The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
DANA COMPANY. NEW
COPYRIGHTED IN 1840 (rmUIAM B.
Vni
VUL
YORK.
Issued Weekly 40 Oents a Copy—
1Rfi
luu,
518.00 Per Year
ENTERED AS SECOND-CLA8S
MATTER JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACTOF MARCH 3, 1878.
NEW YORK, JUNE 1,1940
KIA
William B. Dana Co., Publishers,
25
THE
BROOKLYN TRUST
CHASE
BANK
NATIONAL
COMPANY
OQ1 fl
Itv/. J3J.U*
Spruce St., New York City
OF THE CITY OF NEW YORK
Chartered 1866
George V. McLaughlin
Maintaining effective cor-
President
BROOKLYN
NEW YORK
Member Federal Deposit Insurance
Corporation
N E W
:-
/
respondent bank service
is
a
traditional
policy of
the Chase National Bank.
YORK
Broaden your customer
service
with
Chase
cor-
respondent facilities
Hallgarten & Co.
Member Federal Deposit
Insurance
?
Corporation
18 SO
Established
STATE
AND
NEW YORK
Chicago
London
,
MUNICIPAL
7'0: City of
BONDS
Philadelphia
PUBLIC UTILITY
Bonds
rhe
INDUSTRIAL
FIRST BOSTON
RAILROAD
CORPORATION
MUNICIPAL
'
NEW YORK
::
BONDS
^
SAN FRANCISCO
PHILADELPHIA
AND OTHER
Moncure Biddle & Co.
BOSTON
M
CHICAGO
PHILADELPHIA
.
PRINCIPAL CITIES
AC.ALIXN«® COMPANY
INCORPORATED
;
CHICAGO
Boston
Philadelphia
Milwaukee
Omaha
New York
Detroit
PACIFIC NORTHWEST
SECURITIES
New York Trust
Company
Capital Funds. $37,500,000
DrumhdW. Ehriichman
Seattle
Exchange Bldg.
| OTIS & CO.
(Incorporated)
-
IOO
Established 1899
New York
CLEVELAND
BROADWAY
Commonwealth of Pennsylvania
Turnpike Revenue 3%% Bonds
Chicago
Due
August 1,1968
BOUGHT—SOLD—QUOTED
MADISON AVENUE
R. H. Johnson & Co.
AND 40TH
STREET
Members
We solicit your
YArnall & Co.
Members New York Stock Exchange
New York Stock Exchange
New York
New York Curb Exchange
Telephone—WHltehall 4-4923
A. T. & T.
St.
64 Wall
New York
ONE EAST
PHILADELPHIA
BOSTON
inquiries
Teletype—Phla 22
1528 Walnut Street,
Philadelphia
57TH STREET
DeHaCen & Townsend
Carl M. Loeb, Rhoades & Co.
Established 187 k
61
BROADWAY
Member
NEW YORK
London
Parts
Amsterdam
Geneva
of the
Federal Deposit
Insurance Corporation
NEW YORK
20 Broad
St.
PHILADELPHIA
1513 Walnut St.
Chronicle
The Commercial & Financial
n
June 1,
1940
Dividends
German Government International
Di vidend Notice
5y2% Loan 1930 (Young Loan)
The Board
Pursuant to the official statement
published by the German
May 29, 1940, the undersigned
Company hereby gives notice that the June 1, 1940 coupons
appertaining to bonds of the American Tranche of the Young
Loan stamped "U. S, A. domicile 1st October 1935" will be pur¬
chased on and after the date of maturity either at the office of
J. P. Morgan & Co. Incorporated, 23 Wall Street, New York
City, or at any of its own offices in the United States. The
purchase price will be $20 per $27.50 face amount of such coupon,
which is the same price as heretofore paid by the undersigned
Company for stamped coupons of the Young Loan which matured
on December 1,
1935, and which have matured since that date
up to and including December 1, 1939.
Consulate General in New York
of
on
Holders who fail to avail themselves of this offer
as
those
on
which
Reichsmarks
have
have
regular quar¬
terly dividend of $1.37K per
share on the S%% Cumulative
Convertible Preferred Stock of
this
Corporation payable July 1,
of record
stockholders
1940
to
June
14.
be
Checks will
1940.
mailed.
S.W. DUHIG,
Vice-Pres. and Treas.
May 24,1940
whose
or
June 1, 1940 coupons are not stamped with the above-quoted
legend may obtain Reichsmarks (Young Marks) on the same
terms
Directors
declared the
heretofore
UNION OIL
SHELL
been
COR PORATION
offered for the June 1, 1935, and subsequently matured coupons
of unstamped bonds
of the Young Loam
,
HAMBURG-AMERICAN LINE
May 31, 1940.
57 Broadway, New York, N. Y.
THE ATLANTIC REFINING CO.
PREFERRED
NUMBER
DIVIDEND
17
Dividends
At
a meeting of the Board of Directors
held May 27. 1940, a dividend of
one
NATIONAL BANK
Earnings Record
of EGYPT
Heed Office
An
indispensable record of care¬
fully compiled earnings statements,
revised and published monthly
.
the
.
file
with
the
.
.
1940.
5,
Checks will
W.M. O'CONNOR
Secretary
PI ECTRIC
from
King William Street, E. C. 4
of
principal Towns in
obliged
to
Com*
STORAGE BATTERY CO.
The Directors have declared
Branches in all the
Interstate
declared
Stock,
£3,000,000
6 and 7
returns
was
Preferred
£3,000,000
.
RAILROADS
the monthly
Class I road
share
May 27/1940
FULLY PAID CAPITAL
THE
Gives
July
be mailed.
LONDON AGENCY
STEAM
per
Cairo
RESERVE FUND.
PART I
every
($1)
Cumulative
Convertible 4% Series A, of the Com¬
pany, payable August 1, 1940, to
stockholders of record at tne close of
business
Cairo
......
Commercial Register No. 1
dollar
on
The Monthly
EGYPT and the SUDAN
the
Accumulated
Sur¬
plus of the Company a divi¬
dend of Fifty Cents
($.50)
per share on the Common
Stock and
the
Preferred
Stock,
payable
June 29, 1940, to stockholders of record of
both of these classes of stock at the close of
Commission, with com¬
parisons for two previous years.
Also gives supplementary state¬
merce
business
June
on
mailed.
Checks will be
1940.
8,
7V
\
H. C. Allan, Secretary
Dividends
ments for the current month and
and Treasurer.
Philadelphia, May 17,1940.
■
to date, showing income,
year
fixed
charges,
dividends,
&c.,
and selected balance sheet items.
AMERICAN
CAN
PART II
INDUSTRIAL
MISCELLANEOUS
Gives latest available monthly,
quarterly or semi-annual earn¬
ings statements, with compari¬
sons
for one or more previous
years.
Is a cumulative record,
figures for the latest available
period being repeated until the
next reports are
available.
$
able July 1st, 1940, to
at
the
close
Transfer
of
May 28, 1940
Books
will be mailed.
will
R
Allied Chemical & Dye Corporation
has declared quarterly dividend No. 77
of One Dollar and Fifty Cents ($1.50)
per share on the Common Stock of the
Company, payable June 20, 1940, to
Stockholders of record
business
June
remain
14th,
open.
1940.
common
Checks
stockholders of record at the
close of business June 8, 1940.
W. C. KING, Secretary
A_ BURGER> Secretary.
THE ALABAMA
Protects your
Magazines
InsizesuptolZs&Minches
Foreign Pottage Extra Single Copiee $1.00
Price $2.00 each
Plus postage
WILLIAM B. DANA COMPANY
Prices for larger sizes
on application
NEW YORK CITY
Railroad
Company
has
been
declared
payable
June 28, 1940, to stockholders of record at
close of business June 8, 1940.
the
A dividend of six per cent. ($3. per share) on the
Ordinary Stock has been declared payable Jane 28,
1940, to stockholders of record at the close of
business June 8, 1940.
C. E. a. McCarthy, Vice-President and Secretary.
THE
Spruce St., New York City
COMPANY
New York, May 28, 1940.
A dividend of six per cent. ($3. per share) on the
Preferred Stock of The Alabama Great Southern
The "EXPANDIT" Binder
35
GREAT SOUTHERN
RAILROAD
The "EXPANDIT" Binder
$8.50 PER YEAR
gff Sprue* Street
Corporation
Broadway, New York
STOCK
28th, 1940 a quarterly dividend of
one and three-quarters per cent was declared
on the Preferred Stock of this Company, pay¬
On May
UTILITIES
S UBS CRIP TION PRICE
61
"
PREFERRED
PUBLIC
Allied Chemical & Dye
COMPANY
CHESAPEAKE
AND
OHIO
RY.
CO.
A dividend for
the second quarter of 1940 of
dollar per share on Preference Stock, Series A,
and of sixty-two and one-half cents per share on
one
$25 par common stock
"Security Dealers ofNorth America"
A
directory of Stock
($2.50
per snare on $100
stock) will be paid July 1, 1940, to
stockholders of record at close of business June 7,
1940.
Transfer books will not close.
par common
H.
•ad Bond Houses
J.
F.
LOHMEYER, Secretary.
I. Case
Company
Strong—Rugged—Dependable
Incorporated
HERBERT D. SEIBERT & CO
standing Preferred Stock of this Company has
been declared payable July 1st, 1940, to holders
of record at the close of business June 12th, 1940.
Racine, Wis., May 27, 1940.
A
Publishers
25
Spruce Street
New York Cit«-
dividend of $1.75
per
share upon the out¬
THEO. JOHNSON, Secretary.
JUNE 1,
Vol. 150
1940
No. 3910
CONTENTS
Editorials
The Financial Situation_
-
--3401
—
Taxes, the Inevitable
3415
...
3416
The Mexican Oil Controversy
Comment and Review
The Business Man's Bookshelf
Week
the
on
3420
.
European Stock Exchanges
3406
Foreign Political and Economic Situation
3406
3412 & 3454
----
Foreign Exchange Rates and Comment
Course of the Bond Market
3419
1
Indications of Business Activity
Week
on
the New York Stock
Week
on
the New York Curb
3422
Exchange
3404
Exchange
3453
News
Current Events and Discussions
Bank and Trust Company
General
-3434
_
J.
Items
...
3452
.
Corporation and Investment News
3499
Dry Goods Trade
State and
3542
Municipal Department.
3543
-
Stocks and Bonds
3463 & 3465
3456
Foreign Stock Exchange Quotations
Bonds Called and Sinking Fund Notices
J...
Dividends Declared
Auction Sales
-
_
_
_
..3456
—
-
_.
-* — -
Exchange—Stock Quotations
3466
York Stock Exchange—Bond Quotations.3466 & 3476
New York Stock
*New
.3456
—
New York Curb
-
..3482
Exchange—Stock Quotations
*New York Curb
3486
Exchange—Bond Quotations.
Other Exchanges—Stock
3488
and Bond Quotations—
Canadian Markets—Stock and Bond Quotations
-3492
Over-the-Counter Securities—Stock & Bond Quotations-3495
Reports
....3411
Foreign Bank Statements
3454
Course of Bank Clearings
...3434 & 3463
Federal Reserve Bank Statements
General
-.3499
Corporation and Investment News..
Commodities
The Commercial Markets and the
Crops.
Cotton
Breadstuff s
*
on
.
3535
-
.3540
Attention is
directed to the new column incorporated in our tables
Curb Exchange bond quota¬
pertaining^to bank eligibility and rating.
New York Stock Exchange and, New York
tions
Published
3532
-
—
Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New
York City, N. Y.
President and Treasurer; William D. Riggs, Business Manager.
208 South La Salle Street (Telephone State 0613).
London
Edwards & Smith, 1 Drapers' Gardens, London, E.G.
Copyright 1940 by William B. Dana Company.
Entered as second-class matter
June 23, 1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions in United States and I ossessions, $18.00
per year, $10.00 for 6 months; in Dominion of Canada, $19.50 per year, $10.75 for 6 months.
South and Central America, Spain, Mexico and
Cuba, $21.50 per year, $11.75 for 6 months; Great Britain, Continental Europe (except Spain), Asia, Australia and Africa, $23.00 per year,
$12.50 for 6 months.
Transient display advertising matter, 45 cents per agate line.
Contract and card rates on request.
no IE: on account
of the fluctuations in the rates of exchange, remittances for foreign subscriptions and advertisements must be made in New York runds.
Herbert D. Seiberfc, Chairman of the Board and Editor; William Dana Seibert,
Other offices: Chicago—In charge of Fred H. Gray, Western Representative,
The Commercial & Financial Chronicle
IT
June 1,
1940
OF SALE
NOTICE
$176,000
TOWN OF BETHLEHEM,
in the County
NOTICE
OF REDEMPTION
To Holders and
New York.
Sealed proposals will be received and considered
by the Town Board of the Town of Bethlehem,
County of Albany, at 388 Kenwood Avenue,
in
Delmar, New York, until
WEDNESDAY,
THE
12Tk DAY OF' JUNE, 1940, AT 2
O'CLOCK, P. M., Eastern Standard Time, for
the purchase of $176,000 Water District Number
in the
(Incorporated in New Jersey)
SERIAL NOTES
2%% Series due 1945
One Bonds of the Town of Bethlehem, dated
May 22, 1940, and maturing, $4,000 of bonds on
May 22nd in each of the years 1941 to 1954, in¬
clusive, and $5,000 of bonds on May 22nd in each
of the years 1955 to 1978, inclusive.
The bonds
will consist of one hundred and seventy-six bonds
of the denomination of $1,000 each.
The bonds
will be coupon bonds, with privilege of conversion
into registered
bonds. Both principal of and
interest on the bonds will be payable in lawful
money of the United States of America at the
branch office of the National Commercial Bank
and Trust Company in Delmar, Albany County,
Series due 1944
2%% Series due 1946
2V2% Series due 1947
HEREBY
IS
NOTICE
GIVEN that, pursuant to the
provisions of the Indenture dated July 1, 1938 between the
undersigned and The Chase National Bank of the City of
New York, as Trustee, all of the Serial Notes of the several
series thereof, to wit,
New York.
1?4% Series due 1943
2£4% Series due 1945
2%
Series due 1944
234% Series due 1946
254% Series due 1947,
now
Bidders
which
are
invited to name the rate of interest
bonds
the
be
must
Series due 1944 at 101%% of the principal
sum
2%% Series due 1945 at 101%% of the principal
sum
2%% Series due 1946 at 101%% of the principal
sum
2%% Series due 1947 at 102%% of the principal
sum
thereof
thereof
thereof
thereof
thereof
bonds will
is reserved to reject any
The nonds are authorized to be issued pursuant
York, for the purpose
making improvements to the water supply
in Water District Number One in the
Town of Bethlehem.
The bonds are payable in
the first instance from a levy upon the property
in the Water District, but, if not paid from such
of
system
levy, the Town is authorized and required by law
to levy on all the taxable property of the Town
such ad valorem taxes as may be necessary to pay
the bonds and the interest thereon, without limi¬
tation
as
to
will
bidder
J. P. Morgan & Co. Incorporated, 23 Wall Street, New York,
N. Y., of the Serial Notes and, in the case of Serial Notes in
coupon form, with all coupons thereto appertaining maturing
on and after January 1, 1941.
Serial Notes in registered form should be accompanied by
or
amount.
furnished with
rate
be
The successful
the opinion of
Reed, Hoyt, Washburn & Clay, of New
York City.
Proposals may be mailed in a sealed envelope
marked on the outside "Proposal for Bonds" and
addressed to the undersigned Town Clerk, at
Messrs.
Delmar, in Albany Co., N. Y.
Bidders must
deposit with their bids a certified check for $3,520,
duly executed assignments or transfer powers in blank.
After such redemption date, July 2, 1940, no interest shall
accrue upon or in respect of any of the Serial Notes of the
several series thereof and all coupons maturing subsequent
'own against
?ayable to theany loss resulting from asecure the
order of the Town, to failure of
the bidder to comply
with the terms of his bid.
Purchasers
accrued interest from the
date
the date of delivery.
must pay
of the bonds to
interest will be allowed upon
July 2, 1940, shall be without force or effect.
No
the amount of the
deposit made by the successful bidder.
A detailed report of essential facts will
OIL COMPANY
mitted
to
be sub¬
The average
interested bidder.
any
assessed valuation of real estate subject to taxa¬
(Incorporated in New Jersey)
31,1940.
of the bonds will be
less than all
The right
all bids.
to the Town Law of New
payment is legal tender for public and private debts, upon
surrender on and after such redemption date, at the office of
Dated May
bid for
No
or
redemption prices will be paid in such coin or
of the United States of America as at the time of
STANDARD
lowest rate of interest, the
same
be awarded to the bidder offering the
considered.
The several
to
per
must not
highest premium.
together with interest accrued thereon to the date of
redemption thereof.
currency
of one
(6%) and must be the same
The bonds will be awarded
to the bidder offering the lowest rate of interest,
without regard to premium, and if two or more
bidders offer the
sum
of one-quarter
exceed six per centum
for all of the bonds.
principal amount of $35,000,000. will be redeemed and paid on
July 2,1940, as follows:
134% Series due 1943 at 100%% of the principal
The rate named
bear.
to
are
multiple
a
centum or one-tenth of one per centum,
outstanding under the said Indenture in the aggregate
2%
ONE
BONDS
STANDARD OIL COMPANY
2%
NUMBER
DISTRICT
WATER
Registered Owners of
1%% Series due 1943
of Albany,
tion by the Town, as determined by the last
completed assessment roll and the four preceding
assessment
rolls, is
$11,895,208.00; the total
bonded debt of the Town including the bonds
described above, is $788,500.00; the population of
the Town according to the most recent United
States Census is 7160 (1930); the bonded debt of
the Town does not include the debt of any other
subdivision having power to levy taxes upon any
or all of the property subject to the taxing power
By W. S. FARISH. President
of the Town.
,
_
The fiscal year
1st.
,
of the Town begins on January
levied by the Town
The amounts of taxes
for the fiscal
years
beginning January, 1, 1937,
January 1, 1938, and January 1, 1939, were, re¬
spectively, $268,132.66, $308,283.51, and $298,781.54; the amounts of such taxes uncollected at
the end of the respective fiscal years were $11,212.82,
$14,187.13,
and
$3,847.52; and the
amounts of such taxes which remained uncollected
as of the date of this notice,
were, respectively,
$467.18, $1,837.82 and $3,847.52.
The amount
of taxes levied for the current fiscal year was
$322,427.47, and the amount of such taxes which
have been collected is $301,634.25.
The period of probable usefulness of the object
or purpose for which the bonds are to be issued
is 40 years.
Offer to Holders of Certain
Hungarian Municipal, Ecclesiastical and
Private Long-Term Bonded Debts
•
..
,
The
Cash
Office
of
By order of the Town Board.
Dated, May 22nd, 1940.
Credits
at
ROBERT
$■
.
Foreign
Budapest, Hungary,
hereby
announces
F. WESTERVELT,
Town Clerk.
that pursuant to the Offer of the Cash
Office, published on July 23, 1937, it will
redeem coupons of the maturity, and with respect to the issues, hereinbelow
specified,
during the period
bond.
stated,
at the rate of
$8.75
per
coupon
detached from
a
Dividends
$1,000
Such payment will be made through its Central Paying Agents in New York,
TRUST COMPANY, 46 William Street, New York, N. Y.
SCHRODER
This Offer does not apply to coupons attached to any of the securities below
which shall have been stamped and registered as being in Hungarian
ownership under the Decree of the Hungarian Cabinet Council, No. 300/1936 M. E.
and is made only to persons resident outside of the Kingdom of Hungary or firms or
corporations situated outside Hungary, excluding branches thereof in Hungary.
mentioned
Coupons
presented
in
acceptance
of
this
Offer
must
be
transmitted
CARBIDE
UNION
AND
to
CARBON
CORPORATION
SCHRODER
TRUST COMPANY, as Central Paying Agents of the Cash Office of
Foreign Credits, together with a form of letter of transmittal which is obtainable
such Paying Agents.
▼
from
Name of Issue
CITY
OF
6%
7Va%
gage
Offer Expiree
June 1,1940
November 30,1940
AND
1927
HUNGARIAN
—
BANK
June 1, 1940
November 30,1940
LTD.
thirty-five year Sinking Fund Mort¬
Gold Bonds, Dollar Issue
June 1, 1940.
A
cash dividend of Sixty cents
(60c.)
BUDAPEST, Externa] Sinking Fund
Gold Bonds of
BRITISH
Coupon Date
per
share
on
the outstand¬
ing capital stock of this Corpora¬
tion has been declared, payable
July 1, 1940, to stockholders of
record at the close of business
June 7,
1940.
ROBERT W. WHITE, Treasurer
The Financial Situation
WITH all the depressing alarms from a Europe
"swept with confused news of struggle and
additional
tax
by
revenue
means
of
hastily formulated
a
Meanwhile, advantage is to be taken;
program.;
flight," and admidst all the turmoil here at home
of the
where
to do what the Administration has
we
to
seem
proceed "as
where ignorant armies clash
ments
the
been such
feel
pressure
President
by night," certain ele¬
ists to his side.
are
respon¬
concessions
finding the
of
defense
comfort to
enormous
Obviously, of
be
at
is about
more
perplex¬
but
faced,
steps thus taken
templation
have
been
con¬
All
mon sense.
A
that it will prove to
com¬
train
virtually
may
be,
a
cause
it
will to
public debt.
Executive
aspects.
As to other
quirements,
many
he
will,
latter,
situation.
mind
we are
Congress in the
es¬
re¬
in
part
a
public
Thoughtful
ments.. and agencies
000,000),
($952,-
general
public
works program
($641,000,-
000),
agriculture
aids
to
($904,000,000), aids to
these facts with
than they feel
a
are
great
work relief ($123,
000,000), relief (other)
($1,125,000,000).
on May 29.
today pondering
deal
more
concern
regarding the progress of de¬
fense appropriation bills
through Congress.
These items alone total
to
ap¬
a
even
hysteria, the President has
or more
now
to his demands
of national defense. This
being asked in the
name
therefore precisely as
problem
created
as
one
($4,490,000,000)
sum
larger than that
of national defense.
logical to consider
concerned
with
our
meeting
a
now
It is
fiscal
deficit
by reckless outlays wholly unrelated to
tional defense
defense
so¬
security ($437,000,-
000),
statement issued
citizens
as
deficit."
it is to
It
of
provision for civil depart¬
re¬
name
The
consist
60%
cial
tors
added another billion dollars
upon
$4,000,000,000,
substantial
very
ex¬
some¬
youth ($308,000,000),
at once confronted with the fiscal
upon
over
to
come
roughly 40%.
maining
as have been
condemned by military
industrial experience.—Board of Direc¬
of the National Association of
Manufac¬
In what must appear to many as a state of
bordering
or
facilities.
parently, have to learn for himself. Turning first to
these
pro¬
duction
of then-
in
huge amount
and
effective pro¬
gram are
year.
thing
this extent prevent increase
But it is clear that tax laws
sound social legislation. They do
the removal of such
legislative and ad¬
ministrative restrictions on industrial
pro¬
turers in
ex¬
first
penditures
ment of any
doubtless learn from them
an
be
may
during
posed, national defense
mean
will
quickly what the
is
Government plants and in those
private in¬
dustries essential to defense.
None of these
things requires the abandon¬
speak their minds freely,
Work
the
Of this
highly important also that provision be
made for the
capacity operation, night and
day, of new and existing facilities both in
to
that
eight months of the
It is
seeking
fact
appropriations
regulations must be modified to permit
wiping out the investment during the useful
new
ended
year
30, 1941, disregard-1
pended
emergency
the
as
Projects Administration
industry
required ade¬
the
a
proposed outlays
ing the
neces¬
orders promptly,
when
have
we
during the fiscal
and
be done
permitted
of
June
many
Ample private capital is available to
finance the
necessary expansion of plant and
equipment• Its use must be encouraged be¬
executives from whom the
sentials of
Given the
all the skilled labor
valueless
life of the
now
total
through.
exists in
and
amounting roughly to
$10,600,000,000
of those
passed.
If the industrial
is
sum
experience, will be
is, in main outline, clear
very
during
recent weeks to those
pro¬
Production for national defense
requires
the expansion of
plants and equipment which,
in the light of World War
early future.
Chief
Presi¬
dent has requested
quately and quickly.
effective action in the
are
procurement
sary
in
What must yet
shortage of skilled labor
possible speed.
forerunner of further and
the
Add the funds the
vital to
national defense.
A
reservoir of such labor must be created with
the greatest
be, and it is to be hoped
President
set
Such, however,
obviously not the fact*
is
occupations
sug¬
showing"
this
Placing the job in the hands
program can and will be carried
obliged at
a
ing to the demands of
advice
upon
its mind.
by experience to execute it will
command public confidence that the
planned
facing facts and of yield¬
enough.
expenditures
posed at the beginning of
can
more
un¬
which the nation has
and
best qualified
the
in
or
strongly
least to "make
of
one
deficit
the year,
costs.
gest that the powers that
be
fense
Unless this is done, the
processes
production by manufacturers will be con¬
stantly hampered and the program of defense
will be subject to
long delays and very high
present) solves
is
nation
will give aid
potential national enemy.
faced is
a
avoidably created by de¬
Obstructions
production
now
financing
of
is
as
ing problems by which the
nation
a
sabotage.
of
tions, purchases, inspection and. delivery.
For successful results
procurement must be
puf in the hands of practical, experienced
what
(as far
of the
none
or
outside
fiscal
civilians.
done
known
name
course,
country is
efficiency will imperil the
the
problem by which the
Our own experience in the
great war, the
Allies' experience thus far in this
war, show
that the bottleneck of
supply is procurement
—the term procurement
embracing specifica¬
otherwise.
has been done
to
the
in
and
as
industrial
to
outlays planned by the Ad¬
ministration
much
would
one
that
suppose
itself.
to economic
as
for the
this
handicaps to industry in
production for' the nation's protection are as
dangerous as fifth column intrigue. Barriers
the
in
,
Defense Deficit
a
From the discussions in
It is evident that
artfully dodging
the question of
money
to defend
be
problem
hand.
Washington
tragic hour has taught is
that capacity and efficiency in manufactur¬
ing production determine a nation s ability
Doubtless
forces
matter of
debt limit and thus be rid of the troublesome
of find the funds for the
purposes in
The Real Defense Problems
The lesson
long unquestion-:
able wanted to do but has feared to do—raise the
Not
a num¬
the rank and file
among
has
sible for what appear to
some
existing state of mind
to lead him to
as
obliged to call
same
be taking form.
of informed public opinion,
ber of eminent industrial¬
the
darkling plain
a
of encouragement appear to
Evidently, the
upon
on
speak of it
is, of
course,
as
a
na¬
"national
not possible to
brings proposed expenditures to a figure well above
relieve the
$4,000,000,000 for national defense, and total outlays
a point far in excess of the most
extravagant ideas
budget of the whole of this $4,490,000,000,
but there
can
very
to
of
all
Washington spenders in recent
this, it is
now
years.
proposed to raise
some
be
no
valid
excuse
materially reducing the
whatever for not
amounts
so
appro¬
Over against
priated.
$656,000,000
nearly $2,250,000,000 would be effected in the deficit
If they
were
cut in half
a
reduction
of
which must otherwise reach 'a
ever
known in this country in
concession
sanity
made to
now
and raising
figure farA above
peacetimes.
any
Yet the
popular demand for fiscal
to consist merely in increasing the
appears
tax burden in hit
list of
miss fashion
or
the debt limit!
No
newly acquired advisers
by some $656,000,000
in the President's
one
appears
to have been
assigned the task of telling him what to do about
budget that has gotten horribly out of hand, but
would suppose
that,
he to free himself of
what that
On the industrial and
his side
transportation side of the
the President has unquestionably called to
program
able
some
(which we are advised to forget) give such orders
normally would be necessary to accomplish the
tasks
step on the part of the Chief Executive is
The fact
remains, however, that the status of these
individuals is at the present
and moreover,
the
moment far from clear,
appointed by the President
group
"to advise in national defense matters contains
individuals
whose presence
nated functions raise
price stabilization in the
presently
get specific things done remains yet to
The
seen.
is to be said of the other
same
bers of the group
is
another
figure whose
in
presence
an
im¬
portant post will cause many to reserve judgment.
But
precisely what is the status of the
how?
It is
spoken of
as
group, any¬
"an advisory commission"
technically responsible to the Council of National
Defense
able
composed of
members of
President is
press
a group
quoted
as
Cabinet, but the
urging the public through
representatives to "forget all about" this Cab¬
inet group.
sion to
To whom, then, is the advisory commis¬
give advice?
give the orders and by what authority?
Is the work
of these individuals who
ishly, and at
a
have unself¬
real sacrifice, consented to respond
to the call of the
President, after all, to be purely
in
point in his "fireside chat"
on
"We must make sure,
be
dent is
breakdown
no
social
name
quoted
as
*
assigned to the group, the Presi¬
saying that Mr. Stettinius is to
supervise the steady flow of
mines to factories and
raw
materials from
beyond to the point of fabri¬
cation; Mr. Knudsen is to be in full command of
industrial
manufacturing of tanks, airplanes,
en¬
in all that
we
We have carried on
offensive
an
on
war
industries, including the training of
apprentices for noncombatant duties such
crews
for air
related
fields, radio operators,
camp
as
ground
cooks and
personnel problem; and Mr. Budd is to take
against social and economic inequalities and abuses
which had made
our
society weak.
be broken down
now
ment of those who would
the
use
That offensive
by the pincers
"There
is
nothing in
present emergency to
our
justify making the workers of
longer hours than
orders
come
of
tens
in and
thousands
nation toil for
our
limited by statute.
now
as
of
people, who
are
tify
should not be reduced.
hope, indeed, that the
will
cause
many
"There is
tify
businesses which
nothing in
our
ployment insurance.
I
below the
now pay
bring their
wages up.
present emergency to jus¬
breaking down of old
a
It is my
speed-up of production
new
minimum standards to
pensions
age
would rather
tems extended to other
groups
or unem¬
see
who do not
the sys¬
now en¬
joy them.
"There is
tify
a
nothing in
our
present emergency to jus¬
retreat from any of our social objectives—con¬
servation of resources, assistance to
agriculture,
housing, and help to the under-privileged."
If these words have
any
this group
advice they give, in
must
meaning at all they put
of advisers definitely
influence they
any
may
notice that in
on
orders they
exert
upon
may
reform
legislation
policy that has of late
everywhere.
and
years so
issue,
industry they
operate within the frame work of the
miscalled
mass
of
administrative
burdened industry
This much, and further, of course, that
there is to be
no
effort whatever at
sane
fiscal
man¬
agement, the President has made abundantly and
distressingly
clear.
cies
Fantastic
and
extremely
labor, mini¬
wages, and administrative attitudes and poli¬
thereunder
are
to
remain
in
force
and
be
strictly observed and enforced.
Union domination
is to be
as
encouraged in the future
the present.
courage
efforts
on
the part of recipients to fit them¬
effect.
in
jobs and to seek real jobs.
utility industry
strait-jackets in the future
past.
in the past and
Relief operations will continue to dis¬
ties markets and the
unem¬
lowering of the standards of employmennt.
a
Minimum wages
might threaten quick deliveries,
vise," "to be in full command," and the others of
now
more
done,
"There is nothing in our present emergency to jus¬
bottlenecks which
Now, the words "super¬
As
work has to be
more
ployed, will receive employment.
selves for real
words to that
move¬
present needs of
physical military defense to destroy it.
charge of all transportation problems and prevent
or
years.
broad front
a
mum
so-called
of the great
have made in these past
we
in the program
employment policies in the
one
do, that there
troublesome laws concerning hours of
after the first processing stage; Mr.
At
May 26, the Presi¬
gines, uniforms, and the multifarious items needed
Hillman is to co-ordinate
have
appear to
advance.
cancellation of any
or
gains which
in any
Who'Will Give Orders?
in
answers
dent said:
any
advisory?
Despite the
equally pertinent questions
conclusively answered
Advice without vigorous and
intelligent action is, like faith without works, dead.
Who is to
questions which
convincing
instances must await actual developments.
of obviously unsuit¬
President's
the
Probably
answer.
the
Questions Answered in Advance
Mr. Hill-
consumer.
or
permit them to be
or
of
some
mem¬
charged with looking after the in¬
terests of the farmer and the
man
materials field, will
thorn in the flesh of his associates
prove a
directed to
raw
are
cer¬
and whose desig¬
orders
necessary
These
Other
derson, charged with the duty of directing efforts at
be
the
issue
issued?
should not
misgivings. Whether Mr. Hen¬
If authority be assumed,
assigned them?
presently be granted, would the President either
of wide 'business experience.
men
heartening and full credit should be freely given.
tain
cil
been
Industrial "Advice"
these gentle¬
can
as
some¬
thing is.
This
for that matter, the President or the Coun¬
to tell him either
or
what authority
men, or,
many
no one
import do not usually mean merely to give
But by
await
something must be done
June 1, 1940
advice.
some
were
receiving, he would need
that
a
one
similar
extremely unfortunate advice he has been
the
of
Chronicle
The Commercial & Financial
3402
no
are
The securi¬
to be kept
less than in the
Practical executives like Mr. Stettinius and
Volume
Mr.
Commercial & Financial Chronicle
The
150
Knudsen
must
3403
Federal Reserve Bank Statement
inevitably find that these are
grievous burdens to be borne in undertaking the
tasks
assigned them.
But, of
Knudson
knows
will
find,
soon
indeed
as
he doubtless
already, that to step up production of the
kinds of goods required in
many
Mr.
this is not the full story.
course,
degree remotely
a
resembling that which the President evidently con¬
siders
essential, there must be greatly enlarged cap¬
ital facilities at many
tions to
is
plant and equipment, funds, of which there
lack in this
no
To obtain sufch addi¬
points.
country, must be invested in sub¬
But funds
stantial amounts.
not
are
likely to flow
freely into such enterprises unless the terms and
conditions of their investments
reasonable
a
assurance
fair return.
that
such
are
of something
to
as
give
in the nature of
Among other things it is necessary
prices paid for finished goods must be great
enough to make possible write-downs of such plant
and
equipment at
able
a
rate corresponding to the prob¬
the facilities
profitable employment of
It likewise
cerned.
their
means
that income tax laws
interpretation must be such
for tax purposes.
write-downs
as
is yet
the part
on
Is the government
No conclusive
of the Administration to
prevent profit thought by it to be large, and unoffi¬
cial
from
word
taxes
the
Department
Treasury
certainly do not suggest that it is.
situation not
about
Here is
a
likely to be affectively remedied by
government loans, whatever form they may take.
"cooperation"
by business in this national defense program, and
there is every reason
to believe industry is ready to
cooperate in every way open to it.
Business
what may
befall competitors who do too much co¬
operating.
Not only is there no indication of a let¬
in anti-trust prosecutions, but warnings
ting up
have been issued
by the Attorney General that the
would
laws
anti-trust
be
vigorously
employed
against those believed to be violating them in con¬
with
nection
seems
to be
dent is
By
many
it
supposed that the assistance the Presi¬
seeking from industry would in large part
the
take
defense program.
the
form
of
informal
understandings which
these
leading industrialists would be able to per¬
suade
producers and others to enter with each other.
Neither the President nor his advisers are endowed
to oblige producers to do many things
that
might be conducive to effectiveness in arming,
and
no
such
powers
ought to
Yet effective voluntary
them.
be bestowed
otherwise be had,
present circumstances probably often be
some
of the larger problems involved in
the
preparedness task that the President has set
the
country.
There is as yet all too little evidence
their essential quality are un¬
that their nature and
derstood in Washington.
The faltering steps that
the Administration is now
taking in the right direc¬
tion must not be
upon
it to
credit
through
gain of
a
go
permitted to lighten the pressure
much further.
should but stimulate
But this factor for an increase
resources
flected
Other
both
offset
about
just
in circulation by $72,-
The currency advance re¬
holiday and month-end requirements.
changes in the credit position were relatively
minor.
bank
Member
slightly, and
fell
was
currency
000,000 to $7,685,000,000.
$10,000,000 to
an
deposits
reserve
excess reserves over
receded
legal requirements
officially estimated total of
Unless the Treasury borrows fresh
$6,360,000,000.
this month, it appears probable that idle
money
credit
resources
again will mount in coming weeks.
Private demand for credit accommodation still
fails
improve, notwithstanding the tremendous avail-
to
York
New
$13,000,000 to $1,658,000,000
their business loans off
ers
charges long current.
City weekly reporting member banks found
in the
on
period to May 29.
Loans to brokers and deal¬
security collateral fell $53,000,000 to $350,-
000,000.
Relative
stability in the market for United States
Treasury securities enabled the
suspend
market
open
Federal Reserve to
operations in the weekly
period. Holdings of Treasury issues were
$2,477,120,000.
stationary
The Treasury in Washington de¬
with the re¬
$16,935,473,000. The regional banks found their other cash
posited $93,497,000 gold certificates
gional
banks, raising their holdings to
somewhat
up
depleted, and total reserves thus moved
only $79,433,000 to
serve
notes
in
actual
$17,303,520,000.
circulation
775,000 to $5,038,386,000.
Total
12 Federal Reserve banks moved
Federal Re¬
advanced $53,-
deposits with the
up
$15,322,000 to
variations con¬
sisting of a decrease of member bank reserve de¬
posits by $7,354,000 to $13,215,148,000;.an increase
of the Treasury, general account by $7,741,000 to
$377,749,000; a drop in foreign bank deposits by
$9,768,000 to $440,086,000, and an increase of other
deposits by $24,703,000 to $509,464,000. The reserve
ratio improved to 88.4% from 88.3%.
Discounts by
the regional banks increased $736,000 to $3,063,000.
Industrial advances fell $71,000 to $9,161,000, while
$14,542,t47,000, with the account
make such advances were down
$31,000 to $8,852,000.
Foreign Trade in
April
THE country's gains over a year ago but failed to
large export trade continued in April to
show
achieve the level
Indeed, these steps
demand for real action.
of the previous four
months.
The
March's
the $230,974,000
shipments of April, 1939. Imports, which in previ¬
ous months did not rise in as substantial proportion
as
exports, dropped only 2% from March, and
total
trust laws.
are
idle
upon
prevented by reason of its illegality under the anti¬
Here
|19,162,000,000.
of
cooperation, which is
needed and which doubtless could
will in the
to
commitments to
with power
toward the United
ing to 191,000,000, while the aggregate moved up
men,
however, have of late been painfully reminded of
move
heavy volume, the increase in our mone¬
tary stocks for the weekly period to May 29 amount¬
at
Again, consider the matter of our anti-trust laws.
There have been endless demands for
Gold continues to
States in
ables and the low money
possible, but constant reiteration of a
determination
tistics.
or
to permit these
prepared to take the steps indicated ?
answer
con¬
ONLY modest changesininthe official banking sta¬
the credit picture are
reported this week
$324,008,000 was $27,255,000 under
$351,263,000, but $93,034,000 above
showed about as great an
increase over the corre¬
did March. Imports in
$212,240,000 in comparison with
sponding month of 1939 as
April aggregated
$216,732,000 in March and
1939.
$186,296,000 in April,
The Commercial & Financial Chronicle
3404
In the four months of the current
year
have totaled
same
$1,391,781,000, 50%
year
22% higher than in
were
1939.
sharper increase in exports has of
course
been reflected in the balance of
trade, which in
month this year
a
the export
excess
of
has been under
no
hundred million,
In April there was an export
side.
$111,768,000 and in the four months, no
$521,195,000; these amounts compare with
less than
export excesses of $44,678,000 in April, 1939
and
$217,288,000 in the first four months of 1939.
The trade results account for
a
smaller
part of the inflow in early 1939.
months of the present year a net of
much
a
In the four
$1,147,492,000
gold has arrived here from abroad, 2.2 times the
merchandise export excess;
1939 net gold
in the
period of
same
receipts totaled $1,350,807,000,
times the merchandise
of the current year
in
a
The reduction
in
particular.
Scandi¬
substantial reduction in
shipments
Europe, the Netherlands in
Trade with those countries has since
May 10.
a
comparison of April's exports with the
preceding it
that agricultural items,
appeals
chiefly cotton, tobacco and grains, accounted for
about $13,000,000 of the decrease between
those
months.
Among the non-agricultural items which
decreased, automobiles, parts and accessories fell off
$9,800,000 and iron and steel mill product^, $4,600,000.
Compared with a year ago, however, cotton
and iron and steel mill
both
instances
Other than
were
products
were
much higher—
the
increase exceeding
100%.
cotton, shipments of agricultural prod¬
mostly smaller than last year.
non-agricultural items, however, there
ous
substantial gains shown
over a year
percentage increases for the month
smaller than for the four months.
showing such gains
ferrous metals,
and
coke, and
Cotton
were
Among
were numer¬
ago,
were
but the
Among the items
machinery, chemicals,
non-
aircraft, cotton manufacturers, coal
paper and manufactures.
exports
in
April
totaled
362,761 bales
four months of this
year had a total value of
$151,-
836,000 compared with only $54,865,233 in the
same
period of 1939.
affected the market
substantially than did
over
a
year
ago
the total of all imports.
Most of the
gain was in crude rubber which
rose*
$17,000,000 above April, 1939; wool and mohair im¬
ports were up $2,000,000.
Among the non-agricul¬
tural items which
increased
nickel and furs.
sharply lower
as were also
considerably
Chemical
diamonds.
were
imports
tin,
were
of the unconditional
news
In
sessions
other
adversely only for
Tuesday
on
a
little while.
modest but persistent
upturn
developed, which had the cumulative effect
of rais¬
a
ing prices of leading issues by two to five points
weekly period. This rallying trend already
in the
a
evidence
Dealings
last
Saturday, and it continued
a general
as
rule.
The market moved
of issues
groups
small
were
change only
all
at
were
affected.
times, exceeding the
the New York Stock Ex¬
on
Tuesday.
Thursday was Memorial
Day, and the markets naturally were closed.
The
war
on
still remained the
news
principal deter¬
mining factor in the New York market this week,
as the
opening on Tuesday demonstrated. That ses¬
sion
faced
was
at
the start
Belgian defection and
developed.
a
taken up
quickly and
Many traders
con¬
that European affairs have
seem,
our
market, for modest buy¬
the rule in all sessions
was
day.
was
soon was restored.
been overdiscounted in
ing
by the report of the
heavy liquidating movement
a
But the stock
steady tone
Washington again
save
that
into
came
the spotlight,
on
Tues¬
owing to the desperate efforts by the Roosevelt Ad¬
ministration to
the country
arm
heavily and almost
overnight, at tremendous cost to the public.
the
as
arms
program may
it is unfortunate that
have to be
piled
the
be needed
or
Much
advisable,
huge expenditures will
top of the highest debt in the
on
history of the Nation, which is entirely the responsi¬
bility of Mr. Roosevelt. The unsatisfactory outlook
for Federal
drag
finances
undoubtedly acts
as
a
heavy
all business affairs, and therefore upon the
on
securities markets.
Listed
with
bond
demand
issues.
trading also
restored
United
ated in
ties
in
States
a narrow
were
many
the
range,
for
uncertain
was
best
while
in all
some
Belgian
sessions, since they
bonds tumbled
but steadied thereafter.
marked
higher
on
issues
of
the
of
severely when
early in the week,
German Government loans
continued partial interest
Domestic corpo¬
speculative variety slowly im¬
The commodity markets were dull and not
changed.
Wheat and other grains hovered
not much above the minimum
the request
Base
are
course
Canadian and Aus¬
payments and the Reich victories.
much
of the leading
Foreign dollar securi¬
tralian bonds attained fresh lows
proved.
investment
Treasury securities fluctu¬
King Leopold III surrendered.
rate
quiet this week,
rated
instances affected directly by the
war.
were
Agricultural imports increased
the Western Front
on
during the brief business week
Even the
corporate bonds improved.
$21,686,000 compared with 472,267 bales
worth
$26,583,000 in March and 192,515 bales worth
$9,184,659 in April, 1939. Shipments in the first
copper,
closing.
war
Belgian surrender to German might
nearly all
valued at
more
not continued
were
cluded, it would
From
ucts
But the recessions of the first two
weeks of the intensified
1,000,000-share mark
April, of course, been much further restricted by the
German occupation of those
areas, which started
month
left the markets here somewhat shaken
arms
and uncertain.
whole, and all
to that region dropped to less than
$4,000,000 in April, from $19,000,000 in March;
a
man
as
navia for exports
also
shake-out that followed the German invasion of the
in
$18,763,000
daily from
come
The drastic decline and
Low Countries and the swift successes of the Ger¬
week,
traceable to the extension of hostilities to
was
reports that still
battlefields.
was
exports from March is partly
to the low countries of
war
the European
this
net amount of
pre-
mar¬
rallying tendency the rule despite the
a
6.2
or
compared with $26,904,000 a year ago.
in
ket, with
week in the New York stock
In addition
export balance.
gold, silver has been imported in the four months
there
vailed
-
now
large part of the
gold inflow in the current year but for
to
RELATIVELY calm and quiet conditions
this
unfortunate
The
on
The Ne\vYork Stock Market
exports
than in the
more
period of 1939; imports in the current
amounting to $870,586,000
June 1, 1940
metals
prices established at
of the Administration in Washington.
firmed
on
important inquiries.
foreign exchange markets
were
The
dull, with "free"
Volume
The
150
Gold continued to pour
sterling relatively steady.
touched
a
new
stocks touched
Curb
Stock
York
New
the
Exchange
one
stock
high level for the year while 192
new low levels.
On the New York
Exchange
stocks touched new high levels
no
Call loans
Stock Exchange
York
the sales on
Monday, 791,260
shares; on Tuesday, 1,263,530 shares; on Wednes¬
day, 656,982 shares, and on Friday, 526,760 shares.
Saturday
554,330 shares;
were
Saturday
shares;
the sales on
101,430 shares; on Monday, 122,600
were
Tuesday, 190,620 shares; on Wednesday,
on
generally moved into a better
Saturday of last week, and as has been
position
on
the
in the past,
by
case
shares standing to benefit most
of national defense were largely in
gains. Advances ranged
our program
demand and reflect the best
trifle under the day's
chief favorites were steel, aircraft
from fractions to two
The
best levels.
points,
a
stocks, with rails and motor shares mod¬
and copper
On Monday attention centered
erately improved.
mainly in equities representing the heavy industries,
and the market witnessed one of the best movements
in the
of general recovery since the German
way
lightning-like attack on the Low Countries.
In¬
creased war orders were in part responsible for the
The improved po¬
interest evinced in war shares.
market
of the
sition
was
considered more in the
due to
optimistic pronouncements by the Allies, although
light of a technical adjustment of values than
forces
heretofore
wras
lost
the French
and English
better account of themselves than
not without its good effect.
giving
are
Stocks
that
current
belief
the
a
no
time
after
opening to strike a
higher level, and best prices were
reached just before
From that period on interest waned and
midday.
equities suffered some shading of
prices, to close
modest turn¬
with
gains running to two points on a
over
of sales.
^The extremely bad plight of the Al¬
lied forces in
finding some of their seasoned troops
deepened on
Tuesday by the surrender of King Leopold of Bel¬
gium and his army. The effect market-wise was an
decline
in
the better
and
part of the session.
points.
Closing prices yesterday, when com¬
level of values.
prices
extending to
Electric closed
General
28%
seven
Co. of N. Y. at 25
against 24%; Columbia Gas &
4% against 4%; Public Service of N. J.
Electric at
at
33% against 33%; International Harvester at
41
against 42%; Sears, Roebuck & Co. at 66 against
Woolworth at
& Tel. at
but later reports telling
Belgian Government to
148% against 147%.
Allies
with
the
remnants of its
army
in France
then on re¬
in until former losses were reduced by
helped to save the situation, and from
covery
set
cne-half at the close.
The usual
of many
morial
pre-holiday spirit dampened the ardor
traders on Wednesday (Thursday was Me¬
Day), and sales volume in turn slackened.
Notwithstanding this, a reaction set in and losses
sustained
on
Tuesday were eradicated and moderate
improvement followed.
Some comfort was found in
the belief that our vast program
would be a large
of national defense
factor in the way of maintaining
business and industry on an even
keel.
Initial trad¬
ing brought out a small turnover in sales, and prog¬
ress was slow but steady in taking form.
At closing
yesterday at 15 against 15
Friday of last week; Allied Chemical & Dye at
on
against 139; E. I. du Pont de Nemours at
141
against
156%
at 10%
Cash Register
National
150%;
13% ex17% against
18%; Texas Gulf Sulphur at 29% against 27; Loft,
Inc., at 18% against 17%; Continental Can at 35%
against 35%; Eastman Kodak at 128 against 129;
against 10%; National Dairy Products at
against 12%; National Biscuit at
div.
5% against 5%; Westinghouse
Standard Brands at
Elec. &
Dry at 14%
Mfg. at 87 against 83; Canada
against 13%; Sehenley Distillers at 8%
and National Distillers at 19 against 18.
In
the
closed
rubber
against 8%,
Goodyear Tire & Rubber
group,
yesterday at 14% against
13%
on
Friday of
and
week; B. F. Goodrich at 11% against 10%,
United States Rubber at 17% against 16%.
last
Railroad
shares,
with the exception of Union
points, show modest
Pennsylvania RR. closed yesterday
at 17 against 16% on Friday of last week; Atchison
Topeka & Santa Fe at 14 against 13%; New York
Central at 10% against 9% ; Union Pacific at 77
Pacific, which advanced 5%
gains this week.
against 71%; Southern Pacific at 7% against 7%;
Southern Railway at 9% against 9%, and Northern
Pacific at 5 against
5%.
Steel stocks moved into
week.
higher ground the present
yesterday at 46%
week; Crucible Steel
against 26%; Bethlehem Steel at 71% against
and Youngstown Sheet & Tube at 30% against
United States Steel closed
against 43% on Friday of last
at 28
.
day at 40
against 38%; Chrysler at
57%; Packard at 2%
at
'•
General Motors closed yester¬
In the motor group,
selling orders numer¬
of the determination of
continue to support the
34%;
30% against 32%, and American Tel.
Western Union closed
sition, liquidation was
of the Allied po¬
kept well within reasonable
The first hour found
yesterday at 30 against
Friday of last week; Consolidated Edison
on
61%,
ous,
Among steel stocks
early gains approximated
pared with final quotations for Friday of last week,
29%.
the
present throughout, and
was
few other favorites
a
points, but despite the seriousness
bounds.
irregularly higher in slow
were
Firmness
leading industrial shares were fractionally higher
entrapped in northern Flanders was
immediate
moderately higher on the day.
62%; Montgomery Ward & Co. at 36% against
122,871 shares, and on Friday, 69,510 shares.
The stock market
trading.
on
Curb Exchange
York
the New
On
ruled
present a better picture through a generally higher
unchanged at 1%.
the New
On
the New York Stock Exchange re¬
on
values
two
and 170 stocks touched new low levels.
mained
time
Yesterday equities
into the United States.
On
3405
Commercial & Financial Chronicle
58% against
against 2%, and Hupp Motors
% against %.
Among the oil
stocks, Standard Oil of N.
J. closed
yesterday at 30 against 32 on Friday of last week;
Shell Union Oil at 8% against 8, and Atlantic Re¬
19%.
stocks, Anaconda Copper
closed yesterday at 21% against 19% on Friday of
last week; American Smelting & Refining at 36%
against 34, and Phelps Dodge at 283/8 against 263%.
