telep com
109% 112%
100
Int Ocean Telegraph
38 1965 opt 1946......JAJ
Pao A
Rochester Telephone—
U 8 conversion 3s 1946
4%s Oot 1966 Apr '46..
104
100
121
5s
101
Ask
Bid
128
100% 101
4%s July
1380
PITTSBURGH, PA.
Phone Atlantic 1170
100
ls_
99
Joint Stock Land Bank Stocks
FHA Insured Mortgages
Par
Atlanta
Bid
.100
98
100
Ask
Bid
Ask
Bid
60
Atlantic
Par
104
Lincoln
New
100
7
10
.......100
York
3
7
100
85
90*"
North Carolina
Denver
100
80
90
Pennsylvania
Des Moines
100
52
23
28
loo
2
5
100
125
135
100
_
53
59
58
100
Fremont
Alabama 4%s
101 % 102%
101 % 103
New Jersey
102
103%
...
Arkansas 4%s
6s
_
100
6
130
3%
140
4
Federal Intermediate Credit Bank Debentures
BUS
102%
101%
102%
Illinois 4%s..
Indiana 4%s
101%
102%
102
Bid
♦
% % due
%sdue
t%% due
t%% due
I%% due
Jan
..Feb
Ask
2 1942
Mar 2
%s
Apr
2s
Apr
15 1942 100.10 100.12
1 1943 102.19 102.23
2s May 16 1943—
Call Nov
16 '41 at 100% 101.11 101.14
Jan
3
1942
at
101% 101.21 101.24
fd
103%
103
102% 103%
Rhode island 4%s
102
103%
102%
South Carolina 4%s
102
103
103%
Tennessee 4%8
101%
103
103
Texas 4%s
101% 102%
102
10i% 102%
102% 103%
Apr 1 1942 6 .40%
May 1 1942 6.40%
Bid
A
A St
Corp—
Nov
servicing fee from
No par value,
/ Flat price
Reconstruction Finance
%%
%%
101
insured Farm Mtges 4%s
102%
1 1941 100.21 100.23
Jan
15 1942 100.20 100.22
July
XA%
»%%
Oct
July
Apr
101.4
15 1943 101.2
15 1944 100.22 100.24
Interchangeable.
wi When Issued
v-s
6 Baals
r In
price,
recelvorehlp.
With stock,
y
103%
x
d Coupon.
« Ex
Interest.
Quotation shown Is for all
Ex-dlvldend.
Now selling on New York Curb Exchange.
♦
Quotation not furnished by
X These bonds
are subject to
sponsor or Issuer.
all Federal taxes.
T Chase Natl. Bank announced
on
100.2
%% notes Nov 1 1941.. 100
1%% notes Feb 11944.. 102.12 102.14
a
102
%% to %% must be deducted from Interest rate.
Nominal quotation,
n
101% 103%
Now luted on New York Stock Exchange.
z
101.2
1 1942 101
15 1942 100.22 100.24
tls
maturities,
Virginia 4%s
West Virginia 4%s
U 8 Housing Authority—
l%s Jan 3 1944—
103%
102
103
Minnesota 4%s
6.30%
1%
Federal Natl Mtge Asm—
102
102
102
....
Massachusetts 4%s
1942 6 .40%
Ask
Federal Home Loan Banks
103%
101% 102%
101% 102%
101%
*
Commodity Credit Corp—
%%
Aug
1 1941 100.17 100.19
1%—
Nov 15 1941 100.21 100.23
%%
May
1 1943 100.27 100.29
Asked
Maryland 4%s
Michigan 4%s
2 1942 6 .35%
Obligations of Governmental Agencies
Bid
4%8
N Y (Metrop area) 4%s_.
4%s
New York State 4%s
North Carolina 4%s
Pennsylvania 4%s
103%
101
5s
102%
102
4%s
Louisiana 4%s
ASK
%% due.....Aug 1 1941 6.25%
%8 due
Sept 2 1941 6.25%
XH% due
Sept 2 1941 6 .30%
%% due
Oct
1 1941 6 .25%
H% due
Nov 1 1941 b .25%
%s due
Dec
1 1941 6 .25%
101%
District of Columbia 4%s.
Florida 4%s
Georgia 4 %a
San Antonio
1 Virginia
102 %
104
New Mexloo
Delaware 4%s
Dallas
First Carolinas
Bid
Asked
;
on
Dec
31
a
distribution at the rate of 177.50
each original $1,000 principle amount of debentures; $75.98 on account of prin¬
ciple and $1.50
5% on
on account
8ept. 25, 1939.
next week.
of interest
Prpvmuslv paid 5"^ on
Details of June 27,
Julv
7
1939.
*ud
1941, distribution will be published
Volume
The Commercial & Financial Chronicle
153
Quotations
on
89
Over-the-Counter Securities—Thurs. July 3—Continued
Railroad Reorganization Securities
Guaranteed Railroad Stoeks
(When Issued)
3o$epb Ctlalker $ Sons
Mrmkcrt fr[rw
120 Broadway
Bear, Stearns & Co.
York Slock Extkoog*
Members New York Stock Exchange
Dealers Is
Tel. RE ctoe
New
GUARANTEED
NEW YORK
York
Chicago
.
2-6600
STOCKS
SincelS55_
mSSSSmr
Reorganization Rail Issues
(When,
Guaranteed Railroad Stocks
and If Issued)
as,
(Guarantor in Parentheaea)
Asked
Bid
Dividend
Asked
Bid
Par la Dollars
Stocks—
Chicago Milwaukee St Paul A Pacific RR—
6.00
71
-.100
10.50
95
100
-.100
6.00
77
80
Alabama A Vicksburg (Illinois Central)
Albany A Susquehanna (Delaware A Hudson)
Allegheny A Western (Buff Roch A Pitts)
74
li
31
Beech Creek (New York Central)
2.00
29
Boston A Albany (New York Central)
Boston A Providence (New Haven)
8.75
8834
91
8.60
19
22
3.00
35
39
Canada Southern (New York Central)
-.100
6.00
6.00
68
3.50
81%
2.00
Carolina Cllnchfleld A Ohio com (L A N-A C L)_ .-100
Betterment stock
—
—
50
Common (nopar).
Certificates ben interest in common stock
4814
50
2.00
Fort Wayne A Jackson
pref (N Y Central)
Georgia RR A Banking (L A N-A CL)
Lackawanna RR of N J (Del Lack A Western)..
—
—
47 li
49%
5.50
6014
64%
100
9.00
100
4.00
146
3914
11%
...
....
34%
35%
...
...
5%
2%
15%
3%
16%
...
......
Missouri Pacific RR common
83%
100
.............
Delaware (Pennsylvania)....
10%
3%
:.
........
5% preferred A (par $100)
73
•
14%
5%
4%
4
Erie RR—
93
90
Oleve Cln Chicago A St Louis pref (N Y Central) ..100
Cleveland A Pittsburgh (Pennsylvania)
13
5% preferred (par f 100)...
Common (no par)
Chicago A North Western Ry—
5% preferred (par $100)...
150
Prior preferred--Second preferred
........
..........
5%
5
6
4%
5%
;
Norfolk & Southern RR—
Common (nopar)..
.........
Ctfs of beneficial interest in J L Roper
Lumber Co
52
57
83
...
8414
42
Bonds—
-100
Michigan Central (New York Central)
500
60.00
700
Chicago Milwaukee St Paul & Pacific RR—
Morris A Essex (Del Lack A Western)
—60
Western (D L A W)..
100
3.875
2514
26%
6.00
5414
57
Northern Central (Pennsylvania)
4.00
95
98
—50
4.50
38%
41%
50
1.50
44
47
New York Lackawanna A
—
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
—
87
3.00
Preferred..
Pittsburgh Fort Wayne A Chicago (Penna) pref.. ..100
Pittsburgh Youngs town A Ashtabula pref (Penna) ..100
1(H)
Rensselaer A Saratoga (Delaware A Hudson)
St Louis Bridge 1st pref (Terminal RR)
7.00
17314
164%
7.00
6.64
54%
,
169
57%
Tunnel RR St Louis (Terminal RR)
142
3.00
Seoond preferred
68
73
0.00
137
10.00
248
252
6.00
-100
Valley (Delaware Lackawanna A Western)
-
—
-
«■
6.00
Warren RR of N J (Del Lack A Western)
West Jersey A Seashore (Penn-Reading)
Railroad
...50
58
61
6114
21%
54%
62,25
1.90
61.90
61.70
1.30
62 50
1.50
1.40
Bid
58
Missouri Paclflo 4 %s-5s.
64.35
3.50
64.25
3.40
Central RR of N J 4 His.
61.60
1.00
Central of Georgia 4s
63.80
3.25
Atk
61.85
1.40
6
62.25
1.80
Nash Chat A 8t Louis 2 lis
New York Central 4%S—
62.20
61.85
1.90
1.40
62.20
1.90
2s-2%sand 3%s
2lis and 2%s
Canadian National 4%s-6e
Canadian Paclflo 4%s..
N Y Chlo A St Louis 4s....
N Y N H A Hartford 3s-_
62.50
62.25
1.75
Northern Pacific 2%s-2%s
No W Befr Line 3 %s-4a_
61.85
1.40
63.50
2.50
61.90
1.40
62.15
1.60
61.60
61.65
1.25
62.25
1.75
Pennsylvania 4s scries E._
2 lis series G A H
1.75
1.25
Chle Borl A Qulney 2%s_.
Chle Mil w A St Paul 5s..
Chesapeake A Ohio 4%a__
_
Chlo A Northwestern 4%s_
Cllnchfleld 2%s.
61.75
1.25
Pere Marquette—
62.25
1.90
2148-2 lis and 4 lis
Beading Co 4lis
Del Lack A Western 4s....
62 50
175
Denv A Bio Or West 4%SErie 4%s
62.00
1.50
61.75
1.45
Fruit Growers
Express
61.90
1.50
61.75
1.40
St Louis-San Fran 4s-4 lis.
St Louis S'western 4lis...
61.70
61.85
1.35
/1.85
1.50
1.40
4s. 4lis and 4%s
Grand Trunk Western 5s.
Great Northern By 2s.._.
61.60
1.20
63.50
2.50
Southern Paclflo 4 lis
2 lis
62.50
1.40
61.75
1.25
Southern By 4s and 4 lis-.
61.75
1.40
Illlnois Central 8a
62.30
1.80
Kansas City Southern 8s..
Lehigh A New Engl 4%s__
Long Island 4Ha and 5s..
61.85
1.40
61.75
1.35
.
Louisiana A Ark
62.35
1.85
62.00
Texas A Pacific 4fl-4%s_._
Union Pacific 2 lis
-
2%s. 4Ks A 5s
.
61.80
1.40
61.85
1.40
61.90
1.50
1.50
Western Maryland 2s
Western Pacific 5e
61.75
1.30
West Fruit Exp 4%s*4%s.
Wheeling A Lake Erie 2 lis
Merchants Despatch—
1.50
1.40
62.00
62.00
62.00
3%s
Maine Central 5e..
70
71
2005
39|4
2614
2714
...
—
1.50
61.75
1.35
61.75
1.25
convertible Income 5s—
...
77
25
MUis lno
...*
Bid
3%
Ask
4
Par
National Radiator
10
31
34
New Britain Machine
Amer Bemberg A com—*
American Oyanamld—
12%
14%
Ohio Match Co
6% conv pref 1st ser.. 10
2d series
10
11%
12%
Permutit Oo
11%
11%
3%
12%
Petroleum
.*
American Arch
Pan Amer Match Corp..26
Amer DistillingOo 6% pflO
American Enka Corp
•
50%
American Hardware....26
23
Amer Malse Products... *
16
12%
4%
53%
24%
18%
American Mfg 5%
Amer Viscose Corp
79
83
10
3d series
5% preferred
Arden Farms
pref 100
.14
..100
.
.
1
com v 10
33 partlo preferred
*
Arlington Mills
100
Art Metal Construction. 10
10
com
Botany Wonted Mills el A6
$1.26 preferred.
......
10
Brown A Sharpe Mfg...50
Buckeye Steel Castings..*
•
24%
111
1%
25
111%
2%
......—1
Conversion
1
—.1958
5a
Ohio Valley Water 5s. 1954
Atlantic
..1958
Calif Water Servloe 4s 1961
5s
104 li
108 li 11014
1957
88
1946
92
96
1951
6s series A
Rochester A Lake
Gulf Coast Water—
1948
1st 5s—
73
76%
1906
3lis
Water 5s
46
4%
18%
5%
20%
44%
Sylvania Indus Corp....*
Talon lno 00m....
6
•
Tampax lno com
...._)
Taylor Wharton Iron A
Steel common
*
Tennessee Products
...
•
Thompson Auto Anns...]
Chle Burl A Qulney...100
41
44
Chilton Co common....10
5
6
Time Inc
City A Suburban Homes 10
Oooa Cola Bottling (NY)*
Columbia Baking 00m.
*
fi partlo preferred ....*
6
6%
60
64%
13%
24%
15
Trioo Products Corp
27
Triumph Explosives.....2
107
109
4 lis.
1966
Scran ton-Spring Brook
Water Service 5s. 1961
•
Common
...6
United Artists Theat
Consolidated Aircraft—
33 conv pref..........*
Croweli-Coiller Pub.....*
59%
18%
02%
20%
Cuban-Amer Manganese. 2
7%
8%
•
Joplln Water Works—
1st 5s series A
..1957
105 li
Kankakee Water 4lis.l959
103
Shenango Val 4s ser B. 1961
10514
South Bay Cons Water—
5s
...1950
1st Aref 6s A
Kokomo Water Works—
1958
1st 5s series A
1967
30
Warner A
34%
37%
Welch Grape Juice 00m 2%
27
30
67%
71
34
11
3%
00
52
54
14
14%
27%
1956
5s
Monongahela Valley Water
5 lis
.1950
9914 10214
2%
5%
64%
08
Great Lakes S3 Co com..*
Great Northern Paper..26
40%
30%
43%
Harrisburg Steel Corp
14%
15%
1%
25%
9%
1965
1965
A
.....1956
102
1st 48
—1951
1961
75
108
79
11014
23%
Long Bell Lumber.......*
35 preferred
100
Maflory (P R) A Co
•
Martin Rockwell Corp
1
23
24
93%
12%
54%
27%
90%
13%
50%
1
com
.......
1st 5 lis series A.._. 1950
104
1950
Istconv 5s........1951
..1951
99
101 li
deb 6s extended
1950
ioi""
10
11%
12
14
83
preferred...
For footnotes
118
79
50
100
98
28%
*
102
6%
8
.....*
Preferred
Nat Papet A Type com...l
98 li 101 li
56
39
16
6% pref erred
100
Musaegon Piston Ring.234
109
...100
%
2%
51
54
22%
23%
15%
17%
108
6%
6%
40
2%
37
7%
9
50
3%
40
Industrial Bonds—
Amer Writ Paper bs..i961
Brown Co 514s ser A.. 1940
80
/49%
8214
51 li
95
9614
88
Firestone Tire A Rub 3s '71
8614
96 %
.1948
Deep Rock Oil deb 6s. 1952
97
McKesson A Robbing—
334s
104 li
..-...-...1956
Minn A Ont Pap 6s...1960
Motion Coal 5s.......1955
t NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '48
Scovlll Mfg33is deb..1950
Western Auto Supp
3 li s '66
74 li
/16
314
7114
7034
21
4
7314
10554 10614
99
9914
22%
National Casket.
100 li 10314
New York Water Service—
4%
7%
14
10314 10514
107
.......1951
1st 5s series B...
15%
20%
Merck A Co
5lis series A.. ....1951
5s series B
1%
preferred......,...*
105
Western N Y Water Co—
New Bochelle Water—
13%
King Seeley Corp eom...l
Landers Frary A Clark..26
West Va Water Service—
5 lis
1
Lawrence Portl Cement 100
Union Water Service—
105 %
Humor Corp
6
Interstate Bakeries com..*
Springfield City Water—
4s
Monde Water Works—
5s—
J.
5s
7% preferred
%
1%
Carrier Corp 434s
GratonA Knight com....*
Spring Brook Wat Supply
Monmouth Consol Water—
3%
%
4%
101%
.103
Worcester Salt——.—.100
York Ice Machinery..—.*
mm
26
35
100
Wick wire Spencer Steel. 10
Wilcox A Glbbs com
6U
Gen Fire Extinguisher...*
Gen Machinery Corp com.*
Good
Swasey.———*
7% preferred
13
%
8
27
2%
17
33
3
6
pf. •
Draper Corp—...... •
.*
15
30%
7
Domestic Finance
cum
117%
5
Preferred————100
Veeder-Root lno com
•
Machine Tool........2
10214
48
46
113
Class A.—..*...—.—*
16%
105 li
99 %
3
11%
3%
Class B—.
*
United Piece Dye Works.*
49
Glddlngs A Lewis
101 li
9%
00m. *
14%
27
105
3
2
United Drill A Tool-
46
Gariock Packings com—*
103
42
Tokhelm Oil Tank A Pump
Federal Bake Shops.....*
Preferred
30
Foundation Co Amer shs *
Ontario
...1951
6
42%
44
Strom berg-Carlson
102
Scranton Gas A Water Co
Indlanapoils Water—
1st mtge
1957
115
111
2(
17%
Preferred...........100
1st 5s series A
5
54%
28%
4%
39%
40%
2
Blchmond Water Works—
26%
2(
15%
32
103 li 10514
7%
4%
52%
Standard Screw
37%
*
94
7
.25
Stanley Works Inc..
Farnsworth Telev A Rad.l
Pittsburgh Sub Water—
6s
Community Water Servloe
5lis series B
1946
99
11%
6
2
Exploration—.1
Pollak Manufacturing—. •
Remington Arms com..—1
Safety Car Htg A Ltg—5t
Soovtll Manufacturing..26
Singer Manufacturing.. 10(
Skenandoa Rayon Corp..*
44%
10914
Oregon-Wash Water Serv
County Water—
5a.—
107
9%
Pilgrim
Dun A Bradstreet com
109
Ohio Water Servloe 4s. 1964
105 li
8%
10%
2%
2%
8%
Dixon (Joe) Crucible... 100
Ask
8%
44
42
1%
Dictaphone Corp
Bid
Ask
Ask
7%
Petroleum Heat A Power.*
42
12% 13%
1%
2%
3%
4%
170% 174%
19% 21%
Bid
.07
Dentists Supply 00m...10
Ashtabula Water Works—
41
76
Devoe A Reynolds B com *
Water Bonds
Bid
8514
5314
/24
.1998
2014
...
104
8414
/52%
Industrial Stocks and Bonds
Autocar Co
Shippers Car Line 5s
■
102
...
Par
Ask
Atlantic Coast Line 2lis-.
Bessemer A Lake Erie 2%s
Boston A Maine 5s-
..1957
..1995
2015
...
24%
3 00
General mortgage
Alabama
Baltimore A Ohio 4 %s
2814
..............2015
Norfolk Southern Ry—
First mortgage 4lis
Equipment Bonds
Bid
72
2714
64
3.50
—
Preferred.
33
71
.■
convertible 4lis A
Income 4lis series B_„
6.00
vicksburg Shreveport A Paclflo (Illinois Central)
(
Income 4a series A
50
5.00
100
46 li
59
44
1989
1999
'
First mortgage 4lis A
First mortgage 4s B
General mortgage Income
/42 li
/31.34
1990
Erie RR—
Missouri Pacific RR 1st 4s
142
100
100
—
United New Jersey RR A Canal (Pennsylvania)..
Utlea Chenango A Susquehanna (D L A W)
..1989
2014
2039
__
92
137
....
incone convertible B 4lis
Chicago A North Western Ry—
First general mortgage 2li-4s_
Second mortgage convertible income 434s.. —
General mortgage
176%
6.00
First mortgage 4s
General mortgage income A 4|4s
see page
88.
3
24
3%
27
Railroad Bonds—
Akron Canton
A Youngs-
town—
534s ser B triple stamp..
Bait A Ohio 4% notes. 1944
Cuba RR 5s
....I960
Denv A Salt Lake 6s..1960
Hoboken Ferry 5s
1946
Monongahela Ry 334s. 1960
N Y A Hob Ferry 5S..1940
Tenn Ala A Ga 4s
1957
Vicksburg Bridge 4-6s. 1908
66
68%
56
57
20
23
53%
55%
50
52
102% 103
36
54
78%
39
-
-
-
80%
The Commercial & Financial Chronicle
90
Quotations
Public
Over-the-Counter Securities—Thurs. July 3—Continued
on
Investing Companies
Utility Preferred Stocks'
Par
Aeronautical
Bought
.
Sold
Atk
Par
7.13
7.75
2.31
2.53
♦Amerex
Quoted
•
ma
Affiliated Fund lnc
Securities..!
1%
Holding Corp. 10
BUS
ail
Keystone Custodian Funds
Series B-l
28.42
31.18
12)4
14)4
Series B-2
22.90
25.13
Amer Buslneeu Shares... 1
Amer Foreign Inv't InclOc
2.68
2.93
Series B-3
14.12
15.55
6-69
7.37
Series B-4
7.24
Assoc Stand OU Shares...2
5)4
18.73
Series K-l
14.81
16.21
1
4)4
17.23
Series K-2
12.33
13.61
Axe-Hough ton Fund Inc.l
Jackson & Curtis
10.12
10.88
Series S-2
11.27
12.40
Aviation Capital Ino
ESTABLISHED 1879
Members
July 5, 1941
Bankers Nat
Principal Stock and Commodity Exchanges
9.24
Series S-3
8.39
Series 8-4
investing—
♦Common
7.95
3.04
3.38
5.76
6.34
.......1
2)4
4
6
3)4
5
Basle Industry Shares..10
Boston Fund Ino
..5
3.29
13.45
British Type Invest A...1
Broad St Invest Co Ino..6
.07
.17
2.80
3.70
20.31
21.96
Mass Investors Trust
1
17.49
18 81
Bullock Fund Ltd
11.92
13.07
Mass Investors 2d Fund. 1
8.25
8.87
Mutual Invest Fund lnc 10
8.42
9.21
♦5% preferred
New York City
115 Broadway
BArclay7-1100
Tel.
Teletype N. Y. 1-1600
1
Knlekbocker Fund—.
Manhattan Bond
14*46
Canadian Inv Fund Ltd__l
Public
Utility Stocks
Par
A ik
bid
2.55
3.20
Century Shares Trust...*
25.29
27.19
9.08
9.83
Chemical Fund
Commonwealth Invest
Par
Bid
Ask
1
1
Consol Investment Trust..
Corporate Trust Shares.. 1
Alabama Power »7 pre!..*
6% pref.25
7% pf._*
Atlantic City El 6% pre!-*
Amer Dtll Serv
Arkansas Pr A Lt
107% 110
6%
5%
86%
84%
120 %
National Gas A El Corp.10
New EngGAE
5)4% Pf-*
6% pf 100
New Eng Pr Assn
80 prior lien pref
*
*
80 cum preferred
84
86)4
52 %
54)4
Birmingham Gas—
13.60 prior preferred. .60
Carolina Power A Light—
J7
preferred..
Cent Indian Pow
*
110)4 112)4
112
114)4
Central Maine Power—
preferred
100
7% preferred
100
Cent Pr A Lt 7% pref. .100
114
Community Pow A Lt—10
9
$6
Connecticut Lt & Pow—*
Consol Eleo A Gas 80 pref.*
Consumers Power 86 pref.»
99)4 100
110)4 112)4
4154
110)4
10
42)4
8)4
7)4
105)4 107
Continental Gas A Eleo—
100
Derby Gas A El 87 pref..*
7%
preferred
88
90)4
03
65)4
Federal Water Serv Corp—
*
preferred—•
80 cum preferred
80.50 cum
Florida Pr A Lt 87 pref..*
Hartford
Electric
Ind Pow A Lt
Llght.26
634% pf-100
Interstate Natural Gas
*
Jamaica Water
Supply...*
Jer Cent P A L 7% pf.,100
35)4
38)4
3714
39)4
97)4 101)4
58
56)4
111)4 112)4
19)4
21)4
27
30
101)4 104
101)4 102)4
69)4
72)4
Long Island Lighting—
preferred
....
5%%
21)4
23)4
28
29
&
105)4 106)4
preferred
*
Mass UtUltles Associates—
15)4
16)4
pref..60
24 %
25)4
Mississippi Power 80 pref.*
79)4
82
90)4
68)4
93
Mississippi PA L80 pref.*
Missouri Kan Pipe Line..5
5)4
17
oonv partlc
preferred
*
71)4
6)4
4)8
110
111%
Mountain states Power..*
28
xll%
63
(Del)
7%
100
pref
74
76 %
preferred
preferred
Okla G A E
Panhandle
100
100
7% pref—.100
7% pf__100
Eastern
105
107%
113)4 115)4
114% 117
81)4
84
35)4
*
34
•
65)4
Penn Pow A Lt 87 pref
*
Line Co
5)4s
Peoples Lt A Pr 83 pref.25
67)4
109)4 111)4
18)4
20)4
*
80)4
82)4
Pub Serv Co of Indiana—
•
121)4 123)4
preferred
100
Republic Natural Gas
2
16)4
5
17 %
0
2.74
25c
1.06
1.16
Dividend
Shares
Eqult Inv Corp (Mass)..5
Equity Corp $3 conv pref 1
Fidelity Fund lnc
*
23.66
25.44
Series 1955
14)4
15)4
Series 1950
15.56
16.74
.34
.39
Putnam (Geo) Fund
1
11.86
12.79
Quarterly Ino Shares.. 10r
3.95
4.85
Republlo Invest Fund...!
3.10
3.46
Plymouth Fund Ino... 10c
Fixed Trust Shares A... 10
8.37
3.25
3*75
Fundamental Invest Ino. 2
15.26
16.72
4.15
4.93
3.79
B
27.82
General Investors Trust. 1
4.31
4.69
Group Securities—
Agricultural shares
4.64
5.11
♦State St Invest
3.47
3.83
Mining shares
4.96
5.46
4.26
4.70
2.61
2.89
Equipment...
Food shares
shares
shares
Railroad shares
2.00
7.52
Trustee Stand Invest Shs—
♦Series
C
]
♦8erles
D
...1
'Huron
♦Series
.15
Investors..6
13.85
14.89
1.97
♦Series
1
B
4.92
5.02
Trusteed Amer Bank Shs—
Class B
25c
2.20
1970
1955
15
15)4
Luzerne Co G A E 3)4 s
*66
Atk
106)4 106)4
105
105)4
65
91
Incorporated
.
Investors Fund C
1
24)4
/24
25
25
3)4.
1901
Narragansett Eleo 3%b 66
New Eng G A E Assn 6s '02
59)4
NY PA NJ UtUltles 5s 1956
N Y State Elec A Gas Corp
4s
1965
13.96
.99
1.18
1.30
17.66
19.20
8.94
9.14
Insurance
Par
S23%
/57 )4
12.74
105)4 106
Aetna Cas A Surety
104)4 105)4
110)4 111)4
10
Aetna
106
10
Aetna Life
...10
10)4
103
97)4
99)4
111
59
97
98)4
105)4 105)4
4ia
90)4
Ohio Power Co 3s
1971
27
28)4
1
13)4
♦Schoellkopf Hutton A
Pomeroy Ino
com...
1 Or
Companies
Par
Home
mo
tk
6
31%
33%
Home Fire Security
10
1%
2%
Homestead Fire
10
17
18%
75
78
Ins Co of North Amer—10
73
73%
24
Jersey Insurance of N Y.20
41%
American Equitable.....6
19%
20%
39%
8%
10%
12%
5%
0)4
American Home
10
Knickerbocker
6
Lincoln Fire
6
1
2
Maryland Casualty
1
2%
3%
13
14)4
Mass Bonding A
American
Re-Insurance.10
44 %
46 %
Merch
Reserve
10
11%
12%
Mercn A Mfra Fire N Y—6
2)4
46)4
35
37
Parr Shoals Power 5s. 1952
105
Baltimore American
103)4 103 %
Ins..12)4
Fire Assur
6
com
9%
65%
68%
47
51
6%
7%
48)4
10
106)4
Portland Electric Power—
08
1950
Pub Serv of Okl a 3 )4 s. 19 71
Pub UtU Cons 6)48—1948
fl8%
19)4
106)4 106)4
95
93)4
2)4
Bankers A Shippers.....26
Boston
100
Camden Fire
7)4
8
95
99
594
612
73
75)4
107)4
55)4
56)4
103)4 104
10%
21%
New Brunswick.
27%
28%
New Hampshire Fire
City of New York..
10
23
24%
Southern Nat Gas
103 %
8
9
26
28
Northern
Continental Casualty
5
31)4
33%
North River
2)4
Employers Re-Insurance 10
Excess
%
40
Texas Public Serv 5s. .1901
Dallas Ry A Term 08.1951
92)4
93)4
Toledo Edison Co—
3)4s '56
Tel Bond A Share 6s. .1958
78%
104
104)4
80)4
105)4
5
8
10
48
Fidelity A Dep of Md—20
62 %
1%
43
126
Federal
Fire
Assn of Phila
Fireman's Fd of San Fr
10
25
0%
50
130%
63)4
65%
102)4 105
5
15
6
5)4
12 60
99)4
24)4
2 60
National .26
125
Pacific Fire
25
114
Pacific Indemnity Co
10
Phoenix
1(
Preferred Accident
1
Providence-Wash Ington .10
Reinsurance Corp (N Y) .2
40)4
87)4
14)4
35
6
110)4 110)4
103)4 104)4
128
5
9
10%
Republic (Texas)
10
26 H
Franklin Fire
5
31
33
Revere (Paul) Fire
10
24)4
2%
3
40)4
43
St Paul Fire A Marlnf62)4
244
Georgia Home
22)4
25
Seaboard Fire A Marine. 10
Gibraltar Fire A Marine. 10
24
26
Seaboard Surety
10
6
43
45
Security New Haven
10
35)4
Globe A Republlo
6
9%
Springfield Fire A Mar..25
117)4
15
7)4
11%
9%
1C3)4 104)4
Utlca Gas A Electric Co—
5s
—
17)4
34)4
45)4
Glens Falls Fire
1960
Union Elec (Mo) 3)43.1971
United Pub UtU ttb A. 1960
debs 3)4s
10
61)4
7)4
150
General Reinsurance Corp 6
107)4 108)4
f
Northeastern
2
..10
25
Firemen's of Newark
.1970
s
New York Fire
6
10
Eagle Fire
2
20
New Amsterdam Cas
6
Northwestern
107)4
10
10
Connecticut Gen Life
1951
10
National Liberty
National Union Fire
Carolina
City Title
Collateral 6s
1st intge 3)4s
National Casualty
National Fire
60)4
82)4
20
22%
25
60 %
105
•
♦First Boston Corp..... 10
10
American Surety
1902
Inland Gas Corn¬
♦Class B
25
Automobile
Crescent Publle Service—
Coll lnc 0s (w-s)
1954
97)4
1
♦Central Nat Corp d A..*
Agricultural
105)4 106)4
85
89)4
60)4
59)4
107)4
Banking
Corporations
American
Sou Calif Gas 3)4s...l970
Sou Cities Utll 5s A... 1958
61)4
Investment
itt
124% 128)4
56 %
58%
13.35
American Alliance
American of Newark
108)4 109)4
Republic Service—
2
1
Amer Fidel A Cas Co com 6
57
Indiana—
Public Service 3J4S.1909
.69
13)4
1.52
Fund
♦Blair A Co
.89
.
Insurance Group shares.
Investm't Co of Amer.. 10
66)4
93)4
Utll—
X.44
15.83
B
Wellington
Bank Group shares
ma
1.95
1
A
1.37
com
Aviation Group shares
Kentucky Utll 4s
Northern
.08
1.25.
Holding Corp
Fund lnc
Institutional Securities Ltd
Lehigh Valley Tran 6s 1900
Lexington Water Pow 5s'08
10)4
1
10c
Independence Trust 8hs_*
units.....
Utility Bonds
10)4
...
2.05
Trustee Stand Oil Shs—
Income Foundation
Participating
Southern Count Gas 3s '71
1957
105)4 1C6 )4
West Texas UtU 3)48.1969
102)4 103)4
page
59)4
Washington Ry A Ltg Co—
/23)4
80)4
.20
Corp...*
Super Corp of Amer A A.. J
43 %
Montana-Dakota
104
12.73
U S El Lt A Pr Shares A..
Cons Cities Lt Pow A Trac
6s
.1902
*65
•
Ino. 50c
Utilities
4.55
107)4 108)4
1962
Spencer Trask Fund
4.13
Central Pow A Lt 39is 1969
Central PublloUtUlty—
Houston Natural Gas 4s
5.55
Tobacco shares
Michigan Pub Serv 48.1905
96)4
1
69
shares
7.88
Investors
Standard
shares
78.11
3.58
25.87
shares
•
Sovereign
•
Corp
Petroleum
24
107
Clark Fund lnc
67
no
El Paso Elec 3 lis
1970
Federated Utll 6)48—1957
Scudder, Stevens and
Selected Amer Shares..2)4
Selected Income Shares.. 1
5.08
preferred
...
Western Public Service—
1960
—
3.40
4.61
83 preferred
m'-**
1
2.32
13 %
Cent Maine Power 3%b '70
1962
1.88
3.02
4.06
114%
/22
89)4
2.30
Insurance stk series. 10c
3.68
15)4
15)4
SI
2.34
1
6.00
8.09
Corp
1
..!
Series 1958...
5.41
5.12
105)4
1.89
2.06
Bank
7.36
105
40)4
stock series... 10c
Fiscal Fund Ino—
6.19
*
6.61
No Amer Tr Shares 1953. •
Merchandise
Utilities
6.00
Steel
No Amer Bond Trust ctfs
10.93
Electrical
Pub
6.24
18-43
5.63
$4.50 preferred
3.28
5.66
17.34
4.65
Union Electric of Missouri
7.99
2.97
10.29
Fun.d
Fund
6.84
110)4
8.16
7.02
7.26
1
Stock
Aviation shares
108
7.42
6.38
1
Balanced
Building shares
Texas Pow A Lt 7% Pf-100
United
5.45
Oils
Railroad
3.15
4.85
Trusteed Industrv Shs 25c
10)4
10)4
10.78
Metals
1
2.50
Union Bond Fund B
07)4
49)4
8.65
7.20
Machinery....
C
3.81
68)4
5.38
6.54
9.81
equipment...
4.93
66)4
95)4
48)4
7.80
7.86
Electrical
Insurance stock....
Philadelphia Co4>4s-1961
Income 5%b with stk '52
Cities Service deb 6s..1963
4.88
supplies..—.
Chemical
16*83
4.47
101
Deposited Insur Shs A...1
8.76
3.45
106)4 107)4
see
4.08
15.60
7.96
RR Equipment shares..
Central Gas A Elec—
For footnotes
112
.1
4.48
10.38
Building
31
9.44
Steel
Cent Ark Pub Serv 5s. 1948
ers stamped
..100
29
Chemical
Old Dominion Pow 5s. 1961
6s series B
♦Common B shares... 10
7.09
Bank stock
117)4
4.06
Aviation
100
Agriculture
Automobile
♦8% preferred
Crum A Forster Insurance
23)4
a ik
95)4
97)4
1
22)4
Calif Wat A Tel 4s...1969
1st Hen coll tr 6)4s..l940
lBt lien eollt rust 6s. 1946
Fund
53>7
N Y Stocks Ino—
22
Assoc Gas A Elec Co—
Consol E A G 6s A
27
21
ma
Sink fund lnc 5-6S..1980
25)4
18)4
19)4
101)4 103)4
98)4
Sink fund lnc 6s....1983
8 fine 4)48-5)48
1986
♦Crura A Forster eom__10
101)4 103)4
96
10
/9
/9
fo
fo
11.56
*
com
West Texas Utll 80 pref..*
Cons ref deb 4)4s.__1968
Sink fund Ino 4)4s__1983
10.72
New England
100
6% preferred D
S'western G A E 5% pf.100
19)4
1973
2.38
Automobile
15
..1973
1
General Capital
Queens Borough O A E—
22)4
Conv deb 5%a
1973
8s without warrants 1940
7.26
Series ACC mod
Fundament'l Tr Shares A 2
85 cum preferred
14
Conv deb 4%a
Conv deb 5s
6.55
Foundation Trust Shs A.l
Philadelphia Co—
21)4
Income deb 4)48—1978
Conv deb 4s
1973
4.86
First Mutual Trust Fund. 5
Pipe
Penna Edison 85 pref
West Penn Power com...*
/14
/14)4
fl4%
4.05
Eaton A Howard—
Ohio Public Servloe—
55
Income deb 3)4s__.1978
Income deb 4s
1978
Income scries
Low priced bond st rles..
Preferred stock series.._
Diversified Trustee Shares
60%
135
Assoo Gas A Eleo Corp—
Income deb 3)4s___1978
4.49
2.00
Railroad equipment
*
64
Associated Electric 5s. 1961
1*15
5.22
2.38
♦7% preferred
42
Amer Utility Serv 6s.. 1964
1.03
4.85
2.00
Delaware Fund
132
Amer Gas A Pow 3-5s. 1953
•
1
Cumulative Trust Shares. *
.50
Public
B shares
ser
(Md) voting shares..25c
1
10814 110%
35 %
37K
Mountain StatesTAT 100
.18
(Colo)
3.25
Accumulative series...!
Series A A
100% 103
Narrag El 4)4% pref...60
Nassau A 8uf Ltg 7%pf 100
6% preferred
Nation .Wide Securities—
*
Utah Pow A Lt 87 pref...*
29)4
8.03
Series AA mod
D
84 preferred
0%
7%
7.30
National Investors Corp.l
National Security Series-
3.72
20
2.12
8
20 %
Northern States Power—
82.75
16
pref
65%
6%
18
10c
com
Maryland Fund Inc.—10c
*
Monongahela West Penn
Pub Serv 7%
63%
Northeastern El Wat A El
Sierra Pacific Pow
Lt Associates
82
6%
67
Rochester Gas A Eleo—
100
preferred
*
7% cum preferred... 100
N Y Water Serv 0% pf.100
0%
1 Oh
6% pref25
Luzerne County G A E—•
Maea Pow
•
80 cum preferred
87 prior lien pref
4)4% preferred
100
Kings Co Ltg 7% pref. 100
7%
preferred
65%
New York Power A Light—
Pacific Pr A Lt
Kansas Power A Light—
Louisville O A E
New Orleans Pub Service.*
87
—*
7% pf 100
4%
10
38%
New Eng Pub Serv Co—
87 prior lien pref
Birmingham Eleo $7 pre!.*
3%
14%
37%
3.42
24
Fund lnc
1
108)4
109)4
102
104
Rhode Island
10
Globe A Rutgers Fire
2d preferred..
15
Standard Accident
10
6 %
36)4
48 %
61
64%
3tuyvesant
Great American
5
27)4
29
Sun Life Assurance
100
205
Great Amer Indemnity
Halifax
1
10
12
Travelers
100
397
Hanover
Hartford Fire
10
5
4)4
22)4
27
10%
28%
U 8 Fidelity A Guar Co. .2
—10
U S Fire
50
10
91
94
U S Guarantee—
.10
76)4
52%
Westchester Fire.
2 50
34 %
Hartford Steam Bolter.. 10
0%
50%
4
28
Volume
The Commercial & Financial Chronicle
153
Quotations
Over-the-Counter Securities—Thurs. July 3—Concluded
on
If Yod Don't Find the Securities Quoted Here
which
our
have interest,
you
monthly Bank and Quotation Record.
cation quotations
stocks
and
carried for
are
bonds.
The
classes
Real Estate Bonds and Title Co. Mortgage
Bid
Aid en
Apt 1st mtge 3s. 1967
Beacon Hotel lno 4s_.1958
all active over-the-counter
of securities
covered
are:
15*
1st leasehold 3*-6s 1944
4-68
Canadian
Canadian
6
1st 5s (Bklyn)
28
29
60
62*
1967
Chanin Bldg 1st mtge 4s '46
13*
15*
Public Utility Stocks
28*
Foreign Government Bonds
Railroad Bonds
Cheeeborough Bldg 1st 6s '48
49
Industrial Bonds
Railroad Stocks
Industrial Stocks
Colonade Construction—
1st 4s (w-e)
1948
20
Real Estate Bonds
Court A Remsen St Off Bid
Insurance Stocks
Real Estate Trust and Land
Title Guarantee and Safe Deposit
ties
Stocks
33
m
m
26
•
mm
Mill Stocks
Deb 6s 1962 legended...
U. S. Government Securities
Mining Stocks
U. S. Territorial Bonds
60
The Bank and
Quotation Record is published monthly and
Bid
A nfa alt 7b to
1946
19
mmm
'Housing A Real Imp 7s '46
..1946
/60
mmm
Hungarian Cent Mut 7s '37
Bank of Colombia 7%.1947
7s
1948
/25
...
Hungarian Ital Bk 7*s '32
Hungarian Discount A Ex¬
change Bank 7S....1936
/25
/32
Bavaria 6*s to
1946
Bavarian Palatinate Cons
Cities 7s to
19
/18
1946
/17*
Bolivia (Republic) 8s. 1947
Koholyt 6*s
18*
19681
/3*
73*
4*
7s-.
7s
1969
13 H
4*
6*
6s
1940
19
/43*
/62
19
4*
/5*
Brandenburg Elee 6s. 1963
Brasll funding 6s.. 1931-61
Bras 11 funding scrip
Bremen (Germany) 78.1936
6s
1940
British Hungarian
7 Ha
18
18
1943
Land M Bk Warsaw 8s *41
Leipzig O'land Pr 6*8 '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
Water 7s
1948
mm .
Munich 7s to
1946
mmm
Munlo Bk Heseen 7s to '45
/9
scrip
...
35
38
31*
Sec
47
50
1st 4-5a
..1948
37
•
...
35
...
Bldg—
4*
32
49*
31*
57*
46*
...
...
22*
s
..
.
8 tamped
59
1961
25*
...
6s
Income
1943
61
64
1957
let mtge 4s
56
59
Savoy Plasa Corp—
3a with stock1956
Sherneth Corp—
1st 5* B(w-s)
1
;
9*
1956
/ll*
60 Park Place (Newark)—
1st 3*8
1947
11
13*
29*
61 Broadway Bldg—
1950
3s with stock
Syracuse Hotel
16
1957
3*s with stock
616 Madison Ave—
22
.
84
4» m m
18*
.
.
(Syracuse)
let 3a
1956
Textile Bldg—
1st 3-6s
24
1958
26
Trinity Bldgs Corp—
1st lease 4-6 *s
1948
Lewis Morris Apt Bldg—
1st 4s
1951
39*
m mm
...
LexlDgton Hotel units
45*
37*
...
Lincoln Bldg lne 5*s w-s
due 1962 (1500 paid).'..
50*
55
London Terraoe Apts—
1st A gen 3~4a
1952
28*
let 5*s
2 Park Ave Bldg
1939
127 H
30*
1st 4-6s'46
Walbridge Bldg (Buffalo)—
40*
42*
31
—
55*
44*
f ctfs 4*s (w-s.'68
Prudence Seour Co—
33
Hotel St George 4s... 1950
Lefcourt Manhattan Bldg
Lef court state
series F-l
12
13*
...
19
Montevideo
27
11*
12
19
Meridionals Elee 7s..1957
1939
Bldg—
H&rriman Bldg 1st 6s. 1961
Hearst Brisbane Prop 6s' 42
12
19
112
/35
19
44*
14*
33*
mmm
19
/3
19
19
Mannheim A Palat 78.1941
Bank—
1962
Jugoslavia 6s binding. 1966
Jugoslavia 2d series 6s. 1966
12*
.,1966
...
91
J'
Bogota (Colombia) 6*s '47
8s
«**>*.
13*
36
88
f7
1946
13
1968
mmm
15
16*
Roxy Theatre-
30*
34
ssrles C-2
series Q
58
....
Graybar Bldg 1st Ishld 6s '46
mmm
47*
29*
series BK
2d mtge 6s
1951
103 E 57th St 1st 6s. ..1941
165 Broadway Building—
7*
mmm
/4
/4
Barranqullla ext 4s.-.1964
15 H
1st 4s stamped
..1948
Fuller Bldg debt 6s...1944
1st 2*-4e (w-s)
1949
Atk
19
Antloqula 8s
3
12*
35
42 Bway 1st 6s
1400 Broadway
m'mrn
64*
Realty Assoc Sec Corp—
Incdeb5sws
Due to the European situation some of the quotations shown below are
|
11*
40 Wall St Corp 6s
nominal.
Atk
15
2*
16*
15*
62d A Madison Off Bldg—
lBt leasehold 3s. Jan 1 '62
Film Center Bldg 1st 4s '49
Foreign Unlisted Dollar Bonds
61*
14*
Ollcrom Corp vto
1 Park Avenue—
5*8
1946
6*s (stamped 4s).. 1949
Your subscription should be sent to
Dept. B, Wm. B. Dana Co.. 25 Spruce St., New York City.
1*
14*
•(
Broadway Building—
1st Income 3s
600 Fifth Avenue—
•ells for $12.50 per year.
Bid
6s 1962
5*s
6*a
5*s
5*8
...
i960
Hotel units
mmm
N Y Title A Mtge Co—
22
Dorset 1st A fixed 2s..1967
Eastern Ambassador
Equit Off Bldg deb
1946
N Y Majestic Corp—
4s with stocketmp..1956
32
Joint Stock Land Bank Securi¬
81
S f deb 5s
Federal Land Bank Bonds
1st 3*s
52
1951
Metropol Playhouses I no—
N Y Athletic Club 2s-1955
1948
3s
Stocks
1947
1st 5b (L I)
6*
17*
Brooklyn Fox Corp—
Public Utility Bonds
Investing Company Securities
Ask
Ludwlg Baumann—
Broadway Motors Bldg—
Domestic
Out-of»Town)
Bid
36
B'way Barclay lno 2s__1956
B'way A 41st Street—
In this publi¬
Municipal Bonds—
Domestic (New York and
Certificates
Ask
will probably find tbem in
r«u
Banks and Trust Companiea
91
...
3s
1960
11
12*
Wall A Beaver St Corp—
1st 4*s w-s
1951
17
19*
31
34
38*
Westinghouse Bldg—
1st mtge 48
1948
mmm
mmm
Sugar Securities
mmm
mmm
/4
Municipal Gas A Elee Corp
Recklinghausen 7s.. 1947
19
—
/9
/47
Nassau Land bank 6*8 '38
Nat Bank Panama—
19
mmm
(A A B) 4S...1946-1947
(C A D) 48...1948-1949
163
160
Bonot
Bid
Atk
Stockt
Pat
Bid
Atk
Brown Coal Ind Corp—
6*s
1963
Buenos Aires scrip
Burmelster A Wain 6a. 1940
Caldas (Colombia) 7Ha '46
Call (Colombia) 7s...1947
Callao
(Peru) 7Ha
Cauoa Valley 7Ha
Ceara (Brasll) 8s
1944
1946
1947
mmm
16
19 H
115
13 H
19 H
12
mmm
10*
18
4*
1962
1948
/4
7s to
1945
1963
/4
Colombia 4s
1946
86
mmm
Cordoba 7s stamped..1937
/28
mmm
Costa Rica funding 6s. '61
Costa Rica Pao Ry 7Ha *49
/II
13"
/13*
15*
/II
13
Cundlnamaroa
6*8.-1969
Dortmund Mun Utll6*s'48
Duesseldorf 7s to
1946
Dulsburg 7% to
1946
Ea*4 Prussian Pow 6s. 1963
Electric Pr (Geriy) 6Ha '60
6*8
1963
European Mortgage A In¬
vestment 7 Ha
1966
7Ha income
1966
7s.
9*
...
—
19
19
19
mmm
mmm
1946
19
15i
32
34
City 6*8
6% scrip..
Poland 3s
1956
Porto Alegre 7s
1968
Protestant Church (Ger¬
many) 7s
1946
Prov Bk Westphalia 6s '33
6s 1936
1941
6s
1946
19
mmm
35
scrip
mmm
1948
■■■'.
19
\
mmm
Agricultural 6s
Funding 3s
German scrip
Grai (Austria) 8s
Guatemala 8s..
117
11
37
1947
Santa Fe 4s stamped. 1942
16 6
Santander (Colom) 7s.
/13
Sao Paulo (Brasll)
1948
68.1943
19
45
Hamburg Electric 6s.. 1938
19
New
York
Stem A Halske deb 6s. 2930
Curb
19 H
19
19
14 X
mmm
*
mm
m
mmm
mmm
Exchange
mm
19
1966
f8
12
1966
1 io
over a
1946
1955
Tollma 7s
1947
170
118
Unterelbe Electric 6s. .1953
Veaten Elee Ry 7s
1947
Wurtemberg 7s to
1945
Helps
Employees
/40
19
19
19
to
...
...
...
defense program by giving the
At the same time
of accumulating Defense Stamps.
The advantage to
maturity date of the bond will be calculated from the
purchase date rather than from the later date when Defense Stamps might
be exchanged
for Bonds.
4*
4*
page
88.
Curb
Exchange
Effects
Economies
for
Exchange
Clearing Corp. has voted to remove 255 stocks
from the night clearance sheet, the Exchange announced on
June 28.
This it is stated will help member firms to cut ex¬
penses although it will reduce the income of the Clearing
Corporation.
Stocks removed from the sheet will be handled
by the Day Branch of the Clearing Corporation as noncleared issues and will not go through the Night Branch at all.
The reduction of the list went into Effect July 1.
The
Exchange's announcement added:
least active issues
charges
on
are
being weeded out
so
a
study of trading activity for
The
that members may save clearance
transactions which could be handled either "ex-Clearing House"
through the Day Branch alone without inconvenience.
been made to restore any issue to the sheet
volume increases to
an
Provision has
automatically when trading
extent which makes clearance desirable.
Former Heads of New York Curb Exchange
at
Luncheon
20th
on
Anniversary
Entertained
of Moving
George P. Rea, President of the New York Curb Exchange,
on June 27 entertained at luncheon in the Curb Exchange
Building all former presidents now associated with the Ex¬
change.
The occasion was the 20th anniversary of the day
on
Buy
employees to buy ths Defense Bonds on an installment basis
the
3*
1
indoors
75
immediately the full price of bonds which otherwise would come
without the necessity
West Tndlee Sugar Corn
The Board of Directors of the New York Curb
19
period of time through sale of Defense Stamps.
them is that
—
Securities
15
plan speeds the financing of the
government
29*
2*
...
a
it permits the
28
6
mmm
80
Exchange on July 2 offered its em¬
plan to help them purchase United States Defense
Bonds.
The Exchange will advance the full amount of the
price to employees desiring to buy and the employees will
repay the Exchange by means of weekly payroll deductions.
Regarding this proposal, the announcement added:
in
Sugar Refg...l
1
6*
Member Firms
or
10
Defense Bonds
The
nee
York
mmm
The New York Curb
ployees
/30
Clearing Corporation officials have made
10 X
Mtge Bk Jugoslavia
Uruguay conversion scrip..
1967
Savannah
*
6*
several months in the 550 stocks now carried on the clearance list.
19 H
Toho Electric 7s
4l"
Hanover Hars Water Wks
1963
•
Corp.*
mmm
Santa Catharina (Brasll)—
Stettin Pub Utll 7s
19
15
1948
6s
mmm
2d series 5s
1964
Haiti 68
mmm
7X
W
6s
19
Office
...1946
16 H
/*
New
9
8tate
1938
German Conversion
mmm
mmm
19
1961
Saxon State Mtge 6s.. 1947
German Central Bank
.
18
6*s
/io
19
mmm
sx
1948
Saxon Pub Works 7s.. 1945
Land-
19
8s otfs of deposit. 1948
mm .
French Nat Mall SS 6s '62
bank 6*8
...
16 *
7s ctfs of deposlt..l957
mmm
mmm
mmm
'
7s 1967
4s
mmm
German Building A
Haytlan Corp com
Sugar Co
...
19
19
Salvador
8s
/4
German Atl Cable 7S..1946
20
9X
19
PH
19
8%
Frankfurt 7s to
118
...
For footnotes
mmm
/3
18 H
Rio de Janeiro 6%
1933
Rom Cath Church 6*s '46
R C Church Welfare 7s '46
mmm
'
13
13
'63
40
57
mmm
118
/16
Farmers Natl Mtge 7s.
7*
25
V ertlentes-Camaguey
.
Saarbrueoken M Bk 6s.'47
19
19
19
1967
7s Income
mmm
18 H
1967
24
mmm
1962
Panama
1949
58
138
1989
58
19
1
...
mmm
City Savings Bank
Budapest 7s
68
54
1954
New Nlquero Sugar—
*s
1940-1942
Panama
f*
1947
mmm
Oberpfals Elee 7s_.
Madgeburg 6s.....1934
6s
Haytlan Corp 4s
National Hungarian A Ind
Mtge 7s_
Preferred
Punta Alegre Sugar
mmm
Oldenburg-Free State—
Central German Power
21
119 *
7
Baraqua Sugar Estates—
...
/4
3*
Central Agrlc Bank—
see German Central Bk
Eastern Sugar Assoc com.]
Nat Central Savings Bk of
Hungary 7*8
10*
...
Antllla Sugar Estates—
6s
1951
which the Curb Market
was
moved indoors to become the
Curb
Exchange.
The guests included Clarence A. Bettman,
E. Burd Grubb, Edward R. McCormick, Fred C. Moffatt,
William S. Muller, David U. Page, Howard C. Sykes,
former presidents, and Col. William A. Lockwood, general
counsel of the Exchange for the past 20 years.
In its an¬
nouncement the Exchange also says:
Mr. McCormick
was
Chairman of the Board of Representatives of the
New York Curb Market Assn. from June,
became first President of the
1914, to June,
1921, when he
newly organized New York Curb Exchange.
Mr. Bettman became first Chairman of the Board of Governors and Presi¬
dent pro tem.
took
over
continued
under the reorganization of February, 1939.
When Mr. Rea
Bettman
the duties of President in the spring of that year, Mr.
as
succeeded by
Previous
1941, when he was
Chairman of the Board until February,
Mr. Moffatt, the present Chairman.
reference
issue of June 28, page
to
,
the anniversary was
4107.
made in
our
The Commercial & Financial Chronicle
92
General
1941
July 5,
Corporation and Investment News
RAILROAD-PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
alphabetical order.
always possible to arrange companies in exact
always as near alphabetical position as possible.
NOTE—For mechanical reason* it is not
However, they
REGISTRATION STATEMENTS
OF
FILING
are
SECURITIES
Alaska Pacific Salmon Co.—Earnings—
UNDER
Earnings for the Year Ended Dec. 31, 1940
ACT
Sales of canned salmon and other
following additional registration statements (Nos.
4790, both inclusive) have been filed with the
Securities and Exchange Commission under the Securities
Act.
of
1933.
The amount involved is approximately
The
4786
to
American
A-2), San Francisco, Calif.,
registration statement covering a proposed offering of 400,000
cumulative preferred stock ($25 par).
No underwriter
named.
James B. BlacK is President.
Filed June 26, 1941 (further details
on
a
subsequent page).
a
of
Domestic Finance Corp. (2-4788, Form A-2), Chicago, 111., has filed a
registration statement covering '*0,000 shares of .*2 dividend cumulative
preference stock.
Proceeds wilt be used to expand operations of company
and its subsidiaries.
Underwriter will be named by amendment.
Arthur
Greene is President.
Filed May 2/, 1941.
(2-4789, Form A-2), Middletown. Ohio, has
filed a registration statement covering 30,000 shares of cumulative preferred
stocK (par $15) to be offered to the public at $15 per share and 1<*0,000,
shares of common stock (par $1), of which 75,000 shares will be reserved for
conversion of the preferred, and 65,000 shares reserved for the exercise
of a like amount of stocK purchase warrants.
Preferred stock will be offered
to Bond & Goodwin, Inc., Craigmyie. Rogers & Co. and Whitney-Phoenix
Co., Inc., all of New Yortc, at a price of $12.75 a share
Net proceeds
amounting to $368,005 after deduction of expenses will be used for addi¬
tional working capital, payment of current note obligations of $180,000,
and for new and enlarged plant facilities.
C. I. Friedlander is President.
Filed June 27,1941.
$151,828
59,384
—
$92,444
a Profit—
b Loss on sales and retirements of properties
-
_
280,773
$188,329
Net loss before claims for profit lost
Before extraordinary losses from sales and
retirements of properties,
depreciated cost of
b Net of $140,741 excess of insurance recovered over
destroyed by fire.
cannery
Note—The company's Port
5%
Aeronca
....
—.
Other expenses, net of other income
a
Pacific Gas & Electric Co. (2-4787, Form
has filed
278,194
106,414
.
__
Profit from oiterations
Telephone & Telegraph Co. (2-4786. Form A-2), New York
subsequent page.)
shares
$536,435
Gross profit...
Selling and handling
General and administrative.
$246,534,900.
City, has filed a registration statement covering $233,584,900 of convertible
debenture bonds, warrants evidencing 18,686,794 rights to subscribe for
the debentures and 2,335,849 shares of capital stock ($100 par), to be
reserved for conveision of the debentures.
There will be no underwriters.
Walter 8. Gifford is President.
Filed Jane 26, 1941.
(Further details on a
$2,589,105
2,052,669
i.
products..
Cost of goods sold
Althorp, Alaska, cannery was destroyed by
The profit lost as a result of the fire was covered by
claims such loss amounted to $270,773.
Ad¬
justers for the insurance companies have proposed a settlement very sub¬
stantially less.
Since the amount has not been agreed upon, no effect
has been given to the claims in the foregoing income account or accom¬
fire
Aug. 3, 1940.
on
insurance and the company
panying statements.
Balance Sheet Dec. 31,
1940
deposits in banks, $33,627; notes and accounts re¬
$843,108; merchandise inventories, $1,131,198; prepaid
Assets—Demand
Aircraft Corp.
ceivable
(net),
$1,550: operating materials and supplies,
expenses,
$154,607; miscellaneous
investments, $41,212; structures and equipment (net), $236,115; fishing
rights, trapsites, and development costs, $83,452; lands, Alaska cannery
sites, $2,721; trademarks and tradebrands, $75,000; prepaid insurance,
$242; total, $2,602,833.
Liabilities—Note payable to former stockholder (since paid), $135,000;
payable, $168,278; Federal and territorial case and fish taxes
payable, $52,001; other accrued taxes, $10,459; preferred stock, $164,626;
common
stock (118,023 no-par shares), $1,816,494; surplus, $255,975;
total, $2,602,833 —V. 151, p. 3878.
accounts
Associates, Inc. (2-4790, Form A-2), Providence, R. I., has
registration statement covering $500,000 6%- participating sinking
due 1971, which will be offered to the public at 100.
Proceeds will be used for advances to subsidiaries or payment of debt in¬
curred to provide funds for advances to subsidiaries.
F. L. Putnam &
Co., Inc., is underwriter.
Kenneth H. Earle is President.
Filed June
27, 1941.
Beacon
filed
debentures
The last
in
Alaska Packers Association
a
fund
our
previous list of registration statements was given
issue of June 28, page 4114.
1939
1938
1937
$4,101,701
994,262
$4,312,384
$7,129,381
$4,454,960
$5,095,963
$5,101,788
6,607,179
416,499
3,952,690
493,702
5,000,025
545,159
3,972,980
538,936
1940
lies, Calif. Pack. Corp. $4,275,790
Others
2,853,592
Total___,__
Cost
of
oper.
goods sold
Sell., adm. &
gen. exps
for
789,403
and
expenses
Provision
(& Subs.)- -Earnings-
$3,489,520
965,440
Years End. Dec. 31—
deprec.
of
plants, term., fleet, &c
Aeronca Aircraft Corp.—Registers with
See list given on
first
page
Ainsworth Mfg.
of this department.—V. 152, p. 3168.
1940
260,980
$8,569 loss$737,166
106,700
97,263
$328,892
137,411
$199,157
44,433
$115,269 loss$639,904
70,784
59,431
$466,303
25,052
26,507
17,928
2,700
11,708
41,650
$31,294 loss$719,962
287,540
$0.54
Nil
$361,387
460,064
$6.30
Total income
1 937
1938
1939
v
287,944
$105,703
93,454
..
..
Other income
Corp. (& Subs.)—Earnings—
Calendar Years—
See
Profit
SEC—
Interest
..
See
a
Net profit from sales—
Income charges (net)._.
$335,986
2,422
$175,139 loss$142,021
2,896
5,587
$1,152,423
13,424
105
$172,243 loss$ 147,609
34,000
$1,138,999
b215,705
Sacramento property.
$333,564
81,000
Prov. for Fed. inc. tax..
28,475
c$252,584
103,466
c$138,243 loss$147,609
103,466
103,466
$923,294
620,793
■
Losses not covered by ins
Loss on oper. of West
Net income for year-
a
a
Pro vision for Fed. taxes_
Profit for year...
Net income for year..
Cash divs. decl. and paid
a
After
depreciation
$45,319 surtax
common
but
before
provision for Federal taxes,
b Incl.
c Equal to 61 cents per share of
undistributed profits,
on
stock in 1940 and to 33 cents per share in 1939.
$2.20
a Depreciation included in the above statements in the amounts of $358,318 in 1940, and $356,700 in 1939.
Consolidated Balance Sheet Dec. 31
equipment (net),/$1,896,361; total, $4,810,272.
Liabilities—Accounts payable—trade, $331,093; accrued payroll, taxes,
&c., $256,922; common stock (par $5), $2,069,310; earned surpius, $2,152,947; total, $4,810,272.—V. 152, p. 816.
5
Cash
395,478
accts.
Accounts payable.
64,629
139,232
17,591
Accrued wages, &c
19,127
28,893
63,616
19,509
Prov. for Fed. inc.
rec.
(net)
Misc. accts.
rec
& cap.stk.taxes
Inc.—15-Cent Dividend—
stock par
50 cents payable July 8 to holders of record June 28.
This compares with
12cents paid on Feb. 21, last; 25 cents paid on Dec. 20, 1940 and divs. of
12K cents paid on Oct. 25, July 25 and April 25, 1940, this latter being
initial dividend on 50 cents par stock, on old no par shares 25 cents was
paid in Feb. 20, last; 50 cents paid on Dec. 1, 1939; 20 cents paid on Oct. 25,
1939, and extra dividend of iy2 cents in addition to a regular quarterly
dividend of 12>£ cents per share was paid on Sept. 15, 1939.—V. 152, p.
6,094,485
& supplies. 1,414,238
with mutual
Akron Canton & Youngstown Ry.
1941
.
Net ry. oper. income..
From .Jan. 1—
Gross from railway
$263,458
121,477
_
1,217,4.56
518,154
309,277
1938
$148,633
36,038
8,647
$122,463
22,404
def.3,713
928,824
789,392
621,962
306,454
170,502
216,619
95,387
def41,631
59,345
32,735
68,152
Net from railway
Net ry. oper. income..
-Earnings—:
1939
1940
$185,535
65,140
—V. 152, p. 3640.
Stock Enjoined—
The Securities and
Exchange Commission reported June 16 that Judge
Edgar S. Vaught of the U.S. District Court at Oklahoma City has entered
a final judgment enjoining Alaska Gold Mines,
Inc. and C. E. Harrell,
President of the company, from further violations of the registration and
fraud provisions of the Securities Act of 1933.
to the entry of the judgment.
The complaint
36,667
96,667
5 750,800
5,750,800
a3 ,916,189
3,871,194
current account
23,155
Pur.
22,358
285,922
a
money
oblig.
(non-current)
6,043,910
243,204
(net)-..—. 5,857,475
Deferred charges—
235,727
After deducting $5,289, cost of
treasury.—V.
Total
....
36,667
-.
(par
$100)-....
Earned surplus
14,541,979
9,868,747
and held in
718
.
oblig.
Capital stock
&c.
Total
money
(current)
272,003
fire insur'ce cos.
Investments
Pur.
—
9,868,747 14,541,979
81 shares of company's stock purchased
151, p. 235.
Alberene Stone Co. of
a
Virginia—20-Cent Dividend—
dividend of 20 cents per share on the common
stock, payable July 25 to holders of record July 10.
Dividend of 25 cents
paid on Dec. 24, 1940; 15 cents paid on July 23, 1940 and one of 25 cents
was paid on Dec. 22, 1939.—V. 152, p. 3019.
All America Corp.
(& Subs.)—Earnings—
Operating revenues
Expenses of operation
Maintenance and repairs
Provision for U. S. Federal income tax
192,059
142,700
75,000
94,601
174,162
179,010
alleged that since about Nov., 1940, the defendants have
the Commission.
141,169
foreign exchange
34,108
$467,548
11,610
for. exchange
_
$337,995
Drl ,666
$336,329
15,019
$479,158
727
$351.348
499
$478,431
$350,849
19,951
30,571
41,404
$427,909
Net income from operations before
on
$1,563,648
548,662
129,073
...
Provision for depreciation and amortization
Profit
$1,730,949
535,721
165,551
145,454
........
General and miscellaneous expenses
Other taxes
xl940
1941
3 Months Ended March 31—
$291,711
$433,440
The defendants consented
been selling the capital stock of Alaska Gold Mines, Inc. by the use of the
mails and in interestste commerce without there being a registration
statement in effect with
174,359
jfish'g
gear
y
Alaska Gold Mines, Inc.—Sale of
39,391
Calif. Pack. Corp.,
1,085,327
Mat'ls, cans,
Directors have declared
May—
18,450
Prov.for oth.taxes
18,268
1,239,263
Plants, term.,fleet,
Directors declared a dividend of 15 cents per share on common
Gross from railway....
Net from railway.....
41,945
Calif. Pack, Corp.,
Dep.
4,425.000
unsecured
69i818
Trade
current account.
Directors have declared an extra dividend of 25 cents and a regular
quarterly dividend of 25 cents on common stock, both payable July 15 to
stockholders of record July 5.
Like amount were paid in five preceding
quarters.—V. 152, p. 3640.
$
bks.,
Notes pay .to
334,195
338,439
Marketable secur.
$
Liabilities—
$
336,744
...
1939
1940
1939
1940
Assets—
Canned salmon
Co., Inc.—Extra Dividend—
Akron Brass Mfg. Co.,
$126,144
Dividends paid..
Earns, per sh. of cap.stk.
Consolidated Balance Sheet Dec. 31 1940
Assets—Cash, $1,275,885; marketable securities, $2,211; accounts re¬
ceivable—trade, $889,427; finished goods, work in process, raw materials,
and factory and office supplies, $642,475; prepaid insurance, taxes, &c.,
$52,258; other investments, $51,656; land, buildings, machinery, and
Air Reduction
6,991
6,200
Net income from operations.
Non-operating income
Net income before interest
Interest charges, &c.
charges, &c
of subsidiary companies
The
complaint further alleged that in the sale of these securities the
defendants represented to purchasers that a definite arrangement had been
made to borrow $80,000 for the purpose of constructing a mill, when no
such arrangement had been made.
The defendants also represented to
purchasers, according to the complaint, that the mill would be in full opera¬
tion at an early date and that the stock having a par value of 20c. a share
would be worth from $2 to $3 a share by Dec. 1, 1941, when there was
no reasonable basis to support either statement.
The complaint alleged
that in representing that the company had clear title to the mining property
the defendants omitted to state that the company owned only an option
on
the property.
Net income before interest on funded debt.
Int.
on
Funded Debt of All America
Corp.—
Serial notes—3% per annum
__
Income debs.—cum. at the rate of 4% per annum._
Net income..
Pro forma,
17,734
Provisions for U. S. Federal income and excess profits
taxes have been estimated on the basis of existing tax regulations and do not
reflect any adjustments in respect of any new regulations or changes which
may be enacted applicable to the entire year 1941.—V. 151, p. 3384.
x
y
Volume
The Commercial & Financial Chronicle
153
Allied Owners Corp.—Tenders—
American & Foreign Power Co., Inc.
The Manufacturers Trust Co. will until
Aug. 1 receive bids for the sale
bonds, due July 1, 1958 to
exhaust the sum of $216,539 at prices not exceeding par and accrued interest.
—V. 152, p. 1122.
Alton
RR.—Earnings-—
May—
1940
Net ry. oper. income
From Jan. 1—
Gross from railway
7,607,293
Net ry. oper. income—
—V. 152, p. 3484.
$1,187,876
189,512
def76,460
501,952
Aluminum Industries, Inc.
__—._
$3,848,854
"
Net oper. revenues—
5,902,059
926,826
def369,680
(net)
Gross income.—
.
to
$3,006,595
260,350
233,998
172,824
_
$3,215,834
2,261,520
$2,332,880
1,712,190
2,882,020
2,147,618
$1,028,846
762,918
$954,314
704,339
$620,689
599,432
$734,402
679,513
$265,928
profit on sales.
Selling & gen. expenses.
_
_
$249,975
$21,257
Balance..
Pref. divs. to public
$54,889
purchases,
int. earned, &c.
35,175
17,978
14,772
17,881
$301,103
62,570
a71,568
$267,953
70,558
37,425
$36,029
70,882
Net profit from opers.
Dividends paid
$159,969
loss$34,853
*$1.61
""Nil*
6
x
$3,091,867 $11,355,992 $12,115,337
>
Assets—Cash,
$135,793; receivables
(trade),
$504,656; inventories,
$797,134; accounts payable (debit balance), $6,691; due from officers and
employees, $36,255; invested assets, $9,096; fixed assets, (net) $856,939; in¬
tangible assets, $19,459; deferred charges, $53,771; other assets, $109,773;
total, $2,529,567.
Liabilities—Notes payable (bank), $225,000; accounts payable (trade),
1, $12,086; accrued prop$133,630; acc's. pay. (officers, emj
erty taxes, $3,274; accrued capital stock tax, $3,300; accrued manufacturers'
sales tax, $506; accrued royalties, $7,681; accrued interest, $149; accrued
salaries and wages, $20,011; accrued rebates, $44,135; customers' credit
balances, $1,524; accrued old-age benefit tax, $5,150; accrued unemploy¬
ment insurance tax, $11,270; accrued Federal income defense and excess
profits tax, $71,568; reserves, $4,870; common stock (100,000 shares of no
par value), $1,580,006; treasury stock at cost
(570 shares), Dr$8,271;
earned surplus, $413,677; total, $2,529,567.—V. 152, p. 1902.
_
American Cable & Radio Corp.
.
1941
Other taxes
._
-
1,393,788
333,351
377,161
164,500
172,299
401,322
— __
— __
_______
depreciation and amortization—
_
...
Net income before interest charges, &c.
....
$499,488
Dr33,097
$466,391
29,283
$396,793
2,065
123,186
•
Interest charges. &c. of subs
Interest on funded debt of subs.
433,454
328,990
75,000
147,846
400,629
$368,447
28,346
foreign exchange.
Net income from operations
Non-operating income.
1940
$3,321,957
1,436,550
$337,783
30,664
Net income before loss on foreign exchange....
on
a
$3,180,204
—
General and miscellaneous expenses
b Provision for U. S. Federal income tax...
_
(& Subs.)—Earnings—
3 Months Ended March 31—
Operating revenues
Expenses of operation
Maintenance and repairs
Net equity
a
estimated
on
b Provisions for
3,213,374
U.
S.
Federal
income
taxes
$348,455
have
11,234,912
53,643
53,110,875 $12,182,661 $11,288,555
152,643
931,359
522,859
$3,377,956
308,026
deductions
11,523,347
659,314
1,427,521
1,444,970
5,775,266
6,029,631
$1,642,409
Balance....
$1,513,262
$5,476,036
$4,736,065
Comparative Income Statement (Company Only)
Period End. Mar. 31—
From subs
1941—3 Mos.—1940
$1,950,931
$1,933,319
10,140
164,582
Income:
Other
—
Total
Expenses, incl. taxes.
$8,788,596
659,314
$9,063,837
63,643
$1,943,459
152,643
1,444,970
$9,447,910
931,359
6,775,266
$9,117,480
522,859
6,029,631
$345,846
$2,741,285
$2,564,990
$2,115,513
308,026
1,427,521
__
Interest &c. deductions-
1941—12 Mos.—1940
Bal. carried to earned
surplus
$379,966
__
Balance Sheet March 31,1941
Liabilities
Invest, secur. & ad vs.—sub¬
a
$513,352,403
6,579,317
sidiaries, &c—
Cash in banks
326,196
Accounts receivable...Int. & divs. receiv. (subs.)
2,838,928
2,395
Other current assets
6,649,637
Deferred charges..
$393,940,452
60,000,000
52,500,000
Accounts payable
39,653
Accrued accounts
1,273,773
Miscell. current liabilities..
2,116
Deferred credit
163,018
Earned surplus
_______
30,829,865
__
Total-
..$528,748,877
Total
Capital stock..
Gold debs., 5% ser. due 2030
Notes payable
——.$528,748,877
Represented by preferred ($7) cumulative, 478,995 shares; $6 preferred
cumulative, 387,025.65 (including scrip equivalent to 4.65 shares); 2d
preferred, series A ($7) cumulative 2,596,911 shares; common 2,084,538
shares, option warrants to purchase 6,641,194 shares of common stock for
$25 a share (one share of 2d preferred stock, series A ($7) acceptable, in
lieu of cash, with warrants for four shares, in full payment for four shares of
common stock):
capital Btock subscribed-preferred stock ($7) allotment
certificates, $480—V. 152, p. 3484
a
American Forging & Socket
Co.—Earnings—
Earnings for the 6 Months Ended May 31, 1941
Gross sales
b Cost of goods
sold—
----
$1,660,515
1,580,598
,_
been
the basis of existing tax regulations and do not reflect any
adjustments in respect of any new regulations or changes which may be
enacted applicable to the entire year 1941.
Notes—(1) The net current assets of Commercial Cable in continental
Europe are stated in the accounts at the net estimated realizable value
thereof at Dec. 31, 1940, as authorized by the board of directors of that
company, less amounts subsequently realized in U. S. dollars.
No further
provision has been made in the accounts with respect to the effects which
war conditions may have on the assets and liabilities of the corporation and
its subsidiaries since it is impossible at this time to estimate or foresee what
such effects may be.
(2) The accounts of Federal Telegraph have been excluded from the
consolidated income account for the three months ended March 31, 1941,
as a result of the transfer of the stock of that company effective as of Jan. 1,
1941.
Net income of Federal Telegraph Co. in the amount of $29,947 is
included in the consolidated income account for the three months ended
March 31,
1940.
Interest on the income debentures of All America Corp. and Com¬
mercial Mackay Corp. is cumulative at the rate of 4% per annum but is
payable prior to maturity only to the extent that "consolidated net earnings"
as defined in the respective indentures shall be sufficient for such payments.
A reconciliation of consolidated net income (loss for the three months ended
March 31, 1941, with "consolidated net earnings" (loss for that period is
(3)
set forth
323,596
3,100,735
10,140
164,582
__
$495,674
10,358
136,861
$271,542
—
-
______
Proforma.
556,879
149,057
$3,100,735 $11,523,347 $11,234,912
$3,213,374
Co., Inc.—
Net equity-
Total.
a
Net income
Cr316,412
23,725
,
29,484
x Of
American & Foreign Power Co., Inc., in income of subsidiaries
(not all of which is available in United States currency).
Consolidated Balance Sheet Dec. 31,1940
_
Cr32,593
6,506
Expenses, incl. taxes.
Int. to public & other
$9,725
40,000
$0.10
Includes $4,770 for defense taxes, and $11,359 for excess profits tax.
Profit
6r38,927
Amer. A Foreign Power
$72,770
63,038
$166,965
46,444
$1.68
_
Earns, per sh. on cap. stk
Pro v. for
2,701,933
$3,249,364
—
Other income.
Gross income
Other deductions._
a
2,430,513
Cr79,027
$3,640,740 $13,537,717 $14;356,722
548,873
2,181,725
2,241,335
Exchange adjust'ts
on
working capital (net).
Portion applicable to minority interests
on
Federal taxes
626,163
Crll,108
$3,795,167
545,803
_____
x
Cash disct.
596,099
Cr26,780
_
_
Balance
Gross
$4,255,795 $15,889,203 $17,019,728
$4,364,486
public and other
124,575
$3,588,505
2,559,659
bates & excise tax
Cost of sales
16,829
20,991
2,996
$4,162,169 $15,044,778 $16,353,186
93,626
844.425
666,542
Operating income
$4,266,408
Other income (net)_—.
98,078
1937
$2,505,704
36,583,384
5,567,331
$4,165,165 $15,065,769 $16,370,015
4,652
,—
Int. chgdto construct'n-
1938
Returns, allowances, re¬
Net sales
$4,271,060
$58,520,730
Rent for lease of plants
deductions.
(& Subs.)—Earnings—
1939
$3,449,832
1940
_
'
Int
Years End. Dec. 31—
Gross sales.
6,118,137
1,122,261
defl59,093
„
Operating revenues
$15,940,031 $14,828,744 $62,500,957
Oper. exps. (incl. taxes)_ 10,292,630
9,261,059
41,900,366
Prop, retire, res. approp.
1,402,520
5*534,822
1,376,341
1938
$1,280,465
233,216
def33,073
6,303,177
967,841
def298,997
railway—1,916,714
Net from
1Q3Q
$1,241,485
113,378
defll0,125
1941
$1,647,767
425,672
150,513
(&Subs.)—Earns.
1941—12 Mos,—1940
1941—3 Mos.—1940
Period End. Mar. 31—
Subsidiaries—
to it of sufficient first lien cumulative income
Gross from railway
Net from railway
93
below:
Operating profit
Other income
Total income
—
Federal taxes
on
$123,874
8,665
27,650
—
Other deductions
Net income
$79,917
43,958
-.
—
income (estd.)
—
— —
$87,559
Earnings per share
—
—
$0.37
Less returns, allowances and discounts,
b And selling, administrative
and general
expenses including depreciation,
c On 231,400 shares
of
capital stock, $1 par.
Balance Sheet June 1, 1941
-
c
...
a
Assets—Cash, $194,324; receivables (net), $303,821; inventories, $185,279; other assets, $10,346; permanent assets (net), $541,615; patents, $1;
deferred charges, $24,732; total, $1,260,118.
Liabilities—Notes payable to banks, $40,000; trade
<
creditors, $134,890;
payrolls, $16,684; lease deposit, $100; accruals, $28,228; deferred credits,
S41,000; reserve, $35,828; capital stock ($1 par), $231,400; earned surplus,
$321,987; capital surplus, $410,000; total, $1,260,118.—V. 152, p. 110.
American Power & Light Co.
Period End. May 31—
(& Subs.)—Earnings—
1941—3 Mos.—1940
1941—12 Mos.—1940
jhizi di/i
All America
Com'I Mac-
Corp. and
hay Corp.
Subsidiaries
and Subs.
Operating revenues
.$27,984,034 $26,530,155 $110506,998 $104927,202
Oper. exps., excl. direct
10,391,258
42,186,243
taxes..
10,604,725
40,881,219
3,932,559
19,746,006
15.205.956
Direct taxes
5,262,590
Prop, retire, and depl.
2,573,554
reserve appropriations
11,015,269
10,254,255
2,755,627
—
$427,909 loss$149,988
Net income per consolidated income account..
Charges included in consolidated income account
not deductible for the purpose of computing
"consolidated net earnings —
Accrued interest on income debentures—_
30,571
74,591
Depreciation provided in excess of that allowable
tor the
purpose of computing "consolidated
net
10,663
earnings"
Provision for benefit and pension reserves in ex¬
cess of actual payments made for benefits and
pensions..
M iscellaneous—net..—_
„;
_
Int. to
11,946
—
...
4,740
150
_
The sale of the stock of Federal
Telegraph
was
Ioss$59,994
$900,000 in principal amount of All America Corp. income debentures,
series A, may be applied only to the purchase of income debentures of
Commercial Mackay Corp.
Up to June 26, 1941, $516,000 of such income
debentures have been so purchased and are now held by Mackay Radio &
Telegraph Co.
The transfer of the stock of Federal Telegraph Co. was made effective as
of Jan. 1, 1941, and consequently the accounts of that company are not
incmded in the consolidated income account of the corporation and sub¬
sidiaries for the three months ended March 31,1941.—Y. 152, p. 3385.
American Screw Co.—oO-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable July-1 to holders of
dividends of 20 cents per share were
23,220
115,247
139.185
3,921,847
4,011,057
15,742,514
15,918,706
8,617
5,454
81,603
18,984
—
1,792,936
—
Pref. divs. to public
$5,650,401 $22,013,816 $22,825,235
1,792,936
7,171,742
7,171,738
$3,679,939
—
$3,857,465 $14,842,074 $15,653,497
$5,472,875
approved by the holders
of Commercial Mackay Corp. and has been con¬
The proceeds of the sale, consisting of $300,000 in cash and
of income debentures
summated.
$9,656,004 $37,674,727 $38,724,957
and other
deductions
Balance—
$470,576
.......
public
$9,632,784 $37,559,480 $38,585,772
Less int. charged to con¬
struction——-
"Consolidated net earnings" as defined in the
respective indentures
Gross income
$9,361,092
25,013
$9,386,105
Net oper. revenues.__
Other income (net).____
record June 23. Previously quarterly
distributed.-—V. 145, p. 4107.
Balance
Portion
applic. to
ority interests.
min¬
11,112
11,367
54,146
56,653
Net equity of Amer.
Pow. & Light Co,
in
income of subs.
