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<5^'
The
u
oittmetria
1940
JUL 8
COPYRIGHTED IN 1940 GrwrLLIAM B.
DANA COMPANY.
NEW YORK.
ENTERED AS SECOND-CLASS MATTER JUNE 23.
VOL.
1 K1
iJi.
Copy—
Issued Weekly 40 Oents a
$18.00 Per Year
JULY 6, 1940
NEW YORK,
25
Spruce
11V/. OC71J.
CHASE
THE
BROOKLYN TRUST
t
BANK
NATIONAL
BANK
COMPANY
'T
QQ1 C
Mfj
Publishers,
St., New York City
William B. Dana Co.,
Vm
1879.
1879, ATTHE POST OFFICE AT NEW YORK. NEW YORK, UNDER THE ACT OF MARCH 3,
NEW YORK
OF THE CITY OF
;
*
■
Chartered 1866
OF
Maintaining effective cor- j
George V. McLaughlin
President
BROOKLYN
NEW YORK
N
respondent bank service
E W
is
a
traditional
policy of
the Chase National
Deposit Insurance
Member Federal
YO R K
Corporation
j
Bank,
Broaden your customer
service
with
Chase
cor¬
respondent facilities, j
Member Federal
Hallgarten & Co.
""i
United States
Established 1850
Government
YORK
NEW
Deposit Insurance
Corporation
Securities
London
Chicago
City of
Philadelphia
Bonds
PUBLIC UTILITY
7'he
INDUSTRIAL
FIRST BOSTON
RAILROAD
CORPORATION
MUNICIPAL
Moncure Biddle
BOSTON
NEW YORK
& Co.
CHICAGO
BONDS
SAN
PHILADELPHIA
AND OTHER
PHILADELPHIA
FRANCISCO
PRINCIFAL CITIES
ACALLYN^COMPANY
INCORPORATED
CHICAGO
(
,
Boston
Philadelphia
Milwaukee
Omaha
New York
Detroit
PACIFIC NORTHWEST
The
SECURITIES
New York Trust
Drumyior, Ehrltcltman
Company
Capital Funds
.
Company
$37,500,000
Seattle
Exchange Bldg.
OTIS &_ CO.
(Incorporated)
IOO
BROADWAY
Established 1899
New York
West Penn Power
Chicago
CLEVELAND
Company
R. H. Johnson
& Co.
Stock
Common
MADISON AVENUE
AND 40TH
STREET
Bought —Sold—Quoted
Members
New York
Stock Exchange
New York
Curb Exchange
64 Wall
St.
:
New York
PHILADELPHIA
BOSTON
Yvrnall &
ONE EAST
1528 Walnut Street,
Co.
Philadelphia
/
57TH STREET
)
DeHaVen & Townsend
Carl M. Loeb, Rhoades & Co.
61
Established 187J,
BROADWAY
Member of
NEW YORK
the
Federal Deposit
London
Parts
Amsterdam
Goneva
Insurance
Corporation
NEW YORK
30
Broad St.
PHILADELPHIA
1513 Walnut St.
The Commercial & Financial Chronicle
II
To
Security-holders of
BROWN
H01 iDERS of bonds and preferred
the
Brown
Company
July 6, 1940
COMPANY
meeting capacity demand for
stock of
who have not
the
Company's
products with best earning results.
as
yeL
SEND
ization
mailed
should do
at
so
all
to
known
security-holders
FOR
PLAN
Holders of bonds and preferred stock who have
once.
not received the Plan should write
While
and
over
32
cent of
per
approximately the
outstanding bonds
percentage of pre¬
same
ferred stock have assented
necessary to obtain
66%
for
the
to
per cent
a
copy
either to the Brown
Plan, it is
or
the
;
NATIONAL BANK OF COMMERCE
Portland, Maine
stock to make the Plan effective.
NEW MONEY
required
DEPENDENT ON
of
percentages
urgently needed to make the
able for
Company, Portland, Maine
following depositaries under the Plan:
of outstanding
bonds and 51 per cent of
outstanding preferred
The
immediately
of the Plan and forms of acceptance,
the
new
plant rehabilitation which
ROYAL
ASSEKTS
assents
BANK OF
CANADA
Montreal, P. Q., Canada
are
mone^wtail-
BROWN
would permit
COMPANY
Reorganization Managers
Serge Semenenko, Chairman
Leonard A. Pierce
C. M. Keys
Stanley Stanger
John R. McLane
V. C. Bruce Wetmore
'
Dividends
The United
J.
P. MORGAN &
The
INCORPORATED
YORK
a
of
Board
United
NEW
Corporation
$3 Cumulative Preference Stock
CO.
dividend of
the
Directors
Corporation
75c per
outstanding
Preference Stock,
Condensed Statement of Condition June
29,1940
has
of
share upon
Cumulative
$3
1940, to
holders of record
business
of
Cash
July
at
9,
the
1940.
H. S. SUTTON. Treasurer.
on
Hand and
United States
Direct and
State and
on
Deposit in Banks
Municipal Bonds
of Morgan
Wilmington, Delaware.
July 2. 1940.
and Notes
Accrued Interest, Accounts
Investment in
on
Receivable, etc..,
..
.
Prepayments
'
MANUFACTURING
COMPANY
Noble and West Streets
Brooklyn, New York
15,438,148.46
The Board of Directors of the
facturing
AmericanjfManu-
Company has declared the regular
quarterly dividend of $1.25 per share on the Preerred
Stock
and
1,254,687.10
on
4,000,000.00
payable July 1,
June 15, 1940.
the
Common
Letters
of Credit and Acceptances.
dividend of 25c.
a
share
pei
Stock of the Company.
Both
1940, to Stockholders of record
ROBERT
B.
BROWN, Treasurer.
$11,143,459.07
337,732.35
Total Assets
AMERICAN
4?>037,589.01
28,162,561.03
.
Banking Premises
bility of Customers
$38,346,236.3$
(including Shares
Grenfell $p Co. Lim ited)
Loans and Bills Purchased.
Less
$256,01-5,246.22
Government Securities,
Fully Guaranteed.............
Other Bonds and Securities
Lia
'*
payable July 13,
close
ASSETS
The
declared
ft
10,805,726.72
LOEW'S INCORPORATED
$701,960,194.88
"THEATRES EVERYWHERE"
July 5, 1940
LIABILITIES
THE Board of Directors on Julyof $1.62^
3rd, 1940
declared
quarterly dividend
a
Deposits.....
Accounts
$650,499,911.69
Payable and Miscellaneous
Liabilities
;...
Acceptances Outstanding and Letters of Credit
Issued
11,143,459.07
20,000,000.00
United States
Government
fledged
July 2, 1940
to
on
the
stockholders
business
on
the
15th day of August,
of
record
29th
day
at
of
the
1940
close
July;
of
1940.
Checks will be mailed.
DAVID
BERNSTEIN
Vice President &• Treasurer
$20,000,000.00
Surplus
on the outstanding $6.50 Cumu¬
Preferred Stock of this Company,
payable
316,824.12
Capital
share
lative
to
..
Total Liabilities.
per
40,000,000.00
$701,960,194.88
securities
carried at
$7,289,133 in the above statement
qualify for fiduciary powers, to secure public monies as
required by law, and for other purposes.
are
WOODSTOCK
TYPEWR ITERS
No. 3915
JULY 6, 1940
Vol. 151
CONTENTS
Editorials
The Financial
Situation
Wendell Lewis Willkie.-.
Brazil
;
Comment and Review
Capital Flotations in June and for
New
the Six Months
18
5
to June 30
Week
on
the European
Stock Exchanges
5
10 & 57
Situation..
Comment
Foreign Political and Economic
Foreign Exchange Bates and
Course of the Bond Market
Indications of Business Activity
Week
on
the New York Stock Exchange
Week
on
the New York Curb Exchange.
...
—
.
24
25
3
52
News
Current Events
35
47
and Discussions
Bank and Trust Company Items
General Corporation
.
and Investment News
..
Dry Goods Trade
State and
Municipal Department-
- -
97
128
129
Stocks and Bonds
Foreign Stock Exchange Quotations
61 & 63
Bonds Called and Sinking Fund Notices ------ - - - — - 57
57
57
New York Stock Exchange—Stock Quotations.
64
♦New York Stock Exchange—Bond Quotations
64 & 74
New York Curb Exchange—Stock Quotations-.....-80
♦New York Curb Exchange—Bond Quotations- f
84
Other Exchanges—Stock and Bond Quotations. —
86
Canadian Markets—Stock and Bond Quotations90
Over-the-Counter Securities—Stock & Bond Quotations.
93
Dividends Declared
...
Auction Sales
Reports
Foreign Bank Statements
Course of Bank Clearings
.... _ _
Federal Reserve BankStatements...
General Corporation
.... _
_.
and Investment News
52
35 & 61
97
Commodities
Cotton
120
122
Breads tuffs
125
The Commercial Markets and
♦
on
is directed to the new column incorporated in our tables
and New York Curb Exchange bond quota¬
pertaining to bank eligibility and rating.
Attention
New York Stock Exchange
tions
Published Every Saturday
the Crops....
Morning by the William B. Dana Company,
25 Spruce Street, New York City, N. Y.
William D. Riggs, Business Manager.
(Telephone State 0613). London—
Entered as second-class matter
United States and Possessions, $ 18 00
South and Central America Spain, Mexico and
Australia and Africa $23.00 per year,
card
on request. NOTE: On account
be made in New York funds
the Board and Editor; William Dana Seibert. President and Treasurer.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street
Edwards & Smith, 1 Drapers' Gardens, London, E.C.
Copyright 1910 by William B Dana Company
June 23
1879 at the post office at New York. N. Y., under the Act of March 3. 1879.
Subscriptions in
per year, $10.00 for 6 months; in Dominion of Canada, $19.50 per year
$10.75 for 6 months.
Cuba, $21.50 per year, $11.75 for 6 months; Great Britain, Continental Europe (except 8pain), Asia.
$12 50 for 6 months.
Transient display advertising matter, 45 cents per agate line. Contract and
rates
of the fluctuations in the rates of exchange, remittances for foreign subscriptions and advertisements must
Her belt
D. Seibert, Chairman of
The Commercial &
XX
Financial Chronicle
Harris Trust and
Organized
N.
as
Harris
W.
y
HARRIS
Savings Bank
Co.
&
July 6, 1940
1882
Incorporated
-
1907
BUILDING, CHICAGO
TRUST
Condition
Statement of
.Tiinp
9Q; 1940
Resources
i
Cash
Hand, in Federal Reserve Bank
on
and Due from Banks and Bankers '
-
-
-
$
116,348,506.06
U. S. Government Securities, at par:
Due
prior to January 1, 1946
Due after January 1,
1946
43,204,000.00
------
-
-
-
9,405,500.00
-
(Including $12,540,000 set aside under Trust Companies Act
to protect Trust Department's Cash Balances)
State and
Municipal Securities, not exceeding market:
Due
prior to January 1, 1946
Due
on
after January 1,
or
-
1946
-
-
38,307,528.19
-
5,292,702.54
------
(Including $500,000 deposited with State Auditor under Trust
Companies Act)
Other Bonds and Investments, not
exceeding market:
Due
prior to January 1, 1946
Due
on or
Demand Loans
-
-
-
-
-
after January 1, 1946
-
-
17,359,346.40
-
19,931,221.68
------
-
-
-
-
5,035,970.75
-
Time Loans and Bills Discounted
Federal Reserve Bank Stock
Customers'
Liability
on
54,223,246.02
-
-
-
420,000.00
-
Acceptances and Letters of Credit
Interest Earned but not Collected
-
-
Other Resources
-
-
169,388.85
-
-
-
-
882,295.87
--
-
293,740.52
-
Total
$
-
310,873,446.88
Liabilities
Capital
-
6,000,000.00
-
Surplus
8,000,000.00
Undivided Profits
3,697,055.70
Reserves for
5,039,133.00
Taxes, Interest, Contingencies, etc.
Acceptances and Letters of Credit
169,388.85
-
Demand
$ 17,697,055.70
-
Time
Trust
Deposits
Deposits
$248,475,114.07
-
-
-
-
-
27,092,767.18
-
-
Department's Cash Balances
-
-
v
12,399,988.08
Total
-
-
*
287,967,869.33
$310,873,446.88
-
DIRECTORS
STANLEY G.
4LBERT W. HARRIS
Chairman of the Board
HOWARD W.
CHARLES
BOWMAN
FENTON
C.
LINGLE
President and Chairman of Executive
M. HADDON MACLEAN
P.
MORSE
SIDLEY
Sidley, McPherson, Austin & Burgess
Vice-President
Committee
H.
WILLIAM
HARRIS
Vice-President
JAMES M. BARKER
Director, Sears, Roebuck and Co.
THOMAS
R.
DREVER
ELLIOTT
HALL
Hall & Ellis
g. McAllister
STUART J.
TEMPLETON
Wilson & Mcllvaine
JOHN McKINLAY
WARP W. WILLITS
Chrn. of Board, The Adams & Westlake Co.
Vice-President
•
SWIFT
President, National Tea Co.
FRANK McNAIR
Vice-President
ARTHUR B.
Sydney
H.
Vice-Chairman of Board, Swift & Co.
President, International Harvester Co.
President, American Steel Foundries
FRANK
HAROLD
Vice-President
A. H.
MELLINGER
FRANK
Chrn.
President, Illinois Bell Telephone Co.
Member Federal Deposit
Insurance Corporation
H.
WOODS
Addressograph-Multigraph
Corp.
The Financial Situation
\
endanger
WHILE the further demands forengaged in for¬
mulating President is busily
huge funds to
granted for national defense, the Treasury
for the full fiscal year ended June 30
of being
To
of national defense.
President
the
us
determined to
appears
proceed precisely upon such a course.
already granted or in the process
be added to those
program
any
of
most
Carried
Along by Hysteria
in its statement
reveals the largest
history.
corded at
the demand
with the exception of 1936, when the
was paid, can hardly account for
bill piling
of taxa¬
Let
graduated income taxes in
view of those already in
defense
under way,
system.
Second, we must prevent lawlessness
mob
violence, for by destroying law
order we create the confusion in which
column"
"fifth
Third,
dollar while
to
poli¬
recently remarked,
believe that,
tician
the
seems
as one
willing,
now
the
to be the
appears
confronted has
come
It
verted high
political
asset.
prepared for
shadow of
assurance
of the
a
that
are
to
other
the past
long
Jackson,
Deal
have been
have
are
of
ardent member of
could hardly be ex¬
I
that such
needlessly imposed in
supposed to be
they accord
•>
J
pru¬
1939, when he was under
necessity of presenting
budget for the fiscal
now
of
tion
tions
his
just
to a
come
special explana¬
recommenda¬
his
continuation of
for
reckless
profligacy.
Said he at that time:
"A
year
mended
work
have given the subject
At
to make a
policy as the greatest aid and
comfort a 'fifth column' could hope for."
It is this kind of political clap-trap that
the Republican nominee must face and ex¬
pose.
His party platform failed to do so.
of the day of reck¬
of
of public
the beginning
close, he felt it necessary
actionary
be lifted from their shoulders and, second,
formulated for the purpose for which
revenue—and that
ignoring the most fun¬
year
benefits and comforts.
that I would regard a re¬
say
excuse
his
not
must
an
as
the
lessly outside of its
But
fall
depression to
upon
affairs.
social and
imposed—the production
with accepted
principles of taxation.
Certainly no one with the
good of his country at heart and no one whose
judgment is worth the proverbial fig looks with
favor upon any system of taxation which may well
of
ex¬
dent management
an
group,
ago
an
I
recom¬
in
increase
relief, public works,
downward
spiral of business. The program undertaken at that
time has contributed materially, I believe, to the
existing upward movement of business and employ¬
ment; and I feel that the business men and farmers and
workers of the country, no less than the unemployed,
are entitled to an assurance that this program will
and other related
not
that taxes be
taxes
for
this type of
demand, however, first,
as
the
damental precepts
will¬
Those of them who
burdens
back
dwelt upon the necessity of
economic policy in the Nation
which will not leave millions of people hope¬
without undue deferment
careful thought
when
presented his
involving
gram
doctrines" which long before
the industrial strength of
bear whatever burden reasonable preparation
defend themselves must entail and to bear it
oning.
we are
famous recovery pro¬
now
a
ing to
now
France
tragedy?
kind of "fifth column"
that the
people
which
In 1938,
the President
sapped
New
"I
a
the truth
matter is
American
embarked.
pected to feel the full force of this truth.
At any rate, he evidently does not for his
fourth
suggestion for combatting
"fifth
columns" reads as follows:
cost.
taxes,
war
Mr.
disturbance to business
and
at
a
minimum of
to
column" talk?
the mad fiscal
upon
severe
the
of
As
course
seriously.
minimum
a
people to continue
further upon
"fifth column," not the
type said to have abounded in
Norway, that threatens this country most
preparedness will be
achieved with
of the
so
different
good
a
explaining before
penditures of enormous ad¬
ditional sums, he had a
It is
war,
without
certainly
and
a
of
he could obtain the consent
traitorous
presently really be¬
come
was
required to do
deal
the country.
activity proceeds without
much Assurance that we
shall
be
the alien who
equally startling weaknesses in
France,
the
preparedness
feverish
this "fifth
not
we
"modern social
into a
So the
liability
lieve, the President would
loyalty to France, but who were either hope¬
lessly incompetent or unrealistic devotees of
con¬
taxes from a
political
the
"fifth column" which was com¬
posed of men who for the most part were
doubtless
activated by no conscious dis¬
in
has be¬
which the country
are
circumstances,
nary
that resulted in even greater
"emergency" by
that the
but
advice,
In ordi¬
we be¬
greatest threat.
and
and
criticize in these
not we in danger
to
jjpoblem, the
greatest anomaly, and the
shocked by the course
events took some months ago in Norway that
we
have not come to a full realization of
Were
im¬
pression in Washington
It
much
find
preparedness present the
greatest
thrives.
must not alienate
over-doing
of
be taxed.
to
eager,
say
of
words
to
not
to
be loyal, for
will
Few
people of the country
are
we
to
envisaged is
now
to question, but out¬
lays which have no relation
by so doing we drive
him into the camp of the "fifth column—
Attorney General Jackson to the New York
State Bar Association this week.
is
program
and
of the mistakes which
cratic
wants
his
some
provide the opening wedge for
the breakdown of our demo-
bulwark will
incurable fear that some
a
avoid
us
those who seek
The President,
will make
gram as
give aid and assistance to any "fifth column
First, we must permit no tampering with
our
civil rights, for the first break in that
rather, seems possessed of
one
wisdom of the defense pro¬
Columns and Fifth Columns
Fifth
since there can
productivity left in sharply
an
that he could obtain approval of them
for them.
In our judgment, the
ask
open
scarcely be much revenue
existence.
or
did
he
if
defense, the President would
temerity to propose the expenditures now
Pelion upon
Ossa in the form
tion,
planned,
another
made by the President for
now
of national
the
have
hysterical at this time concerning the
little
a
subject
bonus
veterans'
tax
not
The deficit for the 12-month period, re¬
$3,612,000,000, the largest of even New
Deal history
that if the country were
It is difficult to believe
time expenditures in our
peace
be curtailed
"A
violent
expenditures to check the
arbitrarily
or
violently.
a
of
disruptive
a
volume
.
.
ex¬
to take up
misery, but
withdrawal from American industry
of purchasing power which business
pansion of private industry is ready
slack, would mean, not only human
the
.
before the natural
contraction,
needs at this time.
.
.
.
The Commercial & Financial Chronicle
2
"1 believe I
far-sighted
students
of
saying that it would
expenditures sharply
at this
By the first of this month defense appropriations
expressing the thought of the most
am
economic
our
be
added
either to curtail
unwise
under
Such
necessary
visaging expenditures during the fiscal year ending
June 30,
1940, amounting to $8,995,000,000 a rather
inconsequential reduction from those then estimated
fiscal
the
for
amounted to
year
$327,000,000
above
This
was
increase
earlier.
year
one
$9,537,000,000,
those
in
part
of
As
or
some
previous
the
year.
result of enlarged
a
a
the 1940
actual expenditures during
of fact
matter
fiscal
ending
year
ex¬
penditures for national defense, but it was by no
be
chiefly
defense
were
but the activities of the Department of
000,000,
Agriculture alone cost
more,
while
control
$20,000,000
Panama
budget
new
message
at the beginning of 1940
the President
was
plainly faced by
situation.
was
difficult for him to plead for the
It
third consecutive year
course
for huge Federal outlays at
deficit
a
means
of
economic machine running.
Such
a
the cost of another
the
keeping
embarrassing
an
enormous
as
would have been tantamount to
of failure and
he
What
service to
a
plea for
a
actually did
something
confession
a
continuous deficit.
was
more
to pay
lip
closely approaching fiscal
sanity, but to make the usual play to the galleries
rather to
—or
a
general
for total
the so-called
non possumus.
His recommendations called
expenditures of $9,027,000,000,
with his estimate for the 1940 year
earlier of $8,995,000,000.
-he revealed
ever,
groups—with
pressure
At the
made
same
consciousness of
a
deficit-mindedness of the nation
as
compared
one
a
yet fully clear.
without
raise
he
even
It
$460,000,000.
came
relish
much
forward with
was
a
proposal, which
granted him, to 'be endowed with
the billion dollars
Administration in
was
power
promptly
period of eight months, strongly
suggesting the possibility of deficiency appropria¬
tions at
a
later date of around half
for that purpose.
the
to
If such
an
a
billion dollars
amount be added to
original estimates of expenditures the figure rises
upwards of $9,500,000,000.
Npte
that in
all
this, increases in proposed national defense expendi¬
tures amount to
is
$6,000,000,000 in the Red
when
this
country
question.
programs
aflame
concerning
the
set
preparedness
A veritable deluge of defense spending
quickly followed, and Congress has
played extraordinary dispatch in acting
upon
dis¬
them.
.
placing such
just
■
.
that
any
burdens
Administration which
the people of the
upon
be substantially reduced.
might
expenditures
other
circumstances
and file would be
be
course
either
an
managers
we
in
course
of
the
on
All of
outlays which
national
actual
had not
In
rank
a
expenditures
a
from the
consider
to
in
figures
any way
are
long been
so
New Deal
cry
would do well to
rush
national policy.
our
or
us
are not
The
defense.
would be if they
part of
part of the
such thing
any
preparedness
our
the
Yet where is the evidence of
intention
to do
that
certain
are
articulately insisting that such
adopted.
people demanding it?
to
would at
begin to look around for places where other
once
the
related
startling—or
an
established
Here is the record of
during recent
with the
years
national defense item deducted:
$3,231,000,000
_
____
__
5,517,000,000
6,347,000,000
___
1936.
7,786,000,000
7,547,000,000
6,646,000,000
8,047,000,000
1940.______-. 7,978,000,000
.
_
_
_
_
1937.
What such
of
year can,
tude.
—
outlays will be during the coming fiscal
course,
If, however,
not now be known with exacti¬
we
of the first of the year
fact
that
billion
a
requested
may
of the year,
at
most
take the President's estimate
and make allowance for the
dollars
than
eight billions
the
of
there
amounts
be spent during the first eight months
there is small
a
reason
to hope for
more
nominal reduction from the nearly
expended during the fiscal period
so
just closed.
According to the President's January estimates,
the
civil
departments
and
agencies
will
$952,000,000, against $621,000,000 three
and
cost
and civil establishments in 1934.
us
years ago,
against $458,000,000 for total legislative,
public works
Germany invaded the low countries and
or
original
year
country in the name of national defense
only $320,000,000.
approximately where the situation stood
the
in
for the
deficit
$3,600,000,000
One would suppose
dicial,
This is
indicated
that
accurate,
prove
$6,000,000,000,
$700,000,000 in return of capital from Government
to spend
requested for the Work Projects
a
we
to be as good an
appear
about
to
run
double
corporations.
He also rather vaguely
not long, however, before
193854
the
cor¬
to
If, however,
year.
closed, and all this after making due allowance for
year
taxes
will not be
budget estimates, and about $2,400,000,000 greater
than
the growing
new
totaling
navy
money
receipts ($7,000,000,000)
than
by proposing that
suggested
pro¬
$4,000,000,000
$13,000,000,000 will be spent dur-
some
would
deficit
more
proposal the exact meaning of which
porations,"
is not
and
estimates of
the
attention.
any—and if the extraordinarily optimistic
as
time, how¬
by "return of surplus funds from Government
Naturally all this
ing that period—which would
estimate
name
expansion
army
around
appropriations for the
that
assume
$700,000,000 of the funds required be* raised
some
an
expended in the current fiscal
pause
certain
a
further
is
program
receive
to
are
in the works to cost
and
naval
Washington' dispatches of at least
$1,000,000,000.
$17,000,000,
rose
Canal $15,000,000 and the
Security Board $39,000,000.
By the time
Social
a
flood
and
harbors
the
more,
for
$339,000,000
us
reclamation projects
on
and
rivers
can
result of such outlays.
a
expenditures
outlays
hardly be said
National
larger by some $396,-
Indeed it
wholly that.
means
to
still
defense
semi-official nature tell of
gram
which
estimates.
and various other items in the
At the moment,
specious—pleading was evi¬
to justify proposals en¬
special—and
dently thought
Pleading
budget
to
six-year $4,000,000,000
way.
national
of
Special
$5,378,000,000,
$3,500,000,000
some
Another
to impose drastic new taxes
or
stage of recovery."
totaled
authorizations
and
in
system
July 6, 1940
ju¬
General
set down at $641,000,000 against
are
$461,000,000 three years ago.
Other items include
$904,000,000 for aids to agriculture and $308,000,000
for aids to
compare
every
to
youth.
with last
effort
was
However such items
year
or
the
being made to spend
prosperity, they evidently have
as
these
before
year
our way
no
place,
may
when
back
or
at
The
151
Volume
Commercial & Financial Chronicle
greatly reduced place, in the budget
when all our energy is presumably to be expended
for national defense.
Let it be carefully noted that
this is not a matter of a single, isolated fiscal year.
These enormous defense appropriations and au¬
the very
least
of
about
thorizations go
as
deposits by* $94,653,000 to
foreign bank
a
$753,-
deposits by $11,125,000 to $492,022,000. The reserve ratio increased
to 88.9% from 88.8%.
Discounts by the regional
banks fell $113,000 to $2,148,000.
Industrial ad¬
vances were higher by $211,000 at $9,186,000, while
332,000, and an increase of other
v
greatly over into future
commitments
When
advances
such
make
to
fiscal years as
declined
$62,000 to $8,700,000.
are
they do into the one now current.
going to begin eliminating the purely
we
and almost wholly political expendi¬
our energy and our funds for what
unnecessary,
is regarded in the circumstances as
to our
-it
preservation ?
will
hp
hftfnm
absolutely essential
delay, the longer
The longer we
really
are
we
ready to
SMALL week irregular price variations developed
and the New York stock market, while
this
on
defend —-«mflll- flR
ourselves.
nificance. The week was
Federal Reserve Bank Statement
seemed to
that the
$20,QOO,000,000 level in its
rapid rise. This unprecedented hoard of gold com¬
prises the great bulk of world monetary stocks of
the metal, and there is no indication of any diminu¬
tion of the flow of gold toward the United States.
International problems of a most difficult nature
are implicit in the accumulation, and our own credit
resources are advancing at a rate that corresponds
has
States
topped the
closely to the increase of gold.
The addition in the
July 3 is reported officially at
week to
and the actual total on that
Two circumstances
increase
the
of
$192,000,000,
day was $20,063,000,000.
mitigated the effect of the gold
week upon
our
credit resources.
$144,000,000 to
$7,924,000,000, owing to holiday and month-end re¬
quirements. Foreign bank deposits with the 12 Fed¬
in
Money
eral
circulation
advanced
increased sharply,
Reserve banks
apparently
Stock Exchange in
week
eral Reserve banks of
United States Treasury securi¬
That commercial banks are
ties.
beginning to ex¬
perience a seasonal demand for credit was indicated
weekly reporting member banks
in the statement of
in New York
City.
This statement reflected an in¬
of business loans
crease
by $24,000,000 to $1,712,-
Loans by the same institutions to brokers
dealers on security collateral fell $14,000,000 to
000,000.
and
$262,000,000.
conflicting influences left the total of mem¬
The
ber bank excess reserves little
changed, an increase
being reported of $10,000,000 to a new
record at
market operations of the
regional banks consisted of the liquidation of $19,987,000 bonds and $3,393,000 notes, leaving' the
totals at $1,323,196,000 Treasury bonds and $1,126,Open
$6,810,000,000.
The Treasury in Washing¬
deposited $186,999,000 gold certificates with the
732,000 Treasury notes.
ton
regional banks, raising their holdings to
$17,840,-
Other cash decreased sharply, because of
demand for hand-to-hand currency, and total re¬
serves
of the
regional institutions
advanced only
$146,467,000 to; $18,189,585,000.
Federal Reserve
notes in actual circulation increased $103,387,000 to
$5,247,837,000.
serve
Total deposits with the Federal Re¬
$40,425,000 to $15,203,430,000,
banks advanced
with the account variations
of member bank reserve
deposits by $13,810,000 to
decline of the Treasury general
by $79,163,000 to $221,447,000; an increase
$13,736,629,000;
account
consisting of an increase
a
barely exceeded the 250,000-share
level.
how¬
slightly from day to
for the week as a whole. A
few prominent issues showed variations of a point
or more, but the great bulk of stocks simply stayed
put. Even the prominent stocks showed no definite
trend, for losses and gains were about equally nu¬
merous at the close, yesterday, as against the pre¬
day, and hardly at all
earlier.
seemed to be the
evident that the market was awaiting
vailing quotations of a week
Although midsummer doldrums
rule, it was
indications
fresh
of
national
and
international
nomination of Wendell L.
necessarily has been succeeded by a waiting
The Republican
still is to hold its
problem of a third term
by President Roosevelt remains to be settled.
period, for the Democratic party
convention, and the vital
effort
There were no
indications this week that Mr. Roose¬
holds the votes of most delegates
velt, who already
to the
or
Democratic convention, has decided one way
The European conflict also was at a
the other.
notwithstanding the British decision to put
pause,
French naval units out
of action, even at the cost
fighting them while manned with French sailors
rather than German sailors.
British and German
of
aerial raids were
regarded generally as merely the
forces of these principal
It is still uncertain
prelude to a clash of the
antagonists
in ,the
war.
whether the Reich forces
will attempt
an
invasion
England or try to starve the United Kingdom.
The fate of the extensive war orders placed in the
of
United
course
States
by the Allies is tied up with the
In the listed bond
was
were
sit
on
the sidelines and
developments.
await
ness
The tendency in our
of the European war.
markets, accordingly, was to
475,000.
the
Turnover on the New
the full sessions of. the
and prices moved only
ever,
Willkie
gold to this country were left on
occasioned the aloof¬
offerings were fairly well balanced,
Bids and
deposit. Also
tending to modify the idle credit total was a decline
of $23,380,000 in open market holdings by the Fed¬
of
holiday atmosphere
Actually, the uncer¬
and of the domestic
approached the 500,000-share mark,
never even
and at times
affairs.
some
prevail .throughout.
political 'situation doubtless
ness of traders and investors.
York
without sig-
interrupted by the Indepen¬
of the European war
tainties
of the dollars realized from the sale
because
to he almost
Day suspension, and a
dence
OFFICIAL banking statistics this of the disclose
monetary gold stock week United
Market
The New York Stock
release
tures to
market
done from day to
generally firm.
a
small amount of busi¬
day, and price trends
Italian obligations proved an
exception to the good tone, owing to a default on a
corporate issue
States
and
also
of dollar bonds, July 1.
Treasury obligations were in
best-grade utility, railroad and industrial
reflected modest institutional buying.
ondary railroad liens were
slightly better.
dollar issues were marked higher,
of
United
quiet demand,
bonds
Sec¬
Foreign
with the exception
The commodity markets were
Italian, bonds..
■
The Commercial & Financial Chronicle
4
i affected by much
securities
the
the
same
uncertainties that kept
Wheat and other
idle.
exchanges
aggregate sales surpassed the total of all preceding
sessions of the week. Stocks singled out for favor
Base metals
were the shipbuilding and motor shares, while aircraft issues continued depressed. Shares of ship-
soft because of the market caution induced by
ping, rubber, construction and airline companies
staples improved, however, on reports of poor crop
conditions in important
were
with free
/Still
growing
areas.
Foreign exchange trading was quiet,
peace rumors.
sterling well maintained in most sessions,
the United
gold reached
more
States from
ruled firm.
Jh^Pnited States advanced sharply.
*^On the New York Stock Exchange
was
high
new
a
stocks touched
Curb
level for the
while 17
On the New York
low levels.
new
stock
one
year
Exchange four stocks touched new high levels
Call loans
mained
On
the New York Stock
on
Sales volume, as on other days of the week,
re-
unchanged at 1%.
Saturday
170,130 shares;
were
shares Von
Monday, 272,920
on
Tuesday, 320,020 shares;
377,170 shares, and
on
Wednesday,
Curb Exchange the sales
on
Saturday were 87,275 shares; on Monday, 74,465
shares; on Tuesday, 105,525 shares; on Wednesday,
on
Friday, .53,425 shares.
Desultory trading marked the course of the stock
market
Saturday of last week, and with the
on
cording of final transactions price changes
undertaken in
were
indifferent manner,
second
hour fractional
stimulated
not
were
activity to
such
stock
to
lay
our
such
as
; Public Service of N. J. at
36% against 36%; International Harvester at 43%
against 42%; Sears, Roebuck & Co. at 72%' against
72%; Montgomery Ward & Co. at 39 bid against
38%; Woolworth at 32% against 31%, and American Tel. & Tel. at 160% against 160.
Western Union closed yesterday at 17% against
17%
on
Friday of last week; Allied Chemical & Dye
against 13%; National Biscuit at 19 against 18%;
the steel stocks,
Texas Gulf Sulphur at 30% against 31; Loft, Inc.,
Low-priced shares
Dairy Products
at
13%
at 24% against 24%; Continental Can at 39 against
40
;
Eastman Kodak at 118 against 122%; Standard
Brands at 6% against 6; Westinghouse Elec. &
Taxes pres-
Mfg. at 91 against 92; Canada Dry at 14% against
14%; Schenley Distillers at 8% against 8%, and
heavy and oppressive hand
National Distillers at 20% against 19%.
over
In the rubber group, Goodyear Tire & Rubber
Increased tension abroad, in ad-
closed yesterday at 15 against 14% on Friday of last
own
of
week; B. F. Goodrich at 12% against 12%, and
by diverse tax levies,
United States Rubber at 19% against 19%.
Railroad shares came in for fractional improve-
problems at home in the
expects
a
Friday of last week; Consolidated Edison Co.
against 11%; National
some
day's volume.
the Federal nuisance
lars, provided
on
of N. Y. at 28% against 28%; Columbia Gas & Elec-
of the
among
as
national defense to be financed
Government
32
Monday, restricting market incen-
materially.
dition to
Friday of last week.
General Electric closed yesterday at 31% against
coupled with other uncertainties,
a
on
rather
By the
equities steady and mixed.
trading
on
were
comparison of yesterday's closing
Closing
ent and to come,
seemed
a
re-
the
neglected during the session and contrib-
time found
Price changes for the week
inconclusive in
at 158 against 158 ; National Cash Register at 12
degree.
uted about one-third of the
as an
quiet and somewhat
a
losses
a
on
Stocks usually sought out
indication of the trend were noticeable by their
at 148% against 149%; E. I. du Pont de Nemours
the trend being mixed.
prominent issues,
more
at the same figure.
outstand-
At the opening
day proved of no great significance.
dealings
Many closed
trie at 6% against 6%
Friday, 283,130 shares.
on
On the New York
85,085 shares, and
no
ing gains over their earlier advances.
Stock Exchange the sales on
New York
the
the start, but by the final hour showed
sales with those
Exchange
apathetic
hardly impressive. Prices pointed upward from
absence.
and 27 stocks touched new low levels.
was
Steadiness was the chief virtue of the market on
Friday.
touched
All in all the market
and closed mostly steady and irregularly higher.
European and other shores, and the vast stocks of
tive
July 6, 1940
a
way
taxes, from which the
yield of one-half billion dol-
good example of the heavy burden
that must be borne in the future.
Weakness
was
ment the present week.
Pennsylvania RR. closed
yesterday at 19% against 19%
on
Friday of last
week; Atchison Topeka & Santa Fe at 16% against
present from the start and, hampered by dulness, the
15%; New York Central at 11%
trend of
continued de-
Union Pacific at 79% bid against 77%; Southern
closed moderately lower.
Pacific at 8% against 8%; Southern Railway at
prices vulnerable to
pressed throughout and
pressure
Trading increased somewhat
panied by
prices.
steel
a
on
Tuesday,
accom-
corresponding improvement in share
Misgivings
over
the temporary decline in
production appear to be unfounded in view of
11% against 11%, and Northern Pacific at 6%
against 6%.
Steel stocks were slightly on the lower side this
week.
United States Steel closed yesterday at 51%
promising prospects for the industry, and traders
seem to
accept this attitude of the situation. At
against 52%
the
76,
previous closing the market
nical
position for
was
in
a
good tech-
against 11%;
on
Friday of last week; Crucible Steel
at 29% against 29%; Bethlehem Steel at 75 against
and
Youngstown
Sheet
&
Tube
at
31%
rise, and traders, apparently
sensing this, placed overnight purchase orders which
against 31%.
dominated
day at 42% against 43% on Friday of last week;
Chrysler at 63% against 62%; Packard at 4 against
the
a
first
hour
on
Tuesday
morning,
Practically one-half of the day's transactions
consummated
featured
during this period.
Independence Day,
3%, and Hupp Motors at % against % bid.
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 32% against 32% on Friday of last
taken into
week; Shell Union Oil at 8% bid against 8%, and
sales, and following first-hour gains, prices
drifted lower to
a
was
Selective buying
national
a
holiday
mixed close.
on
Thursday,
was
con-
sideration
by dealers in their market operations on
Wednesday, and selective trading became the genera!
order.
In the motor group, General Motors closed yester-
Despite the low volume of business,
Atlantic Refining at 21% against 21%.
Among the copper stocks, Anaconda Copper closed
yesterday at 19% against 19% on Friday of last
The Commercial & Financial
151
Volume
American
week;
Smelting & Refining at 36%
Dodge at 263,4 against 27.
group,
Curtiss-Wright closed
against 37%, and Phelps
aviation
the
In*
Friday of last week;
yesterday at 6% against 7 on
13% against 13%, and Douglas
at 67% against 69%.
and industrial reports this week reflect, in
Boeing Airplane at
Aircraft
Trade
suspension of Thursday. Steel
operations for the week ending today were estimated
by American Iron and Steel Institute at 74.2% of
capacity, against 86.5% last week, 80.3% a month
ago, and 38.5% at this time last year. Independence
Day is one of the few holidays fully ^observed in
the steel industry, and sharp recessions in operapart, the holiday
tions
containing that day.
the rule in weeks
are
electric
of
Production
for
power
the
week
2,514,461,000 kwh., against 2,508,825,000
at
to
reported by Edison Electric Institute
June 29 was
kwh. in
preceding week and 2,300,268,000 kwh. in the
similar week of last year.
Car loadings of revenue
the
freight for the week to June 29 are reported by the
Association of American Railroads at 752,326 cars,
gain of 24,230 cars over the
a
preceding week and
90,922 cars over the same week of
of
1939.
indicating the course of the commodity mar-
As
kets, the July option for
wheat in Chicago closed
75%c. the close on FriJuly corn closed yesterday at
61 %c. against 61%c. the close on Friday of last
week.
July oats at Chicago closed yesterday at
31%c. against 30%c. the close on Friday of last
yesterday at 77%c. against
day of last week.
week.
New York closed
11.05c. the close on
Friday of last week.
The spot price for rubber
closed yesterday at 20.62c. against 21.25c. the close
on Friday of last week.
Domestic copper closed
yesterday at ll%c., the close on Friday of last week,
spot price for cotton here in
The
yesterday at 10.90c. against
In London the
at 21
11/16
ounce,
price of bar silver closed yesterday
pence per ounce
silver in New York closed
close
on
on
$3.89%
and spot
yesterday at 34%c., the
Friday of last week.
In the matter of
fers
against 21% pence per
the close on Friday of last week,
foreign exchanges, cable trans-
London closed yesterday at
$3.68% against
Friday of last week.
on
European Stock Markets
Chronicle
5
French collapse. Both investment and speculative
securities were in demand, but offerings were small
and sizable advances resulted. British action with
respect to the French fleet heartened the London
market. The Berlin Boerse was firm in the opening
dealings of the week, but a dull tone prevailed
thereafter,
American War Preparations
pvEFENSE preparations were rushed in WashU ington, this week, with frantic haste and not
much realism, now that the totalitarian regimes are
|n command of all of Continental Europe. There is
little inclination in Washington to determine the
course that Germany and Italy might be disposed
to pursue in coming months and years, with respect
to international trade. The assumption appears to
be that an attack of one sort or another impends,
regardless of the course of the European war, and
proposals for defense outlays move up almost daily,
The latest reports suggest that $10,000,000,000 in
new appropriations will be the sum total of the
extraordinary defense costs of the Roosevelt Administration, in the period of uncertainty and apprehension that followed the defeat of France. If this
sum is really necessary for adequate defense, no
objection, could be raised. But there seems to be
some doubt whether the German-Italian combination will conquer the British Isles in short order
and then turn immediately to an assault upon the
Americas. In any event, the expenditures now being
voted so readily will tend to arm the United States
only feebly, at best, in the present crisis, which indicates that a reasonably skilful handling of our foreign affairs is the best immediate defense of the
United States. In the vitally important sphere of
foreign relations, however, the Roosevelt Administration never has rendered distinguished service, and
there has been no improvement in recent days.
It was made known in Washington, over the last
week-end, that German military tactics are to be
emulated, at least to the degree of forming separate
mechanized divisions of our forces. An armored
corps of two divisions will be set up, with great
striking power, it was indicated. The problem of
materials occupied various Washington agencies,
and several important moves were made in this connection.
Federal Loan Administrator Jesse H.
Jones announced on Monday that two new Federal
WAR problems continued to keep stock markets purchasing organizations, thewould be Reserve Co.
this week, in the few European centers
and the Metal Reserve Co., Rubber established
idle
where exchanges
in
still operate.
London, while Berlin merely
indications
are
available
as
The tone was good
marked time.
No
yet of a reopening of
before
arrangements can be made for a French stock exchange.
It is possible that France will have two
exchanges, one in Paris and the other in unoccupied territory.
In Amsterdam preliminary notices
were
published, Thursday, looking toward the resumption of business in the Holland market. Two
groups of active and inactive issues were compiled,
and it is expected that dealings soon will take place,
the Paris
Bourse, and it may be some time
The London
Stock Exchange was unaffected,
this
by the German
Nazis.
Prices moved upward steadily, partly because institutional buying was apparent in the giltweek, by fears of an armed invasion
edged section, and partly in
the
natural recovery from
depressed levels occasioned previously by
the
forthwith, in order to accumulate stocks of strategically important materials. Loans of $165,000,000
to these new
organizations were made by the Re-
construction Finance Corporation. This was followed on Tuesday by a presidential announcement
that an embargo had been placed on the exportation of munitions, machinery and materials which
might be needed in the national defense program,
President Roosevelt last Saturday signed a bill for
the registry of all aliens in the United States. The
momentary furor that developed last week when the
main American fleet sailed from Hawaii was quieted
by the simple fact that the fleet returned to the
Pearl Harbor base after secret maneuvers in the
Pacific. Meanwhile, every effort was made by the
Administration stalwarts in Washington to further
the plans for an inter-American cartel, which would
control the trade of all the Latin American repub-
6
The Commercial & Financial Chronicle
lies, regardless of losses to taxpayers in this
try.
a
coun¬
Secretary of Agriculture Henry Wallace made
general plea for this indefensible plan last Sunday.
the British Cabinet.
this week for the final test of
to
determine the
future
of
olent" peace terms
Henri
Europe,
of the
one
inveighed
the
authorities took into their
fleet.
battle
hands
own
the
question of the disposition of the French navy,
The
wide open
surrender
of
on
of the most per-
plexing problems that the European
duced.
France
has
war
pro-
June 24
on
left
the matter of the French fleet, notwith-
standing armistice terms that called for the internment and
demilitarization of the great
units.
Un-
willing to countenance the possibility that the ships
might be used by the Germans and Italians against
themselves, the British
number of alternatives to
of
Wednesday presented
on
te British
proposals
reluctantly fired
the French battle-
upon
Much of the French fleet
The entire action
fully
Thursday
on
put out
were
previously had
surrendered to British control in United
ports.
All
rejected, however, and
were
ships and sank several, while others
of action.
a
the French commanders
important units at Oran, in Algeria.
some
the British
Kingdom
Winston
Although only an$ncident of the
war,
unquestionably the most painful and harrowing
all developments of the
great conflict.
bombings
by
the Reich forces still
sion of
ties,
delayed their promised inva-
warships.
centered
was
the
suspense,
units
that the
A French armis-
at
Unable to brook further delay
British
isent
an
Oran, Wednesday,
ships be ranged with their
otherwise
disposed of in
officer
to
own
vessels,
Minister
Churchill,
were
as
or
units at Oran
were
con-
disclosed by Prime
the sinking of the French
fleet, surrender in British ports,
West Indian
or
that would insure
a manner
Among the alternatives,
the
and proposed
non-combatant status for the duration of the
flict.
ish
on
assumed merely to be arranging final dis-
was
French
a
British
and
commission, consulting with German authori-
position of the fleet.
or
German
steadily all this week, but
Eftgland, and all attention
the fate of the French
tice
the
intensified
or
internment in
United States harbors.
The French
preferred to fight it out, and the^Bfit-
forced to fire upon their erstwhile allies.
Of the twin
battleships Strasbourg and Dunkerque,
one
was
set afire and
beached, while the other
scaped in a damaged state. British guns sank a battleship of the Bretagne class, and made raging infernos of
a
cruiser and several
destroyers.
andria, Egypt, the British seized
ber of French
At Alex-
control of
a
num-
ships.
Others surrendered in English
ports, among them the large submarine Surcouf and
about 200
The
mine-sweeping and other auxiliary craft,
great bulk
of the French
fleet
thus
counted* for, with
of
use
In
to
was
no possibility that it will
Germany and Italy.^
•
announcing
Churchill made
no
this
effort
action,
on
difficulty of the decision
accorded
ferred to
Prime
Thursday to
reached
ac-
prove
Minister
conceal the
unanimously by
even
Britain
by
the
by
French
400
some
German
airplane pilots
have been trans-
to
were
England under agreement with the Rey-
these
to
men
Germany.
Fresh
British
victory
the
over
Churchill commented
re-
assurances
given that France will be restored in the
were
a
Great
not
he
manner
perhaps
regime, whereas the Petain Government
leased
0f
found necessary
of illustration, the Prime Minister
way
that
captured by the French
naud
but
ad¬
heavy at
event
Mr.
common enemy.
bitterly that the Italian fleet
kept carefully out of sight during the engagement
off
Oran.
He
to
answer
cited
Great Britain and
jg
actually
tions.
the
action
oL peace
rumors
as
an
adequate
negotiations between
Germany, and added that there
thought in Great Britain of negotia¬
no
The Prime Minister said he would leave to
the
judgment of Great Britain, the United States
and
history the action taken with respect to the
French
fleet.
British
casualties
were
minor,
standings."
Minister
it is
were
By
mentioned
Prime
of Commons.
Aerial
people.
address before the British House
an
forces
Churchill
In his usual
Government,
added, and in
Churchill, in
of
Mr.
severe measures
treatment"
French
wasjeported most sorrow-
by
France.
against the "callous and
Malevolent
the French
one
in
Oran, owing to the
veloped, with respect to
Wednesday, and thus settled
agreed to by the regime of Mar¬
Petain
by the British Admiralty.
strangest quirks of this strangest of all wars de¬
British
"aching hearts/' he said,
mitted that French losses probably were
WHILE Great Britain ancT Germany prepared
strength which
is
With
the British authorities decided to thwart the "malev¬
shal
Fortunes of War
July 6, 1940
The
some
warships
he
due to "misunder-
were
-
British
France to
instances
aroused
move
real
simulated
or
that
escaped
the
Petain
resentment.
British
the
regime in
French
net
were
in-
structed to mak for home
ports, and to sink British
merchant vessels
way
tered.
There
tions
with
event
has
the
the
on
talk
was
British
of
if
any
were
Government, which in
already recognized the
now
man
were
not taken too
com-
completely under German Nazi control.
The armistice
provisions
laxed to the extent of permission
French warships, if such action
of
British
German
hands.
authorities
the French fleet.
Ger-
on
action
William C.
would keep them
Italy echoed the views of
the
British
action
The French Government
known
to
were re-
for scuttling of
yesterday to have made its discontent
ish
These
seriously, since France is
military spokesmen described the British action
in violent terms.
out
any
regime of
rump
General Charles de Gaulle in London.
ments
encoun-
ending diplomatic rela-
United
Bullitt, but the
said
the Brit-
over
States
reason
against
was
Ambassador
for this step is
not entirely clear.
The
war
Berlin axis
save
trol
between
was
Great
Britain
for the decisive British
of
the
sea.
and
the
Rome-
in its preparatory stage this week,
British
measures
aircraft
to hold
bombed
con-
German
military and industrial objectives repeatedly, and
the Reich invariably announced that only civilians
had been hurt.
of bombers
over
The German
ments from London
had been killed
air force sent
British territory,-and the
always said that only civilians
wounded.
or
Military experts
this side of the Atlantic concluded that
a
ous
on
was
in-
both sides, for the expensive and danger-
air raids would
hardly be continued and intensi-
fied in other circumstances.
rine
on
good deal
of military and industrial damage actually
volved
waves
announce-
campaign
was
The
augmented
German
steadily,
subma-
and
the
Volume
The Commercial &
151
strange incident was
Financial Chronicle
reported Thursday of the tor-
Arandora Star, with
1,500 German and Italian prisoners on board,
pedoing of the British liner
about
en
Canada for internment there.
route to
the
Most of
prisoners died, and some members of the British
also
succumbed.
The British Admiralty
crew
include the death of the Italian Air Marshal, Italo
Balbo, whose airplane crashed at an Italian base in
Cyrenaica," last Saturday. Marshal Rodolfo Graziani was appointed the successor of Geleral Balbo,
as Commander of the Italian forces in North Africa,
_
ranee m Defeat
QLOWLY and reluctantly the people of France
French
liner
Champlain had been sunk by a
O seem to be grasping the realities of defeat by
mine
at La Pallice,
some weeks
ago, and the
the vast mechanized armies of the German Reich,
Reich High Command announced on Thursday that
and the implications of that momentous overturn
the British aircraft carrier Illustrious had been hit
in European affairs. Reports from France are seatby a torpedo, no claim being made that the ship
tered and none too informative. They reveal, howhad been sunk.
Great Britain claimed aerial bomb
ever, a philosophical acceptance of the new dispensahits
the German cruiser Scharnhorst, Tuesday,
tioii by the average Frenchman, and also a deterthat vessel lay in drydock for repairs at Kiel,
mination to regain freedom and reestablish the
German forces occupied the Channel islands of Jerspirit that is France. There are estimated to be
sey, Sark and Guernsey, late last week, after evacuasome 12,000,000 refugees in the southern area of
tion by the British.
These islands, near the French
France which remained unoccupied during and after
coast, are of no military importance.
the German Blitzkrieg. The immense task of transEconomic aspects of the great war were surveyedferring the refugees back to their homes was well
afresh, in the light of the German and Italian conunder way this week, although operations were
trol of the entire Continent. The fact is inescapable
somewhat hampered by a lack of motor fuel and
that Great Britain has lost a sizable part of its
vehicles. Paris was reported to be returning quickly
ordinary food and materials supply, owing to the
to its usual mode of existence, and even the preGerman Blitzkrieg against Scandinavia, the Low
dominance of the French capital in the world of
Countries and France. The German armistice terms
fashion seems assured. Food was scarce in Paris,
give the Reich a direct rail connection with Spain,
owing principally to the poor transportation faciliwhich is rich in a number of important minerals,
ties. All of France is suffering, as a matter of
German supremacy on the Continent also will excourse, and a sympathetic view of French difficulpedite the supply of oil and grain from the Balkans,
ties is inevitable. But a new and heartening deterand especially from Rumania.
But the fact is that
mination appears to be arising for adequate solucrops this year in Europe show little promise, which
tions to immediate and future problems, which sugindicates the grave possibility of famine conditions
gests that pessimism regarding that great country
throughout Europe this coming winter.
The Low might easily be overdone.
Countries import most of their cattle fodder in nor• In a military sense the position of France is that
mal circumstances but are unable to do so now, and
of simple prostration, all forces having laid down
wholesale slaughter of meat animals is said to be
their arms in accordance with the terms of the
in progress.
The dire possibility must also be ad-^rmistice which went into effect on June 25. The
initted, however, of a strenuous German aerial and
French losses in the course of the German Blitzsubmarine campaign
against British ships and
krieg are estimated by friendly observers at
admitted
a
sharp
German
losses.
increase
news
of
reports
merchant ship
stated that the
on
as
a
1,500,000 men, most of them captured in the various
German drives. This figure corresponds closely to
ated peace was
official German claims of prisoners taken in the
Great Britain and Germany.
The two great prinvarious battles from May 10 to June 25. It was
cipals in the war seem determined, however, to
indicated over the last week-end that French forces
carry it to that desperate conclusion which can only
in Syria and North Africa would obey the cornthe complete defeat of one and the exhaustion
inands of the Cabinet headed by Marshel Henri Peof the "victor."
tain and lay down their arms. The French fleet
Some indications were made available this week
seems likewise inclined to follow instructions, alof the casualties suffered by either side in the great" though some difficulties with British units may
campaigns of the Low Countries and France. Britdevelop in consequence. Some minor changes were
ish losses are known to be quite modest.
French
made in the Cabinet during recent days by Premier
casualties have not been announced officially, but
Petain, and the provisional capital was moved last
it is estimated that 1,500,000 French soldiers fell,
Sunday to Clermont-Ferrand, from Bordeaux. It is
the overwhelming majority being captured by the
held quite possible that the Government will move
Germans.
Most surprising of all are German ofback, eventually, to Paris, since the administration
ficial statistics, released Tuesday, which indicate
of local affairs is being left by the conquerors in
that the losses of the German mechanized armies
French hands. There is also talk of a new "iron
exceedingly modest, in view of the results of
discipline" in France, and even of a regime that
the Blitzkrieg.
From the start of the German invawould resemble the fascist governments in ability
sion of the Low Countries on May 10, to the conquest
to put Frenchmen to work and get things done. A
of France, the Germans lost 156,492 men, it is said,
new Constitution is reported to be contemplated in
These German losses were held to include 27,074
France, with a view to eliminating "unwieldy demokilled, 18,384 missing, and 111,034 wounded. Italy
cratic procedure," but to some extent these disfar has taken only a minor part in the conflict,
patches probably reflect German influence. London
and
casualty lists are made available, as yet,
took a grave view of the French developments and
in Rome.
The Italian losses, on the other hand,
suggested that the former Allies may find themstarvation of the British Isles.
talk of a negoticommon early this week, even in
ports, with a view to
The
prospects are so gloomy that
mean
were
so
no
8
The Commercial & Financial Chronicle
selves at
loggerheads if the French fleet heeded the
commands of the Petain
The
regime.
July 6, 1940
dispensation in the Balkans is highly im-
new
portant, for it suggests not only that
will be
peace
preserved, but also that the German-Italian
Balkan States
BALKANmodified, to and degree, by the have Hungaryconduct of the
uncertainties
apprehensions Ru- for the
reported
been
some
march into
northern
the
questions regarding
many
the future of the Danubian countries remain to be
answered.
war a time to be Britain,
against Great
for
was
manian cession to Soviet Russia of Bessarabia and
Bukovina, but
Events of the week
now
that the German Nazi Reich has
corn-
bination will receive all available material
support
ending suggest
gained the ascend-
ready to
Transylvania, which
Austro-Hungarian
old
wrested from
was
Empire
treaties, and added to Rumania.
by
It
the
peace
would seem,
however, that Berlin and Rome preferred
peace
tween Hungary and Rumania, and there
was
beno
throughout the Balkans, with Italy sharing
outbreak of hostilities.
Bulgaria put forward
partially in this control. The danger of a general—claims to the Dobrudja, which was added to Ruflare-up in the southeastern European region apparmania after the first World War, but admitted that
ency
ently focused German attention
there
repeated predictions of
the
on
during the last two weeks.
area,
there
satisfied
be perfect harmony be-
appears to
regarding the immediate
Italy also is said to be quite
the Russian territorial
over
of Rumania.
expense
countries
German-Russian clash in
a
tween Berlin and Moscow
fate of the Balkans.'
the
In contrast with
gains at the
Whether such diplomatic har-
will continue is, perhaps, another matter, for
usually fall out over the division of' the
mony
military operations for the recovery of this territory
out of the question.
were
occurred
the Russians
as
northern Bukovina, but this constituted the only
fighting in the Balkans.
that country
abdicate, but they
spoils.
this
the
time
being,
a
Pan-German
course
of the
peace
however,
the
Balkan
sufficiently to indicate that
will prevail along the entire
Danube.
A
completely pro-Nazi
gime
was
gary
naturally is responsive
formed in Bucharest
on
to
Thursday.
German
re-
Hun-
require-
ments, and the Reich and Italy control the destinies
regarded
were
circulated for
mors
formed circles.
For
In Berlin, where there is
particular sympathy for Rumania, the losses of
no
victors
situation has clarified
Some border clashes
occupied Bessarabia and
"reasonable."
as
were
not taken seriously in in-
Turkey remained
week, but made
Ru-
time that King Carol might
a
no
move
on a war
footing,
to implement the alli-
with Great Britain and France, which called
ance
for entry into the
in the event of disturbances
war
the Eastern Mediterranean.
™
reported
closed their
regime
stand
Some fighting was
Alexandria, in Egypt, but the Turks
over
was
the
on
such developments.
eyes to
A coalition
formed in Egypt, last Saturday, with its
question somewhat equivocal,
war
of
Yugoslavia and Bulgaria. Even Greece and Turkey appear to be moving toward the totalitarian
camp.
;
Russian demands upon Rumania
JAPANESE military authorities moved cautiously
disclosed
were
officially, last Saturday, and it would
that
seem
a
certain
exaggeration developed in the early news
reports of the incident. The Rumanian authorities
were
asked to hand
over
was
Bessarabia, which formerly
Russian, and also northern Bukovina, to which
the
Soviet had
territories
were
not
previously laid claim.
ceded
by the
refugees promptly began to stream
into "old" Rumania.
ceded areas,
and at
These
Bucharest^regime,
across
and
the border
Soviet troops moved into the
some
points they marched be-
yond the allotted terrain, giving rise to
reports of
imminent Russian invasion of
Rumania proper.
When the infraction was called
J
but steadily, this week, toward that complete
control of Eastern
Asia
which
lieve is their "divine destiny."
ing supplies of
ist
arms
Government
they
appear to
be-
The problem of halt-
and munitions to the National-
of
China
remains
exceedingly
troublesome for the invaders, and it is quite possible
that
clash will
a
with
occur
one
or
another of the
Occidental Powers, before this matter is
settled,
France has acceded to Tokio demands for
closing of
supply route through French Indo:China. The
the
„
Japanese
aggressors now
have turned their attention
to Hongkong and the route through British Burma,
an
to the attention of
Moscow, however, the invading
troops immediately
withdrawn.
were
the
official
It is
documents
noteworthy,
make
no
moreover, that
mention
of
any
Soviet claims for
rights in Constanza and the Rumanian base at
Tulcea, as indicated in
original dis-
American and British non-combatants
sent away
nese
forces
colony.
were
from Hongkong, early this week,
on
Demands from Tokio for closing of the
Burma route will receive scant consideration
Arita last Saturday proclaimed that the
idly toward the German camp
The
picture would include
Franco-British guarantee of
Rumanian territorial
integrity
fleet
of
ously
on
was renounced
German
on
airplanes
Rumanian soil.
that
was
The
da^, and
landed
a
sizable
simultane-
airplanes had been
purchased previously by the Bucharest
regime, but
the timeliness of the
delivery could not have been
merely accidental.
The complete Nazi
orientation
of the Rumanian
of the
Government, Thursday, disposed
problem of Rumanian allegiance in the
rent war.
cur-
at
London, it is suggested, and difficulties easily might
develop on this score. Japan is reported to be turn-
rap-
Monday.
Japa-
the mainland encircled this British
patches from Bucharest.
It is
possible that the
intervention of Berlin toned down
the Russian demands, for the Rumanian Government moved
on
hastily
as
ing rapidly toward
Germany
in
and
Eastern
Asia
around Japan.
the
a
totalitarian agreement with
Italy.
"mildness"
Foreign
a
and
Minister
South
the
He
was
Seas, revolving
criticized later in Tokio for
of
his
views, but
Washington
Mr. Arita's comment
as
the
Doctrine" for the Far East.
was
a
was
"face-saving"
of treaty
elsewhere.
The State
inclined to view
beginning of
a
"Monroe
But the United States
said to be still disposed to insist
nance^
world
number of satellite States
arrangement prevented his resignation.
Department in
Hachiro
new
upon
mainte-
obligations, in the East East
as
Volume
The Commercial &
151
The Bank's gold and foreign
12,611,194,000 marks.
Central Banks
Discount Rates of Foreign
9
Financial Chronicle
77,714,000
marks a
year ago.
An increase appeared in investments of
27,951,000 marks, in other assets of 464,584,000
marks and in other daily maturing obligations of
431,597,000 marks. The proportion of gold to note
circulation dropped to 0.60%, the lowest on record,
compared with 0.64% June 15, the last recorded
ratid/and 0.81% a year ago. Below welshow the
exchange fell off to 77,180,000 marks from
THEREdiscount rates of
have been no changes during the week in
of the foreign central
the
any
Present
banks.
leading
the
at
rates
centers
are
shown in the table which follows:
■/
Date
Rale
Argentina..
3X
Mar.
Belgium
2
Jan.
6
Aug. 15 1935
Mar. 11 1935
2X
Date
vious
Effective
Rate
3
India
2
4
Nov. 28 1936
3X
4X
Hungary
7
Aug. 29 1935
3
2X
Aug. 29 1939
4
Holland
5 1940
Bulgaria...
Country
1 1936
Canada
Effect
July 5
vious
Effective
Effect
July 5
Pre¬
Rate in
Pre¬
Rate in
Country
May 18 1936
5
X
'
Italy
3.65
Chile
3
Dec.
16 1936
4"
Japan
Apr.
7 1936
Colombia..
4
July
18 1933
5
Java..
3
Jan.
14 1937
4
Lithuania..
6
July
7
Morocco
6X
15 1939
May 28 1935
15, compared with 76,703,000
marks June
Czechoslo¬
3.29
Jan.
1 1936
3X
Danzig:....
4
Jan.
2 1937
5
4X
May 22 1940
5X
Poland
4X
Sept. 22 1939
Dec. 17 1937
Eire
3
June 30 1932
3X
Portugal—
4
Aug. 11 1937
4X
Rumania
3X
May
5 1938
4X
May 15 1933
previous years;
incomplete statement of June 23, 1940:
also the
3X
Denmark..
with comparisons for
various items
4X
3
4X
vakia
England
3
26 1939
Oct.
2
Norway
4X
...
__
Estonia
4X
Oct.
1
5
South Africa
Finland
4
Dec,
3 1934
4X
Spain
Mar. 29 1939
2
Jan.
4 1939
2X
Sweden
3X
May 17 1940
Apr.
4
Switzerland
IX
Nov. 26 1936
Jan.
7
Yugoslavia.
5
Feb.
Changes
2
6
6 1940
4 1937
STATEMENT
3
3X
REICHSBANK'S COMPARATIVE
5
France
-
Germany
1935
3X
5
♦4
June 29,
for Week
June
1939
June 30,
1940
30, 1938
Reichsmarks
Reichsmarks
Reichsmaiks
Reichsmarks
Assets—
Investments
..
Greece
76,436,000
76,703,000
77,180,000
—534,000
+783,194,000 12,611,194,000 8,158,940,000 6.174,847,000
160,731,000
129,707,000
c439,970,000
71,338,000
47,790,000
c30.925.000
846,628,000
929,501,000
143,008,000
+"27,95l" 000
Other assets
+ 464,584.000
Gold & for'n exchange-
6X
1 1935
Bills of exch.& checks.
•
Not officially confirmed.
Sliver and other coin..
Advances
Foreign Money Rates
IN bills Friday market discount rates for1-32%
LONDON open 1 1-32%, as against 1 short
on
were
+ 819,345,000 12,785,345,000 8,731,115,000 6,439,974,000
Oth. daily mat. obllg.
three-months'
bills,
as
Money
Friday of last week.
Friday
+431,597,000
_
Other liabilities
c
Bills & exch. & checks.
THE statement of the Bankgain of £6,030,000 in
July 3 showed
further for the week ended
a
circulation, which raised the total to a new re¬
£61,687,000 above the amount outstanding on May 22,
and nearly £30,000,000 greater than three weeks ago
when it
Circulation is
of £608,184,000.
A year ago
currency in circulation totaled £505,720,952.
The
expansion in circulation together with an increase of
£39,945 in gold holdings brought about a loss of
£5,990,000 \in reserves.
Public deposits fell off
£41,367,000, while other deposits gained £55,867,319.
The latter comprise bankers accounts which in¬
£57,372,665
declined
£1,505,346.
liabilities
it
rose,
dropped to
other
which
accounts
15.4%
11.5% from
week
a
Below
Other liabilities
Propor. of gold & for'n
curr to note circul'n.
Figures as of May 31.
1940.
Market
New York Money
we
the 2% bank rate.
comparisons
July 5,
July 6,
July 7,
1939
1938
1937
608.184.000 505,721, 576 488, 230,991 494,424,620 443,106,123
10,520,796
15,254,552
12, 545,991
19,300, 952
16.598.000
188,948,142 134,037, 377 151 652,325 125,696,203 135,069,927
96,703,728
96,476, 765 115 663,218 88,541,017
Bankers' accounts. 140,121,140
Other accounts
48,827,002 37,560 612 35 989,107 37,155,186 38,366,199
96,758,310
118,706 164 111 ,891,164 96,625,321
Govt, securities
Other deposits
171,226,838
28,637,850
5,445,981
31,253 ,426
31 ,112,666
29,468,575
23,419,336
8,788, 891
22,464 535
10 ,710,508
23,192,069
20 402,158
23,584,000
21,363 ,726
39 ,171,061
9,035,196
20,433,379
32,869,914
11.5%
2%
Gold val. per fine oz.
exists
Bankers' bills and
and rates merely are
week.
The Treasury in
commercial paper are scarce
from
continued
awards
were
week to
annual bank discount basis.
York Stock
Call loans on the New
Exchange held at 1% for all transac¬
tions, while time loans
again were 1%% for maturi¬
days, and l1/2% f°r f°lir to six
New York Money
months'
168s.
2%
148s.
6d.
23.30%
23.8%
13.9%
84s.
2%
11 Hd. 84s.
Bank of Germany
29.80%
2%
2%
llHd. 84s.
ll^d.
Statement
ruling quotation all
and renewals.
loans
continues
up
Rates continued nominal at
134%
to 90 days and 1^% for four to six months'
The market for prime commercial paper
has been
a
moderately active this week.
for all
There has
slight increase in the supply of paper
and the
Ruling rates are %@l%
maturities.
Bankers' Acceptances
total outstanding
record high of 12,785,345,000
marks,
pared with 8,731,115,000 marks a year ago.
exchange and checks also rose to a new
quiet.
maturities.
an
819,345,000 marks, which raised the
through the week for both new
The market for time money
demand has been good.
THE statement of the Bank for the last quarter of
showed
expansion in note circulation of
June
Rates
DEALING in detailfrom day toloan rates was the
with call day, 1% on the
Stock Exchange
been
new
change in the position.
a
scale
mounting idle credit
In these circumstances no reason
5,983,311
17,436,025
Proportion of reserve
liabilities
for
43,461,110
226,567,233
1,769,351 227,085 302 327 ,402,052 327,294,534
Bank rate
increase, but not nearly on a
keep pace with the rapidly
resources.
1936
Public deposits
Coin and bullion
to
£
Circulation
.
mild seasonal
July 8,
£
Securities
a
datings.
COMPARATIVE STATEMENT
1940
Disct. & advances
Demand for credit accommodation shows
changed.
ties to 90
years:
Reserve notes & coin.
money
discount bills clue in 91 days, and
at 0.024% average, computed on an
£738,154 represented an
show the different items with
Other securities
ECTLE business market, and rates still wereNew
was done this week in the un¬
York
sold last Monday a further issue of
No change was made in
previous
a
c
1.33%
0.97%
aO.64%
Figures of June 15, 1940.
Washington
July 3,
to
obllg..
$100,000,000
BANK OF ENGLAND'S
to
23,1938
Reichsmarks
Of
addition
and advances and £352,600 a loss in
discounts
securities.
for
June
5,724,290,000
—171,000,000 11,966,000,000 7,895,492,000
984,581,000 1,029,534,000
al,422,049,000
597,777,000 ! 260,705,000
c457,715,000
Notes In circulation
a
23, 1939
Reichsmarks
Government security holdings
13.9%.
was
and
The proportion of reserves to
£20,124,000 and other securities £385,354.
the latter amount,
to
Liabilities—
Oth. daily mat.
June
by £50,000,000 to £630,000,000.
creased
ago
_
Other assets
the fiduciary
found necessary to raise
was
now
Advances
Investments
23, 1940
Reichsmarks
76,691,000
76,918,000
a77,714,000
5,204,724,000
—112,000,000 11,828,000,000 7,478,685,000
254,231.000
209.270,000
c439,970,000
57,823,000
31,354,000
c30,925,000
845,686,000
921,406,000
all6,057,000
1,398,000,000 1,125,762,000 1,239,816,000
+ 13,000,000
Gold <fe for'n exchange.
England Statement
Silver and other coin..
limit
June
Reichsmarks
Assets—
cord high
COMPARATIVE STATEMENT
Changes
for Week
Bank of
note
.
REICHSBANK'S
1%.
was
1.18%
0.81%
0.60%
+0.04%
note circul'n
Figures as of May 31, 1940.
call at London on
on
1,853,646,000 1,281,383,000 1,119,282,000
267,618,000
400,356,000
c457,715,000
Propor. of gold & for'n
curr. to
1-32@1 1-16% for
against 1 1-32@1 1-16% on
Friday of last week, and 1
on
1,862,584,000 1,514,090,000 1,161,336,000
Liabilities—
Notes In circulation
com¬
Bills of
peak, namely
THE market for improvement this week. Prime
prime bankers' acceptances has
shoxvn
some
bills
are
coming out more freely
and there has been a
The Commercial &
10
Dealers'
good demand.
rates
Financial Chronicle
Only some adverse deydtopmeh^impossible of
prediction can serve to alter the sterling-dollar tie.
reported by the
as
Federal Reserve Bank of New York for bills up to
and
including 90 days
This is on the supposition that Great Britain cannot
fail to defend itself successfully from invasion and
%% bid and 7-16% asked;
are
%%
asked; for five and six months, %% bid and 9-16%
asked.
The bill-buying rate of the New York Reserve Bank is %% for bills running from 1 to 90 days,
running for four months 9-16% bid and
for bills
maintain the integrity of the relationship of the
British crown to its. overseas commonwealths and
possessions.
so
Even
Discount Rates of the Federal Reserve
^TPHERE have been
1
rediscount rates
schedule of rates
of paper
classes
Dale
Established
Rale
1. 1939
Aug. 27, 1937
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21, 1937
IK
Sept.
Boston
1
New York
1
Philadelphia
IK
Cleveland
IK
Richmond
IK
*IK
*1K
*1K
Atlanta
Cbleago...^.......*;....
St. Louis
2
2
in
and
reduced than
It
ever.
London rates
proached
June
$4.01
on
displayed
firmness
the
27,
market rates
the
few
days there
and
few
past
offerings
market,
that the
so
been between
the
with
cents.
sterling in
of
takers
fluctuation
extreme
Speculators for
last
as
circles.
Mr.
During
sponse
of
The range
been
for sterling in the free market this week
$3.67%
compared with
last
a range
The range
week.
between $3.68%
of between
•:
as
follows:
not
ever,
York,
Australia,
Exchange
week
a
a range
are
Canada,
4.02%-4.03%;
New Zealand,
3.2150-3.2280;
Berlin,
Czechoslovakia,
Belgium,
Italy,
Poland,
and
France
quoted in London and New York.
in New York there is
How¬
occasional nominal
an
quotation for the German gold mark of 40.05 and
sterling
official
seems
will
rates
relation to
until
the
period
to
be
shortly
set
all
end
after
little
become
by London
currencies
of
the
doubt that free market
the
and
war
unobtainable.
are
are
and
termination
now
likely
for
a
The
dominant in
io
prevail
considerable
all
Europe
other
are
units
except
of
hostilities.
those
of
governed by this relation.
2%%
in
make
now
said:
is
"The
saving
or
don t forget
^he circulation figures of the Bank of England,
at the highest levels in the Bank's history,
indicate the severity of the financial pressure. More
Erectly bearing on the situation in this respect is
the further substitution of Bank of England notes
now
the early
high of £630,000,000.
The fiduciary issue is the amount of
currency which may be issued without gold backing.
part of June by £50,000,000 to a new
Bank of
the
present
being at
gold
England holds only
a
nominal
gold, the Exchange Equalization Fund
of
amount
the depository for the country's
and since the circulation now ex¬
former fiduciary note limit, the Bank of
resources,
ceeds the
England had
no
note
alternative other than to raise the
Latest informed comment
limit.
from London is that in all
limit must be extended
In
an
it has
probability the fiduciary
again before another month.
attempt to control the expanding circulation
been
decreed that the time-honored August
occurs on Aug. 5, will not be
The August bank holiday and
Christmas season have hitherto always marked
bank
holiday, which
observed this year.
The
pound is firmly linked to the United States dollar,
and
'
fiduciary
for the Italian lira of 5.05.
There
have. to
we
and when you make the choice
that inflation impoverishes everyone."
Since
on
new
£61,000,000
In appealing for a still greater re¬
y
Holland,
of the
reached
by the extension of the fiduciary issue in
ago.
quoted by the Bank of England
3.2280-3.2442.
is
of between $3.58 and $4.00
for cable transfers has been
and $3.89, compared with
New
Denmark,
sight,
bankers'
for
$3.88
$3.58% and $4.01
Official rates
4.43-4.47;
and
had
spending, investment in national war bonds or in-
42%
of France have been discomfited.
has
said that sales
bonds
to the war loan, Mr. Norman
choice
main
compared
war
days.
eight
the free
week
Norman
national
decline since the collapse
a
of the be¬
aware
feeling of anxiety in London financial
the widespread
for the entire week has
range
2% cents and 13 cents,
entirely
The
Governor of the Bank of England, in a radio address
describing the success of the new war loan indicated
ap¬
comparatively few
were
are
serious
in Great Britain.
Only on July 2 Montagu Norman,
setting difficulties.
of the extension of the official rate
rumors
avoided
be
can
authorities
London
high of
a
virtually all classes of British exports.
to
inflation
Thursday,
on
transfers reached
when cable
this juncture to see how
difficult at
It is
narrower
are
the
to a post-war pound below
point
present level.
evident that the official
seems
London
on
situation is quieter than
time this week have the open
no
than 2-cent franc continues to contain 100 centimes.
beginning to prevail, although at
are
monetary
However, all present indications of financial pressure
at least in the free market, is more
trading,
British
devalued dollar still contains 100 cents and the less
1, 1939,
Dallas; Sept. 21, 1939, 3t. Louis.
Fluctuations
weeks.
many
the
2
Exchange
Course of Sterling
4HE sterling exchange
\
2
rate of 1%. effective Sept.
Chicago; Sept. 16, 1939, Atlanta, Kansas City and
the
of the war.
pound will still continue to contain 12d. to
shilling and 20 shillings to the pound, as the
The
2
1937
Sept. 3, 1937
IK
that
inconceivable
is
system will be changed by the outcome
2
;
3, 1937
Sept.
the
1934, sterling par became $8.2397 to
31,
pound.
It
Aug. 31,
Advances on Government obligations bear a
Jan.
2
2
*IK
San Francisco
I
grains of
of 25 8-10
After the Roosevelt devaluation of
IK
2, 1937
Aug. 24, 1937
*1K
1
au¬
2
Sept.
IK
.......
Dallas
'
United States
Previous
July 5
*
pre-devaluation level
gold 0.9 fine.
Rate in
Minneapolis.
Kansas City
the
at
the
were
even
again to fix the gold content of the dollar
thorities
Effect on
Federal Reserve Bank
restored
be
ever
FEDERAL RESERVE BANKS
RATES OF
favorable to Great
its financial and commercial
of peace. It is difficult to imagine how the former
dollar-sterling ratio of $4.8665 to the pound can
at the different Reserve banks:
DISCOUNT
outcome
on
so severe that serious consequences can
hardly fail to become apparent after the conclusion
The following is the
in effect for the various
now
an
position is
banks;
obligations $re shown
table.
the footnote to the
assuming
Britain, the pressure
changes this week in the
no
recent advances on Government
in
Banks
of the Federal Reserve
July 6, 1940
Continental
the
peaks in note circulation,
The value of retail sales in Great Britain is now
approximately 5% higher than a year ago, accord-
The
151
Volume
fluctuations
indication of pressure
increased prices and
are accompanied by decreased volume of sales.
The huge gold holdings of the United
States
reflect the general anxiety in Europe and particularly
in London.
The gold stock of the United States
also
an
British
sources.
Continental and Other Foreign
'HE French
already there.
thought that some last-minute
gone
made
gold imports and exports
EXPORTS AND
1940.
IMPORTS, JUNE 20 26,
INCLUSIVE
1,235,955
..$418,236,631
coin.
$1,235,955
_—
Total
Detail of Refined
Portugal
Switzerland
Kingdom.______
—
-
___
1,235,955
1,795,068
1,139,328
British Malaya
■__
45,546
—
*
Chiefly $436,312 Canada, $826,508 Mexico, $157,985 Ecuador, $161,669
Venezuela, $558,231 Philippine Islands.
Gold held under earmark at the Federal Reserve banks was increased
during the week ended June 26 by $62,939,845 to $1,725,318,548.
—
sterling exchange on
although sharply off from
previous range. Bankers' sight was $3.76%©$3.88;
cable transfers, $3.77%@$3.89.
On Monday ex-%
change was steadier and fractionally lower.
The
range was $3.76%@$3.82% for bankers' sight and
Referring to day-to day rates
Saturday last was steady,
/
as
of the week
circulation of 12,785,345,-
reorganization of
When the
began in 1914 the bank's circulation was
marks, the highest since the
World War
British India.
or
legally questioned.
The German Reichsbank statement
the German
66,357,360
Bolivia
Brazil
gold be acquired by Germany from
public
might be spent in
000
3,340,297
Yogoslavia
any
ended June 22 shows total
$241,575,998
1,020
11,586
135,972
101,377,517
Netherlands
Canada
—___■
Bullion and Coin Shipments—
France
United
*$2,456,939
415,779,692
bullion
Refined bullion and
.
Exports
Imports
In apparent confirmation of
that Germany has thus far
private, it could be easily used.'
neighboring countries to pay for
materials, thereby easing the strain on German in¬
dustry, which at present must produce export goods
in order to pay for imports.
Neutral countries near
Germany such as Switzerland, Sweden or Greece,
could presumably ship the gold, which it is thought
would finally reach the United States.
Gold reach¬
ing the United States through such channels could
hardly be identified as of German origin since it
would probably be melted down before shipment
and the integrity of the neutral shipper could not be
It
which
ahead of the German
France before that
public assertions of gold captures.
any source,
t^ken from the weekly statement of the
States Department of Commerce and cover
the week ended June 26,
no
Should
the steadier rates for
amounts of
Ore and base
subsequently left
these views is the fact
are
GOLD
and
country was overrun.
12%%.
United
Belgium went to France
armies
slightly steadier and
doubtless in¬
conflict and it is ".
shipments may have
that the gold reserves of the
Bank of
in the free market,
gold is
Canada both before
to North Africa.
London also believes
sterling. Some
improvement has been induced by the beginning of
tourist traffic from the United States to Canada.
In the free market Montreal funds ranged during
the week between a discount of 17%% and a discount
follow
A great deal of the French
the last month of the
and during
July 1 dividend pay¬
prevail with call money
Canadian exchange shows a
The
there was no necessity for such
large French sterling reserve
believed to have been sent to
bills, 1%%.
of
as
due to the
transfers
Discount rates are as follows:
1-32%; three months' bills,
1-16%; four months bills, 1 3-32%, and six months'
fluenced by
London,
went to
against bills at %%.
two months' bills,
1
firmer undertone
circles
According to London advices on July 3
it has been reliably reported that the greater part of
the French gold was removed before the capture of
Paris.
Most of the reserve is believed to have
reached the United States.
It is thought that none
version loan and the customary
1
gold stocks continue to give rise to
everywhere.
market rates after a temporary
Easier conditions
Exchange
speculation and interest in banking
curious
firm¬
ness of a few days' duration have returned to their
former ease.
London dispatches on Monday indi¬
cated that there had been a large turnover of funds
in the market owing to the redemption of certain
loans, including about £100,000,000 of 4%% con¬
ments.
$3.67%@$3.82%
sight and
bankers'
payment closed at $3.66.
international commerce.
London money
The range was
$3.68%@$3.83j% for cable
transfers.
Closing quotations on Friday were $3.68
for demand and $3.68% for cable transfers.
Com¬
mercial sight bills finished at $3.66, 60-day bills at
$3.64, 90-day bills not quoted and documents for
payment (60 days) at $3.64. Cotton and grain for
An exceedingly large
from
the market
quiet and steady.
for
part of the gold has
Since the middle of
May $1,000,000,000 has been received.
The increase during the last 12 months amounts to more
than $3,910,000,000.
Gold held for earmark for
foreign account at the Federal Reserve banks totaled
$1,725,318,548 on June 26. It cannot be definitely
ascertained, but there can be little doubt that by
far the largest part of the gold held under earmark
is for British account.
The British authorities
regard the gold held by the United States as the'
primary source of British financial security since the
pound sterling has now practically ceased for the
time being to be the financial currency of world
come
market in New
continued extremely
July 4, there was no
On Friday
York.
exceeds $20,000,000,000, and repre¬
approximately 70% of the world's monetary
gold.
Bankers'
was
On Thursday,
Treasury now
sents
again inclined to narrow.
$3.76%@$3.80%; cable transfers were'
$3.77%@$3.81%. On Wednesday trading continued
limited.
The range was $3.78%@$3.82%2 for bank¬
ers' sight and $3.79%@$3.84 for cable transfers.-
sight
they represent
and inflation as
were
On Tuesday
cable transfers.
for
$3.77@$3.83%
and
ing to statistics issued by the Bank of England
the British Retail Distributors Association.
These
increased values are
11
Commercial & Financial Chronicle
bank and
currency
in 1924.
2,909,422,000 marks and at the end of the conflict
in November,-1918 it was 16,959,000,000 marks.
The Reichsbank's ratio of reserves to outstanding
record.
though it is, does not givg^
circulation is 0.60%, the lowest on
The
a
present figure, high
true
picture of the German note
aside from the notes
relation to its reserve coverage,
forms of
paper
there
are many
doubtless'running into
billions of marks, which are never
disclosed.
other
circulation in Germany and in the
German-occupied countries,
many
circulation since,
of the Reichsbank bearing a
publicly
^
12
The Commercial & Financial Chronicle~
Business interests in
Germany profess the belief
The London check
"the
one
standard currency" for future Continental
and that gold will be entirely eliminated,
In
issue of the official publication of the
recent
a
Ruhr coal and steel interests
on
"New
an
editorial
Europe's Currency" in which it
"The
gold standard has for
interest" and
noon
on
asserted:
York
as
us
only historical
an
"gold has become
intra-American
problem."
The
that
non-American
countries
in
which
the
past were forced to part with their gold reserves have
also
now
principle turned their backs
on
It states further that
no
throughout the world
as
talk about
or even
gold,
on
gold redistribution
about giving gold
present to countries which need it
a
away
alter this
can
situation.
in
Holland
dispatches
on
June 30 stated that the
publish exchange rates
on
Berlin, Stockholm and New York beginning on July 1.
The Amsterdam Bourse
limited scale.
prohibited.
was
Unofficial
reopened
on
rates are nominally quoted.
There is little or
business being done even in Swedish and Swiss
no
units, while forward Swedish and Swiss is
Exchange
against
2.04
closed at
trading will be strictly
pre-
Banking
description
now
directly
indirectly formulated by
or
authorities.
being reshaped
every
Holland
in
the
are
German
can
hardly be regarded
far at least they
so
appear
as perma-
to have the
sanction of the Dutch Government in exile in London.
July 2 the New York Bankers Foreign Ex-
change Committee received cable advices from Am-
indicating that banks in Holland
allowed to make payments to
lands but that
so
guilder payments
mission of the
far
can
as
The Federal
now
are
concerned
only be made subject to
Amsterdam
overdrafts
case no
are
residents of the Nether-
non-residents
per-
Deviezen Institute.
are
In
allowed.
0.70
(nominal).
Reserve Bank of New York at
on
an
exchange of notes between the State Department
and the Minister of The Netherlands in
relative to the power
lands Minister
Washington
of attorney given to the Nether-
by his Government in connection with
"frozen" Netherlands credits in the United States.
power gives the Minister, Dr. Alexander
Loudon, authority to operate all accounts and other
assets in the United States
Government.
belonging to the Nether-
Under
the
Netherlands
ernment decree issued in London in this
Gov-
connection,
title to claims "against persons,
partnerships, companies, corporations, firms, institutions, and public
bodies, which claims belong to natural or legal perdomiciled in the Kingdom of The
Netherlands,
as to all claims of the aforesaid
persons for
well
as
the
delivery of gold deposited, insofar
in
as
these claims
form whatsoever capable of being encumbered, pledged, transferred, or sold, or the like,
are
any
outside the realm of
Europe" is vested in the Nether-
lands Government.
#
The
term
"claims"
includes
credits
and
capital
and loans of
are
corporations, regardless of whether they
evidenced by stock certificates,
bonds, or other
securities
commercial paper.
Exempt from this
ownership, which is as of May 24, are
the claims that on May 15 were the
property of
Netherlands subjects or of citizens of nations not
or
transfer of
at
war
Swedish
with The Netherlands.
Bucharest
exchange is
nominally
(nominal).
Swiss
against 23.90
(nominal).
Spanish pesetas
are
against
nominally
—♦—
*
'HE South American units
I
1
a
generally firm
are
as
result of the supervision of the various national
controls.
some
The
Argentine free
weeks shown
accentuated in the last few
export
season
a
days
has,
peso
downward tendency
on
reports of
a poor
and internal political dissension,
In all the South American countries there has for
some
time been
growing strain
a
change situation.
ported
on
the general
Brazil, for instance, is
now
exre-
losing fully 30% of her total exports in
comparison with pre-war figures and the situation is
as
viewed with great concern in Rio
new
steps have
de Janeiro.
No
yet been taken by the authorities
as
to restrict
importations to compensate for the loss in
exports.*
It
would have
is
an
doubtful
whether
appreciable effect
situation inasmuch
about
as
such
on
measures
the exchange
85% of Brazil's imports
indispensable merchandise.
Peru is also
undergoing
an
adverse exchange situa-
tion.
The blockade of most of the European markets
for Peruvian exports, particularly cotton, and restricted imports by Great Britain, have diminished
Peru's supply of foreign exchange to such an extent
that
the
Government has again, as upon other
during the last two years, called for and
occasions
This
on
quoted at 9.25, against 9.25.
the
July 3
Exchange
quoted,
(nominal),
exchange is nominally quoted at 22.673^,
22.63
consists of
request of the Treasury made public
sons
(nominal).
not
2.05
at
(nominal), against 0.50 (nominal),
Greek exchange closed at 0.68 (nominal), against
Complete freedom is lacking and regula-
in force
nent, since
of
arrangements
closed
0.50
exchange
lands
Finland
on
however, for
either
are
on
June 28
No specific bank control has been
exchange.
sterdam
above, in New
not quoted,
Poland, Czechoslovakia, Norway,
Denmark, Holland and Belgium. All other Euro-
pared, although such machinery is in order for the
On
mentioned
London, Berlin marks
is exchange
nor
stock
tions put
2.18 cents (nominal) at
was
As
15.
quoted at 23.90,
Netherlands Bank will
on a
June
on
pean
mining journal "Deutsche Bergwerks Zeitung"
asserts
quotation in New York
appeared
was
rate
France, which since
shortly after the beginning of the war was officially
fixed by the Bank of England at 176.50-176.75,
ceased to be quoted on Monday, June 17.
The last
t
that the Reichsmark will be elevated to the rank of
economy
July 6, 1940
obtained the cooperation of commercial banks and
of
exporters
for the
purpose
exchange from speculative
uses
of
diverting foreign
to the acquisition of
strictly de luxe merchandise, which it is using exclusively for covering obligatory maturities and for the
opening of credits abroad for necessary importations,
services,
&c.
There is mutual agreement in financial circles in
Peru that
successful
control.
cooperative
in
the
past
measures
are
which have
been
preferable to legislative
Since June 1 this cooperative
undertaking
has made it possible to route about 90% of the avail-
able foreign exchange through the Central Reserve
Bank, which purchases it at the current quotation
and sells only to the commercial banks, allocating to
each bank
an
amount
corresponding to the volume of
its foreign exchange operations during the last six
months.
The Central Bank makes no profit on
these exchange operations and the banks have agreed
with the authorities to observe a margin of V/i
centavos between the buying and selling rate.
Since
about June 1 the commercial banks have
purchased
at sols 6.485 to $1 and sold at sols 6.50.
market peso closed
21.35@21.40, against 21.55@21.70.
Brazilian
milreis closed at 5.15, aga nst 5.15. Chilean exchange
The
Argentine unofficial or free
unique incident in American
at
is
nominally quoted at 5.17, against
Peru is
5.17.
—♦
THE importance from those ofpresent weeks. For
Far Eastern exchanges recent no features
of
part
most
the
sterling.
these units closely follow
has been inclined to weakness
since the end of June.
The Shanghai yuan also
seems to be under pressure.
The Indian rupee is
However, Hongkong
is a
the
agency of a thousand delegates, all of whom were in
unprecedented situation of liberty to deliberate as
individuals impelled solely by determination to
organize victory at the polls in the name of an
historic party, making its standard one to which
intelligent and conscientious voters of all shades of
past political opinions might rally to rescue this
legal link to sterling at the rate
The Japanese yen is
Is. 6d. per rupee.
Gold Bullion in European
and the
of the New DealThis, in itself, was an innovation vastly to be wel¬
comed.
Back of every other convention for the
Nation from the impetuous extravagances
of
unchanged,
being fixed to the dollar by the Japanese control.
Closing quotations for yen checks yesterday were
23.45, against 23.45 on Friday of last week. Hong¬
kong closed at 23, against 24%; Shanghai at 6 3-16,
against 6.40; Manila at 49.85, against 49.85; Singa¬
pore
at 47%, against 47%; Bombay at 30.31,
against 30.31; and Calcutta at 30.31, against 30.31.
kept steady by its
dangerous and illusive vagaries
nomination of candidates for the
sophisticated, powerful and sometimes sinister bosses
whose dictation, never wholly unselfish and too
Banks
84s. ll%d. per fine
corresponding dates in the previous
1940
1939
1938
£
£
*129,915,501
311.709,184
242,451,946
France
3,835,150
b3,659,000
Germany
63,667.000
c63.667.000
Spain
23,400.000
al7,440,000
Italy
97,916.000
e97,714,000
Netherlands
91,048,000
Nat. Belg.. el32.857.000
98,846,000
86,730.000
Switzerland
34,167,000
41,505,000
Sweden
6,555,000
6.505,000
Denmark
6,666,000
6,667,000
Norway
_
.
_
_
700,090,707
700,285,757
Total week.
Prev. week.
*
327,402,052
293,727,299
2,522,000
63,667,000
25,232,000
123,436,000
80,520,000
72,588,000
29,151,000
6,540,000
7,442,000
1936
1937
£
*894,761
England
£
£
226,567,233
434,720.003
327,294,534
296,116,493
2,481,450
87,323,000
25,232,000
102,265,000
105,377,000
83,597,000
25,821,000
6,648,000
6,602,000
2.372.300
88,092,000
42,575,000
49,517,000
107,490,000
49,292,000
24.007,000
6,553,000
6,604,000
of England
of the Bank
statutory prloe
(168s. per fine
however, to only
Currency and Bank Notes Act, 1939. the Bank
March 1. 1939 and since have carried the gold holdings
market value current as of the statement date, instead of the
which was formerly the basis of value.
On the market price basis
ounce) the Bank reported holdings of £1,769,351; equivalent,
about £894.761 at the statutory rate (84s. ll)$d. per fine ounce),
our calculations.
In order to make the current figure com parable
as well as with the figures for other countries in the tabulation, we show
holdings In the above in statutory pounds. *
at the
according to
with former periods
English
31, 1939, latest figures available, b Gold holdings of the
Bank of Germany Include "deposits held abroad" and "reserves in foreign cur¬
rencies."
c As of April 30, 1938, latest figure available,
e Prior to Invasion.
The value of gold held by the Bank of Franoe was revalued with the statement
of the Bank as of March 7, In accordance with the decree of Feb. 29, 1940, at the
rate of 23.34 mg. gold 0.9 fine equals one franc; prior to the latest revalorisation
the value of the Bank's gold holdings was calculated, in accordance with the decree
of Nov. 13, 1938, at 27.6 mg. gold 0.9 fine per franc; previously and subsequent
to July 23, 1937, gold In the Bank was valued at 43 mg. gold 0.9 fine per franc;
before then and after Sept. 26. 1936, there were 49 mg. to the franc; prior to Sept..
26, 1936, 65.6 mg. gold 0.9 fine equaled one franc.
Taking the pound sterling
at the English statutory rate (7.9881 gr. gold Il-I2th fine equals £1 sterling), the
sterling eoulvalent of 349 francs gold In the Bank of France Is now Just about £1;
at 27.5 mg. gold to the franc the rate was about 296 francs to the £1; when there
were 43 mg. gold to the franc the rate was about 190 francs to the £1: when 49 mg.
about 165 francs per £1, when 65.5 mg.. about 125 francs equaled £1.
a
large
groups
the
dominated
of delegates and not rarely
result.
In Philadelphia,
ultimate
discernible anywhere or
of free men and free
of the sort
existed.
The gathering was one
women
Amount held Deo.
was
and bosses, sinister or
otherwise, were con¬
spicuously absent, they had no part in
ations nor in the most fortunate result.
that
man
any
In the
nomination of Mr. Willkie,
the
of
result
Republican
National Convention at
Philadelphia, the people of the United States perceive
another of those rare and strange historical events
in
within
leadership
endowed in everything essential
which great emergency seems
some
some
man so
to the
to possess
quality capable of bringing to
itself
richly
avoidance of imminent disaster as
have been
to appear to
miraculously created to meet the extreme
needs of the hour.
Success of the spontaneous move¬
selection, scarcely a year
from its earliest and most tentative beginnings, a
movement even to the opening day of the convention
ment
to
without
bring about his
organization
or
personal direction, is a
to cope with the
tellectually and by experience,
exigencies of our national situation, as
they
found anywhere among those
constitutionally eligible for the office of President.
His election is called for not only to overcome and
correct the enormous and accumulating abuses of the
Roosevelt Administration and to forestall the un¬
today exist, could be
imaginable but certain errors and dangers of its
continuance, either under the present incumbent or
one
deputized through his agency and by his
quite independently of the
difficulties immediately con¬
fronting the future of this representative democracy,
he possesses in the most fortunate degree the precise
qualities of judgment and leadership without which
all hope of dealing successfully with existing problems
favor, but also because,
origin of the enormous
would have to be
Consider,
abandoned.
briefly, the magnitude and extent
of
stated by those most
friendly to the Administration under which they
have accumulated, they include enormous additions
to the current annual Federal expenditures and to
those
of
problems.
Even
as
present National Debt, both for the purposes
extensive and costly preparations for
the
as
the heartening
scarcely
equally equipped, in¬
far more
national defense than were ever
Wendell Lewis Willkie
the deliber¬
comparison with Mr. Willkie, it is
In
conceivable
some
1,037,789,536
867,724,835 1,032,227,351 1,068,657,477
1,028.268.000
870,501,876 1,031,000,078 1,013,996,811
Pursuant to the
statements for
trolled
extreme
four years:
Banks of—
frequently motivated by interests indifferent if not
inimical to the highest welfare of the masses, con¬
nothing
ounce)
in the principal European banks as of respective
dates of most recent statements, reported to us by
special cable yesterday (Friday); comparisons are
shown for the
Presidency in our
dimly visible to the fully
history, there have been
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
British statutory rate,
politics, not likely to
parallel for many future decades. It
nomination made by public opinion, through
have its
an
15%, against 15%.
nominally quoted at
13
& Financial Chronicle
The Commercial
151
Volume
even
conceivably
previously considered
expedient. Men,
necessary or
pretending to be statesmen, have come to talk of
multiplied billions for war equipment and munitions,
and actually to appropriate these immense aggre¬
the funds they will require have been
and before provision for ob¬
taining them has been made, as though they were
dealing with the postulates and concepts of a fourth
dimension rather than with factors directly con¬
gates, before
held in the Treasury,
and the actual lives
Already, as
League computes from the
trolling the standards of living,
and welfare of 135,000,000
the
National Economy
public
records,
the
Americans.
Federal military and naval
appropriations, for expenditure during the fiscal year
to end with June 30, 1941, have been swelled to
14
The Commercial & Financial Chronicle
$4,300,700,000
while
specific
authorizations
for
involved
50%, to around $6,000,000,000. Beyond this, the
Army, it is already foreshadowed, is soon to demand
some
$5,000,000,000 for immediate mechanization,
no
the machines when
And
all
this
they
Nation
a
productive
doubt
and
extravagant
manipulated
fensive
highly
already
and
facing
expenditures would
short-sighted
and
been nothing but gratification of
pulse after another
suggestion of
enormous
some
meanor
$49,000,000,000,
honest
limitation has
No
in
with
bookkeeping
situation,
cerning
the
the
indebtedness
high
would
probability
disclose
that
to
seven
new
nomination
the
reality of these deplorable factors
of responsibility or regret con-
enormous
blunders
permeated the White House.
the
of
processes
to have
appears
The first reaction of
weeks
never
because
they
for them
pay
inevitable,
were
Later,
were
he declared,
presently idle,
congressional
reluctance
improvidence to such
new
as
ques-
concerning the methods of finding funds to
provisation of
but with
a
scheme of
a
premature,
or
to
participate
in
degree, led to the imand added taxation,
new
mitigation of the severities of maladjustwhich add heavily to the public burdens and
ment
no
sharply curtail the revenue-producing potentialities
the
of
heavy tax-rates.
very
Still
turned to the promotion of taxes
cess
the
he
has
so-called "ex-
profits,"
with
later,
on
masters,
which he undertakes to popularize
plea that they are devised to serve two
%
,J
that of producing revenue and of con-
fiscating
profits,
-
,
that'
in
an
.
,
apparently
without
,
one
or
Such
He is
as
and
void,
as
the
New
"Times," which supported Mr. Roosevelt
and
1936, has?
more
than
once
York
in
1932
recently made
ap-
parent, in leading editorials.
Continuance of such conditions under Mr. Willkie
is
unthinkable
as
certain
while
and
Mr.
impossible,
Roosevelt
as
occupies
it
must
the
be
White
House and probable under any successor of the latter's
choosing.
has met pay
Unlike Mr. Roosevelt, Mr. Willkie
rolls, he has successfully dealt with great
enterprises in which
unsatisfactory
an
balance
unbalanced budget and
sheet
must
penalties of unconcealable failure.
experience,
difficult
all
carry
In
and far-reaching
his
an
the
business
problems
of
exceedingly large proportions, both in management
and finance, have pressed
closely upon one another.
They have been met with deliberation, never
impulsively or with insufficient consideration of the
factors
of
limitation,
and in
a
broad
and
liberal
he
candidacy for the
at the
was
and
Mr. Roosevelt
speaking "frankly,"
and he resorts to
during
beginning of
so
direct
no
or
an
con-
it
is
address by
usually does, that he
so
"seriously,"
small
that
or
"honestly,"
chicaneries of political
manipulation, such, for example, as the postponeof a nominating
convention, in defiance of
the precedents which require the party dominant
ment
at
Washington, and therefore having the affirma-'
tive of
an
appeal to the country for
fidence, to be first in the
a
renewal of
con-
selection of candidates and
in the
announcement of its
program, in the hope that,
owing to the delay and consequent doubt, the opposhion may injure itself by some act or declaration
different from that which would
pose
result
the
were
pur-
of the Administration fully revealed,
-
*
„
other end is
formless
as
honest
vazil
#
planning,
his
de-
of the
purposes
for him to preface
necessary
asserting,
is
so
the
inevitably subordinated, oftern totally
lost to sight.
Moreover, the whole conglomerate
of
defensive
preparations is without intergated
wholesome
the
actual and will not be altered
recognizing
attempt at such dual service,
and
for
by the public
huge defensive expenditures must be added,
tions
unstudied
modified
of strengthening experience, he will remain to the
end of the arduous responsibilities he has
assumed,
however they may be increased
fidence.
that
momentary favorite of the White
during which
was
campaign.
the President, after he announced his opinion that
was
yielding to the revolutionary
or
a career of
rapid and honorable achievement, although with continuously increasing accumulations
or
through which it has been attained,
His
not
was
that
the
already been exceeded.
of the
sense
the
funded
has
reckless inl¬
one
In personality, the Republican candidate is wholly
the
its
more-—
there
House clique.
improvident deficit-
acceptable.
upon
outrun
There would,
be planning and integration where
over,
financing, which has just been compelled to increase
limitation
longer be permitted to
finance,—required, for defraying them.
first and second Presidential term
a
iota of the national safety,
an
no
the necessary provision, in whatever form should be
politically-
the
Federal financing and dewould be co-ordinated and,
preparations
without sacrificing
by ill-considered
experimentation
doles,
accumulations of
of
than doubled
more
to be
sure
left by his predecessor.
having had the ordinary peace-time expenditures of'
its Government
that
order out of the vast chaos and confusion
bowed under the
of industrial
measures
were held in his
trusteeship.
background of experience, it is beyond
Mr. Willkie, immediately upon his
a
inauguration would proceed by safe steps to bring
weight of more than 10 years of artificially prolonged
depression hampered by an unsound monetary system
and by a scheme of Federal taxation
deliberately
made oppressive for the
purpose of penalizing certain
normal and
creditors
as
With such
annually to maintain
provided and for practice,
are
to
comes
prove as satisfactory to the public
it did to those whose interests of owner-
as
ship and
knows how much
one
1940
spirit which will
naval vessels raise this astronomical
aggregate about
with
July 6,
President • "Vargas's speech of
P^eted here
as
a gesture
June 11
inter-
was
of sympathy in favor of
Germany and Italy. Basically the unfavorable reception accorded by many of us to some of the
Brazilian leader's remarks was due to our too prevalent, and decidedly unreasonable belief that any
nation not disposed to fight Germany at the
drop of
a
handkerchief
must
deal, however, of
our
be
hostile
dismay
to
was
us.
to
A
good
be credited
t° Hie fact that Dr. Vargas's address was delivered the day after President Roosevelt's Char¬
lottesville proffer of "the material resources of this
nation" to the Allies, and his
entering the
war on
attack
Germany's side.
on
Italy for
It seemed to
many of us, in contrast, that the Brazilian
displayed
such over-eagerness to welcome the dawn of
a
day resulting from the European
cataclysm
outweigh his declaration of Brazil's intention
neutral in this war, and
we
did. not like the
new
as
to
to be
con-
notations of his admiration "for vigorous peoples
fit for life"
or
the lessons
he
sought to derive for
his people from recent occurrences.;
Volume
The Commercial &
151-
fair
This attitude is neither
the
of
lessons
contained in
pending events.
Representative of
following
editorial of the New York "Times"
an
Sunday.
German success is attri¬
The miracles of German organization were accomp¬
system.
also
lished
simple
by
consistency
well-marked goal."
brain power,
foresight,
discipline in driving ahead toward a
The second sentence of this
quotation would have
provided Dr. Vargas with an excellent text
constructive messages
main
been
of
need
balanced
a
itself within reasonable
Brazil may
which
not
discipline
democracy" by an "economic
demagogy of political
in which the government defends the
democracy
people's interests"; confidence that the Brazilians
can meet the demand of the times for strong peoples,
capable of self-sacrifice.
regimes, such as we like to hear, which
of
course
made
of the speaker would have
the background
There was, however, his often re¬
illogical.
to 1889.
During the almost 50 years of rule of Dom
PedroII Brazil achieved a sense of
be
regarded
of the
conditions involved.
iodeologies existing elsewhere".
More¬
this "regime of peace and order strictly Bra¬
zilian, and capable of impelling more rapid general
to guarantee the security of all" is so much
progress
harmony with the Brazilian Constitution of No¬
in
vember
10,1937, in the adoption of which Dr. Vargas
played so important a part, as to suggest that the
of the speech was to show how well
main purpose
the
by that Constitution was
regime established
adapted to the new times.
At
in the
breaking
teenth
by
us
since it is intended to apply to
Near
the
beginning of
the
speech President Vargas had declared that "we
are
united
ican
the
around
interest in
common
the
by ties of strict solidarity with all Amer¬
countries
our
duties very
and
educated
■v;
...
■
.
"•
lower house of
in
ence
The
the
higher officials, appointed by the Emperor were
until poor
"Continental
on
energies, insisted
respect to
us,
to have confidence in the regime of
he said:
thus
understand
the
Monroe
Doctrine and
thus
Unfortunately, the Empire had inherited negro
It
slavery.
slaves
was
out her
wishes
own
not until 1853 that the traffic in
abolitionist
The
ceased.
campaign started
in the sixties and bofe considerable fruit before com¬
plete emancipation without compensation was de¬
Dom Pedro had always
May 13, 1888.
It was, however, his daughter who,
during his absence in Europe, induced parliament,
midst great
sary
popular enthusiasm, to pass the neces¬
The
decree.
which
owners
lost
some
700,000 slaves,
they valued at about $195,000,000.
The
mon¬
archy thus was deprived of the support of an impor¬
tant
which
class,
Within
officers.
joined
the
disgruntled
army
eighteen months the Empire was
At that event President Justo of Vene¬
overthrown.
zuela is said to have remarked:
"The only republic
For five
or
six years
and with them
rency
military dictatorships ensued,
orgy
British financiers and in¬
proved as unwary as did our own some thirty
later, in making improvident loans.
able
civilian
Until 1930
stitutional
a
of extravagance, inflated cur¬
and speculation.
vestors
years
an
In the
began to be ruled by a series
presidents,
with
one
exception.
they governed mainly according to con¬
form.
In
practice
they
usually
had
great deal to do with the selection of their suc¬
cessors.
Normally, the
new
president had been governor
of either the State of Sao
Paulo
or
that of Minas
most important states.
In 1930,
however, owing to the depression and consequent
collapse of the foreign trade, the loan crisis and the
attempt of the president to have himself succeeded
choice in an election
by a candidate
practice it."
Brazil
discipline in the army and
on
play politics.
Geraes, the two
solidarity, to be true and lasting, must rest
respect for national sovereignty and freedom of political
We
Dom Pedro,
the end of his reign lessened
near
of
organization in accord with desires, interests and necessi¬
ties.
ability and integrity.
health
The real key to
Vargas speech of June 29, in
1937 Constitution,
parliament acquired a long experi¬
defense."
warning the Brazilians to be vigilant and courage¬
as
•!
■
middle nineties Brazil
which, after reaffirming the address of June 11 as
well
'
aspirations and
other South American countries—with
ous, as
who elected the members of the
'?•"
politics and the duties of a free electorate.
notable for their
his
During his reign, the
seriously.
classes,
..
ideas,
foreign policy of Brazil—and, it may be added,
is to be found in the
Dom1 Pedro was 'an enlightened
in South America is ended."
domestic affairs.
Brazil's
of the country early in the nine¬
up
century.
monarch, and took his constitutional prerogatives
rate no valid objection to the program
any
could be made
Many historians be¬
publican form of government would have resulted
slavery.
over,
,
that, under such adverse circumstances, a re¬
on
or
may
peoples, the enormous area and the different
climatic
lieve
unity, which
remarkable in view of the diversity
as
hated
currents
because of its Portuguese or^
igin, but also because it was an Empire from 1822:
creed
or
group.'
history is necessary
only differentiated from the
not
rest of South America
"affiliate with any doctrinary
countries,
of Brazilian
Brazil is
peated express disclaimer of any desire to imitate
other
foreign countries as possible
many
understanding of what the country is
clear
a
now.
of harmony with our own
Also, there was no formal denunciation of
dictatorial
for
forbade it to
is out
this
of
Some
needs.
as
and seek to involve
as diversified
have
wishes to
and not confine tliem to any one
be in position to
justice"; replacement of the "sterile
social
on
relations with
replace the
import from abroad; "political
afford to
Brazil
therein.
her
boundaries; creation of na¬
industries and manufactures to
articles
directed by
insisting that business maintain
of business while
based
economy,
civilization; respect for the rights
benefits of
tional
He has
points for years:
distribution of the comfort,
state, with a fairer
and
for the
of his speech.
making substantially the same
Brazil's
the
Nazi
She has believed that
part.
our
on
will enter the European war
A brief review
brutal repression of the
buted to the dictatorship, the
exclusive terms
we
i
v
"But it does not follow that the
and
Probably
sound.
thought on this subject is the
American
last
nor
thinking men are pondering on the
the world over,
15
Financial Chronicle
primarily to safeguard and work
independent destiny.
While she would
of his
widely believed
to have been unfair, a revolt oc¬
curred, and Dr. Vargas, the unsuccessful candidate,
accept a certain amount of cooperation from us, she
Governor of the
would
extreme
reject anything approaching an hegemony or
own
increasingly important state of the
south—Rio
Grande do Sul—was installed
16
The Commercial & Financial Chronicle
in office
as
the first
and,
Brazilian
The
dictator
by
a group
of Generals.
It
was
far, the only successful revolt of the
so
development of
broader basis for the economy of
a
agricultural
'
enterprise in addition to the principle crop—coffee—, by encouraging domestic production of stapies, which could be produced in Brazil, by aiding the creation of new and protecting all national
industries.
siderable
This program Dr.
endeavored to carry
out.
appointments
has
Dr.
and
con-
and vigor,
purpose,
He has made good cabinet
long retained
his
foreign
Aranha, who is said not always to
agreed with him.
cases
Vargas has, with
ability, tenacity of
minister
phical
areas:
I—Amazonian Brazil
Brazil, by stimulating other forms of
have
be divided into three general climatic and
topogra-
republic.
Vargas platform had included planks for the
His methods cannot, in many
be reconciled with Brazil's well-rooted
parlia-
July 6, 1940
^
possesses
great
(68% of the total)
potential
wealth
in
wild
which
rubber,
vegetable oils and timber. In some places this
region is adaptable for cattle raising and crops to
a restricted extent.
II—North
East
Brazil
(14%) has much semidesert scrub land, but also considerable forested
It
areas.
is
subject to devastating droughts at
irregular intervals.
In the more humid sections, or
where irrigated, the land lends itself to the culti-
vation of cocoa, cotton, sugar cane, tobacco, fibrous
Oil nuts and Carnauba palm-wax
plants and coffee.
collected in the forest.
are
III—Central and South Brazil (18% of the total
area) is the most fertile and productive region and
contains the bulk of the mineral wealth and about
mentary tradition.
Much of his social policy and
especially his economic aims have, however, wide
popular support. It is to be hoped for the good of
temperature is 68°, the average maximum 77° and
all concerned that any
the average minimum 61°.
conflict of views will be
promised, temporarily at least, and that the
try will face the next few difficult
united front.
com-
a
Most Brazilians have also
supported
the
spirited and evidently sincere efforts made by
the
Government
tivities
and
according to
bobbing
up
to
minimize
influence
our
of
the
alien
propaganda
reports,
newspaper
ac-
though,
groups,
these
keep
again and again.
In 1934 under
providing for
a more
miles of the coast.
mostly
after
amounted to
mans
few
years.
of four years.
In 1937 under his leadership
term
a new
1930.
Empire
some
country.
a
Between
the
1822
fell
4,800,000.
and
the
1936, but
immigrants
The most
numerous
Italians, Portuguese, Spaniards and Gerwith heavy accessions of Japanese in the last
the
elected for
estimated in 1938
the
in the
was
was
Its increase has been mainly due
to natural growth rather than to immigration. The
great bulk of the population lives within 250 or 300
centralized form of government with
greater powers
President, Dr. Vargas
The average mean
to be 44,115,825.
were
constitution
a
The population of Brazil
coun-
with
years
60% of the total population.
About half of the immigrants later left
The last
Consequently
taken
census
more recent
that
was
figures
are
of
merely
Constitution
estimates.
is
million people of Italian descent in
Brazil, and the
percentage of those with some Italian blood has even
was formulated and later
adopted. It
long and detailed, containing 187 articles.
The
supreme
authority is in the President. The tendency
to concentrate
power
accentuated.
National
The
in the Federal Government is
legislative
Council and the President.
The initiative in legis-
intiate bills, though
of one-third of the members may do
matters
in
Economic
principle" with the Government. No
member of Parliament
may
on
is shared by the
Parliament with the National
lation rests "in
group
power
relating to taxation
expenditures.
The
except
involving increase
or
section
so,
a
the
on
"Economic
Order" is full of
detailed provisions
relating to labor, economic production, the mineral wealth of
the
country, banks, land titles, liberal professions
and
immigration, including the outlines
system.
The provisions
"corporative
Italy.
powers in connection with
tutionality of
a
law
a
unconstitutional; but
act
decision
a
by
a
ma-
of the President
as
to the unconstion
the initia-
2/3 vote of both Chambers.
device not previously unknown to Latin Amer-
ica, Dr. Vargas, owing to
Constitution,
for
or
law may be overruled
tive of the President
a
put into effect
The Federal Courts may, by absolute
pority vote, declare
By
quota
organization of national economy"
show the influence of ideas Mussolini
in
a
relating to the National
Economic Council and its
the
of
a
term
was
of
a
"transitory" clause of the
automatically confirmed
six
years
when
that
in office
charter
was
adopted.
Brazil is the sixth
largest country of the world,
only by Russia, China, and Canada,
if contiguous area
only is considered. She extends
and is exceeded
3,286,170 square miles, and includes
47.8% of
territory of South America. The country may
over
the
There,
are
said to be about two
been figured as high as 35%.
industrial city of the south
three
or
Sao Paulo the great
central
region is the
largest "Italian"' city after Rome, Naples, Milan
and New York.
Those of German extraction
are
said to number
about 1,000,000, most of them of families
lived in Brazil for several generations,
mans
began to
go
there in the 1820s.
fluential, especially in business.
220,000 of Spanish descent.
there
who have
as
the Ger-
They
There
are
in-
about
are
It is estimated
that
anywhere from 100,000 to 300,000 Japanese
in Brazil. They are an important part of the popuare
lation of Sao Paulo.
The Japanese have shown
themselves to be skillful farmers, and have had not
a little to do with the development of cotton
plant-
ing in Brazil. The Germans, Pole, Lithuanians and
other Eastern Europeans, also, have done well in
agriculture.
Those of European
descent predominate in the
South-Central region.
Especially in the north-east,
Portuguese, Spanish, Dutch, French, Indian and
Negro
combinations,
or
sub-combinations, are
the
slowly fusing into what
seven
generations
a
may prove to
define
mestizo
be in six
type.
or
While
Brazil has had sectional difficulties due to dissimi-
larity of racial make-up, there is probably in that
country less racial prejudice than anywhere else in
the world.
There is, of
course
plenty of
space
for
immigrants. The central and southern regions alone
might, by proper methods, absorb all the immigrants
who would be likely to
come
for many years.
order, however, not to disturb the
economic
In
position
Volume
The Commercial A Financial Chronicle
151
t. Brazil has been a one Crop country until recently,
first sugar, then rubber, until the Kew Nurseries
unbalanced
limits the
quota of immigration from any one country in any
one year to not exceeding 2% of its nationals residing in Brazil during the previous 50 years. Also,
the agricultural "colonies" which have often tended
to be composed of homogeneous groups, now must
have at least 30% born in Brazil, and no one foreign
element may exceed 25%} In order to prevent too
great a drift to the cities, the law also requires 80%
of each immigrant quota to spent at least the first
working class and to prevent an
of her
Brazil's new constitution now
influx,
four years
1
near
1,848,758, is
About 26.4% of the
country's foreign trade—mostly imports—passes
through its port. However, Sao Paulo, with a popuiation of 1,268, 894 is the main industrial and comcapital and largest city.
the
mercial center of Brazil.
Its port, Santos, carries on
44% of Brazil's foreign
Paulo has
been,
on
occasion, out of patience with the
country, feeling that it pays a
rest of the
while only a
tional funds are spent
within its confines.
potentially the richest country in the
Brazil is
of
great variety of raw materials
world
as a source
of the
vegetable and mineral kingdoms.
tialities
a
Her poten-
of wealth of the former order
source
a
as
This is illustrated by the fact that about
great.
are
dispropor-
(about oneminimum (4%%) of the na-
part of the national expenses
tionate
third)
The State of Sao
trade.
one-quarter (50,000) of the
world'^ floral species are
Brazil's forests extend over 50% of
native there.
territory, and contain a great variety of growth,
said that in quan-
her
Professor Vavilov of Cornell has
Brazil is "in-
tity and quality the forest wealth of
superable".
This
includes not
only
a
abundance of raw materials
great variety of valuable timber,
which, however, is not usually found
groups
in woods or
of the same species, but also a great number
plants which can supply food, industrial,
of
cinal and
forage products.
of Brazil is still
is mainly agricultural, and 70%
working population is engaged in it and the
of her
It is realized that, while
related livestock business.
of their coffee, cocoa and cotton plantations
many
modern and efficient as any
as
are
medi-
Like much of the wealth
largely undeveloped.
Brazil's economy
elsewhere, the
agricultural methods long prevailing in Brazil have
riches
the
economical
neither
been
the soil.
of
nor
helpful in conserving
Hitherto, the tendency in
great part has been to exhaust the soil by
and
move
to
a new one.
Vast estates have
in
recent advices are that in
Sao Paulo at least this is
state of
true.
long dominated Brazil's agri-
and
structure
cultural
the
improvi-
methods, and then abandon the old plantation
dent
Carleton Beals in "America South"
no
longer
published
1937, wrote that 461 Brazilian estates average
148,000
than
and aggregated 68 million.
acres
larger than
the United Kingdom,
One
was
another larger
Portugal.
There have
not
been, because of poor and com-
parativelv scanty means of communication, sound,
hin-
varied links between the cities and their rural
terlands.
It
has been
pointed out that even the
great city of Sao Paulo has railway and highway
connections
city
one-fifth
States.
wrich
its
.
would
size
in
be
inadequate
Europe
or
in
London discovered that the Brazilian rubber
trees grew well among the abundant labor fields of
southern Asia. Then coffee took rubber's place and
is still the leading crop. The tendency has been to
rush into one crop when it was profitable and when
it proved a precarious means of sustenance to turn
helter-skelter to another. Recently Professor P. E.
in rural areas.
Janeiro, with a population of
Rio de
17
a
the United
James of Michigan University referring to the cultivation of the newer areas in the State of Sao
Paulo said: "In 1936, coffee was no more the ideal
growth—and was substituted by cotton: but now it
is no longer cotton—oranges are the last word,
Nowhere is any consistency or stability to be found;
only the race towards new forms of exploitation for
immediate profit."
Unwise Government aid led to overproduction of
coffee. The Government has had to burn huge
quantities in order not to disturb world prices too
much. Though now the . crops are usualy kept
within sight of the limits of the probable demand, a
last week's news item indicated that the 1940-1941
crop was estimated at 22 million bags, and that the
Government will withdraw 25% thereof from the
market, to prevent its disruption owing to the
shrinking exports to Europe.
In the last decade the Government has in a great
variety of ways sought to develop and stimulate a
many sided and more efficent agriculture economy,
Coffee is still the leading crop, and Brazil supplies
not only her own huge demand but also about 58%
of the world's, including over 90% of ours. In 1929
the cotton crop was unimportant. Last year's crop
amounted to 450,000 tons, of which 130,000 tons
were consumed domestically. Until cotton was developed, the second largest crop was corn, consumed
domestically. Sugar cane is the fourth in value
among Brazilian crops. Rice is now an important
product with about 2% million acres under cultivation.
Brazil now ranks third among world rice pro¬
ducers. After the Gold Coast Brazil is now the
world's greatest producer of cocoa. 98% is grown
in the State of Bahia. Brazil occupies the fifth
place on the list of countries growing tobacco. Citrus
fruit, bananas, manioc (from which a flour is made
required by law to be used in all bread), pineapples,
mate tea, beansvand a large variety of truck crops
are other important products of Brazil,
Brazil's great variety of soil and climate has
given her livestock a wide range of types. In the
south she has recently begun to breed stock of the
European breeds.
In the more northern regions
these would not thrive and experiments have been
made with East Indian cattle and crosses with native stock as more suitable to tropical climates.
Brazil possesses more cattle than Argentina. In
1937 it was estimated that Brazil had nearly 41
millian head in addition to 25,397,790 pigs, about
13% million sheep, 6 1/5 million horses, 6 million
goats and 3% million asses and mules. The importance of her livestock production is indicated by the
fact that hides and skins ranked third in 1937 among
her exports, and meats fifth, both together agrregating in value 23% million dollars,
Brazil has a varied and very important mineral
wealth largely unexploited. She has in great abun-
The Commercial & Financial Chronicle
18
dance the two minerals—iron and coal—which form
the
basis
mates
of
modern
heavy industry.
over
deposits of the world
ore
said to
rich.
be of very
are
exploitation
119,684 miles of highways of which 83% were
unimproved dirt roads.
Since then an important
highway linking Sao Paulo with the south has
in Brazil.
under construction.
on
They
are
superior quality and unusually
due here this week to obtain
cooperation for
integrated, large scale steel business.
a
water has
well
million from
There
important
about
are
of
means
com¬
27,500 miles of navi¬
gable river waterways most of them in the Amazon
and north-east
The New York
regions.
Like most Latin American countries Brazil
to obtain ten million dollars from the Federal Loan
seven
been the most
munication.
"limes" indicated last week that the group desired
Administration and
however, much
improving communications throughout
country, though it must not be forgotten that
the
negotiate their
mission of Brazilians is
a
been
There .remains
to be done in
large scale, apparently without
a
Now, however,
In 1936 there
were
one-fifth of the iron
German interests attempted to
result.
.
ports and part of their hinterland.
Recent esti¬
by Prof. F. S. Warner of the University of
Pennsylvania show that
July 6, 1940
a
private in¬
debtor
nation) has been largely dependent
export trade for her prosperity.
(being
on
her
More especially
terests in addition to thirteen million from Brazil.
has
The "Times" stated that the United States Steel Cor¬
profit in order to meet her debts.
poration
great a reliance on this one crop and its price flucuations, the Brazilians have, with considerable suc¬
of
the
has
offered
plant
and
to
supervise
furnish
construction
technical
advice
and
assistance.
Brazil
cess
has
tons and
estimated
coal
850,000 tons.
in
her
great
her
uses
industries.
coal
own
place Brazil
among
of that
the four
five largest world
or
important industrial metal.
valuable minerals
diamondsf gold,
Other
a
annual
promises
the economic
broad
a
unde¬
domestic
structure
on
and
avoid
foreign trade the Gov¬
encouraged and assisted in the growing
Sao Paulo is
milreis at 20 to 1).
The Brazilian in¬
dustries got their start when communications with
Europe
units
were
are
interrupted during the last
mostly small, though there
fee
to
in
relation
in
1939.
In the last
year
are a
war.
The
The
few large
total
do not
of
the
meat packing
plants
are
indus¬
of Brazilian
Their products, except meats and hides,
figure to any important extent in the export
The most
important industrial
group
of the
country is that producing textiles.
The total
miles
Only in
the
south
a
and
system.
recent available data.
center
is
there
anything
Elsewhere the railroads
Capital Flotations
The
The
trade
of
chief
the
1939, according to
imports
United
in
were
order:
States
more
$13,000,000 less than in
exports to Brazil
were
in
was:
at
$107,250,-
than in 1938, but over
193 7.
76.5% of
our
1939
manufactures,
finished
cially machinery and vehicles.
articles
Brazil
$80,329,000, the highest
1929; imports from Brazil valued
000, about $10,000,000
were
with
Government's figures
our
exports to Brazil valued at
since
espe¬
Semi-manufactured
were
18.7% of the total; crude materials
3%; crude foostuffs, 1.8%; and manufactured
stuffs, less than 1%.
coffee and
were
Crude
cocoa.
manufactured articles at
36%
72.9% of
crude food
raw
21.1%; manufactured food
our
2.4%.
1939 im¬
stuffs, principally
materials
stuffs at
of Brazil's exports and
in
are
between the
This
trade is
countries but
figured at
3% and semi¬
In 1939
we
furnished
Europe and the sub¬
sequent collapse of the Allied defenses, remained dormant
throughout June, except for the offering of $38,000,000
Jersey
Central Power & Light Co.
3h£s on June 24, by a nation¬
wide group of investment
houses, and a few minor issues,
no one of which was for as
much as $500,000.
The public
market's loss, however, has been, so to
speak the private
market's gain, for no less than
$71,393,808, of private issues
were placed in June and
$80,900,000 in May.
Earlier in the
year private placements had seemed td be on the decline
but the volume in the past two months has been
almost equal
important tie between
must not
bought
her
with
terested in many
our
two
forget that it is of vital
trade should be wride and also that
the United States
The corporate capital issues
market, which entered into
a state of
repose in mid-May, after the extension of
European
hostilities to the Low Countries of
an
we
importance to Brazil that the basis
and for the Six Months of the
second with
was
33.37% of her imports.
mainly isolated lines of communication
The
cotton
briquettes, coal and coke; gasoline; steel and iron;
diverse combustibles, and skins.
railway mileage of Brazil is about 21,000
according to the most
approaching
exports has
imponts in 1939 aggregated in value
$249,181,600.
ports from Brazil
trade,
Brazilian
20.6% followed by hides and skins, cocoa, meats,
oranges, Carnauba wax, wood, tobacco and castor
food
ownership.
the total
dropped quite steadily from 71.54% in 1928 to 39.8%
plants, with modern equipment in the textile, shoe,
About half
a
too
so much by reduc¬
ing the quantity of coffee sent out of the country as
by increasing other exports the percentages of cof¬
cement, metal working, and
tries.
avoid
Accordingly, not
too
production valued at about 1142,300,000
a
To
endeavored to develop
years,
other exports.
Al¬
the'greatest industrial center of South America with
(figuring
crop—coffee—at
The 1939 exports
aggre¬
development of domestic industries.
an
during the last ten
chief
(rate 20 to 1).
relative reliance
ernment has
her
gated in value $280,775,950
water power
widen
sell
oil seeds etc. in that order.
basis for the future industries of Brazil.
To
to
lead, nickel, pyrites, radio-active
minerals, bituminous schists and probably oil.
great
had
existing in Brazil include baux¬
together this mineral wealth, and the still
veloped
ex¬
The Brazilian
deposits estimated at 250,000,000 tons
manganese
ite,
billion
5
The quality is not of the highest but
equals that of Japan, who
sources
of
reserves
production which in 1938 amounted to
a
clusively
she
of
we
her
are
export
not in¬
of her exports.
During the Month of June
Calendar
Year
1940
to that of the first four
months.
Chief among last month's
private placements was the $46,000,000 issue of
Carolina
Power & Light Co.'s 1st 3^s.
The May totals have been
revised upward by the
coming to light this month of the
private sale of $60,000,000 notes and debentures of
General
Motors Acceptance Corn.
These issues fall
entirely into
the new capital classification and
the revised
are
therefore
lished.^
May figures
radically different from those originally pub¬
The amount of all corporate issues
either
or
the
whole
privately
smallest
amount
or
disposed of last month,
publicly, aggregated only $111,615,808
since last September.
Nearly the
for refunding
outstanding issues, only
total
was
financing in June
most previous
compared with
$50,067,352 in May and $75,745,615 in April.
Of the June
total $70,271,505 represented new indebtedness, the largest
capital market, taking $97,805,000 of the total, all
$3,785,000 of which went to refund old issues.
Most of
managed to reach as great an aggergate as
months in 1940. The June total of $83,721,505
but
the
classification of any month this year.
present a tabulation of figures since January,
1938, showing the different monthly amounts of corporate
financing as revised to date.
Further revisions of the 1939,
as well as the
1940 figures, will undoubtedly be necessary
from time to time, particularly as additional private financ¬
amount in this
$7,000,000 was taken by the railroads.
Financing through stock issues played only a
balance,
Below
minor role
in June; $1,818,808 was the total amount placed, nearly all
of which was common stock.
Air manufacturing and trans¬
port companies took all but $65,000 of the proceeds of the
month's stock financing.
Five different companies shared
v
,
SUMMARY OF
Refunding
Capital
January
February.
March
%
$
$
Total
New Capital
$
t
172,864,550
S
210,841,581
103,799,050
256.245,640
134:326,541
56,879,191
$
50,505,996
103,076,500
16,312,332
159,948,072
105,567,851
10,386,300
136,115,000
—48,688,660
5,926,032
23,833,072
Total
Refunding
$
S
:
•
Refunding
Capital
137,459,832
35,404,718
45^404,059
30,527,491
*1938
*1939
New
places.
light in annual reports and other
MONTHS. 1940, 1939 AND 1938
CORPORATE FIGURES BY
1940
New
we
ing is brought to
.
Total
result, municipal
Unlike the corporate
$9,339,328 being for new capital purposes, the smallest
amount in this classification since January, 1939.
Public utilities were the principal participants in June's
the total.
19
Commercial & Financial Chronicle
The
151
Volume
46.364,596
4,141.400
40,851,910
62,224,590
23,995,213
58,643,000
82,638,213
125,008,990
236,220,709
11,683,361
66,750.000
>■
563,436,731
195,189,960
281,828,255
452,100,463
86,638,295
111,211,719
53,925,210
89,287,130
9,339,328
192,353,442
82,660,300
102,276,480
246,278,652
78,200,042
21,740,443
31,241,064
181,769,350
161,502,000
251,798,424
259,969,392
183,242,443
283,039,488
37.574,800
25,691.650
202,315,995
98,791,000
78,433.361
63,266.450
301,106,995
191,232,650
442.806,806
131,181,549
251,574,156
529,841,890
726,251,323
377,290,222
595,069,774
152,551,668
790,259,734
1,008,079,578
362,785.875
316,241,640
679,027,515
1,093,278.621
217,819,844
180,669,959
317,462,641
79,195,000
230,373,325
343,357,485
95,214,150
130.275.506
55.545.325
128,263,570
211,140,930
339,404,500
84,937,241
65,135,600
150,072,841
577,327,600
668,944,960
343,476,317
331,821,855
675,298,172
648,063,495
1,354,325,687
274.237,144
338,158,754
151.222,673
296,787,575
111,336,268
First quarter..
April
"May
June
Second quarter
111,615.808
829,390,685
263.887,936
months
Six
171.947,430
49,703,366
25,894,844
16,019,150
July
August
....
—
-
......
September
91,617,360
Third quarter
185.820,831
309.437.204
1.367.587.334
1.677.024.538
706,262,192
20,297,396
21,640,375
30,528,057
157,474,063
90,834,833
195,817,158
177,771,459
112,475,208
226,345,215
63,921,610
43,520.873
59,644.275
444,126,054
516,591,882
167.086.758
619,082.244
786,169,002
72,465,828
2,193,616,420
873,348,950
1,267,145,739
2,140,494,689
Nine months
October.
November
December
107,701.800
237,143,300
Fourth quarter
1,811,713,388
381,903,032
Twelve months
•
-'-.J
Revised.
addition to the revisions
NOTE—In
:J;v/:%;■
of the "Chronicle," the following changes have been
already noted in previous issues
Classification "
Month
Name,
Add
Jan.,
1940
Miscellaneous
Mar.,
1940
Public Utility
550,000
Mar., 1940
Public Utility
3,800,000
May,
1940
Miscellaneous
Add
May,
1940
Miscellaneous
*50,000,000
*10,000,000
Deduct
May,
1940
Land, Buildings, &c.
Add
Mar.,
1939
Add
April, 1939
Add
June,
A llocation of Proceeds
f $1,000,000 new capital
of Issue—
1 4,000,000 refunding
*$5,000,000
Deduct
made:
AND NOTES
LONG-TERM BONDS
Amount
Correction
a
Add
Refunding
35,000
Service Co. 1st 4 Ms, series
Electric & Telephone Co. 1st mtge.
Ohio Telephone
Central
1939
Public Utility
*1,000,000
Correction b July,
1939
Public Utility
July,
1939
Land, Buildings, &c.
Add
July,
1939
Public Utility
Add
Sept., 1939
Public Utility
Add
Oct.,
1939
Land, Buildings, &c.
190,000
Add
Nov.,
1939
Land, Buildings, &c.
20,000
Nov.,
1939
Land, Buildings, &c.
15,000
St.
Add
Nov,., 1939
Land, Buildings, &c.
30,000
St.
Add
Add
Nov.,
1939
Public Utility
*210,000
Add
Dec.,
1939
Public Utility
*1,150,000
Add
Dec.,
1939
Public Utility
*150,000
Dec.,
Land, Buildings, &c.
230,000
St. Adalbert's
Add
1939
Dec.,
1939
Land, Buildings, <fcc.
188,000
Sisters of St.
Add
Refunding
New capital
30.
120,000 Refunding
140,000 new
110,000
50,000
*300,000
99,000
Water Co. 1st 3Ms, 1959...
Wisconsin Electric Co. 1st 5s, series
St. Louis County
—
Northwestern
A, 1954—
Benedict of Crookston,
Waterworks Co. 1st 4s,
Sisters of St.
Winchester
(71,000 refunding
139,000 new capita
New capital
Minn., 1st 3-4% bonds.
1964
(242,800 refunding
Co. 1st 3Ms, 1940-49
Augustine Parish, Kalamazoo, Mich., 1st ref.
Redlands Water & Power
St.
1939
...
2M-4% bonds, 1940-51
Works 1st mtge. 3%s, series A, 1961.
Telephone Co. 4Ms, series A, 1962
San Jose Water
Ohio Central
Refunding
New capital
(22,500 refunding
1 7,500 new capital
Refunding
•
Dominic of Kenosha
Name of
Central Illinois
County, Wis., 1st ref.
capital
(198,000 refunding
New
1966
bonds, 1940-54
Corp. 1st collateral trust bonds,
Parish, Grand Rapids, Mich., 1st ref. 3-4%
Pennsylvania State Water
*$2,000,000
1 32,000 new
3-4% bonds, 1941-52..
AND NOTES
Other Indus. & Mfg.
3-year 3%% notes
A llocation of
America, Inc., 20,000 shares of common stock (par
Radio-Keith-Orpheum Corp. 500,000 shares common stock (par $1)
Bridgeport Hydraulic Co. 25,000 shares of common stock (par $20)
Ryan Aeronautical Co. 75,000 shares of capital stock (par $1)
Thompson Automatic Arms Corp. 250,000 shares capital stock (par
1,500,000
Jan.,
Add
Jan.,
1940
Other Indus. <fc Mfg.
Add
Jan.,
1940
Public Utility
650,000
Add
Feb.,
1939
Other Indus. &
262,500
Deduct
July,
1939
Add
Oct.,
1939
Mfg.
Other Indus. & Mfg.
Other Indus. & Mfg.
Add
Oct.,
1939
Miscellaneous
1,967,875
Add
Dec.,
1939
Miscellaneous
Add
Aug.,
1938
Miscellaneous
3,375,000
1,250,000
539,000
100,000
Micromatic Hone Corp.
20,000 shares 7% cum.
a Originally full amount was included in "refunding":
($43,880 new and $81,120 refunding); now reduced to $110,000
placed privately,
carried as $125J)00
Large
Half
Below
During the
Domestic Corporate Issues
we
list
the
Year
placed
principal issues of securities
during the first half of
1940, giving at the same
parentheses) the purpose of the
time (in
issue:
JANUARY
$20,400,000 Chicago Rock
$1)
privately (refunding).
Gas & Electric Co. 3M%
debentures,
15,000,000
now broken
10,962,000
$16,000,000 Southwest Gas & Electric
priced at 103 (refunding).
equipment trust
capital
capital
capital
New capital
"refunding" as listed above.
Co. 1st 3Ms, series A,
1970'
serial de¬
40,000,000 Bethlehem Steel
100 (refunding).
Corp. consol. mtge. 3Ms,
1965, priced at
30,000,000 Bethlehem Steel
98 (refunding).
Corp. consol." mtge. 3s,
1960, priced at
Co. 3% debentures, 1950, priced
20,000,000 Commercial Investment Trust Corp.
placed privately (finance
operations).
at 100 (refunding).
2% notes, 1947,
MARCH
priced at 103M (refunding).
Co. 20-year
1969, priced at 105M
Power Co. 1st mtge. 3 Ms,
Pennsylvania Water & Power Co.
priced at 105 (refunding).
ref. mtge. coll. trust
11,000,000 Libby, McNeill & Libby 1st
(refunding $9,197,930).
-
mtge. 4s, 1955,
$16,000,000 Chicago Union
funding)
FEBRUARY
$25,000,000 Dayton Power
& Light Co. 1st 3s,
(refunding $19,720,000).
-
1970, priced at 104
Utilities Co. Ist4s, 1970, priced at 102 (refunding).
Kentucky Utilities Co. 4M% sinking fund bonds, 1970,
20,000,000 Kentucky
priced at 101M
(refunding).
Station Co. 1st 3Ms,
13,750,000
series F, 1963 (re¬
.
19,000,000 Elgin Joliet & Eastern Ry.
at 101M ($1,300,000 at 99M)
1st 3Ms, series
(refunding). .
A, 1970, priced
Colgate-Palmolive-Peet Co. (125,000 shares $4.-25
stock, no par) priced at 101 per share (refunding).
priced at 100
Gas & Electric Co. (355,623 shares)
cum.
stock, par $100, priced at 105 per share (refunding).
35,562,300 American
New
35,000,000 Bethlehem Steel Corp. 10-year (M%~2.60%)
bentures, 1941-50, priced at 100 (refunding).
v
3Ms, 1970,
6,000,000
down into
and 3M% sinking fund
Consolidated Telegraph & Electrical Subway
placed privately (repay loans).
pref.
capital" and
New
as shown above.
3M% debentures,
.18,594,000 Consumers
(refunding).
New
preferred stock (par $5)
10,000,000 Skelly Oil
Island & Pacific Ry. 2M%
certificates, placed
22,000,000 American
New
Pipe Line Co.
'new
Proceeds
capital
capital
New capital
New capital
New capital
New
$1)
78,715 shares of common stock (no par)
American Business Credit Corp. 500,000 shares class A common stock (par $1).
American Business Credit Corp. 200,000 shares class A common stock (par $1)
Panhandle Eastern
Proceeds
Refunding
Electric & Gas Co.
Pressed Metals of
$200,000
capital
Refunding
A llocation of
Issue—
Name of Issue—
A mount
Classification
1940
29,500 new capital
1
1940-51-'.
1940-51
Conception Parish of Nlles, Mich., 2M-4% bonds,
Mary of the Lake Parish, New Buffalo, Mich., lstref. 2M-4% bonds,
Stanislaus Parish, Jackson, Mich., 2M-4% bonds, 1940-51-.
Immaculate
Amount
Add
Indicates issues
capital
(160,500 refunding
stocks
*
58,000 new
1
New capital
Classification
Public Utility
Month
b Originally
capital
New capital
SHORT-TERM BONDS
Mar.,
New capital
Refunding
Month
Add
New capital
2% notes due 1949
Corp. 1%% serial debentures, 1941-50
Mt. Tabor Presbyterian Church of Portland 4M-5% bonds, 1941-50_General American Transportation Corp. 2%% equip, trust certifs., series
Lutheran Hospital of Sioux City 1st mtge .4s, 1939-49
Equip. Manufacturers
Land, Buildings, &c.
Add
J 1,407,250 new capital
1 2,392,750 refunding
General Motors Acceptance
*3,900,000
60,000
Acceptance Corp.
General Motors
A, 1959
.
& coll. lien 4 Ms, 1965
preferred
APRIL
$81,602,000 Union
Pacific RR. ref. mtge.
(refunding).
16,000,000 Kansas Gas & Electric
at 105 (refunding).
36,000,000 Inland Steel Co,'
102 (refunding).
10,000,000 Superior
1st mtge. 3s,
Oil Co. (Calif.) 3M%
100 (corporate
purposes).
3Ms, 1980, priced at
Co. 1st 3Ms, 1970,
102
sold privately
series F, 1961, priced at
debentures, 1950, priced at
20
The Commercial & Financial Chronicle
MAY
$10,400,000 N«w York Central RR. 2% equipment trust certificates
1941-50, placed privately (purchase of equipment).
75,000,000 United States Steel Corp. serial debentures
(coupons ranging
from 0.375 to
2.65%), 1940-55, priced at 100 (refunding).
50,000,000 General Motors Acceptance
Corp. 2% notes, 1949, placed
privately (new capital).
DOMESTIC CORPORATE IS8UE8—JAN.
Bonds and Notes
1940
1938
JUNE
38,000,000 Jersey Central Power &
Light Co. 1st mtge. 314b, 1965»
priced at 10214 (refunding).
-
1937
1936
1934
Farm
Loan
and
—
1935
1933
1932
Government Agency Issues
DOMESTIC
and
Joint
Stock
and the
560,325.
full
Land Bank issues
when the
year,
and
aggregated
total
reached
$2,461,-
,
year's unprecedented total was attributable to the
public financing operations carried out by the
huge New
Deal agencies, all of which were
totally absent from the
capital market in the first six months of 1940.
A large portion of last
year's Government agency issues
went to retire securities of the
States
agencies held by the United
None of this kind of financing has been
Treasury.
in
the
current
year,
sideration from time to time
of
the
national
securities.
Issues
although it
as
a
means
was
under
con¬
of
paying for part
deficit, not requiring issuance of Treasury
Not
owners of
large blocks
outstanding for some time,
desiring to liquidate all or part of their holdings, prefer to
do so by making a
public offering of the securities involved.
Of course, the transaction is no
different, in effect, from the
sale of such securities on one of the
exchanges or in the
over-the-counter market, and the
company whose securities
involved receives no part of the
proceeds of the sale.
Such offerings as these
have, of course, no place in our
compilation of new issues, but we have tabulated them
separately for whatever interest they may have on their
are
account, and present the results in the table below:
ISSUES
NOT
REPRESENTING
945,079,578
CORPORATE
569,484,800
200,460,385
217,443,478
249,823.295
ISSUES—JAN.
Preferred Stocks
678,965,015
1,789,410.620
2,545,747,098
NEW
ana
Notes
Common Stocks
1
TO
JUNE
30
1940
$922 ,890,300
865 ,760,500
92,089,240
1938
643 ,868,695
29,962,725
314,457,663
1937
1,239 ,141,500
1936
5124,221.590
2,351 ,350,900
1935
—172 ,655,100
197 ,305,200
6,775,275
Private
Sales
of Securities
$1,092,278,621
1,008,079,578
679,027.515
1,789,410,620
2,583,747.098
6,079,000
2,908,800
4,325,000
238, ,853,800
1932
$45,166,731
50,229,838
5,196,095
235,811,457
83,830,672
148,565,526
26,496,800
536 ,909,000
1934—
1933
Total
569,484,800
—26,096,48A
17,413,278
201,660,385
219,043,478
4,194,220
in
the
249,823,295
Half
Year
Private
placements of corporate issues in the first six
1940 have aggregated $314,713,904, the
largest
amount placed in that
period of any year since we started
compiling them in 1937, when these issues started to appear
in substantial volume.
Although they have exceeded the
earlier periods on a volume basis this
year, they have not
been as great in terms of
percentage of the total.
On this
latter basis they were
28.8% of all corporate issues placed in
the first half of the current
year, in comparison with 30.6%
in the same period of 1939 and
33.8% in 1938.
Following is a list of all the private issues which we have
recorded in the first six months of
1940, together with a
summary of the figures for the past several years:
•
months of
#
Representing New Financin"
It happens from time to time that
of securities which have been
own
Total
$1,093,278,621
5,133,595
235,811,457
83,830.672
6,079,000
26,096,485
17,413,278
4,194,220
2,908,800
4,325,000
6,775,275
1939
Last
effected
$45,166,731
50,229,838
148,565,526
26,496,800
FOREIGN
Bonds
only $157,007,000, compared with $1,550,498,325 in the
same period of
1939, $462,035,000 in 1938, and $163,314,000
in 1937.
Last year's
financing by organizations in this
category was by far the largest on record both for the half
year
Common Stocks
314,457,663
pro¬
financing in the first
entirely of Federal Intermediate Credit
Bank
AND
large
TO JUNE 30
$124,221,590
92,089,240
29,962,725
802,760,500
643.868,695
1,239,141,500
2,313,350,900
536,909,000
171,455,100
195,705,200
238,853,800
$46,000,000 Carolina Power & Light Co. 1st
3%b, 1965, priced at 103H.
placed privately (refunding).
1
Preferred Stocks
$922,890,300
1939
10,000,000 General Motors Acceptance
Corp. 1%% serial debentures.
1941-50, placed privately (new capital).
Farn loan and Government
agency
half of 1939 consisted
July 6, 1940
that this situation will
change materially while a
portion of the world remains in armed conflict.
Algers Winslow & Western Ry. 6-year
4H% serial debs., 1941-45, $125,000
(Jan.).
■
American Export Lines,
Inc., 10,000 shs. 5% cum. pref. stock (par $100)
$1,000,000 (March).
American Toll Bridge Co. 1st
mtge. 3^s, 1945, $2,400,000 (Jan.).
Bernards Water Co. 1st mtge. series A
3%&, 1965, $250,000 (April).
Carolina Power & Light Co. 1st
mtge. 3% % bonds, series due 1965, $46,
000,000 (June).
Central Electric & Telephone Co.
1st
$3,800,000 (March).
mtge. & coU. lien
Central Hudson Gas & Electric
Corp. 3%
(June).
s.
f. 4Ms, 1965,
mtge. bonds, 1970, $2,200,000
Chicago Milwaukee St. Paul & Pacific RR. li^% trustees' certificates of
indebtedness, quarterly, Jan. 1, 1941-April 1, 1944, $5,000,000 (June).
FINANCING
Central Illinois Light Co. 1st & consol.
mtge. bonds, 3H % series due 1963,
1940
January
February
1939
$14,726,274
$9,919,270
5,953,125
12,855,884
28,876,706
279,655
251,500
1,702,750
2,525,696
5,721,524
3,162,305
March
April
May
June
Total
1938
12,199,818
1937
$611,334
22,096", 368
4,318,088
1,025.000
3,965,000
$9,376,300 (March).
1936
$8,008,000 $12,746,795
4,641,113
534,375
12,451,695 12,008,694
12,459,292 17,040,437
4.287,175 11,736,424
7,085,183
4,946,566
$62,943,144 $35,231,363 $32,015,790
$48,932,458 $49,013,291
Results for
the Half
an
aggregate
of
new
issues had
of the current
year
$1,093,278,621,
compared
with
been in registration for
of
more
than the
re¬
quired 20-day waiting period, but remained
unoffered when
June ended.
Of the aggregate,
$263,887,936 was for new capital which
exceeded the $217,819,844
placed in the opening half of
last year, but was
substantially less than the $362,785,875
sold in 1938.
In
the
six-months period
$314,713,904 of corporate
financing was carried out privately, that is, without
public
offering.
This type of financing, which is a
by-product
of New Deal securities
legislation, has reached really sub¬
stantial
proportions in recent years,
amounting to nearly
third of all placements in 1938
and 1939.
For the
a
four months of 1940 it
seemed
declining in favor
first
as
though private deals
were
of public sales, for in that
period only about
total was carried out
20% of the
privately,
In the past
two months,
however, with public offerings difficult, because
of market conditions and
the 20-day
waiting period required
between registration and
offering, private sales have come
prominently into favor with the result that in the six
months
28.6% of the corporate flotations volume has
been carried
out privately.
Public utilities retained their
lead of previous years over
the other industrial
classifications, into which our fiugres
are
dividend, during the first six
months, but the margin
was cut down
considerably by the iron and steel, railroads,
and
miscellaneous classifications.
Railroad issues were
almost triple and iron and steel
more than double the
volume
last
of
.
year.
months
was
recorded in the
Dewey & Almy Chemical Co. 16,000 shs.
common
considerably reduced
same
from the
$726,898,600
period of 1939, but exceeded the 1938
figure of $508,632,992.
Foreign issues, corporate and
municipal, which have been
falling off in recent years, were
entirely absent from the
capital market in the first half of 1940.
It is hardly
probable
%
stock (no
par), $424,000
(March).
Erie RR. 2\4% trustees,
equip, tr. ctfs., 1940-49, $3,000,000 (March).
General Motors Acceptance
Corp. 1% % serial debs., 1941-50, $10,000,000
(May).
General Motors Acceptance
Corp. 2% notes, 1949, $50,000,000 (May).
(H. L.) Green & Co., Inc., 15-year 4% s. f.
debs., 1955, $5,000,000 (Jan.).
Indiana Associated Telephone
Corp. 2,660 shs. $5 cum. pref. stock (no
par), $276,640 (Feb.).
Indianapolis Power
$250,000 (April).
&
Light Co. 2,500 shs. 6%
cum.
pref. stock (par $100),
International Agricultural Corp.
2^-4 M % serial debs., 1942-56, $4,500,000
(March).
Interstate Telephone Co. 1st mtge. series A
3%% bonds, 1970, $2,000,000
(Feb.).
Kansas Gas <fc Electric Co. 1st
mtge. bonds, 3%% series due 1970, $16,-
000,000 (April).
Kresge Foundation
(March).
\i~2H%
Liberty
Aircraft Products
$338,808 (June).
serial coll trust notes,
Corp.
56,468
shs.
1940-45, $3,000,000
common
stock
(par
$1)
(R. H.) Macy & Co., Inc., and L. Bamberger & Co.
2\i% joint and several
promissory notes, 1943-50, $5,000,000 (Feb.).
Massachusetts State College Building Association serial
2)4-2%% bonds,
$450,000 (Feb.).
Michigan Consolidated
$2,000,000 (March).
Gas
Co.
1st
mtge
bonds, 4%
series due
1963,
Mountain States Power Co ,»lst
mtge 4 X % bonds, 1965, $7,500,000 (March)
New Bedford Gas & Edison
Light Co. unsecured notes, second series 3%,
due 1955, $500,000
(Feb.).
New Haven Water Co.
35-year gen. & ref. mtge., series B 3Kb,
(June).
$1,800,000
New Jersey Water Co. 1st
mtge. series A 4s, 1965, $1,550,000 (April).
New Mexico Gas Co. 1st
mtge. series B 15-year 5% s. f. bonds,
1954,
$250,000 (Jan.).
New York Central
RR.2% equip, trust ctfs., 1941-50 $10,400,000 (May).
New York Central
RR.2H% equip, trust certfs. 1940-49, $9,000,000 (May).
North Western Refrigerator Line Co.
2)4% equipment trust certificates
series
L, 1941-50, $700,000 (April).
Northern Indiana Power Co. 1st
mtge. bonds, series A4J(%, 1965, $9,500,000 (March).
Ohio
Telephone Service Co. 1st mtge. 4 H % bonds, series
A, 1959, $550,000
(Jan.).
(June).
in the first
notes, 1947, $20,000,000
Dresser Power Co. 1st mtge.
4% bonds, series A, 1958, $4,800,000
(March),
Elgin Joliet & Eastern Ry. 1st mtge.
3H% bonds, series A, 1970, $1,300,000
Pennsylvania State Water Corp. 4% 1st coll.
Municipal financing aggregating $549,787,908
six
Commercial Investment Trust
Corp. 7-year 2%
(Feb.).
Consolidated Telegraph & Electrical
Subway Co. 20-year 3M debs., 1960$15,000,000 (Jan.).
(Feb.).
$1,008,079,578 in the corresponding period of 1939
and
$679,027,515 in 1938.
The half-year's
aggregate might have
been at least
$150,000,000 greater, had it not been for the
changed state of the securities markets
following the German
military advances in May, for more than that amount
trust certificates due
Commercial Investment Trust
Corp. 3-year 1% notes, 1943, $10,000,000
(Feb.).
Year
Corporation finacing in the first half
reached
Chicago Rock Island & Pacific Ry. 2 H % equipment
semi-annually 1940-47, $20,400,000 (Jan.).
trust
bonds, 1965, $7,600,000
Philadelphia Transportation Co. 1-214% equip, trust
certificates, 1942-45,
$910,000 (June).
<
.
San
Diego County Water Co. 1st M. 3 % % bonds,
I960, $1,000,000 (Feb.).
Southern
California
Water
$3,500,000 (March).
Co.
1st
mtge.
bonds, series A3 H%, 1970,
(A. E.)
Staley Mfg. Co. debentures, 1941-55, $2,500,000
(June).
(April).
Corp. 1st mtge. bonds, series A 3%%,
1964,
$1,950,000 (Jan.).
Standard Oil Co. of Kansas
3X % 10-year debs. 1950, $1,800,000
Terre Haute Water Works
The Commercial
151
Volume
Transcontinental & Western Air, Inc.,
$1,668,156 (March).
Virginia Public Service Generating
1959, $1,400,000 (Jan.).
West Coast Power
119,154 shs. common stock (par
$5),
Co. 1st mtge. 4KVo
fund bonds,
$1,000,000
bonds, series A, 1965,
Amount
Date
Water Service Co. 1st mtge. 4s,
(L. A.) Young Spring
(June).
& Wire Corp. 3H% notes, due
10 years
a47,236,273
days
10 June 15
3H years
91
June 21 June 26
^ June
31
Last 6
First 6 Months
Total Year
Months
1
z
par
$314,713,904
Volume
*
28.8
volume
65
69
$308,680,000
30.6
35.2
51
76
$450,683,000
33.8
35.3
and 99.999; average
y
Percent of total volume..._
64
53
$456 ,302,094
23.3
18.7
New
Total Amount
Type of
Security
Dated
Treasury Financing,
June and the
Refunding
Accepted
the
cash
1 lA% notes which
"$279,334,900 accepted the proposed exchange and
balance of $73,658,540 was paid in cash. Also paid in
unexchanged $20,000,000
matured last month.
An exchange offer was made for
issue last March and accepted by the greater part of
amount then outstanding.
the
this
the
24
31
Jan. 1-31
quarterly date went by without the Treasury seeking
in the public market, beyond the sales of baby
bonds.
In addition, its cash balances were reduced by
money
91-day Treas. bills
bills
bills
91 day Treas. bills
U. S. Savings bonds
unexchanged
91 day Treas.
91 day Treas.
Feb. 28
1
Feb.
February to tal.
91 day Treas.
6
bills
Mar. 13
H % Treasury notes
91 day Treas. bills
Dec. 22
2H%
Mar. 15
Treas. bonds
Mar. 20
91
day Treas. bills
Mar. 27
91
day Treas. bills
U. S. Savings
1
Mar.
bonds
100 044,000
503.724.000
100,420,000
100,444,000
100,836,000
100,454,000
144,664,590
100,420,000
100,444,000
402,154,000
100,667,000
718,098,200
100,714,000
26,994,000
100,469,000
100,640,000
105,992,246
100,677,000
718,098.200
1,253,574,445
7
14
Feb. 21
100,044,000
273,043,690
1,120,588,200
100,525,000
100,685,000
100,525,000
100,685,000
100,246,000
100,043,000
101,257,000
100,240,000
100,253,000
273,043,690
month were, as usual, in about the amounts
maturities. The rates went to a new 1940 high of
0.118% for the issue dated June 12 but then receded, and
the issue dated June 26, yielded only 0.046%.
During the first half of 1940 the Treasury's financing
operations have not exceeded minimum requirements with
the exception of baby bond sales which were in the greatest
volume for the half year period to date.
Bill sales have
been carried out weekly, but only in amount of maturities
and the only other public offers were in the form of exchange
Bill sales last
of weekly
proposals in March and June. Baby bond sales in the period
have aggregated $756,708,243 but would probably have been
greater except for a Treasury ruling effective April 1, re¬
stricting the sale of these securities to individuals. The first
month that the rule was in operation sales of these bonds rose
to $121,503,951 from $105,992,245 in March, evidently be¬
cause of a suspicion that sales might be further curbed later
on.
However, in May sales dropped to $64,267,494 and in
June, to $47,236,273.
Special series of certificates and notes (those issued to
various government funds and agencies) were issued during
the half year in a net amount of $480,951,000, a reduction
from the corresponding period of 1939 when $613,844,000 was
placed in this manner. Old age and unemployment insurance
are the principal funds taking these special series securities.
In the tabulations which follow we outline the Treasury's
financing activities in the current year:
UNITED 8TATES TREASURY FINANCING DURING THE
FIRST SIX
MONTHS
OF
total-
March
Apr.
3
91-day Treas. bills
Apr.
10
91-day Treas. bills
91-day Treas. bills
Apr. 24
100,454.000
144,664.590
26,994.000
100",469,656
100,640,000
105,992" 245
121,503,951
bills
1
8
100,051,000
100,011,000
100,028,000
100,105,000
100,202,000
64,267,494
500,397,000
100,008,000
100,004,000
100,117,000
279,334,900
100,169,000
100,008,000
100,004,000
91-day Treas. bills
91-day Treas.
May 15
May 29.
1-31
May
bills
91-day Treas. bills
May 22
91-day Treas. bills
U. S. Savings bonds
May total.
91-day Treas. bills
June
5.
June
12.
91-day Treas.
June
19.
91-day Treas. bills
June 15.
1% Treas. notes
91-day Treas. bills
U. S. Savings bonds
June 26.
1- 31..
June
bills
64,267,494
100,117,000
a47,236,273
726,869,173
679,632,900
47,236,273
4,391,697,343
3,607,995,100
783,702,243
6 mos.
•
INTERGOVERNMENT FINANCING
Issued
January—
Retired
$
1940
Offered
26,500,000
x2,344,000
50,300,000
26,144,000
24,156,000
103,000,000
1,000,000
1,825,000
102,000,000
xl,825,000
103,000,000
2,825,000
100,175,000
7,000,000
141,000,000
25,000,000
7,924,000
xl8,000,000
133,076,000
148,000.000
32,924,000
115,076,000
38,000,000
15,000,000
20,500,000
6,921,000
17,500,000
8,079,000
53,000,000
27,421,000
25,579,000
81.000,000
500,000
2,218,000
80,500,000
7,782,000
2,718,000
88.282,000
163,200,000
23,000,000
12,517,000
*23,000,000
150,683,000
163.200,000
35,517,000
127,683,000
Notes
January total
Accepted
Dec.
91
days
5 Jan.
12 Jan.
10
91
days
91
days
19 Jan. 24
26 Jan. 31
91
days
91
days
191,020,000
10 years
273,043,690
Jan.
Jan 1-31 Jan.
Janua ry
1
91
days
Feb.
7 Feb. 14
16 Feb. 21
22 Feb. 28
1
Feb 1-29 Feb.
91
days
Feb.
91
days
Feb.
91
days
2 Feb.
6
1 Mar.
Mar.
6 Mar. 15
Mar.
8 Mar. 13
Mar. 15 Dec. 22
Mar. 15 Mar. 20
Mar. 22 Mar. 27
Mar. 31 Mar.
March
1
Nil
March—
Nil
Certificates
z
99.999
7
Notes
♦0.004%
♦2.90%
75
10 years
March total
April—
Certificates
z
*
100,420,000
100.444.000
999.999
100,836,000
99.998
100,454.000
144.664,590
270.753,000
223,822,000
200,702,000
215,771,000
144.664,590
99.999
♦0.005%
♦0.006%
♦0.005%
♦2.90%
75
April total
May—
5
91
days
years
days
14 years
91
days
91
days
10 years
100,667,000
718,098,200
100,714,000
26,994,000
309,711,000
718,098,200
337,056,000
26.994,000
322,991,000
289,388,000
105,992,245
100,469,000
100,640,000
105,992,245
Nil
100
May
y
Nil
y
NU
2K%
100
June—
Certificates
Notes
Nil
y
♦2.90%
75
June total
*
Apr.
3
5 Apr. 10
91
days
Apr.
12 Apr. 17
19 Apr. 24
1
Apr 1-30 Apr.
91
days
Apr.
91
days
days
10 years
100,246,000
100,043,000
121,503,951
Apr. 26 May
days
3 May
91
days
91
days
91
days
91
days
10 years
64,267,494
100,051,000
100,011,000
100,028,000
100,105,000
100,202,000
182,446,000
219,118,000
218.779,000
169,840,000
213,762,000
May
May
total
a
1
.
64,267,494
564,664,494
__
Comprises
sales
of special series certificates
a
a
Adjusted Service
*0.004%
♦2.90%
99.999
75
day of
99.998
99.998
99.996
99.992
99.983
75
/
♦0.007%
*0.008%
*0.016%
*0.032%
♦0.067%
*2.90%
Certificate Fund and
sold to
and notes to
and notes; certificates
Unemployment Trust Fund,
Retirement Account, Civil Service Retirement
Fund, Foreign Service Retirement Fund, Canal Zone Retirement Fund, Alaska
Railroad Retirement Fund. Postal Savings System, and Federal Deposit Insuranoe
Corporation,
x Excess of retirements,
a Does not Include transactions on last
Old Age Reserve
523,002,951
91
31
a
100,525,000
100,685,000
235.592,000
263,933,000
195,965,000
182,526,000
121,603,951
total
1
8
May 10 May 15
May 17 May 22
May 24 May 29
May 1-
91_.000.000
total
H%
100
1,253,574,445
total..
Mar. 29 Apr.
May
10,000,000
Notes
'
91
91
April
—1
Notes
Certificates
546,818,590
Febru ary tota
Mar.
X
776,767,690
total
7
Feb.
Nil
100,044,000
273,043,690
225,527,000
217.745,000
Jan.
February total
X
100,253,000
380,809,000
17
Notes
101,930,000
101,257.000
100,240,000
579,659,000
Jan.
Yield
Price
%
$
3
Jan.
Certificates
Amount
Applied for
27 Jan.
I
2,344,000
23,800,000
50,300,000
Certificates
1940
Amount
Due
Net Issued
$
February—
Dated
64,267,494
279,334,900
100,169,000
a47,236,273
June total..
Total
121,503,951
100,051,000
100,011,000
100,028,000
100,105,000
100,202,000
91-day Treas. bills
May
401,499,000
564,664,494
May
132,986,245
121,503,951
523,002,951
April total.
144,664,690
100,714,000
100,246,000
100,043,000
U. S. Savings
1
Apr.
bonds
91-day Treas.
Apr. 17.....
273,043,690
100,836,000
maturities.
Dale
Indebtedness
101,930,000
546,818,590
Feb.
Feb.
101,930,000
101,257,000
100,240,000
100,253,000
776,767,690
January total
Mar.
The
in the paying off of the
17
Jan.
91-day Treas. bllls
91-day Treas. bills
91-day Treas. bills
91-day Treas. bills
91-day Treas. bills
U. 8. Savings bonds
3
10
Jan.
Half Year
decided to refund the $352,993,440 3%%
bonds called for redemption on June 15 by offering an issue
of 1% 3M-year notes in exchange.
Of the outstanding,
Jan.
Jan.
The Treasury
nearly $100,000,000
of month.
USE OF FUNDS
Jan.
new
fractionally under par.
discount basis, a Excludes sales on last day
117
$150,311,094
17.1
Percent of total volume
were
99.999; the average was
33.1
$305,991,000
1937—Number of Issues
Volume
z Prloee ranged from
fractlonaUy under par. a At
At par and slightly above par.
Average rate on a bank
127
$229,828,780
*2.90%
75
726,869,173
Slightly above par.
$680 ,511,780
31.8
Percent of total volume
1938—Number of Issues
Volume
1%
*0.046%
3726 ,007,500
1939—Number of Issues
Volume
*0.095%
100
99.998
4,391,697,343
134
$417,327,500
*0.118%
99.976
months
6
slightly above par down to
55
*0.089%
99.970
total--
June
Total
Percent of total
247,059,000
279.334,900
FINANCING
PRIVATE CORPORATE
1940—Number of Issues
209,222,000
244,680,000
1-
June
1941-50, $2,000,000
99.997
#47,236,273
days
91
Yield
Price
390,117,000
days
91
June
1961, $200,000 (April).
3%% bonds, 1969, $1,500,000 (May).
Western Maryland Ry. 2% equip, trust ctfs., 1941-51, $2,000,000 (Juno
Wolverton Bros. Light & Power Co. 6s, $45,000 (June).
& Telephone Co.
$
days
91
14 June 19
7 June
Accepted
100,008,000
100,004,000
100,117,000
279,334,900
100,169,000
5
12
June
May 30 June
June
Western Light
Due
Dated
Offered
Amount
Applied for
$
Co. 4% 1st mtge. sinking
(June).
West Virginia
21
& Financial Chronicle
Account, Railroad
months.
comprehensive tables on the succeeding pages we
the June and the six-month figures with those
for the corresponding periods in the four years preceding,
thus affording a five-year comparison.
Following the full-page tables we give complete details of
the capital flotations during June, including every issue of
any kind brought out in that month.
In the
compare
Total
1936
1936
$80,795,0 13,762,3753020,0,01,02,0 13,492 01,0 01,49,0
Capital
Refundig 26,0 1,973625 19,780 17",6908 , 239.0
Refundig
Capital
$
Neto
Neto
Total
1937
Refundig
Refundig
Capit l
Capit l
New
New
Total
FINTEMAOJFHUCINRVPGR
GOFVLAEMRUNNMICDPTA,L
Total
Refundig
Refundig
Capital
Capit l
New
New
Total
Total
Refundig
Refundig
Capital
Capital
New
New
Total
CFOORPREIGATN, Refundig
Total
1940
Refundig
SUOM AFRY Capit l
Capit l
JUNE
MONTH
New
OF
MONTH
New
Notes— utiles&ccoopael,r,mnuft acesori-indamuasnnturfidctlrig b&uicld_nIgs, t&hraodldiicnngg,s BNooteans—ds utiles.&ccoopal,,manufctres oiindamuasnturfctlrig b&uildncgs, th&raocdldi—inngg,, utiles&ccoopal,,manufctres oiindamuasnturfctlrig b&uildncgs, th&raocdld_ini-ngg,, utiles&ccoop_ael,r,manuft acesoriinduamsanturfidcltrig b&uildncgs, thr&aodldincingg,, csoerpcuriatte
JUNE LBonog-anTedrms
OF
Railroads ste l,Equipment and
trust ,Miscelanous Short-TemRailrods-_ ste l,Equipment and
Public Iron, Motors Other Land,Rub er Ship ingInv.
Total
Ship ing trust ,Miscelanous Stocks— Railroads ste l,EquipmentMoatonrds
Total
Public Iron, Motors Other Land,Rub er
Oil
Inv.
Public Iron,
trust ,Miscelanous Total— Railroads ste l,Equipment and Rub e■>rShip ingtrust ,Miscelanous
Total
Other
Oil
Land,Rub erShip ingInv.
Public Iron, Motors Other Land,
Oil
Inv.
Total
o
3
O
3
a
o
o
a
o
Ro
•—
2,608 9 52.470, 148,56 2 83,0672 38,0 0
$
48,0 0 5,0 0 3 ,21860 614, 13 2,850
2,58374098
%
Total
3,6721
30,8293 18,705 31,29.78 74,20649 8,0 ,0
462,58340
"
000 000
1,789,410
85,0 0 134,0 163, 14 5 6,806
2,78530
69, 5628 20,83920 193,5 02 76,09 1
960,4 91 85,0 0 134,0 120,34 0 129,730865
1.429,806
Capit l 503,2487 45,07680 120,9 361 59,72136
82,9657 43,0 0 427,0527
314,70 50,820 60,850 1,0,0 10, 0 75,4290 150,2450 25,095
Refundig
New
638,4 695 5,40 0 29,6725 5,13 59
$
Total
--jfe-
500
-
"62",
Refundi g 312,4608 2,758,0 1,02 80
1938
62,50
1,2904
Capit l
New
Total
362,785
1,0879.5 37,50 1,50498"325 726,89 0
78,210.5 14.50 92,08.40 50,2983 63,0 0
$
309.10
790,25734 8,250
Refundi g 634, 9763 1,50 81,0 871 63,0 0
1939
%
Capit l 153.8607 3.05 0 10.98,369 49.20,738
1.100
35,90 45,07680 2,48 70 16,23 76 12,57"053 154,76 9 3,12073 2,84",90 59,02486 280,64372 214,90 62,35082 53,02 6 1.0, 0 17,63 45 193,46579 156,0973 6,520 2,634 90 "250", 0 12,4698 82,9657
29,585
5,800
1,73241
Netv
2,105 40,728195 10, 70
750, 0 120, 0 21 ,0
Refundi g 10, 0 243,79 40
1,956 0 1,270 45,0 0
ICfpit 12,05 157,2485 10, 0
1,05943
1,437.25 10,58.647
890, 0
1,67.0 2,7580
30,0 0 289,0
32 ,0 2,64 0
21,68 10 30, 0 2,06 50 1,0 0 1,90 0 326,0785 2,0 ,0
Nero
2,0 .0 5,40 0 3",091425 40 ,598 29,56 7 862,50
150, 0 50 ,0
750, 0
3,6450 30, 0 3,19 50 45.0 , 0 01,60 0", 2,790 638,4 695 2,0 0
312,4608
Refundi g 23,480 48,23510 94,0 20,9 53 56. 0, 2,708 0 12,75 0 1.750 697,34 6 9.50,0 2.0 ,0
1.29,837
1,806943
5 0, 0
34, 50 17.42,09 60 , 0 3,90 0 27,06.4 43, 0 2,1450 1,50. 0 15, 0. 153.860,73
Capit l
Total
3,091425 40 ,598 28,5672 862,50
1,02 80 10, 0 243,7940 75 ,0 13,07940 21 ,0 1,270 45,0 0 2,587,30 316,24. 0
1,24,20 34,1602 12,05 0 162,39 80 10,4 598 50,28 37 31,5 0 2,06 50 "00,1 0 3,4720 362.785
51,6 75t
4,53.2 142,39078 67.23,0 58,296.0 104,5 0 3.90, 0 420, 0 9,634950 10.75,0 4,9530 213.90 14,25 0 24.3 ,52
1.08795
1.53,71 81,409 71 32,980 56.801,5 94,0 21, .653 56, 0 2,708 0 12,75 0 3.285,71 790.25734
420, 0 750. 0 10 .0 c 213,90
2,50 0 3,05 0 5,07 ,6
8
Neic
20,30
1,0250
2,50 0 14,50 C 84,635"90
$
1939
1,234520 35,18 20 2,105 405,819620 10,5798 63, 47 31,6250 3,19 50 45,0 0 1,0 ",0 6,02450 679,02 51
1,50 79,56"30 "309",10
5 0, 0
57, 30 501,6 30 103,5 0 3.90, 0 2470.96 ", 10, .0 4.853,0 14.25,0 17,30. 851,20 9.50 C 2.0 0
Total
87,28 45,525 12,572 195,21 12 ,218
35.950 65,90
"
450. 0
217,894 29,50. 436,01 61,3295
New
250, 0
85",4 35 50.269,1 320,74. 36194,46 91007,501 0 0 2,57 03 27,841.59 271,4638 25,09 0 3,16,90 15,09345 1.7894062
682,50
20,83920 84,05694 28,90 529 40.736,04 8,10675 "682",50 26,39185 269, 53 105,782 0 52,103 53,97859 4,93",60 79,35820 15,4 765 18,5430 29,52359 960.4 9-1
1938
450, 0
2,966
80 ,0
Total
201, 0 437,8264 4,2860
,394 ,905 ",053 ,59 ,83 ",990
,0
.0
60 ,0
350, 0
54210, 0 7,10632 35.80,95 1,0 0 5,06 40 37,58920 12,89750 6,520 2~50,6 26,38450 503,2487 4,350, 0 2,76,08 1,40,0
Capitl
YGoFvetrndfhmraog.mulnicplyesF3EJIAOUVMSRNT0FDSUHOITIANXSEHRED
YFE3JIAOVUSMRNT0FDSIHOMAXAULNEFCROPGRDM
326,0785 2,64 0 28,93 25 5,13,59
600
Refundi g 104,320 48,721698 25,076 50 4",93 60 37,8970 27,3480 18,5430 3,20 50 69, 5628 1,450 18,573920
1937
316,24 0 261",035 70,6 728
'
250
2,200
7,000
$
000
000 000 000
21,350
Total
462,"035O 508,6329 4,286,0(
679,0251
350
000 000 500
0101
18,705 2,96 3,15 0 7,462,40 2,81 0 65,2873 2,54 90 4,"80 ,0 17,40576 105,493 7 172, 40 67,48026 9,43678 8,46 0 2,81,0 89,0 789 28,715027 3,812,0 "6O" ,6 4,80 0 19,4057
New
1,732450 65,90 6 314,5763 25,81457
1937
"
2,1 56 245,0
Capitl 15,240 58,934206 6,2854 1,02 0 24,5 412 23,958037 3.567,0 "-0600"0, 2,30 0 38, 2903 15,0 0 1,250, 0
%
423,90
35,08 530 126,9071 423,190 97,3142 20,9 .752 19,780 18,970542 57,4821 3,79,0 5533,830~. oa1kr>
7", 50", 3,76250 21,87"28 4,078 0 423,90 50,6 45 15,4879
$
1936
751
620Ooo 000 000 130
I
Totn
fb
60 ,0 0
245,0
2001256, 890 ,05824 263, 0,7 0 148,30"5 264,0 7,306 0 "6000"0, 13",0 6 2,98 0 30, 0 1,850, 0 8,125",0 4,50 0 7", 50", 52,470 1224,"8123", 7,2950 7,462,40 3,25,0 15,3 81 17,96329 4,"80 ,0 52, 910 23,9618 59,6280 1,0479628 270,4950 28,1240 3,25,0 271,8031 286,4329 7,51,0 4,80,0 73,2910 angAo
60 ,0 0
141099408,1 0 56,8 294 96, 752 9,780 123",7908 240, 1963 3,79,0 1,0 "6 1,960479 15,0 0 8,125",0 2,8750
Refundi g
21,90 37,9147 1,075 0 863,50 7
Neio
£3
0
462,1 3258 8,0 0 5,0 0 31, 860 236,47916 1,750, 0 2,7306 4
Capit l
CO
to
£r
coo
Refundi g 1,93047 3,76250 17,2 38 9,630,23 30, 0
1936
ft)
n>
*■»«
Total
o
o
Jr*
0}
CO
Ox
c
O
420. 0 750, 0 10 ,0 213.90
51,36.5
2.97 51 60.9 ,107 34, 5.0 2.49 60 9.150, 3,90 0 420, 0 78.423,0 4.09 0 2.45,0 213,90 1,50. 0 21,047.951 217,894
•v
910, 0
223,1760 4,7 30 16,5 0 32,150 21,80 6,4720 1,350 15,80 904,8 30 5.0 ,0
w
Total
GOFVOECRRNEMPIGNT,AT,
OSUMFARY
$
904,8 30 19,0 0 124, 590 45,16731
1,09327861
83719, 4 5 .0 ,0 10,329 08 946, 42
Refundi g
$
1940
-J
Capit l 185,7615 1,0 0 2,89162 4,2089
New
157",
829,30685 139,8576 241,538 1,204 68
263,8796
$
6070", 549,78 09 1,6250
17",50 308,642 1,6250 591,276
V
Staneds
CNOORGPERAWFUTEPI
ACHNARDTE
1940
585,0 0
13,0 . 0 19,0 0 78,103 5,40,0 4,809352 1,40,0 1,0 ,0 37,83659 169,38 21 18,0 41, 7610 217,40 5.40, 0 7,034 52 1,80 6,4720 1,40 0 1,0 0 1,350 16,23659 1,09327861
10 ,0
Capit l
New
$
729,70
38,25 398 41,98 7 7,05,0 1,80. 1,350 83, 207 185,7615
5 ,06
14,25 107 162,750 142,75602 360,28954 216,0 1,306 0 43,587.162 10, 0 5,74230 49,720 37 829,30685
3,0 ,0 8,0 ,0 67,5128 1,306,0 19,6712
Refundi g 137,45602 92,738 0 216.0 , 24, 0 10, 0 5,74230 32,467"930 719, 4135 5,0 ,0
910, 0
729,70
585,0 0
10, .0 1,0 0 1,25902 4",094",6 25,642190 1,40,0 1,0 ,0 51312", 67,1 71 38,25 398 54,18026 1,40, 0 4.09,0 3,47190 1,80 1,40 0 1,0 0 1,350, 0 16,532 263,87936
10 ,0
23",
3JU0NE notes. notes. notes. agencis.&_t, bfuionctaylidnese 3JUN0E Notes— - manufctrig &holdcing, Notes— manufctrig &holdcing, manufctrig &holdcing, manufctrig • &hocld_in.g,1
bDCTEMNODNHS orpate— omestic— Looanngn-dtedrsm Short-em Prestfocrked Cosmtockon Candi— bLooanng-dtersm Short-em Presftocrked Cosmtockonforeign— bLooanng-dtesrm Short-em Prestfocrked Cosmtockon corpate GCovandianforgoeverinmgnt GLoavannd, '"Municpal—Stes,PSosteaiens toal dfinguorets EMNODNTHS BLooangn-Tdersm Railrod.-s. utiles&ccospoteael,l,,Emqaunuipfmtrent aacesnorid inadustrl &buildcngs, Shipn_g. ttrraudsintg,,Miscelanous BShooarnt-Tdesm Railroads utiles&ccospoteaerl,l,,Eqmaunuipfmtent aacesnorid inadustrl &buildcngs,Rube-r-; ttrraudsintg,,Miscelanous Railroads utiles&ccospoteea.ll,,Eqmuaniupfmcterenst ano_id. inadustrl &buildcngs, Shipng. ttrraudsintg,,Miscelanous ; Railroads utiles&ccsootpeaelrl,,,Equmainpufmtent aacesnoridindaustrl &buildcngs, trtraudsintg,,Miscelanous sceocrupritate
Other
6
Grand
Total
Other Farm
United
Total
Total
These
*
6
Public Iron, Motors Other Land, Rub er
Oil
Inv.
Public Iron, Motors Other Land,
Oil
Ship ingInv.
Stocks—
Total
Public Iron, Motors Other Land, Rub er
Oil
Inv,
Total—
Public Iron, Motors Other Land, Rub er
Oil
Ship ing Inv.
Total
The Commercial & Financial Chronicle
24
DETAILS OF NEW CAPITAL FLOTATIONS DURING
$405,000 Canadian Colonial Airways, Inc., 60,000 shares of capital
stock (par $1),
Purpose, payment of instalment notes ($215,000); balance to be added to general funds.
Price, $6.75 per
JUNE, 1940
LONG-TERM
BONDS
AND
NOTES
(ISSUES
MATURING
LATER
share.
THAN FIVE YEARS)
;
Offered by Auchincloss, Parker Sc Redpath; Dominick
Dominick; G. M.-P. Murphy & Co., and Stern, Wampler
Sc
.
Sc
Co., Inc.
RAILROADS
487,500 Chicago & Southern Air Lines, Inc., 45,000 shares (v. t. C.)
common stock
(no par) and 20,000 shares of common stock
(no par).
Purpose, refund preferred stock ($329,480); working
capital, &c. ($158,020).
Price, $7.50 per share.
Offered by
Stern, Wampler & Co., Inc.; I. M. Simon Sc Co.; Auchincloss,
Parker & Redpath; Dominick Sc Dominick, and G. M.-P.
Murphy Sc Co.
*$2,000,000 Western Maryland Ry. 2% equipment trust certificates due
July 15, 1941-51.
Purpose, purchase of equipment.
Pur¬
chased by Salomon Bros. & Hutzler; Dick Sc
Merle-Smith, and
Stroud Sc Co., Inc., on a bid of 98.755 and
placed privately.
'
PUBLIC
;;
UTILITIES
*46,000,000 Carolina Power & Light Co. 1st mtge. bonds, 3%% series
due 1965.
Purpose, refunding.
Price, 103)6 and interest.
Sold to Equitable Life Assurance Society of the United States,
Metropolitan Life Insurance Co., John Hancock Mutual Life
Insurance Co., Sun Life Assurance Co. of Canada, Northwest¬
ern Mutual Life Insurance
Co., Prudential Insurance Co. of
America, Massachusetts Mutual Life Insurance Co., New York
Life Insurance Co., Mutual Benefit Life Insurance Co., New
England Mutual Life Insurance Co., and Mutual Life Insurance
Co. of New York.
W. C. Langley & Co. and Bonbright &
Co., Inc., negotiated the sale of the bonds
65,000 (W. E.) Dean &
6% cum. series A
working capital.
Offered by Pitman
'
*2,200,000 Central Hudson Gas & Electric Corp. 3% 30-year mtge.
bonds, due April 1, 1970.
Purpose, construction.
Price, 101.
Sold privately to New York Life Insurance Co. and Metro¬
politan Life Insurance Co.
250,000 Clifton-Forge-Waynesboro Telephone Co. 1st 3-3
100,000 Southwest
FARM LOAN
bonHs,
due 1965.
Purpose, refunding.
Priced to yield 3 V& %.
privately to several insurance companies.
Coast Power Co. 1st mtge. bonds, series A 4)6%,
Purpose, refunding ($725,000); to pay company's
open account indebtedness ($106,000); reimburse treasury for
improvements, Sec. ($169,000).
Price, par.
Sold privately
to Provident Mutual Life Insurance Co., Sun Life Assurance
Co. of Canada, Modern Woodmen of America, Central Life
Assurance Society, and Royal Neighbors of America.
due 1965.
*45,000 Wolvarton
Brothers Light & Power Co. 1st mtge. 6%
bonds due $4,500 annually 1941-1950.
Purpose,
construc¬
tion, &c.
Price, par.
Placed privately through Dallas Rupe
Sc
per
share
plus
dividends.
Co.,
GOVERNMENT AGENCY ISSUES
Land
Stock
Bank
farm
loan
bonds
dated
Aug. 1; $500,000 IHb due Aug. 1, 1942, optional Aug. 1, 1941;
$670,000 lHs due Aug. 1, 1943, optional Feb. 1, 1041.
Pur¬
refunding.
Co., Inc.
Sc
100.
Price,
pose,
Offered
by
R.
Webster
K.
29,950,000 Federal Intermediate Credit Banks *A% consolidated de¬
bentures dated July 1, 1940; due 210 days, Feb. 1, 1941.
Purpose,
$27,700,000 refunding;
$2,250,000 new capital.
Price, slightly above par.
Offered by Chas. R. Dunn, New
V York, fiscal agent.
$31,120,000
ISSUES NOT REPRESENTING
NEW FINANCING
$171,500 Adel Precision Products Corp. (Calif.) 122,500 shares of
capital stock (par 20c.),
Price, $1.40 per share.
Offered by
Cavanaugh, Morgan Sc Co.; Lester Sc Co.; O'Melveny-Wagenseller Sc Durst, and Page, Hubbard & Asche.
80,000 Modern Die & Tool Co. 80,000 shares of common stock (par
Price, $1 per share.
Offered by P. A. Hastings Sc Co.
$251,500
*
Indicates privately placed issues.
The Course of the Bond Market
All
The
classes
of
bonds
have
high-grade groups
Sold
*1,000,000 Weat
AND
$1,170,000 Denver Joint
*1,800,000 New Haven Water Co. 35-year gen. Sc ref. mtge. series B
3Ji8.
Purpose, refunding ($1,500,000); betterments to plant
($300,000).
Sold privately to a group of insurance companies.
*7,600,000 Pennsylvania State Water Corp. 4% 1st coll. trust
$10.25
Airmotive
$1,057,500
due
38,000,000 Jersey Central Power & Light Co. 3)6% 1st mtge. bonds,
due 1965.
Purpose, refunding.
Price, 102)6 and interest.
Offered by The First Boston Corp.; E. H. Rollins Sc Sons, Inc.;
Halsey, Stuart Sc Co., Inc.; Blyth & Co., Inc.; W. C. Langley
Sc Co.; Harriman Ripley Sc Co., Inc.; Mellon Securities
Corp.;
Smith, Barney Sc Co.; H. M. Byllesby & Co., Inc.; Eastman,
Dillon Sc Co.; Kidder, Peabody & Co.; Glore, Forgan Sc Co.;
Goldman, Sachs Sc Co.; Harris, Hall Sc Co. (Inc.); Stone Sc
"Webster and Blodget, Inc.; White, Weld Sc Co.; A. C. Allyn
Sc Co., Inc.; Central Republic Co.; Estkbrook Sc Co.;
Graham,
Parsons Sc Co.; Lee Higginson Corp^JF. S. Moseley Sc Co.;
Union Securities
Corp.; Blair & Co., Inc.; Otis Sc Co.; Shields
Sc Co.: The Wisconsin Co.; Bodell Sc Co.; Hayden, Stone &
Co.; Hemphill, Noyes Sc Co.; Tucker, Anthony Sc Co.; Riter
Sc Co.; A. G. Becker Sc Co., Inc.; E. W. Clark Sc Co.; Schoellkopf, Hutton Sc Pomeroy, Inc.; Whiting, Weeks Sc Stubbs, Inc.;
Alex. Brown Sc Sons; Granbery, Marache Sc Lord; Hayden,
Miller Sc Co.; Minsch, Monell Sc Co., Inc.; Newton, Abbe Sc
Sc Co.; Arthur Perry Sc Co., Inc.; Stern, Wampler Sc
Co.,
Inc.; Stroud Sc Co., Inc.; Bacon, Whipple Sc Co.; R. L. Day
Sc Co.; Equitable Securities Corp.; The Illinois Co. of
Chicago;
Jackson Sc Curtis; Starkweather Sc Co., and Dillon, Read Sc Co.
Co., San Antonio, Texas, 6,500 shares
pref. stock (par $10).
Purpose, augment
Price,
Sc Co.
Love Field, Texas, 20,000
shares common stock (par $1).
Purpose, readjust financial
structure; expansion, &c.
Price, $5 per share.
Offered by
Dallas, Rupe & Son.
1940-60.
Purpose, refunding ($195,000), property additions
($55,000).
Price, 100 to 103.56, to yield from 1% to 3)6%.
according to maturity.
Offered by Galleher Sc Co., Inc.
July 6, 1940
MISCELLANEOUS
and the lower grades have
again
made moderate
approaching their
are
regained half and
gains.
May highs,
more of recent
declines.
Fractional changes have been
rail
issues,
hibited
while
larger
price
by second-grade rails.
the rule among high-grade
fluctuations have been
ex¬
In the speculative and de¬
faulted group, minor changes occurred.
Illinois Central 4s,
Son.
1955,
advanced
2 points
1981,
closed
39,
44%;
to
Southern
Pacific
4%s,
Missouri Pacific 5s,
1977,
$96,895,000
OTHER
INDUSTRIAL AND
MANUFACTURING
*$2,500,000 (A. E.) Staley Mfg. Co. debentures, due 1941-55.
Purpose,
refunding.
Sold privately to Equitable Life Assurance Society
of the United States and First National Bank, Boston.
*2,000,000 (L. A.) Young Spring & Wire Corp. 3 X % notes due
Purpose, retire bank loans ($1,750,000); working
Sola privately to Prudential Life Insurance Co.
1941-5J.
capital.
%
gained
The
■
LAND, BUILDINGS, &c.
i-
150,000 Ursuline Convent & Academy, Kirkwood, Mo., 1st Sc ref.
mtge. 2)6-3% serial bonds due Jan. 1, 1941-July 1, 1952.
Purpose,
refunding.
Price
on
application.
Offered
by
Dempsey-Tegeler Sc Co.
and
bond
market
been
characterized
Investment grade issues have
With sustained confidence in the high-grade
market, it is probable that
tions will
again
has
firm tendency in the absence of any important
a
be
revival of refinancing opera¬
a
Cleveland Electric Illuminating Co. re¬
seep.
Sc Co.
180,000 Sisters of Charity of St. Vincent's Hospital, Toledo,
Ohio, 1st ref. mtge. 3, 3K, and 4% serial bonds, series A,
due April 1, 1941-Oct. i, 1952.
Purpose, refund outstanding
obligations.
Prices, ranging from 100M to 101 and interest.
Offered by B. C. Ziegler Sc Co.
60,000 Sisters of Divine Providence of Normandy, Mo., 1st Sc ref.
mtge. 2. 2)6, 3% serial bonds, due June 15, 1942-50.
Pur¬
pose. refunding.
Price on application.
Offered by DempseyTegeler Sc Co.
%,
by dulness and light volume.
developments.
$37,000 First Christian Church, Michigan City, IncL, 1st Sc ref.
mtge. serial 5% bonds due May 15, 1941-52.
Purpose, re¬
funding.
Price on application.
Offered by Dempsey-Tegelerv
up
at 16%.
utility
displayed
$4,500,000
at
cently registered $50,000,000 of first mortgage 3s, 1970, with
Securities
the
and
mainly refunding.
been
somewhat
Exchange
Commission,
representing
Medium- and lower-grade utilities have
irregular, but
definite trend developed.
no
Prices continued to drift within
a
narrow range.
Changes in the industrial section of the list this week have
been chiefly on the up-side, and primarily confined to frac¬
tions, although
a
few of the steel issues scored changes of
$427,000
SHORT-TERM BONDS AND NOTES (ISSUES MATURING
AND
as
as
point, and several lower-grade issues in other
a
UP TO
INCLUDING FIVE YEARS)
RAILROADS
groups
have been up a few points.
Among paper
company
obligations, the International 6s, 1955, gained 1% points at
*$5,000,000 Chicago Milwaukee St. Paul & Pacific RR. 1?^% trustees'
certificates
of indebtedness
due
quarterly, Jan.
1,
1941April 1, 1944.
Purpose, refunding.
Price, par and interest.
Sold privately by Salomon Bros. Sc
Hutzler; Dick Sc MerleSmith, and Stroud & Co., Inc.
PUBLIC UTILITIES
*$910,000 Philadelphia Transportation Co.
l%-2)6% equipment
trust certificates, due
quarterly March 16,1942-June 16, 1945.
Purpose, purchase of buses.
Placed privately with Phila¬
delphia banks and insurance companies.
STOCKS
much
*
103%, and the Southern Kraft 4%s, 1946, gained fraction¬
ally
revival of refunding plans.
on
pany
obligations, the
International
Among shipping
Mercantile
com¬
Marine
6s,
1941, advanced 6 points to 60, meat packing issues showed
strength, particularly among the Armour and Swift
obliga-^
tions, and in the amusement classification the Paramount
Pictures 3%s, 1947, gained 3% points at 83.
(Preferred stocks of
stocks of
no
a stated par value are taken at
par, while preferred
par value and all classes of common stock are
computed at
This week's
their offering prices.)
foreign bond market has been featured by the
weakness
pronounced
of
Italian
OTHER
INDUSTRIAL AND MANUFACTURING
$487,500 Harvill Aircraft Die Casting Corp. 150,000 shares of common
5$°°*
Purpose, expansion; working capital, &c.
Price, $3.25 per share.
Purchased by Blair Sc Co., Inc..
under option granted by
Pistell, Wright & Co., Ltd.
*338,808 Liberty Aircraft Products Corp. 56,468 shares of common
stock (par $1).
Purpose, working capital; plant expansion.
Price, $6 per share.
Purchased by Grumman Aircraft Engineering Corp.
.
$826,308
ment
of
Credit
the
July 1 interest
Institute 7s,
tralian and
1952.
on
bonds following non-pay¬
the Italian Public Utility
Province of Buenos Aires, Aus¬
Uruguay bonds recovered slightly, and Canadian
bonds gave evidence of underlying strength.
Moody's computed bond
are
given
prices
and bond yield
in the following tables:
averages
Volume
The
151
25
Commercial & Financial Chronicle
MOODY'S
MOODY'S BOND PRICES
t
BOND YIELD
AVERAGES t
■
(Based on Individual Closing
'
Prices)
,
{Based on Average Yields)
All
U. 8.
Govt.
Daily
Bonds
Corporate by Croups
by Ratings
Domes¬
tic
July
86.50
107.69
119.25
122.63
107.69
5.. 115.58
RR.
Baa
A
Aa
Aaa
Corp*
Averages
Averages
Corporate by Croups
by Ratings
Domes-
Corp.
Aa
Aaa
RR.
Baa
A
P.
U.
Indus.
4.38
3.23
3.15
3.58
Stock
2.87
3.02
3.59
4.88
4.40
3.23
3.15
3.02
2.87
3.58
5
July
116.43
114.72
4.86
4
93.69
Exchan ge Clos ed
Stock
1940
*
Indus.
U.
P.
120 Domestic Corporate
120
All
120 Domestic
120 Domestic Corporate *
120
1940
120 Domestic
Clos ed
Exchan ge
119.25
107.49
86.21
3
122.63
116.43
107.49
114.72
3— 115.61
93.37
3.59
2.88
3.03
3.61
4.90
4.41
3.24
3.16
107.11
93.21
3.61
119.03
85.93
2
122.40
116.21
107.11
114.51
2— 115.54
3.62
4.44
3.25
3.17
118.81
106.92
116.00
3.04
4.92
114.30
2.89
92.75
3.62
85.65
1.
2.89
3.04
3.18
114.09
3.62
3.26
June 29
4.93
4.44
115.78
3.63
3.62
2.89
3.04
3.63
4.93
4.44
3.26
3.18
28
2.91
3.05
3.64
4.96
4.46
3.27
3.19
3.21
4—
1— 115.62
106.92
122.17
June 29— 115.38
106.92
122.17
118.81
106.73
85.52
92.75
118.81
106.73
85.52
92.75
114.09
28— 115.21
122.17
115.78
106.92
92.43
113.89
115.57
27
3.64
113.48
115.14
26
3.65
2.92
92.28
3.66
2.92
27.. 115.08
106.54
121.72
118.60
106.54
85.10
115.00
106.36
121.49
118.38
106.36
84.83
84.69
92.12
113.48
115.35
25
113.68
115.57
24
3.64
2.90
22
3.65
2.89
2.89
26-
25— 115.20
106.17
121.49
118.38
106.36
24.. 115.40
106.54
121.94
118.38
106.54
84.96
92.28
118.16
106.54
84.83
92.12
113.68
115.78
106.36
122.17
91.81
113.48
115.57
21
3.66
22.. 115.49
3.06
3.65
4.98
4.47
3.06
3.65
4.99
4.48
3.29
3.20
3.06
3.64
4.97
4.47
3.28
3.19
3.07
3.64
4.98
4.48
3.28
3.18
3.06
.
3.29
3.65
5.02
4.50
3.29
3.19
3.21
21— 115.37
106.17
122.17
118.38
106.36
84.28
3.08
3.66
5.06
4.53
106.17
113.48
2.90
117.94
83.73
20
105.79
121.94
115.14
115.08
91.35
3.68
3.29
3.67
4.56
3.31
3.22
19
5.09
114.93
3.09
113.07
2.92
91.05
3.69
83.33
2.93
3.09
3.69
3.32
3.24
114.51
3.71
4.56
112.86
18
5.11
9
Q4.
3 10
R 70
C
IK
o»io—
A
a 7*2
2.93
3.09
3.69
5.13
4.58
3.33
3.23
3.23
20—
19— 114.79
105.60
121.49
117.72
105.98
18— 114.77
105.22
121.27
117.72
105.60
83.06
90.90
117.50
105.41
90.44
112.66
114.51
105.04
121.04
82.53
17
90.59
112.66
114.72
15
3.71
17— 114.81
9
KQ
OA
15— 114.86
105.22
121.27
117.72
105.60
82.79
2.93
3.10
3.70
5.14
4.59
105.41
82.66
14
121.27
117.50
114.72
105.04
112.45
14— 114.73
90.44
3.72
3.34
3.11
3.71
5.15
4.60
3.35
3.25
112.25
2.96
105.22
90.29
3.73
117.29
82.53
13
104.85
120.59
114.30
13— 113.93
3.75
2.98
3.73
4.62
3.37
3.27
12
6.16
12— 113.82
104.48
120.14
116.86
116.21
116.21
113.89
3.13
111.84
3.79
2.99
3.16
3.75
6.24
4.67
3.39
3.30
3.79
3.00
3.16
3.75
5.24
4.67
3.39
3.31
3.77
3.00
3.14
3.74
5.21
4.65
3.38
3.29
3.78
3.01
3.15
3.75
5.20
4.66
3.39
3.30
4.67
3.39
3.31
11— 113.12
103.74
119.92
10— 113.02
8— 113.12
103.74
119.69
104.11
119.69
104.85
82.40
89.99
104.48
81.35
89.25
111.43
113.27
11
104.48
81.35
89.25
111.43
113.07
10
8
104.67
81.74
89.55
111.64
113.48
81.87
89.40
111.43
113.27
7
104.48
3.79
3.02
3.76
113.07
3.16
111.43
6
5.22
3.79
3.02
3.15
3.77
5.22
4.67
3.40
3.31
3.77
5.22
4.67
3.40
3.31
-
7— 113.15
103.93
119.47
118.64
116.43
6— 113.06
103.74
119.25
116.21
104.30
81.61
89.25
104.11
81.61
89.25
111.23
113.07
5
111.23
3.03
89.25
3.80
81.61
4
104.11
113.07
3.16
3.81
3.05
3.17
3.77
5.23
4.67
3.41
3.33
3
3.80
3.05
3.16
3.77
5.23
4.67
3.41
3.33
3.05
3.16
3.78
5.22
4.67
3.41
3.33
5- 113.05
103.74
119.25
4— 113.12
103.56
119.03
116.43
116.21
116.00
104.11
81.48
89.25
111.03
3— 113.05
118.60
112.66
103.38
116.21
104.11
81.48
89.25
111.03
112.66
103.56
1— 113.13
118.60
1
Weelly—
116.21
13.093
81.61
111. 3
May 31
103.56
118.60
112.66
May 31— 113.14
89.25
3.80
3.04
3.19
3.77
5.20
4.64
3.41
3.35
104.11
89.69
3.80
115.57
81.87
24
118.81
112.25
103.56
111.03
24- 113.06
3.68
4.97
4.47
3.23
17— 113.73
105.79
120.37
117.72
105.79
84.96
114.72
3.09
112.66
2.97
92.28
3.68
3.33
17
4.73
4.30
3.23
3.09
94.97
3.54
3.57
117.72
3.02
114.72
2.84
4.28
3.19
3.04
118.81
Weekly—
10- 115.51
108.46
123.33
119.25
107.88
88.36
3.. 116.36
109.24
123.79
120.37
108.66
88.95
95.29
115.57
108.08
88.51
94.81
114.93
114.51
10—
3
3.50
2.82
2.97
3.53
4.69
2.98
4.72
4.31
3.22
3.04
Apr. 26
2.82
3.56
118.81
3.52
2.83
2.99
3.24
3.06
118.38
3.54
4.75
4.34
19
3.60
2.83
3.00
3.61
4.76
4.34
3.25
3.06
3.55
2.80
2.99
3.60
4.72
4.31
3.24
3.04
4.37
3.27
3.08
Apr. 26- 116.18
19.. 115.94
108.85
123.79
120.14
108.46
123.56
119.92
107.30
88.07
94.33
119.69
87.93
94.33
114.30
12— 116.38
123.56
118.38
108.27
107.11
12
94.81
114.51
118.81
5
118.38
Mar. 29
3.57
2.83
3.02
3.62
4.79
2.83
3.03
3.65
4.79
4.37
3.28
3.08
3.58
4.80
4.38
3.28
3.10
4.81
4.38
3.31
3.09
4.82
4.39
3.32
3.12
3.33
3.12
3.10
3.53
5— 117.10
108.66
124.25
119.92
107.30
88.51
107.88
123.56
119.25
106.92
87.49
93.85
113.89
Mar. 29.. 116.87
87.49
93.85
113.68
117.94
21
106.36
15
3.59
2.84
3.04
113.68
117.60
3.66
3.59
2.85
3.06
3.66
117.72
8
2.87
3.06
3.68
21- 116.36
107.69
123.56
119.03
15.. 116.74
107.49
123.33
118.81
107.17
87.35
93.69
8- 116.03
107.49
123.lO
118.38
106.17
87.21
93.69
113.07
107.11
122.63
118.38
105.79
87.07
112.86
117.07
1— 115.42
93.53
107.30
123.10
118.60
105.79
86.92
93.85
112.66
117.07
Feb. 23- 116.32
87.07
94.01
112.86
3.61
1
Feb. 23
3.60
2.85
3.05
3.68
4.83
4.37
3.04
4.82
4.36
3.32
16
2.84
3.67
117.50
3.59
2.86
3.04
3.33
117.29
360
4.83
4.36
9
3.67
2.87
3.05
3.70
4.84
3.34
3.13
3.62
4.38
2
3.06
3.70
4.85
4.38
3.35
3.13
3.35
3.15
16- 115.48
107.49
123.33
118.81
105.98
9- 115.44
107.30
122.86
118.81
105.98
86.92
94.01
112.66
106.92
118.60
105.41
86.78
93.69
112.45
116.86
2- 115.43
122.63
106.92
122.63
118.38
105.41
86.64
112.25
116.86
Jan. 27.. 116.54
93.69
20- 115.65
106.54
122.40
117.94
105.41
86.21
93.21
112.25
93.53
112.25
3.62
2.87
20
2.88
3.08
3.70
4.88
116.43
3.64
4.41
2.88
3.07
4.86
4.39
3.14
3.63
3.35
13
3.69
116.64
4.37
3.34
3.14
116.64
6
3.36
13— 115.96
106.73
122.40
118.16
105.60
106.92
122.86
117.72
105.60
87.07
93.85
112.45
6- 116.03
109.05
89.25
95.62
116.00
119.25
High 1940
124.25
120.59
110.83
112.05
Low 1940
High 1939
Hlgh 1940 117.18
Low 1940 113.02
109.44
103.38
118.60
115.57
103.93
High 1939 117.72
122.40
118.60
105.22
94.33
112.05
116.43
106.92
81.35
87.78
89.10
100.00
112.45
108.27
98.28
81.09
87.93
104.30
106.54
Low 1939 108.77
101.94
117.50
121.72
105.22
July 5 '39 116.46
2 Yrs.Ago
no:83
78.95
103.20
109.64
These prices are
or
the average movement
Meld averages, the latter
THE
STATE
war
have their effect in
According to the "Iron Age,"
will begin to
industry. The outstanding de¬
before defense plans
the steel
the startling action of
the bulk of the French fleet.
velopment of the week was
taking over
spite
Washington are
defense orders from
it will be three months
Britain in
Great
This
that peace
negotiations between the warring Powers would soon be
under way, and indicates clearly the determination of Great
Britain to "see it through to the bitter end."
Her drastic
action will undoubtedly have a marked psychological effect
not only in England
but in the' United States.
England
still has command of the seas, and indications are the war
will be long and bitter, with the time factor in Great
Britain's
About
national
dustry,
sets
at
the persistent rumors
rest
favor.
90
days will
elapse before the
defense program is
the "Iron Age"
out that the
avalanche of news
steel in¬
The magazine pointed
from Washington regarding
created public acceptance
appropriations has evidently
fact.
full force of the
felt in the American
estimates.
the idea that the program
industry is
is well under way so
concerned, but this, however,
The Navy program is
of
far as the
is far from the
being accelerated, but
military
&c., is still delayed in Wash¬
ington, notwithstanding the anxiety of manufacturers to
learn what they are expected to do.
Unofficial estimates
of the amount of steel that will be required for defense
work range from 12,000,000 to 15,000,000 tons, probably
production of arms, airplanes,
spread over two years or more,
the review states.
the Navy program authorized by
law will require a total of 55,000 tons
ships under
Vinson
3.78
6.24
4.68
3.42
2.80
3.51
4.67
4.26
3.17
3.02
3.49
2.96
3.34
3.55
4.10
5.26
3.76
3.64
4.00
4.76
3.05
3.71
4.77
4.34
3.36
3.15
3.62
2.88
2.91
3.10
3.89
4.93
4.50
3.42
3.21
3.71
5.81
5.43
3.82
3.48
Year Ago—
Years
Ago—
4.28
3.64
3.24
4.24
July 6, 1938
11,000 tons of armor plate.
An early award
of 19 small
total of 12,000 tons. The official red tape
slowed the placing of war contracts by the
ships calls for a
5, 1940.
expand, and this in
activity continues to
playing virtually little part.
definitely
3.69
3.19
bond (4% coupon, maturing In 30 years), and do not purport to show either the average
Illustrate In a more comprehensive way the relative levels and the relative movement of
TRADE—COMMERCIAL EPITOME
Friday Night, July
Business
3.09
3.05
published in the issue of Jan. 13, 1940, page 179#
OF
of the fact that
2.86
4.82
3.81
July 5, 1939
115.14
2
74.44
3 62
Low 1939
1
computed from average yields on the basis of one "typical"
of actual price quotations.
They merely serve to
being the truer picture of the bond market.
t The latest complete list of bonds used in computing these Indexes was
*
level
95.29
106.54
114.51
95.95
July 5 '38 111.90
91.81
85.52
3.11
27
Jan.
86.50
1 Yr. Ago
'
The 45
the Walshof steel and
which
has
British in the United
States and Canada
has been
severed
give full authority to the buyers in this
country and in the Dominion.
A move toward greater cen¬
tralization of defense purchasing authority in Washington
by the decision to
has also been
made with the
appointment of a
purchasing
Defense Advisory
Committee.
British steel buying in the United States has
been featured by the purchase of 112,000 tons of 90-pound
rails for quick shipment.
The rails are to be strung^along
coordinator
all
to
railroads
serve
in
with the National
England and
Scotland to permit
repairs in the event of damage by bombing.
While steel ingot production has declined
speedy
this week to
to shutdowns for the holiday, the
rate probably would have been as good or better than last
week had there been no holiday.
Operators will snap back
next week, the "Iron Age" states.
June bookings were gen¬
erally the best for that month since 1929.
Though below
the high totals of last fall, they were sufficient to expand
backlogs of many companies and result in longer deliveries
75% of capacity, owing
on
some
The
products.
production of electricity by
the electric light
and
industry for the week ended June 29 totaled 2,514,461,000 kwh., an increase of 0.2% over the previous week
and a gain of 9.3% over production for the comparable
week of 1939, according to the Edison Electrical Institute.
Production for the current week was the second highest for
1940.
The Rocky Mountain States again led the major geo¬
power
graphic regions in percentage increases over
tion, with a gain of 21.7%.
Increases reported
1939 produc¬
by other geo¬
graphic regions were as follows. New England, 7.0%; Mid¬
dle Atlantic, 6.1%; Central Industrial, 13.4%; West Central,
4.3%; Southern States, 8.1%, and Pacific Coast, 6.9%.
The Association of American Railroads reported today
752,326 cars of revenue freight were loaded during the
week ending last Saturday.
This was an increase of 24,230
26
The Commercial & Financial
Chronicle
3.3%
compai^L with the preceding week, an in¬
crease of 90,922, or
13.7%, compared with a year ago, and
an increase of
163,446, or'27.8%, compared with 1938.
^Last
cars,
or
week's total
the
was
of last November.
It
highest for
was a
new
advancing to 79.(5
two weeks
The trend
high for 1940 for the fourth
divergent
consecutive week.
awards for the short week due to
Fourth of July
holiday total $31,599,000, 16% below the
volume for the
corresponding week last
year as reported
yesterday.
Private
week and 42,781 this week
There
was
gain
a
a
compared
with
of
May, and
the
war..
widely
better crop
on
sufficing to
carry
the
WEEKLY
AND
1939, prior to the outbreak of
•<''
;
MONTHLY
••
,
\
•
v.
-
.•
INDEXES
OF
WHOLESALE
COMMODITY PRICES
(1926=100)
June29, June22,
June,
1940
1939
1940
1940
73.8
-
Julyl,
1940
Fram products
73.4
72.0
74.2
76.8
June-,
1939
70.8
Food products.
68.2
67.4
66.5
68.1
70.0
Textile products..
Fuels
65.0
66.2
65.6
61.9
65.9
67.3
61.0
86.0
86.0
86.2
83.0
86.0
83.1
97.3
97.4
95.1
97.5
96.9
Building materials
71.8
71.8
71.1
72.0
72.9
71.1
Chemicals..
service
86.7
•86.7
£5.4
86.7
86.7
85.4
81.7
82.9
68.8
81.3
82.8
68.8
79.5
79.1
77.1
79.5
80.9
76.7
............
.........
Miscellaneous
System during
86,600, and for
was
in the former
X;/'
?'■;
.
Metals..^..
The gain for the previous month
were two
the grains,
the index through May and part
of the index declined further to 79.5, from 80 9
average
;
87,550 last
18,100 telephones in
in
is the lowest since August,
now
"ANNALIST"
in the principal telephone subsidiaries of the
American Tele¬
phone & Telegraph Co. included in the Bell
June.
June, the June
in
year ago.
of about
widespread
Reflecting the losses that characterized
Ward's automotive reports estimated
today that output
of the motorcar factories this
week, curtailed by the Fourth
of July holiday and
by the approaching end of the 1940
model year, would total
51,975 cars and trucks.
The total,
lowest of the season thus
fur,
uniform, however, since there
were
general index upward.
year ago, but public
total for the 27-week
period.
23% below the
Losses
and coffee,
cocoa
and butter and cheese—the
advances
by
construc¬
tion for the week
tops the 1939 week by 6%, but public con¬
21% below a year ago.
The current week's
awards bring 1940 construction to
$1,421,215,000, a level 11%
below the 27-week period last
year.
Private construction
maintains its position 24% ahead of a
are
no means
on
rubber.
struction falls
awards
by
June 22 and 79.0
on
The "Annalist" further explained
/
reflecting in part the growing curtailment of
European markets for these products; in cotton, wool and
silk, and tin and
Gains, on the contrary, were large in livestock and the
meats,
Engineering construction
News-Record"
was
groups.
weather; in
the
"Engineering
June 29 from 79.1
on
previous.
July 1:
week since the middle
any
July 6, 1940
All commodities.
95.3
June, 1939, 15,800.
The net gain for six months this year
totals 449,000 as against 370,000 for the same
period in 1939.
At
the end of
June this year
there
telephones in the Bell System.
Except for the difference in
about
were
number
16,984,600
of
In the wholesale trade an
increase in fall buying accom¬
panied the apparel and housefurnishings
showings.
Retail
sales reports revealed the same
average increase over last
year as in the preceding week, with
pre-holiday purchases
the main support of volume.
Sportswear and shoe
was
especially
large
as
heavy,
and
stores
some
reported
stocks, initial price concessions
buying
that, in
were
not
as
last year's.
Cool weather persisted
throughout most of the week over
the eastern half of the
country, but in the West abnormally
high temperatures continued.
Light frost was reported in
some northern sections at the
beginning of the week.
Near
its close,
heavy to excessive rains occurred over consider¬
able southwestern
areas, Government reports state.
While
widespread rain and cool weather favored
grass and most
other cool-weather
crops over the eastern half of the
coun¬
try, persistently
the
low temperatures retarded
varieties such as corn.
rains and wet
soil
growth of
Also frequent
delayed field work in many central
and
northern districts east of the
becoming weedy in places.
Mississippi River,
There
with fields
was
considerable local
damage by excessive rainfall in
southwestern localities, but
the precipitation was
favorable in many other
districts.
In Oklahoma moisture
is now
ample, except in parts of the
west, while heavy rains in the Pecos
Valley of New Mexico
will be
highly beneficial. In much of the
West there was
not enough rain
during the week to be
materially helpful,
while continued high
temperatures required
heavy irriga¬
tion, with water supplies
dwindling in Montana and Utah
and a critical
shortage in the upper Platte River
and its
tributaries in Wyoming, and in
Arizona.
In the New York
City
the weather
area
was
clear
and
cool
the week.
Loadings
and
cool
weather
prevailed
during
weather
the
latter
two
most
of
or
to 74;
at
Boston it
was
crease
of 163,446
27.7% above the same week in 1938.
freight for the week of June 29 was an
increase of 24,230 cars or
3.3% above the preceding week.
Loading of
cars or
revenue
The Association further reported:
Miscellaneous freight loading totaled 309,397
above the
cars
preceding week and
corresponding week
in
cars, an
1939.
Loading of merchandise less than carload lot freight totaled 149,432
Coal
loading amounted to 123,540
the preceding week and
week
in
an
cars,
an
increase of 280
days.
ConMued
cool
Grain and grain products loading totaled
44,778 cars, an increase of 11,122
above the preceding week but a decrease of
6,713 cars below the
cars
corresponding week in
1939.
Live stock loading amounted to 11,041
cars, an increase of 488
the preceding week and an increase of 626
in
degrees; Pittsburgh,
76;
r!ukee, 64 to 77; Charleston,
Da
60 to
68 to 77; Savannah, 70 to
82; Kansas City, Mo., 53 to
86; Spring¬
field, 111., 53 to 84; Oklahoma
City, 60
City, Co to 96, and
Seattle, 50 to 78.
to
83;
Moody's Commodity Index Gains
Moody's Daily Commodity Index closed at
Friday,
as compared with 155.1
Forest products loading totaled 35,884 cars, an increase of
1,647 cars from
the preceding week and an increase of 2,874
week
in
preceding week and
in
cars
above the corresponding
1939.
Ore loading amounted to 67.438 cars,
an
increase of 23,336
a
decrease of 771
Coke loading amounted to 10,816 cars, an increase of 212
preceding week and
in
an
increase of 4,712
cars
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
July
July
July
July
July
155.1
Lake
154 5
1__
1554
2
Year
155.2
156.4
4.
5--^-!
Holiday
156.4
June
29,
major railroads to report for the week ended
1940 loaded
of 343,715
total
a
cars
of
revenue
freight on their own lines, compared with 332,632 cars in the
preceding week and 310,004 cars in the seven days ended
July, 1, 1939. A comparative table follows:
AND RECEIVED
FROM
CONNECTIONS
(Number of Cars)
Loaded
on
Own
Lines
Weeks Ended—
June 29 June 22
1940
.
1940
July 1,
1939
this
ago, July 5
1939 High—Sept. 22-j
Low—Aug. 151940 High—May 13
Low—May 23
June 29 June 22
1940
1940
24,777
20,439
27,124
5,188
33,034
25,328
22,776
14,706
33,000
24,813
14,327
28,200
Chesapeake & Ohio Ry
Chicago Burlington & Qulncy RR.
Chicago Mllw. St. Paul & Pac.Ry.
Chicago & North Western Ry
14,306
20,382
20,016
18,987
16,147
16,155
14,493
9,802
•2,322
2,291
1,580
1,728
2,858
July 1,
1939
1,347
Gulf Coast Lines
20,490
19,622
2,130
1,891
4,502
14,182
36,461
5,444
18,744
68,184
67,228
57,847
International Great Northern RR
Missouri-Kansas-Texas
1,781
3,865
11,649
43,694
5,757
New York Central Lines
1,941
4,278
14,608
43,129
RR
Missouri Pacific RR
5,634
5,766
Pittsburgh & Lake Erie RR
156.4
Received from Connections
Weeks Ended—
Atchison Topeka & Santa Fe Ry.
Baltlmore & Ohio RR
7,382
30,697
4,947
Southern Pacific Lines
Wabash Ry
Total
5,297
5,410
18,907
18,820
12,951
11,836
15,853
10,614
7,890
7,252
6,788
7,720
7,237
7,256
9,523
9,118
1,415
1,916
1,813
2,806
8,879
2,853
8,243
40,507
40,638
10,583
5,307
10,320
5,034
9,131
4,539
45,682
47,899
37,415
8,820
35,721
5,720
7,395
4,843
4,975
7,347
7,950
5,775
30,027
27,895
8,176
8,295
8,194
4,816
5,204
9,475
8,850
8,143
5,012
4,951
4,520
343,715 332,632 310,004 209,592 208,261 183,331
TOTAL LOADINGS AND
RECEIPTS FROM
CONNECTIONS
(Number of Cars)
157.6
152 8
Weeks Ended—
143.2
172 8
June 29,
1940
June 22, 1940
July 1, 1939
26,596
28,508
27.917
138.4
166 8
_151.9
Chicago Rock Island & Pacific Ry.
31,413
Illinois
30,999
15,205
Central System.
St. Louis-San Francisco Ry
Wholesale Commodity Prices
Advanced Further
During
Week Ended June 29,
According to "Annalist"—
June Average Again Declined
Commodity prices in
the aggregate again moved
higher
last week, the "Annalist"
wholesale
above the
•
The first 18
Pere Marquette Ry
a
Two weeks ago, June
21
Month ago, June 5
3
cars
above the corresponding week
1939.
follows:
June 28
June 29
from the
cars
above the corresponding week
cars
1939.
N. Y. Chicago & St. Louis Ry.._
Norfolk & Western Ry
Salt
week ago.
The principal
individual changes were
advances in hogs and wheat
and
declines in cotton and
rubber.
The movement of the
Index was as
Fri.
above
cars
above the corresponding week,
cars
1939.
to¬
Portland, Me., 51 to 66;
Chicago, 60 to 81; Cin¬
80:
Cleveland, 53 to 79; Detroit, 56 to
as,
above
cars
increase of 18,870 cars above the
corresponding
1939.
Pennsylvania RR
8.8;
cars..
increase of 650 cars above the
preceding week but a decrease of 4,025
cars below the
corresponding week in 1939.
Partial cloudiness
cinnati, 50 to
oo
increase of 10,602
increase of 51,242 cars above the
an
an
Sunday, with slightly
57 to 64
Ended
on
July 5.
This was an increase of 90,922 cars
13.7% above the corresponding week in 1939 and an in¬
temperatures
night, with wind variations
northwest to west and lowest
thermometer changes for the
city and suburbs placed at
about Co degrees.
Overnight
Week
s
today,
running from 59 degrees to 77
degrees.
is looked for
tonight, Saturday and on
warmer
During
Loading of revenue freight for the week ended June 29
totaled 752,326 ears, the Association of American Railroads
REVENUE FREIGHT LOADED
Clear
o3
Car
announced
the
warm-weather
Freight
June 29 Total 752,326 Cars
working days,
business trends this week were not much
changed from last
week's pattern,
Dun & Bradstreet, Inc., reported today.
view of lower
Revenue
commodity price index
Total
77,617
27,015
13,417
13,179
68,521
68,111
In the following we undertake to show also the
loadings
for separate roads and systems for the week ended June
22r
1940.
During this period 95 roads showed increases when
compared with the
same
week last
year.
Total Loads
Total Revenue
'■
■'
Received
547
559
586
1,282
Boston
1,019
1,223
296
7,062
6,446
10,237
9,286
1,571
1,500
2,093
1,834
11
18
22
43
62
1,311
Maine
& Loulsv.
Central Indiana
1,815
2,231
1,517
2,758
1,594
1,837
1,714
2,574
2,263
2,475
1,826
2,426
2,308
Northern
444
370
358
1,279
954
Richmond Fred. & Potomac...
245
7,085
1,403
Aroostook
&
1939
District—([Concl.)
326
322
267
4,478
4,235
Mobile & Ohio
1,166
1,216
Arbor
Chicago Indianapolis
Connections
1940
■
District—
Eastern
Ann
from
1°38
1939
1940
Southern
Bangor <fc
Total Loads Received
Freight Loaded
Railroads
1939
ln40
1938
1939
1940
ENDED JUNE 22
Total Revenue
from Connections
Freight Loaded
Railroads
♦
(NUMBER OF CARS)—WEEK
LOADED AND RECEIVED FROM
REVENUE FREIGHT
27
Financial Chronicle
The Commercial &
151
Volume
Nashville Chattanooga & St. L_
Southern
Norfolk
Piedmont
938
773
8,343
1,900
7.800
6,798
6,116
323
403
384
116
129
959
8,017
6,993
18,842
16,376
14,217
358
315
540
465
137
126
655
610
90,615
79,998
63,610
58,598
Tennessee Central
Delaware Lackawanna
6,982
139
Southern System..
9,073
20,207
Seaboard Air Line
4,708
8,912
3,759
13,036
443
2,154
5,908
1,172
4,604
8,321
1,148
Delaware & Hudson
4,128
991
Central Vermont
& West-
Detroit & Mackinac
1,467
2,021
2,035
Detroit Toledo & I ronton
314
268
175
12,171
4,234
11,152
3,444
12,117
4,727
Lehigh & Hudson River
219
135
164
Lehigh & New England
2,061
1,831
7,840
2,101
1,988
2,629
12,612
Detroit & Toledo Shore
Line...
Erie
•Grand Trunk Western
9,074
Valley
—Maine Central
Lehigh
4,800
Monongahela
2,033
York Central Lines
H.&Harfford
N. Y.N.
New York OntarloGfe Western..
ChiqastrA St. Louts
N. Y Susquehanna & Western.
Pittsburgh & Lake Erie
N. Y.
400
4,894
4,967
9,036
935
5,230
5,720
20,242
2,369
Nopth^We&tern
1,207
Chicago &
6,443
Chicago GreAt Western
1,895
Chicago MtVw. St. P. &
230
180
Chicago
19,385
3,591
Pacific.
St/P. Minn. & Omaha.
Duluth Missabe & Iron Range
41
38
34,806
Duluth South Shore <fc
11,220
1,590
9,107
72
40
20,054
Elgin Jollet & Eastern
.
204
188
333
255
257
234
233
892
823
586
2,090
1,170
677
589
533
903
926
4,816
5,596
4,645
3,593
4,656
2,784
8,850
2,299
161,801
138,413
660
Wabash
Wheeling & Lake Erie
131,312
154,284
Total
118,424
Lake Erie
Bessemer &
380
845
33,000
5,837
Baltimore & Ohio
424
27,068
4,252
22,159
18,820
6,086
504
180
183
12,287
3,218
2,911
563
638
3,108
1,956
6,423
2,119
768
79
61
1,675
1,722
1,773
1,684
5,579
4,602
2,560
2,296
Pacific
9,671
8,922
7 270
3 804
3,614
International
Spokane Portland & Seattle
293
268
325
349
198
1,755
1,850
1,587
1,509
1,394
121,644
97,224
78,212
42,780
38,867
20,439
2,963
28,992
2,569
24,689
2,751
5,297
2,294
4,993
521
396
241
67
65
14,327
1,846
13,299
2,560
13,067
1,414
13,990
13,425
7,252
6,631
1,567
654
619
13,274
2,010
1,958
678
676
621
2,098
1,874
1,839
8,881
2,563
1,295
2,760
252
196
369
19
1,147
1,708
2,291
1,674
945
860
1,649
1,156
839
1,217
1,585
1,223
207
455
279
1,848
1,644
705
120
74
757
753
768
433
427
17
27
33
26,375
23,308
21,005
330
263
263
4,922
1,244
12,505
11,011
7,435
4,672
1,288
7,563
Ishpemlng
Minneapolis & St. Louis
Minn. St. Paul &S. S. M
.
Northern
Spokane
Total
Central Western District—
System.
317
195
4
5
762
17
10
5,728
5,483
12,095
10,512
585
614
33
47
Denver & Rio Grande Western.
221
225
169
41
34
Denver & Salt Lake
79
42
40
38
31
Fort Worth & Denver
Valley
3,186
550
608
574
Island.
2,345
1,397
Illinois Terminal
...
Missouri-Illinois
987
827
1,587
54,784
48,204
47,899
16,630
37,872
Nevada
15,418
North Western Pacific
5,840
6,517
4,133
5,153
15,017
Union (Pittsburgh)
Maryland
11,736
18,450
3,372
Co
9,257
3,156
120,408
155,310
Total
10,995
4,808
2,373
Northern
Peoria & Pekin Union
(Pacific)
Southern Pacific
Toledo Peoria & Western
99,938
115,747
94,364
12,595
Union Pacific System
24,813
3,952
Total
17,588
3,767
48,387
Virginian
22,067
19,622
43,422
3,429
11,836
5,034
1,229
35,416
18,099
17,461
14,526
10,335
4,280
1,213
Alabama Tennessee & Northern
247
226
163
201
142
663
655
702
1,367
1,100
Atlanta Birmingham & Coast..
654
659
813
702
717
4,482
2,873
1,122
4,095
2,816
1,007
9,182
3,902
8,469
4,034
6,857
3,591
458
Atlantic Coast Line
•Central of Georgia
395
448
Charleston & Western Carolina.
189
7
4
1,386
2,070
1,969
109,422
160,266
50,362
47,846
District—
-
201
754
684
1,836
1,414
1,792
1,198
1,557
1,246
Litchfield & Madison
212
278
332
798
822
Midland Valley
417
498
481
236
283
Missouri & Arkansas
160
161
126
284
258
3,865
4,332
13,330
4,350
2,853
8,242
2,538
12,499
1,676
295
Missouri-Kansas Texas
339
Missouri Pacific
Quanah Acme & Pacific.
155
135
415
362
771
536
22
33
26
97
71
837
1,112
Georgia
743
1,439
1,572
258
303
375
406
442
1,428
1,430
1,273
1,008
18,959
22,045
17,722
17,065
10,123
19,018
16,062
5,406
1,068
9,138
4,655
Macon Dublin & Savannah
122
95
124
555
Mississippi Central
148
130
106
Lines._
11,675
323
96
74
7,566
4,524
4,060
2,151
2,538
3,928
2,158
2,696
202
59
84
32
23
32
32,976
31,110
161
7,635
Louis Southwestern
Texas & New Orleans
2,473
Pacific....
Wichita Falls & Southern
Weatherford M. W. & N. W—
3,869
7,941
2,274
5,836
3,567
136
184
16
39
44,416
46,131
46,534
5,587
Illinois Central System
Louisville
&
Nashville
Note—Previous
Bureau
of
* Previous figures,
year's figures revised.
Labor Statistics'
207
x
Weeks Ended June 29
and June 22
-
5,919
4,305
Wholesale commodity prices for
the week ended June 29
week, Commissioner
July 3. "The Bureau of Labor Statistics'
1926 average," Mr. Lubin said.
"This represents the lowest level reached since the first
week in September of last year."
Mr. Lubin went on to
reported
on
index stood at 77.1% of the
state:
0.6%
groups
decline in foods was offset
remained unchanged.
Tubber, resulting in no change
beans, pepper, and hides and
and crude
in the index for raw materials.
Prices of
counterbalanced lower prices
for raw silk, scrap steel,
manufactured commodities on the average were
steady.
The semimanu¬
fractionally, as did also the two groups,
than farm products," and "all commodities other
factured articles group declined
"all commodities other
than farm
products and foods."
following was also contained in the announcement of
the Labor Department:
The 0.2% rise in farm products was caused by higher prices for livestock
The
price increases were corn,
and milk (Chicago market).
Lower prices were reported for barley, oats, rye, lambs and wethers, cotton,
fresh fruits, flaxseed, dried beans, onions, and white potatoes.
Average
prices of farm products are 3.1% below the level of a month ago and 4.5%
above the last week in June, 1939. The 0.6% decline in foods was caused by
sharply lower prices for fruits and vegetables, meats, raw sugar, and corn,
-and soybean oils.
Prices of butter, cheese, hominy grits, corn meal, lard,
black pepper, and edible tallow were higher. The foods' index is 1.6% below
the last week in May and 3.4% higher than the corresponding week of
and poultry.
wheat,
packers' cow hides, skeepskins, and
Rising prices for
were
responsible for the 0.3% advance in
eggs,
chrome calf leather
the hides and leather products
Prices of suitcases and traveling bags and goatskins averaged lower.
for textile products advanced 0.1% as a result of a stronger
group.
exception of raw
The index for housefurnishing goods
showed no change from the preceding week.
Minor fluctuations in metals and metal product prices resulted in no
change in the group index. Building material prices rose fractionally because
of advancing prices for yellow pine timbers, chinawood oil, turpentine and
window sash.
Prices of yellow pine flooring and lath and linseed oil were
market for cotton
textiles.
Other important items showing
apples, hops, sweet potatoes,
last year.
Other textile items, with the
minor price changes.
silk, showed
slightly lower.
declined 2.4%. Prices
The index for the chemicals and
allied products group declined 0.4%, influenced by price decreases for
certain fertilizer materials and oils and fats.
Quotations for arsenic, cream of
tartar, and tartaric acid were higher.
A fractional advance in prices of
anthracite resulted in no change in the index for the fuel and lighting ma¬
of paper
dropped 2.1% and crude rubber
and pulp were 0.2% higher.
terials group.
Higher prices for farm products, cocoa
skins
1939.
Cattle feed prices
by increases of 0.2% for farm
products and 0.3 % for hides and leather products. The indexes for chemicals
and allied products and miscellaneous commodities declined and textile
products and building materials registered minor advances.
The fuel and
lighting materials, metals and metal products, and housefurnishing goods
The
24.
1
3,452
The index
remained at the level for the previous
Lubin
Total
291
Discontinued Jan
Index of Wholesale Com¬
modity Prices—Figures for
Texas &
7,983
2,364
104
Francisco
St.
St. Louis-San
595
Georgia & Florida
•Gulf Mobile <fe Northern
-
415
282
113
-
1,355
1,567
1,822
1,418
1,959
378
2,098
261
--
-
Louisiana & Arkansas
207
Midland
1,678
-
1,347
1,916
2,103
258
•
Southern
913
Durham <fc Southern
237
110
-
1,902
1,694
Gulf
Kansas Oklahoma &
Kansas City
310
Florida East Coast
-
2,076
1,941
International-Great Northern..
1,252
400
...
«
2,291
199
& Greenville
»
143
121
191
Burlington-Rock Island..
1,290
Cllnchfield
35
84
Gulf Coast Lines
Atl. & W. P.—W. RR. of Ala..
1,229
2,529
1,629
Fort Smith & Western.!
Southern District—
8,723
2,317
106,390
Total
Southwestern
15,828
2,383
167
Western Pacific
Chesapeake & Ohio
Norfolk & Western
559
1,624
Utah
Pocahontas District—
Galnsville
City
1,303
Pennsylvania System..
Columbus
Chicago & Eastern Illinois
Colorado & Southern
67,228
Penn-Reading Seashore Lines..
Western
Chicago & Illinois Midland
Chicago Rock Island <fe Pacific.
1,239
Cumberland <fc Pennsylvania
Reading
Chicago Burlington & Quincy..
543
Central RR. of New Jersey
Long
Bingham <fc Garfield..
348
Cornwall
429
3,941
547
1,490
7,373
Buffalo Creek & Gauley..
Cambria & Indiana
Ligonler
2,185
2,374
15,039
1,708
548
5,316
476
Atch. Top. & Santa Fe
475
683
4,087
499
Alton
Allegheny District—
Akron Canton & Youngstown..
159
215
6,737
806
8,018
3,227
Rutland
3,585
16,358
Lake Superior &
890
2,476
6,852
3,232
7,237
3,330
464
5,482
4,409
Pittsburgh & West Virginia
8,878
9,523
2,501
21,098
South.
Great Northern
Green Bay & Western
Pittsburgh & Shawmut
\
14,576
2,190
16,726
16,815
2,423
17,486
3,386
12,428
1,549
9,188
Atlantic.
Ft. Dodge Des Moines &
1,446
Pittsburgh Shawmut & North..
•'
'
V
District—
Northwestern
40,638
12,667
1,930
10,320
1,651
7,693
4,951
388
Pere Marquette
1,691
3,789
4,356
34,557
7,652
97,665
Total
9,983
5,716
1,970
2,934
1,330
29,147
7,971
1,345
4,184
1,948
43,694
9,340
1,239
5,634
Montour..
New
Southbound.. .
7,470
8,268
2,403
2,469
3,550
2,810
♦
6,825
1,924
1,507
Winston-Salem
4
Bureau of
prices de¬
creased 0.4% due to a sharp break in prices of farm prodnets, iiarticularly grains, livestock, poultry, fruits and vege¬
tables, Commissioner Lubin announced on June 27.
The
Labor Department's announcement also had the following
During the previous week, ended June 22, the
Statistics index of wholesale commodity
Labor
to
say:
because of
Quotations
lambs, live
poultry, apples, oranges, hay, flaxseed, and potatoes.
Higher prices were
reported for ewes, wethers, cotton, lemons, hops, fresh milk (Chicago),
onions, and wool.
Average prices for foods at wholesale decreased slightly
as a result of lower prices for flour,
fruits, vegetables, lamb, mutton, veal,
lard, pepper, and cottonseed oil.
Prices were higher for butter, cheese,
evaporated and powdered milk, canned and dried apricots, pork, cocoa
The
beans,
In
varns,
products
farm
decreases
were
for
coffee,
the
group
index dropped 1.8%, principally
4% for livestock and poultry.
barley, corn, rye, cattle, hogs,
of 5% for grains and
lower
raw
hides
duck,
wheat,
sugar,
and
print
and the group
oats,
and tallow.
leather products group
cloth,
higher prices for hides, calf-
sheeting, muslin, tire
index remained at 99.6.
fabric, and cotton yams
The Commercial & Financial Chronicle
28
advances
Marked
brought
for
in
prices
for
silk,
raw
denim, sateen, hosiery, silk knitting
prices
California
gasoline
accounted
The
lower prices
building
yellow
Lower
prices
linseed
declined
index
oil,
Quotations were
Yellow
advanced.
sand
and
The Edison Electric Institute, in its current
declined 3.1%~ttrrd
week crude rubber
the
light and
1940,
The current
2,514,461,000 kwh.
was
week's output is 9.3% above the output of the corresponding
week of 1939, when the production totaled 2,300,268,000
kwh.
The output for the week ended June 22, 1940, was
estimated to be 2,508,825,000 kwh., an increase of 9.8%
the like week
over
paraffin
re¬
industry of the United States for the week
power
ended June 29,
a
year ago.
PERCENTAGE
INCREASE FROM PREVIOUS YEAR
dropped
wax
Cattle feed advanced 1.6%, and paper and pulp rose 0.8%.
sharply.
weekly
port, estimated that production of electricity by the electric
tilizers caused the chemicals and allied products group
During
9.3%
Week Ended June 29, 1940,
a Year Ago
Above
materials, and mixed fer¬
index to drop 0.1%.
tetrachloride, fertilizer
tin
lower prices
pine lath and
of
because
rosin.
and
shellac, turpentine,
for
in
steel, babbitt metal, and zinc sheets.
group
timbers,
tung oil,
flooring,
0.4%
of
products group index was the
for bar silver, solder, and pig tin.
scrap
and
and
Prices for anthracite were slightly higher.
materials
pine
decrease
a
fields
the fuel
Pennsylvania
the
from
in the metals and metal
higher for spiegeleisen,
for
for
index.
group
The minor decline
of
Electric Output for
burlap, hemp, and jute.
yarns,
crude petroleum
for
lighting materials
result
worsted
yarns,
textile
the
Falling
weaving
silk
print clotht, sheeting, muslin, tire fabric, and cotton yarns
products group index up 0.1%.
Prices were lower
duck,
yarns,
July 6, 1940
Major Geographic
following tables show (1) iiidex numbers for the main
groups of commodities for the past three weeks, for June 1,
1940, and July 1, 1939, and the percentage changes from
June 1 and June 22, 1940, and July 1, 1939 to June 29,1940;
(2) important percentage changes in subgroup indexes from
June 22 to 29, 1940.
1940 June 22.
June 29,
Regions
The
Week Ended
Week Ended
Week Ended
Week Ended.
1940 June 15,
June 8,1940
1940
__
5.1
7.0
New England
5.8
4.2
6.1
6.0
6.6
5.4
134
14.9
15.9
12.3
4.3
8.1
6.7
west central
6.0
8.1
7.7
9.7
10.4
21.7
21.8
18.2
14.1
Southern States
Rocky Mountain
6.9
7.7
9.4
6.2
9.3
Pacific Coast
9.8
11.1
8.7
(1926=100)
Total United States.
Percentage Changes to
29,
July
June
1.
June
1,
1939
June 22
June 1
1940
FOR
RECENT
77.1
77.1
(THOU8ANDS
1939
1940
1940
29, 1940 from—
—0.9
75.5
77.8
77.4
OF
KILOWATT-HOURS)
Percent
Change
Week Ended
All commodities.
WEEKS
July 1
1940
15,
22.
1940
June
1940
June
June
Commodity Groups
DATA
+ 2.1
1929
1937
1932
2,176,368
2,173,223
2,188,124
2,193,779
2,176,363
2,194,620
2,198,646
2,206,718
2.131,092
2,214,166
2,213,783
2,238,332
2,238,268
2,096,266
2.298,005
2,258.776
1,465,076
1,480,738
1,469,810
1,454,505
1,429,032
1,436,928
1,435,731
1,425.151
1.381,452
1,435,471
1,441,532
1,440,541
1,456,961
1,341,730
1,415,704
1940
1939
1940
from
1939
Farm products
65.7
65.6
66.8
67.8
02.9
-f 0.2
—3.1
+4.5
Food*
69.7
70.1
70.2
70.8
67.4
——0.6
—1.6
+3.4
Hides and leather products.
Textile products
99.9
99.6
99.6 100.5
93.1
+0.3
—0.6
72.0
71.9
71.8
72.2
66.9
+0.1
—0.3
+ 7.0
71.9
71.9
72.2
72.3
73.7
0
0.6
—2.4
Fuel and lighting materials.
Metals and metal products..
94.8
94.8
94.9
94.7
92.4
92.3
92.4
92.6
89.7
76.0
76.3
0
+ 0.1
+ 1.6
+0.1
—0.1
+3.0
93.3
Building materials
Chemicals and allied prods..
—0.4
—0.8
Apr.
6
May
76.4
76.6
89.9
89.9
89.9
87.0
0
0
+3.3
May 18
May 25
77.2
76.9
73.6
—0.4
0
+ 4.5
June
1
Raw materials..
70.2
70.2
70.9
71.4
67.7
0
—1.7
+3.7
June
77.8
77.9
77.8
78.0
74.1
—0.1
—0.3
+ 5.0
June
80.6
80.0
80.7
81.1
79.8
0
—0.6
+ 1.0
2,448,865
m
15
Manufactured commodities.
2,386,210
2,387,566
2,422,212
8
Semimanufactured articles..
m
•
»
June 22
commodities other than
All
i
79.7
79.6
79.7
—-0.1
78.3
80.0
—0.5
+ 1.7
commodities other than
farm
products and
....
June 29...
farm products
All
foods..1
82.4
82.3
82.4
—0.1
80.5
82.5
—0.2
+ 2.2
July
13
July
20
2,332,216
2,452,995
2,516,208
2,508,825
2,514,461
6
July
2,173,510
2,170,671
2,199,002
2,182,727
2,163,538
2,170,750
2,170,496
2,204,858
2,113,887
2,256,823
2,264,719
2,285,083
2.300,268
2,077,956
2.324,181
2.294,588
2,417,994
2,421,676
2,397,626
m
11
77.2
x
m
•
Apr. 27
May
4-.-—.
89.9
commodities.
2,381,456
Apr. 13
Apr. 20
76.9
House furnishing goods
Miscellaneous
+7.3
•
--
+ 9.6
+ 11.4
+ 10.1
+ 9.8
+ 10.3
+ 10.0
+ 11.6
+ 11.1
+ 10.3
+ 8.7
+ 11.1
+ 9.8
+ 9.3
1,663.291
1,696.543
1,709,331
1,599.822
1,688,434
1,598,492
1,704,426
1,705,460
1,615,085
1.689,925
1,699,227
1,702,501
1,723,428
1,592,075
1,711,625
1,727,225
1,433,993
No comparable data.
x
IMPORTANT PERCENTAGE CHANGES IN SUB-GROUP INDEXES FROM
TO JUNE 29,
JUNE 22
April Statistics of the Electric Light and
Power Industry
1940
Increases (Concluded)
Increases
Other building materials
Hosiery and underwear
Dairy products
Cotton goods
0.5
Paper and pulp
Woolen and worsted goods
0.2
0.1
Anthracite
0.1
100% of the electric light and
Drugs and pharmaceuticals
3.2
2.1
1.3
1.0
0.7
Livestock and poultry
Hides and skins.