In the aviation group, Ourtiss-Wright closed yes¬
fining at 20% against
Among
the
terday at 8%
copper
against 8% on Friday of last
Boeing Airplane at
Aircraft at 77 against
Trade
ment
in
75%.
and industrial reports
our
week;
15% against 16, and Douglas
reflected improve¬
this week.
domestic business affairs
The Commercial & Financial Chronicle
3406
Steel
June
1940
1,
by American Iron and Steel Institute at
headquarters." In its new and more secluded quarters, the Bank will carry on and perhaps will prove
76.9% of capacity against 73.0% last week, 61.8%
of importance in the rebuilding which must follow
operations for the week ending today
estimated
month ago,
a
and 52.2% at this time last
duction of electric power
were
Pro-
year.
865,000 kwh., against 2,422,212,000 kwh. in the
vious week and
Car loadings of
May 25
ord for this year.
This
was
687,490
an
As
of 63,948
indicating the
cars,
increase
preceding week of 8,519 cars, and
week of last year
freight
revenue
reported by the Associa-
are
of American Railroads at
tion
pre-
2,204,858,000 in the corresponding
week of last year.
for the week to
a rec-
over
the
the similar
over
cars.
course
of the commodity
mar-
kets, the July option for wheat in Chicago closed
yesterday at 81%c. against 83%c. the close
day of last week.
July
Fri-
on
closed yesterday at
corn
61i/4c. against 623/8c. the close
week.
Friday of last
on
July oats at Chicago closed yesterday at
3314c. against 33%c. the close
Friday of last
on
The
spot price for cotton here in New York closed
yesterday
at 10.21c.• against
Friday of last week.
closed
10.37c. the close
on
The spot price for rubber
yesterday at 21.25c. against 20.25c. the close
Domestic
Friday of last week.
yesterday at 11%>C., the close
In
week.
yesterday
22
FINANCIAL markets in Europe remained unsetweek, as the news developed of the
Sreat battle in Flanders and Artois. There was
Httle activity in any center, for the tendency everywrhere was to sit tight and wait for the storm to
abate. The small offerings that did develop, howevcr, occasioned severe losses in some instances, and
hardly any advances were noted. The London Stock
Exchange was hard hit on Tuesday by the Belgian
surrender to German arms. Gilt-edged stocks resisted the downward trend, and advanced subsequently, owing to imposition of the 190% excess
Profits tax> with its Prospect of increased Treasury
revenue. Industrial issues moved to lows in the
London market. The Paris Bourse reflected the
shock of the Belgian defection in
week
7/16
last
European Stock Markets
reported bv Edison Electric Institute at 2,448,-
was
on
the current war.
for the week to May 25
London
pence
week,
the
pence
per
silver in
closed
against
ounce
the close
ounce
per
and spot
of last
price of bar silver
11/16
21
at
closed
copper
Friday
on
Friday of
on
New York
closed
yesterday at 35%c. against 35%c. the close
on
day of last week.
a
series of sweep-
inS recessions, with a steadier tone developing in
the final sessions of the week. The Berlin Boerse
wa« marked sharply lower on Wednesday, when of*kial warnings against overoptimism were issued,
and the principal trend for the week was downward,
Italian markets improved on news of the Belgian decision. li is noteworthy that financial markets in
Norway and Denmark were reopened, Tuesday, but
little business was done in those Scandinavian
centers.
,
In the matter of
fers
on
London
foreign exchanges, cable trans-
closed
$3.19% the close
transfers
on
yesterday at $3.24 against
Friday of last week, and cable
Paris
on
Fri-
closed
against 1.81c. the close
on
yesterday
1.83%c.
at
Friday of last week.
American
Policy
F*\EFENSE expenditures and preparations occupied the Roosevelt Administration in Washing*on
an extraordinary degree this week, with indeIndent observers divided in their opinions as to
whether this reflects the foreign situation or the
exigencies of domestic politics.
I. S.
B.
Meeting
The dismal failures
of Mr. Roosevelt in domestic affairs
are
being ob-
OWING to the war in Europe, operations of the presumablythe stirring events in Europe, and this
scured by enters into the calculations of the
Bank for International Settlements have been
curtailed to such
President,
degree that the
a
Thomas
McKittrick,
stockholders at the 10th annual
all
assembly which
was
politically minded New Dealers.
tional
emergency
rearmament
a
Holding
proxies, Mr. McKittrick voted the usual 6% divi-
nately had little time to meddle in foreign affairs
Basle, Switzerland, last Monday.
dend, which
that
year
barely covered in the fiscal
was
ended March
31, 1940.
were
year
Earnings of the Bank for
reported
at 7,962,181
Swiss
gold
francs, against 8,583,865 Swiss gold francs in the
previous annual period.
The usefulness of the B.I.S.
liaturally has been enormously reduced by the
conditions which
inally intended to
other
now
prevail.
The Bank
overcome some
difficulties
inherited
was
the
second
them
even
World
more.
War
war
orig-
of the transfer and
from
the
first
World
War, but the depression hampered its activities
program
during recent days and weeks.
sums
have since been requested for American
ments and doubtless will be voted.
incidents affecting traditional American
rights have been lacking. The decision of the Administration to send the merchant ship, President
and
Roosevelt, to Ireland in order to repatriate Americans stranded in England brought warnings from
Berlin that the Allies might attack the ship in order
bankers
from
all
over
charges
if they proceeded to Basle
conditions. Mr. McKittrick
represent all stockholders, and in
a
was
meeting "the Assembly put
his
on
limousine, told the chauffeur 'Chateaux
new
the Reich and provoke
cause.
sym-
No notice of such absurd
taken in Washington,
Allied Disaster
serio-comic
his hat, stepped
Doex' and left Basle for the Bank's
was
on
asked
dispatch the Associated Press reported that after
into
arma-
But interna-
tional
trading with the
the
A "fire-
apparently has curtailed
Central
enemy
peace.
side chat" was issued last Sunday, but proved to be
entirely of a domestic defense nature. Tremendous
t° place the blame
pathy for the Allied
under present
He is reported to
have urged Hungary to remain at
Europe previously attended the general assemblies,
but they might lay themselves
open to charges of
to
But the interna-
is acute, making
within the United States imperative. Fully
occupied with this program, Mr. Roosevelt fortu-
held in
all
American
new
represented
mountain
T TNDER shattering blows from vastly superior
vJ
Allied
German
armies
aerial
in
and
Belgian
mechanized
Flanders
forces,
and
the
French
Artois crumpled this week, and the first major en-
Volume
The
150
eonten-
gagement between the Allied and German
ders in the
war
written
be
which began
down
as
neutral Holland and
mere
20 days after
units
Expeditionary
Channel points for embark-
and the British
The horrible tale of this retreat
plight of millions of refugees is only
The Allied soldiers
told.
through
Belgian, both those Low Coun-
retreating to
were
ation.
the*
completely prostrate and important
were
of the French army
Force
a
began their harrowing march
Nazi armies
tries
nine months ago must
unqualified disaster for
an
In
Britain and France.
and of the
beginning to be
English
began to arrive in
all too clear
defies descrip-
ports on Thursday, and it is already
they underwent an ordeal that
that
Modern mechanized
tion.
The full
of the Low Countries,
significance of this tremendous Allied de-
feat is far from
effort is
clear, but it cannot be minimized and
being made in London or Paris to touch
the black clouds with silver linings. Every eletragic is present in the
up
ment of the heroic and the
terrible tale.
Fighting with grim fury, the defenders
of the invaded lands held off the
Nazis until further efforts
annihilation.
superbly equipped
promised only complete
The actual numbers of the
armies
en-
gaged in the epic struggle still is a military secret,
but it is safe to assume that the Belgian, British and
French forces
trapped between the Somme and the
of Holland
border
start of this week.
exceeded 1,000,000 men, at the
It is idle, for the time
being,
Nazi forces pitted
against them. All Allied reports indicate, however,
to
guess
at the extent of the
that the Germans threw
reduce
of the
on
the
in all they had in order to
defending armies and bring the ports
Losses
English Channel within their control.
both sidse necessarily were
tremendous, and pos-
frightful toll of the Verdun
Several milii on s of refugees were reported caught in the pocket,
and their plight was even more pitiable than that
of the soldiers, for aerial bombs made no distinction
sibly dwarfed even the
battles
during the first World War.
between
combatants and non-combatants,
and the
refugees had no defense whatever.
Dark
though the hour may be, it is
possible that
gloomier tidings await the peoples of Great
Britain and France.
The realization of defeat on
still
and Artois already prevails
the fields of Flanders
England and France.
in
countries has borne up
a
Morale in these Allied
under the impact, and only
grim determination to carry on
patches.
is reported in dis-
But the question now presents itself of
possible further moves by the victorious Nazis. In
Berlin the cry of the moment is for an invasion of
Great Britain as the
to
while, join his Berlin partner in full military participation on the German side, and such an event
would make the fortunes of the Allies even more
precarious than they are at present,
Flanders and Artois
Norwegians endured, was visited upon
in order to aid in the defense
no
may be sent wheeling through
northern France, now that the Little Maginot line
no longer exists, The new French Generalissimo,
Maxime Weygand, obviously prepared with frantic
speed for such an attack. Some time possibly will
elapse before the Nazis supply the answer to this
problem, for they must halt and reform their tremendous push through the Low Countries and
French Artois. But it is held possible in London
and Paris that Premier Mussolini will, in the mean-
German forces well
warfare, such as the Poles
Western
Europe for the first time, and probably on an infinitely expanded scale.
The results stagger the
imagination. Utterly unable to cope with the deathdealing German battalions, King Leopold III ordered his Belgian legions to lay down their arms,
early Tuesday, and the Anglo-French forces thereafter sought to extricate themselves as best they
could from the trap into which they had been lured
and
3407
Commercial & Financial Chronicle
invade the United
"arch-culprit," and
an
effort
Kingdom can no longer be
regarded as a mere figment of the imganiation.
The British Command sent its bombers over Gercities time and again,
this week, and the Nazis
already promise a terrible
retaliation upon vulner-
man
able
England.
Military strategists point out that
O OLDIERS who managed to return to British
ports this week declared frankly that they had
been through a "hellish nightmare" in Flanders and
Artois. Censorship restrictions in London were relaxed sufficiently^*) permit descriptions to be sent
O
of weary troops, unshaven and bloodstained,
who stared glassy-eyed on their arrival and often
fell into the sleep of complete exhaustion soon after
landing in home ports. But these are merely the
overtones to the mighty battle of the Low Countries
and northern France, which began when the Germans crossed the lines on May 10 and already is at
over
a virtual end. The wildest confusion unquestionably prevailed over much of the battle area, and
the chaos was fully reflected in numberless dispatches from London, Paris and Berlin. Vivid de-
scriptions were made available of the bombing operations of German "Stuka" planes, which dive
with
terrifying roar and drop their pellets with fearful
land objectives. The murderous advance of German tank divisions was depicted
throughout the week. The German technique of an
aerial barrage, followed by motorized advances and
eventual occupation of invaded regions by infantry
has been fully revealed. Allied aerial and land
forces met this German advance with stubborn and
often heroic resistance, and the effort to cripple
German communications was expanded steadily
through bombings of such German cities as Hamburg, Bremen and Duesseldorf.
It is now clear, however, that the fate of the Al¬
lied forces trapped within the German circle never
was in much doubt since the Germans managed to
crush the Ninth French Army and reach the port
of Abbeville, on the Somme estuary, May 21. Only
a narrow gap to the English Channel was at first
opened by the German mechanized forces, but it
sufficed to separate the great armies in Flanders
and Artois from the main French forces south of
the Somme. It would seem that a good deal of
demoralization prevailed in the principal French
defense forces, for General Weygand never did
launch any pronounced attack on the Germans along
the Somme, despite his reputation for offensive
military action. In the three weeks that have
elapsed since the Germans broke into the Low Countries and through the Little Maginot line, the
a
accuracy upon
French forces apparently were
regrouped princi-
pally for defense of Paris and its environs. The
large forces trapped in Artois and Flanders were
left to their own devices, and they fought a gallant
action. Almost all of the British Expeditionary
Forces is known to have moved into Belgium when
The Commercial & Financial Chronicle
3408
Countries
Low
the
French units also
German advance
important
through the valley of the Somme.
struggled to clqse the
task
Belgians
impossible
an
dered and carried
and retreat
one,
out, at least to
While the battle lines
Tuesday made
on
a
was
or¬
within
forces
wavered, both the French
entrapped
and
area,
Allied
an
aim of escape.
The story
to
of the Allied retreat is only beginning
enfold, and details of the epic
moment to overshadow the
move
ports.
tend for the
vastly important strate¬
gic consideration of a German hold
vital Channel
degree.
the
to the Channel then developed, with the simple
surge
gap
separated them from the French main armies,
but the defection of the
their
and
trapped, owing to the swift
Such Allied contingents
which
invaded,
were
were
June 1, 1940
all the
upon
According to the German Com¬
mand, British and French troops began to
move
and the British found it advisable to make exten¬
through the Channel ports back to their
main
sive
bodies
changes in command, and the full effect of
these
is
moves
still
not
fully revealed.
General
the
before
own
Belgians capitulated, and it is
asserted in Berlin that this
was
major factor in
a
Weygand ordered a drastic shake-up in the French
the decision of
military leadership, no less than 15 general officers
ditionally.
being relieved of their commands, last Saturday.
logne is admitted in London reports, and
The
names
of the officers concerned and their
considered military secrets.
cessors
alike
British
change of far-reaching importance
were
nounced last
Ironside
replaced
wrr
has
reputation for preferring the
same
enjoyed by General Weygand in France.
Sir Edmund
home
the head of the Imperial
as
by Lieut-General Sir John Greer Dill,
the
offensive
named
was
the chief of the British
as
defense, and efforts
com¬
pronounce¬
by Premier Paul Reynaud in France, and
Winston
Churchill
Public
acknowledgment
of the
Belgian decision to
German
But the line of retreat through Dunkirk
held
tenaciously, to the last, by British and
French
poured, while fighting
against the Nazis.
tionably
was
in
England.
It may
numbers
French
ice
to
the
pocket
upon
the Allies.
no
longer could be
south and effect
armies.
to
paume
intensified,
was
northward
Hopes
veloped.
that the gap
at
although
toward
one
were
no
that
entertained
way-
time to
a
comparable
point
up
to
de¬
ever
Tuesday
could be closed, and the German forces
the Channel isolated in turn.
German forces
for
their
junction with the main French
a
soon
put
an
But the
superior
end to such ambitions,
increased rapidly
are
Not
were
Losses
can
made in turn
were
losses
of the destroyers Grafton,
only beginning to be counted,
are
frightful
at least
region.
heavy cost
a
prevailed
over
The
German
a
High
Command
third "sack" had been
ping Allied forces
more
also admitted in
desperately than
was
putting
up a
were ex¬
the London authorities sent fresh
on
the
by the trapped Allies.
German
airplanes rained
bombs
on
of the
undisputed German claims to command of
the
air
the Allied
this
factor
favor of the Nazis.
communications, and in view
must
have
weighed heavily in
German tanks
kept
through the Allied lines, preparing the
infantry.
of
cost
The gap
terrible
was
on
crashing
way
for the
widened steadily, and at the
German
losses also must have been
losses,
although
enormous.
Allied
On Wednes¬
day the German High Command, which always
more
accurate and
was
illuminating than the Allied
re¬
ports, was able to claim complete control of Calais,
and
on
a
move
toward Dunkirk.
Thursday
a
The Germans listed
separation of French and British
the
cn
without regard to
was
the
tion of that
improbable,
war
tinent
south of
the losses suffered in recent
are
now
on
the German side held not
that the Channel ports on the Con¬
under the actual
or
imminent control of
Rumors circulated
Premier Mussolini might engage
sive"
in behalf of
stated
his
yesterday that
would
chances
were
be
decision
Berlin
a
a
peace
continually that
in
a
"peace offen¬
partner, but it
was
sensational announcement
forthcoming
considered
would relate to
a
area
is to be carried
problem of Italy, with the participa¬
country
the Germans.
or
struggle
Meanwhile
The principal concern of the Anglo-French
leaders
soon
It
troops to the aid
Allies, in the large
Somme, indicating that the
days.
ever.
Berlin, however, that the Brit¬
Expeditionary Force
of their French
yesterday
formed, entrap¬
gians along the Scheldt, and steel fingers
by the Reich troops toward Allied base ports
English Channel, and through the area held
rescues,
the return of
detachments from the Flanders-Artois
some
claimed that
London ad¬
paid for the
was
worthy of the best British traditions.
tended
they
both sides.
on
the Bel¬
was
small
be said at the moment is that
upon
pressure
a
warships and 16 transports had
satisfaction
some
was
imposed
were
Germans, it appeared yesterday.
but
serv¬
But German
hastily rescued from the trap laid by
were
mitted that
ish
pressed into
only British, but also French and Belgian
forces
the
British and
Wakeful, and the sinking of
to be
sure
in¬
greater
The German High Command asserted
and all that
corridor to the
fight
miles, and the drive southward from Ba-
movement
on
endeavored
The gap was narrowed
13
mere
indeed,
was,
many
The British Admiralty admitted
three Allied
that
unques¬
even
one.
soldiers.
graves
Thursday the loss
on
been sunk.
Over the last week-end the
Allied forces north of the German
Channel
con¬
grave.
gravity of the Allied position
quickly apparent.
trapped
resistance to the
anything but extremely
bitter
air-planes and speed-boat attacks
transport.
forces in the German
a
warships of all sorts
rescue
such vessels, and
cease
region.
captured by the Germans, and
or
upon
peoples that the situation for the Anglo-French
English
Artois
well be, however, that
lost
were
tive
made
the
desperate rear-guard action
a
the blow to the Allies is
Grenade and
The
in
Much of the Allied force
made early on Tuesday
invaders, and both Premier Reynaud and
as
;
saved, for the arrivals in British ports
was
Prime Minister Churchill admitted to their
respec¬
sidered
trapped
troops
Through that ever-narrowing gap the Allied forces
stances.
mand, and was emphasized in various
Minister
Tuesday.
was
yesterday possessed full equipment, in
was
in¬
military situation which confronted King Leopold,
made in London to
The Allied debacle
more
clearly is needed to -determine the full
important than the
foreshadowed, however, by these changes of
Prime
formation
were
general staff leadership.
uncon¬
That the British retreated from Bou¬
as even more
depict that office
ments
A
was an¬
Sunday, when General Sir Edmund
General maff
who
suc¬
King Leopold to surrender,
in
about
Berlin,
even
and
the
whether this
offer by the Reich to France
by Italy to join in the fighting.
Volume
The
ISO
Commercial & Financial Chronicle
trade from the Kiruna mines in Sweden.
ore
Belgium Falls 'if,,
V'Y
eral
GROUND under the heels of the German Tuesday,
invaders, Belgium capitulated last military
orders of
on
his
King Leopold III, who remained with
The circumstances surround¬
troops to the last.
ing this action
facts
wise to
it is
known
are
far from clear, and until all the
are
suspend judgment.
Desperate resistance to the German invasion was
ordered
by King Leopold, when the Nazi hordes
stormed
over
the border
French assistance
on
May 10.
asked and
was
British and
given, and the en¬
trapment of the Allied forces in Flanders and
reflects that
ently
was
irresistible, possibly because the Belgians
relied upon
their own defenses and their own am¬
munition to
that
a
Belgian
great extent.
arms were
the
It is well established
manufactured to utilize bul¬
calibres than those of the Anglo-
lets of different
French
Artois
But the Nazi advance appar¬
move.
Allies, and supplies probably ran short as
Belgians
were
squeezed by the Germans into an
ever-narrowing pocket along the shores of the North
Sea. The German
High Command stated on Wednes¬
day that Leopold reached his fateful decision only
after the British and French began to withdraw
Whatever the
General Weygand was said
prevent the defection.
to have made a
perilous airplane journey, over the
week-end, in the effort to keep the Belgian
Cabi¬
net argued the matter with the youthful King, but
.failed to budge him from his position, which appar¬
line.; Four members of the Belgian
forces in
ently coincided with the
In the early
manders.
orders were
in
arms,
given for the Belgians to lay down their
unconditional surrender to the Reich
Germans would hear
It is
render.
of
advice of his military com¬
morning hours of Tuesday,
An armistice first was
forces.
admitted
the
than
seven
a
weeks for the
The German
area.
evacuation
and added that
British
rumored that
was
High Command
battleship had been dam¬
seven
sunk in Narvik waters
force gave up
requested, but the
of nothing short of simple sur¬
possible that the horrible realization
suffering by his soldiers and the millions of refu¬
Nazi
Belgian roads influenced the decision, but
prompt compliance with this order suggests that
the
some
military considerations also were important.
Premier
Reynaud promptly informed the French
people of the Belgian defection, in
and
Prime
Churchill
Minister
bitter language,
was
hardly
less
anguished when he reported the event to the British
Parliament.
But the Belgian monarch has still to
tell his story,
one.
and it doubtless will be a revealing
His Cabinet repudiated the
surrender from the
relatively safe haven of Paris, and
of
in
there
was
talk
The Germans installed him
castle, somewhere in Belgium, and suggested
deposing the King.
a
that he will be
In London
troopships had been
just before the small German
Stockholm dispatches sug¬
the town.
gest that the latest development in Narvik may be
of little immediate consequence,
withdrawal
the Swedish border,
near
fered
owing to
a
previous
by most of the German troops to points
and to heavy damage suf¬
by the rail line from Kiruna to Narvik.
about 250 German soldiers
contest the Allied
Only
left in Narvik to
were
advance, it was said, and the main
body of the German expeditionary force of 3,000 to
5,000
men
moved inland to hold the fjord heads and
mountain
the
railway which is vital for the ore
battle
The
trade.
northern
in
Norway thus con¬
tinues.
European Neutral Bloc
v
ERMAN
military successes are exerting a pro¬
found influence upon
tral and
the few remaining neu¬
unconquered countries of Europe, and pos¬
sibly will induce some waverers to take an
hand in the dreadful
this
of
proceedings.
conclusive, but a mighty din
is far from
score
restored to his rule after the war
ends, provided they
propaganda is being raised in some areas and it
be that the verbal smoke signifies a degree of
Italy remains the principal
may
martial determination.
problem, as the propaganda organs at the command
of Premier Benito Mussolini battered away furi¬
ously this week against the
notion that Rome will
temptation to join the Berlin
be able to resist the
partner of the famous axis. In London and Paris
it was admitted that the time for Mussolini to act,
if he ever intends to
act, cannot well be extended
beyond the taking by Germany of the ports on the
continental side of the English Channel. The Allies
,
Norway
MOST ofofNorway is reported quiet under this
the German Nazi
of the
conqueror
Scandinavian country, but
in the far northern
active fighting continues
stretches around Narvik, which
Allies. The British Ad¬
announced in a joint state¬
ment, Wednesday, the occupation by Allied forces
finally has fallen to the
miralty and War Office
of the small town
which looms so largely in the iron
fearful, accordingly, of an early
But
some
to
observers hold that II Duce
Italian move.
intends merely
provide the Reich with the same sort of aid ex¬
by Germany during the Ethiopian
tended to Italy
campaign, and the threatening gestures
in Rome :
possibly can be explained on such grounds. It re¬
mains true, on the other hand, that Signor Musso¬
lini has concentrated vast forces for an adventure
in the
were
military sphere.
ordered
the French
he will at
on
Italian women and children
Thursday to leave the region near
bdrder.
If II Duce now enters the war
least have given ample
hardly can be regarded as
standpoint.
warning, which
sound from a military
Even Italian ship sailings
have been
postponed.
win.
heel
early
The evidence on
are
gees on
opera¬
recapture
by its forces of Narvik,
aged in the action by an aerial bomb.
Leopold clearly
of this, for the greatest pressure was
aware
more
b
brought by British and French military leaders to
last
over
of the Narvik
Belgian King placed the Anglo-
French forces in extreme danger.
was
tions
circumstances, it is undeniable that
action of the
the
be in the hands of the British, French,
appear to
Norwegian and Polish forces which conducted
it
Sev¬
neighboring points of military importance also
pocket in Flanders and Artois.
from the
3409
The Russian
attitude remains enigmatic and is
subject to a good many interpretations, hardly any
of them favorable to the Anglo-French Allies.
Brit¬
ish efforts
again are being made to swing
Moscow
notwithstanding the
close cooperation that followed the Russo-German
treaty of last August. It was indicated in the Brit¬
ish capital late last week that Sir Stafford Cripps
away
would
from the German orbit,
proceed to Moscow to
mercial treaty.
negotiate a new com¬
well on his
This special envoy was
3410
The Commercial & Financial Chronicle
Moscow when the astonishing announcement
made by the
Russians, Wednesday, that he
way to
was
could not be received in
any
was
accompanied
through
more
by
ordinary
special capacity.
hint
a
that
diplomatic
nificance.
It is
to
sure
countries, which
be
not
without
The
many.
countries which oppose
any
sig¬
on
a
war
echo, moreover, in the Bal¬
Yugoslavians
footing, but
and
Ru¬
suffered
by
the
Allies
in
France well may prove
Europe,
war
The
Holland
against
Netherlands
is
British rule and
doubt that
no
a
under
fancied interest
are
moving
were made in
to the German attitude
toward the Nether¬
dian
overt
action
is
taken, the disposition of the
great chain of Dutch islands thus
upon the outcome of the
constitution
of
Holland
as
a
to
seems
European
war
depend
and the
political entity.
realistic view appears to
prevail in
United States Ambassador
re-
A
Washington, for
Joseph C. Grew appealed
in Tokio, last
Monday, for a far-sighted Japanese
attitude. The Japanese
Foreign Office on Wednes¬
day asserted that "watchful waiting" will be its
policy, and the danger of
States and J apan
on
East Indies thus
seems
for the
time
a
clash between the United
the question of the Netherlands
being.
to be
fleet
in
military appraisal of the
situation
undeclared
Japanese
war
of
against China has been intensified to
recent
days, but not
on
a
aggression
a
mise that Tokio
war on
desires
still
was
reasonable
anxiously to conclude
the basis of the status
quo.
sur¬
Japanese emis¬
Hongkong during the latter part of
These talks apparently continued for
about
10 days, but without the
results that Tokio
antici¬
A sudden resumption of
Japanese airplane
and
the
Japanese
was
reported last
announced
they would continue
to
bomb
spirit of resistance is broken.
vain
two
Monday,
days later that
Chungking until
This is
statement, since similar methods
its
obviously
of
a
warfare
have failed to break the Chinese
spirit in the past
display of goodwill by In¬
but the leadership
the in¬
now seems
of
Mr.
than two months
ago,
more
to have converted most
spared fresh difficulties while fighting
Germany.
reach
while
battle for
a
Bombay dispatches
cently proclaimed the intention
of Mr.
re¬
Gandhi to
a
peaceful and honorable settlement, mean¬
refraining from creating trouble.
There is
little likelihood that the
Congress party will repudi¬
ate Mr. Gandhi and vote for
disobedience, in the view of
a
resumption of civil
most experts on Indian
affairs.
Discount Rates of Foreign Central Banks
THEREdiscount no changes during the week in
have been
of the foreign central
the
rates of any
Present
rates
at
the
leading
centers
are
shown in the table which follows:
Rate in
Country
Pit'
Effect
Date
vioue
May 31
Effective
Rate in
Rate
Country
Argentina..
Belgium
Bulgaria
Mar.
11936
2
Jan.
51940
VX
Hungary
6
Aug. 15 1935
7
2H
Mar. 11 1935
Dec. 16 1930
4~"
Italy.
Japan
July
5
Java
Chile
3
4
Czechoslo¬
Holland
18 1933
3
1 1936
3M
Lithuania—
Morocco-
2 1937
5
Norway
5H
Oct.
3
June 30 1932
Oct.
Estonia
Oct.
10 1939
4H
Poland
Nov. 28 1935
3
Jan.
2
..
—
3
....
7 1936
14 1937
5
3.65
4
6
July
7
Sept. 22 1939
4X
3X
4
Rumania
3H
3X
—
May 18 1936
Apr.
Jan.
2
4K
3X
6H
4M
4X
Portugal—
26 1939
Rate
Aug. 29 1939
Aug. 29 1935
4H
Jan.
Eire
vioue
4
3.29
3
England
Date
Effective
3
--
4
vakia
Danzig
Denmark
Pre-
Effect
May 31
India
3H
15 1939
May 28 1935
Dec, 17 1937
Aug. 11 1937
May
5 1938
May 15 1933
5
4X
4X
4X
1 1935
5
Finland
South Africa
4
Dec.
3 1934
France
4X
Spain
Mar. 29 1939
5
2
Jan.
41939
2H
Sweden
3
Dec.
3X
Apr.
2X
6 1940
4
Switzerland
IX
Nov. 26 1936
2
0
Jan.
4 1937
7
Yugoslavia.
5
Feb.
6X
Germany
Greece
*
..
....
Not
•4
15 1939
1 1935
officially confirmed.
bombing of Chungking, the provisional
capital of
Nationalists,
India,
existence against
Colombia..
the
(May.
the Chinese
in
established
and the Mahatma
...
a
saries and
representatives of the Nationalist
regime
in China were
reported to be engaged in secret con¬
versations at
pated.
the civil disobedience
Canada
It is
resump¬
British authorities ap¬
years ago.
a
or a
resting with Mohandas K.
of India to the view that Great Britain
should be
degree in
scale reminiscent of the
sweeping advance of Japanese troops in the
early
years of the conflict.
some
time
a
banks.
Washington.
The
cooperation with London
re¬
mains in Hawaiian
waters, which is sufficientlv in-
dicative of the
problem has been
months, with the
political debates implied by the demand for
independence. Divided counsels were noted
Gandhi
diminishing, at least
The main American
some
Nationalists, and for postponement of
tricate
virtual
some
This
India for
pealed persistently for
lor
Unless
partnership in the British
Gandhi, the ascetic who led
lands East
from their
occupation of the Netherlands.
to
as
movement
of
Indies, but the Germans expressed a lack
interest, thus waiving any claim that might arise
full
tion of civil disobedience
Japan views the
change in the Far East, and
or
debate in
decision
matter of
The United States Gov¬
a
Commonwealth of Nations.
course, but their protection
possible Japanese attack is
Japanese inquiries apparently
as
East, where
Indies
apparently have decided to postpone
indefinitely their demands for relinquishment of
under
ernment opposes
any
all parties with a real
Berlin
East
huge chain of islands remains
islands with covetous
eyes.
slowly.
scene continue
being
dispute, and there is
uncertain, which
Japanese.
India
northern
is
sovereignty, of
a
The attitude of Russia in
ONE ofprovided rays of lightby India, where the
the few this week for the British cause
in the Far
debated.
a
costly also in the Balkans.
to
the
hardly afford to provoke
The defeat
Belgium and
RAPID changes reflection
find their in the European
of
can
also tends to restrain the
Nationalists
fate
of
with other Powers while the China inci¬
dent remains unsettled.
Far Eastern Affairs
the
change in the status
the Far East remains obscure and
expected to resist the demands of the Berlin authori¬
ties in the present situation of
in China and
men
major
hardly be
can
as reassur¬
and for those
Java, Sumatra and the other islands which comprise
the group, for Japan is estimated to have
1,000,000
are
Hungarians,
are
prospect of continued fighting in
This, in turn, must be regarded
ing for the Netherlands East Indies
pressed by the Reich di¬
rectly and by Russia and Italy in behalf of Ger¬
manians
were
the bleak
China.
This Russian dis¬
regard of British sensibilities is
kan
faces
This
might
It indicates, however, that the Hong
fruitless and that the Far East
kong talks
negotiations
channels
appealing to the Kremlin.
three years.
June 1, 1940
Foreign Money Rates
IN bills Friday market discountagainst for1-32%
LONDON open 1 1-32%,
rates 1 short
on
on
were
as
Friday of last week, and 11-32@11-16% for three-
months'
bills,
of last week.
was
1%.
as
against 1 1-32@1 1-16%
Money
on
call at London
on
Friday
on
Friday
The Commercial A Financial Chronicle
Volume ISO
Bank of
England Statement
outstanding
circulation
to
11,767,013,000
of
as
THE statement for the week ended May 29 showed
circulation
£556,864,000,
new
was
record
April 30,
523,000 marks.
total notes in
at
a
high, compared with the previous high, £55.4,-
the
by
reserves
an
£10,334,000.
Public deposits gained
includes
bankers'
which de¬
accounts,
creased
£8,142,654 and other accounts, which in¬
creased
£4,403,237.
The proportion of reserves to
liabilities fell off to
a
year ago
ings
it
was
13.6% from 19.3%
17%.
week
a
ago;
Government security hold¬
£1,077,447.
the
£968,803 respectively.
2% discount rate.
items with
total
now
70,772,000 marks
Below
No change
Below
shown in
show the various
we
comparisons for previous
BANK OF ENGLAND'
was
years:
The proportion of gold
0.66%, compared with the
a year ago.
to note circulation is
record
now
low, 0.62% April 30 and 0.99%
a year ago.
show the different items with comparisons
we
for previous years:
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for Week
May 23,1940
Relchsmarks
Assets—
Relchsmarks
Gold and bullion....
Of which depos.abr'd
—246,000
May 23,1939 May 23,1938
Relchsmarks
77,121,000
Res. in for'n currency.
Bills of exch. & checks
Silver and other coin..
—393,840,000 11,595,859,000
c512,339,000
c23,480,000
Investments
-26,272,000
Other assets
....
Relchsmarks
70,772,000
70,773,000
20,333,000
6,153,000
5,632,000
7,204(448,000 5,022,418.000
188,647(000
251,824,000
28,986,000
45,879,000
1,105,723,000
844,137,000
1,535,438,000 1,273.943,000
10,572,000
a
Advances...
COMPARATIVE STATEMENT
The Bank's gold hold-
77,121,000 marks, compared with
Other securities comprise "discounts and
advances," and "securities," which declined £108,644
and
^ons °f 287,368,000 marks.
mgs
£11,025,000, while other securities declined
rose
it was 7,799,-
a year ago
A decrease also appeared in gold
272,000 marks and in other daily maturing obliga-
declined
latter
record;
in
increase, £10,367,000, was at¬
a year ago.
£3,332,000, while other deposits dropped £3,739,417.
The
on
Notes
advance of £32,572 in gold holdings,
circulation
tended
highest
marks.
12,479,837,000 marks,
holdings of 246,000 marks, in bills of exchange and
checks of 393,840,000 marks, in investments of
26,-
615,983 Dec. 27, 1939, and £499,775,774
As
the
3411
143,702,000
d2,087,599,000
Liabilities—
May 29,
May 31,
1939
1940
June
June 1,
1938
June
2,
3,
1936
1937
Notes in circulation..
Other daily matur.oblig
-337,742,000 11,767,013,000 7,799,523,000 6,608,308,000
-287,368,000 1,637.938,000 1,103,375,000 1,007,471,000
572,827,000
234,380,000
C502.680.000
Other liabilities
Propor'n of gold & for'n
Circulation..
Public deposits
Other deposits
Bankers' accounts.
Other accounts
Govt, securities
Other securities
Disct. & advances.
Securities........
Reserve notes & coin
Coin and bullion-...
Proportion of
556.864,000 499,775,774 484,920,920
36.115,000 38,340,139 24,867,913
145,390,973 119,476,342 138.264,956
94,908,501 82,391,149 102,802,912
50,482,472 87,085,193 35,462,044
148,902,838 118,966,164 109,676,164
25,610,834 29,713,860 28,910,271
2,882,220
7,999,441
8,934,151
22,728,614 21,714,419 19,976,120
24,781,000 26,943,215 42,326,562
1,644,300 226,718,989 327,247,486
475,552,639 433,452,483
8,217,312
10,231,850
146,800,147 126,814,476
109,499,480 89,718,476
37,300,667 37,096,000
102,822,412 98,543,310
25,485,180 19,593,597
6,242,981
4,749,339
20,735,841 13,350,616
46,537,402 34,717,811
322,090,041 208,170,294
reserve
to liabilities......
Bank rate
Gold val. per fine oz.
148s.
168S.
5d.
25.70%
2%
Xd. 84s. UXd. 84s. UJid.
25.9
17.0%
2%
13.6%
2%
84s.
11
29.06%
2%
.
curr. to note
a
clrcul'n
+0.03%
c
Figures
as
of May 7, 1940.
notes in circulation at
THERE have been nothe Federal Reserve banks;
changes this week in the
rediscount
rates of
recent advances
on
Government
obligations
of paper at
now
are
francs,
an
in effect for the various classes
the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS
a new
increase
of
5,765,000,000
"•
francs
a
year ago.
A large increase also appeared in
8,958,000,000
francs, in creditor current accounts of 7,775,000,000
francs and in temporary advances to State of 3,550,000,000 francs. The latter item now aggregates 26,700,000,000 francs, compared with 20,576,820,960
francs a year ago.
The Bank's gold holdings re¬
mained unchanged at 84,615,339,427 francs, com¬
pared with 92,266,006,224 francs last year.
The
proportion of gold to sight liabilities fell off to 44.12%;
a
year ago it was 64.28%.
The items of balances
abroad and advances against securities rose 2,000,000
francs and 186,000,000 francs respectively.
Below
we
show the different items with comparisons for
previous years:
BANK OF FRANCE'S
May 23, 1940
May 25,1939
May 25,1938
Francs
Francs
Francs
Francs
Gold holdings
No change
Credit bale, abroad,
a
+2,000.000
84,615,339.427 92.266.006,224 55,807,815,592
38.000,000
12,142,591
20,300,933
French commercial
bills discounted., +8,958,000,000
22,502.000,000
7,467,894,713
1
...
New York
1
__
IX
Cleveland
IX
IX
Richmond....
2
Sept.
3. 1637
2
•IX
Aug.
Chicago..................
•IX
•IX
IX
•IX
•IX
IX
Aug.
Minneapolis
...
Kansas City.
Dallas.
..........
San Francisco,.......
Sept.
Aug.
,
Sept.
New York
the New
*
64.28%
46.62%
Figures as of April 18,1940.
Includes bills purchased in France,
b Includes bills discounted abroad,
c In
of revaluing the Bank's gold under the decree of Nov. 13, 1938, the
books representing temporary advances to the State
were wiped out and the unsatisfied balance of such loans was transferred to a new
entry of non-interest-bearing loans to the State.
Revaluation of the Bank's gold (at 27.5 mg. gold 0.9 fine per franc) under the
decree of Nov. 13, 1938, was effected in the statement of Nov. 17, 1938; prior to
that date and from June 30,1937, valuation had been at the rate of 43 mg. gold 0.9
line per franc; previous to that time and subsequent to Sept. 26, 1936, the value
was 49 mg. per franc, and before Sept. 26, 1936, there were 65.5 mg. of gold to
the franc.
The present value is 23.34 mg. gold to the franc.
a
advances
are
was
be
to
basically unchanged.
noted
modest
to
indicate
a
interest
in
Small
charges
on
but these changes are
monetary
trend.
The
$100,000,000 discount bills, Monday, due in 91 days.
Treasury in Washington sold another issue of
Awards
were
bank
0.067%
at
discount
commercial paper
New York Stock
computed on an
Bankers' bills and
average,
basis.
remain in poor supply, and no
Call loans on the
Exchange held to 1% for all trans¬
actions, while time loans again were
the process
three entries on the Bank's
2
money
the rate structure
changes were effected in rates.
44.12%
2
MONTH-END requirements caused no stir and
York
market this week, on
cTemp.advs .to State +3,550,000,000 26,700,000,000 20,576,820,960
—3.35%
'
2
Money Market
annual
Propor'n of gold on
hand to sight liab.
2
2
2
•
Advances on Government obligations bear a rate of 1%, effective 8ept. 1,1939.
Chicago Sept. 16.1939. Atlanta. Kansas City and Dallas; Sept. 21,1939. St. Louis.
9,024,129,673
40,133,974,773
IX
2
Aug.
Aug
Atlanta...
St. Louis.....
IX
2
11,1935
27, 1937
21,1937
21,1937
2,1937
24,1937
3,1937
31, 1937
May
742,186,386
*69,733,225
792,630,600
Adv. against securs.
+i86,oob"66o 3,800,000,000 3,400,606,685 3,454,454,149
Note circulation
+5,765,000,000 166696,000,000 121390,968 515 98,923,248,070
Credit, current accts +7,775,000,000 25,079,000,000 22,142,465,540 20,773.389,226
b Bills bought abr'd
turities to 90 days,
1%% for
ma¬
and 1 V2% for four to six months'
da tings.
New York
Money Rates
DEALINGExchange from day toloan rates was the
in detail with call day, 1% on the
Stock
Bank of Germany Statement
THE May showed the Bankdecline inthird circula¬
statement of further for the note quarter
of
tion of
a
337,742,000 marks, which reduced the total
•'
Rale
1,1939
Aug. 27, 1937
Sept. 4,1987
Sept.
Philadelphia
too
Changes
for Week
[,
Previous
Established
May 31
Boston
short-term Government paper,
COMPARATIVE STATEMENT
<
Date
Effect on
compared with 121,390,968,515
French commercial bills discounted of
7
Rate in
Federal Reserve Bank
francs in the week,
shown
The following is the
'
696,000,000
"Gold
Discount Rates of the Federal Reserve Banks
schedule of rates
THE statement for the week ended May 23 of 166,record high showed
1.36%
d As of May 15, 1940.
in the footnote to the table.
Bank of France Statement
0.99%
0.66%
"Reserves in foreign currency" and "Deposits abroad" are inoluded in
coin and bullion."
ruling quotation all through the week for both new
loans and renewals.
The market for time money
continues
up
quiet.
to 90 days and
Rates continued nominal at 1M%
1XA% for four to six months' ma-
The Commercial & Financial Chronicle
3412
for prime commercial paper
market
turities.
The
has been
fairly active this week.
continued in good
Prime
paper
has
capitulation of the Belgian king affected the
foreign exchange situation.
London pegged rate
The
volume and the demand has been
Ruling rates are %@1% for all maturi¬
unchanged.
the
Bankers'
Acceptances
fluctuate here or
THE market for this week. Prime bills
conquiet prime bankers' acceptances hard
tinued
are
and the volume of business has been very
to obtain
Dealers' rates
small.
bid and 7-16% asked; for
running for four months, 9-16 bid and 3^%
On
and
bills
after
The bill-buying rate of the New York Re¬
asked.
Bank is %% for bills running from 1 to 90 days.
serve
Course of Sterling
market
any
On the contrary,
the
The easier tone
during the week.
accompanied by
sentiment
a
was
not
of business.
pressure
affected entirely by
was
of the Allies in Flanders and
reverses
sharply to
unusual
was
brought
focus by the capitulation of the Belgian
order of Leopold III on May 28.
Amsterdam closed, New York is the only free
With
Business is extremely thin
directed here.
world is
and the execution of
minor orders is reflected in
even
However, it
quotations.
that the business of the
free market rates have little
the
actual volume of
nothing to do with
or
exchange transactions
the
as
under full control
British exchange authorities in London. There¬
major interests of the market
of the
fore
be conceded that the
may
free
market
Canadian dollar
volume
are
French
for
rates
are
francs
the
and
also without bearing on major
of transactions.
remaining quotable
French
Stockholm
tions
are
all other
might also be included but here too quota¬
largely nominal,
the quotations for
as are
European and world currencies.
day, Memorial Day, there
was
no
On Thurs¬
market in New
The range
for sterling this week has been between
S3.11J4 and $3.23^ for bankers' sight, compared with
a
range
and
of between $3.14 and $3,283^ last week.
$3.24,
Official rates
a
now
follows:
as
with
compared
$3.14^ and $3.29
are
The
for cable transfers has been between $3,113^
range
week
range
a
of
between
York,
4.02J^-4.033^;
Paris
4.43-4.47
(90.09c.-90.91c.); Australia, 3.2150-3.2280;
Zealand, 3.2280-3.2442.
delivery
is
officially
New York one-month
quoted
in
London
at
%%
premium to parity and Paris at parity for buyers
arise in
these
Exchange
on
Berlin,
Norway,
Czechoslovakia,
Holland,
and
Poland,
Belgium is
no
Italy is unofficially
does
areas
underlying trends of the foreign exchange situa¬
are
permits
while
areas,
to
imposing
other producing countries
on
foreign exchange difficulties
no
At the
areas.
same
At first
not
trade
generally with
compete
glance it would
appear
that this
so
far
as
cerned, while the desire to
is of immediate
conserve
any
much in
are
to be
seems
shipping
con¬
space
The fact is that British
importance.
larger than at
undoubtedly
restric¬
British exchange is
purchases of American cotton for the
been
new
the spirit of the Anglo-American
agreement, but in fact the action
only precautionary
have
the
staple.
tion is contrary to
to date
season
time since 1927 and
of current British
excess
needs.
Normally American cotton exports show
decided
decline
June
in
and
July.
a
At the end of
July under normal conditions, exchange begins to
against London and to favor New York because
of the necessity
of meeting cotton and grain bills.
A Board of Trade
program
United
spokesman in London said: "The
for future imports will be discussed with
States
machine
tools
authorities."
Effective
17
June
all
purchased by Great Britain in the
United States will be handled in the
same manner as
commodities.
war
British firms
requiring machine tools will not deal directly with
American
the
manufacturers, but will buy only through
of the British Supply Board, which is
agency
represented in New York by the British Purchasing
Commission.
the
have
the
London security
placed
a
outbreak
since
of
the
ness
a
downward
a
after
trend, particularly
level below which
permitted to fall and hence
are
soon
Although the London
war.
early in May, there is
securities
markets the authorities
floor under all prices since
indices have shown
is evident in the London market
no
no nervous¬
though trading
is limited.
essentially unchanged since the invasion of
Norway and Denmark
the outbreak of the
sion of Holland and
on
war
April 9 and in fact since
last
Belgium
September.
on
May 10
The inva¬
can
be said to have altered the major trends.
on
hardly
Nor has
May 29 was 81.4,
Rails
were
at
compared with 94.5
as
compared with 83.7
One
is the
reason
severe
on
40.8, against 53.7 on May 9.
index of London stock
a*
quoted in London around 62.50.
The
was
The London "Financial Times" index of industrials
longer quoted in New York.
tion
blanket
grant
dealing with the Allied
American
and sellers.
Denmark,
to
producing
taken because
In
quoted by the Bank of England
New
The action
dictated by the urgent
as
time, it was stated, the type of cotton produced in
ago.
checks, 1763^-176% (2.2883 cents buying); Canada,
New
decision
cotton
planes and other
York.
cotton linters
The Board of Trade authorities explained
their
was
franc, Canadian dollar, and the Swiss franc.
the pegged sterling,
are
yarns,
cotton will not be permitted
raw
licensing restrictions
cur¬
rencies
international
necessity of conserving shipping space and foreign
exchange.
run
Practically the only
of
May 30 except under license.
army on
market remaining open, so
direction
authoritatively described
"Allied"
THE few foreign exchange unitsthe New York free
now quoted in the
world's markets declined in
be the decisive factor governing
the
of cotton waste and
threads, and
that
Exchange
may
May 27 the British Board of Trade announced
that imports
cluding 90 days are
asked; for five and six months, Y>% bid and 9-16%
positions.
markets
abroad, the attitude of the British
and
trends
commodity
commerce.
reported by the Federal
as
Reserve Bank of New York for bills up to and in¬
and
authorities appears to
market
of the
power
their relative
determine
and
financial
However
and the
control dominate all the foreign
British exchange
currencies
ties-.
June 1, 1940
prices
on
on
May 28
May 9.
Reuters
was
77.7,
May 16.
for the inactivity
in the security markets
spending capacity
curtailment of the free
of the
public by the heavy taxation measure imposed
war and
by the drastic bill passed virtually
without debate on May 22 giving the Government
full power to conscript every person, and all property
and money in the country.
since the
,
Volume
The
94.8
on
average
May 21, against 93.7
Aug. 30, 70.01
on
the
on
a year ago,
@$3.24 for cable transfers.
April 30, 70.3
Friday
and 60.04, on Sept. 18,
London
market
open
Call
normal.
bills
also
four-months
months bills at
bills
the
the
pound,
is kept steady by
closest
but
Since the nominal volume
apparent
ment with the
free
on
the
the decline in
Tuesday and several times in the
pound, declining several points from
to the
due
was
The
unprecedented difficulty of
obtaining sterling in Paris because of the blockade of
that United States citizens resident in
the Channel ports.
Department of Finance a 30-day
of the time in which under the latest war
received from the
extension
on
pegged rate of 176.50 francs to the pound.
decline
Ottawa dispatches of May 28 state
Canada have
sterling.
relationship with sterling in the free market,
happened
as
past few weeks, the franc was slightly out of align¬
fluctuates
pressure
Canadian in New York merely reflects
free
"
as
of business transacted in the free market
with
and
Owing to this tie the franc generally moves in the
control, which works in exact accordance
with the London control.
$3.19,
Cotton and grain
THE French franc situation linked to the pound.
unchanged
the unit is continues essentially
for the inconsiderable
volume of free market transactions,
the official
closed at $3.20.
not quoted,
at
Continental and Other Foreign Exchange
:
\
Canadian exchange, except
are
(60 days)
payment
1-16%, and six-
1
at
1%%.
for
for payment
Bill rates
unchanged, with two-months bills at 1 1-32%,
three-and
sight bills finished at $3.20,
seven-day grain bills at $3.22%.
has been un¬
changed for several weeks at %% to 1%.
are
Commercial
documents
rates remain quite
money
against
money
Closing quotations on
60-day bills at $3.19, 90-day bills
by the Bank of England.
range
$3.23% for demand and $3.24 for cable
were
transfers.
before the suspension of gold payments
1931, just
The
unchanged.
$3.18@$3.23% for bankers' sight and $3.18%
was
of 1927 as 100
on
3413
tone of the market continued
index of British com¬
"Economist"
London
modity prices based
was
Commercial & Financial Chronicle
The
ISO
to its
a
of
and other
few
regulations they must dispose of their holdings
The unit
was,
however, restored
regular relationship to sterling with at the most
days' delay.
New decrees
published last week in Paris provid¬
citizens
British subjects were compelled by previous regula¬
tions to complete such sales by May 31, but Ameri¬
cans
and other foreign residents will have until
ing for exchange control specify among other items
that Canadian and United States dollar notes and
Meantime Ottawa is in
exchange control office in Paris or sold to the office
Ameri¬
itself, which will purchase them at the rate of 43.20
francs.
Dollar securities owned by French nationals
foreign
Canadian
currency.
June 30 for the
operation.
negotiation with the United States to exempt
nationals entirely.
can
The
currency
sales law does not
new
apply to tourists and temporary visitors. In the
New York free market the Canadian dollar ranged
during the week between a discount
discount of
The
follow
20%%.
'
■
and exports which
the
rency, are
•;
Imports
_
Exports
Italy
..
.
...
-
Netherlands.
__
United Kingdom...
..
......
Canada
__
-
Honerkone
__
_
..
_
..
ended May
1,
•
of
3,222,170
M
..
♦Chiefly $183,512 Nicaragua,
233,346 Philippine
2,301,843
1
the Federal Reserve banks was increased
exchange on
inclined to ease off from previous
sight was $3.18%@$3.20; cable
Referring to day-to-day rates sterling
On Monday the easier
continued in the free market.