Amer. Pow. -fe
Net equity
_
$3,668,827
$3,846,098 $14,787,928 $15,596,844
Light Co.—
of company
3,668,827
(as above)
14,951
Other income
Expenses, incl. taxes—
Balance
Int. and other
deduct'ns
3,846,098
17,303
14,787,928
68,191
15,596,844
75,993
217,007
$3,863,401 $14,856,119 $15,672,837
112.905
782,160
468,808
$3,466,771
712,122
$3,750,496 $14,073,959 $15,204,029
711,920
2,833,460
2,864,730
$2,754,649
$3,038,576 $11,240,499 $12,339,299
$3,683,778
Total
Balance carried to con*
American Securities Shares,
St. Louis—7-Cent Div.—
Directors have declared a dividend of seven cents per share on the common
stock, payable June 28, to holders of record June 26.—V. 147, p. 4047.
sol. earned surplus.
*
Includes $248,403 and $1,235,973 for Federal excess profits tax in
3 months and 12 months
the
ended May 31,1941, respectively.—V. 152, p. 3799.
The Commercial & Financial Chronicle
94
Telephone
American
Telegraph
&
Co.—Debenture
Bonds, Warrants and Capital Stock Registered with
SEC—
Capitalization of Northwestern Water & Electric Corp. as of Dec. 31,
1940, consisted of 91,579.3 shares of $4 preferred stock and 172,235 shares
152, p. 3335.
to stockholders of record July 25, 1942, in the ratio of $100 for each
eight shares of capital stock held.
Subscription rights will expire Aug. 29,
1941, and such of the debenture bonds as are not purchased through the
exercise of rights will not otherwise be offered, it it stated.
There will be
Directors have declared
According to the registration statement, the company intends to use the
proceeds from the sale of the debenture bonds for additions and improve¬
and to properties of its subsidiary and associated com¬
panies, and for general corporate purposes.
The company also intends to
use the proceeds it receives upon conversion of the debenture bonds for
the same purposes.
It is stated that a part of the proceeds may be used
to redeem its $94,547,000 of outstanding 5lA% 20-year sinking fund gold
debenture bonds, due Nov. 1, 1943.
The conversion price and the redemption provisions are to be furnished
by amendment to the registration statement.
dividend of $1 per share on the pommon stock,
a
payable Sept. 2 to holders of record July 31.
Like amount was paid on
Dec. 27, 1940, and last previous common distribution was the $2 dividend
paid on Sept. 1, 1937.—V. 152, p. 3487.
Atlanta & West Point RR.
par,
underwriters.
Net ry. oper. income
From Jan. 1—
Gross from railway
Net ry. oper. income
—V. 152, p. 3487.
was
def23,862
769,885
96,651
def21,945
714,505
86,630
def36,378
def!07,230
Consolidated Earnings for the Fiscal
574
647,224
10,260
(& Subs.)—Earnings—
Year Ended April 30. 1941
of shippers
$2,549,979
2,159,622
Cost of materials and of operations of plants
Gross
a gain of about 68,300 telephones in service in the principal
subsidiaries of the American Telephone and Telegraph Co.
included in the Bell System during the month of June, 1941.
The gain for the previous month was 121,200 and for June, 1940, 18,100.
The net gain for six months this year totals 673,300 as against 449,000
for the same period in 1940.
At the end of June this year there were about
18,155,300 telephones in the Bell System.
The gain for June, 1941 was the largest for the month of June in the
history of the Bell System, the next largest June gain having been 56,539
There
$145,329
20,111
def6,906
Atlantic Coast Fisheries Co.
a
1938
$128,004
defl 1,381
65,071
Net sales, including sales for account
1Q1Q
1 Q40
$146,665
10,758
939,809
241,939
Net from railway.-
ments to its property
Phones—
—Earnings—
1941
$191,257
41,287
4,680
May—
Gross from rail way
Net from railway
net
Gain in
Fe Ry.—To Pay $1 Com. Div.
Atchison Topeka & Santa
2-4786, Form A-2) under Securities
1933, covering $233,584,900 of convertible debenture bonds, warrants
evidencing 18,686,794 rights to subscribe for the debenture bonds and
2,335,849 shares of capital stock ($100 par) to be reserved for conversion
of the debenture bonds.
The interest rate and maturity date of the de¬
benture bonds are to be furnished by amendment.
The debenture bonds are to be offered through transferable warrants, at
Act of
no
1941
of common stock.—V.
June 26 filed with the Securities and Exchange Com¬
The company on
mission a registration statement (No.
July 5,
profit.-.
$390,356
337,552
- —
b Selling and administrative expenses and taxes
telephone
$52,803
Operating profit
19,044
Other income less other deductions
Net profit from operations
d Net losses of subs, prior to commencement of their liquidation.
Gain from sale of trawlers by Portland Trawling Co., less other
c
$71,847
19,831
88,315
expenses
in 1923.
American Water Works & Electric Co.,
Inc.—Officers
Retire—
Thompson, President of this company, announced, after the
regular monthly meeting of the board of directors, that Warren R.
and William K. Dunbar, Vice-President and Secretary, respec¬
Earle S.
recent
Voorhis
tively, had retired from active service under the company's retirement plan.
The board of directors elected Hugh D. McDowell, formerly Assistant
Secretary, to succeed Mr. Dunbar as Secretary.
;
v
Output of electric energy of the electric properties of American Water
Works and Electric Co. for the week ended June 28, 1941, totaled 65,016,000
kwh., an increase of 23.4% over the output of 52,682,000 kwh. for the
corresponding week of 1940.
Comparative table of weekly output of electric energy for the last five
years follows:
Week Endedr1941
1940
1939
1938
1937
June
7
61,781,000 52,392,000 45,105,000 38,670,000 50,718,000
June 14
62,687,000 52,870,000 46,041,000 38,033,000 50,609,000
June 21
63,374,000 52,363,000 45,133,000 37,879,000 49,972,000
June 24
65,016,000 52,682,000 45,814,000 37,513,000 47,850,000
—V. 152, p. 4115.
Arbor
b Including $1,171 depreciation,
c
and Fish Producers Exchange of
Florida, Inc. d Liquidating losses and expenses of these subsidiaries (except
Portland Trawling Co.) have been charged to contingency reserves.
47,094
1,829,368
442,278
228,500
1,661,365
274,629
97,064
From Jan. 1—
defl,734
Net ry. oper. income
a
„
_
Gross from railway—-Net from railway
1938
$267,055
21,919
defll,201
1939
$283,483
31,207
$330,893
53,535
16.131
$389,419
97,591
of Consolidated Capital Surplus for the Year Ended April 30, 1941
Statement
Total
$2,179,086
Deficit
at
April
30,
1,358,005
120,417
def50,488
Sell Properties—
Exchange
Commission
June
dissolved.
other liabilities, and to pay to holders of its common capital
$81.50 a share.—V. 152, p. 3013.
stock upon dissolution
Company is notifying holders of Its first mortgage 20-year 4% sinking
fund bonds, series B, due Aug. 1, 1955, that $582,000 principal amount of
these bonds have been drawn by lot for redemption on Aug. 1, 1941, at par
premium of 2 lA%.
The bonds may be redeemed at the principal
Bank & Trust Co. of Chicago,
the principal trust office of the Chase
office of the Continental Illinois National
231
La Salle Street,
South
or
at
256,832
784,939
.$1,137,316
Consolidated Balance Sheet April 30
on
1941
Accts. payable
$142,780 Notes payable
$100,772
hand
Liabilities■—
1940
1941
Assets—
Cash in banks and
Sundry
325,803
1940
$78,217
accruals
$93,132
29,167
204,167
261,989
450,000
32,603
__
24,617
Inventories.-
433,893
278",742
45,400
29,167
58,333
stock-
2,467,748
Capital surplus
320,490
1,137,316
140,331
def256,832
40,817
9,067
7,603
24,000
Notes pay .not cur.
Earned surplus
(less reserves).,
U.S.Treas. bills..
23,969
221,918
15,000
rent,&c
Sundryinv.& adv.
Security
a
Common
31,829
1
Pats. & trademarks
Fixed
(lees
assets
1,569,468
418,327
10,000
Leaseholds------
"L497
6,238
Deferred Items
$1,767,290
Total
$2,622,9941
par
Atlantic Coast Line
--.$1,767,290 $2,622,994
no
RR.—Earnings—
1941—Month—1940
1941—5 Mos.—1940
$5,718,760 $3,824,340 $29,547,861 $22,868,400
3,714,479
3,348,931
19,182,740
17,673,242
Period End. May 31—
Operating revenues.
Operating expenses
National Bank of the City of New York, 11 Broad Street.—V. 148, p. 272.
Net oper. revenues---
Armstrong Cork Co.—To Pay 50-Cent Dividend—
Total
Represented by 320,490 shares of $1 par value in 1941 and 320,490
shares in 1940.—V. 152, p. 1738.
a
Armour & Co. of Del.—Bonds Called—
a
surplus
rights, machine development and other properties, $800,000,
less amount thereof not required, and restored to capital
surplus, $15,061_„
reserves)
The agreement of sale provides for a price in an amount sufficient for
Arizona Power Corp. to redeem its outstanding bonds and preferred stock,
plus
earned
Prepaid insur.,tax,
announced
27 that
Corp.,
have filed a joint declaration (File 70-338) under the Holding Company
Act regarding the sale by the subsidiary of its properties and assets to a
transferee or Washington Gas & Electric Co.
The company will be
and
Commonwealth Utilities Corp. and its subisidary, Arizona Power
to discharge
consolidated
in
liquidation or in value of investments and advances, patent
of Insurance
Securities
1940
account since May 1, 1935
~!
Appropriation of contingency reserves to provide for losses in
Cash surrender val.
Arizona Power Corp.—To
2,147,258
Deduct amounts charged to capital surplus account pursuant to
vote of shareholders June 25, 1940:
Accts. & notes rec.
_
1,506,381
174,452
def3,553
—V. 152, p. 3487.
The
$31,829
capital surplus,
pursuant to vote of shareholders June 25,1940
Consolidated capital surplus April 30, 1941
1940
1941
May—
Gross from railway
for income and excess profits taxes for the fiscal
believed to be required.
Note—No provisions
year are
RR.—Earnings—
Net ft-om railway
Net ry. oper. income
$140,331
Including $30,771 depreciation.
Of the Atlantic Coast Fisheries Co.
a
Consolidated capital surplus May 1,1940
Reduction of com. capital stock and transfer to
Weekly Output—
Ann
Consolidated surplus earned since May 1,1940
$475,409 $10,365,121
$2,004,281
600,000
450,000
3,150,000
$5,195,158
2,600,000
$1,404,281
238,519
$25,409
219,176
$7,215,121
1,146,434
$2,595,158
1,245,884
income- $1,165,762 de/$193,767
3961.
$6,068,687
$1,349,274
Deduct taxes—
Directors have declared a dividend of 50 cents per share on the common
stock, payable Aug. 1 to holders of record July 8.
Dividends of 25 cents
were paid on June 2 and March 3, last; dividend of $1 was paid on Dec. 24,
1940; 25 cents was paid on Dec. 2, Sept. 3, June 1 and March 1, 1940; $1
paid on Dec. 23, 1939; 25 cents paid on Dec. 1, Sept. 1, June 1 and March 1,
1939; a final dividend of 50 cents on Dec. 22, 1938, and a dividend of 25
cents on March 1, 1938.
During the year 1938 dividends totaling $2.50
per
share were distributed.—V. 152, p. 2843.
Associated Dry Goods
Directors
declared
have
accumulations
on
a
account
of
the 7% 2d pref. stock, par $100, payable Sept. 2 to holders
Dividend of $3.50 was paid on June 2, last; $6.75 was
paid on March 1, last; $5 paid on Dec. 20, 1940; $1.75 paid on Dec. 2, 1940;
$3 on Oct. 15, 1940; $1.75 paid in September, June and March, and $8 paid
in January, 1940.
With payment of the current dividend, unpaid accumulations on the
second preferred issue will total $15.50.—W. 152, p. 3487.
of record Aug. 15.
Associated Gas & Electric
The
Atlantic
Utility
Service
Corp.
June 27, net electric output of the
reports
that for
the
week
Atlantic
Gulf
&
West
Indies
Steamship
Lines
(&
Period End. May 31—
1941—5 Mos.—1940
1941—12 Mos.—1940
Operating revenues
$12,826,815 $10,896,193 $28,061,937 $25,111,076
Operating expenses
11,006,929 10,386,025 25,410,839 24,462,589
$1,819,886
116,325,783 units (kwh.). This is an increase of 22,253,983 units or 23.7%
94,071,800 units a year ago.—V. 152, p. 4116.
above production of
Associated Gas & Electric Corp.—To Sell Water Units—
$2,651,098
317,433
846,428
579,328
$1,367,027
8,938
$192,735
57,980
$1,804,670
13,519
$69,159
82,407
$1,375,965
186,587
$250,715
236,758
$1,818,189
498,361
$151,566
574,717
-$1,189,378
profits taxes
$13,957
$1,319,828
x$423,151
—
ended
group was
$510,168
452,859
$648,487
Taxes except Fed. excess
Other income (net).
Co.—Weekly Output—
Associated Gas & Electric
Net ry. oper.
-V. 152, p.
Subs.)—Earnings—
Corp.—Accumulated Dividend—
dividend of $3.75 per share on
Operating income
Equip. & jt. fac. rents--
Interest deductions.
aNetincome
a
Before Federal excess profits taxes,
x
Loss.
The trustees of the corporation, have made arrangements, subject to court
and Securities and Exchange Commission approval, looking toward the
Note—The above statement includes the earnings from subsidized opera¬
tions of the New York & Cuba Mail Steamship Co. (a wholly-owned sub¬
disposal of holdings in Nortneastern Water & Electric Corp. to John H.
Ware Jr., it was announced June 30. Mr. Ware is President of Penn-Jersey
Water Co., several properties of which are located in territories adjoining
those of Northeastern Water in Pennsylvania.
Denis J. Driscoll and Willard L. Throp, trustees of Associated, in bank¬
ruptcy proceedings, explained that $3,800,000 would be paid by Mr. Ware,
subject to certain adjustments, for the 155,747 shares of common stock now
held indirectly through Northeastern Water Co's., Inc., soon to be dis¬
sidiary of Atlantic Gulf & West Indies Steamship Lines) before provision
for possible recapture by the United States Maritime Commission of onehalf of the profits in excess bf 10% on the capital necessarily employed in
the subsidized operations (the amount of such recapture of profits to be
solved.
"The sale has been undertaken by the trustees
for business reasons and
in pursuance of the integration requirements of the Public Utility Holding
Company Act of 1935. Completion of the sale would mean the elimination
of an entire holding company system from the Associated structure," the
announcement said.
Northeastern's operating subsidiaries consist of 38 water companies, five
electric companies and one combined water and electric company, with
annual revenues of about $2,500,000. These companies render water service
to
101 communities located in the States of Maine, Massachusetts,
necticut,
New Hampshire,
Kentucky,
Maryland, Pennsylvania,
Con¬
Illinois,
Arkansas and Ohio, and electric service to 43 communities situated in the
States
of Ohio,
Maine and
Indiana.
population of approximately 277,000.
The communities include
a
total
limited
by the total amount of subsidiary received)
152, p. 3961.
provided in the
as
Merchant Marine Act.—V.
Athol Mfg. Co.-—$1.50
Dividend—
dividend of $1.50 per share on the common stock, on
This was the first common dividend
time.—V. 139, p. 108.
Company paid
a
June 26 to holders of record June 20.
paid in
some
Backstay Welt Co.—Extra Dividend—
Directors have declared an extra dividend of 12
H cents
per
share in addi¬
tion to the regular quarterly dividend of like amount on the common stock,
both payable July 3 to holders of record June 26.—V. 152, p. 3014.
Bartgis Brothers Co.—Common Dividend—
Directors have declared
a
dividend of five cents per share
10 cents
on
the common
20. This compares with
paid on Qct. 31, 1940, and on Oct. 31, 1938.—V. 152, p. 1273.
stock, payable June 30 to holders of record June
Volume
The Commercial & Financial Chronicle
153
Baltimore Transit
Operating
Operating
revenues
expenses
Booth Fisheries Corp.
Co.—Earnings—
[Including
Period End. May 31—
Baltimore
Coach
Co.]
1941—Month—1940
$1,261,515
$1,095,343
979,126
898,927
Net oper. revenue
1941—5 Mos.—1940
$5,920,813
4,717,200
$5,256,152
4,385.249
$870,902
$282,389
158,763
$196,416
$1,203,612
Taxes.
102,113
668,719
504,704
Operating income
Non-oper. income
$123,625
2,188
$94,302
1,186
$534,893
8,265
$125,814
5,289
$95,489
5,289
$543,159
26,440
$373,078
26,440
$120,525
$90,200
$516,718
117,603
$346,638
Apr. 26, '41 Apr. 27, '40 Apr. 29, '39 Apr. 30, 38
$10,429,300
$9,514,165
$8,887,962
$9,504,732
7,566,353
6,655,355
6,718,857
6,282,006
Operating and gen. exps_
2,515,503
2,633,454
2,620,944
2,547,872
Patent litigation expense
27,695
Int. charges, idle prop,
expenses, &c
Cr443
6,951
Cr4,181
Profit before other in¬
and
come
for
prov.
income taxes
Fixed
charges
(& Subs.)—Earnings—
Years Ended—
Sales and revenues
Cost of sales
$366,198
6,880
Gross income
95
$319,749
16,605
$229,537
7,764
$58,527
10,568
$157,980
7,385
$336,354
83,790
...
Other income
$237,301
57,850
$69,095
15,778
$165,365
19,200
2,000
Net profit before prov.
Net income
Interest declared
...
series A 4
on
% & 5% debs
for Fed. inc. taxes
Prov. for inc. taxes
Surtax
Remainder
$346,638
$399,115
Company has called a special stockholders meeting for Aug. 1 to amend
articles of incorporation and eliminate restrictive provisions in its
preferred stock against the creation of debt maturing in more than a year.
—V. 152, p. 1905.
Bathurst Power &
Paper Co., Ltd.—Interim Dividend—•
Directors have declared an interim dividend of 25 cents per share on the
class A stock, payable Sept. 1 to holders of record Aug. 15.
Like amounts
were
paid
on
1940—V.
June 2 and March 1, last, Dec. 23, Nov. 1, Aug. 1 and May 1,
152, p.
Extraordinary profit
a
a
on
See list given on first page of this department.
$640,777
38,881
2nd pref. stock.
$153,503
$53,317
$152,643
From sale of trawlers, after deducting provision of $47,000 for income
taxes
applicable thereto.
Consolidated Balance Sheet
Assets-
Liabilities—
Apr. 26,'41 Apr .27,'40
Cash
Apr.26,'41 Apr.27,'40
Current liabilities.
$439,644
955,812
$335,541
830,445
738,905
557,092
202,871
193,687
23,706
38,770
2,430
Paid-in surplus...
44,688
Earned surplus...
24,192
24,192
Long-term
& devd.
Sink,
c
2,188,219
1,490,650
333,874
stk.
58,053
1,689,450
333,874
58,053
120,000
b Class A com. stk.
fund for re¬
tire .of pref. stk.
$297,939
$6 2d pref. stock
a
charges
$450,316
Indebt¬
edness.....
Suppl.,prepd.exp.
Plant & equipm't.
Class B
com.
1,170,906
1,108,322
1,087,159
506,428
2,104,925
Creamery Co. (& Subs.)—Earnings—
Period End. May 31—
Net Sales
1941—3 Mos—1940
1941—12 Mos—1940
$15,567,578 $72,943,920 $65,030,181
399,513
221,962
1,864,112
1,829,431
..$18,985,567
Net profit
Earns, per share on com¬
mon stock
a
Total..
$0.26
Penna.—Earnings—
Broadway-New Street Corp.—Bond Trustee—
17,240
13,509
Sterling National Bank & Trust Co., New York has been appointed
an issue of $2,525,000, 42 Broadway Building 20-year income
bonds due July 1, 1961 of Broadway-New Street Corp., and also as agent
of the voting trustees with respect to 25,250 shares of the corporation's
trustee for
88.167
68,479
Operating revenues.
Operating expenses
$6,856,396
4,590,989
$6,400,502 $33,750,362 $31,430,323
4,357,628
21,962,179
21,016,753
Net oper. revenues.
$2,265,407
704,047
$2,042,874
561,025
$11,788,183
3,679,353
$10,413,570
2,857,872
Net operating income $1,561,360
Net income
1,055,223
$1,481,849
1,026,050
$8,108,830
5,750,691
$7,555,698
5,319,905
capital ($1 par) stock.
Bulova Watch Co.
-
•Years End.
railway
railway.
income
—V. 152, p. 3801.
Dec. 31-
1940
$2,286,607
1,240,072
89,194
259,793
176,235
167,120
174,487
157,318
Net oper. revenues...
$600,109
$625,870
$559,218
Non-operating income..
543
$615,397
1,907
749
14,059
84,821
291,828
Operations
$2,429,074
1,295,524
Maintenance
(incl. income)
retirements
91,240
240,803
&
replacements
$626,620
311,085
$573,277
321,273
3,349
Interest deductions
$617,304
315,281
3,617
3,353
3,635
Business
count and expense
Net income
$288,468
101,357
Preferred dividends
Remainder of net inc.
$187,111
$312,182
101,598
$248,369
84,198
$197,033
V
$298,406
101,373
$210,584
$164,171
Balance Sheet
Mar. 31, '41
Long-term debt—
10,212,454
6,920
6,920
Consumers'
5,850,000
5,850,000
214,878
211,974
meter
deposits
_
25,000
Notes payable-—
110,192
70,067
Notes receivable..
591
1,226
Pref.
Accts.receivable..
354,315
301,193
for
106,562
110,683
stock
called
38,874
redemption.
Due affiliated co__
Mdse., materials &
$
$
LiabUUies-
$
Property, plant &
equipment
10,267,287
Cash.
Mar. 31,'41 Dec. 31,'40
Dec. 31/41
$
.
3,315
4,216
176,895
5,226
136,247
290,341
284",695
135,871
59,568
8,444
8,444
131,893
83,335
5,515
9,543
102,089
110,155
1,380,281
1,324,918
extensions..
221,990
212,367
Miscell. reserves-.
interest deposits
Deferred charges..
Accounts payable-
Accrued interest.-
supplies
Insurance & special
55,385
54,465
1,447,635
455,096
1,447,635
Accrued
div.
on
$3.50 pref. stk__
Accrd. taxes—local
State & Federal.
Other..
Customers'
advs.
for construction
.
4,000
Other defd. credits
Res.
for retireln'ts
& replacements.
Res.
for
for
$3.50
coritribs.
cum.
pref.
stk.
prior
$50)
...
Com. stk. (par $2)
Capital surplus...
10,844,016
231,898
Earned surplus
11,026,978
495,658
Total.
holders
455,096
,
231,803
428,828
...11,026,978 10,844,016
554,436
8,107
def82,645
a
dividend of $1 per share on its common stock, on June 30
Previously regular quarterly dividends of
of record June 25.
75 cents per share were distributed.—V. 149, p. 3711.
on Sale—
$2,750,000 offer by Vicente Madrical,
Estate—To Vote
Stockholders will vote on
a
a
lead¬
ing Philippine industrialist, for the physical properties of the company in
the Philippine Islands at a special meeting called for July 11.
The purchase price, stated to be the best received by the trustees after a
long period of negotiation, covers the estate's sugar mill and agricultural
lands producing sugar and other .crops in the Philippines.
The land,
buildings, inventories of materials and supplies, and other assets of the
proposed sale had a book value of $3,674,238 as of.Sept. 30, 1940.
Assets not included in the sale total $2,445,635, including cash of $830,930,
United States Treasury bonds of $134,822, miscellaneous assets of $1,379,882, and investment of 15,000 common shares of Pampanga Sugar Mills,
Valued at $100,001, according to book figures as of May 26, 1941.
Stockholders of record July 1 will be entitled to vote at the meeting,
with a two-thirds assenting necessary to consummate the sale.
Terms embodied in the trustees' indenture of June 6, 1941, provide for
payment of $125,000 upon acceptance by shareholders and an additional
$125,000 upon signing documents and conveying of property.
Balance will
be met by a $500,000 payment on Jan. 2
1942, to be followed by eight
semi-annual instalments of $250,000 each, payable on Jan. 2 and July 2,
with final payment on Jan. 2, 1946.
The deferred payments are secured
by a mortgage on the property sold,
% annually.
It is understood the note will contain
providing for accelerated maturities upon default, and a
proviso suspending payment of deferred payments in case of war or similar
occurrence beyond control which prevents operation of the sugar mill.
In connection with future plans, C. F. Jacobson, Secretary, said trustees
have not yet formulated any plan of liquidation, distribution, or use of the
proceeds of the proposed sale, although trustees contemplate using a portion
of the payments as received to meet present and accruing liabilities of the
estate.
Shareholders will be advised when and if any plan of liquidation
is formulated.—V. 150, p. 2414.
with interest rate of 2
the usual clause
California
(par
492,976
def21,972
def92,265
System, Ltd.—$1 Dividend—
Company paid
Calamba Sugar
Amortization of debt dis
522,632
28,340
def55,612
City Bank Farmers Trust Co. is inviting tenders for the sale to it at
prices not to exceed par of an amount of first mortgage 4% 50-year gold
bonds due April 1, 1952 sufficient to exhaust the sum of $22,771 which is
available in the sinking fund.
Proposals will be received up to 12 o'clock
noon on July 25, 1941 at the office of the bank, 22 William St., New York.
—V. 152, p. 3644.
to
$600,653
308,835
480,049
33,291
def40,515
Bush Terminal Co.—Tenders—
1939
$2,536,156
1,364,461
85,634
285,703
$2,561,558
1 ,-*08,564
1938
$112,850
def4,025
def21,043
From Jan. 1—
Gross from
Net ry. oper.
—12 Mos. Mar. 311941
1940
revenues
$100,948
defl4,020
def30,101
railway
$120,475
railway.33,881
oper. income...
17,194
Net from
Net ry.
*1939
1940
$101,913
8,460
def8,910
1941
Gross from
Net from
Birmingham Gas Co.—Earnings-
Investments
1940
Net
Burlington-Rock Island RR.—Earnings—
Period—
Assets—
1941
'
$7,767,357
$6,498,885
profit
2,363,236
2,015,171
b Earnings per share
$7.27
$6.20
a After depreciation, interest, Federal incomes and excess profits taxes,
b On 324,881 shares of no par common stock.—V. 152, p. 1585.
a
May—
scribers in Pennsylvania.
The lower rates are to go into effect on July 10.—V. 152, p. 3642.
for
(& Subs.)—Earnings—
Years Ended March 31—
Gross profit
To Cut Rates—
Company announced on June 30 that, as a result of negotiations with the
Pennsylvania Public Utility Commission and the Federal Communications
Commission, substantial reductions had been made in toll and long distance
rates that would result in annual savings of $1,197,000 to telephone sub¬
Prov.
..$4,612,120 $4,092,899
$3-52
$3.66
Period End. May 31—
1941—Month—1940
1941—5 Mos.—1940
Operating revenues
$6,869,905
$6,417,742 $33,818,841 $31,518,490
Uncollectible oper. rev A
Taxes
Total...
2382.
$0.74
Bell Telephone Co. of
taxes
$4,092,8991
..$4,612,120
a 14,907 shares
(no par) in 1941 (16,895 in 1940).
b Represented by
66,775 no par shares, c Represented by 58,053 no par shares.—V. 152, p.
After interest, depreciation and Federal income taxes.—V. 152, p. 3488.
Total
.
Invest, at cost
Registers with SEC—
Operating
25,947
388",213
_
Net profit
Divs.
Inventories
Directors have declared a dividend of 35 cents per share on the common
stock, payable July 1 to holders of record June 25. Last previous common
distribution was the 10% stock dividend paid on Oct. 2,1939.
Operating
-
Deferred recelvB..
2060.
Beacon Associates—Common Dividend—
a
Cr8,478
version of net assets of
sub
Receivables
Beatrice
_
.
profits
Adjust. Fed. income tax
for prior years.
Exchange loss on con¬
Bastian-Blessing Co.—Special Meeting—
the
undist.
on
Oregon Power Co.—Accumulated Dividend—
Directors have declared a dividend of $1.75 per share on the 7% cum.
pref. stock, par $100; a dividend of $1.50 per share on the 6% cum. pref.
stock, par $100; and $1.50 on the 6% pref. stock, series C of 1927, par
$100, a)l payable on account of accumulations on July 15 to holders of
record June 30.
Like amounts were paid on April 15 and Jan. 15, last,
Oct. 15, July 15 and April 15, 1940, and dividends at double these amounts
were paid on Jan. 15, 1940.—V. 152, p. 3338.
Note—The liability for accrued taxes as to Federal income taxes is con¬
tingent upon the final review and settlement of the related returns.—V.
152, p. 2695.
Brandon
Corp.—Class A Dividend—
Directors have declared a dividend of $2 per share on the class A stock
payable June 30 to holders of record June 25.
Dividend of $1 was paid on
April 1, last, and on Dec. 31, 1940, and Dec. 30, 1939, and $3 was paid on
June 30, 1937.—V. 152, p. 2233.
Brewster Aeronautical
Corp.—30-Cent Dividend—
share on the common
15 to holders of record July 7.
Dividend of 25 cents
was paid on Dec. 30, 1940, this latter being the only dividend paid in 1940.
Dividend of 10 cents per share were paid in February and in May of 1939.
—V. 152, p. 2695.
Directors have declared a dividend of 30 cents per
stock, payable July
Callaway Mills—Dividends—
share on its common stock on
10. Like amount was paid on March 20
Dec. 20 and Nov. 20: 1940, 16 cents on Oct. 19, 1940;
Company paid a dividend of 15H cents per
June 20 to holders of record June
and Jan. 20 last,
15H cents on July 20, 1940; 19K cents on June 20; 11H and on May 20;
15)4 cents on Feb. 15 and 15 cents on Jan. 20, 1940, and on Dec. 20 and
Nov.
20, 1939.—V. 152, p. 2061.
Camden & Rockland Water Co.—New Financing—
Company will call on Aug. 1, 2,600 shares ($100) 6% preferred stock
at $105 a share.
The necessary funds will be ootained from the sale of
$160,000 314% bonds to a New England Life Insurance Co. which already
holds $800,000 3H% bonds of the company.
The remaining $100,000 will
be secured from the sale to customers of the company of 1,000 shares of 5 %
preferred stock.
The Commercial & Financial Chronicle
96
Cambria & Indiana
Gross from railway
1939
$65,762
22,925
$69,965
df.5,416
25.968
630,351
249,649
79,395
Net ry. oper. income...
From Jan. 1—
497,952
179,509
318,139
466,721
107,873
300,196
686,344
242,870
328,950
Gross from railway
Net from railway
Net ry. oper. income...
—V. 152, p. 3491.
1938
1940
$108,516
16,212
54,422
85,487
Net from railway
Chicago & Eastern Illinois Ry.—Earnings—
RR.—Earnings—
1941
$178,825
Ma y—
6,700
434,224
1940
$1,189,904
175,947
1939
$1,175,719
169,737
$1,064,203
150,833
oper.^income—
209.633
def45.998
def47,121
def68,118
Net from railway.
Net ry. oper. Income...
7,417,245
2,034,371
919,500
6,272.025
1,103,498
32,520
6,114,677
1,114,862
32,312
5,762,239
960.834
defl09,194
Net ry.
GrossTfrom'raUway
England—Earnings—
1941
$180,871
59,898
def5,502
Net ry. oper. income—
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
1940
$170,629
34,813
defl2,213
789,842
135,222
189,787
May—
Gross from railway
Net from railway
709,753
7,761
def279,458
$96,876
defl9,813
def61,639
534,126
def84,289
def305,004
507,730
def87,762
def302,014
—V. 152, p. 3491.
Canadian Pacific
Canton Co. of Baltimore
$3,430,000
(Md.)—Pays $4 Dividend—
Steel
Expansion
Corp.—Acquisition
sidiary, on July 1, to supplement the tin plate manufacturing
facilities of
Carnegie-Illinois in meeting the heavy demands upon it in the present
emergency.
On that date, the former
employees of the tin plate and coal companies,
about 2,000 in number, become employees of Carnegie-Illinois.
An $85,000,000 expansion program for this corporation to speed the naval
building program was approved on June 27 by William S. Knuilsen, director
general of the Office of Production Management.
An increase of about 40,000 tons in ingot capacity, as well as the addi¬
involved in the program.
Company has requested Government financing for the expansion which
was proposed in response to a request from the Navy.
Or the total to be spent, approximately $75,000,000 would be put into
tional finishing facilties, is
Homestead
and
Works
the
balance
into
the
Duquesne Works.—V.
152, p.3016.
Celanese Corp. of
America—Earnings—
Earnings for April and May, the first two months of the second quarter
and taxes except excess profits taxes, are estimated
at $2,140,000, as compared to $1,587,755 for the full three months of the
first quarter of this year.—V. 152, p. 3802.
of 1941, after all charges
1940
$1,363,233
176,729
1939
$1,337,370
196,523
1938
$1,238,829
142,816
334,901
36,070
57,276
defl6,591
6,719,273
6,414,816
793,193 ?787,480
74,756
151,054
6,102,695
565,674
defll3,809
Net ry. oper. income...
From Jan. 1—
Gross from railway!
8,449,693
2,116,808
1,372,767
Net from railway
Netry. oper. income...
—V. 152, p. 3492.
Central Patricia Gold Mines,
ore
Appropriation for depreciation
Gross from railway
Net from railway
Netry. oper. income...
—V. 152, p. 3493.
on
on
.....
310,655
88,950
36,92.5
1
$184,780
plant and equipment
2,500,000 shs. of
cap.
$0.07
stock ($1 par)
Central Specialty Co.—Stock
Offered—Van Grant & Co.
Detroit, on July 3, offered 75,000 shares of common stock
(par $2) at $5.25 per share.
Net proceeds to the company from the sale of this stock will be about
$300,778, according to the registration statement, of which $115,000 will be
cover the cost of additional plant facilities and necessary equip¬
ment.
The balance of the proceeds will be added to the company's working
capital.—V. 152, p. 3963.
Charleston & Western Carolina
May—
Ry.—Earnings—
1941
$304,617
136,428
90,3/1
income
From Jan. 1—
Gross from railway
Net from railway.
1940
$231,506
76,265
47,459
$194,336
57,634
38,591
$198,551
61,322
40,994
1,366,543
573,808
374,734
Gross from railway
Net from railway
1,135,922
329,597
186,080
994.790
320,706
183,469
932,874
210,826
87,299
1939
1938
income
Chemical Fund, Inc.—To
Pay Eight-Cent Dividend—
Directors have declared
a dividend of eight cents per share on the com¬
stock, payable July 15 to holders of record June 30.
This compares
with seven cents paid on March 29, last; 14 cents paid on Jan. 15,
last;
eight cents on Oct. 15, 1940; seven cents on July 15, 1940; eight cents on
March 27, 1940 and 13 cents paid on Jan. 15, 1940.—V. 152, p. 3964.
mon
Chicago Burlington & Quincy RR.—Earnings—
May—
1941
Gross from
railway
$9,046,766
Net from railway.
2,015,422
Net ry. oper. income...
614,080
1940
1939
$7,016,464
702,413
def345,436
$7,561,626
1,433,759
378,183
$6,543,445
1,225,064
165,851
42,370,554
11,785,611
6,318,991
36,877,299
7,652,951
2,291,619
3 5,833,290
$766,378
126,690
def4,165
3.902,400
1,131,566
439,912
def290,898
1938
$653,959
94,549
def42,585
—
Gross from railway
Net from railway
Net ry. oper. income
3,576,301
404.771
3,264,437
299.031
def422,484
—V. 152, p. 3493.
May—
Gross from
railway
1941
$11,194,887
Net from railway......
2,809,951
1,679,255
Netry. oper. income...
1940
$8,958,868
1,076,241
defl36,441
1939
$8,347,725
895,483
defl93,288
1938
$7,284,661
957,572
defl73,210
43,379,555
8,706,367
3,178.002
39,614,419
6,023,584
599,157
36,728,792
5,476,830
def55,178
From Jan. 1—
Gross from railway
50,580,779
Net from railway
14,686,122
9,433,243
Netry. oper. income...
—V. 152, p. 3493.
Chicago North Western Ry.—Plan Signed by Court—
Federal Judge John P. Barnes at Chicago on June 27 signed the decree
which gives final confirmation to the plan of reorganization.
At the same
time, Judge Barnes specifically pointed out that the court retained juris¬
diction and supervision of the line.
This was made necessary, Judge
Barnes said, because of "certain financial matters," which have not been
completed in settling the capitalization of the new company, and also because
of an appeal from the plan of reorganization brought by the railroad, which
is pending in the U. S. Circuit Court of Appeals.
The road's reorganization plan entirely wiped out the equity of the
original stockholders.
Judge Barnes pointed out that because the equity
of these stockholders, which had been made valueless when the Interstate
Commerce Commission first set up the reorganization plan, it was not
necessary to
submit the plan to them for approval.
May—
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway.
Net from
railway
Net ry. oper. income
—V. 152, p. 4118.
Gross from
1939
$6,857,676
1938
$6,051,070
1941
$9,272,154
2,671,784
1,674,695
1940
$7,331,415
1,370,091
673,568
39,954,668
9,882,161
5,391,454
33,520,330
31,011,945
29,586,414
4,097.193
2,199,189
578.401
def72,292defl ,932,227def3,566,533
465,146
247,044
def311,724
def594,594
Gross from railway
1939
$6,160,093
1,444,254
1940
$6,267,052
1,148,335
286,039
36,458,513
10,313,361
6,185,303
30,847,444
5,607.382
1,184,420
29,878,444
4,626,867
379,593
1941
$7,979,074
2,293,191
railway
Net from railway...
Net railway operating income
From Jan. 1—
....—
Net from railway
Net railway operating income
—V. 152, p. 4119.
May—
Gross from railway
Net from rail way.
Net ry. oper. income
From Jan. 1—
946,949
89,543
1941
$1,666,905
417,294
231,345
1940
$1,359,384
159,843
def70,506
1939
$1,403,451
1 01,814
defl05,253
1938
$1,267,265
1 59,948
def42,226
7.326,062
1,359,848
281,801
6,632,376
def411,289
6.331,175
503.525
def545,216
def351,048
Gross from railway
Net from railway
Netry. oper. income...;
—V. 152, p. 115.
Chicago
Surface
712,948
Lines—City
Advances
6,154,229
675,365
Transit
Re¬
organization—
The Chicago City Council has passed a new traction ordinance which
provides for a new company to take over the operation of the Chicago Rys.
Co., Chicago City Ky. and Calumet & South Chicago Rys. as well as the
properties of the Chicago Rapid Transit Co., all of which are in receiv¬
ership. Provision is also made so that the bus properties of the Chicago
Motor Coach Co. could be acquired.
The new ordinance would run for an indeterminate period and contain
provisions for city compensation. Reorganization of the local traction
companies has been held up for several years in an effort to bring about
unification under the terms of a new comprehensive ordinance, such as
recently has been passed.
Corporation Counsel W. H. Sexton, formally advised Federal Judge
Michael L. Igoe of the passage of the ordinance. Mr. Sexton said that city
officials would now like some expression from the company and their
securities holders of intention to accept the ordinance.
Judge Igoe granted
all parties
traction
p.
until July 5 to file written objections and exceptions to the new
hearing for July 11.—V. 152,
ordinance and scheduled the next
3964.
Childs Co.—New President—
the last
was on June 26 elected President.
He succeeds George D.
Strohmeyer, who recently resigned because of ill health.
Leon G. Dutton, formerly Vice-President, supervising restaurant opera¬
tions and purchasing, was elected Executive Vice-President, to succeed Mr.
Field.—V. 152, p. 3339.
five years,
33,360,691
6,526,716
1,019,415
7,665,178
2,319,395
V. 152, p. 3493.
Chicago Union Station Co.—Bonds Authorized—
The Interstate Commerce Commission on June 26 authorized the com¬
pany to issue $6,860,000 guaranteed serial bonds, to be sold at 100.036
and accrued interest, and the proceeds used in connection with the redemp¬
Chicago Flexible Shaft Co.—Earnings—
Weeks of—
1941
$4,536,600
Sales
profit
245,399
Edward C. Field, Executive Vice-President of the company for
1938
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
Estimated
362,694
new
—V. 152, p. 3492.
First 24
1940
$810,600
283,182
151,127
4,166,181
1,291,954
613,669
Net ry. oper. income
From Jan. 1—
diverted to
oper.
1,391,564
Chicago St. Paul Minneapolis & Omaha Ry.—Earnings
of Lehigh
& Susquehanna RR. Not Subject to Further Litigation.—See
Lehigh Coal & Navigation Co.—V. 152, p. 4118.
Netry.
1939
1941
$876,024
278,423
144,728
Net from railway
Central RR. Co. of N. J.—Court Decides Rental
oper.
1,458,615
401,675
3 00,9.50
1938
$264,972
69,981
45,239
Chicago Indianapolis & Louisville Ry.—Earnings—
May—
Gross from railway
—V. 152, p. 3645.
Netry.
1,792,225
579,080
3 95,477
,
Chicago Rock Island & Pacific Ry.—Earnings—
appropriations for income
Estimated net profit for the period
share
1939
$254,428
64,131
46,058
May—
33,940
$529,733
Estimated Dominion and Provincial taxes-..
per
1940
$350,275
121,847
88,133
1,850,304
679,493
425,039
Net ry. oper. income
From Jan. 1—
Ltd.—Earnings—
milled
Gross value of production.,
Estimated profit for the period before
taxes and depreciation
Earnings
181,255
118,223
1941
$425,712
May—
Earnings for the 3 Months Ended March 31, 1941
Number of tons of
964,909
;
Earnings for Month of May and Year to Date
1941
$1,775,103
477,880
May—
def379,04l
Gross from railway
Net from railway.
Central of Georgia Ry.—Earnings—
Gross from railway
Net from railway
6,628,162
1,621,470
243,050
Chicago Milwaukee St. Paul & Pacific RR.—Earnings
coal mining properties of Canonsburg Coal Co., subsidiaries of Continental
Can Co., were acquired by this corporation, a United States Steel sub¬
the
7,077,417
Netry. oper. income...
—V. 152, p. 3493.
manufacturing plant of Standard Tin Plate Co. and the
The tin plate
7,182,342
1,625,294
246,755
railway
Net from railway
Pay $1.75 Dividend—
Directors have declared a dividend of $1.75 per share on the common
stock, payable June 30 to holders of record June 19.
This compares with
$1.25 paid on March 31, last, and on Dec. 27, 1940; $1.75 paid on Sept. 30,
1940; $2 on June 29, 1940; $1.25 on March 30, 1940; $2.75 on Dec. 23,
1939; $1 on Sept. 30, 1939; 75 cents on June 30, 1939; 50 cents paid on
March 31, 1939; $1.10 on Dec. 24, 1938; 65 cents on Sept. 30, 1938; 25
cents on March 31, 1938, and a dividend of $1.25 on Dec. 27, 1937.—
V. 151, p. 1887.
i
Carnegie-Illinois
Program—
1 939
$1,447,812
368,229
99,090
Chicago & Illinois Midland Ry.—Earnings—
Company paid a dividend of $4 per share on its common stock on June 30
to holders or record June 24.
Dividend of $9 was paid on Dec. 2, last,
and one of $6 was paid on June 27, 1940.—V. 151, p. 3390.
Carborundum Co.—To
1940
$1,438,500
359,639
83,306
8,285.344
2,625,588
1,021.772
railway
From Jan. 1—
Gross from
1940
$4,204,000
earnings
152, p. 3963.
1938
$1,275,496
227,892
def25,120
1941
$1,810,589
653,115
277,804
May—
Gross from
Ry.—Earnings—
1941
—V.
152, p. 3493.
Net from railway
Net oper. income..
Earnings for Week Ended June 21
Gross
_
Chicago Great Western RR.—Earnings—
1938
1939
$94,549
def42,165
def84,557
1938
461,116
1941
$1,552,166
May—
Gross from railway.....
Net from railway
—V.
Canadian National Lines in New
July 5, 1941
1940
$3,306,009
1939
$2,773,114
tion of
before
Fed. income tax.'
—V. 152, p. 2234.
680,221
478,546
413,339
806,901
a
like principal amount of 3M% guaranteed bonds.
granted to the Chicago Burlington & Quincy RR., the
of the Chicago Milwaukee St. Paul & Pacific RR.,
Pennsylvania
endorsement,
respect of the payment of the principal of and interest on such bonds.
Authority
1938
$4,006,747
was
trustees of the property
the Pittsburgh Cincinnati Chicago & St. Louis RR. and the
RR. to assume obligation and liability, as guarantors by
in
Volume
through
Bonds Called—
All of the outstanding 3K%
or
at the Pennsylvania RR.N. Y. City.—V. 152, p. 3802.
Cincinnati
Gas
Electric
&
Co.—Seeks
Issuance
of
$15,000,000 Preferred Stock—
Company has petitioned the Ohio Utilities Commission for permission to
5% preferred stock to reimburse its treas¬
for uncapitalized capital expenditures from April 1, 1937 to Dec. 31,
The application asserts expenditures during the period were $21,
1940.
806,551.—V. 152, p. 3339.
issue and sell at par $15,000,000
ury
Cleveland
Ry.—Earnings—
Period End. May 31—
x
Earnings
x
1941—5 Mos.—1940
$401,546
$475,275
$1.28
$1.51
1941— Month—1940
$98,306
$160,897
$0.31
$0.51
Net profit
per share
After all charges.—V. 152, p. 3175.
Clinchfield Coal
share on account of ac¬
cumulations on the 7% preferred stock, payable July 15 to holders of
record July 1.
This will be the first dividend paid since May 1, 1931 when
a regular quarterly dividend of $1.75 per share was distributed.—V. 151,
p. 544.
dividend
a
Columbia Aircraft
of $7
are at
present.
Mr. Whiting said that while he had been
Power Co., during the past year,
sumers
Chairman of the board of Con¬
that office had recently been
This
change in title does not, he said, affect his position as President of the
Commonwealth & Southern Corp.
The board of directors of the Commonwealth & Southern Corp. at its
meeting July 2 accepted the resignation of W. H. Barthold.
Mr. Barthold
has been chairman of the Board of Central Illinois Light Co. with head¬
quarters at Peoria for many years.
He will take up his residence there
presently.
abolished at which time he
was
elected to the Office of President.
per
The weekly kilowatt hour output of electric energy of subsidiaries of the
Commonwealth & Southern Corp. adjusted to show general business condi¬
tions of territory
served for the week ended June 26, 1941, amounted to
182,016,100 as compared with 151,398,065 for the corresponding week in
1940, an increase of 30,618,035 or 20.22%.—V. 152, p. 4119.
Coniagas Mines, Ltd.—Interim Dividend—
Industries, Portland, Ore.—Stocks
Directors have declared
an
interim dividend of five cents per share on
Offered—
the
The company is offering 5,000 shares cumulative 6% preferred stock at
par ($100).
The stock is offered as a speculation.
Each share of preferred stock carries an option for the purchase of three
shares of common stock at $1 per share to be exercised at the time preferred
shares are purchased.
These common shares are reserved for this purpose
and any amount thereof not taken by the purchasers of new preferred stock
of 12H cents was paid on Feb. 1, last, and dividends
share were distributed during 1940.—V. 146, p. 3950.
will be held in
the treasury.
No underwriter will be
Company was incorporated Sept. 10, 1940, in Oregon, and began business
a few days thereafter.
Company's charter contains broad provisions em¬
powering it to engage in the aircraft industry generally, but the company
plans to limit its business to the manufacture of any or all of the component
parts of aircraft exclusive of engines, instruments and articles known as
acessories.
The additional powers were provided to enable the company to
expand the character of its operations in the event that in the future it is
deemed profitable to do so.
The company is chiefly engaged in the aircraft sub-contract business and
is equipped to produce a variety of the parts and structures useful in the
manufacturing of airplanes.
It is now manufacturing a major portion of
its requirements.
■
Substantially all of the business of the company is done on a current
purchase order basis. Most of the company's orders on hand are directed
to the present emergency defense program of the United States and to war
conditions abroad.
These include orders of data cases, strainers, ammuni¬
tion boxes, fuel valves, bomb beam supports, bomb shackles, fuel pumps,
control surfaces, bomb bay doors, nose wheel doors, gun tunnel doors.
Among the company's present customers are Boeing Airplane Co., Con¬
solidated Aircraft Corp., Douglar Aircraft Co., Inc., and Vultee Air¬
craft, Inc.
The backlog of undelivered orders on hand aggregates $2,681,000, and
additional orders are in process of negotiation.
Orders aggregating $2,070,000 have been placed with the company by Vultee Aircraft, Inc., and
orders aggregating $415,000 have been placed with the company by Douglas
Aircraft Co., Inc.
It is estimated that the net proceeds to be raised from the sale of this
issue is $512,452.
The estimated net proceeds are proposed to be devoted
to the following purposes:
Additional machinery and equipment
...
$149,472
-
362,980
...
.
Columbia Broadcasting System,
Inc.—To Vote
on
Sale—
Stockholders at
a special meeting on Aug. 11 will consider and act upon
this corporation of the capital stock of Columbia Artists, Inc.,
Columbia Management of California, Inc., and Columbia Concerts Cor¬
poration, respectively, owned by this corporation.—V. 152, p. 3176.
Columbia Mills,
Directors have declared an initial dividend of 43 h cents per share on the
preferred stock, payable Aug. 1 to holders of record July 21.
Directors also declared a dividend of 50 cents per share on the common
stock, likewise payable Aug. 1 to holders of record July 21. This will be the
first dividend paid on the common shares in some time.—V. 150, p. 3969.
Consolidated
5 Mos.
Gross receivables acquired
per
share of
End.
May 31,
-
common
div. requirements-
$462,820,794
3,391,099
$1.84
For the 12 months ended with May 31, 1941, the gross volume of receiv¬
ables was $959,968,146.—V. 152, p. 2699.
Commercial Mackay
'
1941
167,800
223,442
Other taxes
Provision for depreciation
-
$1,765,810
895,388
241,395
185,383
21,800
43,184
222,312
_
xl940
$1,456,755
865,567
Maintenance and repairs
General and miscellaneous expenses.
Provision for U. 8. Federal income tax
53,245
226,467
loss $87,350
3,444
$163,932
31,431
-..loss $90,794
16,736
$132,501
14,264
loss$74,058
1.339
$146,765
9,859
income debentures-- loss$75,397
74,591
$136,906
77,723
loss$149,988
$59,183
;
.
Net income from operations
Non-operating income
Net income before interest charges, &c
Interest charges, &c. of subsidiary companies
Net income before int.
Accrd. int.
on
on
inc. debs, of Com'l
Mackay Corp..
Net income (loss)
x
Pro forma,
y Provisions
have been estimated
taxes
U. S. Federal income and excess profits
the basis of existing tax regulations and do
for
on
reflect any adjustments in respect of any new
which may be enacted applicable to the entire year
not
Commonwealth
&
Southern
regulations or changes
1941.—V. 152, p. 3965.
Corp.—Files
Plan
with
SEC—Would Give
Up Control of Northern Group of Properties
by Distribution of Stock of Five Companies—
Justin
to
145,900,000 kilowatt hours, compared with 138,600,000 kilowatt hours for
corresponding week of 1940, an increase of 5.2%.—Y. 152, p. 4120.
the
Consolidated
R. Whiting,
President of the corporation announced that Com¬
monwealth filed with the Securities and Exchange Commission at Wash¬
ington, July 2, a supplemental answer in proceedings pending before the
Commission.
With the answer was filed a proposed plan of the corporation
for the liquidation and retirement of its $6 preferred stock by distributing.
Gas, Electric Light
(& Subs.)—Earnings—
Baltimore
&
Power
Co.
of
Period End. May 31—
1941—5 Mos.—1940
1941—12 Mos.—1940
Electricoper.revenues.-$13,240,204 $11,854,403 $30,306,764 $27,682,955
Gas operating revenues.
4,348,036
4,308,822
9,467,586
9,246,284
Steam heat. oper. revs-.
457,007
515,291
788,309
846,914
Total oper. revenues-_$18,045,248 $16,678,517 $40,562,659 $37,776,153
Operating expenses
9,471,951
8,812,491
21,599,609
20,006,278
Depreciation
1,741,287
1,640,066
3,970,234
3,569,212
Taxes
3,133,802
2,521,018
6,813,021
5,475,962
a
-
$3,698,209
213,346
Other income
$3,704,942
277,912
$8,179,795
595,623
$8,724,700
658,876
$3,911,554
1,072,929
$3,982,854
1,050,833
$8,775,418
2,613,490
$9,383,575
2,543,563
$2,838,625
532,872
1,751,096
Operating income
$2,932,021
417,992
1,751,096
$6,161,929
1,221,477
4,202,629
$6,840,012
1,003,856
4,202,629
$554,658
$1.98
$762,934
$2.15
$737,823
$4.23
$1,633,527
$5.00
Gross income
Total income deductions
Net income-..
Divs.
on
Divs.
on com.
pref. stock
stock
Balance
Earns, per sh. of com. stk.
adjusted to equalize the costs of power for the
effects of variable flow of the Susquehanna River.
The adjustments are
made through the balance sheet account "hydro equalization," and re¬
sulted in deductions of $274,185 and $189,016 from operating expenses
in the five months and 12 months ended May 31, 1941, respectively, and
deductions of $283,703 and $1,248,228 from operating expenses in the
five months and 12 months ended May 31, 1940, respectively.—V. 152,
p. 2850.
Operating
expenses are
Directors have
accumulations
on
declared
a
dividend of $1.50 per share on
account of
the $6 cumulative first preferred stock, payable July 1 to
Like amount was paid on April 1, last; $4 paid
holders of record June 25.
on
Feb. 21, last; $1.50 paid on Jan. 2, last, and
$4.50 paid
on
Dec. 20,1940.
—V. 152, P. 2063.
Consolidated Sand & Gravel,
Ltd.—Earnings—
Earnings for the Year Ended March 31, 1941
operations after charging all producing, mfg. and
sell, exps., but before prov. for depreciation and depletion.Provision for depreciation and depletion.
Profit from
—
$144,420
72,234
Profit
Interest
on
$72,186
7,544
bonds, call loan and advances
—
200
providing for income taxes
Provision for income and excess profits taxes (est.)
$79,930
42,936
on
sale of bonds
N et profit
—
Dividends at 4 M % paid on
$36,994
— ...
34,444
preference shares
Balance Sheet March 31,1941
company,
$25,000; capital assets (net), $675,541; deferred charges, $13,635;
total, $1,065,401.
Liabilities—Accounts payable and accrued liabilities, $33,903; reserve for
Dominion and Provincial income, excess profits and corporation taxes
Consumers Power Co .-—Contract
Approved—
The Michigan P. 8. Commission on July 2 approved
Net income from operations before loss on foreign
exchange
Loss on foreign exchange
'
Assets—Cash, $55,375; call loans, $50,000; bonds, $189,732; accounts
receivable (net), $27,424; inventories, $28,694; advances to associated
Corp. (& Subs.)—Earnings—
Operating revenues
Expenses of operation
Inc.—Weekly
Profit before
1941
stock
3 Months Ended March 31—
New York,
Consolidated Edison Co. of New York announced production of the
electric plants of its system for the week ending June 29, 1941, amounting
Profit realized
(& Subs.)—Earnings—
Operations for the
Bal. available for common stock after pref.
Earnings
Consolidated Edison Co. of
Consolidated Machine Tool Corp.—Accumulated Div.—
Foods, Inc.—Dividends—
Commercial Credit Co.
Dividend
totaling 25 cents per
OutpUt
Inc.—Pays $1 Dividend—
Company paid a dividend of $1 per share on the common stock on
July 1 to holders of record June 27.
This compares with 50 cents paid
on
April 3, last; $1 paid on Dec. 27, 1940; 50 cents paid on Oct. 1, July 1,
and April 1, 1940; $2 paid on Dec. 27, 1939; $1.25 paid on Oct. 2, 1939;
50 cents paid on July 1, 1939; 25 cents paid on Dec. 23, Oct. 1, and July 1,
1938; 50 cents paid on April 1, 1938, and regular quarterly dividend of $1
paid on Dec. 24, 1937.—V. 152, p. 2235.
Columbus
stock, payable Aug. 5 to holders of record July 24.
Consolidated Car Heating, Inc.—40-Cent Dividend—
a
the sale by
common
Directors have declared a dividend of 40 cents per share on the common
stock, payable July 15 to holders of record June 30.
Previously regular
quarterly dividends of 75 cents per share were distributed.—V. 148, p. 2118.
employed in connection with this offering.
All
and no fees or commissions
stock of this issue will be offered by the company
will be paid for the sale of any thereof.
Working capital
—V. 152, p. 3494.
the Con¬
Weekly Output—
Corp.—Preferred Dividend—
Directors have declared
offer to preferred shareholders the common stock of
an
Power Co., Central Illinois Light Co., Ohio Edison Co., Pennsylvannia Power Co. and Southern Indiana Gas & Electric Co.
Mr. Whiting pointed out that it is expected that the plan will result in
disposing of the questions of integration raised in a proceeding now before
the Commission, that is to say, the plan presupposes that the Common¬
wealth
&
Southern
Corp.'s remaining operating companies, namely,
Georgia Power Co., Alabama Power Co., Mississippi Power Co., Gulf
Power Co., and the South Carolina Power Co., will continue to be owned by
Commonwealth and operated as an integrated system the same as they
sumers
guaranteed bonds, due Sept. 1, 1951, have
been called for redemption on Sept. 1 at 105 and accrued interest.
Pay¬
ment will be made at the Continental Illinois National Bank & Trust Co.,
Chicago, 111.,
97
The Commercial & Financial Chronicle
153
company
to
service 66
municipalities with natural
the petition of the
gas
from
Texas and
Kansas.
Commission approved a 15-year contract between the utility and
the Pan-Handle Eastern Pipeline Co. requiring that at least 70% of the
The
salable mixture be from Texas and
Kansas.
Tne order estimates
a
suffi¬
cient supply from the foreign fields for 25 years.
The new temporary rates accompanying the
order would result in a
21% reduction to 122,000 domestic and 6,557 commercial customers on
the average, an annual reduction in company revenue of $1,000,000.
Space
heating rates will be reduced approximately 38% for 359 customers.
The order calls for the pipeline company to spend $4,633,000 for a line
to bring the gas to Michigan and for the company to spend $246,000 to
connect the line to its existing Michigan line.
New President—
Justin
R.
Whiting has
been
elected
President of this company.—V'
152, p. 3494.
Cuba Northern Railways— Tenders—
Directors have voted to
ness
of the company.
expend $173,557 in reducing the bonded indebted¬
Tenders have been Invited from holders of the first
mortgage 5Hs at $210 per $1,000 principal amount of undeposited bonds,
and from holders of deposit receipts at $181.27 per $1,000 face amount of
such receipts.—V. 152, p. 3966.
Cuba RR.—Not to Extend Time
The company,
for Deposit of Bonds—-
it is understood, will not extend further time the for deposits
deposit plan which expired June 30 on all issues
of bonds under its bond
The Commercial & Financial
98
This does not mean, however, that the question
of the company.
posits may not be reopened at some time in the future.
The company has filed an answer in the Chancery Court
denying all charges contained in the bill of complaint of the bondholders'
protective committee for the first mortgage 5s asking appointment of a
receiver under the general equity power of the court.
The court previously
had denied similar petition sought under the New Jersey insolvency statute.
—V. 152, p. 3966.
Circuit Court of Appeals at Philadelphia refused on
disturo the company's recapitalization plan, set up on Aug. 15,
The Third Federal
June 27 to
1940
The Appellate Court affirmed a District Court dismissal of a suit brought
by Norman Johnson, New York lawyer and a minority stockholder attaching
legality of the refinancing arrangement.—V. 152, p. 2580.
Danbury & Bethel Gas & Electric Light
Buy Litchfield Electric—
Co.—•May
1940
$4,279,180
1,025,630
569,560
1941
Gross from railway
$5,243,433
Net from rail way
1,758,974
Net ry. oper. income..-.
1,019,461
May—
RR.—Earnings—
1939
1938
$4,297,321
1,140.995
637,193
$3,775,624
687.922
220,379
20,456,907
4,661,861
2,140,305
21,521,195
4,709,599
23,457,360
6,730,323
4,101,217
2,220,184
17,841,181
3,211,483
887,643
—V. 152, p. 3495.
def61,799
1939
$1,822,730
61,457
def215,665
1938
$1,687,820
120,573
defl80,939
9,361,432
1,176,169
defl45,574
8.765,546
870,784
def897,587
8,109,581
542,133
def846,994
1941
$2,207,284
207,405
def27,360
income
1940
$1,901,647
10,385,897
1,395,397
266,634
May—
Gross from railway
Net from rail way
oper.
RR.—Earnings—
206,109
From Jan. 1—
Gross from railway
Net from railway
Netry. oper. income
—V. 152, p. 3966.
Denver & Salt Lake
Ry.—Earnings—
1940
$137,947
8,848
36,970
$108,248
def.84,881
defl5,964
$110,103
defl0,274
11,114
780,964
92,762
206,586
Net ry. oper. income
From Jan. 1—
941,602
254,700
360,445
848,895
123,112
195,068
709,776
95,281
179,140
Gross from railway
Net from railway
Netry. oper. income...
—V. 152, p. 3495.
RR.—Earnings—
1941
$291,912
136,700
44,322
1940
$265,898
114,816
42.090
1939
$152,369
18,058
def30.J75
1938
$134,688
23,713
def22,978
1,797,699
1,018,534
438,007
1,687,786
925,147
431,663
1,344,261
574,920
182,221
1,043,036
431,249
119,510
May—
Gross from railway—...
Net from rail way
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
—V. 152, p.
income...
3495.
Distillers Corp.-Seagrams, Ltd. (&
30—
1941—3 Mos.—1940
Sales,
freight
less
Subs.)—Earnings—
Eastern Gas & Fuel Associates— Tenders—
Co. of Pittsburgh will until July 21 receive bids for the
first mortgage and collateral trust bonds, series A
4% due March 1, 1956 to exhaust the sum of $195,072 at prices not exceed¬
ing 102.—V. 152, p. 4121.
Talc Co., Inc.—Special Dividend—
Company declared a special dividend of $1 per share in addition to the
regular quarterly dividend of $1 per share on the common stock, par
$100, both payable June 30 to holders of record June 20.—V. 151, p. 3887.
Associates—Earnings—
Eastern Utilities
1941—Month—1940
Period End. May 31—
37,758
33,388
i.63,621
105,906
Net oper. revenues--
$207,727
22,434
$210,557
10,388
$2,823,529
88,308
$2,924,168
12,907
$230,162
$220,946
64,510
$2,911,838
790,948
$2,937,076
65,499
$164,662
Int. & amortization.
36,148
Miscell. deductions-475
$156,436
36,282
249
$2,120,889
434,775
12,599
$2,158,072
438,781
11,662
$128,038
$119,905
$1,673,514
77,652
$1,707,627
77,652
"$1,595,862
$1,629,975
Taxes
Non-oper. income (net)Balance
—
Gross income--
— .
Balance.
deductions—B. V. G. & E. Co——_
Pref. div.
Balance.
-
-
-
56,632
Total income.
—
.
Net profit
Shares
common
Earnings
$6,195,104 $26,146,452 $23,791,775
$8,068,923
4,936,600
131,734
a49,557
20,910
972,795
14,0,57,549
162,675
bl22,625
301,313
2,204.622
stock...
share
per
8,769
...
19,179,474
333,427
bl38,399
109,864
2,415,138
31,512
$1,012,983
$3,938,638
$6,9*2,961
1,752,845
$1,00
1,750,455
1,752,845
$1.90
1,750,455
4,706,343
42,145
a41,460
79,276
312,897
Exclusive of $301,132 charged to
1940,
b Exclusive of $860,633 charged to production in
a
in
1940.
152,
p.
c
Includes
$423,654
tax
refund
on
1941 and $726,682
1937 flood loss claim.—V.
1
2237.
See list given on first page
Dominion Scottish
Years End. May 31—
of this department.—V. 152, p. 3021.
Thousands
1938
1941
$200,518
1940
$184,476
1939
$173,521
10,151
2,500
9,995
2,500
Legal
...
EI Paso Electric Co.
for
—
interest
3,000
120
3,000
368
2,441
40,000
al9,704
2,423
2,746
2,133
40,000
a23,204
40,000
4,515
37,107
4,771
10,870
2,500
844
3,000
1,894
expenses
Directors'fees
Interest, exchange, &c._
Trustees' registrar's and
auditor's fees
Bond interest.
Incometaxes
3,000
Netincome
dividends
$122,357
125,297
$103,078
110,556
695
$110,070
108,099
b$133,512
122,840
Includes $1,548 in 1941 and $12,374 in 1940 adjustments prior years,
b Before charging off $18,324 for bond discount and expense.
a
Balance Sheet May 31, 1941
Assets—Investments at
book
value less reserve,
$3,710,809
sundry
receivable, $195 total, $3,711,004.
Liabilities—Bank overdraft, $24,544 sundry creditors and accrued charges
$1,492
dividend on preference stock payable, $51,59o
accrued bond
interest, $16,667 provision for taxes, $18,572 1st col., trust 4% bonds due
Jan. 1, 1952, $1,000,000 5% cum. red. pref. shares ($50 par), $2,456,800common
$89,153 revenue account, $52,182 total, $3,711,accounts
Duluth South Shore & Atlantic Ry.—Earnings—
May—
1941
Gross from railway
Net from railway...
Netry.
r rom
oper. income...
Jan. 1—
Gross from railway
Net from railway.
Netry
""'
oper. income...
V« 152, p.
$340,110
80.392
1940
58.846
$233,637
65,657
46.087
1,171,762
225,249
137,799
858,901
104,335
22,275
1939
$196,992
18,892
defl,182
729,971
def63,295
defl57,585
1938
$143,136
3,677
defl2,837
697.001
def41,847
def!32,647
3495»
Duquesne Light Co.—To Offer Securities by Competitive
Bidding—
The
largest utility financing yet to be undertaken via the competitive
bidding route is expected shortly and it is said will involve around $96,000,000 bonds and preferred stock of the company.
Invitations to bid on these securities probably will go out later this month.
—V. 152, p. 3967.
1940
$3,313,958
surplus
951,172
513,165
income-net.'—V. 152,
3805.
Co.—To Pay 1 o-Cent Div.—
Electric Household Utilities
dividend of 15 cents per share on the common
stock, payable July 25 to holders of record July 10. Dividends of 10 cents
were
paid in preceding quarters, the April 25, 1940 dividend, being the first
dividend paid on the common shares since Jan. 25, 1937, when 25 cents was
distributed.—V. 151, p. 2495.
Engineers Public Service Co.
Period End.
Depreciation
a
Federal income taxesOther taxes
—
(& Subs.)—Earnings—
1941—Month—1940
1941—12 Mos.—1940
$5,130,324
$4,555,897 $59,338;819 $55 449,273
1,883,162
1,673,083 21,570,329 20,294,579
339,252
298,685
3,946,226
3,563,112
566,973
526,952
6,528,174
6,275,860
341,060
191,150
3,445,871
1,525,111
532,849
497,730
6,263,437
5,784,931
May 31—
Operating revenues.—
Operation..
-----
—
28,033
$1,368,296 $17,584,782 $18,005,680
3,056
Drl06,106
Drl46,568
$1,495,060
608,856
$1,371,352 $17,478,676 $17,859,112
629,762
7,512,908
7,854,271
$1,467,027
Net oper. revenues—
Other income
(net)----
—
$886,204
$741,590
stocks, declared
—
Dividends on preferred
$9,965,768 $10,004,840
2,869,645
2,470,594
1,465,189
23,156
1,979,541
19,086
$5,607,778
$5,535,620
Cumul. pref. divs. earned but not declared
Amount applicable to minority interests
Deductions applicable to
Engineers P. S. Co___—
securities of subs, owned
by parent company, included above:
Preferred dividends not declaredAmortization of bond discount
Earnings from subs., included as deductions
Preferred dividends declared—
7,574
180,145
56,760
—-
Interest-—-----——-——-w---
184,810
60,937
102,714
102,760
$5,954,971
$5,894,749
—
-
-
3,048
7,574
;
above;
Earnings from other sources
Total
Preferred
%
22.105
17-3
7,798
11.1
18,129
21.4
of any companies
1,013,800
599,418
and including non-operating
After depreciation
x
IflCTCUSB
$3,720,408
——
—
Balance for dividends and
'
1941
Operating revenues
Balance
■
Amount
(& Subs.)—Earnings—
12 Months Ended May 31—
Balance applicable to
2,500
■'
$196,631
Rent, salaries, office and
general expenses
Executive salary
operating
Kdlo watt-Hours
of
Operating Subsidiaries of— 1941
1940
Am. Power & Light Co
149,974
127,869
Elec. Power & Light Corp.- 77,912
70,114
National Power & Light Co.102,832
84,703
The above figures do not include the system inputs
not appearing in both periods.—V. 152, p. 4121.
Balance
10,147
Divs. int. & other inc.—
1941, the System Inputs of client
<
Balance
Investments, Ltd.-—Earnings—
$1,605,345
follows:
Interest and amortization
Corp.—Registers with SEC—
Domestic Finance
24,629
$1,571,848
Inc.—Weekly Input—
Ebasco Services,
For the week ended June 26,
Maintenance..--
$3.62
production in 1941 and $245,844 in
$0.46
—
companies of Ebasco Services, Inc., which are subsidiaries of American
Power & Light Co., Electric Power & Light Corp., and National Power &
Light Co., as compared with the corresponding week during 1940 were as
48,813,653
$1,948,558
Expenses, &c
Interest (net)
Depreciation.
Loss on disposal of assets
Income & profits taxes—
Exchange adjustment—
779,003
24,013
----
Applicable to E. U. A—
—V. 152, p. 2067.
$72,023,131
$6,134,976 $25,948,897 $23,209,478
60,128
197,555
c582,297
$8,012,291
profit
Miscellaneous income
-——-
-—- -—-
Applicable to minority interest
Directors have declared a
Gross
1941—12 Mos.—1940
$9,639,723 $9,000,285
4,699,269
4,344,096
408,293
423,859
1,708,630
1,308,161
(incl. inc. taxes)__
Maintenance.
p.
$31,264,760 $20,351,020 $93,889,436
23,252,469
14,216,044
67,940,539
of sales
$727,651
377.798
$838,616
429,508
Operating revenues
Operation-
1941—9 Mos.—1940
and
allowances.
to list
The Union Trust
x
Period, Endi Apr.
Cost
Inc.—Listed—
sale to it of sufficient
'
Detroit & Toledo Shore Line
Net ry. oper.
1938
1939
1941
$126,452
23,416
4,760
May—
Gross from railway
Net from railway
Like amount
1.
Stooc Exchange on July 1 approved the application
599,593 shares ($1 par) common stock.—V. 152, p. 4121.
Iietire't reserve accruals
Denver & Rio Grande Western
Netry.
July 8 to holders of record July
The Chicago
From Jan. 1—
Gross from railway...,.
Net from railway
Net ry. oper. income
$1 per share on the capital
have declared a dividend of
paid on Nov. 26, last; dividends of 50 cents were paid on Dec. 29,
1939; Dec. 30. 1938, and on Nov. 26, 1937; $1 paid on July 15, 1937, and
on Dec. 31, 1936, and 50 cents was paid on Dec. 31, 1935, and on Jan. 25,
1935.—V. 152, p. 265.
was
Eastern Magnesia
subsidiary of Cities Service Power & I>ight Co., is nego¬
tiating for the purchase of the Litchfield Electric Light & Power Co., an
affiliate of the Associated Gas & Electric Corp.
The two companies are to be merged, and control ultimately sold to the
public by Cities Service Power & Light Co.—V. 151, p. 3393.
The company, a
Delaware Lackawanna & Western
The directors
stock, par $12.50, payable
Eastern Air Lines,
Co.—Plan Upheld—
Curtis Publishing
Dwight Mfg. Co.—$1 Dividend—
of de¬
of New Jerseu
July 5, 1941
Chronicle
389,861
290,134
$5,565,110
2,285,192
$5,604,615
2,285,192
Balance for common stock and surplus
$3,279,918
$3,319,423
Earnings per share of common stock—
$1.72
$1.74
Expenses and taxes
applic. to stocks of Engineers P. S. Co.
pref. stock of Engineers P. S. Co
Balance
Divs.
on
Company does not consider that it has any liability under the Excess
Profits Tax Act of la40 as amended March, 1941.
Beginning with the
month of March, 1941 the accrual for Federal income tax is based on an
a
estimated rate of 30%
against
the year.
spread the
remaining 10 months of
the original estimate of 27%,
under-accural for January and February over the
The rate under the present law is
24%.—V. 152, p. 3651.
Equitable Investment Corp. of Massachusetts
ton)—25-Cent Dividend—Directors have declared a dividend of
(Bos¬
25 cents per share on the common
compares with
stock, payable June 28 to holders of record June 24.
This
20 cents paid on March 27, last; 40 cents paid on Dec. 27,
1940; 25 cents
15 cents on March 29,
of the three preceding
quarters; dividend of 20 cents paid on Dec. 30, 1938; 15 cents on Sept. 30,
1938, and 10 cents paid on June 30 and March 30, 1938.—V. 152, p. 1913.
paid on Sept. 27, 1940; 20 cents on June 29, 1940;
1940; 45 cents on Dec. 30, 1939; 15 cents in each
Erie
RR.—Interest Payments
The trustees
were
Authorized—
authorized by Judge R.
N. WiLcin of Federal Court
Cleveland, July 1 to make interest payments of about $2,500,000.
Authority granted covers interest for the six months ended Jane 30, 1941,
to holders of the following:
New Yorx & Erie 3d mtge. bonds at rate of
4j^% per annum, or $22.50 per $1,000 bond; New York & Erie 2d mtge.
bonds, 5% per annum, $25 per $1,000 bond; Genesee River RR. bonds
in respect of new 1st mtge. bonds, series A, to be issued, 454 % per annum,
Volume
The Commercial & Financial Chronicle
153
$27.31 per £1,000 bond; Erie & Jersey RR. bonds in respect of new
1st mtge. bonds, series A, to be issued, 4% per annum, or £23 per $1,000
bond; and Erie RR. pxior lien bonds, in respect of new 1st mtge. bonds,
series A, to be issued. 4% per annum, or $22 per $1,000 bond.
Holders of Erie RR. general lien bonds and holders of Erie RR;. gen.
mtge. conv. bonds will receive $15 per $1,000 bond.
The Court also authorized the payment to the Reconstruction Finance
Corporation with respect to interest on the new 1st mtge. bonds, series A,
to be issued to it under the plan.—V. 152, p. 4121.
or
Fairbanks, Morse & Co.—To Pay Bonds—
Company has set up a special bonus system under which it will pay an
10% of monthly wages and salaries to all employees, except
officers, who have been with the company six months or longer.
The initial 10% payment will be for the month of June.
"These special
bonuses will be in addition to those which may be earned under our regular
profit-sharing plan." Col. R. H. Morse, President, said in announcing the
plan —V. 152. p. 3652.
General Electric Co.—New Director—
The resignation of Francis D, Bartow of N. Y, City, as a director
company was announced on Jane 27 at
of the company.
Federated
Department
Stores,
Vote
Inc.—To
on
stockholders
at
special
a
meeting
July 23
on
proposed
29, 1940.
consider
will
amendments to warrant plan approved by stockholders on Aug.
—V. 152, p. 2551.
Directors
have
declared
June 20.
a
dividend
of $1.50 per
share on
account
Company announced that it has drawn by lot for redemption on Aug. 1,
1941, at 100 M and accrued interest to that date, $630,000 of General
Water Works & Electric Corp. 15-year 5% 1st lien & coll. trust gold bonds,
was
upon
Trust Co. in New York.—V.
Georgia RR.—Earnings—
May—
Gross from railway
From Jan. 1—
Gross from rail way.....
Net from railway.
Apr. 30—
paid on
1940
1939
1938
$2,851,538
$2,429,738
1,936.393
1,933,992
1,936.458
$1.75
$0.60
$0.75
1.941,303
$0.53
a
1941
And provision for Federal excess profits tax and provision of $1,500,000
reserves for future declines in foreign exchange and other
additional
for
Florida Power & Light
$1,304,296 $16,275,183 $15,196,678
505,716
166,363
133,333
6,091,931
2,185,266
1,925,000
6,264,950
1,594.709
1,483,334
$5,853,685
$561,641
$498,884
$6,072,986
....
221
221
2,650
x$10,410
1,648
1,910
$29,168
22,088
9,744
x$45,384
10,428
incomeNon-oper. income
$5,497
1,015
x$13,968
1,295
x$2,664
5,467
x$65,433
5,448
Gross income
Deductions from income
$6,512
x$12,674
318
$2,803
1,607
x$59,986
296
$6,216
x$12,991
$1,196
x$61,626
Net
$561,862
1,488
$499,105
14,257
$6,075,636
925,611
$5,856,335
429,746
$563,350
216,667
110,000
18,130
$513,362
216,667
110,000
15,651
$7,001,247
2,600,000
1,320,000
228,036
810
1,317
47,716
$2,900,927
1,153,008
$2,167,619
1,153,008
$1,747,919
$1,014,611
Gross
on
mtge. bonds.
.
debenture bonds.
Other int. & deductions.
tion-(Cr).
Net income
—
—
or
$219,363
2,600,000
1,320,000
202,020
revenues
—
—
Note—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.
No provision has been made for Federal excess profits tax since present
indications are that no such tax will be payable.—V. 152, p. 4122.
Fort Worth & Denver
City Ry.—Earnings—
1940
1941
$530,936
144,222
56,907
May—
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
1939
$467,239
95,603
23,625
$461,173
87,816
1,318
2,287,740
505,415
164,330
•2,216,712
387,064
18,303
1938
$431,954
60,638
def23,969
_
2,318,273
561,321
20,175
$617,188
$505,906
Gladding, McBean & Co.—2B-Cent Dividend—
Globe Wernicke Co .—May
Increase Stock—
Stockholders were asked on July 2 to meet on July 16 to
approve a
proposed five-for-one increase in the company's common stock.
There are
now 50,891
4-,5 shares outstanding.—V. 151, p. 2044.
(Adolf) Gobel, Inc.—Meeting—
Stockholders will hold an
a
adjourned special meeting
on
July 7 to consider
report upon the status of the plan for extension of the 4M % convert!ole
debentures, series A, due May 1, 1941.—V. 152,
Grand Union Co.
-
,
1941
1940
$9,194,201
101,085
—
a Net profit—
Earnings per share of capital stock—
a
4124.
p.
(& Subs.)—Earnings—
3 Months Ended June 1—
Sales
.
-
$8,289,590
125,170
$0.45
$0.56
-----
.
After depreciation, Federal income taxes, &c., but before excess profits
taxes, if any.—Y. 152, p. 1592.
Great Northern
May—
Ry.—Earnings—
1941
Gross from railway
Net from railway
Net ry. oper. income...
From Jan. 1—
$10,956,988
4,689,174
3,554,235
Gross from railway
39,024,172
Net from railway-..—
Net ry. oper. income. _.
11,161,155
6,665,018
209,328
2,482,609
Green
544,005
132,726
1940
$9,119,723
3,684,561
2,603,113
1939
1938
$7,555,001
2,359,421
1,512,813
$5,189,032
1,052,307
264,490
32,489,257
8,657,784
4,316,715
28,638,364
5,695,227
1,577,091
23,983,251
3,239,284
def867,787
Bay & Western RR.—Earnings—
■May—
1941
1939
$142,381
45,335
23,270
1938
$120,482
31,073
29,302
1940
$131,898
29,653
13,999
804,517
264,332
139,976
690,116
192,039
101,135
685,412
206,845
100,705
579,167
125,856
42,063
Gross from railway..--.
$176,216
Net from railway-54,441
—V. 152, p. 4122.
Pay $1.50 Dividend—
Net ry. oper. income.—
Directors have declared a dividend of $1.50 per share on the com, stock,
payable July 1 to holders of record June 18. A dividend of $2 was paid on
Oct. 25, last; $1 was paid on July 1, 1940; $1.50 on Oct. 2. 1939, one of $1
was paid on July 1, 1939, $2.50 on Oct. 1, 1938; $1 on July 1, 1938, and one
of $1.50 per share was paid on Oct. 25, 1937.—V. 151, p. 2644.
General American Investors
Ready—
$24,200
•
—Jan. 1 to June 21—
1941
1940
—V. 152, p. 3498.
Net from railway _;
Net ry. oper. income—
Frick Co.—To
'>
(est.)...
—
Balance--....-.-.--.—.-
1,640
deficit.
Directors have declared a dividend of 25 cents per share on the common
stock, payable July 15 to holders of record June 27.
This will be the first
common dividend paid since 1931.—V. 152, p. 1897.
3,558
$172,361
Divs. applicable to pref. stocks for the period
on
Loss
~
9,621
—V. 152, p. 4124.
$6,286,081
Gross income
ry. oper.
—Week End. June 21—
1941
1940
2,650
Operating income
Other income (net).....
Interest
x$2,119
$10,827
3,411
1,919
Railway oper. income
Equip, rents (net)
Jontfac. rents (net).-—
1941—12 Mos.—1940
t
Rent from lease of plant
Int.
'
x$4,115
41,269
Co.—Earnings—
1941—Month—1940
$1,418,491
Operating revenues
Oper. exps., excl. direct
taxes
519,970
Direct taxes
178,547
158,333
Prop, retire, res. approps
(net)..
'
$68,518
39,351
x
Net oper. revenues...