0.1
on
Decreases
Decreases
The
following statistics for the month of April, covering
June 25
(Concluded)
4.0
Other leather products
Other foods
0.3
Silk
Fruits and vegetables
3.8
Leather.....
0.1
Crude rubber
2.4
2.1
Ceres1 products
0.1-
Cattle feed..
Nonferrous metals
0.1
Other farm products
Meats
Paint and paint materials
Fertilizer materials
0.1
0.7
Other miscellaneous
0.5
Oils and fats
5.0
...1
1.8
Data
undergoing
plants
and
Suppl
/ as a
form
of
revision
week
last
declining in each of the eight preceding weeks.
the
preceding week, 75.6
based
on
a
was
75.0
month
reached by the
January.
index this
100.
year was
and 71.9 a year ago,
The highest point
78.5, in the first week of
The Association's announcement, dated July 1,
1939
Per Cent
+ 19.8
4,306,090
+ 3.5
3,999,374
5.537,224
4,102,257
10,879,335
week's rise in the all-commodity index.
moderate advance
now
over
were
largely responsible for last
The food price average registered
9,069,755
+ 12.5
8,708,752
9,639,481
In the farm product
higher quotations for cattle, poultry, and wool
decline in grains.
indexes.
more
than offset
Fractional increases took place in the fuel and textile
and,tin.
24
SALES
(REVISED
declined; in the preceding week there
declines; in the second preceding week there
were
were
w
eek
21
advances and 36
18
advances and
28
declines.
Percent
1940
Number
Residential
domestic
or
Change
24,221,593
652,071
23,449,671
+3.3
577,450
+ 12.9
4,200,994
178,711
23,887
Rural (distinct rural rates)
Commercial or Industrial:
4,157,310
185,055
24,872
77,777
Small light and power
Large light and power
Street and highway lighting
Other public authorities
88,390
209
Street and interurban railways
Electrified Steam railroads
+ 1.1
—3.4
Percent
31
1,119
29.367,025
28,473,510
1,856,256,000
123,930,000
1,700,817,000
+9.1
125,481,000
—1.2
1,757,999,000
4,610,728,000
154,937,000
220,912,000
1,635,203,000
3.889,239,000
152,324,000
204.328,000
325,533,000
156,112,000
63,490.000
323,826,000
150,618,000
61,581,000
+ 3.1
9,269,897,000
8.243,417,000
+ 12.5
$194,414,600
Total ultimate customers.
Kilowatt-hour Sales During Month of AprilResldential or domestic
...
Rural (distinct rural rates)
Commercial
or
Preced'g
Week
Week
June 29, June
Group
22,
Month
Year
Ago
Ago
June
1940
1940
1940
July 1,
1939
$183,265,800
+ 6.1
69.3
68.5
70.6
Large light and power
Street and highway lighting
Other public authorities
47.8
46.6
46.1
57.1
57.3
60.1
1
Revenue from ultimate customers
61.3
61.0
+ 1.7
+ 8.1
Railways and railroads:
47.1
57.8
+ 7.5
+ 18.6
+0.1
+3.6
69.0
....
Cottonseed oil.........
+3.1
industrial:
Interdepartmental
(1926-28=100)
Latest
Bach Group
Bears to ths
225
28
1,142
Interdepartmental
Total ultimate customers.
Total Index
Foods
... ...
Fats and oils
23.0
1939
of Customers as of A pril 30—
Street and interurban railways
Electrified steam railroads
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Compiled by the National Fertiliser Association.
25.3
SERIES) DURING MONTH
OF APRIL
Small light and power
Twenty-nine price series included In the index advanced during the
and
a
A drop in the metal index resulted from lower quotations for steel
scrap, copper
OF
1937
the preceding week, but with that exception it is
the lowest level recorded since last August.
at
Total
1938
4,709,378
Railways and railroads:
Rising prices for foodstuffs and livestock
group,
Power
5,363,065
This index
continued:
a
U. S.
the
after
compared with 74.6 in
ago,
the 1926-28 average as
of industry generating
generation for
6,423,215
4.450,120
CLASSIFICATION
advanced
released
whole for the month of April was as follows:
price index compiled by the
Association
in the week ended June 29
The
1940
National Fertilizer Association
Fertilizer
classification
to
as
presentation.
Hydro
wholesale commodity
were
0.1
Wholesale Commodity Prices Rose During Week Ended
June 29 After Prolonged Decline, According to
The
industry,
Source and Disposal of Energy D iring Month of April
0.2
Fuel
National
power
by the Edison Electric Institute:
Farm products
1,
61.5
58.5
56.2
66.2
Average Customer Data for the 12 Months
Ended April 30
52.7
62.3
55.5
1940
59.4
Livestock
SERIES)
59.8
58.6
61.4
Cotton...........
Grains..........
RESIDENTIAL OR DOMESTIC SERVICE (REVISED
57.8
£9.2
61.3
17.3
Fuels..
82.4
82.2
82.3
77 A
Average annual bill
10.8
87.4
87.7
87.8
77.9
Revenue per kilowatt-hour
70.7
70.6
69.9
92.0
92.4
92.2
Building materials
84.8
869
$35.54
% Change
+5.4
87.8
6.1
1939
62.7
7.1
Miscellaneous commodities-.
Textiles..
Metals
_
910
$36.09
Kilowatt-hours per customer
84.0
8.2
.......
84.8
85.9
1.8
Chemicals and drugs
95.0
95.0
95.0
91.9
0.3
Fertilizer materials...
69.1
69.5
72.2
68.3
0.3
Fertilizers
77.3
77.3
77.4
77.3
0.3
Farm machinery
94.0
94.0
95.0
94.9
75.0
74.6
75.6
71.9
100.0
All groups combined
3.94c
4.09C
+ 1.5
—3.7
May Sales of Ordinary Life Insurance Increased 7%
Above Year Ago—Five Months' Sales 5% Below
1939
See
Period
Advertising Page viii.
/
Volume
Trend of Business in Hotels,
According to Horwath &
Horwath—May Sales Increased 6% Over Year Ago
ix.
See Advertising Page
New construction financing for the year to date,
than the $951,186,000
lower
year
Ended
Week
for
Debits
Below
Debits to
a
June
26,
May
6% above the total reported for the
corresponding period
year ago.
These
xigures
are
reported
as
July 1, 1940, by the
on
Manufacturers'
FEDERAL RESERVE
SUMMARY BY
13 Weeks Ended
Week Ended
Federal Reserve District
June 26,
June 28,
June 26,
June 28,
1940
1939
1940
1939
$440
U18
$5,917
The value of manufacturers' inventories, according
Board's
the
Rising
adjusted
from
lOl
3,217
New York
3]736
47,544
46,067
5,631
Philadelphia
397
B84
5,717
Cleveland..
546
/468
/273
7,208
4,015
300
Richmond
'
6,274
3,574
2,916
14,891
at
St. Louis.
231
264
3,096
was
Minneapolis
146
139
2,309
1,971
Beard's
Kansas City
248
242
185
173
San Francisco
642
584
3,420
2,680
8,605
3,274
Dallas
$7,743
2,465
7,959
...
$110,255
$103,635
3,392
4,366
43,403
57,753
601
9,099
8,246
133 Other centers
Canters for which bank
debit figures are available back to
the
goods shipped by manufacturers, despite the rise in
the
of
low
Half Private
The
by
sharp
new orders since March has not been accompanied
rise in either production or shipments; this indicates
advance in the backlog of manufacturers' unfilled orders.
of manufacturers as a whole remained close to the level
gain
Inventories
Up 24%
engineering construction awards for the first half
$484,244,000, are 24% higher than the volume for
the corresponding 1939 period according to "Engineering
News-Record." The high volume of industrial building con¬
Private
of 1940,
spurred by defense spending is responsible for the
The private gain, however, is offset by a 23%
public construction, with the result that total
construction for the first six months, $1,389,616,000, is 11%
struction
increase.
decline
in
lower than last year.
Industrial building
for
after
100)
in
proportionate
a
considerable
1919.
Engineering Construction
109
demand,
allowance for seasonal changes, the
remaining at 111.
It was, however, 2%
March and 21% above the May, 1939, figure
April,
(1936 equals
reached after the
First
in
as
same
index
92.
53,091
a
*
gains occurring in
non-ferrous metals.
Some important non-durable goods
shared in the improvement, but gains were comparatively small.
Significant advances in the chemical, electrical equipment, iron
and steel, machinery, paper and textile groups were offset by declines in
boots and shoes, clothing, rubber, lumber and railroad equipment.
of
42,299
4,179
676
140 Other leadingoenters *
$8,359
2,887
Total, 274 reporting centers
New York City •
the advance, with the
electrical equipment, iron and Bteel,
continued to lead
industries
goods
The value of
above
the Board's seasonally
and
industries
3,276
16,196
3,368
in April,
11%, while that over May, 1939, was 24% ; compared
to
pronounced
206
little change for the fourth
year's low in March, a rise of 20% was recorded.
machinery
1,473
232
Chicago
showed
Under date of June 29 the Board added:
slightly faster rate than
a
durable
The
most
1,158
Atlanta...
index,
index of new orders (1936 equals 100) advanced to 112 In May
in April and from the l940 low of 93 in March.—The gain over
April amounted
$5,517
...
further substantial
according to the preliminary indexes for May compiled by
of industrial economics of the Conference
with this
Boston
a
the "division
consecutive month.
(In Millions of Dollars)
orders showed
in^AIay to a new high mark for the year, but shipments
remained at about the same level as in April and March,
to
DISTRICTS
new
rise
Board.
System.
Board of Governors of the Federal Reserve
Remain Stable
ments
ended
26, aggregated $7,743,000,000.
Total debits during
the 13 weeks ended June 26 amounted to $110,255,000,000,
a
Board Reports Manufacturers' Orders in
Continued to Rise—Inventories and Ship¬
Conference
deposit accounts (except interbank accounts),
June
or
funds for non-Federal work, 61%
year ago.
7.4%
1940,
Year Ago
reported by banks in leading cities for the week
as
a
period last year.
private investment, 20% more than a
and $94,153,000 in Federal
ago,
$632,535,000, is 33%
reported for the six-month
This total includes $538,382,000 in
less than
Bank
29
The Commercial & Financial Chronicle
151
period of rapid accumulation from October, 1939,
through
Compared with May, 1939, the Board's index (1936 equals
100) showed a gain of 18%.
In terms of orders booked, inventories at
the end of May were considerably lower than in March.
For many of the
industries included in the index, the inventory position can no longer be
January, 1940.
judged by normal peacetime standards.
The following table gives the Conference Board's indexes of the value
of manufacturers'
inventories, new orders and shipments for May, 1940,
for
the
and
month
preceding
for
changes.
together
with
adjusted
the corresponding month of 1939,
These indexes (1936 equals 100) are
for seasonal variation.
percentage
!
Percentage Change from
May,
volume for the period, $222,453,000,
114% higher than last year.
Commercial building and
large-scale private housing, the only other private classifica¬
tion to gain, is 6% above 1939.
Earthwork and drainage records a 23% increase over last
1940
(Revised)
Am.,
May,
1939
is
and highway construction tops a year ago by 7%, for
the only gains in the public works field.
Waterworks
volume is 65% under 1939; sewerage is 53% lower; bridges
and public buildings, off 36 and 49%, respectively; and un¬
classified construction down 14%.
The 11 Southern States report a 14% increase over the
record-breaking volume of a year ago, and Far West exceeds
last year by 9%.
West of the Mississippi just tops the 1939
volume by 0.2%.
Middle West, New England and Middle
Atlantic States are 15H, 19 and 31% lower, in that order.
Inventories
130
131
.
111
May, '40 to
May, '40 to
Apr., 1940
1940
May, 1939
+ 18
+ 1
New Orders.
112
101
90
+ 11
+ 24
Shipments
111
111
92
0
+ 21
year,
June Construction Gains
Engineering construction
awards for the four weeks of June total $252,-
of $63,191,000. On the weekly average basis,
construction is 12% above the average for the five weeks of May, and
five-week June, 1939 average.
month record a 24% increase over last
90% above last year.
Public construction tops May by
18% higher than the
Private awards
month
and are
for the current
under June, 1939.
the three months are:
6%, but falls 3%
Values of awards for
May, 1940
June, 1940
(Five Weeks)
(Five Weeks)
(Four Weeks)
$60,509,000
207,886,000
160,750,000
47,136,000
$92,649,000
$92,044,000
June, 1939
Private
.
Public.
State and municipal
Federal
Total
—
189,647,000
160,719,000
116,127,000
110,885,000
49,834,000
73,520,000
$268,395,000 $282,296,000 $252,763,000
for
and 63% above last
month.
Highways top all averages since April, 1939, and are 41% higher
than in May.
Bridge volume exceeds a month ago by 25%; waterworks are
up 5%; and unclassified construction, 82%.
Decreases from May are
reported in public buildings, 14%; commercial building and large-scale
private housing, 11%; sewerage, 8%; and earthwork and drainage, 68%.
Comparisons of current monthly averages with those for June, 1939.
reveal gains in streets and roads, 28%; industrial buildings, 108%; com¬
mercial building and large-scale private housing, 70%; and unclassified
construction, 110%.
Losses are in public buildings, 27%; bridges, 32%;
waterworks, 20%; sewerage, 51%; and earthwork and drainage, 57%.
Geographically, four of the six sections of the country participate in the
gain over a month ago.
New England reports an increase of 70%, Middle
In the class!
June is
the highest
Atlantic is 22%
52%
reported since December, 1938,
higher, and Far West
and West of
Mississippi are each
higher.
New
volume a year ago, gaining 104%
the 1939 month by 96%. Far West is 30% higher,
England more than doubled its
West of Mississippi tops
and South is up
4%.
New
New
a
the indstrial building average
led construction groups,
decrease of 45%
month.
Capital
capital for construction purposes
for the month totals $51,132,000,
for the corresponding 1939
from the weekly average
The current month's
financing is made up of
$27,859,000 in State
security issues, $8,774,000
in United States Housing Administration loans for low-rent slum-clearance
projects, and $1,225,000 in Reconstruction Finance Corporation loans for
and municipal
bonds, $13,274,000 in corporate
public improvement.
Perkins Reports Little Change in
from Dec. 15, 1939, to March 16,
1940—Revised Indexes
of living for wage earners and lower-salaried
changed very little between Dec. 15, 1939, and
March 15, 1940, Secretary of Labor Perkins reported on
June 12.
"Somewhat higher food costs, as well as higher
costs
for all other groups except housefurnishings and
The
cost
workers
responsible for such advance as
"The cost of living in March,
1940, "was 10% higher than in June, 1933, and 18.2% lower
than in 1929."
Miss Perkins further reported:
miscellaneous items
were
occurred—0.3%," she said.
763,000, a weekly average
June
Secretary of Labor
Cost of Living
estimated is based
habits.
The relative weight of each item in the revised index is based on the dis¬
tribution of expenditures as shown by the 1934-36 study of family expendi¬
tures of wage earners and lower-salaried workers made by the Bureau of
Labor Statistics.
The most important of the additions to the list of com¬
modities and services priced quarterly by the Bureau are automobiles,
gasoline, fuel oil, electric refrigerators, radios, dry cleaning, and beauty
shop services.
One city, Manchester, N. H., has been added to the 32
The cost of living
on
a
new
index upon which these changes were
list of items
cities formerly
revised to represent current consumption
covered by these surveys/
with a recommendation of the Central
Statistical Board,
presenting the re-*
vised indexes of living costs for wage earners and lower-salaried workers.
This base has been recommended by the Central Statistical Board for adop¬
tion by Federal agencies which prepare general-purpose Index numbers.
Differences in changes In living costs as shown by the revised as com¬
pared with the unrevised data are relatively slight.
The increase in living
costs from the low point of June, 1933, to March 15, 1940, was approxi¬
mately 10% based on both the revised and unrevised data, (10.0% on the
revised, 10.5% on the unrevised basis).
Costs of food and housefurnish¬
ings items showed the greatest differences In movement when calculated
with the two sets of data.
The revised food cost index showed an increase
of 16.4% from June, 1933, to March. 1940; the unrevised increased 18.9%.
Increases in the relative importance of citrus fruits and green vegetables and
decreased weight on cereals, potatoes, and apples contributed largely to the
difference.
The housefurnishings index based on the revised figures in¬
creased considerably less over this 7-year period (23.8% as compared with
26.5% for the unrevised index) largely due to the added weight for items of
electrical equipment, which have declined in price since 1933.
For the first quarter of this year the change in total living costs for the
33 cities combined, calculated on the revised index, reflected increases in
17 cities and decreases in 16.
Changes in all cities were slight, none in
excess
of ,1.4%.
Food, clothing, rent, and fuel, light and power were
responsible for whatever increases occurred.
Food costs, on the average, showed a net Increase of 0 8%.
They were
higher in 20 cities and lower in 13 at the end of the quarter.
Boston and
Manchester showed the largest advances with increases of 3.3 and 3.0%,
In accordance
a
base of an average
respectively.
.
increased in all but two cities and in those two the declines
The net change in clothing costs was a rise of 0.9%.
there a change of as much as 2%.
Clothing costs
were
In no
negligible.
city was
of the years 1935-39 is being used in
so
.as
The Commercial & Financial Chronicle
Rental costs, on the
average, remained at
at the beginning of the
quarter.
In 25
but all
were
slight, in
no
case
approximately the
cities
exceeding 0.7%.
advances
In 8
.declines were reported.
rose
reported in 20 cities, slight for the
the increase
as
much
noted,
Industrial
insignificant
the average 0.7%.
on
most part.
as
group
for
which
housefurnishings, for which
.city, i-avannah, reported
consistent
increase.
increases
in
costs
shown
was
result of the usual seasonal rise in
Only
items
of
included
in
Washington, D. C. (4.6%), in each
refrigerators.
(5.0%). St.
chiefly
case
Louis
trend.
The construction
industry did not show its usual
large employment increase from April to May.
The Board
on
July 1 further said:
that
(4.8%),
as a result of the lower
cost of electric
The net change in the cost of
miscellaneous items
reflecting advances in 12 cities
in
no
case
and declines in
a
was
Apart from the rise in agricultural employment, the largest increases
50,000 and 47,000 in trade—distribution—finance and
transportation,
were
drop of 0.1%,
21^_ All changes
were
respectively.
slight^
LOWER-SALARIED
UNITED
STATES,
WORKERS
33
IN
LARGE CITIES
OF
All
labor force
THE
The
as
the
result
a
May
total
unemployment
of
decreases in
of the
emergency
2,214,000.
was
Unemployment
totals and the distribution of employment by industries
Fuel
furnish¬
Miscel¬
and
ing
laneous
Goods
UNEMPLOYMENT AND
EMPLOYMENT
(In Thousands)
New England:
Boston..
included in
May
to
March, April and May of 1940, as well as those for May, 1939, March,
1933, and the 1929 averages are shown in the following table:
Light
Rent
ing
Projects Administration rolls.
173,000 from April
for
Cloth¬
Food
which is
decreased
Work
BY GROUPS OF ITEMS
Items
larger than the normal seasonal increases.
were
labor forcer
total,
Homer-
Area and CUy
These
The emergency
exceeding 2 %.
TABLE I—PERCENTAGE CHANGE FROM DEC.
15, 1939, TO MARCH 15,
1940, IN THE COST OF GOODS PURCHASED BY WAGE EARNERS
AND
Manufac¬
turing was the only major industry showing a decline in
employment, and that was in line with the normal seasonal
one
Of the 32 cities reporting declines,
City
at
agricultural employment,
which increased by 314,000
during the month.
was
city, the advance of 1.6%
the cost
3 reported declines around 5
%—Kansas
and
in
1.7% was shown.
In that
particularly suites of furniture.
group,
drop
net decrease of
a
an
the result of general
was
a
Put
industrial economics of the Conference Board.
The decline
of 342,000 unemployed from
April to May was largely a
use.
only
Board—Jobless
An unemployment decline of
3.8% from April to May
placed the May total of jobless persons at 8,624,000, accord¬
ing to the preliminary estimate prepared by the division of
Increases
Only in Birmingham
2.5%. Eleven cities reported decreases.
In
drop was small, but in Norfolk it amounted to
7.2% and in
Portland, Ore., to 6.3%.
In Norfolk, the decline was due to a
drop in
bituminous coal costs and in Portland to
a decline In the cost of
electricity
The
Conference
8,624,000
most cases the
for domestic
July 6, 1940
Unemployment Down 3.8% in May, Reports National
\
'
The cost of fuel, light and
power
were
was
were
c|tW,
level
same
Avge.
+ 3.3
+ 2.2
—3.0
+ 0.3
+ 0.6
+ 0.4
*—1.7
+0.1
+0.1
—0.8
—0.2
+0.8
+ 2.4
—0.1
c
+ 0.8
—1.4
+0.1
Employment total.
New
+ 11
+2.8
+ 1.1
c
+ 1.4
—2.4
——0.3
—1.1
+0.3
+ 0.2
+ 1.0
—1.2
+ 0.3
+0.6
+ 0.5
b
+0.3
—1.1
Scranton
+0.2
+ 1.1
+ 1.3
+ 0.1
+0.4
+ 1.8
—1.0
+ 1.9
1940
*Apr.,
"May,
—0.1
Philadelphia
Pittsburgh..
Mar.,
1939
Unemployment total
Buffalo
May,
+0.3
+0.2
1933
+0.2
+ 3.0
•^i.o
Mar.,
1929
+ 1.4
+ 1.2
+0.3
.....
Manchester
Portland,
,
Me........
+0.5
+0.1
Middle Atlantic:
East
York
North Central:
Agriculture
b
—0.1
Cincinnati
—0.4
+0.5
c
+0.2
—1.7
—0.4
+ 1.0
+ 1.1
+0.1
c
—0.2
+0.2
+ 0.5
c
b
Detroit
+0.1
+0.4
+0.3
c
—0.1
—2.5
+ 0.1
+ 1.7
+0.1
+ 0.2
—2.1
—0.3
1.0
Public utilities
Trade—distribution—finance
Kansas
Service industries
—1.0
........
—2.4
+ 1.2
+0.2
—0.2
—5.0
—0.7
—0.4
—0.9
+ 0.7
+ 0.1
+0.1
—2.8
—0.3
—0.1
City
Minneapolis.
St. Louis
+ 0.1
+ 0.7
b
+ 1.6
—4.8
—0.2
—0.5
—2.9
Mis cell. Industries
*
8,966
8,624
35,884
44,924
45,616
45,977
46,377
9,961
11,610
10,939
11,491
11,805
267
Transportation
—0.8
9,269
and services..
136
212
206
212
218
19,097
1,067
11,059
3,340
2,465
1,167
8,007
9,003
1,012
Construction
West North Central:
9,382
10,539
__
Manufacturing
+ 0.1
c
Indianapolis
—
14,762
47,925
_
Forestry and fishing.
Total industry
c
—3.2
+ 0.2
Cleveland...
1940
429
Extraction of minerals
Chicago
1940
10,966
15,258
16,042
15,954
15,966
645
571
755
745
745
6,966
9,872
10,633
2,077
1,861
10,480
1,934
1,859
10,419
941
1,549
1.865
1,798
1,953
1,906
865
940
927
936
943
6,407
7.349
7,420
7,385
7,711
9,592
10,069
10,002
7,435
10,017
703
902
939
934
936
Preliminary.
South Atlantic:
Atlanta
+0.8
+2.6
+ 1.5
c
+0.3
Baltimore.........
+0.8
+ 2.2
b
c
+ 1.4
—1.3
+0.1
Jacksonville
—0.5
—1.6
+0.4
—1.6
—2.8
+0.4
Norfolk
—0.8
—1.0
+0.9
+ 1.3
+0.2
—7.2
—0.6
—0.1
Richmond..
—0.4
—1.5
+ 1.1
+0.1
+0.1
—1.3
b
Savannah
+0.4
+0.4
+ 1.8
+0.1
—0.5
+ 1.6
—0.1
Washington, D. C
+0.7
+ 2.4
+0.2
b
+0.7
—4.6
+0.8
—0.2
—1.1
—3.2
—0.3
—0.5
—0.6
+0.4
+ 0.1
—1.8
—2.3
—0.3
0.6
+0.5
+ 0.1
+0.3
—1.1
—2.3
—2.0
—0.5
—1.1
+0.8
c
+ 0.3
—2.1
+0.1
d
—1.6
b
—2.2
—1.8
East South Central:
Birmingham
Mem phis..
.......
Mooiie
—
+0.9
+ 0.7
+ 2.5
West South Central:
Houston
New Orleans.
+0.5
+ 1.3
+0.5
—1.0
—1.1
+0.4
Retail
Food
Costs Increased 0.8% Between
April
May 14, Reports Bureau of Labor Statistics
and
16
The retail costs of food increased 0.8% between
April 10
May 14, Commissioner Lubin of the Bureau of Labor
Statistics reported on June 18.
Higher meat costs and sea¬
and
sonal advances for fresh fruits and
vegetables
partially
were
offset by the decrease in dairy products which
usually occurs
at this season of the year.
Increases in food costs between
—0.5
+0.3
—0.2
d
—0.1
April and May were reported in 47 cities and decreases were
reported in three. In one city there was no change.
Prices
were higher for 20 of the 54 foods included in
the index
Portland, Ore
—1.1
—2.3
+ 1.5
—0.1
—6.3
—2.1
—0.2
and
San Francisco..
—0.4
—1.2
+0.4
—0.1
b
—0.3
—0.1
Seattle
+ 0.7
+2.2
+0.5
—0.2
+0.2
—1.7
+ 0.1
Mountain:
Denver
Pacific:
Los Angeles
+0.3
+ 1.1
—0.6
lower for
This
Average: 33 large cities of
the United States
a
Includes 61
0.06%.
cities,
+0.3
a+0.8
+0.9
at
+0.1
+0.7
-1.7
The
b Decrease
of
less than
0.05%.
c
Increase of less than
cookies.
All
Cloth¬
Fuel
City
Items
Food
New England:
ing
Rent
furnish¬
Miscel¬
and
ing
laneous
Light
Area and
Goods
99.2
100.1
Manchester
95.9
substantial
horn
101.1
100.4
106.7
97.9
100.1
101.5
increase
100.4
102.3
102.2
100.6
92.9
100.3
100.8
101.1
100.1
99.3
100.5
96.6
101.0
105.8
99.2
100.2
New York..
101.9
101.2
99.8
101.9
102.6
100.1
9.84
102.5
98.3
93.2
101.5
September,
103.0
98.6
102.3
100.8
Lamb
102.9
105.1
101.5
101.8
99.1
98.4
96.4
101.9
98.2
96.3
98.9
100.8
99.7
Scranton
93.8
94.2
99.9
108.5
102.8
101.5
Chicago A
Cincinnati..
100.4
April.
99.7
East North Central:
98.4
92.6
103.9
102.2
99.7
100.7
100.7
95.9
102.0
107.6
109.5
100.9
94.5
102.0
107.9
98.8
100.3
Indianapolis
99.9
99.6
94.0
103.4
109.4
97.8
100.8
102.8
97.9
97.1
101.6
......
St. Louis
South Atlantic:
Atlanta
Baltimore.
100.9
107.9
96.8
102.7
100.9
95.2
103.1
101.5
103.0
96.4
100.3
99.7
.......
Jacksonville
Norfolk
91.2
97.1
99.5
96.0
96.6
102.0
101.7
104.1
103.6
100.7
97.1
98.2
101.4
100.1
95.9
101.7
103.6
95.3
99.8
99.3
93.0
102.7
102.1
92.2
99.8
91.1
104.0
102.8
100.7
100.0
97.3
102.2
104.4
97.7
104.6
96.1
103.0
100.0
99.2
101.4
East South Central:
Birmingham..
Memphis.......
Mobile
West South Central:
Houston
New Orleans..
a
The
102.7
112.3
94.1
98.5
100.6
for
104.9
94.0
102.4
100.6
105.6
of
96.4
101.9
99.0
102.9
106.7
95.7
104.9
100.0
100.9
99.8
101.6
102.9
101.8
102.7
100.5
100.7
98.7
93.9
100.0
106.7
97.8
101.5
98.9
100.7
95.6
103.6
107.2
95.5
101.4
Portland, Ore
99.7
95.6
103.1
106.2
San Francisco...
92.7
100.3
95.0
103.0
103.6
91.8
102.9
102.3
101.6
98.7
103.7
106.6
98.3
99.4
102.6
the United States
a
Include 51 Cltl93.
99.9
a95.6
104.6
100.6
100.9
100.8
first
2.8% lower than
pork
two
prices
months
a
dropped
in
1940.
A
of
which
had
dropped
in
February
in prices for these items since the rise in
part to
2.5%
past
the outbreak
and
leg
of
markedly,
rose
the
of
lamb
European
remained
8.0%,
of
war.
unchanged.
continuing
the
months.
four
pink salmon continued its advance with
for
fresh
dairy
in
fish
with
fresh milk in
country
products
the group.
Compared
as
a
declined
6.7%
increase
an
during
the
past
a
year
ago,
they
cities resulted
seven
0.3%,
increased
1.9%
declined
due
to
seasonal
Butter prices were lower in 45 of
whole.
9.5% higher than
were
prices
index
51
for
for
a
which
This
was
14.7%
higher.
average
decline
were
in
an
about 8.0%
decrease of 1.4%.
a
year
less
rose
3.3%
Costs for this
ago.
was
higher than
and
vegetables
than
the
usual
seasonal
due mainly to seasonal
of the fresh items.
These increases ranged from 1.6%
25.5% for onions.
Prices for oranges were higher in all
many
to
cities,
were
fruits
and prices
reported
18.3%, 16.0% and
for
for
green
potatoes advanced
beans,
8.6%, respectively.
lettuce
and
in 33
Declines
amounted to
cities.
spinach
The canned fruits and vegetables
showed no change.
Dried fruits and vegetables rose slightly to a
13.0% higher than a year ago.
Navy beans and prunes increased
1.5% and 1.0%, respectively.
Coffee, showing the only change in the beverage group, declined 0.5%.
Fats and oils increased 0.1%, due to advances of 2.2% for lard and
1.1%
for peanut
0.5%
9.5%
102.2
vanilla
increase
group
of
Average: 33 large cities of
for
The
point
101.2
99.8
chops,
Evaporated milk showed
ago.
bananas
the
which
102.0
Seattle
still
were
which
to
the
month.
advance.
102.2
96.2
pork
in
prices
items
for the
group
Egg
92.0
Pacific:
Los Angeles
year
92.3
97.7
group
level
and
chickens
for the
cost
all
prices for
whole
98.5
99.1
of
due
was
Average
for
1.6%
99.3
100.8
consecutive
for the past six years,
advanced
cities.
increases
,
Mountain:
Denver
100.2
1.2%
un¬
crackers
2.2% in the past month for the beef items resulted
for rib roast, 1.8% for chuck roast, and 0.9%
roasting
average
51
Lower
101.0
102.9
soda
1
The
99.9
99.6
Savannah
for
1.3%.
the
100.3
98.4
Richmond......
Washington, D. C.„__
of
100.6
98.9
and
and
month.
of
97.7
..."
which
chops
decreases
98.3
100.7
99.0
Minneapolis
remained
group
flour
2.2%
The average price of
99.4
103.3
West North Central:
Kansas City
for
macaroni
remained unchanged.
low
This is the first upturn
rib
prices
The
99.5
99.9
Cleveland
products
0.7%
for
third
1939
Prices
upward movement
Detroit
of
the
when the index stood
advanced 11.2% between February
April and 0.4% between April and May.
They were still 9.8% lower
than a year ago.
Prices for cured pork showed an advance amounting to
1.7% for the month, offsetting to some extent the low levels reached in
97.8
,
of
group
to
The
average.
and
97.8
99.1
of
steak.
Portland, Me.
Middle Atlantic:
Buffalo
.Philadelphia
Pittsburgh...
bakery
0.7%
the
of
months
advances
round
the
for
14.
for
to say:
on
1.9%, but costs for.this
few
to the lowest level
*
Boston
last
for
in
due largely
ago,
the
House-
to
items
of
reported
a year ago,
and
Advances
decreases
advanced
costs
amounted
year
cereals
month.
by
Other
Meat
the
the
for
balanced
were
ITEMS, MARCH 15, 1940
lor
was
97.0% of the 1935-39
was
Mr. Lubin went
index
changed
d No change.
(Average 1935-39=100)
No change
3.2% higher than
was
94.0%.
—0.1
TABLE II—INDEXES OF THE COST OF
GOODS PURCHASED BY WAGE
EARNERS AND LOWER-SALARIED
WORKERS IN 33 LARGE CITIES
OF THE UNITED
STATES, BY GROUPS OF
14.
May index for all foods
butter.
for salad
lower
than
These increases were partially offset by declines
dressing and
Sugar prices, which have
ber,
shortening in tin containers.
for May of last
Lard
was
year.
been declining since the sharp Tise in Septem¬
2.4% higher than a year ago.
decreased 0.5%, but were
Volume
47
the
Of
The Commercial & Financial Chronicle
151
cities
which
in
food
advanced,
costs
three
showed increases
Softwoods and Hardwoods
2.0% to 3.0%.
The
Peoria, Milwaukee and Omaha.
Greater
than
average increases
for meats and fresh fruits and vegetables were
responsible for the higher costs in those three cities.
The
three
cities
showing I declines were Boston, 0.9%; New York,
of
3.0%
0.4%,
cisco
and eight showed increases of from
over,
or
occurred
advances
greatest
due
were
During the week ended June 22,
in
teet
to
Lumber
changes were estimated is a
the distribution of expenditures as shown by the
based
index
indexes
retail
food
Board
erf
Statistical
Central
for
This
costs.
base was recommended
by the
changes in
that shown
as
same
in
retail
food costs as shown by the
88
Mar.
Apr. 16,
1940*
1940
1940
May 16,
1939
All foods.
97.0
96.2
95.6
94.0
Cereals and Bakery products-
98.4
98.4
97.9
94.1
Meats
94.9
93.1
91.0
97.6
99.1
101.0
102.3
90.5
77.9
77.7
81.5
78.6
104.6
101.3
99.4
96.9
107.8
103.4
101.0
98.7
92.9
92.9
92.8
91.5
100.9
100.8
101.1
89.3
93.3
93.7
93.9
95.1
Fats and oils-i--.---
82.9
82.8
83.5
86.8
Sugar...
97.3
97.8
98.4
95.0
Dairy products
Eggs
Fruits and vegetables
Fresh
Canned
Dried
...
Beverages
24%
were
10,-
'
and
and
mills
reported production
7,329,000
this
shipments,
feet;
In the
a
feet
8,064,000
of hardwoods,
case
and
and
year
7,045,000
ago
year
10,338,000
feet,
orders, 9,952,000 feet and 10,442,000 feet.
United States Wheat
Supply Expected to Total 1,000,000,000 Bushels, Says Agricultural Department
supply for the 1940-41 season now
likely to total about 1,000,000,000 bushels, about the
for the current marketing season ended June 30, the
Bureau of Agricultural Economics indicated on June 26 in
its monthly analysis of the wheat situation.
The condition
of the wheat crop as of June 1 has been interpreted to indi¬
cate a probable out-turn of about 728,000,000 bushels, and
available data as to the utilization and supplies of old wheat
indicate a probable carry-over of about 280,000,000 bushels.
If domestic utilization of wheat in the new marketing season
is about the same as in the present season, the supply avail¬
able for export and carry-over would be about 325,000,000
bushels.
The Agriculture Department further said:
same as
May 14,
Commodity Group
week
8,790,000 feet.
was
seems
1935-1939 34100
Five-Year Average
same
or
The domestic wheat
OF RETAIL COSTS OF FOOD
COMMODITY GROUPS
BY
feet,
218,707,000 feet and 236,848,000 feet.
identical
feet
by the unrevised index.
REVISED INDEX NUMBERS
*
received,
.
revised ascompared with the unrevised data are due largely to increases in the
relative importance of citrus fruits and green vegetables and
decreased
weights on cereals, potatoes, and apples.
The change in retail food costs
as
shown by the revised index from April to May is approximately the
Differences
feet.
10,881,000
as
Shipments as reported for the
20% above production.
Production
or
Reports
236,967,000
was
business
new
during week ended June 22, 1940, of 384 identical softwood
mills was 234,564,000 feet, and a year ago it was 224,178,000 feet ; ship¬
ments were, respectively, 218,034,000 feet arid 222,064,000 feet, and orders
adoption by Federal agencies which prepare
index numbers.
general-purpose
Production
give
Production
presentng the
of the years 1935-39 is being used as a base in
average
revised
mills
production.
Identical Mill Comparisons
Bureau of Labor Statistics.
In accordance with a recommendation of the Central Statistical Board,
an
hardwood
108
509,000 feet,
made by the
workers
231,061,000
shipped
totaled
lower-salaried
of wage earners and
of family expenditures
study
1943-36
on
production,
7% below production.
or
above
combined;
Revised
reported for the week ended Juno 22, 1940, by 400
220,750,000 feet, or 7% below the production of
Shipments as reported for the same week were 220,552,000
mills
from
The retail food cost index upon which these
revised
498;
mills.
feet,
245,757,000
feet;
figures for the preceding week
245,985,000 feet; shipments, 225,218,000
490 mills produced
1940,
hardwoods
231,631,000 feet.
222,002,000 feet.
the
same
and
orders
softwood
products.
dairy
for
creases
of
Mills,
feet; orders,
products,
dairy
softwoods
were;
Lower costs in Boston and San Fran¬
declines in meat costs, greater than average decreases
together with relatively small increases for fresh
fruits and vcgetablese.
In New York lower costs were due to declines
ir. the costs of fresh fruits and vegetables and greater than average de¬
for
of
booked orders
Francisco, 0.3%.
San
and
31
12,
World wheat supplies for the year
000,000
beginning July 1, 1940
smaller than
bushels
200,000,000
to
a
year
may
earlier,
totaled 5,459,000,000 bushels the largest supply on record.
Preliminary
the large world crop in
be 100,they
when
As
a
result of
1939, the world carry-over on July 1, 1940 is ex-,
pected to be about 250,000,000 bushels larger than the estimated 1,189,000,000 bushel carry-over on July 1, 1939, but the 1940 world crop (exclu¬
Weekly Statistics of Paperboard Industry
National
to
sive of Soviet Russia and China)
the
Paperboard Association, Chicago, 111., in relation
give herewith latest figures received by us from
We
activity in the paperboard industry.
The members of this Association represent 93% of the
total industry,
and its
program
also
a
includes
a
statement each
and
orders and production,
week from each member of the
figure which indicates the activity of the
mill based
operated.
These figures are advanced to equal
that they represent the total industry.
the time
on
100%,
so
PRODUCTION, MILL ACTIVITY
STATISTICAL REPORTS—ORDERS,
Unfilled
Orders
Percent of
Activity
and 450,000,000
bushels.
Although
world supplies
points to
information
which
on
1939
crop
base
to
a
4,270,000,000
of
in important European-producing areas, the Bureau stated.
acre
Production
the
in
Northern
Hemisphere
may
drop 400,000,000 to 500,-
000,000 bushels below the estimated 3,866,000,000 bushels harvested last
Most of this reduction is in Europe.
year.
Production in the Southern
Hemisphere, however, may possibly total about 50,000,000 bushels more
than the estimated 404,000,000
bushels production
a
earlier.
year
On the basis of the poor wheat crop indicated in Europe
this year, were
it not for present European military and political conditions world trade
wheat probably
would be well above that of
Orders
that
Production
Tons
Tons
Tons
Current
196,174
65
187,002
74
183,699
176,308
167,240
159,216
145,706
142,554
137,631
138,446
132,455
130,871
72
70
75
71
72
71
71
71
70
71
cents above.
69
71
and above the levels of last August, before the war broke out in Europe.
130,202
157,023
143,505
105,945
120,791
115,419
121,596
115,988
114,463
115,189
114,156
113,710
112,855
114,958
113,555
107,853
111,431
105,929
117,388
122,194
125,823
122,868
123,579
129,536
6.
87,746
Jan.
13.
110,169
Jan.
20.
Jan.
27.
111,332
111,954
106,954
106,292
101,097
Jan.
3.
Feb.
Feb.
10
Feb.
17.
108,784
24
Feb.
Mar.
2.
104,466
Mar.
9
111,714
Mar. 18
107,024
108,134
Mar. 23
Mar. 30
102,462
Apr.
6
Apr. 13
Apr. 20
Apr. 27
105,140
May
4
May 11
136,203
May
129,869
146,057
139,841
18
May 24.
Cumulative
69
imports
show
may
only
a
moderate increase.
surplus-producing countries in 1940-41
69
are
Exportable
surpluses in
expected to total about 1,000,-
000,000 bushels.
Domestic
wheat prices continue above prices
exported without a subsidy.
about 24
cents
at which
wheat could be
Prices of hard winter wheat at Gulf ports are
above export parity,
and those at Pacific ports about 29
Wheat prices are also generally above the levels of a year ago
71
69
71
70
71
70
70
Steady Demand for Rayon Keeps Industry Operating
at Capacity, Says "Rayon Organon"—Six Months
129,466
67
70
123,255
147,254
68
70
66
70
175,162
72
70
193,411
75
70
204,612
77
71
210,488
74
71
242,787
254.638
76
71
79
72
247,644
75
72
upon
issue
1
115,557
121,378
June
8
137,283
124.679
257,836
77
72
June
15
127,346
245,818
79
72
June 22
119,998
125,377
128,914
73
125,347
128,842
241,099
236,693
79
June 29
80
73
June
in
The blockade
any recent year.
and governmental policies, however, may restrict world movement so
Received
Week Ended
of
indication
June
the information available
is scantier than usual this year,
reduction in world wheat acreage for the 1940 crop and smaller
a
yields per
be reduced by between 350,000,000
may
bushels from the estimated
Deliveries
The
Gained
13%
steady demand for
over
1939
filament yarn, which has
rayon
Prevailed the the industry duringessentially atmonths ofbased
kept in industry operating the first six capacity 1940
as
present deniers of yarn being spun, states the current
of the "Rayon Organon," published today (July 6)
by the Textile Economics Bureau, Inc., New York.
announcement explained the following:
Cumulalative rayon yarn deliveries for the first half of 1940
pounds,
184,000,000
according
to
records
compiled
by
the
An
aggregated
"Organon".
This compares with deliveries of 162,700,000 pounds in the corresponding
Week Ended June 22, 1940
Report of Lumber Movement
production during the week ended June 22, 1940,
was 0.1% less than in the previous week; shipments were
3% greater; new business, 4% greater, according to reports
Lumber
to
the
National
Manufacturers Association
Lumber
from
regional associations covering the operations of representa¬
tive hardwood and softwood mills.
Shipments were 6%
production. Com¬
1939, production was
4% greater; shipments, 3% less, and new business, 8% less.
The industry stood at 73% of the seasonal weekly average
of 1929 production and 73% of average 1929 shipments.
below
production; new orders, 0% below
pared with the corresponding week of
period of 1939, or an increase of 13%.
For June
1940 deliveries to domestic
consumers
aggregated 31,100,000
pounds against 31,900,000 pounds delivered in May and 33,f 00,000 pounds
delivered
June
in
June 30
totaled
held
1939.
Stocks
of yarn
held
by domestic producers on
May 30.
on
13,200,000 pounds
"It should be noted,
is
as
compared with 12,500,000 pounds
however," states the Organon, "that the industry
entering the season of the year when operating schedules are some¬
now
what reduced to allow
forjplant employee vacations and machine repairs.
Several yarn operating companies have already announced vacation
ules, while others are now
It is
expected that
tions
much
and
as
over
sched¬
believed to be engaged in making their plans.
the next few months the time taken out for vaca¬
machine repairs
may
reduce the industry's yarn output
10,003,000 pounds, based
on
a
by as
typical ten-day period."
The Association further reported:
Year-to-Date
Comparisons
25 weeks of 1940 to date was 8% above
corresponding weeks of 1939 ; shipments were 6% above the shipments,
and new orders were 5% above the orders of the 1939 period.
For the
25 weeks of
1940 to date new business was 3% above production and
Reported production
shipments
were
for the
ratio
of unfilled
orders
to gross
ago;
gross
Farm
Products
Lowest
Since
September,
Reports Agricultural Marketing Service
See
Cash
stocks was 19% on June 22, 1940,
Unfilled orders were 1% heavier than a
stocks were 3% less.
compared with 18% a year ago.
year
of
Advertising Page xi.
4% above production.
Supply and Demand Comparisons
The
Prices
Income from
Farm Marketings
and Government
Payments in May Totaled $626,000,000
See
Advertising Page xiii.
The Commercial & Financial Chronicle
32
Defense
Program
Brightens
Demand for Farm
cultural
,
Prospects for Domestic
Products, Says Bureau of Agri-
July 6, 1940
tempted to seek an escape by running to some Government
authority to ask to be saved from our difficulties."
There were no crude oil prices posted.
Economics
See Advertising Page xii.
Prices of Typical Crude per Barrel at Wells
(All gravities where A. P. I. degrees
Bradford, Pa
Petroleum and It's
Commerce
Products—Export Outlook Clouded-
Department Sees
mand—Crude
Production in
Gain
in
English
Illinois
REFINED
The
complete collapse of French resistance to the Axis
signing of a separate peace left Great Britain
alode in Europe and at the same time managed to just about
end the European market for American crude oil and refined
products, for the time being, at least.
What the Balkan
developments will mean with fighting in prospect in the
Roumanian oil territory and what the Far East situation will
ultimately be are still unknown factors.
The capitulation of France hit Texas oil men
particularly
LIGHT
been moving large
quantities of crude and refined products to fill the war-needs
French Army and industries.
Quick action by the
Texas Railroad Commission to curtail production to avoid
over-production was necessary to avoid conditions which
might have sent the nation's crude oil price structure toppling.
The Department of Commerce, .in a
special report made
public on June 27, held out some hope in forecasting that
Great Britain will in the future be
likely to buy a larger part
of its crude and refined needs from the United States and
South America.
The report, however, did not minimize the
seriousness of the sag in export demand since the War started
33,547,000 barrels, off 19,721,000 barrels from the figure
for the comparable period a year earlier.
Prices for
way
result.
approximately 220,000 barrels in Texas alone
pared the nation's daily average production of crude oil to
3,639,550 barrels in the final week of June, the closest that
actual production has come to estimated market demand in
The American Petroleum Institute
months.
report disclosed
that for the week ended June 29,
daily average production
was off 206,900 barrels to come within
20,000 barrels of the
June market demand
estimate of the Bureau of Mines
of
3,620,300 barrels.
With the Texas Railroad Commission
ordering production
cuts, output in the Lone Star State during the June 29 week
was off 219,000 barrels to a
daily average of 1,180,150 barrels.
The actual production was 163,000 barrels below the
set for the State
figure
by the Bureau of Mines' estimate, the first
time in months that Texas has
produced under the Federal
estimate.
California output dipped below the
600,000market, dropping 8,200 barrels to a daily figure of
599,000. Louisiana was off 3,950 barrels to 287,750 barrels.
Oklahoma was off 300 barrels, at 420,450 barrels.
Major factor in paring the net loss was Illinois where
production hit a new high at a daily average of 517,050
barrel
barrels.
The week's gain of 15,050 barrels
over
the previous
period put production in the nation's second leading producer
at more than 120,000 barrels above the
levels suggested for
the State in the June estimates of the Bureau
of Mines.
Well completions in the United States in the final
week of
a decline
from the previous period
June showed
gain
by
a
conservative
Permian
would
attitude
Petroleum
require
a
Association
Odessa, Texas.
"It
spirit indeed to pretend to
what may happen to us in the next
years," he said.
"We need
tions if
we
«r
larger factor of safety than
a
are
to weather the
ever
sjorms which
in
our
lie imme¬
and
probably
diately ahead," he continued, /i have confidence that we
industry have learnep our lesson from the past and
we
"The
will pursue
a
sound course."
more
CUT
IN
NEW
DECLINE
sent rates
war
booming.
Tonnage is now available at 25
dirty bottoms; gasoline around 35 cents a
barrel, and kerosene for 37 cents a barrel.
These figures
compare with prices of from 75 cents to 85 cents a barrel
which had ruled from last September when the war boom
started until the recent slump.
Representative price changes, showing the trend of major
markets for refined products, follow:
cents
barrel for
a
July 1—Diesel oil prices
dropping from $1.95
15 cents
were cut
were cut
3-10ths
2 heating oil in the New York New
prices
were
barrel in New York harbor,
a
to $1.80.
July 2—Kerosene prices
gallon
a
as were
England market.
prices
on
No.
New York harbor
5.1 cents for kerosene, and 4.4 cents for No. 2.
j
Gasoline, Service Station, Tax Included
z
New York
z
Brooklyn
z
$.17
.17
Not including
Newark
$.166
Boston
2% city sales
Buffalo
.185
$.17
Chicago
.17
tax.
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
New York
New York—
Other Cities—
Std.Oil N.J. $.0614-.07
Texas
Socony-Vac. .06*4-.07
Gulf
T. Wat. Oil
Shell East'n
.08X-.08H
$.07 *4-. 08
Chicago
New
08X-.08X
.07H-.08
Warner-Qu.
$.05
Orleans.
-.05M
.06H-.07
Gulf ports
Tulsa
RichOU(Cal) .08M-.08%
.0514
04 %-.05 Vt
.07 >4-.08
Kerosene, .41-43 Water White, Tank Car, F.O.B. Refinery
New York—
(Bayonne)
$.06
[North Texas.
I Los Angeles..
$.04
.03 H-.05
INew Orleans.S.05K--0514
I
Tulsa
.04
-.04^
Fuel Oil, F.O.B. Refinery or Terminal
N. Y. (Harbor)—
Bunker C
Diesel.......
$1.50
California 24 plus D
$1.00-1.25
Refinery
N.Y.(Bayonne) | Chicago—
27 plus
New Orleans C
Phila., Bunker C____
$1.00
1.50
2,10-2.20
Gas Oil. F.O.B
$.041
28.30 D
or
Terminal
| Tulsa
..$.053
$.02 J4-.03
I
than
a
decade.
When
we
problems that face the industry generally
Daily Average Crude Oil Production for Week Ended
June 29, 1940, Declines 206,900.Barrels
The
daily
American
view
some
we are
of the
sometimes
Petroleum
Institute
estimates
that
the
crude production for the week ended
June 29, 1940, was 3,639,550 barrels.
This was a decline of
206,900 barrels from the output of the previous week, but the
average
current
industry already has experienced,
passed, its period of phenominal growth and boom
produc¬
tion.
There has been a
steady decline in the production per
well for
OIL
DE-
REDUCED-
Gulf Coast to Atlantic Coastline ports has sent
prices off to
levels slightly above those prevailing last
August when the
opera¬
may
of the oil
that
MOTOR
venturesome
forecast with accuracy
few
in
ARE
CUT—DIESEL
RATES
PARE
MONTHS
capacity, with daily average runs of crude oil to stills
65,000 barrels to 3,650,000 barrels.
Refinery
production of gasoline was off 413,000 barrels during the
final week of June to 11,672,000 barrels.
Seasonal reductions in light fuel oil prices, which had
been anticipated for some time, came during the week with
several companies paring their prices for kerosene and
No. 2 heating 3-10ths cent a gallon throughout the New
York-New England market.
In New York, kerosene was
off to 5.1 cents a gallon while No. 2 oil dipped to 4.4 cents
under the new price schedule which became effective on
July
2.
The New York harbor price of Diesel oil was
pared 15
cents a barrel on July 1, dropping from $1.95 cents a barrel
to $1.80 a barrel.
Grade C bunker fuel oil prices held
unchanged.
The sharp contraction in demand for tankers and the con¬
sequent rise in available bottoms for movements from the
as
period.
during the current period of
business uncertainty was advocated
by H. C. Wiess, Presi¬
dent of the Humble Oil &
Refining Co., speaking before the
delegates and oil men at the annual convention of the
A
IN
dropping
sharp
compared with the like 1939 period.
The "Oil and
Gas Journal" reported
completions totaled 577 in the week
ended June 29, against 645 a week earlier and 511 a
year ago.
Of the finals, 427 were oil
wells, 35 gas wells and 115 dry holes.
Completions for the year to June 29 were 14,142, sharply
above the 12,439-figure registered for the like
1939
DECLINE
of
A
good deal of this production is moving into storage tanks, and
some pressure is thus
being exerted on the State's crude oil
price structure.
Kansas output was up 34,750 barrels to
183,100 barrels.
WITHDRAWALS
In addition to the heavy withdrawals of motor fuel from
storage tanks by jobbers and dealers/however, some con¬
crete improvement in the statistical position of motor fuel
developed.
The American Petroleum Institute report also
disclosed a slump of 2.7 points in refinerv operations to 83.8%
at
a
1.38
for the like 1939 month.
last September.
Exports of crude and refined products
during the 8 months ended April 30 showed a drop of 35%
A decline of
1.15
OPERATIONS
OIL PRICES
.90
Huntington, Calif., 30 and over
Heavy withdrawals of motor fuel, in anticipation of the
y2 cent a gallon increase in gasoline which became effective
July 1, sent inventories of finished and unfinished gasoline
off 2,134,000 barrels during the final week of June to 95,142,000 barrels.
Despite the sharp reduction, stocks are
still some 15,000,000 barrels above what they were at this
time a year ago in the face of further improvement in con¬
sumption this year over 1939.
Although the drop in holdings was the sharpest in months,
it cannot be interpreted as a "normal" decline and, barring
a
record demand over the long Fourth-of-July week-end
holiday, stocks for the initial week of July will reflect the
movement of motor fuel from refiners to jobbers and dealers
which was responsible for the sharp contraction in storage
figures.
Estimates placed June demand for gasoline in the
home market at about 2.5% above the record-breaking pace
of the
ture is
FUEL
YORK—TANKER
hard since in recent months they have
European picture which has developed in recent weeks.
Lubricating oils, produced mainly from Pennsylvania grade
crude oil, showed a gain of 32% in export movements
during
the 8 month period ended April 30 but demand from
European
sources has
dropped sharply and the weakening price struc¬
Sunburst, Mont.
STOCKS—SHARPEST
DEVELOPS—REFINERY
.76-1.03
Kettleman Hills. 39 and over
.73
PRODUCTS—"TAX"
FUEL
Powers and the
1.10
1.03
—
Michigan crude
1.03
1.25
Smackover, Ark., 24 and over
51.03
Darst Creek..
.90
Rodessa, Ark., 40 and above
Output at New High—Well Completions
Drop—Wiess Urges Caution for Oil Men
shown)
Rusk, Texas, 40 and over
95-1.05
Mid-Cont't, Okla., 40 and above..
Line with Demand—
Illinois
are not
Eldorado, Ark., 40
1.02
Western Kentucky.
De¬
Pennsylvania grade crude oil, which have given
in the past month or so with a net decline of 50 cents
recorded, have been adversely affected by the change in the
52.25
Corning, Pa
gross
week's
figures were above the 3,620,300 barrels
by tne United States Department of the Interior
total of the restrictions imposed
by the various
oil-producing States during June.
Daily average production
calculated
to
for
be the
the
four
weeks
3,779,800 barrels.
ended June 29, 1940, is estimated at
The daily average output for the week
Volume
ended
details,
The Commercial & Financial Chronicle
151
Further
July 1, 1939, totaled 3,463,000 barrels.
as reported by the Institute, follow:
United States ports,
a
289,571
daily average of 186,571 barrels, compared with a daily average of
barrels for the week ended June 22, and 220,571 barrels daily
ended
weeks
bonded
These figures
29.
June
for domestic use, but it is impossible to make the
or
for the four
whether
oil imported,
include all
separation in
weekly statistics.
Atlantic Coast ports during the week ended
1940, amounted to 66,000 barrels, a daily average of 9,429 barrels,
all of which was crude oil
received at the port of Savannah, Ga.
estimated
indicate that the
industry
whole
as a
transit and in pipe
finished and unfinished
total amount of gasoline produced by all
have been 11,672,000 barrels during the week.
companies is
The
estimated to
STILLS
TO
RUNS
CRUDE
7
a.m.
June 26.
This is the net seven-day basic allowable for the period June 22 to 28
c
as calculated
AND
PRODUCTION
29,
ENDED JUNE
inclusive
by the American Petroleum Institute from the provisions of the special
order issued on June 19.
It includes
barrels for East Texas based
to reduction,
on a
seven-day figure of approximately 299,546
a net
revised top allowable of 522,000 which was sublect
after small exemptions, by shutdowns
For
negligible amount
June 22, 23 and 26.
on
with
a
exempted.
of Central Committee of California Oil Producers.
d Recommendation
which
might have been surreptitiously produced.
during the week, and that all com¬
of the end of the week, 95,142,000 barrels of
gasoline.
be
stills, on a Bureau of Mines'
ran to
panies had in storage at refineries, bulk terminals, in
as
determine the amount of new crude to
requirements to
Kansas, Nebraska, Mississippi, Indiana figures are for week ended
capacity of the United States,
daily potential refining
basis, 3,625,000 barrels of crude oil daily
lines
b Oklahoma,
Note—The figures indicated above do not Include any estimate of any oil
85-3% of the 4,533,000
Reports received from refining companies owning
barrel
estimated
produced.
all other areas a shutdown was ordered for June 23 only,
Receipts of California oil at
June 29,
June.
As requirements maj- be supplied either from stocks, or from new production,
contemplated withdrawals from crude oil Inventories must be deducted from the
Bureau's
bond at principal
for the week ended June 29, totaled 1,306,000 barrels,
Imports of petroleum for domestic use and receipts in
33
OF GASOLINE,
WEEK
of the Bituminous Coal Divi¬
sion, U. S. Department of the Interior disclosed that pro¬
duction of soft coal in the week ended June 22 is estimated
This is an increase of 1.5% over
preceding week, and is in com¬
parison with 6,347,000 tons in the corresponding week of
at
7,965,000 net tons.
the revised estimate for the
1940
of 42 Gallons Each)
(Figures in Thousands of Barrels
Production Statistics
Weekly Coal
The current weekly report
1939.
Daily Refining
Crude Runs to
Gasoline
Capacity
Stills
Production
at
District
Refineries
Percent
Daily
Percent
Inc. Natural
Reporting
Average
Operated
Blended
Potential
Rate
East Coast
643
100.0
561
87.2
156
91.0
123
86.6
401
2,438
Indiana, Illinois, Kentucky.
743
90.2
615
91.8
Oklahoma, Kansas, Missouri
420
76.9
283
87.6
Inland Texas
280
59.6
112
67.1
480
1,071
85.3
823
90.0
2,424
320
Texas Gulf.;
..
z997
Louisiana Gulf
164
97.6
143
89.4
North Louisiana & Arkansas
101
51.5
38
73.1
119
55.5
42
63.6
836
87.3
500
68.5
DATA
ON
OF
PRODUCTION
STATES
UNITED
COMPARABLE
SOFT
COAL
WITH
CRUDB PETROLEUM
OF
PRODUCTION
(In Thousands of Net Tons)
189
California
ESTIMATED
100
Rocky Mountain
reported that fluctuation in
production was 1,127,000 tons, a decrease of 59,000 tons,
or 5% from that of the week of June 15, but greater by over
350,000 tons than in the corresponding week last year.
1,492
Appalachian
S. Bureau of Mines
The U.
the output of Pennsylvania anthracite caused a slight drop
in the estimated tonnage for the week of June 22.
This
1,372
Reported
Estimated unreported._•
83.8
3,240
85.3
—
f'l llpl
10,213
i,459
:
385
Week Ended—
Bituminous Coal
*
Estimated total U. S.:
4,533
3,690
♦U.S.B. of M.June 29,
yl 1,497
x3.490
39
June, 1939, daily average,
FUEL OIL,
1,308
1,058
6,390
6,113
5,531 150,797 136,375 106,747
1,440
1,047
1,684
v
y
Includes for purposes
Each)
of historical comparison and statistical convenience the
barrels produced during the week converted to
b Total
lignite,
of
production
equivalent coal assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per
pound of coal.
Note that most of the supply of petroleum products is not directly
(Minerals Yearbook 1938, page 702.)
c Sum of 25 full
22, 1940, and corresponding 25 weeks of 1939 and 1929.
competitive with coal.
weeks ending June
WEEK ENDED JUNE 29, 1940
(Figures in Thousands of Barrels of 42 Gallons
6,347 212,444 154,687 249,925
7,846
1,328
Coal equivalent of weekly output
AND UNFINISHED GASOLINE AND GAS AND
OF FINISHED
STOCKS
x
1929
7,965
a
Estimated Bureau of Mines' basis,
1939
Daily average
Crude Petroleum b—
This is a
week's production based on the U. S. Bureau of Mines June, 1939, daily average,
z 12% reporting capacity did not report gasoline production.
*
1940
1939
1940
1940
Total, including mine fuel
11,672
12,085
3,625
4,483
c
a—
>
29, 1940
June 22, 1940
June
Calendar Year to Date
June 22 June 15 June 24
PENNSYLVANIA
OF
PRODUCTION
ESTIMATED
ANTHRACITE
AND
BEEHIVE COKE
Stocks of Gas Oil
and Distillates
Stocks of
Finished &
Unfinished Gasoline
At
Total
District
Total
At
Finished
Finished
and
4,867
5,534
4,644
5,446
"303
2,442
2,744
1,082
37
902
207
521
544
246
15
477
1,291
134
16,191
1,377
17,673
7,771
2", 075
55,095
23~,097
81,420
88,102
23,157
8,833
73,902
28,364
6,940
7,040
910
690
2,015
88,360
95,142
24,067
9,523
75,917
28,569
28,985
6,652
No. La. <fc Arkansas
Rocky Mountain.
California
_
Reported..
Est. unreported
232
101
515
3,353
401
1,165
67
3,122
2,139
4,002
"613
"113
1,403
305
.
v
1939
1940
29,096
2,967
Gulf
1939
1929
c
c
Penna. Anthracite-
205
15,215
Inland Texas
June 24
1940
Pipe Dines
4,198
June 15
1940
June 22
and in
Refineries
1,498
12,473
22,170
Appalachian
Ind., 111., Ky
Okla., Kan., Mo—
Texas Gulf
Calendar Year to Date
Week Ended-
in Transit
23,043
3,600
15,960
7,129
1,878
14,154
East Coast
Louisiana
and in
At
Pipe Lines
Unfin'd
(In Net Tons)
At Terms,
Terms,
in Transit
Refineries
Stocks of Residual
Fuel Oil
Total, Including col¬
1,127.000 1,186,000 736,000 23,976,000 25,730,000 34,381,000
liery fuel .a
175,600
234,700
187.800
163,700
197,700 122,700
Daily average....
Commercial prod'n b 1,071,000 1,127,000 699,000 22,780,000 24,444,000 31,906,000
Beehive Coke—
40,100
31,800
12,500
5,300
2,083
5,603
Daily average.
605
a
Includes washery and dredge
of working days
c
21,464
Adjusted to make comparable the number
in the three years.
ESTIMATED
3,219,600
coal, and coal shipped by truck from authorized
b Excludes colliery fuel,
operations,
303,100
2,021
840,500
6,683
United States total._
,
y
,
WEEKLY PRODUCTION OF COAL, BY STATES
(In Thousands of Net Tons)
♦Est. total U. S.:
1940
June 29,
90,634
S.
U.
23,864
8,887
80,418
23,724
8,017
83,470
(The current weekly
estimates are based on railroad carloadings and river ship¬
subject to revision on receipt of monthly tonnage reports from
trict and State sources or of final annual returns from the operators.)
ments and are
29,
1939__
Week Ended
June
State
♦
dis¬
of Mines
B.
♦June
97,276
74,527
June 22, 1940—
75,898
Estimated Bureau of Mines basis.
June 15
DAILY AVERAGE CRUDE
1940
OIL PRODUCTION
(Figures in Barrels)
/
Produc'n
B. of M.
Calcu¬
Week
Actual
Four
Change
Weeks
lated
Stale
Ended
from
Require¬
Allow¬
June 29,
Previous
ments
ables
63
Colorado.....
Week
Ended
Ended
Georgia and North
f
f
2
4
3
233
130
324
7
20
59
68
42
78
103
1
1
<
1
Carolina
1923e
18
21
Arkansas and Oklahoma..
Avge.
1929
1938
1939
297
2
310
Alabama
June 17 June 18 June 15
1940
Alaska
Actual
a
Junes
♦
387
70
175
♦
*
June
July 1,
29,
1940
1939
{June)
408,60C
408,100
Kansas
159,000
159,000
b420,450
bl83,100
+4,750
419,500
170,750
bl50
Oklahoma
+ 60
200
Nebraska
—300
451,950
169,100
69,000
65,700
103,050
—5,000
Nortn Texas
West Central Texas..
30,650
—2,500
32,800
32,500
—32,850
230,400
79,950
218,900
206,400
West Texas
East Central Texas.
72,600
.
—8,050
—9,800
652
406
517
825
1,243
256
255
174
180
275
416
Iowa.....
46
40
32
43
58
82
77
44
79
104
128
Kentucky—Eastern.
804
807
679
497
876
661
110
79
74
86
191
183
25
23
25
19
55
47
1
2
4
5
15
12
36
39
41
36
41
38
New Mexico
22
20
14
23
45
51
Western
Maryland
Michigan
61,250
93,650
Panhandle Texas....
635
Indiana
Montana.....
Week
Illinois
Kansas and Missouri
1940
86,200
92,300
East Texas
298,300
—98,700
206,300
—37,350
372,250
231,000
372,800
Southwest Texas
Coastal Texas
211,350
—24,950
227,950
214,950
225,500
1,344,600 C1160094 1,180,500 —219,200 1,343,100 1,312,150
68,200
Coastal Louisiana
Total
—700
68,850
71,650
219,550
North Louisiana
—3.250
222,800
199,600
Arkansas
274,700
280,166
287,750
—3,950
291,650
271,250
66,700
Louisiana...
70,515
72,330
b9,650
—100
72,000
10,550
59,000
—1,950
245"200
7,000
Mississippi
395,600
8,000
517,050
bl3,250
+ 15,050
488,500
+2,150
12,400
98,400
62,000
73,000
91.700
+250
56.400
+ 500
18,300
79,300
19,850
4,000
3,950
+T660
'
Illinois..
Indiana
Illinois & Indiana)
_
}
98,200
68,600
Wyoming
Montana-
.......
Colorado
+ 1,050
74,150
67,000
+2,000
18,350
3,600
106,700
New Mexico
15,900
106,000
22
15
13
441
360
253
445
888
2,010
Pennsylvania bituminous
2,194
1,553
1,131
2,802
3,613
68
97
113
94
Tennessee
593,700
599,000
d592,000
a
These
are
4,050
—8,200
619,850
594,000
3,639,550 —206,900 3,779,800 3,463,000
of the requirements of domestic crude
certain premises outlined In Its detailed forecast for the month of
Bureau of Mines' calculations
oil based upon
21
Texas...
16
15
16
17
18
Utah
32
37
31
22
55
89
280
338
247
193
239
240
21
24
24
19
35
44
1,905
1,860
1,612
1,158
1,990
1,380
540
584
548
397
728
856
62
86
104
Virginia
...
West Virginia—Southern.a
Northern _b
72
77
72
Wyoming
*
*
Other Western States.c
*
*
f2
f5
9,478
7,846
1,186
Pennsylvania anthracite.d.
Total, all coal
8,070
978
753
726
1,175
10,866
1,956
9,032
Total bituminous coal
9,048
7,091
5,775
10,653
12,822
6,338
5,049
the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.;
and on the B. & O. in Kanawha, Mason, and Clay Counties.
bRest of State,
including the Panhandle District and Grant, Mineral and Tucker Counties,
c In¬
cludes Arizona, California, Idaho, Nevada and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month,
f Alaska, Georgia, xSorth Carolina and South Dakota included
with "other Western States".
* Less than 1,000 tons.
Includes operations on
Production and Shipments
May,
Total United States 3,620,300
80
98
-
106,600
3,040,560 —198,700 3,159,950 2,869,000
Total east of Calif. 3,026,600
California
105,100
106,700
f 14
16
Ohio
a
92,250 j
56,950
Eastern (not including
Michigan..
flO
88
446
North and South Dakota—
Washington
Total Texas
-
The Portland cement
12,ee8,CC0
barrels,
of Portland Cement During
1940
industry in May, 1940, produced
shipped
13,241,000 barrels from the
The Commercial &
34
shutdowns for the holiday,
compared with
Portland cement stocks at mills were 11.3%
of 13.3 and 3.9%, respectively, as
May, 1939.
higher than a year ago.
The statistics given below are compiled from
back next week.
below the
reports for
deliveries on some products. While
building up larger inventories, they are in
being stampeded into buying abnormally large quantities.
Hence
current shipments represent direct consumption plus some inventory ac¬
cumulation.
The caution that exists seems to be predicated on an ex¬
buyers are protecting themselves by
The 12 months ended...
48.1%
within a few months.
promises to add to mill
pectation that the war may end
Railroad
the
of 1,100 apparently are
substantial move toward railroad equipment
a
'
of some of the automobile plants to
marks the changeover
Buying of steel will expand as the new pro¬
production of 1941 models.
47.8%
rehab¬
• '
This week
24.8%
36.3%
47.5 %
of
beginning
ilitation.
Feb., 1940
backlogs.
buying of equipment and rails
Inquiries for more than 7,000 cars and purchase
CAPACITY
47.5%
47.5%
58.0%
51.1%
43.7%
The month
companies and result in longer
of many
of May, 1940.
1940 Apr., 1940 Mar., 1940
1939 May,
high totals of last fall, they were
no sense
capacity the total output of finished cement is compared
with the estimated capacity of 161 jdants at the close of
May,
month since 1929. Though
sufficient to expand backlogs
generally the best for that
June bookings were
.
RATIO OF PRODUCTION TO
week had
than last
better
May, received by the Bureau of Mines, from all manufactur¬
ing plants.
In the following statement of relation of production to
May, 1939 and 160 plants at the close
week to 75% owing to
the rate probably would have been as good or
there been no holiday.
Operations will snap
has declined this
ingot production
steel
While
$18.92.
This week's average is
weeks of $1.
A total drop in two
composite price being 66c.
in the "Iron Age" scrap
the end of the month 24,775,000
of Mines. Production and
shipments of Portland cement in May, 1940, showed in¬
mills, and had in stock at
barrels, according to the Bureau
creases
July 6, 1940
Financial Chronicle
grams progress.
—
totaled 3,804,800 net tons (partly estimated) in
June compared with 3,513,683 tons in May.
The daily output of 126,800
tons last month showed a gain of nearly 12% over the May daily rate of
Pig iron production
A. V.
Aii U
ID,
nii Ix
ilUJN,
CEMENT, BY DISTRICTS,
1939 AND 1940
IN MAY,
(In Thousands of Barrels)
There were 181 furnaces
113,345 tons.
"IRON AGE" COMPOSITE
THE
of Month
Based on steel bars, beams,
July 4, 1940, 2.261c. a Lb.
1,799
2,598
2,601
637
900
741
820
Ohio, Western Pa. and W. Va._.
Michigan
953
1,129
1,247
4,026
1,633
2,549
1,855
2,623
1,618
2,742
2,033
2,786
New York and Maine
1,615
and Md
Eastern Pa., N. J.
798
805
1,222
1,267
1,323
991
1,271
1,086
1,344
1,009
1,110
860
& La.
Eastern Mo., Ia., Minh. <fc S. Dak
W. Mo., Neb., Kan., Okla. & Ark
Va., Tenn., Ala., Ga., Fla.,
970
1,157
1,134
Wis., 111., Ind., and Ky
763
1,181
871
851
734
4,841
1,960
One week ago
3,113
1,966
One year ago
820
1937
1936
2,797
1,804
1938
758
686
712
795
294
362
307
392
412
1,287
1,047
1,206
1,273
610
539
664
504
712
Oregon and Washington...
Puerto Rico
,
12,668
11,185
Total
12,748
22,251
13,241
24,775
r
SHIPMENTS AND
May
16
May 17
V 2.211c.
Oct.
18
Mar.
9
2.249c.
Jan.
4
Dec. 28
2.016c.
Mar. 10
1 Based on average for basic iron at Valley
$22.61}- furnace and foundry iron at Chicago,
One year ago
IN 1939 AND 1940
.
Slocks at End
1937
of Month
1936
Shipments
Based
July 4, 1940, $18 92 a Gross Ton
February
..
April
May.....
June.....
5,640
3,889
23,611
25,760
5,044
4,905
24,092
25,896
One month ago
8,467
7,715
One year ago
9,654
10,829
23,786
23,837
26.120
10,043
a25,348
13,241
22,251
24,775
12,748
22,715
12,668
9,488
121,819
September.
12,539
11,053
October
November
.
December..
Total.
1939
1938
20,160
1936
1937
Steel
23,449
Felt in
the full
the steel industry
is not expected to be experienced in less than 90 days.
The
avalanche of news from Washington regarding appropriations
has evidently created public acceptance of the idea that the
far asNavy program is being
The
industry is concerned,
accelerated, but military production of arms, airplanes, &c.,
is still delayed in Washington notwithstanding the anxiety
of manufacturers to learn what they are expected to do.
required for defense
12,000,000 to 15,000,000 tons, probably spread over two
years or more.
awarded under the new Navy program authorized by
the
total of
12,000 tons.
Considerable steel will also be required for building newship ways, shop buildings and dry docks.
Two Navy dry docks to be built
at
plate.
An earlier award of 19 small ships calls for a
requested of
is apparently lagging
appropriations of three to five billion dollars to be
Congress are specifically for the Army, whose program
behind that of the Navy so far as contracts are
The official red tape
A
concerned.
which has slowed the placing of war contracts by
the
the decision
the Dominion.
centralization of defense purchasing authority in
give full authority to the buyers in this country and in
move
toward greater
Washington
coordinator
has also been made with the appointment of a
to
serve
with
the
British steel buying in the
of 112,000 tons
National
purchasing
Advisory Commission.
Defense
United States has been featured by the purchase
The rails are to be strung
of 90-lb. rails for quick shipment.
along all railroads in England and Scotland to permit speedy
event of
repairs in the
damage by bombing.
peak months of last fall and early this year.
of French
steel contracts has
been
export shipments which
completed
were
turned
The taking over
their owners to avoid continued storage charges.
because
of war zone
for sale by
When Italy entered the
nearly 60,000 tons of steel scrap was loaded on boats destined for
country.
scrap
that
This scrap is being offered for sale by the Italian government,
which had paid
for it, and accounts in some measure for the pressure on
prices which has resulted in further declines.
break in scrap
However, the biggest
prices, amounting to SI a ton, took place at Chicago, where
exports are not a factor.
July 1
on
9
an¬
1940—
|Q40
1939—
Jan.
85.7% Apr. 15—60.9%
60.0%
86.1% Apr. 22
61.8%
84.8% Apr. 29
1
8
Sept. 25
83.8%
19
53.1%
55.0%
Jan.
Oct.
2.
54.3%
Oct.
9
87.5%
88.6%
Jan.
June 26
Jan.
22
90.3%
Oct. 23—.90.2%
Oct. 30
91.0%
Nov.
6—92.5%
Jan.
29
Feb.
May
6
May 13
May 20
93.5%
Feb.
26.-65.9% June 10
65.8%
70.0%
73.0%
76.9%
80.3%
84.6%
87.7 %
June
July
July
July
July
July
Aug.
Aug.
Aug.
Sept.
16
Oct.
38.5%
10
49.7%
17
56.4%
24
60.6%
31
59.3%
7
60.1%
14
62.1%
21
62.2%
8
63.0%
4
68.6%
11—~ 70.2%
3
Nov. 13
15
82.2%
77.3%
5—71.7%
Feb. 12
68.8%
Feb. 19
67.1%
defense
reaching
within
Announcement
assume
will
93.9%
Mar.
64.6%
94.4%
Mar. 11
64.7%
June 24
86.5%
4
92.8%
Mar. 18
62.4% July
1
74.2%
Dec.
11
91.2%
Mar. 25
60.7%
Dec.
18
90.0%
Apr.
Dec. 25
73.7%
Apr.
1
8
61.7%
61.3%
has
reached
steel
4
by the British
the iron and steel
expected heavy steel requirements for
mills production continues
of practical
distance
at a rate
capacity.
buying commission that Great Britain
all the French contracts for war
materials, with small changes
that score and production
Other export tonnage is appearing in the American
usual European sources of supply.
proceed at once.
In
out
3
Dec.
specifications, has reassured steelmakers on
in
June
Nov. 27
Nov. 20
Although practically none of the
national
May 27
June 17
"Steel," of Cleveland, in its summary of
markets, on July 1, stated:
following drying up of
addition to
airplanes and munitions the defense program will bring
heavy requirements for
for the latter involving an
tonnage will be immense,
industrial expansion and shipbuilding, plans
unprecedented number of ships for which steel
though required over a long period.
active buying is indicated
Accumulation of mill backlogs under present
several weeks in the future
adding to inventory as a safe¬
by steady advancement of delivery dates, now
on
some
products.
In general buyers are
guard against expected curtailment of
tonnage
to mills, with
supplies as defense measures bring
perhaps priority provisions.
Railroad buying has become an
Warehouses are also
Prices are off in nearly all markets, the decline
important factor with cars, locomotives
being booked in unusual volume
and rails
chases last week were not
portant
by the British.
back
restrictions have become distress tonnage and are being offered
war
consider¬
Although larger than the pre-war average, it has recently been well
below the
Some
Institute
adding to stocks for the same reason.
Other than British requirements, export trade has flattened out
ably.
Steel
and
Sept. 18—79.3%
54.2%
5
June 12
market
British in the United States and Canada has been severed by
to
Nov. 10
June
decrease of 12.3 points, or 14.2%, from the
1940.
Weekly indi¬
June 5, 1939, follow:
1939—
June
will
Philadelphia and Norfolk will take about 20,000 tons of steel.
New
7
12.91
12.67
cated rates of steel operations since
and 11,000
Law will require a total of 55,000 tons of steel
Walsh-Vinson
tons of armor
Iron
This represents a
Sept.
Unofficial estimates of the amount of steel that will be
The 45 ships
June
Mar. 30
Dec. 21
estimate for the week ended June 24,
Aug
Age" further reported:
work range from
Apr
9
May 16
11.00
telegraphic reports which it had received indi¬
operating rate of steel companies having 97%
of the steel capacity of the industry will be 74.2 % of capacity
for the week beginning July 1, compared with 86.5% one
week ago, 80.3% one month ago, and 38.5% one year ago.
.force of the national defense program on
The "Iron
14.08
nounced that
Defense Program Not Yet
Industry—Scrap Lower
Erogram is far from the fact.
ut this is well under way, so
3
Nov. 22
Oct.
cated that
Age" in its issue of July 4 stated that
The "Iron
$16.04
17.75
A.
American
The
National
of
Low
June 18
21.92
X.
steel
Philadelphia,
19,870
20,779
Revised.
Effect
melting
heavy
High
22,361
21,326
122,291
August
1
and Chicago.
$19 92
22.50
15.00
1940
21,477
11,757
13,401
13,104
12,829
10,147
6,785
July
No.
on
quotations at Pittsburgh,
$19.58
18.58
14.71
One week ago
5,040
a7,917
8,171
9,674
11,185
11,953
12,644
12,369
11,937
March
a
6,205
5,301
5,505
Nov. 24
Scrap
Steel
January
Jan. 2
Sept. 12
July 6
Feb. 16
Aug. 11
$22.61
20.61
19.61
20.25
18.73
1940
1939
1940
1939
1940
1939
and
Low
Jan.
2
Sept. 19
June 21
Mar. 9
$22.61
22.61
23.25
23.25
19.73
1939
1938
Production
Buffalo,
Valley,
Cincinnati.
Southern Iron at
High
1940
';
(In Thousands of Barrels)
Month
Philadelphia,
22.61
20.61 j
One month ago
PORTLAND
STOCKS OF FINISHED
CEMENT, BY MONTHS,
2.211c.
2.236c.
July 4. 1940, $22.61 a Gross Ton
One week ago
PRODUCTION,
3
Pig Iron
3
31
34
Apr. 16
2
Jan.
2.512c.
_
1,563
513
1,092
California
Low
V
Jan.
2.249c.
1939
772
Ida.
Colo., Mont., Utah, Wyo. &
85% of the United States output.
High
1,909
364
Texas
rolled strips.
2.261c.
2.286c.
2.512c.
1940
3,074
tank plates,
wire, rails, black pipe, sheets, and hot
These products represent
2.261c.
2.261c.
2.236c.
-
One month ago
PRICES
Steel
Finished
1940
1939
1940
1939
1940
1939
in blast "on July 1, a gain of nine
in the month.
Stocks at End
Shipments
Production
District
for this season. While car pur¬
equal to those of the two preceding weeks im¬
inquiries have come, out for early
for the Illinois
closing,
including 3,000 cars
Central, 2,275 for the Southern Pacific,
& Western and 2,345
Placing of 46,000 tons of rails by the
is the first large
1,550 for Norfolk
freight and eight passenger cars for the Pennsylvania.
Chesapeake & Ohio and Nickel Plate
Norfolk & Western
purchase of the present movement.
has placed 22,500 tons
of credit arrangements, an
plans to buy 25,000 tons and a Brazilian railway
with
Inland
Steel
Co.,
Inland vice-president
Santa
Fe
pending completion
having gone to Rio Janeiro to close the deal.
has placed two
The
54,000-horsepower locomotives for road freight
service and the Pennsylvania plans to buy two steam locomotives.
The Commercial & Financial
151
Volume
bookings bear
for defense measures
by private enterprise .and government agencies. While no unusually large
single tonnages have been colsed the number of plant additions and army
and navy structures is of moment.
Some fabricators have been booking
tonnage to the point they are well filled and competition, especially in
reinforcing bars, is much less, giving more stability to prices.
Automobile production continues to give way slowly to the seasonal
recession, 87,550 units being made last week, compared with 90,060 the
preceding week.
In the corresponding week last year output was 70,663
and concrete
Structural
striking evidence of
reinforcing steel inquiries and
growing industrial preparations
cars.
have weakened under pressure of heavy supplies and return
bought for export and now diverted to domestic channels
Scrap prices
of
some
In face of Continued high steel produc¬
tion many observers regard this as a correction and believe it will be only
temporary.
The composite price of steelmaking grades dropped 71 cents
last week, to $19.04, the first decline since the second week in April.
The
finished steel composite is unchanged at $56.60 but the iron steel composite
fell four cents, to $37.76, because of lower scrap prices.
Advance of $1 per ton in pig iron price by the Utah furnace has not
been reflected in the eastern market and no indication has been given as
to
is interfered with.
points to 81%. Unchanged rates held
at Birmingham, 88; Wheeling, 90; Buffalo, 90V*; Eastern Pennsylvania,
83.
Detroit gained 3 points to 92%, St. Louis 2V* points to 70V*. Cleve¬
land 1 point to 85 V*. Pittsburgh 1 point to 82, New England 15 points
point to
to
proximately 13,450 tons.
Copper
Repub¬
June 28
European
scene, prices eased.
Domestic copper sold below 11c., Valley, on two
occasions during the last week and on Wednesday the metal was offered by
first hands at prices ranging from 10V*c. to 11c., Valley basis.
Custom
smelters and small producers participated in sales below the llV*c. basis
Nomination of Wendell Willkie as
lican Party
that
traders again centered their attention on the
maintained by large mine operators all week.
was
Domestic
the week
sales for
the month of June
92% and Cincinnati 4H
85 and Youngstown 2 to
80%.
amounted to 13,119 tons, and sales
totaled 112,128 tons, against 83,879 tons in
will have to be curtailed.
Exports of refined copper
metal
refined
in
bond and
from the United States, consisting of foreign
domestic copper, during March, April, and
according to the Department of Commerce;
May, in short tons,
Steel ingot
ended July 1, is placed
production for the week
8834% of capacity according to the "Wall Street
Journal" of July 3.
This compares with 8734% in the pre¬
vious week and 85% two weeks ago.
The "Journal" further
791
Belgium
6
Denmark
2*718
Germany
.
Great Britain
before and 87 %
credited with 87 V* %, compared
90%, against 89% in the week
U.S. Steel is estimated at
Leading independents are
week and 84% two weeks ago.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years, together with the
with 86 V* %
in the preceding
approximate
in points, from the
changes,
week immediately preceding;
S. Steel
U.
Industry
716
Italy
Netherlands
Switzerland-
3,780
5*432
744
7,286
1,380
5,584
2,557
1,157
Hungary
3,025
14*702
37
505
1*351
134
288
3,943
2,644
4,674
1,892
1,762
32,158
20,728
29,943
China and Hongkong-
Japan
Other countries
Totals
-----
-—
Independents
The outstanding news
2*,916
1
1
87V*+
1
"for national defense
United States ports.
25V*— 3
88V*
+
1
90
1939
54V*
—
1
48V*
1938
24
—
4 V*
22
—
1937
70
—
5
80
—
6
62
—
5V*
69—6
3
35—5
+
+
1936
65V*
—
6
61
1935
34
—
4
32
—
1934
23 V*
24
—16
1933
53
45
1931
32
—
IV*
32 V*
1930
59
—
5
64
—21V*
V* + IV*
71
•
1927
—
1
66V*
1928
—
—
IV*
32
—
5
,
view this as a ceiling
—
arrival was
July
90—1
Not
available
2_
July
3
and
"Metal and Mineral
Export Copper
Tonnage of Tin
51.50c.; June 29, 51.70c.;
ported that except for the usual end-of-the-month bookings
mostly non-competitive business, and the deal for
75,000 tons of tin closed by the Government for stockpile
purposes, buying of non-ferrous metals was on the light side
during the last week. Copper and tin were easier, lead was
steady, and zinc firm.
Quicksilver was a shade easier.
President
Roosevelt has
placed aluminum, antimony,
asbestos,
chromium, graphite, manganese, magnesium,
quicksilver, mica, molybdenum, platinum metals, tin,
tungsten, and vanadium under export-license control, ef¬
fective July 5.
The publication further reported:
situation
believe that the
the last week involved
period.
1,371 tons, indicating a con¬
uncertainty
factors in retarding business.
Traders
lead will improve as soon as hostilities in
The July 4 holiday and growing
abroad were
world position of
Europe cease.
.
the contract settling basis
4.85c., St. Louis.
The United States imported 16,929 tons of lead in pigs and bars, 1,001
tons in bullion, and 5,171 tons in ore and matte during the month of May,
official figures show.
The bulk of the importations of pig lead originated
The market closed
steady at 5c., New York,
of the American Smelting
& Refining Co., and
in Mexico.
Zinc
grades of zinc for the calendar week
The Week with the
Federal Reserve Banks
During the week ended July 3 member bank reserve
balances increased $14,000,000.
Additions to member bank
reserves rose from increases of $192,000,000 in gold stock and
$2,000,000 in Treasury currency
and
a
decrease of $80,000,-
deposits with Federal Reserve banks offset
by increases of $144,000,000 in money in circulation,
50.250
50.750
50.375
50.000
nominally as follows; June 27, 52c.;
METALS ("E. & M. J."
Straits
QUOTATIONS)
Zinc
Lead
Tin
NewYork St. Louis St. Louis
Dom., Refinery
Exp., Ref'y
New York
June 27
10.775
10.775
53.000
5.00
10.775@10.900
10.775©10.900
10.775@10.900
10.750
52.500
5.00
4.85
6.25
June 28
10.725
52.700
5.00
4.85
6.25
10.650
52.250
5.00
4.85
6.25
June 29
1
2
3
July
July
July
10.725
10.650
52.250
5.00
4.85
6.25
10.600
52.000
5.00
4.85
6.25
10.788
10.692
52.450
5.00
4.85
6.25
Average prices for
f.
o.
6.25
4.85
10.650@10.755
Average
calendar week ended June 29 are: Domestic
export copper, f. o. b. refinery, 10 846c.;
b. refinery, 10.858c.;
tin, 52.742c.;
New York lead, 5.000c.; St.
34.750c.
Louis lead, 4.850c.; St.
copper
Straits
Louis
6.250c.; and silver,
quotations are "M. & M. M.'s" appraisal of the major United States
on sales reported by producers and agencies. They are reduced
St. Louis, as noted. AU prices are In cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that Is, de¬
livered at consumers' plants.
As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard.
prices in New England average 0.226c. per pound above the refinery baste.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board.
On foreign business, owing to the European war, most sellers are restricting
offerings to f.a.s. transactions, dollar baste.
Quotations, for the present, reflect
this change in method of doing business.
A total of 05c Is deducted from f.a.s. baste
(lighterage, Ac.) to arrive at the f.o.b. refinery quotation.
The above
markets, based
to the
basis of cash, New York or
Delivered
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 27, spot, £257,
three months, £260^4; June 28, spot, £257, three months,
£25934; July 1, spot, £257>£, three months, £26034; July 2,
spot, £262%, three months,
£26534..three months, £26634-
Current Events and
000 in Treasury
50.375
Electrolytic Copper
Due to the
ended June 29
totaled 6,051 tons.
Shipments to consumers again were large, totaling
6,974 tons. With supplies still tight, producers regarded the 6J^c. quotation
for Prime Western as firm. However, demand for concentrate has slackened
and Tri-State producers appear to be a little concerned about the situation.
During the first five months of 1940 the United States imported 47,840
tons of zinc contained in ore and concentrate, and 6,918 tons as slab zinc.
Sales of the common
50.000
50.750
June 28,
July 1, 51.25; July 2, 51.25c.; July 3, 51.00c.
DAILY PRICES OF
zinc,
Lead
Sales of lead during
50.125
50.250
Markets" in its issue of July 4 re¬
in copper,
tinuance of the quiet
50.000
50.375
50.750
-
Chinese tin, 99%, spot, was
Unsettled—Government Buys Huge
50.250
50.875
51.375
1
July
50.750
51.375
—
50.250
51.500
June 29
Oct.
50.500
51.750
June 28
Sept.
51.000
51.625
June 27
64—1
1
Aug.
52.000
1
68—1
1
—
Not available
Metals—Domestic
Sellers believe consumers
and prices eased.
quoted as follows:
50c. per lb. for Straits.
for the domestic market,
Straits tin for future
July
Non-Ferrous
the announcement that
virtually absent since July 1, on
the Government will pay
55—5
—
69
and European carry-overs.
Tin trading was
V*
of 9,225 long tons,
end of June was
The visible includes
The world's visible supply at the
32,149 tons a month previous.
61+1
75
1
Not available
1932
23 V*—25
-
Eastern
the
4 V*
2
+
96
93—1
1929
—
showed United States deliveries
Statistics for June
against 7,905 tons in May.
60—2
6 V*
1940
has been formed by the
purposes." The metal is to be
the next 12 months on the basis of 50c. a pound, c. i. f.
75,000 tons of tin
purchased during
made on July 1 to
Government to acquire
in tin was the announcement
the effect that a company
31,869 tons, against
in part
6*122
Tin
two weeks ago.
the
3,435
3*,248
France
states:
over
May
Apr$\
March
To
Sweden
at about
ended
f. a. s. United States ports, all positions. It
production outside of the United Kingdom
generally believed that foreign
Russia
,
for
May.
totally lacking and prices as the week
Export trade was almost
ranged from 10.60c. to 10.70c.,
is
candidate for President by the
temporarily steadied the market for domestic copper on
and 29, but as soon as
but shipments are
light
period amounted to 20,149 tons,
period totaled ap¬
of products exported in the same
and the zinc content
buying
covered for third quarter and
Most melters are
future prices.
increasing steadliy.
Foundries in some cases
are adding to stocks as protection against possible future shortage.
Steelworks operations last week advanced 1 point to 89% of capacity
as all districts
but two held or improved their rate.
Chicago dropped 1
is
Exports of slab zinc in the January-May
tonnage
since shipment
35
Chronicle
£26534; and July 3, spot,
Discussions
$4,000,000 in Treasury cash and $102,000,000 in nonmember
deposits and other Federal Reserve accounts and a decrease of
$8,000,000 in Reserve bank credit.
Excess reserves of mem¬
ber banks on July 3 were estimated to be approximately
$6,810,000,000, an increase of $10,000,000 for the week.
The principal change in holdings of bills and securities was
a
decrease of $23,000,000 in United States Governmen
The Commercial & Financial Chronicle
36
securities direct and guaranteed; holdings of bonds decreased
$20,000,0(X) and of notes $3,000,000.
The statement in full for the week ende(J
July 3 will be
found on pages 62 and 63.
r
or
Decrease
June 26, 1940
Other
2,000,000
-1,000,000
Government securities, direct
and guaranteed.,*
2,450,000,000
Industrial advances (not Including
$9,000,000 commitments—July 3)
9,000,000
U. S.
Other
bank credit-.
reserve
Gold stock
Treasury currency.*
Member bank
—
balances
reserve
+ 15,000,000
—8,000,000
2,503,000,000
20,063,000,000
-
Money In circulation
—101,000,000
—3,000,000
42,000,000
Total Reserve bank credit
+192,000,000
+2,000,000
3,014,000,000
13,737,000,000
+14,000,000
7,924,000,000 +144,000,000
Treasury cash
2,190,000,000
Treasury deposits with F.R.banks..—221,000,000
Nonmember deposits arid other Fed¬
eral Reserve accounts........
1,507,000,000
+ 41,000,000
—66,000,000
+ 3,927,000,000
+134,000,000
+ 3,586,000,000
+824,000,000
+ 4,000,000
—80,000,000
+102,000,000
+1,630.000,000
,+346,000,000
4.399,000,000
+ 12,000,000
+ 566,000,000
-18,000,000
—253,000,000
—3,000,000
—76,000,000
"+3,000.000
+41,000,000
—13,000,000
paper
309,000,000
—387,000,000
—599,000,000
+
572,0(K^>00
395,000,000
loans
for
purchasing
or
467,000,000
1,202,000,000
38,000,000
1,625,000,000
771,000,000
2,054,000,000
6,377,000,000
...
Treasury bills
Treasury notes
........
United States bonds
City and
—10,000,000
+ 7,000,000
+75,000,000
—14,000.000
+340,000,000
—58,000,000
—4,000,000
—6,000,000
+497,000,000
2,408 000,000
3,536,000,000
+ 8,000,000
+ 10,000,000
+ 260,000,000
11,669,000,000
506,000,000
+ 74,000,000
+ 7,000,000
3,272,000,000
—7,000,000
_20,6Sr,000,000
5,312,000,000
+ 186,000,000
+ 6,000,000
580,000,000
—2,000,000
+75.000,000
+ 25,000,000
8,425,000,000
—109,000,000
—9,000,000
+1,678,000,000
678,000,000
1,000,000
+ 1,000,000
+1,000,000
Obligations guaranteed by United
States Government
Other securities
Reserve with Fed. Res. banks
Cash In vault
Balances with domestic banks
IAabililies—
Demand deposits—adjusted
Time deposits
United States Government
deposits
Inter-bank deposits:
Domestic banks
Foreign banks
Returns of Member Banks in. New York
+6,000,000
brokers and dealers In
Other loans
-23,000,000
—9,000,000
carrying securities
Real estate loans
Loans to banks
-3,000,000
bought
$
—15,000,000
8,435,000,000
securities
July 5, 1939
Borrowings
+ 245,000,000
+ 3,190,000,000
+ 51,000,000
+ 516,000,000
+3 +61,000,000
+ 78,000,000
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Federal
Reserve
System for the
New York
State
City member
Department
United
States
banks and also for the
In
rent
munication
Chicago member banks for the cur¬
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday:
(In Millions of Dollars)
New York City
July 3, June 26,
July 5,
Chicago
June 26, July 5,
July 3,
1940
Commercial,
Industrial
agricultural loans
Open market
1939
$
$
$
$
$
9,273
8,136
2,256
2,209
2,108
2,768
9,277
2,753
2,771
601
599
544
1,712
Loans and Investments—total..
Loans—total
1940
$
Assets—
1,688
1,405
431
426
357
1940
1940
1939
and
96
99
126
17
19
17
Loans to brokers and dealers.
Other loans for purchasing or
carrying securities
262
276
495
24
24
35
166
159
200
61
63
72
Real estate loans
122
122
114
18
18
13
33
32
45
377
377
386
50
49
50
paper
-
_
Loans to banks
Other loans
.
Treasury bills
Treasury notes
369
414
167
303
254
230
1,015
1,014
823
159
160
United States bonds
236
2,542
2,521
2,206
715
714
627
1,290
1,094
134
134
136
1,075
344
348
335
4,881
1,145
1,184
guaranteed
by the
United States Government
Other securities
1,289
1,289
1,286
Reserve with Fed. Res. banks..
Cash In vault
6,721
6,729
83
85
69
42
43
31
Balances with domestlo banks..
Other assets—net
82
82
76
254
266
231
370
42
42
46
323
322
Liabilities—
Demand deposits—adjusted
Time deposits
9.563
9,621
7,524
1,907
1,923
671
628
509
508
495
40
44
62
83
84
60
3,782
3,739
2,940
963
952
Foreign banks
Borrowings
625
541
8
7
12
Other liabilities
297
301
360
13
16
12
1,487
1,494
1,477
256
254
266
Capital
account
Public
"Without
Given
German
Makes
Object"
Occasion
no
to
German
Note
to
Warning Against Acquiring Land
Hemisphere—United
States
Com¬
Says
Germany As
Assumption That
For
Acquire Such Possessions
government in
formal note made public
a
by the State Department at Washington on
July 5 answers
this country's warning against
acquiring land in the Western
Hemisphere, mention of which was made in our issue of
June 22, page 3900.
The German note contends that
"insofar as Germany is
concerned, the communication to the
Reich Government is without
object" since "it 'Germany
has no territorial possessions in the American
Continent and
has given no occasion whatever for the
assumption that it
intends to acquire such possessions." The note further
says
that "non-intervention in the affairs of the American
Con¬
tinent by European nations which is demanded
by
the
Monroe Doctrine can in
principle be legally valid only on
condition that the American
nations, for their part, do not
interfere in the affairs of the
European continent."
The official statement issued
by Secretary Hull follows:
I feel that
no
useful purpose will be served at this time for
this Govern¬
to make any further communication
to the government
ment to undertake
of the German
Reich
the
on
subject matter of the communication above
stated.
The fundamental questions involved
are
entirely clear to all of
and governments of the American
republics, and
majority of
undoubtedly
the
as
peoples
well to the
governments and peoples in the rest of the world.
The Monroe Doctrine is solely a
policy of self-defense whicn is intended
752
630
Intends
The
1,666
683
United States Govt, deposits...
Inter-bank deposits:
Domestic banks
Has
It
847
Obligations
Western
It
A8SETS AND LIABILITIES OF WEEKLY REPORTING
MEMBER BANKS
IN CENTRAL RESERVE CITIES
(—)
June 28, 1939
23,581,000,000
cultural loans
Loans to
%
Bills discounted
Bills
$
Commercial, Industrial and agri¬
Open market
Since
July 3, 1940
June 19, 1940
$
Loans and investments—total
Loans—total
(—)
Decrease
or
Since
June 26, 1940
Assets—
..
(+)
(+)
'
Changes in member bank reserve balances and related
items during the week and the year ended July 3, 1940:
Increase
July 6, 1940
Increase
to preserve the
independence and integrity of the Americas.
It was and is
destined to prevent aggression in this
hemisphere on tne part of any nonAmerican power, and likewise to make
impossible any further extension to
this
hemisphere of
any
non-American system of government imposed from
without.
Complete
Returns
of
Member
Banks
of
the
Federal
Reserve
System for the Preceding Week
&
As explained above, the statements 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
covering
the entire body of
reporting member banks in 101 cities
cannot be
In the
compiled.
following will be found the
comments of the Board
of Governors of the Federal Reserve
returns of the entire
body of
System respecting the
reporting member banks of the
Federal Reserve System for that week
ended with the close
of business June 26:
The condition statement of
weekly reporting member banks in 101 leading
cities shows the
following principal changes for the week ended June 26:
Increases of $12,000,000 in
commercial, industrial and agricultural loans,
$74,000,000 in
reserve
balances with
Federal
000,000 in demand
deposits-adjusted, and
deposits credited
Reserve banks,
and $186,-
domestic banks.
to
a
decrease of $109,000,000 in
Commercial, industrial and agricultural loans increased
$16,000,000 in
New York City and
$12,000,000 at all reporting member banks. Loans to
brokers and dealers in securities
declined $18,000,000 in New York
City.
Holdings of United
Chicago district
of
Treasury
$4,000,000
at
and
notes
States
Treasury bills declined $18,000,000 in the
$14,000,000 at all reporting member banks.
Holdings
declined $18,000,000 in the
Richmond district and
all reporting
New York City.
member banks,
and increased
$14,000,000 in
Holdings of United States Government
bonds declined
$10,000,000 in the St. Louis district and
$6,000,000 at all reporting member
banks.
Holdings of obligations guaranteed by the United
States Govern¬
ment increased
$10,000,000 in New York City and
$8,000,000 at all re¬
porting member banks. Holdings of "other securities"
increased $16,000,000
in New York
City and $10,000,000 at all reporting member banks.
Demand
deposits-adjusted
increased
$80,000,000
$41,000,000 in the Chicago district and
$186,000,000
at all
banks.
Deposits credited
in
New
York
City,
reporting member
It contains within it not the slightest
vestige of an
assumption, of hegemony
resembled, and does
domestic banks declined $48,000,000 in New York
City, $16,000,000 in the Kansas
City district and $109,000,000 at all re¬
porting member banks. Deposits credited to
foreign banks declined $9,000,-
lar to the Monroe Doctrine but
whicn, instead of
Doctrine, would in reality
summary of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
has
resting
on
the sole policies
be only the pretext for the
carrying out
of conquest by the sword, of
military occupation, and of complete economic
and political domination
seem to
by certain
of other free and independent
powers
peoples.
The Monroe Doctrine has, of course, not the
remotest connection witn
the fact that certain European nations exercise
sovereignty over colonies
in the Western hemispnere and certain other
European nations do not.
This situation existed before the Monroe Doctrine
was proclaimed:
the
doctrine did not undertake to interfere with the
existing
situation, but did
announce
that future incursions would not be tolerated.
It made clear that the future transfer of
non-American state would be regarded
hemisphere.
This
has
become
a
as
existing possessions to another
inimical to the interests of this
basic policy of
the
Government of the
United States.
As
ment
already stated in the communication addressed
to the German Govern¬
by this Government June 18, the Government of the United States
recognize nor acquiesce in the transfer to a non-American power
will neither
of geographical
regions in this hemisphere
now
possessed by
some
other
non-American power.
The
State
Department's announcement of the German
note follows:
The American Charge d'Affaires in Berlin has communicated to
the D
partment of State the text of
from the German Minister of
note
a
dated
July
1, which he has received
Foreign Affairs.
The note in question refers to
a
note delivered
by the American Chai
e
d'Affaires, under the instructions
of the Government of the United States
June 18, in which this Government informed the government of
the Ger¬
man Reich that it would not
recognize any transfer of
on
geographic regions of
the
Western
Hemisphere from
one
non-American
power
to
anothe-
non-
American power, and that it would not acquies2e in
any attempt to under¬
take such transfer.
The German Minister for
Foreign Affairs states that
of the United
the government of
reasons
the Government
States of America has addressed this communication to the
Reich government.
He states tnat in
contrast
to
other
England and France, Germany has
and the year ended June
26, 1940, follows:
never
of self-defense and of respect for
existing sovereignties, as does the Monroe
000.
A
It
today resemble the policies which appear to be
arising in other geographical areas of the world which are
alleged to be simi¬
the German Reich is unable to perceive for what
to
implication, much less
the part of the United States.
on
not
no
continent and has given
no
intends
possessions,
to
acquire such
countries,
especially in contrast
and he
asserts
Germany is concerned, the communication addressed
ment is without
object.
to
territorial possessions in the American
occasion whatever for tne assumption that it
that
to
thus,
insofar
as
the Reich govern¬
/
The Commercial &
151
Volume
The German Minister
this
by remarking tnat in
Mokroe Doctrine, implicit in the com¬
the United States would amount to con¬
for Foreign Affairs continues
interpretation of the
the
case
of
munication of the Government
countries the right to possess territories in the
Western Hemisphere and not to other European countries.
He states that
it is obvious that such an interpretation would be untenable.
He concludes by remarking that, apart from this, the Reich government
would like to point out again on this occasion that the non-intervention in
ferring upon some European
affairs of the American
the
condition that the
can
in
American nations, for
affairs of the European
which is de¬
principle be legally valid only on
their part, do not interfere in the
and Exchange
communal gold bonds
dollar issue.
in acceptance of this
offer, which expires Dec. 31, 1940, and which is made
only to residents outside of Hungary,
must be trans¬
mitted to Schroder Trust Co., 46 William Street, New York,
of
loan
Bank
Transfer Service of Its
and Council for Foreign
League Loans Committee
Bondholders announced July 5 that the Bulgarian Govern¬
ment has informed them that, as Bulgarian exports to free
countries are practically impossible for the time
being, the National Bank of Bulgaria is not in a position to
dispose of sufficient sums in free foreign exchange to enable
the Government to continue to transfer the service of its
external loans in accordance with the arrangements of Feb. 22,
1940.
Therefore, the last two monthly remittances (April 15
and May 15, 1940), applicable to the July 1, 1940, coupons
of the 7% Settlement Loan of 1926, have not been made nor
have provisions been made to date for remittances covering
the Jan. 1, 1941, coupons of this loan.
As yet no remittances
currency
have been made for the coupons
July 1 Coupon of Kingdom of Bulgaria 7% Settlement
Loan of 1926 to Be Paid at Rate of $4.50 Per $17.50
American
Settlement
Loan 1926,
announces that the trustees having received
only two-thirds of the provision for the payment of Coupon
27
No.
each
announced July 1 that it would
20-year, 4% 8,000,000,000
a
ruble loan, part of
which
according to an Associated
Moscow dispatch of July 1, which further said:_
will be used for defense costs,
Press
Tass,
that the loan had been
Commissars to "attract the savings of
economic and cultural development under
and for the consolidation of the defense
Russian news agency, said
the official
approved by the Council of People's
population for the purposes of
the
the third five-year plan
.
.
.
country."
of the
United States on Account of
Pays $1,000,000 to
Mexico
American Claims of
Seized Lands
Francisco Cas¬
of State Hull on June 29
the Mexican Government's check for $1,000,000 in payment of
the amount due
June 30, 1940, on account of the claims of
American citizens whose lands in Mexico have been expro¬
priated since Aug. 30, 1927, under the Mexican agrarian
program.
The arrangement under which the payment be¬
came due was effected
by this Government's note of Nov.
The Mexican
tillo
Ambassador at Washington,
Najera, handed to Secretary
Government's reply of Nov. 12,
issue of Nov. 19, 1938, page
1938 and the Mexican
9,
1938, which were noted in our
3095.
represents the second payment by Mexico on ac¬
count of these claims, a payment of $1,000,000 having been
This
arrangement of Nov. 9-12,
1938; this payment was reported in these columns of June
3, 1939, page 3304.
The State Department further stated
made
on
May 31, 1939, under the
on
*
the Agrarian Claims Com¬
mission, United States and Mexico have practically completed their respec¬
tive studies and evaluations of the agrarian claims filed with them prior
to July 31, 1939.
They are continuing ther conversations with- a view to
reaching a definitive agreement upon the total amount owed by Mexico
on
Mexican and
account of
Groups
American
Pan
American Commissioners of
these claims.
See Advertising Page
ers'
vii
:
change decreased during June to $331,853,505 at the end of
the month, the Exchange made known on July 2 in issuing
its monthly compilation.
This figure is $77,055,595 below
the May 31 total of $408,909,100 and $205,408,454 below
the June 30, 1939 figure of $537,261,959.
During June
demand and time loans were both below a month ago and
a
of Face Amount
Co., as special agent, is notifying
holders of City of Porto Alegre (United States of Brazil)
40-year 7%% 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% of the face amount of the coupons due
Ladenburg, Thalmann &
Jan.
and
amounting to $4.87% for
for each $18.75 coupon.
1, 1938,
$2.43%
each $37.50 coupon
The announcement
demand loans out¬
The Exchange reported the
year ago.
standing on June 29 in amount of $317,187,505, as com¬
pared with $391,388,100 on May 31 and $509,021,637 on
June 30, 1939.
Time loans at the latest date are shown at
$14,866,000, against $17,521,000 and $28,240,322, respec¬
tively, a month and a year ago.
The following is the report for June 29, 1940, as issued by
the Stock Exchange on July 2:
New York Stock Exchange member total net borrowings on collateral,
contracted for and carried in New York as of the close of business June 29.
1940, aggregated $331,853,505.
The detailed tabulation follows:
Demand
(1)
Net borrowings on collateral
or
(2)
from New York banks
trust companies
Net borrowings on collateral from private
brokers, foreign bank agencies or others in
Time
8285,308,505
$14,360,000
bankers,
the City
31,879,000
300,000
8317,187,505
$14,866,000
of New York
and demand borrowings
of "Government securities" pledged as
$331,853,505
Combined total of time
Total face amount
for the
borrowings Included in Items
report issued
Below
is exactly the same as
furnish
a
two-year
compilation of the
Time Loans
53,188,500
37,961,000
34,398,000
32,498,000
40,183,000
413,578,029
431,926,400
459,217,933
508,992,407
484,019,538
30
Aug. 31
Sept. 30.
Oct. 31
Nov. 30
40.302,497
42,514,100
35,199,137
540,439,140
577,441,170
Dec. 31
681,885,192
1939—
502,025,629
543,875,683
564,642,938
533,004,900
529.478,347
649.692,430
559,505,870
391,388.100
317.187,505
-
520,691,740
478,060,007
433,556,992
-
May 31
June 30
-
31
Nov. 30
Dec. 30
Total Loans
466,766,529
469,887,400
493,615,933
541,490,407
524,202,538
580,741,637
619,955,270
717,084,329
660,496,877
683,432,399
654,855,671
547,443,175
545,975,979
537,261,959
553,767,240
27,048.000
25,996,000
20.121.000
19.981,000
17.521.000
14,666,000
-
-
Apr. 29..
Oct.
33,983,537
37,254,037
37,663,739
32,269,650
30,492,889
28,240,322
27,075,500
30,517,547
33,502,875
32.202,875
30,996,000
29.640,000
632,513,340
646,178,362
617,191,932
515,173,525
515.483,090
509,021,637
31
;igures:
%
j
g
193g
Apr. 30
July 31
Aug. 31
Sept. 30
20,409,825
in the loan
by the Exchange a month ago.
we
Demand Loans
July
collateral
(1) and (2) above
of the above compilation
The scope
Feb. 28
Coupons of City of Porto Alegre (Brazil)
7Vz% Gold Bonds of 1925 to Be Paid at Rate of 13%
New York Stock Ex¬
Outstanding brokers' loans on the
Jan.
1, 1938,
Brok¬
$331,853,505 on June 29—$77,055,595
May 31 and $205,408,454 Below June 30, 1939
Loans at
Mar. 31
Jan.
Natural
of
Exchange Reports Outstanding
New York Stock
'
♦
Use
Promote
to
Resources
June 30.--
June 29:
The
After stamping,
will be returned to the bondholders.
the coupons
Below
Costs
such coupons at
$17.50 coupon, upon presentation of
the payments.
their office for stamping of
+
8,000,000,000 Ruble Loan For Defense
payment of $4.50 per
1940 at 40%, a
July 1,
due
$17.50 coupon on account will be made.
The fiscal agents
will, as directed by the trustees, be prepared to pay to the
holders of the July 1, 1940 coupons of the dollar bonds on
or after
that date $9 for each $35 coupon and $4.50 for
Loan of 1909.
The Russian Government
Schroder Banking Corp., New York,
for the Kingdom of Bulgaria 7%
Henry
fiscal agents
due Nov. 15, 1940, of the
7lA% Stabilization Loan of 1928 and no funds have been
provided for the June coupons already past due of the 4 % %
issue
■■;
Coupon
External Loans
Float
sinking fund
Coupons presented
—.—
continent.
Bulgaria Unable to Continue to
Russia to
Discount
Hungarian
and
35-year
City. '
J.
The
1926,
7%
continent by European nations
Doctrine
manded by the Monroe
37
Financial Chronicle
,
1940—
Jan.
31
J
Feb. 29
Mar. 30
Apr. 30
May 31
June 29
-
508,577,554
467,059,867
634,228.504
573,871,683
594,288,938
660,050,900
655.474,347
569,813,430
679,486,870
408,909 100
331,853,506
also says:
Pursuant
to
the
provisions
States of Brazil, such
coupons,
claims
No
of
the
Presidential Decree of the
for
United
holders of the bonds and
of such coupons and of the
payment, if accepted by the
be accepted in full payment
interest represented thereby.
must
but they
should be retained for future
Hungary to
adjustment.
Redeem July 1 Coupons on
Three Bond
Issues
The Cash office
of Foreign Credits at
Budapest, Hungary,
July 1 through its central paying agents in
New York, Schroder Trust Co. that it will redeem coupons
announced on
due July
1, 1940 on the following
bonds at the rate of
sinking fund
Consolidated Municipal Loan
sinking fund gold bonds, external
gold bonds of 1925; Hungarian
20-year
$8.75
Hungarian Con¬
coupon detached from a $1,000 bond:
solidated Municipal Loan 20-year 7%% secured
per
7%
secured
Value
with
of
Listed
Stocks
on
New York Stock
June 29, $38,775,241,138, Compared
$36,546,583,208 on May 31—Classification of
Exchange
on
Listed Stocks
provision, the notice states, has been made
coupons due Jan. 1, 1932 to Jan. 1, 1934 inclusive,
present
for the
Market
"7
As
of
the
close
of business June 29,
1940, there were
listed on
1,232 stock issues aggregating 1,449,901,893 shares
the New York Stock Exchange with a total market
value of
$38,775,241,138, the Exchange announced on July 3. This
compared with 1,234 stock issues aggregating 1,446,890,277
shares listed on the Exchange May 31 with a total market
value of $36,546,583,208, and with 1,234 stock issues aggre¬
gating 1,428,586,085 shares listed on the Exchange June 30,
1939 with a total market value of $41,004,995,092.
In its
announcement of July 3, the Stock Exchange said:
As of the close of business June 29, 1940 New York Stock Exchange
member total net
$331,853,505.
borrowings in New York
The ratio of these member
City on collateral amounted to
total borrowings to the market
38
value
The Commercial & Financial Chronicle
listed stocks,
of all
borrowings
collateral
exceed
are
from
the
true
broken
not
those
on
this date,
on
down
other
to
was
therefore 0.86%.
those only
separate
collateral;
thus
these
relationship between borrowings
on
on
ratios
Member
Received to Offering of $100,91-Day
Treasury
Bills—$100,294,000
Accepted at Average Rate of 0.024%
listed share
usually
000,000
will
all listed shares and
their market values.
May 31, 1940, New York Stock Exchange member
total net borrowings in New York
City on collateral amounted
to $408,909,100. The ratio of these member total net
borrow¬
ings to the market value of all listed stocks, on this date, was
therefore 1.12%.
In the following table listed stocks are classified
by leading
industrial groups with the
aggregate market value and
average price for each:
June 29, 1940
May 31, 1940
$337,958,000 was tendered to the offering last
$100,000,000 or thereabouts of 91-day Treasury
bills dated July 3 and maturing Oct. 2, 1940,
Secretary
Morgenthau announced July 1.
Of this amount $100,294,000 was accepted at an average rate of 0.024%.
The tenders to the offering were received at the Federal
Reserve banks and the branches thereof
up to 2 p. m.(EST)
July 1.
Reference to the offering appeared in our issue of
June 29, page 4053.
The following regarding the accepted
bids to the offering is from the
Secretary's announcement:
week
Total
Market
Aver.
Market
Aver.
Value
Price
Value
of
applied
High
3,068,848,334
767,184,375
Chemicals
5,449,834,195
59.05
409,794,580
1,307,868,333
18.85
384,492,993
17.68
33.41
31.49
2,607,645,127
27.78
Rubber and tires...
Farm machinery
289,673,315
27.26
507,343,026
38.71
Amusements
1,232,946,306
2,479,867,051
275,223,714
487,252,518
189,213,891
13,250,426
2.68
1,350,918,904
21.21
...
Building
Electrical equipment manufacturing..
...
Land and realty
Machinery and metals
Mining (excluding Iron)...
■..
2,846,893,762
15.03
750,361,659
5,249,225,169
Ry. oper. & holding co's & eqpt. mfrs
Steel, Iron and coke
...
Gas and electric (operating)...
Gas and electric (holding)
9.69
1,277,334,285
1,296,382,716
3,210,476,232
9.45
2.64
20.06
19.78
211,097,513
18.39
26.97
2,034,937,999
1,089,751,601
3,235,116,967
24.18
85.30
19.76
20.16
16.61
19.07
365,274,770
18.05
27.86
1,936,618,474
2,427,873,512
1,926,979,202
25.85
22.46
20.55
39.13
91.13
18.31
117.682,289
689,236,157
20.04
"f 237,252,318
20.70
239,560,962
20.90
Shipping services
Ship operating and building
13.39
11.94
5,680,400
44,872,551
100,518,240
161,656,404
1,466,697,517
36,927,396
453,914,196
558,690,700
Miscellaneous businesses
Leather and boots
Tobacco
Garments
U. S. companies operating abroad
Foreign companies (lncl. Cuba <fc Can.)
11.37
13.00
3.09
5,027,442
2.74
14.91
44,935,021
99,608,937
14.95
16.92
21.66
148,930,744
1,389,709,098
35,224,385
52.46
22.01
13.30
457,125,813
523,046,952
13.80
38,775,241,138
give below
a
26.74 36,546,583.208
Offering of $100,000,000 or Thereabouts of 91-Day
Treasury Bills—To Be Dated July 10, 1940
that tenders
bills to the amount of $100,000,000, or thereabouts, to be
sold on a discount basis to the
highest bidders.
Tenders
will be received at the Federal Reserve banks and the
branches thereof up to 2 p. m.
(EST) July 8, but will not
Treasury Department, Washington. The
Treasury bills will be dated July 10, 1940, and will mature
on Oct. 9, 1940, and on the
maturity date the face amount
of the bills will be payable without interest.
There is a
maturity of a similar issue of Treasury bills on July 10, in
amount of $100,685,000.
In his announcement of the offer¬
ing Secretary Morgenthau also said:
be received at the
They Ithe bills] will be issued in bearer form only and in amounts
16.77
19.96
49.71
21.00
nominations of $1,000,
No
13.40
12.92
25.26
$10,000,
or
$100,000, $500,000 and $1,000,000
de¬
(ma¬
turity value).
tender
for
less
amount
an
than
tender must be in multiples of $1,000.
on
All listed stocks
99-994 equivalent rate approximately 0.024%
Secretary of the Treasury Morgenthau announced July 4
are invited to a new
offering of 91-day Treasury
37.17
96,543,682
537.544,188
Business and office equipment
99.994 equivalent rate approximately 0.024%
25.90
165,334,242
13,054,723
17.54
New
26.71
1,282,474,085
3,468,776,792
Communications (cable tel. <fc radio)..
Miscellaneous utilities
$100,294,000
56.96
42.20
Aviation
accepted,
14.85
227,111,097
2,270,066,429
Paper and publishing
Retail merchandising
Total
100.
...
Average price.
23.97-
1,270,474,414
3,390,347,987
385,873,913
2,086,967,038
2.652,694,291
2,078,582,994
Petroleum
Textiles
25.80
$337,958,000
__
Low_
$
for,
Range of accepted bids:
Price
%
Autos and accessories..
Financial
We
of
A total of
As of
Foods
July 6, 1940
Tenders of $337,958,000
the basis of 100 with not
$1,000
will
be
considered.
Each
The price offered must be expressed
than three decimal places, e. g., 99-12 i.
more
Fraction? must not be used.
two-year compilation of the total market
Tenders will be accepted without cash depsit from
incorporated banks
and trust companies and from responsible and
recognized dealers in invest¬
ment securities.
Market
Average
Value
Price
Market
Value
June
$31,858,461,871
$22.32
May 31
35,864,767.775
25.15
34,584,614,803
41,961,875,154
44,784,224,215
43,526,488.215
24.28
July
29.41
1
30
Aug.31....
Sept. 30
Oct.
$30.29
June 30
June 30....
July
$43,229,587,173
trust company.
or
Deo. 31
41,004,995,092
44,761,599,352
31
28.70
31.31
to
29.12
or
July 8, 1940,
on
branches thereof up
closing hour will be opened and public announcement of the ac¬
ceptable prices will follow as soon as possible thereafter, trobably on the
following morning.
The Secretary of the Treasury expressly reserves the
Aug. 31....
Sept. 30
41,652,664,710
Oct.
31
47,373,972.773
33.11
30.54
Nov. 30
45,505,228,611
31.79
right to reject any
32.96
Dec.
46,467,616,372
32.37
amount applied for, and his action in
any such respect shall be final.
Those
submitting tenders will be advised of the acceptance or rejection t ereof.
Payment at the price offered for Treasury bills allotted must be made at the
32.30
47,440,476,682
30
33.15
1940—
33.34
Jan.
31....
45,636,655,548
31.68
Feb. 29....
46,058,132,499
31.96
44.884,288,147
46,270.987,418
31.50
Mar. 30
32.34
32.44
April 30....
Mar. 31
40,921,074,970
28.69
May 31
Apr. 29
40,673,320,779
28.51
46,694,763,128
46,769.244,271
36,546,583,203
38,775,241,138
31
Reserve banks
the
31.38
1939—
Feb. 28
Immediately after the closing hour for receipt of tenders
all tenders received at the Federal
30.55
43,526,688,812
47,001,767,212
46,081,192,347
47.490.793,969
31
Nov. 30
Jan.
are
1939—
1
1..-.
May
Price
Tenders from others must be accompanied by a deposit
of the face amount of Treasury bills applied for, unless the tenders
accompanied by an express guaranty of payment by an incorporated
fo 10%
bank
1938—
Apr.
Average
June 29
32.35
25.26
Federal
Reserve
or
banks
The
26.74
Collection
Remaining Closed
except
or
other
immediately available funds
as
on
to principal and interest, and any
other disposition thereof will also b
or
estate
and
inheritance
taxes.
gift tax.)
No loss from the sale
as
a
deduction,
any tax now or hereafter
or
or
are not
prescribe the terms of the
collection of cash items
invited to
exempt from the
other disposition of the Treasury bills
otherwise recognized, for the purposes of
imposed by the United States
The Federal Reserve Bank of New York
notified member
banks and non-member
clearing banks of the Second Federal
Reserve District on July 3 of the
exempt, from all
(Attention is
Treasury Decision 4550, ruling that Treasury bills
shall be allowed
Saturdays
cash
parts of tenders and to allot, les4 than the
Treasury bills will be exempt
gain from the sale
on
in
or
July 10, 1940.
taxation,
New York Reserve Bank Notifies Members
of Cash Items Drawn on Banks
all tenders
Issue.
following with regard to the
drawn
on
banks
Saturdays:
We
are
informed
that
witn
a
remaining closed
circumstances,
therefore, and confirming
our letter of June 13,
1940, our head office will
defer, until the next business day, credit for cash items drawn on or
payable
members
of the
Northern New Jersey
Clearing House Association for
which credit would be given on such
Saturdays if they were not public holi¬
our head office and Buffalo branch will
defer for an additional
business day, i.e., for three business
days after receipt, credit for cash items
days; and
drawn
on
Federal
or
payable at other
Reserve District whicn
New
are
Jersey banks located
received
on
in
the
further informed that certain banks
located in the State of
New York will remain closed on
Saturdays during the months of July and
we
Federal
418,
as
Treasury bills and
are
August, 1940,
we contemplate no changes in the
current practices of our
head office and Buffalo branch with
respect to giving credit for cash items
drawn on, or payable
through New York banks which remain closed on
amended,
of its
posses¬
and this
notice
any
govern
the conditions of their
Aggregated
Year—Net
Deficit
$9,537,000,000
Reached
in
Past
$3,612,000,000
Coincident with the issuance in Washington on
July 2, of
Daily Treasury Statement for the final day of the fiscal
the
June 29, Secretary of the Treasury Henry Morgenthau
a statement
concerning the Government's financial
operations during the past year. He noted that, as compared
with the year preceding,
receipts rose $257,000,000 and
expenditures $327,000,000.
year,
Jr. issued
Mr.
Morgenthau's statement also said:
Total receipts amounted to $5,925,000,000,
as compared with $5,668,,000,000 in 1939; and total expenditures, exclusive of debt retirements, were
$9,537,000,000
as
compared with $9,210,000,000 in 1939-
(excluding debt retirements) for the fiscal year 1940
compared with
a net
was
The net deficit
$3,612,000,000
as
deficit of $3,542,000,000 for 1939.
Total general receipts for the fiscal year 1940 were $257,000,000 more than
those for
internal
Saturdays during July and August, 1940.
Spending
Fiscal
Second
Fridays to and including
Sept. 13, 1940.
While
Treasury Department Circular No.
few
exceptions the banks located in the
portion of the State of x<Jew Jersey that is included in
the Second Federal
Reserve District will remain closed
on^Satjirdays to and including Sept. 14,
1940, which have been made pubic holidays.for tne
purposes described in
section 36:1-1 of the Revised Statutes
of New Je sey, a
amended by
Chapter 85 of the .Laws of New Jersey of 1IH0.
In the
at
or
sions.
1939.
revenue
This
of
accounted for
was
$113,000,000.
Act increased $81,000,000.
by
increase in miscellaneous
an
Taxes collected under the Social Security
Miscellaneous
revenue
(including $44,000,000
account of repayment of capital funds
by the Commodity Credit Cor¬
poration) increased $80,000,000; customs duties increased $30,000,000; and
on
Mortgage Loans Made by New York Savings and Loan
Associations for May Increased
11.4% Over April
See Advertising Page xiii,
taxes
upon carriers
and their.employees increased $12,000,000.
1940, amounted to $5,000,000.
which registered a decrease
New
York
Home
Loan
Amounted
See
Bank
to
Advances
in
June
See
Advertising Page
000,000,
as
were
"'
$221,000,00(rmore than the
contained in
were
7
the
President's
estimated receipts for this period
Budget Message of Jan. 3,
1940.
Total
estimated in the Budget Message as $5,704,000,000-
The total expenditures for the fiscal
year 4940
ments) which amounted to $9,537,000,000,
were
(exclusive of debt retire¬
$100,000,000 less than the
estimated expenditures for this period as contained in the President's
Budget
Message of Jan. 3, 1940.
x.
The only category of receipts
in income taxes, which were $64,000,000 less
The total receipts for the fiscal year 1940, which amounted to
$5,925,-
receipts
Sixty-one
Organizations of
Future
Home
Owners
Being Formed in 27 States According to U. S.
Savings and Loan League
was
than in the preceding year.
$1,360,500
Advertising Page xii.
Railroad
unemployment insurance contributions, payable for the first time in the
fiscal year
Total expenditures on a comparable basis were
estimated in the Budget Message as $9,637,000,000.
(Budget estimated
$537,400,000 as net transfer to Old-Age
expenditures $9,099,200,000 plus
Reserve Account).
Government (including items classified
and relief) amounted to $8,736,000,000 for
compared with $8,432,000,000 for the fiscal year
general expenditures of the
The
in prior
fiscal years as recovery
the fiscal year
1940 as
$304,000,000.
1939; an increase of
expenditures were—Department of
including restoration of capital impair¬
$120,000,000, appropriated for in the fiscal year 1940
principal increases in general
The
Agriculture activities, $339,000,000,
ment
of the CCC,
in part
representing the return of
capital funds referred to above); reclamation projects, $17,000,000; Navy
Department (national defense), $219,000,000; War Department, military
(national defense), $177,000,000; river and harbor work and flood control,
$20,000,000; Panama Canal, $15,000,000; interest on the public debt,
$101,000,000; refunds of taxes and duties, $23,000,000; and Social Security
Board, $39,000,000.
These items were principally offset by net decreases
in the general expenditures under the Federal Works Agency of $804,000,000.
Net expenditures of revolving funds were $39,000,000 less than in 1939.
Expenditures representing transfers to trust accounts amounted to $747,000,000 for 1940 as compared with $685,000,000 for 1939; an increase of
$62,000,000.
Transactions for 1940 reflected increases of $36,000,000 for
the Federal Old-Age and Survivors Insurance Trust Fund, an increase of
$14,000,000 for the Railroad retirement account, and an increase of $12,sustained in the fiscal year 1939, (this was
against the impairment
miscellaneous receipt of $44,000,000
offset by a
The
The following
the amounts indicated, for financing this
amounted to $3,612,000,000.
1940
for
deficit
net
of funds were available, in
sources
net deficit:
excluding debt retirements
Net deficit,
$3,612,000,000
-
Means of financing-
Excess of receipts over
expenditures in
$39,000,000
(a)
Trust accounts
(b)
Checking accounts of govern¬
41,000,000
mental agencies
57,000,000
Other accounts...
(c)
$137,000,000
$1,523,000,000
1,005,000,000
Market Issues
(a)
(b) Special issues
That system,
followed
amounted to $42,967,000,000 as
with $40,439,000,000 on June 30, 1939; an increase of $2,528,The following statement shows the public debt as of June 30,
June 30, 1940, classified by character of issues, as between regular
public debt on June 30, 1940,
000,000.
1939, and
of Government
trust and special funds.
It should be noted that, of the net increase of
$2,528,000,000 in the amount of the public debt during the year; $1,523,000,000 represented an increase in the amount of outstanding issues in the
market and $1,005,000,000, an increase in special issues.
issues sold on the market
STATEMENT OF THE
and special issues held for account
OUTSTANDING PUBLIC DEBT ON
AND JUNE 30,
JUNE 30, 1939J
1940
The example was
retained a king as a
United States.
nations, some of which added or
Today, he said, many of the latter countries
threatened
Set up in
all over the world are being
ended by conquest.
their forms of government nave been
or
their place, he said, is a system which has
abolished two of the
safeguards of democracy—the judiciary and legislature.
The President remarked that he was sorry to say
that a large number
because of the greater efficiency of the
of Americans were willing,
corporate
State, to adopt that form of government.
President Roosevelt Gives
Park
United States Title to Hyde
(N. Y.) Library
President Roosevelt Turned over the to
Federal Govern¬
D. Roosevelt
which will house his state
papers and other documents of his public life. Mr. Roosevelt
did not make any speech but simply expressed his thanks
ment
July 4 title to the $250,00p Franklin
on
Library at Hyde Park, N. Y.,
The ceremony was
President's wife and mother and his eldest
son,
James; Frank C. Walker, Treasurer of the library
corporation; Basil O'Connor, the President's former law
partner and President of the library, and Frederic Delano,
the President's uncle and Chairman of the Natural Resources
Planning Board.
The laying of the cornerstone of the building, which took
place last November, was reported in our issue of Nov. 25,
connected with the building.
attended by the
3341.
?
American Negro Exposition
Hyde Park
Chicago by Pressing Button at
in
President Roosevelt officially
The Public Debt
compared
other
symbol, Mr. Roosevelt added.
3,612,000,000
The gross
in
American invention,
he said, almost might be called an
because it first was put Into effect in the
President Roosevelt Opens
2,528,000,000
he said, because of its
executive and judicial
branches.
page
947,000,000
Reduction in general fund balance
Public debt receipts from—
balances in the legislative,
of checks and
to all those
funds.
000,000 for Government retirement
in the American system,
Delays are inherent
system
/'
39
Chronicle
The Commercial & Financial
151
Volume
opened the American Negro
Exposition in Chicago on July 4 when he pressed a button
Hyde Park, N. Y., turning on the lights in the Chicago
in
The
Coliseum.
exposition," which will run until Labor Day,
of Negro achievement since
Fair Associated
Sept. 2, celebrates 75 years
emancipation in 1865. Regarding the
Press Chicago advices of July 4 said:
their
Truman
K.
Jr., executive director,
Gibson,
said he expected 2,000,000
and many of their wnite
throughout tne nation
Negroes from
persons,
The State of Illinois appropriated $75,000 for the
show, and the Federal Government authorized an equal sum.
Senator James M. Slattery of Illinois, and Mayor Edward J. Kelly of
neighbors, to attend.
dignitaries participating in the opening.
Africa a d the Caribbean countries
Chicago, were among the
Exhibits from all parts of the country,
1940
1940
1939
(+) or
(—)
Increase
Decrease
depict every phase of Negro
of contemporary
life.
The art exhibit includes some 250 works
plus a series of twenty-six
Negro artists and sculptors,
murals.
Prewar and
196,000,000
postal savings bonds.
25,218,000,000
1,868,000,000
Treasury bonds
U. 8. Savings bonds
283,000,000
7,243,000,000
1,308,000,000
Adjusted service bonds
Treasury notes
Treasury bills
debt
Matured
which
on
$
$
$
Market Issues—
36,669,000,000
sections
are
on
religion, sports, health
big agricultural showing by
a
Proclamation Making Sub¬
and Control, Exports of Munitions,
Machinery Essential to National
Program—R.
L.
Maxwell Named Ad¬
ject to License
and
Materials
—25,000,000
Defense
38,192,000,000 + 1,523,000,000
ministrator
President Roosevelt issued a
Special Issues—
536,000,000
525,000,000
—11,000,000
1,177,000,000
1,738,000,000
+ 561,000,000
67,000,000
474,000,000
79,000,000
559,000,000
+ 12,000,000
20,000,000
11,000,000
—9,000,000
1,267,000,000
128,000,000
101,000,000
1,710,000,000
97,000,000
56,000,000
+ 443,000,000
3,770,000,000
4,775,000,000 + 1,005,000,000
40,439,000,000
42,967,000,000 + 2,528,000,000
Government Life Insurance Fund
Trust Fund
Railroad retirement
account
Government retirement funds
Adjusted Service Certificate Fund
Unemployment Trust Fund
Postal Savings System
Federal Deposit Insurance
Corp..
+ 85,000,000
—31,000,000
—45,000,000
explained the proclamation as
•
'
..
and materials listed in the
The items
Essential Objectives for
.
proclamation include certain stra¬
well as semi-finished products and machine tools of which
prospective shortages as a result of the national defense
tegic materials as
Peace
July 2 setting
Control.
A White House statement
Permanent World
on
proclamation, which became effective July 5, was issued
under the bill signed earlier in the day to expedite the
strengthening of the national defense. The President accom¬
panied his proclamation with a military order designating
Lieut .-Col. Russell L. Maxwell as Administrator of Export
follows-.
President Roosevelt Lists Five
proclamation
licensing system to control exportation of munitions,
certain
strategic
materials, semi-finished products and
machine tools necessary for the national defense.
The
a
up
In¬
Federal Old-Age and Survivors
education, social science
the Department of Agriculture.
President Roosevelt Issues
+ 62,000,000
204,000,000
386,000,000
142,000,000
411,000,000
Debt bearing no Interest..
surance
and
interest
has ceased
.
There
196,000,000
26,555,000,000 + 1,337,000,000
2,905,000,000 + 1,037,000,000
—22,000,000
261,000,000
—860,000,000
6,383,000,000
—6,000,000
1,302,000,000
there are actual or
Roosevelt,
President
his
at
press
conference
at
Hyde
listed five objectives which
permanent world peace is assured.
Park, N. Y., yesterday (July 5),
must be
realized before
these objectives as follows:
The Associated Press gave
1.
Freedom from fear, so
from the ai
of the weap
hat people will
attacked by another nation.
or
,
Freed
ot be afraid of being bombed
That, he said, means removal
njdan^ of distributing info
stable
3.
other systems
the
President
f expression.
said,
so
long as
Freedom from want.
In further
That must be accomplished,
Mr. Roosevelt
and commercial barriers between
nations.
Associated Press said:
the question of if we
"freedoms," or give them up, or eno rage, by
lack of oppo ition, those nations which have removed them in order to
achieve a somewhat more efficient government.
He admitted frankly that
what he termed the corporate State or government, as main ained in Italy,
The
outlining of these objectives, he said, raises
going to seek the five
Germany and Russia, was mo e
national defense matter,
for the actual issue of li¬
controlled items.are released for export.
of exports
control
is primarily a
of State provides the machinery
under Which any
President's proclamation is as follows:
Act to Expedite
Strengthening^ the National Defense," approved July 2, 1940.
By the President of the United States of America.
Administration of
Section 6 of the Act entitled "An
the
Whereas, Section
the Strengthening
as
voice his opinions,
he does not advocate overthrow of his
reporting his remarks the
Export
the ex¬
A Proclamation
A person should be free to
declared, by removal of cultural
are
the
The text of the
be a
government.
5.
While
Unde
of government.
Freedom
division of the National Defence Ad-
of the controls to be exercised.
,
democracies, the President said, this
maintained fairly well, but not in countr.e3 living under
Freedom of religion.
freedom has been
4.
mation and that without it there could not
world.
production
and
rials
the Department
That is important, Mr.
of information.
mat
Commission are collaborating with the Administrator of
Control in the determination of the items to be controlled and
censes
which cause fear, or disarmament.
ns
m
The
vsory
tent and character
Roosevelt asserted,
because the whole country must be able to get news of what is going on in
every part of the c untry and in every part of the world, without censorship.
He.said that it meant not freedom of the pres3 alone, but freedom of every
2.
program.
efficient tnan a democracy.
6 of the Act of Congress
entitled "An Act to Expedite
of the National Defense," approved
follows:
July 2,1940, provides
-
in the interest
exportation of any military
equipment or munitions, or component parts thereof, or machinery, tools,
or
material or supplies necessary for the manufacture, servicing or op¬
eration thereof, he may by proclamation prohibit or curtail such exportation,
except under such rules and regulations as he hall prescribe.
Any such proclamation shall describe the articles or materials included
i
the prohibition or curtailment contained therein.
In case of the violation
of any provision of any proclamation, or of any rule or regulation, issued
hereunder, such violator or violators, upon convinction, shall be punished
Whenever the
of national
President determines that it is necessary
defense to prohibit or curtail the
by a fine of not more
two years or
for not more than
The authority granted
than $10,000, or by imprisonment
by both such fine and imprisonment.
The Commercial & Financial Chronicle
40
in this Act shall
wise
terminate June 30,
provide.
Now,
1942, unless the Congress shall other¬
It is
,
therefore,
I,
Franklin
our
ability to
D.
Roosevelt,
President
of
United
the
I,
duty to
that the burden is equitably distributed according to
see
that
pay so
therefore,
July 6, 1940
few do
a
not
gain from the sacrifices of the many.
recommend
States of America, acting under and by virtue of the
authority vested in me
to the Congress the enactment of a steeply
graduated excess-profits tax, to be applied to all individuals and all cor¬
by the said Act of Congress, do hereby proclaim that the administration of
porate organizations without discrimination.
the provisions
of Section 6 of that
is
act
vested
the Administrator of
in
FRANKLIN
Export Control, who shall administer such provisions under such rules and
regulations
I shall from time to time prescribe in the interest of the
as
The White
D.
ROOSEVELT.
House,
July 1, 1940.
na¬
tional defense.
The
And I do hereby further proclaim that upon the recommendation of the
aforesaid
Administrator
of Export
in the interest of the national defense that
necessary
1940, the articles and materials hereinafter listed shall
United
the
States
when authorized
except
in
each
not be
case
exported from
by
license qs
a
The congressional
„
1,
2.
Arms,
Vice-President
ammunition,
and
implements
of
war
defined
as
in
pro-®
my
1937.
Aluminum
d.
Antimony
e.
Nitric acid
c.
Asbestos
Chromium
f.
Nitrates
g.
Cotton linters
Flax
i.
1.
Manganese
k. Magnesium
Molybdenum
Optical glass
Platinum group metals
Quartz crystals
r.
s.
than
May 1, 1937.
Glass, non-shatterable
c.
or
bullet¬
proof.
Silk
d.
v.
Tin
e.
Toluol
x.
Tungsten
Vanadium
Plastics, optically clear.
Optical elements for fire-control
instruments, aircraft instru¬
ments, &c.
5.
z.
Wool
3.
Chemicals
as
and
a.
Ammonia
Chlorine
c.
Machine tools
as
follows:
j
Metal-working machinery for:
1. Melting or casting.
2. Pressing into forms.
3. Cutting or grinding, power
follows:
b.
Dimethylaniline
ammonium
compounds
driven.
4.
Welding.
And I do hereby empower the
Secretary of State to issue licenses authoriz¬
ing the exportation of
any of, the said articles and materials the exportation
which is not already
subjected to the requirement that a license be
obtained from the
Secretary of State authorizing their exportation, and I
of
do
hereby authorize
and
enjoin him
authorizing the exportation of
in
accordance
with
the
directives
as may be, from time
Administrator of Export Control.
And
I
do
issue
to
rules
to
and
time,
refuse
or
of the articles
any
aforesaid
or
to
issue
licenses
materials listed above
regulations
or
communicated
to
such
specific
him
by the
of the
United
States
and every
provisions of Section 6 of the
Act above set forth, of the
provisions of this proclamation, and of the provi¬
warn
as
be issued thereunder, and I do hereby
may
them that all violations of such
provisions will be rigorously prosecuted.
And I do
hereby enjoin
upon all officers of the United States, charged
with the execution of the laws
thereof, the utmost diligence in preventing
violations of the said Act, of this
proclamation, and of any regulations
my
which may be issued pursuant
ment any
offenders against the
In Witness
Rayburn
regular
a
Attending
and. Senator
congressional7adjournment
a
was not
cohgressional leade/s
but neither group
conferred
plans for
on
an
would ^discuss the conference after¬
1940
and
was
given in these
was
discussion of congres¬
given on the preceding
a
President Roosevelt Signs Alien Registration Act
President Roosevelt
on June 29 signed the bill
providing
registration and finger-printing of an estimated
3,500,000 aliens in the country.
This bill, which originated
in the House at the last session of Congress,
designed to
make unlawful, attempts to interfere with the
discipline of
the Army and Navy, was rewritten by the Senate to include
provisions for the deportation of certain classes of aliens
and to require the
fingerprinting of aliens seeking to enter
the United States.
The Senate approved the bill on June 15
and the House agreed to the Senate amendments on June 22.
In signing the bill on June 29, President Roosevelt issued a
statement saying that the Act is designed not
only for the
protection of the country but also for the protection of the
loyal aliens residing here.
In calling for consideration by the Senate of the Alien
Registration Act on June 15, Senator Connally of Texas
explained, according to the "Congressional Record" of June
for
the
15:
This'
hereby admonish all citizens
person to abstain from every violation of the
sions of such regulations
at
page.
that
listed in my proclamation of
w.
y.
follows:
Armor
Rubber
u.
as
May 1, 1937.
plate, other
b.
Quinine
t.
Bankhead,
columns of June 29, page 4032,
sional action taken on the bill
Aircraft parts, equipment, and
accessories other than those
listed in my proclamation of
Mica
q.
Speaker
The text of the Revenue Act of
Sulphuric acid, fuming
Products
Mercury
n.
plan
but that the Congress probably would recess July 11 for the
up
excess-profits tax,
Sodium acetate, anhydrous
Strontium chemicals
a.
Manila fiber
o.
tax
wards.
4.
m.
Garner,
Treasury and
12%.
Soda lime
t.
Industrial diamonds
1.
of the
Democratic Convention.
h.
.
p.
brought
gen content of less than
S. Graphite
Hides
i.
advised
Rayburn said the question of
Nitrocellulose,
f.
were
Byrrm^(D., S. C.), Mr. Byrnps substituting for SenateJVtajority Leader
Mr.
Diphenylamine
b.
e.
leaders
Barkley, who is in Kentucky.
The following basic materials and products containing the same:
a.
d.
1 is taken from
Monday [July 1] White House conference with Mr. Roosevelt.
hereinafter provided:
clamation No. 2237 of May 1,
conference which the Presi¬
a
Washington Associated Press advices of that date:
and after July 5,
on
following concerning
dent held with legislative leaders on July
Control, I have determined that it is
hereto, and in bringing to trial and punish¬
same.
Whereof, I have hereunto
House measure came to the Senate last
July or
August, in the closing days of the session, and the Judiciary
Committee very hurriedly reported it
favorably without
amendment.
Subsequently the bill was recommitted to the
Committee on the Judiciary, and on May 29 the bill was
reported with amendments, as is shown by the printed copy
of the bill.
Thereafter we examined the bill, andvwhile we
did not decide to change any of the substance of it, we con¬
cluded, after consulting the departments and the legislative
counsel, that the whole measure should be rewTitten.
'
set
my
hand and caused the seal
t
of the United States of
America to be affixed.
Done at the City of
Washington this second day of July, in the year of
our
Lord nineteen hundred and
forty, and of the Independence of the
United States of America the
one
hundred and sixty-fourth, at
11
a.
D.
ROOSEVELT.
reinsurance
By the President.
CORDELL
HULL,
June 22 when the House concurred in
Secretary of State
A
Signs Bill Setting Up
Federal System of Marine War-Risk Insurance
Congressional action on legislation establishing a Govern¬
ment-underwriting system of marine war-risk insurance and
for American flag vessels was completed on
(EST).
FRANKLIN
Congress Passes and President
m.,
y
Senate amendment
a
providing that the law would terminate in 1942.
Other
as passed earlier in the
day (June 22)
by the Senate, were agreed to by the House, which had
originally passed the law on June 21.
The bill would set up
in the Treasury a revolving fund to finance the
system
which would be operated by the United States Maritime
Commission.
The principal Senate change, which the House
agreed to on June 22, was the inclusion of a provision that
the law shall expire March 10, 1942, or earlier if the President
deems it no longer necessary.
President Roosevelt urged
amendments to the bill
President
Roosevelt
Asks
Profits Tax—Calls for
Congress
to
Enact
Excess-
Steeply Graduated Levy
to
Help Pay Defense Costs
President Roosevelt recommended to
the enactment of "a
steeply graduated
Congress on July 1
excess-profits tax"
applicable
to all
individuals
and
corporations without
discrimination to help finance our national defenses.
The
President's request, made in a
special message to Congress,
said "it is our duty to see that the
burden is equitably dis¬
tributed according to ability to
pay so that a few do not gain
from the sacrifices of the
many."
^
When Congress
adopted by the Senate but
when the bill went
of
adopted
a
House
to
conference it
negotiators.
resolution calling upon
to submit to the House
was
eliminated at the
However, the conference
the Treasury Department
Ways and Means Committee and the
Senate "Finance
Committee, not later than Oct. 1, 1940, a
plan for sd^h a tax together with supporting data and drafts
for proposed legislation.
This resolution was referred to
in our June 29 issue,
pages 4031-4032.
It had not been
expected that action would be taken
the
profits tax at
Congress.
Secretary of the Treasury Morgenthau disclosed at his press conference on July 1 that the
Treasury has several proposals to submit to the House group.
It is predicted that fa bill will be
ready for introduction next
this
on
session of
The President's message
We
are
are
follows:
Congress of the United States:
engaged in
to meet any
We
June 20 in
a
letter to Vice-President
and
to
our
national
The
economy."
President
signed the bill on July 1, and at the same time asked Congress
for $50,000,000 which would set up the revolving fund to
underwrite the insurance.
The
measure
makes emergency
Government insurance against marine and
marine war risks for American vessels, their
cargoes and
crews, when insurance protection cannot be supplied in the
American market on a bAsis adequate for the needs of such
shipping.
)
The following is the President's letter sent to the President
of the Senate on June 20, urging passage of the bill:
provision
There
is
for
merce
American
ment
at
for
of the
S. 2566,
marine
pending before the Committee of Com¬
of
and
to
the
national
defense
that
its
enact¬
Congress is highly desirable in the national pub¬
An identical bill, HR 6572, is pending on the union calendar
House
The bill
now
Senate, which I consider to be of such importance to the
this session
lic interest.
to
bill,
a
the
merchant
of
Representatives.
(S. 2566) to amend the Merchant Marine Act, 1936.
as
amended,
provide for marine war-risk insurance and reinsurance for marine risk
reinsurance, and for other purposes, would make emergency provision for
week.
To the
on
Garner, presiding officer of the Senate, saying that it "is
essential to the maintennace of our domestic and
foreign
commerce
was considering the Revenue Bill of 1940,
Senator LaFollette of Wisconsin inserted in the Senate bill
an
excess-profits tax to raise between $400,000,000 and
$500,000,000.
This proposal, to reimpose the
excess-profits
tax schedules of
1917-22, was
request
enactment of this bill
a
great national effort to build up our national defense
and every potential attack.
asking
even our
humblest citizens to contribute their mite.
marine and marine
thereof,
when
insurance
war
risks for American vessels, cargoes
insurance
market
on
Marine insurance is
an
a
or
be supplied
cannot
adequate for
essential factor in
existing conditions, such
availability
protection
basis
commerce
our
may
the
needs
waterborne
suddenly, by
thereon and
crews
In the American
of
such
shipping.
commerce.
reason
undesirability of the world insurance market
now
Under
of the
un¬
reported to
Volume
The Commercial & Financial Chronicle
151
be unable to
keep American waterborne commerce moving
to
necessary
become acute at
tion because the need therefor may
in the cases of certain
in any such
foreign commerce and
to
our
the risks involved.
national economy.
in
is
It
I will appreciate
at
bill
mentioned in
was
our
issue of June 15, page 3755.
that this
This
grant
of
power
acquired by the Army and increases the strength of the fly¬
ing cadet force.
It also gives the President blanket author¬
ity to embargo the exportation of any articles deemed es¬
sential to national defense.
The signing of the bill by the
.;vr
Reducing Interest Rate on Land Bank and Com¬
Bill
Loans Approved
missioner
by President
Legislation reducing Land Bank Commissioner loans from
4% to 334% and continuing Federal Land Bank loans at
•SV2% was signed by President Roosevelt on July 1.
The
rate
Federal Land Bank loans was scheduled under pre¬
on
legislation to increase to 4% on Julv 1.
The new legis¬
lation is operative until June 30, 1942.
This bill as originally
passed by the House on March 18, extended for five addi¬
vious
However, the Sen¬
limited the exten¬
period, which the House concurred in
tional years
the reduced interest rates.
ate, on June 21, in adopting the measure,
sion
to
two-year
An FCA announcement on June 29 said:
a
June 22.
on
Approximately $2,560,000,000 of Federal Land Bank and
loans
outstanding,
are
originally
written
rates
at
The difference between the original rates and the
Commissioner
averaging about 5%.
reduced rates will mean
saving to farmers of about $38,000,000 a year.
a
President
Roosevelt to Ask Congress for
Defense
for
More
$5,000,000,000
Plans—Will Send Message
Next
Week
Congress early next week
for $5,000,000,000 more to
President Roosevelt will send to
a
defense message calling
new
expand the Army and Navy.
The War Department is said
to be seeking $4,000,000,000, most of which would be used
for the production of airplanes and the manufacture of guns
and tanks, and $1,000,000,000 additional would be for the
Navy for ships, planes and munitions.
Mr. Roosevelt will submit the message, details of which
were
worked out at conference in Washington on July 3
with Acting
The Supreme
cases.
Court
Secretaries Louis Johnson and Lewis Compton
Navy Departments; William S. Knudson,
production chief of the National Defense Advisory Commis¬
sion, and Harold D. Smith, Director of the Budget, when
he returns from his Hyde Park (N. Y.) home probably on
Mondav (July 8).
drafted
duction
Government
Roosevelt
President
to
Bill Giving RFC Authority
or Private Plants for Pro¬
of Arms and Acquiring Strategic Materials
Roosevelt Signs
Finance
to
Reconstruction
the
June 2G the bill granting
on
authority
the
of
supplies and equipment and for the acquisition
and storing of strategic raw materials. Congressional action
on this measure was completed on June 15, as was reported
in our issue of June 22, page 3902.
This bill also grants
to the RFC the following powers:
To buy the stock of any
Federal Home Loan Bank; to retire its capital stock and
military
dividends out of its earnings; Increase the revolving
fund made available for railroad loans to $500,000,000. The
Corporation is also directed to
to the Treasury all amounts in excess of $100,000,000
it heretofore received as, capital.
The life of the
Farm
repay
which
RFC is also
Mortgage
extended
under the bill
introducing
justice
in
uni¬
the
simple rules
set of
a
these rules
modfications,
some
an
advisory
com¬
and teachers of the law,
and bar
of procedure.
were
and promulgated by
adopted
legislate® just enacted.
Senate
son
Groups Approve Nomination of Henry L, Stimas Secretary of War and
Frank Knox as Secre¬
from 1941 to 1947.
Favor
of Navy—Both Tell Committees They
Great Britain
tary
Aid "Short of War" for
The Senate Military
Affairs Committee voted 14 to 3 on
July 2 to favorably report to the Senate for confirmation
the nomination of Henry L. Stimson as Secretary of War
after Mr. Stimson had stated his views on national defense
On the same day (July 2) Col. Frank Knox
appeared before the Senate Naval Affairs Committee to
testify on his qualifications for the post of Secretary of the
Navy. The Committee deferred action on this nomination
on July 2 but
sent the nomination to the Senate floor on
July 3 after voting 9 to 5 to recommend confirmation fol¬
lowing further questioning of Col. Knox.
^
President Roosevelt in nominating these two lewling Re¬
to the group.
publicans on June 20 for the respective posts stated thet
"the appointments to the Cabinet are in line with the over¬
whelming sentiment of the Nation for National Solidarity."
The appointments were noted in our issue of June 22,
page 3909.
1
Mr Stimson, who was Secretary of State under President
Hoover and Secretary of War under President Taft, in read¬
ing from a prepared statement told the Military Affairs
Committee that he was against active American participa¬
tion in the European war but favored aid to Great Britain.
He also urged prompt enactment of a system of selective
compulsory training and service.
In testifying before the Naval Affairs Committee on July
2, Col. Knox, who was the Republican Vice-Presidential
candidate in 1936, said (according to Senator Walsh of the
Committee) that he approved of "moral anrl economic"
assistance to Great Britain by our citizens, as differentiated
from economic aid by our government.
The Senator also
reported Col. Knox as stating that he was opposed to ex¬
tending any Governmental aid that would involve us in the
war or impair our own defense.
A motion to summon former Secretary of War Harry H.
Woodring to explain his reasons for resigning was voted
down, 11 to 5 by the Military Affairs group on July 2, but
the Committee approved, 11 to 7, a move to have Mr.
Woodring appear if he cared to do so. On July 3 Mr Woodring
announced from his Kansas home that he would not testify
voluntarily.
The Senate will consider the two
nominations
on
Monday
(July 8).
The
following
extracts
are
Stimson s
from Mr
taken
statement:
I do not believe that we
for
belief.
land and our
from this
I
Doctrine was to preserve our
to
institutions from invasion by keeping potential enemies away
...
of those many people who after the Great
for disarmament
upon a
reign of law rather than of force.
regard it as a world tragedy that all such efforts
in failure, but
tion
the facts must be faced.
We must begin
of law, order end peace.
that our government has been wise in its
I therefore believe
tion to
our
build up our national strength to a size
From Col. Knox's remarks we quote
We
the following:
of our self-protection that we develop our sea
until we possess, incomparably, the strongest navy in the world.
have a fleet second to none, and with the imminent additions
now
its striking power,
to
determina¬
and character unequalled
history.
It is of the very essence
power
should have resulted
again'at the founda¬
of defending America and
and the foundation is the elementary one
its traditions
in
War labored earnestly
of a system
and for the establishment among the nations
which should be based
I
and
Our wise forefathers had no
enemy
hemisphere.
am one
shall be safe from invasion if we sit down
attack our shores.
The purpose of the Monroe
the
wait
to pay
Federal
in
criminal
Supreme Court.
to
manufacture
Corporation
Finance
corporations for
Government
finance
signed
result
of
They have met with general acclaim and have made
important contribution to reducing law's delays and diminishing the
cost of litigation.
; ' '• "
It is reasonable to expect a similar result in criminal cases from the
the
such
♦
■
far-reaching and im¬
thereupon appointed
eminent members of the bench
mittee of
of the War and
President
a
regulate criminal pro¬
a
•+>
Legislation authorizing the War Department to take steps
to expedite the strengthening of the national defense was
completed by Congress on June 22 when the Senate adopted
the conference report on the bill.
The House agreed to the
report on June 21.
Previous passage by the Senate and
House was taken on June 11 and May 24, respectively.
The
bill removes all limitations on the number of airplanes to be
announced July 1.
will
the administration
in
Speed National Defense—Signed by President
was
President today signed
to
an
Congress Passes Bill Authorizing War Department to
President
the
the power
legislation is
and
courts
With
Action of the House Merchant Marine Committee on this
that
Whte House
courts.
simplicity
and
civil
to
which
sideration of this measure by the Senate.
the
Supreme Court
Federal
eliminating some of the archaic technicalities which
times hamper or delay the progress of cases through the courts.
In 1934, similar authority was conferred on the Supreme Court .in respect
domestic
deem advisable to take in order to expedite the pon-
the
on
the
hoped
formity
Federal
of this measure is essential to the maintenance of our
whatever steps you may
confer
to
portant step in the reform of "the law.
time, particularly
will agree with me that the prompt consideration and en¬
I believe you
actment
any
announced at
was
bill
cedure
American vessels of such high value that the American
insurance market is inadequate to cover
and
protection
I emphasize the need for prompt enactment of this legisla¬
emergencies.
It
The Govern¬
such protection on reasonable terms.
procure
therefore, must be in a position to supply the insurance
ment,
41
the
world around.
our
we
will soon have the greatest navy on any ocean
But we must continue to build until none can
defense is sure.
doubt
...
The
national security now
than when it was enunciated. We cannot be safe here in the United States
unless we are secure in the entire Western World against the communica¬
tion hither of the disease which now sweeps both Europe and Asia—the
madness that drives people to seek dominance over other peoples through
force, and which imposes on the victim of their arms a regimentation of
We have been committed for generations to
the Monroe^ Doctrine.
preservation of that doctrine is more vital to our
Roosevelt
President
Court
Power
to
Signs
Bill
Granting
Supreme
Criminal Procedure in
Regulate
Federal Courts
President
Roosevelt
signed
on
July 1 a bill
giving the
Qpurt the power to regulate criminal procedure
Federal -courts. In a statement issued by the White
Supreme
in the
House
on
July
1
this
legislation
is
described
as
reaching and important step in the reform of the
"far-
similar authority was
on the Supreme Court in respect to civil cases;
the result,
meeting with general acclaim.
It is expected that similar
is
explained that in 1934
a
law." It
conferred
results
criminal
will
occur
cases.
from
this
legislation
The White House
with
regard
statement follows:
to
their lives destructive
With such a
a
Navy
of all freedom and liberty.
as
traine^K well-equipped National Guard.
defense on
...
need more than
supplemented with a well-
I have described, we would never
moderafte-sized regular Army of 300,000 men,
land of 600,000 men,
This would give us a
first-line
all that we require to supplement our
naval forces.
Such a Navy would require a
Thus
we
500.000 men, in both
be
no
personnel of not more than
would have to withdraw from our civil
200,000 men.
pursuits not more than
Army and Navy, in Order to be
draft whatever on our possible man power.
safe.
This would
It would provide no
The Commercial & Financial Chronicle
42
whatever for
reason
enjoy to the full the advantage of
sea
The
following statement
free
power as
men
and
will
free enterprise system under which
a
have made the most amazing progress of any nation
we
E. Gaston.
The regulations, the Treasury said,
provide increased control through captains of the port
over
the anchorage and movement of vessels in United
States harbors and over handling and loading of explosives
Herbert
dictatorial, totalitarian control of industry and busi¬
a
We could live behind the shelter of that
ness.
in the world.
issued by Senator Walsh,
Chairman of the Naval Affairs Committee, after the group
approved Col. Knox:
^
A
majority
of the
and other dangerous cargo.
In our issue of June 29, page
was
Committee
Senate
recommend that the nomination of Col.
Naval
on
a
voted to
has
Affairs
July 6, 1940
4055,
the text of
we gave
White House statement explaining the proclamation, which
not
then
available.
The
President's proclamation
was
follows:
Knox, for Secretary of the Navy,
be confirmed.
his
Since
nomination
the effect
to
reports
committee
submitted,
was
Knox
that Col.
disposed, if these reports
was
has
committee
the
was
heard
found to be true, to
were
CONTROL OF VESSELS IN TERRITORIAL WATERS OF THE
many
UNITED
"interventionist," and the
an
STATES
By the President of the United States of America
oppose
his confirmation.
A Proclamation
After listening to the testimony, the committee is of the opinion
that,
he has also declared emphatically his opposition to entering
and favors only "moral and economic" aid to the
war
differentiated from
as
opposition
war
economic aid by our
extending
to
Allies by
our
citizens,
He stated his
government.
would involve
aid that
governmental
any
the European
us
in
would in any degree impair our own defense, which cleared up the
or
It is the opinion of the committee that Col.
and general
that
national emergency
a
for the proper
necessary
neutrality
defense
the
limits
Sept.
on
me
8,
1939, proclaimed
safeguarding and enforcing
observance,
States and
United
of the
within
by
existed in connection with and to the extent
the strengthening of
of peace-time
authorizations,
our
of the
national
and that specific
directions and authorizations would be given from time to time for carrying
out these two purposes,
principal issues, before the committee.
force
A proclamation issued
Whereas,
though Col. Knox has expressed extreme views in favor of aid to the Allies,
Knox
knowledge of existing conditions to contribute much to
Whereas, The continuation of the conditions set forth in said proclama¬
.
the driving
possesses
tion of Sept.
8,
of peace-time
the speeding up of our naval building program.
Whereas,
1939,
calls for additional measures within the limits
now
authorizations,
of Title II of the Act of
1
Under and by virtue of Section
Congress approved June 15, 1917, 40 Stat. 220 (U. S. C. Title 50, Sec.
Bill
on
Railroad
for
Present
Reorganization Regarded Abandoned
Session of Congress—Representative
McLaughlin Says House Judiciary Committee Seeks
Further Experience with Existing Statute
Representative McLaughlin of Oklahoma announced on
sponsored jointly by him and Senator
Wheeler, creating strict standards of capital adjustment for
railroads undergoing reorganization, and designed to speed
up reorganization j>rocedures in courts, will probablv not
be pressed for action this year. Mr McLaughlin is Chairman
of the bankruptcy subcommittee of the House Judiciary
Committee. He said that the bill will be temporarily aban¬
doned because the Judiciary Committee wishes to gain fur¬
ther experience with operating 1935 reorganization pro¬
visions.
Mr McLaughlin's remarks were further reported
in the following Washington dispatch of June 27 to the New
June 27 that the bill
York
He
the
"Journal of Commerce:''
building
and since
in
the
of bringing
matter
about
the
reorganization
of
The plans now before the courts, he said, appear to be sound
large number of plans have been certified the problem of
a
ex¬
pedition has been partially met.
However,
he continued,
take before plans are
wants
law
there is still the
question of how
the
Commerce Commission
Of
35
some
whether there is
know
to
"shuttling"
a
These
This is
of
between
the
Interstate
Pacific
A.
and
C.
or
Executive
move¬
authorized by him to go or remain on board thereof.
"Within the territory and waters of the Canal Zone the Governor of
the Panama Canal, with the approval of the President, shall exercise all
the powers conferred by this section on the Secretary of the Treasury."
And, Whereas, It is essential, in order to
of said
Act,
Which
are
upon the President, the
Panama
Canal
be
quoted herein,
this
at
into effect the provisions
carry
that the powers conferred therein
Secretary of the Treasury and the Governor of the
Now,
Therefore,
time
exercised,
States of America,
Franklin
I,
D.
available for exercise,
or
by virtue of the
powers
visions of the said Act of Congress
continuation
of the
conditions
1939, and the existence of
set
President
conferred
the
of
United
by the pro¬
upon me
quoted herein, do hereby declare the
forth
national
a
with
>
Roosevelt,
in
proclamation of Sept.
my
emergency
8,
by reason of threatened
And,
I therefore
domestic vessels,
consent
the
to
exercise,
with
respect
to
foreign
and
by the Secretary of the Treasury and the Governor of
the Panama Canal, of all the powers conferred by the provisions of said Act.
In Witness
Whereof, I have hereunto set
my
hand and caused the seal
of the United States to be affixed.
Done at the City of Washington this 27th day of June in the year of our
ICC
has certified
9
the
to
courts
Pacific, Spokane International, Western Pacific, Chicago, Milwaukee, St.
&
proclamation
Treasury, rules and regulations governing the anchorage and
Lord nineteen hundred and forty and of the Independence of the United
States
of
America,
the
one
hundred
Western, Chicago Great Western, Denver & Rio Grande Western, Missouri
Paul
by
the United States, may take, by and with the consent of the President,
for such purposes, full possession and control of such vessel and remove
therefrom the officers and crew thereof and all other persons not specially
basis to arguments that
any
plans
Chicago & Eastern Illinois, Chicago & North
are:
President
of any vessel, foreign or domestic, in the territorial waters of the
United States, may inspect such vessel at any time, place guards thereon,
and, if necessary in his opinion in order to secure such vessels from damage
or injury, or to prevent
damage or injury to any harbor or waters of the
United States, or to secure the observance of the rights and obligations of
and the courts.
major reorganizations,
for ratification.
the
ment
long it will
finally approved and placed into operation.
encourages
Whenever
disturbance of the international relations of the United States.
phase of the matter in which the committee is particularly interested
because it
present
1.
a national emergency to exist by reason of actual or threat¬
ened war, insurrection, or invasion, or disturbance or threatened disturb¬
ance of the international relations of the United States, the Secretary of
respect to foreign and domestic vessels.
of sound capital structures in the railroad industry, and
up
expedition
the carriers.
one
"Section
order declares
explained that the pending bill has two principal objectives—one,
two,
191),
it is provided as follows:
and
sxty-fourth.
FRANKLIN
D.
ROOSEVELT.
By the President:
Y.
&
CORDELL
HULL, Secretary of State.
Status of Other Cases
In the
have
case
of many
progressed
of the 16 other major
considerably with
examiners'
reports
There
possibility that
is
a
file
on
reorganizations, proceedings
hearings
having
with
the
some
of these will
commission
been
held,
awaiting
be certified to
Merchants Association Acts
to Clear Up Confusion of
Exporters Over President's Proclamation Prohibit¬
ing Exports Other Than By License
and trial
its
approval.
the
courts
soon.
Mr.
McLaughlin said that if future
the hands
for
courts
of the
further
consider
to
the
sent
are
the
revision
events
back
committee
would
bill,
the
The
Commission
review
move
and the
decision
its
obtain
to
not
action
■
The
Mr.
McLaughlin said guards against the "Shuttling"
organization plans between the commission
to
show that the plans now in
between the
legislation this sassion and would
it.
on
courts
Commission
bill
make
requires
findings
on
and
the
the
to
ICC
the
courts
hold initial
to
essential
elements
reorganization plan, which findings
in favor of which
findings
are
and the
courts
specific duties and
hearings
of
the
on
re¬
responsibilities
the plans,
capital
of
by allocating
and to
structure
of the
to be prima facie conclusive, and
every presumption of correctness is to be
indulged.
Court Intervention Provided
In
the event the findings of the Commission
empowered to make and state correct findings.
tling"
sion
the
of the plan back and fourth between
is
thus
eliminated
commission
available in
mere
a
with
more
and
the
respect
definite
to
experience
than
if
incorrect
the court is
The danger of
the court
and fact
capitalization
manner
are
are
and
the
a
"shut¬
commis¬
The issuance of securities
or
The
the
bill
the commission
are
and
made
is given the
by the
reor¬
proper
factors
of
are so
the
capital structure.
designed
as to
reorganization, including
These
standards
are
com¬
permit the taking into account of all
affecting earnings and consequent capitalization,
the
Harbors and Waters in Accordance with President
Roosevelt's Proclamation
in United
States harbors and waters,
was
there
or
Treasury
both and exporters expressed the opinion
similar
are
Col.
points
would be
apparently/no
for the export
Some
ex¬
necessary.
For instance,
mean
yarn
Forms
silk
or
that interpretation
Exporters
pointed
out
on
that
forms available with which to make application
permits which will be required for usch shipments
Maxwell decides may
"TRFC
as
Lieut.
be made.
Government
Two
Corporations, Rubber
Co., to Acquire
Stocks of Rubber and Tin, Federal Loan Adminis¬
trator Jones Announces—Agreements
Made with
Regulating Committees for Large Purchases
Reserve
carrying out
the
addition to the subject of goods in transit,
several other points which were leading to confusion.
pointed out in the case of silk that this might
was
the
of
which
15.
defining products, exportation of which is banned.
fabric
the
Assistant I Secretary
before July
or
porters were uncertain about the interpretation to be given to the various
on
of
on
also apparent that in
were
terms
the provisions of the proclamation signed June 27
by Presi¬
dent Roosevelt.
The Secretary also set up an office of
Merchant Ship Movements to enforce the regulations under
supervision
be proved to have been in transit on the date on
can
of exportation
Secretary of the Treasury Morgenthau on June 28 issued
rules and regulations for control of foreign and domestic
vessels
in
telegram to Lieut. Ool. Russell L. Maxwell,
a
the President's proclamation was announced and which arrive at the port
there
Department Issues Rules for Control of
Foreign and Domestic Vessels in United States
for the confusion "the
Administrator of Export Control, urging that exception be made for ship¬
several
Treasury
reasons
hope of alleviating tha difficulties of those who have goods
transit, the Association sent
it
including
past earnings experience, reasonable charges and probable future
earnings
of the chief
The Association also says:
It
to
One
explains, related to the status of goods in transit
from inland points of production to New York for early
exportation to such countries as South and Central America.
Inquiry by the Association disclosed that in the absence of
an
export permit, local customs authorities were refusing to
approve export declarations, thereby tying such shipments.
left entirely to the courts.
determination
prehensive and
this issue.
association
ments which
the assumption of obligations
provides standards to be applied
Bureau
indicated that exporters have been thrown
by President Roosevelt's proclamation, going
into effect on July 5, establishing a list of materials basic
to defense needs, of which exportation is prohibited, except
by license, to which reference is made in another item in
In
recognized
ganized company and the determination of the rights of bondholders and
stockholders
Trade
into confusion
finding facilities of
of suggestion with respect to capitalization.
power
According to the Merchants Association of New York,
telephone calls received on July 3 by its Foreign
numerous
Federal
Co.
Loan
and
Metals
Administrator
July 1 the creation of two
Rubber Reserve
Reserve
Jesse
new
Co. and the
II.
Jones
announced
Government corporations,
Metals Reserve
Co.. toiac-
Volume
quire stocks
The
materials essential to national defense.
or
capitalized at $5,000,000 each; the rubber
concern's capital is only half-subscribed by the RFC, the
other half being subscribed by the rubber manufacturing
corporations
are
Mr. Jones said that tlie Rubber Reserve Co. has
industry.
agreed with the International Rubber Regulation Commit¬
represented by Sir John Hay, that it will buy 150,000
period of months at a price range of
tee,
tons of rubber over a
18 to 20 cents \a pound.
Reserve
Co.
Van
John
had
agreed
Broek
Den
of tin at 50 cents
addition
in
He also announced that the Metals
with
to
of
metal
Both of these purchases will be
normal
commercial
It
purchases
in
this
also announced that the
was
corporation will
buy other metals, principally man¬
In addition to the capital of the two companies,
ganese.
Jones said that the RFC has authorized loans of $65,-
000,000 to the rubber
loans to the metal company to
purchase and carry tin and other metals.
formed
under
the
These companies
signed bill amending the
recently
RFC Act, mentioned in a separate item in today's columns.
From
Washington June 26 , the New
York "Herald
Tribune" reported:
At
tial
his
agreement"
Sir
John
would
[a
rubber
the President has signed the
He estimated that
Mr.
from
Jones revealed that
export
of
the
Administrator
Loan
corporation
a
26]
representative
The
organize
[June
raising
on
Hay
Committee].
that
said
he
interests.
Some
nickel
that
been
reached
Rubber
the
F.
R.
"substan¬
a
probably
buy needed strategic materials,
to
with
Regulating
C.
assist busi¬
Administration
program,
the Corporation has authorized 7,251 loans for the benefit of
industry aggregating $375,989,196.
Of this amount $94,626,729 has been
withdrawn and $74,894,725 remains available to the borrowers.
In ad¬
dition, the Corporation agreed to purchase participations amounting to
and
ness
industry in cooperation with the National Recovery
.$698,725 in loans to 34 businesses during May, and similar
bill amending the Reconstruction Finance Act.
would
authorizations
aggregating $1,693,940 were withdrawn.
Through May 31, 1940, the
Corporation has authorized or has agreed to the purchase of participations
$116,656,049 of 1,781 businesses, $40,223,321
and $57,300,450 remains available.
aggregating
of which
has
withdrawn
been
in the amount of. $1,358,000 were
eight loans
During May
authorized
public agencies for self-liquidating projects.
Disbursements amounted
and repayments amounted to $722,400.
Through May 31,
to
to
$3,432,000
been authorized on self-liquidating projects aggre¬
$44,417,331 of this amount has been withdrawn and
$148,887,575 remains available to the borrowers; $433,132,283 has been
disbursed and $364,884,618 has been repaid.
During May the Corporation purchased from the Public Works Admin347
1940,
have
loans
gating $626,437,190
;
having par value of $1,610,300 at a premium
Corporation also collected maturing PWA securities
Through May 31, 1940, the Corporation has
purchased from the PWA, Federal Works Agency (formerly Federal Emer¬
$7,50Q and sold securities
of
$8,523.
The
having par value of $91,170.
Administration of Public Works) 4,168 blocks (3,105 issues) of secur¬
gency
Of this amount securities having
premium of $13,918,837. Securi¬
In addition, the Cor¬
poration has agreed to purchase, to be held and collected or 6old at a later
date, such part of securities having an aggregate par value of $18,441,000
having par value of $661,007,249.
ities
future.
with
meet
ton
value of $494,561,521 were sold at a
ties
having
as
that
now
$100,000,000 to $250,000,000 would be needed for
soon
mercury.
had
quotas
International
added
purchases contemplated in the immediate
He
Authorizations in the amount of $1,329,549 were canceled or with¬
during May.
Through May 31, 1940, including loans to the
par
conference,
press
drawn
fishing industry, to banks and to mortgage loan companies to
to buy and carry the rubber
concern
stocks, and $100,000,000 in
were
May.
Batavia, to purchase 75,000 tons
pound.
a
the
country, Mr. Jones stated.
Mr.
Com¬
Tin
International
the
represented by Victor A. Lowinger of London and
mittee,
43
The Commercial & Financial Chronicle
151
a par
value of $135,921,245 are still held.
the administration
The
report
is in
listed
of
disbursements and repay¬
follows
from Feb. 2, 1932, to May 31, 1940:
ments for all purposes
Disbursements
mining
Repayments
$
$
Unci, receivers)—1,982,706,099.01 1,888,379,853.19
Loans under Section 5:
representatives
position to deliver from time to time.
a
as
Banks and trust companies
and
of
the
strategic
materials
war
lead,
tungsten,
arc
----------
706,719,064.26
585,354,283.46
*240,625,684.11
422,030,214.57
—
387,236,000.00
387,238,000.00
Building and loan associations (incl. receivers).
Insurance companies
——
East
173,243,640.72
121,703,663.07
90,693,209.81
173,243,640.72
117,566,104.44
87,242,128.33
24,666,880.20
20,902,682.14
13,064,631.18
12,971,598.69
13,064,631.18
12,971,698.69
Federal Intermediate Credit banks
^.250.000.00
9,250,000.00
Agricultural Credit corporations
Fishing industry
5,643,618.22
719,675.00
628,985.49
600,095.79
58o,272.21
14,718:06
14,718.06
Railroads
tin,
(including receivers)-------—--—-
Mortgage loan companies
Tin is mined in the Malay states and in the Dutch
Federal Land banks
Indies.
-
-
Regional Agricultural Credit corporations
Joint Stock Land banks
Report of Operations of RFC Feb. 2, 1932, to May 31,
1940—Loans
of
$13,566,977,631 Authorized—$2,317,617,909 Canceled—$7,685,522,450 Disbursed for
Loans and
Investments—$5,923,888,104 Repaid—
State funds for insurance of deposits
moneys
Credit corporations
Livestock
RFC Transactions with Railroads Itemized
Credit unions-----------
In his monthly report of
Finance
Corporation, states that authorizations and
mitments of the RFC in the recovery program
amounted
tions
to
and
total
authorizations
amounted
to
com¬
May 31,
through
making
and tentative
1940,
the end of the month of $13,-
commitments outstanding at
Loans
during May
$4,705,439,
4 ,114,587,177.47 3,379,341,216.96
Total loans under Section 5
$17,738,661, rescissions of previous authoriza¬
commitments
-
-
distributors for payment of pro-
or
ceasing tax
Corporation, issued June 13, Emil Schram, Chair¬
of the
man
Processors
operations of the Reconstruction
of public
-
-
—
to
Agriculture to purchase
of
Secretary
3,300,000X0
-—
5,829,699.95
and irrlga-
tlon districts
Loans to
3,300,000.00
89,569,512.87
cotton.---.--
Loans for "refinancing drainage, levee
*
public school authorities for payment
of teachers'
and for
salaries
refinancing out¬
22,865,175.00
22,308,000.00
433,132,283.33
standing indebtedness
Loans to aid in financing
364,884,618.09
self-liquidating construc¬
tion projects..
and reconstruction of property
earthquake, fire, tornado, flood
566,977,631.
This latter amount includes a total of $1,222,814,331 authorized for other governmental agencies and
Loans for repair
$1,800,000,000 for relief from organization through May 31,
Loans to aid in financing the sale
1940.
surpluses in foreign markets
Loans to business enterprises—
Authorizations aggregating $7,754,524 were canceled
withdrawn
or
during May, Mr.
cancellations
of
and
Schram said, making total
withdrawals
of
$2,317,617,909.
total
A
$619,996,941 remains available to borrowers and to banks
in the
purchase of preferred stock, capital notes and deben¬
damaged
by
12,003,055.32
4,861,003.06
47,298,877.12
219,063,847.95
47,262,446.64
5,761,409.40
47,251,981.13
84,030,469.20
43,938.371.04
2,411,087.55
767,715,962.21
19,644,491.78
767,716,962.21
18,883,703.00
secured by pref .stock.5,782,205,239.09
4,744,757,112.19
and other catastrophes
Loans on and
of agricultural
purchases of assets of closed banks-
Loans to mining businesses
Loans to finance the
—
carrying and orderly market¬
ing of agricultural commodities and
Commodity Credit Corporation
livestock:
Other---—.
tures.
During May, $20,489,936
vestments
and
disbursed for loans and in¬
was
$27,407,875
repaid, making total dis¬
bursements through May 31, 1940, of $7,685,522,450 and re¬
payments
of $5,923,888,104
(approximately 77%).
The
was
Chairman's report continued:
During May two loans
amount of
trust
$277,384
have
those
in
and
(including those
disbursed
loans
572,532
were authorized
to banks in liquidation in the
Cancellations and withdrawals of loans to banks and
$566,601.
companies
and
been authorized to
receivership)
been
has
318,224,
owing
and
banks,
open
amounted
repaid.
Through
$477,068;
31,
7,540 banks and trust companies
$13,681,854
been
has
that
Of
remains
disbursed.
95.1%,
and
to
May
been
available
this
Of
latter
repaid.
includes
this
(including
amount
to
from
$512,-
May
banks
$7,378,073
one
is
mortgage
were
made
purchase
to
preferred
stock
of
aggregate amount of $100,000.
$1,387,788,834
and
336,355
secured
to
be
stock,
panies
of
1,123
loans
by preferred
capital notes and
$1,441,125,189
authorized
were
stock,
debentures
in
the
amount
total
authorization
6,866
a
of
banks and
of
$53,-
for
trust
pre¬
com¬
$171,149,607 of this has been withdrawn and
$62,141,000 remains available to the banks when conditions of authoriza¬
tions
During May two loans
banks
amounted
to
;
have been met.
closed
to
irt
the
authorized
for distribution to depositors of
$566,501; cancellations and withdrawals
$277,384 was disbursed and repayments amounted
were
amount
$477,068;
$1,238,041.
of
Through
May 31, 1940, loans have been authorized for
distribution to depositors of 2,776 closed banks aggregating
$1,343,869,119 ;
$335,088,996 of this amount has been withdrawn and $13,521,454 remains
available to the borrowers; $995,258,669 has been disbursed and
$951,209,398, approximately 95%, has been repaid.
During May the authorizations to finance drainage, levee and irrigation
districts were increased $46,000, authorizations in the amount of $3,702,219
were
withdrawn and $188,512 was disbursed.
Through May 31, 1940,
loans
have
districts
drawn ;
has
been
been
authorized
aggregating
$20,147,210
1938,
to
refinance
$141,843,508,
of
remains available
651
drainage,
which
to
levee and irrigation
has been with¬
$32,126,786
the
borrowers,
and
$89,569,513
disbursed.
Under the provisions
struction
Finance
64 loans to
(in¬
disbursed and $12,664,pref. stock).-1.207,834,581.56.,
Purchase of stock of the RFC Mortgage Co-—
25,000,000.00
Purchase of stock of the Fed. Nat. Mtge. Assn.11,000,000.00
Loans secured by preferred stock of insurance
companies (including $100,000 disbursed for
the purchase of preferred stock)
34,475,000.00
cluding
$18,072,339
202.22 repaid on loans secured by
Total
Public
8,404,982.78
1,278,309,581.56
Federal
Administration,
665,456,854.28
625,007,629.49
-
Works
657,051,871.50
513,674,137.95
Works
Agency, security transactions
7,685,522,450.14 5,923,888,104.42
$1,932,-
Through May 31, 1940,
authorizations have been made for the purchase of preferred
stock, capital
notes
and
debentures of 6,791
banks and trust companies aggregating
ferred
and
Allocations to Governmental agencies
under pro¬
visions of existing statutes:
purchase:
Capital stock of Home Owners' Loan Corp...
Capital stock of Federal Home Loan banks..
Farm Loan (now Land Bank) Commissioner
Secretary of the Treasury to
authorizations
the
in
of preferred stock, capital notes
debentures of banks and trust companies
borrowers,
amount
Only
$6,600,561
1940,
company.
During
two
has
approximately
by
trust
liquidation)
was
aggregating $2,556,222,932.
withdrawn
$2,029,968,546
in
$1,556,872
Total loans,excl.of loans
Purchase
of Section 5
(d), which
Corporation Act June 19,
was
1934,
industry, aggregating $3,884,373
added to the Recon¬
and
amended
were
April
13,
authorized during
200,000,000.00
124,741,000.00
for loans to:
Farmer8
Joint Stock Land banks
-
Federal Farm Mtge. Corp. for loams to farmers.
Federal Housing Administrator:
.....
_nn
To create mutual mortgage insurance
For other purposes
fund.-
nn
10,000,000.00
69,546,074.55
-
farmers (net)-Administration for
Sec.of Agricul. for crop loans to
Governor of the Farm Credit
145,000,000.00
2,600,000.00
55,000,000.00
revolving fund to provide capital for
ductlon credit corporations—
115,000,000.00
pro-
40,500,000.00
97,000,000.00
Stock—Commodity Credit Corporation
Stock—Disaster Loan Corporation
24,000,000.00
— - -- - —
Regional Agricultural Credit corporations for:
Purchase of capital stock (incl. $39,500,000
held In revolving fund--
44,500,000.00
-
—3,108,278.64
J4.164,302.92
Expenses—Prior to May 27,1933
Since May 26, 1933—
Administrative
—
}JJJ86.68
-
126.371 .*■>
Administrative expense—1932 relief
146,500,000.00
Rural Electrification Administration
Total allocations to governmental
To
States
on
agencies.-1,091,9021714.54
directly by Corporation
of Federal Relief
For relief—To States
-
-----
2,425.46
817,159,232.30
499,999,065.7Z
•
Appropriation Act—1935---
Under Emergency
Under Emergency
-
2,425.46
certification
Administrator.--
1935.
299,984,999.00
-
-----
Relief Appropriation
-------------
Total for relief——
500,000,000.00
Act,
-----
500,00U,UUU.UU
1,799,984,064.72
17,15^,232.30
44
The Commercial & Financial Chronicle
Disbursements
Interest
on
Repayments
$
$
notes Issued for funds for allocations
relief advances
and
33,177,419.82
Total allocations and relief
2,925,064,199.08
17,161,657.76
10610,586,649.22
5,941,049,762.18
July 6, 1940
In addition to the above loans authorized the
Corporation
has approved, in
principle, loans in the amount of $123,153,755 upon the performance of specified conditions.
+»
Grand total....
•
Does not Include 14,800,000 represented by notes of the Canadian Pacific Ry
Co., which
accepted in
were
payment of
the
balance
due
on
loan
made
to
the
Minneapolis St. Paul & Sault Ste. Marie Ry. Co.
a
In addition to the repayments of funds disbursed for relief under the Emergency
Relief and Construction Act of
In the
on
of amounts disbursed for alloca¬
account
tions to other governmental agencies and for relief by direction of Congress and
the Interest paid thereon, pursuant to provisions of an Act (Public No. 432)
approved Feb. 24, 1938.
The loans authorized and authorizations canceled
drawn
for
bursed
table
to
(as
each
railroad,
together
the
with
or
with¬
amount
dis¬
and
repaid by each, are shown in the following
May 31. 1940), contained in the report:
of
Products Can Be
1932, the Corporation's notes have been canceled
of $2,720,255,177.07
amount
Secretary Wallace Warns Nations of Western Hemis¬
phere of Need for Economic Unity If Trade Is Not
to
Be
Lost
to
Distatorships—Secretary's Aide,
Milo
Perkins, Says Domestic Market for Farm
The
Authorized
Hemisphere were urged on
Secretary of Agriculture Wallace to unify their
power, possibly through the formation of "one
great inter-American corporation."
Speaking in a radio
broadcast from Chicago, Mr. Wallace advocated that his
hearers prepare "to meet a united
Europe with a united New
World."
Associated Press Chicago advices of June 30
June 30 by
quoted him, in
Aberdeen & Rockfish RR. Co.—
Ala. Tenn.& Northern RR.
In
Repaid
$
$
127,000
127,000
275,000
275,000
2,500,000
634,757
634,757
__
Ashley Drew <fc Northern Ry. Co-
400,000
Baltimore & Ohio RR. Co. (note)
Birmingham & So'easternRR.Co.
95,358,000
41,300
Boston & Maine RR
11,069,437
53,960
13,200
a
Buffalo Union-Carolina RR.
Carlton & Coast RR. Co
400,000
95,343,400
41,300
11,069,437
12,206,166
41,300
132,307
535,800
139,909
.v.-
(Atlantic Coast Line and Louis¬
ville & Nashville, lessees)
14,150,000
3,124,319
^.14,150,000
3,124,319
500,000
35,701
140,000
Chicago & Eastern 111. RR. Co.5,916,500
Chicago & North Western RR. Co 46,580,133
Chicago Great Western RR. Co.1,289,000
Chic. Gt. West. RR. Co. (trustee)
12,000,000
220,692
464,299
464,299
155.632
46,588,133
1,289,000
4,338,000
150,000
838
537
8,412,000
1,150,000
13,718,700
3,840.000
2,680,000
8,300,000
2,680,000
2,098,925
53,600
29,812,102
1,561,308
8,920,000
Chic. No. Shore & Milw. RR. Co.
1,150,000
Chicago R. I. & Pac. Ry. Co...
.
13,718,700
2,680,000
10,398,925
30,123,900
60,000
Chic.R.I.& Pac.Ry.Co. (trustees)
Cincinnati Union Terminal Co.Colorado & Southern Ry. Co
Columbus & Greenville Ry. Co.-
53,500
Denver & Rio Grande W.RR.Co-
8,300,000
8,081,000
500,000
1,800,000
3,182,150
16,582,000
10,000,000
219,000
1,800,000
Denver & Rio Grande W.RR.Co.
Denver & Salt Lake West.RR.Co.
Erie RR. Co
Erie RR. Co. (trustees)
Eureka Nevada Ry. Co..
-
Fla. E. Coast Ry. Co. (receivers)
Ft.Smith & W.Ry.Co.(receivers)
Ft. Worth & Den. City Ry. Co.-
Fredericksburg & North. Ry. Co.
Gfinsville Midland RR. Co
Cainsvllle Midl'd Ry.
3,182,150
16,582.000
10,000,000
3,000
1,957,075
227,434
8,795,500
16,000
78,000
10,539
3,183,000
546,000
Georgia & Fla.RR.Co. (receivers)
354,721
Great Northern Ry. Co
105,422,400
Green County RR. Co
13,915
Illinois Central RR. Co
Lehigh Valley RR. Co
Litchfield & Madison Ry. Co
Louisiana & Arkansas Ry. Co—
Co.(receivers)
25,000
Northern Pacific RR. Co
29,500,000
Pere Marquette Ry. Co
Pioneer & Fayette RR..
—-
Pittsburgh & W. Va. RR. Co...
Puget Sound & Cascade Ry. Co-St. Louis San Fran. Ry. Co
St. Louis-Southwestern Ry. Co..
Salt Lake & Utah RR. Co (rec rs)
Salt Lake & Utah RR. Corp
Savannah & Atlanta Ry. Co
Sand Springs Ry. Co
Southern Ry. Co-
--
Sumpter Valley Ry. Co
Tennessee Central Ry. Co
—
-
Texas 0kla. & Eastern RR. Co--
Texas & Pacific Ry. Co
Texas-South-Eastern RR.
-
222
Co
Tucker ton RR. Co
(receivers)
Western Pacific RR. Co—
Western Pac. RR. Co. (trustees).
Wichita Falls & Southern RR.Co.
5,200,000
45,200,000
51,405,000
100,000
5,332,700
108,740
2,035,000
30,000
45,000
25,981,583
600,000
117,750
65,000
1,200.000
a6,843,082
100,000
2,309,760
99,200
785,000
1,070,599
25,000
34,699,000
18.200,000
7,699,778
919,360
21,000
4,250,000
28,900,000
3,000.000
17,000
28,900,000
3.000,000
12,500
4,975,207
300,000
7,995,175
18,672,250
200,000
400,000
1,235,000
162,600
5,200,000
44,000,000
50,905,000
798,600
300,000
2,805,175
18,672,250
200,000
24,200,000
30,085,134
100,000
147,700
2,035,000
30.000
700,000
39,000
23,223.383
39,000
1,091,800
30,0fa)
4,366,000
1,403,000
13,502,922
3,600,000
750,000
750,000
400,000
22,525
22,525
22,525
106,966.756
706,719,064 245,425,684
Represents a guarantee; in addition the Corporation also guaranteed the pay¬
ment of interest.
our present programs for
increasing domestic consumption.
During the decade of the 40's there will be hunger and starvation and
death from cold winters without fuel in other
parts of the world.
be
without the love and companionship of those who
killed in the
were
for them.
also guaranteed
the payment of interest.
those
the Corporation guaranteeing the payment
principal and interest of such securities.
Since the sale, $64,000 of the
$320,000 has been repaid by the railroad, thus reducing the Corporation's liability
who
must
us
us
to those who
Americans
on
are
willing and able to work
There's
both continents of this western
man
is real, for all the wars of the moment, and be¬
it is, there must be ways to give the
peoples of all the earth a readier
cause
to
the
things which
can
be produced
upon
this planet.
The real
adventurers of the next hundred years will be folks with
practical imagina¬
tion who discover such ways.
world, and that is how to
earth to the utmost.
standards of living.
So far
have
as
use
Only
one
basic economic problem faces the
the human and material
resources
of the entire
Science already has made it possible to double our
That's the most important fact in modern history.
increased domestic consumption of surplus cotton is
concerned,
barely scratched the surface with
cotton stamp
plan.
our
mattress program
We've gone somewhat further with the
foods, but that job is not
from surplus foods.
are
even
half done.
use
one
as a matter
SEC
and
Investment
20-Day
Waiting
or
in part
low-income
areas
ought to have
a
chance to eat the
of national health defense.
Bankers
Period
Under Securities
See
our own
For my own part, I feel that every¬
of these undernourished youngsters
surplus
and our
of surplus
This year, for example, 3,000,000
About 9,000,000 children in
eligible for free lunches, however.
Act
Confer
Required
of
on
for
Amending
New
Issues
1933j
Advertising Page ix
Disbursements
in
Agricultural Conservation Program
at $520,360*802
Estimated
See
Advertising Page xii.
Procedure
of
Criticized
Solicitor
in Behalf
National
Railroad
Adjustment Board
by Carriers—John Dickinson, General
of
Pennsylvania Railroad Recommends
of Roads 7 Changes in Rules
At
a
hearing in Washington, on June 26, before the
Attorney General's Committee on Administration Procedure,
John
Dickinson, General Solicitor of the Pennsylvania IIR.,
speaking in behalf of the carriers, contended that the pres¬
ent
procedure of the Board frequently resulted in decisions
forcing the railroads to pay for work not done or requiring
them to pay more than once for some work performed by
rail
the
It
labor.
also
was
contended
by Mr.
Dickinson
that
rulings of the Adjustment Board have reduced trans¬
portation efficiency and handicapped railroads in rendering
and
of
committee
competition.
This is learned from a
June 26, to the New York "Herald
also indicated that Mr. Dickinson, in
meeting
account,
roads,
seven
presented
to
the Attorney
General's
recommendations for changes in the prac¬
tices, viz.:
The
of securities,
of
hemisphere.
which
under the guaranty.
for
some,
the
of both
heartaches
There's enough, and more, for everyone here at home.
Tribune,"
Represents the sale
the
to
We and our families have been spared that
suffering.
All we've got to
do is to change with the necessities of the times, and find workable
ways to
behalf
b Includes a $5,000,000 guarantee; in addition the Corporation
added
distribute the goods all around
due
c
on
war.
Washington
on the loan to the Canadian Pacific, receiving
$662,245.50 in cash and Canadian
Pacific Ry. Co.'s notes for $5,500,000, matur'ng over a period of 10 years,
$700,000
of which matured and has been paid.
.
endure them and live
service
The loan to Minneapolis St.
.
These
physical privations will
Paul & Sault Ste. Marie Ry. Co. (The Soo Line)
was secured by its bonds, the Interest on which was guaranteed
by the Canadian
Pacific Ry. Co. and when the "Soo Line" went into bankruptcy, we sold the balance
a
The hour
way.
The foreign situation may become so critical
by fall that we'll have to
26,000
162,600
c320,000
4,366,000
828,102,217
as
increased as largely to offset this decline.
He spoke
particular reference to cotton.
Mr. Perkins said, in
—
5,332,700
8,200
only
broaden
18,200,000
108,740
6.000
so
34,699,000
100,000
500,000
materials
strong a bargaining position
school children got their noon day lunches free—made in whole
13,502,922
Wrightsville & Tennllle RR
-
50,000
607,000
3,000,000
17,000
4,975,207
300,000
7,995,175
18,790,000
200,000
400,000
1,300,000
2,550,000
785,000
1,070,599
*
as
raw
for export
part:
we
99,200
162,600
Seaboard Air L. Ry. Co. (rec'rs).
Southern Pacific Co
8,517,500
800,000
5,124,000
23,134,800
-
5,000,000
Pennsylvania RR. Co
520,000
390,000
985,000
100,000
18,200,000
7,700,000
607,000
2,550,000
197,000
6,843,082
b41,499,000
Norf. South. RR. Co. (receivers)-
9,278,000
800,000
6,000,000
13,915
«
1,070,599
Mqrlreesboro-NashvilleRy. Co—
*
3,000
744,252
99,200
785,000
Mobile & Ohio RR. Co
Totals
-
be
access
.1,500,000
23,134,800
Missouri Southern RR. Co
Wabash Ry. Co.
1,000,000
large
a
Europe will
Earlier, on June 28, Milo Perkins, Director of the De¬
partment's Bureau of Marketing, told a meeting at Los
Angeles that regardless of the loss of export markets for cer¬
tain agricultural xiroducts,. their use in this
country can
The brotherhood of
22,667
100,000
5,124.000
Missouri Pacific RR. Co
N. Y.N. H.& Hartford RR. Co.
1,161,000
13,915
8,020,000
41,790,000
..
Missouri-Kansas-Texas RR. Co-
New York Central RR. Co
12,000
354,721
6,000,000
1,729,252
6,843,082
Mississippi Export RR. Co
N. Y. Chic. & St. L. RR. Co
78,000
99,422,400
8,020,000
43.112,667
1,112.000
10,278,000
800,000
corporation and sell
positive
plenty, and then
546,000
Co.
-
Minn. St. P.& S.S.Marie Ry. Co.
Mobile & Ohio RR.
10,000
10,539
1,500,000
2,550,000
200,000
Maryland & Penna. RR. Co
(trustee)
689,075
*350,000
Louisiana & Arkansas Ry. Co
Maine Central RR. Co
Meridian & Bigbee River Ry.
1,867,075
227,434
8,537,302
3,183,000
(receivers)
Galveston Terminal Ry. Co
GultMoblle & Northern RR. Co.
582,000
3,100,000
15,000
-----
Galv. Houston & Hend. RR. Co-
Kansas City Southern Ry. Co—
71,300
3,000
90,000
Together they control
We in the New World have economic
power; we have gold.
has come to use both of them in a
8,300,000
4,770,000
1,800,000
.
.
53,500
5,100,000
(trustees)
inter-American
greater
.
is over.
through that agency, they would be in
with
60,000
Del. Lackawanna & Western Ry.
Copper Range RR. Co
one
that the
so
.
supply of petroleum, foods and fibers.
war
Americas, for example, could consolidate their sales of
through
53,500
Chic. Milw. St.P. & Pac. RR. Co.
(trustee)
If the
basis,
minimize the possibility of ultimate military
can
48,000
11,500,000
500,000
on a sensible
be fed without ruining the New World.
can
world's
chance ultimately to
Germany.
150,000
159,000
Chic. Mflw. St.P. & Pac. RR. Co.
1,000
re-establishing world trade
need these after the
a
it will be essential for the Americas to present
..
140,000
5,916,500
Charles City Western Ry. Co
a case
attack if they unify their economic power.
share of the
shall hang separately.
we
I recognize that England has
The American republics
634,757
400,000
14,600
Carolina Clinchfteld & Ohio Ry.
Central of Georgia Ry. Co
Central RR. Co. of N. J
hang together or surely
in such
hungry of Europe
53,960
549,000
90,000
even
united front in
1,011,365
2,500,000
But
follows:
par Was
more we must
saying all this
win.
127,000
Corp.
Alton RR. Co
Ann Arbor RR. Co. (receivers)
Once
Disbursed
Greatly Expanded
the .Western
or
Withdrawn
$
of
economic
Authorizations
Canceled
nations
Board
sions
railroads recommended
be
to
To set
changed
the
a
so
as
Board, with
to
an
that
rules
and
procedure of the Adjustment
require full statements of
the case in submis¬
opportunity for reply by the other party.
reasonable time limit to claims for back pay.
Volume
To
The Commercial & Financial Chronicle
151
parties
permit
to
be heard by the referee making the
to
case
a
presented to be preserved.
To allow the evidence
To
published.
Provisions
review
judicial
permit
to
of
also
decisions
Board
were
recommended.
Tribune"
From tlie advices to the "Herald
we
also quote:
than 4,000 working agreements of the railroads with
application of more
employees, the roads said present procedure has resulted in "decisions
that the employees "have procured compliance
repudiating the process of enforcement prescribed by th<>
and by substituting therefor the strike-vote and its threat of
unjust and inequitable"
with
them
transportation tie-up."
labor unions to follow the
statutory procedure by permitting the important decisions of the Board
to be enforced by court action,
rather than by threat of strike, is an
implied recognition that many awards will not stand the test of judicial
"The
unwillingness
very
of
railroad
the
scrutiny," the railroads added.
The railroads said
decided,
the
the
major
a
proportion of the "discipline cases"
its judgment for that of
to protect the safety of its opera¬
"substituted
effect
is
necessary
the
to
said.
the
"There
United
railroad
were
States
during
Board.
Adjustment
industry,
of
strikes
no
the
12
consequence
years
there have
That
the
on
railroads
of
the
the establishment of the
been none since is true because the
preceding
than to subject
have, up to the present, yielded their rights rather
carriers
public, themselves and their other employees to the inconvenience and
financial loss of a
threatened tie-up of transportation."
and
"Trainmen
Bishop
and
of
the
Brotherhood
the first
of
division
railroads
to
were
blame
Railway
the Ad¬
of
disputed the arguments of Mr.
the
that
said
of
member
a
justment Board
Dickinson
for
of
many
delays incident to decisions of the board.
He said that
carriers continuously asked for extensions of time in
the
the
which to prepare
their cases.
Willkie
from Commonwealth &
Preparation for Presidential
Campaign—He and President Roosevelt Express
Willingness to Discuss Foreign Affairs—Limit on
Campaign Contributions—Nomination of Senator
McNary as Vice-President
Southern
Wendell
Resigns
Corp.
L.
in
pledging himself to seek unity among all classes for "the
preservation of freedom."
He concluded:
"The cause is
great.
We must win.
We cannot fail if we stand together
in one united fight."
His address follows:
doubt
I
and
ness,
I
stand
I
nee
ing of
tion
to
of American
presided
over
political
with
more
conventions
impartiality,
before
without a single pledge,
you
"Active
"As I
intend
It
is
and
moving
a
I doubt if any man
of his decision
appealing and
promise or understand¬
almost overwhelming thing
to
be
who has not experienced it could imagine and under¬
it brings to
one
when such obligations
of dedication I feel to the cause that
you
have
to lead.
me
Mr. Willkie said he had so much
faced in all its long history;
because
States
and we here are not Republicans alone,
to dedicate ourselves to the democratic way of life in the
but Americans,
here stands
the last
firm
untouched foothold
of
as
nominee I expect to conduct a crusading, aggressive, figh ing
your
campaign
to
bring
unity to America,
to bring the unity of Labor and
Capital, agriculture and manufacturer, farmer and worker, and all classes
I think,
as one
of my brief
who has been a member of each of those classes in the
life, I understand that in America we all have a common
this time that this way of life shall not pass from this earth.
For the rehabilitation of American economy; for the building of an adequate
purpose at
unity
so many
political
On Wednesday he will confer with the
which is authorized to
name a
Chairman of
Although it has been predicted that John Hamil-
the national committee.
tion, the incumbent, will be re-elected, Mr. Willkie indicated that the post
still open.
was
To
I
will
be
Spend
Wisconsin
in
in
Vacation
West
Mr. Willkie will pass his vacation has not been decided,
The place where
farther West, possibly in Colorado.
or
Willkie said the date for his formal acceptance speech at Elwood,
Mr.
lnd., his
birthplace, had not been decided, but that it would be after the Democratic
National Convention, which will convene
in Chicago July 15.
vested
On
July 2 Mr. Willkie named Gov. Harold Stassen of
Minnesota as Chairman of Ms campaign advisory com¬
mittee, and at the same time announced that he would
forbid the acceptance of campaign contributions in excess
of $5,000.
On this point Mr. Willkie said:
requesting that there be no contribution in this campaign in excess
am
of the Hatch Act, even though the Hatch Act as yet has
of the provisions
not
The limit from any one source,
passed Congress.;
as set
by the Hatch
Act, is $5,000, and I again urge Congress to pass the Hatch Act.
As
Willkie's statement
Mr.
to
tributions,
on the subject of con¬
following from the New York
the
quote
we
"Journal of Commerce":
Republican nominee said he had met full agreement with his de¬
The
cision to limit campaign contributions.
In
this
crucial
when information from our Ambassadors is
period,
so
important I don't Want any of these jobs given in exchange for campaign
contributions.
I s.iall
to
be
when
I
there
into
I
all preconvention checks,
and
campaign fund.
of $10.
I don't want contributions to my campaign
All
That is
so
any
whether
books, programs or anything else direct
I don't want the national or local Republican
direct.
order
few
years
ad¬
as
or
in¬
organizations to
ac¬
The Federal Law forbids corporation
advertising.
in the past
or
and expended—a formal record.
corporate contributions in any size,
in campaign
in cash in
money
that there may be complete and de¬
of every dollar received
reports
don't want
vertisements
that must be by chock, draft,
over
document.
other written
tailed
I returned
President.
of them, but those being received now are being turned
many
Furthermore,
excess
I want all contributors
gift to my campaign will obtain a job or exert influence
no
elected
am
were
a
to receive contributions but
happy
know that
there has grown
up
con¬
the practice of
In my
judgment this is a j)eople's movement and I'm going to insist on keeping
it that way.
The more small, $1 contributions I get, the happier I shall be.
The nomination of Senator Charles L.
McNary of Oregon
Republican ticket was noted in
our item last week regarding the convention, on page 4061.
United Press accounts from Philadelphia on June 28 thus
described the proceedings leading up to Mr. McNary's
for Vice-President
on
the
nomination:
so
of
that
our
no
dictator,
people;
however strong, may seek to strike;
for the
for, calling again America to its great tradition of
progress,
I pledge myself to you, and I ask each of you to join with me in
this great
McNary
Senator
this spot
the popular choice of the convention for second
was
place from the outset.
Party leaders hammered at him for days to accept
regardless of the candidate chosen, but the Oregon Senator in¬
sisted he did not want it.
He finally
as
capitulated under
an orgent
appeal from Mr. Martin, who,
House minority leader, has worked closely with Senator McNary in fus¬
ing Congressional
Mr.
Republicans into potent' opposition to the New Deal.
McNary, 66,
ticket,
was
Willkie
Mr.
wanted by party chieftains to give
is
a
successful
business
man.
But
balance to
a
political
freshman.
The farm vote,
may
was
of the preservation of freedom.
to this great cause
defense
personal business and
Republican National Committee, headed by Walter
of the
Hallanan of West Virginia,
S.
the
freedom in all the world.
course
con¬
he had to delay his departure for his vacation until
Friday and possibly until Saturday.
subcommittee
Democracy and our way of life is facing the most crucial test it has
And
"I could not
tinue in fairness to these corporate interests."
here to you this afternoon, not to discuss policies or
tell you of the deep sense
United
I cannot devote much
tribution, but
principles, but merely to thank you, to express my appreciation, and to
ever
active campaign,
resign all his corporate directorships.
to
him.
to
I wanted to come
asked
Campaign" Planned
very
accepting advertising which is an indirect method of contributing.
great free convention of this kind.
a
stand the full import of the emotion
come
make a
to
con¬
of American democracy.
the nominee of
Co., the Consumers Power
fair¬
kind except for the advancement of your cause and the preserva¬
any
'
any
the members of this convention that as your nomi¬
to
announced
His successor
more
ability than this one has been presided over by Joe Martin.
say
previously
President of the Com¬
and the Southern Indiana Gas & Electric Co.
cept any corporate
history
been
ever
more
want
all
in
if
has
as
Co., the Transportation Securities Corp., the Central Illinois Light Co.
Willkie, Republican nominee for President,
following the conclusion of the Republican National Con¬
vention, returned to New York City from Philadelphia on
July 1, and on the same day resigned as President of the
Commonwealth & Southern Corp. at a special meeting of
the board of directors.
He plans a vacation of two or three
weeks
before actively beginning
the campaign for the
Presidency.
His nomination at the Republican Convention
in Philadelphia was described in the "Chronicle" of June 29,
pages 4001-62.
Mr. Willkie addressed the convention briefly on June 28,
vention
his
Mr. Willkie said he also would resign all his other corporate connections.
I
L.
Wendell
with
These include directorships in the Ohio Edison
but it
According to advices to the New York "Journal of
William
accordance
selected before that date.
will be
the
merce,"
in
afternoon,
Southern Corp. to become effective July 10.
matters to attend to that
repeatedly threatened by labor, is not
Adjustment Board system as now administered," Mr. Dickinson
in
the
monwealth &
4,ime4o the business of these companies," Mr, Willkie said in explanation—
...
"Peace
due
in
what
to
as
that in
had
Board
carrier
tions."
During
intention, Mr. Willkie handed in his resignation
by
itself,
law
on the same day he would be
the President should Mr. Roosevelt desire
see
At a press conference in New York City July 1, after
returning from Philadelphia, Mr. Willkie expressed the hope
that Mr. Roosevelt would run for a third term, "because I
want to beat Mm."
The New York "Times" of July 2
quoted the Republican nominee in part as follows:
the
Pointing out that ihe Adjustment Board has the task of interpreting
so
Mr. Willkie said
to consult him.
opinions giving the basis and reasoning of awards be
require that
their
relations.
delighted to
decision.
45
which has decided
many
political campaigns and which
influence this one if the emphasis swings from international affairs,
another
important factor in
the drive of party leaders for Senator
McNary.
Mr.
Willkie's
which Senator
ture bill
stand would
be
greatly
bolstered by
the
large support
McNary, co-authoer of the McNary-Haugen export deben¬
designed to stabilize farm prices, enloys among the nation's farmers.
The official vote in the one-ballot Vice-Presidential contest was
McNary,
890; Representative I)ewoy Short of Missouri, 108; and Senator H. Styles
Bridges of New Hampshire, 2.
crusade.
Forty-eight days ago, and only 48 days ago, I started out to preach to
the American people the
American
Red
Cross
doctrine of unity, the doctrine of the destiny of
Nearing
War
time
proves
conclusively
how
appealing is
this simple dcotrine
to
the
So
you
is great.
fight.
.
Republicans, I call upon you to join me, help me.
We must win.
The
cause
We cannot fail if we stand together in one united
I thank you.
President
The
American
Roosevelt at Ms press conference on June 28
said he would be very glad to see Mr. Willkie if the latter
cared to come to the White House to discuss international
drive.
Red
Cross has
received contributions of
to July 3 in its $20,000,000 war relief fund
The States of Montana and Nevada were the first
$17,547,441
American people.
Goal of $20,000,000 for
Relief
America, and the fact that I am the nominee of this convention at this
up
goals of all their chapters. Pittsburgh was
million population class to reach its double
quota of war relief fund, contributing $591,121 as of July 2,
while WasMngton is the first city of 500,000 or more popu¬
lation to pass its goal, the District of Columbia chapter
to reach the total
the first city in
The Commercial & Financial Chronicle
46
announcing contributions of $303,405,
against
goal
a
of
stops with production of military weapons.
change the rest of the world, but
$300,000.
In the class of cities with
100,000 population Wor¬
cester, Mass. and Hartford, Conn., both chapters with
$100,000 goals, were reached on July 3.
over
Glass to
Be
Honored
"Advertising
Senator
Carter
sixty-sixth
A.
B.
Convention
defended entertainment
criticism
were
Virginia will be honored at the
convention of the American Bankers
lie held at Atlantic City, N. J., Sept. 23-26,
to
it is announced by Robert M.
N.
Winston-Salem,
his service
Hanes, President of the Asso¬
C.
to American
be honored for
Glass will
Senator
& Trust Co.,
Bank
of the Wachovia
President
and
banking at the second general ses¬
sion of the convention scheduled for
Sept. 20.
first
Other
general
speakers
Hanes and E.
of
session
at
the
general
the
convention
Sept.
on
will
sessions
Mr.
S.
Woosley, Vice-President of the Louisville
Trust Co., Louisville, Ky.
It is pointed out by the Associa¬
tion that the enlarged services of the A. B. A. will be
reflected
in
the convention
educational note.
with emphasis
program
the
on
tion will hold their annual meetings the first day, Sept. 23.
of the following day, Sept. 24, and the two following
afternoons will be devoted to round table conferences and
round
tables
morning
"The
on
(Sept.
24)
and
Influence
program
Value
will
of
include
Bank
Staff
Contacts,"
"How
to
Survey
Your Trade
Area,"
and
"Liquidity and Marketability of Loans Made to Farmers."
Tuesday afternoon will be devoted to a panel treatment of
"Real Estate
formation
speaker,
on to
say
Loans," conducted along the lines of the "In¬
Please"
he
advertising,
for
said,
must
attract
that while the government might well exercise
free,
so
far
drug advertising copy, the govern¬
economic and competitive factors
as
the Convention, Mason Britton, New
Chairman of the Federation,
made the "keynote
address," said the same p^per, which gave the following
from his remarks:
The American way of
On the
parts:
ideals.
I think
life is now, and always has been, made
side, material things; and
one
the other,
on
believe these ideas and ideals of
can
we
whatever they
before, and the things,
were,
came
of two
up
ideas and
our
ours
have always
marching
or
limping after.
"Aft.pir
dQffldftof disillusionment we stand beside the social, economic
a
and political
of it
machinery that we put together, recognizing fully that parts
out, and parts of it never should have been there, had all of
are worn
been wise enough to think more about people
The
whole
form
vertising has
and
substance
of
and less about things.
American
business
and
.
us
.
.
American ad¬
Freedom for the individual
out of this fundamental:
grown
earned by the
disciplined self-reliance of the individual."
"Advertising is the natural corollary of
production calls for miass marketing.
mass
.
.
production because
mass
The American way of life is
.
just beginning. Individual freedom and self-reliance, initiative and inventive
genius, the constant spirit of attack that has made our country what it is,
place
can
panel discussions.
Tuesday
He went
Another speaker at
The four general divisions of the Associa¬
All
The
another
from
He
part of advertising," a feature that had drawn
York,
25.
include
Free
concerned.
marched
Clyde *R. Hoey, Governor of North Carolina, will address
the
as a
control over the claims made in food and
Glass of
annual
Association
ciation
A.
at
City, N. J., Sept. 23-26
We do not want to
.
be truthful and enthusiastic," Mr. Grant added.
can
ment should leave business
Be Held in Atlantic
to
.
.
do want to make America secure.
we
industry is the only hope."
attention.
Senator
July 6, 1940
our way
Likewise in
of life far beyond what we now can dream."
of Chicago, it
preparedness program
in it, Paul Hollisterr
Executive Vice-President and publicity director of R. H.
Macy & Co., Inc., New York, said:
the
of
"Journal
Commerce"
stated that, discussing America's
and the part advertising may have
was
"We produce
type of program.
On Wednesday morn¬
ing, Sept. 25, there will be a series of round table confer¬
year.
bank operating problems, and an
Thursday after¬
June 26, the popular type of quiz program will be
applied to the subject of "Consumer Credit."
about $70,000,000,000 worth of goods and services
now
a
000,000,000.
ences
on
noon,
The
fortieth
Banking
Sept. 25.
anniversary
will
be
of
celebrated
the
at
American
the
Institute
of
first
general session,
Harry R. Smith, retiring President of the A. I. B.,
will introduce the past President of the
A. I. B. and conduct
the installation of William A. Irwin as
national educational
director of the Institute.
The newly-elected officers of the
A. B. A. will
be installed at inauguration
held the evening of
ceremonies to be
Sept. 26.
details of the convention
program are indicated
follows in the Association's
announcement, July 1:
William
lead
Powers,
director
the conference
"The
on
of
customer
relations
of
Influence and Value of
Tuesday morning, Sept. 24.
C. W. Bailey, President
Bank, Olarksville, Tenn., will lead the conference on
Trade
Area."
ciation
Neb.,
C.
C.
Neumann,
President
and President of the Farmers &
will
conduct
the
round
table
of
the
the
A.
Bank
B.
Staff
"How to
Merchants National
will
Contacts,"
of the First
Nebraska
A.,
National
Survey Your
Bankers
Asso¬
Bank, Oakland.
But if
working.
we
draw
If
American
business
is
the
mainspring
of
defense
the
effectiveness depends wholly upon full productive capacity.
attained?
In the creation of customers,
technique to the maximum.
In
them for
on
program,
its
How is that
advertising must play its
proven
...
conclusion, Mr. Hollister advocated
a
seven-point program to which
advertising might devote itself in the national defense.
Outlines Own Program
The four chief points in the program are:
1.
"Selling"
American in
every
that defense of the United States
*
both American'continents
can
best base
solidarity and that solidarity does not
Further
as
Ten million people are not
additional manpower, our present plant capacity can produce about $90,-
mean
uniformity, does not
regimentation.
2.
the fact
on
Western Hemisphere
on
mean
.
"Selling" universal service with
an
eligibility
age
from 15 to 70, both
sexes.
3.
"Selling" North and South America
to each other and Mexico to the
United States and the United States to Mexico, and
4.
"Selling" the United States and its inseparable community of interest
and of spirit with Canada to Canada before Europe sells Canada the belief
that the United States started, abandoned and lost the
theater.
war
in the European
/>
on
"Liquidity and Marketability of
Made to Farmers."
Messrs. Bailey, Powers'and Neumann will'also
join with A. G. Brown, A. B. A.
deputy manager in charge of agricultural
Loans
credits,
The
in
a
panel discussion
"New
on
Business
Tuesday afternoon (Sept. 24) panel
by Dr. Ernest M. Fisher, director of
be led
estate
finance of the A.
Round
tables
on
B.
Development."
"Real
on
research
Estate
in
Loans"
the
and
operating
mortgage and real
On
National Bank, Kansas City, Kan. ; "Greater
Efficiency
Earnings Through Simplification of Bank Operating
Forms,"
Bishop, Cashier of the State-Planters Bank & Trust
Co.,
Va.
W.
Thursday afternoon, Sept. 26, the round table on "Consumer Credit"
led by Walter B.
French, deputy manager of the A. B. A. in
"The
Service
for
Present
Advertising Page vi
discussion
on
consumer
credit
department.
credit
consumer
problems
larger banks, smaller banks, and lenders
The
programs
of
the
four
This
from
round
the
outside
divisions
table will
point
the
of
See
of
the
cussed
of
at
i
Advertising
Convention
of America in
United
to
of
develop
view
of
the
Association
States
Advertising
conditions
Dis¬
development of the
through advertising.
According to Richard H.
Grant, Vice-Prseident in charge of sales of General Motors
Corp., "advertising has been one of the greatest influences
in making the standard of
living higher in the United States
than in any other
country of the world."
In thus quoting
Mr. Grant, the Chicago "Journal of
Commerce" further
reported him as saying;
country
It has made this contribution to
American
making possible wider distribution
and
sumers
were not
for the
mass
production,
Calls Free
"American
way,"
much
so
Mr.
as
Grant
said:
the defense of
as
low
our
"No
1940
Are
page x.
President Roosevelt Congradulates Senator
McNary
on
Being Nominated Vice-President
a
brief letter to Senator
Republican of Oregon, congratulating him
tion for Vice-President.
that he
"learned
Dear
My
for
ran
a
lot."
McNary,
his nomina¬
The President recalled in the note
office twenty years ago and had
same
His letter follows:
Charlie:
very warm
Once
learned
the
on
upon
a
a
congratulations
time—twenty
upon your
years
nomination for Vice-President.
ago—I
ran
for
Vice-President.
I
lot.
I hope to see you soon.
Your
old
friend,
FRANKLIN
The
our
nomination
of Senator
issue of June 29, page
McNary
4061.
D.
was
ROOSEVELT.
referred to in
to the
that
other
as
question
a
as
President of Mortgage Bankers
Association of America
See
stand
institutions.
D. R. Hill Nominated
con¬
a cost as now.
Industry Only Hope
the present-day conditions
America
advertising
of
and thus
to lower costs
advantages of advertising, he asserted,
would not be able to purchase
many products at
Turning to
Exports in FiveTMonths
Largest Since 1925
industry, Mr. Grant pointed
lowering unit costs of production, all of which leads
If it
See
Sugar
President Roosevelt sent
advertising in the light of disrupted
abroad and the Federal defense
program was
discussed last week at the annual convention
of the Adver¬
tising Federation of America, held in Chicago,
together
with what has b©©n
accomplished in the
consumer.
Refined
Federation
Chicago
The future of national
Day"
Advertising Page vii
banking field.
be announced later.
Contribution
Flag of Destiny"-—"SjpeciaUIndependence
by Dun & Bradstreet Inc.
Issued
be
charge of its
out,
See
Civil
Security
Richmond,
will
cal
Employees—Urges
Treasury Bureaus
problems
Increased
led by Louis
will
Institution Advocates Permanent SenateCongressional Appropriations Committee—
Report Seeks "Judicious Policy" to Replace Politi¬
House
A.
Wednesday (Sept. 25) afternoon
will include:
"Productive Work Planning," led
by Ernest S. Woolley,
bank analyst of New
York; "Research, Analysis and Budgetary Control
as an Aid to Bank
Management," led by Maurice L. Breidenthal, President
of
Brookings
will
threat
concerns
That defense
no
to
Advertising Page
x.
the
us
in
longer
Jerome
See
N.
Frank
Re-Elected
Advertising Page ix
Chairman
of
the
SEC-
The Commercial
151
Volume
Clearing Corporation Elects Directors
Stock Clearing Corporation at its annual
meeting of stockholders held June 20 elected the following
Chicago Stock
*
levels it is stated, since the
Directors:
Lyman Barr,
Morton D.
Irving
Paul H. Davis & Cq.
*
Cahn, Morton D. Cahn &
Co.
E. Meyerhoff.
Earl F.
Nietzel, Webster, Marsh & Co.
Charles C.
Paul B.
Renshaw, Mitchell, Hutchins & Co.
Skinner, Hornblower
& Weeks.
Smith, President The Chicago
Kenneth L.
Stock Exchange.
Hugh H. Wilson.
Barr, Nietzel and Wilson
Messrs.
Paul H. Davis &
Co.; and Virgil
succeed Ralph W. Davis,
Lamson Bros. &
Co.; Warren A. Lamson,
C. Webster.
ABOUT
ITEMS
BANKS,
TRUST
ments in 1934.
compared with $132,264,664 on March 31 and $105,644,031
on
June 30, 1939.
Deposits totaled $112,416,710, com¬
pared with $107,267,002 on March 31, and $79,200,988 on
June 30, last year.
Capital and surplus of $13,244,955,
compared with $13,224,897 three months ago and $13,165,272 a year ago.
Loans and advances were $25,115,926,
against $23,719,947 on March 31, and $18,769,983 on June
30, 1939.
Other asset items compare as follows with the
figures for three months ago and a year ago:
Cash, $29,436,927, against $28,413,658 and $27,165,367, respectively;
United States Government securities (valued at lower of cost or market),
$46,587,785, against $42,814,852 and $31,856,571; marketable bonds and
stocks (valued at lower of cost or market), $10,222,250, against $10,108,912
and $8,878,551; customers' liability on acceptances, $9,580,341, against
COMPANIES, &c.
$11,009,703 and $11,701,650.
York, in its statement of
total resources of $701,960,195 and total deposits of $650,499,912, compared with
$643,539,683 and $591,965,866 on March 30.
The bank
reports cash on hand and on deposit in banks at $256,015,246,
against $147,163,051 three months ago; United States Gov¬
ernment securities (direct and fully guaranteed) at $338,346,236 at the latest date, compared with $387,093,168;
State and municipal bonds and notes are now $47,937,589,
against $49,353,015, and loans and bills purchased, are
reported June 29 at $28,162,561, against $28,651,621 March
30.
The capital and surplus of the bank is unchanged at
J. P. Morgan
condition
as
& Co., Inc., New
of June 29,1940, reports
$20,000,000 each.
#
condition of the Chase National Bank,
The statement of
$3,190,823,000,
high record for any reporting date,
and comparing with $3,060,769,000 on March 30, this year,
and $2,696,486,000 on June 30, 1939.
Total resources
amounted to $3,472,779,000 at the latest date, compared
with $3,345,528,000 on March 30, and $2,983,435,000 a
year ago; cash in the bank's vaults and on deposit with the
Federal Reserve Bank and other banks, are shown as $1,467,007,000, against $1,522,550,000 and $1,208,138,000 on
the respective dates; investments in United States Govern¬
ment
securities at $1,039,031,000 contrast with $815,586,000 and $835,045,000; loans and discounts, $607,859,000
compared with $639,526,000 and $575,427,000.
Oh June
29, 1940, the capital of the bank was $100,270,000 and the
surplus $100,270,000, both amounts unchanged.
The un¬
divided profits on June 29, 1940, after deducting $5,180,000
from that account for a semi-annual dividend payable Aug.
1, amounts to $33,821,000 compared with $36,217,000 on
March 30, 1940, and $30,819,000 a year ago.
Earnings of
the bank for the second quarter of 1940 amounted to 38
cents per share, against 37 cents earned in the second quarter
New York, for June
29 shows deposits of
again establishing a new
a
year
and in deposits to the highest
firm began publishing its state¬
As of June 30 total assets were $135,953,978,
shows increases in total assets
Chicago
The
47
& Financial Chronicle
Fulton Trust Co.
tion
886,
of New York, in its statement.of condi¬
total resources of $30,428,
of June 29, 1940, reports
as
as
quarter
compared with $31,950,702 at the end of the first
and $31,297,274 at the end of last year. Cash
assets, including $13,442,113 United States
securities and $943,435 demand loans secured
Government
by collateral,
amounted to $22,305,426, as compared with $21,568,154 on
March 30, including
$12,256,531 in Governments and
$1,295,135 in demand loans, and with $21,641,530 on Dec.
30, last, including $12,397,696 in Governments and $1,056,902 in demand loans.
Holdings of State and municipal
bonds were listed at $2,807,206, off from $3,619,934 in the
quarter and from $3,160,184 in the six months.
The com¬
pany, which is engaged exclusively in the personal banking
and trust business, reports capital and surplus unchanged at
$2,000,000 each, with undivided profits at $875,165, after
provision of $50,000 for the dividend payable July 1, as com¬
pared with $867,393 on March 30 and $868,745 on Dec. 30,
last.
Deposits at $25,307,965 compare with $26,813,916
and $26,157,074,
respectively.
condition of Manufacturers Trust Co.
of June 29, 1940, shows deposits of $792,-
The statement of
of New York, as
181,954 and resources of
$889,091,344.
This it is stated,
with deposits of $735,645,748 and resources of
$851,180,426 shown on June 30, 1939.
The further details
of the figures under the latest statement as compared with a
compares
year ago, are
indicated
Cash and due from
as
follows:
banks is listed at
$250,650,149, as against
j
$252,770,"
United States Government securities stands at $306,"
873,709; one year ago it was $270,278,537.
Loans and bills purchased is
$203,332,207, which compares with $199,306,522 a year ago. •
Preferred stock is shown as $8,749,520, common as $32,998,440, and
947
a
year
surplus and
ago.
undivided profits as $40,151,109.
six months ending June 30, 1940, after
well as dividends on preferred stock, amounted
to $3,137,020 or $1.90 a share as compared with $3,071,315 or $1.86 a share
for the corresponding period last year.
Net
operating earnings for the
amortization, taxes, &c., as
agoj
*
In' its
statement of condition as
Chemical Bank & Trust Co., New
of June 29, 1940, the
York, reports total de¬
posits of $798,533,723, as against $745,768,703 on March
30, and total assets,of $884,419,975, compared with $833,029,121 three months ago.
Cash and due from banks
amount to $433,988,006, as against $357,118,888; United
States Government obligations (direct and fully guaranteed)
to $189,603,377, compared with $209,631,519, and loans and
discounts
to
$139,009,889,
against $150,039,332. The
company's capital and surplus remain unchanged at $20,000,and $50,000,000, respectively, but undivided profits
have increased to $7,240,097 from $7,040,336 on March 30,
1940.
The indicated earnings for the second quarter ending
June 29 amount to 55 cents per share, compared with 60
cents in the first quarter and 52 cents in the second quarter
000
of 1939.
of condition of the Guaranty
The statement
of New York as of
June 30, published on
Trust Co.
July 2, shows total
compared with $2,653,187,646
published statement, March 31, 1940,
and $2,215,168,135 on June 30, 1939. "Deposits of $2,302,794,073 on June 30,1940, compare with $2,343,631 on March
31, and with $1,898,035,302 a year ago.
Holdings of United
States Government obligations are shown at $959,055,409,
as compared with $840,110,254 on March 31 and with $636,527,767 on June 30, 1939.
Cash on hand, in Federal Re¬
serve Bank, and due from banks and bankers is $1,134,793,037, which compares with $1,239,001,641 on March 31,
and with $1,013,232,650 on the corresponding daie a year
ago.
The company's total capital funds of $275,639,400
consist of capital, $90,000,000; surplus fund, $170,000,000;
and undivided profits, $15,639,400.
The present statement includes the assets and liabilities
of the Guaranty's London and Liverpool branches as of June
30, 1940; of the Paris, Havre and Brussels branches as of
April 30, 1940; and of the Antwerp branch as of March 31,
resources
of $2,600,724,025, as
at the time
of the last
1940.
The
&
financial
statement
Co., New York, private
Brown Brothers Harriman
bankers, as of June 30, 1940,
of
Co. of New York announces that
President of Necare Co., and Leo M.
O'Neil, President and Treasurer of M. O'Neil Supply Co.,
have been named members of the Advisory Board of the
bank's Borough Hall Office at 209 Montague Street, Brook¬
lyn.
Also added to that Board was Henry J. Davenport,
President and Director of Home Title Guaranty Co., who
had heretofore been a member of the bank's MidwoocRAdvisory Board, which serves the branches that Manufacturers
Trust Co. acquired from the Midwood Trust Co. several
Manufacturers Trust
James
Carey,
L.
Mr. Carey is a Director of the Beverwyck
and the Cosden Petroleum
of the Brooklyn Chamber of
Commerce, and a Trustee of the East Brooklyn Savings
Bank.
Mr. Davenport is a Director ofrthe Brooklyn Cham¬
ber of Commerce, the Brooklyn Real Estate Board, and the
Long Island Association.
He is also President and a Di¬
rector of the Downtown Brooklyn Association.
In addition,
he serves as Trustee of the Flatbush Savings Bank, and the
Brooklyn Public Library.
Mr. O'Neil is a Trustee and
Secretary of the East Brooklyn Savings Bank and a Director
of the Brooklyn Chamber of Commerce.
years
ago.
Breweries, Rockwood & Co.,
Co.
He is First Vice-President
meeting of the Board of Directors of the Bank
Co., New York, on June 28 F. Abbot Good¬
hue, President, announced the promotion of William L.
Croker from Assistant Cashier to Assistant Vice-President.
It was also announced that W. C. Crittenden was appointed
Assistant Cashier.
Following
a
of Manhattan
♦
National Bank & Trust Co. of New York
of June 29, 1940, total deposits of $127,432,234,
and total assets of $147,848,557, compared, respectively, with
$109,965,241 and $131,450,143 oA March 30, last.
The
bank at the latest date held cash on hand and due from banks
of $62,293,189, compared with $44,938,222; investments in
United States Government securities of $50,080,117, com¬
pare with $46,019,056; and loans and discounts of $27,692,138, compare with $30,426,147.
Surplus and undivided
profit account increased to $8,639,467, after the payment of
regular quarterly dividend.
The Commercial
reported
as
The Commercial & Financial Chronicle
48
The Savings Banks of
Group V announce that at a special
meeting held June 27, they voted to observe Saturday
holidays during July and August in accordance with the
practice established last summer.
July 6, 1940
ernment
securities, $544,491,637, compared with $549,031,927; loans and bills discounted to $209,715,340, against
$222,477,800, and state and municipal securities, $52,899,056, compared with $68,234,199.
The company's capital
and surplus are unchanged from the previous quarter at $25,
000,000 and $50,000,000, respectively, but undivided profits
The statement of condition of the National
New York as of June 30, 1940, shows
City Bank of
deposits and total
assets at the highest levels in the
history of the institution,
deposits amounting to $2,519,963,229 (as compared with
$2,526,480,907 on March 31 last) and total resources reach¬
ing $2,774,780,590 (against $2,720,389,778 at the end of
March).
According to the statement the principal assets
at
the end of June
Cash
were:
and
due from
banks
increased to $31,778,226 from $31,598,587 on March 30.
The statement of condition of the
Irving Trust Co., New
of $876,238,847,
against $823,059,582 on March 31, and total deposits of
$764,888,385, against $706,936,974. Cash on hand and due
from banks increased to $500,154,282 from
$424,041,694;
holdings of United States Government securities totaled
$160,218,899, as compared with $160,314,170, and loans
and discounts, $171,401,845, against $182,860,529.
Capital
stock was unchanged at $50,000,000 but surplus and un¬
dividedprofits now stand at $53,309,986 as compared with
$53,240,052 on March 31.
York,
and
bankers, $1,247,074,280 (against $1,145,377,322 on March
31); United States Government obligations (direct or fully
guaranteed), $725,503,880 (against $729,182,696), and loans,
discounts and bankers accetpances, $498,731,602 (compared
with $538,035,167). Capital remains unchanged at
$77,500,000 but surplus has been increased to $53,000,000 from
$52,500,000 on March 30 and undivided profits now stand
at $15,819,370 compared with $16,234,235 three months
ago.
James H. Perkins, Chairman of the Board of the
ba^|c,
stated that the net earnings of the bank for the six-months'
period were better than for the corresponding period of 1939
but in view of the extraordinary conditions both the Bank
and the City Bank Farmers Trust Co. have continued their
policy of building up reserves and strengthening themselves
in every section of their operations.
At
special meeting of the Board of Trustees of United
on July 2, a resolution was
passed under which the Company will be open for business
on
Saturdays during July and August.
This revoked a
previous resolution under which the Company was to be
closed on those days.
Assets of the Public National Bank and Trust Co. of New
amounted to $173,257,605 at the close of business
June 30, 1940, compared with $171,931,610 on March 31
York
last.
subsequent
college career in his
graduated and awarded the degree
of Bachelor of Arts (Honoria Causa) as a member of the
but he
was
Class of 1918.
rank
of
abroad
During the War, Mr. Wolf was given the
Lieutenant of Field Artillery.
He served
with the 303rd Regiment, Field
Artillery, until the
—4
Central
Hanover
Bank and
Trust Co., New York
of June 29, total deposits of $1,238,311,827
and total assets of $1,343,332,232,
compared respectively,
with $1,155,591,482 and
$1,260,067,983 on March 30, 1940.
City, reported
Cash
statement
total
Second
close of hostilities.
The
Cash and due from banks in the latest
$68,478,764 against $59,101,091 on the earlier date, while
holdings of United States Government obligations amount
to $31,460,000 compared with $31,209,542, and loans and
discounts were $58,696,159 against $64,795,539. The bank's
capital and surplus are unchanged at $7,000,000 each, but
its undivided profits, after
making provision for the July 1
and Oct. 1 dividends totaling $300,000, now stand at
$3,067,706, compared with $3,066,092. The two dividends
of $150,000 each, were declared
during the month of May,
and were made payable at the dates indicated. The current
statement shows total deposits of
$151,920,946, contrasting
with $150,768,810 three months
ago.
name
year,
a
States Trust Co. of New York
The World War interrupted his
junior
holdings of United States Treasury
against $19,000,000, while
against $23,680,304. Capital and
surplus are unchanged at $2,000,000 and $26,000,000, re¬
spectively, but undivided profits, after paying the July 1
dividend of. $300,000, amounts to
$2,847,065, as compared
with $2,837,689 on March 30.
to the City Bank Farmers Trust Co., he
was elected Vice-President and continued
to serve as Per¬
sonal Assistant to the President James H. Perkins.
At the
present time he is Vice-President in charge of the Personal
Trust and Custodian Department of the
City Bank Farmers.
He was graduated from Taft School in 1914 and entered
Yale.
ago;
bonds and notes to $22,520,000
loans totaled $20,665,424
Wolf, Vice-President of the City Bank
Co., was elected a Director of the Company
at its regular meeting on
July 2. Mr. Wolf started with the
Old Farmers'
Loan and Trust Company back in 1919.
Following the affiliation of the Farmers' Loan and Trust
a
assets
Cash in banks amounts to $75,289,195 against $62,-
633,128 three months
Reid
City organization with
total
626,821 and total assets of $143,112,885, as compared with
$100,545,139 and $132,799,943, respectively, on March 30
last.
Farmers Trust
Co. with the National
30 shows
The statement of condition of the United States Trust Co.
as of June 30 shows total
deposits of $110,-
City Bank Farmers Trust Co., New York, reported
as
of June 30, 1940, total deposits of $138,874,832 and
total resources of $165,470,126, compared with
$85,749,685
and $112,328,655, respectively, on March 31, 1940.
Cash
and due from banks amounted to $107,464,613
against $50,623,906; holdings of United States Government obligations
(direct or fully guaranteed) to $27,815,420 against $30,328,234, and loans and advances to $7,511,663 against $5,598,525.
Capital and surplus are unchanged at $10,000,000
each, but undivided profits now stand at $4,929,296, com¬
pared with $4,914,501 three months ago.
change of
of June
of New York
The
Walter
as
as
hand and due from banks amounted to
$729,766,475
against $654,744,739; holdings of United States Government
on
securities
increased in the quarter to $371,261,369 from
$354,165,834, and loans and bills purchased were $158,964,711, as compared with $169,175,731 on March 30.
Capital and surplus, $21,000,000 and $60,000,000, respec¬
tively, showed no change since the last report, but undivided
profits on June 29 are given as $13,285,329 against $13,015,066 at the end of the first quarter.
Total
resources
James
surance
the
A. McLain, President of the Guardian Life In¬
Co., has been elected to the Board of Directors of-
Continental
announced
F* The First National Bank of the City of New
York, in its
statement of condition as at the close of business
June 29,
1940, shows total resources of $837,500,564 and total
$295,857,446 against $262,172,985 on the earlier date; hold¬
ings of United States Government securities to $380,124,513
against $318,836,110; loans and discounts to $38,603,041
against $43,723,979. Capital and surplus remain unchanged
at $10,000,000 hnd $100,000,000,
respectively. Undivided
profits on June 29 are shown at $9,530,449, after making
provision for the July 1 dividend of $2,500,000, as compared
with $8,554,957 on March 30, after
providing for the April
1 dividend of $2,500,000.
♦
In its condition statement
of June 29, 1940, the Bankers
Co., New York, reported total deposits of $1,221,357,668 and total assets of $1,342,394,394, comparing,
March 30.
with
$1,182,468,489
and
$1,303,498,810
Cash and due from banks totaled
against $405,443,811
on
Bank and Trust Co., New York, it was
July 3 by Frederick H. Hornby, President of
as
The Continental Bank & Trust Co. of New York
reported
of June 29 total deposits of $63,105,447 and total assets
of
$73,394,339, compared, respectively, with $66,953,210
$77,599,020 on March 30.
Cash on hand and due
from banks amounted to $25,943,621,
against $27,485,723,
and holdings of United States Government securities were
unchanged at $5,180,000.
Call loans to brokers were $5,124,782, compared with $7,876,193; collateral loans were
$8,364,273, against $8,283,831 and commercial loans and
discounts $16,531,962, compared with $16,268,880.
Capital
and surplus, $4,000,000 and $3,000,000,
respectively, showed
no change since the last
report, and undivided profits were
$1,450,433, against $1,430,330 at the end of the last quarter.
and
as
Trust
respectively,
on
the Bank.
depos¬
its of $749,343,579 compared,
respectively, with $793,086,613 and $670,498,863, on March 30, 1940.
Cash on hand
and due from banks, in the current
statement, amounts to
of the New York Trust Co. increased to
$520,235,793 from $502,861,201 at the end of March, while
deposits advanced to $473,605,234 from $454,919,318. Cash
on hand and
due from banks, including
exchanges, in the
current statement is shown at
$222,339,956, as compared
with $206,663,561; Uhited States Government
obligations
(direct and guaranteed) at $181,580,330, against $174,150,252; and loans, discounts and bankers' acceptances at
$85,982,993, against $87,446,369.
The company's capital
and surplus remain unchanged at $12,500,000 and
$25,000,000, respectively, and undivided profits total $3,000,839, as
compared with $2,984,355 as of March 31.
on
$473,482,673,
the earlier date; United States Gov¬
f
Sterling National Bank & Trust Co. of New York reports,
of June 29, 1940, total resources of $34,195,748 and loans
and discounts of $18,651,270.