The range was
$3.19@$3.20%.
bankers' sight and $3.18%@
On Tuesday as the result
unfavorable news from Belgium the free pound
$3.18@$3.19%
for
$3.20 for cable transfers.
of
The
declined.
fers.
On
tremely
range
was
$3.11%@$3.17%
for
and $3.11%@$3.18 for cable trans¬
the market continued ex¬
bankers' sight
Wednesday
dull
and nervous.
Bankers' sight was
and cable transfers were $3.16@
$3.15%@$3.20
$3.20%.
no
On Thursday, Memorial Day, there was
New York/
On Friday the general
market in
Future
hardly fail to record
can
increases.
further extreme
$113,667 Mexico, $118,955 Peru, $1,-
in circulation
are
Currently the increases
due in part to the demands of the
Belgium, accentuated
refugees from northern France,
large numbers because of the German
nearly 3,000,000 refugees from
by
demands
evacuated in
advance.
transfers
circula¬
A
5,100,585
April 30.
Bankers'
year ago
of the Bank
statements
5,023,720
\
of Commerce showed that
held under earmark for foreign account as of
Saturday last was
high
121,390,968,515 francs.
the week before.
tion of the Bank was
during the week ended May 22 by $17,245,291.
The latest monthly report of the Department
$1,232,301,000 gold was
a new
The previous high was
•#
129,885,526
Islands.
Gold held under earmark at
bringing the total to
166,696,000,000 francs.
reached only
«• A*
France for the week
23 shows an increase of 5,765,000,000
•
2,728,026
82,137
New Zealand
Union of South Africa
France, but this does not
The statement of the Bank of
$2,950,335
11,633,637
held
concerns
gold bars have been ordered to sell
francs in circulation,
..
All business
abroad.
apply to individuals.
Coin Shipments-
Hungary
re¬
such obligation with respect to
the metal to the Bank of
162,927,979
Detail of Refined Bullion and
tone
possess
or
$7,408
----
—
Refined bullion and coin
close.
no
$7,408
Ore and base bullion
however, while
United States dollar securities
either in France
which
• ••
under
Canadian and
IMPORTS, MAY 16 TO MAY 22, INCLUSIVE
>'/ /%;.
deposited
banks within France by June 30.
of these
quired to conform to the decree as to notes and cur¬
May 22, 1940.
X X
•
one
Foreigners residing in France,
Department of Commerce and cover
GOLD EXPORTS AND
Australia
of 22%% and a
taken from the weekly statement of
the week ended
Total-
both in France and abroad must likewise be
in
-
of gold imports
amounts
are
United States
•
;
held by individuals in France must be de¬
posited before June 30 in a bank affiliated with the
of
Furthermore, under prevailing conditions
it is natural for
his person or
notes
than
almost
every
Frenchman to keep
on
immediately available far more bank
checks are not
usual, especially since
widely used in France.
French note circulation is
rapidly moving toward a highly dangerous state
of
inflation.
Italian lire continue
unchanged with respect to the
quotable rate for commercial lire in the New York
market.
The unit has not been officially quoted in
London for months.
The unofficial rate in London is
currently around 62.50.
On May 29 the Italian
Ministry of Foreign Exchange issued an order to
all banks and industrial firms canceling permits for
importation and permission to acquire
rency
to pay for imports.
foreign
cur¬
Thus Italy cuts itself off
;
3414
The Commercial & Financial Chronicle
commercially from the rest of the world except for
Dispatches assert that returning
barter agreements.
Italian
ships
not departing to bring in further
are
However, reports that foreign currency imports have been banned were denied by the Ministry
guilder is fixed at 1.875-1.895, buyers and sellers
respectively, in terms of the United States dollar
and at 7.55-7.65 for the pound sterling,
cargoes.
of
Foreign Exchange, according to
Rome dispatch
a
of May 30, which adds that Italian and
foreign banking and industrial circles affirm that such operations
proceeding normally.
are
It
announced that The Netherlands Indies
was
banks
cooperating fully in the
are
Swiss francs continue
Government's exchange rates.
shall eventually
day period ended May 24 declined to the lowest
case
1936,
devaluation of
while
Gold
record.
francs,
stocks
compared
May 14.
the
are
with
now
a
high
new
1,981,900,000 Swiss
2,054,000,000
francs
on
Note circulation is 2,225,600,000 francs,
2,169,800,000 francs on May 14.
compared with
Ratio of
gold to notes is
level of
war
more
liabilities is
the
than
89.05%, against
now
100%.
71.02%.
Two
causes
by foreigners
Switzerland for safety,
of its
a pre-
Ratio of gold to sight
of the decline in
gold holdings of the Bank of Switzerland
withdrawals
who
had
are
deposited
the
gold abroad by the national bank for safe-
York
Belgian unit is
market.
United
market
no
longer quoted in the New
Although the United States Trea-
States, there is
to
as
just
Government.
what
some
the
Belgian
With respect to
King Leopold
domiciled
in
now
Department in Washington for defini-
France
nor
is
officials of the Bank of
Japan
the
as
be, and not sterling,
United States
to
involving Netherlands
anticipation
of
commercial
guilder
for
payments
transactions
purchases
imports
made
from
in
the
Netherlands Indies is still before the
New
Bankers'Foreign Exchange Committee.
The matter
still remains
day-to-day basis.
on a
York
At present the
question of making the Netherlands guilder applicable for Netherlands
East
Indies
guilders is being
considered.
The New York committee announced
May 29
on
the receipt of cabled advices from the Nederlandsch
Indische Handelsbank at Batavia notifying all banks
East Indies Bank of United States dollars
empowered to act.
can
at
the
official rate of exchange.
The London check rate
on
Paris closed
at 176.50-176.75, against 176.50-176.75
last week.
In New York
sight bills
on
on
on
Friday
Friday of
the French
ac-
for bankers' sight bills and at 5.05 for cable transfers,
the Belgian Cabinet
Belgium
unblocking for liquidation
of contracts entered into prior to May 22, subject to
the inspection of the documents and the sale to the
York,
now
Only
authorize with-
drawals from the Bank's account and most of these
officials
or
balances
center finished at 1.83% and cable transfers at 1.83%,
against 1.80% and 1.81. Italian lire closed at 5.05
the Bank of Belgium's
count with the Federal Reserve Bank of New
neither
or yen
The problem in the foreign exchange market with
perplexity in the
constitutes
It is understood that the matter is
before the State
tion.
may
produce dollar
of the United States of the
sury's general license is still in effect with respect to
withdrawals from certain Belgian accounts held in
the
arrange-
whereby it is
for re-export to the United States
zone
respect
in
and the deliberate transfer
keeping.
The
In addition,
assured that Netherlands Indies exports to the sterling
Sept. 30,
currency
circulation reached
note
All transactions in
free sterling are prohibited.
relatively steady despite the
Europe, but trading is extremely limited,
Gold stocks of the Swiss National Bank in the 10since
new arrangement,
Foreign banks are under obligation to accept the
ments have been made with the Allies
turmoil in
level
June l, 1940
against 5.05 and 5.05.
in New York,
Berlin marks
is exchange
nor
on
are
not
quoted
Poland, Czechoslo-
vakia, Norway, Denmark, Holland, and Belgium,
Exchange on Bucharest closed at 0.50 (nominal),
understood to be in Paris and
acting in
cooperation with the Belgian Cabinet there. At the
against 0.50.
time of the invasion the
closed at 0.61% (nominal), against 0.63. Checks on
Sweden closed at 23.85 (nominal) and cable transfers
at 23.85, against 23.71 and 23.71.
Swiss francs
are
Belgium
gold
reserves
estimated at
were
of the Bank of
$626,000,000.
Before
May 10 Belgium is understood to have shipped a
large but undisclosed amount of gold to the United
States and
England.
Swedish kronor
Exchange on Finland closed at 2.04
(nominal), against 2.04 (nominal). Greek exchange
closed at 22.40% for checks and
are
relatively steady, but the rate
largely nominal and trading has declined sharply.
May 28 the Norwegian foreign exchange market
was
opened in German-held Norway, with the United
On
States
dollar
quoted at 4.40 kroner
equal to 22.72 cents).
(making the
The only other
cur-
rencies
quoted were those of Germany, Italy,
Sweden, Switzerland, Denmark, Finland, and Czecho-
Slovakia.
Danish
like that of Norway and The
longer quoted in New York. On
currency,
Netherlands is
no
May 28 the Copenhagen stock exchange reopened
under
the
supervision of the German regime, with
transactions limited to markets within the
sphere of
German influence.
Exchange
on
The Netherlands is
East-Indies guilder.
an
on
the
not
quoted, but
problem of the Dutch
currency
bloc.
Henceforth the Java
on
the South American countries
is
generally steady, although the Argentine and
Brazilian units have shown
ness
in the past few weeks.
a
tendency toward weakBuenos Aires dispatches
of May 28 state that Argentina had
an
export
balance of 81,608,000 pesos, about $27,000,000, in
her
foreign trade in the first four months of 1940.
Total imports and exports represented an increase
34.3% in comparison with the corresponding
of
period of 1939.
Argentine unofficial
@22.50,
against
or
free market closed at 22.40
22.75@22.85.
quoted at 5.15, against 5.10.
Brazilian
milreis
Chilean exchange
is nominally quoted at 5.17, against 5.17.
nominally quoted at 15%, against 16.10.
On May 27 the Batavia Governagreement by which the Nether-
lands East Indies guilder is to be stabilized within the
Anglo-French
—•—
T^XCHANGE
are
market interest centers
ment concluded
22.40% for cable
Spanish pesetas
nominally quoted at 9.25, against 9.25.
are
is
krone
at
transfers, against 22.40 and 22.40.
Peru is
—-«—
T^XCHANGE
on the Far Eastern countries follows
familiar trends.
The Indian rupee moves in
sympathy with sterling and is held at around 30.25,
Volume
with
The
150
but
Commercial & Financial Chronicle
The Japanese yen is
slight fluctuation.
pegged to the dollar and unchanged at 23.46 cents.
The Chinese currencies,
Shanghai
which fluctuate the
yuan,
most widely
the Far Eastern units, have shown a tendency
among
Important facts relating to the Java
softness/
to
the Hongkong dollar and the
guilder
outlined above in the discussion of the
are
Holland
checks yesterday were
yen
Hong¬
kong closed at '20.20, against 20J^s; Shanghai at
5.63, against 5Manila at 49.85, against 49.80;
Singapore at 47^, against 47^; Bombay at 30.25,
against 30.25; and Calcutta at 30.25, against 30.25.
23.46, against 23.46
Friday of last week.
on
be
to
asked
to
provide additional tax-
and to raise the authorization for Federal
revenues
bonds to not less than
$3,066,006,000 above the exist¬
ing limit of 145,606,006,006.
the initiative
Thus opportunity and
tendered to the
are
Congress, and es¬
pecially to the House of Representatives; unless the
functions
vision
exchange situation.
Closing quotations for
forthwith
3415
of
of
legislation, with the essential super¬
expenditures, taxation, and all elements
over
public financial operations, are palpably abdi¬
cated in the full
Executive
sight of the entire citizenship, the
Department must hereafter proceed in
suitable and
orderly relation with the co-ordinate
authority of the law-making body, something not
exhibited in this
country at any time since March,
1933.
Gold Bullion in European
Banks
In the United
■""PHE following table indicates the amounts
1
bullion (converted into
British statutory rate,
the
in
of gold
pounds sterling at the
84s. ll^d.
principal European banks
dates of most recent statements,
per
fine ounce)
of respective
as
reported to
by
us
special cable yesterday (Friday); comparisons are
shown for the
corresponding dates in the previous
four years:
1940
1939
£
£
*831,523
England
France....
242,450,820
Germany
b3,355,500
c63.667.000
.
Spain.....
Italy
Netherlands
Nat.Belg'm
Switzerland
Sweden
Denmark
Norway
.
.
e97,714,000
el32.857.000
82,161,000
41,994,000
6,505,000
695,642,843
698,436,671
Prev. week.
*
322,090,041
347,630,266
2,462,300
87,323,000
25,232,000
94,172,000
102,500,000
83,591,000
123,400,000
78,103,000
74,372,000
29,082,000
6,555,000
8,222,000
25,735,000
6,549,000
6,602,000
6,540,000
7,442,000
42,575,000
56,984,000
101,164,000
49,103,000
23,944,000
6,554,000
6,604,000
861,995,945 1,031,338,083 1,103,886,607 1,042,650,189
867,981,691 1,033,593,047 1,097,592,749 1,045,992,925
and Bank Notes Act, 1939, the Bank of England
1939 and since have carried the gold holdings of the Bank
which was formerly the basis of value.
Statutory price
On the market price basis (168s. per fine
ounce) the Bank reported holdings of £1,644,300; equivalent, however, to only
about £831,523 at the statutory rate (84s. 11 Hd. per fine ounce), according to
calculations.
In order to make the current figure comparable with former periods
with the figures for other countries in the tabulation, we show English
well as
holdings In the above In statutory pounds.
a Amount held Dec. 31, 1939, latest figures available,
b Gold holdings of the
Bank of Germany Include "deposits held abroad" and "reserves In foreign cur¬
rencies."
c
upon
those who
wholly unequalled in
any
de¬
a
other democracy, the
system of fixed terms of office in all the branches
of the Government
commonly allows opportunity to
during the two years for which members of Con¬
Pursuant to the Currency
statements for March 1,
as
led rather than
are
leaders, and, in this country, to
During the four years of the Presidential term, even
208,170,294
456,172,045
2,373,850
89,106,000
at the market value current as of the statement date, instead of the
our
as
£
£
£
327,247,486
293,725,34?
2,527,250
63,667,000
25,232,000
63,667,000
23,400,000
100,750,000
82,260,000
98,865,000
33,777,000
6,667,000
Total week.
have erred
gree
biased leadership fall most heavily
or
those who
upon
1936
1937
1938
"'.V
*129,780,751
311,709,194
3,010,000
al7,440,000
...
mistaken,
under all governments,
as
continuing penalties of unsound,
postpone, sometimes totally to avoid the reckoning.
Banks of—
.
States,
the ultimate and
As of April 30, 1938, latest figure available,
e
Prior to Invasion.
The value of gold held by the Bank of France was revalued with the statement
of the Bank as of March
gress
prior to the latest revalorization
rapidly follow
one
another that, long before
the incumbents of these offices can be summoned to
submit their
performances to judgment at the polls,
the earlier incidents
obscured
are
vides
press
largely forgotten
very
or
by later happenings, perhaps of merely
Happily, the present
secondary significance.
occasion
an
pro¬
which the accounting must
in
much more closely upon the heels of the event.
Public
approval,
or
disapproval, of whatever the
Congress may determine within the fields of arma¬
ment, taxation, and finance during the month of
June
7, in accordance with the decree of Feb. 29, 1940, at the
rate of 23.34 mg. gold 0.9 fine equals one franc;
elected, important events and decisions
are
may so
the
(next)
or
the weeks immediately ensuing, with
incidental
attitude
and
course
of
President
the value of the Bank's gold holdings was calculated, in accordance with the decree
13, 1938, at 27.5 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.
of Nov.
1936, 65.6 mg. gold 0.9 fine equaled one franc.
Taking the pound sterling
at the English statutory rate (7.9881 gr. gold ll-12th fine equals £1 sterling), the
sterling eauivalent of 349 francs gold In the Bank of France Is now Just about £1;
26,
at 27.5 mg.
were
43 mg.
about
gold to the franc the rate was about 296 francs to the £1; when there
gold to the franc the rate was about 190 francs to the £1; when 49 mg.
165 francs
per
£1, when 65.5 mg., about 125 francs equaled £1.
long lane that has
indissolubly linked with
expense
you
will,
are so
in taxation that when either of the first two is
be
cannot
ac¬
far
behind.
the voters in
As
Roosevelt, impetuously and hurriedly asking Con¬
to approve spectacularly costly and inchoate
of these
weeks,
as
those
or
of
the
Always, when questions of expenditure,
ascendancy
made both
of the Legislative Department is
possible and probable, but in 1946 the
torate
means
and
of
payment,
assigning,
leged
wherefore
But now,
for
or
his
own
reason
assertion
the
"idle"
as
for the al¬
that
these
expenditures have become unavoidable,
the cost must be met, no matter how.
after
every
possible expedient of postpone¬
evasion has been
searched and
no
ders
of the accounting with the elec¬
supplies a basis for such ascendancy that ren¬
it
almost
beyond avoidance.
No candidate,
anywhere or for any office, municipal,
Federal,
can
State,
or
this year escape the influence of this
accounting, although there are doubtless a relatively
few
local
constituencies
in
which
partisan
pre¬
ponderance is so heavy that it cannot be overborne.
avenue
But, generally, the candidates for elective offices
has been found, it ap¬
that an attempt is to be made to clothe neces¬
everywhere, from coroner to President, will stand
even
pears
characterizing them
the insufficient
irrelevance,
enormous
ment
as
concerning
will be influenced by
taxation, become dominant in the public mind,
unusual immediacy
inquiries
or
so
immediate
of
been
will their deliberations be con;
and their final verdicts rendered by their
decisions,
trolled
and dis¬
the Congressional decisions
they feel that their particular for¬
tunes and comfort have
plans for additional armaments, abruptly denied the
relevance
the different regions
tricts come to look upon
suffrages.
Barely two weeks have elapsed since President
gress
principal discussions and all the truly im¬
political campaigns.
and with increases
cepted and undertaken the others
Congress in this extraordinary juncture must cen¬
a
War and war-like
preparations, call them defensive if
Around the action of
scarcely four months later.
portant and really determinative incidents of the
the piper, and it is
turning.
no
ability will control, the elections of next November,
ter the
Taxes, the Inevitable
Those who dance must pay
Roosevelt, will necessarily influence, and in all prob¬
temporary
escape
sity in the habiliments of virtue and Congress is
or
fall in accordance with their records and
sions upon
profes¬
these questions of armament, taxation,
The Commercial & Financial Chronicle
3416
and
finance,
to pass
In
which Congress will be required
upon
before its eventual pre-election adjournment.
these
circumstances,
paltering
no
with
the
problems of taxation is either morally permissible
or
sufficiently tolerable to
tion at the great
ber's
certain condemna¬
escape
National inquest at next Novem¬
Languor, lack of interest,
polls.
or
June 1,
But public need, the condi¬
Treasury Department.
tions of
1940
politics, and the imminent public demand
unite to point the way towards the sound
now
re¬
vision of the whole scheme of Federal taxation that
has been
urgently demanded by all the conditions,
economic and
social, of the last
seven years.
cowardice
might suggest such shallow and incalculably dan¬
gerous
devices
imposition of another super-tax,
as
tax levied neither upon
come
of
to be
paid, but
property
nor upon the in¬
property, but upon taxes already required
such puerile escape from
no
The Mexican Oil
a
just
a
The
cal
legal, diplomatic, economic, social and politi¬
aspects of the complex problem into which the
question of the Mexican oil properties has developed
weighing and allocation of the public burdens could
all have their
mislead any
one
intelligent voter.
under Executive domination
than
those of
raising
mate expenses
of
to achieve ends other
In
is blurred.
emphasis placed
one
discussing the situation
as
hampering and de¬
enterprise and reputable and
They react
the various aspects by
on
reader, to depend greatly on the former's point of
view, and that to a large extent
upon
tions, his training, and his nationality.
be
ticular
heavily detrimental to all depart¬
public welfare. These evils of adjust¬
ments of the
ment
ought forthwith to be removed; it would be
the very acme
of stupid and well nigh criminal folly
to increase and accentuate
them,
of them.
If
members of
at all awake to their
re¬
Congress
sponsibilities and
are
aware
or any
of the rapidly approaching
appraisal at the polls of their capacities and
vices,
no
which
ser¬
such easy avoidance of the great task by
they
confronted, with its abounding
are
op¬
portunities to relieve the industries and people from
needless and wanton
oppressions of
an
ill-advised,
unjust, and mischievous system of taxation, will be
attempted or would be permitted. On the contrary,
the times call
so
loudly for full revision, for broad
far.seeing adjustments, for mitigations of un¬
and
hardships, and for eliminations of
necessary
many
tax-devices
of business
is not to
of
once
opportunity and activity and
of revenue,
that these issues cannot be dodged by the
Congress without invoking swift and effective penal¬
ties at the
the
public,
polls. The workers, the
in
are
men
of enterprise,
mood to be fooled
no
nor
to sub¬
mit to retardation of such relief.
in
with
of
the
their
problem
seems
are
part therein.
stantial
able men,
qualified amply by their studies and by
meet the exigent issues of the
sudden fiscal demands of
armament, supposing all
these demands to be actual and
beyond proper avoid¬
ance, and to provide the Nation with a comprehen¬
sive system of
taxation, heavy and burdensome
must
be, after
limited waste,
seven
but
so
years
as
of profligate and
it
un¬
any
destructive imposition
stand between the industries and labor of the
coun¬
do in
Yet it would be unwise to
able
is
mon sense
Oil
monopolized by
long-view
even
one
vided.
These
men
a
long time to
know what
come
be pro¬
ought to be done and
they know how it
can be done.
They are willing and
patriotic servants of the public and will not be re¬
luctant to
proceed to the tasks required of them,
although they can anticipate no genuine assistance
or
helpful advice from the White House
or
from the
to
com¬
side.
operations in Mexico began at the turn of the
century.
The
official
Government, with
one
geologists
of the
exception who
was
Mexican
later
em¬
ployed by Mr. Doheny, had been sceptical of the
possibilities of finding oil in Mexico under com¬
mercial conditions.
engaged
Oil
in
about the
same
requisite
time
was
discovered by British
railroad
construction, and
by oil geologists operating for
Since Mexico did not
possess
capital
reinforced
with
technical
knowledge and willingness to take the risks in¬
volved, foreign interests, chiefly British, American
and
Dutch, were invited, or at least encouraged, by
the Diaz Administration to
oil.
On this
prospect for and exploit
basis, and later
on
the basis of
more
specific agreements with the Calles Administration,
the equivalent of hundreds of millions of dollars
invested by foreigners.
were
Production
war
and
on a
reached
397,587 barrels.
large scale began during the last
the
highest point in 1921—193,-
Thereafter production decreased to
Poza Rica field in 1931 had its effect
presently and for
corre¬
that all the avail¬
assume
sincerity, good faith, and
and any part
it must
so
involved,
adding to the complexities of this situation.
to
enormous revenues with which
are
possible only if all sides
try and their fullest practicable activity and pros¬
perity, or between the Treasury of the United States
of the
others.
spond to the realities involved—have had much
wisely inter-related and ad¬
justed that nowhere will
the
this one, where
as
given: consideration and play
Bad faith, or at least its sub¬
American interests.
their experience to
of
two
plans, dreams and aspirations which do not
the
the divisions of
such aspect alone,
on
or
one par¬
the justice
equvialent in effect—the ruthless and irre¬
lead
memberships, disregarding
partisanship, contain majorities of
one—or
sponsible attempt to put into immediate practice
nebulous
though fundamentally well-intentioned
Doughton, in the House of Representa¬
tives, and Chairman Harrison, in the Senate, both
committees whose
one
situation such
workable solution
a
the legal
interests material and emotional
engineers
Chairman
a
as
solution based
a
combination
However, in
many
his affilia¬
To say this
disparage the importance of any
phase—such
arriving at
or
widely known to be practically destruc¬
tive at
any¬
to the listener, or
seems
profitable business, cannot be swollen by percentage
increases, of 10% or of any other per cent, and not
further and
on
practice, humanity being what it is,
the
economically operated Govern¬
an
honest
to
practical importance.
another and often the border line between them
to defray the legiti¬
moneys
ment, those already recognized
structive
Taxes already laid
Controversy
about
115,514,000 barrels in 1925, dropping in 1932
32,805,496 barrels.
which year
The discovery of the very rich
38,171,946 barrels
by 1934, in
The
production increased to 46,906,656 barrels by 1937.
were
produced.
During the early depression period the reduction
in production was at least
low
partially attributable
prices in the world markets.
also due to the decrease in the
However, it
drilling of
new
The average productive life of a Mexican
to
was
wells.
oil well
Volume
has been estimated to be six years,
for 20
production
the
drilled ;
were
and in 1926
in 1923, 427; in 1924, 699; in
1925, 801,
Thereafter the drill¬
similar number.
a
for
In 1921, 321 wells
industry to drill new wells.
1932. - In spite
ing decreased, dropping to 50 wells in
price increases beginning in 1933, the drilling
new weils further declined to 45 in 1937.
of the
of
The
of this continued reduction,
cause
after the
chiefly the
experienced by.
industry, owing to the adverse policies of the
favorable
of
sense
the
price reaction of 1933, was
insecurity
as
to the future
Mexican Government alluded to below
which really
Altogether,
up to 1937 the industry drilled 5,743 wells, of which
2,716 were productive. In that connection, as illus¬
began in the early nineteen-twenties.
trative of the inherent risks that oil
and their
operators face
willingness to continue under adverse con¬
during the
$3,400,000 in unproductive wells
ditions, one of the companies alone spent
period 1934-36 over
and
quests there
During the first period ending in 1926 the foreignpart of the industry had spent more than
of the
people
political oppression of their ruling class, composed
chiefly of people of Spanish or Spanish-Indian de¬
Over 50,000 oil field
tank ships.
and
workers, mainly Mexicans, received continuous em¬
Though the period of greatest activity
ployment.
expenditures had terminated, the ensuing 12
and
ending with 1937 witnessed disbursements
a total of $340,000,000.
In the latter
years
estimated at
the privatelv-owned industry employed some
year
of this century and since, although started
by the intellectuals, gained power and momentum
from
demand, not merely for a change
a
ship but for
pamphlet issued in 1938 the Standard Oil
a
Eastern Mexico, comprising
the Gulf, constitutes
bordering
most
the entire coastal plain region
promising petroleum
an
important unit in the
province in the western hemi¬
sphere.
Magnificent oil fields have already been developed
over
area
an
of
some
10,000 square miles.
A region,
sibly larger and equally favorable, remains to
For
many
years
pos¬
be explored.
the Mexcian Government has
that
by it.
unfair
competition, in that, while not undertaking
It has been charged with a species of
independent exploration work of its own, it has,
taking advantage of its ownership of the beds of
and
'streams
itself to
limited
imity,
control
the
or
of governmental
offices,
drilling operations in close prox¬
actually within the bundaries of areas
already proved productive by the foreign-owned sec¬
tion
of
the
industry.
does not have to pay
bound
as
Moreover, the Government
taxes, nor does it regard itself
Potentially the position of the Mexican Govern¬
ment in the oil situation was very
strong.
Accord¬
ing to the Standard Oil of New Jersey figures pub¬
Mexican
its 1940 booklet,
Oil
"Present Status of the
Expropriation," that Government-con¬
trolled 53,000,000 acres out
prospective oil
of 67,000,000
lands in Mexico.-
American and British
acres
before the oil
30
For
Thus
expropriations of March, 1938,
been
of
willing
or
in
a
position, had it
able to assume the costs and risks
exploration, to develop a great industry under its
own
immediate control, without its being necessary
to seize
properties already developed by others.
the politicians have been making
years
promises which appeal to this deep
Mexican
have been taken, no substantial gen¬
drastic steps
eral
aspiration of
Nevertheless, though many
people.
progress
towards the desired aim has been
political
The difficult task of evolving a
system adapted to the
material, mental
capacities of the Mexican
and emotional needs and
people has been made more difficult by the lack of
and training in self-government of the
education
' Counsels have been divided as to funda¬
masses.
mentals.
of State
The group now
economic
entire
munal
in power favors some form
capitalism, with consequent control of the
This would not be in
system.
with
disharmony
tradition
the
of
the ancient
Mexican
people.
com¬
Other
freedom be
Probably the most im¬
portant point on which the greater part are agreed
is the present unwillingness to attract or retain
foreign capital by the incentive of substantial
profits and a sufficient measure of control of its
would prefer that more economic
given to private enterprise.
management.
own
This condition of affairs
has to be reckoned with
As Donald R. Richberg has ably writ¬
ten in his pamphlet entitled
"The Mexican Oil
Seizure": '•■■'V-V '"/''"fe 'v"
!'r?v
in
practice.
Only persons with
any
immature ideas of politics assume
that
is simply the product of
It is a demonstrated prin¬
important political movement
individual leaders.
theorists or
that mass movements rise from
seated aspira¬
They may be misled, in seeking their
ciple of political science
economic needs and the deep
fundamental
tions of the masses.
idealistic theories or selfish plans of lead¬
gained and held only by those who at
be striving to achieve popular aims.
So the
Utopias, by the
ers.
But power is
turmoil of Mexican politics
simply
in the last 30 years cannot be
ascribed to the selfish
designs of individual poli¬
military autocrats. It rises rather
inability of any group temporarily in power to
ticians, labor leaders or
from
the
establish
a
political-economic system holding forth the pros¬
pect of a continuing
improvement in the living conditions
the people.
of
The principal
companies held oil rights in
the Mexican Government was
Mexi¬
would result.
cans
of the masses of
only 10,000,000 acres, or 14% of the total.
even
living conditions of millions of
least seem to
by its own labor laws.
lished in
widespread and continuous improve¬
more
a
ment in the
engaged in oil operations through various agencies
owned
of leader¬
fundamental reorientation of the
political-ecenomic system of the country, to the end
groups
interested in Mexican oil state:
groups
a
fundamental
18,000 oil workers.
In
revolutionary movement of the early
The
scent.
years
economic
facilities,
The devel¬
them
opportunity to throw off the economic or the
no
pipe line construction, tank farms, pipe lines, camp
billion dollars for
of old Mexican stock.
are
opments of the nineteenth century afforded
achieved.
a
accepting" responsi¬
The mass
bility for the welfare of one's neighbors.
leases, exploration, drilling,
half
Before the Spanish con¬
ancient communal practices in the
were
of sharing property and
way
the
exploration.
owned
political phase of this oil controversy stems
deep in Mexican history.
maintain
long period it is necessary
a
over
The
though some last
Therefore, in orders to
more.
or
'3417
Commercial & Financial Chronicle
The
ISO
Since the Mexican
private oil industry was sub¬
stantially controlled
by foreign capital, and has
been the most
these
important single industry in Mexico
economic aspirations
have made it the
political leaders.
of the Mexican people
favorite target of the more radical
Many of the appeals to public
opinion have been unfair, and addressed mainly to
the emotions.
The operations of the foreign-con¬
trolled oil
companies are depicted as part of a cold,
3418
The Commercial & Financial Chronicle
June 1, 1940
rapacious, monopolistic campaign of imperialistic
medical, surgical and dental service not only for
capitalist nations to control world
the
materials.
raw
Irrespective of the fact that the oil industry
the first to introduce and maintain fair
wages and
living conditions for Mexican labor
to compare
favorably,
as
obtaining in
the
which continued
Government-operated
organizations, it has been declared
and in the press
labor.
can
to be
The
favorite
method
of
of
living of Mexican oil labor
American oil men,
those
likely to induce
a
fields of the United
1937 difficulties announced that the
by that time
since
beginning operations, and had regained their
investments
many
at
that
years
time,
billion dollars in profits
The
ago.
reported
Government's
that
during the
period 1934-36 the companies had made
net annual
tal.
profit of 16.81%
Neutral
for
that
an
average
their invested capi¬
on
auditors, however, found the profits
7.5%.
But the companies
period to be
pointed out that the period included
extraordi¬
an
flow of oil from the newly discovered Poza
Rica fields, and that fairer
accounting for the 10-
nary
period of 1927-36 would have shown
year
net
profit of 4.25%
Another
arouse
favorite
the
an
average
a year.
of
the
charge
the
calculated
average Mexican
circumstances
1934, under
came
it
is
not
July 1,
mandate to carry out the Six-Year
Plan of the National
Revolutionary party. This in¬
cluded
the
effect.
Another plank
com¬
into
of that platform provided
that: "Efforts will be made to
prevent
foreign
com¬
panies from continuing
monopolizing existing min¬
eral deposits."
It has already been shown that the
oil
companies
least
as
were not in
monopolistic position, at
against initiative similarly
equipped with
technical skill and
capital
involved.
willing to incur
Nevertheless, the history of
years demonstrates that the
the risks
the last six
revolutionary
program
being
put through in the oil situation.
This has
been done in substantial
violation of Mexican con¬
stitutional and other
law—the chief respect
such
paid
legislation
being
legal procedure.
lip-service
and
speciously
that "once
as
excessive
Union—many
as
that which called for free
companies;
ad¬
"continuously, firmly
legal but of
conflict to be not
political character, and warned
a
the small
South
American nations
see
what is
happening in Mexico they will do the same."
having made a long, passionate speech, he
After
withdrew
from
the
and the balance of the
case,
immediately
thereafter
decision
.
against
announced
the
their
companies
on
1, 1938.
Seventeen days later President Cardenas
expro¬
priated by administrative process and decree the oil
companies' properties, though the companies, after
first expressing
dissent, had six days before the ex¬
propriation agreed to increase
fixed in the award
that it
This
was
as
wages
affirmed, but
by the amount
were
informed
too late.
expropriation has been strongly criticized in
as well as elsewhere, on many grounds.
The
Mexico,
decree recited that it had been made
necessary be¬
the
cause
refusal
of
the
companies to accept the
affirmed award had made inevitable the total
pension of the activities of
thus
is
precipitating
of
over
seizure.
The
the
justified
reason
pointed out that
a
properties—not
temporary tak¬
their
permanent
crisis, if it had existed, could in
event have been met
sus¬
industry,
No other
It has been
at most this would have
ing
essential
an
crisis.
a grave
given in the decree.
by much less drastic
any
measures,
already legally provided for, and well within the
powers of the Government.
alleged
recalcitrance
of
As
the
a
penalty^ for the
companies
it
was
extreme.
Moreover, not only
for failure to
but it and the
are
can
the decree objectionable
was
comply with
ments of established
It is
of them
the
passionately"; declared the
a
issued
charged that the Government officials have
fomented the labor difficulties
which culminated in
1937 with the demands of the
Labor
companies.
Just before the decision
denounced
and
"nationalization of all subsoil wealth"
apply retroactively to the rights of the oil
panies acquired before that Constitution went
he
of
in
application of the principle embodied in Article
27 of the Constitution of
1917, a principle which had
been held in the
early twenties by "established juris¬
prudence" of the Mexican Supreme Court not to
audience
an
denouncing the oil
mitted that he had intervened
March
a
delivered orally before
previous agitation.
rendered
was
is
surprising
to power on
from
They had challenged the judge who had intervened
in the
unanimous
quate return.
Under these
was
banners
to
companies uneconomically exploited irre¬
placeable wealth of the country without
any ade¬
that President Cardenas
appeal
carrying
court
untrue
resentment
judges of that court had been reduced
to correspond with the length of
the presidential term.
The court's decision denying
that the
is
Cardenas, labor leaders, and one Supreme
judge took part in the agitation. The terms
life to six years
companies had
made
The oil companies had been
in
public meetings, addresses, parades,
press.
Prominent politicians, including
the
of the
over a
an
atmosphere little
calm judicial examination of the
President
One of the Government
experts who examined the
companies in connection with the
by labor
degree which they felt
expropriation of the prop¬
a
decided in
questions submitted.
denounced
and
submitting
appeal of the companies to the Supreme
was
Court
experts,
The
though much of the foreign capi¬
States.
books of the oil
politicians to
Court of Mexico
the oil
Particularly objectionable
the provisions
were
of
greater proportionally to the investment than
secured in
exactions.
would be tantamount to
Similarly, the Mexican public has been taught
that the foreign oil
companies have made profits
are
brothers and
management to overriding control
erties.
tal involved is British and Dutch.
much
new
companies
leaders and
proving this
with
the
their
paid and stand¬
wages
as
ensuing award of the Mexican Labor Board,
granting all the Labor Union's demands
included
to
oil
ruthless exploiter of Mexi¬
a
allegation is to contrast the
ard
The
the rostrum
on
well
as
while not
better than
were
descendants,
sisters under 16.
time went on, with those
granted in other industries, and
those
employees, but also for their families, including
ascendants and
was
and
many
expropriation law under which it
was
inconsistent with provisions of the Mexi¬
Constitution, which require,
ditions of
technical require¬
unrepealed Mexican law,
among other con¬
expropriation, immediate payment of the
consideration out of the proceeds of a
percentage of
production to be derived from the expropri-
the oil
Volume
ated
& Financial Chronicle
The Commercial
150
properties instead of the decreed postponement
thereof for
a
decree
also
was
The
contrary to the terms of the Con¬
period not exceeding 10 years.
stitution, which require judicial
and not
process,
merely administrative action in connection with ex¬
The Constitution also provides that
propriations.
expropriation must be for
It is claimed that this
the oil
It
of public utility.
reasons
requirement
not met in
was
case.
is
handed down, on
the
Dec. 2, 1939,
an
of the
others raised
tion in Mexico—the Facts and the
that
on
on
behalf
readable and scholarly "Expropria¬
very
of
some
these
Law," has shown
the
points, at all events,
decision is in conflict with others made
before, and
since, by the Supreme Court in cases in which
even
foreigners
tion
being
gravity
apparently
of the crisis,
situation
tional
not involved—-the ground of distinc¬
are
was
that
of
because
and other
special
a
urgency,
the oil
reasons,
outside the constitu¬
case
Moreover, the Supreme Court upheld the Govern¬
the
to
as
contention
important points relating to
on
of
assessment
the
compensation, especially
deprive the companies of all but nominal
for that which
ment
able part
so
pay¬
they consider the most valu¬
of their properties
:
namely, their right to
prospect for and capture oil under the surface of
the
are
owned
areas
leased
or
by them.
applied, the expropriation will actually
prove
to
the
properties to the companies in which her
are
in cash is
interested, in the belief that payment
beyond the capacity of Mexico.
ernment has not gone
efforts to
reach
that far.
While encouraging
rights of
expropriate/ property
for
coupled with and conditioned
make
sovereign State
a
public
The Hull note of
the obligation to
on
compensa¬
April 9 suggested that the
questions of the amounts to be paid
who have been
our
nationals
deprived of their properties and the
by which the decision shall be executed be
means
left to
arbitration
an
arbitrated award of
a
however adequate its amount, would be satis¬
factory to the companies, as they believe that
would
award
Mexican
in
be
any
beyond the capacity of the
Government to pay.
proposal.
Minister
pointed
authorized
clair
a
In
any
oil
In this note the Mexican Foreign
out
that
his
Government
had
private arrangement with the "Sin¬
of American nationals
in
the
Mexico
This figure is questioned by others,
who have claimed that it should be
10%.
The note
implied that the discussion leading to the
ment
was
settlement of the
Two other
clair group
Has
in the deal.
limited to the amount of the
and the conditions of
the Mexican end of its
on
companies in which the Sin¬
were
stalment of
price
deals of the
In other
The first in¬
$1,000,000 has already been paid.
arrived at in much the
was
not included
price is $8,500,000, payable in in¬
size and
same
words, it
The
other
same way
character
"trade," and
was a
that it did not involve any
are
on
charges off
reached.
such terms
on
the books
of the Consolidated.
An
agreement was also made between two other
parties, namely, the Distribuidora Petroleos MexiMexican
Government's
oil-selling
com¬
pany—and the Sinclair Kefining Co., whereby the
latter
agreed to purchase from the former 20,000,000
of
barrels
oil
crude
5,000,000 barrels
deliverable
said to be normal for
are
covering
long
so
a
the
at
rate
of
The price terms involved
a year.
a
transaction of such size,
It is asserted that this
period.
agreement is entirely separate from the other one.
Ramon
in
while
Beteta, Mexican Under-Secretary of State,
this
city, is reported in the New York
the Mexican
Sunday to have said that
proposal to the other companies is to
appraise the properties on the basis of the amount
of money
invested in them and to pay the expro¬
priated companies that sum.
dence that Mexico will
more
He expressed confi¬
develop the oil fields much
extensively than was done by the American
companies, and will pay for the properties with the
proceeds of this expanded production.
This,
as
well
as
the
Sinclair agreement, may indicate a change
on
the
part of the Mexican Government on the im¬
portant point of the amount of the
from the
compensation,
position previously taken and sanctioned
Whether further
basis of settlement be
by the Mexican Supreme Court.
changes will occur and
a
respect to the properties not yet cov¬
by agreements, perhaps, within the very
ered
fair
"objectives" submitted by Mr. Richberg last year,
remains to be seen.
Meanwhile,
on
July 1
a new
President of Mexico will be chosen.
The Course of the Bond Market
The decline in
agree¬
indemnity
payment "in reasonable instal¬
bonds has slowed down considerably this
week, with only the more
Although a
fractionally, others have continued to
ing at 115%, off
rail
1% points.
advanced 1% to 96%.
point.
Additional
Defaulted rail bonds lost fractions.
utility bonds took place in
the early part
High
Great Northern G 4s, 1946,
New York Central 3%s, 1946, at 74
weakness among
been quite gen¬
and speculative issues
Canadian utility issues have again
of the week and losses have
showed little resistance.
any
Hock-
115%, clos¬
Medium-grade and speculative
bonds have been mixed.
lost 1
lose ground.
4%s, 1999, dropped to a new low of
view
This does not indicate
speculative issues losing ground.
Governments have shown little change.
few high-grade railroad bonds have improved
Higher grades and
eral.
was
sale of all the Consolidated^
partial interest
a
The
ments," the justification of the Mexican point of
being recognized.
and the
expropriation in¬
stalments in two and one-half years.
ing Valley
industry.
Government
By its terms the deal
event, that
group" representing, he declared, 40% of the
investments
a
Corp.
sidiaries which carried
business.
Government, by note of May 4, has rejected the arbi¬
tration
form
reached with
proceedings.
It is doubtful whether
such
is
purposes
"adequate, effective and prompt
tion."
sum,
Our Gov¬
satisfactory private settlement,
a
it has insisted that the
to
the Mexican
"Herald Tribune" of last
The British Government has demanded the return
nationals
is between
Consolidated Oil
If these rules
be confiscation.
of
The agreement is dated May 1, 1940.
year ago.
and
canos—the
guarantees.
ment's
a
to the implied
as
Negotiations began about
opinion of 52,000
Koscoe B. Gaither, in his recently
companies.
published,
as
nature of the agreement.
does not appear to
view
wholly-owned Mexican oil sub¬
adopted by the Government on the points
well
group
same
a
cedure
as
quite the
interests in its four
upholding the constitutionality of the pro¬
mentioned,
However, the Sinclair
have taken
demnity, but rather
words
above
^
of Mexico
Court
Supreme
the part of the Mexican Gov¬
on
ernment.
not
v-V 'V
that
true
change of view
3419
grades slipped further
The Commercial & Financial Chronicle
3420
been
particularly weak, Bell Telephone of Canada 5s, for
example, losing 5 points in one day's trading.
day prices were generally firm and moderate recovery
noticeable
A
firmer
somewhat
tone
among
industrial
Most
evidence.
in
Oils
been
have
General
59V2;
Steel
in
mixed,
few
been
have
with
steady to frac¬
been
changes
1949,
off
moderately.
mostly
the
points
the
Studebaker
conv.
6s,
1945,
rose
4
U.
All
S.
closing levels.
120 Domestic
Corporate by Groups *
AU
Aaa
30-
A
Baa
RR.
81.61
89.25
Exchan ge Clos ed
118.81
116.21
103.56
Stock
29-
Aa
103.93
104.11
81.48
118.81
116.00
104.11
81.35
104.30
103.56
113.26
103.38
28- 113.07
118.60
YIELD
AVERAGES
f
P.
120 Domestic Corporate
120 Domestic
by Ratings
120
Corvorate by Groups
Domes¬
1940
Daily
Corp.*
Averages
averages
given in the following tables:
are
tic
May 31- 113.14
Japanese have
(Based on Individual Closing Prices)
by Ratings
Domes¬
Norwegian
Moody's computed bond prices and bond yield
MOODY'S BOND
120 Domestic Corporate *
120
Govt.
Bonds
and
South American issues churned around last
been softer, and
week's
some
while Italians continued irregular.
strong,
(Based on Average Yields)
1940
Danish
in
and the two German Government loans have been
MOODY'S BOND PRICES f
Daily
gains
have
bonds,
1948, advanced 2% points to 69; and in the
group,
been
There
at
Certain-teed
Belgian bonds have also been heavy
points.
losers, while French issues displayed some rallying power.
fractional.
3%
gained
materials section,
building
the
issues have
a
Castings 5%s,
Products 5V2s,
automobile
steel
while
higher,
bonds, with Canadian and Australian issues los¬
several
ing
issues this week, although some further declines have been
tionally
letter better, while others have been off fractionally.
a
in foreign
developed
1940
The Allied disaster in Flanders caused a further decline
was
the list.
throughout
been
1.
In the paper group the Internationals have
points to 89.
On Wednes¬
June
tic
Averages
Corp.
U.
Indus.
111.03
112.66
May 31
3.80
30
116.21
Stock
89.25
111.03
112.66
-29
3.80
89.10
112.66
28
3.81
3.04
3.42
3.33
112.86
27
3.79
3.04
3.17
3.76
5.19
4.65
3.40
3.32
112.45
25
3.80
3.04
3.19
3.77
5.20
4.65
3.41
3.34
Aaa
Aa
3.05
3.16
Baa
RR.
P.
U.
Indus
3.78
5.22
4.67
3.41
3.33
Exchan ge Clos ed
3.04
3.77
3.16
5.23
4.67
3.41
3.33
103.74
118.81
116.00
82.00
89.55
110.83
111.23
25- 113.22
103.56
118.81
115.57
104.11
81.87
89.55
111.03
24- 113.06
103.66
118.81
115.57
104.11
81.87
89.69
111.03
112.25
3.80
3.04
3.19
3.77
5.20
3.41
3.35
23- 113.36
103.56
118.60
115.57
104.11
81.87
89.69
111.23
112.05
23
3.80
3.05
3.19
3.77
5.20
4.64
3.40
3.36
22- 113.49
103.74
118.81
115.78
104.11
82.13
89.69
111.03
112.66
22
3.79
3.04
3.18
3.77
5.18
4.64
3.41
3.33
21- 113.46
27- 113.23
24
103.93
119.25
116.00
104.30
82.53
89.99
111.43
112.66
20— 113.78
105.04
120.14
116.43
105.22
84.28
91.35
112.45
113.68
20-
18- 113.56
105.22
120.14
116.64
105.22
84.41
91.66
112.45
113.48
18
•
'
4.68
4.64
3.78
105.79
120.37
117.72
105.79
112.66
114.72
16- 113.73
106.17
120.82
117.94
105.98
85.52
92.75
112.86
115.14
16—
106.17
120.82
117.72
106.17
85.38
92.90
112.66
114.93
15
14- 113.89
5.24
3.02
3.17
3.76
5.15
4.62
3.72
—
17- 113.73
92.28
3.77
2.98
3.15
3.71
5.02
4.53
3.34
3.28
3.71
21
15- 113.82
84.96
3.17
2.98
3.14
3.71
5.01
4.51
3.34
3.29
3.39
3.33
2.97
3.09
3.68
4.47
3.33
3.66
2.95
3.08
3.67
4.93
4.44
3.32
3.21
3.66
2.95
3.09
3.66
4.94
4.43
3.33
3.22
3.68
17
-
4.97
3.23
106.37
121.72
117.72
106.36
85.52
93.21
14
3.65
2.91
3.09
3.65
4.93
4.41
3.32
13- 114.87
107.49
122.40
118.60
107.11
86.78
94.17
113.89
116.21
13
3.59
2.88
3.05
3.61
4.84
4.35
3.27
3.16
11- 115.43
108.46
123.56
119.25
107.88
87.93
94.81
114.72
117.72
11
3.54
2.83
3.02
3.57
4.76
4.31
3.23
3.09
10- 115.51
108.46
123.33
119.25
107.88
88.36
94.97
114.72
117.72
10
3.54
2.84
3.02
3.57
4.73
4.30
3.23
3.09
3.02
112.86
115.14
3.21
109.44
124.02
120.37
109.05
89.25
95.62
115.78
119.25
9
3.49
2.81
2.97
3.51
4.67
4.26
3.18
8- 116.34
109.44
124.02
120.59
109.05
89.25
95.62
116.00
119.03
8
3.49
2.81
2.96
3.51
4.67
4.26
3.17
7- 116.30
109.44
124.02
120.59
108.85
89.25
95.46
115.78
118.81
7
3.49
2.81
2.96
3.52
4.67
4.27
3.18
3.04
9- 116.42
3.03
6- 116.29
109.24
124.02
120.37
108.66
89.10
95.46
115.57
118.81
6
3.50
2.81
2.97
3.53
4.68
4.27
3.19
3.04
4- 116.30
109.24
123.79
120.59
108.66
89.10
95.46
115.57
118.81
4—
3.50
2.82
2.96
3.53
4.68
4.27
3.19
3.04
3- 116.36
109.24
123.79
120.37
108.66
88.95
95.29
115.57
118.81
3—
3.50
2.82
2.97
3.53
4.69
4.28
3.19
3.04
2- 116.48
109.05
123.79
120.37
108.27
88.95
95.29
115.35
118.60
2
3.51
2.82
2.97
3.55
4.69
4.28
3.20
3.05
1- 116.45
108.85
123.79
119.92
108.27
88.65
95.13
115.14
118.60
1
3.52
2.82
2.99
3.55
4.71
4.29
3.21
3.05
Weetlg—
Apr, 26— 116.18
108.85
123.79
120.14
108.08
88.51
94.81
114.93
118.81
3.52
2.82
2.98
3.56
4.72
4.31
3.22
3.04
19- 115.94
Weekly—
Apr. 26
108.46
123.56
119.92
107.30
88.07
94.33
114.51
118.38
19
12- 116.38
108.27
123.56
119.69
107.11
87.93
94.33
114.30
118.38
12
5- 117.10
108.66
124.25
119.92
107.30
88.51
94.81
114.51
Mar.29— 116.87
107.88
123.56
119.25
106.92
87.49
93.85
113.89
118.81
118.38
21- 116.36
107.69
123.56
119.03
106.36
87.49
93.85
113.68
3.54
2.83
2.99
3.60
4.75
4.34
3.24
3.06
3.55
2.83
3.00
3.61
4.76
4.34
3.25
3.06
3.53
2.80
2.99
3.60
4.72
4.31
3.24
3.04
Mar. 29
3.57
2.83
3.02
3.62
4.79
4.37
3.27
3.08
117.94
21
3.58
2.83
3.03
3.65
4.79
4.37
3.28
3.08
15- 116.74
107.49
123.33
118.81
107.17
87.35
93.69
113.68
117.50
15
3.59
2.84
3.04
3.66
4.80
4.38
3.25
3.10
8- 116.03
107.49
123.10
118.38
106.17
87.21
93.69
113.07
117.72
8
3.59
2.85
3.06
3.66
4.81
4.38
3.31
3.09
1- 115.42
107.11
122.63
118.38
105.79
87.07
93.53
112.86
117.07
i
3.61
2.87
3.06
3.68
4.82
4.39
3.32
3.12
Feb. 23- 115.82
107.30
123.10
118.60
105.79
86.92
93.85
112.66
117.07
3.60
2.85
3.05
3.68
4.83
4.37
3.33
3.12
16- 115.48
107.49
123.33
118.81
105.98
87.07
94.01
112.86
117.50
16
3.59
2.84
3.04
3.67
4.82
4.36
3.32
3.10
9- 115.44
107 30
122.86
118.81
105.98
86.92
94.01
112.66
117.29
9
3.60
2.86
3.04
3.67
4.83
4.36
3.33
3.11
2- 116.43
Jan. 27.. 116.64
106.92
122.63
118.60
105.41
86.78
93.69
112.45
116.86
106.92
122.63
118.38
105.41
86.64
93.69
112.25
116.86
20- 116.65
13.. 116.96
106.54
122.40
117.94
105.41
86.21
93.21
112.25
Feb. 23.„
116.43
2
3.62
2.87
3.05
3.70
4.84
4.38
3.34
3.13
27
3.62
2.87
3.06
3.70
4.85
4.38
3.35
3.13
20
3.64
2.88
3.08
3.70
4.88
4.41
3.35
3.15
13
6
Jan.