1,381,389
151,228
130,245
3,293
contingencies.—V. 152, p. 3181.
Period End. May 31—
1,455,550
224,378
206,007
260.732
216,396
Net rev. from ry. oper.
$18,831
Railway tax accruals.8,003
Subs.)—Earnings—
In.t)
standing..
Earnings per share
1,583,492
(Including Statesboro Northern Ry.)
Period End. May 31—
1941—Month—1940
1941—5 Mos.—1940
Operating revenues—$114,562
$87,685
$545,238
$445,955
Operating expenses.95,731
89,804
476,719
450,070
of
$2,565,661
doproc
1938
$295,067
45,840
42,145
*
1,992,581
522,418
452,409
Net ry. oper. income...
—V. 152, p. 3498.
1939
$302,085
41,651
35,846
Georgia & Florida RR.—Earnings—
Federal taxes, &c_—a$4,789,165
Shares com. stock out¬
ftftcr
1940
$331,113
53,324
42,596
Surplus appUc. to int.
Firestone Tire & Rubber Co. (&
6 Mos. End.
1941
$424,969
115,671
101,639
.
Net from railway......
Net ry. oper. income...
April 1, 1939.—V. 152, p. 2068.
JNF©t>
A, due 1943.
Payment will be made on and after June 30, 1941,
presentation of the bonds at the office of Central Hanover Bank &
152, p. 2240.
series
Dividend of $1 was paid on April 1, last; $2 paid on Dec .26,1940;
and dividend of $1
Denston
3023.
p.
General Water, Gas & Electric Co.—•Bonds Called—•
4% preferred stock, payable July 1 to holders of record
$1.50 paid on Oct. land on July 1,1940,
of this
meeting of the board of directors
Dickey of Chestnut Hill, Philadelphia, Pa.—V. 152,
Filing Equipment Bureau, Inc.—Accumulated Div.—
accumulation on the
a
To fill the vacancy, the board at the same meeting elected Charles
additional
Warrant Plan-
99
From Jan. 1—
Gross from railway..—
Net from railway
Net ry.
—V.
11,400
Gruen Watch Co .—New Directors—
Co., Inc.—Definitive Bonds
V-
oper. income-.
152, p. 3498.
•
E. W. Edwards and John R. Bullock
were on
June 26 elected members
of the board of this company.
Company's 3 M % debentures due 1952 in definitive form are now ready
for exchange for temporary debentures at the main office of Guaranty
Trust Co. of New York.—V. 152, p. 2395, 1432.
Stockholders adopted amended articles of incorporation and an amended
code of regulations, the former eliminating the authorization foi debentures,
class A preferred, and class B convertible non-voting securities and class B
convertible voting preferred stock.
General Aniline & Film Corp.—Directors
Resign—
Edsel Ford, and Edgar M. Clark, have resigned as directors of this
corporation, it was learned on July I.
Mr. Ford, who was one of the original directors of the corporation when
it was set up in 1929 under the name of American I. G. Chemical Corp.,
resigned on Dec. 14, 1940.
Mr. Clarx, who was elected a director of American I. G. in 1936, resigned
on Jane 17—V. 152, p. 2552.
General Public Utilities, Inc.
Period End. May 31—
Gross oper. revenues—
(& Subs.)—Earnings—
1941—Month—1940
$520,303
$512,041
215,691
219,011
1941—12 Mos.—1940
$6,470,493
2,693,531
$6,242,008
2,613,820
20,375
19,888
58,859
52,257
11,425
50,556
236,571
749,241
685,739
174,445
222,100
705,757
631,537
109,535
$137,471
11,732
$150,601
5,949
$1,880,409
34,194
$1,959,258
29,338
$149,203
27,841
$156,550
30,505
$1,914,603
366,480
$1,988,595
367,423
$121,363
$126,045
$1,548,123
$1,621,172
71,353
1,314
71,353
741
856,238
12,726
856,238
3,602
$5 pref. stock..
$48,695
3.242
$53,951
3,242
$679,158
38,910
$45,453
$50,708
$640,248
Gulf Mobile & Ohio RR.—Equipment Trusts Offered—
Harris, Hall & Co. (Inc.); Alex. Brown & Sons; Gregory &
Son, Inc.; The Illinois Co. of Chicago, and The Milwaukee
Co. on July 2 offered $2,175,000 2.40% equipment trust
certificates at prices to yield 0.40 to 2.75%, according to
maturity. The certificates mature $145,000 annually Aug. 1,
$761,331
38,910
Bal. avail. for common
These prior securities, provided for in
plan of reorganization adopted in 1935 and delivered to bank creditors
for indebtedness of $1,818,750, have now been paid off and
canceled.
The amended articles also provide for changing the old class C
preferred stoca into a new 5% cumulative preferred stock and common stock
on the basis of one share of new preferred and one-half share of common
stocK for each share of old class C preferred stock.—V. 152, p. 3969.
a
in exchange
Operating
expense
Amort, of storm damage
exp.
7,222
incurred in 1940.
21,547
59,158
58.839
Maintenance.
Prov. for retirements—
General taxes—_ _;
Fed. normal inc. taxes.
_
Net oper. income
Non-oper. income..
Gross income—
Charges of subsidiaries.
.
Charges of G. P. U.. Inc.Int.
on
Other interest
Divs.
income
on
—
The bankers were awarded the issue on
$722,421
Gulf &
Note—Includes earnings of
Nebraska Light & Power Co. for all periods
p.
3498.
bid of 100.046 for 2.40s,
Two
Ship Island RR.—Earnings—
May—
Gross from railway
Net from railway
Net ry. oper. income-..
From Jan. 1—
Net from railway
Net ry. oper. income.-.
1941 ,
$155,062
50,076
21,312
1940
$100,940
4,410
def20,969
1939
$106,656
11,282
defl4,530
defl5,210
720,525
196,835
51,996
522,035
47,189
def75,855
509,007
44,857
def83,254
557,939
51,293
def86,941
1938
$109,356
11,396
—V. 152, p. 3499.
Gulf States Utilities
Co.—Earnings—
12 Months Ended May 31—
Opeiating revenues—
x
prior to May 1, 1941.
The properties of this subsidiary were sold April
29, 1941, and the company was liquidated as at May 29, 1941.—V, 152,
a
were received, Salomon Brothers & Hutlzer offering 100.456 for
2Mb, and Equitable Securities Corp. bidding 100.5799 for 2%s.—V. 152,
p. 4124.
Gross from railway..—.
1st & coll. trust
6>^% bonds....--.
Net
1942 to 1956, inclusive.
other bids
Balance for interest
1941
-
Balance for dividends and surplus..
x
p.
1940
$10,932,288 $10,709,653
3,644,030
4,240,277
2,377,051
2,848,152
After depreciation and including non-operating income (net).—Y. 152,
3809.
'
The Commercial &
100
declared an Initial dividend of 25 cents per share on the
stock, payable July 5 to holders of record June 21.—V. 151, p.1574.
common
Co.—Accumulated Dividend—
Hawley Pulp & Paper
Robert P.
3 Mos. End.
Month of
Apr. 1941
Mar. 1941 Afaj/31,'41
$52,297
$42,970
$31,562
$126,828
The current backlog of orders includes $5,501,539 for aircraft sub¬
assemblies, deliveries of which will begin in the next month and which are
May, 1941
Period—
who resigned at a
diversified products and the plant has been
include many
mass
ern
International Railways of Central
Net rev. from ry. oper'ns
Inc. avail, for fixed chges
Net income
equipped for mod¬
production methods.
work, it is expanding in a sub¬
stantial way its regular line of production, which includes a wide variety
of stampings, tools and dies for the automobile and aircraft industries.—
While the company
V. 152. p.
is active in defense
3343.
Note—Company
152, p. 987.
America—Earnings
1941—Month—1940
$553,852
$497,519
233,983
152,533
200,569
129,439
122,617
47,783
Period End. May 31—
earnings
expected to increase very substantially the company's future monthly earn¬
ings.
In addition, the company is getting under way in volume production
of after-body torpedo sections and parachutes for the United States Navy.
Rensselaer W. Clark, President, reports that since January of this year
the scope of the company's manufacturing activities has been enlarged to
elected
H. Wiggin,
was
Railway oper. revenues -
Corp.—Earnings—
corporation, was on June 25
ejected a director to succeed Albert
meeting of the board of directors in May.—V.
John E. Bierwirth
declared a dividend of $7 per share on account of accumu¬
lations on the preferred stock, payable July 1 to holders of record June 20.
—V. 151, P. 3239.
Net
Resch, Treasurer of this
Vice-President and Treasurer.
Directors have
Hayes Mfg.
Corp.—New Vice-President
International Agricultural
Harris-Seybold-Potter Co.—Initial Common Dividend—
Directors have
July 5, 1941
Financial Chronicle
1940—5 Mos.—1940
$2,521,794
1,082,911
$2,840,950
1,171,555
944,096
552,133
1,058,454
643,272
Tax.—V.
Profits
believed exempt from Excess
152,
p.3657•
St.
Co.,
Shoe
International
Mo.—Financial
Louis,
Statement—
The
company's statement for the six months ended May 31, 19*1, shows
$2,750,812 compared with *2,891,335 for the corresponding
net income of
period last
year.
Net sales for the period
amounted to $51,997,538 against $42,297,782 for
Subsidiary plants produced materials amounting to
$24,184,032,i which, combined with our sales, made a total buisness trans¬
acted of $76,181 570.
I,,-"
•
■■ ,i.
'/■. .
■
Frank G. Rand, Chairman of the Board, and Byron A. Gray, President,
the first half of 1940
state:
Hercules Powder Co.,
Inc.—Acquisition—
major unit in the production
Through this transaction,
of synthetic resins.
effective. July 1, 1941, Hercules acquired the
and processes of the Lewis synthetic resin piant
the entire piant at Brunswick, Ga.
l^ewis
products, which Hercules will continue to manufacture, include Imperial
ester gum, Lewisol maleic-modified ester gums, Lewisol phenolic-modified
ester gums, and various phenolic and alkyd resins.
John D. Lewis, Inc.,
will continue in the production of textile and heavy chemicals at Mans¬
land, buildings, equipment,
at Mansfield,
Mass., and
field, Mass.
The
Lewis company's sales
and manufacturing facilities will
with the Synthetics Department
synthetic resins since 1936 under
be joined
of Hercules, which has been producing
the direction of W. M. Billing.—V. 152,
3656.
p.
(R.) Hoe & Co., Inc.—Tenders—
Company is inviting tenders for the sale to it of shares of its 6 Vi% prior,
preferred stock at the lowest prices obtainable, not to exceed $55 flat per
share.
Tenders will be received up to noon July 28.
The company pro¬
poses
approximately $200,000 for the purpose.—V.
to expend
152, p. 3184.
Consolidated Gold Mines, Ltd.—Extra Div.
HoIIinger
the year, theie has been an extremely heavy demand for
the retailer and the ultimate consumer.
Company's
capacity for some time and their production in
the first half year exceeded that of any previous similar period.
A sub¬
stantial daily output of Government shoes was maintained throughout the
six months and, in addition, more civilian shoes were manufactured than in
any corresponding period.
Company is endeavoring to do its full share
under the National Defense program and to render a real service to our
Government in a time of emergency.
While some increases in shoe prices have been general in the industry
Since early in
Company announced on July 1 the purchase of the synthetic resin busi¬
ness of John D. Lewis, Inc., of Providence, R. I., a producer of synthetic
resins.
With this acquisition, Hercules, the largest producer of resin in
the United States, and also a manufacturer of synthetic resins, becomes a
declared an extra dividend of five cents per share in addi¬
regular monthly dividend of like amount on the capital stock,
payable July 15 to holders of record June 30.
Dividends of like
amounts were paid on June 17, Apr. 22 and Feb. 25 last, on Dec. 31, Dec. 2,
Nov. 4, Oct. 7, Aug. 12, July 15, June 17, Apr. 22 and Feb. 26, 1940, and
on Dec. 30, Dec. 2, Nov. 4, Oct. 7 and Aug. 12, 1939.—V. 152, p. 3657.
Directors have
shoes
from
both
factories have run at near
during the past season, they have not **ept pace with the increased
hides, leather and other items—the result being a narrowing of the
profit
depreciation of physical properties has been more liberal than the Govern¬
ment plan.
Effective with the beginning of the current year, the amount of
depreciation charged to operations has been reduced to follow more closely
the amount now allowed for tax purposes in accordance with a decision by
the Board of Tax Appeals in 1938.
At the annual stockholders' meeting held Jan. 27, 1941, it was voted to
discontinue the authorization to issue preferred stock.
No preferred stock
bad been issued since Dec. 1, 1933, when all outstanding preferred stock
was called, redeemed and retired.
Company's capital stocK now consists
of no par common stock only.
There are 3,350,000 shares issued and out¬
standing with a total authorization of 4,000,000 shares.
tion to the
Consolidated Income Account 6 Months Ended
both
Electrochemical Co.—30-Cent Dividend—
Hooker
declared a dividend of 30 cents per share on the common
30 to holders of record Aug. 12.
Like amounts paid
Feb. 28, last; div. of 25 cents was paid on Nov. 30, 1940;
$2 paid on Aug. 31, 1940; dividends of $1.25 were paid on May 31 and Feb.
29, 1940, and previously regular quarterly dividends of $1 per share were
distributed.—V. 152, p. 680.
May 31
1938
$51,997,538 $42,297,782 $40,525,984 $35,891,632
1941
Net sales-
1940
1939
47.897,391
513,873
38,OK,838
780,372
36,330,167
794,926
------
Cost, expenses, &c
Depreciation..
Inventory write-down--
Directors have
stock, payable Aug.
cost of
margin
to the manufacturer.
Consistent with its established policy,
company has avoided speculative buying of materials and has maintained as
low prices on its shoes as costs would permit.
Under present income taxes, it is desirable that accounting follow the
Government tax basis as closeiy as practicable.
In the past, company's
of
32,739,777
820,788
1,633,301
$3,586,273
56,962
$3,<*00,891
57,510
$697,766
80,593
$3,557,064
665,729
$3 ,<*58,401
633,789
$778,359
143,370
$2,750,812
2,506,875
—
$3,502,572
54,492
$3,6-*3,236
b892,424
Operating profit
Other income.
$2,891,335
2,507,475
$2,824,612
2,505,225
$634,989
3,340,300
May 31, and
on
Houston
Lighting & Power Co.—Earnings—
1941—Month—1940
1941—12 Mos.—1940
Total income.-Federal taxes
Net income
Common dividends--
a
Period End. May 31—
Operating
$1,123,334
revenues
Oper. exps., excl. direct
551,788
208,561
taxes..
Direct taxes
Property retirement re¬
serve appropriations.
5,357,445
2,617,506
5,633,860
1,623,565
143,420
1,315,668
1,394,380
$382,507
$335,029
$4,136,615
1,288
19,465
$335,892
80,208
14,140
$4,156,080
$3,819,282
962,500
167,473
962,500
174,707
$289,479
$241,544
applic. to pref. stocks for the period —
$3,026,107
$2,682,075
315,078
315,078
common
mtge.
bonds
deduct'ns
Other Int. and
a
Dividends
for
excess
$2,711,029 $2,366,997
Federal income taxes, subsequent to April 1, 1941,
which will result in the accumulation of such taxes
— ...
-
Notes—Provision for
is being made at a rate
for Federal excess profits
1941, and in the 12 months ended May 31, 1941,
3657.
tax in the month of May,
respectively.—V. 152, p.
1941
May—
$9,894,533
2,807,104
1,996,089
income—
Gross from railway
Net from railway
Net ry. oper.
From Jar\.
1—
47,161,575
13,676,417
9,934,407
Gross from railway
Net from railway
Net ry. oper. income
1940
$7,593,403
1,243,530
374,254
$7,441,457
40,228,407
8,613,591
38,222,212
8,521,384
4,590,520
4,554,039
1,454,110
633,952
1938
$7,018,064
1,566,517
699,085
May 31 •41 Nov. 30 '40
stock.50,250 ,000 50,250,000
2,842,639
Accounts payable. 2,615 976
17,053,548 24,499,290
U. 8. Govt, secur.
Co.'s
d
1941
May—•
Gross from railway.
Net from railway
Net ry. oper. income
From Jan. 1—
$11,401,499
3,332,986
2,329,148
Gross from railway
Net from railway
Net ry. oper. income
—V. 152, p. 4125.
Netry. oper. income
From Jan.
1938
633,713
831,352
$8,121,516
1,921,580
851,305
53,833,708
15,681,950
11,027,558
46,378.181
10.384,514
5,304,941
43,806,697
41,646,674
10,025,259
9,925,103
4,774,064
5,152.672
Net ry. oper.
income
3500.
1941
$591,801
233,541
142,974
1940
$496,705
p.
166,360
96,156
2,638,448
2,419,766
959,408
773,752
431,400
559,271
2,251,246
660.955
368,754
employees'
1,960 ,000
141,936
1,835,000
Insurance reserve.
752 597
752,840
148 ,711
Reserve for contin¬
gencies
1,058,180
1,052,555
65,928
...
550,000
550 000
28,554 ,742 28,310,805
77,066
Surplus
Def. charges, &C--
407,329
448,471
.84,832,025 84,683,219
Total
84,832,025 84,683,219
Total
Represented by 3,350,000 shares of no par
value,
b Physical properties
supply departments and sales branches after
depreciation of $25,801,534 in 19^1 and $25,583,119 in 1940.
c Secured by
3,400 (3,900 at Nov. 30, 1940) shares of common stock,
d Consists of
7.500 shares common stock.—V. 152, p. 3811.
at
tanneries, shoe factories,
International Silver Co .—To Pay $1 Dividend—•
Directors have
declared a dividend of $1 per share on the common stock,
payable July 18 to holders of record
paid since Dec. 1,1930, when $1 per
Iowa Electric
July 10.
This will be the first dividend
share was distributed.—V. 152, p.3811.
Light & Power Co.—Accumulated Divs.—
declared dividends on account of accumulations of 8734
share on the 7% cum. pref. stock, series A; 81M cents per share
on the 634 % cum. pref. stock, series B, and 75 cents per share on the 6%
cum. pref. stock, series C, all of $100 par value, and all payable July 21 to
holders of record June 30.
Similar distributions were made in each of the
24 preceding quarters.—V. 152, p. 3657.
Directors have
Light Co.—Bonds Called—•
A total of $117,000 first
1,
Jeannette Glass
Directors
A, 434%. dated
for redemption on
made at the Harris
Trust Co. of New
mortgage gold bonds, series
1928, due March 1, 1958, has been caded
Sept. 1 at 103 and accrued interest.
Payment will be
Trust & Savings Bank, Chicago, or at the Guaranty
York.—V. 151. p. 555.
March
Co.—Accumulated Dividend—
a dividend of $1.75 per share on
pref. stock, payable July 1 to
152, p. 3971.
have declared
accumulations on the 7% cum.
record Juno 25.—V.
Jewel Tea Co.,
From Jan. 1—
5,342,010
.1,014,874
4,680,015
434,502
4,665,980
465,302
5,009,880
554,256
319,817
def237,583
def303,787
def291,267
account of
holderso of
Inc.—-Sales—
Company reports that its sales for the four weeks ending
$2,975,552 as compared with $2,211,750 for parallel
an increase of 3<±.53%.
Sales for the first 24 weeks of 1941 were $16,796,264 as
were
International Great Northern RR.—Earnings—
May—
1941
1940
1939
1938
Gross from railway
$1,167,932
$930,793
$918,412
$968,152
Net from railway
259,199
83,006
114,472
82,048
Net ry. oper. income—
110,028
def53,010
defl9,301
def79,956
193,422
adv..18,072,878 15,126,893
stock-
in associated cos.
2,082,271
546,653
235,867
has been elected a Vice-President and director of
succeeding Ivan G. Patterson, who has resigned.—V. 152
Net from railway
193,422
Empl. notes rec,
Wirt Axe
Net ry. oper. income——V. 152, p. 3500.
and
Inventories-.27,267,320 26,269,281
1938
$433,014
123,197
62,917
3184.
Gross from railway
stkhldre.,
Officers'
Reserve for taxes.
com¬
Iowa Power &
1939
$479,280
162,634
98,847
Incorporated Investors—New Official—
Emerson
this company,
Common
balances
3,678,981
Advs. to & invests.
Co.—Earnings-
1—
Gross from railway
Net from railway
—V. 152, p.
1939
$8,617,701
1,836,600
$
$
Liabilities—
a
cents per
Illinois Terminal
May—
Gross from railway
Net from railway
1940
$8,957,516
1,709,895
own
Accts. rec. &
36,075,521
8,339,206
4,225,019
Earnings of System
$0.19
Nov. 30 '40
a
1939
3,340,300
$0.84
b No provision made
$
A sscts
S
Phys. property .16,805,374 16,771,612
Inv. in stocks of
244,628
other companies
229,063
b
RR.—Earnings—
Illinois Central
$0.86
held by company,
Consolidated Balance Sheet
c
% for the full year 1941.
Includes provision of $31,701 and $344,508
at the rate of 30
$319,387 df$2,705.311
3,340,300
profits tax.
May 31 '41
mon
Balance
$0.82
Excludes dividends on stock
Cash
Net income
$383,860
3,342,500
stock
outstanding (no par)Earnings per share
25,532
$383,795
80,208
14,108
$243,937
3,342,500
Surpius
Shares
$3,793,750
863
Gross income
on
435,772
143,988
Cr 19,522
Net oper. revenues—_
Other income
Int.
$1,058,209 $13,427,234 $12,445,555
$12,726,771 for a like period in
3812.
Jane 14, 1941,
weeks in 1940,
compared with
1940, an increase of 31.98%.—V. 152,
p.
Johnson, Stevens &
Shinkle Shoe Co.—30-Cent Div.—
declared a dividend of 30 cents per share on the common
stock, no par value, payable July 1 to holders of record June 26.
Pre¬
viously quarterly dividends of 20 cents per share were distributed.—V. 149,
Directors have
P.111.
Volume
The Commercial & Financial Chronicle
153
Kansas Gas & Electric
Period Ended May 31-
Co.—Earnings-
1941—Month—1940
$528,879
$514,694"
Operating revenues
Oper. expenses, exclud¬
__
Kroger Grocery & Baking Co. (& Subs.)—Earnings—
1941—12 Mos.—1940
$6,645,984
24
ing direct taxes
216,232
86,020
214,798
61,334
2,522,745
853,231
2,616,923
819,111
60,000
55,000
685,000
660,000
157
391
3,625
5,018
$166,470
1,145
$183,171
115
$2,581,383
8,493
$2,331,079
7,186
$167,615
$183,286
93,000
15,000
19,784
$2,589,876
540,000
180,000
231,187
$2,338,265
763,500
180,000
133,188
Cr363
Cr632
Net income
$88,073
$55,502
Dxvs. applicable to preferred stocks for the
period
$1,639,052
520,784
$1,262,209
520,784
$1,118,268
$741,425
serve
re¬
appropriations.
_
Amortization of limitedterm investments
Net oper. revenues—_
Gross income
on
on
mortgage bonds.
debenture bonds-
Net profit after
Int. charged to construe.
Balance....
^
No provision has been made for Federal excess
profits tax since indications
that no tax will be payable.—V.
152, p. 3812.
are
Keifch-Albee-Orpheum Corp.—Reorganization Completed
Merged and $8,000,000 New Securities Sold to.
—Subsidiaries
stock
The plan of reorganization of
Keith-Albee-Orpheum Corp. and its two
wholly-owned subsidiaries, B, F. Keith Corp. and Greater New York
Vaudeville Theatres Corp., has been approved
by the stockholders of the
parent company, the two subsidiaries merged and the new securities issued.
Lehman Brothers acted in an advisory capacity in connection with the
The
subsidiary corporation, B. F. Keith Corp., has issued $6,000,000
mortgage and collateral trust bonds, due June 1, 1954, which
have been sold to the Equitable Life Assurance Society of the U. S.
This
company has also issued and sold $2,000,000 2^% serial notes, of five
annual maturities, to a group of banks headed by the Bankers Trust Co.,
and including the Manufacturers Trust Co., the
Irving Trust Co. and the
Security-First National Bank, Los Angeles.
being used to retire $4,482,000 B. F. Keith
Corp. 1st & refunding mortgage 6s, due 1946, $607,000 Keith Memorial
Theatre first leasehold 6s due 1943 and 48,586 shares of 7% convertible
preferred stock of Keith-Albee-Orpheum Corp.
The elimination of these
securities will leave outstanding 15,000 shares of Keith-Albee-Orpheum
preferred stock.
These shares have accumulated unpaid dividends of
$15.75
which it is the intention of the board of directors of the
company to pay in the near future.—V. 152, p. 3658.
per share,
(B. F.) Keith Corp .—Absorbs Greater New York Vaudeville
Theatre
Corp.—Sells $8,000,000 Securities—See Keith-AlbeeOrpheum Corp.—V. 152, p. 3659.
of the outstanding first mortgage leasehold 1 5-year
sinking fund 6%
gold bonds, due Nov. 1, 1943 have been called for redemption on Nov. 1
at 101 and accrued interest.
Payment will be made at the First National
127,
2831
p.
Kelsey-Hayes Wheel Co.—Earnings—
Period Ended May 31, 1941—
3 Months
Net profit
a
2,475,658
2,332,720
2,290,846
xl, 615,053
1,833,689
$1.35
1,829,689
1,821,989
$1.25
1,821,989
$0.88
per com. share
9 Months
$422,986
b Earnings per share
$1,354,712
$2.47
$0.77
$1.27
$22,150,841.
.
Laclede Steel Co.—Common Dividend—
Dec. 12, 1938, and dividends of 15 cents paid in each of the three
preceding
quarters.—V.
152,
1922.
p.
RR.—Principal and Interest—
The interest due July 1,
1941, on the second mortgage 5% gold bonds,
paid but the principal due July 1, 1941, was not paid
Interest is payable at office of Guaranty Trust Co., New
York.—V. 144, p. 3179.
due
on
July 1, 1941,
that
was
date.
.
Lake Superior & Ishpeming
May—
RR.—Earnings—
1941
Gross from railway
Net from railway
Net ry. oper. income.
From Jan. 1—
Gross from railway
Net from railway.___
1940
$526,238
384,157
-
307,925
271,196
650,563
408,992
Net ry. oper. income.
—V. 152, p. 3502.
$281,206
180,637
90,694
$80,761
def7,731
def46,499
624,066
199,704
55,125
267,306
1,152,451
__
1938
1939
$433,088
391,046
28,427
defl54,324
222,989
defl94,088
def318,015
.
Lakey Foundry & Machine Co.—Earnings—
6 Months Ended
Net profit-
a
Earnings
Apr 130—
After
•••
<•'
1941
—•
per share
of
common stocK.
depreciation,
interest,
and
' $167,510
<
$0.38
Federal income and
1940
$151,625
$0.34
profits
excess
taxes.—V. 152, p. 2072.
Lehigh Coal & Navigation Co.—To Receive Full Rental
from Jersey Central—Payments Removed from Litigation—
Company was assured June 30 by an order issued by Judge Guy L. Fake
in the U.S. District Court at Newark, N. J. .that payments which had been
Corp.—Bonds Called—
All
Bank of Boston.—V.
'38
Directors have declared a dividend of 50 cents per share on the common
stock, par $20, payable June 30 to holders of record June 24.
Dividend
of 15 cents paid on March 31, last; 80 cents
paid on Dec. 31, 1940: 15 cents
paid on Sept. 30, June 29 and March 30, 1940; 55 cents paid on Dec. 27,
1939: 15 cents paid in each of the four preceding quarters: 65 cents paid on
a
Keith Memorial Theatre
18
107,923,389
Period End. June 14— 1941—4 Weeks—1940
1941—24 Weeks—1940
Sales$23,21*,548 $20,095,015$132,039,672$118,007,884
Stores in operation
3,623
3,872
—V. 152, p. 3502.
new
are
June
110,018,922
outstanding
Sales—
securities.
4%%
Proceeds of these issues
'39
118,077,883
Lake Erie & Western
new
June 15 '40 June 17
Current assets as of June 14, 1941. amounted to $42,006,029 and current
liabilities were $14,221,002 comparing with
$7,460,328 and $9,528,000,
respectively, on June 15, 1940.
Cash amounted to $10,492,345 as com¬
pared with $12,521,067 a year previous and Inventories were $28,734,651
Institutions—
financial plan, and negotiated the sale of the
'41
deprec..
Federal taxes. &c____
Number of shs. of com.
against
45,000
15,000
19,542
Other int. & deductions.
of
June 14
132.029,564
Earnings
_
Other income (net)
Int.
Int.
Weeks Ended—
$6,432,131
Sales
Direct taxes
Property retirement
101
After depreciation, interest, Federal income and excess profits taxes,
&c.
b On combined 290,285 shares of class A stock and 257,982 shares of
a
class B stock.—V. 152, p. 2859.
made to it by the trustees of the Central RR. Co. of N. J. under the lease
of the Lehigh & Susquehanna RR. were not subject to further
litigation.
Payments have been made in full to date.
The order also provides that future payments until the trustees decide
to adopt or reject the lease shall be the full rental provided in the lease and
shall be made without recourse.
The quarterly payment due July 1 and
future instalments will be paid without further orders of the court.
The court's order removes all doubt as to the validity of past payments
and assures the Lehigh Coal & Navigation Co. that future payments will be
absolute and irrevocable.
The Lehigh Coal & Navigation and Jersey
Central have been instructed by the court to file briefs on the question of
how much longer the trustees shall have before finally determining whether
to affirm or disaffirm
The
the lease.
Lehigh & Susquehanna RR., leased to the Jersey Central since J 871,
has been the subject of litigation since Oct., 1939, when the Central peti¬
tioned for reorganization.
A report prepared by William Wyer, recognized
Kentucky Utilities Co. (& Subs.)—Earnings—
Period End. Mar. 31—
1941—3 Mos.—1940
1941—12 Mos.—1940
Operating revenues
$2,755,457
$2,632,998 $10,711,684 $10,156,636
Oper. exps. and taxes.—
1,898,462
1,758,432
7,272,463
6,454,468
railroad consultant hired by the trustees of Jersey Central to determine the
earning power of the leased property, states that in 1939 the Lehigh &
Susquehanna earned $925,000 more than the fixed annual rental of
$2 267 801
"the Lehigh & Susquehanna constitutes the main line of the Jersey Central
in Pennsylvania and serves the important anthracite region.
Since the
Jersey Central petitioned for reorganization, the trustees have been attempt ing to secure a reduction in rent but The Lehigh Coal & Navigation Co. has
insisted that the property more than earns the contract rental and that the
'
Net operating incomeOther income (net)
$856,995
Dr598
$3,439,221
:
4,704
$3,702,167
Dr3,999
$856,397
397,068
$870,322
447,239
$3,443,925
1,623,047
$3,698,168
1,909,419
$459,329
$423,083
114,017
$1,820,877
456,066
$1,788,748
114,017
94,681
94,681
378.723
378.723
$250,632
Gross income
Int. & other deduct'ns..
$874,566
4,244
$214,386
$986,089
$953,959
trustees
Net
Divs.
Divs.
*
income
on
on
6% pref. stock
7 % junior pref.
stock
Balance
456,066
To
should
either affirm
the lease or
return
the property.
Pay 2ly-Cent Dividend
Directors have declared a dividend of 25 cents per share on the common
stock, payable July 25 to holders of record July 5.
Dividend of 30 cents
was paid on Dec. 20, 1940 and dividends of 10 cents were paid on Dec. 22,
1939, and on Dec. 24, 1938, and a regular semi-annual dividend of 15 cents
per share was paid on Nov. 30, 1937.—V. 152, p. 3503.
Earnings of Kentucky Utilities Co. Only
Period End. Mar. 31—
Operating revenues
Oper. exps. and taxes.._
1941—3 Mos.—1940
$2,567,775
1,762,423
Net oper. income.
Other income (net)..
1941—12 Mos.--1940
$2,452,568 $10,001,077
1,624,117
6,753,221
$805,352
Dr598
$828,451
4,244
$9,503,797
5,977,391
$3,247,856
$3,526,405
4,637
Dr3,902
Lehigh & Hudson River Ry.
May—
Gross from
railway.
Net from railway
Net ry. oper. income—
From
Jan.
Gross income
Net income
Divs. on 6% pref. stock.
Divs. on 7% junior pref.
$804,754
356,142
$824,207
406,137
$3,252,492
1,459,826
$3,522,504
1.743,825
$448,612
$418,070
114,017
$1,792,666
456,066
$1,778,678
456,066
114,017
94,681
Balance--
—
94,681
378,723
378,723
$239,915
$209,373
$957,877
$943,889
Notes—In the above tables:
at
rates
(1)
provided in the Second
Federal income taxes have been accrued
Revenue Act of 1940, and 1940 figures
previously published have been adjusted for purposes of comparison.
(2) For comparative purposes the statement includes revenues and
expenses of Lexington Utilities Co, and its subsidiary, Lexington Ice Co.,
for the period prior to Jan. 3, 1940, at which date the assets and business
formerly owned by these companies were acquired by Kentucky Utilities
Co.* but does not reflect deductions for dividends on preferred stock of
Lexington Utilities Co. in the hands of the public, called in Sept., 1939, for
redemption, which dividends for the twelve (.12) months ended March 31
1940 amounted to $68.372.—Y. 152. p. 3502.
12 Months Ended May 31—
Operating
revenues
Balance for interest-
Balance for dividends and surplus
x
p.
After depreciation and
1941
$262,535
86,636
62,689
1940
$205,536
60,803
37,721
including non-operating income (net).—V. 152.
3813.
Keystone Watch Case Corp.—To Pay $2.50 Dividend—
Directors have declared
a dividend of $2.50 per share on the common
stock, payable July 10 to holders of record July 1. Like amount was paid
on Dec. 20» last; dividend of $1.50 was paid on July 10, 1940; one of $2.50
was paid on Dec. 20, 1939. and one of 50 cents was paid on July 10, 1939,
this latter being the first dividend paid on the common shares since Decem¬
ber, 1937.—V. 152, p. 1755.
Kimberly-Clark Corp.—Transfer Agent—
Corporation has notified the New Yonc Stock Exchange of the appoint¬
City of New York as transfer agent
of its common stock, effective as of the opening of business Aug. 1, 1941.—
V. 152, p. 3659.
ment of the Chase National Bans; of the
1939
1938
$127,266
39,334
$114,546
37,820
11,433
-
-
-
666,958
645,220
222,414
91,103
214,539
12,990
82,812
571,161
149,018
21,166
Lehigh & New England RR.—Earnings—
1941
Gross from railway
Net from railway.
.
1940
1939
1938
$453,587
201,592
143,117
$372,067
132,693
104,002
$413,464
175,720
134,507
$293,164
69,915
Net ry. oper. income..
From Jan. 1—
Gross from railway
Net from railway
.
1,825,063
675,280
499,302
1,715,158
1,670,404
592,141
473,894
1,320,843
244,541
206,899
Net ry. oper. income._
568,358
442,953
50,310
—V. 152, p. 3503.
Lehigh Valley Coal Co .—Interest—
The interest due July 1, 1941, on the
extended to 1943,
five-year secured 6% notes, class A,
"plain" and "stamped," was paid on that date at office
York.—V. 152, p. 3503.
of J. P. Morgan & Co., Inc., New
Lehigh Valley RR.—Expects $13,000,000 in Black
Tom
Case—
Key West Electric Co.—Earnings-
x
833,994
Net from railway.311,058
Net ry. oper. income-.137,227
—V. 152, p. 3503.
-
May—
stock.
■Earnings1940
$144,200
51,737
23,679
1—
Gross from rail way.
Int. and other deduct'ns
1941
$188,631
78,080
37,608
Counsel for the road told
a
special statutory court at Philadelphia July 1,
the eompany "expects" to collect
$13,000,000 from the German
Government for damages to its Black Tom terminal in Jersey City during
the first World War.
that
Attorney Maurice Bower Saul said this would be in addition to the
$10,000,000 paid to the railroad last January through the United States
Treasury.
*"
Mr. Saul made the statement concerning the expected additional money
in objecting to allowance of fees of $4,899,855 to a group of lawyers who
won
the first $10,000,000 judgement against the German Government
from the American Mixed Claims Commission.
The fee grant was made June28 by Christopher B. Garnett, a Mixed
Claims Commissioner, in a decision holding that the lawyers were entitled
to a 50-50 split of the award.
'
Mr. Saul Joined with Isador Pepp, attorney for Greydon A. Rhodes, of
New York, a Lehigh Valley bondholder, and Arthur E. Palmer, of New
York, attorney for a bondholders' committee, in protesting against Mr.
Garnett's award, claiming it was excessive and contrary to all agreements.
Mr. Saul did not amplify his statement of the hopes of the railroad to
obtain further reimbursement, but later said the total damage to the
Black Tom Terminal amounted to $23,000,000, and the $10,000,000 was
The Commercial & Financial Chronicle
102
the railroad out of the pro¬
of German owned property that tad been
World War.
all that the United States Treasury could pay
ceeds
the liquidation
from
seized during the
Earnings for May and Year to Date
1941
1940
1939
1938
$4,790,493
1,674,672
1,017,147
$3,803,695
1,108,661
636,262
$3,960,776
1,116,827
677,291
$3,425,808
21,524,137
7,078,547
Net ry. oper. income—
4,252.292
—V. 152. p. 3972.
19,125,851
5,046,312
2,297,175
18,741,272
5,263,587
2,959,344
16.574,833
3,418,232
961,774
May—
Gross from
railway
Net from railway
Net ry. oper. income
From Jan. 1—
872,517
410,531
& Telegraph Co. (Del.)—Extra Div.
Lincoln Telephone
Directors have declared an extra dividend of 25 cents per share in
addi¬
quarterly dividend of 25 cents per share on the class B
stock, both payable July 10 to holders of record June 30.
Like amounts
paid on April 10 and Jan. 10, last.—V. 152, p. 2557.
tion to the regular
Link Belt Co.—50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on
the common
stock, payable Sept. 2 to holders of record Aug. 8.
Previously regular
quarterly dividends of 25 cents per share were distributed.—V. 152, p. 3028.
Loft, Inc.—Pepsi-Cola Merger Name Changed—
which was authorized by
The merger of Pepsi-Cola Co. into Loft, Inc.,
respective stockholders of the two companies at meetings held on
May 29, 1941, was completed June 30 by the filing of the agreement of
merger in the office of the Secretary of State at Dover, Del. . Pursuant
the
merger
changed
agreement the name of surviving corporation was
Pepsi-Cola Co.
Trading in the new stock, under the name of Pepsi-Cola
Co. commenced on the New York Stock Exchange July 1.—V. 152, p. 3660.
to
Louisiana & Arkansas Ry.- —Earnings—
'
May—
Gross from
railway
...
Net from railway
Net
...
railway operating income
from Jan.
Gross from
1940
1939
$706,948
1941 '
$856,709
351,197
191,066
$597,077
188,407
103,599
232,309
139,029
1—
3,328,209
1,144,639
650,351
4,051,285
1,666,677
897,466
railway
Net from railway
Net railway operating income
—V. 152, p. 3506.
2,881,567
909,031
488,440
1941—12 Mos.—1940
1941—Month- -1940
$8,558,926
$658,337
$754,518
Operating revenues
Oper. exps,, excl. direct
taxes
4,430.167
1,315,626
367,095
76,898
416,563
117,040
Direct taxes
$8,091,890
4,279,909
977,090
70,106
67,186
820,470
797,668
$150,809
$147,158
$1,992,663
$2,037,223
.
Net oper. revenues
Other income (net)
886
324
13,480
11.030
$2,006,143
875,131
80,673
$2,048,253
bonds
$151,695
72,928
Other int. and deduct'ns
6,942
$147,482
72,947
6,765
Int. charged to construc¬
tion (GV.)
89
27
1,110
4,197
Net income
$71,914*
$67,797
Dividends applic. to preferred stock for the period
$1,051,449
$1,088,877
356,532
356,532
on
__
mtge.
Coupon debentures In denom. of $1,000, registerable as to principal.
payable J-J.
Principal and interest payable at principal office
Guaranty Trust Co., New York, trustee.
Debentures are redeemable
at option or company, in whole or in part, at any time upon 30 days' notice
if redemption be made on an int. date, and upon 45 days' published notice
if made on any other date, at following prices with int.
To and including
June30,1944,107%;% thereafter, to and incl. June 30, 1947, 106%; there¬
after, to and incl. June 30, 1950, 104^2%; thereafter, to and incl. June 30,
1953, 103%; thereafter, to and incl June 30, 1955, 101 %%; thereafter
without premium.
Also redeemable, through operation of the sinking
fund on any int. date on or after July 1,1942, upon 30 days' notice at the
following prices with accrued int.: To and incl. June 30, 1947, 105%%;
thereafter, to and incl. June 30, 1950, 104K%; thereafter, to and incl.
June 30, 1953, 103%; thereafter, to and incl. June 30, 1955, 101 %%\
thereafter without premium.
Indenture provides for a sinking fund requiring the payment, semi¬
annually on April 20 and Oct. 20 in each year, beginning April 20, 1942,
until 28 payments are made, of a sum in cash equal to 2 % of the maximum
principal amount of debentures theretofore issued and at any time out¬
standing to be applied to the retirement of debentures.
Sinking fund
Interest
of
payments may be made in debentures in lieu
The preferred stock is redeemable at the
194308
dissolution of the company to
875,368
'
88,205
Balance
$694,917
$732,345
Notes—Provision for Federal income taxes, subsequent to April 1, 1941,
being made at a rate which will result in the accumulation of such taxes
at the rate of 30 % for the full year 1941.
Includes provision of $8,304 and $76,956 for Federal excess profits tax in
the month of May, 1941, and in the 12 months ended May 31, 1941,
respectively,—V. 152, p. 3813.
Louisville Gas & Electric Co.
(& Subs.) (Del.)—Earns.
Years Ended April 30—
*
1941
1940
$12,563,934 $11,698,403
revenues
Eroperty of the company includes a manufacturing plant and certain warebuildings.
Company's fixed assets amount to approximately 10%
ojf total assets
income
funded
debt...,
Amortization of debt discount and expense
Other interest-.
Amortization of flood and rehabilitation
Miscellaneous
Common stock
$4,191,027
216,976
$4,408,003
1,030,450
37,000
Cr33,346
22,282
$2,983,705
$2,884,604
1,354,920
1,354,920
250,000
.
Bj*JanSe
on preferred stock of Louisville Gas &
Electric Co. (Ky.) held by public—cash
Net income
$1,628,785
Notes—Provision
for
excess
819,568
160,227
27,388
250,000
37,COO
Cr6,804
25,137
...
Dividends
$1,529,684
profits tax under the Second Revenue Act
of 1940 was made for the calendar year 1940 in the amount of $154,000
and provision is being made for the calendar year 1941 on the basis of an
estimated tax of
$475,000.—V. 000,
p.
Louisville & Nashville RR.
May—
0000.
-Earnings
1941
Gross from
railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
p.
1940
1939
1938
$9,454,584
3,276,960
2,095.561
$8,305,620
2,383,941
1.630,801
$6,365,534
1,574,774
853,375
$6,488,116
44,817,621
14,374,024
39,752,345
9,728,046
6,391,391
33,343,949
7,635,916
4,413,867
30,816,683
9,046,678
1,604,710
930,170
5.596,111
2,564,878
3813.
Luzern County Gas & Electric Co.—Initial Pref. Div.—
Directors
have
declared
an
initial
quarterly dividend of $1.31# per
share on the 53^ % preferred stock, payable
Aug. 1 to holders of record
July 16.—Y. 152, p. 3660.
McKesson
&
Inc.—$19,300,000
Securities
Offered—Public offering of $13,700,000 of debentures and
56,000 shares of pref. stock, awarded June 30 in competitive
bidding to an underwriting group headed by Kidder, Peabody
&JCo.; Lazard Freres & Co., and F. S. Moseley & Co., was
made July 2.
A total of 41 investment firms, comprising
the successful group, participated in the
offering.
The 15year 3%% sinking fund debentures, due July 1, 1956, are
priced at 104% and int., and the 5%% cum. pref. stock
(J160 par) is priced at $103
The aggregate net
at
per share and
proceeds to the company
accrued divs.
are
estimated
$19,643,000.
[The successful bid was 103.179 for the debentures and 99.842 for tne
preferred stock.
Other bids 'for the issues"follo wT GloreT ForgaV& Co"
and associates, $101,812 for the debentures as
3%s and 97.127 for the
preferred; Harriman, Ripley & Co., Inc., and associates, 104.61 for the
debentures as 3%s and 94.61 for the preferred as 5%
stock.]
as
Above
$15,725,000
$25,000,000
$13,700,000
(no
par) stated val. of $50persh.
5%% cum. pref. stk.(par $100)
29,785,600
37,500,000
10,000,000
1.263,053 shs.
5,000,000 shs.
(par $5)
$18).
2,000,000 shs.
Common stock (par
5,600,000
1,685,901 shs.
_
$19,571,716.
Purpose—The aggregate net proceeds a,re estimated to be
Under the plan of reorganization the net proceeds of the sale of $11,200,000
of the debentures and of all the preferred stock being offered are to be used,
with other funds, for the purpose of
paying in full in cash the claims of all
creditors of the company (other than its priority creditors, whose claims
also be paid in cash out of other funds) whose claims were deferred in
will
the
reorganization proceedings and had been allowed at the date of execution
of the underwriting agreement (June 30, 1941) or were then admitted to
be due and owing.
The net proceeds of the sale of the additional $2,500,000
of debentures also being offered will be used by the company to increase
its working capital.
Earnings—The following figures are taken from the comparative state¬
ment of consolidated income and profit and loss of the company and its
subsidiaries (contained in the prospectus):
Net
*
Total
Net
Sales
$146,173,909
148,292,063
155,405,829
Income*
$2,598,484
4,879,306
5,733,281
Profit
$1,251,448
3,364,790
3,572,766
-
Calendar Years
—
Before interest and amortization of discount
and expense on debentures
and provision for Federal income taxes.
Debentures—The 15-year 3% % kinking fund debentures due July 1, 1956
will be unsecured and will be issued under an indenture dated July 1, 1941.
claims in additions to
Company's plan of reorganization provides that if
those already allowed by the court are allowed by the court after the date
execution of the underwriting agreement (June 30, 1941) additional
of
debentures and preferred stock may be sold subject to the approval of the
The trustee in reorganization estimates that the liability on such
additional claims will not exceed $1,550,000.
Other indebtedness may be
court.
the company.
With certain exceptions and limitations, the
provisions of the indenture and the rights of the holders of debentures may
be modified by vote of holders of 66 2-3% of outstanding debentures.
incurred by
Underwriters and Amounts to Be Purchased
Debentures
S
6,700
Lazard Freres & Co—.1,675,000
6,700
1,675,000
Harris,Hall & Co.(Inc.) 1,000,000
White, Weld & Co
900,000
6,700
4,000
3,600
W. E. Hutton & Co
700,000
Hornblower & Weeks
550,000
2,800
2,200
Co
550,000
2,200
& Co.—
500,000
Swiss American Corp—
375,000
2,000
1,500
Jackson & Curtis
Estabrook & Co.
W. C. Langley
Debentures
Pref.
$
Shares
Kidder, Peabody & Co. 1,675,000
F. 8. Moseley &
Robbins,
Outstanding
.
15-yr. 3XA% sinking fund de¬
bentures, due July 1, 1956..
l,lo3,806
expense!.
Amortization of contractual capital expenditures.
Interest charged to construction
Mar
Preference stock, $3 series
$4,456,516
1,030,450
160,227
6,198
income
152,
20-yr. 5%% conv. debentures,
due May 1, 1950
Amount to Be
Outstanding
as of
31 '41
Amount
Authorized
647,225
1,300,000
1,428
Provision for Federal and State income taxes
-V.
on
3,605,348
reserve
Net operating income
*i'-
petition for reorganization under Chapter X
Dec. 8, 1938.
The trustee in reorganization
filed a plan of reorganization which, as amended and modified, was con¬
firmed by the Court on May 15, 1941.
Capitalization—Capitalization of company outstanding as of March 31
1941 and to be outstanding upon the issuance and reclassification of securi¬
ties pursuant to the plan of reorganization is as follows:
Bankruptcy Act
583,383
1,410,500
1,428
1,157,161
1,332,221
Amortization of limited-term investments
Taxes (other than income taxes)
on
(
♦
Company filed a voluntary
$4,226,472
230,044
Appropriation for retirement
Gross
the Prospectus
Company—Incorporated in Maryland on Aug. 4, 1928, to combine under
ownership a group of well-established and widely distributed wholesale
drug companies, and a drug manufacturing company.
Company carries
on a wholesale drug business through 65 divisions, located throughout the
country in 34 States and in Hawaii.
Company distributes the thousands
of products which are usually sold by retail drug stores, including drugs,
medicines, pharmaceuticals, cosmetics, toiletries and drug sundries.
Com¬
pany is also engaged in the wholesale liquor business in 21 States and
has exclusive agencies for tne distribution in the United States of certain
well-known
brands
of imported wines and liquors.
In addition to its
distributing business the company manufactures or packages a compre¬
hensive line of drug products including certain advertised specialty products.
Company is also engaged in certain less important related activities.
The
3,852,769
Operation
Maintenance
Interest
amended certificate incorporation.
Summary of Certain Information Contained in
ouse
is
Other
$108 per share and upon involuntary dissolu¬
tion to $100 per shate, in each plus accrued dividends.
Preferred stock¬
holders have no preemptive rights to subscribe to any class of securities.
Preferred stockholders are entitled to one vote per share and to certain
of the
Operating
of cash.
option of the company, at
time, in whoie or in part, upon 30 days' notice, at $109.50 per share
and accrued divs.
Preferred stockholders are entitled upon voluntary
any
one
Property retirement re¬
serve appropriations.
Interest
completion of this financing will enable the company
out an essential step in the plan of reorganization,
recently confirmed by the court.
This will involve the
payment in full in cash of all allowed creditors' claims,
including $15,725,000 of old 5%% convertible debentures
and accrued unpaid interest which amounted to $3,518,089
as of June 30, 1941.
•
Associated with the managers of the underwriting group
in the offering of the securities are:
Harris, Hall & Co.
(Inc.); White, Weld & Co.; W. E. Hutton & Co.; Hornblower
& Weeks; Estabrook & Co.; W. C. Langley & Co.; Swiss
American Corp., and Jackson & Curtis.
special voting rights as specified in the
Louisiana Power & Light Co.—EarningsPeriod End. May 31—
Gross income
The
to carry
#
Gross from railway
Net from railway
to the
July 5, 1941
Pref.
Shares
Minsch, Monell & Co.,
William R. Staats Co..
140,000
600
550
J. M. Daln & Co.
100,000
400
140,000
Inc
Paul H. Davis & Co...
100,000
400
Knight, Dickinson <fc Co.
Moore,Leonard & Lynch
Newhard, Cook & Co..
100,000
100,000
400
400
Piper,
&
100,000
400
100,000
Jaflray
1,000
Hop-
wood
300,000
1,200
Stein Bros. & Boyce—
100,000
400
G. H. Walker & Co
250,000
1,000
Harold E. Wood & Co..
100,000
400
Merrill, Turben & Co..
200,000
800
Johnson, Lane, Space <fc
Mltchum, Tully & Co..
The Milwaukee Co
200,000
800
75,000
750
200,000
800
Co., Inc
Arnold and
190,000
800
70,000
300
165.000
650
A. E. Mas ten & Co
70,000
300
165,000
165.000
650
650
Boettcher <fe Co
70,000
300
Schwahacher & Co
165,000
650
Starkweather & Co
165,000
650
...
Hayden, Miller & Co...
R. 8. Dickson <fc Co., Inc.
Adolph Lewisohn & Sons
R. W.
Pressprlch & Co.
Auchlncloss, Parker <fe
Redpath..
Farwell, Chapman <fe Co.
—V. 152, p.
4127.
Clement
A.
600
550
Blelch-
Evans
&
Co.. Inc
R. F. Griggs Co
Reinholdt
150,000
140,000
S.
roeder, Inc
Stix & Co
&
Gardner..
70,000
70,000
300
300
70,000
300
70,000
300
Volume
The Commercial & Financial Chronicle
153
Madison Square Garden
Minnesota Power & Light Cot—Earnings-—
Corp.—25-Cent Dividend
The directors hare declared
a dividend 25 cents per share on the com¬
value, payable Aug. 29 to holders of record Aug. 15.
This compares with 35 cents paid on May 21, last: 25 cents
paid on Feb. 28,
last, Nov. 30 and Aug. 30,1940; 35 cents paid on May 21,1940; 25 cents in
the three preceding quarters; 60 cents paid on May 19, 1939 and 25 cents
paid on Feb. 28, 1939 and on Nov. 30, 1938.—V, 152, p. 2862,
mon
stock,
Period End. May 31—
Operating revenues.
Oper. exps., excl. direct
par
no
Maritime Telephone &
2,138,959
1 *175,594
187,776
174,355
54,167
194,943
2,325,050
106,474
50,000
1,577,724
670,833
571
574
6,900
6,874
Net oper. revenues
Other income
$313,276
$265,539
$3,161,216
$3,060,634
100
10
1,478
1,366
Gross income
Int. on mtge. bonds.—.
$313,376
133,054
5,938
$265,549
133,850
6,570
$3,162,694
1,604,317
73,386
$3,062,000
804
213
6,109
2,046
Net income$175,188
$125,342
Divs. applic. to pref. stocks for the period
$1,491,100
990,825
$1,378,720
990,825
taxes....—........_
Direct taxes...
Prop, retire, res. approp.
Amort, of limited-term
_
investments—-—-
'/ '
■' :
641,667
.;
Directors have declared a dividend of 20 cents per share on the common
stock, payable July 15 to holders of record June 20.
Previously regular
quarterly dividends of 17H cents per share were distributed. In addition
extra dividend of 10 cents was paid on Jan. 15, last.—V. 152, p. 3029.
Market Street
Ry.
-
Oth. int. & deductions..
Int. chgd. to construct'n
-Earnings-
Years Ended April 30—
Operating
1941—12 Mw.—1940
$7,741,723
$7,023,728
1941—Month—1940
$730,145
$617,530
..
Telegraph Co., Ltd.—20-Cent
Dividend—
103
1940
1941
$6,012,319
4,308,190
685,946
500,000
416,000
Maintenance and repairs
Appropriation for retirement reserve
Taxes (other than income taxes).
$6,351,072
4,513,616
$102,183
5,988
revenue
Operation
$183,648
/
6,080
(Cr.)
Net operating income
Other income
730,808
500,000
423,000
....
—
..—
...
Balance
1,613,694
71,632
$500,275
$387,895
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.
■
V,
Includes in the 12 months ended May, 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.
152, p. 3661.
—
.
Gross
income
Interest
on
!
639
$189,727
327,312
19,892
84,160
3,619
$222,268
$245,256
$108,172
—
funded debt
245,461
13,673
70,666
Amortization of debt discount and expense
Other interest
Other income deductions.
Net loss.—-————
;
—
Interest—
——
Mississippi Central RR.- -Earnings-
:V
Quarterly interest at the rate of 5% per annum was paid on July 1,1941,
the first mortgage 7% sinking fund gold bonds, series A, due 1940, on
Sresentation & Union Trust Co., San Francisco.—V. 152,at office of Wells
'argo Bank of bonds for stamping. Interest is payable p. 4129.
Period—
40 Wks.End
Period End. May 31—
Operating revenues.
Oper. exps., excl. direct
After depreciation, Federal income and excess profits taxes, &c.—V.
Earnings
per
_
_
share
Mead
Net oper, revenues—
Other income..
Corp.—Earnings—
Earnings for the Year Ended March 22, 1941
Consolidated
Gross sales, less discounts, returns & allowances..$20,489,954 $25,461,991
Cost of sales..—-.—17,524,278
21,352,622
Company
Gross profit.
Profit
Other income.........
$2,965,676
1,516,902
i
,
Profit-
Interest
on
Interest
on
1st mtge. 6% gold bonds, series A
43^% collateral promissory notes
Interest on 15-year 4)4% 1st mtge. bonds, due
$2,131,148
38,259
1,970
$2,648,860
38,259
1,970
264,407
69,979
March 1,1955
Interest
on
3% notes
Interest—Subsidiaries consolidated
Other interest
Amortization! of bond discount and expense
Amortization of idle plants
Fees paid—Subsidiaries consolidated
Federal
excess
$1,305,594
—
1959, was paid on
$1,543,953
361,748
399,855
366,536
$1,143,428
642,811
157,047
10,605
$1,182,205
628,763
87,671
27,989
$453,078
453,078
$580,707
580,707
$332,965
$437,781"
Balance
Provision for deprecia'n.
Prov. for income taxes._
Bd. disc. & exp. writ, off
Net profit...
Assets—Cash,
$852,933 "
—
....—
Consolidated Balance Sheet Dec. 31, 1940
$9,248; accounts and notes receivable (net),
$896,283;
accrued interest on bonds owned, $5,315; inventories, $1,579,158; notes
receivable (non-current) $457,057; cash in hands of trustees for bondhold¬
ers, $12,509; deferred charges to operations, $133,830; advances to land
investment in non-Canadian subsidiary, $338,733; investments, $172,888;
real estate, timber limits (less depreciation), buildings, plant and equip¬
ment, ships, wharves, dwellings, &c., $14,255,856; discount and expense
on bonds, $172,148; total. $18,633,0^4.
Liabilities—Bank loan, $333,000; accounts payable and credit balances,
$485,055; accrued interest, wages and sundry charges, $132,523; estimated
liability for (1940) income and excess profits taxes, $143,878; instalment
notes, 4K% int., due 1944 to 1947, respecting timberland purchase,
$271,504; 1st mtge. 5% sinking fund bonds, $3,517,500; general mortgage
6% sinking fundTbonds, $1,769,000; reserve for depreciation, $4,859,829;
53^% preference shares, $5,000,000: common shares (150,000 no par shares),
$749,988; consolidated surplus, $770,746; total, $18,033,024.+-V. 150,
p. 3981.
,
-■
,
Minneapolis & St. Louis RREarnings
Mau
1041
Gross from railway
Net from railway..
— .
Net ry. oper. income—
From Jan. 1—
Gross from railway——
1040
$898,178
198,506
110,148
-----
.
$728,805
97,818
17,095
■
"
i qoq
$755,247
135,136
64,929
10051
$673,027
85,698
13,014
.;
Net from railway——
3,963,389
' 782,123
3,530,975
586,375
3,381,469
563.966
3,312,935
464,993
N^ry^ijr.^ncome—_
369,770
176,220
158,220
82,658
Minneapolis
Interest
on
St.
& Sault Ste. Marie Ry.-—
Ref. Mtge. 5^% Series B Bonds—
Paul
Guaranteed 1 st
The Interest due July 1,1941, on the guaranteed first refunding mortgage
5H% series B bonds, due 1978, is being paid by the Canadian Pacific Ry.
pursuant toits guarantee. Interest is payable at office of Bank of Montreal,
New York, N. Y.—
-V. 152, p. 4129.
1939
$87,406
20,476
8,303
1938
$77,875
13,665
2,364
484,700
102,441
37,616
427,339
77,822
21,654
def22,589
397,027
34,589
.
July 1,1941, on the 1st mtge. 5% bonds, seris A,'due
that date at office of J. P. Morgan & Co., Incorporated,
Earnings for Month oJ May and Year to Date
*
1941
$230,795
113,033
64,354
Gross from railway...__
Net from railway..
income
From Jan. 1—
Gross from railway
1939
-
Net ry. oper. income
—V. 152, P. 3508—'
Pacific
»
997,445
479,690
263,408
40,676
RR,—Stedman
$88,950
8,624
def6,444
:
433,155
82,392
4,054
819,447
356,120
204,893
841,027
355,147
216,994
v. ::;;v
Bondholders-
1938
$190,678
92,061
55,370
1940
$181,913
72,223
;
Net from railway..-
Missouri
298,984
1940
1940
$102,227
20,937
7,749
May—
Mersey Paper Co., Ltd. (& Subs.)—Earnings—
$1,442,412
-Earnings-
New York.
Net ry. oper.
and other loans......
$90,830
Missouri-Illinois RR.—Interest—
dividend of $1 per share on the common stock,
payable July 25 to holders of record June 27.
Like amount paid on Sept. 30,
last, this latter being the first common dividend paid since Sept. 20, 1938,
when 50 cents per share was distributed.-—V. 151, p. 3244.
Gross profit from year..
Interest on funded debt
def$108,230
The interest due
a
1937
$947,243
$494,438
403,608
—V. 152, p. 3507.
$1,431,407
-
$1,427,838
810,325
.s 123,075
560,627
122,390
46,196
Gross from railway.
Net from railway
Net ry. oper. income.-.
Mergenthaler Linotype Co.—To Pay $1 Dividend—
1938
*
1941
1941
$116,356
21,893
6,900
Net ry. oper. income—
From Jan. 1—
42 ,423
460,672
36,500
34,500
146,517
1939
x
$295,378
403,608
$35,104
.———..-.-
Missouri & Arkansas Ry,-
-
1940
—
$1,212,030
800,000
116,652
10,742
for Federal excess profits tax in the 12
1941.—Y. 152, p. 4130.
*
Gross from railway
Net from railway
(2) The net profit does not include profit (net of the estimated Federal
income tax) on sale of investment in St. Joe Paper Co. of $220,557.—
V. 152, p. 2558.
Calendar Years—
———-
$1,423,033
4,805
Includes provision of $32,479
Notes—(1) Companies keep their accounts on a standard business year
of 13 four-week accounting periods.
These statements include the opera¬
tions for the 13 four-week periods beginning Mar. 24, 1940 and ending
Mar. 22, 1941.
Directors have declared
101
768,333
$1,209,859
2,171
$112,513
66,667
$29,520
pref. stock for the period
months ended May 31,
64,915
50,992
Minority interest in results of operations
Net profit....-..-
43'
788,334
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 3Q% for the full year 1941.
"6,318
16",135
;
Balance-
$112,412
$106,063
66,667
9,876
May—
profits tax
State income tax
Net income
Divs. applic. to
54.750
32,536
27,978
251,754
Idle plant and miscellaneous expenses
Federal income tax
—
-
64.722
65,000
$106,020
,
4,522,183
'?• 920,888
4,773,651
1,079,302
340,484
66,667
on mtge. bonds....
Other int. & deductions.
$2,5 94,110
264,407
69,979
52,337
5,283
64,915
...
369,149
74,887
Int.
$4,109,369
1,715,259
$1,448,774
682,373
Selling and administrative expenses..■.■*;
Gross income
1941—12 Mos.—1940
$7,851,146
$7,634,437
1941—Month—1940
$616,723
$582,618
taxes...—
-
152, p. 4129.
:
315,237
32,957
def 16,483
Direct taxes.....
Prop, retire, res. approp.
Net profit
Shares common stock
-
673
325,147
18,226
def30,002
defl ,414
Mississippi Power & Light Co.—Earnings—
May 31. '41 June 8, '40 May 31, '41 June 8, '40
$2,812,650
$2,305,633
$8,665,536
$6,850,225
534,592
333,566
1,180,085
1,029,497
539,210
539,210
539,210
539,210
$0.95
$0.58
$2.06
$1.78
Sales
a
defl0,745
328,471
34,636
defl0,827
1940
—V. 152, p. 3507.
11 Whs.End. 12 Wks.End. 39Wks.End.
a
$62,253
10,033
496,140
148,575
76,789
Net ry. oper. income
Masonite Corp.- —Earnings—
1938
$66,427
$59,520
def1,933
defl1,034
From Jan. 1—
Gross from railway
Net from railway.
on
1939
1941
$100,039
3,627
def8,802
MayGross from railway
Net from railway—
Net ry. oper. income...
Committee
Reports
to
\
protective committee for the holders of the 1st & ref. mtge. 5% gold
Chairman) in a letter dated July 2, states:
reported Feb. 5, 1940, that the Interstate Commerce
Commerce Commission had on Jan. 17, 1940, promulgated a final plan of
reorganization. Thereafter, further proceedings were had before the Com¬
mission on petitions to modify the plan filed by a number of parties, as a
result of which the plan was certified by the ICC to the U. 8. District
Court with only a few changes in respect to certain technical provisions to
The
bonds (John W. Stedman,
The committee
be contained in the new mortgages.
.
.
The committee now reports that, after the consideration of voluminous
objections made by some 16 parties to the case, and after protracted con¬
sideration of evidence and arguments advanced in support of those ob¬
jections the U. S. District Court for the Eastern District of Missouri handed
down its opinion on June 20, 1941, in which the court decided to approve
the plan without substantial change but with certain technical corrections
and clarifications. It is expected that in due course a decree will be entered
accordingly.
Summary of the Plan
./:•••, --v
• ■
.
a
,
_
„
„
The plan is to be effective as of Jan. 1,1940, and provides for the following
capitalization and charges (shown to the nearest $1,000, with equipment
trust certificates and Plaza-Olive bonds shown as of June 30,1941):
:>
\:;* ::
Annuallnt.
Maturity
Equipment trust certificates
Various
Plaza-Olive bldg. 1st 5% (2% contingent) ——.
——-Jan. 1,1955
Collateral trust 3)4%--———Jan. 1, 1950
First mtge. series A &%%
—..Jan. 1,1965
First mtge. series B 4%- — — . —.Jan. 1,1990
:
Total fixed interest debt——
A cum. inc. 4%- .Jan. 1, 2005
B. conv. inc. 4>£%. Jan. 1,2015
_
preferred (par $100)...
_
$5 2nd pref. (no par) at $100—
'f-:
a
612,000
14,434,000
31,780,000
126,921,000
505,000
1 192,000
5,077,000
$7,203,000
22,727,000
97,934,000
4,407,000
—
—
$423,418,000
bl36,757,000
Total debt and preferred.-----Common stock (no par) at $100---.
$18,306,000
$560,175,000
'
Plaza-Olive bonds, b Does not
general unsecured creditors of Missouri
Includes $12,000 contingent interest on
include common stock allotted to
Divs.
$411,000
$307,917,000 a$12,531,000
39,189,000
1,959.000
76,312,000
3,816,000
Total debt.-.-—
5 % prior
or
$187,256,000
——
Gen. mtge. ser.
Gen. mtge. ser.
Principal
$13,509,000
Pacific and New Orleans, Texas & Mexico.
The Commercial & Financial Chronicle
104
In connection with the column in the above table entitled "annual interest
or dividends," attention is called to the fact that the plan requires the
annual setting aside, after fixed interest but before contingent interest, of a
sum equal to 3% of gross revenues for the preceding year, as a capital ex¬
penditures fund.
This fund, which should usually exceed $3,000,000 per
year is available for the capital additions or betterments to the railroad which
are necessary if the railroad is to be maintained in a properly
competitive
condition. To the extent not so used, the fund is available for the retirement
of fixed interest debt or the payment of fixed interest.
Furthermore, the
plan provides for certain sinking funds for the retirement of debt, which are
not shown in the table.
First and refunding bonds would receive, for each $1,000 of bonds now
outstanding, an undetermined minor adjustment on account of interest in
cash, $300 of new first mtge. series B 4% bonds, $350 of new gen. mtge.
series B AH% bonds, $150 prior preferred stock, 2K% shares (no par)
2nd pref. stock, and approximately three shares (no par) common stock,,
The cash adjustment above referred to is for the purpose of equalizing the
treatment of each series of first and refundings so that no discrimination will
result by reason of the different dates to which interest has been paid on the
respective series. The exact amount of these adjustments will have to be
determined by the reorganization Managers with the approval of the
court, but the committee estimates that they will be (per $1,000 bonds)
Series A, $5.27: F, $1.09: G. $17.76; H, $21.92; I, $5.26.
While it is not possible definitely to state the present value of the new
securities to be received by the holders of first and refunding mortgage
bonds, there is listed below the approximate prices at which they are cur¬
rently quoted on a "when issued
basis in the unlisted New York market.
First mortgage bonds. 70H-71H%'< general mortgage income bonds, series
B, 26H-27M%: prior preferred stock, $16^-$17M: second preferred stock,
$5-$5H; common stock, $2M-%2%. A tentative appraisal based on these
quotations indicates a value of $350 per old $1,000 bond, a value that will
fluctuate as earning power and the course of the reorganization are affected
by developments in the field of transportation and in the courts and by tax
legislation.
The treatment provided in the plan for other classes of security holders Is,
in general, that suggested by the committee, and in the opinion of the com¬
mittee does not result in an unacceptable discrimination against the holders
of first and refunding bonds.
Voting on the Plan—The next step in the procedure established by Section
77 of the Bankruptcy Act is the submission of the plan to the security
holders for their acceptance or rejection.
This vote will be conducted by
the IOC, which will transmit to each known holder of the first and refunding
bonds a copy of the plan and a ballot for voting thereon. Under the deposit
agreement this committee has the power, upon complying with certain
formalities, to vote on behalf of its depositors for the acceptance of the plan.
However, the ICC has indicated to the committee that, whether or not the
committee so votes, it intends to poll the depositors of the committee
separately, and the committee has furnished a list of its depositors for that
purpose.
Under these circumstances, there appears no point in the com¬
mittee's incurring the expense of duplicating the vote taken by the ICC,
and it will therefore not exercise this power given by the deposit agreement
The committee approves the plan and urges every depositor to vote for
its acceptance on the ballot sent to him by the ICC. Since the plan, in order
to be put into effect, must be approved by the holders of two-thirds in prin¬
cipal amount of the securities owned by those voting on the plan, it is im¬
portant that every depositor send in such an acceptance.
Probable Future Course of the Proceedings—If the time schedule follows that
of other comparable proceedings, the taking of the ballot on the plan should
be completed by the early fall and, if no appeals are taken from the orders
of the court approving or confirming the plan, it should be possible to com¬
plete its consummation within a few months thereafter.
Possibility of Interest Payments—The cash balance of the portions of the
system which will be included in the reorganized company was on May 22,
1941, approximqtely $24,346,000, which would be sufficient, in the opinion
of this committee, to make possible the procedure which has been followed in
certain other cases pending under Section 77, that is, where the plan has
been approved by the ICC and the court and its consummation appears to
be merely a matter of time, and where t.te plan provides for a retroactive
effective date, to put the plan into de facto operation by paying on the old
securities the amounts of interest which would be payable on the new se¬
curities had they actually been issued on the effective date, which in the
case of Missouri Pacific is Jan. 1, 1940.
These payments would, if the plan
is later consummated be credited against the interest payable on the new
securities, or if by any chance the plan should fail, would remain as a credit
against the interest due on the old securities. If the circumstances permit,
the committee will do its best to arrange such a procedure in this case.
Expiration of the Deposit Agreement—The committee deposit agreement
expires by its terms on July 21, 1941.
The agreement provides that it
may be extended in the discretion of the committee, with the approval
of the ICC.
In view of the fact that a great deal of important work re¬
mains to be done by the committee, it has, by resolution adopted May 19,
1941, elected to extend the life of the committee for a further period of
three years, tnat is, to July 21, 1944, and the ICC has approved such ex¬
tension.
In deciding upon an extension for three years, the committee
did not apprehend that it would take that length of time to complete its
work.
But it was thought desiraole to allow some margin so that, if un¬
foreseen contingencies should arise, it would/ not be necessary again to
go through the procedure of obtaining a further extension.
The committee
is hopeful that the plan may be consummated long before the expiration
of this extended period.
Every depositor has had since July 21, 1938, and will continue to have,
an unlimited right to withdraw his bonds from deposit at
any time upon
payment of his pro rata share of the committee's expenses to the date of
withdrawal.
Such pro rata share, according to the determination made
by the committee as of July 31, 1940, was $5.24 per $1,000 bond.
There
have, of course, been additional expenses incurred during the year ending
July 21, 1941, which will raise this pro rata share to $5.90 per bond.
How¬
ever, the ICC has approved an allowance to the committee, to be paid out
of the debtor's estate, against these expenses, in the amount of $257,907,
which, if approved by the court and ordered paid, will reduce the pro
rata share to approximately $2.73 per bond.
The assessment to be paid by
withdrawing depositors will be, therefore, $5.90 per bond until the allow¬
ance has been received from the railroad trustee, whereupon it will be re¬
duced to $2.73 or such higher figure as may be made necessary by a possible
reduction in the amount of allowance ordered by the court.
System Operations—According to the trustee's reports, gross revenues
of the Missouri Pacific System Lines for the calendar
year 1940 amounted
to $113,030,885, an increase of $3,655,698, orabout3%, over the
preceding
year.
Notwithstanding the fact that the trustee conducted adequate
maintenance and improvement programs during the year, about
75% of
r
this increase in gross revenues was converted into net income.
Total
income available for interest for the year amounted to
$13,447,331, an
Increase of $3,384,777, or 34%, over 1939.
Comparative gross and net
earnings for the years 1940 and 1939
were as
follows:
-Gross Revenues
—Balance for
Calendar Years—
1940
1939
Missouri Pacific....-^$87,124,190 $83,059,361
Gulf Coast Lines..
14,556,843
14,899,012
.
_
Intern'l-Gt. Northern..
Total for System
11,349,852
1940
Interest—
1939
$11,185,785
$7,673,295
2,268,633 ' 2,559,256
11,416,814
def7,087
defl69,997
Lines$113,030,885 $109,375,187 $13,447,331 $10,062,554
As a result of the national defense program, and
despite some loss of
perishable traffic resulting from excessive spring rains and from truck
competition in producing territory on the Texas lines, current earnings show
substantial increases over last year, viz.:
-Gross Revenues-
First 5 Months—
1941
Balance for
1940
Interest-
1941
1940
$40,864,295 $33,830,059
7,312,778
6,981,803
Intern'l-Gt. Northern..
5,342,010
4,680,015
$7,562,400
1,722,139
339,928
$2,701,660
1,555.700
def226,394
Total for System Lines$53,519,083 $45,491,877
$9,624,467
$4,030,966
Missouri Pacific.
Gulf Coast Lines
.
...
Protective Committee to Solicit DepositsThe Interstate Commerce Commission
on
June 23 issued
an
order
con¬
ditionally authorizing John W. Stedman, Philip A. Benson, George W.
Bovenizer, Frederic w. Ecker, Fred P. Hayward, Alfred H. Meyers, Ster¬
ling Pierson, John C. Traphagen, and Frederick W. Walker to serve as a
protective committee for holders of first and refunding mortgage bonds of
the company and to solicit the deposit of such bonds in accordance with
the terms of a suitable deposit agreement.
Pacific RR. of Missouri Bonds—
on
July 1,
Interest of 1M % was paid on
on
Pacific BR. of Missouri 2d mtge.
Earnings for May and Year to Date
1941
1940
1939
1938
$8,582,532
2,505,483
$6,663,979
1,232.869
$6,092,317
30,975,631
4,913,029
587,372
May—
1,618,499
434,284
$6,455,740
1,201,227
287,907
Gross from railway.....
Net from railway..
40,864,296
Net ry. oper. income...
—V. 152, p. 4130.
7,366,373
33,830,859
6,675,865
2,497,837
3.1,672,247
5,700,764
1,377,295
Gross from rail way—....
Net from railway...v..
Net ry. oper. ncome...
921,642
49,300
From Jan. 1—
11,786,645
Missouri-Kansas-Texas
May—
RR;—Earnings—
1940,
$2,166,833
375,233
29,416
1941
$2,594,513
502,465
oper. income...
135,133
■
Gross from railway
Net from ralway......
Net
ry.
Gross
'W.
from
railway....
Net from railway......
Net ry. oper. income...
—V. 152, p. 4130.
Mobile & Bay
■,>
,
1939
$2,226,966
372,486
4,668
1938
$2,104,537
228,590
defl25,871
10,941,633
1,777,194
49,169
10,694,605
1,348,180
def364,415
■■
.
12,403,112
2,838,806
1,057,966
10,769,842
1,982,928
281,178
Shore Ry .—Distribution—
A decree was issued June 24,1941 by the Circuit Court of Mobile County,
Ala., authorizing distribution to the bondholders of the net proceeds re¬
ceived from the sale of the property securing the first mortgage 5s, dated
May 1, 1899 and due May 1, 1949.
Of the $200,000 of the bonds out¬
standing, approximately $125,000 have been deposited with the protective
committee. Those who have not deposited their bonds should forward them
immediately to First National Bank, Mobile, Ala. for payment with Nov.,
1932 and subsequent coupons attached.
It has not yet been definitely
determined what the net amount for distribution will be, but it will be
approximately 30 cents on the dollar of the face amount of the issue.
—V. 67, p. 487.
Monogram Pictures Corp. (& Subs.)—Earnings—
Earnings for the 39 Weeks Ended March 28, 1941
Net loss after taxes, amortization of production costs, interest and
extraordinary expense—
—Y. 151, p. 2198.
Montana Power
$168,628
—...
— —
Co.—Earnings—
1941—Month—1940
Period End. May 31—
1941—12 Mos.—1940
$1,357,111 $18,367,138 $16,012,475
Operating revenues..... $1,544,713
Oper. exps., excl. direct
taxes.....
478,482
416,863
370,883
Direct taxes.
& deplet'n
appropriations...
5,477,439
269,276
......
and will accept the result of the ICC's poll.
1941
extended gold 5% bonds, due 1938, on surrender of interest warrant No. 6.
Interest payable at office of J. P. Morgan & Co,. Incorporated, New York.
From Jan. 1—
approximately as follows:
—
Interest
July 5,
4,357,294
4,917,890
2,778,679
Prop, retire.
res.
155,679
Other income (net).....
146,029
1,833.955
1,686,044
$539,669
Dr303
Net oper. revenues
$524,943
1,862
$6,698,450
Dr3,552
$6,629,862
4,038
$526,805
$6,694,898
$6,633,900
157,725
1,884,237
1,898,965
44,125
40,690
529,495
485,077
529,495
458.841
$539,366
Gross income.
Int. on mtge. bonds....
Int. on debentures.....
156,457
44.125
39,308
Other int. & deductions.
Int.
»
chgd. to construct'n
(Cr.)!-_
........
1,054
96
15,166
7,551
Net income.._...
$300,530
$284,361
$3,811,255
$3,754,150
957,534
957,530
$2,853,721
$2,796,620
Divs.applic. to pref. stock for the period.
Balance...
Notes—Provision for Federal income taxes, subsequent to April J, 1941,
is being made at a rate which will result in
at the rate of 30% for the full year 1941.
the accumulation of such taxes
Includes provision of $60,340 and $751,168 for Federal excess profits tax
in the month of May, 1941, and in the 12 months ended May 31, 1941,
respectively.—V. 152, p. 3669.
Montreal Telegraph
Co.—43-Cent Dividend—
Directors have declared
a dividend of 43 cents per share on the common
stock, par $40, payable July 15 to holders of record June 30.
Dividends of
55 cents were paid in the three preceding quarters and previously quarterly
dividends of 65 cents per share were distributed.—V. 152, p. 432.
Montreal Tramways
Co.—Principal and Interest—
The interest due July 1,1941 on the series A first and refunding mortgage
5% 30-year gold bonds due July 1, 1941, was paid but the principal due
July 1, 1941, was not paid on that date.
Interest is payable at offices of
Chase National Bank, New York, and Harris Trust & Savings Bank,
Chicago.—V. 152, p. 3817.
Mortbon Corp. of New
York—Earnings—
Earnings for Fiscal Year Ended May 31, 1941
Interest earned
on
mortgages, rental income, &c—
Real estate operating expenses—
— .
—!__
Administrative and general expenses
Corporate taxes—
Fees and expenses of trustees.
Int. on coll. trust mtge. bonds, at 5% per annum
_ -
_
...
...
_. _
.:
...
$19,790
Loss
Discount
on
122,587
collateral trust mtge. bonds retired..—
Cancellation of prior years'
income interest accrued on coll.
trust mtge. bonds retired
Reversal of prior years' mtge.
upon
$1,227,016
661,462
135,968
17,434
20,182
411,760
34,029
Interest receivable, not realized
disposition of certain assets
a Net income for the year——
b Loss upon sale or other disposition
Net loss for the year,
Dr22,555
—
$114,270
—
545,545
of assets
$431,274
before depreciation....
Before depreciation and before loss of $545,545 shown below, credited
"surplus from June 1, 1935."
b Acquired upon reorganization,-charged
liabilities, at June I, 1935."
a
to
to "excess of assets over
Balance Sheet May 31, 1941
Assets—Cash in banks and on hand, $646,841; receivable in cash from
fund. $6,665; accounts and notes receivable (less $155 reserve),
$3,718; U. S. Consolidated 2% bond, on deposit with the N. Y. State Bank¬
ing Department pending liquidation of The Mortgage-Bond Co of N. Y., at
par, $1,000; assets assigned to and deposited with trustee as collateral for
collateral trust mtge. bonds, $11,006,114; interest accrued on mortgages
receivable, $28,979; advances for taxes, &c., re mortgages and sales con¬
tracts receivable, $8,175; $6,500 coll. trust mtge. bonds purchased, received
in June, 1941, at cost, $5,595; prepaid taxes, $17,287; unexpired insurance
premium^, $41,150; total, $11,765,524.