The corresponding figures
were $32,770,789
and $18,459,052 as of March 30, 1940;
$34,003,833 and $15,595,058 at Dec. 30, 1939; and $33,as
268,555 and $14,812,887 as
the institution's showing,
Cash and due from
$350,000,000
it is further stated:
of June 29, 194(4
$2,366,523, compared
banks amounted to $10,670,927 as
while'United States Government securities totaled
of $9,535,287 and
with cash
in3titution holding more than
mutual savings banks in the
United States, is the third Philadelphia mutual banking firm to become
insured within tne past seven months and the fifth mutual savings bank
joining the Federal Deposit Insurance Corporation during a period of 18
months.
The five mutual banks have aggregate deposits of approximately
The Philadelphia
Regarding
of June 30, 1939.
United States Government
49
Financial Chronicle
The Commercial &
151
Volume
securities of $2,-
on
Savings Fund Society, an
deposit and one of the largest
first quarter.
As of Dec. 30, 1939, cash and due
from banks was $12,945,445 and United States Government securities
amounted to $3,106,429, while the corresponding figures as of Jtme 30,
$720,000,000, it is declared.
$12,753,650 and $2,996,109.
Deposits, which amounted to $29,489,285 as of June 29, totaled $28,464,968 on March 30; $29,832,789 on Dec. 30, 1939; and $28,855,231 on
Temporary Federal Deposit Insurance
477,363 at the end of the
Chairman
Society
June 30,
1939.
undivided profits, as of June 29,
Capital, surplus and
compared with $3,586,044 at the end of the
Dec. 30, 1939,
pointed
Crowley
one
vas
totaled $3,594,332,
first uaqrter, $3,570,011 as of
of the original bank
and $3,269,055 on June 30, 1939.
In
condition of the Grace National Bank
New York, as
of June 30, 1940, reports
with banks amounted to
of
^
that cash in vault and
$24,529,476; demand loans to brok¬
$2,065,000; United States Govern¬
municipal and other
public securities are reported at $3,608,505.
Undivided
profits amounted to $721,858; deposits were $41,307,141;
and surplus is shown as $1,500,000.
ers,
secured,
are
shown
ment securities to
as
$4,697,479; and State,
The statement of
condition of Colonial Trust Co. of New
increase in dotal assets
$12,647,477 oi#March 26.
Deposits also rose to $14,014,643 from $11,076,795 three
months ago.
Surplus and undivided profits totaled $472,709
on June 29, while capital stock remained unchanged at $1,000,000.
Loans and discounts on June 29 totaled $6,923,680, compared with $5,926,934 three months ago.
Other
asset items in the June 29 statement compare as follows with
the figures reported on March 26: Cash, $5,448,464, against
to
of June 29, 1940, shows an
as
$15,618,160, compared with
$4,'109,447; United
States Government and
securities, $2,345,634, compared with $2,266,419.
The statement of
Trust Co. of New
counts to
an
reported at March 30.
Deposits of the bank likewise increased, being $8,612,342 at
the end of the second quarter, against $8,531,013 reported
on March 30; total assets were $9,745,693, as compared with
$9,834,927; cash on hand and due from banks totaled $3,111,098, against $2,993,668; and investments in bonds
amounted to $3,791,583, a decrease from the March figure
which was $3,935,005.
Capital notes decreased from $125,000 to $100,000, while capital stock remained the same at
$600,000.
Surplus and undivided profits increased from
$335,915 to $338,603.
•
The statement of
Brooklyn, N. Y.,
as
condition of the Brooklyn Trust Co.
of June 29, shows total deposits of
of
$120,-
833,427, and total resources of $136,612,713, which compare
with $123,594,007 and $139,298,343, respectively, on March
30, last, and $119,038,508 and $134,454,784,
on
June 30, 1939.
Cash on hand and due
June
29
March
respectively,
from banks
to $45,927,313, against $48,940,259 on
while holdings of United States Government
amounts
30,
securities aggregate $13,757,991, against $37,065,365 three
months ago.
Total loans and discounts are reported at the
March
accounted for almost entirely by a
drop in call loans to brokers, which amounted to $4,579,761,
against $8,916,427 three months ago.
Holdings of miscel¬
laneous corporate securities showed a considerable decrease,
the total being $6,005,598, against $7,630,046 at the end of
March.
Capital and surplus are unchanged at $8,200,000
and $4,475,000, respectively.
Undivided profits are $1,405,584, against $1,406,225 on March 30.
•
latest date, as
$29,779,385, against $34,166,853 on
30, the decrease being
Bavside National Bank of Bayside,
The
reports total
deposits
as
L. I., N. Y.,
of June 30, 1940, of $2,971,994,
compared with $2,638,209 at the end of June, 1939.
Total
resources were $3,410,838,
against $3,065,779.
Cash and
due from banks amounted to $790,856, against $642,384.
Holdings of United States Government direct and guaranteed
obligations were $508,750, against $449,250.
Loans and
discounts
were
$1,045,763,
against $778,925.
Capital,
surplus and undivided profits were
$397,731.
$402,585, compared with
*
fAt
a
meeting of the Board of Directors
of the Haverhill
held July 1, the resignation
of Otis E. Little, Cashier, was presented to the Board, and
Clarence A. Rathbone was elected to fill the vacancy.
National Bank, Haverhill, Mass.,
depositors of the Philadelphia Savings
Fund Society, of Philadelphia, Pa., were offered the pro¬
tection of deposits extended by membership in the Federal
Deposit Insurance Corporation, it was announced on July 3
by Chairman Leo T. Crowley of the Corporation. Washing¬
ton advices of July 4 regarding the matter said:
Effective July 5,
benefits
stated that its previous
Deposit Insurance Fund did not set
aside the provision of existing law under which it is necessary for all banks
applying to the Federal Deposit Insurance Corporation for membership in"
permanent Federal deposit insurance to satisfy the membership conditions
of adequate sound structure, good management and importance to the
membership in the Temporary Federal
financial life of the community
served.
According to cable advices just received from
London by
representative of Barclays Bank Ltd., the
Board of Directors has declared interim dividends, for the
first six months of 1940, at the rate of 10% per annum on the
"A" shares, and 14% per annum on the "B" and "C"
shares.
These rates are identical with those paid for many
York
New
years
by Barclays Bank Ltd.
The Union National Bank of
has
the
announced
election
Pittsburgh, Pittsburgh, Pa.,
its Board of Directors of
to
L. F. Rains, President of the A. M. Byers Co., to serve the
unexpired term of J. Frederic Byers, who recently resigned
in compliance with the regulations of the Clayton Act.
In its condition statement as of
increase in loans and dis¬
$2,408,690 from $2,389,011
their withdrawal from the insurance.
Insurance, Chairman Crowley
municipal
condition at June 29, 1940, of Clinton
York shows
Legislation enacted during 1934,
mutual banks had found objectionable but
Philadelphia Savings Fund Society into the
welcoming the
of Federal Deposit
the
York,
Savings Fund
withdraw from the
the Philadelphia
that
deposit insurance act.
however, corrected the features
not in time to prevent
The statement of
out
of the mutual banks which chose to
Fund which was the forerunner of
the permanent deposit insurance now being extended to almost 14,000
banks throughout the country.
The decision to withdraw at that time was
made by the mutual savings banks in view of certain aspects of the per¬
manent insurance as it was tnen to have gone into effect under tv e terms
1939, were
June 29, 1940, the Phila¬
delphia National Bank of Philadelphia, Pa., shows total
deposits of $605,087,949 and total assets of $656,312,367,
as
compared, respectively, with $576,235,482 and $629,646,950 on March 30, last.
In the current report, cash and
due from banks amounts to $325,222,760 (against $310,-
date); holdings of United States
(compared with $162,283,134), and loans and discounts to $81,016,634(compared
with $76,743,266).
No change has been made in capital
account, which stands at $14,000,000, but surplus and net
profits account has risen to $29,247,146 from $28,862,885
256,581
on
earlier
the
Government securities to $169,783,134
'
March 30.
of $128,450,921 and total resources of
reported by the Fidelity-Philadelphia
Trust Co. of Philadelphia, Pa., in its condition statement
as of June 29, 1940, contrasting with $130,275,060 and $152,668,261, respectively at the close of business March 26,
1940.
The princinal items comprising resources in the
current statement are: Cash on hapd and in banks, $35,086,009 (against $31,798,680 on the earlier date); State,
county
and municipal securities,
$30,450,450 (against
$32,522,869); and loans, $25,865,551
(contrasting with
$23,728,270).
No change has been made in the bank's
capital and surplus, which stand at $6,700,000 and $12,000,000, respectively, but undivided profits are now $1,921,408, down from $2,150,643 three months ago.
The trust
Total
deposits
$150,578,450
was
company
are
organized in 1866.
Marshall S. Morgan is
''
President.
♦
The
Central-Penn National Bank of Philadelphia, Phila¬
delphia,
June
29,
Penn ylvania, in its condition statement as of
1940, shows total resources of $80,964,689 (as
against $76,279,983 on March 30, last), of which the prin¬
cipal items are: Cash on hand, in Federal Reserve Bank and
due from banks, $25,425,567 (against $21,326,651); time
loans and discounts, $24,308,565 (comparing with $24,286,347), and United States Government securities, $9,244,180 (contrasting with $8,807,537).
On the liabilities
of the statement deposits are shown as $69,141,558
(comparing with $64,356,954 three months ago).
Capital
and surplus remain unchanged at $3,040,000 and $5,000,000,
respectively, but undivided profits are now $2,248,840,
up from $2,223,684 on the earlier date.
side
♦
condition as of June 29, 1940, the
Pennsylvania Co. for Insurances on Lives & Granting
Annuities of Philadelphia, Pa., shows total resources of
$298,640,490 (comparing with $305,087,826 at the close of
business March 26, last); the principal items of which are:
Cash and due from banks, $138,378,264 (against $145,826,In its
statement of
118 three
months ago); commercial loans
and loans
upon
collateral, $81,896,703 (against $82,608,490); and United
States Government securities^$30,869,504 (comparing with
$35,061,666).
On the debirside of the statement total
deposits are given as $270,731,385 (contrasting with $278,706,338 on March 26.
The bank's capital and surplus
remain unchanged at $8,400,000 and $12,000,000, respec¬
tively, but undivided profits have
$2,311,010 on the earlier date.
risen to $2,719,702 from
50
The Commercial & Financial Chronicle
Total
859,558
deposits of $127,139,027 and total
assets of
shown in the condition statement of the
are
$143,-
4%
sharing bonus
Corn
Exchange National Bank & Trust Co. of Philadelphia, Pa.,
of June 29, 1940,
comparing with $124,510,728 and $141,149,886, respectively, on March 30, 1940.
The principal
items comprising the resources in the
present statement are:
Cash and due from banks,
$48,458,340 (against $42,682,245
on March
30); United States Government securities, $34,120,008 (against $38,230,677); bills discounted, $17,061,982
(comparing with $19,015,307); demand loans, $10,898,191
(compared with $10,502,326); and other securities, $9,362,253 (against $9,119,029).
The bank's capital remains
unchanged at $4,550,000, but surplus and undivided profits
account is now $9,177,149,
against $9,217,661 three months
set
■
;
Treasurer of the association to fill the
caused by the recent death of Louis Husik.
Mr.
Mamolen is Vice-President of Max
Schermer, Inc., a member
of the South Philadelphia and
vacancy
Philadelphia Real Estate
Boards, and is well known in Philadelphia insurance circles.
The
Continental Illinois National Bank & Trust Co. of
Chicago, Chicago, 111., in its condition statement as of June
29, 1940, reports total resources of $1,543,917,193 (as com¬
pared with $1,422,504,750 on March 26 last), of which the
chief items
Cash and due from banks,
$660,976,022
(against $603,133,521 on March 26); United States Govern¬
ment obligations, direct and
fully guaranteed, $645,413,466
(compared with $592,784,544), and loans and discounts,
$156,347,094 (against $144,360,947).
On the debit side of
the report, total deposits are
given as $1,421,459,289 (up
from $1,301,971,930 three months
ago.) The bank's capital
and surplus remain the same at
$50,000,000 and $30,000,000,
respectively, but undivided profits have been increased to
$20,213,035 from $17,775,605.
are:
Resources totaling $1,216,601,174 are shown in
the con¬
statement of the First National Bank of
Chicago,
dition
are:
as of June 29, 1940,
contrasting with $1,098,March 26, 1940, of which the
principal items
on
employees.
An unallocated
was
was
placed in the preferred stpck
re¬
Deposits and resources at mid-1940 advanced to new
highs according to the June 29 statement of condition of
Fargo Bank and Union Trust Co., San Francisco,
Calif., on the call of the California State Superintendent of
Banks.
Total deposits on that date stood at $290,545,352
as compared with
$273,675,833 on Dec. 31, 1939 and with
$264,650,555 on June 31, 1939.
Total resources stood at
$313,455,082, compared with $300,656,385 for the year-end
statement and $290,267,434 at the 1939
mid-year. Holdings
United
States
Government
$163,698,481,
securities on June 29,1940
increase of $21,807,387 over
an
the
figure for a year earlier. Loans and discounts on June 29
at $34,623,542 as against
$37,934,306 on June 30,
1939, while loans on real estate totaling $10,307,751 com¬
pared with $11,134,432 a year earlier. The undivided profits
account, at $2,808,379, was $109,811 above the correspond¬
ing figure of a year ago.
stood
As of June 29, 1940, the United States National Bank of
Portland, Oregon, responded to the Comptroller's call by
showing deposits of $150,565,209, the highest shown by the
institution in any
Comptroller's report by a large degree.
Compared with the statement published for the correspond¬
ing period last year, deposits have risen from $125,800,210,
or a gain of
$24,764,999, an average increase of over $2,000,000 a month.
During this period, resources have in¬
creased from $136,676,386 to
$161,800,201.
Mr. E. H. Lawrence, General
Manager of the National
Bank of India Ltd. (head office
London) has been appointed
director of the institution.
a
TREASURY CASH AND CURRENT LIABILITIES
The cash holdings of the Government as the items
stood
May 31, 1940, are set out in the following.
The figures
are taken
entirely from the daily statement of the United
States Treasury May 31, 1940.
CURRENT ASSETS AND LIABILITIES
Assets—
Gold
GOLD
(oi. 548.825,902.00)
..$19,208,906,570.29
Cash and due from
banks, $464,253,471 (against $290,214,717 on the earlier date); United States
obligations, di¬
rect and fully
guaranteed, $395,484,000 (contrasting with
$464,798,208); loans and discounts, $264,807,146 (against
$247,713,024), and other bonds and securities, $78,077,479
(compared with $79,337,619). On the liabilities side of the
statement, total deposits are given as $1,140,723,524
(con¬
trasting with $1,021,940,290). The bank's capital and sur¬
plus remain unchanged at $30,000,000 and
$35,000,000,
respectively, but other undivided profits have increased to
$5,075,902 from $3,136,603.
of $6,900,000
reserve
the Wells
Chicago, 111.,
048,099
to
transfer from undivided profits account, and $1,000,000, also
amounted to
Savings & Loan Association of South
Philadelphia, Philadelphia, Pa., announces the election of
as
a
tirement fund.
of
The First Federal
Daniel Mamolen
by
transferred from undivided profits,
as
ago.
up
July 6, 1940
the issue price of the preferred stock and after $425,000 in profit-
on
Total
$19,208,906,570.29
„
Liabilities—
Gold
certificates—Outstanding (outside
of
Treasury)
$2,882,530,189.00
Gold certificate fund—Board of
Governors, Fed. Res. System. 14,168,032,390.77
Redemption fund—Federal Reserve notes
11,019,001.14
Gold reserve.......
156,039,430.93
Note—Reserve against $346,681,016 of United States notes
and $1,163,022 of Treasury notes of 1890
outstanding.
Treas¬
ury notes of 1890 are also secured by sliver dollars In
-
Treasury.
Exchange stabilization fund
1,800,000,000.00
...
$19,017,621,011.84
Gold In general fund:
Balance of lnorement resulting from reduc¬
tion In the weight of the gold dollar
In working balance
....
$142,755,647.26
48,529,911.19
.........
191,285,558.45
Total
The Harris Trust &
Savings Bank of
statement of conditions as of June
29,
Chicago, HI., in its
1940, reveals total
deposits of $287,967,869 and total resources of
$310,873,447
(contrasting with $268,636,905 and $291,716,155,
respec¬
tively, on March 26, last).
The chief items comprising the
assets in the later statement
are: Cash on
hand, in Federal
Reserve Bank and due from banks and
bankers,
$116,348,506
(against $88,838,044 on the earlier date); time loans and
bills discounted, $54,223,246
(against $51,138,922); United
States Government securities at
par,
with $48,029,500); State and
$52,609,500 (comparing
municipal securities, not ex¬
ceeding market value, $43,600,231 (against
$42,419,609),
and other bonds and
investments, not exceeding market
value, $37,290,568 (contrasting with
$35,829,095).
The
company's capital and surplus continue at
$6,000,000 and
$8,000,000, respectively, but undivided profits are now
$3,697,056, against $3,556,278 on March 26.
Reflecting
National
continued
Trust
&
progress,
the
Bank
of
America
Savings
June
30, 1939.
Total resources stand at
$1,676,641,000,
gain of $126,816,800 in the same period.
Loans and dis¬
counts
472,000
outstanding aggregate $724,574,700, which is
$29,more than a year
ago.
Capital funds, including
capital, surplus, undivided profits and
reserves, which now
total $152,206,000, as
compared with $118,853,000
reported
on Dec. 30,
1939, were increased $33,353,000 for the
period,
including $30,000,000 of convertible preferred stock issued
June
10, 1940,
a
net
issue, of $3,353,000.
applied to
reserves
value
of
assets.
From
were
$13,622,000, from
for depreciation
the
$3,008,000
on
$1,347,214,213.51
498,383,984.00
_
<5.
...
Silver certificates outstanding
.....
Treasury notes of 1890 outstanding
Silver In general fund
.................
...
Total
Assets—
reserves
$1,970,000
and amortiza¬
applied to reduce carrying
balance, $2,860,000
was
added to
undivided
stock and
$1,816,499,521.00
1,163,022.00
27,935,654.51
$1,845,598,197.51
GENERAL FUND
Gold (as above)
Silver—At monetary value (as above).—
Subsidiary coin (oz. 4,191.485 5)
Bullion—At recolnage value (oz. 378 862.6)
——
....
United States notes
Federal Reserve notes
...
.......
To credit of Treasurer United States
.....
To credit of other Government officers
Foreign depositaries—
To credit of other Government officers
...
Philippine treasury—To credit of Treasurer United States....
Total
523,742.96
640,794,190.28
2,844,432.71
1,485,408.00
12,250,135.00
570,985.50
353,706.00
17,444,110.86
437,797,271.71
813,247,000.00
47,026,380.58
32,779,380.75
135,453.31
1.255,495.64
$2,233,523,252.86
Liabilities—
Treasurer's checks outstanding
Deposits of Government officers—Poet Office Department
Board of trustees, Postal Savings System:
i
5% reserve, lawful money
Other deposits
...
...
Postmasters, clerks of courts, disbursing officers, Ac....
Uncollected items, exchanges, Ac..
Balance today—Increment on gold (as above)
Seigniorage (silver) (see Note 1)
.....
Working balance...........
$191,285,558.45
27,935,654.51
5,794,346.60
......
At cost value (oz. 1,276.507,879.2).a
Minor coin
Federal Reserve bink notes..
National bank notes
■
$1,845,598,197.51
Liabilities—.
......."
$18,939,804.00
3,517,070.57
59,300,000.00
8,336,290.21
60,127,540.18
53,631,098.71
$203,851,803.67
$142,755,647.26
583,810,471.42
1,303,105,330.51
2.029,671,449.19
Total
a
which
banking premises
profits and $493,000 to other
reserves, after the payment of
$4,866,000 in
dividends at the annual rate of
$2.40 per share on the common
6)t
Total
increase, exclusive of the new stock
The bank's announcement
continued:
Earnings for the six months
was
tion of bond premiums and
■>v;SILVER
(oz.1,041,985,993.2)
Sliver dollars (oz. 385,468.862
Unclassified—Collections, Ac
Deposits In—Federal Reserve banks
Special depositaries account of sales of Government
securities..
National and other bank depositaries:
Association, San Francisco,
Calif., California's Statewide branch
bank, again shows
new
high marks in deposits, loans, and capital
funds, in its
mid-year statement of condition as of June 29, 1940.
De¬
posits total $1,496,022,000, an increase of
$87,715,000 since
a
Assets—
Sliver
...$19,208,906,570.29
$2,233,523,252.86
The weight of this item of sliver bullion Is
computed on the basis of the average
thejclose of the month of April, 1940.
cost per ounce at
Note 1.—This Item of seigniorage
represents the difference between the cost value
and the monetary value of silver
bullion revalued and held to secure the sliver cer¬
tificates Issued on acoount of
sllveracqulred under the Silver Purchase Act of 1934
and under the President's proclamation dated
Aug. 9, 1934.
Note 2—The amount to the credit of
disbursing officers and certain agencies today
was
$2,159.662,846.76.
The
APRIL 30, 1940
CREDIT AGENCIES AS OF
GOVERNMENTAL CORPORATIONS AND
MONTHLY REPORT ON
51
Financial Chronicle
The Commercial &
151
Volume
of April 30, 1940, of governmental
financed wholly or in part by the United States, was contained in the Department's "Daily
monthly report of the Treasury
Department, showing assets and liabilities as
corporations and credit agencies,
Statement" for May 31, 1940.
Since the statement of July 31, 1938, the report
differently from previous reports in that
separately from those financed only partly
below an explanation is given of the sim¬
plification of calculation of proprietary interest.
As now computed, the Federal Government's proprietary interest in these
agencies and corporations, as of April 30, was $3,719,278,664, and that privately owned was $402,921,788.
COMBINED STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF THE
FROM LATEST REPORTS RECEIVED BY THE TREASURY*—APRIL 30, 1940
has been made up somewhat
agencies and corporations financed wholly from Government funds are not listed
from Government and partly from private funds.
In the footnotes to the table
SUMMARY OF
COMPILED
UNITED STATES.
Assets d
Investments
Real
Securities
Accounts
Estate
United
Guaranteed
and Other
and Other
States
by United
All
Receivables
Business
Securities
States
Other
Preferred
Cash
Capital
Loans
e
Stock, dec.
Total
Other t
Property
%
Corporation
Commodity Credit Corporation
Export-Import Bank ol Washington
Federal Crop Insurance Corporation
Federal Deposit Insurance Corporation
3,055,198
14,864,584
8,389,694
36,400
h32 900,667
*3*7",395
44,709,778
5,946,559 315,356,594
362,2*41*,033
45,394,303
Commission
207,676,905
Rural Electrification Administration
2,020,571,884 1202628,210 196,855,683
Home Owners' Loan Corporation
348,854
Federal Savings & Loan Insurance Corp..
Federal Housing
9,454,457
159,478*435
Association.
Federal Farm Mortgage
41,567,332
21,748,630
29,021,061
£69,111,949
17,626.834
13,209,437
277,387
13,580,193
jl07,262,384
Authority
Administration
United States Housing
Farm Credit
70,541,861
133",810*589
banks..
Administration
Federal National Mortgage
17.952,503
265,858,936
673,695,640
—
Corporation
1,886,271,827
Federal Land banks
Federal Intermediate Credit
216,526,742
67.454,362
banks
Banks for cooperatives
-
Production credit corporations
Regional agricultural credit
77904*278
corporations..
agencies
(in liquidation):
Navy Department (sale of surplus war
supplies)
Sec. of Treasury (U. S. RR. Admin.)..
United States Housing Corporation
1,060,361
22,614
74,824,550
10 971,265
75,643,939
13,415,337
5,923,532
60*914
95,745,740
55,098
118,069
44,439
1,522,277,251
2,307,865,813
311,227,168
33,767
130,701
54,313
531,685
497,466
510,950 101,451,793
19,687,450
57,026,840
163,790,733
282,203,237
293,625,080
5,7*84*224
233,290
45,015,373
1,661,102 162,750,168
2,193,944
1,187,641
11,4*09*,970
180,055,587
122,537,471
22,112,638
7,160
67,108
21,264,636
Security Administration
Industries. Inc
(Indian loans) —
Inland Waterways Corporation
Panama Railroad Co
Puerto Rlcan Reconstruction Admin. .
RFC Mortgage Co
Associated
4,409*339
Cooper¬
255,892
894*832
1*58*624
38,947,597
460,014
49,244,826
485*,790,
61,563,009
8,179,030
hi,249,900
341,550
"
297.896
2,201
5,978
33,825
34,142,100
30,185,928
30,185,928
172,151
172,151
2,393,963
RFC
from the
under Act of Feb. 24, 1938
3.7*6*9",943
19,81*3*522
2,550,091
1*151
*
22,766,262
12,232,243
294,958,804
8,452,685
2,856,817
25,380,575
37,117
34,142,100
associations
Railroad loans (Transp'n Act. 1920).
Securities received by Bureau of Inter
nal Rev In settlement of tax llab's.
received
1,219,600
68,055
,428,240
24,015
"
59,484,618
Treasury
Securities
295,501
4,331
13,656
410,247
4,057,905
A
695,895
534*210
9,131,466
....
Department:
Federal savings and loan
36*5*402
451,512
1,825,546
1,170
5*7*8",309
hi
3,2*0*9*,601
2,856,817
Interior Department
Valley
123,678
331,396
Federal Prison
atives. Inc
1,186,448
603,939
1,000
11,826,059
294,958.804
Corporation
Electric Home and Farm Authority...
Disaster Loan
110,598
46.941
577,635
Production Corp
United States Spruce
4,584,357
4,584,357
59,592
4,065
Other:
Tennessee
220
2,895,512,092
123,986,638
260,042,219
20,842
111,110
4,034,175
825,615
1,828,400 128,158,342
761.129~.846
86,401,495
89,337,678
232,180,623
209,806,938
3,2*67*867 460,6*9*9",710
h3,365,019
*9*9*650
3,386*,559
329,719,935
corporations and
War emergency
Farm
2,130,033
7,888,738
2,538,210
708,084
17,506,118
3,600,000
15,639,791 105, 438,941
13, 272,423
41,598,152
24,971,729
345,959
27,088
19,0*16*,577 32,638*968 117.1*7*8*332
United States Maritime
Federal Home Loan
693,386,657
79,221,292
15,065,883
512,721,722
9,088
11,994,854
15,831
89,337*678
1,672,965,285-
43,978,323
8,017,641
3,116
352,216
90,522,973
. _
Authority
Public Works Administration
448,454
h33 897.783
1,854,593
649,607,552
45,928,893
Tennessee Valley
8,300,000 £23,378,491
48,148,600
1.046,870.021 474,474,711 £27,366,685
Reconstruction Finance
2,393,963
Inter-agency items: m
governmental corporations
Due from
or
agencies
governmental corporations or
i
Due to
agencies
8,142,260,970 712,502,511
Total
552,917,385 760,324,881
Liabilities and Reserves
130,634,179 902,262,722 421,336,552
Excess
d
Proprietary Interest
of Assets
Guaranteed
Guaranteed by
United Statesq.
Export-Import Bank of Washington.....
Federal Crop Insurance Corporation.....
Corporation.
.
Authority
Public Works Administration
United States Maritime Commission
Tennessee Valley
Rural Electrification
Corporation
2,786.572,915
Insurance Corp..
Federal Home Loan banks
Federal Savings & Loan
Administration
Federal Housing
Federal National Mortgage
Association..
Authority...
Farm Credit Administration
Federal Farm Mortgage Corporation
United States Housing
6,704,337
114*,"549",415
14,850,233
65,944,626
72,290 651
1,339, 451
2,858*,86*3",466
83,002 563
2,383, 350
88,821, 276
4,571, 922
38,235, 518
1,799,365, 941
Owned by
Liabilities d
Owned
United States
Stock
1,339,451
83,002,563
9,087,687
88,821,276
119,121,337
192,779,822
1,323,436,744
1,799,365,941
199.562,635
3,116,941
347,520
2,212,959
451,005,879
100,000,000
78,792,478
7,087,289
289,299,557
314,869,702
89.337.678
176,235,997
209,806,938
347, 520
2.212, 959
139,299,557
36.648,626
122,647,187
177,039,656
47,939,153
74,969,457
163,081,900
100,845,258
198,840,507
508,499,872
111,664,533
176,938,646
122,189,951
52,298,656
124,741,000
47,939,153
207,471,465
74,969,457
163,081,900
100,845,258
198,840,507
301,028,407
19.899.679
111,664,533
173,086,536
122,189,951
19.899.679
4,584,357
3,852,116
of surplus war
United States
United States
bll,115,271
b8,380,665
8,380,665
04,584,357
Waterways
139*612
*139*612
1,1*0*6*327
1,1*06,327
1,426,850
1,426,850
0110,598
34,096,438
695.895
100,000
195.895
400,000
22,691,932
24,000,000
Cl,308,068
182,843
*"b*2*847
24,274,248
47,817,975
8,179,030
60,029,600
22,691,932
1,029,996
294,958,804
8,313,673
2,856,817
24,274,248
47,817,975
8,179,030
60,029,600
©294,958,804
04,113,380
02,856,817
12,000,000
7,000,000
08,179,030
25,000,000
297.896
1,000
34,142,100
34,142,100
030,185,928
1,029,996
294,958,804
8,313,673
2,856,817
(Indian loans)...
Corporation
Railroad Co..:
Rlcan
74,330
11,202,247
"
110,598
1,825,546
297.896
11,202,247
Interior Department
Reconstruction Admin..
Co
1,533,409
l","533",409
RFC Mortgage
Valley
Associated
Cooper
atlves, Inc
Treasury Department:
Federal savings and
loan associations
Act. 1920).
Securltles received by Bureau of Inter¬
nal Rev. In settlement of tax llab's.
Securities received from
the RFC
under Act of Feb. 24, 1938.....
30,185,928
Railroad loans (Transp'n
Due from
172,151
2,393,963
085.854,576
027,297,201
governmental corporations or
For footnotes see top
...
5,699,649,692 3,114,861.320 8,814,511,012
of following column.
4,"2*00",293
12*."274*248
41,844,317
bl,026,342
*162*470
34~,"8*77*130
296.896
02,393,963
governmental corporations
Total
c32,270,892
0172,151
2,393,963
agencies
agencies
850,000
172,151
Inter-agency Items: m
Due to
bl",159,493
1187,409,043
50,045.198
15,705,871
2,189,951
14,899,679
34,142,100
30,185,928
74,330
Corporation
and Farm Authority...
Farm Security Administration
Federal Prison Industries, Inc
Electric Home
or
59,924,755
25,015,270
695.895
Disaster Loan
Tennessee
5,000,000
5,044,702
137,066,630
1,825,546
8
Other:
Puerto
124,741,000
047,939,153
10,000,000
1,000,000
0100,845,258
200,000,000
124,734,635
70,000,000
149.000,000
120,000,000
110,598
RR Admin.)..
Housing Corporation
Spruce Production Corp.
Sec. of Treasury (U.
Panama
Interests
agencies
supplies)
Inland
Interagency
Surplus
500,000,000 £282,704,943 b331,699,064
451,005,879
100,000,000
100,000,000
3,792,478
75,000,000
78,792,478
b9,4*l 2,711
16,500,000
7,087,289
150,000,000
150,000,000
49,224,087
314,869,702 a265,645,615
089,337,678
89.337.678
b1,24*7*,353
176,235,997 0177,483,350
122,778,189
o87.028.749
209,806,938
b89,998,975
c73,352,399
200,000,000
36,648,626
22,647,187
100,000,000
122,647,187
(In liquidation):
Navy Department (sale
States Interests
Capital
4,584,357
3,116, 941
corporations
Regional agricultural credit corporations..
Production credit
corporations and
428,814
7,978,594
223,422,165
428,814
7,978,594
223,422,165
14,850,233
199,562, 635
Credit banks
Banks for cooperatives
War emergency
£123,469,301 1,221,959,406
593,386,657
185,254,963
192,779 822
1,285,20L226
Federal Land banks
Federal Intermediate
Total
55*.9*4*4",626
Administration
Home Owners' Loan
Privately
United Slates
Reconstruction Finance Corporation..... 1,098,490,105
408,131,694
Commodity Credit Corporation
Federal Deposit Insurance
Distribution of United
Over
Not
by
557,644,709 756,827,555 12,936,711,464
4,122,200,452
402,921,788 3,719,278,664 3,257,557,379
b85,854,57(f»
27,297,201
673,721,285 (1212,000,000
52
The Commercial & Financial Chronicle
FOOTNOTES FOR TABLE PRECEDING
These reports are revised
by the Treasury Department to adjust for certain
Inter agency Items and therefore
may not agree exactly with statements Issued by the
respective agencies,
Non stock (or Includes
a
stock
non
b Excess Inter
agency assets
proprietary Interests),
There were also some noteworthy declines including
tape.
Continental Gas & Electric prior pref. 2%
points to 87%,
Kresge Dept. Stores pref. 8 points to 56, Margay Oil 434
points to 10, New Jersey Zinc 1 point to 53, Tubize Chatillon
A 134 points to 26 and General Tire &
Rubber pref. A 134
points to 100.
(deduct).
Deficit (deduct).
c
d Exclusive of Inter
agency assets and liabilities
deposits with Reconstruction Finance
Corporation),
e
(except bond Investments and
Excludes unexpended balance of
appropriated funds.
"
f Also Includes real estate
and other property held for sale.
'
;
i
g Adjusted for Inter agency Items and Items
In transit,
h Also Includes
deposits with the RFC and accrued interest thereon.
.
1 Shares
•
The New York Curb
Exchange, the New York Stock
Exchange and the commodity markets were closed on Thurs¬
day in observance of Independence Day.
Following a brisk opening, the market held fairly firm on
Friday, and while there were a number of weak spots scat¬
tered through the list, the gains were in excess of the losses
of State
building and loan associations, $39,952,410; shares of Federal
savings and loan associations,
$162,675,800.
J Also excludes contract commitments.
Housing Authority had
of
$659,900,000.
As of April 30, 1940 the United States
entered Into definite contracts calling for maximum
advances
have been
made In the amount of
Advances
of April
30, 1940, against loan contract commitments
amounting
Housing Authority has also agreed to disburse
The
loan
$98,120,818 as
$383,329,500.
commitments amounting to
$276,570,500,
securities Issued by local
housing authorities.
now
on
being
additional
financed
by
1 Includes
$1,170,571 due to Federal Land banks from the United States
Treasury
subscriptions to paid-in surplus.
for
Represents Inter agency
and of Government
ageucies,
m
assets
and
liabilities
of
the
Treasury
Department
which agencies are not Included In this statement.
Represents Interagency
n
holdings of capital stock and paid In surplus Items
which are not deducted from
the capital stock and paid-in
surplus of the corre¬
sponding organizations.
P
Includes cash in trust funds,
Includes accrued Interest.
q
(Vow—Effective
represented
with the statement of July
31, 1938, the proprietary Interest
by the capital stock, paid In surplus and non stock interest In
govern¬
the session
as
ended.
The transfers were down to
approxi¬
mately 53,000 shares against 85,000 on Wednesday. Public
utility preferred issues continued to move forward and ad¬
vances
ranging up to two or more points were registered in
this group.
Aircraft stocks were fractionally higher and a
to
$157,696,000
contract
July 6, 1940
pref. 2 points to 10434- Industrial specialties moved irregu¬
larly downward and the aircraft issues held within a narrow
range with several prominent stocks not appearing on the
*
number of selected industrial
specialties registered modest
gains, but the advances in the general list were
largely in
minor fractions.
As compared with
Friday of last week,
X)rices were lower, Aluminum Co. of America closing last
night at 15534 against 160% on Friday a week ago, American
Cyanamid B at 31% against 32%, Bell Aircraft at 13%
against 1434.. Electric Bond & Share at 5% against 6%,
mental corporations and
agencies which
Humble Oil
such
liams at 72 against 75.
were offset by a
corresponding Item under
"inter agmcy
proprietary Interest" of the Treasury, have been omitted
(except for
items as are Included In the
Inter agency assets and liabilities shown
herein)
for the purpose of simplification In
form.
THE
CURB
MARKET
light trading were the chief
characteristics of the two-hour session of the curb
market on
Saturday.
Industrial specialties were inclined to move to
higher levels but the public utility issues turned downward
profit-taking developed in that
easier
the
as
most of the
downside.
shares
were
changes
Aluminum issues
irregular and
group.
ery,
were
were
in minor fractions
quiet,
were
largely among the slower moving issues and
without special significance.
Aluminum Co. of America
was one of the weak
spots as it declined 4 points to 153.
Silex Co. was one of the
strong stocks of the industrial group
as it
climbed upward 3% points to 11
%.
In the public
utility section New England Tel. & Tel. moved
up 2^
points to 113, its top for several weeks.
Declines were
registered by Singer Manufacturing Co.,
2% points to 106,
Mountain States Tel. &
Tel., 2% points to 125%j and
Long Island Lighting pref., 2 points to 31.
Under the leadership of the
public utility preferred stocks
the market moved
small
briskly upward on Tuesday.
The gains
particularly noteworthy and were confined to a
of market favorites.
The transfers climbed
105,515 shares against 76,790 on
Monday, and the
gains ranged from 1 to 2 or more
points.
Pepperell Manu¬
facturing Co. forged ahead 2% points to 69%, and Mead
Johnson moved
up a point to 137.
The advances in the
public utiLty group included
among others American Super¬
power 1st pref., 3% points to
56%; Central Power & Light
pref. (7), 3% points to 108%; Florida Power &
Light $7
pref., 234 points to 103; Jersey Central Power &
Light 6%
pref., 134 points to 99; New York Power &
Light $6 pref.,
2% points to 102%; and Consolidated Gas &
Electric of
Baltimore pref. B., 2 points to 117.
on
Wednesday, and while
advances
predominated, the changes were small and the transfers
dipped to approximately 85,000 shares
against 106,000 on
Tuesday The aluminum stocks attracted consideralbe
specu¬
lative attention, Aluminum Co. of
America climbing up 2
points to 155, while Aluminium Ltd.
forged ahead 4% points
to 59%.
Shipbuilding issues were active at fractionally
higher prices and paper and cardboard stocks
displayed
little activity.
In the public utility group the
preferred
shares were active at
higher prices, the gains ranging up to
.
or
points.
Included among these advances were
Electric Bond & Share
6% pref. 2% points to 6834, New
York power & Light
7% pref. 134 points to 111%, Rochester
Gas & Electric pref. D
134 points to 10234 and United Gas
Monday
87,275
....
EXCHANGE
Value)
Foreign
Government
$406,000
18,000
Total
$15,000
36,000
$422,000
756,000
105,525
659,000
1,000
14,000
674,000
85,085
656,000
6,000
HOLIDAY
48,000
710,000
53,425
Total
405,775^
Sale", at
616,000
1,000
21,000
638,000
$3,039,000
$27,000
$134,000
$3,200,000
Week Ended July 5
Jan. 1 to July 5
New York Curb
Exchange
1940
Stocks—No. of shares.
1939
1940
405,775
254,820
$3,039,000
$5,877,000
Bonds
Domestic
Foreign
Corporate
$1,000
702,000
74,465
_
Tuesday
Wednesday
Thursday
Friday
...
government...
27,000
39,000
$3,200,000
Total
$5,976,000
1939
26,987,512
19,729,783
$177,444,000
1,292,000
$238,400,000
3,997,000
3,108,000
$182,733,000
60,000
134,000
Foreign corporate
Course of Bank
Bank clearings this week show
a
year ago.
$244,123,000
'
2,615,000
Clearings
an
increase compared with
Preliminary figures compiled by
us,
based
upon
telegraphic advices from
the chief cities of the
country,
indicate that for the week ended
today (Saturday, July 6)
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 0.8% above those
for the corresponding week last
total
the
stands
same
at
year.
Our preliminary
$5,516,308,559, against $5,472,459,201 for
week in
the week ended
1930.
At this center there is
Friday of 22.5%. Our comparative
for the week follows:
Clearings—Returns by Telegraph
Week Ending July 6
a
loss forJ
summary
Per
1940
1939
$2,533,477,512
.232,526,403
$3,266,938,598
321,000,000
279,000,000
+ 15.1
173,376,018
71,787,288
70,000,000
136,917,000
152,512,769
68,294,314
63,000,000
+ 13.7
94,268,0 0
+ 45.2
101,212,611
88,643,540
82,734,858
64,561,149
80,294,875
+ 15.9
61,329,742
+44.5
67,776,297
49,034,944
+22.1
+ 31.7
Eleven cities, five days
Other cities, five days
$3,876,236,379
617,610,468
$4,396,031,472
—11.8
647,377,668
—4.9
Total all cities, five days...
All cities, one day
$4,493,846,847
1,023,461,712
$5,043,409,140
—10.9
429,050,061
+ 138.5
$5,516,308,559
$5,472,459,201
+ 0.8
New York
Chicago
......
Philadelphia
Boston
Kansas City
St. Louis.
San Francisco
Pittsburgh
„
_
Detroit
Cleveland
Baltimore
Total all cities for week
Cent
—22.5
206,581,933
+ 12.6
+ 5.1
+ 11.1
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish
them
today,
inasmuch
as
the
week
ends
(Saturday), and the Saturday figures will not be
until noon today.
Accordingly, in the above the
of the week in all cases has to be estimated.
In the elaborate detailed
today
available
last
statement, however, which
day
we
present further below, we are able to give final and
complete
for the week previous—the week ended June 29.
For that week there was an increase of
15.9%, the aggregate
of clearings for the whole
country having amounted to
$5,723,981,964, against $4,936,626,712 in the same week in
1939.
Outside of this city there was an ncrease of
7.3%,
the bank clearings at this center
results
having recorded a gain of
the cities according to the Federal Re¬
districts in which they are located, and from this it
24.4%.
serve
more
CURB
Foreign
Domestic
group
to
Stocks turned upward
two
01
Saturday..
paper
were
up
YORK
on
134 points to 63%.
not
NEW
Bonds (Par
Shares)
shipbuilding
Declining prices with setbacks ranging up to 2 or more
points were apparent during most of the session on Mon¬
day.
There were occasional movements against the trend
were
Week Ended
July 5. 1940
a
but these
THE
Aircraft stocks
and cardboard stocks moved
narrow range.
Among the changes'on the side of
the advance were General Tire &■
Rubber pref. A, 2%
points to 101%; New Jersey Zinc, 2% points to
2434; Pitts¬
burgh Plate Glass, 2 points to 78; and United Shoe Machin¬
within
X'V;
AT
(Number
registered a .number of substantial gains.
Aircraft issues
have been quiet,
many of the popular stocks being missing
from the tape at times.
Industrial specialties have been
moderately active and oil issues and aluminum stocks have
been irregular and
without
definite trend.
Paper and
cardboard stocks and the
shipbuilding shares have been quiet
with most of the changes in minor fractions. V
Narrow price movements and
were
TRANSACTIONS
Stocks
Trading on the New York Curb Exchange was
exceedingly
quiet on Monday the transfers dropping to 76,790 shares
against approximately 286,000 shares on the last full
day.
As the week advanced some
improvement was apparent,
particularly in the public utility preferred section which
as
DAILY
(new) at 5234 against 5334» and Sherwin Wil¬
We
group
that in the New York Reserve District
(including
an improvement of
23.7%, in
the Boston Reserve District of
5.4%, and iD the Philadelphia
Reserve District of 10.4%.
In the Cleveland Reserve Dis-
appears
this
city) the totals record
The Commercial
151
Volume
serve
by 18.9%, in the
the New York Stock
District by 10.4%, and
for June and
Federal
...
581,058,000 3102,189,000
17,560,000
17,928,000
6,821,000
3,677,000
3696,457,000
122,307,000
25,660,000
$662,129,000
3844,424,000
$836, {>95,000
128,455,000
46,011,000
transactions in share properties on the
for the six months of the years
.
.
■ •
1940 is indicated in the following:
of
volume
The
1937
New York Stock Exchange
3
%
Reserve Dlsts.
108,764,085
5102,663,000 3126,570,000
government
Total bonds
1938
126,966,815
Bonds
Railroad and miscell
Foreign
Inc.or
Dec.
11,963,790
15,574,625
Stock, number of shares.
CLEARINGS
1939
1940
1940
1939
1940
1939
1940
U. S. Government
SUMMARY OF BANK
Six Months
Month of June
Description
Reserve districts:
Week End. June 29,
detailed statement of transactions on
Exchange is appended.
The results
the six months of 1940 and 1939 follow:
Our usual monthly
Richmond Re¬
in the Atlanta Reserve District
by 3.3%.
The Chicago Reserve District has to its credit
an increase of 2.5%, the St. Louis Reserve District of 1.6%,
and the Minneapolis Reserve District of 8.0%.
In the Kan¬
sas
City Reserve District the totals show a loss of 3.2%,
but in the Dallas Reserve District the totals show a gain
of 3.7% and in the San Francisco Reserve District of 11.6%.
In
the following we furnish a summary
by Federal
trict the totals are larger
53
& Financial Chronicle
1937 to
300.983, 991
+5.4
252.653,148
2,606,686,157 + 23.7
383,070,377 + 10.4
3,959,736,813
459,410, ,897
1940
1939
1938
1937
392,109,177
362,514, ,134
No. Shares
No. Shares
No. Shares
No. Shares
274,445,841
246,964,292
260,257,160
4th
12 cities
"
PhlladelphialO
"
Cleveland.. 7
"
5th
Richmond.. 6
154,221,916
0th
Atlanta
10
"
"—
276,362,404 + 18.9
139,658,671 + 10.4
158,952,219
153.326,631
+3.3
138,741,236
-150,135,
Chicago
18
"
493,422,788
481,523,816
+2.5
456,504,547
583,657,
February
15,990,665
13,470,755
7th
138,485,733
136.294,069
123,819,420
155,101,
March.
16,270,368
102,295,524
94,676,259
+ 1.6
+ 8.0
91,657,507
109,594.
131,502,111
165,830
1st
Boston
.
3,223,695,276
New York.. 13
2d
3d
423,078,317
328,552,603
5,049,667,
849
'
144.984, ,125
120,385,904
10th Kansas City 10
"
'*
"
135,891,266
—3.2
127,079,789
6
"
63,332,298
61,065,709
246,185,949
220,586,861
225,069,092
265,208
58,671,410
50,248,010
24,151,931
22,995,770
50,346,280
63,618,847
61,673,795
159,265,706
26,695,690
38,964,712
15,574,625
______
.
.
25,182.350
13,873,323
24,563,174
45,731,788
.
20,246,238
12,935,210
17,119,104
14,004,244
24,368,040
34,606,839
18,549,189
16,449,193
14,526,094
66,428.
"
+3.7
+ 11.6
57,545,127
12th San Fran... 10
Month of January
8th
St. Louis... 4
9th
Minneapolis
7
11th Dallas
First quarter
April.
May
5,723,931,964
4,936,626,712
2,619,534,211
..113 cities
Total
Outside N. Y. City
2,440,744,019
6,229,947,601
2,389,190,185
+ 15.9
+ 7.3
7,813,518, ,629
2,923,138 ,800
June
—
81,236,027
45,145,238
55,491,388
69,605,221
126,966,815
108,764,085
117,165,183
228,870,927
Second quarter.
+5.8
292,421,654
309,389,943
32 cities
Canada
280,838,125
334,634,720
Six months
the clearings for the
a decrease
for the entire body of clearing houses of 4.9%, the 1940 ag¬
gregate of clearings being $24,249,954,403 and the 1939
aggregate $25,501,376,432.
In the New York Reserve Dis¬
trict the totals record a loss of 11.7% and in the Philadelphia
Reserve District of 2.8% but in the Boston Reserve Dis¬
trict the totals register a gain of 2.1%.
In the Cleveland
Reserve District the totals are larger by 12.1%, in the
Richmond Reserve District by 9.1% and in the Atlanta Re¬
serve District by 8.9%.
In the Chicago Reserve District
the totals show an improvement of 5.9%, in the St. Louis
Reserve District of 5.0% and in the Minneapolis Reserve
District of 2.0%.
In the Kansas City Reserve District
there is a decrease of 0.9%, but in the Dallas Reserve Dis¬
trict there is an increase of 1.5% and in the San Francisco
today a summary of
We also furnish
of
month
that
For
June.
Reserve District of
1st
2d
3d
4th
5th
6th
14 cities
New York.. 15
"
Philadelphlal7
"
Cleveland.. 18
"
31
7th
Chicago
8th
St. Louis...
9tb
7
Minneapolis16
10th Kansas City 18
11
11th Dallas
12thSan Fran... 19
$
1st qu.
Apr...
26,035,844,628 24,156,251,694
26,861,893,522 24,639,280,005
24,249,954,403 25,501,376,432
May..
June..
2d qu.
June,
Inc.or
June,
Dec.
1938
1937
$
$
%
$
The
$
1,095,637,604
1,073,241,752
+2.1
1,003,198,571
12,841,118,976
14,542,310,709
—11.7
16,236,173,470
1,823,529,533
—2.8
1,606,519,223
1,280,094,340 + 12.1
1,163,358,677
557,706,320
1,550,336,590
60/, 163,919
667,606,083
BANK
omitted)
661,468,263
612,848,242
684,943,193
+9.1
+8.9
2,104,205,060
+5.9
1,950,852,059
2,301,081,800
611,057,095
+ 5.0
+2.0
551,474,516
664,415,857
Chicago
473,743,942
425,474,627
496,627,273
Boston
New York
759,367,157
—0.9
717,258,253
844,164,262
Philadelphia.
513,534,148
505,944,558
+1.5
457,880,395
505,553,188
St. Louis
1,030,090,846
+4.2
999,631,232
1,203,496,620
752,384,685
___..
Pittsburgh
San Francisco
24,249,954,403
25,501,376,432
—4.9
26,285,691,262
28,696,536,223
Baltimore
11,915,737,157
11,444,033,238
+4.1
10,535,289,421
12,420,319,897
Cincinnati
Kansas City
1,456,630,103
1,487,021,088
—2.0
1,486,260,485
1,547,820,798
Cleveland
Minneapolis
-
New Orleans
append another table showing the clearings by
Reserve districts for the six months for four years:
Federal
Detroit
Louisville
Omaha
Providence
6 Months
6 Months
Inc.or
6 Months
6 Months
1940
1939
Dec.
1938
1937
Milwaukee
Buffalo..
St. Paul
%
$
$
Reserve Dists.
.
+6.3
$
$
5,921,345,942
Denver
7,339.992,584
Indianapolis
6,535,319,273
6,947,467,009
Deities
—3.9
83,016,246,386 102,130,232,347
83,203,164,049 86,535,603,690
2d
New York.. 15
"
9,233,302,566 10,847,962,806
+9.2
10,983,554,307 10,062,739,743
3d
Phlladelphial7
"
8.853.051.846
6,872,824,176
7,303,065,430 + 14.8
8,332,536,135
4th Cleveland—18
"
3,748,539,290
3,223.722,608
+ 14.9
3,412,014,655
3,921,929,603
5th Richmond.. 9
"
,
4,264,460,568
3,828,535,489
4,243,437,186 + 11.7
4,738,570,652
6th Atlanta
16
"
1
+ 14.4 11,114,166,374 13,819,090,028
7th Chicago
31
" / 13,493,627,229 11,796,334,050
3.832.925.847
3,308,431,743
3,504,078,917 +10.7
3,830,677,528
8th St. Louis... 7
"
2,670,092,257
2,407,220,855
2,529,167,861 + 14.0
2,882,166.077
9th Minneapoli8l6
"
4,884,550,133
4,134,753,022
+6.4
4,300,470,887
4,577,009,354
10th Kansas City 18
"
2,899,553,852
2,754.638,571
+ 9.9
2,971,550,167
3,265,405,634
11th Dallas
U
"
7,067,520,892
5,860,465,793
+ 9.0
6,095,731,366
6,641,952,655
12thSan Fran... 19
"
1st
Boston
Total
.191 cities 152.918,060,232 149,289.513,235
72,730,882,363 65,519,666,266
Outside N. Y. City
Richmond
Memphis
Seattle
Salt Lake
Clearings at—
$
Federal
Rese
rve
Portland
8,242,218
...
918,735,846
Mass.—Boston
2,935,755
1,721,169
1,944,034
3,061,393
14,162,239
9,239,278
52,295,116
19,010,598
Fall River
Holyoke
Lowell
New Bedford
Springfield
—
Worcester——
Conn.—Hartford
Outside New
Total
(14 cities)
1939
29
d
or
Dec.
1938
1937
1939
Dec.
1940
$
s
5
S
%
+ 36.4
727,279
900,773
+0.1
+ 6.4
1,946,032
223,353,840
2,359,002
255,244,212
—14.2
794,597
729,211
"425*548 —11*2
"342*631
391,732
711,005
—0.3
2,123,905
+ 5.7
17,573,610
9,781,587
10,800,121
17,219,090
8,851,974
11,031,686
16,454,125
79,976,382
47,579,480
283,326,756
106,724,431
2,122,684
208,446,537
784,723
—1.7
221,860,050
673,063
+ 14.5
54,692,279
+ 10.0
314,115,051
117,340,975
43,065,100
17,711,306
86,495,586
18,324,623
7,785,200
44,349,200
+ 15.3
290,737,000
3,262.042
Inc.
+ 15.1
2,653,728
+22.9
15,390,483
+2.1
JUNE 29
Week Ended June
12,442,015
49,627,418
47,564,668
1,073,241,752
61,424 73,608
for four years:
FOR WEEK ENDING
30
5,586,178,702
+ 3.7
—8.3
1,095,637.604
and for the week ended June 29,
14,326,165
49,468,8.56
+ 3.3
15,608
add our detailed statement showing the figures
for each city separately for June and since Jan. 1 for two
5,905,968,890
—4.9
13,367
We now
+0.8
+ 23.4
7,142,600
N. H.—Manchester.._
24,2,50 25,501 26,287
—5.9
2,243,941
8,757,213
911,092,413
2,986,346
1,450,016
2,044,410
2,203,055
13,714,223
8,072,716
+ 39.0
283
314
2,414
3,771
3,869
1,817
1,633
2,588
2,491
1,702
952
3,046
894
784
289
551
960
639
802
488
983
483
967
413
327
2,047
2,724
3,368
1,595
1,369
2,110
2,046
1,502
904
2,097
790
- 695
250
490
755
604
683
422
883
434
813
332
275
141,676 172,358
21,672 23,067 24,021
2,578 2,434 2,266
521,153
+ 18.7
2,345
2,163
3,326
2,817
3,715
3,465
2,015
1,696
1,573
1,421
2,367 '2,188
2,659
2,299 '
1,827
1,579
1,066
976
2,864
2,381
951
858
770
746
291
260
573
503
893
793
699
619
766
725
514
464
1,027
932
540
444
988
852
394
363
$
%
51,110,300
New Haven
Water bury
R. I.—Providence.
423
664
627
320
281
451
442
315
151
519
157
128
50
92
167
112
137
84
165
77
181
* 71
47
Inc. or
1940
District—• Boston—
2,769,016
Maine—Bangor
Dec.
$
28,697 152,918 149,290
York.11,916 11,444 10,535 12,420
72,731 65,520
—
Total all
or
1939
Jan. 1 to June 30
1939
1938
1937
$
$
$
16,276 80,187 83,770 80,251 98,749
1,409
8,304
7,358
7,121 8,582
971
5,906
5,586
5,012 6,276
1,674 10,431
9,544
8,737 10,280
1940
$
$
128,309 156,750
Other cities
Six Months Ended June
Inc.
>1940
$
CITIE3 IN JUNE
25,991 137,305 135,085
2,706 15,613 14,205
SINCE JANUARY 1, AND
Month of June
leading cities of the country
each of the last
subjoined statement:
12,334 14,057 15,751
1,367
1,349 1,278
919
911
855
1,674
1,729 1,518
397
387
348
563
490
459
570
577
569
339
305
278
264
247
226
388
390
368
468
410
363
310
299
264
160
157
140
472
397
350
156
143
132
123
125
116
51
44
44
95
88
83
150
146
126
115
109
103
125
127
121
85
77
73
175
166
148
81
74
65
172
152
144
67
63
56
52
48
43
Total
+2.4 141,670,658,525 172,357,972,450
+ 11.0 61,424,265,060 73,608,450,966
CLEARINGS FOR JUNE,
City
Hartford
years
First
36,722,296,300 33,376,596,332 + 10.0
+ 11.0
+2.4 72,730,882,363 65,519,666,206
CLEARINGS AT LEADING
$
1,073,537,963
We
Federal
+ 3.8
+ 9.0
:—Month of June
1940
1939
1938
1937
(000,000
483,195,113
•
12,097,915,060 10,773.253,307 + 12.3
12,708,644,083 11.159.259,737 + 13.9
11,915,737,157 11,444,083,288 +4.1
+ 7.8
1,779,157,251
1,434,876,440
—4.9
and since Jan. 1 in
is shown in the
four years
16,877,239,529
1,771,911,518
+ 12.0
+1.0 36,007.787.654 32,143,009,934
of bank clearings at
course
for the month of June
1,145,389,507
—4.4
152918,060,232 149289,513.285
June,
1939
%
+4.6 11,029,309,130
77,147,602,553 74,296,908,131
6 mos.
$
12,620.502,357 11,076,265,314 + 13.9
9,017,767,054 + 14.7
+ 7.9
12,357,976,107 11,449,037,566
+ 3.9
7S769.569.240 74,992,605,154
1939
$
%
Mar..
Feb—
641,433,641
32 cities
Canada
$
New York
1940
1939
26,687,310,998 25.692,147,968
22,834,951,138 21,840.482,419
26,247.301.104 27,459,974,767
2,227,653,135
Outside N. Y. City
Clearings Outside
Clearings, Total All
1940
Jan...
by months
CLEARINGS
Month
745,925,223
191 cities
Total
MONTHLY
668,695,952
"
"
"
"
"
"
"
"
Richmond.. 9
Atlanta
10
compilation covers the clearings
1940 and 1939:
since Jan. 1,
4.2%.
Reserve Dists.
Boston
The following
month there was
June,
1940
Federal
11,963,790
6,947,467,009
41,354,900
260,201,400
14,350,914
0,535,319,273
+2.1
+ 10.5
—2.1
%
"
377",694
i
661,458
—11.4
642,020
580,058
597,275
+ 7.6
+ 8.2
3,290,577
3.212.291
+ 2.4
+28.2
3,669,508
2,514,695
+ 14.9
2,534,530
+ 10.9
+ 9.9
11,448,121
1,976,402
12,880,649
—11.1
3,472,213
1,822,050
12,131,803
4.184.292
—2.5
4,621,228
15,286,651
5,351,952
4,078,691
11,280+66
16,496.966
+ 7.6
11,59*1*.000
12,836,700
+ 11.7
1,287,060
1,277,655
+0.7
1,453.200
1,057,475
+ 7.2
+ 5.4
262,853,148
300,983.991
200,257,160
246,984,292
+ 4.1
+ 6.3
L
54
The Commercial & Financial Chronicle
CLEARINGS
Month of June
July 6, 1940
(Continued)
Six Months Ended June 30
Week Ended June 29
Clearings at—
Inc.
1940
Second Federal Res
73,056,194
5,216,357
Blnghamton
Dec.
1940
1939
Dec.
1938
%
3
5
%
$
3
%
$
41,730,562
+ 75.1
5,351,308
—2.5
+3.9
292,770,429
32,568,486
892,838,473
13,592,899
21,748,134
80,187,177,869
219,148,676
127,940,652
22,954,199
103,335,863
115,942,952
12,035,424
487,266,694
655,683,124
18,160,176
—11.7
83,203,164,049
+2.8
+ 3.0
149,688,796
145,648,983
2,373,114
2,303,239
James town.
3,632,774
3,537,310
New York
12,334,217,246 14,057,293,144
Rochester
35,409,916
35,524,373
Syracuse
20,056,252
20,740,824
Utica
4,533,496
3,743,841
Westchester County16,779,102
18,122,520
Conn .—Stamford
20,047,671
20,237,734
N. J.—Montclair
1,982,672
1,870,484
Newark..
77,712,412
79,699,999
Northern New Jersey
93,324,071
103,532,893
3,088,903
Oranges
2,973,495
...
.
12,841,118,976 14,542,310,709
(15 cities)
Third Federal Rese
1,828,689
iy2.342.821
2,316,988
Bethlehem...
Chester
5,301,327
2,192,827
1,685,266
1,674,000.000
5,908,552
Lebanon
Norrlstown
Philadelphia
Reading
.
.
Fourth Federal
Re
serve
26,507,442
46,220,544
+ 23.7 3,959,736,813 5,049,667,849
+ 1.4
—28.7
361,265
579,175
420,319
669,949
—0.5
*565,000
+2.5
540,273
461,660
350,688
395,635
—11.4
348,752
610,819
1,26+692
l,22l",514
++5
1,173*927
"824",542
407,000,000
1,392,597
2,137,576
1,160,396
366,000,000
+ 1+2
376,000,000
440,000,000
1,972,053
506,706
-Hl".8
6,0221900
8",525",800
+ 10.4
392,109,177
459,410,897
+ 10.2
2,210,520
61,057,830
112,197,617
9,406,800
+ 22.1
1,576,374
2,198,859
50,948,119
+ 19.8
92,012,373
10,987,100
+ 21.9
53,908,850
83,523,932
108,229,700
—14.4
10,843,900
12,856,100
+ 2.2
+ 5.2
+ 10.0
—4.5
+ 9.3
37,533,559
59,483,501
23,621,963
30,014,844
6,598,317
3,377,661
14,730,840
+2.5
+ 6.6
+ 16.1
+ 10.4
+ 3.1
1,712,629
1,896,241
—9.1
3,075,125
975,406
1,308,580
1,345,828
—18.7
2,351,107
+ 19.0
988,588
2,955,624
1,575,679
+2.8
1,643,052
1,814,771
+ 20.6
—2.4
996,806
—10.3
+ 8.2
+0.5
+ 6.7
56,606,931
1,572,684,715
51,373,499
1,421,379,819
+ 14.2
2,658,789.837
—1.4
277,369,900
+ 38.7
2,298,957,862
264,265,800
12,738,415
5,557,612
41,594,954
59,210,569
32,250,114
110,464,084
+ 7.2
6,108,764
—6.4
2,355,855
+ 13.1
+ 23.8
+ 3.0
+ 10.6
+ 15.7
+ 5.0
1,810,644
66 097 038
+ 7.3
—0.4
+ 10.4
1,798*587
1,49+048
+20+
1,194*933
1,891*513
+ 18.3
3,062,152
1,940,226
+ 57.8
1,418,232
2,325,042
138",819", 097
117",16+894
+ 18.5
121,979", 620
168,915.882
328,552,603
276,362,404
+ 18.9
274,445,841
362.514,134
+ 3.4
+ 9.5
+ 25.1
3,989,970
3,326,146,003
43,434,687
9,893,873
5,329,111
6,418,624
5,872,427
9,295,283
5,790,976
6,419,243
+ 6.4
64,642,987
56,095,647
—8.0
43,086,718
37,838,644
41,928,055
+ 2.8
—0.0
41,319,311
—8.4
1,434,876,440
1,280,094,340
+ 12.1
8,382,536,135
7,303,065,430
+ 14.8
+ 48.3
rve
Richmond
S. C.—Charleston
Columbia
Greenville
Md.—Baltimore
Frederick
C.—Washington
1,643,884
11,530,000
166,493,025
5,214,595
8,055,734
4,521,897
305,365,579
1,576,677
108,446,851
+ 10.9
+ 9.2
13,944,100
71,512,000
1,026,750,544
33,426,490
58,859,565
29,393,815
2,014,719,327
9,849,578
663,474,184
612,848,242
668,695,952
(9 cities).
+ 15.0
+29.5
+ 11.5
+ 9.3
+ 18.1
+ 14.3
+ 15.2
District— Richmond—■
2,438,244
12,765,000
174,613,424
5,562,979
10,404,243
4,209,170
338,657,636
1,666,002
118,379,254
W. Va.—Huntington..
+ 9.1
3,921,929,603
+2.3
+ 14.3
117,764,074
502,038,778
1,613,100,000
34,604,573
28,792,122
23,660,877
562,958,446
39,285,166
578,718,089
53,628,232
24,346,328
29,939,000
+ 11.4
48,454,590
+ 57.8
976,103,185
+ 10.7
+ 4.9
+ 6.7
+ 29.2
—6.9
+ 5.7
9,421,746
+ 48.0
514.343
63,696,000
931,785,249
+ 12.3
2,999,000
42,721,585
1,068,489
421,764
2,622,000
+ 14.4
2,664,000
3,428,000
+ 10.2
42,222,967
+ 1.2
42,528,863
*1,550,000
—31.1
36,534,137
1,337,324
31,351,316
+ 6.6
53,196,496
29,876,500
+22.0
307,355
476,323
+ 10.6
—1.6
1,659.066
1,696,062,290
+ 18.8
81.23+988
66", 16+185
+22.8
8,977,105
587,647,983
53",516", 139
63,758+39
+ 13.0
25",679",511
26",67+955
—3.7
26",026",949
33,133,434
3,412,014,685
+ 14.9
154,221,916
139,658,871
+ 10.4
120,385,904
144,984,125
3,712,863
19,532,382
58,300,000
1,155,778
3,529,819
16,474,839
55,100.000
+ 5.2
+ 18.6
3,803,737
18,948,462
52,500,000
+ 9.7
^
Federal Rese
rve
Nashville
Ga.—Atlanta
Augusta
Columbus.
Macon
District— Atlanta—
19,459,131
84,655,371
258,000,000
5,244,063
4,514,008
3,839,618
84,834,654
5,701,264
93,221,585
8,548,267
3,611,613
4,827,000
7,132,959
2,219,266
Tenn.—Knoxville
;
Fla.—Jacksonville
'..
Ala.—Birmingham
Mobile
Montgomery
Miss.—Hattlesburg
Jackson.
Meridian
16,040,893
+ 11.0
4,698,576
3,903,840
4,548,180
—15.6
75,433,825
*
+ 21.3
76,669,091
232,515,107
+ 12.5
6,018,991
85,313,171
7,730,105
3,528,850
4,224,000
6,405,334
1,406,405
+ 13.6
+ 10.4
+ 11.6
+ 15.6
+ 9.3
+ 10.6
106,509,014
459,494,732
+ 10.6
1,425,715,107
+ 13.1
28,885,752
+ 19.8
1,016,834
+ 13.7
3,690,985
18,188,765
46,700.000
1,041,692
22,766,359
23,906,807
+26.5
—1.0
81~l"077
"792". 781
+2". 3
"904",627
"~98l"624
499,181,986
+ 12.8
15,972,000
15,960,000
+0.1
13,618,000
30,724,703
518,227,021
44,487,115
21,604,933
+27.9
16,575,000
+ 11.7
21,62+459
18",83+860
+ 14.8
+ 20.5
1,6.56,981
+ 9.5
16,096,404
1,442,870
18,112^655
1,814,216
+ 23.8
156,927,057
+ 1.6
684,943,198
+ 8.9
4,738,570,652
4,243,437,186
—Chicago—
1,689,380
396,944,808
3,774,532
14,400,190
+ 21.5
+ 19.0
10,889,349
2,380,861,702
25,014,337
73,087,757
+ 3.0
11.088.433
2,864,406,241
26,638,918
84,637,164
13,349,683
43,629,658
16,244,597
15,855,957
45,971,315
91,787,453
514,117,474
52,180,544
147,865,183
36.909.434
572,799,628
9,110,810
18,078,055
2,777,570
8,051,122
30,284,779
254,920,775
95,161,469
5,717,900
12,302,024
9,912,243
+ 1.3
8,303,667,681
+ 5.7
.
+4.7
(16 cities)....
Seventh Federal Re
Mich.—Ann Arbor
serve
District
2,052,140
472,461,460
4,829,296
13,743,156
1,993,903
Detroit
Flint
Grand Rapids
Jackson
Lansing
Muskegon
Bay City
8,505,150
2,602,433
2,633,480
7,732,214
Wayne
Gary
Indianapolis
South Bend..
Terre Haute
Wis.—M adison
Milwaukee.
Oshkosh
Sheboygan
Watertown..
Manitowoc
Iowa—Cedar Rapids..
15,035,430
85,288,071
8,531,848
24,615,287
5,916,347
95,006,144
1,396,689
*3,150,000
386,593
1,256.282
5,071,051
40,365,873
1,643,583
6,747,899
2,287,954
2,575,129
4,471,189
14,132,094
77,478,422
6,924,488
22,631,342
+27.9
—4.6
+ 21.3
+26.0
+ 13.7
+ 2.3
+ 72.9
+ 6.4
+ 10.1
+ 23.2
+ 8.8
6,396,824
—18.8
$7,742,851
+ 8.3
1,438,417
3,050,296
—2.9
486,948
+ 3.3
—20.6
1,148,212
5,195,281
—2.4
+ 9.4
15,305,113
39,488,687
15,230,443
+0.5
917,331
999,968
—8.3
2,594,466
1,961,510
...
2,076,344
1,903,598
1,349,195,839
+25.0
Ames
111.—Aurora
1,366,725,596
4,411,142
19,243.727
+ 2.2
+ 16.7
6,267,405
660,174
4,173,545
16,927,038
5,994,687
6.430,614
624,458
+ 5.7
26,721,383
106,307,375
34,427,197
34,880,585
3,824,579
2,227,653,135
2,104,205,060
+ 5.9
13,493,627,229
6,993,824
...
Springfield
Sterling
+ 13.7
—2.5
1,178,783
"
1,885,056
+ 12.7
44,816,702
9,381,514
3,520,256
746,925,223
579,773
+ 5.8
+ 6.5
11,612,221
4,085,117
1,065,583,039
607,145
•
+ 9.3
28,112,000
159,509,279
Vlcksburg...
La.—New Orleans
(31 cities)
3,223,695,276 2,606,686,157
+ 22.9
+ 19.8
4,717,162
2,112,874
3,649,273
2,817,435,697
38,014,683
Va.—Norfolk
Total
—16.9
3",358",632
4,605,273
606,306
396,285
17,089,418
26,787,043
8,03+800
+ 18.7
W. Va.—Wheeling
Rockford
15,778,729
25,442,418
+ 4.1
,
383,070,377
422,498
683,428
489,832,773
Oil City
Ky.—Lexington
Peoria
19,390,972
21,137,371
+ 7.9
4,209,702
4,380,646
+ 9.8
7,48+100
7,112,568
10,349,607
7,347,900
Decatur....
+ 27.8
423,078,317
9,519,573
247,219,657
410,077,385
47,781,200
2,181,381
773,094
563,440,710
Bloomington
Chicago
—17".2
3,963,207
375,732
+ 9.2
805,115
Erie
Sioux City
4,31+230
480,057
10,062,739,743
955,614
395,394
Greensburg
Pittsburgh
Des Moines
3,573,746
4,350,351
—2.7
5,835,738
19,898,682
Franklin
Ind.—Ft.
+ 2.2
+ 6.3
+ 20.8
+0.3
13,673,463
5,537,238
45,902,531
70,043,193
33,337,309
120,987,390
Pa.—Beaver County..
*■
764,466
696,004
+24.4 3,840,757,416 4,890,379,749
—6.4
9,210,556
11,594,985
+ 14.8
4,732,526
5,066,461
91,603,355
108,439,360
+ 2.1
+ 7.5
6,008,558
21,336,258
Federal Rese
+ 13.3
District —Cleveland—
9,568,528
263,726,645
468,131,628
47,121,200
3,024,680
894,276
7,694,156
12,816,191
(18 cities)
750,182
1,536,519
9,544,000,000
10,983,554,307
Youngstown
41,800,000
670,427
10,005,820
+ 13.8
—2.8
Toledo
30,800,000
+ 15.2
—3.2
+2.3
1,823,529,533
Newark
—3.9
+ 14.6
—25.0
+ 1.5
—5.9
Mansfield
86,535,603,690
16,477,290
+ 7.0
11,361,916
+ 20.1
Hamilton
+ 7.8
18,622,192
1,384,598
+ 10.9
14,104,646
8,909,905
55.063.430
31.849.431
11,564,684
10,482,331
19,208,214
Lorain
+4.8
$
+ 31.5
—2.0
—15.2
14,028,812
20,810,060
Columbus
+ 18.4
+ 9.8
+ 12.5
20,695,243
100,119,077
108,382,735
11,322,725
451,536,872
630,027,311
21,403,435
11,518,892
—6.0
Cleveland...
203,235,170
108,033,052
10,673,912
56,247,831
33,511,297
12,716,382
+ 19.7
Ohio—Canton..
Total
—3.5
3,857,Oljo
Cincinnati
—4.3
+ 10.0 ,v:
5,785,632
1,099,344
619,446
2,447,522
.
Total (17 cities)
+ 13.3
83,769,847,019
+ 50.4
1,771,911,518
*
29,671,215
793,435,342
12,976,252
19,201,502
19,019,441
14,464,026
1,091,923
1,114,171
36,200,000
31,600,000
525,156
455,834
797,963
704,280
3,104,447,753 2,495,882,693
7,799,353
8,333,443
4,881,190
4,253,394
1,540,160
8,957,270
5,184,453
1,927,561
2,245,685
5,441,103
1,122,476
666,121
2,455,834
23,063,282
19,581,200
Hazleton
Del.—Wilmington
Tampa
1,894,794
y2,130,705
10,652,792
10,291,117
N. J.—Trenton
Sixth
—2.5
—9.9
—4.2
Du Bols.
Total
+ 6.C
—3.4
Potts vllle
D.
—0.1
6,168,88,5
Wllkes-Barre
Fifth
—7.4
10,431,000,000
38,467,833
63,386,331
27,420,091
33,122,537
6,801,886
4,073,428
14,382,167
110,636,388
105,560,700
York
Total
—3.3
+ 21.1
4,618,355
...
Scranton
'
O.i
+ 14.5
1,729,000,000
9,095,560
Harrlsburg
Lancaster
+ 2.7
—12.3
255,716,740
1937
District— Philadelphia
rve
Pa.—Altoona___
or
1939
Elmira
Total
Inc.
1940
Buffalo
_
Inc. or
Dec.
5
$
District —New York—
erve
N. Y.—Albany
1939
or
+ 8.1
X
•
X
X
X
X
"
"
105" 95i
+ 16.0
"12+710 —17.6
"
157"833
183",648
+9.2
35,927,650
40,333,807
—10.9
36,900,060
35,966,827
+ 11.7
158,952,289
153,826,631
+ 3.3
138,741,236
150,135,792
+ 1.8
690.267
116,997,396
290,987 + 137.2
97,652,378
+ 19.8
281,337
81,550,701
136,747,615
2,960,787
3,00+179
—1".4
2,506,227
3,313,942
1,65+622
1,14+670
+ 45.1
1,598,784
2",033",460
+ 20.3
350,880
+ 6.5
+ 15.8
11,506,167
+ 16.0
37,289,443
14,081,798
13,957,857
25,446,488
+ 17.0
79,562,031
463,520,882
38,854,567
127,038,458
33,969,861
503,307,830
8,243,432
16,031,669
2,575,610
7,035,974
29,718,286
236,481,115
89,677,219
5,552.763
11,137,517
9,025,597
7,358,122,057
24,281,022
95,071,203
28,978,606
32,656,477
+ 15.4
+ 13.6
+ 80.7
1,76+421
1,24+467
+42.1
"928",742
1,165",973
+ 10.9
19,91+006
19",180", 000
+ 3.8
19,106", 199
22",482",000
+ 34.3
1,917,862
1,925,296
—0.4
1,176*927
+ 16.4
+8.7
6,582,796
6,035,018
+ 9.1
5,911,609
2,079,322
6,617,314
+ 13.8
20,33+216
21,66+451
—"af.2
20,653,075
23",1871895
1,10+484
8,453,910
3,595,880
1,666", 865
+9.3
1,142",840
1,359", 995
9,448,560
—10.5
3,290,854
+9.3
9,223,217
3,269,345
3,211,762
+ 15.4
+ 10.5
+ 12.8
+ 7.8
+ 14.4
+ 1.9
+ 7.8
+ 6.1
9,589,797
+ 3.0
+ 10.5
"
+ 12.9
31+207
298,862,447
+ 10,1
991,633
+ 9.8
+ 11.8
4,382,064
+ 18.8
1,611,456
+ 6.8
1,277,340
3,357,006
+ 14.4
——6.9
"317",831
"319",867
—3.2
362,623,460
»
911,680
3,968,274
1,320,621
1,161,739
+ 10.4
301,478,123
1,192,732
3,409,084
+ 22.0
1,436,803
+ 10.0
1,320,971
+2.5
456.504,547
+ 8.8
978,339
.
4,437,836
1,706,853
1.451,437
+ 13.9
11,796,334,080
341,611
308,593,766
493,422,788
481,523,816
583,657,747
Volume
55
Chronicle
The Commercial & Financial
151
CLEARINGS (Concluded)
S
%
District
396.887,812
Dec.
S
%
1937
1938
$
%
1939
3
-St. Louis—
serve
29,
or
1940
Dec.
1939
1940
Dec.
$
Federal Re
Eighth
Inc.
Inc. or
Inc. or
1939
1940
Week Ended June
Six M onths Ended June 30
Month of June
Clearings at—
5
84,100,000
84,600,000
—0.6
79,400,000
99,400,000
36,73+274
17,142,459
33,980,726
17,260,343
+ 8*1
30,215,069
13,569,351
38",22+228
—0.7
387,056,195
+ 2.5
2,344,899,926
2,162,640,764
+ 8.4
4,083,034
3,552,289
+ 14.9
24,360,136
20,553,893
+ 18.5
523,527
498,783
+ 5.0
2,974,887
+ 2.1
Independence
858,076,766
+ 10.8
Ky.—Louisville
+ 21.6
+ 17.7
+ 8.3
507,000
453,000
+ 11.9
635,000
690,000
+ 10.7
138,485,733
136,294,069
+ 1.6
123,819,420
155,101.109
3,118,493
68,283,260
3,045,023
59,612,871
+ 2.4
2,527,413
+ 14.5
59,706,455
4,199,969
73,017,924
23,945",166
25,51+711
—6*2
23,942*856
25*.998*,838
+173*837
2",213*880
—1*8
1,978*364
2,21+927
*781*461
+12*8
""663", 826
""703",617
Mo.—St. Louis
Cape Girardeau
155,538,292
143,361,394
+ 8.5
3,037,760
951,157,131
Tenn.—Memphis
81,368,722
73,697;980
+ 10.4
539,982,438
111.—Jacksonville
366,254
282,354
+29.7
1,965,137
2,666,000
2,609,000
+ 2.2
15,275,000
444,057,325
1,670,282
14,105,000
641,433,641
611,057,095
+ 5.0
3,880,677,528
3,504,078,917
Qulncy
Total (7 cities)
Ninth Federal Rese
District— Minneapolis
rve
—0.8
83,468,781
72 949,890
+ 14.4
+ 3.9
1,827,095,154
+ 15.7
1,411,666
109,360,764
1,526,620
601,932
+ 35.1
+ 5.3
1,579 468,444
8 006,734
618 ,722,254
+ 13.0
9,536,964
—1",085,000
—77.2
53,768,170
-8.8
—6,116,000
4,720,274
310,408,401
Minneapolis
1,907,156
Rochester
115,163,763
St. Paul
Winona
1,619,545
Fergus Falls...
626,878
2,173,837
N. D.—Fargo
990,000
Grand Forks...
743,522
884,794
7,216,858
839,100
3,127,553
3,875,232
—2.1
+ 9.7
4 397,067
+ 7.4
18 ,219,183
+ 11.5
40
,216,887
4 ,325,600
—6.6
17 ,215,119
+ 17.4
19 ,361,059
+ 5.1
+ 11.9
622,500
+ 17.6
664,278
683,779
2,883*873
+ 9.6
2*.1*7+315
2,"771*258
109,594,312
+ 1.0
79,352,658
1,728,348
1 ,512,231
+ 14.3
+ 2.0
2,882,166,077
2,529,167.861
+ 14.0
102,295,524
94,676,259
+ 8.0
91,657,507
473,743,942
2,627,293
3,358,918
73,609,279
770,212,971
104,977,063
2, 511,544
+ 4.6
74,379
89,479
—16.9
77,839
rve
District— Kansas
City-i
399,055
418,378
—4.6
554,461
633,125
—12.4
Hastings
Omaha
11,598,119
+ 14.3
125,370,544
—1.9
20,047,045
13,259,054
122,983,711
19,992,783
Lincoln
Kan.—Kansas City
—0.3
749,038
928,811
—19.4
9,692,971
10,482,456
—7.5
12,415,600
13,457,792
—7.7
2,347,915
388,304,957
2,206,289
+ 6.4
390,089,349
—0.5
78,047,678
13,898,066
2,367,104.777
12,526,490
13,409,086
—6.6
78,331,844
466,947
478,861
—2.5
3,454,225
624,427
Manhattan
Topeka...
i
Wichita
Mo.—Joplin
Kansas City
St. Joseph
Carthage
3, 454,656
—2.8
112,402
151,043
—25.6
157,295
106,670
155,123
66, 798,391
+ 10.2
2,613,865
2,968,150
+ 3.3
2,169,856
30,228,827
+ 17.6
745, 743,054
99, 911,481
2,550,762
27,448,746
—9.2
28,557,706
32,374,393
3, 816,662
5 267,675
+ 2.8
—14.0
59, 551,090
—0.5
+ 9.5
2,359,242
2,863,522
2,370,113
3,641,992
2*,37+901
71 295,229
3,922,365
4,532,31t
59,271,917
624,543
—0.0
Parsons
93",688",452
—1.4
86*.16*9*,254
116*,3*35",166
+ 2.9
2,536,529
2,802,885
—9.5
2,204,091
2,910,077
+ 12.4
206,773,907
15,012,118
765,906,915
198, 829,554
+ 4.0
15, 290,797
—1.8
724 569,484
+ 5.7
+ 2.3
2,875,568
—15.1
—1.6
2,816,874
+ 6.7
1,526,900
—5.0
17,456,033
8,511,673
16, 134,417
1,450,394
759,367,157
—0.9
4,577,009,354
4,300,470,887
752,384,685
(18 cities)
eserve
+ 6.4
131,502,111
135,891,266
—3.2
127,079,789
1,893,217
1,759,299
+ 7.6
1,346,856
1,400,754
+ 8.2
43",59+348
47,305,350
—1.3
48 637,291
45,885,918
+ 6.0
+ 3.5
26 121,616
24,253,241
+ 7.7
+ 1.7
226,285,000
13,160,921
513,584,148
1,456 885,000
128 126,962
1,297,438,453
50",717",586
+ 6.7
117,373,651
+ 9.2
—4.4
5",82+301
7,147" 62 2
6,87+737
1,840,000
2,024,000
2,134,000
2,995,000
60 140,000
+ 3.1
—9.1
—0.1
178,372,406
58,359,000
IO",295",919
170 547,451
—18.5
—14.9
1,243 391,997
1,124,379,796
+ 4.1
12 094.918
"922",498
*81+580
13*2
"9*62*222
26
10,840,046
24,040,277
7,369,854
+ 10.6
+ 11.6
1,132* 842
+ 1.3
18,494,308
32,773,192
9,039,000
190,072,797
1,946,658
4,068,183
1,089,630
13,383,093
46",85+039
222,511,739
19,739,421
27,892,898
505,944,558
9,031,000
197,713,779
2,025,581
4,120,070
Houston
Port Arthur
Wichita Falls
1,028,958
Texarkana
La.—8hreveport
(11 cities)....
Twelfth Federal Re
serve
Franci
-San
District
+ 4.0
85 ,111,116
83,237,525
+ 2.3
2,13+696
2,466,169
2,628*964
+ 9.9
63,332,298
61,065,709
+ 3.7
66,428,909
3,265,405,634
2,971,550,167
57,545,127
+ 1.5
5,439,710
5,099,484
1,195,000
128,866,357
+ 47.5
+ 6.7
1,412,000
155,077,600
Portland
Salt Lake City
Ariz.—Phoenix.
ModestoPasadena
Riverside:
San Francisco
V*
Santa Barbara
Stockton
Outside New York
39",806",729
931,968
1,145,283
28 ,413,164
+ 12.4
6 ,319,000
+ 16.6
35,810*281
28,38V,274
+ 26*. 1
27*.28+680
32*.36+866
17,073,402
13,770,085
+ 24.0
12,689,865
17,029,584
37306",707
3,675*048 —lo'.o
4", 156", 186
4*.*16+959
3,123" 847
3,18+435
—1*9
4",458",494
4",5*3*2",858
1397629",291
131,903,190
2,462,344
5*9
136,79+000
,158*,*9*11*666
+ 3.9
2,975,768
1,515,765
2,766,134
265,208,946
+ 15.4
14 ,967,058
+ 9.6
394,483,521
91,975,481
46,703,314
+ 8.6
+ 8.8
79
46
52,662,655
100,004,849
110 ,469,606
+ 18.0
—9.5
—4.0
20,684,424
19 ,958,000
+ 3.6
—15.5
81,342,645
95 ,651,246
—15.0
—3.3
20,141,224
21 ,106,752
—4.6
576,838,655
—1.1
3,714,559,224
3,465 ,213,998
10,616,356
6,342,415
—3.6
66,791,800
66
—8.7
38 ,842,563
—4.0
9,100,164
+ 9.0
37,282,503
58,940,071
53 ,063,697
+ 11.1
2,559,491
1,204,895
2,200,300
1,030,090,846
+ 4.2
6,641,952,655
6,095,731,366
+ 9.0
246,185,949
44
.—
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
8,639,815
St. John
7,966,650
11,654,732
Victoria
London
Edmonton
17,514,124
Regina
15,456,469
1,503,440
1,925,123
5,977,194
2,298,134
4,318,908
3,449,029
2,892,414
1,001,360
---
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster-
Medicine Hat
10,692,932
23,156,786
19,627,184
7,783,083
7,965,286
11,302,120
16,132,828
12,967,540
1,387,907
1,911,491
4,768,495
2,365,396
3,766,749
2,956,947
3,106,402
943,834
3,050,199
_2L170,092
4,469,526
12,072,052
1,169,576
3,334,322
2,462,020
2,479,549
2,713,396
Peterborough
3,573,324
Sherbrooke
4,978,268
12,658,391
1,436,690
3,892,403
2,583,604
2.593,300
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
2,295,332
4,355,035
2,172,333
Sarnla
♦4,550,000
Sudbury
(32 cities).
x
1,456,680,103' 1,487,021,088'
No figures available,
y
+ 11.6
225,069,092
+ 2.4
+ 3.8
+ 15.9 6,229,947,601 7,813,518,629
+ 7.3 2,389,190,185 2,923,138,880
2,619,534,211 2,440,744,019
AND FOR WEEK ENDING JUNE 27
JAAN
Six Months Ended June
Dec.
%
507,905,392
478,742.255
153,702,968
76;288,561
78,987,358
21,701,871
220,586,861
+ 11.0
June
$
463,026,240
406,329,642
179,952,655
71,402,657
128,047,459
22,544,425
13,378,363
24,733,859
21,515.702
+ 19.1
2,780,847
1,451,029
2,095,176
65,519,666,266
72,730,882,363
CLEARINGS FOR JUNE, SINCE
1939
1,161,284
1,846,970
152,918,060,232 149,289,513,285
1939
1940
+ 62.1
711,428,613
2,875,500,277
2,671,197,795
771,925,154
435,404,657
526,387,773
114,663,210
—1.1
—2.4
+ 65.0
+ 13.4
+ 23.7
801,489
+ 7.0
780,449
+ 3.1
67,340,123
61,399,565
+ 9.7
+ 8.6
102,236.994
89,440,336
89,927,384
75,802,440
+ 13.7
+ 19.2
+ 8.3
7,699,265
—2.8
24,220,461
+ 16.6
—6.9
18,057,848
+6.1
17,198,180
5,595,220
+ 12.7
14,872,783
20,128,775
+ 11.4
29,005,215
+ 4.9
74,037,898
+ 22.8
8,216,939
+ 16.7
20,196,876
+ 4.9
15,028,994
16,093,769
—11.0
+ 3.8
—5.4
+4.5
—2.0
11,148,695
25,955.283
9,080,987,770
8.335,971,4241
Calculated on basis of weekly figures.
119,251,547
24,028,388
16,152,037
14,825,174
1,361,280
454,678
991,436
45,195,258
33,257,627
13,534,287
119,189,440
947,759
500,002
+0.0
43,478,200
11,731,065
—3.2
—6.8
92,155,619
+ 7.0
34,929,107
+ 9.7
16,440,343
15,674,074 + 90.0
4,231,816 ! +0.7
2,254,320 + 26.7
+ 24.7
4,801,590
4,127,760 + 32.5
+ 14.0
1,747,996
93,443,325
432,936
57,988,265
7.105,426
10,749,717
28,266,820
13,540,472
21,359,176
14,599,726
16,070,321
5,113,708
14,525,359
16,579,248
24,775,524
69,810,181
6,891,988
17,277,816
13,397,812
14,276,430
11,632,835
23,653,375
90,488,395
85,920,209
37,368,863
460,437
126,524,933
+ 14.7
$
+ 9.1
+ 9.6
+ 25.3
1938
|
+ 8.4
+6.8
+ 11.0
61,424,905
120,718,920
114,198,431
44,316,979
+0.7
1939
18,028,947
29,775,962
4,261,239
2,855,293
6,985,461
5,469,617
1,993,053
1,802,924
2,596,241
4,042,662
3.421.283
344,623
+ 1.4
+ 35.2
+ 8.5
124,463,637
78,912,728
146,362,466
+ 3.9
+ 25.1
1940
%
$
+ 17.1
—6.4
Dec.
iInc. or
Dec.
%
Inc. or
2,843,722,109
2,605,940,625
1,273,879,149
441,573,354
—8.8
—15.1
Week Ended June 29
30
Inc. or
Winnipeg
+ 7.2 I
——0.3
,984,326
+
5,723,981,964 4,936,626,712
+ 4.1
Canada—
+ 0.7
+ 14.6
—4.9
Toronto
+ 15.7
,466,675
,399,054
,636,130
—14.0
1940
Estimated,
32*.423",847
-3.8
363 ,241,240
+ 4.0
Clearings at-
Brandon
+ 2*1*5
1,068,766
756 ,356,534
+ 5.7
Month of
Montreal
33,12*6*465
1,027,680
16,407,100
25,501,376,432
CANADIAN
407250,055
+ 14.8
7,371,000
873,051,295
11,916,737,157 11,444,083,288
Grand total (191 cities) 24,249,954,403
+ 16.1
15,237,030
3,413,645
1,073,537,968
(19 cities)
+ 28.4
22 ,869,048
+ 9.0
13,134,845
7,057,402
6,870,932
19,079,174
3,353,000
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
Long Beach
10, ,083,975
851, ,689,300
+ 20.3
+ 18.2
63,329,408
7,676,236
Calif.—Bakersfield
San Jose
2,575,806
2,806,649
66,959,914
13,656,591
Berkeley
12,945,235
988,419,792
26,252,265
31,934,257
+ 1.3
+ 13.6
3,974,650
Ore.—Eugene
.
SCO—
2,141,953
Utah—Ogden
+
—1.7
151,864,570
Idaho—Boise
+ 10.8
+4.7
3*.299*,044
5,862,346
Yakima..
+ 12.3
—1*3*4
2,170,501
Seattle
630,354
7 ,718,929
—5.6
172,473,422
Wash.—Bellingham
165,830,818
"673", 155
3,928,830
Fort Worth
Galveston
~662", 851
+ 8.2
8,637,128
El Paso
Dallas
406,060
"548",067
8, 617,649
4,065,441
Beaumont
267,358
+ 10.6
"
60+638
8,521,079
Texas—Austin..
139,981 + 235.4
469,522
-Dallas—
Distric
7,533,427
92",413",852
3,005,105
Eleventh Federal R
4,204,961
+ 8.2
35,332,732
Pueblo
2,2*79*353
+ 18.7
127,070,685
Wy o.—Casper..
—0.5
—21.4
11 706,865
2,442,008
36,132,543
Colo.—Colo. SpringsDenver
+ 5.1
2,187, 768,733
76, 130,447
3 073,159
125,037,226
Okla.—Tulsa
Total
732,108
3,161,525
13,823,454
328,015
N eb.—Frem ont—
Total
881,135
+ 7.3
483,195,113
(16 cities)
Total
'
331,354
Tenth Federal Rese
*
+ 4.0
—3.1
70 ,921,159
Lewlstown
i
+ 10.2
5 878,000
—3.2
Helena
Total
,397,216
3 ,068,631
55 ,508,387
20,209,121
20,350,288
—8.0
3,792,722
13,385,883
Great Falls
+ 4.3
9
37,556,528
4,639,422
+ 10.5
—13.9
X
+ 32.7
20,308,676
—16.0
3,426,240
771,671
3,429,605
Huron
Mont.—Billings
Total
+4.1
6,213,409
D.—Aberdeen
Sioux Falls
10,622,670
699,051,399
9,797,254
3,381,334
+ 6.1
3,785,135
Minot
S.
-
17,994,093
298,705,657
17,852,232
Minn.—Duluth
16,784,881
X
X
+28.6
+ 3.9
+ 21.2
+ 10.8
+ 30.8
+ 18.0
+ 17.7
—0.0
+ 9.4
227,280
+ 2.4
696,000
+ 21.4
852,641
+ 17.1
3,660,089
2,249,786
4,983,164
4,860,041
1937
90,209,214
90,737,275
31,231,897
15,916,151
13,300,890
3,957,958
2,033,388
4,608,127
4,749,360
1,477,058
1,695,069
+ 6.4
1,639,671
1,666,282
2,061,605
3,396,895
2,260,434
+ 25.9
+ 19.0
2,813,796
3,630,151
+ 51.4
2,641,080
291,659
+ 18.2
+ 6.4
339,242
372,322
254,925
+43.6
1,080,481
1,000,727
—9.1
414,119
412,569
+ 6.6
898,499
608,788
656,981
626,066
630,407
+ 22.2
+ 19.2
182,210
588,496
647,057
964,433
669,603
822,537
930,092
676,945
784,325
204,978
723,448
697,510
948,315
+ 18.4
—0.5
+ 10.9
—17.6
+ 7.6
1,130,651
2.859.284
2,294,933
+ 24.6
350,009
263,994
+ 32.6
1,213,483
917,936
620,907
622,361
418,424
1,125,187
+ 32.2
+ 6.8
490,686
+ 17.4
411,523
180,726
519,726
921,806
+ 20.8
763,125
262,994
+ 16.9
345,747
2,568,331
+ 19.2
1,410,136
i;913,578
4,216,677
3,080,135
+ 12.2
556,072
+ 12.7
631,112
491,196
—4.2
+ 9.7
1,277,774
+8.9
309,389,943
292,421,6641
2,591,709
261,347
883,543
387,809
507,438
499,563
+ 13.6
1,128,668
*300,000
846.162
+5.8
334,634,720
280,838.125
-
56
The Commercial & Financial Chronicle
July 6, 1940
Condition of National Banks March 26, 1940—The statement of condition of the National
trollers' call of March 26, 1940, has just been issued and is summarized below.
for
previous calls back to and including March 29, 1939,
ABSTRACT
OF
REPORT OF
CONDITION
OF
NATIONAL
DEC.
30,
are
BANKS
1939,
banks under the Comp¬
For purposes of comparison, like
details
included.
IN THE UNITED
STATES ON MARCH
29, JUNE 30,
OCT, 2, AND
AND MARCH 26, 1940
Mar. 29, 1939
Assets
'
Loans and discounts,
v
V
'
"•
■;
Oct. 2, 1939
Dec. 30, 1939
Mar. 26, 1940
(5,209 Banks)
(5,202 Banks)
(5,193 Banks)
(5,184 Banks)
.....
including overdrafts
65,551,000
55,845,000
66,980,000
52,121,000
60,552,000
46,173,000
65,496,000
52,329,000
58,033,000
49,020,000
63,699,000
42,944,000
33,180,578,000
34,684,676,000
35,319,257,000
35,736,657,000
12,762,685,000
13.643,678,000
7,665,426,000
543,258,000
2,290,992,000
4,882,437,000
443,678,000
14,633,038,000
7,673,370,000
531,902,000
2.095,159,000
5,681,162,000
366,062,000
14,940,600,000
7,717,408,000
589,190,000
2,080,992,000
5,899,785,000
385,017,000
15,136,162,000
7,792,009,000
572,253,000
2,138,403,000
6,031,089,000
326,352,000
29,469,469,000
3,540,000
279,000
30,980,693,000
2,997,000
140,000
31,612,992,000
2,882,000
153,000
31,996,268,000
1,794,000
124,000
61,303,000
32,411,000
56,704,000
157,395,000
57,636,000
35,273,000
45,978,000
178.891,000
51,812,000
37,084,000
55,557,000
136,620,000
64,175,000
37,709,000
41,031,000
155,230.000
147,734,000
29,791,066,000
31,264,903,000
31,914,139,000
32,299,166,000
1,562,956,000
1,170,822,000
449,352,000
206,382,000
1,559,411,000
1,181,016,000
467,404,000
1,532,903,000
1,216,222,000
445,403,000
210,590,000
1,524,973,000
1,225,648,000
475,013,000
211,857,000
3,389,512,000
3,419,773,000
3,405,118,000
3,437,491,000
33,180,578,000
34,684,676,000
35,319,257,000
35,736,657,000
a228,309
al8,264
1,319,430.000
a221,249
a
17,777
1,322,897,000
194,001,000
17,732,000
1,323,694,000
185,551,000
15,273,000
1,326,593,000
1,566,003,000
1,561,923,000
1,535,427,000
1,527,417,000
a259,738
a20,255
a253,989
226.662,000
al9.780
19,755.000
214,334,000
17,343,000
279,993,000
273,769,000
246,417,000
231,677,000
5,549,000
9,687,000
15,935,000
175,211,000
211,942,000
191,404,000
206,382,000
211,942,000
210,590,000
211,857,000
2,182,942,000
2,192,832,000
2,110,911.000
'2.297,683,000
2,311,063,000
575,384,000
579,147,000
608,578.000
605,760,000
615,722.000
93,676,000
14,520,000
93,378,000
5,998,000
94,183.000
'13,177,000
93,789,000
22,794,000
94,538,000
7,290,000
7,582,235,000
580,995,000
.
-
Total deposits
Bills payable, rediscounts, and other liabilities for borrowed
money
Mortgages or other liens on bank premises and other real estate
Acceptances executed by or for account of reporting banks and out¬
standing
Interest, discount, rent, and other income collected but not earned
Interest, taxes, and other expenses accrued and unpaid.
-
Total liabilities.
Capital Account—
Capital stock (see memoranda below)
Surplus
Undivide
led profits
Reserves (see memoranda below)
_
Total capital account.
Total liabilities and capital account
2,175,390,000
4,777,667,000
290,279,000
28,169,251,000
5,980,000
211,942,000
120,000
58,328,000
40,775,000
54,143,000
"r'
/
Class A
preferred stock.
Claas B preferred stock
Common stock
69,218,000
42,291,000
6,181,000
5,138,000
13,283,000
166,802,000
..
_
Memoranda—
Par value of capital stock:
70,417,000
51,656,000
283,697,000
deposits of Individuals, partnerships, and corporations
partnerships, and corporations..
Deposits of United States Government, including postal savings
Deposits of States and political subdivisions
Other liabilities
12,935,818,000
599,694,000
127,671,000
a263,283
a20,414
Total assets
Deposits of banks
Other deposits (certified and cashiers' checks, &c.)
21,847,730,000
12,503,613,000
600,296,000
131,691,000
8,573,703,000
but
Liabilities—
Demand
Time deposits of individuals,
21,855,208,000
12,374,891,000
607,715,000
137,591,000
1,569,155,000
accrued
21,335,145,000
11,074,806,000
509,146,000
141,239,000
a232,150
al8,453
1,318,552,000
or
21,126,589,000
10,014,766,000
-615,093,000
144,952,000
31,844,396,000
other real estate
Customers' liability on acceptances outstanding
Interest, commissions, rent, and other income earned
)
not collected
Other assets
20,823,776,000
3,361,199,000
-
9,060,292,000
7,079,569,000
1,891,697,000
1,920,115,000
1,678,163,000
217,894,000
1,565,333,000
1,159,886,000
444,576,000
191,404,000
..
9,043,632,000
7,117,420,000
1,956,515,000
1,784,899,000
1,731,837,000
220,905,000
65,017,000
54,359,000
banks
8,764,196,000
6,828,512,000
1,921,999,000
1,793,798,000
1.801,936,000
224,704,000
28,483,197,000
Reserve
Total loans and investments
Cash, balances with other banks, including reserve balances, and cash
items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank premises
6,899,885,000
1,869,844,000
1,693,684,000
1,864,354,000
225,119,000
31,844,396,000
Corporate stocks, including Btock of Federal
8,468,480,000
6,861,577,000
1,712,207,000
1,665,911,000
1,889,166,000
226,435,000
70,388,000
56,045.000
United States Government securities, direct obligations
Obligations guaranteed by United States Government-;
Obligations of States and political subdivisions
Other bonds, notes, and debentures
or
June 30, 1939
(5,218 Banks)
—
Total.
Retirable value of preferred capital stock:
Class A preferred stock
Class B preferred stock..
...
Total.
R6S6TVffl>
•
Reserve for dividends payable In common stock.
Reserves for other undeclared dividends
Retirement account for preferred stock
Reserves for contingencies, &c__
Total
.......
...
Pledged assets and securities loaned:
United
States
Government
obligations,
repurchase agreement
Assets pledged to qualify for exercise of
fiduciary
powers,
_
and for purposes other than to
Securities loaned
Total
....
...
211,857,000
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
_
6,037,000
9,006,000
17,228,000
178,319,000
secure
or corporate
liabilities
...
2,866,522,000
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
2,871,355,000
2,826,849,000
3,020,026,000
3,028,613,000
2,324,290,000
2,321,687,000
2,226,906,000
2,405,791,000
2,448,056,000
5.476.000
981,000
2,915,000
967,000
2,465,000
950.000
2,373,000
975,000
1,550,000
219,000
2,330,747.000
...
Secured liabilities:
2,325,569,000
2,230,321,000
2,409,139,000
2,449,825,000
12,762,685,000
524,189,000
1,830,237.000
13,643,678,000
491,202,000
1,936,483,000
14,633,038,000
486,437,000
1,778,804,000
14,940,600,000
543,960,000
1,737,388,000
15,136,162,000
529,877,000
1,810,104,000
4.402,990,000
4,516.393,000
5,571,914,000
5,433,548,000
5,927,019,000
269,648,000
255,314,000
Details'of demand deposits:
Deposits
Deposits
Deposits
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
of credit and travelers' checks sold for
cash, and amounts due
to Federal Reserve banks (transit
account)
Total demand deposits
Details of time deposits:
356,840,000
Deposits of individuals, partnerships, and corporations:
Savings deposits
Certificates of deposit
11
~
Deposits accumulated for payment of personal loansIIIIII"
Christmas savings and similar accounts
Open accounts
Total
Postal-savings deposits.b
Deposits of States and political subdivisions
IIIII
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)
290.279,000
443.678,000
366,062,000
385,017,000
326,352,000
20,080,028,000
...
21,286,748,000
22.838,255,000
23,397,353,000
23,729,514,000
6,716,423,000
552.947,000
29,070,000
44,710.000
239,085,000
6,773,207,000
554,301,000
27,867,000
68,660,000
241,391,000
7,673,370,000
6,910,203,000
531,400,000
31,049,000
16,424,000
228,232,000
7,792,009,000
7,582,235,000
56,806,000
345.153.000
7,665.426,000
52,056,000
354.509,000
7,717,408,000
45,230,000
343,604,000
7,792,009,000
42,376,000
328,299,000
96,828,000
102,546,000
7,673,370,000
45,465,000
316,355,000
103,939,000
109,248.000
104,070.000
....
8.184,000
8.089.223,000
8.182.721,000
8.144,438.000
8,215,639,000
8,266,764,000
21.05%
13.36%
8.16%
21.11 %
13.80%
Total time deposits
8,201,000
13.96%
21.27%
13.60%
8.16%
14.26%
21.31%
13.64%
8.21%
14.29%
21.34%
13.67%
8.16%
14.40%
5,458,000
Ratio of required reserves to net demand plus time
deposits:
Total,
Total,
Total.
Total,
a
Central Reserve city banks
Reserve city banks
Country banks
all member National banks
Revised,
b Includes United
^States
I
..HI
Treasurer's time deposits—open accounts.
13.43%
8.12%
The Commercial &
151
Volume
Act
Tariff
certifying
requirements of Section 522 of the
is
1930, the Federal Reserve Bank
of
By R. L. Day & Co., Boston:
EXCHANGE RATES
FOREIGN
Pursuant to the
now
for
daily to the Secretary of the Treasury the buying rate
cable transfers in the different countries of the world.
Slocks
Sylvania Corp., preferred
106
Percent.
1
Bonds—
$1,000 New University Club of Boston
Real Estate Trust It mtge. 6s,
1946, certificates deposit
-
$800 The University Club income
April,
__2 % flat
2H lot
dated, Jan., 1936
$5,000 Bowdoin Square Garage Inc. 5s, Jan.,
voting trust certificates
UNDER TARIFF ACT OF
BANK TO TREASURY
$ per Share
Shares
2 Hygrade
1958 reg. with 10 shares com.
7H flat
BY FEDERAL RESERVE
CERTIFIED
RATES
EXCHANGE
FOREIGN
We
for the week just passed:
give below a record
57
Financial Chronicle
1930
National Needs for
A. H. d'Arcambal
American industry is fully capable of meeting national
needs for increased aircraft production capacity with satis¬
factory speed, according to A. H. d'Arcambal, President of
the American Society of Tool Engineers.. Speaking recently
before 120 members and guests of the Dayton (Ohio) chapter
of the A. S. T. E., Mr. d'Arcambal said that there was
greater reason for concern in connection with difficulties in¬
herent in training 50,000 pilots than in building 50,000
planes. From a manufacturing standpoint, Mr. d'Arcambal,
who is Chief Metallurgist, the Pratt and Whitney Division,
Hartford, Conn., visualized the major difficulty as being
the securing of needed tooling and equipment for mass pro¬
Industry
INCLUSIVE
JUNE 29, 1940, TO JULY 5, 1940,
Capable of Meeting
is
Increased Aircraft Production Says
Noon Buying Rale for
Cable Transfers
in New York,
Value in United States Money
Country and Monetary
Unit
June 29
a
$
S
S
Belgium, belga
July 5
July 4
July 3
July 2
July 1
Europe—
a
a
a
a
Bulgaria, lev
Czechoslov'la, koruna
a
a
a
a
a'
a
a
Denmark,
a
a
a
a
a
a
krone
Engl'd, pound sterl'g
a
a
4.035000
4.035000
.035000
.035000
4.035000
Official
3.807187
3.771785
.800000
.826071
3.793750
Free
.019766
.019766
.019766
.019766
.119766
a
a
Finland, markka
a
France, franc.
a
.399700*
.399700*
.399700*
.399700*
.399700*
Germany, relchsmark
Greece, drachma
.006731*
.006764*
.006703*
.006715
.006715*
.175920*
.175920*
.175920*
.175920*
.175920*
Hungary, pengo
Italy, lira..,
.050300*
.050350*
.050300*
.050300
.050300*
a
a
a
a
a
a
a
a
Norway,
.037933
.037833
.037733
.037966
h
h
b
krone
Portugal, escudo
Rumania, leu
.038200
.091300*
Spain, peseta
.091300
.091300*
Sweden, krona
.238275
.238275
.238300
.238300
.238350
.226200
.226180
.226300
.226550
.226530
Switzerland, franc
.022400*
.002440*
.022440*
.022440*
.022440*
dinar.,.
HOLI¬
A*la—
a
a
a
a
Hankow (yuan) dol
a
a
a
a
a
Chefoo (yuan) dol'r
Shanghai (yuan) dol
Tientsin (yuan) dol.
.060262*
Hongkong,
.060212*
.059750*
.060387*
.060575*
a
a
dollar.
.236087
.234762
.235000
.237337
.235625
India (British) rupee.
.300900
.301250
.301083
.301250
.301083
Japan, yen
Straits Settlem'ts, dol
.234287
.234310
.234310
.471156
.471156
.471156
.234310
.471156
.471156
Official..,
3.228000
Free
.234310
Australasia—
Australia, pound—
3.228000
.228000
3.228000
3.228000
3.032083
3.005416
.028333
3.049166
3.012083
New Zealand, pound. 3.043750
3.017916
.040416
3.061250
3.023750
Africa—
South Africa, pound. 3.980000
3.980000
3.980000
3.980000
3.980000
North America-
Canada. dollar—
Official
.909090
.909090
.909090
.909090
.909090
Free
.829791
.830468
.832265
.837767
.855833
.197500*
.197500*
.197.500*
.197625*
.198750*
.909090
.909090
.909090
.909090
.909090
Mexico, peso
Newfoundl'd,
dollar.
.828125
Official
.828333
.830312
.835156
.852500
Free
South America—
.297733*
.297733*
.297733*
.297733*
.297733*
Official
.060575*
0R0575*
.060575*
.060575*
.060575*
Tree
.050260*
.050260*
.050220*
.050220*
.050220*
Official
.051680*
.051680*
.051680*
.051640*
.051680*
Export
.040000*
.040000*
.040000*
.040000*
.040000*
.5726.50*
.572650*
.572650*
.572600*
.572600*
.658300*
.658300*
.366666*
.366250*
.658300*
.368333*
Argentina, peso.....
Brazil, mllrels—
Chile, peso—
Colombia,
peso
Uruguay, peso—
Controlled
.658300*
Non-controlled
.369500*
♦Nominal rate,
a
.658300*
.374500*
No rates available,
b Temporarily omitted.
BANKS
NATIONAL
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
The
Department:
CONSOLIDATION
Amount
National Bank of Sayre, Sayre, Pa
The Merchants & Mechanics National Bank of Sayre, Sayre, Pa._
Consolidated July 1 under the provisions of the Act of Nov. 7,
1918, as amended, under the charter and title of "The First
National Bank of Sayre" (charter No. 5666), with common
capital stock of $150,000, divided into 1,500 shares of the par
value of $100 each, and a surplus of $150,000.
The consolidation becomes effective close of business July 1.
June 22—The First
COMMON CAPITAL STOCK
June 22—The Lemont
INCREASED
National Bank, Lemont, 111.
$125,000
50,000
Amt.
of Inc.
$10,000
From
150,000
COMMON CAPITAL
STOCK REDUCED
$50,000
Lumbermen's National Bank of Chippewa
Falls, Chippewa Falls, Wis.
From $50,000 to $25,000
June 26—The First &
June 26—The First &
25,000
STOCK "A" ISSUED
Amount
Lumbermen's National Bank of Chippewa
Sold to RFC
$100,000
Falls, Chippewa Falls, Wis.
VOLUNTARY LIQUIDATION
Iowa
Oscar Helgerson,
Absorbed by: Houghton State Bank, Red
June 24—The First National Bank of Red Oak,
Effective June 11, 1940.
Liquidating agent:
Red Oak, Iowa.
100,000
Oak, Iowa.
National Bank in Mott, N. Dak.: Common stock,
$25,500; preferred stock (RFC), $24,500
Effective June 12, 1940.
Liquidating agent: W. T. Mitchell,
Mott, N. Dak.
Succeeded by: Commercial Bank of Mott,
Mott, N. Dak.
June 25—First
50,000
^
AUCTION
The following
SALES
securities were sold at auction on Wednesday
of the current week:
By Barnes & Lofland,
Shares
Philadelphia:
Slocks
National Bank <fc Trust Co., par
Co., common, no par
National Bank
25 Corn Exchange
10 John B. Stetson
5 Philadelphia
$20
1
1st mtge. 5s
Sept. 1
Alabama Water Service Co. 1st mtge. 5s
July 30
American Bakeries Co. 7% preferred stock
July 22
American Colortype Co. 6% debentures
Aug. 1
American Seating Co. 6% notes
July 31
A. P. W. Paper Co. 3H% notes
Aug. 1
Bates Valve Bag Corp. 15-year debs__
-Aug. 1
Brooklyn-Manhattan Transit Corp., collat. trust bonds__Aug.
2
*
Bush Terminal Co. 1st mtge. bonds
July 25
*
Chicago & Illinois Midland Ry. 1st mtge. 4Hs
July 22
Chicago Union Station 3H% bonds
Sept. 1
Cincinnati Gas & Electric Co. 1st mtge. bonds
Aug. 1
* Consolidated Gas, Electric Light & Power Co. of Bait.—
1st mtge. bonds
Aug. 1
*
Crucible Steel Co. of America 4H% debentures
Aug. 1
Eastern Gas & Fuel Associates 1st mtge. bonds
July 20
Electric Auto-Lite Co. 4% debentures
Aug. 1
General Motors Acceptance Corp. 3 H% debentures
Aug. 6
Great Consolidated Electric Power Co., Ltd., 7% bonds.-Aug.
1
*
Iowa Power & Light Co. 1st mtge. bonds
Sept. 1
Jersey Central Power & Light Co. 5% gold bonds
Aug. 1
4H% gold bonds
-.July 29
Kansas City Gas Co. 1st mtge. bonds
Aug. 1
*Kirby Lumber Co. 1st mtge. bonds
'
-.July 16
New Orleans Public Service Inc. 4H % gold bonds
Aug. 1
Outlet Co. 7% pref. stock
Aug. 1
Pennsylvania State Water Co. 4H% bonds, 1966
July 19
Peoples Light & Power Co. collateral lien bonds
Aug, 1
Philadelphia Electric Power Co. 1st mtge. 5Hs
Aug. 1
*
Lebanon Valley Gas Co. 1st mtge. 5s_
Sept. 1
*
Riordon Pulp & Paper Co., Ltd. 6% debs
..Dec. 31
*
Rochester Gas & Electric Corp. 4% bonds
Sept. 1
*
Safe Harbor Water Power Corp. 1st mtge. bonds — —Aug.
2
St. Joseph Ry. Light Heat & Power Co. 1st mtge. bonds.-Aug.
1
*
Shell Union Oil Co. 5H% preferred stock
July 12
* A. E. Staley Mfg. Co. 1st mtge. bonds
Aug. 1
1st mtge. bondsAug. 5
Sierra Pacific Power Co. 1st mtge. bonds
July 19
Southern Ice Co., Inc., 1st mtge. bonds.J
Aug. 1
Union Pacific RR. Co. 1st mtge. bonds
Sept. 1
*
United Printers & Publishers, Inc. 6% gold debs___—Aug.
1
United States Steel Corp 10-year 3M% debs
July 15
Wisconsin Power & Light Co. 4% debentures
July 12
Wisconsin Public Service Corp. 4% bonds
Aug. 1
*
Announcements this
week.
Page
2406
4115
3345
4116
3345
2867
4118
3966
z99
zlOO
4122
4122
zlOl
a; 102
4125
4125
3661
4127
3*107
4128
4128
3663
zl07
4133
3060
3983
3984
4136
£107
zll3
slid
xlM
4138
zll4
a: 114
4140
3989
3376
£116
3221
3993
4148
xV. 151.
are
grouped in two separate
$ per Share
39
3
96
In the
tables.
the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced, but which
we
bring
have not yet
pany
100,000
Bank in Waxahachie, Waxahachie,
$100,000
PREFERRED
Date
Company and Issue—
35,000
Amt. of Reduction
-
gives the
given in the "Chronicle":
Alabama Power Co.
together all
Farther details and record of past
cases are given under the com¬
"General Corporation and Investment
been paid.
dividend payments in
Lumbermen's National Bank of Chippewa
Falls, Chippewa Falls, Wis.
From $25,000 to $60,000
June 28—The Lubbock National Bank, Lubbock, Texas.
From
$100,000 to $200,000
-
June 27—The First &
.
The date indicates the redemption or
tenders, and the page number
location in which the details were
first
-
June 22—Citizens National
Texas.
From $150,000 to
last date for making
preferred
together with
DIVIDENDS
From $25,-
National Bank of Enid, Enid, Okla.
$100,000 to $250,000--.
of bonds, notes and
corporation called for redemption,
Dividends
000 to $35,000
June 25—The First
Below will be found a list
stocks of
sinking fund notices.
DAY
China—
AND SINKING FUND
NOTICES
b
b
.091300*
.091300*
Yugoslavia,
REDEMPTION CALLS
a
a
Poland, zloty
duction of aircraft engines.
a
Netherlands, guilder.
a
name
in our
msfriy
Department" in the week when declared.
The dividends announced this week are:
News
Per
Name of Company
Share
25c
Addressograph Multigraph
15c
Alaska Juneau Gold Mining (quar.)__
5c
AJberene Stone Corp. (Va.) —
50c
Amerada Corp. (quar.)_
75c
American Cities Power & Light $3 class A (quar.)
1-32 sh. of cl. B stk. or cash at holders option
20c
American Machine & Foundry Co
25c
American Reserve Insurance
25c
American Stores Co
25c
American Stove Co
—
$1H
American Zinc, Lead & Smelting, prior pref
$1K
Atlas Powder Co., pref. (quar.)..
$1 H
Beatty Bros., Ltd., 1st pref. (quar.)
25c
Birtman E.ectric Co. (quar.).
$1H
Preferred (quar.)
25c
Boston Metal Investors, Inc
t50c
Brown-Forman Distillery, 6% preferred
$1H
Bullock's, Inc., pref. (quar.)
$2,166
Byers (A. M), preferred.
Rep. div. of $1 ^ due Nov. 1, 1935 and int.
to Aug. 1, 1940.
$1H
Calgary Power Co. preferred (quar.)
*37 He
Canadian Bronze Co., Ltd. (quar.)
X% IK
Preferred (quar.)
I
20c
Central Hudson Gas & Electric (quar.)
%l%
Central Kansas Power Co. 7% pref. (quar.)
$1H
6% preferred (quar.)
Holders
When
Payable of Record
25
Aug
Aug.
10 July
July
8
July
July
23 Juiy
10
31 Jujy
15
1
July
11
1 July
Aug.
1 July
Aug.
July 27 July
15
July
July
18
Aug.
1
15
13
Aug.
1
Aug.
1
Aug.
1 July
19
Aug.
1
15
Aug.
1
July
Ju.y
19
15
1 Ju«y
Aug.
July 25 July
15
July 16 July
1 July
Aug.
1 July
Aug.
10
Aug.
1 July
15
Aug.
Aug.
1
July
July
1 July
29
Aug.
July
July
1
18
11
15
19
19
15 June 29
15 June 29
58
The Commercial & Financial Chronicle
Per
Name of Company
Central Power & Light Co.
(Tex.), 7% pref.(qu.)
6% cum. preferred (quar.)
Century Ribbon Mills,
Cerro de Pasco Copper
7% pref. (quar.)
Clark (D. L.) Co
ll'ti
M
20c
25c
Coca-Cola Bottling (St.
Louis), (quar.)
Extra
Connecticut River Power Co. 7% pref.
(quar.)..
Consolidated Royalty Oil (quar.)
6% preferred (quar.)
Cornell-Dubilier Electric
Corn Exchange Bank Trust
(quar.)
County Trust Co. (White Plains) (quar.)
Crown Zellerbaeh, $5 pref.
(quar.)
Cumberland County Pow & Lt.,
6% pfd. (quar.)
5H% preferred (quar.)
Decca Records, Inc
Detroit-Michigan Stove, 5% pref
Equivalent of two quarterly divs.
Distillers Ltd., Amer. dep. rec.
(final)
...
...
Bonus
Dubilier Condenser
Eagle Picher Lead
25c
sih
5c
15c
3.5c
75c
Eureka Pipe Line Co
SIX
15c
$1
8 X%
1 X%
11c
50c
Fyr-Fyter Co., class A
25c
50c
5c
20c
*
2.5c
Gordon Oil (Ohio), Class B
(quar.)
Halle Bros Co., pref.
(quar.)
20c
60c
Hawaiian Sugar Co. (quar.)
15c
l2Hc
7Hc
37 He
Hayes Industries (quar.)
Extra
Homestake Mining Co.
(monthly)
Hydro-Electric Securities pref. B (s.-a.)
Incorporated Investors
International Bronze Powders (quar.)
20c
15c
37 ^c
Preferred (quar.)
International Cigar Machinery Co
37m
il
International Match Corp
Investors Telephone Co..
Iowa Electric Light & Power Co.
7% pref. A__._ t87Hc
6 H % preferred B
t81Kc
6% preferred C
t75c
31Hc
Kennedy's, Inc., preferred (quar.)
Keystone Custodian Fund B-l (s.-a.)
Leath & Co., preferred
(quar.)
Lee Rubber & Tire
Corp
78c
62 He
75c
Manning, Maxwell & Moore, Inc
Extra
Massachusetts Power & Lt.
Assoc., $2 pf. (qu.)
Melville Shoe Corp
Preferred (quar.)
Monroe Loan Society, class A
Muskegon Motor Specialty, class A (quar.)
National City Bank of N. Y.
(quar.)
Neisner Bros., Inc., preferred
(quar.)
New York Trap
50c
50c
5c
50c
50c
8
1.18 J*
$1X
(quar.)
....
12Hc
12Hc
$1H
Rock, preferred (quar.).
North Boston Lighting
Properties
Preferred (quar.)
North Carolina Railroad
75c
75c
...
gtd. (semi-ann.)
Northern Illinois Finance
Corp
83 H
25c
Preferred (quar.)
Ohio Public 8ervice,
37 He
7% pref. (monthly)
58 l-3c
6% preferred (monthly)
;
50c
5% preferred
(monthly)
412-3c
5H % preferred (quar.)
$1 X
Outboard Marine & Mfg. Co
60c
Payne Furnace & Supply, Inc., conv.
pref. A & B
+15c
Pennsylvania Salt Manufacturing
SIX
Prentice (G. E.) Mfg.
(quar.)
Aug.
Aug
Sept.
Aug.
Aug.
July
July
Sept.
July
July
July
Aug.
Extra
Aug.
ctfs.
Preferred (quar.)
Seaboard Oil of Delaware
(quar.)
(quar.)..
Sigma Mines (Quebec) (initial)
Southern California Edison
Co., Ltd. (quar.)..
Southern Grocery
Stores, Inc
Spiegel, Inc
Preferred (quar.)
Stuart (D. A.) Oil,
Ltd., pref. (quar.)
Super Mold Corp.
(Calif.) (quar.)
Extra
.*
Toledo Edison Co.
7% pref.
6% preferred (monthly)
5% preferred (monthly)
III.I
(monthly)
...
Transamerica Corp
Union Series Eye
Corp. partic. certificates..."
United Corp., $3 cumulative
preferred (quar.)..
United Paperboard
Co., preferred
United States Plywood
Corp
Utica Clinton &
Binghamton RR. Co
Debentures (semi-annual)
...
II"
Washington Gas Light
Waukesha Motor Co.
(extra)
Westmoreland, Inc. (quar.)
Weston Electrical Instruments
(quar
II
Wisconsin Electric Power
Co., 6% pref.
Woodall Industries, Inc
(quar.)
...
15
15
20
16
22
10
10
15
15
25
15 June 29
10 July
1
1 July 19
1 July
7
7
17
15
July
July
July
July
1 July
Aug.
July
July
Aug.
July
Aug.
July
July
July
July
July
July
July
July
July
Aug.
July
July
July
Aug.
Aug.
5
5
9
5
15
15 June 30
1 July 15
22 July 11
.31 July 15
20 July
15 July
15 July
15 July
25 July
25 July
25 July
1 July
30 July
15 July
15 July
1 July
5
1
8
5
15
15
19
15
3
5
7
July 20 June 29
July 20 June 29
July 15 June 30
July 15 June 30
Oct.
Aug.
July
July
July
Aug.
Aug.
July
Aug.
Aug.
Aug.
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
July
Sept.
1 Sept.14
1 July 15
3
3
15
1
1
15
31
1
1
July
July
July
July
July
July
Aug.
July
July
1
1
6
19
19
5
15
13
15
1 June 20
15 July
15 July
July
July
July
July
July
July
July
July
15 July
14 Aug.
15 July
15 July
25 July
1 July
1 July
15 July
1 July
15 Aug.
2 Aug.
14 Aug.
27 July
15 July
_
6
6
20
15
15
15
15
15
15
25
8
31
1
1
10
July
July
July
$1
Aug.
15
50c
Aug.
15
7Hc July
5
Aug.
S1H
15
15c
Aug.
5
$1H
Sept.
15
25c
Sept.
31
J30c July
15
37 He
Aug.
20
30c
July
1 June 27
15c
Aug.
1 July 15
Sept. 14 Aug. 31
$1H
20c
Sept. 3 Aug. 15
50c
July 20 July
9
75c
July 20 July
9
58
l-3c Aug
1 July 15
50c
1 July 15
Aug.
41 2-3c Aug.
1 July 15
25c
July 31 July 15
3%
July
5
75c
July 13 July
9
$2
July 11 July
8
30c
July 20 July 12
90c
Aug. 10 Aug.
1
June 26 June 16
82 H
37Hc Aug.
1 July 15
15c
July 31 July 15
25c
Oct.
1 Sept. 14
50c
Sept. 10 Aug. 27
S1H
July 31 July 15
20c
July 30 July 20
_
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these
being given in the
we
preceding table.
Name of
Per
Company
Abbott Laboratories pref.
Abraham & Straus, Inc
Share
(quar.)
*1$
50c
Aero Supply Mfg. Co., class B
(quar.)
25c
Aeronautical Securities, Inc
Aetna Ball Bearing Mfg
Affiliated Fund, Inc
Air Reduction Co., Inc.
(quar.)
10c
35c
be
Extra
__H_
Alabama Power Co. $5 preferred
(quar.)
Alpha Portland Cement
_______
Aluminum Goods Mfg.
Aluminum Mfg.. Inc.
Co., cap. stk
(quar.)
SIX
25c
50c
Quarterly
(s.-a.)
American Alliance Insurance
(quar.)
American Asphalt Roof, preferred
50c
118
12Hc
50c
25c
(quar.)
American Can Co. (quar.)
American District Telegraph
(N. J.), pref. (qu.)
American Envelope Co., 7% pref. A
(quar.)
American Factors, Ltd.
(monthly)
American Fidelity &
Casualty (quar.)
25c
20c
7% preferred (quar.)
7% preferred (quar.)
Amalgamated Sugar Co. 5% preferred
(quar.)__
Amerex Holding Corp.
American Fork & Hoe, pref.
(quar.)
American Furniture Co., Inc.,
7% pref.
25c
M
ii&
10c
15c
SI H
(qu.)
SIX
Per
When
Holders
Payable of Record
July
1
July
15
July 15 July
5
July 16 June 28
Sept. 14 Sept. 3
15 July
25 July
July 15 June 29
July 15 June 29
July 15 June 29
1 July
Aug.
19
Sept. 25 Sept. 2
1 Sept. 14*
Sept. 30 8ept. 15
Oct.
Dec.
31 Dec.
15
Sept. 30 Sept. 15
Dec. 31 Dec.
15
Aug.
Aug.
July
July
Aug.
July
Sept.
July
July
July
July
17
10
1 July
1 July
15 June 20
15 June 29
15 July 25*
15 June 22
1 Aug. 25
10 June 29
10 June 30
15 July
5
15 July
Name of Company
American Investment Co. (111.) 8tock
shs.
of
com.
13
When
Share
div. of
2
$1 par, for each no-par common
__
(Monthly)
20c
American Light & Traction (quar.)
Preferred
30c
(quar.)
37Hc
—
American Meter Co., Inc__
American News Co. (bi-monthly)
American Paper Goods Co. 7% pref.
75c
25c
(quar.)...
SIX
SIX
7% preferred (quar.)
American Radiator & Standard Sanitary—
Preferred (quar.)
American Smelting & Refining
Preferred
SIX
50c
(quar.)
SIX
American Telephone & Telegraph (quar.)
American Thermos Bottle, class A (quar.)
S2X
25c
Extra
50c
Anaconda Wire & Cable Co
25c
Arkansas-M issouri Power
Corp
Atchison Topeka Sc Santa Fe Ry., 5% pref
Atlantic Refining Co., preferred (quar.)
20c
Babcoek Sc ^Wilcox
Badger Paper Mills, Inc., 6% preferred
Baldwin Co., 6% pref. (quar.)
(quar.j.
SIH
Bangor Hydro-Electric Corp. (quar.).
Bathurst Power & Paper Co., Ltd A.
Bayuk Cigars, Inc., 7% 1st preferred (quar.)
Bell Telephone of Canada
(quar.)
Bell Telep. of Penna.
6H% pref. (quar.)
Berland Shoe Stores
(quar.)
Preferred (quar.)
Bloomingdale Bros
Bon Ami Co. class A (quar.)
Class B (quar.)
Bonomo Publishers (quar.)
Boston Edison Co. (quar.)_"_
Bralorne Mines, Ltd. (quar.)
12 He
30c
25c
SIX
—
$2
SIX
12Hc
SIX
ISXc
—
--
SI
62 He
3f2
20c
10c
Brantford Cordage Co., 1st pref.
(quar.)
Brewer (C.) & Co., Ltd.
(monthly).
32 He
50c
Bridgeport Hydraulic Co. (quar.)
British Columbia Elec. Ry. Co., 5%
pr pfd.(s.-a)
British Columbia Power, class A
(quar.)
British Columbia Telep.Co.
6% 2nd pref.(quar.)
Brooklyn Borough Gas Co. (quar.)
Brooklyn Union Gas_
Buckeye 8teel Casting, 6% pref. (quar.)
40c
t2V&
781H
75c
25c
SIX
Budd Wheel Co
20c
Buffalo Niagara & Eastern Power 1st
pref.(quar.)
SIX
SIX
SIX
SIX
California-Oregon Power, 7% preferred
6% preferred
6% preferred (series 1927)-.
California Packing Corp.
(quar.)
Preferred (quar.)
—
25c
62Hc
California Western States Life Insurance (s.-a.)
Calumet & Hecla Consolidated Copper Co
Cambria Iron semi-annual,
Canada Northern Power Corp. (quar.)
7% cumul. preferred (quar.)
Canada Southern Railway (s.-a.)
Canada Wire & Cable, class A
(quar.)
50c
25c
SI
t25c
X\X
t81
$1
Class A (quar.)
$1
Canadian Converters
Canadian Fairbanks-Morse Co. pref.
(quar.)___
Canadian General Investments, reg. (quar.)
Canadian Industries, Ltd., class A and B
(quar.)
Preferred (quar.)
J50c
,t$lH
"IIII
SIX
Canadian Light & Power (semi-ann.)
Canadian Wallpaper Mfrs. A & B
(final)
Carolina Clinchfield & Ohio Ry (quar.)
Catalin Corp. of America
Cedar Rapids Mfg. & Power
50c
tS 1
SIX
10c
(quar.)
Corp. of America—A div.
July 26
Aug.
1
Aug.
1
Aug.
1
Sept.14
July 15
Sept. 16
Dec.
July 15
15*
July 15
July 15
Aug. 29
July
5
Sept. 6
July
16 Dec.
5
Sept.
1 Aug. 27
Aug. 31 Aug, 2
July 31 July
5
July 15 June 17
Aug.
July 20
Aug.
July 20
July
July
5
June 29
July
Aug.
—40c
75c
—w.—
Baldwin Rubber Co
Celanese
Holder*
Payable of Record
held
Extra
15
June 29 June 26
July 20 June 29
$1
___
20
20
3
July
July
Aug.
July
July
July
July
Aug.
July
1 Aug. 13
20
Aug.
1 July 20
Aug. 28 Aug. 14
July 25 July 15
SI
Reinsurance Corp. of N. Y
Riverside Cement Ck>. pref.
(quar.)__
Rolland Paper, com. and vot. trust
1
1
2
1
1
Sept.
Aug.
50c
Rayonier, Inc., $2 preferred
Rhode Island Public Service A
(quar.)
Preferred (quar.)
Holders
Payable of Record
25c
10c
Garfield Building Co. (s.-a.)
General Finance Corp.
(quar.)
General Shoe Corp
Glen Alden Coal Co
Below
When
Share
July 6, 1940
75c
June 27
Aug.
July
Aug.
July
July
Aug.
Aug.
July
July
July
Aug.
Aug.
July
July
July
July
5
31 July 15
1 July 20
Oct.
15 June 29
20 July
1
1
July
July
15
10
17
15 June 30
15 June 22
15'June 20
1 July
20
1 July
20
25 July
15
31 July
31 July
15
15
June 25
Aug.
July
July
July
July
July
July
July
Aug.
July
Sept.
Aug.
July
Aug.
July
July
July
Aug.
Aug.
Sept.
July
July
10
June 29
15 June 29
15 June 20
25 July 30
15 June 29
15 July
3
15 June 29
Uuly
17
10 June 24
3 Aug.
1
1 July
18
15 July
1 July
5
16
15 June 29
15 June 29
15 June 29
15 July
15 July
31
31
15 Aug. 31
16 July
6
Oct.
1 Sept. 14
July 25 June 29
July 15 June 29
Aug.
1 June 29
Sept. 15 Aug. 31
Dec. 15 Nov. 30
Aug. 15 July 31
July 15 June 29
July 15 June 29
July 31 June 29
July 15 June 29
July 15 June 26
July 12 July
2
July 20 July 10
July 10 July
1
Aug. 15 July 31
in com. stk.
at the rate of one sh. for each 40 shs. of com¬
mon
held
Central Aguirre Assoc. (quar.)
Central N. Y. Power, 5% pref.
(quar.)
Central Power Co., 7% cum. pref.
(quar.)
37 He
SIX
SIX
mx
six
mx
7% cumulative preferred
6% cum. preferred (quar.)__
6% cumulative preferred
Chain Belt Co
Chase National Bank (s.-a.)
Chemical Fund, Inc. (quar.)__
25c
70c
7c
Chicago Mill & Lumber Co. (quar.)
Chilton Co. (quar.)
50c
10c
Cincinnati Inter-Terminal Ry. 1st pref.
(s.-a.)__
Cincinnati Postal Terminal & Realty pref.
(qu.)
Oinclnnati Union Terminal
5% pref
'quar.)
Cleveland Cincinnati Chicago & St. L.
82
SIX
six
_
Ry.(s.-a.)
$5
(quar.)
Cleveland Cliffs Iron, preferred
Cleveland & Pittsburgh RR. 7% gtd.
(quar.)—
4% guaranteed (quar.)
SIX
Preferred
Cliffs Corp
;
Clinton Water Works 7% preferred
(quar.)
Columbus & Southern Ohio Electric Co.—
6H % preferred (quar.)
Commercial Alcohols, Ltd., pref. (quar.)—
Commercial Discount Co. 8% pref. (quar.)
.
i
Consolidated Oil Corp. (quar.)
Consolidated Retail Stores 8% pref (quar.)
Continental Insurance Co. (s.-a.)
Container Corp. of Amer
Corn Products Refining (quar.)
Preferred (quar.)
Cosmos Imperial Mills, preferred (quar.)...
Creamery Package Mfg. (quar.)
Crowell-Collier Publishers Co. 7% pref. (s.-a.)__
—
Preferred (quar.)
Cunningham Drug Stores (quar.)
Preferred (quar.)
Cypress Abbey Co
SIX
12Hc
1H%
M
SIX
20c
-
Preferred (quar.)
Cuneo Press, Inc
87 He
50c
81.62
tlOc
7% preferred (quar.)
Commonwealth Edison Co
Commonwealth Investment Co. (quar.)
Commonwealth Utils. Corp. 6% pref. B (quar.)_
6H% preferred C (quar.)
6H % preferred C (quar.)
Concord Gas, 7% preferred.
Conn (C. G.) Ltd
Connecticut & Passumpsic Rivers RR.—
6% preferred (s.-a.)
Consol. Car Heat. Co., Inc.|(quar.)
Consolidated Chemical Industries class A (lu.)__
Consolidated Cigar Corp. 7% preferred (quar.).
6H % prior preferred (quar.)
Consolidated Edison (N. Y.). preferred (quar.).
Consolidated Gold Fields of So. Africa (interim)
Consolidated Laundries, pref. (quar.)
Consolidated Mining & Smelting Co. (Pa.)..
Crum & Forster
-
15c
Colgate-Palmolive-Peet (quar.)
Colon Development, 6% red., pref
Columbia Gas & Elec. Corp., 6% pref. A
(quar.)
5% cumulative preferred (quar.)
5% cumulative preference (quar.)
Bonus
SI
17 He
45c
4c
SIX
SIX
SIX
t50c
8c
$3
75c
37 He
SIX
SIX
SIX
3X%
SIX
t50c
J50c
20c
82
80c
25c
75c
SIX
SIX
30c
83 H
30c
82
37Hc
SIX
25c
81H
4c
Aug.
July
Aug.
July
July
July
July
July
Aug.
July
July
July
Aug.
July
Oct.
July
July
July
Sept.
Sept.
July
July
Aug.
15 June 14
15 June 29
1 July 10
15 June 29
15 June 29
15 June 29
15 June 29
25 July
1 July
10
12
15 June
15 July
15 July
1 July
15 July
1 Sept.
31 July
31 July
6 June
3 Aug.
3 Aug.
10 June
15 July
15 July
30
1
5
20
5
18
20
20
28
10
10
29
1
18
June 29
Aug." 15 July 20
Aug. 15 July 20
Aug. 15 July 20
1 July
Aug.
July 15 June
July 10 July
July 10 July
Aug.
1 July
Aug.
July
Oct.
Sept.
Dec.
15
29
1
1
15
15
14
Nov. 15
Sept.
Aug. 15
Aug. 15 July 31
July 15 July
5
Aug.
July
Aug.
Sept.
Aug.
Aug.
July
Aug.
July
July
July
1
June 29
July 15
Aug. 15
July
5
June 28
July 10
July 25
June 22
June 22
Aug. 15 July
Oct.
1 Sept.
July 10 June
Aug. 20 Aug.
July 20 July
July 15 July
July 15 June
July 10 June
Aug.
1 July
July 15 July
Sept. 30 Sept.
Aug.
1 July
Sept. 16 Aug.
July 20 July
July 20, July
July 15!June
15
14
29
5
5
5
29
29
24
5
19
20
31
10
10
28
Volume
The Commercial & Financial
151
July
7Hc
Davidson Bros., Inc
Debenture & Securities Corp.
Preferred (semi-annual)
1 July
1 July
Sept,
3 Aug. 20
Dec.
2 Nov. 26
Aug.
Sept.
Aug.
July
July
2 Nov. 16
Aug.
July
(quar.)_.
Aug.
Aug.
July
Aug.
July
Dow Chemical Co
(quar.)
Dresser Mfg. Co
pref. (quar.)
10
Special
29
1
Landis Machine
1
1
15 June 15
5
16 July
15 June 29
July 10
Aug.
July 10
Aug.
$5 preferred (quar.)
Elgin National Watch
El Paso Electric 7% preferred (quar.)
Lehigh Portland Cement Co.
4% preferred (quar.)
Lerner Stores (quar.)
Preferred (quar.)
Sept. 21 Sept. 7
July 15 June 28
July 15 June 28
6% preferred (quar.)
$6 preferred (quar.)
Ely & Walker Dry Goods 1st pref. (s-a)
2d preferred (semi-annual)
Emporium Capwell 7% pref. (s.-a.)
4H% preferred (quar.)
4H% preferred (quar.)
Eversharp, Inc., new 5% pref. (quar.)
New 5% preferred (quar.).
July
15 July
Liberty Loan
1-2-41
4-1-41
r.).
New 5% preferred (quar.)
— J
Fansteel Metallurgical Corp., preferred (quar.).
Preferred (quar.)
Farallone Packing Co. (quar.)
Dec.
Dec.
Dec.
15
Jan.
Quarterly
Federal Service Finance Corp.
15 June 29
July 31 July 19
July 31 July 19
Sept. 25 Sept.10
Aug.
1 July 16
Federated Department Stores
Preferred (quar.)—
Ferro Enamel Corp
Fibreboard Products, prior preferred (quar.) —
Fidelity-Phenix Fire Insurance Co. (s.-a.)
__
Filene s (Wm.) Sons
Preferred (quar.)
Fireman's Fund Insurance (quar.)
Firestone Tire & Rubber
Fischer (Henry) Packing Co. 5% preferred (qu.)
Fishman (M. H.) Co. 5% preferred (quar.)___
Fort Wayne & Jackson RR., 5H % pref. (s.-a.)-Fostoria Pressed Steel—Froedtert Grain & Malting
Participating preferred (quar.)
July
July
July
July
July
June 29
Aug. 20
15 July
5
15
15
13 .Time 29
General Foods Corp., pref.
General Investors Trust
6c
$1
General Motors Corp. pref.
General Outdoor Advertising
Class A (quar.)
$1X
(quar.)
class A (quar.)
$1
SI
$1H
$1H
Preferred (quar.)
Preferred (quar.)
General Theatres Equipment Corp
20c
Co. (quar.)
(quar.)
Georgia Railroad & Banking
Gillette Safety Razor Dref.
Gimbel Bros. 6% preferred
$114
$1H
(quar.)
50c
Globe Steel Tubes Co
t$l
7% preferred
(quar.).,.-—
Great Lakes Power Co.. Ltd., A pref. (quar.)__
Great West Saddlery Co. Ltd. 6% 1st preferredGreen (H. L.) Co. (quar.)
Guarantee Co. (N. A.) (quar.)
Great American Insurance
—
-
25c
$1*4
t75c
50c
t$lH
t$2H
28
lJuly 10
Aug.
1
July 20 July
lJuly 10*
Aug.
July
8
Aug.
5
Aug. 15 Aug.
Nov. 15 Nov.
6
Aug. 15 Aug.
Nov. 15 Nov.
July 15 July
July
July
July
Aug.
5
A.) Co. $5cum. pref.
Co., common
Harris & Co., preferred
Preferred (quar.)
July
July
July
July
July
July
July
Aug.
July
July
July
Sept.
1
10
June 29
July
15
June
20
June 29
July
July
2
15
June 29
June 29
$15*
$15*
$15*
(quar.)
Aug.
July 25
Nov.
Oct.
July
July
June 20
Harrisburg Gas Co. 7% preferred (quar.)
20c
Harrisburg Steel Corp
73 l-3c
Hartford Electric Light
685*c
Hartford Times, Inc., 5H % preferred (quar.)-_.
$15*
Hat Corp. of America pref.« (quar.)
50c
Hawaiian Commercial & Sugar Co. (quar.)
(quar.)
Henkel Clauss, pref. (quar.)
Hercules Powder Co. preferred (quar.)
Hibbard, 8pencer, Bartlett & Co. (monthly) —
Hecker Products
Chocolate (quar.)
Preferred (quar.)
Hollinger Consol. Gold Mines
25
1
15
15
18
5
10
20
2
Aug. 15 Aug.
Aug. 30 Aug. 20
Sept.27
Aug. 15
Aug. 15
July 15
July
15c
Sept. 17
July
July
(s.-a.)____
Oct.
June
29
15 June 29
25c
25c
Nov.
1 Oct.
19
Aug.
1 July
12
50c
(N. Y.) (quar.)
— —
Sept.
.
3 Aug. 14
15 June 29
5c
July
July
July
July
5%
July
Apr. 25
40c
July
July
$1
$15*
(quar.)
Breweries Assoc
Mines Corp. (monthly)
5
Idaho Maryland
Imperial Chemical Industries—
American deposit receipts (final).
Indianapolis Power & Light.—
Insurance Co. (N. A.) (s.-a.)
International Business Machines (quar.)
Quarterly
International Harvester (quar.)
International Metal Industries 6% preferred
$15*
—
•—
6% preferred A
International Milling Co., 5% pref. (quar.)
International Products Corp., 6% pref. (s.-a.)__
c
7% preferred (quar )
—
pref. (qu.)..
6%
pref.
31
31
15
June 29
June 29
June
28
Aug. 30
5
Aug.
15 July
15 June
15 June
15 July
15 June
15 June
July 10 June
July 15 June
July 15 June
July 31 July
July 19 July
July 15 June
Aug.
1 July
Sept. 3 Aug.
Aug. 31 Aug.
July 10 June
Aug.
1 July
July 15 June
Aug.
July
Aug.
1 July
5
5
29
29
1
30
_
30
20
20
20
15
9
29
1
16
15
28
15
29
18
10
1
Sept.
Sent.
Sept.
1
Dec.
1
25c
Dec.
Sept.
5 Sept.
Dec.
5 Dec.
$15*
$15*
t$15*
t$lH
t25c
Piping & Supply
Hill Navigation RR. Co
Mississippi Power & Light $6 preferred
Modern Containers, Ltd. (quar.)
$1H
t$2
*20c
20c
Midwest
Mill Creek & Mine
1
1
Sept. 30 Sept. 20
Dec. 23 Dec.
13
1 July
15
Aug
Aug
1 July 15
Sept. 23 Sept. 20
Dec. 23 Dec. 20
July
July
July
Aug.
Oct.
Oct.
Extra
15 June 29
8
15 July
11 June 29
July 15
Sept. 20
Sept. 20
'
5H% cumulative preferred (quar.)
5H% cumulative preferred (quar.)
Mines
Monongahela Valley Water 7% pref. (quar.)
Monsanto Chemical Co., pref. A & B (semi-ann.)
Montana Power Co. preferred (quar.)
Moneta Porcupine
Montgomery Ward & Co
Montreal Light, Heat& Power
Consol. (quar.)..
Montreal Telegraph Co
(Wm. R.) Dry Goods Co. (quar.)
Quarterly
Morrell (John) & Co
Morris & Co. (quar.)
Preferred
$15*
$15*
Aug.
July
Aug.
July
$15*
July
July
June 29
June 29
National Acme Co
—
20c
Jan.
Dec.
20
10c
*
Sept. 23
S3
July
July
July
11
1
5c
Quarterly
June 21
15
15
1 Sept. 21
Dec. 23
Aug.
1 July
July 10 July
Midland Oil Corp. $2 preferred
Montreal Tramways (quar.)
June 20
;.
Michigan Silica (quar.)
Moore
1
June 29
T
June 29
25c
...
preferred
16 July
2
10
1
Aug.
Aug.
15c
$1H
6% preferred
15 June 29
22 July
June 29
3 Aug.
5ftc
(quar.)..
Michigan Public Service 7 %
Oct.
40c
July
25c
(quar.)
July
July
$1
35c
$1H
$1H
preferred (quar.)
Preferred
June 29
30c
30c
(quar.)
Morris Plan Insurance Society (quar.)
Quarterly
Mount Carbon & Port Carbon RR. (s.-a.)
Mount Diablo Mining (quar.)
Mountain States Power Co
5% preferred (quar.)
Mountain States Telep. & Teleg. (quar.)
$15*
$15*
1—
5% preferred (quar.)
Metal & Thermit Corp.
17
June 29
July
July
July
July
July
July
(quar.)..
Massawippi Valley RR. (s.-a.)
May Department Stores (quar.)
May Hosiery Mills $4 pref. (quar.)
Class A (special)
McCall Corp. (quar.)
McCoil Frontenac Oil pref. (quar.)...
McCrory Stores preferred (quar.)
McGraw Electric (quar.)
Mclntyre Porcupine Mines (ouar )
McLellan Stores Co. preferred (quar.)
Memphis Natural Gas
Mercantile Acceptance Corp.—
5% preferred (quar.)
July
Nov. 15 Nov.
Extra
Margay Oil Corp
Maritime Telep. & Teleg. Co.
Sept. 18
1-2-41
Aug. 15
Aug. 15
Aug.
1
July 15
July 15
July 10
Sept. 16
Aug. 15
preferred (quar.)..
25
25
July 25 June 30
1 July 15
Aug.
1 July 20
Aug.
$15*
Quarterly
15c
lc
Holly Development Co. (quar.)
Holly Sugar, preferred (quar.)
Horder's, Inc. (quar.)--
Preferred (quar.)
•-—_—
Household Finance Corp. (quar.)
$15*
15*%
July
July
Aug.
July
Aug.
July
Aug.
Aug. 15 Aug.
Aug.
1 July
Oct.
1 Sept.
1%
(monthly)
Extra
Horn & Hardart
15c
75c
SI
-r
18
1
Aug.
1
July 15
July 15
July 15
Aug. 15
Aug. 15
July 13
6% preferred (quar.)
15
1%
Monthly
Hers hey
1 July
Oct.
Preferred
Martin (Glenn L.) Co—
Massachusetts Utilities Association
1
Dec.
2c
Common
22
(quar.)
pref. (quar.)
8
July
6
1 Aug. 15
July 15
Sept. 15
MS
Common
14
July
Marshall Field & Co. (quar.)
2c
(quar.)
(quar.)
Banners Oil
June
6)*% preferred (quar.)
z.
Luzerne County Gas & Elec. Corp., $7 1st pref_$6, 1st preferred (quar.)
Lyon Metal Products, Inc., 6% pref. (quar.) —
Mac Andrews & Forbes Co. (quar.)
Preferred (quar.)
MacMillan Petroleum Corp
6
2c
Habison-Walker Refractories pref.
Nov. 25
Aug.
July
$1H
(quar.)
General Mills, Inc. (quar.)
Aug. 24
July
Aug.
20c
35c
25 June
10
24
Sept.
(quar.)
Manhattan Bond Fund, Inc
Mahon (R. C.) Co., $2 class A pref. (quar.)
Preferred (quar.)
Manufacturers Trust Co. pref. (quar.)
Marchant Calculating Machine Co. (quar.)....
12 June 29
29
Dec.
Lowell Electric Light Corp
Magnin (I.) & Co.
9
14
,
Oct.
50c
July
July
Co. (s.-a.)
10 June 29
3 Aug.
1 Sept.
July 15 June
Aug. 31 Aug.
Sept. 10 Aug.
Sept.
50c
Magma Copper Co..
10
20
15 June 29
18
Nov. 25
Preferred (s.-a.)
Lunkenheimer Co. 6H%
26
10 June 29
10 June 29
Dec.
proicncu
Louisville Henderson & St. Louis Ry.
15
20
26
$1.05
July 20 July
1 July
Aug.
-
General Capital Corp
General Electric Co
Extra-
$1.10
$1.10
5% preferred (quar.)
15
15
5
5
June 29
24 July
24 July
12 He
original capital (quar.)—
27c
Gardner-Denver Co. (quar.)
Preferred (quar.)
Goulds Pumps, Inc.,
July
July
July
July
July
July
Fundamental investors
Gardner Electric Light
July
July
U7o
June 29
July
July
Sept.
25c
Special guaranteed (quar.).Special guaranteed (quar.).
Nav. RR. & Coal Co. (s.-a.)
Lone Star Gas, common
Corrected: Previously announced as pref.
Loose-Wiles Biscuit Co. (quar.)
Preferred (quar.)
Lord & Taylor, 8% 2sd preferred (quar.)
Louisville Gas & Electric (Ky.) 7% pref. (qu.) —
July
6% pref. (quar.)
25c
25c
Little Schuykill
1 Sept.10
2 Dec. 11
July
July
July
$1%
13
14
5
1 July
Aug.
50c
Original capital (quar.)
16 Nov. 30
28
Oct.
Life Insurance (quar.)
pf. (qu.)
15
29
1 Oct.
Nov.
$1U
_
Lionel Corp. (quar.).
Little Miami RR. Co.,
14
Mar. 15 Feb.
Farmers & Traders
30c
87Hc
(quar.)
(quar.)
(quar.)
Lion Oil Refining Co. (quar.)
Sept.16 Aug. 31
Quarterly
Quarterly
Co. (quar.) —
Preferred
3-15-41
18 Dec.
$1H
87 He
(quar.)
Class B
Sept. 30 Sept. 16
16
30c
$1
Link-Belt Co.
15
1 Sept.
Oct.
Class A
10
1 July
July 13 June
1 July
Aug.
1 Sept.
Oct.
July 15 July
1 July
Aug.
1 July
Aug.
1 July
Aug.
37Hc
Quarterly
7
Sept. 21 Sept
Oct.
1 Sept. 21
1- 2-41 Dec. 21
29 July
Aug.
Lincoln Printing Co., preferred (quar.)
Lincoln Telep. & Teleg. Co. (Del.), 5%
3
3
19
Dec.
50c
Corp. A. B. $3)* pref.
1
1
1 July
Sept. 16
(quar.)
Lincom National mife Insurance
15 June 28
July
July
15 July
—
preferred (quar.)
(quar.)
Lane Bryant, Inc., 7% pref. (quar.)
Lawrence Gas & Electric Co. (quar.)
July
July
8
1 July 15
Aug.
July 10 July
1*
July 15 June 28
July 22 July 15
1 July 20
Aug.
9
July 16 July
Preferred
10
6
15 July
15 July
9
31 July
9
31 July
3 Aug. 20_
2 Nov. 20
Dec.
July 15 June 29
(quar.)—-—-
1
29
July
Duquesne Light 5% 1st pref. (quar.)
East Pennsylvania RR. (s.-a.)
-Eastern Townships Telephone (quar.)
Electric Bond & Share $6 preferred (quar.)
July
July
Aug.
July
July
July
Sept.
preferred (quar.)
Kentucky Utilities 6% preferred (quar.)
Kerr-Addison Gold Mines, Ltd. (initial)
Keystone Watch Case Corp
Knott Corp
Kootenay Belle Gold Mines Ltd.
Kroger Grocery & Baking 7% pref. (quar.)
Krueger (G.) Brewing
15
15
12
15 June 28
Sept. 20 Sept.
July 22 July
Kalamazoo Stove & Furnace
Kellogg Switchboard & Supply
Preferred (quar.)
Kemper-Thomas 7% special pref.
9
2 Nov.
Dec.
July
(quar.)
Kaufmann Dept. Stores
3 Aug. 17
26 July
20 June
31 July
31 July
1 July
15 June
15 Aug.
15 Aug.
15 July
15 Aug.
25 July
Mfg. common v. t. c. (quar.)
t. c. (quar.)
Steel Co. 7% pref
Joplin Water Works Co. 6% preferred (quar.)__
Julian & Kokenge Co. (s.-a.)
15 June 26
Dec.
July
July
July
v.
Jones & Laughlin
2 Nov. 12
Sept.
Dominion Textile Ltd. pref. (quar.)
Preferred
10 June 29
3 Aug. 12
July
.
July
Hvde Park
Common
I. X. L. Mining block shares
Jewel Tea Co., Inc. (quar.)
Sept. 3 Aug. 12
2-10-41
3-1-41
Extra
Hanna (M.
Iron Fireman
6
Dec.
-
6% cum. preferred (quar.)
Investors Fund C
20
18
1
1
1
Aug.
July 15 July
July 15 July
July 15 July
July 15 June 29
July 15 June 29
July 15 June 29
Sept. 2 Aug. 10
(quar.)_
pref-.
2
1 June
.
1 July
Intertype Corp
Investment Foundation Ltd. 6% cum.
15 July
Sept.
Aug
2
1 July
Aug.
$1*4
8Hc
—
Extra
1 Aug. 20
1 July 15
15 June 28
5
20 July
July
July
(semi-ann.)
Duplan Silk Corp. (s.-a.)
Du Pont (E. I.) de Nemours
19
Jan. 1'41 Dec.
Pepper Co. (quar.)
.
. . . —
Quarterly
Doehler Die Casting
Dome Mines, Ltd
Dominion Oilcloth & Linoleum Co. (quar.)
Preferred
Payable in U. S. funds.
Interstate Dept. Stores, Inc., 7% pref.
Interstate Home Equipment (quar.)
15
Aug.
Doctor
Dominion Tar & Chemical, 5H % pref.
International Nickel of Canada pref. (quar.)
11
1-2-41 Dec. 23
Dejay Stores, Inc
Dennison Mfg. Co., debenture (quar.)
Dentist's Suppiy Co. (N. Y.) (quar.)
QuaHerly
Denver Union Stockyards 5H% pref. (quar.)__
Derby Oil & Refining preferred
Detroit Edison Co. (quar.)
Detroit Gasket & Mfg
Detroit-Hillsdale & Southwestern (s.-a.)
Detroit River Tunnel Co. (s.-a.)
Detroit Steel Products
Diamond Match Co. (quar.)
Quarterly
Preferred (semi-arm.)
Preferred
20 July
Payable of Record
Share
of Company
7% preferred (quar.)
(Canada)—
Dixie Home Stores (quar.)__
Name
Payable of Record
Holders
When
Per
Holders
When
Per
Share
Name of Company
59
Chronicle
Jan.
Dec.
20
15*
t$15*
J3c
$15*
$25*
$1H
Oct.
Sept. 20
ilOc
50c
38c
65c
$1H
$1H
$1H
50c
75c
jiri
$15*
lc
25c
62 He
Jan.
July
July
Dec.
_
Dec. 20
15 June 29
1
15 July
2 Nov.
9
Aug.
1 July Jl
July 15 June 14
July 31 June 29
July 15 June 29
4
July 15 July
Oct.
1 Oct.
)
1-2-41 Dec. 30
July 25 June 29
1
July 15 July
Sept. 1 Aug. 15
Sept. 1 Aug. 23
Dec.
1 Nov. 22
July
11 June 29
Sept.
3 Aug. 15
20 June 29
July
July
$15*
July
25c
lJuly
20 June 29
15 June 29
3
12 July
The Commercial & Financial Chronicle
60
Per
Name of Company
Share
Mutual
System, Inc
8% preferred (quar.)
«.
National Automotive Fibres
Preferred
15c
.
National Aviation Corp.
National Bearing Metals
National Biscuit Co
5c
50c
.
..
25c
SI M
.
Corp., 7% pref. (qu.).
50c
50c
July
15 June 29
35c
8c
July
20 June 29
July
Aug.
July
July
Aug,
July
July
July
Aug
Aug.
July
July
July
Aug.
Aug.
Aug.
20 June 29
$1 class A (quar.)
National Distillers Products (quar.)
National Fuel Gas Co—
NationaFFund Corp.. class A & B (quar.)
National Investors Corp. (Md.),.
National Lead Co. pref. B
National Money Corp., A
(quar.)
(quar.)
SIM
10c
—
37Mc
$1M
SIM preferred (quar.)
__
National Power & Light Co., 86 pref. (quar.)..
National Steel Car Corp. (quar,)
National Steel Car, Ltd. (quar.)___......
Naumkeag Steam Cotton
Newberry (J. J.) Realty Co. 6M% Pref. A (qu.)
6% preferred B (quar.)
New Brunswick Telephone Co
New England Gas & Electric |5M preferred
New Jersey Zinc
50c
15c
50c
SIM
J12Mc
50c
50c
New York Air Brake Co
50c
Niagara Hudson Power Corp. 1st pref. (qu.)—
2nd preferred A & B (quar.)
—
1900 Corp.. class A (quar.)
SIM
SI H
50c
Class A (quar.)
50c
Norfolk & Western By. (quar.)
S2$1
4% preferred (quar.)
North American Oil Co.
3c
(quar.)
North Penn Gas, preferred (quar.) —
__
Northern Indiana Public Service, 7% preferred.
SIM
"SIM
-SIM
-SIM
SIM
SIM
SIM
17Mc
6% preferred
5M% preferred..
Northern States Power (Del.) 7% prefferred
6% preferred
Northern States Power (Minn ) $5 pref
Northern Telephone Co. (initial)
(quar ).
Northwest Engineering Co
Oahu Sugar Co., Ltd. (monthly)
25c
5c
Oliver United Filters class A (quar.)
50c
15c
,
Olympia Brewing Co..
6% non-cum. participating preferred
Omar, Inc., preferred (quar.)
Onomea Sugar (monthly)
Ottawa Electric Ry. (quar.)
—
15c
10c
30c
30c
20c
Quarterly
Corp. 8% Ser, A pref. (quar.)_
M% series C preferred (quar.)
5% preferred (quar.)
6
16Mc
..
SIM
Pacific Gas & Electric (quar.)
Pacific Lighting Corp., preferred
50c
(quar.)
Public Service, preferred (quar.)
Telephone & Telegraph pref. (quar.)
Corp. (quar.)
SIM
32Mc
.SIM
—
25c
Panhandle Eastern Pipe Line
Preferred A & B (quar.)
SI
1 July
1 July
16
16
15 June 29
16 June 25
15 June 28
1
July 12
July 15
1 July 15
Aug. 15 Aug.
1
1
Nov. 15 Nov.
1
Philadelphia Co. (quar.)
Philadelphia Electric (quar.)____
Philadelphia Electric $5 preferred (quar.)
Philadelphia Electric Power, 8% pref. (quar.)_.
Philadelphia Germantown & Norristown RR
Philadelphia & Trenton RR. (quar.)
Phillip Morris & Co. (quar.)
Preferred (quar.)
Philippine Long Distance Telephone Co. (mo.)..
Monthly
Phoenix Acceptance Corp. (quar.)
Quarterly
Pick (Albert) Co., Inc
Piedmont & Northern Ry
—
July
Sept.
Oct.
1
5
3 Aug. 20
1 Sept. 14
_
Aug.
Aug.
July
Aug.
July
July
July
July
Aug.
Aug.
.
Pierce Governor Co
50c
SIM
S2M
75c
SIM
42c
42c
12Mc
12Mc
10c
50c
25c
Pittsburgh Bessemer & Lake Erie (s.-a.)
Pittsburgh, Cinn., Chicago & St. Louis
Pittsburgh Forgings Co
Pollock Paper & Box 7 % preferred (quar.)
7% preferred (quar.)
Premier Gold Mining (quar.)
Power Corp. of Canada 6% cum. pref (quar.)..
6% non-cum. preferred (quar.)
Procter & Gamble, 8% preferred (quar.)
Prosperity Co., 5% preferred (quar.)
;
Prudential Investors $6 pref. (quar.)
-
_
_,
(quar.)
Public Service Co. (N. J.), 6% prer. (mo.)
75c
14
2-4-41
15 Aug.
1 July
25 July
1 July
15 June
5
22
10
15
21
15 June 29
20 July
25 July
10
1
1 July
1 July
1 Sept.
4 Aug.
10 July
15 July
1 Aug.
31 July
31 Aug.
15 Aug.
10
1
15
20
20
5
Nov. 15 Nov.
5
Oct.
Sept.
July
July
Sept.
July
Aug.
Aug.
10
Aug.
2 July 20
July 20 July
5
July 10 June 29
SIM
SIM
Dec.
15 Dec.
3c
July
July
July
July
July
July
15 June 22
Oct.
1 Sept.20
15 July 15
15 June 14
25c
tlM
+75c
S2
SIM
SIM
37Mc
50c
15
15 June
29
15 June
29
15 June 25
15 July
5
15 June 29
50c
Aug.
July
July
July
Aug.
Aug.
July
July
Aug.
Sept.
50c
Oct.
50c
50c
July
Aug.
Aug.
Aug.
Aug.
July
July
10c
Oct.
10c
Dec.
25c
6% cumul. preferred (monthly)
Puget Sound Power & Light, $5 prior pref
Putnam (Geo.) Fund
Quarterly Income Shares (quar.)
Quaker Oats Co., preferred (quar.)
Railroad Employees Corp. A & B
July 20 July 10
Aug. 31 Aug. 20
Aug.
July 15
1
July
July
1
July
July
Aug.
July 15
July
6
July
2
July
July
Aug.
July 20
Aug.
July 20
Aug.
July 20
Aug.
July 20
50c
tSIM
15c
20c
_
SIM
20c
(quar.)
20c
Reading Co. (quar.)
1st preferred (quar.)
2nd preferred (quar.)
2nd pref. (quar.)
Reed (C. A.) participating A
Regent Knitting Mills 81.60 non-cum. pref
25c
t50c
40c
Co
15c
Republic Investors Fund, pref. A&B (quar.)
15c
Rickel (H. W.) & Co. (s.-a.)
8c
Rike-Kumler
;_L
.
Roberts' Public Markets (quar.)
Quarterly
Rochester Button Co
.
I
,/..
37Mc
Roos Bros., Inc., 6 M % preferred (quar.)
Royal Typewriter Co., Inc
Preferred (quar.)
Rubinstein (Helena)
St. Croix Paper Co
St. Lawrence Corp., 4% class A
St. Lawrence Flour Mills (quar.)
$2
25c
I
20c
25c
Extra.
Preferred (quar.)
St. Louis County Water, pref. (quar.)
San Diego Consol. Gas & Electric Co.
SI
50c
...
in
1M%
37 Mc
37Mc
6% preferred A (quar.)
Southern Canada Power Co.
(quar.)
6% cumul. partic. preferred (quar.)
Southern New England Telephone
Standard Brands, Inc. $4M cum. pref. (quar.).
|20c
tlU%
SIM
SIM
Standard Chemical Ltd.
Standard Fire Insurance (N. J.) (quar.)
Southern Franklin Process Co. 7% pref. (qu.)__
Southern Indiana Gas & Electric Co.
75c
75c
July
15 June 20
June 29
15
1
31
20
20
July 15
Aug.
1
June
29
June
29
8 July 11
12 Aug. 22
10 Sept.19
June
July
July
July
July
July
20
June
_
20
21
19
15
15
1
_
Sept. 20
15 Dec.
20c
SIM
50c
40c
_
31Mc
50c
SIM
SIM
43 Mc
43 Mc
—
-
,.
Extra
-
_
Towle Mfg. Co.
_
i
.
.
-
(quar.)
Ltd., pref. (quar.)
...
—
United Bond & Share, Ltd. (quar.)
Quarterly
5
15 June 29
June 25
July
July
July
1
1
15
July
5
July
July
July
19
19
1
June 25
July
July
17
15
June 29
July
1
July
1
Aug. 10
United Light liys.
(quar.)
7% preferred (mo.)
7% preferred (monthly)
7% preferred (monthly)
6.36% preferred (monthly)
6.36% preferred (monthly)
6.36% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
6 % preferred (monthly)
United Mercnants & Manufacturers, Inc
United New Jersey RR. & Canal (quar.)
United States Fidelity & Guaranty (quar.)
United States Hoffman Machine, pref. (quar.)
United States Petroleum Co. (quar.)
15 July 31
15 June 20
15 June 28
Sept. 16 Sept.
July
July
July
15 June
Aug.
1
July 15
July 20
July 15
July 12
Sept.14
Aug. 15
July 15
Sept. 30
July
July
July
15
2
10
June 29
July
Sept.
6
5
Aug.
1
June 29
Sept. 14
Dec. 31 Dec.
Aug.
Aug.
July
July
Aug.
Aug.
July
Aug.
Aug.
Aug.
July
Aug.
Aug.
July
July
July
Aug.
Aug.
July
3
15
23 July 16
10 June 28
1 July
1 July
15 July
14
5
5
1
15 June 29
1 July
1 July
15 July
15
15
5
1 June 17
15
1 July
15 July
20 July
22 July
22 July
15 July
31
1
22
22
5
15 June 29
12 July
15 July
10 July
8
31
10
15 June 30
15 Sent. 30
Dec.
16 Dec.
JO June 20
2
17 June 28
Aug.
1 July 29
Sept. 15 Sept. 5
July
Dec.
15 Dec.
5
Sept. 20 Aug. 31*
Dec.
Quarterly
United States Smelting Refining & Mining Co..
Preferred (quar.)
87Mc
17Mc
Stockyards Corp., pref. (quar.)
United States Sugar pref.
SiM
SI
SI
(quar.)
Universal Leaf Tobacco Co., Inc. (quar.)
Year-end dividend
SIM
SIM
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% preferred (quar.)
Vapor Car Heating, Inc. (quar.)
7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
Vertientes-Camaguey Sugar
Virginian Ry. Co. 6% preferred (quar.)
Vulcan Detinning (quar.)
7% preferred (quar.)
7% preferred (quar.)
Washington Oil Co
Welch Grape Juice Co., pref. (quar.)
West Michigan Steel Foundry—•
Convertible preferred (quar.)
Prior preferred (quar.)
West Penn Electric 7 % preferred (quar.)
6% preferred (quar.)_^
West Penn Power, 4M% preferred (quar.)
West Virginia Pulp & Paper, 6% pref. (quar.)-.
Western Cartridge Co., pref. (quar.).
50c
SIM
SIM
SIM
10c
20 Nov. 30*
July
July
July
July
Aug.
Aug.
15 July
15 July
1 July
1 July
Oct.
15 June 14
15 June 24
1 Sept. 28
1-1-41 Dec. 30
Dec.
10 Nov. 30
3-9-41
3-1-41
SIM
SIM
Oct.
SIM
50c
SIM
43 Mc
17Mc
SIM
SIM
SIM
75c
SIM
35c
preferred (s.-a.)
Ltd. (s.-a.)
19 Oct.
Sept.
Aug.
Aug.
Aug.
July
Aug.
Aug.
July
July
July
Aug.
July
July
July
10
10
15
15
19
19
25
31
June
20
June 20
June 29
Nov.
Oct.
Aug.
Aug.
Aug.
July
July
July
July
July
July
July
35c
37Mc
(quar.)
Wichita Union Stockyards Co. 6% pref. (s.-a.J.¬
Wichita Water Co. 7 % preferred (quar.)
Wilsil Ltd. (quar.)..
Wilson & Co., 6% preferred
Wilson Line, Inc., 5% pref. (s.-a.)
Wlnsted Hosiery Co. (quar.)
10
June 20
July
July
25c
Preferred
15
20
July 10 July
6
Aug. 31 Aug. 15
SIM
Weston (Geo.) Ltd., preferred (quar.)
Westvaco Chlorine Products (quar.)
2
5
18
18
Sept.10 Sept. 2
Sept. 10 Aug. 31
Aug.
1 July
Aug.
1 July
Sept. 20 Sept.
July 20 July
37 Mc
Western Grocers Ltd. (quar.)
Preferred (quar.)
Western Pipe & Steel 7%
Westminster Paper Co.,
$3
SIM
25c
tSIM
S2M
SIM
Oct.
Aug.
15
15
10
10
10
1
Sept. 14
July 31
Aug.
1
50c
50c
guarterly
xtra
Wood, Alexander & James, Ltd., 7% 1st pref--,.
Wrigley (Wm.) Jr. Monthly
Nov.
Nov.
Oct.
tSIM
.
Aug*.
Aug.
Aug.
SIM
Extra
Aug.
July 15
July 20
Aug. 20
25c
Aug.
25c
Sept.
25c
Monthly
Monthly
Oct.
July
July
15
15
Oct.
15
15
Sept. 20
Sept.10
50c
July 15
Sept. 5
Dec.
Dec.
15c
Zellers, Ltd., preferred (quar.)
Zlon's Co-operative Mercantile Institution
37Mc
Quarterly
Transfer books not closed for this dividend.
Oct.
Aug.
Sept.
50c
Yale & Towne Mfg. Co
*
15 June 29
15 June 29
July
United States Pipe & Foundry Co. (quar.)
United
15 June 20
15 June 20
Aug.
1 July 20
Aug.
1 July 20
July 15 June 20
Sept. 30 Aug. 30
Sept. 30 Aug. 30
Aug.
1 July 15
Sept.
Aug. 15
Oct.
Sept. 16
Aug.
July 15
Sept.
Aug. 15
Oct.
Sept. 16
Aug.
July 15
Sept.
Aug. 15
Oct.
Sept. 16
United Drill & Tool, class A
Class A (quar.)__.
United Fruit Co
United Gas Improvement
Preferred (guar.)
July
July
July
July
Aug.
July
July
Oct.
...
10
20
1
Oct.
1 Sept. 14
July 20 July 10
July 25 July 15
Sept. 15 Sept.15
S2M
34Mc
Union Bag & Paper Corp
Union Electric (Mo.) S5 preferred (quar.)
Union Oil & Calif, (quar.)
2-15-41
10c
37 Mc
Original preferred (quar.)
_—
5M % series C preferred (quar.)
Southern California Gas, 6% pref. (quar.)—
15 June 30
1 July 15
15 June 29
15 July
5
July 20*
July 20*
July
5
July
5
Southern California Edison Co.—
■
5
45c
—
Tuckett Tobacco
4
SIM
—
preferred (s.-a.)
15
15
July
1 July
1-1-41 Dec.
50c
Paper Mills, preferred (quar.) —
South Pittsburgh Water Co. 7% Pref. (quar.)
6% Preferred (quar.)
1
Nov. 15 Nov.
S2
25c
Permutit Co
5c
15 June 29
Aug. 15 Aug.
SIM
50c
SIM
12Mc
SIM
SIM
SIM
SIM
Toburn Gold Mines
75c
A
SIM
16
35c
Pennsylvania Power Co. $5 pref. (quar.)
Peoples Gas Light & Coke
Peoples Telephone (quar.)
SI.20
Preferred (quar.)
Simmons Co
15
50c
10c
25c
Sierra Pacific Power
1 July
35c
JS1M
SIM
Dec. 30 Dec.
35c
(quar.)
RR. (s.-a.)
Aug.
Aug.
Aug.
July
July
Aug.
July
July
July
15 July
15 July
50c
Shamokin Valley & Pottsville
Shell Union Oil Corp
5%
July
July
July
July
July
Aug.
July
Aug.
Aug.
July
July
Aug.
July
July
July
July
Aug.
30c
4.8% preferred (quar.)
Spicer Mfg. Corp., preferred (quar.)
Sports Products, Inc. (quar.)
Standard Oil Co. (Ohio) preferred (quar.)
Standard Steel Spring
Standard Wholesale Phosphate & Acid Works.
Stanley Works 5% pref. (quar.)
State Street Investment (quar.)
Stecher-Traung Lithograph 5% pref. (quar.)
5% preferred (quar.)
Steel Co. of Canada (quar.)
Preferred (quar.)
Stetson (John B.) 8% preferred
Sun Glow Industries Co. (quar.)
Sun Ray Drug Co__
Preferred (quar.)
Superheater Co
Tacony-Palmyra Bridge pref. (quar.)..
Telautograph Corp
Thatcher Mfg., conv. pref. (quar.)
Tivoli Brewing Co
Sept. 19 Aug. 31
Aug. 19 July 31
July 20 July 10
July 15 July
1
July 15 June 29
July 15 June 29
July 15 June 29
July 20 June 29
July 20 June 29
July 15 June 30
July 15 June 15
1 July 15
Aug.
July 15 July
6
1 July 20
Aug.
July 12 June 26
July 12 June 26
Sept. 30 Sept. 23
July 20 July 10
Oct.
1 Sept.16
12 June 26
(quar.):
1
Oct.
87Mc
Penman's Preferred (quar.)
Penn Traffic Co. (semi-annual)
Preferred (quar.)
1 July
15 June 29
15 June 29
8 July
1
July
Telephone (quar.)
Quarterly
Preferred A (quar.)
Preferred A (quar.)
Public National Bank & Trust Co.
25c
SIM
tSIM
20%
Common----
1
July
Peninsular
Preferred (quar.)
19
1
SI
Pender (David) Grocery, class A (quar.)
Reliance Mfg.
July
SIM
S2.691
Preferred A (partxc.)
Preferred
1
15 July
15 July
12 June 26
1 Sept. 14
•
Paraffine Cos., Inc., preferred (quar.)...
Paterson & Hudson River RR. (s.-a.)..
Preferred A
__
Aug.
'
Smith Howard
15c
Oct.
Holders
June 29
July
Aug.
SI
$ VA
Simplex Paper Corp
Simpson'8, Ltd., 6M% Pref
Skiisaw, Inc. (quar.)
15c
25c
75c
Penmans Ltd.
June 28
Aug.
When
Payable of Record
SI Vh
Schuylkill Valley Navigation & RR. (s.-a.)
Scott Paper Co., S4M cumulative pref. (quar.)._
$4 cumulative preferred (quar.)
Scruggs-Vandervoort-Barney, Inc
Security Storage Co. (quar.)_—
Security Title Building, Inc., $7 part, pref
Shakespeare Co. stock dividend
25c
40c
National Chemical & Mfg. (quar.)
Pacific
June 25
--
SIM
National City Lines $3 pref. (quar.)
Packer
June 29
—
(quar.)
National Bond & Share Corp
National Cash Register Co
Pacific
15 June 29
Per
Share
Name of Company
July 18
Sept. 10
Aug. 31 Aug. 16
July 15 June 14
July 15 July
2
July 15 June 29
1 July
15
Aug.
1 July 15
Aug.
1 July 15
Aug.
1 July
Aug.
15
40c
Common
Pacific Finance
*•
Holders
When
Payable of Record
July
July
July
July
July 6, 1940
5
.
t On account of accumulated dividends.
t Payable in Canadian funds, and in the
deduction of
a
case of non-residents of Canada
tax of 5% of the amount of such dividend will be made.
v
i
*
shows the condition of the Federal
The following
in
The
Reserve
comparison with the previous week
anddhe corresponding
STATEMENT
3,
1940
June
26, 1940 July 5,
S
Assets—
hand and due from
United States Treasury_x
THE NEW YORK
Capital
Time
Deposits,
Deposits,
Profits
♦
House
Net Demand
Undivided
*
Clearing
Gold certificates on
OF
AT CLOSE
Average
Average
Surplus and
Members
$
$
S
$
8,883,425,000 8,845,071,000 6,413,028,000
1,040,000
1,311,000
1,311,000
85,796,000
106,127,000
93,401,001
in full below:
CLEARING HOUSE
BUSINESS THURSDAY, JULY 3, 1940
OF
1939
$
$
MEMBERS
OF
ASSOCIATION
date last year:
July
by the New York City
statement issued
weekly
Clearing House on Friday afternoon is given
close of business July 3, 1939,
at the
New York
York City
Weekly Return of the New
Clearing House
of
of the Federal Reserve Bank
New York
Condition
Bank of
61
The Commercial & Financial Chronicle
151
Volume
-
22,477,000
39,904,000
172,490,000
6,634,000
75,095,000
96,963,000
62,871,000
28,335,000
214,501,000
13,940,700
180,000
222,000
120,000
342,000
Cent Hanover Bk&Tr Co
242,090
1,061,000
Corn Exch Bank Tr Co.
First National Bank
10,000,000
109,530,400
730,989,000
772,000
362,000
17403,000
Irving Trust Co
50,000,000
1,998", 666
-
-
6,000.000
20,000,000
77,500,000
20,000,000
90,000,000
41,748,000
21,000,000
15,000,000
402,000
Redemption fund—F. R. notes
Other cash t
2",004",066
2,833,000
721,163,000
53,310,000
58,464,000
4,450,400
134,091,000 h3,043,393,000
55,226,000
4,115,400
81,778,200 el,141,816,000
13,495,000
2,465,000
123,084,000
9,448,000
4,538,000
1,004,000
43,735,000
4,132,000
45,227,000
2,157,000
2,945,000
28,000,800
431,315,000
35,874,000
8,639,500
10,067,700
119,253,000
2,042,000
89,532,000
51,269,000
932,644,800 14,654,308,000
698,464,000
Bank of New York
Bank of Manhattan Co.
National City
V
8,978,137,000 8,952,509,000 6,499,864,000
Total reserves..
discounted:
Secured by U.
Guaranty Trust Co
S.
Manufacturers
obligations
Govt,
direct and guaranteed
Other
bills discounted
discounted....
Total bills
Bank
Chem Bank & Trust Co.
Bills
216,000
Bills bought in open market
Industrial advances
Trust
Co
4,000,000
100,270,000
Continental Bk <fc Tr Co.
Chase National Bank...
500,000
Fifth Avenue Bank
U. S. Govt, securities, direct and guar¬
25,000,000
6,000,000
5,000,000
12,500,000
7,000,000
7,000,000
Bankers Trust Co
anteed:
402,946,000
405,667,000
345,434,000
Bonds
Notes
269,030,000
Title Guar & Trust Co..
347,285,00
339,030,000
Marine Midland Tr Co..
136,846,000
Bills
New York Trust Co
Comm'l Nat Bk & Tr Co
Total U. S. Government
Public Nat Bk & Tr Co.
securities,
751,101,000
753,161,000
753,501,000
direct and guaranteed
741,976,000
744,342,000
757,613,000
17,000
63,000
1,624,000
171,610,000
9,820,000
15,469,000
156,213,000
8,942,000
518,518,000
Totals
Total bills and securities
17,000
1,722,000
192,140,010
9,802,000
15,858,000
Due from foreign banks
Federal Reserve notes of other
banks
Uncollected Items
Bank premises
Other assets
Total assetsj......................
526,678,000
26,651,100
68,819,400 a2,357,933,000
759,010,000
57,240,100
185,639,400 62,190,273,00 0
653,309,000
40,151,100
73,285,300 cl,132,214,000
292,660,000
21,021,300
*
3,089,000
As per
National, June 29, 1940; State, June 29, 1940; trust
official reports:
companies, June 29, 1940,
•
Includes deposits In foreign
14,302,000
,
426,000; b (latest available date),
$276,"
$74,515,000; c (July 3), $3,169,000; d (latest avail¬
373,853,000; e (June 29), $20,375,000.
able date),
9,951,177,000 9,895,931,000 7,440,086,000
a (latest available date),
branches as follows:
Liabilities—
F. R. notes In actual
1,406,195,000 1,369,821,000 1,141,992,000
circulation
5,488,628,000
Deposits—Member bank reserve acc't— 7,526.568,000 7,524,016,000
137,139,000
93,433,000
50,814,000
U.S. Treasurer—General account
106,121,000
229,788,000
270.890.0C0
Foreign bank
289,385,000
395,267,000
407,929,000
Other deposits
Other liabilities,
Capital paid in
£10 H
A.
22
7,109,000
11,507,000
Surplus (Section 13-b)
Other capital accounts
of
total
deposit
to
reserve
£10
£10
25
25/10)4
25/25/9
£2H
£2*4
£2*4
£3
55/6
5/3
15/1*4
20/3
85/-
56/6
5/S
15/6
20/3
85/-
58/5 IS
16/20/3
88/1)4
56/-
Cons Goldflelds of S
Courtaulds S & Co
25/—
23/9
25 /3
7,457,000
De Beers
£2 H
8,440,000
Distillers Co
55/5h
15/—
20/—
9,951,177,000 9,895,391.000 7,440,086,000
Ford Ltd
Hudsons Bay Co
Ratio
£36
£10
52,463,000
Electric & Musical Ind
Total liabilities and capital accounts..
£36
IS
50,852,000
11,127,000
53,326,000
63 /9
£10.
23/9
51,033,000
53,326,000
7,109,000
51,076,000
Surplus (Section 7)
Imp Tob 0IGB&
and
82/6
I..
35/6
65/-
34/6
£34
Central Min & Invest..
Capital Accounts—
36/66/10)4
£35
£31H
ord
Cable & W
July 5
July 4
July 3
33/3
63/9
32/9
63/9
British Amer Tobacco.
Fri.,
Thurs.,
Wed.,
Tues.,
July 2
July 1
Boots Pure Drugs
9,828,159,000 9,772,796,000 7,320,874,000
Total liabilities
stocks as received by cable
Mon.,
Sat.,
June 29
862,000
1,687,000
144,000
incl. accrued dividends.
STOCK EXCHANGE
of the past week:
each day
8,256,201,000 8,242,504,000 6,021,273,000
156,747,000
158,784,000
165,619,000
Total deposits
Deferred availability Items
LONDON
THE
Quotations of representative
/
25/6
5/3
16/21/87/6
to
industrial
make
Rand Mines
t "Other cash" does not Include Federal reserve
notes or a bank's own
61/3
£5)4
61 /S
£5)4
£5)4
£6 H
£6
£6
£6
£6
Rolls Royce
2,222,000
820,000
811,000
£1214
61/3
£5)4
Federal
55/30 /7lA
17/4)4
12/6
55/33/1)4
17/7)4
13/4)4
55/35/17/10)4
13/4)4
56/3
36/3
17/10)4
13/7)4
57/6
38/1)4
18/1)4
£1*4
£1*4
£1*4
£1*4
Reserve bank notes.
Shell Transport
given by the United States Treasury for the gold taken
over from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59.00 cents, these certificates being worth less to the extent of the
United Molasses
*
These are certificates
difference, the difference Itself
having been appropriated as
Vlckers
West
profit by the Treasury
£12
£11)3
Closed
London Mid Ry
ad¬
vances
£12)4
60/£5^
Rio TInto
Commitments
£12)4
Metal Box
90.7%
93.1%
92.9%
R. note liabilities combined
F.
61/3
13/7)4
Wltwatersrand
Areas
£1*4
Gold Reserve Act of 1934.
under the provisions of the
Banks of the Federal Reserve
Weekly Return of the Member
System
the Board of Governors of the Federal Reserve System, giving the principal
of the reporting member banks in 101 leading cities from which weekly returns are obtained.
Following is the weekly statement issued by
items of
These
resources
figures
are
and liabilities
always a week behind those
the Federal Reserve
System
upon
The comments of the Board of Governors of
Events and Discussions/1
of New York and Chicago reporting member banks for a week later.
for the Reserve banks
the figures for the latest week appear
the figures
immediately preceding which we also give
themselves.
in our department of "Current
19, 1937, various changes were made in the
of the Federal Reserve Bank of New York of April 20, 1937,
Commencing with the statement of May
described in an announcement
the report form are confined to
The changes In
amounts of
(1) commercial, industrial
the classification of loans
This classification has been changed primarily to show the
brokers and dealers) for the purpose of purchasing or carrying
and discounts.
loans (other than to
and agricultural loans, and (2)
breakdown of loans as reported In this statement, which were
as follows:
to brokers and dealers in securities located in New York City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial paper bought in open market" under the revised caption "open market paper," instead of in "all other loans," as formerly.
Subsequent to the above announcement, it was made known that the new items "commercial, industrial and agricultural loans" and "other
would each be segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation of the revisions was published in the May 29, 1937, issue of the "Chronicle," page 3590.
The revised form also
securities.
eliminates the distinction between loans
loans,H
ASSETS AND LIABILITIES OF
WEEKLY REPORTING MEMBER
Federal Reserve Districts—
LEADING CITIES BY DISTRICTS ON JUNE 26, 1940
New York
Phila.
$
$
$
$
1,178
1,888
684
$
680
521
307
966
191
297
265
951
152
593
178
96
174
174
330
10
4
39
9
3
20
2
14
3
5
30
3
1
3
3
11
7
10
13
42
385
8.435
615
452
700
272
4,399
298
1,802
213
267
122
Commercial, Indus, and agricul. loans
309
67
104
31
6
395
14
281
22
19
purchasing or carrying
617
18
32
24
14
11
72
467
211
13
199
51
176
43
120
54
80
32
1,202
38
1
32
1
1
207
""112
62
137
102
102
1,625
470
419
259
19
9
2
771
Treasury notes
2,054
39
1,071
United States bonds
6,377
345
Obligations guar, by U. S. Govt
2,408
48
Other securities
3,536
131
11,669
595
securities
Real estate loans
Loans to banks
Other loans
Treasury bills
Reserve with
Cash
11
11
29
22
61
50
18
28
29
65
41
65
94
82
697
1
169
6
33
160
160
37
316
38
320
129
103
1,006
142
113
2,745
601
47
195
122
22
68
90
69
1,359
1,447
70
106
525
108
138
58
332
294
44
283
142
1,527
228
99
191
140
444
668
209
6,922
504
53
273
62
25
23
78
17
12
21
48
7
104
12
145
14
506
582
299
321
345
252
301
213
134
226
183
173
243
3,272
24
30
263
70
407
80
95
16
20,681
1,264
10,303
1,024
5,312
*
banks
Other assets—net
234
1,043
261
580
14
71
54
37
51
74
21
531
434
2,827
483
301
535
484
1,106
1,389
202
192
971
191
116
146
136
1,077
743
17
6
24
31
104
349
163
400
256
326
1
18
10
8
3
5
""296
90
60
105
89
378
LIABILITIES
deposits—adjusted
Time deposits
United States Government
deposits..
Inter bank deposits:
47
34
44
134
304
288
1,248
8,425
3,831
421
465
16
626
5
1
1
Foreign banks
374
678
Domestic banks
Borrowings
1
750
Capital accounts
/
22
""308
17
19
3,769
Other liabilities
i
""80
""73
1
1
2,240
1,168
Federal Reserve Bank..
in vault
Balances with domestic
Demand
$
399
Loans—total.
Other loans for
San Fran.
Dallas
%
$
$
$
696
10,140
3,099
Open market paper
Loans to brokers and dealers in securs.
%
320
1,187
investments—total
(In Millions of Dollars)
St. Louis Minneap. Kan. City
Chicago
3,345
23,581
Loans and
Atlanta
%
Cleveland Richmond
Boston
Total
S
ASSETS
BANKS IN 101
245
1,617
214
380
2
35
12
oo
95
1
8
21
sjf)
397
The Commercial & Financial Chronicle
62
July 6,
1940
Weekly Returns of the Board of Governors of the Federal Reserve System
The
following
was issued by the Board of Governors of the Federal Reserve System on Friday afternoon, July 5,
showing the condition of the 12 Reserve banks at the close of business on Wednesday. The first table presents the results
for the System as a whole in
week last year.
Reserve note statement
Reserve agents
returns
comparison with the figures for the eight preceding weeks and with those of the corresponding
The second table show<? the
and the Federal Reserve banks.
for the latest week
COMBINED
and liabilities separately for each of the 12 banks. The Federal
resources
(third table following) gives details regarding transactions in Federal Reserve notes between the
in
appear
RESOURCES
AND
Three Ciphers (000) Omitted
The comments of the Board of Governors of the Federal Reserve System upon the
department of " Current Events and Discussions
our
LIABILITIES
OF
THE
FEDERAL
RESERVE
June
July 3,
t
June 26,
1940
'
1940
June 19,
1940
I
S
12,
BANKS AT
June
THE
CLOSE OF
BUSINESS JULY
3,
1940
May 15.
May 8,
July 5,
1940
1940
1940
1939
%
5
May 22,
S
S
5
1940
$
May 29,
1940
5,
1940
"
S
%
ASSETS
Gold ctfs.
hand and due from U. S. Treas.x.
Other cash
Tota
reserves
-
17,653,476
378,780
18,189,585
Redemption fund (Federal Reserve notes)
17,840,475
10,862
000,64:0
on
18,043,118
17,536,475
17,201,476
11,191
11,190
10,862
.
16,691,975
9,021
359,026
16,841,976
7,737
374,374
9,089
9,087
8,412
378,611
oOO,UiO
317,756
17,079,675
16,872.140
13,860,887
16.935,473
10,490
348,578
19\)ZO
17,053,492
16,496,977
13,534,719
17,918,689
17,580,364
17,412,560
17,303,520
17,224,087
1,450
1,332
1,760
1,303
1,093
680
742
940
1,234
2,142
2,053
3,698
2,782
3,063
2,327
2,822
2.795
4,638
Bills discounted:
Secured
by
S. Government obligations,
U.
direct and fully guaranteed
Other bills discounted
711
691
1,557
1,501
1,101
1,316
2,148
Total bills discounted
704
1,437
-
2,261
2,192
2,417
Bills bought In open market
556
"
~
9,186
Industrial advances...
"8",975
"9",011
9*085
9*088
"g'.iei
*9*232
9*292
*9*296
12,318
1,323,196
1,126,732
1,343,183
1,130,125
1,343,183
1,130,125
1,346,995
1,130,125
1,346,995
1,130,125
1,346,995
1,130,125
1,346,995
1,130,125
1,344.845
1,129,225
1,337,495
1,129.225
1,176,109
United States Government securities, direct and
guaranteed:
Bonds
Notes
-
Bills
911,090
463,438
Total
U.
8.
Govt
securities,
direct
and
guaranteed
2,449,928
2,473,308
2,473,308
2,477,120
2,477,120
2,477,120
2,477,120
2,474,070
2,466,720
2,550,637
2,461,262
2,484,544
2,484,511
2,488,622
2,488,990
2,489,344
2,488,679
2,486,184
2,478,811
2,568,149
47
47
47
20,227
721,440
41,436
805,226
41,536
54,450
18.489
656,231
41.490
54,057
21,488,447
21.297,976
Other securities
Foreign loans
on gold
Total bills and securities
Gold held abroad
Due from foreign banks
Federa 1 Reserve notes of other banks
Uncollected
terns
Bank premises
Oth tiassets
Total assets
47
47
53,019
20,149
819,868
41,532
68,863
18,871
673,347
41,511
64,396
21,323,670
21,019,445
20,699,722
20,642
.
47
47
47
19,262
41,555
63,561
21,377
664,147
41,595
62,465
21,255
788,124
41,553
61,760
20,554,581
20,502,397
20,478,598
637,292
47
*167
22,197
20,218
599.213
590,799
41,536
42,356
60,293
47,377
20.074,237
17,129,953
LIABILITIES
Federal Reserve notes in actual circulation
reserve
5,247,837
United States Treasurer—General account..
Foreign banks
Other deposits
Total deposits
Deferred
...
availability items
Other liabilities, incl. accrued dividends
Total liabilities
CAPITAL
5,144,450
5,103,916
5,081,314
5,065,239
5,038,386
4,984,611
4.968,735
4,954,783
4,543,177
13,722,819
300,610
658,679
480,897
13,712,233
298,212
659,828
438,487
13,510,111
265,424
13,386,697
308,135
454,181
13,222,502
13,093,674
12,877,017
10,151,053
370,008
449,854
424,634
512.185
820,208
400,930
494,321
13,215,148
377,749
440,086
509.464
484.761
476,886
360,819
441,280
380,299
15,203,430
679,476
1,373
15,163,005
15,108,760
750,862
14,643,334
632,339
14,542,447
615,189
5,277
5,181
14,396,124
756,205
4,500
11,648,825
590,412
5,301
632,653
4,728
14,191,301
570.750
5,786
14,789,645
785,528
9,297
14,527,125
629,569
4,484
2,181
20,942,810
20,968,839
20.665,784
20,346,189
20,201,203
20,149,117
20,125,564
19,721,318
16,784,595
137,194
151,720
26,839
account...
13,736,629
221,447
753,332
492,022
21,132,116
Deposits—Member banks*
137,103
151,720
137,097
136,108
151,720
26,839
38,367
136.117
135,053
151,720
26,839
38,243
149,152
455,030
559,080
297,265
ACCOUNTS
Capital paid in
fl36,169
151,720
26,839
138,933
136,165
151,720
26,839
38,809
136,127
151,720
26,839
40,578
151,720
26,839
39,175
136,151
151,720
26,839
39,504
38,668
26,839
38,594
21,488,447
21,297,976
21,323,670
21,019,445
20,699,722
20,554,581
20,502,397
20,478,598
20.074.237
17,129,953
88.9%
88.8%
88.7%
88.2%
88.1%
85.6%
8,587
8,828
88.4%
8,852
88.3%
8,762
88.5%
8,676
88.4%
8,700
8,883
8,933
8,965
10,978
1,069
1,171
1,117
1,451
1,814
2,081
1,386
1,801
969
1,571
145
178
112
87
149
206
167
250
1,137
162
182
281
256
196
208
196
197
190
183
61-90 days bills discounted
304
214
235
128
132
136
171
212
190
Over 90 days bills discounted
2,185
468
516
447
495
491
432
407
362
309
461
2,148
2,261
2,192
2,417
2,782
3,063
2,327
2,822
2,795
4,638
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
...
Total liabilities and capital accounts
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Commitments to make Industrial advances...
.
27,264
33,889
——.—
Maturitu Distribution of BUls and
Short-Term Securities—
1-16 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
Total bills discounted
1-15 days bills bought in open market
16-30 days bills bought in open market
233
227
31-60 days bills bought in open market
31-90 days bills bought in open market
Over 90 days bills bought in open market
Total bills bought in open market
1-15 days Industrial advances
16-30 days industrial advances
31-60 days industrial advances
61-90 days Industrial advances
31
65
556
"
"i',9'10
"2", 057
"£137
"1,621
*1*623
1,561
1,609
1*572
""f,596
367
98
79
604
588
145
142
79
86
1,713
938
78
881
902
893
634
622
742
737
152
218
207
102
85
875
897
916
916
547
6,462
6,250
5,707
5,856
5,899
5,946
5,962
5,983
5,967
8,968
9,186
Total industrial advances...
352
369
Over 90 days Industrial advances
U. S. Govt,
238
8,975
9,011
9,085
9,088
9,161
9,232
9,292
9,296
12,318
securities, direct and guaranteed:
1-15 days
16-30 days
72,137
74,218
31-60 days
170,495
61-90 days
127,675
Over 90 days..
2,449~,928
2,473*308
2,473",308
2,477,120
2.477*. 120
2,4*77,120
2,477,120
2,474*070
2,466,720
2,106,112
2,449,928
2,473,308
2,473,308
2,477,120
2,477,120
2,477,120
2,477,120
2,474,070
2,466,720
2,550,637
5,533,705
285,868
5,452,808
308,358
5.422,695
318,779
5,398,209
316,895
5,367,189
5,349,723
327,276
5,275,419
320,636
4,805,166
311,337
5,318,607
333,996
5,296,011
301,950
5,247,837
Total U. 8. Government securities, direct
and guaranteed
5,144,450
5,103,916
5,081,314
5,065,239
5,038,386
4,984,611
4,968,735
4.954.783
4,543.177
Total other securities
Federal Reserve Notes—
ssued to Federal Reserve Bank by F. R.
Agent
Held by Federal Reserve Bank......
In actual circulation
261,989
•
Collateral Held
by Agent
as
Security for
Notes Issued to Bank—
Gold ctfs. on hand and due from U. 8. Treas...
By eligible paper
Total collateral
x
cente
"Other cash"
These
on
are
Jan.
.-i
does
not
Include
Federal
certificates
5,604,500
5,557,500
5,536.500
5,483,500
1,429
1,669
2,307
5,430,500
1,657
5,420,500
1,171
5,375,500
1,170
4,898,500
1,434
5,455,500
2,028
5,455,500
1,334
5,605,834
United States Government securities
♦
•
5,558,934
5,537.929
5,485.169
5,457,528
5.457.807
5,437,157
5.421,671
5,376,670
4,900,930
Reserve notes,
2,430
t Revised figures.
given by the United States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents
to 59.06
31, 1934, these certificates being worth less to the extent of the difference, the difference Itself
having been appropriated as profit by the Treasury under
provisions of the Gold Reserve Act of 1934.
Volume
Omitted
(000)
Civhers
Three
Total
Federal Reserve Agent at—
due
414
%
J
%
244,753 1,013,011
695
1,341
362,730
263,109
429,027
477
531
194
44,339
16,083
4,197
17,259
267,S37
380,183
21,892
17,161
445,587
355,956 2,800,452
475,914
San Fran.
%
$
S
338,504 2,754,863
291
1,250
1,605
29,218
951,421 1,174,296
18,189,585 1,062,355 8,978,137
Total reserves
698
28,145
93,401
28,906
338,248
Other cash »
$
JULY 3, 1940
Dallas
Minneap. Kan. City
St. Louis
452,417
922,862 1,144,380
17,840.475 1,031.394 8,883,425
1,311
2,055
10,862
Redemption fund—Fed. Res. notes..
Chicago
%
%
S
$
%
I
ASSETS
certificates on hand and
from United States Treasury
Gold
Atlanta
Cleveland Richmond
PhUa.
New York
Boston
AT CLOSE OF BUSINESS
OF THE 12 FEDERAL RESERVE BANKS
RESOURCES AND LIABILITIES OF EACH
(Concluded)
of the Federal Reserve System
Weekly Returns of the Board of Governors
WEEKLY STATEMENT OP
63
Financial Chronicle
The Commercial &
151
24,567
13,080
258,528 1,038,919
Bills discounted:
78
40
15
81
39
66
15
127
180
70
711
53
70
149
10
297
17
361
222
58
22
""loo
1,437
91
100
128
78
110
376
402
131
164
336
83
298
10
225
195
660
894
239
466
350
Secured by U. S. Govt, obligations,
direct and guaranteed
Other bills discounted
149
2,148
Total bills discounted
78
9,186
1,141
1,998
2,710
405,667
135,697
61,227
89,421
115,549
41,320
52,136
51,559
43,905
345,434
53,221
82,186
38,930
33,150
1,126,732
119,550
Notes..
66,228
56,395
48,524
110,937
96,517
105,011
62,501
1,323,196
140,398
Bonds
122,623
89,844
259,948
113,363
205,402
194,432
251,246
95,464
751,101
115,722
178,703
72,080
2,449,928
90,247
260,337
113,473
72,433
116,293
96,266
206,140
Industrial advances
U. 8. Govt, securities, direct & guar.:
U.
Total
securities,
Govt,
8.
direct and guaranteed
18
5
4
2
2
6
1
1,722
192,140
945
1,732
2,537
1,431
2,485
1,952
51,588
1,647
17,500
20,227
552
721,440
75,324
41,436
2,861
9,802
4,509
54,450
3,681
15,857
4,274
4
1
1
1,684
526
3,014
22,312
37,724
1,140
2,902
2,479
4,919
a
83,230
59,663
25,389
94,276
5,473
2,507
2,012
3,356
2,344
1,381
31,465
3,149
6,175
3,154
1,950
5,483
2,360
1,639
2,479
21,488,447 1,324,769 9,951,177 1,209,967 1,522,637
667,404
476,987 3,166,395
596,546
362,437
535,254
168,247 1,138.333
197,079
144,586
190,528
81,892
426,978
229,791
227.109 1,757,650
155,004
266,937
225,870
710,128
317,568
13,014
313,999
34,788
15,060
15,089
13,425
15,677
17,910
11,654
32,171
26,185
89,779
4,860
22,445
16,459
21,697
22,445
3,184
54,695
24,081
premises..
assets
Total assets
V.
LIABILITIES
'
Deposits:
662,809
843,310
50,814
11,506
14,631
53,668
270,890
407,929
14,548
2,392
5,953
6,367
5,909
9.938
1,674
270,135 1,887,077
357,457
192,919
806,814
365,145
267,176
762,182
937,458
303,733
797,133 8,256.201
30,905
15,596
30,326
20,762
33,354
34
89
137
73
29
464,042 3,121,160
585,475
353,190
524,724
753,332
Fore I em banks
492,022
deposits
15,203,430
Total deposits
5,187
72,645
165,619
52,473
79,632
57,010
25,581
95,573
1,373
257
144
153
172
29
79
177
accrued dlvs
Other liabilities, incl.
69,579
73,319
679,476
Deferred availability items
21,132,116 1,300 174 9 828,159 1,176,952 1,489,187
Total liabilities
381,252 1,293,622
7,879
221,447
account.
.
729,677 7,526,568
13,736,629
Member bank reserve account
U. 8. Treasurer—General
471,925
362,144
430,139 1,406,195
5,247,837
F. R. notes in actual circulation
Other
See
94,465
30,829
Uncollected Items
Other
123,627
753,501
3
Fed. Res. notes of other banks
Bank
251,727
179,993
47
banks
foreign
197,225
2,461,262
Total bills and securities
Due from
-
-
651,975
369,903 1,267,175
4,139
11,615
5,287
4,642
4,123
51,076
14,027
4,398
9,337
11,898
2,961
137,194
13,691
Capital paid in
10,224
1,266
2,121
2,874
4,393
1,001
1,142
7,109
538
26,839
22,824
1,429
Surplus (Section 13-b)
5,247
3,246
5,725
3,974
14,198
14,323
1,007
3,613
10,405
53,326
3,152
151,720
4,709
Surplus (Section 7).
2,487
Other capital
1,979
11,507
7,291
1,986
4,093
1,377
2,526
2,133
40,578
1,685
476,987 3,166,395
596,546
362,437
535,254
381,252 1,293.622
17
351
55
159
3,560
CAPITAL ACCOUNTS
accounts
1,522,637
Total liabilities and capital accounts 21,488,447 1,324,769 9,951,177 1,209,967
1,154
811
1,137
267
8,700
"Other cash" does not include
Federal Reserve notes,
a
667,404
Federal
Reserve
$
495,965
86,839
24,040
15,679
32,918
362,144
471,925
229,791
168,247 1,138,333
460,000 1,515,000
385,000
497,000
250,000
185,000 1,180,000
3,691
83
460,149 1,515,402
385,083
190,528
81,892
426,978
200,000
91,000
484,000
128
362
148,628
200,362
91,000
484,000
100
5,605,834
6,926
44,229
148,500
209,000
402
471,207
6,707
144,586
197,079
5,604,500
1,334
circulation
88,599
8,925
430,139 1.406,195
209,100
21,557
285,868
Bank
Held by Federal Reserve
13,568
S
197,454
148,277
206,004
181,815 1,171,251
245,470
382,933
20,789
451,696 1,493,034
5,533,705
Agent
$
%
$
San Fran.
Dallas
Minneap. Kan. City
St. Louis
$
5,247,837
Issued to F. R. Bank by F. R.
In actual
Chicago
5
$
$
$
S
$
%
notes:
A tlanta
Cleveland Richmond
Phlla.
New York
Boston
•
STATEMENT
RESERVE NOTE
Three Ciphers (000) Omitted
Total
511
678
Less than $500.
FEDERAL
Federal Reserve Bank of—
1,865
1,649
Commitments to make Indus, advs
*
713
by Agent as security
for notes issued to banks:
Collateral
held
Gold certificates
hand and due
on
from United States Treasury
Eligible paper
Total collateral
149
110
497,000
185,000 1,180,000
250,110
THE
United States Treasury Bills—Friday,
July 5
Rates
quoted
are
for discount at purchase.
PARIS BOURSE
this exchange has been suspended since June 11 •
of the war conditions prevailing in the country
Trading
because
on
28 1940
July
10 1940
0.08%
Aug
July
17 1940.
Sept.
July
24 1940
0.08%
0 08%
July
31 1940
0 08%
0.08%
Sept. 18 1940
0.0?%
0.08%
Oct.
Aug.
7 1940
Aug. 15 1940
Aug. 21 1940
4 1940
11
Pent
odc o 0 0o or
1940.
Seut. 25 1940
quotations reported
appeared in our issue of June 15'
3777.
•
BERLIN STOCK
THE
Closing prices of
oo
2 1940
Last
page
Asked
Bid
Asked
Bid
of the
each day
EXCHANGE
representative stocks as received by
pasjj week:
June
29
July
July
3
cable
July
July
2
July
4
1
5
Per Cent of Par-
Quotations for United States Treasury
Notes—Friday,
July 5
32ds of
Figures after decimal poM represent one or more
Int.
Int.
Rate
Maturity
Asked
Bid
Rate
Maturity
June
15 1943
1%%
Bid
101
30
Asked
149
182
119
127
128
118
180
111
233
120
Elektrlzltaets Gesellschaft(6%)147
Llcht (8%)
181
Bank (6%)
Deutsche Bank (6%)
Deutsche Reichsbahn (German Rys.
Dresdner Bank (6%)
Farbenlndustrte I. G. (8%)
Retchshank (new shares)
Siemens & Halske (8%)
...
Commerz
point.
a
Alleeremelne
Berliner Kraft u.
Verelnigte
Stahlwerke (6%)
--119
127
7%)_. 128
117
179
— 111
233
. — 120
149
148
150
182
183
183
119
119
119
127
127
127
128
128
127
118
118
118
179
179
**79
112
112
112
232
232
232
120
120
121
102
15 1940...
1%%
101.9
101.11
Mar. 15 1941...
1%%
101.17
101.19
Sept.15 1943...
1%
101.16
101.18
1%%
101
19
101 21
Dec.
15 1943...
1%%
102.3
103
1%%
101
29
101.31
Mar. 15 1944...
1%
101.16
101.18
June
100.19
100 21
101.18
100 20
100.4
100.6
Dec.
June
15 1941
Dec.
151941...
15 1944
Mar. 15 1942...
1%%
102 30
103
Sept. 15 1942...
2%
1%%
104
104.8
Sept. 15 1944...
%%
1%
103.29
103.31
Mar. 15 1945...
,
Dec.
15 1942...
6
%%
ENGLISH
The
FINANCIAL
MARKET—PER CABLE
daily closing quotations for
Sal.,
Sliver, per
Mon.,
June 29
July 1
Closed
oz.d
securities, &c., at London,
Thurs.,
July 3
21 ll-16d. 21 13-16d.
Fri.,
July 4
Wed.,
Tues.,
July 2
July 5
21%d.
21%d.
168s.
£71
21 11-16d.
168s.
168s.
£72%
£72%
Gold, p. fine oz.
Below
are
the
of representative
daily closing averages
stocks and bonds listed on
the New York Stock Exchange
1688.
Consols, 2%%-
Stock and Bond Averages
Closed
£71
168s.
£71%
Closed
£97%
£98%
£98%
£99%
£99%
£109%
£110%
£110%
£110%
Britlsh 3%%
W. L
British 4%
Closed
1960-90
as
compiled by Dow, Jones & Co.:
The
States
Bond*
Stock*
25.99
Grade
Grade
Utili¬
Rails
Rails
ties
22.47
41.41
106.29
41.20
106.29
90.98
46.63
107.50
45.31
107.27
87.85
87.45
107.27
87.19
July
5.
4.
120.96
25.84
July
3.
2.
120.96
25.79
90.41
44.78
July
1.
121.12
25.70
22.30
41.19
106.16
yo.39
44.60
107.19
87.08
June 29.
121.87
26.18
22.67
41.60
105.94
90.60
44.89
107.26
87.17
22.28
HOLI DAY
HOLI DAY
41.18
34%
Holiday
34%
71.11
71.11
71.11
71.11
Holiday
71.11
U, S. Treasury
Total
July
22.34
34%
34%
Bonds
•
July
HOLI DAY
cents) in the United
34%
40
trials
Stock*
roads
121.51
Indus¬
65
lies
Rail¬
trials
30
10
UtUi-
Indus¬
Dolt
10
Second
10
15
£109%
price of silver per ounce (in
on the same days have been:
BarN. Y.(for'n)
10
First
Total
20
168s.
106.31
90.94
(newly mined)
United
States
York Stock
Government
Securities on the New
Exchange—See following page.
Transactions
at
Daily, Weekly and
the
New
York
Stock Exchange.
Yearly—See page 79.
64
July 6, 1940
New York Stock
Stock and Bond Sales
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day,
computing the range for the year.
account is taken of such sales in
United States Government Securities
Below
furnish
the New York Stock Exchange
on
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
we
a
Daily Record, of U. S. Bond Prices June 291 July 1
Trcasu ry
July 3
July 2
July 4
July 5
Daily Record of U. S. Bond Prices June
119.24
119.19
High
119.31
119.27
Low.
119.19
119.24
119.31
119.19
119.24
119.31
Total sales in $1,000 units
10
1
11
113.22
113.28
2MB, 1960-65.
2
113.24
106
July 3
July 4
July 5
106.16
106.18
106.17
Low.
119.25
4Mb, 1947-52...
July 2
29| July 1
106.121
High
113.26
Tola
160.12
106
106.15
106.18
106.15
Close
119.25
Close
Treasury
106.12!
106
106.15
106.18
106.15
9
3
3
II
sales in $1,000 units.
(High
113.18
High
Low.
113.18
113.19
113.22
113.28
113.18
113.24
113.22
113.28
6
15
(dose
113.26
*4
Low.
113.26
Close
4s, 1944-54..
2 Ms, 1945
Total sales in $1,000 units
Total sales in $1,000 units
4
108
(High
2 Ms, 1948
Low
108
(High
114.3
Close
108
Low.
114.3
Total sales in $1,000 units...
Close
Total sales in $1,000 units
114.3
Z»As, 1946-56
•
105.
(High
:
25
105.13
105.23
105.18
105
105.12
105.20
105.17
I Close
105.
105.12
105.20
105.17
2
27
21
(High
105.21
105.25
Low.
105.14
105.25
Close
Total sales in $1,000 units...
(High
103.2
Low.
103.2
105.18
105.25
4
4
102.30
dolose
3 Ms, 1941-43..
jLow.
2 Ms, 1949-53
103.2
102.30
■
•
Total sales in $1,000 units
*15
High
8
108.17
■
108.17
Close
Total sales in $1,000 units...
2mb. 1950-52
108.17
Low.
Total sales in $1,000 units
103.1
3Ms, 1943-47.
Pi
103.20
103.29
103.20
103.18
103.20
103.21
103.20
103.20
Total sales in $1,000 units...
103.25
103.29
Low.
Low
64
15
2Ms, 1951-53.
103.25
■
103.25
103.29
4
105
(High
2s, 1947
104.30
__j Low.
Total sales in $1,000 units...
8
(High
108.18
108.19
108.16
108.18
Close
Total sales in $1,000 units...
Low
108.18
108.16
108.16
108.18
(High
Close
108.18
108.16
108.16
108.18
W'
3^8, 1943-45
Total sales in $1,000 unils...
Holi¬
1
day
1
9
3
[High
109.17
109.14
109.15
109.17
109.14
109.15
109.17
109.14
109.15
109.14
2
2
1
104.301
Holl-
4
day
Low.
109.14
Close
Total sales in $1,000 units...
2s, 1948-50
109.14
Low.
3^8, 1944-46
Close
Total sales in $1,000 units...
9
Federal Farm Mortgage
(High
3MS, 1944-64
jLow.
(Close
[High
3H8, 1946-19..
Total sales in $1,000 units...
Low.
...._■
Close
Total sales in $1,000 units...
111.28
Low.
111.28
111.28
107.19
107.20
107.19
2
5
1
(High
jLow
3s, 1942-47
fHI*k
110.23
110.23
110.23
(Close
110.21
Close
.
107.20
107.21
Total sales in $1,000 units
112.2
2
110.21
3s, 1946-48............ Low
Total sales in $1,000 units...
110.21
1
Total sales in $1,000 units.
(High
2Mb. 1942-47
11
jLow.
(High
3s, 1951-55.
110.12
110.9
110.7
110.8
Close
---1 Low.
....
107.19
107.20
Close
112.2
Close
107.20
jLow.
112.2.
Total sales in $1,000 units...
...
107.21
High
38, 1944-49
(High
3 14b, 1949-52
„
103.20
Close
(High
3Ms, 1941
103.22
High
110.12
110.8
110.7
110.6
Total sales in $1,000 units...
110.12
110.8
110.7
110.6
I Close
Total sales in $1,000 units...
7
11
*2
107.18
107.20
107.20
107.24
107.23
Low.
107.18
107.18
107.14
107.24
107.18
107.17
107.24
Loan
10/.20
Close
Total sales in $1,000 units...
Home Owners
3
(High
2MB. 1955-60
107.19
2MB, 1945-47
4
108.30
Low.
108.26
108.28
108.26
108.28
6
103.22
103.22
103.22
103.22
103.22
*1
*1
•
(High
1
1 Ms, 1945-47
108.16
2HB, 1948-51
Low.
(Close
108.12
Total sales in $1,000 units...
5
fHlgh
•
107.10
107.12
107.7
107.10
107.12
107.7
107.15
107.10
107.12
107.7
107.15
Total sales in $1,000
units...
2
5
Odd lot sales,
107.15
Low.
I Close
J
2Mb, 1951-54
Low.
_■
108.12
Close
Total sales in $1,000 units...
1
103.22
Low.
Close
Total sales in $1,000 units...
108.30
1
■
107.10
107.10
(High
2Mb. 1942-44
108.30
Close
Total sales in $1,000 units...
107.8
107.8
Total sales in $1,000 units...
8
108.29
107.10
Low.
.Close
107.23
15
108.26
2
fHlgh
107.8
High
3s, series A, 1944-52
t Deferred delivery sale,
Note—The
bonds.
*3
above
table
t Cash sale.
includes
only
of
sales
coupon
Transactions in registered bonds were: v
fHlgh
2Mb. 1956-59
^
•
1
Low.
Treas.3Ms, 1944-16
109.12 to 109.12
6
Treas. 2Ms. 1955-60
107.15 to 107.20
sales in $1,000 units...
oiai
106.20
106.15
Low.
106.20
106.15
Close
106.20
106.15.
Total sales in $1,000 units...
1
II
High
2mb. 1958-63.
106.10
f
—
United States
106.10
J
106.10
Treasury Bills—See previous
page.
United States Treasury Notes, &c.—See previous page.
2
New York Stock Record
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
Monday
Tuesday
June 29
Wednesday
Thursday
July 1
July 2
July 3
$ per share
$ per share
$ per share
$ per share
59
*56%
*1147s 1 41
58
58
*115
CENT
141
*57%
*115
5834
141
*5712
*115
Sales
STOCKS
for
Saturday
NEW YORK STOCK
the
EXCHANGE
July 4
Friday
July 5
Week
$ per share
$ per share
Shares
5834
*57%
141
*115
5834
Par
100
Abbott Laboratorles
4M%
47%
*32
47%
*32
*42
47%
*3018
45
473H
*41
44
*3018
473s
*41
45
*41
45
*41
5*2
18%
*12%
45
1834
39
14
39%
*%
%
*50
5%
18*2
*12%
39
534
18%
*18
14
*13
39%
*%
%
*50
4%
4%
«4
"i.
4%
"u
8%
*
CO
978
21%
8%
8%
7%
1034
21%
*62
7%
*6%
10%
21
734
*738
148
*148
*9
10
*9
*11%
578
71?
11%
21%
*62
148
12
57.
*56
59
27%
*1134
27%
13%
1%
11%
8%
8%
8>4
*678
7
*738
68
734
*U16
;
7 >8
11%
21%
8i2
Closed
7*2
11%
2U2
m2
21
*62
7*4
73«
147
*9
10
11%
1134
1134
578
59
1134
pendence
578
27
27%
*5814
27%
13%
*12
15
*1458
60
61
60
1%
534
*5814
*45
*1458
*7
61 >8
Day
71*
*9
3,900
400
10
12
6
12
6
59
1u
6%
1%
12
*934
46
*45
""600
1278
1%
Allls-Cbalmers Mfg
No par
Alpha Portland Cem..7Vo par
5%
45%
6%
"TOO
145g
14%
100
6234
3,900
7%
200
7%
3712
*7
*36%
J In receivership,
a
conv
preferted
Amerada Corp
1
50
No par
Am AgricChem (Drt>...Vo par
Am A rtlnee Inc
10
American
37%
Def. delivery,
preferred....
No par
100
Amalgam Leather Co Ino
12
62
61
June 22
634June 11
3,666
"loo
4%May 21
7 May 21
15%May 21
Bank Note....
8% Deferred
n
New stock.
87gMay 15
10
June
5
4%May 21
55 May 28
21«4Mav 22
11
June 10
l%May 15
9%May 28
38%May 23
12% May 22
4134 Jan 12
8
33% Apr
31% Mar
6% Aug
27% Apr
8
19% Jan
4
5
49% No*
56% Oct
11% Sept
25
Mar
27%
Jan
Sept
Apr
68
Feb
68
6% Dec
% July
5% Aug
4% Sept
10
Jan
2
Sept
Mar 26
Jan
8
1% Jan 8
14% Jan 3
12*8 Jan 4
17% Apr 8
26%May 10
73% Mar 21
12% Apr 16
182
14
Apr
9
Jan 25
16% Apr 23
9% Jan
2
Jan
8
June
14
Apr
May
62
6%
Apr
151% Apr
10
68
1% Sept
18
69
I47g 8ept
9%
Apr
Apr
6
Apr
15% Sept
113s Jan
71
8
54%
4
28
Apr
Apr
48%
9
12%
Apr
I97g
2% Jan
9
1% June
12
50
Aug
58% Apr
5
21
Jan
4
16
Apr
Apr
75
Apr 15
26
June
June 10
12% Apr
9
June 18
50
3
Ex-right.
Jan
$
Sept
117g Oc«
200% Sept
Jan
Apr 22
Sept
23% Sept
28% Jan
16
18
Feb
20*2 Sept
417* Jan
7378May
6
v
share
45%
%
35
Ex-dlv.
19
Sept
157g Sept
per
71% Rept
149% Sept
58% Jan 2
78 Mar 11
10
r
Apr
Apr
9
....50
rCashsae.
53
120
3
7
534June 10
Highest
$ per share $
Jan
9
77
4
Feb
48% Apr
62% Apr
May 21
3sJune
share
70% Feb 14
147
May 21
135%June 10
Corp
per
4
1
59
29%
%June 10
$
60
Allied Chem?Mu A Dye.No par
Allied Kid Co
5
Allied Mills Co Inc
No var
Allied Stores
i5
7%
Allen Industries Inc
3,500
62I8
*36L
Bid and asked prices; no
sales on this day.
9
Allegheny Corp
...No par
6M %
A with $30 war. 100
5M% pf A without war. 100
1,400
*934
1*4
600
10
""360
*58%
29%
15
*36
Air Way El Appdanoe._No par
"7*34
*1134
1%
12
7%
148*2
12 ?8
45
37%
Alaska Juneau Gold Mln
$2.50 pnor conv pref.lVe par
28%
61i4
73s
37%
2,600
Alghny Lud St! Corp..No par
AUegA West Ry 6% gtd-_100
28
1*4
*934
10
No par
2,500
*1134
45
No par
Corp
2,200
13i8
12
4% May 28
16%June
12% June 15
36%June 10
11%
283g
4534
30 May 22
3478May 25
21*2
*7i4
1134
6
59
No par
25
Air Reduction I no
*62
10
May 22
148*2 148*2.
Inde¬
..
148
May 21
110
Alabama & Vlcksburg Ry.100
Exchange
*9
*14%
*
7is
1178
2U2
4%
50
100
jLOOO
38
a;4%
Address-Muitgr
share
...No par
Acme Steel Co
Adams Express
Adamg-Mllllls
200
per
Year 1939
Lowest
Highest
No par
conv pret
Abraham & Straus
1,900
14
3978
*%
.%
11«4
19
39*4
45s
148
6
*36%
*13
5i2
Stock
%
15
*36%
*18
14
10
*55
*7
19
*i2
%
21
5'4
39%
4*
12
61%
7%
38«4
5%
*
4634
7%
3834
4%
*934
*14%
*18
*13
*l2
46%
*61
19
4014
4%
*62
73.!
149%
5'4
14
391*
*12%
*1%
*934
45%
*1*8
534
*62
4%
%
5%
$
Range for Previous
100-Share Lou
Lowest
141
*32
5%
Range Since Jan. 1
On Basis of
9% Sept
46%
Deo
Aug
Jan
Jan
3% Sept
21
Sept
74*2 Sept
24*2 Sept
47
Dec
17%
Jan
60
Jan
Called for redemption..
Volume
HIGH
AND
SHARE,
PRICES—PER
SALE
July 1
9 per share
July 4
July 5
$ per share
$ per share
Shares
*5*8
6*4
534
534
5*2
5h
*36
37
37
3734 *35*2
37*2
*13212 134*4 *13212 134*4 132i2 132i2 *132l2
95
96
96
94
9514
9612
97*4
*171
175
*171
175
*171
*170l4 175
23
23
*22*4
23l4 *2234 23l2
23*2
*40
41
*40
*3934
41
*40l2
41*2
19
18*8
18l«
18*2
19
18*4
18*4
*101
*101
104i2 *101. 104*2 *101
104
*11812 121
*118*2 121
*11812 121
*119*2
*58g
*6i8
*4i2
*412
IOI4
*9
*76
*158
78i2
1*4
4
4
1*8
*312
1*4
16
4
4
llf
15
*312
*12i4
24l4
4i8
1378
25l2
*25
*52
*15g
5*8
9i2
78*2
1?8
4i2
*9
*1H2
134
*4l4
*6*8
*4l2
*9*4
76*2
*158
*312
7
*76
13
*4
*614
7
5*8
*15%
13
4*2
..
*412
*9ig
1*2
53g
10
76
1*2
15
4i8
14
25i8
*1178
4
4
28
*25
28
*26*2
54
52
52
52
*1*4
*1912
3l4
23
*37
40
*4812
2 <4
*1*4
21
3%
314
*37
2212
334
22
51*2
49
35g
49l2
425g
578
4258
6*8
43
43
2212
6
5012
43l2
6'4
145
145
11
11
*60l4
8%
*144
1078
60
63
*8
8*s
*7
7
71«
26
26*8
*37
26-*g
37
37*8
*133
48*2
1214
■
1134
1112
*2
23g
145
534
1078
834
*8
7*8
*634
2634
36
37
138*4
54
54
♦5312
57
*140
14412 *140
144*2 *140
23l2
23l2
23*4
24
23l2
*11*2
1134
11*4
11*4
*11*2
*11*4
1378
*1134
1378 *1134
*1334
14*4
1334
1334
1314
*75
*75
77i8
77*8 *75*2
138*4 *13478 138*4
*54l4
*12*4
*13
14
*1413s
*312
912
*8478
Q
*3914
534
*33
*23
*1312
*108
5*4
5*4
*33
1978
*2
*33
*23
26
*2278
1512
*14
15
*14
109
109
109
*93g
934
23g
*2
9l2
2%
5*4
25
*24
25
*24
25
101
*100
103
*100
103
*40
*
75
2914
*7
*4i8
*
29*4
7*4
434
102
5
5
*60
68I2
*55
6434
*29i8
34l2
86
16
*85l4
1534
47U
412
4*4
43l2
4714
1134
*40
*
4l2
*7
4*2
*70
5*g
29
734
412
102
18ft
18g
900
Amer A For n Power ...No par
15*4
%7 preferred
No par
*35g
15*4
4*8
400
4*4
*12
100
17 2d preferred A ...No par
*26*2
5178
*134
*1934
3*4
158
*12
102
*20*2
22
*3*s
3*4
*58
21*2
*87
95
100
22*4
35s
*22
2284
110
358
5,200
Amer Power A Light ...No par
49
49l2
49
49
900
43
433g
4338
6
6
No par
95 preferred
No par
Am Rad A Stand San'y. No par
Z22*4
3*2
3*2
6*8
107g
IH4
Stock
62
5*4
66
*83g
9*2
41
*38
95g
*4*8
9h
4*2
24
*21
8*4
8*4
9'4
41
*9*2
103g
4*8
4*8
24
8*4
*21*2
8*4
*26
112
*103
28
28*8
273g
28
183g
183g
183s
50
50
50
76l2
300
7734
358
Q
Q
90
8*2
377g
5*4
*33
834
38*4
~
5*41
20*8,
*227g
9*2
2 34
7,100
100
Anaconda W A Cable..No par
AncborHock Glass Corp. 12 50
40*2
29*4
29
29
7*2
4i2
*7
41
*
75
7*2
*4
784
*4*8
4*2
5*4
*60
*47
47
11*4
11*2
*10
1134
*12
14
*58
37S
*8
9*2
*4*8
9*2
45g
*20*8
26
8*4
8*4
110
*103
61*2
*45g
*2*8
*13*2
434
14l2
334
45g
23g
15
47g
1434
384
45g
*8
9
40
10
10
5*8
8
100
Aitloom
25
*103
27
27*4
*18*8
18*4
50
50
27
*25
253g
25*4
267g
76*4
74*4
7484
75*4
7534
75*4
*118*4 119i2
1187g 1187g *118*4 120
18
17*2
18
17*2
1734
*17*2
*17
17*4
*17
17*4
18*2
18*2
7*2
734
7*4
7*2
7*2
75g
17
17*2
17*2 *16
*15*2
*15*2
*25
46
61*2
120
*458
"600
2*4
2*4
15
4*8
1434
100
100
1,300
"MOO
100
100
10
434
143g
'""300
"5" 600
5,300
1,900
358
334
478
*8*2
47g
9
1,000
405g
80
103g
300
434
200
*4*8
26
8
Tiro
26
26
*233s
700
110
25
27*2
'I"900
18*2
700
5034
200
*2412
26*2
*26"
27
*17*4
18*8
7*8
*165g
17*2
200
7434 757g
120*4 120*4
*1784 18
*17
17*2
13.300
7*4
3 500
7*8
7
No par
6
600
300
100
4
May
35 May
58*2 Jan
225gMay
6*8 May
35gMay
96*2 Jan
48gMay
7484 Apr
49*2May
June 24
7
May
43*4June
57
......100
—25
No par
lll*2June 10
18i2May 21
.....50
20
105
102
May 28
June 17
29*2May 14
102 May 22
7*4 June 11
6334 Feb 27
24i2May 28
17*4May 22
pfd92.60d v ser'38No par
Best A Co
No par
Bethlehem Steel (Del).No par
49*8June 25
22i2May 21
63i2May 23
7% preferred
100
Bigelow-Sanf Corp Ino.Ne par
Black A Decker Mfg CoN> par
l09i2May 22
14
May 21
15 May 15
584May 15
13*2May 21
11 May 14
Pr
N# par
Inc
5
17*2
*11
14
*11*2
13
*11*2
13
*11*2
13
♦1658
*11*2
Bliss A Laughlln
13
Bloomlngdale Brothers. No pat
*52
623g
*52
62*8
*52
623s
*52
60
*52
60
Blumenthal 4 Co pref...-.100
*
Bid and asked prices; no
sale
on this day.
I In receivership,
a
Def. delivery,
7
5
Mav 23
20*4May 21
Blaw-Knox Co
n New stock.
r Cash sale,
25
884 Sept
9
65.
Jan
6
3
13
Aug
Apr 24
41
Aug
3
4
11
Apr
22s4 Jan
63
147g Jan
33g Jan
25
Mar 20
121
Mar 19
26
x Ex-dlv.
3*8 Aug
Aug
Sept
Apr 26
Apr 27
2*s Apr
225g Deo
112
Oct
2Ut Sept
35s Apr
Mar
6*4 Jan
32
Jan
Apr
28
63*4 Jan
Apr
8*2 Sept
10**s Jan
140
17*2 Jan
Sept
11*» June
70
50
Mar
Jan
1234Mar 5
118g Feb 23
375s Apr 15
70
338g Jan
145s Apr
93
18
Feb 23
Mar 13
175*4 Mar 12
89*2 Apr 15
91«4 Apr 9
151
May 3
8
4
101i2 Apr 15
12
Apr 23
62i2 Apr 23
584 Apr
128g Jan
8*8 Apr 10
45*2 Apr 22
32
Apr 9
9
Dec
Sept
25i2 Aug
35i2 Apr
127*2 Sept
59i2 Apr
Jan
79*2 Jan
1584 Jan
5*8 Sept
40*s Jan
124i2 Mar
*26"
Jan
7
Feb
68*8 Nov
49
Nov
183s
Jan
162
Jan
2284
Jan
80*4 Sept
158g Mar
20
Jan
46*4 Sept
63
Sept
144
Nov
69
Aug
Oct
153
July
20*8 Aug
8*4 Apr
9
Apr
41
Jan
140
15*4 Apr
75*8 Mar
137a Dec
148
Apr
73
Apr
75*4
132
Oct
Sept
4*8 Sept
8*8 Apr
78
Apr
14*2 July
18*4
Oot
Sept
97*4 Sept
18*2 Jan
171*4 Dec
87*2 Jan
8934 Jan
153*4 May
883 Jan
145s Jan
34
96
Aug
38g Apr
Apr
15*4 S
64*4 Sept
4
Aug
12
28«8
.
Sept
24
Apr
48
Sept
20«4
Apr
Apr
40
35
Sept
Jan
131|
Apr
275s Aug
Feb 27
Apr 30
21
225gMar
112*sMay
1584 Apr
4*4 Apr
36*2
HO**
75g
64*4
IO84
Apr
308g
8
8
2
12
10
41*4 Apr
Apr 22
Apr 22
Apr
1*2 Apr
8«4
5478
21
Sept
4
Deo
37
Sept
Apr
May
106
35g Aug
3384 Apr
60
60
97
Deo
884 Sept
Sept
Mar
65
4384 Apr
4
81<4 Sept
58
Jan
11
4
7*2 Sept
58s Apr
13
Mar
68
Apr 20
Apr
9i2 Jan 4
1017S Apr 18
Jan 11
9
73
558
Jan
Jan
10*2
Oct
Deo
100
Apr
108s
Jan
8
70
Jan
78«4
85
Jan 16
41
Apr
81
Oot
45
Mar 26
30
Apr
38
June
90
Jan
100
June
21
Sept
80
May
l00i2Mar
25*4 Jan
8
3
22*8 Apr 20
22i2 Apr 20
27*gMay 7
Bayuk Cigars Inc....-No pari
4% preferred
....100
Bangor A Aroostook.......50
Conv 6% preferred—...100
Barber Asphalt Corp
10
Barker Brothers
N* par
Co
Jan
8*sJune 6
9*4June 5
l8*4May 21
614% preferred....——50
Barnsdal* Oil Co
5
100
Corp......No par
Austin Nichols
....No par
95 prior A
Ne par
Aviation Corp. of Del (Thel.3
Baldwin Loco Works vt oi—13
Baltimore A Ohio........100
Beatrice Creamery
Jan
57*2 Apr 24
23*2 Jan 3
102
Deo
1®8
14*2
39*2May 21
9®8May 22
112i2June 11
4
May 21
17g Feb 7
10 May 21
4igMay 15
123gMay 23
284May 15
3*8May 15
7*2June 11
34 May 21
8*2May 21
4 May 15
20 May 21
7*gJune 10
5% conv preferred..
Beldlng-Hemlnway
No par
Belgian Nat Ry» part pref
Bendlx Aviation
5
Beneflcla. Indus Loan..No par
27*4
*18*s
*17*2
50
6% preferred......
Atlas Powder
100
*49*4
18
4% conv pref series A... 100
Atlas Corp
6
Preferred x-warrents.No par
51
75
73*2
119*2 120
25
Beech-Nut Packing
18*4
27
....100
5% preferred
200
*49
267g
18*8
Fe.-lOO
Atlantic Refining
Beech Creek RR
31
*28
100
...
5% preferrred
..100
Atlantlo Coast Lme RR—100
Ati G A W1 88 Lines
1
95 preferred w w
*1017g 110
110*2 112*4
*734
8*8
5% preferred
Atch Topeka A Santa
1st preferred
"600
110
*103
Associated Dry Goods..
Atlas Tack
5*4
*13*2
Corp.....—No par
100
1
6% 1st preferred....... 100
7% 2d preferred
100
Assoc Investments Co. No par
7% preferred
*llll2 113
*2 113
*23
61*2
*95s
263g
*111
7
7
*4412
*20*8
734
26
734
26
21*2
*10478 10734
21*4
*39
45g
*4*4
*20*8
15
*115
38
38
38
11*2
*9*2
*12
*114*2 120
47g
9*2
*5*8
No par
96 conv rrlor pref
100
"MOO
102
*70
102
5
7% preferred—....—100
Armstrong Cork Co
No par
Arnold Constable Corp
5
75
700
*45g
5
21
21
4
21
22
22
12
22
1
22
29i2June 18
82 May 23
13 May 21
11*2
H34
47g
15
378
June
Armour A Co of Illinois
47*2
3ig
134June 17
97i2June
47
15
21
May —
12i2May 21
107 June 4
8
May 21
Archer Daniels Mldl'd.No par
500
484
145g
June 10
May 21
Armour&Co(Del)pf7% gtdlOO
200
*2*8
18
20
100
3,500
*13
35
"i~6o
16*2
5*8
4
60
1
233, Feb
2»8May 21
Apr
3
May 18
lli4May 21
May 28
May 22
70 May 21
43i2 Sept
Mar 29
12«4May 28
747gJune 13
69
Sept
Sept
8
Apr
37. Apr
35
17*4 Jan
145
33
Jan
255g
4I84
66*4 Apr
1
3
12
5
23
103
29
Apr 22
38
9
26
3,800
1,300
Apr
27« Mar
Feb
103
87*4
*45g
No par
Andes Copper Mining—....20
A P W Paper Co Inc
5
95 dlv pref
12
Apr 15
*23
458
40*8
24i4 Jan
152i2May
4*4May 22
25
Copufer Mining..50
12*4
147
May 25
19*2May 21
9*4May 22
♦100
412
25*8 Nov
6*4 Sept
35s Jan
17j Dec
139
24
4i2
Apr
683
484 May
April
23
412
8
50i2May 3
65g Apr 23
Feb
2*8 Sept
54
1
Anaconda
3058 Nov
984 Jan
5*2 Sept
6*4 Apr
61
30*4May 21
122
May 28
5l7aMay 22
100
Preferred
95 prior conv pref
1534
63
May 21
May 15
25*2May 21
2,000
100
June
5
5*4May 21
83isJune 11
6
May 21
Amer Zlno Lead A Smelt
n"800
5
7
June
Aug
17*2 Sept
8'4 Feb
11*8 Sept
18*4 8ept
86*2 Sept
Apr
Apr
54
136
132
5
163
11
Apr
10
June 12
96 1st preferred—No par
No par
Am Water Wks A Elec. No par
American Woolen
87
114
Inc
1,400
1,000
16
114
100
10
6% preferred
87
*56
25
Common class B
50
*2
Tel eg Co
100
American Tobacco....... 25
Amer Telep A
Am Type Founders
15*2
*8
100
1,000
247g'
*14i2
*108
Refining—100
"""400
42i2
195g
American Sugar
Preferred
Am Sumatra Tobacco.-No par
3~800
*86
*1017g 110
*10178 110
*10178 112
*28
31
*27*2
31
*27*2
31
♦111
115
*109
115
*10912 115
*75s
8*8
*75s
8*8'
*75s
8*8
77g
*49
100
15
1603s
35g
No par
American Stove Co
""260
76
76
7734
31
*18*8
14
*14178 147
*108*2 115
77g
American Stores......No par
*76
*1017g 112
*27
Amer Steel Foundries..No par
13*2
*133s
100
200
16
26*4
112
*12
..100
25
...
109*2
4
57
23
~M00
12l2
86
26*4
2612
26*2
26*2
*111*2 11484 *111*2 11484 *111*2 11434
*23
25
23
23
23*4
2412
*103
24
24
*12
Preferred
American Snuff.
May
Apr
Mar
Mar
Apr
2^8 Jan
28*4 Jan
45
9*2May 15
Ship Building Co .No par
Amer Smelting A Refg.No par
6% preferred
1534
10
12*8
21*4
*8*4
*140
15*2
11*2
*38
100
200
59
144i2
85
*912
12*8
21*4
64
1,800
6
48UMay 21
Amer
Oct
100
25*2 Oct
115*8 Mar
7*4 ian
_
25
American Rolling Mill
Oct
64
Dec
May 23
135
40*4
30*4 Aug
13*2 Apr
Aug
28*4May21
4'4May 21
.100
Preferred
560
34i2
*11*4
96 preferred..
200
*29
11*2
No par
American News Co
200
3412
47
100
8*2
28
*29
47
*56
*53*2
93g
234
preferred..
conv
4H% conv pref
100
American Safety Razor.. 18.50
American Seating Co..No par
*13414 139
15*2
6%
100
36*8
36
26
93g
2,100
*14
*14
*2
120
160
*21
Co -No par
Amer Metal Co Ltd—-No par
7*4
8*2
*7
*26*8
53s
4212
20
Amer Maoh A Fdj
61*2
*59
15
195g
900
10,100
*140*2 145
*11
11*8
143
100
Preferred
June
116*2 Sept
179
July
16*4 Aug
5
4H2May 31
10 May 22
38 May 25
10 May 18
l'4May 15
1234May 28
90
July 3
20*4June 11
2
May 15
3434May 21
50
pref
conv
American Locomotive—No par
Amer Mach A Metals..No par
"""600
34*2
8534
4738
*113*4 115
*113ig 114
*4*2
5*8
*434
5l2
*2*8
2*g
23s
*2i8
15
*13
*13*2
15
5
47g
5
5*8
1484
1478
1434
147g
384
37g
*334
37g
5
5
47g
478
5%
90
800
11*4
23g
*2
61
473g
21*4
3
30
14*2
11*4
21*4
21*2
2112
*105l4 10734 *105*4 10734 *10514 107»4 *10478 10734
7
7
7
7
7
7*8
7i8
7i8
*45
46
*44l2
4534
*44i2 46
4578
4578
*2H4
Amer Interaat Corp..-No par
*13*2
*55
16
15
100
11*2
23g
14l4
100
5*2
68*2
15
11*2
11*4
No par
pre!