106.73
122.40
118.16
105.60
86.50
93.53
112.25
116.64
3.63
2.88
3.07
3.69
4.86
4.39
3.35
3.14
6„ 116.03
106.92
122.86
117.72
105.60
87.07
93.85
112.45
116.64
3 62
2.86
3.09
3.69
4.82
4.37
3.34
3.14
High 1940 117.18
109.44
124.25
120.59
109.05
89.25
95.62
116.00
119.25
High 1940
3.81
3.05
3.19
3.78
5.24
4.68
3.42
Low 1940 113.06
103.38
118.60
115.57
103.93
81.35
89.10
110.83
112.05
Low 1940
3.49
2.80
2.96
3.51
4.67
4.26
3.17
3.02
High 1939 117.72
106.92
122.40
118.60
105.22
87.78
94.33
112.05
116.43
High 1939
4.00
3.34
3.55
4.10
5.26
4.76
3.76
3.64
Low 1939 108.77
1 Yr. Ago
100.00
112.45
108.27
98.28
81.09
87.93
104.30
106.54
Low 1939
3.62
2.88
3.05
3.71
4.77
4.34
3.36
3.16
May31*39 117.08
104.85
120.82
116.64
102.48
85.24
91.81
110.83
114.09
May 31, 1939—
3.73
2.95
3.14
3.86
4.95
4.50
3.42
3.26
4.37
3.23
3.60
4.36
6.27
5.64
3.92
3.54
1
2
Yrs.Ago
May31'38 111.82
*
level
2
93.85
114.72
107.30
94.01
76.41
69.48
101.41
108.46
3.36
Year Ago—
Years Ago—
May 31, 1938—
These prices are computed from average yields on the basis of one "typical" bond
(4% coupon, maturing in 30 years), and do not purport to show
the average movement of actual price quotations.
They merely serve to illustrate in
either the average
the relative levels and the relative movement of
or
a more comprehensive way
averages, the latter being the truer picture of the bond market.
t The latest complete list of bonds used in computing these Indexes was published In the issue of Jan.
13, 1940, page 179.
yield
Power in Transition
f
By Ernest R. Abrams.
Sons,
New
York,
1940.
Index and
The need
which it is
for such
designed,
a
are
306
Map.
book
tire expedition of government into the field of private
as
pages
utility enterprise has been fully explored, no adequate
appreciation can be gained of the enormity of its threat to
plus
the economic well-being of the American people^
In an at¬
tempt to present with broad strokes an outline of the extent
$3.00.
this, and the purposes for
admirably
set forth by the author
himself in the following sentences:
of that threat, the activities of the Federal Government in
promoting, financing and constructing public power projects,
or
in encouraging and financing political subdivisions in
"During recent years, the need of full and complete dis¬
closure of the costs of public power undertakings has been
teristics
sharply intensified by the establishment of
examined
in
production,
extent
their
few of their many
owned
electric utilities and
but
the whole of
ects
throughout
the
country
transmission and distribution
objectives.
For
these projects
unless
in
are
which
but
allocations
a
of
numerous
power
the
proj¬
investments
in
honestly determined among the several
they are being breated, and unless actual
operating costs are fully and honestly disclosed, the tax¬
payers of the nation may be forced to
carry unproductive
and wasteful Vhite
elephants' through their contributions
are
purposes for which
to
the cost of government
long after these undertakings
should have been abandoned.
And in the face of
long-con¬
tinued Federal deficits, and with
our
national
debt
at
the
highest point in history, we cannot afford the
luxury of
'white elephants' today.
"Although
Tennessee
certain
Valley
of
our
public
projects,
notably
the
Authority, have been widely discussed,
more whose economic justification has been
gravely
questioned by outstanding engineering talent are
practically
unknown to the great
majority of taxpayers today—to the
many
stockholders in these very
undertakings.
elec¬
tric
Charles Scribner's
And until the
en¬
their
establishment, and the physical and economic charac¬
of
on
will be
Mr.
of
major public power
our
the
following pages.
adverse
effect
on
undertakings, will be
And in conclusion, the
not
only
the holders
our
privately
of their securities
private enterprise in the United States
appraised."
Abrams, who in recent
reputation
years
has
won
an
enviable
such matters, has made a
first hand study of these undertakings, analyzed
their costs, traced their history through Congress, surveyed
as
an
authority
in
careful
the national
resources
and
the
population figures of each
area
involved, has collected and collated figures showing
the amount of power each project is producing at present"
and the amount it can
produce, and the consumer possibili¬
ties both present and future.
He reports on the engineering
problems involved in each construction job and gives a frank
judgment, supported by authentic documents, of the value
to the nation of over 60 major
projects costing $2,000,000 or
more
each.
He ascertains and reveals whether flood
trol, navigation,
and
or power,
con¬
is the main objective in each case
inquires whether the cost allocation for each function
*
Volume
The Commercial
150
is equitable.
He concludes that
have been
never
& Financial Chronicle
should
self-sus¬
of the projects
some
authorized, that some will become
taining in time, and that others never will.
place is sad.
For "sardine canning is not what it used to be
there."
Of course, the author digs up
tells them.
.
.
This is the first book which, to our knowledge,
has under¬
3421
And
as
long
the reasons why, and
.
as
he is in the furthest north-eastern part of
carefully,
section by section, for the entire country.
Heretofore each
section of the country has perhaps been moderately well
acquainted with its own project or projects, although such
Maine he is curious
knowledge has often failed to embrace some of the funda¬
was
taken to present
mental aspects
the full picture of this situation,
Relatively few of us
of these undertakings.
have taken the trouble to survey the situation on a
national
basis, and those who have undertaken to do so have found
that
the
desired
information
was
anything but accessible.
It is in assembling all this material within the covers
of a
going to be deserted, but isn't, even though some of the
big dams now look like combs, where the big tides have
worked their erosions.
Roosevelt
boy used to
talked
of
self-same
tides
service to the country.
once
England
398 Pages.
whose
this
was
book
one more
the forests, the
on
the rolling hills that make the
dark waters, and
lure and the glamour of New
Instead, it turns out to be one of the most inter¬
England.
esting studies of the Yankee and his ways, predominantly in
the world of economics and finance.
The
author
came
tinguish his
own
contrasts
or
he might discover
to dis¬
He
South from the land of the Pilgrims.
possessed a pair of
gimlet eyes, and a pencil which the best of reporters would
have coveted.
With this equipment he entered New Eng¬
filled with
was
insatiable curiosity,
an
New York
was
the Calvin
Candy Shoppe.
Newfane, in Vermont, down to
people
are coming back—the deer because they thrive on the apples
of the deserted orchards, and the men "to grow short stories
and novels and elevating essays for city readers about life
159 people in the last census, where the deer and the
the land in the old houses
on
on
the old hills."
profound, sincere, full of human understanding.
Since any
chapter may be read out of order, following the author's
itinerary, which could easily have been reversed, the book
lends itself admirably to casual reading, whether in library,
or a lower berth.
It should enjoy a wide acclaim and sale.
car
W. C. B.
had wormed and
New England's remotest recesses,
New York Laws
Affecting Business
Corporations
seemingly armed with endless introductions to the best in¬
formed, and influential residents, delved into the local hap¬
(,Annotated)
penings and conditions, talked to the natives or immigrant
residents of high and low degree, and put the gist of their
remarks into one of the raciest and most
one
By J. B. R. Smith. 584 pages. Published by
United States Corporation Co.
Price $2,
picturesque recitals
encounter in a long day's search.
The result is a human narrative so rich in information,
which
may
colorful, and
so
stimulating that one is set wondering why
this is
That
excellence of
as
economics, business, folklore, politics, art, religion and the
material
I
rare
"inform" advisedly, because the author has not only
gift of observation, but a keen sense of proportion,
the faculty to reach sound conclusions, or, when in doubt
to let you reach your own without undue prompting on his
part.
With that he has, in proper place, a belly laugh or a
sly humor, and a keen sympathy for the under-dog and the
unfortunate.
In its economic aspects
this book is
a
delight, less because
which
topics associated with the localities to
his somewhat aimless
wandering takes him.
brings him to Worcester, N. H.
car
When
the story of The
Amoskeag Manufacturing Co. is told as no mere court record
commercial
would tell it.
report
textile mill in the world where nearly
It owned the largest
17,500 workers tended
and
It is designed as a manual rather than
its publishers say it contains "all
organization and the
business corporations."
corporate laws, the book contains annota¬
relating to the
legislation
In addition to
tions
applicable decisions of the New York Court of
upon
Appeals, including abstracts from the court's opinions and
citations of supporting cases. The usual "synoptic analysis"
included in the present edition; this
is
is described as "a
topical arrangement of the general and the stock corpora¬
tion laws, of the corporation laws, and of the relationship of
the several corporation laws to one another."
of its scientific revelations than because of its human treat¬
ment of the endless
preparation of this volume of New York cor¬
book
text
a
V;
issue, itself speaks for the
statutory regulation of private
say
a
phenoma Which make up the sum of existence.
21st annual
the
poration legislation.
solemn, plodding treaties are ever written to inform us on
other mental
One could go
But it would be only to repeat the refrain that this
book is excellent reading, excellent information, amusing,
hundred towns and hamlets, where the author,
a
Yale";
+
ended, his
odyssey had
corkscrewed its way into
halted in
or
one-fourth
memory of a former President of the United
States, that could be found, was the Calvin Theatre, and
parkway."
Before his
his
and
through its vestibule, "merely the continuation of the
land
so
slum
relief was costing $100,000 a day, and
49.5% higher than the average of the
on.
from the South greatly wondering
up
resemblances
what
the fisherman
only mark of
at the inside of this book, this
reviewer might well have remained under the illusion that
chance glimpse
a
as
.
"Three-fourth
poor
tax-rate
he sought to make those
perhaps,
12 other largest cities of America; Northampton, where the
$3.00.
Macmillans.
But for
.
.
little
nail keg in Eastport while
In after years, as
tides."
States,
marvelous,
as
said they were.
Haven,
Boston, whose
a
about the
United
the
New
By Jonathan Daniels.
to sit "on
row over
the fisherman
From their site, one views the old
home in Canada, from which once a
summer
President
A Southerner Discovers New
Passamaquoddy, and
project that was going to bring so much
prosperity to the moribund and decaying.
It is a strange,
fascinating story that is now revealed of the village that
single column, and in presenting and appraising it in au¬
thoritative terms that the author has rendered his major
i
to what befell
as
to the tidal power
by the legislature just adjourned, as
The changes effected
There
amending, repealing, or adding
43 separate sections of the statutes within the scope of the
publication.
Of these sections, they say, at least 25 prop¬
erly may be classified as of major importance.
usual,
were
substantial, according to the publishers.
were
30 separate enactments
700,000 spindles and 20,000 looms so well that in good years
they turned out 5,000,000 yards of gingham cloth a week.
For
life, made their owners rich,
Then, on Christmas Eve in 1935,
the owners applied for bankruptcy under Section 77B.
A
blight fell over the city from which it has never recovered,
years,
they pulsed with
Unemployment Compensation Interpre¬
tation Service
built up huge surpluses.
and
men
may
Social
$5
Series.
cumulative
Benefit
semi-annual
Printing Office.
In Fall River, too, he shows us how the city
U. S. Government
per year.
(Vol. 1, $1:
Vol. 2, $2)
from the utter collapse which it suf¬
He finds people there not fearful of its future, but
has sought to recover
fered.
with
Washington:
indexes.
be saved out of the tragedy that struck this corner of
New England.
Board.
Security
Monthly,
still conjecture as to why this happened, and what
The
Benefit
Series
shaking their heads as to the reason why it toppled over, as
they recall that "in 1905 there were 14,000,000 active cotton
for
spindles in New England; in 1938, 4,780,000."
The nice
young fellows who, in later years, had run mills were not
when the decisions
reprints monthly
the decisions ren¬
dered
These had known their mills
what their fathers had been.
from the bottom up.
their
when
.
.
wine
The
.
on
sons
result,
in
Harvard,
to
some
cases,
Yale and
ages
Dartmouth.
is pathetic—"cake and
the sideboard, and no bread in the pantry."
Potatoes in
fish,
They were working there at the
went
Aroostook;
banking in
Boston;
maple syrup in Vermont;
Webster's dictionary in
shoes,
Spring¬
field, Mass.; insurance in Hartford; these and many other
industries come under review; not just the ones which occur
to one when the town is
named.
But less known and under¬
business activities of the Yankees (who
Poles, or Irish, or French-Canadians, any¬
stood phases of the
so
often are now
thing but the old stock).
Speaking of sardines, for instance,
learn that the Maine product must be sold cheaply, so
we
that
"they
have
found
their
biggest
market
among
the
The South in turn furnishes the
cotton-seed oil used in packing the fish, preferred to olive
Negroes
of the South."
oil because it keeps longer.
Eastport, where all this takes
the
throughout the country in deciding appealed claims
benefit under State unemployment compensation laws
State
establish new principles or policies for
rendering
the decision.
Here are to be found
interpretations of the conditions established by State laws
which workers must fulfill in a given State in order to be
entitled to unemployment
compensation benefit. These de¬
made by 51 employment
cisions contain the interpretations
security agencies, attorneys general, and the courts, as to
what constitutes ability and availability for work, total or
partial unemployment, discharge for misconduct, voluntary
leaving without good cause, refusal of suitable employment
without good cause, and unemployment due to a labor dis¬
applying
presented
benefit, will depend the right of indi¬
pute.
Upon these interpretations, developed by
provisions of State laws to the concrete facts
the
in
specific claims for
claimants, under similar conditions and under the
same State law, to receive benefit.
A review of the book
vidual
also states:
Decisions
whether,
for
for
are
grouped according to the principle
first
misconduct,
or
decided, such as
of unemployment compensation, the discharge was
the claimant left voluntarily without good cause.
purposes
The Commercial & Financial
3422
Under such
heading
a
as
voluntary leaving, the decisions
grouped
according to the factual situations present, the objections to the job itself
for such reasons as changes in the job, the wages paid,
the hours of
objections,
the
i
personal
objections,
such
various
laws, is now made available to the public, on a subscription basis, because
of the assistance it will give workers, employers, and their representatives.
the health of the claimant, &c.
Because
risk to health, may be considered under
alleged effect upon
principles, such as voluntary leaving, his refusal to work,
situations
factual
are
brought together in
index
an
so
&c.,
officials
State
of
use
originally prepared by the Social Security Board for the
administering State unemployment compensation
service,
This
conscientious
as
It
the
that it is
provides valuable source material for all those interested in indus¬
in the administration of labor laws, and more particularly
administration of the unemployment compensation laws, and for
also
relations,
trial
possible to locate the same factual situations under each of the principles
in
under
those interested in
which
it
may
have been
considered.
The index
for each
June 1, 1940
six months.
factual situation, such as
same
other
and
grievances;
employment,
Chronicle
supplemented by a semi-annual cumulative index for the preceding
issue is
next
are
monthly
the
the development of administrative law.
Indications of Business Activity
THE
TRADE—COMMERCIAL
OF
STATE
EPITOME
ported that a survey of manufacturers disclosed no appreci¬
able drop in sales attributable to recent Allied reverses.
Canadian sales likewise were unaffected, it said.
Automo¬
'
Friday Night, May 31, 1940.
Business
the
to
continues
activity
in
noticeable
steel
industry,
expand, this being most
which is now operating
Export steel business is coming
in more rapidly than had been anticipated as the European
steel industry finds itself crippled by the total war in
France and Belgium.
The Allies apparently are not the
only belligerents to suffer, and damage to the Ruhr steel
works at Germany through Allied bombings is reported.
Another field showing enormous expansion is the aero¬
nautic industry.
United States exports of aeronautic prod¬
ucts during the first four months of 1940 were valued at
$88,209,488, a gain of 215% over the corresponding 1939
Other items strongly indicating the trend of busi¬
reports on railroad earnings and engineering con¬
period.
ness were
showed
an
Class I
The
struction.
increase of
railroads
for
the month
21% in net income
as
of April
compared with
period last year. Engineering construction awards
May 30 week were highest for any week this year,
the same
in the
amounting to $78,575,000, compared with $39,887,000 a year
A marked increase in the volume of new plant con¬
struction by American industry appears likely in the near
future as industry prepares itself to handle the huge na¬
ago.
tional
defense program.
Among companies likely to take
those in the aircraft industry, machine tool
such action are
makers and
engine manufacturers.
Orders for steel have improved to the point where
back¬
being built up despite advanced production sched¬
ules, the "Iron Age" reports this week.
It asserted that
"another of the intensive buying movements which charac¬
logs
are
terize
periods of great stress" has been launched by con¬
While business has been improving steadily during
estimated May production at 415,821 cars,
tive News
seemed
trade
Retail
last
few
advance in the last
May volume for some companies
weeks, it made a sharp
week which will bring the
of last autumn, according to the
survey.
"Notwithstanding the caution and confused state
of mind caused by the succession of disturbing news items
from Europe, steel and pig iron buyers have quickly sensed
the possibility of shortage or delayed deliveries later on,
and are building up their inventories in anticipation of
greatly expanded requirements of the Allies and our own
Government for its national defense program," the review
continues.
"Air bombing of the Ruhr district by the Allies
close to
the high figures
has revived the danger that steel plants on
both sides may
be put out of
commission, thereby increasing the dependency
of the Allies on this continent for steel and pig iron.
Al¬
lied purchases of steel here are now expected to become a
routine procedure in a volume far in excess of previous re¬
quirements.
Moreover, a greater volume is coming from
Canada, while neutral countries are turning to the United
States to a larger extent.
Despite higher steel production
and larger shipments, steel backlogs are being built up at a
surprisingly rapid rate.
Ingot output this week, it is esti¬
mated, will average 78% of the industry's capacity, with
further rices probable.
The sharpest gain has been at
Chicago, where the rate has advanced 8 points to 83%.
National
defense
plans and export trade were the major
factors in the sharp stimulation of raw material buying
of the past week."
Improvement shown in power production by the electric
light and power industry at the start of this month con¬
tinued during the week ended
consecutive
not
as
weekly
gain.
The year-to-year increase was
that shown in the'preceding week.
Pro¬
according to figures released yesterday by the
great
duction,
May 25, marking the fourth
as
Edison Electric
an
Institute, amounted to 2,448,865,000 kwh.,
increase of 26,653,000 kwh. above the 2,422,212,000 kwh.
reported in the preceding week.
May 25 showed
over
Output for the week ended
increase of 244,007,000 kwh., or 11.1%
2,204,858,000 kwh. reported last year.
an
the total of
The Association
of
American
Railroads
reported
today
that 687,490 cars of revenue freight were loaded
during the
week ending last Saturday.
This was an increase of
1.3%
compared with the preceding week; an increase of 10.3%
compared with a year ago, and an increase of 22.3% com¬
pared with 1938.
Automotive
developments or consumer psychology.
was
because of an upturn in
year
ago.
would
reach
next
those
The
publication
week,
of
but
May.
predicted
doubted
that
Automotive
production
June
levels
industriaes
re¬
sales which took place during the
corresponding period in 1939. The only region to maintain
its year-to-year basis was the Middle West, where industrial
centers recorded gains averaging 5% to 11%.
remarkable
The
and
unusual persistence of unsea¬
of the country east of the
very
sonably cool weather in
most
Rocky Mountains, in contrast with relatively high tempera¬
tures to the westward, was again the weather feature of
Government
week.
the
observers
that
state
for
the
21
weeks since the first of the year 19 have bad above normal
from
temperature
the Rocky
Mountains
westward,
while
east of the mountains 16 have had subnormal warmth.
of cool weather
continuation
of
much
South
the
retarded
The
the interior valleys
over
germination
and
and
growth of
spring planted crops, especially those of the warm-weather
Showers interfered with farm work in the North¬
variety.
east, the Middle Atlantic area,
and
much of the Ohio Valley,
At the same time the sub¬
Southwest.
of the
parts
stantial amount of moisture received from Oklahoma south¬
ward
decidedly beneficial.
was
in much of the
Showers
Rocky Mountain
too
dry for good growth.
has
weather
been
very
helpful also
were
and in the Southeast,
area
although considerable portions of the latter
area
In the New York City
unsettled, with
still
are
area
temperatures
the
gen¬
erally cool, and heavy precipitation at times.
Today
featured by rain in the morning, followed by
was
clearing weather in the afternoon.
Prevailing temperatures
ranged from 52 degrees to 60 degrees. Cloudiness is looked
for tonight, with lowest thermometer readings both for the
city and suburbs placed at 55 degrees.
Partial cloudiness
and slightly warmer weather is the forecast for Saturday.
Overnight at Boston it was 50 to 67 degrees; Baltimore,
55 to 63; Pittsburgh, 46 to 58; Portland, Me., 47 to 66;
Chicago, 50 to 57; Cincinnati, 57 to 65; Cleveland, 51 to 64;
Detroit, 54 to 67; Milwaukee, 46 to 60; Charleston, 69 to
83; Savannah, 65 to 85; Dallas, 64 to 85; Kansas City, Mo.,
58 to 82; Springfield, 111., 52 to 72; Oklahoma City, 62 to
87; Salt Lake City, 57 to 85, and Seattle, 52 to 73.
April Truck Loadings at 1940 Peak
The level of
in
April
freight transported by motor carriers
revenue
higher than
was
according
to
tonnage
in
other
any
reports
month
compiled
and
this
year,
released
on
May 26 by the American Trucking Associations.
Loadings
during the month reached a point that has been exceeded
only in three months since A. T. A. began its compila¬
tions in 1937.
The Association's report further disclosed:
Comparable reports received from
the District of Columbia
that
of
March
transported
in
tons
and
showed
16.7%
above
of
aggregate
an
199
motor carriers
in
39
States
their April volume was 5.8%
that
that
1,052,225
of
April,
tons
in
1939.
April
March, and 901,775 tons in April of last
as
and
above
These
carriers
against
994,689
year.
The A. T. A. index figure, computed on the basis of the 1936 monthly
average tonnage of the reporting carriers as representing 100,
stood at
,
133.29
for April.
it
114.19.
was
In March the index figure
75%
Approximately
was
April,
of
all
freight
the
by carriers of general
reported
merchandise
carried
increased
was
merchandise.
11%
126.35;
transported
the
1939,
month
The volume of general
March
over
in April,
during
and
17.1%
over
1939.
Transporters
of
10%
of
the
April
as
compared
petroleum products,
total
tonnage
with
accounting
showed
reported,
March, and
an
an
for
slightly
increase
increase of
2.2%
more
of
over
than
2.3% in
April of
last year.
Movement
April,
1939.
downward
Iron
new
automobiles
in
steel
over
cent
production of
products
April,
and
constituting
trucks,
but
March,
of
new
6.1%
of
the
increased 21.6% over
was attributed to a
vehicles.
represented
these
about 3% of the total reported
increased 13.4% over March,
commodities
1939.
of the total tonnage reported
including tobacco,
cement
and
under
decrease under March in this class
The volume
per
7.9%
decreased
The
trend
and
50.7%
Six
ties,
of
tonnage,
tonnage.
rebound
Compared with
year ago,
and
would
com¬
total retail volume was estimated at 2% to 5%
higher, the margin being slightly reduced from last week
a
cars
32,445
in
said to be inclement weather rather than
reason
war
declined sharply this week, with
most plants closed Memorial Day and
Friday, trade publica¬
tions
reported today.
Ward's estimated the output at
60,980 cars, compared with 96,810 cars last week and
a
little this week
a
The
total
production
lagging
parison with industrial production and general business
activity, said Dun & Bradstreet, Inc., in its weekly review.
sumers.
the
com¬
pared with 313,248 cars in 1939.
78% of capacity.
at about
household
textile products,
goods.
was
miscellaneous commodi¬
bottles, building materials,
coal,
Volume
Loading
The Commercial & Financial Chronicle
ISO
Revenue Freight Cars
May 26 Gain 8,519 Cars
of
Loading of
freight for the week ended May 25
revenue
cars
May 31.
on
This
was
in 1938.
was
an
week.
Loading of
revenue
freight for the week of May 25
increase of 8,519 cars or 1.2% above
The Association further reported:
from the preceding week,
and
an
a
the preceding
decrease of 3,238
above the
increase of 27,872 cars
corresponding week in 1939.
Loading
care,
cars
below the corresponding week in 1939.
care
Coal loading
amounted to 116.537
cars,
an
increase of 3,925 cars
1,322
J
and
grain
products
loading totaled
29,432 cars,
below
the corresponding week in 1939.
Livestock
May 25 May 18 May 27 May 25 May 18 May 27
1940
1940
1939
1940
1940
1939
Atchison Topeka A Santa Fe Ry.
Baltimore & Ohio RR
Gulf Coast Lines
10,506
care,
14,379
13,153
18,074
13,509
2,596
products
34,665
totaled
loading
decrease of
a
cars,
1939.
6,825
9,161
9,038
1,151
1,222
4,945
14,360
8,099
6,796
6,787
8,832
1,331
1,853
2,433
8,263
32,402
1,564
1,632
1,661
1,994
2,136
3,903
3,723
2,630
2.620
12,247
41,094
12,326
11,081
33,312
8,675
39,471
38,877
5,461
5,337
5,541
9,572
8,856
40,370
9,676
19,820
63,827
5,858
18,417
16,260
4,464
4,560
62,242
54,892
4,973
45,111
4,871
43,448
6,945
6,284
8,099
8,044
8,249
8,682
4,116
36.354
4,167
4,857
7,341
8,072
7,774
_
Missouri Pacific RR...
New York Central Lines
Chicago A St. Louis Ry
Norfolk & Western Ry
Pennsylvania RR
,
Pere Marquette Ry
5,937
6,388
,
Wabash Ry._
.
_
...
6,056
27,140
28,796
4,839
25,450
4,855
Southern Pacific Lines
5,165
5,135
4,890
315,618 311,964 284,247 156,662 197,079 169,392
TOTAL LOADINGS AND RECEIPTS FROM
CONNECTIONS
112 cars
the corre¬
Weeks Ended—
May 25, 1940
May 18, 1940
May 27. 1939
23,020
28,590
23,090
29,202
21,960
26,165
11,433
12,258
11,769
63,043
64,550
59,894
of 10,117 cars from the
!'■
•
corresponding
'.'v.:'X-■
Coke loading amounted to 8,971 cars, an increase
preceding week,
Chicago Rock Island & Pacific Ry.
Illinois
Central System
St. Louis-San Francisco Ry
of 514 cars above thg
and an increase of 4,137 cars above the corresponding
Total
1939.
The first 18 major
railroads to report for the week ended
May 25, 1940, loaded
freight
their
on
own
a
total of 315,618
of
cars
1940
>
District—
Arbor
from
.
Chicago Indianapolis A Louisv.
1938
1939
524
563
1,111
1,681
7,322
301
313
10,473
1,598
1,592
6,750
1,437
2,090
9,706
1,832
17
22
59
35
1,966
6,643
6,240
>
1,029
6,183
8,969
1,311
4,829
8,633
9,248
2,154
8,057
7,060
275
376
437
122
141
2,114
2,093
1,597
1,207
314
245
169
2,770
12,109
12,498
4.449
11,305
11,361
1.691
9,226
4,926
1.692
1,022
6,300
2,589
1,350
Delaware A Hudson
4,682
Delaware Lackawanna & West
Detroit Toledo A Ironton
Detroit & Toledo Shore Line...
I
4,736
Grand Trunk Western
Lehigh A Hudson River
;
Lehigh A New England..
Valley
.....
Maine Central
Monongahela..
Montour
Mobile & Ohio
1,762
1,725
2,035
Nashville Chattanooga A St. L.
2,893
1,051
2,683
2,619
1,110
Norfolk
Southern
8,706
17,904
8,523
16,821
452
357
385
594
149
134
140
675
597
100,717
86,130
86,156
68,108
58,413
17,779
2,491
18,356
3,238
14,413
15,548
2,452
18,166
3,683
12,623
13,569
2,406
16,348
3,402
3,465
9,038
2,737
6,825
8,846
2,336
6,478
3,173
Duluth South Shore A Atlantic.
808
778
407
450
420
Elgin Joliet A Eastern
Ft. Dodge Des Moines A South.
7,537
5,849
4,216
4,369
3,768
Seaboard Air Line
1,238
3,336
7,311
338
251
208
1,822
8,511
2,660
4,452
1,933
2,294
1,529
8,639
1,868
1,140
6,867
2,105
2,270
36
33,443
2,784
1,175
29,410
8,516
1,320
3,892
50
39,471
9,285
1,041
5,337
40,370
12,204
2,012
9,676
8,520
2,493
3,695
1.450
214
172
Southern System
;
Tennessee Central—
Winston-Salem
Southbound...
Total
...
District—
Northwestern
Chicago & North Western
Chicago Great Western.
Chicago Milw. St. P. A Pacific.
Chicago St. P. Minn. A Omaha.
Duluth Missabe & Iron Range
3", 507
4,387
6,270
4,890
963
295
240
109
54
Pittsburgh Shawmut A North..
318
349
289
318
174
Pittsburgh A West Virginia
991
698
674
622
576
1,107
Spokane Portland A Seattle.
5,220
4,671
3,217
2,503
3,245
7,560
2,271
145,024
133,581
120,302
157,850
128,942
513
411
401
845
585
31,519
28,450
2,769
16,823
2,124
12,376
5,228
21,625
1,347
.
Spokane International
619
1,683
1,019
8,072
1,193
Rutland
5,165
4,586
Wheeling A Lake Erie
Total.
9,145
1,372
4,810
t-
1,497
Green Bay A Western
Lake Superior &
Bessemer & Lake Erie...
838
Buffalo Creek & Gauley
314
338
88
4
5
Cambria & Indiana
....—
985
826
16
v5
Central RR. of New Jersey...
6,453
1,383
6,204
5,747
11,252
10,188
60
......
Valley
Island
Ligonier
Long
...
Penn-Reading Seashore Lines.
Chicago Burlington & Quincy..
Chicago & Illinois Midland
Chicago Rock Island &
Co
Union (Pittsburgh)
Maryland
Pacific.
Chicago A Eastern Illinois..—
.....
Grande Western
45
Denver A Rio
156
37
41
Denver A Salt Lake
30
21
36
Fort Worth A Denver
572
776
46,709
12,180
5,285
2,625
12,595
6,622
3,407
2,686
1,314
43,448
15,883
5,130
6,555
2,749
1,372
34,418
15,247
1,888
5,674
.
...
141,509
119,724
98,935
106,198
85,467
23,657
18,417
3,670
Chesapeake A Ohio
Virginian
20,165
16.566
11,226
15,522
13,048
3,471
4,560
1,053
3,316
6,381
4,092
45,744
39,003
33,085
16,839
64
1,561
2,025
3,702
126
304
300
1,430
1,408
103,942
96,650
70,731
40,290
37,844
18,741
2,622
19,078
2,913
20,062
2,418
5,560
1,906
5,011
1,924
465
405
84
67
13,324
1,415
11,045
1,976
12,399
1,653
10,693
2,122
7,224
7,062
688
629
610
613
590
8,612
2,487
1,413
2,032
1,708
1,872
2,698
7,401
2,333
1,307
2,311
13,153
2,030
10,653
2,320
11,434
263
179
180
184
123
Atl. & W. P.—W. RR. of Ala..
702
632
683
1,434
1,181
Atlanta Birmingham A Coast..
668
593
546
803
788
Atlantic Coast Line
8,630
9,140
Central of Georgia
3,740
3,767
8,643
3,689
5,055
3,202
4,101
2,615
464
475
528
970
278
26
35
972
1,731
1,413
1,024
1,283
398
402
1,534
1,119
117
63
North Western Pacific
731
807
820
437
410
Peoria A Pekin Union.
14
13
31
21,224
21,327
3", 151
Illinois Terminal.....
M issour i-Illlnois
Nevada
;
...
...
Northern.......
Southern Pacific
927
284
--
340
380
4,526
1,122
12,705
11,001
8,156
1,040
7,051
1,305
1,539
1,407
2,486
1,959
97,217
Total.
94,626
91,793
50,333
44,403
District—
154
132
143
2",596
Burlington-Rock Island
3~028
3,357
International-Great Northern.
Kansas Oklahoma A Gulf.
Kansas City
1,632
1,707
1,940
Louisiana A Arkansas—
Midland Valley
—..
1,310
1,035
302
201
290
338
Missouri-Kansas Texas Lines.
Missouri Pacific..
150
159
603
23
27
1,103
889
160
374
224
636
912
702
22
94
85
893
1,610
1,478
206
1,240
1,885
...
Missouri & Arkansas
292
349
208
758
812
1,823
1,847
Southern..
Litchfield A Madison
328
1,222
2,136
102
1,312
2,138
1,849
Florida East Coast
1
119
192
1,474
258
Durham & Southern
,
341
11,924
24,330
(Pacific)
Union Pacific System
1,318
Columbus & Greenville
:
1,068
Gulf Coast Lines...
CUnchfield
7,805
1.536
Fort Smith A Western.*
Charleston & Western Carolina.
:
201
1,929
961
Southern District—
Alabama Tennessee & Northern
9,260
151
Southwestern
Total
53
1,688
2,275
3,923
1,229
1,679
1,198
1,205
Western Pacific
Norfolk A Western
410
1.535
4,586
338
Utah
Pocahontas District—
1,985
1,791
5,542
1,100
1,642
City....
Toledo Peoria & Western
Total
2,362
/
Colorado A Southern
560
916
538
566
—
168
670
157
2,897
543
158
Fe System.
551
55,034
193
3,128
528
Bingham A Garfield
206
573
408
9,984
573
1,801
-
647
1,145
502
15,768
530
1,519
6,177
9,643
Total.
230
6,242
13,031
15,291
3,244
Pennsylvania System
171
Central Western District—
94
Cornwall
Cumberland A Pennsylvania..
119
519
....
Ishpeming...,
Minneapolis A St. Louis
Minn. St. Paul &S.S.M
Northern Pacific
Alton
Baltimore <fc Ohio
3.215
16,611
Great Northern
Atch. Top. A Santa
Allegheny District—
Akron Canton & Youngstown.
524
890
9,312
20,801
1,153
5,201
4,829
14,476
440
Wabash
830
5,187
3,383
12,220
316
4,316
5,375
...
2,068
2,240
865
299
350
Pittsburgh & Shawmut
2,027
2,526
443
5,937
A Western.
1,088
382
...
6,070
N. Y. Susquehanna
1939
381
Northern
Richmond Fred. & Potomac—
Pere Marquette
New York Ontario A Western..
Connections
1940
312
Piedmont
Pittsburgh & Lake Erie
N. Y. N. H. A Hartford
N. Y. Chicago A St. Louis
from
1938
1939
District—(Concl.)
29,155
11,544
1,704
7,658
*1,841
4,099
4,039
New York Central Lines
Total Loads Received
984
Central Vermont
Detroit & Mackinac.
year.
Total Revenue
1940
583
:V
week last
Freight Loaded
1939
1940
1,587
7,048
1,386
22
Central Indiana
same
Railroads
Connections
Southern
Bangor A Aroostook
Boston & Maine
;
Erie
compared with the
FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED MAY 18
/
-
In the following we undertake to show also the loadings
for separate roads and systems for the week ended May 18,
1940.
During this period 81 roads showed increases when
Total Loads Received
Total Revenue
Freight Loaded
Railroads
Eastern
revenue
lines, compared with 311,964 cars in
REVENUE FREIGHT LOADED AND RECEIVED
Western
5,560
16,823
11,226
7,224
11,298
7,036
6,670
3,108
19,013
:;/;V
.
Ore loading amounted to 59,019 cars, an increase
Reading
5,192
17,471
(Number of Cars)
preceding week, and an increase of 15,349 cars above the
Lehigh
21,686
3,665
decrease of 200 cars from the corresponding
sponding week in 1939-
Ann
28,005
2,486
RR
1,355 cars
decrease of
a
from the preceding week, and an increase of 4,906 cars above
week in
19,845
31,519
13,153
18,771
14,245
12,792
....
week in 1939.
week in
18,741
23,657
Missouri-Kansas-Texas
Total
loading amounted to
from the preceding week, and a
Forest
18,185
32,475
24,369
Chesapeake & Ohio Ry
Chicago Burlington A Quincy RR.
Chicago Milw. St. Paul & Pac.Ry.
Chicago & North Western Ry
Pittsburgh & Lake Erie RR
decrease of
a
below the preceding week, and a decrease of 4,478 cars
care
from
the corresponding
1939.
Grain
Received from Connections
Weeks Ended—
Own Lines
on
Weeks Ended—
N. Y.
the preceding week, and an increase of 20,315 cars above
week in
CONNECTIONS
FROM
RECEIVED
International Great Northern RR
totaled 148,906
below the preceding week, and a decrease of
freight
less-than-carload-lot
merchandise
decrease of 10
a
3,953
of
Loaded
above the same week
Miscellaneous freight loading totaled 279.434 cars,
cars
AND
(Number of Cars)
-
and
10.2% above the corresponding week in 1939,
or
REVENUE FREIGHT LOADED
increase of 63,948
an
increase of 125,414 cars or 22.3%
an
preceding week and 284,247 cars in the seven days ended
May 27, 1949.
A comparative table follows:
American Railroads
totaled 687,490 cars, the Association of
announced
Ended
Week
in
3423
the
1,685
1,605
1,820
1,450
1,797
1,489
1,615
1,298
334
275
179
842
658
407
429
466
275
251
2,510
8,495
207
168
110
317
3,903
12,357
3,878
11,442
3,710
11,384
2,620
8,856
213
Quanah Acme A Pacific
St. Louis-San Francisco
76
88
90
99
77
6,430
Louis Southwestern
2,212
6,568
2,090
6,459
4,411
2,357
2,856
3,670
3,817
2,336
2,723
3,226
46
286
233
244
471
424
Texas A New Orleans
6,463
1,615
19,500
22,279
1,544
1,108
984
Texas & Pacific
3,879
18,036
10,382
5,405
9,282
4,943
188
186
248
51
14,633
1,523
17,399
17,265
6,178
2,010
6,178
3,780
18
56
30
20
51
Macon Dublin A Savannah
146
89
130
696
679
Mississippi Central
110
137
131
292
252
44,818
43,174
44,787
34,104
31,459
Gainsville Midland
....
Georgia.
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville A Nashville
Note—Previous
year's figures revised.
i
* Previous figures.
*
St.
Wichita Falls A Southern
Weatherford M. W. & N. W_.
Total..
Discontinued Jan. 24, 1939.
4,314
The Commercial & Financial Chronicle
3424
June 1,
1940
(1926=100)
Moody's Commodity Index Unchanged
Moody's Daily Commodity Index closed at 153.0 this
Friday, the same as a week ago.
The principal individual
changes were an advance for rubber, ana decb'nes for wheat
Percentage Changes
May
to May 25,
May
1940 from
May
11,
18,
Apr.
27,
27.
1940
May
25,
Commodity Groups
1940
1939 May 18 Apr. 27 May 27
1940
1940
1939
1940
1940
All commodities
77.8
78.5
78.4
79.0
75.8
—0.9
—1.5
Farm
66.8
68.2
69.2
71.6
63.5
—2.1
—6.7
70.7
71.7
71.6
and cotton.
The movement of the index has been
Fri.
May
May
Mon.
May
Tues.
May
Wed.
May
Thurs. May
Fri.
May
as
follows:
153.0 Two weeks ago, May 16
153.6 Month ago, April 30
155.0 Year ago, May 31
153.2 1939 aiigh—Sept 22
Low—Aug. 15
153.1
Holiday 1940 High—May 13
Low—May 23
153.0
24
25
27
28
29
30—
31
Sat.
+2.6
.157.2
162.8
144.4
172.8
.138.4
166.8
151.9
products
+5.2
72.8
67.6
—1.4
—2.9
+4.6
Hides and leather products. 101.4 102.4 102.2 102.5
92.6
—1.0
—1.1
+9.5
—0.3
+ 1.3
+7.9
Foods
72.4
72.6
72.3
71.5
67.1
72.4
Textile products
72.3
72.4 *72.2
74.1
August
Wholesale commodity prices declined to a new
low for the
re¬
verses
cording to an announcement issued by the "Annalist."
"Annalist"
last
closed
index
August and
a
80.2
at
with the previous week.
25,
May
on
decline of 0.2 of
a
lowest
point
bushel.
prices
substantial
Corn gained
firmer.
were
a
3c.
with wheat and
Cotton advanced
on
Among the weak spots rubber
a
up
broad front.
broke
80.9%
averaged
prices
of
the
about Be.
a
Metal prices
base
+3.6
76.6
76.8
76.8
77.0
—0.3
—0.5
Housefurnishing goods
Miscellaneous commodities.
89.9
89.9
89.9 *89.9
86.9
0.0
0.0
+3.5
77.4
78.2
76.8
76.9
73.7
—1.0
+0.7
+5.0
Raw materials
71.0
72.2
72.5
73.9
68.5
—1.7
—3.9
+3.6
78.1
78.6
78.2
79.5
74.1
—0.6
—1.8
+5.4
81.3
81.8
81.5
81.7
79.9
—0.6
—0.5
+ 1.8
80.2
80.8
80.4
80.6
78.5
—0.7
—0.5
+2.2
82.7
82.9
82.5
82.5
80.7
—0.2
+0.2
+ 2.5
during
a
than
commodities other
All
farm products
*
and foods..
Correction,
No comparable data.
a
IMPORTANT
PERCENTAGE
FROM
CHANGES
MAY
IN
SUBGROUP
18 TO MAY 25,
Increases
INDEXES
1940
Decreases
{Concluded)
4.2
Silk
2.7
0.8
Other foods
2.5
0.7
Livestock and poultry
2.4
0.2
Dairy products
Drugs and pharmaceuticals
0.2
Mixed fertilizers
1.1
Paper and pulp
Paint and paint materials
0.2
Fertilizer materials..
0.7
0.1
Other textile products
Cotton goods
0.6
Meats
0.5
Fruits and vegetables
.
Other farm products
.
Nonferrous metals
May,
,
Decreases
Crude rubber.
'•ANNALIST"
Grains
AND
a
commodities other than
All
equaling the March low but otherwise the lowest since August, 1939.
WEEKLY
.
Anthracite
sharply and livestock
1926
+ 1.3
—0.1
since
pressed down.
were
Commodity
—0.2
—0.1
compared
as
rye
0.0
89.4
The
Current prices, however, are about
It was further reported:
recovery,
93.5
92.7
ac¬
three points above a year ago.
Grains made
94.9
92.0
lighting materials
farm products
during the week ended May 25 as further Allied
brought additional liquidation into the market,
year
94.5
92.7
Semi-manufactured articles.
clined in
Commodity Prices De¬
Week Ended May 26 to Lowest Since Last
—2.3
94.7
92.6
Manufactured commodities.
Index of Wholesale
+0.3
94.7
Chemicals & allied products
"Annalist"
+0.1
Metals and metal products.
Building materials
Fuel and
11.6
—
1.8
0.7
OF
WHOLESALE
Lumber
0.4
(1926=100)
May 25,
May 18,
May 27,
May,
April,
1940
1939
1939
1939
1938
75.1
74.7
71.5
76.8
79.2
70.0
71.0
0.2
6.2
Bituminous coal
4.4
Cement
72.0
Food products
0.2
Other miscellaneous
66.1
_
„
10.0
„
0.1
:
0.1
May,
1940
Oils and fata
6.2
Cereal products
INDEXES
Hides and skins
Cattle feed....
MONTHLY
COMMODITY PRICES
Farm products
.
Wholesale
Commodity Prices in Week Ended May 26
Lowest
Level
Since
September,
1939,
Reached
69.3
70.0
65.5
Textile products
66.8
67.4
61.2
67.3
67.9
60.9
Fuels
86.2
86.2
82.6
86.2
86.4
83.3
The
Metals
97.3
97.3
95.5
96.9
96.6
96.1
Building materials
72.9
72.9
70.9
72.9
72.6
National
70.8
Chemicals
86.7
86.7
85.5
86.7
86.7
85.5
Miscellaneous
81.3
82.6
68.5
82.8
81.3
80.2
80.4
77.5
80.9
81.6
All commodities
.
68.5
77.5
According to National Fertilizer Association
wholesale
commodity price index
Fertilizer
Association
Labor Statistics'
Index of
Wholesale Com¬
Led
by a 2.1% break in farm product prices and a 1.4%
drop in foods, the Bureau of Labor Statistics' index of whole¬
sale commodity prices declined 0.9% during the week ended
May 25, according to an announcement made May 29 by
Commissioner Lubin.
"The decline brought the all-com¬
modity index to 77.8% of the 1926 average," Mr. Lubin said.
The Commissioner added:
the
on
1926-28
average
Association's
The
declines
Price
list,
with
declines
in
week,
while
than
at
Lower
only
lower
of
prices.
0.1%
because of
furnishing goods remained unchanged at last week's level.
The
raw
ma¬
metal
0.6%.
The indexes for "all commodities other than farm products" de¬
creased
0.7% and "all commodities other than farm products and foods,"
10% in prices of grains, together with
farm products group to
in
registered
a
the
lower
now
took
place.
drop in
the
reflecting
silk.
raw
De¬
which more than offset
slight drop in the index
a
also registered by the indexes representing
small
a
preceding
the
in
the
commodities.
The build¬
advance.
week
preceding
second
WHOLESALE
there
week
declines and
30 declines and
36
were
there
were
26
21
COMMODITY PRICE INDEX
(1926-28=100)
Latest
and 0.8% for other farm products, caused the
slump 2.1%.
Price decreases
were
Quotations
white
were
Month
Week
Aoo
May 25, May
Group
Year
Ago
18, Avr. 27, May
27,
1940
1940
Total Index
1940
1939
recorded for
and
Argentine wool.
23.0
62.1
53.9
63.0
58.4
52.6
65.8
66.9
77.3
59.8
63.5
59.3
60.8
63.9
64.2
83.8
83.7
76.4
10.8
Miscellaneous commodities--
88.5
89.5
88.7
77.8
8.2
Textiles---
70.1
70.3
70.9
62.9
7.1
Metals
91.9
92.0
90.2
87.8
6.1
Building materials
Chemicals and drugs
86.0
85.7
85.9
83.9
95.0
95.0
94.5
91.9
0.3
Fertilizer materials
72.6
72.9
73.0
71.3
0.3
Fertilizers
77.4
77.4
78.1
77.2
0.3
Farm machinery---
95.0
95.0
95.0
94.9
75.7
76.5
77.8
72.3
edible tallow,
No price changes
66.7
82.9
1.3
6.2% in average prices for hides and skins caused the hides
1.0%.
62.0
Livestock
vegetable oils.
Prices averaged higher for powdered milk, hominy
grits, rice, cured hams, and cured fish.
leather products.
61.0
Farm products
Fuels
and
other
49.8
65.3
-
17.3
Markedly lower prices for cereals, meats, and dairy products brought the
group index down 1.4%.
Lower prices were reported for butter,
bread (San Francisco), rye and wheat
flour, yellow corn meal, dried fruits,
and
68.8
52.4
Cottonseed oil
foods
and leather products group index to
drop
73.3
63.5
Fats and oils
Although at the
raw sugar,
71.7
49.6
56.4
Foods
a year ago.
dressed poultry, cocoa beans, lard,
70.6
Grains
potatoes,
25.3
46.3
Cotton
eggs, lemons, fresh milk (Chicago), and
higher for live poultry, fresh apples, oranges,
reported for leather, shoes,
Preced'g
Week
Bears to the
hogs, cotton,
cows, steers,
A decrease of
in
during
is
downward,
burlap and
yarn,
Each Group
drop of 2.4%
a
lowest level reached since the first of
April, market prices of farm products
were
The group of
100.0
All groups combined
textile products declined
raw
were
index
September
moved
and for brass products,
Percent
5.2% above
last
oil resulted
index again
textiles and
foods
marked
advances.
say:
fresh meats,
fuel
declined
group
product
farm
advance
and
and
shown
has
is still above the low point of
food
Compiled by the National Fertilizer Association.
for livestock and poultry,
are
The
sharp
products
index
silver and tin, caused
Declines
WEEKLY
potatoes,
commodity
farm
as
Department announcement also had the follow¬
A sharp decline of
sweet
cotton
copper
index
advanced;
0.2%.
grains,
the
27,
Forty price series included in the index declined during the week while
14
advances;
flaxseed.
May
price
the
in
The textile
steel scrap,
ing material
1.7%, to the lowest point since the first of April.
Average prices for semi-manufactured and manufactured articles declined
ing to
of
the prices of fertilizer materials and miscellaneous
terials group Index dropped
The Labor
the
food
weeks, it
petroleum
for
for
quotations
two
advances.
since
average.
allied
increased
last
well
as
the
included
two
quotations
price
the
time
any
in
Metals and metal products and house-
commodities
items
advances
Fuel and lighting materials
date
throughout
widespread
were
Although
each of
Fifteen
March.
week
industrial
downward.
clining prices for
products.
highest point
The
under
announcement,
last
moving
for hides and leather products and miscellaneous
commodities, and frac¬
tional declines for textile products, building materials, and chemicals and
the seasonal rise in anthracite prices.
100.
as
78.5, in the first week of January.
continued:
fuel
In addition to farm products and foods, decreases of
1.0% were reported
the
to
since last September.
This index in
the week ended May 25 was 75.7, compared with 76.5 in
the preceding week, 77.8 a month ago, and 72.3 a year ago,
recorded this year was
modity Prices Declined 0.9% During Week Ended
May 26
week
lowest point reached
based
Bureau of
by the
compiled
last
declined
,
-
0.3% because of lower prices for cotton textiles,
silk, silk yarns, and other textile items, including manila. hemp and
Mexican sisal, wrapping
twine, and cotton rope.
Prices of hosiery and
underwear, clothing, rayon, and woolen and worsted goods were unchanged
New
York
Bank Reports April Chain Store
3M% Below Year Ago
Reserve
Sales
from last week's level.
April sales of the reporting chain store systems in
Total
Building material prices averaged 0.1% lower as a result of weakening
prices for yellow pine timbers, chinawood oil, and turpentine.
Slightly
higher prices were reported for yellow pine flooring, rosin, and zinc oxide.
the Second (New York)
Minor price fluctuations in the metals and metal
products group resulted
in no change in the index.
half, the Federal Reserve Bank of New York announced on
Quotations for
scrap
and pig tin were higher and brass rods lower.
allied products was down
fertilizers.