Liabilities—Accounts payable and sundry accruals, $21,10% real estate
taxes, $62,287: Federal and State corporate taxes, $9,157; fixed interest
payable on coll. trdst mtge. bonds, 2H% per annum from Dec. 1, 1940,
$100,125; income interest payable on coll. trust mtge. bonds, 1%, $80,100;
fixed and income interest payable from June 1, 1935 on $6,630 bonds issu¬
able to predecessor's bondholders, $1,558; income interest accrued at 2
%
per annum from June 1, 1935 on coll. trust mtge. bonds (less 7}£% paid,
and 1% payable June 1, 1941), payable at maturity of each bond and
payable currently only from "net earnings", $521,082; coll. trust mtge.
bonds, 5% (2H% fixed interest and 2Y%% income interest), $8,016,645;
capital stock (par $1), $191,240; excess of assets over liabilities and capital
stock, at book amounts, as at June 1, 1935: (balance, May 31, 1940,
$1,561,106; loss upon sale or other disposition of such assets, &c., for the
year ended May 31, 1941, $545,545), $1,015,561; surplus (before deprecia¬
tion), $1,746,665; total, $11,765,524.—V. 151, p. 420.
trust
Mountain City
Copper Co.—To Pay 10-Cent Dividend—
Directors have declared a dividend of 10 cents per
stock, payable July 23 to holders of record July 9.
share
on
the common
This compares with
Volume
The Commercial & Financial Chronicle
153
25 cents paid on Dec. 20, last, and
15 cents paid
on
y
Dec. 22, 1959, this
latter being the first dividend paid since December, 1937, when 25 cents per
share was distributed.—V. 151, p. 3245.
'
Mountain States
or
a
Telephone & Telegraph Co.—Earns.
Period End. May 31—
1941—5 Afos.—1940
1941—Month—1940
Uncollectible oper. rev._
$2,475,815
7,238
$2,234,425 $11,840,645 $10,901,577
7,253
37.876
38,284
Operati ng revenues
Operating expenses—.
$2,468,577
1,631,358
$2,227,172 $11,802,769 $10,863,293
1,490,616
7,336,307
7,698,327
Net oper. revenues..
$837,219
399,921
$736,556
329,790
$4,104,442
1,983,460
$3,526,986
1,627,923
$437,298
328,356
$406,766
320,523
$2,120,982
1,597,550
$1,899,063
1,481,435
Opera 11 ng
revenues
—,
_.
Operating taxes
Net oper. income
Net income
...
—V. 152, p. 3661.
::v
Mueller Brass
a
$1.42
■<:
$373,544
$1.40
$673,619
$2.54
$0.71
After depreciation, interest, Federal income taxes, &c.
stock—V. 152, p. 3974.
b On common
■]?;'.
J
of record
July 20.
Like amount paid on May 1, last, and compares with
25 cents paid on Feb. 1, last 50 cents on Dec. 10, 1940 and 25 cents paid on
Nov. 1, 1938.—V. 152, p. 2245.
Official—
The appointment of
President in charge of
Frank R. Pierce, to the newly created post of Vicesales of this corporation was announced on June 26,
by G. W. Mason, President.—V. 152, p. 3661.
National
Corporation has notified the New York Stock Exchange of the appoint¬
Co. as transfer agent of its common stock,
effective July 1,1941.—V. 152, p. 3191.
,
ment of Manufacturers Trust
Corp.—Common Dividend—
Corporation has declared a dividend of 15 cents a share on its common
stock, payable July 25 to holders of record at the close of business July 10.
Dividend of 50 cents was paid on Dec. 30, 1940, this latter being the first
dividend declared since January, 1939.—V. 152, p. 3661.
.
,
National Iron Works—Extra Dividend—
Directors have declared
extra dividend of
an
one-half cent per share in
addition to the regular quarterly dividend of 1H cent per share on
mon
p.
by Blyth & Co., Smith, Barney & Co. and associates.
It was calculated that the interest cost to the company on the basis of
the First Boston Cor p.-Glore, Forgan bid was 5.057%.
On the Blyth &
Co.-Smith, Barney bid the interest cost was calculated at 5.1214%.
The
preferred stock completes the financing undertaken by the com¬
bidding procedure.
Previously the company had
rejected bids for $35,393,000 first mortgage bonds because no bids had been
received for the preferred.
The company had specified that it would
accept only bids for both bonds and stock.
Subsequently the maximum
dividend rate was raised from 5 to 5 H % to make the preferred stock attrac¬
tive to bidders and the company rescinded its rejection of a bid by the
Equitable Life Assurance Society for the bond's with SEC permission.]
pany under competitive
Application of Proceeds—The net proceeds to be received by the com¬
pany (exclusive of accrued interest and dividends) from the sale of the
preferred stock and the bonds, which, after deducting estimated expenses,
will amount to $48,542,769, together with $337,246 from the general funds
of the company, are to
Dairy Products Corp.—Transfer Agent—
National Gas & Electric
were permitted to name a dividend rate of 5 Y\ % or less and, under
State law, the stock could not be sold for less than par.
The unsuccessful
bid was 100.07 for stock carrying a dividend rate of 5h}%.
It was made
sale of the
Munising Paper Co.—Accumulated Dividends—
Directors have declared a dividend of $1 per share on account of accumu¬
lations on the 5% cum. 1st pref. stock, par $20, payable Aug. 1 to holders
Nash-Kelvinator Corp.—New
New York State Electric & Gas Corp.—Preferred Stock
Offered—A new issue of 120,000 shares of 5.10% cum. pref.
stock ($100 par) awarded July 1 in competitive bidding to
a
group headed by The First Boston Corp. and Glore, Forgan
& Co., was publicly offered July 2 at $103.50 per share and
accrued dividend from June 1.
The corporation's present
financing also includes the sale of $35,393,000 1st mtge.
3K% bonds due 1971, to the Equitable Life Assurance
Society of the United States at 104.015, a yield basis of
about 3.04%.
Bidders
1941—6 Afos.—1940
a
i
the com¬
stock, both payable June 30 to holders of record June 25.—V. 151,
3750.
Directors have declared
a
Del., Inc.—-10-Cent Dividend—
dividend of 10 cents per share on the common
Dividend of 20 cents
initial dividend of 20 cents paid on Dec. 30,
stock, payable July 1 to holders of record June 21.
paid on Dec. 30, 1940 and
1939.—V. 152, p. 126.
■
Natural Gas Pipe
000 Financing Under
an
n,::1--;'
Line Co. of AmericaWay—■
It is understood that the company is
as
follows:
707,1436; V. 152,
p.
__
ftfr
-New $30,000,-
negotiating privately on financing
involving $30,000,000, the proceeds of which will be applied principally
to constructing an addition and increasing the capacity of the line from the
Texas Panhandle to the Chicago area and some part of the proceeds may be
applied to the refunding of the presently outstanding indebtedness.
The present system has a daily transportation capacity of approximately
225,000,000 cu. ft. and the enlarging of the system, now under way, will
increase the capacity approximately 50,000,000 cu. ft. daily.—V. 151. D.
3818.
Naumkeag Steam Cotton Co.—$2 Dividend—
Directors have declared a dividend of $2 per share on the common stock
This compares with $1 paid on
payable July 14 to holders of record July 7.
April 15, last; 75 cents paid on Nov. 18, 1940; 50 cents paid on July 8 and
on Jan. 8, 1940; 75 cents on Nov. 25, 1938; 50 cents on October, July and
April, 1938; $2 on Oct. 7, and on July 1, 1937, and $1 paid on April 26 and
Jan. 1, 1937.—V. 152, p. 2077.
._
,
■
In connection with the authorization of the issuance of the preferred stock
Nevada-California Electric Corp. (& Subs.)—Earnings
Period End. May 31—
Operating revenues
_
Maintenance
_
_
1941—Month—1940
$517,277
$499,195
16,630
„
182,371
69,145
Other operating exps
Taxes
15,421
180,621
—
48,231
1941—12 Afos.—1940
$5,284,205
$5,280,423
195,577
243,967
1,882,596
2,132,638
662,253
561,282
616,460
589,715
51.922
49,923
$198,959
$203,248
$1,927,318
4,965
1,555
43,209
31,299
$203,924
6,176
1,217
$204,803
111,201
6,752
1,043
$1,970,527
1,287,273
78,222
13,783
$1,784,119
1,348,890
81,341
13.534
$89,808
Depreciation
Net operating revenues
Otherincome
Gross income._.__
—
Interest
106,722
Amort, of debt discount
_
v
Miscellaneous.........
$1,752,820
$85,807
$591,248
$340,353
Dr3
231
1,738
134
3,611
13,226
1 02,848
49,494
18,272
20,313
64,425
a
Earned surplus$88,299
$82,329
$657,829
$314,513
a
Available for redemption of bonds, dividends, &c.
income.
...
Profit arising from retire.
of bonds & debs, (net)
Miscell. credits to surp__ *
Misc. debits to surplus..
Note—As of March 31,1941, an appropriation of earned surplus was made
to reserve for possible additional tax liability for years 1934 to 1940, inclu¬
sive, in the amount of $400,000, which appropriation is not reflected in the
above statement.—Y. 152, p. 4131.
New Orleans
Public
Period End. May 31—
Service
bonds, the New York P. S. Commission required that
the proceeds from the sale of $6,000,000 of such stock be used exclusively
for certain construction projects or as otherwise authorized by said Com¬
mission, and, unless and until such requirements shall be modified, changed
or rescinded, the company expects to apply such proceeds to such purposes.
This will require the company to supplement the $6,000,000 referred to in
(5) above by setting aside from its general funds $51,000, in addition to the
$337,246 referred to above.
: r
Capitalization and Funded Debt Giving Effect to Present Financing
^Authorized
$1,725,204
Operating revenues—
Oper. exps., excl. direct
taxes.
777,815
Direct taxes
357,156
Prop, retire, res. approp.
200,839
—_ —
_
Net oper. revenues—
Other income (net).-...
1941—12 Afos.—1940
$389,394
Dr75
$1,605,647 $20,563,251 $20,075,480
748,448
287,770
197,643
$371,786
274
9,097,822
4,170,032
2,373,861
$4,921,536
2,334
8,971,173
3,519,671
2,449,021
$5,135,615
1,603
$372,060
184,241
23,218
$4,923,870
2,139,347
270,042
$5,137,218
2,239,614
$198,026
$164,601
Divs. applicable to pref. stock for the periods
$2,514,481
544,586
$2,642,457
Gross income
—
mtge. bonds.
Other int. & deductions.
on
$389,319
171,016
20,277
Net income
Balance.-
$1,969,895
'
Notes—Provision for Federal income taxes, subsequent to
is being made at a rate which will result in the
at the rate of 30% for the full year 1941.
255,147
544,586
& RR., 1st consol, mtge.
5% 50-year gold bonds (due 1956)
New York State Electric & Gas Corp.,
1st
mortgage bonds:
3%% series due 1964
\
314% series due 1971—
—\
$2,097,871
No provision has been made for Federal excess profits tax since present
are that no such tax will be payable.—V. 152, p. 3820.
indications
New
England Gas & Electric Association—System
Output— V
:V(f,'/ V"".'"
■
For the week ended June 27, New
England Gas & Electric Association
reports electric output of 11,162,244 kwh.
This is an increase of 2,728,164
kwh., or 32.35% above production of 8,434,080 kwh. for the corresponding
week a year ago.
/bl3,000,000
I
—
to
United
States
-
(par $100 per share)-5.10% cumulative preferred stock-.-.-.
Common stock (no par)
1,601,169
1,745,000
:•
--
Serial preferred stock
—
35,393,000
America
of
(RE
6% office building bonds, due serially to Mar. 1,
1953
$5,000,000
$5,000,000
—
Notes
.
140,636
155,000
120,000 shs.
50,000 shs.
—
120,000 shs.
c46,484 shs.
(or) supplemental indentures do not contain pro¬
specified principal amounts, but
provide for the issuance of bonds in compliance with restrictions contained
in the respective indenture and (or) supplemental indentures,
b At Dec. 31,
1940, $2,000,000 first mortgage gold bonds, 4% series due 1965 were
pledged to secure notes payable to the United States of America; prior to
the issuance of securities these pledged treasury bonds are to be exchanged
for an equal principal amount of bonds of the 3 H % series due 1964.
Certain
of the pledged bonds are .released from pledge from time to time as pay¬
ments are made on account of the principal of the notes,
c Stated value
$21,294,455.
In connection with the company's application to the P. S. Commission
for authority to issue and sell the
preferred stock now offered and the bonds,
to provide funds, among other things, for the redemptions referred to above
the Commission directed, among other things, that upon such redemptions
there be charged to earned surplus (unappropriated (a) the unamortized
debt discount and expense applicable to and the redemption premium upon
the bonds to be redeemed (the unamortized balance of said debt discount
and expense being $1,948,986 at Dec. 31, 1940, and the amount of such
premium being $1,187,015), and (b) the unamortized balance of capital
stock expense applicable to and the redemption premium upon said stock
to be redeemed (such unamortized balance being $99,861 at Dec. 31, 1940,
and the amount of such premium being $300,000); that there be transferred
to earned surplus (unappropriated) from common capital stock account an
amount equal to the deficiency in earned surplus (unappropriated) created
by such charges; and that the required entries be made as of May 31, 1941.
a
The indenture and
visions limiting bonds issuable thereunder to
v
Summary of Earnings for Calendar Years
1940
-
....
1,145,994
600,517
1.243,921
1,580,638
2,423,882
369,743
$6,658,396
44,651
$6,494,609
119,493
$5,354,711
65,761
$6,703,047
$2,303,059
$6,614,102
$2,474,207
$5,420,472
$2,431,410
1,595,097
1,888,479
2,747,960
Maintenance
Prov. for retirements of fixed
Taxes (other than
capital.
income taxes)
—
Provision for income taxes.—
Operating income
Other income (net)
_ _
_
_
_
.
_
._
Gross income..-....
Interest on funded debt
Amortization
of
debt
1938
1939
-$26,933,289 $25,709,631 $24,285,394
7,691,768
8,592,107
7,679,237
4,942,369
4,720,392
5,218,126
Operating revenues
Operation.Power and gas purchased—
discount
1,338,993
2,001,402
2,639,973
and
107,585'
119,025
140,825
204,270
337,865
466,053
$4,088,133
expense
$3,683,005
$2,382,184
Other interest and miscellaneous de¬
ductions (net).
April 1, 1941,
accumulation of such taxes
Outstanding
Elmira Water, Light
{
Inc.—Earnings—
1941—Month—1940
offered and the
now
,
Interest
be applied
(1) To the redemption, at 103%, on or about 30 days' after
delivery of preferred stock and bonds, of $3,490,000 of New
:
j
York State Electric & Gas Corp. first mortgage gold bonds,
414% series due 1960 (exclusive of accrued interest)
$3,594,700
(2) To redemption, at 102%, on or about 30 days' after delivery
of preferred stock and bonds, of $17,094,500 New York State
Electric & Gas Corp. first mortgage gold bonds, 414% series
due 1980 (exclusive of accrued interest)- —:
17,436,390
(3) To redemption, at 105%, on or about 30 days' after de¬
livery of preferred stock and bonds, of $14,808,500 New York
State Electric & Gas Corp. first mortgage gold bonds, 4%
series due 1965 (exclusive of accrued interest)----15,548,925
(4) To redemption, at 105%, on or about 30 days' after delivery
of preferred stock and bonds, of $6,000,000 New York State
Electric & Gas Corp., 514% cumulative preferred stock (ex¬
clusive of accrued dividends)
6,300,000
(5) To the deposit with the trustee under the first mortgage for
withdrawal against expenditures for additional property or
against retirement of bonds or refundable divisional lien bonds,
in respect of which no additional bonds may be issued so long .
;;
as any bonds of the twelfth series are outstanding6,000,000
— -—
National Shirt Shops of
Net
reported at 85,104,000 cu. ft., a decrease of 340,000 cu. ft.
0.40% below production of 85,444,000 cu. ft. in the corresponding week
ago.—V. 152, p. 4131.
Gas output Is
year
[The winning bid was 100.85 for stock carrying a dividend rate of 5.10%.
Co.—Earnings—
Perxod End. May 31—
1941—3 Mos.—1940
Net profit..$376,392'
$189,811
b Earnings per share.
105
company's total funded debt,
120,000 shares of preferred
stock to be outstanding upon completion of this financing will amount to
$1,940,106 and $612,000, respectively.
The annual interest requirements on the
and the annual dividend requirements on the
History
Oct.
28,
and
1852
Business—Corporation
under
was
organized
in
New
York
on
of Ithaca Gas Light Co.
Its
Company's present corporate name was
following several changes in name made in
the corporate name
charter is without limit as to time.
adopted on Aug. 22, 1929
previous years.
Company is an operating public utility engaged principally in the pro¬
duction, purchase, transmission, distribution and sale of electricity and in
The Commercial & Financial Chronicle
106
purchase, production, transmission, distribution and saie of natural
It is also engaged, but to a minor extent only,
service and bus transportation service. Com¬
pany's properties are located entirely within the State of New York.
For
the calendar year 1940 approximately 84.9% of its gross operating revenue
was derived from its electric department, approximately 13.6% from its
gas department, approximately 0.7% from its steam heating department
and approximately 0.8% from Its transportation department.
Company
controls, through stock ownership, the Patchogue Electric Light Co. and
Staten Island Edison Corp., both of which are operating public utility
companies located in the State of New York, but the income received by
New York Connecting
the
gas and manufactured gas.
in rendering steam heating
July 5, 1941
1938
1939
1940
$197,858
118,471
73,486
$187,456
98,933
54,728
$164,476
111,203
43,989
1,820,263
1,373,966
1,297,970
'1,017,788
684,242
498.389
1,104,233
845,048
'560,580
241,436
Gross from railway
Net from railway
Net ry. oper. Income...
From Jan.
RR. -Earnings-
1941
$421,366
306,438
283,554
May—
1—
Gross from railway
Net from railway
Net ry. oper. income.
—
781,452
580,773
—V. 152, p. 3509.
the
company from its investments in such subsidiaries is not significant.
The principal growth of the company has taken place since 1921.
During
this period the company acquired the physical properties of approximately
70 corporations.
The company
provides electric or gas service or both within areas in the
aggregating approximately 18,000 square miles, or about
State of New York
38% of the area of the State.
Within these areas the company serves 13
cities, 144 villages. 372 towns and numerous rural
central, eastern and western parts of the State.
The interest due July
Underwriters—The names of the principal underwriters of the preferred
are as
stock underwritten by each,
Docks
Western
&
& Improve¬
/;
1, 1941,
on
the first mortgage bonds, extended a*
office of Erie RR., New York, N. Y»
-Earnings1938
1940
1939
$337,943
$382,457
29,710
75.096
52,395
$338,583
31,397
def20,929
2,055,850
1,678,036
;
1941
$436,717
May—
Gross from railway
Net from railway
107,223
Net ry. oper. income...
From Jan. 1—
Gross from railway
441,446
145,855
179,632
Net from railway.
Net ry. oper. income...
defl01,976
.
def22,334
20,889
1,700,728
191,798
def45,400
1,683,087
193,172
def47,896
—V. 152, p. 3662.
follows:
Shares
Name—
Granbery, Marache A Lord
Hornblower & Weeks
2,000
1,900
1,500
1,250
Rlter&Co—
1,250
18,250
Glore, Forgan & Co
f 1,300 Hemphill,
9,850
Lehman Brotners..
Goldman, Sachs & Co-.
9,000
9,000
...
Kidder, Peabody A Co....
Lazard Freres & Co.-
Co
Noyes A Co
Wisconsin Co—1
1,250
9,000
E. H. Rollins <fe Sons, Inc
W. C. Langley
The
6,000
6,000
Harris, Hall & Co. (Inc.)
Dean Witter & Co
1,250
Starkweather & Co
1,000
Hayden, Miller & Co
Whiting, Weeks & Stubbs, Inc..
Ballou, Adams & Co., Inc...
Paine, Webber & Co
2,400
J.M.Dain&Co—
300
Bodell & Co., Inc
2,000
Sage, Rutty & Co., Inc.........
250
-
Coffin & Burr, Inc_
Allyn & Co., Inc...
Blair <fc Co., Inc
......
Graham, Parsons & Co
...
Miles of road
Corp
The Illinois Co, of Chicago
Ne wton
Abbe & Co..
,
Pacific Company of Calif
1941—5 Mos.- -1940
2,191
2,191
2,191
operated—
2,191
Operating Revenues—
Freight
$ 10,085,399
Pass., mail & express—
430,202
Other transportation-..
40,912
Incidental & jt. facility.
50,188
$8,543,412 $41,767,101 $39,819,784
282,388
2,228,486
1,449,220
31,273
184,530
148,992
46,018
292,769
292,699
revenues—$10,606,701
$8,903,092 $44,472,887 $41,710,695
900
650
650
650
650
400
...—
Ry,-—Earnings-
1941—Month—1940
Period End. May 31—
900
William R. Staats Co...
First of Michigan
3,800
3,150
3,000
3,000
2,500
2,500
2,500
& Co
Union Securities Corp
Norfolk & Western
Shares
Name—
Wells-Dickey
The First Boston Corp
A. C.
Erie
Norfolk & Southern RR.-
Dec.
stock and the number of shares of preferred
Lake
York
Co.—Interest—
5% to 1943, was paid on that date, at
—V. 152, p. 127.
in the south
areas
31, 1940 the company supplied electric service at retail in 12
cities, 137 villages, and 366 towns, with an aggregate population, estimated
by the company on the basis of the 1940 Federal census, of approximately
1,050,000.
At Dec. 31, 1940 the company supplied gas service at retail in 10 cities,
23 villages and 34 towns, with an aggregate population, estimated by the
company on the basis of the 1940 Federal census, of approimately 343,000.
At
New
ment
Ry.
oper.
Operating Expenses—
4,214,460
8,511,617
726,745
0,115,350
Maint. of way & structs.
Maint. of equipment
970.447
1,986,133
916,104
1,726,983
4,662,178
9,864,920
Traffic
.
155.355
154,922
737,201
1,980,920
18,635
1,808,828
17,384
9,497,161
91,423
194,753
190,108
973,288
90,091
943.296
5,201
24,453
35,106
86,803
Transportat'n rail line._
Miscell. operations
General
...1
Transp'n for invest.,_Cr.
Stock
Ownership—As of May 1, 1941, NY PA NJ Utilities Co. was the
beneficially of 46,484 shares of common stock of the
company, constituting 100% of the outstanding shares of such stock.
owner
of record and
Balance Sheet Dec. 31, 1940
A
t
..
$5,305,658
2,157,813
$4,113,216 $18,681,820 $18,195,939
1,340,019
8,306,229
6,074,391
(net)_.
$3,147,845
0134,364
Drl6,994
$2,773,197 $10,375,591 $12,121,548
Cr248,472 01,382,474 01,386,122
Dr9,931
Dr74,674
Dr60,577
$3,265,215
12,389
$3,011,739 $11,683,391 $13,447,094
8,720
61,652
141,154
$3,277,604
176,827
$3,020,459 $11,745,043 $13,588,248
177,581
885,141
888,183
$3,100,777
$2,842,878 $10,859,902 $12,700,065
Net ry. oper. revs—...
Railway tax accruals.
Ry. oper. income
Equip, rents (net)
Liabilities—
_
Fixed
897 ,903,278
730,135
capital
Investments
1 ,304,622
Special deposits
Deposits
called
for
matured
and
113,087
bonds
Cash in banks and on hand.
Common stock (46,484 shs.)
5lA% serial pref. (par $100)
Long-term debt
Matured and called bonds,
.
Long-term debt
Accounts
Materials, supplies & merch.
,888,467
655,301
Prepaid taxes and insurance
301,368
receivable...
...
Accounts receivable
Unamortized
debt
discount
and expense.....
2 ,370,122
,111,046
Gross income
87,474
Customers' deposits.....--
Int.
1,239,116
Taxes accrued.
2,056,968
813,897
accrued
Payroll accrued..
Other current and
...
accr,
(bal.)..
on
funded debt.*...
904,226
payable—
liab,
Net income
-V. 152, p. 3821.
112,241
143,610
236.731
Deferred credits
Preliminary survey and in¬
vestigation
charges
Capital stock expense
Net ry. oper. income.
Other inc. items
due within
year
Interest
Suspense to be amortized..
Joint facil. rents
113,087
&c...
,545,113
1,361
Notes
$23,771,668
6,000,000
55,047,330
39,586
Reserves
99,861
Other deferred debits
Contrlbs. in aid of construe.
1,152.615
June 30
Capital
7,231,776
Co.—Dissolution'Vote
States District Judge John P. Nields
The dissolution of the company by
456,651
Earned
7,658,706
North American Light & Power
by Stockholders Postponed to July 21—
surplus
surplus:
....
Appropri¬
ated for construction, &c.
Unappropriated
...
1,350,000
600,452
by stockholders of the company on dissolution scheduled for
postponed June 27 until July 21 at the request of United
of Wilmington, Del.
North American Co., majority stock¬
holder in the intermediate holding company, is opposed by the Securities
and Exchange Commission, which is seeking an injunction in District Court
A
vote
was
to prevent
....$108,519,898
the move.
Judge Nields reserved decision after long arguments by attorneys for the
The Securities and Exchange Commission on June 27 issued a supple¬
company and the Commission, and the setting of the new date for the vote.
S. Pearce Browning Jr., attorney for North American Co., accused
SEC of trying to assume unlimited jurisdictional powers, and declared that
Total
$108,519,J
Total.......
Equitable Life to Take $35,393,000 Bonds—
mental order pursuant to Rule U-50
as follows:
The Commission having
heretofore, on June 9, entered its findings and opinion and order herein
granting exemption under Section 6 (b) of the Public Utility Holding Com-
8any Act of 1935 with respect to the1st mtge. bonds, due 1971, and 120,000
llectric & Gas Corp. of $35,393,000
issuance and sale by New York State
shares of cum, pref. stock ($100 par), in accordance with the provisions of
the application as amended, and allowing the declaration as amended with
respect
to
the
disposition
of the
proceeds thereof,
treatment with respect thereto, to become effective,
the terms and conditions prescribed
by Rule U-24
and the accounting
subject, however, to
and to the following
further conditions:
(1) That the applicant obtain from the P. S. Commission of New York
a
final order approving the issuance and sale of said securities in conformity
with contracts for the purchase thereof; arrived at as a result of com-
petititive bidding: such bidding to be conducted and such contracts to be
manner and form as described in the application and declaration,
executed in
amended:
as
(2) That the applicant report to the Commission the results of the com¬
petitive bidding as required by Rule U-50 (c) and comply with such supple¬
mental order as the Commission
may enter in view of the facts disclosed
Utility Holding Company Act confers upon the Commission no
utilities.
Browning also claimed that there is not provided an exclusive means
for liquidation of holding companies, and that the Act does not supersede
the applicable Delaware procedure.
"The philosophy," Browning said, "which seems to underlie the Com¬
mission's brief is that by the enactment of the Act, Congress gave the Com¬
mission carte blanche to take over the utility industry of the Nation and
the Public
unlimited power to rearrange
integrate it, liquidate it, and reorganize it.
"The Commission's brief also seems to assume that the Commission can
require North American against its will to combine the properties of one
subsidiary with those of another subsidiary.
"The fallacy of that philosophy is fundamental in this case.
It cannot
be too strongly stressed that the Act gives the Commission absolutely no
power to require any holding company to retain any property, acquire any
property or combine any two properties together or continue its own
existence.
The Act simply establishes standards to which holding com¬
panies must conform.
Cites Commission Position
"Nothing in the Act prevents voluntary compliance by the holding com¬
pany with prescribed standards.
The fundamental position of the Com¬
mission is that a citizen cannot take voluntary action to obey the law, but
thereby; and
tt
The applicant having made
a report to the Commission pursuant to Rule
U-50 (c), setting forth its action taken to obtain competitive bids for the
purchase of said securities, together with a copy of each proposal received,
and having requested that the requirements of Rule U-50 fee waived and
relaxed to the extent hereinafter indicated: and
It appearing to the
Commission that the applicant duly advertised for
1941 received bids in conformity with the provisions of
°£
i
Rule U-50
(b) and in conformity with the terms and conditions prescribed
applicant's "public invitation for proposals;" that the successful
bonds was The Equitable Life Assurance 8ociety, at a price
or $104.015 and a coupon rate of 3
H %. representing an annual cost of money
to the company of
approximately 3.04 %: that no bids were received for the
preferred stock; and that, since the sale of the bonds was conditioned upon
the
concuirent
sale
of the
preferred stock,
the applicant
was
unable to
accept said bid on the bonds and
It further appearing that The
Equitable Life Assurance Society is willing
to stand committed on its bid for the bonds for a reasonable
length of time,
conditioned upon the sale of the preferred stock within such time: and
P.
o
further appearing that, at the
request of the applicant herein, the
8. Commission of New York has modified its resolution with
respect to
the invitation of
proposals for the
must wait to be told what to do.
"The Commission is not cast in the role of a dictator of the utility
dustry," he said.
purchase of said preferred stock to the
interest of investors and consumers to waive the
requirements of Rule U-50
with respect to the sale of the
bonds, and to relax the requirements of said
rule with respect to the sale of the
preferred stock to the extent hereinafter
Lesser, attorney for
S.
•
Northeastern
extent of
authorizing proposals at a price not less than par with an annual
dividend rate not greater than 5M %: and
The Commission
finding that it will be in the public interest and in the
The Securities and
Time
Exchange Commission announced June 30 that at the
tion and dissolution of the
company.—V. 152, p. 2867.
1
,
Northern
(1)
Inc.—Liquidation
Cos.,
request of the parties concerned it has extended for an additional 60 days
the time in which to complete the transactions in connection with the liquida¬
Therefore Ordered:
That the applicant be and is hereby granted permission to sell the
bonds to The Equitable Life Assurance
Society on the terms of its bid as
aforesaid, subject to the sale of the preferred stock
upon a reopening of
competitive bidding with respect thereto;
(2) That the applicant be and is hereby granted permission forthwith to
reopen the competitive bidding for the purchase of the preferred stock by
giving public notice of such opportunity to bid not less than two days
prior to the date for the reception and opening of the bids;
(3) That the applicant obtain from the P. 8. Commission of New York a
final order approving the issuance and sale of the bonds to The
Equitable
Life Assurance Society as aforesaid, and also
approving the issuance and
sale of the preferred stock to the successful bidder at the
reopened bidding;
(4) That the applicant file a supplemental report herein as required by
Rule U-50 (c), and comply with such further order as the Commission may
enter in view of the facts disclosed thereby.—V. 152, p. 4132.
Water
Extended—
provided;
It Is
in¬
......
SEC, charged that North American
sidesteps jurisdiction of the Commission by seeking the dissolution through
State laws.
The company is desirous of appointment of its own directors
as liquidators of the intermediate holding company.
He also said that the parent company intends to use the "dissolvent" of
the subsidiary to the financial loss of the latter's 8,359 public shareholders
and 6,309 public stockholders.
Seeing an attempt to "cut a sizable plum," Lesser asserted that by the
proposed dissolution. North American would receive more than $14,000,000
for stockholdings valued at less than $8,000,000.
He also said this would
result in a financial loss to the subsidiary's minor security holders.
Cales S. Lay ton, Wilmington attorney for North American, declared
that SEC jurisdiction over dissolutions ends once assets of a dissolving
company are converted into cash.
The real position of SEC, he said, is a
reaching out for power.—V. 152, p. 3662, 3192.
♦
Lawrence
Directors have declared
pref. stock,
par
'
'
'
'
'
Indiana Public Service Co.—Accum. Div.—
a
dividend of $1.75 per share on the 7%
$100, a dividend of $1.50 per share on the
cum.
6% cum. pref.
the 5^% cum.
pref. stock, par $100, all payable on account of accumulations on July 14
to holders of record July 3.
Like amounts paid on April 14, last.—V.152.
stock, par $100, and a dividend of $1.37H
p.
2078.
per share on
'
Northern States Power Co.
(Del.)—Accumulated Divs.—
Directors have declared dividends of $1.75 per share on
the 7% cum.
pref. stock and $1.50 per share on the 6% cum. pref. stock, both payable
on account of accumulations on July 19 to holders of record June 30.
Like
were paid on April 19 and Jan. 29, last;
Oct. 19, July 20, and
April 20, 1940, and dividends of $1.31 H and $1.12J^ per share, respectively,
were paid in preceding quarters
amounts
Volume
Weekly Output—
Pennsylvania- ■Reading Seashore Lines—Earnings—
'
Electric output of the Northern States Power Co. system for the week
ended June 28, 1941, totaled 33.842,070 kwh., as compared with 26,896,898
kwh. for the
corresponding week last year, an increase of 25-8%.—V. 152,
Northern
States
Co.
Power
(&
Years Ended. April 30—
Operating
1941
1940
$40,631,663 $38,507,757
14,085,707
13,951.371
revenues
Operation
(Minn.)—
Subs.)
.
1,566,234
Depreciation.
Taxes (other than income taxes)
.
...
__
Provision for Federal & State income taxes,
...
1,670,269
4,145,051
5,096,055
3,085,110
Maintenance.
3,733,732
4,829,166
on
...$12,749,962 $12,293,125
3,487,450
3,487,450
...
bank loans..
136,717
693,925
44,081
41,843
30,000
Cr82,327
10,000
CV29.554
,
_
Amortization of sundry fixed assets.
Amortization of expense on sales of capital stock of
subsidiary company
_
.....
Interest charged to construction
Miscellaneous
80,300
671,089
65,227
41,843
.v
Amortization of debt discount and expense.
Other interest.
110,910
128,305
$8,345,469
$7,780,358
27,135
29,070
$7,724,153
...
.....
.
_
Divs.
on capital stock of sub. cos. held by public:
Cum. pref. stock, 5%, of Northern States Power
Co. (Wis.)..
Com. stock of Chippewa & Flambeau Imp. Co..
Netincome...
Note—No provision for excess profits tax under the Second Revenue Act
as it is estimated no such tax will be due.—V. 152,
of 1940 has been made
3976.
p.
Company on June 26 filed with the Securities and Exchange Commission
registration statement (No. 2-4787, Form A-2) under the Securities Act
1933, covering 400,000 shares of 5% cumulative first preferred stock
($25 par).
The registration statement was filed in the Commission's
San Francisco Regional Office.
^ The company proposes to offer 320,000 shares directly to the public and
the remaining 80,000 shares will be offered to employees at $25 a share.
Such of the shares as are not taken by employees will be offered publicly.
of
There will be no underwriters.
The proceeds, together with treasury funds, will be applied to the redemp¬
principal amount of 6% first and refunding mortgage
gold bonds, series B, due Dec. 1, 1941.
The price at which the stock is to be offered to the public will be furnished
by amendment.—V. 152, p. 3977.
tion of $20,000,000
stock on
cents per share on the
initial dividend of 2
an
5% convertible preferred stock and an initial dividend of 10 cents per share
on the common stock, both payable July 1 to holders of record June 20.—
V. 152, p. 3194.
Pennsylvania Co. for Insurances
Lives & Granting
on
June 30,'41
31*.
'40
$138,024,694
36,462,733
$155,251,147
31,193,292
5,668,603
41,322,621
14,376,782
63,043,872
Commercialloans
of "cash balances
companies
;...
7,579,630
5,349,388
y
1,844,304
512,312
....
...
*
Other real estate
Directors have declared a dividend of 35 cents per share on the common
(Albert) Pick Co., Inc.—15-Cent Dividend—
Directors have declared a dividend of 15 cents per share on
4,445,722
of credit
executed.48,866
Dec. 20,1937.—V. 152, p.
1445.
Net ry. oper. income
From Jan. 1
—V. 152, p.
...
$8,400,000
12,000,000
2,930,220
$8,400,000
12,000,000
2,717,660
336,000
1,538,517
336,000
1,257,472
?
'
"
•
,
Capital stock.
Surplus
Undivided profits
Reserve for dividends..
Unearned interest
Reserve for building, taxes
48,866
Deposits.;..
Reserve for contingencies
288,538,856
2,331,924
289,266,288
2,988,485
$317,476,797
...
Total
May—
1941
; m
128.
non-cum.
record
an
initial dividend of 40 cents per share on the
convertible preferred
stock,
July 15.—V. 151, p. 563.
Net
—V.
to holders of
payable July 30
1,692,038
458,224
377,616
1,193,285
295,016
'
206,587
Pennsylvania Power & Light Co.—Earnings—
,
..
limited-term
'
Net oper. revenues...
v.
a
•
Grossincome
Int.
on
Int.
on
r
.
..
;
$987,735
277,083
..106,875
95,433
Int. chgd. to construct'n
(Or.).
17,742
mtge. bonds
debentures
Other int. & deductions.
■
.
•
-'
'
"
15,266
$8,348,136
3,846,532
$9,322,884
3,846,532
$5,476,352
provision has been made for Federal excess profits tax since indications
no tax will be payable.—V. 152, p. 3824.
v
that
Perry Fay Co.—35-Cent Dividend—
Directors have declared
a
dividend of 35 cents per share on the common
(par $10), payable June 30 to holders of record June 25.
This
with 25 cents paid on March 31, last initial dividend of 10 cents
paid on the $10 par shares on June 29, 1940, and 25 cents paid on the old
$25 par shares on March 30, 1940.
During year 1939 dividends totaling
$1.50 per share were distriubted.—V. 152, p. 2405.
stock
compares
1,101,990
;,
202,244
200,713
Potomac Electric Power Co.—Earningsrrl
1941—5 Mos.—1940
1941—12 Mos.—1940
$7,483,986
$6,905,779 $17,227,526 $16,241,320
5,225,738
Net oper. revenue
Non-oper. revenue
4,850,554
12,399,781
11,415,801
$2,258,248
2,546
depravation
Gross income
Amort, of prem. on
Other int. charges
$2,055,226
I
1,946
$4,827,745
31,901
$4,825,519
4,669
debt
$2,260,795
452,889
Crl6,205
30,690
$2,057,172
338,542
Cr7,411
21,299
$4,859,646
965,972
Cr80,654
61,329
$4,830,187
725,381
Crl4,442
50,817
chgd.
& plant..
Int. during constr.
to property
Net
048,838
0152,992
085,093
$1,753 ,*581
164,598
$4,015,990
395,036
$4,153,524
395,037
$1,650,963
dividends.
Cr22,140
$1,815,561
164,597
income
Preferred
Balance
for
$1,588,983
$3,620,954
$3,758,487
common
divs. and surplus
Note—Provision
for
Federal
income taxes
for the five months ended
May 31,1941, has been made at the rate of 24 %, as provided in the existing
law.
No provision has been made in the accounts for any additional Fed¬
eral income and excess profits taxes which may be levied under a 1941
Federal Revenue Act.—V. 152, p. 2870.
;
Puget Sound Power &
Light Co. (& Subs.)—Earnings
t.,}941
12 Months Ended May 31—
..$17,147,438 $16,472,919
Operating revenues
x
Balance for interest
Balance for dividends and
After
5,656,873
2,110,947
income (net).—V. 152,
—5,373,103
surplus—
2,015,189
......
depreciation and including non-operating
3981.
(George) Putnam Fund of Boston—Net
Resources—
$4,300,000 on June 30, 1941, an increase
the figure on the same date a year ago, it was
reported at the annual meeting of beneficiaries today by George Putnam,
Chairman of the trustees.
There are 358,000 shares now outstanding
compared with 240,180 on June 30, 1940.
George Putnam, Charles M. Werly and Richard Osborn were reelected
trustees for the ensuing year.—V. 152, p. 3512.
1 ;
^
Total net resources were over
of about $1,500,000 over
Quaker City Cold Storage Co.—Readjustment
Plan—
,
!
the business of the company, to fundamental
changes in the industry, and to the condition of the company's prof>erty,
it was necessary to defer the payment of the interest due May 1, 1941,
on the 5%
1st mtge. bonds, due Nov. 1, 1953.
Company has operated
for the past several years at successively increasing losses.
These losses,
after depreciation and interest, were as follows: 1936, $14,292; 1937, $612;
1938, $46,583. 1939, $48,907, and 1940, $73,797.
Ernest V. D
Sullivan, President, states:
A careful survey has been made, which indicates that considerable sums
must be expended immediately to rehabilitate the properties.
Further¬
more, in order that they may operate profitably, a program of mechaniza¬
tion must be adopted, which will require large expenditures over a period
of the next five years.
The management believes that these expenditures
will result in substantial operating economies.
This conclusion has been
substantiated by cost studies made by independent engineers, based on
data obtained from installations similar to those proposed.
In order to provide funds for these expenditures and to maintain working
capital in the interim, the company has formulated a plan of readjustment.
Briefly, the plan provides:
Company shall not be obligated, until May 1, 1946, to make any paymerits of interest on its bonds except from net earnings as in the plan de¬
fined; after May 1, 1946, the company shall be obligated to pay interest
Due
$4,501,604
Balance
.
■
78,454
2,179
$526,086
$678,346
Divs. applic. to pref. stocks for the period
No
iim
.
$1,157,713 $14,106,944 $15,504,876
277,083
3,325,000
3,842,639
106,875
1,282,500
1,149,792
97,588
1,229,762
1,204,827
Netincome
are
13,673
14,841
$1,149,871 $14,044,366 $15,407,747
7,842
62,578
97,129
$985,828
1,907
Other income (net)
11,817
_
1,170
1,280
...
$217,818
40,773
30,466
152, p. 3385.
Period End. May 31—-
p.
1941—Month—1940
1941—12 Mos.—1940
Operating revenues
$3,405,574
$3,253,178 $41,759,841 $39,838,473
Oper. exps., excl. direct
taxes
1,715,026
1,607,684
20,378,555
19,582,203
Direct taxes....
465,940
256,953
4,472,079
2,043,183
Prop, retire, res. approp.
237,500
237,500
2,850,000
2,791,667
of
1938
:
$203,138
37,941
.
Period End. May 31—
investments
1939
1940
$326,904
65,969
48,835
Total oper. revenue...Oper.
exps,,
taxes and
x
Amort,
-
railway.—2,024,010
from railway..
715,289
ry. oper. income
601,593
Net
r
Directors have declared
4.684,699
def287,520
44,993
$450,041
167,850
129,613
Net ry. oper. income
Pennsylvania Investment Co. (Philadelphia)—Initial
Preferred Dividend—
.
'
$4
5,883,410
74,168
410,308
7,130
3824.
Gross from railway
33,882
executed for cust__
51,997
Pittsburgh & West Virginia Ry.—Earnings—
17,284
.I.......$316,667,992
Letters of credit acceptance
—V. 152. p.
17,044
...
__
109,962
459,725
526,565
and expenses
Miscellaneous liabilities
$977,147
8,482,468
1,118,796
1,415,179
10,844,132
2,649,040
2,731,792
1939
$1,077,515
49,404
524,434
$2,682,268
990,472
879,478
.
Net from railway
Net ry. oper. income
1938
1940
$1,853,045
535,327
1941
May—
Int. on funded debt
Liabilities—
;
letters
Total
7 ''
'
Pittsburgh & Lake Erie RR.—Earnings—
33,882
$317,476,797
account
,
the common
stock, payable July 28 to holders of record July 10.
This compares with
12 H cents paid on Jan. 20 last; 10 cents paid on Aug. 2, 1940; 15 cents paid
on Feb. 20, 1940, and dividends of 10 cents paid on Dec. 15,
1938, and
1,959,699
$316,667,992
liability
N. Y,
stock, payable Aug. 1 to holders of record July 10.
Dividend of 35 cents
was paid on May 1,
last, and previously regular quarterly dividends of
45 cents per share were distributed.
Approximately 97 % of the common stock is owned by the United Gas
Improvement Co.—V. 152, p. 3978.
•:
1,835,044
565,365
,
1,926,655
4,206,392
Banking building, vaults and equipment
5% secured gold bonds, series A due Dec. 1, 1967
on Sept. 2 at 105 and accrued interest.
Payment will be made at the First National Bank of the City of
Immediate payment can be had at holders option.—V. 152, p. 4133.
5,104,054
Loans upon collateral
Investment securities.
issued and accepted,
Philadelphia Co.-~-Bonds Called—
All of the outstanding
have been called for redemption
14,968,952
47,548,786
4,475,374
State, county and municipal securities..__;
Miscellaneous assets..
Interest accrued.
J. Hickey Jr.,
Chicago; Joseph J. Rice, Chicago; Maurice Van Arsdale, Chicago; Laurence
R. Lunden, Minneapolis; Carter Blatchford, Chicago; Edward G. Bremer,
St. Paul; Robert Congdon, Duluth; and Harvey C. Fleming, Chicago.
No change was made in the officers of the company.
The new board will meet the last Monday of every month instead of
quarterly as heretofore.—V. 152, p. 4133.
•
Gros8from
3,475,047
42,921,574
United States Government securities..........
Customers'
Dec.
deposit with Federal Re¬
Bank
First mortgages owned
Reserve fund for protection
of the com¬
E. Joseph Seifert, Vice-President and Treasurer; and S. Livingston
Mather of Cleveland, now comprise the entire board.
The following directors retired from the board: Matthew
Net from rail way.
'■
Annuities—Comparative Balance Sheet—
in trust
pany:
Gross from railway
Park Chemical Co.—Initial Dividends—
Directors have declared
whereas the majority
retiring directors were not stockholders of record.
These directors, together with Emmett J. Fallon, President
Net from railway,
Company paid a dividend of 75 cents per share on its common
June 25 to holders of record June 10.—V. 143, p. 1890.
serve
The new directors are all substantial stockholders
of the
Gross from railway.....
Greyhound Lines—75-Cent Dividend—
Assets—
Cash and amount of
mings Jr.
Philadelphia Electric Co .—35-Cent Dividend—
Preferred Stock—
a
Pacific
Corp.—Directorate Reduced—
At the annual meeting held June 25 the board was reduced from 11 to 7
members and the following new directors were elected:
Scott Mclntyre, Erwin H. Haass, Geoige Ostrom and Edmund S. Cum-
'U/;V
:v-v.
Pacific Gas & Electric Co.—Registered
h
.
Pepsi-Cola Co.—Merged—Loft, Inc. Adopts Name—See
Loft, Inc.—V. 152, p. 3978.
.
27,135
29,070
$8,289,264
Balance
...
2,131,511
$12,653,506 $12,191,709
96,455
101,416
funded debt
on
Interest
1.706,892
def484,426
def1,164,555
$412,886
def22,906
defl74,497
...
Pettibone Mulliken
^
i....
Gross income.
Interest
2.289,115
1,956,465
1,837.593
def227,330
def398,899
def434,882
_def1,037,700 def1,120,397 def1,091,134
...
Net ry. oper. income.
—V. 152, p. 3511.
.c-„
Net operating income..
Other income
$384,324
def59,771
def206,941
1940
$555,151
34,499
defl48,050
...
Gross from railway..
Net from railway
1938
1939
$422,271
def97,680
def247,705
1941
May—
Gross from railway..
Net from railway
Net ry. oper. income
From Jan. 1—
4132.
p.
107
The Commercial & Financial Chronicle
153
to
a
decline
in
its bonds at the
on
the
fixed rate of 3% per annum or the net earnings as in
is the greater: provided that in no event shall
plan defined, whichever
Interest exceed 5% per annum, cumulative from Nov, 1, 1940.
Interest on the bonds shall accrue at the rate of 5% per annum,
cumula¬
tive from Nov. 1, 1940, to maturity.
Net earnings, for the purpose of this
plan, are defined as follows: From
there shall be deducted the following: all current
operating expenses, insurance, maintenance, repairs, taxes (including in¬
come taxes), all
interest charges other than interest on the bonds, and
such amounts as the board of directors may from time to time, in its dis¬
cretion, set aside to provide or maintain reserves for bad debts, replace¬
ments, renewals and improvements, and to provide or maintain adequate
gross
July 5, 1941
The Commercial & Financial Chronicle
108
income for any year,
Mfg. Co.—Earnings—
Rheem
.
1940
discounts$10,351,013
goods sold.
8-799,618
general and administrative expenses
762,458
Calendar Years—
.
Cost of
Selling,
Gross
„
J.
allowances and
Sales, less freight, returns,
Provision for Federal income taxes—
be paid on any class of stock until all interest accruals
1, 1940, shall have been paid in fud.
"
A stock shall be given voting rights until all accumulated
dividends, at the rate of $2 per share per annum from Nov. 1, 1935, shail
have been paid in full, and the class A stock, voting as a class, shall be
entitled to elect not less than two directors nor more than one-third of the
6utir6 bosird
It is believed that this plan provides a fair and equitable method of
No dividends may
Profit....
-
Other income
(net)
The class
dealing with the company's obligations to its bondholders, and at the same
time of preserving its assets and going concern value.
An attempt to
liquidate the company at this time would realize for the bondholders but a
fraction of their investment.
This investment can only be realized by a
profitable operation of the business. » '
It is essential that substantially unanimous approval be obtained from
the bondholders voluntarily at an early date in order to avoid the necessity
of lengthy and costly legal proceedings.
,
Summary of Earnings for
Calendar Years
1939
1938
1937
$361,261
347,231
$375,378
337,894
$388,282
348,881
$435,856
350,950
$39,401
51,425
$572,011
291,943
$863,954
307,479
$2.84
314,102
.....
—
______
79,522
133,762
$511,591
prof11 for the year._____________
Dividends...—
36,909
—---
__—
$1.62
Earnings per share on capital stock—
Balance Sheet as at Dec. 31
Notes
Accts.
Marketable securi¬
ties at cost.....
669,372
1,289,350
108,680
1,916,379
Inventories
167,637
Investm'ts, at cost
1,092,006
413,477
56,944
48,077
Accrued Interest..
16,805
14,662
taxes—
262,000
184,679
Prov. for other tax
47.948
58,883
Obligations assumed 226,096
Sink, fund 5% de¬
bentures
1,480,000
226,096
Prov.
2,720,899
2.035,793
2,507
231,807
231,807
66,000
equipment.....
112,329
$84,906
51,425
Goodwill.
Deferred charges..
2,722
Federal
for
income
Patents (Jess amort)
trade
pay.,
and mlscell
854,374
1939
350,000
to
Accrued wages....
13,637
Accounts receiv.__
1940
payable
bank (unsecured)
$235,083
$572,655
hand..
on
800,000
Liabilities—
1939
1940
Assets—
Cash in banks and
Property, plant and
1940
Operating revenues.Operating expenses
Net
$785,296
$511,591
_
Interest charges, &c
$748,386
$840,284
66,692
262,000
—.
working capital.
from Nov.
546.970
$788,936
51,347
profit
Storage and miscellaneous income.
Total income..
1939
$9,106,994
7,811,637
1,173,000
Common stock (par
Profit
$37,484
51,425
$14,030
51,425
....
Interest
_—
Loss for
year
$46,583
48,907
$73,797
...
34,559
34,966
36,402
_.
Paid-in surplus
$612
payable (Philadelphia),
$18,234; accrued tax liability, $3,167; funded debt, $1,028,500; corporate
deficit, $94,958; loss for the year $73,796: uncollectible accounts for pricr
years, Dr%33,947: capital stock issued (24,997.1 shares class A and 44,107
shares class B), $669,035; total, $1,516,233.—V. 149, p. 2379.
Liabilities—Accounts payable, $2,467; accounts
Radio-Keith-Orpheum Corp.—SEC Approves Deals-—
Exchange Commission on June 23 issued an order
exempting the following transactions from the provisions of Section 17 (b)
of the Investment Company Act of 1940:
Securities and
(1) The purchase by Kelth-Albee-Orpheum Corp. from Radio-KeithOrpheum Corp. and the sale by Radio-Keith-Orpheum Corp. to KeithAlbee-Orpheum Corp. of 48,586 shares of the preferred stock of Keith-AlbeeOrpheum Corp. at a purchase price of $3,090,019.
(2) The entry into and the exercise of an option agreement between
Atlas Corp. and American Co. and Michael J. Meehan for the purchase by
Atlas Corp. and American Co. on behalf of and for the account of RadioKeith-Orpheum Corp. and the sale by Michael J. Meehan to Atlas Corp.
and American Co. on behalf of and for the account of Radio-Keith-Orpheum
Corp. of 21,800 shares of the preferred stock of Keith-Albee-Orpheum Corp.
at a purchase price of $2,490,650 plus reasonable expenses, if any and;
(3) The entry into and the exercise of an option agreement between
Radio-Keith-Orpheum Corp. and Atlas Corp. and American Co. for the
purchase by Radio-Keith-Orpheum Corp. from Atlas Corp. and American
Co. and the sale by Atlas Corp. and American Co. to Radio-Keith-Orpheum
Corp. of all or any part of the outstanding voting trust certificates for 6,000
shares of the preferred stock of Keith-Albee-Orpheum Corp. at a purchase
price of $600,000 plus accrued dividends and reasonable expenses thereon
3196.
Rike-Kumler Co.—Earnings—
_
_
.
Cost of sales, operating expenses,
Provision for depreciation...—
■'
•_
'
•'
.-
-
..$17,097,655 $14,931,991 $61,232,042 $55,595,795
8,911.351
38,488,853
34,951,458
Operating expenses
10,095,421
2,373,083
595,282
2,603,608
Express taxes
662,218
Int. & disc't on fund, dbt
335,044
83,761
355,389
88,847
Other deductions..
51,308
42,567
11,933
11,743
revenues
Balance..
Earnings
stock
press
privileges)
$5,329,664 $19,732,884 $17,893,643
share on 112,998 shs.
Report—
1941
Assets—
»uout
$975,000.
$248,900
$749,306
Cash
Customers'
Deducting the estimated amount of said taxes and the
contingencies would leave a net prodit for the year
compared to a net profit of $158,098 for the year ended
169,497
$3.20
988 413
873,082
240,480
taxes.....
payable
b&nks
42,491
38,178
balances &c
Income
1,000,000
Mortgage note pay.
Notes
debit
Creditors'
&c.
839,192
933,720
receiv., less res.
Inventories
$403,912
$434,006
Accounts payable.
Fed.
1940
1941
Liabilities—
Acc.
accts.
140,902
1,000,000
to
200,000
500,000
^
Com. stock (125,000
Real estate not used
500,000
500,000
Surplus, earned... 2,893.099
2,699,423
shs., no par)
62,998
63,363
in operations
Sundry invest., less
29,901
30,251
2,465,577
Deferred charges..
42,247
—
Common stock in
2,549,561
40,883
reserve..
Real
estate,
a
$5,310,708 $4,687,361
Total
12,002 shares at cost.—V. 152, p.
a
Robertson
256,877
256,877
treasury
store
fixtures, &c.(net)
$5,310,708 $4,687,361
Total
4137.
Paper Box Co., Inc.-—Earnings1937
1938
1939
1940
Calendar Years-
$352,136
38,627
$307,270
36,853
$260,773
31,664
$294,004
42,685
174,974
depr.
149,247
128,372
141,260
incl.
exps.,
Empl. retirem't annuity
18,000
30,740
26,588
20,401
18,248
$89,793
36,000
$94,581
20,222
$80,334
20,341
$91,810
20,803
$53,793
$74,358
$59,993
$71,006
fund contribution
Fed. & State inc. taxes.
Net
_
income
Cash dividends paid.
Balance to surplus
Balance Sheet as at Dec. 31, 1940
.......
Inventor!es.
-
Deferred charges.
The profit for the year ended Dec. 31, 1940, before provision for Federal
'"come and excess profits taxes and a reserve of $75,000 for contingencies
amounted to $1,800,189.
It is estimated that these taxes will amount to
$136,369
$2.71
capital stock...
1940
Plant and equipment (net)
Reed-Prentice Corp.—Annual
$305,866
......
per
Non-current inv. & rec'bles
—V. 152, p. 3825.
$361,189
197,746
V'
— -
Condensed Balance Sheet Jan. 31
Cash
$6,239,426
•
- — — 7
_____
Notes & acc'tsreceivable (net)..
carriers—ex¬
,v
-
on common
Assets—
Rail transp. rev. (pay¬
ments to rail & other
6,230,049
129,053
61,000
— ...
'^
1
Net profit.
Dividends
bonus to executives
1941—Month—1940
1941—4 Mos.—1940
Charges for transport'n_$16,853,815 $14,698,930 $60,351,635 $54,767,102
Other rev. & income....
243,840
233,061
880,407
828,693
&c___
-
and excess profits tax
Provision for Federal income
Commercial
Period End. Apr. 30—
1940
$6,725,970
7,036,471
123,197
165,000
$163,443
->: -
..
Depreciation
Railway Express Agency, Inc.—Earnings—
1941
$7,685,858
Years Ended Jan. 31—
Net sales
Gross profit before
if any.—V. 152, p. 3981.
other
804,485
$6,545,898 $4,685,14
Total
$6,545,898 $4,685,141
Total
—V. 152, p.
Assets—Cash, $50,752; accounts receivable, $75,997; customers' secured
notes receivable (net), $27,247; inventory (materials and supplies), $452;
inventory (ice), $297; property investments (less accrued depreciation of
$201,043), $1,336,639; other investments, $2,280; other assets, $22,566;
total, $1,516,233.
Total
1,107,492
34,fo93
Consolidated Balance Sheet Dec. 31, 1940
The
304,286
314.674
1,265,403
984,020
—
Earned surplus
Renewals & replacement
reserves
SI)
Goodwill and trademarks
Total
1733.
$47,954
9,881
.....
315,996
6,289
1
$775,526
Total...
;
:
30,740
300,000
386,950
Surplus-
$775,526
,
—v. 151, p.
Liabilities
......
$110,958 Accounts payable
111,955 Accrued liabilities—
213,407 Reserve for taxes..—
16,918 Capital stock ($5 par).
>
.
amount of reserve for
of $750,189, as
Dec. 31, 1939.
Included
for 1940
in
were
Rochester
Telephone Corp.—Earnings—
Period End. May 31—
Directors deem the above-mentioned reserve for contingencies as a de¬
sirable safeguard fof the company's financial structure against the many
hazards and uncertainties which attend the operatiion of a manufacturing
business like company's under conditions prevailing today.
the deductions from gross income in' computing the profit
depreciation charges of $30,576 and development expense for
the year of $37,128.
During the year company paid all of the accumulated dividends on its
preferred stock and the current dividends on that stock for the first three
quarters of the year.
The dividend of $10,883 for the last quarter of the
year was paid .on its due date, Jan. 2, 1941.
The company also during the
Operating
revenues
Uncollectible oper. rev..
1941—Month—1940
$468,133
1,033
$491,855
1,114
$84,717
$2,407,793
1,580,487
$827,306
354,330
$472,976
$2,301,745
1,572,766
$728,979
311,034
$417,945
58,015
339,573
283,196
Operating revenues._j
Operating expenses
$490,741
325,167
$467,100
318,978
Net oper. revenues.._
$165,574
74,856
$148,122
63,405
$90,718,
Operating taxes
Net oper. income....
Net
—V.
64,985
income
1 941—5 Mos—1940
$2,413,195 $2,306,837
5,402
5,092
152, p. 3826.
year paid a dividend of 50c. a share on its common stock.
Company during 1940 acquired all
the
preferred stock and about 67%
of
the common stock of a new corporation organized under the laws of
British Columbia under the name of Reed-Prentice of B. C. Limited, as
part of the company's program in expanding its link chain saw business.
^As authorized at a meeting of the stockholders held in September, 1940,
the company gave options to Ralph E.
Thompson, President, and F. W.
Vice-President, to purchase during their employment by the
aggregate 3,000 shares and 400 shares, respectively, of the
company's unissued common stock at $5 a share over a period extending
from Jan. 1, 1941 to June 30, 1943.
Mclntyre,
company
a
an
Comparative Balance Sheet Dec. 31
Assefs—
1940
Cash
1939
Liabilities—
$887,947
$29,945
387,507
6 4 5,481
Special cash (for'n
Divs.
orders acc't)
Notes'& accts.
ceivable
455,369
628,017
(net)..
Inventories
134,457
Fed.
566,205
..
1939
inc.,
10,883
499,267
725,120
&c.,
1,025,000
46,781
76,534
34,838
20,446
Res. for contlngs..
75,000
1
55,412
contracts
Inv. at book value
50,356
7% cum. pref. stk.
(par $50)1
26,576
6,899
486,452
392,508
expenses..
taxes.
_
V
Total
a
Common stock..
45,591
621,950
45,591
Paid-in surplus...
244,235
244,235
Earned surplus
Capital assets
241,972
def21,416
a
$2,977,640 $1,795,945
Represented by 36,473 shares (no par)
...
621,950
$2,977,640 $1,795,945
-V. 152, p. 3983.
share on the common
This compares with $1
$2 paid July 15, 1940,
During the year 1939
share were distributed.—
July 15 to holders of record July 1.
paid in the three preceding quarters; a dividend of
and dividends of $1 paid April 15 and Jan. 15, 1940.
quarterly
dividends of 75 cents each per
V. 152, p.3826.
$98,845
Other accr'd liabil.
Deposits on purch.
Prepaid
payable
Cust. deposits
$137,206
Provision for State,
re-
Royal Typewriter Co., Inc.—To Pay $2.50 Common Div.
Directors have declared a dividend of $2.50 per
stock, payable
four
1940
Accounts payable.
Roxborough Co.—Accumulated Dividend—
Company paid a dividend of eight cents per share on account of accumu¬
lations on the participating preferred stock on June 1 to holders of record
May 1,—V. 151, p. 3100.
St. Bernard's Hotel Dieu (St. Bernard's Hospital,
Chicago)—Bonds *Offered—Dempsey-Tegeler & Co., St.
Louis are offering $200,000 direct obligation 3% notes.
Dated May 1, 1941 principal payable May 1, 1943 through May 1, 1951.
Interest payable M-N at office of the Mutual Bank & Trust Co., St. Louis,
Mo., corporate trustee.
Notes in coupon form, $500 and $1,000 denomina¬
tions.
Notes may be prepaid on any int. payment date on 30 days' notice
to the corporate trustee at par and int.
J. F. Tegeler, St. Louis, Mo.,
individual trustee.
These notes
are
the direct obligation of St. Bernard's
Hotel Dieu,
a cor¬
poration duly incorporated in Illinois, who own and operate St. Bernard's
Hospital and School of Nursing located at 6337 Harvard Ave., Chicago.
This corporation is the governing body of the Chicago Province of this
Order of Sisters known as Religious Hospitallers of St. Joseph.
Volume
This order
founded
was
United States in
sented in
The Commercial & Financial Chronicle
153
in France in 1636 and was established in the
The order is active in hospital work and is repre¬
1894.
This California company has been engaged in the electric and gas business
since 1905 and furnishes electric service to 44 communities with a
the Archdiocese of
of
Chicago and the Dioceses of Burlington and
Helena.
These Sisters, in addition to owning and operating St. Bernard's
Hospital in Chicago, own and operate the St. George's Hospital, also of
Chicago.
* ■■■■:■
The purpose of the issue is to provide funds with which to refund portion
of outstanding mortgage indebtedness at a lower rate of interest.
St. Louis-San Francisco
a block of common stock owned by a major utility holding
by this method.
<
;
Pacific Coast investment firms, under
Dean Witter & Co., on June 27 was
reported forming to bid upon the 590,527 shares of San Diego common
stock.—V. 152, p. 4137.
V \
company
A syndicate composed mainly of
the leadership of Blyth & Co. and
Ry.—Earnings—
1940
1939
Gross from
1941
railway-.— $4,845,139
Net from railway.----1,264,488
Net ry. oper. income—
853,562
$3,469,985
426,555
86,539
$3,683,701
1938
$3,287,899
450,408
92,796
200,411
def2l7,740
From Jan.
1—
'
.
Gross from railway-—Net from railway
Net ry. oper.
—V.
v':-.--,.
■■
22,261,924
income—
17,627,544
5,490,065
3,978,422
1,923,814
376,367
i
-
•.
Savannah Electric & Power
Co.—Earnings—
12 Months Ended May 31—
Operating
$2,621,027
x
x
.
1940
$2,376,903
771,010
396,lb9
699,236
324,430
1941
revenues
Balance for interest
Balance for dividends and surplus—
v.'".
16,454,867
843,338
def892,525
17,168,234
1,646,669
20.738
population
285,000 in the State, and gas service to 19 of these communities.
The sale of this blocic of stocK in competitive bidding represents the first
divesting of
......
May—
109
—
— —
After depreciation and including non-operating income-net.—Y.
3826.
p.
'
152,
!
152, p. 4137.
St. Louis San Francisco & Texas
1941
May—
Gross from railway
Net from railway
Ry.—Earnings—
1940
Net from railway
Net ry. oper. income—
516,753
8,696
defl55,891
$122,742
14,692
def21,924
$115,420
8,560
def31,011
581,559
54,162
defl22,871
684,514
164,300
def8,946
-
$114,325
18,693
defl4,029
Supreme Court Justice Carroll G. Walter on June 27 dismissed the com¬
plaint in a stockholder's accounting action filed by Jerome T. Broderick
against the corporation, its subsidiary, the Schenley Distributors Corp.
Lewis S. Rosenstein, Chairman of the Board of the parent company;
Lester E. Jacobi, President, and the executors of the estates of Harold and
Sanford Jacobi, former officers and directors.
The Court granted leave
1938
1939
$142,887
35,736
def5,047
Net ry. oper. income—i
From Jan. 1—
Gross from railway- —
Schenley Distillers Corp.—Complaint Dismissed by Court
593,458
51,893
defl43,645
;
to file an amended
charged with wrongdoing made
St. Louis Southwestern
oper. revenues.
oper. expenses.
a
up
majority of the board of directors,
the "bald allegation" that a
preponderant majority of the board was made
of the defendants and persons "under their domination and control"
was not sufficient to free the plaintiff from the necessity of making a de¬
Ry.—Earnings—
up
1941—Month—1940
1941—5 Mos.—1940
$2,136,362
$1,626,754 $10,392,227
$8,216,229
1,318,706
1,212,884
6,316,836
5,917,859
Period End. May 31—
Railway
Railway
complaint in 10 days.
Justice Walter found the complaint insufficient to constitute a cause of
• He said that since this was not
a case in which the individuals
action.
—V. 152, p. 3513.
mand
upoh the board to bring suit before he did
himself.—V. 152,p.4138.
so
(D. A.) Schulte, Inc. (& Subs.)—Earnings—
Net
rev.
$817,656
118,306
Railway
income-
oper.
Other ry. oper. income.-
Total ry. oper. inc.-Deductions from railway
$413,870
112,402
$4,075,391
569,035
$2,298,370
554,557
$699,350
21,360
fr. ry. oper..
Railway tax accruals
$301,468
22,044
$3,506,356
114,567
$1,743,813
126,291
$720,709
$323,512
$3,620,922
$1,870,104
168,337
141,402
883,490
$182,111
6,468
$2,737,432
36,101
$188,579
$2,773,533
1,260,894
Deduc'ns from gross inc.
Net
income
—-
-
.
def$82,216
270,795
Costs and expenses
$200,000.—V. 152,
p.
State and foreign
(normal and defense),
income taxes, &c_
Federal excess profits taxes.
1,441,618
•>
220",000
$3,218,588
1,570,257
$3.07
$1,768,808
1,308,547
$1.69
__— —...
— —
Net profit for year
Cash dividends paid
Per share (on 1,046,838
>
574,194
215,000
249,000
-
.
27
July 1, 1936,
The payment
382G.
476,772
Debenture interest, discount and expenses.
District Court Judge Charles B. Davis at St. Louis on June
will amount to
117,198
$3,020,919
457,917
-
Contingencies
authorized the trustee to pay the instalment of interest due
on the road's 4%
2d mtge. gold income bond certificates.
$2,903,721
77.362
$5,600,978
-
Total income
Interest—
Federal
$5,523,616
Operating profit
Federal
1939
$43,444,577 $34,251,327
37,920,961
31,347,606
—
Other income—net
$1,512,639 def$238,269
1940
$80,131
(& Subs.)—Earnings—
Net sales
$1,097,670
1,335,939
$303 ,256
Gross income
:
1941
$2,069
1940
Scovill Mfg. Co.
$1,063,730
33,939
$559,006
255,750
Non-oper, income
V
1
Calendar Years—
806,374
$552,372
6,634
operating income
Net ry.'oper. income.
6 Months Ended April 30—
Net loss after charges and Federal income taxes..
—v. 152, p. 1295..
—
shares)
Consolidated Balance Sheet Dec. 31,1940
St# Regis Paper Co. (&
Subs.)—Earnings—
*
Calendar Years—
a
Net sales, royalties,
and rentals
Cost of sales, sell., admin, and general expenses..
Provision for depreciation
$2,467,047; marketable securities, $1,017,224; accounts
(less reserve of $156,435), $4,386,208; inventories,
$9,740,610; investments and other assets, $1,188,785; property, plant and
equipment (less reserves for depreciation. $26,168,949), $19,214,384; excess
of cost of investment in stock of A. Schrader's Son, Inc., over book value
Assets—Cash,
and
bl939
1940
$21,365,148 $15,359,478
16,827,071
13,401,121
1,090,438
797,175
notes
receivable
tangible assets at date of acquisition, $7,439,749; interest in patents,
and development expenditures of joint venture (at cost, less
and less reserve of $41,206), $719,867; deferred charges,
$330,412; total, $46,504,287.
Liabilities—Accounts payable, accrued expenses, &c., $2,219,174: Fed¬
eral, State, foreign and other taxes, $1,970,599; contingency and operating
reserves, $1,354,124; 10-year 3M% debentures, due July 1, 1950, $10,000,000; capital stock (1,046.838 shares publicly owned), $26,170,950;
surplus, $4,789,439; total, $46,504,287.—V. 152, p. 3513.
•
of net
Operating income
$3,447,638
—:
—__.—240,664
$1,254,956
370,025
28,162
Gross income-.--Interest..
336,094
}
—
47,024
retirement of property, equipment, &c-.-_
Prov. for loss on investments in foreign affiliates, &c
Loss
amortization
93,774
$3,688,302
Other income credits
licenses,
$1,161,182
on
25,715
20,030
96,118
73,317
741,000
232,979
Adjust, of prior year's N. Y. State franchise tax.Other charges
Federal Income taxes
Canadian and other foreign income taxes._—
—---—
79,223
Scranton Lace Co.
90,131
66,711
(& Subs.)—Income Account1940
$2,915,165
2,153
Years Ended Dec. 31—
Net sales
Net income for the year
Dividends on preferred stock
$600,670
52,851
$2,136,054
48,949
of subsidiary
Miscellaneous
revenues
Total
Net
a
$547,819
applicable to parent company—— — $2,087,104
Including sales to associated company,
b Reclassified.
Consolidated Balance Sheet Dec. 31, 1940
$3,073,792; special deposits, $16,899; trade accounts
receivable (less reserves/$23,888), $1,918,492; accounts receivable, sub¬
sidiaries
not
consolidated and
associated
companies, $296,567; other
accounts receivable (less reserve, $1,112), $100,085; inventories, $3,300,852;
pulpwood and lumbering operation in progress, $327,167; value of life
insurance policies, $352,524; sinking fund for retirement of debentures,
$53,452; investments, at cost or companies' valuations, $23,068,169,
total fixed assets (net), $27,059,103; deferred charges, $198,820; total,
Assets—Cash,
$59,765,923.
,
on
life insurance policies,
res.
$100,000 first mortgage sinking fund gold bonds 4lA% series
due 1979 has been called for redemption on Aug. 2 at 103 and accrued
interest.
Payment will be made at the New York Trust Co.—V. 152, p.
Surplus..
7 % preferred di vidends-
—- -—-
—
Common dividends
^
9,000
-—— ----- - -
— -
_ _ -
—
214,518
...
Earnings per common share.—
$370,820
6,164
214,518
$274,663
—
$2.56
$3.40
Consolidated Balance Sheet Dec.Zl
Demand
on
1939
1940
Assets—
depos.
1940
Accounts payable..
&
$416,278
347,890
—
$432,276
29,795
179,478
398,663
644,710
hand..---
Liabilities—
553,397
Accrued payrolls. .
Accrued taxes....
1939
$4,945
$5,337
45,936
54,807
111,000
109,084
;
TIme&sav'gs dep.
Accts. receiv.(net)
84,666
72,342
Inventories
22,015
26,697
value $10)_____
Paid-in surplus
1,072,590
1,072,590
836,804
836,804
1,560,892
49,674
1,366,787
Earned surplus...
915,314
855,168
Other assets
Land,
bldgs.,
ma-
chin'y &c. (net)
p.
—
_
(stated
Cap. stock
48,838
.—$3,071,257 $3,006,135
Total
-f-V. 152,
Reserves
Total-——$3,071,257 $3,006,135
3664.
j-
,
Seaboard Air Line Ry.—Earnings—
San Diego
Years Ended
Gas & Electric—Earnings—
April 30—•
Operating revenues- Operation
Maintenance and repairs
Depreciation.
—
—«
——-
-
—
428
Net from railway—...-
1,178,871
Net ry. oper. income...
—V. 152, p. 3513.
.1,142,102
—
191,545
$2,167,615
20
funded debt.-.---.
58,711
24,906
—
______—
charged to construction——-
Miscellaneous
Cr21,899
9,586
8,544
—
$2,123,897
$1,490,588
----
Note—No provision for excess profits tax under the Second
of 1940 was made as it is estimated no such tax wili be due.
Second
8,646
Gr20,020
———_
—
1
Net income
2,197
$2,169,812
620,000
61,953
575,555
—
—
Amortization of debt discount and expense
Interest
349,140
$2,770,757
1
Revenue Act
Formation of
a
on
second nation-wide syndicate of investment
the 590,527 shares of San Diego Gas &
bankers and
Electric
common
& Electric Co., was disclosed July 1
by Kidder, Peabody & Co. and Eastman, Dillon & Co., New Yors: invest¬
ment banking firms, and joint managers of the group.
It was announced
that the group would consist of 40 firms throughout the country and that
stock, now owned by the Standard Gas
July 7.
the entire balance of the holdings of the
Diego company owned by Standard Gas & Electric.
it would enter a bid for the stocs:
The sale of this stocic represents
common stooc
of the
can
Gross from railway—
1939
1938
$3,632,737
561,423
141,950
$3,269,851
483,914
98,952
26,272,139
6,893,154
4,164,208
21,519,507
4,634,422
.19,671,956
4,096,363
2,169,279
1,645,761
18,313,355
3,599,366
1,179,201
5
,
Vv'1
^
••
Selby Shoe Co.—50-Cent Dividend—
Directors have declared
a
dividend of 50 cents per share
on
the common
stock, payable July 5 to nolders of record June 25.
Previously quarterly
dividends of 12 A cents per share were distributed.
See also V. 151, p. 1290.
Shakespeare Co.—Stock Dividend—
Directors have declared a stock dividend of 10% on the common stock,
payable July 10 to holders of record July 1.
Directors also declared the
regular cash dividend of 10 cents per share on the common shares, also
payable July 10 to holders of record July 1.—V. 151, p. 3576.
Shell Union Oil Corp.—Dividends—
Directors
Group to Enter Competitive Bidding for Stock—
dealers to bid
1940
$3,812,117
510,396
73,165
1—
715,070
1,374,851
458
.
$2,770,736
income
on
From Jan.
663,408
Net operating income
Other income
Interest
Gross from railway-...
Net from railway......
Net ry. oper. income...
1,417,698
-
(other than Federal income taxes)
Other interest
1940
$8,722,946
3,094,564
_.——
Provision for Federal income taxes
Gross
1941
$5,162,265
1,239,160
707,056
May—
1941
$9,949,440
3,605,895
—
Amortization of limited-term investments.
Taxes
11,541
$443,190
60,369
12,000
75,335
-
A total of
1295.
4,885
$358,999
-----—___ —
for future inventory fluctuations-
Deferred charges._
Corp.—Bonds Called—
Safe Harbor Water Power
— —
$3,081,026
1,951,561
674,733
637,298
Provision for Federal and State income taxes
Addition to
--
$175,000; accounts payable,
$1,065,851; funded debt maturing in 1941 including sinking fund instal¬
ments (less $2,000 in treasury), $138,000; taxes accrued (including $924,836
income taxes), $1,060,174; other accrued accounts, $141,331; demand bank
loans
(with collateral), $4,500,000; funded debt, $1,269,500; deferred
credits, $63,408; reserves (self-insurance, &c.), $269,558; preferred capital
stock of subsidiary, $759,200; 7% preferred stock (par $100), $4,428,300;
common stock ($5 par), $20,603,570
capital surplus, $21,347,426; earned
surplus, $3,944,605; total, $59,765,923 .—V. 152, p. 2567.
Liabilities—Loan
...
— _
Operating profit
7,501
$2,917,318
1,916,136
...
Cost of goods sold
Selling, general and administrative expenses..
Loss on plant assets disposed of—
1939
$3,073,524
have declared
a
dividend of 40
v
cents on the
common
stock
payable July 21 to stockholders of record July; 8,
/
This compares with a dividend of 25 cents in July last year which was
followed by a 50 cent payment in December, making a total of 75 cents
during 1940.
R. G. A. van der Woude, President of the Corporation stated that the
position of the corporation as to earnings, surplus and cash justified the
present action.
The operating results so far in 1941 have shown a satis¬
factory trend and it is expected that the second half of the year will show
an improvement over last year.
It is, however, difficult to predict the
effect of new taxation on future earnings.
As compared with last year,
the position of the common stockholder has been improved by the redemp-
The Commercial &
110
5M% preferred stock.
The cash position of the corporation
satisfactory, Mr. van der Woude stated.
tfon of the
continues to be very
corporation is giving valuable assistance in national defense meas¬
ures.
Plants have been and are being erected for the manufacture of
toluol required for explosives; a plant is in the course of construction for
making butadiene, a basis product required for producing synthetic rubber.
Plants for other products required for defense are now under considera¬
tion.—V. 152, p. 2719.
The
Shepard Niles Crane & Hoist Corp.—Earnings—
Years Ended—
Gross profit on
'
sales
Dec. 28,'40
<
Dec. 31,'39
$575,491
303,336
$1,128,291
499,370
—
Selling and general expenses
$628,921
11,183
—
Net profit.
285,335
77,953
$353,288
Total profit
All State and Federal taxes.
$272,154
13,180
640,105
286,816
Operating profit
Adjustments to operating profit
Financial Chronicle
mill properties and equipment (net), $4,571,825; prepaid expenses,
$100,393; total, $6,550,423.
Liabilities—Notes payable to bank, $503,000; real estate mortgage notes
payable within one year, *2,800; general mortgage income bond sinking
fund deposit to be made Oct. 1, 1941, $50,619; accounts payable and accrued
sugar
$703,142; accumulated undeclared interest on general mortgage
ended Jan. 31, 1941), $69,171; real estate
serially 1942 to 1962, $57,114; general
mortgage 15-year 6% income bonds, $1,332,849; 4% cumulative prefeired
stock. $2,539,400; common stock ($1 each), $325,560; capital surplus,
$402,050; earned surplus, $564,717; total, $6,550,423.—Y. 151, P. 1910.
expenses,
15-year 6% income bonds (year
mortgage notes payable, maturing
Southern Bleachery &
Dec. 28'40
$207,381
$576,608
550,476
Cash
Accts. rec.,
(net)-
Inventories
$501,016
406,835
--
Dec. 28*40
Accts. pay., trade.
Accrued expenses.
Fed. «fe State taxes
Dec. 31'39
$155,255
66,203
252,170
$93,767
1,348,225
672,946
25,000
693,731
69,700
422,994
Invest. & other rec
84,700
Common stk.
Stock of subsidiary
31,660
31,660
Advances to sub.-
129,500
135,500
depreciation
620,544
Uncollectible oper. rev.-
Operating revenues
Operating expenses
$1,910,647
1,277,857
14,228
equip.,
&
Plant
less
($25
par).
$632,790
$1,697,495
1,177,302
'$9,106,821
5,951,877
$8,172,834
5,712,463
$520,193
163,560
$3,154,944
1,013,807
$2,460,371
733,156
$425,320
346,099
Net oper. income
income
152,
$2,686,233 $2,223,748
Total
$8,185,334
$356,633
281,751
$2,141,137
1,768,176
$1,727,215
1,358,949
Operating taxes
Net
$2,686,233 $2,223,748
Total
.$9,130,821
24,000
207,470
Net oper. revenues—
-
—V.
—V. 152, p.
Tampa, Fla.—Bonds
Louis
are
Jesus
and
Mary,
Offered—Dempsey-Tegeler & Co., St.
offering $127,500 1st mtge serial real estate bonds.
including May 15, 1944, bear int.
at rate of 2lA% per annum from May 15, 1941, payable semi-annually
bonds maturing May 15, 1945 and May 15, 1946 bear int. at rate of 1% %
per annum from May 15, 1941 to matu-ity, payable semi-annually
bonds
maturing May 15, 1947 to and including May 15, 1955 bear interest at
the rate of 3% per annum from May 15, 1941 to maturity, payable semi¬
Bonds maturing May 15, 1942 to and
Gross from
Net from
15,
15, 1942 through
principal payable May
1941
1955.
Principal payable annually May 15 and int. payable semi-annually (M-N)
at St. Louis Union Trust Co., St. Louis, Mo., corporate trustee.
Bonds
in coupon form, $500 denom.
Callable as a whole or in part on any int.
date, upon 30 days' prior notice to the corporate trustee at par and int.
J. F. Tegeler, St. Louis, Mo., individual trustee.
These bonds are the obligation of The Sisters of the Holy Names of
Jesus and Mary, Tan pa, Fla., a corporation, and are secured by a first
three parcels of land together with the improvements erected
These properties are valued at $612,305.
Congregation of the Sisters of the Holy Names of Jesus and Mary
was founded in Canada in 1843.
Provincial Houses have been established
and are maintained at Ontario, Canada Marylhurst, Ore. Oakland, Calif:,
and Albany, N. Y,
The congregation i6 represented in the United States
in the Archdioceses of Baltimore, Chicago, Detroit, Los Angeles, New York,
Portland, Oregon and San Francisco, and in the Dioceses of Albany, Baker
City, St. Augustine, Seattle, Spokane and Syracuse in Canada in the
Archdioceses of Montreal, St. Boniface and Winnipeg also in South Africa
and Japan.