*2l4
127g
11*2
1,500
61
85*2
*12
""100
*55
*29
*10
non cum
47
49
*60
31*8
85l2
11
6%
Amer Invest Co of 111—No par
1,000
39
*37
1
American Home Products
American Ice
53g
68*2
*5*8
5*2
68*2 i
6434
15
100
Apr
Sept
Jan
Aug
9
15*4
91*4
3*4
6*8
9*8May 28
May 21
3 May 28
23 May 24
45*2May 21
lSgMay 21
18 May 23
..50
6% conv preferred
83*4
8
57*4 Sept
140
4
5
18
25
8
16
8
8
9»4 Apr
8*4 Jan
23
10
American Hide A Leather... 1
49
1278
*70
6484
*9
"""560
2*s
22
3*2
Amer Hawaiian SS Co
*45
41
*55
31!8
52*2
*134
1,100
*46*2
12*2
*33
*60
*55
"2"6oo
12l2
75
*4*8
26
4*8
28
Apr
Feb 23
13
__
No par
96 preferred
1358
*518s
28
517g
2*8
No par
47
12*4
*46
29
734
4*2
*70
110
4*8
*26*2
2534
4lg
40
*4634
40
*7*8
100
76
*4
125s
4*8 '
5*4
912
9*2
100
preferred
150
33*4May 10
51*4 Jan 2
23*2 Jan 3
112i2 Apr 22
140*2 May 9
2UMay 21
*4l2
26
25
*100
5*4
68*2
*60
*12
11*4
100
1*2
1*2
28*2
*
27
28
21
200
7
7534
conv
125
116*2 Jan 29
176*2 Jan 16
21
5
5%
-
47g
9*2
76*2
I84
*3*2
40
42l2
75
29
May
May
May
May
34
100
Am Coal Co of
13
*6*s
7
5
24
45g
4*2
Preferred...
Am Chain A Cable Ino.No par
American Chide
*4*4
*108
9l2
234
101
18
15g
*118*2 121
*33
109
*2
87
164
Allegh Co NJ25
American Colortype Co
10
Am Comm'l Alcohol Corp..20
American Crystal Sugar.... 10
6% 1st preferred
100
American Encaustic Tiling... 1
Amer European Sees..-No par
104
*101
121
13
*14
20*4
26
153g
*93g
25
3i2 Aug
3184 Apr
June 28
135
13i2May 28
100 May 21
112 May 23
9 May 23
6*2May 18
4*gMay 18
8 May 21
75*2May 27
lUMay 22
3*2June 17
1 May 15
10»4May 21
104
*58
42
1912
2018
*24
412
500
*8
834
8i2
7*8
*684
7*8 Exchange
28
28
27*2
Closed
36*2
35*8
35*2
138*4 *135*8 140
Inde¬
58
*5334
58
14412
144*2 *140
24
235g
235g pendence
1134
1134
1134
*12
Day
13 78
13*2
13*4 *13*4
145g
*76
79
79
5*8
53g
43
20
257«
109
*93g
19
1593s 1597g 159*2 160*2
*75
75i2
7534
*7538
76*2
77
77
773g
76*2
77
77*4
77*2
*1413g 148
147
*14138 145
♦1413s 145
*334
378
334
334
378
*312
334
95g
8*8
9*4
87s
9*8
87g
9*4
*75
89
87
87
90
*7978 87
Q
9
9
834
9
8*4
8*2
39
39
36
38
*37
40
38*4
43
1978
11*8
15
*14
100
19
15912 161
75
75*4
1601s 16H8
75i2
773s
15
41
19
143
63
*58
26i2
6
145
145
IH4
60
22*8
3*2
237g
41
May 24
-.100
42*2
534
22*2
3l2
*4912
*22
12*2
45*4' *45
"MOO
23*2
May 21
American Car A Fdy_.No par
American Can
Preferred
23*2
28
128
00
95
95
49
1,600
175
*171
1
Fdy.No par
5H% oonv pref...
100
9 per share 9 per share
3
3
93gMay
45»4 Jan
SigJune 26
Am Brake Shoe A
30
41
*37
*90
*90
50l2
*42*8
33s
40
95
13
4
217g
*3*4
*37
*90
13
12*4
4514
1134
*2lg
*13i8
3*4
2is
*13*8
46t4
11*4
2*8
5234
*19
33s
28
14U
*4812
12*4
*45
*2
21
13
253s
4i8
*1*4
40
95*8
175
*15
4l8
48*2
1234
46
1H2
2*4
1378
49
*1212
11*4
2434
2i8
1*2
15
*312
4
25
4l8
7
76
15*8
135
*4
*6*4
American Bosch Corn
300
Highest
9 per share
15*2
.
*4
200
Highest
Lowest
Loxoest
6
35
*132l2 135
95
95*4
10Q-Share Lou
9 per share
Par
35
*5*2
5*2
37
*35
13
On Basis of
Week
$ per share
9 per share
*4
EXCHANGE
Friday
July 3
June 29
$ per share
Ranoe for Previous
Year 1939
Ranoe Since Jan. 1
STOCKS
NEW YORK 8TOCK
the
NOT PER CENT
Thursday
Wednesday
Tuesday
July 2
Monday
Sales
for
LOW
Saturday
65
New York Stock Record—Continued—Page 2
151
Jan 25
110
9*8 Mar 19
Feb 14
61
80*2May 13
12484 Jan 10
8*8 Mar 4
6*2 Mar 4
3218 Mar 4
8*8 Apr 15
1978May 10
68g Jan 2
Jan
8
*49»4 Dec
16
Apr
684 Aug
912 Aug
18*8 Sept
104*4
7
Apr
Apr
435g Apr
42*8
Oct
Jan
Mar
71
30*8 Jan
2684 Sept
Sept
26
248ft Oot
110*2 June
93s July
488s Aug
50
Aug
71
116
June
127
Jan
4*4 Apr
2
Apr
8
Sept
16
Nov
3*8 Aug
9*8 Aug
37s Aug
484 Sept
Dec
147g Jan
62*2 Jan
11*2
49
16*8 Apr
8*s Jan
10*4 Aug
6
Apr
29*8 Mar
138g Jan
24*4
Dec
Apr
11*8 Aug
Sept
3*8 Jan
30*2 Jan
95g Nov
21*4 Sept
8>4 Jan
11U Sept
30*2
87*4
21*2
Jan
Jan
Jan
13
Jan
33
Feb
1912
Jan
3684 Apr 17
115*4 Mar 12
15*4
109*2
Apr
268g Nov
Oct
1J512 Nov
35*4 Apr 16
112*8 Apr 22
17
Apr
98
Apr
107*4 Nov
2784 Sept
104*8 Sept
128*2 Aug
105
May
32
Apr
7
11
Jan 24
127
9
2
9
22*2 Mar 13
5684 Jan 18
978 Apr
67*2 Apr
36*8 Apr
Jan
39
3
89«4May 10
125*2May 10
34*2 Jan
22*2 Apr
11*8 Jan
23*4 Jan
16
80
Apr
Mar
p Ex-rights.
7*4
52
168ft
17*8
48*8
32
Apr
Nov
Apr
Apr
Apr
Sept
50*4 June
99*4 Apr
28
32
July
-
95g
735g
Nov
Oct
Jan
33«4
22*8
Deo
56
Deo
Oct
57*2 Mar
100
Sept
120*8 Sept
157ft
Apr
32*4
14
Apr
24*2
Oct
Apr
17*4
Jan
22
Dec
36U
13*8
Dec
23*2 Mar
35
6
Apr
57
8*2
Called for redemption
Oot
Oot
Deo
New York Stock
66
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
CENT
Monday
Tuesday
Wednesday
June 29
July 1
July 2
July 3
$ per share
$ per share
% per share
$ per share
135$
1334
2U2
21i2
135$
1334
*21i4 2134
106l2 106i2
105
I3h
141$
133$
2U4
2114
*2U$
107
Thursday
Sales
STOCKS
Jot
Saturday
105
NOT PER
Record—Continued—Page 3
NBW YORK STOCK
the
EXCHANGE
July 4
Friday
July 5
$ per share
Shares
13»2
21l2
1334
2H$
1334
2U$
240
120
*57
60
*57
60
*2084
22
*2114
22
*2U4
22
22
22
19
19
19i2
15
193$
147$
*U8
1934
15
1512
15s
1514
1534
185$
1512
*U8
30
30
29
1914
1534
15$
30i2
*215$
1834
1534
*U$
22
19
U4
30
55s
5'2
9
93$
9i8
1714
17i4
*31
43
55$
55$
85$
884
*834
1634
1714
1714
55$
9
87$
1714
*U$
*2834
534
165$
1634
*307$
33
*307$
33
*31
34
43
43
43
43
*4214
3%
*30
43
*31
3
3
3
3i8
3
33$
201$
201$
1934 20i8
203$
20-'% 22l2
10978 *100
1097s *105l2 110
*107
no
18
I8I4
1714
1712
1714
1734
*175$ 18
*29
3282
*2834 32
*2834
*2884 32
*18>4
18'2
I8I4
18U
18
*1734
18l2
18
1
*3
712'
7l2
102
714
7i%
73$
73$
104
*1025$ 104
*103
104
334
334
334
334
334
384
29
29
2 914
29
2914
29
334
*35$
*29
297$
5
5
5's
5
265$
27
25l2
*15l2
25'2
1534
15U
778
77$
734
2i2
2U
*0i4
*51$
*1812
234
*7U
*2-'%
6
27
*518
*1814
514
20
*25$
73s
5212
27$
73s
51$
27
27
25l2
2512
15i2
1434
151$
734
75$
75$
214
23$
*61$
23$
7
514
734
7h
14
712
*52h
*1034
*18 '
1912
*18
1912
*19
*45
53
*45
53
*47
1
Us
l's
61$
534
57s
12U
1214
12
12
*14'8
1412
137$
137$
*
6
34
27,
*3U2
*—.
33
*
*37,
*38
*81
27h
*2
*50
*1025,
45'%
2012
114i2
6U
*31l2
*38
*
*3n2
*38
11
June
1
*51$
31$
D$
Hi
X(1
6
*4
4>2
19i2
1834
4
4
*183,
203g
*16
I884
19
*1512
*96i2 100
3,000
Calumet & Hecla Cons Cop..6
400
800
Campbell W & C Fdy..No par
Canada Dry Ginger Ale
6
45gMay 21
May 21
1184May2l
Canada Sou Ry Co
35
334
102
2514
34
27g
Stock
34
27g
33
*4
27g
*33i8
Exchange
412
39
4's
1834
414
20
1834
100
*5
100
*82i4
85
*26
2712
2l2
800
50
200
Day
*44j4
25i2
2U2
*20l2
*1214
1212
*1238
4
4
*4
89
363$
37i8
89
*88
89
89
100
Century Ribbon Mills-No
3612
*89
2II4
1212
4i2
*4
37
367$
98
*89
*lig
178
17$
*1'$
*ll8
lh
*H8
*H8
1>S
17$
lh
8
1!8
*7
8
*H$
*H$
*7
8
*7
3io
S16
*i8
*316
l4
h
J$
78
si#
*71«
*9i2
"
'16
10
J8
h
3
3
*934
♦1
8
'8
71#
10l2
ioi2
*934
25
100
]$
h
1,300
34
100
700
*25
30
*27
30
*27
30
*45
*29
*45
47
*45
47
46
46
*43
47i2
100
J5 preferred
l4
l8
18
J8
12
*616
h
616
{Chicago 4c North West'n.100
Preferred
*14
*8
*14
*8
834
*10i8
*27,
*24
11
*91
627,
1038
*1014
91
9134
*4512
*23,
*30
*4512
*23g
234
31
*
62
*110
115
27
62
*30
*
alll
*1014
3
*'$
'4
300
*®16
7X6
100
812
1034
27g
*24
623g
62
ld2
*10U
91
92
*45*2
*23g
234
32
62
*'s
**16
h
*8
IU4
*24
3
30
6218
1038
h
*U
12
834
*10l4
*27g
*29i2
*
J3
*16
27g
30
6212
1012
92
____
234
30i2
*'4
*10i4
27g
*24
62
103g
*92
*4512
*23g
29
62
*8
1034
3
*103$
30
*24
IU4
3
*27$
6318
103g
------
400
30
-
—
-
63
8,200
10-3$
600
92
95
6334
103$
92
*45l2
*23$
284
291?.
30
62
30
212
30
500
62
*
if
-
111
*110
112
*111
112
*3012
33
*31'
*111
112
50
33
*30
32
*30
32
*75
80
31
*75
31
100
80
*75
80
*75
80
*75
28
*44l2
27i2
27i2
*27
27
2714
27i8
2734
3334 *3314
3384
*133U 140
*13314 136
27i2
3334
33i2
*103
106
*57l2
58
117g
12
*973g 99
*21i2 2212
*1075$ 109
*1514
*2
314
*2i2
*18
I8I4
1612
314
314
847g
*62
*2
314
*2
314
*2
'314
314
3U
3U
*2i2
*18i8
181$
414
*2i8
414
1834
18'g
18i2
3U
*2is
18i2
18's
18i2
18i2
183g
6i2
6
6i8
6
8234
705,
*80
80i2
78i4
*75
78
*62
78U
*414
*16i4
28i2
287,
*16i4
28i8
*95
98i8
*96
5
*1558
28i2
18
*95
345s
*100
28i2
98i8
345s
105
'
1J2
9'g
15s
3412
5
1734
*4U
347g
*100
103
9
343g
9
1*2
*101
834
15s
5914
60U
5834
597,
3014
303,
3018
13g
303g
*58
3014
♦Bid and asked prices; no sales
5
*62
78
*15l2
*2
314
*21$
*183$
*185$
6
*80
59l2
10312
87,
lh
lh
597g
60
30%
30l4
on
314
1834
700
19
11,200
82i4
200
-
300
1714
100
2,100
305s
{In receivership,
U4
*58
9
13$
61
3012
2,000
3534
1031*
834
a
981$
3034
—
~
«
3,200
46,700
Def. delivery.
100
t c
5$
56 preferred series
n
New stock,
r
65
6
6
114i2 Jan 10
8
80
Mar 28
48
Mar 26
41i2 Apr
.
4
Sept
43$ Sept
14
Oct
Dec
Apr
Aug
1
45l2 Apr
4
7i2
Aug
10
Apr
Apr
45$ Dec
35$ Sept
20>4 Jan
39i2 Sept
50U Nov
7$ Sept
17$ Jan
15$ Sept
95$ Mar
1514 Sept
131$ Jan
25
Apr
41
535$
Apr
9
Apr
79
Jan
943$ Oct
147$ May
9712 June
46i2 Sept
2i4 Apr
58
Sept
Mar
43$
34i2
15
Apr
68
Feb
69
1067$ Sept
2018 Apr
115
69
Sept
42
Jan
345$ June
2U4 Apr
39
78
4514 May
60)$
Jan
38
Dec
Mar
142
Feb 14
125
Sept
135
Sept
133
105
58
Jan
62i2 Dec
lll2
Apr
18
June
71
May 29
3
3i2May 21
1434May 24
273gJune 10
95
June 13
32
June 10
4
May 21
'4May 22
May 21
257gJune 10
y
Oct
Feb 21
June 10
xEx-div.
Jan
291* Sept
47U Sept
95i2 June
Dec
h Aug
Jan 30
Mar
Dec
30
2U2
7$ Sept
i2
Feb
43i4 Mar
105
Feb 27
69
Cash sale
jan
Mar 30
67i2May 28
42
Oct
Sept
20
4'4May 22
par
67$
96
527$
15$ Sept
13$ Sept
i4 June
4'g Apr 26
40i4 Apr 18
98i2June 28
35i2 Apr
8
112i2 Feb 10
24
May 10
263$
26i4
7i2
93i2
No par
Jan
5$
16ig Apr 15
May 21
May 21
Commonwealth Edison Co. .25
514
63
May 23
June
3034 Sept
11312 Aug
1214 Sept
1434 Sept
131
12i2May 21
8
Dec
21
16i2May 21
97
30i4
10"7$ Aug
191$ Jan
7212 Mar
1$
65$ Mar 25
33i2 Apr 3
915$ Apr 8
I414 Jan 26
16
par
Sept
24
t c No par
Commercial Sol vents ..No
Commonw'lth & Sou..No
Apr
Apr
l2 June
534 Apr
4 M% conv preferred
100
Comm'l Invest Trust-.No par
54.25 conv pf ser '35.No par
4
94i2 Mar
12214 Mar
6412 Sept
14
Jan
5
52.75 conv preferred-No par
Commercial Credit
10
9i2
44
May 22
No par
Sept
21
100
v
4
Mar
134May 15
May 17
Columbia Gas 4c Elec__No par
6% preferred series A... 100
Oct
13$ Sept
li4 Aug
3
«4 Apr
74
May 16
465$May 16
16
8534
Apr
Dec
Apr
305$ Aug
2
2.50
v
Jan
2
Columb Br'd Sys Inc cl A.2.50
5% preferred
Columbian Carbon
Jan 16
Jan 24
100
Class B
27
1U2 Mar 28
May 21
94
65$
z35$
•"% Jan
June 19
108
51$ Aug
8
Jan
100
4% 1st preferred
4% 2d preferred
1,100
15,100
No par
Colo Fuel & Iron Corp .No par
Colorado 4c Southern
100
Columbia Plct
287$
*101
No par
June
10
May 21
22
21
22
32
60
June 18
25i8May
25i2May
131
May
99i2May
56 May
10i8May
3i2 Apr
3i2 Apr
85i4 June
357$ Jan
53i2May 28
May 21
334 June
3s Jan
June 19
56
Oct
li8 Jan
1434 Jan
May 21
2i2May 21
26
Apr
Apr
Aug
18i8 Apr
23$ Apr
1031* Sept
3
Jan
3$ Jan
«4 Jan
24
700
6's
423$
97i2
2i2
2ig
12i8
Clark Equipment
No par
CCC 4c St Louis Ry 5% pf. 100
Clev El Ilium 54.50 pf.No par
5% conv preferred
77$
Apr
33
Apr
Aug
98
54 25 pref
Collins <fc Alkman.
135$
Sept
85i2 July
17
z60
par
38i2
84
*43
Sept
98
47$ Apr
9
108
Apr
8
9
June 25
No
110
Jan
4U2 Sept
3034 Apr 18
29i2Mar 23
•i«May 8
i4May 21
77gMay 21
10
Apr
6i4
Jan
Jan
June
Jan
May 18
No par
No par
47
Jan
May 15
Coca-Cola Co (The)
203$
Dec
22i2 Sept
2
Coleate-Palmollve-Peet
Apr
13
89
100
12
3612
47i2
45
Preferred
17«4
Sept
5
Special gtd 4% stock
50
Climax Molybdenum..No par
Cluett Peabody & Co..No par
3U Sept
105$ Sept
Apr
Sept
100
Clev Graph Bronze Co (The). 1
Clev & Pitts RR Co 7% gtd_50
Feb
Aug
91$
18
i8May 20
24
Jan
22
100
220
33$
1714
28i4
35U
5
No par
6)4% preferred
City Investing Co
City Stores
414
47$
*96
834
this day.
200
17
*4i2
35
*101
15g
100
705$
98i8
Chrysler Corp
City Ice 4c Fuel
100
82
*96
9
22
*62
98i8
104
99
*78
100
No par
Class A
4,000
1134
78
preferred
Chickasha Cotton Oil
10
Chllds Co
..No par
Chile Copper Co
25
50
900
preferred. ..No par
Chicago Yellow Cab
58
705g
28i2
3434
103
22
434
17i2
28i2
35
1,000
*108l4 H0l2
314
*4i4
*16i2
28i8
18
355$
140
*57l2
1134
*975$
80io
*62
8214
70%
1,800
103
I884
6ig
8234
35
28
*132
314
414
18&s
81
*4i2
9
1027g 103
*1027, 104
103
IO3I4
*5712. 58
*5712
58
*5712 58
115$
117g
iih
ii58
lli2
11&S
*95
99
*963g 99
*97i2 99
*21l2 2212
*2112 22U
*21i2 22i2
108U IO8I4 *108U 110i2 *108i4 110i2
15
*14ig
16
1534
*1518 17
70&$
81
34
*34i8 35
13314 *132
138
6'8
414
185$
I8I4
6I4
*81
132
80
*4412
conv
par
(52.50) cum dlv No par
{Chic Rock Isl 4c Pacific. —100
7% preferred
100
6%
834
100
Pr pf
7ie
*'4
*8
100
Chicago Pneumat Tool-No
30
47i2
100
{Chic 4c East 111 Ry 6% pf-100
{Chic Great West 4% pf_.100
Chicago Mall Order Co
5
{Chic Mil St P & Pac..No par
400
101$
Preferred series A
177$
5g
47$
8«g Feb 15
39«, Feb 15
2U2May
106 May
30i2May 28
84i4June 17
7gMay 15
34May 28
6i2May 21
i$ Feb 28
i8 Feb 28
lgMay 13
i4May 21
8igMay 15
23i4May 21
41
May 22
30
*1$
3i2May 22
15'gMay 21
15
May 28
99i2June 22
3i4May 22
*12
101$
loig
1
Mar
Apr 16
4U2 Jan 10
22i2May 24
No par
*27
*618
6
{Chesapeake Corp
900
816
11
*934
5
ll34May 10
100
100
Chesapeake & Ohio Ry
9
6i4 Sept
163$ Nov
847$ Nov
July
57, Apr
107$ June 10
]8
h
*3i«
*1
h
h
2>2May 18
17i2May 22
17$
*$
*»16
16
June 12
106
3
Sept
9'8 Jan
2334 Mar
Sept
58
May
26U Apr 22
33g Jan
114U Mar
5
8
*l8
72
No par
3,900
1'4
*7
*H$
June 15
1734 June 28
U2May 15
Checker Cab Mfg
100
*U$
*7U
48
734 Sept
20
53
12i2 Feb 15
100
98
8
May 21
Jan 31
No par
Common
Apr
5
200
4i2
3714
119
May 21
Cham Pap 4c Fib Co 6% pf. 100
100
Jan
Jan
3414 Mar
30
137$ Apr
23$ July
63i2 Aug
11834 Jan
5612 Jan
35'2 Apr 29
30
203$ Dec
1834 Jan
Apr
1314
77
3ig Jan
75
June 10
May 21
Certaln-teed Products
80
Apr
Jan
4812 Mar
31$ 8ept
29i2 Sept
4i2 May
35
July
May
3
1,600
1,100
6% prior preferred
Apr 17
10
4
414
Chain Belt Co
Apr 18
Apr 3
3234May
9312
Cerro de Pasco Copper.No par
223$
1834
100
10012
*20i2
22lj>
135$
*1212
9
Apr
par
2,200
Preferred
Jan
Feb
Mar 13
Feb 21
Feb 21
45
3
A pi
25i2 Apr
IU4 Aug
65$Mar
100
27l2
414
100
*2034
100
Assoc-No par
Central Foundry Co
1
Central 111 Lt 4^% pref.,100
{Central RR of New Jersey 100
Central Vloleta Sugar Co
7
Jan
6
22%May 21
2
May 24
39'4May 23
160
Jan
6i2 Mar
57g Apr
I87g Apr
2i2 June
Jan
40i2 Jan
3i2May 23
37i2June 25
42i2May 15
35g
102
2U2
*1512
1212
*8614
*5
*3
23gMay 22
29i2May 28
75i2June
Apr
40
20 May 21
105i2May 22
5% preferred
Central Agulrre
""loo
3
53g
June 11
No par
*92
45,
21I2
1834
100
37
*2l2
414
19I2
*1514
2034
36U
10
18's
17g
*10914 112
27
12l2
37.
2,600
51
265g
2034
36i2
67g
11
Celanese Corp of Amer.No par
7% prior preferred
100
Celotex Corp
No par
260
*134
253g
15
4
26
100
Caterpillar Tractor
*18
35g
22
4
51
Preferred
1,300
1,800
117l2 11712
1
Carriers <fc General Corp
1
Case (J I) Co
......100
10
4 45$
634
No par
$3 preferred A
10
Carolina Clinch & Ohio Ry 100
Carpenter Steel Co
5
800
I03i2 10312
514
*123,
412
39
*23g
*4658
25
Cannon Mills
Capital Admin class A
*38
102
*2034
*4
100
Inde¬
pendence
100
Canadian Pacific Ry
1,700
4i2
Closed
*10914111
*2i2
3
*3
3
3512
*4
2
*92
2512
*15
' 100
100
May 21
6
12
5
*3
253$
1
2
14i2
3
*92
253s
.1
Jan
Jan
23U
4ig
1334
8112
15i2
267$
62i2
I7g
8ig
19i2
23i2
May 21
May 21
61
12
18lg
2512
"e'ioo
9
14
50
14i2
52
233,
5% preferred
Callahan Zinc Lead
75$
22
22
12
2
3r>g
200
13i2 Apr 22
28
24
143$
*49
102
"
l7i2May
2'4May
6i8May
39
May
12
*177g
*3
Butte Copper k Zinc
5
Byers Co (A M)
No par
Participating preferred-.100
Byron Jackson Co
No par
California Packing...-No par
40
H$
30
1414
2
*92
500
12
6
4i2May 21
12
51
334
1.300
7l2
55
1'$
10
7
6I4 Apr 22
May 21
5i2May21
5% conv preferred
314
7l2
2
Bldg dep7%pf-100
Butler Bros
514
'
1
Bush Term
2114
19l2
1818
102
Bush Terminal
Mar
Sept
8
Apr
2
*31,
33U Apr 29
12i2 JaB
181,
*92
Jan 19
3
100
800
53
...
55l2 Jan
6i4 Nov
4
291*
3,200
*177,
*1734
18»8
*1778
*134
2
*17g
*108i4 10912 *108l4 109l2 *108i2
*25,
3i2
*212
3
*2i2
*5
*434
534
534
5
Apr
Apr
Apr
943$
Jan
65$
734
51
*49
Apr
131$ Jan
106i2 Aug
1512 Aug
21i2 Apr
lli2 Apr
*18i2
33
41
2514 Nov
33
*47
*38
Jan
Apr
Apr
215$ Jan 10
*105$
4i2
151$ Dec
95$
175gMay21
12
33
135$
81i$
l2'4May 22
7i2 July 3
53
39
507$ Dec
301$ Aug
Apr
Apr
No par
19
*4
Jan
27
Burlington Mills Corp
1
Burroughs Add Mach. .No par
3
*
Aug
2
4434 Jan
6i4 Feb 17
20
jan
jan
53
Bulova Watch
....
Feb
413$
li$ Apr
73$ Apr
900
*19
3
734
157$
317$
Aug
Apr
Apr
3i4May 22
..No par
No par
Sept
Aug
Apr
7
May
6i4
47$ Sept
3434 Oct
800
*105$
18i2
34
33
434
111
Jan
Apr
Apr
41
10i$ Feb
May 23
May 21
Dec
Aug
32
1,300
*47i2
*13.1
21
24
22
1434
75$
23$
*47
27$
51
3
100
Jan
Dec
Jan
2634
85
*80
85
*82
85
*8214 85
28
28
27i2
27
27U
2612 27
23,
238
23,
238
238
23g
2l2
507,
4738 473g *45'$ 4714
4714 4714
1037, *10212 1037, *102i2 10378 *|102i2 1037g
45'%
447,
45
4412 4434
4334 44i2
26
2612
26I4
2534 263g
2534 2534
114i2
11412 115
115
115
11534 117l2
6'4
6I4
63$
63g
6:
63g
67$
*50
100
No par
1
Jan
Dec
Jan
2714
*53
6<4
6i4May 23
97 May 28
1414
39
*4
4l2
39
Bullard Co
434
8
61$
14
3
2,300
7% preferred
Budd (E G) Mfg
7% preferred
Budd Wheel
5
Maris
3434
28i2
12U2
63i2
Apr
27
514
2034
H$
*111$
34
3
3
50
170
55
U$
13i4May 21
May 21
1434May 21
par
4
107i4May 6
2512 Jan 4
37i2 Apr 30
29i2 Apr 6
27
500
*7
12
3
No par
Jan
31
3
53>4 Apr 5
334 Apr 11
24i$ Apr 6
5
No par
Bruna-Baike-Collender.No
51
395$ Feb
7
22
23
Jan
Sept
1334 Apr 29
2334 Apr 8
13i2 Jan 30
49
Aug
16
12h
1612
1834
li2
I9i2
5i$
7*4
I6I4
23
21
22
li2 Jan
par
Transit.-No par
35$
*53
55
8
Brown Shoe Co
19i2
53
37i4May
21
Brooklyn Union Gas
200
53
53
1,500
18
1634
1001* Sept
1434
3
*11
5
$6 preferred series A .No par
30
*6
3
No par
$ per share I per share
15
1
3
20
25
27
27
6I4
3
14
1
265$
3
par
par
Bucyrus-Erle Co
35$
2i2
*20
234
104
*51$
5U
Bklyn-Manh
2,400
*20i4
434
26i2
6i4
20
4,300
31.200
73$
104
1434
75$
23$
*19
Bristol-Myers Co
Brooklyn 4c Queens Tr. No
Briggs 4c Stratton
1734
7h
434
*25i2
J434
7h
212
7
*51$
20
53
*11
x4l2
265$
27
*25
6
5
275$
200
19
*102
5
share
22
127gMay
1
May
26 May
45gMay
8 May
13i4May
27 May
38 May
100
Brewing Corp of America
Bridgeport Brass Co ...No
Brlggs Manufacturing-No
32
712I
73$
Boston 4c Maine RR
per
Lowest
283$ Apr
295gMay
123i2 Jan
70i4Mar
29U Apr
24i4 Mar
257$ jan
2«4 Jan
June 10
17
5
1,000
1,600
1,400
23%
*175$
15
Bower Roller Bearing Co
110
175$
*2834
(The)
Borg-Warner Corp
100
33$
22
*106
102
Borden Co
600
43
314
20
*100
No par
1
Bond Stores Inc
5,600
2,300
34
'*42i4
No par
Class B
100
1912
157$
15$
3012
55$
914
I6I4
15$
301$
*55$
9
165$
33
*42
534
55$
Bon Ami class A
1934May 22
99 May 23
51«4May22
177gMay 28
110
60
%
127gJune 10
6
*108
58l2
share
5
Bohn Aluminum 4c Brass
108
63
5 per
Boeing Alrolane Co.—
107
*60
1*4
*2812
Par
Year 1939
Highest
400
3,200
Range for Previous
100-Share Lots
Lowest
107
62i4
62i4
Ranoe Since Jan. 1
On Basis of
Week
$ per share
I
July 6, 1940
434 Apr
79
Apr
8
8
Jan 26
98'4 Apr
8i2Mar 15
23i2 Jan 29
48
Jan
3
1081$ Feb 21
Apr
23$ Aug
37$ Sept
14
Apr
14
Apr
514
74i2
62i2
Apr
73
Apr
Dec
61$
56
Apr
8
42
Mar
6
165$ Apr
5
10334
85$
U$
4534
z255$
134 June 28
73^4 Jai* 8
Ex-rlghts.
Apr
8
Jan
Jan
I5i2 Dec
38«4 Apr
9812 Oct
113
33
Apr
Apr
1U8
3i2 Aug
Mar 12
Mar 12
Apr
Apr
20U
100
Apr
Sept
Aug
Dec
Jan
Apr
Y Called for redemption.
Jan
Dec
Volume
Monday
July 1
July 2
3
3
1178
*12
*12
8
'65s
20
19%
*658
20
*85g
*87g
*81*4
5%
2834
55s
2878
28
106%
*106
3
153g
15
117g
117g
*1134
12%
*12
*234
*12
*6%
*9
106
*58
*612
*2i2
7g
67g
27g
6i2
1%
6U
*H4
*3
314
3
3
*138
278
—13
13
1234
*13
15
*9912 100%
*9912 1005s
*12l4
12%
♦8U
812
12l2
*8
1
1
*75
78
*75
39
1
39%
*71%
81%
5%
105% 105%
%
%
2%
6%
6%
134
*1%
1734
18
*52
53
52%
52%
*46
47
46%
47
47%
48
4912
49
49
4834
49%
4834
*171
174
*168
4%
45g
*3*
7g
*%
4%
7g
*76
400
18
52%
18
18
18
18
1,100
52
53
*51%
53%
47%
48
49%
49%
270
49%
48%
48%
1,500
5
*5
15
15
15
86
84%
*4%
22
21%
21%
37%
37
37
*35
80
22%
22
2834
81
47g
2%
47g
69%
2%
*36%
38%
7
2%
37
39
7
24%
*
80
18
*17%
*45
*4
18
*17%
5%
20
45g
*14%
4%
110% *109
16
15%
4%
157g
5"
56
*23%
*13%
24%
11%
157g
24%
*24
24%
15%
*14%
15
*14%
16
*14%
16
11%
11%
11%
11%
11%
11%
3%
*3%
3%
3%
3%
*3%
3%
%
%
%
*%
*%
%
*%
%
*107
109% *107% 110
*108% 109% *107% 110
13
*13
13
13%
13%
13%
13%
13%
*27
*27
28%
28%
27%
27%
*27%
28%
37
37
*36
38
*37%
38
36%
36%
*6
*6
6%
6%
6%
6%
*6%
6%
14
14
14%
J43g
14%
14%
14%
15
70
*63
*63
70
*63
70
*63%
67
10
10
*10
107g
*9%
10%
*9%
10%
*33
*33
35
34
*33
34
*32%
35
*17
17%
*16%
17%
*16%
17%
16%
16%
*12%
13%
12%
12%
12%
12%
12i,i
12%
•
66%
69
21%
68%
*20%
21%
66%
67%
148% 150
*20
21
7
10%
6%
*10
6%
10%
*6%
*10
*148
154
21%
I
*6%
*10
68%
152
*114
*114
158
158
29%
29%
29%
*3%
4%
3%
3%
119% 120
120% 121
*162
*162
170
*28%
29%
*6%
7
10%
10%
*13
13%
*%
31%
12%
'16
30%
12%
13%
%
*16
57g
*26%
*26%
*7g
*32
%
33
42%
87%
87%
716
*39
*85
%6
*1
*1%
*%
1%
1%
*3%
*6%
3%
31%
31%
19%
1
*3%
3%
30%
%
*%
30%
%
4%
*3%
33%
4%
33%
19
19
34
*13%
*87%
19%
14%
95
*87%
14%
95
*18
19
*18
19
*12%
*2%
2%
%
*%
*17
*82
*11
32%
*10%
17%
2%
*%
*82
8%
....
14
*16
""166
31%
14%
1,800
32%
*40
9
4,800
200
*82
84
400
*85
90
100
3%
6%
6%
300
Evans Products
31%
%
1,400
%
*%
4
4
*3%
32%
33%
34%
*%
*19
4%
34%
19%
14%
*13%
99
*89
99
*17%
19
*17%
18%
*19
19%
14
*13%
19
*2%
20%
18
*17
86
*82
*82
11%
*11%
32%
20%
32
*10%
18
200
pref
100
{6
preferred
*82
11%
*11%
12%
200
32%
32%
32%
1,700
14%
A.No par
Federated Dept Stores.No par
4%%
80
86
*
2
Federal Motor Truck..No par
Federal Water Serv
300
11%
*12
Fairbanks Co 8%
Federal MIn A Smelt Co
31%
20%
Co
5
5
3
Fajardo 8ug Co of Pr Rico..20
Federal Light A Traction... 15
12%
*12
Aug
Sept
112%
Deo
Apr
25%
Oct
28%May
19% Apr
Apr
27% July
11'4
Apr
18%
23%
12%
Aug
28
Jan
preferred
Feno Enamel v^orp
Fidel Phen Fire Ins N
100
1
Y.S2.50
Filene's (Wm) Sons Co.No par
3% Sept
% Deo
103
Apr
18
Sept
5% Jan
% Jan
125% Jan
Jan 10
23%
36% Apr 10
43% Feb 3
10% Feb 21
,
30
Mar
35%
10
Apr
22%
24% Apr 23
Jan 10
23%
94%May 10
Apr 9
30
Apr 24
20% Sept
55
Aug
Jan 18
Jan 17
10
Apr
14
103
Apr
116% Nov
Apr
188% Sept
8ept
124% Aug
118% Feb
8
126%
4
112
Mar
118% Jan 19
8% Jan
36% Jan
31% Jan
33'2May
1% Jan
41% Jan
Apr
46
112
8
3% July
Apr
155% Sept
16% Apr
15% Sept
1
8
8
8
2
10
3
13
Aug
3%
Jan
22%
Apr
Apr
40%
Oct
8%
1% Sept
6%
Apr
12%
20%
18%
Apr
Apr
Apr
41%
Jan
38
Feb
35
Sept
23%
Apr
Aug
55
*103% Mar
111
Jan
42% Nov
Bid and asked prices; no sales on
this day.
{ In receivership,
a
Def. delivery,
n New
stock,
r Cash sale,
Jan
80% June
65%
Apr
89
Aug
69
Apr
95
Aug
%
% Jan
1%
1
Jan
Aug
178 Sept
178 Sept
3
Sept
0
Sept
Apr
3% Sept
6% Mar
1%
Feb
Apr
May 21
11% Apr 25
6
34%May 10
14%
3
%
Jan
Aug
3% Sept
1% Apr
1
Aug
8% Mar 11
2%
13
Apr
Dec
Apr
25% Nov
2% Jan
87g Sept
43% Jan
Apr
Jan
49% Apr 8
31% Apr 18
24
20
Apr
3
11
Apr
Mar 27
81
Jan
98
Deo
3
29
Dec
31%
Deo
18% Apr
102
28% Jan
4% Jan
1
2%
Aug
% May
Jan
38% Sept
18% Aug
6% Nov
1%
Jan
Oct
Feb
%»May 22
15 May 28
25
Jan
18%
Apr
27%
5
95
Apr
82% Sept
89%
May 21
20
Jan
17% Nov
23% Nov
79
June
10
27%May 21
40% Feb 14
14%May 20
22% Jan
5
27%
Apr
16% Sept,
40%
Deo
21%
Dec
%
*
Sept
Apr
20% Jan 15
May 27
3% Sept
%
32%
28
Jan
62%
5
2%May 15
3% Mar
1378
8
3% Jan
17
18% Nov
Apr
l%May 14
%May 15
June 10
Deo
7
2% May 25
85
317g
8% Sept
180% Jan
183% Feb
3078 Oct
1978 July
Jan
97
%June 13
3%June 10
29%June 5
17%May 21
11
May 23
Apr
Jan
Jan
89
Mar
12%
Deo
June
Jan
83
May 31
111% Sept
138%
Mar 19
12% Jan
66
Deo
17%
19%
189% Apr
84
87% Nov
144%
Dec
126
May 22
July
8
120
102
Jan
Jan
34
Apr
Mar
13%
May 22
July
13% Nov
Mar 30
10
101%
90
6
171
35
5
10% Nov
20% Mar
Feb 2't
38
Jan
5%May 21
May 31
Jan
34% July
44% July
66
Jan
63
5% Aug
13% Sept
Sept
9% May
Oct
32%
5
9
1%
6
36% Sept
Jan
125%
8
41% Apr 16
18% Apr 20
1% Jan 4
21
Apr
Oct
1%
Jan
Jan
22
28
De0
87s Sept
85% Apr
14% Apr
20
Apr
21
21
June
7
15%
103
17%
18%May
15%May
*24%June
%May
26 May
Nov
4%, Apr
37
<%May 15
200
32
20%
65% June
25
Sept
Aug
23
%May 15
Fairbanks Morse A Co. No par
%
*»16
%
*%
91
Jan
Apr
Apr
14% 8ept ^ 17% Mar
10% Sept
178
100
100
100
1,000
10
2%
*2%
2%
*17
Apr
Apr
3%
7
Apr 27
June 10
par
Exchange Buffet Corp.No par
20
14
*89
4%
33%
par
Ex-Cell-O Corp
2%
86
100
*6%
%
17%
_
200
400
{6
*30%
6%
31
*%
17%
200
3%
*3%
3%
5% preferred
100
Engineers Public 8ervlce
1
{5 conv preferred
No par
{5)4 preferred......No par
1%
%
1%
*1%
*34
30%
Corp
preferred
No
Equitable Office Bldg..No
{Erie Railroad
4% 1st preferred
4% 2d preferred
Eureka Vacuum Cleaner
1%
3
50
May 22
Deo
7% Sept
03% Sept
13% Nov
32% Nov
13%
8% Apr
June 10
Sept
45
113% Apr 12
237g Apr
6% Mar
%May 22
3
May 15
Corp...No par
Endicott Johnson
76
1%
6%
3%
El Paso Natural Gas
87g
1%
31%
Elk Horn Coal
*73%
1%
3% Sept
May 10
17
May 21
10% May 21
preferred
No par
preferred
No par
Storage Battery.-No par
Elec
*105% 1097g
*34
38
25
3
shares—
Electric Power A Light. No par
100
42%
*%
4
4
May 22
lO%May 28
% Mar 28
Boat
Electric
400
*32%
*7g
28%
11% Mar
26%June 10
Elec A Mus Ind Am
300
29
1
*1%
1%
12,900
900
*%«
19% Sept
Deo
4% Jan
61 May
112%May 22
Eltlngon Schild
No par
Electric Auto-Lite (The)
5
{7
%
93
Aug
22
{6
%
Aug
9
155
Co
Jan
8% Sept
Sept
26
4
2
6% cum preferred
Edison Bros Stores Inc
700
%
Aug
48
100
preferred
Eaton Manufacturing
9,200
92
2%
96
13
May 15
4,600
*85
Juno
62
Apr
June 10
120
28
24%
3
3
5%
33
75
6
Jan
117
6,800
27
*7,
Deo
62% Sept
44%May
6% Jan
166% Jan
30%
*32
94
Apr
114
5%
*27%
100
preferred
{4.50
27
25%
29
Apr
No par
Duquesne Light 5% 1st pf.100
Eastern Airlines Ino
1
Eastern Rolling Mills
6
Eastman Kodak (N J).No par
500
31%
Deo
Du P de Nem (E I) A Co...20
29
*%
17%
400
170
*13
Apr
~3~200
80
*28%
*2%
11%
12
No par
1177g 118%
91
91
32%
20%! »io%
86
32%
Duplan Silk
29%
*%
%
Dunhil. International
%
1
*3%
32%
*18%
*13%
2%
100
100
5%
291.1
1
3%
6%
*30%
17
7
12
300
25%
No par
No par
1
%
91
*17%
17
Dresser Mfg Co
5%
1
1%
Douglas Ah craft
No par
Dow Chem cal Co.....No par
500
*%
*%
*1%
1
6%
*%
*3%
*33
1
*1%
900
14%
*%
%
%
*%
1
*85
91
4,600
4,100
*40
41%
42%
42%
*104
109% ,*105% 109% *105% 109%
1097g *104
8%
9
8%
9%
8%
9%
9:
76
74
74
76
*73
75
!
*73%
76%
84
84
82 !
82
83%
83%
82%
82%
*39
Dome Mines Ltd
4%
28%
..No par
Doehler Die Casting Co No par
14%
%
No par
Match
Class A...
13%
5%
29%
25%
27%
1
32%
27%
JDenv A R G West 6% pf. 100
100
Devoe A Raynolds A ..No par
100
*163
9
29% Feb 24
U%May 22
8%May 21
2%May 21
% Apr 3
98%May 22
12%May 21
25%May 22
32
May 21
4%May 15
12%May 21
66% May 24
9%May 15
30%May 22
14
May 21
ll%May 22
65% .July 3
137
May 28
14% Jan 12
5
May 21
9%June 10
114
May 15
146%May 28
10
100
Hudson
Delaware Lack A Western..50
14%
*81«
%
Delaware A
Feb
37% Mar
June 13
21
20
Preferred
1,900
123%
Jan
40%
Apr
878May 10
l3%May 22
12%
66%
67%
150
153%
21
41%
Sept
28
22% Apr 30
107
Dayton Pow A Lt 4>$ % pf. 100
Deere A Co
No par
""160
297g
*%
Davison Chemical Co (The)
17%
*12%
28%
13%
Apr
33
l4%May 15
3
May 21
l3%May 22
3%May 22
5
25
5% pref with warrants.. 100
Dixie-Vortex Co
No par
10
Apr
4
Feb 26
No par
Inc...No par
Jan
13
20%
3
Jan
32% Aug
Aug
60
Distil Corp-Seagr's Ltd.No par
*3%
119
_
June 11
100
29%
170
Jan
50
6% partlc preferred
25
Diamond T Motor Car Co...2
30
28%
110
Jan
4%
31
5%
28
25
27%
*%
32%
*39
*32
107g
33
*10
Apr
Dec
2% July
91% Feb 24
17
Apr 22
6% July 3
21%May 21
1,300
6%
15
21
93
26%
6%
Jan
19%
Diamond
70
*17
38
73%
400
15
33
% Sept
Sept
8
300
*63
*10%
5
16
32% Mar 14
92
Mar 29
preferred
67% Sept
Aug
177
Sept
June 10
preferred
Cutler Hammer
61% Sept
Jan
Apr
3
4%
June 17
31
1
A
Jan
32% Sept
21%May 4
95%May 9
43%May 10
95
Apr 2
6
May 17
2
31%
Apr
75
Class
38
*57g
Deo
6% Nov
8ept
45
19%June
5
Inc
Jan
4078
5478
43% Apr
9%May 23
Curt lss- Wright
31%
%
*26%
""190
*110%
4%
Press
27
27
30
Packing Co
10%
Apr
49
38% Apr
l%May 24
3%May 21
"60 May 21
Curtis Pub Co (The)..-No par
Preferred
No par
%6
31%
5%
1
32%
14
*36%
100
Preferred
Apr
150
7%
May 21
Detroit Edison.
110
*13
117
*13
29%
26%
*%
*108
123
118
*16
5%
26%
27
29
%
500
157% 159
*163
28%
6%
31
300
29
14
30%
13%
31%
"2,000
3%
124%
*3%
64
May
116
5
32% Feb
9
Jan
100
Diesel-Wemmer-GUbert
12%
117
28%
*%
616
40
3,400
124
163
28%
500
300
25
16
3%
37
Cuba RR 6% pref erred... 100
Cuban-American Sugar
10
61% Sept
29%
Jan
105
3%May 22
l8%June 11
No par
Davega Stores Corp
157% 158%
29
29%
3%
3%
119% 120%
*13
14
%
31%
12%
*"16
30
*13
28%
15%
12
June 14
May 21
Conv 5%
4%
*114
*114
400
4%
*6%
6%
161
170
28%
20%
10%
157% 158%
29%
150
20%
*121% 123% *123
124% *123% 125
117
117
*116% 118
117
117
-
66%
65%
150
*114
157% 158
18%
20
*24%
*14%
June 13
23
$8
56
108% 108%
*3%
*150
3,000
80
15%
Mar
Cushman's Sons 7% pref.. 100
20,000
7
23%
4%
15%
24%
24%
2,400
41%
100
1% Apr
24% Jan
May 21
1,200
4%
75
75
2%
*3%
100
(The).2
No par
25
Cuneo
18
117g
*23%
30
Jan
187% 8ept
32% Apr
1IO6
Sept
7% Apr
5
{5 conv preferred. ..No par
Crucible Steel of America.. 100
200
*14%
109
15
1,100
2
May
179
30%June 12
12
May 22
Cudahy
*45
June
No par
Crown Zellerbach Corp
5
300
*70
.
109
4%
20
13
Pref ex-warrants
12
20%
4%
20
*4%
4%
4%
109
109 I
15%
15%
110%'
"""150
Deo
May
65%
5gJune 22
1
25
{2.25 conv pref w w__No par
73
678
18
1
Crown Cork & Seal
*66
23
56
*3%
2%
1
16%
44%May 21
165
May 25
4
May 21
100
Preferred
81
2%
80
*14%
I
3,000
41
6%
*17%
4%
20
110
30%
23
*45
18
*3%
14%
86%
2%
41
*70
56
Day
2%
6%
80
*3%
*14%
*4%
20
*109
*
*17%
4%
*3%
*14%
2%
22%
I
I
2,100
14
29%
4%
22%
40
100
Apr
61% Jan
Crosley Corp (The).
1
*10%
pendence
11
*20%
23%
Inde¬
74
10%
38
*78%
37g
4%
*66
7
67g
Closed
80%
4%
4%
73
10%
22%
23g
39%
23
80
56
*45
81
29%
37
7
23%
7%
24%
*24%
22%
2%
22%
23g
*20%
107g
20
100
1,000
*82%
Exchange
14
14
29%
4%
*69
10%
*20%
2%
4%
69%:
37
*36
81
*2%
37
*4%
Dec
22% Mar
11%
Apr
70
Cream of Wheat Corp
17%
Jan
May 28
5% conv preferred
21%
Stock
14
25g
450
1,600
237g
47g
22
237g
38
*78
"moo
Deo
9% June
25%May
May 21
Corp
Sept
1017s
33
41
25
Co
Sept
Sept
25
47
Internat
Crane
9
34
1% Apr
19% Aug
60
5'Z series
Apr
88'
Apr 9
Jan 26
Apr
Mar
Feb
Bank Trust Co.20
prer.
Coty Inc
Coty
86
29
83
~2~,600
15
86
83%
258
*10%
*20%
11
*10%
147g
85%
*35
38
*77
82
3»2
69%
2%
478
*35%
353g! *35
13%
13%
*80%
83
283g
28%
7g
14%
24%
24%
38
1334
*80%
28%
*77%
*2%
4%
1334
80i2
2834
*79
5
22%
*35%
353g
41
1334
24%
coav.
Corn Excb
Corn Products Refining
Preferred
7g
*%
24%
47g
24%
*45g
500
5%
5
Copperweld Steel Co
173
175
85
*34
Continental Steel Corp .No par
6% Sept
July
l6%June 10
18%May 21
15% Mar 16
5
18
15
38
Continental Oil of Del
27% May 25
2
May 15
1
3,000
27g
Continental Motors
22
47g
No par
4,200
1778
84
23%
12.50
22
*171
106%May 31
4% May 21
Fibre. 5
12% Mar
778 Mar
97g Sept
8% Aug
1%
_
4
97% Jan 10
49%
116%
9%
40%
4%
Jan
2%
Dec
6% Aug
1
Oct
108% Aug
3%
1% Apr
May 21
Continental Insurance
4
4
9
3
19% Apr 24
15% Jan 10
5
June
33
Apr
101% Jan
% Deo
7% Sept
4% Apr 29
18% Mar 2
104
Feb 7
70
9%
7% Nov
27
5
^
20
$4 50 preferred
Continental Diamond
27g
*170
6
100
preferred
100
1778
227g
15
*45g
100
6%
34
2%
8%
Continental Can Inc
2%
47g
7g
June
7%May 21
%May 16
No par
900
114
*32%
85
2318
1,800
*6
6%
32%
v t c
Class B
17%
175
1
2%May 21
Continental Bak Co d A No par
300
39%
*113
114
84
*35ig
77%
39
*14%
2414
5
600
22%
*45g
.No par
6% pf.100
700
7o
*%
14%
24l4
8% Apr
2% Jan
5% preferred
17%
85%
*24%
47g
5%May 22
Corp
Consol Coal Co (Del) v 10..25
23 78
*172
174
4l2
Consol OH
9%May 21
7o
249%
%May 17
Container Corp of America 20
8%
38%
I8I4
Mar
1,100
7S
77
27g
Sept
32% Apr
110% Mar 25
1% Jan 5
93% May 22
8%
38
2%
17%
*2234
177g
52%
11
35
4%May 21
May 21
97% May 21
No par
Consumers P Co$4 50 pfNo par
12%
76
1734'
Aug
100% 100%
78
22%
Feb
91
200
%
2234
2%
*17i2
*22l2
I8I4
85
Apr
8%May 22
127g
8%
*6
Apr
79%
4% Apr
200
!
15
127g
31%
73
5
9% Feb 21
100
*12%
13
*112
preferred
Consol RR of Cuba
8%
6I4
9
Apr
10% Apr
8,300
12%
33
Apr
96
6% May 22
"""966
3
92
May 29
2% May 23
1%
3
3
May 29
Consol Film Industries
...1
{2 parti c pref
No par
Consol Laundries Corp..
5
100
400
63g
100% 100%
114
{5
500
234
*12%
33%
27g
34
278
1734
24
%
6%
6%
*1%
*2%
3834
*6
Consol Edison of N Y..No par
1,000
*2%
27g
1234
33
6,100
2%
134
*112
2,600
28%
*%
4% Apr
15% Aug
6% Apr
32% Nov
8
9% Apr 4
31% Apr 15
23
5%
7% preferred..........100
6J4% prior pref__
100
Consol Coppermines Corp...5
Jan
June 17
12
Apr
75
20
Feb
Jan
16
63
81%
6%
6%
Sept
Deo
8
Apr
5
share
per
8%
30%
97b
Apr
57g Jan 13
17% June 10
7% Jan 29
80
105% 106
78
6ig|
100
5
19
June 12
10
5%
28%
6%
_
{Conn Ry & Ltg 4J$ % preflOO
Aircraft Corp
1
Consolidated Cigar....No par
28%
512
28%
6ig
33%
234
175g
3312
9l2
No par
10
share {
per
13% Feb 29
14
Consol
1,200
8%
8%
38is
112
20
""166
79
112
*112l8 H312
*6is
6I4
"26"
3814
3814
Congress Cigar
Ctfs of deposit
82
1234
1234
8l2
834
11
8%
*78
200
*12
12
12%
80
*99l2 1005S
127g
*11%
{
share
6% Jan 3
24% Feb 17
25gMay 22
May 18
8
Jan 15
Con#oleum-Nairn Ino._N# par
Highest
Lowest
Highest
{ per
share
per
Conde Naat Pub Ino...No par
700
*8112
/g
2%
6I4
600
*71%
7
234
*H4
3
15%
3
10O-Stare Lots
Lowest
9
Par
15%
19%
6i4
134
*5g
*612
*2i2
7g
6%
2%
63s
*58
638
Shares
12%
7%
*834
On Basis of
Week
{ per share
712
*7H2 80
*8H2 82
53g
5l2
28ig
2812
10512 10512
106i2
July 5
5 per share
234
15%
12
19%
712
1934
934
1834
914
80
82
55g
2812
*71%
*8H2
5l2
80
82
*71%
234
153s
1178
12i2
7l2
19&g
*1158
12%
♦llSg
*15
EXCHANGE
Thursday
July 4
$ per share
1514
15i4
*15
$ per share
$ per share
3
3
3 per share
NEW YORK STOCK
the
Friday
Wednesday
July 3
Tuesday
June 29
STOCKS
for
Saturday
Range for Previous
Year 1939
Range Since Jan. 1
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
LOW
67
New York Stock Record—Continued—Page 4
151
x Ex-dlv.
y Ex-rlght"
I Callei for "Ademption.
68
New York Stock
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
Record—Continued—Page
Monday
Tuesday
.
June 29
Wednesday
July 1
July 2
I
$ per share
14%
S per share
*14
14%
95
*90%
$ per share
*13%
14%
*90
95
*38
40
13
13%
*27%
28%
♦20
*13h
*90%
*37%
12%
28%
*19%
rl%
22
*1%
17*
*21
22%
*101
*13
5 per share
$ per share
$ per share
Shares
14%
*14%
*907g
98%
*38
41
"""460
13%
13
13
1,000
28
*27%
29
100
22
*19
22
*19
22
*19
22
300
*1%
134
13%
13%
*62%
13%
*55%
70
*278
29
25
25
25
301;;
30%
*1%
2%
30%
29%
*12%
13%
*55
I
16
15%
101%
4%
4%
4%
*8%
27g
12%
15%
14%
15%
98
*8
9
*8
9
*46
55
*46
55
4
4
*96
*4
484
*95
102
*37g
4%
102
*95
102
42
42
42
42
6
6
6
6
6
*128
130
*128
130
*128
130
*2%
*5%
*14
2%
5%
15%
597g
15%
*2%
*95
2%
2%
5
5
5
*14
*103%
31%
41
*112%
%
*25
40
89
11%
*25
40
90
*25
90
126
42%
124
124
41%
*%
*107g
11%
*98
*12%
4%
*37.
96
96
%
*13%
24%
12%
*12
18%
18%
9%
9%
18
99%
127g,
*16
*35%
40
12%'
76
*21
*98
*12%
24%
14%
22%!
21%
*124% 130
Day
19%
37
*37
5
5
5
2,400
*50
52
52
52
200
4%
80
32
*23%
1384
22
22%
*125% 130
130
60
28
11%
15
134
14%
234
*13
50
2,500
5%
1,000
22%
*5%
*82
*2%
90
*8%
97
22%
150
6
85
27g
90
8%
*90
92
159
159
15
*84
*127
15%
97
*5%
6
*82
5%
85
*2%
8%
_
*89%
85
234
89%
8%
90
8%
5%
*82
27g
90
22%
150
9134
234
89%
8%
9034
9034
*31
29%
500
11%
3,100
*10
10%
15%.
1%
*15%
16
*14
10%
*56%
*100
*37g
30%
*34
*3%
*13
3%
*2%
8%
91%
15
4
30%
37g
3034
7,
'8
37g
13%
3%
"u
*3
37g
3034
13
*3%
7%
7%
15
*14
15
*33%
34%
*3
7%
*13%
*33%
4
*3
Bid and asked prices-no sale?
_
38%
*31
„
„
_
38%
32
*100
13%
3%
13%
7%
31
7*
3%
*5g
14%
34%
7%
*13%
34%
4
*3
on
15%
600
*81
83
400
t6lslv
7%
14%
3434
4
„
*4%
*10
133%
10%
26
5%
10%
300
39%
2,300
t In receivership,
27
15
18%
Sept
Apr
9
1%
Apr
T.ioo
dlv ctfs.No par
No par
6% preferred
20
Gt Nor Iron Ore Prop..No par
Great Northern pref...No par
1
Greyhound Corp (The)-No
5H% preferred.
1
100
Gulf Mobile A Northern
100
6% preferred
Hackensack Water
100
..25
7% preferred class A.....25
Hall Printing Co.
.....10
Hamilton Watch Co
No par
preferred
100
Hanna (M A) Co 35 pf.No par
Harbison-Walk Refrao.No par
6% preferred
Corp of Amer class A
6*4% preferred
Hayes Mfg Corp
100
Hat
1
100
2
Hazel-Atlas Glass Co...
Hecker Products Corp
25
1
Helme (G W)
Preferred
cum
Horn est ake
Feb
Class B
4
June
29%June
5
30
May 20
9%May 21
10%May 22
100%June 18
95
June 25
16%May 23
130
47
I7a
Jan
Apr
70
27,
Jan
63
21%
87
4% Feb
7112 Jan
86
Apr
Apr
27, June
Dec
80
% Aug
4% Apr
14% Jan
4
3
9%
10
1%
107,
15%
10%
22%
14% Dec
10%May
16% Apr 8
36% Apr 8
24% Feb 21
24%
227,
12%
16%
23%
129%
18% Jan 8
287g Apr 24
29% Jan 2
142
Feb
55
6
Jan 29
35% Apr
42
Dec
Apr
Jan
Jan
35
25
Apr
Apr
141% July
Jan
July
17% Jan
Apr
12
3
10
Apr'
4
Jan
18
%
9
Apr
4
3
8
34% Apr 22
11
37
Jan
29
9
2
20% Feb 19
17
Jan
Apr
Apr
Apr
Apr
May
Jan
Apr
5
8
4
17
Apr
Apr
May
Apr
Apr 12
9% Apr 5
123
Sepf
106% Jan 12
9
105% Mar 30
96
28% Jan
71
Jan
2%May 21
89%June 5
7%June 10
4% Apr 16
113% Jan 29
11% Apr 8
2
Apr
93
Apr
June 11
947, May 21
14%May 14
19
May 21
May
103 May
35
May
28
May
8%May
54%May
105
May
3%May
Hudson A Manhattan
100
% Jan
2%May
1,600
5% preferred
100
Hud Bay Min A Sm LtdNo par-
3%
1,100
Hudson Motor Car
%
1,600
Hupp Motor Car Corp
7%
1,600
Illinois Central RR Co
14%
37%
""loo
29%June
12
21
13
21
22
21
22
17
22
6
3
22
24
15
6% preferred series A... 100
May
May
%May 14
5%May 21
12
May 21
Leased lines 4%
100
31
June 12
1000
3
May 18
3
xEx-dlv.
y
Feb
8
100
Apr
Apr
Sept
Mar 20
148
Oct
21% Apr 22
100% Apr 9
13312 Jan 30
10
Apr
Apr
128% Apr
67% Apr 16
115% Jan 9
54
Jan
100
Sept
Jan
18% Jan
4
35% Apr
4
4
4%June 25
8
47,
7% Mar
16% Apr 20
Mar 30
110
60% Jan 12
38
Apr
16% Apr
71% Apr
lll%May
13
15
25
13
6% Jan 3
50% Feb 21
1% Feb 20
7% Feb 20
27
Jan
5
6% Feb 17
1
Jan
13%
24%
43%
6%
Ex-rights.
2
Jan
3
Jan
3
Apr
6
3
Jan
.
8%
63
14% Apr
29% Sept
6% Nov
8% Aug
May
47% Sept
95
27
Apr
8%
60%
Apr
Oct
102
Sept
4% Sept
40
Apr
% Dec
27g Sept
21% Sept
4% July
v% Aug
9
Dec
Deo
Sept
Aug
Aug
Sept
May
24%
14%
25% Apr 29
3% Apr 18
30% Apr 18
Mar
Nov
Sept
22% Sept
33% Sept
37% Sept
Aug
5
4
Jan
Jan
Nov
24% Jan
74% Mar
38% Jan
109% Jan
5% Sept
Nov
67
1% Jan 30
9% Apr 10
Mar
3% Mar
13% Apr
9
Howe Sound Co
rCashsale.
Jan
138
100
RR Sec ctfs series A
2%
104
100
nNewstock.
Sept
Sept
May
May 27
400
Def. delivery.
14
6%May 21
83%June 27
50
Jan
Mar
34
88
l%May 15
14% June 26
l%May 28
11
May 21
2
May 18
8
May 21
8%
19% Jan
25
Mar 21
Nov
137, Jan
66% Mar
24% Jan
58% Apr
June 11
May 22
9%May 22
9
May 29
15t, Jan
18
5% Apr
Oct
6% Aug
3% Apr 11
%
3%
13%
100
Apr
8% Sept
20% Apr
69% Mar
2478 Apr
97% Feb 21
June 13
Apr
44% Mar 26
4% Apr 22
May 21
May 21
12%May 22
30%
4
54
43
16
Jan
10
23
Jan
Jan
151,
43%
9
22
May 22
%May 14
4%May 22
9%June 7
6%June 10
10 May 18
26
May 21
21%May 29
ll%May 22
l5%May 21
18% May 22
41
19% Apr
12% Aug
Jan
Apr
Jan
99% Feb
27% Mar
2
69
28
921,
1%
20%
% June
14
Sept
Jan 11
Jan
107, J an
111% Nov
1% Sept
6% Mar 6
61% Mar 14
21
21
22
21
21
*%
3%
13%
3%
%
pat
67,
Mar
May
23% Jan
3
33% May
4%May
43 May
11
May
30
May
2
May
127%May 31
N
7
105
Oct
Feb
15
110
5
38
3% Sept
Jan
July
56%
10% Aug
97% Nov
15% Apr
166
par
126% June
Apr
99
Oct
43% Sept
20% Nov
Jan 12
No par
Sept
28
106
10%May 22
800
7%
*13%
9
.100
Houdallle-Hershey cl A. No
65% July
128% Dec
112
31%May 10
24% Mar
13% Jan
23% Apr 27
June 11
12.50
Jan
Jan 10
15%
May 21
12%May 23
76%May 23
Mining
% Dec
"h Apr
86
No par
100
44% Jan
477, Aug
118% July
1% Jan
72% Jan
125% Dec
36% Apr
7% Apr
110
155
No par
Jan
39
68%May
10
25% Jan
130% Mar
Oct
Apr
Jan
18% Apr
No par
No par
preferred
Dec
36%
56% Apr
127% Mar 23
25
34 conv preferred
No par
Hlnde A Dauoh Paper Co... 10
Holland Furnace (Del).....10
Hollander A Sons (A)
5
Jan
107% Sept
Apr
130% Jan
100
Hercules Motors
Hercules Powder
Jan
Jan
75
18
33% Jan
98
10
No par
18
35
Apr
31
101
7%May 23
par
Aircraft Corp
Mar
106
Jan
June 22
Great Western Sugar..No par
Preferred
100 zl23
Green Bay A West RR
100
50
Green (H L) Co Inc
9
17% Apr
43
49% Apr 15
118% Jan
% Jan
45
w
Mar
July
6% Sept
12% Sept
85% Aug
5% preferred
No
Goodyear Tire A Rubb.No
Granite City Steel.....No par
Grant (W T) Co
10
11
149
2% Apr
11% Jan
May 21
77% June 21
5
Sept
1% Jan 11
Goebel Brewing Co
1
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
1
65
103% Mar
128
29% Apr
87
Apr 24
19% Apr 16
117% Mar 29
44
Jan
Jan
Apr
7% Dec
Sept
Jan
41
9
96
8% Jan
16%May 28
1
Graham-Paige Motors
Granby Consol MSAP
Jan
3% Jan
l3%May 28
50
par
Jan
Jan
62
40
14
No par
par
Mar 20
7%
18%
45% Aug
5% May
57% Jan
145
Apr
19% Jan
99% Feb 21
4
59
104
May 21
ll%May 23
No par
35 conv preferred
No par
Gotham Silk Hose.....No par
Preferred
100
3%
x9% Sept
14% Apr 24
May
7% Apr
51
20
Gillette Safety Raxor..No par
35 conv preferred
No par
Glmbel Brothers
No par
18% Oct
151, Sept
104% Dec
Apr
6
Gen Theatre Eq Corp..No par
Glldden Co (The)
July
7% Aug
July
94
Jan
Sept
3% Sept
57, Sept
Apr
% June
14
Gen Time Instru Corp .No par
6% preferred
100
General Tire A Rubber Co
5
97, Sept
55
36
9
%June
1
4H % conv preferred
Gob el (Adolf)
2
5
Jan
July
37% Sept
108% Jan
29% Jan
90% Jan
Aug
9% June 10
86% Jan 15
%May 15
100
preferred
14
1
General Shoe Corp
1
Gen Steel Cast 36 pref ..No par
General Telephone Corp
20
36
Apr
June
104
a
66% Aug
1% Apr
3%June 10
5%May 21
100
4
*3
103% Apr
105% Mar 27
6% Apr 22
5
May 22
Household Finance....No par
5% preferred
100
Houston Oil of Texas v t C..25
*56%
36
4
32%June 10
preferred
No par
General Refractories...No par
Holly Sugar Corp
7% preferred
32
10%
116
No par
6% preferred
Gen Realty A Utilities
June
12% May 23
May 21
26% May 21
36
May 22
lll%May 22
%May 17
35 May 13
77%May 21
118 May 28
37% May 28
1
No par
No par
Sept
31%
1% Apr
21
'5% Apr 24
Apr 30
102
No par
Printing Ink
preferred
Gen Public Service
Gen Railway Signal
6%
*98
38
Common
General
Herehey Chocolate
100
14
;
preferred
100
General Motors Corp
10
35 preferred
No par
Gen Outdoor Adv A...No par
Oct
5
29
30
18
25
June 14
30%
37*
"18
10
37*
*3%
#
500
*127
No par
5%
25
Apr
Apr
Apr
Apr
Jan
Apr
June 19
*100
104
37g
1,000
90
*31
*30%
*%
384
9%
900
164
*24
*98
500
2%
91
90
2534
434
10%
434
100
6
85
*11%
*10
500
150
9%
General Mills
6%
"40
21%
2%
14
%
®16
*100% 102
*11%
3%
*3%
100
*24
10%
13
600
14%
56
*54%
*102% 109
58
31
13
%
56
105
*10
'
37g
*55
105
*56%
*34
*3
13
34%
4
*30
37g
81%
1337g
10
3%
"""80
13
*14%
59
104
3%
»u
•u
7%
10
32
*158
15
*56%
32
*12%
*12%
91
164
*100
30%
8^4
*90
*158
10%
97g
10
59
*56% 59
104
103% *100
*29 78
*5%
90
15
32
400
234
897g
82%
82%
82% 82%
81
1337g *127
1337g *127
133% *127
"166
*82
No par
Guantanamo Sugar
8% preferred
3%
97
preferred
Gen Gas A Electric A..No
par
36 conv pref series A. No par
Grumman
12%
21%
No par
100
Electric Co...No par
General Foods Corp...No par
700
15
*2%
100
General
600
1%
*12
*126
6
85
164
*14
*
*5%
*82
1%
*94
21%
150
15
*33%
*3
97
21%
*158
*%
7%
*94
*126
15
*31
10
200
60
164
32
139%
*28%
11%
15
*31
7,300
*130
15
85
32
600
*35
*158
*65
*55
57%
*55
57%
57%
*1017g 105
*102
*1017g 105
105
*11%
14% *11%
14%
*11%
14
*23%
26
*23% 25% *23% 24%
*5
5%
*4%
5%
*484
534
*10
10% *10%
10% *10
10%
*97%
*97»4
*98
38%
38%
38% 38%
38% 3834
13%
23%
23%
11%
*1%
.
1,100
10%
15%
97
*2134
*126
3184
24%
60
*29
*94
22%
150
300
29
*14
preferred
General Cigar Inc
7% preferred
cum
Without dlv ctfs
8%
11
*31%
*23%
13%
22%
General Cable Corp...No par
Class A...
No par
Grand Union
12
11
*22
23
139%
11%
97
*21%
*126
*5
*10%
*734
234
3
*2%
12
11%
12
*29
30%
30%
*31
33
33
34%
33
33
33
33%
*12%
13%
12%
12%
12% 12%
12%
12%
*13
*13
137g
*13
137g
13
137g
13
*100% 102
*100% 102
*100% 102
*100% 102
97
2%
"18
2S4
12
30%
200
30%
14%
22%
11%
178
76
*2
»16
9
*10
15
200
30%
12
28%
15
*1%
2,200
11%
31%
24%
*35
28%
11%
10%
*10
15%
*2%
*10%
*297g
60
28%
11%
15%
15
*72
5%
*22
*129
600
%
22%
22%
130
*35
10%
15%
134
1334
23
2%
33
31%
*23%
*13%
25
22
22%
""160
LOOO
2%
*10%
*7%
11%
8%
1,000
2%
80
5%
12
12%
40
•
12%
56
15
uu
11%
32%
300
12%
*51%
78
*30%
%
3,700
*75
*2
5%
*11
24%
13%
14%
33
»u
400
12%
55
*72
2%
5%
*1034
*734
32
11%
*126
4%
900
80
12%
*50%
15
*2
9
*75
12%
*29
28
30%
*98
4%
13
54
12
*13
2,300
5
80
11%
*10
17%
9%
18%
99%
12%
4%
38%
110
37
40
%
22
600
2%
6%
11%
31%
*23%
13%
217g
"800
12%
19%
*9
2%
33
*7%
25%
17%
5
No par
May
2% Jan
35%May 25
5%May 22
118 May 27
l%May 15
4%May 15
ll%May 24
48% Feb 6
36
*12%
12%
*75
1,500
99%
12%
12%
*37%
147g
10
14%
12
*2%
2%
2%
12
pendence
*13%
25%
2%
*35
*2%
500
*2%
11%
10%
*10%
*297g
11
11%
*96% 101%
%
%
2%
60
1%
"360
*98
13
76
15
%
*
38 preferred..
Bronze Corp
17
20
94
6
38
9
187gMar
Aug
Apr
107%
21%
83%
6%
32%
88%
3%May 28
51
Sept
9
May 21
8
Apr
15
Jan
45%June 14
3%May 21
General
36
*15%
40
*75
300
9%
13
12%
*50%
14%
300
7
18%
*37
12%
900
*9%
50%
80
23,600
108%
*%
Closed
150
4
7
12%
*37%
*2%
28
15%
4
*107
2%
11%
15%
*1%
Stock
40
2%
28
*12%
"~806
*26
preferred
34.50
91%
91%
*126% 128
42 34
43%
Xl23% 123%
*38%
41%
12%
19%
17%
30
T,900
2%
*35
*9%
25%
100
16,400
3,000
%
%
14%
5
4%
50%
41%
*113% 117
Inde¬
7x«
14%
3134
41
Exchange
36
Gen Am Transportation
General Baking
7%
105
*2%
%
32
700
*15%
37%
*5%
*10%
,
14%
3034
2%
*2
*29
12%
9%
18
37
76
30
*%
1Ji»
10%
10%
*96% 101%
17%
9%
*15%
4
15
2%
37g
7
108%
12 Ig
*18%
99%
12%
4%
76
*31
22%
18
50%
*11%
*13%
18
12%
40
*75
ui«
%
5%
5%
*10%
12
*7'g
9
*23%
18%
9%
12%
50%
14%
*2
30
12%
19
2%
12%
50%
37g
*6%
*107
*13%
25
37%
12%
80
12%
60%
14%
""166
5
105
40
25%
12%
19
5
2%
*2%
14%
4%
*36%
*2%
|
*13%
52
2%
*2%
2%
5
123% 124
*38%
41%
%
25
*51
|
11
96
24%
12%
18%
5
51
200
38%
share
per
25% Sept
105% June
25
35
97
No par
No par
2
Jan
4
12
Gaylord Container Corp....6
5M % conv preferred
50
Gen Amer Investors
Jan
lO%May 21
Gamewel! Co (The)
No par
Gannet Co conv $6 pref No par
Gar Wood Industries Inc.._.3
130
*2%
47g
*25
%
99%
12%
12%
5
%
14%
18
*98
",J
4%'
4
37% *37%
*50%
*11%
*75
6%
*128
90%
90%
128
128
43
42%
"h
11
*94
1_
18%
6%
600
2%
40
*%
11%
20
1,500
6%
130
89-%
89
127% 127%,
42% 43
123% 123%!
*38% 41%
43%
*39%
14%
43%
__
25
*24
*117g
*18%
18%
9%
*14%
*43
15%
96
»%,
""160
96
4%
96
*3%
59%
%
*94
100
*49%
4
|
*3%
4
*3%
4
7
7
7
|
*6%
7
7
*106% 108% *107
108% *107
108%
%
600
8%
55
*13%
4
*13%
4%—4%
43%
*2%
47g
10
8%
*46
*14
126
126%
43%
43%
*122% 124
*39
41%
30
*49
89
126
100
16
"
16
*14
16
*14
15%
*49
597g
597g
*49% 597g
*14%
16%
*14%
16
*14%
15
107
*103% 106% *105
106% *105
106%
31%)
307g 31%
30% 31%
30%
31%
41
I 41
41%
41% 42
40% 41%
117
*113% 117
*113% 117
*113% 117
%
%
9i»
%
%
*%
%
,
*49
14
*15
17% Apr
99%
25% Apr
3% Jan
l%May 14
*11%
3
Highest
share 3
per
Jan 24
46
2% June 11
102
*128
2%
5
Gabriel Co (The) d A_.No par
Galr Co Inc (Robert).......1
S3 preferred
10
4%
6%
44%
100
400
9
42%
6
44
1%
%
21% Apr 5
38% Mar 26
21
22
22
24
28
61
preferred
No par
Francisco Sugar Co
No par
F'k'nSlmonACo lno 7% pf.100
Free port Sulphur Co
10
conv
share
per
106
5
9%May
May
2%May
20 May
24%May
10
June
3
*97% 101%
55
*3%
102
*2%
15%
*8%
30
2,200
par
Machinery Corp
10
4M% conv pref
...100
Year 1939
Lowest
21% Jan
May 21
32%May 22
10%May 22
24% June 10
19 May 20
l%May 15
18%June 10
Food
Foster-Wheeler
t
*1%
12%
*46
32%
30%
30%
*97% 101%
*4
4%
4
*4%
9
t Follansbee Brothers..No
share
84
First National Stores..-No par
Fllntkote Co (The)....No par
%7
""166
3
*25
30%
1%
27g
*1%
98
*2%
28
30
134
55
*46
*25
234
*11%
*14%
*14%
"360
70
3
1%
101%' *96%
700
13%
2%
14%'
*15
*96%
*4%
1,000
per
Range for Previous
Highest
l2%May 21
Florence Stove Co
No par
Florshelm Shoe class A .No par
107
70
3
30%
1%
2%
*102
*127g
25
30%
♦17g
*2%
*11%
134
22%
22%
22%
107
*55%
3%
*25
1%
134
22%
*102
13%
6734
*3
3%
rl34
22%
107
41
41
3
Firestone Tire A Rubber... 10
6% preferred series A... 100
12%
22
3
200
14%
28
*102
2
Par
*90% 100
40%
Lowest
13%
17,
Ranoe Sines Jan. 1
On Basis of IOO-Share Lots
Week
29
23
3%
July 5
95
40
107
70
*27g
July 3
*14%
July 6, 1940
EXCHANGE
Friday
*12%
*27%
42
*22
13%
*55
STOCKS
NEW YORK STOCK
the
CENT
Thursday
July 4
13%
28%
*101
107
NOT PER
Sales
for
Saturday
5
Aug
16% Apr
38% Sept
4% Sept
T Called for redemption
53%
35%
21%
12%
Deo
Mar
June
Volume
LOW
AND
New York Stock Record—Continued—Page 6
151
HIGH
SALE
PRICES—PER
SHARE,
Tuesday
Wednesday
June 29
Alonday
July 1
July 2
July 3
$ per share
$ per share
3 per share
$ per share
*5's
22%
57g
22%
88%
5i2
22i2
90
22i2
88*4
8834
*5%
*137
156
84
*140
■
*5i8
5i2
*5%
21%
87i2
88
85
84
84
84
*8212
9
*8l2
884
6
*5'4
6
2%
2%
25g
24
*23
*9834 100
*99
24
*2%
3%
*138
*21%
*2l2
1%
*13g
2412
*2112
140
138
43
43
150
150
*150
534
*378
225s
3
234
65a
6
4%'
*334
23
*11514 125
123g
47i2
*2i8
*38i4
3H2
1278
48
3
40
31i2
*30i2
31i2
*17
23
*88
95
234
*278
*6
278
314
6i2
*75i2
*6
85
6i2
2%
8i2
*138
22ip
112
*2114
*137
43i8
2212
140
4338
155
$ per share
5 per share
Shares
*151
155
4
■
3114
I8I4
*88
*2%
77g
*1%
*21%
*140
155
43%
*155
234
*258
*6
*75%
*534
2%
*534
6%
25
*24
*123
*10
11
*10
11
*4314
43'2
*4314
4312
*4
*334
*12 ^2
15
*9i2
12
*12l2
*9l2
96ig
*92
*92
*7i2
812
*97i2 103i2
12
12
*534
*90i2
6%
95
*712
100
8
1134
96
96
2578
2518
*115s
2534
12I4
*3118
35
*32
35
134
*2212
26
*134
*22%
2334
*2%
178
26
2378
2334
1214
2334
2934
334
*2i2
2414
30
9,000
Int Nickel of Canada..No par
Preferred
100
6%
*23%
*123
*31%
*30%
31%
18%
100
*88
*7%
2934
*334
15
*12%
12
*9%
*92
96%
8
*7%
*97% 103%
12
100
26
»
-
60
-
6%
*94
25
*11%
35%
*15g
*22%'
23%
*2%
*24
29%
6%
97
*94
25%
25
12
115g
*32%
*1%
2334
23%
334
*2%
25
*24
2934
30
6
6
12
*12
13%
13%
*133s
4i2
*3%
412
*3%
4%
*3%
*5%
1934
1912
19i2 *20
20%
*18's
19
18%
18%
*10312 105
*103% 105
*2
2%
2i8
2%
2%
19
19
18%
*103% 105
1
1%
*1
3%
18%
18%
*10%
105
*2
*278
18i2
18
107g
*10%
23U
23%
23l2
35
35
35
11
6
24
36
Lee Rubber A Tire.
Lehigh Portland Cement
*103% 108
20
2
700
1
900
3
2
11
18%
1134
24
*23%
36
2,200
200
36%
1,000
*534
6%
100
*3514
38i4
97i2
*35i2
38i4
*35%
38%
*35%
38%
*35%
38%
9812
96
96
9834 9834 *9834
99
*170
177
*169l2 177
*170
*17&g
18l2
*18
18l4
*18
*17%
18'2
*165s
19
*17%
98
18%
18%
*3012
*9
32
93g
*12%
1318
*31
9%
32
*31%
912
9%
*18
1778
13ig
2358
13iS
13%
24'%
24%
2478
23%
2434
*98-% 10158
*98
1015g
32
25%1
1,400
Lockheed Aircraft
987g
987g
2334
2338
2434
237g
31%
3134
3134
32
23g
*14i2
2%
2i2
2i2
2%
14%
23g
2%
2%
*14%
15%
%06% I09if
2034
21%
*145g
15
14%
*106% 10912 *106% 109l2 *106% 109%
21
21
2H2 2U2
21% 2H2
*1734
19
*48
4834
*2634
27
*129
150
*18%
1834
47
4712
*2634
27
20U
24
24
195g
*23%
47
*2634
23%
10i2
*934
*25%
27
17g
2
1712
*12
13
514
*4%
*28%
17%
*12
*19
10
27l2
32
27
23%
10%
13%
*12
4i2
11%
2914
11
28%
2834
28
29%
27%
*161
162
4412
44%
*2%
8%
8%
24%
24
24%
*23%
162
162
45
45
*2%
234
*22
23
*22%
23
23
23
*98l2
*1H2
99
99
99
98%
99
13
115g
llSg
12
123s
1278
13
10978
*96
*96
20
19%
7
*5%
7
26
26%
7
6%
1278
19l2
*512
26
6%
•
4%
-
1278
10978
234
*23
97%
*12
28%
7,000
1278
*96
Martin (Glenn
24%
200
8%
*162
•
44
45
25
13%
10978
*96
21
21
*0
7
*6
26%
*26%
2634
26%
2634
6%
67g
7
7
7
Bid and asked price : no sales on this day.
t In receivership,
L) Co
7%
preferred.
100
Department Stores...10
May
Maytag Co
80
1
No par
No par
Mathleson Alkali Wks.No par
300
200
pref.100
Masonlte Corp
900
500
....No par
$3
preferred
No par
56
1st cum pref
No par
McCall Corp
No par
13%
1,600
10978
21%
McCrory Stores Corp
6% conv preferred
""400
McGraw Elec Co
*6%
27
7%
a
97
1
100
1
1,500
1,500
v
Def. delivery,
r Cash sale.
122
Aug
133
June
35
Apr
83
Sept
13
Apr
19%
117% Jan
6% Apr
121*4
11%
Apr
Maris
11
Jan
Jan
Jan
6
79
June
Apr
40% Sept
Apr
Apr
1678 Sept
884
20
1'4
Apr
Apr
Apr
384 Dec
12
Jan
3%
25
Apri
Jan
Jan
29
Jan 11
3
9% Apr 20
25
20
Sept
9%
Apr
23
Apr
36% Apr
4%
Apr
45
33
Sept
95
Sept
Apr 15
Apr 15
109% Apr 5
180%May
23% Apr
29% Jan
36%May 22
2%May 22
20 May 23
96%June 14
10%May 22
10
May 21
93
May 21
17%May 21
6
June 26
5%May 15
39%
46%
4%
18*4
37%
118
109
Apr
Sept
Apr
% May
Feb 19
14%
18%
417g
37%
109%
Dec
4
30% Oct
26% Aug
5% Jan
2984 July
29% Oct
13% Jan
23% Jan
18% Mar
6% July
Dec
1% Apr
.
Apr 27
Mar 27
95% Sept
152
Sept
15
Apr
Sept
38
17
2% Sept
4
4
14
41
99
112
Jan
Jan
I684 Nov
w97g Jan
18
July
100% Dec
1484 Mar
10% Mar
,
28
12% Sept
Jan 11
Apr
Jan
Sept
Aug
2384 Sept
20% Apr
7
Apr
Apr
Jan
5
20
1% Jan
438 Jan
June 12
y
Apr
7% Apr
Feb 26
4
160
xEx-dlv.
85
Feb 16
3534 Jan 4
23% Jan 10
June 10
June
90
Apr
Sept
12% Apr
Jan
24
Apr
8%
Feb 23
115
21
26
New stock,
Jan
Jan 15
Apr
4
29%
34%
9%
18%
16%
6%
2134June 10
Mclntyre Porcupine Mines..5
10
n
105
26
834May 21
2634June 25
6%May 21
6
McKeesport Tin Plate
Sept
1278
Oct
Mar
Mar'
63s Sept
3% Sept
884 sept
2784 Jan
13% Nov
3284 Mar
6684 Mar
10
Sept
43% Aug
108% Aug
i.09% Aug
180
May
19
Nov
2084 Aug
31% Apr
40% Sept
10
18% Sept
Aug
13% June
47
19
Mar
Jan
Apr 15
2984 Dec
32»4 Dec
Mar 15
Apr 8
30% Sept
54% Jan
109% July
Apr
Jan
Apr
Jan
l09%May
25% Apr
162
Oct
59
2% Jan 24
31% Apr I
May 15
Mar
4
Apr 18
17% Apr 23
1978 Apr 23
103% Apr 16
387g Jan
14% Feb
46% Apr 18
3
125
18
15% Jan
10
23
17
31
21
38
May 18
2534May 22
130
May 31
17 May 24
20%May 21
87gJune 5
21%May 22
17g July 1
4
May 21
24
May 21
l4%May 21
ll%May 23
«4May31
3%May 22
278May 21
McGraw-Hill Pub Co..No par
7
2634
'
10
13
*7
7
—
300
99
99
*1134
13%
13
-
25
*21%
97%
-
44%
27«
*2%
234
*20%
pr
Martin-Parry Corp
*24%
*23%
29%
8%
25%
3,500
24%
24%
800
6
Marshall Field A Co...No par
28%
20%
20%
Market bt Ry 6%
4%
11
*162
44%
*3%
11
8%
24%
234
*1912
*3%
*23%
44%
2&g
1314
4%
Marine Midland Corp
11
2i2
10978
Maracalbo Oil Exploration.. 1
5,300
4%
44l2
*96
""166
1034
253g
*13
|
1
1034
*23%
25
Manhattan rihlrt
4
*3%
2512
No par
t Manhattan Ry 7% guar. 100
Modified 5% guar......100
*34
'4%
8%
400
4
11
24
17%
1
11
*23
Mandel Bros
5%
32
4%
*3%
35
162
5%
2
*34
!»U
*11%
2834
100
...No par
13%
13%
4
....
Manatl Sugar Co
*12
4
preferred
500
13%
»!•
*161
6%
10
27
*12
1
8%
MacAndrews A Forbes
No par
Garden...No par
Magma Copper
10
17%
4
8'2
Louisville A
100
Madison Sq
32
378
8%
400
Macy (R H) Co Inc
*17%
*"i«
Nashville....100
51
273#
100
*29
1
Louisville Gas & El A..No par
700
17%
4
""300
1034
32
*37g
*3%
Co
June
Jan
3284 Sept
Apr
Sept
3
109
13%June
105% May
1834May
138%May
15%May
100
10
100
preferred
Lorlllard (P)
24
*28%
2
*4%
5%
"MOO
2
25
Mack Trucks Inc
*17%
5%
Loose-Wiles Biscuit
900
17%
*4%
300
19-%
32
5%
400
*10
26
29
Corp No par
Long Bell Lumber A...No par
10'4
13
Jan
15% Jan
1538May21
1
Lone Star Cement
19%
*23%
23%
10%
*17g
2
.No par
Loft Inc
*120
193g
*25%
27%
2
No par
7% preferred
19%
19%
*48%
*2634
~
27
400
I
Corp
Inc
16.60 preferred
100
42,400
150
*25%
*178
*4%
*28%
17%
*25%
*»1«
*23i2
*2412
*147
49%
*120
24
*2512
*17i4
*47%
27
19%
23%
*934
*4:%
*28%
4734
25%
24%
32%
32%
2%
*2%
15%
*14%
*106% 109%
21% 213«
19
1834
10%
9
1834
19
195s
*10
9
150
*120
*120
2OI4
*147
*146% 150
*18%
2478
32
Loews
Jan
June
Mar 27
20
13%May 21
27
May 21
9
May 16
l0%May 21
22% July 3
20%May 21
97
May 22
Liquid Carbonic Corp..No par
8,700
2,900
18
Feb
1434
87
Sept
119% Sept
Jan
978
Sept
77s Aug
76
Sept
9%
7% Nov
7% Apr
May 22
1434
24%
*99% 101%
9
Mar 13
16
June 19
16
237«
3112
*146
87
Lion Oil Refining Co...No par
4
63% Jan
169
137g
2234
150
*"400
378 Sept
3
Apr 10
May 15
87
No par
Link Belt Co
93s
Deo
33
Lima Locomotive Wks.No par
200
107
June 10
par
23%
23%
13%
23%
2478
*993g 101%
24%
24
*143
Lily Tulip Cup Corp..No
32
*9%
3212
15%
18%
*31%
9
*307g
23%
*18
18
Jan
2434 Apr
25
Preferred
""106
Oct
84
69
May 28
May 22
May 22
13%
24%
25
18
33
77% Jan
22
10
23
100
Series B
800
97
Apr
5
No par
Llbbey Owens Ford Gl.No par
Llbby McNeil A Llbby
7
Life Savers Corp
5
Liggett A Myers Tobacco..25
177
18
Corp
.6
22%
13%
25
2412
97
18%
*914
93g
""760
95
*170
9834
177
*31%
32
24
*94
96
40% Sept
19
30
Lehman Corp (The)
Lerner Stores
23%
36%
31% May
Jan
17
17
15% May 21
9%May 18
l8%May 21
60
6% conv preferred
Lehn A Fink Prod Corp
534
15%May
100% June
l38May
a4 Apr
2
May
25
..100
50
|Lehigh Valley RR^
Lehigh Valley Coal ....No par
200
534
38
28
l638May21
...5
4% conv preferred
400
6%
96
....No par
900
*534
96
100
300
%
*27g
18%
1134
60% June
Jan
127%May 14
23%May 22
4
May 21
8%May 23
12
May 16
3% May 28
No par
19
6'g
36
5% preferred
Lambert Co (The)
May
Jan
8% Jan
87%June 20
24%May 21
10 May 21
27«4May 21
l%May 22
l7%May 20
l9%May 23
2
May 21
233gJune 11
Kroger Grocery A Bak.No par
Laclede Gas Lt Co St Louis 100
6%
Jan
47g Jan
8%May 21
No par
Jan
May
1434 Jan
573s Dec
25% Aug
10% Jan
9
Kendall Co $6 pt pf A ..No par
Kennecott Copper
No par
A Co
5534
138
Aug
3%
90
434May 22
Kress (8 H)
Dec
Sept
0%
29
121
Kinney (G R) Co...
1
45 prior pref erred ...No par
Kresge (S S) Co
j,
10
Kresge Dept Stores
1
35
123
Sept
39%
1175sMay 28
3%May 21
11 May 23
9
May 23
92
May 21
7%May 21
Keystone Steel & W Co.No par
Kimberly-Clark
No par
4
3
Apr 29
132
.........1
Lane Bryant
*534
*235g
Class B
21%
183g
24
10
1,600
4%
2034
*16%
1
*35
14
*3%
27g
11
2,600
30
7
13%
1334
2%
18%
""loo
30%
*5%
18%
11
"Mod
334
25
*12
205g
18%
23%
30
13%
1334
43g
100
200
2
*24%
30%
14,600
26
23%
*2%
334
"l",306
10
Apr
102% Apr
4% Jan
June 10
Jan
Jan
17% Sept
5%
28
134May 15
l78May 15
43gMay 21
74% June 11
5%May 21
20%May 23
95
8%
Apr
2% Aug
5% Jan 24
122%May 22
48%May 15
978June 10
Kelth-Albee-Orpheum pf__100
Kelsey Hayes Wh'l conv cl A.l
Sept
6%
Oct
50% Feb 6
37% Apr 12
36% Jan
3434May 22
1
Dept Stores
5% conv preferred......100
Kay ser (J) A Co
5
500
35%
*1%
25
1
12
*23
23%
27g
1%
25%
*32
2
105
95
*11%
73
17
100
_
Jan 11
387g Jan
21%May
52
100
5
Jan
133
June 10
44
142
Jan 23
5% Jan
May 21
Kaufmann
60
95
24?8
Day
Preferred
100
71% Sept
16634 Aug
9
200
6%
4578 Sept
1
4% preferred...
8
19584 Mar
June 21
No par
Oct
Apr
Sept
122
...No par
37g
41
16
145
1
Kan City P A L pf ser B No par
Kansas City Southern.No par
6U
98%
No par
...1
300
*534
*16978 177
100
"166
96%
*534
pendence
■t
Jones & Laughlln St'l pref. 100
Kalamazoo Stove A Furn
10
11%
778
26
12
96
100
A Teleg...No par
Intertype Corp
Island Creek Coal...
$6 preferred
15
*97% 103%
12
12%
35%
*23
53g
3'8
25%
12
35%
2
1234
1'8
*92
Inde¬
95
26
1314
*95
Telep
Foreign share ctfs...No par
Interstate Dept Stores.No par
10
100
-
4%
*9%
12%
5%
3%
Closed
*578
^
*12%
77«
6%
1134
-
4%
96%
12%
6234
*10%
*11934
Exchange
12%
1258
35
Inter
578 Sept
3
Jan
7
2678May 28
25 May 23
l3%May 21
97% Jan 15
...60
Preferred
125% 125%
4%
15
11%
*97% 103%
*10%
*183g
*10i2
*22i2
200
6%
*60
Stock
*11934
4%
7
1%
300
6%
*23%
*123
5,300
79
*6
25%
No par
International Sliver
2%
2%
*6
...
International Shoe
7% preferred
234
*75%
6%
100
600
100
2%
3
No par
Johns-Manvllle
13i8
2i8
19%
International Salt
1078 sept
1% Apr
14% Apr 20
ia4May 18
37
100
1,800
13»2
*3
31%
"l",2o6
100
preferred
57
7
1934
34
*17
32
5% conv pref
5%
109% Dec
2%
4
6
171
_
10%May 21
40%May 21
Internat Rys of CentAmNo par
56
13
*18%
100
40
63g
79
*6
6%
2,300
2%
2%
25g
*75%
48%
47%
*3834
Deo
Apr
6
62% Jan
3
June
Sept
678
9% Mar
46% Oct
Apr
7% Aug
Jan
38
5
193sJune
21
l91%Mar 12
May 22
109
90
Mar 28
2% Apr
June 11
Inter Paper A Power Co.... 15
98% Sept
Apr
17% Apr
5
May 25
134May 22
5%May 22
3%May 23
ll" 200
Apr
9%
1278 Jan
145
100
23%
*1112
*3%
Preferred
67
4% Apr
52% Sept
113
l8%May 21
Int. Hydro-Elec Sys class A.25
Jarvls (W B) Co..
Jewel Tea Co. Inc
*92
June 10
38
Aug
47% Mar 20
8
136
Sept
157
5% Feb 28
23gMay 15
6%May 21
1
May 21
Int Mercantile Marlne.No par
Internat'l M lnlng Corp
1
"366
334
2414
29i2
300
11%
4234
134
24%
*24
1,300
42%
*9%
91
No par
No par
Int. Business Machines.No par
Internat'l Harvester...No par
*10%
6'4
25i2
162
]00
Rubber
Interlace Iron
23%
6%
2%
90
24
I *12%
*97i2 103'2
*1H2
200
43%
June
Internet Agricultural..No par
Prior preferred
100
22%
145
22
*114% 119%
12'%
12%
2%
*25s
125
*37g
12%'
*578
1%
No par
6% preferred
Intercont'l
~3~3o6
100
200
*88
2%
*119%
1134
30
3%
8
43%
4%
15
100
Interchemlcal Corp
*10%
*119i2
4%
100
2734
t Interboro Rap Transit
4%
11%
*l03g
11
43%
*42%
43%
*54
551«
5414
54l2
54%
55%
54%
57
*124
127i2 *125
12712 *125% 127% *125% 127%
*55
61
*58
62
62
62
*58%
61%
11%
1134
11
*10l2
11
115g
*105s
12
*119i2
2% ~2~ 200
Jan
131
1578 Apr 11
6% Feb 14
4% June 11
2%May 21
29%
Apr
147% May
Apr 16
90% Apr 27
66%May 22
7%May 22
...1
4
32
100
24
No par
Cons Copper...20
4
4
123
24i2
125
Inland Steel Co
Insuranshares Ctfs Inc
1,600
22,500
18%
*57g
158
2%
*30%
*75%
June 26
-7%
1878
3ig
612
145
2%
31%
85
100
7%
*334
*30%
*1734
2%
86
Inspiration
9% Apr
9% Sept
4% Apr
1034 Apr
Jan
73g
3H4
*88
Jan
118
234
32
234
29
May 25
634
*30%
I8I4
1,200
100
Highest
I per share 8 per share
share
per
72
Ingersoll Rand
*2%
31
100
""600
8%
5%
*24
22l2
2278
22l2
2278
2234
23%
*114l2 120
*114i2 119i2 *114% 119%
1214
1234
12:%
13
12%
12%
47
47U
48
4714
47%
47%
3
*2i8
3U
*2i8
*2%
3
*38
40
*3834 40
*3834
40
31
83%
2%
25g
%
5
May 23
l63gMay 21
10
No par
Lowest
Highest
% per share
..No par
Industrial Rayon
148
8%
43
155
900
*5%
Refining
Ranoe for Previous
Year 1939
6% preferred
""500
8834
83%
83%
834
5%
43
234
234
234
6% —6%7
4
*140
Par
Indian
22%
8834
142
43%
Lowest
$34
*5%
*21
148
*138
Ranoe Since Jan. 1
On Basis of 100-Sftars Lots
Week
*2334 26%
*9834 100
*2%
3%
8
8%
*138
1%
*21%
22%
3%
8
138
125
*2312
*122
2%
2512
*2i2
H2
43
*5%
*9834 100
3
8i8
*137
278
*2334
100
834
6
2%
2512
83%
834
*514
2%
8
8
8
8%
*140
EXCHANGE
Friday
July 6
Thursday
21%
88%
144
87g
(
5%
2214
8712
*140
STOCKS
NEW YORK STOCK
the
CENT
July 4
22
148
*5U
NOT PER
Sales
for
Saturday
69
May
21% Jan
8
2
10
11
3
2
3
4
60
Jan 25
35
Jan
101% Sept
0
Mar
38% Sept
2
Aug
10% Sept
105
Jan
19% Apr
2la4 July
62
Jan
6% Sept
22% Mar
110
24%
June
Feb
Sept
159% June
1584
Jan
20% Mar
30%
Apr
138
67
Sept
3
28
Apr
35
Aug
136%May 10
124
Feb
135
Nov
28% Jan 3
31
Apr 15
12% Jan 4
18
Aug
33%
Oct
25% Sept
43%
Feb
11% Sept
25% Apr
19%
38
Mar
8
40
4% Apr 18
1
Apr
77gMar 11
35% Feb 28
17% July 1
5
Apr
9
Apr
Apr
30
5
16% Jan 17
10
Apr
16
1
Apr
9
5
8% Mar 29
l%May
5% Jan
15% Feb 21
47«4 Apr 16
1434 Apr 15
4078 Jan 8
3234 Apr 15
Mar
2
53% Jan
4
170
4% Feb 23
30% Apr
105
3
Mar 29
16% Jan
8
29
Feb 24
Apr
3
9% Apr 25
47% Jan 3
127g Jan
Ex-rlghta.
984
8
Apr
20% Aug
2
May
30
Sept
2034 Aug
155
Nov
Apr
3% Sept
2434 Dec
4034
93
Jan
1078
Apr
Jan
984
177g Apr
111
4% Apr
378 Aug
Oct
2% Sept
684 Sept
8% Mar
17% Nov
45% Nov
8%
57%
Dec
Jan
37% Sept
170
53%
July
Oct
6% Mar
36% Mar
105
June
15% Aug
Sept
Apr
18% Sept
Jan
15%
Apr
5% Sept
8%
Nov
15% Nov
17% Nov
108% Dec
25% Dec
10*4 Jan
69% June
88
39
Jan
Sept
63g Sept
7*4 Oct
1 Called for redemption
New York Stock
70
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
ReCQfd—Continued—Page 7
Tuesday
Wednesday
June 29
Monday
July 1
Thursday
July 2
July 3
$ per thare
ft per share
ft per share
4%
4%
*20%
2H2
6%
414
4%
*21
414
22
2H2
*94%
*9%
98
934
0%
*94% 108
*914
"
*71
75
*71
75
*71
75
*68
75
*68
75
*68
75
*27%
28
314
*3
*15
12
27%
3
3
16
12
27%
*27
14
*7
7%,
I
13
13
*29%
13
*12
14
13%
2934
287$
'
•><**-
113
113
112
113
38
37
37
*96
100
100
100
101
35
*30
3
7%
*%
2%
*%
%
27$
*28%
734
*29
*111
37%
*%
%
%
2%
2%
'11
2%
*%
»!•
2%
*%
%
%
%
%
12
*12
12
*108
*108
5%
*41
44
*12%
'
5%
15
44
5
|
14%
17%
*17
18
xl7
*1H$
934
1378
u%
*lll4
934
1378
9
11%
9
*9
13%
13%
13%
*17
*110
114
114
17%
11%
9%
13%
11%
*110
113
734
*57%
*55$
*8»4
*30%
*35%
*5%
8%
*034
*16%
133% 133%
*17%
18%
4%
77$
7%
58 I
57%
6
55$
9%
*834
36 j *30%
37% *35%
6%
6%
8%
8%
103$
10%
19
*16%
77$
57%
65$
9%
36
37%
5%
8%
103$
18%
10
1434
2%
400
*%
*16
%
*12
200
I
90
1,800
40
*118% 120%'
*39
39%
*33% 38 I
2334
24%'
*10%
11%'
14%
14%
*175$
27$
23%
*12
18%
3
23%
127$
*7084
73
80
5,100
""280
"'266
100
300
80
2,200
100
6
*7%
5%
160
160
*82
947$
17%
6
6
*77$
9%
T.200
5,000
*12%
17
17
1134
1134
13%
*82
100
14
88%
8%
1334
*17
113
600
1,500
8%
9%
*156% 165
pendence
50
19%
19
14
"2",000
15
17
Inde¬
*1134
4%
*12
Closed
1,700
44
4%
Stock
Exchange
9%
19
5%
*40
8%
9
187$
10
17%
12
Day
12
113
10
90
100
"760
*134
135
120
18
*17
75$
57
534
934
*31
*7%
*56%
36
37%
5%
*8%
37%
5%
10
834
534
*8%
*32%
*35%
*5%
*8%
10
57%
534
10
36
41%
5%
834
10%
♦16%
18
80
*70
80
*70
80
*70
44
*41
44
*40
44
*40
44
*40
*102
112
112
*105
112
*105
1,000
500
200
'""16
*70
80
21%
7%
*38%
1134
*12%
2234
24
*21%
7%
*38
2134
7%
39%
11%
13
*12%
22%
13%
2234
24%
2234
24
i
*24
4%
*3%
*534
6
*534
*101% 108% *101
*105
117% *106
55%
*%
*5$
*23
*50
*38
34
%
18%
26%
215$
7%
39%
H34
7
38%
115$
24
24
108% *101
117% *106
12%
127$
13
23%
24%
24%
*3%
24%
25
25
4%
*384
6
*584
6%
108
*101
*106
*%
183$
%
*%
20
*3,
is
%
U14
u16
20%
*23
27
210
204
204
*200
205
106
107
107
*55
57
*5134
157$
*83%
52%
161$
6
*54
95
21%
*23$
*24%
*14%
*57$
13
95$
*100
34%
234
15
6
*127
*8%
8%
25%
22
*45
8%
*24
47%
j
*115%
*2%
4S34
*19
*451$
*115%
48
5%
2\\
10
104
*3
12%
*127
*19
*47%
5%
10
*100
130
25%
12 % |
10
3%
12%
6%
12%
6%
104
*27$
*12
14
5%
*2%
*834
3%
123$
130
8%
28
22
47%
57$
I
*12
10%
*100
3
12
128
8%
*31
34%
32
14
*13
14
6
104
3%
12%
130
8%
28
*19%
22
47%
5%
2%
10
*48%
53$
2%
10
25$
*10
*
100
20%
21
1*141
144
*141
63$
*31
34%
*23$
40
North States Pow ft5 pf No par
Northwestern Telegraph...50
Norwalk Tire A Rubber No par
Preferred
;
50
32
14
100
6
Norwich
Pbarmacal
3,100
Ohio Oil Co
13%
300
Oliver Farm
1034
1,600
6
*101
104
3
3
*27$
3%
'""366
12%
12%
12%
123$
2,300
129
129
8%
*24
20
*46
20
47%
8%
26%
22%
47%
26%
*20%
47%
90
1,000
200
100
60
49%
*5%
5%
10
10
2%
10%
144
50
50
*5%
5%
234
234
10
10
*4.3,
5%
1184
2934
*10%
*29%
*39%
41
1~306
26
21
22
22
9%June
14
May
75 May
30
May
June 12
8%May 28
10% Apr 15
24% Jan 24
170% Mar 0
19
No par
No par
145
a
100
6% preferred
Otis Steel
$5.50
100
Co
No par
1st
pref..No
Outboard Marine A Mfg
conv
Outlet Co
Owens-Illinois
par
87
16% Jan
14% Dec
*8% July
Pacific Coast Co
80
9%May 21
87$ May 21
15 May 21
Apr 27
June
6
i"400
400
Del. delivery,
23
22
25
May
May
May
14%May
47%May
47%May
15
May
84%June
4%May
101
May
27
May
2%May
32 May
110
Sept
114
107
Sept
6% Apr 8
7% Mar 14
207$ Apr
157$ Jan
21
22
22
14
5
15
24
22
15
20
2
July
n New stock,
27
Jan
Sept
177$ June
Sept
Oct
14%
0a4
87s Jan
Apr
Apr
July
5% Aug
Apr
Deo
2%
10% Apr 11
Apr
8% Sept
10%June 24
25% Mar 13
91
Apr 29
53% Apr
110
6
Jan
4
18%
Apr
73% Mar
32
Apr
105% Sept
50
Jan
|
187$ Jan
21% Jan
39
8%
27
Apr
Apr
11% Sept
10% Apr
Jan
18%
Apr
30
33% Mar
Apr
8% Apr22
I84 May
12% Apr 22
47$ July
115%Mar 11
111% Apr 30
50
Feb 20
% Jan
Nov
119
May
47
July
% Dec
3
Jan
106
4
2
1%
Dec
% May
% Jan 11
207$ Apr 22
35% Apr 6
226%May 4
113% Mar 27
2384 Jan 3
8% June
31%
168
Dec
Jan
103% Sept
18%
Apr
59
Jan
8
52% Sept
58
Jan 10
26%
Jan
50% Sept
12% Apr
3
90% Feb 20
9% Jan 3
113
36
5%
42%
Apr 29
Jan
3
Jan 12
10%May 29
8%May 7
23% Apr
14% Mar
112
Mar 28
57$ Apr
18% Jan
144
4
4
4
4
Feb 19
12%
Jan
3
41
Jan 11
82
Jan
7
June
100
Mar 2
8ept
Sept
29
2'4
32%
Apr
6
Aug
Apr
.4% 8ept
8ept
100% Sept
434 Aug
12
15% 8ept
128
7%
33
Oct
Apr
July
Jan 22
40%
Jan 17
114%
Jan
0
50
Apr
10% Apr 26
3
Aug
2%
Apr
2
June 10
May 22
May 22
8
22
21
22
22
May 21
115
May 25
1AA
Tunn
33$May
9%May
25%May
33
May
100
100
Cash sale,
Apr
4% Jan
20% gept
10% Sept
8% Sept
55
8
No par
r
0
3
12% Jan
96
4%
Jan
120
4®4 June 10
No par
6% preferred
4
12%
May 24
10
Pacific Ltg Corp
Pacific Mills
3
Jan
June 10
42
2d preferred
No par
Pacific Finance Corp (Cal).lO
Pacific Gas A Electric
25
Pacific Telep A Teleg
20
20
175
105
No par
1st preferred
Apr
19
Co-12:50
130
310
17%
8
13% Mar 12
18% Apr 17
116% Jan 3
47
100
Glass
Oct
Apr
8ept
99% Apr 17
20% Jan 3
H5%May 24
5
No par
-
1
Apr
7% Sept
21% Sept
1477$
10%
14% Feb 20
5%June10
8% preferred A
Oppenhelm Collins
Aug
77$ Aug
May 31
21%June 28
10%May 21
7%May 21
95
May 23
2%May 22
ll%June 11
12434June 11
7
May 21
21
May 21
Pacific Amer Fisheries Inc...5
113$
*11534 118
{ In recelerstilp.
7
2
July
No par
Otis Elevator
14
21% Apr 30
6% May 24
30% May 21
14
6
8
3
41
No par
Equip
(The)
900
*10
145
Co..2.50
Omnibus Corp
Preferred
*115%
49%
144
130
8%
28
49%
53$
2%
2%
*129
50
50
...1
Northern Central Ry Co...50
Northern Pacific Ry
100
234
*24%
*13%
6% preferred series..
"3" 800
95
6
10
5% % pref series
North Amer Aviation
IO84
Bid and asked prices: no sales on this
day.
300
900
6,200
*125$
*115%
144
8,000
North American Co
6%
144
41%
100
Adjust 4% preferred
1084
*11534
29%
Norfolk A Western Ry
13%
*140
*10%
8hlpbldg Corp part stk—1
Noblltt-Sparks Indus Inc
5
57$
5
43$'
4%
434
'5
5%
5%
1134 *10%
1134
*10
*934
1134
1134
20
297$
29%
293$
29%
29%
29%
41
41%
41
41
41%
*39% 41
*10
11% *10
113$
*10
113$
113$
119
*118% 119
*118% 119
*11534 118
43$
N Y
Apr
7% Feb 15
22% Jan
33% July
45
103$
104
53
Sept
Aug
43% Sept
5% 8ept
4334 Apr
110
*1234
*101
4
43% Apr
8% Apr
50
pref
105
26%May 24
35%June 25
3% Jan 4
7%May 21
434May 22
104
May 21
non-cum
Mar 14
8% Feb 16
10
No par
N Y A Harlem RR Co
60
5% preferred
Apr
111
132
20%May 21
3%May 21
10%
*111
*2%
*24%
*115%
49
100
Sept
148% Jan 29
No par
60
*8434
57$
3334
25$
32
*24
*40
95
5r,$
*111
13%
10%
6% preferred series A... 100
NYC Omnibus Corp..No par
""166
157$
*14
N Y Chic A St Louis Co... 100
New York Dock.,
27
55
3334
*2%
*24%
No par
110
52
25$
500
No par
208
155$
15
131$
95$
*23%
55
33
800
1,900
N Y Air Brake
Apr
9
50
62
21
New York Central
30
Mar 29
143$May
100
*203
52
32
400
15.600
Feb 28
15% Mar 20
83
73% Jan
9% Jan
new 10
1
Apr
May 23
8
100
Newmont Mining Corp
Newport Industries
*108
1584
*2%
900
10
16% Apr
37$ Aug
5% Feb1«
June 19
13%May 21
5%May 22
48
May 21
4%May 24
12,200
55
323$
900
No par
Apr 18
18% Apr
207$ Jan
39
Apr
Apr
Sept
Sept
83
21%
21
53
*24%
1
serial pref...100
16
Aug
Aug
July
Dec
40% Apr
31% Aug
22% Sept
9% Apr
307$ Feb
% Apr 27
153$
32
No par
Feb
152
3$ Apr 12
% Apr 4
13% Jan 15
55
*8434
No par
—No par
112
Jan
45
22% Apr 9
173% Jan 31
100
53
6
100
100
121% Jan 3f
May 29
{N Y N tl A Hartford
16
87
6M % prior preferred
132
110
Jan 31
Conv preferred
100
IN Y Ontario A Western.. 100
55
6
National Supply (The) Pa.. 10
12 conv preferred
40
June 19
141$ May 22
100 *160
6% preferred B
...100
Nat Mail A St'l Cast Co No par
National Pow A Lt
No par
National Steel Corp
25
conv
66
100
52%
*84%
7% preferred A
June 10
7%June 6
5%May 21
1
ft4.50 conv preferred-No par
National Lead Co
10
4H %
17
300
55
*111
No par
200
52%
157$
6%
Nat Dept Stores
5
13
23
28
23
%
16%
95
100
22
21
%
52%
6
100
934May
May
117$June
107%June
107 May
3
May
5>$May
6
1
Jan
4
Jan
"16
16
|
16
N Y Lack A West Ry Co.. 100
52%
*110
*33
27
208
108
112% 108
20%
2034 j
20%
20%
205$
7% pref class A
7% pref class B
Newberry Co (J J)
6% prefserles A
53
57
*84
6%
*110
*83$
20%
*23%
June 11
%
*5$
*108
*201
155
6
*%
*5$
*14
20%
%
-
*50
7% cum pref
100
Nat Bond A Invest Co.No par
June 10
107$June
884 Aug
2%
3$
%
10%
8534
May
60
Apr
Apr
44% Sept
103% Sept
2% Sept
30
Sept
193$ Jan
119
118
June 10
9
10
Nehl Corp
Nelsner Bros Inc
117%
53
10
Apr
Apr
101
% Jan
7$ Jan
June 15
13% Jan 13
534 July 2
7% June 20
...5
Co
Natomas Co
108
117%
Biscuit
600
4%
117% *106
*50
52%
106
205$
12%
108% *101
*201
20%
38
117$
23%
6
%
27
38
12%
4%
*50
1934
215$
7%
National
400
18
23%
*534
%
*23%
213$
1134
12%
22%
7
*1634
7%
40
*334
52
17%
*207$
11%
12%
22%
4
.
21%
7%
7%
%
%
18%
21
117$
*3%
*50
*102
21%
7%
40%
12 |
*1634
6% conv pref
Nat Aviation Corp
6% prior preferred
National Tea Co
112
*70
1
Apr
6%
11%
18%
1% Jan
4<4 Jan
334May 21
11
Nat Automotive Fibres Inc.-l
500
44
112
"3" 206
80
*40
*102
41
100
Nat Gypsum Co
100
73$
_.
5~6o6
168
56%
534
934
May 28
97%May 22
4
May 21
Jan 20
434 Apr 24
66
5
Nashv Chatt A St Louis.
National Acme Co..
6% preferred
10
Nat Distillers Prod
No par
Nat Enam A Stamping No par
72
18%
75$
Nash-Kelvlnator Corp
4~400
*162
*17%
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America.. 10
Myers (F A E) Bros...No par
June 26
134
134
No par
i$June 21
9%May 21
86%June 10
110
May 23
113%May 27
3l34May 21
33% May 21
21% June 20
87$ May 22
12
May 21
15 May 21
23$May 14
20 May 21
8%May 22
May
Apr
64
%June 27
16
112
I678
Munslngwear Inc
8
9
8
Apr 25
Nat Bond A Share Corp No par
113
165$
Motor Products Corp..No par
Motor Wheel Corp
5
Mueller Brass Co
1
Mullins Mfg Co class B
1
$7 preferred
...No par
25
Apr
Nat Cash Register
No par
National Cylinder Gas Co...l
Nat Dairy Products..-No par
*110
7%
par
No par
50
40% Apr
11
800
2,500
67$
Morrell (J) A Co
Morris A Essex
11% Sept
8
12% Apr 10
173$May 9
48
200
137$
*8
Montg Ward A Co. Inc. No
Aug
397$ Aug
28% Dec
7
2%May 15
May 21
May 18
135$
*70
No par
No par
July
14
28%May
327$ Apr
7%May 21
3$May 18
l%May 22
91
400
4%
6%
20%
9%
ft4 50 preferred
Preferred series B
10
3
Feb 21
26
26
7% preferred series A... 100
{Missouri Pacific RR
100
5% conv preferred
..-100
Carpet Mills—.20
5
110
.No par
Monsanto Chemical Co
5
June 26
10
Mohawk
Aug
July
May
05
Impt
1
ft0.6O preferred—..No par
Mission Corp
Mo-Kan-Texas RR
x
per
Jan
6
50
6% Jan
82
122
Minn Mollne Power
Highest
6% Aug
88
34% Mar
May
May 24
33%May 21
par
100
834
*57$
1934
103
100
6% prefserles A
834
*4
No par
1st pref
4
3
6
2
6
ll%May 21
23%May 21
4% conv prefserles B...100
"l'eoo
1234
90
17%
10
10
200
4%
*11%
*16%
*534
*110
133% 133%
*17%
18%
73$
7%
573$
58%
*55$
634
*9%
934
*31%
36
*35% 36%
5%
53$
8%
8%
%
5%
*108% 11078 *107% 1107$ 110
1107$' 1107$ in
*4
*378
4
4
438
*4
4-%
4%
*578
6%
*57$
e%
*57$
6%
*57$
6%
20
197$
197$ *107$
20
20
20%
20%
*8
*7*4
*8
9%
*75$
10
9%
9%
6%
6%
6%
6%
6%
6%
6%
7%
72
*66% 73 ! *67
*68
72
*67%
72
*16%
17% *16%
17i2 *16%
17
16%
167$
*162
165
165
168
*162% 168
*162
168
*133% 134 I
*17%
18%
400
1,400
*116
44
8% cum
Minn-Honey well Regu.No
35
*108
6%
*1714
17%
1734 217%
17%
6
*6U
6i2
534
*7%
*7%
8
81$
*7%
8
*9%
10
9%
9
9%
9
1878
19
187$
19
1834
19
*15614 160's *156*4 166
*156% 163
*11
14
*11
14
*11%
14
*80
*80
9478 *80
947$
Midland Steel Prod
40
%
%
12%
*40
15
300
share ft
per
Apr 15
85
24
22
22
25
24 May 22
6%May 21
5
;
ft
1
1
145$May
5
53% Feb
Mid-Continent Petroleum.-10
*23$
90%
4%
4%
600
Copper
thare
per
107
Feb
24%May
2%May
ll%May
117$June
50
Miami
734
I
*12
5
*13
15
*%
%
5% conv 1st pref
Year 1939
Lowest
834 Apr
32% Apr
9% Jan
May 31
7%May 28
—.1
100
734
2%
(The)
400
*5$
2%
Co
ft
90
64
Merch A M'n Trans Co-No par
Mesta Machine Co-——.-6
120
*30
*108
44
4%'
4%
4%
108
7%
13%
297$
1147$
80
1,400
8
91%
116%
*118% 120%
39%
387$
39%
38
*33%
38
23%
23%
24%
*1034
11%
1134
14%
*14%
14%
1834
*1734
19
3
3%
*27$
O'l
23
22%
11%
12%
13
73
*70% 73
*40
5'4
*40
3J
116
108
•
200
39
35
*734
»u
%
1214
9134
Mengel
*100% 102
*234
3
102
*2*4
%
2%
200
14%
14
2734
*36
734
12
*110
295$
1147$
*30
77$
%
514
*29
278
34
*7%
90
92
8934
8934
9012
116% 116% *116
*1177$ 118% 118% 118%
3834 39%
38% 39%
387$
*33% 37 j *33%
*33% 37
*24
24
24
24«4
23%
11% *10%
*10%
11% *10%
*14
14% *14
14%
14%
*17
19
19
19
*17%
3
3
*27$
3%
*27$
20
23%
23%
*23%
22%
10
10
10%
11%
10%
*09
73
*70
70%
70%
14%
*12%
2734
7%
13%
131$
102
7%
12
131$
36'2
102
400
"""166
714
100
Mead Corp
3%
69
28
28*4
preferred
conv
thare
May 15
17% May 28
5 May 21
1
No par
ft6 preferred series A. No par
J5.50 pref ser B w vr.No par
Melville Shoe Corp
1
*3
14
Stores Co
Ranoe for Previous
Highest
4
.
6%
"l~300
28
14*2
14%
*1214
*2734
7*4
37
McLellan
75
3
*113
115
361*
3
35
115
500
r69
27*4
ft ver
200
2,200
*71
3
.
Par
McKesson <fc Robblns, Inc.—5
13 series conv pref. .No par
75
2734
28%!
7i8'
13%
an
30
4%
22%
*6%
67
*94% 108
9%
9%
9%
*68
3%
15%
7%
Shares
4%
2134
Lowest
75
27%
*35
*28
914
*71
*14%
13
*283s
30*$
9%
*2734
ft per share
22
♦3
12%
28*4
7% I
ft per share
Ranoe Since Jan. 1
On Basis of 100-Share Lots
Week
6%
6
*9414 108
27%
14
12%
*27
28%
7<4
*9i8
EXCHANGE
Friday
July 5
43s
22
22
*6%
65s
*94i« 109
*6
ft"
4%
STOCKS
NEW YORK STOCK
the
July 4
ft per share
4%
Sales
for
Saturday
July 6, 1940
Ex-dlv.
1 Q
y
3234 Apr
04%
Jan
684 Jan
4
6
10%
Apr
Jan
23% Feb 13
12% Jan 4
14
Apr 15
34% Apr <5
984
Apr
27%
Apr
50
41
Apr
Jan
3
16% Jan
4
11% June
334 June
9%
Apr
139
Mar 12
114
Apr
154
Jan 24
128
Sept
Ex-rlghts.
1 Called for redemption.
share
Volume
Saturday
June 29
July 1
312
*55s
%
*
99
*15
158
*15
*153
158
34
34
3378
♦18U
19
H8
*1814
*1
*7
80l2
*15
34U
34
1884
18
18
6%
*6
50
45
71
June
1,900
2%
200
27g
27g
22
3,900
1,600
12
100
*11
*10i4
12
.
$7
193s
1978
197S
1938
1978
Penn G1 Sand Corp v t c No par
"8,700
*7
734
28
28i4
1712
18
18
160
197g
200
Pet Milk Co
18
1712
17l2
*17
18
*17
18
18
18
30
30
*30
32
*30
32
♦31
32
Pennsylvania RR
Peoples Drug Stores Ino
200
31
100
*7
8i2
17%
26
*1612
18
27
17
20
678
#6%
6%
7
*7%
26i8
27%
27%
7%
734
27%
42%
*38
42%
*40
42
*70
80
*74
90
*74i2
90
90
%
%
77%
6ie
*'4
7734
14
7734
*14
7734
78
78%
7734
125
*112
125
*112
125
*112
*108% 125
378
*334
412
3%
412
414' *334
*35g
*27
46%
*27
46%
*27
46i2
46%
*27
*9
*2312
49
9
*9
*24
25l2
*46
48
*24
49
i
135
7
*6%
6i2
pendence
2314
Day
75
*65
""260
8% conv pref... 100
Plllsbury Flour Mills
25
Pirelli Co of Italy "Am shares"
Pitt C C 4 St L RR Co
100
6%
7
Too
75
30
preferred
S5
conv
No par
4 C Ry Co. 100
preferred
7%
*1612
*1312
*22%
*10i8
34
*"i«
*16
16i4
1434
7i2
*1338
73s
8%
7
7
225a
16
*17i2
*1H2
*23
25
25
*2412
103g
a4
217g
16
26
10%
34
*16»2
*1112
*2412
10i2
16i2
1334
16i2
13%
16i2
133s
712
*7%
734
10l8
*u„
10l8
li8
16%
16%
133s
734
133s
*714
*58
10i8
*»ie
10
*9
30
*27
7i2
*83is
*9
10
*9
30
*27
*83
*75%
7778
*11
11%
1214
478
*1H8
434
*65
55
55
278
91
7634
*11
1138
*1114
1214
434
*lli4
458
45S
*65
5478
3
1214
434
100
55
37
36
27g
*36
IH4
*155S
16
16
16
ij;
16
1512
28
283s
*1138
1178
11%
21%
2112
19
21
21
19
*2%
234
3734
*25
6%
*684
.
*8%
3
375g
*534
8
*634
10%
*8%
7
4878
*56
60
*116
76i2
11%
*1114
45g
49
48
57
*56%
300
*11%
12%
4%
6,800
458
54i2
1,100
29
U7g
2178
1158
11%
400
Reading
Company
50
21%
22
500
19
18%
18%
100
4% 1st preferred
4% 2d preferred
Real Silk Hosiery
50
—.50
49
*44
49
100
*5634
60
13s
167g
*56%
60
50
1,500
11,100
fReo Motors vtc
1
Republic Steel Corp...No par
167g
165g
167g
83
83
*83
69l4
69%
*69
7012
69l2
9
87g
*8i8
165g
87g
1U
1612
8
10i2
7i8
*6%
*634
*8%
7%
1%
70i4
9
Preferred
16*4
10
634
8
10
7%
1*8
17%
1,200
87
400
70%
70%
400
9
9
300
*83
84
3
3738
*33
*9
912
9
*16
19%
*16
19
*15
19
*15
19
*15
19
77%
55
914
*70%
77i2
*7012
77i2
*7012
7712
77%
55
*4018
55
*70%
*40%
9I8'
9
*40l8
914
*80
90
*80
7%
714
37
7%
36%
37
*52
*40i8
9i8
53
*52
7%
7%
7l2
*45g
5%
3%
334
3l2
1334
1334
*13
*5s
*5g
1
28
29
29
%
%
3s
*2%
*5
47g
*%
%
*2%
*40lg
9i8
55
9%
90
55
*80
90
*80
714
3612
7%
36%
714
3612
55
*52
7%
7l2
57g
5
5
33g
1434
28
28
*12
1
28i2
3%
1334
1
712
*4l2
3i2
*15i2
♦Sg
29
33g
1434
h
*»8
*U
*212
47g
*4
5
*4
5
*4
5
*40l4
41%
41
41%
41
41
10034 101%
20%
20%
101
101
101
*20%
•
2034
10H8
20l2
Bid and asked prices; no
*7is
36
*52
7l2
h
%
47g
$2
*44
70%
*70t2
1
.....25
Inc
preferred
Rayonler
6
100
Co 1st pref.. 100
Reliable Stores Corp...No par
Reliance Mfg Co
19
Remington-Rand
1
Preferred with warrants..25
Rensselaer 4 Sara RR Co
100
*2%
634
2012
9ig
90
7l2
36i4
*.
90
-
m
1,200
7%
500
Reynolds
36%
1,600
Reynolds
7%
8,400
*4%
5%
100
35g
334
334
17
1
15%
15%
29i2
29%
2,700
300
1,900
*%
%
100
*s
200
*2i2
47g
*%
*2%
4%
*4
5
sales on thla day.
*4
5
42
423s
1,300
101% 101%
20% 20%
690
J In receivership,
10
No par
Rltter Dental Mfg.....No par
Roan Antelope Copper Mlnes.
Ruberold Co (The)
No par
Richfield Oil Corp
f Rutland RR
1
30
14
4134
10034 IOH4
*19i2 20i2
100
Spring
1
(R J) Tob class B.10
preferred
Common
55
*5g
100
prior pref ser A. 100
Revere Copper 4 Brass..—5
Class A
10
7% preferred
.......100
5k % preferred
100
Reynolds Metals Co..-No par
7%
7%
40i2
6% conv preferred
6 % conv
5}4 % conv
mm*
7h
57g
*J«
*U
Rels (Robt) 4
36%
*52
55
55
93g
9
*80
a Def.
600
delivery,
45
2134May
38»4 Jan
30%
2
Jan
4%
13% Sept
Apr 25
8% Apr
10% Feb
40% Jan
40
Sept
17
29% Apr
24
7% pref
100
Lead
10
jSt Loul3-8an Francisco—100
6% preferred
100
fSt Louis Southwestern... 100
5% preferred
100
Safeway Stores
No par
5% preferred
100
Savage Arms Corp
No par
St Joseph
n New stock,
r Cash sale.
Oct
6*4 Sept
1934 Sept
45
Sept
Apr
Apr
21
3934 Apr
Mar
27% Sept
May
7%
13% Apr
25
Sept
Jan
10% Sept
8% Mar
634 Sept
534 Apr
4
2
2
28%
47% Sept
483g Aug
47
Jan 11
36
Apr
Apr
85
Jan
4
75
Jan
% Mar
97%May
1
9
% July
178 Sept
74
Sept
103% Mar
Jan 23
124
Sept
154
May 21
Jan 23
136
40
7»4 Apr
91
Aug
Mar
7
Jan
25
Apr
35
July
31%
Apr
46% Sept
2*4 July
4
Mar 25
Jan
5
678 Feb
9
2
Aug
378 Sept
8
36
Jan
10%May 9
287g Apr 26
49% Jan 5
110
Jan 17
6
Aug
45% Mar
93g Oct
23
Apr
31% Sept
41*4
66
Feb
2%
Mar 12
7
51
Sept
Apr
12
Sept
32% Sept
14% Sept
35% Mar
Jan
4
12
Apr
93g Apr
80
Apr
4
4
Mar
273g
6%May 24
6484May 22
154 May
6
167 June 10
Apr
95
Sept
May
4
6
60
154
176
May 10
158
Sept
175
Aug
4%May 15
5
May 15
11
478
Jan
Aug
6%
8*s Jan
Apr
Apr
l6%May 22
10 May 21
19 May 21
7
May 21
% Feb 14
15 May 28
12% Jan 13
5%May 21
34% Apr 25
22
1934 Apr
May 10
12% Aug
%May 29
6%May 21
63gMay 21
21
16% Apr
June
6
8
Sept
%
1% Mar 12
22*4 Feb 9
Apr
17% Sept
Jan
6
6%
12*4 Jan
4
7% Aug
2% Feb 27
1478 Jan
% Aug
15
14*4
Aug
6% Sept
18
Apr
50%
71*4 Apr 16
June
2
43% Apr 8
115% Jan 11
128
Apr 20
112
Mar 29
Apr
112
118% Jan
112%May 22
30%June 10
100 May 21
1107gMay 22
Apr
6
Jan
42%May
May 21
6
53
18
37
Mar
31% Apr
101% Sept
Sept
113s Sept
16% Sept
48% Oct
25% Oct
40% Sept
20% Sept
2% Sept
24
Sept
17
Sept
I67g Sept
2%
Jan
16% Sept
16*4 Sept
49
Sept
66
Dec
119*4 Feb
4134 Aug
1143g Aug
128% Aug
6
145
May 22
165
Apr
143
Aug
147
Sept
166
June
Jan
June
143
129
Apr
126
111
Sept
Jan
£22% Aug
6% Aug
Dec
Sept
Nov
May
6334
Aug
5
16% Feb
1034
Jan
1173s
4178
H84
90%
81%
18%
May 23
15% Feb
11
Aug
16
5
Aug
Apr
8% Jan
85% June
6778 Jan
Apr
23% Sept
118
16%
Manhattan.No par
15%
3
Apr
15
4
53%
16%
373g
Mar
Jan
24«4
6% Sept
85% June
28
*1112
*21
124
May 18
69
15%
*28
Dec
June
Aug
121
90
28.
600
17
5
4%May 23
Apr 15
15%
16%
Sept
16% Jan
434 Sept
~
48%May 21
Raybestos
600
3,900
33
Apr
Aug
—
3
90
100
54*4
Aug
8
Jan
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer ...No par
No par
$3.50 conv 1st pref..No par
Radio-Kelth-Orpheum
1
6% conv preferred
.100
3
278
*4
2%
17%
IIS4
120%
Jan
Feb 17
1134 Mar
59% Dec
94*4 Aug
11
3634
5434
*36
Apr
9
f 5 preferred B
*65
Apr
74
No par
6% preferred
5% conv preferred
Purity Bakeries
16
87
1634
1%
1%
600
Deo
48
May 21
Pure Oil (The)
113s
x5%
8
June 12
3,700
76%
2% Feb
13% July
84
7%
*74
Sept
21
Apr
100
100
Pullman Inc...,
*11
1178
7
3,200
91
Sept
115
213g
15i8
*6778
1%
73g
91
76%
11%
1214
45g
47
15. No par
No par
.....No par
Pub Ser El 4 Gas pf
130
21%
7%
*833s
21%
16
*82
1%
""§0
100
....100
100
400
60
U4
17
8512
1%
No par
preferred
preferred
preferred
48
7%
7%
122
*1718
278! *2i4
37%
*33
634i
*6%
8
*634
*8i2
10%
7
7%
*8%
10i2
*46
57
*46
153%
*13212 14112
*152l2 15512
19
*614
*634
8
140
3
*33
634
7
7
*214
*33
6%
5% Pf (ser of Feb 1 *29)-100
Pub Serv Corp of N J_.No par
6%
7%
8%
37
*17%
*2-4
No par
$5 preferred
54l2
28%
1134
217g
100
600
3
*21
*173s
*17i8
28i2
2,000
50
5% conv 2d pref
300
*36
16
15%
37
365g
—5
6% conv 1st pref
107i2 107i2
3
*155g
1512
28%
*11'%
15l2
28i2
1H8
Procter 4 Gamble..
*120% 122%
*65
55
A No par
1
2,500
121
36
27g
fPorto Rlo-Am Tob cl
10
116
36i2
..No par
(The)
6214
116
62
107%
*833g
7634
*11
*54l2
3
37%
"
Plymouth Oil Co
5
Pond Creek Pocahontas No par
Poor 4 Co class B
No par
200
30
*27
116
300
80
Pressed Steel Car Co Ino
*9%
934
Plttston Co
5% pref class A...
3,500
9i2
62ig
300
100
100
5
% 1st ser conv pr pf. 100
Pittsburgh 4 West Va
100
7% pref class B
200
7,
*5g
30
6H4
115l2 116
36%
3658
10712 107U
120ls
121
143 |*133
157%* 152i2
*116
120
20 34
213g
73g
714
*84
76%
*65
100
*36
76%
91
62
6134
6218
1
9i8
0»8
No par
100
225g
16
27
1034
*34
34
34
9I4
115i2
36%
07l2
121
121
120%
120
*132%
*13214 143
140
*15312 157l2 *153%
158
*115ig
♦1143s 117
117
2H4
2034
21
2078
73g
7%
7*2
7%
91
16%
*133g
73g
*27
934
30
6234
115% 115%
36i4
3658
3678
37
10912
*1067g 108% *107
2034
5g
9%
78
*9
H8
16i2
14
7%
*73g
9is
*27
1018
*16%
*13i4
♦
*lli2
.No par
Pittsburgh Steel Co
400
25
9%
*15312
*114l2
200
*7
*18"
7g
120
8l2
*7
8%
15l2
100
7% guar preferred
Pitts Screw 4 Bolt
600
225s
*7
9%
*13178
534
*lll2
*58
6134
*115l2 116%
II"
538
534
534
*1758
9i8
6134
5%
5%
5%
5%
*169'
*169
*169
*16834
5%
714
225g
17i2
25
11%
*538
Apr
36
Apr
4%
107% Feb 10
3%May 22
16
May 24
Pitts Coke 4 Iron Corp No par
Pitts Ft Wayne
*16884
100
100
Pittsburgh Coal of Pa
300
4l2
24i2
*65
..100
Pierce Oil
200
2512
48
*19
Hosiery
Jan
4% Sept
Aug
25
27%May 22
2%May 24
36 May 28
7%May 22
22 May 29
35
May 21
No par
5
Petroleum
Preferred
135
*6i2
7
*612
75
*65
*24
*
*4
4i2
*19
Phoenix
200
93g
*46
Inde¬
Phillips
3,200
26
Apr
1%
3%May 18
30
Jan 10
136
Jan
1%
534
—4
% Mar 20
68
100
preferred
7%
40
*9
Closed
2,200
"Too
3
*212
*35
Exchange
135
"*4~
412
23
*19
75
*
135
~*4~
4U
23
612
25l2
*48
49
*65
65
*2%
2,000
Jan
Jan
13%
96%May
6
June 11
70
No par
Phlla 4 Reading C 4 I.No par
Philip Morris 4 Co Ltd
10
5% conv pref series A... 100
Phillips Jones Corp
No par
preferred
Feb
14%
107%
12% Mar 4
10%May 13
62% Jan
5
6% May 18
25%June 10
37% May 25
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
$6
32i4
32
Stock
9%
24%
*4"
7%
*6l2
9
*19
23
65
9
*27
40
3H2
258
*48
4i8
4%
*35
*
135
*19
40
2418
9%
25i2
*48
*
*35
9
40
400
6,400
4i2
46i2
*334
No par
Petroleum Corp of Amer
5
Pfelffer Brewing Co-.-lVo par
125
*112
32i2
25g
40
31%
31l2
*2%
258
*23s
3214 432
258
2i2
*35
31%
31%
*35
734
2714
42
90
3g
7812
2634
*40t4
*76i2
%
7758
%
77i2
7
*7i2
7
100
1,100
*6i2
*6%
7%
734
265s
*17
19
*17
*7%
43
14
18
734
2678
734
2734
*70i2
*658
2758
17%
*40
75s
2734
*39
7
1734
18%
634
3
*li2
3
*ll2
2758
*2614
*16%
197g
*18%
*634
3
*H4
*658
734
26
26
*18l2
3
*U4
*658
No par
28
1978
19i2
20U
*30
3
preferred
conv
50
5
Peoples G L 4 C C(Chic).. 100
Peoria 4 Eastern Ry Co
100
Pere Marquette Ry Col
100
5% prior preferred
100
5% preferred
100
1958
*17l2
*114
pref ser A ...No par
conv
$7
1978
No par
Penn-Dlxie Cement
Feb
2% Apr 12
l3gMay 22
—U2May 22
1184May 21
984June 25
118% Jan 5
15 May 22
15 May 18
23
May 22
l%June 13
6%May 21
l7%May 22
ll%May 21
15 May 22
6%May 28
10
Penn Coal & Coke Corp
104
Sept
6% Sept
72
Apr 15
44% Apr
9
22% Apr 16
2 <g Mar 12
No par
*2%
11
Sept
94
%
28
22
No par
2%
27g
22i2
11
Apr
Sept
92
14% Sept
Penney (J C) Co
79%
11
35
6
Penlck & Ford
2%
234
22i2
*10
6
18
Patlno Mines & Enterprises. 10
78i2
20l2
2
28
21
26
May 23
2i2
3
2318
22
Jan
1
7% Sept
Parmelee Transporta'n.No par
Pathe Film Corp
__1
7978
June
6
700
78
Jan
5
Jan
1978 Deo
8'4 Sept
2
Sept
60% Jan
978 Sept
4
10% Apr
500
50
434
21
21
21
Parker Rust Proof Co
*2i4
22
2.50
Dec
Apr
45% Apr
21
800
734
634
79
234
No par
7%
117g
101% Jan 25
8% Apr
4
11
7
1,800
1
734
50%
6I4
50
Parke Davis & Co
Deo
Deo
3
June 12
10
share
per
6%
7
4
25% Apr
May 23
6f4May
15 May
13gMay
32i8May
l3%May
»4May
53gMay
5i4June
Jan
8% Jan
4
4% Mar 11
16
22
200
1
778
7
6
50
Park Utah Consol Mines
1,900
1
1
64
1
1
""406
1*4
*1%
1
Park & Tllford Inc
16%
34
100
100
10
*V400
7%
7%
Highest
share $
$ per
share
$ ver
May 21
6«4 Jan
i2May
26% June
99%May
4%May
No par
1st preferred
2d preferred
6%
6%
2i2
234
2034
2i2
11
*10
6
*48
"2I8OO
5
74
73g
1%
3378
Airways Corp
4% conv preferred
Paramount Pictures Inc
99
"5"
16i8
*18
Parafflne Co Ino
78
—353
19
16
*7
100
34
*69
15s
500
9
12
5
Pan-Amer Petrol & Transp._6
Panhandle Prod & Ret
1
Pan Amer
100
32
73
73s
*15
No par
Lowest
Highest
2%June 10
534June 5
2i4May 15
'
5
*7is
5,100
*30
99
5
18U
1%
7%
*1
a4
*69%
661600
Packard Motor Car
Year 1939
100-Share Lots
share
per
10
Pacific Western Oil Corp
80
80
2i2
2i2
23g
18%
714
534
49i2
49i2
82
*214
*158
33%
1%
534
6I4
51
*15
8%
*
5i8
74
73g
16i8
]34
3378
*6912
*714
19
1
*7
73s
*534
*48
,
738
I6I3
134
34
*718
73s
16%
73s
74
*69
74
*68
5
14tg
*73g
*5g
%
Pacific Tin Cunsol'd Corp___l
600
1434
*55g
37g
2978
Par
334
6I4
4
*3i2
*5g
99
,
5%!
5
518
$ per share
2978
31
Week
Shares
378
14l2
*75s
34
*29%
*
On Basis of
Lowest
July 5
6
3%
14i4
8I4
*58
|
31
*29i2
99
5%
*7
«8
%
%
31
*
8
8
9
*8
*2934
35S
143g
14
[
|
14%
EXCHANGE
$ per share
334
*3i2
*534
Range for Previous
Ranye Since Jan. 1
STOCKS
NEW YORK 8TOCK
the
CENT
Friday
July 4
$ per share
312
ei4
3i2
35s !
312
14
14
14
312
*534
3i2
6%
312
312
6%
3%
3%
*55a
>
$ per share
$ per share
$ per share
NOT PER
Thursday
Wednesday
I
July 3
Tuesday
July 2
Monday
SHARE,
PRICES—PER
SALE
HIGH
AND
Sales
for
LOW
71
New York Stock Record—Continued—Page 8
151
May 21
32%
1678May 21
ll%May
97%May
89
73%May 28
June
2%June 20
June 19
34
15%May 22
13%May 21
24
May 28
978May 28
19%June
17
8
May 22
l34May 21
2478May 23
7% Apr
Apr 15
Apr 8
Apr
4
2978May
3
26% Apr 10
23
Jan 3
43g Feb
8
Mar
Jan
69
95
May 21
80
May 27
8%May 21
Deo
16%
Apr
10
Apr
9%
Dec
Dec
14% Sept
17% Jan
75% Mar
10% Jan
Apr
75
5734 Apr
60
Jan
60
Apr
2*4 Nov
28% Sept
Apr
43
Apr
9584
Dec
42
Apr
8984
Oct
Apr
21% July
20%
40%
63
Aug
84
Sept
37% July
66
Sept
Apr
2378 Jan
9%
14*4 Jan
30% Apr
Apr 17
92
61% Apr 8
157g Feb 20
7% June
Jan
78*4
ll%May
May
8
35
June 17
62
96% Apr
3
7% Jan 3
12
Feb 27
22% Apr 4
1% Feb
8*8 Jan
4
Jan 30
Jan
9
Jan
42
*8 Jan
% Apr 19
%May 16
2
78 Jan
6
May 10
4*4May 18
53
Nov
127g
?8 July
44
June 10
Oct
Nov
May
2
64
26
Mar
64
Apr
May 22
2
ll%May 28
%May 15
Oct
Sept
5% Sept
Dec
6%
June 10
3% July
27
9
9
52
434May 22
Dec
2834
2%
32
57gMay 22
19
2078 Sept
16
July
8
2
757g Mar 28
6%May 21
Jan
28*4 Dec
2284 Sept
Jan 12
13% Feb
8%May 21
6
May 22
x3734June 7
50
May 28
1
May 15
14 May 21
70%May 21
39
6% June
4
55
658May 21
7%May 21
18 May 17
70 June 26
Mar
July
12% June
10% Apr
37%May
17% Apr
8
60
Sept
June 20
3
23
13
June
Sept
36%June 20
6
6
70
Mar 14
34
May 21
96
May 21
111% Mar 28
17
May 21
31% Apr 26
Jan
Jan
1434
Jan
87
Deo
113s
Jan
Sept
45
Jan
July
6% Apr
6% May
68
Jan
10%
934
Jan
6%
10
Apr
Sept
15% Sept
*4
Apr
27% Apr
%. June
*8 Aug
1*4 May
33g May
27*4 Apr
82% Jan
10*4 Apr
xEx-dlv. y Ex-rights. T Called for
Oct
17% Sept
34
Jan
23g Nov
49% Sept
% Sept
2
Jan
6
Sept
6% Sept
51*4
Nov
109
AUg
23
Sept
redemption.
72
New York Stock
LOW
AND
HIGH
SALE PRICES—PER
Record—Continued—Page
SHARE, NOT PER CENT
Sales
STOCKS
Saturday
Monday
Tuesday
July 2
Thursday
Friday
the
July 3
EXCHANGE
July 4
July 5
Week
$ per share
8%
$ per share
8%
*65
8%
*64%
66
*>8
*212
♦39l2
31«
*%
*234
♦39%
3
42
*110
114
%
%
*2%
*39%
103
2%
J4
hi
42
114
h*
7i«
7u
7u
•u
72%
934
*4378
3i4
13%
*12%
*1%
72%
*9%
*934
*43%
3%
1%
7234
3%
*42
61
3%
*3%
44
*42%
5%
5l4
*3434
3534
8««
8%
44
*5%
*3434
8%
*99
106
—*414
1514
*134
2
*20
21
13%
20
13%
*13
13%
*77
88
8%
lh
19
*135
27%
8%
11
18%
*31%
*ia4
*3%
*62%
*16%
1634
36%
25%
36%
*62%
*1634
35%
25%
*51%
53
6%
72%
9%
"3",800
72%
9%
10%
9%
*934
*43%
3%
44
5%
3534
8%
13%
3%
44
17
25
53
*51%
6%
53%
32%
*49%
31%
36%
*6%
53%
32%
6
15
21
13%
6%
88
6
*62%
25
6%
32%
6
6
104
484
14%
18%
18%
22%
*17%
18
22%
32 34
1%
4%
14%
1634
33
*27
2
1%
4%
4 3«
14%
17%
18%
2234
22%
32%
4%
15
17%
18%
2234
*28
30
2
*14%
33
18
30
68
68
17%
18%
23
32%
*28%
67%
6734
6734
*534
*4%
8%
634
6
534
534
4%
8%
6%
4%
33
30
534
4%
*434
8%
634
6%
*48
50
50
50
123
122
122
8
15%
1%
1134
2384
*4
6%
19%
19%
18
18
*5%
6%
4%
7%
6%
7%
*14%
*1%
16
lia4
23%
*11
6%
7%
15
*4
14%
1%
*22%
*4
19%
17%
19%
17%
1%
6
*6
*29
42
*5%
38%
538
5%
5%
38%
37%
*2 34
38%
2%
30%
4%
3
30%
30%
*135
27
8%
6%
15
*334
Stock
*62%
17
35%
Inde¬
pendence
Day
18
6
5%
4%
42
*3%
*5%
37%
*2%
30%
5%
37%
3
3034
3%
5%
37%
234
30%
7%
234
31
24%
*23%
4%
4%
*438
4%
*414
*31%
*1%
4%
*4%
4%
32%
31%
31%
1%
32%
*1%
1%
26
15
9%
90
23
23%
42%
43
434
18%
6%
1%
76
*11
*57
4%
8%
6%
21
*1%
1%
19
8%
*11%
9%
13
92
9%
23
22%
22%
42%
42
42%
434
1%
76
4-%
7%
6%
_
*16%
21
*1%
*15%
19
2
7%
7%
31«
31»
*29
*3%
3%
3%
73s
*6
6%
17
17
19
1%
*7%
*%
734
26%
11%
6884
68
113
12%
78%
*12%
78
79
*73%
77
*73%
76
*24%
34
2534
34%
*24%" 25
32%
3334
17%
1734
13%
13%
14%
2%
2%
35%
12%
1,400
6%
200
4%
838
1,500
*214
,69
*112% 114
42
41%
12%
78%
434
12%
76
16
7%
7%
3
3u
"ie
26%
1034
68%
*112% 114
*12% 1234
79
79
80
79
25
*73%
24%
31%
16%
79
25
on
26
5%
1,200
4%
3234
500
1%
100
25
this day.
9%
3,400
100
76
,
_
100
mm
-
6%
638
1,800
16%
300
1%
.
19
734
300
3i«
27
600
xl034
11
*112
113
46%
*12
4,100
5,100
60
46%
600
1,000
-V
—
-
-
-
700
2
3434
a
35%
pref
No par
No par
100
Co
conv
96
preferred
No par
Truax-Traer Corp
No par
10
20th Cen Fox FUm
91.50 preferred
7%
CorpNo
preferred..
100
Union Bag A Paper
No par
Union Carbide A Carb.No par
Union El Co of Mo96 pf No
par
Union OH of California
25
Union Pacific RR Co
100
4% preferred
Union Tank Car
100
No par
United Aircraft Corp
300
14,100
3,600
Def. delivery,
par
Twin Coach Co
.1
JUlen A Co
No par
Under Elliott Fisher Co No par
Un Air Lines
70
par
Nopar
City Rapid Tran.No
10,500
100
par
Truscon Steel Co
Twin
...5
Transport
5
United Biscuit Co.....No par
Preferred
100
United Carbon Co
No par
Unlted-Carr Fast Corp .No
United Corporation
No
93
n
preferred
New stock,
8
par
par
No par
r
Cash sale,
x
May 21
Apr
Jan
Apr 10
94
Oct
Jan
2
Dec
5%
Jan
484 Apr
10
Apr
13% Apr
24% Sept
2284 Aug
10%
Jan
20%
Oct
Jan
Jan
jan
Jan
Apr
Sept
Apr
6% Aug
80
Dec
65
10
Oct
4
4584 Sept
66
Jan
118% SeDt
10% Jan 20
2778 Jan 5
2% Jan 3
17% Apr 4
35% Feb 28
7% Mar 25
247g Apr 22
32% Jan 25
9% Jan 3
73gMay 3
6
Apr 11
40
Mar
5
5% Mar
7
6
7%
Apr
4
Apr 4
Apr 11
Apr
19% Sept
134 Aug
10
Apr
22'4 Sept
57g Sept
17
Apr
2484 June
4%
3%
4%
33%
3%
Mar 21
47%
4%
3584
8%
6%
12%
18%
4
Aug
Aug
Apr
Jan
8
8
15% Dec
4
7
Feb 16
30
May 15
June
5
34
14
234 Feb
5
4
2
7%
634
38%
2%
l0%May
4%May
l%May
74
May
3%May
6%May
5
May
14
May
l%May 22
l3%May 22
6% May 23
%June 28
21%June 10
9% May 21
5978june 10
105
May 27
12
May 21
71. May 25
70
June 10
22% Jan 21
31% July 3
12
May 21
12%May 28
110%June 20
42%May 23
12
May 24
l%May 29
26% June 11
Ex-dlv.
y
Mar
48
25% Sept
37% Sept
12% Sept
6% Mar
9% Sept
6O84 Sept
584 Jan
38% Sept
11% Sept
9
Jan
22%
Jan
24
Oct
61
Oct
6
Nov
33
Nov
Apr
17
4
1% July
7% Apr
9% Aug
Jan 27
6
97
May 10
277s Apr 24
Jan
3
83
Oct
3%
Oct
4*4 Nov
33% Nov
384 Jan
18% Dec
14% Mar
Sept
96
Feb
IO84 Apr
34% Apr
25
Dec
Mar 14
21% Apr
8% Apr
Apr
Oct
584
1% Jan
Jan
Jan
41
234 Sept
May
Jan
Mar
Dec
Apr
23
Jan
3% Dec
Sept
2% Apr
Apr 22
Apr 16
July
Sept
9% Sept
Jan
Jan
June
7% Mar
43% July
Oct
26
8
128%
H84
38%
3%
22%
30%
10%
Jan
Aug
3% Aug
Sept
Aug
684 Nov
8% Sept
Jan
17%
Aug
32% Aug
Mar 21
7
Jan
784 Sept
Feb 13
124
52
12%
3% Apr
8% Apr
6% Apr
6578May
12
Sept
63% 8ept
36
4
21
28
28
21
21
21
21
22
22
20
21
22
21
22
30
Apr
63
8
May
834May
81
May
18
May
35%May
4%May
25% Oct
33% Sept
Aug
42% Feb 16
534 Mar 8
2534May 28
1
May 18
June
38
36% June 27
2% June 11
Jan
108
20%
I
30
June 19
Dec
Apr
Apr
8% Apr 2
12% Jan 5
12% Feb 21
21
21
June 10
Apr
8% Aug
6784 Dec
8O84 Jan
8% Feb 15
15
434May 21
384May 22
4%May 21
28%May 20
3
May 22
4%May 14
33
May 25
2%May 21
26%May 23
5%May 22
3%June 3
5
May 22
14%
Jan
4612 Jan
34% Apr 11
20
May 24
118%May 29
7%May 15
12%May 21
l%May 21
9%May 22
20 May 21
3
May 22
zl7%May 29
3
Transue A Williams St'l No par
Trl-Contlnental Corp..No
29
47
20
93.50 cum preferred.No par
Tide Water Associated Oil.. 10
11%
66%
40%
778
108%
2%
7%
18%
2284
26%
May 21
May 21
4%May
4%May
6
May
534May
1
Third Avenue Ry
100
Thompson (J R)
25
Thompson Prods Inc..No par
Thompson Starrett Co.No par
3%
9% Sept
Apr
18% Apr
5% Dec
10
preferred
17,800
14%
2
I In receivership,
300
1234
25%
323s
17%
14%
93 dlv
10
*26
79
Thermold
...
*1%
*16%
734
*%
81
conv
4334 Sept
Mar
1% Aug
484
53
..
....No par
Tlmken Roller Bearing.No pa/
Transamerlca Corp
2
Transcont'l A West Air Inc. .5
1,400
12%
*79%
*73%
*24%
31%
17%
*13%
Mfg
1,200
1,100
2,300
1%
68%
*112% 114
par
94 50 conv pref
No par
TImken Detroit Axle..
10
„
534
67%
Produc'g Co No
2,500
23%
4134
5%
4%
738
5
25
Texas Gulf Sulphur
No par
Texas Pacific Coal & Oil
10
Texas Pacific Land Trust
1
Texas A Pacific Ry Co
100
40
*15%
1%
Texas Gulf
Preferred
18%
*3%
6
The Fair.
400
3%
534
1%
*6
9
50
Texas Corp (The)
93.60
18%
*57
4%
7%
*75
♦Bid and aaked prices:no sales
5
1
15% Apr
34
Jan
Jan
16% Mar
75% Mar
34% Dec
7% Jan
17
w w.l
Telautograph Corp..
Tennessee Corp
31
*3%
*23%
4%
*414
*3134
*1%
50
25
preferred
Thatcher
40%
234
23
16
67%
9
23
*1%
26%
1034
100
13
3234
34
32%
16%
17%
16%
17
17%
*13%
14% *13% 14% *1334
14%
112% 113
*112
113
*112
113
45%
45%
*45% 46%
45% 45%
*12
*13%
14%
*12
13%
14%
2
2
2%
2
2%
2%
3434
35
34% 35
35
35%
30%
*6%
*8%
6%
8i«
500
92
*3%
16
-
100
3
*1034
9%
*5%
16
-
5)4%
4%
*85
9%
6%
*1%
*15%
-
*6
1%
*57
m «r -
*3%
6
69%
35%
13
18%
76
4%
(The)
Swift A Co..
Swift International Ltd
42
92
9%
*86
*534
68%
*12
"1%
*11%
1%
*2534
10%
48
5
4%
32%
1%
634
11%
*45
4%
*4%
32
1%
*57
26
112
25%
*4%
17%
1034
6734
112
*23%
484
26
*12%
78%
Without warrants
Talcott Ino (James)..
*30
18%
11
112
Symington-Gould Corp
100
31
*4%
26%
112
500
*35
17%
11
112
1.400
6
4%
*
„
3034
*534
18
18
6
*
500
3%
22%
41%
2,200
40%
234
*2%
.10
6%,
4,700
*3%
25%
4%
*85
6%
'ie
*26
1%
3%
92
*6
*16
3%
1%
*4
*6
3%
13%
9%
*9
*85%
22%
*41%
4%
1734
*534
*1%
*4
*15%
*7%
*30
4%
*23%
*4%
*4%
*31%
6%
31
*2%
*30
3%
23
Sutherland Paper Co
Sweets Co of Amer
20%
*434
*4%
9%
*30
Superior Oil Corp
1
Superior Steel Corp.......100
17%
6%
*35
6% preferred
100
Sunshine Mining Co
10c
Superheater Co (The)..No par
Dec
29% Dec
21% Jan
23% Jan
36% Nov
Apr
1
No par
*4
5%
*8%
9
40%
234
Oil
20
6%
*35
5,100
38%
6%
3%
400
1%
538
8%
31
800
15
*14%
4
*3%
160
7%
Studebaker Corp (The)
23% Jan
10% Apr
11% Apr
July
8ept
11
56
Sun
143
Sept
42
23
10
200
Apr
Apr
Sept
3834 Apr
67% Apr
9% May 25
l2%May 21
17%May 22
2034May 28
2 9% June
1
3,100
Sept
14
127
Sept
15%
3%
18%
35%
70% Nov
May 18
6%
124
13
24
22% Dec
51% Sept
34% Dec
1
50%
634
12% Apr
10% Aug
1% Sept
Apr
Apr
Stewart-Warner Corp.......6
*50
Sept
17% Mar
Sept
Stokely Bros A Co Inc
..1
Stone A Webster
No par
*121
Dec
21
Dec
Sept
36
2%May 22
600
112
May
7
Jan
9
16% Jan 3
3034May 10
162% Apr 23
30%May
15% Jan
20% Jan
347g jan
3
127
11% Apr
2% Mar 11
39
Oct
Jan
Apr
Feb
par
300
70
101
47
No par
cum
6,000
Apr
72
14%May 29
May 21
May 21
45%May 28
434May 22
46
May 22
26%May 23
May 21
5%
120
3% June
19
June 10
8%
28%
29%
Feb 19
33
5
484
8% Sept
3234 jan
2% Dec
16% Apr
15% Aug
60
Sterling Products Ino
600
107% Nov
Apr
May 14
2384 Apr 11
Standard Oil of Indiana....25
Standard Oil of New Jersey. 25
Starrett Co (The) L 8..No
par
100
68%
38%
*2%
4
*2%
5,800
6,100
12,800
29
preferred
Oct
9% Aug
Jan
4«4
114%May
18% Apr
11% Jan
2484 Feb
12% Jan
Jan 29
—
prior pref
No par
97 cum prior pref....No
par
Standard Oil of Calif...No par
1,200
5%
*6
234
96
38%
2%
30%
6%
*2%
94
64
H84 Feb
38% Aug
17% Sept
98% Aug
23%May 10
l%May 21
3«4June 12
98
Standard Gas A El Co.No
400
June
6% Dec
17% Apr
Jan
25
May 28
23%May 22
634May 21
8
May 21
l3%May 21
31% July 3
par
534
3%
4%
40%
1,200
2,400
Jan
7% Sept
2% Apr 29
128
65
Jan
Sept
3
24
June 10
No par
preferred
434
4%
42
94.50
8
5%
4%
*6
*35
Standard Brands......No
100
3% May
108% Feb
6% Jan 10
7%May 21
13$ July 1
May 22
l6%May 21
No par
1
6,000
68%
18
*29
4%
Conv 94.50 pref
May
14
22
23
31
24
4
24
22
22
21
10
No par
Square D Co
29
6%
20
19%
17%
5%
*434
*4%
preferred
4,100
100
*3%
*6%
"8%
40%
110
24
*4
6
9
1:266
*22
*22
4
9
"
100
6
*6
6
5334
3134
6%
*102% 105
1%
1%
4%
4%
*14%
15%
*1634
17%
18%
1834
2234 23
32%
3234
12
4
*834
53
*6%
5334
31%
6%
5
Spencer Kellogg A Sons No par
Sperry Corp (The) v t c
1
Splcer Mfg Co
No par
93 conv pref A
No par
Spiegel Inc
2
6,100
1,100
26%
*51%
Closed
300
36
*25
1%
6
9
17
Exchange
10%May
preferred
..100
Mobile A Ohio stk tr ctfs 100
95.50
May
May
15
Sparks Wlthlngton....No par
Spear A Co
..1
70
<
67
105
6%
4%
584 Jan 11
28
Southern Pacific Co.-.No par
Ry
No par
100
18%
21%
72
Dec
43
Southern
300
*11%
4
8%
5,600
2
1%
6
*7
19
35
11%
24%
4
*834
5,900
*134
50%
*14
6,300
<11%
*31
6%
*50
8%
11%
18%
8%
121% 122
7%
8
"~4C0
_
Apr 6
7% Mar 13
95% June
3%May
12%May
l%May
173gMay
12%June
Sept
3% Sept
24% Sept
3% Jan
85% Nov
61
2% Mar 26
Apr
16% Jan 11
15% Apr
59% Apr 12
May 21
1
Apr
15% Aug
1% June
60% Apr
11% Apr
10% Apr
40% Feb 13
13% Jan
S'eastern Greyhound Lines..6
So Porto Rico Sugar...No
par
8% preferred
100
Southern Calif Edison
..25
"loo
27
1
Jan
88
May 29
7%June 6
preferred..100
Jan
Jan
% Aug
1% Jan
20
34
Snider Packing Corp...No
par
Socony Vacuum Oil Co Inc_15
South Am Gold A Platinum.. 1
7,800
2,200
.
1%
1234
20%
153%
Jan 11
par
15
1
10%
52% July
117% May
Feb 27
% Jan
par
Smith A Cor Typewr..No
par
100
8
8%
1%
*1134
*19%
6%
8
6%
20
*29
*3%
*57
16
1%
*4%
*4%
4%
434
18%
*534
1%
13%
7%
16
11%
6
5
4%
53'
6%
22%
20
*5%
*4%
42
*9
1,000
88
115%
109
56
Petroleum
10
Slmonds Saw A Steel...No par
Skelly OH Co
15
Sloss Sheffield Steel A Iron. 100
96 preferred...
No par
Smith (A O) Corp
10
""400
25
17% Mar
76% Aug
Apr
384 Apr
44% 8ept
105
Sept
4
4234June 27
434May 21
par
Slmms
1%
*17%
*4%
*3%
*84
1,400
20%
13%
*11%
3
par
Jan
Highest
1 per share
Aug
Sept
%
24
8%May 21
52% May 20
par
Oil
conv
49
16
18
11 May 21
l%May 15
61%May 21
8% June 10
par
10
61
Jan
7% Feb 21
May 14
l07%June
101%June
%May
%May
Sliver King Coalition Mines. .6
Simmons Co
No par
2
11%
22%
5
35%
5H%
500
*109% 112
25
53%
53%
3134
323s
6%
6%
*101% 104
*1%
134
*4%
4%
14%
15
17%
18
18%
1834
2234 2332%
3234
*28% 30
6734
67%
*534
5%
*4%
4%
6%
50%
122
7%
*11
35
Shell Union
400
4%
15
*80
17
8%
'
50%
122
4%
5
*4%
67%
534
8
*122
17
2434
*51%
6%
5334
*101
1%
70
35%
53
6
1%
4%
14%
*11
101
*134
20%
13%
13%
*77
1634
100% 100% *10014 104
*30
10
2,000
*4
2
500
9
101
4
1434
Sharon Steel Corp..
No
95 conv preferred
No
Sharpe & Dobme
.No
93.60 conv pref ser A .No
Shattuck (Frank G)
No
Sheaffer (W A) Pen Co.No
500
35
*8%
101
4
21
...
1634
35%
24%
25
6%
53%
33%
*35
3%
44
5%
Ne par
No par
No par
Seagrave Corp
.No par
Sears Roebuck A Co ...No
par
Serve 1 Inc
1
900
%
2%May 21
..No par
ISeaboard Air Line
1484 Mar 27
85%May
% Apr 22
4-2% preferred
.100
Seaboard Oil Co of Del-No par
10%
35
8%
1,300
61
*42%
*5%
5%
35%
14%
*134
88
„
61
101
13%
*77
,
x8
21
*62%
*51%
33%
*50
30%
12%
1%
100
*1%
34
1 per share
7%May 21
64% July 2
94 preferred-
100
12%
1%
3i«
.
*11%
234
%
13%
*109% 112
*109% 112
♦109% 112
*11%
1334
*11%
13%
*11%
13%
8
*6%
*6
7%
*6
7%
7%
*15
1634
*15
16
1634
*15
16
8%
8%
8%
8%
8%
8%
8%
1%
1%
1%
1%
1%
1%
1%
1234 *11%
1234 *1134
1234
*1134
1234
19
*19
19%
20
1934
20
20
153% *135
153% *135
153% *135
153%
27%
2634
27%
2634
2634
2634
27
834
8%
834
8%
8%
8%
8%
11%
10'4
11
10%
11%
11%
H%
18%
1734
18%
1734
18
18%
18%
35
*31%
35
*31%
35
31%
31%
1%
134
*1 h
134
1%
134
134
4%
*3%
4%
*3%
4%
*334
4%
*6%
*29
*3s
14
*15
*7%
*1434
*1-%
*10%
*22%
»i«
72%
112
*11%
"""*20
*102% 103
%
9%
33g
*20
88
*76'4
*109
100
%
*934
*43%
3%
*423#
*5%
*3434
61
*3434
8%
20
40
Year 1939
Lowest
V per share
share
Scott Paper Co
94.50 preferred
100
114
72
*9934 10134
100
100
4%
4% —4%
4%
15%
15%
1434
15%
*134
2
*134
2
Ah
15%
40
*111
per
Ranoe for Previous
Highest
5
5H% preferred
.>.100
JScbuite Retail Stores...
1
8% preferred.......—.100
2,600
2%
9
Schenley Distillers Corp
100
*16
40
934
5%
8%
66
114
10%
*42%
5%
3534
*64%
*%
*284
Par
800
*12%
%%
13%
1%
72%
61
Shares
884
3i«
*1%
9%
10
67
Lowest
*%
*12%
72%
934
*9%
*43%
834
*102% 103
3
*%
l7s
7234
9%
10%
*10%
9
♦111
13i2
*1%
*834
*64%
*102% 103
%
9 per share
%
234
♦111
*h
*12i2
9 ptr share
8%
64%
%
234
*39%
114
103
5 per share
8%
64%
42
♦110
*102l2 103
9 per share
8%
65%
»ie
3
July 6, 1940
Ranoe Since Jan. 1
On Basis of 100-Share Lou
NEW YORK STOCK
July I
Wednesday
for
June, 29
9
5
Sept
64% Jan
8% Sept
4
6%
4
5%
4
2
Mar
82% Mar 7
5% Apr 15
10% Apr 24
13% Jan 4
25% Jan 23
74
Apr
3
Apr
7«4 Sept
6
Apr
14% Sept
26% Jan
2 a4
Jan
3% Apr
30
Apr
4
4
13% Mar 14
1% Jan 11
45
Feb 19
I884 Apr 22
88% Jan 4
116%May 2
17% Jan 8
98
Apr
8
89% Feb 10
29%May 11
63% Apr 16
2384 Apr
4
18
Apr 17
119
Feb 23
65%May
19% Apr
2% Apr
42
Apr
11% Dec
12% Dec
10% Jan
43g gept
88
Jan
19«4 Sept
34%
1% Apr
17% Apr
384 Aug
35% Aug
12% Jan
484 Jan
7%
Apr
84
Dec
34% Sept
6
Aug
.
Jan
13%
Dec
118
15% Aug
81% Apr
105
78
Jan
66
65% Apr
IO884 Sept
94% Sept
I984
July
Jan
Sept
Apr
20% Mar
July
24% Sept
31
51
77s
Aug
Apr
14% Sept
112% Mar
2
52
5
13% Apr
4
Feb 13
Ex-rights.
Apr
2
30%
Apr
Apr
Apr
90
Nov
16% Dec
I884 July
119% June
69%
20
3«4
Oct
Mar
Feb
39% Aug
T CaHed for redemption.
Volume
New York Stock Record—Concluded—Page 10
151
73
AND
HIGH
SALE
SHARE,
PRICES—PER
NOT PER
8TOCK8
On Basis of 100-Share Lots
EXCHANGE
Wednesday
June 29
Tuesday
July 2
July 3
July 4
July 5
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Sabres
4
414
4%
4i8
*25s
3i2
3
3
*41%
45
378
45
*3V8
*29l2
3014
378
4
*62
64
62%
12
12
12i8
12lg
1135s
*11234 1135s *113
778
778
*778
8
4
*314
*4
534
534
*7-%
778
53i2
19
4
*7'4
*3l2
8
8
175
175
*3%
384
*3%
U 8 Hoffman Mach Corp
384
I
28
*23
28
*23
28
18
18
*1784
19
1784
18%'
5
5
*4%
47g
200
8
*7%
31
*29
3012
"«
5s
5o
187g
1912
7914
7914
51
51
l,i«
*77l2
*%
U 8 Playing Card
fU 8 Realty A Imp
"u
400
19%
1934
5,000
77%
77%
600
*%
»i«
79%
79%
*78
78%
50
*48%
51
*48%
51
65
*64%
65
*64%
50%
5034
3134
*31%
*42%
44%
178
6%
*134
*584
*42%
1%
44%
178
8%
ll4
1%
1%
*6
684!
1%'
1%
1%
32
200
"""166
*13%
15
*5534
5634
*41
45
*41
15
*13%
15
*13%
*53
5634
*55
5634
*136l2 143
*138
143
*140
143
*140
143
*140
75
*67
75
*66
78
*65
75
75
*38
%
%
*12
*12
16i2
3034
2534
112
*109
*38
*37
41
*5112
25%
25%
25%
112
112%
Exchange
24
2i2
*22%
*16i2
17i2
*16%
117
*115
12
40
38%
33
*3034
82
*75
*3812
*30%
*75
*122
*122
%
34
*%
1%
*6i2
678
%
*19
92%
3%
20%
203s
*2034
*1034
11%
4341
1
*%
*%
2%
23g
2%
1%
1%
9
*6%
*%
*6%
25
1534
17%
234
*24
25
*23%
15%
*16%
2%
*15%
95
*102% 103%
93%
94
15%
15%
*17
17%
95
95
*19%
*89%
924
33g
20%
11
20%
*4%
*15
*2%
*25
1%
*7%
484
*96
105
24%
24%
*24
103
|
24%'
534
*4%
*1
1%
100
17%
200
7%
2%
2,200
*25
33
2%
33
1%
9
*1%
*6%
25%
*23%
25%
15%
Waukesha Motor Co.—
15%
*15
173s
18
17%
65
*16%
18
200
Wesson OU A
*63
67
100
95
*95
$4 conv preferred
No par
West Penn El class A..No par
*62%
95
3%
I
24%
3%
534
*96
24
*3%
*4%
*%
105
24%
334
534
%
*234
"loo
24%
3%
*4%
*%
%
*%
%
1778
1778
17%
17%
*1678
17%
21
21
21%
21%
21
21
21
21
*20
91%
91%
89%
90%
89%
91
89%
90
91
30
*30%
30
33%
122
30%
*3034
*30%
*33%
34%
34
*33%
34
*33%
*65
70
*65
70
*88
94
*88
94
*21
22
*21%
22
*9334 105
*93% 105
58
60
*57
*8%
8%
*8%
9
9
*5%
4%
878
6
*5%
*4%
478
58
8%
9
5%
5
122
*118% 125
30
30%
33
*31%
30
33%
*2012
21
8%
*5%
4%
8
62
6%
7
5,100
*47g
5
700
8%
878
6
6%
478
5
4%
*5434
*108
4.%
*22%
4%
*54
56
....
4%
55%
4%
56
23%
24
4%
56
23%
*22%
30%
31%
30%
31%
31%
*17%
17%
17%
17%
17
4%
*55%
24
24
2%
2,400
4%
1,600
1,800
Wilson A Co Inc
4%
56%
40
40
*18%
2
4%
*55%
4%
57
24
32%
1678
16%
70
24%
32%
17%
*55
25
6,900
1,200
Worthlngt'n PAM(Del)iVo par
*55
70
*55
*47
60
*46
60
*47
33%
*32
33%
*32
33%
*40
43
*38
43
*38
*93
100
*93
100
*93
79%
SO
80
79%
*17%
19%
18
18
*17%,
43
12%
115
*8%
8%
31%
31%
80
*75
12%
*111
12%
115
8%
8%
30%
31%
*75
80
*15%
16%
*15%
16%
*10%
11
*10%
11
*2%
•
2%
*2%
2%
12
*111
*8
31%
78%
79%
18
*18
11%
12%
115
*111
10%
2%
95
*78%
400
18%
3,000
*18
78%
1834
12
12
12%
115
*111
100
100
Preferred
115
8%
8%
"366
Young Spring A
31%
32%
4,000
Youngstown 8 A T
8%
*8%
8%
31%
31%
80
80
*80
85
100
16%
16%
16%
100
Wirq..No par
No par
100
Youngst'n Steel Door ..No par
10%
700
Zenith
2%
400
Zonlte Products Corp
16%
11
2%
Bid and asked prices; no sales on
42
*93
31'%
*76
*16
*38
95
78%
42
preferred A
100
6% preferred B._
—100
Prior pref 4)4% series.. 100
Prior pf 4H % convserleslOO
Wright Aeronautical...No par
Wrlgley (Wm) Jr (Del).JVo par
Yale A Towne Mfg Co
25
Yellow Truck A Coach el B.. I
7%
60
*32
100
!_10
10
Woodward Iron Co
17%
70
79%
12%
800
70
60
*40
No par
preferred
32%
33%
*55
$6
100
.No par
Woolworth (F W) Co
*32
—
White Sewing Mach
Wisconsin El Pow 6% pref. 100
*47
*91
*111
"266
*108
34
-
*32%
100
20
*17g
85
*
pref.—iVo par
Mfg(The 88).20
1
White Rock Mln Spr C0N0 par
White Motor Co
4%
32
32%
17%
$5 conv prior
White Dental
2%
2
*108
*108
*108
2%
4%
2%
4%
100
4%
20%
4%
preferred
2%
40
*20
2%
100
Corp—1
$4 conv preferred
No par
Prior preferred
.......20
Wilcox Oil A Gas Co
5
Willys-Overland Motors... — 1
6 % conv preferred
1C
*35
2
400
1,600
8%
30
5H % conv preferred
100
Wheeling Steel Corp ...No par
'"166
9
6
2
62
*58
Prod..No par
6% conv preferred
Wheeling A L E Ry Co
6%
9
21%
*178
700
*8%
4%
9%
21
20%
*9334 105
8%
45
2%
4%
34
g90
*18
2%
34
200
20
*33
4%
Westvaco Chlor
100
21%
4%
WestonElec Instrument. 12 60
100
70
*55
50
preferred
500
33%
33%
94
8%
1st
30
*118% 125
30%
30%
*65
45
2%
Westlnghouse El A Mfg.__.50
*90
*18%
4%
1,000
1,900
94
8%
Telegraph. 100
91
66
*93% 105
10
..100
21%
90
21%
Supply Co
Maryland..
Westlnghouse Air BrakeiVo par
65
*9334 105
62
*55
Western
Western Union
70
20%
..100
6% preferred
Western Auto
1,700
90
*32
*2%
%
1734
*65
21%
2
*%
Co No par
4% 2d preferred
_
100
Western Pacific 6% pref..100
34
45
*178
400
5%
34
*18
2
1,700
10%
10%
*15%
10%
*2%
2%
2%
this day.
{ In receivership,
u
5)4% preferred ser A
Def. delivery,
Radio Corp
n New
stock,
Sept
40
Sept
40
Nov
Apr
Apr
Sept
Apr
116% July
44%
Deo
64% Aug
56% Aug
18%
29% Deo
5% Sept
Apr
2%
17
Apr
Apr
33% Sept
112% Sept
118
July
15% Apr
4% July
15
Sept
48
Jan
35
Jan
Mar
3
Sept
Deo
37a Sept
1% July
Oct
8
5%
Apr
Apr
23% July
85
Jan
98% July
4
Apr
30% Sept
9%
60%
14%
Oct
20% July
7
Dec
147g Mar
1%
Maris
Dec
21
Deo
3%
3
50
2
Marl6
9
Marl6
27s
44
67s
Deo
36
22
21
16
Jan
131
15%
16% Feb
1
9% Jan 10
4
101
64%
125
2% Jan
101
Apr
Mar
% July
Mar
6% Jan 3
35% Jan 11
Feb
58
3%
1% Nov
Jan
Jan
Jan
Mar
Jan
July
Jan
6%
19%
Apr
13% May
Apr
35%
Oct
14%
Apr
24%
Jan
Sept
32%
3%
28%
Jan
31% Jan 5
28% Feb 7
20% Apr 22
June
3
110% Apr 12
85
Apr
96%May
90 June
l08%May
11 May
100%May
22
10
115
Apr
9
95
Apr
108
Jan
8
88
Apr
106
Deo
23
118% Apr 30
25%May 3
105% Sept
115
Nov
91
...100
100
West Va Pulp A Pap
100
25
17%
Snowdrift No par
WestPennPowCo 4% pf. 100
105
3%
No par
preferred
preferred
7%
6%
210
34
*31%
2
100
100
95
94%
*114% 117
15%
*15%
*%
17%
Webster Elsenlohr
100
3%
17
3%
Wayne Pump Co
300
103% 103%
*96
1
100
18
*4%
*118% 123
300
5
*17%
*234
21
23
21
13%May 21
14 May 21
2%May 21
15%May 22
60%May 23
Pipe
*1434
534
31
Warren Fdy A
Sept
Aug
34%
4% Feb 19
No par
Washington Gas Lt Co.No par
3%
122
9%
Feb
1
25
1% Jan 10
25% Jan 10
24
June
78
Jan
109
May 15
*22
163
Apr
16
10
15
9
9
28
14
4
May
May
%May
3%May
22 May
20 May
Sept
July
Jan
118
135
30
Deo
17
85
16
Feb 29
7% Apr
23%May
No par
64
%
%May 16
J Warren Bros Co
.No par
$3 convertible pref-.iVo par
Apr
Mav
45%
6
1% Jan
2
24
3%
*29
T066
Jan 22
Mar 27
1
5
8ept
8% Mar
2% (Jet
9
14 June 10
Warner Bros Pictures
4
60% 8ept
148
Sept
Jan 15
43%May
39% Mar
117% Apr
49%May
59% Feb
31% Mar
4% Jan
31% Jan
2
46% July
Deo
46
May 10
% Apr
Oct
1%
100
preferred
$3.85 conv pref
1%
39
No par
Class B
*15%
2%
*4%
120
434
1
17%
June
6% May
1% Apr
100
June
68% Sept
*70
82% Sept
3%May 21
Ward Baking Co cl A..No par
*16%
101
3%:
> par
No par
Preferred
6% Mar
52% Jan
114% Nov
Apr
12078 8ept
37% June
10
WaIk(H)Good A W Ltd N
100
*23%
25
15%
17%
95
24%
3%
1,000
Mar
98% May
30
Bept
3 May 22
18%May 22
No par
Walworth Co
'8
11
*4%
4>$ % pref with warrants 100
*22
3
17
65
101
*3%
11
No par
Co
Oot
49
37% July
Apr 23
Apr 5
Feb 20
Apr 24
«4May 15
5%May21
16%May 22
89 June 26
No par
System
Walgreen
19%
92%
33g
103
104%
102% 102%
102% 10234
94
94%
93%
93%
94
94 '
*11334 114% *114% 116% *114% 117
*113% 117
*16
15%
15%
*15%
16%
*14%
15%
16%
*96
Waldorf
20%
*10%
2%
95
61%
5% preferred A....
%
86%
Jan
May 23
% July
100
100
tWabash Railway Co
20
1
*234
16%
*62%
2%
18
61%
*94%
*6%
10
23%
*23%
*15%
61%
*%
*6%
*6%
9%
*22
*60%
*%
%
1%
24
18
84
%
15% Sept
67
Apr
July
June 10
71
120
.100
Preferred
*122%
1
25
25
100
preferred
6%
Vulcan Detlnnlng Co
*122%
■ll4
*22
*17
*75
33
*25
1%
2334
*2%
*31%
484
5% pflOO
Virginia Ry Co
*37%
82
15%
214
2%
Day
32
2034
11%
15
Va Iron Coal A Coke
*7
5% Aug
41% Aug
112
15
22
23
18
14
28%May29
100
35% July
29% Sept
10% Sept
32% Sept
31% Oct
1% Deo
31% Apr
17
134May
14 May
109 May
6 May
3634June
No par
Chem
preferred
6%
Apr
46
70
May 24
19
5
Mar
7% Apr 24
2% Apr 11
61
Apr 12
35%May 28
56% Jan 6
5
100
Works
Va El A Pow $6 pref...No par
41
•
20%
*10%
*4%
Va-Carollna
*75
338
1
*2%
*115
*31%
20%
11%
484
pendence
*37%
*19%
*89%
15%
Victor Chemical
Jan
180
13% Apr
3% July
60
May 23
Vlck Chemical Co
113
23
48
124%
39%
48%
2%
22%June 10
July
Jan
7% July
4
25
7% 1st preferred
Vlcks Shreve A Pac Ry
82
1934
92%
338
*22
*16%
2534
38
41
3234
*19%
*89%
338
33
*25
33
1%
*4%
*15%
1534
*25
31%
16%
12
*6%
19%
*89%
*4%
12
*7
684
92i2
358
*15
117
*6
20
*10%
*115
*37%
*31
*75
*122%
%
*%
8
%
*88l2
Inde¬
16%
115
115
J
2%
*2%
Jan
112
100
Preferred
11234
100
No par
Sales
7% Sept
11
87% Mar
17% Sept
14
Sept
Apr
70% Jan 11
68% Jan 3
100
100
preferred
22%
23
*16
38%!
33 I
82
I
12
20
16%
23%
2%
17%:
117
I
*6%
*6%
*i2
23%
2%
23
*2%
*16%
24
2%
65
19
8%
Nov
4
Apr 25
June 24
Vadsco
Sept
15
5% Aug
65% Sept
149% Sept
7% Apr 23
12
200
Closed
*22l2
*2i8
117
*109
38
39%
60
41%
3034
2534
25%
*38
40
*38
Stock
30%
*109
112
112
*12
16%
30%
25%
31%
3034
30%
*24%
*109
*12
16%
28
45
No par
Universal Leaf Tob
3
Jan 25
151
preferred ...No par
conv
100
Universal Pictures 1st pref.
7jg
16%
*3g
7i»
*%
*12
16%
30
3034
*2412
*3o
10% Jan
89
182%May 14
6% Mar 9
32% Mar 11
May 18
1
41
95
117%June
14
Sept
Mar
Vanadium Corp of Am.No par
Van Raalte Co Inc
6
143
*67
*67
56%
5
Feb
8% Sept
35% Sept
June
June 26
12%May 24
May 24
I3434june 8
59 June 5
3gMay 21
$6
*41
15
56%
45
*13
75
10% Apr 11
l%May 22
5%May 28
Universal-Cyclops Steel Corp 1
(
45
45
*41
25
..1
500
1%
56
No par
preferred
7%
Unl ed Stockyards Corp
74
3% Aug
5% Mar
7% Jan 3
May 11
97
May 21
103%May 21
31
July
1
42%June 5
100
Apr
6%
13% Mar 12
7% Apr 10
42
No par
Conv pref (70c)
No par
United Stores class A..
6
100
*6
14i2
14%
*50
...60
7% Mar
8% Jan
Apr
8ept
39%May 23
60 May 22
50
A Mln
U 8 Tobacco Co
110
134
45
*41
100
Preferred
1,400
4234
1%
...10
U 8 9 eel Corp..
900
1%
1%
No par
Preferred
27" 400
42%
684
Co
1st preferred
U 8 Smeltluv Re
500
52%
11634
*31
1«4
1%
134
*6
*115
116% 117
31%
31%
*42% 44%
31%
44l2
51%
51%
20
10
US Rubbe-Cc
65
52%'
115% 115%
52
31
32
500
50
115% 115%
*11414 116l2
32%
11
110
May 21 "12% Apr 23
74 May 4
May 21
38% Jan 4
2l34June 11
39
Apr
1
27%June 14
1% Jan 5
%May 3
41% Jan 3
15 May 21
April
68%May 22 117
100
U 8 Pipe A Foundry
6
Jan
6
50
cl A ..No par
700
19%
*%
conv
Prior preferred
55%
2534
32%
31
19
\
Partlc 4
25%
*48%
55%
26%
31
"ie
20
*7%—7%'
*7%8
*48%
*25%
*64
51
65%
505g
52%
-
30%
19
7914
51
*64
65l2
30
19%
1834
f
8
55%
26%
5
..50
5H % conv preferred
U 8 Industrial Alcohol. No par
U 8 Leather Co
No par
700
r5
ro
20
100
7%
3
15
21
25
15
18
5%May 22
50 June 10
165 May 23
2%May 21
26 May 15
14 May 21
3%May 21
No par
preferred
20
85% Jan
117% Feb 24
3 May
3%May
80
Jan
5 May
10
U 8 Gypsum Go
3,000
*24
6
1
No par
U 8 Freight Co
300
57%
175
64%
3%
25%
62%
3
share
per
Dee
Deo
Apr
Apr
Apr
Jan
10%May 22
16 first preferred
No par
U 8 Dlstrlb Corp conv pref. 100
10
8
*7
*173
c
United Paperboard
U 8 & Foreign Secur
634
56%
56%
100
200
82
*5%
8
*7
United Mer & Manu Inc v t
65% Mar 14
6% Jan 3
6
June 10
I
4% Aug
4%
35
Highest
share
ver
Mar 13
6
107%June
No par
33«
*4%
*77
6%
preferred
4%
3%
4
43g
82
$5
600
8
No par
United Gas Improv't—iVo par
300
434
*2534
*H8
7,400
54%
334
*48%
32
""eoo
6134
1734
2534
*4212
*1%
6184
12%
12%
*1127g 113%
*5»4
8
55lg
5178
5
*4
53%
54U
*172i4 175
*48l2
2534
*64
5
United Eng A Fdy
United Fruit Co
*77
612
2534
*28
United Electric Coal Cos
*3%
4%
*534
28
—*7-
5934
2512
""700
*414
8
*714
*48
4
30
77g
83
100
44
37g
*29%
6134
6134
12
12%
12ig
113% *11234 113%
8
Preferred
*41%
4
!
share
per
7% Apr 11
3%May 28
2%May 22
40 May 22
2%May 21
25%May 22
60 Ma; 21
5
10
Lowest
Highest
$
% per share
30
4
1734
434
*4%
44
*29%
*4
54
*24
28
*1714
*41i2
30
62%
*33g
*172% 175
*172% 175
*3%
3%
*312
4I4
*24
200
44
3%
United Drug Inc
United Dyewood Corp
1,000
3
*76
8
734
4
3
8
7
54
54
4
3
12
83
*5%
4
62l2
4%
*75
83
4
*278
113
4
*314
414
414
*77
4
3
*4U2
378
*29l2
3014
62l2
*29%
Lowest
Par
*234
*4%
Range for Previous
Year 1939
Range Since Jan. 1
NEW YORK STOCK
the
CENT
Friday
Monday
July 1
*42
Thursday
Sales
for
LOW
Saturday
No par
1
r Cash sale.
24
Jan
20
4
1%
4% Feb 23
Apr
29% Apr 16
75
21
17
16
55% Aug
105
Jan
4
July
79
107%
112%
Oct
Jan
Jan
Deo
Dec
15% Nov
19%
Deo
36% Nov
6% Sept
Apr 29
21 June 10
2%May 15
40% Apr
20%
Apr
Jan
2%
Apr
18
15
8% Apr
3%
Apr
Jan
%
Deo
2
8ept
22
28% Jan
28% Jan
1678
Apr
Apr
37
Sept
4%May
%May
14%May
15%May
76 May
110 May
26
5
1
21
21
118
Jan
14%May 22
l%May 15
1% Jan 5
3
Jan 15
3%May 21
45 June 7
116
Jan 2
15%May 21
30 May 18
13%May 21
55 June 17
64 May 10
29 June 5
39 June 17
91 June 10
73 May 23
l5%May 28
934May 21
145
Mar
10%
Apr
28%
Deo
15%
Apr
39%
Deo
*29
Apr
39%
Deo
4
42
July
75
Oct
Jan 30
74
Apr
97
Oct
16%
Apr
387s
Oct
80
Jan
80
Jan
45
July
78
Oot
67
98
Mar
35% Apr 9
105
Apr 30
71
Apr
5
11% Apr 18
c
8%
Deo
12% Mar
13% Apr 9
ll% Apr 10
7%May 3
7
Apr
16%
Oot
7
Jan
3% Sept
1% Aug
67% Mar
14
24%May
14
3%
3%
6%
7%
4% Nov
34% Nov
Apr
20%
Sept
2% Aug
4% Nov
1
June
3%
Apr 13
Apr 22
2% June
6%
2% Aug
778 Sept
Mar
6
32
105%
Apr
Feb
Feb
60% Nov
Aug
1
9
6
8
70
Deo
Jan 11
Apr 22
121% Mar
27% Apr
42% Apr
24%May
115
Sept
31% Sept
15
Apr
36
Sept
50%
Jan
Apr
23%
10%
74
Jan
Oct
69
Oot
Apr 23
47% July
43
May
May
8
23% July
38i2 Sept
54%May
9
9
31%
53% Sept
71
69
42
129
Jan 25
93
Apr
Apr 26
25
Jan
3
4
Apr 23
19% Jan
May 25
124
6%June 10
26%June 10
May 28
12%May 21
8%May 21
2 Mar 1
14
* Ex-dlv
May
37% Sept
121
Sept
37%May
4% Mar 23
3%May 22
38
Jan 4
80
126
Apr
11% Sept
38% Feb 13
39% Jan 3
Jan 20
27%May2l
28%May 21
60 May 28
85 May 24
18% May 21
9334June 13
51 May 29
8 July 3
7%May 21
98
18%
82%
Jan
138
21
4
Apr 16
85
Apr
Apr
75
Mar
124% Nov
85%
33% Mar
11%
217*
98
Apr
Apr
127
Jan
56% Sept
3
30
Apr
74
May
92
17
Apr
34
17% Apr 8
4% Apr 22
12
Apr
22%
y Ex-rlghts
Aug
Oct
Nov
21%
9% Aug
93%May 10
28% Jan 4
48% Jan
Deo
18% Sept
,
Sept
Sept
Jan
3% Sept
U Called (or rihn mon
74
July 6,
Bond Record—New York Stock
1940
Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices
"and interest"—except for income and defaulted bonds.
Cash and deferred delivery sales are disregarded In the
week's range, unless they are the only transactions of the
week, and when selling outside of the regular weekly range are shown in a footnote
in the week in which they occur.
No account is taken of such 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
are
mature.
Friday
Week's
Last
Range or
Sale
,
BONDS
N. Y. STOCK
Friday's
Inter st Period
EXCHANGE
Week Ended July 5
United States Government
Bonds Sold
High
No.
119.31
24
Low
O
119-25 119.19
J
D
113.26 113.18
M
D
F
A
—
121.6
102.2
23
25
07 16 109.30
103.29
9
108.18 108.16
108.19
109.84 109.14
109.17
D
J
D
-
M
M
J
12
08 6
07 20111.30
04 20 109 16
108.30
8
00 20 109.20
108.12
108.16
5
107.15
11
05 24109 19
04 .16 108 30
J
03 24 108.12
03 13 108
M N
107.7
-
-
-
*106.19106.23
-
106.20
4
D 106.15 106.12 106.21
*108.10108.14
D
45
[J
(
-
-
-
108
-
105.17
D
M
-
J
|J
108
2
03 2
107 2
8
03.4
107.3
01.7
104.23
D
103.22
83
105
*103.28
4
■
104
01 13104.24
S
*107.23107.28
107.19 107.19
Af N
J
J
Af
05 22 108 24
107.21
*104.5
104.10
8
-
—
-
— — -
8
06 20 108.21
03
*103.27103.2
16105.15
03 9
A
1
F
103.22
103.22
*101.21 101.25
D
953*
105.2
f 7s series B....1945 J
♦External s f 7s series C
1945 J
*203*
f 7s series D
1945 J
f 7s 1st series... 1957 A
-«
♦Costa Rica (Rep of) 7s
Cuba (Republic) 5s of 1904...
External 6s of 1914 ser A...
O
J
sec s
-
-
-
A
*100
F
A
*93
J
D
J
J
♦Public wks 53*s...June 3<
/
D
*72 3*
743*
---
A
O
*73*
143*
----
Sinking fund 5 3*8.—Jan II
External g 4Kb of 1928
♦Austrian (Govt) s f 7s
♦Bavaria (Free
A
293*
24
A
00 00
72
1971 M N
65
65
66 3*
40
1972 F
A
59
613*
58
57
O
593*
58 %
593*
5936
60
1972 A
J
453*
423*
3*
46 3*
45
39
91
453*
41
453*
23
38
39 3*
38
903*
40
32
34
84
J
F
*93*
D
03*s of 1920...1957 A
f 6 3*8 of 1927—1957 A
O
f
♦7s (Central Ry)
Brisbane (City) s f 5s
Sinking fund gold 5a..
*.1952 J
s
Refunding
s
1976 A
O
1975 Af N
J
1984 J
-3% external
s f $ bonds
Bulgaria (Kingdom of)—
s
A
f 7s
1967 J
♦Stabilization loan 7 HaCanada (Dom of) 30-yr 4s
6a
1962 Af N
10-year 2Kb
25-year 3 Kb
7-year 2Kb
F
A
1961 J
J
Aug 16 1945
3
1944 J
J
1967 J
1968 M N
30-year 38
30-year 3s
♦Carlsbad (City) 8s
♦Cent Agrlo Bank
(Ger) 7s
1954 J
J
1950 M
S
♦Farm Loan s f
6s...July 15 1960 J
♦6a Jan. 1937
coupon on..1960
♦Farm Loan b f
6s...Oct 15 1960 A
♦6a Apr. 1937
636
873*
873*
12
-
30 K 100 X
Haiti
47
8
35
♦Hamburg (State 6s)
1940
♦Heidelberg (German) extl 73*81950
Helslngfors (City) extl 63*s
1960
—
-
12
17
102 3*
108
15
1536
1
756
1556
123*
1036
15
10 3*
25
8K
(Republic)
s f 6s ser
18 K
40
2
33
79
40
7
33
78
50
1
8
2
456
10H
100
38 K
65 K
46
18
39K
453*
63J*
42
46
21
41
66
42 3*
50
41
40
67 K
35
453*
*
36
14
1
8
15
143*
753*
77 3*
24
69
873*
101H
853*
39
83
107
793*
79 3*
69
873*813*
36
72
96
713*
823*
8
61
45
78
93 K
96 36
823*
68
68
673*
...
......
*
683*
683*
153*
*
32
19
s
19
H
89
13
-
«...
58 X
5936
8836
_
—
'v-
—
6
f g
s f 7s
(Province) 73*s
18
5
10
.2
10
19
12
17
193*
|*Treas 6s of '13
assent
1942 MN
11
113*
8
11
14
123*
123*
5
12
17
11
19
103*
143*
123*
1136
123*
3
12
17
11
20-year
11
2
10 3*
UK
External sink fund 43*8
External 8 I 43*«
O
O
1961
♦6s assented...
Jan 1961 J
A
♦6b assented
J
123*
"l2 3*
J
1962 A O
Af N
♦External sinking fund 6s... 1963
For footnotes see paee 79
11
A
♦Extl sinking fund
6s..Sept 1961 M S
♦08 assented
Sept 1961 M S
♦External sinking fund 6s
1962 A O
♦6s assented
""123*
1963 Af N
123*
"123*
15
♦Sec extl
♦Sec extl
3*
3
12
17
103*
123*
*103*
123*
1
14K
16 36
1436
*12
20
*103*
12 K
10 56
123*
*12
113*
133*
12
*103*
12
103*
10)6
f 0 3*s..
-
—
s
f 0 3*s
17
UK
103*
143*
16
18
25
—
*9
——
—
-
-
-
-
-
17
1
—
—.
15
153*
24
75
*11
20
17
_
17 3*
*3536
3
58
12 3*
*53*
7
7
7
7
7
MN
7
7
7
1
21
22
8
F
A
1947 F
1950 J
*55
3
1
6936
44 3*
44
58 3*
45
61
18
2536
25
41
217
86
813*
87
26
683*
65
68 3*
17
179
93*
93*
1
153*
A
153*
1
836
3
D
D
1954 J
D
83*
54
54
1943 MN
£.1945 Q
7
45
54
1
136
*3*
J
*1
*1
1945
1933 J
36
36
*136
236
J
29
29
*636
*47
*
.
—
—
-
A
f 5s... 1970 J
D
—
-
_
--
3
4136
656
636
50
—-
----
120
3
--
..
-
-
——
-—
,
—
-
-
-
283*
.
—
—
—
—
40
35
------
48 36
363*
36
O
1963 F
—
136
403*
O
—.1965 A
—
70
—
A
—
13*
636
A
1944 F A
1956 M S
-
*36
1959 M S
...1952 J D
external 6s
s
72
129
J
New So Wales
(State) extl 5s..1967 F
External s f 5s
...Apr 1958 A
Norway 20-year extl 6s
1943 F
Municipal Bank extl
3
24
*
1959 MN
4s s f extl loan
17
*1536
1958 Af 8
♦6s series A
2
12
s
♦Montevideo (City) 7s
123*
113*
11
-
-
1936
*14
Milan (City. Italy) extl
03*s...l952 A O
Mlnas Geraes
(State)—
*12
143*
-
■
1945 Q J
1954 J D
♦Assenting 6s of 1899
♦Assenting 4s of 1904
♦Assenting 4s of 1910
ooupon on..1960
s f 7s
1942 MJV
K
-
-
MN
1964 J
(Colombia) 03*s
Mendoza (Prov) 4s
readl
Mexican Irrigation—
♦43*s stamped assented
♦Mexico (US) extl 5e of 1899
16
9
3
-
213*
------
IK
1536
45
70
15
J
1946 J
♦Leipzig (Germany)
♦Medellln
14
-
—
1
-----
*
s f 5s.....I960 MN
Italy (Kingdom of) extl 7b
1951 J D
Italian Cred Consortium 7s
ser B '47 M S
14
9K
*83*
77
71
♦7s secured
♦Hungarian Land M Inst 73*8.1961
♦Sinking fund 73*8 ser B
1961
Hungary 73*s ext at 43*a to...1979
♦Lower Austria
14
-
—
17
213*
Italian Public Utility extl
J
7s...1952 J
Japanese Govt 30-yr s f 03*8—.1954 F A
Extl sinking fund
53*8
1965 Af N
♦Jugoslavia (State Mtge Bk) 7s 1967 A O
4736
41
-----
17
Irish Free State extl
87 K
------
------
44 36
O
8J6
413*
-
■
193*
*38
J
A
8 K
19
i960 A
J
8
46 3*
-
57
19 K
45
O
7
*55
J
1960 A
A
38
42
97
*50
O
103*
19
♦6s assented
—
1036
*---•-.
♦External sinking fund 6s
A...1952 A
Hungarian Cons Municipal Loan—
♦7 3*s secured s f
g
1945 J
O
♦Extl sinking fund 68..Feb
1961 F
♦6s assented....
Feb 1961 F
♦Ry extl a f 6s
J
Jan
—
233*
18 K
18 36
8
....
♦Chile (Rep)—Extl
♦7s assented
—
50
..
*
15
39
40
1
------
------
O
103*
103*
--
1
83*
163*
40
103*
-
123*
35
8
-
153*
83*
83*
D
Bks
♦iCons Agrlc
Loan) 6 3*s
1958 J D
♦Greek Government s f ser
7S..1964 MN
♦7s part paid
1904
♦81nk fund secured 0s
1968 F A
♦6s part paid
1968
8
-
75
153*
German Govt International—
2
20
1
*20
♦53*8 unstamped
1966
♦53*8 stamp(Canadlan
Holder)*65
♦German Rep extl 7s
stamped.. 1949 A
♦7s unstamped
1949
German Prov A Communal
—
2
*20 3*
77
-
-
70
------
D
96 3*
95
1536
123*
103*
103*
J
O
573*
-
65
70
....1949
7-56
*
1968 M N
1960 A
7s unstamped
r56 3*
47
123*
103*
D
1976 F
External read) 456-45*8
External s f 43*-4 Kb
♦Secured
D
...1961 Af S
1977 Af S
f 4 3*-4 3*8
------
O
1962 J
f 4 36-4 5*8
47
D
1950 J
♦Budapest (City of) 6s
Buenos Aires (Prov of)
♦6s stamped
67
70
*
J
1941
1949 J
r40
40
D
1967 M S
1958 F A
f 6s
66 3*
65
Finland (Republic) ext 6s
M S
♦Frankfort (City of) s f 0 3*8—1953 M N
French Republic 7 3*s
stamped. 1941 J D
73*« unstamped
External 7s stamped
31
*
J
J
5
19
26 3*
------
O
J
32 3*
30 3*
24
MAT
r56
S
O
64
20
1
-
293*
*
O
J
1236
19
A
1941 J
f 7a
(Germany) s f 0 3*8
♦External sinking fund 6s...1958 J
External
1436
143*
62
♦Berlin
a
153*
143*
79
♦Brazil (U 8 of) external 8s
20-year
1
93*
15 3*
76 3*
J
s
10
93*
D
♦External
2
103*
153*
10
77
1955 J
1950 A
8
_
♦Dresden (City) external 7s.
60
8
736
73*
73*
73*
73*
73*
1836
1
1965 J
♦External
21
28 K
29
15
1949 M
f 6s
s
—
10
101
*
O
A
9736
936
1957 J
Belgium 25-yr extl 63*8
s
-
54
101
O
243*
State) 03*8. ..1945
External 30-year
-
98 3*
53 3*
533*
------
F
1965 J
Australia 30 year 5s
External 5s of 1927
*993*
M S
F
External loan 43*8 ser C._.
4 3*s externa! debt
102.12
1957 M S
1966 M N
Apr
9
21
00.5
24
D
Antwerp (City)
Argentine (National Government)
8 f external 4 3*8
..1948 M N
8 f external 4 3*8
8 f extl conv loan 4s Feb
8 f extl conv loan 4s
4
*14
MN
483*
*73*
40
_
-
14
70
32 3*
11
.
26
69
A
J
J
20
-
-
-
4
O
1
11
--
22 3*
J
11
*103*
103*
*936
936
_
2236
453*
A
21
*103*
O
♦External
483*
---
108.12
31
21
*103*
------
O
2d series. 1957 A
s
External
*
J
f 7s 3d series. 1957 A
external 6s
1958 J
s
21
J
s
sec s f 7s
243*
2236
6
--
30
*2036
243*
—
D
A
1947 F A
1948 A O
Akershus (King of Norway) 4s. 1968 M 8
J
♦Antloqula (Dept) coll 7s A
1945 J
♦External
—
104.25
Municipal
♦Gtd sink fund 6s
♦External
—
Customs Admin 53*8 2d ser..1901 M S
5 3*s 1st series
A
O
♦Gtd sink fund 6s
♦External
-
05 4
Agricultural Mtge Bank (Colombia)
♦External
A
03 1
....
953* 1021
943*
1
20 36
---
*2036
M 8
J
----
213*
203*
*2036
------
MN
Transit Unification Issue—
&
2036
O
3
107.10
J
D
3
8
*21
O
A
New York City
Govt.
83*
A
107.8
J
J
-
1
153*
2
AfN
--
-
----
♦Czechoslovakia (Rep of) 8s..
♦Sinking fund 8s ser B
Federal Farm Mortgage Corp—
M
-
(Republic of)—
1928
Cordoba (Prov) Argentina 7b.
02 28 105.30
-
--
17
83*
153*
-
7
*336
153*
_w
F
52
104.30
------
of
05 13108.31
105.23
105.25
103.20 103.18
D
♦0s
D
J
105.14
D
J
Colombia
03 15108 1
105.12
S
J
06 18109.13
------
83*
M
Af 8
-
--
1036
*14
30
111 22
-
10J6
MN
09 14113.10
--- —
----
10
♦113*
MN
23
100.10 106.10
S
10
M
107.24
+
M
Foreign
O
110.12
-
D
D
,J
}J
25*8
Mar
1 194
Home Owners' Loan Corp—
3s series A
May
1 194
13 3*
110.23
M
15 194
133*
♦113*
107.14
—
------
J
Jan
*10
O
110.6
—
-
12
*113*
D
107.23
-
12
T)
110.0
-
8
M 8
3s
*10
108.30 108.26
M
112.2
No.
*113*
D
A
08 23112 13
3
D
111.28
110.21
------
CQ<?
A
07.30110.21
-
-
Asked
J
07 12 110.1
6
-
g!2
J
03 19105.17
22
*111.23111.16
l
■3
High
J
108.17
O
A
J
103.25
O
Bid
Price
Low
11.181156
D
Sale
►1&.
11 10115.9
02 22 104.24
J
Treasury 2 3*0
17 2
30
A
A
Week Ended July 5
25
J
Range or
Friday's
S
g IS
High
108.17
-
-
------
Week's
Last
13
k.
CD
N. Y. STOCK EXCHANGE
113.28
102.30 102.30
R
J
Low
w
BONDS
Since
Jan. 1
114.3
114.3
M 8
Range
Asked
A
A
Treasury 3 3*0*
Friday
•»
Bid
Price
36
34 56
273*
36 3*
28
17
26
29
33
26
28
32
*20
24
13
4
4
9
%
Volume
75
New York Bond Record-Continued-Page 2
151
Week's
Friday
Week's
Friday
Last
Range or
Range
BONDS
Elig. &
Last
Range or
Sale
Friday's
Bid
A
Ask
Since
N. Y. STOCK EXCHANGE
Rating
Sale
Friday's
Jan. 1
Week Ended Ju y 5
See a
Price
BONDS
N.
Y.
STOCK EXCHANGE
Week Ended July 5
4%s
(Rep) extl 5 Hi
Oslo (City) s f
♦Extl
*
A
52 H
49 H
68
22 H
7
19 H
75
97
98
7
96 H 105%
*
"52"
"53%
M
6H
6%
6%
7
*3%
8
*8
7
lH
6
11N
*6%
8
UH
76
76
59
46 H
47%
41N
15
21
6H
1968
1966
J
15%
5
15h
1950
♦7s extl water loan
1956
♦6s extl dollar loan
..........1968
♦Secured s f 7s
.....1940
♦Saxon State Mtge Inst 7s
1945
J
8%
12
10N
9
8H
8%
S
J
J
......—...1962
♦7s series B sec extl
........1962
♦Silesia (Prov of) extl 7s
...1958
♦4 Hs assented
1958
♦Slleslan Landowners Assn 6s...... 1947
Sydney (Cltv> s f 5Ha
——1955
Taiwan Elec Pow a? 5%s
—..1971
Tokyo City 5s loaD of 1912........1952
External a t 6%s guar
....1961
♦Uruguay (Republic) extl 8s..—...1946
♦ External a f 6s
...I960
♦External s f 6s
1964
Consol mtge
MN
5%
3
5H
9
15%
F
62 %
53
65
44
63
48
"11"
MN
63
MN
35%
33H
36
32 N
55 N
MN
37
37
37
33
53
31n
32
31%
51 %
35%
39 n
34
56 N
53
40
56
25
61
J
*39%
n
J
*28%
7s——1952 A 0
♦Vienna (City of) 6s
...1952 MAT]
♦
Warsaw (City) external 7s
1958 F A
♦4%s assented
1958 F A
Yokohoma (City) extl 6s
1961 J D
8
*10
3
3%
7%
55%
30
60
59 n
60
8N
69
Bank
Friday
Last
Range or
Range
Friday's
Since
Jan. 1
Rating
Sale
See A
EXCHANGE
Price
Week Ended July 5
stamped. 1946
Adriatic Elec Co extl 7s
1952
Ala Gt Sou 1st cons A 5s
1943
1st cons 4s series B
1943
Albany Perfor Wrap Pap 6s... 1948
6s with warr assented....1948
Alb A Susq 1st guar 3 Ns
1946
10-year deb 4%s
Bid
(g
HQ
Ask
&
D
31%
35N
cc
y
bb
*98 N
1
98N
105 N
105%
x
aa
109N
x
aa
*107N
y
50
x
76
34
69
87
83
66 N
11
58
76
'37%
38
40
26%
47%
64 N
*55
8
105
aa
O y bbb2
A y bbb2
a
M
8 y b
2
2
49%
bbb3
101N
J
x
J y b
1
5
....
5
109 N
31
55
"48"
49%
65
101N
3
1955
2030
Amer I G Chem conv 5Ns... 1949
Am Internat Corp conv 5 Ns. 1949
105N
37%
94
92
102%
43
98 N
8
109
S
59
•»
*37 N
94
M
MN
75
37
O y bb
M S y b
68 N
76
66
2
O y cc
x
*
97
98 n
%
Teleg—
SNs.1943
3%a debentures
1961
3%a debentures
1966
Am Type Founders conv deb.1950
20-year sinking fund
M N
A
O
x
aaa3
J
D
x
aaa3
108 n
J
J y bb
y
x
bbb3
1967
A
Adjustment gold 4a
Stamped 4s
of 1909
Stamped
|
......
y
91
105%
61
106u32l09N
108 %
109%
104
108N
108N
31
103% HON
110N
100
101%
107
17
96
104
18
102
107N
x
aa
*98 N
bbb4
x
'/2j "162
J
J
x
aa
2
A
O
x
aa
2
A
Nov
x
x
bbb3
D
x
aa
N
100N
N
-
-
-
J'
59
100
102%
62
104%
89
1
81
82%
82
82%
12
1
r98
r98
2
a
D
x
bbb3
bbb3
101% 107%
77%
87%
76%
89
92
93%
97%
90
2
54
57
50 N
49%
50%
18
A
F
Bklyn Union El at g 6s
4NS1966
1950
5s..1945
A
cccl
x
aaa4
MN
MN ybb
A
x
MN
x
F
1957
Buffalo Gen Elec 4Ns B
1981
Buff Nlag Elec 3 %s aeries C.1967
1 Buffalo Rochester A Pgh Ry—
Stamped modified (Interest
at 3% to 1946) due
1957
MN
F
A
x
aa
J
D
x
MN
z
b
JBurllngton Cedar Rapid A Nor—
I* 1st A coll 5s
1934
♦Certificates of deposit
Bush Terminal 1st 4s
1952
Consolidated 5s
1955
Bush Term Bldga 5s gu_.
1960
Calif-Oregon Power 4s
1966
Canada Sou cons gu 5s A
1962
O
A
«.-
"97"
*
"95"
95
"2
110%
104% 109%
95
106
10
111
z
111
35%
36%
3%
cc
*63%
O
A
40 N
x
104 %
78 N
22
78
80 N
16
80
80N
23
79
80
79
80
"80 N
"so"
aa
M S
^♦Carolina Cent 1st guar 4s. 1949
Ohio 1st 6s A.1952
Carriers A Gen Corp 5s w w.,1950
Cart A Adlr 1st gu gold 4s
1981
Celotex Corp deb 4Ns w W..1947
♦Cent Branch U P 1st g 4s_.1948
Caro Clinch A
6s...Nov 1945
|»Consol gold 5s
1945
J*Cent of Ga 1st g
series B..1959
series C
1959
♦Ref A gen 6Ns
4s..1951
♦Mobile Dlv 1st g 5s
1946
Central Foundry mtge 6s...1941
Gen mortgage 5s
1941
Cent Hud G A E 1st A ref 3 Ns '65
Cent Illinois Light 3Ns
1966
J*Cent New Engl 1st gu 4s..1961
j*Central of N J gen g 5s...1987
♦General 4s
...1987
Central N Y Power 3%a
1962
♦Chatt Dlv pur mon g
4s__1949
4s. 1954
1960
5SJ1942
1941
Certain-teed Prod SNs A... 1948
x
a
2
x
aa
a
2
x
a
2
z
12
61%
*76 N
*9
4
z
ccc2
z
ccc3
z
cc
O
z
c
A
O
z
c
J
D
z
cc
/
J
z
"5%
cc
*1N
1%
102
70
*106
IN
J
z
b
z
ccc3
13
12
4
z
ccc3
x
y
A
y
bb
bb
F
yb
x
M S yb
Chesapeake A Ohio Ry—
M B
General gold 4Ns
.1992
UN
Ref A Imp mtge 3Ns D..1996
F A
Ref A lmpt M 3 Ns ser E..1996
J
12
5
60 N
N
108
k"
t
73 N
71N
109
73 N
26
26
65
aaa2
98%
97
aaa2
105 %
122
aaa2
x
x
x
ccc3
J
x
aa
x
aa
x
a
x
bbb3
TOO
105%
100
115
107 N
101 %
105%
101 %
109
113N 117N
106
110
7
"7% "l6N
12%
"12"
12%
93%
94 N
16
90%
*97 N
96 N
97 N
39
93N102 %
88
18
83
93
87 N
~83%
77 N
8
71
84 N
83
84%
12
75
90
See
Vhu tabulation pertaining to
98
76%
bbb3
x
104N
103
*102
aaa2
z
102
109
aaa3
S
82 N
101N 106N
94
98 H
114N
aaa3
O
54
62 N
94
aaa2
x
73H
66
118
97 %
98%
%
55
2
aaa2
57N
109
103
122
aaa4
18
105N110
"5
105
x
20 N
61
104
x
64
12
10%
31
103
105
37
"29
6
x
J
General 4s
1958 M S
1st A ref 4Ns series B....1977\F A
lit A ref 5s series A......1971IF A
43 %
54%
x
J
Q—111 Dlv 3NS-1949
Illinois Division 4s
J J.. 1949 J
x
22
109
"42
"43"
bbb2
Champion Paper A Fibre—
M 8 xbbb3
S f deb 4%a (1935 Issue)..1950
M 8\ x bbb3
S 1 deb 4%a (1938 Issue)..1950
13%
60
MN y b
UN
"45N
3
58
109
109N lllN
11%
60
77
106
2
108%
a
F
45%
12%
4N
97 N
70
*109
J
8
6N
90
108%
aaa4
7N
3%
3N
IN
7
aaa3
A
30 N
4
1%
x
J
19%
26 N
8%
93
%
90 %
8 N
5%
2%
*2%
70
45N
73%
17N
x
8 y b
100 N
40
79%
O
A
45
109N
90
48%
M S
M
79
44 N
94
*4
97 N
84 N
48
.15
97 N
70
M 8 ybb
89%
54
30
*
69 %
87 N 108N
108 %
*90 N
*40
113N
31
57N
11
54 N
87
44
107
UN
A
90%
52%
a
D y bb
D
12
*32
IN yb
A yb
F
8
65
72% 105 N
72% 103N
71% 103
53
60
54 N
ccc3
x
65
90 N
43 N
75N 107%
74% 107
10
89%
43 N
85
72 N 103%
75N 106%
12
64 N
2
x
I 8
bbb2
77 N
76 %
89%
42 N
90 N
aa
y
106N
65
76%
aa
x
61
46 N
100
76 %
aa
x
47
69N
76 N
aa
x
6N
69 N
32 N
50 N
78 N
aa
x
A
67
*67N
bbb3
7
2%
66 N
103N
A
1970
Guar gold 4%s..June 15 1955
Guaranteed gold 4Ns
1956
Guar gold 4Ns
Sept 1951
Canadian Northern deb 6 Ns.1940
Can Pac Ry 4% deb atk perpet.
Coll trust 4 Ns
1948
5s equip trust ctfs
1944
Coll trust gold 5s..Dec 1 1954
Collateral trust 4 Ns
1960
3%
39
aa
Ref A
25%
52
50 N
50 N
x
Guaranteed g 5s
37 N
39
b
y
J
1957
Central RR A Bkg of Ga
Central Steel 1st g s 8s
107 % 109
5
*3
x aa
1st ref gu gold
98 N
107N
109 % 112N
*105
cc
J
Cent Pac
115N
84
102
11
105
4
111
3
94
ybb
Chic Burl A
108
16
__
113N
O y b
O x a
99%
3
107
*99
113N
2
z
97
iion
106N
113N
105N
88 N 107 N
108N 113%
3
93
100%
100%
112
aa
92
105%
99
111%
bbb3
x
12 %
83 H103
20
111N
95
45
110N
105
107 N
*102
3
a
10
*10373j
2
bbb3
62 %
6N
109 N
109
Bklyn Un Gas 1st cona g
MN x bbb3
1st lien A ref 6s series A.. 1947
Debenture gold 5a
1950 J D ybb 3
114
100
1
*6%
z
67
45
48%
Ex coupon
52 H
37%
34
60
40 %
57
46
37 N
O y b
O y b
A
52%
41 %
87
59
46
50%
114
26
N
60
56 %
99%
36 N
61
50
49%
ImptM 3%sser F..1963
J
Craig Valley 1st 6s..May 1940
J
Potta Creek Br 1st 4s
1946
J
R A A Dlv 1st con g 4a...1989
J
2d consol gold 4s
1989
M
Warm Spring V 1st g 5s..l941
A
♦Chic A Alton RR ref g 3s.. 1949
HON
106%
aa
x
99%
95% 104%
95
104%
103 N
"l02
aa
J
97%
100N
103 n
aa
M S
50
90%
96%
aa
aa
41
95
*95%
aa
Conv 4s of 1905
99
102 N
28
32
16
29%
42
103 N
81
102 H
bbb3
MN
J
29N
50 N
52
41 N
63
50
109
103
*37 %
bb
1995
100% 105%
103
104
68%
48
29 n
Jan JT cc
F
1955
Conv gold 4s of 1910
1960
Conv deb 4Ns
1948
Rocky Mtn Dlv 1st 4a
1965
Trans-Con Short L 1st 4a..1958
Cal-Arlz 1st A ref 4Ns A..1962
Atl Knox A Nor 1st g 5s
1946
Atl A Charl A L 1st 4Ns A..1944
1st 30-year 5s series B
1944
46N
59
34
Stamped...
♦Ref A gen 5s
103
95
54 N
60
1901
1st g4%s series JJ
100
92
*94%
MN y b
MN y b
Through Short L 1ft gu
1955
1957
1995
.....1995
1955
100% 111
17 N
17N
102
bbb2
O
Ns.1950
104% 107 N
99
101 %
89
99%
106N
106»32
*101
2
6s ser A.1975 UN
f Ann Arbor 1st g 4s
1995 Q J
M S
Ark A Mem Br A Term 5s.. 1964
Conv gold 4s
aaa3
106%
109%
x
61
75
*70 N
bbb3
D y b
x
60
52 N
....
A y bb
108N
45
....
49%
110N
105
*41
o
108N
SON
109
1
109%
107%
*41
4a. 1952
♦Alplne-Montan Steel 7s
Am & Foreign Pow deb 5s
40
O y b
F
1951
100
60
*45
57%
98 N 104%
O y b
M
27N
2
D
A
Allied Stores Corp deb 4Ns.. 1950 A
1st m s
1955
1st M 5s series II
99
102
*105
59
2
Guaranteed gold 5s...Oct 1969
102N 104N
....
98 N
bb
bb
bb
y
7
35 N
101
1
D
1949
1950
1998
1942
z
O y
F
5S.1944
Atchison Top A Santa Fe—
General 4s
bbb3
M S y b
M S y b
Guaranteed gold 6s
/
(Del) 4s B
f 4s ser C (Del)
aaa2
x
104
109N 109 N
Guaranteed gold 5s..July 1969
and INDUSTRIAL
COMPANIES
Armour A Co
x
Canadian Nat gold 4N>
RAILROAD
♦Anglo-Chilean Nitrate—
8 f Income deb
/
1944
1950
Maine 1st 5s A C. 1967
N8
Week's
Elig. &
Anaconda Cop Mln deb 4
83
F
106 N
100
98
103
1st Hen A ref 5s series B
'6 Ha extl
Am Wat Wks A Elec
100
Bklyn Edison cons M 3%s..l966
41
53
Venetian Prov Mtge Bank
Amer Telep A
104%
1 Bklyn Manhat Transit
23
25
n
20
103 N 112
58
99
63
57 H
107%
107%
102
t*Boston A N Y Air L 1st 4s. 1955
56
A
A
4 Ha debentures
107%
9
103
87
30
57
D
A Ills-Chalmers Mfg conv
bbb3
15
100
N
50 H
40
55
MN
F
Allegh Val gen guar g 4s
x
16N
16N
UN
1
104%
15N
54 %
...1978
1978
readjustment —-—...1984
Allegh A West 1st gu 4s
b
3
7N
7N
*24 h
O
A
......1979
stamped
z
22
3
Stamped
5
*45
J
♦5s
1
3
16
*12
3%-4%-4bis extl conv
4-4%-4%s extl readj
Alleghany Corp coll trust
Coll A conv 5s
b
a
18
'"*2%
"15H *18N
22
1
z
72 N
117 N
127 % 135
*105%
....
b
45
72 N
115%
130 N
130
130N
z
58
112
a
Big 8andy 1st mtga 4s
10N
70
114%
aaa3
1943 V
F.._.1950'J
Blaw Knox 1st mtge 3
14H
49 N
101
37
50
*65
12%
Boston A
59 N
64
58
a
11%
D
J
(S bonds of *37)
readjustment—.....1979
tf*Abltlbl Pow A Pap 1st 5s_1953
Adams Express coll tr g 4s
1948 M S
Coll trust 4s of 1907
1947 J D
70
72
53 N
58
*35
*51
3
3
2
x
37 N
9%
9%
*9%
3% -4-4 %s ($ bonds of *37)
STOCK
54
x
12 N
3%s-4-4 Ha
N. Y.
91
Ex coupon
♦8s secured extl
BONDS
89
x
8%
MN
51%
3s ser G
1960 F
3%s ser H—1965,"
4N
20
D'
♦Sinking fund g 6 Ha
1946
Serbs Croats A Slovenes (Kingdom)
Consol mtge
4N
26
23%
46 %
50%
15 N
7 N
30
20 H
7%
7%
26
45
90
aaa3
1960
19551A O
♦Berlin Elec El A Undergr 6 Ns *56 A O
Beth Steel 3%s conv debs..1952. A
Cods mtge 3%« «er
M
53%
aaa3
City El Co deb 6NS-1951 J
♦Deb sinking fund 6Ns
1959,^
23
6
53%
42
bbb4
B..1948
1st A ref 5s series C
13 N
13N
9
D
external conversion
3Ns__1951
Belvldere Del cons 3Ns
54"" "80""
f*8s extl loan of 1921.......... 1936
♦8s external
bb
bb
ybb
y
♦Debenture 6s
San Paulo (State
external
x
Bell Telep of Pa 5s series
5
53N
50 %
y
Beech Creek ext 1st g
18
211
45
4s stamped
1951
Battle Cr A Stur 1st gu 3s..1989
12
9 h
12%
bbb3
♦Berlin
8%
28—
11%
12
x
61
_
26
66
bb
9N
*5%
secured s f
of)—
12
28
145
28
26
27%
b
12 N
MN
♦6 Hs extl
11%
7H
MN
1952
—......1957
13
7%
Brazil)—
28
84
31%
28%
32
1
7
56
31
181
28
26
27%
3
cc
z
28
22
y
22
"54"
67
Bangor A Aroostook 1st 5a..1943
Con ref 4s
1951
10
*4
65%
z
to Jan
ION
10
*7%
♦February 1937 coupon paid...
♦Saarbruecken (City) 6s
1953 J J
Santa Fe extl s f 4s
...1964 M 8
67
1947) due—1950
Toledo Cln Dlv ref 4s A.. 1959
11N
27
'114
46 %
32
33
4s extended to-.1951
S'west Dlv 1st M (lnt at 3 N %
5
8
*6
municipal loan
1967 J D
Rome (City) extl 6 Ha
1952 A O
♦Rouman'a (Kingdom of) 7s ......1959 F A
♦7s
3
ccc4
A
31N
72
MlVl ybb 3
Ref g
5%
V
6H
6%
MN
67%
40
Pgh L E & W Va 8ystem—
7
6
8H
8%
4N
6
6H
5%
103
5N
7
6%
5%
66%
ccc4
z
28
15N
67%
ccc4
z
69N
15 N
D
70 N
93
3
ccc4
z
SON
18
D
F
Feb 1 1960
♦Conv due
98
17 H
A
F
17N
17%
76
75%
82
15 N
~
18 N
34 N
102 N 107 N
6
106%
*90%
bb
z
1%
to Sept 1 1946) due..2000 M S
Ref A gen ser F (lnt at 1%
MS
to Sept 1 1946) due—1996
13
47%
O
A
-18 N
16%
5|
67
106%
Ref A gen ser D (lnt at
11
7
11%
12
*9
M N
M
4
"7
55
Oct 1 1946) due.July 1948 A O
Ref A gen ser C(lnt at 11-5%
to Dec 1 1946) due...1995 J
8
27%
66
a
1st mtge g (lnt at 4% to
Ref A gen ser A (lnt at 1%
to Dec 1 1946) due..1995 J
5%
........1946
♦8s extl secured s f
8H
4
67
1st mtge gold 4s
July 1948 A O ybb
Stamped modified bonds—
16 H
41
62 N
3
62
56%
9H
7
6
33
32%
*27%
b
23 N
12
J\ y bb
5s...1941 J
Austin A N W 1st gu g
60
70
28
59
76
55
70
•»*.
MM*.
77
61N
48
20
Baltimore A Ohio RR—
10 H
*4 H
1952
♦7s extl loan of 1926
10N
*6%
.1951
♦6s extl B f g
Sao Paulo (City of,
High
64 N
41
11
50
*63
bb
Si
No.
68
50
bb
y
High
66%
68
J y b
J y b
Atl Gulf A W I SS coll tr 5s.. 1959 J
M
Atlantic
10%
*4 H
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
10 H
U
*4%
1946
.....1953
♦Extl sec 6 Ha
9H
*4%
O
♦External s f 6s
1952
Queensland (State) extl • f 7b...
1941 A O
25-year external 6s
....1947 F A
♦Rhine-Main Danube 7s A
1950 M 8
of) 88
30
7%
6%
S\
D
.
4H
5H
4%
2
29
6%
M
J
......1966
♦Rio de Janeiro (City
5H
7H
1963
1961
♦Prague (Greater City) 7 Ns
♦Prussia (Free State) extl 6 Ha
74 H
4%
8%
3H
9H
5%
S
1950
assented
Alegre (City of) 8s
""l9
53 H
82
72 H
50
70
y
J| y
1948 J
1948 J
Atl A Dan 1st g 4s
Second mortgage 4s
Refining deb 3s....1953
(series A).
7s........-1947
♦Peru (Rep of) external 7s
1959
♦Nat Loan extl sf 6s iBtser—...1960
♦Nat LoaD extl a f 6s 2d ser
1961
♦Poland (Rep of) gold 6s
...1940
♦4%s assented
...1958
♦Stabilization loans f7s
.....1947
♦4 %s assented...............1968
♦Extl loan 7 Ha
Since
Adk
A
Low
Railroad & Indus Co*. (Cont.)
Atl Coast L 1st cons 4s.July 1952 M S xbbb3
J D y bb 2
General unified 4
%s A
1964
10-year coll tr 5s.-May 1 1945 MN
LAN coll gold 4a...Oct 1952 MN
22 H
♦Ctfs of deposit
♦Pernambuco (State of)
♦4 %s
65
54
52
97
M N
♦External sink fund g 8s
"26
5
D
1963
57 H
19
H
22%
O
J
High
9
52
mat
A
No. Low
19
"57"
57 H
MS
MN
♦Stamped assented..
♦Porto
Bid
Range
Jan. 1
CQ
Low
F
-1963
f 5s ser A
s
ajoj
Hioh
Low
1952
1953
1958
1955
--1953
Extl deb 5%S-♦Panama
Price
(Concl)
Foreign Govt. & Mun.
♦Nuremburg (City) extl 6a
Oriental Devel guar 6s
Bank
bank eligibility
and rating of
bond*.
76
New York Bond
Y.
STOCK
Friday |
Elig. A
Last |
|§1
BONDS
N.
Bank
EXCHANGE
I
a
fe
5
Week Ended July 6
a.
See
Railroad & Indus. Cos. (Com.)
{f ♦Chicago A East III 1st 6s. 1934 A O
{♦Chic A E 111 Ry geD 6s
1961 MN
♦Certificates of deposit.
Chicago A Erie 1st gold 6s.. 1982
{♦Chicago Great West 1st 4s. 1959
z
B.May 1
y
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3
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2
154
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28*4
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454
154
154
1
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1987 MN
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ccc2
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16
Fed Inc tax. 1987 MN
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ccc2
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19
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n p
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1987 MAT
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754
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2
2
A
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f ♦Refunding gold 4s
1934 A "o
♦Certificates of deposit
I^Secured 4Mb series A... 1962 MS
♦Certificates of deposit
♦Conv g4*4s
Ch 8t L A New Orleans 5s..1951 J
Gold 3 Mb
JuDel6 1961 J
Memphis Dlv 1st
Chlo TH4 So'eastern 1st 5s
Income guar 5s
D
bb
.1960, J
D
4
4
154
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2
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67
73
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b
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3*4
4*4
3*4
554
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D
67
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48
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40
45
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1963 J
1st mtge 354 s series E
3 Mb guaranteed
1961 M S
Chic A West Indiana con 4s. 1962 J
J
1st & ref M 4 J4s series D.. 1962 M 8
Chllds Co deb 5s
1943 A O
con gu 4s. 1942
Cln Un Term 1st gu 3 54s D_. 1971
1st mtge gu 354s ser E
1909
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108
3
9054
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J
J
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J
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aaa4
Columbus Ry Pow A Lt 4s.. 1966 MNlx
aa
4
Commonwealth Edison Co—
1958
Conn A Pasurap Rlv 1st 4S..1943
Conn Ry A L 1st A ret 4 54s_. 1951
J
4
3
x
a
aa
a
O
x
aa
O
x
aa
1950 A
Wuertemberg 78.1950 J
deb 3 54s—.1951 J
{♦Consol Ry non-conv deb 4s 1954 J
♦Debenture 4s
1965 J
conv
O
x
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4
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4
J
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3 54s
1st mtge 35*s
conv
D
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J
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/
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1966 MAT
1969 MN
2 54s..1948 J D
Crane Co
122
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122
x
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aa
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106
106 54
108
x
aa
x
10554
a
14
25
106
17
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19
11
19
13
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13
11
1854
6354
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65
10454 109 54
11054
110
105
15
107 54
1948
102"
x
bbb4
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y
b
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10854
9
10754
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105
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104
104
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102
10454
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2
2
27
ccc2
31
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x aaa3
Del A Hudson 1st A ref
4s..1943 J/N ybb 2
1454
19
*5854
Crucible Steel 4 54s debs
b
105
13
bbb3
2654
105
*
5054
Attention Is directed
106 54
108
10354 10754
10454 10854
103
10754
10554 10954
*13
x
For footnotes see
page 79.
16
15
110
*13
aa
x
aa
8
104
4954
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1*4
2
25
aa
4*4
110
M
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8
D
J/N
D
4s
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108*4
34
91*4
4
106 54
102
5
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11054
106
11154
10254 10954
10454 110
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104
10754
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101
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55
55*4
cc
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25
32
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20
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20
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c
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c
11*4
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b
1953
19*4
19*4
10*4
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♦Genessee River 1st s f 6s.. 1957 J
J z b
♦N Y A Erie RR ext
1st 48.1947 J/N y bb
l*3d mtge 454s-1938 M 8 z b
61
1964 F A ybb
Fairbanks Morse deb 4s
1950 J D x a
Federal Light A Trac 1st
5S..1942 J/ 8
58
D ybb
O x a
2
60
8
100
108
100
105
103
__
100
100
5
50
5*4
*2*4
3*4
**4
♦20-year
s
102*4
cccl
D
z
cccl
z
cccl
x
aaa3
A
♦Good Hope 8teel A Ir sec
78.1946
Goodrich (B F) 1st 454s
1956
Gotham Silk Hos deb 5s w
w.1946
Gouv A Oswegatcble 1st
5s.. 1942
Grand R A I ext 1st
gu g 4 *4sl941
Grays Point Term lstgu 5s..1947
A
_
„
m
-
*20
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I03'i«
103*18
68
70
2
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15
cccl
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2
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102*4
102
102*4
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95
x
"84"
95*4
87
bbb3
102*4
Gen mtge 4s series H
.1940 J
x bbb3
Gen mtge 354" series I
x bbb3
.1967 J
♦Green Bay A West deb ctfs
A... Feb y bb 1
1940 MN
1950 A O
1950 A
Gulf States Steel s f 4
54s
Gulf States Utll 3
54s ser D_.
♦Harpen Mining 0s
Hocking Val 1st coos g 4 54s..
1901 A
94*4
98*4
61*4
88
bb
O
a
J
Refunding 4s
Purchased Unes 354s
Collateral trust gold 4s
Refunding 5s
b
90*4
80
68
2*4
120
78
2
4
....
102*4
109
*14
2
-
33
3
78.
90*4
90
4
1
3
90*4
103*4
106*4 111*4
21
-
120*4
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100*4 100*4
75
87*4
65*4
83*4
21*4
115
123
70
80
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42*4
99*4
98*4
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14
90*4 101
29*4
28
30
22
22
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124
3
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39
40
51
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55*4
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^
120
127
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10*4
108*4 112*4
90
91
x
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83
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80
80*4
48*4
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1953 MN y bb
1952 J
1951
73
101*4
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88
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1955 MN ybb 2
.
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109
-
88
88
94*4 105
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1952 A
Litchfield Dlv 1st gold 3s.. 1951
Loulsv Dlv A Term g 3
54s. 1953
Omaha Dlv 1st gold 3s
1951
-
-
77
76
68
37
J xbbb4
J
1951 A O
1951 M S
1950
»
2
-
im'm
*
-
-
40
-
'
40*4
....
44*4
2
42*4
*34
~
2
Aug 1 1900
Cairo Bridge gold 4s
•
aaa4
1955 MN ybb 2
F A y ccc2
40-year 454s
183
104*4 108*4
94
102*4
87
95*4
5
72
102*4"
3
bb
..
.1951 J
1951 J
95
77*4
37
75
147
64
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cccl
/
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Hudson Coal 1st s f 5s ser A
1902 J D
Hudson Co Gas 1st g 5s
1949 MN
Hudson A Manhat 1st 6s
A.. 1957 F A
♦Ad) Income 5s
Feb 1957 A O
Illinois Bell Telp 3 54s ser B.
1970 A O
Hllnols Central RR—
1st gold 4s
87
87
"7554
bbb3
{{♦Housatonlc Ry cons g 6s. 1937 MN
Houston Oil 454s debs...... 1954 J/N
1st gold 354s
Extended 1st gold 354s....
1st gold 3a sterling
Collateral trust gold 4s_...
28
102*4
91*4
75*4
2
1999 J
53
95*4
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4
b
1944 A
Hoe (R) A Co 1st
mtge
19
102*4
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73
80
70
84*4
4
J
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5
aaa2
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1909 A/N
1949 J
77*4
6
107*4
101
2
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100 <4 105*4
....
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84
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26
22
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14
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70
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4
x
....
24
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1
General 4 54s series D
.1970 J
General 454s series E
.1977 J
General mtge 4s series G_. .1940 J
99*4 105
24*4
28*4
34*4
29 M
26*4
103*i« 107
18*4
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1
100*4 105
....
3
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A.. .1901 J
General 554s series B
.1952 J
General 6s series C
.1973 J
..
3
103*4
3
68*4
63
124*4
30
J
Ala Ry 5s.Oct 1 1945 J
{|*Ga Caro A Nor 1st ext 6s. 1934 J
Gulf Mob A Nor 1st 5
54s B
1st mtge 5s series C
Gulf A Ship Island RR—
4
....
J y b
{♦Georgia A
♦Debentures ctfs B
GreeDbrler Ry 1st gu 4s
15
*22
f Gen Motors Accept deb
3*4sl951 F
Gen Steel Cast 5 54s w
W...1949 J
1*4
2*4
looiT„ini
121
103
*17
1948 J/N
f deb 0s
....
2*4
44
122*4
102*4
101*4
102*4
103
....
102*4
3
2
....
62
z
8*4
8*4
3*4
2*4
2
*101
J
41*4
»
-
-
*48
-
38*4
36*4
41*4
34
32*4
44*4
12
34
60
34*4
45
31*4
46*4
66*4
40*4
40
41*4
5
53
39
40
48
28*4
x
bbb4
*60
70
73
78*4
x
bbb3
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65
68
65
y
bb
4
*52*4
59*4
62*4
05*4
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2
*42
50*4
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55*4
48*4
60
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56
63
60
ybb
to the new column
4*4
3
*2
A y bb
J y bb
Western Lines 1st g 4s
137
65
12
*121
40
5054
40*4
26
5
*
107
43
3
5
D
24
46
104*4
46*4
4*4
_.
6
24
99
103
50
c
28
3
102
104*4
104*4
1
104*4
5
cons 2-4s..l982
{|*Proof of claim filed by owner MN z c
♦Certificates of deposit
z
Fort St U D Co 1st
J x a
g 4 54s... 1941 J
Francisco Sugar coll trust 6s. 1956 MN
yb
x
5
102
100
__
49*4
98
100
103
(Amended) 1st
St Louis Dlv A Term
g 3s.. 1951
Gold 354s
1951
1st g 354s 1951
53
94
2
60
*32*4
cc
Springfield Dlv
3154
70
92
108
104
104*4
{♦Fla Cent A Pennln 5s
J z cc<
1943 J
{Florida East Coast 1st 4
54s. 1959 / D y bb
♦1st A ref 5s series A
1974 M S z cc
z
62
7
----
103
60
*98
Fonda Johns A GIov
454s...1952
{}♦ Proof of claim filed by owner MN
18
64
103
*102*4
*103*4
z
18
8*4
44
61
97
26
25*4
8*4
107*4
107*4
6s International
series..1942 M 8
1st Hen s f 6s
stamped
.1942 M 8
1st Hen 6s
stamped
1942 M S
deposit
85
14
18
61*4
*92*4
Ernesto Breda 7s
81
12
10*4
13*4
26
12
*14
31
2754
63*4
28*4
20
30
....
19
105
60
69
44*4
17*4
19
z
7
6
51
56
z
2454
105
110
57
......
1953
Gas A El of Berg Co cons
g 5s 1949 J
Gen Am Investors deb 6s
A. 1952 F
Gen Cable 1st a f
554s A
1947 J
♦Gen Elec
(Germany) 7s
1945 J
♦Sinking fund deb 054s...1940 J
95
149*4
104
12
107
......
| Ref A imp 6s of 1927
1967 A/N
♦IRef A Impt 5s of 1930...1975 A O
•Erie A Jersey 1st s f
J
6s.. 1955 J
of
107*4
90*4
141
*50
......
♦
♦Certificates
12
30*4
106*4 109*4
105
146
*50
bb
25 M
101
105*4 107 M
105*4 108*4
3
106*4
ybb
Erie A Pitts g gu 3
54s ser B_. 1940
Series C 3 54s
1940
{♦Erie RR 1st cons g 4s priori996
♦1st consol gen Hen
g 4s...1996
♦Conv 4s series A
..1953
....
2
91*4
106*4
y
40 M
25
88
19*4
*140
1965
6s stamped
106
40
1
107*4
91*4
1905
108V, 113
....
94*4
*105
...
1952
W9M 111*4
....
108
108*6
J
5
bb
4
ybb
4
y
*
50
"45" "54"
bbb3
3
35
2454
10254 10
3754
50
107*4 110*4
39
107*4
19*4
J
8
49 M
41
35
107*4
O
2M
>
4
....
94*4
*105*4
3M
4
„
40
♦
g 5s.1995
conv
—
108*4
111*4
*25*4
b
East Ry Minn Nor Dlv
1st 4sl948 A O
EastT VaAGa Dlv 1st
5s...1956 MN
Ed El 111 (NY) 1st cons
J
J
El Paso A S W 1st 5s
2
*108*4
aa
D
-
1194
1M
7
4*4
108
110
Dul Miss A Ir Range
Ry 3 54s 1962 A
{f*Dul 8ou Shore A Atl g 6s. 1937 J
Duquesne Light 1st M 3 54s—1905 J
109 M
11K
5M
5M
1M
8
2
108
J
106
54
8
1*4
4*4
4*4
aa
J
109
104
9*4
2
c
High
107
2
O
J
Low
4
,
A
gu 4 54s. 1947 M 8
Detroit Edison 4 54s ser D..1901 F A
Gen A ref M 4s ser F
1905 A O
Electric Auto Lite
No.
A
cc
Gen A ret mtge 3 54s ser O.1906
Detroit A Mac 1st Hen g 5s__1995
♦Second gold 4s
1995
Detroit Term A Tunnel 4
54s. 1901
Dow Chemical deb 3s
1951
Since
Jan. 1
High
*7
J
J
1st A ref Term M 6s
stpd.. 1952 J
10054 11154
10954 13054
8854
89
14
1948 J
Dayton P A L 1st mtge 3s__1970
10654
10754
*107
aa
x
y
10554
10554
10754
9954 105 54
99
10554
9754 10554
113
11454
11054 H054
100
10954
107
*10954
11054
10954
aa
10254 10054
05
7554
2054 3454
11554 119
10854 110
*10854
aa
x
y
102
8854
a
Cuba Nor Ry 1st 654s
1942
Cuba RR 1st 5s g._
1952
7 54s series A extended to 1940.