The
index
steel, quicksilver, solder,
The group of chemicals and
0.3% primarily because of lower prices for mixed
Cattle feed prices dropped 4.4 % and crude rubber
prices 11.6%.
for
the
housefurnishing
price advances for anthracite
more
group
than
showed
offset
no
change.
modities for the past 3 weeks, for
April 27, 1940, and May 27,1939 and the
a
week ago, a month ago, and a year ago; and
(2)
important percentage changes in subgroup indexes from May 18 to May 25,
1940.
in
\
The fact that Easter occurred in March this year
April last
year,
unfavorable comparison.
accounted for at least part of this
The Bank continued:
Grocery chain stores continued to show a sizable increase in sales over
a
year ago,
were
but ten cent and variety, shoe, and candy chain stores, which
particularly affected by the early Easter trade this year, showed de¬
creases
in
sales
from
a
year
ago,
following substantial increases in March.
reduced approximately
The total number of chain stores in operation was
4% between April, 1939 and April, 1940, owing to declines in the number
of grocery
grocery
I
District were 3%% lower than last
the first year-to-year decrease in about a year and a
May 28.
and
Seasonal
slightly lower prices for
bituminous coal and the fuel and
lighting materials group index rose 0.1%.
The following tables show
(1) index numbers for the main groups of com¬
percentage changes from
year,
and candy chain stores operated.
chain stores
to operate
As
a
result of the tendency of
fewer but larger units, sales per store of
Volume
compared with a 15% advance in total sales.
as
crease
1940,
but falls
Compared with April, 1939
Type of Chain
Sales
Store
+ 15.0
—11.2
Grocery
25%
Sales per
Total
Number of
Stores
over
record a 6% in¬
30% lower than a year
municipal construction tops March by 13%,
month ago,
a
State and
ago.
Percentage Change April,
3425
Public engineering awards for the month
April,
approximately 29*&% over
.the grocery chains showed an increase of
1939,
Commercial & Financial Chronicle
The
150
—6.6
from
last
+0.6
—64.6
Values of awards for the three months are:
year.
—3.5
April, 1939
+0.6
March, 1940
April, 1940
(4 Weeks)
—60.6
LI
but
(4 Weeks)
(4 Weeks)
—29.1
—10.0
Federal awards report a
are 20% above last
month,
—7.0
—28.6
are
34% below April, 1939.
decrease
+29.4
+0.4
but
Ten-cent and variety
Shoe
12,954,000
$59,552,000
120,284,000
99,498,000
20,786,000
An types
$83,725,000
128,091,000
112,600,000
15,491,000
$240,735,000
$179,836,000
$211,816,000
Private
$57,446,000
Public
Candy
183,289,000
170,335,000
State and municipal
Federal
Total
25, 1940, 11.1%
Electric Output for Week Ended May
Above a Year Ago
total
This
volume of
$854,557,000,
1940,
its current weekly re-
The Edison Electric Institute, in
The
decline
Sort, and powerthat production of electricity byfor the week
ght estimated industry of the United States the electric
ended May 25, 1940, was 2,448,865,000 kwh.
week's output is 11.1% above the output of the
of
The current
correspond¬
ing week of 1939, when production totaled 2,204,858,000
kwh.
The output for the week ended May 18, 1940, was
estimated to be 2,422,212,000 kwh., an increase of 11.6%
over
the like week
.
a
year ag<x
month ago
a
below
to
period
corresponding
the
last year.
public awards, which are 28% below 1939.
12% higher than in the four-month period a year ago.
are
April values in
the classified construction
groups
compared with those
show gains in streets and roads of 4%; public buildings,
7%; industrial buildings, 86%; commercial building and large-scale pri¬
housing, 8%; sewerage, 75%; earthwork and drainage, 48%; un¬
vate
classified
24%,
construction,
and
42%,
bridges,
in
losses
and
water¬
6%.
works,
Comparisons
for
creases
work and
INCREASE^ FROM PREVIOUS YEAR
PERCENTAGE
•
18%
is
is attributable
Private awards
reported for the first four months of
construction
with
the
month
current
drainage, 33%.
volumes for April, 1939, show in¬
industrial buildings, 443%, and earth¬
respective
their
in
Decreases
shown in streets and roads, 15% ;
are
commercial buildings and large-scale private hous¬
60%; waterworks, 50%; sewerage, 42%, and un¬
construction, 12%. YYY+Y^YY Y-' Y'Y-.'
YYY
public buildings, 55%;
7.2
.4.5
$5.8
16.2
14.5
6.2
12.2
Rocky Mountain
13.6
J6.9
13.3
West Central
'
.
•••
+.'Y
14.4
13.7
12.4
5.8
0.6
11.6
10.0
■Y.Y
8.4
Pacific Coa3t
::,V
.
South
xl.4 •
Y
Y+">'j-. YY Y:''; YY"
Decrease.
WEEKS
RECENT
FOR
DATA
10.3
•.+'Y'■
Y'
(THOUSANDS
OF
'■>
YY
1937
1940
1939
1940
1929
1932
Y^lV',>..
2
2,479,036
9
2,463,999
2,460,317
2,424,350
2,422,287
Mar. 23
...
Mar. 30
2,381,456
2,417,994
2,421,576
2,397.626
2,386,210
2,387.566
2,422,212
Aim-.
6
Apr. 13
Apr. 20
Apr. 27....
May, 4
May ill.,,
May 18
2,448,865
May 25
June
1
2,244,014
2,237,935
2,225,486
2,198,681
2,209,971
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
2,199,976
2,212,897
2,211,052
2,200,143
2,146,959
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
+ 10.5
+ 10.1
+ 10.6
i
+10.3
+ 9.6
+9.6
+ 11.4
+ 10.1
+ 9.8
+ 10.3
+ 10.0
+ 11.6
+ 11.1
22%
1,519,679
1,538,452
1,537,747
1,514,553
1,480,208
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
1,706,719
1,702,570
1,687,229
1,683,262
y"
W.
!'+'■ Y
Dodge
Y+SYk
Review
Corp.
of
;,:;Y YY Contracts
■'
Residential
1,679,589
1,663,291
1,696,543
1,709,331
1,699,822
1,688.434
1,698,492
1,704,426
1,705,460
1,615,085
Construction
;YYY'YYYYYY :YY'Y YY;Y
April
contracts awarded in April in the
east of the Rocky
37 States
Mountains were the highest since October,
1929, according to the F. W. Dodge Corp.
This April vol¬
ume, amounting to $135,420,000, exceeded the total recorded
for April, 1939, by 18%.
Awards for both apartments and
one-family dwellings showed substantial gains.
In terms of better housing conditions, the increase in
New
the $114,405,000
total reported for residential construction in April, 1939,
afforded 22,122 dwelling units, last month's total of $135,420,000 provided 27,418 units—a 24% increase.
Private ownership residential construction, as differenti¬
ated from publicly-financed projects, amounted to $119,706,000, or 88% of the April total. This volume for private
construction
the
is the highest since this
non-residential
separate
F. W. Dodge Corp.
classification, commercial
business sentiment, continued to show
major increases over the corresponding month of last year.
building
Commercial
ing, 35%.
.
was
up
13%;
manufacturing build¬
YyYVY' .;;YY ;Y.YY,Yy:Y Y Y' Y-'Vf y-YYYY 'v YyY
Although the total volume of contracts awarded in April
short of the volume for the corresponding month
fell 9%
awards for private ownership construc¬
Public construction contracts, on
the other hand, lagged 35% behind April, 1939.
Commenting on these facts, Thomas S. Holden, Vice-Presi¬
dent in charge of the Statistical and Research Division of
the Dodge organization stated:
"While earlier expectations
of substantially increased private activity are being fully
realized, it is obvious that for this year's program to catch
up with that of 1939, there should be considerable increases
in public projects during the coming months; speeding up
of public housing and higlrway contracts seems likely during
the summer and early fall."
last year, the total
tion
were
16%
Engineering
Awards
up
18%—Private
Month and Year
in
18% higher than a month ago,
in private construction.
Authority loans for low-
and $50,000 in Reconstruction Finance Corpo¬
to
is 45% below the
date, $365,300,000,
the current year's
+Y':,
YY;<+; "
.
Perkins—Total Construction Was 20%
Higher
valuations for new
residential construction were
22% higher during April than during March, Secretary of
Labor Frances Perkins reported on May 25.
"This is about
double the usual seasonal increase," she said.
"Other types
Indicated
increases.
of construction also showed important
expenditures for new non-residential construction were
12%
higher than during March, while there was a gain of 23%
in additions, alterations and repairs to existing structures.
Total building construction was 20% higher than during
The Secretary
preceding month," Miss Perkins stated.
'
YYYY
Y'-:YYY\
the
continued:
y.':
■
1939, the gain in residential construction was
Permit valuations for this type of construction
compared with April,
As
pronounced.
even
more
were
37% higher during the current month than during
the corresponding
preceding year.
Permit valuations for new non-residential
buildings showed a gain of 12% over the year period.
Additions, altera¬
tions and repairs, however, showed a decline of three-tenths of 1%, while
total construction was
23% higher.
These data are based on reports
month
the
of
received
by
Bureau of Labor Statistics from 2,046
aggregate population of 59,900,000.
the
United States having an
cities
cities
of the
/
of 1940 permits were issued in reporting
decline of 1% as compared
Permits issued for residential build¬
buildings valued at $619,619,000, a
for
with the
corresponding period of 1939.
ings during the first four months of 1940 amounted to $360,682,000,
of 12% over the like period of the preceding year.
an in¬
crease
also from the Labor Department's an¬
YYYYY:"YY':Y Y-, YY'Yv V.-.Y; ■' yYY'YY'
The changes occurring between March and April, 1940, in the permit
valuations of the various classes of building construction are indicated
in
the following table for
2,046 cities having a population of 1,000
The following is
nouncement:
*v",
over.
or
■■■■••
-Y' YY'-Y. Y: ■" Y' YY
YY'.-Y'
Change from
Class of
April construction, how¬
despite the 46% gain in private volume as re¬
ported by "Engineering News-Record."
Construction
March to April,
"
All Cities
New
—
non-residential
.
Additions, alterations and
repairs
Total
Permits
Of
these,
States
during April,
issued
4,202
Housing
+21.8%
+ 11.9%
+ 22.9%
+ 22.1?
+ 18.5%
+
4.4?
+ 27.1?0
1940, provided for 33,219 dwelling
units.
in projects under the jurisdiction of the United
Authority.
March permits in these cities provided for
were
27,382 dwelling units, of
which 3,059 were in USHA-aided projects.
valuations from April, 1939, to
percentage change in permit
1940, by class of
construction, is given below for the same 2,046
Change from April 1939 to
Class of
Construction
All Cities
April 1940
Excl. New York
+38.4°7g
—3.7?
+ 5.5?'o
+23.4%
+ 20.7%
+
New non-residential...
+
Additions, alterations and repairs.....
April,
cities:
—0.3%
New residential.
Total
1940
Excl. New York
+ 19.5%
New residential—
$211,816,000, are
due primarily to the 40%
is 12% under the volume for the corresponding month
year,
$126,957,000, a
public improvements.
Secretary
The
Construction
Gain
increase
last
/'Y'" ■ Y-- \-Y.
April Permit Valuation for New Residential Building
Construction Increased 22% Over March, Reports
April engineering construction awards,
ever,
above
ahead.
♦
April
topping last
volume,
last year.
During the first four months
and
manufacturing building the best barometers in the construc¬
tion field of general
1939
Administration construction not present in
Y
YY
Y.
Y':; Y++ YY YV
'-'YY
volume..
record was begun in 1932 by the
In
from
financing for the year
Projects
dwelling units was also striking: whereas
residential
YY;..
record
$668,657,000 volume reported for the four-month period last year.
The
1939
total
includes $311,200,000
in Federal appropriations
for Work
Permit
F.
Y-
The month's financing is made up of
$85,505,000 in State and municipal bonds, $28,398,000 in corporate secur¬
of
ration loans for
Mar. 16
"v\
the
over
New Capital < +'• Y-.
Y
rent slum-clearance projects,
1939
Mar.
':
increase
ity issues, $13,004,000 in United States Housing
from
Mar.
its
capital for construction purposes for April totals
New
decrease
Week Ended
the
in
Far West, the only other section to gain, is 3%
month.
YY/xY, YYyy Y;
KILOWATT-HOURS)
Change
participate
England
for the corresponding 1939
the volume
Y'Y..
New
except
YY .Y+'Y
continues
April by 14%.
11.1
Total United States.
sections
the
over
that order.
15.2
all
preceding month.
Middle West reports the greatest in¬
crease,
56%, followed by Middle Atlantic with 32%, and then South,
Far West, and west of Mississippi with gains of 6%, 4% and 3%, in
gain
6.0
Y 14.3
8.9
Southern States
classified
bridges,
Geographically,
4.7
17.1
...
12%;
ing,
8.1
5.3
Yy.t
7.3
Central Industrial
May 4, 1940
7.0
8.1
New England
Middle Atlantic
Week Ended
1940 May 18.1940
May 25,
Regions
May 11,1940
Week Ended
Week Ended
Major Geographic
Week Ended
37.2%
12.4%
The Commercial & Financial
3426
Compared with April. 1939, there was an increase of 40% in the total
number
of
contract*
units.
units provided.
during April, 1939
awarded
projects for which
provided for 965 dwelling
\
-
.
-
between the first four months of 1940 and
period of 1939 are indicated below, by class of construction:
The changes occurring
like
the
Change from First 4 Mos. of 1939
Class of
to First 4 Mos.
Construction
All Cities
New residential......
Ezcl. New York
+ 10.2%
+ coi-o
...
.......
a
Year Ago
deposit accounts (except interbank accounts),
as reported by banks in leading cities for the week ended
May 22, aggregated $9,233,000,000.
Total debits during the
13 weeks ended May 22 amounted to $111,151,000,000, or
Debits to
6% above the total reported for the
year ago.
These figures are as
reported
on
corresponding period
May 27,1940 by the Board
SUMMARY BY FEDERAL RESERVE DISTRICTS
(In Millions of Dollars)
-3.1%
13 Weeks Ended
Week Ended
The
information
awarded
collected
Bureau
the
by
State governments in addition to
For April, 1940, Federal and State
construction amounted to $18,053,000; for March, 1940, to $18,617,000,
and for April, 1939, to $9,648,000.
Permits were issued during April for the following important building
projects:
In New York City—-in the Borough of the Bronx, for apart¬
ment houses to cost over $1,700,000; in the Borough of Brooklyn,
for
one-family dwellings to cost over $900,000, for apartment houses to cost
over
$6,000,000, and for factory buildings to cpst $600,000; in the
Borough of Queens, for one-family dwellings to cost nearly $3,000,000, for
apartment houses to cost $2,000,000, and for schools and libraries to cost
approximately $1,600,000; in Philadelphia, Pa., for one-family dwellings
contracts
by
Federal
Federal Reserve District
Labor Statistics includes
of
a
Federal Reserve System.
of Governors of the
-11.3%
—i.i%
—
1940
Ended May 22, 1940 24.2% Above
Bank Debits for Week
—20.7%
1
1
Additions, alterations and repairs...........
Total
of 1940
.........
New non-residential....
June 1,
USHA
family-dwelling
were
Chronicle
May 22,
May 24,
May 22,
May 24,
1940
and
1939
1940
1939
private and municipal construction.
to
cost
$1,000,000; in Pittsburgh, Pa., for
over
institutional building
an
to
cost over $500,000; in Chicago, 111., for one-family dwellings to cost
approximately $1,500,000, and for store and mercantile buildings to cost
nearly $1,000,000; in Indianapolis, Ind,, for one-family dwellings to cost
over $500,000; in Bearborn, Mich., for one-family dwellings to cost nearly
$900,000;
in Detroit,
Mich., for one-family dwellings to cost over
Mich., for factory buildings to cost over
$1,200,000; in Cincinnati, Ohio, for one-family dwellings to cost over
$500,000; in Cleveland, Ohio, for one-family dwellings to cost over
$600,000, and for an electric light plant to cost approximately $800,000;
in Cblumbus, Ohio, for one-family dwellings to cost nearly $600,000; in
Minneapolis, Minn., for one-family dwellings to cost over $600,000; in
St. Paul, Minn., for one-family dwellings to cost over $500,000; in St.
Louis, Mo., for one-family dwellings to cost approximately $560,000; in
in Highland
$5,800,000;
Wilmington, Del., for apartment houses to cost
over
$500,000; in Wash¬
Medical Center to cost
approximately $4,400,000 ; in Miami, Fla., for onefamily dwellings to cost more than $800,000; in Miami Beach, Fla., for
one-family dwellings to cost approximately $450,000 and for apartment
houses to cost more than $500,000; in Baltimore, Md., for one-family
dwellings to cost nearly $1,000,000; in Oklahoma City, Okla., for onefamily dwellings to cost approximately $500,000; in Dallas, Tex., for
one-family dwellings to cost nearly $500,000; in Houston, Tex., for onefamily dwellings to cost over $1,200,000; in Denver, Colo., for onefamily dwellings to cost over $600,000; in Burbank, Calif., for onefamily dwellings to cost nearly $800,000; in Sacramento, Calif., for onefamily dwellings to cost over $600,000; in San Diego, Calif., for onefamily dwellings to cost fore than $600,000; in San Francisco, Calif.,
for
one-family
dwellings
to
cost
more
than
$1,300,000;
in
Los
Angeles, Calif., for one-family dwellings to cost over $3,612,000 and for
apartment houses to cost approximately $1,077,000; in Portland, Ore.,
for one-family
dwellings to cost over $500,000; in Seattle, Wash., for
one-family dwellings to cost over $1,000,000, and in Honolulu, T. H., for
one-family dwellings to cost nearly $600,000.
Contracts were awarded during April for the following USHA housing
projects:. In Camden, N. J., to cost over $902,000 (279 d. u.) ; in New
York City—in the Borough of Brooklyn, to cost nearly $3,650,000 (1,238
d. u.); in Tampa, Fla., to cost approximately $750,000 (320 d.
u.) ; in
West Palm Beach, Fla., to cost over $350,000 (122 d. u.); in, Atlanta,
Ga.,
$1,576,000 (616 d. u.); in Frederick, Md., to cost over
d. u.); in Baltimore, Md., for two projects to cost over
$2,621,000 (827 d. u.); in Charlotte, N. C., to cost approximately $290,000
(108 d. u.); in Lexington, Ky., for two projects to cost nearly $856,000
(292 d. u.), and in Nashville, Tenn., to cost approximately $995,000
(350 d. u.).
to
cost
$155,000
4,050
3,302
457
375
5,606
Cleveland......
626
463
Richmond...
327
252
.
.
PERMIT VALUATION OF BUILDING CONSTRUCTION, TOGETHER WITH
THE NUMBER OF FAMILIES PROVIDED FOR IN NEW
DWELLINGS.
IN 2,016 IDENTICAL CITIES IN NINE REGIONS OF THE UNITED
281
1,056
16,369
14,710
279
228
3,200
142
300
247
2,273
3,417
2,906
1,932
3,214
230
189
2,732
728
577
8,804
$9,233
3,699
4,791
$7,431
$111,151
3,071
44,375
3,779
57,772
743
-
581
9,004
—
Minneapolis....
Kansas City.....
Dallas
-
San Francisco......
Total, 274 reporting centers
New York City *
140 Other leading centers *
133 Other centers
...
3,020
2,499
8,255
.
$105,015
43,952
52,797
8,267
Centers for which bank debit figures are available back to 1919.
Weekly Statistics
of
Paperboard Industry
We
give herewith latest figures received by us from the
National Paperboard Association, Chicago, 111., in relation
to activity in the paperboard industry.
The mebers of this Association represent 93% of the
total indstry, and its program includes a statement each
week from each member of the orders and production, and
also a fgure which indicates the activity of the mill based
on the time operated.
These figures are advanced to equal
100%, so that they represent the total industry.
STATISTICAL REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
Orders
Jan.
13
Jan.
20
Jan.
27..
Feb.
3
Feb.
10
Feb. 17
Feb. 24
Mar.
2
Mar.
9...
Mar. 16....
Mar. 23
Orders
Tons
Tons
87,746
110,169
111,332
111,954
106,954
106,292
101,097
108,784
104,466
111,714
107,024
108,134
6...
Production
Tons
Jan.
105.945
120,791
115,419
121,596
115,988
114,463
196,174
187,002
183,699
176,308
167,240
159,216
145,706
142,554
137,631
138,446
132,455
130,871
129,466
123,255
147,254
175,162
Mar. 30
115,189
114,156
113,710
112,855
114,958
113,655
107,853
102,462
Apr.
6
Apr. 13
Apr. 20
Apr. 27....
105,140
129,869
146,057
139,841
May
4__
May 11
May 18.
May 24...
......
...
111,431
105,929
117,388
122,194
125,823
122,868
123,579
129,536
136,203
130,202
157,023
143,505
........
Percent of Activity
Unfilled
Received
Week Ended
Current,
Cumulative
65
74
69
72
70
75
71
72
71
71
71
70
71
.69
71
69
71
69
71
70
71
70
70
67
70
68
70
66
70
72
70
193,411
75
70
204,612
210.488
77
71
74
71
242,787
254,638
76
71
79
72
Report of Lumber Movement Week Ended May 18, 1940
Lumber production during the
week ended May 18, 1940,
0.5% greater than in the previous week; shipments
were 0.1%
less; new business, 2% greater, according to
reports to the National Lumber Manufacturers Association
was
from
regional associations covering the operations of repre¬
hardwood and softwood mills.
Shipments were
above production; new orders, 1% below production.
2%
New Residential
No.
Permit
Geographic
of
Division
Cities
Percentage
Change from—
Valuation,
April, 1940
Buildings
No. Of
Families
Percentage
Change from—
Provided
Mar.,
Apr.,
1940
1939
1940
Apr.,
1939
+21.8
+ 37.2
33,219
+21.3
+40.2
+23.2
1,177
6,843
+22.0
+ 30.1
+27.4
+24.8
6% greater.
The industry stood at 72% of the seasonal
of 1929 production and 75% of average
weekly average
1929 shipments.
+39.6
+ 19.4
Compared with the corresponding week of 1939, production
3% greater; shipments, 9% greater, and new business,
was
for
Apr. '40
Mar.,
The Association further reported:
i
All divisions.......
2,046 $119836407
New England.....
Middle Atlantic
133
519
East North Central
West North Central
456
South Atlantic
East South Central.
228
West South Central
127
.
.
195
76
100
.
Pacific.-.-
212
Year-to-Date
+ 63.8
5,533
+ 19.5
+88.7
+ 92.9 + 155.9
1,907
6,467
+25.4
1,472
+71.2 + 144.9
—25.2
—25.5
2,471
—21.5
3,638,360
20,508,928
+ 9.2
+45.9
+28.9
+ 24.8
1,119
6,230
—1.1
+7.2
+ 6.4
+22.3
+21.9
+30.2
+ 31.9
+ 52.5
+29.0 + 70.9
+ 20.4
+52.0 + 105.0
corresponding
and
20
weeks
orders
new
weeks
of
shipments
Building Construction
(including Alterations
Buildings
and
to
Division
Permit
Valuation,
Apr., 1940
Percentage
Change from—
Permit
Valuation,
Apr., 1940
Apr.,
1940
1939
+ 11.9
+ 12.4 197,783,260
$
All divisions.. 46,331,854
New England.
Supply and Demand Comparisons
—44.9
+42.9
+43.3
+26.7
+75.5
South Atlantic
E. So. Central
W. So. Central
7,842,270
826,970
1,719,359
1,661,404
6,091,010
+ 14.4
+ 52.6
Change from—
of 1930)
Apr.,
1939
+ 19.5
+23.4 59,868,725
During the week ended May 18, 1940, 493 mills produced 243,408,000
feet of softwoods and hardwoods combined; shipped 248,311,000
feet;
booked
week
orders
were:
Lumber
+25.6
—31.3
+ 34.9
—70.4
—53.2
—12.5
—49.4
+40.1 •+23.2
—35.7
—14.3
+ 6.1
+ 23.9
+34.0
+42.0
+ 53.3
+3.0
+33.8 5,421,403
+ 17.2 18,484.885
+50.0 14,767,119
+3.0 4.521,568
+55.7 4,956,755
+43.1 1,933,616
—19.6
—27.5
+ 17.6
+33.6
+8.1
—5.9
were
21% on May 18, 1940,
17% heavier than a
were
of
240,047,000 feet.
Revised figures for the preceding
517; production, 242,207,000 feet; shipments, 248,516,000 feet; orders, 235,947,000 feet.
Mar.,
1940
11,127,720
49,110,530
43,345,102
11,860,957
31,373,243
5,545.296
10,300,636
6,129,005
28,990,771
stocks
gross
Mills,
orders
3,277,953
1,229,517
5,275,909
softwood
mills
the
2,205,505
E. No. Central 10,324,891
W. No.Central
2,370,053
ago;
Unfilled orders
3% lees.
a year ago.
Softwoods and Hardwoods
CCensus
$
MlddleAtlantlc 14,290,392
were
The ratio of unfilled orders to gross stocks was
year
Percentage
Mar.,
shipments
1939;
5% above production.
Repairs)
Population
Geographic
date was 9% above
7% above the shipments,
8% above the orders of the 1939 period.
For the
date new business was 6% above production, and
of
were
1940
were
—14.1
Total
New Non-Residential
Comparisons
Reported production for the 20 weeks of 1940 to
$5,272,120
26,367,841
25,885,160
6,868,040
20,656,446
3,665,695
6,973,817
compared with 17%
Paoiflo
210
1,287
200
Chicago.....
St. Louis....
sentative
STATES, AS SHOWN BY PERMITS ISSUED, MARCH, 1940
Mountain
5,351
6,243
3,568
7,062
3,958
3,402
Atlanta..........
♦
$5,660
47,656
(60
..
Mountain
$389
Philadelphia
—
New York
Park,
ington, D. C., for one-family dwellings to cost more than $1,000,000, for
apartment houses to cost over $2,000,000, and for buildings at the Naval
$468
$5,953
48,376
Boston.......
mills.
same
feet,
from
or
Shipments
or
as
reported for the same week were 237,349,000
2% above production.
101
Production
was
233,610,000 feet.
Reports
hardwood mills give new
above production.
feet,
reported for the week ended May 18, 1940, by 411
228,859,000 feet, or 2% below the production of
totaled
Shipments
as
12% above production.
business as 11,188,000 feet, or 14%
reported for the same week were 10,962,000
Production
was
9,798,000 feet.
Identical MiU Comparisons
Production during the week ended
wood mills
was
May 18, 1940, of 395 identical soft¬
231,273,000 feet, and a year ago it was 224,415,000 feet ;
Volume
shipments
orders
hardwoods,
feet
7,286,000 feet; shipments, 9,143,000
8,891,000 feet and 8,670,000 feet.
and
feet and
and orders,
feet,
8,541,000
feet and
226,697,000
identical
88
8,055,000
ago
234,751,000 feet and 214,857,000 feet, and
212,908,000 feet.
In the case of
mills reported production this year and a year
respectively,
were,
received,
Country's Foreign Trade in April—Imports
Exports
The Bureau of Statistics of the
and
to
May
on
1935.
The report follows:
The export trade of the United States in April showed a
decline
in
value while
imports were
down only slightly.
considerable
The decrease in
2% from March, to
seasonal change. On a
daily average basis the April import trade showed little change from the
level of the two months immediately preceding.
The total in April was,
however, about $32,000,000 lower in comparison with the monthly average
total
general
than
less
of
imports
$5,000,000,
or
$212,000,000 in April, represented about the usual
December-January imports.
the
of
exports
modities,
agricultural
both
including
unusually small monthly total and a decline
an
$3,000,000 as compared with the preceding month and of
$1,000,000 in comparison with the corresponding month in 1939.
nearly
With
marked decreases also in other agricultural commodities—especially, wheat
and flour, meats, dried fruit and canned vegetables—the value of total
agricultural exports was down from approximately $60,000,000 in March
to slightly less than $48,000,000 in April.
In April of last year, when
cotton exports ran
low, the value of agricultural exports totaled $38,000,000,
while they reached approximately
$66,000,000 in April two
''
ago.
of motor trucks dropped
products fell to $32,600,000 from respective values of $13,500,000 and $37,000,000, in March,
Among
to
$5,500,000
which
in
April,
represented
break
of
commidities,
non-agricultural
the
non-agricultural products.
outweighed by other
and
exports
steel-mill
and
iron
and
of these items since the out¬
high point for both
the
European
war.
manufactures, paper
and chemical products,
declined during April, but the decreases in these accounted for a relatively
small part of the
reduction in the total of nonagricultural exports in
Exports
of
commodities,
other
including
electrical appliances,
manufactures,
cotton
passenger
cars
April—from $283,000,000 in March to approximately $269,000,000 in April.
in April showed a slight in¬
Exports of aircraft valued at $22,000,000
with the value reported in each of the two preceding
in comparison
crease
months
and
metal-working
machinery
$22,000,000 in April, showed
(including reexports) continued to move in sustained
high value as compared with a year ago, and also much higher than
imports,
they declined to $324,000,000, or to $27,000,000 under the
March total and to $45,000,000 under the high December-January average.
Reductions were recorded in shipments of a fairly wide range of com¬
Though
approximately $3,000,000,
of
years
Department of Commerce
27 issued its statement on the
foreign trade of the United States for April and the three
months ended with April, with comparisons by months back
Washington
at
3427
Commercial & Financial Chronicle
The
150
March
also
exports,
reaching
value
a
of
gain of over $3,000,000 in comparison with
a
of other
commodities in April, including coal, crude petroleum, crude sulphur, wood
pulp, lumber, tractors and merchant vessels.
In comparison with the corresponding month of last year, exports in
April were about one-fourth larger in quantity and two-fifths larger in
shipments.
value.
Increases
for
also,
recorded,
were
exports
'
Though partly due to seasonal influences, these were
than
$4,000,000
contributing
ments
war
Scandinavian
four
the
The marked drop in shipments to
countries from over $19,000,000 in March to less
especially the
factors,
was
important factor in the lower total.
Another
the decrease in exports was the decline in ship¬
$3,000,000—most of which drop occurred in
an
to
factor
continued
during the same four months
through April exceeded the value of imports
half a billion dollars.
immediately preceding, withdrawals for consumption
bonded warehouses during April were smaller in value than entries
bonded
warehouses.
Consequently,
total imports for consumption
1940
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Exports
230,974
930,382
1,391,781
+ 461,399
Imports
186,296
324,008
212,240
713,094
870,586
+ 157,492
44,678
111,768
217,288
521,195
1,000
Merchandise export bal.
this year by over
As
from
into
were
valued
at
$9,000,000 less than general imports.
decline of less than $4,000,000 as compared with the
$203,000,000,
than
tin,
few commodities, including crude rubber,
Imports of a
copper,
wood
considerably
were
pulp,
cattle,
furs,
larger
pulp and paper items was
.'Crude Materials
a
and works of art
The increase in the
newsprint,
March.
principally in imports from Canada.
April
in
1936
1937
1938
1939
1940
1,000
1,000
1,000
1,000
1,000
1,000
Re-exports—
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Period
or
than
Larger Proportion of Imports than a
February
April
May....
June...
July
September
October
November.....
Since last
and
terials
September increases have been registered mainly by crude ma¬
in import trade.
In Ayil crude material
289,071
261,935
275,308
274,472
267,276
232,726
227,535
230,790
246.335
332,710
314,697
323,403
226,364
229,800
233,125
258,566
268,945
289,922
265.341
268,184
277,031
296,579
212,911
218,716
267,781
369,519
346,990
351,263
324,008
230,974
249,466
277,668
252,381
236,164
229,631
260,102 V
288,231
331,978
292,453
268,943
368,046
'
semi-manufactures
and semi-manufactures, at $42,000,000,
imports into the United States,
April of last year these classes represented one-half of the total.
The April total of crude materials was approximately
18% larger in
quantity and 42% higher in value than in April, 1939, a gain largely
accounted for by higher prices and greatly increased imports of a few
commodities, namely crude rubber, raw wool, undressed furs, and ferrovalued
imports,
December.
222,665
264,949
185,026
164,151
165,459
170,244
173,230
172,126
198,803
221,296
269,838
223,469
March
August...
Year Ago
198,564
182,024
195,113
192,795
200,772
185,693
180,390
178,975
220,639
176,223
163,007
January...
Principal commodities imported during April in smaller quantity
March included wool,
flaxseed, coffee, vegetable oils, diamonds,
burlaps and linens.
1935
Exports Including
Month
*
or
imports for consumption of nearly $207,000,000.
March total of
undressed
MERCHANDISE TRADE BY MONTHS
months
the
in
These showed also a
in
Increase (-f-)
Decrease(—)
'■[
1939
1940
1939
large—$112,-
relatively
000,000—though this represented a decline as compared with the balances
in the first three months of the year.
United StateS merchandise exports
4 Months Ended April
April
Exports and Imports
;
the low countries of
to
shipments to the Netherlands.
The
merchandise
export
balance
of
Exports, including Re-exports, General Imports, and Balance of Trade
in Europe.
$78,000,000,
at
comprised nearly three-fifths of the total
930,382 1,391,781
981,301 1,100,786
768,495
ended April.. 1,785,156 2,027,258 2,282,317 2,913,391 2,434,034 3,152,221
ft
ended Dec... 2,282,874 2,455,978 3,349,167 3,094,440 3,176,451
4 mos. ended April__
10
mos.
12
mos.
688,408
whereas in
Other crude materials, such as flaxseed, hides and skins,
imported in smaller quantities in April than in the
corresponding month of last year.
v
Semi-manufactured imports in April were about 12% larger in value
alloying
and
ores.
raw
than
in
silk,
April,
As
year.
were
1939,
group,
a
owing mainly to the higher level of prices this
semi-manufactured imports were up about 2% in
from a year earlier.
Though the metals and wood pulp were
substantially larger than a year ago, other semi-manufactured imports,
including industrial chemicals, fertilizers, and lumber were smaller in
General Imports—
166,832
152,491
177,356
187,482
192,774
198,701
170,500
176,631
202,779
191,697
191,077
195,056
240,444
277,709
307,474
286,837
284,735
286,224
266,214
169,030
193,073
245,668
—
161,647
189,357
169,385
186,968
215,701
212,692
196,400
245,161
233.142
224,299
223,090
208,833
4 mos. ended April..
667,179
781,736 1,112,463
January
February-March
April.
...........
May
170,533
June
156,754
July
August
—
September.......—
October...
November....
December.
170,689
162,951
173,372
169,827
148,248
145,869
140,809
165,616
167,692
178,024
178,246
168,072
190,481
186,296
202,493
176,187
171,347
235,458
246.807
666,838
241,838
713,094
199,775
216,732
212,240
178,866
168,910
175,623
181,536
216,289
quantity
10
mos,
12
mos.
870,586
ended April.. 1,458,391 1,834,754 2,370,545 2,067,084 1,712,567 2,094,209
2,047,485 2,422,592 3,083,668 1,960,428 2,318,076
ended Dec
quantity this past April.
Two
of
factured
with
the
economic
foodstuffs,
April, 1939.
showed
imports
total
a
change
foodstuffs
in
and
manu¬
manufactured
Exports of United
States Merchandise and Imports for Consumption
value as compared
result of larger imports of coffee, the
foodstuffs imports was up slightly, while reduction
of meats and
for
as
crude
imports,
relatively little
Principally
total value of crude
of
classes
in
1939
of alcoholic beverages resulted in a slightly lower
foodstuffs.
Sugar imports from Cuba were much
and though shipments from the
decrease, the value of total imports of sugar
was
in April,
18% larger than
manufactured articles,
that bulk large in our purchases in Europe,
$33,000,000 in April, only a slightly smaller
figure approximately $11,000,000 lower in
Imports of finished
which include various items
amounted to approximately
total than in March, but a
comparison with the April,
'
1939, total.
In March and April of last year the import returns included relatively
large amounts of German goods, entries having been heavy prior to April
23, on which date all dutiable goods imported from that country became
subject to countervailing duty.
However, imports from Germany and the
German occupied area have steadily declined since the outbreak of war,
and they now comprise an insignificant part of the total.
Declines in
April, and in the cumulative period to date as compared with a year
before, have been substantial in such items as cameras, colors and dyes,
industrial
chemicals,
eteel-mill
manufactures
and
the
decline
in
imports
of
finished
gain in April as compared with April a year ago.
The quantity of total
general imports was not more than 2% larger than in April, 1939, although
the value showed an increase of 14% mainly as a result of the advance
in
:
prices.
"
Changes in Exports from March
$21,000,000 as
compared with $27,000,000 in March and approximately $60,000,000 last
January.
It is thus apparent that the reduction in cotton shipments, from
figure in the opening month, has accounted for a
considreable part of the decline in value of total exports since last
January.
April exports of cotton were, however, not relatively low; they
were
more
than twice as large as in April, 1939, and larger in value,
unusually high
though slightly smaller in quantity than in April, 1938.
Exports of other leading agricultural products declined in April.
Un¬
manufactured tobacco amounted to less than 16,000,000 pounds valued at
Dollars
Dollars
918,070
1,358,943
699,115
834,112
+440,873
+ 134,997
Month or Period
1935
1936
1937
1938
1939
1940
Exports—U. S.
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Merchandise—
January
.
February
—.—
March.
.—
June
...
July
August
—
September
173,560
160,312
181,667
April
May
—
October
November
December.........
4 mos. ended April.
10 mos. ended April.
12 mos. ended Dec—
160,511
159,791
167,278
167,865
169,683
196,040
218,184
267,258
220,931
195,689
179,381
192,405
189,674
197,020
181,386
177,006
175,825
217,925
262,173
223,920
226,666
219,063
229,671
252,443
264,627
285,081
256,481
264,613
273,561
293,374
329,373
311,212
319,431
285,772
259,160
270,429
271,508
253,713
229,554
224,866
228,312
243,695
274,059
249,844
266,358
Dollars
210,260
360,021
216,191
[338,851
263,995
227,624
246,119
233,465
226,740
247,412
283,667
323,077
286,761
357,307
343,551
316,520
918,070 1,358,943
965,804 1,086,868
1,758,022 1,997,009 2,249,319 2,878,432 2,405,104 3,083,906
2,243,081 2,418,969 3,298,929 3,057,169 3,122,618
676.050
757,049
168,482
152,246
175,485
186,377
228,680
189,590
260,047
295,705
280,899
278,118
278,300
262,919
248,730
233,959
226,470
212,382
203,644
Imports for
Consumption—
January
February
March
....
.....—
....
April
Exports of raw cotton declined in April to a value of
the
1,000
Dollars
202,974
1,000
1,000
1,000
Dollars
316,520
185,916
(+)
Decrease(—)
machinery.
manufactures counterbalancing
the increase in crude materials, total imports registered a relatively small
With
mdse.)-consumption
Exports (U, S.
Increase
1940
1939
227,624
1,000
Imports for
1939.
1940
Dollars
larger in April than in April of last year,
Philippine Islands showed a
4 Months Ended April
April
Exports and Imports
166,070
....
166,756
155,313
173,096
180,381
168,683
189,806
162,828
179,760
May...
June...
July
August
September..
October
...
November...
December
4 mos. ended April.
10
mos.
ended April.
12
mos.
ended Dec..
194,296
199,776
189,008
194,311
197,458
200,783
218,425
213,419
200,304
240,230
163,312
155,923
173,196
155,118
169,353
152,577
191,269
147,123
147,779
194,185
178,373
170,430
180,225
147,767
171,023
172,909
178,447
171,668
165,359
185,916
234,624
189,820
206,694
202,974
199,404
207,131
214,502
232,736
699,115
834,112
647,548
770,039 1,065,331
662,283
1,467,086 1,824,593 2,335,949 2,035,651 1,706,288 2,038,539
3,009,852 1,949,624 2,276,0991
2,038,905 2,423,977
The Commercial & Financial Chronicle
3428
AND
GOLD
SILVER BY MONTHS
tural
Exports. Imports and Net Balance
4 Months Ended April
April
1940
1939
Increased-)
Decreased-)
1940
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
231
Gold—
33
380
126
—254
—203,569
606,027
Import balance
249,885
1,351,187
1,147,618
605,797
Imports
249,851
1,350,807
1,147.492
Silver—
Exports
2,054
594
Imports
7,143
5,170
7,701
34,605
20.764
5,089
4,576
26,905
are
shown
separately.
of 1940, 21% of domestic exports and 52.3% of imports for
consumption were agricultural products, we present below
Another arrangement of the figures given out by the
Department shows the value of each of the chief items of
the export and import trade arranged according to economic
groups, and since a special interest attaches to these figures
at this time because of the war in Europe, we append them
also.
Both tabulations are given below:
i
18,762
Import balance
totals
in the usual manner.
1,000
Dollars
Exports
non-agricultural
and
1940
This tabulation which reveals that in the first four months
Exports and Imports
1939
June 1,
2,001
—5,699
—13,842
DOMESTIC EXPORTS FROM AND IMPORTS INTO THE UNITED STATES
FOR THE MONTH OF APRIL AND FOUR MONTHS ENDED APRIL,
1939
1940 AND
Analysis by Economic Groups
Gold
Silver
(Value in 1,000 Dollars)
Month or
1938
1937
Period
1939
1940
1937
1938
1939
1940
4 Months Ended April
Month of April
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Exports—
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
355
233
1,671
2,054
298
'
11
January
February...
mmtrn
6,067
81
22
174
-
15
63
2,112
1.811
1939
Class
1939
1940
1940
452
March
39
20
53
18
1,646
191
1,923
657
April..
13
145
231
33
1,668
250
2,054
Per
Per
Per
Per
594
Value
Cent
Cent
Value
Value
Cent
Value.
Cent
4
212
36
1,841
317
81
131
19
1,144
254
303
Crude materials.....
26,016
11.4
40,886
12.9
230,942
17.0
206
65
9
214
193
64#
14,257
6.3
17
13
278
401
937
11,759
5.2
4.7
5.0
180,423
50,519
13.3
169
September
129
11
15
285
4.3
2.0
49,992
5.5
30,349
2.2
16
15
380
1,292
1,773
9,810
232
1,463
1,259
26,090
14,797
6,314
10.0
August
Agricultural
Non-agricultural...
138,229
91,378
46,851
15.0
July
9,703
4.3
6,214
2.0
49,430
5.4
30,050
2.2
30,084
15,052
16
15,744
13,942
1,802
65,810
May
June
.
October
November.
December.
4
Crude foodstuffs
10
527
823
487
11
•
14
Agricultural
Non-agricultural...
236
1,344
887
Mfd. foodstuffs A bev.
13,811
6.1
Agricultural
Non-agricultural...
_
.
12,679
1,131
41,033
5.6
64
5,407
380
.127
7,137
1,029
7,701
2,001
1,175
51,278
519
199
12,737
2,949
13,183
8,017
April
end.
mos.
end.
mos.
107
Semi-manufactures—
46,020
December
508
5,889
12,042
7,082
100
0.5
18.0
195
3.7
562
0.1
5.0
59,242
6.5
76,501
5.6
4.4
5.9
0.6
53,807
5,435
0.6
69,226
7,275
0.5
20.8
157,039
17.1
----
299
5.1
21.2
0.1
287,420
1,633
17.0
285,787
21.0
55.9
733,730
54.0
0.3
4,333
729,396
63.7
0.1
371
0.1
855
17.9
65,439
20.7
59.3
59.0
156,184
513,567
2,575
510,992
227,624 100.0 316,520 100.0
37,636 16.5 47,628 15.0
189,988 83.5 268,892 85.0
198,045
720,025
21.6
285,665
21.0
78.4
1,073,278
79.0
40,838
Non-agricultural...
Finished manufactures 136,953
801
Agricultural
14,630
8.2
60.2 187,766
0.4
1,011
Agricultural
April
12
Domestic Exports—
end.
mos,
10
611
59.8
Non-agricultural... 136,152
186,754
0.3
65.7
0.1
0.3
Imports—
January
121,336
February...
120,326
154,371
215,825
155,366
262,103
175,624
105,013
7,155
8,211
62,947
71,236
62,987
55,438
63,880
278,645
165,990
620,907
662,382
177,782
240,642
259,934
326,089
69,740
107,991
451,183
4,476
4,964
8,427
5,701
10,633
23,151
611,858
139,549 1351,187 1147,618
25,336
1219,283
741,746 3082,670 2701,200
March
April
May
June
July
August
September
145,623
-
October
90,709
November..
52,194
December..
33,033
4
mos.
mos.
236,413
2,846
14,080
5,589
2,821
3,165
201,476
469.845
249,885
429,440
240,450
28,708
10,328
6,025
6,799
9,927
15,488
14,440
15,767
17,052
19,186
18,326
4,985
24,098
25,072
24,987
4,070
5,724
7,207
7,143
6,162
14,770
5,170
•
Total exports of U. 8.
merchandise
Agricultural
Non-agricultural..
.
918.070 100.0 1,358,943 100.0
Imports for
5,631
4,365
Consumption—
Crude materials
4,639
21,533
7,268
4,183
3,795
74,393
34,605
20,764
Agricultural
Non-agricultural
90,558 131,745 153,605
50,544
Semi-manufactures..
Crude foodstuffs
Agricultural
Non-agricultural...
29.5
78,125
38.5
216,545
31.0
322,145
38.6
19.3
245,959
29.5
8.4
12.9
23,282
12.5
157,561
58,984
101,978
98,006
3,972
86,605
22.5
10.3
57,635
20,590
28.3
19,136
76,186
99,325
95,443
11.4
9.6
2.1
67,368
19,237
2.8
20.9
147,882
21.2
1.6
25,052
24,109
10.1
12.3
11.9
0.5
771
0.4
943
25,037
13.5
24,539
12.1
20,335
Mfd. foodstuffs A bev.
end.
54,926
35,790
24,053
.....
Agricultural
Non-agricultural...
end.
April
10
156,427
223,296
365,436
600,027
10.9
20,358
10.0
2.5
18.6
4,181
42,447
3,158
39,289
23.6
32,810
Finished manufactures
April
12
mos.
end.
December 1631,523 1979,458 3574,659
91,877 230,531
Agricultural
Non-agricultural...
451
0.2
580
0.3
13,760
134,122
146,104
1,840
43,513
23.4
32,230
15.9
144,264
Agricultural.......
Non-agricultural...
85,307
Wheat
Domestic
4,702
37,936
3,316
34,619
43,964
.
Supply of 963,000,000 Bushels In¬
dicated, Says Bureau of Agricultural Economics
The domestic wheat supply in 1940-41 will total approxi¬
mately 963,000,000 bushels, according to present indications,
the Bureau of Agricultural Economics, U. S. Department of
Agriculture reported on May 25 in its monthly analysis of the
1.8
Domestic Exports
Crude Materials-
Soy beans
high in comparison with wheat prices in these other markets.
Phosphate rock..
compared with 28 cents above four weeks
wheat at Buffalo
are
about
quality of Canadian wheat,
cents above export parity,
Prices of domestic spring
ago.
14 cents lower than approximately the same
c.
i. f., duty paid, at the
pared with 9 cents lower four weeks
same
port, as com¬
ago.
in many
important producing
areas,
conditions for the remainder of the
With
no
and the crop will require favorable
season to
make average yields per acre.
increase in acreage probable and with the
and probable damage to growing crops in invaded
shortage of farm labor
areas
of Europe, it seems
Acreage decreases
slavia, and India.
are
reported for the United States, Rumania, Yugo¬
Of the other countries for which reports
are
available,
the change in the acreage in Canada is the
only one of significance.
Canada an increase of 6% in the 1940 spring wheat
acreage over
is indicated
by farmers' intentions to plant.
In
that of 1939
If these intentions
are
carried
out, the total wheat acreage harvested in Canada this year will be
28,200,000
acres, or an
increase of 1,500,000
acres over
j
On
the basis of unofficial reports, crop conditions in western
Europe are
indicated to have improved during the past month but are still below those
of
a
year ago.
backward.
In northern Europe the
season
is still reported to be very
More favorable weather in the Balkans is
benfiting the
crop.
An above average winterkill is
reported for most of Europe, though in some
countries, such as France it appears to be less than was feared earlier.
In
the United
of
Kingdom conditions are improving and with increased seeding
spring wheat it is believed that the outturn may be equal to or even
exceed that of
a
year
ago.
If yields per acre turn out to be
acreage
significantly below
is no larger, production in
1940
would
be
average
lees
1940,
and the total
than
world
season
con¬
would be
carry-over.
The Department of Commerce's
report of the character of
the country's foreign trade reduces the
export and import
figures into five separate groups, ranging from crude materials
to the finished manufactures, in each of which the
agricul¬
0.3
2,251
0.3
20.6
130,999
15.7
699,115 100.0
338,536 48.4
360,579
51.6
834,112 100.0
436,676
52.3
397,436
47.7
4 Mos. End. April
1940
21,086
3,059
6,406
7,946
5.645
32,356
9,928
26,347
1,659
5,968
1939
1940
4,016
54,849
151,836
18,526
17,131
21,184
7,826
2,922
1
136
1,854
531
All other crude materials..............
1,746
2,894
6,662
10,986
Crude Foodstuffs—
Wheat..
3,260
1,630
1,026
1,183
19,891
9,569
6,576
967
894
153
2,469
1,368
559
378
Corn
..........
Vegetables, fresh and dried..
Apples, fresh...........
Oranges
....
...,
Other fresh fruit..
All other crude foodstuffs
.......
1,085
576
Manufactured Foodstuffs—
Meat products
Lard, Including neutral lard
Dairy products, except fresh milk
Fish, canned, prepared, Ac
......
265
2,888
6,772
5,758
1,984
3,130
676
2,351
1,441
1,210
1,245
548
9,764
7,016
1,927
4,536
7,581
3,138
1,643
5,801
714
913
....
Oilcake and oilcake meal..
778
1,538
1,751
1,240
Vegetables, canned and prepared
347
531
Dried and evaporated fruits....
Canned fruits..
1,231
416
Wheat flour
2,199
939
3,407
1,447
2,885
13,352
6,157
2,432
6,360
8,158
3,845
3,650
148
522
560
656
2,327
2,392
1,917
2,469
8,015
9,394
943
1,144
1,239
1,374
817
2,152
536
3,729
3,778
3,295
1,833
9,982
7,171
481
All other manufactured foodstuffs......
BemirU anufactures—
....
Naval stores, gums and resins.a
Cotton semi-manufactures
Sawed timber..
......
...............
6,879
2,158
989
3,506
16,690
2,457
10,854
3,595
1,181
1,414
23,308
3,576
1,809
3,880
463
1,294
932
2,165
5,030
933
Iron and steel semi-manufactures
Iron and steel scrap.b
Tin pi ate and taggers' tin
...
...
...
...
Aluminum semi-manufactures
2,291
579
Paraffin wax...............
Crude sulphur
208
4,125
...j,
......
Gas and fuel oil
.......
5,400
Copper (Ingots, plates, rods)
Brass and bronze semi-manufactures
Coal-tar products
Industrial ohemlcals.
Pigments
1,585
2,582
Boards, planks, Ac
Wood pulp..
9,873
5,222
4,149
7,837
3,005
8,162
1,478
Vegetable oils, and fats, edible.