There are approximately 3,227 professed sisters in the order,
conducting five colleges, four normal schools, and serving 205 high and
grade schools.
The property covered by this mortgage is under the juris¬
diction of the New York Province.
Net ry. oper. income.
—V. 152, p. 3513.
—Third Week
■
$544,541
162,853
.
$450,478
138,823
$381,687
19,547
—
credits
of June
Jan. 1 to June 21—
1940
1941
1940
$2,469,937 $80,000,818 $63,116,652
—V. 152, p. 4139.
Southern Weaving
'
Assets—
Co.—Balance Sheet May 31
$69,373
148,001
180,867
82,779
180.636
86,893
99,620
19,892
10,593
Def'd
-
-
.
$443,000
Total
-
Total
$311,654
12,059
200,000
tor est. Inc.
taxes <fc
a
&
other assets
14,706
&
wages
taxes--
Prov.
(net
deprec.)__
charges
Accrued
$38,597
90,000
200,000
trade-
Surplus
$627,948
-
assets
after
1940
$78,583
37,821
Accts. pay.,
$192,295
Cash
1941
LiabUities-
1940
1941
Accts. rec., custs.-
coatings,
Common
stock-
221,544
189,697
$627,948
—
$443,000
Represented by 20,000 no par shares.
a
$1 Dividend—
Directors have declared a
dividend of $1 per share on the common stock,
payable June 30 to holders of record June 24.—V. 152, p.
Spicer Manufacturing Corp. (&
Profit
1939
1940
Profit from operations
$3,395,788
—
—-
— ——
997.
Subs.)—
9 Months Ended May 31—
Skenandoa Rayon Corp.—Earnings—
Income
2.657,453
defl07,048
defl85,639
1941
Fixed
general expenses
2,969,607
218,338
137,805
Ry.—Earnings—
-
Gross earnings
Inventories.
aGross profit—
Selling, administrative and
3,775.572
309,755
187,325
-
thereon.
Years Ended Dec. 31—
20,335
$591,917
69,059
54,762
3,947,073
541,809
396,153
railway
Net from railway
Gross from
mortgage on
The
$625,120
38,563
Net ry. oper. income—
From Jan. 1—
'
May
$829,393
64,989
36,189
railway
Southern
1938
1939
1940
$756,693
214,097
192,230
railway
annually.
Dated
—Earnings—
1941
May—
of
Names
Holy
the
12,500
3987.
p.
Southern Pacific SS. Lines
1450.
of
Sisters
1941—5 Mos.—1940
1941—Month—1940
$1,915,647
$1,699, *95
5,000
2,000
Operating revenues
626,812
14,011
58,213
1,381,725
Surplus
805,879
Reserv. for contg.
25,000
iDeferred charges..
25,596
cum.
England Telephone Co.—Earnings—
Southern New
Period End. May 31—
Liabilities—
Dec. 31*39
Print Works, Inc.—Accum. Div.
of $1.75 per share on account of
pref. stock, par $100, payable July 1 to
holders of record June 20.
Like amount was paid on April 1 and Jan. 1,
last: Oct. 1. July 1, April 1, and Jan. 1, 1940.
Dividend of $4.42 was paid
on Oct. 1, 1939. and dividends of $1.75 were paid in preceding quarters.—
V. 152, p. 2083.
'
•'
have declared a dividend
Directors
accumulations on the 7%
Condensed Balance Sheet
A 8 set 8—
July 5, 1941
1940
$2,943,000
1941
$5,646,100
Expenses--Depreciation
852,511
442,743 1
Amortization of defense facilities
685,043
503,223
107,768
$4,243,078
Operating profit
(net)
.
$1,764,734
142,874
185,948
$4,385,952
$1,950,682
Other income
•)
Gross
income
blncome charges
Provision for Federal income tax.
-
i*-
—
$323,713
37,131
57,800
$401,235
66,154
60,140
_
Total income
Federal
Net income
a
for
$228,780
$274,940
.
After depreciation amounting to $291,719 for
1940 and $283,862
1939.
b Includes provision for contingencies of $20,981 in 1940 and
$33,000 in 1939.
Dec.
31,
1940
$81,996; accrued accounts, $134,037;
reserves, $54,215; 5% cumulative prior preferred stock ($100 par), $522,
700: 5% class A preferred ($100 "par),"$5,500; common stock ($5 par),
payable,
:apital
$1,717,705; capital surplus, f"
$1,658,519; earned surplus, $450,332, total
$4^625,005.—V. 151,
Solar Aircraft
3900.
p.
Co.—Earnings—
Years Ended—
a
Earnings
a
c
Apr. 26,'41 Apr. 27, '40
<
$97,566
b$0.20
Net profit
per
share
.
$51,546
c$0-20
b On 317,776 shares of common stock,
stock.—V. 152, p. 3198, 2569.
After taxes, depreciation, &c.
On 232,766 shares of common
Southern Bell Telephone &
Telegraph Co.—Earnings
"Uncollectible oper. rev..
1941—Month—1940
1941—5 Mos.—1940
$6,326,811 $35,555,806 $31,457,604
$7,26* ,027
25,767
133,311
112,661
26,839
Operating revenues...
Operating expenses
$7,237,188
4,788,355
$6,301,(1x4 $35,422,495 $31,344,9*3
4,131,799
22,660,884
20,041,526
Net oper. revenues...
$2,448,833
1,056,897
$2,169,245 $12,761,611 $11,303,417
885,44*
5,*09,597
4,506,155
$1,391,936
1,142,795
$1,283,801
1,069,*0*
Period End. May 31—
Operating revenues
724,000
$2,279,516
Net profit
$7.07
On 300,000 shares
income....
—Y. 152, p.
$7,352,014
6,217,348
$6,797,262
5,797,525
3513.
F. W. Ecker, Frederick G. Herbst and
tion
managers
(The) South Coast Corp.- -Earnings1940
1&39
1938
$4,151,990
$5,057,965
$4,569,095
gage and other documents and for the necessary authority to enable the
plan of reorganization to be carried out.
According to the figures furnished to the reorganization managers by the
trustee, earnings available for interest on the new income bonds for the
three years from Jan. 1, 1938 (the effective date of the reorganization plan)
to Dec. 31, 1940, computed in accordnace with the proposed provisions of
the new income mortgage, amount to about $90.34 per $1,000 of new bonds
to be issued under the plan, or slightly over two years' interest.
The
reorganization managers have recommended to the court that there be
paid at the time of delivery of new securities cash at the rate of $93.75 for
each $1,000 new bond delivered (which would be equal to the interest
accrued from Jan. 1, 1938 to Jan. 31, 1940) and that the new bonds be
dated Feb. 1, 1940.
Under the proposed income mortgage interest for the
balance of 1940 and for 1941 would be payable on April 1,1942 to the extent
that earnings for 1941 after authorized deductions are sufficient to make
such payment.
Under the plan present bondholders will receive for each $1,000 principal
amount of bonds and unpaid interest thereon to Jan. 1, 1938 $600 of new
income bonds and escrow receipts for six shares of common stock without
value of the reorganized company.—V.
6,036,844
4,049,875
4,997,767
4,151,733
Net oper. profit
Other income
x$373,013
271,214
$102,115
323,625
$60,196
296,849
$417,362
98,276
x$101,799
$425,740
$357,046
$515,638
125,043
130,617
152,460
179,737
Interest,
taxes
&
Net from railway
Net ry. oper. income—
other
deductions
4139.
1939
1938
$575,199
77,771
$735,617
88,027
def45,466
3,450,646
917,339
318,845
3,283,705
711,602
101,012
1940
$756,255
143,560
4,470,887
1,437,348
743,914
219,163
52,667
def67,816
2,973,755
592,510
46,537
3514.
Standard Chemical Co., Ltd.
(& Subs.)—Earnings-
[Exclusive of Wood Products Co., Ltd.]
Other
1938
_
1939
$150,485
$119*502
$77,961
17.500
a61,750
121,274
18,300
57,355
-17,500
11,500
50,081
17,500
10,966
$57,330
$40,420
$49,495
46,596
deductions
1940
$54,921
...
Depreciation
1941
$272,946
35,000
Years End. Mar. 31—
Prov. for income taxes.
Prov. for Federal & State
p.
Earnings—
1941
$1,053,517
316,905
Gross from railway
Net from railway
Profits
!
Total income
152,
Spokane Portland & Seattle Ry.
—V. 152, p.
Cost of sales, sell., gen.
& admin, exps
Russell M. Yan Kirk, reorganiza¬
of the company, have
under the plan for reorganization
the
Gross from railway
1941
$5,663,831
Year End. Jan. 31—
$4.77
District Court in charge of the proceedings and with the
Interstate Commerce Commission petitions for approval of the new mort¬
filed with
Net ry. oper. income—
From Jan. 1—
Net sales
,
International Ry.—Reorganization Committee
Approval of Reorganization Plan—
May—
Net oper.
Net income._
$1,589,043
of common stock.—V. 152, p. 2409.
Spokane
Seeks
par
Operating taxes
13,639
348",000
Excess profits tax
a
Assets—Cash,$985,153; accounts receivable, $355,116; accrued interest
receivable, $7; inventories, $563,550; investments, $382; insurance prem-j
ium deposits, $24,290; property (less reserves for depreciation, $2,737,225) J
$2,667,350; deferred charges, $29,157; formulas, patents, &c , $1; total,
$4,625,005.
Liabilities—Accounts
income tax_-
aEarnings per share
^
Balance Sheet
11,436
320,000
1,051,000
Idle plant expense
Provision for contingencies
37,277
*
63,000
inc. taxes (est.)
Net income
....
x$226.842
45,000
85,000
$232,123
$159,586
$250,901
Net profit
Dividends
a
x
Loss.
Balance Sheet Jan. 31, 1941
Assets—Cash, $32,890; accounts receivable (net), $715,050; inventories,
J.284; planted and growing crops (at cost), $143,250; deposits with
banks in liquidation ($2,663). *1; investments, $26,730; nlantation and
Includes excess profits tax.
Consolidated Balance Sheet March 31, 1941
[Exclusive of Wood Products Co., Ltd.]
Assets—Cash, $78,123; working funds, $12,706; accounts receivable (less
reserve), $345,713; advances to an associated company, $84,772; advance
Volume
The Commercial & Financial Chronicle
153
payments on lumber contracts, $13,492; inventories, $890,259; Investments,
$27,098; fire insurance fund (contra), $79,574; deferred charges, $15,865;
land, timber limits, plant and equipment (net), $431,390; total, $1,978,992.
Liabilities—Accounts payable and accrued liabilities, $259,587; wood
contract purchase obligations, $96,233; reserve for income and excess profits
taxes, $62,479; other taxes payable and accrued, $8,646; fire insurance
fund (contra), $79,574; reserve for
contingencies, $52,629; capital stock
(38,750 no par shares), $1,301,550; earned surplus, $118,293; total, $1,978,992.
'
v'V
,
...
Dividend—
V.; ,V:
./•.V.,;■
Directors have declared
dividend of 75 cents per share on the common
stock, payable July 30 to holders of record June 30.
Dividends of 50 cents
paid on Jan. 31, last; 75 cents paid July 15, 1940, and 50 cents apid on
a
April 15, 1940; July 12, 1939, and
on
June 27, 1932.—-V. 151, p. 3902.
111
the company may at
its option, use the funds in the special sinking fund for the purchase of any
of such bonds in the open market, or otherwise, provided that in so pur¬
chasing any of the bonds, the price paid therefor shall not exceed the redemp¬
tion price in effect at that time.
Company may at any time, make pay¬
ments to the sinking fund in addition to those required by the above pro¬
vision.
Funds shall be deposited in the sinking fund by April 1 of each year
and the trustee shall ask for tenders of bonds at or below the call price at
that time.
Any funds remaining in the sinking fund on June 1 each year
accordance with the provisions of the indenture, of
shall be used to call bonds by lot for payment on July 1.
Capitalization—
1st mtge. 4H% sinking fund bonds
6% preferred stock ($100 par).
Commonstock ($25par).——.
Authorized
$350,000
2,000 shs.
40,000 shs.
>
/
v
Comparative Balance Sheet Dec. 31,1940
Standard Gas & Electric
■
Co.—Weekly Output—•
;
Electric output of the public utility operating companies in the Standard
Gas and Electric Co. system for the week ended June 28,1941, totaled 153,-
487,834
kilowatt-hours, as compared with 127,018,374 kilowatt-hours
for the corresponding week last year, an increase of
20.8%.—V. 152, p.
4139.
'-Vi-'v
Standard National
'
v
Liabilities—
Assets—
$70,787
Accounts & notes receivable. .780,978
Inventories.1,202,638
Prepaid expenses.
*
33,303
Other assets...
3,411
...
.....
r
have declared a dividend of $1.75 per share on account of
on the 7% cumulative preferred
stock, payable July 1 to
holders of record June 25.
Like amount paid on April 1, last.—V. 152,
:--v>
Accounts payable
Accrued expenses....
1941
Gross from railway
$155,698
33,393
def1,405
$135,413
8,001
def24,110
706,546
74,138
def96,697
652,671
28,353
def133,262
666,220
28,715
def148,544
Stott Briquet Co
1940
$127,204
6,170
def27,627
y) 609,160
Total
$2,952,039
............
.
Years End. Apr. 30—
1941
The Interstate Commerce Commission on June 23 issued a certificate
authorizing construction by the company of an extension of its main line
the terminus at Delphi station westerly to a point on
Muddlety Creek about 0.25 mile south of the junction of Lowry Branch and
Muddlety Creek, approximately 3.96 miles, in Nicholas County, W. Va.
of railroad from
def3,225
def 171,767
(B. F.) Sturtevant Co .—Earnings—
Calendar Year Ended Dec. 31—
Net shipments to customers
1940
$716,138
604,914
90,946
$807,029
693,028
90,345
1938
$731,863
607,250
90,350
$50,572
28,763
$20,278
1,334
$23,656
4,647
$34,263
5,535
$79,335
24,416
$21,611
3,483
$28,304
5,123
$878,339
725,380
102,386
Profit from operations
;
1939
Gross income
Prov. for income taxes
inc.
tax
•
$39,798
5,478
Net profit from operations
1,020
Loss from disposal of se¬
curities
1,094.'
"""139
Interest paid
excess
$54,780
34,615
pref. stk.
a
$21,066
36,172
$32,752
37,809
equipment,
b Includes
.
Assets—Cash, $21,150; United States treasury bills, $350,109; Com¬
modity Credit Corporation %% notes maturing May 1, 1943—at cost,
$23,000; accounts receivable (less reserve, $6,939), $21,916; advances for
for expenses, $313; inventories, $32,983; cash value of life insurance policy,
$7,469; property (at cost, less reserves for depreidation, $634,201), $71,205;
prepaid insurance premiums, &e., $1,885; total, $530,030.
Liabilities—Accounts payable, including accrued wages, $26,475; due
for treasury stock purchased but not received, $675; customers' advance
payments and credit balances, $2,055; Federal and State income taxes,
$24,000; other taxes, $4,754; $2 cumulative convertible preference stock,
$85,970; common stock (stated value of $1 a share), $65,617; capital surplus,
$285,331; earned surplus, $35,153; total, $530,030.—V. 151, p. 259.
Stratton
& Terstegge Co., Inc., Louisville,
Ky.—
Offered—An issue of $350,000 1st mtge. A%% sinking
fund bonds is being offered at 100 and int. by Almstedt
Brothers; the Bankers Bond Co., Inc., Louisville; Security &
Bond Co., Lexington; O'Neal, Alden & Co., Smart & Wagner,
Inc., and Wakefiled & Co., Louisville.
Offering is confined
to bona fide residents of Kentucky.
Bonds
Dated July 1, 1941; due July 1, 1961.
Interest payable J & J in Louis¬
Company has covenanted to refund to owners of the bonds upon
ville.
provided in the mortgage deed of trust,
Kentucky personal
property tax of five mills per annum on each dollar of the principal of the
bonds.
Red. at the option of the company, in whole or in part, upon at
least 30 days' notice on any interest payment date at the fol]<rvrtng prices
with accrued intr; to and incl. July 1, 1942 at 101% ; to and inci. July 1,
l'o43, 102%; to and incl. July 1, 1945, 103%; thereafter a reduction of
34 of 1% yearly in the call price until July 1, 1951; when and thereafter
Trustee; Louisville Trust Co., Louisville, Ky. Denoms.
$100, $500 and $1,000.
callable at 100%.
History & Business—Business was started in 1862.
Wilton Stratton
bought a half interest in the partnership in 1882, Henry Terstegge bought
the other half interest in 1883, the name being changed to-Stratton &
Terstegge.
The business was incorp. in 1903 in Kentucky for $300,000 and
the name became Stratton & Terstegge Co.
Company had operated for a
period of 15 years or longer the Metal Ware Mfg. Co., which was com¬
pletely merged in 1914.
in April of 1926 Stratton & Terstegge Co. bought
all of the common stock of Robinson Brothers & Co., completely merged it,
and later dissolved that corporation.
The Stratton & Terstegge Co. under
a contract became managers of the Anchor Stove & Range Co. in August of
1939, and purchased all of its assets on Jan. 1, 1940.
The Anchor Stove &
Range Co. name is being maintained for good will purposes.
Company is engaged in the wholesale hardware business.
Company
also manufactures stoves, stokers and tackle boxes.
The principal trade
territory for the wholesale hardware divisions is the Southern and Middle
Western States, the catalogue containing approximately 25,000 items.
The manufacturing divisions of the business have national distribution and
before the war a substantial volume of goods was sold in Norway, Sweden
Finalnd.
;
$109,728
1937
x$67,474
1938
$27,058
1939
$145,302
1940
$146,746
$496,309
Yrly. Aver
$.262
$16,625.
Purpose—Net proceeds will amount to $332,500 plus accrued interset
July 1, 1941 to date of delivery. The funds received are to be used
present outstanding serial notes of $175,060 ($25,000 having
from
to retire the
been retired since Dec. 31, 1940) for contemplated capital improvements
of the Anchor Division in the amount of
balance for working capital.
approximately $50,000, and the
t
Sinking Sund—For the purpose of providing an annual sinking fund,
company covenants that it will in each year beginning Jan. 1, 1943, pay
into a separate sinking fund an amount sufficient to retire at least $5,000
of the bonds without regard tp the earnings of the company, and in addition
to said amount, will pay into said separate sinking fund an amount equal to
15% of the company's net earnings in excess of $50,000 for the past fiscal
year.
Said funds shall be set aside and held by the trustee in a separate
special sinking fund and these funds may be used only for the bond retire¬
ment purposes.
Bonds may be retired through call for redemption in
1939
1940
11,415
1,630,831
Inventories
2,119,906
$252,247
5,607
1,579,206
1,781,796
075,000
075,000
14,266
59,489
17,526
75,283
Notes payable, due
machinery
2,520,617
Pat. rights purch.
22,313
2,543,266
29,007
Camden plant pur¬
chase obliga'ns.
ing items-.
due
pay.,
current year.._.
$200,000 51,078,928
Accts. pay. & accr.
Items
629,650
407,193
265,204
....
for
97,786
current
taxes
Prepayments, work
Prepaid & non-cur¬
items.....
Securities & invest.
Real est.,
Notes
Prov.
Res. for slow-mov¬
in process..
126,566
after 1941...
plant &
600,000
...
17,376
100,000
Res. for contings..
100,000
Capital stk. outst'g 3,339,300
Capital surplus...
51,625
Earned surplus— 1,626,801
Total
$6,839,148 $6,208,942
Total
3,339,300
51,625
1,116,730
..$6,839,147 $6,208,941
—V. 152, p. 133.
;
Suburban Electric Securities Co.—Accumulated Div.—
The directors have declared a dividend of 50 cents per share on account
of accumulations on the $4 cum. 2d pref. stock, no par value, payable
July 1 to holders of record June 23.
A like amount was paid on April 1,
last, and on Dec. 27, Oct. 1, July 1, and April 1, 1940.
Upon payment
of current dividend, arrears on the issue will amount to $63.33 1-3 per share.
See also V. 161, P. 1913.—V. 152, p. 2085.
Superior Water, Light & Power Co.—Earnings—
i 1941—Monto—1940 : J 941—12 Mos.—1940
Period End. May 31—
Operating revenues
Oper. exps. excl. direct
$90,398
$88,475
$1,107,470
$1,099,205
55,435
17,477
3,587
57,613
12,641
4,000
702,794
163,136
45,831
687,899
160,687
48,000
$14,221
$195,709
taxes
Direct taxes_
Prop, retire,
.__—
——
res. approp.
Net oper. revenues...
Other income.
;
on
,
$13,899
-
$202,619
18
129
$14,221
$13,899
Gross income.
Int.
>
■■■;$195,727
5,450
83,780
$202,748
6,450
83,890
—
454
454
7,050
7,088
$6,395
$6,679
mtge. bonds
Other int. & deductions.
Int.
chgd. to construct'n
(Cr i)_..............
114
Net income
Divs. applic. to pref.
———
$113,493
35,000
$71,611
—
85
$106,611
35,000
stocks for the period—....
Balance...——.
$78,493
Notes—Provision for Federal income taxes, subsequent to April 1, 1941,
is being made at a rate which will result
at the rate of 30% for the full year 1941.
in the accumulation of such taxes
$750 for Federal excess profits tax in the
months ended May 31,1941, respectively,,
but includes no provision for such tax applicable prior to Jan. 1,1941, since
no excess profits were indicated before that date.—V. 152, p. 3828.
Includes provision of $150 and
month of May, 1941, and in the 12
Tacony-Palmyra Bridge Co.—Earnings—
!
Total income
Provision for
...
come
Federal and
taxes....
Net profit,
Cash dividends
convertible
Common
a
...
—
,
paid—5% cumulativet
preferred stock.....
stock
740
$391,129
1,109
$396,814
122,199
$392,238
135,540
State in¬
...
Class A stock.
$396,074
$441,578
114,080
—
Other income........——
Other deductions.......
J
1938
$615,473
125,627
98,717
$440,472
1,106
...
Administrative and general expenses.
Gross profit...—
;
1939
$643,671
146,716
100,881
1940
$697,336
146,260
110,604
...
Operating expenses.
5-Yr-Tot.
Liabilities—
Notes & accept's..
Accts. rec., net--.
$535,306
Tolls, Sec
x After estimated $90,000 flood loss.
The 1940 earnings of the
company show the consolidation on Jan. 1,1940,
with the Anchor Stove & Range Co.
Maximum interest charges on $350,000 1st mtge. 4H% bonds amount
to
1939
1940
Cash......
Years Ended Dec. 31—
5-Year Period 1936-1940, Incl.
(After interest, depredation and taxes)
1936
$145,770
Adjusted for comparison with 1940.
rent
Net Profits for
31,959
:
Consolidated Balance Sheet Dec. 31
$18,121
106,129
Includes $12,163 in 1941, $21,967 in 1940, $22,540 in 1939 and $23,416
and
178,110
$560,071
......
depreciation of $2,350 in 1941, $2,719 in 1940, $2,294 in 1939 and $1,650
in 1938.
Balance Sheet April 30, 1941
conditions
$266,236
88,507
profits taxes
>1,568
8
in 1938 depreciation of buildings, machinery and
$154,944
111,292
$806,996
68,815
Total income
Other charges.
Provision for Federal and Canadian income and
Assets—
Net income
$702,623
104,373
:
income
for
years
1939
1940
$8,083,398 a$6,618,929
5,920,286
5,076,672
1,246,985
1,174,631
213,503
212,681
Manufacturing cost
Selling, administrative and general expense
Depreciation
Other
Other income credits.
$2,952,039
_
Strouds Creek & Muddlety RR,—Construction—
1938
I nc.—Earning s-
Net sales—briquets.
a Cost of
goods sold
b Sell., gen. & adm. exps
a
756,300
6504300
...
on conv.
59,000
—
Commonstock....
—y. 152, p. 3514.
Divs.
54,900
150,000
3,698
370,648
<
Surplus
Ry.—Earnings—
1939
$130,688
9,274
def24,554
__
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
Fed.
!
notes due after one year
Preferred stock...
Total...
May—
prior
..
Accrued income taxes.......
vt,,/■
St at en Island Rapid Transit
Add'l
$600,000
60,000
199,561
57,398
Reserve for compensation ins.
Reserve for depreciation....»
Directors
2084.
,•
Notes payable banks.. ......
Serial notes due within year..
860,919 Serial
5
accumulations
p.
,
''
.
Cash
Fixed assets (cost)
Corp.—Accumulated Dividend—
Outstanding
$350,000
590shs.
30,252 shs.
....
_.......
:
alOl ,329
64,0^2
48,765
$226,169
$220,553
$207,933
47,500
82,500
66,000
47,500
75,000
60,000
i
!
■
43,752
95,605
72,000
Includes excess profits tax.
Balance Sheet Dec. 31,1940
Assets—Cash,
$179,656; investments, $23,000; accounts receivable,
$166; cash with sinking fund trustee for ZH% bonds, $50,940: mortgage
receivable, $12,000; real estate, bridge and approaches (net), $3,546,921;
other real estate, $5,668; other equipment (net), $10,232; deferred charges,
$244,509; location valuation, Si; total
,$4,073,093.
The Commercial & Financial Chronicle
112
Texas & New Orleans RR. —Earnings—
Liabilities—Dividends payable on 5% cumulative preferred stock, $10,accrued accounts, $125,967; prepaid commutation tickets,
$752;
814;
bridge painting, $2,526; funded debt, $1,954,000; 5% cumulative
convertible preferred stock (par $100), $865,100; class A participating stock
(32,117 no par shares), $32,117; common stock (24,000 no parshs.), $24,000;
surplus, $1,057,817; total, $4,073,093.—V. 152, p. 3360.
reserve
for
share on the common
stock, par $25, payable July 2 to holders of record June 28.
This compares
with $2 paid on Dec. 30, 1940; 50 cents paid on June 28, 1940; $1.75 paid
on Dec. 30, 1939; 50 cents on June 30, 1939; $1.50 on Dec. 27,
1938; 50
cents on June 30, 1938; $1.50 on Dec. 24, 1937, and 50 cents paid on
March 18, 1937.—V. 151, p. 3902.
Directors have declared a dividend of 50 cents per
Sun Oil Co.—Initial
Preferred Dividend—
$1.12 M Per share on the
new 4)4% class A preferred stock, par $100, payable Aug. 1 to holders of
record July 10.—V. 152, p. 2878.
Directors have declared an initial dividend of
Tampa Electric Co.—Earnings—
$5,392,348
$4,847,210
$480,556
2,071,582
1,932,729
1 81,211
170,479
291,462
23,302
23,703
267,812
61,014
272,390
&
income
Fed.
—V.
-
621,842
.
459,027
441,723
40,172
$1,913,482
$174,855
3,317
301
$157,932
226
$1,969,863
accruals.
430,000
$1,916,800
430,000
$175,157
35,833
$158,159
35,833
$1,539,863
11,284
$1,486,800
7,150
$139,324
677
$1,528,578
$1,479,649
$138,646
$121,691
_
Gross income..
Gross income
Income deducts.—int—
Net income.
x
Before retirement reserve accruals.—V.
17,050,101
3,233,077
645,478
p.
3514.
.
634
Depreciation of fixed assets
Amortization of patents
Taxes
Trans-Canada Air Lines- -Earnings—
1940
Operating revenue—Passenger
Mail
Express
; ...
i. - _
Total
-
39,489
....4
....I..
146,314
$4,592,383
revenue
Aircraft operation and maintenance.
Ground operation and maintenance.
Incidental services
Traffic and general
General taxes
2,637,314
_
794,645
63,831
301,256
.....
—
—
administration
58,887
9,686
Exchange, &c., expenses
x$236,270
187,500
175.904
x$411,657
517
Loss.
Assets—Cash, $503,062; working fund advances, $3,718; special deposits,
$2,068; accounts receivable, $475,207 traffic balances receivable, $139,792
balances receivable from agents, $21,677: motor fuels and lubricating oils,
materials and
*
supplies, $294,839; other current assets, $14,067;
and equipment (net), $3,526,395; total,
$5,019,435.
v
$88,856
10,875
$152,832
22,656
deferred debits, $30,312; property
/
Liabilities—Accounts
:
payable, $390,543; traffic balances payable, $18,913;
$57,104; other liabilities, $43,174; deferred credits,
$13,611; self insurance reserve, $206,827; capital stock, $3,750,000; surplus,
$539,263; total, $5,019,435—V. 150, p. 4144.
salaries
and
$ 175,488
1,306
3,859
Includes
a
excess
$171,629
$98,425
-
wages,
(& Subs.)—Earnings—
Consolidated Earnings for
Year Ended Dec. 31, 1940
$58,273
11,101
Net income from
Taylor Milling Corp.—To Pay 50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on
the
common
Teck-Hughes Gold Mines, Ltd.—Earnings—
9 Mos. End. May
31—
b Earnings per share
After charges
a
1941
$1,264,322
$0.26
and taxes,
1940
$1,687,150
$0-35
1 939
$1,377,259
$0.29
1 938
$1,218,442
$0.25
b On 4,807,144 shares (par $1) capital stock.
2253.
Tennessee Central
Ry.—Earnings—
41,923
1940
$218,316
53,141
26,651
1939
$183,179
32,890
4,229
1938
$165,263
28,733
2,959
1,162,329
327,995
175,420
1,109,446
284,554
132,600
951,478
199,425
55,011
886,514
174,852
35,344
1941
$244,904
74,806
May—
Gross from railway
Net from railway
$69,374
32,231
operations.
...
$101,604
7,446
1,178
Provision for Federal and Canadian income taxes.
15,925
Total income
on sale of marketable securities
__—
Loss
Difference in exchange
Miscellaneous deductions
973
on
common
stock
(cash).
1
Earnings per share
On 724,803 shares of common stock.
a
Consolidated Balance Sheet Dec. 31, 1940
Assets—Cash, $58,975; call loans receivable, secured, $35,454- accounts
notes receivable,
$38,030; marketable securities, $70,267; dividend
receivable, affiliated company, $10,000; inventories of materials, finished
goods and supplies, $11,394; investment in Trans-Lux Movie Ticker Corp.,
partly-owned affiliate, $276,389; invested in and advanced to partly-owned
subs, and affiliates (less reserve), $641,019; other notes and accounts re¬
ceivable (net), $1,983; land, buildings, machinery and equipment (net),
$57,667; ticker machines on reDtal or held in reserve (net), $19,938; other
equipment at depreciated value, $17,078; capital assets of theatre company
(net), $111,752; deferred charges, $26,616; patents, $1; total, $1,376,565.
Liabilities—Accounts payable, $10,912; notes payable (theatre equip¬
ment), $1,338; accrued taxes and expenses, $15,921; reserve for Federal
and Canadian income taxes, $16,982; other liabilities, $30,946; reserve for
foreign exchange differences, $1,178; common stock ($1 par), $724,803'
earned surplus, $574,484; total, $1,376,565.—V. 152, p. 2571.
Transwestern Oil Co.-
-Earnings1940
Years Ended Dec. 31—
Gross from railway
Net from railway
Net ry. oper. income—
$1,956,467
91,701
409,468
87,249
1,433,342
Gas income
1,799,324
$1,833,890
122,577
$2,129,286
Oil income, barrels.
Oil income
1,981,955
—V. 152, p. 3514.
Production and other taxes.
Texas Electric Service
Period End. May 31—
Operating revenues
Oper. exps., excl. direct
Co.—Earnings—
1941—Month—1940
*$776,909
$729,845
1941—12 Mos.—1940
$9,105,394
$8,778,532
278,077
98,004
83,333
3,483,164
1,706,159
1,000,000
3,330,332
1,161,328
1,000,000
5,677
$270,431
764
$2,916,071
18,350
$3,286,872
12,639
$244,817
Direct taxes.
27,384
$271,195
$2,934,421
83,333
$239,140
Profit
.....
General and administrative expense
.
7,603
;
....
140.542
2,723
1,686,500
*33,671
1,686,500
32,091
$101,474
$127,930
Divs. applic. to pref. stocks for the period
$1,214,250
375,678
$838,572
$1,205,242
mtge. bonds....
Other interest
140,542
2,801
Interest charges
Profit
Balance
»
on
Texas Mexican
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway
—
Net ry. oper. income...
$132,027
$97,852
1939
$101,626
$97,238
56,277
30,286
38,495
29,899
36,189
22,984
2o,308
13,488
537,362
184,449
119,822
378,113
85,536
40,405
446,295
121,787
71,159
484,568
89,594
50,869
1941
1940
1938
—V. 152, p. 3514.
Third Avenue Railroad—Interest—
Loss.
x
17,025
$439,149
$1,064,595
*
Balance Sheet Dec. 31, 1940
Assets—Cash,
receivable,
$580,404;
$280,223;
notes
inventories,
secured, $2,907; accounts
fixed
assets,
$8,022,308;
$14,095; total, $9,007,207.
receivable,
$107,270;
Liabilities—Instalments on promissory notes, payable during
1941,
$300,000; accounts payable, $104,992; royalties payable, $8,719; accrued
wages, $14,800; accrued interest payable, $926; provision for accrued and
miscellaneous taxes, $17,841; other liabilities, $3,346; promissory notes,
$875,000; capital stock (par $10), $7,500,000; paid-in surplus, $1,367,259;
deficit, $1,185,676; total, $9,007,207.—V. 152, p. 3361.
Ulen & Co.—SEC Issues
Report
on
Disapproving Plan—
The Securities and
Exchange Commission has issued an advisory report
plan of reorganization proposed by the disinterested trustee for the
company, and on the amendments to this plan proposed by the representa¬
tives of certain debenture holders.
on
The interest due July 1, 1941, on the Third Avenue RR. first mortgage
50-year gold bonds, due 1937 (principal waived to 1943), was paid on that
date upon presentation of bonds for stamping.
Interest is payable at
office of City Bank Farmers Trust Co., New York.—Y. 152, p. 4140.
212,217
8,144
...
deferred charges and other assets,
Ry.—Earnings—
May—
Gross from railway
Net from railway
3,516
$1,293,837
93,650
sale of capital assets.
Interest income, &c.__
Notes—Provision for Federal income taxes, subsequent to April 1, 1941,
*
68,825
9,524
...
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.
Includes provision of $16,667 and $288,333 for Federal excess profits tax
in the month of May, 1941, and in the 12 months ended May 31, 1941, re¬
spectively.—V. 152, p. 3829.
85,821
$1,221,496"
$540,944
Material adjustments, net..
Net income
67,903
$496,231
35,189
$1,580,920
375,678
on
51,254
153.065
79,808
92,124
Surrendered leases and royalties
Lease rentals
Dry hole losses and contributions..
Grossincome
228,857
227,514
Geophysical expense
♦
x$559,329
304,123
$3,299,511
res. approp.
Net oper. revenues
Other income (net).....
Int.
37,124
$139,674
equipment.
,
305,892
148,544
__
Prop, retire,
1939
1,916,768
$1,995,675
133,611
437,185
Net ry. oper. income
From Jan. 1—•
taxes
$76,083
72,430
$0.10
Netprofit
Dividends
a
and
stock, no par value, payable July 10 to holders of record July 1.
This
compares with $1 paid on Dec. 20, last, and on Dec. 22, 1939 and a 25-cent
dividend was distributed on April 1, 1938.—V. 151, p. 3256.
Net profit.
—
Other income
Assets—Cash,
$36,699;
accounts
receivable, $204,199;
inventories!
$73,025; investments in affiliated companies, $15,001; special deposit»
$4,441; fixed assets and leasehold equipment (net), $110,978; intangible
assets, $382,023: advances to affiliated company, $59,238; deferred charges,
$70,953; total, $956,558.
Liabilities—Accounts payable (trade), $96,949; accounts payable (other),
$17,307; accrued liabilities, $4,907; accrued taxes, $7,323; provision for
Federal and Canadian income and excess profits taxes, $28,895; provision
for loss on foreign exchange, $2,894; minumim instalments payable during
1941 in respect of patents, trade-marks, &c., acquired from Tampax Sales
Corp., $31,000; common stock (par $1), $300,000; capital surplus, $249,121;
earned surplus, $240,982; 3,700 shares of common stock held in treasury
(at cost), JDr$22,821; total, $956,558.—V. 152, p. 2085.
—V. 152, p.
Net income from theatre operations
profits taxes.
Consolidated Balance Sheet Dec. 31, 1940
a
20,538
195,032
10,763
$726,763
profit
capital invested
Trans-Lux Corp.
—
$2,350,474
1,724,153
636,257
$539,263
Net operating
Interest on
Net income from ticker operations
Netprofit
1939
$643,915
1,632,873
23,613
50,072
Miscellaneous income
$8,299;
,
.....
—-->
_
All other.
4,632
74,049
$99,731
—
Total profit-
$1,574,217
2,832,363
—...
.
22,620
30,898
2,040
2,553
,*
—
858,240
232,920
94,118
Years Ended Dec. 31—
19,440
a28,511
855
Provision for Federal & Canadian income taxes
Profit
839.631
245,733
100,298
445,990
173,136
1939
$864,581
567,224
10,287
$746,927
530,903
11,104
equipment
Other income...
9,616
934,640
284,756
117,508
Balance Sheet Dec. 31, 1940
-
Provision for loss on foreign exchange
1938
$183,406
28,999
22,111
1,101,779
Net ry. oper. income
—V. 152, p. 3514.
64,705
Amortiz. of leasehold rights in patented
1939
$174,599
43,015
15,796
37,074
Net profit,
1940
-—-
1940
$175,899
95,165
40,629
Net from railway
x
Years Ended Dec. 31—
/.
RR.—Earnings—•
1941
$230,971
railway
Gross from railway
152, p. 3989.
Selling, general & administrative expenses
Interest
17,530,553
4,260,661
1,640,059
Net from railway
Net ry. oper. income—
From Jan. 1—
Tampax, Inc. (& Subs.)—Earnings—
Gross profit.._
18,480,727
4,454,916
1,599,763
4,159,423
May—
$122,325
Other taxes.
reserve
152,
Gross from
33,935
Utility oper, income $1,967,505
Other income (net)
„
2,357
x
Retire,
$3,439,584
771,350
288,540
_
excess
profits taxes
x
1938
866,519
335,460
Toledo Peoria & Western
24,916
Operation
1939
$3,584,391
1—
From Jan.
Net from railway
Net ry. oper. income
$410,966
Maintenance
1940
$3,525,274
660,069
111,590
22,087,875
7,087,549
Net from railway
Net ry. oper. income—
1941—12 Mos.—1940
1941— Month—1940
Period End. May 31—
Operating revenues
Oper. rev. deductions:
1941
$4,745,457
1,539,125
959,128
May—
Gross from railway
Gross from railway
50-Cent Dividend—
Submarine Signal Co.—To Pay
July 5, 1941
a
The SEC report states:
not
we
"It is
our
conclusion that while fair, the plans
are
feasible, within the applicable statutory and judicial standards, and
therefore recommend that they be disapproved."—V. 152, p. 846.
Volume
153
12th Street
The Commercial & Financial Chronicle
Store, Chicago, 111.—Earnings—
52 Weeks Ended—
Net sales
United
Jan. 11, '41
$2,390,426
1,538,488
.
.
closed and the figures for the same week last
year are as follows:
ended June 28, 1941, 104,701,621
kwh.; same week last
icwh.;
Gross profit
Operating
$912,710
867,191
$851,938
845,051
$45,519
6,239
10,830
$6,886
7,585
2,176
$40,928
expenses
$12,295
Net profit from operations,...
Other income (less deductions)
Provision for Federal income tax.
United Post Offices
Oper. & admin,
,
—
Balance Sheet Jan. 11, 1941
tories, $312,365; prepaid rent, $40,108; fixed
assets, $281,668; unexpired
insurance, supply inventories, &c., $22,106; total,
$1,131,220.
Liabilities—Accounts payable, $55,429; rent
payment due May 1, 1941,
$10,000; customers' credit balances, $1,067; accrued
expenses, $98,662;
for rent
payment, $45,000; cumulative preferred stock, $916,875;
stock (50,000 no par
shares), $250,000; deficit, $245,812; total,
$1,131,220.—V. 151, p, 116.
common
>
Twin Disc Clutch Co.—Extra Dividend—
j-'y
•
Directors have declared
an extra dividend of $1
per share in addition
quarterly dividend of 75 cents per share on the common
stock, both payable June 25 to holders of record June 14.—V.
151, p. 1738.
the regular
to
Union Electric of Missouri—Initial
Preferred Dividend—
Directors have declared
an initial
quarterly dividend of $1.12 M per share
the $4.50 preferred stock, payable
Aug. 15 to holders of record July 31.
on
—V.
;
Union Mfg. Co .—50-Cent Dividend—
Directors have
Union Metal
Mfg. Co. (& Subs.)
-.
Prov. for deprec. of plant and equipment
Prov. for amort. of patents and
$996,650
609,446
52,534
6,180
$939,194
610,907
Operating profit
.4...
Discounts, royalties and sundry other income
$328,490
14,568
$261,708
15,848
$343,058
18,603
a97,097
$277,556
16,769
_
Selling, adminis. & other
_______
..
oper. expenses
royalty rights...
_
Total income.
Federal taxes
on
_
.
.....
Other deductions.
.
_
.
.
_.v.
.
-
;
-
-
_
.
...
-
Income.......
Net profit
60,573
6,006
jv
$227,358
14,466
84,227
-
Preferred dividends
Common dividends.
Earns, per share of common stock
....
a
Net loss carried to surp
55,819
$204,967
14,504
52,642
$4.05
$3.62
Includes $18,375 excess profits taxes, and a credit
adjustment Of $253 •
Consolidated Balance Sheet Dec. 31, 1940
Assets—Cash, $128,030; trade receivables (net), $538,347;
inventories,
$398,570; investments and other assets, $24,513;
property, plant and
equipment (net), $744,319; patents and royalty
rights (net), $33,032;
deferred charges, $5,300; total,
$1,872,112.
Liabilities—Notes
payable to banks, $20,000; land contract, $3,600;
payable, $130,444; wages and commissions, $45,762; pay¬
$14,945; accrued taxes and interest, $8,615; Federal taxes on
income—estimated, $102,850; long-term debt, $121,473; reserve, for
...
J
Cr219
$73,336
$11,125
$56,328
Cr9,833
..
$81,243 '
Balance Sheet Dec. 31, 1940
/tesets—Cash, $167,887; accounts receivable, $185,597; fixed assets,
$1,722,325; deferred expense, $24,738; total, $2,100,547.
Liabilities—Accounts payable, $629; interest payable, $78,951; accrued
liabilities, $20,073; 1st mortgage cumulative income bonds, $2,682,500;
interest accrued, $348,522; scrip
certificates, $268,250; reserve for property
rehabilitation and replacement, $35,000;
capital stock ($1 par), $34,130;
deficit, $1,367,509; total, $2,100,547—V. 151, p. 1442.
/
United Shirt
Distributors, Inc.—25-Cent Dividend—
Directors have declared a dividend of 25 cents
per share on the common
stock, payable July 22 to holders of record July 15.
This compares with
12}4 cents paid on Jan. 28, last, and dividends of
87K cents per share
distributed during 1940.-—
152, p. 440.
.
.
Years End. Jan. 31—
Gross profit
Int. charges and miscell.
,
1941
taxes
1938
$228,012
Fed.
al88,682
202,195
a217,317
209,458
.___
income
(estimated)
24,200
28,000
$255,714
Net profit
a
1939
$131,008
a214,799
deductions
for
1940
$432,010
Deprec. & amortization.
Prov.
(& Subs.)—Earnings—
$494,713
______
1939
•
196,763
45,413
Cr 152
......
$215,328
Earnings—
1940
180,318
44,498
sale of capital
assets......
•:
Years Ended Dec. 31—
Gross profit_
1937
$328,441
177,342
;
163,378
44,622
United States Radiator Corp;
declared a dividend of 50 cents
per share on the common
stock, payable July 1 to holders of record June 20.
Dividends of 25 cents
were paid on March 31 and on Dec.
27, last, this latter being the first divi¬
dend paid in some time.—V.
152, p. 2086.
_
on
1938
$308,265
139,998
*
147,538
45,090
Deprec.,bldgs.&equip't
Profit
p.
35,000
Inc. bonds (at 5>£ % per
annum)...
152, p. 3990.
_
1939
$332,183
162,672
Prov. for prop, rehabili¬
_____
Assets—Cash, $205,605; accounts receivable
(net), $267,588; miscel¬
laneous accounts receivable and other
assets, $1,780; merchandise inven¬
reserve
expenses
152,
Corp.—Earnings—
1940
$327,017
145.514
tation & replacement-
profit..............
Week
87,684,349
4141.
yeai,
increase of 17,017,272 kwh., or 19.4%.—V.
an
Years End. Dec. 31—
Total income-...
"
Net
113
Improvement Co.—Weekly Output—
The electric output for the U. G. I.
system companies for the weerf just
Jan. 13, '40
$2,533,046
1,620,335
_
Cost of sales.;
Gas
______
loss$71,185 loss$198,763
After deducting other income of $80,536 in
1941, $50,768 in 1940 and
$13,392 in 1938.
Consolidated Balance Sheet Jan. 31, 1941
Assets—Cash, $180,019; trade notes and accounts receivable
(net),
$1,404,859; inventories, $1,789,048; other assets, $178,656; land, $735,665;
buildings and equipment (net), $1,643,157; deferred charges,
$43,346;
total, $5,974,750.
Liabilities—Notes payable to banks, $300,000; accounts
payable, pay¬
miscellaneous, $873,894; accrued taxes and commissions, $75,528;
taxes
on
income
(est.), $24,200; 5% convertible debentures,
$1,999,000; 6% preferred stock (par $50), $2,104,800; common stock (par
$1), $211,476; capital surplus, $179,784; earned surplus,
$206,067; total,
$5,974,750.—V. 151, p. 262.
r:'v :
rolls and
Federal
Universal Consolidated Oil Co.—25-Cent Dividend—
Directors have declared
a
dividend of 25 cents per share
stock, payable July 17 to holders of record July 7.
was paid on June 12, 1940.—V.
152, p. 3361.
Universal Pictures
on
the
common
Dividend of 50
cents
Co., Inc.—Accumulated Dividend—
Directors have declared a dividend of $2 per share on account of accu¬
on the first preferred
stock, payable July 11 to holders of record
July 7—V. 152, p. 4142.
mulations
trade accounts
Upressit Metal Cap Corp.—-A ccumulated Dividend—
roll taxes, &c.,
feneral contingencies, $50,000; 6% cumulative prior preferredsurplus*
stock
240,200;
stock (52,642
par shares), $349,340; capital
common
no
$190,675; earned surplus, $594,207; total, $1,872,112.—V.
151,
United Drill & Tool Corp. (&
p.
3578*
Subs.)—Earnings—
Consolidated Earnings for the Year Ended Dec.
31,1940
Profit from operations
Provision for depreciation and amortization.
Operating profit
118,350
_
...
Total income
Interest
disposal of capital assets
Provision for Federal income tax
Provision for declared value and Federal
vNet profit
Dividends paid on class A stock
Earnings per share of class B stock
_
excess
profits taxes
_______
-
.
_
.
.
-...._
$1,689,129
19,022
$1,708,151
1,903
12,877
2,993
400,301
495,000
Provision for doubtful accounts
on
$795,077
274,314
$1.35
Assets—Cash, $213,658; notes and trade acceptances, and accounts
(net), $777,071; inventories, $1,415,253; other current assets,
$5,031; other assets, $2,876; land, $65,796; building, machinery ahd
equip¬
ment (net), $989,011; improvements to leased
properties (less amortiza¬
tion), $164,425; goodwill, $1; deferred charges, $102,843; total,
$3,735,965.
receivable
reserve
for
payable,
Federal income and
$154,011;
excess
accrued liabilities, $170,925
profits taxes after charging there-
against advance payments of $650,000, $244,866; capital stock
(261,859
shares of class A and 472,587 shares of class
B), $1,097,697; capital surplus,
$973,307; earned surplus, $1,098,360; cost of stock held in treasury
(608
shares of A stock, and 81 shares of B
stock), Dr$3,202; total, $3,735,965.
—V. 152, p. 3040.
United Elastic
Corp. (& Subs.)—Earnings-
Years End. Dec. 31—
Gross oper. income.
1940
1, July 1 and
April 1, 1940, and on Dec. 20, Oct. 2, July 1 and April 1, 1939, a dividend
of $3 was paid on Dec. 31, 1938 and dividends of
$2 were paid on Oct. 1,
July and April 1, 1938.—V. 152, p. 3666.
U.'S. Potash Co.—To
1939
1938
1937
$2,580,292
2,257,016
76,461
92,255
$2,808,647
2,422,223
91,089
93,825
$2,438,865
2,284,911
71,786
94,557
$2,326,239
2,225,343
55,180
70,865
$154,560
8,673
$201,510
14,173
6,481
a23,356
loss$ 12,390
16,595
4,192
4,019
loss$25,149
$163,234
25,659
$245,519
38,300
$12,417
7,300
have declared a dividend of 50 cents per share on the common
stock, payable June 30 to holders of record June 14.' Like amount paid on
March 3l, last; 25 cents paid on Dec. 31, 1940; $1.50
paid on Sept. 28,
1940; 25 cents paid in three preceding quarters; $1.25 paid on 8ept.
28,
1939, and dividends of 25 cents per share paid on June 30 and March
31,
1939.—V. 152, p. 1607.
U. S. Truck Lines, Inc., of Del. (&
Net income..$137,575
Dividends paid.....___
91,814
$207,219
77,638
$5,117
62,656
$64,732
101,816
_■_•
_
_
Depreciation.
Net profit from regular
operations
Inc. from invests., &c_._
Profit on sale of securs.
_
Other credits
59,247
30,635
Subs*)—Earnings-—
Consolidated Earnings for the Year Ended Dec. 31, 1940
Operating
Operating
revenues.
$14,221,006
expenses
12,103,056
Operating income
$2,117,949
68,596
Other income (net)
Pro vision for Federal taxes
on
on
income
$2,186,545
a718,374
income
Minority interest in net income of subsidiary companies.
$1,391,124
Dividends paid
Earnings
a
per
Includes
825,000
share of capital stock._ J
$150,000
excess
$2.52
profits tax.
Consolidated Balance Sheet Dec. 31, 1940
Assets—Cash, $2,247,289; accounts receivable (net), $816,247; inventories
$32,345; marketable securities, $30,912; cash surrender value of insurance
policies on life of officer, $31,608; escrow and other special deposits, $30,239;
fixed assets (net), $2,840,150; public
utility franchises, $985,361; goodwill,
$368,496; prepaid license fees, insurance, &c., $102,920; total, $7,485,567.
Liabilities—Accounts payable, trade, $585,020; chattel mortgage serial
notes payable for equipment, $2,637; accrued salaries and
wages, $150,363;
taxes, $152,496; public liability and cargo claims for losses not covered
by
insurance, $43,618; Federal taxes on income, $695,177; unearned
trucking
revenue, $29,219; real estate mortgage
notes payable, subsidiary com¬
pany, $3,160; reserve for self-insurance, workmen's compensation, State
of Ohio, $63,714; minority interest in
subsidiary companies, $171,914;
capital stock (par $1), $550,000; capital surplus, $2,200,000; earned surplus,
$2,838,249; total, $7,485,567 —V. 151, p. 3904.
Valspar Corp. (& Subs.)—Earnings—
Gross sales, less discounts, returns and allowances.
Cost of goodssold.______
$5,787,337
3,655,908
_________
Federal taxes.
a
Profit from operations..
Depreciation of buildings, machinery and equipm't
Selling and administrative expenses.
___._)
—_
Provision for doubtful notes and accounts, &c
Other income
Refund of Federal floor stock and processing taxes paid in prior
years
thereon.
and interest
Consolidated Balance Sheet Dec. 31,1940
Assets—Cash, $264,309; accounts and acceptances receivable, trade
(net), $298,351; inventories, $1,228,263; life insurance, cash surrender
value, $265,758; marketable securities, $75,657; non-current investments and
receivables, $46,282; insurance premiums unexpired, &c., $33,489; plants
and equipment (net), $1,112,485; patents, $6,298; total, $3,330,891.
Liabilities—Accounts
payable, trade, $128,438; accrued wages and
$25,332; Federal and State taxes, $44,619; social security
$14,700; reserve for contingencies, $100,000; capital stock (151,222
no par shares), $1,512,220; surplus, $1,505,582; total,
$3,330,891.—V. 152
p.3361.
:V.■
V„
other expenses,
taxes,
•
77,047
_
Net income
$64,732
Cost of operations
Taxes
Pay 50-Cent Dividend—
birectors
Income before Federal taxes
Consolidated Balance Sheet Dec. 31, 1940
Liabilities—Accounts
a dividend of $2
per share on the $8 cumustock, par $100, payable on account of accumulations, on
Oct. 1 to holders of record Sept. 15.
Like amounts paid July 1 and April
last; dividend of $4 paid on Dec. 20,1940; $2 was paid on Oct.
$1,807,479
....
Other income
Net loss
The directors have declared
ative preferred
Profit
Other charges
Provision for Federal and foreign income tax
Net
profit for the year
Dividend on preferred stock.
/
...
$5,665,161
3,416,512
$2,131,429
56,611
$2,248,648
63,515
1,833,089
29,342
42,936
1,850,234/
\
/
19,835
$244,419
128,871
13,861
$365,638
$101,688
30,420
$204,153
38,055
123,442
38,043
Consolidated Balance Sheet Nov. 30, 1940
Assets—Cash, $197,441; marketable securities, $5,924; notes and accounts
(net),
$1,348,357; inventories,
$1,334,310;
sundry
assets,
$76,019; land, $343,329; building (net), $346,721; machinery and equipment
(net), $269,504; trade-marks and formulae, $3; deferred charges, $134,945;
total, $4,056,553.
receivable
Chronicle
The Commercial & Financial
114
Liabilities—Accounts payable (trade), $448,448; accrued wages, taxes,
commissions and other expenses, $120,737: amortization instalments pay¬
May 31 '41
on 4>^ % notes, $100,000; provision for Federal and foreign income taxes
$25,753; other current liabilities, $7,302;
note of Oon-Ferro Paint &
Varnish Co, payable to officer (due Jan. 24, 1942), $6,723; 4Yi% notes,
$
equip., Ac., less
depreciation
14,645,984 14,040,074
$2,001,185; deferred income on land instalment sales contract receivable,
$8,999; reserve for contingencies, $35,000; $4 dividend cumulative conver¬
tible preferred stock, $152,040; common stock ($1 par), $384,994; capital
surplus, $315,329; earned surplus, $450,042; total, $4,056,553.—V. 152,
P.
4142.
In
1,160,950
Net from
Inventories
def5,099
$25,501
def6,810
def6,889
$32,379
def5,372
def 13,788
333,715
54,107
18,692
311,279
49,211
17,703
$39,592
def3,035
312,047
50,440
railway
f
Net from railway
Net ry. oper. income—
—V. 152, p. 3516.
20,979,114
7,404.422
4,053,661
19,275
x
_—_
5,734,661
3,973,379
v;:. :;.-:V
p.3835.
v.
Virginia & Truckee Ry.—Abandonment—
*
'
6,055,969
4,298,206
*
-
and including non-operating income-net.—V, 152,
After depreciation
x
The
June
Commerce Commission on
Interstate
18 issued a certificate
permitting abandonment by S. C. Bigelow, receiver of a branch line of
railroad extending from Carson City to Virginia
City, approximately 21
Nevada.—V. 124, p. 503.
miles, in Ormsby, Lyon and Storey Counties,
Virginian Ry.—Earnings—
Net from railway
Net ry. oper. income—
152,
p.
1938
$1,433,538
664,604
929,791
1939
$1,206,520
534,220
397,371
10,463,688
5,835,642
7,420,497
3,553,115
4,510,145
2,634,814
7,461,501
3,441,567
2,769,063
$2,094,490
1,192,306
2,994,039
Gross from railway
—V.
1940
1941
$2,535,553
1,482,783
878,497
10,314,941
5,380,186
May—
Gross from railway
Net from railway- — —
Net ry. oper. income—
From Jan. 1—
''Vv .'
4142.
563,744
a
b$194,297
b$144,600
$45,756
loss$41,437
After depreciation, Federal income and capital stock taxes and other
b Equal to $1.42 per share of common stock in 1941 and
a
deductions,
98 cents per share in 1940.—V.
152, p. 1774.
Warner & Swasey Co. (&
Sell., gen. & admin, exps.
Gross profit
Other income,
.-
1938
2,541,510
$5,834,975
3,055,374
1,780,904
1 937
$9,126,828
4,425,802
1,729,042
$7,074,648
51,662
$2,210,940
49,956
$998,696
35,149
$2,971,982
9,729
$2,260,896
9,123
$1,033,846
6,484
$2,981,712
profits taxes (est.)— a3,735,000
on undistributed
profits (est.)
Adjust, of prior years tax
Cr21,297
436,550
207,000
CY49.329
——b$3,371,283
$1,864,553
$811,361
82,597
942,550
83,177
227,460
dividends
60,759
1,468,825
Includes $1,935,000 excess
a
414,000
Z>r35,002
Dr9,000
$1,930,846
83,240
'
230,946
b Equal to $4.19
profits taxes,
3,200.000
3.200,000
5,819,420
10,916,060
5,249,527
9,943,389
Treasury stock._ Z>r719,522
jDr719,522
--...50,370,677 47,170,551
761,900
—50,370,677 47,170,55
Total
Western Pacific RR.
Co.—Equipment Trusts Awarded—
$2,650,000 1 %% equipment
Ripley & Co., Inc., and
Drexel & Co. on a bid of 98.938, or an interest cost to the
road of 1.973%. . The certificates mature in 1 to 10 years.
The certificates were not reoffered to the public, all having
been immediately placed.
The company on July 1 awarded
trust certificates to Harriman
Salomon Bros. & Hutzler and associates bid 100.323 for 2s and
protested
Their bid, which was conditional, represented an interest cost
basis of 1.94%.
A bid of 98.839 for 1 %n, an interest cost basis of 1.97%, was submitted
the award.
by Harriman Ripley A Co., Inc., and associates.
Halsey, Stuart & Co.,
Inc., and associates bid 100.09 for 2s.
Harris, Hall & Co. and associates
bid 100.213 for 2Hs and a group
for 2Mb.
headed by Blyth & Co., Inc., bid 100.3993
•' :";:V
1941
$1,745,053
401,854
217,878
From Jan.
1940
$1,499,121
322,425
1939
$1,299,094
139,963
133,211
def 17,644
7,808,573
1,829,178
863,077
Gross from railway
Net from railway
Net ry. oper. income
6,362,030
1,021,473
182,677
per
share
152,
p.
5,658,879
4,748,217
530,801 defl ,087,968
defl89,624 defl ,826,534
(& Subs.)—Earnings—
1941
$2,200,433
480,464
189,292
revenues
Balance for interest
1940
$2,145,270
506,375
12 Months Ended May 31—
Operating
161,421
Balance for dividends and surplus
p.
1938
$1,150,869
def145,368
def276,918
3835.
Western Public Service Co.
x
_
1—
Gross from railway
Net from railway
After depreciation and including non-operating
income, net.—V. 152,
3991.
Western Ry. of
Alabama—Earnings—
1941
$184,200
35,650
12,149
May—
Gross from railway
Net from railway
Net ry. oper. income.-.
dividends
Paid-in surplus ...
Represented by 300,000 shares $4 convertible pref. stock and 600,000
no par common stock,
b After reserve for depreciation of $10,c Represented by 7,900 shares of
preferred stock at cost, and 16,871 shares of common stock, at cost.-—
V. 152, p. 2414.
-
862
Surtax
Common
300,820
235,953
expenses-
A conting.
969,912 in 1941 and $10,818,315 in 1940.
601,000
Preferred
538,567
ance
insur¬
shares
Normal income & excess
Netprofit
896,373
401,478
for
Earned surplus
—V.
1939
$9,237,082
4,817,499
2,208,642
$7,126,311
41,325
Income deductions
43,164
437,882
and
Fed.
State taxes
Reserve
c
x
Total income
33,924 '
Cash value life ins.
Net ry. oper. income
Subs.)—Earnings—
1940
Calendar Years—
Gross sales less disc., &c.$19,027,259
Cost of goods sold.
9,411,101
Res. for
195,485
1,680,560
May—
June 14, '41 June 17, *40 June 17, '39 June 17, '38
Net profit
2,179,100
cos.
Earnings for May and Year to Date
Wagner Baking Corp.—Earnings—
24 Weeks Ended—
3,148.678
payable
Capital surplus...
114,893
1,658,931
;
^
4,830,000
a
1940
1941
$22,176,150 $19,958,872
Balance for interest
rec-
Mlscell. investm'ts
def51,827
Virginia Electric & Power Co.—Earnings—
12 Months Ended May 31—
Operating revenues
Balance for dividends and surplus
dlvs. payable.—
0,100,000
Pref. and common
Loans A advances.
Total
.
4,551,391
21,034,091
Accts. A bills
Prepaid
Gross from railway
Due affiliated
245,380
2,504
$52,735
7,216
6,505
Net ry. oper. income—
From Jan. 1—
1938
1939
1940
1941
May—
191,885
A accrd. liabils.
Cash...
Gross from railway
770,072
130,694
in
liquidation
Earnings—
572,639
expenses
Accounts
cos...
banks
20,571,786
Res. for idle plant
3,890.828
affiliated
$
5
Notes pay. to bks.
Inv. in A advs. to
Cash
Liabilities—
Capital stock.—20,571,780
a
b Real est., plant,
June 1 '40
May 31 '41
June 1 *40
$
Assets—
able
Utah Ry.
July 5, 1941
Consolidated Balance Sheet
From Jan.
898,668
186,642
82,401
1939
$137,361*
15,874
3,439
725,424
87,682
33,802
1938
$129,997
16,074
4,688
697,377
98,19i
36,111
1940
$147,193
18,192
;
9,474
653,362
52,596
def2,649
1—
Gross from railway
<
Net from railway
Net ry. oper. income
—V. 152, p. 3517.
.
•;
of common stock.
Western Reserve Investing
Consolidated Balance Sheet Dec. 31,1940
Assets—Cash, $4,727,645; trade notes and accounts receivable, $2,563,490; inventories, $2,182,247; investments and other assets, $281,577;
property, plant and equipment (net), $3,766,187; deferred charges, $47,548;
total, $13,568,694.
Liabilities—Accounts payable, $1,915,553; accrued Federal capital stock
and other taxes, $89,488; Federal taxes on income (est.), $3,735,000;
account
payable to unconsolidated subsidiary, $60,418; common stock
(803,135 no par shares), $2,407,630; capital surplus, $133,537; earned
surplus, $5,227,068; total, $13,568.694.—V. 152, p. 3362, 2725.
Washington Ry. & Electric Co.—Earnings—
,
stocks of subsidiaries:
Potomac Electric Power Co
The Washington & Rockville
called
Wheeling & Lake Erie Ry. —Earningsrailway
Net from railway
Net ry. oper. income
Interest on marketable securities and from other sources
Total income
General expenses.
Taxes, other than income taxes
Provision for Federal income taxes
Interest on funded debt
Amortization of discount and expense on funded debt.
865,338
172,259
131,930
$753,371
150,044
86,072
7,852,695
2,732,602
1,649,009
6,327,575
2,105,314
1,671,366
4,865,196
1,245,448
975,151
3,646.649
1—
Net from railway
Net ry. oper. income
—V. 152, p. 3835.
Directors have declared a dividend of 10 cents per share on the common
stock, payable July 3 to holders of record July 1.
Last previous distribution
was made in December, 1939 and amounted to 50 cents per share.—V. 152,
p. 3834.
White Rock Mineral Springs
Wilson &
3,570
1,200
Directors
income
—
dividends
•
$3,326,611
425,000
on
declared
dividends
dividends and surplus
$2,901,611
Note—Provision for Federal income taxes for the 5 months ended May 31,
1941, has been made at the rate of 24%, as provided in the existing law.
No provision has been made in the accounts for any additional Federal
income and excess profits taxes which may be levied under a 1941 Federal
Revenue Act.—V. 152, p. 2725.
Wayne Pump Co.—Earnings—
a
[Including Domestic Subsidiaries]
31—
1941
$337,414
share of capital stock
$1.16
6 Months Ended May
Net profit
Earnings per
a
_
Net sales
Cost
of sales.
—
_
Deprec. & amortizationOperating profit
Other income
Total income
Interest
Federal and State taxes.
Net
profit
Preferred
Common
dividends
dividends
Surplus.,
Shs.
com.
stk. (no par).
Earnings per share
Inc. (& Subs.)—Earnings
583,648
571,938
622,325
$2,281,881
209,300
$1,919.767 loss$880,794
172.,160
141,449
$2,953,158
$2,491,181
45,949
$2,091,927 loss$739,345
716,110
91,480
$3,146,341
50,558
649,152
$1,729,122
876,300
291,565
$561,258
583,129
$1.46
110,798
413,711
122,799
$1,567,418loss$953,623
193,183
876,700
510.238
$2,446,631
878,700
1,086,000
$691,118def$2340,561
$481,931
876,300
583,129
$1.18
583,129
Nil
share
on
account
of
Co.—Proposed Acquisition—
filed an application (File 70-342) under the Holding Company Act
regarding the proposed acquisition from the North American Co. of all of
the common stock of two of its associate companies, Wisconsin Gas &
Electric Co. and Wisconsin Michigan Power Co., consisting in each case of
300,000 shares with a par value of $6,000,000.
The securities are to be
acquired in exchange for 1,265,000 shares of Wisconsin Electric Power Co.
common stock having an aggregate par value of $12,650,000.—V. 152, p.
pany
Woodall
Industries, Inc.—Earnings—
9 Months Ended
a
May 31—
Net profit
b Earnings per share
May 31 *41
June 1, '40 June 3, '39 May 31, '38
$47,015,116 $40,945,153 $38,346,822 $47,452,906
44,144,978
38,441,738
38,655,678
43,877,423
588,257
per
3992.
profits taxes.—V. 152, p. 2257.
Wesson Oil & Snowdrift Co.,
$1.50
Aug. 15, respectively.—V. 152, p. 2107.
The Securities and Exchange Commission announced June 30 that com¬
1940
$409,381
$1.41
After charges and Federal income taxes, but before provision for excess
9 Mos. Ended—
of
the $6 pref. stock, payable Aug. 1 and Sept. 2 to holders
of record July 15 and
Wisconsin Electric Power
common
Co.—10-Cent Dividend—
Co., Inc.—Accumulated Dividends—
have
accumulations
Balance for
614,194
375,141
$3,540,000
13,750
150,000
8,864
125,558
—
Other interest charges
Preferred
1940
$1,423,829
537,697
415,829
$3,712,614
75,301
35,292
145,083
Ry. Co. of Montgomery County
Capital Transit Co
Net
1938
1939
1941
$1,947,263
'
791,373
313,009
May—
Gross from
Gross from railway
on
Corp.—Bonds Called—
of $300,000 15-year 5M% gold
for redemption on Aug. 1
debentures due Feb. 1, 1944,
at 105 and accrued interest.
Payment will be made at the Guaranty Trust Co. of New York.—V. 150,
total
been
From Jan.
Earnings for the 12 Months Ended May 31, 1941
Dividends
A
has
579.200
$2.71
1941
$332,968
$1.11
1940
$315,000
$1.05
1939
$91,813
$0.30
a After depreciation, Federal income taxes (excess profits tax in 1941), &c.
b On 300,000 shares of capital stock.—V. 152, p. 2107.
Worcester Suburban Electric Co.—$1.25 Dividend—
Directors have declared a dividend of $1.25 per share on the common
stock, payable June 27 to holders of record June 19.
Dividend of $1 paid
on March 28, last; $1.35 paid on Dec. 27 and Sept. 27, 1940; $1.10 paid on
June 28,1940; one of $1 was paid on March 29,1940, and dividends totaling
$4.60 per share were paid during 1939.—V. 152, p. 2107.
Yazoo &
Mississippi Valley RR.-
May—
Gross from railway
Net from railway
Net ry. oper. income
From Jan.
Earnings—
1941
$1,506,966
525,882
325,146
1940
$1,364,113
466,365
249,546
1939
1938
$1,176,244
382,490
188,486
$1,103,452
6,672,133
2,005,533
1,049,587
6,149,774
1,770,923
707,337
5,584,485
1,503,875
515,087
5,571,153
1,585,897
502,445
355,063
143,220
1—
Gross from railway
Net from railway
Net ry. oper. income
—V. 152, p. 3835.
Volume
The Commercial &
153
115
Financial Chronicle
BE
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRV GOODS—WOOL—ETC,
COMMERCIAL EPITOME
Thursday Night, July 3, 1941.
Coffee—On the 30th ulto. futures closed 23 to 25 points
net
lower.
another
Following the
week-end announcement
growing ceiling price list, coffee futures, after
seasonal
highs
on
climb to new
a
Friday, developed weakness early yester¬
day and ended with losses of 23 to 25 points.
141 lots.
Within the market itself there
that
new.
was
remain
that
commodity would be added to the Government's
Freight rates, it
was
was
Sales were
nothing much
announced, would
unchanged from Brazil to Atlantic and Gulf ports in
the United States at $1.10
Spot
On the
1st inst. futures closed 13 to 16 points net higher for the
Santos contracts, with sales totaling only 83 lots.
Nothing
developed in the news to provide fresh incentive to pur¬
chases.
Presumably the market was discounting the pros¬
pect of minimum prices in Brazil or at least a higher basis on
sales of new crops than currently prevails for spot coffee.
Trade and Brazil buying was noted along with scattered
commission house buying.
Hedge selling and profit taking
by operators and the trade supplied offerings.
Conference
coffee freight rates from Brazil to United States Pacific ports
for July were unchanged at $1.40 a bag for one port and
$1.45 for two ports, a cable to the Exchange reported.
On the 2d inst, futures closed 6 to 9 points net higher for
prices did not weaken
any
a
bag for Aug. shipments.
with the drop in futures.
the Santos contract,
with sales totaling 82 lots.
The Rio
points higher to 1 point lower, with sales
totaling 10 lots. In Brazil the spot price on Rio 7s advanced
200 reis and was at a new high of 22 milreis per 10 kilos.
Brazil by decree set up the machinery for minimum prices,
although the basic minimum levels were not yet announced.
The regulations follow the pattern of those fixed by Colombia
more than six months ago.
Also a 35% sacrifice quota was
fixed on the 1941-1942 crop.
Another item of news was that
Colombia had fully entered the first year quota of 3,202,637
bags.
Today futures closed 2 points off to 3 points up for
the Santos contract.
Only one contract was traded in the
Rio division.
Santos coffee was 13 to 24 points lower in
early afternoon.
The decline was on a small volume and
selling eventually dried up.
The Rio contract was off 3
points, with December at 7.57c. One Rio notice was issued.
Reports from Washington wholly unofficial, that OPACS,
and some think even that the State Department, ,are not
pleased by Brazil's minimum price regulations, and were
the primary factor responsible for the hesitant tone and the
scattered profit taking.
contract closed 5
Rio coffee
July
September
prices closed
follows:
7.74
March
May
7.79
__
7.57 trad.
December
Santos coffee prices
July
September
closed
Price
.
11.26 trad.
11.36
-
-
ulto.
Administrator
concerning ceiling price
follows:
May
..11.12
Cocoa—On the 30th
as
March, 1942
10.85
.11.04
December
lower*
as
7.31
.7.46
_
on
futures closed
Henderson's
12
points net
announcement
cottonseed oil adversely influenced
sentiment in Wall Street, and in sympathy with the general
market weakness cocoa prices dropped substantially. Trading
the market today was scattered.
Selling was largely
liquidation, although a small amount was against actuals.
Warehouse stocks today were
1,400,619 bags, against
1,390,957 bags on Friday.
From Africa 32,000 bags were
cleared, and afloat supplies from Brazil were 75,000 bags.
Local closing
July 7.49; Sept. 7.56; Oct. 8.60; Dec. 7.67;
Jan. 7.71.
On the 1st inst. futures closed 12 to 11 points net
lower, with sales totaling 285 lots. Rumors of a price ceiling
renewed luqidation in the cocoa market, which broke prices
about 20 points. 'During early afternoon losses ranged from
16 to 19 points.
The open interest was down 34 lots, stand¬
ing at 7,085 lots this morning.
Warehouse stocks continue
to accumulate.
The increase overnight wsa 8,200 bags.
It brought the total up to 1,408,810 bags, compared with
1,062,028 bags a year ago,
Local closing
July 7.37;
Sept. 7.44; Dec. 7.55; March 7.66; May 7.74.
On the 2d inst. futures closed 10 to 11 points net higher,
with sales totaling 119 lots.
Trading in cocoa was Small,
turnover to mid-afternoon totaling' only 50 lots.
Prices were
steady, reflecting a little more confidence in the market.
Nothing has developed to confirm private reports of a price
ceiling and quotas.
One July notice was issued, bringing
the total so far to 17.
It was stopped promptly.
The open
interest decreased 26 lots on yesterday's decline, standing
this morning at 7,059 lots.
Warehouse stocks continue to
in
pile up.
They increased 4,300 bags overnight,rtotaling
1,413,171 bags compared with "1,067,173 bags a year ago.
Local closing: Sept., 7.54; Dec., 7.65; Jan., 7.69; Mar., 7.77;
May, 7.84; July, 7.92. Today futures closed 4 to 5 points
n^t, lower, with sales totaling 135 lots.
The cocoa market
after holding steady this morning eased off as tired liquida¬
tion came into the ring.
It appeared that some holders were
unwilling to carry their contracts over the long holidays. The
cocoa market will not reopen until next Monday.
The list
was 4 to 6 points lower, with a turnover of 80 lots up to
early afternoon. The open interest increased by 12 contracts
yesterday, totaling 7,071 lots this morning.
Warehouse
stocks increased 4,959 bags overnight to set a new high
record for the year of 1,416,130 bags.
A year ago stocks
totaled 1,066,658 bags.
Local closing: July, 7.43; Sept.,
7.50; Dec., 7.61; Mar., 7.72; July, 7.87.
;
;
Sugar—On the 30th ulto. futures closed 1 to 2 points net
lower for the domestic contract, with sales totaling 260 lots.
The world sugar contract closed 1}4 to 2%. points net lower,
with sales
totaling 338 lots.
The raw sugar market was
neglected. Nearby sugars were available at 3.50c. a pound,
but generally speaking sellers wanted 3.55c.
In- the refined
market all eyes were on the National Sugar Refining Co.
because of fears that unless that company successfully nego¬
tiated a new contract with its employees within a few hours
a strike would be called.
Tomorrow will be last notice day
and last trading day on
July contracts. One hundred and
thirty-three notices will be issued, it is reported.
On the
1st inst. futures closed unchanged to 1 point off for the
domestic contract, with sales totaling 133 lots.
The world
sugar contract closed 2%, to 1 point net higher, with sales
totaling 269 lots. The trade appeared to be awaiting devel¬
opments in the raw sugar market where buyers and sellers
were apart.
Holders asked from 3.50 to 3.55c. for raws
while refiners were unwilling to pay more than 3.45c., it
was said.
A favorable development was the news that the
employees of the National Sugar Refining Co. remained at
work in spite of the fact that their old contract has expired
and no new one has been negotiated yet.
In the world
sugar market prices were firmer when it was learned that
tenders on July contracts had been
promptly stopped.
On the 2d inst. futures closed 3 to 4 points net higher for
the domestic contract, with sales totaling 99 lots. The world
sugar contract closed }/% to 2 points net lower, with sales total¬
ing 345 lots. The domestic market derived its firmness from
the absence of pressure in the raw market and reports that
Japanese boats already booked for carrying sugar to the
United States had been canceled.
on
American boats.
This
happened awhile
ago
Raws in prompt positions were
proba¬
bly available at 3.50c. National's plants are reported still
operating pending an agreement on a new labor contract to
replace the one which expired on June 30th. Today futures
closed 4 points up to unchanged for the domestic contract,
with sales totaling 137 lots. The world sugar contract closed
\lA points off to unchanged, with sales totaling 132 lots.
There was still nothing done in the raw market, where
sugars were offered at 3.50c. against bids of 3.45c.
It was
believed nearby Puerto Ricos might be had at 3.48c.
Re¬
fined sugar consumption, according to all trade reports, has
been definitely at a good pace over recent months. • The only
fresh news was a report that Britain has permitted sugar
among other foods to go to Casablanca and certain other
ports in French Colonial Africa.
It is not believed a large
amount of sugar was involved, nevertheless traders feel this
may open the way for a larger business.
Prices closed
as
July.............
September.
follows:
._
...
November.
January. 1942
.....
Further
......
__._2.62 March
2.54 May
.2.56 July
__2.59
Reallotment
of
2.61
..2.64
2.66
Philippine 1941 Sugar Quota
Deficit Announced by AAA
The reallotment
of
a
value, in the Philippine
other than Cuba
deficit
sugar
of 42,173 short tons, raw
quota to foreign countries
announced June 27 by the Department
This is in addition to a previous reallot¬
ment of a deficit of 73,232 tons made by the Sugar Division
of the Agricultural Adjustment Administration on April 11
(referred to in these columns of May 10, page 2939).
The
deficit, reallotment of which is required under the Sugar Act
of 1937, was prorated on the basis of the quotas in effect for
of
was
Agriculture.
such countries.
The announcement further
The total deficit represents the
sugar quota
explained:
difference between the 1941 Philippine
of 1,098,968 short tons, raw value, established under the Sugar
Act of 1937, on June 9, 1941, and the amount of sugar which may
mitted free of duty
Philippines
Act).
be ad¬
into the United States from the Commonwealth of the
under the Tydings-McDuffie Act
(Philippine
Independence
The quantity of sugar permitted to enter duty-free is 800,000 long
tons of unrefined sugar
and 60,000 long tons of refined sugar. or the equi¬
valent of 982,663 short tons, raw value, on the basis of 1940 polarization
figures.
The Commercial & Financial Chronicle
116
The revised
1941
for foreign countries other than Cuba
quotas
are
follows:
raw
July
to
Country
value.]
September.,.
Reallotment
of
Second Philippine
*
from Second
Philippine
Deficiency
Quota
*
...
29
13
1,136
481
680
245
41
18
5,687
19,105
426
180
606
China and Hongkong.________
Costa Rica
Dominican Republic
Dutch East Indies
Guatemala.
42
1,616
825
.
674
285
1,864
"■■■■•.*.: 786
2,927
Mexico
12,137
6,144
17,281
Nicaragua
20,566
8,716
29,282
22,364
9,477
31,841
23,517
Peru
16,517
706
299
Venezuela
584
247
...
1,005
831
2 244
Sub-total
99,514
42,173
141,687
1,882
0
1,882
101,396
42,173
reserve
for
Raw
Since
Sugar
June
in
143,569
was
Highest
September, 1939
Cottonseed
contracts.
For the first six months of 1941,
pound
per
as
the average duty paid price for
raw
July
August
September.
against 2.80 cents for the corresponding
_____
The average for the January-June period of 1941 is the
highest since 1937 when the price for the similar six months period averaged
3.53 cents per pound.
!
The average price for refined sugar,
during the month of June,
against 4.37 cents per pound for the
October
r
1941
same
was
month last year.
The average for the January-June period of 1941
highest since 1937 when the price for the corresponding six months
averaged 4.74 cents per pound.
Sugar
Exports in
.
.
April
Declined,
While
Stocks
Advanced
Exports of sugar from Java'during April amounted to
65,862 short tons, a decline of 13,746 tons, or 20.9%, from
the
by
same
B.
month
a
year
ago,
according to advices received
W.
Dyer & Co., New York, sugar economists and
brokers.
Stocks as of May 1 were estimated at 623,744 short
tons, a gain of 453,267 tons, or 265.9%, from the same date
a
The firm's announcement further said:
year ago.
Production
tons.
during April
small,
was
amounting to approximately
12,725
However,
by the end of May operations were increasing with 25
The latest estimate of the present crop is approximately
1,907,000 short tons as compared with a 1940 crop of 1,769,254 tons.
mills
grinding.
With
the
markets
of
present
because
stocks
is
of
large
crop,
and
war
the
ship
big carryover,
shortages,
a
and
the
continued
loss
large
of
many
expansion
anticipated.
Japanese Sugar Production Estimate 24% Lower
The latest estimate of sugar production in
Japan for the
is 1,116,173 short tons, according to the latest
reports received from Tokyo, by B. W. Dyer & Co., New
York, sugar economists and brokers.
This is a decline of
351,241 tons, or 24% from the 1939-40 crop of 1,467,414
The firm further said:
The present crop estimate is
official
estimates
of
the
crop.
nearly 200,000 tons less than the earliest
The harvesting period
normally extends
from November to June.
Japan produces
sugar.
a
principally
This year's beet
sugar
cane
sugar,
and
a
small
production is estimated
decline of 5% from the 1939 40 crop of
at
amount
of
beet
29,756 short tons,
31,347 tons.
Lard—On the 30th ult. futures closed 17 to 20
points net
lower.
Further sharp losses were recorded in
prices at the
outset, with opening quotations down 25 to 45 points, under
fairly heavy selling through commission houses.
Prices
were down 145 to
150 points from last week's
high as a
result of the pressure the past two
days.
The weakness in
hog prices was also a depressing influence and no doubt
accelerated the declines.
A
strong factor in the early
declines of lard prices was the 100
point decline in cotton oil.
Hog prices at Chicago closed 25 to 35c. lower.