0p series B extended to 1940
2
10
x
J
53
"12
1950 MAT
A
113
10954
s f deb 3
54s
Crown Cork A Seal s f 4s
S f 454s debentures
1951 F
10454
11054
ccc2
x
10354
1
10854
cccl
1970 M N
/
110
cccl
1965 J/N
,1967 M N
42
10854
cccl
J
1900 J
1
104
.
cccl
1950 J
1st mtge 3 54s
1st mtge 354S...L
104
9
11
11054
4
8 54s debentures
1968 J
♦Consolidated Hydro-Eleo Works
72 54
27
113
4
1948 A
10454
*105
3
1946 A
Consolidation Coal s f 6s
Consumers Power Co—
1st mtge 3 548
May
10454
1
aa
8254
5654
7454
10654 108
6654
2554
104
3
x
x
J
J
Range
Ask
105
8354
90 54
64
A
*107*4
104*4
*105*4
7*4
...
bbb3
x
1951
s f 3*4« A
1901
Consol Edison of New York—
Continental Oil
aa
x
Conn Rlv Pow
1st mtge
x
66
72
72 54
10354
104
A
2654
1969
g 4s..1936
f*Consol gold 4 54s
J1936
{♦Denv A R G W gen 6s.Aug 1955
GtCons El Pow (Japan) 7s..1944 F
1st A gen s f 6 54s
1960 J
82
71
J/N
3
8154
7154
6554
*10554
*10254
3
b
D
10554 10054
10954 10954
6854
72 54
y
1908
100
10654
bbb3
D
Columbia G & E deb 5s.May 1962
Debenture 6s
Apr 15 1952
Debenture 5s_....Jan 15 1961
Columbus AH V Istextg4s.l948
10014
*100
aa
/
1980 M N
109
aaa2
O
7954
6454
10554 11054
10754 10854
*105
1946
♦Debenture 4s
10654
*10454
Coal River Ry lBt gu 4s
Colo Fuel A Iron gen s f 6s.
of Upper
07
*10554
*10754
bbb3
Consol Oil
6154
60
100
bbb3
3 54s debentures
4354
6454
aaa2
1981
>6654
46
aaa2
bbb3
354 s debentures
8 548 debentures
61
46
*5854
J
0
Stamped guar 454s..
5854
75
37
o
O
1st mtge 3 54s series I
Conv debs 354s
76
5054
1942
o
mtge
10454 11054
107
11154
70
1948 MN
1960 F A
1972
Income
109"
71
1942
1001
69
1254
1354
10654 110 J4
10954 11154
4754
5054
aaa2
x
1977
♦6s
3654
4154
*65
O
1977
Colo A South 454s series A.
87
9654
9654
9054
*10754
2
1973
s
87
*103
aaa4
f 6s series B guar
s
1st
91
11
aaa4
f 4 54s series C
1st
10954
10054 10654
10854
10954
1942
...
Gen A ref 4 54s series B.
Cleve Short Line 1st gu 4 54s
Cleve Union Term gu 554s.
10854
10954
107 M
104
105
A
Ref A impt 4 54s series E. .1977
J
J y b
2
Cln Wab A M Dlv 1st 4s_ .1991 J
./ ybb 3
St L Dlv 1st coll trg 4s.. .1990 MAT
y bbb2
Spr A Col Dlv 1st g 4s—.1940 M S x bbb3
W W Val Dlv 1st g 4s... .1940 J
J ybb 2
Cleve Elec Ilium 1st M 354s 1966
J x aaa4
Series C 354s guar......
Series D 3548 guar
10854
*
cc
aaa4
103
10854
10954
"91
a
a
105
104J4
9054
9054
4154
A/N
.1993 J
Cleve A Pgh gen gu 454s B.
Series B 3 54s guar
Series A 4 54s guar
10854
F
Cleve Cln Chic A St Louis Ry—
General g 4s
.1993 J
General 6s scries B
*103
aa
{♦Choctaw Ok A Gulf con 6s. 1962 3/N
Cincinnati Gas A Elec 3548-. 1966 F A
1st mtge 3 54s
1907 J D
Cln Leb A Nor 1st
3
aaa3
aa
aa
30-year deb 0s series B
1954 J
Firestone Tire A Rub 3 54s..1948 A
Chicago Union Station—
Guaranteed 4s
• a
J
1909
'st mortgage 4 54s
{|*Den A R G 1st cons
or
Friday's
Bid
Low
J
Vt A ref 454s
4
49
11
17
154
c
1*4
Range
Sale
Railroad & Indus. Cos. (Cont.)
Del Power A Light 1st 454s..1971
♦Gen conv 4s series D
5
c
1961 J
g 4s
*454
11*4
36*4
9*4
13
cc
16
20 *4
6
43
"I'm
cc
19*4
13 *4
12*4
254
1254
ccc2
j/N
14
4154
13
c
I960
18*4
18*4
11*4
10*4
15
{|*Chlcago Railways 1st 6s stpd
Feb 1940 26% part pd_.1927 F
t^Cblc R T A Pac Ry gen 4s.. 1988 J
1254
1554
2
c
18*4
754
754
154
1554
2
cc
18
10
*14
ccc2
cc
10
12
*1154
1454
754
ccc2
ccc2
|♦Secured 6 *4 8
1936 A/N
♦1st ref g 6s
May I 2037 J D
♦1st A ref 4 *4s stpd.May 1 2037 J D
♦1st A ref 4«s C.-May 1 2037 J D
♦Conv 4Mb series A
1949 MAT
1254
Week's
Last
1054
15*4
22
Price
{♦Des Plalqs Val 1st
02
15*4
16*4
"e
See a
EXCHANGE
♦Assented (subj to plan)
♦Ref A Impt 5s ser B.Apr 1978
{♦Des M A Ft Dodge 4s ctfs.1935
18
27
STOCK
1854
1054
354
2254
22
ccc3
z
21
20
63
2154
ccc3
z
3054
1254
1254
354
60
*16
z
100
854
21
21J4
ccc3
z
z
80
.1954
1254
""2
6
*5054
1989
10
12254
1954
1954
1054
Y.
Week Ended July 5
/
High
117
1754
14
554
*654
z
Low
1
1254
1354
z
J
No.
122 54
2
z
♦Gen 4 *4s series C.May 1 1989
♦Gen 4Mb series E.May 1 1989
♦GeD 4lis series F.May 1 1989
{Chic Mllw St Paul A
cccl
Jan. 1
High
Friday
BONDS
N.
Since
Ask
A
J ybb
♦1st A gen 0s ser B_.May 1966 J
Chic Ind A Sou 60-year 4s.. 1960 /
{Chic Milwaukee A 8t Paul—
♦Gen 4s series A
May 1 1989
ser
Bid
z
{♦Chic iDd A Loulsv ref 0s..1947 J
/
♦Refunding g 6s series B..1947 J
J
♦Refunding 4s series C...1947 J
J
♦1st A gee 6s series A
1966 A/N
♦Geng3*4s
cccl
z
5
b
x
Range
Fridays
Price
i
July 6, 1940
Bank
or
Low
ifN
M
Sale
Rating
Record—Continued-Page 3
Week's
Range
6354
Incorporated in this tabulation pertaining to bank
eligibility and rating of bonds.
See
t.
Volume
Friday
Week's
Last
Range or
Range
Rating
Sale
Since
See a
Price
Friday's
Bid
A
Ask
STOCK EXCHANGE
Week Ended July 5
Y.
Joint 1st ref 5a series A
1963
J
1st A ref 4Mb series C
1963
bb
2
y
bb
2
F
z
4a.l940
1950
**Ind A Louisville 1st gu 4s. 1956
Ind Union Ry 3 Ms series B.1986
Industrial Rayon 4 His
1948
Inland Steel 1st mtge 3s ser F1961
Inspiration Cons Copper 4s .1952
$*Interboro Rap Tran 1st 5sl966
§♦ 10-year 6s
1932
|*10-year conv 7% no tee-.1932
A
x
42
m
cccl
bbb3
|*Ind Bloom A W 1st ext
Ind 111 A Iowa 1st g 4s
J
J
x
Int Merc Marine s f 6s
x
aa
Ref s f 6s series A
102 m
1
89
3
8
102 X
92 m
79 h
79 h
30
70
80
32 m
32 m
53
cc
32 h
29
39 m
76
76 m
13
84
85
2
10
13
A
z
M
4s.1959
Jones A Laughlin Steel 4mb A1961
Kanawha A Mich 1st gu g 4s 1990
Jf *K C Ft S & M Ry ref g 4s 1936
S
76 m
bb
z
bb
3
8M
10
cccl
cccl
48 m
cccl
4
60 M
26
102 H
102 X
9
b
3
103 m
102
104
122
74
1
99
103m
90m 104
74
♦84 m
28
27 m
28 H
"49
21
44 m
2
29 X
28 m
29m
90
22
47m
cccl
1m
1m
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b
D y bb
A
O
x
A
O
z
b
1
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55
28
93
96
84
86
25
28 M
'"l5
1
26 m
26 m
8
24 M
38 M
bbb3
59 m
59 X
2
50
69 M
bb
x
aaa4
107m
107
107m
17
63
62
3
y
(Rudolph) Inc—
$645) 1943
M N
$925) 1943
♦Ctfs with warr (par $925) 1943
"MB
Keith (B F) Corp 1st 6s
1946
J
J
Kentucky Central gold 4s—1987
J
Kentucky A Ind Term 4 Ms. 1961
♦
cccl
z
50
18
105
13 m
25
3
a
3
x
1961
J
x
bb
x
50
50
bbb3
x
107
bbb3
x
100
106
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*20"
*
1961
J
1961
1997
County Elev 1st g 4s..1949
Co Lighting 1st 5s
1954
J
x
J
x
a
2
1954
1951
Kresge Foundation 3% notesl950
J*Kreuger A Toll secured 5s—
Uniform ctfs of deposit...1959
J
2
1st A ref 6 Ms
Koppers Co 4s series A
F
O
A
J
x
a
M N
x
x
a
y
b
2
y
b
1942
1942
y
b
2
y
b
2
1947 J
1941
3Ms—1997
J
/
x
D
x
A
45 m
44
44
40
♦38
a
2
"87"
O
....1944
F
A
1954
1954
1964 ¥~k
♦5s stamped
1964
♦1st A ref s f 5s
..1974 ¥ A
♦5s stamped
1974
♦Sec 6% notes extended to 1943 "j"j
♦6s stamped
1943
¥ A
Leh Val Harbor Term gu 5a.. 1954
♦1st & ref sf 5s
stamped
♦1st A ref s f 5s
4mb—1940
1940
$ Lehigh VaUey RR—
..2003
♦4mb assented
♦General cons 5s
♦6s assented
72
72
69 m
72
94
82
87
87
79X
51 x
6
42
48
42 m
x
bbb3
83
79X
y
b
30
30
b
*39
z
b
*23 m
33 m
29m
29m
29
z
b
*23 m
27
24 m
z
b
*23 m
27X
20 m
29 m
*50 m
65
60
50
z
b
z
b
54
54
49 m
65m
bb
36
36
30
48 m
30
45
30
2
36
35
36
J
J
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bb
2
35 m
35
35 m
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11 X
12 m
8
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cccl
39
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cccl
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1SX
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17
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14 m
10
14m
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*40
47
bbb3
*40
54 m
1951 F A
4MS--1952 A O
x
aaa4
y
bb
J D
MN
Loews Inc s f deb 3 Ms
1946 F A
Lombard Elec 7s series A
1952 J D
Lone Star Gas 3 Ms debs
1953 F A
♦Long Dock Co 3Ms ext to..1950 A O
Long Island unified 4s
1949 Af 8
Guar ref gold 4s
1949 Af 8
4s stamped
1949 Af 8
x
Liquid Carbonic 4s conv debs 1947
Little Miami gen 4s series A. 1962
1944 A
6s debenture
1951 F
Louisiana A Ark 1st 5s ser A. 1969 J
Louisville Gas A Elec 3 Ms.-1966 M
Lou A Jeff Bridge Co gu 4s..1945 Af
O
A
J
8
8
110m
111
101
102
123 m
*126
*94
123m
128
95 m
1st A ref 3Ms series E
Paducah A Mem Dlv 4s..1946
3s
1980
Mob A Montg 1st g 4Ms.. 1945
South Ry Joint Monon 4s. 1952
Atl Knox A Cine Dlv 4S..1955
♦Lower Aust Hydro El 8MS.1944
St Louis Dlv 2d gold
♦1st A ref 5s series F
aaa3
y
b
F
A
1978
1949
1980
H
1981
38
a
3
109
3
45
109k
*65 m
bbb2
aa
aa
A
aa
3
A
A
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91
bbb3
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bbb3
"si"
F
bbb2
103 m
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J J
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a
3
a
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1
16
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15m
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2
z
ccc2
16m
19m
19
61M
50
54
109
118
99
90
28
29
4
z
cccl
35
30 X
35
35
10
x
aa
O
x
101
Nat RR of Mex prior lien
28 X
105
110
♦Ass't
z
120M 126M
126
120
129m
86 m
78 h
75
109 m
106
110
112
108
111M
91
94 h
87
78
88
81
72 m
103 m
101
78
112
77
105m
cccl
3 Ms
73 m
83 m
104m
82 m
112m
NOANElstref Almp
MsA'52
New Orl Pub Ser 1st 5s ser A. 1952
1st A ref 58 series B
1955
New Orleans Term
1st gu 4s. 1953
1§*N O Tex A Mex n-c Inc 6s 1935
83
104x1107
15m
107
69m
56
79
56
15X
♦Certificates of deposit
♦Certificates of deposit
1956
1st 5s series C
♦Certificates of deposit
♦1st 4mb series D
A
1954
24 M
39
„
107m
11
108
*112
*
101
*102 X
101M 101M
...
106m
106m
101m
106m
109M
112M 120
104 M
68
68
102m
*1
*M
*M
X
*%
*m
3
—
102m
1
X
103m
*102m
103m
%
103m
a
z
b
J
D
x
aaa3
J
z
cccl
*62
3
J
bb
O
♦119k
*33x
*33x
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♦124m
*
107
68m
53
53
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105X
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61
o z ccc2
1
z b
68
44x
40
124m
70
106m
68 X
Dx bbb3
105m
61
107
68 m
53
105X
106
61
*25m
34 m
*20
30
o z ccc2
z b
1
30
30
A z ccc2
*30
40
1
*24
38
F z ccc2
*30
31
b
*23
29
z b
z
♦Certificates of deposit
44 M
31 X
*X
x
♦Certificates of deposit
♦1st 5 Mb series
47 M
27
*M
AfN
...
.1956
66M
34 M
35 X
31
"31"
56M
42 m
35
..
x aa
...
1954
♦1st 5s series B
.
64 m
40m
41
*1x
^♦New England RR guar 5s. 1945
J z cccl
♦Consol guar 4s
1945 J
J D x aaa2
New Eng Tel A Tel 5s A....1952
AfN x aaa2
lstg 4mb series B
1961
F A y bbb2
N J Junction RR guar 1st 4s. 1986
A O x aa
N J Pow A Light 1st 4mb
1960
ybb
New Orl Great Nor 5s A
1983 J J
92m 102m
83
3
101 M
..
J
1948
123
110M
z
1954
1954
123
109m
101
z
3s...1965
{♦Naugatuck RR 1st g 4s
Natl Supply
6
109
109
100X
"ioIm
*M
z
No 4 on '26
1914 coupon on..1951
1914 coupon off..1951
warr A rets No 4 on *51
National Steel 1st mtge
61
*M
!♦ Ass't warr A rets
73 m
34
105
*104
4 Ms—
Newark Consol Gas cons 5s.
*78 m
2
4
April 1914 coupon on. 1977
95X
100 X
*46 m
a
1960
31m
35
cccl
yb
♦4s April 1914 coupon off..1977
♦Ass't warr A rets No 6 on '77
110
38
29
debentures
♦4s
29 X
cccl
F A ybb 4
A.. 1978
J D xbbb2
Nat Acme 4 Ms extended to. 1946
3
AfN x a
Nat Dairy Prod deb 3Ms w w 1951
2
Af 8 x a
Nat Distillers Prod 3 Ms
1949
National Rys of Mexico—
♦4mb Jan 1914 coupon on.1957
♦4 Ms July 1914 coupon on 1957
♦4Ms July 1914 coupon off 1957
♦
Ass't warr A rets No 4 on '57
104
25m
cccl
_
121H 127 m
120M 131m
23 X
*18
~29~X
z
M_8
Monongahela W Penn Pub Ser
6s
20
20
20
ccc2
AfN
4S.1991
87
77
15
15
.....
"16M
15m
z
♦Certificates of deposit
Monongahela Ry 1st 4s ser A 1960
mtge 4 Ms
A
M~5
90 X
104 m
Tox
15m
z
90 m
103
16M
*15
ccc2
M~5
95X
89
15m
16m
ccc2
O
z
F
85X
*82 M
81
16m
.....
1H
2
c
MN
91 x
78
15H
ccc2
94 m
3
bbb2
4
cccl
67
*99
A
4m
/
X
*15
ccc2
¥"a
63 M
*108m
*108m
bbb3
a
40
16m
*125
"78m
7
4m
cccl
90 m
3
21
12m
4m
cccl
89
3
bbb3
50
12
12m
2
cc
AfN
1938
Moh'k A Malone 1st gu g
102 m
123
13X
10
ccc2
MN
1977
^Secured 6% notes
♦4s April
bb
aaa3
13
12m
cccl
♦Ref A lmpt 4 Ms
♦4s April
91
68
cccl
♦Certificates of deposit
104 X 104 x
bbb3
22 X
12
2
A
JMobile A Ohio RR—
♦Montgomery Dlv 1st g 5s 1947
100 X 105
y
bbb3
70
21 X
13m
2
bb
Af~8
f i^Mo Pac 3d 7s ext at 4% Jul '38
102 M
y
x
1
70
J ybb 2
O z cccl
♦Certificates of deposit
108
x
x
1
43
22 %
ybb
y
1
10
1
43
b
z
6
IX
%
J
♦Certificates of deposit
102 M
40 m
IX
cc
♦Certificates of deposit
108
aaa3
x
12
5
5X
*4
2
J y bb
♦Certificates of deposit
108
a
x
2
4h
4m
J D y bb
J
1M
5X
J
J
6
cc
1975
Af 8
1977
♦General 4s
105
Louisville A Nashville RR—
2003
2003
2003
2003
4
z
123 m
Lorlllard (P) Co deb 7s
13
8M
10M
102
73
1M
17
20 m
aaa4
12
6
9M
23
27 x
bbb4
20
12
Nash Chatt A St L 4s ser
29m
30
27 m
x
57
20
5m
J
J
20
*40
16m
*23 yt
*23 m
b
x
C
z
103m
102
20
47
22
35
b
J J
A O
59 m
103 m
8X
8M
39
b
a
1st <fc ref 4s series D
z
90
90
O y bb
1965
D x a
Montana Power 1st A ret 3 Ms '66
J y bbb2
Montreal Tram 1st A ret 5s.. 1941
O yb
Gen A ref s f 5s series A
1955
O y bb
Gen A ref s f 5s series B...1955
O y b
Gen A ref s f 4 Ms series C. 1955
O y bb
Gen A ref s f 5s series D
1955
D y bb
Morris A Essex 1st gu 3Ms..2000
MN y b
Constr M 5s series A
1955
MN yb
Constr M 4 Ms series B
1955
J D x aaa2
Mountain StatesT AT 3Ms. 1968
2
MN x a
Mutual Fuel Gas 1st gu g 58.1947
AfN x bbb3
Mut Un Tel gtd 6s ext at 5 % 1941
37 m
27
z
x
Libby McNeil & Llbby 4s.. 1955
Liggett A Myers Tobacco 78.1944
30
55m
90
35
z
y
1st A ret 4 Ms series
J
66m
*59X
cccl
z
8
*14
cccl
M 8
♦Certificates of deposit
8*
z
12
/
42
*X
_.
cc
1965
1st A ret 68 series A
1st
O
O
1st A ret 6s series B
♦
87
15
48
y
110m
cccl
^Missouri Pacific RR Co—
93
J y bb
A
5s debenture
44
49m
30
109m
35 m
45
J
JLeh Val Term Ry 1st gu g 5s 1941
5s assented
1941 A
Lex A East 1st 50-yr 5s gu
1965 A
Lion Oil Ref conv deb
33
39
*80 H
2003 Af N
2003 Af N
AfN
2003
...2003 AfN
2003 AfN
♦4s assented
♦General cons 4 Ms
m
2
2
3
61
103
*6
z
1962
1978
♦Cum adjust 5s ser A.. Jan 1967
4M
50 m
28
J y bb
bbb3
z
1990
♦1st A ref 5s series I
22
J y bb
aa
x
J
1962
85m
51m
31m
31m
3
x
J
40-year 4s series B
Prior lien 4 Ms series D
102m
*90
72
110M
RR—
Prior Hen 5s ser A
49 m
79H
30 X
Lehigh Valley Coal Co—
♦Gen cons g 4s..
Missouri-Kansas-Texas
♦1st A ref g 5s series
z
1975
Lehigh A New Eng RR 4s A. 1965
M 8
Lehigh A N Y 1st gu g 4s
1945
JLeh Val N Y 1st gu
4 Ms assented
1949
1978
t*Mo-Ill RR 1st 5s series A.1959
5Ms..
♦1st A ref 5 Ms series B
38
85
45
3
Dec y cccl
J
♦6s
J
75
103
A zddd2
t J*M8tP&88 M con g 4s Int gu'38
J
{♦1st cons 5s
1938
J
|*lst cons 5s gu as to Int..1938
J
♦1st A ref 6s series A
1946
♦Certificates of deposit
Lehigh C A Nav s f 4mb A..1954
Cons sink fund 4Ms ser C.1954 /
stamped
1st gold 3 Ms
Ref <fc lmpt 4M8 series
38
19
85
40 m
bbb3
J y bb
J
bbb4
60
1951
1952
J
J ybb 3
C—1979
M S x a
3
Michigan Consol Gas 4s
1963
A O z ccc2
ti^Mld of N J 1st ext 5s
1940
J D z b
2
H*M11 & No 1st ext 4 Ms—1939
J D z ccc2
♦JCon ext 4Mb
...1939
M 8 z ccc3
t»Mll Spar A N W 1st gu 4S.1947
J
J z ccc3
t*Milw A State Line 1st 3 Ms 1941
MN z cc 2
j*MInn A St Louis 6s ctfs
1934
M 8 z c
2
♦1st A ref gold 4a
1949
z c
2
♦Ref A ext 50-yr 5s ser A. 1962 Q F
Jack Lans A Sag 3 Ms
90 x
80
90
85
Lautaro Nitrate Co Ltd—
♦5s
101
45
Lake Erie A Western RR—
♦1st mtge income reg
102 m
♦82 M
2
x
z
67 m
*66
ccc3
8 y bb
AfN x a
♦Conv gold 5 Ms
y
79 m
67 m
M
♦1st A ref 5s series G
1942
1953
2d gold 5s
104 x
102
series D—1960
Lake Sh A Mich So g
104 m
104h
105m 107m
107
108x
100X 106
*107m
104 m
2
19m
*70
85
168
88m
2M
y
to
80
157
♦106M
bbbl
bb 2
68 extended at 3%
80
90
*150"
M 8
5s 1939
Coll tr 6s series A
75
172
*
2
a
Af 8
50
80
92 m
bbb3l
J
A
,
103m
107m
68
71
71
*13
b
J D
♦Mlag Mill Mach 1st s f 7s.. 1956
Mich Cent Det A Bay City—
Mo Kan A Tex 1st gold 4s
100 M
*
bb
x
Kings County El L A P 6s
14m
*10
♦ioom
y
Coll tr 6s series B
68 M
109
no"
stmp (par
Coll A ref 5 Ms series C
♦Mex Internat 1st 4s asstd..l977
"88"
*31m
z
z
♦25-year
♦Ctfs w w stmp (par
Coll A ref 5
IX
27m
"28m
47 m
*85 X
z
M S
39 M
87 m
♦83
bbb4
1
6
96
95
2
51
48
51
3
3
z
Ref A ext mtge 5s
99
2
gold 3s
§ ♦Laclede Gas Lt ref A ext
95
82
3
A
1950
Ref A lmpt 6s
Apr 1950
Kansas City Term 1st 4s
1960
Kings
74 H
76 x
b
M 8 y bb
unguaranteed
14m
14m
90 X
J
F
85
47 m
2
bb
A
J
J
74
bbb2
F
F
55
t§*Met W Side El (Chic) 4s. 1938
6X
102 M
60
16m
6m
3
85
b
y
34
33
yb
Stamped
90 h
37 X
53
10
bb
ccc4
t*Man G B A N W 1st 3M8.1941
A O
Marlon Steam Shovel s f 6s..1947
101
81
48
"34"
M 8 y aa
Manila Elec RR A Lt s f 5s..1953
AfN y a
Manila RR (South Lines) 48.1959
J
J z ccc2
76 m
1
9M
49 "
*44 x
High
Low
47
92 X
70 X
cc
z
78
8m
*7m
*7M
b
2013 J D
No
High
87 m
*69
t»Manhat Ry (N Y) cons 4s.l990
Q J
§*Market 8t Ry 7s ser A April *40
(Stamp mod) ext 53
1945 Q A
M 8
Mead Corp 1st mtve 4mb
1955
M 8
Metrop Ed 1st 4Mb series D.1968
A O
Metrop Wat Sew A D 5 Ms..1950
7X
Friday's
A
Ask
92 X
M 8 y b
Maine Central RR 4s ser A. 1945 J D y bb
Gen mtge 4 Ms series A...1960 J D y b
MN y ccc2
Manatl Sugar 4s s f...Feb 1 1957
A O z cccl
-67
7
1M
1
1
cc
♦Certificates of deposit
Kings
103 x
100 m
79 X
James Frank 1A Clear 1st
4 Ms
106
14
bb
M 8
Plain
105 m
105m
103 X
bb
A & B.1947
1955 Af S
Stamped
17
8m
104
100
106 m
z
t*Iowa Cent Ry 1st 4 ref 4s. 1951
w w
4
9m
X
♦95
105
105m
Range or
Bid
Low
Railroad & Indus. Cos. (Cont.)
•Second 4s
y
AfN
♦Ctfs
9
99 m
11" 61
3
54
A
1st 5s B .1972
1st lien & ref 6 Ma
1947
Int Telep & Teleg deb g 4Msl952
Debenture 5s
1955
Karstadt
21
J
Int Rys Cent Amer
Kan City Sou 1st
47
20 X
92 m
1941
Internat Paper 5s ser
60 M
30
"54"
bbb2
1956
1944
C
33
24
~99m
aaa2
x
A
73
41m
*
ccc2
z
M 8
J
44 X
♦14
J
t*Int-Grt Nor 1st 6s Ber A. .1952
♦Adjustment 6s ser A.July 1952
♦1st 5s series B
1956
♦1st g 5s series
41
bbb2
y
4s..1947
Internat Hydro El deb 6s
High
38 m
44
y
J
1948
Interlake Iron conv deb
No. Loto
Price
See a
Week Ended July 5
Jan. 1
Sale
Rating
EXCHANGE
t*McKesson A Robblns d 5 Ms '60
N O—
♦Ilseder Steel Corp 6s
High
Lout
(Cont.)
Railroad & Indus. Cos.
Ill Cent and Chic St L &
8TOCK
Last
Elig. A
BONDS
Y.
N.
Week's
Friday
Bank
Batik
Elig. A
BONDS
N.
77
New York Bond Record—Continued—Page 4
151
1
A z ccc2
31
32
1
*25
16
30
...
z b
A
I
For footnotes see page
79.
Atteation is directed to the new
column 1 ncorporated in
this tabulation pertaining to
bank eligibility and rating of bonds.
See a.
New York Bond Record- Continued-Page 5
78
Bank
BONDS
N.
Y. STOCK
Friday
Last
Elig. &
EXCHANGE
Bee
Railroad & Indus. Cos. (Cont.)
Low
Newp A C Bdgegen gu 4%s.l945
N Y Cent RR 4s series A
Jx
A
bb
1998
aaa2
N.
Since
Asked
A
BONDS
Range
Friday's
Bid
Price
a
No. Low
High
3
57 %
55%
58
52
44%
78%
80
21
74
81
52
48%
52%
239
38
54 %
58
105
53 %
56%
.1942 J
Debenture 4s—
bb
Lake Shore coll gold 3%s.l998 P
Mich Cent coll gold 3%s.l998 P
'
A
57%
56 %
♦75
68%
91
56 %
57%
bbb2
52
61%
62
bb
63%
A
85
"6
90
57 %
3
95
General 5s series B
Ref 4 %s series C
1974 A O
1978 M 8
.
4s collateral trust
1940 F
y
bb
y
z
3
....1941
y
bbb3
55
b
2
"85%
3
1st guar 6s series B
x
aa
3
107
N Y Dock 1st gold 4s
y
b
3
N Y Connect 1st gu 4 %s A.. 1953
x
1963
1961
Conv 6% notes...1947
~
N Y Edison 3%s ser D
aa
y ccc2
1905
x
X
aaa4
Purchase money gold
4s...1949
x
a
1970
x
x
a
68%
1984
x
a
x
bbb4
aa
45%
38%
59%
86%
87%
66
21
101
104% 108%
47%
108%
104% 110
105
46
:
xaa
4%s series B
♦N Y L E A W Coal A RR
1973 M N
5%s'42 M N
♦N Y LEA WDk A Impt 5s 1943 J
.
N Y A Long
Branch
13
8%
102
97
48%
50
b
*58
bb
*25
74
*60
60
50
*75
bb
14
100
43%
50
z
64
99%
y
{{♦N Y A N E (Bost Term) 4s *39 A O
{♦N Y New Hav A Hart RR—
b
4
80
80
65
67
71
72%
90
.....1947 M 8
z
cccl
♦Non-conv debenture 3 %s 1947 M 8
♦Non-conv deb 3%s
1964 A O
z
cccl
*13
30
15
z
cccl
*13
16
11%
♦Non-conv debenture 4s.. 1955 J
z
cccl
*14
15%
11
♦Non conv deb 4s
J
♦Non-conv debenture 4s.. 1950 J/N
12%
12%
cccl
J
z
cccl
1948 J
J
z
cccl
{♦Collateral trust 6s
1940 A O
z
cccl
16
*26
♦Debenture 4s.__.--_---.1957 M N
z
cc
1
10
10
20
3
1st A ref 4 %s ser of 1927.1967 J
D
{♦Harlem R A Pt Ch 1st 4s 1954 M N
cccl
z
b
z
~il%
17
130
12%
19%
30
3%
*61
"2
16%
15%
3
20
12%
12%
15%
16 %
11
19%
19%
20%
20%
*14
z
♦Conv debenture 3 %s—_.1950 J
♦Conv debenture 6s
♦
♦Income
96
2%
24%
36%
6%
...1955 J
Djz
1942 A O'y
{♦N Y Prov A Boston 4s
N Y Rys prior lien 6s stamp. 1958
3%
*1%
2
2
*75%
45%
*109%
"49%
M N x aaa4
J Jlx bbb3
N Y A Rlchm Gas 1st 6s A—1951 MN|x bbb3
N Y Steam Corp 1st 3%s_._1963 J
J
x
aa
4
{{♦N Y Susq A W 1st ref 58.1937 J
J|z
cc
2
Phelps Dodge
c
2
1937 F A
1940 F A
1943 MN
{♦2d gold 4 %s
♦General gold 6s
z
z
cc
bb
1
x
aaa4
y
bb
2
y
bb
2
J
z
c
2
S
x
aaa3
O
N
x
a
4
y
b
1
z
c
2
c
2
1907 J
1940 J
1940
YTelep3%sser B
N Y Trap Rock 1st 6s
0s stamped
{{♦N Y West A Bost lst4%s 1940
Niagara Falls Power 3%s„.1906
Nlag Lock A O Pow 1st 5s A. 1955
Niagara Share (Mo) deb 5 %s 1950
J
M
A
M
{{♦Norf South 1st A ref 6S..1961 F
A
♦Certificates of deposit
{{♦Norfolk A South 1st g 58.1941 M N
z
A
x
x
a
Debenture
1954 P
A
x
a
General 4%s series D
Phlla Co sec 6s series A
x
a
4
93
85%
90
80
78
62
110
108%
110
*107%
100%
12 %
3%
6%
107% 112
107
100%
12
13
38
10
12%
11
66
122%
*105
67
3
123
6
106%
13
x
aa
2
*108
aa
2
*104
O
z
cellation of guarantee). 1945 A
Gen lien ry A Id g 3s Jan...2047
O
ccc3
*53%
ccc2
*30
q" j
bbb2
66%
Q
P
bb
2
41 %
J
bb
2
48 %
2
59%
"44 %
Ref A lmpt 6s series B
2047
bb
Ref A lmpt 6s series C
64%
39%
46%
55%
2
aa
4
Northwestern Teleg 4%s ext 1944
bbb3
J
{♦Og A L Cham 1st gu g 4s.. 1948 J
Ohio Connecting Ry 1st 4s_. 1943 M S
c
Ohio Edison 1st mtge 4s
1st mtge 4s
1967 M
%s_.
S
1972 J
J
Oklahoma Gas A Elec 3%s.. 1966 J
4s debentures
1946 J
D
D
Ontario Power N F 1st g 5s.. 1943 P A
Ontario Transmission 1st 6s. 1945 ftfN
Ore-Wash RR A Nav 4s
Otis Steel
1961
b
x
aaa2
aaa2
z
bb
2
z
b
3
x
rig 4Hs.. 1955
aaa4
x
aaa4
x
aa
2
x
Panhandle East Pipe L 4s.__1952 M
105 %
—
»
-
-
a
64
1903 F
A
x
89
49
39
289
45
Penn-Dlxle Cement 1st 6s A. 1941 M 8 y b
Penn Glass Sand 1st M 4^0 1960 J D x bbb2
Pa Ohio A Det 1st A ref 4 Ha A *77 A O x a
3
4 Hs series B.
1981 J
J x a
3
b
3
109%
12
8
3%
108
107%
18
109%
2
107%
2
105
95
8%
108%
109%
104% 110
8
101% 110
107% 110%
104%
4
103
93
107
3
50
48
50
47%
50
aa
3
103
103
*107
117
aa
3
3
x
aa
1960 M
conv
8
y
bbbl
1950
1st 5s extended to
J
x
bbb2
J
z
cccl
6s '42 J
♦Certlflcntes of deposit
♦6s 8tamped
1942 J
♦Certificates of deposit
J
footnotesseTpage
79.
70%
*106%
87%
89%
89%
"89%
J
z
cccl
J
x
J ybb
89%
aaa4
1951 J
2
20%
19%
108%
"83%
82
b
J
aaa4
2037; J
J
aaa4
D
aaa4
Reading Co Jersey Cent coll 4s '61 A
Gen A ref 4%s series A... 1997 /
Gen A ref 4 %s series B.—1997 J
w w
O
J
O
bbb3
J
bbb3
J
113
119
54
104
107%
68
77
53
60%
103%
M
'
68
*67%
F
96
95%
*
8X bbb3
M N
A
70
103% 105
75
89% 102
90
100%
100%
98%
99%
105%
106%
103
98%
99%
92
*102%
103%
1946 J
♦Rhine-Ruhr Water Serv 6S.1953 J
bbb4
J
*,
4s
s
f conv debentures
con
17%
bbb3
J
aa
106
*103%
2
b
1955
1
8%
*
ccc2
ccc2
A coll trust 4s A—1949
s
f 6s
cc
1948 A
{♦Rut-Canadian 4s stmp
1949 J
{♦Rutland RR 4%s stmp...1941 J
?0
14
20
15
19%
17%
15%
12%
20
13
16%
17
O
{{♦Rio Gr June 1st gu 5s.-.1939
{{♦Rio Gr West 1st g 4s.-.1939
♦1st
26
*17
1952 M S
Roch Gas A El 4%s ser D__.1977 M
Gen mtge 3%s series H...1967 M
99%
14%
17%
A
1955 A
99%
109
19%
1952 MN
1953 P
P0%
98% 103%
*15
♦Rhine-Westphalia El Pr 7s. 1950 MN
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
Richfield Oil Corp—
129
*17
J
2
9%
17%
107%
103% 109
106
103 % 105
8%
8%
10%
36
*21%
8%
8
aa
aa
2
*109
40
20
34%
9%
5%
12%
*109%
2
33
23
2
8
aa
O
111%
108%
111
108%
6%
105
110%
9%
5
*16
21
21
J]
c
2
*5%
9
0
9
J
cc
2
*5%
7
4
9%
x
a
2
73
73
68
x
aaa2
*108
111
*23
70
75
103% 110%
104% 112
102% 102%
13
60%
75%
60%
62%
I
15
85
96
110%
99% 105
50
99%'
108%
Saguenay Pow Ltd 1st M 4%s '66
St Jos A Grand Island 1st 4s. 1947
St Lawr A Adlr 1st g 5s
1996
2d gold 6s
1996
ybb
y
73
2
b
98%
110% 112
65
St Louis Iron Mtn A Southern—
*40%
81%
83
*35
44
50
40
67
47
121
123
76
51%
90%
36
15
126
67%
101 *as
104
105%
104"
*103
72
101% 102%
*105%
105%
Attention Is directed to the
"l6
99%!
108%
*76%
*60%
109%
109%
109%
*102%
100%
104%
100%
70
bbb2
bbb3
cccl
102%
99%
104%
99%
6
56
150
226
bbb3
♦Ruhr Chemical
74
5
63%
106
5%s.l954 MN
108
71
90%
25%
14%
Gen mtge 4%s series C...1956 M N
Revere Cop A Br 1st M
J
4%s 1950 J
♦Rheinelbe Union s f 7s
J
1940 J
14
112%
105% 110%
81%
106% 110%
79
84%
140
21
100
*90
bbb2
90%
89%
3%
104
*51
"76"
88%
81%
58%
222
104
bbb2
81%
107%
59
106% 113
109%
6%
103
1
65%
104
4%
108%
108%
*112%
15
*209%
2
*
3
109%
2
104"
105
108%
83%
4
153
cc
104
23
89%
87%
89%
20%
63%
*139
bbb3
4
aa
'56 MSi bbb3
Rlchm Term Ry 1st gen 5S..1952 J
3
76
110%
♦Rlma Steel 1st s f 7s
13
72%
*65
J
105%
5
109%
109%
102
106%
110% 110%
"88% "~9
*1%
cc
106
102
107%
99% 100%
103
36
100%
104%
100%
90
88
1
101
5
96
99
105
100%
107
101%
♦{Riv A G Div 1st
g 4s...1933 MN z bb
♦Certificates of deposit
z
55%
{♦St L Peor A N W 1st gu 5s 1948 J
J
St L Pub Serv 1st mtge 5s... 1959 M 8
St L Rocky Mt A P 5s stpd—1955 J
J
b
2
{♦St L-San Fr
cccl
97%
new
99
55%
54%
55
2
b
54
55
bb
pr
lien 4s A...1950 J
J
♦Certificates of deposit
♦Prior lien 5s series B
*18
J
10
m'B
cccl
cccl
bb
2
♦2d 4s lnc bond ctfs.-Nov 1989 J
{♦1st term A unifying 5s—1952 J
J
b
ccc2
J
cccl
15
4
20%
63
55%
60%
35%
10
33
62%
10
13
7
14%
14%
9%
*10
9%
3
11
9%
58
15%
9%
"16
9%
9%
20
9%
29
9%
56%
58
*28%
14%
16
7%
15%
7
14%
13%
15%
"l6
9%
3
column incorporated in this tabulatioq
pertaining to bank eligibility and rating of bonds.
6%
54%
67
25%
16
33
9%
6%
8%
9%
9%
1
J
23
60
65
35
9%
cccl
cccl
1978
♦Ctfs of deposit stamped
{♦St L S W 1st 4s bond ctfs. 1989 MN
49%
48%
62%
35%
cccl
1950 J
♦Certificates of deposit
♦Con M 4 %s series A
ccc2
♦Gen A ref g 5s series A... 1990 J
For
71%
"88%
cccl
z
t {♦Postal Tel A Cable coll 5s 1953 J
Potomac El Pow 1st M
3%s.l966 J
108%
5
53
53
*98
90
90
40
40
*98%
3
107%
100%
"46" ~63"
50
3
aa
111%
108%
99%
92
50
b
aa
108
60
116
100
b
109%
116%
114% 118
99% 108%
104%
98
48
x
97
70
104%
99%
50
x
8
111%
112% 118%
109
105
115%
A
"32
9
—
104%
D
Remington Rand deb 4%s
108%
109%
115%
116%
106%
108
O'y
x
112
104% 104%
117
D
4%s without warrants
1956
Rensselaer A Saratoga 6s gu. 1941
Republic Steel Corp 4 %s ser B *61
Pur mon 1st M conv
105% 110%
95
104%
103
109
117
...1977 J
70
55%
8%
104% 112%
93% 101
108% 108%
103%
1974 J
43%
80%
54%
4
106% 108
40%
49
15
3%
101
107%
O
1902 F
100%
111%
9%
2%
109% 110
Gen mtge 3 %s series I
1967 M S
Gen mtge 3%s series J
1969 M S
{ {*R I Ark A Louis 1st 4%s_1934 M S
2
a
aaa2
aaa2
109% 113%
aa
x
*105%
*108%
*110%
27
aa
x
aaa2
aaa2
113%
111%
aa
x
60%
41%
48%
40%
59%
31%
33%
40
aa
x
49
40%
*49
Paramount Pictures 3%s deb '47 u s x bbb3
Parmelee Trans deb 6s
1944 A O y ccc3
Pat A Passaic G A E cons 5s. 1949 M S x aaa3
♦Paullsta Ry 1st a f 7s
1942 M 8 z b
2
Penn Co gu 3%s coll tr ser B.1941 P A
Guar 3%s trust ctfs C
1942 J D
Guar 3 %s trust ctfs D
1944 J D
Guar 4s ser E trust ctfs.-.1952 M N
*100«J2
*114
D
{♦Porto Rico Am Tob
'54
100
aaa2
aaa2
1st A ref mtge 8s
2037 J
Pub Serv of Nor III 3 %8
1968 A
Purity Bakeries s f deb 5s—.1948 J
61
*95
bbb3
107%
A
114
45
i06%
106%
112%
111%
4
A y b
2
aa
*108%
108%
11
70
3
x
{♦Pac RR of Mo 1st ext g 4s. 1938
{♦2d ext gold 5s
1938
Pacific Tel A Tel 3%s ser B..1966
Ref mtge 3Ms series C
1960
28-year 4s
,
*93
aaa2
x
2
aaa2
Public Service El A Gas
3%s 1908
1st A ref mtge 5s
21
109%
114%
115%
105%
3
y
1st A ref mtge 3%s ser I.-.I960
Paramount Broadway Corp—
1st M s f g 3s loan ctfs
1955 F
4
aaa2
bb
5
1
1
D
♦3% s assented
aaa2
Pacific Coast Co 1st g 5s
1946
Pacific Gas A El 4s series G.1964
1st A ref mtge 3%s ser H-.1901
Paducah A 111 1st
.
*90
aaa2
lBt mtge A 4%s„ 1962
5
cc
cc
100
108
6
z
A
A...1948 J
110 %
4
1960 F
106%
102% 108%
53
2
aaa2
1940
2%
12
*105
101
54%
109
—
aa
Oregon RR A Nav con g 4s.. 1940 J D
Ore Short Line 1st cons g 5s. 1940 J
J
Guar stpd cons 5s
109
*5%
aaa3
*107%
a
4
107%
107%
a
4
108%
a
4 "mli
106%
a
4
108%
bbb4
104%
aa
4
92%
1965 M N
10
2%
^♦Providence Sec guar deb 4s 1957 M N
^♦Providence Term 1st 4s...1950 M 8
52
bb
bb
40
110%
11%
aaa2
79
52
2047
Ref A lmpt 6s series D
2047
Northern States Power 3%s.l967
1st mtge 3
54%
*30
ccc2
Ref A lmpt 4 %s series A...2047 J
106
110
1957 M N
117% 126%
102% 107%
can¬
♦Certificates of deposit
North Pacific prior lien 4s... 1997
105%
110%
*104%
108%
107
24
106
106 H
105%
x
1945 A
105%
aaa2
Pitts A W Va 1st 4%s ser A.1958
1st mtge 4%s series B
1959 A
1st mtge 4%s series C
1960 A
115
106
104% 108%
cccl
D
1953
ser
114
*105
aaa4
z
62
111%
109% 110%
119
108%
bbb4
z
60
45
z
x
4%s
45
x
4 %s A '52 M 8
114
106
104%
1974 M S
{Northern Ohio Ry—
♦
1st gtdgSs
♦1st mtge g 5s (stamped
96% 104%
8
18%
7% 17%
2
Pressed Steel Car deb 5s
Gen A ref 4 Hs series A—.1974 M 8
North Cent gen A ref 5s
109
aa
x
1st gen 6s series B
1st gen 5s series C
1st 4 %s series D
Port Gen Elec 1st 4%s
62%
111%
x
05%
3%
10
106% 107
51%
71
107
109%
*108%
70
58
60
109
*
Series J cons guar 4 %S-_—1964 M N x aaa2
Gen mtge 6s series A
1970 J D x aa 2
Gen mtge 5s series B
1975 A Os aa 2
Gen 4 %s series C
1977
Jx aa 2
Pitts Va A Char 1st 4s guar. 1943 MN
aaa2
14
5%
39%
2
117%
50
59
55
*109%
87%
111
45
110 %
67
2
aa
M~5
4s
75%
-
4%
108%
91
99%
99%
110% 110
66
-
*107%
63%
*52%
1963 F
cons guar
79
89%
89
115
4
"eo"
aa
Series D 4s guar
1945 M N
Series E 3%s guar gold..-1949 F A
cons
118
112%
84
aaa3
Pitts C C C A St L 4%s A...1940 A O
Series B 4 %s guar
1942 A O
Series C 4 %s guar
1942 M N
Pitts Y A Ash 1st 4s
*77
110
conv
41
a
x
92
34
84
115
81
40
98
x
1949 M 8
J
{{♦Philippine Ry 1st s f 4S-.1937 J
♦Certificates of deposit
1948
87%
97%
"67"
x
D
♦Conv deb 6s
Pitts Coke A Iron
a
bb
x
D
1907 J
conv 3s
111
115% 120%
94% 104%
100% 110%
78
87
4%
bb
x
Phlla Electric 1st A ref 3%s.l967 M 8
J
Phillips Petrol
10
15
96%
97%
81%
cc
y
{♦Phlla A Read C A I ref 5a. 1973 J
12
106
4
J
1981
30
*74
4
A
7%
3%
107%
25
*61
y
Phlla Bait A Wash 1st g 4s..1943 MN
General 5s series B
1974 P A
General g 4 %s series C
J
.1977 J
5%
50
,
21
112%
*113%
65%
1980 M 8 y bb
9
110
4
4
1959 P
3'4s
Debenture 4s
52
110%
108%
100% 106%
101
107%
9
7%
aaa4
1949 FA
85
18
49
ccc2
Norf A W Ry 1st cons g 4s... 1996 O
North Amer Co deb H%s
8%
4%
105
106%
110
110
3
107
*7%
88%
118%
102%
87
a
x
J
3%s deb. 1952 J D
Series H
43
"49%
18
1
z
J
D
z
♦Terminal 1st gold 6s__
N
18
conv
72
1%
106%
102%
102%
105%
106%
114%
113%
High
104% 110%
100
109%
107% 109%
110% 115
_
J
23%
85
105%
3
10
97
b
z
A
12
3
Apr
Apr 1990
3
107
b
z
Series F 4s guar gold
Series G 4s guar
15
4%
2
Olyb
N Y A Putnam 1st con gu 4s. 1993 A
N Y Queens El Lt A Pow 3 %8 '65
4
c
b
x
z
O
4sl940 A
cons
4s
58
65
8
Peoria A Pekln Un 1st 5%s.. 1974 F
Series I
{♦N Y Ont A West ref g 4S--1992 M 8zcc
♦General 4s
1947 M
Pere Marquette 1st ser A 68.1956 J
1st 4s series B
1956 J
110%
120% 126%
113% 118%
115%
y
J
4s.. 1941 M S
gen
48 %
bbb2
y
122%
O
6s.. 1943 A
♦( ertlflcates of deposit
56%
57%
109
cons
t{♦Peoria A East 1st
107%
46%
1952
Peoples Gas LAC
Refunding gold 5s
106%
48
1968
Conv deb 3%s
86
73
107
*8%
*98%
48%
cc
N Y A Harlem gold 3 %s
N Y Lack A West 4s ser A...1973 M N y bbb2
30
107%
3
x
101%
3
107%
117%
100%
106%
1
Low
35
113%
113%
86%
"Il3%
bbb4
1981
155
79
115%
3
Debenture g 4%s
80%
122%
aaa4
x
{♦N Y A Greenwood Lake 6sl940 ATN
2000 M N
122 %
aaa4
x
A
a
General 4%s series D
Gen mtge 4 %s series E
1st g 4 %s series C
D
P
x
No
Hioh
108%
107%
aaa2
60
N Y A Erie—See Erie RR
N Y Gas El Lt H A Pow g 68.1948 J
x
Since
Jan.
106%
88%
62%
107
aaa4
1st Hen A ref 3 % s ser E...1900
56
47%
46%
108%
*108%
aa
a
53%
105%
47 %
47
x
48%
38
81
78
78%
106%
aaa2
x
x
8
63%
61%
51%
♦79 %
85 H
A y bbb2
1st mtge 3%s extended to. 1947
3-year 0% notes
3
aaa2
18
N Y Chic A St Louis—
Ref 6 %s series A
bbb4
X
Range
5 0
3503
107%
108%
107%
107%
a
x
Consol sinking fund 4%s..l90O
General 4 %s series A
1965
42%
77%
bbb2
A
56%
62%
63%
79%
43
35
x
cons g 4S..1943 M N
Conso) gold 4s
1948 M N
4a aterl stpd dollar May 1 '48 M N
Gen mtge 3%s series C—1970 A O
Pennsylvania RR
•a
Asked
A
Low
1974 F
debentures
Bid
Price
See i
A
4 %s
Range or
Friday's
Sale
Rating
Railroad & Indus. Cos. (Cont.)
Pow A Lt 3%s
1969 F
62%
79 %
Week's
!
Last
Elig. &
EXCHANGE
Penna
111%
10-year 3%b sec a f
1940
Oy bb
series A..2013
Oy b
o
Ref A lmpt 6s series C
2013
y b
Conv secured 3 % s—. ..1952 M Njy bb
N Y Cent A Hud River 3 %s. 1997 J
Jx a ,2
y
STOCK
Week Ended July 6
High
111
Y.
1
Jan.
*100%
Ref & impt 4
Frldayt
Bank
Range or
Sale
Rating
Week Ended July 5
July 6, 1940
Week's
38
12
21%
7%
See
13%
a
Volume
Bank
Y.
EXCHANGE
STOCK
Week's
Last
Range or
Rating
Sale
Friday's
|
Week Ended July 5
Railroad & Indus. Cos.
Friday
Elig. <fc
fcl
I
BONDS
N.
See
,
Price
a
Bid
A
Low
(Com.)
4s„1968
/
D
{♦St Paul E Gr Trk 1st 4 Ha-
J
J
{♦■St P A K C Sh L gu
F
A
J
/
x
a
J
J
x
aaa2
St Paul & Dul 1st eon g
1947
4HS--1941
Ask
High
No. Low
High
z
cccl
6
4H
5H
z
cccl
5
4H
8
*3H
5
Railroad
97 H
2
112H
98 H
z
b
Det A Chic Ext 1st 5s
J
1943 J
4a
1963 A O
4s
Consol G A E 4s_. 1965 MN
Santa Fe Pres A Phen 1st 5b. 1942 M S
y bb
San Antonio Pub Serv
y
a
San Diego
X
62 H
aaa2
3
z
J
111H
1946 A
0
z
A
0
x
21
33
30
40 H
40 H
18H
28 H
33 H
47
8
cccl
40 H
*117
aaa3
40 H
J
z
b
z
cc
2
z
cc
2
z
b
2
z
cc
1
♦Omaha Dlv 1st g 3Hs
1941 A O
♦Toledo A Chic Dlv g 4s.. 1941 M S
{♦Wabash Ry ref A
gen
5Hs A *75 M S
1976 F
A
z
cc
O
z
cc
z
cc
J
{ Seaboard Air Line Ry—
.1950 A
-
O
O
*9
ccc2
1950 A
{♦1stg 4s uestamped
cccl
8H
8%
11
O y b
8
8H
Warner Bros Plct 6s debs
1948 M
6H
13
15
15H
{♦Warren Bros Co deb 6s
1941 M S
S
2
y
b
cc
A
c
1H
1H
F
1959 A
0
cccl
3
3
2H
cccl
*2
5
2H
6H
5H
F
A
x
J
D
J
♦Certificates of deposit.
.1945 M 8
♦1st cons 6s series A
cc
♦1
2
Th
2
3 H
—1 H
4H
25
4H
19
2H
8H
7H
15H
A
y b
Q M yb
3
aaa4
124
x
aa
3
*108
x
aaa3
116H
A
c
1
*1H
2H
1H
3H
J
J
x
aaa3
J
D
x
a
O
x
bbb3
104
93 H
63H
2
55H
97 H
67
26
33
J
J
x
bbb3
14 H
18 H
West N Y A Pa gen gold 4s..
A
O
x
aa
12 H
30 H
{♦Western Pac 1st 5s
M
S
z
ccc2
M
8
z
cccl
*28 X
z
A
97 H
63H
1
z
7s.. .1941
*15H
cccl
y
100 H
Xbbb2
Simmons Co deb 4s
.1952
Skelly Oil 3s debs
.1950
x
bbb3
.1964
Socony-Vacuum Oil 3s debs
South A Nor Ala RR gu 5s. .1963
South Bell Tel A Tel 3H8— .1962
x
aaa4
x
a
.1979
x
aaa3
M S
x
aaa3
A
3s debentures
28 H
100 H
100 H
100
19
105 H
119
"31
*99H
105H
105H
*115
94
99 H
H
102 H
100 H
108 H
"~3
104 %
105H
8
101H
West Shore 1st 4s guar
108H
107 %
108 H
16
110
aaa2
110
110
1
bbb3
105 H
105 H
105H
8
101
x
bbb3
102 5i«
101H
102 H
95
D y bb
39
2
*105 H
38
105H
Registered
2361 J
2
2361 /
106
1949 M S
Wheeling ALE RR 4s
Wheeling Steel 4 Hs series... 1966 F A
White Sew Mach deb 6s
64
48 H
Wilson A Co 1st M 4s A
Conv deb
46 H
38
40
Gold 4 Hs
39 H
37H
Gold 4 Ha
.1981
39
37 H
^39
10-year secured 3Ha
.1946>J
50 %
49H
51
68
66
68
35
53
Winston-Salem 8 B 1st 4s... 1960 J
30
50 H
{♦Wis Cent 50-yr 1st
149
30
50 H
119
30
50 H
42 H
58
7
63 M
80 H
8
85 H
5
108
11H
8
11H
11H
22
72
86
79
92 H
107H 108H
10H
18H
10H
18H
11H
61 H
60 H
61 H
50
67 H
64 H
63 H
64 H
15
53 H
72
3
62 H
61H
63
27
51
70
17H
17H
1
44 H
*41
47 H
32
35
52 H
mmmm
32
47
1
46H
2
2
3
aa
x
bbb2
x
bbb2
z
cc
J
1947 A
98H 192H
8
81
......
D
1955 J
3Hs
69
44 H
39 %
.1969 MN y b
bb
30 H
85
45 H
.1968IMSy b
Lines) A .1977 MSy
107H
104
100 H
3
x
x
bbb3
1940 M N
110H
115H 120
1P7H 112
108
108
104 H
3
116H
85 H
......
108H 109H
120
128 H
2
J y bb
J y bb
102 H
97 H
21
39
Gold 4 Ha
1st 4 Ha (Oregon
...
{{♦Wilkes-Bar A East gu 5s. 1942 J
Ox bbb4
.1951
line 4 Ha
So Pac coll 4s(Cent Pac coll) .1949
-
110H
80 H
2
MN y bb
105 H
x
1st mtge pipe
♦5s assented
Western Union Teleg g 4Hs.
109 H
x
.1965 F
ser A..
104
Southern Kraft Corp
J
6s A.. .1947 J
4 H8... .1946 J D
Southern Natural Gas—
....
_
115
Southern Colo Power
ref 4s
A
115
105 H 108H
107 H 111
1st mtge A
Western Maryland 1st 4s
1st A ref 5 Hs series A
1951 J
D yb
25-year gold 5s
M S y b
30-year 5s
J
J z b
♦Westphalia Un BI Power 6s.
102 H 106 H
108 H
108H
aaa3
.1961
4 Ha
m.
124
*100
4
96 H
97
4
Southern Calif Gas
m
*109H
aa
70
106H 109H
—
x
b
37
60
65
8
y
79 H
90 H
36 H
35
37
*...
*106H
D
x
16
22
M
11967
Gen mtge 3Hs
70
29 H
4
3
11
56
78
1H
16H
9H
63 H
13
*31H
mmmmmm
9H
101H 106H
5
78 H
2H
3H
*9
J
Slleslan-Am Corp coll tr
m M *>
«
76
*1H
1
cccl
D
Shlnyetsu El Pow 1st 6 Hs— .1952
♦Slemens A Halske deb 6 Ha .1951 M S
.1946 F
9H
61H
2
Shell Union Oil 2Hs debs.. .1954
♦Silesia Elec Corp 6 Ha
9H
4H
104 H
c
cc
M "S
♦6s Series B certificates— 1935 F
4H
6H
A
♦Certificates of deposit.
{{♦Atl A Blrm lstgu4s... 1933
{♦Seaboard All Fla 6s A ctfs. 1935 F
4H
27 H
3
2
4H
14
6 H
aaa3
{♦Refunding 4s
42
21
60 H
27 H
13
8
39 H
----
6
*71
A
F
6
H
78 H
2
{♦4s g 8tamped
♦Adjustment 5s.—..—Oct 1949 F
28
61
13H
41
---
6H
*103 H
61 H
mmrnmmm
3
z
9
*6
20
12
5H
6H
D xbbb2
O y bb 2
A
A
-
48
10H
-
41 H
*35 H
6
-
1
29 H
47
114H 123H
121
—
w
6
1
O
m
6H
1
♦Ref A gen 4 H8 series C-^_1978 A
♦Ref A gen 5s series D
T980 A
Walker (Hiram) G A W—
m
^
9
9H
m
30 X
25 H
44
*5
m
9
28
*40
2
J
High
109H
102
28
14H
12
*20
1939 J
♦Ref A gen 5s series B
109H HI
z
1989 MN
32
z
♦Stamped
68 H
108H
109
*29
cccl
J
Scioto V A N E 1st gu 48
54
105
--
no"
aaa2
J
110
110
30
X
1946 J
{♦Schulco Co guar 6 Hs
♦Stamped
♦Guar s f 6 Ha series B
14
63
♦105H
3
14H
1
8
36H
34
36 H
b
1941 J
4s
g
2
ccc2
z
Jan. 1
No. Low
High
108
107 H
z
1939 MN
1939 F A
J
..1954 J
♦1st Hen g term 4s
Ask
A
Since
Bonds Sold
Friday's
Bid
Low
{Wabash RR Co.—
{♦1st gold 5a
{♦Des M Dlv 1st
S A A Ar Pass 1st gu g
Price
aaa2
♦
110H 118
H2H
Sale
See A
& Indus. Co%.(Concl.)
{♦2d gold 5s
(large)--1940
guar
1972
t Pacific ext gu 4s
Rating
x
Range
Range or
Last
Elig. &
Inter st Period
EXCHANGE
Virginian Ry 3Hs series A...1966 M 8
82
75
82
STOCK
Week Ended July 5
Jan. 1
bbb2
x
Y.
N.
Since
Week's
Friday
Bank
BONDS
Range
la
S3
St Paul Minn A Man—
St Paul Un Dep 5s
79
New York Bond Record-Concluded-Page 6
151
_
-
*113
—
„
—
—
-
113H
101
102 H
*100
_
102 H
—
45
101 H
*11 %
2
5
rnmmrn
110H 116H
159
96H 102H
101 H 103
9H
13
103 H
104 H
18
98 H
104H
O ybb 3
J x aaa2
17H
10H
98 H
20
13 H
100 H 106 H
102
110
*110H
96
112
So Pac RR 1st ref guar
Ox bbb2
J y bb
4s... 1955
55H
87 H
88
17H
19
13
13H
25H
z
cccl
18
16H
18
14
14
23
z
cccl
7
z
cc
1
*5H
*5H
8H
O
x
aa
3
108H
108 H
6
106
D
x
a
4
108H
108H
1
107 H 110H
{♦Wor A Conn East 1st 4 Hs. 1943 J
Youngstown Sheet A Tube—
J
101H 109H
101
106H
J
{♦Su A Du dlv A ter 1st 4s. 1936 MN
♦Certificates of deposit.
Wisconsin Elec Power 3 Ha— 1968 A
»«
z
65 H
z
c
2
83
91H
Conv deb 4s
1948 M
S
x
a
4
104
103 %
104 H
46
42
1st mtge s f 4s ser C
1961 MN
x
bbb4
106
105
106
19
2
55H
52
O y bb
2
70
68
70
29
53
61 H
79 H
o y bb
2
74 %
73
75
114
57
9
110
14
9H
52
O y bb
4H
rnrnmrn
49
1956
10H
4H
"64
1956
*3
84 H
Devel A gen 6s
Devel A gen 6
...
Ha
x
J
x
aaa4
z
cccl
x
a
D
x
aaa4
J
x
aaa4
1953
104 H
104H
"42
104H
J
z
bb
2
105 H
35
92 H
93 H
105H
30
103H 107 H
101H 106H
100 H 106H
81
113H
30
104H 106H
"93 X
x
aa
4
105H
x
aaa3
A
x
aaa4
RR gen 5s.
Term Assn St L 1st cons 5s.. 1944
Tenn Coal Iron A
105H
*125
1953
J
x
aa
5 Hs A. 1950
A
x
1951
D
x
aaa3
O
x
aaa3
Gen A ref 5s series
Tex Pac Mo Pac Ter
20
102
106 H
"4
x
bbb3
63
63H
9
x
bbb3
*63
67 H
D
x
bbb3
M S
x
a
2
J y b
2
54 H
53 H
54 H
72
O y cccl
18H
16H
18H
193
a
3
106 H
106 %
63 H
*75
63 H
"16
tion
5s.-.1937
J
J y bb
/
J
Tide Water Asso Oil
104H 110H
53 H
72 H
72
53 H
53 H
45
62 H
x
a
3
General Motors Accept 3Hs
100
100
1
95
106 H
106 H
8
105
107H
58
58 H
24
55 H
66 H
85H
85 H
10
82H
89H
61 H
62
13
55H
Dy b
J
Dx bbb3
A
O y bb
J
I
M 8
J
3
58 H
"62""
X
a
X
aaa3
*112H
1
*105 H
J y bb
4
MN
z
b
A
z
M S y b
JJlgawa Elec Power s f 7s—1945
J
JnioD Electric (Mo) 3Ha. —1962
1
14H
*14
1
3
J
x
aa
A
0
z
x
aaa4
F
A
x
aa
Jnlon Pac RR—
1947
...1970
35-year 3 Ha debenture—1971
Jnited Biscuit 3Ha debs...1955
Jnlted Cigar-Whelan Sta 5s. 1952
Jnited Drug Co (Del) 5s
1953
J N J RR A Canal gen 4s.— 1944
'Un Steel Wks Corp 6HsA._ 1951
♦3Hs assented A...
1951
♦Sec s f 6 Ha aeries C
1951
♦3Ha assented C
1951
1st A land grant
4s.-
34-year 3Ha deb
♦Sink fund deb 6 Ha aer
85
cccl
:{»Unlon ElevRy (Chic) 58.1945
F A
Jnlon Oil of Calif 6s series A. 1942
1959
124
125
104
106 H
♦
14H
14H
30
13 H
3
108H
*88
a
14H
14H
y
or
109H H2H
100M 104H
114
110
aaa3
113H
114H
18
aa
3
95 H
95 M
95 H
10
MN
aa
3
96
95 H
96
23
92H
92H
12
104 H
3
58H
75H
a
3
4
105 H
61
105H
b
M S
bb
4
79 H
81 H
31
M S
aaa4
108 H
108 H
1
O
O
"gi"
*15
b
1
101
101H
Cons 8 f 4s series B
off..—1934
1934
Va Elec A Fow 3Haser
B—.1968
1st g 5s. 1949
Va A Southwest 1st gu
1st cons 5s
23 H
24H
25
Slocks,
5s—2003
1958
Railroad &
Slate
United
Total
Number of
Shares
Week Ended
20
20
85
84
Mis cell.
Municipal
States
Bond
For'n Bonds
Bonds
99 H
101
96
104
100 H
102
95
104 H
100* M5
cc
2
77
b
1
100
x
x
Monday
Tuesday
320,020
.
377,170
Wednesday
96
Thursday
115H
aa
MN
170,130
272,920
Saturday
97
1
July 5, 1940
Bonds
$1,215,000
2,624,000
3,129,000
3,862,000
$318,000
$42,000
$1,575,000
752,000
179,000
110,000
87,000
3,860,000
4,601,000
621,000
652,000
HOLIDAY
"
283,130
4,134,000
534,000
68,000
4,736,000
1,423,370
Friday
Total
$14,864,000
$2,877,000
$486,000
$18,227,000
J
z
J
z
c
110
110H
M 8 y ccc3
*40
48 H
J y bbb2
*73
M
J
A
8
x
110
aa
O y bb
2
55
H
H
1H
10
107
70
"55"
New York Stock
54 H
1940
Exchange
111
51H
76 H
62 H
40
Jan. 1 to July
Week Ended July 5
Sales at
Stocks—No. of shares
1,423,370
1940
1939
Total
incorporated In this tabulation pertaining to
1939
128,220,055
110,278,295
$486,000
$721,000
2,877,000
14,864,000
3,026,000
14,098,000
$26,104,000
124,866,000
710,106,000
$46,732,000
131,481,000
676,227,000
$18,227,000
......
$17,845,000
$861,076,000
$894,440,000
See note i above.
directed to the new column
5
1,514,210
Bonds
Government
Railroad and industrial
3,455,000
aa
F
State and foreign
Attention la
Sales
93 H
2
A
Exchange,
New York Stock
the
at
Daily, Weekly and Yearly
RR—
{♦4Hs July coupon
{♦4Hs assented
Va Iron Coal A Coke
Transactions
25
b
1947
1959
1959
A—1955
1957
89H
cc
Ha—1947
All Issues
issues bearing symbols ccc or lower are In default.
In default.
77 H
84 H
bbb3
Vera Cruz A Pacific
majority of the
bearing ddd or lower are
110H
23
*17
ref 5s. 1944
1st 5s—1944
Vandalla cons g 4s series
The letters Indicate the quality and the numeral immediately
of agencies so rating the bonds. In all cases the symbols
will represent the rating given by the majority.
Where all four agencies rate a bond
differently, then the highest single rating Is shown.
106
24 H
*15
[Jtah Lt A Trac 1st A
each bond
this column are based on the ratings assigned to
agencies.
*15
cccl
either to rating status
In bankruptcy, or In process of reorganization.
99 H
21
"25"
*17
bbb2
♦5s stamped
108
99H
18
*20
A. 1947
{♦Debenture 5s
61
rating symbols in
A great
115
J
Indicates those bonds we believe are not bank eligible due
provision In the bond tending to make lt speculative,
Indicates Issues In default,
by the four rating
19
O
which we believe
following shows the number
103
1116ie
Rating Column—x Indicates those bonds
some
The
105H 109
8H
9
93 H
102 H
*110H
bbb 3
^♦Utll Pow A Light 5
♦5 Ha stamped
95
80
91
108 H
Bank Eligibility and
eligible for bank Investment,
l03"
♦3Ha assented A
....1947
Jnited Stockyds 4Ha w w„1951
Utah Power A Light
108 M
A
A
Bonds selling flat.
the yearly range:
No sales.
108
J
A
under
No sales transacted during current week.
Friday's bid and asked price.
T Deferred delivery sales transacted" during the current week and not Included In
99 H
98
97
cccl
F
*
aaa2
X
S
being in bankruptcy, receivership, or Reorganized
securities assumed by such companies.
as
67H
1
J
M
103.
1951, Aug. 6 at 103.
Section 77 of the Bankruptcy Act, or
25 H
100H
2
Exchange bond Issues which have
Brooklyn-Manhattan Transit 4Hs 1966, Aug. 2 at
97 H
11H
t The price represented Is the dollar quota¬
Accrued Interest payable at exchange rate of
^200-pound unit of bonds.
5 The following Is a list of the New York Stock
beeri called in their entirety:
72
z
3s debentures
per
{ Companies reported
A
only
$4.8484.
67
90
90 H
during current week,
a Deferred delivery sale;
n Odd lot sale, not Included In year's range.
Cash sale; only transaction
r
transaction during current week,
§ Negotiability impaired by maturity,
106 H
55
and not Included In the yearly range:
No.sales.
111H 115H
104 H 111H
76 H
92
Cash sales transacted during the current week
e
103H 108
29
95
x
3Hs.—1952
Tokyo Elec Light Co Ltd—
1st 6s dollar series
1953
Tol A Ohio Cent ref A Imp 3 Ha *60
Tol St Louis A West 1st 4s..1950
Tol W V A Ohio 4s series C—1942
Toronto Ham A Buff 1st g 4s. 1946
Trenton G A El 1st g 5s
1949
Tri-Cont Corp 5s conv deb A. 1953
♦Tyrol Hydro-El Pow 7 Ha—1955
♦Guar sec 8 f 7
1952
{♦Third Ave RR 1st g
103H
105 %
*
4
O
J
♦AdJ Income 5s
6
O
1960
Jan 1960
4s
Third Ave Ry 1st ref
19
86 H
86 H
D
1980
D
5Ha A. 1964
110H
105
105
J y bb
1943
gold 5s
Texas A Pacific 1st gold 5s.. 2000
1977
Gen A ref 5s series B
1979
Gen A ref 5s series C
110H
112H
103 H
103 H
1959
deb 3 Ha
128H
122
"3
110
bbb3
3s debentures
127
112H
4
Gen refund sfg4s
Texarkana A Ft 8 gu
Texas A N O con
28
1
16
72
103 H
104 H
J
1951 J
106 H
78
63
108H 112
102
108H
23 H
15
*103Ji6
3
1950 MN
3Hs
5
16
J
A
2Ha debenture
3tudebaker Corp conv deb 6s 1945
73 H
"5
70
aaa4
1955
79 H
70
111
106
D
{♦Spokane Internat 1st g 5s.
1946
Staley (A E) Mfg 1st M4s„
1961
Standard Oil N J deb 3s
56
110H
~70~"
J y bbb2
1951
4s
Tel 3 Ha B_. 1964
1968
1st A ref 3s series C
Swift A Co 1st M
*65
J y bbb2
1996
Dlv 1st g 5s
St Louis Dlv 1st g
So'western Bell
Texas Corp
19
4s.. 1949 J
gen
♦Certificates of deposit.
99
54H
bbb3
x
1st cons g 5s_.
series A... 1956
Devel A gen 4s
Mem
H
J y bbbl
J
39 H
88
2
1955
1994
1st 4s stamped
Southern Ry
b
Jy bb
.1950 A
1st 4s
San Fran Term
MiVly
ccc2
Wisconsin Public Service 4s.. 1961 J
i
bank eligibility and rating of bonds.
New York Curb
80
Exchange—Weekly and Yearly Record
July 6, 1940
NOTICE—Cash and deferred delivery sales are (Unregarded In tbe week's range anlees
they are the only transactions of the week and when selling outside
of the regular weekly range are shown In a footnote In the week In which
tbey occur.
No account is taken of such sales In computing the range for the year
In the
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
beginning on Saturday last (June 29, 1940) and ending the present Fridav (Jnly 5, 1940).
It is compiled
entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or
bond, in which any dealings occurred during the week covered.
the week
Friday
Sales
Last
Week
Sale
Par
STOCKS
Price
t
Range
Low
Friday
for
Range Since Jan. 1,1940
High
Shares
Low
13
High
Par
1
A
B
1
-
21
6%
x5H
1,500
22%
Jan
6
4
100
10
Jan
100
1% May
17%
Jan
% May
S6
25
100%101
Southern..50
-70
93
*
preferred
%
64
93
*58
May
May
A lies A Fisher Ine com...*
Alliance
Investment
June
90%
82
10
2
*
Mar
22%
7
Jan
May
%
64
Alabama Power Co 17 pt- *
4%
600
|Air Investors common..*
Conv preferred
•
Warrants
Apr
11
11
1
Air Associates Inc com
5%
4 %
Alnsworth Mfg common..6
Alabama Gt
May
S3 conv pref
*
Aluminum Co common
*
June
650
113% 114%
138%
250
108
Aluminum Goods Mfg..
16%
0
»
com
Aluminium Ltd common.•
(5
58%
100
American Beverage com.. 1
50
59%
100
Amer Box Board Co com.l
%
X
%
37
3%
Apr
30%
Apr
78%
108%
Apr
Apr
Apr
98
2%
1%
Mar
Jan
Feb
June
300
4
11%
21
192%
118%
18
May
Mar
Apr
Apr
Apr
Apr
11%
Feb
110% Mar
109% May
1%
37%
37
4%
Jan
May
5% May
42% May
96% May
% July
500
preferred
American Book Co
May
18
158
153
80
36
June
4%
100
4
May
49%
7%
Apr
Apr
Apr
4%
American CapitalClass A common
10c
1%
Jan
2%
Apr
Common
10c
%
*11
J^n
13
Jan
May
20%
65
June
80
93
class B
preferred
95.60 prior pref
*
Amer Centrifugal Corp
1
% May
Jan
Mar
%
Jan
33%
Mar
1%
Apr
Am Cities Power & Lt—
Class A..
25
27%
27%
50
""% "ill
T.I66
25% June
22% June
% June
31
Jan
20
May
Class A with warrants.25
1
Class B
Amer Cyanamld class
Vs
A. 10
10
"31%
31 %
"33%
'3400
Amer Export Lines com__l
10%
9%
10%
1,300
Class B n-v...
8%
Amer Foreign Pow warr—
American Gas A Elec.-.IO
33%
32%
Amer General Corp com 10c
•
92 conv preferred
33%
2,100
3
3
500
25
1
25
125
2% May
22% May
20% May
92.60 conv preferred.__1
Amer Hard Rubber Co..50
Amer Laundry
Mach_..20
6%
11
14
14
14
May
13% June
11% May
25
May
200
25
Amer Lt & Trac com
preferred
25
Amer Mfg Co common. 100
Amer Maracalbo Co
1
6i«
%
*
28%
28%
100
Amer Pneumatic Service.*
%
%
200
Republics
10
Seal-Kap common.. 2
Corp com *
5%
4%
23
May
% June
May
6
May
3% May
200
%
%
56%
6,300
%
Jan
Apr
39%
Jan
4
10%
29%
36
6%
100
0
May
%
Apr
Apr
Jan
97
preferred
110% 111%
"T% "2"
Jan
Jan
Mar
*
May
2d
preferred
Class
B
Am dep rets ord reg
87
May
4
900
4
May
May
6%
May
6% May
2%
May
May
100
100
July
1
V t o common........*
'ii
*
Coast RR Co pref... 100
Atlanta Gas Lt 6% pref 100
Atlantic Coast Fisheries—
100
2
Atlantic Coast Line Co..60
100
10
12%
2
12%
13%
4%
%
1
1% June
200
5%
300
%
12
1,600
250
5
•h May
2
11%
1
5
4%
25
90
preferred
25
115
99
Jan
0%
Mar
6%
Jan
8%
Feb
'it
Jan
%
Jan
5%
Jan
%
'11
Apr
Feb
2%
Apr
2%
%
2%
%
2%
91.60 preferred
Babcock A Wilcox Co
23
Baldwin Locomotive—
25
5%
.30
24%
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
5
1
Beaunlt Mills Ino com.. 10
For footnote*
.20
see page
8
2,700
85
5
Feb
13%
12%
13%
-
3,900
29
4%
500
3%
Jan
May
49
Jan
Apr
Apr
20
May
10% May
30
May
10% Mar
4
May
1%
%
1% May
38
14%
34
Feb
Apr
Mar
11
100
19%
Jan
May
17
Apr
17%
Apr
7% June
11
20%
Feb
20
10
1%
May
May
15
2%
2%
300
"l"% "1%
"166
1%
Jan
20%
2%
1% May
10
May
1% May
30
Feb
May
6%
"18%
Feb
2%
May
38
June
28
150
Feb
36
1% May
May
34%
Mar
22
43
Jan
Feb
May
4%
11%
6
34
19%
19%
"16"
19%
10
May
90% May
9
May
% June
1,000
"l6%
T200
Jan
Jan
Feb
22%
108
Jan
Jan
14%
2%
Jan
Jan
Jan
%
May
1
3%
Apr
3%
11% May
1%
Feb
May
5%
Apr
18%
Mar
2%
17%
Apr
May
5%
Apr
13
22
Jan
11%
Apr
2%
Jan
13%
13%
1%
Calllte Tungsten Corp
1
Camden Fire Insur Assn..6
100
1%
300
17
Can Colonial Airways
6%
1
19% May
%
1%
6%
7%
Jan
Jan
Feb
Mar
1%
Feb
4%
Apr
53
Jan
3%
7%
Mar
%
%
6%
300
May
5% May
Mar
j
Apr I
%
%
700
"~"%~May
Canadian Indus Alcohol—
Class A voting
1
•
Class B non-voting
Marconi
*
Canadian
%
1
Capital City Products...*
"566
"x
25c
Apr
Apr
Apr
May
3% May
9% May
11%
7%
16%
4%
27
May
May
7%
40%
97%
May
109
86
May
104%
*
96
preferred
Carrier Corp common
105% 105%
10
*
1
Carter (J W) Co common. 1
Casco Products
*
1st partlc pref
Cent Hud G & E
5%
5%
May
100
6
May
12
15
June
20
2%
2%
200
113
225
116
Feb
09%
Jan
87%
June
17%
May
Feb
13
*
com
preferred
Conv preferred
70
99
9%
9%
108% 108%
100
50
6u
105%
May
10%
Apr
Apr
May
115%
May
May
%
1
%
Jan
53,900
100
1%
6%
1%
175
6%
25
®i#
%
preferred
60
Jan
2%
Jan
May
4%
7%
May
Jan
May
117
Apr
55
June
83
Apr
May
10
6
3i«
2",000
5%
63%
13
5%
2,800
4
Jan
1,100
49
May
63%
25
13
5
63
12% June
5%
Apr
Claude Neon Lights Inc.. 1
May
Mar
%
*11 June
4%
4
Mar
13
95
45
»
May
June
50
Apr
29%
Mar
6%
May
68
May
6% May
May
62
85
5%
5%
200
May
May
115%
Mar
75
Cities Serv P A L 97 pref.*
96 preferred
*
City Auto Stamping
2%
200
61
3i«
100
•
May
4%
104% 104%
1
10
Jan
10
104%
4
common..
Jan
8%
3
10
Chief Consol Mining
Childs Co preferred
Jan
May
%
5
Corp common
%
i
2%
3
Conv pref opt ser '29.100
Chamberlin Metal Weather
Cherry-Burrell common. .6
Chesebrough Mfg.;
25
Chicago Flexible Shaft Co 5
Jan
•u May
100
Co
Jan
»!• May
100
60c preferred B
Mar
Jan
June
6%
95%
500
%
com
preferred
109
91
106%
98
1
Clark Controller Co
15
Feb
34%
Jan
Feb
May
5%
Jan
6
12%
127
Jan
20%
3% May
June
May
2% June
Jan
3%
May
98
Feb
*
96
Apr
May
*
Cent Pow A Lt 7% pfd 100
Cent A South West Util 50c
Cent States Elec
Jan
800
200
6%
115%
Apr
May
May
Apr
8
6%
6%
1%
Jan
May
7%
7%
6%
Castle (A M) common.. 10
Jan
Feb
15%
8
6%
Catalln Corp of Amer
1
Celanese Corp of America
Jan
Jan
1%
25
*
Cities Service
9%
May
common
Apr
Apr
6% May
% May
18%
Carolina P A L 97 pref
Strip
"i%""Feb
*
Class B
6%
7%
.
June
»
City A Suburban Homes 10
4%
17%
36
Apr
Cent Ohio Steel Prod
Mar
%
'"600
100
Apr
1% May
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
8% May
27% May
5
May
30
8%
1 %
Mar
30%
150
Feb
Apr
Apr
Mar
Apr
1%
Mar
4% May
18
May
4% May
100
1%
8%
7%
% May
% June
4
18% May
8
1
com
pref
500
Apr
Feb
50c
2%
500
5
Feb
% May
2% June
3% May
3,300
96 preferred BB
Baumann—See "Ludwlg"
Beau Brummell Ties Ino._ 1
conv
6
2,000
5
Bath Iron Works Corp
91.50
Jan
6%
25%
""%
Barlow A Seellg Mfg—
Basic Dolomite Inc
23%
23%
%
Barium Stainless Steel... 1
com
5%
Apr
0%
%
8%
60c
com
Chicago Rivet A Mach
Purch warrants for com
48%
Burry Biscuit Corp.. 12%c
Charts
Jan
A
Apr
Apr
May
conv
4%
17
3
91.20
*9%
95 1st preferred
Bunker Hill A Sullivan 2.50
Burma Corp Am dep rets..
7% 1st partlc pref... 100
Jan
34
preferred
3%
5%
9%
Celluloid Corp common. 15
Mar
% July
2% May
400
2,200
June
Apr
Buff Niagara A East Pow
Apr
20
10
7%
3
1
com
May
Jan
Ayrshire Patoka Collieries 1
common
08
104%
14%
1
Mar
4% May
% May
•
1%
16
Warrants
Class A
June
3% May
3% May
1,300
31%
28
100
Jan
Mar
100
5%
3%
Am dep 6%% pref shs £1
Calamba Sugar Estate..20
Jan
%
600
Avery (B F) & Sons com. 5
preferred x-w
May
May
'n
1
Automatic Voting Mach_. *
0%
June
3% June
Atlas Plywood Corp
Aviation & Trans Corp
Axton-Flsher Tobacco—
31
"""% """%
Class A preferred
*
Brown Forman Distillery. 1
97 div. preferred
..1
w w
30
8%
2%
45
Cables A Wireless Ltd—
Apr
Feb
65
2%
Jan
Feb
May
1
*
H
%
%
%
Jan
22% May
1%
Jan
May
33% June
3% May
1% June
16% May
Am dep rets ord reg._10s
Apr
Apr
Apr
1,100
4%
Jan
6
%
400
£1
Jan
Atlanta Birmingham A
6% preferred
400
6%
Jan
3% June
"36%
35
Am dep rets ord bearer £1
Feb
warrants
Products
12%
British Celanese Ltd—
Carnation Co
J Austin Silver Mines
1,600
Feb
Apr
Mar
British Amer Tobacco—
2%
2%
8%
300
Automatic
13%
1
36%
7% partlc preferred...25
""400
4%
14%
40
Canadian Car A Fdy Ltd—
7%
3u
Atlas Drop Forge com
X
British Amer Oil coupon..*
Registered
•
Jan
7
500
1
Atlantic Rayon Corp
Atlas Corp warrants
12%
7% preferred
100
Brillo Mfg Co common...*
Class A
*
1% May
1% May
""300
Apr
Apr
4% May
2% May
12%
*
Jan
.....1
common
11
May
30% June
100
%
Assoc Laundries of Amer *
New
Mar
Jan
40%
•1.
hs
Mar
Brill Corp class A
Mar
{Associated Gas & Elec—
Assoo Tel A Tel class A
%
]n
Bridgeport Gas Light Co.*
Bridgeport Machine
*
Preferred
43%
June
300
•
*
Breeze Corp common
1
Brewster Aeronautical...1
Feb
2%
£1
preferred
%
100
Carman A Co class A
95
Mar
%
•
Brazilian Tr Lt A Pow
Carib Syndicate
Option
125
*
3%
Feb
"4% "4%
1
Class A
Apr
May
23
25
7% 1st preferred
Associated Elec Industries
Common
114
100
Borne Scrymser Co
Bourjols Inc
Bowman-Blltmore com
Assoc Breweries of Can...*
Amer deposit rets
25
•
7% 1st preferred
Vot trust ctfs
Apr
108
20
*
5
Ashland Oil & Ref Co
Jan
117
*
Jan
2
2
10
com
93 opt conv pref
Blumenthal (8) A Co
Brown Rubber Co
15
'i«
Common cl A non-vot..*
preferred
130
Canada Cement Co Ltd..*
Arkansas Nat Gas com...*
6%
June
117
Bruce (EL) Co common..6
Buckeye Pipe Line
60
May
1
Art Metal Works
91
1
Jan
8% May
*
Arkansas P & L 97 pref
10
*
Apr
Appalachian Elec Power—
fArcturus Radio Tube
91
A Machine Co com
Bohack (H C) Co com
Feb
91
•
1
Apr
8%
May
*
common...
Feb
32%
3
30
Bliss (E W) common
Blue Ridge Corp com
8%
200
500
Blckfords Inc common
92.60 preferred
Blrdsboro Steel Foundry
Cable Elec Prod
17
"266
Angostura-Wupperman ..1
900
Conv preferred
Blauner's
High
3% May
13% July
4
Purchase warrants
% June
10%
Apex Elec Mfg Co com...*
Low
300
British Col Power cl A...*
Jan
%
76
May
Range Since Jan. 1, 1C40
Shares
4
Berkey A Gay Furniture. 1
J Brown Co 6% pref
100
Brown Fence A Wire com.l
109%
Apr
10% May
June
1
13%
100
Mar
Mar
May
"i#
Mar
2% May
Bell Tel of Canada
Apr
31%
34%
19%
18%
48
"
Apr
•11
T% "1%
*
.*
Apr
14%
50
56%
10%
5% pf._5
Anchor Post Fence
% June
"""760
4%
*
96 series preferred
American Thread
May
73
May
70
"~5% "5%
Am Superpower
1st $0 preferred
36
39%
19%
25%
600
A
Amer Potasb A Chemical.*
American
Apr
13% May
Amer Meter Co
Amer
36
05
100
Preferred
May
% Mar
9% May
25% May
Amer Fork A Hoe com...*
13%
1
com
Bell Tel of Pa 0 %% pf.100
3% May
155 X
1
Bellanca Aircraft
4%
14%
for
Week
Benson A Hedges com...*
Feb
8
100
preferred
0%
High
4%
Aircraft Corp
Mar
0%
% May
Allied Products (Mich).. 10
Class A conv com
25
Aluminum Industries
Low
1
Beech
14% May
Allied Intl Investing—
6%
Price
Sales
Week's Range
of Prices
Bell Aircraft Corp com
May
Aero Supply Mfg—
Class
Sate
(Continued)
Acme Wire Co common. 10
Class
Last
STOCKS
Week
of Prices
May
110
Mar
4% May
6
May
12
1
»!•
»!•
300
7%
7
Feb
Apr
May
16%
Jan
% May
%
Mar
i
Volume
New York Curb
151
Friday
STOCKS
Last
(Continued)
|
Week's Range,
Sals
Par
Price
of Prices
Lots
for
Range Since Jan. 1,1940
Elec Ilium
Cleveland Tractor
Low
conv preferred
Colt'
734
234
May
334 May
May
May
May
May
May
0
May
88
634
34
334
3 J4
4
Patent Fire Arms.25
4
400
75
7434
250
67
Columbia Gas A Elec—
100
Columbia Oil A Gas
60
1
60
134
50
134
V t c ext to 1946
si«
34
200
1
1234
12 54
100
preferred
Conn Telep A Elec Corp..l
Consol Biscuit Co
1
54
34
72 34
7434
800
434% series B pref.._100
117
1
117
30
154
134
100
2034
Consol Mln <fe Smelt Ltd. .5
8%
2034
50
1
preferred
100
334
Cont G A E 7% prior pf 100
8734
4
300
8734
"534 "634
6
7
10
Corroon <fe Reynolds
$6 preferred A
Feb
Feb
34
134
May
May
6734 May
111
May
134
Jan
18
4
734
1,000
334
June
400
16
434
434
100
1
134
300
4
Jan
Jan
34
834 May
Jan
1034
1134 May
30
Apr
Jan
6
4
300
June
134 May
May
6 34
Jan
234 May
1734
Jan
108
10
10
50
$0
preferred
Warrants
*
...
Feb
2434 May
034
Jan
34
134
Apr
Apr
4
May
834
134
Feb
Feb
53
34
34
15
100
1034
Jan
Class B
57
7
Feb
Gold field Consol
Jan
Feb
Jan
32
53
634
634
preferred
Apr
7% 1st preferred
Gt Northern Paper
Feb
May
June
May
May
May
Feb
Mar
1234 May
2634
Jan
Feb
3734 May
1134
Apr
1734 May
Jan
134
234 Mar
134 Apr
22
Jan
Non-vot
27 34
Feb
May
41
Jan
Feb
87
134
20
Jan
July
78
Jan
52
100
34 May
134
Jan
June
1534
Mar
10 34
Apr
Apr
Apr
5
1154
1 334
700
9
May
25
Feb
52
55
70
60
Feb
05
48
May
2534
54
1
Apr
Apr
34 May
100
100
10134
100
81
Apr
100
May
8
.
Jan
49
Jan
634
634
734
May
5
95
10
May
93
May
Mi
25
18
June
2834
Apr
100
4
June
6
100
434
May
1134
Jan
92
92
25
May
11434
Apr
12734 12734
25
88
12334 May
30
134 May
34
2734
2734
3
28
700
all2
50
34
Jan
Jan
June
*3954
11134
10734 May
11454
Mar
Feb
•
534
June
May
May
June
1334
Jan
934
Apr
734 Apr
2534 May
Mar
1234
534
Jan
Mar
234 June
7934 May
134
Jan
Jan
Apr
34
500
5
May
July
234
834
May
1234
x8H
834
400
634
2 34
2 34
300
134 May
44 34
4534
1634
18
20
May
350
1234
"266
834
34
May
May
Mar
554
Haverty Furniture conv pf*
Corp
.*
Hearn Dept Stores com..5
Hazel tine
13,900
900
42
6534
6934
3,800
61
May
May
May
34 May
1034 May
734
15
12
12
100
21
4
May
334
Empire Diet El 6% pf 100
Empire Gas A Fuel Co—
76
preferred.......100
76
76
June
July
100
61
62
100
6134
6134
100
Empire Power part stock.*
100
25
"~9~
si«
1
21
334
334
34
21
334
434
500
4
May
434
9 34
9 34
50
7
Jan
May
Heller Co common......2
Preferred
Preferred
May
434
*
734 May
29
334
2134
734
Apr
Jan
May
Feb
Jan
14
Apr
1234
Apr
11
Mar
25
2334
May
27 34
25
24
June
27
Mar
13
Apr
May
w w
ex-warr
Jan
Henry Holt A Co—
Participating class A...*
Hewitt Rubber common..5
Chemical
8
18
16
18
400
May
60
10
Hires (Chas E) Co
..1
Hoe (R) A Co class A... 10
May
92
1334
May
2234
Apr
Feb
1434
Feb
Jan
Apr
3034
Apr
3 34
Apr
Holllnger Consol G M
8
6
Horder's, Inc
8
63
Holophane Co common..*
10
300
634
10
300
100
Horn (A
1734
834
Jan
Jan
Horn A
6434
Apr
5%
73
Apr
preferred
Hubbell (Harvey) Inc
20
Jan
Humble Oil A Ref
Jan
Hummel-Ross Fibre
Jan
Hus8mann-Llgonler Co—
334
14
2934
534
79
Apr
May
Feb
Hardart
3034
108
5
3034
108
Common...
70
Mar
Jan
May
3554
Apr
July
11254
May
15
53 34
1,600
634
800
100
Mar
72
Mar
50
Hygrade Sylvanla Corp..*
Illinois Iowa Power Co...*
»ii
Feb
100
1934
234
May
May
2534
634
Jan
Jan
1334 May
4734 May
4
34
120
1934
68
Jan
Apr
Jan
Feb
934
834
May
June
June
200
Hygrade Food Prod..—5
7134
11
Jan
20
434 May
34
1034
Feb
834
1034
Feb
1
June
26
Jan
108
52
7% pref stamped.
100
7% pref unstamped..100
May
June
May
14
834 June
56
May
Mar
Jail
934 May
25
6
5534
34
12
20
15
52 34
Corp
70
2434
834
10
May
120
•
June
Mar
June
3
100
*
6
*534
IHuylers of Del Inc—
Hydro-Electrio Securities •
6%
conv preferred
2
*
Mar
Illuminating Shares A
•
Apr
Jan
Apr
134 June
28 34
4
27
334
2654
2734
400
634
50
Dlv arrear ctfs..
Illinois Zinc Co
634
1,300
300
234
3
May
47 34
234 Mar
2134 May
434 Mar
434 May
634
Jan
Feb
Jan
3354
Apr
May
Apr
934
May
754
6334
Mar
Mar
Imperial Chemical Indus—
Am dep rets regis
85
11
C) Co common.. 1
Horn A Hardart Baking..*
600
700
"266
May
14 34
434
Mar
Apr
"600
.....
Emsco Derrick A Equip..5
Equity Corp common.. 10c
15
.*
A
57
57"
10
134 May
25c
Rube ostein
100
15
50
57
57
1
June
334 May
634
60 34
warrants
1
conv preferred
19
2934
28
534
Mar
*
28
May
*
6934
6%
19
834
Holt (H)—See Henry
May
14
56 34
*
2
Jan
Hormel (Geo A) A Co com*
13
75
May
434 May
Apr
Apr
75
18
234
Jan
Feb
Apr
Apr
Apr
34
1734
12
154
54
Jan
Mar
1734
1734
♦
May
54 May
1
Apr
4034
7034
6534
2434
1034
134
"~H
Economy Grocery Stores.*
Elec Bond A Share com..5
Jan
Mar
100
1
B non vot common
Heyden
4
34
14
Jan
Hat Corp of America—
Jan
May
34 June
34
34
134
Harvard Brewing Co
134
64
110
1
Jan
Mar
»k
102
alll
234
Apr
Apr
2534 June
300
May
Apr
jari
1034
May
1J4
135
4934
534
Mar
Apr
June
02
June
8
034 May
*
2034
Class
17 preferred series A...*
16 preferred series B
*
Feb
434
25
Hecla Mining Co
Eastern States Corp
134
25
434
25
Helena
75
Feb
6
Hammer mill Paper..... 10
Apr
4434
Apr
Apr
'u
Apr
Apr
Hartford Elec Light
Hartford Rayon v t c
Apr
100
Apr
1134
17
Jan
3234
Eastern Malleable Iron..25
32 34
105
Apr
Apr
Mar
100
May
June
Apr
May
...»
Apr
Apr
934
11
Gypsum Lime A Alabast.*
Hall Lamp Co......
5
2034
Eagle Plcber Lead.—_1Q
East Gas A Fuel Assoc—
Apr
May
534
634
Jan
Feb
134
Mar
754
Apr
534 May
4,400
20
95
Feb
91
434
634
Guardian Investors......1
107 34
534
Apr
Mar
4034
Gulf States Util 55.60 pf.*
50 preferred
*
.—10
5
1034
41
Jan
8754
434 May
Grocery Sts Prod com..25c
7% preferred
100
Dublller Condenser Corp.l
Duke Power Co
100
75
Jan
June
*
Gulf Oil Corp
Jan
6934
154
55
1
Greenfield Tap A Die
Mar
68
Mar
Mar
28
534
Durham Hosiery cl B com *
Duro-Test Corp common. 1
Duval Texas Sulphur....*
Apr
'it
90
28
67
10
05
Mar
*10
4
63
tk
May
May
Apr
2534
63
41
34 June
55
10
com stock
78
see page
52
25
Feb
07
For footnotes
52
134
100
Jan
Jan
Jan
May
Great Atl A Pao Tea—
2
Apr
12
"50
Mfg common.. 10
Mar
...
1434
*
98
Apr
19
Mines.. 1
Feb
4
•
preferred..
52
_•
134
2734
34
134
34
200
*1134
2034
32 34
30
1434
Goodman Mfg Co
50
Gorham Inc class A......*
434
1934
134Jan
1734 May
June
♦
preferred
Feb
13
*
Feb
June
conv
Apr
834 May
1634 May
1934 May
100
200
*
Glen Aiden Coal
5634
13
17
May
Hartman Tobacco Co
6H% preferred..—.100
Esquire Inc
100
1834
22 34
Godchaux Sugars class A_»
Gilchrist Co
112
19
7is May
134
Dominion Tar A Chemical*
0 34%
preferred
7% preferred
8% preferred
1834
34
22
*
GUbert (A C) common...*
/"referred
*
Gray Mfg Co
13
Dominion Bridge Co Ltd.*
Dominion Steel A Coal B 25
6%
Jan
9
25
10134
Grand Rapids Varnish
*10
Dlveo-Twln Truck com__l
Dobeckmun Co common. 1
Elgin Nat Watch Co
Emerson Elec Mfg
1734
2034 May
10
Etectrographlc Corp
834 June
May
Gorham
7 34
15
834
Mar
334
—J4 June
1234
Jan
834
113
June
88
Jan
200
Am dep rets ord reg—_£1
Option
1,200
934
934
934
1
•
Georgia Power 56 pref
55 preferred....
Feb
1534
134
Diamond Shoe Corp com.*
Distilled Llauors Corp
6
Distillers Co Ltd—
Elec P A L 2d pref A
300
Feb
106
Apr
8434
134
10
*
134
Feb
Ap
70
May
May
May
8
100
De Vllblss Co common.. 10
preferred
175
134
Mar
»it
32
5
1
preferred
134
6134 May
8434 May
1
May
3634
134
12
Jan
10
Gladding McBean & Co..*
Apr
Mar
834 May
*
00m
preferred
June
14
6% preferred w w
20
Detroit Gray Iron Fdy...l
Det Mich Stove Co com__l
$6
60
103
♦
3
Derby Oil A Ref Corp com*
15
60
102
.*
2234 May
34 May
Feb
834
234
May
Apr
Apr
1034
1534
i(«
100
654
28
*u May
*
General ShareholdlngBCorp
Common
—....1
0% preferred A
Gen Water G A E
May
3034
300
0% pf 100
56 conv preferred..
General Tire A Rubber—
June
June
...
Gen Outdoor Adv
Gen Pub Serv $6 pref
Gen Rayon Co A stock
434
i'.ioo
A conv preferred
*
Detroit Gasket A Mfg—1
Easy Washing Mach B
34
Gen Gas A El 6% pref B.*
General Investment com.l
Feb
May
21
"434 ""5"
100
preferred
60
*
Feb
May
*834
100
534
34
134
Jan
May
May
6%
Apr
2
1234
934
Amer dep rets ord reg-£l
Gen Fire proofing com
»
June
34
Stores
1
Dennlson Mfg cl A com. .5
Sfl prior pref
50
6%
8
Gen Electric Co Ltd—
Jan
»n May
18
Decca Records common. .1
434% prior pref
200
8534
Apr
134 May
154
Jan
1
Common
934
pf.
634
98
334 May
34
conv
preferred
General Alloys Co
Feb
13
200
3
34
Dejay
Driver Harris Co
250
34
*
Gamewell Co S6
Jan
35
Draper Corp
400
Gatlneau Power Co com.
Apr
Apr
»
preferred
2,800
7
1934
conv preferred... 100
Jan
734
334
S3 conv stock
4%
June
734 May
4
July
634 May
1734 May
31
534 May
May
15
Jan
234
34
partlc pref
Feb
13 34
Darby Petroleum com...5
Davenport Hosiery Mills.*
7%
8934
334
May
May
May
May
Conv
July
33
1
9734
134
634 May
5
Detroit Steel Prod
234 May
200
10
Detroit Paper Prod
Feb
120
734
14 34
5
8% debenture
800
434
4
634
1834
»
Common
High
23
1
Feb
25
conv
Low
50
834
9
1
77 34
Cuneo Press 6 34% pref.100
Class A
4
Am dep rets ord ref...£l
Ford Motor of Canada—
Class A non-vot
.*
Fruehaaf Trailer Co
Jan
1
...»
Dayton Rubber Mfg
Fidello Brewery
1
Fire Association (Phlla) 100
Florida P A L $7 pref
*
Ford Motor Co Ltd—
Fuller (Geo A) Co com
134
734
25c
Curtis MIg Co (Mo)
834
Fansteel Metallurgical
»
Fedders Mfg Co
6
Fed Compress A W'h'se 25
Flat Amer dep rets
Feb
100
14
Crown Cent Petrol (Md).5
Crown Cork Internat A..*
J0 preferred
Cuban Atlantic Sugar
Cuban Tobacco com
Apr
100
7
1
preferred
634
1934
Apr
134
55
*
conv
134
134
Crowley, Mllner A Co—*
7%
Falrchlld Eng A Airplane. 1
Falstaff Brewing
1
Fanny Farmer Candy
1
334
134
5
Crystal Oil Refcom
834
8334
134
£1
Crocker Wheeler Eleo
May
3 34
34
50
Croft Brewing Co
Jan
May
7
May
634 May
23
1
Crown Drug Co com
June
134 May
May
134 May
3 34 May
84
May
"400
■w
1
Creole Petroleum
23
Amer dep rets.. .100 frcs
Fox (Peter) Brewing Co..6
18
500
*
5% conv preferred
Courtaulds Ltd
Range Since Jan. 1,1940
Share
2
1
Apr
45
"600
*
Copper Range Co
•
Cornucopia Gold Mines 5c
Cosden Petroleum com..
34
23
far
Week
High
1
com
Fair child Aviation
Class B voting
Ford Motor of France—
May
*
com—*
S3 prior preference
34
Jan
134 June
3834
Apr
1134 May
34
Cont Roll A Steel new._.l
Cooper-Bessemer
Jan
1
Cook Paint A Varnish
May
May
Jan
75
Consol Royalty Oil
10
Consol Steel Corp com...*
Continental Oil of Mex
Jan
234
Jan
2134 June
34 May
200
Consol G E L P Bait com.*
Consol Retail Stores
7 34
of Prices
Low
Froedtert Grain A Malt—
*
Consol Gas Utilities
Jan
42 34
Conn Gas & Coke Secur—
S3
Jan
234
434
Feb
134
Compo 8hoe Mach—
834
7034
*11
Distribution.. 1
Community Pub Service 25
Community Water Serv_.l
Feb
June
4,500
Warrants
Apr
134 May
100
34
51
Commonwealth A Southern
Commonw
Everaharp Inc
48 34
May
May
£1
warr.
5% preferred
Feb
Feb
May
4
1,100
Week's Range
Price
Eureka Pipe Line com..50
2
454
Cohn A Rosenberger Inc.*
Colon Development ord—
6%
Jan
4
434
Cockshutt Plow Co com..*
Colorado Fuel & Iron
5
Par
1
*
81
8als
Sale
High
Mar
334
30
CllnchOeld Coal Corp.. 100
Club Alum Utensil Co—»
Last
(Continued)
Shares
*
com
STOCKS
Week
High
2
Friday
Clayton A Lambert Mfg__*
Cleveland
Exchange—Continued—Page
Sales
£1
55
654
June
Jan
6
Jan
Par
Week's Range
for
Sale
of Pji^bLow
High
Week
Price
6 *
Imperial OU (Can) coup.
6*
5*
Low
Shares
BX
Britain
May
7X June
19*
Ireland
A
5*
Line
Jan
12*
12*
13*
Jan
Jon
Apr
24*
Feb
7*
Mar
Feb
10
17
17
100
$0
*
Class B
*
*
*
Mar
21*
Apr
113
Jan
* May
* July
1
Feb
100
Jan
1
Class
A
200
Feb
Midland OH Corp—
$2 conv preferred
BOX aMy
73*
Apr
Apr
Mid-West Abrasive
$2
1
300
BX May
15*
Jan
i
300
1—June
Apr
Jan
3,100
Minnesota Mln A Mfg..
Minnesota PAL 7% pf 100
2*
2*
8*
9
X
6,400
8*
1,100
*
8*
3*
3*
200
Internat Safety Razor B_*
BX May
x
X
400
8X June
June
8X
3
19*
Feb
19*
Feb
May
*
6*
May
Jan
1*
Apr
Class A
0
•
Class B.
1
May
May
50
97
May
109
109
0%
preferred
Missouri Pub
500
6*
6*
55
54*
250
55
9*
Mar
4*
6*
36*
*
4*
100
6*
4*
6*
Corp
Monarch Machine Tool.
*
Jan
Monogram Pictures com.l
18*
Jan
Monroe Loan Soc
800
37
Jan
300
37
*
50
23* May
3%
1,100
2* May
Interstate Home Equip..1
8*
8
8*
700
0* June
10*
Apr
9
{Moore (Tom) Dlst Stmp l
Mtge Bank of Col Amshs..
X
300
May
13*
Mar
3*
X
1
14
Iron Fireman Mfg v t c__.*
Irving Air Chute
13*
1
Italian Superpower
A
Mar
Jan
*
Mar
100
14
IX
1
IX
May
12
400
*
300
6*
*
17*
May
12
400
14
13*
*
Jacobs (F L) Co
Jeannette Glass Co
4* May
17*
Feb
Apr
*
July
IX May
1
*
May
May
Jan
Mar
3* May
2*
Feb
Jersey Central Pow A Lt—
6*% preferred
6% preferred
93
100
100
93
25
80
99
70
90
95*
Apr
May
May
102
105
105
40
97
May
109
Mar
21
21
100
18
June
36
Jan
97 X
7%
preferred
100
Jones A Laughlln Steel. 100
Julian A
93
26* May
Kokenge com..*
113
Kansas G A E 7% pref. 100
June
27*
120
E)7% 1st pf 100
Kennedy's Inc
6
— —
5*
BX
100
Key Co common
May
7*
6*
111
Petroleum
Jan
65
1
1*
1
1*
100
June
May
1* June
ht June
Klrkl'd Lake G M Co Ltd.!
0%
preferred
100
com
Jan
Mar
National Oil Products...4
National P A L $6 pref...*
National Refining com
»
Mar
73*
Mar
10
13*
13*
13*
150
Nat Tunnel A
130
76
70
Koppers Co 0% pref... 100
75
May
90* May
10
56
100
Feb
700
11
1
3*
Lakey Foundry A Mach.. 1
200
9*
2*
*71
Lane Bryant 7% pref.. 100
40
"iox
Apr
Apr
10*
10*
87*
86*
87*
425
2
2
2
300
Nelson (Herman) Corp
Neptune Meter class A
43*
Mar
25*
4*
Jan
Jan
Mar
100
May
12* May
Langendorf Utd Bakeries—
A
15*
•
Class B
•
Lefcourt Realty com..
Conv preferred
*
Lehigh Coal A Nav
*
Leonard
OU
1
Develop
2*
800
Mar
Feb
Apr
Mar
3
Jan
Jan
New Process Co
Apr
Mar
* June
1*
Apr
16
*
12*
9
12*
8*
12*
150
1,100
9
Jan
Mar
10
May
7* May
13* Mar
10* May
Long Island Lighting—
30
31
200
24
June
0% pref class B
26*
28*
225
24
May
1*
48*
44*
Jan
7% pref class A.....100
1* May
2*
3*
May
6*
92
June
106*
1
Mar
2
Mar
Apr
Apr
Apr
1
•
100
Loudon Packing
*
Louisiana Land A Explor.l
Louisiana P A L <0 pref..*
1*
4*
4*
300
100
Ludwig Bauman A Co com*
Conv 7% 1st pref
100
Conv 7 % 1st pf v t c.100
Lynch Corp common
5
r30
r30
10
r30
20*
300
conv
*
3i
*
A
June
25
Jan
Jan
1*
39
Mar
10
Jan
10
Jan
Mapes Consol Mfg Co...*
25
May
29
Feb
Mass Utll Assoc
1
v
t c
1
2
Jan
17
4*
2*
Apr
Feb
Jan
1*
May
5
Jan
400
21*
Jan
42
Apr
200
1*
May
Massey Harris common..*
Master Electric Co
July
June
31
30
31
May Hosiery MUls Inc—
$4
preferred
Mead Johnson A Co
*
IX
*
136
..*
Memphis Nat Gas com..5
Mercantile Stores
com
1*
5*
137
4*
100
30
4*
300
1
2,200
6*% A preferred
9
100
Corp
25c
Par tic preferred......15
For footnotes *ee cage 85
65
*
.1
1*
1*
150
*
1*
Feb
9*
170*
Jan
Apr
5* May
Apr
18*
Jan
4
104
18*
104*
4*
100
7
109* 111*
100* 104
84* May
May
6
Jan
7
Apr
1
13*
70*
25*
136*
May
May
110* June
67
36
Feb
Feb
3*
15
Apr
Jan
103* May
118*
Jan
101* 104*
5*
5
19*
20
40
98
May
100
109
May
5*
17
preferred
80
100
80
108
29
4
Ohio Brass Co cl B
Ohio Edison $0 pref
com
*
*
Jan
Ohio Oil0% preferred.. 100
*
Jan
Ohio Power 0% pref... 100
June
3*
Feb
36* June
42*
Jan
Jan
92
Mar
June
87
Apr
ltt
*i»
Jan
May
100
Feb
Feb
71* May
9* Mar
8* May
* May
200
Feb
5*
99*
June
3*
Feb
1
* May
100
3* May
1*
Jan
5*
Jan
* May
1*
Jan
71*
100
57
May
103*
Mar
18*
100
15
May
26*
Apr
15
May
44* May
* Mar
2* May
26*
Jan
52
Feb
700
"ii
70
18*
5
Ogden Corp com
Jan
Mar
Jan
6*
May
*
3*
101
101*
20
95
107
10
97
7
7
23
20
10*
11*
15
"2X "~2*
20
21
6
3*
7
May
50
12
100
lJOO
125
May
26* June
1* June
May
17
Mar
May
117* May
May
800
Jan
110
May
15
10*
*u
May
107
101*
»
Mar
Apr
73
50
100
H
Apr
May
7*
Jan
3* May
2,300
*
Novadel-Agene Corp
Jan
23*
May
85
*
Northern Pipe Line..
10
Northern Sts Pow cl A..25
Northwest Engineering._•
Apr
Mar
May
*
Nor Ind Pub Ser 0 % pf. 100
Jan
Apr
Apr
9*
11
4,300
Jan
28 *
98
5*
Jan
Apr
May
7
110
4*
Jan
Apr
1*
July
2,100
60
Apr
8* May
15* Apr
May
*
Jan
30*"
June
18*
18
prior pref erred.. .50
No Am UtHlty Securities
4*
67
30
6%
30*
Mar
Apr
68
80
71*
Feb
May
*
2
Jan
117*
15* May
7
1
North Amer Rayon cl A
Class B common
7%
12*
2
I
Mar
50
100
100
Apr
2*
July
33
Nineteen Hundred Corp B 1
NIpls8lng Mines
5
May
*
Metal TextUe
May
2
Warrants
Mesabl Iron Co
May
25
Chapman A Scott *
May
3* May
3*
Participating preferred. *
Merritt
4*
123
11
*
Merchants A Mfg cl A
1*
5*
Feb
»u
49
he
preferred
Apr
1*
*
Nor Central Texas OU
»
McCord Rad A Mfg B
McWlllIams Dredging
12*
May
100
100
Common
Jan
* May
8
May
3* May
Class A preferred
NUes-Bement-Pond
$0
Mar
100
Nor Amer Lt A Power100
10
*
10
2
10
»
Feb
8*
450
100
common
Noma Electric
Communlca'ns ord reg £1
Corp
60
Niagara Share—
Class B
11*
*
12
*
Class A opt warrants
Class B opt warrants
Apr
Apr
54*
May
3* June
10* May
100
6% 2d preferred
7u
May
10
Jan
June
54*
12
53
5
100
Feb
Jan
7
15
5% 1st preferred
Jan
Manlschewitz(TheB) Co.*
Mar gay Oil
112* 114*
4*
4*
Niagara Hudson Power-
Apr
Marconi Internat Marine
Marion Steam Shovel
113*
pf.100
Common
Jan
Apr
6*
3* May
8* June
1
100
44
97*
3*
July
18
25
1
preferred
1* May
31* May
76* June
55
New York State El A Gas—
5*%
May
June
2
Jan
17* Apr
47*
Apr
14* May
Jan
13*
Feb
3*
7* May
10
18*
10
25
1*
30
*
*
N Y Pr A Lt 7% pref..100
S6 preferred
*
N Y Shipbuilding Corp—
N Y Water Serv 0%
Feb
31
June
3
Warrants
New York Transit Co
11*
Jan
4* May
* June
N Y A Honduras Rosarlo 10
29*
June
3,700
1
preferred
Jan
Jan
20
Jan
* May
1* May
{Majestic Radio A Tel-.l
$6
21
20
20
Manatl Sugar opt warr...
Mangel Stores
* May
Apr
84* May
N Y City Omnibus—
Founders shares
....
8*
100
1
N Y Merchandise
5
8*
N Y Auction Co com..
May
12*
16*
22*
Loblaw Groceterias cl A._*
Class B
*
Common
New Jersey Zinc
New Mex A Ariz Land
35*
*
Lone Star Gas Corp
2,500
5
New England Tel A Tel 100
New Haven Clock Co
*
New Idea Inc common
Jan
*
110* May
15I6
*
preferred
May
10*
Llpton (Tbos J) class A..1
6% preferred
25
Locke Steel Chain
$2
7* June
6
common
6*
Feb
11*
* May
1
is,
8% cum 4%non-cum.l00
New Engl Pow Assoc
*
0% preferred
100
*
21
Le Tourneau (R G) Inc.. 1
Lit Brothers
10*
6*
*
81*
5* May
8*
Jan
Nestle Le Mur Co cl A_._»
Nevada Calif Elec new
10
May
*
300
25
Line Material Co
Apr
6* Mar
*
Apr
4* May
1* May
10
May
24
Nebraska Pow 7% pref. 100
Nehl Corp 1st preferred..*
Apr
Mar
Mar
Apr
June
35
900
1,000
•
12*
11* May
50
40
9*
10*
11*
*
com
Apr
May
13*
17*
Feb
*
70*
July
May
9* June
Lane Wells Co common.. 1
75
May
40
J) .100
Lake Shore Mines Ltd
55
11* June
4* May
Kress (8 H) special pref. 10
Kreuger Brewing Co.
Class
Navarro Oil Co
{Nebel (Oscar) Co
Kresge Dept Stores—
Lackawanna RR (N
Mines
Nat Union Radio new..30c
21*
June
300
Jan
Jan
Feb
142
July
May
11
800
Apr
Jan
* May
May
17
12
8
8*
12
125*
200
12
5*
10*
Jan
10
12
7*
May
Jan
30
8* May
4*
9
26
700
*
4* June
...1
171
6
National Steel Car Ltd
*
National Sugar Refining.*
Knott Corp common
Kobacher Stores Inc.
Jan
75
Nat Rubber Mach
Klelnertd B)Rubber Co. 10
Jan
Apr
139* May
15* May
6*
Jan
Jan
May
200
Jan
Apr
1
2*
7*
* May
6* May
2*
1*
Jan
4* May
2
15
Apr
Apr
800
Nat Mfg A Stores com...*
"ii
95
11*
9*
41
5*
*
$3 conv preferred
50
National Container (Del).l
National Fuel Gas
*
5
May
5* May
24*
Jan
Feb
Apr
4*
4*
1
com
May
2* May
»
Nat Bellas Hess
May
900
National Tea 5 * % pref. 10
National Transit
12.50
11* June
Kelln (D Emil) Co com.
4% conv 1st pref
90
117*
5*
3
2*
5*
100
Nachman-Sprlngfilled
National Candy Co
*
National City Lines com.l
Apr
162
*
common
112*
Re May
81* June
Muskogee Co
Feb
16*
10*
125* 125*
*
common
National Breweries
Mar
161
Mountain States Power—
Murray Ohio Mfg Co
*
Muskegon Piston Ring.2*
Jan
1
*
Apr
2* May
2*
5*
Mountain Sts Tel A Tel 100
Mar
*
Kimberly-Clark 6% pf.100
Alngsbury Breweries
1
Kings Co Ltg 7% pf B. 100
5% preferred D
100
Kingston Products
1
Kir by
5
3* May
Mountain City Cop com.5c
Mountain Producers
10
2*
Apr
8* May
11
22* June
162
Montreal Lt Ht A Pow..*
Mar
Keith (Geo
Ken-Rad Tube A Lamp A
*
3*
Apr
120* May
70* May
1* June
Moody Investors part pf.*
Montgomery Ward A
pref.*
Jan
19
May
43* May
90
May
6
Montana Dakota UtU...10
25X
8%
Investors Royalty
Jan
6* May
9* May
300
A..
25*
Interstate Hosiery Mills..*
Jan
"h
Mar
107* June
.100
Serv com..*
3*
*
Power J7
4*
1*
Mock Jud Voehrlnger
Common
12.60
1
Interstate
July
12
*
Apr
*
1940.
Vitamin
6*
50
50
•
8X June
Warrants series of
International
Jan
0*
.
Molybdenum
International Utility
$1.75 preferred
$3 60 prior pref
9*
June
Mississippi,River Power—
*
June
5
400
14*
Mining Corp of Canada.
4* June
IX May
2*
12*
Internat Metal Indus A__»
International Products
109
10
7 J*
A Pow warr
International Petroleum
Coupon shares
Registered shares
6*
50c
Midwest Piping & Sup
Internat Paper
9
4*
14*
dlv shares.'
cum
non
8
1
Mar
6*
Mldvale Co
23*
Apr
1*
60
4
May
7* June
Midland Steel Products—
Midwest Oil Co
Pref 13.50 series
6* '
Middle West Corp com..5
Ap»
Internat Hydro Elec—
Internat Industries Inc
100
108*
Jan
* June
8
Apr
1*
Apr
6*
Apr
2* May
* Mar
17* June
00*
Feb
*
7*
t c
Jan
9
59 *
High
* May
4* May
800
B v t c
v
*
10*
100
60*
Low
Middle States Petroleum—
100
International Cigar Mach
Range Since Jan. 1,1940
104
*
7*
10*
V t c common
Insurance Co of No Am.10
for
Shares
50
*
X
MIcromatic Hone Corp...
Industrial Finance—
preferred
High
...10
Preferred
Apr
Class
Non-voting class A
Low
Sales
I Week
*
preferred
Michigan Bumper Corp..l
Michigan Steel Tube..2.50
Michigan Sugar Co
*
22
102* May
Indpls P & L 6*% Pf—100
Price
1940
Metropolitan Edison—
Mar
Indian Ter Ilium Oil—
7%
of Prices
10
6% pf. 100
preferred
Week's Range
Sale
Par
Imperial Tobacco of Great
Indiana Pipe
Last
Hihg
5X June
4,400
Registered
Imperial Tobacco ot Can
Indiana Bervlce
I
STOCKS
(Continued)
Range Since Jan. 1, 1940
Last
Continued)
Friday
Sales
Friday
STOCKS
f
7%
July 6,
New York Curb Exchange—Continued—Page 3
82
-
9*
15*
Apr
21
Apr
Jan
38* May
2* June
24* May
Mar
95
May
110*
94
June
107
Apr
116*
Feb
110* May
Volume
New York Curb Exchange—Continued—Page 4
151
Sales
Friday
Last
Par
Week's Range
Sale
STOCKS
(Continued)
of Prices
Price
Low
High
for
Week
Friday
Last
STOCKS
Range Since Jan. 1,1940
Sale
(Continued)
Shares
Ohio P 8 7% 1st
83
Sales
Low
Par
High
*
Price
Week's Range
High
%
Ryerson & Haynes com..l
Range Since Jan. 1, 1940
for
Week
of Prices
Low
%
Shares
High
Low
700
2
Feb
pref—100
6% 1st preferred
100
104
May
116%
Mar
96
June
108 %
Apr
St Lawrence
2
May
4%
Jan
Oilstocks Ltd common—5
6
May
8%
Class A $2
9
May
13% May
21%
Apr
Apr
2
May
1534
434
Apr
Apr
39
May
50
Mar
Corp Ltd
*
conv pref..50
St Regis Paper com
5
7% preferred
100
100
May
117
Mar
Salt Dome Oil Co
1
Samson United Corp com.
1
Oklahoma Nat Gas com. 15
$3 preferred
60
$534 conv prior pref—*
Oldetyme Distillers
1
112
4 54
112
454
75
434
500
1%
4% June
Feb
Sanford Mills...
Oliver United Filters B.
Omar Inc
5
Pacific G & E 6% 1st pf.25
Feb
$5 pref..*
Pacific P & L 7% pref. .100
32
32%
15% May
34%
Apr
Scovtll
Jan
Scran ton
Feb
Jan
28
400
20
20
10
Scranton Spring Brook
Water Service $6 pref—
Feb
Sculin Steel Co
May
Feb
*
1st preferred..
100
20
Feb
Jan
2234 May
34
May
Lace
common..
20
July
2934
Mar
June
53
6%
com
6%
100
Mar
434
American shares
2 54
2%
2%
5%
2% June
3,800
934
May
Feb
hi May
1
Jan
34
Warrants
Mar
1
Apr
June
40
Apr
Mar
Securities Corp general
Pantepec Oil of Venezuela-
Jan
1
14
9
Scranton Elec $6 pref
31%
108%
95%
6%
May
Jan
May
May
44
10
25%
25
June
72
20
934 May
134
Jan
85
May
34
Mfg
8134 May
Mar
34
10
May
4
85%
800
4834 May
4% May
Schiff Co common
May
100
85%
2%
Savoy Oil Co
Feb
2%
29
28
1,200
20
Pacific Public Service..
Feb
2%
...
26 %
32 34
534% 1st preferred...25
Pacific Lighting
$1.30
May
13%
Pacific Can Co common..*
8%
3%
May
2%
Securities
Overseas
34 May
Feb
35
Seeman Bros Inc
Paramount Motors Corp.l
Parker Pen Co
10
3%,
3*4
Jan
Segal Lock A Hardware..
8
May
Selberllng Rubber com...
6
May
12 %
10 %
Feb
Parkereburg Rig & Reel.-l
Patchogue-Ply mouthMllls*
Jan
20
May
35 %
Jan
Feb
Apr
12,400
-134
834
Selected Industries Ino—
49%
-34—1
Selby Shoe Co
Pender (D) Grocery A
Class B
Penn-Mex
80
41
May
12%
100
ill
May
16 %
29
50
27
May
36% May
30
12%
May
32
""% ""%
50c
Fuel
Airlines
Too
"l% "1%
"800
%
234
234
1
Corp com
Penn Cent
41%
12%
41%
*
25
Penn Traffic Co...
Pennroad
—
29
*
Peninsular Telephone com*
$1.40 preferred
Jan
154
com.l
16%
17%
Apr
%
May
Mar
May
1% May
11%
Jan
800
k
3
Mai
2%
22%
$5 series pref
$2.80 series pref
64
*
$6
% May
103% May
97% May
*
*
50
20
preferred
Penn Salt Mfg Co
Pennsylvania tugar com
164
63
200
69%
25
We
4%
4%
400
Philadelphia Co common.*
*
30
1
Common
Serrlck Corp
Seton Leather
May
1
Pittsburgh & Lake Erie.60
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass. .25
Pleasant Valley Wine Co.l
Plough Inc com
.7.50
"72"
108%
June
450
20
106
May
534 May
Mar
Simmons H'ware & Paint.*
4%
5
8H
Jan
1%
1%
200
105k 108"
'"150
Jan
$3
conv
Jan
11434
1134
Apr
Jan
Mar
11%
100
Apr
Jan
Simplicity Pattern com__l
Simpson's Ltd B stock...*
Singer Mfg Co
3,200
8
May
1534
19
11%
*
..*
pref
Jan
8%
120
Jan
22 34
Apr
Jan
5%
June
34 June
1J4
934
Mar
134
Apr
Singer Mfg Co Ltd—
934
Mar
100
Amer dep rets ord reg.£l
2
Apr
95
155
May
.100
105%
Jan
June
31%
Feb
May
6%
Feb
5
May
15 %
Mar
Skinner Organ
5
34
Feb
34
Apr
May
Solar Mfg Co
1
1
1
1
May
134
Jan
400
34
134
Jan
Apr
100
3 34
May
Mar
2 34
6
47*4
14%
400
9%
Jan
18 %
1
1%
1,100
1
June
2
6%
900
6
May
8%
Jan
Apr
Sonotone Corp
Soss Mfg com
Penn
25
Oil
76%
76%
2%
2%
Feb
1354
Apr
Southern
43
May
May
65
June
400
1%
734
May
61%
13%
104
Jan
0% preferred B
11
Jan
6k%
May
1 %
Jan
May
1%
Apr
Southern Pipe Line
May
4%
Jan
Southern Union Ga
7
May
8%
Feb
Jan
81 %
24 k
Jan
Southland Royalty Co...6
Apr
18%
18%
100
%
%
1,100
"400
81%
16
May
%
May
Feb
1%
Jan
May
4%
42
Mar
May
10
Feb
he June
hi June
k
Spencer Shoe Corp
8%
May
9%
Standard Brewing Co
9%
Standard Cap A Seal com.l
$6 preferred
95
May
Feb
Apr
102 % May
Public Service of Colorado
rl04% May
109
June
107
May
113% Mar
Public Service of Indiana—
*
*
87
44 34
87%
100
67
May
43
44%
110
35
May
100 % May
59 %
May
101
10
101
99
June
104% June
109%
May
86
Jan
75
350
21%
21
23%
455
13% May
32%
1734
17%
100
11 %
Jan
29
7%
May
4%
May
5%
5%
Too
10 %
7%
Jan
Standard Silver Lead
Mar
Feb
*
8
May
13
Feb
Radio-Keith- Orphuem-
Standard
Wholesale
%
%
% June
Feb
%
Feb
June
400
*
10 %
5%
%
Railway & Util Invest A.l
June
Feb
6%
May
14
May
40%
Mar
% June
1%
2%
26%
Feb
Raymond Concrete Pile—
♦
8%
8%
50
*
60c
%
%
100
34
*
1%
1%
18%
1%
19%
200
34
400
16%
Reeves (Daniel) common.*
4%
50c
%
10
4%
4%
4%
2,600
1
Radiator
4%
4
*
1%
1%
500
%
%
Jan
May
12%
1
May
May
May
May
June
May
1% May
400
Feb
6
Jan
Jan
Jan
%
13%
6%
19%
Feb
Mar
Apr
Mar
x5%
2%
Apr
hi
Jan
Jan
Co%
%
Jan
95
Rochester G&El 6% pfClOO
100
102
k
102 k
"50
May
104
94
May
105% May
116%
Feb
11634
Rochester Tel 0 >4 % prf 100
11
Koeser & Pendleton Inc..*
Feb
May
Jan
14
Jan
£1
%
*
pref
Ryan Consol Petrol
see page
*
85
47
47
10
10
10%
50
Jan
50
1534
May
24
Mar
1%
100
18
100
31
200
"16
Jan
Tilo Roofing Inc
Feb
May
May
2034
41%
11034
34
Mar
Tobacco Prod
5
Mar
k
Mar
2734
Jan
734
100
6
May
1034
Apr
200
40
40
100
May
15%
Jan
Ordinary reg....
May
50
Apr
Def
2%
Jan
registered
Todd Shipyards Corp
£1
5s
*
Jan
hi May
*11
Jan
May
Jan
4034
134
Feb
21
Feb
134
62
3934 June
2
May
4
Jan
May
Jan
Apr
38
6
Jan
Feb
15
1034 June
33
34
Feb
Apr
934
May
Jan
934
Apr
Jan
6%
6%
300
534
134
2
Jan
1%
1%
400
134 May
334/
Feb
234 May
1%
434
38
Mar
34
May
634
9%
»i«
754
"% ""%
May
1034
1334
"166
38
9%
38
200
100
8
May
3334
Feb
May
15
May
134
934
13
Jan
Jan
2
4034
Apr
36
Jan
13
Jan
5%
5%
100
534
July
934
3
3
100
234
May
6
2534
May
5,800
34
Apr
Jan
10
700
834
34
May
2 34
1434
400
134
7
"50"
4%
434
May
234
May
2434
July
15
59
7
734
"56"
Too
4834
Jan
May
434
100
334
May
%
34
62
66
40
55
Mar
Jan
Apr
Apr
Jan
534
1034
34
76
Apr
Feb
Apr
134
Apr
May
Jan
Jan
Mar
2
1234
1034
62
I634
114
May
200
Jan
Jan
3034
34
134
103
100
Jan
Jan
Apr
Apr
Apr
'
21
Tobacco Secur Tr—
8
May
Jan
20
hi May
1
Exports...*
40
%
June
Feb
May
50
25
Tishman Realty A Constr *
May
1634
1534 May
2.34
1434
*11
Mar
1
2%
Apr
Mar
11
2634
75~4o6
Feb
14
19
134
65
234
May
he
734
9%
June
1%
1
34 May
25
1%
2
Jan
10034 June
6
2% May
1,300
Mar
2
16%
9%
Thew Shovel Co com
June
Jan
2 34
Mar
Mar
Taylor Distilling Co
1
Technicolor Inc common.*
Texas P A L 7% pref—100
Texon OH A Land Co
42
hi
May
34
18
Tobacco A Allied Stocks..*
47
Jan
1
UTastyeast Inc class A...1
Feb
Apr
1634
30 34
1
Mar
%
10
Jan
Tampa Electric Co com..*
3%
7%
200
234
Rustless Iron & Steel..... 1
Taggart Corp com..
3H
*
Russeks Fifth Ave
%
May
834 May
.734 June
*
15
Jan
5
20
Rossla International.....*
*
Class B common
Swan Finch Oil Corp
May
1
Royalite Oil Co Ltd
Drug Co
1%
5
Royal Typewriter
1
Sunray OH
1
5%% conv pref
50
Superior Oil Co (Calif)..25
Superior Port Cement
Sun Ray
1%
5
Root Petroleum Co
Apr
Mar
8
May
May
*
Jan
Roosevelt Field Inc
734
234
634
common..*
12 %
6
20
May
1%
*
May
Rome Cable Corp com
Jan
May
100
$3.30 A part
1
1434
534
Phos¬
6% 1st preferred
60
6% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc
1
Stetson (J B) Co com
*
Stinnes (Hugo) Corp
5
Stroock (S) Co
*
Sullivan Machinery..
*
May
7%
Steel Co of Canada—
Stein (A) A Co
Apr
k
4
7%
16%
phate A Acid Wks Inc.20
Corp v t c.l
Sterchl Bros Stores
Jan
1134
Jan
Starrett (The)
Ordinary shares
Mar
34
7%
1
May
Apr
17034
034
434 May
7
July
hi
900
6
Standard Tube clB
125
Voting trust ctfs
100
"lO
1
Standard Steel Spring
Apr
Jan
72
Feb
134
Standard Products Co.—1
May
74
154
Rheem Mfg Co
Rice Stlx Dry Goods
534
134
*
Preferred
58
74%
2
Mar
*
May
6
1
534
1
June
Reed Roller Bit Co
66
T
10
Common class B
94
*
I34 June
1%
100
Standard Pow A Lt
142
Red Bank Oil Co
Jan
Mar
100
134
134
5%
Standard OH (Ohio) com 25
Feb
*
Common
3034
3034
234
1
11334 May
100
Option warrants
Ry & Light Secur com
May
$1.60 conv preferred..20
Standard OH (Ky)
Mar
May
27
100
10
Corp—
Common
$5 preferred
6% prior lien pref.-.100
7% prior lien pref
100
Puget Sound P & L—
$5 prior preferred
*
$6 preferred.'
*
Puget Sound Pulp & Tim *
Pyle-Natlonal Co com
5
Pyrene Manufacturing.. 10
common
Conv preferred
46 34
35
10
Standard Invest $5 % pref *
Public Service of Okla—
6% preferred
Quebec Power Co
Inc
Standard Dredging
100
100
Feb
2434 June
*
*
*
5
'4% May
Jan
35
167
*
1st preferred
Stahl-Meyer
44
Jan
300
Spanish A Gen Corp—
Am dep rets ord reg..£l
May
Jan
May
400
25
Preferred A
6%
28
29%
Spalding (A G) A Bros... 1
200
15
Apr
Jan
29
40
»
3%
Gas
$6 preferred
T060
33
10
254
3%
June
Feb
29J4
pref series C...25
%
June
2 34
Mar
29
Southern Colo Pow cl A.25 -A—
2%
$7 prior preferred
32
40
25
%
32
6% 1st preferred
7% 1st preferred
134
5% original preferred.25
July
10534
May
22
32%
7% preferred
100
South New Engl Tel.-.100
Southern Phosphate Co. 10
10
%
3%
1%
3%
234 May
Edison—
Apr
Mar
2%
Calif
200
18%
1%
Southwest Pa Pipe Line. 10
May
600
78
45
8
9
57
May
'""360
"5% "0"
*
South
380
9%
Prudential Investors...
For footnotes
62 34
18 34
100
May
Producers Corp of Nev._20
conv
May
May
4
May
Prosperity Co class B__
$2.50
Apr
Apr
10
100
634
Slmmons-Boardman Pub—
2034
com
pref
334
Jan
50
55%
Metals of Am
conv
900
25
39
Premier Gold Mining
$1.20
4%
11%
72
74?4
10834 108 <4
4%
11%
Apr
31%
Canada..*
100
Rolls Royce Ltd—
Am dep rets ord reg
Mar
834
bhreveport El Dorado Pipe
6,400
0% 1st preferred
Pratt & Lambert Co
6% preferred D
Mar
May
May
16%
May
25c
Rio Grande Valley Gas
134
2 34
634
Sherwin-Williams of Can.»
9%
10
Pneumatic Scale com
Polaris Mining Co
Republic Aviation
4%
com..25
Feb
Jan
May
200
*n
6% cum prefser AAA 100
Mar
8%
9%
Potero Sugar common....5
Powdrell & Alexander
5
Reliance Elec & Eng'g
Jan
1
Shawinigan Wat & Pew..*
South Coast Corp com
Pittsburgh Forglngs
Relter-Foster Oil
May
Apr
Apr
6%
6%
72%
90%
28%
53
29%
30
Pitts Bess & L E RR....60
$3 conv preferred
Raytheon Mfg com
Jan
0 34
59 34
60
May
37
*
May
6%
134
*
Meter
Richmond
common...
Shattuck Denn Mining...6
PItney-Bowes Postage
Quaker Oats
34
34 May
234 June
35
£1
1
1
112
113%
14
pref series A. 10
Pioneer Gold Mines Ltd..l
Providence
Amer dep rets reg
Sentry 8afety Control
185
31%
s%
Pierce Governor common.*
Pressed
200
Jan
Jan
3%
8% pref.26
Prentice-Hall Inc
11
Selfrldge Prov Stores—
Ap
Phoenix Securities—
Power Corp. of
2%
Feb
May
4% June
113% June
115% 115%
Phillips Packing Co
Conv $3
2%
5
Jan
2
34Jan
334 May
Sioux City G & E 7% pf 100
Phila Elec Co $5 pref
Pnila Elec Pow
stock
Line stamped
Hllex Co common
158%
22
1
100
1
Convertible
200
53% May
r
12
*
Pbaris Tire & Rubber
25
69%
100
Perfect Circle Co
164
62
164
Penn Water & Power Co.*
Pepperell Mfg Co
%
4%
$5.50 prior stock
25
Allotment certificates
bherwln-Williams
Pennsylvania Gas & Elec—
Class A common
*
Penn Pr & Lt $7 pref
Common
#an
Apr
June
33
4%
834 May
Jan
Pennsylvania Edison Co—
%
May
Jan
Apr
Apr
New York Curb
84
Friday
STOCKS
Sale*
Last
Par
Week's Range
for
Salt
{Concluded)
of Price*
Low
High
Price
Sharef
Low
1
1
2%
2%
200
ht
5*
200
Tublze Chatlllon Corp
1
5%
...1
26
100
5
May
♦05*s stamped
♦Maranhao 7a
1H
May
4%
May
May
20
10%
395*
May
May
?*
35*
May
65*
May
X
May
VA
8
100
8
"\5~X "15%
"500
Febi
1
"io'x 'iox
1,666
*
10>*
Dart pref..
1*
Jan
Feb
Jan
United Gas Corp com
1st 17 pref. non-voting.*
15*
Option warrants
$6 1st preferred
*
United Milk Products...*
Jan
Jan
35*
_
Apr
X
2,300
1,300
10
May
May
X May
Jan
108 5* May
U S
Graphite
635*
41 5*
5
1
600
4X
41
"460
5X
615*
...6
com
U S and Int'l Securities..*
S5 1st pref with warr
210
1
20
25*
21A
U S Stores
•w June
1st S7 conv pref
54
May
June
45
Class B
8
....
"lOO
Universal Products Co—*
Utah-Idaho Sugar
16 a
6
Utah Radio Products
16 5*
50
1A
2
400
605*
15*
63
63
300
1
IX May
19X June
Conv preferred....
1
IX June
1
IX
100
1
IX
100
17 X
•
1
7% preferred
5*
X
lllt
13
X
100
»16
100
13
100
1
"i'x "ix
97
600
97
30
IX
bbb3
y
b
Feb
1948
z
dddl
♦Conv deb 45*8
3
485*
•Conv deb 45*8
1949
z
dddl
1950
z
dddl
14
14
155*
155*
♦Debenture
1998
z
dddl
14
14
15
1977
z
dddl
5s......
A '65 y b
3
1955
x
aa
28 5*
Apr
355*
25*
Apr
5s without warrants
Apr
{14
"605*
2
*04
Avery A Sons (B F)—
6s with warrants
a
3
Atlantic City Elec 3 5*8
Feb
x
14
IX
500
4X
4%
800
63* May
5*
6
Jan
Jan
5*
Apr
25* May
1947 ybb
♦Convertible 6s
2
1950
435*
435*
05*
235*
2
Apr
May
72
Apr
1st 6s series B
5s series
z
b
112
98
x
aa
3
1900
x
aa
10
10
100
j.
aa
1
x
bbb3
15*
Feb
1959 y bb
"ioo
99
65*8
Jan
Chicago A Illinois Midland Ry
PChlc Rys 5s otfs
—1927
Cincinnati St Ry 55*8 A
Mar
»ii
Jan
Apr
15*
Mar
9X
7
7
25
100
Apr
7
July
65*
Jan
Apr
10
Apr
74
55*
Apr
May
15*
Apr
15*
Feb
155* May
4
2
102
31 X
315*
74%
74
755*
27,000
..1
5X
4X
5X
100
4X
100
May
35* May
45* May
45* June
5
75 5*
745*
112
Apr
1,800
60
765*
925*
84 5*
845*
87
b
845*
845*
865*
50,000
91,000
93
92
93
25,000
Conn Lt APr 7s A
x
aaa4
1951
{124
705*
75J*
92 5*
81
975*
127
1265*
1355*
Consol Gas El Lt A Power—
1971
6s
ser A
aaa4
x
aaa4
1954
Gen mtge 4 5*s
Consol Gas Utll Co—
x
1969
(Bait) 35*s ser N
1st ref mtge 3fl8er P
Consol Gas (Bait City)—
x
aaa4
1085*
1105* 1105*
1085* 1085*
{126
86 5*
855*
895*
895*
49
"975*
1950 y bb
-1905
x
2
4
"76 5*
4
1950
x
bbb3
Empire Dlst El 6s
1952
x
bbb2
1115*
1045* 109
975* 975*
1055* 1055*
785*
795*
110
1105*
15,000
75
134,000
5,000
865*
80
94
45
615*
18,000
93
995*
905*
107
1035*
1,000
104
25,000
6,000
108
78
162,000
70
115 5* 116
"785*
aaa4
2030 yb
Elmlra Wa Lt A RR 5s..-I960 x a
105
1245* 1275*
90
49
2
1955 x a
1959 |.x bbb4
Tobacco 5s
1,000
7,000
128
4
1943 yb
1958 y bb 4
1944 y b
2
stamped
2,000
1,000
110
120
103
100
5,000
1015* 1055*
75
1045* 1045*
103
1035*
745*
855*
112
845*
Eroole Marelll Eleo Mfg—
65*s series A
1953
Erie Lighting 5s
Federal Wat Serv 55*s
Finland Residential
|yb
39
1
a
3
1954 yb
4
1967
x
8,000
46
{106 5* 108
97%
965*
23
475*
1065* 1095*
975*
14.000
89
1015*
Mtge
Banks 6s-5s stpd
1961 y cccl
{32
57
225*
48
1966
x
bbb3
102 X
102 5* 1025*
18,000
x
bbb3
1045*
1045* 1045*
69,000
100
105
5* 102
Florida Power 4s
ser
C
985* 1045*
Gary Electric A Gas—
6s ex-warr stemped
Gatln»au Power 35*8 A
100
100
10,000
97
2
65
65
65
7,000
56
55*
Jan
General Pub Serv 5s
1944 ybb
1969 x a
1953 y b
3
Jan
98
98
94
102
1950 y bb
2
1,000
16,000
83
1005*
1
"97
5*
June
125*
Feb
♦General Rayon 6s A
1948
35* June
65*
Jan
Gen Wat Wks A El 5s
1943 y bb
4
ioo 5*
1967
a
1
106 5*
1978 y b
4
1953
1965 y bb
Gobel
z
x
z
ccc2
b
21
21
2,000
135*
13X
1,000
12
Bogota (see Mtge Bank of)
♦Cauca Valley 7s
1948
X8X
9
Cent Bk of German State A
♦Prov Banks 6s B..1951
15%
15%
3,000
14
Feb
14
June
j13
Jan
75* June
25
35,000
70
8,000
ccc4
69
705*
29
3
{70
605*
a
2
{1075*
110
x
aa
2
{102
1025*
2
15
285*
15
155*
16
1945 y b
Guantanamo A West 6s
1958 y ccc2
Feb
Guardian Investors 5s
1948 y c
June
Jan
75
59
605*
{53
45
5,000
605*
106
45
78
1085*
995* 1055*
52
635*
58
45
91
70
a.
x
Feb
101
19,666 "655* "755*
90
x
1950
y
75
89
1035* 1075*
{13
695*
Green Mount Pow 35*8...1963
5
25
78^000
1950
(Adolf) 45*s.......1941
87 5*
70
75
100 5*
99
Gr Nor Pow 5s stpd
Grocery Store Prod 0s
}20
975*
1055* 106 5*
69
1
3
965*
{65
1005*
Grand Trunk West 4s
1951
1955
77 5*
1,000
735*
b
Glen Alden Coal 4s
3X
225* May
205* June
55*8-..
60
5,000
bb
♦Gesfruel 6s
35*\
d
Danish
78 5*
29,000
Jan
for
1952
655*
74
75*
Sale*
♦6 series A
745* 124,000
45*
Week
Jan 1947
76
735*
735*
735*
y
y
Georgia Pow A Lt 5s
3A
BONDS
♦20-year 7s
83
y
Edison El 111 (Bost) 35*8,.
GOVERNMENT
♦Baden 7s
645*
1949
1952
55*8
Jan
MUNICIPALITIES—
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
415*
15,000
80
445*
Georgia Power ref 5e
FOREIGN
41
22,000
Gen Pub Utll 05*8 A
5%
Woolworth (F W) Ltd—
Amer dep rets
5s
AND
835*
955* 1015*
70
Delaware El Pow 65*8
Eastern Gas A Fuel 4s
98
Wolverine Portl Cement. 10
Wright Hargreaves Ltd..*
63
255*
255*
Florida Power A Lt 5s..... 1954
Winnipeg Electric B com.*
Wisconsin P A L 7% pf 100
2
315*
65
49
Apr
Jan
7,000
955*
Apr
Jan
Mar
2,000
99 X
935*
05*
2
1035*
1005*
37
25*
75*
115*
95*
995*
95
785*
3% May
Jan
89
77
Cudahy Packing 35*8
175* May
115*
Apr
75*
Feb
05*
Feb
75* Mar
152
90
11,000
Community Pr A Lt 6b...1967
Feb
695*
70
685*
100
895* 117
32,666
85
Cities Serv P A L 5 5*8
Cuban
May
68
885* 110
138
81
Cont'l Gas A El 5s
May
58,000
22,000
305*
305*
1960 y b
Jan
31
1305*
415*
Cities Service 5s....
Jan
'
98
98
8,000
13,000
..1969 y b
May
985*
95
415*
{79
Debenture 5s
15*
9254
{81
Apr
12
14,000
1
30
84
2,000
4
May
May
955* 105
985*
99
1958 y b
May
May
98
70
1950 yb
75* May
65* May
1035* 110
4
Debenture 5s
May
l-ftoo
bb
z
Conv deb 5s
Jan
May
May
75
1045* 1075*
1956 y bb
Apr
55*
345*
63
♦
..1952 ybb
6s series B
29
5*
9X
*
96
685*
Cent States P A L 65*8-..1953 y b
Apr
25*
3
1957 y bb
Jan
4
28 5*
105*
10,000
145*
61
{1435* 150
975*
995*
96
955*
{1015* 1025*
1954 y bb
15*
35*
"ix "ix
20f*
285*
10
97
2
655*
95* May
10
965*
3
x
1968
...
El Paso Elec 6s A
10
21,000
11,000
1105* 1125*
985*
3
1998
1957
C
Bethlehem Steel 6s
May
14
10
30
10
22,000
Bell Telep of Canada—
June
Jan
62 5*
{985* 1005*
2
1947 ybb
1954 y cc
May
108
385*
Baldwin Locom Works—
"31%
V*
59
1085* 1085*
1948 y cc
May
129
102 5*
{1085* 109
Cent States Elec 5s
92
121
11,000
27,000
15
♦Conv deb 5s......
a
5
1065* 1115*
103 5* 108
11
485*
Jan
{14
a
3% June
X July
X May
12% May
2
May
1
May
475*
Apr
Mar
6
106 5*
5* 1035*
905* 1055*
|Associated Gas A El Co—
Elec Power A Light 5s
100
Williams OU-O-Mat Ht..*
Wilson Products Ino
1
Petroleum
x
6
4%
Wichita River Oil Corp..lu
Williams (R C) A Co
»
Woodley
1950
1953
x
74
Western Tablet A Statlon'y
Common
*
com
Arkansas Pr A Lt 6s
Associated Elec 45*s
{106 5* 107
{122
125
1055* 1055*
x
Western Maryland Ry—
Wolverine Tube
1085*
1942
100
1
Co
bbb3
Canada Northern Pr 5s ...1953
7X
20
Wilson-Jones
bbb3
x
Canadian Pac Ry 6s.
Cent Power 5s ser D
7X
Wentworth Mfg
1.25
West Texas Utll 10 pref..*
West Va Coal A Coke
*
Weyenberg Shoe Mfg
a
x
Mar
*
Westmoreland Coal new.20
16,000
x
1948
Mar
May
May
Apr
ll
7% 1st preferred
1085* 1095*
1903
2024
Mar
3
Western Grocer com
99
98
13
400
Western Air Express
10,000
58,000
24
4
109
104 5* 107 5*
103
1055*
48,000
995*
May
IX May
X May
105
2,000
1055*
4
May
Feb
109
105
4
145* May
IX May
T48X May
Since
Jan. 1
1015* 1025*
975*
995*
Broad River Pow 5s
4
6
Range
%
102
bbbl
Mar
July
..*
for
Week
105
y
2
7
Wayne Knitting Mills
Wellington Oil Co
{108
1055* 1055*
{1035* 1045*
May
May
200
Walker Mining Co
a
a
a
X
2X
7
..100
Class B
x
x
Mar
*
Wagner Baking v t o
Price
65*
7
Watt A Bond olass A....*
Range
x
Feb
7
7% pref.. 100
Waco Aircraft Co
a
May
Petroleum... 1
Va Pub Serv
Vogt Manufacturing
Vultee Aircraft Co
of Prices
Low
High
17
25
{20
285*
{13
50
{13
50
53
425*
155*
1
♦Hamburg Elec 7s...
1935 zdd 1
♦Hamburg El Underground
A 8t Ry 55*s
1938 z cccl
46
23
2,000
16
■-±1
May
Apr
117%
28
18
May
62
Jan
Ext 6s
1953
Danzig Port A Waterways
♦External 05*s
1952
{16
20 X
20
May
49
Mar
15
25
6
Mar
♦German Con Munlc 7s '47
♦Secured 6s
1947
16
17X
2,000
17%
17%
5,000
For footnotes see page 85.
Jan
Sale*
Weeks'
63*
175*
Mar
Sale
21
6
Feb
175*
Last
Birmingham Elec45*s
Birmingham Gas 5s
'H
1
preferred
5*
Apr
5*
Jan
Apr
5*
Van Norman Mach Tool.6
Venezuelan
Feb
Mar
38
7
Valspar Corp com
conv
May
May
IX
Utility Equities com
lOo
S5.60 priority stock
1
Utility A Ind Corp com..5
Jan
Friday
15
35*
.....
Universal Pictures com...1
Utah Pow A Lt S7 pref...*
1st mtge 4s
71
100
»u
5*
X
20
4
3a
Mar
Jan
5,000
5,000
1907
Debentures 45*s
Appalac Power Deb 6s
June
X
ht
1
Mar
105*
Bank
2010 ybb
Atlanta Gas Lt 45*s
-.--*
Mar
16 5*
1968 y bbbl
1st A ref 4 5*s.....
Feb
1,500
13
Feb
10
Universal Corp v t c
Universal Insurance
1st A ret 5b
♦Conv deb 55*8
ht
15*
X
46 5*
145* June
X
Apr
5
1940
Assoc T A T deb 5 5*8
4X
1%
Apr
Jan
June
95*
1951
Apr
2X
2
16
1956
.
1st A ret 6s
Feb
Universal Cooler class A..*
54
Apr
55*
2435*
15*
39 X
United Stores common.60c
United Wall Paper
Universal Consol Oil
Mar
Co—
75*
*
Mar
145*
Appalachian Elec Pow—
75*
835*
50c
common
Apr
Power
1st 5e
1st A ret 5s
8
U S Rubber Reclaiming..*
265*
65*
X
See
Apr
Apr
May
Alabama
May
May
300
Feb
June
Rating
Am Pow A Lt deb 6a..
Jan
Mar
300
IX
Jan
26 5*
11
X
INDUSTRIALS
3
100
Mar
26
155*
BONDS
.500
1,500
Apr
135*
15
Jan
Elig. &
a ml
RAILROAD
Apr
2Ji
12
1949
75*
21A
1X
♦Santiago 78.
Jan
74
26
U S Radiator com
28
1921
Jan
27
47
2%
U 8 Plywood
SI 5* conv pref....
♦55*8
3X May
3% May
•
U S Lines pref
120
105*
June
26
1958
300
«!«
25
110
♦Issue of Oct 1927
♦Mtge Bk of Chile 6s. 1931
IX
39
7X
51%
55* May
65*
120
♦Issue of May 1927
15*
89
Feb
100
26
Preferred
United Specialties com..
US Foil Co class B
75* June
Jan
May
4%
United Shoe Mach com.26
10
ru
16X May
239
10
10% preferred
185*
Apr
20
United Profit sharing..25c
8
Apr
United Molasses Co—
Am dep rets ord reg..
United NJRRA Canal 100
11
Feb
65
Feb
X
200
265*
.1958
♦Medellln 7s stamped. 1951
Mtge Bk of Bogota 7s. 1947
18
Feb
195*
Apr
Jan
645*
155* May
Feb
700
24x
July
16
1,000
70
255*
13
1,000
85*
25*
Jan
%
53 partlc pref
Jan
Jan
uii May
»»1.
12
12
5*
875* June
5*
1,000
205*
Jan
300
k "I
%
13
1958
Mar
79
A.
June
13
13
12
15*
3,500
7% pref. 100
Common class B
20
205*
May
i%
X
Apr
Mtge Bk of Denmark 5s '72
X
104 5*
i%
102
11
♦Parana (State) 7s
X
6X
United Corp warrants
United Elastic Corp
High
1,000
♦Rio de Janeiro 05*8.1959
♦Russian Govt 05*8__1919
May
1,600
%
Low
20
Jan
59 X
Un Clgar-Whelan Sts-.10o
Range Since Jan. 1,1940
$
High
Apr
35*
135*
7 X May
2H Mar
14X May
64 X
Jan
6X
Jan
8X May
Apr
Feb
3X
H June
Jan
x8%
Jan
com..
com
Apr
X
Un Stk Yds of Omaha.. 100
United Lt A Pow
'u
VA
Union Gas of Canada—
United G A E
Jan
May
1,200
4%
Low
for
Week
Lima (City) Peru—
6X
4%
Union Premier Foods Sts
com
Apr
X
*
*
..10
United Chemicals
>ii
2
300
5%
26
Tung-Sol Lamp Works
1
80c conv preferred...
Udylite Corp...
...1
United Aircraft Prod
Jan
Apr
Range
of Price*
20
♦Hanover (City) 7a
1939
♦Hanover (Prov) 05*8.1949
x8X
Trunx Pork Stores Inc...*
cum A
116
Mar
X
200
TTt-Contliiental warrants
S3
May
Week's
Price
ht
600
ht
1
Transwestern Oil Co—.10
Union Investment
Sale
ht
Trans Lux Corp
Unexcelled Mfg Co
109
Sale*
Last
High
i
May
104
h»
Tonop&b Mining of Nev
lUlen & Co ser A pref
Series B pref
BONOS
(Continued)
Range Since Jan. 1, 1940
95
7% preferred...
100
Tonopah-Belmont Dev. 10c
July 6, 1940
Friday
Week
Toledo Edison 6% pre! 100
Class A
Exchange—Continued—Page 5
Attention is directed
75* May
75* May
to the
new
7
Jan
18
June
175*
July
column in this tabulation pertaining to bank eligibility and rating
of bonds.
See a.
Volume
New York Curb Exchange—Concluded—Page 6
151
Sales
85
Friday
Bank
Friday
Elig. A
Last
Week's Range
for
Range
Rating
Sale
of Prices
Low
High
Week
Since
BONDS
Rating
Sale
Jan. 1
{Concluded)
See a
Price
BONDS
See
(Continued)
conv deb
Price
a
103 H 103 H
1103 K 103H
109 H
109
1943 xbbb3
1943 ybb 3
Houston Gull Gas 6a—
6 Ha
1966
x
aa
♦Hungarian Ital Bk 7 Ha.—1963
z
c
1949
y
b
1949
y
b
Houston Lt A Pr 3Hs
Hygrade Food 6a A—
6a series B
Idaho Power 3Hb——-—1967
xaa
*—
1954
x
bbb3
1st A rel. 5e ser C
1956
x
bbb3
l"03H
1957 ybb 3
1958 y bbbl
96 H
7,000
20,000
1,000
64
81
66
96 H
105
87
100
68 H
ii'ooo
57
73 H
67
56
73H
81
83
16,000
13,000
60
85
106
2,000
105
30
~8§"
bb
67H
106
1963 yb
a
y
b
1
7b series E
1957 yb
1
7s series F
1952 yb
1957 y b
4
1955
Interstate Power 5s
—
32
3,000
26
34H
1957 y bbb4
40
104 H
1961 y bbb4
5s series B
Iowa Pow & Lt 4 Ha
1958
x
1952
y
b
1963
y cc
Jacksonville Gas
109 H
4
2
2
1st A ref 4H8 ser D
1950
Queens Boro Gas A Eleo—
5H8 series A
89
♦Ruhr Gas Corp 6Ha
♦Ruhr Housing 6Ha
1953
—1958
Safe Harbor Water 4Hs—1979
San Joaquin L A P 6s B—1952
z
b
z
cccl
x
aa
X
aaa2
♦Saxon Pub Wks 6s
3
1937
z
1951
z
cc
1943
X
3
46 H
10,000
24
49 H
Scullln Steel
1951
y
b
Shawlnigan WAP 4Hs—1967
x
a
x
a
y
103
106 H
1,000
103
106 H
Southeast PAL 6s
2025 y bb
109 H
"4,000
106 H
29
36 H
30,000
30 H
46
Ref M 3Hs
52
1957 y bbb2
1966
x
a
♦Leonard Tletz 7Ha
1946
z
cccl
-.1945
x
bbb3
1957
x
a
2,000
110
106H 106 H
114
x
2,000
x
aa
1951
y
bb
1961
x
bbb3
So'west Pow A Lt 6s
2022
y
bb
S'west
1945
x
bbb4
1989
z
b
Spalding (A G) 5s
53 H
Pub
Serv 6s
1948
9"66O
103H
8,000
105H 105H
107
107H
103H 108
106"
68
4
b
60
60
60
x
bbb2
1947
y
b
186 H
2,000
198H 100
1971
x
x
aa
1945
1943
1967
1978
y
y
Metropolitan Ed 4s E
Middle States Pet 8Ha
Midland Valley RR 5s
Milw Gas Light 4Ha
4,000
bb
94
94 H
3,000
bb
67 H
57 H
5,000
11,000
x
bbb2
x
bbb3
Mississippi Power 5s
101 H 102
103 H
103
lol'%
103 H 105H
bbb3
x
101H
1st & ret 5s
1955
x
bbb2
Miss Power A Lt 6s
1957
x
bbb3
Miss River Pow 1st 5s
1951
x
aa
3
Missouri Pub Serv 6s
1960 y bb
4
Nassau A Suffolk Ltg 5s
1945
x
bb
2
Nat Pow & Lt 6s A
2026
y
bbb2
2030 y bbb2
Deb 58 series B
{♦Nat Pub Serv 5s ctfs—1978
Nebraska Power 4Hs
1981
104 H
x
2
x
aa
1948
x
bbb3
New Amsterdam Gas 5s
1956 y bb 3
1948 x aaa2
N E Gas & El Assn 5s
1947 y b
4
5s
1948 y b
4
Conv deb 5s
1950 y b
4
1961 x aaa3
62 H
3
*96 H
3
98 H
1948 ybb
1954 ybb
5s stamped
1942 ybb
♦Income 6s series A
1949 y bb
110
105
105
70
101H
7s 2d 8tamped 4s
7s 2d stamped 4s
109 H
106
111
N Y State E A G 4Hs
1st mtge 3Ha
y
91H 100 H
51H
70
104 H
98 H 103 H
102 H 107
a
4
"17666
102
110
7,000
62
83
88 H
45,000
93
6,000
b
I
58
1949
x
15,000
aa
y
b
3
40H
102
104HI 09
106H
111H H4H
52
b
3,000
94
104
14 K
24 H
33 H
32
3,000
5,000
31,000
27
46 H
32
23H 30 H
105H 105 H
106
106H
16,000
10,000
18
21H
46
101H 106 H
104 H 108 H
109
119H
112
1,000
94 H
96
8,000
88 H 103 H
61H
62
3,000
56
15,000
7
12H
112
"96"
35
y
b
b
2
x
bbb3
x
3
bbb3
1944
x
bb
45H
16
21
18
3,000
16
19H
82
13,000
73
89 H
91
35
18
"83H
105
,t.
114H
82
95 H
2
95 H
1946 ybb
3
1950 ybb
3
102 H
103
3
99 H
1954
z
cc
96,000
78
95
114
13,000
110
119
x
aa
4
x
bbb3
8,000
115
104H 110
72 H
84
95H
95H
95
95 H
H 100 H
85
101H
99 H 103 H
11,000
102H 102 H
102H 103
98 H
99 H
6,000
31,000
10,000
4H
4H
89
95
8,000
2
1951
2030
74H
3,000
82H 83H
104H 106
89
90 H
*81
bbb3
2022
118H
24
38
*13
2
x
114
27
■
69
16,000
*H4H
27
2
y
7H
17,000
95
94
103 H
101H
Hotel—
aa
2
5s...1960
x
1941
x
aaa2
Wise Pow A Light 4s
1966
x
bbb3
.1937
z
bb
1
....1947
y
bb
2
6,000
110H 110H
2
Un 6s...1944 ybb
Wheeling Elec Co 5s
104H 105H
2,000
49
•
*
Mi
106 H
49
*103
107
8,000
4
10 H
107
*107 H 109
105H
109 H
104 H 108
104 H 117
43
60 H
103
106 H 106H
94
94
5,000
1,000
105
102 H 107H
90
98
94
49 H
101
7
106
4,000
106 H
1957
X
bbb4
y
bb
2
109
105H 105H
109
109H
x
aa
4
108H
108
3
108 H
3,000
6,000
Ohio Public Serv 4s
1962
1955
x
bbb3
107 H 107H
Okla Power & Water 5a... 1948
x
bb
101
1941
x
aaa2
108H 109
♦Stamped 5s
96 H
8,000
96 H
107 H 111H
13,000
108H
Okla Nat Gas 3Ha B
4
31,000
1946 y b
West Newspaper
103
2,000
...1945
a
24
1
1973 y b
West Penn Traction
65
104 H 104 H
40 H
40
Ha-.— 1968
x
74 H
20H
cccl
z
1959
Wash Ry A Elec 4s
West Penn Elec 5s
102 H 105 H
"47666
z
1952
Waldorf-Astoria
95H
99 H- 100 H
b
x
74 H
49
20 %
1
1974
Deb sf 6s
No Amer Lt A Power—
y
25,000
29,000
48
68H
aaa4
1956 y bb
Deb 6s series A
103 H
"17666
68 H
67 H
4
{♦York Rys Co 5s
58
67 H
68H
....
Va Pub Service 6H A.
1st ref 5s series B
100H 103 H
81
3
z
Deb 6s series A
99H
.97
H12H
74H
68 H
106 H
I960
Utah Power A Light Co—
1st Hen A gen 4Hs
100 H
8,000
1105 H 106 H
11,000
74H
105H
6s series A
71H
5,000
93
104H 104H
y
74 H
68 H
74 H
2022 y bbb2
Debenture 6Hs
1st lien A cons 5Hs
71H
1,000
83,000
1953
49
67H
48
2
Un Lt A Rys (Del) 6 Hs... 1952 ybb
United Lt A Rys (Me)—
110
98 H
Nippon El Pow 6Hs
108 H
60
28,000
a
United Light A Pow Co—
Debenture 6s
1975
108 H 111H
120
128 H
96 H
103 H 103 H
40
31
Conv 6s 4th stp
United Elec N J 4s
26
"2^666
95
3
105H
52
68 H
bbb4
♦United Industrial 6Hs.—1941
♦1st s f 6s
1945
95 H
aa
90
105
9,000
67H
x
107 H
52
aaa3
106H
104
49 H
x
112H
1,000
a
105 H
53
104
48
23 H
101
24,000
x
37
4,000
6,000
1
109
63 H
x
10,000
fUlen A Co—
61H
93
112H
38,000
b
104 H
71H
x
1947
106 H 110H
106 H 110H
95 H
H 103
68 H
y
Tide Water Power 5s
122H
1964
1956
17,000
9,000
96
104 H 104 H
95 H
97
z
104 H
51
1954
—1948
102
30
96
115
2004
5Ha series A
2,000
29,000
68H
1956
6s series A
108 H U0H
86
98
187666
N Y & Westch'r Ltg 4s
Debenture 5s
No Bost Ltg Prop 3Hs
97 H
87
68H
.1979 y bb
Tieta (L) see Leonard—
Twin City Rap Tr 5Hs—1952 yb
20
101H 103H
4
98 H
64
16,000
z
1,000
101H 103H
104H
64
1,000
68
1953
1960
El 6Hs
Texas Eleo Service 6s
Texas Power A Lt 5s
98
63
bbb2
x
36,000
7,000
67 %
1946
♦68 income debt
1950
1980
93
72 H
104 H 105H
40 H
40 H
68H
1940
Ternl Hydro
Penn A Ohio—
♦Ext 4 Ha stamped
31
57
*105H 106
Dec 1 1966 y b
United El Service 7s
123
108 H 108H
4
17
104
1,000
110H 112H
b
1,000
71H
62
97
6s gold debs
1957 y b
Standard Pow A Lt 6s ——1957 y b
♦Starrett Corp Inc 5s
1950 z ccc2
Stlnnes (Hugo) Corp—
95
62 H
63
1115H
3
12
23
107H 108H
105H
b
y
100 H
1119H 126
71H
15
105 H 109 H
127
136
100 H
102 H 102 K
1951 y b
95
27
110
aaa2
2022
Debenture 5Hs
New Orleans Pub Serv—
7,000
~7~,000
92 H
122
Nevada-Calif Elec 5s
New Eng Power 3Hs
New Eng Pow Assn 5s
110
191
Nelsner Bros Realty 6a
68 series A
104H 104 H
110
HOOH 103
111 H 111M
105 H 105H
105H
z
20 H
41,000
70 H
*47
97
19,000
21,000
1104H 105 H
"fio"
71H
107
108 H
1955
Minn P & L 4Hs
81
89 H
108
108
58 H
99
1104 H 105H
aa
.1965
2
y
1948
(stamped)..
(stamped)
Debenture 6s
Memphis Comml Appeal—
Deb 4 Hs
1952
Mengel Co conv 4 Ha
1948
Conv 6s
114
McCord Rad & Mfg—
y
99
14H
Standard Gas A Electrlo—
40
Debentures 6s
6s stamped
102H
112H
aa
x
104H 108
39
70 H
aa
July 1 *60
1968
Sou Counties Gas 4Hs
Sou Indiana Ry 4s
Mln A Smelt—
1
97
80
18 H
107H 108
May 1 1960
Ref M 3Hs B
42
102H 107H
117
127H
46 H
Lake Sup Dlst Pow 3 Ha
1941 zdd
100
81
Sou Calif Edison Ltd—
39
30 H
1120 H 122
♦7a mtgesf
83
3,000
70 H
69 H
104H 108
86
100H
26,000
57
69 K
b
3,000
57
2
1947
104 H 104 H
1st 4Hs series D
Sheridan Wyo Coal 6s
Sou Carolina Pow 5s
1970
51
73,000
28
*26
2
71H
1103
107
16
158
20,000
*101H 102
93
47 H
29
a
4
2
51H
aa
Louisiana Pow & Lt 6s
91H
128
89
85
2
Ino3s
cccl
22
x
4
61
14
*17
*13
105H 106 H
106H
136
*129
50
*13
bbb2
6,000
x
Ogden Gas 1st 5s
2
22,000
1966
Ohio Pow 1st mtge 3
bb
35,000
2022
Nor Cont'l Utll 5Ha
N'western Pub Serv 5s
v
1952 y bb
8*western Assoc Tel 5s
b
6,000
....
*106H 108 H
95H
97
93 H
94H
90 H
89 H
91
Scrlpp (E W) Co 5 Ha
1106 H 108H
30 H
64 H
96 H
94 H
62
Kansas Gas A E ec 6s
York
O.
35
Kansas Eleo Pow 3 Hs
4s series G
ser
40 H
—
z
New
a
bb
1st A ref 5s
38
5a stamped
1942
Jersey Central Power A Light—
Mansfeld
x
y
1950 ybb
4s series A._
43 H
—
Long Island Ltg 6s
..1966
Puget Sound PAL 5H8—1949
21H
38
aa
Isarco Hydro Elec 7s
Italian Superpower 6s
Range
Pub Serv of Oklahoma—
103 H 103H
"61H
Jan. 1
*146H 154
60 H
26 H
1
Debenture 6a—————1952 y ccc2
Iowa-Neb L A P 5a...
26
Since
I
*13
♦Schulte Real Est 6s
x
International Power See—
6 Ha series C
Week
High
63
b
3
101H
93
34,000
10,000
196 H 100
68 H
for
of Prices
64 H
a
z
y aa
79
105H 109 H
101
107 H
98 H 107
65H
Indiana Service 5a..—...1950 y b
z
96 H
x
6% perpetual certificates
9,000
96
Week's Range
Low
Public Service of N J—
I6~66o
102 H 103 H
1st A rel 5 Ha ser B
1952
Indpls Pow & Lt 3^8.....1968
Power Corp (Can) 4 HsB... 1959
♦Prussian Electric 6s
1954
106 H 111H
67
105H 106 H
105 H 105 H
bbb3
♦Indianapolis Gas 5a A
100H 105
100
103H
66
106 H
x
1st lien A rel 5s
2,000
64
107 H 108H
Last
Elig. A
ie'ooo
66
65
1953
debSHs—May
Indiana Hydro Elec 5a
%
Bank
35
108 H
.
111 Pr & Lt 1st 6s ser A
Bf
Sales
103 H 109 H
103 H 109H
104 H 109
9,000
10,000
100 H 105
102 H
5,000
107H 107H
10,000
107 H 110H
367)00
109 H 112
86
97 H
Pacific Gas & Elec Co—
1st 6s series B
Pacific Ltg & Pow 5s
1942
x
aaa4
Pacific Pow A Ltg 5s
Park Lexington 3s
.1955
1964
y
bbbl
z
ccc2
Penn Cent L A P 4Ha
1977
x
bbb2
1979
x
bbb2
1971
x
aa
2
104 H
104 H 105
1962
x
aa
2
107H
107H 107H
1st 5s
Penn Electric 4s F
5s series H
H08H 109 H
93
93
139 H
103H
91H
40
103
106
104 H
106
39 H
1147)66
43 H
96 H 104 H
101
107 H
3,000
100
106
7,000
104 H 108H
1,000
Penn Ohio Edison—
*
cluded In year's range.
6s series A
1950 y bb
4
108
Deb 5Ha series B
1959
y
bb
4
106
109M
106H
5,000
4,000
104H 109H
101H 107 H
Penn Pub Serv 6s C
1947
x
aa
2
107
107
1,000
106
108H
1954
x
aa
2
107 H 108
2,000
105
108H
1981
x
bbb2
97
95 H
97
5,000
91
98 H
..1961
x
bbb2
98
96 H
98
12,000
95
100 H
5s series D
4s series B
....
aa
3
113H
100 H
Phila Elec Pow 5Ha
Phila Rapid Transit 6s
1972
1962
bb
2
Piedm't Hydro El 6Ha
I960
b
1
1949
bb
3
*103 H 105 H
1948
bb
2
1953 z b
♦Portland Gas A Coke 58—1940 y bb
2
100 H 102 H
21
*13
85 H
Pittsburgh Coal 6s
Pittsburgh Steel 6s
—
♦Pomeranian Elec 6s
Potomac Edison 5s E
4Ha series F
Potrero Bug 7s stpd
1
b
1956
X
a
4
1961
x
a
4
1947
y
ccc2
113H 114H
99 H 100 H
27
85 H
2
z
Stamped
27
33 H
♦
107 H 108
*108H 111
47
48
92
T Called for
II7666
99
13
14
78 H
75
94
e
102H
"97)00
"6;6o6
~
37)66
47
53 H
Cash sales transacted during the
current week and not Included In weekly or
yearly range:
No Sales.
V
Under-the-rule sales transacted
during the current week and not Included In
weekly or yearly range:
90
106 H 109 H
107 H 110H
redemption-
Chic A 111 Midland Ry 4 Hs 1956, July 22 at 104.
48 H
106 H
No sales being transacted during current week.
receivership.
Jersey Cent P. A L. 5s "B" 1947, Aug. 1 at 101H4Hs series C 1961, July 29 at 104.
102 H
24
year's range, d Exr Cash sales not In¬
Ex-dlvldend.
Bonds being traded flat.
| Reported In
110H 115
103
11,000
84
*81
107 H
13,000
6,000
x
t Friday's bid and asked price.
Peoples Gas L & Coke—
48 series D
No par value,
a Deferred delivery sales not Included In
n Under the rule sales not included In year's range,
lnterest.
No sales.
v
Deferred delivery sales transacted during the current week
and not included in
weekly or yearly range:
No sales.
Abbreviations
Used
Above—"cod."
certificates of
deposit;
"cons." consolidated
"cum," cumulative "conv," convertible; "M," mortgage; "n-v," non-voting
v t 0." voting tr&st
certificates: "w 1," when Issued; "w w." with warrants:
•
stock*
"x-w"
without warrants
a
Bank
y
those bonds which we
believe are not bank eligible due either to
provision In the bond tending to make lt speculative.
Indicates those bonds we
status or some
»
and Rating Column—x Indicates
for bank Investment.
Eligibility
believe eligible
Indicates issues In default, In
The
rating symbols
bankruptcy, or In process of
rating
reorganization.
assigned to each
In this column are based on the ratings
four 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 four
bond by the
agencies rate a bond dlfferentlv,
then the highest single rating Is shown.
majority of the Issues bearing symbols ccc or
bearing ddd or lower are In default.
A great
■sues
Attention la directed to the new column in thia
tabulation perfaining to bank
eligibility and rating of bonds.
lower are In default.
See note a above.
AH
The Commercial & Financial Chronicle
86
July 6, 1940
Other Stock Exchanges
Sales
Friday
Last
Baltimore Stock
June 29 to July 5, both
inclusive, compiled from official sales lists
Friday
Sales
Last
Par
Week's Range
of Prices
Low
High
Week
Price
*
Atlantic Coast L
15
Range Since Jan. 1, 1940
Low
Shares
High
(Conn) .50
12%
Bait Transit Co com vtc*
1st prefvtc
Consol Gas E L A Pow
*
4%% prefB
27c
340
73%
115
21%
Jan
20%
Apr
23c
42
1.70
72%
100
0%
Finance Co of Am A com.5
Guilford Realty
Mar Tex Oil
55c
Jan
July
2 50
Apr
Borg Warner Corp—
Common.
83%
Apr
111% June
119%
Feb
Butler Brothers
Common class A
MtVern-Wd Mills
1,200
30c
Preferred
May
14
9
20
45c
1
com.
6
39
1.00
45c
June
10
1.00
Feb
Jan
Central 111 SecCom.
Jan
34
27%
123
1.30
11
55
38% June
48
17%
Apr
72%
40
May
54% May
11
July
278
14% May
23%
Jan
23
May
35%
30
May
40%
Apr
Apt-
15%
62%
"62M
Penna Water <fc Pow com.*
62%
Seaboard Comm'l com.. 10
U 8 Fidelity & Guar
2
11
276
15
11
17%
18%
Apr
55c
27
May
26% June
29%
Mar
1.15 June
2.60
Jan
12%
July
Jan
16
Mar
A 5s flat
32
30%
32
36 %
1975
34
36%
$40,000
2,600
Common (new)
$7 preferred
20%
May
23%
Jan
16%
IOC
15%
318
2%
5%
20%
350
4%
May
7%
Jan
300
17%
June
23%
Apr
20
11%
79%
13% May
2% June
5C
15
11%
25%
Jan
4%
Mar
10% May
19%
Apr
71
May
88%
May
Jan
%
Jan
Mar
%
Jan
120%
1%
Feb
June 29 to July 5, both inclusive, compiled from official sales lists
%
%
2,100
%
40
H
%
*
1
%
Convertible preferred..*
*63%
common.
*
com
Club Aluminum Uten
67
105% 105%
%
1
27%
28%
61%
73%
38%
June
20
92
May
65
67
77
%
May
350
25%
June
37
Feb
475
53%
May
91
Jan
64
June
75% May
3% Mar
80
2%
com *
Jan
1,650
2%
500
2% May
3,900
25% May
33
10
16%
Jan
Commonwealth Edison—
25
30%
30%
11%
30%
Compressed Ind Gases cap5
Consolidated Oil Corp...*
11%
50
"6%
6%
6%
423
2%
12%
2%
20
14%
14%
150
CunnlnghamDrugStores2 %
15
15
100
12
May
Dayton Rubber Mfg com.l
Decker (Alf) & Cohn comlO
10%
1%
15%
15%
Consumers
Crane Co
May
Apr
Mar
5%
May
8
Jan
2
May
Feb
50
10
May
60
99%
July
4%
19%
110%
13% June
24%
Jan
19
Feb
Co—
50
Container Corp of Am cm20
Continental Steel pref.. 100
Exchange
100
*
Prior lien pref
Chicago Corp common
Chrysler Corp
Chicago Towel
140
81
%
50c
Vtc pref pt shs
Boston Stock
Apr
Apr
4%
5C
1
Capital
Bonds—
Bait Transit 4s flat—.1975
5%
38%
15(
20,r
2%
5%
Cent 111 Pub Ser $6 pref.
Jan
12
46
14%
May
4%
Central & S W—
25c
600
46
3%
24% May
3% May
13% May
Apr
Apr
May
4%
1
Wy & Can Fdy cap*
July
70c
1.30
46
Camp
1.00
27%
100
..5
pref....30c
conv
July
30c
New Amsterdam Casualty5
12
28%
10
26c June
12 %
100
May
Apr
12%
Merch & Miners Transp..*
Monon W PennPS 7% pf 25
May
7%
High
15
1
Burd Piston Ring com
1.00
1
8%
5C
4
1.35 May
69
May
140
Q
u
1.00
6%pre! 100
2fK
4%
11%
May
27%
4%
16%
5
com
44
6%
2%
9
Cumul
East'n Sugars As com v t cl
lot
9
Blnks Mfg Co cap
Bliss <fe Laughlln Inc com
Low
Shares
2%
9
10
Range Since Jan. 1, 1940
for
VLTppb
High
2%
8%
66
118
Low
Belmont Radio Corp
May
12% July
100
23c
1.60
100
11
100
15%
12%
Price
Aviation & Transport cap
Barlow & Seellg Mfg A cm5
Bendlx Aviation
Arundel Corp
Par
of Prices
Bel den Mfg Co com
for
Sale
Stocks—
Stocks (Continued)
Week's Range
Sale
Exchange
102"
25
com
12%
99% 102
Apr
Mar
Sales
Week's Range
Par
Low
for
Range Since Jan. 1, 1940
Week
of Prices
Stocks—
High
Shares
Low
Deere & Co
High
*
com
Eddy Paper Co (The)
American Pneumatic 8er—
1st pref
6%
non-cum
Feb
1%
213
1%
159% 161%
1,072
Apr
May
July
160%
1%
Blg-Sanford Carpet preflOO
Boston & Albany
100
Boston Edison Co
Boston Elevated
100
134%
10
180
x66%
451
126
133% 135%
80
42
91
18
340
16%
7
7%
"~2%
60
5
1%
2%
3%
18
12%
20
20
11
Fltz Simons D & D com..*
Feb
Fox (Peter) Brewing com 5
Four Wheel Drive Auto. 10
Mar
Jan
10%
3
May
3% July
16
Apr
Jan
19%
June
5
5%
6%
125
4% May
8%
Feb
3%
4
200
3% May
5%
Feb
Common
*
2
2
40
100
45
44%
45
81
26
6% preferred
100
17
17
18%
84
12% May
8%
18%
5
1% May
Mar
3%
65%
24%
May
Employers Group
8%
17%
3%
18
*
Gilchrist Co
*
3%
Gillette Safety Razor
»
4%
Preferred
335
3%
131
4
4%
241
3%
3%
25
Hathaway Bakeries cl A..*
*
35
35
10
5
37
7%
16%
3%
May
May
July
3%
2%
June
Jan
May
100
com
4%
28
Mass Utilities Assoc v t c.l
Mergenthaler Linotype
Narragansett
Racing
Mar
Inc
4%
8%
July
26%
5%
Apr
Apr
6%
Mar
4%
Feb
42
May
8%
June
Feb
2%
July
1%
12
Mar
17
May
5
5%
112% 113%
113
80
4%
Jan
230 rl08
Apr
May
Apr
6%
June
137
100
31«
3i«
165
*i«
Apr
%
45c
49c
600
45o
Feb
92o
May
15
11c
Jan
15c
Feb
980
Fuller Mfg Co com
Apr
Apr
11% May
3
Jan
May
2
350
2
June
33%
7%
1
33%
7%
15%
3%
4
42%
1%
General Foods
41%
42%
4%
14%
20%
12%
*
com
Gen Motors Corp com.. 10
42%
Gillette Safety Razor com
Goodyear T & Rub com..
Great Lakes D <fe D com..
20%
Hall Printing Co com... 10
Helleman Brewing cap__.l
32
29%
100
May
24%
Jan
May
May
12
Feb
12%
Jan
May
33%
Mar
lie
...
Pennsylvania RR
50
Shawmut Assn T C
19%
19%
8%
7%
*
Stone <fc Webster
*
"7%
Torrlngton Co (The)
*
24%
24
July
12%
Feb
3% June
*8%
4
100
3
Union Twist Drill Co
5
30%
35% May
1%
41%
43%
200
1% May
36% May
107
1.017
38
4
275
100
12%
17%
93
9%
8%
550
8
8%
34%
36
10
10%
231
40
29%
cum preferred
May
Feb
May
10
Feb
34% June
42
Mar
9
120
May
1%
150
*
83%
50
66%
International Harvest com*
42%
43%
43
10%
10%
200
18
18
Indiana Steel Prod
Inland Steel
1
com.
Co cap
6%
11c
20
380
14%
7%
6%
24%
633
22%
8%
102
9
Mar
90%
Jan
Common.^
•
38% June
62%
Jan
Jefferson Electric Co com.*
1
4%
50
9
Jan
17
May
17% June
Jan
23%
Apr
200
4
May
6%
Feb
10
4%
90
May
103%
3%
Feb
Kentucky Utll—
6% preferred
Kerlyn Oil Co
100
com
A
5
97
2%
Lindsay Lt & Chem
Lynch Corp com
com.
10
6
5
97
2%
5%
2%
5%
308
0
0
100
20%
20%
10%
11
10
60
2% June
6
Jan
9
Apr
Jan
7%
Apr
May
•
4%
20%
Marshall
Field
July
28%
Apr
350
8% May
15%
Feb
100
3%
Mfrs Sec—
&
Class A
*
com
10%
1
com
Mickelberry's Food com.l
Middle West Corp cap...6
Midland United conv pf A*
3%
3%
3%
3%
4
350
6%
6%
3%
6%
1,300
3%
900
1%
%
%
100
6%
Jan
Jan
8%
Apr
July
11%
Apr
3%
Apr
4
Jan
3%
Jan
May
4%
9%
Apr
5%
7% preferred A
100
Mar
4%
May
%
6% prior lien
100
30%
31
Apr
4%
4%
50
61
63
400
55
May
Miller & Hart Inc cnv pf.*
6%
6%
10
3%
181
39%
June
84%
44%
Jan
41%
Apr
Minn Brew Co com
8
8
1%
1%
100
% May
1%
Mar
25%
Jan
89
90
$32,000
87
May
98
Apr
1948
92
92
250
86
June
101%
C 6s
1948
101
101
100
101
July
106%
Mar
Apr
1948
KM)
100
50
96
June
106%
Apr
1948
110
110
10,000
110
July
1
Monroe Chemical Co
1
com *
.*
com
110
July
Natl Battery Co pref
*
Natl Pressure Cooker Co.2
Natl Standard com
10
North West Utll
Listed,
37
La Salle St.,
Last
Sale
Price
Week's Range
of Prices
High
Low
for
*
Amer Tel & Tel Co cap. 100
160%
Armour & Co common
6
Aro Equipment Co com__l
4%
Aviation Corp (Del)
58%
3%
300
10%
100
27%
25
87
11
3
see page
41
68%
3%
10%
159% 161%
4%
4%
4%
89.
11%
5
Jan
May
4%
28%
June
12
Jan
10
8%
6
50
"19%
1
""%
1
13
570
20
30%
%
45
72
6%
71%
38%
Feb
May
% June
95
June
141
June
154
100
3
25
50
6% May
% May
1%
Feb
4%
6%
350
6
May
10%
Feb
1,235
62
May
88
Apr
28
Jan
31
Apr
20% May
SO
28
28
30
25
25
150
1
,
1%
1%
25
22%
6
Stewart Warner
5%
24%
17%
Sunstrand Mach T*1 com.5
Swift International cap..15
Swift & Co
25
18%
20%
19%
Feb
Apr
72%
30
6%
28%
Jan
30
]
3
Jan
20
300
%
Mls(new)cm-4
Jan
24%
Feb
%
Jan
14%
% June
Feb
123%
95
100% lOl'
145% 146
22%
14%
150
9%
100
Jan
May
8% May
15
May
Apr
6%
185
28%
30
1%
23%
400
5%
20
2%
Feb
24%
18%
20%
50
15%
Jan
230
719
17% May
29% May
Feb
32%
25% Mar
38%
142
33
May
47%
Apr
12
250
10
June
16%
Apr
69%
166
514
5
28%
1
May
11
Jan
July
38%
Apr
May
2%
28%
Mar
20% May
17
June
9
Apr
Feb
Range Since Jan. 1. 1940
85
10%
4
23
10%
10%
Common (new)..
Standard Oil of Ind
Week
Shares
27%
Adams Oil & Gas Co com.*
Aetna Ball Bearing com_.l
Allls-Cbalmere Mfg. Co..*
Amer Pub Serv Co pref. 100
100
10%
10%
19%
29%
%
St Joseph Lead Co cap.. 10
Stand Dredge—
Texas
Low
50% May
2% May
8
120
73
455
585
100
120
May
22% May
70%
Jan
25
U 8
Gypsum Co
37%
10%
67%
17
4
Jan
Feb
Jan
7% cum pref
Utility & Ind Corp—
100
146
May
175%
Mar
4
May
June
7%
17
Apr
May
4% May
8%
Apr
Jan
100
common
*
19%
Western Un Teleg com. 100
Westh'se El & Mfg com.50
Wisconsin Bank shs
com.*
153
50%
June
52
651
41%
115% 116%
Convertible preferred..7
Walgreen Co
100
56%
50%
United States Steel com..*
14
17
60% June
12% May
53%
20
com
41%
May
10%
Corp capital
Trane Co (The) com
2
Union Carb & Carbon cap *
United Air Lines Tr cap..5
High
Abbott Laboratories—
Common
July
Jan
100
4%
25
Sou Bend Lathe Wks cap.6
Spiegel Inc common
2
July 5, both inclusive, compiled from official sales lists
Par
Apr
10%
Preferred
CHICAGO
Sales
40%
Signode Steel Strap—
Chicago Stock Exchange
Friday
May
7% pfdlOO
Scbwitzer Cummins cap._l
Sears Roebuck & Co cap..*
Exchangee
Bell System Teletype
Trading Dept. CGO. 405-406
Municipal Dept. CGO. 521
35
7%
Preferred
Members Principal
1%
55%
Apr
May
800
Quaker Oats Co common.*
Paal H.Davis & <90.
May
32
8%
Process Corp (The) com..*
Unlisted
Rollins Hsry
S.
37
1
250
7%
Omnibus Corp com
Jan
90
37
4%
Jan
50
39%
25
8
"~7%
com.
Potter Co (The) com
Pressed Steel Car com
SECURITIES
and
1
38%
Peoples G Lt&Coke cap 100
CHICAGO
100
.*
Northwest Bancorp
Penn RR capital
For footnotes
Feb
May
1% June
40%
Series D 6s
Stocks—
Apr
13%
3%
% May
3% June
Eastern Mass St Ry—
Series A4%s
.1948
to
Jan
Jarvls (W B) Co-
Montgomery Ward
June 29
1
May
282
*
10
Apr
16%
7n May
7%
1%
83%
Bonds—
Series E6s
Apr
27%
20%
61%
25
Warren Bros
Series
6%
25
May
50
7%
Jan
May
no
"ii
Jan
2%
49% Apr
66%
Apr
June
4%
14%
20%
12%
Apr
67%
May
41
United Shoe Mach Corp.25
Series B 5s
6
May
20
Midland Utll—
6%
Apr
2% May
49%
Apr
Feb
11%
17% May
4% May
June
7%
50
50
43%
Houdallle Herehey cl B__*
Hupp Motor Car com
1
Merch
Old Colony RR—
Ctfs of deposit
17%
4%
29%
50
Jan
Feb
2.60
^
Jan
21
15%
3%
LlbbyMcNelll&Llbby com7
1
North Butte
18
193
Mar
23%
Mar
Assn
New England Tel & Tel 100
NYNH&HRR
1%
14%
1%
14
*
19%
2%
May
50
Gen Amer Trans Corp cm.5
General Finance Corpcoml
Katz Drug Co com
Maine Central
7%
Illinois Central RR com 100
100
May
250
3%
Hlb Spencer Bartlett com25
4%% prior pref
May
1%
Apr
Jan
East Gas & Fuel Assn—
Eastern Mass St Ry—
Preferred B
Fairbanks Morse & Co cm*
Mar
20%
9
13%
2
Mar
149%
60%
15
50
60
45
23
3%
com
86
26
Copper Range
Eversharp Inc
175%
1%
Feb
11% June
11%
Jan
2
23
3%
Elgin Natl Watch Co...15
103
June
12%
11%
Boston Personal Prop Trs *
Boston & Providence.. 100
May
2
May
25
7%
2%
2%
16%
May
May
May
May
38%
17%
18
100
Calumet & Hecla
8
81
40%
Boston Herald Traveler..*
Boston & Maine—
Class A 1st pref 8td_.100
Class B 1st pref
100
144%
8
80
100
Prior preferred
13%
1%
100
Amer Tel & Tel
18
9
18
50
pref
15
.
.
Elec Household Utll Corp.5
18
60
10%
4%
88
Jan
23%
Apr
Jan
Apr
May
87%
68%
111
103% May
124%
50
1% May
16% May
Jan
1%
19%
17%
89%
17%
89%
10
14%
June
28
117%
Jan
4%
200
76%
3%
June
4%
May
5%
Feb
1%
19%
650
Apr
2%
23% May
Jan
28%
Volume
The Commercial & Financial
151
Week
5
5
10%
10 %
11
1
0%
Apr
Consumers Stdfel com
93%
Apr
8%
May
17 %
Week
Apr
2%
iio"
100
Detroit Edison com
Det-Michigan Stove com.l
3% June
Week's Range
Last
Sale
Par
Stocks—
14
20
Am Laundry Mach
Cin Gas & Elec pref
Cincinnati Street
5
225
100
2%
25
6
_
_
53
6
Cin Union Stock Yds
*
12%
12%
Crosley Corp
*
4%
4%
100%
6
Jan
Mar
Mar
July
11% May
3% May
7%
Jan
12%
0% May
21
21
50
20
June
23
15%
15%
15
13%
19%
Jan
May
Apr
25%
47
25
Jan
May
*
13
13
10
12
June
15
Jan
100
*
100
100
2
99
June
107
Mar
30%
29%
30%
444
*
.10%
16%
16%
25
16
June
16
18
4
16
July
61%
62%
414
18%
18%
4
*
25
*
Gibson Art
Kahn
1st pref
a
Kroeger
Lunkenheimer
25
Nash
Procter
&• Gamble
02%
*
*
Randall A
US Playing
Wurlitzer
Apr
34%
Apr
22
Jan
20
.
Jan
592
40
200
Apr
23
Apr
July
39
Apr
18
27%
32%
30%
32%
300
4%
4%
4%
25
4% June
9
9%
542
8% June
5%
13
Jan
Mar
Columbia Gas
General Motors.
5%
6
42%
42%
17
9% May
4% May
35% May
69
11%
6%
43%
437
227
Apr
9%
Apr
Jan
2%
56...
Apr
80
Apr
5
July
100
5
9% June
15%
625
33c May
52c
Jan
1%
1%
1%
237
1
1%
Jan
100
1% May
10
1%
1%
July
May
Apr
1% June
LaSalle Wines com
2
McClanahan Oil com
1
20
20
400
18
May
Michigan Sugar com
*
72
72
300
72
Mar
.7%
Jan
1%
11%
Mar
Apr
Apr
7%
1%
100
1%
Jan
2%
700
4% May
8%
Feb
6,632
2% May
4%
Mar
706
.10
5%
5%
&%
Packard Motor Car com..*
3%
3%
4
32% May
44%
100
18
July
21%
Feb
1
1%
400
1
Mar
1%
Mar
*
34
33%
34%
Parker Rust-Proof com.2 %
18
18
18
Parke Davis com
Apr
7%
„
Mid-West Abrasive com50c
Murray Corp com
27
737
1%
Micromatic Hone com_._l
Peninsular Mtl Prod com.l
Jan
Prudential Invest com
1
316
1% May
2
Jan
2
1%
2%
1%
Rickel (H W) com
2%
100
2% May
2
June
River Raison Paper com..*
1%
1%
771
1% May
2%
375
18% June
25
Jan
1,950
3% June
7
Apr
1
May
1%
Apr
18% May
26 %
4%
1
1
Sheller Mfg com
23
190
2
2
375
May
2%
Apr
2%
2%
100
Jan
3%
Mar
5
5
150
Jan
7%
1%
1%
150
May
2%
3
3
100
May
4
7,045
90c May
..1
T%
*
*
Warner Aircraft com
T%
1
.....
Apr
23
2
2%
1
Union Investment com...*
United Specialties
125
1
Timken-Det Axle com..10
Tivoll Brewing com
19
19
10
Scotten-Dlllon com
Apr
1.75
1.50
2
Apr
Mar
May
1%
Jan
Apr
56%
Mar
270
5
10
Walker &CoB
10%
25
*
10
Mill
May
38% May
40
July
Apr
15%
6%
35c
5
*
Houdaille-Hershey B
1%
100
34
35c
*
class A
Universal Cooler B
Unlisted—
Am Rolling
40
Grand Valley Brew com__l
Std Tube B com
71%
Feb
52% June
10
10
Western Bank
29%
23% May
10
Card
1%
42%
Kingston Products com__l
Mar
11
8%
8
10
*
Early & Daniel
1%
42%
3
Jan
14%
50
Eagle-Pi cher
2%
Mar
3
20
Formica Insulation
4%
1
10
com
Hurd Lock & Mfg com__.l
Feb
110
June
85%
4
:
4%
120
Feb
8%
1% May
196
90%
2%
General Motors
Home Dairy
Apr
105
June
4
89
50
Cin Tobacco Ware
10
102% 103
102%
Cincinnati Telephone
18
13% June
97 % July
210
100
5
*
100
50
Churngold
High
Low
Shares
97% 100%
1, 1940
Range Since Jan.
for
Week
14
13%
100%
100
Champ Paper pref
of Price 8
High
Low
Price
12%
General Finance com
Apr
20%
Jan
10% May
30%
Gar Wood Ind com
Mar
1%
570
30%
Jan
2%
260
3
5
Feb
May
12%
80
Jan
1%
4%
125
Mar
1%
1,300
30%
75
Federal Mogul com
Sales
Friday
July
75
80
Ex-Cell-O Corp com
official sales lists
both inclusive, compiled from
June 29 to July 5,
2% May
98% May
68
760
Detroit Paper Prod com__l
Cincinnati Stock Exchange
55
130
1%
1%
1%
350
2%
110
109
High
Low
Shares
60
55
55
Continental Motors com.l
565
1, 1940
Range Since Jan.
for
of Prices
Low
High
Price
Par
May
3% May
52
79%
(Concluded)
72%
1,300
78%
Wrigley (Wm Jr) cap
*
Zenith Radio Corp com..*
Stocks
High
Low
Shares
Week's Range
Sale
for
of Prices
Low
High
Price
Par
Stocks (.Concluded)
Week's Range
Sale
Last
1, 1940
Range Since Jan.
Last
Woodall Indust Inc cap..2
Sales
Friday
Sales
Friday
87
Chronicle
Apr
Wm.Cavalier&Co
Ohio Listed and Unlisted Securities
MEMBERS
Chicago Board of Trade
Net* York Stock Exchange
Members Cleveland Stock Exchange
Loe Angelee
Loa Angeles
523 W. 6th St.
Exchange
San Francisco Stock
Stock Exchange
Teletype L.A. 290
GILLIS 1<I RUSSELL co.
Angeles Stock Exchange
Los
Union Commerce Banding,
Cleveland
July 5, both inclusive,
June 29 to
A. T. & T. CLEV. 565 & 566
Telerbone: CHerry 5050
compiled from official sales lists
Sales
Friday
Stocks-
Cleveland Stock Exchange
June 29 to
Last
Week's Range
Sale
Par
Stocks—
Airway Elec pref
Brewing Corp of Amer
Price
100
3
18
City Ice & Fuel.
Elec
Central
4%
May
7
10
50
12
May
26
May
43%
136
15
329
115
15
14%
115
13%
25
26% May
41
Jan
23%
May
al2% al3%
12%
12%
40
11
May
19%
20%
al5%
120
10
a97
Mar
178
34% May
44
12%
17%
Feb
50
40
%
%
200
%
100
%
%
July
17%
1%
May
July
Jan
Jan
1
Patterson-Sargent
70
9% May
18%
Jan
a8%
20
7
May
12%
*
14%
May
23%
May
40%
*
*
25
88
42
145
3
May
8%
8%
May
6%
May
13%
68%
4%
09%
Youngstown Sheet & Tube*
31%
31%
150
2
2
6% 1st pref
5%% 1st pref
10%
7%
13%
48%
Ford
26% June
31c
100
42%
42
4%
9%
a
524
4%
13
13,732
al5
15
3«%
100
12c
89
290
3%
2%
3%
3
3,252
a6c
a6c
50
May
56
Apr
6%
May
13
24%
May
40
Apr
July
Feb
Apr
Jan
16c
Mar
23% June
3% May
41%
Apr
7c
1%
25c
Jan
Feb
4%
Jan
4%
May
30c
Feb
Feb
30c
37c
440
29c June
47c
10%
10%
550
9% May
13%
Apr
c29% a29%
109
a32
50
a32
26%
May
34%
Mar
29
May
34%
Apr
a28% a28%
4
26%
May
31%
Jan
«41% a41%
10
37%
May
49%
Jan
100
4
May
6
Jan
600
1%
May
2%
Jan
4%
4%
2
2
2
15c
Rice Ranch Oil Co.
15c
15c
1,000
7%
8%
4%
313
7%
7%
8%
8%
4%
4%
14c
6
Feb
May
17c May
8%
Jan
320
7%
Jan
10
Apr
935
3%
May
7
Apr
170
2%
May
4%
Apr
27
27
27
527
44
100
46%
Jan
29%
29%
29%
257
May
May
May
May
44
23%
38%
27%
30%
44
28%
32%
577
24%
May
29%
Jan
225
30
May
34%
May
a8
150
7
May
15%
Jan
June
June
26%
Jan
7%
4%
May
3%
3%
28%
a8%
Pacific Co
28%
32%
fl8 %
al8%
2
7%
5%
12%
3%
%
al8% al8%
594 "17%
7%
7%
413
4%
12%
5%
12%
4,579
1,224
12
May
9%
8%
9%
657
4%
Vultee Aircraft
7
7
7%
225
7
Yosemite Ptld Cem pref. 10
1%
1%
1%
200
1% May
lc
2,000
1%
Co
Vega Airplane
MiningCalumet Gold—
DETROIT
Jan
Apr
June
6%
2.1500
a22% a23%
405
3% May
27
28%
11c
43c
May
14
28%
32%
& CO.
100
25c May
375
20
'
Jan
Chicago Stock Exchange
Building
31c
Mar
a28%
Apr
May
New York Curb Associate
Exchange
10%
a41%
Jan
Members
Exchange '
May
c32
Pacific Lighting Com com
Transamerlca Corp
Stock
9
3%
37c
Standard Oil Co of Calif..
York
8%
355
a29%
Southern
W ATLING, LERCHEN
11
10%
Oceanic Oil Co.
Apr
7% May
Jan
May
May
9
Jan
Apr
6
a6c
Jan
117
Mar
7
a380
Mar
5% May
50
a6%
2%
Mfg Co.
2%
200
a3S0
3%
Menasco
May
8
a6%
8
a23%
Lockheed Aircraft Corp..
1% May
8
Mar
May
50
a8%
New
90%
11c
Jan
52
35%
50
Weinberger Drug Stores..*
White Motor
50
Detroit Stock
May
28%
Mar
25
11
67%
a!5
Goodyear Tire 4 Rubber.
Jan
31
o7 %
0-7%
a50% a52%
3%
3%
1
U S Steel com
July
14
561
a41% a42
Timken Roller Bear com *
Twin Coach com
Mar
11
165
34
11
33
34
*
100
4%
al6% al7
*
12
4%
Jan
a 8%
*
May
12%
Apr
all% all%
Otis Steel
8%
41%
Jan
21%
13% May
13 %
Jan
13%
%
3% June
10
31c
Apr
400
%
1%
215
a380
Apr
105%
12%
13%
N Y Central RR com..
Van Dorn Iron Works.
24%
June
al7% al7%
*
Republic Steel com
12% May
40%
*
Nestle LeMur clA
May
10
95
12%
1
National Tile
6
38%
Medusa Portland Cement *
700
3%
9
Prods Corp.
Jan
Apr
a96
2%
3%
10%
10%
a62% a63%
8
Jan
10%
al5
c
37
15
*
Rlchman Bros
Electrical
Apr
May
22
140
A) S5 cum pfd_*
Interlake Steamship
*
Jaeger Machine
*
c
117
June
al2% al2%
Hanna (M
Apr
a6%
Apr
Apr
18%
12% May
113
*
Mar
*
Acme
5
May
36
Jan
*
Goodyear Tire & Rub
c
17%
a28% a28%
a31
a31%
Goodrich (B F)
c
Jan
16%
50
25
13%
25o
40
2%
Jan
14%
June
Feb
May
300
2%
3%
*
25
com
Glidden Co com
National
10
Apr
2%
25c
al%
10%
aG3%
Mar
25
100
General TAR Co
c
150
a30% a31
Eaton Mfg
c
5%
5
pref
)
Chrysler Corp
Jan
45c
3
400
25c
al%
2%
)
July
4%
2%
25c
2%
*
18
High
Low
Shares
al%
-
BolsarChlca Oil A com..
Mar
100
Cliffs Corp com
Price
High
Low
alQ% a 10%
*
Cleve Railway
Range Since Jan. 1,
for
Shares
8%
5%
CI Graphite Bronze com 1
Week
1
1940
58
16
14
.1
Clark Controller
Dow Chemical
of Prices
High
Low
for
of Prices
Low
High
1
Sales
Friday
c
official sales lists
July 5, both inclusive, compiled from
Week's Range,
Sale
r
1, 1940
Range Since Jan.
Last
Consol Chollar G & S
10c
M..1
lc
lc
2
2
2
a6
«6
a6
200
%c
1
Jan
July
30%
Jan
10
Jan
7
Mar
17%
14
Jan
Apr
7%
July
Feb
3
Jan
2c
Jan
May
2%
Jan
Telephone: Randolph 5530
Unlisted—
Std Sani
Amer Rad &
Detroit Stock
June 29 to
Exchange-
July 5, both inclusive, compiled from
Last
Sale
Par
Stocks—
Week'8 Range
of Prices
High
Low
for
Range Since Jan.
1, 1940
Tel Co.
Week
Shares
Bethlehem Steel Corp
High
Low
Borg Warner
Allen Electric com
Auto City Brew
Price
official sales lists
Sales
Friday
..100 al60% al59% 160%
19%
20%
19%
Anaconda Copper
50
a 16%
al5% a 16%
Atcbsn Topk & S Fe RylOO
al4% al4%
al4%
Baldwin Locomo Wks v t c
a7%
a7%
a7%
Barnsdail Oil Co
5
a26% a27
a26%
Bendlx Aviation Corp
5
Amer Tel &
J
1%
1
19
com._._.l
200
89,
7%
1,175
62%
5
For footnotes see page
19
750
7%
Burroughs Add Machine.*
Chrysler Corp com
1%
62%
339
1%
18
Feb
Jan
7% May
55% May
2% May
26
12%
90%
May
Jan
Apr
Corp
♦
5
10
Service Co
Columbia Gas & Elec
*
Commercial Solvents Corp*
Commonwealth & Sou
*
Cities
a73%
a73% a74%
al6
al6
a4%
6%
a8%
1%
a4%
6%
a8%
1%
al6
5
260
5% May
148
10
Jan
May
174%
Mar
Apr
19%
May
31%
228
15
May
24%
Apr
50
13
May
19%
May
17
11%
12%
Apr
45
25%
Mar
June
34%
Apr
56
68%
June
84
Apr
40
16%
June
24%
Apr
4%
June
7%
13%
Jan
16%
Apr
87%c May
1%
June
323
a4%
6
6%
a9%
1%
100
60
200
Apr
i
88
The Commercial & Financial Chronicle
Friday
Sales
Last
(Concluded)
Par
Week's Range
for
Sale
Stock*
of Prices
Low
Continental Motors Corp.l
2%
Continental Oil Co (Del)_5
ol7%
Curtlss-Wrlght Corp
1
a22%
Electric Bond A Share Co 6
General Electric Co
•
a6
a6
General Foods Corp
*
International Tel & Tel
*
o30%
41%
a2%
Kennecott Copper Corp
*
24%
Loew's Inc
*
Montgomery Ward & Co_*
New York Central RR
*
Nor American Aviation. 10
025
4
al9%
*
a4%
Republic Steel Corp
,*
Sears Roebuck A Co
*
So cony-Vacuum Oil Co__15
Southern Ry Co
*
al6%
Corp of Amer
Standard Brands Inc
Texas Corp (The)......25
Tide Water Assoc OH Co .10
United Aircraft Corp....6
United Corp (The) (Del).*
U S Rubber Co..
10
U S Steel Corp
•
Westlnghouse ElecA Mfg60
Willys-Overland Motors..1
7
50
255
41
025
2%
27
10
24%
50
39
10%
10%
20%
10%
20%
250
Apr
35%
Feb
47% May
July
June
18%
26%
2%
20
21%
Jan
4%
June
7%
75
14%
May
90
68%
7%
June
23%
87%
12%
17%
4
May
5
83
30
June
10
10
Mar
Mar
Friday
Jan
43%
23%
47%
Blaw-Knox Co
Byers (A M) Co
1% May
10
4
35
41
Apr
15
82
88
Apr
9
Apr
9
Apr
30
Apr
6%
6%
6%
50
26%
185
21% May
St Louis Car 6s extd
St Louis Pub Serv 5's_1959
72
72
'<32%
62%
62%
com
...»
1
com
com
50
Quotations
*
Jan
51%
2%
38%
65
Bid
Mar
3%
21%
7%
29%
41
7%
130
Low
37%
25
27
solicited
33%
Pacific
on
Mercantile
70
May
Feb
6%
23% May
5% May
7%
102
25c
100
May
4% May
20c
Apr
1
1
1
100
1
Jan
14
14
243
13
May
17%
Stock
York
Stock
1%
Apr
Private Wire to
6%
7%
Jan
1
San
Apr
25c
25
28
100
25
July
32
76
75
June
53
9
6
6
1,872
75c
75c
80c
1%
735
Pittsburgh Oil & Gas
5
Pittsburgh Plate Glass..25
Pittsburgh Screw A Bolt.*
1%1%
78% 78%
25
15
Renner Co
5%
5%
1
40c
40c
lc
lc
Shamrock OH & Gas Co__l
1%
1%
Feb
104%
Apr
4% May
30c May
8%
Jan
45c
Mar
1,000
Vanadium-Alloys Steel Cp*
32
Westlnghouse Air Brake. _*
20%
10
33
21%
100
88
Jan
Feb
1,000
1%
1.50
June
66
1,000
1
1%
Mar
May
10% May
6% May
7% May
4% May
75c May
943
San Toy Mining Co
lc
Feb
lc
Feb
1% May
2%
Jan
28
34
May
15% May
May
28%
Jan
Undsted—
Pennroad Corp
June 29
v t c
1
1%
1%
1% June
2%
Mar
June 29
to
July 5, both inclusive, compiled from official sales lists
Friday
Last
Par
American Stores
American Tel & Tel
6
28%
42%
com *
"l%
60
1
1%
50
20
*
25
Tacony-Palmyra Bridge
Transit Invest Corp pref
United Corp com
*
Week
Low
67
1%
Preferred
_*
United Gas Improve com.*
Preferred
_*
Stocks—
Par
for
of Prices
Week
Price
3%
4%
3%
140
6
365
62%
55
55% June
2%
50
27%
28%
384
42
43%
1,148
38
May
30%
1%
1%
30%
90
27
June
534
334
2
14%
Apr
175%
125%
Jan
6
Jan
Jan
35
12%
2
53
1%
19% 20
115% 117
29% 30%
%
1%
34%
11%
1,868
702
28
467
10
%
545
11%
13%
250
13c
150
Calamba Sugar
20
13
50
com
13c
Cons Chem Ind A
*
91
82
137
Sale
Par
Price
20
"37%
May
21%'
21%
197
May
June
High
60c
"23%
50
17% May
22
8%
780
10%
7% May
14% May
10% June
11%
20%
17%
Mar
269
50c
65c
370
1.15
Feb
2.00
200
10
Langendorf Utd Bak
A
1.90
7
*
Class B
13%
*
Preferred
O'Connor Mof f att cl A A
4.00
Mar
8%
Apr
16%
Feb
Feb
5
100
37
30
34
June
40
May
35
26%
605
21
15
2.85
15
137
12% May
2.85
3.00
630
1.75
Jan
1
6%
6%
127
5%
May
8%
300
9
8%
9%
255
7% May
7% June
3%
3%
20
8%
Apr
Paauhau Sugar Plant...15
Pacific Coast Aggregates.5
Jan
Pac G A E Co
Jan
48%
Mar
"9%
*
.
4%
6% 1st preferred
6%% 1st preferred
38
May
10
May
107% June
1
Jan
2%
41%
15%
117%
Jan
Feb
Jan
Feb
35 dividend
Pacific Tel A Tel
29%
32%
25
25
...*
com..
100
PhUippine Long Dis Tel 100
Plg'n Whistle pref
*
Puget Sound PAT com. .*
118
25
Manufacturing Co 1
Richfield OH Corp com
•
Ryan Aeronautical Co___l
Soundvlew Pulp Co com.5
Southern Pacific Co
38
30
30
30%
23%
40
28
16%
June
Apr
Feb
5%
600
95c May
1.50
Jan
32%
1,444
34%
34%
31%
Apr
32%
29%
40%
25% June
28% May
25% May
29%
277
41
467
34
25
100
May
May
154
113
June
106%
118
119
41
508
39%
July
50
108%
138%
54
Apr
Jan
Jan
Jan
Mar
Jan
L05
1.05
1.05
190
17%
17%
17%
350
13
13
"28%
28%
28%
595
2.05
2.05
2.05
165
1.80 May
2.75
14%
7%
14%
7%
4%
5%
229
19%
30%
Mar
42
May
34%
Jan
15%
26%
33%
Jan
60
1
12%
Apr
Jan
12
May
May
37% May
23
23
100
25
25%
375
32
4%
33
144
28%
4%
5
"25"
920
100
"~8%
8%
8%
680
18%
18%
18%
1,996
25
25
172
5c
5%
5c
85%
35
5%
6%
4%
8C
8c
4,016
13,100
12%
12%
707
06
06
May
May
17% May
22
200
85%
Tide Water Assoc OH prf.*
Jan
24%
12% May
5% May
3% May
4% May
22
May
21
May
450
1.35
29% May
24% Mar
5c
80
4%
6c
12
May
July
Feb
Jan
8%
Jan
7
Apr
6%
20c
Jan
Jan
Feb
Feb
June
96
May
May
May
15c
Jan
17%
Jan
9%
174%
Mar
6%
May
Mar
Unlisted—
Low
60c
Jan
5%
1,127
♦
Transact)erica Corp
2
TreadweU-Yukon Corp
1
Union OH Co of Calif...25
11
1.25
Standard Oil Co of Calif..*
Super Mold Corp cap...10
Texas Consolidated OH..1
(MEMBER)
4%
Jan
Apr
4 60 May
11
Apr
10% Mar
29%
39%
"
30
Jan
'
29
105
R E & R Co Ltd pref..100
com.l
4%
1.25
25
com
,
19%
3% June
Mar
.
Jan
Jan
June
7
*
com
2%
Am Rad & St Sntry
*
American Tel A Tel Co. 100 ol60%
Amer ToU Bridge (Del)-.l
80c
Anaconda Copper Mln..50
Anglo Nat Corp A com...*
Aviation Corp. of Del
3
High
Bendlx
100
1.90
Feb
11% May
4% June
10
315
July
July
26
1
com
50c
37
Machine..5
Mfg Co
13%
100
5
50
Apr
Calcul
7
13%
5
LeTourneau (R G) Inc.-.l
Apr
Jan
Jan
15%
10%
3%
38
23%
Feb
8%
National Auto Fibres
Range Since Jan. 1, 1940
2
Feb
33%
15%
North American OH Cons 10
Week
Shares
19%
95
10%
44%
8%
24%
120%
31%
30
For footnotes see page 89.
Low
60c
*
__1
5
35
15%
Jan
Sales
for
75% May
17
62
19
Apr
Apr
May
May
6
21
37%
19
26
June
*
4%
Exchange
Week's Range
of Prices
4
Feb
12% May
37%
Laundry...*
Golden State Co Ltd
March
gt. L. 494
Last
234
109
Hawaiian Pine Co Ltd
*
Honolulu OH Corp cap...*
Hunt Brothers com
10
Menasco
A. T. & T. Tel.
Friday
Jan
103% June
19% May
874
7
Feb
21
300
7
Mar
25c
Mar
5
80%
19
12c May
4%
14
Di Giorgio Fruit pref... 100
Jan
LOUIS BANK STOCKS
St. Louis Stock
12% May
50
Jan
2.25 May
Jan
15%
2% May
4%
21%
July
May
Feb
Feb
120
13%
Rheem
OLIVE ST.
Garfield 3460
9
2c
7%
125
62%
21%
*
1% May
1% Mar
26% June
3,808
1.30
3% May
May
21%
com
1
Crown Zellerbach com...6
Galland Merc
44
"l4~"
Creameries of Am
Preferred
50%
3%
3%
104% 105
Coast Cos G & E 1st prf 100
.14% May
112% June
28% June
44
12%
112% 113%
July
8c July
3% May
103
May
194
Calif Engeles Minlg Co. 25
Calif Packing Corp pref.50
Central Eureka Mln com. 1
High
2.60
200
11%
Low
•
Apr
162
2%
35
418
com
15
*
33%
55%
35%
% May
1% June
STOCK EXCHANGE
ISSUES
ST.
Burkart Mfg
100
Byron Jackson Co
So Calif Gas pref ser A..25
_*
600
1.30
ACTIVE IN:
com
8c
3%
1.30
Schleslnger (B F) 7 % prf 25
Signal OH & Gas Co cl A..*
A. S. Aloe Co
8c
3%
2
Gatch Bros., Jordan &
McKinney
Inc.
American Inv com
Brown Shoe com
100
Bishop Oil Co
Feb
ST. LOUIS, MO.
Stocks—
2.60
8c
Pacific Light Corpcom...*
43
Range Since Jan. 1,1940
Shares
110% 110%
Anglo Amer Mln Corp...l
Atlas Imp Diesel Engine. .5
6%
90%
May
25% June
High
2.60
Bank of California N A..80
Republic Petroleum
LOUIS
Low
Aircraft Accessories A..50c
Rayonler Inc pref
ST
Sales
Week's Range
Sale
Preferred
High
9%
May
146% May
113%
Apr
3% June
3% May
43
*
Exchange
Last
Natomas Co
Electric Storage BatterylOO
General Motors
.10
Pennsylvania RR
Phila Elec of Pa $5
pref
Phila Elec Pow pref
Range Since Jan. 1, 1940
Shares
11%
11%
159% 161%
116
117%
'"4%
*
com
for
62%
2%
117
Exchange
Francisco Stock
Hutchinson Sugar Plant. 15
160%
*
Chrysler Corp
Horn&Hardart (NY)
Lehigh Valley
Pennroad Corp vtc
Low
*
Bell Tel Co. of Pa pref.. 100
Budd (E G) Mfg Co
*
Curtis Pub Co
of Prices
High
Price
100
Budd Wheel Co
Sales
Week's Range
Sale
Stocks—•
are
July 5, both inclusive, compiled from official sales lists
Emp Cap Co pref (ww)__50
Food Machine Corp com 10
Philadelphia Stock Exchange
to
which
91
76
8%
6
10
Exchanges,
Jan
500
"8%
Fireprooflng Corp..*
49%
offices In San Francisco and Los Angeles
own
Friday
Natl
47%
Broadway, New York
Jan
Jan
50
14%
1%
1%
*
106% 109 %
St Louis Union Trust Co--
Coast
Members New
26% May
8%
Apr
43%
Apr
11%
Jan
13%
Feb
6%
100
Ask
Bk
Cortlandfc 7-4150
16
70
6%
1
Lone Star Gas Co com
Mt. Fuel Supply Co
Commerce
A Trust Co
Schwabacher & Co.
111
..10
Hoppers Co pref
JaD
until 5:30 P. M. Eastern Standard Time (2 P. M.
Saturdays)
High
25c
"27"
75% May
66%
Bid
30%
35%
open
6
*
May
Apr
1
Devonian Oil Co
Fort Pitt Brewing
Jeanette Glass pref
July
55
Apr
25c
Preferred
72
2,000
Ask
Boatmen's National Bank.
First National Bank
Mississippi VaUey Tr Co..
Apr
Apr
Feb
6
*
Consolidated Ice Co com.*
SI,000
St. Louis Bank and Trust
Companies
on
Feb
11
May
May
1%
Shares
7
50
Bonds—
Range Since Jan. 1, 1940
High
7%
28%
*
Col Gas & Elec Co
6%
Apr
15
for
20%
com
June
35
26%
Sales
Steel.
Apr
Mar
82
Week
Arkansas Natl Gs Cp pflOO
Armstrong Cork Co
*
Apr
12%
Apr
40
of Prices
Low
12
28
35
Feb
June
Apr
Jan
50
Week's Range
Price
6
Apr
82
Apr
Feb
18
Sale
Allegheny Ludlum
100
Jan
8
100
6%
Wagner Electric
Jan
35%
July
10% June
20% July
7% June
50
8
36%
33
"26%
Sterling Alum
7%
45% Mar
8% May
40% June
Last
Par
8
Feb
25% May
5% June
10
8
Jan
Apr
15%
May
15
Apr
Apr
Apr
July 6, both inclusive, compiled from official sales lists
Stocks—
100
Jan
10%
May
July
5% May
5%
Jan
Pittsburgh Stock Exchange
29 to
276
6
Apr
19%
100
Orders
June
11
50
31
8
5
com
2nd pref
12
53
23
12%
30%
*
Scruggs-V-B Inc
Preferred
Scullln Steel
12%
55
45
Mo Port Cement com...25
Natl Bearings Metals com *
Natl Candy com
Jan
May
5%
12%
Jan
Feb
24%
65
~
July
6% June
25
May
75
100
33%
June
190
7
6
50
a89%
a2%
15
33
06
a51 %
14
55
6
06
a33%
a2%
al9%
3
15
7
31
9%
10
27
13%
15
33
May
May
May
a9%
June
13%
7
*
16%
30
34
*
14
a6%
a20%
a38%
June
15
1
com
High
27
38
8%
667
o32% a32%
o7%
o7%
a6% a6%
al9% a20%
a37% a38%
a9% a9%
033% o33%
a2% o2%
019% al9%
a50% o52%
089% a89%
02% a2%
Low
50
International Shoe com...*
50
a7%
*
30
Key Co com
Knapp Monarch pref
166
100
29%
Jan
245
09%
30
Range Since Jan. 1, 1940
Shares
High
Feb
all
a32%
Genl Shoe
Mar
Coca-Cola Bottling com__l
Low
47%
4%
al 1
a6
Ely & Walker D Gds com25
Falstaff Brew com
1
Jan
Price
Jan
all
"
Feb
Week
40
a71 % a72%
a8%
Dr Pepper com..
for
of Prices
May
May
May
July
27
110
Par
Week's Range
May
237
50
(Concluded)
11%
29%
June
5%
Stocks
4%
Feb
20% May
24% June
a72%
a8%
*
Standard OH Co (N J)... 2 5
Stone A Webster Inc
*
Studebaker Corp......
1
Swift & Co.
25
30
a38% o39%
12%
12%
15%
15%
4
3%
al9% al9%
o4%
a4%
al6% al7
High
2% May
20% May
10
o25
60
Radio
Low
70
24%
Sales
Last
Sale
220
a30% a31%
41%
41%
a2%
a2%
24%
Range Since Jan. 1, 1940
Shares
a6
a39%
12%
15%
Packard Motor Car Co__*
Pennsylvania RR__
High
2%
2%
al7% al7%
a6%
a7%
a22% a22%
o7%
Class A-,..
Friday
Week
Price
July 6, 1940
July
May
May
46
Jan
29
60c
36%
July
Apr
Apr
May
Aviation
Corp___6
Blair A Co Inc cap
ol59%ol60%
72c
019%
10%
a 20
5
8
May
256
149
June
2,160
142
52c
18%
Apr
Feb
92c June
May
31%
Apr
10% May
10%
a4%
284
40
8%
4%
a27%^27%
110
26%
May
May
75c
June
a4%
a27%
80c
Feb
8%
Apr
35%
Apr
1
1.00
1.05
738
Bunker HU1 A SuUlvan.2%
Cities Service Co com.. 10
Claude Neon Lights com.l
10%
5%
10%
5%
125
9%
May
14%
Jan
245
4%
Feb
6%
May
*i«
100
% June
%
Mar
2
Jan
Volume
The Commercial & Financial Chronicle
151
Sales
Friday
'
Last
(Concluded)
Week's Range
for
Sale
Stocks
of Prices
Low
High
Week
Price
Par
Cons Edison Co of N
a28
Consolidated Oil Corp
Curt las Wright Corp„
*
a6%
1
6%
28%
6%
_
June
6
June
7%
Apr
Apr
July
11H
Mar
10
6H
25
28%
" 6%
a31%
200
5%
28 H
June
5%
5%
a23% a23%
1
Internatl Nick Co Canada *
700
Kenn Copper Corp com..*
36
Mar
155
a31
a31%
32%
May
Jan
7
Apr
20% June
38 K
Admiral
325
Theological
Mar
5c
5c
900
25 % June
5c
Feb
35H
5c
5c
8c
8c
8c
2,500
6c May
12c
Jan
a39
Jan
a25
a25
Montgomery Ward A Co.*
a26
of cooperation
R.
are:
Belknap
(retired),
bursar
General
of the
Seminary,
Feb
1
M J & M & M Cons
Reginald
Willis H. Booth, Vice-President of the
Jan
10
Klelber Motor Co
the Association's committee
Rear
Jan
45
the proffer
recently made to the Council.
Besides Col. Pope, those who have accepted appointment
on
Jan
8%
41
June
5
that the Council welcomed
which the Association
24
365
7
National Defense in cariying out the preparedness program
and
High
100
5
General Electric Co com..*
Idaho Mary Mines Corp.
Low
22
a6%
6%
28 %
Range Since Jan. 1, 1940
Shares
a28
Domlnguez Oil Fields Co.*
Elec Bond <fe Share Co
89
James S.
Guaranty Trust Co. of New York,
Carson, Vice-President of American and Foreign Power Co.,
Inc.,
Louis K. Comstock, former President of The Merchants' Association of
39% May
55*
National Distillers Prod._*
No American Aviation..1
aW%
a39%
a\9% al9%
100
50
19
June
26
Apr
a\5%
a
130
14
% May
a2l%
26 %
23 H
Feb
North American Co com.10
15% a 16
a20% a21%
Packard Motor Co com..*
4
Jan
Charles Dunlap, President of The Berwind-White Coal Mining Co.,
Apr
Colonel Stedman S. Hanks, a specialist on aviation,
Pennsylvania RE Co
3%
60
Radio Corp of America
al9%
"al%
75
a
May
4H
50
16 H
June
23 %
*%
May
7%
25%
Mar
a*%
15
22
20
8%
50
7
Jan
12%
30 % May
May
Bo Calif Edison com
25
27%
582
24
6% preferred
Standard Brands Inc
Studebaker Corp com
25
29%
29%
108
25
May
*
a5%
a6%
45
5
May
1
a6Vs
ad%
75
5%
May
27
27%
Texas Corp com
25
United Aircraft Corp cap.5
United States Steel com..*
West Coast Life Insur
*
No par value,
a
trading privileges,
year.
44 %
a32%
115
225
42
100
4
a32
7
7
Odd lot sales, b Ex-stock dividend,
d Deferred delivery,
y
Mar
39
a50% a53Vs
5
xEx-divldend.
The Whal Co.t o
15
a38% a38%
May
46
Rear Admiral Frank R.
Naval
May
61 %
66%
Jan
Jan
9%
Trust
Edward S.
and
Coast
Pacific
States Trust Conference
Moiintain
Salt Lake
for
to
Rocky
Mr.
Utah, Aug. 15-17, under the auspices of the Trust Division
of the American
Bankers Association, according to the
dent
of
of the A.
the
Trust
as
B. A. Trust Division,
National
Division
hosts to
dent of the
June 24 by Roland E. Clark, Presi¬
on
Bank
of
of
Utah
the
who is Vice-President
Commerce,
Bankers
Portland,
Me.
Association
The
will
act
Vice-Presi¬
Walker Bank & Trust Co. of Salt Lake City, is
this conference.
General Chairman
John
M.
Wallace,
of the conference.
The banquet speaker the opening night
speakers
on
the
program
include
Dr.
Assistant to the President of the Utah
will be J. Reuben
Other outstanding
Adam S. Bennion,
Power &
Light Co.,
Salt Lake City; Henry A. Tlieis,
Vice-President of the Guar¬
anty Trust Co. of New York City; Roy H. Booth, Assistant
Officer
Trust
Mass.,
of
National
the
Shawmut
Bank
of
Boston,
E. C. Barrett, Comptroller of the California
Institute of Technology, Pasadena, Calif.
The closing ses¬
sion will be devoted to a Question-Box period under the
Lowry said that the committee would be enlarged
it
as
new names
representing other industries
appeared to be desirable.
In his announcement, Mr.
Lowry also said:
The Merchants' Association has felt for a long time that
a
local committee to cooperate with the Government
of
the
defense
it should organize
in meeting local needs
In view of the size of the job, complete local
program.
cooperation is going to be required from every community in the United
considered the matter
The Association's Board of Directors
States.
time ago and authorized
Before announcing the appointment,
paredness.
some
the appointment of a committee on national pre¬
however, S. C. Mead,
Secretary of the Association, and I went to Washington where we had con¬
ferences with Mr.
McReynolds and with others who are now busily engaged
in developing the
preparedness program.
that
ours
a
We found that their views coin¬
local committee would be helpful not only
lating the patriotic interest of the community in defense
in
helping, in
a very
practical
way,
the coordination of local industries and
of production sufficiently to meet the needs of the Govern¬
the development
ment.
will
not
be rendered through the committe
We expect that the services to
be
dissimiliar to the very
did in the period from 1914 to
form such tasks
in stimu¬
problems, but also
as may
important work which the Association
The Association is prepared to per¬
1918.
be assigned to it by the Council of National Defense
and the members of the advisory
commission have been so informed.
and
direction
search
President of Ethyl Gasoline Corp., and
Whitmarsh, President of Francis H. Leggett & Co.
with the addition of
cided with
Clark, former Ambassador to Mexico.
President of American Merch¬
Design of the New York World's Fair,
Francis L.
Be Held in
City, Aug. 15-17
announced
President of Empire State Bldg., Inc.,
Institute, Inc.,
E. W. Webb,
Rocky Mountain States, to be held in Salt Lake City,
program
Co.,
Rogers, of Rogers, Hoge & Hills,
Stephen F. Voorhees of Voorhees, Walker, Foley & Smith; and Chairman
Present-day trends in taxes, investments and public rela¬
tions -will be the outstanding subjects for discussion at the
Eighteenth Regional Trust Conference of the Pacific Coast
and
Director of the Manufacturers
Former City Comptroller Frank J. Taylor,
ant Marine
-
Announced
McRoberts,
Former Governor Alfred E. Smith,
of Board of
Program
Samuel
General
Co.,
Robert H. Patchin, Vice-President of W. R. Grace &
In range for
Eversharp, Inc
-:
—______
Co.,
Brigadier
Apr
Apr
J Title changed from
Co., Inc.,
Trust
and
Admitted to unlisted
tin default.
Lackey, Commanding Officer of the New York
Militia,
George McAneny, Chairman, Board of Trustees of the Title Guarantee
Feb
May
Inc.,
Thomas W. Lamont, Vice-Chairman, Board of Directors of J. P. Morgan
and
Apr
June
%
sale—Not included
r Cash
t Listed,
Ex-rights,
e
Jan
29%
7%
12%
York,
Lincoln Cromwell, Chairman of Board of William Iselin & Co.,
Apr
18 % June
19%
a\%
8%
New
Jan
605
4
22
•
Schumach Wall Bd pref._*
Shasta Water Co com
*
Mar
20 %
3
of
Gilbert
T.
Vocational Training for
Columbia School Shops in
National Defense—Board of Education Makes Full
Bankers Association, New York.
of the American
Right to Use District of
Federal Government Granted
Director of Trust Re¬
Stephenson,
Facilities Available Outside Regular Hours
The Board of Education of the District of
Thirty-Ninth Annual American Institute of Banking
Convention to Be Held in San Francisco June 2-6,
1941
The thirty-ninth annual convention of the American Insti¬
tute
of
Banking
June 2-6, 1941,
it
President of the
will
was
be
held
in
announced
Institute.
The
on
St.
San Francisco, Calif.,
July 3 by J. L. Dart,
Francis
Hotel will
be
headquarters for the convention.
The A. I. B. is the educa¬
tional section of the American Bankers Association.
More
than 47,000 bank employees, studying in Institute chapters,
chapter branches and study groups in 385 cities throughout
the country are enrolled in its classes on Bank Organiza¬
tion
and
and
use
of further funds.
Washington "Post" of June 27 added the following
The
details:
Investments, and. Trusts.
Fq
approximately 30 wood
addition,
shops of junior and senior high
schools, with a capacity of 600, could be used, if
Merchants' Association of New York Names
of
19
to
Cooperate
Defense—Col.
with
Committee
Council of National
Committee
Pope Heads New
Following a conference in Washington with W. H.
McReynolds, Administrative Assistant to President Roose¬
velt and Secretary of the Advisory
Commission of the
Council of National Defense, John Lowry, President of The
Merchants' Association, announced on July 4 the organiza¬
tion by the Association of a Committee on National Pre¬
paredness to cooperate locally with the Council in carrying
out the Nation's
defense program.
Merchants' Association's committee
Allan M.
that Mr.
McReynolds had advised him that it was expected
that there would be many points where a qualified
committee would be able to cooperate with jthe
equipment were increased.
Could Use Metal Shops
Twenty-four art metal shops with a capacity
be
converted, at
no great cost,
into tin or sheet
of^tpproximately 500 could
metSF^hops, it was pointed
out.
capacity of 1,402. They are
Schools, Central High School,
McWinley High School, Phelps and Washington Vocational Schools and
Eight schools would take care of the basic
Abbot, Chamberlain and Dennison Vocational
Armstrong High School.
According to the plan being worked out by the
Office of Education with
of workers, in addition
school authorities in the various States, two groups
to
regular pupils, would be trained in occupations vital to
national defense.
Unemployed adults and also employed persons would take courses.
is headed by
Pope, President of the First Boston Corp.
The committee is made up of 19 industralists, bankers,
shipping men and others, several of whom have had extensive
military and naval experience.
Col. Pope is a graduate of
West Point.
He served with the general staff in France
during the World War and on his return to the United States
was appointed secretary to the general staff in Washington.
He has begn-in the investment banking business since 1920.
In announcing the appointments, Mr. Lowry explained
The
Col.
on
by
authorizing the use of shops in its vocational schools for the
purpose of training workers under the nation-wide plan
supervised by the Federal Office of Education, with a
$15,000,000 Congressional appropriation.
Summer use of
the shop facilities is expected, and the Board also indicated
its desire that they be used at other seasons during hours
when they are not occupied by regular pupils.
Dr. Frank
W. Ballou, District School Superintendent, reported to the
Board that the 1,402-person capacity of vocational school
facilities could be increased by approximately 25% with the
Operation,
Law, Economics, Accounting, Money
Banking, Credit Administration, Bank Administration.
Columbia
June 26 voted to aid in the national defense program
New York
Council of
Vocational
schools
here
are
equipped
for
electricians, for courses in radio service, auto
classes
mechanics is being given in Armstrong
A course in aircraft
High School.
Red Cross May Get
The Board
for machinists and
mechanics, welding, steam-
fitting, drafting and numerous other related courses.
Use
yesterday indicated that use of some
buildings by the Red
Cross also is contemplated this summer.
The Board set up a
proposed staggered schedule
building replacement program, between now
referred
to its
for the $7,889,900 school
and 1948.
The report was
in the preparation of
finance committee for consideration
the 1942 budget.
The program
covers
14 replacement projects,
committee appointed by the District
Senate and House
outlined previously by a
the
Commissioners at the request o
Appropriations Committee.
The Commercial & Financial Chronicle
90
July 6, 1940
Canadian Markets
LISTED
AND
UNLISTED
Montreal Stock
Service
Exchange
Friday
all Canadian
on
Sales
Last
Greenshields & Co
Montreal Slock Exchange
507 Place
Montreal Curb Market
Par
Howard Smith Paper
Members
Stocks (Concluded)
*
Preferred
38
5s
Oct
37
6s
Sept
6s
May
4s
June
5s
July
4*8
Oct
12 1949
65
68
1 1953
60
64
mm m*»
75
Province of Manitoba—
1 1941
4*8
Aug
5s
June
5s
Dec
Ask
Province of Ontario—
36
15 1954
70
2 1959
70
Prov of New Brunswick—
6s...
Apr
16 1960
62
66
4*8
Apr
16 1961
59
62
13
14%
457
24
Feb
70
130
70
June
94
Feb
130
130
130
30
130
May
135
Jan
15
15
50
14
May
27
Jan
»
3%
4Mb
Sept
15 1952
70
Mar
1 1960
74
5%
100
J
100
1962
70
73
15 1965
Province of Quebeo—
4*8
Mar
2 1950
74
77
National
60
Montreal L H & P Cons..*
Breweries
»
Preferred
Jan
73
76
Ogilvie Flour Mills
4s
Feb
1
1958
69
72
May
1 1961
71
74
Power Corp of Canada...*
Price Bros & Co Ltd
*
Steel Car Corp.*
*
5% preferred.......100
53
58
Quebec Power...
53
58
1 1951
56
Regent Knitting
Preferred.
15 1943
Nov
Oct
78
2* May
5
June
60
Jan
81
Mar
37
107
Jan
120
Feb
"37"
2,324
25
May
31*
40
11
40
June
25%
1,190
25
June
56*
38*
Jan
33%
220
33
June
41*
Mar
June
37
37
34
69
Jan
43
44
274
43
July
23
161
20
June
78*
33*
Jan
21
6
6
6
238
6
May
11*
Jan
10*
11*
550
9
May
24
Jan
60
60
61
135
60
May
80*
Feb
13%
3%
*
10
13
June
50
3
June
6
Feb
50
10
July
17
Jan
25
19*
Jan
60
13*
3%
10
12
June
15
90
July
.50
Railway Bonds
12%
13%
Shawlnigan W & Power..*
17%
18
Closing bid and asked quotations, Friday, July 5
Sher-Willlam8 of Can prflOO
Southern Canada Power..*
114
Steel
_62~
Canadian Pacific Ry—
4s
Canadian Pacific Ry—
perpetual debentures.
6s
42%
43%
4*s
Sept
1 1946
64*
65
Sept
15 1942
68
70
6s
Dec
11954
60
61*
Dec
4*8
58
Ask
15 1944
1 1944
55
58
4*8
July
1 1960
52*
54
90
91*
...July
Co
Canada
of
*
Preferred
Twin
City
United Steel Corp
*
Preferred
Government Guaranteed
Bonds
Closing bid and asked quotations, Friday, July 5
16
May
24*
15
114
July
126
Mar
9* June
15
Jan
30
10*
62
165
62
65
60
63
July
May
145
145
55
145
July
2
10
2
June
3%
25
3*
3
Too
3
356
47
3
100
Winnipeg Electric A
920
62
*
Vlau Biscuit
47
3
2*
May
Feb
2*
50
May
1.00
1.10
175
1.00
1.00
1.00
5
1 00
July
*
8%
8%
25
5*
*
8* June
Apr
Jan
Jan
86*
83
Jan
160
Mar
2*
Mar
Jan
6*
4*
55
June
*
Zellers
Jan
21
2
145"
Jan
540
65
*
Class B
Dominion
10
102
May
10* May
114
114
25
Tuckett Tobacco pref. .100
12
90
Jan
17*
2
12
90
90
2*
preferred
Jan
11*
240
Bid
Jan
37
2%
Ask
Feb
43
2%
Bid
Jan
9*
33%
*
Rolland Paper vot trust...
Preferred
100
(American Dollar Prices)
Jan
6*
10
25
60
40
..25
St Lawrence Corp
A
Jan
5*
23
Noranda Mines Ltd
15 1946
./.....June
87
Mar
2*
Jan
25
"25"
25
4*8
Saskatchewan—
26*
50
3%
2%
5%
110* 110*
26% 27*
Montreal Tram ways. ..100
88
74
6s
2%
*
*
Montreal Cottons
National
.
Feb
70
91
5*s..
Jan
Feb
70
81
6s.
Jan
15*
16*
28*
46*
"l4*
89
4*8
Province of Nova Scotia—
Apr
34
100
78
of
Apr
106
27* May
12* June
86
4*8
110
20 *
1942
Prov
June
20*
15 1943
1 1959
1
20
pref........25
Preferred
1
170
13*
McColl-Frontenac Oil
35
20%
32%
8*
13*
Massey-Harris...
1 1956
June
9*
5
Lake of the Woods
Bid
1 1948
12
*
Lindsay (C W)
(American Dollar Prices)
Oct
1,475
335
23*
Jamaica P S Co Ltd preflOO
Issues
Jan
2,391
50
20
31%
High
9%
13%
90
»
Low
11* May
85
May
19* June
8* June
Imperial Tobacco of Can
Closing bid and asked quotations, Friday, July 5
4*8
225
90
International Petroleum..*
6s
14
20
Intl Power pref
Prov of British Columbia—
14
14
Range Since Jan. 1, 1940
Shares
*
IntI Nickel of Can
province of Alberta—
Price
Imperial Oil Ltd
MR
Ask
Week
100
Intl Bronze
Bid
of Prices
Low
High
Hudson Bay Mining
d'Armes, Montreal
Provincial and Municipal
for
Sale
Securities.
Week's Range
Apr
May
Jan
2*
Jan
2*
13
Apr
Banks—
Canadienne
Bid
Ask
Canadian National Ry—
Sept
4*8..
1
Ask
Canadian Northern Ry—
1951
76%
77*
4*s._
79
77
78
140
May
164
139
139
26
139
Mar
172
172
143
172
July
July
176*
100
212
Mar
100
283
283
1
283
July
311
Mar
Royal
100
150
150
59
150
June
190
Mar
140
140
140
Apr
80
4*8..
13
100
Montreal
Nova Scotia
Bid
100
Commerce.......
(American Dollar Prices)
6*s
July
1 1946
89 *
91
Grand Trunk Pacific Ry—
4*8..
July
1 1957
78*
4s
Jan
5s
July
1 1969
80
81
3s
..Jan
58
Oct
1
1969
80
5s
Feb
1
1970
79*
Montreal Curb Market
81*
81
77
1962
70
1 1962
1
65
June 29 to
July 5, both inclusive, compiled from official sales lists
Friday
Sales
Last
Montreal Stock
June 29 to
Stocks-
Exchange
July 5, both inclusive, compiled from official sales lists
Friday
Last
Sale
Stocks—
Par
Price
Agnew-Surpass Shoe prflOO
*
Preferred
100
Week
108
Alberta Pacific Grain A..*
Algoma Steel
of Prices
90
8
81
7*
81
High
108*
81
•
16
16
Associated
*
14*
14*
Breweries
Brazilian Tr Lt & Power.*
British Col Power Corp A »
Class B
...»
Bruck Silk Mills
8%
134
4*
25
4*
Building Products A (new)*
12*
*
Canada Cement pref
3 *
6% preferred
3%
60
Cndn Car & Foundry
Preferred..