Sugar and related products
144
2,820
42,845
14,933
6,120
2,825
2,987
20,411
528
730
5,350
5,304
1,781
7,578
6,071
12,491
5,549
3,683
101,744
14,668
23,751
5,645
8,001
38,294
5,728
990
3,842
9,828
4,175
8,185
1,193
1,240
4,248
17,575
6,001
10,022
25,595
39,626
877
676
2,836
.....
1,995
2,355
6,890
......... ........
All other semi-manufactures
Analysis of Imports and Exports of the United States
in April and Four Months Ended
April
16.0
602
......
Ferro-alloys.....
sumption and the carry-over at the end of the 1940-41
smaller than the prospective July,
2.2
20.1
468
...
.......
Leather....
last year,
18,339
167,265
133,250
35
...
...........
reasonable to continue to expect that the 1940 world
crop will be smaller
than that of 1939 when yields were above
average, the Bureau stated.
2.0
19.2
9,18
.....
......................
Growing conditions for the 1940 world wheat crop continue below normal
2.3
22.3
<
Crude petroleum..............
Undressed furs.................
month than those of Winnipeg and Buenos Aires, but they still continue
hard winter wheat at Gulf ports are about 26 H
9.0
19,105
185,604
2,018
Coal
as
0.5
11.2
1939
Cotton, unmanufactured
Tobacco, unmanufactured....
Prices of
3,881
93,789
74,683
20.9
Month of April
bushels.
more during the past
0.6
12.4
(Value In 1,000 Dollars)
disappearance in 1940-41 will total about
665,000,000 bushels and shipments
to
our
possessions
3,000,000 bushels, the quantity available for export and for
carry-over on July 1, 1941 would be about 295,000,000
pricey have declined somewhat
9.1
11.9
Analysis by Leading Commodities in Each Economic Group
domestic
Domestic wheat
16.2
sumption....... 185,916 100.0 202,974 100.0
83,174 44.7 105,740 62.1
Agricultural
55.3
Non-agricultural... 102,742
97,234 47.9
This total includes an estimated 1940 crop
of 675,000,000 bushels and a July 1 carry-over of 288,000,000
bushels.
On the basis of this total supply, and prospects
The Bureau further reports:
19.4
14.0
Total Imports for con¬
wheat situation.
that
20.4
14.6
2,738
3,262
11,633
1,241
1,080
3,355
10,063
4,720
4,665
17,310
11,332
5,122
8,524
Finished Manufactures—
Leather manufactures
Rubber manufactures
Automobile casings...
Tobaooo manufactures..
...
........
984
Paper and manufactures..
1,059
4,706
5,248
3,470
.........
Cotton manufactures
Cotton doth, duck and tire fabric
Rayon manufactures
3,109
....
1,262
1,526
2,281
4,599
i
4,883
4,555
22,354
14,612
6,424
18,555
Volume
The Commercial &
150
Financial Chronicle
with 98 for
4 Mos. End. April
Month of April
1939
1939
1940
1940
new
6,553
27,427
22,353
10,305
22.594
42,552
718
994
2,741
4,090
_
16,852
14,113
32,212
3,193
6,230
92,602
14,120
39,279
19,953
4,973
8,788
1,013
9,679
9,381
1,819
40,613
2,238
22,132
36.595
70,138
2,799
2,098
10,315
657
....
5,025
1,602
Radio apparatus
Industrial machinery.....
9,340
4,042
*
Iron and steel advanced manufactures
460
2,968
8,546
2,032
24,592
4,003
.........
Well and refinery machinery
Metal-working machinery
Office appliances
Printing and bookbinding machinery.....
Agricultural machinery and Implements
752
2,923
7,671
135,935
8,984
1,809
21,796
2,538
<-,717
705
2,845
34,151
25,839
88,209
9,714
2,999
765
738
2,913
3,122
1,795
1,159
1,387
1,592
6,508
3,970
5,677
5,546
18,978
h29869
70,950
hll5,365
227,624
316,520
918,070
1,358,943
Motor trucks and buses (new)
Passengers cars (new)
Aircraft, Including parts, Ac
Medicinal and pharmaceutical preparations
Paints and varnishes
Soap and toilet preparations
........
Photographic and projection goods
Scientific and professional instruments....
All other finished manufactures....
10,013
19,493
5,489
5,245
This upturn in new orders in April
production,
substantial gains in
contrasted with a further decline in
Reserve Board's index.
measured by the Federal
as
facturing activity
Manu¬
3% lower than in March and 7% below the average
was
for 1936.
38,776
21,033
100,117
26,682
40.018
28.019
6,349
7,067
24,921
6,967
10,036
7,461
Automobiles, incl. parts and accessories...
v
5,275
6,213
Lubricating oil
Electrical machinery and apparatus
Household refrigerators
composite index declined.
orders, while in the non-durable goods field the outstanding improve¬
ment occurred in textiles;
Gasoline and other motor fuel
Steel-mill manufactures..
Improvement was widespread
February and 109 for January.
and only 4 of the 15 components included in the
Several prominent durable goods industries experienced
Finished Manufactures—Concluded—
Glass and glass products
3429
The
value of manufacturers'
changes,
was
the
after allowance for seasonal
inventories,
April,
in April as in March and 18% higher than in
same
1939, according to reports made directly to the Board by manufacturers.
Since
January, there has been virtually no change in the composite in¬
For April and March, the index (1936=100) was 131,
ventory situation.
the
in
same as
January and 1 point lower than in February.
Most of the components of the inventory
26,713
index recorded declines in April
96,086
but many of these were slight.
centrated in non-durable goods and were most
shoe and textile industries.
Except in machinery, the gains were con¬
pronounced in the boot and
The largest declines occurred in the
continued in non-ferrous metals while
stocks reported
The
value
of
railroad
The downward trend
equipment and automotive equipment industries.
change was shown in the level of
no
by iron and steel producers.
shipments
unchanged from March,
in April,
25%
was
The Board's seasonally adjusted index at 109
greater than in April, 1939.
compared with the 1939 high of 128 in December and with 87 in April, 1939,
Total domestic exports.
Crude Materials—
...
Undressed furs
...
3,657
...........
Crude rubber
Oilseeds
Flaxseed
........
Tobacco, unmanufactured
Cotton, unmanufactured
....
7,106
27,785
665
16,387
13.967
50,390
13,548
8,708
10,824
2,330
1,737
1,151
15,954
27,455
4.379
3,908
4,966
10,761
2,524
1,581
2.201
796
...
2,965
1,594
2,977
683
Jute and Jute butts
Flax and hemp, unmanufactured.
687
419
321
Wool, unmanufactured
3,380
5,389
Silk, raw
7,625
949
7,465
1,837
170
205
.....................
Other textile fibers.c
...
Pulp wood
18,151
22,665
95,356
1.717
944
539
1.048
5,512
2,681
2,764
606
3,979
....
Crude petroleum
1,906
....
Diamonds, rough, uncut...
Diamonds for industrial use...
Manganese, chrome, and other ferro-alloy-
2,360
15,675
7.675
11,474
3,839
4,292
1.252
34,750
36,068
New Orders
Shipments
102
109
March, 1940 (revised)
131
93
109
8,164
April, 1939
Ill
84
87
1,487
7,639
1,808
Percentage change from;
3,148
3,488
10,322
41,765
47,486
3,736
491
2,387
9,052
1,902
3,022
2,212
4,188
8,611
2,477
11,485
48,326
6,800
8,946
47,922
9,140
10,303
10,856
9,498
6,811
980
,
2,429
2,662
395
544
2,889
1,411
11,430
...
beans...
Coffee
9,367
Tea
1,632
2,650
2,215
2,928
2,828
All other crude foodstuffs.............
1,586
...
1,000
3,772
3,460
1,059
6,348
913
865
1,013
2,598
4,261
6,599
3,898
16.968
3,507
8,011
12,878
3,422
Vegetable oils, edible
Cane sugar—From Philippine Islands...
From foreign countries.....
3,096
7,599
3,806
2,952
13,320
27,583
11,382
2,384
14,492
920
576
12,639
2,630
4,103
3,387
15,033
881
530
3,604
2,920
3,243
12,793
336
409
2,537
703
....
427
2,632
Wines
All other manufactured foodstuffs..
Semi-Manufactures—
Expressed oils, inedible.d...............
...
Rayon filaments, short and tops
2.253
18,117
1,845
2,057
Sawed boards, sidings and lumber (except
railroad ties)...
....
Diamonds, cut but not set
Iron and steel semi-manufactures
Copper.e
1,305
4,964
5,092
1.143
1,823
.....
Gas oil and fuel oll.g
2,413
2,423
20,144
3,657
8,623
329
283
3,441
1.049
12,198
7.380
7,839
18,033
906
8,862
4,370
1,046
3,072
5,927
13,326
5.144
5,793
22,153
4,129
2.202
Industrial chemicals_d._—
.......
All other semi-manufactures
2,406
3,793
...
Coal-tar products.d. ............ .......
Fertilizer _d
5,214
1,804
...
..............
Nickel and alloys
Tin (bars, blocks, pigs).....
........
5,426
25,413
10,371
11,505
986
21,441
9,017
32,610
3,620
4,699
12,840
23,404
Finished Manufactures—
Leather manufactures
.....
512
287
2,771
....
3,075
2,369
12,662
...
...
706
570
Cotton manufactures.....
Burlaps
1,591
11,283
2,606
1,948
Cotton cloth
...
Silk manufactures........
....
1,389
1,436
3,198
9,563
7,904
5,405
598
ramie....
;
1,922
1,599
1,045
...
Manufactures of flax, hemp and
Wool manufactures
424
2,429
34,826
665
692
9,243
10,033
1,149
14,812
6,847
6,371
2,178
2,329
681
3,013
31,658
3,955
Pottery..
.....
Steel-mill manufactures....
650
512
2,035
2,027
2,295
556
Machinery..........
2,268
1,054
1,593
7,854
2,008
5,286
5,483
6,317
38,009
1.718
3,647
Shingles
.....
Newsprint
Other paper and
manufactures
1,995
13,672
Works of art
All other finished manufactures........
Non-commercial Imports
*..
3,250
...
185,916
Total Imports for consumption
a
Includes a small Item
scrap
Ac.
for
which is not
a
9,614
202,974
699,115
semi-manufacture,
2,920
4,059
30,987
7,655
834,112
b Includes tin plat
and waste,
c Includes sisal, manila, kapok, New Zealand fiber, crin vegetal,
d Includes a few Items not semi-manufactures,
e Chiefly unrefined copper
refining and export,
f Chiefly merchandise returned,
g Partly oil used! or
h Includes merchant vesse s valued
refueling vessels and for refining and export,
at
$4,754,666 in April and $15,067,180 In four months ended April.
Manufacturers'
New
Conference
ments Steady
Says
New orders received
Advanced 10% in April,
Board—Inventories and Ship-
Orders
by manufacturers rose in April for
since September, 1939,
remained steady, according
the first time
ventories
while industrial in¬
to the preliminary
for April compiled by the Division or Industrial
Economics of The Conference Board.
The Board also an¬
indexes
on May 29 that its index of the value of industrial
shipments for April shows no change from March, indicating
that the recession in shipments which began in January had
been checked.
From the Board's announcement we further
nounced
The value of new business booked by
manufacturing industry in April
10% above the March level and was 21% greater
This was
improvement over
the first increase since last
than in April, 1939.
September and raised the Board's
seasonally adjusted index CI936=100) to 102 from 93 for
-;v>
+ 25
March; it compared
Remains Essentially
the next few months in con¬
partment of Agriculture indicated on
reports the following:
sumer
demand
of the
invasion
upward
.
products
affecting domestic con-,
ended in April.
Industrial
conditions
apparently
the first part of May, and the decline in
appeared to be about over.
Prior to the
the business and demand out¬
in
power
Countries by Germany
Low
definitely pointed
to
improvement over the next few months.
added an element of uncertainty.
Early
mounting indications that it may end within
some
the German drive has
of
termination
the
war,
or
iees, would necessitate complete reappraisal of the outlook.
cessation of hostilities would affect the industrial situation
year or
The
May 18 in its monthly
The Bureau
•?.
and price situation.
economic
in
farm
purchasing
consumer
a
for
turned
activity
look
trend
downward
The
the
Economics of the United States De*
analysis of the demand
actual
fundamental ways; anticipation of this by business men
confidence, buying and inventory policies as to alter the
many
so
affect
might
trend
if these fears finally
prove to be unwarranted.
However, since the final outcome of the new Ger¬
man drive may not be known for quite some time, and since the new vigor
of the war will, in the interim, tend toward intensified Allied buying of
of
activity during the next few months, even
business
industrial
from the United States, appraisal of
conditions over the next few months
products
the probable
remains essen¬
tially unchanged.
If the war turns into a more vigorously conducted see¬
saw
conflict on a new front, the effects on United States business con¬
ditions during the remainder of 1940 might be definitely stimulating.
The European war has had an increasingly adverse affect upon exports
of United States farm products.
Except for cotton, which is still being
exported as a result of orders placed in past months, exports of nearly
all
important commodities to the belligerents have practically ceased.
Exports to European neutral nations also are being drastically curtailed
The spread of hostilities in Europe may have favorable longer-time effects
on
export demand, but there is little prospect of any immediate and
future trend of business
substantial
pick-up.
from
Income
„
the sale of farm
.
,
products increased some from March to
month of 1939.
March and below
expected to continue smaller than a year earlier
remained higher than for the corresponding
Government payments, which were lower in April than in
April and
last year, are
In view of the higher
April of
for
several months.
pared
year earlier, income
be higher in the next
with a
to
continue
sponding months of 1939.
level of consumer income com¬
from sales of farm products should
few months than during the corre¬
^y
-
$625,000,000,
Year
Cash income from farm marketings and Government pay^
ments in April totaled $625,000,000 compared with $568,000,000 in April, 1939, and the revised estimate of $604,000,000 for March, 1940, the Department of Agriculture re¬
ported on May 23. Income from farm marketings increased
more than seasonally from March to April, because of the
sharp increases in income from cattle, wheat, truck crops,
strawberries, and tobacco, and in April amounted to $559,000,000 compared with $537,000,000 in March.
Government
payments in April totaled $66,000,000, compared with $67,000,000 in March and $90,000,000 in April, 1939. The Agri¬
Farm
Cash
Income
in
April
Totaled
Compared with $568,000,000 Last
culture
For
Department further
the
ernment
quote:
rose
:;; +10 + V.
+ 21
affecting domestic demand for farm products,
Bureau of Agricultural
in
1,305
3,659
.....
Woodpulp
'•
Although recent developments in the European war have
the basic outlook still is for
Since then
Leather
Wool semi-manufactures
+ 18
'
added elements of uncertainty,
ditions
738
&c.)
....
Whisky and other spirits..
''
Favorable, Says Bureau of Agricultural Economics
gradual
852
Fodders and feeds, except hay
*
Demand Outlook
Domestic Farm
1,880
1,203
Cheese
Fish and shellfish (canned, prepared,
y;
March, 1940 to April, 1940
8,505
Manufactured Foodstuffs—
Meat products
_
April, 1939 to April, 1940.
5.676
495
464
Vegetables, fresh and dried....
Nuts
r
131
10,031
Wheat for milling and export...
Bananas
'-.fr
d
"v;
Inventories
.
...
' '-"'V'.
:+l-;
April, 1940
925
Cattle, except for breeding........
for April, 1940, for
corresponding month of 1939, together with
These indexes (1936=100) are adjusted for seasonal
variation,
Crude Foodstuffs—
or cocoa
the preceding month and the
the percentage change.
10,387
.......
manufacturers' inventories, new orders and shipments
•
lng ores
All other crude materials
Cocoa
following table gives the Conference Board's indexes of the value of
The
Hides and skins
Thus shipments also have made a more favorable
the year's low point.
showing than manufacturing production.
Imports for Consumption
000 000
first
four
stated:
months of 1940 cash
farm income, including
marketings
totaled
$2,258,000,000,
10% more than in the first four
while income from
than a year earlier.
from crops increased 16%,
livestock and livestock products was only 6% higher
months
Gov¬
payments, was 12% higher than a year earlier, totaling $2,615,compared with $2,341,000,000 last year.
Income from farm
of
1939.
Income
The Commercial A Financial Chronicle
3430
Government
in
payments
the
1357,000,000, compared with
The
seasonally
creased
in
from
April,
loan
income
and
income
April
was
and
volume,
decline
to
April.
March
crops.
seasonal
this
March
to
to
1940
amounted
to
than
more
the
deadline
for
1924-29
the
for
by
increased
repayment
in
income
from
increased
vegetables
because
of
fruits
of, loans
also
the
Because
from
of
the
tobacco
from
than
more
increased
marked
later
much
in
made
of
to
than
more
than
March
seasonally
income
about
the
fire-cured
less
April.
from
than
more
increase
seed
marketing
declined
March
seasonally
from
usual
Prices of Typical Crude per Barrel at Wells
tobacco
seasonally
(All gravities where A. P. I. degrees are not shown)
from
March
to
March
or
dairy
April
as
marketings of cattle
than
in
April
and
animals
a
increased
year
ago.
much
declined
income
from
Western Kentucky
considerably larger than in
Income from other meat animals
March to April.
slightly
more
than
poultry,
from
seasonally
eggs,
and
seasonally
wool
Income
from
increased
March
.90
Mid-Cont't, Okla., 40 and above—
Rodessa. Ark., 40 and above
Smackover, Ark., 24 and over
from
slightly
.95-1.05
Illinois
were
the usual seasonal change from
products
April,
1-02
Corning, Pa
meat
made about
*2.75
Bradford, Pa
to April.
from
1940
State's output at a daily total of 304,150 barrels.
production was off 5,800 barrels to 611,200
barrels, while Kansas' drop of 4,700 barrels pared the daily
average to 160,500 barrels.
Inventories of domestic and foreign petroleum during the
week ended May 18 showed an increase of 568,000 barrels to
reach 257,647,000 barrels, the United States Bureau of
Mines reported.
Holdings of domestic crude oil were up
614,000 barrels but this was offset in part by a slump of
46,000 in supplies of foreign crude oil on hand.
A decline
of 225,000 barrels in storage of heavy crude oil stocks pared
this figure to 13,144,000 barrels.
There were no crude oil price changes.
aver¬
deadline
offset
1,
the Bayou
California
farm
following
corn
was
the
meet
also
from
April
income
Income
than
from
1
Income from cotton and cotton
change.
year,
April
increase
vegetables
Income
from
from
from all grains increased slightly after seasonal adjustment.
the first month in which strawberries were marketed in
these larger marketings were the principal factor in the
from
truck
of
earlier.
year
marketings in¬
in March to 81.5% in April;
average
income
in
on
sold
wheat
more-than-seasonal
Income
months
a
income
farm income was only about 68.0% of
applications
from
four
of
76.0% of the 1924-29
1939,
The sharp
age.
corn
first
$282,000,000
index
adjusted
June
to
1.03
1.25
.73
Eldorado, Ark., 40
$1.03
Rusk, Texas, 40 and over
Darst Creek
1.10
...
1.03
.
Michigan crude
.76-1.03
Sunburst, Mont
.90
Huntington, Calif., 30 and
1.15
over
Kettleman Hills, 39 and over
1.38
REFINED PRODUCTS—WEST COAST GASOLINE PRICES BREAK
less
—SOCONY CUTS
usual.
VENTORIES
HEATING
OIL
PRICES—MOTO
LOWER—REFINERY
FUEL
OPERATIONS
IN¬
SLUMP-
REACH AGREEMENT ON RUMANIAN OIL
Petroleum
and
Export
Its
Products—War
Demand—W.
R.
Blamed for Dip in
Boyd Jr.
Warns
Over-Production—Mid-Year
Meet
Members—Axis
Gasoline
Garfias—Crude
Problem
Oil
P.
I.
Cuts Production
Schedule.
California
Pointing out that exports of United States oil had declined
10,000,000 barrels during the first
some
seven
of the
Institute at their annual
mid-year convention, held in Fort
Worth, that overproduction must be guarded against in
recognition of this factor.
In
commenting
upon
the plans of the Administration
to
bolster the defense potentialities of the United States
against
possible embroilment in the European conflict, Mr. Boyd
that American producers and refiners can
meet any
held
"emergency" demand that this country's revised prepared¬
policy might create.
More than 1,400 oil men from all
parts of the country
attended the 10th annual mid-year
meeting of the A. P. I.
during the May 7-31 sessions at the Texas and Blacks tone
Hotels in Fort Worth.
Congressman Bruce Barton, of
New York, spoke at the general session luncheon on
Wednes¬
day.
The convention schedule included eight group sessions
ness
at which 28 papers were
stitute
committees.
presented and 74 meetings of In¬
An
analysis of the foreign
supplies for Germany and its
forth the conclusion by V. R.
Co., that the entrance of Italy
situation as it involved oil
Axis partner, Italy, brought
Garfias, of the Cities Service
into the war on the side of the
Reich at the
present time would have far more reaching and
possibly less favorable results from the standpoint of the
Axis' powers than is generally realized.
Mr. Garfias pointed
out that the supply situation for
petroleum in the Reich
makes it vital for
paralysis of
a
tactics.
"Under
Germany to defeat the Allies before the
petroleum shortage hampers its
"blitzkrieg"
these
conditions," he continued, "it is of the
to have
Italy remain out of
the war and thus obtain its
petroleum requirements without
cutting into its own stocks or interfering with
Germany's
supply until such time as the Axis feels sure Italy's co¬
operation will swing the tide of war to the Axis' favor in a
utmost
importance for the Axis
few months.
to
"Conversely, it seems of vital importance for the Allies
prolong the war for at least the balance of the year and
also to prevent petroleum
supplies from reaching the Axis
and destroy the oil stocks and
synthetic petroleum plants
of the Axis, keeping in mind that the
destruction of a 70,000
barrel gasoline tank is
equivalent to keeping 1,000 planes on
the ground for a week.
"A continuation of the offensive at the
and the entrance of
will come close to
war
Germany's ally
depleting the entire available oil supply
of the Axis within one
year, probably in a shorter time, but
the effect of this depletion would be felt
long before the re¬
serves are exhausted as
it would be
practically impossible
to time the
supply of the needed products in such a manner
that they would meet the
requirements up to the time that
the entire supply is
suddenly exhausted."
Showing only a nominal g&hj, daily average crude oil
production for the week ended May 25 continued to hold
far above the level estimated
of Mines.
The American
by the United States Bureau
Petroleum
closed
as
Institute report
that output was
up 550 barrels to
3,835,650 barrels,
barrels
above
the
which
figures
is
more
than
recommended
a
a
quarter-million
by the Federal
Sharpest expansion was shown in Oklahoma where
output
up 8,600 barrels to a daily figure of
417,200 barrels.
A gain of 3,750 barrels for Texas lifted
the daily
average
to 1,463,750 while a similar
gain for Louisiana established
were cut
the
company's marketing territory with the exception of
areas.
Richfield Oil
Corp., Union Oil Co., and Gilmore Oil Co.
into line with the new price structure while
General Petroleum, while not officially meeting the reduc¬
tions, moved to bring its schedule into line.
Officials of the
Shell Oil Co. "could see no justification for such a reduction
in the light of present conditions and had not decided what
their policy would be."
A similar statement was made by
Tide Water Associated spokesmen.
Standard Oil Co. of New York,
marketing subsidiary of
Socony-Vacuum, met in part the reductions posted last week
by Standard of New Jersey in heating oil prices.
Standard
of New York on Monday posted reductions of 6-I0ths cent
a gallon on Nos. 2 and 3
heating oil with kerosene being
reduced approximately k£-cent a
gallon.
These prices are
fractionally lower than those set up by Standard of Jersey's
quickly
swung
structure.
new
A
sharp reduction in refinery operations during the week of
May 25 enabled seasonal drains upon stocks of motor fuel to
cut holdings of finished and unfinished motor fuel
718,000
barrels.
The American Petroleum Institute
report
disclosed
were only
slightly above the 100,000,000-barrel
level, at 100,297,000 barrels.
A decline of 2.2
points in refinery operations pared the
figure to 84.1% of capacity, against 86.3% a week earlier.
Daily average runs of crude oil to stills were off 85,000
barrels to 3,580,000 barrrels.
Production of gasoline was
reduced 25,000 barrels
during the May 25 period, dipping to
11,498,000 barrels.
that stocks
An Associated Press
dispatch from Bucharest
May 28
on
reported that:
"An agreement under which
and French
gasoline produced by British
eventually go to Germany was
reported yesterday to have been reached by Rumania and
foreign oil companies.
British and French companies pro¬
duce 70% of all oil
brought from the ground in Rumania.
This leaves only 1,200,000 tons to
export in the hands of
Rumanian, Italian, American and other companies, much of
which already has been contracted for
by countries other
capital
than
may
Germany."
Representative price changes, showing the trend of price
movements in the nation's
major markets for refined pe¬
troleum products, follow:
May 27—Standard
gasoline
2
grades
cents
cents
a
a
of
California
gallon,
reduced
prices of
by Standard of Jersey,
heating oils 6-10ths
cent
a
to conform with the cut posted last
Socony-Vacuum cut prices of Nos. 2 and 3
gallon and kerosene H cent
New York-New
England marketing area,
New York. ;
a
gallon through its
with the exception of Western
Gasoline, Service Station, Tax Included
z
New York....
z
Brooklyn.
z
third-grade
cents and of premium
gallon, other companies meeting the reduction.
May 29—Revising its price structure
week
retail
of standard grade
$.17
.17
I Newark
I
,
$.166 I Buffalo
$.17
.1851 Chicago
Boston
.17
Not Including 2% city sales tax.
New York
New York
Other Cities—
Std.Oil N.J.S.06 J4-.07
Texas
Socony-Vac. .06 H-.07
.08X-.08H
Shell East'n
Gulf
T. Wat. OH
$.07^-.08
08H-08H
.07M-.08
Chicago
Orleans.
Gulf
RichOil(Cal) .08 ^-.08^
Warner-Qu.
.$.05
New
ports
-.05H
.06 JS-.07
.05 H
Tulsa
.04%-.05H
.07^-08
dis¬
daily figure of
agency.
was
May 28, retail prices of third-grade
on
certain inland
present intensity
Italy into the
general slash
cents, with standard grade off 13^ cents and premium
grades off 2lA cents a gallon.
The reduction took in all of
months of the
Institute, told members
a
2
European conflict, W. R. Boyd Jr., Executive Vice-President
of the American Petroleum
the West Coast broke sharply Monday
on
of llA to 2lA cents per gallon, the first major
change in the
motor fuel price structure in California since 1936.
Under the new price schedule established by Standard of
by
V. R.
Lower—Crude
In¬
Output
Rise—Texas
ventories
A.
prices
when Standard Oil Co. of California initiated
Against
Analyzed
Oil
of
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
(Bayonne)
;
.North
$.061
Texas.
Los Angeles..
...
Fuel Oil, F.O.B. Refinery
N. Y.
(Harbor)
Bunker C
Diesel
Orleans
Tulsa
_
$ .05 K--05 H
.04
$1.50
-.04Ye.
Terminal
$1.00
1.50
2.10-2.20
(Bayonne)
27 plus..
or
I
California 24 plus D
I New Orleans C
$1.00-1.25 Phila., Bunker C
Gas Oil- F.O.B
N. Y.
I New
$.04
.03H-05
I
$.04
28.30 D
Refinery or Terminal
Chicago—
I
I Tulsa
$.053
I
$ .02 ^-.03
Volume
The
150
Commercial & Financial Chronicle
Ended
Daily Average Crude Oil Production for Week
May 25, 1940, Rises 550 Barrels
American
The
daily
average
the
of 550
figures
the United States Department of the
ther details, as reported
by the Institute, follow:
daily average of 155,429 barrels, compared with a daily average
ended
bonded
or
Fuel Oil
May
25.
of 229,286
Total
\
/
\
t
.
Finished
At
in Transit
At
Finished
,
and
Refineries
and in
Refineries
East Coast
and in
Pipe Lines
3,383
4,273
22,748
23,618
2,945
3,365
3,960
17,555
255
110
254
3,261
1,035
43
4,732
661
2,536
1,912
Appalachian
"el
Ind., 111., Ky
Okla., Kan., Mo.
16,821
Inland Texas.
1,676
13,266
7,887
1,993
15,052
3,648
451
5,275
"279
2,585
2,958
837
21
749
239
546
569
223
11
487
1,550
1,638
129
7,377
Texas Gulf
Louisiana Gulf
No. La. & Arkansas
Rocky
Mountain.
California
_
1,560
288
605
16,545
18,012
7,923
2,034
54,888
23,728
86,479
93,242
7,055
19,819
7,197
72,781
29,039
780
560
1,985
210
93,434
94,327
100,297
20,599
7,757
74,766
29,249
101,015
19,853
7,492
74,625
29,620
78,977
Reported
84,845
20,097
7,456
81,283
29,572
Est. unreported
6,955
♦Est. total U. S.:
May 25, 1940...
May 18, 1940...
separation in
U.
weekly statistics.
S.
B.
of
Mines
♦May 25,1939—
California oil during the week ended May 25.
There were no receipts of
in Transit
Pipe Lines
Unfin'd
four
18, and 206,750 barrels daily for the
for domestic use, but it is impossible to make the
At Terms,
At Terms,
Total
These figures include all oil imported, whether
barrels for the week ended May
weeks
Stocks of Residual
of Gas Oil
and Distillates
\
-
bond at principa1
for the week ended May 25, totaled 1,088,000 barrels,
Imports of petroleum for domestic use and receipts in
United States ports,
District
above the 3,601,000 barrels
were
Interior
to be the total of the restrictions imposed by the various
oil-producing States during May.
Daily average produc¬
tion for the four weeks ended May 25, 1940, is estimated
at 3,793,800 barrels.
The daily average output for the
week ended May 27, 1939, totaled 3,585,250 barrels.
Fur¬
a
of Finished &
Unfinished Gasoline
was
the current week's
calculated by
Stocks
Stocks
crude production for the week ended
gross
1940,
1940
WEEK ENDED MAY 18.
■
3,835,650 barrels.
This was a gain
barrels from the output of the previous week, and
May 25,
GASOLINE AND GAS AND
UNFINISHED
AND
FUEL OIL,
(Figures in Thousands of Barrels of 42 Gallons Each)
that
estimates
Institute
Petroleum
STOCKS OF FINISHED
3431
*
Estimated Bureau of Mines basis.
the 4,483,000
daily potential refining capacity of the United States,
industry as a whole ran to stills, on a Bureau of Mines'
Reports received from refining companies owning 85.1% of
estimated
barrel
indicate that the
basis,
3,580,000 barrels of crude oil daily during the week,
Gas
transit and in
pipe lines as of the end of the week, 100,297,000 barrles of finished and un¬
finished gasoline.
The total amount of gasoline produced by all companies
Manufactured and natural gas utility revenues
companies had in storage at refineries, bulk terminals, in
11,498,000 barrels during the week.
is estimated to have been
•'
%
,[''
; v-;_.
/• / ■'<
(Figures in Barrels)
./A- 'Ay.!y'':.
..
a
B.
of M.
V
.
Four
■y
$246,812,800 for the corresponding period of
it was announced on May 24
by Paul Ryan, Chief Statistician of the American Gas
Association. yAyy.;,•.!'•
-''/.-V. '
The manufactured
gas
industry reported revenues of
$104,932,500 for the first quarter, an increase of 6.6% from
pared
the
Week
Change
Weeks
Week
lated.
State
Ended
from
Ended
Ended
Require¬
Allow¬
May 25,
Previous
May 25,
May 27.
ments
able
1940
Week
1940
1939
Calcu¬
with
Kansas
Nebraska
■:
A-
Panhandle Texas.--.
155,700
161,750
+ 1,450
+250
+ 300
74,950
70,000
108,100
33,800
255,200
86,500
31,700
73,100
111,450
34,400
263,750
North Texas
West Central Texas..
West Texas
Coastal Texas
Total Texas
+ 1,550
—750
Southwest Texas
+ 800
243,450
264,500
Arkansas
+ 3,750 1,437,250 1,462,000
utility sales for the period amounted to 444,increase of 12.4%.
an
Manufactured gas sales
for domestic uses, such as cook¬
ing, water heating, refrigeration, &c., were 3.9% above the
period
same
of
1939.
Sales for
increased 18.2%.
uses
Natural
gas
sales for domestic purposes showed
70,147
72,850
Weekly Coal Production Statistics
+ 3,750
299,050
267,950
The current report of the Bituminous Coal Division of
the United States Bureau of Mines showed that the total
71,550
b8,750
"—150
435,850
+ 600
bl3,100
+2,700
—1,850
iotIooo
94,950
59,600
67,600
17,600
3,350
106,350
d592,000
3,224,450
611,200
55,100
70,600
8,200
432,950
11,050
222:300
99,250
Wyoming
Montana
3,500
103,900
.
New Mexico
Total east of Calif- 3,008,400
592,600
California
—1,450
97,550
61,250
—4,600
69,050
+ 300
—100
17,450
3,500
—550
106,700
63,850
60,700
14,650
3,950
110,500
*
+6,350 3,180,700 2,971,750
613,500
613,100
—5,800
+ 550 3,793,800 3,585,250
3,835,650
Total United States 3,601,000
production of soft coal in the week ended May 18 is esti¬
Compared with the preceding
week, this shows a decrease of 280,000 tons, or 3.5%.
Production in the corresponding week of 1939 amounted to
5,049,000 tons.
The United States Bureau of Mines reported that there
was a decrease in the estimated tonnage mined last week in
the Pennsylvania anthracite region, if compared with that
of the week ended May 11, ana also with that of the corre¬
sponding week in 1939.
The differences were 78,000 tons,
or 8.6%, and 93,000 tons, or 10%, respectively.
mated at 7,670,000 net tons.
These are Bureau of Mines' calculations of the requirements of domestic crude
oil based upon certain premises outlined in
its detailed forecast for the month of
As requirements may be supplied either from stocks, or from new production,
contemplated withdrawals from crude oil inventories must be deducted from the
Bureau's estimated requirements to determine the amount of new crude to be
produced.
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES
(The current weekly estimates are based on railroad carloadings and river ship¬
receipt of monthly tonnage reports from dis¬
trict and State sources or of final annual returns from the operators.)
ments and are subject to revision on
(In Thousands of Net Tons)
V.;..;
d Recommendation of Central
include any estimate of
any
oil which
might have been surreptitiously produced.
TO
STILLS
""
•\■
,s'. v;\.
,
'y' {.*
•'' May 11
MAY 25.
OF GASOLINE,
WEEK
3
3
284
177
District
Production
at
:
38
16
6
13
50
93
9
65
136
1
Potential
Rate
Percent
Reporting
Daily
Percent
Inc. Natural
East Coast
156
100.0
Average
Operated
Blended
91.0
573
118
89.1
733
319
444
883
1,292
260
41
203
299
394
45
43
7
60
65
80
29
60
87
131
797
794
86
525
860
679
119
141
98
226
183
24
22
4
17
43
47
6
4
2
14
12
41
38
20
38
49
42
20
20
10
20
41
57
Missouri
Michigan
Montana—--—
Mexico
83.1
374
Appalachian
Indiana, Illinois, Kentucky.
693
89.5
550
88.7
2,284
420
76.9
287
88.9
zl,006
Inland Texas
280
59.6
123
73.7
499
1,071
85.3
856
93.7
2,538 *
Texas Gulf
Louisiana Gulf
164
97.6
116
72.5
101
51.5
43
82.7
Rocky Mountain
119
55.5
59
89.4
836
87.3
485
66.4
85.1
3,210
84.1
370
♦U.S.B. of M. May 25,
x3,412
week's production based on
xMay,
1939 daily average.
production.
104
121
16
21
34
65
74
47
178
231
250
23
15
21
40
44
1,922
1,863
49
1,075
1,902
1,380
594
566
41
360
677
862
72
98
no
304
25
80
yll,205
a
10
90
*
*
-
-
*
*
f5
10,878
12,810
1,076
909
1,463
844
9,310
1,207
8,859
9,063
2,539
5,867
10,517
5,023
22
f3
8,035
1,028
7,950
Pennsylvania anthracite.d——
11,498
11,523
16
*
...
Total bituminous coal
the U. S. Bureau of Mines, May, 1939 daily average.
12% reporting capacity did not report gasoline
84
...
Northern, b
1,495
yThis is
20
15
33
280
Virginia—Southern.a
Wyoming.
1,932
Kanawha, Mason, and Clay counties, b Rest of State, in¬
cluding the Panhandle District and Grant, Mineral and Tucker counties, c Includes
Arizona, California, Idaho, Nevada and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weekly rale
for entire month,
f Alaska, Georgia, North Carolina, and South Dakota Included
with "other Western States."
* Less than 1,000 tons.
and
1939
•Estimated Bureau of Mines basis.
z
3,580
3,665
4,483
4,483
118
15
32
Total, all coal—
May 25, 1940
3,578
Other Western States.c
Estimated total U. S.:
May 18, 1940
860
2,669
114
Washington
West
10.003
Estimated unreported
392
1,188
—-
Virginia...
1,339
Reported
265
90
Utah
253
California
62
....
Texas..
111
fl4
14
445
2,050
17
14
fl6
23
428
Tennessee
278
North Louisiana & Arkansas
♦
89
1,961
Pennsylvania bituminous
Oklahoma, Kansas, Missouri
66
168
f
257
....
i
North and South Dakota.
1,321
f
115
—
New
1
398
88
...
Ohio
643
#
*
e
699
Illinois
Maryland
Refineries
339
282
18
Western....
Gasoline
Stills
Avge.
1923
f
85
—
Kansas and
Crude Runs to
f
Colorado
Kentucky—Eastern
Dally Refining
Capacity
1929
1938
1
>
A
1939
Arkansas and Oklahoma
Iowa
(Figures in Thousands of Barrels of 42 Gallons Each)
May 13 May 14 May 11
2
Alaska
Indiana
1940
May 4
1940
1940
Georgia and North Carolina
PRODUCTION
AND
ENDED
May
State
v.
Alabama
Committee of California Oil Producers.
Note—The figures indicated above do not
RUNS
:-.;v
Week Ended
Past experience Indicates
if any upward revisions are made.
It includes a net figure of approximately 378,387 for East Texas after deductions
for 14 shutdown days, namely. May 1, 4, 5, 8, 11, 12, 15, 18, 19, 22, 25, 26, 29
and 31.
For all other areas a shutdown was ordered for May 1 only.
1
This is the net basic allowable as of the first of May.
it will increase as new wells are completed and
•
^
:
Kansas, Nebraska, Mississippi, Indiana figures are for week ended
7 a.m., May 15.
A-.;':."
in¬
195,100
101,300
63,200
72,900
17,400
Illinois & Indiana).
Michigan
CRUDE
an
14.7%, while industrial sales gained 13.2%.
of
crease
69,950
Eastern (not including
c
heating purposes
house
gained 25.0%, commercial uses gained 7.2%, and industrial
229,100
8,100
b Oklahoma,
11.0%.
of
increase
+4,800
5,800
__
Indiana
May.
the first quarter
for
an
—1,050
392,900
Mississippi.--
a
Natural gas
gas
feet,
304,150
293,080
64,500
Louisiana.—
Colorado
cubic
69,750
Coastal Louisiana—
Tllinnis
97,550
446,250
259,200
236,650
more
234,400
North Louisiana
Total
234,150
396,500
239,200
+ 200
1,344,200 C1419563 1,463,750
East Texas
manufactured
of
499,500,000 cubic feet,
86,050
—50
88,150
396,450
247,750
248,700
East Central Texas..
50
sales
111,700,700,000
449,750
—4,700
+ 50
bl50
12.3%
reported revenues of $166,692,900, or
than for the first three months of 1939.
Total
410,350
The natural gas
period of the preceding year.
same
were
+8,600
408,100 b417,200
158,100 bl60,500
408,100
158,100
increase of 10.1%,
an
utilities
(May)
Oklahoma
amounted
$271,625,400 for the first three months of 1940, as com¬
to
1939,
DAILY AVERAGE CRUDE OIL PRODUCTION
>
,
Utility Revenues Gain for First Quarter
and that all
on
the B. & O. in
Chronicle
The Commercial Jk Financial
3432
business
STATES PRODUCTION OF SOFT COAL, WITH
PRODUCTION OF CRUDE PETROLEUM
UNITED
ESTIMATED
COMPARABLE DATA ON
Calendar Year to Date
extended the deal for foreign copper
France
c
May 18 May 11 May 20
1940
1940
!
1939
1939
1940
St. Louis.
.' ■y-A- V"'77 ■''Q-C-'
Copper
v■'
1929
advanced.
another three
further reported:
The publication
months.
1940
7<inc advanced one-
booked at llh£c., Valley.
was
quarter cent during the week to the basis of 6c.,
Lead and tin were steady.
Silver and quicksilver
(In Thousands of Net Tons)
Week Ended
June I,
domestic account was moderate in the 1st week,
tone was steady on prospects of a good rate of consumption this
because of armament activity here.
Early in the week business was
Demand for copper for
Bituminous Coal a—
7,9.50
1,325
1,047
1,714
6,143
6,128
5,508 120,031 108,469
84,908
7,670
fuel
Dally average
but the
5,049 173,033 123,827 203,957
1,278
Total, Including mine
842
1,465
summer
Crude Petroleum b—
Coal
equivalent of weekly output.
BEEHIVE COKE
'
'.vfe'' ^••'si-'
/.
(In Net Tons)
11.25c.
tions at 11.20c. to
Calendar Year to Date
Week Ended
1939
1940
1939
1940
refined copper from the United States, consisting of foreign
bond and domestic copper, during March and April, in
Exports of
metal refined in
May 18 May 11 May 20
1940
1929
c
according to the Department of Commerce:
short tons,
c
Belgium
Denmark..*..*-.——-
Comm'l production.b_. 789,000 864,000 878,000 18,067,000 20.739,000 26,270,000
France
21,100
4,800
800
2,450,200
20,418
246,100
2,051
692,300
3,517
22,600
3,767
Daily average
5,769
3,435
3,248
6~122
716
7,286
_
Italy
Netherlands
37
744
Japan
3,943
*■
2,644
tons, against 4,960 tons
fori Month of April
Portland Cement Statistics
Totals
industry in ^Lpril, 1940, product
and at 4.85c., St.
"rvSj-'
raised in
Grade,
The.12 months ended...
The prime Western division's undelivered contracts now total
55,305 tons.
.
.
.Tin
Tin prices
vious
were
averaged
owing
week,
a
disturbing
to
■
developments in
placed
on
28.6%
operations
47.9%
quarter export quotas were
Tin-plate
Thirdraised by the Tin Committee to 100%, against
Arnhem smelter, in Holland.
obtained 2,000 tons of tin at the
in the
Some good busi¬
Advices from abroad indicate that Germany
May 28.
Jan. 1940
Consumers
Europe.
concerned about higher freight and insurance rates.
was
V'"'
little lower during the last week than in the pre¬
24.8%
47.8%
47.5%
that they are well sold up this side of
Some producers report
August.
:
intermediate and High
has strengthened the near po¬
activity in the market
Feb. 1940
1940
36.3%
47.4%
47.4%
45.7%
43.4%
Recent
sitions.
the higher level.
for the week ended May 25 amounted to 4,895
substantially higher than that reported by the Prime Western
was
division.
statement of relation of production to
April 1939 April 1940 Mar.
On the following day all sellers moved up to
Total sales volume for the week, involving
tons.
ness
A:;:../
and the price was
May 24 to the basis of 6c., St. Louis, Prime
Sales of the common grades
$1,454,000.
'
;)y
Zinc
/
quarters on
some
Western.
include approximately 813,000 barrels of highearly-strength Portland cement with an estimated mill value
'•
the future of foreign
{.J
Inquiry for zinc was fairly active, chiefly for export,
the quarter
OF PRODUCTION TO CAPACITY
would be in an excellent position
priceyyise, except for continued uncertainty about
metal.
:
'A: ■
;'Vr,: \
of 1940, is estimated as $24,697,000. Ac¬
cording to the reports of producers the shipments totals for
RATIO
Louis.
Producers believe that domestic lead
.
totaling 4,019
Producers estimate ship¬
of the American Smelting & Refining Co.
also the contract settling basis
the first quarter
capacity the total output of finished cement is compared with
the estimated capacity of 161 plants at the close of April,
1939 and 160 plants at the close of April, 1940.
in the previous week.
Prices remained steady at 5.00c., New York, which was
is anticipated.
April, 1939.
Portland cement stocks at mills were 6.4%
higher than a year ago.
The mill value of the shipments—16,509,000 barrels—in
In the following
20,728
around 45,000 tons, and another reduction in refined stocks
ments for May
10,043,000 barrels, shipped 10,829,000 Barrels from thd
mills, and had in stock at the end of the month 25,334,000
barrels, according to the Bureau of Mines. Production and
shipments of Portland cement in April, 1940, showed in¬
creases
of 3.8 and 12.2%, respectively, as compared with
of
1,892
32,158
Other countries
Demand for lead continued quiet, sales for the last week
The Portland cement
288
4,674
Lead
three years.
of working days In the
505
1,157
134
Switzerland
3,025
1,380
..*.. .
..
Sweden
China and Hongkong
Hungary........
and dredge coal, and coal shipped by truck from authorized
b Excludes colliery fuel,
c Adjusted to make comparable the number
operations,
2,718
......
Great Britain.
Includes washery
a
~"~6
April
5,584
2,557
Russia
791
—
Germany...
Beehive Coke—
March
To—
April
March
To—
Tot., incl. colliery fuel.a 831,000 909.000 924,000 19,016,000 21,831,000 28,308,000
185.800
240,900
161,800
138,500 151,500 154,000
Daily average
United States total.
Yester¬
He., Valley.
price named was 11 He. The large mine operators
Domestic sales for the week totaled 7,236 tons,
bringing the total so far this month to 54,876 tons.
The feature in the export division was the news that France extended
the deal for obtaining copper at the rate of 25,000 tons a month over the
September-November period.
Should France take all of the 75.000 tons,
total war purchases by that country will reach 375,000 tons.
The price
mentioned on the latest deal is 11 He., f.a.s.
The export market otherwise
was quiet, prompt and near-by metal selling for 11 He., with forward posi¬
day (May 29), the lowest
held to 11 He. all week.
OF PENNSYLVANIA ANTHRACITE AND
'<£;■■■;: Ji:S
>?•/,y. '•
V.
PRODUCTION
ESTIMATED
smelters and small producers at 11
booked by custom
historical comparison and statistical convenience the
production of lignite,
b Total barrels produced during the week converted to
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 competitive with coal.
("Mineral Year Book 1938," page 702.) c Sum
of 20 full weeks ended May 18,1940, and corresponding 20 weeks in 1939 and 1929.
Includes for purposes of
a
United States increased to 72%
of capacity.
80% in the second-quarter period.
SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS, IN APRIL, 1939 AND 1940
PRODUCTION,
;i'
■
r
i
.
(In Thousands of Barrels)
-
'
';K
52.000c.; 25th,
'
/
Production
District•
Straits tin for June arrival settled at 52He.;
Chinese tin, 99%, was nominally as
51.500c.; 28th, 52.500c.; 29th, 52.875c.
51.700c.; 27th,
DAILY PRICES OF METAL
Stocks at End
1940
Eastern
1,995
Pa., N. J. and Md
2,164
1939
681
647
511
605
821
872
762
1,056
Michigan.
559
378
530
5,038
4,832
1,736
2,843
2,033
2,301
New York and Maine
Ohio, Western Pa. and W. Va._.
Electrolytic Copper
557
New York
2,008
1,879
3,593
Wis., 111., Ind., and Ky
Va., Tenn., Ala., Ga., Fla., & La.
Eastern Mo., Ia., Minn. & S. Dak
681
719
793
937
1,058
1,287
1,122
1,223
2,700
1,755
2,882
1,825
858
749
748
8 00
2,819
3,193
Neb., Kan., Okla. & Ark
657
705
673
706
2,024
1,771
Texas
720
713
665
699
709
Colo., Mont., Utah, Wyo. & Ida.
208
196
302
273
392
428
California
906
1,091
985
1,090
1,228
1,484
Oregon and Washington
Puerto Rico
530
499
607
557
766
458
25
23
0
....
Total
PRODUCTION,
SHIPMENTS AND
10,043
9,654
23,837
10,829
STOCKS OF FINISHED
CEMENT, BY MONTHS, IN 1939 AND
25,334
PORTLAND
1940
11.025
11.275
53.500
4.85
5.75
11.025
11.275
53.000
5.00
4.85
5.75@6.00
May 25
11.150
11.250
52.700
5.00
4.85
6.00
5.00
Production
1940
of Month
Shipments
1939
1940
3,889
4,905
1939
1940
23,611
25,760
24,092
25,896
23,786
23,837
22,251
a26,129
6,205
5,640
February
5,301
5,505
5,040
March
8,171
7,197
5,044
8.467
April
9,674
10,043
May
11,185
June
11,953
12,644
12,369
12,715
21,477
11,757
13,401
22,361
11,937
12,539
13,104
12,829
11,053
9,488
10,147
20,779
6,785
23,449
121,819
122,291
January
July
August
September..
October
November..
December...
Total.
a
9,654
12,748
7,715
10,829
25,334
May 27
11.175
11.300
52.500
4.85
6.00
May 28
11.150
11.250
53.500
5.00
4.85
6.00
11.150
11.275
53.875
5.00
4.85
6.00
11.113
11.271
53.179
5.00
4.85
5.938
May 29
Average
19,870
Non-Ferrous Metals—Zinc Advances to 6c. Basis During
Extends
Deals for Foreign
Average
refinery,
and Mineral Markets" in its issue
that unlike most
Europe in that larger orders were placed here by the Allied
Purchasing Commission.
This activity cleaned up nearly
all of the cheap near-by copper, and late on May 29 some
prices for calendar week ended May
25 are:
Domestic copper, f.o.b.
11.067c.; export copper, f.o.b. refienry, 11.271c.; Straits
lead, 5.000c.; St. Louis lead, 4.850c.; St. Louis zinc,
York
tin, 53.492c.;
5.813c.; and
silver, 35.075c.
The above
quotations are "M. & M. M.'s" appraisal of the major United States
on sales
reported by producers and agencies. They 8X8 reduced
noted. All prices are in cents per pound.
markets, based
In the trade, domestic copper
for both prompt and future
prices are quoted on a delivered basis; that is,
de¬
the destination, the
the Atlantic seaboard. Delivered
pound above the refinery basis.
As delivery charges vary with
livered at consumers' plants.
figures shown above are net prices at refineries on
prices in New England average 0.225o. per
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
On foreign business, owing to the European war, most sellers are restricting
board.
offerings to f.a.s. transactions,
dollar basis.
Quotations, for the present, reflect
change in method of doing business.
We deduct
(lighterage, &c.) to arrive at the f.o.b. refinery quotation.
this
Steel
Production
Up
4
.05c. from f.a.s. basis
Points—Substantial
Movement
Copper
of May 30
commodity markets, non-ferrous
metals benefited by the turn of events in the war zone of
"Metals
stated
__
8Range for May 17. 11.150 to 11.275.
Due to the Europea war the usual table of daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: May 23, spot, £2693^
three months, £26734; May 24, spot, £26734» three months,
£26534; May 27, spot, £26634, three months, £26534; May
28, spot, £268, three months, £26534; and May 29, spot,
£270, three months, £268.
21,326
20,160
Revised.