Sales ranged
from $10.35 to $10.75.
Western hog
marketings totaled
day last year.
points net higher.
The opening range was 20 to 25
points higher, but gains of
32 to 40 points were recorded
by midday.
Heavy profittaking erased much of these gains.
The hog market con¬
74,900 head, against 83,400 head for the
On
the
1st
inst.
futures closed 2
to
same
5
tinued to show strength, with sales
ranging from $10.25 to
$10.75.
Western hog marketings were
moderately heavy
and
totaled 67,900 head, against
78,200 head last year.
On the 2d inst. futures closed 15 to 20
points on the active
deliveries. The market ruled firm
during most of the session,
fairly active. Opening quotations were 20 to
points net higher. Chicago hog prices were
mostly 10c.
1 higher on continued light run to market.
Western hog
J receipts today totaled 51,600 head, against 55,500 head for
with trading
32
the
same
per
cwt.
day last year. Sales ranged from $10.25 to $10.85
Today futures closed 2 to 8 points net higher.
iirm
was
the
last few
Oil sales
>
yesterday, including
switches, 96
Prices closed as follows:
__11.25@11.75. |November_-_________ll.09@ nom.
11.25 @ nom. j December
11.07@11.09.
_11.24 @11.27.1 January, 1942
____11.08@lll0.
11.09@11.11. | February
11.08@ nom.
lower.
Dec., 21.15; Mar., 20.85.
1940-41 crop
tons.
L
O
15 points
Liquidation accounted for transactions of 380
tons on the Exchange today, against 120 tons last
Friday.
Open interest as of June 27 amounted to 1,773 contracts,
compared with 1,751 on June 26.
The spot month closed
5 points higher.
Reports of a ceiling price for free rubber
continued but they were still only reports when business
closed.
Local closing July, 21.10; Sept., 21.25; Oct., 21.15;
Dec., 21.15; Jan., 21.05.
On the 1st inst. futures closed
unchanged to 5 points net higher, with sales totaling 19 lots.
Trading in rubber was negligible, only 2 lots changing hands
to early afternoon.
At that time Dec. rubber stood at
21.11c., off 4 points.
Trading is virtually at a standstill
while the Office of Production Management works out de¬
tails of the rubber control whereby the Government will
be the sole importer of rubber and will set up quotas for
manufacturers.
The Singapore market was unchanged to
l-32d. lower.
Open interest here stood today at 1,695
lots, a decrease of 38 lots.
Local closing
Sept., 21.25;
net
4.90 cents per pound as
compared with 4.41 cents per pound during the
as
similar period of 1940.
10-62
Rubber—On the 30th ult. futures closed 5 to
net cash at New York, including
For the first six monts of 1941, the average price for refined
sugar was
4.72 cents per pound
10.57
holding firm also.
Crude S. E., val. nom.
_______
period in 1940.
excise tax,
10.37
10-32
10-45
H
10-17
days, with do¬
Quotations: Linseed
Oil in tank cars—10.6 to 10.8.
Chinawood: Only nominal
market.
Coconut: Crude: Tanks, nearby—.0734 to .0734;
Sept.-Oct.—.0634 to .0634; Bulk—.0634Corn: Crude:
West, tanks, nearby—1234 bid. Olive: Denatured: Drums,
spot—$3.50 to $3.75.
Soybean: Tanks, old crop—.09%
bid; Oct.-Dec.—.0834.to .0824. New York l.c.l.—13.1 bid.
Edible: Coconut: 76 degrees—13?^ bid.
Lard: Ex. winter
prime—1134 offer; strained—11 offer.
Cod: Crude: Not
quoted. Turpentine: 4834. to 5034- Rosins: $2.42 to $3.13.
nouncement added:
3.24 cents
10.07
10.37
10-07
243ie.
Oils—Linseed oil
The average price for raw sugar, duty paid basis at New
York, for the month of June, 1941 was 3.48 cents per pound
as compared with 2.70 cents for the same month last
year.
The June, 1941 average is the highest monthly
average since
Sept., 1939 when the figure was 3.65 cents per pound, ac¬
cording to Lamborn & Co., New York.
The firm's an¬
sugar was
CHICAGO
Fri.
Thurs.
........
mestic seed futures
Total
Price
IN
Wed.
10.05
10.27
Skinned, loose,
20 lbs.,
9,834
7,000
United Kingdom
Average
9.85
c. a. f.—14 to 16 lbs., 25%c.; 18 to
Bellies* clear, f. o. b. New York—6 to 8 lbs.,
2034c.; 8 to 10 lbs., 2034c.; 12 to 14 lbs., 1834c. Bellies:
clear, dry salted, boxed, N. Y.—16 to 18 lbs., not quoted;
18 to 20 lbs., 1434c.; 20 to 25 lbs., 1434c.; 25 to 30 lbs.,
1434c.
Butter: firsts to higher than extra and premium
marks: 3534 to 3634c.
Cheese: State, held '40, 2534 to 2634Eggs: mixed colors: checks to special packs: 25% to 2834-
2,640
6,907
17^c.
959
Haiti, Republic of
Honduras
Unallotted
Tues.
Pork—(Export), mess, $29,873^ (8-10 pieces to barrel);
family (50-60 pieces to barrel); $22.50 (200-pound barrel).
Beef: (export), steady."
Family (export), $21.50 per barrel
(200-pound barrel).
Cut meats: pickled hams: picnic, loose,
c. a. f.—4 to 6 lbs., 17%c., 6 to 8 lbs.,
17^sc.; 8 to 10 lbs.,
59
13,418
—_
Salvador
9.80
10.05
10-15
11-35
FUTURES
Revised
Deficiency
January, 1942
1941
Man.
10.25
.....10-35
.10.55
December
Increase Resulting
Quota Prior
Argentina
Java
LARD
9.97
_____
October.
1941
is the
OF
Sat.
[In short tons,
Canada,
July 5, 1941
DAILY CLOSING PRICES
as
t
On the 2d inst. futures closed 5 points net lower, with sales
totaling only 20 lots.
Dealings in rubber continued on a
limited scale, only 18 lots changing hands to early afternoon,
of which 40 tons represented exchanges for physical rubber.
The trade in general is awaiting details of the new marketing
set-up.
The Singapore market closed unchanged to l-16d.
lower.
Open interest in the local market today stood at
1,676 lots, a decrease of* 19.
Local closing: Sept., 21.20;
Dec., 21.10. Today futures closed 5 points off, with sales of
only 6 lots, and all in the September contract, which closed
at 21.15.
Dealings in rubber were at a standstill, only six
lots changing hands to early afternoon, of which four were
exchanges for physical rubber.
It also was reported that
shipment offerings were light.
The entire trade is awaiting
the working out of details of the new trade set-up.
It is re¬
ported that the Government is anxious to preserve intact
the existing private dealer and importer machinery during
the duration of the national defense emergency.
The market
early afternoon was unchanged.
Singapore cables were
unchanged to l-32d. lower. Open interest in the New York
market decreased 20 lots, totaling 1,656 lots this morning.
in
Hides—On the 30th ult. futures closed 5 to 8 points net
Both the spot and futures hide markets are still
lower.
waiting for clarification of the question of differentials be¬
tween some grades of hides in the spot market, which is now
being actively discussed.
As a result, activity in both
markets is almost at a standstill.
Only 9 futures contracts
were
sold today.
Prices under these circumstances are
merely backing and filling.
Spot sales last week were re¬
ported at only about 20,000 hides, although according to
some reports, an additional 40,000 hides were sold without
official reports.
Local closing: Sept., 14.40; Dec., 14.35;
Mar., 14.35; June, 14.35.
On the 1st inst. futures closed
10 points up to unchanged.
Transactions totaled 2,160,000
pounds or 54 contracts, while the trade continued to await
clarification on the question of differentials between certain
grades of hides in the spot market, now being actively dis¬
cussed.
With widespread confusion and uncertainty ruling
on this matter, markets are restricted to dull
backing and
filling.
Spot sales likewise remained at a low level.
Local
closing: Sept., 14.50; Dec., 14.35; Mar., 14.35; June, 14.35.
On the 2d inst. futures closed 10 to 3 points net lower,
with sales totaling only 16 lots.
The opening was unchanged
compared with previous finals.
The market held steady
,
Volume
The Commercial & Financial Chronicle
153
during the morning and prices by 12-30 showed advances of
about 10 points.
Transactions amounted to three lots. Cer¬
tificated stocks of
hides in warehouses licensed
by the ex¬
change decreased by 699 hides to 269,285.
Open interest
today stood at 968 lots, a decrease of 12.
Local closingSept., 14.40; Dec., 14.32.
Today futures closed 20 to 10
points net lower, with sales totaling 56 lots.
The market
opened 3 points lower to 3 points higher.
Prices continued
to decline during the
morning and prices by early afternoon
were 24 to 17
points below the previous close.
Selling was
caused by a decline in the South American
spot market.
Transactions totaled 1,640,000 pounds.
Certificated stocks
of hides in warehouses licensed
by the exchange decreased
by 2,263 hides to 267,022.
Open interest increased 9 lots,
totaling 977.
Local closing- Sept., 14.20; Dec., 14.22.
Ocean
market
Freights—Dullness prevailed in the
during the week
Charters:
West
Indies
so
ocean charter
Charters included: Time
far.
trade,
$9
to
$11
Canadian trade, $7.50 asked
per ton.
South African trade, $7.50 to $8
per ton.
asked
ton.
North of Hatterasper
North of Hatteras-
East Coast South
America, $8 to $9; West Coast, $8 to $9
per ton.
United States Pacific-Far East, $8.25 per ton.
Coal: Hampton Roads to Rio de
Janeiro, $11 to $11.50 per
ton asked.
Hampton Roads to Montevideo, about $12 per
ton asked.
Hampton Roads to Buenos Aires, $12 per ton
asked. Hampton Roads to
Lisbon, $16. Sugar: Philippines
to United States Atlantic $25
bid, asking $30. Queensland
to Halifax-St. Johns, $21
per ton.
Ore: South Africa to
Hatteras, $18 f.i.o. per ton; Brazil to Sydney, N. S.f $12.50
per ton.
Philippines to Baltimore, $18 bid. Linseed: Plate
to North of Hatteras, $22 on
berth, $24 per ton on full
cargoes (foreign ships).
t,
,
Coal—Production of Pennsylvania anthracite for the week
ended June 21st is estimated at
1,210,000 tons, compared
with 1,278,000 tons in the
previous week and 1,159,000 tons
in the comparable period of 1940.
These figures indicate a
decrease of 68,000 tons, or about
5% from the previous week,
but an increase of 51,000 tons over last
year.
Production for
the
year to date is 24,673,000 tons, a gain of
2.1% over last
year's figures of 24,172,000 tons.
The production for the
same period of 1929 totaled
33,895,000 tons.
Production of
soft coal increased
slightly in the week ended June 21st, the
total output being estimated at
10,300,000 tons, a gain of
150,000 tons, or 1.5% over the preceding week's level of
10,150,000 tons.
Production in the
corresponding week of
1940
was
Aug. 2.92; Sept. 2.92; Oct. 2.92H; Dec. 2.92; Jan. 2.92.
On the 1st inst. futures closed 2
He. to lc. net lower.
Sales
totaled
65
statistics
other.
lots.
on
As
Traders
the
the 30th
result
a
they had difficulty in making up their
During early afternoon prices were
unchanged to lHc. lower.
Consumption of silk was better
than expected in June.
The price of crack double extra silk
minds
on
the markets
in the uptown spot market declined
2He. to $3.01
Prices on the Yokohama Bourse closed 12 to 20
pound.
lower.
price of Grade D silk in the outside market declined 15
yen to 1,615 yen* a bale.
Open interest in the local market
today stood at 1,700 lots, a decrease of 23 lots.
Local closing
July 2.89; Aug. 2.89H; Sept. 2.89H; Oct. 2.91; Jan. 2.91.
The
On the 2d inst. futures closed 2 to 3c. net
higher, with sales
firm tone during
covering absorbed light offerings.
During early afternoon price advances averaged 2 He- Turn¬
totaling 35 lots.
The market maintained
most of the session.
was
123.5c. nominal.
In grease wool the
steady at 1 to 4 points
closing
was
quiet and
net
lower, with about 15 lots or 90,000
equivalent pounds sold.
Only the July and Oct.
positions were active, with a range of 1 to 2 points.
Boston
wired that territory wools were
quiet, but there were a few
sales of fleece wools
reported.
Foreign apparel wool brokers
reported quiet conditions also.
The Buenos Aires wool
clean
to that time totaled 19 lots.
In addition ten bales were
tendered on contract.
The price of crack double extra silk in
the New York spot market declined
He. to $3.00H a pound.
On the Yokohama Bourse
prices closed 1 yen lower to 3
over
yen
higher.
Grade D silk in the spot market was 5 yen lower at
yen a bale.
Open interest in the local market this
morning was 1,164 lots, a decrease of 6.
Local closing:
July, 2.91; Aug., 2.92; Sept., 2.92; Oct., 2.93; Dec., 2.93.
Today futures closed 4 to 5He. net higher.
Transactions
1,610
totaled 116 lots.
Interest in silk was quickened by news
that Japanese ships were
being withdrawn from the United
States service and that one vessel scheduled to sail from Kobe
with a cargo for America had been halted.
New
buying and
short covering of silk contracts caused
prices to advance as
much as 4c. a pound.
Sales to early afternoon totaled 28 lots.
Twenty bales
double
silk
in
the
was
1 peso lower to
H peso higher, with
quoted at 46.00 nominal per 10 kilos.
Local closing:
Wool Tops: July, 123.0;
Oct., 119.7; Dec., 118.4; Mar.,
117.9.
Grease Wool: July, 94.0;
Oct., 93.7; Dec., 93.6.
On the 2d inst.
futures closed
unchanged to 4 points net
higher for wool tops, with sales estimated at 90 lots or 450,000
pounds comparing with 290,000 officially reported for the
previous day.
Demand was reported largely from trade
sources.
Spot certificated tops were quoted 3 points up at
123.8c. a pound.
In grease wool about 30 lots or 180,000
clean equivalent pounds were sold.
Trading appeared for
the first time in the Mar.
position, and that ana Oct. and
Dec. were all active at 93.5c. a
pound.
There was some
The market closed 1
to 2
points off.
Spot grease
wool was 93.8c.
nominal, clean basis, or 2 points lower.
Local closing: wool tops:
July, 123.4; Oct., 119.8; Dec.,
118.6; Mar., 117.9.
Grease wool; July, 93.8; Oct.,
93.5;
Dec., 93.5; Mar., 93.4. Today futures closed 1
point up to
4 points off for wool tops.
Transactions totaled approxi¬
mately 100,000 pounds of tops.
Grease wool closed 3 to 4
points net lower, with total sales to midday estimated at
about 36,000 clean equivalent
pounds.
Local closing: wool
tops: July, 123.5; Oct., 119.4; Dec., 118.2; Mar.,
117.7;
May, 117.0. Grease wool: Oct., 93.2; Dec., 93.1.
Silk—On the 30th ulto. futures
closed 2c. to 5c. net lower.
The market dropped
considerably today as a result of mixed
selling from commission houses and Japanese sources, in
line with softer tendencies in most
commodity markets.
Sales totaled 490 bales or only 49 contracts.
Following early
declines of 4c.
oc.
tending to
to
lower.
ease
6c.,
the
market steadied and closed net
Trade circles
believe
any
developments
tension between the United States and
Japan
The price of crack
contract.
on
market
spot
unchanged at
$3.00H a pound. Open/nterest in the contract market this
morning was 1,071 lots, an increase of 7.
In Yokohama
Bourse prices closed 7 to 15
yen lower.
Grade D silk in the
outside
was
market remained
unchanged at 1,610 yen a bale.
July, 2.95; Aug., 2.96; Sept., 2.97; Oct.,
Local
closing:
2.97H-
b
COTTON
Movement of
the
Crop, as indicated by our tele¬
from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 53,576
grams
bales, against 64,570 bales last week and 78,427 bales the pre¬
vious week, making the total
receipts since Aug. 1, 1940,
3,781,270 bales, against 7,063,780 bales for the same period
of 1939-40, showing a
decrease since Aug.
1, 1940, of
3,282,510 bales,
-vw
Receipts at—
Sat.
Houston
New Orleans
Mon.
1,186
3,131
3,090
Galveston
1,874
4,691
14,433
Tues.
.
Wed.
2,542
Thurs.
2,219
2,430
7,324
5.414
Fri.
Total
910
2,032
1.722
8,731
17,698
26,569
Holi¬
'
Mobile
''
143
'•*
_
Charleston.
/V'
Totals this week.
7,407
143
day
*
435
435
5,099
53,576
....
20,998
7,956
12,116
The
following table shows the week's total receipts, the
since Aug. 1, 1940, and the stocks
tonight, compared
total
with last year:
1940-41
Receipts to
Oct.
to
tendered
were
extra
futures market
switching.
a
Trade
Thursday Night, July 3, 1941.
points decline.
Spot
quoted unchanged at 94.0c. nominal, clean
basis.
Boston reported a waiting market
today with no new
business appearing.
Local closing: Wool Tops: July, 124.1;
Oct., 121.6; Dec., 120.4.
Grease Wool: July, 94.1; Oct.,
94.0; Dec., 94.0.
On the 1st inst. futures closed 11 to 20
points net decline.
Sales were estimated at 55 lots or
275,000
pounds.
Spot certificated tops were lc. or 10 points off at
wool
a
yen
The
ult.
futures closed
unchanged to 1
point lower for wool tops, with sales estimated at 12 con¬
tracts or 60,000 pounds.
Spot certificated tops declined
lc. or 10 points, to 124.5c. nominal.
In grease wool 15 lots
or 90,000 clean
equivalent pounds sold here and the market
closed quiet at 1 point advance to 3
3c.
were
confronted with favorable
hand and weak Eastern markets on the
one
7,898,000 tons.
Wool—On
grease
117
would tend to lower silk
values, with the opposite to be ex¬
pected if tension increased.
Local closing
July 2.91;
1939-40
Stock
V
July 3
This
Houston
-
_
This
Since Aim
Week
Galveston
Brownsville
Since Aup
1, 1940
Week
1,1939
8,731
;
17",698
_
Corpus Christ!
Beaumont
New Orleans.
•
\
■.
...
...
26",569
_
Gulfport....
.
Mobile
"143
__
700,601
15,596
1,421,871
149,257
8,588
1,317,243
10,529
34,026
Pensacola.
761
26
,Jacksonville
Savannah..
Panama
"'
'mi'J,
City
m-'jk
8,445 1,774,861
41,153
.1,090 2,082,513
i,U
179,248
71,685
16,703 2,477,623
161",762
42
•'
fm
w
jm
54,593
1,882
66,576
'
"
~
-
47,394
Wilmington
Norfolk.
New York
15
'
"435
...
1,001
;
'■
v.
'■
^
^
'
m-
*
610,870
678
1,365
113,123
'
146,760
38,821
96,208
587,177
54,297
69,720
*
"
^
^
38,565
45,971
10,372
34,854
~,'«
47
231
m
■
""94
....
Totals
949,691
64,495
99,812
469,039
,8,500
55,355
1,946
~
'
18,531
29,156
7,100
20,576
'
—
m
m
—
—
Boston.
Baltimore
1940
653,642
760
w
m
'
Charleston
Lake Charles
*1941
919,638
53,576 3,781,270
30,446
20,611
9,500
25,890
13,641
2,270
22,122
25,522
4,181
6.950
34,530
5,000
3,100
950
27,653 7.063,780 2,859,032 2.305,456
Included in Gulf port.
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Receipts at—
Galveston
1940-41
Houston.....
8,731
17,698
New
26,569
Orleans.
Mobile
6,952
7,496
7,229
42
2.184
174
1937-38
2,921
o,569
1936-37
571
1935-36
502
47
2,570
6,940
1,712
1,448
4,656
1,451
2,112
1,789
1,585
"""435
Wilmington..
7,122
1,292
387
359
646
231
All others.—
53,576
"""183
27
263
178
429
341
94
Norfolk
Total this wk_
1938-39
8,445
1,090
16,703
1.001
143
Savannah....
Charleston
1939-40
2,145
518
1,096
3,637
27,653
26,363
17,684
17,059
13,381
3
Since Aug. 1__ 3,781,270 7,063,780 3,454,453 7.089,181 6,264,404 6,699,012
The Commercial &
118
of cotton for the week ending July 3 reach a
bales, against 42,392 bales in the corresponding
date last year and 27,441 bales in the same week two years
ago.
For the season to date aggregate exports have been
858,668 bales, against 5,947,830 bales in the same period
of the previous season and 3,257,510 bales for the season
to date
two years ago.
Due to restrictions placed on
information regarding exports, we are obliged to omit our
The exports
total of 2,263
usual detailed tables of cotton exports.
In addition to above exports, our
telegrams tonight also
give us the following amounts of cotton on
cleared, at the ports named:
shipboard, not
#
On
Leaving
Ger¬
Great
France
Britain
Other
Foreiyn
Slock
Coast¬
many
wise
Total
919,138
949,691
Houston
New
i",66o
Orleans,.
f,66o
468,039
144,760
30,446
55,355
25,890
262,213
2,000
2",000
Savannah
Charleston....
Mobile
Norfolk
Other
ports...
500
2,000
6,997
2,566
1941..
1940-Total 1939-Total
Speculation
during
active
799
national
cotton
in
the
political
3,351
past
3,037
4,030
future
for
week,
1,000
3,660
9,221
"804
generally firm.
that ceiling
3,500 2,855,532
14,498 2,290,958
19,967 1,738,231
delivery
was
with the undertone
quite
of the
The trade continued confused over
developments.
Leon
Henderson
stated
prices for goods and combed yarns were flexi¬
ble, and if the price of cotton rose the ceilings would be
adjusted
in
trading
a
news
thunderstorms
and
while
upwards.
Meanwhile,
leaders
of the farm bloc
The Weather Bureau reported showers
and
central
in
conditions
cloudy
partly
The market was more or
15,000 bales.
affair during the forenoon.
There was a
on the crop, probably because of the immi¬
of the Fourth.
nence
forecast for the western
belt
eastern
with
territory,
also
showers
were
area.
quotation for middling upland cotton in the
The official
New York market each day for the last week has been:
Sat.
Mon.
Tues.
Middling upland 15-16 (nom'l) .15.33
1 5.24
15.33
June 28 to
Total
market
volume of
less
dearth of
500
500
Galveston
October and December. It is be¬
of the buying represented
hedge lifting.
Private cotton crop reports point to an
acreage somewhat less than 25,000,000 acres and estimates
of yield range from 11,600,000 bales to 10,750,000 bales.
Today prices closed 2 to 4 points net lower.
Cotton
moved within narrow trading confines as pre-holiday even¬
ing up transactions accounted for the bulk of the dealings.
Late this afternoon prices were 1 to 3 points net lower.
The opening was unchanged to 2 points lower.
Features of
the early trading were the selling attributed to Bombay
accounts and the buying orders from New Orleans.
The
persistent Southern buying readily absorbed the offerings
by Bombay, chiefly of March and May cotton, in an esti¬
latter principally in
the
lieved that a certain percentage
mated
Shipboard Not Cleared for—
July 3 at—
July 5, 1941
Financial Chronicle
July 3—
Fri.
Hoi.
Wed. Thurs.
15.43
Premiums and Discounts for Grade and
15.40
Staple—The
following table gives premiums and discounts for grade and
staple in relation to the grade, Basis Middling 15-16 inch,
established for deliveries on contract on July 10.
Premiums
and discounts for grades and staples are the average quota¬
tions of 10 markets, designated by the Secretary of Agri¬
culture, and staple premiums and discounts represent full
discount for % inch and 29-32 inch staple and 75% of the
average premiums over 15-16 inch cotton at the 10 markets
on July 2.
Congress and leading trade interests are expected to re¬
new
29-32
15-16
Inch
1 Inch
31-32
Inch
fight to prevent the issuance of ceiling prices on
the
Ineh
Inch
and
Up
agricultural commodities or their by-products.
On the 28th ulto.
prices closed 47 to 53 points net lower.
Heavy selling converged on cotton futures here today as
numerous
commodity interests attempted to discount the
effects of Price Administrator Leon Henderson's assertion
after the close of the markets on
be
a
ceiling would
cottonseed oil futures far below current market
Prices at the close were barely steady, 47 to 53 points
placed
levels.
below
Friday that
on
Numerous selling orders were in the
market to be executed at the opening and initial prices were
easy, 36 to 42 points net lower.
Western and Wall Street
previous finals.
interests
were
active sellers at the start, and the declines
uncovered stop orders, which added to the pressure. Numer¬
ous trade ana spot house buying orders were uncovered on
the initial break, and prices recovered to within 13 to 16
points of the previous closing levels.
Spot cotton sales for
the week at the 10 designated spot markets amounted to
81,017 bales, against 94,103 bales the previous week and
40,390 bales last year. On the 30th ulto. prices closed 3 to
9 points net lower.
The cotton market fluctuated nervously
because of the activities of Washington in regulating prices,
the list standing 1 point lower to 6 points higher late this
afternoon.
Prices broke about a dollar a bale during the
early trading, following the decline of about $2.50 a bale
Saturday. The decline was in further response to news that
price ceilings had been established on certain Lines of cotton
goods at levels below the open market. Trade firms were
buyers on the decline while commission houses, spot brokers
and the South sold.
Bombay did not do much trading here
but prices fell sharply on the Bombay market.
Trade
buying persisted on the decline and eventually caused the
market tide to turn as liquidation spent its force.
By early
afternoon prices not only had recovered losses, but actually
registered net gains of as much as 8 points. The Agricul¬
tural Marketing Service reported that spot cotton business
last week was limited largely to dealings in 1938 loan cotton
which is becoming scarcer.
On the 1st inst. prices closed 7
to 11 points net higher.
Cotton recovered its recent trend
and recovered strongly under moderate trade and mill buy¬
ing, which disclosed a relative scarcity of contracts. In late
afternoon hedge selling erased a portion of the advance, gains
then ranging from 10 to 13 points.
Contracts were scarce
at the opening with the result that prices rallied 5 to 7 points
on the first call as trade buying easily absorbed the limited
offerings. After the opening the market's tone strengthened
perceptibly when trade and mill interests continued to bid
for cotton.
Before noon prices had registered neti gains
ranging from 13 to 18 points.
Bombay brokers did little
here although Bombay cables were slightly lower.
The
Bureau of Agricultural Economics estimates that disappear¬
ance
of American cotton this
season
will reach
a
total of
the 2d
inst.
Improved trade buying, attributed to price-fixing against
sold to the Government, rallied the cotton market
a
hesitant start,
prices during early afternoon regis¬
The opening was steady, 1
lower in fairly active dealings.
tering gains of 7 to 16 points.
(point
higher
Bombay
was
to 2
.33
on
.43 on
.55
on
.61
on
.70
on
.26
on
.37
on
.49
on
.55
on
.64
on
Good Middling
.20
on
.31
on
.43
on
.49 on
.58 on
Strict Middling
.08 on
.19
on
.30
on
.37
on
.46
on
on
.14
on
.11 off
Basis
.06
.71 off
.61 off
.51 off
.45 off
.36 off
1.36 off
1.31 off
1.27 off
1.23 off
............
Low Middling
Extra While—
.43
on
.49 on
.58 on
.30
on
.37
on
.46
on
.06
on
.14
on
Good Middling
.20
on
.31 on
Strict Middling
.08
on
.19
Middling
.22 off
.11 off
Even
Strict Low Middling
.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
Low Middling..
on
Spotted—
.05 off
.11 off
points
credited with being the principal seller, offer¬
.34 off
.23 off
.46 off
.36 off
.23 off
.18 off
.11 off
.93 off
.84 off
.72 off
.65 off
.59 off
a
Middling
a
Middling spotted shall be tenderable only when and II the Secretary
culture establishes a type for such a
on
of Agri¬
grade.
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
Total
the
days:
SALES
Spot
Contr'ct
Total
"700
Nominal
Barely steady,
Barely Steady..
Steady
5~200
5,200
Nominal
Steady
"600
1.300
1.900
400
100
Nominal
_
Nominal
_
Steady...
Nominal...
"700
-
500
HOLI DAY
1,700
week.
Since Aug.
same
'
Closed
Closed
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
on
Futures
Market
Spot Market
129.509
I
8.300
6,600
64,800 194,309
Futures—The highest,
York for the past
lowest and closing prices at New
week have been as follows:
Saturday
Monday
Tuesday
June 28
June 30
J my 1
Wednesday
July 2
Thursday
July 3
Friday
July 4
July (1941)
Range..
14.61-14.72 14.42-14.42 14.47-14.57 14.51-14.66 14.58-14.61
Closing
14.50n
14.41n
14.50n
14.60/t
14.57n
14.55n
14.47n
14.56ft
14.65n
14.62 ft
14.60n
14.54n
14.62n
14.71n
14.67ft
.
August—
Range..
Closing.
September
-
Range..
Closing
.
October—
Range..
Closing
.
14.63-15.04 14.48-14.75 14.59-14.77 14.67-14.83 14.72-14.83
14.73
14.77 —
14.69
14.64-14.68 14.61 —
NovemberRange..
Closing
.
14.72n
14.65n
14.73n
14.82ft
14.79ft
Range..
Closing
.
14.70-15.12 14.57-14.85 14.68-14.86 14.77-14.93 14.81-14.93
14.77-14.80 14.70-14.71 14.77-14.78 14.87-14.88 14.85 —
Jan. (1942)
Range..
Closing
.
14.72-14.99 14.56-14.84 14.68-14.86 14.78-14.92 14.92-14.93
14.85ft
14.87n
14.77
14.78 —
14.68 —
February—
14.79n
14.70n
14.80ft
14.90 n
14.58ft
March—
.
14.75-15.16 14.59-14.90 14.72-14.90 14.84-14.98 14.88-14.99
14.92 —
14.93n
14.84 —
14.78-14.80 141.73 —
_
14.80n
Range..
Closing
April—
Range
Closing
14.72ft
14.83ft
14.92n
14.91ft
May—
Range..
Closing.
14.78-15.17 14.60-14.88 14.72-14.90 14.83-14.97 14.89-14.97
14.91 —
14.92ft
14.80-14.83 14.72-14.73 14.83 —
June—
Range..'
Closing.
active
n
HOLI¬
DAY
December—
10,000 bales, mostly in May.
That selling was countered by
buying by professional operators and trade support,
.03
Good Middling
Strict Middling
ings from that quarter being estimated at the ringside at
.22 off
1.42 off
Middlings.
Strict Low Middling
Closing.
prices closed 8 to 11 points net higher.
goods
after
Middling Fair
Strict Good Middling
Range..
10,700,000 bales.
On
White—
Nominal.
Volume
The Commercial & Financial Chronicle
153
Range for future prices at New York for the week ended
July 3, and since trading began on each option:
Option for—
Range for Week
Range Since Eeginning of Option
The
decreased
July
August
14.42
June 30 14.72 June
14.48
June 30 15.04 June 28
8.70 Oct.
June 30 15.12
June 28
9.28 Dec. 19 1940 15.33 June 27 1941
June 30 14.99
June 28
9.49 Feb. 17 1941 15.30 June 27 1941
8.59 Aug.
28
119
show
totals
interior
same
have
stocks
bales and
tonight
period last year. The
are
than
more
week last year.
Quotations for 32 Years
_
October
November.
the
39,876
7 1940 15.01 June 27 1941
New York
September
that
during the week
321,746 bales more than at the same
receipts of all the towhs have been 107,161 bales
in the
1941—
above
18 1940 15.25 June 27 1941
.
December— 14.57
1942—
14.56
January
February
The quotations for middling upland
(nominal) at New
York on July 3 for each of the past 32
years have been
as follows:
1941*.. -15.40c.
1940
-10.70c.
1933
10.40c.
1925
1932
1931
5.95c.
10.35c.
1924
9.87c.
9.12c.
1930
13.60c.
...
March- 14.59
June 30 15.16 June 28 10.43 Mar. 17 1941 15.37
June 27 1941
April
1939
1938
May
14.60
June 30 15.17
June 28 13.16 May
19 1941 15.17 June 27 1941
June.--——
1937
Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
—
—
—
—
1936
1935
1934
Volume of Sales for Future
...
...
—
...
—12.49c.
1929—18.35c.
1928
22.35c.
-12.49c.
—12.45c.
1927
-12.30c.
17.15c.
1926—18.25c.
23.80c.
29.75c.
1917
1923
1922
27.25c.
1915
1914
1921
12.00c.
1920-- —_39.75c.
1919
34.35c.
1918
New York
June 27 June 28 June 30
July 1
July 2
July 3
1910
telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
-1940-41Since
Shipped—
Contracts
Week
Via St. Louis
Via Mounds, &c
October
39,500
December
59,700
200
33,600
65,700
1,500
20,200
50,700
1,100
34,600
32,700
1942—
h
2,400
3,300
2,100
1,100
1,400
27,600
51,000
56,500
51,600
26,600
18,300
369,800
May
37,500
32,700
37,500
18,000
23,000
178,700
192,000 193,900 175,700 100,100 104,200
h
20,392
h
h
94
h
167
h
h
h
h
6,285
h
-18,352
18,352
Total to be deducted
July 1
3,094
9,666
h
h
203
-18,149
Open
June 25 June 26 June 27 June 28 June 30
h
h
..21,238
Deduct Shipments—
Overland to N. Y., Boston, &c_.
h
6,546
h :■
-
New Orleans
""95
h
1,359,300
Total all futures
h
h
,.fl4,000
x
March
January
Aug. 1
5,237
2,300
h
484,600
See
Since
Week
h
714
-
*15,500
283,100
1,200
28,600
31,700
-1939-40-
Axug. 1
9,157
3,700
„
..
1,900
11.95c.
14.70c.
15.35c.
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
July 2
..
30.70c.
*1941 quotation is for 15-16ths.
1941—
July
9.60c.
13.25c.
12.45c.
1913
1912
1911
July 3—
Open
23.75c.
25.65c.
12.95c.
1916
Contracts
•
Leaving total net overland *._
June 30
*
2,886
h
13,846
h
Including movement by rail to Canada,
h We withhold the totals
so as to allow for proper adjustment at end of
crop year.
Estimated. *
since Aug. 1
1941—
JUly—
2,100
1,400
500
29,650
34,500
20,150
21,500
33,550
33,700
19,550
110,400
22,450
26,750
24,750
110,150
1,400
200
100
100
300
4,900
24,650
13,550
21,250
29,500
8,600
8,500
18,850
15,850
33,000
11,200
111,850
59,200
a
25,050
October
December
2,350
500
,
1942—
See
January
March
May---
-1940-41
In
Sight and Spinners
x
-
Takings
Week
1939-40
Since
Since
Aug. 1
Week
Aug. 1
Receipts at ports to July 3
53,576
Net overland to Juiy 3
2,886
Southern consumption to July 3 —190,000
h
h
27,653
h
13.846
h
h
130,000
.246,462
.*39,876
h
171,499
*59,086
h
'
Total all futures
x
*'v
100,900
65,300
96,700 108,250
Not available at time of going to press.
89,300
421,550
* Includes 1,400 bales against which
Interior stocks in
notices have been issued, leaving net open contracts of 14,100 bales.
over
excess
.206,586
1940
1941
Closed
15.30d.
8.34d.
10.40d.
1939
5.61d.
7.82d.
1938
5.16d.
12.85d.
6.28d.
5~3ld~.
e.ild.
8.37d.
4.29d.
4.17d.
6.04d.
4.38d.
the
North, spinn's'takings to Juiy 3—
*
Decrease,
detail below:
H
.
Movement to
Towns
July 3,
Season
Week
6,492
Ala., BIrm'am
a2,000
Selma——
54
Ark.,Blythev.
Forest City
394
Helena-
m
m
-m
a
296
Hope
Jones boro—
Little
Rock
1,333
alOO
Newport
Pine
949
Bluff.
Walnut Rge
W
'«»
—
277
Ga., AlbanyAthens
10
al ,000
Atlanta
Augusta
5,207
a400
Columbus..
Macon
Rome
a
Columbus.-
a 500
646
a
Greenwood.
Jackson—.
Ship¬
ments
Week
Season
233
48,952
Week
July H
,,
5
52,181
439
14,155
158
6,491
3
16,650
467
al.OOO
93,158
501
68,254
185
6,785
74,660
527
46,740
4,330
39,941
759
43,837
13,272
141,349
54,781
168,663
65,861
16,163
36,467
143,145
297,363
5,087
29,253
1,000
84,682
1
171,496
3,397
22,383
31
a500
23,738
176
32,345
71,096
1,657
1,064
1,629
25,407
38
41,149
92
*
240
22,583
3,770
106,779
21,781
47,433
28,360
a500
2,380
120
788
175
114,399
38,764
142,532
1,011
1,842
63,007
400
396
a400
1,160
a500
21,170
62,689
5
15,402
142
170,670
171,911
4,140
97,910
1,429
17,200
39,464
200
116,271
29,500
26,757
40,244
37,993
6,546
34,176
31,564
23,553
118,592
2,381
"
32,726
33,198
189,477
29,200
719
48,436
109,600
31,630
32,676
10,208
36,741
:
12,199
1,076
a2,500
9,295
333
-
2,832
29,900
40,451
16,540
146,070
155,655
a500
32,366
500
1,581
58,706
45,148
658
167,863
9",088
a500
26,729
48
22,670
575
774
242,587
1,560
200
318
741
'
199,226
a2,500
16,776
«..» m »
108,653
50,493
75
*•
<-
36,001
54,678
31,561
29,758
49,880
12,565
12,459
10,857
981
8,211
i
34,266
7,333
60
8
25,666
5,648
a500
Natchez
Vicksburg..
5
20,236
85
51
28,121
371
Yazoo City.
101
2,322
48,194
284
Mo., St. Louis
9,006
33,194
562,623
8,592
19,698
9,157
2,208
5,2U
396,157
5,237
N.C., Gr'boro
301
9,566
153
2,694
115
5,212
34
13,182
30,327
4,537
1,455
15 towns *_
3,699 467,214 15,638
al,500 129,760 a3,000
Tenn., Mem's 113,070 4656,561 113,459
434
826
48,600
Texas, Abilene
Austin
21
127
20,213
279
335,024
842,812
2,963
2,238
40,767
520,939
a
■
35
Oklahoma—
S. C., Gr'vllle
Brenham.
Paris.——
San
_
Waco
12,977
912
_
22,216
2,241
6,518
13
as
4,406
113
1,078
22,065
12,759
to allow
for
at Other Markets—
closing quotations for middling cotton at
Southern cotton markets for each
day of the week:
Closing Quotations for Middling Cotton
Saturday
Monday
Tuesday
Wednesday
on—
Thursday
Friday
July 4
K
Galveston
15-16
%
15-16
%
15-16
Vi
16-16
H
15-16
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
13.93 14.13 13.88 14.08
New Orleans
14,
In.
15-16
In.
14.04 14.24 14.00
14.15 14.35 14.12 14.32
14.26 14,46 14.21
14.02 14.22 13.98
14.37 14.52 14.33
-
14.30 14.50 14.30 14.50
14.30 14.50 14.30
14.10 14.30 14.05 14.25
Augusta
14.40 14.60 14.40114,
14.62 14.87 14.58 14.
Memphis
14.51 14.76 14.46 14.71
14.00 14.25 13.95 14.20 14
14.10 14.35
Houston
13.98 14.18 13.93 14.13.14
14.09 14.29
Little Rock.. 13.90 14.15 13.86 14.10 13
Dallas
13.85 14.10 13.80 14.05113
14.10| 14,
14.05jl4.
14.00 14.25 14.00 14.
13.96 14.21 13.92b4.
♦Holiday.
New Orleans Contract Market—The
for
leading contracts in the New Orleans
the past week have been
as
closing quotations
cotton market for
follows:
Saturday
Monday
Tuesday
Wednesday
June 28
June 30
July 1
July 2
Thursday
July 3
Friday
July 4
1941—
14.505-.51a 14.475-.49a 14.55
July
146051462a 145851460a
October... 14.67-14.70 14.67
14.73
14.81
December. 14.75-14.79 14.75-14.77 14.84-14.85 14.90
1942—
January
-
March
May
.
'•
■' 'V
'*
14.75-14.76
14.86-14.87
HOLI¬
DAY
14.785
14.75 — 14.855 /
14.905
14.875
14.79-14.81 14.79
14.91
149651497a 14.94
14.805-.81a I4.795~.80a 14.905-.91a 149651497a 149351494a
Tone—
Spot
Steady
Futures... Barely st'y
a
Ask.
6
Bid.
n
Steady
Steady
Steady
Steady
Steady.
Steady.
Steady.
Steady.
Nominal.
Unfixed Call Sales of Cotton Increase
64,500 Bales-—
The
Department of Agriculture reported
unfixed
call
sales
of
on
June 27 that
cotton
reported to the Commodity
Exchange Administration increased 64,500 bales during the
week to 603,700 bales on June 20.
Of this number 51,500
bales
were based on the
July future, 108,100 on October,
188,900 on December, of this year, and 2,500 on January,
116,000 on March, 95,100 on May, 31,300 on July, and
10,300 on October, of next year.
The anouncement further
559
980
739
28
52,833
47,923
1,179
1,854
6,755
14,962
"~20
37,321
56,801
44,168 6634,098
Includes the combined totals of 15 towns in Oklahoma,
1,381
1,106
31,849
22,415
684
Total,56 towns 151,329 8334,598 191,205 2383,187
*
7,422
""25
6,778
9,198
102
-
15,749
1,462
38,143
580
-
9,447
52,996
76,246
a2,000
mi
69,001
610
106
77,916
87,517
432
165,372
""II
10,966
mm mm,
1,570 128,531
27,368 3502,986
26,954
'
3
Marcos
Texarkana
91,718
al.OOO
.
Dallas
Robstown.
169,027
so
Montgomery.
Stocks
125,764
16,033
65,428
26,335
143,344
16,249
659
La., Shrevep't
Miss., Clarksd
3
Receipts
60,349
250
Eufaula
Montgom'y
July
Week
h
1
the
are
Norfolk
Movement to July 5. 1940
Stocks
35,710
'
h
Mobile
13.89 14.09 13.86 14.06
Savannah... 14.28 14.43 14.21 14.36
■
1941
Ship¬
ments
Receipts
61,348
h We withhold the totals since
Aug.
Quotations for Middling Cotton
Below
Interior
Towns, the movement—that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
h
proper adjustment at the end of the crop year.
Week Ended
At
112,413
h
4.24d.
8.34d.
h
h
cotton statistics are not
July 3—
*
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
h
h
The Visible
Supply of Cotton—Due to war conditions
permitted to be sent from abroad.
We are therefore obliged to omit our usual table of the
visible supply of cotton and can give only the spot prices at
Liverpool.
h
consumption to June 1.
h
.
a
26
10
83,254 2061,441
Estimated,
stated:
:
Unfixed call purchases increased 400 bales to 63,700 bales on June
20.
Of this number 20,800 bales were based on the July
future, 21,800 on Octo¬
ber, 10,900 on December, of this year, and 100 on January, 5,800 on
March.
2,200 on May, 1,300 on July, and 800 on October, of next year.
The unfixed call sales and purchases reported to the
Commodity Exchange
Administration
are based on New York cotton futures.
Such sales and
purchases are reported by cotton merchants with futures contracts of 5,000
The Commercial &
120
bales
The figures
in a single future,
more
or
The following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
released, therefore, do not
all such transactions.
cover
1940-41 and 1938-39 Cotton Loans—
CCC Reports on
Shreveport
Vicksburg.
Ala
386,144
.
184,731
155,747
La
77,199
Miss
12,738
5,473
.
N.Mex
251,826.69
2,821,017.68
9,896,332.27
6,205,967.26
734,463.51
59,457
N. C..
Okia
210,063
S.C...
122,853
Tenn__
50,755
121,329
240,923
15,137
699
Va_...
Total
12.8
'
the
143,483
137,230
70,222
10,486
4,673
338,133.82
Week
145,221
7,177,765.82
5,570.16
41,248
1,954,931.78
18,517
6,977
887,757.89
351,941.99
Apr.
4.
62,719
2,252
105,160.58
11.
59,025
800
36,671.54
3,194,360.80
486,596.56
215,155.15
1,661,015.12
7,505,181.51
4,887,982.78
734,463.51
48,614,935.90
28,568.74
15,137
.,017,313
3,178,938 153,081,562.45
605
24,676
Recelpts at Ports
18.
2,391,150.76
1,317,984.48
25.
ILI"
A
11,788 2988,790 2570,714
21,385 2920.639 2527,094
13,296 2873,968 2480,117
12,397 2848,100 2454,769
72,250
54,785
46,094
50,671
68,555
61,959
1939
1940
1941
1939
1940
1941
1939
1940
1941
1,160,002.56
50,991
24,782
7,925
25,073
Nil
Nil
2907.928
2807,759
11,165
13,145
25,323
Nil
20.824
2831,095
36.091
2795,440
Nil
Nil
ff
May
2.
07.696
608",316
29,391,779,98
16.
94
5,004.61
23.
75,438
83,347
05.092
11,322
Nil
Nil
17,109
Nil
Nil
21,240
16,498 2802,116 2411,420 2757,237
10,724 2751,529 2360,407 2725,840
15,932 2097,331 2321,071 2692,155
16,953 2651,660 2288,087 2667,674
35,572
41,104
39,262
42,308
30,472
57,306
9.
Nil
Nil
37,570
9,324
Nil
17,870 2011,700 2256,647 2635,929
25,232
Nil
Nil
16,177 2553,544 2220,186 2600,639
23,331 2499,999 2190,925 2570,117
35,193
Nil
Nil
19,766
3,658
Nil
8.083
*
964,436 46,684,864.78
2,214,502 106,396,697.67
Receipts from Plantations
Stocks at Interior Towns
End.
114
6,712,138.82
34,781
159,072
98,071
902,337.13
658,671.68
29.
78,006,715.88
33,573.35
1,625,629
.
18.2
8.8
8.8
Plantations—The following table
each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
7,129
1,750.57
6,878,505.15
37
7,320.73
8,833,436.93
7,599,896.71
3,546,302.79
591,757.14
151
Fla
Ga
18,982
14,337
4,998,654.67
2,660,227.39
5,748,871.13
12,062,289.87
104,385
5,900,991.80
3.324,899.07
0,087,004.95
19,240,055.69
123,367
71,092
128,458
Ark
Texas
9.0
15-3
11.2
from
Receipts
Amount
Bales
Amount
Bales
Amount
Ariz..,
.
9.6
.Above zero of gauge.
Above zero of gauge.
Nashville
Loans Outstanding
Repayments
Total Loans
.
6.1
indicates the actual movement
Bales
Mo
-
3.6
Above zero of gauge.
Above zero of gauge.
Above zero of gauge.
Orleans
Memphis
Slates
.
Feet
Feel
New
follow:
Calif
July 5,1940
July 3,1941
announced on June 26 that
through June 21, 1941, loans outstanding on 1940-41 crop
cotton held by the Commodity Credit Corporation and lend¬
ing agencies aggregate $46,684,864.78 on 964,436 bales.
Cotton loans completed and repayments on loans by States
Department of Agriculture
The
July 5, 1941
Financial Chronicle
June
0.
93,349
13.
27,624
32,919
25,190
but not yet allocated to States, include approxi¬
mately 125,277,221.65 covering approximately 516,182 bales not included in
20.
73,311
78.427
34,047
the above totals.
27.
04,570
40,690
36,239 2455,619 2152,609 2541,961
26,909 2423,063 2100,527 2512,919
Nil
32,014
Nil
Nil
53,576
27,653
26,363 2383,187 2061,441 2490,599
13 700
Nil
4,043
Repayments made,
July
Agriculture Department also announced on June 26
through June 21 j 1941, loans outstanding on 1938-39
crop cotton held by the Commodity Credit Corporation and
lending agencies aggregate 1,076,211 bales.
The
3..
that
standing
1941
Arizona
Elantations was 13,700 bales, the stock atweek.
interior towns
aving decreased 39,876 bales during the
Bales
Bales
317,598
53,342
581,511
114,290
195,144
59,159
135,985
177,953
164,764
13,189
291,970
226,401
65,569
762,317
609,079
153,238
118,793
94,495
16,298
16,363
22,825
i..
_
-
Arkansas
California.
38,332
26,652
695,801
........
279,266
79,994
A labam a
plantations since Aug. 1, 1940, are 4,225,416 bales;
were 6,847,665 bales and in 1938-39 were 4,401,026
bales.
(2) That although the receipts at the outports the
past week were 53,576 bales, the actual movement from
from the
Out¬
Through
June 21,
In Loan
(1) That the total receipts
in 1939-40
Balance
Repayments
Total
Bales
'i
Stales
The above statement shows:
Manchester Market—Our report
Manchester states that the market
by cable tonight from
in both
yarns
__
Georgia.
-
Louisiana
Mississippi....
...
Missouri
39,188
New Mexico..
23,734
20,814
151,065
49,293
3,772
South Carolina
.....
—
320,957
248,604
878,110
150
139
Virginia
....
Total
1,076,211
3,405,715
4,481,926
Upl'ds
d.
d.
14.40
12
s.
d.
s.
13
10.90
4..
il¬
•
0
int cotton used in the products.
{)resent. Those rates were equivalent to about
The subsidy is
paid on cotton products
3
Closed
@13
10,19
13
0
25..
16.19
13
0
@13
@13
14.45
Closed
14.75
12
3
Closed
14.78
12
Closed
14.85
d.
d.
12
3
May
12
3
@12
3
@12
4>£@12
4>£@12
d.
7.84
6
8.12
6
7>£
8.09
7>£
8.07
7>£
8.18
2..
10.19
13
0
@13
3
9..
10.19
13
0
3
Closed
14.74
12
4>£@12
4>£@12
7>£
0
3
Closed
14.08
11 10 >£@12
IX
3
Closed
Nominal
8.14
16..
16.19
13
23..
16.19
13
0
@13
@13
@13
29..
10.19
13
1
@13
4>£
Closed
14.04
11 10>£@12
16.19
13
3
@13
@13
@13
@13
6
Closed
14.04
0
Closed
14.04
11 10M@12
11 10 >£@12
IX Closed
7.25
IX
0
Closed
14.22
12
7X
7.82
6
Closed
14.06
12
4>£@12
6
@12
9
7.60
@13
6
Closed
14.13
12
6
9
7.82
6..
the
16.19
13
3
20
16.19
13
3
16.19
13
3
16.19
'13
_.
27..
2.75 cents a pound on the
July
3--
exported to all foreign countries
discontinued because of countervailing duties on entries of United
States cotton to Canada and because of an unusually favorable competitive
3
@12
7.42
Closed
Nominal
June
13..
under the old program will continue to apply for
s.
Closed
available
Not
ls..
to
July 2 said:
The rates prevailing
d.
Apr.
Continue Subsidy on
Cotton Exports—The Department of Agriculture announced
on July 2 that it would continue to subsidize the export of
cotton products during the fiscal year ending June 30, 1942.
The program will be the same as that in effect during the
last fiscal year.
Associated Press Washington advices of
Department
Agriculture
Upl'ds
Middl'g
to Finest
d.
.
to Finest
ings, Common
Twist
11
Tennessee
Texas
Middl'g
Twist
Cotton
32s Cop
350,586
Cotton
32s Cop
8H Lbs. Shirt¬
ings, Common
SH Lbs. Shirt¬
72,353
1,228,696
for
1940
33,501
53,065
1941
2,920
184,566
North Carolina.
Oklahoma
and cloths
steady.
We give prices today below and leave those
previous weeks of this and last year for comparison:
is
IX
Closed
were
Cotton
position of American exporters in the Cuban market as a result of the war.
During the past fiscal year, cotton products sold for export under the
subsidy program amounted to the equivalent of about 600,000 bales of lint
cotton, the Department said.
This was an increase of more than 40% over
exports under a similar program in the 1939-40 fiscal year.
Returns
by Telegraph—Telegraphic
advices to
us
York
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
are no
Foreign Cotton
Statistics—Regulations due to the war
in Europe prohibit cotton statistics being sent
We are therefore obliged to omit the following
this
from abroad.
tables:
Supply and Takings of Cotton.
evening denote that cotton fields are spotted in most sections
of Texas and drier weather is needed.
Normal warmth
World's
prevailed in most sections of the belt. -Local showers have
Alexandria Receipts
been frequent.
Liverpool Imports, Stocks, &c.
Rain
Rainfall
Days
1
Inches
0.24
High
Texas—Galveston
91
Low
77
Mean
'84
Amarillo
2
1.29
94
58
76
India Cotton Movement from All Ports.
■(
Thermometer——
72
Brownsville
dry
94
93
90
70
76
82
83
Corpus Christi..
dry
91
75
97
98
95
75
72
73
75
All contracts were
86
85
85
94
94
97
96
Liverpool market closed at noon on Monday, Mar. 31.
transferred to March at existing differ¬
ences
and contracts still open at close of business were
liquidated at official value.
The
'
83
dry
and Shipments.
dry
Austin
Del
Rio
...
Fort Worth
dry
*
dry
Houston.
0.15
1
Navasota
dry
Palestine
San
1.67
2
Abilene—
Antonio..
_
0.01
1
dry
Waco
Oklahoma—Oklahoma City.._
Smith
2
0.56
94
3
Rock...
1
1.55
0.03
2.29
94
98
95
Arkansas—Fort
Little
Louisiana—New
Orleans
2
83
74
72
73
66
71
72
82
'
85
85
85
80
83
85
84
84
Vicksburg
3
2
0.27
2.57
1.38
96
95
97
71
70
69 *
Alabama—Mobile.
6
4.75
95
72
82
3
3
2.43
0.88
92
93
71
70
3
4
0.35
3.73
96
89
71
72
82
82
84
2
4
3.72
4.50
90
90
72
72
81
81
2
0.17
92
70
81
2
0.23
92
71
82
2
2
1
2'
0.54
0.71
0.61
1.45
92
88
88
87
70
70
64
69
81
2
2
3
2
0.60
0.51
0.89
0.66
93
87
94
98
70
74
70
73
l
Shreveport
Mississippi—Meridian
Birmingham
Montgomery
Florida—Jacksonville
Miami
Tampa
....
....
Georgia—Savannah
Atlanta.
Augusta
.....
Macon
South Carolina—Charleston...
North
Carolina—Asheville
Charlotte
^
Raleigh
Wilmington.
Tennessee—Chattanooga
Nashville
BREADSTUFFS
84
83
83
81
79
76
78
82
81
82
86
Thursday
Flour—Business
in
the
Night, July 3, 1941.
domestic flour market was rela¬
few days after the fairly heavy
on Tuesday,
and there was
nothing in the news to stimulate additional buying.
It is
reported that modest shipping instructions are ample for
consumers' needs.
Fairly large quantities of flour have
been exported from the United States in recent weeks, and
tively quiet during the past
bookings
again
once
last
by
chain
bakers
shipments from
both coasts were quite large
week.
Wheat—On the 28th ulto. prices
closed 3^8 to 3lAc. net
Heavy selling orders that poured into all commodity
markets on the heels of Price Administrator Leon Hender¬
lower.
son's
"speculation" warning, knocked grain down
sharply
today. Wheat prices tumbled as much as 4c., corn more than
a cent, rye 2l/2 to 5c.
Even with this sharp setback, how¬
ever,
wheat showed net gains of 1 to almost
2c. compared
Volume
with
153
week
a
The Commercial & Financial Chronicle
Mr. Henderson's warning and his dis¬
closure that a "ceiling" is
planned for cottonseed oil well
below current quotations, dwarfed all
other grain market
factors.
While cottonseed oil is not
closely related to the
grain trade, it is competitive with lard and
soy beans and
recent gains in oil have been
accompanied by sharp upturns
of other fats and oils, with
grains and other commodities
being affected sympathetically.
On the 30th ulto. prices
closed 1 to I3^c. net higher. Moderate mill
buying, possibly
ago.
associated with government flour
purchases,
short covering and reinvestment
together with
operations helped to rally
l%c. today, but the advance was
wheat prices as much as
checked by selling in connection with
increased
wheat
new
movement and weakness of
soy
beans and lard. Reports of
German progress into Russia and of the
sinking of a ship
a detachment of
United States Marines
on board served to
unsettle the market.
in the Atlantic with
in
price control operations and proposed
over
legislation also added to confusion.
Eastern chain bakers
were
reported in the flour market and Canadian flour
equivalent to approximately 5,000,000 bushels of wheat was
sold to the United
took
a
Kingdom
over
the week end.
Grain
men
realistic view of government efforts to check
sharp price rises in certain commodities when they considered
the fact that no cereal now is
priced as
more
provided
enacted
under
high as the value
legislation recently
85%
by Congress.
of parity loan
On the 1st inst. prices closed
% to
All grain futures broke
sharply toward the
l%c. net lower.
end of the session
today.
The reaction was attributed to
buying interest and to hedging pressure.
Reports
of purchases of flour
by Eastern millers yesterday bolstered
prices, but heavy receipts in all markets and uncertainties
over the
controversy in Washington regarding price fixing
proposals, forced prices lower. Both
government purchases
lack of
of domestic flour and
exports of Canadian wheat
were
com¬
paratively light all during June and some traders look for an
improvement soon.
The Government
purchases overnight
were
reported at around 500,000 barrels, however.
No
large orders for Canadian wheat have been placed since
early
only five weeks of the Canadian shipping
season
remaining, exports of wheat and flour to date total
135,000,000 bushels, which trade circles said indicated that
in June.
With
for the entire
overseas
season
about
205,000,000 bushels will be
sent
compared with 208,000,000 last year and 176,000
000 two years ago.
On the 2d
inst.
♦
prices closed Vs to *4c. net higher.
Medium-sized mill orders and
purchases of previous short
sellers helped to lift wheat
prices almost lc. at times today.
The market could not hold all its
gain in the face of hedg¬
ing sales associated with liquidation of old and
new "free"
grain and selling inspired by forecast of the
largest domes¬
tic harvest in a
decade, except for that of 1038.
Private
crop experts estimated total 1041
production at
800,000,000
bushels, and their reports showed that while winter
wheat
prospects had declined the past month, this was
more than
offset by improvement in the
spring wheat belt.
The aver¬
age of private estimates of winter
wheat
production
was
lowered 15,000,000
bushels, compared with a month ago, and
33,000,000 bushels compared with the Government's
estimate.
The
June 1
winter
wheat
crop forecast
totaled 665,bushels, or 76,000,000 larger than a year
ago.
Today prices closed % to %e. net higher.
Wheat traders
adjusted accounts for the holiday and made
some sales to
hedge grain put into commercial channels as
prices fluctu¬
ated nervously
today.
Early losses of as much as Vic. were
wiped out later, and equal gains were substituted
at
000,000
times.
Dictator Stalin's admission of losses
injected a new note of
crisis in trading sentiment due
to the possibility
of unusual
developments over the holidays.
Further rains
extreme
in the domestic winter
wheat belt
were
expected to impede
of crop damage.
However, Southwestern markets continued to
receive a cer¬
tain amount of
hedging pressure, although the percentage
harvest
of
free
and
bring additional complaints
wheat
Open interest
arriving at
in
wheat
tonight
terminals remained small.
totaled 41,425,000 bushels.
DAILY CLOSING PRICES OF
WHEAT IN
'
'
Sat.
.
No. 2 red
DAILY CLOSING
,
most
PRICES
OF
WHEAT
Sat.
.
_
.
September
December..
July
September
December
106%
When
June
108
June
109%
June
Made
_
,
July
I
27.1941
27,1941
27,1941
daily closing prices
FUTURES
Mon.
Tues.
IN
Wed.
of
Season's Low and
July.
73 %
CHICAGO
Thurs. Fri.
September
December
73%
96%
H
O
L
When Made
Feb.
17, 1941
Feb.
17,1941
May
31
1941
deliveries.
futures in WINNIPEG
Mon. Tues.
Wed. Thurs. Fri.
Sat.
h
....
__
_
;
o
L
Corn—On the 28th ulto.
prices closed
The sharp break in wheat
;:r ~
\lA to l^c. net
naturally had its influence
on corn values.
Corn derived some
support from shipping
sales of 40,000
bushels, but bookings from the country again
were
fairly heavy, totaling 75,000 bushels. No. 1 white sold
as high as
86h£c. in the spot market and No. 2
yellow was
around 75, equal to the maximum
price on government corn
moving into consumptive channels here. On the 30th ulto.
prices closed unchanged to Ac: up.
Trading in corn today
was
relatively quiet, though the undertone of the market
was
steady during most of the session.
On the 1st inst.
lower.
There
Purchases
shipping demand
On
The
the
2d
was
inst.
market
corn
was
on a
demand from cash inter¬
some
taken in
were
exchange for deferred
were
meager and
to-arrive basis
light,
,
prices closed
%c. lower
to %c. higher.
steady during most of the session.
held
The first estimates of 1941
corn production
averaged 2,488,000,000 bushels, compared with a crop of
2,449,000,000 last
year.
Crop experts pointed out that there have been
reports
of increased
planting of higher-yielding hybrid corn and of
narrowing of rows in many fields.
Today prices closed
unchanged to y±c. down.
Trading was light and without
feature.
Open
V/v-i;
bushels.
interest
in
corn
tonight
19,484,000
was
Yl V
DAILY CLOSING
PRICES
OF
CORN
IN
V*
NEW
YORK
Sat.
Mon.
Tues.
Sat.
Mon.
Tues.
Wed.
73%
75%
77%
73%
75%
77%
Wed. Thurs. Fri,
90%
89%
90
90
89% HOL.
DAILY CLOSING PRICES OF CORN
FUTURES IN CHICAGO
!
No. 2 yellow
.
...
July.....
September
73%
75%
77%
......i...
December..
Season's
High and
July
September
When
75
June
79%
80%
June
June
....
....
Thurs. Fri.
73%
75%
77^
H
O
L
Made
Season's Low and When Made
23, 1941 July
58%
Sept. 23, 1940
23,1941 September
57%
Feb. 17, 1941
23, 1941 December
73%
May 23,1941
..
December
...
..
......
Oats—On the 28th ulto.
prices closed A to lc. net lower.
Oats suffered the least of all the
grains, though considerable
selling developed in this market as a
consequence • of the
Henderson statement about
ceiling prices for cottonseed oil.
On the 30th ulto.
prices closed Y% to l^c. net higher. Some
oats contracts
equaled of bettered the 13 months' highs
recorded Friday, due to
buying attributed to commercial
and professional interests.
Shipping sales of 53,000 bushels
and government purchases of oats
contributed hedge lifting
to the pit.
On the 1st inst. prices closed
% to \%c. net
lower.
Oats were under
pressure most of the session,
On the 2d inst.
prices closed VsC. off to
%c. up.
Trading
was light and
more or
less routine.
Today prices closed
unchanged to %c. off.
Trading was quiet.
DAILY CLOSING PRrCES OF OATS
FUTURES IN
Sat.
July.
July (new)
September (new)
December (new)
and
When
...
Made
|
—
39%
38%
39%
40%
CHICAGO
Tues.
37%
Wed.
....
....
Thurs. Fri.
38%
37%
38
H
O
L
39%
....
Season's Low and When Made
July.
Oct,
30%
9,1940
September
30
Feb. 17,1941
July (new)
33%
May
3,1941
Sept. (new) ..33%
May
3,1941
Dec. (new)... 36%
May 26,1941
_
June
38%
39%
38%
39%
40%
...
-
38%
39%
—
Season's High
July
September
July (new)...
Sept. (new)...
Dec. (new)
Myn.
3734
38%
September
30,1941
30,1941
30,1941
June 30, 1941
June 30, 1941
June
...
June
...
DAILY CLOSING PRICES OF OATS
FUTURES IN WINNIPEG
Sat.
Mon. Tues.
Wed. Thurs. Fri.
July
41%
40%
H
October
36%
36%
O
35%
December
34%
34%
L
33%
....
.
....
....
Rye—On the 28th ulto. prices closed 23^ to 5c. net lower.
was
heavy liquidation of rye commitments and the
There
break in rye values
paralleled closely
Henderson statement
regarding ceiling
the heart out of those
that of wheat.
The
prices seemed to take
long of rye, and the depressing effect
was reflected in the
sharp drop of most commodity markets.
On the 30th ulto. prices closed
Yz to I3^c. net higher. The
strength displayed in wheat values and other
grains natur¬
ally brought a strong response from the rye market, which
showed substantial gains at the close.
On the 1st inst.
prices closed lAc. up to J^e. off. Trading in
rye futures was
relatively light, with fluctuations narrow.
On
the
2d
inst.
prices closed unchanged to %c. higher.
relatively quiet today, with fluctuations
extremely narrow.
Today prices closed %c. up to %c. off.
This
grain
was
First cutting of rye was
reported in southeast South Dakota,
harvesting there is expected to be general within a
week.
Rye prices declined
and
fractionally.
DAILY
CLOSING
PRICES
OF
RYE
Sat.
July...
September.
July (new)
September.
December (new).
.
FUTURES
Mon.
Tues.
IN
CHICAGO
Wed.
Thurs. Fri.
52%
....
H
....
i
55%
....
....
....
....
....
O
57%
_
Season's High
and
60
.....
When
June
June
May
May
June
Made
Season's Low and When Made
27, 1941 July
43
Feb. 21, 1941
27, 1941 September
44
Feb. 21,1941
15,1941 July (new)
54
May 31, 1941
15, 1941 Sept. (new)
54%
May 31, 1941
23,1941 Dec. (new)... 56%
May 23, 1941
DAILY CLOSING PRICES OF RYE
FUTURES IN WINNIPEG
July
54%
September
57%
July (new).— 60%
Sept. (new)... 60%
Dec. (new).
%
—
...
..
Sat.
July.....
October
wheat
October
f
Wed. Thurs. Fri,
-.103% 104 % 10334 104% 104%
-.104% 105% 104 % 105% 105
106% 107% 106M 106% 106%
_
Season's High and
Tues.
*
122% 122% 1215* 123% 123% HOL
,
July
Mon.
NEW YORK
moderate.
more
ests, and July contracts
The controversy
Washington
121
prices closed %c. higher to Y%c. lower.
Weakness of other
commodities influenced corn,
although 'the breaks were
Mon..
57
...
:.r._
....
December...
....
56%
Tues.
Wed.
Thurs.
H
55%
54%
53%
53%
O
L
Fri.
....
DAILY CLOSING PRICES OF BARLEY
FUTURES IN WINNIPEG
Sat.
Mon. Tues.
Wed. Thurs. Fri.
July
52%
52
53%
H
52%
October..
46%
O
45%
December
44%
L
44%
...
....
Closing quotations
were as
follows:
FLOUR
Standard Mill Quotations
Spring patents
First spring clears
,
6.30@6.551 Soft winter straights
6.05@6 30|Hard winter straights
%
6.05@6.30
6.15@6.30
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic
123%
Manitoba No. l.f.o.b.N. Y.
88%
Corn New York—
No. 2 yellow, all rail
89%
Oats, New York—
No. 2 white
Rye, United States, c.i.f
Barley, New York—
40 lbs. feeding
Chicago, cash
48%
70%
65%
55-65
The Commercial & Financial Chronicle
122
All the statements belqw regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended Saturday, June 28, and since Aug. 1 for
The world's
shipment of wheat and
shown in the
following:
bbls 196 lbs
Duluth
—
bush 60 lbs
4,000
I9"6OO
Week
Buffalo
Indianapolis
fit. Louis
136,000
38,000
.
Peoria
Kansas
29,000
City
Omaha.-
—
Since
Since
Week
Since
Since
June 27,
1941
Barley
July I,
July 1,
July 1,
1939
June 27,
1941
July 1,
1940
1940
1939
Bushels
Bushels
Bushels
Bushels
Bushels
bush 56 lbs bush 48 lbs
163,000
478,000
862.000
163.000
No. Amer.
430,000
Argentina-
59~666
318,000
4,000
1,000
271,000
90,000
3,000
5,000
148,000
32.000
664,000
42,000
20,000
32,000
11,000
15,000
75,000
'
.
10,000
56.000
10,000
1,100,000
627,000
30,000
157,000
2,000
277,000
421,000
Tot. wk.'41
388,000
Same wk '39
442,000
9,000
36,000
18,637,000
8,422,000
21,596,000
5,823,000
6,463,000
3.666,000
1,153,000
965,000
317,000
478,000
1,908,000
1,092,000
Total receipts of flour
5,193,000 221,042,000 208,615,000
3,992,000 41,830,000
l,8o6~666 97,871,000 173.918,000
786,000
Corn
Oats
Rye
Total—
6,993,000 329,105,000 459,902.000
York.
Baltimore..
bush 50 lbs
21,000
New
Boston
Philadelphia
bush 32 lbs
990,000
1,213,000
on
2,000
*
6,000
389,000
21,
27.
Corn from the current crop under loan on the above date
was" 102,183,241 bushels valued at $62,263,083.60 against
102,136,342 bushels valued at $62,234,525.37 a week earlier.
Department officials attributed the relatively light receipts
in the loan to recent price advances and the fact that farmers
have until Sept. 30 to place their 1940 crop under loan.
No. Loans
Slate
12,581
1,042
58,920
i.ooo
29,000
22:660
104,000
12,000
7,000
"2:666
—
Missouri
Nebraska
Ohio
41,OCX)
285,000
23,000
Total—
—
5,675,000
1,279,000
542,000
257,000
2,207,000
655,000
35,000
10,000
3,000
65,272,000
16,428,000
2,456,000
1,623,000
1,134,000
*
on
261,670
4,023,114
52,087.28
159,618.70
2,433,722.04
38
18,928
11,280.28
108,469
102,183,241
$62,263,083.60
—
—
CCC to Sell
and Trade Special Milling Wheat—The
of Agriculture announced on June 26 that
pooled wheat from the 1940 crop—wheat acquired from
farmers in settlement of loans—held by the Commodity
Credit Corporation in mill storage in areas where small mills
depend on local supplies for their needs may be purchased by
such mills or exchanged for wheat in other locations.
It
Department
Since Jan. 1
1940
461
—
1,778,904.15
7,873,417.99
671,000
6,286,000 104,692,000
0,372,000
1941
12,937,289
113,150
2,000
Since Jan. 1
Week 1940.
3,445.89
4,834,610.34
5,524
—-
South Dakota
0,260,000
229,000
',41
40,802.90
5,649
96
Wisconsin
Tot. wk.
66,890
7,937,210
2,919,164
North Dakota
4,108,000
Amount
$8,228,255.42
551,155.23
35,916,231.51
379,551.87
9
Minnesota
Can. Atl.
ports
24
Bushels
13,489,420
903,579
68,880,807
626,371
10,352
3,412
15,131
Michigan
430,666
Galveston-.
879
Kansas
Kentucky
~
15,000
14,000
43,731.000
57,013,000 192.979,000
1940 Corn Loans—Less than 50,000 bushels of
Indiana
Barley
bush 56 lbs bush 48 lbs
5,000
138,000
1,261,0(X)
130,000
18,000
35,000
25,000
NewOrl'ns*
bush 00 lbs
2,520.000
4,000
1940 crop corn entered loan during the week ended June
the Department of Agriculture announced on June
Iowa
bbls 196 lbs
5,599,000
115,295,000
24,240,000
6.200,000
and grain at the seaboard ports for
Wheat
Flour
28,354,000
32,035:666
11,293,000
.
countries
Illinois
Receipts at—
22,458,000
"4:660
Other
Report
"3"666
350,071,000 207,517,000 71,545,000 17,963,000 99,110,000
20,402,000 358,340,000 228,827,000 88,973,000 28,687,000 108723000
21,209,OOO'36O,O6O,OOO 269,463,000 101,415,000 25,952,000 94,296,000
1939
1938
Australia
32,000
lY.OOO
Since Aug. 1
1940
19,855,000
f
Black Sea.
*
10,000
33,000
...
Sioux Clty-
Same wk '40
Bushels
132,000
1,599,000
32,000
St. Joseph Wichita
Rye
211,000
268,000
46,000
314,000
1,036,000
102,000
227,000
1,214,000
132,000
877,000
68,000
7,416,000
898,000
341,000
Toledo
bush 32 lbs
1,571,000
1,338,000
—
Milwaukee.
Oats
bush 56 lbs
257,000
4,146,000
195,000
Chicago...
Minneapolis
Corn
Wheat
Corn
Wheat
furnished by
'
Exports
Flour
corn, as
Broomhall to the New York Produce Exchange, for the week
ended June 27 and since July 1, 1940 and July 1, 1939, are
each of the last three years:
Receipts at—
July 5, 1941
Receipts do not Include grain passing through New Orleans for foreign ports
through bills of lading. *
,
The exports from the several
ended Saturday, June 28, and
seaboard ports for the week
since July 1, are shown in
the annexed statement:
was
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from—
Bushels
Barrels
Bushels
Bushels
Bushels
622,000
4,108,000
28,000
Can. Atl, ports—
Total week '41.
4,090,000
a28,000
New York
further announced:
Department officials said that since the current market price is below
the 1941 loan value and a new crop is moving into the market—no general
sales program on pooled wheat is contemplated at this time.
Only mills in
need of the special types and qualities of wheat they customarily grind for
their special product will be supplied under the limited sale or exchange
program.
1,001,000
Pooled wheat in mill storage will be offered for sale to the operators of
small mills at the current market price, but at lot less than the loan value
on the 1941 crop of the applicable class, grade,
quality and location, plus
Since July 1, 1039 147,852,000 28,008,000 8,878,620 4,198,000 3,558,000 10,284,000
storage charges accrued for the 1941-42 storage year.
Pooled wheat in mill storage also may be exchanged with the operators of
such mills for wheat of equal value taking into consideration quality, ware¬
Since
July 1, 1940 170,308,000 22,619,000 6,054,000
Total week'40-
a
'
2,008,000
789,000
145,000
44,360
712,000
2,000
Export data not available from Canadian ports.
visible
The
supply of grain, comprising the stocks in
principal points of accumulation at lake and sea¬
ports Saturday, June 28, was as follows:
house charges and billing, plus a premium of three cents per bushel on pool
wheat exchanged.
Wheat so exchanged may be stored at any favorable
ocation, but must be in an approved warehouse.
granary at
GRAIN STOCKS
Wheat
"
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
130,000
478~666
117,000
173,000
15,000
65,000
1,000
2,005,000
719,000
14,000
13,000
85,000
2,000
355,000
3,000
397,000
44,000
afloat---
Baltimore
...
New Orleans
Galveston—...
4,242,000
7,054,000
3,808,000
0,020,000
Fort Worth-Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
3,416,000
22,698,000
,
•
-
-
City
St. Louis
Indianapolis
Peoria---
Chicago.-—
—
On Lakes
-
Milwaukee
74,000
7,000
1,000
2,000
14,000
255,000
19,000
2,000
7,000
5,000
3,041,000
770,000
1,125,000
1,104,000
482,000
26,000
8,300,000 11,273,000
Detroit
Buffalo
4,825,000
4,777,000
2,321,000
2,000
5,947,000
140,000
336,000
"
afloat----
On Canal
4,000
34", 000
6,000
4,000
192,000
62"66O
2.000
1,109,000
I,037~66O
163,000
14",000
33,006
65,000
24,873,000
20,233,000
115,000
■.
31,000
40,000
247,000
248,000
1,170,000
Duluth—
12,000
1,491,000
2,708,000
Minneapolis
47,000
4.861,000
7,116,000 11,342,000
727,000
1,479,000
Total June 28, 1941.-126,629,000 48,225,000
Total June 21,1941.—119,884,000 50,362,000
TotalJune29,1940--- 85,496,000 24,938,000
96,000
536,000
892,000
2,700,000
435,000
4,000
2,000
479,000
145,000
237,000
811,000" 2,141,000
536.000
68,000
3,123,000
3,746,000
2,934,000
5,482,000
4,749 000
5,518,000
9,158,000
4,694,000
5,770,000
Note—Bonded grain not included above:
Oafs—Buffalo, 444,000 bushels; total,
444,000 busnels, against 258,000 bushels In 1940.
Barley—Buffalo, 84,000 bushels:
total, 84,000 bushels, against 1,222,000 bushels In 1940.
Wheat—New York,
3,195,000 bushels: New York afloat, 830,000; Boston, 2,349,000; Philadelphia,
562,000; Baltimore, 943,000; Portland, 1,156,000; Buffalo, 5,564,000' Duluth,
14,161,000; Erie, 2,254,000; Albany, 2,770,000; on Canal, 225,000; In transit—rail
(U. S.), 4,225,000; total, 38,234,000 bushels, against 24,548,000 bushels In 1940.
Wheat
Canadian—
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Bushels
Lake, bay, river & seab'd 61,791,000
Ft. William & Pt. Arthur 79,229,000
Other Can. & other elev.296,307,000
TotalJune
28,1941.-.426,327,000
Total June 21, 1941.-426,979,000
TotalJune29,1940—254,181,000
432,000
534,000
2,997.000
3,963,000
3,933,000
Report
for
the
Week
Ended
The weather of the week in the eastern half of the
504,000
—
Philadelphia.-—
Sioux
Corn
Bushels
United States—
New York
Weather
Up!ted States was
again controlled largely by persistent high pressure over the East and
Southeast, which brought warm moist air of tropical origin northward
over the central and eastejrn portions of the country.
Temperatures were
abnormally high in all central and northern areas, with another note¬
worthy warm period in the interior of the Northeast on June 26-28th.
The maximum temperature at Burlington, Vt., was 94 degrees, Canton,
N. Y., 95 degrees, Concord, N. H., 96 degrees, Albany and Syracuse, N. Y.,
and Portland, Maine, 97 degrees.
There was a similar hot period in this
area last week.
Rainfall was of a spotted character with some excessive amounts in the
Southeast.
Some heavy 24-hour falls reported during the week were:
Augusta, Ga., 2.14 inches; Charleston, S. C., 2.72 and 4.61 inches on
successive days; Miami and Tampa, Fla., 3.54 inches, and Kansas City,
Mo., 2.60 inches.
The weekly mean temperatures ranged from 4 degrees to as many as 12
degrees above normal in all central and northern sections east of the
Rocky Mountains.
In the South, about-normal warmth prevailed in most
sections, while west of the Rocky Mountains the week was decidedly cool,
outstandingly so in the Great Basin of the West.
Maximum temperatures exceeded 90 degrees everywhere east of the Rocky
Mountains, except in the extreme northwestern Lake Region, extreme
Northeast, some Appalachian Mountain districts and extreme southern
Texas.
They reached 100 degrees or higher in parts of the central and north¬
western Great Plains, the highest reported being 103 degrees at Concordia,
Kansas, on June 30.
Precipitation was locally heavy in central and northern States and rather
generally so in the Southeast, but at the same time distribution was de¬
cidedly irregular.
Heavy falls were rather general in the northwestern
Great Plains and the amounts were heavy locally in central and southern
Plains States.
Preliminary reports indicate that rainfall for the month of June was
moderately above normal to decidedly above in all sections between the
Mississippi River and the Rocky Mountains, except eastern Montana,
eastern Nebraska, southern Missouri, and eastern Arkansas.
Heavy rains
during the past two weeks brought the June totals in most of the Southeast
to
considerably
above
normal.
High temperatures and local showers during the week made especially
favorable weather for the growth of crops rather generally in the principal
agricultural section# of the country, except a few areas where drought con¬
ditions have not been relieved. Warm-weather crops, especially, made good
178,000
443,000
713,000
2,990,000
progress and at the same time conditions were rather
and haying in the Central and Northern States.
4,207,000
4,144,000
5,961,000
However, because of the
vailing high temperatures,
moisture is increasing.
In
helpful in most sections east
460,000
757,000
July 2—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended July 2, follows:
favorable for harvest
irregular distribution of rainfall and the pre¬
the number of reports indicating a need for
fact a general, moderate rain would now be
of the Great Plains, except parte of the South¬
0,272,000
1,334,000
1,754,000
1,861,000
126,629,000 48,225,000
426,327,000
3,123,000
5,482,000
3,963,000
1,334,000
4,749,000
4,207,000
In the northern States between the Lake region and Rocky Mountains
additional beneficial showers occurred and the outlook continues promising,
Total June 28,1941—552,956,000 48,225,000
7,086,000
6,8ld,000
8,956,000
but considerable areas in the Northeast need moisture.
From the Rocky
Mountains westward conditions continue generally favorable with mostly
TotalJune21,1941.-546,863,000 50,362.000
Total June 29,1940.-339,677,000 24,938,000
7,679,000
7,272,000
8,838,000
9,206,000 11,019,000 11,731.000
ample water supply. Elephant Butte Dam in New Mexico has filled to the
spillway, the first time since its construction.
Summary-—
American
Canadian--
east.
Much of the west Gulf area is still too wet for best agricultural results.
Volume
The Commercial & Financial Chronicle
153
Small
Grainsi—In the principal small grain producing States, showers
were moderately frequent in many places, but there were no
general rains
and the harvests of the winter wheat made good progress.
In the Great
Plains cutting is in full swing as far north as southeastern Nebraska, while
farther east harvest has begun to southern Michigan.
In the southwestern
Plains, especially Oklahoma and Texas, there are further reports of dis¬
appointing yields, because of previous
persistent wetness, but
on the
other hand, especially heavy returns are indicated for some central valley
sections.
There are some reports of too rapid ripening, because of high
temperature, in the northern Ohio Valley and parts of Montana.
Spring wheat continues to make good to excellent progress generally
with rains of the week of further benefit in northern parts of the belt.
From sections of the northern Great Plains come reports of the best small
grain crops in years.
Oats were generally favored and made good ad¬
vance.