10
*
25
6
June
Mar
Apr
Jan
May
8*
14*
May
26*
Jan
12*
May
19*
Mar
6*
May
July
9
475
304
197
133
3%
10*
160
24
May
30
Mar
2
50
2
June
3
Mar
60
4%
12*
13
425
12
May
12
65
10
May
3%
4%
4*
May
Jan
May
June
99
FeD
~ii~~
4
65
80
10
80
11
25
10*
May
18
180
2%
June
8*
21*
Mar
3
9%
6%
14
3%
10
6*
14
359
35
140
3*
June
May
16*
Jan
28*
37*
Jan
Candn Celanese rights
*
Canadian Cottons pref. 100
Cndn Industrial Alcohol.*
22
22
300
20
100
100
45
100
2
2
155
4%
25*
Jan
6
June
25*
Jan
9*
12*
20
1.65
Apr
Feb
128
Mar
Jan
22
May
July
116
May
May
3*
Jan
Mar
*
21
4*
602
4
May
8*
4%
32%
30
4
May
9
32*
Consol Mining & Smeltlng5
4%
4*
Cockshutt Plow
Crown Corl & Seal Co
Feb
Feb
106
25
7
17*
23*
8*
10
Ry
Apr
25
171
Pacific
Jan
Mar
24
26
Canadian
15*
169
June
110
7%
Feb
Feb
55
110
Preferred
*
100
382
100
Celanese
Feb
3.00
16*
May
May
Canadian
110
July
May
10*
*
Canada Steamship (new)
92
10
124
29
May
48*
Jan
21
21
95
21
June
32
Apr
Jan
Distillers Seagrams
Dominion Bridge
»
22*
21*
27*
22*
130
19*
22*
May
22 *
22*
22*
590
*
June
40*
Jan
Dominion Coal pref
Dominion Glass
25
17 *
17*
17*
710
16
June
22
Feb
June
125
Jan
July
155
Feb
Preferred
100
120
120
15
113
100
135
135
10
135
Dominion Steel & Coal B 26
Dom Tar & Chem
*
Preferred
6*
6%
7%
5
5
80
100
Dominion Textile...
*
Dominion Textile pref. 100
Dryden Paper
Eastern Dairies
*
75
149
Foundation Co. of Canada*
Gatlneau Power
*
6% preferred
Rights
General Steel Wares
Apr
6*
June
15*
Jan
1,295
3
May
8*
Apr
80
5
80
July
75
97
70
June
149
11
148
Apr
4
May
4%
4%
65
50c
50c
125
50c
89
90*
155
Jan
Mar
Jan
11*
Jan
July
1.00
Apr
6
May
15*
Feb
10
10*
234
10
May
Jan
80
80
80
130
80
2
100
20
10*
2
4*
4*
8*
*
Preferred
77
9
77
77
Gurd (Charles), j
4
4
Gypsum Lime & Alabas..*
Hamilton Bridge
Holllnger Gold...
5
3
3
755
10
June
16*
96*
50
1.75
May
6.00
Jan
100
4*
July
20
20
77
10*
96
Feb
10*
Feb
May
6*
Mar
May
8*
Week
Price
70c
Bathurst P & P Co B
*
Brit Amer Oil Co Ltd
"2"25
*
preflOO
cum
Cndn Breweries Ltd..
*
Preferred
3
940
2
June
173*
6
10
6
June
32
Jan
1*
May
5
Jan
2%
130
3%
2*
390
3
9*
June
15
189
4%
52
40
5
6*
6*
15
May
544
24
May
35
Jan
20
90
June
111
Feb
1.15
1.10
1.30
600
23
10
80c
80c
60
85
9
85c
500
60
22
2!*
May
31*
10
June
10
70c
May
20
60
June
60
2*
2*
20
2
7*
7*
25
7*
May
July
33
Canadian Wineries Ltd...*
3*
3*
100
3*
Cuty Gas & Elec Crp Ltd.*
10c
10c
200
4
3*
85c
*
B
1,755
3* May
75c
*
200
1.00
100
1.00 June
4
4%
85c
1.00
David & Frere Ltee cl B__*
Donnacona Paper A
4
July
10c May
4*
495
3* May
75c
June
Jan
Apr
Apr
June
1.40
•
Consolidated Paper Corp.*
Cub Aircraft Corp Ltd..*
60
1.10 June
23*
100
cum pref
June
455
10
7%
Jan
130* June
17
22*
Cndn Vickers Ltd
Jan
25
10
Cndn Power & Paper Inv.*
June
6* June
Apr
94
16*
23
1
3* May
130
2H
91
*
Cndn Marconi Co
0.50 June
25
"91"
Cndn Intl Inv Trust Ltd..*
Apr
June
8*
Jan
Jan
4*
May
20c
Jan
8*
Apr
3%
Jan
3.75
Mar
10
Jan
3*
3*
40
3
May
8*
Jan
Falrchlld Aircraft Ltd
5
2%
2
2*
335
2
June
6*
Jan
Fleet Aircraft Ltd
*
4%
3*
3*
1,365
13*
13*
Ford Motor of Can A
*
Fraser Cos Ltd....
'
*
Voting trust
,_*
McColl-Frontenac
6%
cum
pf.100
cum 1st pref
cum.
11
81
6*
Jan
July
22 H
Feb
May
13*
6
20
Jan
7* June
21*
Jan
70
9
May
22
Jan
23
82
June
25
4%
*
preferred
101*
Apr
15*
Jan
36*
July
47*
Apr
50
92
June
ill *
Jan
45
4
May
7*
Feb
10
5
Jan
5*
25
6*
37
100
91
91
92
4*
4*
6
6
"97"
97
97
15
10
10
12
75
Walkerville Brewery
*
Walker-Good & Worts(H) *
$1
410
36*
*
Page-Hereey Tubes Ltd..*
Provincial Transport Co..*
Sas la Bridge Co cl A
*
6%%
25
9
81
100
(Robt) Co Ltd..*
Moore Corp Ltd...
Sou Can Pr
8
8*
10
3* June
Oil—
6% cumul pref
Mitchell
112
8
10*
8%
MacLaren Pow & Paper..*
5* May
Jan
'
75c
75c
93* June
6
Jan
112
Feb
12
Apr
1.20
300
65c June
28
21% June
43
%
Feb
150
16* June
20*
Feb
Apr
31
31
17*
17*
lie
11c
400
13c June
2c
2c
700
2c
July
13c
Jan
lc
lc
500
lc June
2 *C
Feb
6c
6c
1,800
July
20c
Mar
17c June
29 *C
•2.15
2.15
200
1.95 June
4
10
Jan
1.70
1.75
35
2.27 May
5.05
Apr
2*C
17%
2 *c
1,000
2c June
8*C
Feb
Mines—
Aldermac Copp Corp Ltd.*
Beaufor Gold Mines Ltd__l
Cartler-Malartlc G Mines 1
lc
Cent Cadlllao G M Ltd__l
Dome Mines Ltd
*
East
Malartlc M Ltd
18
1
Falconbndge Nickel Mine *
Joliet-Quebec Mines Ltd.l
1.70
18
30
6c
35c
Jan
Jan
Lake Shore Mines Ltd
1
15*
15*
Macassa Mines
1
2.55
2.55
150
2.28 June
4.80
Feb
65c
65c
700
57c June
1.45
Mar
37*
37*
50
Jan
86 *c 86 *c
100
Malartlc Gold
Mclntyre-Porcupine
5
McKenzIe-Red Lake
1
McWatters Gold
*
O'Brien
1
*
Jan
2.25
6
6
"16%
2,588
130*
4%
130"
Canada & Dom Sugar Co. •
7%
High
2*
Bright & Co Ltd (T G)_._*
Can Nor P
Low
70c
6
3
pf.100
cm
Range Since Jan. 1, 1940
Shares
50c
Apr
June
4* June
3%
50
Feb
Feb
100
10
7%
Beld-Cortlcelli 7% cm pflOO
80
100
Can Northern Power
7
105
138
4*
90c
High
12
6
Canada Cement
4
5*
107
100
pref
for
of Prices
taw
High
Beauharnols Power Corp.*
Low
2
*
Bulolo
133
10
50
305
Asbestos Corp
Bathurst Pow & Paper A.*
Bell Telephone
100
Shares
8
*
5*
Range Since Jan. 1, 1940
90
Amalgamated Electric
cum
Abltlbi P&P
for
Low
Abitibl Pow & Paper Co..*
6%
Sales
Week's Range
Par
Week's Range
Sale
Gold
No par 4alue.
r
24c
30
16
50*
June
31 %
Jan
Feb
56*
24c
24c
100
1.00 May
24c July
57 *c
Jan
59c
59c
610
55c June
1.82
Jan
Canadian market.
1.49
Jan
Volume
The Commercial & Financial
151
91
Chronicle
Unlisted
Canadian Markets—Listed and
Montreal Curb Market
invited
inquiries
Week's Range
Last
Sale
(Concluded)
Stocks
6,000
2c
June
1
20c
20c
500
20c
July
41c
Jan
*
lc
200
3c
Jan
854c
Feb
Quebec Gold Mining
Crest Gold
•
July
20c
50c
52c
602
60c June
1.15
63c
2.800
60c June
95c
Apr
Sladen-Malartlc Mines
Sullivan Cons Mines
25c
25c
1,100
20c June
61c
Ventures Ltd
*
Wood-Cadillac Mines
1
25c
51c
3,729
47c June
1.00
Jan
2.25 May
/The Toronto Stock Exchange
(Winnipeg Grain Exchange
Jan
50c
1
9c
500
9c
9c
51c
1
1
1
Slscoe Gold Mines Ltd
.
_,
Members
Jan
60c
1
Gold
Sherrltt-Gordon Mines
lc
Jan
2.75 May
1.95
50
8c
8c
1,500
8c June
4.85
155
4.80 June
8.2
Jan
1.50
1.55
555
1.30 May
3.10
Jan
Friday
1854
1854
67
36
Jan
Last
Week's Range
for
Sale
of Prices
Low
High
Week
1.95
31c
Jan
1.50
*
Royalite Oil Co Ltd
18
June
(Concluded)
Stocks
Exchange
Toronto Stock
July 5, both inclusive,
compiled from official sales lists
Sale
50c
7%
50c
214
514
17%
Jan
Jacola
554
July
18
Apr
July
Jan
Kelvinator
Jan
Kerr-Addison
2,450
10c
July
38o
Jan
Klrkland Lake
7 54
754
10
754
May
1654
Feb
Lake Shore,—
1.00
*
*
1
754
1.02
1,130
91c
June
2.68
Jan
Lamaque
2,100
7c
May
28c
Jan
Laura Secord (new)
'216'
100
75c
1
July
211
Mar
275
July
315
Feb
July
268
Feb
Loblaw
754c
75c
754c
July
33c
Jan
1,000
75c
July
1.19
Mar
4
160
141
311
10c 1114c
514c
2%
134
May
July
10c
July
*
50
«
Cndn Breweries
"23"
Cnan Breweries pref
Cndn Bk of Commerce. 100
Can Car & Foundry
*
Ceianese
Gold
*
Tel
2654
2.45
2.56
1
1
1.09
1.05
1.09
23c
23c
24c
65c
65c
65c
54c
2.25 June
82 54
38
July
58
8c
500
3.10
480
May
Mclntyre
6 "37
OHe June
2 75 July
1914c
Jan
McKenzle
1
8.60
Jan
McWatters Gold
14
Jan
Modern Containers pref__l
150
6H
May
Jan
Jan
75
2%
July
16
ZVs
90
July
65
3
June
31
55
123
20
3
50
2954
118
June
June
254
June
Jan
5%
39 H
Apr
National Grocers pref.,,20
Jan
1014
1014
20
954
June
1.25
25
1.20
May
45
2154
May
Nor an (la
Apr
3154
-*
June
Feb
Oro-Plata
June
1054
Feb
May
14
Feb
554
1254
June
1654
Jan
Page-Hersey
Pamour
Porcupine
May
29
Jan
Pandora-Cadillac
20
May
37%
Feb
Partanen-Malartlc
32
Jan
Paymaster
Jan
Perron.
1314
10
26
35
60
10
1.85
200
17c
3c
1,000
1,500
81c
900
245
954
July
1.65 May
3.62
*
1
"654c
354c
6c
2c
254c
1
53c
Jan
2.12
Jan
2.12
July
4.25
Jan
145
July
2.35
Apr
70c June
2.18
210
6%
2.20
3%
May
4%
Jan
...—1
1.60
1.45
1.60
1.45 May
3,000
20c May
Gold
Pioneer
2.55
Jan
14o
Jan
Power Corp
25c June
58c
Jan
Prairie Royalties
33c
Jan
1
*
25c
Powell-Rouy n
May
Premier
July
54c
8,461
41c
May
1.05
Jan
Pressed Metals
414
125
3%
May
9H
Jan
Preston
1.98
,
70c
70c
6
6
—
1154
Jan
12c June
22c
Feb
7554c 7554c
1,400
75c June
1.42
Jan
May
12 54
Feb
1.30 June
2.38
Consolidated
Cons
Bakeries
Consumers
.100
Gas...
Cub Aircraft Corp
Davles
..*
<_»
Petroleum
20
1254
2854
June
30
142
June
Feb
8t Anthony
75c
75c
100
70
June
3 54
Jan
Ban Antonio
1
1214c
15c
12,700
12c June
350
Apr
Sand River
Jan
3c
500
3c June
1254
3114
32
225
145
145
145
'1214c
19
Feb
Reno
49
Jan
Royalite Oil—
178
8c
Jan
May
*
2214
2214
2214
495
18%
May
2754
Dome Mines
*
1754
1754
18
875
16
June
29
Jan
156
40
159
July
210
Mar
150
100
Dominion Foundry preflOO
"20%
25
654
451
May
30%
6% June
19
Jan
Senator-Rouyn
East Crest
186
9c
1.45
1.40
1.45
6c
6c
Sherrltt-Gordon
6.00
5.40
6.00
600
8 75
Jan
354
3 54
25
654
Feb
1
—
*
79
100
1
Simpsons pref
Eldorado
*
3c
3c
1,000
3c
July
8c
Apr
Standard Paving..
*
50c
2.11
2.20
11,315
1.95
*
354
*
Fanny Farmer
Federal-Klrkland
1
2214
114c
1
14
•
A
2254
1,225
20%
114c
1,000
l%c July
3% June
13% July
6c July
114c
354
454
840
1414
1,782
6c
500
20c
1,400
1014
210
6c
7914
80
100
514% preferred
2214
10
*
Preferred
Apr
165
20c
*
Gatlneau Power
Feb
1,800
3,000
6c
Petroluem_25c
Francoeur
26o
600
26c
1.80
1314
414
*
Aircraft
Jan
16c 1614c
26C
*
Falcon bridge
Jan
1 23
1.80
1
....
Extension Oil
18%
100
44
80
15c May
1 75
June
June
30
Mar
Preferred
25
Preferred
Steep Rock Iron Mines...*
Straw Lake Beach
*
Sylvanlte Gold
6540
Apr
Tamblyn common
1054
Jan
Teck
2254
Jan
Texas-Canadian—
Hughes
11c
Jan
Toburn
70c
Jan
Toronto Elevator
July
1654
Jan
Uchi Gold
79%
July
97
Jan
Union
103
Jan
6
Feb
Class B
Feb
United Steel
19c June
10
10
90%
July
154
30
1%
July
*
414
414
80
4%
July
1054
Gillies Lake
1
314c
354c
3,500
3 He June
1054c
Jan
Upper
Jan
Ventures
Jan
Vermilata Oil
*
Goldale
2554c
26c
2,100
May
9c
9c
1,000
8c June
230
Golden Gate
8c
9c
6.350
7He June
22c
Jan
5c
2,500
5c June
26c
Jan
Goodyear.......
*
62
62
52
Goodyear Tire & Rub prf50
Great Lakes vot trust
*
314
Voting trust pref
1414
354
Hamilton Bridge
*
*
*
Rock
1
5614c
Gypsum
.....
Hinde & Dauch
5
Home Oil Co
•
Hudson Bay Min A
Sm__*
*
Hunts class A
Imperial Bank of Can
.
20
50
52
87
Jan
June
67 54
Feb
Wendigo
Apr
Western
Jan
8
Mar
May
8%
Apr
Winnipeg Electric
55c May
1.48
Jan
Wood Cadillac
314
250
2J4 May
314
410
3
60c
4,000
1~45
63
1.10
1.07
1.15
354c
10,500
1.95
2.00
1,060
954
"i'.oo
954
2.50
2.60
1.00
30c
1.00
1.05
1,060
25
16
28c
30c
2,850
Jan
Apr
Feb
12
854
Apr
3 45
240
16
16
83
854o
1,750
1.00
2.60
25
Jan
3 10
5,712
354c
May
Jan
8654
62
125
Jan
654
354
479
354c
Feb
4.15
1.00
June
July
16
28c
July
Jan
2.25
May
1.90
Jan
Jan
32
1.12
Jan
1254
13
13
440
12
May
17
Feb
33
55
30
May
42
Mar
3% June
10
454
354
67c
454
40
3
354
980
65c
71c
25,330
2.00
2.05
860
10c
10c
Mar
May
654
Jan
55c June
97c
May
4.35
Jan
3
500
1 95
8c June
1754c May
Jan
2.75
2.75
2.80
802
2 70
May
6.05
3154
3054
3154
597
29H
June
43 54
Jan
17
352
16H
June
2054
Feb
6c June
16c
Apr
*
*
100
Preferred
814
10
7% June
16
Jan
Wright
10.00
905
9 50 June
15
Jan
Ymir Yankee
3.10
17
17
cl A—.*
.1
*
8c
8c
154
954
954
154
50
954
465
10
85
85
100
1H June
Jan
5
954 June
15
Aor
June
99
Apr
76
1.00
500
2.62
Jan
8c
8c
9c
2,100
8c June
30c
Jan
4.75
4.70
4.95
4,268
4 25 June
8.15
Jan
5c
5c
500
1.00
1.00
July
Jan
1.45
22c
6
40
65
1
Canada Flour...*
814
2014
—
2754
5%
June
100
354
*
Westons
2% June
13
56c
20
6
54
100
150
140
314
15
Preferred
June
254
100
Huron A Erie
5214
58
Jan
50c
2 00
.*
9.95
~
1
Howey
40
3
*
Holllnger Consolidated
62
Apr
754c
40c June
62
1
Walkers
9c
1
1
95c
2%c June
64
*
1
Walte Amulet
5C
...
Eagle
60c May
1,000
64
*
Canada
___.l
God's Lake
2,800
3c
63
25
pref...
69o
25c
62c
3c
United Fuel A
9614
114
96 54
*
Mar
105
79
Jan
31
__..._*
Gas
General Steel Wares
Rights
1
•
1
1
1
*
1
3% July
60c
62
Steel of Canada..
50
80
Slscoe Gold
May
Jan
4.00
South End Petroleum
21c June
Jan
1.18
Jan
8
Jan
1.24
50o
Apr
100
Jan
15c
57o
7,371
Jan
9
2.50
52c
4c
9
Feb
50c
8%
Jan
Jan
21c
1 "sic
15%
4.10
3654
Maj
600
July
June
May
8c
5,100
June
2.13
17%
80c
l/4c
3
■
80c
1654c
150
520
57c
1,000
2,000
7
Jan
July
3,500
1,539
414
*
Eastern Steel......
Hard
1854
8c
114c
654
4
...1
East Malartic
Gold
1854
854c
12c
15c 1654c
1
50c
—
Sheep Creek
Sigma..
Silverwoods...
1854
*
Dorval-SIscoe
Foundation
1,000
114c
....*
Dominion Tar
Ford
6,590
12c
6
490
1.40
.1
Dominion Steel B
Fleet
2014
20
Gold
July
May
Distillers Seagrams
Dominion Bank
654
1.38
12c
1.38
1
3c
"32"
1
Denison
1.00
1
*
1
1254
*
Smelters..........5
900
654
*
1
Jan
June
1,500
Jan
E Dome
25c June
13c 1354c
6
1
33c
1.05
Jan
3,810
1,490
1,850
25c
2.12
500
Apr
Jan
2.20
13c
10c
June
1
35c
Jan
July
2c
25c
*
5c
254c May
101
Pickle-Crow
1,000
10,100
3,100
1054c
600
Petrol O & G
14,700
Jan
2.35
1,400
Apr
5c
Feb
111
16,100
Mar
1.61
654c
June
803 June
22c
854
1.50
Feb
1.15
May
100
61c
20c
May
4
July
1.08
4
454
Apr
1.15
12
4
Jan
1.30
"_22c
25c
21
Jan
78 54
1
25c
982
Jan
Jan
,.,1
Cons
15
15
1054
69
37 Ho
Feb
254 c June
90
107
92
81c
Mar
July
43
1.495
17c
90
91
Jan
Mar
June
90c
3c
—*
8c
854
12c June
17c
17c
Apr
May
26 54
654 May
35
4,600
Jan
48
189
June
,23
60c
Pacalta Oils
754
65
5
72
Jan
June
5
400
38
May
2c June
4,500
40
44
43
145
85c
6
654
2c
7
7
3754
Northern Star
135
178
25
34% June
225
23
23
23
*
25
365
40c
5
5
"38"
Mines
74
614
9
147
147
Nay bob
Apr
2.75
140
3,900
38c
12c 1254c
Apr
Mar
93 540
93c
*
Steel Car
National
9954 c
July
5
National Sewer class A—*
8% May
Jan
July
93c
38
Jan
58c
93c
147
Jan
1.47
93c
38c
Jan
Apr
20c June
3,650
2,200
3654
654
85c June
90c
24c
2c
National Grocers
150
3754
710
22c
Morrls-Klrkland
Jan
2154
23
100
Class A
Jan
8H
105
200
87c
3754
Moore Corp
214
2,000
""24c
Moneta..
47c
90
54
38c
2.39
1.00
Jan
5954
3754
100
Preferred
Jan
4
1.00
Jan
954
82 54
Mar
69o
49c
*
654
101
34c
I
Apr
June
53c
Coniaurum
154c
80
1
*
Jan
Mar
10
100
Preferred
Jan
620
1.45
June
Jan
Jan
54c June
25
25
25
54c
Jan
Feb
23c June
150
54c
254
Massey-Harrls
Chestervllle-Larder Lake.l
Cockshutt Plow
2.55
2554
Apr
78c
Cochenour
4.75
1.00 May
3,075
2,300
2,000
3,400
555
31c
Chromium
May
254
1054
June
1
Porcelain
20
254
5c
...1
Central Patricia...
28 54
June
4
454
25
R
Canadian Wineries
May
3%
June
15
*
Canadian Oil
20 A
2,498
18c
914
Jan
204
4 54
1.00
1.75
Jan
3.40
54c July
154 May
354 May
2 54o May
1,550
-*
880
May
25
Preferred
2,275
2254
21
20
June
1.71
65
1
Madsen Red Lake
25c
Cndn Industrial Alcohol A*
Canadian Dredge
2254
41c
225
354
25
25
Preferred
2154
Jan
3,600
2
614
1314
»
1.95
June
354
614
854
*
ClassB
1.91
2.45
MacLeod Cockshutt
1.30
135
139
Canadian Canners
1.91
13
Mar
9
2
1.25
1054
*
43c
*
Jan
Jan
7.60
*
3
3
220
32
*
31
Canada Steamships
954
9
June
*
118
Malting
Can Permanent Mtge__100
4.95
4.75 June
954
21
1.25
354
16
100
Maple Leaf Milling
814
214
665
4.95
Manitoba & Eastern
3314c 3814c
90
16
4.95
Mines
23c
3%
16
Jan
18.300
90
1.54
Jan
'
100
2.75
70c June
14c
30
...
1.20 June
4,800
11.00 May
8c
Class A
8,469
79c
llHc
June
8
Jan
Jan
1.80
73c
June
28c
2.75
Jan
Jan
9 54
7.40
24%
Brown Oil
5c
19o
June
1.58
*
3
Apr
4c June
2c June
5
10
3%c June
139
Canada Bread..
800
554c June
25
1.25
600
4c
6
500
2354
Calmont... ........
254c
6
1.09
500
May
Calgary A Edmonton
Feb
July
350
1454
2.75
Jan
24
70c
4c
1,888
Buffalo-Ankerite
47
June
500
7.75
17
Burlington Steel
May
12 54
70c
1.71
B
Macassa
Apr
1654
3854c
1,140
4,825
27 54
1454
6
A
52 54o
25
Broulan-Porcuplne
3254
1254
Leltch
Malartic
igh
*
Brit Columbia Power A__*
Canada Cement
Mar
4 54
British American Oil
Jan
654
169
h65
Brazilian Traction
Preferred
56,450
514c
4c
1
-
Central
75c
210
500
714c
4
Bralorne
C P
11
220
134
Bobjo
3154
1
Little Long Lac
4
Big Missouri
Apr
2154
171
2
135
10J4C
Apr
11354
43c
69
*
Bidgood Klrkland
114
70c
G
172
100
Bell Telephone Co
36
275
210
754c
*
Beauharnols
June
171
100
Beattle Gold
24
Jan
May
May
4C
275
172
..100
Metals
Canadian
8c
7c
Cons
Bank of Toronto
Canada
20
1554
90
85
254c
1
13c
24
5ior
July
70c
*
21c
May
5
30c
10
100
Jelllcoe
9c
2
July
11354 11354
1
June
10
600
105
30
16 54
30c
45
50c
Island Mountain
554
1554
June
12
14 54
9c
9c
Algoma Stee!
Aunor Gold Mines
Bank of Nova Scotia
Apr
2.50
100
3154
*
10c
Aldermac Copper
Bank of Montreal
50c June
295
Jan
June
854
5,369
30c
554
95
100
Nickel
514
24
Alberta Pacific Grain prflOO
Base
554
100
Preferred
International
High
Low
1,610
3
Alberta Pacific Consol—1
Bank field
1
*
Intl Coal & Coke
High
Low
954
13 54
30c
1, 1940
Range Since Jan.
Shares
13 54
854
"30c
5
Preferred A
Week
Shares
70c
3
*
100
100
preferred.
Preferred
954
Imperial Oil
Imperial Tobacco
International Petroleum.
Abltlbl
6%
of Prices
High
Low
Price
Par
Stocks—
1, 1940
Range Since Jan.
for
Week's Range
Sates
Price
Par
Intl Metals A
Sales
Friday
Last
Stock Exchange
Toronto
Oil—
Home Oil Co Ltd.
June 29 to
TORONTO
11 Jordan Street
4.85
8c
Wright-Hargreaves
CO.
F. J. CRAWFORD &
Jan
1054c
554c
554c
1
St Anthony
High
Low
Shares
and Industrial Securities
Canadian Mining
Week
High
4c
Pandora-Cadillac Gold
Red
1,1940
Range Since Jan.
for
of Prices
Low
Price
Far
listed and unlisted
on
Sales
Friday
1.30 May
1.55
5,230
23c
2,100
22c
July
2014
512
19%
May
34
Jan
5
June
11
Mar
6
25
55
37
54
June
15
150
July
15514
4054c
74%
220
I
Jan
Hargreayes
Bonds—
Uchi Gold
War
Loans
Jan
•
Jan
*
No par value
*
1952
4c
64
9954
7c June
May
64
S500
64
July
99
100
7,950
99
July
97
10054
Feb
Apr
\
•
92
The Commercial & Financial Chronicle
July 6, 1940
Canadian Markets—Listed and Unlisted
Toronto Stock
June 29 to
Exchange—Curb Section
Industrial and Public Utility Bonds
Closing bid and asked quotations, Friday, July 5
July 5, both inclusive, compiled from official sales lists
(American Dollar Prices)
Friday
Sales
Last
Week's Range
Sale
Stocks—
Par
Bruck Silk
Range Since Jan. 1,1940
Low
Shares
Low
High
Abltibl P & P ctte 6s_. 1953
Alberta Pac Grain 08.
*
4 )4
4)4
40
4X May
6X
Feb
4)4
Can Vinegars..
4)4
30
4
Jan
6
Apr
8
8
140
5
May
80c
80c
300
65c May
5%
4>4
1,838
IX
*
Marconi..
♦
Diflher Steel
IX
15
*
Dominion Bridge
*
Foothills
8
1
Consolidated Paper..
*
Pend-Oreille
"Tx
23
23
36c
1.30
1
Walkervllle Brewery
*
3c
2
31
33
65c
grains
coarse
35
51
53
Minn A Ont Pap 6s...1945
28
30
67
McCoU-Front Oil 4>4s 1949
N Scotia Sti A Coal 3 X* '63
63
25
50
52
64
65
35
Power Corp of Can 4 Xb *59
Price Brothers 1st 5a.. 1957
59
61
Jan
3>4
Apr
Jan
June
2 He June
65c
8 He
1.25
July
Jan
Apr
By Rains,
Reports
Bank
32
Dom Gas & Elec 0H8.1945
Dom Steel A Coal 6>4s 1955
72
Quebec Power 4s
65
67
68
Donnacona Paper Co—
4s..
1956
44
40
61H
65 X
the whole
crops on
growing well.
value.
par
in central and northern Saskatchewan and
southern Alberta.
1962
61
03
1966
66
68
4-58 series A
1965
42
44
4-5s series B.
1965
29
31
4 >4s series B
Winnipeg Electric—
11951
/Flat
price,
Nominal.
n
That
is,
the
is favorable to the utility
Commission
grants—does not
com¬
deny—
approval of the application.
2.
Where the applicant company does not want a hearing.
3.
Where the Commission considers
4.
The bank adds:
sown
09
of the facts and the statutory standards,
Where
the Bank of
fields
Moisture conditions in
65
Saguenay Power—
60
pany's application.
are satisfactory for the
present.
In Alberta and Saskatchewan,
generally, good rains are needed to maintain present prospects, particularly
else asks for
no one
Accordingly, they pointed out,
no
aspects of "due process"
hearing unnecessary.
a
hearing who has
a
any
standing to ask for onel
constitutional rights will be infringed,
no
"fair play" will be eliminated, and no one
or
entitled thereto will be deprived of "opportunity for hearing" or deprived
of judicial review.
Grasshoppers
prevalent and have caused serious damage in southeastern Alberta and
are
southwestern Saskatchewan.
Manitoba, but
"In
two
are
Pastures
weeks
are
crops has
condition,
temperatures
Road
but
adverse
Moisture is ample,
and
In Ontario field crops generally
effects
from
excessive
rainfall
and
of
Banking—Longer Hours Rather
Shorter, He Says, Should Be Our Aim
feared, and rains have been interfering with the cutting
are
Dr.
Douglas
a
In British Columbia, where practically all crops
growth.
hot, dry weather has been general and rain would
now
doing well,
are
be beneficial."
Self-Discipline and Self-Denial is
School
are
cool
heavy hay crop. In the Maritime Provinces crops are backward and
the cold and wet weather of the
past fortnight has not been conductive to
Individual
of
Road to America's Safety and to Her World Service,
Said Dr. D. S. Freeman in Address Before Graduate
been retarded during the past
by excessive rains and cold weather.
dry weather is urgently needed.
good
in good condition in Alberta and
only fair in Saskatchewan.
Quebec Province growth of
warm,
of
33
5Hs
23
Manitoba
in
Maple Leaf Milling—
2)48 to '38-5)48 to '49..
Massey-Harrls 4>4s
1954
65
2.35
to heavy rains,"
are
66 H
57 X
Canadian Vickers Co 6s '47
Consol Paper Corp—
5 Hi8 ex-stock
1961
Jan
1.05
largo percentage of the wheat is in shot blade, with early
heading out, and
54
70
Apr
40
Montreal
Canada,
1961
66
04 X
55 X
Dom Tar A Chem 4 Hs 1951
Montreal states in its current crop report.
"A
56
Gt Lakes Pap Co 1st 5s *55
Lake St John Pr A Pap Co
65
99c May
100
light
62 X
55
X
63
♦No
benefited from
60 X
53
Gen Steel Wares 4y£s-1952
65
60
Canadian Cannera 4s. 1951
Canadian Inter Pap 6s 1949
3K
June
1)4
500
"In the Prairie Provinces of
have
59
63
58 H
Famous Players 4 HsI
3c
65c
of
61
Apr
30c June
20
3c
Benefited
Ask
59
1949
8X
,
Crops
57
Algoma Steel 6a
1948
British Col Pow 4^8.1960
Brown Co 1st 5Hs
1946
No par value.
Canadian
1946
.
Federal Grain 6s
Calgary Power Co 6s.. 1960
Canada Cement 4)4s_1951
Canada 83 Lines 6s... 1957
Jan
■
♦
Bid
33
Mar
July
22
1,650
2
Ask
30
15 X
1.40
May
IX
10
1.18
1.20
3
900
*
Temlsk Mln
23
36c
1
Rogers Majestic clA
Bid
Week
of Prices
High
Price
Can Bud Brew
Canadian
for
than
Southall Freeman, editor of the Richmond
"News Leader," of Richmond, Va., and Civil War historian,
in
address at New Brunswick, N. J., on June 28, before
an
the
graduating class of the
Graduate
School
Banking
of
conducted by the American Bankers Association at Rutgers
SEC Discusses With Representatives of
Utility
Industry
Question of Eliminating Certain Hearings on
Applications Filed Under Holding Company ActCommissioner Healy Opposed to Change in Rules
The Security and Exchange Commission and
representa¬
tives
of
public utilities
companies
substantial agreement concerning
reported to be in
are
proposed amendment to
Holding Company Act
hearings on applications
and declarations filed under the
act; the New York "Journal
of Commerce" in
Washington advices to this effect June 27,
a
the rules under the Public Utilities
which would eliminate
75% of the
stated
that this
held that
The
was
learned
day between the
advices
after
informal conference
an
two groups.
the
to
paper indicated further said that
Commissioner Robert E. Healy is the only member of the
SEC in disagreement with the
proposed change, and it
likewise said:
The
new
of the law shall become
effective after
a designated
period without hearings
findings having been made by the commission.
Commissioner Healy opposed the rule on the
grounds that it would
completely ignore the duty of the Commission to the public in that there
or
.
would be
no
proposed
rule
upon
a
departure from
the
Our conclusions
cases.
the bosom of the Commission but
study by students and others who
sensitive regard for
wide
established
are not
would "go far toward
are
interested.
public interest,
It is indicative of
protection
of which
an
is
our
begin
as
the
of
purpose of
speeding
relatively unimportant
up our mech¬
and at the sa'me
cases
advices
to
the
"Journal
of
Commerce"
us
expressed
the
the
expense
opinion
now
that
and
the
incurred
by
four
of the five
the
utility
SEC
SEC under the present rule
which requires hearings in all
The other Commissioners
and
cases.
companies."
that
sections of the act
the
as
rule
will
dispense
with
hearings
under
certain
follows:
Where the Commission's
action,
then
we
a
be
may
be
must
public
our
war—to
persist
is
will be
men
in
now
optimism
prepared to challenge them with facts
If we have a heart to demand the
facts.
unwilling words
wrung from a witness before a
but in clear reports for any man's understanding,
that
sure
industrial
our
present
not in
congressional committee,
the
machine
mighty
of
industry will
our
be
geared to full production.
This
speak
is
true
as
for the
costing him,
war
when
of
Longer
"lid
Is
has
her
as
rather
four years
survive?
April,
Yes,
of
the
waste
than
we
the love they
and
usually
inheres
was
in
the
will
are
self-denial
Freeman,
servi¬
proclaiming the
new
He likewise said:
that question
If
1865,
Dr.
France brought to
a
after she
America
bear her, they
self-discipline
that
said
shorter,
see
is less academic today than it
that
answer
survive—if
Lady Bountiful and regard her
a
financiers who
tax spender, will develop a technique
reader what armament and government are
40-hour week.
a
since
one:
American
off."
aim when
our
America to
been
If
armament.
much
escape
is
hours,
should be
of
as
newspaper
shall
we
tude within
assured
finance
taxpayer, not for the
the
from the past
comes
her
as
sons
a
will
cease
to
is
an
think
mother for whom, from
willing to sacrifice. The road of individual
the road to America's safety,
to her
is
happiness, and to her world service.
1940 class contributed
versity
for
careful consideration
its
a
business
gift of money to the Rutgers Uni¬
and finance library.
This year's
gift of $1,000 was presented on behalf of the graduates by
Nelson McKernan, Assistant Secretary of the Manufacturers
Trust
Co., New York, and was accepted for the Rutgers
library by Dr. Robert C. Clothier, President of the univer¬
sity.
An address by Robert M. Hanes, President of the
American
based upon
to
of
States
Commis¬
companies
(other than Mr. Healy) pointed out that
purpose of the proposed rule is "in the
interest of practical administration,
to cut
red tape and to save
much time and expense for the
utility
They stated
We
them
on
of armament,
United
period during which
a
Gamelin
the
Graduate School of Banking, presented the diplomas at the
graduating exercises.
Following the precedent established
by the graduating classes of previous years, members of the
liberalizing rule would eliminate
both
lies, perhaps,
regardless of reality.
call
war
would
Germany integrates the conquests it has
be essentially a struggle between
system of international trade and the gold
tempted to be the
to
warfare
it would
principle upon which
dependent.
In part, he said:
truth
economic
States
actual
as
that
barter
Ahead of
United
an
further
Rule Would Cut Expense
of
the
the
than
As was noted in our issue of June 29, page 4065, Lewis E.
Pierson, Honorary Chairman of the Irving Trust Co., New
York, who is Chairman of the Board of Regents of the
reported:
The utility representatives
present
that
rather
transfer
of
.-•'V
it and issue the order.
The
Powers
asserted
soon
entrusted
In it simple case where
there is no difference of
opinion1: a closed hearing would be scheduled; no
testimony would be required from the applicant; a
very brief finding would
be prepared and presented to
the Commission whidti would then
pass on
1.
He
arms.
Nation may have
our
Preceding these remarks Dr. Freeman
totalitarian
made and
alternative procedure which he stated
accomplishing the
time accord with all
statutory requirements."
This procedure, he
stated, woiuld be as follows:
sioners
of
the
That
economic conflict between
an
freedom of
anism for the disposition
much
and
locked within
available for inspection and critical
are
us."
Commissioner Healy suggested
\
our
"Our experience to date has served to demonstrate
the wisdom of hearings in these
luxuries."
our
predicted
we
defense," he said, "we must need spend less
our
to show the average
in accordance with the law.
represents
practice," he declared.
to
for
individuals,
as
fathers had in the days
our
and reconstruction.
war
for
Nation,
a
discipline
.
record which might be
investigated to determine whether the
application has been acted
"The
of civil
more
and
rule would provide that declarations filed
under certain sections
having been held
University, declared that "as
must learn anew the
was
Bankers
referred to in
Association,
our
issue of
delivered
a
at
the
exercises,
week ago, page 4060.
Volume
The Commercial & Financial Chronicle
151
195
Quotations
a2Ms July
Bid
Over-the-Counter Securities—Friday July 5
on
New York
City Bonds
Ask
Bid
Ask
15
1969
92 M
93 H
a4Ms Mar
a4Ms Apr
a4Ms Apr
a38
Jan
1
1977
95 M
96 M
a3s
Feb
1
1979
95 M
96 M
93
1
1
1966
15
115M 116M
116
117M
116
117M
1964
1972
a3Ms July
1
1975
100
101M
a4Ms June
1
1974
116M
118
a3Ms May
1
1954
105 M 106 H
15
1976
117
118M
a3Ma Nov
a3Ms Mar
a3Ms Jan
1
1954
105M 107
1
1977
1
1960
15
1978
15
1976
104 M 105 X
103 H 105 M
a4Ms Feb
a4Ms Jan
a4Ms Nov
a4Ms Mar
1
1981
117M 118M
117M 119M
a4s
May
1957
110M mu
a4 Ms May
1
1957
a4s
Nov
1958
110 K
112 a
a4Ms Nov
1
1957
111
111 M
a4M8 Mar
1
1963
1 1940
Sept 3 1940
Oct
11940
Nov 11940
due
due
due.
due
Deo
6.30%
M% due
%% due
—
2 1940 6.35%
Jan
M% due
M% due
6.30%
6.30%
Ask
Bid
Ask
6.25%
Aug
116M 117 H
May
Bid
M%
H%
H%
M%
2 1941
6
11941
6
Feb
..
•
.35%
.35%
.45%
June 2 1941 6
1
I! I!
1
1
118M 119
116M 117M
a48
Federal Intermediate Credit Bank Debentures
May
a4a
1977
Oct
112M 113M
a4Ms June
1
1965
113
a4Ms July
1
1967
119M 121
114M
114M 115M
a4Ms Dec
15
1971
1962
115
a4Ms Dec
1
1979
122
& Trust.
120 M 122
116M
Par
Bid
124M
Ask
Bid
Par
Ask
Harris Trust A Savings. 100
100
191
179
284
296
Northern Trust Co
American National Bank
1960
a4M» Sept
a4Ms Mar
Chicago & San Francisco Banks
118M 119H
118M 120M
1980
a48
465
475
100
Continental Illinois Natl
Bank A Trust
33 1-3
First National
100
SAN
78'
76 M
214
205
FRANCISCO—
BkofAmerNT ASA 12M
-
35M
33M
New York State Bonds
Bid
52.10
less 1
3a 1981
62 20
less 1
61.20
4Mb April 1940 to 1949.
Improvement—
4s Mar A Sept 1958 to '67
6s Jan & Mar 1964 to'71
mmm
133
'67
133
Barge C T 4Ms Jan 1 1945.
62 35
Highway Imp 4Mb Sept '63
Canal Imp 4Mb Jan
—
113
Canal Imp 4s JAJ *60 to
140
...
Commodity Credit Corp—
H%
...Aug
1 1941 100 13 100.16
1%
Nov 15 1941 100.30 101.1
Public
...
Deo
1 1940 100.19 100 23
H% notes July 20 1941
100 23 100 26
28
Apr
1 1943 102.18 102.26
M%
M%
1%
100 24 100.27
Ask
Bid
Ask
108 M 109 M
Call July 3 '40 at 10?
105 M
Gen A ref 4s Mar 1 1975.
MAS
5.25
1942-1960
MAS
107 M
mm m
Gen A ref 3Ms
101M 103
1977
Par
mm mm
5 50
1942-1960
MAS
106 M
mmm
—
3s serial
rev
1953-1975.
100
.
101
to 96
61.50 2.40
2Mb serial rev 1945-1952
14M
40
Bensonhurst National
75
50
13.65
Chase
Commercial National.. 100
Ask
Bid
'
4
4
100
101
4 Ms July
102
105
6s
1941
102 M 104
Feb
112
115
Merchants Bank
100
_
Par
Bank of New York....100
110 X
mmm
111X
Conversion 3s 1947
115
111
mmm
Federal Land Bank Bonds
10
Bankers
Bronx
County new
35
Brooklyn............100
JAJ
JAJ
AfAN
3s 1966 opt 1946
3s 1956 opt 1946
43
24 M
26
10 M
12 M
.....10
9M
50
Peoples National
171
165
Penn Exchange
UH
42
50
-17M
mm
26 M
23 M
25 M
640
600
Sterling Nat Bank A Tr 25
1640
120
110
Bid
A sk
105 H 106 M
105M 106 M
105 M 106 M
Bid
Companies
Par
Ask
100
49 H
51M
16
20
Guaranty
Irving
Bid
196 M
3MS 1955 opt 1945..MAN"
4s 1946 opt 1944
JA/
Ask
107 n
71
76
Kings County
210
273
10
10 M
100 1500
29 M
20
61M
63M
25
96
110K 111M
99
20
88 M
46
Manufacturers
44
50
30
35
New York
11M
12 M
Title Guarantee A Tr. -.12
49M
50 M
Trade Bank A Trust..
20
Continental Bank A Tr.10
85 M
HM
1550
26 M
33 M
Chemical Bank A Trust. 10
Clinton Trust...—.
Ask
190
268
Fulton
305
295
Preferred
3M
35 M
Joint Stock Land
Bid
4M
Chicago
r3
3M
99
Denver 2s, 3s
99
81M
Lincoln 6 Ms
82 M
New York 5s
mmm
mmm
r6
Lafayette Ma, 2s
Lincoln 4 Ms
Lincoln 6s
99
99
1Mb, 2s
99
.
...
81
99
Is, 2s
...
99
—
m
...
New
mmm
Jersey and New York Metropolitan
103
Phoenix
4Mb
102
to
...
yield
over
4.15
Telephone Whitehall 4-8050 collect
mmm
99 H
Chicago—
First Trust
99
mmm
Fremont 4Ms, 5Ms
63
mmm
Illinois Midwest 4Mb, 5s__
99 M
mmm
100
IndlanapolIsSi
mmm
98
Iowa 4Mb, 4Mb
mmm
23
r21
St. Louis
100
4Ms, 4Mb
Ms, 3 Ms
Fletcher
99
San Antonio Ms,2s__
13
80
Southwest (Ark) 5s
Travers King &
mmm
rl2
Southern Minnesota
85
Union Detroit 2Mb..
99
Virginian Is, lMs...
99
Bid
Par
mmm
82
48
North Carolina
4
7
..100
88
94
New York..
44
56
62
100
50
65
Potomac
Des Moines
100
51
58
18
30
100
110
Virginia
First Carollnas
Fremont
100
2M
100
4M
5
2
100
WHITEHEAD &
103
97
100
Virginia-Carolina..
5
Lincoln
•_
Offerings Wanted—Circular on Request
34
100
San Antonio
14
100
Pennsylvania.
Denver
Dallas
FHA Insured Mortgages
Ask
100
78
100
100
Bid
83
100
Preferred
Telephone: WHitehall 3-6850
Par
Ask
Canada
pref
100
100
Bell Telep of Pa
Cuban Telepb 6%
Bid
15
Atl Telegraph...25
FHA Insured Mortgages
Ask
Bid
New York Mutual Tel„25
88
14
Bid
Asked
112M 115
Pac A
Bell Telep of
New York, N. Y.
44 Wall Street,
105
Telephone and Telegraph Stocks
Par
FISCHER
3
M
7
Teleg (N J) com. •
New York
mmm
Bid
Par
Ask
100
Atlantic
Company
One Wall Street
Joint Stock Land Bank Stocks
Atlanta
Am Dlst
1540
5% F.H.A. MORTGAGES @1041/4
98 M
5s
Potomac 1Mb
100 1490
48
Phoenix
First Texas 2s, 2 Ms
United States
$250,000—each
84
99
Pennsylvania 1mb, 1mb...
99
First New Orleans—
90
We offer for IMMEDIATE DELIVERY
mmm
First Montgomery—
3s, 3J*s
9M
80
85
r44
Oregon-Washington
8M
13
100
mmm
78 M
North Carolina Ms, ims—
Carolina—
...10
Empire
11
—
A sk
Bid
Atlantic
Ms, His
Bank Bonds
Ask
Atlanta 1 Ms, 2s
Burlington
20
Corn Exch Bk A Tr
10
Underwriters..
First
mm
25M
Lawyers
Central Hanover
Bid
3s 1955 opt 1945
32 M
30 M
Ask
38
New York Trust
118
108
1952
July 1948 opt 1943.
U 8 conversion 3s 1946
I
Hawaii 4Mb Oct 1956
lOO"
Bid
12 M
National Safety Bank. 12M
National Bronx Bank
National City
First National of N Y—100 1600
Govt of Puerto Rico—
102
1952
1955..
6s
102.8
103
99
Apr
6 Ms Aug
121
U S Panama 3s June 11961
99
5s
100
Fifth Avenue
Ask
Bid
15M
Public National
United States Insular Bonds
Philippine
Par
Ask
Bid
Bank of Yorktown..66 2-3
62.60
1980
3M8 s f revenue
D
MAS
1M% notes Feb 11944.. 102 5
100.28 101.2
Bank of Manhattan Co. 10
Triborough Bridge—
1941
1 1941
New York Bank Stocks
100
99
Gen A ref 4th ser 3s 1976
1941
Nov
—Jan
15 1942 100 25 100 28
July
1 1942 101.6 101.9
U S Housing Authority—
mmm
103 M 104 M
Gen A ref 3d ser 3 Ms '76
Holland Tunnel 4lis ser E
101.12
Call Nov 16 *40 at 100 M 101.4
1 Ms Jan 3 1944—
Port of New York—
Government—
Ms Oct
1959
Ms July 1952
15 1941 100.13 100.16
May
Reconstruction Ftnanoe
Corp—
Federal Natl Mtge Assn—
2s May 16 1943—
Authority Bonds
Bid
Inland Terminal 4M8 ser
Ms
Loan Corp
2s
137 M
California Toll Bridge—
San Fran-Oakland 4s '76
Home Owners'
Federal Home Loan Banks
140
1964..
Can A High Imp 4 lis 1965
Ask
Bid
Ask
Bid
World War Bonus—
Highway
Canal A Highway—
Obligations of Governmental Agencies
Ask
Bid
Ask
3s 1974
115M 117 M
40
pref. 100
m
Preferred A
28 M
31
28 M
31M
District of Columbia
Rochester Telephone—
43
Emp A Bay State Tel..100
Franklin Telegraph
100
21
Int Ocean Telegraph
100
69
75
Mtn States Tel A Tel. .100
125
130
■
mmm
$6.50 1st pref
100
25
15
18
100
Sou New Eng Telep
N Y (Metrop area)
103M
101M 102M
102
103M
102 M
4Mb..
New Mexico 4Mb
New York State
148
153
4Mb
102M 103M
102
1Q3M
Rhode Island 4Ms
101M 102M
South Carolina 4Ms
101M 102 M
101M 102M
102
103M
Texas 4Ms
4Mb
Ms
—...—
Maryland 4 Ms
....—
102
103
101 M 102M
Pennsylvania 4M»
101
101M 102 M
Indiana
103
101
102
4M8—
North Carolina 4Ms
Georgia 4 M8
Illinois 4Ms
Louisiana 4
Asked
101M 102M
Florida 4Ms
112M
m
So A Atl Telegraph
4Ms.
New Jersey
102
4Mb
6s
Delaware 4 Ms
mm
102
101M 102 M
101M 102 M
Alabama 4 Ms
Arkansas
♦
25
Peninsular Telep com
96
86
16
101 M 102 M
101M 103
Tennessee 4Mb
101M 103
Bid
Par
5M
B/G Foods Inccommon..*
Bohack (H C) common...*
1H
2M
100
16 M
7% preferred
1M
Par
Ask
4
*
pref
100
Flshman (M H) Co Inc..*
8% pref
♦No par value,
/Flat price,
maturities,
a
11M
65
common..5
50
preferred
1
102 M
102M
West
101M 102 M
Minnesota 4 Ms
Insure?! Farm Mtges 4
Ms
Virginia 4Mb
102M 103M
from M% to M% must be deducted from
interest rate.
17
...
MUler (I) Sons
12M
Reeves
Interchangeable.
$5
100
(Daniel) pref.
Cigar-whelan Stores
99
*
15
—
preferred
5 Basis price,
SPECIALIZING
F.H.A. INSURED MORTGAGES
mmm
The
17
d Coupon,
for Banks and Insurance Co's.
on
request
e Ex Interest.
all
STORMS AND CO.
Commonwealth Building
Phone Atlantic 1170
Quotation not furnished by sponsor or Issuer.
^ Quotation based on $89.50 of principal amount.
Sept. 25
°
best "Hedge" security
Circular
n Nominal quotation,
r In recelvorehlp.
Quotation shown Is for
tof When Issued
to-s With stock.
* Ex-dlvidend.
v Ex-rights.
101
101
3
12
•
fNow listed on New York Stock Exchange.
♦
Virginia 4 Ms
2
19M
103 M 106 M
7
8M
100
—100
7% preferred
United
Kress (S H)
103
A servicing fee
Kobacker Stores—
8M
Diamond Shoe
Ask
Bid
102 M
102
Michigan 4M8
Berland Shoe Stores
101
Massachusetts 4MB
Chain Store Stocks
5% was paid on July 2 and
PITTSBURGH, PA.
The Commercial & Financial Chronicle
94
July 6,
1940
n
Quotations
on
Over-the-Counter Securities—Friday July 5—Continued
Stocks
Guaranteed
INSURANCE STOCKS
BOUGHT—SOLD—QUOTED
3o$cpb KlalkersSons
fork 5t<xk
Mrmbrt
Extktmgt
Dealer* in
120 Broadway
Vermilye Brothers
Tel. RE ctor
GUARANTEED
NEW YORK
BROAD ST.,
30
2-6600
STOCKS
N. Y. CITY
Teletype N. Y. l-8§4
HAnover-2 7881
Sine*1855.
Guaranteed Railroad Stocks
Insurance
Companies
(Guarantor In Parentheaea)
;'
,
109
Homestead Fire
10
164
724
Ins Co of North Amer.. .10
60 4
62 4
69
19
204
Jersey Insurance of N Y.20
354
27
30
American
5
164
18
Knickerbocker
394
84
80
834
Amer Fidel A Cas Co com 5
94
104
Lincoln Fire
Allegheny A Western (Buff Roch A Pitts)
0.00
65
Beech Creek (New
2.00
8.75
100
Boston A Albany (New York Central)
Boston A Providence (New Haven)
Equitable
Home Fire
7
5
..10
8.50
10
15
American
.100
8.00
32
35
American of Newark—24
114
Carolina Cllnchfleld A Ohio com (L A N-A C L)._ .100
5.00
83
86
American
Re-Irwurance.10
414
American
Reserve
Canada Southern (New
Cleve Cln
York Central)
5.00
78
49
Automobile..
10
......
134
25
American Surety
46
414
334
10
424
444
Baltimore
6.50
65
60
Bankers A
Shippers
1(H)
9.00
140
2.00
Central)
Georgia RR A Banking (L A N-A C L)
.100
Michigan Central (New York Central)
4.00
39
42
1(H)
Lackawanna RR of N J (Del Lack A Western)
60.00
600
800
-50
(Del Lack A Western)
3.875
234
254
89
194
New Amsterdam Cas.. -2
New Brunswick
.10
304
164
324
New
Hampshire Fire.. .10
43 4
464
8
7
New York
50
1.50
39
43
Eagle Fire
24
14
24
50
3 00
78
85
Employers Re-Insurance 10
.100
Pittsburgh Fort Wayne A Chicago (Penna) pref
Pittsburgh Youngstown A Ashtabula pref (Penna). .100
7.00
169
173
7.00
150
6.64
56
6 00
126
3 00
58
63
1(H)
6 00
125
131
Firemen's of Newark
6
74
84
.100
10.00
238
242
Franklin Fire
5
284
304
6.00
44
47
6.00
58
..10
Federal
84
60
Fidelity A Dep of Md—20
10
Fire A8sn of Phlla
Fireman's Fd of San Fr.25
2 50
Preferred
West Jersey A Seashore (Penn- Reading)
Railroad
111
121
101
106
Pacific Indemnity Co.. -10
32 4
35
10
74
-5
13
154
Pro vld ence- Wash Ington .10
31
33
Reinsurance Corp (N Y)_2
6
Phoenix
Preferred Accident
Rhode Island
74
.10
Fire
234
25
.10
Republic (Texas)
374
78
21 4
23 4
4
5
24
63
General Reinsurance Corp 5
63
68
Georgia Home
23
25
St Paul Fire A Marine. .25
60
Gibraltar Fire A Marine. 10
204
Seaboard Fire A Marine -.5
5
394
224
414
Seaboard Surety
.10
314
334
5
15
94
104
Security New Haven
.10
284
304
11
10
-50
20
21
Glens Falls Fire
3.00
524
55
Globe A Republic
.
Bid
1.00
63.00
2.00
Missouri Pacific 44s
Nash Chat & 8t Louis
Bessemer A Lake Erie 24s
61.90
1.25
Boston A Maine 6s
63.50
2.50
Canadian National 44s-5s
68 25
7 00
Canadian Pacific 4 4s
Central RR of N J 44s...
68 00
700
64 00
2.00
Central of Georgia 4s
64.25
3.25
Chesapeake & Ohio 4 4s_.
62 00
Chic Burl A Qulncy 24s.
Chic Mllw A St Paul 5s...
Ask
63 00
2 00
62.50
200
Nat Steel Car Lines 5s
63 50
2.00
New York Central 44s
2 4s
62 60
Sprtnglleld Fire A Mar. .25
60
Stuy vesant
264
Sun Life Assurance
100
170
220
Great Amer Indemnity
1
84
104
Travelers
100
402
412
U 8 Fidelity A Guar Co -2
5
10
84
104
Hanover
10
234
25 4
U 8 Fire
Hartford Fire
10
724
534
744
554
U S Guarantee
62.
0
Hartford
Steam Boiler.. 10
1 80
2.50
63.10
2.10
64.50
3.25
Alabama
1.00
North Amer Car 4 4s-54s
Northern Pacific 24s-24s
62.25
1.65
American Arch
1.26
No W Refr Line 34s-4s..
63.65
2.25
65.00
4.00
Pennsylvania 44s series D
61.6C
1.00
63 00
2 00
4s series E
62.50
2.00
62.50
2 00
24s series G A H
62.60
1.75
63 00
2.00
62.25
1 75
63.75
2.75
Pere Marquette—
63.50
2.60
63 00
2.00
24s-24s and 44s.
Reading Co 4 4s
62.50
1 50
60 75
0 00
Par
Amer
Mills Inc
144
Peosl-Cola
25
204
34
454
214
16
19
Corp
3.50
American Mfg 5%
Hardware
Maize
Products
*
654
234
404
13
62.50
1 50
62.25
1.75
Lehigh A New Engl 44s..
Long Island 4 4s
62.50
1.50
62.10
1.50
Autocar Co
63 00
2.00
Virginian Ry 4 4s
61.50
1.00
Louisiana & Ark
Bankers Indus Service A
63.00
2.00
62.25
1.75
Botany Worsted Mills cl A5
63 00
2.00
Western Maryland 2s
Western Pacific 5s
11 25 preferred
10
Buckeye Steel Castings..*
62.75
2.00
*
Art Metal Construction. 10
10
com
1945
/43
1945
/43
.1944
47
74
76
..1940
44s
544
1943
Boston A Albany 44s
Boston A Maine 6s
95
1944
67
1955
Cambria A Clearfield 4s
~70~
100
_
Chlra.ro Union Station 34 ser F
53
~60_
1951
65
70
1961
Chicago Indiana A Southern 4s
Chicago St Louis A New Orleans 5s
Chicago Stock Yards 5s
Cleveland Terminal A Valley
47
524
101
1955
..1963
994
166"
ZZ..1995
53
Connecting Railway of Philadelphia 4s
1951
108
Cuba RR Improvement and equipment 5s
Elgin Jollet A Eastern 34s ser A
I960
24
1970
994
Florida Southern 4s
1945
72
78
Hoboken
1946
37
43
is
Ferry 5s
Illinois Central—Louisville Dlv A Terminal 34s
Indiana Illinois A Iowa 4s.........
Kansas Oklahoma A Gulf 5s
57
62
55
60
93
1014
1024
I" 1960
Memphis Union Station 5s
New
New
York A
.........
Harlem 34s.
Philadelphia A Norfolk 4s._........
...
...
New Orleans Great Northern Income 5s.......
New York A Hoboken Ferry 5s...
......
Norwich A Worcester 44s
Pennsylvania A New York Canal 5s extended to
Philadelphia A Reading Terminal 5s
Pittsburgh Bessemer A Lake Erie 5s
113
I_IIIl940
112000
"IIIl948
..12032
Il946
Il947
90
156"
99
102
97
99
11
13
30
40
80
90
..1949
47
55
1941
100
103
...1947
Portland Terminal 4s
1961
Providence A Worcester 4s
Tennessee Alabama A Georgia 4s
Terre Haute A Peoria 5s
_"IIIl947
I.Il957
~~~ 1942
..HIl967
Toledo Terminal 44s
..............._..I_I"Il957
Toronto Hamilton A Buffalo 4s
III" 1946
Union Pacific ref mt e 34 ser A...
..........IIIIIIIl980
United New Jersey Railroad A Canal 34s
IIIIIIIl951
Western 4s
...
Vermont VaUey 44s
Vicksburgh Bridge 1st 4-6s
Washington County Ry 34s
Pittsburgh 4s
98
1024
1034
1959
....
London Northern 4s
1014
1950
1950
4s
"254
1953
IIIl978
Louisville A Nashville 34s......
53
...
1124
.
86
~90~
80
SO
65
70
1074
95
1074
95
1014
109
97
1024
100
"874
1940
III"l9B8
I.IIIl954
HI 1990
106"
~70"
714
40
574
44
34
10
24
7
444
464
9
I
*
...
174
19
204
Talon Inc com
5
52
54
Tarn pax
1
34
*
74
Inc com.
544'
574
*
204'
23
74
Steel common
Tennessee Products
84
*
Thompson Auto Arms
1
Time Inc
*
10
53
56
Devoe A Raynolds B com *
15
17
Dictaphone Corp
*
Dixon (Jos) Crucible... 100
27
304
234
26 4
27
29 4
United Artists Theat com. *
62 4
66 4
United
14
74
24
Domestic Finance
cum
Draper Corp
pf. •
*
Farnsworth Telev A Rad.l
Federal
Bake Shops
*
Preferred..
30
23
124
*
30 4
33
2
34
4
2
Extinguisher
*
11
12
Gen Machinery Corp com *
20
224
Machine
100
44
14
4
4
14
24
*
com
preferred
7%
100
574
594
19
21
1084
2
...1
Graton A Knight com
*
100
28
34
34
414
24
3"
*
32 4
364
Wick wire Spencer Steel..*
Tool
Preferred..
Piece Dye Works. ♦
Welch Grape Juice com 24
44
54
West Dairies Inc com ▼ t c 1
Lewis
Humor Corp
Explosives
Preferred
48
Good
130
Trico Products Corp
Veeder-Root Inc
30
1
Fire
126
114
.....
94
46
Gen
94
24
134
Triumph
*
Glddlngs A
2
124
5
Common
Amer shs *
Garlock
44
Tokhelra OU Tank A Pump
Packings com
Foundation Co
4
3
*
Corp
Taylor Wharton Iron A
Manganese.2
com
44
38 4
25
I
*
Dentists Supply
108
3
35
Strom berg-Carlson
65
1
25
105
20
Sylvania Indus
64
174
Pub
54
414
264
Stanley Works Inc
34
54
<1 cum preferred
Consolidated Aircraft—
conv
44
38 4
Standard Screw
38
60
*
124
*
Remington Arms com
174
1654
24
100
294
54
54
$3
39
38
13
50
Wilcox A Glbbs com
York
Ice
7%
42
114
preferred
100
Machinery
*
100
preferred
7
414
14
19
2j|
224
42
Great
cum
Worcester Salt
454
Great Lakes 88 Co com..*
Northern Paper..25
Harrlsburg Steel Corp
5
Bonds—
Amer
Writ Paper 6s__1961
Brown Co 54s ser
Interstate Bakeries com..*
14
*
214
King 8eeley Corp com
1
Landers Frary A Clark__25
74
14
234
84
24 4
264
Lawrence Porti Cement 100
94
S5
preferred
S5
preferred
*
84
52
*
Marlln Rockwell Corp
1
Merck Co Inc common. .1
SB
preferred
100
Muskegon Piston Ring. 2 4
National Casket
*
For footnotes see page
93
Deep Rock OU 7s
Chic Dally News 349-1950
Oomml Mackay 4s w 1. 1909
/534
/32
34 4
744
| 764
104
354
/42
McCrory Stores 3 48—1955
Minn A Ont Pap 6s... 1945,
12
134
1
49
60
63
102
/30
Old Ben Coal 1st mtg 6s
-
115
124
8
NY World's Fair 4s. 1941
Scovlll
Mfg 54»
Superior OU 34s..
144
124
91
16
38 4
*48'
1945; 1044
1950
974
Income 5S..1962
1074
Woodward Iron Co—
2d
conv
H05
38
1937
474
82
Preferred
A..1946
1948
Stamped
10
484
Mallory (P R) A Co
Carrier Corp 44s
12
100
Long Bell Lumber
45
54
34
154
161
Qulncy
Cuban-Amer
11
00
Safety Car Htg A Ltg...50
Scovlll Manufacturing..25
Singer Manufacturing. .100
Skenandoa Ravon Corp..*
3
2
pref
CrowelJ-Colller
24
4
Coca Cola Bottling (NY)*
Columbia Baking com
*
S3
24
14
4% preferred
74
"2"
1
City A Suburban Homes 10
Akron Canton & Youngstown 54s
6s
1
Baltimore A Ohio 4s secured notes
64
common
Chilton Co
20c
14
Exploration...
1
Pollak
Manufacturing
*
Postal Telegraph System—
244
*
Brown A Sharpe Mfg...50
Cessna Aircraft
Asked
134
(260
15
Kansas City Southern 3s..
Bid
240
5c
434
Mills
Armstrong Rubber A
Chic Burl A
*
Petroleum Heat A Power. »
724
100
2.00
2.10
Arlington
Co
Conversion—1
Petroleum
Pilgrim
pref 100
62.50
62.40
Railroad Bonds
104
84
24
424
American Enka
Southern Pacific 44s
1.20
244
384
124
*
pflo
Amer Distilling Co 5%
Southern Ry 4s
Texas & Pacific 4s-4 4s
Union Pacific 24s
1.75
44
36 4
*
Pan Amer Match
Amer
2.25
3
20
Corp..25
12 4
American
62.25
Ask
Bid
*
114
series
2.10
63.25
324
24
2.00
61.80
65
30 4
124
63.10
Wheeling A Lake Erie 24s
50
14
63 00
West Fruit Exp 44s-4 4s.
preferred
5%
114
1 60
.....
194
454
62
New Britain Machine
5
2.25
Despatch
24s. 44s & 5s
Type com—1
5% conv pref 1st ser__10
61 85
Maine Central 5s
18
434
Ohio Match Co
Amer Cable A Radio
63 00
Merchants
Par
304
124
Great Northern Ry 2s
Illinois Central 3s
34s
2.50
Westchester Fire
Nat Paper A
24
American Cyanamld—
St Louis S'western 4 4s...
64.75
10
Ask
14
274
Remberg A com
2d
Shippers Car Line 5s.....
Bid
*
*
8t Louis-San Fran 4s-4 4s_
.
4
34
24
Industrial Stocks and Bonds
63.50
Cllnchfleld 24s
Del Lack A Western 4s
Grand Trunk Western 5s.
109
105
14
55
N Y Chic A St Louis 4s..
N Y N H A Hartford 3s._
Express
74
1.75
24s
Chic A Northwestern 44s.
44s and 44s
223
54
244
61.90
Denv A Rio Gr West 44s.
Erle 4 4s
213
5
15
Halifax.........
61.50
-
Great American
Globe A Rutgers Fire
2d preferred
Ask
Atlantic Coast Line 44s—
Baltimore A Ohio 4 4s
West Virginia A
24
54
Equipment Bonds
Bid
Toledo Peoria A
224
25
Pacific Fire
Revere (Paul)
3.50
Warren RR of N J (Del Lack A Western)
New York
34
93
6.00
100
Vlcksburg Shreveport A Pacific (Illinois Central). .100
Growers
14
89
National .25
Northwestern
104
91
354
124
24
North River
40 4
384
110
1134
59
614
88
5
12 50
...
48
44
5
Excess
...»
Fire
Northeastern
Northern
5.00
Valley (Delaware Lackawanna A Western)
4s
8
132
29 4
254
344
Fruit
534
7
126
224
174
234
Utlca Chenango A Susquehanna (D L A W)
514
2
.20
274
32 4
Tunnel RR 8t Louis (Terminal RR).
United New Jersey RR A Canal (Pennsylvania)
10
National Fire
204
5
5
Second preferred
7
264
10
....
10
1314
6
23 4
10
5
Camden Fire
Connecticut Gen Life
100
10
City of New York
City Title
Continental Casualty
Rensselaer A Saratoga (Delaware A Hudson)
St Louis Bridge 1st pref (Terminal RR)..
45
Carolina
88
Preferred
41
144
35
Pittsburgh Bessemer A Lake Erie (U S Steel)
—5
com.
National Union Fire
50
63
574
National Liberty
31
.100
(D L A W)
24
55
Merch A Mfrs Fire N Y —5
590
85
Destern
24
14
..1
124
National Casualty
93
573
6.00
Lackawanna A
14
6
Fire Assur
Mercb
74
25
4.00
York
74
Mass Bonding A Ins..
354
4.50
New
Northern Central (Pennsylvania)
Oswego A Syracuse (Del Lack A Western)
Security
434
....100
Boston
—
Maryland Casualty
124
434
154
64
American—24
1(H)
Delaware (Pennsylvania)
Essex
564
74
2.00
Fort Wayne 4 Jackson pref (N Y
Morris A
62
Home
3.50
Chicago A 8t Louis pref (N Y Central). .100
Cleveland A Pittsburgh (Pennsylvania)
Betterment stock
.10
14
274
474
254
66
117
York Central)
Ask
294
684
62
109
Home........
454
Aetna.
6.00
Vlcksburg (Illinois Central)
Albany A Susquehanna (Delaware A Hudson)
Bid
-.5
Agricultural
......-25
American Alliance—.—10
Asked
10.50
100
Alabama A
Par
113
304
24
174
Bid
Par in Dollars
«.
Ask
Hid
Dividend
444
1024
324
19
41
984
Volume
95
The Commercial & Financial Chronicle
151
Quotations
Public Utility
Over-the-Counter Securities—Friday July 5-Continued
on
Investing Companies
Preferred Stocks'
Aeronautical
Bought
Sold
Quoted
9.68
Ask
1
8.36
8.91
Keystone Custodian Funds
Series B-l
♦
25.47
27.89
Investors Fund C_.
10.30
7.98
*
Securities
Bid
Par
A si
Bid
Par
Admlnls'd Fund lnc
8.67
•
1M
♦Amerex Holding Corp..*
2.28
2.50
14M
16
Series B-2
19.47
21.37
Amer Business Shares
•
2.65
2.93
Series B-3
12.95
14.22
Amer Foreign Invest Inc..
5.73
6.33
Series B-4
6.14
6.75
Amer Gen Equities lnc 25c
.24
.28
Series K-l
13.39
14.68
3
3M
Series K-2
4%
4M
Affiliated Fund lnc
Jackson & Curtis
Corp*
Assoc Stand Oil Shares...2
Principal Stock and Commodity Exchanges
Members
1-1600
Teletype N. Y.
relay 7-1600
11.93
7.31
8.11
2.94
3.32
Knickbocker Fund
1
5.33
4J*
Manhattan Bond Fund lnc
X6.22
6.87
Maryland Fund Ino... 10c
2.95
4.05
Mass Investors Trust
1
16.89
18.16
Fund
10
8.63
9.43
3.15
12.91
lnc
-
—
_
13.88
.28
.13
1 Q QC
ly.ou
OA
Mutual
Invest
QQ
12M
11%
1
.
_
Nation .Wide Securities—
(Colo)
Public
Par
Par
Ask
(Md) voting shares..25c
.99
22.35
24.04
National Investors Corp.l
Bid
Ask
5.00
5.38
Chemical
1
9.01
9.76
New England
9.94
10.72
1
2.98
3.24
N Y Stocks lnc—
7?*
8?*
Fund
National Gas A El Corp. 10
EngGAE6M% Pf-*
New Eng Pr Assn 6% pi 100
New
See Industrial stocks
AmerGAE4M% pref. 100
Amer Util Serv 6% pref.25
Arkansas Pr A Lt 7% pf..*
Associated Gas
A
106 % 108
6%
5%
90
92%
1%
%
117%
Birmingham Gas—
$3.50 prior preferred..50
mm
m.
80
Birmingham Elec $7 pref.*
82%
3.95
2.00
Aviation
9.23
Accumulative series
1
2.00
Bank stock
7.51
8.13
1
2.35
Building
4.47
4.85
Series ACC mod
>
2.35
Chemical
7.68
8.31
64 M
67
64
62 M
New Orleans Pub Service.*
22 M
25
_.*
102 M
105
$7
preferred
48
45 %
104% 107 X
73%
75%
101
preferred
100
Serv 6% pf.100
103M
19 X
2.1K
*
54 preferred
i
supplies
♦8% preferred
100
4.28
*
9.98
100
4.09
Cumulative Trust Shares
14.71
Delaware Fund
15.90
7.29
Metals
5.39
5.85
5.68
6.16
Railroad
115
110
9.24
6.82
Oils
29M
27 M
10
♦Common B shares
6.87
8.54
Machinery
♦Crum A Forster Insurance
6.34
Insurance stock
115
2.40
2.60
4.94
Steel
5.71
Electrical
equipment
Deposited Bank Shs ser A 1
Northeastern El Wat & El
55 X
57%
1.29
No Amer Bond Trust ctfs.
1
2.48
No Amer Tr Shares 1953. *
6.19
•1.87
1
5.36
44%
2.38
Deposited Insur Shs A
Series 1955
Diversified Trustee Shares
Northern States Power—
Central Maine Power—
-
111
56 cum preferred
cum
«
26?*
24?*
♦Crum A Forster com..10
♦7% preferred
*
.
Railroad equipment
61 %
New York Power A Light—
Carolina Power A Light—
*
Cent Indian Pow 7% pf 100
Automobile.
1
12
N Y Water
preferred
2.02
Series A A
10
7%
$7
Corporate Trust Shares.. 1
33%
59
$6 cum preferred
6.45
5.95
♦Continental Shares pf 100
4%
3 %
32
*
..*
*
$0 prior lien pre!
Electric
$6.50 preferred
*
Atlantic City El 6% pref.*
Agriculture
27 X
25 %
New Eng Pub Serv Co—
$7 prior lien pre!
1
Fund
Series A A mod
7%pf 100
Nassau A Suf Ltg
99% 102
Amer Cable A Radio—
1.13
3.10
*
Commonwealth Invest
Alabama Power 17 pref..*
3.16
*
B shares
ser
2.30
Century Shares Trust
Canadian Inv Fund Ltd—1
Utility Stocks
Bid
5.87
6
3%
British Type Invest A
1
Broad St Invest Co Ino—5
Bullock Fund Ltd
10.82
5
♦5% preferred
Basic Industry Shares..10
Boston Fund
Tel. BA
8.42
Series S-2
Series 8-4
Bankers Nat Investing—
♦Class A
New York City
115 Broadway
7.61
Series S-3
Am Insurance Stock
ESTABLISHED 1879
~
m
~
m
m
-
-
*
•
•
'
$6
100
100
preferred
7%
preferred
Cent Pr A Lt 7% pref.. 100
97
102?* 105%
10M
8%
105
107M
100
preferred
87 M
90
45 X
48 X
6%
100
preferred
preferred
100
Okla G & E 7% pref—.100
Pacific Pr & Lt 7% pf
100
Panhandle Eastern Pipe
$6.50
cum
103% 105%
109
111%
64
17 X
55 cum preferred
*
Pub Serv Co of Indiana—
70 X
22
22%
Interstate Natural Gas..w*
22
*
57 prior lien pref
19%
90
87 X
Jer Cent P A L 7% pf..l00
Kansas Pow A Lt
4M % 100
Kings Co Ltg 7%'pref. 100
30
33
105?* 108%
98M 100
6.10
7.00
97 M
100M
20?*
21 X
8.70
9.20
16.13
Republic Invest Fund
2.81
3.16
5.31
5.90
Scudder, Stevens and
Insurance stk
2.13
2.37
2.84
3.17
10
8.01
Foundation Trust Shs A.
3.45
3". 95
14.00
15.22
4.15
4.88
Fundament'l Tr Shares A 2
83
29M
32
Long Island Lighting—
7%
preferred.
100
2
$2
100
*
23 X
24 X
partlc pref..50
Mississippi Power $6 pref.*
conv
31%
104%
22%
23%
100
S'western G & E
6% pf.100
Pow & Lt 7% pf.100
78
80%
86 M
89
83 X
86 X
*
*
Utah Pow A Lt 57 pref...*
Washington Ry A Ltg Co—
Missouri Kan Pipe Line..5
Pub Serv
3%
4%
15
27%
29
Mountain States Power...
15%
17%
45%
7% pref
18
165*
104%
102
106M 108%
Investors
24.24
26.06
4.28
*
4.66
Trust.
42%
*
Public
Bid
Amer Gas A Elec 25*s 1950
1960
3Ms s f debs
35*s sf debs
1970
Automobile
3.41
5.78
6.29
7.29
7.93
Food shares
3.73
4.07
2.42
2.65
4.42
4.82
shares
shares
shares
21%
26
96
|
Ask
103
57
fl4%
Il5
f 14%
15
f!4%
f!4%
122
124%
125%
15
1035*
125%
28
154
56
1954
4Mb
55M
NY PA NJ Utilities 5s 1950
75
N Y State Elec A Gas
4! 57
shares
4.98
4.51
shares
.05
.25
12 63
13 58
1.88
2.11
Corp
25c
.47
.52
1.89
B
1
Fund
Wellington
Investment
12.12
mm
13.35
Banking
Vs
♦Blair A Co
♦Central Nat Corp cl A__*
Insurance Group shares.
Investm't Co of Amer.. 10
14.84
2
1C
♦First Boston
1.22
13M
15
10<
1.01
-92
1.11
1%
23
20
1
♦Class B
X
1
♦Schoellkopf Hutton A
Corp
.
16.04
Pomeroy lnc com
104
77
Calif Water Service 4s 1901
13
City of New Castle Water
5s
1941
100
City Water (Chattanooga)
5s series B
1954
109
Nor States Power (Wise)—
n0
Penn Wat A Pow 3Ms
1964
3M8
1970
35*8
Peoples Light A Power—
1st Hen 3-6s
-...1901
Blackstone Valley Gas
..1908
108
Cent Ark Pub Serv 53.1948
1964
96
109
75
110
77M
107"
99 M
1950
6s
Pub Serv of Colo 3Ms-1964
Debenture
1949
4s
1st lien coil tr5M8—1940
1st lien coll 6 rust 68.1946
89M
Cent 111 EI A Gas 35*8.1964
Central Illinois Pub Serv
101 M
102M
Pub Utll Cons 6Ms—1948
105
105?*
104M
20 5*
91 M
91M
94
Pub Serv of Indiana 4s 1969
1045* 104M
84 M
Central Public Utility—
11M
2M
4Mb
Sioux City G A E
A Pow
1947
48—1960
74%
1962
00
90
S'western Gas A El 3X*
1902
"5
53 M
S*western Lt A Pow
1962
"5
53M
Tel Bond A Share 5s„1958
Sou Cities Utll 5s A... 1958
—
Richmond W W Co 5s 1957
1U5
105
Roch A L Ont Wat 5s. 1938
55
100M
1940
81
86
1946
83
495*
51
1045* 1055*
3j*8'69
105M 106M
70 M
St Joseph Wat 4s ser
100
1954
102
5s
1962
104
69
73
107 % 108
106
105
1930
1015* 102
99M 102
71M
83M
85M
debs 3 Ms
1957
Water Service 5s. 1961
1952
/50
Iowa Pub Serv 35*s„1969
104
Jersey Cent P A R 3Ms '65
102M 102M
52 M
104?*
105 M 107 M
95
100
95M 100 M
102 M
...
South Bay Cons Water—
1950
Springfield City Water—
4s A
1950
104 M
1958
105
Monmouth Consol W 5s '56
100
.
....
5M81950
Morgantown Water 5s 1905
Muncle Water Works 5s '65
—
104
4S..1961
W Va Water Serv
105
74
102
79
104 M
104 M
...
99
1951
1950
102
5s series B
1951
96
101
Westmoreland Water 5 '52
101
5M8
1951
98
96
101
105M 1065*
105M 1005*
Ore-Wash Wat Sprv 6m 1057
99
97 M
mmm
m-mrn
105
103
New York Wat Serv 6b '51
Wichita Water—
6s series B
97
...
105M 107M
—1950
5s series B
Ohio Cities Water
125
102
Western N Y Water Co—
105
New Rochelle Water—
Western Public Service—
1960
'51
101
1st mtge 5s
West Texas Utll
35*8.1969
Union Water Serv 5Mi
1st mtge 5M8
108M 109M
1957
Texarkana Wat 1st 58.1958
Monongahela Valley Water
6Ms '53
Ohio Valley Water 5s. 1955
Ohio Water Service 4s. 1964
5Ms
mmm
106
101
West Penn Power 3s_. 1970
Inland Gas Corp—
1907
Shenango Val 4s ser B. 1961
...1950
95
5* series C
108
6s series A
1960
1949
94
Utlca Gas A Electric Co—
5s
105
104
Scranton-Spring Brook
5s
Wash Wat Pow 3Mb_. 1964
Federated Utll 6M8—1957
1958
4Ms
1st A ref 5s A
Indianapolis Water—
1st mtge 35*8
1900
A 1966
Scranton Gas A Water Co
Huntington Water—
5s series B
.*.1954
1005*
1970
8 f
no
mm
89
Kokomo W W Co 58
105% 1065*
'70
Toledo Edison 1st 3Msl968
1st mtge 35*8
m
—
103
United Pub Utll 6s A. 1960
58
106M 107M
101
—
6s series A
Kankakee Water 4Mb. 1939
66
Texas PubUc Serv 5s__ 1961
Crescent Public Service—
mmm
*
73 %
Cons Cities Lt Pow A
mmm
1 A K
85M
St Joseph Ry Lt Ht
Income 5%a with stk *52
Cities Service deb 5s. .1963
109
102
Community Water Service
Joplln W WCo 5s
1951
Collateral 5s
...
106M 108 M
107
1065* 1065*
1065* 107
103M
Pinellas Water Co 5Ma. *59
Republic Service—
103 X
/195*
1948
Pittsburgh Sub Wat 5s '58
6s
97
100
Plainfleld Union Wat 5s *61
1065* 1065*
Portland Electric Power—
Central Gas A Elec—
1957
100
1948
...
5Ms series B
103
1065*
1st 5s series C__
1948
Phila Suburb Wat 4s.. 1965
105M
Parr Shoals Power 5s. 1952
13
100 M
105 M 108 M
105
Indiana—
1950
1st consol 58
97 M
105
let A ref 5s
1st consol 4s
...
Ask
Peoria Water Works Co—
Prior lien 5s
1957
1065*
Northern
Bid
Ask
Bid
101% 103%
Ashtabula Wat Wks 5s '58
106
Old Dominion Pow 58.1951
6Mb stamped
4.25
B
Class B
Corporations
1965
4s
13
Dallas Pow A Lt 3M8-1967
Dallas Ry A Term 08.1951
1
♦Series
Trusteed Amer Bank Shs—
4.92
1
♦Huron Holding
Butler Water Co 5s
Corp
13
Coll lnc 6s (w-6)
1954
Cumberl'd Co PAL 3Ms'66
4.54
A
Equipment shares..
Alabama Wat Serv 5s. 1957
1065* 1075*
26M
13
6s series B
2.12
1
♦Series
.77
1045* 105
27%
no
Consol E A G 6s A
2.18
2.02
3 40
Atlantic County Wat 5s *58
1986
5s
2.08
1
825*
60
New Eng G A E
1983
1st tntge 35*s
1908
Central Pow A Lt 35*8 1969
1
D
58
795*
Assn 5b *62
25
8 f lnc
A Electric 3%a
C
♦Series
1025* 1035*
Utll—
Montana-Dakota
Sink fund lnc 5s
4%fh5%9
♦Series
Trustee Stand Oil Shs—
Water Bonds
Lehigh Valley Tran 5s 1960
Lexington Water Pow 5s'68
Marlon Res Pow 3 Ms. 1960
111
no
110
Sink fund lnc 5-08—1986
Trustee Stand Invest Shs—
102 5* 103M
15M
Assoc Gas A Elec Co—
Cons ref deb 4M8—1958
Sink fund lnc 4Mb.. 1983
-
-
~
3 11
Public Service 35*8.1969
Conv deb 6%s
1973
8s without warrants 1940
—
-
_
109MT105*
52 %
1973
8.78
-
m'mmm
87%
1973
1
8.08
.68
Bank Group shares.:
Bid
3M8—1969
Kentucky Utll 4s
1970
4MB
1955
55%
Conv deb 4Ms
Conv deb 5s
3.20
14%
Institutional Securities Ltd
Kan Pow A Lt
84 X
Income deb 4M8—1978
Conv deb 4s
1973
2.14
2
98%
units
Kansas Power Co 48—1904
50 J*
1978
1
B
Industry Shs 25c
Steel
25%
AA
U 8 El Lt A Pr Shares A...
Tobacco
19%
3.04
Trusteed
64%
West Texas Util 56 pref.
56 %
3.78
RR
Participating
.35
58?*
*
Corp
4.70
Petroleum
107 M
109M 110
107
Associated Electric 5s. 1961
3J*s._.1978
13.80
.29
3.46
Mining shares
27%
105% 106
Utility Serv 6s. .1904
Income deb 4s
13.01
4.31
26%
Ask
Amer
Income deb
5.88
Spencer Trask Fund
*
Standard Utilities Inc. 50c
shares
24 X
25%
West Penn Power com...*
4.87
Electrical Equipment-.
Chemical
53 pref
61 X
7.64
4.47
...
3.72
7.02
shares
Building shares
52.75 pref
Utility Bonds
Amer Gas A Pow 3-5s. 1953
Assoc Gas A Elec Corp—
Income deb 3%a
1978
5.31
4.57
.Incorporated Investors..5
Independence Trust Shs.*
5% preferred
7.88
Investors.__ 10c
Sovereign
Supervised Shares
4.19
Agricultural shares
Merchandise
Corp
*
Monongahela West Penn
General
Investing
Pub
Utilities
Mississippi P A L $0 pref.*
preferred
99M 101 %
32%
United
$7
General Capital Corp
Aviation shares
Southern Indiana G A E—
Texas
77.56
7.23
3.60
Clark Fund lnc
♦State St Invest
3.77
Group Securities—
101 X
Southern Nat Gas com.7M
Lt Associates
preferred
Mass Utilities Associates—
5%
5%
4%
100
4.8% preferred
Mass Pow A
25
22 X
Rochester Gas & Elec—
6% preferred D
76.02
Selected Amer Shares..2%
Selected Income Shares.. 1
10c
series. 10c
Bank stock series
Super Corp of Amer cl A.2
Sierra Pacific Pow com...*
80 M
12.65
11.83
Quarterly lnc Shares.. 10c
5% deb series A
Representative Tr Shs.. 10
B
0% preferred
Republic Natural Gas
m
.37
Putnam (Geo) Fund
Queens Borough G A E—
Jamaica Water Supply...*
.32
mmm
10.39
Fundamental Invest lnc
25
10c
„
'
16.87
Equity Corp $3 conv pref 1
Fixed Trust Shares A
73
1.98
23.60
Fiscal Fund Ino—
11QX 113
1
^
14.99
Eqult Inv Corp (Mass)..
61 X
pref...*
Series 1958
_
9.68
*
Peoples Lt & Pr 53 pref.26
Philadelphia Co—
2.34
21.95
15.71
First Mutual Trust Fund..
Penn Pow A Lt 57
1
Plymouth Fund lnc
F
Fidelity Fund lnc
36
IndlanapPow A Lt com..*
Series
Series 1956.
1.08
34
35
62%
.98
31 %
33%
60%
25c
Shares
85X
32%
Hartford Electric Light .25
5.60
*
Penna Edison 55 pref
101% 104 %
4.95
83 X
.
*
Florida Pr A Lt $7 pref..*
2.50
ment Fund series A-l._
109M 113
preferred...*
$0 cum preferred
-
Eaton A Howard Manage¬
Ohio Public Service—
Line Co
Federal Water Serv Corp—
3.05
C
Dividend
_
Derby Gas A El $7 pref..*
82 X
79 %
D
7%
Continental Gas A Elec—
7%
100
7% pref.
(Minn) 5% pref—
(Del)
107M 110
Consol Elec A Gas $0 pref.*
Consumers Power $5 pref.*
99%
For footnotes see page
93.
104?* 105M
99
W'msport Water 5s
1952
102 M
105
—
mm
mmm
102
mm m
101
mmm
Quotations
on
July 6, 1940
Over-the-Counter Securities—Friday July 5-Concluded
Real Estate Bonds and Title Co. Mortgage
If You Don't Find the Securities Quoted Here
in which
have interest,
you
monthly Bank and Quotation Record,
our
cation
quotations
stocks
and
are
bonds.
carried
The
BUI
for alt active over-the-counter
classes
of securities
f28
f*
B'way Barclay lnc 2s..1956
B'way A 41st Street—
in this publi¬
/1934
Companies—
Out-of-Town)
Public
Federal Land Bank Bonds
11
443*
30
33
534s series C-2
33 A
35 34
46
50
5348 aeries F-l
534b series Q
523*
423*
543*
2s
N Y
1st 4s (w-s)
1948
Court A Remsen St Off Bid
Insurance Stocks
Real Estate Trust and Land
15
23
25
22
1st 33*8
Hotel units
Stocks
Title Guarantee and Safe Deposit
2J*
13*
Eqult Off Bldg deb
29
463*
443*
52
1951
14
17
29
35
53
57
1943
5134
55
J 957
57
60
32
14
Deb 5s 1952 legended..
/134
.....
103 E 57th St 1st 6s...1941
165 Broadway Building—
32
29
5s 1952
Ollcrom Corp v to
1 Park Avenue—
2d mtge 6s
16
Sec
f ctfs 430 (w- 0*58
s
Prudence Secur Co—
Stocks
U. S. Government Securities
50 Broadway Bldg—
1st Income 3s
U. S. Territorial Bonds
500 Fifth Avenue—
634s stamped
1946
f7A
Your subscription should be sent to
40 Wall St
33
Corp 6s... 1958
42 Bway 1st 6s
1400
34
58
37
Income
Roxy Theatre—
Film Center Bldg 1st 4s '49
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
10
31
52d A Madison Off Bldg
1st leasehold 3s. Jan 1 '52
Quotation Record is published monthly and
1961
Realty Assoc Sec Corp—
634s (stamped 4s)..1949
The Bank and
Mtge Co—
17
1950
Dorset 1st A fixed 2s..l957
Eastern Ambassador
Real Estate Bonds
sells for $12.50 per year.
Majestic Corp—
N Y Title A
Colonade Construction—
Industrial Stocks
..
5
f9
534s series BK
Railroad Bonds
Mining Stocks
17
4
1957
Railroad Stocks
ties
14
57
Cheseborough Bldg 1st 6s'48
„
Industrial Bonds
Mill Stocks
1955
4s with Btock 8tmp__1956
30
55
Cbanin Bldg 1st mtge 4s '45
Utility Bonds
Foreign Government Bonds
Joint Stock Land Bank Securi¬
6b A
25
3s
Public Utility Stocks
Investing Company Securities
6334
Brooklyn Fox Corp—
Canadian
.
j
1945
1948
Domestic
Canadian
Sf deb 5s
21
Broadway Motors Bldg—
Municipal Bonds—
Domestic (New York and
Ask
Bid
MetropoJ Playhouses Inc—
h"
N Y Athletic Club—
1st leasehold 3 34-5s 1944
covered are:
4-6s
Banks and Trust
Certificates
Ask
AJden Apt 1st mtge 3s. 1957
Beacon Hotel inc 4s..1958
wiJl probably find them In
you
I
.
.
The Commercial <6 Financial Chronicle
96
143*
/1334
1939
1st mtge 4s
Savoy Plaza Corp—
3s
/27
Broadway Bldg—
with stock
Sherneth
1st 48 stamped
1948
Fuller Bldg debt 6s...1944
1st 2J4-4s (whs)
1949
13
18
28 34
3134
Graybar Bldg 1st Ishld 5s '46
7434
1956
9
7
1956
n
Corp—
7 834
1st 5?* s (w-s)
32
60 Park
834
Place (Newark)—
1st 334b
28
33
21
1947
23
61 Broadway Bldg—
Harrlman Bldg 1st 6s. 1951
Inactive Exchanges
/14
16
334 s with stock
Hearst Brisbane Prop 6s' 42
Hotel St George 4s...1950
Foreign Stocks* Bonds and Coupons
39
41
616 Madison Ave—
29
31
3s
with
Syracuse Hotel
Lefcourt Manhattan Bldg
1st 4-5a
1948
Lefcourt State Bldg—
1950
*
1957
stock..
'
20
24
(Syracuse)
1st 3s
1955
69
52
47
62 William
& CO.,
St., N. Y.
INC.
Tel. HAnover 2-5422
45
Textile Bldg—
1st 3-5s
40
Trinity Bldgs Corp—
1st 534a
1939
/22
27
Lexington Hotel units
BRAUNL
1st lease 4-63*8
1948
Lewis Morris Apt Bldg—
1st 4s
1951
36
2 Park Ave Bldg 1st 4-5s'46
39
43
38
1958
1934
22
Lincoln
Building—
Income 534s whs
Due to the European situation some of the quotations shown below are
nominal.
1963
68 34
6134
Walbrldge Bldg (Buffalo)—
London Terrace Apts—
1st A gen 3-4s
1952
Foreign Unlisted Dollar Bonds
293*
3134
Wall A Beaver St
Anhalt 7s to..
1946
AntloqulaSs
1946
.
Ask
/15
/50
ma
1st
6s (Bklyn)
1947
Hungarian Ttal Bk 734 b '32
Hungarian Discount & Ex¬
change Bank 7s
Bank of Colombia
7%.1947
/2034
/25
7s
RarranqulIJa 8s'35-40-46^48
Bavaria 634s to
1945
Bavarian Palatinate Cons
Cities 7s to
1945
Bogota (Colombia) 634s '47
8s
Bollva
1945
(Republic)
8s. 1947
/14 3*
/13
/234
/33*
1958
1969
3 3*
1940
/3*g
/15
/3D
/45
Bremen (Germany) 78.1935
6s
.1940
British Hungarian Bank—
734s
1962
Caldas (Colombia)
Call (Colombia) 7s
fb
15
20
15
15
4
334
334
33*
1943
Bonds
'46
/2
Leipzig O'land Pr 634s '46
Leipzig Trade Fair 78.1953
/15
3l"
6s
Water 7s
1948
Montevideo scrip
Munich 7s to
1945
40
44
National
/3
Nassau Landbank 634s '38
Nat Bank Panama—
/40
16
f9H
/9 J*
/1
1034
20
5 34
1034
3
f65
/60
Hungary 734b
1962
National Hungarian A Ind
Mtge 7s
1948
North German Lloyd—
4s
1947
7s to
/16
Costa Rica funding 5s. '51
Costa Rica Pac Ry 734s '49
/10
/12
Oberpfals Eleo 7s
/3
68
/9
/834
Dortmund Mun UtlI634s'48
Duesseldorf 7s to
1945
634s
1953
European Mortgage A In¬
vestment 7 34 8
1966
7)*8 Income
1966
33
special
37
.1946
Panama City 6348
Panama 5% scrip
1952
ft
1968
/5
15
Protestant Church (Ger¬
many) 78
1946
will
/47
/20
1956
Porto Alegre 7s
/13
12
93*
Prov Bk Westphalia 6s '33
6s 1936
5s
1941
Rio de Janeiro 6%
1933
Rom Cath Church 634s '46
R C Church
/15
/15
/15
Welfare. 7s '46
bers
/12
Saarbruecken M Bk 6s. *47
/13
7s 1957...
Saxon Pub Works 7s_.194(
8s ctfs of deposit. 194>
8%
/16
/16
6348
German Central Bank
/23
8tate
1946
/39
/2
/12
1948
195J
Saxon State Mtge 68.. 1947
81em A Halske deb 6s.2930
Office
1954
194:
334
5s
1956
Toho Electric 7s
Hanover Ears
8s
Haiti 6s
Tollma 7s
Water Wks
1957
/7
65
1947
in Detroit
for,
city
on
Monday morning, Aug. 26.
the return
trip
are
The train
Thursday morning, Aug. 29.
on
offered the 2,200 members of the
meeting held recently in Chi¬
ensuing
year, was
selected.
Its Chairman is
Other
Bros. & Boyee, Baltimore.
Los Angeles:
Oliver Goshia,
Collin, Norton & Co., Toledo;
Plumley, First National Bank & Trust Co., Minneapolis.
of the year
newspaper
book committee, is preparing
a
two-section
for the convention.
1434
New York World's Fair Will Close at End of Season—
f5
Proposal Had Been Made to Continue to 1943
/16
/15
A
/15
fib
20
20
fib
75
proposal to keep the
until 1943 has been
200
80
of
the
Fair
This
New York World's Fair
Corporation.
proposal
was
made
on
June 8 by Newbold Morris,
President of the New York City Council.
Harvey D. Gibson,
/35
the Fair will not
1953
/15
1947
/15
1945
/15
/20
Unterelbe Electric 8s
Vesten Elec Ry 7s
Wurtemben? 7« to
__
closes
on
open
disapproved by the Board of Directors
Uruguay conversion scrip..
/15
/3
mem¬
Wittich, Bond & Goodwin, Inc., New York; John Hecnt, Butler
Co.,
Chairman of the Board of the Fair, said on June 11
Hamburg Electric 6s..1938
A
leaving Chicago for
/13J*
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
year
nearing completion.
/5
/15
..1953
1955
be held this
are
Harold B. Smith of MacBride, Miller & Co., Inc., chair¬
man
Mtge Bk Jugoslavia
2d series 5s
...1956
8tettln Pub Utll 7s... 1946
Security
*
35
42
National
nominating committee, scheduled to pick candidates
A. N.
/16
194>
the
are:
Wilbur
/8
/63*
f\i
/8
/64
/13?*
7s ctfs of deposit. .195:
4s scrip
8s
of
Plans—
26-28
that plans for the annual
been arranged
national committee's
a
Huff &
and
Salvador
/17
Convention
Aug.
President
announces
through Aug. 28,
for office in the
/5
/12
Santa Fe 4s stamped. 1941
Santander (Colom) 7s. 1941Sao Paulo (Brazil) 6s.l94:-
1938
23*
4>*
Detroit
in
Jones,
John O'Neill, Stein
18
Agricultural 6s
23*
Sunday evening, Aug. 25 and arriving in the
on
make
At
Santa Catharlna (Brazil)—
German Conversion
D.
train has
cago, a
/18
/15
/3
/15
1948
Held
Optional return routes
/15
Farmers Natl Mtgc 7s. *63
—_
5
Sugar Co
Association.
/20
/2
German Atl Cable 7s__ 1945
German Building & Land-
2934
West Indies Sugar Corp-.l
f!9
Association,
convention
/15
/15
/2
/17
Frankfurt 7s to
1945
French Nat Mall SS 6s '52
7
6
2734
convention of the organization, to
1967
7s Income
134
1
from Aug. 26
1967
7b
Savannah
15
/3
Poland 3s
/16
East Prussian Pow 68.1953
Electric Pr (Ger'y) 634s '60
50
41
/3
12"
69
/15
Dulsburg 7% to
.1945
Be
Edward
Traders
Oldenburg-Free State—
/40
1945
/47
/38
Security Traders Make
Will
/25
(A A B)*4s... 1946-1947
(C A D) 4s... 1948-1949
/16
1953
634S..1959
1
fl 2
73*
19
17
/15
Detroit
1949
1
8ugar Refg
Vertlentes-Camaguey
Ask
For footnotes see page 93
/35
/15
/15
Colombia 4s
1946
Cordoba 7s stamped..1937
—
Preferred
Bid
63*
Haytlan Corp com
*
Punta Alegre Sugar Corp. *
1947
1989
New Nlquero Sugar—
3 34s
1940-1942
/15
Par
/16
Central Agrlc Bank—
City Savings Bank
Budapest 7s
Storks
21
fl 9
1954
5s
Mannheim A Palat 7s. 1941
Merldionale Elec 7s-.1957
see German Central Bk
Central German Power
Funding 3s
55
Eastern Sugar Assoc com.l
1951
Haytlan Corp 4s
/15
Municipal Gas A Elec Corp
Recklinghausen 7S-.1947
/4
1934
Ask
Baraqua Sugar Estates—
Luneberg Power Light A
Munic Bk Hessen 7s to '45
/15
Madgeburg 6s
Bid
6s
/15
Land M Bk Warsaw 8s '41
/23
1947
German scrip
Graz (Austria) 8s
Guatemala 8s
45
20
/20
(Peru) 734s.__1944
Cauca Valley 734b
1946
Ceara (Brazil) 8s
1947
Callao
634s
1st mtge 4s
Sugar Securities
1936
Nat Central Savings Bk of
bank
1948
Westlnghouse Bldg—
Antllla Sugar Estates—
Corp—
8MB
1953
Buenos Aires scrip
Burmelster A Wain 6s. 1940
6s
20
/3
Jugoslavia 5s funding. 1956
Jugoslavia 2d aeries 5b. 1956
Koholyt 634b
7s
Brandenburg Elec 6s. 1953
Brazil funding 5s.. 1931-51
Brazil funding scrip
28
/14
7b
Cundtnamarca
63
13
17
Ask
/15
6s
Brown Coal Ind
1950
/2034
1948
43
1951
10
1951
Corp—
1st 434s w-s
1st 5s (L I)
ma
3s
Ludwlg Baumann—
even
be continued another
Oct. 27, 1940.
year.
that
The Fair
V"
..
r!
,
Volume
•
■*'{?
.
WW97'
The Commercial & Financial Chronicle
151
ytf\
c-'y
«
if
%
"•iV
r
General
The following
always
are
as near
STATEMENTS UNDER
REGISTRATION
SECURITIES
ACT
additional registration statements (Nos. 4443
Securities and
Exchange Commission under the Securities Act of 1933.
The amount involved is approximately $90,887,147.
4453, inclusive) have been filed with the
to
Copperweld Steel Co. (2-4443, Form A-2) of Glassport, Pa. has filed a
registration statement covering 75,000 shares of $5 par common stock.
Proceeds of the issue will be used for repayment of loan and for working
capital.
S. Eugene Bramer is President of the company.
Riter & Co.
has been named underwriter.
Filed June 27, 1940.
Long
Philippine
Distance
Telephone
(2-444,
Co.
Form A-2)
of
Manila, P. I. has filed a registration statement covering $500,000 of 6%,
15-year first mortgage sinking fund bonds, series A, due 1953.
Proceeds
of the issue will be used for working capital.
F. S. Spring is President of
the
June 27,
E.
J.
company.
Swan
has been named underwriter.
Co.
&
Filed
1940.
Arkansas Missouri Power Co. (2-4445,
Alleghany Corp.—Time Extended—
due 1957. James Hill Jr. is President
Sens, Inc., et al, have been named
Alleghany 5s
1, 1940 the time
1950 may be submitted/'
1939 under which Manu¬
facturers Trust Co. Is holding in trust 107,579 shares of Chesapeake & Ohio Ry. common stock withdrawn from the collateral securing the Alleghany 5s
of 1944.—V.
Rockford, 111. has filed
of $1 par common stock.
shares will be offered
proceeds will be used
to reimburse treasury, for capital expenditure, and for machinery.
E. E.
Woodward is President of the company.
Underwriter to be named by
150, p. 3650.
Cities
American
Power
&
Directors have declared a dividend of 75 cents per share on account of
on the $3
conv. class A optional series of 1928, payable
accumulations
Aug.
1
1-32 of
to
a
holders
of record July
11.
share of class B stock in lieu of
Vinco Corp. (2-4447, Form A-2) of Detroit, Mich, has filed a registra¬
tion statement covering 79,999 shares of $1 par common stock which will
Crystal Sugar Co.—Transfer Agent—
American
Company has notified the New York Stock Exchange of the appointment
Registrar & Transfer Co. of Jersey City, N. J., as an additional
transfer agent of its 6% 1st preferred stock and common stock, effective
June 26, 1940.—V. 150, p. 3651.
of the
Securities Co.- -Earnings-
American European
Int.
53,500 shares will be offered through the under¬
20,000 shares are under option, and 26,499
shares will be offered for the account of three stockholders.
Issuers part
be Offered at $3 per share.
proceeds will be used for machinery and working capital.
Osplack is President of the company.
A. M. Kidder & Co.
underwriter.
Filed June 28, 1940.
of
Joseph J.
has been
named
(2-4448, Form A-l), of Inglewood.
Calif., has filed a registration statement covering 450 service and option
agreements and (or) grouping agreements, regarding mated pairs and frac¬
tional undivided interests in mated pairs of live imperial chinchillas, which
will be offered at $3,200 per unit.
(See registration statement 2-4449).
Proceeds of the issue will be used for working capital.
Chauncey L. Snow
is President of the company.
District sales managers, et al. may be under¬
Chinchilla Sales Co.
Chapman
1939
$204,371
76,765
$198,174
68,545
5,963
$213,223
78,228
$372,798
13,475
50,375
$281,136
27,525
$272,682
16,687
$282,148
71,094
75,425
75,575
x$308,948
$182,517
$180,570
3,738
$170,042
2,163
$176,832
150,000
$167,879
yeceived or accrued-
Di vs. rec. in securities
Total income
Exps., inc. miscell. taxes
Int. paid or accrued
334Yi, units were sold and 30 units are
(See registration statement
2-4448).
International
Paper Co.
registration
(2-4451, Form A-2), of New York, N. Y.,
$32,000,000 of 1st mortgage
1940.
(See subsequent page for
statement covering
Piled June 29,
bonds, series due 1955.
further details).
Republic Airvraft Products Corp. (2-4452, Form A-2), of Detroit,
a registration statement covering 45,000 shares of $1 par
stock which will be offered at market.
Proceeds of the issue will
be used for debt, machinery and working capital.
Wm F. Wise is President
of the company.
Brown. Schlessman, Owen & Co. has been named under¬
writer.
Filed June 29, 1940.
Mich., has filed
common
(2-4453, Form C-l), of New
York, N. Y., has filed a registration statement covering shares in the Na¬
tional Securities series which will have an initial offering price and after¬
wards will be offered at market.
Of the shares registered 100,000 shares
consist of the bond series which will be innitially offered at $6 per share,
100,000 shares of low priced bond series, to be initially offered at $5,100,000
shares of the preferred stock series, to be initially offered at $7.50, 200,000
shares of the income series, to be initially offered at $5, and 200,000 shares
of low priced common stock series, to be initially offered at $3.
Proceeds
of the issue will be used for investment purposes.
H. J. Simonson Jr.,
President.
Sponsored by depositor.
Filed June 29, 1940.
National
Securities
The last
our
175,000
& Research Corp.
1940
Cash
S
c
Stocks
Bonds
Acer. int. on bonds
10,864,310 12,384,852
2,077,449
1,924,647
54,321
50,265
d
[Including Canadian
13,085,382
.
$0.46
Directors have declared a dividend of 25 cents per share on
stock, payable Aug. 10 to
holders of record July 25.
the common
Dividend of 35 cents
quarterly periods,
the reduction in
share was paid on April 10, last, and in preceding
Joseph E. Rogers, President, stated in explaining
per
dividend:
While the present trend indicates that earnings for the four months ending
July 31 will undoubtedly be more than sufficient to cover the former
quarterly dividend rate of 35 cents, in view of the fact that the corporation
desires to be in a position to do its full share of any outside work it may be
perform in connection with the present preparedness program and
in view of the present international situation, the directors felt that it would
be advisable in the best interests of the corporation to conserve cash by
called to
conservative dividend declaration at this time.
declare such dividends from time
to time as
earnings and business conditions /justify, augmenting such?J
regular dividends with such extras as may be warranted by the circumstances
existing at the time of such declaration.—V. 150, p. 3811.
a
is the intention of the directors to
It
14,612,197
12-Cent Dividend—
American
dividend of 12 cents per share on the common
payable July 20 to holders of record June 29.
This
with 10 cents paid on April 20, last; 20 cents on Dec. 26, last;
cents on Oct. 20, 1939; six cents on July 20, 1939; five cents on April
compares
seven
20,
p.
1938, five cents on Oct. 20, 1938;
1938, and 10 cents paid on April 20. 1938.—V.
1939; eight cents on Dec. 23,
cents
on
July 20,
four
150,
2075.{
Alabama
31—
allowances & discounts._
Cost of goods sold and selling, administration and
and gen. expense, incl. depreciation
&
Northern
RR.—Par
Value
Reduced—
value of the common
informed that there is a capital stock tax
assessed by the State of Alabama and the reduction in par value of $100
to $1 was made for the purpose of sating considerable taxes.
In connection
with the recent change in the par
stock of this company, we were
\
14,612,197
Total income
Other
deductions
Federal taxes on income (est.).
Net income.
Balance
Sheet
$26,156
4,931
$31,087
$25,89.5
$312,734
1939
$92,188
$101,958
16,061
20,700
...
70,000
100,777
Construc'n loans..
65,000
118,943
Reserves
21,906
552,305
Permanent assets
74
5,117
1940
payable.
Accruals
159,877
49,132
11,485
Receivables
493,206
67,083
5,398
1
19*481
Cap.stock ($1 par)
231,400
231,400
Earned
surplus...
312,809
342,674
Capital surplus...
410,000
410,000
1
15,262
13,663
Patents
Total
.....$1,163,774 $1,111,805
e
After allowance for doubtful accounts of
$1,000 in 1940 and $2,500 in
774 $1,111,8051
$1 ,163,'
Total
x
436,558
$42,521
6,589
1
June
Accounts
Other assets
y
478,318
Liabilities—
1939
1940
$305,712
hand
1939
$462,714
$39,053
-
income
Other
1940
$520,839
$49,109
1,483
8,573
Operating profit
After allowance for depreciation of
in 1939.—V. 150, p. 4116.
1939.
y
American Fork & Hoe Co.
$164,094 in 1940 and $184,727
(& Subs.)— Earnings—
1940
April 30—
Gross profit from sales
Selling, administrative and general expenses
Years Ended
1,580,685
Net income
Dividends on common
Consolidated Balance Sheet April
$669,836
115,541
$1,041,606
212,844
514,351
—
L
:k
stock
$596,818
73,018
$1,331,069
289,463
(after depreciation charges)
& undistributed profits taxes
Pro v. for income
1,337,701
$1,417,747
Dr86,678
Operating income
Non-operating income (less expense)
$5.54,294
213,438
308,610
30, 1940
Assets—Cash, $1,590,268; Dominion of Canada bonds, at cost, $67,568:
accounts and notes receivable, trade, less reserves for discounts, allowances
and doubtful accounts and notes of $185,235, $2,019,336; accounts and
notes receivable, other, less reserves for losses of $5,742, $65,775; inven¬
tories,
Tennessee
17,565
Forging & Socket Co.—Earnings—
Dividends on preferred stock
Directors have declared a
stock, no par value,
9.735
...13,085,382
Total
Net income for year
Administered Fund, Inc.—To Pay
2,516.000
46,233
5,663,490 e6,677,283
3 Months Ended May
Deferred charges..
Dividend—
615
42,042
debt
Int. on fund. debt.
Gross sales—less returns,
Inventories
1939
$346,631
$386,006
$0.51
615
2,015,000
Option warrants
Funded
354,500 shares of no par value,
c Represented by
stock, d There are issued and outstanding
option warrants entitling the holders to purchase at any time, without
limit, 20,500 shares of common stock at a price of $12.50 per share,
e Con¬
sists of reserve for possible losses on sales of securities to $3,578,071 capital
surplus of $2,061,595 and surplus since June 30, 1938 of $23,824.—V. 150,
p. 3651.
x
1940
and Federal inc. taxes
stock
354,500
b Represented by
U. S. Govt, bonds.
subsidiary.]
5 Mos. End. May 31—
354,500
50,000 shares of no par $6 cum.
.4 ssets—
Corp.—Earnings
stock,
Surplus
previous list of registration statements was given
4115.
Addressograph-Multigraph
5,000,000
5,000,000
Accrued taxes
Total
$
Preferred stock.,
h Common
Securities (at cost):
1939
$
Liabilities—
252,434
89,302
...
..
1940
1939
$
Assets—
on
25-Cent
150,000
sold was used.
cates or bonds
issue of June 29, page
Net profit after deprec., int.,
Earns, per share on common
36,530
$7,517
$8,948
_
Cash in banks and
making
630
$26,832
$17,879
x Computed without regard to net loss on sales of securities in the amount
of $772,453, which was charged to reserve for possible losses on sales of
securities.
In determining the gain or loss the cost of the specific certifi¬
Balance, surplus
Filed June 28, 1940.
Illuminating Co. (2-4450, Form A-2), of Cleve¬
land, Ohio, has filed a registration statement covering $50,000,000 of 3%
first mortgage bond .series due 1970.
Filed June 28, 1940.
(See subsequent
page for further details).
*
Electric
Cleveland
........
$182,517
$308,948
300,000
Total profit
Pref. stk. div. require'ts
a
will be offered at $3,200 per unit.
to be offered.
:
Net loss from sec. sold..
(2-4449, Form A-l), of Inglewood,
registration statement covering 365 purchase agreements
and (or) chinchilla pooling agreements, regarding mated pairs and frac¬
tional undivided interest in mated pairs of live imperial chinchillas, which
a
68,295
Comparative Balance Sheet June 30
Chinchilla Sales Co.
Chapman
Calif., has filed
in
Net income
Filed June 28, 1940.
filed
1937
1938
1940
$294,570
6 Mos. End. June 30—
Cash divs. received
writer for the issuer, of which
has
Holders have option of receiving
cash—V. 150, p. 2246.
Filed June 28, 1940.
amendment.
writers.
Corp.—Accumulated',
Light
Dividend—
registration statement covering 62,000 shares
10,000 shares will be offered by issuer and 52,000
or the account of 13 stockholders.
Issuers part of
have extended to Aug.
1950, and Alleghany Corp.
within which a plan of readjustment for the 5s of
under the terms of the agreement dated Sept. 28,
Woodward Governor Co. (2-4446, Form A2) of
a
&A
'•4
'
'
The Marine Midland Trust Co., New York, as trustee for
of
Form A-l) of Blytheville, Ark.
a registration statement covering $2,350,000 of 4% first mortgage
bonds, series A, due 1968.
Proceeds of the issue will be used to redeem
arrange
The company also informed us that it considers this common stock of nol
value because although there are several divergent views as to» the re-*
organization of the company, no plan now proposed gives tjiis common"stock any value whatever.—V. 146, p. 430.
...
\
! T
,
has filed
the 5% first mortgage bonds, series A,
of the company.
E. H. Rollings &
underwriters.
Filed June 28, 1940.
j
companies in exact alphabetical order.
alphabetical position as possible.
possible to
it is not always
reasons
However, they
OF
■
" '/
UTILITY-INDUSTRIAL—INSURANCE—MISCELLANEOUS
RAILROAD—PUBLIC
NOTE—For mechanical
FILING
«>
Corporation and Investment News
$4,845,735;
$763,924;
Ad¬
for
$6,802,589; deferred charges, $136,397; patents,
non-current
investments
and receivables,
plant and equipment (includes patterns and drawings of $475,025).
ditions during year ended April 30. 1940 cost $548,403 (less raierves
depreciation of $8,206,298),
less amortization, $125,428; total, $16,417,020.
Liabilities—Accounts payable, trade, $124,232; accounts payable, other,
$56,646: accrued liabilities, $568,178; 6% cumulative preferred stock
(par $100), $3,537,400; common stock (528,057 no par shares), $8,800,950;
■■
%
The Commercial & Financial Chronicle
98
July 6,
Anaconda Wire & Cable Co.—2o-Cent
Directors have declared
Arkansas-Missouri Power
1940
Dividend—
dividend of 25 cents per share on the common
a
stock, payable July 12 to holders of record July 5.
Last previous payment
was made on Dec. 18, 1937 and totaled $1.25 per share.—V. 150, p. 2866.
Corp.
Common Stock
Arkansas-Missouri
Power
Corp.—To
Issue .$2,650,000
Securities—
TRADING
The
Securities and Exchange Commission June
28 announced that
corporation had filed an application under the Holding Company Act
regarding the issuance and sale of $2,350,000 of 4% first mortgage bonds,
series A, due 1965, and $300,000 of 3M % serial notes.
The bone's are to be
offered publicly through underwriters and the notes are to be issued to
DEPARTMENT
Eastman, Dillon 8 Co.
MEMBERS
NEW
YORK
Tel. Bowling Green 9-3100
evidence bank loans.
EXCHANGE
STOCK
The proceeds from the sale of the bonds and notes, together with other
funds of the comnanv, are to be used for the redemption, at 100 and accrued
New York
15 Broad Street
Bell System Teletype N. Y. 1-752
interest, of $2,707,725 of 5% first mortgage bonds, series A, due 1957.
The underwriters of the bonds and the amounts to be taken by each are
follows: E. H. Rollins & Sons. Inc., Chicago, $735,000; Central Republic
Co., Chicago, $450,000; A. C. Allyn & Co., Inc., Chicago, $400,000: Lee
Higginson Corp., Chicago, $400,000: Laurence M. Marks & Co., New York,
$250,000, and A. G. Becker & Co., Inc., Chicago, $115,000.
The names of the banks from which the company proposes to obtain
loans are to be furnished by amendment to the application.
as
surplus, $3,478,862; surplus reserves, $56,502: 1ms 13,706 shares of com.
stock In treasury, at cost, Dr$215,750; total, $16,417,020.—V. 150, p. 3037.
American Gas & Electric Co.
Period End. May 31—
Subsidiaries Consul.
Operating revenue
Operation,
$5,706,005
2,180,834
Maintenance
(& Subs.)—Earnings—
1940—12 Afosal939
1940—A/ontfi—al939
416,264
_
Depreciation
1,045,547
1,052,645
Taxes
Operating income
$5,819,493 $81,949,950 $73,977,869
1,994,254
25,988.038
23,163,849
339.370
4,523.155
4.108,486
912.001
11,321,307
10,775,358
831,305
12,005.977
10,157,328
$1,742,564
9,813
income
$2,118,882
j
$1,752,377 $28,318,641 $25,864,092
794,107
9,529,795
9,761,361
424,394
5,092,519
5,092,519
Int. and other deduct'ns
Divs.
on
798,345
424,394
pref. stocks
b Balance
$896,143
The
Utility Management Corp. reports that for the week ended June 28.
of the Associated Gas & Electric group was 93,991.739
(kwh.).
This is an increase of 8,337,470 units or 9.7% above pro¬
duction of 85,654,269 units a year ago.—V. 150, p. 4117.
net electric output
Atlantic
I'ref.
from
divs'.
$533,876 $13,696,328 $11,010,212
156,157
1,558,307
2,111,486
subs.
165,681
4,514
165,681
1,988,170
4,494
74,359
,195,504
79,045
$860,207
,116.460
97,438
140,767
Taxes and exps. (net)
Balance..
Int. and other deduct
ns
pref. stock
Balance...-.
$824,163 $16,467,655 $14,628,207
128.140
1,397,229
1,822.723
177,811
1,962,114
2,133,738
$17,317,163 $15,167,754
36,044
849,509
539,546
$878,254
$518,212
$13,108,311
$10,671,746
Restated for comparative purposes,
b On income for common stocks
of subsidiaries owned by American Gas & Electric Co.—V. 150,
p. 3811.
American Investment Co. of
The New York
to
Illinois—Listing—
&tock Exchange ins authorized the listing of 674,508 shares
(par $1) upon official notice of issuance; such shares are
of July 26, 1940, to the common stockholders of record
be issued
as
July 15, 1940,
stock dividend, and
as a common
152,200 additional shares
of common stock upon official notice of issuance thereof upon
conversion of
60,880 shares of 5% cumulative convertible preferred stock, which in ac¬
cordance with the terms thereof are convertible at the option of the holders,
at any time into shares of common stock at the rate of one share of common
(which will bo throe shares of
stock, upon
$40 par value of shares of the
stock dividend) for each
convertible preferred stock;
making the total
5%
share;
(b) to increase the authorized shares of
Ins"rance
extra dividend
an
Co.— Extra
of 10 cents
stock dividend of two additional shares of
common
stock to stockholders of
Tuly 15, payable Tuly 26.
As of May 31, 1940, there were issued and outstanding 337,254 shares of
common stock.
Upon the payment of the common stock dividend the
common stock capital account will be credited $1
per share for each shar« r-f
stock issued in payment of such
dividend, and the paid-in surplus
account will be debited with a like amount.
1940—12 Mos.—1939
1940—Month—1939
$2,220,800
706,463
375,684
169,238
$64,237
25,549
$1,018,721
306.299
$969,414
305,891
$42,655
$38,688
$712,422
$663,523
25,483
21,722
25,483
21.722
305.794
305,794
260,659
260,659
def$8,517
$145,969
$97,070
.
Taxes accrued...
Depreciation..
$2,362,771
746,040
405,500
192,509
$68,228
25,573
expenses.
$164,713
58,287
30,000
12,189
def$4,549
Operating
$184,025
61,790
39,000
15,007
...
.....
Net oper. revenue.
Fixed charges....
Surplus
Div.
on
Div.
on common
Notes pay. to banks, &c
15,814,149
Accts. pay. & accruals.
on notes ree'le..
Value ot insurance....
Real est., less reserve
reserve for
pref. stocks
on
95,356
Thrift accounts
Taxes payable & accrued
Common stock
2,672,497
154,793
68,319
389,701
Bandini
$18,300,958
629,804
778,542
Total
.$18,300,958
-V. 150, p. 3811.
Co.—Earnings —
Sales of crude oil & gas from current production_
Cost of sales
American Telephone & Telegraph Co.—Gain in Phones
about 18,100 telephones in service
was ^
subsidiaries
in the principal
Co.
of the American
Telephone and Telegraph
the Bell System during the month of
June, 1940.
The gain for the previous month was
86,600 and for June, 1939. 15,800.
The net gain for six months this
year totals 449,000 as against 370,000 for
i!n 1^39.
At the end of June this
16,984,600 telephones in the Bell System.
Jnn?- 1940 telephone increase
o
2,318 and
in
in
was
year there were about
in the Southern New England Co.
the Cincinnati & Suburban
June, 1939
& Electric
Co., Inc.—Weekly
Output—
Gross
increase
of
52,682,000
15%
over
the
output
corresponding week of 1939.
Comparative table
years
of
follows:
Week Ended—
1940
June
8
52,392,000
June 15 —-.52,870,000
June 22
52.363,000
June 29
—V.
150,
52,682,000
p.
of 45,814,000
kwh.
for
the
weekly output of electric energy for the last five
—
1 Q88
1937
1936
38,670,000
38,033,000
37,879,000
37,513,000
50,718,000
50,608,000
49,972,000
47,850,000
44,153,000
45,115,000
45,601,000
45,661,000
4116.
American Zinc Lead &
p.
—
.....
....
Amort, of amts.
o dd to *»cqui"e leaseholds & sundry exploration
expense—undeveloped leases...........
Depletion.
Depreciation
35.794
........
13,205
.
—
56.627
—
—
Ope^atine loss
Non-operating income (net)
——
.....
$134,279
32,086
-
—
$102,193
,
19,875
Ad sales from current
production were made to Wilshire Oil Co., Inc.,
with the exception of sales aggregating $21,317.
b A charge of $24,021 by
Wilshire Oil Co., Inc. for field supervision and facilities was allocated
a
$11.228 to production expense, $10,831 to
$1,962 to sundry other accounts.
intangible development costs and
Balance Sheet Dec. 31, 1939
Assets—Cash.
$1,253,602;
current
receivable from affiliated
oil, $16,712; investment in shares of
accounts
companies. $25,819; inventory of crude
affiliate, $166,600; other assets, $10,729: oil leases and equipment (at cost),
$316,853; deferred charges, $2,545: total, $1,792,860.
Liabilities—Accounts payable, $100,138; accrued Federal capital stock
tax,
$8,950;
reserves,
$119,581; capital
stock
fpar
H.)
Barber
$1), $662,500; earned
Co .—Earnings—
Earnings for Year Ended Dec. 31,
a
Net sales
1939
$11.008,607
.......
Operating
profit
Other income (net)
Profit before taxes
Taxes
Smelting Co .—Pref. Dividend—
oof.1!100 Nov- L 1937, when $1.25
28o6.
on
per
share
was
also paid.—V
...
10,605,800
.....
$402,807
39,076
—
—
on
income
$441,884
....
88.906
income
Net profit for year
Earned surplus, balance at Jan.
Total
— ......
$352,978
722,355
...
1, 1939
—
....
Cash dividends paid on capital stock
Earned surplus at
150,
...
($1.50
....
per
share)
Dec. 31, 1939
$1,075,333
<
259,805
$815,528
Includes sales of approximately $900,000 to unconsolidated subsidiaries,
are made on the same price basis as to non-affiliated customers.
which sales
Note—Depreciation charges for the year amounted to $30,137.
The company's equity in the net profits of its unconsolidated subsidiaries
for the year amounted to $26,392, of which only the dividends received
have been taken up in the accounts of the company.
Balance
1 Q3Q
45,105,000
46,041,000
45,133,000
45,814,000
Directors have declared a dividend of $1.25
per share on the $5 prior
pref. stock, payable Aug. 1 to holders of record July 19.
Same amount
was paid on May 1 and on Feb.
1, last, this latter being the first dividend
pa
$260,869
74.104
b211,817
3,601
profit
Expense
a
Output of electric energy of the electric properties of American Water
Works & Electnc Co. for the week ended
June 29, 1940, totaled
an
$257,593
3,276
—
was
Co., 133.
The gain for the former
1,826 and the gain for the latter 192.—V. 150, p. 3812.
American Water Works
kwh.,
a$400,928
.
-
Intangible development costs.
Equipment retirements and abandonments
(W.
meeting of the board of trustees William Goetz, who has been
for 37 years, was elected Treasurer.—V. 149. p. 3544.
iAneYcn/wr\
_
143.335
Profit........
Cost of goods sold, selling, admin. & general expenses
m
.
surplus, $901,691; total, $1,792,860.—V. 149, p. 3402.
with the company
i'^,^ure
_
ft.
Other operating income.
American Surety Co.-—Treasurer—
a recent
Petroleum
Earnings for Year Ended Dec. 31, 1939
1,300,000
...
^aid-in surplus
Earned surplus
147,182
_
—V. 150, p. 3652.
3,890.500
10,623
Cumulative preferred stock..
Preference stock
de¬
.
....
66,239
56,412
preciation)..
Deferred charges
Total
$8,410,000
23,416
Misc. notes & accts. rec., &c.
(less reserves)
Property (less
Dividends
226,751
....
stock.
Net loss
$1,867,632
Accrued int.
preferred stock.
Dividends paid
Liabilities—
Instalment notes receivable..
^eluded
share in ad¬
Earnings—
Bangor Hydro-Electric Co.
Period End. June 30—
Gross earnings
Consolidated Balance Sheet March 31, 1940
Assets—
Gash.
telephone
Di'idend—
per
dividend of like amount on the capital
stock, par $5, both payable Aug. 15 to holders of record July 31.
Like
amount was paid on Feb. 15, last.—V. 150, p. 273.
stock from
common
record
At
2868.
dition to the regular semi-annual
for listing
$750,000 to $1,800,000; and (c) to provide for the sale of 150,000 shares of
common stock (but not more than 30.000 shares m
any 12 months period)
to certain officers and employees and other
persons whom the board of
directors may deem to be of value to the
company, under a partial payment
plan ota price loss than the market price, we-e autnorized by the votes of
the holders of record of more than a
majority of the outstanding shares
entitled to vote. Directors at a meeting held on April 25, declared a common
common
p.
Baltimore American
cumulative
amount applied
At the annual meeting of stockholders held April 22, 1940, the proposals
(a) to change the common stock without par value to common stock par
per
April, 1938.—V. 150,
payment of the
common
1,240,062 shares.
$1
dividend of 40 cents per share on the common
a
stock
common
stock
Trading —
par,
Babcock Ar. Wilcox Co.—Oommon Dinleni—
1,988,170
57,886
a
of
no
Directors have declared
Total income
on
stock,
stock, payable July 31 to holders of record July 15.
Dividend of 20 cents
was paid on April 30. last, and one of 25 cents per share was distributed
in
consolidated
Other income..
Divs.
common
Directors have declared
_
Co.—Unlisted
Fisheries
Coast
New York Curb Exchange has removed, from
unlisted trading the
and has admitted the new common stock, par
$1, to unlisted trading.
The new common stock was issued, share for share,
in exchange for the old common stock.—V. 1.50, p. 3964.
old
$533,876 $13,696,328 $11,010,212
$896,143
1-29,166
Arner. Gas dfc Eire. Co.—
b Balance.
Int. from subs, consol.
2710——■
p.
Co.—Weekly Output—
units
The
Total
this department.—V. 150,
Associated Gas & Electric
$28,111,472 $25,772,848
207,169
91,244
$2,100,805
18,077
Other income
Bee also list given on first page of
Sheet
Dec.
31\
1939
Assets—Cash, $148,390; U. S. Treasury bonds, at cost (aggregate quoted
market prices $10,660),
for doubtful notes and
$10,038; notes and accounts receivable (less reserve
accounts, discounts, &c., of $25,852), $585,251;
$1,427,389: property,
plant and equipment (net), $555,461; total, $3,475,120.
Liabilities—Accounts payable, $393,189: accrued local and Federal capital
stock taxes, $27,850; accrued insurance, $5,027; Federal and State taxes on
income (est.), $98,000; unrealized profit from sale of real estate, $553:
reserve for self-insured risks, $12,582; capital stock (par $1) (stated capital
$11 per share), $1,960,420; subscribed but not issued, at subscription price,
13,000 shares, $186,050: capital surplus, $49,272: earned surplus, $815,528;
capital tock in treasury (5,025 shs.), at cost, Dr. $73,350; total, $3,475,120.
—V. 149, p. 3866.
inventories, $748,592; investments and other assets,
The Commercial & Financial Chronicle
Volume
151
Beatrice
Creamery Co. (& Subs.)—Earnings—
Boston & Maine
1940—3 'Mos.—1939
1940—12 Mos.—1939
S15.567.578 $14,178,809 $65,030,181 $59,628,115
Costs, expenses, ordinary
56,645,409
taxes, interest, Ac
61,905,566
15,075,680
13,531,485
1,107,776
269,510
1,129,783
Depreciation
281,170
Period End. May 31—
Net sales....
$210,728
74,234
Net profit
Earnings
share
per
$1,994,832
200,099
$1,874,930
178,873
$453,172
104,000
$2,194,931
365,500
$2,053,803
301,730
$221,962
Total income
Fed. inc. tax A surtax
$377,814
75,358
$284,962
63,000
Profit-
$349,172
$1,829,431
the
approval of a $40,750,000 Reconstruction Finance Corporation
carrying out the plan
The road on June 7 declared the plan operative as of June 13, 1940,
basing this declaration on the fact that at that time over $95,800,000 prin¬
cipal amount of the bonds affected by the plan had assented to the proposal.
—V. 150, p. 4118.
ICC
for
use in
Brown-Forman
accumulations
$3.35
$3.52
$0.60
Distillery Co.—50-Cent Accum. Div.—
record
.
dividend of 50 cents per share on account of
preferred stock, payable July 16 to holders of
Dividend of $1.50 was paid on Jan. 1, 1938.—V. 149, p. 255.
Directors have declared
on
$0.26
Commission that
93% of the total,
had assented to the plan for voluntary revision of its capital structure.
Notification to this effect was contained in an amended application to
$1,752,073
stock
common
RR.—93% of Bondholders Assent to Plan
The company has informed the Interstate Commerce
holders of $96,383,500 of its outstanding bonds, or over
loan, for
Other income
99
July 10.
a
the 6%
on
—V. 150, p. 3652.
Buck
Bell
17,240
Operating revenues
Operating expenses
$6,400,502
4,357,628
$6,051,763 $31,430,323 $29,469,040
4,178,237
21,016,753 -20,161,637
Net oper. revenues
$2,042,874
$1,873,526 $10,413,570
555,469
2,857,872
1940—Month—1939
>,417,742
revenues
Uncollectible oper. rev..
__
Operating taxes....
561,025
Net oper. income
$7,555,698
$1,318,057
867,220
$1,481,849
Net income
1,026,050
5.319,905
$9,307,403
2,637,635
$6,669,768
4,411,471
Gross
Income for Year Ended Dec. 31, 1939
$1,234,778
80,528
income
18,806
Taxes
/
Net operating income
„
Surrendered leaseholds
Undepleted intangible development costs applicable to leases
which have ceased to
produce.
Loss
on
'
;
disposal of capital assets
$691,479
6,054
Other income.
Total income
31, 1940
$5,585,997
....
...
Cost of sales and selling,
general and administrative expenses.
Net operating profit
5,470,626
_ _
Preferred
dividends....
Common dividends
per
42,626
$0.72
...
share
on
common.
Balance
Sheet
Jan.
31,
1940
on
hand (in transit $10,330.78), $110,210;
miscellaneous accounts receivable, $9,548; due
from officers and employees, $1,057; inventories, $451,993; life insurance,
cash surrender value, $6,634; prepaid expenses (rent, taxes, ins., Ac.),
$3,929; deposits to secure leaseholds, $6,145; fixed assets (net), $468,329;
improvements to leased property (Legate, Inc.), $15,657; total, $1,078,502.
Assets—Cash
in
receivable,
notes
banks
and
$5,000;
payable,
merchandise and expenses,
$70,758;
accruals, $43,954; deposits, tenants and landlords, $150; provision for Fed¬
eral and State income taxes, $19,447; 7% cum. conv. pref. stock (par $100).
$335,300; common stock (85,252 no par shares), $42,626: surplus (incl.
capital surplus of $143,829). $566,268; total, $1,078,502.—V. 148,~p. 724.
$584,780
$74,953
banks,
in
Assets—Cash
accounts receivable,
oil (at market), $8,532
due
property accounts (net), $2,599,225
from
total,
Liabilities—Note payable to Continental
bilities, $542; accrued taxes, other than
Bulova Watch
profit on sales
;.
Selling, shipping, general and administrative expenses
Operating profit
....
$66,089
1,017
....
Miscellaneous income
..........
Total income
$67,106
15,302
11,046
..........
...
Interest and discount-
..........
Provision for Federal taxes
on
income
(estd.).
...
.....
......
...
Balance Sheet Dec.
$188,243;
Federal taxes on income
$3,876,009
35,574
x964,419
367,729
$3,505,075
714,048
$2,075,894
31,422
546,690
97,756
!,015,171
.
.
^
$1,400,025
$2,508,288
$2,643,123
274,643
324,881
$6.20
649,762
1,299,524
324,881
875,086
812,203
324,881
$8.13
_
Common dividends
Shs.com. stk.
per
(no par)..
share
Includes $129,246
Bireley's, Inc.—Earnings—
1939
$20,520
1940
$47,978
324,881
undistributed profits.
Consolidated Balance Sheet March 31
x
209,436
236,701
2,289,726
Cash
1,491,551
4,797,011
2,343,439
Notes A accts. rec.
5,989,980
Inventories
2,511,709
Notes receiv.
from
2,521,133
Due salesmen
402,594
264,109
Accrued liabilities.
699,475
499,724
estate
376,719
mort¬
114,515
38,118
1,178,749
Earned surplus
505,000
5,463,422
1,178,749
4,422,894
gages
17,290
142,372
.
36,653
Capital surplus...
16,492
payable..
157,019
N. Y. World's Fair
Due
Common stock. 2,521,133
Accounts payable733,072
y
(not
debentures
400,444
Real
current)
4%
409,523
Bank loans
Ac.
$
8
Liabilities—
equipment,
1939
1940
1939
Land, machinery
Bulova
Watch Co., Ltd.
15,528
bank..
Cash
val.
officers'
115,594
(& Subs.)—Earnings—
life insurance...
125,067
29,795
38,286
11,444,620
9,701,890
Total...
Consolidated Income Account
x
Years Ended—
$7.72
$4.31
($22,518 in 1937) surtax on
Prep.Adef. charges
149, p. 2963.
Booth Fisheries Corp.
22,366
x542,403
297,183
Funds in Canad'n
3 Mos. End. April 30—
Net loss after all charges
—V.
$2,876,749
628,326
1940
(estd.),
$11,942; customers' credit balances. $1,635; unclaimed dividends, $274;
1st mtge. conv. 5% 15-yexr bonds (due Sept. 1. 1951), $238,000; capital
stock (par $1), $117,517
capital surplus, $447,346; earned surplus (since
Dec. 31. 1935), $53,092; total. $1,122,395.—V. 149, p. 3546.
for
$3,825,644
50,364
Assets—
(bank), $30,000: accounts payable,
reserve
$1,999,001
76,892
690,784
Net profit
Preferred dividends
31, 1939
Assets—Cash in banks and on hand, $109,167; notes and accts. receivable
(trade; (net), $184,014; inventories, $348,930: other assets, $41,759; fixed
assets (less, reserves for depreciation of $146,020), $415,169; patents, trade¬
marks, copyrights, &c., $1; deferred charges, $23,356; total, $1,122,395,
Liabilities—Note payable
accrued liabilities. $34,346
$5,035,436
2,158,687
Federal taxes, &e
Other deductions
$40,758
29,379
....
$6,976,291
3,150,647
$3,368,504
78,849
._
Interest
Earnings
1937
$4,564,976
2,565,975
$3.447,353
27,351
Operating profit.
x
Net income for year...
Dividends paid.
Years Ended March 31
$6,498,885
3,1307381
Gross profit..
Expenses..
Total income
$479,549
413,461
Oil Co., $500,000; accrued lia¬
Federal income taxes, $3,287;
[Including Wholly-Owned Subsidiaries]
1940
1939
1938
Earnings for Year Ended Dec. 31, 1939
Gross
inventory of
Co., Inc. (& Subs.)—Earnings—
Consolidated Income Account for
Other income
Manufacturing Co.-—Earnings—
$6
Oil Co., $19,107
Continental
$2,701,822.
provision for estimated Federal income taxes, $96,356; unclaimed divi¬
dends, $673; royalties in dispute, $29,289; capita! stock (par $0.25).$750,000;
capital surplus, $57,847; earned surplus (since Jan. 1, 1937), $1,263,829;
total, $2,701,822.
Liabilities—Accounts
Binks
99,746
Balance Sheet Dec. 31, 1939
17,800
$84,964
23,471
...
13,007
____
Net income
crude
income
$697,533
—
Interest expense.
Provision for estimated Federal income taxes
$115,371
12,607
u
Miscellaneous charges (net)......---.
Provision for Federal and State income taxes
Earnings
86,436
233,591
101,765
19,896
—
Depletion
Depreciation
Stores, Inc .—Earnings—
Earnings for Year Ended Jan.
Net
$1,135,444
2,276
...
Profit
Berland Shoe
sales....
operating
Costs, operating & administrative expenses
150, p. 3653.
Net
Co.—Earnings—
Statement of
1940—5 Mos.—1939
$6,076,158 $31,518,490 $29,580,363
24,395
88,167
111,323
Period End. May 31—
Operating
—V.
Creek Oil
Telephone Co. of Pennsylvania—Earnings-
Apr. 27, '40 Apr. 29, '39 Apr. 30, '38 May 1, '37
Total....
11,444,620
in 1940 and $907,150 in 1939.
shares.—V. 150, p. 1594.
After depreciation of $999,157
resented by 324,881 no par
9,701,890
y Rep¬
Sales & revs., less cost of
$2,858,810
sales
$2,605,956
$2,785,875
$2,632,550
1.477,377
1,413,131
1,446,680
1,315,851
Other oper. expenses....
Gross
$1,381,433
$1,192,825
1,134,741
$1,339,195
1,174,265
$1,316,699
1,156,077
CY4.181
CY443
6,951
41,012
$229,537
$58,527
$157,980
$81,363
7,764
10,568
7,38.5
x7,743
$237,301
profit
$69,095
$165,365
$89,106
57.850
15,778
19,200
20,000
2,000
19,000
General expenses_ _
Int. charges, idle prop.
expenses,
Ac
1,194,324
and
prov.
for
Federal inc. taxes..
Other income.:
Net
profit before prov.
for Fed. inc. taxes
Provision
for
Federal
income taxes
Surtax
on
•
undist.
_
profits
Cr8,478
for prior years
Profit (net) on sales of investments
$37,106
and plant and equipment.
Current liabilities.
Cash in banks and
Long-term
$335,541
$213,748
Receivable.
830,445
751,209
Inventories
557,092
549,425
a
193,587
203.306
c
hand
...
Suppi., prepd. exp.
& defd. charges.
Sink,
fund
tire.
for
Deferred receivs..
$6 2d
64,128
24,192
stk.
Class B com stk,
Earned surplus
333,874
333,874
58,053
58,053
1,087,159
506,426
1,025,623
352,923
2,137,372
a
16.895 shares
66.775
p.
no
par
(no
shares,
Total
$4,092,899 $3,948,381
par) in 1940 (17,892 in 1939).- b Represented by
c Represented
by 58,053 no par shares.—V. 150,
3812.
-
profit
*-
L900
«,!/»
15,834
$62,334
- —
Balance Sheet Jan.
1J.G>I
-
31, 1940
equipment, patterns, drawings. Ac.,
$1,465,745; goodwill, patents, trademarks, &c., $1: investment in and ad¬
vances to wholly-owned subsidiary, $86,909; real estate held for sale (esti¬
mated value), $12,040; cash on hand and in bank, $3,823; accounts and bills
receivable (net),
$124,561- deposits, duty and freight re consigned goods,
$2,999 inventory, $271,850; prepaid insurance and travellers
advances,
$1 424' investment, $3,348; sinking fund assets, $6^241: total, $1,978,940.
Liabilities—Bonds. maturing Aug. 1, 1940, $99,000; preferred stock
Assets—Land, buildings, machinery,
$602,500: common stock (par $10) $96,000; depreciation re¬
$877,945: bank loan (secured) $89,000; accounts payable $38,435;
(unpaid coupons)
$480: bond interest due Feb. 1, 1940,
$9,053: accrued expenses, $15,646: provision for Federal and Provinciaj
taxes, $16,326; earned surplus, $134,556; total, $1,978,940.—Y. x40, p. 1304
(par $100)
...$4,092,899 $3,948,381
Total
1939^
$465,404
Ltd —Earnings—
bonds in hands of public
...
Provision for Federal and Provincial taxes
Net
1,789,250
29 A 92
2,104.925
at
—
1940
$489,983
Ended Jan. 31, 1940
Executive salaries and legal fees....
Directors'fees
165,000
pref. stock 1,689,450
44,688
cost...
Plant A equipm't.
Invest,
Machinery Corp.,
Provision for depreciation
$223,658
120,000
b Class A com
2,430
$297,939
29*39
indebt¬
edness
Paid-in surplus
re¬
of pref. stk.
Apr. 27 '40 Apr.
Liabilities—
Apr. 27'40 Apr. 29'39
Assets—
150, p.
.....—
—
Interest on
Consolidated Balance Sheet
on
Ended May 31—
charges
3654.
Operating profit.
$152,643
$53,317
$153,503
>
Preferred Dividend—
Co. —Earnings
California Water Service
12 Months
Net income after
Earnings for Year
25.947
sub..
Tenders
declared a dividend of $2.16 3-5 per share on the preferred
Aug. 1 to holders of record July 15.
This dividend repre¬
sents the $1.75 dividend ordinarily due on Nov. 1, 1935 and interest thereo
to Aug. 1. 1940.—V. 150, p. 3196.
Canada
loss on con¬
version of net assets of
amount
Directors have
Drl3,000
Exchange
for
interest,
stock, payable
—V.
Adjust. Fed. income tax
x
Co.. successor trustee, is inviting tenders
fund, at prices not to exceed par and accrued
/of first mortgage 4% 50-year gold bonds, due April 1, 1952 in an
sufficient to exhaust the sum of $23,346 now in the sinking fund.
will be received to 12 noon on July 25, 1940.—V. 150, p. 3348.
(A. M.) Byers Co.—To Pa$
Profit before other in¬
come
Bush Terminal Co.—Tenders—
City Bank Farmers Trust
the sale to the sinking
serve,
bond
interest
The Commercial & Financial Chronicle
100
Canadian National Ry.—Earnings—
Chicago Flexible Shaft Co.—Earnings—
First 24
Earnings of the System for the 9-Day Period Ended June 30
1940
Gross revenues
1Q.8Q
$6,550,140
„
Tnrrpaip
$4,816,629
$1,733,511
—V.150,p.4119.
$1,906,956
$9,712,952
March
$4,729,000
$3,215,000
$1,514,000
Capital Transit Co.— To Extend and Modify
Underlying Bonds—
,
Terms of
Cleveland
fage bonds of The Anacostia & PotomacWashington has Washington City,
). C., and of City & Suburban Ry. of
River RR. of been prepared by
Capital Transit Co. and Washington Ry. & Electric Co., it is announced.
Pursuant to the plan, certificates of modification, assumption and guar¬
antee, due Dec. 1, 1951. of such first mortgage bonds, on which Capital
Transit Co. is to be principal obligor and Washington Ry. & Electric Co. is
to be guarantor, are being offered, subject to the plan becoming effective,
to holders -who agree to certain modifications in their bonds and in their
bondholders.
► Copies of the prospectus under which the offer is being made may be
obtained in Washington from the companies which have prepared it or from
the following depositaries: Safe Deposit & Trust Co. of Baltimore, The
Bank of Washington,
D.
C.,
or
National Metropolitan
Bank of Washington.
mission
Principal modifications of the bonds of the two issues proposed in the plan
include extension of their maturities to Dec. 1, 1951, and a reduction in their
rates of interest from 5% to 3 V\ %; also waiver of the old sinking fund pay¬
ments and provision for a new sinking fund of 1 lA % per annum of the total
amount of both issues assenting to the plan.
In addition, there are provided
new call prices covering redemption of the bonds for the sinking fund or
other than for the sinking fund.
Holders of $1,678,000 of Anacostia bonds and $1,074,000 of Suburban
bonds, or approximately 80% of the total amount of each issue outstanding
and entitled to participate in the plan, must assent to the plan to make it
effective.
If the plan has not become effective by Oct, 1, 1940, it may be
abandoned thereafter.—V. 150, p. 3654.
Carborundum
Company
paid
Co.—Pays $2 Dividend—
dividend
a
of $2
June 29 to holders of record June 25.
per
share
on
the
common
stock
on
This compares with $1.25 paid on
on June 30, 1939; 50 cents paid on March 31. 1939; $1.10 paid 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, 150, p. 2566.
paid
Cariboo Gold
Quartz Mining Co., Ltd.—Earnings—
April 30—
1940
1939
*
Gross income—bullion sales less Provincial mineral
and mint
charges
Cost, mining, milling, development, administra¬
tion and general expenses
Provision for deprec., depletion and income taxes._
taxes
$344,912
211,527
68,482
According to the registration statement the net proceeds from the sale
applied in part as follows: $42,000,000 to the redemption
105% of $40,000,000 of 3%% first mortgage bonds, series due 1965;
$5,900,000 to the payment of the balance of the estimated cost of con¬
struction of a new generating unit and additional boiler capacity.
The remainder of the proceeds will be added to the company's general
funds.
Accrued interest on the bonds to be redeemed will be provided from
the company's funds, it is stated.
The price at which the bonds are to be offered to the public, the names
of the underwriters, the underwriting discounts or commissions and the
redemption provisions are to be furnished by amendment to the registration
statement.—V. 150, p. 4122.
Coca-Cola
$74,593.
$98,463
5.594 cts '
Bottling Co. of St. Louis—Extra Dividend—
Directors have declared
an
extra dividend of 25 cents per
stock, both payable July 20 to holders of record July 10.
Similar amounts
were paid on Jan. 20, last.
Extras of 15 cents were paid on Oct. 20 and
on Jan. 20,
1939.—V. 150, p. 275.
Columbia Gas & Electric Corp.—To Purchase
Years End. Mar. 31—
1940
Securities and Exchange Commission on June 28 authorized the
corporation to buy $509,806 of 6% income demand notes f f its subsidiary,
Cincinnati, Newport & Covington Ry.
The notes are to provide the
subsidiary with funds with which to meet 1940 interest and sinkine fund
requirements.
The SEC said normally it would not allow such an invest¬
ment by a holding company but that to refuse in this case might involve
both the subsidiary and Columbia in "legal difficulties."—V. 150, p. 3656.
Commonwealth Edison Co.—Weekly
Output—
The
electricity output of the Commonwealth Edison Co. group (inter¬
ended June 29, 1940 was 148,040,000
in the corresponding period last year,
an increase of 5.3 %.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
Per Cent
Kilowatt-hour Outputcompany sales deducted) for the week
kwh. compared with 140,652,000 kwh.
Week Ended—
1940
June 15
8.
Increase
1939
148,040,000
151,467,000
147,124,000
148,363,000
-
June 22
140,652,000
139,317,000
132,571,000
138,901,000
Net profit-
1938
$95,912
18,558
1937
$102,224
19,790
$68,165
21,179
$46,987
841,161
$77,354
$82,434
844.168
970 581
888,148
—V. 150, p. 4123.
CY608
Resigns—
a meeting of the directors held July 1, Wendell L. Willkie tendered his
resignation as President and director of the corporation, effective as of
July 10.
Mr. Willkie announced that he will resign all other directorships and
offices that he holds in other companies in the Commonwealth & Southern
system.
It is anticipated that meetings will be held in a few days to fill
vacancies.
the
Weekly Output—
The weekly kilowatt-hour output of electrical energy of subsidiaries of the
Commonwealth & Southern Corp., adjusted to show general business con¬
Dr200,274
Miscellaneous items
8.7
6.8
At
$100,333
Previous surplus.
Balance of development
undist. written off
5.3
11.0
7.385 cts.
Ltd.—Earnings —
1939
$117,239
16,907
___.
Admin, general cost
Sub. Notes
The
Commonwealth & Southern Corp.—President
Castle-Trethewey Mines,
share in ad¬
dition to the regular quarterly dividend of 25 cents per share on the common
—V. 150, p. 3348.
revenue.
filed with the Securities and Exchange Com*
registration statement (No. 2-4450, Form A-2) under the Secdrities
mortgage bonds, series due
at
June
Total
a
June 29
Earnings per share
With
1970.
$378,472
204,653
65,666
Net earnings
Co.—Registers
of the bonds will be
March 30, last: $2.75 paid on Dec. 23 last; $1 pid on Sept. 30, 1939; 75 cents
T 3 Months Ended
Illuminating
1933 covering $50,000,000 of 3% first
Act of
►
m
Electric
SEC—
The company on June 28
the modification, assumption and guarantee of the first mort-
National
From Dealings—
Suspended
sinking fund 4 H % bonds, series A, due March
1956, have been suspended from dealings by the New York Curb Ex¬
change.—V. 150, p. 4121.
—V. 150, p. 4119.
Riggs
been called for redemption on July 22 at 104 and
Payment will be made at the Continental Illinois Na¬
Chicago.
have
The 1st mortgage 20-year
Increase
as
1956
interest.
tional Bank & Trust Co. of
1,
1939
rights
1,
accrued
$4,288,025
1940
A plan for
1938
$4,006,747
806,901
Chicago & Illinois Midland Ry. Co.—Bonds Called—
Earnings for the 9-Day Period Ended June 30
Traffic earnings...
1939
,
$2,773,114
413,339
1940
$3,306,009
478,546
All of the outstanding 1st mtge. 20-year s. f. 4j^% bonds, series A, due
May 31— 1940—M<mth—1939
1940—5 Mos.—1939
Gross earnings...
.$13,511,521 $11,994,295 $61,192,964 $51,453,687
Working expenses...... 11,047,137
10.087,339
51,480,012
47,165,662
$2,464,384
Weeks of—
Sales.__
Estimated prof, before Fed. inc. tax.
—V. 150, P. 3349.
Canadian Pacific Ry.—Earnings—
Period End.
Net earnings
July 6, 1940
Dr3,493
ditions of territory served,
Total surplus-
$945,109
...
$844,168
$970,581
$888,148
Balance Sheet Mar. 31, 1940
Assets—Cash on deposit, $198,003; marketable securities less reserve,
$769,740; interest and dividends receivable, $7,854: Omega Gold Mines,
Ltd. shares and advances under agreements, $400,000; fixed assets (net),
$803,566; insurance and other prepaid charges, $1,349; total, $2,180,510.
,k Liabilities—Accounts payable and accrued charges, $3,149, unclaimed
dividends (predecessor company). $3,246; capital stock (par $J ), $1,229,007;
surplus, $945,109; total, $2,180,510.—V. 148. p. 3683.
Celanese
[Excluding General Public Utilities (and Subs.)]
company
now
funding.
Net oper. revenues
Non-oper. income (net).
Central
Balance
Gross income
Interest to public.
Tnt. to parent company.
count and expense
Miscell. inc. deductions.
Mexico
Light & Power Co.—Deposit Time Ex¬
L. F. Hammond, President of this
company, is notifying holders of the
company's 1st mtge. 6% 30-year gold bonds that the time within which
holders may become parties to the deposit and extension
agreement dated
Sept. 29, 1939, has been furtner extended from July 1, 1940, up to and
including Jan. 1, 1941.
To date, holders of these bonds, have deposited
under the agreement $1,021,000
principal amount, which is more than
97 % of the total issue outstanding.
Copies of the extension plan may be
obtained from the company at its 2 Rector Street
office—V. 150, p. 1595.
Central Patricia Gold
Mos. End Mar 31—
Net income after all
$2,155,964
$1,911,553
1,304
13,702
3,824
37,454
$154,756
36,526
$2,169,666
499,471
$1,915,377
461,520
$118,230
71.246
$1,670,195
39,742
870,376
$1,453,857
3,726
73,464
1,027
1,027
429
682
12,327
4,698
12,316
4,016
$41,065
$743,052
$549,962
104,183
1,827
102,740
1,865
$637,042
$445,357
829,854
13,188
1,865
6,393
125,029
1940
per
share
on
charges
2,500,000 shares
_
$158,882
$0.06
_—
—V. 150, p. 3655.
Central
Directors
To public
-
Balance applicable to parent company
Earnings from subsidiary companies deducted in
arriving at above:
44.521
843.042
.
Interest earned.
11,722
1,827
Interest not earned
Preferred dividends
a
6.393
—
Com. div. from sub.—not consolidated
—
$131,677
$0.05
Total
Light Co.—Accumulated Dividend—
a
98,514
272
Other income
1939
—
—
Amount available for dividends & surplus
269
$1,614,424
891,228
$1,421,955
880,057
$723,196
$541,898
declared
a
dividend of $1.75 per share on account of
prior lien preferred stock, $7 dividend serias and
dividend of $1.50 per share on the prior lien
preferred stock, $6 dividend
series, both payable Aug. 1 to holders of record July 15.
Like amounts
were paid in previous quarters.—V.
150, p. 4120.
on
$63,368
Net income
Expenses, taxes and deductions from gross income
Power &
have
accumulation
4,210
Divs. paid & accrued on pref. stocks:
To parent company
Other.-
Mines, Ltd.—Earnings—
^
the 7%
a
Chapman Chinchilla Sales Co .—Registers with SEC—
See list given on first page of this
department.
*
|
Chicago & Eastern Illinois Ry.—Delisting—
The Securities and Exchange Commission announced
June 28 that it had
granted the application of the New York Stock Exchange to strike from
listing and registration the common stock ($100 par) of the
company.
The
application stated, among other things, that the Exchange's Committee on
Stock List received notice, deemed
by the Committee to be authoritative,
4120
$153,452
4,972
Amortization of debt dis¬
tended—
the stock is without
comes
$174,496
concern
Outstanding indebtedness aggregating $16,080,000 consists of $10,000,000
of 3 2-3% debentures due on
Sept. 1, 1948; $5,000,000 of 2]4 % serial bank
notes and $1,080,000 of 3M % serial bank notes.—V.
150, p. 3968.
that
$4,677,384
2,050,354
219,702
495,775
858,653
Taxes
notice, providing it had deposited
Earns,
2,108,851
236,240
532,861
$142,014
...
Retirement accruals.
„
received authorization to redeem the 7 % issue without prior
an amount equivalent to $120 a share plus
accrued interest to the redemption date and 30
days' additional dividend.
$375,256
161,807
18,119
41,878
$5,033,916
172,962
24,190
44,665
"$179A68
Maintenance
may
1940—12 Mos.—19391
1940—M o nth—1939
$416,314
revenues
Operation
proceed with refinancing whenever conditions
permit, according to Camile Dreyfus, President.
t'nder the plan as
approved redemption provisions covering $16,481,800 of
outstanding
7% cumul. prior pref. stock are liberalized to facilitate contemplated re¬
The
Community Power & Light Co. (& Subs.)—Earnings—
Period End. May 31-
Operating
Corp. of America—Refinancing Plan Voted—
Corporation announced on June 27 that at an adjourned special meeting
stockholders completed approval of plans permitting the
company to issue
bonds, debentures or other funded obligations up to $50,000,000.
The
for the week ended June 27, 1940 amounted to
151,626,165, as compared with 136,123,346 for the corresponding week in
1939, an increase of 15,502,819 or 11.39%.
The 1939 figure does not
include the output of the Tennessee Electric Power Co., the electric proper¬
ties of which were sold on Aug. 15, 1939 to the Tennessee Valley Authority
and other governmental agencies.—V. 150, p. 4123.
value.
The order granting the
effective at the close of the trading session on
application be¬
July 8.—V. 150,
p.
Community Power & Light Co. owns 98,514H shares (60.37%) of the
stock of General Public Utilities, Inc.
The consolidated figures of
that company and its subsidiaries are not included in this report except to
the extent of dividends received by Community Power & Light Co.
Such
dividends for the current period were paid in cash and those for the prior
period were paid in common stock.' In addition to the foregoing, Com¬
munity Power & Light Co.'s equity in the undistributed consolidated earn¬
ings of General Public Utilities, Inc., and its subsidiaries for the 12 months
°nded May 31,1940, was $337,603 (1939—$253,104).
As of May 31, 1940.
me proportionate interest of Community Power & Light Co. in the un¬
distributed consolidated earned surplus of General Public Utilities, Inc.,
and its subsidiaries was $986,571 (May 31, 1939—$646,139).
a
common
Transfer Agent—
The
•
0
Bank & Trust Co. of New York has been appointed
500,000 shares of the $10 par common stock of this coas agent for the exchange of the old first preferred and
Continental
transfer agent for
nanv and will act
mmon
stock of the company for the new common stock.—V. 150. p. 4123.
Volume
The Commercial &
151
Inc.—Weekly
Co. of New York,
Edison
Consolidated
announced production of the
for the week ended June 30, amounting to
138,600,000 kwh., compared with 138,300,000 kwh. for the corresponding
week of 1939, an increase of 0.2%.—V. 150, p. 4123.
of New York
Co.
Edison
electric plants of its system
Consolidated Gas Electric Light & Power
Co. of Balti¬
(& Subs.)—Earnings—
more
Period End. May
1940—12 Mos.—1939
1940—5 Mos.—1939
31—
$11,854,403 $10,965,201 $27,682,955
4,308,822
4,066,779
9,246,284
revs
.515,291
455,323
846,914
$25,468,979
8,934,246
780,533
oper.revenues..$16,678,517 $15,487,303 $37,776,153
Pointing out that $1,250,000 had been obtained from Paine, Webber &
Henry Schroder Banking Corp. and $91,000 from others
settlement of damages suits brought by the trustee and his counsel.
Co. and the J.
in
Output—
Consolidated
101
Financial Chronicle
Judge Patterson wrote:
"The company (Continental)
and
those
directly responsible
had been denuded of its valuable assets
which to make good.
called for the exercise
had nothing with
To collect damages from those less directly concerned
of resourcefulness and ingenuity."—Y. 150, p. 3505.
Corp.—Earnings—
Consolidated Gas Utilities
$2,029,753
1,065,735
$35,183,758
Elec. oper. revenues
Gas oper. revenues
Steam heating oper.
Net
a
Oper.
deprec. &
exp.,
$831,606
771
1,151
$964,789
$832,758
600,598
502,557
$1,187,786
130,065
Total income
11,870,054
12,973,575
taxes
$3,704,942
"$3,617,249
277,912
Operating income
276,642
Other income
27,293,099
29,051,453
$8,724,700
$7,890,659
658,876
699,046
4,290
on
Divs.
on
$8,589,705
2,433,100
$2,897,840_ $6,840,012
456,259
1,003,856
1,751,095
4,202,629
..$2,932,021
pref. stock....
417,992
common stock.
1,751,095
Netincome..
Divs.
$9,383,575
2,543,563
$6,156,605
* 1,106,859
$1,633,527
$847,116
$5.00
$4.33
$3,893,891
996,051
$3,982,854
1,050,833
Gross income.
Total income deductions
$762,934
$690,486
$2.15
Balance
$2.09
Earns, per sh. of com.stk
a Operating expenses
are adjusted to equalize 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 $283,704 and $1,248,228 from operating expenses in
the five months and 12 months ended May 31, 1940, respectively, and an
addition of $60,502 to, and a deduction of $45,606 from, operating expenses
in the five months and 12 months ended May 31, 1939, respectively.
Tenders—
will, until 3 p.m. Aug. 1, receive bids
first refunding mortgage sinking fund bonds
3lA%, due July 1, 1965;series N, 3M %, due Dec. 1,1971;series O,
3H%, due June 15, 1968, and series P, 3%, due June 1, 1969, to exhaust
the sum of $647,232.
Proposals should state the amount and price of
bonds offered of each series, which amount may, however, be stated as all
The Bankers Trust Co., trustee,
for the sale to it of sufficient
series M,
of a specified amount or as any amount within specified limits.
The prices at which any bonds are offered should be stated in dollars (or
percentage of principal amount) plus accrued interest, and must not exceed
the following redemption prices of the respective series; Series M 105%,
series N 107%, series O 109%, series P 108%.
On or before Aug. 6, 1940,
the trustee will mail notices of acceptance of any proposals to the addresses
stated on such proposals.
At its option the trustee may reject any or all
proposals in whole or in part, if it can purchase in the open market the
requisite amount of bonds, or any part thereof, or call such bonds, at a
or
any
150, p. 2875.
advantageous price.—V.
more
Consolidated Mining &
Expired unoperated leases abandoned
Asset value of property
1939
1938
1937
fertilizer
$35,469,810 $28,013,276 $40,483,828
and sundry revenue.
71,129
74,720
40,246
products, &c_-
Royalties, rents
Products
hand
on
in transit
and
at
7,949,124
Dec. 31
Products
9,533,088
7,865,915
$43,490,063 $37,621,084 $48,389,989
Total.
on
hand and in transit pre¬
9,533,088
950,571
7,865,915
997,645
7,406,911
2,097,414
3,022,168
2,570,450
16,537,976
721,090
16,392,104
565,435
28,710
15,523,811
814,390
149,398
144,004
Interest & exchange, bank & general.
161,704
106,883
31,354
Sundry items written off & res'ved for
56,583
41,276
39,414
32,205
vious year
Freight
-
on company ores
bullion
materials purchased
Customs
and
ore,
Mining,
and
chemical
smelting,
fertilizer and general expenses
Development
expense
41,695
Directors' fees and remuneration
Executive officers' fees and remunera¬
tion..
$13,283,058
1,750,365
Net operating profit
Income from investments
Profits
Loss
shares sold
on
on
1,026,069
fertilizer
bonds sold.
...—
29,540
$8,527,080 $20,803,194
1,526,520
x62,935
See x
1,100,325
x29,373
See x
$15,033,423 $10,116,535 $21,932,892
2,464,582
1,563,558
2,380,047
926,256
915,991
882,542
Prov. for mineral & income taxes
2,280,000
1,400,000
3,980,000
Provision for employees'pension res.
23,000
23,262
20,640
Total profit
Prov. for deprec. of plant & equip't..
Prov. for depletion of mineral prop._
Net
$9,339,585
3,573,937
profit...
Previous surplus
$6,213,725 $14,669,663
5f524,799
Balance, surplus
».
Earns, per sh. on capital
$6,372,851
T
$3,573,937
15,524,799
$2.85
$1.90
$4.49
stk.(par $5).
Balance Sheet Oct. 31,
Assets—Property, plant, equipment
total, $12,462,976.
signments
Stores & mat'ls for mine, smelter &
fertilizer plants
Continental Telephone
Cash
& industrial bonds.
y
$2,700,000 of 4%
of H of 1%.
During
on
1940, company sold $492,000 of bonds (being the
company's bonds owned) at a premium, and out of
proceeds thereof, after crediting $199,952 to investments (being the
carrying value of said bonds), $292,047, representing the difference between
the investment carrying value and the principal amount of the bonds sold,
was credited to this company's investment in the common and preferred
stocks of the subsidiary company.
The remainder of the proceeds, or
$17,220, was applied as an offset to estimated Federal income taxes of
$44,000 applicable to the profits on this transaction, and the balance of
$26,780 was charged to deferred expense.
the
Copper District Power
14,153
45,000
51,318
a46,686
a41,507
$192,060
Dr434
$184,822
Dr234
$153,692
729
$137,252
232
$191,626
$184,588
55,217
3,559
$154,421
54,685
9,597
$137,484
25,937
54,248
5,478
152
5,532
896
5,636
254
3,195
$121,714
$119,383
$92,258
b78,750
$54,103
operating income.
(net)
Net income
Div. on $3 cum.
Other income
Gross income
on
long-term debt..
payable, &c
Amortizat'n of bond disInt. on notes
countand expense
598,396
9,590,541
1,986,193
50,070
z20,499,982
...
15,912,638
3,573,937
$56,845,996 $54,716,897
Total
Par value $5 per share,
z $14,127,132
appropriated surplus invested in the company s undertakings and $6,372,8ol unappropriated surplus.—Y. 150, p. 3970.
After
depreciation reserves,
Continental
y
Securities
Corp.—Plan
to
Reorganize
Dropped—Trustee's Fee Granted—
plan to reorganize corporation was abandoned July 1 when Federal
Judge Robert P. Patterson signed an order holding corporation to be in¬
solvent and a bankrupt.
The order was signed at the request of Arthur A.
Ballantine, trustee, who will now liquidate the assets, estimated at more
than $1,000,000, and will distribute the proceeds among creditors.
The requests of the trustee and the law firm of Cook, Nathan, Lehman &
Greenman, his counsel in the reorganization proceedings of the corporation,
for allowances for their services were granted July 3
by Federal Judge
Robert P. Patterson.
The trustee is to receive $25,000 and the law firm
The
175,000.
9,404
11,284
44,959
56,472'
1,907,604
7,266,868
12,515
1936
$277,605,
44,442
Depreciation
,
Miscell. inc. deductions.
16,336.650
$312,567
54,674
Maintenance
826,261
4,713,914
8,579,172
2,093,667
1937
1938
$.346,338
51,044
$371,429
66,654
Operating revenues
Operating expenses
9,533,088
"
1.880.174
Reserves.
Earned surplus
Co.—Earnings—
1939
Calendar Years—
7,949,124
7,434,6t>7
...
31, 1939
Balance Sheet Dec.
$2,245,979; deferred expense in process of amortiza¬
$186,977; due from subsidiary companies, $11,070; cash, $256,040;
special deposit, $1,332; accounts receivable, $167; total, $2,701,565.
Liabilities—7% cumulative participating preferred stock ($100 par),
$500,000; 6H% cumulative preferred stock (par $100), $825,000; common
stock (par $5), $1,047,350; due to subsidiary companies, $11,070; accounts
payable, $10,065; accrued taxes, $71,054; dividends payable, $22,485;
employees' benefit fund reserve, $8,202; capital surplus, $36,783; earned
surplus, $169,556; total, $2,701,565.—V. 150, p. 3817.
Assets—Investments,
tion,
Int.
16,358.345
shares issued
Sundry creditors
Div dends payable
Payments n advance on sales contracts
x
January,
were sold at face
remainder of subisidary
at
45,000
55,827
445
pf. stock
Including undistributed profits tax.
Dec. 31, 1936, of $24,750.
a
$59,417; sinking fund
$105,152; materials and
45,000
...—
b Including dividends in arrears
Balance Sheet Dec. 31,
Assets—Utility plant, $4,151,401;
Capital stock
Premium
sale of a major
in December of
amount,'
retire all the outstanding
collateral trust bonds which were retired at a call premium
1939, $2,701,000 of subsidiary companies' bonds
or at a premium, and the proceeds were used to
16,071,730
Liabilities—
$113,955
88,625
20,947
$93,830
88,625
ceeds to such retirement.
Company was able to complete the arrangements for the
portion of the subsidiary companies' bonds and, therefore,
$56,845,996 $54,7 1 6,897
Total.
9,765
"
$139,518
Preferred dividends
88,629
Common dividends
41,894
In September of 1939, company issued $2,700,000 of 4% collateral trust
bonds, the proceeds of which were used to retire the outstanding $2,500,000
of 5% collateral trust bonds.
Under the new indenture securing this bond
issue, an orderly retirement of the outstanding issue was permitted through
the sale of the subsidiary companies' bonds and the application of the pro¬
16,842,053
1,056,203
9,765
10,147
$95,328
88,625
16,525,886
3,511,468
1
125,000
$274,283
125,000
9,765
64,369
5,000
$346,119
61,835
10,000
$248,720
125,000,
$228,595
count and expense
Net
619,046
$318,686
64,966
5,000
$297,965
$225,814
120,339
Net earnings
Int. on funded debt
Amortization of debt dis¬
1936
1937
1938
$291,328
40,513
25,000
Operation and taxes
Amt. approp. for gen. res
1938
5,048,723
Co.—Earnings—
1939
Calendar Years—•
Gross earnings
$6,320,970
13,688,730
3,695,323
Accounts receivable
$1), $878,026; funded debt, $7,775,500;
payable, $90,662; 5-year 6% notes (due Oct. 1, 1940), $93,522;
taxes accrued, $101,463; interest accrued, $214,524; miscellaneous accruals,
$4,792; consumers' deposits, $147,561; main extension deposits (refundable),
$420; miscellanous reserves, $21,413; contributions for extensions (not
refundable), $1,882; capital surplus at organization, $3,382,994; paid-in
surplus, $6,378; deficit, $256,161; total, $12,462,976.—V. 150, p. 3816.
384,817
fertilizer plants,
Dominion, provincial, munic.
'
Liabilities—Common stock (par
accounts
$2,269,557
Mining,
1939
and leaseholds, $11,160,884; intang¬
provision is made for amortization), $842,051; investments,
$5,766; cash deposit with trustee under the indenture of the 1st mortgage
and collateral 6% bonds, series A, $198; cash deposits for sinking funds held
by trustees under the indentures, $19,290; cash, $68,100; accounts and notes
receivable (net), $157,445; indebtedness of officers and employees, $3,497;
inventories, $187,117; prepayments, $15,564; deferred charges, $3,065;
ible assets (no
1939
smelting, concentrating, refining and
incl. land and buildings
Ores,
metals, smelting products and fertilizer
products on hand and in transit
Freight charges prepaid on sales contracts and con¬
x
amounting to $148,678 which had been
rate litigation.
~ 7
~
Includes non-recurring income
x
Balance Sheet Dec. 31
*
Mines, mineral claims and securities of other cos..
Investment in and advances to subsidiaries
$74,541
$98,965 loss$412,681
Netincome
Taxes
Profits, less losses on bonds sold.
x
Assets
515,245
12,218
of reserve provided
deferred in prior years due to
2,268,324
$12,913,523 $11,738,524 $16,937,988
6,540,672
8,164,587 11,413,189
Total surplus
Dividends paid
593,709
abandoned in
Net income
Smelting Co. of Canada, Ltd.
Years Ended Dee. 31—
Sales of smelter, chemical &
502,784
4,202,629
cost of power for the
363,040
depletion
Prov. for deprec. and
Interest deductions
excess
$1,184,256
3,530
$964,018
operations
earnings from
Other income..
Total
1938
1937
$1,948,126 x$2,293,319
1,116,520
1,109,064
1939
'
Years Ended Oct. 31—
Operating revenues
Expenses...
1939
investment in other physical property,
deposit, $635; cash, $21,480; receivables (net),
supplies, $20,464; prepayments, $11,761; deferred
charges, $93,635; total, $4,463,945.
Liabilities—Common stock (40,000 no par
tive
preferred stock, $835,200; long-term
shares), $1,500,000; $3 cumula¬
debt, $1,255,140; notes, payable,
accrued
$178,750; accounts payable, $66,175; customers' deposits, $1,910;
taxes,
$52,714; accrued interest, $8,821; other current liabilities, $647;
reserve for depreciation,
$309,292; contributions in aid of construction,
$1,225; earned surplus,
$254,071; total, $4,463,945.—V.
Copperweld Steel Co.—Registers with
See list
given on first page of this
Cornell-Dublier Electric
department.
149, p. 410.
SEC—
V. 150, p. 4124.
Corp.—To Pay 35-Cent Div.—
declared a dividend of 35 cents per share on the common
payable July 10 to holders of record July 1. Dividend of 20 cents
paid on May 10, last; one of 40 cents was paid on Sept. 15, 1939;
10 cents paid on Sept. 24, 1938, and an initial dividend of 27H cents per
share was distributed on Sept. 28, 1937.—V. 150, p. 2875.
Directors have
stock,
was
Cornucopia Gold
Mines—Earnings—
March 31—
Net income after all charges
3 Months Ended
Earnings per share on common
—V. 149, p.
3552.
stock
1?40
$11,812
$0.01
1939
$37,331
$0.04
The Commercial & Financial Chronicle
102
Crucible Steel Co. of America-—Bonds Called—
Company is calling bv lot fo- redemption and payment on Aug. 1. 1940
principal trus^ office of <h3 Chase National Bank, $158,000 principal
at the
amount
of its
and accrued
10-vear sinking
fund
interest.—V. 150.
Curtis
p.
4V£% debentures, series A, at 102%
1761.
Publishing Co.—Recapitalization Plan
■—Directorate
Stockholders
Dec. 8,
on
Eastern Massachusetts Street Ry.—Earnings
Period End. May 31—
Railway
Railway
Approved
Increased—
July 2 voted to accept a recapitalization plan designed to
annual dividend required on the $7 preferred stock
$3,856,406.
Under terms of the proposal the holders of
preferred stock would have
the option of exchanging each share for a new $10
15-year 3% debenture,
2 Yi shares of common stock and a share of a new $4
prior preferred stock,
reduce
July 6, 1940
1939 this latter being the first dividend paid on the
common shares since April
1, 1938 when a dividend of 10 cents per share
was distributed.—V. 150, p. 3113.
paid
was
on
oper.
revenues.
oper.
expenses.
Net ry. oper. revenuesi
company's
1940—Month—1939
$586,277
$584,489
385,301
355,492
i 940^5
—
Mos.—1939
^
$3,105,263
1,963,323
$3,046,964
1,831,698
$200,976
56,673
$228,997
55,461
$1,141,940
292,100
$1,215,266
282,616
$144,303
4,688
$173,536
4,715
$849,840
24,602
$932,650
25,119
$148,991
$178,251
$874,442
$957,769
42,497
85,048
45,974
96,418
218,795
424.597
230,408
478,130
$21,446
Taxes
$35,859
$231,050
$249,231
from $5,0.56,940 to
on
which
annual
an
$3
dividend
be
would
paid and
an
additional
$1
Net after taxes-
Gross corporate inc___
on funded debt,
if
earnings justified.
The
vote
Interest
announced
was
rents, &c
515,187
as
preferred shares for and 27,265
against and 1,333,445 common shares for and 14,165 against.
Officials of the company pointed out that all of the
$7 dividend has
not been paid in recent years because of reduced
earnings, but that accumu¬
lated unpaid dividends would be eradicated
by acceptance of the new stock
and debentures.
In addition, the common stockholders will have a better
opportunity to receive dividends under the plan.
The status of present preferred
stock, which is not exchanged, will
same as it now is.
The stockholders also voted to increase the
membership of the board of
directors from 11 to 12 and elected Eustis Paine of New York
City to
the new position.—V. 1,50,
p. 3658.
Depreciation
a
Curtiss-Wright Corp.—Bonus Plan
Upheld—Directorate
Increased—
Stockholders at a meeting held July 2 defeated a resolution which
pro"
posed that no incentive compensation be paid officers and directors in any
year in which a dividend of at least 10 cents is not declared on common
stocks.
Gilbert
The resolution
and
John
was introduced at a
special meeting by Lewis D.
Gilbert, each of whom holds fiVe shares of common
J.
stock.
Before provision for retirement
expenses
__
Operating loss.
Other expenses
I
Deficit.
$84,979
Note—The above statement
rentals
and
the company.
distributed
A
by
proxv statement said
2.5
officers
The board of directors
Edgar S. Bloom
159
and
900
53,635
1940—5 Mos.—1939
$3,299,971
$3,167,941
3,696,450
3,414,326
$396,479
,11,663
263,936
$246,385
4,501
273,024
$128,847
$648,752
$514,908
operations after depreciation, interest,
capital gains
but before Federal income tax, capital stock tax,
losses and other non-operating adjustments.—V. 150, p.
or
3659.
Electrol, Inc.—Listing and Registration—
that under"the
employees
from
plan $258,050 was
earnings on
1939
The voting trust certificates representing common stock, par $1, have
been removed from listing and registration by the New York Curb Exchange.
—V. 150, p. 4126.
EI Paso Electric Co.
increased from 15 to 17 and Charles A. Dana
was
named to the
were
new
places.—V. 150,
p.
4124.
$1,
par
payable
a
dividend of 10 cents per share on the common
1 to holders of record July 15.
This com¬
After depreciation and including other income
a
Dominion Scottish
Investments, Ltd. —Earnings
1940
1939
Operating
Operation
1937
$184,476
$173,521
$196,631
$178,379
10,151
2,500
9,995
2,500
10,870
2,500
10,318
2,500
3,000
3,000
120
Trustees' registrar's and
auditor's fees2,423
Bond interest
695
Depreciation
Taxes
Rent, salaries, office and
general expenses
Executive salary.
Legal expenses
Directors'fees.
Interest, exchange. &c..
40,000
62
2,133
37,107
4,771
1,981
11,868
x8,745
$138,308
122,840
Assets—Investments at book value less reserve,
$3,676,889; sundry
receivable, $2,927; total, $3,679,816.
Liabilities—Bank overdraft, $4,132; sundry creditors and accrued
charges,
$1,436: dividend on preference stock
payable June 1, 1940, $36,852; accrued
bond interest, $16,667: provision for
taxes, $19,654; 1st collateral trust 4%
bonds due Jan. 1, 1952,
$1,000,000; 5% cumulative redeemable preference
shares ($.50 par), $2,456,800; common
shares ($1 par), $89,153; revenue
account, $55,122; total, $3,679,816.—Y. 150,
p. 3506.
Pay 11 -Cent Dividend—
Directors have declared a dividend of 11 cents
per share on the common
stock, payable July 17 to holders of record
July 9.
Dividend of seven cents
May 20. last; one of 13 cents was paid on Oct. 2, 1939; 10 cents
1938, and an initial dividend of 15 cents was
paid on Oct. 8,
19.37.~~V. 150, p. 3045.
approximately $38,000
$2,769,534
21.193
$2,530,421
12,033
$212,289
29,889
$183,051
$2,790,727
352,205
$2,542,45.3
367,410
___
698
698
b Miscelf. inc. deducts.-
153
8,374
1,174
xCrl 19,088
Interest
Pref.
....
_ _
expenses
...
Depreciation, $46,731;
from conversion of Canadian
subsidiary accounts,
1 rovision for Federal income
taxes
$5,096
com.
divs.
$154,233
8,632
$2,428,974
103,579
$2,272,647
103,579
$145,602
$2,325,395
$2,169,068
$0.29
$0.24
$3.87
$3.61
&
surplus
Earns, per sh. on 601,594
shs. of $3 par com. stk.
a Carried
in operating
expenses
1939.
in
b Non-recurring income and
expense, and donations (carried in operating expenses in 1939), are charged
to miscellaneous income deductions in 1940.
x Federal income tax accrual
in December, 1938, was reduced by $124,768 due to the write-off of un¬
amortized debt expense and premium on funded debt retired by refinancing
consummated Dec. 15, 1938.
Adjustment was credited to non-recurring
income instead of tax expense for the purpose of retaining normal com¬
parison of operations.—V.150. p.3660.
Engineers Public Service Co. (& Subs.)—Earnings—
Period End. May 31—
1939
1940—Month1940—12 Mos.—1939
$4,555,897
$4,349,411 $55,449,273 $53,240,599
1,673,084
1,595,740
20,294,579
19,787,900
298,685
316,878
3,563,112
3,636,613
526,952
484,497
6,275,860
5,821,722
688,880
600,700
c7, .310,042
c6,575,206
Taxes
Net oper. revenues..
$1,368,296
Other income (net)
$446,478
241,659
Interest & amortization-
$1,351,597
Drl 1,575
$18,005,680 $17,419,158
Drl46,568
Dr384,655
$1,340,021
664,070
$17,859,112
7,854,271
$17,034,502
8,213,298
$675,951
$10,004,841
2,470,594
$8,821,204
2,322,694
$7,534,247
1,979,541
$6,498,510
1,879,932
$5,554,706
19,086
$4,618,578
17,793
$5,535,620
10,623
$4,600,785
22,631
3,056
Balance
$1,371,352
629,762
Balance...
96,859
Dividends
on
$741,590
preferred stocks, declared
19,500
Balance-
Net income for year.
Earned surplus, Jan. 1,
$88,460
....
1939
Cum. preferred dividends earned but not declared
745,875
Balance
Total surplus
Dividends on preferred stock
Dividends on common stock
$834,335
I -------
...
...I
Balance, Dec. 31, 1939-Earnings per share on common stock
—
..
75,880
$740,455
$1.30
.
-
Amount applicable to minority interests
is'ooo
a Balance
b Undeclared dividends
Earnings from sub.
cos.,
—
_
incl. in charges above:
Preferred dividends declared
banks
and on hand, $227,905; notes and
accounts re¬
(less, reserve there against of
$9,127), $119,946; inventories, at
lower of cost or market.
$425,730; insurance on life of an officer, $95,327;
184,810
60,937
Earnings from other
102,981
$5,894,749
290,134
-
sources
175,664
99.582
102,760
—
Interest._
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash in
21,484
$181,549
8,632
require"
Depreciation
taxes, other than Federal income taxes,
disposal of capital assets, $3,349; loss
arising
28,119
$172,918
stock div.
for
—
$440,698
5,780
Miscellaneous income
loss on
$181,504
1,546
Maintenance
Sub.)—Earnings—
Earninysfor Year Ended Dec. 31, 1939
manufacturing profit after deducting repairs and mainte-
$41,683
5,347
Operating revenues
Operation...
Selling, general & administrative
$2,530,421
13,846
$206,942
Bal.
accounts
Total
Balance...
Other income.
and expense
Balance Sheet May 31, 1940
Duff-Norton Mfg. Co. (&
$2,783,380
128,122
1,596
x After
deducting taxes recovered on account of prior years,
y Before
charging off $18,324 for bond discount and expense,
z Includes $12,374
adjustments prior years.
Dubilier Condenser
Corp.—To
$181,504
1940—12 Mos—1939
$6,245,872
$5,180,776
1,828,632
1,466,711
105,213
101,390
687,479
588,810
841,168
493,444
Amort, of debt discount
y$133,512
$110,070
108,099
423,116
(jiet).—V. 150, p. 3659.
2,851
3,000
40,000
4,515
.$103,078
110,556
Net income.........
Preferred dividends
of
$209,793
ment costs
3,000
1,894
.
2,746
z23,204
860,240
Exploration & develop¬
844
Income taxes
nance
Net oper. revenues
a
$3,201,937
(Del.) (& Subs.)—Earnings—
1940—Month—1939
$482,281
$410,315
140,835
117,548
11.693
7,492
46,916
55,081
69,079
52,653
revenues
Maintenance
—
1938
El Paso Natural Gas Co.
Period End. May 31—
1939
$3,313,958
951,172
513,165
—
_
Aug.
Years End. May 31—
Divs. int. & other inc...
on
1940
revenues
Balance for interest
Balance for dividends and surplus
pares with 20 cents paid on Jan. 2, last; 10 cents paid in each of the three
preceding quarters: 20 cents paid on Jan. 1. 1939; 10 cents paid on April 1,
1938. and previously regular quarterly dividends of 20 cents
per share were
distributed.—V. 150, p. 3818.
paid
(& Subs.)—Earnings—
12 Months Ended May 31—
Operating
Dejay Stores, Ind.—To Pay 10-Cent Dividend—
Directors have declared
0
covers
3506.
local taxes,
a
Grass
$76,112
$37,022
2,871
50,828
..
p.
Subs.)—Earnings—
1940—Month—1939
$715,236
$639,256
752,258
715,368
May 31—
revenue
Other income
operations.
was
losses.—V. 150,
Eastern Steamship Lines, Inc. (&
Period End.
Operating
Operating
The
stock,
--
—
-
incentive compensation plan was approved by stockholders at the
1939 annual meeting.
It provides that 10% of net earnings in excess of
$3,000,000 shall be distributed by the board to officers and employees of
and
Net income-...
a
remain the
-
.
.—
Other income
$5,001,643
246,543
$5,604,615
2,285,192
$4,755,100
2,317,162
ceivable
$7^3^-totalS $2nf08
Liabilities—Accounts
$400,000:
(including
patents, $1; unexpired insurance, &c.
877
payable.
$39,411:
accrued
liabilities.
$33,814;
Federal income taxes. $21,772;
6% cumul. pref. stock (par $100).
stock (55,000 no par
shares), $1,000,000: earned surplus
$237,518 arising from sale of treasury stock).
$740,455; treasury
Bal.
Divs.
applic. to stocks of Engineers P. S. Co...
pref. stock of Engineers P. S.Co
on
..
-
common
stock, Dr.$126,5<o: total,
Ebasco Services
$2,108,877.—V. 150,
p.
1598-
Inc.—Weekly Output—
For the week ended June
27, 1940 the kilowatt-hour system
input of the
companies which are subsidiaries of American
Power & Light
Co., Electric Power & Light Corp. and National
Power & Light Co
as
compared with the corresponding week
operating
during 1939,
was as
"
follows:
iTVCTCdSB""
Operating Subsidiaries of—
American
1940
1939
Amount
National Power & Light Co.
84,703,000
119,105,000
60,988,000
75,465,000
8,764,000
9,126,000
9,238,000
Power & Light Co.127,869,000
Electric Power & Light Corp. 70,114,000
The above figures do
not
Total
Expenses, taxes and interest--
not
Per Cent
7.4%
15.0%
12.2%
include the system inputs of
any companies
150, p. 4125.
'
appearing in both periods.—V.
Eagle-Picher Lead Co.—10-Cent Common Dividend—
Directors have declared
stock, payable July
a dividend of 10 cents
per share on the common
15 to holders of record July 5.
Dividend of 20 cents
Balance for common stock and surplus
$3,319,423
$2,437,938
Earnings per share of common stock
$1.74
$1.28
a
Applicable to Engineers Public Service Co., before allowing for un¬
earned cumulative preferred dividends of a subsidiary
company,
b On
preferred stock and amortization on bonds owned by parent company,
included in charges above,
c Includes Federal income taxes of $1,525,111
(1939, $941,922).—V. 150, p. 3660.
Evans Wallower Zinc, Inc. (&
Sub.)—Earnings
Earnings for Year Ended Dec. 31, 1939
Depreciation and depletion of mining properties & equipment
General and administrative expenses.
Idle plant expenses
Miscellaneous charges.
Miscellaneous credits
Provision for Federal & State income
Loss
for the year ended Dec.
taxes
31, 1939-
—
'
Gross sales, less returns and allowances--.
Cost of sales
$482,113
379.650
65.697
13,877
29,197
6,966
Cr7,887
7.750
$13,138
Volume
The Commercial & Financial Chronicle
151
Note—No provision has been made in the profit and loss account for
depreciation of the electrolytic zinc plant which was not operated during
the year 1939.
Consolidated Balance Sheet Dec. 31, 1939
Assets—Fixed
$855,225;
(net).
assets
$45,916;
inventories,
accounts
receivable, $25,007; marketable securities, $4,740: cash in banks and on
hand, $83,745; cash time deposits, $2,550; deferred charges, $6,197: total,
$1,053,381.
Liabilities—Common stock (par $5), $500,000; canital surplus,
$609,815:
deficit, $118,129 accounts payable (trade), $16,128; unclaimed dividends,
&c.. $1,881; accrued liabilities, $21,374; reserves, $22,312; total, $1,053,381.
—V.
150, p. 3819.
Exeter (N.
H.) & Hampton Electric Co.—Earnings—
1939
Calendar Years—
Income from oper
1936
1937
1938
$371,348
316,724
$355,384
289,718
$65,666
$40,943
$55,795
■:
42
16
328
453
$55,837
8,324
$54,640
8,400
$65,994
21,952
$41,396
7,821
$47,513
42.250
$46,240
42,250
$44,042
39,000
$33,574
39,000
$5,263
$3,990
$5,042
def$5,426
Non-oper. revenues____
Gross income
(int., &c.)_
___
__
Common dividends
__
Balance, surplus.
Balance Sheet Dec. 31,
(84,600 shares of no par value), $710,000;
1, 1940, $10,000; accounts payable andliabilities, $312,490; provision for income and other taxes. $56,186;
reserves, $1,269,983; earned surplus, $979,859; total, $3,338,518 —V. 150,
p. 3973.
Liabilities—Common stock
mortgage payable, 5%, due Nov.
$1,135,662.
deferred debits, $974; total,
$325,000; first mortgage 5%
bonds, $140,000; notes payable, $45,000; accounts payable, $12,150; cus¬
tomers' deposits, $18,173: taxes,accrued, $13,142: interest accrued, $1,787;
miscellaneous accruals, $1,669; reserves. $383,764: contributions in aid of
construction, $400;earnedsurp, $194,576: total, $1,135,662.—V.I48,p.l476.
Liabilities—Common
Galveston-Houston Co.
Creamery Co. (& Subs.)—Earnings —
$320,031
46,155
Taxes
41,822
46,092
40.413
$84,469
sales)
____
369,253
814,579
_
_
460,012
$837,050
____
78,115
____________
_____
.___—
Federal incometax.
— _____
___
_•—
_ _ _ _ _ _ _
_ —_
_
$761.115
______ _
_
180,012
422.996
_
Int.
Common dividends
—
________
Earnings per share on common stock____
Consolidated Balance Sheet Feb. 29, 1940
Int. paid on
2096.
3.428
30,454
$897,290
371.059
$48,932
$526,231
$501,507
13.396
162.060
162,547
4,750
3.152
265
40,278
2.907
33.148
242
$32,118
$321,045
$302,500
$321,045
43,811
$270,807
Houston
G.-H. Co. sec'd 6% income bonds—
Dividends declared
31,693
_
—
__
3.312
income of
respectively-
Note—Net income for the above 12 months' periods includes net
Houston Electric Co. in the amounts of $270,273 and $235,847,
150, p. 3508.
General American Investors Co.,
Dividends
on
Interest on
31,068
20,725
65,175
20,948
22,062
78,207
64,680
64,904
$239,846
on
$155,486
$87,046
$330,39S
214,500
221,700
227.700
233.250
register, trus¬
&c
Divs.
income
on
165,000
3,960
18,407
22,173
expenses
pref. stock..__
$372,702
165,000
3,960.
$428,753
3,960
29,657
debs.
tee expenses,
Net
5,727
$ 627,705
165,000
3,960
41,381
Taxes naid & accrued
Other
z4,874
$538,842
165,000
debentures
Amort, of disc,
Transfer,
ry$621.978
$367,828
z21,098
1
zl 1,699
Total income
on
1937
1938
>$407,655
$527,143
stocks
bonds._____
Inc.—Earnings —
1939
1940
6 Mos. End. Jane 30—
-
z Includes $4,600 in
received in preferred stock.
Notes—(a) Net profit from sale of securities (on the basis of first-in,
first-out), $179,294; less—provision for taxes thereon, $16,353; net profit
credited to special account under surplus, $162,941.
(b) Aggregate un¬
realized depreciation or appreciation in value of securities as compared wit h
cost; Depreciation, June 30, 1940, $2,142,363; appreciation, Dec. 31, 1939,
$3,845,294; total depreciation, $5,987,658; deduction for taxes (other than
the excess profits tax) on appreciation as of Dec. 31, 1939, $745,000: de¬
preciation (after above allowance for taxes). $5,242,658.—V. 150, p. 2253.
Including $8,394 received in preferred stock,
y
1940, $4,100 in 1939 and $3,376 in 1938
Federal-Mogul Corp. (& Subs.)—Quarterly Earnings—
Earnings for 3 Months Ended March 31. 1940
profitfrom sal**?
Selling, advertising, shipping, warehousing, admin. & gen. exp.
$536,351
347,976
Gross
_
$188,375
2,128
Operating profit...
Other income
____.
Total income.
deductions
Prov. for United States and Canadian taxes on
Net profit
-
income (est.)
;
$190,503
11,686
32.835
$145,982
;
_________
Consolidated Balance Sheet March 31, 1940
Liabilities-
Assets—
Cash
_
_
S287.208
_
Notes, trade acceptances
&
867,994
accounts receivable.-.---..
1,442,823
Other assets
11,029
____________
p'ant & equipment
(less depreciation)_________
Patents and goodwill...
surplus.
Earned
$3,737,104
—
Total
-V. 150, p.
increase of 40%. President CharJes E.
58.122
_____
257.376
By quarters, for this year
been
as
compared with last year, orders received have
follows:
% Inc
1939
1940
First quarter.
Second quarter.
____
$97,490,047
115,163,267
12
$86,882,953
82,188,693
$212,653,314
_
$109,071,646
40^
1,397,311
First six months
26
New Director—
$3,737,104
.____
S, Sloan Colt,
3822.
a
Federal Motor Truck Co.—New President■—
T. R. Lipoard has been
this year, orders received amounted to $212 with $169,071,646 in the same period a year ago, an
the first six months
653,3 1 4, compared
increase of 26%.
158.562
1,397,440
surplus
Deferred charges
172.534
95 757
Payrolls and commissions
Taxes, other than taxes on Inc.
U. 8. & Can. taxes on income-
Capital
during the three months ended June 30
$82,188,693 in the same period
Wilson announced on
amounted to $115,163,267, compared with
last year, an
For
1
47,798
Co.—Orders Received—
July 5.
$200,000
:
1,080,252
Electric
General
Orders received by this company
-
payable
Common stock ($5 par)
Property,
Total
Notes
Trade accounts payable._____
Inventories.
a
$888,037
386,530
423
$79,386
Net income____
int.
on
hand and in banks, $1,870 414'
accounts & no*es
(customers)
(less reserve for doubtful accounts of $75,887),
$1,124.283- inventories, $.3.129,507' other assets. $92,154' plants and equip¬
ment (reserve for depreciation of $7,267,484). $8,899,314: brands, trade¬
marks and goodwill, $1: deferred charges, $186,188: total. $15 301.861.
Liabilities—Accounts payable. $456,229 accrued local and Federal taxes.
$311,989- deferred income, $4 780' 4V^% conv. pref. s^ock (oar $100).
$4,000,000: common stock (422,996 shares no par). $8 450 Q20* earned
surplus, $1,518,399: capital surplus, $550,543; total, $15,301,861.—V. 150,
Assets-—Cash
receivable
Other
$884,609
13,501
bonds,
on
Balance.
$1.37
Preferred dividends
p.
441.183
$894,004
3.286
$53,641
Gross income
$915,165
2.129
151,920
—
Other Deductions.
profit..
1,786,760
529,202
479,069
312
_
Retirement accruals
—V.
Net
$3,641,755
$35,147
Balance.
_
36,704,822
Repairs and maintenance. _—
_________
_ _ _ _ _
Depreciation.
—:
— —
State, local, capital stock and social security taxes..__________
—
154,563
$84,781
31,141
Non-oper. income (net).
_.$3Q.185,717
—
Cost of sales
Total income
—
!, 804,4 £5
1,884,174
547,238
$78,962
Net oper. revenues
Int. on eqot. notes, &c_
Amort, of debt expense_
Earnings for Fiscal Year Ended Feb. 29, 1940
Profit from operations
Other income.
-Earnings
1940—12 A/OS.—1939
$334,797
162,350
Operating revenues
Operation
Electric Co
Net sales (excl. inter-company
(& Subs.)-
1940—Month—1939
Period End. May 31—
par),
($100
stock
Corp.—Common Dividend—:
dividend of 25 cents per share on the common
a
stock, payable July 15 to holders of record July 5.
This will be the first
dividend paid since July 1, 1936 when 15 cents per share was distributed.
—V. 147, p. 1777.
non-opreating property.
$998,515:
capital,
Fostoria Pressed Steel
Directors have declared
cellaneous investments, $806: cash. $21,057: notes receivable.
Fairmont
$1,028,820;
$1,036,570; furniture and fixtures, $15,515; goodwill,
$1; investment in partly-owned sub. co., $14,000; cash in banks and on
hand, $295,099; accounts receivable (incl. amounts held back on completed
contracts), $470,172; investment in uncompleted contracts, at cost, $3,508;
tools and supplies on hand, valued by the management at the lower or cost
or market prices, $21,750; investment in Dominion Government bonds at
cost (quoted value April 30, 1940, $173,960), $178,640; accrued interest on
bonds, $2,256; deferred charges to operations, $11,603; total, $3,338,518,
equipment,
Maintenance
1939
$5,623; mis¬
$850: accounts
receivable, $72,012: materials and supplies, $31,511; prepayments, $4,314;
Assets—Fixed
1940
Assets—Land and buildings, $260,585; plant and equipment.
marine
$325,272
284,329
$54,624
$372,753
316,958
Total, oper. expenses—
Net income.
Consolidated Balance Sheet April 30,
■'
accrued
Operating revenues
Inc. deducts,
103
President of the Bankers Trus* Co. was on June 28
elected
succeed Seward Prosser Chairman of the
resigned Pom the Board, on which he had served
Feb. 12, 1915.—V. 150, p. 3508.
direc or of this company to
Bank<^s Trust Co.. who
el°e*ed President, and Gen°ral Manager as Avell as
He succeeds R. W. Ruddon. resigned.—V 150.
since
director of this company.
p.
General Latex & Chemical Corp.—Plans
3660.
Firestone Tire & Rubber Co. (&
6 Months Ended
Subs.)—Earnings—
1939
$2,851,538
1938
$2,429,738
1,933,992
1,936.458
1,941.303
$0.60
April 30—
Net after deprec., int., Fed. taxes, &c.
Shares common stock outstanding—
$0.75
$0.53
1940
$2,565,661
Earnings per share
Supreme Court Justice Church has confirmed the referee's report on
amended plan of reorganization.
The reoort was confirmed on the
petition of George Arms by, Chairman of the First Mortgage Bondholders'
Committee.
The action was started by a suit brought by the Marine
Midland Trust Co. as successor trustee under a mortgage indenture of
1930, against the Forty Wall Street Corp.—V.
Foundation Co. of Canada,
1940
Years End. Apr. 30—
Operating profit
Prof.fr sale of cap assets
sale of invest'ts. /
Income from investments
$340,477
11,192
150, p. 2424.
.
1939
$62,704
7,148
1938
1937
$320,253
1,861
$210,383
?8,544
8,001
6,267
partly owned
subsidiary company. _
5,310
6,613
5,845
$328,727
3,612
75,334
4,235
1,415
109,977
$233,753
Divs. from
mortgages.
_
sals__
Di rectors' fees
Legal expenses
depreciation
500
67,255
4,046
736
106,186
Net
profit for year
Dividend paid
$76,387
731
70,450
4.019
2,687
81,000
5,220
67.404
4,419
1,223
96,988
204
Organization expenses__
Provision for Dominion
& Provincial inc. taxes
980
1,225
$357,937
Total income
for
par) common
conversion of
50,698
420
28,000
9,500
$128,516
loss$83,126
42,300
$106,154
$48,999
42,300
President
ended Jan. 31, 1940, company had a net profit of $112,493
after deducting estimated Federal income and capital stock tax^s.
This
compares with a profit of $59,195 in the previous fiscal year; $79,028 in
1938; $133,598 for 13 months ended Jan. 31, 1937, and $86,128 for the year
ended Dec. 31, 1935—V. 150, p. 3825.
For the year
General
Ltd. ('& Subs.)—Earnings
Prof, fr
Prov.
($50 par) cumulative preferred stock and 55,000 shares ($2
In addition, 20,000 common shares are set aside for
stock.
and Treasurer,
the
on
with the
of Public
offer for sale in Massachusetts 5N00 shares
preferred.
H. Stuart Hotchiss is chairman of the board, and H. J. Eiwell is
Forty Wall Street Corp.—Report Confirmed—
Interest
Utilities, notice of intention to
the
—V. 150. p. 1599.
Executive officers'
Offering—
The company, successor to the Vultex Chemical Co., has filed
division of investigation of securities, Massachusetts Department
Debentures
Motors Acceptance Corp.—Places Notes
Privately— The company during May,1940
privately at par to
nine-year 2% notes,
and
sold
five insurance companies $50,000,000
due May 1, 1949.
In addition, during
May company placed privately at par with \ three banks
$10,000,000 1M% serial debentures, due $1,000,000 annually
May 1, 1941 to May 1, 1950.
Proceeds of the notes and
debentures
were
used
to
reduce
short-teim
borrowings.
also during April sold $7,500,000 (Canadian
currency) 3-year 2lA% notes to two insurance Companies.
The company has called for redemption on Aug. 6, at 103
and interest, $50,000,000 3 3€% debentures.
Funds to meet
these debentures will be obtained through short-term bor¬
The company
rowings.
(The foregoing corrects a news item
cle" June 29, p.
4127.1
which was published in the "Chroni¬
(
The Commercial & Financial Chronicle
104
General Motors
Corp.—To Expand Diesel Output —
Corporation announced plans on June 29 for doubling manufacturing
floor space of its Detroit Diesel engine division.
A 600-foot by 280-foot
addition to the plant and a two-story office building to house offices now
located in the manufacturing building are to be constructed.
The enlargements will give the plant a total floor space of 379.000 square
feet, providing space for the ultimate doubling of production. The original
plant had
capacity of 3,000 engines
a
a year,
ranging from 15 to 165 horse¬
Globe Steel Tubes Co.—To
General Motors Diesels are produced at the plant of the
Electro-Motive Corp. in La Grange, 111., for railroad and stationary purposes
and at the Cleveland
Moore,
elected
Reinsurance
Corp.—V.
action
p.
Kidder, Peabody & Co.,
corporation
and
the North
Star
this
of
150,
Directors have declared
dividend of 20 cents per share on
a
[Including Statesboro Northern Ry.J
1940
M'mth—1939
$^7 685
$80,103
Railway oper. revenue-_
Railway oper. expenses.
1
89 894
from ry. oper.
78,979
450,070
loss$4.115
41,269
loss$5,912
39.996
$10,410
$45,384
Drl0.428
$45,909
Dr9,244
Drl ,910
$6,931
CV2.384
Drl,951
Dr9 621
Dr9,852
$13 968
1,295
$6,497
736
$65,434
4,522
$12,674
$59,986
$60,483
318
$5,761
303
1,640
1.590
$12,991
$6,064
$61,626
1
'40
Julu 1 *39
$102,185
$125,170
Co.—-Earnings—
1940
1939
$10,709,653
revenues
$10,442,536
3,553,818
2,182,910
$62,074
-.
Deficit before interest-
648
•Week Ended Jure 91—
1940
(est.)_
4127.
-Jan.
1939
$20,275
revs,
—V. 150, p.
June
Gulf States Utilities
$65,005
5.448
Drl
_
Loss
Operating
(& Subs.)—Earnings—
12 Months Ended May 31—
Operating
8.055
Net ry. oper. loss-...
-
Grand Union Co.
3 Months Ended—
Net profit after depreciation, and Federal inc. taxes
420,428
$1,124
Non-oper. income
.
George W. Vaught has been elected Vice-President and Treasurer of this
He succeeds as Treasurer, V. I. Montenyohl, who has been
a Vice-President.—V. 150,
p. 3661.
elected
V. 150, p. 3510.
8.291
Railway oper. loss
Equipment rents (net)
Joint facility rents (net).
Deductions
3360.
company.
1940—5 Mos.—1939
$445,955
$414,516
loss$9 119
—
-
p.
Retail sales for quarter ended June 1, 1940 amounted to $8,289,590 com¬
pared with $7,694,376 for same 1939 period, an increase of $595.214.—
Georgia & Florida R R.—Earnings—
Period End. May 31—
rev.
company's $900,000 loan application.—V. 150,
(B. F.) Goodrich Co.—New Vice-President—
3508.
the capital
stock, oayable July 15 to holders of record July 8.
Like" amount was paid
on April 18 last, and compares with 15 cents paid on Dec. 18 and on Oct. 16,
1939, and 25 cents paid on July 14 and April 17, 1939, and on Dec. 22,
Oct. 18, July 16 and April 1, 1938.—V. 150, p. 3508.
Railway tax accruals
the
on
member of the firm of
a
director
a
General Theatres Eauipment Corp.—20-Cent Dividend
Net
annual meeting of stockholders, has been further adjourned
until July 31.
Successive adjournments of the annual meeting have been at
the request of the Reconstruction Finance
Corporation, pending final
General Reinsurance Corp.—New Directors—
Frederick L.
(Adolf) Gobel, Inc.—Meeting Further Adjourned—
The adjourned
Diesel division In Cleveland for marine installations.
—V. 150. p. 4127.
been
Pay 50-Cent Dividend—
Company will pay a dividend of 50 cents per share on its common stock,
July 10 to holders of record June 29. Dividend of 75 cents was paid on
Dec. 21, last, and one of 50 cents was paid on Dec. 27, 1937.—V. 149, p.
on
4030.
power.
The larger
has
July 6, 1940
Liabilities—Capital stock, $354,358; surplus,
$917,374:
reserve
for
contingent liabilities. $1,045; accounts payable, $8,346; accrued royalties
and participations, $1,687; total, $1,282,809.
1
Balance for interest
to
After depreciation and including
Rouge Electric Co. (except bus) and Louisiana Steam
Generating Corp. properties acquired Aug. 25, 1938.—V. 150, p. 3662.
Baton
Harrisburg Steel Corp.—To Pay 20-Cent Dividend—
Directors have declared a dividend of 20 cents per share on the common
stock, payable July 15 to holders of record July 1. Dividend of like amount
was paid on Dec. 22, last, this latter being the first dividend paid since
1937. During that year 90 cents per share was distributed.—V. 150, p. 3976.
Hartford
1939
$475,091
other income (net).
Note—For comparative purposes only; includes operations for the entire
period of
June 21
1940
4,240,277
2,848,152
Balance for dividends and surplus
a
$506,155
$20,350
a
Directors
Electric
have
Light Co.—Dividend—
declared
dividend
a
of 73 1-3
cents
per
share
stock, payable Aug. 1 to holders of record July 15.
common
68% cents
share
per
were
paid in previous quarters.—V. 150,
the
on
Dividends of
p. 996.
Gibson Art Co.—Earnings—
Years Ended—
Feb. 29, *40
Netprofit--.
Feb. 28, '39 Feb. 28, '28 Feb. 28, '37
$550,662
$605,830
$635,250
43,735
43,713
42,251
$5.54,492
43,561
90,480
Denrec. of plant & equip.
Federal taxes.
Netprofit
88,797
100,729
100,598
$418,130
2,513,208
$461,389
2,395,879
$3,009,626
$2,931,339
342,164
$2,857,267
344,059
$2,789,453
393,575
$2,669,873
$2,589,175
$2,513,208
$2,395,879
$2.48
$2.46
$2.69
$2.85
Earned surplus at end
of year
per
sh.
on com..
accounts and
accounts and
notes,
notes
reserve
$518,834), $895,719; prepaid expenses and inventory of
supplies, $25,717;
goodwill, $1; total, $3,113,856.
Liabilities—Accounts payable, $20,127; Federal income tax,
$90,480; ac¬
crued other taxes,interest and expenses,
$54,055; long-term, loan $120,000,
common stock, 200,000 shares of no
par value, $1,000,000; earned surplus,
$2,669,873; less—common stock purchased and held in treasury—at cost—
30,374 shares of no par value as of Feb. 29,1940,
$840,680; total, $3,113,856.
—V. 149, P. 2084.
a
Pay 25-Cent Dividend—
dividend of 25 cents per snare
on
Co.(& SubEarnings—
Income Statement Year Ended Dec. 31, 1939
accounts of
the year 1939
prior years charged to
reserve
$1,933
during
•
63,920
Net loss for the year 1939
*_
$61,987
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash and working funds, $35,733;
cash, notes and accounts re¬
assigned as collateral for liquidation of loans
(contra), $57,346notes and accounts receivable—not
assigned, $114,275: provision for doubt¬
ful accounts,
$28,848; due from officers and employees, $16,484: un¬
completed contracts—cost in excess of billing,
$7,337: inventories of ma¬
terials at lower of cost or market,
$74,157; work in process (at cost), $1,798;
accounts receivable—collection deferred
beyond one year, $268,554; stocks
ceivable
.?r corP°rattons, $161,850; plant property at depreciated value, $255.009; license agreement (unamortized
portion), $792; goodwill, $152,000;
preferred charges, $3,913; total, $1,120,400.
Liabilities—Notes payable—secured by
cash, customers' notes and ac-
£00,^-5390,900; accounts payable—current trade creditors,
$38,125; dividends payable on class A
stock—payment deferred, $5,374;
accrued wages, taxes,
commissions, &c., $10,552; notes payable for pur¬
chase of stock—payment
deferred, $124,500; amount billed on uncompleted
Sac®5connenXnCe6? of ?ost' $15,632; 7%
$100),
7%
cents
per
share
cents per share of
in
the
[Including O. and W. McVean Ltd.]
Consolidated Income Account
Year Ended Dec.
31,
1939
Profit from operations
:
Amounts paid as legal fees and salaries of executive officers
Directors' fees
$308,968
32,003
.
Interest
on
Premium
bonds—redeemed during year
bonds redeemed, &c
900
—
on
2.357
3,717
78,972
39,000
Net profit for year
Dividends on preferred shares
$152,019
13,095
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash on hand and in banks, $88,005; accounts and bills re¬
ceivable (less—reserve for doubtful debts of $12,944), $226,157; inventories
$364,082; investments, $58,602; deferred charges, $10,014; fixed assets
(less—reserve for depreciation of $1,100,106), $526,636; total, $1,273,497.
Liabilities—Accounts payable and accrued liabilities, $172,948; reserve
for income and other accrued taxes, $47,535; 6% non-cum. partic. pref.
shares ($10 par), $218,250; common stock (24,230 shares no par), $24,230;
special reserve, $312,770; capital surplus, $196,655; earned surplus, $301,109; total, $1,273,497.
(A.) Hollander & Sons, Inc.—SEC Ashed to Delist Shares
The
charge that three persons control the company and "diverted" its
to a privately-owned Canadian corporation was made before the
Securities and Exchange Commission July 2 by Joseph A. Patrick, SEC.
attorney
Mr. Patrick made his assertion in arguing that the capital stock of the
assets
should be delisted from the New York Stock Exchange because
allegedly contain material misstatements and
Among the facts which Mr. Patrick claimed were omitted from
the statements filed with the SEC were the following:
Control of A. Hollander & Sons, Inc., by Michael, Albert and Benjamin
W. Hollander; their ownership of a Canadian company known as A. Hol¬
lander & Sons, Ltd.; the existence of a contract between these allevedly
affiliated companies providing for mutual exchange of services and patents;
transactions in the stock of the American company by the three persons
controlling it, which were not reported to the SEC and which were handled
through the Canadian company.
Mr. Patrick claimed that the contract for exchanges between the American
and Canadian companies brought about "a diversion" of the assets of the
more profitable American company to the privately-owned Canadian com¬
company
statements filed with the SEC
cumulative preferred stock (par
common stock (21,206
shares, no par)
common stock (31,696 shares), $437,116; total.
pany.
David Saperstein, attorney
for the company, asserted that Mr. Patrick's
supported by the facts in the case and he attacked Mr.
terms such
as
"diversion", "larceny", "fraud", and
"forgery" in describing the transactions between the American company,
the Canadian company and the three persons controlling the American
company.—V. 150, p. 2425.
charges
use
of
Holland House Products
Hook
Drugs,
According to a Los Aneeles prass dispatch an offer to purchase
the assets
of the company for
$3,600,000 has been made to the board of directors,
subject to certain adjustments.
The name of the
bidding concern was not
made public.
The offer is equal to $15 each for
Globe's 240,000 shares of
common stock outstanding.
Net profits for the year to
May 31, 1940 were $123,589, against $345,803
preceding year.
The decrease was attributed to the break
in grain
prices, necessitating lower inventory valuations.—V.
149, p. 3557.
Inc.—Earnings—
Years Ended Dec. 31—
Net sales
Offer—
Co.—Offering Withdrawn—
The recent offering by Englartder & Co., New York, of 15.000 shares of
6% pref. stock and 15.000 shares of common stock, in units of 1 share of
each, at $6 per unit, has been withdrawn.
139, p. 4127.
Globe Grain &
Milling Co.—Receives Purchase
were not
Patrick's
$458,200; class A cumulative
|?dclass B non-cumulative
$1,12U,4UU.—V.
of
omissions.
Net profit from operations after depreciation and
amortization
of license agreement
Uncollectible
dividend
Hayes Steel Products, Ltd.—Annual Report—
the common
stock, no par value, payable July 20 to holders of record
July 5.
Dividend
of 12^ cents was paid on
April 20, last, and one of 25 cents was paid on
Dec. 28, last, this latter being the first dividend
paid since Oct. 20, 1P38,
when a regular quarterly dividend of
12M cents per share was distributed.
-—V. 150, p. 2098.
Globe Automatic Sprinkler
extra
for
$821,940; inventories, $528,527; employees'
Glen Alden Coal Co.—To
an
Provision for Dominion and Provincial income taxes
receivable—less
notes and accounts receivable for advances on Gibson Art
Co. stock. $1,507real estate, plant and equipment—at cost
(less reserve for depreciation of
Directors have declared
declared
Provision for depreciation of buildings and equipment
Balance Sheet Feb. 29, 1940
Assets—Cash, $840,445:
doubtful
have
.stock, both pay. July 25 to holders of rec. July 15.—V. 150, p. 4128.
2,297,053
Dividends paid—339,753
Earns,
com
$492^401
$420,451
2,589,175
Previous earned surplus.
Total.
Hayes Industries—Extra Dividend—
Directors
addition to the regular quarterly dividend of 12)^
1989
Cost of goods sold
1.980.769
Total income..
$2,026,940
1.914,073
$200,474
9,746
$112,868
9.982
$210.220
-
Operating expenses
$1,982,438
44.503
$2,181,243
Gross profit on sales
Other operating income
$6,337,828
4,355,390
$2,138,603
42,640
,
1988
$6,652,663
4,514,060
-
$122.850
in the
Globe Oil & Gas
Corp. (&
Profit before Federal taxes
Consolidated Income Statement Year Ended Dec.
31, 1939
Gross operating income
Federal taxes
«46
Operating charges
Depreciation, depletion and amortization
I. Net loss for
ZIZIZIIIZ
ZZZZZZZZZZZ
year.
43 783
9JD35
$6,723
Assets—Oil and gas lines, oil and gas wells, natural
gasoline plant, pipe
storage, $1,300,758; drilling and general equipment,
$50,643; refrigerator cars and equipment, $83,966:
patents, $1,230; reserve
for depreciation, depletion and
amortization, Dr$179,342; deposits, $2 550-
i?es.oiI and gasoline
receivable,
$15,511;
$1 f«o«toU<7(
inventories,
$3,216;
cash,
$4,275;
.
on
on
income
income—estimated
37,227
20.742
$172,99.3
1,601,928
$102,108
—
095
Consolidated Balance Sheet Dec. 31, 1939
accounts
Operating profit
Other income, less other deductions
Subs.)—Earnings—
total,
Netprofit
Earned surplus at beginning of year
Total surplus
Cash dividends paid
Earned
—
surplus at end of year
Earnings per share on capital stock
$1,774,921
Ill.562
$1,663,359
$1.36
1,541,257
$1,643,365
41,437
$1,601,928
$0.80
Note—Provision for depreciation of property and equipment and amortiz¬
ation of leasehold improvements included with operating expenses amounted
to
$81,383 for the year 1939; $74,937 for the year 1938.
Volume
Idaho
Comparative Balance Sheet Dec. 31, 1939
Assets—Cash, $185,101; marketable securities—at cost and accrued
interest, $196,176; trade accounts receivable (less reserve of $6,000),
$33,490; merchandise inventories—at lower of cost or market, $1,355,261;
investments, cash surrender value of life insurance and other assets, $66,034;
property, improvements and equipment (at cost less reserves for depre¬
ciation), $544,750; goodwill, $1; trade name, $1; deferred charges, $31,272;
total, $2,412,086.
payable, $339,197;
Liabilities—Note payable to officer, $16,000; accounts
(including Federal income tax provisions), $93,888; reserve
$24,642; capital stock (127,499 shares no par), $275,000;
earned surplus, $1,663,359; total, $2,412,086.—V. 150, p. 2100.
accrued taxes
for contingencies,
Hotels Statler Co.,
Power Co.—Earnings—
Years End. Dec. 31—
Earning
for Calendar Year 1939
•
$1,630,531
275,800
441,700
interest)
(including provision for Federal taxes).
Rent (real estate und property)
Mortgage interest._______
__
-
__
Depreciation
$2,348,031
942,288
135,500
243,054
450,000
417,500
470,000
$2,294,695
7,803
$2,474,727
8,918
$2,271,572
Dr91
$1,862,596
$2,302,498
mtge. bonds
675,000
Other int. & deductions.
112,010
Int. chgd. to construct'n
Crl,291
$2,483,645
675,000
$2,271,481
678,911
103,174
Cr45,252
$1,861,139
650,000
$1,534,648
243,600
$1,140,792
243,600
170,742
500,000
170,742
500,000
Gross income
Int.
on
Dividends
_
$328,157
193,801
123,082
______.
—
preferred and preference stock.
common
on
stock
Includes
x
per
Federal
share of
Assets—Cash, $1,761,954; accounts
receivable (after provision for doubt¬
$338,228; inventories and supplies, §841,187; securities (at
$950,909; investment in subsidiaries, $847,811; fixed assets (less
depreciation of $19,742,544), $23,853,966; prepaid and deferred items,
$242,166; total, $28,836,222.
ful accounts),
cost),
common
on
$293,246; payroll accrued, $64,304; mort¬
interest accrued, $22,340; taxes accrued, $93,397; dividends payable
preferred and preference stock, $48,258; other accrued items. $114,255;
gage
payable, $6,056,250; deferred items and reserves, $1,714,509;
preferred stock (less treasury) 15,510^ shares outstanding, $1,551,013:
pref«rence stock (less treasury) 56,349 shares outstanding, $1,408,725;
common
stock (less treasury), 123,084 1-5 shares outstanding at stated
value. $615,421;surplus, $16,854,502;total, $28,836.222.—V. 149, p. 4031.
Transit Co., Ltd.—Earnings —
Honolulu Rapid
rev.
from transp__
Operating expenses
Net
$
equipment
Rev. other than transp—
23,130
20,061
525.379
426,594
391,230
$207,589
7,097
$178,981
$214,685
Taxes assign, to ry. oper.
Interest
58,209
56,058
3,695
92,380
7,208
93,101
760
18,813
17,912
Depreciation
10
47
33
512
704
$10,773
$59,843
$31,681
Replacements
$17,192
Net revenue
To
9,805
79
212
Profit & loss
Special deposits
Temp, cash Invest.
5,344
19.544
1,006,335
8,166
1,002,528
3,792
Accts. receivable-.
share on the common
This compares
Directors have declared a dividend of 40 cents per
Dec. 15, last; 30
Sept. 30, 1939; 5 cents paid on June 30 and March 31, 1939;
a dividend of 40 cents paid Nov.
30, 1938, and one of 30 cents was paid
on Oct. 31, 1938, this latter being the first dividend paid since March 31,
1938, when 10 cents per share was distributed.—V. 150, p. 3979.
paid
on
Houston
Lighting & Power Co.—Earnings—
$11,520,480 $10,761,930
5,957,721
5,150,079
1,486,595
1,709,330
$9,648,516
4,673,060
$3,902,520
19,042
$3,769,881
25,959
$4,076,165
19,572
$3,920,350
$4,095,737
$3,921,562
$3,784,065
962,500
962,500
171,422
155,919
990,416
147,393
1,297,500
94,336
$2,786,428
7% pref. stock210,000
$6 pref. stock—
105,078
com. stock
1,800,000
$2,977,318
$2,783,753
210,000
$2,392,228
210,000
105,078
1,800,000
Operating revenues
$12,237,283
Oper. exps.,incl. taxes,.
6,935,972
Prop, retire, res. approp.
1,406,919
$3,894,391
Net oper. revenues
Other income
Gross income
Int.
on
1936
1937
1938
1939
Calendar Years—
mtge. bonds
Other int. & deductions.
807,837
on
Divs.
on
Divs.
on
1,205,576
14,184
210,000
105,078
105,078
1,800,000
1,800,000
1939
1939
Liabilities—
equipment
2,500
2,500
389,670
demand)
789,546
424,808
9,915
Accts. receivable..
940,993
$
494,811
20,367
14.294
13,078
10,338
8,908
321,000
321,000
1,204,448
9,940
881,633
Accounts payable-
150,000
Notes payable
298,170
150,000
527,115
Dividends declared
443,549
4,000
Deferred charges._
Accrued accounts
2,351,792
2,477,983
94,758
106,100
36,216
debt & interest
par
_
Def'd credits
60,325,751
Consign, (contra)
Reserves
53,852,301
-
equipment written off_
.
5,155
6,117
2,015
3,214
36,216
41,731
11 ,578,360 10,735,133
90,451
90,451
3,496,528
4 ,105,251
76,836
capital stock
preferred stock outstanding
stock
share on common
on
on common
x
Based
on
deprec., deplet. & Fed. tax—$2,277,606
66,756 shares ($10 par) outstanding,
y
1938
$263,999
4,853
15,303
42,333
46,231
$311,102
$155,278
10,320
10,320
66,756
33,378
x$4.51
y$4.34
Based on 33,378 shares
(no par) outstanding.
Balance Sheet Dec. 31, 1939
Liabilities—Accounts
6% preferred stock (par
payable,
$10,721;
accrued
accounts,
$130,909;
$100), $172,000: common stock (par $10), $667,560;
$505,128; total, $1,486,318—V. 150, p. 2256.
$2,750,087
$2.03.
Net earnings
Earnings
per
share
on
1,357,713 shares ($10 par)
1939
Consolidated Balance Sheet Dec. 31,
Assets—Cash, industrial and municipal bonds and marketable securities,
$7,053,029; accounts receivable, $1,066,414; manufactured goods $517,338;
inventory, goods in process, supplies, fuel and sacks, $927,921; deferred
charges, $17,771; plants and equipment (less depreciation of $12,438,773),
$11,401,268; land (less depletion of $201,034), $1,129,832; total, $22,113,574.
Liabilities—Accounts payable, $132,425; accrued liabilities, $810,287;
$152,905; capital stock (par $10), $13,577,130; capital surplus,
$4,366,946; earned surplus, $3,073,881; total. $22,113,574 —V. 149, p. 3718.
Illinois Bell
Telephone Co.—Earnings—
Uncollectible oper. rev__
1940—Month—1939
1940—5 Mos.—1939
$8,230,464
$7,809,984 $40,101,905 $37,797,603
22,649
23,545
113,151
121,746
Operating revenues.
Operating expenses...
$8,207,815
5,579,611
$7,786,439 $39,988,754 $37,675,857
5,227,430
26,805,328
25,289,278
Net oper. revenues.
$2,628,204
1,297,243
$2,559,009 $13,183,426
1,246,022
6,587,380
$1,330,961
1,191.053
$1,312,987
1,169,221
Period End. May 31—
Operating revenues
Operating taxes
Net oper.
Net income
income
-
-
$12^386,579
6,180,745
$6,596,046
56,205,834
5,911,083
5,467,873
—V. 150, P. 3663.
Indiana General Service
Co.—Earnings-
1939
1937
bl936
$4,298,861
2,082,928
192,675
Operating revenue
Operation
1938
$4,569,176
2,321,309
Calendar Years—
$4,552,524
2,213,171
177,672
450,415
a595,174
$3,982,767
2,035,963
114,421
$888,735
21,614
Depreciation
465,231
Taxes
581,295
186,595
466,908
527,924
$1,008,666
Drl5,254
$1,034,506
Drl8,521
$1,116,091
$993,412
$1,015,985
192,884
18,937
77,334
$1,115,274
23,614
13,515
190,055
17,657
41,352
$910,350
192,815
18,522
11,992
$745,034
238,266
420,000
$726,831
238,266
315,000
$866,209
238,266
630,000
$687,021
238,266
435,000
Operating income
Total income..
Int.
on
funded debt
211,250
Net income
Divs. on pref. stock
Divs. on common stock.
Dr817
413,954
a529,693
a
Includes
surtax
on
undistributed
profits.
b"Amounts
restated
for
comparative purposes.
Balance Sheet Dec. 31,
19391
~ Wk
(not current), $55,780; deferred and unadjusted charges, $411,047; total,
$18,945,661.
Liabilities—Funded debt, $6,500,000; accounts payable, $127,071; ac¬
counts payable
(associated companies), $120,917; customers' deposits,
$92,456; interest accrued, $106,972; taxes accrued, $693,983; other current
and accrued liabilities, $6,322; deferred and unadjusted credits, $1,369;
reserves, $2,697,984; contributions in aid of construction,
$21,300; 6%
cumulative preferred stock (par $100). $3,971,100; common stock (par
$100), $3,000,000; capital surplus, $500,000; earned surplus, $1,106,187
total, $18,945,661.—V. 148, p. 3848. '
Rapid
Transit
Co.—Committee Advises
Accepting Plan—
piThe protective committee for stockholders forwarded a letter July 3 to
owners of the issue advising them to accept the terms offered under the
unification plan.
The committee stated that it has come to the conclusion
that further opposition to the plan would be futile and might result in total
loss of the investment represented by the common stock.—V. 150, p. 3979.
Interchemical Corp.—Listing—
The New York Stock Exchange has
authorized the listing of 13,698 addi¬
tional common shares (no par) on official notice of issuance, upon the exer¬
cise of options, making the total number of common shares applied for
The corporation has outstanding (1) an option to purchase 1.100 author¬
$14.78 peUshare, exercisable over the
period ending May 31, 1941; (2) options to purchase an aggregate of 8,698
common shares, which may, at the option of the corporation, be either
authorized and unissued or treasury shares, at the price of $35 per share, the
options with respect to 2,000 of such shares being exercisable over the period
ending June 30, 1942, and the balance over the period ending Jan. 31, 1943;
and (3) options to purchase an aggregate of 3,900 common shares, which
may, at the option of the corporation, be either authorized and unissued
ized and unissued common shares at
$181,249; accounts receivable, $214,948; inventories,
$284,027; investment in capital stock of domestic corporation, at cost,
$1,000; property (net), $791,338; deferred charges, $13,756; total, $1,486,318.
*
*
Assets—Cash,
earned surplus,
472,481
Miscellaneous earnings aside from cement manufacture
Assets—Utility plant, $16,266,930; construction contracts uncompleted
48,180
'
Net income for
Earnings per
Represented by 3,210 shares
(& Subs.)—Earnings—
Net earnings from operations after
Interborough
Reserve for Federal taxes
Dividends
y
$118; security investments, $9; cash, $1,324,371; working funds, $17,335;
accountsreceiveable, $587,131; materials and supplies, $256,535, merchandise
for resale, $13,009; prepaid insurance and rents, $13,395; accounts receivable
1939
$470,213
3,650
30,444
-
Income charges
Dividends
47,882,079 47,365,338
Total
47,882,079 47,365,338
Represented by 28,457 no par shares,
7% preferred stock.—V. 150, p. 3979.
x
187,796
Humphryes Mfg. Co.—Earnings—
Depreciation
138,451
3,639,347
2,857,331
3,581,686
3,137.063
Earned surplus
490,804
b Represented by 500,000 no
Calendar Years—•
Obsolete patterns and other
147.636
construction
Reserves
836,033
60,325,751 58,852,301
Total
Represented by 20,000 no par shares,
shares.—V. 150, p. 4128.
Gross income
127,584
Contrlbs. in aid of
683,770
Matured long-term
Capital surplus
a
_
Misc. curr. llab
Earned surplus
Total
8,908
40,807
83,449
Cust. deposits
37,178
251,187
5,155
Other del'd chgs—
128,934
10.338
536" 292
21,949
14,415
251,187
6,117
41,731
& expense
123',541
Consign'ts (contra)
Sundry credits.
1,428,909
tal stock
19.544
55,396
685.728
Misc. curr. liablls-
curr. assets.
Reacquired capi¬
Other deductions
Misc. curr. assets.
Consign'ts (contra)
Unamort dt. disc't
5,344
64,489
986,712
accounts-
($100
$6
Reacq. cap. stockSpecial deposits
Prepayments
&lnt.
Misc.
pref. cum
3,000.000
par),— 3 ,000,000
2,020,000
pref. cum__ 2 ,020,000
b Common
10 ,000,000 10,000,000
Long-term debt
27 ,500,000 27,500,000
7%
-
Mat'ls & suppl's—
Incl. prem.
Customers' depos.
Accrued
Amort, of dt. disc. &exp.
a
(on
Temp, cash invest.
Notes receivable..
18,000,000 18,000,000
137,764
57,415
Mat. long-term dt.
20,415
Capital stock—
55,707,495 53,364,556
_
Cash in banks
1938
S
1938
$
Plant, property, &
Investments
15,000,000 15,000,000
Accounts payable-
215,726
Consign'ts (contra)
3,801,000
2,845,700
($100
325,324
Other income (net)
Balance Sheet Dec. 31
Assets—•
stk.
par)
1st mtge. 3Ms
878,181
Mat'ls & supplies.
Maintenance...
Net income
Divs.
$6 cum.
Prepayments14,684
Total
$
3,801,000
pref. stk. 2,845,700
—
reserves,
Pay 40-Cent Dividend—
stock, payable June 29 to holders of record June 22.
with 15 cents paid on March 30, last; 25 cents paid on
cents
x
Com.
demand--
$188,786
$47,821
11,744
($100 par)...
673,228
Cash in banks—on
of
1938
$
Earnings for Year Ended Dec. 31, 1939
$42,280
11,230
1,375
1,592
from opers.
Net rev.
Equivalent to
common in 1938.
y
Liabilities—
43,615.801 42,759,968
Ideal Cement Co.
$570,211
$634,183
$40,690
1,5 0
$46,230
from transp.
rev.
—
7% cum. pref. stk.
1940—5 Mos. —1939
1940—Month-—1939
$117,566
$143,227
76,877
96,997
Period End. May 31—
70,347
1939
1938
$
Plant, property, &
first mortgages
Gross
Drl,457
Balance Sheet Dec. 31
1939
Assets—
y
Liabilities—Accounts payable,
undistributed
profits,
in 1939 and $8.53 per share of
surtax
Notes receivable..
1939
Condensed Balance Sheet Dec. 31,
on
115,067
Cr597
Net income
.y$l,516,779 y$l,694,175
Divs. on pref. (7%) stk._
243,600
243,600
Divs. on $6 pref. stock..
170,742
170,742
Divs. on com. stock
750,000
600,000
699,032
t;—:
>
—
$4,749,839
x2,417,243
Net revs, from oper._
Other income (net)
Investments
on
$5,399,181
x2,710,109
$5,725,714
2,800,987
$7.35
Net income (before taxes, rent, deprec. and
Taxes
Net income..________
1936
1937
1938
1939
Operating revenues
$6,127,874
Oper. exps., incl. taxes__
3,358,179
Property retire, reserve
appropriation
475,000
Inc.—Earnings—
Operations of hotel properties
Operations of other properties.
Non-operating income.
Dividends
105
The Commercial & Financial Chronicle
151
The Commercial & Financial Chronicle
106
shares
treasury shares, at the price of $40 per share, exercisable over the
or
International Shoe Co. (&
period ending Nov. 30, 1944.—V. 150, p. 3204.
6 Mos. End. May 31—
Inter City Baking Co., Ltd.—Bonds Called—
Pay¬
made
was
the
at
Canada offices
Ottawa.
Montreal,
of the
Toronto,
Canadian
Winnipeg,
Bank
of
1939
1938
1937
Vancouver
Commerce.—V.
and
_
149,
Operating profit
$3,502,572
-.
Other income
International Match
Subs.)—Earnings-
1940
$42,297,782 $40,525,984 $35,891,632 y$44475,226
38,014,838
36.330,167
32,739,777
39,069,238
Depreciation
780,372
794,926
820,788
841,278
Inventory write-down.1,633,301
Cost, expenses, &c
415.
p.
1940
Net sales
A total of $42,000 series A first mortgage 5j^% sinking fund gold bonds
was called for redemption on July 1 at
102)4 and accrued interest.
ment
July 6,
$3,400,891
57,510
$697,766
80,593
57.527
$3,458,401
633,789
$778,359
143,370
$4,622,236
743,086
$2,824,6 1 2
$634,989
3,340,300
$3,879,150
3,337,875
54,492
—
Corp.—$1,959,036 Payment—
Irving Trust Co., trustee July 1, recommended that the Federal
approve payment of a dividend of 2%, or $1,959,036 to creditors.
court
The
Total income
$3,557,064
Federal taxes.
665,729
$4,564,709
recommendation
was
contained in the eighth intermediate report and
accounting filed with the court.
Five dividends aggregating $29,788,658, or 30.4% have been
paid pre¬
viously. The suggested payment will bring the total to $31,747,695.
As shown by the report, all foreign assets were sold and reduced to cash
prior to the beginning of the war, while progress is being made as to the
disposition of various other matters looking toward the final closing of the
Netincome
Common dividends...
x
$2,891,335
2,507,475
Surplus-".Shares
2,505,225
$383,860
$319,387def$2,705,311
stock
common
outstanding (no par).
per share
3,342,500
$0.86
$541,275
3,340,300
3,340,300
3,340,300
$0.84
$0.19
$1.16
estate.
Earnings
On May 31, the trustee had cash in hand of $3,737,247.
Vulcan Match
Co., Inc., a wholly owned subsidiary, had cash of $1,553,078.—V. 149,
p.1765.
Excludes dividends on stock held by
company,
y Subsidiary plants
during the six months of 1937 produced materials
amounting to $23,995,448,
International Metal
Directors
have declared
accumulations
the
on
6%
a
x
which combined with
company's sales
$68,470,673.—V. 150,
made
total
business
transacted
of
1 770.
p.
Industries, Ltd.—Accum. Div.—
dividend
of
$1.50
share
per
on
cumulative convertible preference stock,
International Telep. & Teleg. Corp. (&
Subs.)—Earns.
of
account
and
the convertible preference class A stock, both payable
Aug. 1 to holders of
July 15.
Accruals on both issues after the current payment will
[Excluding in 1940 ail European Subsidiaries, Mexican Subsidiaries and
Cable and Radiotelegraph
Subsidiaries]
amount to
3 Months Ended March 31—
record
$22 per share.—V. 150, p. 2427.
International
Company
Paper Co.—Registers With
Sales by
SEC—
1940
dl939
June 29 filed with the Securities and Exchange Commission,
a registration statement (No. 2-4451, Form A-2), under the
Securities Act
of 1933, covering $32,000,000 of 1st mtge. bonds, series due
1955.
The
interest rate is to be furnished by amendment.
According to the registration statement, the net proceeds from the sale
of the bonds (together with $12,000,000 which the
company proposes to
borrow from banks, an undetermined amount to be received from the
private
sale to insurance companies of $8,000,000 of
3Ji% 1st mtge. bonds, due
1958, of Hudson River Power Corp., and treasury funds) are to be
applied
$20,314,221
14,699,454
on
follows:
To the purchase of $8,000,000 of 3*A%
Hudson River Power Corp.
Gross profit on sales
Telephone & radiotelephone oper.
$6,544,662
900,000
.
_
1st mtge.
Miscell. & non-oper. income (net)
102",3 04
Total gross earnings.
To the purchase of $7,000,000 of 4% 2d mtge.
bonds, due 1962, of
Hudson River Power Corp.
To the redemption on Sept. 1, 1940, at 105% and accrued
interest, of
all the outstanding 6% refunding mtge. sink, fund gold
bonds, series
amount of
000).
To the
redemption on or about Sept. 1, 1940, at 102% and accrued in¬
terest, of all the outstanding 4H % 1st leasehold and general mtge. bonds,
series due 1946, of Southern Kraft Corp. assumed by the
company (publicly
outstanding at Dec. 31, 1939, in the amount of $11,260,000).
To the prepayment of the company's 2)4%-4)4% secured
sinking fund
notes, due Dec. 31, 1940 to Dec. 30, 1944, held by The Chase National
Bank, New York, First National Bank, Boston, and Bankers Trust Co,
(outstanding at Dec. 31, 1939 in the amount of $12,000,000).
To the prepayment on Aug. 1, 1940, of a bond of La Salle
Paper Corp.
and International Paper Co. of $93,719 unpaid
principal amount, payable
in instalments on Aug. 1, 1940 and Feb, 1, 1941, and owned
by Inter¬
national Paper & Power Co., parent of the company.
To the prepayment of 100% of a $500,000 5% secured note due
Aug. 1,
1945 of La Salle Paper Corp. owned by International Paper & Power Co.
To the prepayment at 100% of purchase
money mtge. notes of Southern
Kraft Carp.
The application stated that Southern Kraft
Corp. is to be merged with
International Paper Co.
The First Boston Corp. and Smith, Barney & Co., both of N.
Y. City,
will be the principal underwriters.
The prospectus states that to facilitate
the offering, it is intended to stabilize the price of the bonds.
Thisvs not
an assurance, it states, that the price will be stabilized
or that the stabilizing,
if commenced, may not be discontinued at any time.
The price at which the bonds are to be offered to the public, the names of
other underwriters, the underwriting discounts or commissions
and the
redemption provisions are to be furnished by amendment to the registration
statement.—V. 150, p. 3829.
$2,271,812
137,836
$2,685,088
Dr236,661
$4,451,150
Dr734,695
$2,409,64 8
$2,448,427
452,667
563,061
99,100
27,453
122,080
58,591
19,052
221,172
$3,716,455
718,321
80,749
143,804
187,422
19,925
19,937
62,300
$1,688,423
1,184,125
$1,566,614
1,187,500
105,167
$2,523,859
1,187,500
105,167
11,767
Taxes
Provision for depreciation
International Power
Calendar Years—
Gross
of
1938
1937
1936
$5,265,541
2,033,641
6,400
of sub. cos_
controlled
$4,998,297
2,052,517
6,312
$4,775,049
2,179.736
6,633
hands of public
354,959
x396,063
x407,991
Divs.
on pref. and com.
stocks of control, cos.
in hands of public
x407,424
for year
93,557
90,000
938,977
57,065
165,000
880,000
51,432
Amort, of bond discount
and expenses
94,869
90,194
870,936
43,727
96,765
90,000
829,548
18,930
107,211
103,327
33,308
32,179
-
sur.
_
$1,629,225
$1,535,718
$1,398,442
$1,113,831
89,607
93,015
92,870
139,682
98,911
140,091
104,883
143,230
$1,488,906
430,107
$1,357,262
434,492
$1,075,485
439,484
—
Total income...on
debentures
Dividends declared
._
Minority
com. stockholders'
net income (net)_
.
_
Net income before
equity in
_
deducting inter¬
est
charges of parent company—
Interest on funded debt
Amortiz. of debt disct. and expense..
97,365
433
Other interest charges
Netincome.
a
$1,203,587
480,000
$1,058,799
480,000
$922,769
480,000
$636,001
480,000
x After
deducting miscellaneous interest (net) of $33,164 in 1936: $22,257
in 1937 and $19,004 in 1938.
Consolidated Balance Sheet Dec. 31
1939
consolidated
1939
^
assets
Liabilities—
35,655,413 35,041,465
756,554
1,520,290
Cash
Accounts rec. (less
reserves).
Materials & suppl.
Res.
on
for
assets
1,076,067
570,806
575,468
Or accrued
c
on
preferred stock of subsidiaries
outstanding in hands of public,
d Restated on 1940 basis
e As published
including subsidiaries excluded
Notes—(1)
This interim statement is based upon estimates in
important
adjustments and independent audit a«
respects and is subject to year end
the close of the year.
The amount of consolidated
to
represent United
the corporation.
States
net
dollars
income
should not
actually received
12,668,695
936,698
remittances
to
the
United
corporation.
States
of all
of the
(4)
in foreign
sumers
Cr 54,410
Prepaid and other
&
56,973
152,872
incl. int. thereon
Minority
627,007
748,416
555,466
538,099
144,026
interest-
120,000
16,914
_
162,099
120,000
.