Week—France
5.00
Copper, lead and zinc quotations are based on sales
deliveries; tin quotations are for prompt delivery only.
Stocks at End
1939
St. Louis
to the basis of cash. New York or St. Louis, as
(In Thousands of Barrels)
Month
St. Louis
May 24
New
9,674
New York
May 23
775
W. Mo.,
Zinc
Lead
Straits Tin
Dom.,Refy. Exp., Refy.
1940
1939
1940
1,956
("E. & M. J." QUOTATIONS)
of Month
Shipments
•
1939
July 52c.; and August at 51c.
follows: May 23rd, 52.500c.; 24th,
The "Iron
sumers
of
Buying
Developed
Age" of May 30 reported that forehanded con¬
and steel have launched another of those
iron
buying movements which characterize periods of
While business has been steadily improving
during the past few weeks, it made a sharp advance in the
past week which will bring the May volume for some com-
intensive
great stress.
Volume 150
The Commercial & Financial Chronicle
panies close to the high figures of last autumn.
Age" further reported:
Notwithstanding
The "Iron
of the war's
outbreak.
fall, and mills
the caution and confused state of mind caused by the
succession of
distributing news from Europe, steel and pig iron buyers have
quickly sensed the possibility of shortages or
delayed deliveries later on
are
building up their inventories in anticipation of
greatly expanded
and
3433
However, foreign buying has been heavier than last
are
pushing operations in anticipation of sustained or more
active needs of both the
Allies and neutrals, as well as a
prospective increase
in
consumption at home for defense
purposes.
Steel requirements in the
preparedness program still
measures will
have
are
indefinite and it is thought doubtful if these
marked effect
a
on
steel demand for several months.
Export inquiry continues
heavy, principally from the Allies but including
an impressive
program.
.'v■'
total from neutrals.
Purchases last week included approxi¬
•;
l,V:
Air bombing of the Ruhr
mately 70,000 tons of shell steel for
district of Germany by the Allies has revived
England and France.
the danger that steel
Pig iron buying has increased
plants on both sides may be put out of commission,
sharply, stimulated by the general upturn
in
thereby increasing the dependency of the Allies on this continent for steel
metalworking activity and by the fact foundries had taken
delivery
requirements of the Allies and
our own
Government for its national defense
,
and pig iron.
;o'." +■.■ V. v ''
Allied purchases of steel here are
cedure at
a
volume far in
^'•
now
expected to become
routine pro¬
a
of previous requirements.
excess
Moreover,
greater volume is coming from
Canada, while neutral countries
to this
country to
are
turning
Shell billets amounting to 36,000 tons
for the first large British shell
order placed in this
country have been di ¬
vided among three steel
companies.
France
140,000 tons of steel with American mills.
place
shortly
may
about
In addition to
a
greatly expanded steel purchases by domestic consumers,
considerable volume of pig iron business has
been done, deliveries extend¬
ing through the third quarter.
Some companies
virtually sold up for
are
the next two months at
least.
lately.
Scrap markets continue buoyant, with the
price composite advancing
a
larger extent.
a
against most of old contracts and
have had only moderate stock
Inquiry for third quarter pig iron is more active.
59 cents last week to
$18.21.
last December.
This is the highest since the first week of
A strong tone is
maintained in the face of
relatively light
steelmaking grades.
Building activity still is headed by industrial and
residential work, both
mill demand for
of which
tion is
are
a
in better volume than
are
a year ago.
retarding factor, however.
rushed with
developments
activity.
The lag in public construc¬
In some districts structural fabricators
inquiries for small jobs, principally plant additions.
are
responsible
for
Recent steel awards
•
only
include
relatively
a
3,000
minor
of pipe
tons
part
War
of
such
piling for
an
While specifications for sheets and
strip against recent low-priced com¬
a factor in the
larger aggregate steel volume of the past
week, they are not alone responsible as orders
have increased for nearly all
Hartford, Conn., office building, 2,000 tons of
shapes for a Wilmington,
Del., office building and 1,500 tons of
reinforcing bars for a Camden, N. J.,
factory addition.
products, many of them obviously for stock.
Despite higher steel production and
larger shipments, mill backlogs are
being built up at a surprisingly rapid rate.
Ingot output this week, it is
estimated, will average 78% of the
industry's capacity, with further rises
probable.
The sharpest gain has been at
Chicago, where the rate has ad¬
vanced eight points to
83%, while the Pittsburgh rate went up five points
to 78%.
Several other major districts have
recorded gains of one to five
points.
A leading producer is
operating this week within a few points of
Prospects for a revival in freight car
building and repair work are im¬
proved by the indicated upturn in industrial
activity, although few large
inquiries currently are active.
Terminal Railroad Association of St. Louis
has bought 10 Diesel-electric
switching locomotives, the Burlington has
placed 9 Diesel units and the Western
Maryland is in the market for 12
steam locomotives.
mitments have been
11993436708
its maximum rate of last fall.
"
The advance of scrap
prices has been
occurred at Pittsburgh and
hesitant,
changes having
no
center
a
substantial
mill purchase has confirmed
brokers' quotations of $17-50.
A higher quota¬
tion at Philadelphia
brings the "Iron Age" steel scrap composite
price to a
1940 high of $18.17, an advance of
25c. over last week.
National defense plans and
export trade were the major factors in the
sharp stimulation of raw material
buying of the past week.
As some form
of Government
priorityfJwill undoubtedly go into effect if required, those
users who may not be
engaged in munitions work are
seeking the protection
of larger inventories.
new
Although Government organization work for the
program has not been
completed, contracts for construction work and
material manufacture are
already being hastened.
Among fabricated structural steel lettings is one
of 1,750 tons for an addition to
the Pratt &
Whitney aircraft plant at East
Hartford, Conn., while bids are being taken on
2,500 tons for a hangar at
Wright Field, Dayton, Ohio, on 2,200 tons for
a*naval
plant
at
on
Seattle,
2,000 tons for
Wash.
air station at Jackson¬
addition to the Boeing
Airplane Co.
an
Many other such projects
are pending or will
The first of the
many calls for bids for Army
supplies are being sent out and include
1,000 fighting tanks which the Rock
Island Arsenal is
asking private manufacturers to figure on.
Bids were
opened by the arsenal last week on 350
carriages for 37 mm. anti-tank guns.
The Vinson bill, which has
passed the House of
Representatives,
shortly be in the market.
for
provides
expediting naval shipbuilding and for
priority for machine tools required
for naval work.
A further provision
places iron and steel scrap and
of the materials
"any
necessary to our defense" under a
licensing plan, which
presumably would apply to steel, pig iron and other
strategic materials.
The national defense
program will require about $200,000,000 worth of
machine tools, which tool builders
assert will be supplied
without creating
any bottleneck from that source,
although a priority system may be re¬
quired so that the most essential requirements be
given
preference.
THE
"IRON AGE"
a
Lb.
Steel
■
2.236c.
85% pf the United States output.
.
High
1940-..—
'
■
2
2.211c.
Apr.
Jan.
16
3
2.236c.
2.512c.
May 16
May 17
2.211c.
Oct.
9
2.249c.
Mar.
Dec. 28
2.016c.
on average for basic Iron at Valley
and foundry iron at
Chicago,
furnace
22.611
Philadelphia,
Southern iron
(.
High
$22.61
Buffalo,
Valley,
at Cincinnati.
;
Jan.
;;
and
$22.61
20.61
June 21
19.61
Mar.
9
20.25
Feb.
19.73
y.'-'■Steel
2
Sept. 19
23.25
..
—
a
Nov. 24
18.73
Aug. 11
Scrap
Gross Ton
"Based
One week ago..—............$17.92
One month ago..
One year ago
Jan.
2
Sept. 12
July
6
16
44
and
1
heavy
melting
steel
Chicago.
14.21
High
1940..
$18.17
1939
22.50
Low
May 28
Oct.
Mar. 19
14.08
May 16
3
15.00
Nov. 22
11.00
Mar. 30
1936—-.-..j...—.. —i——-1 17.75
12.91
Nov. 10
Dec. 21
12.67
June
markets,
on
Cleveland, in its
May 27, stated:
summary
June
to
be
more
liberal
in
specifying against previous
'
'
steelworks
rej
encouraging con^
Possibility of delayed shipments
orders
and
in
has
strengthened
operations.
last week but has yet to reach
scheduled for this week.
Output
and
Chicago
furnished most of the lastest gain in steelsoaring 81* points to 73H%.
Chicago was up
Other gains were 7 points to 67 in eastern
Pennsylvania,
rate
3 points to 57 at Youngstown, 6
points to 78 at Cleveland, 111* points to
65 at Buffalo and 71* points at 55 at St. Louis.
Detroit was down 1 point
to 79 and Wheeling
slipped 3 points to 85.
Unchanged were New England
at 56, Cincinnati at 61 and
Birmingham at 83.
Operations in several dis¬
tricts exceeded estimates made at the
opening of last week.
For the week ended
May 27, steel output for the entire
industry recorded
an increase of 3 points in the
compilation
of the "Wall Street Journal" of
May 29. The greatest part
of the gain is credited to the
plants of U. S. Steel, which
are
estimated to have moved ahead
43^ points, while those of the
so-called independents are
up 23*2 points.
The "Journal"
futher reported:
Since the end of April, production of steel has risen
to
a
matter of
gone
141* points,
to 77%
or
76% from 61 1*%,
In this period U. 8. Steel has
about 23.6%.
from 581*%,
an increase of 181* points, or
31.7%, while
a gain of 12 points, or 18.9%.
May 27, output for industry was at a shade over
76% of capacity, compared with 73% in the previous week and
68% two
independents moved to 751*% from 6314%,
U. S. Steel is estimated at 77%, against 7214% in the week
67% two weeks ago.
Leading independents are credited with
751*%, compared with 73% in the preceding week and 681*% two weeks
before and
V •
■'-^4/-.' y 4--■*.' .4
of the percentage of production
with the nearest corresponding weeks of previous
years, together with the
approximate changes, in points, from the week immediately preceding:
Industry
U. S. Steel
76+3
77
+
1939.-.-—.-
2 x
421* +
1938
281*—
2
281* +
83
91*
891*+
}4
63>* +
1*
381*J*
48+2
361*+ 11*
by
the rapid
a year ago was
Indeyenderds
14
31*
1937..---.-—
v,;;
41*
48 1* +
— -
—--———
—
1936
68
42—1
591* +
2
441* +
2 1*
1933
-
1931--.
1930
1929
1*
751*+
531*+
21*
5
281*
78
—16
72—1*
V, 44
—
2
68+1
51+3
41—2
—
-
42
—
21*
40—2
71
—
75
—
4
671*—
—
21*
95
—
1927
991*
7914+
H
751*— 41*
-
1928-.
831*+
.
1
11*
921*
76
801*— 7
Not available
71—2
The American Iron and Steel Institute on
May 27 an¬
nounced that telegraphic reports which it had received indi¬
cated that operating rate of steel companies
having 97%
capacity of the industry will be 76.9% of
capacity for the week beginning May 27, compared with
73.0% one week ago, 61.8% one month ago, and 52.2% one
year ago.
This represents an increase of 3.9 points, or
5.3%, from the estimate for the week ended May 20, 1940.
Weekly indicated rates of steel operations since May 1,
1939, ' follow:
the
steel
1939—•
May
1
;-47.8%
8. —-47.0%
May 15—..45.4%
May 22
48.5%
May 29
52.2%
June
June
»;
been
Ingot production jumped 5 points to
a peak, further
improvement being
48%.
While the expansion in
steelmaking is comparable to that of last
Sep¬
tember, domestic demand lately has been more restrained than
at the time
75%
Pittsburgh
5 points to 75.
May
Bookings this month will be sharply higher than in
April.
upturn in
9
stimulating
While domestic buying is predicated
largely on current and future
quirements, the prospect of deferred mill deliveries is
sumers
7
of the iron and steel
Ware influence continues to dominate iron and steel
markets,
both foreign and domestic demand.
covering future needs.
71%.
making, the former's
of
$16.54
21.92
-
1937
"Steel" of
y+/''4',"'4
demand, with production up 3 points
Sheet and strip output is being quickened
by heavier
releases in anticipation of a cessation of
shipments June 30 against lowprice orders.
With mill schedules becoming
crowded, producers find it less
difficult to drive in specifications for such
tonnage.
last week to
1932
No.
on
quotations at Pittsburgh,
Philadelphia,
16.38
1938-
ago.
1934
23.25
May 28, 1940, $18.17
year ago.
more
Tin plate shares in the rise in steel
1935——
Low
•
22.61
1939
',■4-'
year
1940—,
("Based
$22,611
20.61
1936
a
Mar. 16
Gross Ton
One year ago
a
rapidly but is considerably
than a year ago.
In fact, no previous year has matched the
stability of assemblies since January.
Output last week was 96,810 units,
a decrease of
2,220 from the week before but
comparing with 67,740 units
2
Pig Iron
a
settling
8
Mar.
...2.249c.
One month ago....
is
44y4
V : '"4
;
The following table gives comparisons
Jan.
2.280c.
May 28, 1940, $22.61
One week ago
production
ago.
2.512c.
—
nearly 21% smaller than
steadier
Low
2.261c.
1938-.-.
were
Automobile
weeks ago.
on steel bars,
beams, tank plates,
wire, rails, black pipe, sheets, and hot
rolled strips.
These products represent
ago.—W—.——_..._2.211c.
One year ago
X:S;
Based
..2.261c.
May 1
For the week ended
COMPOSITE PRICES
Finished
•
May 28, 1940, 2.261c.
One week ago
One month
4.
ports on
more
Chicago, though in the latter
ville, Fla., and
4 :\
::
For the second time since
1929 almost all Great Lakes bulk
freighters are
in operation, the result of the
pressure to quicken ore and coal
shipments.
Stocks of Lake Superior iron ore at blast
furnaces and Lake Erie
June
June
July
July
July
July
July
Aug.
5
54.2%
12
53.1%
19
55.0%
26
54.3%
3
38.5%
10...-49.7%
17..—56.4%
24
60.6%
31.-..-59.3%
7
60.1%
1939—
1939—
Aug. 14
Nov. 27
Aug. 21
Aug. 28
Dec.
4
Dec.
11
Dec.
18
62.1%
62.2%
63.0%
Sept, 4_....58.6%
Sept. 11
70.2%
Sept. 18
79.3%
Sept. 25
83.8%
Oct.
2
87.5%
Oct.
9
88.6%
Oct. 16
90.3%
Oct. 23
90.2%
Oct. 30
91.0%
Dec. 25
1940—
94.4%
92.8%
91.2%
90.0%
73.7%
Mar.
Mar.
4
Mar. 25
Apr.
1
Apr.
8
1
85.7% Apr. 15
8
86.1% Apr. 22
15.— .84.8% Apr. 29
22.
82.2% May
6
1940—
Jan.
Jan.
Jan.
Jan.
Jan.
29
Feb.
5
6
92.5%
Feb.
12
Nov. 13
93.5%
93.9%
Feb.
19
77.3% May 13
71.7% May 20
68.8% May 27
67.1%
Feb.
26
65.9%
Nov.
Nov. 20
64.6%
11.....64.7%
Mar. 18
62.4%
60.7%
61.7%
61.3%
60.9%
60.0%
61.8%
65.8%
70.0%
73.0%
76.9%
Chronicle
The Commercial & Financial
3434
June 1, 1940
Current Events and Discussions
The Week with the Federal Reserve Banks
demand deposits-adjusted, and a decrease of $128,000,000 in
000,000 in
domestic banks.
and agricultural loans decreased $9,000,000 in
Loans to
brokers and dealers in securities decreased $55,000,000 in New York City.
Holdings of United States Treasury bills increased $14,000,000 in New
York City and $23,000,000 at all reporting member banks.
Holdings of
Treasury notes increased $10,000,000.
Holdings of United States Govern¬
ment bonds decreased $26,000,000 in the Cleveland district, $10,000,000
in the San Francisco district and $16,000,000 at all reporting member banks,
and increased $18,000,000 in New York City. Holdings of "Other securities"
deposits credited to
During the week ended May 29 member bank reserve
Reductions in member bank
balances decreased $8,000,000.
from increases of $72,000,000 in money in
arose
reserves
circulation, $14,000,000 in non-member deposits and other
Federal Reserve accounts and
$8,000,000 in Treasury de¬
posits with Federal Reserve banks and from a decrease of
$9,000,000 in Reserve bank credit, offset in part by an in¬
of $91,000,000
crease
in gold stock and
Excess
000,000 in Treasury cash.
on
decrease of $4,-
a
reserves
of member banks
May 29 were estimated to be approximately $6,360,000,-
000,
decrease of $10,000,000 for the week.
a
The statement in full for the week ended May 29
will be
Commercial, industrial,
New York City
and $20,000,000 at all reporting member banks.
/'
increased $14,000,000.
deposits-adjusted increased $185,000,000 in New York City,
Demand
Chicago district, and $273,000,000 at all reporting
in the
$49,000,000
member banks.
domestic banks decreased $61,000,000 in New York
Deposits credited to
City, $22,000,000 in the Chicago district, and $128,000,000 at all reporting
Deposits credited to foreign banks decreased $16,000,000
member banks.
in New York City.
3464 and 3465.
Changes in member bank reserve balances and related
items during the week and the year ended May 29, 1940:
found
on pages
Increase
-'■".v
(+) or Decrease (—)
-;y\:-•■>'■■■
.•
"v..;/;
.
Bills discounted
Bills bought—
—
May 31,1939
$
—1,000,000
—1,000,000
;
—
2,47/,000,000
—87,000,000
9,000,000
—3,000,000
Gold Stock
22,000,000
2,511,000,000
19,162,000,000
—10,000,000
+30,000,000
—9,000,000
—62,000,000
+91,000,000 +3,205,00\000
Treasury currency
Member bank reserve balances
13,215,000,000
and guaranteed
Other reserve bank credit
Total Reserve bank credit
3,007,000,000
+145,000,000
...
—8,000,000 +3,186,000,000
7,685,000,000
Treasury cash
2,200,009,000
Treasury deposits with F.R. banks..
378,009,000
+718,000,000
—436,000,000
—542,000,000
+72,000.009
—4,009,009
+8,000,000
Money in circulation
other Fed¬
Nonmember deposits and
1,203,000,000
eral Reserve accounts
+ 364,000,000
+14,000,000
$
$
—48,000,000 +1,871,000,000
—81,000,000
+ 437,000,000
Investments—total--_.23,544,000,000
8,562,000,000
-
Commercial, industrial and agri¬
4,394,000,000
—20,000,000
327,000,000
—1,000,000
+18,000,000
544,000,000
—58,000,000
—173,000,000
securities.474,000,000
+1,000,000
—67,000,000
1,193,000,000
44,000,000
1,586,000,000
+ 2,000,000
+1,000,000
—6,000,000
+ 39,000,000
—12,000,000
+ 75,000,000
673,000,000
1,919,000,000
+23,000,000
a+ 10,000,000
—16,000,000
+279,000,000
—113,000,000
cultural loans
including
(not
59,000,000commitments—May 22)
(—)
May 24, 1939
5
Assets—
Decrease
or
Since
May 15, 1940
May 22, 1940
Loans and
(+)
J-.
'•
•„/.
Loans—total
U. S. Government securities, direct
advances
Increase
Since,
May 22, 1940
$
$
3,000,000
+1,000,000
May 29, 194
Industrial
of the principal assets and liabilities of re¬
A summary
porting member banks, together with changes for the week
and the year ended May 22, 1940, follows:
Open market paper
...
Loans to brokers and dealers In
securities
Other
for
loans
carrying
purchasing
+ 557,000,000
or
Real estate loans
Loans to banks
Other loans
-
Treasury bills......—
Treasury notes
United States bonds
6,513,000,000
+ 675,000,000
Obligations guaranteed by United
2,389,000,000
3,488,000,000
11,196,000,000
485,000,000
3,269,000,000
+ 2,000,000
+ 343,000,000
a +14,000,000
+ 250,000,000
+146,000,000 + 2,720,000,000
+13,000,000
+ 55,000,000
—15,000,000
+ 562,000,000
deposits—adjusted—20,201,000,000
5,312,000,000
+ 273,000,000 + 3,246,000,000
—3,000,000
+ 65,000,000
—3,000,000
+ 2,000,000
States Government...........
Other securities.......
.......
Reserve with Fed. Res. banks
of
Returns
Banks
Member
New
in
York
City
and
Chicago—Brokers' Loans
Reserve
System for the New York City member
banks and also for the Chicago
rent
Balances with domestic banks
Liabilities—
Below is the statement of the Board of Governors of the
Federal
Cash in vault...
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:
Demand
Time deposits
577,000,000
United States Government deposits
Inter-bank deposits:
8,486,000,000
Domestic banks
692,000,000
1,000,000
Foreign banks
Borrowings......
a
.....
...
—128,000,000 +1,839,000,000
—17,000,000
+ 53,000,000
—
...
May 15 figures revised (New York District.)
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANK8
CENTRAL RESERVE CITIES
IN
Belgian
(In Minions of Dollars)
New York City
Surrenders to Germans—Parliament,
Removes Him from Throne
King
Meeting in Paris,
Chicago
May 29 May 22 May 31 May 29 May 22 May 31
King Leopold III of Belgium capitulated to the German
1940
1940
1939
1940
1940
1939
$
$
5
$
$
$
Loans and Investments—total—
9,219
9,165
8,000
2,180
2,225
1,981
Loans—total
2,802
2,869
2,798
586
590
538
1,658
105
1,671
1,364
125
412
19
411
19
351
18
350
403
568
27
33
40
urged their forces to keep fighting.
159
160
200
65
64
68
Hubert
121
120
111
17
17
13
39
37
45
Assets—
Commercial,
industrial
agricultural loans
Government, it
mand
and
Open market paper
Loans to brokers and dealers.
_
107
!
Other loans for purchasing or
carrying securities
Real estate loans
„
Loans to banks
_
May 28.
on
was
was
said by the Nazi High Com¬
500,000 Belgian troops, but the Belgian
to involve
Cabinet, meeting in Paris, disavowed the King's act, and
Pierlot, declared that
raised "to
-
announced in Paris, London and Berlin
His surrender
fight
released
a new
The Belgian Premier,
Belgian
army
will be
He also
said that the refugee Belgian Parliament had deprived the
King of his throne and that all Belgian soldiers and officials
on
to victory alongside the Allies."
Other loans
370
371
385
46
46
Treasury bills
287
258
147
221
261
125
969
2,564
962
744
159
159
212
2,547
2,137
713
714
631
had
1,268
135
366
135
366
1,149
1,119
137
338
884
sovereign.
From Washington, May 28,
the New York "Times"
reported that Count Robert van der Straten-Ponthoz, the
Belgian Ambassador here, aligned himself with the Belgian
Government in Paris today to carry on the war against
Treasury notes
United States bonds
Obligations
guaranteed
by
48
the
United States Government—_
Other securities
1,275
1,322
1,261
Reserve with Fed. Res. banks..
6,460
6,499
1,044
1,130
4,976
Cash In vault
87
81
60
39
37
29
Balances with domestic banks..
96
87
82
308
282
272
376
362
397
47
47
50
9,393
9,332
7,614
1,919
1,893
1,649
667
657
617
503
504
484
44
44
66
84
84
60
Other assets—net..
Liabilities—
Demand deposits—adjusted
Time deposits
United States Govt, deposits...
Inter-bank deposits:
Domestic banks.......
3,725
2,830
939
952
730
647
Foreign banks
636
533
8
7
14
by
293
298
345
16
16
14
1,498
1,502
1,490
254
254
265
were
oath
of
allegiance to
their
that the United States would continue to recognize
it does many of his
announcing
_
__
liabilities-..r
Capital account
their
colleagues whose countries have been taken over
aggressors.
In
Borrowings
Other
All indications
as
from
The "Times" likewise said:
Germany.
him
3,696
been
Ambassador
the
determination
to
carry
on
the
fight the
Belgian
;"
said:
"The Belgian Embassy
has received confirmation of the declaration of
the Belgian Prime Minister, M. Pierlot, affirming that the capitulation of
the Belgian Army, signed by the King, was contrary to the views of the
Belgian Government, which is determined to carry on the fight against the
Complete
Returns
of
Member
Reserve System for the
As
Banks
of
the
Federal
Preceding Week
explained above, the statements of the New York and
aggressor.
this
All the members of the Government are unanimous in making
The French and English Governments continue their
declaration..
collaboration with the Belgian Government under the
Pierlot.
The Belgian Embassy has brought these facts
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 compiled.
In the following will be found the comments of the Board
Premiership of M.
to the attention of
the American Government."
Embassy Statement
The statement in behalf of the Belgian
"We must,
as
Mr. Churchill has said,
/
Embassy said:
'reserve judgment' in regard to
the capitulation of the Belgian Army until more complete information
been received.
Meanwhile, attention may be called to the fact that
has
this
has been fighting for eighteen days without one moment's respite
and that its front line was never broken. From the first its movements were
army
of Governors of the Federal Reserve
System
paralyzed by the hundreds of thousands of civilian refugees who, cramped
into an area which became more and more limited and which was already
overpopulated, were exposed to the bombardments of the enemy.
More¬
over, as a result of its retreat the Belgian Army was cut off from its bases
returns of the entire
o£ supplies."
respecting the
body of reporting member banks of the
Federal Reserve System for that week ended with the close
of business May 22:
The condition statement of
weekly reporting member banks in 101 leading
cities shows the following principal
changes for the week ended May 22:
Decreases of $20,000,000 in commercial, industrial and
agricultural loans
and $58,000,000 in loans to brokers and dealers in
securities, increases of
$146,000,000 in
reserve
balances with
Federal
Reserve banks
and $273,-
Secretary Hull believes that Americans in Belgium are protected ade¬
quately by Ambassador Cudahy.
Americans left in the country,
to take up
He explained that there were not many
and indicated that it would not be necessary
with the German Government the question of removing them
from the country.
We also
<
^
quote from
New York "Times":
a
Paris dispatch of May 28 to the
Embassy here
the struggle
and would make no peace until their country's independence, rights and
dignity were restored.
In a communique issued after the meeting the
Belgian Government called upon all compatriots within and without the
invaded regions to maintain their faith in the future of the nation.
"Belgium will triumph sooner or later by keeping faith with the rules
At
meeting of the Belgian Ministers held in the Belgian
a
today it
announced that the Belgians would not give up
was
of honor which it has never abandoned," the statement
the
meeting
3435
The Commercial & Financial Chronicle
Volume ISO
Van Cauwelaert,
Frans
were
Carton de Wiart, Emile Brunet,
Attending
said.
Count Henri
Ministers.
Paul Hymans,
Premier Hubert Pierlot and other
Premier Paul Reynaud of France, in a radio address on
May 28 announcing King Leopold's capitulation, said in
voted the usual dividend and had earmarked certain sums in
"There
not a
was
banks
central
which
founded
cluded agreed the B.
tremendous clearing
had suffered heavy withdrawals by
all belligerents
it,
and non-belligerents in¬
I. S. must continue its work in order to
difficulties and financial tangles which are
last night.
Since 4
people
a grave
event.
This event occurred
France can no longer count on the Belgian Army.
Tuesday the French Army and the British Army
a.m.
have been
fighting alone in the north against the enemy.
You know what the situation
After the rupture
was.
14, the German Army
of our front May
Plans
declare
to
bank's office
and the removal
dividend
this
mentioned in
were
3145.
the north and the other to the south.
our
■
•
of the
issue of May 18, page
•. v.'...
Holdings
following regarding the decrees issued by the French
Treasury on May 20 affecting the dollar holdings of French
nationals or foreigners living in France is taken from a Paris
dispatch to the "Wall Street Journal" of May 22:
In this they differ
They apply only to American and Canadian assets.
from
and Argentine
previous decrees which embraced neutral European
assets.
<
On the south it is the French divisions which are
expected
The
filtered be¬
which found themselves broken into two groups, one to
tween our armies,
solve the
to arise at the war's end.
France Issues Decrees Affecting Dollar
to the French
announce
commented.
the
single dissenting vote," Mr. McKittrick
He said that, although the bank
part:
I must
United Statcg
doUars to go into the dividend reserve fund.
holding the new front
the Ma;V
group of three armies—the Belgian Army, the British
Expeditionary Corps and several French divisions in which many of us have
loved ones.
!
v':v
:"\v
This group of three armies was under the command of Gen. Blanchard.
The
decrees
new
affect mainly
associations or corporations, French or
following the Somme and Aisne Rivers and then rejoining intact
foreign, whose "principal field of activities" lies in French territories or
ginot line.
is established in such territories.
In the north
It
was a
supplied via
was
The French and British Armies were
Dunkerque.
defending this port on the south and west, the Belgian Army on
It
the north.
just brusquely capitulated uncon¬
this Belgian Army which has
was
ditionally on the field of battle on the order of its King without
and British comrades in combat,
French
their
kerque to the Germans.
The
The
country which were still
Second
bank
available, and
work
I have
capacity
generals imme¬
announced
our
continue the
war
the
the obligation.
many
peoples who have fallen
than those through which we are passing.
French armies now engaged in
the utmost discipline
claimed
the surrender
French military spokesman
Belgian
army
19 days ago the
fighting
May 28 said:
of 500,000
Belgian troops but a
said there were not more than 300,000 Belgian
within the Flanders
Other quarters, including
divisions
most
and tenacity.
United Press Paris advices of
trap.
the Petit Parisien's military expert, placed the
250,000 men and said that of 21
about
at
of American Tranche of Young Loan
Purchased in Same Manner as Those of
Be
Belgians had only 15 left because of terrific
per
$27.50 Coupon
New York announced
May 28 that the June 1 coupons of
*
of
the
General:
Consulate
Purchase of
(
Coupons of German Government 5XA%
Loan of 1930 (Young Loan)
International
tranche of the
International Loan of 1930),
falling due on June 1, 1940, the following is communicated herewith:
Coupons maturing June 1, 1940, of the American tranche of the Young
Loan stamped "USA Domicile Oct. 1, 1935" will be purchased in the same
manner as those coupons of the same tranche which became due on Dec. 1,
1939.
Holders of such bonds and coupons will therefore have the oppor¬
tunity to sell their coupons falling due on June 1, 1940 against dollars at
Messers. J. P. Morgan & Co. Inc., New York, or at any of the American
offices of the German steamship company Hamburg-American Line, on or
after the date of maturity.
The purchase price will be $20-00 per $27.50
With reference to the
Young
Loan
purchase of coupons of the American
(German Government 5lA%
face amount of
the coupon.
Young marks may
casualties.
are
Rate of $20
,
a
three sides and from the air is evidently ex¬
preciably to the grievous peril, but our troops are in good heart and
surrendering
authorities have detected an influx of
of the Young Loan
Loan of 1930) will
by the side of the Allies, who
Surrender of the Belgian Army in this manner adds ap¬
Germans
French
the American tranche
(German Government 5H% International
be purchased in the same manner as those
of Dec. 1, last—the purchase price to be $20 per $27.50 face
amount of tbe coupon.
The following is the announcement
on
and!
formally
the aggressor and those who still confront him will play
struggle and beset on
Foreign
principal field of activity is in
The German Consulate General in
The situation of the British and
tremely grave.
that
Dec. 1—Payment at
feelings from facts so far known to us, we must remember
its part in better days
"effectives"
to
Belgium on her urgent appeal.
of brotherhood between
sense
into the power of
and dollar balances.
June 1 Coupons
should attempt
Government has dissociated itself from the act
resolve to
its
to the aid of
Whatever
understood
Commander in Chief of the Belgian Army.
as
The Belgian
There
American securities
through the war.
will at 4 o'clock this morning.
declared itself to be the only legal government of Belgium and
The
and
Canadian
traffic in foreign bank notes. It
forged
Canadian and American bank notes from Germany and from Russia.
The
authorities also seek to avoid loss of Canadian and American bank notes
fought very bravely, and both suffered and inflicted heavy
This army
with
•
Among the aims is suppression of illicit
is
judgment on the action of the King of the Belgians
at this moment to pass
as
+.
intention of suggesting to the House that we
no
and American
corporations to deposit with authorized
corporations established in France or whose
agreed to the Belgian proposals and the Belgians
ceased to resist the enemy's
the regulations.
holdings of Canadian
conserve
which they are now engaged.
The German command
severe
to
foreign corporations established in France, it offers
as
banks
of the Belgians yesterday sent a
Governments instructed their
and French
the operations in
that the
seeks
It is
individuals at
Applying both to French individuals and corporations,
The third decree obliges French
diately to dissociate themselves from this procedure and to persevere with
came
decree
notes.
France are embraced by
British
Up to now, it had only
abroad which was subject to declaration.
except with banks.
of England in a
May 28 was quoted
the Belgian front.
losses.
estimate the amount involved.
them the choice
between surrendering the bank notes and of depositing them with authorized
banks.
Surrender can be anonymous, but after June 30 retention is illegal
well
plenipotentiary to the German command asking for suspension of arms on
in his
home, must be surrendered to the authorities before June 30.
home and this remains exempt from
in Associated Press advices from London in part as
The House will be aware that the King
The
at
been gold which was held
Churchill
Minister
Prime
of
text
or
embody the first
Gold coin and bullion
foreign corporations, as defined above, held
requisition of foreign assets in France.
It is impossible to
France,
statement in the House of Commons on
in part
follows:
abroad
the service of the
particularly that it wished to raise a new army and collaborate in the
of arming
of
which French corporations or
warning
to Dun¬
told me that the decision of the King
of its
the forces
all
cause
These must now be
hold in France.
authorized bank.
an
Nevertheless, the decrees are important because they
measure
against the unanimous sentiment of his responsible ministers.
The Government added it had decided itself to put at
Allied
deposited with
generally believed that a large amount of gold is held by
Government has
Belgian
taken
was
American bank notes which they may
.
.
.....
opening the way
Foreign individuals proper are not affected
foreign residents in France are affected only as concerned Canadian and
and
,
be acquired according to the
'
regulations in effect.
large Belgian forces now training in France and from these,
said Pierlot, a "new army will
be raised and organized."
Hungary to Make
Payment
on
June 1
Coupons
of
Two Issues
Australia
New Defense Loans Totaling
£25,000,000
Three
Offers
The Australian Government
on
May 28 called for public
subscription to three new defense loans aggregating £25,000,000, it is learned from United Press Canberra advices
of May 28, which further stated:
The hew flotations supplement
an
£18,000,000 defense issue placed on
yesterday.
sale here
issued at par, of which
funds at 2%% and part long-term at 3 34 %.
Today's offering included £20,000,000 in bonds
part will consist of short-term
Bank
for
International
Settlements Votes
Annual
Usual 6%
the Bank for International
Switzerland, on May 27, and
voted the usual 6% annual dividend.
The meeting was
attended only by Thomas McKittrick, President of the
bank, who announced that the other members had sent
proxies approving the dividend.
They were unable to
attend due to the European war, which has also caused the
bank to remove it* business office to the village of Chateau
d'Oex in the Bernese Alps.
Regarding the meeting Asso¬
ciated Press Basle advices of May 27 said:
met
in Basle,
The bank president,
the
last
World War,
assembly
who was a staff officer in the United States Army in
issued a routine communique announcing that the
had approved the bank's balance
Credits, at Budapest, Hungary,
detached from a $1,000 bond: City of Budapest,
6% gold bonds of 1927; and British
and Hungarian Bank, Ltd., 7XA% 35-year sinking fund
mortgage gold bonds, dollar issue.
Coupons presented in
acceptance of this offer, which expires Nov. 30, 1940, and
which is made only to persons resident outside of Hungary,
must be transmitted to Schroder Trust Co., 46
William
per coupon
external sinking fund
Street, New
York City.
Dividend
The Tenth General Assembly of
Settlements
The Cash Office of Foreign
today (June 1) announced through its central paying agent in
New York, Schroder Trust Co., that it will redeem coupons
due June 1, 1940, on the following bonds at the rate of $8.75
sheet as of March 31. had
Registration
of 53
New Issues Totaling $245,723,000
Act Became Fully Effective Dur¬
Under Securities
SEC Reports
Exchange Commission announced May
31 that during April a gross amount of $245,723,000 of securi¬
ties, including reorganization and exchange issues, became
effectively registered under the Securities Act of 1933, ac¬
ing April,
The Securities and
cording to an analysis prepared
tics Section of the Trading and
by the Research and Statis¬
Exchange Division. Of this
amount $133,065,000 represented securities proposed for sale
by issuers, which compares with $46,929,000 in March, 1940
and $235,667,000 in April, 1939.
The Commission's an¬
nouncement added:
3436
"
The Commercial & Financial Chronicle
A single issue, the
3% bonds of Inland
Steel Co., with estimated
gross
In
proceeds of $36,720,000,
accounted for approximately
28% of the total
proposed for sale by issuers.
The second largest issue
registered during the month, the 4H % preferred stock of
Wisconsin Electric
Power Co., was an exchange issue and had an
indicated value of
approximately 28% of the total shown for exchange issues.
The manufacturing group with
security registrations of
41.2% of the total proposed for sale by issuers, led all other
Utility companies ranked second
in importance with
$27,080,000, or 20.4%
total, followed by merchandising companies with
$21,424,000, or
16.1%, and financial and investment companies
v#th $14,374,000,
or
10.8%.
Securities registered during April consisted
principally of senior issues.
Fixed interest obligations equaled
$77,329,000, or 58-1% of the total, with
long term secured bonds representing 33.2% of the total and
long term un¬
secured bonds 24.9% of the total.
Preferred stock accounted for the
com¬
paratively large amount of $40,452,000,
to
$4,493,000,
$10,791,000,
or
30.4% of the total.
or
8.1%, and certificates
Common
of participation
3.4%.
or
A total of 53 issues
registered in 36 statements were
during April in the
amounted
of
deposit.
Securities
registered
for
the
of others
account
tute
securities, proposed for sale by issuers.
However, $78,522,000 of this
total represented securities not
proposed for sale by issuers.
in the main of
$54,351,000 of
These
con¬
exchange securities, $12,237,000 of
securities reserved for other
subsequent issuance and $11,460,000 of securi¬
ties reserved for conversion.
issuers, therefore,
securities of
was
new ventures.
Compensation
long
and
agents amounted to $4,632,000, or
3.5% of the total proposed for sale by
issuers, and other expenses of issuance
or 0.8% of the total.
The aggregate of $5,673,000 of
issuing
and distributing
expenses was equivalent to
4.3% of the total.
Of the net proceeds of
$127,392,000 remaining after all issuing and dis¬
more than three-fifths was to be
applied for
tributing expenses,
refunding
refinancing purposes.
For example, repayment of bonds
and notes
totaled $53,614,000 or
42.1% of the total, and repayment of other debt
$7,818,000, or 6.1%.
With the retirement of preferred stock
accounting
$18,425,000, or 14.5%, the total proceeds to be applied to
repayment of
indebtedness and retirement of stock
aggregated 62.7% of the total.
New
expenditures for plant and
equipment and working
capital, were indicated for $43,363,000, or
34.0% of the total.
Purchases
of securities accounted for
$3,943,000, or 3.1%, and all other purposes for
the remaining
as
0.2%.
Securities intended
worth
offered through underwriters
amounted to $118,-
174,000, or 88.8% of the total proposed for sale
be offered through
agents amounted to only
by issuers.
$10,699,000,
or
Securities to
TYPES OF SECURITIES
INCLUDED IN 36 REGISTRATION
STATEMENTS
THAT BECAME FULLY
EFFECTIVE DURING APRIL, 1940
lost
of
Issues
Long-term unsecured bonds
13
Common stock....
53",866",372
2
1
Substitute securities (v. t. ctfs & ctfs.
of dep) -b
84,508,989
49,883,499
4,493,000
3
8,753~256
53
Total
'$245,722,524
Less Securities Reserved
trend
Amount
is
tinue
taxes
still
at
$44,217,408
53,866,372
or
Apr.
slows
in
in
itself,
can
the
are
public
in
reducing
the
income
and
production,
lower
taxes
the
By
be
to
ceases
Such
from
revenue.
to
as
effort
down.
more
aggregate
in
the
standard
United
States
this uneconomic level.
at
20%
In fact, taxes
their
they
absolute
of
of
the
national
now-far
are
is
living
approach¬
Federal, State
income,
less
than
and
the
sufficient
to
present level,
are
If
taxes must
and the
now;
been estimated at approx¬
governmental expenditures con¬
longer
sooner
the
later
or
balance
is
be
much
deferred
the
magnitude
of
the
Tax Ratios
tax
payments by business
enterprises^
impressive, conveys little meaning when considered alone.
The reaf
significance
the tax
of
business
operations.
tions,
study
a
burden
In
lies
in
effort
an
been
has
made
relations
its
throw
to
by
the
to
other
light
some
Guaranty
Trust
factors
these
on
Co.
of
in
rela¬
the
1939
income statements of a large and representative
group of industrial and
public utility corporations, not including railroads.
The primary purpose
the investigation was to determine, first, the ratio of direct taxes
paid
of
by corporations to reported net income before
tax deductions; second, the
third, the average amount of tax payments per
ratio of taxes to payrolls;
employee.
The
before
follows:
as
;•'/
.
inquiry reveals,
income
net
122
:
first, that the ratios of total direct
for
taxes
the
38%;
industrials,
of
groups
27
corporations
utilities,
50%;
taxes
last
total
to
year
were
149
com¬
average,
panies, 43%.
The
29
tax
industrials
*
of
more
to
net
reinvestment
and
than
the
in
17
utilities
before
income
collectors
they
taxes
had left
tion
between
were
follows:
as
companies,
49
$424.
on
the
the
for
.
does
and
totaled
in
sales
disclosed
16
utilities,
and
element
an
between
produced
in
general,
on
year,
is
of
to
show
A
cost.
and
taxes
the
10%
of all
and
local
the
$751;
rela¬
employee
per
65
average,
,V;
employment and pay¬
the relative magnitude
very
wage
in
United
company
States
during
collected
points
billion
the
of
burden
relation
be
will
as
in
the
its
all
the
year,
and
same
period
taxes
a
alone
of
heavy
annual
This
value
of
is
busi¬
on
industry and
dollars.
total
equivalent to
form
the
on
in
out
levied
are
during the
Gasoline
were
as
Taxes levied
one-third
excess;
governments.
billion dollars and
special
a
significant
payments,
i;:-1.
products.
one
and
one
taxes
bears
its
as
dollars
than
to
as
;
hand
one
,<
than
million
State
a
as
taxes
last
more
hundred
$315;
the
on
and
,-4'
Direct taxes
industry, besides paying direct taxes such
products
:
is
however,
concerns
ness
stockholders
v'/vV
facts
.
taxes
presently.
The oil
the
employees.
of the comparisons
payments
exist,
to
more
be interpreted with care.
They do not imply
directly shifted to employees or that amounts
reduction would be automatically added to payrolls.
tax
purpose
tax
distribution
50%
paid out
have
to
must
burden
through
main
the
to
seen
equal
Employee
are
of
taxes
.
other
tax
perhaps,
industrials,
.
Comparisons between
rolls
thus
•
number
and
taxes
reported
business.
surprising,
more
that
are
Taxes Per
Even
is
the
report,
about
crude
equal
to
a
oil
more
by the Federal,
amounted
sales tax of
to
more
41%.
Depressing Effects of Taxes
18.9
Amount
Apr.
1939
33.2
$44,217,408
30~.6
23.0
Apr.
1940
42.3
on
49.0
33,111",500 24.9" 35~.i
petroleum
commodities,
represent
1939
84",508",989
36". 1
10.6
38,423,974
4,493,000
16.4
17.1
a
"l".I
8.1
14.8
3.4
corporations.
But
necessarily reduce
$234,262,999
100.0
or
100.0
less
$133,064,699 100.0
are
classified
as
Deterrents
taxes
that
demand and
the
in
raise
and
on
the
diminish
same
oost
the
excise
the
to
sense
of
taxes
as
goods
volume
on
of
direct
to
numerous
and
consumer
the
do
not
taxes
on
consumer
business, and this
customers.
affect
not only the
themselves but consumers and employees as well.
When the
light and the companies find it impossible or inadvisable to pass
them on to others, they
may be absorbed without appreciable harm.
But
heavy taxes are a vital factor in the cost of doing business, and in many
represent
the
difference
between
profitable
Consequently, they have profound
on
the volume of production and
effects
and
on
unprofitable
business
opera¬
policies
and
employment.
100.0
"short-term''
Northern
New
Jersey Clearing
House
Association
Smaller Transactions in Fiscal
Year Ended May 18
The annual
Business
to
sales
are
Reports
Principal
like
ordinarily passed
the industry
companies
hence
0.0
products,
industry and its employees as well as its
Conversely, direct taxes on corporations tend to
tion.
3.7
on
affects the
0.6
8,753,256
are
burden
cases
30.4
40,452,049
10,790,742
4,493,000
1.9
t.
of
estimated
are
near
taxes
and
extent
an
productive
State
Significant
The
Percent
Apr.
a Securities
having maturity of three years
securities.
One
the
diminish
fear that taxation
to
upward.
higher than
.
Load
the
greater the burden will eventually be.
Taxes
Gross
1940
Recovery
commendable
vastly
imately 28% of the national income.
other
Percent
Tax
of
the current cost of government, which has
meet
Issuers
Gross
Total
to siich
reason
Proposed for Sale by
for Conversion
deposit) b.
support
social objectives
deterrent to business
Or oss Ami. of Securities
Type of Security
(v.
yield
they
if it has not already reached,
than
Oross Amt. of Securities,
ctfs. & ctfs. of
they
take
local
its
3,200
9,800
the
worthy
serious
a
however
machine
they
ing,
$44,217,408
1.231,732
2,678,775
19
Certlfs. of
participation, beneficial Interest, &c.
Warrants or rights
Substitute securities
for
and
excise
Preferred stock..
Ctfs. of partlc., ben.
int.,&c
Warrants or rights
industrial
enterprise,
power
is
indicated
59,719",500
for
for
the entire population.
There
The
Amount
43,200,000
11
*
Long-term unsecured bonds
Short-term unsec. bonds.a.
Face amt. instal.
ctfs.....
Preferred stock
Common stock
to
purchasing
of
No. of Units
or Face Ami.
4
-
Short-term unsecured bonds.a
Face amount Instalment
certificates
Long-term secured bonds..
Short-term secured bonds.a
than
income
saved
Orost Amount of Securities
No.
taxation
even
proprietors—that
or
the
and
uneconomic,
incentive
that
Type of Security
or
does not constitute
8.0%, followed
by securities to be offered
directly by issuers of $4,192,000, or 3.2%. Securi¬
ties to be offered to the
general public accounted for
85.7% of the total, as
compared with 12.7% for issues to be offered to
security holders and 1.6%
for securities to be offered
to others.
Long-term secured bonds
Short-term secured bonds.a..
desirability of
government,
social objective,
no
investors
while
or
to be
the
of
cost
but
inherently
for
money uses such
the
as
consumers,
while
;
to underwriters
one
and
is
the incalculable losses suffered by the public at
large from taxes that bear so heavily on any economic group—workers,
of
$1,041,000,
or
non-essentials
The amount of securities
proposed for sale of
$133,065,000, of which only $2,738,000 consisted
will
possibly compensate for
to
sisted
Nation
be met.
functions
enterprise;
of
$25,382,000, of which $25,317,000 was proposed for sale.
There remained,
therefore, $211,587,000 of securities, other than substi¬
in
questions
one
essential
so
this
not merely desirable but
impera¬
especially in view of the greatly enlarged expenditures for national
tive,
effectively registered
gross amount of $245,723,000.
Included in this total
$8,754,000 of substitute securities such as voting trust
certificates and
was
certificates
retrenchment
defense that must
or
groups.
of the
stock amounted to
or
No
$54,861,000,
June 1, 1940
future
probably be forced, in
another, to face the fact that it is living beyond its means
way
$26,210,000,
industry
distant
not
that
amount of securities
or
the
Reemployment,
Says
Guaranty
Trust Co. of New
York—Declares Retrenchment
by Government in Non-Essentials
Imperative—■
Points to Significant Tax
Ratios
Slightly
report of the Northern New Jersey Clearing
House Association
for the year ended May 18 shows total
exchanges for the period of $1,347,077,367 and balances of
$1,093,858,459, as compared with $1,364,547,920 and $1,093,925,486, respectively, in the preceding fiscal year.
The
.
.
While
no
one
questions the desirability of taxation for
the support of essential
Government functions, the tax load
has increased to a
point where it represents one of the
principal deterrents to business
recovery and reemployment,
states the
Guaranty Trust Co. of New York in the
issue
of
"The
May 27
Guaranty
Survey,"
its
monthly
review
of
business and financial conditions.
The "Survey" points out
that "the most
striking feature of the corporation income
statements
for
ning of this
1939
year
is
that
the
have
appeared
since
largest single day's exchanges occurred on Dec. 29, 1939,"
and the largest balances on July 3, 1939; in the
previous
year the largest day's exchanges occurred on July 5, 1938,
and the largest balances occurred on April 25, 1939.
The
smallest
amount
of transactions
inone
day happened
Sept. 5, 1939, in the case of both exchanges and balances;
May 23, 1938, and March 27, 1939, were the corresponding
dates
on
the
begin¬
evidence
they give of the heavy
rapidly increasing tax burden on business."
"Yet,
present taxes," it notes, "high as
they are, fall far
in the previous fiscal year.
Exchanges were made
293 days in the
year just ended, and on 292 days in the
year
before.
and still
of
meeting the cost of government."
goes on
to say:
short
In part, the
"Survey"
—-—<•»
Stock
of
Money in the Country
The Treasury Department in Washington has issued the
customary monthly statement showing the stock of money
The
150
Volume
in the country and the amount in circulation
after deduct¬
ing the moneys held in the United States Treasury and by
Federal Reserve banks and agents.
The figures this time
tion at
April 30, 1940, and show that the money in circula¬
that date (including, of course, what is held in bank
vaults
of
for
are
member
Federal
of the
banks
3437
Commercial & Financial Chronicle
System)
Reserve
37,559,107,386, as against $7,510,578,203 on March 31,
1940, and $6,905,036,746 on April 30, 1939, and comparing
with $5,698,214,612 on Oct. 31, 1920.
Just before the out¬
break of the World War, that is, on June 30, 1914, the
total was only $3,459,434,174.
The following is the full
notes are secured by the deposit with Federal Reserve agents of a like amount of
gold certificates or of gold certificates and such discounted or purchased paper as la
eligible under the terms of the Federal Reserve Act, or, until June 30, 1941, of
direct obligations of the United 8tates If so authorized by a majority
Board of Governors of the Federal Reserve System.
Federal Reserve
vote of the
banks must
40%, Including the redemption fund
which must be deposited with the Treasurer of the United States, against Federal
Reserve notes In aotual circulation.
"Gold certificates" as herein used includes
credits with the Treasurer of the United States payable in gold certificates.
Federal
Reserve bank notes and National bank notes are In process of retirement.
maintain
In gold certificates of at least
a reserve
was
'.'K
statement:
I
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51
5
A total of $213,762,000 was tendered to the offering last
of $100,000,000 or thereabouts of 91-day Treasury
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Low
99.980 Equivalent rate approximately 0.079%
Average price
99.983 Equivalent rate approximately 0.067 %
(91% of the amount bid for at the low price was accepted)
©
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of $100,000,000
Offering
or
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Secretary of the Treasury Morgenthau announced May 30
are invited to a new offering of 91-day Treas¬
that tenders
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bills to the amount of $100,000,000, or thereabouts, to
on a discount basis to the highest bidders.