Flax is in bloom in central-northern districts and rice is mostly
doing well in Arkansas and the Gulf States.
Corn—The
enjoyed
crop
rainfall
largely in the form of local showers, except that
heavy rains were more general in much of the east. Clear, sunshiny weather
is still needed in much of the western belt, while too much rain hindered
cultivation in some eastern sections.
Weevil activity has been widely
was
favored.
;
/>.yY'--'
In Texas, cotton fields are very spotted and
warm, dry weather is still
generally.
In Oklahoma progress was good, bat plants are late
and in only fair condition.
In the central belt growth was mostly fair to
fairly good, although rather poor in some sections.
In the lower Missis¬
sippi Valley condition of the crop varies from poor to excellent.
In the
eastern belt progress was mostly good, bat many places have had too
much rain recently which interfered with cultivation; fields are becoming
weedy and weevil propagation was facilitated.
needed
The
Weather
Bureau furnished the
following
of
resume
conditions in different States:
Virginia—Richmond:
Temperatures above normal; moisture rather
Ample rain in some sections, but others very dry.
Most crops
declined, but crops fair to good over most of State.
Hay, potatoes, truck,
lespedeza, and pastures most affected by dry weather.
Corn, tobacco,
and cotton doing fairly well. ;Yy;Y;> v;-YY yYyyYYYy Y:,Y:?y'
voyy^YYY'YyY.Y"
Carolina—Raleigh:
Temperatures near normal.
Adequate rains
plain; more rain needed in eastern portion and
in western half of coastal
elsewhere
in
allowances
.
South Carolina—Columbia:
Adequate to too much rain; washing and
flooding damage locally in south and east.
All crops good growth, but
grassy in many places.
Chopping cotton slow advance in north; some
bloom and bolts forming in south and east, but wet soil favoring weed
growth; weather very favorable for weevil activity; condition generally
fair, except rather poor in west.
Sunshine and warmth needed for cul¬
tivation of all crops.
Y-YYy'Y- Y-Y .VY-'y::'Y;,
Y;vV.-;-/;YYYYy.Y
Gerogia—-Atlanta:
peratures.
Progress
Adequate to too much rain, with favorable tem¬
and condition of cotton fairly good, but weather
favorable for weevil activity; in some places too much rain retarding
fruiting.
Soil too wet for cultivation in most sections.
Progress of corn
good, except where near maturity before recent rains.
Sweet potatoes
still being transplanted.
Unfavorable for ripening peaches and curing
early tobacco.
Peanuts, watermelons, pecans, and pastures good progress.
Florida—Jacksonville:
Favorable
temperatures
and
adequate rains;
Progress and condition of cotton good: bloom¬
soil moisture now ample.
ing generally.
Corn improved and doing well.
Tobacco being gathered
Citrus groves in good condition; new
fruit holding well.
Late truck improved.
for
Trading in all divisions of the
standstill
goods markets,
gray
price ceilings,
during the week.
and at the
operating costs of mills.
There
was
much confusion
was
problems raised by the ceilings.
protest
Meanwhile,
a
to let it be known that
prices
fixed
the
over
they intended to appeal for
prices appeared
to
which might
that
out
possibly
decidedly harmful. It
prove
mills would
Mississippi—Vicksburg: Very warm days.
Adequate rains in a few
localities, but drought prevalent, especially in east, central and north.
Progress of cotton mostly rather poor; numerous complaints of poor stands;
generally moderately favorable for weevil activity.
Progress of corn
probably averages poor, although locally fair in southwest and extreme
south.
Progress of gardens, pastures and truck mostly poor.
Louisiana—New Orleans: Hot and mostly dry week very favorable
detriment of constructions
satisfactory.
It
was
Texas—Houston: Rainfall spotted, but generally too much.
Harvestvesting wheat beginning in Panhandle and continuing in other sections;
yields lower than anticipated and quality often poor.
Late oats excellent
prospects.
Practically all corn planted; nearing maturity in south and
making good progress in other sections.
Condition of cotton very spotted;
some fruiting in east and south; conditions favorable for insect activity.
Warm dry weather needed in all sections.
Tomato harvest active in east.
Ranges and livestock continue in good condition.
Oklahoma—Oklahoma
City: Favorable
temperatures
and no
rain,
ex¬
cept heavy in scattered localities.
Wheat harvest well under way and
one-half to three-fourths completed, except in panhandle; yields generally
disappointing, and quality rather poor.
ing general.
Progress of cotton good;
Oat fields 80 to 100% cut; thresh¬
late, but chopping good ad¬
crop
favorable for weevil activity in scattered areas; condition mostly
only fair.
Progress of corn good; condition fairly good to very good; crop in
all stages of progress.
Early broomcorn in Lindsay area heading.
Pas¬
tures and livestock good to excellent.
;;
vance;
Y
THE DRY GOODS TRADE
New York,
on
next
which profit margins are not
rayon
fabrics, and that the
step to be taken will relate to the fixing of prices for
rayon
lining and underwear cloths,
Trading in the wholesale markets
the week,
continue
and it
until
differentials
y;-'y'vy:y:y;:'V:y1y.
standstill during
expected that the stalemate would
was
was at a
taken to establish prices and
equitable basis than those established
steps were
on a more
by the OPACS.
There
goods, however,
as
was
let-up in the demand for
no
both commission houses and merchants
reported that they were being deluged with orders at ceiling
prices, but that none of the orders was acceptable.
Mills
generally withdrew from the market and refused to quote
prices even on constructions not affected by the fixed price
ruling.
In the meantime,
continued
to
assail
the
both millmen and merchants
action
taken
by the OPACS and
preferred to await developments before entering into
commitments.
new
trade that
It
was
Congress would
generally expected
soon
among
take action to put
The chief factor and topic for
divisions of the market
as
discussion in the markets for
were
the price ceilings in six
announced by the Office of Price
Administration and Civilian Supply on Saturday, June 28.
Briefly, the schedules establish
per
a
maximum price of 39c.
pound for print cloth, carded broadcloth and tobacco
cloth; maximum prices of 30c., 32c. and 33J^c.
three classes of sheetings; a
for part waste
a
pound for
maximum price of 25c.
osnaburgs, and
pound for combed broadcloths.
a
a
pound
maximum price of 54c.
These prices
are
f.
o.
per
b. the
seller's
point of shipment, and are gross prices before dis¬
counts
of any
nature and include all commissions.
reduction in print cloths
about 25%, on osnaburgs
cloths about 16%.
The
and sheetings range from 12 to
about 25% and on combed broad¬
The official order states that the ceilings
an
any
the
end to
price fixing without Congressional legislation which would
provide for
appeal by
an
anyone
adversely affected by such
rulings.
Woolen Goods—Business in the wool
goods industry
of awards
by the U. S. Army
yards of goods.
would be made
It
was
shortly
there
as
over
the
that the prices
current
cost
than 17,000,000
generally expected that the awards
complications
consensus
on more
were
not likely to be any
the prices named by the mills.
and
was
announce¬
that
submitted
were
mills appeared
It
was
low in relation
to be pursuing
a
policy of securing as many "priority" orders as possible for
the purpose of guarding against any interruption in manu¬
facturing operations over the next few months. In the men's
wear division, developments were almost
completely over¬
shadowed by the opening of bids on Army supplies.
There
was an active demand for tropical worsteds and various
types
of hot weather fabrics which mills
were
unable to meet, and
clothing manufacturers who were busy on the production of
garments for the fall and winter continued to complain of
irregular piece goods deliveries. Women's wear fabrics con¬
tinued to sell in good volume.
In view of the prospective
shortages once Army orders are placed, manufacturers who
had been more or less inclined to operate cautiously began to
cover
their needs
over
the balance of the
season.
Swim suits
moved in good volume, wool
hosiery plants maintained full
operations, and wool underwear continued to enjoy a brisk
demand with mills unable to accept much of the business
offered owing to their sold-up condition.
Foreign Dry Goods—Increased activity and higher
prices featured the linen markets during the week. Demand
came from all sources despite the fact that price advances
averaging about 5% were made on practically every type of
goods.
The spurt in activity was ascribed in part to the
higher prices, and in part to the fact that tow yarns, which
are used in apparel and dress linens, or in other words, the
finer goods, are becoming increasingly scarce.
Cables from
abroad reported that these yarns would soon become un¬
Y
Friday Night, July 4, 1941
dry goods during the past week
pointed
reported that the OPACS had under
was
study the price situation for
to
crops
in many areas.
Condition of cotton poor to excellent, but mostly'fair;
blooming slowly.
Condition of early corn fairly good; much young corn
a total loss.
Rice and sweet potatoes doing well.
Truck and gardens fair.
,
production to cloths which will yield the best return to the
as
farm work backward and fields weedy.
Crops making good recovery on
well drained lands, but soil still too wet and little improvement of
In fact
probably be obliged to switch their
ment
fair.
revision
millmen and merchants on the basis that not enough
study had been given by the OPACS to the intricate relation¬
ships between fabrics and groups of fabrics, and as a result,
the industry is faced with a disorganization of
production
in middle and south.
poor to
a
be general
comparatively quiet during the week pending the
YY'Y'yYY:'. Y'Y' Y'YYyY'YY"
a
announced by the OPACS.
as
as
among
Alabama—Montgomery: Favorable temperatures and adequate rainfall
Pastures, sweet potatoes and gardens
storm of
and selling agents did not hesitate
owners
in most districts, but more rain needed locally in north and east.
Progress
of cotton continues generally good; condition fair in north and fair to good
Corn fair to locally good.
as
many
important divisions appeared to gather momentum
resentment
a-
the imposition of the fixed prices in the six
over
of the fixed
a
as
virtually at
millmen, merchants and buyers started to solve the
State.
Progress of cotton fair to very good and condition
good to very good.
Corn improved; condition generally satisfactory.
Tobacco much improved and mostly satisfactory condition.
Crops in
mountain area improving slowly.
Pastures suffering some places.
Truck
improved in east.
^'YyY ^;y-YYyY yYYY Y-y
and cured.
make
result bf the establishment of
spotted.
North
time
an
Cotton—In the cotton belt about normal warmth prevailed in most sec¬
tions and
take into account the current price of raw cotton
same
number of mill
exceptionally favorable growing week.
While a few local areas are too dry and needing rain, growth was good
to excellent nearly everywhere in the principal producing States.
How¬
ever, because of persistent previous wetness, the general condition of corn
is only fair in the Southwest.
Cultivation made good advance.
In Iowa
one-half to three-fourths has been laid by or is too tall to cultivate.
In
the upper Ohio Valley some fields are reported as waist high.
corn
123
obtainable
unless
of them.
the
British
Last year
Flax
Control Board releases
at this time a similar situation
developed, but the British need for dollar exchange resulted
in releases.
With the Lease-Lend program now underway,
it is pointed out that the British Control Board may decide
that it is more important this year to fill their own require¬
ments for tow yarn than to sell it abroad for foreign ex¬
change.
Burlaps developed decided firmness owing to the
fact that goods for immediate delivery are growing increas¬
ingly scarce.
Domestically, lightweights were quoted at
some
10.25c. and heavies at 13.55c.
The Commercial & Financial Chronicle
124
.
State and.
July 5, 1941
City Department
noted, that the state has had a sub¬
since the fiscal year 1929-30.
There was a
surplus of $6,469,322 in 1938.
Mr. Lehman predicted that if revenues continued to hold up through the
present fiscal year a surplus of $22,000,000 or $23,000,000 should exist next
July 1, unless unanticipated demands for further expenses should drain it.
It was the first time, the Governor
stantial surplus in its treasury
paper
Specialists in
Illinois & Missouri Bonds
New York
State—Changes in List of Legal Investments for
Savings Banks—William R. White, New York State Super¬
intendent of Banks, issued on June 30 a list of securities
which
Stifel, Nicolaus & Coptic.
The
Founded 1890
105 W. Adams St.
314 N.
DIRECT
CHICAGO
WIRE
eligible for purchase by savings banks of this State.
"legal list" issued by the Superintendent
are
so-called
annually at mid-year is looked for with interest by institu¬
tional investors, trustees and investment houses in this and
other States, as well as by savings bank management, for
Broadway
ST. LOUIS
whose
it is
use
prepared.
By provisions in the Personal
Property and Decedent's Estate laws, investments which
are legal for savings banks are also eligible for purchase by
News Items
trustees in New
York.
The 1941 list carries the names
Illinois—Ruling Frees Sales to
United States of 2% Sales
Tax—A ruling freeing Chicago and Illinois business firms from
the 2% sales tax burden on tangible personal property sold to
the federal government for outside the state was
July 1 by the Illinois department of finance.
issued
on
,
The action, the
Chicago Association of Commerce pointed out, will enable
Chicago manufacturers and producers to compete on equal terms with firms
business, since heretofore Illinois has been
in other states for the vast defense
the only state to impose a
sales levy on goods purchased by the United States
government.
The
decision of the department also
will free huge government orders
already placed for $200,000,000 in airplane engine from the big Buick
and Studebaker factories, two of which are rising in the Chicago area, and
other defense
production here, from the sales or retailers' occupational tax.
This levy, heretofore 3%, yesterday was reduced by law to
Another outstanding effect of the department's decision
2%.
will permit the
great meat packing companies to bid for army and navy contracts which
nave been lost to them since the sales tax imposed on deliveries heretofore
had effectually
and loss.
barred them as representing the difference between profit
exemption rule was ordered after conferences between George B.
McKibbin, state director of finance, and members of his staff with represent¬
atives of the Chicago Association of Commerce, the Illinois Manufacturers'
Association, the Illinois Chamber of Commerce and the Illinois Federation
The
of Retail Associations.
The merchants' and
manufacturers' organizations now plan to press for a
ruling to lift the sales levy from deliveries to be made to the government or
its agencies within the state against which at present the 2% will be applied.
Kansas—Annuity Payment Taxes Upheld by Supreme
Supreme Court of Kansas held in a far-reaching
June 26 that payments made to insurance
companies under annuity contracts are subject to the State's
2% premium tax.
The tribunal divided four-to-three in
Court—The
types of municipalities,
which are legal investments.
amount.
Total estimated par value or the State and municipal obligations
including those of New York State and its municipalities, is $11,000,000,000.
The list also includes obligations totaling $2,589,000,000 issued by 14
and 144 public utility issues having a par value of approxi¬
mately $2,949,000,000.
In addition to the issues tabulated on the legal list, all of the obligations
of the United States or those for which the faith of the United States is
railroad systems
pledged to provide for the payment of the interest and principal are legal
full faith and credit obligations of
municipalities.
In sending the published list to the savings banks, Mr. White said;
"The fact that a security appears upon the list does not indicate that the
investments, as are all the legally issued
New York State and its
Banking Department considers it a proper investment under all circum¬
for the funds of any individual savings bank.
The question of
a savings bank should purchase a particular security which appears
upon the list is one which should be determined in each case by the manage¬
ment of the savings bank upon the basis of all the relevant facts."
stances,
whether
Municipals
to the fact that a number of additional municipalities now
population requirements of the Banking Law upon the basis of
the 1940 census, obligations totaling $76,000,000, issued by 70 communities,
have been added to this year's list.
The tax limitation, however, is also
applicable to these issues.
The City of Englewood, N. J.f ceases to be
eligible because of debt exceeding the 12% limit.
Securities issued by Allegany County, Md., are omitted from the legal
list because the county's debt now exceeds the 5% limit prescribed by the
Banking Law.
The 1940 census caused the removal of three political entities: Bellingham. Wash., Bellingham School District, Whatcom County, Wash., which,
due to population decline, now fail to meet the 30,000 population test.
Due partly
meet the
decision given on
the
>v p.
case.
Railroads
Due to the fact that the so-called railroad moratorium relative to earnings
extended to include the year 1940, a number of railroad bond issues
have been removed from the list.
Among these are the bonds of the Bangor
was not
6
;■■■
is expected to collect about $500,000
in back taxes from about 25 companies under the decision.
The test case
was brought by Equitable Life Assurance Society of the United States.
The State Insurance Department had refused to grant Equitable a certi¬
ficate of authority for the insurance year beginning May 1, 1939, contend¬
ing that the company had refused to comply with the Kansas law levying
a tax on annuity payments.
Equitable maintained that the law applied only to insurance premiums
and that annuity payments did not come within its scope.
Twenty-six
other insurance companies agreed to be bound by the decision.
The State Insurance Department
Aroostook,
Chicago
Burlington &
estate
Jersey—Assessment List Lower by $62,108,987—Real
assessments decreased $62,108,987 in New
Jersey
during the last year, while personal property valuations
$19,351,964 throughout the State, according to
increased
the annual State equalization table made public on July 1
by the State Tax Department.
valuations for 1941 were fixed by the department at
compared with $4,652,980,161 for 1940.
The assessed
New Jersey was set at $746,668,106, as com¬
pared with $727,316,142 last year.
The Department announced in issuing the equalization table as required
by law that as the Legislature for several years has not appropriated any
funds to probe local property assessments, it is compelled to accept as the
true value of real estate the values as confirmed by the county boards.
Real
Personal property valuations were
In
infcreased in 17 counties of New Jersey.
Camden, Cumberland and Mercer counties decreases were
reflected in personal property assessments in the report.
Real estate
valuations decreased in every county with the exception of Gloucester,
Hunterdon, Middlesex, Morris, Ocean, Salem, Somerset, Sussex and Union.
Comparative real estate property valuation changes from last year to
this year follow:
Atlantic, $125,682,754 to $124,056,087; Bergen, $424,370,517 to $423,931,030; Burlington, $51,417,920 to $51,707,110; Camden, $214,045,458 to
$221,939,240; Cape May, $48,573,137 to $48,223,531; Cumberland, $42,156,234 to $42,138,796; Essex, $1,214,368,870 to $1,151,962,097; Gloucester$47,857,887 to $48,278,012; Hudson, $887,008,330 to $869,085,525; Hunter¬
don, $24,271,379 to $24,544,754; Mercer, $202,144,419 to $199,870,852;
Middlesex, $166,405,905 to $167,250,075; Monmouth, $172,511,229 to
$171,620,880; Morris, $104,162,484 to $105,562,930; Ocean, $40,518,562 to
$41,040,445; Passaic, $325,921,732 to $325,351,324; Salem, $28,338,894 to
$28,879,879; Somerset, $56,895,772 to $57,170,457; Sussex, $28,651,652 to
$28,651,662; Union, $424,110,841 to $426,531,852; Warren, $33,628,499 to
Atlantic,
Public Utilities
State—Surplus of $7,029,256 Shown at Year-
End—Governor
Lehman, who inherited
18
.
of the July, 1940 list.
Co.
the
surprise, since he had estimated
Legislature that the accumulated
deficit, despite revenue gains, would still amount to $15,905,221 at the end
of the fiscal year, a year ago the accumulated deficit amounted to $30,031,354.
Mr. Lehman, terming the financial situation "extremely gratifying,"
remarked that the wiping out of the accumulated deficit and achievement of
the $7,029,256 surplus meant that the state would start the new fiscal year
$22,934,478 better off than expected.
"I am happy," he said, "to give the people a highly satisfactory report on
the finances of the state for the fiscal year just ended.
I am glad, too, that
on my recommendation the 1% emergency income tax, which has cost the
taxpayers an average of $21,000,000 a year, has been eliminated from next
year's revenue program."
came as a
of the State.
of changes in the list of securities
considered legal for purchase by savings banks is given in
the following tabulation of issues matured or called and of
additions to and removals from the list of eligible municipal,
The annual summary
railroad and
public utility obligations:
70
Par Value
ADDITIONS
No.
$76,437,402
Municipalities
Railroad Issues:
7
65,150,000
64,070,000
.Subdivision
Subdivision 7-a
Public
July 2 that New York
position it has enjoyed since 1929-30.
Banking Board.
capital stock of which is owned by the savings banks
2
The Governor's announcement
of the Dow Chemical
The Texas Corp. obligations refunded a like
previously been made eligible by action of
The Banking Board has power to authorize savings banks to invest in
corporate interest-bearing obligations not otherwise eligible for investment,
provided application for such authorization shall have been made by not
less than 20 savings banks or by the Savings Banks Trust Co., all of the
utility issues:
Gas and electric.,
,
——
—
Telephone
Banking Board authorizations.
Total
State closed its books for the fiscal year on June 30 with an
actual surplus of $7,029,256, thereby attaining the best
in January in his budget message to the
totaling $15,000,000.
amount of securities which had
1
financial
They are the debenture 3s of 1965, par value $60,-
000,000, of the Texas Corp., and two debenture issues
17
on
which have been legalized by action
Board also appear on the list.
The par
of these obligations is approximately $792,500,000.
Included are
the bonds of two corporations which have been authorized since publication
value
D.
Governor, announced
prescribed for
Banking Board
„
Fourteen issues of eight corporations
ac¬
as
i
public utility issues with a par value
of the New York State Banking
$95,000,000
Roosevelt
new
refunding pur¬
bonds of the following five companies which did not appear in the
1940 list are now considered eligible investments:
Indianapolis Power & Light Co.
Wisconsin Public Service Corp.
Luzerne County Gas & Elec. Corp.
Wisconsin Power & Light Co.
Northern Indiana Public Service Co.
Removals from the public utility section of the list, which total $400,000,000, were all occasioned by refunding or maturity.
cumulated deficit in 1933 when he succeeded Franklin
a
These companies
poses,
9
New York
Pacific.
of $600,000,000 are considered to meet the statutory tests
this class of corporation.
While most of these issues are for
as
value of personal property in
Gulf Mobile & Northern,
charges 1 y times.
The total par value of these bonds removed from the
list is approximately $1.000,000,000.
The approximately $2,600,000,000 par value of rails on the list this year
compares with $7,600,000,000 par value of obligations on the 1931 list.
The largest part of this decline in the volume of eligible investments is due
to the fact that many railroads ceased to meet the statutory requirements
relative to earnings for the period of years which the law specifies.
property
$4,590,871,264,
Quincy,
Northern Pacific, Southern Pacific and Texas &
failed to meet the statutory test which requires that the roads earn fixed
The new list shows that
New
of 47 States, 105 counties, 335 cities and
and 141 school districts the obligations of
Certain of the security issues, however, are
only legal if the issuing municipality has power to levy taxes on taxable
real property for payment of the obligations without limitation of rate or
other
50,000,000
75,000,000
—
additions.-
,-
_
544,350,000
$875,007,402
,
REMOVALS
5
Municipalities:
Disqualified.-----—---—
1
$10,055,500
,
No debt
1
Lack of information
501,000
10,556,500
Railroad issuost
5
56
7
>
39,858,000
Subdivision 7—Called or matured—
Subdivision 7-a—Disqualified
Subdivision 7-a—Called or matured
1,100,802,800
38,616,000
/
Public
16
1
1
.
1,139,418,800
utility issues:
Gas and electric—Called or matured
Telephone—Called
Banking Board authorizations—Called
'
Total removals.
—
360,527,500
45,000,000
60,000,000
$1,655,360,800
Volume
The Commercial & Financial Chronicle
153
ADDITIONS
.
Municipalities—
Amis. Approx.
Connecticut:
i'
Municipalities—
Amts. Approx.
California (concl.)
Enfield
$769,000
1,167,000
Oakland Gram. S. D__. 4,550,000
Oakland High S. D
4,103,000
Berkeley Unified S. D__
Massachusetts:
Andover-
371,000
2,004,500
171,000
547,076
323,000
1,138,000
311,927
151,500
Framingham
Greenfield
Methuen
Milford
Milton
-
Natick..
-
Northbridge
Norwood
783.577
—
Riverside
696,866
371,000
712,000
2,443,500
820,500
Riverside City S. D
Riverside City H. S. D_
Santa
Monica
Santa Monica
City S.D.
Santa Monica City High
S. D
904,000
-
Delaware:
New Jersey:
North Plainfield
New Castle County.
463,423 Indiana:
North Plainfield S. D__
Elkhart
409,000
School City of Elkhart
Pennsylvania:
Richmond
Aliquippa.
462,000
Sch. City of RichmondAliquippa Boro. S. D__ 1,009,000
Am bridge
Terre Haute
575,000
Sch. City of Terre Haute
Armstrong County—1
605,000
Berwick
150,000
Vigo County
Berwick S, D_
491,000 Kentucky:
Centre County
231,000
Newport
Clarion County
___■
195,000
Newport S. D
Dormont-758,000 Michigan:
Dormont S. D
538,000
Muskegon.
Erie County
2,720,000
Muskegon S. D
Greene County
285,000 Missouri:
Harrison
423,000
University City
Harrison Twp. S. D
343,000
University City S.D
Lansdowne-2
427,000 Ohio:
___
-
—
____
—
Lansdowne
Lower
S.
Merion
140,000
3,188,000
157,000
Lower Merion S. D
Mifflin County
New Kensington
1,027,000
New Kensington S.
Shaler Twp. S. D
Warren County
__
Chester
West Chester Boro.S.D.
California:
Alameda
Oklahoma City S. D—
Tcxcis*
Eau
<
County
Railroads
Claire-
__
—
--------
-----
—
—
,
-
St. Paul & Duluth Div. 4s, 1996---Equipment trust 2Ms, due to July, 1946---——
—
.
—
Equipment trust 2 Ms, due to May, 1947------Paducah & Illinois RR. 1st 4Ms, 1955-----------:
Pitts. Cine. Chicago & St. Louis RR. cons. 4Ms, 1940, series A
St. Paul & Duluth RR. 1st cons. 4s, 1968----Southern Pacific Co. Oregon Lines 1st 4Ms, 1977, series A
San Francisco Terminal 1st 4s, 1950
,
—
Equipment trust 4M«, K, due to Aug. 1943
Equipment trust 4Ms, L, due to June, 1944
Equipment trust 4Ms, M, due to May 1, 1945
Equipment trust 2 Ms, N, due to Nov. 1, 1951
Equipment trust 2Ms, O, due to Mar. 1, 1952.
Equipment trust 2Ms, P, due to Aug. 1, 1954
Southern Pacific RR. 1st ref. 4s, 1955---—
Spok. Port. & Seattle Ry. equip, tr. 2Ms, A, due to July 1, '47
—
4,724,023
3,093,200
$76,437,402
(Subdivision 7)—
—
.
—
$100,000,000
2,400,000
7,320,000
8,976,000
7,575,000
159,522,500
720,000
Texas Pacific-Missouri Pacific Terminal RR. of New Orleans—
lst5Ms, 1964, series A
Texas & Pacific Ry. 1st 5s, 2000
Gen. & ref. 5s, 1977, series B
6,040,000
24,989,000
16,000,000
20.000,000
13,000,000
Gen. & ref. 5s, 1979, series C
Gen. & ref. 5s, 1980, series D_
Equip, trust 4Ms, HH, due to Sept. 1940___:
Equipment trust 4Ms, JJ, due to April, 1942
Equipment trust 4Ms, A, due to Feb. 1943
Equipment trust 4s, B, due to May, 1943Equipment trust 4Ms, C, due to June, 1944---Equipment trust 2Ms, D, due to Nov. 1952
Wilkes-Barre Connecting RR. 1st & impt. 3s, 1947, series A.
— ---—--
Atchison Topeka & Santa Fe Ry. Co.—
Equipment trust 1 Ms, D, due to Dec. 5,1950
——.
1st 5s, 1950, series C-
988.000
—
—
____
,.
—
728,000
4,793,000
767.000
_
Alameda Unified S. D__
1949
New York Connecting RR. lst4Ms, 1953, series A—
1st 5s, 1953, series B
——
Northern Pacific Ry. gen. lien & land grant 3s, 2047
Prior lien & land grant 4s, 1997
1,985,500
609,500
2,111,410
—
—
Ref. & impt. 4Ms, 2047, series A—
553,800
723,000
Newark City S.D
Oklahoma:
1st 4s,
Equipment trust 2 Ms, 1937, due to Oct. 1, 1947
Chicago Union Station Co. guar. 4s, 1944
Guaranteed 3Ms, 1951
Cleveland Akron & Columbus Ry. 1st 4s, 1940
Columbia & Port Deposit Ry. 1st 4s, 1940
Grand Rapids & Indiana RR. 1st ext. 4Ms, 1941--1st ext. 3 Ms, 1941
Gulf Mobile & Northern RR. 1st 5Ms, 19o0, series B_a
Ref. & impt. 6s, 2047, series B—
Ref. & impt. 5s, 2047, series C— ——
Ref. & impt. 5s, 2047, series D
——
1,862,000
1,497,500
::
Illinois Division
40,000,000
29,800,000
65,247,000
50,449,000
33,976,000
2,920,000
113,000
6,860,000
892,000
1,500,000
4,455,000
918,000
4,000,000
6,000,000
37,860,000
24,000,000
3,333,000
53,451,500
106,292,600
20,000,000
104,845,600
8,702,300
10,000,000
2.53,000
1,500,000
3,894,000
2,169,000
2,819,000
1,000,000
61,294,000
24,827,800
1,284,000
2,275,000
— — -
—
562,500
2,398,000
1,780,000
Travis County-546,000
638,000 Virginia:
Danville
1
294,000
310,500 Washington:
Pierce County._
416,700
254,000 Wisconsin:
D__
Shaler
West
Newark
618,000
—
470,000
254,000
—
D
Atnts
Long Island RR. ref. 4s, 1949
1,107,000
465,900
563,000
630,000
...
_—
.
Chicago Burl. & Quincy RR. 1st & ref. 5s, 1971, series A
1st & ref. 4M8, 1977, series B
General 4s, 1958---Illinois Division 1st 3Ms, 1949
3.759,000
.
_
125
■
165.000
285,000
748,000
404,000
895,000
1,105,000
2,186,000
— .—
—
—
-
—----------
Chesapeake & Ohio Ry. Co.—
Ref. & impt. 0.35-2.90s, due to 1966—
Equipment trust 1 Ms, 1940, due to Aug. 1, 1950----Equipment trust 1 Ms, 1941. due to May 1, 1951
24,800,000
2,500,000
5,100,000
Norfolk & Portsmouth Belt Line RR. Co.:
Serial notes,
lMs, due to Sept. 1, 1949
630,000
—
Philadelphia & Reading Terminal RR. Co.—
1st 0.50-2Ms, due to 1951
Sinking fund 3Ms, 1966
Union Pacific RR. Co. equip, trust 1 Ms, F, due to Jan. 1,1956
12,570,000
1,550,000
$65,150,000
Elgin Joliet & Eastern Ry. Co. obligations transferred from
7-a
—
—
$18,839,000
—
$1,139,418,800
„
1st & ref. 3Ms, 1967
1st & ref. 3s, 1970
3,500,000
4,500,000
Wheeling & Lake Erie Ry. Co.—
Equipment trust Is, G, due to Nov. 15,1950-—
Subdivision
W1
Elgin Joliet & Eastern Ry. obligations transferred to Subd. 7..
$955,500
10,765,000
2,500,000
2,200,000
16,600,000
1,250,000
40,000,000
50,000,000
53,000,000
10,225,000
-
Central Maine Power Co. 1st & gen. 4s, 1960, series G
1st & gen. 4s, 1964, series K
Cleveland Electric Illuminating Co. 1st 3Ms, 1965
Detroit Edison Co. gen. & ref. 4 Ms, 1961, series D
Edison Elec. Ilium. Co. of Boston 1st 3Ms, 1965, series A
Jersey Central Power & Light Co. 1st 5s, 1947, series B
1st 4Ms, 1961. series C__
„
-----
Rochester Gas & Electric Corp. gen. 4s, 1960, series F-__
San Diego Consol. Gas & Elec. Co. 1st 4s, 1965
Southern California Edison Co., Ltd., 1st & ref, 3Ms, I960-1st & ref. 3Ms, 1960, ser es B
Wheeling Electric Co. 1st 5s, 1941___-_
:
-
Railroads (Subdivision
7
as
amended by 7-a)—
Caro. Clinch. & Ohio Ry. 1st 4s, 1965, series A
Great Northern Ry. collateral trust 4s, 1952
$22,150,000
20,000,000
Greenbrier Cheat & Elk RR. 1st 3s, due serially to May 15, '46
1st 3 Ms, due serially to May 15, 1951 —
—
500,000
Pennsylvania RR. equip, tr. 2Ms, K, due to July 1,1955
Equip, trust lMs, L, due to Feb. 1, 1956—
1 ,125,000
7,995,000
11,925,000
—
$64,070,000
Public
Utilities
$53,000,000
19,350,000
5,000,000
50,003,000
Cleveland Electric Hluminating Co. 1st 3st
Consolidated Gas Electric Light & Power
1st ref. 2Mb, 1976, series Q
1970
Co. of Baltimore—
—
Detroit Edison Co. gen. & ref. 3s, 1970, series H
Indianapolis Power & Light Co. 1st 3Ms, 1970
_
_
Jersey Central Power & Light Co. 1st 3Ms, 1965
Luzerne County Gas & Electric Corp. 1st 3 Ms, 1966
Northern Indiana Public Service Co. 1st 3 Ms, 1969, series A
Ohio Power Co. 1st 3s, 1971
Pacific Gas & Electric Co. 1st & ref. 3s, 1970, series J—
Public Service Elec. & Gas Co. of N. J. 1st & ref. 3s, 1970—
—
—
Rochester Gas & Elec. Corp. gen. 3 Ms, 1970, series K— —
Southern California Edison Co., Ltd., 1st & ref. 3s, 1965
_
Wisconsin Power & Light Co. 1st 4s, 1966, series A
Wisconsin Public Service Corp. 1st 3 Ms, 1971---
12,000,000
50,000,000
32,000,000
38,000,000
7,500,000
45,000,000
15,000,000
20,000,000
15,000,000
15,000,000
108.000,000
33,000,000
26,500,000
$544,350,000
Public Utilities (Subdivision 14)—
Amts. Approximate
Illinois Bell Telephone Co. 1st 2 Ms, 1981, series A.
Subdivision 19—Authorized by Banking
$50,000,000
Board—
July 10, 1940:
Texas Corp. debenture 3s, 1965
19
15,000,000
15,500,000
73,000.000
35.000,000
2,532,000
$360,527,500
$45,000,000
Subdivision 19—
Texas Corp. debenture 3Ms, 1951-
$60,000,000
United
States—Cigarette
States—Illinois is
which,
on
as a
each
one
Taxes
Enacted
by
Three
More
of three States added to the list of those
result of 1941 legislation, will collect a 2-cent tax
package of cigarettes sold within its borders.
are Maine and
Oregon.
The
two others
In addition, the Oklahoma Legislature increased from
the tax on a package containing from 11 to 20
3 cents to 5 cents
cigarettes, set a levy of 2M
cents on
packages of 10
or
less and imposed 12 M cents each on packages
of 50.
Of the new laws, that of Illinois became effective July 1. while Maine's
began operation April 25 and Oregon's became effective on June 14.
Illinois
tops among the three in anticipated revenue from the new tax, with
is
$20,000,000 for the next biennium.
Cigarette tax measures were introduced in eight States this year, accord¬
ing to a survey by the National Tobacco Tax Conference, four of which
adjourned without action.
A proposal is pending in Missouri.
Besides the three just added, 15 other States exact a 2-cent tax from
cigarettes.
They are Arizona, Connecticut, Iowa, Kansas, Kentucky,
Massachusetts, New Hampshire, New York, Ohio, Pennsylvania, Rhode
Island, Utah, Vermont, Washington and Wisconsin.
Seven States, includ¬
ing Alabama, Georgia, North Dakota, South Carolina, South Dakota,
Tennessee and Texas, have a 3-cent levy. Mississippi imposes a 4-cent tax,
and Louisiana and Arkansas 5 cents.
States' revenues from tobacco last year amounted to about $100,000,000,
Tobacco tax income is used by the States for a variety of
it is estimated.
$60,000,000
1940:
Dow Chemical Co. debenture 2 Ms, 1950
Debenture 0.35-2.05s, due serially to 1950
7,500,000
7,500,000
$75,000,000
REMOVALS
Amts.
Municipalities—
Wallingford (town), Connecticut
Approximate
$501,000
—
North Attleboro, Mass
purposes,
including general funds.
United
States—Two
rate was boosted from 4 cents to
gallon.
was
per
1,068,000
477,000
605,000
in the latter State.
$10,556,500
(Subdivision 7)—
Ches. & Ohio
Ry. ref. & imp. 3 Ms, 1963, series F
Serial notes, lMs, July 15, 1940
Warm Springs Valley Branch 1st 5s, 1941
Equipment trust 4Ms, W, due to Oct. 1940
Phila. & Reading RR. 1st terminal 5s, 1941—
$29,100,000
1,530,000
-—
400,000
328,000
8,500,000
$39,858,000
Gasoline
Taxes',
Eight
gallon, and in
of 4 Yi cents
being circulated for a referendum
53^ cents
per
increased H-cent to a total
Petitions
4,089,000
.
Raise
Tolls—Numerous State Legislatures this year have
considered bills affecting the rate of gasoline taxation, but
the only actual increases occurred in Oklahoma, where the
3,816,500
.
States
Extend
Maine where it
Englewood, N. J
Allegany County, Md_
/—
Betlingham, Wash
Bellingham School District No. 301, Wash—
Whatcom County, Wash
Railroads
32,000,000
Public Utilities (Subdivision 14)—
Illinois Bell Telephone Co. 1st & ref. 3Ms, 1970
■>'
(Subdivision 13)—
Boston Edison Co. 1st 2 Ms, 1970, series A
Central Maine Power Co. 1st & gen. 3 Ms, 1970, series L
Central New York Power Corp. gen. 3 Ms, 1965
Dec.
,
375,000
,
1st 4s, 1966—<-
18,839,000
Public Utilities (Subdivision 13)—
Central Hudson Gas & Electric Co. 1st & ref. 5s, 1941
Central Hudson Gas & Electric Corp. 1st & ref. 3 Ms, 1965
are
.
So-called
"temporary," "emergency" or "special" gasoline taxes, all
in 1941, have been reenacted for an additional two
years .in the following 8tates:
Florida, 1 cent; Massachusetts, 1 cent;
Nebraska, 1 cent; New York, 2 cents; North Dakota, 1 cent; Ohio, 1 cent;
Pennsylvania, 1 cent, and West Virginia, 1 cent.
One centof Minnesota's 4 cents gas tax expired by its own limitation on
Sept. 1, 1940, but the 1941 Legislature added 1 cent permanenetly.
Bills proposing gas tax increases died with adjournment of Legislatures
in Connecticut, Kansas, New Mexico and South Carolina.
Proposals
for increases are pending in Legislatures in California and Missouri.
Bills to reduce the gasoline tax failed of passage in several States.
scheduled to expire
Railroads (Subdivision 7 as amended by 7-a)—■
Arizona Eastern RR. 1st & ref. 5s, 1950——
Aroostook Northern RR.
1st 5s, 1947
Bangor & Aroostook RR. cons. ref. 4s, 1951
Conv. cons. ref. 4s, 1951, stamped
1st 5s, 1943
Piscataquis Division 1st 5s, 1943
Van Buren Ext. 1st 5s, 1943
Equipment trust 2 Ms, K, due to Dec. 1, 1947
Equipment trust 2M«, L, due to April 1, 1950
Cambria & Clearfield RR. 1st 5s, 1941
—-
—
Central Pacific Ry. 1st ref. 4s, 19491st Through Short Line 4s, 1954
——
$21,948,000
98,000
6,325,000
5,464,000
3,352,000
859,000
253,000
280,000
1,250,000
534,000
'-
—
—
98,794,500
10,000,000
Bond
Proposals and Negotiations
ALABAMA
ALABAMA
COLLEGE, Board of Trustees—BOND CALU-lt is stated
by Frank M. Dixon, President of the Board of Trustees, Alabama College
Montevallo, that $183,000 4% building revenue bonds, dated Feb. 1,
1939, and due on Feb. 1 in 1942 to 1968, are being called for payment on
Aug. 1, at the Chase National Bank in New York.
at
4
The Commercial & Financial Chronicle
126
eral
Assembly of the State, entitled
"An Act creating a Metropolitan
passed at its January Session,
within the County of Hartford,"
District
1929, and approved May 13, 1929, as amended by an Act entitled "An
Act amending an Act creating a Metropolitan District within the County
of Hartford,
approved April 30, 1931, as further amended by an Act
entitled "An Act amending an Act creating a Metropolitan District within
Alabama Municipals
the County of Hartford," approved May J, 1939, and of an Act of the Gen¬
eral Assembly entitled "An Act increasing the powers of the Metropolitan
District respecting water," passed at its January session, 1931, and ap¬
Steiner, Rouse & Co.
proved May 20, 1931, and by a vote of District Board at a meeting duly
warned on July 7, 1941.
Issued for the purpose of providing funds for defraying the cost of con¬
structing a dam with appurtenant works on the East Branch of the Farm-
Members New York Stock Exchange
NEW
BIRMINGHAM, ALA.
July 5, 1941
YORK
Direct Wire
ington River in Barkhamsted, to form a water storage reservoir, including
cost of compensation and of acquiring land and rights and of constructing
ALABAMA
TENDERS INVITED—The First National
BOND
highways, a connecting pipe line from the reservoir to the filter station at
West Hartford, with connecting pipe lines to the present reservoir, a bal¬
Bank of Birmingham, sinking fund agent and depositary of Tuscumbia,
will receive sealed tenders until noon (CST), on July 17, for the purchase
ancing or equalizing reservoir for storage in the vicinity of Hartford, with
connections therefrom to the present water system, and an addition to the
of the following
filtration plant.
TUSCUMBIA, Ala.—
bonds:
$12,873.48 l%-5% public improvement, refunding bonds.
1936.
Due on Sept. 1, 1966.
Dated Sept. 1,
public improvement, refunding 3%-5%
10,737.02 1 %-5%
hospital
re¬
Dated Sept. 1,
funding, and l%-5% general refunding bonds.
1936.
Due on Sept. 1, 1966.
*
The legality of this issue will be passed upon by Storey,
Thorndike, Palmer & Dodge of Boston, and the purchaser will be furnished
with this
opinion without charge.
Payment in full must be made by certi¬
of the bid plus accrued interest on the face
fied check covering the amount
value of the bonds bid for from July 15, 1941 to date of delivery, and bonds
July 18, 1941, at the office of the District
that bids be made on the basis of $100 and
Proposals must be accompanied by certified check,
payable to the order of the District Treasurer, for 2% of the face value of
will be delivered on or about
It is requested
Treasurer.
interest.
accrued
ARIZONA
the bonds bid for.
PHOENIX, Ariz.—BOND SALE—It is stated by Jos. C. Furst, City
Clerk, that the $165,000 3 %% semi-annual water works extension bonds
offered for sale
on
June 28—V.
152, p. 4004—were awarded to the First
Corp., paying a premium of $13,282.50, equal to 108.05, a basis of
Boston
florida municipal bonds
about 1.03%.
Dated Oct. i, 1938.
Due on July 2 in 1941 to 1946.
The second best bid was an offer of 107.88, submitted by the City Na¬
tional Bank & Trust Co. of Kansas City, while the Harris Trust & Savings
Bank
of
Chicago, offered
107.83.
There
were
Our
number of lesser bids
a
will be glad to answer any inquiry
received for the bonds.
WILLCOX,
Ariz.—BONDS
OFFERED
TO
PUBLIC—The
experience In handling Florida issues gives us a compre¬
background of familiarity with these municipal bonds.
We
long
hensive
regarding them at no obligation.
following
electric light and water bonds aggregating $100,000, are being offered by
Kirby L. Vidrine & Co. of Phoenix, for general investment, subject to
an
RE. Crummer k Company
election to be held on July 22:
_
$30,000 3 H % first lien revenue bonds.
Due on Jan. 1 as follows: $3Toodln
1943 to 1948, and $4,000 in 1949 to 1951.
70,000 3 *A% first lien revenue bonds.
Due on Jan. 1 as follows: $4,000 in
1952 to 1963, $5,000 in 1964 to 1966, and $6,000 in 1967.
1ST NAT. BANK
BLDG\£^-_^S/ CHICAGO. ILLINOIS
Denom. $1,000.
Dated July 1, 1941.
Prin. and int. (J-J) payable at
the City Treasurer's office.
Legality approved by Gust, Rosenfeld, Divelbess, Robinette & Coolidge of Phoenix.
FLORIDA
BREVARD
ARKANSAS
^V.:
COUNTY
(P.
O. Titusville), Fla.—BOND CALL—It
stated by T. Simmons, Clerk of the County
the following county and Special Road and
GUERNSEY SPECIAL SCHOOL DISTRICT NO. 20 (P. O. Hope),
1:
ing called for payment on Aug.
Ark.—BONDS TO BE SOLD—It is stated by Eugene Woodall, Secretary
of the School Board, that $16,000 3>34% refunding bonds have been ap¬
County highway, Nos. 1 to 200
proved by the State Department of Education and will be offered for sale
by Satterfield Bros. & Co. of Little Rock, at a public sale within the week
beginning July 20,
JONESBORO STORM SEWER AND DRAINAGE DISTRICT NO. 30
(P. O. Joncsboro), Ark.—BOND SALE DETAILS—It is now reported
$140,500 3 H % semi-annual refunding bonds sold to Cherry, Villa-
that the
real & Co. of Little Rock, as noted—V. 152, p. 4004—are in denominations
of
$1,000 and $500, and mature on Jan. 1 as follows: $4,000 in 1942 to
1945, $4,500, 1946 to 1950, $5,000, 1951 to 1954, $5,500, 1955 to 1957,
$6,000, 1958 to 1960, $6,500, 1961 to 1963, and $7,000 in 1964 to 1967.
Callable in
reverse
numerical order after 1943.
at the Union National Bank of Little
Prin. and int. (J-J) payable
Rock, trustee.
County wide highway refunding, Nos. 1 to 100
Cheney Highway refunding, Nos. 1 to 59
Special Road and Bridge District No. 3, refunding,
Nos.
1 to 87
$200,000
100,000
59,000
series B,
-
—
Special Road and Bridge District No. 6, refunding, Nos. 1 to 125
Cocoa
Beach Special Road and Bridge District refunding,
series A, Nos. 1 to 245
:
Cocoa Beach
Special Road and Bridge District refunding,
series B, Nos. 1 to 155
—
—
The bonds will be redeemed at
to
s
Board of Commissioners, that
Bridge District bonds are be¬
87.000
,125,000
245,000
155,000
the offices of the trustees and will cease
date.
Dated Feb. 1, 1935.
Due in
bear interest on the redemption
1945 to 1964.
DRAINAGE DISTRICT (P. O. West Palm Beach),
SCHEDULED—The creditors of the
of a hearing to be held on Sept. 3 on the
municipal bankruptcy proceedings, it is pointed out that the plan of com¬
position materially affects holders of all outstanding bonds and other in¬
debtedness of the district as it will, if put into effect, require bondholders
to surrender their indebtedness and receive therefor in cash the sum of
56.918 cents for each dollar of principal amount, and will require the holders
of all other indebtedness to surrender the same and receive in exchange
therefor in cash the sum of 26.14 cents on the dollar of the principal amount
EVERGLADES
PARIS, Ark.—BOND SALE DETAILS—It is reported that the $1507000
314% water works revenue refunding bonds sold to Cherry, Villareal & Co.
of Little Rock, and Walter, Woody & Heimerdinger of Cincinnati, jointly—
V. 152, p. 4004—are in denoms. of $1,000 and $500, and mature on Oct. 1
as follows: $1,000 in 1943 to 1945; $4,000, 1946 to 1948;
$4,500, 1949 to
1951; $5,000, 1952 to 1954; $5,500, 1955 to 1957; $6,000, 1958 to 1960;
$6,500, 1961 and 1962; $7,000, 1963 and 1964; $8,000, 1965 and 1966;
$9,000, 1967, and $10,000 in 1968 and 1969.
Callable on any interest
payment date on or after April 1, 1946.
Principal and interest (A-O)
payaoie at the Chase National Bank, New York.
Fla.—BANKRUPTCY HEARING
above district are being advised
thereof.
FLORIDA,
CALIFORNIA
State of—BOND AND NOTE
TENDERS RECEIVED—
In connection with the call for tenders of sealed offerings of matured or
BOND OFFERING—Sealed bids will be received until 11 a.
bridge or highway bonds, time
warrants, certificates of indebtedness and (or) negotiable notes of various
counties and special road and bridge districts, noted here on June 14—V.
152, p. 3849—it is reported by J. Edwin Larson, State Treasurer, that
four parties offered bonds.
Treasurer's office.
facturers Trust Co. of New York,
unmatured original or refunding road and
CONTRA
COSTA
COUNTY
(P.
O.
Martinez),
Calif.—SCHOOL
m. on July 21,
by S. C. Wells, County Clerk, for the purchase of $25,000 Lafayette School
District bonds.
Interest rate is not to exceed 5%, payable J-J.
Denom.
$1,000.
Dated July 1, 1941.
Due as follows: $1,000 in 1942 to 1946;
$2,000 in 1947 to 1956, all incl.
Prin. and int. payable at the County
interest.
San
Bonds will not be sold for less than par and accrued
The legal
Francisco,
will
opinion of Orrick, Dahlquist, Neff & Herrington of
be furnished.
A certified check for 5% of the par
value of the bonds bid for, payable to the order of the County Treasurer,
J3 required.
SAN
FRANCISCO,
BRIDGE
BOND
Calif.—PLAN
TO
EXTEND
GOLDEN
GATE
MATURITIES
DEFEATED—Proposal
to
attempt
Gate Bridge maturities of about half of Golden Gate
Bridge's $35,000,000 of non-callable 40-year bonds in interest of toll reduc¬
tion with easing of later schedule of amortization failed to
carry at meeting
extension of Golden
of
to
bridge district directors.
Six to four vote lacked two votes of sufficiency
pass the rejection motion but the plan was given a material setback
One bridge district director failed to vote and three were absent.
Doubt
of legaility of the plan without a court test or new vote of the district was
expressed.
WATSONVILLE, Calif J—BONDS SOLD—A $45,000 issue of semi-ann.
city bonds is said to have been purchased on June 25 by Lawson, Levy &
Williams of San Francisco, paying a premium of $36.25,
equal to 100.08, a
net interest cost of about 1.41 %, on the bonds divided as follows:
$12,000
to 1956
^ $3,00° in 1942 t0 1945, and $33'000 as 1
due S3,000 in 1946
COLORADO
CUSTER COUNTY HIGH SCHOOL DISTRICT (P. O.
Westcliffe),
Colo.—-BONDS OFFERED TO PUBLIC—A $14,000 issue of refunding
bonds is being offered by Peters, Writer &
Christensen, Inc., of Denver,
for general investment, at prices to yield from
1.25% to 2.50%, according
to maturity
These bonds bear 5% interest to July 1, 1943, and 3K%
ther^fter
Dated July 1, 1941. Due on July 1 as follows: $500 in 1946;
$1,000, 1947 to 1958, and $1,500 in 1959.
Principal and interest (J-J)
payable at the office of the County Treasurer.
Legality to be approved by
Myles P. Tallmadge of Denver.
FOWLER, Colo.—BOND PURCHASE CONTRACT—It is reported"that
Campbell, Jacobs & Co. of Denver, have contracted to purchase $70,00
refunding water bonds.
LAS
ANIMAS, Colo.—BONDS SOLD—A $14,500 issue of 3 z/i % refund¬
is said to have been purchased
by Bosworth, Chanute,
id^e.£P°,-Denver• Due as follows: $500 in 1942 to 1946, and
ing water bonds
$ 1 »oi)U in 1947 to 1954«
CONNECTICUT
HARTFORD COUNTY METROPOLITAN DISTRICT
(P. O. HartConn.—BOND OFFERING—Charles A. Goodwin, Chairman of
District Commission, will receive sealed bids until 11a.m. (EST) on
July 11
for the purchase of $440,000 not to exceed 6% interest
coupon or registered
ford),
East Branch additional water supply bonds.
Dated July 15, 1941.
De¬
Due $11,000 annually on July 15 from 1942 to 1981,
a single rate of interest,
expressed in a multiple of
H of 1%.
Principal and interest (J-J) payable at the District Treasurer's
office, Hartford.
These bonds are authorized by a special Act of the Gen¬
nomination $1,000.
incl.
Bidder to
name
FORT
MYERS,
Fla.—PAYING AGENT APPOINTED—The Manu¬
has been appointed paying agent for Fort
Myers refunding bonds, dated July 1,
1939.
NORTH MIAMI, Fla.—COURT RULING FAVORS BONDHOLDERS—
The U. S. Circuit Court of Appeals at New Orleans affirmed a Southern
Florida District Court decision favoring the holders of judgments against
the Town of North Miami, Fla., for some $225,000 in defaulted
and interest on bonds issued in 1926, according to news
principal
dispatches.
Attorney Ralph H. Ferrell, representing
the town, said an appeal
probably would be taken to the Supreme Court, but final decision on this
point would be made after a study of the New Orleans court's decision.
Complex litigation over North Miami's bond problem has been pending
since 1929,
when bondholders launched mandamus proceedings to enforce
payments.
community's total bonded debt, including principal and interest,
amounts to about $400,000, a large part of which is in default.
When the
bonds were issued in 1926, North Miami had a population of 2,500, but
The
that figure
has shrunk to about 1,950.
ST. JOHNS COUNTY
(P.
O. St. Augustine) Fla.—BOND SALE—
The $67,000 issue of Board of Public
Instruction refunding of 1941 semi-ann.
30—V. 152, p. 4005—was awarded to Atwill
& Co. of Miami Beach, according to the Chairman of the Board.
Dated
Aug. 1, 1941. Due on Aug. 1 in 1942 to 1955.
The American United Life Insurance Co. of Indianapolis was second high,
bonds offered for sale on June
offering par for 4s, while Leedy, Wheeler & Co. of
Orlando, bid 97.125 on the
same rate.
VENICE.
Fla.—BONDS EXCHANGED—It is reported that the above
city has exchanged its defaulted bonds with R. E. Crummer & Co. of Chicago,
for an issue of $324,000 refunding bonds.
The new bonds bear interest
ranging from 2% to 5% and mature in 30 years, callable on any interest
date.
This completes the refunding program in which the city had been
engaged during the past year.
GEORGIA
COUNTY (P. O. Macon), Ga.—CERTIFICATE OFFERING—
It is stated by T. W. Clifton, Clerk of the Board of County Commissioners,
that he will offer for sale at public auction on July 7, at 11 a. m. (EST),
an
issue of $150,000 Defense Debt certificates.
Denom. $1,000.
Due
$30,000 on July 1 in 1942 to 1946.
Bidder to name the rate of interest.
Principal and interest (J-J) payable at the County Treasurer's office, the
First National Bank, the Citizens & Southern National Bank, or the City
Bank & Trust Co., all of Macon.
The certificates are to be issued under
BIBB
authority of the Act of 1941, General Assembly of Georgia, ratified by the
voters of the State at an election on June 3, 1941.
Cost of printing cer¬
The legal proceedings under¬
taken in the issuance of the certificates is being handled by J. Ellsworth
Hall Jr., County Attorney.
A certified check for $1,000 is required with
tificates, &c., to be borne by the purchaser.
bid.
•
MACON, Ga.—CERTIFICATE OFFERING DETAILS— In connection
with the offering scheduled for July 7 of the $150,000 debt certificates—V.
152 P- 4156—it is stated by Mayor Charles L. Bowden that no sealed bids
are being requested.
All bidding will be open at the time of sale.
Volume
The Commercial & Financial Chronicle
153
WALKER COUNTY (P. O. Lafayette), Ga.—BOND ELECTION—It
is reported that an election has been scheduled for
July 19 to have the voters
at
pass on the proposed issuance of $750,000 3% semi-ann. funding bonds.
Due Feb. 1, as follows: $23,000 in 1948 and 1949, $25,000 in 1950 and 1951.
the holder
$27,000 in 1952 and $953, $28,000 in 1954 and 1955, $30,000 in 1956 and
1957. $32,000 in 1958 and 1959. $33,000 in I960, $34,000 in 1961. $35,000
in 1962, $36,000 in 1963. $37,000 in 1964, $39,000 in
1965. $40,000 in 1966
and
1967, $41,000 in 1968, $42,000 in 1969 and $43,00 in 1970.
The
constitutional
amendment
authorizing these
bonds
was
approved
at the State-wide
general election on June 3, but on this particular issue it
provided in the amendment that if the bonds carried at the
general
election, another election would be called in the county.
In our issue of May 31. it was reported that
approximately $600,000 had
been contracted for subject to the general election.
was
July 1 from 1943 to 1952, incl., and $5,000 Jan. 1, 1953.
•
Other bids:
Premium
Int. Rate
Raffensperger, Hughes & Co., and Knight, Dickin1H%
John Nuveen & Co
Halsey, Stuart & Co., Inc
-".'M $725.89
114%
llA%
-
Harris Trust & Savings Bank
Harriman Ripley & Co., Inc
583.83
419.10
307.00
44.00
1)4%
1H%
IM%
13^ %
*
Blytb & Co., Inc.
City Securities Corp
GREENE COUNTY (P. O.
864.60
306 .00
Bloomington), Ind.—BOND SALE— The
$85,000 series A advancement fund (poor relief) bonds offered June 27—V.
152, p. 4156—were awarded to Doyle, O'Connor & Co. of Chicago, as 2s.
Dated June 1, 1941 and due $4,250 on June i and Dec. 1 from 19-*2 to
1951 incl.
a
rate of
2H%.
MARION COUNTY (P. O.
Orleans.
New
>
Dated
Aug.
1,
1939.
or
BOND
SALE DETAILS—In connection with the sale of the $216,000
utility revenue bonds to the Equitable Securities Corp. of Nashville, at
interest cost of 2.73%, as noted here—V. 152, p. 4157—it is stated that
the bonds were sold as follows:
$109,000 as 3s, due on Aug. 1, $11,000 in
gas
an
1942, $13,000, 1943, $15,000, 1944, $16,000, 1945, $17,000, 1946, $18,000,
1947 and $19,000 in 1948; $60,000 as 2Ms, due on Aug. 1, $19,000, 1949,
$20,000, 1950 and $21,000 in 1951; the remaining $47,000 as 2Hs, due on
Aug. 1, $23,000 in 1952 and $24,000 in 1953. 1
;
associated with the above named firm in the purchase of these bonds.
LOUISIANA, State of—BOND SALE NOT CONSUMMATED—It
/-v.'
v';-v
•;;KV
Indianapolis), Ind.—K ARRANT OFFER¬
ING—Glenn B. Ralston, County Auditor, will receive sealed bids until 10
A. M. (CST) on July 31 for the purchase of $225,000 not to exceed
5%
interest tax anticipation warrants.
Dated July 31, 1941.
Denom. $5,000.
Due Dec. 15,1941. Principal and interest payable at the County Treasurer's
office.
Warrants and interest thereon are payable out of taxes heretofore
levied for the general fund and in course of collection.
Opinion as to the
validity of the warrants to be furnished by the bidder.
A certified check
for 3% of the warrants bid upon, payable to order of the Board of
County
Commissioners, is required.
w
is
reported by A. P. Tugwell, State Treasurer, that the sale of the $720,000
pension, series H bonds on May 15 to a syndicate headed by C. F. Childs
& Co. of Chicago, at a net interest cost of about
1.37 %, for 1 Ms nad 1 Ms—
V. 152, p. 3223—was not consummated, as the bonds were awarded under
a guarantee of
delivery on or before June 15.
Because of litigation now
pending in the District Court, the State could not effectuate its delivery
commitment and the syndicate was released from the contract of
sale.
The bonds will be reoffered
as
soon
as
the
litigation is cleared.
MONROE, La.—BOND ELECTION VALIDATED—The District Court
has ruled valid the election which
held
on March 22, when the voters
approved the issuance of $875,000 power system bonds, itis reported.
,
was
NEW
annual
Dated
IBERIA, La.—BONDS SOLD—It is stated that $38,000 3% semi¬
refunding bonds have been purchased at par by three local banks.
Feb. 1, 1941.
Legality approved by Charles & Trauernicht of
St. Louis.
MAINE
'-f-
-v^
JEFFERSON TOWNSHIP SCHOOL TOWNSHIP (P. O.
Mexico),
Ind.—BOND SALE—The $31,000 building bonds offered June 28—V. 152,
p. 3850—were awarded to Kenneth S. Johnson of Indianapolis as l^s at
par plus a premium of $177, equal to 100.57.
Dated June 1, 1941.
Due
$1,000 July 1,1942; $1,500 Jan. 1 and $1,000 July 1 from 1943 to 1954, incl.
The Peru Trust Co. bid a premium of
$125 for l^s, and the Farmers State
Bank named
Bank.
Due Aug. 1, 1942 to 1953.
Said bonds are to be, sent by
holders to the above-named bank for payment at a price of
$1.02 on the dollar of the face value thereof, plus accrued interest to call
date.
Interest ceases on Aug. 1, 1941.
were
offered June 26—V. 152, p. 4005—were awarded to the Fletcher Trust
Co.,
Indianapolis, and the First National Bank of Chicago, jointly, as lMs, at
par plus a premium of $852, equal to 100.774, a basis of about 1.12%.
Dated
July 15, 1941, and due as follows: $5,000 July 1, 1942; $5,000 Jan. 1 and
& Co
National
Denom. $1,000.
BLOOMINGTON, Ind.—BOND SALE—The $110,000 refunding bonds
son
Whitney
127
PURCHASERS—It was also reported that Hyams, Glas & Carothers,
Lamar, Kingston & Labouisse, and Jac. P. Ducournau, all of New Orleans,
INDIANA
Bidder—
the
MAINE (State of)—BOND SALE—The $500,000 coupon
highway bonds
offered July 2—v. 152, p. 4157—were awarded to Blyth & Co. and C. F.
Childs & Co., both of New York, jointly, as Ms. at a price of
100.29, a basis
of about
0.822%.
Dated July
from 1942 to 1951 incl.
Bidder—•
i,
First Boston Corp..
Shields & Co.—
1941 and due $50,000 annually
Other bids:
\
■
.\VInt. Rate
-w*-;
M %
'
-
-
%%
—
Halsey,
Stuart & Co., Inc., Blair & Co., Inc, and
Marine Trust Co. of Buffalo—
Harris Trust & Savings Bank
Dick & Merle-Smith_
Union Securities Corp., Alex. Brown & Sons and Boat¬
r
■;
100.22 '
.100.167
v<";
.......
.....
July 1
Rate Bid
1%
.100.708
1%-....wa,00.698
1%--....100.679
—
men's National Bank
on
.
1%
100.589
1 %
1 %
...
Kean, Taylor & Co. and Equitable Securities Corp
Bankers Trust Co. of New York
100.119
100.419
.
WAYNE TOWNSHIP SCHOOL TOWNSHIP (P. O. Fort
Wayne),
Ind.—BOND OFFERING—Walter F. Hayes, Trustee, will receive sealed
bids until 10 a. m. (CST) on July 9 for the purchase of $38,500 not to ex*
ceed
Due
and
in
a
3%
interest'building bonds.
Dated Jan. 1, 1941.
Denom. $500.
$1,500 July 1, 1942; $1,500 Jan. 1 and July 1 from 1943 to 1954 incl.,
$1,000 Jan. 1, 1955.
Bidder to name
multiple of 14 of 1%.
Interest J-J.
a
single rate of interest, expressed
v
MASSACHUSETTS
CHELMSFORD,
Mass.—NOTE SALE—The $43,000 coupon school
July 1—V. 152, p. 4157—were awarded to Perrin, West &
as Is, at a price of 100.77, a basis of about
0.82%.
Dated July 15, 1941 and due July 15 as follows: $6,000 from 1942 to 1944
incl. and $5,000 from 1945 to 1949 incl.
Other bids, also for Is, were as
notes offered
Winslow
Boston
of
follows:
,
Bidder—
planning to issue $775,000 4% bridge
PLEASANT
LAWN
CONSOLIDATED
Rate Bid
■
.
100.658
...
Whiting, Weeks & Stubbs
100.52
Tyler & Co —100.444
Bond, Judge & Co.....——
*
100.369
Lyons & Shafto
100.199
—......
KEOKUK, Iowa—BOAT) ISSUANCE CONTEMPLATED—'The city is
said to be
vr-
Second National Bank of Boston
IOWA
revenue
bonds.
.........
INDEPENDENT
SCHOOL
DISTRICT (P. O. Mt. Pleasant, R. F. D. No. 2), Iowa—BOND OFFER¬
ING—Bids will be received until July 9, at 7:30 p. m. by Perry G. Matthews,
Secretary of the Board of Directors, for the purchase of $5,000 building
GEORGETOWN, Mass.—NOTE SALE—An issue of $10,000 notes due
in
bonds.
approximately seven months was awarded June 27 to the Haverhill
National Bank of Haverhill, at 0.16%.
The First & Ocean National Bank
of Newburyport, second high bidder, named a rate of 0.19%.
SOUTH SIOUX CITY, Iowa—BOND ISSUANCE CONTEMPLATED
State Board of Land and Funds is reported to have considered a
request to permit the city to issue $396,466 refunding bonds.
—County Treasurer will receive sealed bids until noon (DST)
for the purchase of $250,000 revenue notes, due Nov. 7, 1941.
—The
VAN
CLEVE
CONSOLIDATED
SCHOOL
DISTRICT
(P.
O. Van
Cleve) Iowa—BOND SALE—The $11,000 coupon school buiiding addition
oonds offered for sale on June 30—v. 152, p. 4156—-were awarded to the
Security Savings Bank of Marshalltown, as 1 J^s, paying a premium of $26,
equal to 100.236, according to the Secretary of the Board of Directors.
Denom. $1,000.
Dated July 1, 1941.
Due on Nov. 1 in 1943 to 1953
incl.
Interest payable M-N.
WOLF CREEK
DRAINAGE DISTRICT (P. O. Sioux City) Iowa—
BOND SALE—The $22,500 issue of coupon semi-ann. drainage bonds offered
for sale
on June 16—V. 152, p. 3850—was awarded at auction to the Wood¬
bury County Savings Bank of Sioux City, as 3 Ms, paying a premium of
$66, equal to 100.029, a basis of about 3.24%. Dated June 2, 1941. Due
$4,500 on March 1 in 1942 to 1946. The Toy National Bank of Sioux City,
second highest bidder, offered $65 premium on 3Ms.
KANSAS
HAMPDEN COUNTY (P. O. Springfield), MasNOTE OFFERING
on
July 9
MASSACHUSETTS (State of)—NOTE SALE— The issue of $3,500,000
notes offered June 30—V. 152, p. 4158—was awarded to a group composed
of the Bankers Trust Co., New York; National Shawmut Bank of Boston;
Merchants National Bank of Boston: Boston Safe Deposit & Trust Co. and
the Day Trust Co. of Boston, to bear interest at 0.125%, at par plus a
premium of $17.50.
Dated July 15, 1941 and due July 14, 1942.
Other
bids:
■■
"r.
'
c
Bidder—
■Int. Rate
Second National Bank of Boston......
—.....
-0.134%
■
First National Bank of Boston.
...
0.159%
—...
MEDFORD, Mass.—BOND SALE—Graham, Parsons & Co. and Fred¬
erick M. Swan & Co., jointly, were awarded on July 2 an issue of $40.0o0
construction bonds as Is, at a price of 100.279.
Dated July 1, 1941
due serially from 1942 to 1949 incl.
Other bidders: (ft>r 1%) First
sewer
and
National Bank of Boston 100.132: First Boston Corporation par; (for 1M)
Harris Trust & Savings Bank 100.167; Chace, Whiteside & Symonds
.
100.057; (for 1M) National Shawmut Bank 100.666; Tyler & Co., 100.599;
MANHATTAN,
Kan.—BOND SALE DETATLS—In connection with
$17,500 airport bonds at par, noted in our issue of April 26,
it is now reported that the bonds were purchased by Brooks-Milburn,
Inc., of Wichita, divided as follows: $4,000 as Is, due on Aug. 1, $1,000
in 1942 and $1,500 in 1943 and 1944; the remaining $13,500 as 1 Ms, due
on Aug. 1, $2,500 in 1945 to 1949 and $1,000 in 1950.
Merchants National Bank of Boston 100.45.
'v>T;
the sale of the
NEW
BEDFORD, Mass .—NOTE SALE—Jackson & Curtis, of Boston,
purchased on July 1 an issue of $300,000 notes at 0.399% discount.
Due
Feb.
13, 1942.
The National Shawmut Bank of Boston, second high
bidder, named a rate of 0.43%.
;
•
■
;
PEABODY, Mass.—BOND SALE—The $55,000
KENTUCKY
FLEMING COUNTY CENTRAL HIGH SCHOOL CORPORATION
(P. O. Flemingsburg), Ky.—BONDS SOLD—The following bonds ag¬
gregating $167,000, have been purchased jointly by J. D. Van Hooser &
Co. of Lexington, and W. L. Lyons & Co. of Cincinnati:
paving
bonds offered July 2 were awarded to Chace, Whiteside & Symonds, of
Boston, as Is, at a p^ice of 100.17, a basis of about 0.94%.
Dated July 1,
1941.
Denom. $1,000.
Due $11,000 on July 1 from 1942 to 1946 incl.
Principal and interest (J-J) payable at the National Shawmut Bank of
Boston.
Legality approved by Storey, Thorndike, Palmer & Dodge of
Boston.
first mortgage bonds.
Due on May 1 as follows: $4,000 in
1945; $5,000, 1946; $4,000, 1947; $5,000, 1948 to 1951;
$6,000, 1952; $5,000, 1953, and $6,000 in 1954 and 1955.
35,000 3M% first mortgage bonds.
Due on May 1 in 1956 to 1960.
64,000 3M% first mortgage bonds.
Due on May 1 in 1961 to 1970.
Interest
payable M-N.
Dated May 1, 1941.
These bonds are nona period of five years up to and including May 1, 1946.
There¬
after they shall be subject to redemption on any interest payment date on
30 days' notice, as a whole or in part in their inverse numerical order at
103 and accrued interest up to and including May 1, 1951, thereafter at 102
and accrued interest up to and including May 1,
1956, and thereafter at
100 and accrued interest to maturity.
Principal and interest payable at
the State National Bank, Maysville.
Legality approved by Grafton &
callable for
Grafton of Louisville.
./V-.'
•/
v.
Ridder),
PARISH
La.—BOND
Superintendent
of the
SCHOOL
DISTRICT
Tyler & Co.——
PLYMOUTH
The
—
-——
—
COUNTY
(P.
1%
1%
Rate Bid
100.09
100.07
O.
Plymouth), Mass.—NOTE SALE—
$30,000 registered county building notes offered June 30—V. 152, p.
4158—were awarded to the Hingham Trust Co. of Hingham, as 0.50s. at a
price of 100.03. a basis of about 0.49%. Dated July 1, 1941 and due $5,000
annually on July 1 from 1942 to 1947 incl. The National Bank of Wareham,
second hisrh bidder, offered 100.515 for 0.75s.
The $925,000 tuberculosis hospital maintenance notes offered the same
day
awarded to the National Bank of Wareham, at 0.127% discount.
i941 and due March 18, 1942.
The Rockland Trust Co.,
high bidder, named a rate of 0.129%.
V
were
Dated July 1,
second
MICHIGAN
NO.
4
(P. O. De
R. Hanchey,
ELECTION—It is stated by K.
School Board, that an election has been
Parish
called for July 29 in order to have the voters pass on the issuance of $35,000
construction bonds.
jv."'1--'
:
HENRY SCHOOL
DISTRICT NO. 2 (P. O. Abbeville) La.—BOND
a. m, on July 22, by
Williams, Secretary of the Parish School Board, for the purchase of
$16,000 not to exceed 4% semi-ann. school bonds. Due serially In 20 years.
Prin. and int. payable at the Chase National Bank of New York.
The
approving opinion of Chapman & Cutler of Chicago, will be furnished. A
certified check for 2% must accompany the bid.
/
OFFERING—Sealed bids will be received until 9:30
J. H.
HOUMA, La.—BOND CALL—It is stated by William J. Drott, City
Clerk, that 4% semi-ann. gas utility revenue bonds numbered from 10 to
225, to the amount of $216,000 have been called for payment on Aug. 1,
Int. Rate
National Shawmut Bank of Boston—
■■
LOUISIANA
BEAUREGARD
Other bids*
Bidder—
$68,000 3%
1942 to
coupon street
BAY CITY, Mich.—NOTE SALE—The $69,000 general obligation tax
anticipation notes offered June 23 were awarded to the Bay City Bank,
at
0.75% interest, plus
able
on
or
a
before Nov. 27,
premium of $10.
Dated June 16, 1941,
1941 at the City Treasurer's office.
Pay¬
DETROIT, Mich.—OFFERINGS WANTED—Charles G. Oakman, City
Controller, will receive sealed offerings of non-callable city bonds in the
amount of about $1,000,000 for investment for the city sinking fund.
Offerings will be received until 10 a. m. (EST) on July 9, and shall remain
firm until 1 p. m. the following day.
Offerings shall show the purpose, rate
of interest, date of maturity of bonds tendered, the dollar value and the
yield.
They will be accepted on the ba?is of the highest net yield to the
city as computed from the dollar price. *
DETROIT, Mich.—SUB-AGENT APPOINTED—Manufacturers Trust
Co., New York, has been designated sub-agent for the payment of City of
Detroit bond obligations in conjunction with the Manufacturers Nationai
Bank of Detroit, fiscal agent, effective July 1.
;
The Commercial & Financial Chronicle
128
LIVONIA TOWNSHIP (P. O. 33110 Five Mile Road, Farmington),
Mich.—BOND OFFERING—Jesse Ziegler, Township Supervisor, will re¬
ceive sealed
bids until
8 p.m.
July 8 for the purchase of $27,000 3%
water
supply system revenue bonds.
Dated July 1,-1941.
Denoms.
$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.
Redeemable in numeri¬
cal order, at par and accrued interest, on any interest date before maturity
Principal and interest (J-J) payable at the Detroit Trust Co., Detroit.
The bonds are not a general obligation or indebtedness of the township,
and the principal and interest will be paid from revenues derived from
operation of the water supply system in Water District No. 2.
Bids shall
be conditioned upon the unqualified opinion of Miller, Canfield, Paddock &
Stone of Detroit, approving the legality of the bonds.
Cost of opinion and
of printing the bonds will be paid by the township.
A certified check for
2% of the bonds, payable to order of the Township Treasurer, is required.
on
PONTIAC, Mich.—BOND OFFERING—H. A. Maurer, City Clerk, will
receive sealed bids until 8 p. m. (E8T) on July 8 for the purchase of $600,000
not to exceed 3H% interest series A-5 coupon refunding bonds.
Dated
July 15,
Denom. $1,000.
Due March 1 as follows: $15,000 from
1951 and 1952; $25,000 from 1953 to 1957,
1941.
1946 to 1950, incl.; $20,000 in
MOSS
July 5, 1941
POINT, Miss.—BOND SALE DETAILS—The City Clerk
now
reports that the $30,000 school addition bonds sold to the Merchants &
Marine Bank of Pascagoula, as noted here on April 5, were purchased at
divided
par,
as
follows:
$15,000 as 2He due
March 1, $1,000 in 1942
on
1946, and $2,000 in 1947 to 1951; the remaining $15,000 as 2%s, due
March 1, $2,000 in 1952 to 1958. and $1,000 in 1959.
to
on
MISSOURI
NEVADA,
Mo.—BOND ELECTION— The issuance of $75,000
construction bonds will be submitted to the voters at
for
an
armory
election scheduled
July 15, according to report.
MONTANA
LAUREL, Mont.—BOND SALE—The following 4% coupon semi-annual
bonds aggregating $32,000, offered for sale on July 1—V. 152, p. 3683—
were awarded to the Yellowstone Bank of Laurel, according to the City
Clerk:
$25,000 sewage plant bonds.
$7,000 sewer installation bonds.
incl.. and $60,000 from 1958 to 1963, incl.
Bonds Nos. 241 to 600, both
be subject to redemption prior to maturity, in inverse nu¬
inclusive, will
merical order, at par and accrued interest, upon 30 days' published notice,
on any one or more interest payment dates on and after the following
dates,
to-wit: Bonds Nos. 541 to 600, both inclusive, and on after March 1, 1946;
bonds Nos. 481 to 540, both inclusive, on and after March 1, 1947: bonds
Nos. 421 to 480, both inclusive, on and after March 1, 1948; bonds Nos.
361 to 420, both inclusive, on and after March 1, 1949; bonds Nos. 301 to
360, both inclusive, on and after March 1,1950; and bonds Nos. 241 to 300,
both inclusive, on and after March 1, 1951,
These bonds will be the general
obligations of said city which is authorized and required by law to levy upon
all the taxable property therein, such ad valorem taxes
to
bonds and interest thereon,
the
pay
as may
without limitation
be
as
necessary
to rate or
amount.
Rate
NEBRASKA
CRETE SCHOOL DISTRICT
were
in multiples of % of 1 %.
Prin¬
cipal and interest payable March 1, 1942, and semi-annually thereafter,
at the National Bank of Detroit, or at its successor paying agent named
by
the city which shall be a responsible bank or trust company in Detroit.
A
certified check for 2% of the bonds bid for, payable to order of the city,
is required.
Bids shall be conditioned upon approval of legality of issue by
Berry & Stevens, of Detroit.
Cost of opinion and of printing the bonds to
be paid for by the city.
Bonds will be delivered at Detroit.
REDFORD
TOWNSHIP
(P. O.
Route
No.
3, Dearborn), Mich.—
sold to Greenway & Co. of Omaha, as 1 %s, paying a premium of $76,
equal to 100.152.
A total of $85,000 bonds was authorized, the remaining
$35,000 to be sold later.
HARTINGTON, Neb.—BONDS SOLD—The City Clerk states that
$6,800 Paving District No. 7 bonds have been purchased by a local bank.
KIMBALL, Neb.—BONDS VOTED—'The issuance of $21,000 swimming
pool bonds is said to have been approved by the voters at an election held
June 24.
on
rates of interest to be expressed
or
(P. O. Crete) Neh.—BONDS SOLD—
The Superintendent of Schools states that $50,000 school instruction bonds
*
LINCOLN,
Neb.—BOND
SALE— The $1,100,000 semi-annual audi¬
torium and street opening, general obligation bonds offered for sale
on
June 28—V.
152, p. 3683—were awarded to a syndicate composed of
Graham, Parsons & Co., Eastman, Dillon & Co., both of New York;
Otis & Co., Inc. of Cleveland; Boettcher & Co. of Denver, the WhitePhillips Co. of Davenport, and
Ware, Hall & Co. of Omaha, as IKs.
paying a premium of $1,776, equal to 100.16, a basis of about 1.24%.
Dated July 1, 1941.
Due $55,000 on July 1 in 1943 to 1962; redeemable
at any time after five years from date of issue.
'
BOND OFFERING—Sylvester Shear, Township Clerk, will receive sealed
bids until 8 p.m. on July 7 for the purchase of $87,000 coupon
refunding
offred the above
bonds
to
of
1941.
Dated
July 15, 1941.
Denom. $1,000.
Due Aug. 15
$3,000 from 1944 to 1952 incl. and $5,000 from 1953 to 1964 incl.
Any or all of the bonds maturing in 1964 will be callable in Inverse numerical
order on any interest date on and after Aug. 15,1942, and the bonds matur¬
ing in 1963 are similarly callable, although the first call date is Aug. 15,
1943.
Such call will be made on 30 days' published notice.
Bonds will
bear interest at a rate or rates expressed in multiples of M of 1%, not
exceeding 2K % per annum to Aug. 15, 1946; 3% per annum thereafter to
Aug. 15, 1949; 3M% per annum thereafter to Aug. 15,1952; 4% per annum
thereafter to maturity on $77,000 bonds maturing Aug. 15,1944 to Aug. 15.
1962, incl., and
Per annum thereafter to maturity on $10,000 bonds
maturing Aug. 15, 1963 and Aug. 15,1964.
Principal and interest (F-A'15)
payable at the Detroit Trust Co., Detroit.
The bonds will be general
obligations of the 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 the bonds and interest thereon without limitation as to rate or
amount. Bids shall be conditioned upon the
approving legal opinion of
M'iller, Canfield, Paddock & Stone of Detroit.
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, is required.
as
FOR
INVESTMENT—The
successful
bidders
re-
ALBERT LEA, Minn.—BONDS AUTHORIZED—'The City Council is
ANNANDALE, Minn.—BOND SALE—'The $15,000 semi-ann. paving
bonds offered for sale
on June 26—V. 152, p. 4007—were awarded to
George
Minneapolis, as 1%b, paying a premium of $225, equal
101.15, a basis of about 1.38%.
Dated July 1, 1941. Due $3,000 on
Aug. 1 in 1942 to 1946.
B. Keenan & Co. of
to
ANOKA
COUNTY
CONSOLIDATED
SCHOOL
DISTRICT
NO.
2
(P. O. Anoka, R. F. D.), Minn.—BOND OFFERING—Sealed and oral
bids will be received until July 7, at 8 p. m., by Edwin
Swanson, District
Clerk, for the purchase of $50,000 building bonds.
Dated July 1, 1941.
Denom. $1,000.
Due July 1, as follows: $2,000 in 1944 to 1947, and
$3,000
1948
to
1961.-
Bidder
to
payable at any suitable bank
the rate
name
of interest.
Prin.
and
int.
or trust company
designated by the successful
bidder.
The district will furnish the printed bonds and the
approving
legal opinion of Fletcher, Dorsey, Barker, Colman & Barber, of Minne¬
apolis, both without cost to the purchaser.
The bonds will be delivered to
the purchaser within 30 days after the date of sale at
Minneapolis, or St.
Paul.