Div. payable
Div. pay. by sub._
and expenses on
358,749
17,038
2,146,033
2,098,762
7,748,534
Reserves
6,881,138
7% cum. pref.stk.
($100 each)
8,000,000
6% cum. pref. stk.
($100 each)
2.000,000
x
Total
x
38,773,293 39,055,506
Represented by 115,610
no par
Period End. May 31
earn. surp.
Total,
1940—Month—1939
oper. revenues.
$497,519
$516,274
152,533
129,440
181,847
Net
—V.
rev.
income
150,
p.
47,783
3663, 2884.
2,090,001
p. 3663.
America—Earnings —
from ry. oper..
Inc. avail, for fixed chgs.
Net
2,000,000
1,622,750
2,755,867
38,773,293 39,055,506
shares.—V. 150,
International Rys. of Central
Railway
1,622,750
Common stock--
Consol.
8,000,000
163,468
77,072
1940—5 Mos.—1939
$2,840,951
$2,800,927
1,171,556
1,251.441
1,058,456
1,153.375
643,272
711,547
to
make
available
foreign
of
foreign
accounts
exchange fluctuations and
applicable
exclude
to
the
the countries
of
accounts
in
Inter¬
Electric Corp. and
subsidiaries, the manufacturing
Germany, the telephone operating subsidiary in Rumania
Cable & Radio Corp, and subsidiaries.
In addition the
of the Spanish Telephone Co. and
Mexican subsidiaries have
in
as
in previous reports.
Company Only)
3 Mos. Ended March 31—
Gross earnings—Total dividends
Total interest.
1940
Total
(includ. foreign taxes on divs. & interest)..
Provision for depreciation
Rent to International Telephone
Building Corp..
Management and service fees charged to subs
Rent and portion of expenses charged to subs
foreign exchange
foreign exchange—net
Net income before
Int.
$991,251
282,782
Dr22,074
513
earnings
General expenses
on
1939
$670,945
231,582
Other income (net)
deducting interest charges.
on
on
25-year 4)4% gold debenture bonds..
25-year 5% gold debenture bonds.
Interest on4^% notes
Amortization of debt discount and expense
Interest to subsidiaries
Other interest charges
$903,040
360,112
63,580
2,666
172,508
Net loss..
$1,251,959
CV291.013
Cr 179,807
488,675
34,529
11,771
163,193
Cr329,270
Cr199,573
$774,994
22,012
$1,082,634
84,227
$752,982
393,750
$998,407
393,750
625,000
168,750
105,167
625 000
165,375
97.365
2,030
901
433
11,767
$530,971
$306,928
deposits,
Interest accrued
158,436
61,475
311,132
con¬
or
American
been excluded
Loss
cases
due
to
subject to
are
Standard
subsidiaries
and
understood
available
amounts contained in the
foregoing
account which are translated from
The consolidated income
national
amounts
be
or
Accordingly, those
statement of consolidated income
currencies are subject to the effect
Int.
1,500,000
by
(3) Remittances from many of the foreign subsidiaries
foreign exchange restrictions.
It is impossible in certain
S
953,463
(due curr.)
Other loans
Employees
currencies-
bonds and debs.
1938
12,342,134
Bank loans
Accounts payable.
current
defeired charges
Unamortized disct.
--
$
Sec. notes of subs.
1,000,415
exchange
net
'
Funded debt
$1,219,425
be incurred
Including provision for
for comparative purposes,
in 1940.
Net earnings before loss on
1938
Assets
Capital
$261,367
No provision has been made for
possible losses which may
as a result of the war.
b
by European subsidiaries
depreciation of $776,765.
Taxes
Net profit for year
Divs. on 1st pref. stock.
12,580
a$406,500
—
Statement of Income (Parent
Exps. and int. paid—Dr.
Int.
93,959
$1,625,816
422,229
Power Co., Ltd
.
accounts
—
Net inc. avail, to Int.
Power Co., Ltd
Miscell. earnings of Int.
Net earnings
to exchange regulations and restrictions
which such income originates.
Res. for contingencies—
Res. for deprec. & renew.
Min. int. in
on
—_
Interest on funded debt..
Amortization of bond discount & exp_
Other interest charges
to the
in
cos.
foreign exchange
on foreign
exchange (net)
(2)
Co., Ltd. (& Subs.)—Earnings—
1939
$5,441,187
Oper. exp., maint. & tax
2,164,142
Directors' fee—
6,050
Int. on funded debt, &c.
earns,
Net earnings before porfit or loss
Profit
c
72", 369
$7,720,037 $15,306,018
2,063,906
5,159,398
769,578
1,129,504
437,046
2,252,753
1,764,419
2,313,213
Operating, selling & general expenses.
Maintenance and repairs
$14,722,-
60,968
127,226
242,766
$7,262,144
1,996,653
731,335
448,127
1,814,217
A,
(publicly outstanding at Dec. 31, 1939, in the
142",844
1,426
12,102
Royalties,
bonds, due 1958, of
$5,614,767
7,858,724
1,258,723
$6,734", 140
600,000
1,249
13,929
revs
Cable and radiotelegraph oper. revs_.
Divs.—Subsidiary not consolidatedOthers
_■
Interest
as
due 1955
el939
manufacturing & sales subs,
b Cost of goods sold
Notes—(1) The foregoing income account for the three months ended
March 31, 1940 includes as to subsidiaries not included in
the consolidated
accounts income received in cash, and as to subsidiaries
included in the
consolidated accounts, interest, management and service
fees and other
income accrued during the period and receivables from
such subsidiaries.
(2) No dividends from subsidiaries consolidated have been included unless
declared during the periods under review.
Several of such subsidiaries
customarily declare dividends later in the year.
Until the situation is
clarified in Europe it is not expected that further dividends
will be
received
from international Standard Electric Corp.
The above statement includes
dividends from that corporation in the amounts of
$600,000 and $900,000
for the first three months of 1940 and 1939
respectively.
(3)
See note (1) of consolidated statement.—V. 150,
Interstate Bakeries
Directors have declared
p.
4128.
Corp.—62l^-Cent Pref. Dividend—
a dividend of
62)4 cents per share on the $5
payable July 1 to holders of record June 24.
Like amount
March 30, last: Dec. 27, Sept. 30, and July 1, 1939:
dividends
of 50 cents were paid on April 1, 1939, and Dec.
22, Oct. 1, July 1, and
April 1, 1938, and an initial dividend of $1.25 per share was
paid on Dec. 27.
1937 —V. 150, p. 3051.
pref.
was
stock,
paid
on
Volume
The Commercial &
151
Kirby Lumber Corp.—Bonds Called—
Ltd.—Earnings—
Investment Foundation,
All of the outstanding first mortgage
Earnings for Year Ended March 31, 1940
$547; interest on bonds, $5,650;
$130,028; premium on U. S. funds, $1,170
salaries, taxes, &c
from stock,
General expenses,
Reserve for income taxes
$137,395
15,641
Kobe, Inc.—Preferred Dividend—
1,768
Balance of net income
Directors have declared
accumulations
$119,986
154,094
;
Preferred dividends
Balance Sheet March 31,
last, and
1940
24
1940, $58,600; reserve
conv. redeem¬
(70,000 no par
$1,050,000; surplus, $7,992; total, $2,736,440 —V. 150, p. 3829.
The
Earnings
on
Iowa Power &
$117,000 first mortgage gold bonds, series A 4M %, due March 1,
1958 has been called for redemption on Sept. 1 at 103 and accrued interest.
Payment will be made at the Harris Trust & Savings Bank, Chicago, 111.
and at the Guaranty Trust Co. of New York.—V. 149, p. 262.
Ironrite Ironer Co.—Earnings—
Earnings for Year Ended Dec. 31, 1939
profit from sales
__
Selling and administrative expenses..-,— ...
$262,325
186,827
Operating
...
$75,498
2,113
profit.
Other income
$77,611
1,936
14,655
Total income.
Provision for doubtful accounts less
Federal tax
Net
income of the
on
profit
recoveries-
year—estimated.
_
$61,019
10,525
__
Dividends paid or payable—On
On common stock
preferred stock
24,675
followed a policy of excluding
its inventories.
For the
year 1939, this policy has resulted in stating net profit approximately
$1,400 higher than would have been shown if such inventories has been
priced to include the applicable manufacturing overhead expenses.
Provision for depreciation for the year amounted to $8,808.
Notes—The
all
Balance Sheet Dec. 31, 1939
deposit and on hand, $77,159; U. S. Savings bonds, at
redemption value, $15,400; trade acceptances and accounts receivable (less
reserve of $7,500), $106,996; inventories, $65,241; cash surrender value of
life insurance, $16,849; sundry claims, accounts and advances, less reserves,
$1,605; equipment (less reserves for depreciation of $25,063), $40,276;
development, $50,000; prepaid taxes, insurance and advertising expense,
$6,808; total, $380,332.
Liabilities—Accounts
payable for purchases, expenses and payrolls,
$47,605; dividends payable on Feb. 1, 1940, $6,205; accrued expenses,
$4,920; Federal tax on income of year 1939, estimated, $14,655; reserve for
contingencies, $2,000; 8% cum. pref. stock ($10 par), $105,250; common
stock (82,000 no-par shares), $87,512; earned surplus, $112,185; total.
$380,332.—V. 147, p. 3915.
on
Jersey Central Power & Light
Co.—Unlisted Trading—
removed from unlisted trading the
1st mtge. 20-year 5% gold bonds, series B, due Aug. 1, 1947 and the 1st
mtge. 30-year 4H % gold bonds, series C, due June 1,1961.—V. 150, p. 4128
The
New
York Curb Exchange has
Jewel Tea
Co., Inc.—Sales—
Company reports that its sales for the four weeks ended June 15, 1940,
$2,211,750 as compared with $1,806,537 for parallel weeks in 1939, an
were
increase of
22.43%.
Sales for the first 24 weeks of 1940 were
$11,171,649 for
p. 3663.
like period in
a
Kansas Gas & Electric
1939,
an
$12,726,771 as compared with
increase of 13.92%.—V. 150,
Co.—Earnings—
1938
1937
1936
$6,224,770
3.346,251
$6,194,687
3,312,613
$5,825,344
2,992,994
5,349
5,007
874
2
res. approp.
660,000
660,000
600,000
600,000
Net oper. revenues.__
$2,197,231
6,924
$2,213,512
8,498
$2,281,200
18,431
$2,232,347
14,730
$2,204,155
$2,222,010
$2,299,632
$2,247,078
720,000
720,000
180,000
107,157
720,000
' 180,000
720,000
180,000
113,255
of
Amort,
Prop, retire,
Other income (net)
Gross income....
Int.
on
Int.
on
mortgage bonds.
debenture bonds.
Other int. & deductions.
180,000
90,982
106,731
CY632
Cr40,645
Crl,945
Crl,875
$1,191,532
$1,255,498
$1,294,846
$1,257,971
Int. charged to constr..
Net
„
income
Note—The following dividends were paid in 1939: 7% pref. stock,
326; $6 pref. stock, $82,458; common stock, $642,000.
$438,"
$
Assets—
Plant,
property
equipment
$
&
35,004,228 34,588.236
8,344
Special deposits
Working
funds
3,000,000
130,196
130,196
3,405
Dividends declared
debt & interest-
265,000
218,027
Matured long-term
amounted
15,429
7,283
23,684
3,420,614
Contra accounts..
21,279
23,203
$7,553,482
Bill, which would have taxed chains
explaining that a sub¬
Representatives recently voted against a reso¬
lution, offered in the committee, to report the bill to the House for passage.
Taking into account unsettled economic conditions, Mr. Morrill asserted
that the Kroger company was engaged in an essential industry that is less
likely to be restricted and curtailed, even under abnormal conditions, than
most other industries.—V. 150, p. 4130.
of existence,
been definitely postponed,
Laclede-Christy Clay Products Co.—Earnings —
Earnings for the Year Ended Dec. 31, 1939
Operating profit
$510,643
Repairs and renewals
—
123,960
Depreciation—;
—
—
155,478
Depletion
_,
4,620
Taxes, general and social security
- ...
80,035
Miscellaneous charges (net)
....
... —
....—35,359
Provision for Federal and State income taxes
—
16,404
_
Net income
Preferred
-
and on hand, $239,927; customers' notes and
$4,934; customers' accounts receivable, less reserve
$10,000, $393,475; sundry notes, accounts and consignment accounts
(including officers and employees), $27,836; inventories, $1,102,083; prein
banks
36,515; investments in and advances to subsidiaries, Insurance
$45,256;
Said* insurance, interest, &c., including Mutual less reserves,Deposits,.
land, mortgage notes and securities, less reserve.
plant and equipment (less reserves for depreciation and
investments in unimproved
$454,842; property,
depletion $2,804,372), $2,934,574; trade marks
stripping expense, $33,771; total, $5,273,215.
vision for Federal and State income taxes,
$50,000; 10-year 6% debenture
1931, $116,600; capital stock, old issue, 3,512 shares
7% non-cumulative preferred and 1 share of common both par $100,
$351,300; tapital stock new issue, 128,438 no par shares, $3,120,123:
surplus from revaluation of physical properties, $67,873; surplus, $1,004,794 .
total, $5,273,215.—V. 146, p. 2046.
bonds, dated June 1,
of
Earnings for Year Ended Dec. 31, 1939
from operations for year after
Sundry income less sundry deductions
charging directors' fees.
.
Total income
_.
Provision for depreciation of
automobiles
—
machinery and equipment..
Provision for deprec. of buildings,
Net
loss
$21,168
7,416
25,000
___i
Consolidated Balance Sheet Dec. 31, 1939
on hand and in banks, $39,970; call loan (secured), $50,000;
receivable, less reserve, $22,217; accrued storage charges and
expended on undelivered work, $15,954; inventories, $38,018; life
insurance (cash surrender value of paid-up insurance of $44,661), $28,083;
shares of company held by subsidiary company, at cost, $10,042; fixed
Assets—Cash
accounts
costs
(net), $886,732; insurance, &c., $10,066; expenditures on
premises not yet written off, $11,323; total, $1,112,405.
Liabilities—Accounts and bills payable and accrued charges,
provision for taxes, $2,205; Preference
leasehold
$28,495;
stock (par $100), $565,700; common
$250,348; earned
(20,793 no-par shares), $219,032; capital surplus,
surplus, $46,625; total, $1,112,405 —V. 148, p. 1032.
stock
(John A.) Lang & Sons, Ltd. (&
Consolidated Statement of Income for the
Subs.)—Earnings—
Year Ended Dec. 31, 1939
Profit on operations
...
received
...
16,663
21,073
curr.
&
4,152
7,879
3,589,413
credits.
— —
Directors' fees
ac¬
crued liabilities-
3,133,520
_
Net cost of life
$326,242
1,229
$327,471
33,645
Total
Legal fees.
Deferred
$2Q., 173
995
$11,248
5,657
—
Dividends
t--—
______
insurance.
— -
Provision for taxes on profits —
Provision for depreciation of fixed assets.
416
750
1,670
57,061
8,371
in aid of
23,203
21,279
148,048
149,749
2,173,233
2,144,485
Total
40,354,195 40,004,030
Key West Electric Co.—Earnings—
1939
$192,459
1940
$205,536
60,803
37,721
$225,559
profit for the year
Dividends declared
Earnings per share..
Net
4,302
...
.
64,127
40,885
depreciation and including other income (net).—V. 150, p.
3664.
70,000
$2.25
Consolidated Balance Sheet Dec. 31,
1939
and bills receivable less re¬
cash surrender value of life insurance
Assets—Cash in banks, $268,356; accounts
serves,
and patents, $1; deferred
payable, banks, $400,000; accounts payable, trade
creditors, $97,979; sundry accounts payable, &c., $31,050; accrued taxes,
interest, &c., $27,349; dividends payable on preferred stock, $6,146; pro¬
Liabilities—Notes
Executive salaries and bonuses
Represented by: (1) Preferred 7% cumulative stock, $100 par; pari
passu with $6 preferred; issued, 66,500 shares.
(2) $6 preferred cumulative
stock (15,511 shs., no par), entitled upon liquidation to $100 a share,
pari passu with 7% preferred.
(3) Common stock, 600,000 shs., no par),
$6,000,000.
b Represented by 3,882 shares 7% pref. and 1,768 shs. $8
pref.—V. 150. p. 3664.
Balance for dividends and surplus
1939
Condensed Balance Sheet Dec. 31,
Assets—Cash
acceptances receivable,
169.156
a
Balance for interest
$94,787
-6,146
— --
dividends
178,813
Capital surplus...
After
has
committee of the House of
332,824
Other
Inven¬
of June 15, 1940, com¬
He said that the threat of the Patman
out
171,763
Contra accounts
12 Months Ended May 31—
of June 17, 1989.
as
improvement in operating efficiency, and increased acceptance of Kroger
manufactured products with making this improvement in profit possible.
Mr. Morrill explained that during the first half of 1940 the company had
materially increased its capital expenditures for manufacturing and store
improvements, resulting in an increase in fixed assets of approximately
two and one-quarter million dollars.
Interest
Earned surplus...
Operating revenues
as
$22,150,841
a
17.9,324
deposits
construction
40,004,0301
company's
total of $18,642,218 at the same time last year.
In his report to shareholders, Albert H. Morrill, Kroger president, said
that it had been possible to show a slight increase in net profits for the first
six periods of 1940 despite a continued decline in gross profit ratio in the
stores in line with the trend in the industry.
He credited increase in sales,
pared with
307,741
s
Contrib.
40,354,195
of
earnings
while current liabilities totaled $9,528,500.
assets of $36,236,706, including $15,420,264
Interest accrued..
Custom
Reserves
a
$37,460,329,
to
in cash, and current liabilities of
tories had increased to a total of
Taxes accrued
30,955
3,507,235
567,966
a
include
not
2,982
~6~033
521,676
567,966
Total
does
16,000,000
3,000,000
250,000
payable127,555
528.235
Reacq'd cap.stk.
b
1st
mtge.
gold bonds
16,000,000
6% g. deb. bondsNote payable
Accounts
and
accrued assets..
Deferred debits
4 Yi%
6,914
Prepayments
current
14,227,122
Capital stock...14,227,122
522,529
_
Mat'ls & supplies.
Other
2,982
$
3
Liabilities—
a
513,831
Notes receivable-_
Accts. receivable.
210.234
3,405
21,098
Cash
9,117
225:749
Investments
1938
1939
1938
undistributed profits.
on
statement
assets
Balance Sheet Dec. 31
1939
$0.77
$0.88
$1.25
Net profit
"
limited-term
investments
share
Langley's, Ltd. (& Subs.)—Earnings—
1939
$6,313,031
3,450,452
Calendar Years—
Operating revenues
Oper. exps.,incl. taxes..
$2,290,846 x$l,615,053 x$l,397,810
~
'
1,821,989
1,821,989
1,821,989
.
1.829,689
$1.27
1938 or 1937.
Statement includes earnings of company's subsidiary, Piggly Wiggly
Corp. for first five months of 1940.
Current assets as of June 15, 1940,
including $12,521,067 in cash,-
manufacturing overhead expenses in pricing
Assets—Cash
$2,332,720
of 1939,
has consistently
company
June 19 '37
'
June 17 '39 June 18 '38
$110,018,922 $107923,389
com.
This compares with current
Light Co.—Bonds Called—
A total of
Gross
of
subsidiary,
Piggly Wiggly Corp., which declared no dividends in the first six periods
The
cum.
per com.
Before surtax
x
of accumulations of
dividends on account
of
stock outstanding
the 7% cum. pref. stock, series A; 81H cents per
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 20 to holders of record June 29.v Similar distributions were made in
each of the 20 preceding quarters.—V. 150, p. 3829.
share
per
the 6>^%
on
...
Number of shs.
Light & Power Go.—Accumulated Di>s.—-
have declared
directors
873^2 cents
dividend of 30 cents per share on account
pref. stock, par $20, payable July 1 to
Like amount was paid on April 1, last, Dec. 21,
cum.
June 15 '40
Weeks Ended
Net profit after deprec.,
Federal taxes, &c
for taxes, $5,553; investment reserve, $149,294; 6% cumul.
able preferred stock (par $50), $1,465,000; common stock
share
a
July 1, 1938.—V. 150, p. 2103.
on
Sales.
$2,736,440.
Iowa Electric
6%
Kroger Grocery & Baking Co.—Earnings—
dividends, $12,822;
call loan (fully secured), $40,000; prepaid expense. $65; invsetment secur¬
ities, $2,670,293; furniture and fixtures at depreciated value, $89; total,
shares),
the
on
holders of record June 20.
Assets—Cash at bank, $13,170; accrued interest and
Liabilities—Preferred dividend payable April 15,
bonds, dated July 16, 1936 have been
called for redemption on July 16 at par and accrued interest.
Payment will
be made at the First National Bank, Houston, Texas.—V. 149, p. 3876.
Revenue: Interest on call loans,
divs.
107
Financial Chronicle
$370,562; inventories, $221,484;
policy, $53,633; advances under sales agreement, $9,539; prepaid insurance,
suppl.es on hand, &c., $6,400; buildings, machinery and equipment (less
reserves for depreciation of $143,348), $87,017; land, $4,936; goodwill, $1;
total, $1,021,927.
^
Liabilities—Accounts payable, accrued charges, &c., $11,473; accrued
,
,
J
&c., $15,233; dividend payable, $17,500; provision for taxes, $57,043;
capital stock (100,000 shares, no par), $333,400; earned surplus, $587,279;
total, $1,021,927.—Y. 150, p. 1139.
wages,
Lebanon Valley
A
total
Gas Co.—Bonds
be made at
Called—
5% 50-year gold bonds, have been
1 at 105 and accrued interest. Payment will
the Guaranty TYust Co. of New York.
of $100,000 first
mortgage
called for redemption on Sept.
The Commercial & Financial Chronicle
108
Lee Rubber & Tire
Louisiana Power & Light
Corp.—7o-Cent Dividend—
July 2 declared a dividend of 75 cents per share on the
capital stock, payable Aug. 1 to stockholders of record July 15.
Like
amount was paid on Feb. 1, last, and compares with a cash dividend of
SI.25 and a stock dividend of l-20ths of a share paid on Oct. 28, 1939;
75 cents paid on Aug. 1, 1939; 50 cents on Feb. 1,1939; $2 on Oct. 1,1938,
and dividends of 25 cents paid on Aug. 1 and Feb. 1, 1938.
In discussing the current dividend action, A. A. Garthwaite, President,
said:
"Plants are operating at full capacity and incoming business in
June was 25% over capacity.—V. 150, p. 3830.
Directors
July 6,
Jersey Central—
Company, which owns and leases to the Central RR. of New Jersey the
Lehigh & Susquehanna Kit. and its branches, received from the trustees of
Jersey Central $500,000 on July 1, according to an announcement by
Robert V. White, President of Lehigh,
Judge Walker, of U. S. District Court, in Newark approved an agreement
between the Lehigh Coal & Navigation Co. and the trustees for the Jersey
Central, under which $450,000 is to be paid to the Lehigh Coal & Navi¬
gation Co. for the quarter beginning July 1, 1940. An additional $25,000
is to be paid for each of the quarters which began on Jan. 1 and April 1,
1940. This makes a total of .$500,000 paid on July 1.
The agreement approved by the Court states that Lehigh by accepting
these payments does not waive any rights to recover the full rental for the
Lehigh & Susquehanna RR. and branches when and if the lease is adopted
by the trustees.
The amounts heretofore paid for the quarters beginning on Jan. 1 and
April 1, 1940. were $425,000 each, which, with the additional $25,000 now
paid, will make a total of $450,000 for each quarter.
The agreement also provides that the trustees of the Jersey Central will
pay the full rental due Lehigh during the quarter beginning July 1 under the
lease of the Wilkes-Barre & Scranton Ry.—V. 150, p. 3362.
Co.—Earnings—
1938
1937
1936
Operating revenues
$7,644,920
Oper. exps., incl. taxes__
4,886,981
Prop, retire, res. approp.
769,015
$7,069,362
4,525,382
708,000
$7,802,839
x.5,042,402
678,000
$7,253,035
x4,597,763
695,000
Net oper. revenues
Rent, lease of plant (net)
$1,835,980
$2,082,437
$1,960,273
Calendar Years—
on
Lehigh Coal & Navigation Co.—Rental Agreement with
1940
1939
$1,988,924
665
——
$1,988,924
11,504
$1,835,980
22,200
$2,082,437
21,419
$1,959,608
Gross income
Int. on mortgage bonds.
Other int. & deductions.
Int. charged to constr'n.
$2,000,428
$1,858,180
$1,983,246
875,433
80,790
875,536
59,272
$2,103,856
875,626
56,295
Cr3,225
08,881
Net income
Divs. on $6 pref. stock..
Divs. on2dpref. stock..
Divs. on common stock.
$1,047,429
$932,253
356,532
180,000
300,000
$1,171,935
356,532
180,000
480,000
$1,058,865
356,532
180,000
252,000
Operating income
Other income (net)
356,532
180,00C
456,000
23,638
875,000
49,381
x Includes
provisions of $18,920 and $31,860 for Federal surtax on un¬
distributed profits for the year ended Dec. 31, 1937, and 1936, respectively.
lialance Sheet Dec. 31
Plant,
1939
1938
.1939
$
—Assets-—
x
36,350,558 35,990,763
14,015
99,804
1,049,068
1,036,260
equipment
Investments
Cash
Working funds
Temp, cash invest.
Notes & loaas
1938
Liabilities—
$
&
property
Capital stock (no
par).
15,000,000
15,000,000
Long-term debt...17,619,705
17,631,225
T
786" 82 5
270,426
Customers
24,108
704,256
Accounts payable.
Accrued
191,818
depos.
284.623
258,291
accounts.
813,369
703,228
27,150
Corp.—Earnings-
Misc. curr. liabil..
21,395
675,971
727,110
Def. credits to inc.
14,377
18,114
Mat'ls & supplies-
Lehman
34,805
Accts. receivable..
372,941
378.204
Res.
11 830
12,999
retirement
4,000,234
3,319,929
159,272
239,178
Prepayments
Misc.
Years End. June 30—
earned...
Cash dividends....
1940
Interest
Taxable di
in
vs.
1937
$304,006
3,229,129
116,405
1938
1939
$301,200
2,427,302
23,746
$339,187
1,746,899
$318,653
2,304,511
105,333
$2,752,248
$2,086,086
f141,973
$2,728,497
103,336
48,914
422,347
50,991
411,431
78,410
428,578
$2,115,993
$1,481,691
555,025
secur
rec.
M iscel laneo us i ncome
curr.
.
for
property
.
53,305
Other reserves
57,800
57,800
Contrib.
852,816
assets.
Reacq.cap.stockDeferred charges
26,149
534,244
28,775
in
.
_
aid
of
26,611
Earned surplus—
88,587
Total
16,577
2,031,257
2,233,628
construction
..40,241,268 39,639,138
.40,241,268 39,639,138
Total
Represented by: (1) $6 pref. cum. (entitled upon liquidation to $100 a
share); authorized, 205,000 shs.: issued, 60,000 shs.
(2) 2d pref. $6 cum.
(entitled upon liquidation to $100 a share): authorized, 45,000 shs.; issued
and outstanding. 30.000 shs.
(3) Common, authorized, 1,500,000 shs.;
outstanding, 1,200,000 shs.—V. 150, p. 4131.
x
Total income
Franch. & cap. stk. tax.
Reg., transf., &c.,
fl64,993
exp..
Other oper. expenses....
Profit
.....
Net realized loss
Recovery
.
on
inv.
1,279,293
$3,738,126
147,773
101,760
446,340
$2,118,172
$3,042,254
1,855,938 cl2,358,879
real estate
& equities writ¬
loans
Louisville Gas & Electric Co.
ten off.
21,540
31.284
$858,241
$957,950
20,328
19,691
(Ky.) (& Subs. )—Earns.
1939
1940
$11,634,847 $10,833,824
3,303,389
3,555,718
Year Ended May 31—
on
Operating
Operation
revenues
...
1,281,000
1,428
1,102,525
679,633
598,967
1,222,667
1,426
1,129,698
673,594
$4,373,511
$4,004,084
Maintenance
Total income
Prov. for Inderal taxes..
Prov. for compensation
Seef
$282,563 $15,420,824
d2,015,000
See f
ment agreement
e908,485
Profit for year..
$858,241
1,664,424
.....
Balance, deficit
d Includes
Profit,
Profits,
in the
e
$55,000
$282,563 $12,497,339
2,497,896
9,790,167
$957,950
1,665,264
$806,183
2,075,780
$0.41
Shs.cap.stk.out. (nopar)
Larnings per share.....
c
..
Taxes...
Provision for Federal and State income taxes
accrued under manage¬
Dividends
641,032
Appropriation for retirement reserve
Amortization of limited-term investments
$707,314
$2,215,333sur$2707,172
2,081,580
2,065,065
$0.14
$6.05
2,081,580
$0.46
for
Federal
surtax
undistributed
on
Under the terms of the management agreement, and as shown
as of Dec. 31, 1936, Lehman Brothers apolied $337,865 of
report
this amount to the purchase of shares of the capital stock of the corpora¬
tion.
f Provision for Federal, State and miscellaneous taxes.
o
Note (1)
The net unrealized depreciation of the corporation's assets on
1940, based on market quotations, or, in the absence of market
quotations, on fair value in the opinion of the directors, was approximately
$9,888,798.
The net unrealized depreciation on Juno 30, 1939 computed
on the same basis, was
approximately $5,819,334.
Net operating income.......
(2) Under the terms of the management agreement no liability for manage¬
ended June 30, 1940.
(3) Taxable dividends paid in securities have been taken into income, the
basis being the market value of such securities on the ex^dividend dates.
Statement of Surplus Fiscal Year Ended June 30, 1940
Capital surplus; Balance June 30, 1939 and June 30, 1940 (of
which $187,947 is applicable to 11,104 shares of
treasury stk.)$83,673,396
Profit and loss account: Balance (debit) June 30, 1939
Balance (profit) for the fiscal year ended June 30, 1940
statement of income and profit and loss)
17,847,279
—
216,743
—...
Interest on funded debt.
Amortization of debt discount and expense
...
Other interest
Amortization of flood and rehabilitiation expense..
Amortization of contractual capital expenditures..
Interest charged to construction
Miscellaneous deductions
Net income.....
-V.
150,
p.
209,219
$4,590,254
1,030,450
160,227
22,443
250,000
37,000
Cr7,513
24,447
$4,213,303
1,030,450
160,227
73,010
250,000
37,000
CV6.371
24,844
$3,073,200
Gross income....
June 30,
ment compensation accrued for the fiscal
year
-
Other income
$2,644,144
3830.
Lyon Metal Products, Inc.—Common Dividend—
Company paid a dividend of 25 cents per share on its common stock on
July 1 to holders of record June 22.
Dividends of 50 cents was paid on
Dec. 20, last, this latter being the first dividend paid on the common shared
since February, 1938.—Y. 149, p. 4179.
McGillivray Creek Coal & Coke Co., Ltd. —Earnings
Operating profit
Provision for depreciation of buildings and plant.
Provision for depletion of coal areas
— .
—
,
858,241
Net operating profit
$85,897
10,406
....
$16,989,039
,
Additional Federal taxes (prior years)
Dividends declared
26,690
1,664,424
Balance (debit) June 30, 1940
..$18,680,152
Note—-The balance (debit) at June 30, 1940 is made
up as follows:
Dividends declared by the corporation from date of
organization
to June 30, 1940
$28,775,771
Accumulated
income and profit and loss
(profit) from date
organization to June 30, 1940
of
10,095,619
.
$18,680,152
Balance Sheet June 30
1940
Assets—
x
Secur.
x
x
1939
,?
1940
§
Liabilities—
owned...56,026,923 47,191,480
Cash
5,136,824
4,831,323
U. S. Govt, secur 4,952,234
Invest, in real est
975,688
15,025,672
Misc.
58,871
equities
l
1
332,822
S
,999.174
415,476
175,705
130,949
Net
income..
Dividends paid
ties sold
Assets—Cash
__________
—
in
bank, $241,054; marketable securities, at cost and
accrued interest. $261,136; accounts receivable, trade, $72,656; inventory
of coal
on
hand at selling
prices, $8,173; deferred charges, $36,288; fixed
assets, $2,898,645; total, $3,517,952.
Liabilities—Accounts payable, $15,236; accrued wages, $23,452; dividends
unclaimed, $10,338; Dominion and Province of Alberta income taxes,
estimated, $17,604; reserves, $1,177,835; capital stock (par $1), $2,682,992;
deficit (arising from payment of dividends in excess of earnings), $409,504;
total, $3,517,952.
McKeesport Tin Plate Corp.—New President-
903
& taxes
Capital surplus
83,673,396 83 673,396
Profit & loss def_.18,680,152 17 ,847,279
Georges F. Doriot has been elected President of the corporation, it was
on July 2.
He will continue to fill the posts of Chairman of the
announced
Executive
Committee
and
director
of
the
corporation.^
J.
P.
Fife has
resigned as acting President of McKeesport, coincident with the election of
Mr. Doriot, and will continue in his capacity of chairman of the board of
the corporation.
William H. McLean, who is a director of the corporation and who has
4,635
and int.
accrued
17,604
$78,700
80,490
Balance Sheet Dec. 31, 1939
secur.
purchased
expenses
$96,304
416,316
344,659
for securi¬
rec.
S
1,898,937
_.
payable
Payable for
......
Real estate loans &
Divs.
Capital stock.
Dividends
1939
Net income, before income taxes.
Provisipn for Dominion and Province of Alberta income taxes..
Res've for accrued
and advances...
Receiv.
y
975,688
Investments
$136,240
20,590
29,752
(per
Income from investments.
,™
—
Earnings for the Year Ended Dec. 31, 1939
been
associated
for
some
time
with
Mr.
Diriot in his
numerous
other
management activities, has been appointed Assistant to the new President
Total
x
67,483,362 68,373,458
At cost
($87
y
Total
67,483,362 68,373,458
Represented by 2,075.780 (2,081,580 in 1939) noparshares,
To*i"i939)(.-V4 S50
p
3516r.eS heW 'n tr6aSUry'
C°8t of *187'947
Libbey-Owens-Ford Glass Co.—Acquisition—
Company announced on June 25 that it has acquired
Plaskon Co<, Inc.
Plaskon makes urea plastics.
R^nnoerfst wa.lpu^cl?a?edJor, cash
$2,500,000 from the Toledo Scale
a
70% interest in
totaling between $2,009,000 and
Co.,
which
originally founded tne
Plaskon Co.
Since Plaskon is understood to have an
annual earning power
of around $500,000, the
acquisition will add substantially to Libbey's
income.—V
150, p. 3980.
(Thomas J.) Lipton, Inc.—Delisting
—
The Securities and Exchange
Commission, June 28, announced that it
had granted the application of the New York
Curb Exchange to strike from
Rating and registration the $1 cumulative participating class A stock
($1
par)
1TjlPb°n, Inc..
The application stated, among other things,
issue in the hands of the
public is such that it
suitable for continued dealings on the
Exchange
The
order granting the application becomes effective
at the close of the trading
session on July 8.—V.
150, p. 3052.
?u
that
•
the distribution of this
does not
appear
of
McKeesport, it was announced.
Charles H. Hatch has been elected
Vice-President in charge of finance and Treasurer.
In connection with these announcement^, substantial improvement dur¬
ing the past three months in both sales and profits of McKeesport Tin
Plate and National Can Corp. were reported.
It was stated that the
activities of the new officers are expected to result in economies which
should further improve the position of the companies.—V. 150, p. 3518.
MacMillan Petroleum
Corp.—15-Cent Dividend—
Directors have declared
a dividend of 15 cents per share on the common
stock, payable July 10 to holders of record June 28.
Like amount was
paid on April 10, last; dividend of 60 cents was paid on Dec. 22, last, and
one of 50 cents was paid on Dec. 27. 1938.—V, 150, p. 1940.
Manning Maxwell & Moore, Inc.—To Pay Extra Dividend
Directors have declared an extra dividend of 12 H cents per share
n
addition to the regular quarterly dividend of like amount on the common
stock, both payable July 3 to holders of recored July 1.
paid on Dec. 28, last.—V. 149, p. 4179.
Mead
Like amounts
were
Corp.—Definitive Bonds Ready—
Corporation's definitive 15-year 4H% first mortgage bonds, initial series
1955, will be ready for delivery on July 3 in exchange for out¬
standing temporary bonds at the office of City Bank Farmers Trust Co.,
New York, trustee.—V. 150, p. 3831.
due March 1,
Volume
Medusa Portland Cement Co.—50-Cent
Directors have declared
a
Dividend—
dividend of 50 cents per share on the common
to holders of record June 28.
Metropolitan Coal Co.—EarningsEarnings for Year Ended March 31, 1940
$4,668,106
45,135
Gross sales
Discounts and allowances
conclusive as to the reasonableness of the pro¬
posed price of $6.75 a share, but under the circumstances does not call for
disapproval by a regulatory body," the SEC said, "in making this deter¬
mination the Commission has particularly considered the fact that the price
was negotiated at arms-length between parties who are thoroughly familiar
with the underlying properties."
Although the book value for the stock is higher than the purchase price,,
the earnings and the fact that the company has been losing business to
municipal power systems offset this disparity, according to the SEC.
—V. 150, p. 4131.
"The foregoing data is not
Dividends of $1 was
paid on Oct. 2, 1939, this latter being the first dividend paid since Dec. 24,
1937, when 50 cents per share was distributed.—-V. 149, p. 1920.
stock payable July 1
Minneapolis
$4J522,971
3,441.668
Net sales
Cost of sales.
Selling, general & adminis. exps. (incl. $78,738 deprec.
1,130,264
exp.)
[
Profit from operations
$51,040
76,281
Sundry income (net)
$127,321
;____
28,652
Provision for Federal income tax
profit
$98,669
.
Balance Sheet March 31, 1940
Assets—Cash
hand and in banks, $546,692; U. S. Treasury bonds, at
on
cost, $2,050; accounts and notes receivable, $759,824; inventories, $279,326;
investment in sub. company (51% equity in the net assets of sub. at Mar. 31,
1940 amounted to $181,197), $127,500; mortgage notes receivable (due
subsequent to March 31, 1941), $50,200; fixed assets (less allowance for
depreciation of $993,580),
$1,254,879; prepaid expenses and deferred
charges. $25,166; goodwill, $77,002; total, $3,122,638.
Liabilities—Accounts payable, $216,027; accrued wages, $8,903: social
security taxes accrued and withheld, $12,236; accrued Federal income, State
excise and sundry taxes, $44,970; provision for insurance claims, $8,890;
for insurance (In excess of claims), $27,000; 7% cum. preferred
stock (par $100), $1,589,000; common stock, 28.000 no par shares, $840,000;
capital surplus and revaluation surplus less deficit of earned surplus, $375,613: total, $3,122,638.—V. 145, p. 1746.
reserve
An amended
Light & Power Co., Ltd.—Earnings —
'
[Canadian Currency]
1940—Monlh—1939
$576,223
465.911
486,468
Period End, Apr 30—
Gross earns, from oper__
.
Oper.
exps.
$623,898
& deprec.__
$157,987
Net
—V.
earnings.
150, p. 3981.
$89,755
1940—4 Mas.—1939
$2,479,831
$2,431,037
1,906,767
2,019.760
$573,064
Middle West Corp .—SEC
—Would Leave
Offers Suggestions
Only 3lor 4 Firms in System—
on
$411,277
Integration
The plan,
the second to be disclosed by the division, would require the
itself of all but three or four of the 45 utility
Middle West Corp. to divest
systems which it allegedly controls.
The "death sentence" requires each utility holding company to reduce
its
holdings to one primary interconnected and coordinated operating system
plus any additional systems which: (a) Are in one State or adjoining States
(b) cannot operate independently without loss of efficiency and, (c) do not
constitute too large a system for economy, efficiency and localized manage¬
ment.
Wilbur Osterling, attorney for the SEC utility division, read at the inte¬
gration hearing on the Middle West Corp. a statement asserting that, as he
interprets the "death sentence," the Middle West holding company system
now contains at least 45 individual systems and perhaps as many as 20 more
plus some non-utility properties.
The "death sentence" requires these holdings to be trimmed sharply, even
to the extent of cutting up some companies, according to the plan read by
This plan set forth seven alternative rearrangements of the
electric and gas properties, any one of which would, in the
opinion of the SEC division, comply with the law, but none of which would
permit Middle West to retain more than three or four of its systems.
The seven alternatives suggested by Mr. Osterling are:
Mr. Osterling.
company's
(1) A primary system consisting of electric properties of Southwestern
Light & Power Co., the main system of West Texas Utilities Co.; and the
Pecos Valley Power & Light Co., plus an additional system made up of the
gas properties of Southwestern Light & Power.
(2) A primary system consisting of the Three Rivers System and the
Zapata System of the Central Power & Light Co.
No additional system
would be permissible with this maim system.
(3) A primary system consisting of the main system of the Public Service
Co. of Oklahoma, the Fayettevilleand Huntington systems of Southwestern
Gas & Electric Co., and Oklahoma Power & Water Co., plus additional
Valley system of the Public Service Co. of
properties of Oklahoma Power & Water Co. and
Oklahoma and
the gas
(4) A primary system consisting of the main De Kalb and Grand Saline
systems of Southwestern Gas & Electric Co. and the Hugo system of the
Public Service Co. of Oklahoma plus an additional system consisting of the
,
Mena system of the
Southwestern Gas & Electric Co..
of the Wisconsin
Power & Light Co., South Beloit Water, Gas & Electric Co. and the Wood
County system of the Wisconsin Powrer & Light Co., plus an additional sys¬
tem composed of the gas properties belonging to these companies.
A primary system consisting of the main system
(5)
A primary system consisting of the main system of the Central Illinois
Utilties Co.,
(6)
Public Service Co. and the western systems of the Kentucky
of
the
old
company.
As in the original proposal, which was rejected by the ICC last spring on
the ground that it ran counter to consolidation policy, two new companies,
the Minneapolis & St. Louis Ry. and the Minneapolis & St. Louis RR. Corp.
would be created.
The railway company would be the parent concern and
and operate the M. & St. L. lines from
Hopkins and
Des Moines, Iowa, a total of about 907 miles, while
corporation would own and operate the lines from Hopkins
west to Leola and from Winthrop, Minn., to Fort Dodge and Tara, Iowa,
would
take
over
Albert Lea, Minn., to
the railroad
a
total of 617 miles.
proposal, the reorganization committee stated, meets the
that:
The amended
ICC requirements in
There is provided an alliance of the company and the corporation by
stock ownership which cannot be severed without ICC consent,
(2) There are provisions for accumulation of funds in a substantial amount
in the corporation's treasury for services to be furnished at cost by the
company to the corporation under certain conditions, the result of which is
(1)
continued successful operation of the corporation.
will be issued for the payment of compensation and
who may assert claims against the estate.
The amended plan calls for an Reconstruction Finance Corporation of
$4,000,000 as compared with a $5,000,000 proposed under the original plan.
Also, the amount of second mortgage bonds to be issued would be reduced
from $3,091,000 to $2,081,500.—V. 15 , p. 4132.
to make certain the
No securities
(3)
of
persons
advisory report on reorganization of
curities and Exchange Commission .places
$12,200,000 in income mortgage bonds, all
to the present bondholders; provides for
payment of minor amounts in cash to equalize interest accruals on certain
classes of securities, and for issuance of common stock of the reorganized
company on the basis of 72.59% to bondholders of the company and
The plan calls for issuance of
of which would be distributed
27.41% to its unsecured creditors.
The SEC report suggested that interest on the new income bonds be 5%
provided in the trustees' plan.
Under the trustees' plan, the holder of each $1,000 bond of the present
instead of the 4%
company would receive a $500 income bond and 40 shares of stock in the
reorganized company, and unsecured creditors would receive 30 shares for
each $1,000 in amount of principal claim.
These exchanges would dis¬
regard minor cash payments to adjust interest as between the series of out¬
standing bonds.
i
The trustees' plan proposes capital zation for the reorganized company
of about $40,000,000, on the basis of original cost, less accrued physical
and functional depreciation.
The trustees submitted evidence to the
Court that upon the basis of reproduction cost less accrued depreciation,
the total valuation would be approximately $50,000,000.
They reported
that the book value, as of Aug. 31, 1931, covering all assets of the company,
was
approximately $74,000,000.
During the hearings, the trustees sub¬
mitted evidence indicating a valuation, upon an estimated earnings basis,
of about $35,000,000.
The Commission, in its report, basing its valuations on earnings, con¬
cluded that on that basis, earnings capitalized at 10% rather than at 8%
as proposed by the trustees, resulted in a total valuation of approximately
$25,500,000.—V. 149, p. 3877.
Mississippi Power & Light
the Middle West Corp.
alternatives although he said that the
45 systems which he had
Osterling made clear that in his opinion,
might select as its primary one of the
listed but not used in his seven alternatives.
attended the hearing indicated that they
thought the utility division's alternatives, and the interpretation of the law
on which they are based, could be upset.
They regarded Mr. Osterling's
statement as based on the most extreme interpretation of the "death
Officials of the company who
$7,337,879
5.076,154
720,000
574,833
380,000
$1,371,878
$1,541,725
$1,600,529
$1,453,107
(net)
2,226
2,624
$1,371,878
$1,541,725
$1,598,303
2,099
$1,450,483
$1,600,402
817,700
82,001
$1,452,593
$700,701
403,608
$559,407
369,974
—
Operating income
Other income (net)
1,615
1,663
$1,373,493
Gross income
817,700
int. on mtge. bonds.—
109,588
Other int. & deductions
$1,543,389
817,700
$446,205
605,412
$649,493
himself made this clear when he stated at the hearing that
which requires the "additional systems"
of a holding company to be in "one State" or "adjoining States" to mean
that the additional systems must be in the same State as the primary
Mr. Osterling
he construed the section of the Act
system or in the State
income
Net
on
$6 pref. stock.
_
adjoining the States of the primary system.
by Mr. Osterling of the integration alternatives facing
after a long legal argument over the admissibility of
evidence offered by Mr. Osterling.
Mr. Osterling and his associate,
Thomas Tingeley, offered in evidence 82 volumes of reports which Middle
"West and its subsidiaries have filed with the SEC.
West
tion.
Examiner
Trial
adjournment.
James G.
Ewell upheld the objection and granted an
Both these rulings were appealed to the Commission by
Tingeley who pointed out that the Commission
similar postponement requested by Middle West.
Osterling and Mr.
last week had refused a
Mr.
To Sell Stock of
Utility—
eventual integration, the corporation was authorized
July 1 by the SEC to sell all its holdings of the common stock of Missouri
As
a
step toward its
Public Service Corp.
The stock will be sold to
Ralph J. Green of Kansas City, for $279,352.
41,385^ representing 31% of the voting
The number of shares involved is
,
control.
purchase price per share will be $6.75.
The SEC noted that the stock
has a book value of $26.15 a share and that, on the basis of 1939 earnings
the stock would be worth between $6.76 and $10.13 depending on the rate
at which earnings are capitalized.
Its range on the New York Curb Ex¬
change in the first five months of 1940 was between $5.75 and $3.50.
The
2,110
817,700
75,486
&c_. 34,613.730 35,576,881
.
30,479
—.—
723
229,453
-
427,647
26,090
Special deposits —
Working funds.
_
Notes receivable.
Accts. receivable.
Mat'Is & supplies 1
322,247
Prepayments
Misc. eurr. assets.
Reacq. cap.
Consign's
.
debt.
339.465
Divs. declared-...
134,536
223,463
56,327
M atured
43,675
& interest.
'2,101
2,362
50,001
82,574
Customers' deps__
350,448
305,272
18,641
Accrued accts. and
826,568
890,369
172~200
long-term
debt
172,200
11.827
10,882
874,525
and expense
463,330
5,500
_
long-term
miscell.
current
liabilities-
____
Contributions
...
11,827
30,147
10,882
23,368
2,156,071
28,115
Reserves.
Earned surplus
37,158,676 37,707,862
_
Consign's (contra)
Sundry credits
c
Total.
68,565
~i~702
641,901
242,903
stock.
_
matur'g
3,511
(contra)
debt dls.
Other def'd chgs
•
552,663
_
Unamort
$
15,399,641
a Cap. stk. (nopar) 15,399,641
Long-term debt
16,291,238 16,630,703
259,319
290,408
Accounts payable.
190,000
Loan payable
190,000
Currently
11,462
_
1938
S
Liabililles-
S
prop.,
Cash
1939
1938
1939
Assets—
came
Eugene P. Locke, attorney for the company, objected to this evidence
unless he was given time to examine all-of it before it was accepted.
He
asked an adjournment until July 29 to allow him to make such an examina¬
403,608
»
Balance Sheet Dec. 31
The statement
Middle
76,196
_
Divs.
$5,941,216
4,108,109
of plant
lease
for
Rent
Non-curr. rec's—
sentence."
1936
1937
$6,881,430
4,706,067
1938
760,000
Oper. exps. incl. taxes-_
Prop, retire, res. approp.
&
company
Co—Earnings—
1939
$7,358,244
5,226,366
Calendar Years—
Investments
Light.
of the company last Dec. 4
reorganization plan proposed by trustees
Act.
under the Federal Bankruptcy
Plant,
Mr.
the company field by the Se¬
its valuation at $25,500,000,
compared with present book value of about $74,000,000.
The report, filed with the U. S. District Court at Minneapolis for study
before the reorganization hearings are resumed July 15, approves in general
additional system consisting of the gas properties of Kentucky Utilities
in central and eastern Kentucky and the gas properties of Kentucky Power
could select only one of these seven
Paper Co.—Value Fixed—
& Ontario
Minnesota
An
plus an additional system made up of the gas properties of these systems.
(7) A primary system made up of the Central system of Kentucky
Utilities Co. and its subsidiaries and Kentucky Power & Light Co., plus
an
into
companies, but sets up safeguards designed to assure continued and
operation of the company which takes over the weaker portions
successful
system consisting of the Pine
Public Service Co. of Oklahoma.
objec¬
split-up of the property,
has been filed with the ICC by the reorganization committee.
The amended plan contemplates the same division of the property
a
A tentative, official plan for the geographical integration of the utility
properties of the corporation under the "death sentence" of the Public
Utility Act of 1935 was made public June 28 by the Utility Division of the
Securities and Exchange Commission.
plan of reorganization for the road, designed to meet
tions of the Interstate Commerce Commission to a
expenses
Mexican
Pre¬
& St. Louis RR.—Amended Program
sented to ICC—
two new
Operating profit...
Net
109
The Commercial & Financial Chronicle
151
1,746,759
1,108,109
2,158,971
21,649
37,158,676 37,707,862
Total
(entitled upon liquidation to $100 a
100,000 shares; outstanding, 09,000 shdres; $6 second
pref. cum. (entitled upon liquidation to $100 a share); authorized ,50,000
shares; outstanding 35,000 shares; common, authorized, 1,500,000 shs.;
outstanding, 1,000,0(X) shs.
c In aid of construction.—V. 150, p. 4132.
a
Represented by $6 pref. cum.
share); authorized,
Missouri & Arkansas Ry.
railway
Net from rail way——
Net ry. operating income
From Jan.
Gross from rail way
Net ry. operating income
—V. 150, p. 3520.
Mobile & Ohio
The Federal
been
1939
1938
1937
$87,406
20,476
8,303
$77,875
13,665
2,364
$98,369
427,339
77,822
21,654
397,027
34,589
def22,589
464,618
64,712
def3,212
1—
Net from rail way
for the
-Earnings-
1940
$102,227
20,937
7,749
484,700
102,441
May—
Grosfc from
37,616
20,045
5,670
RR.—Foreclosure Sale—
Mobile, Ala., has set Aug.
the properties of the road.
Jack
District Court at
foreclosure sale of
appointed special master to
1 as the date
Meredith has
price of
conduct the sale and an upset
The Commercial & Financial Chronicle
110
approximately $10,321,000 has been fixed for the property.
The proper¬
ties will be bid in by the reorganization managers and then under the
terms of the plan to merge the road with the Gulf, Mobile & Northern RR.
to form the Gulf, Mobile & Ohio RR., the securities of the latter will be
distributed.
Holders of M. & O. securities who do not deposit with the
reorganization committee will receive for their holdings upset prices which
have been set by the Federal Court and which currently are considerably
under the open market price for the bonds.—V. 150, p. 4132.
Missouri Edison Co.Calendar Years—
Operating
Operation
1937
336.0.
p.
.
Mortbon Corp. of New
Years End. May 31—
Int.
126.229
107,993
6,945
19,459
15,515
7,311
19,450
13,337
y5,227
$86,190
$89,566
1,487
$73,026
266
$86,456
35,750
2,496
$91,053
35,750
3,056
$73,049
35,750
3,182
3.419
431
3,419
3,419
$44,266
$48,218
35,381
collateral
on
on
long-term debt..
35,750
General interest
'
1,456
1938
1937
$1,678,920
$1,698,596
905,093
239,711
962,370
127,170
1,037,118
220,232
1,149,670
368,176
526,849
579,721
692,213
857.375
trust
610
$48,279
12,866
Int.
mortgage bonds
Prov. for Fed. inc. &
ex¬
25,000 f
profit taxes
cess
70,600
130,000
Reserve for conting's
Loss from operations-
$152,987
475,067
$282,148
173,081
$471,243
1,042,130
$676,624
515,149
x$109,068 prof$322,079 prf$570,887
$161,476
Other income
23
Net loss for year
Total net earnings...
Int.
1939
$1,541,274
on
3,419
525
from oper.
Other Income (net)
y6,698
York—Earnings-
1940
mtges., real est.,
rentals, Sec
$1,389,505
Real est. oper. exps., ad¬
$226,346
$89,335
Federal & State income.
without pay and that upon refusal of the board to grant his request a com¬
whereby he will serve half time at half pay.—V. 150,
promise was reached
min. & gen. exps., &c.
Other deductions
1936
$264,412
222
Depreciation
Taxes—State, local, &c_
earns,
1938
$257,658
114,790
7,636
24,654
16,043
8,345
$89,113
...
Maintenance
Net
Earnings—
1939
$278,385
131,052
10,155
25,072
16,796
6,196
revenues
July 6, 1940
Amort, of debt discount
x Allocation of above stated net loss:
New loss on sale or other disposi¬
tion of assets acquired upon reorganization, charged to the "excess of assets
over liabilities"
$228,663. net income for the year ended May 31, 1940
credited to surplus $119,595 balance net loss $109,068.
.
and expense
Misc. inc. deductions
-
Assets—Cash in banks and
Net income
Divs. on pref. stock
y
12,866
$30,697
8,577
Includes provision for Federal undistributed profits tax.
Balance Sheet Dec. 31, 1939
Assets—Utility plant, $1,338,416; cash, $29,541; Special deposits, $20,899; receivables (net), $39,472; materials and supplies, $8,981; prepaid
insurance, $181; deferred charges,
$27,190; total, $1,464,680.
Liabilities—Common stock (2,400 no par shares), $240,000; cumulative
par $7 dividend pref. stock, $183,800; long-term debt,
$650,000;
payable, $15,146; customers' deposits, $4,686 ; accrued taxes,
$14,560; accrued interest, $6,843; pref. stock dividend payable, $3,216;
other current liabilities, $1,182, reserve for depreciation, $113,001; contri¬
non
accounts
butions in aid of construction, $1,093;
capital surplus, $121,018; surplus,
$110,133; total, $1,464,680.—V. 150, p. 3054.
Moneta
Porcupine Mines,
Ltd.—Annual Report—
Earnings for Year Ended March 31, 1940
Bullion production
Investment and sundry income
Total income
$1,100,306
24,261
—
-
$1,124,567
.
Development,
$87,020; mining, $189,081; milling, $108,133;
administration, $30,10o; bullion marketing, $13,813
Outside
exploration.
Provision for Provincial and municipal taxes
Proportion of preliminary development written off
428,153
9,900
-
40.446
Depreciation
Reserve
for
contingencies
...
Net profit for period
Mountain States
Period End. May 31—
Operating
revenues
revenues
$519,434
372,147
Uncollectible oper. rev_.
Total surplus
Dividends paid
$891,581
305,263
Operating
-L
$586,318
Balance Sheet March 31, 1940
Assets—Cash, $192,069; bullion, $43,502; bonds and stocks (market value
$553,117), $571,516; call loan, $140,238; accounts receivable. $1,891; in¬
ventory of general stores, $46,889; prepaid municipal taxes, $919; prepaid
workmen's compensation, $4,308; buildings, plant and
equipment (less
reserve for depreciation of $135,141), $310,279;
mining properties, $1,032,238; pre-operating and development expenditures deferred (less amount
written off of $100,349), $327,090; total assets,
$2,670,938.
Liabilities—Accounts payable, $17,800; accrued "wages, $9,843; dividend
payable, $76,316; unclaimed dividends, $2,151; provision for silicosis assess¬
ment, $3,902; provision for provincial taxes, $40,027; reserve for contin¬
gencies, $15,000; capital stock ($1 par), $1,686,969; capital surplus, $232,612; earned surplus, $586,318; total, $2,670,938.
Montana Power Co.
Calendar Years—
(& Subs.)—Earnings—
1939
1938
Net oper. revenues...
Other income (net)
Gross income
Interest on mtge. bonds.
Interest on debentures..
Other int. & deduct'ns
Int. chgd. to construct'n
y
Net income
$6,121,176
Dr6,885
$5,124,092
Dr40,211
$6,114,290
1,905,981
$5,083^881
529,495
437,511
Cr8,527
$3,249,830
1,927,602
529,495
416,153
Cr335,950
$2,546,580
$6,267,994
Drl0,739
$5,733,697
34,663
1939
$6,257,256
1,942,492
529,495
427,831
CV255.049
S
property
& equipment.
145,565,898
Exc. of ledger
$5,768,360
1,571,481
669,124
282,976
Cr61,317
$3,612,486
$3,526,986
1,627,925
$3,395,002
1,480,579
$406,766
320,523
Net operating income.
Net income
$719,479
299,386
$420,093
333,085
$1,899,063
1,481,435
$1,914,423
1,501,918
—Y. 150, p. 3667.
Mount
Royal
Hotel
143,755,484
$3,306,096
1,671,175
Inv. &fund.acct.
431,459
159,786
Cash
468,347
1,078,080
__
Special deposits.
Working funds.
1939
1,671,175
43,876
59,966
24,421
Calendar Years—
1939
Profit for year after oper. exps., taxes and provision
for bad and doubtful accounts
Interest on first mortgage loan.
149,018
129*224
Acc'ts receivable
Mat'ls & suppl's
2,337,956
763,344
2,216,097
690,704
Prepayments...
37,960
53,168
Other current &
accrued assets
8,557
31,053
1,866,043
2,242,136
34,675
6.016
assets
com. stock
600
$2,903,376
Notes payable..
Accts.
Net loss for year
Deficit at end of year
Balance Sheet Dec. 31
Assets—
1939
1938
Liabilities—
$
$
Dlvs. declared..
78*705
239,382
239,382
43,680
438,528
1,959,472
19,872
216,057
216,542
90.472
68,315
1,142
1,182
Inventories
70,289
71,668
Prepaid oper.exps.
53,848
55,084
Unclaimed
wages.
1,302
13,450
6,638,841
135,759
13,450
Deferred Income..
2,000
5,000
5H% 1st mtge. l'n 3,560,000
6% cum. pref. stk. 6,817,900
8% cum. pref. stk.
7,200
3,560,000
900,000
6,838,841
175,108
900,000
2,903,376
2,614,649
8%
Accts.
leas
x
Investments
Total fixed assets
Deferred charges..
Goodwill
Deficit
secured
264,119
Taxes accrued..
Int. accrued
63,381
176.250
Taxes payable
Int. due & accr'd &
* 260,988
132,945
412,612
169,676
other
accr.
chgs.
debs—
Common shs. (60,-
1,298
6,817,900
7,200
600
600
11,125,982
10,974,712
conv.
no
V.
Jill,125,982
shs.)
par
_
Total
10,974,712
After
x
149,
depreciation of $3,545,006 in
p. 3723.
1939 and $3,345,006 in 1938.—
Mueller Brass Co.—Earnings—
Period End. May 31—
x
Net profit
y
Earnings
accr'd
12,679
depreciation, interest, Federal income taxes, &c.
stock.—V. 150, p. 3982.
3 Months
Net
84,688
103,979
y
Earnings
10,526,299
9,264,327
69,402
_
6,016
13,130,919
153,402,729
152,092.889
In capital stock of consolidated
over the par Value thereof,
plus
subsidiary (Great Falls Townsite Co.)
surplus of the subsidiary at date of acquisi¬
tion, as adjusted,
b Represented by 159,588 no par shares,
c Repre¬
sented by 2,481,665 no par shares.—V. 150,
p. 3982.
Co.—President
to
Campaign for
Edgar M. Queeny, President of this company, announced
that effective July
on
June 28
1st and until the November election, he will serve his
company only hatf time and will receive only ha f pay, so that he can devote
the balance of his time and
energy in behalf of the presidential candidacv
of Wendell L. Willkie.
Queeny revealed that at the last meeting of the Monsanto board
.June 20 he requested that he be granted
a
$323,852
$0.34
per
share
After
depreciation, idle property expense.
stock.—V. 150, p. 3208.
Mutual Broadcasting System,
34,675
Willkie—
x
46,714
12,936,120
of
full leave of absence
$281,536
$1.06
.
On
common
.June time sales amounted to $299,478,
1939 time sales of $228,186.
Cumulative time sales for
$2,031,323,
an
Federal taxes, &c.
increase of 31.2% over June
,
the first
six
months
to
$1,624,235.—V.
of 1940 amounted to
150. p. 3667.
National Bronze & Aluminum
Foundry Co.—Earnings
3 Months Ended March 31—
,
$32,571
National Gas & Electric
Period End. May 31—
Operating revenues
after
tirement accruals
Net income
—V.
On
Inc.—June Sales—
an
Net loss after all charges
—V. 149, p. 2090.
income
y
increase of 25.1% over the similar 1939 period .when similar
sales amounted
Gross
9 Months
Feb. 29, '40 May 31, '40
$456,662
$983,583
$0.48
$1.03
May 31, '40
profit
common
liabils.
y
Murray Corp. of America—Earnings—
x
Contrlb.in aid of
$373,544
$1.40
$0.61
$0.71
After
20,573
Def'd credits...
1940—6 Mos—1939
1940—3 Mos.—1939
$189,811
$161,491
share
Period—
liabils.
Total
per
259,734
59,742
a
103,842
Accts. pay., trade.
receivable,
reserve.
Acer. Int. recelv..
411,809
1,847,217
(contra)
on
$
102,748
x
debt and int..
Cust's' deposits.
Earned surplus.
Chemical
1938
5
Bank overdraft,
Cash
61,118,900
1,000,000
152,013
payable.
construction
Monsanto
$2,614,649
14,563
600
Conting.
152,092,889
$360,466
2,254,183
;
Deficit at beginning of year
1,300
*
Total....... 153,402,729
2,000
200,000
$288,726
2,614,649
for depreciation
Total
Cap.stk.8Ubscr.
1,200
Long-term debt. 60,136,900
Reserves
(contra)
$76,452
195,800
24,555
195,800
23,404
13,945
2,000
200,000
Amortization of refunding expense
Amortization of organization expense
Other current &
Deferred debits.
1938
$146,422
Amortization of bond discount
$
15.869,673
49,633,300
Mat'd long-term
Notes receivable
(Montreal)—Annual
1938
8
15,869,673
cCommonstock 49,633,300
Subs.
of co.'s
Investment
Ltd.
Co.,
Report—
000
Liabilities—
bS6 cum.pf stk.
value
Mr.
$736,556
329,790
Operating taxes
Other
1938
5
Assets—
directors
Net opera tin#W&venues
$2,141,497 $10,863,293 $10,310,713
1,422,018
7,336,307
6,915,711
Consolidated Balance Sheet Dec. 31
Plant,
Conting.
$2,227,172
1,490,616
*
*
1
...
Bonds & stocks
Includes provision for Federal income taxes in the amount of
$640,000
for 1939, $499,615 for 1938, $280,000 for 1937 and
$347,283 for 1936,
together with other taxes,
y Includes amortization of debt discount and
a
revenues
expenses....
Telephone & Telegraph Co.—Earns.
1940—Month—1939
1940—5 Mos.—1939
$2,234,425
$2,147,157 $10,901,577 $10,338,770
5,650
7,253
38,284
28,057
1939
x
expense.
hand, $696,321: amount receivable in cash
1936
Operating revenues:
$15,058,959 $13,076,693 $15,423,529 $12,801,774
x
Operation, incl. taxes.
6,637,448
5,741,927
6,828,853
5,773,984
Maintenance.
686,587
647,463
730,308
525,708
Property retirem't <fc de¬
pletion res. appr op'ns.
1,613,748
1,563,211
1,596,373
768,385
^
Operating
Provision
1937
on
trust collateral in reimbursement for capital expenditures, $11,244;
sundry accounts and notes receivable, less $155 reserve, $4,092; United
States consolidated 2% bond, on deposit with the New York State
Banking
Department pending liquidation of the Mortgage-Bond Company of New
York, at par, $1,000; assets assigned to and deposited with trustee as
collateral for collateral trust mortgage bonds, $13,915,100; interest accrued
on mortgages receivable, $41,496; advances for
taxes, &c., re mortgages
receivable and on sales contracts receivable, $11,137; prepaid taxes, $25,878;
unexpired insurance premiums. $65,107; total, $14,771,374.
Liabilities—Accounts payable, sundry accruals, &c., $14,522; real estate
taxes due and accrued, $74,091; Federal and State corporate taxes, $7,933;
Fixed interest due and accrued on collateral trust mortgage bonds, at
2 14% per annum from Dec. 1, 1939. $131,086; income interest accrued pay¬
able on collateral trust mortgage bonds, $237,307; collateral trust mort¬
gage bonds, series A (called for redemption on June 1, 1940), $1,350,000;
income interest accrued at 214% per annum from June 1, 1935 on collateral
trust mortgage bonds (less 5% paid, and 1H% payable June 1, 1940) pay¬
able at maturity of each bond and before maturity only from "net earnings"
of the corporation
(estimated "net earnings" available for payment of
income interest as at May 31, 1940, $129,390, payable on or after Dec. 1,
1940), $541,794; collateral trust mortgage bonds, 5%, 2}4% fixed interest
and 2
Income interest exclusive of bonds called for redemption, $9,029,900; capital stock (par $1), $191,240; excess of assets over liabilities and
capital stock, at book amounts, as at June 1, 1935, $2,616,833; funds of
predecessor corporation released in 1937, as of June 1, 1935, $69,346; losses
upon sale or other disposition of such assets, &c., Dr$l,125,072; surplus
from June 1, 1935; $1,632,394; total, $14,771.374.—V. 150, p. 2261.
Balance, surplus, March 31, 1939
Balance, March 31, 1940
..
from
47,728
63,906
15,000
.
.
Balance Sheet May 31, 1940
150, P. 3668.
1939
$19,997
Corp. (& Subs.)—Earnings—
1940—Month—1939
$129,365
$119,845
1940—12 Mos.—1939
$1,551,741
$1,343,964
re-
24,666
16.769
.
20,461
12,397
302,468
207,670
234,501
135,451
Volume
The Commercial & Financial Chronicle
151
National Grocers Co.,
Ltdk—Earnings—
1940
1939
1938
Bond int. & other exp..
Provision for taxes
$984,970
120.134
54,410
210,933
$712,177
110,065
51,985
105,118
$755,880
111,510
68,418
129,722
1937
$871,674
109,023
79,937
132,467
Net profit...
dividends....
$599,493
225,000
$445,009
$446,229
z361,767
$550,247
y310,086
Years End. Mar. 31—
Operating profit
Depreciation
:
Preferred
x446,453
dividends on new $1.50 cum. stock for the quarter
1939; $233,415 paid on the old 7% pref. stock on account
of arrears, and $157,326 paid on the old pref. stock as current year's divi¬
dends.
y Includes $103,362 dividends for six months ended Dec. 31, 1927.
z
Includes $155,043 dividends for nine months ended Sept. 30, 1928.
Includes $55,712
x
ended March 31,
Balance Sheet March 31,
Assets—Cash
1940
•
banks! $117,730; accounts receivable,
$2,203,968; advances on merchandise
purchased, $4,647; inventories, $2,750,044; investments, $277,718; de¬
ferred charges,
$112,137; land, buildings and equipment,
$2,834,995;
total, $8,301,238.
less
on
hand
doubtful
for
reserve
and
in
accounts,
Liabilities—Outstanding checks, less bank balances, $263,860: accounts
and notes payable, $882,661; dividend payable April 1, 1940, on preference
shares, $56,250; accrued taxes, bond interest, &c., $286,182; 4% 1st mtger
(closed) serial bonds, $800,000; reserves, $1,163,346; cumulative $1.50 div
redeemable preference shares (par $20), $3,000,000; common stock (repre¬
sented by 295.852 shares without nominal or par value), $295,852; earned
will
Liberty
Insurance
Co.
of
be
exchangeable, dollar for dollar, for 20-year 4%
Each
share
of
Dividend—
allotted
is
one
General creditors, with preferred claims, will be
claims not entitled to preference will
unsecured
paid in cash. General
receive new common
principal and interest
allowed
by the court.
notice of adoption of the reorganization plan was given June
by protective committees for Norfolk Southern R.R. 1st & ref. mtge.
bonds, of which Carrol M. Shanks is chairman; Norfolk & Southern R.R.
1st mtge 5% bonds. Raleigh & Cape Fear 1st mtge. 5% bonds znd Raieign
& Southport 1st mtge. 5% bonds, of which James G. Blaine is chairman;
Aberdeen & Asheboro R.R. 1st mtge. 5% bonds, of which Fred G. Boyce,
Jr., is chairman; and Suffolk & Carolina Ry. 1st consol. mtge. 5% bonds,
of which Dwight S. Beebe is chairman.
[Copies of the reorganization manager's announcement are obtainable
from the reorganization manager's secretary, John R. Bartels, 141 Broad¬
way, New York.]—V. 150, p. 4134.
Formal
3
North Star Reinsurance
See General Reinsurance
Corp.—New Director—
Corp. above.—V. 150, p. 1448.; V. 148,
V. 147, 3465.
cents per share in ad¬
dividend of like amount on the capital
stock, par $2, both payable Aug. 15 to holders of record July 31.
Similar
amounts were paid on Feb. 15, last, and on Aug. 15, 1939.—V. 150, p. 282.
an
extra dividend of 10
National Press Building
Empire Mines Co., Ltd.—Earnings—
$928,616
580,545
Bullion expenses
11,282
-
1939
SEC-
Research Corp.—Registers
with
given
first page of this department.—V. 150, p. 3668.
on
Naumkeag Steam Cotton Co.—50-Cent Dividend—
Directors have declared
a
July 1, 1937, and $1 paid on April 26 and Jan.
Nehi
1, 1937.—V. 150. p. 696.
Corp.—Listing and Registration—
The New York Curb Exchange has removed the common
stock, without
value, from listing and registration.—V. 150, p. 4132.
New
England
Gas
Electric
&
Association—System
Output—
Depreciation
Depletion
ended June 28 New England Gas & Electric Association
This is an increase of 521.936
6.60% above production of 7,912,144 kwh. for the corresponding
For the week
or
year
Earnings
reported at 91.141.000 cu. ft., an increase of 5,306,000 cu. ft.
6.18% above production of 85,835,000 cu. ft. in the corresponding week
year ago.—V. 150, p. 4133.
Jersey Zinc Co.— To Pay 5Q-Cent Dividend—
New
Directors have declared a dividend of 50 cents per share on
share
on
the common
dividends of 50 cents per share were
distributed each three months.—V. 150,
3056.
$216,906
300.000
$0.54
400,000 shs. capital stock par $1
Balance Sheet Dec.
banks
in
and
31, 1939
hand,
on
$174,258; metals in transit—at
approximate realizable values, $40,280; accounts receivable and accrued
interest, $51,667; marketable securties—at cost, $228,084; inventories—at
cost, $94,865; Hydro-Electric Power Commission of Ontario—Power Line:
Receivable in instalments over a term of years, $31,609; Magnet Consoli¬
dates Mines (1936) Ltd.: 1,732,995 shares, at cost. $389,401; mining claims
and land (less reserve for depletion of $165,968), $39,180; mine and mill
buildings and equipment
(less reserve for depreciation of $267,899),
$166,664; deferred charges, $24,796; total, $1,240,794.
Liabilities—Accounts payable, $8,307; wages payable, $8,851; accrued
liabilities, $11,819; provision for Dominion income tax, $27,266; capital
stock (par $1), $400,000; capital surplus, $542,250; earned surplus, $242,301;
total, $1,240,794.
Northern Indiana Public Service Co.—Accum. Div.—
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 a dividend of $1.37H Per share on the 5H%
cum. pref. stock,
par $100, all payable on account of accumulations on
July 15 to holders of record June 29.
Arrearages after the current payments will amount to the full dividend
for
quarters.—Y. 150, p. 4134.
stock, payable July 15 to holders of record June 28.
Like amount were paid
on June 10 and on March 9, last; $1 was paid on Dec. 9,1939, and previously
Northern States Power Co.
»
Electric output of the Northern
(Del.)—Weekly Output—
States Power Co. system for the
week
26,896,898 kwh., as compared with 26,693,411
kwh. for the corresponding week last year, an increase of 0.8%.—V. 150,
p. 4134.
ended June 29, 1940, totaled
New
York, Susquehanna & Western RR.—To Cut Fare
Walter Kidde, trustee in bankruptcy, announced on June 26 that on
July 1 the fare by omnibus between Susquehanna Transfer and Times
Square would be reduced from 15 cents to 10 cents.
He said the increase
in use of the connection since it was started 11 months ago made possible
the reduction.—V. 150, p. 4134.
New York
revenues
oper.
rev.
Operating revenues..$18,617,058 $18,052,874 $90,609,824
Operating expenses
12,037,450
11,911,200
58,453,525
Net operating revenues $6,579,608
Operating taxes
3,208,347
Net operating income $3,371,261
150,
p.
2,992,611
$87,399,174
57,859,023
$6,141,674 $32,156,299 $29,540,151
2,808,661
15,650,437
13,961,577
$3,333,013 $16,505,862 $15,578,574
2,823,083
15,182,278
13,912,133
3668.
Norfolk & Southern RR.—Plan
of Reorganization—
plan for the company dated as of June 15, 1940, has
adopted by the protective committees representing the
principal classes of outstanding securities and has been approved as fair
A reorganization
been approved and
equitable by the U. S. District Court for the Eastern District of
Virginia, according to an announcement made June 3 by Carrol M. Shanks,
reorganization manager.
A call for the deposit of securities under the
reorganization plan and agreement has been issued by Mr. Shanks.
The issuance of new securities and acquisition of properties by the new
been approved t>y the Interstate
consideration of the mortgage in¬
including a statement of cash resources
company as provided in the plan has
Commerce Commission, subject to its
dentures
and other final papers,
requirements current with the consummation of the reorganization.
by Mr. Shanks has also been approved by the
The solicitation of deposits
Commission.
The plan as
finally approved scales down the company's total capital¬
$32,990,000 to $12,399,300 plus 61,098 shares (no par) stock,
and its fixed interest bearing securities from $16,990,000 to $5,507,000.
Annual fixed charges, including rentals, will be reduced from $890,040
to $296,300.
Of the new company's funded debt of $12,399,300 under
the reorganization plan, $6,892,300 will be in the form of convertible in¬
come
bonds, carrying contingent annual interest charges of $344,615.
Provision is also made for a contingent depreciation and obsolescence
fund of $150,000, and for contingent sinking funds for the new first mort¬
gage bonds and new convertible income bonds.
New securities to be issued under the reorganization include $3,918,000
of first mortgage 414% bonds, $6,892»300 general mortgage convertible
5% income bonds, $368,000 20-year 4% secured notes and 61,098 shares
of common stock, in addition to $1,221,000 equipment trust certificates
ization from
which will
bonds will
the follow¬
securities:
&
given the right at any time during the 6 lA-year period to go to the city for
increased rates in the event operating expenses of the company increase over
and above a normal increase due to the growth of business through causes
In the event of such changed conditions, the company
its rates to offset such increases, provided
just and reasonable and subject to reasonable
regulation by the Council.
The company also agrees that before expira¬
tion of the extended permit it will negotiate with the city for franchises for
electric, steam and gas.—V. 150, p. 3983.
beyond its control.
would be entitled to a revision of
that such revised rates shall be
Northwestern Bell Telephone
Southern
1st
mtge.
5%
bonds—$1,150 new first mortgage
bonds, $150 income bonds and $8.33 in cash.
Norfolk & Southern 1st gen. mtge. 5%
bonds—$450
new
bonds, $550 income bonds, 3 shares of common stock.
Raleigh & Cape Fear 1st mtge. 5% bonds—$1,000 first
and 3.16 shares of common stock.
first mortgage
mortgage bonds
Raleigh & South port Ry. 1st mtge. 5% bonds—$100 first mortgage bonds,
$500 income bonds, 4.76 shares of common stock.
& Asheboro R.R. 1st mtge. 5% bonds—$500 first mortgage
bonds, $800 income bonds.
Norfolk Southern R.R. 1st & refg. mtge. 5% bonds—$100 first mortgage
bonds, $500 income bonds, 4.8 shares of common stock.
Aberdeen
Co.—Earnings—
Period End. May 31—
1940—Month—1939
Operating revenues
$3,065,391
$2,935,227
Uncollectible oper. rev..
6,975
7,393
1940—5 Mos.—. 1939
$14,699,569 $14,305,414
39,997
36,928
$2,927,834 $14,659,572 $14,268,486
1,976,967
10,020,645
9,699,018
Operating revenues
Operating expenses
$3,058,416
2,036,802
Net oper. revenues
$1,021,614
$950,867
390,616
$4,638,927
2,038,711
$4,569,468
408,830
$612,784
570,306
$560,251
225,497
$2,600,216
2,358,605
$2,625,529
2,106,475
Operating taxes
Net operating income.
Net income
—V.
1,943,939
150, P. 3522.
Nu-Enamel Corp. (& Subs.)—Earnings—
Earnings for Year Ended Dec.
31, 1939
Net sales
488,647
Cost of sales
$501,534
451,513
Gross profit
Expenses
Net operating
$50,021
profit
40,8o2
5,764
Miscellaneous charges (net)
Provision for Federal income tax
Net income
-—
Consolidated Balance Sheet Dec.
final reorganization terms, holders of existing
for each $1,000 bond with accrued and unpaid interest
ing new
Norfolk
City Council unanimously gave final approval on June 25 to
which permit this company to continue its electric, gas and
heating business in St. Paul until Dec. 31, 1946.
The company has
been operating under a permit expiring Dec. 31, 1941.
The ordinances just
passed add an additional fiVe years to the permit.
On June 14 the Council
approved the ordinances as to form and the present vote was final.
The approved ordinances give the city the right to review the rate sched¬
ules after expiration of the present permit Dec. 31, 1941.
The company is
The St. Paul
be assumed.
the
Under
(Minn.)—Operating Permit
ordinances
1940—Month—1939
1940—5 Mas.—1939
$18;685,293 $18,126,707 $90,951,488 $87,753,834
68,235
73,833
341,664
354,660
Net income...
Northern States Power Co.
Extended—
steam
Telephone Co.—Earnings—
Period End. May SI—
Operating
Uncollectible
receive
per
Assets—Cash
The directors have declared
Gas output is
and
27,266
—
Net profit for year
Dividends paid
ago.
or
and
...
Provision for Dominion income tax.
reports electric output of 8.434,080 kwh.
—V.
$368,134
94,058
29,904
Net profit.....
dividend of 50 cents per share on the common
payable July 8 to holders of record July 1.
Similar amount was
paid on Jan. 8, last, and compares with 75 cents paid on Nov. 25, 1938
50 cents paid in October, July and April, 1938; $2 paid on Oct. 7, and on
p.
*
Other income
stock
a
23,489
$313,301
54,833
•
_
.
See list
a
$336,789
Other expenses
$6,555
$3,386
National Securities &
*
Profit
1940
3 Months Ended March 31—
Net loss after all charges
week
-
Earnings for the Year Ended Dec. 31, 1939
Sales of bullion
Corp.—Earnings—
—V. 141, p. 2441.
1333,
,
Operating costs
Directors have declared
kwh.,
stock purchase
stock at the rate of 1-5 of a share for each $100 of
dition to the regular semi-annual
par
secured notes.
common
the third year.
Northern
America—Extrd
stock
common
entitling the holder to purchase, during a period of three years
after consummation of the plan, 3-100 of a share of new common stock
at
$10 per share during the first two years and $12.50 per share during
warrant
surplus, $1,553,087; total, $8,301,238.—V. 148, p. 3693.
National
111
Suffolk & Carolina Ry. 1st consol. mtge. 5% bonds—$350 first mortgag®
bonds, $100 income bonds and 1 share of common stock.
Receivers
certificates, if issued pending completion of reorganization,
$3,405
31, 1939
Assets—Cash in banks and on hand, $26,593; notes,
accounts and trade
receivable (less reserve for doubtful accounts of $24,900),
$211,127; inventories, $147,976; due from officers and employees, $17,901;
investments—affiliated companies, $62,520; property, plant and equipment
(less reserve for depreciation of $217,028), $268,283; retail store equip¬
ment (at cost less depreciation $1,152), $6,517; expenditure* for capital
stock and termination of modified franchise of Eastern Nu-Enamel Co.,
Inc., $64,050; Metropolitan Nu-Enamel Co. acquisition of franchise by
purchase of 300 shares of capital stock, $2,650; trademarks, $1; deferred
charges and prepaid expenses, $57,467; total, $865,085.
Liabilities—Notes payable, $51,388; accounts payable and accrued ex¬
penses,
$46,677; due to officers and employees, $12,893; provision for
Federal income taxes, $13,184; reserve for contingency, $2,750; capital
stock, $325,000; surplus, $413,193; total, $865,085.—V. 149, p. 1626.
acceptances
The Commercial & Financial Chronicle
112
O'Connor, Moffatt & Co.—Earnings—
Years Ended Jan. 31—
■
Net sales—including leased departments
Cost of sales and expenses
.__T
1940
$4,035,815
3,975,842
$15,385
$73,103
25,029
$29,558
27,662
17,216
_
1939
$3,942,737
3,927,352
$59,973
13,130
__
■
18,008
Pacific
Profit from operations.........^--........
Other income
Gross income.
Interest
v
—
...
....
—
bonds & amortization of bond expense.
on
Other interest
—.
—__—
14,174
on subscription to Ban Francisco Bay
Exposition written off..20,318
Payment
Provision for Federal income tax.
Net income
__
_
$7,891
.
__________
hand
on
and
demand
loss$16,lll
13,125
$49,795; cash surrender
deposits,
Clay Products—Earnings—
value—life insurance policies, $209,108; accounts and contracts receivable
$771,929; merchandise inventory, $757,394; other assets, $29,089;
fixed assets (net), $560,503; deferred charges, $47,350; total, $2,425,168.
Liabilities—Notes payable, $280,000; accounts payable, $264,491; ac¬
crued accounts, $31,651; insurance deposit reserve, $5,933; funded debt,
$388,500; class AA
($1.50 cumulative) outstanding, 34,983M shares,
$573,734; class A outstanding, 13 shares, $267; class B outstanding, 80,463
shares, $692,500; surplus, $188,092; total, $2,425,168.—V. 146, p. 3674.
(net),
Co.—Earnings—
1940
1939
Operating revenues..$13,720,980 $13,368,636
Operation
4,642,080
4,740,763
Maintenance and repairs....
755,203
824,851
Appropriation for retirement reserve
1,400,000
1,300,000
Amortization of limited-term electric investments22,626
19,197
Taxes....
1,496,743
1,450,798
Provision for Federal and State income taxes...565,124
474,458
__
_
on
....
^
$4,839,204
$4,558,568
10,938
Net operating income....
Interest
22,882
34,280
_...
,
$2,528,810
$4,850,142
1,648,167
.....
funded debt.......
Amortization of debt discount and expense...
Other interest.
on
$4,581,450
1,667,019
268,693
92,682
Cr 13,178
37,424
$2,808,088
___________
.....
266,844
99,014
Cr6,251
Interest charged to construction...........
Miscellaneous deductions.
Net income
have
declared
dividend
a
of
Balance Sheet Dec. 31. 1939
for depletion and depreciation of $686,646), $922,168; deferred
charges, $53,039; total, $1,785,393.
Liabilities— Notes payable ,$275,000; accounts payable, $34,961; wages
payable, $15,019; taxes payable and accrued, $23,744; capital stock (99,092
shares, no par), $1,586,180; defict, $149,511; total, $1.785,393—V. 145,
p. 3826.
"™
•
- '
reserves
Investing Corp.— Unlisted Trading—
Pacific
5% gold debentures, series A, due Jan.
150, p. 4135.
Packer
$1.25
share on account of
class A stocl j payable
per
on
the $5 participating preferred
July 1 to holders of record June 22.
O'SuIlivan Rubber Co.,
Inc.—Earnings—
Years Ended Dec. 31—
1939
Gross
operating profit on sales..
Selling and administrative expense?..___________
Net operating
1938
$506,139
291,035
$71,829
31,131
34,711
$136,775
profit
Interest..
Bad accounts and social security tax....________
$365,164
293,335
$215,104
38,092
40,238
...
1939
Operating
$5,986
Condensed Balance Sheet Dec. 31, 1939
Pacific Car & Foundry
Sales (net)
1939
.
Selling and administrative
1938
1937
$1,597,893
2,591,7Q8
1,647,318
4,246,690
loss$49,424
$266,995
25,514
11,436
23,9.59
$210,281
loss$37,989
$290,954
10,862
61,811
64,23.3
Total profit..
Interestpaid
Depreciation
j..........
..
..
\
......
....
Federal taxes.....................
Net profit
Dividends
80,158
73,572
21,935
$108,189 lossllll,561
______
$154,048
22,205
Balance Sheet Dec. 31,1939
Assets—Cash
hand
and
in
banks, $55,616; accounts and notes re¬
ceivable, $407,789; inventories, $707,602; land, $65,708; buildings and
machinery (less reserve for depreciation of $858,181), $742,541; patents—
less depreciation, $5,499; Portland plant and
property—not being used in
operations (less reserve for depreciation of $261,991), $74,872; prepaid
expenses, $12,197; total, $2,071,825.
Liabilities—Notes payable to banks, $150,000; accounts payable, $425430; accrued payrolls, $22,014; real and personal taxes accrued, $29,333;
plant purchase agreement, $34,250; provision for Federal income taxes,
$21,935; class A 6% cumulative preferred stock (par $100), $370,083; class
B 7% stock (14,995 shares no par), $628,117; common stock
(17,999 no
par shares), $1,800; surplus, $388,863; total, $2,071,825.—V. 148, p. 3695.
on
Pacific Coast
Calendar Years—
Sales revenue......
Cost of sales._
1939
_______
......
Selling and district general expense.
Home office and corporate general
_
expense--.
Retail selling and general expenses
Selling and adminis.
Baiance.
expense
._
Interest expense
-
__
______
9,040
$171,921
33,500
29,295
on
25,711
25,000
$97,941
86,250
$140,220
112,500
$1.69
$131
$1.87
shs__
cap.
Consolidated Balance
...
$126,755
112,500
—
75,000
5,990
2,883
_
Sheet Dec. 31,
1939
Assets—Cash, $155,311; accounts receivable, customers, $103,091; pre¬
paid lease rentals, $42,282; property, plant and equipment (less allowance for
depreciation of $424,971), $649,077; goodwill and lease location rights,
$525,000; other assets, $59,940; total, $1,534,702.
,
Liabilities—Accounts payable, trade, $6,408; accrued lease rentals and
other expenses, $9,685; provision for Federal income taxes, $33,500; reserve
for insurance on advertising display structures, $50,000; common stock
(75,000 no par shares), $1,350,000; earned surplus, $85,108; total, $1,534,702.—V. 149, p. 3567.
Fund, Inc.—Initial Dividend
Directors have declared an initial dividend of 59 cents per share on the
stock payable June 25 to holders of
record June 21.
Payne Furnace & Supply Co.—Accumulated Dividend—Directors have declared
accumulations
a
dividend of 15 cents per share on account of
the convertible preferred class A and
on
B shares payable
July 15 to holders of record July 8.
Like amounts were paid on March
28 and on Jan. 15, last.—V. 150, p. 1945.
Penn
ElectrKc
Switch
Co.—Earnings—
1936
$1,670,787
942,794
1939
$1,353,992
790,518
Calendar Years—
Net sales..
...
Cost of sales...
$1,201,110
829,286
364,901
368,315
414,906
420,905
$198,573
$3,509
$252,703
$307,089
profit from opers.
1937
$1,746,271
1,078,663
1938
11,200
8,529
14,160
19,846
$209,773
11,053
42,479
$12,038
18,444
651
$266,863
22,404
34,500
9,000
$326,935
$156,242
Other income.*.
1938
1937
$1,690,519
1,329,822
50,200
$1,945,221
1,508,525
55,818
$1,805,875
1,395,370
53 344
129,828
60,543
129,270
121,861
83,144
of sub..
income.___.___
Total
Other charges
Prov. for income taxes.
Fed. tax
on
_
undist. profs
N et profit
Glass A dividends._____
Common stock dividends
y$7,057
$200,959
$261,472
60,000
60,000
60,000
75,000
27,500
xl75,000
$120,125
30,440
49,727
$168,463
Dr28,296
,
______
...
53,395
12,069
x Comprises:
$50,000 paid prior to recapitalization June 24,
$125,000 subsequently,
y Indicates loss.
1936, and
Balance Sheet Dec. 31, 1939
Assets—Cash, $155,483; receivables (after reserve for bad debts of
$11,000), $97,252; inventories, $486,891; prepaid expenses, $23,931; in¬
$154,279; plant and equipment (after reserve for depreciation of
$180,139), $347,515; patterns, dies and jigs—at written down cost, $45,659;
patents (less reserve for amortization of $207,710), $17,290; trade agree¬
ments, $300,000; total, $1,628,302.
vestments,
$34,951: accrued liabilities, $29,Federal income taxes, $38,000; notes payable to in¬
% non-negotiable debentures,
$74,887; class A stock (par $10), $500,000; common stock (par $5), $500,000;
paid-in surplus, $118,403; earned surplus, $284,931; total, $1,628,302.—V.
Liabilities—Accounts payable—trade,
251;
provision
for
dividuals, due in December, 1940, $47,880; 4
149,
p.
2375.
Pennsylvania Co. for Insurances
Lives & Granting
on
Assets—
June 29 '40
Cash & amount of deposit with Fed. Res. Bank. .$138,378,264
United States Government securities
30,869.504
6,295,113
37,082,858
17,525,875
State, county, and municipal securities
Loans upon collateral
Investment securities.....
Commercial loans
44,813,845
First mortgages owned
Reserve fund for protection of "cash balances in
$185,573
24,462
Miscellaneous
*3®
41,353,437
37,514,102
23,992,455
36,931,935
.___
5,491,058
5,683,558
8,926,641
1,939,499
594,303
assets.
Interest accrued
Dee. 30
$136,977,604
11,063,233
1,940,584
695,019
Banking building, vaults and equipment
Profit.....
$150,565
18,961
159,664
Net loss
$140,167
25,129
229,279
$210,035
24,529
180,679
$28,060
Depletion
Depreciation
y
7,235
$130,119
—
—
Earnings per sh.
$162,881
Dr9,202
—
_
1,919
$122,884
$185,255
.___
income
trust accounts"
Other income (net)
.
150,958
498
Annuities—Comparative Balance Sheet—
Aggregates, Inc.—Earnings—
'
126,699
_
$4,513,685
expenses._
Profit.$184,768
Other income
21,257
109,463
$194,457
Amortization of goodwill, &c—
Net
$2,776,476
,•
,
„
54,763
127,776
29,976
115,386
__—
Sell., gen. & admin, exps
Co.—Earnings —
Condensed Statement of Profit and Loss Years Ended Dec. 31
279,949
39,986
129,568
169,471
& admin, expenses.____
Operating profit
common
Assets—Cash, $41,596; notes and accounts receivable, $615,073; in¬
ventories, $364,325; fixed assets (net), $693,301; patents, trademarks and
goodwill, $535,875; deferred charges, $29,091; total, $1,810,213.
Liabilities—Accounts payable—trade,* $89,244; notes payable—trade,
$54,015; accounts payable—affiliate, $52,220; accrued salaries and interest,
$28,914; accrued taxes—including income taxes, $40,096; dividends payable
Jan. 1, 1940, $7,500; long-term debt, $165,875; 6% cumulative
preferred
stock (par $25), $500,000; unsubordinated common stock (par $1), $100,000;
subordinated common stock (par $1), $145,000; capital surplus, $346,018;
paid-in surplus, $182,785; earned surplus, $98,546; total, $1,810,213.—V.
150, p. 441.
226,923
.
31.450
149,001
Rents
Other income...
1937
62,474
100,406
*
___
Total
$908,966
246,228
—...
Depreciation
gen.
$791,922
„
expenses
Maintenance and repairs.
Selling,
1938
$953,488
.
Pan American Investment
Net income before income tax............
1, 1948, have been
Corp.—Earnings—
Calendar Years—
Gross sales, less discounts, returns and
allowances.
Common dividends
accumulations
30,750
Assets—Cash, $73,695; notes and accounts receivable (less reserve for
losses of $28,657), $141,360; inventories, $595,132; property (at cost) (less
Net income.
Orchard Farm Pie Co.— Dividend—
Directors
$3,327
—
Provision for Federal income tax—_
Net income......
—V. 150, p. 4135.
—
uncollectible accounts, &c.) —.
Bad debts.
Gross income
$37,436
3,360
income—
Taxes
Other income....
$28,665
8,771
stricken from unlisted trading.—Y.
Years Ended May 31—
.
— -_
Gross income
The 20-year
Oklahoma Gas & Electric
1939
Income Account Year Ended Dec. 31,
all selling and general and administrative expenses)
Income credits (discount, interest, &c.)__-._
Other (interest, discounts,
Balance Sheet Jan. 31,1940
Assets—Cash
1940
operations (net sales, less cost of product sold, and
Profit from
Federal taxes
2,650
_
*
Dividends paid—cash___
July 6,
rentals received in advance, $3,017; inventory loss reserves,
unapplied, $28,000; capital stock (par $5), $2,885,558; contributed surplus,
$295,441; reduction surplus, $135,680; earned surplus since Jan. 1, 1939
(deficit), $28,060; total, $3,750,950.—V. 149, p. 4183.
income,
$114,241
y$4,827
Indicates profit.
Balance Sheet Dec. 31, 1939
Asseis-r—Cash, $54,424; trade accounts receivable, $180,270; other cur¬
rent accounts and notes receivable, $56,788;
product, merchandise and
supply inventories,$181,705; insurance and other current expense prepay¬
ments, $26,316; structures, machinery and equipment (net),
$949,098;
depositlands and rights, $1,994,551; real estate (other than deposit lands),
$239,351; investments, $41,179; deferred charges, $2,170; properties in¬
active or prospectively to become inactive and to be sold or otherwise
disposed of (net), $25,098; total, $3,750,950.
Liabilities—Notes and equipment purchase contracts,
$148,650; trade
accounts payable, $83,829; accrued expense and other accounts
payable,
$61,401; indebtedness payable by future deliveries of products, $5,585;
deferred indebtedness, payable after Dec. 31, 1940,
$131,850; deferred
1,984,220
1,950,311
Other real estate
4,699,570
4,834,423
39,742
192,805
Customers'
issued and
Total
...
liability account letters
accepted, executed.
_
of
-
.
Liabilities—
Capital...
Surplus—.
Undivided profits
credit
—
—
.$298,640,490 $303,129,466
_—i
Reserve for dividends
Unearned interest
—___
Reserve for building, taxes and expenses
Miscellaneous liabilities
Letters of credit acceptance executed for cust__
Deposits—___
Reserve for contingencies
Total
—V.
150, p.
$8,400,000
12,000.000
2,719,702
$8,400,000
12,000,000
2,534,079
336,000
1,103,934
508,097
336,000
920,350
332,305
2,138
23,503
39,74.1
270,731,386
2,778,128
192,805
276,000,539
2,411,248
$298,640,490 $303,129,466
2435/
Volume
The Commercial & Financial
151
of stockholders will be held Aug. 9 to act on a proposal
to create a new first mortgage and approve a bank loan.
Proceeds would
be used to refund the outstanding 6% 1st mtge. bonds of 1941.
Stockholders will be asked to authorize an issue of $4,250,000 of 1st
of which $3,250,000 would be issued immediately
The bonds would be due to 1953 and would
bonds,
mtge.
Sulphite & Paper Co.—Earnings—
Ended Jan. 31, 1940
$2,645,138
1,095
Port Huron
Corp.—Refunding—
Pennsylvania Dixie Cement
A special meeting
insurance company.
to an
have a
4K% interest rate.
The bank loan would total $2,250,000 and would be
due in one to five
years; interest to be at the rate of 3H% annually.
The 6s of 1941 are
outstanding in the amount of $6,059,000 and are redeemable on any interest
date on 30 days' notice at 100 plus a premium of A of 1% for each year
or part of year between redemption and maturity dates.—V. 150, p. 2892.
113
Chronicle
Earnings for Fiscal Year
sales
Net
Other income
Total
-
$2,646,232
2,257,943
-
...
of sales
Cost
108,996
Depreciation
90,543
24,822
Taxes
Interest
Net
$163,929
income
1940
Comparative Balance Sheet Jan. 31,
$45,103;
accounts receivable,
$266,434; inventories,
$508,864; other assets, $10,451; land, $23,116; plant and equipment,
$1,347,592; prepaid items, $16,192; total, $2,217,752.
Liabilities—Accounts payable, $174,950; accrued items, $12,358; reserve
for taxes, $43,533; mortgage loan, $675,000; reserves and deferred items,
$98,640; preferred stock, $496,000; no-par stock (100,017 shares), $100,017;
surplus, $617,254; total, $2,217,752.—V. 149. p. 120.
Assets—Cash,
Pennsylvania RR.—Orders Equipment—
The board of directors
June 26 authorized the
on
placing of orders for
equipment of the most modern types to cost approximately $10,000,000.
Supplementing the $17,000,000 program of equipment and property im¬
provement initiated last fall, and others of great extent previously carried
out, this new program will make a total of nearly $600,000,000 spent by the
Pennsylvania in the last 10 years on additions and betterments to its cars,
locomotives and other facilities in the interest of better service to the public.
"It is our long-established practice," said M. W. Clement, President,
after the board meeting, "to anticipate the future and get ready in advance
for the changing and increasing needs of industry and of the nation.— With
the new equipment now to be provided, we are confident of meeting any
demands that may arise from the normal growth of industry, from the na¬
tional defense program or from the location of new industries in our territory.
"The policy of advance preparation bore conspicuous fruit last fall when,
during one of the sharpest industrial upturns in history, we not only had an
ample supply of cars and locomotives for every purpose, to handle our own
traffic, but a surplus which enabled us to assist other railroads by lending
them over 20,000 cars, in some instances as many as 1,000 cars a day."
new
New
Official—
Appointment of George H. Pabst Jr. as Vice-President in charge of finance
and that of Howard W. Schotter as Treasurer of
the road was announced on June 27.
The railroad's directors also announced advancement of Frederick E.
and corporate relations,
Godfrey from Assistant to the Treasurer to
Asks Bids
Assistant Treasurer.
foreign money remittances and foreign exchange to the public in all parts
of the country, it was announced on June 27 by Ellery W. Stone, Executive
Vice-President.
will
be
certificates, series K, to be dated July 1, 1940, and to mature in 15 annual
instalments of $533,000 each, the last maturity to be on July 1, 1955.
They will bear dividends at the rate of 2M % per
annum.—V. 150, p. 4136.
Potomac Electric Power
$873,287
286,890
110,000
18,707
_.
_ _
.
_
_
Reserve for income taxes.
*
.....
...
Reserve for subsidiaries not coasolidated
Balance, surplus
Twenty-four hour daily service will
Co.—To Sell Bonds Privately—;
.
Commission announced June 29 that
company had filed an application (File 70-104) under the Holding Company
Act in connection with a proposed private sale of $10,000,000 of 3J4%
1st mtge. bonds, due 1974.
Proceeds from the sale of the bonds, together
with other funds of the company, will be used to maintain normal working
capital requirements and to meet normal construction expenditures during
the remainder of 1940 and 1941.
The company is a subsidiary in the
North American Co. holding company system.—V. 150, p. 2591.
and
Securities
The
Exchange
Co.—Extra Dividend—
(G. E.) Prentice Mfg.
5,972
7,314
Total income._
_
plan to reach every foreign country.
Foreign remittances will be
connecting telegraph, radio and cable routes
"We
dividend of $1 per share in addition to
quarterly dividend of 50 cents per share on the common stock,
par $25, both payable July 15 to holders of record July 1.
Extra of $2 was
paid on Dec. 20, 1939.
See also V. 149, p. 4039.
Directors have declared an extra
Earnings for Year Ended Dec. 31, 1939
Operating results
Adjustments of prior years and intercompany items
_
activities."
own
Pennsylvania Sugar Co.;—Annual Report—
Depreciation
department.
supply them
daily competitive foreign exchange quotations, and arrange for
speedy execution of orders so received through Postal Telegraph facilities.
"The demand for foreign remittances has been so great of late," said
Mr. Stone, "that it has been decided to bring this service to the public
at large through the medium of every available reliable, active agency.
At the same time the plan enables such agents to broaden the scope of their
by mail or transatlantic clipper.
be maintained "—V
148, p. 2602.
Pennsylvania RR. equipment trust
known as
newly estab¬
with
or
freight equipment, two high-speed, coal burning steam passenger locomotives
of a new design and eight passenger-train cars of various types for use in
a
Chicago-Miami coach train service to be inaugurated next fall.
Bids
will be received by the company up to 2 p.m. (DST) on Monday, July 8.
certificates
agency division of the company's foreign remittance
special division will promote the plan, select local agents,
This
The company has invited bids on $7,995,000 equipment trust certificates
to finance the construction and acquisition of 2,570 units of new steel
The
plan would be operated through a
Mr. Stone said that the
lished
handled over our own or our
$7,995,000 Equipment Issue—
on
Telegraph-Cable Co.—New Service —
Postal
Company has inaugurated a new foreign remittance service under
steamship ticket offices, tourists' bureaus and banks and brokers
can become foreign remittance agents of the company authorized to sell
which
...
the regular
$457,689
3,363,921
.......
Indiana—Earnings—
Public Service Co. of
Period End. May 31—
Operating revenues
Oper. expenses & taxes.-
1940—5 Mos.—1939
1940—12 Mos.—1939
$7,075,104 $6,590,698 $16,709,930 $}£<276,166
5,063,367
4,651,846 12,093,624 10,720,112
1938
Dr78,679
$1,938,852
Drl22,782
$4,616,306
Dr224,099
$4,556,054
Dr286,470
....
$1,933,058
$1,816,070
$4,392,207
$4,269,584
Int, & other deductions.
Earned surplus, Dec. 31,
1,022,394
1,185,954
2,671,724
2,878,120
$910,664
$630,116
$1,720,483
$1,391,464
Net oper.
income....
$2,011,738
Other income.
$3,821,610
124,635
Total surplus..
Dividends
Earned surplus, Dec. 31,
Gross income
83,696,975
1939
Consolidated Balance Sheet Dec. 31,
Assets—Cash, $1,834,566; marketable securities, $2,098; accounts re^
$1,559,859; inventories, $3,455,737; Franco-American Chemical
$1,014; land, $1,417,635; building
equipment, $10,885,071; prepaid and miscellaneous assets, $174,687;
total, $19,856,152.
Liabilities—Accounts
payable,
$181,534; notes payable, $2,400,000;
accrued liabilities, $498,633; dividend payable March 15, 1940, $62,318;
and
(including reserve of $110,000 for income taxes), $134,314; deprecia¬
tion reserves, plant, $6,140,315; capital stock, $4,985,400: paid-in surplus,
reserves
$1,756,664;
earned
$3,696,975; total, $19,856,152.—V.
surplus,
150, p.
3212.
Transportation
Co.—Sells Equipment
has sold privately to Philadelphia
banks and insurance companies $910,000 equipment trust
certificates series A, dated June 16, 1940 and due $65,000
Philadelphia
Trusts—The
quarterly March 16, 1942-June 16, 1945. Interest rates are as
1 % for first two quarterly maturities with increases
of
of 1 % for succeeding maturities to a maximum of 2^%
for last four maturities. Purpose is to finance the purchase of
152 buses recently ordered at a cost of $1,429,000.—V. 150,
p. 3213.
Philippine
Long-Distance
Telephone
Co.—Registers
with SEC—
See list given on first page
of this department.—V. 150, p. 2893.
6
May 31,'40
x
After
1937
loss$47,142 loss$296,909
Independent Natural Gas Co., a wrhol!y owned subsidiary of this
company, is seeking authority to construct a natural gas pipe line extending
from Sherman County in the Texas Panhandle to Milwaukee, Wis.
On
June 26 the company filed an application with The Federal Power Com¬
mission asking the FPC
to issue a certificate of public convenience and
necessity for the construction of such a line.
Estimated initial construction cost is given by the applicant as $28,698,000.
Financing of the project, the company stated,
capitalization of $12,000,000 and a long-term security
000,000.—V. 150, p. 2893.
Phoenix Securities
contemplates
issue of $18,-
Puget Sound Power
Pittsburgh & Shawmut
1940
May—
Gross from railway
Net from railway
Net ry. operating
From Jan. 1—
income
Gross from railway
Net from rail way
Net ry. operating
These figures
Northern RR. in
RR.—Earnings—Correction—
1939
1938
$38,966
1937
def 2,304
$22,522
def22,087
46,234
$26,703
def8,372
def8,866
def2,467
defl8,131
466,952
155,458
212,411
def 1,719
208,208
def29,998
271,904
def9,538
$136,783
61,177
Subs.)—Earnings
a
— —
-----
a
Queens Borough Gas
& Electric Co.—Rates
Ordered Cut
New York Public
The Commission
adopted instead a recommendation by Chairman Maltbie requiring tem¬
porary demand rates effective on July 1 which would save the customers
of the company about $100,000 annually —V. 150, p
3371.
Company was denied on June 26 permission by the
Commission to change several of its rate schedules.
Ltd.—Earnings—^
Railway Equipment & Realty Co.,
1940—3 Mos—1939
1940—12 Mos.—1939
$95,284
$102,816 prof$261,998
$190,559
Period End. Mar. 31—
x
Net loss
After all
x
charges.—V. 150, p. 2894.
Railway Express Agency, Inc. (& Subs.)—Earnings—
Period End. April 30—
1940—Month—1939
1940—4 Mos.—1939
Charges for transport'n.$14,698,930 $14,306,573 $54,767,102 $52,117,214
Other revenues & income
233,406
235,012
829,971
844,722
inc.$14,932,336 $14,541,585
78,090
7,885
83,761
...
11,933
Rail transp'n rev__.
$5,307,933
deductions
Other
a Payments
to rail and
3836.
$55,597,073 $52,961,936
8,542,762
560,650
8,932,840
59.5,869
Operating expenses
Express taxes
Int. & disc't on fd. debt-
34,984,946
2,375,431
335,044
33,079,885
2,197,444
307,390
29,259
42,567
$17,347,958
privileges.—V. 150, p.
$5,352,198 $17,859,085
other carriers—express
Inc.—Preferred Dividend—
Rayonier,
Directors have
declared
stock, payable July 25 to
a dividend of $1 per share on the $2 cum.
holders of record July 10.
Dividends of 50
pref.
cents
1939 this latter
1, 1938 when
distributed.—V. 150,
paid on May 27, and March 11 last and on Dec. 20,
bering the first dividend paid on this class of stock stince July
a regular quarterly dividend of 50 cents per share was
were
3062.
Corp. of New
York—7Y~^enl Dividend—
declared a dividend of 7 H cents per share on the capital
stock, par $2, payable July 15 to holders of record July 5.
This compares
with 22lA cents paid on Dec. 19, last; 7lA cents on July 15, 1939; 32 A cents
paid on Dec. 27, 1938; 7A cents on July 15, 1938 ; 35 cents on
1937, and an initial dividend of 15 cents paid on June 28, 1937.—V. 149,
p. 3727.
Directors
have
Dec. 27,
Riordon
Pulp & Paper Co.,
Ltd.—Debentures Called—
mortgage sinking fund deben¬
for redemption on Dec. 31 at 105 and accrued in¬
Payment will be made at the Royal Bank of Canada, Montreal,
and 6 Lothbury, London, England.—V. 147, p. 3026.
of the
All
tures
outstanding 30-year 6% first
have been called
terest.
Canada
Republic Aircraft Products Corp—Registers with
first page of this department.—V. 150, p. 2436.
SEC—
See list given on
def
31,541
4.701
defl6,443
95,278
were given under the name of Pittsburgh Shawmut &
last week's "Chronicle," page 4137.—V. 150, p. 3526.
income
& Light Co. (&
Ended May 31—
Reinsurance
York Supreme Court has dismissed the stock¬
holders' derivative suit against directors of the corporation to recover
SI ,000,000 paid in settlement of a Delaware action brought by stockholders
against Phoenix, Loft, Inc., and others.
Judge Collins held there was no
evidence of stealth or wrong doing on the part of the defendants as charged
in connection with the settlement and that the plaintiffs should have
applied for relief to the Delaware court where the original suit occurred.—V.
150, p. 3672.
Justice Collins of the New
stock, no par, has been removed rom
Curb Exchange.—V. 150, p. 4137.
1940_
1939
$16,472,919 $16,079,303
Balance for interest
5,656,873
5,676,181
Balance for dividends and surplus
2,110,947
1,855,558
After depreciation and including other income (net).—V. 150, p. 4137.
12 Months
p.
Corp.—Suit Dismissed—
Corp.—Unlisted Trading—
Securities
Operating revenues
a
Phillips Petroleum Co.—New Pipe Line■—
The
a
Utilities
Total revenues &
$121,977
depreciation, interest and all other charges.—V. 150, p. 1611.
$111,214
Net profit
x
1939
Mos. June 30
1938
3674.
The $7 participating preferred
unlisted trading by the New York
Phillips-Jones Corp. (& Subs.)—Earnings—
5 Mos.
p.
Public
company
follows:
150,
—V.
ceivable,
Works, $525,486; Fine Art Foods Corp.,
income-
Net
1939
Rochester Gas & Electric Corp.'—Bonds Called—
mtge. 25-year 4% gold bonds, series F, have
redemption on Sept. 1 at 105 and accrued interest.
Pay¬
ment will be made at the Bankers Trust Co., N. Y. City.—V. 150, p. 4138.
All of the outstanding gen.
been called for
The Commercial & Financial Chronicle
114
Rochester
Southern Acid & Sulphur
Telephone Corp. —Earnings—
Period End. May 31—
Operating
1940—Month—1939
$468,133
$449,207
revenues
Uncollectible oper.
1,033
9^2
$467,100
318,978
$448,215
309,477
rev.
Operating revenues..
Operating expenses
Directors have declared
1940—5 Mos.—1939
$2,306,837
$2,191,548
5,092
4,841
58,770
$728,979
311,034
-$79,968
54,821
$417,945
283,196
Earnings for 3 Months Ended March 31, 1940
taxes, depreciation, amortization, &c
$58,524
150, p. 3985.
$1,595,538
1,117,779
58,172,834
5,712,463
$7,651,622
5,377,639
$520,193
163,560
$477,759
140,172
$2,460,371
733,156
$2,273,983
663,472
$356,633
281,751
$33 7,587
262,298
$1,727,215
1,358,949
$1,610,511
1,243.430
Operating taxes
Net oper. income,..
Net income.,;
—V. 150, p. 3528.
Stock Sold—Dallas, Rupe &
shares of capital stock (par
St. Lawrence Flour Mills—Extra Dividend—
Directors have declared
an
extra
dividend of 50 cents
per
share in ad¬
x,o regular quarterly dividend of 25 cents per share on the common
stock, both payable Aug. 1, to holders of record July 20. Extra of 50 cents
was paid on Oct. 2, 1939.—V. 149,
p. 2244.
Paul Union Stockyards Co.—Bonds
Called—
All of the outstanding 1st mtge. 5% s. f. gold bonds have been called
redemption on Oct. 1 at 103 and accrued interest.
Payment will be
made at the First Trust Co. of St. Paul, St. Paul, Minn.—V. 150, p. 2439.
for
Safe Harbor Water Power Corp .—Bonds
Capitalization
Diego Consolidated Gas & Electric Co.- -Earnings
1939
1940
«
$8,782,482
3,109,228
700,193
1,379,851
revenues
Operation
Maintenance and repairs
*
Depreciation
Amortization of limited-term investments
Taxes
$8,611,038
3,105,144
653,233
Income and
279,240
$2,156,358
$2,177,857
469
2,191
$2,178,326
9,370
020,159
1,555
Miscellaneous deductions.
8,637
Assets—
!
Cash
$1,487,422
—
Other assets
Equipment
Total.
.$206,785!
Operating
Operating
Operating taxes
—Earnings'—
Balance for interest
Ba]ance for dividends and surplus
2,® After depreciation and including other income
$2,376,903
699,236
324,430
$2,270,024
774,860
397,626
(net).—V. 150,
p.
3675.
Shell Union Oil Corp.—Initial Dividend on New Shares—
Dit^ctors have declared an initial dividend of 25 cents per share on the
$15 par common shares payable July 16 to holders of record
July 5.
Dividend of 25 cents was paid on the old no
par stock on Dec. 20, last.
1940—Month—1939
$8,216,423
$7,843,834
31,881
31,431
1940—5 Mos.—1939
$40,337,925 $38,141,631
157,297
158,195
$7,812,403
4,954,149
$40,180,628 $37,983,436
25,132,226
24,143,385
$3,040,284
1,148,330
$2,858,254
1,066,409
$15,048,402 $13,840,051
5,620,588
5,184,898
$1,791,845
1,553,369
$8,184,542
$9,427,814
8,190,488
$8,655,153
7,435,363
3677.
Spiegel, Inc.—Registrar—
Chase National Bank of the City of New York has been appointed
par
value common stock.—V.
150, p. 3837.
*
Spokane Portland & Seattle Ry.—EarningsMay—
railway..
operating income
Net ry.
From Jan.
p.
1937
$757,689
268,754
142,822
3,450,646
917,339
318,845
.
3,283,705
711,602
101.012
2,973,755
592,510
3,546,707
1,207,880
639,146
46,537
3529.
Directors have declared an initial dividend of $1.25 per share on the $5
preferred A shares payable Aug. 1 to holders of record July 15.—V. 150,
3066.
(A. E.) Staley Mfg. Co. —Bonds Called—
or
improvements to its properties, it is stated.—V. 150,
p.
1938
$575,199
52,667
def67,816
(E. A.) Squibb & Sons—Initial Preferred Dividend—
p.
Acquire Stock—
The Securities and
Exchange Commission June 26 announced the filing
an application
(File 70-99) under the Holding Company Act
regarding
the purchase by
company of all of the outstanding common stock of Ne¬
braska Public Service Co.,
consisting of 10,000 shares (par $50 a share)
The stock is to be purchased from
Iowa Public Service Co. for $350,000.
Iowa Public Service Co. will use the
proceeds from the sale of the stock
150,
1939
$735,617
88,027
def45,466
1—
Gross from railway
Net from railway
Net ry, operating income
—V.
The New York Trust Co. will, until 11 a.m.
July 12 receive bids for the
to it of sufficient
5H% cumulative convertible preferred stock to
exhaust the sum of $1,000,027 at
prices not exceeding $105 per share.
V. 150, p. 3836.
1940
$756,255
219,163
77,771
Gross from railway
Net from
sale
Sioux City Gas & Electric Co.—To
p.
.$206,785
*
Co.—Earnings—
1939
new
for additions and
150.
registrar of the $2
1940
revenues
Tenders—
Net oper. income
Net income
—V.
"'The
12 Months Ended May 31—
expenses
Net oper. revenues...
3527.
p.
Savannah Electric & Power Co.
Total
$1,891,954
1,661,612
revenues...
to make his
40,000
110,000
....
5,144,258
re venues
Operating
9,846
40,125
Surplus
Southwestern Bell Telephone
Savage Arms Corp.—President Resigns—
Mr. Hickey will continue
Deferred liabilities
631
W. 1j. Wright, President of this company, has resigned as President and
has been elected Chairman.
F. F. Hickey, formerly Vice-President, has
been elected President to succeed Mr.
Wright.
Accrued'labilities......5,314
80,767 \ Capital stock (par $1)
Uncollectible oper. rev..
headquarters at Utlca, N. Y., and Mr. Wright at New York City
E. A. McDonald of Utica,
formerly Secretary and Treasurer, has been
elected Vice-President and Treasurer, and G. T. Wood of
Utica, formerly
Assistant Treasurer and Assistant
Secretary, has been eiocted Secretary.
G. Noble Davidson of Chicopee
Falls, Mass., formorly Works Manager,
has been appointed Genoral
Manager.
F. R. Phillips continues as Vice-
$1,500
52,308
| Notes payable
,i.._
39,072 ; Accounts payable.........
Deferred assets
Period End. May 31—
-V. 150, p.3837.
Liabilities—
$12,883
21,124
;
Inventories
7,670
,478,747
Net income
$11,872
—
Balance Sheet May 31, 1940
CY6.910
61,954
3,038
[After giving effect to the sale of additional capital stock, &c ]
62o,000
61,954
8,190
Other interest
$25,281
8,816
+~
—---—
Profit before Federal income tax—
Land, bldg. &
$2,158,549
620,000
-
funded debt
$41,625
34,400 shs.
Provision for depreciation
460
Amortization of debt discount and expense.
oUu4.
was
June 10,1940
Other deductions
1,035,103
Other income.
.
Stock
Expense Period Feb. 1 to May 31, 1940
Receivables.....
.
as of
Gross operating profit
Expense...
1,360,000
429
1,198,299
238,125
Provision for Federal income taxes.
Operating
share.
per
3% notes due serially to June 15, 1946
Common stock ($1 par) authorized 40,000 shs.; outstanding
1294.
Years Ended May 31—
a
$1) at $5
Company, formerly known as Booth-Henning, Inc. was incorp. in 1934*
It owns in fee a plot of land 215 feet by 165 feet facing the north side of Love
Field, the municipally owned airport of Dallas, Texas, on which is erected a
modern hangar. On the property are underground gasoline storage tanks of
77,000 gallons capacity, and the plant throughout is equipped with the most
complete facilities for the repair and maintenance of aircraft and motors.
Company operates one of the largest airplane maintenance depots in the
country, reported to be the only complete one of its kind in the Southwest.
The business consists in the main of the following:
(1) The servicing, over¬
hauling, and repairing of airplanes, engines, instruments, propellers, radios,
and fittings: (2) the sale of parts, accessories, aviation gasoline, and oil;
(3) the storage of plants; and (4) charter service.
Called—
A total of $101,000 first mortgage sinking fund gold bonds, 4\4% series,
1979 has been called for redemption on Aug. 2 at 104 and accrued
interest.
Payment will be made at the New York Trust Co.—V. 150,
due
President.—V. 150,
Love Field, Dallas, Texas—announce the sale of 20,000
Son
sold within the State of Texas.
dition
on
1940—5 Mos.—1939
$8,185,334
$7,671,122
12,500
19,500
$1,697,495
1,177,302
May 31—
revenues
Southwest Airmotive Co.,
Ryan Aeronautical Co. (& Sub.)—Earnings—
Interest
Co.—Earnings—
Operating revenues.
Operating expenses
$377,974
250,223
Directors have declared a dividend of $2 per share on the common stock,
payable July *15 to holders of record July 1.
Dividends of $1 were paid
on April
15, and on Jan. 15, last.
During the year 1939 four quarterly
dividends of 75 cents per share were distributed.—V. 150, p. 3675.
Operating
Dividend of 50 cents
10.
Uncollectible oper. rev,-
$671,855
293,881
Royal Typewriter Co., Inc.—To Pay $2 Com. Dividend—
San
Co.—2o-Cent Dividend—
1940—Month—1939
$1,699,495
$1,599,038
2,000
3,500
Operating
—V. 150, p. 3526.
p.
1940
dividend of 25 cents per share on the common
Southern New England Telephone
Period End.
6,
Net oper. revenues.
$138,738
$84,717
58,015
Net operating income.
Net income
St.
a
stock, payable June 15 to holders of record June
was paid on March 25, last.—V. 146, p. 2060
$2,186,707
1,514,852
$2,301,745
1,572,766
$148,122
63,405
Net oper. revenues...
Operating taxes
Profit after
July.
The Chase National Bank,
as trustee on
July 1 notified holders of first
that there has been called by lot for re¬
Aug. 1, 1940, at 102% and accrued interest. $403,000 principal
amount of these bonds.
Payment of drawn bonds will be made at the
principal trust office of the bank, 11 Broad Street.
mtge. bonds, 4% series due 1946,
demption
on
_
Remaining Outstanding Bonds Called•—
Southern Bell Telephone &
Period End. May 31—
°Pe™ting
1940—Month—1939
1940—5 Mos.—1939
$6,326,811
$5,785,087 $31,457,604 $28,573 020
25,767
21,940
112,661
101 330
revenues
Uncollectible
oper. rev__
Operating revenues
Operating expenses
$6,301,044
$5,763,147
4,131,799
Net oper. revenues
3,760,244
$2-169,245
Operating taxes
Net operating income,
Net income
Telegraph Co.—Earnings
$2,002,903 $11,303,417 $10,100,877
806,309
4,506,155
4,052,655
885.444
$1,283,801
1,069,404
$1 196,594
983,622
—V. 150. p. 3677.
1940
$2,422,014
_
_
126 421
reserve,
300* 000
" 1.1111111111
328*791
11111111
Net operating income..
Other income
150, p.3677.
71,749
$704 240
due
The redemption
1946.
price will be paid at the
11 Broad St., New York.
Standard Fruit & Steamship
Directors have declared
accumulations
a
Corp.—Accumulated Dw
dividend of 75
cents
per
share
on
•
account of
the $3 participating preferred stock, payable
July 15 to
holders of record July 6. Dividend of 75 cents Was paid on Dec. 21, last and
one of $1.50 was paid on Oct. 16, 1939.—V. 150, p. 4142.
on
Standard Gas & Electric
Co.—Weekly Output—
612,624 kwh.,
1939
$2,368,549
840,336
122,274
300,000
333,252
64,832
$707,854
1111"
1 --1111111111
752
$706 814
10*504
$708,606
409,698
34,174
11,992
Cr480
Cr404
409 698
34*174
as
1940, totaled 125,compared with 112,901,477 kwh. for the corresponding
11.3%.—V. 150, p. 4142.
week last year, an increase of
2,574
Gross income
Interest on funded debt
J.
Alll 1111111
Amortization of debt discount and expense
Other interest
~~
Interest charged to construction
-V.
890 881
1111111111211111121
Prov. for Federal and State income
taxes,
Net income
series
5,045,717
Co.—Earnings—
o^rSrevenueS"
Operation
Miscellaneous deductions
$6 048.222
5,797,525
4%
Electric output of the public utility operating companies in the Standard
Southern Colorado Power
Taxes
$6,797,262
bonds,
principal trust office of the Chase National Bank,
—V. 150, P. 3677.
Gas & Electric Co. system for the week ended June 29,
Year Ended May 31—
Maintenance and repairs
Appropriation for retirement
$31,344,943 $28,471,690
20,041.526
18,370,813
The company announced on July 5 that it will redeem on Aug. 5, 1940,
103 and accrued interest, all of its remaining outstanding first mortgage
at
3,848
6,600
$249,069
$246,545
Standard Oil Co. of Calif.
(Del.)—Obituary—
William H. Berg, 58, President of this company died
suddenly of
a
heart
attack.—V. 150, p. 3066.
Standard Oil Co. of N.
J.—Wage Report—
Company and its operating subsidiaries paid $193,400,000 in wages to
employees in various parts of the world, it was disclosed in a
summary of the company's 1939 report especially prepared for employees.
The company's group insurance plan, in which 88% of the employees
eligible participated, provided $131,000,000 in insurance at the close of last
year.
Payments to beneficiaries during 1939 amounted to $934,400.
In the employees' thrift plan 95% of those eligible participated last year.
Contributions of employees and the company during 1939 came to $117,000,000, of which 35% was devoted to the purchase of group annuities.
Payments of $2,000,000 were made under the company's death, and sick¬
ness and accident disability plans.
Employees paid $1,300,000 in taxes
under Federal and State social security plans, the company's share being
$4,500,000.—V. 150, p. 3678.
132,113
Volume
Commission granted on July 2 an ex¬
hearing scheduled for July 5 in the "deatn sentence"
integration proceedings against the corporation, the Standard Gas and
Electric Co. and their subsidiaries.
Securities
and
Exchange
tension until Aug. 6 of a
acquisition by com¬
of its common stock, series B, from H. M. Byllesby
For the purpose of acquiring these shares, Standard
Power would execute a contract with Byllesby pursuant to the terms of
whieh Byllesby would be entitled to receive, upon any distribution of the
assets of Standard Power, the proportionate share of the assets of the
corporation to which the holder of the 330,000 shares would have been
entitled had they not been surrendered.
Applicant has construed the con¬
tract as personal and non-assignable by Byllesby, and considers that under
its terms Byllesby would not be entitled to participate in distributions of
dividends except liquidating dividends.]
In the event that the proposed contract should not be executed, Standard
Power seeks approval of the acquisition for retirement of the 330,000 shares
pany of 330,000 shares
& Co., for retirement.
of stock, without the payment of any consideration.
"On its merits," the Commission states, "we do
not find that the pro¬
posed acquisition by Standard Power violates the standards of Section 12
<c), and consequently an appropriate order will be entered.
Considering
the transaction as an alteration of the rights of the holders of securities of_
Standard Power, it does not appear that such alteration 'will result in an
unfair or inequitable distribution of voting power,' as the voting power of
the holders of the 110,000 shares of series B common stock remaining after
the cancelation of Byllesby's stock would be increased, and the alteration of
Byllesby's r ghts are at its request.
We do not find that the alteration is
detrimental to the public interest or the interest of investors or consumers.
—V. 150, p. 3991.
Ltd. (&Subs.)—Earnings—
Steel Co. of Canada,
Year Ended Dec. 31
Consolidated. Earnings for
Profit from operations
—
Net income from securities
$4,648,351
143,924
Net
profit
Dividends
on
Dividends
on
:
preference shares
ordinary shares.
$3,053,726
454,741
1,725,000
-
$3,242,949
189,223
$4,686,680
454,741
funded debt
on
186,312
91,057
$4,854,651
167,971
Gross income
Interest
the
Stone & Webster,
That figure represents bookings of some $18,000,000 of new business
Uncompleted work of that kind at the end of
time the engineering divi¬
sion has completed around $5,500,000 of its contracts.
Inquiry on possible new construction work continues to be fairly active.
The company currently is discussing projects involving about $15,000,000.
The outlook for new construction contracts also appears to have been
Corp.
since the end of last year.
1939 stood at around $28,000,000 and since that
broadened by the extensive program now
for national defense.—V. 150, p. 2745.
Tastyeast, Inc.— To Reorganize—
A reorganization
petition filed under Chapter 10 of the National Bank¬
District Court at Trenton, N. J.,
approval of Judge Philip Forman.
Under the petition, present operators of the company continue as tem¬
porary trustees pending a hearing of creditors, stockholders and representa¬
tives of the Securities and Exchange Commission Aug. 16.
Current assets are listed in the petition as $19,814 and total asssets as
$824,074, of which $360,188 is plant and equipment.
Current liabilties are
given as $161,097, with capital stock at $377,025, and surplus of $285,950.
—V. 150, p. 855.
has met with the
Teck-Hughes Gold Mines, Ltd.—Earnings
a
$2,506,939
/
$873,985
depreciation and all expenses of manufacturing,
After deducting
selling
and administration.
y
Earnings per share
x
After
stock.—V.
charges and taxes,
150, p. 2441.
a
1939
bds. & oth sees.
S
669,889
7 ,513,455
842,438
for
Prov.
Acer
5,052,169
194,292
1939
1938
$
$
companies
.
set
special
purposes
075,695
48,887
Sees,
interest
&
divs.
divs.
Adv.
2,735,049
59,312
Earned
Total
.....78,942,782 72,839,399
Accounts payableTaxes accrued
93,786
90,192
78,385
105,323
877
Interest accrued..
158,006
162J32
Misc. accruals
253,583
71,121
Consumers
933
75,994
90,528
1,649,958
601,056
sold (contra)
Def. debit items..
paid.
accts.
rec.
sold
(contra)
Contributions
75,994
—
.
extensions
37,726
$334,485
267
14,913
66,820
51,296
$308,474
$268,009
....12,513,802 12,680,518'
Total
Earnings for the year ended Dec.
14,261
235,137
28,522
199,552
$1.25
profit
Preferred dividends..
Common dividends.
Earnings per share on common stock..
in
banks
and
on
hand,
$1.02
depreciation of $911,846), $591,866; deferred charges, $61,530; patents,
goodwill & trademarks, $1; total, $3,690,203.
Liabilities—Accounts payable (less discounts), $155,221; due to subs.,
$20,620; accruals, $78,971; employees' deposits, $2,039; Federal income
taxes (est.), $68,000; common stock
(240,000 do par shares), $1,200,000;
capital surplus, $86,589; earned surplus, $2,078,762; total, $3,690,203.—V.
1939
$2,198,527
--
...
Returns, allowances and
56,317
freight
5,510
17,158
Excise tax
Discount allowed..!
Cost of goods
1,545,567
sold..
1938
1937
$1,593,660
54,698
8,952
10,461
1,134,379
$2,296,270
$542,922
50,837
$593,760
35,350
84,743
$573,974
47,742
$384,571
35,913
Profit
$621,717
$420,484
59,806
42,586
99,031
2,477
profit
Royalty income
Selling expense
80,300
2,082
Administrative and general expenses.
Uncollectible trade accounts
(net)—
51,029
Total revenue from operations
$1,078,443
183,006
Total revenue.
J
and other expenses
Non-recurring expenses and losses
Net income for year...
1.694,528
1,596
1,274
$472,070
1,038
$480,802
85,951
$277,430
48,498
$473,108
4,431
"2",426
68,500
11,400
4,400
Cr657
CV252
Dr 319
$391,077
184,875
$226,758
123,250
$388,489
295,800
capital stock (par $1)
$1.58
$0.92
Consolidated Balance Sheet Dec. 31, 1939
$384,855
370,527
Dividends paid
Consolidated Balance Sheet at Dec. 31, 1939
[Including wholly owned subsidiaries]
Assets—Cash
on
hand and on deposit,
$53,298; marketable securities.
$1,759,755; owning from smelters, $74,568; notes, accounts, and accrued
interest receivable, $21,042; inventories, $122,083; investments, $2,047,570;
mine property and mining claims (less reserve for depletion of $4,835,350),
$272,863; buildings, machinery, and equipment (less reserve for deprecia¬
tion of $545,531), $83,324; deferred charges, $65,656; total, $4,500,159.
Liabilities—Accounts payable, $27,128; accrued payrolls, $17,500; ac¬
crued Federal and State taxes, $40,363; other accounts payable, $8,310;
common capital stock (par $1), $1,140,090; capital surplus, $81,651; earned
surplus, $3,185,118; total, $4,500,159.—V. 149, p. 1774.
Products
Export Corp. & (Subs.)—Earnings
Years Ended Dec. 31—
1940
$233,788
183,181
Net income....
Dividend paid
$0.58
Earnings per share.
Surtax on
undistributed profits
State taxes
Prior year
adjustments on taxes
Net profit.
Dividends paid
Earnings per share on
$70,663; accounts receivable
(less reserve), $17,270;
receivable,
$18,815;
marketable securities owned,
$384,738;
affiliated company in China, $1,500,000; certificates
of indebtedness issued bv Republic of Nicaragua for restricted bank de¬
Assets—Cash,
dividend
posits in that country, $4,035; advances to a Central American tobacco
(less reserve), $2,502;prepaid taxes and deferred charges, $4,222;
brands, trademarks and goodwill, $1; total, $2,002,248.
Liabilities—Accounts payable, $11,384; provision for Federal income and
capital stock taxes, State franchise taxes, $31,965: capital stock (472,500
no
par shares), $1,500,000; earned surplus, $469,285;
14,400 shares of
capital stock in treasury, at cost, Dr$10,387; total, $2,002,248.—V. 149,
company
Government securities, $72,426;
receivables (less reserves for doubtful accounts and freight of $11,634),
$185,188-1 inventories, $371,616; other assets, $2,339; property, plant and
equipment (less reserves for depreciation of $141,655), $192,610; patents
and trade name at cost (less reserve for amortization of $4,171), $10,474;
deferred charges, $13,946; total, $1,086,566.
p.
2530.
Tooke
Bros., Ltd. (& Subs.)—Earnings—
Earnings Year Ended Dec. 31, 1939
Profit
on
operations after executive officers' salaries of $21,240
$45
and legal expenses of
$21,702
10,412
10,000
Total income
Interest on first mortgage
$21,686
16
Dividends on investments
7% bonds.
Provision for depreciation
246,500 shares
Assets—Cash, $237,958; United States
1939
$190,257
160,282
$0.42
investment in a foreign
$1.57
Profit before taxes on income
Federal income tax
$1,261,449
871,478
5,116
Consolidated Balance Sheet Dec. 31, 1939
7,796
$276,390
1,040
$479,528
Operating profit
Other income (net)...
of
921,222
$1,062,658
15,785
Other income
(& Subs.)—Earns.
Gross
$1,983,881
Income from auxiliary operations
Tobacco
Calendar Years—
Co. (& Subs.)—Earnings—
Metal sales (net)...
150, p* 2117.
Gross sales.
12,680,518
sales
$383,227; marketable securities,
$8,889; accounts receivable (less reserves), $568,883; miscellaneous notes and
receivable, $13,586; merchandise inventories, $1,222,365; invest¬
ments in and amounts due from subsidiaries, $749,014; unlisted stocks &
other securities, $1; other assets, $90,841; fixed assets (less reserve for
accounts
Sterling Aluminum Products, Inc.
12,513,802
Earnings for Year Ended Dec. 31, 1939
Gross metal
Balance Sheet Dec. 31, 1939
Assets—Cash
Total
31, 1939 appeared in the "Chronicle"
1298,.—V. 150, p. 3679.
of Feb. 24* page
Cost of mining
|g*
Net
34,050
697,961
27,054
Freight and smelter charges..
24,163
adv. to sub
Provision for Federal income taxes
36,150
727,759
defl2,615
.
$296,759
555
.
$1,466,849
1,170,090
$410,351
10,340
recoveries
1,585,064
[Includingfwholly owned subsidiaries]
$1,602,609
1,218,673
_...
90,528
1,461,227
for
Capital surplus
1938
26,414
.
122,305
Guar'ty of appl'ce
Reserves
Tintic Standard Mining
Prov. for loss on invest. &
1,059
137,200
serv. &
line deposit
Appl'ce accts. rec.
78,942,782 72,839,399
$3 83,937
Interest
4,378
121,488
469,139
76,039
1939
Accounts written off, less
4,792
114,001
852
Earnings for the Year Ended Dec. 31
Other income.
1.157,890
6,261,500
649,881
ing funds)
(A.) Stein & Co.—Earnings—
profit from operations
Operating expenses
1,157,890
Electric Admin.
247.192
a And deposits with trust companies and banks,
b Owned and operated
by the companies,
c Represented by 460,000 no par shares.—V. 149,
P
4042.
„
Gross
$
6,261,500
__
1,100
Corporate surplus
Total
1938
2,218,794
Rural
4,378
18,651,040 15,835,528
surplus
(contra)
from
4,792
16,300
(contra)
Special deposits...
Cash (incl. work¬
7% cum. pref. shs. 6,496,300
6,496,300
c Ordinary shares.11,500,000
11,500,000
aside lor
Deferred charges..
2,748,040
capital
Mat. bond int. and
Materials & suppl.
2,130,303
coal & ore min'g
11,861
15,789
S
par)
Long-term debt...
from
rec.
cos
Accts. receivable..
Funds appropr'd.. 3,062,568
2,705,778
Operating reserves 2,465,113
2,891,688
Plant reserve
25,839,934 24,570,147
Otherreserves
2,588,673
2,029,674
b
Investments
Accts.
1939
Liabilities—
6,347
Funded debt
In v. in & advs. to
$1)
Cum. pref.stock.. 2,218,794
Common stk. ($10
9,751,891 11,151,736
25,113
25,140
Fixed capital
1,234,935
3,018,757
Dividends
7 355,436
2,344,392
(par
Tide Water Power Co.—Balance Sheet Dec. 31-
6,896
5 392,782
Inventories
payable
$1,707,184
$0.36
On 4,807,144 shares
1,234,935
Accounts receiv'le.
2,861,234
7,314,134
Cost of works..-49 ,746,645 49,040,931
1937
$1,218,442
$0.25
Notes receivable..
Dom.,
Wa-Tes
Unclaimed divs...
102,294
Bills receivable
1,707,806
Prov.& oth .taxes 2,160,065
671,643
Canada
ol
1938
2,398,573
Accounts payable.
2,256,347
Guar, call loans.
Dom.
$
Liabilities—
S
$
3 ,007,935
y
—
1938
$0.29
Dep. for mat. bond
1938
1939
Assets—
Cash
1939
$1,377,259
$1,687,150
$0.35
Net profit
affil.
Consolidated Balance Sheet Dec. 31
1940
9 Mos. End. May 31—
x
Assets—
Balance
in the making by the Government
ruptcy Act by the company in the U. S.
1,725,000
...
Inc.—Bookings Higher —
Company now has around $401000,000 of uncompleted engineering and
construction work on books of its subsidiary, Stone & Webster Engineering
$2,965,580
62,376
Profit from sale of securities
on
1938
1939
a
Co.—Accumulated Dividend—
a dividend of $1 per share on account of ac¬
8% cumulative preferred stock, par $25. payable
July 15 to holders of record July 1. Dividend of like amount was paid on
Jan. 15, last. Regular semi-annual dividend of $1 per share was last paid on
Jan. 15, 1938.—V. 150, p. 3991.
have declared
cumulations
July 1 issued an opinion approving the
on
(John B.) Stetson
Directors
Byllesby to Surrender Stock—
The SEC
payable, $69,014; accrued property and capital
stock taxes, $7,666; Federal and State taxes on income (estimated), $90,382;
reserves, $52,981; capital stock (par $1), $246,500; earned surplus, $620,021;
total, $1,086,566.—V. 150, p. 3374.
Liabilities—Accounts
Light Corp.—Hearing Delayed—
Power &
Standard
The
115
Chronicle
The Commercial & Financial
151
$1,290
Net profit for year
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash
on
hand
and
in
bank,
$4,127; accounts receivable (less
for bad and doubtful accounts), $204,020; investments, $301;
$342,261; deferred charges, $18,409; fixed assets, $688,289;
bonds sinking fund, $10,171; goodwill, $323,785; total.
$1,591,362.
provision
inventories,
first
mortgage
Chronicle
The Commercial & Financial
116
Liabilities—Bank loan, $73,000; accounts payable and accrued
liabilities,
$85,257; taxes payable, $13,223; bond interest accrued, $2,457; unclaimed
dividends, $159; 20-year 7% sinking fund first mortgage gold bonds,
$150,400; reserve for depreciation, $288,649; 7% cumulative preferred stock
(par $100), $985,000; common stock (8,725 shares no par), $246,250;
deficit, $253,034; total, $1,591,362/—V. 146, p. 2873.
Transcontinental
Western
&
Inc.—Orders More
Air,
15 24-passenger transport planes, costing more
An order for
United Gas
planes are to be delivered by Dec. 31, and
that the remaining six are to
increase of 7,867,708 kwh. or 8.3%.—V.
&
Merchants
150,
United Milk Products
Co.—Earnings—
1939
Years Ended Dec. 31—
fleet of 21-passenger DC-3 planes and 14-passenger
DC-2 equipment now being flown by TWA, the airline has just taken
delivery of a fleet of five 33-passenger, four-engine Boeing' 'Stratoliners' at
a cost of more than $1,500,000 and will put them into service on July 8 over
Depreciation
With
^
the new Douglas planes, the
—V. 150,
modern transports.
airline will have a total fleet of 55
Adjustment of taxes of prior years.
—
-
—
Operating loss
51,254
..
...
Provision for State income taxes.
2,003,861
$782,625
361,094
208,034
54,733
91,848
148,197
2,558,205
$1,202,369
339,203
153,640
75,006
115,618
100,820
$1,221,496
Crl56,901
$81,282
6,652
pf.$418,081
43,316
13,173
$87,934 Pf $361,592
1,799,324
Ioss$559,328
304,123
153,065
67,903
85,821
...
...
Miscellaneous charges (net)
-
capital stock
Nil
$0.48
Balance Sheet Dec. 31
1939
1938
$
1939
8
Liabilities—
1938
$
8
3 H%
promissory
notes
1,600,000
803,501 bl,085,618.
105,759
Acc'ts receivable-<373,832
385,833 Accounts payable8,540
Notes rec., secured
135.238
,53,557 Accrued taxes
Inventories211,314
299,295 ITov. State income
taxes
6,212
a Fixed assets..-- 8,309,362
9,563,800
2,137
Other assets.-.--.
5,081
11,613 Accrued int. pay__
Accrued wages
17,743
Del. capital stock
Cash in banks and
on
hand
Other liabilities
and other taxes,
7,582
Cap.stk. (par $10) 7,500,000
Paid-in surplus--- 1,367,259
18,
30,378
licenses, &c
Earned surplus
de!746,526
$918,384
Balance
Dividends
on
Dividends
on common
After
reserve
per common
share
United
Paperboard Co.—$2 Preferred Dividend—
a dividend of $2 per share on the 6% non-cumu¬
of record July 8. Dividend
May 29, 1938.—V. 150, p. 2443.
Directors have declared
lative preferred stock, payable July 11 to holders
6,212
2,671
18,331
9,916
7,500.000
1,367,259
318,069
of
$3
was last
paid
on
United Post Offices
Corp.*—Earnings-
-
——
-----
Cost of sales.
Gross profit-.
Operating
-
expenses
—
—
_—
-
Net profit from operations
(less deductions)
—
—
Provision for Federal income tax
1937
$328,441
177,342
162,672
35,000
163,378
44,622
Cr 152
_
Net loss carried to surplus.
139,998
$73,336
Operating and admin, expenses
Prov. for prop, rehabilitation & replac.
Income bonds (at 5H % per annum)
Depreciation, buildings & equipmentProfit on sale of capital assets
180", 318
196",763
44,498
Cr219
45,413
09,833
$56,328
$81,243
1939
Assets—Cash, $224,335; accounts receivable, $111,475; physical prop¬
(less reserves for depreciation of $393,254), $1,765,495; deferred
$25,136; total, $2,126,442.
Liabilities—Accounts payable, $627; interest payable, $78,203; accrued
local, State and Federal taxes, $14,661: management fees, $3,332; first
mortgage cumulative income bonds (less reacquired and held in treas¬
ury, $543,500), $2,970,500; interest accrued, $312,923; scrip certificates,
$297,050; reserve for property rehabilitation and replacement, $35,000;
common stock
($1 par), $34,130; deficit, $1,619,984; total, $2,126,442.
—V. 149, p. 1631.
erties
$2,390,426
1,538,488
$851,938
845,051
$6,886
7,585
2,176
—...
Other income
1938
$308,265
1939
$332,183
Years Ended Dec. 31—
income
Total
Balance Sheet Dec. 31,
III.—Earnings—
Earnings for the Fifty-Two Weeks Ended Jan. 13, 1940
Net sales..
1939
Assets—Cash in banks and on hand, $1,019,229: trade accounts receiv¬
able (less reserve), $364,729; inventories, $190,386; deferred charges and
sundry other assets, $80,005; real estate, buildings, machinery, equipment,
&c. (less reserve for depreciation of $652,780), $1,334,348; brands, trade¬
marks, at book value, $1; total, $2,988,699.
Liabilities—Dividends payable, $54,741; accounts payable, $347,866;
local, State and Federal capital stock taxes accrued, $39,144; accrued
Federal income taxes (est.), $79,992: $3 cumulative participating preferred
stock (29,833 no par shs.), $1,342,485; common stock (34,899 no par shs.),
$174,495; capital surplus, $300,011; earned surplus,
$649,965; total,
$2,988,699—V. 150, p. 2130.
10,523
for depletion,
12th Street Store, Chicago,
$619,242
$2.83
—
Balance Sheet Dec. 31,
185,181
depreciation, and amortization, $5,733,281
in 1939 and $3,941,009 in 1938.
b Includes $22,215 cash deposited with
trustee for distribution to noteholders.—V. 150, p. 3220.
a
$843,738
154,699
69,798
$649,965
$3.24
stock—
Earned surplus Dec. 31, 1938
Earnings
2,000,000
9,868,707 11,418,161
Total
9,868,707 11,418,161
-
95,972
172,446
preferred stock
_
Total
11,949
619,242
Earned surplus at Dec. 31, 1937
$1,064,595
Nil
-
-
Lease rentals, net
Dry hole losses and contributionsGeophysical expense
Assets—
$276,939
566,799
62,753
1937
1938
1939
Income from operations - - — - —
General and adminis. expenses—
Surrendered leases and royalties - _
Loss for the year
Earns. per share on
$288,889
$299,142
Net earnings from operations
Loss on disposal of fixed assets---
$464,274
112,632
$338,373
16,529
22,703
Reserve for estimated Federal income taxes_
Net income-
Transwestern Oil Co.— -Earnings—
-
1938
$536,542
118,176
79,992
3991.
p.
Years Ended Dec. 31—
Oil income—barrels
Inc.—New
Mr. La van
voting trustee of the company since 1939.—V. 150, p. 3221.
a
Net earnings from operations
its transcontinent;l route.
4144.
Peter I. B. La van has been elected a director of this company.
has been
of 24
In addition to a large
p.
Manufacturers,
Directors—
,
_
an
United
follow by next spring.
The planes are a modernized version of the Douglas DC-3 21-passenger
standard transport, with a longer passenger cabin and a seating capacity
_
Improvement Co.—Weekly Output—
The electric output for the U. G. I. system companies for the week just
closed and the figures for the same week last year are as follows:
Week
ended June 29, 1940, 103,142,990 kwh.
Same week last year, 95,275,282
than $1,-
500,000, has been placed with the Douglas Aircraft Co. by this company,
according to an announcement made on June 28 by Jack Frye, President of
the airline.
Mr. Frye said that nine of the new 24-passenger, twin-engine
1940
the administrative functions of the
general offices. Mr. Caldwell will act also as general adviser to the manage¬
ment on engineering matters.—V. 150, p. 3530.
kwh.
Planes—
July 6,
Mr. Chatfield will be charged with
expense,
United Printers & Publishers Inc.—Bonds Called—
Net profit
$12,295
-
-
Assets—Cash in bank and
hand, $229,389; accounts receivable (less
reserve for bad debts of $75,187), $236,270; miscellaneous accounts receiv¬
able and other assets, $1,751; merchandise inventories, $265,393; prepaid
rent, $48,017; fixed assets, $276,777; deferred, $11,791; total, $1,069,389.
Liabilities—Accounts payable, $27,622; rent payment, $65,000; accrued
expenses, $93,862; cumulative preferred stock
(36,675 no par shares),
$916,875; common stock (50,000 no par shares), $250,000; deficit, $283,970;
total, $ 1,069,389 .—V. 147, p. 586.
on
Union Metal Mfg. Co.
A
1
at
gold debentures has been called for redemption
and accrued interest.
Payment will be made at the
Trust Co. of Chicago.—V. 150, p. 4144.
103
American National Bank &
United States Cold Storage
1939
$939,194
610,907
60,573
6,006
Operating profit
Discounts, royalties and sundry other income.
'
$277,556
16,769
55,819
-
Net profit
Divs. on prior pref. stock $14,504; divs. on com. stk. $52,642
$204,967
67,146
Consolidated Balance Sheet Dec. 31,1939
Assets—Cash, $123,788; accounts receivable, $329,250; inventories (less
$10,000), $384,467; investments and other assets, $26,955; prop¬
erty, plant and equipment (less reserves for depreciation of $1,111,290),
$787,244; patents and royalty rights, $38,468.; deferred charges, $7,393;
reserve of
$467,769
128,330
payable to banks, $20,000; land contract, $3,600;
trade accounts payable, $78,145; wages and commissions, $18,820- pay roll
taxes, $12,436; accrued taxes and Interest, $10,301; Federal taxes on in¬
come for the year 1939 (est.), $43,200; long-term
debt, $166,032; reserve,
$50,000; 6% cum. prior preferred stock (par $100), $241,400: common stock
(52,642 no par shares), $349,340; capital surplus, $190,550; surplus from
revaluation of properties, $70,788; earned surplus, $442,943; total, $1,697,565.—V. 149, p. 3884.
$38,804
(less reserves
of $43,912), $790,792; inventories, $249,405; notes, loans and inventories,
pledged (by deposit of warehouse receipts), $626,204; prepaid insurance,
taxeJf supplies, &c., $90,147; investments, advances, &c. (less reserves),
$337,912; plant and equipment (less depreciation reserve of $1,925,536),
$3,890,874; land, $758,223; bond discount and expense unamortized,
$45,797; total, $7,098,698.
Liabilities—Accounts payable, $109,364; accrued wages, taxes, interest,
&c., $123,160; notes payable
(secured), $499,000; deferred liabilities,
$25,748; funded debt, $1,880,500; deferred income, $26,148; 7% cumulative
on
hand, $309,342; receivables
Preferred stock (par $100), $1,800,000; common stock (75,000 no partreasury
1,875,000; capital surplus, $626,919; earned surplus, $162,012; shares),
(2,426 shares), Dr$29,155; total, $7,098,698.
U. S. Industrial Alcohol Co.—Consolidated Balance
Mar. 31 '40
Assets—
y
Property,
a
Cap. since Jan. 1
197,957
3,128,417
3,226,682
793,984
1,477,535
189,429
4,546,996
1933
3,216,812
3,160,682
986,320
1,260,106
Accts.rec., &c
Pension fund.
Deferred
-
charges678,056
490,530
1,561,701
l,03b"816
456,298
425,076
settle¬
625,031
ment suits
Misc. current liab-
206,148
Res. for conting..
550,000
550,000
248,813
237,285
Res. for pension
255,022
fd.
701,465
620,876
5,183,051
reserves
Surplus
5,174,906
20 467
""
16 929
$374
31, 1939
Assets—Plant and equipment, $774,039; deferred charges, $1,474; cash
hand and in banks, $13,190; notes receivable, $5,880; collateral notes
receivable, $37,003; trade accounts receivable, $19,814; accrued receivables.
$238,; total, $851,639.
Liabilities—Capital shares, $350,000; surplus, $243,187; reserves, $255,785; accounts payable, $1,293; accrued social security taxes, $1,069; accrued
payroU, $304; total, $851,639.—V. 150, p. 704.
on
Officials—
Chatfield has been made Executive Assistant to the Viceannounced on July 1 by Raycroft Walsh, Vice-President.
Frank W. Caldwell was named director of research.
/
I
4.934.563
ment of govern¬
Other
$37 770
General Balance Sheet Dec.
was
for
S
4,934,563
300,000
Accounts payableMis cell, accruals.-
Prov.
& hurricane ins-
Profit from operations,
United Aircraft Corp.—New
Common stock..
Bank loans
1
Sheet
Dec. 31 *39
$
Liabilities—
x
plant
and equipment-
Mar. 31 '40
Dec. 31 *39
S
S
Profit and Loss Dec. 31,1939
Charles H.
—
958
Condensed Consolidated Balance Sheet Dec. 31, 1939
Cash
Co.—Earnings—
_
Net earnings
Merchandise, Ac-_ 4,653,102
Calif.—Official Retires—
Paul M. Gregg, Vice-President and counsel announced his retirement,
effective June 30.—V. 150, p. 3067.
President it
$16,455
Depreciation
Interest and expense on long-term debt.
bin vestments
1939-.
Taxes—Local, State and Federal
Depreciation
Net gain
173,574
127,061
$422,994
111,559
159,699
135,281
Taxes
stock
total, $1,697,565.
IAabilities—Notes
Union Storage
$422,036
Total income
$261,708
15,848
income.
Union Oil Co. of
1,312,631
$428,601
39,168
Assets—Cash in banks and
on
$1,734,668
1,474,999
Expenses
Miscellaneous income
Selling, administrative and other operating expenses
Provision for depreciation of plant and equipmentProvision for amortization of patents and royalty rights.
Federal taxes
1938
$1,903,601
Gross income-
Operating income
(& Subs.)—Earnings—
-
Other deductions
Corp.—Earnings-—
Earnings for the Year Ended Dec. 31
Earnings for Year Ended Dec. 31, 1939
Gross profit.
total of $26,900 6%
Aug.
on
Consolidated Balance Sheet Jan. 13, 1940
Total
14,142,037
13,853,575
Total
x.
14,142,037 13,853,575
Represented by 391,238 no par shares.
y After reserve for depreciation
of $24,369,104 in 1940 and $24,348,125 in 1939.
a After reserve for depre¬
ciation of $547,460 in 1940 and $486,384 in 1939.
b Includes marketable
x
securities
The income statement for the three months ended March 31 was
lished in V, 150, p. 4145—V. 150, p. 4145.
pub¬
3681
United States Gypsum
Co.:—Federal Government Indicts
Companies on Price-Fixing Charge—Nine Individuals
Accused in Inquiry into Wallboard Industry—
Five
A special
Federal grand jury at Washington, D. C., indicted five corpo¬
individuals June 28 on charges of fixing the prices of
board, wallboard and lath through a patent licensing arrangement.
rations and nine
gypsum
Indicted
profit and loss balances of these subsidiary companies aggregat¬
ing $369,174 were credited to profit and loss account of the Virginian Ry.
merger the
United States Gypsum Co., National Gypsum Co.,
Corp., Ebsary Gypsum Co., Inc., and Newark
officers and employees:
Oliver M. Canode, William
were:
Products
Certain-teed
Plaster Co., and these
L. Keady, H. Frank
Sidney F.
Sadler,
Consolidated Balance Sheet Dec
Bartlett, Ernest A. Gallagher,
1939
Ralph F. Burley, Warren F. Henley, and Arthur R. Black.
Among the allegations was one that the corporations, makers and sellers
of nearly all of the gypsum board sold east of the Rocky Mountains, had
been parties to a patent licensing system whereby United States Gypsum
Co. fixed the prices for all of the manufacturers.
Melvin H. Baker, President of the National Gypsum Co., one of five
31 (Including Loup Creek Colliery
$
Assets—
31,271,500
31,271,500
156,492,315 6% cum. pf.stk. 27,955,000
7,116,215 Long-term debt. 61,311,781
7,051,400
Govt, grants
4,604
Unsecured notes
2,100,000
27,955,000
66,165,672
property.
Depos. in lieu of
mtged.
prop.
331
25,000
25,000
13,808
107,175
13,808
108,031
29,928
33,107
4,860,647
Inv. Inaffil.
Sees,
Securities
4,781,795
xl2,235
wages
$527,873
127,622
Crl0,041
73,000
Prov. for Fed. inc. tax__
Net
42,746
$337,292
1,034,054
$202,711
931,342
Total surplus
$1,134,053
100,000
After
1936 surtax on undistributed
Int. & divs.
$995,124
250,000
&
57,586
to
prop,
942,014
943,246
26.646,131
25,205,268
surplus
Profit and loss.
122
2,809,775
2,603,319
175,668,602
For payment of
174,715,5041
Total
175,668,602 174,715,504
principal, premium and interest on 1st mtge. bonds
1, 1912, called for redemption as of May 1, 1936.
Vultee
Aircraft, Inc.—Listing—
admitted to the list
also been admitted
York Curb Exchange.—V. 150, p. 3840
The 787,500 shares of capital stock, par $1, have been
the San Francisco Stock Exchange.
This stock has
to
listing and registration on the New
Wabash
Assessment
Ry.- -Reorganization Plan Filed with
on
Common
Stockholders
Fixed—
The receivers
announced July 5 that they filed July 3
Court in St. Louis
a
assessment of $7 per
From
Court.
in the Federal
All
revised plan of reorganization for the company.
share on the present common stock is
provided for in
the plan.
Each share of stock paying the $7 per share assessment, will re¬
ceive income bonds and common stock of the new company,
Stockholders
paying the assessment are
not
excluded from participation in the plan.
plan calls for a total capitalization of $160,597,835 compared with
capitalization of $325,269,911 and fixed rentals and interest of
$2,743,213, compared with $7,433,443 as at present.
Under the plan fixed interest debt will be $76,389,524 compared with
$187,149,144 at present; contingent interest debt $38,207,975; preferred
stock $45,526,896, compared with existing preferred stock of $71,125,592.
There will be 473,440 shares of no par common stock compared with
The
the present
,
B stock, par $1, and the 7%
preferred stock, par $100.—V. 150, p. 4145.
669,952 shares of present $100 par common stock.
Improvement Fund Provided
Corp.—Registers with SEC—
Vinco
979,777
114,215
29,292
on
Dealings—
See list given on
1 066,279
1,981,523
thru, income &
517
56
x
The 30-year 5% gold debentures due Feb. 1, 1959 (stamped and un¬
stamped) and the 5)4% 20-year gold debentures due June 1, 1947 (stamped
and unstamped) have been suspended from dealings on the New York
Stock Exchange.
The plan of reorganization has been consummated,
and the securities are exchangeable for Ogden Corp. securities.
The New York Curb Exchange has removed from unlisted trading the
non-voting common stock, par $1, the class
18,151,357
under indenture of May
—V. 150, p. 3531.
1939
Corp.—Suspended
2,488,317
19,862,837
Add'ns
193,486
32,961
Total
profits.
Light
26,986
liabilities..
credits
2,339,665
467
rec.
Unadjust. debs.
$301,616; United States Treasury
receivable (less reserve of $1,000),
$178,547; inventories, $696,798; investments and other assets, $70,365;
property, plant and equipment, at cost (less reserves for depreciation of
$886,796), $792,636; deferred charges, $18,983; total, $2,552,690.
Liabilities—Trade accounts payable, payrolls and cost of settlement of
suit, $242,227; accrued expenses, $6,118; Federal taxes on income.of year
1939 (estimated),. 73,000; reserve for contingencies, $37,500; capital stock
(100.000
no par shares), $1,022,500; earned surplus, $1,171,346; total,
$2,552,690.—V. 150, p. 1458.
Power
337,859
2,540,055
cur. assets
bids, $493,745; trade accounts
Utilities
99,645
30,650
J
Accrd. depletion
Other unadjust.
302,686
Deferred assets.
Other
Assets—Cash on deposit and on hand,
notes and
12,235
101,550
Tax
457,124
Misc. accts. rec.——391,873
$1,034,053
100.000
Balance Sheet Dec. 31,
480,276
Mat'ls & suppl's
275,000
9,925
llab.
cur.
Accrued deprec.
agents &cond.
$931,342
$745,124
100,000
100,000
$3.37
$2.03
$4.61
$4.34
deducting depreciation,
y Including $21,000 in 1937 and $20,000
$1,171,346
100,000
Bala., surplus Dec. 31
Shs.cap.stk.out. (nopar)
Earnings per share.
9,925
ser¬
vice bals. rec.
$434,152
560,972
$1,206,342
200.000
for..
Special deposits.
Traffic & car
25,869
Deferred liabils.
Other
Net bal.rec. from
$461,218
745,124
_
Divs. paid & prov.
in
Cr 13,702
_
Cash
108,758
17,915
y92,947
121,583
11,785
y99,000
$1,371,346
profit
surplus
Previous
x
114,827
788,834
int .on 1st mtg.
bds. redeemed
Secs.unpldgd.
$653,771
$693,586
$346,583
.
Prin., prem. and
Other investm'ts:
.
int. accr
Unmat
Advances..
1936
1937
1938
1939
770,184
payable
Misc. accts. pay.
un¬
pledged:
profit from mfg,
operations
Gen., admin., selling &
shipping expenses
Other deduc's (net)
29,500
1,018,134
Audited accts. & '
Stocks
Gross
54,666
909,371
29,575
vice bals. pay.
cos.:
pledged
—stocks
150, p. 3377.
3,372
Traffic & ca rser-
361
sold
Universal Products Co., Inc.—EarningsCalendar Years—
stock.
Common
& equipment-157,183,489
corporations indicted, characterized the case as "a fishing expedition."
"Our general counsel informs me that we will have no difficulty," Mr.
Baker said, "in defending any claims that the grand jury may find against
us.
Everything that we have done pertaining to pricing and competitive
relations during the last 12 years has been done under the advice of counsel."
x
S
s
Liabilities—
Investm't in rd.
Other
Co.)
1938
1939
1938
$
Melvin H. Baker,
—V.
117
The Commercial & Financial Chronicle
151
Volume
In addition to the fixed charges
first page of this department.
of $2,743,213, the plan provides
for an
fund of a maximum of $l,OOO,O0O, contingent interest of
$1,528,319, sinking fund of $191,040 and preferred dividends of $2,276,345,
or total
annual requirements of $7,738,917, compared with $11,026,603
improvement
Virginia Electric & Power Co.—Earnings—
12
a
r.
3,973,379
Balance for dividends and surplus.
a
After depreciarion
at present.
The first mortgage
$19,958,872 $18,613,608
5,734,661
5,549,357
—
Balance for interest
1939
1940
Months Ended May 31—
Operating revenues
and including other income (net).—V. 150, p. 3840
Virginia Ry.—Earnings—
1940
May—
$2,094,490
Net from railway
1,192,306
Net ry. operating income
929,791
Gross from railway
1939
1938
1937
$1,206,520
534,220
397,371
$1,433,538
664,604
563,744
$1,541,529
10,463,688
5,835,642
4,510,145
Gross from railway
Net ry. operating income
7,420,497
3,553,115
2,634,814
7,461,501
3,441,567
2,769,063
of Existing Obligations and Capital Stock of Company
and securities of the company publicly held as of Jan.
provided for in the plan, as follows;
All obligations
1940
are
(1)
7,952,989
4,394,605
3,741,638
$2,085,000
150,000
9,150,000
(2) Obligations to Be Exchanged for New Securities
(a) $33,891,000 1st mtge. 5% bonds of Wabash RR.:
For each such
$1,000 bond deposited under the plan an equal principal amount of the first
mortgage bonds, 3)4% series, of the new company will be deliverable,
together with an amount of cash and (or) interest coupons representing
1st
638
630
619
619
11,549,627
2,864,023
10,893,323
2,488,018
1,419,213
1.919,663
12,714.124
3.066,090
0.632 cts.
107,269
2.362,938
2.41 cts.
2.16 cts.
2.04 cts.
2.17 cts.
$33,657
$30,581
$32,615
$28,482
_
Pass, carried 1 mile
Rate per pass, per
mile__
Oper. revenue per mile..
Income Account
0.648 cts.
89,751
0.681 cts.
99,948
2,168,258
1937 to Dec. 31, 1939, incl.,
(b) $1,844,000 Detroit & Chicago Extension 1st mortgage 5% bonds of
bond deposited under the plan an equal
Wabash RR.: For each such $1,000
principal amount of the first mortgage bonds, 3 \4% series, of new company
will be deliverable, together with an amount of cash and (or) interest
coupons representing interest thereon from Jan. 1, 1940.
For>accrued int.
from Jan. 1, 1938, to Dec. 31, 1939, incl. there will be deliverable, (a) $25
ih cash and (b) $75 in first mortgage bonds, 314% series, of new
company,
for each such bond deposited under the plan.
expenses
3,039,014
657,685
3,119,412
615,589
3,193,158
604,860
$9,607,782
Wabash
$9,060,041
$7,865,820
$9,660,278 $11,121,601
2.490,000
2,517.000
RR.*.
For each
Chicago Division 1st mortgage 4% bonds of
$1,000 bond deposited under the plan an
such
equal principal amount of the first mortgage bonds, 3)4% series, of new
company will be deliverable, together with an amount of cash and (or)
interest coupons representing interest thereon from Jan. 1, 1940.
For ac¬
crued interest from March 1, 1938, to Dec. 31, 1939, inci., there will be
deliverable, (a) $20 in cash and (b) $53.33 in first mortgage bonds, 3)4%
2,881,169
595,466
$9,953,297
All other oper. expenses.
Tota
(c) $3,000,000 Toledo &
$21,476,933 $19,268,060 $20,181,642 $17,640,017
6,256,598
5.872,781
5,262,023
4,389,185
Transportation.
$9,774,197
1.455,000
series, of new company, for each
opers_$ll,523,635
accruals
3,080,000
Net rev. from ry.
Railway tax
$8,443,635
$7,170,278
512,650
72,224
648,060
60,797
$8,604,601
774,951
56,861
Net ry. oper.
income. $9,028,510
$7,879,135
$9,436,413
$9,068,263
of a principal amount equal to 40% of the
deposited bond.
For accrued interest from Jan.
pany
17,754
1,697
Miscell. income charges.
Rents for leased equip..
on
23,277
1,697
Drl21,991
43,158
2,467
Dr48,459
18,217
2,671
11,441
6,924
1,886
$9,016,008
Total income
Miscell. tax accruals
on
1,697
9,260
5,635
Interest income
Miscellaneous income
Int.
22,400
$7,824,900
$9,432,939
$9,113,489
3,900
10,929
10*594
18,777
41,727
2,599,480
the plan.
Creek
Colliery Co
Fixed int.
20,435
1,697
Dr46,848
property
Dividend income
funded debt
unfunded debt..
Consolidated net inc.
.
Preferred dividends
Common dividends
4,800
Dr2
«•
Division 1st mortgage 4% bonds of Wabash
bond deposited under plan, there will be
A, of the new company, of a
principal amount equal to the principal amount of such deposited bond.
For accrued interest from Jan. 1, 1938, to Dec. 31, 1939, incl. and balance
of 20% of semi-annual instalments due July 1, 1937, and Jan. 1, 1938,
respectively, there will be deliverable, (a) $8 in cash and (b) $80 in income
mortgage 4 % bonds, series A, of new company, for each such bond deposited
(e) $1,600,000 Des Moines
For each such $1,000
RR.:
deliverable income mortgage 4% bonds, series
300
2,316,183
32,298
2,371",161
505
2,414.533
1,031
$6,662,729
$5,438,405
$7,006,781
1,257,975
3,127,150
1,677,300
2,501,720
under the plan.
$6,451,699
1,677,300
3,439,865
y2,096,625
1,563,575
$1,545,564
$1,053,280
RR.:
$2,827,761
312,715
$15.94
312,715
$12.03
312,715
$17.04
y
$100)
share on com.
Feb. 1,1937.
-
1936, the Virginian Terminal Ry. and Virginian &
Ry. were merged into the Virginian Ry.
As of the date of the
Note—As of Aug. 1,
Western
^
.
,,r
v.
1st mortgage 3)4% bonds of Wabash
deposited under plan, there will be de¬
liverable income mortgage 4% bonds, series B, of new company, of a prin¬
cipal amount equal to 25% of the principal amount of such deposited bond,
and preferred 5% stock of new company, of a principal amount equal to
75% of the principal amount of such deposited bond.
For accrued interest
from Oct. 1, 1937 to Dec. 31, 1939, incl. and ba ance of 20% of semi¬
annual instalment due Oct. 1, 1937, there will be deliverable (a) $3.50 in
(f) $3,160,500
1,506
$2,791,499
312.715
$15.27
Including $419,325 dividend declared for the three months ended
Balance, surplus
8hs.com. out. (par
Earns, per
principal amount of such
1, 1938 to Dec. 31, 1939,
instalments due July 1, 1937
deliverable, (a) $28 in cash,
(b) $36 in first mortgage bonds, 3)4 % series, and (c) $24 in income mortgage
4% bonds, series A, of new company, for each such bond deposited under
incl., and the balance of 20% of semi-annual
and Jan. 1, 1938, respectively, there will be
Income from non-transp.
Net profit of Loup
such bond deposited under the plan.
(d) $3,550,000 1st lien 50-year 4% Terminal bonds of Wabash RR.: For
$1,000 bond deposited under the plan there will be deliverable
first mortgage bonds, 3)4% series, of new company of a principal amount
equal to 60% of the principal amount of such deposited bond, together with
an amount of cash and (or)
interest coupons representing interest thereon
from Jan. 1, 1940, and income mortgage 4% bonds, series A, of new com¬
each such
$8,319,197
704,301
44,765
Railway oper. income.
Equipment rents (net)..
Joint facility rents (net).
Nov. 1,
cash and
series, of the new company, for
1, 1940.
For accrued interest from
there will be deliverable, (a) $25 in
(b) $83.33 in first mortgage bonds, 314%
each such bond deposited under the plan.
Freight—coal & coke...$18,034,262 $16,137,290 $16,748,397 $14,520,140
Freight—other
2,914,768
2,424,663
2,641,530
2.428.573
Passenger .mail & express
96,407
103,511
114,752
115,170
Allother
431,495,
602,596
676,962
576,134
Total revenue
thereon from Jan.
interest
for Calendar Years Unci. Loup Creek Colliery Co.)
1939
1938
1937
1936
Maintenance
mortgage4% serial bonds of Wabash-St. Charles Bridge Co.
3)4% serial notes of Wabash-Hannibal Bridge Co—
Ry. equipment trust 2lA% certificates, series H
1st mtge.
1936
1937
1938
1939
12,605,203
carried.
3,270,733
1,000 tons carried 1 mile
0.640 cts.
Rate per ton per mile
69,166
Passengers carried
Tons (revenue)
1,
Obligations to Remain Undisturbed
Wabash
Traffic Statistics for Calendar Years
Average mileage
series, 3%
Treatment
773,980
660,880
From Jan. 1—
Net from railway
bonds proposed under the plan are of two
25-year bonds and 3 )4% 30-year bonds while two series of income bonds
are also provided for 40-year A-4s and 50-year B-4s.
The preferred stock
will be of $100 par, 5% and serial collateral notes called for in the plan will
bear interest at 2% annually.
The plan has been formulated on the basis that it will be made effective
Jan. 1,1940.
•
3,709,019
cash,
and
For each
Omaha Division
such $1,000 bond
(b) $19.69 in income mortgage 4%
(c) $59.06 in preferred 5% stock of
'
bonds, series B,of new company
the new company, for each such
plan.
^
,
,
(g) $13,993,000 2nd mtge. 5% bonds of Wabash RR.:
For each such
$1,000 bond deposited under plan, there will be deliverable income mort¬
gage 4% bonds, series A, of new company, of a principal amount equal to
the principal amount of such deposited bond.
For accrued interest from
bond deposited under the
The Commercial & Financial Chronicle
118
Feb.
lf 1937 to Dec. 31, 1939, incl., there will be deliverable $145.83 in
income mortgage 4% bonds, series A, of the new company, for each such
bond deposited under the plan.
9 Mos. Ended—
Net sales
Operating profit
$1,919,767 loss$880,794
172,160
141,449
$2,953,158
193,183
$4,480,637
209,614
$3,146,341
Interest
Federal taxes
$2,091,927 loss$739,345
110,798
122,799
413,711
91,480
50,558
649,152
$4,690,251
60,462
913,758
Net prof it
Preferred dividends
Common dividends
$1,567,418 loss$953,623
876,300
876,700
510,238
$2,446,631
878,700
1,086,000
$3,716,031
885,910
1,461.767
$691,118def$2340,561
583,129
583,129
$1.18
Nil
$481,931
579,200
$1,368,354
mortgage
Total income
plan.
Surplus
Shs.
0) $16,579,583 receivers' certificates, first series, series A, second series
For each such receivers' certificate
and serial:
deposited under the plan,
there will be deliverable first mortgage bonds, 3% series, of new company of
a principal amount equal to the principal amount of such deposited certifi¬
cate, together with an amount of cash equal to the interest accrued on such
deposited certificate to the date from which interest on the first mortgage
bonds, 3% series, of new company accrues.
Instalment of $185,000 of
serial certificates due March 1, 1940, payable in cash.
certificate to the date from which interest
of new company accrues.
on
the serial
colateral
de preclation
z
Cash
stock for each $1 of assessment
stock in accordance with its terms for the
purpose of
new securities to be issued under the
plan.
common
new
42,500
ance
for
&
10,590,000
insur¬
conting.
Paid-in surplus...
Capital surplus...
Earned surplus
318,712
761,900
3,200,000
5,249,527
9,943,389
Western
Union
Telegraph
$3,100,000 3% Notes—
stock ($100 par):
upon
company
the
ing 2% and 2% % interest, due Jan. 1, 1939, and 1940, respectively were
paid.
On June 1, company prepaid $2,000,000 of the $5,100,000 notes still
outstanding.
The
new
$750,000
on
notes
will
mature
as
follows:
July 1, 1942 and $1,000,000
Western
Public Service
on
Co.
$1,350,000 on Jan. 1, 1942;
Jan. 1, 1943.—V. 150, p. 4148.
(& Subs.)—Earnings—
12 Months Ended May 31—
Operating
1940
revenues
Balance for dividends and surplus.
After depreciation and
a
Wehle Brewing
1939
$2,145,270
480,464
161,421
Balance for interest
1
Net profit
$2,085,000
150,000
4,491,411
$114,597,499
.$45,526,896
473,440shs.
Winnipeg Electric Co.—New President—
Additional first mortgage bonds, unlimited as to
principal amount, are
issuable in any series subject to the restrictive provisions of the new first
mortgage.
Additional income mortgage bonds up to $7,000,000 are issuable
in any series, subject to the restrictive provisions of the
new income mort¬
a
William H. Carter was on June 25 elected President of this
company.
He
succeeds Edward Anderson, President since Jan. 1, 1929.
Mr. Anderson
will remain with the company as Chairman of the Board.—V.
150, p. 3682.
gage,
that such assessment will be paid upon
common stock of the Railway
company.
this estimated
the assumption
100% of the outstanding shares of
the annual fixed rentals and
interest, (including obligations to be assumed under the Wabash-St. Charles
and Wabash-Hannibal Bridge leases)
contingent interest and the improve¬
ment and (or) retirement fund
charges of the new company, will be as
follows:
Fixed interest
The fund for improvements and (or) retirement of
debt (maximum)
$300,000
2,443,213
1,000,000
$3,743,213
1,528,319
.
Contingent
interest
Total.
>,271,532
-V. 150, p. 4148.
Wagner Baking Cor p., Earning s24 Weeks Ended June 17—
profit
1940
y$144,600
...
Wolverton Bros.
I
Light & Power Co., Lawton, Okla.-—
Bonds Sold—
Dallas, Rupe & Son. Dallas, recently placed privately at par an issue of
$45,000 1st mortage 6% bonds, maturing serially $4,500 annually for 10
years.
a privately owned concern which serves 500 square miles of
Oklahoma running from Medicine Park to Randlett. W. F. Wolverton
Company is
capitalization,
Fixed rentals
$274
Condensed Balance Sheet Dec. 31, 1939
Assets—Cash, $147,270: accounts and notes receivable (less, reserve for
doubtful accounts of $14,913) $162,106; Federal revenue
stamps on hand.
$4,155; inventories, $99,367; cash surrender value (life insurance), $10,990:
investments, $81; fixed assets (after depreciation), $651,588; deferred
charges, $31,045; organization expense, $10,017; total, $1,116,589.
Liabilities—Notes
payable,
$100,000;
accounts
payable,
$38,047;
accounts payable (officers), $1,846; taxes payable,
$8,893; other tax con¬
tingencies, $8,917; accrued items, $11,602; reserve for customers' deposit
on bottles and cases. $33,315; common stock
(par $10), $500,000; class B
stock (par $10), $170,270; surplus, $243,698; total,
$1,116,589.—V. 145
p. 1755.
abl8,485,530
upon
3682*
$754,660
450,786
291,953
9,626
2,016
.
Selling, shipping and general and administrative expenses
Miscellaneous deduction (net)
outstanding
in connection with future acquisition of Ann Arbor or its securities.
b The principal amount of income
mortgage bonds, series B and the
number of shares of common stock of the new
company which will be out¬
standing upon consummation of the plan will depend upon the extent to
which stockholders of the railway company elect to
pay the assessment.
The figures used in the
foregoing table are based
p.
Earnings for Year Ended Dec. 31, 1939
16,394,583
___a44,l 18,530
al9,722,445
(c) Capital Stock—
5% preferred stock ($100 par)
Common stock (no par).
518,913
175,083
Co.—Earnings—
Gross profit from operation
Federal revenue stamps
9,150,000
_
$2,174,887
including other income (net).—V. 150,
Federal income and State franchise taxes.
Total funded debt
Sell
to
The amount thus refunded is the balance of an issue of $8,500,000 auth¬
orized by the Commission Dec. 21, 1937, of which total, $3,400,000
carry¬
For each share of such stock
consummation of the plan
will be as follows:
Co.—Authorized
The company has been authorized by the New York Public Service Com¬
mission to sell $3,100,000 of 3% serial notes to the Chase National Bank and
Central Hanover Bank & Trust Co., to refund a like amount of 3 H
% notes,
due Jan. 1, 1941.
a
Income mortgage 4% bonds, series A
Income mortgage 4% bonds, series B
Serial collateral 2% notes
,
3,200,000
5,239,904
9,125,344
47,890,074 52,118.7911
Undisturbed Obligations—
Based upon
761,900
.
Total
47,890,074 52,118,791
Represented by 300,000 shares $4 convertible pref. stock and 600,000
no par common stock,
y After reserve for depreciation of $10,818,315 in 1940 and $10,281,042 in 1939. z Represented
by 7,900 shares at cost,
a Represented by 16,871 shs. at cost.—V.
150, p. 2130; V. 149, p. 4189.
(ft) New Obligations—•
Net
payable
Reserve
130,335
ins.
Total
participating in the
First mortgage bonds, 3% series
First mortgage bonds, SH% series..
x
72,891
431,650
Bank loans
1,710,920
374,811
195,485
1,680,566
401,478
Prepaid expenses.
306,826
Cash value life
so
Wabash Railway equip, trust 2M% certificates, series H
■
538,567
Purch. money note
191,885
x
Wabash-St. Charles Bridge Co. first mtge. 4% serial bonds
Wabash-Hannibal Bridge Co. first mortgage 3lA% serial notes
^
1,471,185
45,694
192,125
com.
Loans & advances.
Capitalization of the New Company Upon Consumalion of the Plan
(a)
43,164
stock
Co.'s
Mlscell. lnvestm'ts
have been paid an
be deliverable income mortgage 4% bonds,
series B, of the new company of the principal amount of
$7 and h of a share
of common stock of the new company.
Stockholders not paying the assess¬
ment will not participate in the plan.
securities of the
2,179,100
Due affiliated cos.
474,111
divs. payable...
Res. for Fed. tax..
there will
that
474,111
held for employ's
245,411
245,411
Cash
4,551,391
4,717,002
Inventories
20,979,114 25,743,283
Accts. & bills rec. 4,053,061
3,751,420
deposited under the plan in respect of which there shall
estimated
565,937
accrd. 1 lab lis.
Pref. and common
(n) $1,501,742 5% convertible preferred stock B ($100 par):
The present
convertible preferred stock B shall be deemed converted into one-half shar#
of present profit-sharing preferred stock A and one-half share of common
is
&
In
a
paid, plus new
income mortgage 4% bonds, series B, equal to the sum so paid.
Provision may be made for any of the common stockholders or
preferred
stockholders or both to underwrite the assessments not paid by the common
:
preferred stockholders.
It
banks
572,639
payable
shares
new common
$7,
Accounts
534,155
own
liquidation
profit-sharing preferred stock A ($100 par):
For
plan, there will be deliverable h of
stock, providing the assessment of $7 per share on
the present common stock is fully paid by the holders thereof, but if
only
part of the holders of common stock pay the assessment the profit sharing
preferred stock A will receive without payment of any assessment such
proportion of j/8 of a share of new common stock as that part of the assess¬
ment paid by such holders of common stock bears to the total
assessment.
To the extent, however, that said assessment of $7 per share is not
paid by
the holders of the present common stock, the unpaid balance thereof shall
be assessed ratably against the profit sharing preferred stock A and the
holder of each share thereof paying such assessment will receive 1-28
part
of
770.072
3,'39
for idle plant
expenses.
Notes pay. to bks. 4,830,000
pref. stock
in
June
1, '40
j
Capital stock. ..20.571,786 20,571,786
Res.
14,040,074 13,926,506
cos...
Inv. In co.*8
conv.
2% notes
common
(o) $66,995,175
x
in & aavs. to
affiliated
(m) $69,623,850 5%
assessment
June
Liabilities—
$
equip., <fcc., less
Inv.
each share of such stock deposited under
share of
1, '40 JuneZ, '39
$
Real est., plant,
y
(3) Capital Stock of the Railway Company
a
584,000
$4.84
$2.71
Consolidated Balance Sheet
June
(1) $60,867,000 refunding and general mortgage bonds:
For each such
$1,000 bond of any series deposited under the plan there will be deliverable
bonds, series B, of new company of a principal amount
equal to 15% of the principal amount of such deposited bond, 5% preferred
stock, of new company of a principal amount equal to 50% of the principal
amount of such deposited bond, together with 3^ shares of common stock
(no par) of new company.
For unpaid accrued interest to Jan. 1, 1940,
there will be deliverable securities of new company in the
following per¬
centages:
15% in income mortgage 4% bonds, series B, 50% in 5% pref.
stock, and 35% in common stock (no par, stated at $100 per share for pur
pose of this computation).
of
(nopar)..
share
per
Assets—
income mortgage 4%
share of new
stk.
com.
Earnings
(k) $4,491,411 receivers' certificates, series B:
For each such receivers'
certificate, series B, deposited under the plan an equal principal amount of
the serial collateral 2% notes of new company will be deliverable, together
with an amount of cash equal to the interest accrued on such deposited
a
..
Other income
4% bonds of Columbia & St. Louis RR.:
For each such $1,000 bond deposited under plan, there will be deliverable
income mortgage 4% bonds, series A, of new company, of a principal amount
equal to the principal amount of such deposited bond.
For accrued interest
from Nov. 1, 1937 to Dec. 31, 1939, incl. and balance of 20% of semi¬
annual instalments due May 1, 1937, and Nov. 1, 1937, respectively, there
will be deliverable, (a) $8 in cash and (b) $86.67 in income mortgage 4%
bonds, series A, of new company, for each such bond deposited under the
1st
Subs.)—Earnings
June
1, '40 June 3, '39 May 31, '38 May 31, *37
$40,945,153 $38,346,822 $47,452,906 $48,405,940
Cost of sales
38,441,738
38,655,678
43,877,423
43,312,901
Deprec. & amortization.
583,648
571,938
622,325
612,402
(h) $200,326 6% debenture bonds, series B of Wabash RR.:
For each
such $1,000 bona deposited under the plan an equal principal amount of
income mortgage, 4% bonds, series A, of new company will be deliverable.
For accrued interest from Jan. 1, 1937 to Dec. 31, 1939, incl., there will be
deliverable, $180 in income mortgage 4% bonds, series A, of new company,
for each such bond deposited under the plan.
(i) $200,000
July 6, 1940
Wesson Oil & Snowdrift Co., Inc. (&
rural
is President of the
company.
Proceeds of the issue will be used to construct lines tying
up the two
sections of the company's distribution system, and to complete a
generating
plant at Faxon, Okla., which will serve energy needs of the entire system.
Company came into being 18 years ago when the brothers, who were in
the electric appliance and construction business, built a short line from a
power inlet into Medicine Park, a summer resort community.
It shortly
became apparent that such a tiny enterprise could not be
profitably operated
and this, combined with the demand of other rural communities for electric
service, virtually forced expansion.
Thus, the company gradually expanded, never however becoming a
publicly held institution, until it acquired approximately 150 miles of
transmission line, the telephone exchange at Medicine Park, a power
plant,
at Faxon, a refinery, a dairy and a water bottling business.
Woodward Governor
1939
$45,756
1938
Co.—Registers with SEC—
See list given on first page of this department.
loss$41,437
After depreciation, Federal income and
capital stock taxes and other
deductions,
y Equal after regular dividend requirements on
preferred
stocks, to 98 cents a share on 104,681 no-par shares of common stock.
Provisions for taxes were based on the new Act
passed June 22. This Act,
the company states, necessitated an increase in the
reserves for taxes of
approximately 26% over the 1939 Tax Act.—V. 150, p. 2443.
x
Wayne Pump Co. (& Subs.)-—Earnings—
6 Months Ended May 31—
of domestic companies,
Profit
1940
after
all
......
Total
profit
after
all
charges,
income tax
Estimated Federal income tax.
Net
except
$493,240
28,700
1939
$441,435
42,775
Federal
$521,939
y
87,000
$484,210
75,000
$434,939
$409,210
Period End. June 30—
Net profit
Earnings per share
x
y
charges,
except Federal income tax
Profit of foreign subs. & branches, after taxes
Woodward Iron
x
1940—3 Mos.—1939
$439,109
$1.47
1940—6 Mos.—1939
$56,929
$825,186
$0.21
$2.77
$237,05a
$0.87
After interest, depreciation, depletion and normal Federal income taxes,
On capital stock.—V. 150,
Yazoo &
p.
3532.
Mississippi Valley RR.—Earnings—
May—
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net
profit for period
Co.—Earnings—
from railway.
Net ry. oper. income—
—V. 150, p. 3532.
1940
$1,364,113
466,365
249,546
6,149,774
1,770,923
707.337
1939
1938
193?
$1,176,244
382,490
188,486
$1,103,452
355,063
143,220
$1,278,73a
373,754
148,394
5,584,485
1,503,975
515,087
5,571,153
1,585,897
502,445
6,595,449
2,094,016
968,622
Volume
The Commercial & Financial Chronicle
151
Study of Dividends Received by Corporations—Total
for 1937 Slightly Higher than 1936
During the 12-year period 1926-1937, the volume of divi¬
received
annually by corporations ranged from
approximately one to three billion dollars, according to a
study appearing in the June issue of the Treasury "Bulletin."
The survey is based on figures derived from corporation
income tax returns.
Receipts were at a minimum in 1933
and reached a maximum in 1935.
The record high of
dends
$3,014,000,000 for the taxable year 1935 is partially due to
the discontinuance of the privilege of filing consolidated
returns, except for railroads, under the Revenue Act of 1934.
Because corporations (with some exceptions) are no longer
permitted to file consolidated returns, the amount of reported
dividend receipts includes intercompany dividend transfers
between affiliated corporations, some of which did not enter
into the statistics for earlier years
when consolidated returns
were permitted.
In 1936, the amount of dividends received
by corporations declined, despite a substantial increase in
cash dividends paid, reflecting possibly some simplification
of corporate structure through elimination of subsidiary
companies.
The study continues:
In the
receipts
deficits
of the 12 years
course
between
under examination, the division of
with
corporations
has undergone
incomes
net
increased
from 15.6% to 65.3%.
Thereafter, the share of deficit corporations de¬
clined 6.2% in 1937In this connection it should be pointed out that a
marked regrouping of net income and deficit corporations occurred in 1936
as a result of a change in the definition of net income.
Beginning in 1936,
portion by dividend receipts accounted for by deficit corporations
1199232670854.Cc
dividends received
were
included in the statutory definition of net
and both dividends received and
income,
partially exempt interest on Government
the definition of net income
employed in "statistics of income" tabllations.
As a result of this change
obligations (formerly excluded were included in
in definition, some
corporations previously in the deficit class were
to the class of net income
shifted
dends
received
dividends.
In 1937, when
of Recipient Corporations
reported
$2,601,000,000 dividend receipts, those with assets of $50,000,000 or more
With one exception (1933) the correspond¬
of 60%.
Corpo¬
have in most years accounted for
ing percentages for the years 1931-1936 were each in excess
rations with assets of $1,000,000 or more
roundly 95%,
or
more
of all dividends received by corporations.
rations with different sizes of net incomes and deficits
These data also indicate that the bulk of dividends is
corporations.
$5,000,000 and
1937,
In
over
for
instance,
is shown in Table 3.
received by the larger
corporations with
net incomes
accounted for $1,348,000,000 or 53.6%
000,000 dividends received by all net income corporations.
of
of the $2,515,-
The correspond¬
ing percentage for 1936 was 51.3 %.
a
Corporations
relatively small number of corporations receive
In 1936, when 478,857 active corporations
income than for deficit corporations,
tions increases
and for both groups of corpora¬
markedly with the size of net income or deficit.
Size of Dividend Receipts
Explanation of Figures in Center
1937, 70.3% of all net
have accorded special treatment
Since 1917 the Federal income tax laws
to
the income
derived from dividends.
of corporations
receiving dividends do so in small amount.
DIVIDENDS ON THE STOCK OF DOMESTIC
1937, or for available
within this period.
years
It should be noticed that these data do not include all dividends
are
do not file income tax returns,
their dividend receipts are necessarily ex¬
Moreover, in the case of corporations filing
accorded special treatment and,
not all dividend receipts are
therefore, not all
separately tabulated.
are
Variations from year to year in
the tax treatment of some of the special
categories of dividend receipts, and other factors affecting the comparability
of the
data,
are
noted below and in the footnotes to the table.
Federal Tax Treatment
Under the Revenue Acts of 1913 and 1916 intercorporate dividends were
„
.
13,040,000
12,670,000
of 1917
provided the transition by stipulating that dividends received in
1917 from earnings of the period March 1, 1913, through 1915 were taxable
at the rate
and
1917
imposed by the 1913 act, and those
earnings
3,526,000
4,218,000
4,686,000
3,837,000
2,979,000
Quarrying
In the 1936 act intercorporate
dividends were made partially taxable by
requiring the inclusion of 15% of such dividends in the income tax base for
taxable years
and
1937
Dec.
beginning after
surtax
on
undistributed
31,
intercorporate dividends were
the
Revenue
Act of
1938, intercorporate dividends received by
85% of such dividends received (but not more than 85%
tax to the extent of
of adjusted net
$25,000
a
For corporations with net incomes of more than
income).
similar exemption was allowed with respect to what in effect was a
basic tax rate of
16)^%.
The entire amount of intercorporate dividends,
The
tax
on
949,000
1934
l.c
1,447,000
)_C
1935
}.b
1936
i
937 .b
Source—Based upon data
undistributed net income.
profits tax of 2^% on
undistributed
profits does
not
continues to be exempt from the normal
The
apply to any taxable year
Under the Revenue Act of 1939, 85% of
intercorporate dividends (but not in excess of
85% of adjusted net income)
corporation income tax.
special tax treatment summarized above has not been accorded all
received
dividends
by
corporations.
varying periods,
For
classes of dividends received by corporations
income.
These include (1) dividends
some
income chiefly within a possession
domestic corporations which are
(2) dividends received in
of corporations deriving their gross
of the United States and taxable only on
(3) dividends received on the
income from sources within the United States;
under the China Trade Act, 1922; and (4)
stock of corporations organized
dividends received
on
the stock of foreign corporations, excepting (a)
Following is
a summary
of the figures by industrial groups:
MAJOR INDUSTRIAL GROUPS OF CORPORATIONS,
Service:
Professional,
tion and
tion
Other Public
Trade
1926-1937 a
totals)
Amusements,
Hotels, &c.
Bank'g
Insurance,Real
Nature
Estate, Holding
of
All
Companies,
Stock and Bond
Business
Corporations
not Given
12,093,000
25,527,000
$
15,580,000
75,747,000
388,637,000
10,094,000
5,167,000
71,711,000
68,022,000
85,603,000
613,164,000
545,577,000
524,388,000
6,140,000
7,288,000
6,182,000
53,064,000
385,580,000
317,397,000
446,165,000
553,177,000
467,195,000
209,725,000
101,207,000
119,626,000
194,010,000
452,890,000
526,785,000
502,776,000
11,712,000
13,670,000
25,432,000
21,008,000
17,652,000
31,034,000
published in United States Treasury
10,492,000
22,591,000
7,812,000
11,992,000
23.098,000
5,631,000
1,456,000
1,712,000
1,287,000
2,056,000
5,420,000
5,320,000
54,152,000
58,283,000
62,186,000
59,257,000
447,493,000
547,254,000
580,750,000
831,831,000
740,230,000
614,884,000
429,144,000
310,781,000
324,151,000
268,269,000
341,302,000
63,988,000
47,341,000
36,286,000
34,430,000
59,517,000
71,731,000
81,233,000
324,168.000
93,799,000
409,416,000
462,965,000
506,381,000
799,758,000
666,328,000
405,773,000
192,571,000
168,364,000
195,093,000
197,344,000
312,957,000
289,719,000
42,642,000
45,518,000
51,159,000
48,780,000
44,954,000
23,132,000
15,820,000
24,492,000
40,588,000
61,776,000
19,846,000
26,930,000
35,204,000
59,613,000
53,166,000
42,023,000
17,505,000
8,407,000
12,740,000
16,832,000
45,428,000
33,543,000
17,124,000
20,531,000
26,039,000
51,662,000
42,926,000
77,888,000
19,833,000
4,546,000
3,128,000
6,302,000
9,421,000
34,454,000
90,151,000
24,355,000
Department. Bureau ot Interna Revenue
460,954,000
559,465,000
681,505,000
972,331,000
1,076,261,000
809,250,000
520,607,000
480,901,000
1,008,000
3,609,000
3,398,000
4,360,000
1,244,000
2,946,000
2,252,000
1,345,671,000
1,955,414,000
1,574,644,000
1,601,794,000
505,000
1,053,000
111,000
66,000
79,000
320,844,000
396,934,000
605,046,000
669,763,000
497,456,000
178,244,000
112,680,000
117,482,000
485,721,000
733,758,000
1,473,147,000
1,509,862,000
503,000
2,447,000
1,870,000
1,976,000
284,000
469,000
164,000
2,671,231,000
1,969,229,000
1,259,982,710
1,025,709,000
2,217,446,000
3,013,687,000
2.676,598,000
2,682,226,000
1,243, ,190,000
1,303 ,635,000
1,595, ,120,000
2,188 ,655,000
1.764, ,040,000
852, 588,000
437, 001,000
440, 075,000
113,000
49,000
940, 895,000
1,492, 322,000
2,503, 922,000
31,000
53,000
2,514, 603,000
"Statistics of Income," compiled from corporation Income
,
.
„
1936 those allowed
received from special classes
dividends received on the stock
organized under the China Trade
shown include
period closing with the
though for taxable
beginning after
The dividends tabulated In
base upon which to compute
„
m
computation which, unlike
Federal income tax and Interest
excess-profits tax. For
tax computation by not excluding
'
the excess-profits tax.
c
1,506,154,000
1,658,076,000
1,916,671,000
2,593,052,000
284,000
"Statistics of Income" comprise through 1935 those allowed as a deduction in computing net income, and beginning
the 85% dividends received credit against net income.
Hence, the figures shown aDove exclude dividends
of domestic corporations, not allowed as a deduction or as a basis for credit against net income, as follows: In 1932 and subsequent years,
of domestic corporations exempt from the Federal income tax; and in all years shown, dividends received on the stock of corporations
Act and on the stock of corporations deriving a large percentage of their gross income within a possession of the United States.
Conversely, the amounts
through 1933, though not thereafter, dividends received from foreign corporations deriving more than half their gross income, over a three-year
taxable year, from sources within the United States.
The figures include dividends received by mutual investment companies,
years
Dec. 31, 1935, such companies have not been allowed the dividends received credit.
b For 1936 the classification of returns between net income corporations and deficit corporations Is based on net income for Income tax
the net income employed for classification in former years, includes dividends received on the stock of domestic corporations subject to the
received on certain Government obligations subject to the excess-profits tax, and excludes contributions or gifts (to the extent allowed) and the
1937, the classification is based upon net Income for excess-profits tax computation, which differs from the 1936 "net income for income
a
a
foreign
1918-1920,
inclusive, and (b) foreign corporations deriving a major portion of their
gross income from sources in the United States, in taxable years 1921-1933,
corporations subject to the Federal income tax, in taxable years
and excess-profits tax returns.
as
minor
have been taxable as ordinary
received in taxable years 1918-1920,
taxable years 1921 to date on the stock
Construc¬
Manufac¬
turing
427,515,000
377,092,000
474,837,000
583,513,000
547,660,000
391,658,000
210,928,000
160,481,000
76,004,000
51,752,000
57,607,000
59,735,000
53,581,000
34,841,000
20,506,000
81,011,000
1,183,000
Lc
1933
in effect amounted
however, was included in the tax base subject to what
to an undistributed
Brokers, <$cc.
11,356,000
!_C
1932
For purposes of the 1936
1935.
profits,
$
45,903,000
47,710,000
28,820,000
8,992,000
7,373,000
4,037,000
16,335,000
27,997,000
61,881,000
789,000
Dividends
ning prior to Jan. 1,1936 when exempt from tax.
Utilities
7,052,000
11,359,000
1930.
received in 1917 from 1916
taxable at the rate of the 1916 act.
were
received in the taxable year 1918 and in all subsequent taxable years begin¬
B. Net Income Corporations
1926...
The act
fully taxable; under the acts of 1918-1934 they were fully exempt.
$
7,089.000
8,164,000
9,471,000
8,741,000
9,668,000
5,278,000
5,102,000
3,982,000
5,582,000
10,214,000
Since they
Federal income tax.
exempt from the
cluded from these statistics.
tax returns,
received
Some corporations, for example, those not organized and
by corporations.
operated for profit,
Transporta¬
Mining and
Industries
All Corporations—
1926-
This information is here summarized for the taxable years
rations.
Finance:
Taxable Year
result, the
received by corpo¬
on
thousand, and will not necessarily add to
Agriculture
Related
a
contain significant
the volume and distribution of dividends
information
CORPORATIONS RECEIVED BY
(Amounts are rounded to the nearest
and
As
statistics compiled from corporation income tax returns
inclusive.
In
income and 87.5% of all deficit corporations receiving
Most of the corporations
of the
percent
themselves exempt from the Federal income tax;
dividends from
filed income
tax returns, only 44,947, or less than 10% of the total number, reported
dividend receipts.
The percentage for 1937 was substantially the same.
The proportions of corporations reporting dividend receipts is higher for
Only
a
as
incomes and deficits, is shown in Table 8.
inclusive, and 1932 to date on the stock of
Number of Recipient
other corporations.
and over,
by corporations with different sizes of net
beginning after Dec. 31, 1939.
dividends of specified size received by corpo¬
The aggregate amount of
The aggregate amount of divi¬
$1,000,000
corporations with net incomes of not more than $25,000 were exempt from
proportion of every item o
corporations submitting balance sheets
accounted for 65.2% of the total.
small
these
fraction of the total amount of
all corporations.
by
reported in amounts/of
amount of all dividends received
Under
Size
corporation income, receive a particularly large proportion of intercorporate
A.
dividends
Quantitatively,
each.
$5,000
than
less
fully taxable.
corporations.
Large corporations, which receive a sizable
net
reported
dividend receipts account for only a small
dividend
and corporations with
Between 1929 and 1932 the pro¬
radical change.
dividends
119
In interpreting
these data it should be recalled that in 1932-1935 corporations filing
of filing consolidated returns was restricted to railroads by
and further, that the privilege
.,
.
.
consolidated returns were subject to a higher rite
the Revenue Act of 1934.
. .
..
..
of tax than other corporations;
The Commercial & Financial Chronicle
120
July 1940
6,
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY
Wall
COMMERCIAL EPITOME
Friday Night, July 5, 1940.
The market
nothing
on
effected
were
was
practically at
standstill, with
a
sale except at advancing prices.
in
The only sales
July at 5.82c. and Mar. at 6.27c.
The slow
demand reflected
the restricted
closing: Santos No.
4:
interest in actuals.
Local
July, 5.82; Sept., 5.94; Dec., 6.15;
Mar., 6.28; May, 6.38.
On the 2d inst. futures closed 9 to
points net lower for the Santos contract, with sales totaling
6
only 2 lots.
Two transferable notices
issued
were
against
Santos July contracts, and that month declined 8
points to
5.74 in the early session.
The market appeared to be life¬
less.
A
cable from Brazil said
approved
credit
a
of
that
the
450,000 contos
Government had
(about
$25,000,000)
between the National Coffee
Department and the Bank of
Brazil.
It was said
approximately 270,000 contos was
fresh credits
available for
now
financing coffee.
On the 3d inst. futures closed 4
for
the
Santos contract,
Rio July contract
from
points
up
with sales totaling
sold at 3.90; which
was
previous close.
Santos
coffee
to unchanged
56 lots.
One
4 points up
was
futures
for
advanced
gains of 2 points after 18 transferable notices had been issued
and promptly
stopped.
In Brazil the spot price on Rio 7s
advanced 200 reis per 10 kilos.
the first half of June was
Brazilian destruction during
54,000 bags, against but 10,000
bags during the previous fortnight.
It was learned today
delegates for the 14 Latin-American coffee producing
that the
countries, the third Pan-American Coffee
Conference,
rently in session in New York City, had reached
agreement
on
which
been
had
proposals
sent
approved
the home
to
Today futures closed with
gain.
points lower.
new
last,
crop
about in line
were
been
estimated
at
session,
approval.
totaling only 6 lots, with
July contract which showed a
were
quiet and 3
Two Santos transferable notices
far to 40.
so
which started
cur¬
unanimous
countries for
Santos coffee futures
bringing the total tenders
the
a
plenary
a
to
move
to market
with expectations.
20,850,000
bags
issued,
were
Brazil's decrees
and
on
The
25%
5,212,000 bags will be given up
by planters
(about 10 cents) per bag for destruction.
at
on
Monday
crop
of
20
In
has
this
or
milreis
addition
planters of Sao Paulo (crop estimated at
14,000,000 bags)
will have to give
up an additional
30%, or about 4,200,000
bags for which 65 milreis will be
paid.
Finally 1,500,000
bags of a surplus of about 6,000,000
bags will be also
taken
off
the
then
market at
will
70
milreis per
bag.
Available supplies
approach 16,000,000 bags.
prices closed as follows:
Rio coffee
July__
September
3.901December
_—3.971 March
Santos coffee prices closed
July--September
December—
Coffee
second
consecutive
Disappearance,
as
channels compiled
change
Inci.
were
m,1938739
i°£
The
__Ho
gam
12
months of the coffee
year,
record for coffee
it
year,
consumption for
was
announced July 3.
indicated by deliveries
into consumingby the New York Coffee &
Sugar Ex¬
13,886,594 bags against
13,817,107 bags
season, an increase of 69,487 bags
made this
season,
though slight is
8~39
1937
4 22
6.20
6.09
a new
38 year.
The
\A of
or
considered
io%^;The
rwas
Exchange also stated:
The figures would indicate
that the American
housewife used 9 007 761
bags of Brazilian coffee against
9,040,513
(1938-39),
onf 4,878,833 bags of coffee
an
of
(1938-39),
increase
Although figures
of the
assume
on
disruption of
of all other
102,239 bags.
world coffee
sources
combined.
used
more
a
decrease
growths against
consumption
of statistical
that this
country again
data
than
are not
for
of 32 752
4 776 594
*."o,oyi
available because
Europe
all the rest
Cocoa—On the 1st inst.
futures closed 1 to 3
it
is
safe
of the
to
world
points net
higher.
Transactions totaled
only 44 lots
or
500 tons
Primary market offerings were absent
because of the dis¬
parity between New York prices and
shippers' ideas and
consumer
demand was
negligible.
Scattered selling from
actual
inst. futures closed 7 to 8 points net lower.
Transactions
totaled 48 lots.
Cocoa futures eased off 3 to 4 points in one
of the dullest sessions of the
year,
trading to early afternoon
Sept. was selling at
4.77c.
No interest was taken in the trading either by pro¬
ducers or manufacturersThe chocolate industry is about
to
enter
one
of its seasonally dull periods.
Warehouse
stocks increased 5,100 bags.
They now total 1,067,000
bags against 1,416,344 bags a year ago.
Afloats from West
Africa continue to run ahead of last
year.
The current total
is 159,000 bags
compared with afloats of 61,200 bags a year
ago.
Local closing: Sept., 4.74; Dec., 4.85; Mar., 4.96;
May, 5.05.
totaling only 20 lots.
At that
time
On the 3d inst. futures closed 4
points net lower.
totaled 73 lots.
Pre-holidav dullness ruled
actions
market.
cocoa
Trans¬
in the
Trades in contracts to mid-afternoon totaled
only 35 lots. Prices were easier.
They were 2 to 3 points
lower, with September at 4.72c., off 2 points. A continued
absence of pressure from primary markets and lack of demand
from manufacturer accounted for the dullness.
However,
it was said that manufacturers were
taking a little more
interest in actual
cocoa.
Warehouse stocks decreased 500
bags.
They now total 1,066,658 bags against 1,416,334
bags a year ago.
Local closing: Sept., 4.70; Dec., 4.81;
Mar., 4.92. Today futures closed 1 point off to unchanged
compared with pre-finals. Sales totaled only 66 lots. Trade
covering put prices of cocoa futures up 6 to 7 points in a dull
market.
Sales to early afternoon totaled
only 35 lots. At
that time September was
selling at 4.6c., up 6 points. Ware¬
house stocks jumped sharply over the
holiday. The increase
was 15,800
bags.
It raised the total of certificated stocks
to 1,082,405 tons
compared with 1,414,506 tons a year ago.
Bahia cabled that all exports from Brazil were sold
through
a single
company.
Local closing: Sept., 4.69; Dec., 4.81;
Mar., 4.92.
Sugar—On the 1st inst. futures closed 2 to 3 points net
lower for the domestic
contract, with sales totaling
only 65
Sept. at 1.87c. to 1.85c.
In the
world contract sales were 61
lots, and prices were ^ point
higher to 1 point lower.
Sept. sales totaling 35 lots, were
effected at 1.05c. to 1.03c., most of which was
hedging against
notices taken up in
July.
It was final trading day in the
July position and 36 notices were issued and stopped early,
and the final price was
93^c. Raws were steady at 2.75c.,
the spot price established on
Friday, but the refined market
lots, half of which
were
in
continued easy as allowances were
expanded in the South
and West.
Sucrest was selling in the East at 4.20c. f.o.b.
On the 2d inst. futures closed 3
points to 1 point net lower
for the domestic contract, with sales
totaling 155 lots. The
world sugar contract closed
4)^ to 5J4 points net lower, with
sales
totaling 21 lots. In the raw market promnt Cubas were
at 1.85c.,
equivalent to 2.75c. duty paid.
Other
sugars were held at 2.80c. a pound, including 6,000 tons of
Puerto Ricos clearing
July 11, 4,900 tons of Philippines due
in July and 2,000 tons due in
Aug., in addition to other July
Cubas.
It was estimated that
altogether 18,000 tons were
offered
available.
In
the refined
market Sucrest offered July de¬
pound and Aug.-Sept. at 4.25c.
It was
rumored that some refiner
may announce that special al¬
livery at 4.20c.
March, 1941
5.90 May, 1941-..
The United States in the
1%.
4 n~
11111"
Consumption in United States
Again Sets Record
ending June 30, set
the
" I"
follows:
as
_...5.80
-
was absorbed by trade and dealer interests,
buying representing light hedge lifting against sales
cocoa.
Local closing: July, 4.70; Sept., 4.81;
Oct., 4.84; Dec., 4.93; Jan., 4.96; Mar., 5.03.
On the 2d
of
sales
these trades all in the Santos
3 points net
at
Street,
with the
Coffee—On the 1st inst. futures closed 6 to 9 points net
higher.
GOODS—WOOL—ETC.
lowances
will
a
be
terminated in
an
endeavor
booking of orders before the deadline
to
encourage
tomorrow.
On tlie 3d inst. futures closed
unchanged to 1 point
for the domestic contract, with sales
totaling 609 lots.
higher
There
21 contracts traded in the world
sugar contract, and
all in the Sept.
delivery, which closed 1 point net higher. In
the domestic market
trading was featured
were
by heavy switch¬
ing from Sept. into Jan. and Mar. contracts at differences of
7 points and 10
points respectively.
More than 400 lots,
equivalent to 20,000 tons, were done to early afternoon.
In the raw
sugar market refiners were bidding no better than
2.70c.
a
pound.
Half a dozen lots of Cubas and Puerto
held at 2.75c., while two lots of
Philippines were
not offered below 2.80c.
In the refined market it was an¬
nounced that Sucrest had withdrawn its refined
price of
Ricos
were
4.20c. for
July and 4.25c. for Aug.-Sept. delivery, presum¬
ably having taken a satisfactory volume of business. Today
futures closed 1
to 2 points net lower for the domestic con¬
tract, with sales totaling 81 lots.
The world sugar contract
2 to 1 point net
lower, with sales totaling 71 lots.
Sugar markets were irregular. The domestic futures market
•was
quiet and slightly lower, with Sept. selling at 1.80c.,
closed
off 1
point during early afternoon. The easy tone of futures
a fall of 5
points in the spot sugar price in the
market, where refiners purchased Philippines and
Puerto Ricos on an
equal basis of 2.70c. a pound. Refiners
were
reported to have had a better than expected response
was
raw
due to
Volume
The Commercial &
151
to their offer to
sell refined at 4.35c. for a
limited period.
It
reported that sales of confectionary and competitive
chocolate products during May were 10.5% higher than
those in May last year.
In the world sugar market futures
were
134 points higher to 234 points lower during early
afternoon in small trading.
was
Prices closed as follows*
July
1.741 January, 1941—
1.87
—-1.79 |March, 1941--- ——--—-—---1.90
—1.841 May, 1941 _
1 94
--
_
September.
November
—
I July, 1941
1.97
-
closed 2 to 7 points net
lower.
Trading was light, the market ruling barely steady
during most of the session. The hog market at Chicago was
quiet today. Receipts of hogs at the principal markets in the
West were fairly heavy and totaled 26,000 head, against 9,400
head for the same day last vear. On the 1st inst. futures closed
2 to 7 points net higher.
The Federal Surplus Commodity
Corporation continues to buy lard in fairly large quantities to
be distributed for relief purposes and on the close of last week
the Government corporation purchased 13,500,000 pounds.
Lard—On the 29th ult. futures
buying program started last Dec., the
has bought 130,000,000 pounds of lard.
Chicago lard futures opened barely steadv today, with early
prices 2 to 5 points lower. However, the market firmed up
later in the session due to covering prompted by the purchase
Since
the
FSCC
Government agency
13,500,000 pounds of lard by the FSCC on the close of
last week.
As a result the market rallied 7 to 12 points. Hog
of
Chicago were 10c. to 15c. higher.
Sales ranged
$5.90.
Western hog marketings were fairly
heavy and totaled 86,600 head against 58,200 head for the
same day a year ago.
On the 2d inst. futures closed 7 to 10
points net higher.
Influenced by the firmness of hogs and
grains, the lard market showed considerable firmness through¬
out most of the session.
Hog quotations at Chicago were
prices at
from $5.30 to
close and during the day scattered
'were reported at prices ranging from $5.40 to $6.15.
Western hog receipts totaled 79,600 head; a year ago today
it was a holiday.
Western hog receipts continue to run fairly
heavy at the principal packing centers in the .West and
mostly 15c. higher at the
sales
Midwest.
On the 3d inst. futures
The
lard
market
has
closed 10 to 12 points net higher.
steady for some time.
been ruling
Reports of heavy export sales of lard to the United Kingdom,
expectations of a smaller pig crop and reports of lighter hog
marketings in the West, have been the contributing factors
in the recent upward movement of lard prices.
Hog prices
at Chicago today advanced 15c., with sales ranging from
$5.60 to $6.35.
Western hog receipts today totaled 58,500
against 56,700 head for the same day a year ago.
Today futures closed 5 to 8 points net higher. Trading was
light and the undertone of the market was steady during
most of the session, influenced by the steady grain and hog
head
markets.
DAILY
CLOSING
PRICES
Sat.
OF LARD FUTURES IN CHICAGO
Mon.
Tues.
Wed.
Thurs.
Fri.
July
September.
5.72
5.90
5.77
5.97
5.85
6.05
6.00
6.20
October.
6.00
6.17
6.07
6.25
6.15
6.32
6.27
6.42
6.27
6.30
6.40
6.50
December---
January, 1941.
—
H
O
4 L
6.07
6.25
6.32
6.50
6.55
Pork—(Export), mess, $20.25 (8-10 pieces to barrel);
family (50-60 pieces to barrel), $16.25 (200 pound barrel).
Beef: (export), steady.
Family (export), unquoted.
Cut
Meats: Pickled Hams: Picnic, Loose, c. a. f.—4 to 6 lbs.,
10%c.; 6 to 8 lbs., 1034c.; 8 to 10 lbs., 9%c.
Skinned,
c. a. f.—14 to 16 lbs., 15J4c.; 18 to 20 lbs., 14%c.
Bellies: Clear, f. o. b. New York—6 to 8 lbs., 11c.; 8 to 10
Loose,
lbs., 10%e.; 12 to 14 lbs., 934c. Bellies: Clear, Dry Salted,
Boxed, N. Y.—16 to 18 lbs., 7%c.; 18 to 20 lbs., 7%c.;
20 to 25 lbs., 7%c.; 25 to 30 lbs., 734c.
Butter: Firsts to
higher than extra and premium marks: 2634c. to
Cheese: State, held '39, 2034 to 22c.
Eggs: mixed
checks to special packs: 14c. to 19c.
Oils—Linseed oil continues available at
2734c.
colors:
8.8c. as the in¬
price for tank cars.
Quotations: Chinawood: tanks,
spot 24 to 25, nominal; Aug. shipment-]—24 nominal bid;
drums—25 to 26?4 nominal.
Coconut: tanks—.0334 bid;
Pacific Coast .02% bid.
Corn: crude: West, tanks, nearby
side
—.0534 bid. Olive: denatured: drums, spot—$1.35 to $1.50.
Soy bean: tanks, West—.04% bid; Oct.-Mar.—.0434 bid;
New York, 1. c. 1., raw—.065 bid.
Edible: coconut: 76
degrees—.0834 bid.
not quoted.
crude:
Lard: ex. winter prime—8 offer. Cod:
Turpentine: 32*4 to 2434Rosins:
$4.40 to $7.30.
Cottonseed Oil sales,
contracts.
yesterday, including
Crude, S. E., val. 5%.
July
August
September
October--
6.10® 6.27
switches, 54
Prices closed as follows:
November
December
6.15®
n
6.23® 6.26 January, 19411
6.26® 6.28 February, 1941
Rubber—On the 29th ult. futures
6.26® 6.32
6.30(2} 6.31
6.32® 6.34
6.36® n
closed 59 to 3 points
Transactions totaled only 440 tons, all in the
old contract.
July was the outstanding feature of the list,
scoring the largest gain.
Traders point out that the spot
position here is rather tight.
They state that there are
only 250 tons of certificated rubber in licensed warehouses,
while the open position for the July delivery as of June 28
stood at 3,070 tons.
The outside market was reported as
very quiet, as is usual for a Saturday.
Spot standard No.
1-X in cases advanced to 2134c. per pound.
Local closing:
Old Contract: Julv, 21.49; Aug., 20.16; Sept., 18.88; Dec.,
net
higher.
121
Financial Chronicle
On the
17.74.
1st inst.
futures closed 20 points lower to
The principal factor in the day's gains
was the announcement by the Reconstruction Finance Cor¬
poration that they will create two new corporations for the
purchase of 150,000 tons of rubber in the open market after
making arrangements with the International Rubber Regu¬
lation Committee.
The first reaction to the news on the
floor saw prices move about 20 points higher.
There was
relatively little selling.
Spot standard No. 1-X, in cases,
advanced to 22c. per pound.
Local closing: Old Contract:
July, 21.30; Sept., 19.32; Dec., 18.35; Mar., 17.90.
On
the 2d inst. futures closed 15 to 17 points net lower.
Trans¬
actions totaled 51 lots.
After opening 5 points to 15 points
lower, the rubber futures market rallied sharply on buying
which some thought was due to news of the large American
Governments'
proposed purchases which will probably
take surplus rubber off the market.
In later trading the
market slumped and closed at the lows.
On the new con¬
tract three lots were traded.
The London market closed
61
points higher.
quiet with prices l-16d. lower to"34d. higher. " Singapore
was
steady, 34^. higher to 7-32d. lower.
Local closing:
July, 21.15; Sept., 19.15; Dec., 18.20.
On the 3d inst. futures closed 65 to 11 points net lower.
Transactions totaled 83 lots.
After a steady opening, rubber
futures sold off sharply owning more to lack of buying in¬
Those who had con¬
During early afternoon
July was 55 points lower at 20.60c., September 18 points
lower at 18.97, and December 20 points lower at 18c., re¬
spectively.
Sales to that time totaled 52 lots, of which 25
represented exchanges for actual rubber.
London closed
quiet, 1-16 to Ad. lower.
Singapore was steady l-32d
lower to l-32d. higher.
Local closing: July, 20-50; Sept.,
18.82; Dec., 18.00; Jan., 17.84.
Today futures closed 6 to
22 points net higher.
Sales totaled only 27 lots. Ignoring
lower markets abroad, rubber futures were firm from the
outset in spite of news before the opening that the Inter¬
national Rubber Committee had increased quotas to 85%.
Dealer buying and short covering features the trading.
Trade interests absorbed July, bidding the spot month up
30 points to 20.80c.
Trade interests bought July while locals
purchased forward deliveries. Sales were limited to 17 lots
to early afternoon.
London closed % to %d. lower, while
terest
than to pressure
tracts for
of offerings.
sale, found buvers scarce.
Singapore was 9-32 to 13-32d. lower.
20.56; Sept., 19.04; Oct., 18.55; Dec.,
Hides—On the 29th ult. futures
Local closing: July,
18.13.
closed 16 to 10 points net
The opening range was 10 to 13 points lower.
The market improved as the session progressed, closing at
the high levels of the short period.
Transactions totaled
1,080,000 pounds.
Certificated stocks increased to 750,056
hides today.
The total withdrawal so far this month amount
to 221,758 hides.
The actual market was quiet and steady.
On Friday dealers report that there were 5,500 hides sold in
the Chicago market.
Local closing: Sept., 10.45; Dec.,
10.63; Mar., 10.85; June, 11.05.
On the 1st inst. futures
closed 5 to 6 points net higher.
The opening range was
15 to 10 points lower compared with previous finals.
Trad¬
ing was irregular, with sales totaling only 57 lots, or 2,280,000
pounds.
Certificated stocks increased by 2,328 hides to
792,384 hides today.
There were 15,000 hides sold by
Chicago packers today, 8,000 light native cows selling at
higher.
pound, showing a gain of 34c.;- 7,000 ex-light
sold at 13c., also 34c. higher.
Local closing:
Sept., 10.50; Dec., 10.69; Mar., 10.91; June, 11.11.
On
the 2d inst. futures closed 14 to 7 points net lower.
Trans¬
actions totaled 43 lots.
The opening range was 5 to 11
points net lower.
Transactions totaled 29 lots up to early
afternoon.
In the domestic spot markets 8,000 June light
native cows (River points) sold at 1234c. and 7,000 June
excellent native steers sold at 13c.
Light trade and specu¬
lative buying rallied the market.
Certificated stocks de¬
creased by 9,603 hides to 782,781 hides.
Local closing:
Sept., 10.36; Dec., 10.62.
On the 3d inst. futures closed 4 points up to 3 points off.
Transactions totaled 28 lots. Raw hide futures opened 1 to
14 points lower,
September selling at 10.31, off 5 and
December at 10.50, off 12. Transactions totaled 16 lots to
early afternoon. In the domestic spot market sales totaled
16,800 hides, including May-July light native cows at 1234c.
and June heavy native steers at 1134c.
Local closing:
Sept. 10.40; Dec. 10.59; Mar. 10.80.
Today futures closed
5 to 6 points net higher. Transactions totaled 14 lots. Raw
hide futures opened 5 to 3 points lower. Prices turned firm
during the morning, September selling at 10.45, up 5, and
December at 10.65, up 6. Buying interest was small, while
at the same time selling pressure was light.
Local closing:
Sept. 10.45; Dec. 10.65; Mar. 10.85.
Ocean Freights—There have been no unusual features
to the freight market, activity being very light.
Charters
included: Grain: Australia to North Atlantic, $15.50 per
ton.
Plate to North Atlantic, $9 per ton (heavy grain),
basis Buenos Aires. Time: Round trip South African trade,
July; $3.50 per ton.
Round trip, South African trade,
Aug.; $3.50 per ton. Round trip South African trade, Aug.,
p. t.
Same details, July.
Round trip South American
trade, July; $3 per ton. West Indies or Canadian trade, $3
per ton.
North of Hatteras-South African trade, $3.50 per
ton.
North of Hatteras-South American trade, $3 per ton.
Scrap iron: Atlantic range to Japan, $14.25 per ton. Gulf to
1234c.
per
native steers
Japan, $14.50 per ton.
Pacific Coast to Japan, $13.50 per
The Commercial & Financial Chronicle
122
West Indies to Japan,
ton.
$15, nominal.
Atlantic range
to Japan, July, $14 per ton.
Atlantic range to Japan, July,
$14 per ton, option Gulf loading at $14.25 per ton.
Coal—Latest
advices
from
operators
here
report
the
demand for wholesale anthracite is fairly good
for this time
year.
Tidewater deliveries are trailing behind,
while shipments to line deliveries are going at a fair active
pace.
On July 15 the wholesale schedules will be advanced
10c. per ton.
Some of the line dealers are taking fair quan¬
tities before the advance becomes effective.
Many of the
up-State and New England dealers are also stocking up
before the higher winter prices.
Coal is also moving up to
of
the
Canada
-
at
good levels, it was further pointed out here.
Production during the past two weeks has been slightly
above the 1,OCX),000 ton mark.
Pennsylvania Anthracite
Emergency Committeo notified anthractie producers that
the tonnage for the week ended July 6 has been fixed at
480,000 tons, equal to two working days.
This marks the
smallest production for any week since the voluntary allo¬
cation program went into effect at the end of Jan., except
for the week of Feb. 10 which was also 480,000 tons.
July 6, 1940
COTTON
Friday Night, July 5, 1940
Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 27,653
bales, against 40,690 bales last week and 25,490 bales the
previous week, making the total receipts since Aug. 1, 1939,
7,063,780 bales, against 3,454,453 bales for the same period
of 1938-39, showing an increase since Aug. 1, 1939 of
3,609,The Movement of
the
327 bales.
Sat.
Receipts at—■
Galveston
Mon.
969
Houston
261
_.
N ew Orleans
Tues.
4,496
159
Fri.
Total
72
68
5
"202
6,420
8,445
1,090
16,703
931
395
"~25
14
Savannah
Thurs.
1,764
5,027
4,325
_
Mobile
Wed.
1,144
3
42
"520
1,001
7
481
47
""40
Wilmington
Norfolk.
"231
231
701
27,653
""94
Baltimore...
94
~
Totals this week".
The
6,050 T. 720
8,7161
6,333
1,133
following table shows the week's total receipts, the
Aug. 1, 1939, and the stocks tonight, compared
total since
Wool
Tops—On the 29th ult. futures closed 7 to 11 points
Sales were light and estimated to have totaled
Spot tops were unchanged at $1.01 a
pound.
Local closing: July, 84.2; Oct., 92.0; Dec., 90.5;
Mar., 98.6; May, 88.6.
On the 1st inst. futures closed
steady at 2 to 6 points net lower.
Sales were estimated at
about 80 contracts or 400,000 pounds.
Spot tops declined
lc. or 10 points to $1 a pound.
Local closing: July, 94.0;
Oct., 91.5; Dec., 89.9; Mar., 89.1; May, 88.1.
On the 2d
inst. futures closed 9 points up to unchanged.
Wool top
futures sold at firm prices today in an exceptionally quiet
market.
Total transactions on the New York Exchange to
noon were estimated at about only 125,000 pounds of tops.
with last year:
net lower.
about 125,000 pounds.
Prices for most active deliveries moved in
a
narrow
range.
Local closing:
July, 94.9; Oct., 91.9; Dec., 90.0; Mar., 89.1.
On the 3d inst. futures closed 8 to 11 points net lower.
Sales were estimated at about 500,000 pounds.
Spot tops
were unchanged at $1 a pound.
Advices from Boston state
that business is very slow in the wool market there.
The
limited demand was for piecing out.
Prices were steady on
bright fleeces at 34c. to 36c. in the grease for fine delaine and
at 39c. to 40c. in the grease, delivered to mills for country
packed lots of three eighths and quarter blood grades shipped
from the country. Good French combing length fine territory
wools in original bags were quoted mostly at 82c. to 83c. and
above scoured basis.
two
three weeks
to
Lots due to arrive in Boston within
were
available at around 80c, scoured
basis, landed in Boston.
Local closing for wool tops: July
93.8; Oct. 91.0; Dec. 89.1; Mar. 88.3. Today futures closed
unchanged to 1 point net higher.
Wool top futures con¬
tinued to move within a comparatively narrow range in a
quiet market today. Total sales on the New York exchange
to midday were estimated in the trade at approximately
100,000 pounds of tops. Local closing: Oct. 91.0; Dec. 89.2;
Mar.
88.4.
totaled
1,380 bales,
exchanged for physicals.
the week-end.
over
of which 30 bales
were
Both primary markets ruled weaker
Futures at Yokohama showed declines
of 32 to 45 yen, while at Kobe they were 45 to 54 yen off.
Grade D dropped 35 yen to 1,395 yen at Yokohama and lost
30 yen at Kobe to 1,390 yen.
Spot sales in both markets
today totaled 275 bales, while futures transactions totaled
13,000 bales.
Local closing: July, 2.57; Aug., 2.55; Sept.,
2.51, Oct., 2.49; Nov., 2.46^; Dec., 2.45^.
On the 2d
inst. futures closed 7c. to lc. net lower.
76 lots.
caused
sympathetic decline here.
Futures were 2 to 4c.
lower during early afternoon, with sales totaling only 33 lots
to that time.
Twenty bales were tendered on contract. In
the uptown spot market crack double extra silk was 5c.
lower at $2.56 K a, pound.
The Yokohama Bourse closed
16 to 32 yen lower.
Grade D silk in the spot market was
223^ yen lower at 1,3723^ yen a bale. Local closing: No. 1
contracts: July, 2.50; Aug., 2.49; Sept., 2.47^; Oct., 2.45;
Nov., 2.45; Dec., 2.44H; Jan., 2.41.
a
On the 3d inst. futures closed 1 to 6c. net
higher. Transac¬
tions totaled 34 lots, all in the No. 1 contract.
were
steady in quiet trading.
The market
Silk futures
was
lc. higher
this afternoon, with August selling at $2.50.
Sales to that
time totaled only 13 lots, all on the No. 1 contract.
The
price of crack double extra silk in the uptown spot market
a cent to $2.57 a pound.
Forty bales were de¬
lower to 10
The Yokohama Bourse closed
higher. The price of grade D silk in
23^ yen lower at 1,370 yen a bale.
Local closing:* No. 1 Contract: July, 2.51; Aug.,
2.51; Oct.,
2.48H; Dec., 2.47; Jan., 2.47.
Today futures closed 73^
to 3c. net higher.
Sales totaled only 12 lots, all in the
No.
spot market
1 contract.
yen
was
Raw silk futures
contract
were
Week
1, 1938
Brownsville
£690
2,082.513
179,248
71,685
16.703 2,477,623
42
161,762
Beaumont
New Orleans
Mobile
Pensacola & G'p't
54.593
Jacksonville
Savannah
1,882
66,576
1,001
Charleston
38,565
Lake Charles
47
inactive, the No. 1
being quoted 1 to 3c. lower.
In the uptown spot
price of crack double extra silk dropped y2c. to
$2.56Yz a pound. Fifty bales were tendered for delivery on
the July No. 1 contract.
The Yokohama Bourse which
yesterday set new low for the season, closed 5 to 13 yen lower,
but the price of grade D silk in the spot market was un¬
changed at 1,370 yen a bale. Local closing: No. 1 Contracts,
July, 2.58K; Aug., 2.563^; Sept., 2.54; Dec., 2.50.
6,952 1,010,527
7*496
1,044,717
293,723
16,678
7", 229
853,6.54
69,885
2,184
244
13,044
2,178
"174
36,857
16,096
10
45,971
10,372
231
34,854
Wilmington
Norfolk-
38.780
1940
469,688
610,870
38,821
96,208
587,177
69,720
54,297
1,365
113,123
25,522
4,181
544",383
13,658
183
42,899
31,778
406,227
40,647
z3,682
1,343
142,695
30,797
5,419
9,065
6,950
34,530
16,585
27,107
5,000
3,100
Boston
Baltimore
94
Totals
22,122
27,653 7,063,780
1,891
28,071
100
1,193
1,175
950
26,363 3,454,453 2,305,456 1,758,198
Receipts included in Corpus Christi.
x
1939
653,642
New York
Gulfport not included.
z
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
1939-40
Receipts at—
Galveston
42
7,496
7,229
2,184
1,001
1937-38
6,952
1.090
174
Orleans.
1935-36
1934-35
Savannah
Charleston
Wilmington
571
502
2,570
6,940
1,712
1,451
2,112
1,448
4,656
2,304
4,556
3,481
359
2,635
27
16,703
Mobile
178
3
2,921
3,569
7,122
1,292
387
47
__
1,789
102
646
652
8
231
"""183
263
429
341
12
94
2,145
518
1,096
3,637
168
27,653
26,363
17,684
17,159
13,381
13,918
Norfolk
All others
Total this wk_
Since
1936-37
1,585
Houston
New
1938-39
8,445
Aug. 1__ 7.063,780 3,454,453 7,089,181 6,264,404 6,699,012 4,018,184
exports for the
week ending this evening reach a
of which 26,227 were to Great Britain,
15,233 to Japan, 635 to China, and 297 to other destinations.
In the corresponding
week last year total exports were
27,441 bales.
For the season to date aggregate exports
total of 42,392 bales,
have
been 5,947,830 bales, against 3,257,510 bales in the
period of the previous season.
Below are the exports
same
for the week:
Week Ended
July
5,
Exported to—
1940
Exports from—
Great
Ger-
Britain
France
many
Italy
Japan
Galveston
China
Other
487
Houston
9,747
4,507
40
5,856
16,080
New Or leans
Los Angeles
257
100
400
4.383
15.233
635
Total
1939
4.642
1.720
Total
1938
9,013
1,031
4,741
9,485
From
Total
527
15,860
20,687
535
26,227
Total.
5,318
297
42,392
7,047
100
9,191
27,441
8.418
6,462
9,630
44,039
Exported to—
Aug. 1,1939 to
Jiuy 5,
1940
Ger¬
Great
Exporlsfrom—
Britain
Galveston
377;922 141,252
Houston
France
492,739 174,325
Corpus Christi
Brownsville
-
_
Beaumont
many
Japan
8,257 203.838
71.308
27,424
10,242
8,496
6,861
4,334
18.329
China
209.219
Italy
286 152,217
52.685 415,090 1348,671
Total
Other
250,661 198,510 369,489 1697,819
37.586
10,390 25,452 200,731
4,309
3,922
27,922
400
185
585
New Orleans-
741,311
437",024
8,169 227,420
90,906
Lake Charles.
16,290
1,135
491
4,179
Mobile......
67,297
22,878
5,231
19,494
10",5l6
1,872
2406
2,708
196
11,267
11,170
8,837
100
75,278
7,388
24,838
284
11,791
11,499
31,572
livered
18 yen
1, 1939
Houston
Corpus Christi
Pensacola, &c.
the
Since Aug
8,445 1,774,861
41,153
Jacksonville
the July contract.
This
Week
advanced half
on
Stock
Since Aug
Transactions totaled
Continued weakness in the Japanese silk market
1938-39
This
Galveston
The
Silk—On the 1st inst. futures closed 5c. to 9c. net lower.
Transactions
1939-40
Receipts to
July 5
550
Charleston.'..
Wilmington
.
.
10,281
50
"75
26,235
9,324
211
6,182
42,700
Savannah
71,442 226,314 1802,586
"486
1,704
1,575
14,354
Gulfport
New York.l.
6,773
11,507
Boston
L825
1,271
199
18,824
50
100
1,050
300
10,902
Baltimore
Los Angeles..
San Francisco
811
27,810
6,773
Norfolk
31,419
127,282
11,352
1
IO", 943
24,540
1
204,074
32.385
63,643
371,074
1.336
"266
"214
78,416
12.386
21,558
138,236
12
59,615
12
Seattle
market the
Total.
1987,093 835,698
33,456 611,279
Total
1938-39
469,003 395.928
457,567 304,942
Total
1937-38 1600,199 756,570
881,826 533.381
913,170 399,853 1167281 5947,830
876,157
658,130
In addition to above exports, our
95,639 658,274 3257,510
91,38111033280 5552,767
telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
Volume
The Commercial &
151
ket and held
On
Shipboard Not Cleared for—
July 5 at—
Ger¬
Other
France
Foreign
wise
"804
37
1,000
3,037
3,700
Orleans..
2,000
1,249
211
797
Houston
New
2,200
2,500
Galveston
Leaving
Stock
Coast¬
many
Great
Britain
Total
6,700
2,887
4,911
Savannah
Charleston
Mobile
——
Norfolk—
Other ports
2,566
*
799
3,3 5i
3,660
9,221
9,787
2,726
4,300
16.598
804
6,997
1940
Total 1939-.—
Total 1938—
Total
4,030
3,427
646,942
607,983
582,266
113,123
25,522
69,720
34,530
210,872
14,498 2,290,958
19,967 1,738,231
36,838 2,325,710
Speculation in cotton for future delivery was moderately
during the past week, with fluctuations confined to
South
to stir any
market._ Spot markets in
small business.
Traders' attention ap¬
There was little in the news
range.
real business
either side of the
report
peared to be focused on war developments abroad.
On the 29th ult. prices closed 1 to 8 points net
In
a
lower.
trading retarded by nervousness over
in the Balkans and the Far East, cotton futures
slow market with
conditions
Scattered foreign selling, hedging and
domestic liquidation met only a limited demand from trade
sources.
Traders found little in the news to inspire fresh
commitments, except a moderate wave of buying interest
that developed in the cotton goods market in Worth Street
at the close of the week.
This failed to inspire much demand
for cotton, owing to uncertainties as to what might develop
abroad over the week-end.
Opening quotations were 1 to
4 points lower.
A little week-end covering in the Oct. and
Dec. deliveries at one time lifted them a few points above the
previous closing levels.
Otherwise, the market displayed
little or no rallying power.
Fluctuations during the half
session were held within a range of about 4 to 8 points.
Return of rainy conditions to the cotton belt was regarded
as
unfavorable.
Southern spot sales today were 3,192
bales against 4,204 a year ago.
On the 1st inst. prices closed
4 points lower to 7 points higher.
The opening range was
2 to 5 points lower on foreign selling in July, Oct., and Dec.,
but the trade and local professionals gradually absorbed the
contracts.
The market eased again on the weakness in
July, which continued to dominate the market.
There
were no July notices issued in the local market, but there
were
two in New Orleans.
The Southern market turned
weak, July selling at 9.91c., off 21 points, while New York
eased to 10.05, off 15 points.
There were fears of further
deliveries on contracts as certificated stocks increased 1,986
bales to 28,509 bales.
The market recovered again with
new crop
months 3 to 6 points higher; largely influenced
by torrential rains in the West, and reports of crop damage
in south central Texas.
Rivers in southeast Texas were
overflowing, and reports said some places had from 5 to 20
inches of rain over the week-end.
Southern spot markets
on Monday were 7 points higher to 5 points lower.
Quota¬
tions for middling ]/$ inch cotton were 10.05 to 11.31c.
On the 2d inst. prices closed 2 points up to 8 points net lower.
News of excessive rainfall in Oklahoma tended to check
selling of cotton futures.
With the exception of July, which
was
under liquidation, the market was steady.
During
early afternoon July was off 9 points, but other positions
were
unchanged to 3 points higher.
The opening range
was 2 to 4 points lower in light trading, in which the supply
today ruled heavy.
from
came
scattered hedge selling and liquidation of July
spot interests were on the buying
Bombay accounts was reported.
contracts, while trade and
side.
A little selling for
market was lower. July proved a vulnerable
market.
Twelve notices of deliverv were
issued and continued to circulate for some time, with the
result that by 11 o'clock the July position had declined 10
Bombay's
of
sector
the
to 10.06c.
The old July open interest decreased
14,500 tons yesterday, but nevertheless this morning stood
at 108,200 bales.
The open interest in the new July con¬
tract underwent no change in yesterday's trading.
It held
points
The decree of Argentina in granting a
cotton loan has been influenced by the loss of foreign mar¬
kets, including Germany and Italy.
On the 3d inst. prices closed 2 to 15 points net higher.
Unfavorable interpretation put on the weekly Government
weather report caused the cotton futures market to tighten,
with the result that prices tilted upward during early after¬
noon.
Gains ranged from 2 to 15 points, and held up to
the close.
The opening was mixed.
Circulation of 38 July
notices of
delivery caused liquidation in that position,
at
16,100
which
bales.
caused
it
to
open
6
points
opened 10 points lower on July, but as much as 4
points higher on later positions.
After the opening July
steadily declined, old July selling at one time at 9.85c., a
net loss of 25 points from the previous close.
The selling
was liquidation due to circulation of a few additional July
notices of delivery.
On the opening today the net open
position in old July stood at 90.400 bales, while in new
July was 7,200 bales.
While July was under pressure new
positions
crop
York market each
the old contract overnight.
In addition, notices on
3,900 bales were out, leaving the net open position
today
97,300 bales.
The new July contract has been reduced by
3,700 bales, with the result that it stood at 8,700 bales net
this
morning.
Today prices closed 24 points to
1 point net lower.
dation of July contracts weighed on
middling upland cotton in the
Sat.
Middling upland % (nominal)._ 10.73
Middling upland 15-16 (nom'l)_ 10.93
Liqui¬
the cotton futures
mar¬
Tues.
10.63
10.83
Mon.
10.69
10.89
Wed. Thurs.
10.70
Hoi.
10.90
Fri.
10.46
10.66
Hoi.
Premiums and Discounts for Grade and
Staple—The
gives the premiums and discounts for grade and
staple in relation to the base grade. Premiums and discounts
for grades and staples are the average quotations of 10
markets designated by the Secretary of Agriculture.
table below
Old Contract—Basis
liveries
contract
on
on
Middling
inch, established for de¬
July 11, and staple premiums represent
J^-inch cotton at the
60% of the average premiums over
10 markets on July 3.
New Contract—Basis
Middling 15-16 inch, established for
on
July 11, and staple premiums
and discounts represent full discount for %-inch and 29-32inch staple and 75% of the average premiums over 15-16-inch
deliveries
on
contract
markets
cotton at the 10
on
July 3.
TV ew Contract
Old Contract
M
H
1 In.
15-16
Inch
Inch
and
Up
29-32
15-16
Inch
Inch
1 In.
31-32
Inch
Inch
and
Up
White—
Good
♦Good
.54 on
.60
on
.66 on
.31
.39
on
.49
on
.65
on
.61
.25
.33
on
.43
on
.49
on
.55 on
.41
on
.52
on
.12
.20
on
.30
on
.37
on
.44 on
.11
on
.22
on
.19
.06
on
.14
.41 off
.32 off
.69
.98 off
.91 off 1.27
on
.10 off
Basis
on
on
Orel.. 1.54 off 1.46 off 1.41 off 1.73
2.11 off 2.01 off 1.98 off 2.23
J.20 off 2.13 off 2.12 off 2.09 off
Ord
Enrn
on
on
.64 on
.42 off
.62 off
.54 off
.49 off
L.19 off 1.10 off 1.06 off 1.02 off
L.69 off 1.59 off 1.57 off 1.53 off
Mid
♦St
.
.45
.70
on
.51 off
Low Mid
Low
.36
on
.54
1.08 off
Mid
St
.75 on
.60
,31
Mid...
Mid
Mid
St
.66 on
.55 on
Fair
Good
.50 on
.44 on
Basis
Mid.
St. Good
White—
.64 on
.25 on
.33
.49
on
.30
on
on
on
.55 on
.37
on
.44
on
.06 on
.43
on
.20
.14
on
.44 on
.54 on
St. Mid
.31
.41 on
.52 on
.12
Mid-
Even
.11
on
.22 on
.19 off
.10 off
Even
St. Low Mid
.51 off
.41 off
.32 off
.69 off
.62 off
.54 off
.49 offi
.42 off
Good Mid
Low Mid
♦St. Good Ord..
•Good Ord
on
on
91 off 1.27 off 1.19 offi 1.10 off 1.06 off 1.02 off
.98 off
1.08 off
1.54 off 1.46 off 1.41 off 1.73 off 1.69 off 1.59 off 1.57 off 1.53 off
2.11 off 2.01 off 1.98 off 2.23 off 2.20 off 2.13 off 2.12 off 2.09 off
Spotted—
Good Mid
.09
on
,19
on
.28 on
.11 off
.02 off
St. Mid
.08 off
.03
on
.13 on
.25 off
.16 offi
Mid
.61 off
.51 off
.06 on
.07 off
.19 on
.05 on
.12 on
.01 off
.42 off a.80 off a.72 off a.63 off a.58 off a.52 off
•St. Low Mid...
1.25 off 1.17 off 1.11 off 1.44 off 11.39 off 1.30 off 1.28 off
♦Low Mid
1.89 off 1.84 off 1.81 off 2.07 off 2.06
Tinoed—
1.22 off
off|1.99 off 1.97 off 1.94 off
Good Mid
off
.35 off ♦.69 off *.65 ott *.57 off *.53 off *.47 off
St. Mid
off
.57 offi♦.90 off *.86 off *.78 off *.75 off,*.69 off
♦Mid
off 1.22 off 1.47 off 1.45 off 1.41 off 1.40 off
.43
.51 off
.64
.71 off
1.28 off 1.25
•St. Low Mid... 1.83 off 1.81
Yellow Stained-
•St.
off|2.51 off.2.51 off 2.50 off
.89 off *1.22off *1.19off *1.1
.96 off
1.03 off
Good Mid.-
Ooff! *1.07off
1.39 off 1.38 off 1.35 off 1.57 off 1.57 off 1.55
1.88 off 1.88 off 1.87
Mid
•Mid
1.37 off
off 1.80 off 2.02 off 2.01 off 1.98 off 1.98 off 1.97 off
2.33 off 2.33 off 2.32 off >2.52 off 2.52
♦Low Mid
*1.00off
off 1.53 off
off11.54
off|2.06 off|2.06 off 2.06 off 2.06 off,2.05 off
Gray—
Good Mid
.61 off
.54 off
.44 off>*.80
St. Mid
.76 off
.69 off
.59 off
off!*.75
.95 offi
off ♦.67 off *.63 off *.55 off
.91 off .82 off! .77 off, .70 off
1.28 off 1.21 off 1.16 off 1.46 off, 1.42 off 1.35 off 1.32 offll.29 off
Mid
be tenderable
such grade.
a Middling spotted shall
♦Not deliverable on future contract,
only when and if the Secretary of Agriculture establishes a type for
New York Quotations for 32 Years
quotations for middling upland at New York
July 5 for each of the past 32 years have been as follows:
The
1940
1939
1938
1937
1936
1935
1934
1933
10.46c.
9.82c.
9.04c.
12.85c.
13.28c.
12.30c.
12.10c.
10.30c.
6.00c.
1932
1921
1928
1927
17.10c.
1919
1926
18.55c.
1918
1925
24.2.5c.
1917
.....
1930
1929
—
..
..
1916
1915
...22.90c.
...12.20c.
..
1923
1922
..18.35c.
22.80c.
...29.60c.
...28.05c.
1914
41.00c.
1924
9.95c.
15.80c.
1931
1912
1920
.—34.40c.
1911
...31.80c.
26.74c.
..
..
1913
—
„
—.
-
9.35c.
...13.25c.
...12.25c.
12.45c.
_.-14.65c.
1909
1910
.13.10c.
-
..
on
..
—
..
,
15.35c.
12.65c.
Market and Sales at New York
each day during the
indicated in the following statement.
The total sales of cotton on the spot
week at New York
For the
are
and futures closed
Spot
Old
New
the
on
same
days:
Total
Contract
New
Old
New
Old
Saturday..
"7~
9~700
9,700
Monday
700
Tuesday
Wednesday
3",300
3",300
700
200
600
HOLI DAY
Thursday.
Friday
200
600
200
3,500
2,300
3,500
7,000
13,300
7,000
10,500 204,242
10,500
2,100
200
13,100
107,242
97,000
Total week
Since Aug.
the
convenience of the reader we also show how
market for spot
1
Futures Markets
their steadiness.
The July open
position is gradually being reduced.
It was 7,000 bales
on
The buying of October was
day for the last week has been;
June 29 to July 5—
Spot Market Closed
months maintained
lower
in demand.
were
feature.
a
lower, while new crop
positions were steady and unchanged to 1 point higher.
The seiling of July continued after the opening, but new
crop
The
points lower to 2 points higher.
this afternoon was 22
The official quotation for
active
the
rising impulse of forward months,
belt. The market
a
loan and to rains in the
market
Estimated.
narrow
check
in
due to talk of a
New
a
123
Financial Chronicle
Closed
New
Old
Saturday...
Nominal.
Steady
Steady
Monday
Tuesday
Wednesday.
Nominal.
Nominal.
Steady
Steady
Steady
HOLIDAY
Steady
Steady
Steady
Thursday...
Friday
Nominal.
Nominal.
lowest and closing prices at
week have been as follows:
Futures—The highest,
York for the past
|
Barely steady.. I Barely steady
New
The Commercial & Financial Chronicle
124
Saturday
June 29
Wednesday
July 3
Tuesday
July 2
Monday
July )
Thursday
July 4
Closing
July
.
Week
10.19-10.26 10.05-10.17 10.03-10.12 10.02-10.12
10.08 —— 10.10 10.16 10.20
Ala., Blrm'am
10.27-10.30 10.33-10.36
Eufaula
(new)
,
3
10.22-10.27
Montgom'y
Closing
10.38ft
10.30ft
10.37ft
10.15ft
Selma...
10.17ft
10.13ft
10.05ft
10.12ft
9.90ft
Closing
_
9.26ft
9.19ft
.
Little
Range..
9.17- 9.24
9.11- 9.26
9.20- 9.30
9.19
9.26
9.29
9.40 HOLIDAY
9.28-
Closing
9.39
.
—
—
—
9.35-
9.46
9.35
-
Pine
1,842
63,007
396
15,402
40,244
170,670
171,911
17,200
39,464
16,776
108,653
167,863
142
333
Rock
__
400
Bluff
Walnut Rge
Ga.. Albany.
Athens
Nov.—
Range..
9.11ft
9.18ft
9.20ft
9.31ft
9.28ft
9.02- 9.10
_
8.97- 9.11
9.04- 9,14
9.13- 9.24
9.22-
Atlanta
Range..
9.04
Closing.
9.11
9.10-
—
9.12
9.23
—
2,832
Columbus
200
Macon
9.32
9.22
—
2,381
Augusta
Closing
Dec.—
318
Rome
Jon. (1941)
Range-w
8.92- 8.92
Closing.
8.94ft
9.15- 9.15
9.01ft
9.02 ft
9.16- 9.20
9.15
8.94- 8.94
9.13ft
—
'
La., Shrevep't
Miss., Clarksd
8.94ft
8.92ft
8.85ft
.
9.06ft
9.08ft
Range..
8.75- 8.81
8.71-8.84
8.82- 8.86
8.85- 9.03
9.00-
Closing
8.77
8.84
8.86
9.01-
9.00
.
—
9.02
9.11
April—
Range..
8.69ft
8.76ft
Range—
8.58- 8.62
Closing
8.61
Closing
.
8.84- 8.93
8. C.,
8.84
—
Nominal.
Range for future prices at New York for the week ended
July 5, 1940, and since trading began on each option:
5 10.26 June 29
7.63 Sept.
1 1939 10.60 Jan,
3 1940
10.42 June 29
7.90 Sept.
1 1939 10.82 Jan.
3 1940
9.85
Aug. 31 1939
14 1940
June
12 1940
9.00 June 14 1940
8.98 June
"9 M
July
"5
8.25 Nov.
1 1939 10.29
Apr.
9.32
July
5
8.33 June
6 1940 10.18
Apr.
17 1940
8.92 June 29
9.20 July
5
8.26 June
6 1940 10.14
Apr.
8.71
July
1
9.11
July"
5
8.10 May
18 1940
10.08
Apr.
17 1940
8.54
July
1
8.93 July
5
8.00 May
18 1940
9.04
8.97
July
1
17 1940
1941—
January
April...
...
May
43
"453
46,646
34,219
489
124,004
38.657
2J26
101,848
150
39,880
*279
14,025
308
27
31,894
320
12,666
26,738
1,476
127,728
132,925
13,400
2,004
3,335
400
1,294
77,072
124,609
33,100
300
9~,088
4,848
143,294
1,656
30,297
204,042
668
37,326
34,199
"561
1,237
63,403
373
33,522
1,769
7,887
29,497
136
26,432
15,577
16,261
40,780
48,194
396,157
5.237
5,212
34
1,455
279
335,024
2,963
165,372
1,570 128,531
27,368 3502,986
26,954
2.238
40,767
520,939
60
284
658
25,486
"249
32,565
75,333
16,952
....
23
56
45,739
174
3,929
197,351
3,929
2,854
6,695
27
2,159
1,028
115
339,524
1,547
101,872
2,450
257,204
59,206
21,429 2056,512
22,003
30,752
582,982
69,001
9,447
12,484
1,381
""§6
15,580
"532
25
1,106
33
14,965
93
2,501
52,996
684
31,849
45
46,058
91
76,246
26
22,415
575
64,790
1.128
39,186
38,871
2
28,347
163
56,023
11
7,422
15,749
610
..
13
559
113
22,065
12.759
6,518
Robstown..
20
10
56,801
83,254 2061,441
44,168 6634,098
Total,56tOwns
644
6,479
1,947
35,158
18,533
13,349
1,078
4,406
37,321
.
3,362
48,966 4757,346
81
2,265
61,286 2490,599
Includes the combined totals of 15 towns in Oklahoma.
The
totals
above
interior
the
that
show
stocks
have
decreased
during the week 59,068 bales and are tonight
429,158 bales less than at the same period last year.
The
receipts of all the towns have been 5,202 bales more than in
the
week last year.
same
Overland Movement for the Week and Since Aug. 1—
February
March
48,349
169
17 1940
October
November..
.
88
39,036
19,392
105,388
40,198
138,414
48,611
68
86,761
115
San Marcos
*
December.
634
28,880
5~,2il
Gr'ville
Texarkana
1940—
8.08
127
38,998
60,307
92
35
Waco
Range Since Beginning of Option
.
132,029
52,037
69,873
155,116
48,465
"212
371
Paris
August
377
36,001
7,333
Dallas.....
September
75
28,121
towns *.
Brenham
15
9,558
509
44,996
31,561
29.758
49,880
12.565
12,459
13,182
30,327
4,537
Austin
9.85 July
277
86,853
54,678
741
51
Tenn., Mem's
Texas, Abilene
Range..
Closing.
10.26 July
16
322
97,910
116,271
29,500
26.757
575
.
8.85
8.62- 8.69
8.70ft
June—
July old
200
34,266
8.69- 8.
8.64- 8.59
Range for Week
4440
1,429
1,560
Vlcksburg..
Yazoo City
Mo., St. Louis
N.C., Gr'boro
15
New
7
23.309
1.127
Oklahoma—
8.93 ft
8.68ft
Option for—
719
22,670
_
8.92
8.78ft
May—
.
1,011
242,587
Jackson
Natchez.
Mar.—
92
175
48
Greenwood
Range..
Closing
July
72,352
14,461
571
14,155
6,785
74,660
48,436
109,600
31,630
34,176
31.564
23,553
118,592
21,170
62,689
32,676
10,208
36,741
774
658
Columbus..
Feb.—
»
32.345
71,096
41,149
9,295
114,399
38,764
142,532
38
Newport.
Oct.—
3,397
1,657
1,064
171,496
Helena.
9.35 ft
9.39ft
9.29ft
185
31
Jonesboro..
Range..
Closing
1,000
176
Hope...
Sept.—
467
68,254
29,253
....
Ark., BIytbev
Forest City
Range
16,650
501
_
10.42-10.42
10.42
Aug.—
439
52,181
233
Range..
.
Stocks
Week
Season
Week
5
9.85-10.07
9.86- 9.87
July
Week
Season
I
Receipts
Stocks
ments
July (1940)
(old)
Shipments
Ship¬
Receipts
1939
Movement to July 7,
Movement to July 5, 1940
Friday
July 5
Towns
Range..
July 6, 1940
June 20 1940
June
Volume of Sales for Future 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.
We give below a statement showing the overland
for the week and since Aug. 1, as made up from
movement
telegraphic
reports Friday night.
The results for the Week and since
Aug. 1 in the last two years are as follows:
-1938-39-
1939-40
w
t
Week
Via Mounds,
&c
Island..
Week
Aug. 1
h
5,237
2,300
Via St. Louis
Via Rock
Since
Since
July 5—
Shipped—
h
Aug. 1
ti
3,929
3,725
s
h
h
h
Open
June 28 June 29
July 1
July 2
July 3
July 4
Contracts
h
78
h
3,094
9,666
h
4,991
h
h
4,911
h
.20,392
New York
95
h
17,634
h
Via Louisville
Via
Virginia points
—
Via other routes, &
Deduct Shipments—
Overland to N. Y., Boston, &c—
1,891
h
167
h
156
h
6,285
h
3,181
h
6,546
h
5,228
h
.13,846
13,846
h
12,406
July 4
.
h
94
mo'
r
July—Old
'
Total to be deducted
-
12,700
New
2,000
3,600
13,000
100
1,000
20,900
400
17", 100
3l",l66
32"66O
12,700
13,700
October—Old
Leaving total net overland *
New
3l",200 24",700
December—Old
Including movement by rail to Canada,
h We withhold the totals
since Aug. 1 so as to allow for proper adjustment at end of crop year.
*
New
16,400
13,800
7,300
500
200
100
1941—
Holi¬
Holi¬
day
day
January
March
5,400
4,300
May
3,500
1,900
.
8,800
2,000
8,600
6,700
2,700
Since
Spinners'
Week
Takings
8,100
Southern
September, 1940
Total all futures
70,500
56,100
43,700
62,500
4. XI PCI 1U1
Open
New Orleans
June 26 June 27 June 28 June 29
July 2
July 1
Contracts
Excess
over
Dl/vL'iVO
AAA
vAvvOO
—
Total in sight July 5
1,500
2,750
100
200
New
350
1,950
2,550
1,600
100
163,769
*22,320
h
h
141,449
h
h
....
North spinn's' takings to
h
h
18,750
1,400
h
h
112,413
1940
h
Southern
July 2
July—Old
h
125,000
h
mill takings;
consumption to June L
of
h
12,406
n
171,499
*59,086
26,363
h
13,846
consumption to July 5_ -130,000
84,000
Aug. 1
h
h
27,653
Receipts at ports to July 5
Week
Aug. 1
Net overland to July 5..
Inactive months—
-1938-39Since
-1939-40—
In Sight and
300
h
July 5_- 35,710
35,710
h
22,895
■
October—Old
New
8,500
2,800
7,200
2,900
4,800
3,900
10,200
2,000
700
3,250
50
December
200
5,850
1,350
58,950
41,750
1941—
January
200
600
200
150
200
"300
1,150
300
400
100
700
1,750
1,050
28,550
15,650
14,650
13,550
9,350
5,250
16,250
11,800
166,100
„
March
May
Total all futures
The Visible
cotton statistics
Supply of Cotton—Due
are
to
war
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 stock at
Alexandria and the spot prices at
Liverpool:
At
the
1940
1939
218,000
7.82d.
12.85d.
6.28d.
8.37d.
6.04d.
1938
1937
260,000
356,000
116,000
5.61d.
5.16d.
6.98d.
—
—
~6.lid.~
4.29d.
4.17d.
8.3 Id.
6.Old.
4.38d.
4.24d
5.91d.
Towns, the movement, that is, the
receipts for the week and since Aug. 1, the shipments for
tonight^ and the same items for the
corresponding period of the previous year—is set out in
detail below:
1
so as
to allow for
adjustment at the end of the crop year.
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
principal cotton markets for each day of the
Below
Southern
week:
,
-
Closing Quotations for Middling Cotton on—
Wednesday
Thursday
Friday
Saturday
Monday
Tuesday
%
15-16
14
15-16
%
15-16
14
15-16
H
15-16
14
15-16
In.
Week Ended
In.
In.
In.
In.
In,
In.
In.
In.
In.
In.
In.
July 5
10.24 10.44 10.26
Galveston
New Orleans. 10.60 10.80 10.55
10.24 10.34 10.31
Mobile
10.85 11.00 10.81
Savannah
10.50 10.65 10.50
Montgomery. 10.40 10.50 10.40
11.24 11.39 11.31
Augusta
Memphis
Interior
the week and the stocks
proper
Norfolk
5.31d.
0
h We withhold the totals since Aug.
Decrease,
conditions
not
July 5—
Stock in Alexandria, Egypt.
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
*
Houston
...
10.30 10.50 10.30
10.05 10.25 10.00
Little Rock.. 10.05 10.35 10.05
10.02 10.22 10.06110
Dallas
New Orleans Contract
10.26 10.46 10.29 10.49
10.55 10.75 10.55 10.75
10.15 10.35
10.34 10.44 10.44 10.54
10.73 10.88 10.75 10.90
10.40 10.50
10.55 10.75
10.51 10.66
10.50 10.65 10.50 10.65 Holi¬ Holi¬ 10.35 10.50
day 10.50 10.50
10.40 10.60 10.40 10.50 day
11.30 11.45
11.34 11.49 11.44 11.59
10.30 10.50 10.30 10.50
9.90 10.10 9.90 10.10
10.05 10.35 10.05 10.35
9.99 10.19 10.09 10.29
10.30 10.50
9.80 10.00
10.05 10.35
9.65i
9.85
Market—The closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
for
Volume
125
The Commercial & Financial Chronicle
151
they were 4,405,069 bales, and in 1937-38 were
bales.
(2) That, although the receipts at the
outports the last week were 27,653 bales, the actual move¬
ment from the plantations was nil bales, stock at interior
towns having decreased 59,086 bales during the week.
in 1938-39
Friday
July 4
July 5
July 3
July 2
July 1
June 29
Thursday
Wednesday
Tuesday
Monday
Saturday
8,427,704
1940—
10.125-.14a 10.02-10.03
New
9.86
9.915
10.235
9.34
9.28
9.22
October
9.855-9.87a
100351015a
10.165-.32a 10.075
July old
9.39- 9.40
March
9.125
9.155
9.025
8.995
8.93
__
9.035-9.05a
9.07
8.795-8.81a 8.84 5-8.86a 8.915-8.92a
8.75
8.905-8.9 la
8.635-8.65a 8.68 5-8.70a
...
May
8.87
*■
Tone—
.
Quiet.
Quiet
Market—Our report received
Manchester
9.245
HOLIDAY
1941—
January
9.925
9.43
9.27- 9.28
9.165-9.17a
9.13«
Decern ber. 9.06 5-9,07a
♦
Quiet.
Quiet
Quiet
Old futures
Steady
Steady
Steady-
Steady.
Steady.
New fut'es
Steady
Steady
Steady
Steady.
by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for cloth is improving. We
give prices today below and leave those for previous weeks
of this and last year for comparison:
Steady.
Spot
a
hRid.
Asked.
32 s Cop
-Thermometer
d.
_
©12
6
7.84
854@
954
8
9
12..
14.55
12
3
@12
6
8.12
714 @ 8 1014
4.93
14.75
12
4H©12
8.09
8
9
4.99
14.78
12
414 @12
7*4
714
8!4@ 914
854@ 954
8
19..
26..
8.07
814©
914
8
714® 9 1014
3..
14.85
12
4!4@12
714
8.18
854@
9H
8 1014@
414 @12
714
114
8.14
854@
954
8
7.42
9
72
10..
14.74
12
99
54
77
17..
14.08
11 1014@12
24..
Nominal
31..
14.04
82
4
6.16
90
70
80
1
0.05
93
76
85
111014@12
114
0.54
91
69
1
-
Cbristi
Corpus
1.01
98
66
82
7__
14.04
11 1014 @ 12
70
■82
80
Lampasas
Luling
Nacogdoches
Palestine-..
Oklahoma—Oklahoma City_.
—
Georgia—Savannah
.
Carolina—Charleston.
North Carolina—Asheville
1.32
86
70
78
14.13
12
6
©12
5.78
88
67
90
64
77
3.18
67
94
68
81
92
60
76
1.61
88
61
80
0.66
87
62
80
1.57
90
70
3.39
92
68
80
4.35
94
67
81
0.63
90
63
77
3.03
91
71
80
2.43
91
57
74
2.88
93
61
77
0.57
93
69
81
0.01
90
73
82
0.86
95
70
82
91
68
80
0.32
0.33
94
63
90
67
90
70
80
0.56
89
51
95
71
92
59
76
0.15
2
._
92
66
79
1.77
88
62
75
2*
0.67
91
56
74
2
Chattanooga-
0.94
88
58
73
.
...
—
Nashville
received by telegraph, showing the heights of rivers at the points named at
following statement has also been
of the dates given:
m.
a.
July 5, 1940
July 7, 1939
Feet
Feet
-.Above zero of gauge.
3.6
12.8
Bales
Bales
GALVESTON—
NEW ORLEANS—
To Great Britain
To Japan
To South America
16,080
To Japan
4,507
To China
100
LOS
487
40
__
ANGELES—
To Great Britain
HOUSTON—
To Australia
4,383
To Japan
9,747
250
To Japan
400
;
5,856
To Great Britain
42,392
Total
7
To South America..
535
To China
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
Cotton
York
are no
Statistics—Regulations due to the war
Foreign Cotton
Europe prohibit cotton statistics being sent from abroad.
We are therefore obliged to omit the following tables:
World's Supply and Takings of Cotton.
India Cotton Movement from All Ports.
in
Liverpool Imports, Stocks, &c.
Liverpool—The tone of the Liverpool market for spots
week and the daily closing
and futures each day of the past
follows:
17.3
Memphis
Above zero of gauge.
9.0
10.1
^.Aobve zero of gauge.
Above zero of gauge.
18.2
8.8
20.4
Nashville
Shreveport
Vicksburg
The shipments in detail, as
from mail and telegraphic reports, are as follows:
prices of spot cotton have been as
6.6
Above zero of gauge.
Orleans
New
made up
83
0.07
dry
1
__
on a previous page, the
United States the past week
shown
News—As
Shipping
exports of cotton from the
have reached 42,392
bales.
65
_.
Wilmington
Tennessee—Memphis
5--
79
2.25
5.62
'XT
79
1.57
7.25
Uly
80
2
-
Til 1
*3
81
95
7.16
3.12
2
-
Closed
78
4.98
Charlotte
8
5.61
84
2
_
South
The
@93
68
3
...
_
9
100
3
.
Augusta.
_
@10
6.25
2
Atlanta
Raleigh
9
@12
1
.
—
....
_
7.82
6
3
Montgomery
_
9
12
f>
.
Florida—Jacksonville
.
9
14.06
4
Birmingham
Macon
5.66
@10
28-
3
-
—
Vicksburg
Alabama—Mobile
Miami.
5.76
9
78
2
Shreveport
Mississippi—Meridian.
5.49
7.60
64
1
Orleans
Louisiana—New
.
@93
9
92
3
-
9
5.77
4.22
3
.
....
_
914
@93
@93
@12
4!4@12
2
Little Rock.
5.48
814®
@93
12
3
Smith.
Arkansas—Fort
@93
@93
14.22
2
_
6.54
9
9
21..
3
Antonio
Taylor
5.33
8J4@ 9%
9
78
4
.
114
@93
9
11 1014
64
4
.
_
Paris
5.28
1014® 9
9
@10
914 @1014
14.04
92
.
.
114
914 @10
9
@10
14..
1.62
4
.
.
_
5.00
9
7.82
1.43
4
_
^
9
Closed
114
114
714
3
_
Kerrville
94
3
Houston
@
June
3
..
9
Closed
Nominal
3
Paso_
San
92
@
May
1
Brownsville
El
0.08
:
Brenham
d.
4.92
3
Mean
■
Upl'ds
d.
s.
12
Low
dry
d.
s.
14.40
High
1
to Finest
5„_
Inches
-
d.
Middl'g
Common
ings,
Apr.
Rainfall
_
d.
Cotton
Shirt¬
Lbs.
Twist
s.* d.
d.
s.
Days
Amarillo.
32s Cop
Upl'ds
to Finest
Rain
Texas—Galveston
Middl'g
ings,
Twist
814
Cotton
Lbs. Shirt¬
Common
8H
advices to us this
evening indicate that progress has been mostly fair in the
Central States. Heavy rains in parts of Arkansas were harm¬
ful and there have been complaints of grassy fields. Cotton
deteriorated in some parts of Texas.
There has been some
weevil complaint in North and Central Texas.
by Telegraph—Telegraphic
Returns
1939
1949
Nominal.
n
Quiet
f
\
1
Market,
and Shipments—The following are
the receipts, shipments for the past week and for the corre¬
sponding week of the previous two years, as received by cable:
P. M.
Mid. upl'ds
Futures
Quiet
Thursday
Friday
Quiet
Quiet
1938-39
17,000
8445,841
1,300
7,881,735
7 to
j
9
pts. 3 to 4 pts. 1
2
to
Steady;
pts. 6 to 9 pts.
decline
Q't but st'y
1
2
to
pts.
decline
decline
advance
decline
7.82d.
7.77d.
7.62d.
Q't but st'y
Steady;
Quiet:
openel
Quiet
7.59d.
7.48d.
CLOSED
(
Market
1937-38
1939-40
Alexandria, Egypt,
Tuesday
6.9
12:16
Alexandria Receipts
Monday
Saturday
Spot
Wednesday
July 4
—'
J
*
•'
'
Receipts (cantars)—
This week.
Since
Aug. 1-
.
_
22,000
10,334,147
■
Since
This
Since
This
Week
Aug. 1
Week
Aug. 1
7 unch.
8 unch.
to
to
un¬
unch.to 10
changed
pts. adv.
1
pt. adv.
pts. adv.
.
Since
Aug. 1
to
dec.
P. M.
1
This
Week
unch.
pts.
4
Quiet;
Q't butst'y Q't but st'y Q't but st'y
Quiet;
Market,
Prices of futures at
Liverpool for each day are given below:
i
Exports (bales)—
To Liverpool
242,798 2,000
168,710
582,802 18,750
48,069
To Manchester, &c
To Continent & India
To America
3,300
5,300
179,554
680,121 12,750
2,850
27,264
169,953
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
July 5
1042,379 20,750 1056,892 24,200 1108,546
Note—A cantar is 99 lbs.
7.13
7.15
7.24
7.23
7.22
7.24
7.24
7.37
7.34
*
December
7.04
7.01
7.05
7.04
7.03
7.04
7.04
7.13
7.09
*
17,000 cantars and the foreign shipments nil bales.
1941...
January
6.79
«
«
-
-
6.82
tmm
-r
-
March
6.78
6.79
6.78
6.77
0.78
6.70 6.69w 6.71K
0.70
6.69
6.64K 6.04K 6.64K
*
July
n
Nominal.
6.59
Receipts at Ports
Stocks at Interior Towns
Receipts from Plantations
End.
1939
1940
1938
1940
1939
1938
1940
1939
1938
Apr.
5.
72,260
11,788
12.
64,786
46,094
50,671
21,385
13,296
12,397
35,572
41,104
39,262
42,308
19.
51,480 2570,714 2907,928
20,976 2527,094 2870,759
30,687 2480,117 2831,695
45,944 2454,709 2795,440
2362,021
25,074
Nil
16,110
2338,818
2322,171
11,165
Nil
13,145
Nil
3,173
14,040
2289,937
25,323
Nil
13,710
24,010 2411,420 2757,237
16,918 2360,407 2725.840
17,042 2321,071 2692,155
14,112 2288,087 2007,674
2203,791
2237,238
2216,336
Nil
Nil
Nil
Nil
2194,843
9,324
Nil
Nil
17,425 2256,647 2635.929 2167,585
Nil
Nil
Nil
2600.639 2138,496
Nil
Nil
2570,117 2119,305
2541,961 2100,775
2512,919 2081,164
3,658
Nil
7,966
Nil
8,083
5,532
May
30,472
16,498
10,724
15,932
16,953
17,870
7.
27,624
16,177
3.
10.
17.
24.
31.
Nil
Nil
Nil
Nil
Nil
June
14.
32,919
23,331
21.
25,190
28.
40,690
30,239
26,909
20,009 2220,186
27,019 2190,925
24,113 2152,669
22,893 2100,527
27,653
26,363
17,684'2061,441 2490,599 2053,520
Nil
Nil
Nil
4,043
Nil
3,282
Juiy
5.
-
-
-
0.59
«,
-
-
~
*.
6.86
-
6.86
6.82
G.78
6.74
6.64K
6.69
6.60
0.59
6.59
BREADSTUFFS
Friday Night, July 5, 1940
Flour—Flour
26.
6.59
-
-
The
Southern
Week
6.64 6.64K 6.64K
-
* Closed.
figures do not include overland receipts nor
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
tions.
6.75
6.78
0.70
6.70
May
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
0.82
6.82
*
*
*
This statement shows that the
d.
d.
d.
a.
d.
d.
d.
d.
d.
*
July 1940
October
Egyptian bales weigh about 750 lbs.
receipts for the week ended July 4 were
d.
d.
New Contract
Total exports
Frl.
Thur..
Wed.
Tues.
Mon.
Sat.
June 29
182,104
179,811
720,322
26,309
The above statement shows:
from the
Nil
(1) That the total receipts
plantations since Aug. 1, 1939 are 6,847,665 bales;
quotations
were
advanced
sharply
this
the result of wide gains in wheat
futures prices on Wednesday.
High gluten patents were
advanced 35c. to 40c. per barrel, while other patent flours
were advanced 20c.
per barrel.
Rye and clears were ad¬
vanced 10c., and Semolina grades 25c.
Demand showed some
especially
week,
improvement,
as
but total amount of new bookings was not
from the local trade.
heavy, according to reports
Wheat—On the 29th ult. prices
closed l^c. to 2c. net
The pronounced weakness in wheat today was as¬
sociated with liquidation of Julv contracts upon which de¬
lower.
livery can be made beginning Monday—enlarged marketing
of new winter wheat in the Southwest, favorable weather
and crop
conditions and the disturbed European situation.
Selling increased in the final hour and part of the liquidation
was attributed to stop loss operations.
The larger movement
of new wheat in the Southwest contributed to hedging pres¬
sure,
although reports indicated most of the
grain is bei
The Commercial & Financial Chronicle
126
stored.
Anticipation of
heavy accumulation of arrivals
Fear of
a
the week-end also caused some bearishness.
over
delivery of grains on July contracts beginning Monday was
only partly borne out by notices of intention to deliver posted
after the close.
Traders were unable to judge what the
ultimate effect of hostilities in the Balkans may be on wheat
of the Continent, which usually
supplies from the Danube. On the 1st inst.
prices closed
to y8c. net higher. After dipping to lows
undqualed on the Chicago Board in the past 10 months,
wheat prices today rallied almost 2c., closing b/8c. to J^c. net
higher. Lifting of hedges against flour sold to the Govern¬
ment relief agency, indications that large quantities of new
wheat are being stored for loans, and reports that 2 British
islands in the English Channel had
been occupied by
Germans, were factors in the rally,
Increasing flow of new
wheat to market helped to depress prices early in the session,
although only a small percentage apparently was being
purchased by the trade and hedged in the market.
The
principal terminals received 5,118,000 bushels, the most for
the season to date, compared with only 698,000 a week ago.
However, the movement is about 2 weeks behind a year ago.
At 5 important wheat terminals in Oklahoma, Texas and
Kansas, 3,434 cars arrived, compared with 1,396 a week ago
and 3,128 a year ago.
On the 2d inst. prices closed }/%e. to
y8e. net higher.
Purchases by houses with Northwest con¬
nections and relative strength of the Minneapolis market
reversed the easy opening trend of the Chicago grain futures
market today.
While trading was light, the closing tone of
the market was firm.
The rally appeared to reflect unfavor¬
able crop conditions in the Northwest spring wheat territory,
where moisture is needed.
Two private crop estimates,
released today, differed widely.
Mrs. E. H. Miller forecast
187,000,000 bushels of spring wheat, while C. M. Galvin
estimated 222,000,000, compared with the Government June
figure of 239,000,000 and last year's harvest of 192,000,000
bushels.
The United States Department of Agricultural
Economics indicated a world crop of 350 to- 450 million
bushels smaller than last year, which almost equaled the
predicted combined carryover of the United States and
Canada.
There were reports of rain in parts of Kansas where
harvesting was in progress and of disappointing yields in
demand in importing regions
received large
central Kansas.
the
3d
the
inst.
prices
lias increased demands for moisture.
season
However,
of conditions
near July 1, six private crop experts esti¬
spring wheat production at 222,000,000 bushels,
only 12,000,000 bushels less than their figure a month ago.
as
mated
the
With most
of the gains recorded in the final hour, wheat
Chicago rallied sharply' in sympathy with leadership of
at
the
Minneapolis market.
and
the Pacific
on
rust
Coast
Need for rain in the Northwest
stressed by crop reports, and
was
reported in fields
was
far north
as
the Canadian
as
border.
Today prices closed % to ly+c. net lower.
Profit-taking
coupled with hedging of the new crop wiped out another
rally in the wheat pit at Chicago today, and the market
closed with net losses of about lc. for the session.
of moisture
by
traders
many
advance.
who
Southwest.
the
fii'st
from
est
new
there
this
tonight
CLOSING
was
PRICES
CLOSING
PRICES
OF
OF
74%
74%
December
75%
1Season's High and
July
111%
September __.111%
December
85%
CLOSING
When Made
Apr.
Apr.
May
.
PRICES
OF
I
73%
December
74%
Corn—On the
of
era in,
new
29th ult.
Favorable corn-belt
that
cereal,
Open inter¬
NEW
Wed.
Thurs.
96%
Tves.
74%
Wed.
75%
75%
76%
HOL.
IN
Fri.
95%
CHICAGO
Thurs.
Fri.
78%
77%
78%
79%
75%
76%
H
O
L
77%
78%
Season's Low and
When Made
73%
July
July
1,1940
1,1940
June
73 %
75
lower.
On the 3d
Mon.
considerable
Tues.
Wed.
73%
74%
L
corn
73%
74%
Thurs.
Fri.
73%
73%
74%
weather
most noticeable in
the
case
for
of
Dec.
OF CORN IN
CLOSING PRICES
DAILY
Mon.
Sat.
No. 2 yellow
NEW YORK
Tues.
Wed.
76%
77%
76%
Sat.
Mon.
July
September
December
54%
61
58%
54%
55%
Oats—On the 29th ult.
ruled
market
quiet,
the wheat and
corn
H
O
L
Fri.
61%
58%
55%
When Made
Oct. 23,1939
May 18,1940
July
2,9140
and When Made
J
Season's Low and
69%
May 10, 1940 July
52%
70
May 15, 19401 September— 52%
60%
June 12, 19401 December
53%
December
Thurs.
60%
57%
Season's High
July
September
Fri.
HOL 77%
IN CHICAGO
Wed.
Tues.
60%
58
55%
59%
57%
Thurs.
77%
OF CORN FUTURES
DAILY CLOSING PRICES
off.
prices closed 34 to
This
most attention seemed focused on
markets.
On the 1st inst. prices closed
as
instances reached
On the 2d inst.
prices closed 34 to 34c. net higher.
The market was rela¬
tively firm, due to strong support from cash interests.
On the 3d inst. prices closed % to %c. higher.
Trading
lows for the season, but
new
in
Prices in
34c. net higher.
34 to
this
market
firm in
was
DAILY
relatively light, though the undertone
was
sympathy with the strong action of wheat and
markets.
Trading
some
rallied later.
was
34
prices closed
Today
34c.
to
lower.
net
light and without feature.
CLOSING
PRICES
OF
*
July
September
Sat.
Mon.
30%
28%
29%
.
December
FUTURES
OATS
Tues.
31%
28%
29%
Wed.
31%
29%
29%
Sat.
October
December
Mon.
29%
26%
26%
-
Tues.
H
Fri.
31%
29%
30
O
L
When Made
June 26,1940
June 29,1940
July
1,1940
IN WINNIPEG
Thurs.
Fri.
Wed.
30%
27%
26%
H
O
L
Thurs.
32%
29%
30%
OATS FUTURES
DAILY CLOSING PRICES OF
July
CHICAGO
IN
Season's High and When Made
I
Season's Low and
July
38%
Apr. 19, 19401 July
30%
September... 36
Apr. 19, 19401 September— 28%
December
34%
June 12, 19401 December.... 29%
32%
28%
27%
32%
29%
28%
31%
29
27%
Rye—On the 29th ult. prices closed 1 to 134c. net lower.
The rye
market fell off in sympathy with wheat, the under¬
ruling heavy to the close.
On the 1st inst. prices closed
234c. net higher.
Rye became the strongest grain on the
floor, due to commission house buying said to have been
based on the fact that rye is relatively cheap as a feed, selling
Jess than 34c. a pound compared with close of lc. for corn
and oats.
On the 2d inst. prices closed 34 1° ^4°. net higher.
Rye extended the advance today on buying inspired by the
relative cheapness of this cereal in comparison with corn.
On the 3d. inst. prices closed 1 to 2c. net higher.
The
tone
bullish crop
action
of the
effect
on
for
the
and weather reports, together with the strong
wheat market, naturally had a strong bullish
rye
day.
futures,
Today
which
prices
Following in the wake of
closed
closed
%
substantially higher
to %c. net lower.
reactionary wheat market, rye
a
prices fell off in the late trading and closed with fractional
net
losses.
DAILY
CLOSING
PRICES
OF
RYE
Sat.
December
Season's High and
When Made
I
July
September
76
Dec.
18. 1939
76%
December
50%
Apr.
May
22, 1940
29. 1940
DAILY
CLOSING
PRICES
December..
CLOSING PRICES
OF
43
42%
44%
O
45
47
L
FUTURES
Mon.
40%
39%
40%
Tues.
IN
July...
Mon.
32
33%
October
H
O
July
June
June
December
L
IN
33%
34%
35%
were as
—
42%
43%
46%
1, 1940
29, 194
29, 19
WINNIPEG
Wed.
32%
33%
Fri.
When Made
43%
43%
43%
41
Tues.
Thurs.
H
Wed.
41%
40%
H
O
L
BARLEY FUTURES
Sat.
CHICAGO
Wed.
41
Season's Low and
July
38
September
40
December
42%
Sat.
October.
IN
Tues.
40%
42%
44%
RYE
OF
July
FUTURES
Mon.
38%
40%
42%
Thurs.
46%
45
45%
Fri.
45%
44%
44%
WINNIPEG
Thurs.
35%
36%
36%
Fri.
35
36%
36%
follows:
FLOUR
Rye flour patents
.3.80@3.90
Seminola. bbl., bulk basis.5.55®
Spring pat. high protein..5.05^5 20
Spring patents
4.70(9>4.90
Clears, first spring
4.40(9*4.60
Hard winter straights
4.60(9*4.80
Hard winter patents
4.70@4.90
Hard winter clears
Oats good
Corn flour
2.85
-
2.30
;;
Barley goods—
Coarse
Nominal
Some traders
regarded the outlook for decreased hog production as bearish
regarding corn.
Most receipts represented Government
grain.
On the 1st inst. prices closed lA to %c. net higher.
Dec. corn, representing the new crop, fell to
53%c., a new
low for the season and only 4c. higher than a
year ago; but
later firmed up in sympathy with strength of old
crop de-
the
tonight was 22,119,000 bushels.
corn
net
weak¬
about
at
74%
\y% to 2^c.
accounted
closing
Today prices closed 34 to %c. net higher.
Com prices were about steady.
There were no noteworthy
features to the trading in this grain.
Open interest in
Closing quotations
prices closed
activity,
and
strength
highs of the day.
WINNIPEG
71 %71 %
O
The
of the wheat market naturally had
values, and this latter grain showed
antics
on
17. 1940
IN
H
Dec. price a year $go, however.
effect
their
closed % to 134c. net higher.
inst. prices
skyrocketing
DAILY
FUTURES
contracts, representing the new crop, which fell to 54Kc.
at one stage, the lowest of the season.
This was about 4c.
above the
sagged to a new seasonal low mark of 7634c.
Private
forecasts of around 2,500,000,000 bushels compared
with last year's harvest of 2,619,000,000, created a rela¬
tively weaker tone in the deferred delivery.
Corn futures
were under pressure, and support was lacking despite liberal
sales by shippers.
After opening 34c. up to 34c. off, corn
continued to lose ground and finished the session 34 to lc.
which
crop
July
September
YORK
crop
corn from Chicago, largest in some
nearby deliveries.
Receipts of 468 cars consisted mostly
of Government corn.
Gn the 2d inst. prices closed 34 to lc.
net lower.
The latter substantial decline was in Dec.,
■'
FUTURES
Mon.
WHEAT
Sat.
,
October
lower.
IN
22,1940 July—.
"
18,1940 September
27, 1940 December
July
ness
of
cars
in
After
WHEAT
WHEAT
Sat.
July---KSeptember.
T
four
season.
Sot. Mon. Tves.
92%
93%
93 %
.
DAILY
interests
new
of
of
time, strengthened the
60,040,000 bushels.
No. 2 red
_
commercial
wheat coming to market
highs and closed %c. to l^c. lower.
■
DAILY
selling
Wednesday's
during
from
came
of the
Chicago received
arrive
wheat
DAILY
__
bought
advancing as
lVoc. in early dealings, wheat tumbled 2% to 2%c.
the
in
to
had
sales
some
the
as
who
Hedging
absorbed
much
Promise
relief in the spring wheat belt unloosed
the
conditions for
weather
Favorable
1940
and prospects of a large carryover, accounted for most
the weakness of Dec.
Shipping sales of 144,000 bushels
corn
closed 2% to S^c. net higher.
Domestic wheat prices soared 3c. to almost 5c. a bushel
today as the grain trade received reports of crop deteriora¬
tion in the spring wheat belt.
Prices at Minneapolis, the
principal marketing center for spring wheat, rose almost 5c.,
while gains here on the Chicago Board ranged from 3c. to
almost 4c.
Complaints from the Northwest indicated rain
was
needed badly in some sections to maintain current
wheat prospects.
Luxuriant growth of the crop earlier in
On
liveries.
July 6,
Prices Withdrawn
Fancy pearl (new) Nos.
1.2-0.3-0.2
4.75 @6.75
GRAIN
Oats, New York—
Wheat. New York—
No. 2 red, c.i.f., domestic
Manitoba No. 1. f .o.b. N. Y
Corn, N ew YorkNo. 2 yellow, all rail
No. 2 white
95^
82
Rye, United States, c.i.f
Barley, New York—
,
77%
40 lbs. feeding
Chicago,
cash
46%
60%
57%
48-52N
Volume
The Commercial & Financial Chronicle
151
All the statements below
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
127
2,731,000; Erie, 2,010,000; Albany, 4,954,000; on Canal, 815,000; In transit—rail.
(U. S.), 1,282,000; total, 24,548,000 bushels, against 5,958,000 bushels in 1939.
Oats
Rye
Barley
Bushels
Bushels
Bushels
Corn
Wheat
Canadian—
Bushels
Bushels
Lake, bay, river <fc seab'd 60,809,000
Ft. William A Pt. Arthur 63,731,000
Other Can. & other elev. 129,641,000
4,248,000
313,000
445,000
1,103.000
993,000
1,450,000
3,518,000
6,272,000
6.347,000
8,600,000
1,861,000
1,781,000
2,523,000
5,961,000
6,206,000
6,228,000
85,496,000 24,938,000
2,934,000
254,181,000
—6,272,000
9,158,000
1,861,000
5,770,000
5,961,000
.
1,558,000
.
466,000
of the last three years:
Total June
Flour
Wheat
Corn
Oats
Ms 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
179,000
Chicago
65,000
767,000
522,000
Minneapolis
Duluth
-
Milwaukee.
15,000
Indianapolis
St. Louis
129,000
36,000
29,000
Peoria
Kansas City
47,000
151,000
279,000
34,000
78,000
22,000
326,000
156,000
527,000
38,000
8,000
2,487,000
85,000
47,000
Joseph.
Sioux City
388,000
442,000
376,000
4,000
1,000
214,000
62,000
7,000
14,000
32,000
68,000
6,463,000
3,666,000
7,968,000
251,829,000
94,527,000
SummaryAmerican
Canadian
-
Total June 29,1940.-339,677,000
24,938,000
9,206,000 11,019,000 11,731,000
336,927,000 24,595,000
9,514,000 11,121,000 12,447,000
172,040,000 29,521,000 14,235,000
9,897,000
9,875,000
Total June 22,1940
Total July 1,1939
"Y,666
2,000
786,000
317,000
1,692,000
1,433,000
478,000
990,000
1,213,000
shipments of wheat and corn, as furnished by
Exchange for the week
ended June 28 and since July 1, 1939 and July 1, 1938, are
shown in the following:
Broomhall to the New York Produce
Wheat
Corn
Same wk '38
Week
Week
June 28,
July 1,
July 1,
1940
678,000
Since Aug. 1
20,402,000 358,340,000 228,827,000 88,973,000 28,687,000 108723,000
21,269,000 360,060,000 260,463,000 101,415,000 25,952,000 94,296,000
18,363,000 292,545,000 307,036,000 107,661,000 25,428,000 94,597,000
Since
1939
1938
June 28,
1940
Bushels
Bushels
Bushels
Exports
*
108,000
Since
Bushels
Same wk '39
1939
29.1940—254,181,000
Total June 22,1940
Total July 1,1939
The world's
165,000
8,422,000
21,596,000
11,367,000
.
Tot. wk. '40
33,000
4,000
13,000
90,000
2,879,000
27,000
325.000
2,000
29,000
521,000
Omaha..-.
Wichita—
161,000
78*666
303,000
16,000
Buffalo
bush 56 lbs bush 48 lbs
220,000
129,000
10,000
1,367,000
37,000
107,000
16,000
Toledo
St.
2,562,000
622,000
914,000
304,000
Barley
Rye
No. Amer.
1937
Oth.countr's
2,523,000 208,615,000 247,097,000
16,000 41,836,000 93,607,000
5,180,000 173,918,000 115,579,000
11,293,000 105,561,000
7,344,000
416,000 24,240,000 36,528,000
Total—
1938
8,135,000 459,902,000 605,716,000
Black Sea.
Argentina.
Australia
Total receipts of flour
and grain at the seaboard ports for
Saturday, June 29, 1940, follow:
the week ended
Flour
Wheat
Corn
Oats
Ms 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
York.
185,000
106,000
16,000
24,000
40,000
Baltimore..
11,000
165,000
New Orrns*
21,000
New
Boston
Philadelphia
2,000
57,000
4,000
65,000
1,229,000
301,000
Since
July 1,
1,
1939
1938
Bushels
Bushels
28,354,000 71,014,000
5,599,000 19,183,000
115,295,000 145,841,000
'
44,419*666
43,731,000
2,654,000 192,979,000 280,457,000
"i, 000
1,000
4,000
"Pegs" Cash Wheat Prices—Only Temporary
and Does Not Apply to New Crop
Measure
The Winnipeg Grain Exchange on June 26 "pegged" trad¬
ing in cash wheat at a minimum of 70 cents per bushel. This
move it is stated was made at the request of the Dominion
188,000
Government to
318*666
Montreal..
Sorel
ship to prices as fixed for futures in the action taken on
May 18; noted in these columns of May 25, page 3281. In
a
statement explaining this policy, Trade and Commerce
357,000
—
Three Rivers
Tot. wk. '40
257,000
2,267,000
655,000
35,000
10,000
3,000
6,372,000
65,272,000
16,428,000
2,456,000
1,623,000
1,134,000
266,000
1,966,000
425,000
183,000
8,000
100,000
7,623,000
43,118,000
11,601,000
2,170,000
442,000
2,434,000
Since Jan. 1
1940
Canada
2,000
1,000
2,000
17,000
12,000
63,000
Galveston..
Quebec.
2,000
4,000
July
Barley
Rye
bush 56 lbs bush 48 lbs
23,000
.
India.
425,000
2,2*2*9*666
Since
McKinnon
that it
on
keep prices of cash wheat in
proper
relation¬
June 27 told the Dominion House of Commons
Receipts do not include grain passing through New Orleans lor foreign ports
through bills of lading.
temporary measure and does not deal
The new crop will be handled by rules
shortly, Mr. McKinnon stated. These
minimum prices have been fixed up to Dec. 31, since the
December future at the present time is open for trading.
The exports
Ever-Normal Granary Corn
Week 1939.
Since Jan. 1
1939
*
on
ended
from the several seaboard ports for the week
Saturday, June 29, and since July 1, are shown in the
annexed statemeut:
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from—
Bushels
Barrels
Bushels
Bushels
Bushels
New York
115,000
Philadelphia
42,360
....
Baltimore
2,000
283", 000
566,000
20,000
Albany
20,000
*2*666
New Orleans
301,000
Sorel
Montreal"..
Quebec.
—
1,229,000
357,000
188,000
Total week 1940.
2.608,000
789,000
44,360
The Nation's ever normal granary supply of corn has come
through the difficult spring; storage period in excellent condi¬
tion, the Agricultural Adjustment Administration reported
on June 24.
It stated that an inspection report shows that
99.6% of all farm-stored corn graded No. 3 or higher on
May 31.
All loans were originally made on corn gradingNo. 3 or higher.
Of approximately 400,000 loans secured by
farm-stored corn, only 38 loans were called during May.
The Department further reported:
bins because of poor
2,000
Total week 1939.
17,000
2,276,000
46,000
71,232
Since July 1, 1938 .139,678,000 68,475,000 5,660,993 3,954,000
the Commodity
1,84*7,666
100,000
18,338,000
No itemized reports on flour have been received from Canadian Atlantic ports
of
the period from Sept. 1 to June 29, from the ports of the St. Lawrenoe and Maritime
'
'
*
The
visible
'
'
'
supply of
grain,
comprising
the
stocks
at principal points of accumulation at lake
seaboard ports Saturday, June 29, were as follows:
granary
GRAIN
Bushels
New York
Corn
Bushels
,
Rye
Barley
Bushels
Bushels
Bushels
Baltimore
100,000
133,000
23,000
91,000
170,000
1,000
190,000
140,000
26,000
292,000
5,000
New Orleans
—1,170,000
7,106,000
1,926,000
65,000
29,000
8,000
9,000
15,000
~4* 000
"
124,000
afloat..
59,000
Philadelphia
Galveston
Fort Worth
Wichita
Hutchinson
3,907,000
1,047,000
558,000
20,701,000
775,000
2,270,000
3,988,000
607,000
575,000
1,520,000
620,000
332,000
450,000
181,000
4,000
2,810,000 10,255,000
St. Joseph..
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis.
Peoria
....
Chicago
"
126,000
1,000
1*3*666
*3~,000
70,000
4,000
42,000
12*066
63,000
62*9*,666
912*666
308,000
185,000
62,000
276,000
342,000
16,127,000
20,057,000
Minneapolis
Duluth
...
Buffalo
8o~,666
38.666
199,000
Milwaukee
Detroit
401,000
233,000
12,000
10,000
186,000
afloat
On lakes
"
9,000
Ye'ooo
—-
50,000
3,037,000
afloat
1,695,000
2,277,000
2,729,000
2,000
1,475,000
117,000
478,000
103,000
78*8*666
2,631,000
1,577,000
2,442,000
411,000
4,000
2,386,000
2,000
742,000
1,231,000
714,000
9,158,000
9,340,000
7,374,000
6,241,000
3,647,000
329,000
125,000
2,934,000
3,167.000
5,635,000
170,000
63*000
June29,1940... 85,496,000 24,938,000
Total June 22, 1940
85,098,000 24,595,000
Total July 1,1939
77,513,000 29.521,000
On canal
—
16,000
Total
5,770,000
Note—Bonded grain not included above;
Oats—Buffalo, 258,000 bushels; total,
258,000 bushels, against 100,000 bushels in 1939.
Barley—New York, 217,000
bushels; Buffalo, 849,000; Baltimore, 156,000; total, 1,222,000 bushels, against
61,000 bushels in 1939.
Wheat—New York, 1,004,000 bushels; New York afloat,
171,000; Boston, 2,121,000; Philadelphia, 1,653,000; Baltimore, 1,478,000; Portland,
1,211,000; Chicago, 47,000; Buffalo, 5,026,000; Buffalo, afloat, 45,000; Duluth,
corn
cases
from steel
during May.
Credit Corporation last fall in settlement of loans.
reduced from its original grade because of cracking at the time
Commenting on the corn condition report, Secretary of
Agriculture Wallace said:
With the ever normal granary so important in the Nation's defense pro¬
gram,
this report is assurance to consumers that the Nation's reserve supply
The report indicates both the high quality of
of livestock feed is secure.
the 1937,
Oats
Removal of
in only 46
shelling and storing.
1938, and 1939 corn which was stored under triple-A loans and
the excellent
STOCKS
Wheat
United States
in
and
was necessary
period of the season in which to keep stored grain in condition.
They said
that much of the corn grading lower than No. 3 is not deteriorating at this
time, but is
This added amount
giving the aggregate movement of flour, during
condition
Officials pointed out that May is generally regarded as the most difficult
4,850,000 barrels have been included in the season's total.
Provinces.
steel bins containing stored corn, 97.6% were
The steel bins are situated at country points and contain corn delivered to
since declaration of war, so to approximate the total shipments for the crop year,
has been calculated from reports
Supply in Excellent Condi¬
tion, Reports AAA
reported grading No. 3 or higher on May 31.
Since July 1,1939 147,852,000 28,608,000 a8,878626 4,198,000 3,558,000 10,284,000
a
a
with the 1940 crop.
which will be devised
Of the more than 33,000
318*666
Three Rivers
merely
was
condition in which it is being kept by individual farmers and
by AAA committeemen
who supervise country storage in the ever normal
granary.
The report covers
approximately 450,000,000 bushels of
of the
1937, 1938, and 1939 crops and
bushels of 1937 and 1938 corn stored in
steel bins.
All stored corn will be reinspected in July to
determine the effect of summer heat.
farm-stored
corn
about 60,000,000
Ended July 3-—The gen¬
of the weather bulletin issued by the Depart¬
ment of Agriculture, indicating the influence of the weather
for the week ended July 3, follows:
Weather Report for the Week
eral summary
week over the eastern
high temperatures con¬
Light frost was reported in some northern sections at the be¬
ginning of the week.
Near its close, heavy to excessive rains occurred
over considerable southwestern areas.
The weekly mean temperatures ranged from about 1 deg. below normal
to 9 or 10 deg. below throughout the Lake region, Atlantic area, and the
central valleys, with the greatest minus departures in the interior of the
Northeast and the Lake region.
In the extreme South the week had
about-normal warmth.
While temperatures were moderate, as a rule,
in the Great Plains, some extremely hot weather occurred in the southern
portion, especially in southern Kansas, western Oiklahoma, and north
western Texas, where maximum temperatures were in excess of 100 deg.
on two or three days.
West of the Rocky Mountains abnormally warm
weather continued, with average weekly temperatures ranging mostly
from 2 deg. to as many as 6 deg. above normal.
.
Heavy rains occurred from the lower Mississippi Valley westward to
New Mexico with excessive local falls in the lower Great Plains.
Some
stations in New Mexico reported more than two Inches, in Oklahoma
more than four inches, and in Texas more than 14 inches of rainfall during
the week.
The amounts were heavy also in the extreme Southeast and in
the Northeast from Maryland and Pennsylvania northward.
The central
Cool weather persisted throughout most of the
half of the country, but in the West abnormally
tinued.
The Commercial & Financial Chronicle
128
Great Plains had light to moderate rainfall and there were
and northern
some
the Rocky Mountain
fairly good showers in
area
and the central
and southern Great Basin of the West.
While widespread rain and cool weather favored grass and most other
cool weather crops over the eastern half of the country, persistently hot
temperatures retarded the growth of the warm-weather varieties, such as
Also, frequent rains and wet soil delayed field work in many central
Mississippi River, with fields becoming
There was considerable local damage by excessive rain¬
fall in southwestern localities, but the precipitation was favorable in many
other districts; in Oklahoma moisture is now ample, except in parts of the
west, while heavy rains in the Pecos Valley of New Mexico will be highly
corn.
and northern districts east of the
weedy in places.
J
beneficial.
rain during the week to be
materially helpful, while continued high temperatures required heavy
irrigation, with water supplies dwindling in Montana and Utah and a
critical shortage in the upper Platte River and its tributaries in Wyoming,
and in Arizona.
Ranges are needing moisture in many western sections,
although livestock continue in good condition.
In eastern States pastures
are mostly good,
except short in the lower Potomac Valley, but recent
showers will be helpful.
Truck crops and potatoes made mostly favorable
advance.
Grains—Cool
weather
retarded
ripening of wheat in the
northern portion of the eastern belt, while harvest, where in progress, was
interrupted by rainfall.
There were some complaints of lodging in the
eastern Ohio Valley and middle Atlantic area.
Harvest is in progress to
the central Ohio Valley, having advanced to north-central Illinois, with
much binding and some combining in the southern part of this State.
In
the Great Plains harvest made good advance, being half to three-quarters
done in south-central and eastern Kansas and underway elsewhere.
There was some wind and hail damage in northern and northwestern
Oklahoma and further deterioration is reported from Nebraska, while the
late crop has been damaged by rust in the eastern half of Kansas, and
hot winds have shriveled grain in the western section.
Wheat has de¬
teriorated some in Washington, especially the spring variety; harvest has
begun in the southern valleys.
In the eastern Great Basin, harvest has
begun much earlier than usual because of continued warm weather.
Spring wheat made good to excellent progress in Minnesota, but some is
heading short and it is too dry in the Red River of the North Valley.
Good growth was reported from most of South Dakota, while the continued
cool weather was favorable in North Dakota, although moisture is needed
badly in the north and west and plants are heading short in many places.
Spring grains need rain in parts of Montana.
Reports on oats are generally
favorable, and also on flax in Iowa and the northern Plains.>,
the
,
Corn—In
the
Lake
most sections from the Ohio Valley
eastward and northeastward the week was too cool and wet for good growth
of corn, while cultivation was hindered in many places, with fields becoming
and
region
weedy, especially in the upper Ohio Valley; sunshine and warmth are needed
needed in this area.
Illinois progress was fair to good in the south and good to excellent
are
In
in the north, but warmth is needed.
In Missouri corn made satisfactory
advance while growth was mostly excellent in the Great Plains, although
rain is needed in central areas; some tasseling is reported as far north as
extreme southern Kansas.
In Minnesota temperatures were too low for
mostly looking well.
development is
localties
to
good growth, but
corn
is
In Iowa progress and condition average good, but
ranging from only a foot high in some backward
high in some of the best fields.
Chinch bugs are
uneven,
shoulder
migrating rapidly into corn fields of southern
already reported.
Cotton—In the Cotton Belt the week
Iowa,
with some damage
abnormally cool rather gen¬
erally, with mostly moderate rainfall in central and eastern districts, but
many heavy to excessive falls in westerh sections.
In general, the weather
was favorable in the eastern half of the belt, but unfavorable, principally
because of cloudy, wet weather, in much of the west.
In Texas cotton deteriorated during the week, but the general condition
remains fair to good, except in central and west-central counties where
damaging rains occurred; blooming is general to the central part of this
State, with the first bale marketed in Hidalgo County much later than
usual; weevil were favored in central and north-central sections.
In
Oklahoma
there
was
was good, as a whole, although in western localities
damage by blowing and fields are weedy in southeastern and
progress
was some
south-central sections.
the central
In
through
some
belt
States of the
mostly fair to good, alharmful and weevil activity
progress was
heavy rains in Arkansas
were
favored in localities, with some complaints of grassy fields.
In the
eastern belt conditions were more favorable as most places had ample
was
sunshine.
In these States, while warmer wheather would have been help¬
ful, the progress of cotton was mostly fair to good.
Bolls are forming as
far north
The
as
southern South Carolina.
weather
bulletin
furnished
the
following
resume
of
conditions in different States:
Virginia—Richmond:
Cool; light rain,
except
heavy
in south-central.
Southeastern truck generally good, except tomatoes and watermelons need
rain.
Pea, beet, cabbage, lettuce, snap.bean, and wheat harvests about
over; threshing wheat.
Corn good to excellent, but ground drying in
east.
Tobacco growing nicely; plants even size.
Peanuts and cotton good
stands.
Apples and peaches growing well; early peaches ripening.
North
Carolina■—Raleigh: Mostly favorable warmth; adequate sun¬
shine; adequate rain in extreme east, more needed most other areas. Pro¬
gress and condition of cotton fairly good; chopping good advance.
Progress
of corn poor in central and east, due lack of rain.
Moderately favorable
for tobacco.
Marketing truck and vegetables favored.
Pastures excellent
advance in east, only fair in west.
South Carolina—Columbia: Favorable warmth; adequate rain;
except
needed locally.
Sunshine favored cultivation.
Cotton blooming in
north; blooming with bolls forming in south; fair, but some nights too cold
for best growth; moderately favorable for weevil
locally.
Corn, truck,
gardens, and pastures good condition.
Vegetables plentiful.
Considermore
for
best
able hail
growth; moderately favorable for weevil locall.
damage to crops in Greenville County.
Corn,
truck,
Georgia—Atlanta: Favorable warmth; adequate rains, locally too much.
Progress and condition of cotton good, and near normal.
Other crops
satisfactory growth.
Late tobacco much improved.
Too wet locally for
cotton,
peppers,
peanuts,
and
peaches.
Alabama—-Montgomery:
Favorable warmth; ample rains, locally too
much.
Progress of cotton bery good, except some fields grassy, especially
in south; condition
mostly good; blooms more general in middle and south.
Corn, legumes, vegetables, pastures, and other crops good progress and
fair to good condition.
Mississippi—Vicksburg: Nights slightly too cold; mostly too much
Progress of cotton generally fairly good; belated
development,
chopping rapid advance; cultivated fairly well; occasional bloom on early
planted; moderately favorable for weevil.
Progress of corn generally
good; cultivation of early planted mostly done; tasselig in central.
Gardens,
pastures, and truck generally good progress.
rain.
Louisiana—New
Orleans: Soil too wet to work in many
areas; farm
generally backward.
Cotton growing rapidly; blooming and fruit¬
well; condition generally good.
Progress of corn good in south to
work
ing
excellent
in
north;
old crop made,, young growing rapidly.
Condition
mostly good, except poor to total loss in few previously
and gardens fair in south to
locally excellent in
Sweet potatoes doing well.
Cane fair to good; late.
and progress of rice
flooded
north.
areas.
Truck
Texas—Houston:
more
Too much rain in northeast,
central, and southwest,
needed in extreme south and portions of
west-central; adequate rain
Winter wheat harvest progressed
favorably in Panhandle, but
yet general elsewhere; delayed by frequent
rains; some damage to
shocked wheat, particularly on lowlands in north-central
and central, and
some in poor conditions in
dry west-central areas; otherwise condition fair
to good.
Progress of corn poor on lowlands in north and
elsewere.
not
central
dry west-central
City:
Favorable warmth; more rain need in parts
of west third, adequate elsewhere with flooding rains on 1st in central and
west.
Winds shattered some winter wheat in west and some hail damage
Grain harvest good advance; nearing end, except in
central, north-central, and nortneast, reducing late
about cut, threshing general.
Progress of corn good,
except hot winds damaging in west third; chinch bugs damaging many
areas,
but condition still mostly very good.
Progress of cotton good,
except some damage by clowing sand in extreme west; fields weedy in south¬
east and .south-central; condition fair to good; some bloom in central and
east.
Gardens and truck mostly good advance; condition good to excellent.
1st in northwest.
on
north;
black rust in
Oats
prospects.
Araknsas—Little Rock:
Flooding rains in extreme south and southwest
heavy damage, but light to moderate rains elsewhere were beneficial.
Progress of cotton fairly good, except in southwest where heavy damage
to all crops.
Progress of corn fair in north and central.
Wheat and oat
harvest favored, except where heavy rains.
Peach harvest begun.
Har¬
vesting tomatoes, beans, and potatoes, except where too wet.
did
In much of the West there was not enough
Small
July 6, 1940
Oklahoma—Oklahoma
areas;
condition
poor
in
these
areas,
otherwise
condition fair to good, with improvement noted in
southwest.
and
average
Oats gen¬
erally fair to good condition, but some damage by excessive rains in central.
Progress of cotton poor, due to cloudy, wet weather, but condition
generally
fair to good, except in dry west-central areas and in
central where excessive
rains detrimental; insect
activity favored in central
and north-central;
blooming general to central; first bale marketed in Hidalgo
County during
week; much later than usual.
Ranges, truck gardens, and cattle mostly
favorable progress.
Rice good condition.
Much damage to crops by
floods on middle coastal plains, but full extent not
yet known.
Cotton clean; well cultivated; progress fair, due
Tennessee—Nashville:
cold nights; condition fair to fairly good; lice damaging.
Progress of corn
fair first part, good to excellent after rains; condition mostly very good; early
laid by.
Winter wheat mostly cut; condition good to very good.
Tobacco
irregular; much late and small, but good progress; condition fairly good.
Truck, hay, and pastures improving; considerable hay saved.
THE DRY GOODS TRADE
New York, Friday Night, July 5, 1940
Pre-holiday buying of sportswear and vacation items served
enliven retail business
to
weather
conditions
with last year
were
during the past week.
none
too
Although
favorable, comparisons
continued fairly satisfactory, chiefly owing
same period in 1939 made a rather
poor
to the fact that the
As heretofore, the best results
showing.
the industrial
areas
were
reported from
where Government orders for the defense
beginning to make themselves increasingly felt.
Department store sales, the country over, for the week ended
according to the Federal Reserve Board, increased
10% over the corresponding week of 1939.
In New York
and Brooklyn stores the gain in the dollar volume was
limited to 3.4%, but in Newark establishments it reached
15.8%.
Trading in the wholesale dry goods markets gave indi¬
cations of an early upturn as it was predicted that, in an¬
ticipation of a general expansion in business, buying oper¬
ations for the fall trade may be advanced by several weeks.
While wholesalers adhered to their previous policy of covering
only against immediate /and nearby requirements, prices
presented a firm appearance, with sentiment being favorably
affected by the reaffirmation of quotations on branded
sheets for July and August by a leading producer. Business in
silk goods remained dull.
Transactions were limited to
occasional fill-in lots of summer'goods although slightly more
interest was shown in offerings for fall.
Trading in rayon
yarns continued fairly active, and most producers were said
to be fully booked up on their July output, and
having re¬
ceived a fair amount of orders for August shipment.
No
important change in the favorable statistical position of the
industry was reported.
program are
June 22,
Domestic
Cotton
Goods—Trading in the gray cloths
period under review in fairly active
fashion, mainly due to the better feeling engendered by the
happenings at the Republican convention in Philadelphia.
Subsequently, trading lapsed into extreme dullness, chiefly
because of the protracted holiday interruption.
Sentiment,
however, remained cheerful as the opinion prevailed that a
good portion of the requirements for the third quarter re¬
mains to be covered, and also because of the fact that not a
few requests for quicker shipment of goods on order were
received of late.
Industrial users displayed more interest in
the market, and a fair amount of business was done in
sheetings, drills, twills and osnaburgs.
Trading in fine
goods improved moderately although purchases were limited
to fill-in lots for prompt delivery.
Prices remained steady,
reflecting the better statistical position of the mills caused
by their efforts to bring output and demand in closer relation¬
ship. Closing prices in print cloths were as follows: 39-inch
80s, 6>20.; 39-inch 72-76s, 6%c.; 39-inch 68-72s, 5b£c.:
383^-inch 64-60s, 4%c.; 383^-inch 60-48s,
markets
started
the
.
Woolen
Goods-—Trading in men's wear fabrics slowed
somewhat, partly as an aftermath of the previous
activity, and in part, owing to rumors of possible peace
feelers between the European belligerent powers.
Prices,
however, ruled firm, reflecting the much improved position
of the mills, some of whom are now operating at
capacity to
carry out large army orders for cloths and blankets. Scattered
openings of the new collections of tropical worsteds and
gabardines for next summer met with an encouraging re¬
sponse on the part of clothing manufacturers.
Reports from
retail clothing centers continued spotty as poor weather
conditions prevailing in many sections of the country inter¬
fered with consumer buying.
Business in women's wear
materials was quiet, but prices were firmly
maintained,
partly because of the latent possibility that considerable
machinery may be diverted to the filling of Government
down
orders.
Foreign Dry Goods—Trading in linens remained inactive
developments had the tendency of further disturbing
foreign supply situation. Business in burlap continued
quiet although quotations ruled slightly higher, due to the
price fixing agreement between Calcutta mills and the
Bengal Government, and also because of cable advices
indicating fairly large sandbag purchases by the Australian
as
war
the
Government.
Domestically lightweights
5.30c., heavies at 7.45c.
were
quoted
at
Volume
The
151
129
Commercial & Financial Chronicle
10,670,000 New York, N. Y., 3% assessment bonds purchased from city's
sinking funds by the Chase National Bank of New York and
Gregory & Son, Inc., New York, jointly, at 102.386, a basis
of about 2.49%.
Due serially from 1941 to 1949 incl. and
reoffered to yield from 1 % to 2.80%, according to maturity.
Specialists in
Sanitary District,
5,000,000 Chicago
Illinois & Missouri Bonds
awarded
to
account
an
111., construction bonds were
by John Nuveen & Co.)of
headed
Chicago, as 2Ms, at 102.147, a basis of about 2.27%.
Due
July 1, I960 and optional the rate of $250,000 annually from
1941 to 1960 incl.
Reoffered to yield from 0.50% to 2.50%*.
>
according to optional maturities.
3,080,000 Minneapolis, Minn., bonds were awarded to a group managed
by Phelps, Fenn & Co., Inc., New York, as follows: $1,000,000
refunding, due yearly from 1941 to 1950 incl., as 2.10s, at
100.11, a basis of about 2.08%.
An additional $2,080,000
bonds, maturing from 1941 to 1960 incl., brought a price of
100.06 for 2.30s, at basis of about 2.29%;
The 2.10s were
reoffered to yield from 0.35% to 2.20%, according to maturity,
the 2.30s from 0.45% to 2.60%.
Stifel, Nicolaus & CoJric.
Founded 1890
105 W. Adams St.
DIRECT
CHICAGO
WIRE
ST. LOU IS-
2,972,000 Akron, Ohio, bonds were sold as 3Ms, 3Ms and 4s to Stranahan, Harris & Co., Inc. of Toledo and associates, at 100.10, a
net interest cost to the city of about 3.73%.
Due serially
from 1941 to 1949 incl.
FOR
SALES IN JUNE AND
MUNICIPAL BOND
THE
314 N. Broadway
HALF-YEAR
2,405,600 Albany, N. Y., bonds were taken by a syndicate headed by
the National City Bank of New York, as 2Ms, at 100.62, a
basis of about 2.41%.
Due annually from 1941 to 1960 incl.
and reoffered to yield from 0.50% to 2.50%, according to
negotiated by States
and municipalities during the past month indicated that the
municipal market has recovered in large measure the strength
that characterized its performance prior to the weakness
The results of the
long-term financing
maturity.
1,750,000 Huntsville, Ala., electric system revenue anticipation bonds
sold to an account managed by Smith, Barney & Co. of New
York, as 2Ms and 3s, at 100.02, a net interest cost of about
2.89%.
Due serially from 1943 to 1960 incl.
Germany's "blitzkrieg"
This was reflected
in a gain of the bulk of the losses suffered on the decline and
the sharp demand for new issues as evidenced in the keen
competition which attended bidding for most of the offerings
that
developed
successes
in
the
wake
of
pointedly illustrated in the sale of $6,599,000
with
par
100.5699, a basis of about
1961 inclusive.
for l^os.
power
1,093,000 Mobile, Ala., refunding revenue bonds awarded to an account
headed by the First National Bank of Birmingham, as 3s, at
par.
Due serially from 1941 to 1960 incl.
Part of the bonds
are subject to call prior to maturity.
State of New
a
1,000,000 Salt River
trict, Ariz.,
on
bonds awarded to Shields & Co. of New York
as 4Ms, at 97.15, a basis of about 4.60%Due serially from 1945
to 1959 incl.
Optional provision.
Bonds were reoffered to yield from 3.75% to 4.35%, according
to
May 14. The market at that time,
The
largest sale effected in June involved the
were no more
Amount
Repor
$105,000 Postponed
30,000 Not sold
3859
1,000,000 No bids
3860
Humphrey County, Miss
3M%
592,000 No bids
3864
Mesquite, Texas
x
35,000 No bids
3701 aOxford, Pa.
not exc. 3M%
145,000 Bids rejected
4163 bPetersburg, Mich
not exc. 3M%
41,500 Bids rejected
3860 Redlord Township, Mich
not exc. 5%
12,500 No bids
3861 cStillwater Co. S. D. No. 42, Mont__not exc. 4%
26,686 Reoffered
3698
Underwood S. D. No. 5, Minn
x
14,000 No bids
3862
Ward County, N. Dak
x
100,000 No bids
3702
Wood County, Wis...
2%
100 000 No bids
Rate of Interest was optional with the bidder,
a New bids were received July 1.
b Bonds could not be sold in absence of WPA allotment, c Date of sale was changed
grand output totaled $549,787,809, of which $308,634,226
represented loans for new capital purposes and $241,153,583
for refunding.
Flotations in the first half of 1939 reached
$726,898,000, the division being $616,312,953 new capital
and $110,585,647 refunding.
A feature of the financing in
the present year was the substantial volume of revenue
issues marketed in that period, bulk of which was for re¬
funding purposes.
Largest of such loans were as follows:
$98,500,000 Triborough Bridge Authority, N. Y., $33,000,000 Port of New York Authority, N. Y., $20,050,000
Philadelphia, Pa., $10,000,000 Pennsylvania Turnpike Com¬
mission, Pa., $5,500,000 Los Angeles, Calif., Department of
Power and Light, and $4,000,000 Niagara Falls Bridge
lnt Rate
Big Horn Co. S. D. No. 17-H,
4167
Corydell County, Texas
Davenport, Iowa
-
_
x
to
'
July 8.
Short-term
financing by States and municipalities during
sale of loans in the grand total of $69,-
June involved the
885,458, of which $23,800,000 was accounted for by the
City of New York. Other prominent borrowers in the period
were
Milwaukee County, Wis., States of California and
Massachusetts and Boston, Mass.
Cost of such credit
continues to reflect the hardening in interest rates which
Germany's successful invasion of the Low
surrender of Belgium in the closing weeks
Countries and the
of May.
municipal financing was limited to the
$1,018,801, the largest of
which was an award of $571,702 by the City of Ottawa,
Ont.
Temporary borrowing by the Dominion government
involved the disposal of $80,000,000 Treasury bills.
The
government's wartime budget of $1,148,000,000 provided
for new and increased taxes designed to produce new revenue
of about $280,000,000 annually.
None of the United States Possessions appeared in the
capital market for funds during the past month.
Below we furnish a comparison of all the various forms of
obligations sold in June during the last five years:
Canadian long-term
sale of
a
few issues aggregating
Financing in June included the following sales of
$1,000,000
3.58% and the premium to the Federal agency being $1,506,600.
The certificates will be exchanged for 4% district bonds
to mature $588,000 annually from 1953 to 1988 incl.
The RFC
had previously marketed $148,500,000 of the $208,500,000
bonds which it has contracted to purchase in connection with
construction by the district of an acqueduct for carrying water
from the Colorado River in Arizona to Los Angeles and 12 other
California
cities.
Last
month's operation was conducted
through private negotiations and no
tions was made by the purchaser.
reoffering of the obliga¬
6,599,000 New Hampshire (State of) bonds were sold to a syndicate
headed by the First Boston Corp., New York, as lMs, at par.
Due serially from 1941 to 1955 incl. and reoffered to yield
from 0.20% to 1)4%, according to maturity.
These are the
bonds offered May 14, at which time the State rejected the
bids as being unsatisfactory.
Since that occasion various
accounts were negotiating for the offering.
The highest bid
submitted at the competitive offering in May was an offer of
100.8599 for 2s.
*Temp loans
(U. S.).
Canada l'ns
1938
1937
1936
S
$
Perm.loans (U.S.)..
$20,088,000 Metropolitan Water District of Southern California,
Calif., 4% interim certificates sold by the Reconstruction
Finance Corporation to the Bank of America National Trust &
Savings Association, of San Francisco, at a price of 107.50 and
and accrued interest, the yield to the purchaser being about
1939
1940
Commission, N. Y.
or more:
Mont.not exc. 5%
not exc. 3%
not exc. 2M%
_.
accompanied
than $50,067,352.
Statistical analysis of the long-term borrowing negotiated
in the first six months of the current year shows that the
for reference purposes:
Name
3861
the
month
record of the issues which, for various
during June. Page number of the
a
not sold
"Chronicle" is given
Page
disposal
Reconstruction Finance Corporation of a further
block of $20,088,000 bonds of the Metropolitan Water
District of Southern California.
The obligations were sold
to the Bank of America National Trust & Savings Asso¬
ciation, of San Francisco, at a price of 107.50 and accrued
interest. The bank did not reoffer the securities. This trans¬
action, coupled with those previously mentioned, accounted
for most of the grand total of $83,721,505 bonds which were
disposed of during the month of June. Sales in the previous
were
reasons,
in the throes of the decline
obligations.
by
maturity.
Following is
induced by the
developments in the European war.
Improved conditions
in the Recent month was further demonstrated in the success¬
ful marketing of issues of $10,670,000 by the City of New
York, $5,000,000 by the Chicago Sanitary District, $3,080,000 by Minneapolis, Minn., $2,972,000 by Akron, Ohio,
and $2,405,600 by Albany, N. Y.
In each instance, the
purchasers were able to report a strong demand for the
of course, was
Improvement and Power Dis¬
Agricultural
associates,
and
These terms contrasted with the best offer of
received bv the State at the time
original offering
revenue
Chicago and associates.
Due annually from 1941
Callable at any time after three years at 103.50.
100.8599 for 2s which was
of the
Public Power District, Neb., 3)4% electric
bonds purchased by John Nuveen & Co. of
to 1965 incl.
1,240,000 Consumers
banking syndicate headed by the
Boston Corp. of New York.
In direct negotiations
the State, the group purchased the bonds on a bid of
Hampshire bonds to
School City, Ind., refunding bonds awarded to
of New York and associates, as 2Ms, at
2.19%. Due serially from 1941 to
Co.
&
Estabrook
The extent of the improvement was
in the recent month.
First
1,319,000 Indianapolis
during the latter part of May.
$
$
$
112,0.50,839 108,597,733
83,721,505 273,343,713 144,088,903
89,508,370
64,359,481 112,021,746 122,477,700
69,885,458
(perm.):
1,018,801
Placed in Canada.
Placed in U. S_._.
None
Bonds U. S. Poss'ns.
None
None
9.250,000
None
2,886,000
33,332,163
•
None
None
6,233,600
None
2,750,000
267,860,702 207,089,703
154,625,764 369,492,961 259,951,935
Total
notes) Issued by
955,286
22,539,767
New York City: $23,800,000
June, 1938; $42,000,000 in
1939; $20,000,000 in
The number of
in June, 1940; $22,650,000 in June,
June, 1937; none in June, 1936.
municipalities in the
United States issuing
permanent bonds and the number of separate issues made
during June, 1940, were 290 and 357, respectively.
This
contrasts with 287 and 345 for May, 1940, and 323 and 399
for June, 1939.
For comparative purposes we give the following table,
showing the aggregate for June and the six months for a
series of years.
In these figures temporary loans and bonds
.
issued by Canadian
municipalities are excluded:
The Commercial <6 Financial Chronicle
130
Month of
For the
June
1940
Month of
June
1938
1915
273,343,713
144,088,903
.
6 Months
6 Months
$83,721,505 $549,787,809
1939
For the
1914...
726,898,600
508,632,992
1913...
1937
112,050,839
556,806,135
1912
1936
108,597,733
614,446,413
$108,976,230 $322,982,610
54,403,737
357,557,177
1911...
19.35
64,735,885
600,010,462
1910...
39,386,230
49,485,807
27,470,820
19,369,775
1934
115,126.622
519,570,535
1909
62,124,450
....
1933
103,399,535
226,425,126
88,794,393
628,469.540
1907.
1931
120,611,521
851.188,436
1906...
July 6, 1940
Name
Rate
Price
Basis
Hempstead 8. D. No. 23, N. Y
1.70
1941-1946
12,000
100.06
1.68
Hlllsboro, N. C
4)4
1943-1951
9,000
100.30
4.20
4161
Holly Springs Con. 8. D., Iowa
3
15,000
100.33
Hoosick Fire Dlst., N. Y
2.40
1941-1945
6,100
275,000
100.10
Issues)... 1.60 1941-1950
2^-31943-1960
30,000
1.750,000
3862
Imperial, Neb
4007 Indianapolis, Ind
115,347,889
102,338,245
3696
4008
Hauma, La
4165
Hudson Falls, N. Y. (2
162,846,110
4160
Huntsvllle, Ala
207,125,317
169,082,579
31,606,064
Maturity
3862
218.879,270
246,289,293
223,262,370
21,390,486
A mount
3862
21,686,622
.....
1908
1932
Page
4009
3
1948
11,000
r608,000
21,000
rl,319,000
...AK
1942-1961
IK
2)4
IK
1941-1945
2*36
1*00*15*
1*57
100.02
2.89
100
3.00
100.77
1.67
1930
151,639,581
765.536,582
1905...
19,016,754
111,723,054
4161
Indianapolis School City, Ind
Indianapolis School City, Ind
Indianapolis School City, Ind
1942-1960
r50,000
100.67
1.68
1929...
150,703,034
129,806,486
670,383,755
778,419,445
1904...
24,245,909
16,926,619
Ira Con. 8. D., Texas
4)4
1941-1961
r21,000
100
4.50
4010
Ithaca, N. Y...
1.20
1945-1950
100.05
1.19
158,862,319
882,820,720
1902
137,869,155
79,576,434
87,628,395
3702
1903...
100
2.50
1928
1927
.
....
1924
1923
—
748,986,936
1901...
751,838,574
788,744,973
584,800,923
1899...
655,086,150
466,415,487
322,661.532
161,711,896
1921
1920
45,113,020
1919
100,378,461
1918
27,821,083
1917
28,510,832
47,555,691
1916-
In
—
—
-—
•_
D., Miss
2)4
1941-1955
4007 Jefferson.Twp., Ind
.2)4
1942-1953
18,000
101.57
2.26
4007
2K
4165 Johnson City, N. Y
1)4
4167 Johnstown, Pa
2)4
4008 Kalamazoo Twp.S.D.No. 3, Mich.3
1942-1959
100.31
2.71
1945-1952
18,000
r25,000
100.18
1.48
1941-1950
r200,000
100.68
2.38
1941-1945
15,000
r650,000
100.03
2.99
100.58
2.99
1898
1897...
16,385,065
73,275,377
1896...
12,792,308
43,176,964
3861
Kansas City, Mo...
3
1941-1960
1895...
56,991,613
4164
Kearny, N. J. (3 issues)
Kenmore, N. Y
1941-1960
1941-1945
100.19
4011
2K
1)4
225,COO
66,426,992
50,000
100.22
1.42
32,663,115
49,093,291
3695
Kern Co., Calif.
Knox County, Tenn
3
1941-1950
48,000
100.03
2.99
3702
1943-1951
18.000
100.51
3.17
3702
Knox County, Tenn
3K
3K
IK
1893...
1892
44,078,547
15,907,441
16,359,377
1.888,935
12,249,(MX)
1894
283,464,572
following we list the various issues brought out
during June:
'
Rale
3)4-3K-4
2M
Amount
Maturity
1941-1949 r2,972,000
rl ,592,000
1941-1960
3698
Albany, N. Y, (5 Issues)
3863 AlbiulppaS. D., Pa
4012 Altoona, Pa—
3
Amherst 8. D. No. 2, N. Y
4163 Amite County, Miss
3857 Ammlston, Ala. (21ssues)
3702 Ashland County, Wis
1941-1950
1941-1951
4164
..
...3%
Atlantic County, N. J
Auburn, Me
4162 Bangor, Me
—
3)4
1%
114
IK
......
1941-1960
r60,000
1946-1947
3
4166 Athens County, Ohio..—
4008
813,600
175,000
d700,000
10,815
rl 12,500
1942-1963
2K
2.90
.
3861
70,000
1941-1950
305,000
1941-1948
40,900
56,000
1941-1948
1941-1960
r39,000
4007 Harrington, 111
4008
100.72
2.93
100
2.75
100.28
97" 25"
104.84
100
2.85
4.09
2.21
3..50
100.42
1.66
100.17
1.43
100.11,
1.74
46,000
1()W 34"
i~40
35,000
100.31
3.46
19.56
r8,000
6,300
2.90
1941-1961
1942-1960
Bethlehem 8. D. No. 1, N. Y
2.70
4163 Blue Earth County, Minn
1941-1978
4.25
100
3.00
176,000
1945-19.50
28,000
1944-1959
2
1943-1948
...4K,
..3
2)4~^K
«
....
.5K
2.20
4012 Carnegie 8. D., Pa
2.68
3.00
30,000
101.15
1.84
30,000
100.43
1..62
30,000
1941-1946
1941-1950
.
100
4.25
90,000
350,000
100
3.00
100.01
2.66
25,000
1941-1956
2K
47,500
100.42
2.14
r60,000
4164
Carthage 8. I)., Mo..
4007
Cass Twp., Ind
3)4
1950-1959
35,000
100.52
3.46
4012
Castle Rock Twp., Wis
2 )4
1941-1944
14,000
101.52
1.78
2)4
1940-1959
4168
25,000
..
Castleton, Vt
r60.000
3864
Chambers Co. R, D. No. 2, Texas.2
Chandler, Ariz
4
r
4166
Chandler S. D., Okla
Charlton 8. D., Iowa__...
2^-3 1943-1952
2K
1942-1950
101.29
2.35
lob"""
4*00
101*36
2.03
r27,000
3857
3696
Charleston Co. 8. D. No. 19, 8.C..3 K
4009 Charleston 8. D., Miss
3%
4167
3862 Chateaugay, N. Y
2
Cheektowauga, N. Y. (3 Issues) ..3
4161 Chicago Sam. Diet., 111.'.
.2)4
3701 Chlckasha, Okla
4012
1942-1960
110,000
5,000,000
1941-1960
1943-1949
—2X
194i-1945
rl28,000
<1125,000
1945-1950
rl25,000
1941-1978
d? 0,000
Coahoma Co., Miss
College Corner, Ohio (2 Issues) ...4-5
Columbia 8. D„ 111
3
3864 Combined Locks, Wis..
2)4
65,000
Council, Idaho
4164
Crab Orchard Educat. Corp., VLyAK
Consumers P. Power Corp., Neb..3 )4
4167
Corpus Christl, Texas
3700
Crestline, Ohio
3
3702
2K
Dallas
4K
4163
Dawson Co.* Mont
2)4
3862
Dayton, Ohio
Dearborn, Mich
Denver, Colo
De Ridder, La
Derry Twp., 8. D., Pa
Des Plaines, 111
De Sota Co., Miss
Dutchess Co., N. Y_.
4167
East Bernard 8. D.,-Texas
3858
4008 East
Baton
Dlst. No
Rouge
3, La
Parish
100
3.25
102.30
2.08
99*03"
3*14
18,000
101
2.36
32,500
100
4161
4011
Lewis
4167
4163 Lewis
1941-1950
135,000
Maiden, Mass
3695 Maricopa Co. 8. D. No. 48, Arlz.i3^
Marin Municipal W. D., Calif
5
3863
Memphis,
4160
4168
5,000
1941-1950
12,000
200,000
100.27
2.73
30,000
7*163,500
300,000
100.17
2.48
1943-1946
8,000
1964-1965
350,000
12,000
100.07
20,08^,000
100.42
3.70
r^.OOO
10b". ii"
2*08
100.06,
2.29
1942-1954
12,500
rl ,093,000
Monessen, Pa.
1941-1950
75,000
3698
Money Creek, Minn
1942-1949
3864
Mont Belview 8. D., Texas
2K
Monterey County, Calif
3)4
Montgomery County, Ohio
2K
Moorhead, Minn
3
Montrose, Minn
3
Mound, Minn
2
Muskingum Watershed Conserv¬
ancy Dlst., Ohio..
3
Mount Lebanon Twp., Pa..
4163
Natchez, Miss
3863
Neville Twp. 8. D., Pa
New Canaan, Conn
4006
4011
3860
4163
4163
4166
4006
.....2)4
...
1941-1960
2,080,000
100*""
2*25
1941-1954
14,000
100.17
3.47
1941-1950
r540,000
100.71
2.12
1941-1948
80,000
1941-1953
15,000
102.03
2.72
13,000
100
3.00
1942-1949
8,000
100.50
1.90
1941-1967
d742,000
100.25
2.88
2K
1941-1960
300.000
100.36
2.71
1942-1*953
1*00*64"
2*66
25.000
2)4
1941-1962
174,000
New Hampshire (State of) (13 Lss.) 1 )4
3
1941-1955
6,599,000
100
1.50
1945-1949
15,000
100
3.00
1941-1949
10,670,000
100
3.00
100,000
250.000
102.38
2.49
Niles, Ohio
2K
1941-1950
82,300
100.50
2.66
North York 8. D., Pa
3)4
1942-1945
8,000
106.13
1.69
4008
Nortonvllle, Kan
3702
Nueces County, Texas.....
Oak vllle Fire Dlst., Conn
36,000
3K
2)4
1941-1952
1942-1961
72,000
4167 Obion County, Tenn.
3K
Ohio Co. Court House Corp., Ky_.4
3864 Olney 8. D., Texas..
4
4006 Orange County, Calif
1941-1959
r2S,000
1941-1958
65,000
4006
3859
-
Orange Co. Spec. Tax S. D. 4, I'la.4
Orleans County, N. Y
1)4
3862 Orleans County, N. Y
1)4
4161 Osgood, Ind
*
3)4
r25,000
1*942-1956
38,000
100.46
r68,000
100.17
1941-1944
132,000
100.17
1.45
1965
47,000
100
3.50
1941-1950
r28,000
Owosso, Mich
Oxford Jet. S.D. No. 4, Iowa
2
Orangeville, 111
3
2)4
28,000
1941-1*948
19,000
1*941-1945
90,000
100.54
1.07
1941-1951
108,000
100.79
2.87
3
1943
8,000
1941-1959
3695
^
Phoenix, Ariz
3K
1941-1959
78,000
r37,000
3
1941-1945
45,000
2
1947* 1950
355,000
5-5)4
1946-1949
rl6,000
25,000
55,000
250,000
5
4007 Polk County, Iowa
3861
1 38
4164
100
3 25
Polk
Co.
Spec.
r34,000
3
.....
3699 Pleasant vllle, N. Y
4164 Plentywood, Mont...
3T9
Road
&
15,000
1945-1952
2
1941-1950
1)4
1941-1950
Q ianah, Texas
Randolph Co. R. D. No. 9, 111
4
3
1942-1951
45,000
4009
Redwood Co. 8. D. No. 84, Minn.3
1943-1957
r52,000
3702
2.45
2*20
450,000
36,000
rl50,000
100.28
1.70
3700
100.05
2.37
4012
100.03
2.99
4012
4007
Frigit Twp. 8. Twp., Ind
...3
4007 Fulton Co. 8. D., Ga
2)4
4009 Gallatin Co. 8. D. No. 19, Mont..3
3697 GarrandCo.P.S. Corp.,Ky
3)4
4
1.10
1942-1956
1941-1950
1942-1946
1950-1957
....
1941-1952
1943-1951
1941-1950
4
1941-1945
...3
1941-1955
2.70
4
1941-1948
1955-1956
1.34
101
2.83
100.86
2.90
100.85
103.50
2.12
3859
1941-1950
1.80
2K
1942-1961
20,000
100,000
101.02
4006
Rockland, Mass
Rocky Hill, Conn
2
3.15
100.59
2.69
4165
Rome, N. Y. (4 issues)
3861
100
38,000
62,000
Rosebud Co. 8. D. No. 31, Mont..
4163
Royal Oak, Mich
3.75
3862
...
1.20
100
3.25
3698
100.38
1.93
4007 St.
100.72
1.29
100.80
2.60
4163 Sacred Heart, Minn
100.38
1.69
4006
102.25*
*2*45
100.75
2.44
Petersburg
Spec.
R.
&
4
4006 Salt
River
100.04
2.58
100.27
1942-1959
r20,000
100.27
1941-1950
275,000
100.10
1.98
1952-1961
100.06
3.99
100.56
2.18
100.50
2.43
1.61
1942-1954
3^-4
1941-1959
4
1941-1962
<1212,000
IK
1941-1950
100,000
100.75
1K
Agricultural
<fc
1941-1945
23,000
100.05
1.23
r481,000
97.15
4.60
97.15
4.60
1941-1967
Power
District, Ariz
3.99
20,000
1941-1944
2K
..2K~3)4
8acramento, Calif
4165 Salem, N. J
100.05
1947-1959
100.33
511,000
22,500
133,000
<Zr622,000
133 Salem, 111. (2 issues
133 Salem, 111. (2 issues)
3697 Salem, Mass
River
1941-1950
267,000
r27,500
r392,000
20,600
20,000
194*1-1957
1*35
B.
District, Fla
4006 Salt
1941-1951
..
3-3)4
Rye & Harrison 8. D. No. 6, N. Y.2.60
St Bernard, Ohio
2)4
St. George, S. C
3K
St. George, 8. C
3K
St. Paul, Minn
2
4K
Agricultural
&
Power
100.12
1.08
100.26
3.90
100
3.00
3864
Santa Fe Con. 8. D., Texas
4
1941-1960
18,100
2.69
4166
Sandusky, Ohio
1)4
1941-1947
7,190
100.54
1941-1950
60,000
945,000
100.41
1.67
100.04
1.64
1941-1950
38,500
101.85
1.30
1941-1949
161,000
100.22
1.71
100.66
2.14
100.13
2.48
100.05
District, Arizona
4100
San Bernardino
83,400
100.11
2.08
45,000
100.06
1.23
;
San Francisco, Calif
4165 Saratoga County, N. Y
3700 Schuyler County, N. Y
1941-1954
1.80
100.85
1941-1955
4006
3
101.01
7,500
1941-1945
4.00
rl5,000
70,000
1.87
2)4
2.56
1941-1945
5.00
2)4
100
1941-1943
100
101.09
Rochester, Minn
101.69
1941-1951
3.00
3859 Rehoboth, Mass
r5,500
\yK
1)4
1942-1959
3.35
2.90
4009
18,000
2K
.2.10
10*3*56"
100.85
100
Bridge
Portsmouth, N. H
Portsmouth, N.H
100*32*
1941-1950
2.50
IK
100.33
1)4
2K
-.IK
2)4
1.96
100
2K
100*51"
18.000
100.20
8,000
3
Pensacola, Fia
3696 Perry, Iowa
100.07
27,000
80,000
d400,000
25,000
75,000
7,000
500,000
r2,000
25,000
17,000
100,000
25,000
24,000
4,000
1.45
4009 Papillon, Neb.
4162 Peabody, Mass.
135,000
1970
1941-1950
3.96
25,000
1940-1967
1941-1950
<175,000
6,400
130,000
23.000
3)4
3T1
4161
1942-1954
2
101*35"
rl4,000
4161
3863 Folcroft.Pa
1.85
4167
3863 Pine Grove, Pa
Sch.
3699 Fort Plain, N. Y
3697 Framlngham, Mass. (2 issues)
3859 Frankfort, Ind
106.31
New York, N. Y
175,000
1941-1950
2.43
4011
1941-1950
1941-1950
3.00
100.37
NewHoland Borough Auth.. Pa.-3K
3
4009
1941-1960
1941-1959
2.48
100
33,000
Dlst., Fla. (5 issues)
4167 Port of Bandon, Ore I.'....
1942-1951
103.52
1941-1955
3860 New Richland 8. D., Minn
4012 New London 8. D., Texas
138
1941-1950 rl,000.000
2K
2.42
IK
2.19
16,000
3
100.33
3K
lOO'.Ol"
1943-1948
.2
75,000
3697 Fenton, Mich
2)4-2)4
3859 Fifth Louisiana Levee Dlst., La
3
2.53
Millard Co. 8. D., Utah
1941-1949
4009 Fairmont, Neb
3.50
9,800
4161
4162
1.57
100
142.17
1953-1988
5.00
1941-1961
100.91
Metropolitan W. D. of Sou. Callf.4
3.75
1942-1951
1.90
100
350,000
100
4-4K 1940-1979
1*50
100.14
1943-1952
100
3
3.70
1941-1965
66,000
2,000
100.42
ioo"""~
4161
1943-1958
....
2.37
2.20
16,500
<1300.000
--3K
2.22
100.17
2-3)4
Tenn
1942-1960
1.40
100.26
450,000
1941-1960
102.05
Hamilton Twp., N. J
1945-1953
1941-1943
Mobile, Ala.
100*86*
4010
10,000
3860 Minneapolis, Minn
2.10
3860 Minneapolis, Minn. (5 Issues)...2.34
4007 Mitchell School City, Ind
..3
10,000
Granger Ind. 8. D., Texas
19,000
r63,000
1941-1950
1941-1952
4
Marlow, Okla
4012
25,000
Granville, N. Y. (3 Issues)
3702 Green Bay, Wis
4009 Greenwood, Miss
Marion Heights 8. D., Pa
3863
1942-1951
3860 Granite Falls, Minn
3-3^
IK
4006
1943-1951
4010
1941-1959
17,500
2K
3699 Grand Island, N. Y
2.44
7,000
200,000
Elsah, 111
3!^
4167 Elizabeth Twp., S.D., Pa. (2
lss.)_2H
3859 English School Town, Ind
3)4
3863 Erie. Pa
..-r=-_u.'-2 K
3864
100.57
6,000
1940-1943
Kan
1941-1954
4007
Gettysburg, 8. Dak
4165 Glens Falls, N. Y. (2 issues)
4164 Gloucester City, N. J
3863 Gnadenhutten, Ohio..
85,500
1942-1948
1941-1959
Mahaska,
4008
2.84
3701
1941-1959
2\4
4162
4.08
Friend S.D., Neb...
2.00
2K
Long Beach, Miss..
4)4
Longmeadow Water Dlst., N. Y..2.40
3857 Los Angeles Co., Calif
3K
3859 Lowell, Mass
.2K
3864 McMechen, W. Va
1)4
3700 Mahoning County, Ohio
2
100.002
4009
100
4165 Little Valley, N. Y
181.83
4008 Franklin, Mass...
1.35
60,000
3862
5
2)4
3K
.3K
100.29
1941-1950
2)4
;
--3K
..
25,000
125,000
1
No.
4163
75,000
Fall River, Mass
D.
3699 Liberty, N. Y
Lidgerwood Spec. 8. D., N. Dak
Little Falls, Minn
84,000
4012 East Pittsburgh, Pa
8.
1941-1950
2
Co.
4009
30,000
East Chicago, Ind
East Deer Twp., Pa
Clark
4166
1946-1951
4012
&
Mont
1942-1969
4161
1.40
County, N. Y
3858
11,000
1941-1945
1.24
100.33
4162
15,000
—
100.01
4163
<113,500
1941-1965
10,000
50,000
3862
100
375,000
2%
3700
3698
2.27
1941-1965 dl,240,000
3%
Co., Texas
3858 Dalzell, 111
4167
102.14
1 10 yrs.
3
4006
2.95
1941-1962
3858 Crotty, 111
3696 Custer Co. 8. D. No. 1, Idaho
4163
100.38
19,000
r31,000
3%.
3859
1.97
64,000
1941-1958
3.21
1942-1951
3863
100.52
100T5"
20,000
1941-1950
4011
3697
2.73
12,500
24,000
3K
3648
4007
15.000
2 K
Chilton, Wis
Chippewa Falls, Wis
3864 Clarksburg, W. Va
3858
20,000
52.000
1940-1951
3862
3702
13, .500
100.30
Lafayette, Ind
La Junta, Colo
2.60 1945-1954
Lane Co. Con. 8. D. No. 71. Ore..2-2K 1942-1957
La Salle, 111
3863
2.00
12,000
1941-1946
13,000
3859
3863
100
r7,000
1941-1955
1943-1952
2.23
4160
4160
15,900
.........
—
100.33
100
5,500
4162 Brockton, Mass
—2
3697 Brodhead Educational Corp., Ky.4%
4006 Brooklyn, Conn....
IK
3695 Burbank, Calif.
4163.Calhoun Co., Miss
2.88
100
r69,500
Boone Co. 8. D. Nc. 33, 111....
4012 Brownfleld, Texas........
1*00.20*
372,000
646,000
40,000
3700 Braman 8. D., Okla. (2 Issues)
3
4012 Briscoe Co. R. D. No. 6, Texas—4
Canastota, N. Y
2.41
1941-1955
4168 Big Horn Co. S.D. No. 1, Wyo___3
3864 Big Sandy 8. D., Texas
3
4010
100.62
1942-1946
4K
—__3
—
3858 Brookston, Ind—
3.73
2.41
IK
3)4
...
4165 Bedford, N. Y
3698 Bergenfleld 8. D., N. J_.
4161 Berwyn, 111.
4161
Basi3
3K
Hay City, Mich
Beach Haven, N.J
4168 Beaver Co. 8. D., Utah—
3861
Price
100.10
100.62
13,500
.
4164
Jackson 8.
Jefferson Twp., Ind
63,345,376
221,579,100
Name
4009
29,348,742
9,704,925
305,650,839
151,766,284
3863 Akron, Ohio (3 Issues)
3698 Albany, N. Y. (3 Issues)
1.63
2.19
r62,000
479,500
the
Page.
100.45
100.56
61,223,060
28,417,172
13,468,098
1900
118,969,285
110,412,059
1922
1941-1961
77,943,665
140,731,789
....
1925
139,653,772
242,451,538
1926
3696
County, Calif
4K
IK
1^-2
..1.40
IK
4164
519,000
1941-1949
Scott County 8. D. No. 36, Mo.-.6
1*00.34*
2*94
4009
3.07
4012
r5,000
Scottsbluff, Neb. (2 Issues)
100.12
1.09
21,000
52,000
3699 Hampton, N. Y. (2 issues)......3.10
Harford County, Md._„
..2
1941-1950
1951-1957
80,000
100.23
4007
4010 Hastings-On-Hudson, N. Y
4165 Hempstead, N. Y.
Seminole, Texas (2 Issues)...
Seneca, 111
3K
1941-1950
1.10
15,000
1941-1944
22,000
100.02
1*09
4007
Seymour School City, Ind
2K
1941-1952
2.70
1941-1956
8,000
100.45
2.64
4001
Sharon Springs,
2)4
1941-1956
11,500
16,000
4162
14,600
N. Y
Volume
The Commercial & Financial Chronicle
151
Page
Rate
Name
Amount
Maturity
3636 Shenandoah, Iowa
13,000
Wyo._3M
4163 Sibley Co. S. D. No. 64, Minn
2M
Basis
Price
30,000
Sheridan Co. S. D. No. 21,
138
1943-1962
Sidney & Unadilla S.D. 1, N. Y...2.40
4011
3864 Slnton, Texas
4162 Sioux City, Iowa
4162
4007
3858
Stamford, Conn
4011
Stanly County, N. C
4011
19411960
S.
No.
D.
Texas (2 issues)-..
Richland
of
2.61
300,000
100.27
1.45
r60,500
100.02
2.73
11,000
100.02
100,000
100.14
1944-1950
2.23
100
7,000
1946-1950
1941-1961
<180,000
8,958
d65,000
1941-1945
1941-1970
ibb".02"
2.26
101.40
300,000
2.63
9,
1941-1944
Richmond S. D. No. 2, Wis
The
65,000
1941-1953
48,000
107.62
2.10
1941-1950
197,000
100.05
2.29
1945-1958
r 14,000
1942-1946
2,500
16,300
100.30
1.99
101.59
2.73
1943
100,000
102.15"
0.58
190,000
100.56
1.65.
000,000 and
Wappingers Falls, N. Y
90,000
100 28
1.55
made
2.49
0000
..1.60
1941-1944
50,000
100.03
3 years
15,000
100 03
1941-1950
rlOO.OOO
1942-1952
115,500
4168 Waushara County, Wis..
3700 Wayne County, \r. C
4162 Webster City S. D. Nc. 1,
3702 Weirton Heights, W. Va
Iowa..2)^
3863
3698
3864
4165
3858
3859
4012
4168
4162
4162
Total
bond
for
sales
(290
June
covering 357 separate issues).
1941-1946
102
2.12
100.01
100.75
3.86
tunnel, estimated to involve a total of $80,schedule of construction, the Mayor said.
He
involved have consented to do the job
at pay rates now prevailing. The tube will tap the West
Side Highway
and an extension of the East River Drive, skirt Governor's Island to the
north and reach Brooklyn at Hamilton Avenue.
Council
City
10,000
100.31
19.000
a' five-year
known that the labor trades
3.24
30,000
1942-1951
administration costs
Work will start soon on the
r80,000
...-2M
Wellston, Ohio
4
Wellington, Ohio
--2M
Westbrook, Me.
214
West Caldwell, N.J
214
West Deer Twp. S. D., Pa.(2 iss,).3^
West New York, N. J.......... AM
Whiteside Co. S. D. No. 301, 111..2^
Wichita, Kan....
1H"
Winchester, Va..
...2
Wisconsin Rapids, Wis
2M
Woodbury County, Iowa
:„.._1 %
Wyandotte Twp., Kan
..4
4008
10,000
rl2,500
5
-2M
3M
Washington Parish, La..
4011
1945-1950
1941-1948
7. Mich..2)^
4009 Warren Twp. S. D. No.
4008
1941-1955
for
Battery Tube Loan Approved by RFC—The Belt Parkway,
anchor for the city's peripheral highway system
built in South Brooklyn and Eastern Queens in 18 months
at a cost of $30,000,000, was opened on June 29 by Mayor
LaGuardia, who at the same time announced that- the
Reconstruction Finance Corporation has approved a $57,000,000 loan for the Battery-Brooklyn Tunnel, vital link
remaining to be forged in that chain of roads around the
rim of the city.
1941-1955
3702
$26,226,901.41
33-mile
1941-1950.
4167
appropriated
sponsored by the city.
Like the appropriation for relief itself, which just falls short of $3,000,000
monthly, the appropriation for administration costs[also showed an increase
over the preceding 12 months.
The administration increase was $285,000.
Waltham, Mass. (2 issues)
4161
also
Board
during the entire fiscal year ending June 30, 1941. • Of this sum $9,000,000
will be contributed to the Works Projects Administration for projects
4008
..
4161
Relief—The
during the next six months at a special meeting held July 1
Summer City Hall, an increase of $457,150 over the
appropriation for the six months ended June 30.
4168
3698
for
$47,500,000 for direct relief
at the
3
Troy, N. Y. (2 Issues)
2.30
Underwood Ind. S. D.t Minn....
Union County, Ind
..AM
Union Twp. School Twp., Ind
2
Upper Yoder Twp. S. D., Pa
3
Velasca D. D., Texas
3)4
Vernon County, Wis
1M'
3862
$47,500,000
Approves
0.99
102.75"
10,000
3.40
54,000
1941-1950
lbb~.84"
92,000
20-30 yrs.
.2M-2M
City of
and
1.42
100.74
1940-1955
Toledo, Ohio
Town
100.43
18,500
1945-1965
1
3^-4
2%
2H
3864 Texas (State of) (6 issues)
3863 Tiffin S. D., Ohlo_
3702 Toulosa-Midway
74,142
100,000
1943-1953
Stowe Twp., Pa. (2 issues)
4163 Taunton, Mass
1.64
101.31
Board
Estimate
Board of Estimate authorized
1941-1950
2
tures.
2.23
150,000
1942-1951
1M
.2M-2M
Sterling, Kan
4168
2.28
100.20"
is expected to yield $71,000,000 for relief expendi¬
program
2.15
100.50
1951-1956
4007 Sterling Twp. School Twp., Ind..3>4
4011
101.05
8,000
1942-1949
3864 State College S. D., Pa
....2)4
3863 Stephens Co. S. D. 34, Okla__2H-3tf
3701
20,000
1941-1950
State Center S. D. No. 2, Okla.2-3
4008
3.10
60,000
2M
Sioux City, Iowa
2
Somerville, Mass
;
.AM
Spice Valley Twp. Sch. Twp., Ind.2%
4162
1941-1948
4
,
100.30
131
1941 •1947
7-36,000
100.16
2.21
1941- 1949
18,000
100
2.25
1943- 1950
50,000
100.55
1941- ■1956
74,000
101.33
4.06
145,000
101.57
2.59
Council
on
Votes
Tax Exemptions—The City
Housing
July 2 unanimously adopted a local law which
would exempt low-cost developments constructed in compli¬
with the Public Housing Law from increased local and
ance
54,000
100.07
1.73
municipal taxes resulting from the improved values of slum
properties.
The bill was introduced by Democratic Majority
Leader Joseph T. Sharkey.
The Council held its last meeting
1941- 1950
33,000
100.02
1.99
of the
1950 -1951
160,000
150,000
101.61
1.54
1941- 1960
1941- 1950
1944- 1950
3.15
season
until fall.
Joseph E. Kinsley (Bronx) and'Edward Vogel (Brooklyn)
introduced at the request of civic organizations) a local law amending the
city charter so as to require a two-thirds affirmative vote of the Board of
Estimate before a resolution of the City Planning Commission affecting
"use districts" can become effective.
The bill was referred to committee for report at the next meeting of the
Councilmen
125,000
municipalities,
S83,721,505
Council.
d
Subject
loans
or
call
to
prior
to maturity,
funds obtained by States and
Government,
r
k Not including 869,885,458 temporary
municipalities from agencies of the Federal
Refunding bonds.
Board of Estimate,
We have also learned of the following
additional sales for
previous months:
Maturity
1943-1952
Cooper Twp. S. D.* Pa___
__4
--3M
3
4M
4
1 *4
Hancock, Mich
3857 Monticello S. D., Ark
100.25
3.96
100.04
4,500
3,000
1944-1949
7-21,000
1941-1950
105.46
4~oo
1.57
101.13
5,000
....2%
At the same time
100
29,000
1.50
100.50
2.68
to
3701
Salem, Ore. (2 issues)..
3698
Governor he faced a
4168
Village
29,000
100..50
2.68
came
1941-1950
r58,802
100.03
1.99
1941-1950
39,197
100.03
1.99
by the administration of his predecessor, Governor Franklin D.
This Roosevelt deficit amounted to about one-third of the
Ore
Bruce
and
Town
of
1941-1955
.........4
23,800
1942-1945
4,000
4.00
100
(unless otherwise indicated) are for
All of the above sales
May. These additional May issues will make the total sales
(not including temporary or RFC and PWA loans) for that
month $50,067,352.
The followiag items included in our totals for the previous
month should be eliminated from the same.
We give the
number of the issue of our paper in which reasons for
found.
these eliminations may be
Page
3696 East Dundee Twp., 111.
(April).—
...—........
.....
(April)
4010
Hudson Falls, N. Y.
4164
McCook, Neb. (May)
4161
McLeansboro Twp. S. D. 58, 111.
3696
Metamora,
111.
(May)
.1..—
(April)
DEBENTURES SOLD BY CANADIAN
Rate
Name
Page
Canada (Dominion of)
.........
(Dominion of)..
3864
Canada
3864
Mont Joli, Que
4M
3702
New Glasgow, N. S
4M
4168
Ottawa, Ont
Total long-term
Amount
§40,000
30,000
425,000
23.000
12,000
MUNICIPALITIES IN JUNE
Maturity
Amount
... — ..*40,000,000
*40,000,000
1941-1955
409,099'
1941-1Q60
38,000
3-20 frs.
571,702
Price
Basis
101.53
4.32
99.09
2.88
§1,018,801
Canadian debentures sold in June
which
State's total
was
recommended by the Governor.
the budget last year, the Republicans
In reducing
month.
rejected a $65,000,000
recommended by the Governor, in which he proposed
imposition of real estate and business turnover taxes, as well as an in¬
creased liquor levy.
The republicans accepted the liquor tax increase and
also imposed the cigarette tax, which they estimated would yield a total
revenue of $22,500,000 by the end of the fiscal year.
This estimate was
revised to $21,500,000 in the Governor's budget submitted last January,
and the actual yield was $20,436,776.60, or $1,063,223.40 short of the revised
tax increase program
the
eSThieRevenue
machines, which were legalized this year,
by the end of the fiscal year, or $1,C56,the $1,000,000 which was estimated.
If this rate of in¬
come from the pari-mutuals is kept up for the full 1940-41 fiscal year, the
total revenue, it is believed, may be double the $4,000,000 estimate.
Governor Lehman in his Ststement emphasized that "both the revenues
and the expenditures of the State for the fisdal year which ended June 30
have almost exactly equaled the estimates made last January." Using round
figures, he pointed out that in his budget he had estimated that the year's
receipts would total $391,162,000, whereas the actual receipts totaled
$393,624,000, or one-half of 1 % more than the estimate.
He had estimated the State would spend $395,171,000, he said, whereas
actual espenditures totaled $394,793,000, or within one-tenth of 1%
of
the estimate.
He had estimated an operating deficit of $4,009,000 for the
year, whereas the actual operating deficit was $1,169,000.
He went on to
state that he had estimated that the accumulated dificit would amount to
$32,871,366.08, whereas^the actual_amount was $30,031,000. reached
a
from pari-mutuel
total of $2,056,560.06
560.06 more than
New York
Temporary loan, not included in total for
Roosevelt.
since then until now
Republican-controlled
Legislature reduced by $25,000,000 a $415,000,000 budget recommended by
Mr. Lehman, and this year, to keep down further budgetary increases,the
Republicans rejected a $15,000,000 boost in the personal income tax
budget, which has been gradually increased
it amounts to about $393,000,000.
Last year the
yearly
7-17,000
Stubbs S. D. 1, Wis
3702 Woodland, Wash..
each
1933, Mr. Lehman issued a compre¬
the State's finances.
When he be¬
deficit of about $100,000,GOO bequeathed to him
fiscal year since he became Governor in
hensive statement on the condition of
1941-1955
Teton Countv 8. D. 30, Mont
*
the State's net funded debt was reduced by $38,451,$528,694,819.39 at the end of the 1938-39 fiscal year,
$490,243,611.42 at the close of the 1939-40 fiscal year just ended.
In accordance with a custom which he has followed at the close of
...2
Rockville Sch. Town, Ind
Salem,
3702
$2,840,011.78 below the $32,871,366.08 budgetary
2
4007
3701
page
or
207.97 from a total of
15,000
65,000
Ind
354.30,
1.92
lob"""
15,000
1941-1955
for the 1939-1940 fiscal year, ended June
exceeded the $391,162,675.77 budgetary estimate by
$2,462,028.48. while the cumulative deficit totaled $30,031,-
of $393,624,704.25
30,
estimate.
9,700
1942-1951
1948-1952
of $38,451,207 Reported—
July 2 that the revenue total
Cut
State—Debt
3.49
16,000
1943-1951
1943-1949
Norwood, Ohio
of
3.25
1941-1945
North Braddock S. D., Pa
3863
Rockville,
£66
1M
2%
3701
3696
100
100
1945-1950
Corydon, Ind.
3696 East Chicago, Ind
3859 Franklin Twp. Sch. Twp., Ind
4008
3-20 yrs.
3%
Colton, S. Dak. (April)
4012
3696
100.23
r $90,000
12,000
Wash.
3702
Basis
Price
Amount
28,000
___5
3698 Chouteau Co. S, D. 4, Mont._...3^
Camas,
York
New
Governor Lehman reported on
Rate
1%
Name
•
3864 Box Elder Co. 8. D„ Utah
Page
3702
by Mr. Vogel was designed to transfer the duty
the annual tax rate from the City Council to the Mayor and the
"where it properly belongs," said Mr. Vogel.
Another bill introduced
of setting
State—Revisions
lade in List of Legal Invest¬
ments—William R. White, New York State
Superintendent
announced on June 30 that 51 issues of railroad
obligations aggregating $1,283,157,000 have been added to
the list of securities eligible for purchase by sayings banks
in New York State, effective today.
In addition, 10 new
issues of gas and electric companies totaling more than
$200,000,000 and the obligations of 10 municipalities appear
on the published legal list being sent to all savings banks of
of Banks,
News Items
California—Pension
Proposal Lacks Signatures—The re¬
sharp advance in prices of California municipals is said
to be attributable in part to the removal of the threat of
a vote on the "ham and eggs" pension plan in November.
cent
The plan was declared ineligible when proponents failed to
gather enough signatures to qualify the measure.
Final
list
signatures brought the total to 210,167 names,
of
1,950 less than requirement for inclusion on
New
or
the ballot.
York, N. Y.—Five Relief Taxes for City Renewed—
Cigarette Levy Lapses—Mayor F. H.
LaGuardia signed on
brief hearing, the five bills continuing for
one year all of the city's emergency relief taxes except the
1-cent cigarette tax, which went out of existence at mid¬
night on June 30, under an agreement reached during the
June 28, after a
last session of the
Legislature.
The taxes extended are those on
gross
business
income,
sales, utilities, conduits,
and compensating use,
and the
.
the State.
The
Superintendent, pursuant to Section 35 of the
Banking Law, annually
compiles a list of securities which in his opinion meet the detailed standards
governing investment by savings banks, which are enumerated in the law.
By other provisions of law, securities legal for savings banks may also be
purchased by individuals and corporations holding trust funds for invest¬
ment and by savings and loan associations and credit unions.
Other in¬
vestors in this and other States have occasion to consult the New York
list, with the result that its annual publication is looked for with rather
widespread interest.
'■
The Banking Law provides that the trustees of a savings bank or the
directors of a savings and loan association or of a credit union shall not be
held liable for investment in bonds mentioned in the list.
The Banking
Department, however, does not regard such appearance on the list as proof
that a particular security is a suitable investment.
"The trustees of savings banks are not, because of.this list, relieved of
the duty of making a careful investigation on their own part into the
legality of their investments," Mr. White said in a statement appearing
as a preface to the printed list.
The Commercial & Financial Chronicle
132
gation into the legality of the securities listed, and is believed, therefore
to be substantially correct; but, notwithstanding the care that has been
exercised in its preparation it is not to be assumed that the list is a complete
infallible guide.
and
...
"The provisions of the Banking Law relating to legal investments for
savings banks must for the most part be applied as of the date of investment.
Conditions vary so from time to time that securities which were legal in¬
vestments on the date they were placed upon the list may even now be
disqualified.
Vice versa, securities which are not included in this list may
now be found to be legal.
Therefore, the trustees of savings banks should,
for their own protection, supplement the work of the Department by their
own careful investigation into each doubtful case."
Total par value of securities appearing upon the new list is estimated at
approximately 18 billion dollars.
This does not include obligations of the
United States Government which are legal for investment but which do
not appear on the list.
Included among the eligible investments are 254
railroad and 143 public utility issues.
Total number of States, cities,
counties and school districts the obligations of which are included number
566, exclusive of New York State and its political subdivisions.
Par value
of total additions to the list is $1,786,720,300, while total removals have a
par value of $475,720,000.
There were no rail obligations removed from the list for failure to meet
the statutory standards, but 14 issues totaling $186,261,000 have been
eliminated because they have been called or have matured.
The most
important additions consist of the obligations of Great Northern Railway,
$297,590,000; Northern Pacific Railway, $313,842,000; Southern Pacific
Railroad, $406,216,800.
The obligations of the Great Northern formerly
were included on the list but were removed July 1, 1938 because they failed
to meet the requirements of the statute relative to earnings.
The obliga¬
tions of the other two railroads were eliminated from the list published a
year ago for the same reason.
Subdivision 7 of Section 235 of the Banking
July 6, 1940
including land, engineering fees, equipment and overhead, amounts to
$4,431 per dwelling unit.
In some small towns the over-all cost is as low
as $2,750 per dwelling unit.
The average monthly shelter rental approved by the USHA for homes
in the south is $10.02, and in the North, $15.20.
The nation-wide average
is $13.01.
In every city, town and village in which USHA-aided projects
nave been opened, the rents charged for new homes are as low or lower
than tne average rent charged in the slums.
Only families from unfit
housing and only families in the lowest income group are admitted to the
U8HA-aided housing projects.
The estimated average income of families in Southern projects is $626
per annum; in Northern projects, $934.
The nation-wide average is $805.
Under the terms of the United States Housing Authority Act, a number
of unfit, insanitary dwellings must be eliminated to equal the number of
new
homes constructed.
Under this provision of the Act, 29,421 ramshackel, Insanitary slum dwellings have already been eliminated.
4'In fact it would be improper for trustees of savings banks to place their
sole reliance upon the list.
It has been prepared after a thorough investi¬
Bond
Proposals and Negotiations
ALABAMA
ALABAMA
BOND
COMMISSION
BRIDGE
(P.
O.
Montgomery),
Ala.—
NOT SCHEDULED—We
ISSUANCE
are advised as follows
F. O. McManus, Executive Secretary of the Bridge Commission:
by
"In
reply to your letter of June 11, with reference to proposed bonds
to be issued by the Alabama Bridge Commission for the construction of
the Dauphin Island Bridge, wish to advise the issuance of these bonds
has not been fully authorized and will not, in all probability, be authorized
until the latter part of July.
After the meeting of the Bridge Commission
on July 12, I hope to be in a position to give you further information."
Law prescribes that a rail¬
road must have earned its fixed
charges one and one-half times for five of
and during the last year, and that it must have paid
dividends during thf same period equal to one-fourth of fixed charges.
If
such dividends have not been paid, the securities of the road will still
meet the test provided fixed charges have been earned one and one-half
times during 9 out of the last 10 years and during the last year.
At present,
railroad obligations which meet these tests aggregate $1,100,000,000.
This
figure includes the following securities which appear on the list for the first
the last six
years
ARIZONA BONDS
Market* in all Municipal Ieeuee
time: Atchison Topeka & Santa Fe's Equipment Trust 2M's. C, due to
Nov. 1, 1949, $8,000,000; Chesapeake & Ohio's Equipment Trust 2K's,
due to Oct. 1, 1949, $4,200,000; and Union Pacific's Ref. 3^'s, 1980,
Series A, $81,602,000.
REFSNES,
subdivision 7-a, the Legislature modified the "earnings tests" of subdivision
7 so that the bonds of a railroad corporation that failed to earn its fixed
ARIZONA
charges
as required by subdivision 7 would not be made ineligible thereby,
provided the corporation had earned its fixed charges at least once in each
year for five of the six fiscal years and in the last year preceding investment.
HOLBROOK, Ariz.—BONDS CALLED—The Town Treasurer is said
to have called for payment as of
bonds of the town, dated July
It is under this moratorium provision that the obligations of the Great
Northern, Northern Pacific, and Southern Pacific have been reinstated
and the following securities added: Chicago Union Station 1st 3H's, 1963,
Series F, $16,000,000; Elgin Joliet & Eastern Railway's 1st 3K's, 1970,
Series A, $19,000,000; and Western Maryland Railroad Co., $58,566,000.
By virtue of the provisions of subdivision 7-a, railroad securities having a
par value of $2,400,000 have been included in this list.
Public utility issues that have qualified for the first time include Penn¬
sylvania Power & Light Co. 1st 31^s. 1969, $95,000,000; Public Service
Co. of Colorado 1st, 31^8, 1964, $40,000; Southern California Edison Co.,
Ltd., 1st 3^8, 1964, $30,000,000; and Dayton Power & Light Co. 1st,
3s, 1970, $25,000,000.
New municipals eligible for purchase by savings banks aggregating
$31,338,500 include Oklahoma City, Okla., $11,855,000; Cumberland
County, New Jersey, $371,000; Millville, New Jersey, $1,298,000; and
Stockton, Calif., $4,900,000.
Municipalities removed from the list have outstanding obligations esti¬
mated
at
$52,698,000.
They include Wallingford (borough),
Conn.,
$457,000; Bayonne, New Jersey, $18,41.5,000; Hunterdon County, N. J.,
$.548,000; Alameda County, Calif., $5,520,000; Tampa, Fla., $12,338,000;
Oakland Grammar School District, Calif.,
$4,876,000; and Oakland High
School District, Calif., $4,344,000.
July
ADDITIONS AND
LEGAL LIST DATED
in
all
BONDS
State, County & Town Issues
SCHERCK, RICHTER COMPANY
LANDRETH BUILDING, ST. LOUIS,
MO.
ARKANSAS
ARKANSAS,
State of—REVENUE COLLECTIONS IMPROVE—Set¬
IN
(Approx. Ami.)
Sales tax at $5,514,190.95 showed a gain of $526,450.79 over $4,987,740.16 collected in the preceding year, and cigarette tax at $1,528,531.77
1 01,052,000
1,182,105,800
222,224,000
250,000,000
REMOVALS
JULY
1,
REFLECTED
1940
45
10
5
__
Total additions.
Removals—
was up $104,741.72 over the preceding total of $1,423,790.05.
Other large
items included liquor tax at $1,223,793.13 compared to $1,083,679.17;
automobile operator's license, $167,580.55 compared to $139,422.70; beer
$199,352.19 compared to $9,898.96, and inheritance tax, $234,739.81 compared to $173,634.89.
sales tax,
SEALED TENDERS INVITED—'The Board of Trustees of the Teachers'
$1,786,720,300
Retirement
System of the State of Arkansas.
Little Rock, will receive
July 10, at 11 a. m. (central standard time), for the
State, at a flat price, to exhaust $100,000
sealed tenders until
52,698,000
sale of direct obligations of the
Railroad issues-
cash,
All tenders shall be at
186,261,735
on
Public utility issues—
«—V
\w»iicu,
_
Telephone
<C i
o
♦Ui70 tUV/v;
(Called, $60,868,890).
J
I
til
q3~lCr-i—I
$475,720,125
States
•RJierM?OUsin^Aulhorities wiI1 sel1 -$31,407,000 on July 10 as follows:
rf $750,000; Chester,
$16,000,000; Bridgeport, Conn., $4,500,000; Brunswick,
Pa.,
$1,127,000;
$2,200,000; Harrison,
Mass
Elizabeth, N. J., $1,500,000;
J., $860,000; Jersey City,
on
basis of highest yield to
ROGERS
SANITARY
Ark.—BOND
SEWER
ELECTION—An
•
WILSON
SPECIAL
DISTRICT
election
is
pass on
SCHOOL
said
NO.
to
(P.
3
have
O.
been
Rogers),
called
for
the issuance of $32,000 sanitary
DISTRICT
(P.
O.
Wilson),
Ark.—
LOAN APPROVED—The State Board of Education is said to have approved
recently a loan of $120,320 certificates of indebtedness in lieu of $188,000
of outstanding bonds at a rate of 64 cents on the dollar.
The State Board
holds $139,500 of the bonds as security for loans of $89,280 and will loan the
district an additional $31,040 to buy the remaining $48,500 of bonds.
A
petition asking for the confirmation of this plan has been filed in the United
States District Court.
N.
<aJn°;00u:
n'nrv
Lo^elh
$270,000; Spartanburg, S. C., Mass., $2,500,000;
$400,000.
S/oup of 11 will sell $19,593,000
nr?onny'
flat price and no accrued interest will be paid
a
bonds will be purchased
July 10 in order to have the voters
improvement bonds,
Authority
announced that
$51,000,COO of local housing authority temporary loan notes
would be sold on
July 10 and July 17 to private bidders
offering lowest interest rates.
This
short-term
paper,
maturing in six months, will be offered in two groups.
All
may
United States Housing
Authority—Local Units Schedule
Sales—United
bonds.
System, to be determined by the Board.
Payment will be made on or before July 20.
Forms in submitting bids
be obtained at the office of the Board.
Enclose a certified check for
2% of the face value of obligations tendered.
50.000,000
removals
the
the State, provided, however, the board reserves the righfrto accept bonds,
the maturities of which will best suit the needs of the Teachers' Retirement
186,760,390
I
Banking Board authorizations (Called)
SVn
July 1, all outstanding 6% water and sewer
1, 1920, due on July 1, 1950; optional on
payable at the office of the Town Treasurer.
are
ARKANSAS
Markets
Municipalities
River
Bonds
ting a new record for a fiscal year, Department of Revenue collections from
.33 special levies in 1939-40 amounted to $26,176,133.43 compared to $23,290,881.74 in the preceding year, a gain of $2,885,231.69.
Railroad issues—Subdivision 7
TaJl
1940.
6
OF
Additions—
Atote
1,
No.
SUMMARY
ta
ELY, BECK & CO.
PHOENIX, ARIZONA
By the enactment of the so-called "railroad moratorium" contained in
Martinsburg,
on July
17.
They
W.
Va.,
Alle-
are:
California
I? t°^2:
Miss., $300,000; Birmingham, Ala.,
$814,000: Cleveland, Ohio, $6,325,000; Detroit,
Montgomery, Ala., $750,000; New Britain, Conn.,
Municipals
Mi?h0,0tfSSn'£'
«»nn
onn•
Ohio!
dl
'
9
'
$550,000; Stamfordj Conn., $700,000; Toledo,
$2 335 000
notes
t0,b® sold at interest
tw! Wo?5!1?^ °fl%-compared
local authorities borrow
directly from
it
United
taxes.
States
Housing
San Francisco
the Housing Act.
taxes and in most cases
New York
52 Wall St.
Authority—Accomplishments
federal agency on June 30:
W3 fiscal
Tho
TTan1*
h
year
1939-40,
of the United States Housing Authority
ending
equal to 100.086, a basis of about 2.73%. Due
today
(June
30),
made
public
the following:
homes.
RIVERSIDE
with
con¬
nvprojects, 220 comprising 84,126 homes are now under construction
already have been completed.
Today, 11,050 homes in 30 projects
actually are occupied and about 5,000 additional new homes will be
or
The ^rage
This is
(P.
O.
on
Riverside),
July 1 in 1942 to 1950 incl.
Calif.—SCHOOL BOND
4?is, paying a premium of $19, equal to 100.316, a basis of about 4.69%.
Dated Aug. 1, 1940.
Due $1,000 on Aug. 1 in 1943 to 1948.
as
on.
CONNECTICUT
per dwelling
l-5th less than the cost of current
private residential
or towns, as shown
by figures published by
the Bureau of Labor Stastics.
The average over-all cost of new
same cities
COUNTY
SALE—The $6,000 Edom School District bonds offered for sale on July 1
—V. 150, p. 4160—were awarded to Dean Witter & Co. of San Francisco,
opened
now
construction cost of these new homes is $2,772
about
construction in the
O. Santa Ana), Calif.—PRICE PAID— It is
reported by the County Clerk that the $25,000 Yorba Linda School
District bonds sold to the William R. Staats Co. of Los Angeles, as noted
here—V. 150, p. 4006—were purchased as 2Ms, for a premium of $21.50,
171uLaSHA has entered into loan contracts totaling $638,213,000
AUe!?e
£or construction of 413 public housing projects
taining 145,646 new
for occupancy each month from
Telephone WHitehall 3-3470
ORANGE COUNTY (P.
now
Straus, USHA Administrator, showed
i
Representative
CALIFORNIA
During Past Year Reviewed—The following is the text of a
release (No. 492) made public by the above named
press
th™ilZieZ?rJhe accomplishments
Los Angeles
under
wholly exejnpt from Federal income
State
;Tic«
also exempt from
BANKAMERICA COMPANY
rates ranging from
with the 2% to 3M charged by USHA
housing,
HARTFORD, Conn.—BOND SALE—The $1,750,000 coupon bonds
July 1—V. 150, p. 4160—were awarded to a group composed of
the National City Bank of New York, Weeden & Co., Inc., Alex. Brown
offered
Volume
&
The Commercial &
151
of Baltimore,
Sons
1.19%.
Sale consisted of:
$750,000 general obligation series D public works bonds.
Due $50,000
annually on May 1 from 1941 to 1955 incl.
1,000,000 general obligation series F refunding bonds.
Due $100,000
annually on May 1 from 1941 to 1950 incl.
All of the bonds bear date of May 1, 1940.
They were re-offered to
yield from 0.15% to 1.40%, according to maturity.
Other
Bidder—
Int. Rate
Blyth & Company, Inc.,
Smith, Barney & Co., Stone & Webster and Blodget, Inc., and Paine, Webber and Co
Lehman Brothers: Phelps,
Fenn & Co.; Eastman,
Dillon & Co.; Eldridge & Company; Equitable Sec¬
urities Corp.; Charles Clark & Company; R. D.
Bankers Trust
White &
Co.,
&
Stokes &
Lowber
Premium
Inc.;
$350.00
1.20%
&
Company, and First of Michigan Corp
First Boston Corp., and Cooley & Company
&
Company; Putnam & Company; F.
S. Moseley & Company; R. L. Day & Company,
and Edw M. Bradley <fc Co., Inc
R. W. Pressprich & Co.; First National Bank of New
York; Salomon Bros. & Hutzler, and The North¬
ern Trust Company
Chemical Bank & Trust Co.; Roosevelt & Weigold,
6,650.00
,
5,948.25
1.30%
I
5,652.50
1.30%
5,407.50
Inc.; W. E. Hutton & Co.; Campbell,
Co., Inc., and F. W. Horne & Co., Inc
Phelps
1.30%
1.30%
3,132.50
2,450.00
ROAD
JENSEN
1.30%
1,540.00
1.40%
10,010.00
&
1.40%
5,950.00
OF REFUNDING
initiated to put the tentative agree¬
preparation of Refunding Bonds for issuance.
contemplated the issuance of Non-Callable Refunding Bonds
on a par for par basis for the principal debt and the interest unpaid as of
July 1, 1939.
The Refunding Bonds were to mature serially on or before
July 1, 1964, and bear interest at
3% per annum for the first 2 years after date thereof;
4% per annum for the next succeeding 11 years;
5% per annum thereafter.
Provision was made for annual budgetary appropriations for interest and
sinking fund purposes of $12,000 in the years 1939 and 1940 and $13,000
annually thereafter, with increased amounts required if necessary to pay
the annual requirements.
The Refunding Bonds were provided to be
subject to reversion to the interest rate of the original bonds exchanged
therefor upon default (uncorrected within 6 months) and upon declaration
in writing by the holders of 40% of the Refunding Bonds outstanding at
The plans
the time of the default.
Benjamin
follows:
3% per annum for the first 1 year after date thereof:
4% per annum for the next succeeding 11 years;
5% per annum thereafter.
Note—The oriqinal schedule provided for payment of interest at 3%
two years, and the revised schedule provides for payment of interest at
to
for
3%
year and had paid a fee of 3% on the Refunding Bonds.
addition, in order to provide cash liquidation for security holders,
us upon
(as to bonds deposited
with all coupons attached which have not been paid in regular order
District) will be made available on or before the date of exchange
funding Bonds.
by the
of Re¬
protection, it is provided that if Refunding Bonds are not
delivered within a period of six months after date hereof (which is a period
considered sufficiently long to permit the actual exchange of bonds) you
may recall your original securities from the depository, less, of course, any
items for which payment has been made as hereinabove proposed.
For
GEORGIA
Ga.—BOND ISSUANCE CONTEMPLATED—We are
Richardson, City Clerk, that the General Council heard
a proposal on July 1 to issue $2,000,000 in bonds for an expansion program
by the Atlanta Water Works Department and the plan was referred to the
Finance Committee for study and consideration.
ATLANTA,
informed by J. L.
GRIFFIN,
Ga .—BOND
SALE CONTRACT MADE—It is stated by
the $90,000 2%% semi-annual school
held on June 15,
Due in 1941 to
Drake, City Manager, that
improvement bonds approved by the voters at the election
have been contracted for disposal.
Dated July 1, 1940.
1960.
IDAHO
IDAHO, State of—BOND ISSUANCE DEFERRED—We are informed
by Myrtle P. Enking, State Treasurer, that a proposal to issue $240,000 in
institutional improvement bonds is being held in abeyance at the Governor's
request.
Chicago),
111.—BOND OFFERING—'The Secretary of the Board of Commissioners will
(CST) on July 18 for the nurchase of
82.000.000 series S land acquisition bonds.
Dated July 1, 1940.
Due
$125,000 on July 1 from 1945 to 1960, incl.
Bidder to name rate of interest
in a multiple of H of 1 %.
No bid at less than par and accrued interest will
be considered.
Legal opinion of Chanman & Cutler of Chicago will be fur¬
nished the successful bidder.
A certified check for 5% is required.
(Advance notice of the proposed sale appeared in V. 150, p. 4161.)
COUNTY SCHOOL
C.
III.—BOND SALE—The H.
$45,000 4Ms, due June 1, 1960,
and $25,000 in 1959.
30,000 4 Ms, due June 1, 1960,
and $25,000 in 1958.
15,000 5s, due June 1, I960,
and $5,000 in 1957.
DISTRICT NO. 89 (P. O. Mavwood).
Speer & Sons Co. of Chicago, purchased
$20,000 in 1958
optional Dec. 1 as follows:
optional Dec. 1 as follows:
$5,000 in 1957
$10,000 in 1956
optional Dec. 1 as follows:
dated June 1, 1940.
Denom. $1,000. Principal
(J-D) payable at the First National Bank of Chicago. Legality
All of the bonds will be
and interest
approved by Chapman &
Cutler of Chicago.
SCHOOL DISTRICT NO. 216 (P. O.
COOK COUNTY NON-HIGH
C. Speer & Sons Co. of Chicago,
Chicago), III.—BOND SALE—'The H.
purchased $100,000 refunding bonds, as follows:
$10,000 3Ms, due June 1, 1960, optional Dec. 1, 1959.
70,000 4s, due June 1, 1960, optional Dec. 1 as follows:
and $40,000 in 1959.
$30,000 in 1958
20,000 4 Ms, due June 1, 1960, optional $10,000 Dec .1, 1958 and 1959.
All of the bonds bear date of June 1, 1940.
Denom. $1,000. Callable
at
and accrued interest on the dates previously noted, or on any interest
date thereafter on 30 days' published notice.
Princinal and
interest (J-D)"payable at the First National Bank of Chicago.
Legality
approved by Chapman & Cutler of Chicago.
par
payment
DISTRICT NO. 33, III.—BONDS SOLD—An issu
construction bonds, authorized at an election on June 18, has
FLORA SCHOOL
of $65,000
been sold.
'
H. C. Sneer & Sons Co. of Chicago
aggregating $834,000:
4% electric light plant and system revenue refunding bonds.
Dated July 1, 1940 and duo Oct. 1 as follows:
810,000 from 1941
to 1950, incl.; $20,000, 1951 to 1955, incl.. and 850,000 from 1956
to 1959, incl.
Bonds due in 1953 and thereafter are callable in
SALEM, III.—BONDS SOLD—'The
purchased the following bonds,
$400,000
inverse numerical order
Oct.
1,
at par on any interest date on or
after
1952.
222 000 3M% electric light plant and system revenue
Dated June 15, 1940 and due Oct. 1 as follows:
and $,15,000 from
1942 to 1955, incl.
revenue
212 000 4% waterworks and sewerage
1940.
Due May 1 as follows:
refunding bonds.
bonds.
$12,000 in 1941
Dated Mav. 1,
$2,000 in 1941 and 810,000 from
Bonds due in 1953 and thereafter are callable
any interest date starting May 1, 1952.
(A-O, M-N) oayable at the Salem
Legality approved by Chapman & Cutler of
and semi-annual interest
Bank,
National
Salem.
Chicago
ISSUE DETAILS—The $275,000 gas revenue certifi¬
purchased by the H. C. Speer & Sons Co. of Chicago—V. 150, p. 2765
CERTIFICATE
cates
—bear4M% interest, are dated Abril 1. 1940,
Oct
1 as follows:
$8,000 in 1942: $10,000,
in $1 .OOOdenoms. and mature
1943; $12,000. 1944: $15,000,
1945; 816,000. 1946; $18,000. 1947: $20,000, 1948 to 1953. incl.; $24,000 in
1954 and 1955, and $28,000 in 1956.
Optional at par and accrued interest
in the inverse order of numbers on or aftfcer Oct.
1, 1946. . Principal and
(A-O) payable at the Salem National
approved by Chapman & Cutler of Chicago.
interest
Legality
Bank, Salem.
SWANSEA (P. O. Belleville), 111.—BOND SALE—'The issue of $8,000
fire department bonds offered July 1 was awarded to the First
3 M % counon
National Bank of Belleville, at par plus a premium of $300. eoual to 103.75.
a basis of about 3.02%.
Dated July 1, 1940. Denom. $500. Due $500
Tan
1 from 1942 to 1957, incl.
Principal and interest (J-J) payable in
Swansea or
at any
Cutler of Chicago.
bank in Illinois.
Other bids:
Legality approved by Chapman &
Premium
THrirJer——
your
FLORIDA, State of—BOND AND NOTE TENDERS RECEIVED—
In connection with the call for tenders of sealed offerings of matured or
unmatured original or refunding road and 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 15—
V. 150, p. 3858—it is reported by W. V. Knott, State Treasurer, that 23
parties offered bonds.
PORT ORANGE SCHOOL DISTRICT (P. O.
De Land), Fla.—
BONDS VOTED—The Superintendent of the Board of Public instruction
states that the voters approved the issuance of $50,000 in 4% semi-annual
improvement bonds by a wide margin at an election held on June 25.
R. A.
102.05
101.86
•
at par on
one
payment at that figure.
Funds in accordance with the above proposals
*
1954, inclusive.
vear.
delivery to
Co
CHAMPAIGN, 111.—BONDS SOLD—The issue of $40,000 2% hospital
June 24 has been sold.
Dated June 1,
1940 and due $4,000 on June 1 from 1941 to 1950; inclusive.
The issue was purchased by Hurd, Clegg & Co. of Champaign.
Principal
it
is proposed that, their remaining interest accruals due July 1, 1940, and
prior, be liquidated at the equivalent of a 3% per annum interest rate by
In
Lewis &
1942 to 1962. incl.
It is proposed that security holders deliver to us upon payment at the
equivalent of 3% per annum interest rate (50c. on the $1) evidences of in
terest for a one-year period prior to July 1, 1940.
It will then be our pur¬
pose to collect the same at par (or at the equivalent of a 6% interest rate),
and the difference will be 3% on the Refunding Bonds, thus obtaining a
net result to security holders and the District identical with that result
which would have been obtained if the District had paid .3% interest for
this
103.47
103.26
102.39
102.14
Vieth, Duncan & Wood
White-Phillips Corp.
-
and would be compensated
the District a sum equal to
3% on the par value of the Refunding Bonds issued.
However, about
the time the project was taking final shape, a Court decision was announced
in another refunding operation which leaves some doubt as to the manner
and method of payment of the proposed fee for the services rendered.
As
it may be at least several months before this litigation is completely clari¬
fied in a manner which would permit continuation of the original project,
and. as the holders of these securities probably would like to have immediate
action, we are prepared to modify our procedure provided immediate
consent can be obtained from the holders of the original bonds.
It is proposed to use an alternate process which will give security holders^
approximately the same results as would have been obtained from the
original plan.
This can be accomplished by merely changing the date of
the Refunding Bonds from July 1, 1939, to July 1, 1940, and making the
one
104.03
103.61
Third National Bank of Rockford
this Company would handle all of the intricate
detail of the operation at its own cost and risk
for its services in this regard by being paid by
for
-
Barcus, Kindred & Co
Second National Bank of Belvidere
Swedish-American National Bank of Rockford
Procedure was immediately
ments into effect by the
interest schedule as
Rate Bid
107.01
104.40
104.09
',
$90,000 refunding bonds, as follows:
After many years of constant default (the oldest defaults being coupons
Jan. 1, 1934, and principal due 1931) arrangements were recently
tentatively completed for the refinancing of the indebtedness of this district
(represented by issues dated Jan. 1, 1923, and July 1, 1925) on a basis
which we felt would be acceptable to the holders of the securities of the
District and which we were prepared to recommend to our clients that they
further planned that
Belvidere
of
Chicago
of about
H. C. Speer & Sons Co
COOK
Martin and
due
was
Bank
COOK COUNTY FOREST PRESERVE DISTRICT (P. O.
by R. E. Crummer & Co., Inc. of Chicago:
To the Holders of Bonds of Jensen Road & Bridge District in
St. Lucie Counties, Florida:
Tt
National
Charles K. Morris & Co
sent out recent'y
accept.
(P. O. Poplar
33
receive sealed bids until 10:30 a.m.
BRIDGE DISTRICT,
Fla.—REPORT ON
PLAN—1The following communication was
AND
NO.
bonds authorized at an election on
FLORIDA
PROGRESS
DISTRICT
Grove), III.^BOJVZ) SALE DETAILS—The $15,900 school addition and
improvement bonds awarded to the Channer Securities Co. of
—V. 150, p. 4161—were sold as 3Ms, at a price of 107.26, a basis
2.75%.
Other bids, also for 3Ms, were as follows:
BUREAU,
111.—BONDS OPTIONED—Benjamin Lewis & Co. of
Chicago obtained an option on an issue of $7,000 4M% street, sidewalk,
curbing and gutter bonds.
Dated June 1, 1940. Due on Dec. 1 from 1941
Estabrook
-
ILLINOIS
SCHOOL
Bidder—
Savings Bank;
The
COUNTY
Farmers
1.30%
Harris Trust
Goldman; Sachs & Co.; Blair & Company, Inc.;
Kean, Taylor & Co., and The Boatmen's Natl. Bank
Halsey, Stuart & Co., Inc.; Union Securities Corp.;
Bacon, Stevenson & Co.; George B. Gibbons & Co.,
Inc.; G. M-P. Murphy & Co.; The R. F. Griggs
CONSOLIDATED
John Nuveen &Co
Kidder, Peabody &
Co
Lazard Freres & Co.;
»
1.30%
Company
Co.; Hemphill, Noyes & Co.; F. L. Dabney & Co.
Shields & Company; B. J. Vaningen & Co., Inc.;
E. H. Rollins & Sons, Inc.; Stroud & Co., Inc.; C.
F. Childs & Co., Inc.; Otis & Company; Edward
SPRINGS
bids:
Company,
Ripley
Harriman
SCHOOL DISTRICT (P.O.
Hornick), Iowa—MATURITY—It is stated by the Secretary of the Board
of Directors that the $15,000 building bonds sold to Vieth, Duncan & Wood
of Davenport, as 3s, at a price of 100.333, as noted here—V. 150, p. 4160—
are due $1,000 on July 1 in 1942 to 1956, giving a basis of about 2.96%.
HOLLY
BOONE
Inc., New York, as
100.06, a basis of about
and Adams. McEntee & Co.,
1.20s, at par plus a premium of $1,050, equal to
133
Financial Chronicle
Charles T.
Charles K.
RayhilL- —
Morris
Co
White-Phillins
- —
Cora...
—
Mississippi Valley Trust Co.
Belleville
*
National
Bid for 3%
-
—
$^0.00
1^0.80
-
101.00
— -
— — — —
— -
Bank
Alfred Diehl
*
— —
— -
— —
—
-
-
21.60
Par
Par
bonds.
INDIANA
TOWNSHIP (P. O. Dugger), Tnd.—POND OFFERING—F. O.
Chowning. Trustee will receive sealed bids until 10 a. m. on July 20 for the
nurchase of $35 000 not to exceed 4% interest coupon school aid bonds.
Dated July 1. 1940.
Denom. $875.
Due $1,750 on Jan. 1 from 1949 to
1961, incl.
Prin. and int. (J-.T) payable at the Sullivan State Bank. Sulli¬
van *
Bidder to name a single rate of interest, exoressed in a multiple of
yA of 1 %.
Interest J-.T.
The bonds are an obligation of the civil townshin
and the legal opinion of Matson, Ross. McDord
tCe of Tndianapob's will
be furnished the successful bidder.
A certified check for 5% of the issue is
CASS
required,
1950 to
Securities
Themayearly from
of bonds was awarded June 15 to the City
Tndianaoplis as 3 M". at 100 522. a basis of about 3.46%.
(A similar amount
Corn, of
provided for the payment of $3,500
1959. incl.—V. 150, p. 4007.)
turity schedule, however,
HUNTINGTON
COUNTY
tP.
O.
Huntington),
Ind.—BOND
OFFERING—E. FBI on Steuhan. County Auditor, will receive sealed bids
10 a
m. (CS^) en July 16, for the rUrchase ef $16,500 3% counon
infirmarv bonds.
Dated .Tulv 1, 1940.
Denom. $500.
Due as follows
$1 000 July 1, 1941: $1,000 Jan. 1 and .Tulv 1 from 1942 to 1948, incl.;
and $1,500 Jan. 1, 1°4Q.
A certified epeck for 3% of the issue, oayable to
order of the Board of County Commissioners, must accmpany each proposal.
until
PF.RRY SCHOOL
The
TOWNSHIP tP. O. Macv), Ind.—BOND SALE—
offered June 29—V. 150, p. 3859—were
$25,000 school building bonds
134
The Commercial & Financial Chronicle
awarded to
Raffensperger, Hughes & Co. of Indianapolis
premium of $106.75, equal to 100.427, a
1940 and due a's follows: $750 July
July 1 from 1942 to 1954, incl.; and $1,500
of 100.54 for 2lA» was made
by Kenneth S.
June 1,
VINCENNES TOWNSHIP (P. O.
as
2s at par, plus
basis of about 1.94%.
Dated
1, 1941; $1,000 Jan. 1 and $750
Jan. 1, 1955.
Second high bid
Johnson of Indianapolis.
Vincennes), Ind.—BOND SALE—
Int. Rate
Lyons & Shafto, Inc.
Paul & Co
:
Chapman & Co—-
Premium
2M%
2y2%
2^%
3K%
$27.31
122.75
6.83
McNurlen & Huncilman__
...
Kaffensperger,Hughes & Co
Bliss Bowman & Co.........
....
--
With
in
held
on
June
27.
originally scheduled for July 8—V. 150, p. 4161.)
was
MUSCATINE
INDEPENDENT SCHOOL DISTRICT (P. O. Musca¬
tine), Iowa—BONDS DEFEATED—It is reported by the Secretary of the
Board of Education that at the election held
issue $98,000 building addition bonds failed
receive the required 60% favorable
majority.
on
to
OCHEYEDEN, Iowa-r-BONDSSOLD—The
June
carry
24 the proposal to
because it did not
Town Treasurer states that
$9,500 community center building bonds were offered for sale
were purchased at a price of 100.125.
on
July 1 and
OELWEIN, Iowa—BOND ELECTION—It is said that an election has
been called for July 18 in order to have the voters
pass on the proposed
issuance of $590,000 in municipal power plant construction revenue bonds.
OXFORD JUNCTION INDEPENDENT SCHOOL DISTRICT
(P. O.
Oxford
Junction), Iowa—MATURITY—The Secretary of the Board of
Directors states that the $28,000 building bonds sold to the
White-Phillips
Corp. of Davenport, as
on July 1 as follows:
at par, as noted here—V. 150, p. 4162—are
$1,000 in 1942, and $1,500 in 1943 to I960.
due
POSTVILLE
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Post-
ville), Iowa—BOND SALE—The $60,000 building bonds offered for
sale
July 2—V. 150, p. 4162—were awarded to local banks as 2]4b,
paying
price of 101.79, according to the Secretary of the Board of Education.
on
WAUKON, Iowa—BOND SALE—'The $4,000 park bonds
sale
on
Bank,
of
the
Nov.
offered
a
for
June 29—V.
as
150, p. 4008—were purchased by the Waukon State
No other bid was received, according to the Secretary
Park Commissioners.
Dated June 1, 1940.
Due on
3s at par.
Board
1 in
of
1943 to 1959 incl.
WEBSTER
CITY
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Webster), Iowa—PURCHASERS—It is now reported that the $80,000
refunding bonds sold as 2^s, as noted here—V. 150, p. 4162—were pur¬
chased jointly by Paine, Webber & Co. of
Chicago, and Vieth, Duncan &
Wood of Davenport.
KANSAS
CLAY
of Assessors
announcement
>
of the rate
snow
came
a
statement
He listed the
from
reasons
Mayor Tobin
an
as
increase
removal costs of $700,000 over
1939: a shrinkage of $1,194,300 in
share of the State highway fund; a decrease of
$2,235,000 in
borrowing to meet welfare and other costs and marked reductions in assessed
valuations.
*
Total valuation is $1,483,234,500, a drop of
$41,571,500 from the 1939
total.
Of the total depreciation, $1,541,300 is on
personal property.
The reduction in assessed valuation is the largest since
1934 and the assessed
Valuation is the lowest since 1917.
From the peak figures of
1930, Boston's
valuation has been cut $500,000,000.
The Mayor points out that the effect of the above
financial burdens
the city's
ARCADIA, Iowa—BOND OFFERING—It is stated by M. C. Mohr,
Town Clerk, that he will receive bids until
July 15, at 7:30 p. m., for the
purchase of $4,850 water system bonds. Denom. $500, one for $850. Due
on July 1 as follows:
$500 in 1942 to 1949, and $850 in 1950. These bonds
are being offered pursuant to
tbo approval given by the voters at an elec¬
(This offering
101.001
100.012
•>
highest in Boston's history.
declaring the increase unavoidable.
tion
101.90
has officially fixed the 1940 tax rate at $40.60
per 1,000, an increase of 70
cents over the $39.90 rate of last year but 90 cents lower than
earlier esti¬
mates made by financial officers of the
city.
In 1938 the rate was $41.30,
63.00
IOWA
101.026
100.303
BOSTON, Mass.—TAX RATE SHARPLY HIGHER—Board
,
Int. Rate
...
Rate Bid
MASSACHUSETTS
$65.50, equal to 100.62, a basis of about 2.19%.
Dated July 1, 1940 and
due $5,000 Jan. 1 and $5,500 July
1952.
Other bids:
Browning, Van Duyn, Tischler & Co
2H%
2>£%
2% %
2%%
2%%
E. H. Rollins & Sons, Inc
H. M. Payson & Co
The $10,500 refunding bonds offered
July 3—V. 150, p. 3696—were awarded
to the Fletcher Trust Co. of
Indianapolis, as 2\ie, at par plus a premium of
Bidder—
July 6, 1940
Bidder—
a
would have been more severe, except for an
approximate increase of $1,500,000 in departmental receipts, estimated increased revenue in
re¬
imbursement in welfare cases, and in revenue from license
fees, a reduction
of $822,000 in the city's share of the State
tax. Elevated deficit and Metro¬
politan District assessments, as well as a reduction of $230,000 in
appropirations for interest payments and redemption of debt.
Total budgetary appropriations for all
purposes this
$80,418,731, as compared to $83,031,365 a year ago.
BOSTON, Mass.—BOND SALE—The $5,435,000
year
amount
to
coupon bonds offered
July 2—V. 150, p. 4162—were awarded to a syndicate composed of
Halsey,
Stuart & Co., Inc.; Phelps, Fenn. & Co.; Blair &
Co., Inc.; Goldman,
Sachs & Co.; Union Securities Corp.;
Stranahan, Harris & Co., Inc.; E. H.
Rollins & Sons, Inc.; Shields & Co.; B. J. Van
Ingen & Co., Inc.; Otis
& Co., Inc., all of New York;
Schoellkopf, Hutton & Pomeroy, Inc., of
Buffalo; Alex. Brown & Sons, Baltimore; F. L. Dabney &
Co., Boston;
Manufacturers & Traders Trust Co., Buffalo;
Braun, Bosworth & Co.,
Toledo: Stern, Wampler & Co., Inc., Chicago; Riter &
Co., New York;
Schwabacher & Co.; Bacon, Stevenson & Co.;
Schlater, Noyes & Gardner.
Inc., all of New York; Bond, Judge & Co., Inc.,
Boston; R. S. Dickson
& Co., Inc., Charlotte; Milwaukee
Co., Milwaukee: Farwell, Chapman
& Co., Chicago; C.
S. Ashmun & Co., Minneapolis; and Wheelock
&
Cummins, Inc., of Des Moines.
This group obtained the award on a bid
of 100.0499 for l%s, a basis of about
1.742%.
Bonds are described as
follows:
$4,170,000 municipal
from
relief bonds.
Due
1941 to 1950, inclusive.
$417,000
annually
on
July
15
1,000,000 funding bonds.
Due July 15 as follows:
$67,000 from 1941 to
1950, inclusive, and $66,000 from 1951 to 1955. inclusive.
70,000 fire stations construction and improvement bonds.
Due July 15
as follows:
$4,000 from 1941 to 1950, inclusive, and
$3,000
from 1951 to I960, inclusive.
110,000 highway bonds.
Due July 15 as follows:
$6,000 from 1941 to
1950, inclusive, and $5,000 from 1951 to 1960. inclusive.
85,000 sewerage bonds.
Due July 15 as follows:
$3,000 rrom 1941
to 1965, inclusive, and $2,000 from
1966 to 1970, inclusive.
All of the bonds will be dated
July 15, 1940.
COUNTY
SCHOOL DISTRICT No. 99 (P. O.
Longford),
Kan.—BONDS SOLD—The Clerk of the Board of Education states that
$6,500 construction bonds have been purchased by the State.
BONDS PUBLICLY OFFERED—Halsey,
Stuart
&
Co., Inc., and
associates, in reoffering the bonds for public investment,
priced them to
yield from 0.30% to 2.50%, according to maturity.
MUNICIPAL UNIVERSITY OF WICHITA (P. O.
Wichita), Kan.—
BONDS SOLD—It is stated by Roy W.
Elliott, Comptroller, that $33,000
were awarded on June 25 to
the Sullivan-Brooks Co.,
CAMBRIDGE, Mass.—NOTE SALE— The National Shawmut Bank o'
Boston purchased on July 2 an issue of
$500,000 revenue notes at 0,34%
discount.
Due April 28, 1941.
Other bids: Second National Bank of
refunding bonds
and the
Lathrop-Hawk-Herrick Co., Inc., both of Wichita, jointly, for a
premium of $12.54, equal to 100.038, on the bonds divided as follows:
1942 to 1945 maturities as l^s, and 1946 to 1950 maturities as
2s.
SHAWNEE COUNTY
(P. O. Topeka), Kan.—BONDS SOLD—It is
stated by the County Clerk that
$25,000 work relief bonds have been pur¬
chased by the W. E. Davis Co. of
Topeka, as Is, at a price of 100.104, a
basis of about 0.97%.
Dated May 1, 1940.
Due $5,000 on Aug. 1 in
1941 to 1945 incl.
KENTUCKY
BOWLING
GREEN,
Boston, 0.356%; Leavitt & Co., 0.475%; First National Bank of
Boston,
0.485%.
CHICOPEE,
Mass.—BOND
SALE—The
$130,000
relief bonds offered July 3 were awarded to R.
New York, as Is, at 100.31, a basis of about
Denom. $1,000.
Prin. and
Coupon bonds, due $26,000
coupon
on
Dated July 1, 1940.
July 1 from 1941
incl.
AUTHORIZED—The
Common
Council is said to have approved recently a resolution
authorizing the issu¬
ance of $75,000 in bonds to meet the
current indebtedness of the city.
BONDS SOLD—It was reported
subsequently that the above bonds have
been purchased by J. J. B. Hilliard & Son of
Louisville.
LOUISIANA
to 1945,
int. (J-.l) payable at the First National
Bank of Boston.
The bonds will be approved as to
legality by Storey, Thorndike. Palmer
Dodge of Boston.
Other bidders: For Is—Halsey, Stuart &
Co., 100.208;
Chace, Whiteside & Symonds. 100.189: Tyler & Co..
& Co., 100.09; Spencer Trask & Co.. 100.09.
For 1
Ky.—BONDS
municipa
K. Webster & Co., Inc.. of
0.89%.
& Co., 100.559, and
100.155; R. L. Day
Ms—Hemphill, Noyes
First National Bank of Boston, 100.345.
GLOUCESTER, Mass.—NOTE SALE—The issue of $100,000 revenue
anticipation notes of 1940 offered July 3 was awarded to the Cape Ann Na¬
tional Bank of Gloucester at 0.15%
discount.
Due March 18,
1941.
Other bids: Gloucester National Bank,
0.193%; R. L. Day & Co., 0.21%,
plus $1 premium; Gloucester Safe Deposit & Trust Co.. 0.32%.
LAWRENCE,
Mass.—BOND SALE—The $100,000 coupon
municipal
offered July 2—V.
150, p. 4162—were awarded to Perrin.
Winslow, and Bond, Judge & Co., both of Boston,
jointly, as
lHs, at price of 100.789, a basis of about 1.35%.
Dated July 1, 1940, and
due $10,000 on July 1 from 1941 to 1950, incl.
Other bids, also for lHs,
relief bonds
BALDWIN, La.—BOND SALE—The $16,000 natural gas system bonds
offered for sale on July 2—V. 150, p. 3697—were
awarded to Barrow, Leary
& Co. of Shreveport, as
4Ms, paying a premium of $16, equal to 100.10, a
basis of about 4.24%.
Dated July 1, 1940.
Due on July 1 in 1942 to 1960,
inclusive.
a.
bids will be received until
on
of the
These bonds
were
not less than
Dated July 1, 1940.
approved also
on
June 4.
Prin. and int. payable at place to be
designated by
as
Louisiana Legislature.
The approving opinion of B. A.
Orleans, and the transcript of record as passed
Section 14,
as
amended,
Campbell of New
upon, will be furnished to the
supplements the offering report given in
our issue of June 29
WASHINGTON PARISH (P. O.
Franklinton), La.—BOND SALE
DETAILS—It is reported that the $15,000
improvement bonds sold to
Barrow, Leary & Co. of Shreveport, as 4s, as noted here—V
150, p 4008—
were purchased at a
price of 100.505, a basis of about
3.68%.
Due $5,000
on Feb. 1 in
1941 to 1943.
MAINE
(State of)—BOND OFFERING—Belmont
Smith, State Trea¬
a. m. (DST) on
July 10, for the pur¬
chase of $1,000,000 coupon
highway bonds, authorized by vote of the
Governor and Council on July 2,
1940, being part of the total of $5,000,000
approved at a special election Sept. 9, 1935.
Bonds will be dated July 1
1940.
Denom. $1,000.
Due $100,000 on July 1 from
1941 to 1950 incl
Principal and interest (J-J) payable at the State
Treasurer's office
Bonds
are an unqualified direct
obligation of the State, credit and good faith of
which is pledged for payment of both
principal and interest.
All bids must
indicate the coupon rate in
multiples of J^th of 1%, as well as the
price
offered.
Opinion of the Attorney General of the State as
to legality of the
will receive sealed bids until 10
bonds will be furnished the successful bidder.
SOUTH
PORTLAND
SEWERAGE DISTRICT
land), Me.—BOND SALE—The $30,000
F. L.
Dabney & Co
100.46
Savings Bank
.100.319
Harriman Ripley & Co., Inc., and Chace, Whiteside <fc
Symonds.. 100.156
Tyler & Co
1—■
100.099
Union Securities Corp
100.05
Harris Trust &
LEXINGTON, Mass.—NOTE OFFERING—-Bids will be received until
7:35 p.m. on July 8 for the purchase at discount of $75,000 revenue antici¬
pation notes, dated July 9, 1940 and due April 4, 1941.
MEDFORD, Mass.—BOND SALE—The $142,000 coupon bonds offered
p. 4162—were awarded to the Harris Trust & Savings Bank
York, as lHs, at a price of 100.719, a basis of about 1.36%.
Sale
July 2—V. 150,
of New
consisted of:
$42,000 water mains bonds.
Due July 1 as follows: $5,000 in 1941 and
1942 and $4,000 from 1943 to 1950, incl.
100,000 street bonds.
Due $10,000 on July 1 from 1941 to
1950, incl.
All of the bonds will be dated July 1, 1940.
Other bids:
Bidder—
^
Int. Rate
Halsey, Stuart & Co., Inc
Merchants National Bank of Boston
F.
Brittain
Kennedy
Swan & Co
&
Co.,
and
Rate Bid
1H%
1H%
1J4>%
National Shawmut Bank of Boston
Frederick
100.623
100.58
1
100.279
100.679
M.
H%
100.199
100.06
100.899
MASSACHUSETTS (State of)—NOTE OFFERING—William E. Hur¬
ley, State Treasurer, will receive sealed bids until July 9 for the purchase
of $4,500,000 notes, dated July 18, 1940 and payable July 15, 1941.
The notes will be issued under the provisions of Chapter 49 of Acts of
1933 as amended, creating an Emergency Finance Board, being in renewal
of nart of $6,000,000 notes maturing July 18, 1940.
Interest on the notes
will be
payable at maturity, and based on exact number of days on 360-day
Principal and interest payable in Boston or New York City,
the purchaser.
year basis.
at option of
PLYMOUTH
COUNTY (P. O. Plymouth), Mass —NOTE SALE—
$135,000 tuberculosis hospital maintenance notes offered July 1—V.
p. 4162—were sold at 0.17% discount, as follows, each institution
having named the same rate for the loan: $75,000 to the Home National
Bank of Brockton and $60,000 to the National Bank of Wareham.
Dated
The
150,
(P. O. South
Port¬
coupon sewerage and
drainage
bonds offered July 3—V. 150, p.
4162—were awarded to Frederick M
Swan
& Co. of Boston as 2.^s, at
101.599, a basis of about 2.39%.
Dated .Tulv 1
1940, and due $5,000 on July 1 from 1955 to
100.599
.100.544
Estabrook & Co
Lyons & Shafto, Inc
l>i%
Chace, Whiteside & Symonds, and First of Michigan
/
Corp
1H %
Tyler & Co., and R. K. Webster & Co
1%%
MAINE
surer,
Rate Bid
100.649
Halsey. Stuart & Co.. Inc
Lyons & Shafto, and F. Brittain Kennedy & Co
A certified check for
$200, payable to the town, must
accompany the bid.
Eurchaser.Constitution are1921, under authorityActArticle1921,
The bonds of issued amended, and of 46 of XIV,
ouisiana
purchaser.
CTMsnotice
follows:..
Bidder—
July 9, by Charles A. V. Evans, Town Clerk, for the
purchase
following not to exceed 6% semi-annual bonds
aggregating $44,000:
$34,000 Sewerage District No. 1 bonds.
Denom. $500.
Due July 1 as
follows:
$1,000 in 1943 and 1944, $1,500 in 1945 to
1950, $2,000 in
1951 to 1955, $2,500 in 1956 to
1959, and $3,000, in 1960.
These bonds were approved
by the voters on June 4.
A certified
check for not less than
$700, payable to the district, must accom¬
pany the bid.
10,000 public improvement bonds.
Denom. $500 and $250.
Due Julv 1,
as follows:
$500 in 1943 to 1958, and
$1,000 in 1959 and 1960.
m.
&
were as
,
GUEYDAN, La.—BOND OFFERING—Sealed
11
West
1960, incl.
Other bids'
'
July 2, 1940 and due March 20, 1941.
Other bids: Bridgewater Trust Co.,
0.18%; Rockland Trust Co., 0.246%; Middleborough Trust Co., 0.28%;
Hingham Trust Co., 0.29%.
Volume
135
Financial Chronicle
The Commercial &
151
MISSISSIPPI
Mass.—BOND SALE—The $764,000 coupon bonds
150, p. 4163—were awarded to the Merchantile-Com& Sons, and Weedon & Co., jointly,
as lMs, at a price of 100.792, a basis of about 1.09%.
Sale consisted of:
$564,000 municipal relief bonds.
Due April 1 as follows: $57,000 from
1941 to 1944 incl. and $56,000 from 1945 to 1950 incl.
200,000 trunk sewer bonds., Due $20,000 on April 1 from 1941 to 1950
WORCESTER,
offered July 2—V.
merce
GREENWOOD, Miss.—BOND SALE—The following bonds aggregat¬
ing $60,000, offered for sale at public auction on July 2—V. 150, p. 4163—
were awarded to the Bank of Greenwood for a premium of $100, equal to
Bank & Trust Co., Alex. Brown
incl.
100.166:
$30,000 general improvement bonds.
Due on July 1 in 1941 to 1949,
30,000 equipment bonds.
Due on July 1 in 1941 to 1949, incl.
'
All of the bonds will be dated April
1, 1940.
Other bids:
Rate Bid
.........—100.714
Bidder—
Lazard Freres & Co-Ii„j..
Tyler & Co., Inc
—
-
100.633
100.63
—
Wood.Struthers & Co.^...—
Union Securities Corp.; R. W. Pressprich & Co., and F. Brittain Kennedy & Co_.--_.^
C. F. Childs & Company; Boatmen's National Bank, St. Louis;
Commerce Union Bank, Nashville; Ira Haupt & Company,
New York; Perrin, West & Winslow, inc., Boston, and Lyons
HAZLEHURST, Miss—BOZVD SALE—'The $20,000 refunding special
improvement bonds offered for sale on July 2—V. 150, p. 3698—were
awarded to Mr. L. A. Kemp of Hazlehurst, as 3 %b, paying a price of 100.51,
100.55
—
according to the City Clerk.
.
Mi8s.—BONDS OFFERED FOR INVESTMENT—
4% refunding bonds is being offered by Dane &
public subscription at prices ranging from 102.50
to 101.00, according to maturity.
Denom. $1,000. Dated June 1 .1940.
Due on June 1 in 1942 to 1963.
Principal and interest (J-D) payable at
the Whitney National Bank of New Orleans.
These bonds are to be issued for the purpose of refunding a like amount
of 5% bonds in accordance with the optional provision retained by the city.
The refunding of this issue and the contemplated refunding of the remain¬
ing callable bonds will, if completed, result in a savings to the city of
approximately $185,000 in interest charges over the life of the bonds. In
the opinion of counsel, these bonds are general obligations of the City of
McComb, payable from unlimited advalorem taxes.
Offered if, as and when received, subject to validation of the chancery
Court of Pike County, Mississippi and approval as to legality by Charles
& Trauernicht, St. Louis, Missouri.
CITY,
McCOMB
100.5441
Boston..
First National Bank of New York; Newton, Abbe & Company,
and Lee Higginson Corp
Whiting, Weeks & Stubbs, Inc.; R. L. Day & Company, and
Eastabrook & Company
Goldman, Sachs & Co.; Graham, Parsons & Co., and Bond,
Judge & Co., Inc
The First Boston Corp
Halsey, Stuart & Co., Inc.; First of Michigan Corporation,
and II. C. Wainvvright & Co
-—
F. S. Moseley & Co.; Harriman, Ripley & Co., Inc.; Kidder,
Peabody & Co., and Stone & Webster and Blodget, Inc—
Bankers Trust Company; Harris Trust & Savings Bank, and
Chace, Whiteside & Symonds, Inc
-& Shafto,
100.533
100.519
100.461
100.42
100.415
100.381
100.289
An
issue
of $100,000
Weil of New Orleans, for
MISSISSIPPI, State of—BOND SALE—The
MICHIGAN
D'STRICT (P. O. Bangor), Mich,
—BONDS DEFEATED—An issue of $30,000 construction bonds was re¬
jected by the voters at an election on June 22.
BANGOR TOWNSHIP SCHOOL
of $40,000 coupon sewer
CLINTON, Mich.—BOND SALE—The issue
from
Paine,
Jan. 1
1942 to 1951, incl.
Mich.—TENDERS INVITED—Donald
DETROIT,
Slutz, City Con¬
callable refunding bonds to July 16,
$125,000.
Tenders will be accepted on the
highest net yield to the city as computed from the dollar price.
troller. will receive sealed tenders of its
1940, in the amount of about
basis of the
GROSSE POINTE PARK (P. O. Grosse
—An issue of $125,000 tax
coupon
ann.
system bonds offered July 1—V. 150, p. 4163—was awarded as 2s to
Webber & Co. of Detroit.
Dated July 15, 1940, and due $2,000 on
Pointe), Mich.—NOTE SALE
highway, Eight
2.99%.
Dated Feb. 1,
Aug. 1, 1959 to Feb. 1, 1961.
of about
DELTA TOWNSHIPS FRACTIONAL SCHOOL
(P. O. Lansing), Mich.—BOND OFFERING—Alfred
G. Marquardt, District Secretary, will receive sealed bids until 8 p. m. on
July 10 for the purchase of $35,000 not to exceed 4% interest coupon school
addition bonds.
Dated July 1, 1940.
Denom. $1,000.
Due $7,000 on
July 1 from 1941 to 1945, incl.
Principal and interest (J-J) payable at
the Lansing National Bank of Lansing.
The State Public Debt Com¬
mission has been asked to approve the issue.
Bonds carry full faith and
credit of the district within the tax limitation provisions of the State
Constitution.
Purchaser to furnish legal opinion at his own expense, also
pay for printing of bonds.
A certified check for $1,000 is required.
DISTRICT NO. 6 (P. O. Route 2,
SALE—-The $37,500 coupon school bonds
LIVONIA TOWNSHIP SCHOOL
offered July 1—V. 150, p. 4009—were awarded to Crouse & Co. of Detroit
as 2 Ms, at par plus a pr.emium of $37.87, equal to 100110, a basis of about
2,22%.
Dated June 1, 1940 and due June 1 as follows: $6,000 in 1941;
$7,000, 1942: $8,000 in 1943 and 1944 and $8,500 in 1945.
Second high
bid of 100.20 for 2Ms was made by Barcus, Kindred & Co. of Chicago.
MONGUAGON
SCHOOL
DISTRICT
NO.
(P.
2
O.
Mich.—BOND OFFERING—James J. Hale, Secretary of
will receive sealed bids until 8 p. m. (EST) on
Wyandotte),
the
TOWNSHIP
Board of Education,
July 8 for the purchase of $40,000 not to exceed 4% interest coupon refund¬
ing bonds.
Dated July 1, 1940.
Denom. $1,000. Due $4,000 on March 1
from 1941 to 1950, incl.
Rate or rates of interest to be expressed in a
multiple of M of 1 %.
Principal and interest (M-S) payable at the Detroit
Trust Co., Detroit.
District is authorized and required by law to levy on
all of its taxable property ad valorem taxes unlimited as to rate or amount
to provide for payment of the bond issue.
A certified check for $800 must
accompany each proposal.
The approving legal opinion of Miller, Canfield
Paddock & Stone of Detroit will be furnished the successful bidder.
MOUNT
PLEASANT, Mich.— BOND
SALE— The $12,500 coupon
special assessment paving bonds offered July 1—V. 150, p. 3860—were
awarded to the city sinking fund as lMs at par plus a premium of $34.25,
equal to 100.27, a basis of about 1.40%.
Dated June 15, 1940 and due
June 15 as follows: $2,500from 1941 to 1943, incl.; $2,000 in 1944 and $3,000
in 1945.
City previously had rejected bids submitted b.v Peninsular State
Co. and Crouse & Co., both of Detroit.
PORT HURON, Mich.—BOND
MISSOURI
SCHOOL DISTRICT (P. O. St. Louis), Mo .—BONDS
SOLD—It is stated that $25,000 3% semi-annual school bonds have been
purchased at par by the Mississippi Valley Trust Co. of St. Louis. Dated
.Tune 15, 1940.
Due Feb. 15. as follows: $5,000 in 1941, $3,000 in 1942,
$2,000 in 1943 to 1948, $3,000 in 1949, and $2,000 in 1950.
Legality
approved by Charles & Trauernicht, of St. Louis.
JENNINGS
FRANCIS LEVEE DISTRICT (P. O. Caruthersville), Mo.—
TO RFC— The Reconstruction Finance Corporation is said
purchased $823,000 4% semi-ann. refund'ne bonds, out of a total
authorized issue of $863,000.
Dated April 1, 1939. Legality approved
ST.
BONDS SOLD
to have
by Charles & Trauernicht of
Mich.—BOND ISSUE DETAILS—'The $392,000 water
revenue refunding bonds purchased at par by the Peninsular State Co. of
Detroit, as reported in V. 150, p. 4163—were sold as follows: For $101,000
maturing $6,000 Sent. 1, 1941, $6,000 March and Sept. 1. 1942 and 1943,
$7,000 March and Sept. 1, 1944, $8,000 March and $9,000 Sept. 1, 1945,
$9,000 March and $10,000 Sept. 1, 1946, $10,000 March and $11,000
Sept. 1, 1947, as 3s, M. & S., and $291,000 maturing $11,000 March and
$12,000 Sept. 1, 1948, $12,000 March and $13,000 Sept. 1, 1949, $13,000
March and $14,000 Sept. 1,1950, $14,000 March and $15,000 Sept. 1,1951.
$15,000 March and $16,000 Sept. 1, 1952, $16,000 March and $17,000
Sept. 1, 1953, $17,000 March and Sept. 1, 1954, and $17,000 March and
$18,000 Sept. 1, 1955 to March 1, 1957, as 3Ms, M. & S.
Dated July 1,
1940. Denomination $1,000.
Principal and interest payable at the ManuROYAL OAK,
TECUMSEH,
^
-
_____
'
Mich!—BOND OFFERING—Wade L. Jones, Village'Clerk,
will receive sealed bids until 7:30 p. m. on
July 8
or
the purchase of
$25,-
interest coupon general obligation hospital bonds.
Denom. $500.
Due Jan. 1 as follows: $1,000 from
1942 to 1956 incl. and $2,000 from 1957 to 1961 incl.
Rate or rates of
interest to be expressed in multiples of M of 1%.
Prin. and int. (J-J)
payable at the Village Treasurer's office or at a bank or trust company in
000 not to exceed 6%
Dated
_
authorized by
a
This issue was
two-thirds majority vote at an election on
certified check for 2% of the bonds bid for, payable
Treasurer, is required.
Bids to be conditioned upon
of Berry & Stevens of Detroit.
June 11.
A
to order of the Village
favorable legal opinion
MONTANA
COUNTY SCHOOL DISTRICT NO. 16 (P. O.
Custer). Mont.—BOND SALE—The following bonds, aggregating $27,000,
offered for sale on July 2—V. 150, P. 3698—were awarded to the State
Board of Land Commissioners, as 3s, according to the District Clerk:
$25,000 gymnasium, and $2,000 heating plant bonds.
NEBRASKA
BLAIR, Neb.—BONDS SOLD—It is stated by Henry'Christensen, City
Clerk, that the following bonds aggregating $18,500, have been purchased
by the Wachob-Bender Corp. of Omaha:
$11
000 Paving Districts Nos. 14 to 18,
$1,000.
Dated Feb. 1, 1940.
BENTON
COUNTY INDEPENDENT
SCHOOL DISTRICT NO. 45
FALLS, Minn.— CERTIFICATE SALE—'The $20.000'cerJuly 1—V. 150, p. 4009—were
the Allison-Williams Co. of Minneapolis as l%s at par, accord¬
W REDWOOD
tificates of indebtedness offered for sale on
awarded to
ing to the City Recorder.
Due in from 1 to 10 years after date.
was an offer of $61 premium on 2s, tendered by the
best bid
Co. of Minneapolis.
The second
Thrall West
No. 19 and Curbing District
7,500 Paving District
No. 1, improvement
bonds.
DANNEBROG SCHOOL DISTRICT (P. O. Dannebrog), Neb.—
CONTRACT MADE—The District Clerk states that Greenway
Co.
of Omaha,
have contracted to purchase
$36,000 3% semi¬
BOND
&
May 15, 1940,.
Denom.
1941 to 1945, $2,000 in 1946
1955 and 1956. The bonds
are optional for prior redemption on or after May 15, 1945.
Prin. and
int payable at the County Treasurer's office, St. Paul. Legality approved
by Auditor of Public Accounts. Lincoln.*
"""DECATUR, Neb.—BOND SALE DETAILS—The Village Clerk states
that the $18,000 sanitary sewer system and disposal plant bonds which
were sold, as noted here on June 1, were purchased by the State as 3Ks,
at par.
Due on May 1 as follows: $1,000 in 1945 to 1950, and $2,000 in
annual
coupon
refunding
bonds.
Dated
$1 000.
Due May 15, as follows: $1,000 in
1949. $3,000 in 1950 to 1954, and $4,000 in
to
1951
to
1956. ^
'""'FRIEND SCHOOL
DISTRICT (P. O. Friend), Neb.—BONFTsALE
by the Secretary of the Board of Education
DETAILS—Tt is now reported
$75,000 building bonds reported to have been sold, as noted here
—V
150, p. 4009—were purchased by the First Trust Co. of Lincoln, not
Steinauer k Schweser of Lincoln, as stated originally.
Due oni Sept. 1 as
follows: $1,000, 1942: $2,000, 1943; $3,000. 1944 to 1955; $4,000, 1956 to
1959, and $20,000 in 1960.
„
that the
KEITH
issue of
COUNTY (P. O. Ogallala),
Neb.—BONDS SOLD—A $25,000
bridge construction bonds approved by the voters at
has been purchased by a local bank, according to
held in April,
the election
the County
Clerk.
KIMBALL COUNTY HIGH SCHOOL DISTRICT (B.
Neb.—BONDS SOLD—It is stated by the County Clerfk
O. Kimball).
that $19,000
offered for sale on July 1 and were awardfed to the Ameri¬
National Bank of Kimball, as 2^s, paying a price of 101.315^
school bonds were
ISSUANCE NOT(SCHEDULEDpreliminary contract had been en¬
Stifel, Nicolaus k Co. of Chicago, for the
purchase of bridge revenue bonds, it is stated by Ethel Gaskill, City Clerk,
that no definite action has been taken as yet on the Issuance of the bonds.
"""OAKLAND, Neb.—BONDS SOLD—The City Clerk states that $35,000
In
(P. O. Foley), Minn.—BOND SALE—The $45,000 building bonds offered
on June 28—V. 150, p. 4009—were awarded at public auction to
the First National Bank & Trust Co. of Minneapolis, as 2Ms, paying a
premium of $526, equal to 101.168, a basis of about 2.39%.
Dated July
1, 1940.
Due on July 1 in 1943 to 1960.
HKThe runner-up was Mairs-Shaughnessy & Co. of St. Paul, offering $525
premium for 2Ms, while Juran, Moody & Rice of Minneapolis, made a bid
of $300 premium on the same interest rate.
street improvement bonds. Denom.
Due in 1950; callable on and after
1942
NEBRASKA CITY, Neb.—BOND
connection with the report that a
tered into between
for sale
fol¬
and
,
YELLOWSTONE
can
MINNESOTA
were
Due on May 1, 1958.
35,000 to the school foundation trustees.
July 1, 1940.
City of Detroit (to be designated later), at holder's option.
reported
Comptroller, that the $535,000
$500,000 to the police retirement system bonds.
Due on May 1 as
lows:
$120,000 in
1955; $140,000,1956; $180,000, 1957,
$60,000 in 1958.
■
„
•
„
of Michigan Corp.,
Co. of Detroit.
Cunningham, Deputy City
1K% semi-annual public buildings and improvement bonds which
sold, as noted here on May 4, were purchased at par, as follows:
SALE—The $24,000 refunding sinking
150, p. 4009—were awarded to the First
Detroit, as lMs, at par plus a premium of $111.77,
equal to 100.465, a basis of about 1.41%.
Dated July 1, 1940 and due
July 1, as follows: $2,000 from 1942 to 1944, incl. and $6,000 from 1945 to
1947, incl.
Second high bid of 100.213 from lMs was made by Crouse &
St. Louis.
Mo.—ADDITIONAL INFORMATION—It is now
ST. LOUIS,
bv Charles L.
fund bonds offered June 28—V.
facturing National Bank, Detroit. —
Due $500,000 semi-annually from
1940.
INVESTMENT—'The purchasers reoffered the
above bonds for public investment at a price to yield 2.90 %for all maturities.
ADDITIONAL BONDS NOT SOLD—The $1,000,000 not to exceed 4%
semi-ann. coupon highway, Seventh Seres bonds which were also offered
on July 2—V. 150, p. 4163—were not sold as all bids were rejected.
Due
$100,000 semi-annually from Aug. 1, 1942 to Feb. 1, 1947.
BONDS OFFERED FOR
AND
Mich.—BOND
July 2—V.
Grosse
anticipation notes of 1940 was sold to the
0.75% interest.
DISTRICT NO. 4
Plymouth),
$2,000,000 issue of semi-
Series bonds offered for sale on
150, p. 4163—was awarded to a syndicate composed of Lazard Freres &
Co., the Union Securities Corp., both of New York, the Central Republic
Co. of Chicago. E. H. Rollins & Sons, Inc. of New York. The Wisconsin
Co. of Milwaukee. Braun, Bosworth & Co. of Toledo, Edward Lowber
Stokes k Co. of Philadelphia, Brown, Corrigan & Co., and Lamar. Kingston
& Labouisse. both of New Orleans, as 3s, paying a price of 100.13. a basis
Pointe Bank of Grosse Pointe, at
LANSING
incl.
GRENADA, Miss.—BONDS SOLD—A $38,000 issue of 2M % semi-ann.
special street improvement bonds is said to have been purchased by the
Grenada Bank.
Dated March 1, 1940.
the City and
3% city hall bonds aoproved by the voters
by the Kirkpatrick-Pettis Co. of Omaha.
NEW
on April 2.
have been purchased
u
HAMPSHIRE
publtcly offered—a
Co., R. W. Pressprich & Co.,'Roose¬
and the Equitable Securities Corp.
made public offering July 2 of $2,000,000 1^4 % bonds at prices to yield
from 1.20% to 1.40%, according to maturity.
Due serially from July 1,
1948 to 1952 incl.
Dated July 1, 1940.
These bonds are part of the total
of $6,599,000 sold by the State on June 19, as reported in V. 150, p. 4009.
NEW
HAMPSHIRE
(State of)— bonds
syndicate composed of Lazard Freres &
velt & Wei gold, Inc., Kaiser & Co.,
The Commercial & Financial Chronicle
136
new
675,000 series E public works bonds.
Due Aug. 1 as follows: $70,000 in
1941; $75,000. 1942; $85,000 in 1943 and 1944, and $60,000 from
jersey
BLOOMFIELD, N. J.—BOND OFFERING—J. Cory Johnson, Town
Clerk, will received sealed bids until 8 p. m. (DST) on July 15 for the pur¬
chase
of
July 6, 1940
1,000,000
series^E
Due $125,000 on Aug. 1 from 1948
refunding bonds.
1955 incl.
to
$82,000 not to exceed 6% interest coupon or registered public
Dated July 1, 1940. Denom. $1,000.
Due July 1 as follows:
1, 1940.
Denom. $1,000.
Rate or
multiple of ]4 or L-lOth of 1% and must be the
All of the bonds will be dated Aug.
works bonds.
$3,000 from 1941 to 1958 incl. and $4,000 from 1959 to 1965 inclusive.
Bidder to name a single rate of interest, expressed in a multiple of
of
rates of interest to be in a
1%.
issues.
Trust
A certified check for $47,000, payable to order of the County
Principal and interest (J-J) payable at the Bloomfield Bank &
Co., Bloomfield.
The sum required to be obtained at sale of the
bonds is $82,000.
A certified check for $1,640, payable to order of the
town, must accompany each proposal.
The approving legal opinion of
Dillon, Vandewater & Moore of New York City will be furnished the
successful
bidder.
same
for all three
payable at the County Treasurer s office.
for all of the bonds of each issue, but need not be the same
Prin.
required.
and
int.
(F-A)
Treasurer, is
Approving legal opinion of Reed, Hoyt, Washburn & Clay of
will be furnished the successful bidder.
New York City
NEW
YORK, N. Y.—$60,000,000 REVENUE BILLS SOLD—A total of
revenue bills, dated July 3, 1940, were sold by allotment on
July 2 to 25 banks and trust companies in the city by Acting Comptroller
Arthur V. McDermott. The interest rate was 0.375%. The bills mature as
follows:
$15,000,000 Oct. 4, $25,000,000 Oct. 11, $10,000,000 Oct. 17 and
$10,000,000 Oct. 21, all in 1940. The institutions and their allotments areas
$60,000,000
CLIFFSIDE
chased
PARK,
$25,900 special
N.
J.—BONDS SOLD—'The
bonds
assessment
as
follows:
Sinking
Fund
pur¬
$23,100 street im¬
provement and $2,800 series II street improvement.
DELAWARE RIVER JOINT COMMISSION (P. O.
Camden),
TO RETIRE $50,000 BONDS—The Commission will redeem on
N. J.—
Aug. 1,
1940, $50,000 principal amount of its outstanding 4)4% bridge revenue
bonds of Easton-Phillipsburg Bridge, due Aug. 1, 1961 of which $2,500,000
principal amount are now outstanding. The bonds will be paid off at 105
and accrued interest to Aug. 1, 1940.
LONG BRANCH,
N. J.—BOND OFFERING—J. Arthur Wooding.
City Clerk, will receive sealed bids until 4p.m. (DST) on July 16 for the
purchase of $97,000 not to exceed 6% interest coupon or registered bonds,
as
follows:
follows:
MONMOUTH COUNTY (P. O.
$292,000 coupon
Freehold), N. J.—BOND SALE—The
registered general improvement bonds offered July 3,
or
—V. 150, p. 4010—were awarded to a group composed of H. B. Boland &
Co., New York, Fox, Einhorn & Co., Inc. and P. E. Kline, Inc., both of
Cincinnati, as 2.40s, at par plus a premium of $677.64, equal to 100.232,
a basis of about
2.37%.
Dated July 1, 1940 and due July 1 as follows:
$15,000 from 1941 to 1944, incl.; $20,000 from 1945 to 1955, incl. and
$12,000 in 1956. The purchasers re-offered the bonds to yield from 0.60%
2.60% according to maturity. Second high bid of 100.17 for 2.40s was
made by an account composed of Shields & Co.,
Buckley Bros., J. A. Rippe.,
and Colyer, Robinson & Co.
Other bids:
Bidder—
Bid For
Int. Rate
2^%
Rate Bid
100.569
2H%
100.40
292
2lA%
292
2A%
100.305
292
Schlater, Noyes & Gardner
MacBride, Miller
2.60%
100.277
Kean, Taylor & Co.; Campbell, Phelps &
Co., Inc., and Van Deventer Bros., Inc.
292
2.60%
100.239
NEWARK, N. J.—BONDS SOLD TO SINKING FUND— The $1,411,000 coupon or registered bonds for which sealed bids had been invited
up
to
July 2—V. 150, p. 4164—were sold in advance of that date to the city
sinking fund as 23^s, at par.
They are described as follows:
$80,000 equipment bonds.
Dated July 1, 1940 and due July 1 as follows:
$15,000 from 1941 to 1944 incl. and $20,000 in 1945.
Int. J-J.
156,000 water bonds.
Dated July 1, 1940 and due July 1 as follows:
$5,000 from 1941 to 1964 incl. and $6,000 from 1965 to 1970 incl.
Interest J-J.
poor
relief bonds.
March 1 from
Dated March 1, 1940 and due $230,000 on
1941 to 1945 incl.
Interest M-S,.
JERSEY CITY, N. J.—-PWA TO PURCHASE
BONDS—Rayraond M.
Greer, City Comptroller, reports that the Public Works Administration will
purchase $489,000 4% Medical Center Hospital construction bonds at
par.
NEW JERSEY (State of),—BONDS PUBLICLY
OFFERED—Harvey
Fisk & Sons, Inc., New York, are
making public offering of a block of
$750,000 414 % bonds, of which $500,000 are due May 1, 1947-43, and yield
1.10% to final maturity, and $250,000 are due May 1, 1948-43, and yield
1.20% to maturity.
new
mexico
LUNA COUNTY SCHOOL DISTRICT No. 1
(P. O. Demlng), N.
Mex.—BONDS VOTED—The County Treasurer states that the voters
ap¬
proved the issuance of $125,000 in construction bonds at an election held
on
June 22.
No date of sale has been fixed
as
—
——u
_
——
—
—
— -
—
Central Hanover Bank & Trust Co
-
Chase National Bank of the City of New York.
Chemical Bank& Trust Co
National
—
-
$1'§9R'RRR
2,340,000
720,000
§80.000
„i'29R'RR^
10,948,000
.. —
—
.—
——
Bank & Trust Co. of New York
Continental Bank & Trust Co. of New York
—
2,340,000
120,000
—
„
Corn Exchange Bank 1 rust Co
Empire Trust Co
—r„.
Fifth Avenue Bank of New York
IRR'RRR
i£9'RRR
—
First National Bank of the City of New
Fulton Trust Co. of New York
3,024,000
York
120,000
~ —
7,921,000
Guaranty Trust Co. of New York
Irving Trust Co.
Kings County Trust Co
—
_
r
3,000,000
—
----
—
-
-
„
Manufacturers Trust Co__
National City Bank of New York-New York Trust Co......
420,000
.
?'RoZ'RRR
^RRR'RRR
909,000
—
Public National Bank & Trust Co—
Title Guarantee & Trust Co..
—
—— —
United States Trust Co. of N. Y._--_
—
l^R'RRR
''?£R'RRR
Marine Midland Trust Co. of New York
--
—
120,000
——
—------------
n
J. P. Morgan & Co., Inc
300,000
1.080,000
,
-----
—
...
— —
480,000
2,280,000
$60,000,000
YORK
NEW
CITY TUNNEL
CHASE BONDS—Federal
Loan
AUTHORITY, N. Y.—RFC TO PUR¬
Administrator Jesse
H.
Jones announced
purchase, at par,
3^% bonds to be issued by the authority toward cost of
constructing the Battery-Brooklyn Tunnel.
Bonds will be purchased as
funds are needed in the course of construction and interest will be charged
only on advances actually made.
Total cost of the project is estimated
at $80,000,000, with the remainder of the funds to be supplied by the Triborough Bridge Authority and the City of New York.—-V. 150, p. 1814.
June 29 that the Reconstruction Finance Corporation will
100.33
H. L. Allen & Co.; J. S. Rippel & Co., and
b Blair & Co., Inc., and
& Co—
—
the $57,000,000
Halsey, Stuart & Co,, Inc—
—291
B. J. Van Ingen & Co., and E. H. Rollins
& Sons
291
M. M. Freeman & Co.; C. P. Dunning &
Co. and C. A. Preim & Co...
——
.
Bank of New York.—-
Brooklyn Trust Co.
to
No. Bonds
—---
Bank of the Manhattan Co__
Commercial
$80,000 series I, due annually from 1941 to 1950 incl.
17,000 series II, due annually from 1941 to 1949 incl.
All of the bonds will be dated July 1, 1940.
Denom. $1,000.
The com¬
bined maturities are as follows: $10,000 July 1 from 1941 to 1949 incl. and
$7,000 July 1, 1950.
Bidder to name a single rate of interest.
Prin. &
int. (J~J) payable at the Long Branch Banking Co., Long Branch.
The
sum required to be obtained at sale of the bonds is
$97,000.
The bonds are
unlimited tax obligations of the city and the approving legal opinion of
Hawkins, Delafield & Longfellow of New York City will be furnished the
successful bidder.
A certifier! check for 2% of the bonds offered,
payable
to order of the city, must
accompany each proposal.
I,175,000
Amount
Bank
Bankers Trust Co
NEW YORK (State of)—MAY ENTER NEW CAPITAL
MARKET—
State Comptroller Morris S. Tremaine may undertake the sale in the near
future of between $20,000,000 and $30,000,000 bonds, according to report
His decision will be determined by the need for funds for housing purposes
and grade crossing elimination, and in particular on the character of con¬
ditions in the bond market.
Should these be construed as too unfavorable,
the
Comptroller will resort to temporary borrowing and thus avoid the
necessity of paying too high a price for a permanent loan.
N. Y.—BOND OFFERING—William H. Selzer, Village Clerk,
bids until 3 p. m. (DST) on July 10 for the purchase
$28,500 not to exceed 4% interset coupon or registered drainage bonds.
Dated June 1, 1940.
One bond for $500, other $1,000 each.
Due June 1
as follows: $4,500 in
1941 and $6,000 from 1912 to 1945 incl.
Bidder to
name a single rate of interest, expressed in a multiple of K or l-10th of
1%. Principal and interest (J-D; payable at the Village Treasurer's office,
with New York exchange.
The bonds are general obligations of the vil¬
lage, payable from unlimited taxes.
A certified check for $370, payable
to order of the village, must accompany each proposal.
RYE,
will receive sealed
of
SCHAGHTICOKE,
PLEASANTDALE
FIRE
DISTRICT
NO.
5
(P. O. R. D. No. 2, Troy), N. Y.—BOND SALE—The $5,000 coupon or
registered fire apparatus and eauipment bonds offered July 1 were awarded
to William Diefendorf, of Melrose, as 4s, at par.
Dated Sept. 1, 1940.
Denom. $1,000.
Due $1,000 on Aug. 1 from 1941 to 1945 incl. Principal
and interest (F-A) payable at the District Treasurer's office.
The district
operates under the Town Law of the State, and the proposed bond issue is
authorized by the law. The bonds will constitute valid and legally binding
obligations of the Board of Fire Commissioners and all taxable real property
within the district will be subject to levy of ad valorem taxes to pay the bonds
and interest thereon without limitation as to rate or amount.
The opinion
of H. Irving Chase, Esq., of Troy, to this effect will be furnished the pur¬
chaser.
WAPPINGERS FALLS, N. Y.—BOND SALE— The National Bank of
Wappingers Falls was awarded on June 28 an issue of $99,000 street im¬
1.60s, at a price of 100.289, a basis of about 1.55%.
Denom. $1,000.
Due July 1 as follows: $^,000 from
1941 to 1945 incl. and $10,000 from 1946 to 1950 incl.
Principal and
interest (J-J) payable at the National Bank of Waopingers Falls.
Legality
approved by Reed, Hoyt, Washburn & Clay of New York City.
Other
yet.
provement bonds as
Dated .July 1, 1940.
Municipal Bonds
-
Government Bonds-
Housing Authority Bonds
bids:
Bidder—
Tilney & Company
76
BEAVER STREET
NEW
YORK, N. Y.
Teletype: NY 1-2395
new
t
the
purchase
registered
of
york
$20,000 not to exceed 6% interest
1.70%
1.90%
Rate Bid
100.15
100.311
on July 8 for the purchase of $117,000 not to exceed 6% interest coupon or
registered school bonds.
Dated July 1, 1940.
Denom. $1,000.
Due
July 1 as follows: $3,000 from 1941 to 1943 incl. and $4,000 from 1944 to
1970 incl.
Prin. and int. (J-J) payable at the Hayes National Bank,
The bonds are unlimited tax obligations of the district and the
approving legal opinion of Reed, Hoyt, Washburn & Clay of New /ork
City will be furnished the successful bidder.
A certified check for $2,340,
payable to order of Raymond Crumb, District Treasurer, must accompany
each proposal.
Clinton.
HASTINGS-ON-HUDSON, N. Y.—BOND OFFERING—William
^el5^' „Vlllago Clerk, will receive sealed bids until 3:30 p. m. (DST)
July 9 for
—
WESTMORELAND AND WHITESTOWN CENTRAL SCHOOL DIS¬
TRICT No. 1 (P. O. Westmoreland), N. Y.—BOND OFFERING—Walter
F. Freeman, District Clerk, will receive sealed bids until 11 a. m. (DST)
Telephone: WHitehall 4-8898
Bell System
Int., Rate
George B. Gibbons & CoC. F. Childs & Co. and Sherwood & Co
J.
on
coupon or
street improvement
bonds.
Dated July
1,
1940
Denom.
Due $4,000 on July 1 from 1941 to 1945 incl.
Bidder to name a
single rate of interest, expressed in a
multiple of J4 or 1-I0th of 1%.
Prin.
and int. (J-J) payable at the First National
Bank, Hastings-on-Hudson.
A certified check for $400,
payable to order of the village, must accompany
each proposal.
The approving legal opinion of Caldwell &
Raymond of
New York City will be furnished the
successful bidder.
$1,000.
LONG BEACH, N. Y.—INTEREST TO BE
PAID TO DEPOSITING
BONDHOLDERS
Norman S. Taber & Co. of New
York, refunding agents
for the city, announced under date of
July l as followsThe Council of the City of
Long Beach, New York, on June 26, 1940
passed a resolution
authorizing the paying agent of the City to pay in¬
terest falling due in July and
August to all bondholders who have
agreed
refinancing plan. All interest on the non-assented oond
deposited with the paying agent and will be withheld until
"Agree¬
Exchange" have been received, or until such time
(not later
than Nov. 15, 1940) as it can be
determined whether or not the
nt v? jy s
will be
ments
be
of
declared operative.
plan can
This action is being taken in order
to bring the
refinancing plan to the attention of all bondholders
The Citv
announces that to date,
virtually all large holders of Long Beach bonds
City
s
have agreed to the
plan, and that over 50% of the owners of all bonds
have consented to the exchange.
Every effort is being made to contact
the smaller holders and to place the facts
concerning the City's financial
condition before them.
north
CATAWBA COUNTY
COUNTY
(P. O. Mineola), N. Y.—BOND OFFERING—
Harry L Hedger, County Treasurer, will receive sealed bids until
12:30
p. m. (DST) on July 15 for the purchase of
$2,350,000 not to exceed
interest coupon or
4%
registered bonds, divided as follows:
$675,000 series L emergency relief bonds.
Due Aug. 1 as follows- $55 000
from 1941 to 1945 incl. and
$80,000 from 1946 to 1950 incl. '
N. C.—BOND OFFERING—
Sealed bids will be received until 11a.m. (EST) on July 9, by W. E. Easterling, Secretary of the Local Government Commission, at his office in
Raleigh, for the purchase of a $97,000 issue of school building bonds, dated
July 1, 1940, maturing on July 1: $3,000, 1943 to 1952: $4,000, 1953, and
$7,000, 1954 to 1962 incl.', without option of prior payment.
There will
be no auction.
Denom. $1,000; prin. and int. (J-J) payable in lawful
money in New York City; coupon bonds not registerable; general obliga¬
tions; unlimited tax: delivery at place of purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of
of 1%.
Each bid may name one rate
for part of the bonds (having the earliest maturities) and another rate for
the balance, but no bid may name more than two rates, and each bidder
must specify in his bid the amount of bonds of each rate.
The bonds will
be awarded to the bidder offering to purchase the bonds at the lowest in¬
terest cost to the county, such cost to be determined by deducting the total
amount of the premium bid from the aggregate amount of interest upon all
of the bonds until their respective maturities.
No bid of lesss than par
and accrued interest will be entertained.
Bids
bank
NASSAU
carolina
(P. O. Newton),
or
must
be
accompanied
by
a
certified check upon an incorporated
trust company, payable unconditionally to the order of the State
Treasurer for
The right to reject all bids is reserved.
The ap¬
proving opinion of Reed, Hoyt, Washburn & Clay, New York City, will
be furnished the purchaser.
$1,940.
ROBBINSVILLE, N. C.—BOND OFFERING—Sealed bids will be re¬
a. m. (EST) on July 9. by
W. E. Easterling, Secretary of
Government Commission
at his office in Raleigh, for the pur-
ceived until 11
the Local
Volume
The Commercial &
151
of $7,500 water
chase
bonds, dated July 1,
1940, maturing annually on
July 1: $500, 1942 to 1956 inch, without option of prior payment.
There
will be no auction.
Denom. $500; principal and interest (J-J) payable in
York City; general obligations; unlimited tax; coupon
registerable; delivery at place of purchaser's choice.
Interest
lawful money in New
bonds
rate
not
5%
annum.
per
The bonds will be awarded at the
offered, not less than par and accrued interest.
Bids must be accompanied by a certified check upon
bank
or
payable unconditionally to the order
trust company,
Treasurer for $150.
of Story, Thorndike, Palmer
furnished the purchaser.
COUNTY
(P.
Bowbells),
O.
reserved.
Auditor states that at an election held on June 25 the voters
approved the issuance of $167,271.77 funding bonds by a substantial mar¬
gin.
It is understood that these bonds will be offered for sale in the near
future.
RURAL SCHOOL DISTRICT NO. 6
CURRIE
DISTRICT NO. 15 (P. O.
OFFERING—Sealed and oral bids
SCHOOL
CERTIFICATE
Rolla), N. Dak.—
be received by
will
Charles H. Larson, District Clerk, at the County Auditor's
until July 8, at 2 p. m., for the purchase of $2,000 not to
on
June 24,
1942.
office in Rolla,
exceed 7% an¬
Dated June 24, 1940.
A certified check for 2% of the bid is required.
certificates of indebtedness.
Denom. $500.
DISTRICT (P. O. Lidgerwood),
stated by the Clerk of the Board
bonds sold to the State Land
Department, as noted here—V. 150, p. 4166—were purchased as 4s, at par,
and mature $500 on Jan. 1 in 1942 to 1953, incl.
LIDGERWOOD SPECIAL SCHOOL
N. Dak .—BOND SALE DETAILS—It is
of Education
that
the $6,000 auditorium
COUNTY
WILLIAMS
DISTRICT No. 35 (P. O. BoneOFFERING—It is reported that sealed
on July 9, by the County Clerk, for the
SCHOOL
trail), N. Dak .—CERTIFICATE
bids will be received until 2 p. m.
purchase of $2,500 certificates of indebtedness.
we
placement
DISTRICT, Ohio—BOND,OFFERING—
of Education, will receive sealed bids until
July 15 for the purchase of
$24,000 not to exceed 5% interest re¬
funding bonds.
Dated Feb. 1, 1940.
Denom. $1,000.
Due Dec. 1 as
follows; $1,000 from 1941 to 1946 incl.; $2,000, 1947 to 1950 incl.; $3,000
in 1951 and 1952 and $4,000 in 1953.
Rate of interest to be expressed in a
multiple of
of 1 %.
Board of Education will
the approving legal opinion of Squire, Sanders
furnish at its own expense
& Dempsey of Cleveland.
for the bonds within 10 days of the award.
A certified check for $500, payable to order of the above-mentioned of¬
ficial, is required"
Purchaser must receive and pay
CIRCLEVILLE, 'Ohio—BOND OFFERING—Lillian Y'oung, City Aud.
will receive sealed bids until noon on July 15 for the purchase of $3,000
33^% coupon street improvement bonds.
Dated May 15, 1940. Denom.
$1,000. Due $1,000 on May 15 from 1941 to 1943 incl. Bidder may name
a different rate of interest provided that fractional rates are expressed in
a multiple of U of 1%.
Interest M-N. A certified check for $100, payable
to order of the city, is required.
HUBBARD, Ohio—BOND OFFERING—A. J. O'Brien, Village Clerk,
for the purchase of $14,573.10
will receive sealed bids until noon on July 13
3J^% coupon special assessment street improvement bonds.
Dated July
1, 1940. One bond for $573.10, others $700 each.
Due as follows: $573.10
May 1 and $700 Nov. 1, 1941; $700 May 1 and Nov. 1 from 1942 to 1950
incl. and $700 May 1, 1951.
Bidder may name a different rate of interest
provided that fractional rates must be expressed in a multiple of M of
1%.
Interest M-N.
A certified check for $500, payable to order of the
village, is required.
LORAIN, Ohio—BOND OFFERING—Frank Ayres, City Auditor, will
the purchase of $35,000 not to
receive sealed bids until noon on July 22 for
exceed 3% interest Colorado Avenue paving bonds.
Dated
Denom. $1,000.
Due Oct. 15 as follows: $4,000 from 1941
Aug. 1, 1940.
to 1948, incl.,
1949.
Rate of interest to be expressed in a multiple of % of
1%.
Prin. and int. (A-O) payable at office of the Sinking Fund Trustees.
Transcript of proceedings to be approved by Squire, Sanders & Dempsey of
Cleveland, and will be furnished the successful bidder on the day of sale.
Legal opinion of such transcript to be paid for by the purchaser.
Bonds
will be delivered at Lorain.
A certified check for 2% of the bid must ac¬
and $3,000 in
each proposal.
ORRVILLE,
Ohio—BOND
OFFERING—Frederick Smucker, Village
Clerk, will receive sealed bids until noon on July 15 for the purchase of
$15,000 3% library bonds.
Dated March 1, 1940.
Denom. $750. Due
Oct. 1 as follows:
$750 from 1941 to 1950 incl. and $1,500 from 1951 to
1955 incl.
Callable in whole or in part at par and accrued interest on
Oct. 1, 1951, or on any subsequent interest date.
Bidder may name a
different rate of interest provided that fractional rates are expressed in a
multiple of M of 1%. Interest A-O. A certified check for $150 is required.
PEEBLES, Ohio—BOND OFFERING—Albert S. Bonner, Village Clerk,
will receive sealed bids until noon on July 15 for the purchase of $50,000
4J^% sewer bonds.
Dated May 1, 1940,
Denoms. $3,000 and $2,000.
Due Nov. 1 as follows: $2,000 from 1941 to 1962 incl. and $3,000 in 1963
and 1964.
Bidder may name a different rate of interest, expressed in a mul¬
tiple of
of 1%.
Interest M-N. A certified check for $500, payable to
order of the Village Treasurer, is required.
PORTAGE
E. R.
COUNTY
(P. O.
Ravenna)" Ohio—BOND OFFERING—
Wascko, Clerk of the Board of County
sealed bids until noon on July 19 for the
Commissioners, will receive
purchase of $20,000 4% delinquent
relief bonds.
Dated July 1, 1940.
Denom. $1,000.
Due $2,000
on May 15 and Nov. 15 from 1941 to 1945, incl.
Bidder may name a dif¬
ferent rate of interest provided that fractional rates are expressed in a mul¬
tiple of M of 1%.
Board reserves the right to sell only $18,000 bonds, by
reducing to $1,000 the amount to mature on May 15, 1943 and Nov. 15,
1945.
Purchaser may obtain legal opinion of Squire, Sanders & Dempsey
of Cleveland at his own expense.
A certified check for 1 % of the bonds bid
tax poor
for, payable to order of the
TOWNSHIP RURAL SCHOOL DISTRICT (P.
Ohio—BOND SALE—The Staunton Heater Co. of Martins
awarded on June 27 an issue of $4,165 school bonds.
CREEK
YELLOW
P. Wellsville),
was
OKLAHOMA
COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
Delhi), Okla.—BONDS SOLD—It is stated by the District
Clerk that the $5,000 building bonds offered for sale on June 24, were
purchased by the County Treasurer as 2s, at par.
Due $1,000 in 1945
BECKHAM
1
(P.
O.
1949.
to
BLACKWELL,
Okla.—BOND SALE— The $10,000 issue of fire de¬
partment improvement bonds offered for sale on July 2—V. 150, p. 4166—
was purchased by the City Treasurer at par.
No other bid was received,
according to the City Clerk.
Due $3,000 in 1943 and 1944, and $4,000
in 1945.
BROKEN ARROW,
County Treasurer, is required.
RAVENNA, Ohio—BONDS SOLD—The City Investment Board pur¬
chased $10,665 2XA% special assessment street improvement bonds. Dated
July 1, 1940.
Due on Oct. 1 from 1941 to 1948, incl.
Interest A-O.
STEUBENVILLE, Ohio—BOND OFFERING— J. A
Cartledge, City
Auditor, will receive sealed bids nntil 2 p. m. (EST) on July 15 for the
purchase of $20,000 not to exceed 4% interest Stony Hollow sewer repair
bonds.
Dated Aug. 1, 1940.
Denom. $1,000.
Due $2,000 on Nov. 1
from 1941 to 1950 incl.
Bidder may name a different rate of interest
provided that fractional rates are expressed in a multiple of M of 1%.
Principal and interest (M-N) payable at the City Treasurer's office.
A
certified check for 1% of the issue, payable to order of the City Treasurer,
must accompany each proposal.
Ohio—DEBT POSITION ANALYZED—'The Toledo City
prepared an exhaustive analysis of the bonded debt of
the city, with particular reference to the changes that have been made in the
past decade.
The article deals extensively with the manner in which the
issuance of bonds for deficit funding purposes has suplanted the previous
practice of using the bond power solely as a means to finance needed ex¬
pansion of municipal facilities.
With reference to this trend the article
TOLEDO,
comments as follows:
years' time, it is noted that the city has carried through def¬
icit financing in one form or another totaling $10,803,800, with $928,000
not to exceed 6% semi-annual
$29,000: $25,000 water works system, general obligation*
equipment bonds.
Dated July 1, 1940. These
approved by the voters at an election held on'June 18.
bonds aggregating
and
$4,000 fire fighting
bonds
were
DAM AUTHORITY (P. O. Vinita), Okla.—PROJ¬
COMPLETION—The following is the text of a press
public by the Public Works Administration on June 24:
Grand River Project, most recent addition to the country's great hydro¬
electric developments, shortly will begin producing low-cost electric power
which promises a new economic life for a vast area centering around north6sstGrn Oklahoma
v ■ • * . ■'
Launched in February, 1938, when PWA assistance made possible the
realization of half-century-old dreams of pioneers, the $20,000,000 project
now is approximately 90%
complete.
A final contract covering clean-up
work is to be undertaken soon.
RIVER
NEARING
Dedication ceremonies are
Roosevelt has been
planned for later in the summer and
invited to visit the site
President
and to make the dedicatory
ftddrGss
project involves the
The
harnessing of Grand or Neosho
River, with a
mile drainage area in Oklahoma, Kansas, Missouri
hydroelectric, flood control and recreational pyrposes.
The longest multiple-arch dam in the world, the Pensacola, has been
constructed across the river's flood plain near Disney, Oklahoma.
The
6,565-foot long dam, extending nearly 150 feet above bedrock, presents a
stream-lined barrier composed of huge hollow concrete buttresses against
more
than 10,000 square
and Arkansas, for
wbiCti rest its 51 circlies*
barrier'steadily
man-made lake, a lake as yet
eventually will cover some 48,000 acres of
it will have a thousand miles of shoreline,
extending Chinese-dragon-like, into four counties.
Below the dam an ultra-modern power house now is nearing completion.
It will house four 20,000 horsepower turbines, turning the largest gener¬
This
ators
an
is backing up a great
official name, which
Largest lake in Oklahoma,
land.
capable of producing
275,000,000 kilowatt-hours of low-cost elec¬
where the voltage will be stepped up
lines, stands on a bluff overlooking the
tricity annually.
A switch yard
before moving out on transmission
damsite.
A transmission
line already has been
built southward to near Muskogee,
Okla., and a short line extends from the switchyard to Vinita, while other
projected to carry current to other parts of the widespread service
area.
"
The project has involved many other undertakings, each a sizeable job
in itself.
Lines of two railroads had to be relocated, as did two major
lines are
pipelines and various
bridges had to be built,
oil
Highway and railroad
utilities and highways.
a
comprehensive timber-clearing and clean-up
completed, and new water supplies constructed for two towns.
Remains of many long-dead pioneers, buried in 50 scattered plots of
what is how lake bed, had to be identified and removed to reinterment
cemeteries.
One town and a portion of another was evacuated.
Resi¬
dences and farm buildings were cleared from the path of the rising waters.
A mid-lake highway bridge 2,548 feet long and the highest such struc¬
ture in Oklahoma was constructed near Grove, Okla.
The Work Projects
Administration sent workers into the area to discover and remove traces
of prehistoric Indian mounds.
Construction of the dam has progressed on a 24-hour-a-day schedule,
with floodlights illuminating the nighttime scene.
A small army of skilled
and unskilled workmen has been employed, payrolls reaching a peak of
3,200 at one time. Pay-envelopes, in turn, contributed to brisk business in
existing towns and in the boom communities at the damsite.
AdvenJ; of Grand River project's plentiful and low-cost supply of elec¬
tric power is expected to make possible industrial development in what
has been a none too-productive agricultural section.
It also will permit
the electrification of more farms and in the increased urban and rural use
program
of electricity.
The PWA provided a
loan of $11,563,000 and a
direct Federal grant of
$8,437,000 to finance the development.
The loan is secured by bonds and
is to be liquidated through the sale of hydroelectric power.
The project is being built by the Grand River Dam Authority, an agency
set up by the State of Oklahoma to control, store and preserve the waters
of Grand River and its tributaries.
Completion of the Pensacola Dam is intended to be the first step in a
larger hydroelectric development contemplating two additional dams on
Grand River.
Pensacola and the two proposed smaller dams which would
be located below it would be operated as a coordinated unit under this plan.
PAWNEE, Okla.— BOND SALE—The
$65,000 municipal light and water
p. 4166—were awarded to
to the City Clerk. Due in
plant bonds offered for sale on July 1—V. 150,
C. Edgar Ilonnold of Oklahoma City, according
1944 to
1960, inclusive.
OREGON
OF BANDON (P. O. Bandon), Ore.—PRICE PAID—It is
stated by the Assistant Secretary of the Board of Commissioners that the
$25,000 coupon water, series L, bonds awarded on June 25 to Charl&s N.
Tripp & Co. of Portland, as noted here—V. 150, p. 4167—were purchased
as 2Ks and 2^s at a price of 98.50.
Due on July 1 in 1945 to 1952, incl.
PORT
STAYTON,
Ore.—BOND
offered for sale on July
Bond Commission, as
SALE—The
$13,000 street oiling bonds
awarded to the State
according to the Town
1—V. 150, p. 3863—were
2Hs, at a price of 101.006,
Recorder.
WASCO COUNTY SCHOOL DISTRICT NO.
Ore.—BONDS VOTED—At the election held on
said to have approved the issuance of the $180,000
wide margin.
an
in
12 (P. O. The Dalles),
June 25 the voters are
construction bonds by a
WOODBURN, Ore.—BOND ELECTION—The City Recorder
election will be held on Sept. 6 in order to vote on the issuance
municipal power plant bonds.
states that
of $65,000
PENNSYLVANIA
Journal recently
"Thus in five
Okla.—BOND OFFERING—It is stated by Henry
sealed bids until 7:30 p. m. on
City Clerk, that he will receive
July 10, for the purchase of the following
N. Brown,
without
FLUSHING, Ohio—BOND OFFERING—Sara Johnson, Village Clerk,
will receive sealed bids until noon on July 11 for the purchase of $2,900
not to exceed 6% interest coupon delinquent tax bonds.
Dated July 1,
1940.
One bond for $100, others $400 each.
Due Oct. 1 as follows: $100
in 1941 and $400 from 1942 to 1948 incl.
Rate of interest to be expressed
in a multiple of % of 1%.
Village to print bonds. A certified check for
$150, payable to order of the village, is required.
company
improvements have been
release made
OHIO
on
University and splendid bridges, to
the problem a decade later when
substantially paid for but with a re¬
debt left for the future which was issued to pay operating and
GRAND
CAMPBELL CITY SCHOOL
Pete Keish, Clerk of the Board
number a fine sewage system, many
relief costs."
ECT
noon
be said that the expanding 1920s left us with a high bonded debt,
we inherited most of the city's modern improvements among
parks a fine sewage system,
"It may
but with it
(P. O. West
Fargo), N. Dak.—BOND SALE—The $10,000 building bonds offered for
sale on June 27—V. 150, p. 4011—were awarded to the Merchants National
Bank of Fargo, as 3s, paying a price of 101.10, a basis of about 2.79%.
Due $1,000 on Nov. 1 in 1941 to 1950 incl.
Due
local tax reductions.
Ferry
CASS COUNTY
,
this is the price of a low tax rate.
Many years
before the operating costs of the 1930s will be paid and they are
costing interest each year.
It would seem proper to ask with what pride
a community may point to a low tax rate, a low comparative assessed val¬
uation and a truly low tax burden for the support of its local government
when it is issuing bonds to finance the normal operating revenue lost by
"In its true perspective
will pass
most of these
Dak .—BONDS VOTED—
N.
All but $935,000 of this has been financed through the
It represents the steps whereby 42 % of the total bonded
debt consists of deficit financing.
many parks and boulevards, Toledo
mention only a few.
Compare this with
The County
nual
yet to be bonded.
issuance of bonds.
which
DAKOTA
NORTH
BURKE
incorporated
of the State
The approv¬
and Dodge, Boston, will be
The right to reject all bids is
opinion
ing
highest price
an
137
Financial Chronicle
BADEN, Pa .—BOND SALE POSTPONED—'The sale of $10,000 bonds,
originally scheduled for July 1—V. 150, p. 4012—was postponed to July 8.
BLACK
CREEK
DISTRICT (P. O. Rock
District Secretary will receive sealed
$15,000 4% school bonds. Denom.
Aug. 1 from 1942 to 1956, incl.
Int. F-A.
TOWNSHIP
SCHOOL
Glen), Pa.—BOND OFFERING—The
until July 8 for the purchase of
bids
$1,000.
Due $1,000 on
_
ft
The Commercial & Financial Chronicle
188
BROKENSTRAW TOWNSHIP SCHOOL DISTRICT (P. O. Irvine),
Pa.—BOND SALE—The $23,000 eouron school bonds offered June 29
,-f-V. 150,r p. 4012—were awarded to Phillips, Schmertz & Co. of Pitts¬
burgh, as 2%a, at par plus a premium of $227.90, equal to 100.99, a basis
of about 2.65%. Dated June 15, 1940 and due $1,000 on June 15 from 1941
to 1963 Incl.
Second high bid of par for 2%h was made by the Warren
)ST;&tional Bank of Warren.
\DAUPHIN COUNTY (P. O. Harrigburg), Pa.—BOND OFFERING—
Montgomery Trace, County Comptroller, will receive sealed bids until
IT a. m. (EST) on July 17 for the purchase of $365,000 H, M. V\, 1. 114,
1 Vi, 1% or 2% coupon, registerable as to principal only, series A court¬
house bonds.
Dated Aug. 1, 1940.
Denom. $1,000. Due Aug. 1 as follows:
$125,000 in 1941 and $120,000 in 1942 and 1943. Bonds maturing in 1943
are callable in whole or in part at the county's option, at par and accrued
interest, on Aug. 1, 1942 or on Feb. 1, 1943.
Bidder to name a single
rate of interest, payable F-A.
A certified check for 2% of the bonds bid
for, payable to order of the County Treasurer, is required.
Bonds will
be issued subject tp approving legal
opinion of Townsend, Elliott &
Munson of Philadelphia.
(Preliminary notice of this offering appeared In—V. 150, p. 4167.)
„
EAST
DEER
TOWNSHIP
(P. O. Tarentum), Pa .—RATE OF IN*
TEREST—The $30,000 refunding and fire apparatus bonds purchased by
E. H. Rollins & Sons, Inc. of Philadelphia, as reported in—V. 150, p.
4012—bear 3% interest.
EAST STROUDSBURG,
Pa .—BOND SALE— The $35,000 coupon,
registerable as to principal only, improvement bonds offered. July 2—V.
150, p. 4012—were awarded to E. W. & R. C. Miller & Co. of Philadelphia,
as 2s. at par plus a
premium of $486.50, equal to 101.39, a basis of about
r.82%. Dated June 15, 1940 and due June 15 as follows: $2,000 from 1941
to 1950, incl. and $3,000from 1951 to 1955, incl.
Second high bid of 102.039
for 2Ms was made by W. H. Newbold's Son & Co. of Pittsburgh.
*
HARBORCREEK TOWNSHIP SCHOOL DISTRICT (P. O. Harborcreek), Pa.—BOND SALE—The $120,000 high school construction "bonds
offered July 1—V. 150, p. 4167—were awarded to a group composed of
8. K. Cunningham & Co., Moore, Leonard & Lynch and Glover & MacGregor, all of Pittsburgh, as 2%s, at par plus a premium of $2,316, equal to
101.93, a basis of about 2.57%.
Dated July 1, 1940 and due $5,000 on
Jan.
1
from
1942
to
1965 incl.
July 6, 1940
RICHLAND COUNTY (P. O. Columbia), S.
C.—BOND SALE—The
following bopds aggregating $435,000, offered for sale on July 1—V. 150,
p. 4167—were awarded to a syndicate composed of Seasongood & Mayer
of Cincinnati, the Commerce 1 nion Bank of Nashville, McDougal & Con¬
don of Chicago, Pohl & Co. of Cincinnati and E.
H. Pringle & Co. of
Charleston,
2Ms:
as
$10,000 medical clinic bonds at a price of 103.00, a basis of about 1.92%*
Due $1,000 on July 1 in 1941 to 1950 incl.
425,000 hospital bonds for a premium of $4,887.50, equal to 101.15, a
basis of about 2.38%.
Due July 1 as follows: $13,000 in 1941 to
1943:$14,000 in 1944 and 1945: $16,000 in 1946 and 1947, $19,000
in 1948: $20,000 in 1949: $21,000 in 1950; $24,000 in 1951 and 1952;
$25,000 in 1953 and 19.54; $26,000 in 1955; $27,000 in 1956, and
1957; $28,000 in 1958, and $30,000 in 1959 and 1960.
Dated July 1, 1940.
Denom. $1,000.
,
SOUTH
BALTIC
INDEPENDENT
Dak.—BOAT)
DAKOTA
SCHOOL
OFFERING—It
is
stated
DISTRICT
by
H.
S.
(P.
O.
Sandvig,
Baltic), S.
Clerk of the
Board of Education, that he will receive sealed bids until 8 p. m. on July
8, for
trie
struction
15.
purchase of $8,000 not to exceed 5% semi-annual coupon con¬
Dated July 15, 1940.
Denom. $500.
Due $500 July
Bonds maturing after July 15, 1950, being subject to
bonds.
1942 to 1957.
redemption at the option of the district at par and accrued interest on
date, or on any interest payment date thereafter.
These are the
bonds authorized at the election held on May 14, by a vote of 134 to 21.
that
MCLAUGHLIN, S. Dak .—BOND OFFEING— Sealed bids will be
re¬
ceived until 8 p. m. on July 8, by E. J. Salzsiedler, City Treasurer, for the
purchase
$6,000 5% semi-ann. auditorium bonds.
Denoms. $500.
Due $500 June 1, 1943; $500 Dec. 1, 1944 to 1950,, and $1,000 Dec. 1,
1951 and 1952, or at any interest paying date at the option of the city as
provided in the bonds.
The bonds will be sold at not less than par value
of
and accrued interest.
TEXAS
FORT
ceived
WORTH, Texas
until
2.30
p.
m.
July
on
15,
by E.
S.
—Sealed bids will be re—BOND
Birdsong, City Secretary-
MIDDLETOWN TOWNSHIP SCHOOL DISTRICT (P. O.
Parkland),
Pa .—BOND OFFERING—Walter 8. Miller, Secretary of the Board of
Treasurer, for the purchase of $85,000 coupon street improvement series 56
bonds.
Dated Aug. 1, 1940.
Denom. $1,000.
Due Aug. 1, as follows:
School
$5,000 in 1945 to 1948: $15,000 in 1949 to 1951, and $20,000 in 1952.
Bid¬
ders are invited to name the rate of interest the bonds will bear, which
Directors, will receive sealed bids until 8 p. m. (EST) on July 15
for the purchase of $8,000 2, 2M. 2 Yt, 2%, 3, 3M, 3M or
3%% coupon,
registerable as to principal only, improvement bonds.
Dated June 1
1940.
Denom. $1,000.
Due $1,000 on June 1 from 1945 to 1952 incl.
Bidder to name a single rate of interest, payable J-D.
The bonds will
be issued subject to approving legal opinion of Townsend, Elliot & Munson
of Philadelphia.
A certified check for 2% of the bonds bid for, payable
to order of the District Treasurer, is required.
MILLVALE SCHOOL DISTRICT, Pa.—BOND OFFERING—
Philip O.
Nauman, District Secretary, will receive sealed bids until 8 p. m. (DST)
July 8 for the purchase of $50,000 coupon funding and playground bonds,
including $20,000 for the former purpose and $30,000 for the latter.
Dated
July 15, 1940.
Denom. $1,000.
Due July 15 as follows: $3,000 in 1945
on
and 1946 and $4,000 from 1947 to 1957, incl.
of interest, expressed in a
multiple of M
Bidder to
single rate
Principal and interest
of 1%.
name a
(J-J 15) payable at the Bank of Millvale.
Free of all taxes, except gift,
or inheritance taxes, levied pursuant to
any present or future laws
of the Commonwealth of
Pennsylvania.
District will print the bonds and
furnish approving legal opinion of
,
must be stated in a
multiple of M of 1%, and bids mast sho^v the gross and
to the city.
No bid for less than par of the face value of
and'the accrued interest thereon will be accepted.
Prin. and
int. (F-A) payable in lawful money at the Central Hanover Bank & Trust
Co., New York, or at the City Treasurer's office.
Unless all bids are re¬
jected. the bonds will be awarded to the bidder or bidders offering the lowrest
cost of interest by a legally acceptable proposal.
No bid for less than all
of the bonds will be considered.
Completed bonds and approving opinion
will be furnished by the city.
Delivery of bonds will be made at purchaser's
net interest cost
the
bonds
expense.
MOORE
COUNTY
(P.
O.
DUMAS),
Texas—BONDS DEFEATED—
It is stated by the County Judge that at the election held on June 22, the
voters turned down the
proposal to issue $160,000 in lateral road improve¬
ment bonds.
succession
Burgwin, Scully &
Churchill of Pitts¬
burgh.
Bonds are payable from ad valorem taxes on the district's taxable
property within the tax limits prescribed by law.
They are legal invest¬
savings banks and trust funds in Pennsylvania.
RICHMOND, Texas—BOND ELECTION—It is reported that
tion will be held
issuance
on
an
elec¬
July 27 in order to have the voters pass on the proposed
concrete pavement bonds.
of $50,000
VERMONT
ments for
'
PHILADELPHIA, Pa.—RETIRES $9,000,000 OF
the
on
receptly issued serial bonds were made, City Treasurer Luther Harr
The retirement of maturing bonds cut the city's total bonded
debt to $518,700,600.
Subtracting the $146,462,000 in
announced.
city bonds owned
by the sinking fund, the net debt figure came to $372,236,600..
In the
transactions yesterday, the sinking fund itself received back
$7,089,751,
made up of $3,108,188 interest on bonds held
by the fund, $3,969,500 in
principal of maturing bonds held by the fund and $12,063 interest on city
bonds owned by the fire insurance fund.
The quarterly payment of $1,621,756 due the sinking fund on account of principal of city bonds had been
paid in advance last April, Mr. Harr said.
PORTER TOWNSHIP SCHOOL DISTRICT (P. O.. R. D. No. 2,
Jersey Shore), Pa .—BOND OFFERING DETAILS—The $12,000 build¬
.
ing bonds scheduled
interest at
to be sold on
rate of from 2
a
July 19—V. 1,50., p. 4167—are to bear
% to 4 %, in multiples of M of 1 %.
OXFORD, Pa.—BOND SALE—The $145,000
coupon
sewer
1946, $4,000
1947, $5,000 in 1948, $4,000 in 1949 and 1950, $5,000 in 1951, $4,000
1952, $5,000 in 1953 to 1957, $6,000 in 1958 and 1959, $5,000 in
I960,
?M00J^n 196*' *7,000 in 1962, $6,000 in 1963 and 1964, $7,000 in 1965 to
1968, $8,000 in 1969, and $9,000 in 1970. The purchasers re-offered the
bonds to yield from 1.25% to
2.30%, according to maturity.
in
in
RIDLEY TOWNSHIP SCHOOL DISTRICT
(P.
SALE—The issue of $50,000 improvement
—BOND
O.
Woodlyn), Pa-
bonds offered
July
1—V. 150, p. 3701—was awarded to Blair &
Co., Inc., New York, as
2 Ms, at a price of
100.339, a basis of about 2.47%.
Dated July 1, 1940
and due $2,000 on July 1 from 1941 to
1965 incl.
Second high bid of
100.63 for 3s was made by Burr &
Co., Inc. of Philadelphia.
Other bids
were from E. H. Rollins &
Sons, Inc. and
Harriman, Ripley & Co., Inc.
SCRANTON SCHOOL DISTRICT, Pa.—NOTE
SALE—The $750,000
anticipation notes, series of 1941, offered July 1 were awarded to
Co. of New York, at 0.77% interest, at par plus a premium
of$27. Dated July 2,1940. Denom. $50,000. Due June
20,1941.
Legality
to be approved
by Townsend, Elliott & Munson of Philadelphia;
Fisher,
tax
*
Mac Ewan & Co. of
Philadelphia.
.JHROOP SCHOOL DISTRICT,
Pa.—BOND
SALE—The
—was
issue
of
awarded to Fox,
Dated July 15,
,
ZELIENOPLE
w
SCHOOL
DISTRICT,
Pa.—BOND
OFFERING—
Luntz, District Secretary, will receive sealed bids until
7 p. m. (EST)
§ r
purchase of $17,000 third series coupon high school addi-
«i°nnn°?rnS™ 1943 to 1951, incl., and
$1,000 from iSq^ fiS? V 11940- ^o6^^1'000'
$2,000 from
to name a single rate of
interest, expressed in a
trict ^11 furnish the bonds.
Sale will be made
Due July 1
as
1952 to 1955, incl.
Bidder
f furnished with the aPpr?vi,n8 legal opinion of Burgwin, Scully
& Churchill
A certified check for $500, payable to order of
the district,
each proposal.
(District rejected all bids for $24,000 bonds offered
May 28, "because of a
Pittsburgh.
must
accompany
Q7nir?retatl0n as to amounts allowed for bonded indebtedness."—V.
P. 3701.)
150,
CAROLINA
BAMBERG, S. C.—BONDS SOLD—It
semi-annual
water
purchased at
to
(EST)
on
BOND hT—GTreasurer will ree City NIREFFO
July 10 for the purchase of $41,000
follows:
sidered.
Bonds
will be in $1,000 denoms.
Bidder to
name
one
rate of interest
in
a multiple of M of 1% for each issue.
Principal and interest on refund¬
ing water issue payable at the First National Bank of Boston; the other
issue at the Peoples Trust Co., St. Albans.
The bonds will be authenticated
as to genuineness and their legality will be approved by Charles D. Watson.
Esq., of St. Albans.
WASHINGTON
CLARK
COUNTY
(P. O. Vancouver), Wash.—
The
$264,000 issue of general obligation bonds offered for sale on June 28—V
150, p. 3864—was awarded to the Washington Trust Co. of Spokane, at
par, divided as follows: $117,000 maturing July 1; $10,000 in 1942and 1943:
$11,000 in 1944 to 1946; $12,000 in 1947 and 1948; $13,000 in 1949 and
1950. $14,000 in 1951, as 2s, and $147,000 maturing July 1: $14,000 in 1952;
$15,000 in 1953 and 1954; $16,000 in 1955, $17,000 in 1956 to 1958, and
$18,000 in 1959 and 1960, as 2Ms.
PIERCE
COUNTY
UNION
HIGH
SCHOOL
DISTRICT
NO/
204
(P. O. Tacoma), Wash.—BOND SALE—The $77,000 issue of school bondon June 29—V. 150. p. 3702—was awarded to the Washing¬
ton Trust Co. of Spokane, as 2s and 2Ks, paying par, according to the
County Treasurer.
offered for sale
WISCONSIN
OCONTO COUNTY
(P. O. Oconto), Wis.—BONDS TO BE SOLD—
It is stated by Josie M. Cook, County Clerk, that the county is offering
for sale at this time $100,000 3% highway improvement bonds.
Denom.
$1,000.
Dated July 1, 1940,
Due on Jan. 1, 1945.
Prin. and int. (J-J)
payable at the County Treasurer's office.
(This notice supercedes the offering report given on June 29—V. 150,
p. 4168.)
OFFERING DATE SET—It was stated subsequently by the above-named
County Clerk that bids will be received until July 24 at 2 p. m. for the pur¬
chase of the said bonds.
until 7:30 p. m. on July 16, by W. T. Whipp, City Clerk, for the purchase
of $50,000 school, 23rd series bonds.
Interest rate is not to exceed 3%,
Dated July 15, 1940.
Denom. $1,000.
Due Mar. 15, as
1941 to 1950, and $2,000 in 1951 to 1960.
Bidders must
attorney's opinion without cost
City Treasurer's office.
payable M-S.
follows: $3,000 in
agree to furnish printed blank bonds and
to the city.
Delivery will be made at the
WYOMING
SHERIDAN COUNTY SCHOOL DISTRICT No. 21
(P. O. Arvada),
Wyo.—BOND SALE—The $30,000 issue of coupon building bonds offered
on June 26—Y. 150, p. 4012—was awarded to the Bank of Commerce
of Sheridan, as 3Ms, at a price of 100.30, a basis of about 3.10%.
Dated
July 1, 1940.
Due on July 1 in 1941 to 1965.
for sale
WASHAKIE
COUNTY
HIGH
SCHOOL
DISTRICT
(P.
O.
Wor-
land), Wvo.—BOND OFFERING—Sealed bids will be received until 3 p. m.
July 20, by H. T. Emmett. Secretary of the Board of Trustees, for the
purchase of $100,000 coupon building bonds.
Interest rate in not to ex¬
ceed 3M%, payable F-A.
Dated Aug. 1, 1940.
Denoms. as the pur¬
chaser may desire.
Due $4,000 Aug. 1, 1941 to 1965.
The district re¬
serves the right to redeem any or all of the bonds on any interest payment
date on and after Aug. 1, 1955.
Enclose a certified check for $1,000,
payable to the district.
on
CANADA
SOUTH
1941
as
$12,000 not to exceed 4% interest refunding water bonds.
Dated Aug.l,
1940 and due Aug. 1 as follows: $5,000 in 1955 and $7,000 in 1956.
29,000 not to exceed 3 M% interest refunding bonds.
Dated Aug. 15,
1940 and due Aug. 15 as follows: $5,000 from 1955 to 1959 incl.
and $4,000 in 1960.
No bid for less than par and accrued interest for each issue will be con¬
follows:
multiple of 34 of 1 %.
Dis¬
subject to approval of issue
by the Pennsylvania Department of Internal
Affairs.
The purchaser will
°f
bonds, divided
WAUWATOSA, Wis .—BOND OFFERING—Sealed bids will be received
-BOND OFFERING—Harold E.
Rush, Borough Sec¬
retary will receive sealed bids until 7 p m. (EST) on
July 15 for the pur¬
chase of $15,000 coupon bonds.
Dated Aug. 1, 1940. Denom. $1,000.
Due Aug. 1 as follows: $1,000 in 1943
and $2,000 from 1944 to 1950 incl.
Bidder to name rate of interest,
expressed in a multiple of M of 1%.
Sale
oT bonds will be subject to
approval of proceedings by the Pennsylvania
Department of Internal Affairs.
A certified check for
$500, payable to
order of the borough, must
accompany each proposal.
The approving
legal opinion of Burgwin, Scully & Churchill of
Pittsburgh will be furnished
the successful bidder.
V
Vt.—
1940.
WHITAKER, Pa.
Esther
ALBANS,
ceive sealed bids until 7 p. m.
bonds of¬
fered July 1—V. 150, p. 4167—were awarded to
Charles Clark & Co. and
Hemphill, Noyes & Co., both of New York, jointly, as 2 Ms, at a price
of 101.149, a basis of about
2.18%. Dated June 1, 1940. Denom. $1,000.
Due June 1 as follows:
$1,000 in 1944, $3,000 in 1945 and
$50,000 school bonds offered July 1—V. 150, p. 4012
Einhorn & Co., Inc., of
Cincinnati, as 4 Ms, at par
and due $5,000 on July 15 from
1941 to 1950, incl.
ST.
DEBT—The city re¬
tired another $9,000,000 of its bonded debt on June 28.
At the same time
the semi-annual interest payments of
$11,145,905 on term bonds and $74,-
par
works
and
electric
by the Bamberg
1944.
is reported
that $24,000
GRANBY
CATHOLIC
SCHOOL
COMMISSION, Que.—BOND OF¬
FERING—The Secretary of the commission will receive sealed bids until
2M%
plant refunding bonds have been
County Bank of Bamberg
Due in
July 8 for the purchase of $46,500 improvement bonds.
Due as follows:
$1,500 from 1941 to 1943 incl.; $2,000, 1944 to 1950 incl.; $2,500, 1951 to
1955 incl.; $3,000, 1956 to 1959 incl. and $3,500 in 1960.
Bidder must
make two offers, one for 3M% bonds and the other for 4s.
@FedFRASER