All bids must be unconditoinal and accompanied
check for at least $1,500, payable to the district.
by
a
certified
BECKER COUNTY (P. O. Detroit Lakes) Minn.—BOND SALE—
The $150,000 court house bonds offered for sale on June 27—V.
152, p. 4007
awarded jointly to the Detroit State Bank, and the Becker
—were
National Bank,
in 1944 to 1951.
both of Detroit Lakes.
The purchasers took the bonds
100.20,
a
as
Dated July 1, 1941.
Due
County
July 1
on
1 J^s, paying a premium of $300, equal
basis of about 1.22%.
GROVE (P. O.
Greenwald), Minn .—ADDITIONAL INFORMATIO
are now informed that
the $25,000 coupon semi-annual road anb
bridge bonds sold on June 23, as noted here—V. 152, p. 4159—were pur¬
chased jointly by the C. S. Ashmun Co. of
Minneapolis, and Juran, Moody
& Rice of St. Paul, as 2s,
paying a premium of $349, equal to 101.396, a
basis of about 1.85%.
Dated June 1,1941.
Dueon June 1 in 1943 to 1957.
—We
PINE COUNTY (P.
PLATTE
(P.
VALLEY PUBLIC
North Platte),
O.
POWER
&
IRRIGATION DISTRICT
Neb.—BOND DISPOSAL REPORT—We
formed by Gerald Gentleman, Secretary and General
are
in¬
Manager, that $400,-
000 revenue bonds are being handled by John Nuveen & Co. of Chicago.
SCOTTSBLUFF
PAVING
DISTRICT
NO.
23
(P. O. Scottsbluff),
$59,000 2% % semi¬
the Kirkpatrick-Pettis
to 100.085, a basis of
Dated Feb. 1, 1941.
Due on Feb. 1 as
Neb.—BONDS SOLD—The City Clerk reports that
annual street paving bonds have been purchased by
Co. of Omaha, paying a premium of $50.50, equal
about
2.73%.
Denom. $1,000.
$7,000 in 1943 to 1$47, and $6,000 in 1948 to 1951; callable after
follows:
five years.
NEW
JERSEY
NEW JERSEY (State oi)—COMMENT ON FINANCIAL CONDITION
OF
CAMDEN, NEWARK AND
JERSEY CITY— MacBride, Miller &
Co. of Newaric recently issued what was described as a commentary on the
financial condition of the above-mentioned cities, representing the summary
of
an
independent statistical review service anent the current
financial status of the respective units.
said to have approved the issuance of $25,000 dredging bonds.
to
OFFERED
bonds for public subscription, priced to yield from 0.30
1.30%, according to maturity.
comments
MINNESOTA
in
BONDS
follows:
O. Pine City), Minn.—BOND OFFERING—Bids
will be received until July 14, at 2
p. m., by J. E. Therrien, County Auditor,
for the purchase of a $90,000 issue of
refunding bonds.
Dated July 1,1941.
Denom. $1,000.
Due $10,000 July 1, 1943 to 1951.
Bidder to name the
Issued to refund outstanding bonds which are redeemable.
Oct. 1, 1941,
The county reserves the right to deliver the bonds when the
old bonds are turned in for
payment on or prior to said date.
A certified
check for $2,500 is required.
rate of interest.
NEW JERSEY
(State of)—GROSS FUNDED DEBT CUT $21,000,000
bonus, highway extension
$116,955,000.
The debt reached a peak of $195,000,000 in 1935.
Remaining outstanding are $7,000,000 of highway extension bonds,
which are being called for payment Jan. 1.
With their retirement every
—The redemption on July 1 of $21,000,000 soldier
and road bonds reduced the State's total funded debt to a figure of
State bond will have been paid in cash except $21,000,000,000
unemployment relief bonds, callable in 1942 and 1943, and bearing a
1H% coupon.
In an announcement, June 28, State Treasurer Albright stated: ,
"Reduction of State debt by nearly $80,000,000 over a period of seven
years, notwithstanding the issuance of $21,000,000 of relief bonds, and the
resultant substantial savings in interest charges, should be a source of satis¬
faction to taxpayers of New Jersey.
"It has a still further significance because it is representative of the
general trend in debt reduction in the municipalities of the State.
This
overall municipal debt, which in 1934 amounted to $1,394,000,000, was
reduced to $949,000,000 in 1940 and is being reduced gradually still further."
Mr. Albright remarked that substantial surpluses have been accumu¬
lated in the sinking fund approximating $12,000,000 in excess of actuarial
requirements.
Next year four more issues will be paid, consisting of high¬
way extension bonds, emergency relief bonds, Act of 1932; emergency relief
bonds. Act of 1933, and educational aid bonds, authorized in 1933.
The sinking fund has paid off $26,000,000 of debt during the present
fiscal year and will pay off $13,000,000 during the approaching fiscal year.
"Since 1933 we have felt it wise," said Mr. Albright, "to give every pos¬
sible help, commensurate with safety in investments, to our municipalities
in their program of strengthening their debt structure under the local and
budget laws.
It is gratifying to note the program that has been made.'
Beside reducing their bonded and current debt, they have increased the
average percentage of tax collections from 55 in 1934 to 80 in 1940.
More
than 500 of New Jersey's 568 municipalities now operate on a cash basis."
The soldiers' bonus sinking fund will liquidate with a surplus of approxi¬
mately $1,500,000 out of which $750,000 will be paid in cash to the teach¬
ers' pension and annuity fund July 1 under an Act passed last year.
callable
of
NORTH
BERGEN
TOWNSHIP,
N. J.—ERROR IN INTEREST
COUPON—At a meeting of the Local Government Board on June 23 it was
with the amount due on the
disclosed that an error was made in connection
Dec. 1, 1941, interest coupon attached to the $14,988,000 general refunding
bond issue, dated May 15,1941.
The amount due on said coupon is $20.42,
rather
than
$20.31
and directed to pay
incorrectly printed.
The township was authorized
the correct amount in redeeming the coupons.
as
PATERSON, N. J.—BOND SALE—A group composed of J. S. Rippel
Co., Newark, H. L. Allen & Co. and Minsch, Monell & Co., both of
July 1, $461,000 coupon or registered sewer,
improvement and school bonds, as IKs, at a price of $463,407.60, equal
to 100.52, a basis of about 1.41 %.
Dated May 1, 1941 and due May 1
as follows:
$36,000 in 1942; $35,000 in 1943 and 1944; $40,000, 1945 to
1951 incl.; $35,000 in 1952; $20,000 in 1953 and 1954.
Reoffered at prices
to yield from 0.25%
to 1.50%, according to maturity.
Although the
offering totaled $463,000 bonds, the successful bid was for $461,000.
Among other bids were the following:
&
New York, was awarded on
MISSISSIPPI
MARKS,
Miss.—BONDS
SOLD—The
following 3H%
semi-annual
bonds aggregating $25,500 are said to have been
purchased by L. K. Thomp¬
son
& Co.
of
Memphis:
street
$13,500 special street improvement and $12,000
1, 1941.
Legality approved by
intersection bonds.
Dated May
Charles & Trauernicht of St. Louis.
•
No. Bonds
MISSISSIPPI, State of—BOND
SALE— The $1,061,000 semi-annual
highway refunding, second series, coupon bonds offered for sale on June 30
—V. 152, p. 4159—were awarded to a
syndicate composed of Halsey,
Stuart & Co., Inc.,
Hemphill,
R. S. Dickson & Co. of
Noyes & Co., Otis & Co., all of New York;
Int.
Did. for
462
462
Rate
1.60%
1.60%
Bidder—
Shields & Co. and H. B. Boland &
Co
First National Bank of Paterson
Carroll
&
Co.;
Buckley
Bros.;
Ira
Charlotte; Hayden, Miller & Co. of Cleveland;
Weil & Co. of New Orleans; A. Webster
Dougherty & Co. of Philadelphia,
and Merrill, Turban & Co. of
Cheveland, paying a price of 100.03, a net
interet cost of about
2.53%, on the bonds divided as follows:
John
462
1.60%
100.233
2Hs,
prich & Co
— — -Blyth & Co. and Julius A. Rippel, Inc—.—
Arrowsmitb & Co.; Dolphin & Co.; Schmidt,
Poole & Co., and Suplee, Yeatman & Co
Blair & Co., Inc.; B. J. Van Ingen & Co., and
MacBride, Milier & Co__
E. H. Rollins & Sons, Inc.; A. C. Allyn & Co.,
463
463
1.60%
1.60%
100.192
100.179
463
1.60%
100.06
463
1.60%
Inc., and Otis & Co
Union Securities Corp.r Equitable
463
1.60%
100.038
461
1.70%
100.61
462
463
1.70%
1.70%
100.25
100.159
463
1.70%
100.11
and $461,000 as 2^s.
Dated Feb. 1, 1941.
optional on and after Feb. 1, 1946.
BONDS
offered
the
on
$600,000 as
Feb. 1, 1964,
OFFERED
above
FOR INVESTMENT—'The successful bidders rebonds for general subscription, the
2^s at a price of
102.75, to yield about 2.59%, the 2M% at
<4*ol /o
Due
a
price of 99.00, to yield about
•
OTHER
BIDS—Second
best
Co. and associates, who named
offer
a
was submitted
by John Nuveen &
basis of 2.6845% for 3s, 23As, 2Hs and
Third
of $1
and last was Equitable Securities
Corporation, with a
for 3Ms and 2s for a cost basis of 2.7069%.
(The official advertisement of this offering
ssue.)
appears
on
page
premium
of this
ii
-
B.
Rate
Bid
100.28
100.243
Haupt & Co.; A. Webster Dougherty & Co.,
Wainwright & Co
Harris Trust & Savings Bank and R. W. Pressand H. C.
—
100.05
■
Securities
Corp., and Illinois Co——
Phelps, Fenn & Co., Inc., and Campbell,
Phelps & Co
Harriman Ripley & Co. and A.G. Becker & Co.
Second National Bank of Paterson
Volume
The Commercial & Financial Chronicle
153
PENNSAUKEN
TOWNSHIP
129
LAKE WOOD, N, Y.—BOND SALE—The $48,000 coupon or registered
(P. O. Penn.auken), N. J
M. Freeman & Co. of Philadelphia made
public offering of $213,000 3H% refunding bonds.
Dated June 1, 1941.
Due Dec. 1 as follows: $33,000 in 1946: $25,000 in 1947 and 1949: $5,000
in 1950; $30,000,1951; $40,000,1953; $25,000 in 1955, and $30,000 in 1957.
Prin. and int. (J-D) payable at the Pennsauken National Bank, North
Merchantville, or at the Philadelphia National Bank, Philadelphia,
Le¬
gality to be approved by Hawkins, Delafield & Longfellow of New York
City.
PUBLICLY OFFERED—M.
bonds offered July 1—v. 152, p. 4160—were awarded to the Marine
Trust Co. of Buffalo, as 1 %b, at a price of 100.23, a basis of about 1.73%.
sewer
Dated July 1,1941 and due $2,000 on July 1 from 1942 to 1965 incl.
MAMARONECK UNION FREE SCHOOL DISTRICT NO.
1 (P.
accrued interest
PLEASANTVILLE, N. J.—BOND SALE—The $55,000 general bonds
on or
after Oct. 1, 1941.
offered June 16, award of which was deferred to June 30—V. 152, p. 4009—
were sold to the Mainland National Bank of Pleasant ville, as 5s, at par
plus a premium of $275, equal to 100.50, a basis of about 4.82%.
Dated
June 1,1941 and due $11,000 on June 1 from 1942 to 1946 incl.
Other bids:
County Trust Co. of White Plains
*
Guaranty Trust Co. of New York
Bidder*-*
NORTH
RAHWAY, N. J.—BOND OFFERING—James J. Kinneally, City Treas¬
will receive sealed bids until 8 p.m. (DST) on July 9 for the purchase
$25,000 not to exceed 6% interest coupon or registered poor relief bonds.
Dated May 1, 1941.
Denom. $1,000.
Due $5,000 on May 1 from 1942 to
1946, incl.
Bidder to name a single rate of interest, expressed in a multiple
of
or l-10th of 1 %.
Principal and interest (M-N) payable at the Rahway
National Bank.
The bonds are general obligations of the city, payable from
are
140,000 Great Neck Sewer District, Saddle Rock Extension bonds.
Due
v
$7,000 on May 1 from 1942 to 1961 incl.
85,000 Great Neck Park District bonds.
Due May 1 as follows: $10,000
from 1942 to 1949 incl. and $5,000 in 1950.
59,000 Port Washington Sewer District, Southeast Extension bonds.
Due May 1 as follows: $3,000 from 1942 to 1960 incl. and $2,000
in 1961.
All of the bonds will be dated May 1, 1941.
Denom. $1,000.
Bidder
a single rate of interest, expressed in a multiple of Si or l-10th of
%. Principal and interest (M-N) payable at the Port Washington National
Bank & Trust Co., Manhasset Branch, with New York exchange.
Bonds
are general obligations of the town, payable primarily from a levy on certain
lots and parcels of land in the respective districts, but if not paid therefrom,
all of the taxable property in the town is subject to the levy of unlimited ad
valorem taxes to pay the bonds and interest thereon.
A certified check for
$14,880, payable to order of the towns is required.
Legal opinion of Dillon,
Vandewater & Moore of New York City will be furnished the successful
to name
1
NEW YORK
BAY,
N. Y.—BOND SALE—The $20,000 coupon or
registered street paving bonds offered June 30—V. 152, p. 4160—were
awarded to E. H. Rollins & Sons, Inc., New York, as 1.40s, at par plus a
premium of $43.80, equal to 100.219, a basis of about 1.36%.
Dated June
1, 1941 and due June 1 as follows: $2,000 from 1942 to 1948 incl. and
$3,000 in 1949 and 1950.
Second high bid of 100.235 for 1
was made
by. C. F Chi Ids & Co. and Sherwood & Co.
bidder.
bonds.
Due July 1 as follows: $12,000
1942 to 1946 incl.; $13,000, 1947; $14,000, 1948; $15,000,
1949; $16,000 in 1950 and $17,000 from 1951 to 1961 incl.
40,000 Sewer District No. 6 bonds.
Due $2,000 on July 1 from 1924
from
1961 incl.
All of the
bonds will be dated July 1, 1941.
Denom. $1,000.
Bidder
single rate of interest, expressed in a multiple of }i of 1-10th
1%.
Prin. and int. (J-J) payable at the Manufacturers & Traders
Trust Co., Buffalo, with New York exchange.
The bonds will be general
obligations of the town, payable primarily from unlimited ad valorem taxes.
A certified check for $6,900, payable to order of the town, is required.
Legal opinion of Dillon, Vandewater & Moore of New York City will be
ROSLYN, N. Y.—BOND OFFERING—James P. Kehoe, Village Clerk,
will receive sealed bids until 3 p.m.
(DST) on July 9 for the purchase of
$167,500 not to exceed 6% interest coupon or registered sewer bonds.
Dated July 1, 1941.
One bond for $500, others $1,000 each.
Due July 1
as follows:
$6,500 in 1942, $5,000from 1943 to 1968, incl., and $7,000from
1969 to 1971, incl.
Bidder to name a single rate of interest, expressed in a
multiple of Si or 1-10th of 1 %.
Principal and interest (J-J) payable to the
furnished the successful bidder.
GREENE
COUNTY
(P. O. Catsklll) N. Y.—BOND SALE—The
$202,000 coupon or registered bonds offered July 2 were awarded to the
Harris Trust & Savings Bank, of New York, as 1.30s, at a price of 100.189,
a basis of about 1.28%.
Sale consisted of:
Roslyn National Bank & Trust Co., Roslyn, or at the Irving Trust Co.,
N. Y. City.
The bonds are unlimited tax obligations of the village and the
approving legal opinion of Hawkins, Delafield & Longfellow of N. Y. City
$181,000 highway bonds.
Due May 1 as follows: $10,000 from 1942 to
1944 incl.; $11,000, 1945 to 1948 incl.; $12,000, 1949;
$11,000,
1950 and 1951; $12,000, 1952; $11,000,1953 to 1955 incl.: $10,000
in 1956 and $9,000 in 1957 and 1958.
21,000 bridge bonds.
Due May 1 as follows: $2,000 from 1942 to 1948
incl. and $1,000 from 1949 to 1955 incl.
*
will be furnished
WHITE PLAINS,
are dated July 1,1941.
Denom. $1,000.
Principal and
(M-N) payable at the County Treasurer's office, with New York
exchange.
Bonds are general obligations of the county, payable from un¬
limited taxes.
Legality approved by Dillon. Vandewater & Moore of New
York City.
Other bids at the sale were as follows:
UNION
FREE
SCHOOL
DISTRICT
NO.
NORTH
Rate Bid
100.44
100.319
100.149
100.444
100.339
100.337
100.189
100.118
pared
RUTHERFORD
and
City:
$69,000
109,000
17,000
par
Int. Rale
Bidder—
Union Securities Corp
E. H. Rollins & Sons, Inc...—
C. F. Childs & Co. and Sherwood & Co—
George B. Gibbons & Co., Inc.
R. D. White & Co----—--.
—
—
Rate Bid
1.40%
1H%
14 %
1.60%
1.70%
100.18
100.239
100.111
100,149
100.349
O.
Wilmington),
N.
C.—BOND
COUNTY
(P. O. Rutherfordton), N. C.—BOND
Geer, Clerk of the Board of County Com¬
accrued interest, on August 1, at the Chase National Bank, N. Y.
Dated Aug. 1, 1936.
Said bonds include all bonds of the respective
Interest coupons maturing Feb. 1,
1942, and subsequent thereto must be attached to each of said bonds on
their presentation for payment.
Interest ceases to accrue after Aug. 1,1941
issues now outstanding and unpaid.
^
TARBORO, N. C.—NOTES SOLD—The Wachovia Bank & Trust Co.*
Winston-Salem is said to have purchased $10,000 revenue notes at
1.15% plus a premium of $1.52.
of
NORTH
FORMAN
SCHOOL
DISTRICT
DAKOTA
(P. O. Forman)
N. Dak.—BOND
27—V. 152, p.
the Sargent County Bank of Forman, as 2Hs.
according to the District Clerk. Due in 1943 to 19611
SALE—The $21,000 school bonds offered for sale on June
4010—were awarded to
O. Carson), N. Dak.—BOND SALE DETAILS
County Auditor states that the $15,000 refunding bonds sold to the
purchased
4)^8 and mature on Jan. 1 as follows: $1,000 in 1943 to 1945 and $2,000
GRANT COUNTY (P
—The
Bank of North Dakota, of Bismarck, as noted here on Feb. 8, were
as
in 1946 to 1951.
OHIO
ALLIANCE CITY SCHOOL DISTRICT, Ohio—NOTE OFFERING—
H. W. Woolf, Clerk of the Board of Education, will receive sealed bids until
noon on July 8 for the purchase of $35,852.85 not to exceed 4% interest
second series refunding notes.
Dated July 8, 1941.
Due July 8, 1943.
Isued
issued under and pursuant to
A certified check for 1 % of
payable to order of the Board of Education, is required.
Subject to call after Nov. 30 in any year by the Board of Education.
for the purpose of refunding outstanding notes
Section 2293-81 of the General Code of Ohio,
the notes,
100.33
100.33
KEESVILLE, N. Y.—BOND SALE— The $29,000 coupon or registered
judgement funding bonds offered June 30—V. 152, p. 4160—were awarded
to the Merchants National
Bank of Plattsburg, as 1.40s, at a price of
100.206, a basis of about 1.36%.
Dated July 1, 1941 and due July 1 as
follows: $2,000 in 1942 and $3,000 from 1943 to 1951 incl.
Other bids:
(P.
road and bridge, due Aug. 1, 1956.
road and bridge, due Aug. 1, 1964.
general, due Aug. 1, 1956.
25,500 general, due Aug. 1, 1964.
54,000 school, due Aug. 1, 1956.
93,500 school, due Aug. 1, 1964.
Rate Bid
'
COUNTY
CALL—It is stated by W. O.
dated Jan. 15, 1941.
Denom. $1,000.
Due July 15 as follows: $2,000
in 1946 and $3,000 from 1947 to 1953 incl.
Principal and interest (J-J)
payable at the Workers Trust Co., Johnson City.
Legality approved by
Dillon, Vandewater & Moore of New York City.
Other bids:
114%
1K%
and financial report on the above county.
HANOVER
missioners, that the following refunding bonds are called for payment at
are
G. F. Childs & Co. and Sherwood & Co
a summary
NEW
JOHNSON CITY, N. Y.—BOND SALE—The Union Securities Corpof New York was awarded on July 1 an issue of $23,000 refunding bonds
as 1,30s, at a price of 100.06, a basis of about 1.29%.
It had been reported
that this sale would take place on July 7—V. 152, p. 4160.
The bonds
Manufacturers & Traders Trust Co
COUNTY
ELECTION—The issuance of $500,000 school improvement bonds will be
submitted to a vote at an election scheduled for July 15, according to report.
28
Int. Rate
CAROLINA
(P. O. Ellzabethtown), N. C.—FINANCIAL
REPORT PREPARED—The First Securities Corp. of Durham, has pre¬
BLADEN
school district.
.
N. Y.—VALUATIONS SHARPLY REDUCED—A
announced
July 1 by City Assessor Bernard A. Stock when he filed the new assessment
roll that will be used in levying 1942 taxes. Mr. Stock said it was the sharpest
reduction in the city's history.
(P. O.
Long Beach), N.Y. —CERTIFICATEOFFERING—J. J. Morrison, District
Clerk, will receive sealed bids until 10 a.m. (DST) on July 8 for the purchase
of $120,000 not to exceed 2% coupon or registered funding certificates of
indebtedness.
Dated July 15,
1941.
Denom. $1,000.
Due $30,000
annually on July 15 from 1942 to 1945 incl.
Bidder to name a single rate
of interest, expressed in a multiple of M or 1-10th of 1%.
Prin. and int.
(J-J), payable at the Marine Midland Trust Co., N. Y. City.
A certified
check for $2,400, payable to order of the
Board of Education, must
accompany each proposal.
Owing to legal requirements, it will be necessary
that the purchaser of the certificates of indebtedness acquire from the present
holders, either at or prior to maturity, outstanding temporary certificates
of indebtedness of an aggregate principal amount of $135,000, payable on
either July 15, 1941, July 20, 1941, or July 29, 1941, and surrender such
temporary certificates of indebtedness in payment of $120,000 of the pur¬
chase price of the $120,000 funding certificates of indebtedness. The balance
of the purchase price (including any accrued interest) must be paid in cash
and any amount in excess of $120,000 due on the temporary certificates of
indebtedness, either by way of principal or interest, will be paid in cash at
the time the temporary certificates of indebtedness are surrendered In pay¬
ment for the funding certificates of indebtedness.
The certificates are
authorized to be issued pursuant to Chapter 535 of the Laws of 1924 as
amended, for the purpose of funding outstanding certificates of indebtedness,
and the district is authorized and required by law to levy on all taxable
property of the district such ad valorem taxes as may be necessary to pay
the certificates and the interest thereon, without limitation as to rate or
amount.
The period of probable usefulness of the object or purpose for
which the certificates are to be issued is five years.
The successful bidder
will be furnished with the opinion of Reed, Hoyt, Washburn & Clay of
N. Y. City, that the certificates are valid and binding obligations of the
Bidder—
A certified check for $3,150, pay¬
reduction of $12,871,577 in assessed valuations on residences was
All of the bonds
—
the successful bidder.
able to order of the village, is required.
interest
_
Y.—BOND SALE—The $18,000 registered
enabling Act bonds offered June 27—V. 152, p. 4009—were awarded to the
Manufacturers & Traders Trust Co. of Buffalo, as 1.80s.
Dated July 1,
1941, and due $2,000 on July 1 from 1942 to 1950, incl.
of
HEMPSTEAD
or
RICHFIELD SPRINGS, N.
a
Int. Rale
6
1961 incl.
ple of M
$305,000 Sewer District No. 5
Bidder—
No.
in 1943 and 1944: $16,000 m 1945, and $22,000 from 1946
Bidder to name a single rate of interest, expressed in a multi¬
l-10th of 1%.
Prin. and int. (J-J) payable at the Manhasset
Branch of the Port Washington National Bank & Trust Co., Manhasset.
The bonds are unlimited tax obligations of the district and the approving
legal opinion of Hawkins, Delafield & Longfellow of New York City will
be furnished the successful bidder.
A certified check for $7,960, payable
to order of the Board of Education, is required.
to
George B. Gibbons & Co. and Roosevelt & Weigold, Inc.1.40%
H. L. Allen & Co. and Minsch, Monell & Co...
1.40%
Manufacturers & Traders Trust Co. and Kean, Taylor &
Company.
1.40%
E. H. Rollins & Sons, Inc. and A. C. Allyn&Co.,Inc._.1.50%
Halsey, Stuart & Co., Inc..
*
1.50%
Marine Trust Co. of Buffalo and R. D. White & Co.....1.50%
Union Securities Corp. and Bacon, Stevenson & Co
1.50%
Blair & Co., Inc. and Goldman, Sachs & Co....
.1.50%
FREE SCHOOL DISTRICT
follows: $15,000
follows:
to
<
NORTH HEMPSTEAD UNION
(P. O. Manhasset), N. Y.—BOND OFFERING—George H. Oestreichm,
District Clerk, will receive sealed bids until 3 p. m. (DST) on July 9 for
the purchase of $398,000 not to* exceed 6% interest coupon or registered
building bonds.
Dated July 1, 1941.
Denom. $1,000.
Due Jan. 1 as
CHEEKTOWAGA, N. Y.—BOND OFFERING—Albert Sturm, Town
Clerk, will receive sealed bids until 4:30 p. m. (DST) on July 8 for the
purchase of $345,000 not to exceed 5% interest coupon or registered bonds,
name
follows:
as
1961 incl.
desired on forms which will be fur¬
be returned.
to
registered bonds,
$460,000 Great Neck Sewer District improvement bonds.
Due May 1 as
follows: $20,000 from 1942 to 1949 incl. and $25,000 from 1950 to
The bonds will be delivered on July 16 or as soon there¬
be prepared.
A certified check for 2% of the bonds
offered, payable to order of the City Treasurer, is required.
Legal opinion
of Caldwell & Raymond of New York City will be furnished the successful
bidder.
In event that prior to delivery of the bonds the income received
by private holders from bonds of the same type and character shall be taxable
by the terms of any Federal income tax law thereafter enacted, the pur¬
chaser may, at his election, be relieved of his obligations under the contract
to purchase the bonds and in such case the deposit accompanying his bid will
as
HEMPSTEAD (P. O. Manhasset), N. Y.—BOND OFFERING
interest coupon or
nished by the city.
after as they may
ALEXANDRIA
0.45%
0.54%
0.62%
,
—Hartford N. Gunn, Town Supervisor, will receive sealed bids until 11
A. M. (.DST) on July 15 for the purchase of $744,000 not to exceed 6%
urer,
Bids
Int. Rate
;
Leavitt & Co_
of
unlimited ad valorem taxes.
O.
Mamaroneck), N. Y.—NOTE SALE—The Chase National Bank of New
York and the Trust Co. of Larchmont, jointly, purchased on June 26 an
issue of $200,000 tax anticipation notes at 0.41% interest. Dated July 1,
1941. Due Feb. 1, 1942, except that $100,000 may be redeemed at par and
ASHLEY VILLAGE SCHOOL DISTRICT, Ohio—NOTE OFFERING
—Mrs. Eva Fogarty, Clerk of the Board of Education,
will receive sealed bids
until noon on July 11 for the purchase of $3,382.93 not to exceed 4 % interest
second series refunding notes.
Dated July 11, 1941.
Due July 11, 1943.
Subject to call after Nov. 30 in any year by the Board of Education.
A
certified check for 1 % of the notes, payable to order of the Board, is required.
:
CITY SCHOOL DISTRICT, Ohio—NOTE OFFERING—
Clerk of the Board of Education, will receive sealed bids until
July 14 for the purchase of $10,506.87 not to exceed 4% interest
second series refunding notes. Dated July 7, 1941. Due July 7, 1943. Sub¬
ATHENS
E. R. Walker,
noon on
ject to call after Nov. 30 in any year by the Board of Education. A certified
check for 1 % of the notes, payable to order of the Board, is required.
The Commercial & Financial Chronicle
130
sealed bids
$2,728.17 not to exceed 4%
July 10,1941. Due July 10,
1943.
Subject to call after Nov. 30 in any year by the Board of Education.
A certified check for 1% of the notes, payable to order of the Board, is
required.
RURAL SCHOOL DISTRICT, Ohio—NOTE OFFER¬
ING—Annie Carper, Clerk of the Board of Education, will receive sealed
bids until 6 p. m. on July 11 for the purchase of $2,231.12 not to exceed
4% interest second series refunding notes.
Dated July 12, 1941. Due
July 12. 1943.
Subject to call after Nov. 30 in any year by the Board of
Education.
A certified check for 1 % of the notes, payable to order of the
Board, is required.
BEXLEY, Ohio—BOND SALE—The $18,350 coupon special assessment
bonds offered June 27—V. 152, p. 3854—were awarded
4b, at par plus a premium of $13.50, equal
to 100.073, a basis of about 1.24%.
Dated June 1, 1941 and due Oct. 1,
as follows: $1,350 in 1942, $1,500 in 1943 and 1944 and $2,000 from 1945
to 1951, incl.
Other bids:
street improvement
to Prudden 8c Co. of Toledo as 1
Premium
$253.25
108.00
Int. Rate
Bidder—
BancOhio Securities Co—
J. A. White & Co
-
14%
14%
14%
-
Seasongood & Mayer...
78.85
BUCYRUS, Ohio—BOND SALE—The $25,000 swimming pool bonds
offered June21—V. 152, p. 3854^-were awarded to Bucyrus banks, as 1 4b,
at par plus a premium of $580.62, equal to 102.322, a basis of about 1.46%.
Dated April 1, 1941, and due as follows: $500 April 1 and $1,000 Oct. 1
from "*942 to
951, incl., and $1,000 April 1 and Oct. 1 from 1952 to 1956,
incl.
Other bids:
Int. Rate
Bidder—
Prudden & Co
Ryan, Sutherland & Co
J. A. White & Co
BancOhio Securities Co..
—
Seasongood & Mayer,
——
-
„
Braun, Bos worth & Co
Stranahan, Harris & Co.
—
_—- .........
—
1 *4%
.1*4%
l*4°7o
2%
3.91%.
CLEAR CREEK RURAL SCHOOL DISTRICT (P. O. Springboro),
Ohio—BOND OFFERING—D. H. Stitzel, Clerk of the Board of Education,
will receive sealed bids until noon on July 12 for the purchase of $2,100 4%
shop building bonds.
Dated May 1, 1941.
One bond for $100, others
$500 each.
Due Nov. 1 as follows: $100 in 1942 and $500 from 1943 to
1946, incl.
Bidder may name a different rate of interest, expressed in a
Interest M-N.
A certified check for $50, payable
required.
COAL RURAL SCHOOL DISTRICT (P. O. Coalton), Ohio—NOTE
OFFERING—W. F. Dar.ing, Clerk of the Board of Education, wi.l receive
sealed bids until 7 p. m. on July 12 for the purchase of $5,030.15 not to
exceed 4% interest second series refunding notes. Dated Sept. 6, 1941 and
due Sept.
6,1943.
Education.
Subject to call after Nov. 30 in any
year by
the Board of
A certified check for 1% of the notes, payable to order of the
Board, is required.
Ryan, Sutherland & Co. of Toledo, as reported in V. 152, p. 4010—were
as 2s, at par plus a premium of $126, equal to 100.63, a basis of about
sold
1.85%.
FAIRFIELD, Ohio—BOND SALEThe $8,000 coupon sewerage sys¬
tem bonds offered June 28—V. 152, p. 4010—were awarded to J. A. White
6 Co. of Cincinnati, as 2s, at par plus a premium of $56, equal to 100.70,
a basis of about 1.87%.
Dated April 1, 1941 and due $800 on Oct. 1 from
1942 to 1951 incl.
Second high bid of
Sutherland & Co. of Toledo.
Other bids:
Bidder—
100.393 for 2s
made by Ryan,
_
'
_
;
Premium
2%
2%
2*4%
$31.50
14.80
Par
will
15 for the purchase of
Dated July 15,1941.
$1,000.
Due $25,000 Nov. 1, 1943, and $25,000 May 1 and
from 1943 to 1946, incl.
Issued under the provisions of Section
2293-43a and payable only from delinquent taxes, ana in pursuance to and
in full compliance with the resolution adopted by the County Commissioners
on June 16,
1941.
Conditional bids will not be considered.
Purchaser
must be prepared to take the notes not later than July 25, 1941.
A com¬
plete transcript is on file in the office of the County Commissioners, and an
approving opinion will be furnihsed by Squire, Sanders & Dempsey of
Cleveland, at the expense of the purchaser.
A certified check for $1,750,
payable to order of Frank E. Cailor, County Treasurer, is required.
1
MILL TOWNSHIP RURAL SCHOOL DISTRICT
(P. O. Dennis on),
Ohio—NOTE OFFERING—Clerk of the Board of Education will receive
July 11 for the purchase of $1,978.30 not to
exceed 4% interest second series refunding notes.
Dated July 11, 1941
and due July 11, 1943.
Subject to call after Nov. 30 in any year by the
Board of Education.
A certified check for 1% of the notes, payable to
order of the Board, is required.
sealed bids until 7:30 p.m. on
MORGAN TOWNSHIP SCHOOL DISTRICT (P. O. Route L Otway),
Ohio—NOTE OFFERING—Albert Hilt, Clerk of the Board of Education,
will receive sealed bids until noon on July 10 for the purchase of $2,769.70
not to exceed 4% interest second series refunding notes.
Dated July 22,
1941.
Due July 22, 1943.
Subject to call after Nov. 30 in any year
by the Board of Education.
A certified check for 1 % of the notes, payable
to order of the Board, is required.
NEW
CONCORD, Ohio—BOND SALE—The $20,000 coupon sanitary
bonds offered June 30—V. 152, p. 4010—were awarded to the Banc¬
Dated June 1, 1941 and due $1,000 on
1943 to 1962 incl.
1 from
June
Other bids:
Bidder—
Int. Rate
s
J. A. White & Co
24%
—
First National Bank of Zanesville
—
Premium
$138.00
24%
24%
3%
Seasongood & Mayer.
Fox, Reusch & Co
—
233.85
66.66
400.00
NEW CONCORD-UNION RURAL SCHOOL DISTRICT
(P. O. New
Concord), Ohio—NOTE OFFERING—Carl C. Strahl, Clerk ofthe Board
of Education, will receive sealed bids until S p.m. on July 11 for the purchase
of $6,100.49 not to exceed 4% interest second series refunding notes.
Dated July 11, 1941 and due July 11, 1943.
Subject to call after Nov. 30,
in any year by the Board of Education.
A certified check for 1% of the
notes, payable to order of the Board, is required.
NORWOOD, Ohio—BOND SALE—The $27,500 park and playground
estate bonds offered June 30—V.
152, p. 4010—were awarded to
14a, at par plus a premium of
$181.50, equal to 100.66, a basis of about 1.41%.
Dated April 1, 1941
and due Oct. 1 as follows: $1,500 in 1942 and $2,000 from 1943 to 1955
Incl.
Second high bid of 100.21 for 14s was made by J. A. White & Co.
of (Cincinnati.
real
BancOhio Securities Co. of Columbus, as
SCHOOL
VILLAGE
PEEBLES
DISTRICT,
Ohio—NOTE
OFFER¬
ING—Robert Neill Jr., Clerk ofthe Board of Education, will receive sealed
bids until
noon
on
July 12 for the purchase of $3,786.15 not to exceed
4% interest second series refunding notes.
Dated July 15, 1941.
Due
Subject to call after Nov. 30 in any year by the Board of
of the notes, payable to order of
the Board, is required.
July 15, 1943.
A certified check for 1%
PIKE RURAL SCHOOL DISTRICT (P. O.
R. D. 3, New Carlisle)
Ohio—NOTE OFFERING—Fred Teach, Clerk of the Board of Education,
bids until 7:30 p. m. on July 18 for the purchase of
will receive sealed
$2,935.81 not to exceed 4% interest second series refunding notes.
Dated
July 21, 1941.
Due July 21, 1943.
Subject to call after Nov. 30 in any
year by the Board, of Education.
Issued for the purpose of refunding
outstanding notes issued under and pursuant to Section 2293-81 of the
General Code.
A certified check for 1% of the notes, payable to order of
the Board of Education, is required.
REILY TOWNSHIP
Int. Rate
Ryan, Sutherland & Co,
G. Parr Ay res & Co
—'
First National Bank of Osborn
was
Ohio—NOTE OFFER¬
Denom.
Nov.
Education.
CUYAHOGA HEIGHTS (P. O. R. F. D., Brooklyn Station, Cleveand), Ohio—BOND SALE DETAILS—The $20,000 sewer bonds awarded
to
O. Youngstown),
Ohio Securities Co. of Columbus.
111.00
79.00
56.00
——————
to order of the Board of Education, is
MAHONING COUNTY (P.
ING—John P. Rhiel, Clerk of the Board of County Commissioners,
receive sealed bids until 1:30 p. m. (EST) on July
$175,000 not to exceed 4% interest poor relief bonds.
sewer
CAMDEN, Ohio—BOND SALE DETAILS—The $111,600 electric light
multiple of 4 of 1%.
notes,
35.50
272.00
270.00
265.85
177.00
and power first mortgage revenue bonds awarded June 16 to Taylor, Durvea
& Co. of Chicago—V. 152, p. 4010, were sold as 4s, at a price of 100.60, a
basis of about
In any year
$46.00
1*4%
1 *4%
...
—
VanLahr, Doll & Isphording
Weil, Roth & Irving Co...—
Premium
14%
14%
1*4%
...
—
July 11,1943.
Subject to call after Nov. 30
by the Board of Education.
A certified check for 1% of the
payable to order of the Board, is required.
-
Dated July 11, 1941 and due
BALTIC VILLAGE SCHOOL DISTRICT, Ohi
Charles A. Ott, Clark of the Board of Education, will receive
until 8 p. ra. on July 10 for the purchase of
interest second series refunding notes.
Dated
BETTSVILLE
July 5,
RURAL
SCHOOL
DISTRICT
(P. O.
Reily),
Ohio—NOTE OFFERING—Ernest Hively, Clerk of the Board of Educa¬
tion, will receive sealed bids until 8 p. m. on July 10 for the purchase of
$2,898.16 not to exceed 4 % interest second series refunding notes.
Dated
July 10, 1941.
Due July 10, 1943.
Subject to call after Nov. 30 in any
by the Board of Education.
A certified check for 1% of the notes,
payable to order of the Board, is required.
year
FAIRPORT
(P.
O.
Fairport),
Ohio— BOND
SALE—The
$15,500
special assessment street improvement bonds offered June 28—-V.
152, p. 4010—were awarded to Mittendorf & Co. of Cincinnati, as 3 *4b,
at par plus a premium of $62, equal to 100.40, a basis of about 3.69%.
Dated July 1, 1941 and due Jan. 1 as follows: $1,000 in 1944; $1,500 from
1945 to 1947 incl. and
$2,000 from 1948 to 1952 incl. Second high bid of
100.19 for 3 Hs was made by Ryan, Sutherland & Co. of Toledo.
coupon
FOSTORIA CITY SCHOOL DISTRICT, Ohio—NOTE OFFERING—
Ivan L. Harrison, Clerk of the Board of Education, will receive sealed bids
until 6 p. m. on July 12 for the purchase of $14,732.76 not to exceed
4%
interest second series refunding notes. Dated July 15, 1941. Due July 15,
1943. Subject to call after Nov. 30 in any year by the Board of Education.
A certified check for 1% of the notes,
payable to order of the Board, is
required.
FRANKLIN TOWNSHIP SCHOOL DISTRICT (P. O. West Union),
Ohio—BOND OFFERING—Roy Hamilton, Clerk of the Board of Educa¬
tion, will receive sealed bids until 2 p. m. on July 12 for the purchase of
$3,863.21 not to exceed 4% interest second series refunding notes.
Dated
July 12, 1941 and due July 15, 1943.
Subject to call after Nov. 30 in
any year by the Board of Education.
A certified cfheck for 1 % of the notes,
payable to order of the Board, is required.
GARFIELD HEIGHTS CITY SCHOOL DISTRICT (P. O. Cleve¬
land), Ohio—NOTE OFFERING—George R. Egbert, Clerk ofthe Board of
.
Education, will receive sealed bids until noon on July 14 for the purchase of
$14,759.47 not to exceed 4% interest second series refunding notes. Dated
Sept. 1, 1941 and due Sept. 1, 1943. Subject to call after Nov. 30 in any
year by the Board of Education.
A certified check for 1% of the notes,
payable to order of the Board, is required.
„
JEFFERSON TOWNSHIP RURAL SCHOOL
DISTRICT
(P.
O.
West Union), Ohio—BOND OFFERING—Barbara Cook, Clerk of the
Board of Education, will receive sealed bids until noon on July 12 for the
purchase of $4,968.59 not to exceed 4% interest second series refunding
notes.
Dated July 15, 1941.
Due July 15, 1943.
Subject to call after
Nov. 30 in any year by the Board of Education.
A certified check for 1 %
of the notes, payable to order of the Board is required.
LIBERTY RURAL SCHOOL DISTRICT (P. O. West
1941.
Due July 15, 1943.
Subject to call after Nov. 30 in any year by
the Board of Education.
A certified check for 1% of thenotes, payable
to order of the Board, is required.
CITY
SCHOOL
DISTRICT, Ohio—NOTE OFFERING—
C. H. Pool, Clerk of the Board of Education, will receive sealed bids until
7 P. M. on July 14 for the purchase of $47,187.69 not to exceed
4% interest
second series refunding notes.
Dated July 15,1941 and due July 15,1943.
Subject to call after Nov. 30 in any year by the Board of Education.
A
certified check for 1 % of the notes, payable to order of the Board, is required.
LOWELL VILLAGE SCHOOL DISTRICT, Ohio—NOTEOFFERING
—Spencer F. Kile, Clerk of the Board of Education, will receive sealed bids
until noon on July 10 for the purchase of $3,464.95 not to exceed
4%
interest second series refunding notes.
Dated July 10,1941.
Due July 10,
1943.
Subject to call after Nov. 30 in any year by the Board of Education.
A certified check for 1% of the notes, payable to order of the Board, is
required,
LYKENS RURAL SCHOOL DISTRICT (P. O. Route 1, Sycamore),
Ohio—NOTE OFFERING—Harold E. Huddle, Clerk of the Board of
Education, will receive sealed bids until 6 p. m. on July 11 for the pur¬
chase of $2,740.78 not to exceed 4% interest second series refunding notes;
SEBRING
EXEMPTED
NOTE OFFERING—Alice
VILLAGE
D.
SCHOOL DISTRICT, Ohio—
Knight, Clerk of the Board of Education,
will receive sealed bids until noon on July 9 for the purchase of $8,448.04
not to exceed 4% interest second series refunding notes.
Dated July 19,
1941,
Due July 19, 1943.
Subject to call after Nov. 20 in any year by
the Board of Education.
Issued for the purpose of refunding outstanding
notes issued under and pursuant to Section 2293-81 of the General Code, of
A certified check for 1 % of the notes,
Ohio.
of Education, is
payable to order of the Board
required.
STARK COUNTY
Schrantz, Clerk of the
(P. O. Canton), Ohio—BOND OFFERING— Hilda
Board of County Commissioners, will receive sealed
bids until 11a.m. on July 16 for the purchase of $100,000 not to exceed 4%
interest sewer construction and maintenance notes.
Dated Aug. 1, 1941.
Due $10,000 on Feb. 1 from 1943 to 1952, incl.
Rate
expressed In a multiple of 4 of 1 %.
Principal and interest
(F-A) payable at the County Treasurer's office.
Each bid must be on the
basis of Canton delivery.
A certified check for $1,000, payable to order
of the Board of CoUhty Commissioners, is required.
Final approving
opinion of transcript of proceedings to be furnished by the successful bidder.
Denom. $1,000.
of interest to be
STEUBENVILLE, Ohio—BOND OFFERING—J. A. Cartledge, City
Auditor, will receive sealed bids until 1 p. m. (EST) on July 14 for the
purchase of $68,000 not to exceed 6% interest lateral sanitary sewer bonds.
Dated Aug. 1, 1941.
Denom. $1,000. Due Nov. 1 as follows: $6,000 in
1942 and 1943, and $7,000 from 1944 to 1951 incl.
Principal and interest
(M-N) payable at the City Treasurer's office. A certified check for $680,
payable to order of the City Treasurer, is required. Legal opinion of Squire,
Sanders & Dempsey of Cleveland will be furnished the successful bidder.
SWAN CREEK TOWNSHIP SCHOOL DISTRICT
(P. O. Gallipolis),
Ohio—BOND ELECTION—An election will be held July 25 on the question
of issuing
$56,000 construction bonds.
Union), Ohio
•—NOTE OFFERING—William Lloyd, Clerk of the Board of Education,
will receive sealed bids until noon on
July 12 for the purchase of $1,338.28
not to exceed 4% interest second series refunding notes.
Dated July 15,
LIMA
SANDUSKY, Ohio—BONDS SOLD—An issue of $5,500 3% street
Improvement bonds was sold to city trust funds.
Dated May 1, 1941.
Denom. $500.
Due Nov. 1 as follows:
$500 from 1942 to 1950, incl.,
and $1,000 in 1951.
Interest M-N.
OKLAHOMA
BARTLESVILLE,
Okla.—BONDS VOTED—At
an election
held on
June 24 the voters approved the issuance of $110,000 first protection bonds
by
a
wide margin, according to report.
OKMULGEE, Okla.—BOND ELECTION-—The issuance of $185,000
airport construction bonds is said to be scheduled for a vote at an election
set for
July 8.
TULSA, Okla.—BOND ISSUANCE PROPOSED—A $650,000 issue
water system improvement bonds is said to have
beep proposed.
of
OREGON
BRISCOE COUNTY (P. O. Silverton), Ore.—WARRANTS SOLD—
The Ranson-Davidson Co. of San Antonio is said to have purchased at
par a
$15,000 issue of 4% semi-annual road and bridge warrants.
LEBANON, Ore.—BONDS OFFERED—Sealed bids were received until
7:30 p. m. on July 1, by George H. Randle, City Recorder, for the purchase
of $31,406.25 not exceeding 4% semi-annual improvement of 1941, series A
bonds.
Dated June
1,
1941.
Due
on
June
1
as
follows: $2,906.25 in
Redeemable upon
1942: $3,000,1943 to 1948, and $3,500 in 1949 to 1951.
any
interest paying date after three years from date of issue.
Volume
The Commercial & Financial Chronicle
153
OREGON-WASHINGTON BRIDGE AUTHORITY (P. O. Astoria),
Ore.—BOND
is
said to
be
market in the
ISSUANCE
CONTEMPLATED—'The
planning to place $8,000,000 bridge
near
Board
revenue
of
Trustees
bonds
on
the
future.
SALEM, Ore.—BOND OFFERING—Sealed bids will be received unti
July 21, by the City Recorder for the purchase of a $200,000 issue of not
exceed 4M% semiannual sewage disposal bonds.
Denom. $1,000.
Dated Aug. 1, 1941.
Due serially up to Aug. 1, 1961.
Callable after
five years from date of issue.
These bonds were approved by the voters
at an election held on
May 20.
to
PENNSYLVANIA
DUNKARD TOWNSHIP SCHOOL DISTRICT
(P.O.Dillinger) Pa.—
BOND SALE—The $30,000 coupon or
registered funding bonds offered July
1—v. 152, p. 4011—were awarded to E. H. Rollins &
Sons, Inc., Philadel¬
phia, as 1 Ms, at par plus a premium of $7.79, equal to 100.025, a basis of
about 1.74%.
Dated July 1, 1941 and due $5,000 on Jan. 1 from 1943 to
1948incl.
Second high bid of 100.014 for 1 Ms was made
by Moore, Leonard
& Lynch, of Pittsburgh.
JENKINTOWN
SCHOOL
DISTRICT, Pa.—BOND OFFERING—
J. M. Smith, District
Secretary, will receive sealed bids until 3 p. m. (EST)
for the P^chase of $28,000 0.50%,
0.75%, 1%, 1M%. 1M%.
1%%, 2%, 2M% or 2M% coupon, registerable as to principal
only, high
improvement bonds.
Dated July 1, 1941.
Denom. $1,000.
Due
July 1 as follows:
$7,000 in 1946; $2,000, 1947 and 1948; $1,000, 1949 to
1951, incl.; $2,000, 1952 and 1953: $1,000, 1954 to 1956, incl.; $2,000 in
1957 and 1958, and $1,000 from 1959 to
1961, incl.
Bidder to name a
single rate of interest for all of the bonds.
Principal and interest payable
school
without deduction for any tax or
taxes, except succession or inheritance
taxes, now
or hereafter levied or assessed thereon under
any present or
future law of the Commonwealth of
Pennsylvania, all of which taxes the
school district assumes and agrees to
pay.
Bonds will be payable from ad
valorem taxes within the taxing limitations
placed by law upon school
districts of this class.
Issue,
subject to favorable opinion of Townsend,
Elliott & Munson, of Philadelphia, and to the
approval of the Pennsylvania
Department of Internal Affairs.
A certified check for 2% of the bonds
bid for, payable to order of the District
Treasurer, is required.
LEHIGHTON, Pa .—BOND SALE—The Peoples National Bank of
Lehighton has purchased an issue of $73,000 2M% refunding bonds at par.
NORTH VERSAILLES TOWNSHIP AUTHORITY (P. O. East
McKeesport), Pa.—BONDS SOLD—Johnson & McLean, Inc., of Pitts¬
„
burgh
May
purchased $410,000 3%
1941.
Denom. $1,000.
1,
coupon
Due
water
May
1
revenue
as
bonds.
follows:
Dated
$5,000
from
1946 to
1949, incl.; $10,000, 1950 to 1954, incl.; $15,000, 1955 to 1960,
incl.; $20,000, 1961 to 1965, incl., and $25,000 from 1966 to 1971, incl.
131
and distributed from the following funds:
eral Fund—Reserve
1.
2.
Construction Fund.
Gen¬
Operating and Maintenance Fund.
3. Principal and
Redemption
Fund.
on a parity with this issue
may be issued to complete
the original construction of the water system and for
capital additions
and extensions only upon the certification of the
consulting engineers to
the trustee that the actual net revenues in each of the two
preceding fiscal
years has not been less than 120% of the average annual debt service
charges on the outstanding and the additional oonds.
All legal matters.
incident to the authorization and issuance of the bonds have been approved
by Burgwin Scully & Churchill of Pittsburgh, acting for the bankers, and
by Rahauser, Van der Voort & Royston, on behalf of the Authority.
Interest
Reserve
Additional bonds
Fund.
4.
Bond
Purchase
and
SCOTT TOWNSHIP SCHOOL DISTRICT
(P. O. Carnegie), Pa.—
BOND OFFERING—Paul M. Klehart, District
Secretary, will receive sealed
bids until 6:30 p.m. (EST) on July 21 for the
purchase of $35,000 coupon
bonds, divided as follows:
$11,000 refunding of 1941 bonds.
Due Aug. 1 as follows: $1,000 from
1942 to 1945incl.; $2,000in 1946 and $1,000from 1947 to 1951 incl.
24,000 operating revenue of 1941 bonds.
Due Aug. 1 as follows: $3,000
from 1942 to 1945 incl. and $2,000 from 1946 to 1951 incl.
All of the bonds will be dated Aug. 1, 1941.
Denom. $1,000.
Bidder
to name the rate of interest in a
multiple of M of 1 %.
Principal and in¬
(F-A payable free of all taxes levied under any present or future law
of the Commonwealth of
Pennsylvania, except gift, succession and in¬
terest
heritance taxes.
Bids must be for the combined total of both issues.
Sales of bonds is subject to approval of the
Pennsylvania Department of
Internal Affairs, and the district will furnsih the bonds and
legal opinion
of
Burgwin, Scully & Churchill of Pittsburgh.
payable to order of the district, is required.
A certified check for $500,
WEST DEER TOWNSHIP SCHOOL DISTRICT
(P. O. Russellton),
Pa-—BONDS SOLD—Phillips, 8chmertz & Co. of Pittsburgh purchased
2M% school bonds.
Dated June 1, 1941.
Denom. $1,000.
Due $7,000 annually on Dec. 1 from 1944 to 1963 incl.
Prin. and int.
(J-D), payable at the Peoples National Bank, Tarentum.
Legaility
approved by Burgwin, Scully & Churchill of Pittsburgh.
$140,000
The issue
was
originally sold
Pittsburgh, and associates, at
June 19 to Singer, Deane & Scribner, of
price of 101.87, a basis of about 2.08%.
on
a
WEST EASTON (P. O. Easton), Pa .—BOND SALE—The
$18,000 2%
funding and refunding bonds offered May 27—v. 152, p. 3229—were
awarded to Johnson <fe McLean, Inc., Pittsburgh, and Warren W. York &
Co., of Allentown, jointly, at a price of 100.26, a basis of about 1.96%.
Dated June 1, 1941 and due June 1 as follows: $1,500 from 1942 to 1946
incl.; $2,000, 1947 to 1949 incl. and $2,500 in 1950 and 1951.
YEADON SCHOOL DISTRICT, Pa .—PROPOSED BOND ISSUE—
Louis R. Schneider, Secretary of the Board of Directors,
reports that the
district is considering an issue of $25,000 construction bonds.
,
Principal and interest
(M-N) payable at the Commonwealth Trust Co.,
as to
principal.
The Authority was created
pursuant to the Municipality Authorities Act (of the Comomnwealth of
Pennsylvania) of 1935, being the Act of June 28, 1935 (P. L. 463) and as
amended.
The Authority was chartered as of Jan. 6, 1941.
Neither the
property nor revenues of the Authority are subject to local or State taxes.
The Commonwealth Trust Co. of Pittsburgh has
agreed to act as trustee
for this bond issue and to perform according to the
provisions of the trust
indenture.
The Authority will covenant and the trust indenture will
provide, among other provisions, that all revenues received from the
township for fire protection shall be deposited with the trustee in the
Interest and Principal Reserve Fund and that the proceeds of this bond
Pittsburgh.
Registerable
issue and all other
revenues from the operation of the system will be held
by it in and distributed from the following funds:
1. Construction Fund;
2. General Fund—Reserve Operating and Maintenance Fund; 3.
Principal
and Interest Reserve Fund.
4. Bond Purchase Fund.
Additional bonds
on
a parity with this issue
may be issued to complete the original con¬
struction of the water system and for capital additions and extensions
only
the certification of the consulting engineers to the trustees that the
actual revenues in each of the two preceding calendar years has not been
upon
RHODE
MIDDLETOWN
coupon school bonds offered June 27 were awarded to Estabrook & Co. of
Boston,
as
1Mb, at
a
Best, Coolidge & Rugg of Boston, a copy of whose opinion will accompany
bonds when delivered, without charge to the purchaser.
Delivery to
purchaser on or about July 8, at the above bank, against payment in
Boston funds.
Second high bid of 100.679 for lMs was made by Kidder,
Peabody & Co. of Boston.
the
recreation
behalf of the Authority.
PALMERTON, Pa .—BOND
SALE—The
$50,000
offered July
storm sewer bonds
to the York Trust Co.,
1—v. 152, p. 4011—were awarded
York, as 1 Ms, at par plus a premium of $650, equal to 101.30. a basis of
about 1.29%.
Dated July 1,1941 and due $5,000 annually on July 1 from
1943 to 1952 incl.
Second high bid of 100.614 for lMs was made by
Warren A. Tyson Co. of Philadelphia.
•
PAWTUCKET,
area
of the
Pennsylvania
Turnpike
(toll
highway)
an alternate route for
Highways 22, 30, 40 and
permitted by order of the Interstate Com¬
as
authorized to operate over U. S.
422 through Pennsylvania was
merce Commission on June 17.
This action, which may substantially increase toll traffic over the new
road between Harrisburg and Pittsburg, would thus aid revenues of
the
turnpike bonds, which
are payable out of tolls.
Under the Commission's order, common and contract carriers which
have been specifically authorized heretofore to
engage in operations over
highways 22, 30, 40 and 422 may use the new road as an alternate route
without obtaining prior approval of the ICC.
They merely must give
notice to the Commission by letter of an intention to use the new road and
notify their competitors of such intention.
Motor, carriers
highways
and
whose authority is limited to operations over specified
are not authorized to operate over the portiohs of
who
22, 30, 40 and 422 paralleling the Turnpike, but who desire to use
the toll highway as an alternate route in performing their authorized ser¬
vice, must apply and receive ICC permission before using the turnpike.
The ICC said that if it appears that the use of the turnpike by such
appli¬
routes
cants does not result in
a substantial change in the service between terminal
or to or from intermediate and off route points, consideration will
be given to granting authority without hearing.
Motor carriers authorized to operate within or through Pennsylvania
points
over
irregular routes require no specific authority from the ICC to use the
turnpike in performing their authorized service, it was pointed out..
The Pennsylvania Turnpike is a recently built modern toll
highway in
which there are improvements in design and construction over
existing
highways in that region, including the elimination of cross traffic, reduc¬
tion of grades, lengthening of curves and widening of the pavement.
It
roughly parallels U. S. Highway 40 through Pennsylvania ahd Maryland
and U. S. Highways 30, 422 and 22 through Pennsylvania.
PHILADELPHIA, Pa.—$53,000,000 BONDS EXCHANGED—Drexel
&
Co. of Philadelphia and Lehman
Bros., New York, joint mnaagers of the
$131,064,000 bond exchange group, announced that $53,000,000 bonds
had bean changed up to June 30.
This includes ail of series A and B
except $170,000, and all of series L.
ROBINSON TOWNSHIP AUTHORITY (P. O. McKees Rocks). Pa.
>—BONDS
SOLD—Johnson &
McLean, Inc., of Pittsburgh purchased
$225,0003 M% coupon water revenue bonds.
Dated July 1,1941.
Denom.
$1,000.
Due July 1 as follows:
$5,000, 1948 to 1956, incl.; $10,000, 1957
to 1965, incl., and $15,000 from 1966 to 1971, incl.
All bonds maturing
July 1, 1951, and thereafter are Callable on any interest date on or after
July 1, 1950, in inverse order of their maturity, by lot at par and accrued
interest plus additional interest in an amount equal to 4 % of the par value
of the bonds.
Principal and interest (J-J) payable at the Commonwealth
Trust Co., Pittsburgh.
Registerable as to principal.
Legal and binding
obligations of the Authority and are payable solely from the revenues of
the water distribution system.
The Authority was created pursuant to
the Municipality Authorities Act (of the Commonwealth of Pennsylvania)
of 1935, being the Act of June 28, 1935 (P. L. 463) and as amended.
The
Authority was chartered as of Dec. 3, 1940.
Neither the property nor the
revenues of the Authority are subject to local or State taxes.
The Com¬
monwealth Trust Co. of Pittsburgh has agreed to act as trustee for this
bond issue and to perform according to the provisions of the trust in¬
denture.
The Authority will covenant and the trust indenture will provide,
among other provisions, that all revenues received from the township for
fire
protection shall be deposited with the trustee in the Interest and
Principal Reserve Fund and that proceeds from this bond issue and from
all other revenues from the operation of the system will be held by it in
R.
an
I.—BONDS AUTHORIZED—Common. Council
issue of $250,000 bonds for park, playground and
purposes.
WEST
WARWICK, R. I.—SERIAL NOTES SOLD—The $65,000
June 27—V. 152, p. 4011—were awarded to
Bond, Judge & Co. and C. F. Childs & Co., New York, jointly, as 2Mb, at
par plus a premium of $1,162.85, equal to 101.78, a basis of about 2.34%.
Dated July 1,1941 and due July 1 as follows: $3,000 from 1942 to 1946 incl.
and $2,000 from 1947 to 1971 incl.
Second high bid of 100.90 for 2Ms was
made by Chace, Whiteside & Symonds of Boston.
coupon sewer notes offered
PENNSYLVANIA TURNPIKE COMMISSION (P. O.
Harrisburg),
Pa .—INCREASED REVENUES EXPECTED FROM ICC RULING—Use
motor carriers
Dated July 1,
the
recently authorized
Self,
basis of about 1.64%.
intangible personal property is taxable at the uniform rate of 40 cents for
each $100 of assessed valuation.
The bonds will be engraved under the
supervision of and authenticated as to their genuineness by the First
National Bank, Boston, and their legaility approved by Ropes, Gray,
Scully & Churchill of Pittsburgh, acting for the bankers,
and by
a
Denom. $1,000. Due July 1 as follows: $3,000 from 1942 to 1949 incl.
and $4,000 from 1950 to 1961 incl.
Prin. and int. (J-J), payable at the
First National Bank of Boston.
Valid general obligations of the town,
and all taxable property in the town will be subject to the levy of unlimited
ad valorem taxes to pay both principal and interest,
except that taxable
less than 120% of the average annual debt service
charges on the out¬
and the additional bonds.
All legal matters incident to the
authorization and issuance of the ponds have been approved
by Burgwin,
on
price of 101.12,
1941.
standing
Evashwick & Best
ISLAND
(P. O. Newport), R. I.—BOND SALE—The $72,000
SOUTH
CAROLINA
CLEMSON AGRICULTURAL COLLEGE OF SOUTH CAROLINA—
BOND CALL—J. C. Littlejohn, Business Manager, is calling for
payment
Aug. 1, barracks building revenue bonds, numbered from 27 to 220, incl.
Denom. $1,000. Due Aug. 1,1942 to 1965. Said bonds
presented to the Treasurer of said college in Clemson, with Feb. 1,
1942, and all subsequent coupons attached.
Interest ceases on Aug. 2.
These bonds are part of an issue of $220,000.
•
on
Dated Aug. 1, 1935.
must be
,
SOUTH
DAKOTA
ELK POINT, S. Dak.—BOND OFFERING—Sealed bids will be received
until 7 p. m. on July 7, by Fred M. Smythe, City Auditor, for the purchase
of $20,000 municipal auditorium bonds.
Interest rate is not to exceed 4%,
payable J-J. Dated July 15, 1941. Denom. $500. Due July 15, 1961. The
city reserves the right to pay, call, redeem and take up any or all of the bonds
at any interest payment date on or after five years from the date thereof.
Prin. and int. payable at Minneapolis. The city will furnish any information
desired concerning the proceedings taken toward the issuance of the bonds
and any other information requested.
Enclose a certified check for 5% of
the amount thereof, payable to the City Treasurer.
EMMET TOWNSHIP (P. O. Elk Point) S. Dak.—BOND OFFERING—
Sealed bids will be received until 8 p. m. on July 24, by Ben Buum, Chair¬
of the Board of Supervisors, for the purchase of $5,000 general obli¬
man
gation bonds, at his office in Alcester.
Interest rate is not to exceed 3%,
payable annually. Denom.$500. Dated July 24,1941. Due$l,000on July 24
in 1942 to 1946 incl. Any of the bonds may be paid and retried at any time
after the issuance thereof uopn full payment.
A certified check for 10%
of the total bid submitted, payaable to the Township Treasurer, is required.
WESSINGTON
election held
on
SPRINGS,
S.
Dak.—BONDS
DEFEATED—At an
a proposal
June 18 the voters are said to have turned down
to issue $20,000 construction bonds.
TENNESSEE
CHATTANOOGA, Tenn.—BOND SALE—The $250,000 iasue of semiann.
was
funding of 1941 bonds offered for sale on June 30—V. 152, p. 4012—
a syndicate composed of Fox, Reusch & Co.; Katz & O'Brien,
awarded to
both of Cincinnati; Baum, Bernheimer Co. of Kansas City, and P. E. Kline,
Inc. of Cincinnati, paying a premium of $77, equal to 100.03, a net interest
cost of about
2.36%, on the bonds divided as follows: $160,000
Dated June 30, 1941.
Due on June 30, 1953.
as
2s, and
$90,000as3s.
'DRESDEN, Tenn.—NO TENDERS—Mayor K. Webb states that
July 1, for outstanding bonds of the city.
no
tenders were received on
TEXAS
ALICE INDEPENDENT
SCHOOL DISTRICT (P. O. Alice), Texas
—BONDS SOLD—A $45,000 issue of 2 M % semi-annual gymnasium bonds
is said to have been purchased by Geo. V. Rotan & Co. of Houston at a
price of 100.711.
ALVARADOINDEPENDENTSCHOOLDISTRICT (P.O. Alvarado),
Texas—BONDS SOLD—The Superintendent of Schools states that $35,000
building bonds were purchased on June 30 by R. K. Dunbar & Co. of Austin,
paying a premium of $411, equal to 101.171, a net interest cost of about 3.
37%, on the bonds divided as follows: $15,000 as 3Ms, due $1,000 on May
The Commercial &
132
120.000 as 3 Ms. due $2.000 on May 1 in 1957 to 1966.
Dated May 1, 1941.
These bonds were awarded subject
by the State Board of Education.
Prin. and int. (M-N) payable
at the Mercantile National Bank in Dallas.
1 in 1942 to 1956, and
Denom. SI,000.
to waiver
Texas—BONDS
SOLD—The
$40,000
sewer
sale on June 27—V. 152, p. 4163—were
1, 1941. Due on July 1 in 1943 to
BRACKETTVILLE,
system revenue bonds offered for
purchased as 3 Ms and 3 Ms. Dated July
1962; optional on and after July 1, 1953.
,
DISTRICT (P. O. Bremond),
San Antonio, is said
purchased $32,000 semi-ann. refunding bonds as 3s and 3M».
BREMOND INDEPENDENT SCHOOL
to have
INDEPDEDENT SCHOOL DISTRICT (P. O.
Texas—ADDITIONAL INFORMATION— In con¬
of June 7, that $500,000 2M.
2M> and 3% semi-ann. construction bonds had been sold to the National
Bank of Commerce, of Houston, subject to waiver by the State Board of
Education, it is stated that the sale was put through by Moroney & Co. of
Houston, at par, acting as fiscal agent for the district.
CORPUS CHRISTI
Christ!),
Corpus
with the report given in our issue
nection
(P. O. Cuero) Texas—BONDS SOLD—The Van H.
San Antonio, is said to have purchased $63,973.71 3M%
and bridge refunding bonds, approved by the Commis¬
De WITT COUNTY
Howard
Co. of
road
semi-ann.
sioners' Court on May 14.
COUNTY
GRAYSON
(P. O. Sherman)
Payment Plan No. 3—Said bonds to become
Plan No. 1, provided, however, that the
option call all or any of said bonds for
interest-paying date thereafter, upon
plans; bids under each plan must be separate.
Bidders are invited to name the rate of interest
Texas—BONDS SOLD—The
said to have purchased
Due on July 1 in 1042 to
1949.
NO. 1, Texas—CON IDER
is reported that the County Commis¬
considering a road bond refunding in the above district
(the Edinburgh-Mercedes District), largest in the county, which might
save both the State and county $280,000 each.
A Houston investment
house will undertake to secure cooperation of a number of bondholders ar
HIDALGO COUNTY ROAD DISTRICT
ROAD
REFUNDING—It
BOND
Court is
has until
July 20 to obtain sufficient assents to the plan to
of delivery of
$24,000 of the bonds prior to the next interest
the report
maturity date, Oct. 1, 1941,
said.
NO. 6 (P. O. Edinburg)
$610,000 road,
P. Childs & Co. of Chicago,
divided $269,000 as 3Ms, $210,000 as 3 Ms. and $131,000 as 4s, as noted on
June 28—V. 152, p. 4163—it is stated- by the Comity Judge that the bonds
COUNTY
HIDALGO
ROAD
DISTRICT
Texas—PRICE PAID—In connection with the sale of the
series of 1941 bonds to a syndicate headed by C.
sold at par.
LAMAR COUNTY (P. O. Paris), Texas—BOND OFFERING—Sealed
bids will be received until July 14, by Eugene P. Harrell, County Judge,
for the purchase of a $200,000 issue of road bonds.
specified by the bidder.
Due serially in 20 years.
Interest rate to be
MART, Texas—BOND ELECTION—The issuance of the following bonds
aggregating $100,000, will be submitted to the voters at an election scheduled
for July 15:
$50,000 water system, and $50,000 sewer bonds.
PALACIOS,
SOLD—The
Texas—BONDS
Ranson-Davidson
Co.
of
San Antonio, is said to have purchased at par, the following revenue bonds
aggregating $30,000, as 1 Ms- $20,000 sewer, and $10,000 water works bonds.
Due in 1942 to 1961.
RHOME, Texas—BONDS SOLD—The First National Bank of Rhome
purchased $10,000 5% semi-annual water works bonds.
is said to have
Texas—BONDS VOTED—The issuance of $100,000
improvement bonds is said to have been approved by the voters at
TEXAS
street
CITY,
election held
on
June 24.
Texas—BOND CALL—The City Secretary is calling
1,5% refunding series of 1936 bonds numbered from
$118,475.
Dated Sept. 1, 1936.
Due on May 1 in
1942 to 1953, and 1955, 1957 and 1959; callable at any time after five years.
Bonds are to be presented at the American National Bank of Austin.
TEXARKANA,
for payment on Sept.
1 to 187, aggregating
UTAH
GRANITE SCHOOL DISTRICT (P. O. Salt Lake
City) Utah—BOND
CALL—Fielding G. Burton, Clerk of the District, is calling for payment on
July 15, 2M% semi-ann. bonds numbered 1, 2, 4, 8, 9 to 12, 14 to 18, 22
to 25, 27, 29, 30 to 32, 35 and 37, to the amount of $24,000.
Denom$l,000
Dated Jan. 15, 1937.
Due on Jan. 15, 1947.
Payable at the Guaranty
Trust Co., New York.
WEBER
COUNTY
DISTRICT (P. O.
Ogden), Utah—
D. A. Smith, Clerk of the Board of Edu¬
SCHOOL
BONDS SOLD—It is stated by
cation, that $22,000 2% semi-annual refunding bonds were purchased on
June 26 by Edward L. Burton & Co. of Salt Lake City.
Denom. $1,000.
Dated June 1, 1941.
Due on Dec. 1, 1946.
VIRGINIA
HARRISONBURG, \a.—BOND CALL—It is stated by R. G. Heneberger, City Clerk-Auditor, that he is calling for payment on Aug. 1, a
total of $100,000 6% water bonds, at the National City Bank of New York.
Dated
Aug. 1, 1921.
Due
on
Aug. 1. 1951, redeemable
on
Aug. 1, 1941.
WASHINGTON
PIERCE COUNTY SCHOOL DISTRICT NO. 99 (P. O. Tacoma)
Wash.—BONDS NOT SOLD—'The County Treasurer states that the $9,000
not exceeding 6% annual school bonds offered on June 28—V.
152, p.
4164—were not sold as all bids were rejected.
PORT OF KENNEWICK
The
•
will be sold to the
highest and best bidder
with the right
be addressed
fied check
or
bank draft for not less than
by a certi¬
$10,000, payable to the order of
the city.
The bonds will be delivered to
the purchaser on or before
Aug. 17, 1941.
Delivery will be made in the City of Tacoma.
Bonds will be furnished and
paid for by City of Tacoma.
The approving opinion of Thomson, Wood &
Hoffman, New York City, will be furnished to the purchaser without cost.
The City Controller will submit information and(or) essential facts to any
nterested prospective bidder.
YAKIMA COUNTY
SCHOOL DISTRICTS (P. O. Yakima), Wash.
District No. 113 coupon semi-annual building
—BOND SALE—The $40,000
equipment bonds offered for sale on June 21—V. 152, p. 3856—were
purchased jointly by Fordyce & Co., and the Charles N. Tripp Co., both
of Portland, at par, for bonds maturing on July 1 in 1943 to 1950, as 2s.
and bonds maturing on July 1 in 1951 to 1961. as 2Ms.
(P. O. Kennewick) Wash.—BOND SALE—
construction bonds
offered for sale on
E. M. Adams & Co., and
Daugherty, Cole & Co., both of Portland, as 2s, at a price of 100.46, accord¬
ing to the Secretary of the Board of Commissioners.
Dated July 1, 1941.
Due annually for 15 years, commencing July 1; 1943.
$24,000
semi-ann.
coupon
K9JKF °F F^S,CO
stated
*
°- Pasco), Wash.—BONDS NOT SOLD—It is
by the Clerk of the Board of Commissioners that the following not
5% semi-annual improvement bonds, aggregating
$160,000
on June 27—V. 152, p. 4012, 4164—were not sold as all bids were
rejected:
$60,000 general obligation improvement bonds.
100,000 harbor revenue bonds.
exceed
offered
TACOMA, Wash .—BOND OFFERING—We
7™,X?e'
are
informed by Thomas A.
City Controller, that sealed bids will be received until 2
p. m.
(PST), on July 17, for the purchase of a $500,000 issue of water revenue
bonds of 1941.
Denom. $1,000.
Coupon bonds, dated July 1, 1941.
Registerable as to principal only or as to both principal and interest.
Inter¬
est rate is not to exceed 4%, payable J-J. Bonds will be an
obligation only
against the special fund known as City of Tacoma Water Fund of 1941.
created by said Ordinance No. 12010, and will be payable at the office of
?.
8U,rer
of Washington in the
^iie City
119 bonds offered on the same date—V. 152.
by Atkinson-Jones & Co. of Portland, as 2s
in from 2 to 10 years after date of issue.
The $25,000 District No.
p. 4012—were purchased
at a price of 100.17.
Due
WEST
Tacoma, or at the fiscal agency of the State
City of New York, State of New York, at the option
of the holder.
Said bonds will become due and payable in accordance with whichever of
VIRGINIA
FAIRMONT, W. Va.—BONDS PUBLICLY OFFERED—A $210,000
issue of 3% semi-ann. coupon water works revenue bonds is being offered by
Johnson & McLean of Pittsburgh, for general investment. Denom $1,000.
Dated July 1, 1941. Due on July 1 as follows: $5,000 in 1943 to 1948, $6,000
in 1949 to 1953, $7,000 in 1954 to 1957, $8,000 in 1958 to 1961, $9,000 in
1962 to 1964, $10,000 in 1965 to 1967, and $11,000 in 1968 to 1970.
Re¬
deemable by lot on any interest date in inverse order of maturity at par and
accrued interest, plus additional interest in an amount equal to 5% of the
par value.
Prin. and int. payable at the National City Bank, New York,
or at the State Sinking Fund Commission, Charleston.
Registerable as to
principal. Both municipal and interest are payable solely from the revenues
of the entire water works system including all improvements and better¬
ments.
Issued under and in full compliance with the Constitution and
Statutes of the State, including particularly Chapter 26 of the Acts of
the Legislature of West Virginia, 1933, First Extraordinary Session, as
amended and supplemented, to provide funds for improvements and better¬
ments to the existing water works system. The average net earnings available
for principal and interest and depreciation for the past five years has equalled
$57,654.98, which is more that five times the average debt service require¬
ments of the new issue, which is $11,070.
The consulting engineers in
charge estimate that the extensions and improvements made possible by this
bond issue will result in an annual increase in revenues in excess of $20,000
and a reduction in annual operating costs of approximately $16,000.
The
bonds are offered subject to the approving opinion of Chapman & Cutler,
of Chicago.
VIRGINIA, State of—BOND OFFERING— Sealed bids will be
July, by Governor Matthew M. Neely, for
of an issue of $1,000,000 road bonds.
Interest rate is not to
exceed 4%, payable M-S.
Dated April 1, 1941.
Coupon bonds in $1,000
denoms. convert, into fully registered bonds of $1,000 and $5,000 denoms.
Due $40,000 April 1, 1942 to 1966.
Rate of interest to be in a multiple of
M of 1 %.
A part of the issue may bear one rate and a part a different rate.
Not more than two rates will be considered in any one bid.
The bonds will
be sold to the bidder offering to take the bonds bearing the lowest interest
rate and to pay the highest price offered for bonds bearing such rate.
Prin. and int. payable in lawful money at the State Treasurer's office, or at
the National City Bank, New York.
These bondr are issued under au¬
thority of amendment to the Constitution known as $50,000,000 State Road
Bond Amendment and under authority of an Act of the State Legislature,
1941 Regular Session, known as Enrolled Senate Bill No. 20, passed Feb. 24,
1941.
To secure the payment of this bond, principal sum and interest, .
when other funds and revenues sufficient are not available for that purpose.
It is agreed that, within the limits prescribed by the Constitution, the board
of Public Works of the State shall annually cause to be levied and collected
an annual State tax on all property in the State, until said bond is fully paid,
sufficient to pay the annual interest on said bonds and the principal sum
thereof within the time this bond becomes due and payable.
The bonds
cannot be sold at less than par and accrued interest.
Accrued interest to
be calculated from April 1,1941.
Purchasers will be required to pay accrued
interest to date of delivery.
Delivery will be made in New York City.
To
expedite delivery if desired interim certificates will be furnished purchasers.
The purchaser or purchasers will be furnished with the final approving
opinion of Caldwell & Raymond of New York, but will be required to pay
the fee for approving the bonds.
Enclose a certified check for 2% of the
face value of the bonds bid for, payable to the State.
WEST
received until 1 p. m. (EST), on
the purchase
"In the event that prior to the delivery of the
by private holders from bonds of the same type
bonds the income received
and character sHali be de¬
Federal income tax laws, either by a
ruling of the Bureau of Internal Revenue or by a decision of any Federal
court, or shall be taxable by the terms of any Federal income tax law here¬
after enacted, the successful bidder may, at his election, be relieved of his
obligations under the contract to purchase the bonds and in such case the
deposit accompanying his bid will be returned."
clared to be taxable under present
UTILITY
TAX
BASE LARGEST
IN STATE'S HISTORY—Approxi¬
mately $1,500,000 more in property taxes will be paid next year by West
Virginia public utilities on the basis of the $70,585,000 valuation increase
ordered by the State Board of Public Works, according to the estimate of
tax
June 30—V. 152, p. 3856—were awarded jointly to
to
bonds.
Said bonds
reserved by the city to reject any or all bids.
Each bid must
to the Sinking Fund Board of the city and must be accompanied
warrant further
work on the program.
It is said that at least the county's porti >n of the
total debt of $3,555,000 will be handled if the firm gets a sufficient number
of bonds by the deadline date.
The county will make an effort to retire
an
the entire issue of
bids for the bonds
bearing different rates of interest may also be submitted. No bid will be
considered for the bonds for less than par and accrued interest.
Bids must
be for the entir
issue of bonds; purchaser must pay accrued interest to date
and
sioners'
were
which bonds are to bear,
The rate must be a multiple of
exceeding four per centum per annum.
one-quarter or one-tenth of one per centum. * Bids for
bonds bearing one rate of interest may be submitted;
Merchants & Planters National Bank of Sherman, is
$60,000 1M% semi-ann. airport bonds at par.
1941
due and payable as specified
City of Tacoma may at its
redemption on Jan. 1, 1952, or on any
60 days advance notice.
Bids will be received for said bonds to be issued under each of the above
designated payment plans, bidders may submit bids under all or any of said
in
not
Texas—BONDS SOLD—The Ranson-Davidson Co. of
July 5,
Financial Chronicle
officials.
Believed to be the
biggest boost in State history, the increase brought
1941 utility tax base to
Of the property on which the increase was ordered, about 60%, or $42,"
000,000, is in Class III outside municipalities and the other 40%, $38,000,"
000, is in Class IV inside municipalities.
The average levy rate this year
was $1,635 on the $100 valuation in Class III and $2,291 in Class IV.
'
indication of any great change in the aver¬
III utility property will bring an additional $686,700
the Class IV utility taxes will be increased $870,600,
or a total of $1,557,300, tax experts figured.
Most of this money, about $800,850, will be distributed among the 55
county school boards, which last year received 53.39% of the property taxes
levied.
Another $478,500 will go to the 55 county courts on the basis of
31.90% of this year's levies going to the counties and districts, while about
$212,850 will be divided among the State's municipalities, which shares
14.19% of this year's levies.
The State, which gets only a .52% share of
the property taxes, can expect a revenue increase of about $7,800.
The Board's valuation figure, running almost $60,000,000 higher than
utilities ever before had been assessed, was seen as an attempt to bring the
assessments in line with generally increasing property values and to some
extent bring about a revaluation to eliminate certain "inequalities."
The tangible property increase included $18,270,800 for the Chesapeake
On this basis—and there is no
age levy—the Class
in tax revenue, and
&
Onio
RR.,
which
is the
State's biggest taxpayer,
$10,133,300 for the
Virginia RR.
the
Norfolk & Western, and $7,483,900 for the
Fund
Oil, gas and pipe line companies received the second largest general
creases, with a tax base more than $20,000,000 higher than last year.
following three plans of payment shall be decided upon by the Sinking
Board at the time of considering the bids, and approved by the City
Council by resolution.
Payment Plan No. 1—Said bonds to become due and payable as follows,
»000;00 on the 1st day of July of the years 1942 to 1961 incl.,
$13,000.00 on the 1st day of January of the years 1943 to 1962 incl.
Payment Plan No. 2—Said bonds to become due and payable as specified
in Plan No. 1, provided, however, that the City of Tacoma may at its
option call all or any of said bonds for redemption on Jan. 1,1947, or on any
interest-paying date thereafter, upon 60 days advance notice.
the
$661,343,500, with three Southern railroads absorb¬
ing more than half of the total increase.
in¬
WISCONS'N
,
THIENSVILLE, Wis —BONDS VOTED—At an election held on June 9
are said to have approved the issuance of $40,000 sewer system
the voters
bonds.
@FedFRASER