Tenders
will be received at the Federal Reserve banks and the
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be sold
branches thereof up to 2 p. m. (EST) June 3, but will not
be received at the Treasury Department, Washington. The
Treasury bills will be dated June 5, 1940 and will mature
Sept. 4, 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 June 5, in
on
amount
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The price offered must be expressed
than three decimal places, e. g.,
99.125.
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responsible and recognized dealers in invest¬
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and trust companies and from
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will be issued in bearer form only, and in amounts or
$10,000, $100,000, $500,000, and $1,000,000
They (the bills)
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of the
his announcement
In
$100,667,000.
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offering Secretary Morgenthau also
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Thereabouts, of 911940
Day Treasury Bills—To Be Dated June 5,
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$213,762,000
Range of accepted bids:
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Total accepted, $100,202,000
Total applied for,
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Reference to the offering appeared in our issue of
3282.
The following regarding the accepted
is from the Secretary's announcement:
page
bids to the offering
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May 29 and maturing Aug. 28, 1940, Secretary
Morgenthau announced May 27.
Of this amount $100,202,000 was accepted at an average rate of 0.067%.
The tenders to the offering were received at the Federal
Reserve banks and the branches thereof up to 2 p. m. (EST)
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bills dated
May 27.
May 25,
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$213,762,000 Received to Offering of $100of
91-Day
Treasury
Bills—$100,202,000
Accepted at Average Rate of 0.067%
of
000,000
week
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bank
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applied for, unless the tenders
of payment by an incorporated
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the Federal Reserve Banks or branches thererof up
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all tenders received at
of the accept¬
thereafter, probably on the fol¬
lowing morning.
The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or part of tenders, and to allot less than
the amount applied for, and his action in any such respect shall be final.
to the
thereof.
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rejection
offered for Treasury bills allotted must be
Reserve Banks in cash or other immediately available
June 5,
1940.
The Treasury bills will
be exempt, as to principal
and interest, and any
disposition thereof will also be exempt, from all
inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax). No loss from the sale or other disposition of the Treasury bills
shall be allowed as a deduction, or otherwise recognized, for the purpose
gain from the sale or other
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tenders will be advised of the acceptance or
Payment at the price
made at the Federal
funds
be opened and public announcement
follow as soon as possible
Those submitting
taxation,
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able prices will
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except estate and
of any tax
now or
possessions.
Treasury
prescribe the terms
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hereafter imposed by the United States or any
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of its
No. 418, as amended, and this notice
of the Treasury bills and govern the conditions of their
Department Circular
issue.
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p bJThese amounts are not Included In the total, since the gold or sliver held as
security against gold and silver certificates and Treasury notes of 1890 Is Included
under gold, standard silver dollars, and silver bullion, respectively.
c
This total Includes
credits with the Treasurer of the United States payable In
Federal Reserve notes in
f
d Includes
Certificates Fund—Board of Governors, Federal
$13,602,532,391, and (2) the redemption fund for
the amount of $9,640,951.
$1,800,000,000 Exchange Stabilization Fund and $142,721,034 balance
from reduction in weight of the gold dollar.
lawful money deposited as a reserve for Postal Savings
of Increment resulting
e
Includes $59,300,000
deposits.
fi f The amount of gold and silver certificates and Treasury notes of 1890 should be
deducted from this amount before combining with total money held In the Treasury
to arrive at the total amount of money in the United States.
P» g The money In circulation Includes
tinental limits of the United States.
any paper currency
President Roosevelt in a
"fireside chat" broadcast from
Washington on Sunday night
May 26, defended his defense
since 1933, and outlined the uses to which more
than $7,000,000,000 appropriated for defense purposes, has
been put.
"Let us not," he said *be calamity-howlers and
discount our strength.
Let us have done with both fears and
illusions."
In conceding that "We have spent large sums of
money on the national defense," he declared that "this
money has been used to make our Army and Navy today the
largest, the best equipped, and the best trained peace-time
military establishment in the history of this country."
The
President likewise said:
The Navy is far stronger today than at any peace-time period in the
whole long history of the nation.
In hitting power and in efficiency, I
would even make the assertion that it is stronger today than it was during
program
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gold other than that held by the Treasury,
gold certificates In (1) the Gold
Reserve System, In the amount of
Asks National Unity in Furthering
Program—Assures Country of Safety
President Roosevelt
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held outside the con¬
Treasury—(1) as a reserve for United States
notes and Treasury notes of 1890—$156,039,431 In gold bullion, (11) as security for
Treasury notes of 1890—an equal dollar amount In standard silver dollars (these
notesiare being canceled and retired on receipt), (ill) as security for outstanding
silverfcertiflcates—silver in bullion and standard silver dollars of a monetary value
equal to the face amount of such silver certificates, and (iv) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates.
Federal Reserve notes are obligations of the United States
and a first Hen on all the assets of the issuing Federal Reserve Bank.
Federal Reserve
the World War.
The Army
Now in 1940
in 1933 consisted of 122,000
practically doubled.
of the United States
that haa been
enlisted men.
Note—There Is maintained In the
In part
the President said:
We are calling upon
American
guns,
and the ingenuity of
materials of all kinds—airplanes, tanks,
the resources, the efficiency
manufacturers of war
ships and all the hundreds of products that go into this
United States itself manufactures few of
Government of the
of war.
Private industry
material.
The
the implements
will continue to be the source of most of this
will have to be speeded
material, and private Industry
provide for the enlargement of factories, the establish¬
to help
the employment of thousands of necessary workers,
ment of new plants,
the development of new sources
of supply for the hundreds of
raw materials
required, the development of quick mass transportation of supplies.
to justify making the workers
There is nothing in our present emergency
Nation toil for longer hours than those now limited by statute.
our
.
.
.
present emergency to justify a lowering of the
There is nothing in our
Minimum wages should not be reduced.
standards of employment.
.
.
.
present emergency to justify a breaking down of
There is nothing in our
old-age pensions or of unemployment insurance.
the underprivileged.
The President's address follows in full:
talk with you about a
to
that
stories
to
come
of what
happening at this moment to
is
populations of Norway and Holland and Belgium and Luxem¬
the civilian
think
behalf
in
it
is
would
I
of
children and
and
women
this Sabbath evening that I should say a word
on
old
who need help—immediate
men
help in their present distress—help from us across the seas, help from us
who
still
are
free to give it.
moving,
are
now
and
fire and machine gunning,
food.
They stumble
remind
has
a
us,
is
these destitute millions.
to your nearest
this in
the
Let
rushing food, clothing and medical
Please—I beg you—give according to
down
sit
are
together,
again,
the United States in 1933 consisted of 122,000 enlisted
has been practically doubled. The Army of 1933
few new implements of war since 1919, and had been
compelled to draw on old reserve stocks left over from the World War.
The net result of all this Was that our Army by 1933 had very greatly
declined in its ratio of strength with the armies of Europe and the
East.
That
among
believed
told
them—that
that
business;
our
States
I,
and
you
could
utter
in
good
what
have
are
what
matter
no
lack
dreds
of
of
happened
the
that
living
salt
of
people
the
Central
their
of
:
years.
did we get
than
more
will
Army in the
the
spent on
was
1
Government
years—your
,
for this money?
/
And by the end
of this year every existing unit
of the present regular Army will be
equipped with its complete requirements of modern weapons.
Existing
personnel of the Army has been almost doubled.
The
•
also be largely equipped with similar
Guard will
National
the
of
units
Here
of course,
South
and
vast
scrapped.
For example, one modern fourengine, long-range bombing plane costs $350,000; one modern interceptor
pursuit plane costs $133,000; one medium bomber costs $160,000.
1933
In
had
we
1,700
only
anti-aircraft
355
anti-aircraft
modern
We
guns.
of
guns
all
types
have
now
hand
on
more
on
or
ought to know that a three-inch anti-aircraft gun costs
$40,000 without any of the fire control equipment that goes with it.
In
1933 there were only 24
modern infantry mortars in the entire
order,
Aimy.
and
We now have on hand and on order more than 1,600.
we
had only 48 modern tanks and armored cars; today we
on
hand and on order 1,700.
Each one of our heavier tanks costs
the
have
in
the
$46,000.
'
There
hun¬
many
two
America could
reference
go
on
to,
or
-*■.
are
'■
which
other items in
many
"
'
since 1933 has been
progress
our
And the great proportion of this advance has been during the last
rapid.
years.
;7
.
1933
In
remote
so
you
1933
there
course
without
resources
of these which were delivered four, five, six or seven years
planes cost money—a lot of it.
These
In
that
including the
and fast pursuit planes, though,
type of long-range 'bombers
many
have worn out through use and been
ago
was
hemisphere
large number of them:
a
5,640 airplanes,
purchased
have actually
we
modern
most
Europe
over
thinking
American
1933
taken from
striking examples
some
are
Since
own
from lack of interest
eyes,
sincerely
made
water
North,
of
midst
the
in
who closed their
us
honestly and
knowledge;
miles
$1,292,000,000
what
fiscal
1940—seven
and
1933
spent
to events
of their
some
in
peaceful and unique
always pursue its
among
many
/
then great changes have taken place.
previous seven
v,
There
-
.
found.
I
situation
the
was
Between
than
our
eyes
what
faith
taking place
was
world.
or
consider
to
who in the past closed their
us
they
fellow-Americans
of
given
But since
I ask
that confront us.
many
abroad—because
United
means
your
Red Cross chapter, give as generously as you can.
of our common humanity.
pressing problems
none
supplies to
name
us
There
one
helping them.
of
way
of
each
I
of you that is listening to
The American Red Cross, that
because each
of these people
you
tonight
me
represents
knowing not where the end of the road will be.
on,
was
Now, in 1940, that
been
roads of Belgium and France millions
from their homes to escape bombs and shells
without shelter, and almost wholly without
running
it
World War.
items;
the once peaceful
Tonight over
that it is stronger today than
make the assertion
even
Army of
The
men.
And
right
:■
is
Navy
during the
bourg and France.
I
7
•
far stronger today than at any peace-time period in
the whole long history of the Nation.
In hitting power and in efficiency,
number of subjects that directly affect the
are shocked by the almost incredible eye¬
us
in 1933 we had 1,127 useful aircraft, and today we
and on order.
Of course nearly all of the 1933
replaced by new planes because they became obsolete or
hand
on
out.
worn
We
future of the United States.
witness
2,892
the world, I
My friends, at this moment of sadness throughout most of
want
with the Navy,
Far
any retreat
social objectives—from conservation of resources, assistance
agriculture, housing and help to
to
work
have
planes have been
had
justify a retreat,
There is nothing in our present emergency to
from any of our
of the ocean, ships that move under the surface, and ships
through the air.
And, speaking of airplanes—airplanes that
move
The
.
June 1, 1940
the surface
sail
that
...
of the United States stands ready to advance the neces¬
The government
sary money
up to produce it at
called for by the needs of the times.
the rate and efficiency
of
Chronicle
The Commercial & Financial
3438
had
we
than
than
of the best
3,200
more
'7;.'''-y.
■■■'■■
7
Today the Army alone has more
,
pilots.
1,263' Army
fighting
fliers
in
who last year flew
This does not include the
world,
the
1,000,000 hours in combat training.
'
could
we
maintain
the
on
north
and
impossibility—of
Obviously
Mexico
defense
a
the
on
idea
that
in
'■
there
finally,
are
south.
to
the
that
is
the
merely
on
futility—the
Congress
week.
last
invite
to
future
among
who
us
deliberately
have
partisan,
and
believe
to
that
anything
that
wholly wrong.
those
all
who
would
them
of
the
Government
did
was
•
To those who have closed
past
.
for
eyes
of
any
these
reasons,
many
to
the
admit
not
the
their
possibility of the approaching storm—to
weeks have meant the shattering of many
two
In
ing
panic.
It is said that
that, only by abandoning
build
we
can
defenses
our
we
freedom,
our
adequately,
can
It
is
ideals,
our
we
fear,
come
defenseless.
are
there¬
other land is free.
no
quarters, with this rude awakening has
some
on
seme
remote and isolated and,
are
we
against the dangers from which
secure
match
our
the
fear border¬
of life,
way
strength
of
the
I
and
we
discount
sions.
On
American
In
out
illusions.
more
strength.
our
Sabbath
this
let
I
Let
calmly
share
not
But let
have
us
evening,
us
do
realistic.
in
done
with
homes
our
consider
these
what
both
the
in
we
have
midst
done
past two
the
or
American
charged
is
of
and
that
three weeks
public about
the
money
we
kinds
all
lack
our
have
of
of
spent
stories
have
preparedness.
on
been
I
matter of fairness
we
the whole
Let
history of this country.
teli you
me
just
a
I
fact,
however,
United
go
into every detail.
It is
known
a
that
States
Between
ment
1933
will
What
in the
and
this
1940—seven
year,
have
spent
seven
during the
years that preceded
did
we
get
$1,487,000,000
for
this
more
fiscal
than
it
years—your
spent
on
the
Navy
1933.
money?
Money,
incidentally,
not
included
fighting personnel of the Navy rose from 79,000 to 145,000.
During this period 215 ships for the fighting fleet have been laid down
commissioned, practically seven times the number in the
preceding
seven-year
Of
marines,
many
for
as
period.
these
we
three
have
smaller craft.
we
build
commissioned
aircraft
carriers,
12
two
cruisers,
gunboats,
63
And among the many ships now
them
are
eight
new
Ship construction costs millions
than
of
destroyers,
26
sub¬
auxiliaries, and
being built and paid
seven
battleships.
dollars—more
in
so
much.
have
Europe,
will be in addition to the figures I have
change that it will be necessary to reap¬
so
such case I am confident that the
In
time.
moment
any
to
for additional
ask
as
a
funds when
/ ,l
swift, mechanized warfare
modern
while
today
and
the
on
what
up-to-date,
and
outworn
.
all have to remember that
we
efficient
is
and
practical,
tomorrow.
production line turns out airplanes, new airplanes are
the drafting table.
slides
cruiser
plans for
the
at
the
down
launching
ways,
plans
the next model,
increased efficiency in
blueprints of designers.
improve¬
for
taking shape
are
^
land, on sea and in the air, dis¬
warfare.
We are constantly im¬
proving and redesigning,
weapons, learning the lessons
of
the moment, and seeking to produce in accordance with the latest that
Every day's
closes
brains
We
tanks,
few
science
of
ships
guns,
the
of
speeded
needs
in
Europe,
conceive.
upon
and
the
the resources,
of
of
all
Government
The
on
methods of
testing new
manufacturers
material.
of
source
I
changes
calling
are
American
this
fighting in
constant
the
of
efficiency and
material
war
hundreds
the
United
of
of
all
products
States
the
ingenuity
kinds—airplanes,
that
go
into
itself manufactures
implements of war.
Private industry will continue to be the
of this material, and private industry will have to be
most
up
produce
to
it
at
the
rate
and efficiency
called for
by
the
of the times.
know
capital
that
private business
investment
required
for
cannot
be expected to make all of the
of plants and factories and
expansions
calls for at once.
It would be unfair to
expect industrial corporations to do this, when there is a chance that a
change in international affairs may stop or curtail orders a year or
two
which
this
program
hence.
Therefore, the Government of the United States stands ready to advance
the necessary money to help provide for the enlargement of factories, the
establishment of new plants, the employment of thousands of necessary
workers, the development of new sources of supply for the hundreds of
raw
materials
supplies.
The
required, the development of quick mass transportation of
details of this are now being worked out in Washing¬
ton, day and night.
in
the
United
States
anywhere else in the world; but it is a fact that we cannot have
adequate naval defense for all American waters without ships—ships that
of
era
personnel
The
or
in
Govern¬
defense appropriations, only
money hitherto appropriated.
new
is
ment,
of
in 1933, when this Administration came into office,
Navy had fallen in standing among the navies of the
world, in power of ships and in efficiency, to a relatively low ebb.
The
relative fighting power of the
Navy had been greatly diminished by failure
to replace ships and equipment which had become out of
date.
the
this
Even
the
do not propose to, I could not,
hesitate
being designed
few of the many things accomplished during the
few years.
past
read
we
they are doing today.
as
not
becomes obsolete
even
naval
and
war
required.
are
what
think that
current
may
at any
program
our
will
our
handed
It has
military
our
50,000 planes
get
to
by
harmony,
they
In
what
which
Congress and the Chief Executive will work in harmony as a team—work
illu¬
to the Nation that you hear the facts.
have spent large sums of money on the national defense.
This
money has been used to make our Army and Navy today the largest, the
best equipped, and the best trained peacetime
military establishment in
a
Yes,
praise
Even
forces during the last few years has gone down the rat-hole.
it
and
the
training provided by /them
I
fears
able
request the Congress
is voting the largest appropriation
the Army or the Navy in peace-time, and the equipment
my
The world situation
fears.
be calamity-howlers
not
us
being
about
of
aircraft,
given you.
do.
the
to
been
now
families,
must
we
are
including
wars,
asked
ever
in
did not share those
Today
about
demonstrated
beyond doubt that fighting efficiency depends on unity of control.
In sea operations the airplane is just as much an integral part of unity
of operations as are the submarine, the destroyer, and the battleship, and
in land warfare the airplane is just as much a part of military operations
as are the
tank corps, the engineers, the artillery, or the infantry itself.
Therefore the air forces should continue to be part of the Army and Navy.
by
aggressors.
program
.
word
additional
Recent
and
whispered
Government's
the
to
At
They have lost the illusion that
industry
the aviation
planes
year.
One
illusions.
fore,
the productive capacity of
past year
military
produce
turers
and
consciously closed their eyes because they were determined to be opposed
to their Government,
its foreign policy and every other policy, to be
the
has been tremendously increased.
But that
But the Government, work¬
capacity today, however, is still inadequate.
ing with industry, is determined to increase this capacity to meet our
needs.
We intend to harness the efficient machinery of these manufac¬
to
a
•
,
few
a
illustrated
I
message
my
based
policy
attack;
And,
by retiring within our continental
east, the Pacific on the west, Canada
the
on
Within
that
groups
physical safety
our
Atlantic
boundaries—the
splendid pilots in the National Guard and organized reserves.
hundreds of
danger from other continents of the world.
There are some among us who were persuaded by minority
We
in
are
calling on men now engaged in private industry to help us
carrying out this program, and you will hear more of this in detail in
the next
few
days.
Volume
This
does not
that
mean
the
men
call
we
upon
It
in the
will be engaged
production
maximum
their
fields
is
our
are
merit
proven
enlarged
But
to
watch
Nation
and
to
way
future.
the
of
safeguard,
nation
a
things
that
just
are
as
morale of
of
For that
we
reason
breakdown
or
have
in
made
is
It
people
with
to
is
a
a
make
must
past
of
in
sure
of
such
a
the
.
certain
this
land,
in
God
that
all
that
may
affection
common
of
the hearts
of every man, woman
and child in
supplication goes up to Almighty
beg that suffering and starving, that death and
end—and that peace may return to the world.
In
for all
mankind, your prayers join with mine—that
waking minute,
every
of
out
a
us
God will heal the wounds and the hearts of humanity.
may
that
all
the
of
any
great
we
Roosevelt
President
Appoints Advisory Defense Com¬
from Industry, Labor,
Consumers
to
Work with
Officials—Hold Organization Meeting
mission—Experts
do that there be no
social
We have carried
years.
laid
We
alone, but for all
of peace in 4his mad world
President, ask the American
cause for I know you are praying
I,
that
necessary
behalf
in
But we build and
for the restoration
pray
not
pray
mine.
for
of
way
me.
am
life
a
life, not for America
High duty, a noble task.
build
we
build
We defend the foundations
generations yet unborn.
alone.
generation
We
'
portation,
cancellation
these
build—this that we must continue
to
generation, yours and
our
our
Ours
ours.
free people.
a
of
continue
must
armament itself.
physical
as
airplanes and our guns and our ships,
our
and
destruction
continue
important to the
While our navy
be our first lines of
defense, it is still clear that way down at the bottom, underlying them all,
giving them their strength, sustenance and power, are the spirit and the
defense
sound
and
task
fathers.
Day and night I
I
proceeds there are several things we must
program
we
for
not
mankind.
■
production but to increase the
that they can be further
a
that
the
is
our
defend
of
and
up
such
in
emergencies of
meet
this
as
the
of
It
bv
capability.
not only to speed
purpose
facilities
K;-"
this
defend
unquestioned ability in
coming to Washington to help the Government
of
Americans
special
It
still
will
That
■
their training, experience and
total
to
material.
speed and efficiency. "
Patriotic
with
this
of
is
to defend.
have to he carried
on in the plants,
in factories throughout the land.
Private industry will
have the responsibility of providing the best, speediest and most efficient
mass
production of which it is capable.
The functions of the business
men
whose assistance we are calling
upon
will be to coordinate this
program—to see to it that all of the plants continue to operate at
actual
3439
Commercial & Financial Chronicle
The
150
which we
offensive on a
gains
an
on
President Roosevelt announced on May 28 the
Trans¬
Federal
creation of
advisory commission to serve as an adjunct
the revived Council of National Defense to coordinate
seven-member
against abuses which
had made our society weak.
That offensive should not now be broken
down by the pincers movement of those who would use the present needs
a
of physical military
which is
broad
front
against social and economic inequalities,
defense to destroy it.
justify making the workers
toil for longer hours than those now limited by statute.
come in
and as more work has to be done, tens of thou¬
There is nothing in our present emergency to
of
Nation
our
As
orders
more
sands
of
who
people
are
will,
unemployed
now
I
believe,
receive em¬
ployment.
There
is
nothing in
of
standards
which
businesses
now
emergency
of the
It is
to justify a lowering
Minimum wages should not be reduced.
speed-up of production will cause many
below the minimum standards to bring their
that the
indeed,
hope,
my
present
our
employment.
new
pay
up.
wages
breaking down
would rather see
the systems extended to other groups who do not now enjoy them.
There is nothing in our present emergency to justify a retreat—any
retreat, from any of our social objectives—from conservation of resources,
assistance to agriculture, housing and help to the underprivileged.
Conversely, however, I am sure that responsible leaders will not permit
some
specialized group, which represents a minority of the total em¬
ployees of a plant or an industry to break up the continuity of employment
of the majority of the employees.
Let us remember that the policy and
the laws providing for collective bargaining are still in force.
And labor
will be adequately represented in Washington in this program of defense.
Also our present emergency and a common sense of decency make it
imperative that no new group of war millionaires shall come into being in
this Nation as a result of the struggles abroad.
The American people will
not relish the idea of any American citizen growing rich and fat in an
emergency of blood and slaughter and human suffering.
And, last of all, this emergency demands that the consumers of America
be protected so that our general cost of living can be maintained at a
reasonable level.
We ought to avoid the spiral processes of the World
War, the rising spiral of costs of all kinds.
The soundest policy is for
every employer
in the country to help give useful employment to the
millions who are unemployed.
By giving to those millions an increased
purchasing power the prosperity of the whole country will rise to a
There
of
is
nothing in
old-age
much
pensions
present emergency to justify a
our
unemployment insurance.
of
or
and
saboteurs
is
there
we
are the actors in
and will deal vigorously.
traitors
must
the
entire pattern
important that we understand it.
The
method is simple.
First,
A
for
technique
added
an
disrupting
for
roots,
national
weakening a
this hew strategy.
nation at its very
And it
of life of a people.
discord—the dissemination
of
is
discord.
too large—a group that may be sectional or racial or
encouraged to exploit their prejudices through false slogans
emotional appeals.
The aim of those who deliberately egg on these
group—not
and
confusion of counsel,
paralysis and eventually a state of panic.
is
create
to
national policies come to be
Sound
public
indecision,
political
of the problem.
advisory commission and the functions of its
members follow, according to Washington advices to the
"Wall Street Journal" of May 29.
Edward R. Stettinius Jr., Chairman
take charge of the procurement
viewed with a new and unreasoning
the wholesome political debates of honest and
free men, but through the clever schemes of foreign agents.
As a result of these new techniques armament programs may be danger¬
Singleness of national purpose may be undermined.
Men
in each other and therefore lose confidence in the
ously delayed.
can
confidence
lose
their
of
efficacy
and
doubt
is
this
All
of
unity
State
the
can
be
so
sapped
that
to
its
destroyed.
is
.strength
The
and courage can yield
Faith
united action.
own
fear.
idle dream.
no
It has happened
time after time, in nation
Fortunately, American men and
women
are
not yet easy dupes.
Campaigns of group hatred or class
struggle have never made much headway among us, and are not making
after
headway
weakened
before.
be allowed to spread in the
our
who
would
cast
a
development of
every
one
call undiluted poison.
They
our
defense program makes it essential that each
of us men and women feel that we have some
security of our Nation.
this
the unfinished stage.
take charge
declared, will consist
of supervision of the actual production of the finished product.
Sidney Ilillman, President of the Amalgamated Clothing Workers of
America, to supervise employment.
This work will be composed mostly
of the formulation and carrying out of plans for apprentice training utilizing
the services and personnel of such agencies as the National Youth Ad¬
ministration and the Civilian Conservation Corps, the training of ground
crews, communications workers and other non-combatant positions.
Chester C.
Davis, former Agricultural Adjustment Administration
administrator and now a member of the Board of Governors of the Federal
Reserve System, to take charge of farm products.
Mr. Roosevelt said his
duties would be concerned both with domestic consumption and the export
and
yours
forces of destruction it is my resolve
to build up our armed defenses.
.them to whatever heights the future may require.
We shall build
We shall rebuild them swiftly as
For
this
more
than
continent
human
three
free
centuries
society,
spirit may find
the genius
We
a
fulfillment.
the methods of warfare swiftly change.
we
building on
promise of the
Americans have been
society
in
which
the
Commingled here are the blood and
the peoples of the world who have sought this promise.
built
well.
We are continuing our efforts to bring the
of a free and productive economic system,
And that is the promise of America.
blessings of a free society,
every
a
of all
have
President of General Motors Corp., to
William S. Knudsen,
of industrial
of
production.
This work, Mr. Roosevelt
agricultural products.
of the Chicago, Burlington & Quincy RR., to
Mr. Roosevelt asserted that the railroads are
anticipated traffic promptly and that Mr. Budd's
perfect plans to be put into effect in the event bottle¬
Ralph Budd, President
supervise transportation.
in
a
position to handle all
chief task would be to
Leon Henderson,
watch on raw
set up a
family in the land.
Securities and Exchange
material prices.
statistical bureau which
Commissioner, to keep a close
Mr. Roosevelt said that
this would be to
would be able to keep tabs on the movement
remarked that Mr. Henderson
has had a great deal of governmental experience in this field and that he
also gets along very well with private business.
Miss Harriett Elliott, dean of women of the University of North Carolina,
who will be adviser on consumer protection, a field which Mr. Roosevelt
characterized as very important.
This position also will involve, for the
immediate future at least, the setting up of a statistical bureau to chart the
commodity prices.
movements of
William H.
The Chief Executive
prices on consumer
goods.
McReynolds, former
<
charge of
;
personnel expert at the Treasury De¬
in
recently one of Mr. Roosevelt's administrative assistants
personnel matters, will serve as secretary to the council.
Stettinius and Mr. Knudsen, whose acceptance of the position
partment and
is subject to
a
the approval of his corporation, will serve the
starting immediately but without pay.
Government on
full-time basis
The Advisory
Commission held its
organization meeting
President.
May 30 after conferring with the
with Mr. Roosevelt was also attended
on
The meeting
by Cabinet members,
congressional leaders, and military and naval chiefs. Mr.
Hillman was the only member of the group who was absent
due to illness.
Mr. Roosevelt announced at a press confer¬
ence following the meeting that a general plan of operation
had been outlined and that the Commission has started to
work to perfect its organization.
t
Meanwnile the American Federation of Labor has strongly
criticized the President for appointing Mr. Hillman of the
Congress for Industrial Organizations as labor's representa¬
tive on the Commission while ignoring the A. F. of L.
^
Roosevelt Says There Is Nothing to Support
Speculation of Political Coalition Incident to
President
Defense Program
At
when the world—and the world includes our own Amer¬
time,
hemisphere—is threatened by
ican
materials,
raw
contribution
to make toward the
At
Mr. Roosevelt
of the coordination of procurement of
their allocation to factories and their manufacture as far as
explained that his work would consist
New World as they have in the Old.
defenses must be raised as never before against
smoke screen across our vision.
mental
moral,
The
weaken us
dividing forces I do not hesitate to
must not
those
and
divide
to
have been
These
Our
unleashed, deliberately planned
in the face of danger as other
But new forces are being
now.
propagandas
nations
and
during the last two years.
nation,
of the Board of U. S. Steel Corp. to
of industrial materials.
Both Mr.
through
not
skepticism,
with industry,
program
various aspects
The complete
political—is
groups
defense
finance, labor and the consumer,
of
of these
all
But
expansion of the
transportation,
will have charge of the
Advisory Commission of seven to align the
threat
treachery.
Spies,
emergency
necks develop.
to our national security is not a matter of military
weapons alone.
We know of other methods, new methods of attack.
The Trojan Horse.
The fifth column that betrays a nation unprepared
With
defense program.
To revive the Council,
composed of six Cabinet members—the Secretaries
of War, Navy, Interior, Agriculture, Commerce and Labor.
The President acted under a law of 1916.
However the
the
I
higher level.
Today's
for
to
to
his press
conference, on May 24,
idea of a political
President Roosevelt
coalition Cabinet to
further the Administration's defense program was not true.
Last week Alf M. Landon, Republican candidate for Presi¬
dent in 1936, conferred with Mr. Roosevelt, and it was
rumored that he was offered a Cabinet post (noted in our
issue of May 25, page 3295).
Concerning the President's
remarks, Washington Associated Press advices, May 24,
asserted that
any
said:
President
Cabinet.
Roosevelt stamped today as
He told
his press conference
cock-eyed any idea of a coalition
that all speculation about Repub-
The Commercial & Financial Chronicle
3440
licana
going
his
into
Cabinet
Administration
defense
Such
conjecture
was
for
case
a
the
of
barking
politicians
among
of
purpose
had
White
Alfred
several
Landon,
M.
Talk
of
House
who
of
coalition
a
whole
the
about with
weeks
headed the
Cabinet,
cloth.
He
said
Republican
it
continued
said
to
four
today,
be
tree.
wrong
in
nominee in
ticket
President
the
non-partisan
a
indulged
be followed there
to
ago,
the
up
been
Colonel Frank Knox, Republican Vice-Presidential
the
having
distribution of workers among skilled fields, but the distribution that would
since
ever
1936, visited
Wednesday
years
discussed
and
be required if our
industrial machine and
In the national
effort for defense upon which
written
Again Urges Congress to Expand
USHA Capital
undeveloped, lie the ability and
our armaments to provide a sure
a
on
bill which
would have increased
the
Authority's capitalization by 1800,000,000.
From the Washington "Post" of May 25 the
following is
learned:
:
;;, ■,
Discussing the issue at his press conference, Mr. Roosevelt said he talked
over
.
,
,
the pending USHA bill in a conference earlier this week with Chairman
Steagall (Dem.), of Alabama, of the House Banking and Currency Com¬
mittee, and two other Representatives.
The President said he told the
Congressmen he feels funds should be
vided to continue the housing program in rural as well as in urban
As
an
example, he said, establishment of
the national defense program
facilities in many
meeting
of
and
any
defense
all
re¬
■
Without the full development of these skills, our national defense will be
less than it must be in the critical days which lie ahead.
Without the fuh
pro¬
areas.
plants in connectiion with
new
which the nation demands and which we are determined it shall have.
The
This expansion could be well handled
by a continued USHA program, he said.
of the present
most obvious lesson
one
speed.
of the factor of
war
in Europe is the value
There is definite danger in waiting to order the
complete equipping and training of armies after a war begins.
Therefore, I suggest the speedy enlargement of the program for equipping
the light of our defense needs.
and training in
I have instructed the representatives of the War and
and also the representatives
of young men
Navy departments
of the several agencies dealing with the training
for non-combatant services to make available to the
appro¬
priate committees of the Congress the plans and proposals which they have
laid before me.
These
plans call for immediate appropriations to carry forward
Con¬
gressional decisions in bills already pending, for immediate appropriations
to add to the program
and for authorizations to enter into
contracts which
it will take some time to complete.
undoubtedly will require additional housing
small communities.
-
the
for
foundation
contribution of our people, our defense cannot attain the invulnerability
May 24 reiterated his desire that
Congress expand capital of the United States Housing
Authority in the present session.
The House last year
refused to consider
engaged, it is
as yet
needed in the building up of
the strength
industrial
Here,
population.
that lie in our
quirements.
President Roosevelt
we are now
imperative that we make full and effective use of the mighty capacities
out
nothing to substantiate the idea.
President Roosevelt
our defensive forces were fully
mobilized.
by
ago.
made
was
June 1, 1940
consideration in the training and skills must be not the existing
A primary
There
is
specific recommendation
a
into active service such
to call
I would make in concluding this
that, before adjournment, this Congress grant
message,
the authority
me
portion of the National Guard
as
may
be
deemed necessary to maintain our position of neutrality and to safeguard
President
Roosevelt
$1,000,000,000
Requests
and Reserves,
pean Conflict
Asks
for
Congress
for
Defense
National
Additional
Program—
Authority to Call National Guard
Also
The
amounts
Needed—Developments in Euro¬
Necessitate Enlargement
tion to the appropriate congressional committees.
This latest enlargement of the
military
is
neces¬
sitated, Mr. Roosevelt said, by "the almost incredible events
of the past two weeks in the
European conflict."
"No individual, no group, can
clearly foretell the future,"
he said.
"As long, however, as a
possibility exists that not
one
continent or two continents, but all continents
may
become involved in a worldwide war, reasonable
precaution
demands that American defense be made
Mr. Roosevelt broke down his
certain."
more
requests into several cate¬
gories, according to the United Press:
Acquisition of critical material—guns, tanks, planes and vehicles;
Development of additional facilities to make possible mass production of
weapons;
Authorization for him to call up National Guardsmen and
reserve
soldiers
and sailors for training and
retraining under Federal command;
of specialists to handle the technical non-combatant
machines behind the actual lines of defense.
The President also asked
Congress to give him the author¬
ity to call into active service such National Guard units as
become
authority to call into active service the
personnel.
involved
are
large—over
$1,000,000,000—but
President's
The
I
believe
safety the needs are urgent.
FRANKLIN
national defense
D.
ROOSEVELT.
original request for $1,182,000,000 for
given in these columns of May 18, page
was
3135.
La
Follette Oppressive
Labor Practices Act Approved
by Senate—Bars Employment to Communists and
Nazis—Limits Jobs for Aliens
Senate
The
program
an army
necessary reserve
for national
if
In a special message to Congress, submitted
yesterday
(May 31), President Roosevelt asked for an additional de¬
fense appropriation of
oyer $1,000,000,000 for national
safety.
The President did not specify any exact figure
leaving the details of the supplementary defense program to
be worked out by representatives of the War and
Navy
Departments and other Government agencies for presenta¬
Training of
the national defense, this to include
on
May 27 passed in amended form the
oppressive labor practices bill by a vote of 47 to
La Follette
Included in the
20.
measure
were
two
amendments,
spon¬
sored by Senator Reynolds of North Carolina, which would
bar Communists and bund members from employment in
interstate
and
commerce
which
would
limit
aliens
to
one
job in ten throughout the United States. The labor practices
bill, introduced by Senator La Follette of Wisconsin, would
outlaw the use of strike-breakers, industrial spies, and com¬
pany arms for strike use.
■
Special advices May 27 to the New York "Times" re¬
ported that as amended and passed by the Senate the pro¬
posed legislation represented only a fragment of its original
form and developed into something of a defense measure, by
the inclusion of provisions to limit the employment of aliens
in industry, said a Washington account to the New York
"Herald Tribune" May 27:
■
Stricken out
was
the section of the bill which made it unlawful for
employer to obtain information
employees or prospective
the political
as to
or
an
economic views of his
An effort to provide affirmatively
employees.
necessary
to maintain
neutrality and national
defense, this to include authority to call into active service
that nothing in the bill should preclude an employer from ascertaining the
the necessary reserve personnel.
The text of President Roosevelt's,
of 29 to 32.
/
defense message to
new
Congress follows:
To the
The
incredible
events
conflict, particularly
as
equipment,
with
together
a
of
result
the
employers doing business
the past
of
the
use
individual,
no group can
possibility exists that
as a
two
of
weeks
the
and
European
mechanized
of further
military
our
in
aviation
possible consequences
ments, necessitate another enlargement of
No
develop¬
not one continent or two
a
continents, but all
con¬
worldwide war, reasonable precaution
demands that American defense be made
certain.
more
facilities
and
to
obtain
increased
quantities
of the
special
weapons
concerned, has caused the War and Navy Departments to submit
an
urgent
and
a
new
recommendation that increased
to
me
appropriations and
authorizations for the national defense be
made before the adjournment of
the present
Congress.
Over and
present deficiencies in the
making of munitions, such
as
guns, ammunition and fire control
equipment.
These facilities require a
long time to create and to reach quantity produc¬
tion.
The increased gravity of the situation
indicates that action should
be taken without
delay.
The
problem of defending
no
longer
determination.
ported
by
a
our
problem for
national
men
institutions and
equipped simply with
Modern defense requires
territorial
an
in¬
indomitable
that this determination be sup¬
the highly developed machinery of
our
industrial
productive
capacity.
The expansion of
defense program makes it
necessary that
we
under¬
immediately the training and retraining of our people, and
especially
young people, for employment in
industry and in service in the army
and navy.
The requirements of
interstate
use
following:
If approved
commerce.
provide that
ploy aliens to
exception.
the
or use
of firearms, tear
gas or
.
other "munitions"
.
.
approved without record votes two amendments by Senator
Reynolds which injected the defense picture into the bill.
ment would
by
of strike-breakers and labor spies in labor
an
no
industry covered by the
extent greater than
The first amend¬
measure
should
10% of its total personnel.
em¬
By the
employment of any Nazi or Communist, without
\
.
Senator
Reynolds' 90-10 amendment
was
Adams,
made
exceptions
for
industries
where
One of these, by Senator
citizens
certain types of work were not sufficient to supply
localities.
..•
first approved after the Senate
had adopted two qualifying amendments to it.
willing
to
accept
the demand in various
Another by Senator Barkley made exceptions for aliens who had
filed declarations of intention to become citizens six months prior to apply¬
Senator
his
own
Reynolds succeeded, however, in having the Senate reconsider
amendment and delete the Barkley amendment
In consideration of the primary
of three years of
Thomas of Utah, the sponsors of the measure
Taft to
move
for recommittal of the bill
visions which threatened any chance
We do not have such trained
persons
required for the tasks that lie ahead of
are
for persons
obviously going to be
in the number that will be
us if our defense is to be
assured.
We have, therefore, the task of
training a large number in the skills and
semi-skills required by modern
production in industry and by a
highly
mechanized defense force in the
army and navy.
own.
avoided
a
threat by Senator
by giving way on two major pro¬
of passage the bill might have.
The most important of these provisions was
set up
from his
bill, which represented the culmination
hearings conducted by Senator La Follette and Senator
the so-called Title II, which
drastic penalties for holders of Government contracts or beneficiaries
of Government loans who
indulged in "oppressive labor practices."
title provided, among other
This
things, a $1,000 fine for eaeh day such a com¬
engaged in the defined practices, in addition to the regular penalties
in the bill.
Senator Taft moved last week to recommit the bill on the basis of that
title,
while promising to support the measure if Title
Today Senator La Follette voluntarily acceded to
industry and the expanded armed forces
with experience in mechanical and
manual fields
great.
take the
by any industry except banks and trust companies.
pany
our
take
our
we
ing for work.
beyond the acquisition of this actual material is the evident
requirement for the immediate creation of additional
production facilities
to meet possible future
emergencies, as well as
tegrity is
disputes and the possession
other one, it forbade the
An investigation into
manufacturing resources since my message of May
16, to determine the practicability of placing additional orders
with industry
for special material, both to
provide an early expansion of existing produc¬
in
House, it would outlaw the
The Senate
program.
clearly foretell the future. As long, however,
tinents, may become Involved in
tion
From the "Times" advices
The bill primarily forbids the use of oppressive practices over labor by
Congress of the United States:
almost
competency and loyalty to American ideals of his employees failed by a vote
when Senator Taft's request was
II
were
removed.
deletion of that title
reinforced by a similar request by Senator
Vandenberg.
Senator La Follette also withdrew
bill which
company
a
few lines in another section of the
inferentially would have made the employment manager of a
guilty of violating the proposed law if he made any routine in¬
quiries about applicants for jobs beyond such questions as the applicant
gave
him consent
to ask.
Volume
Votes
Senate
Program for Federal-StateHospital Building
$60,000,000
Local Cooperation
a
Designed to increase hospital facilities primarily in rural and
"economic¬
of hospitals
for State and local
ally depressed areas," the bill contemplates Federal construction
be leased to States
to
communities and also grants
or
construction.
Senator
increase existing facilities
The bill
was
approved
First recommended
the
measure
by
an
on a
in
a
experiment" which would
estimated 25,000 or 30,000 hospital
beds.
a
credit."
the year
for
appropriation
$10,000,000
the
The
stock.
Land
Bank
original bill also prohibited
borrowers and
During
each
of personnel.
five
of the
productive value of his land.
The
authorizes
bill
new
Bank paper
Republican
years
following
$10,000,000
than 25% of
the construction cost exclusive of the cost of the site.
The hospitals to be
rate
to
same
the
set
expressed
the bill, would be required.
for
rate
No
Passes
legislation
bill
Naval
Authorizes
American
created by
Air
Miller
Senator
of
War
Republics
a
while
on
noted elsewhere in these columns it ap¬
proved a measure, by 401 to 1, intended to accelerate the
lagging naval shipbuilding program.
Representative Vito
Marcantonio of New York was the sole dissenter on both
bills.
Meanwhile, on May 28, the Senate passed and sent
to the White House a bill to authorize production at cost in
the United States of war materials for any of the American
Republics. House passage of this measure was reported in
our issue of July 29, 1939, page 663.
United Press Wash¬
ington advices of May 28 said:
day
same
Action
on
Banking
the Senate,
and
Currency
where
subcom¬
(Democrat)
no
of
Arkansas,
subcommittee Chairman,
of its
coincided with
a declaration by Undersecretary of State Sumner Welles that any act of
aggression against an American republic would be considered a challenge
May 22, had
say:
Federal
the
and
Corporation
effect would
in
guarantee Land Bank bonds
by compelling the mortgage corporation to purchase as needed.
"The bill, which had the unanimous report of our committee certainly
should reduce farmer interest rates," said Representative Marvin Jones,
Land
interest rate, but
3%. Another bill
which would fix the annual rate at 3%% for two years.
Bank
loans
pending
a
carry
statutory
4%
In contrast with an Administration measure
credit
set-up
activities
the
or
to revamp the existing farm
Senate committees held extensive
bill would not disturb the present Land Bank system
which both House and
on
the new
hearings,
4^%
or
to year has reduced that to about
from year
Congress
is
Chairman of the committee.
of, Texas,
Democrat
as
the measure, proposed by the Administration as part
said
date has been set for further hearings on the
[approved by the House committee May 22] would make credit
Reserve Board available to the banks of the Federal Farm
bill
The
of
Mortgage
000,000 naval air and air-base expansion program,
the
a
drafted in
been
bill.
Jones-Wheeler
Bill —
Base
Production
vote of 402 to 1 the House on May 28 passed and
sent to the Senate a bill authorizing a four-year $2,200,-
By
yet
before
has
still
Associated Press advices from Washington,
$2,200,000,000
Materials for
is
yesterday, however, that
*
Measure
Another
bill
two-year period.
a
Bill Intact in Senate
substitute
Jones-Wheeler
the following to
House
Com¬
opinion
the
for five years, while the Senate has on its calendar a
,
,
would be
works agency upon application by a State or
Approval of a national advisory hospital council,
community.
Land
rediscount
to
Mortgage Corporation to buy
mittee.
built and leased by the Federal Government
constructed by the Federal
banks
Reserve
relatively low interest rates.
well as majority members of the House Agriculture
as
yesterday
the 3*£%
the
Federal
the
exceeded the
-
.
that the new legislation would
the Federal "subsidy necessary to hold interest rates paid by the
down to a level of 3%%.
The House has passed a bill extending
mittee
would be
training
more
'
the Federal Farm
and requires
Land Bank bonds at
States and localities for construction and
These grants could not exceed 90% nor be less
deficiency judgments
down of
for automatic scale
provided
mortgages whenever the borrower could prove his indebtedness
ending July 1, 1941.
authorized for grants to
of the Land Bank bonds,
guarantee
arrangement
Bank
against
Government
a
present
Land
flat 3%,
and ended
by which borrowers take 6% of their loans in
provisions would have cut farm loan interest rates to a
established
farmer
President Roosevelt to Congress,
by
These
reduce
voice vote without objection.
message
authorize
would
the
charge of the Bill on
Murray, Democrat of Montana, in
Senate floor, said that it would be a "valuable
lead to "socialized
the cooperative character of the farm credit system and
on
six-year $60,000,000 program of
Federal-State-Local hospital construction was passed by the
Senate on May 30 and sent to the House.
Washington As¬
sociated Press advices of May 30 reported.
Legislation to provide
3441
Commercial & Financial Chronicle
The
150
of
farm
cooperatives.
proposed legislation presented before the
Senate subcommittee by Charles H. Mylander of the Amer¬
ican Bankers Association were noted in our issue of May 25,
Views
on
the
%-\-
3293.
page
"good neighbor" policy and passed by the House last year,
House
Approves
Transfer of
Immigration Service to
Justice Department
security of each of the 21 Amerjcan Nations.
to the
The House
on
May 27 approved by a voice vote a resolu¬
Gov¬
equip¬
ment and anti-aircraft guns and shells.
It provides that such work may
be undertaken only if it does not interfere with production of materials for
making the President's Reorganization Plan No. 5,
which transfers the Immigration and Naturalization Service
this country's defense program.
effective
The bill gives the
President discretion to authorize construction in
and munitions plants of warships, coast defense
ernment shipyards
All Latin American countries
it
was
unofficially approved the measure before
blocked
a
deal whereby this country would have
old-style destroyers to Brazil because the
plan was opposed by other Ameri¬
nations.
can
The House action on the air
as
It was recalled that in 1937 the
leased over-age,
proposed by the Administration.
Senate
follows in
defense
measure was
described
Washington dispatch of May 28 to the New
a
tion
Department of Labor to the Department of Justice,
ten days after joint Congressional adoption.
A
from the
reorganization plan ordinaiily becomes operative 60 days
after its submission to Congress, provided Congress has been
in session during that period and the Senate and House have
not turned down the proposal.
The text of the President's message proposing the change
was
given in our issue of May 25, page
3283.
York "Herald Tribune":
The Navy air
expansion bill authorizes the specific expenditure
House Passes
of $124,-
by the House on
of War, deem advisable."
Navy air force of not less than 10,000 planes
instead of calling for
Secretary of State and the Secretary
The bill further authorizes a
The aircraft, air training and
base development proposed, Navy experts have estimated, will cost $2,200,000,000 upon its completion, expected by 1944.
and 16,000
naval aviators and enlisted pilots.
A bill
the measure the
of
the
Treasury to
House
Agriculture Committee on May
22 approved
legislation designed to broaden the credit facilities of the
Federal Land Bank system and reduce farm borrower inter¬
substituted for the Administra¬
shelved by the House com¬
mittee on May 21.
The original bill, it was pointed out in
Associated Press accounts from Washington, on May 21,
est
This
rate.
bill
determine what part of additional facilities can
be
extend the work-week from 40 to 48 hours; grant
and double pay for employees working during vacations;
charged against orders;
and call back
retired employees.
guard against
To
,
;
'
'
"fifth-column" activity among naval employees, the
Navy is authorized to dismiss any person without regard
to civil service rules.
Efforts were made from the floor to apply the Walsh-Healy Act to con¬
Secretary of the
—Original Bill Shelved
The
materials; advance
of the contract price to aid new companies; raise the exemption
limiting profits from $10,000 to $25,000; permit the'Navy instead
overtime pay
Approves Bill to Broaden Credit Facilities
Land Bank System and Reduce Interest Rates
House Group
would: Permit the Navy to negotiate contracts
competitive bids on ships, planes or
to 30%
of the law
of
passed
May 28 by a vote of 401 to 1. Concerning
Washington "Post" of May 29 stated:
speed-up legislation
The
up
Bill to Speed Naval Shipbuilding
designed to expedite naval shipbuilding was
which were recommended by the Hepburn Board
report.
In addition, $20,000,000 is authorized for additional sites to bo
selected by the Secretary of the Navy, of which $10,000,000 can be spent
in "such vicinities as he may, in his discretion after consultation with the
132,000 on 19 bases, all of
was
tracts
to any
this was shouted down by the House.
National Labor Relations Act inapplicable
negotiated under the bill, but
Another
proposal to make the
firms taking Navy
orders was also defeated.
+
tion's farm credit bill which was
sponsored by Chairman Marvin Jones, Democrat of Texas,
of the committee, and three Senators, would have made the
interest rate a flat 3%, would have curtailed operation of
farm
cooperatives, and would have transferred much of the
System from the banks to Secre¬
control of the Land Bank
tary
of Agriculture Henry A.
Wallace.
On May 23 the
"Post" said that under the [substitute] bill
Farm Mortgage Corporation is authorized to
refinance its present holdings of Land Bank bonds at a
rate not to exceed by more than *4 of 1% the rate on the
Washington
the Federal
Corporation's- Government-guaranteed bonds. The Corpora¬
tion would purchase new issues of Land Bank bonds on the
same basis.
According to a staff writer (Iladley Donovan)
in the Washington "Post" of May 22 the only surviving
feature of the original bill, which was backed by Secretary
of Agriculture Wallace and Farm Credit Governor A. G.
Black, is the provision for refinancing Land Bank bonds
now
held
by the Federal Farm Mortgage Corporation.
From the account in the Washington "Post" we also quote:
Controversial Provisions Dropped,
The
new
witnesses
draft
before
eliminates
House
and
of the Jones-Wheeler bill which
committees contended would destroy
provisions
Senate
Passes
House
Bill
Authorizing All Necessary Funds
to
The House on
Expand Army
May 24, by a vote of 392 to
1, passed the
expedite strengthening of the Army and sent the
measure
to the Senate.
The following concerning the
legislation was contained in a Washington dispatch May 24
to the New York "Herald Tribune.":
May bill to
which lone dissent was offered by Representative Vito
Laborite, of New York, removes all limitations on
the number of airplanes to be acquired by the Army and increases the
authorized strength of the flying cadet force from 2,500 to 8,500 and the
The measure, to
Marcantonio, American
3,000 to 6,000.
the amount to be used for
the Army of the $200,000,000 proposed by President Roosevelt as a White
House fund—$100,000,000 in cash and $100,000,000 in contract authoriza¬
tion.
The Army's share has been estimated by the President at $132,000,-
average
number of reserve air corps officers from
the bill gives legislative approval in
In addition,
000.
-
"blank'check" fund was not approved until after the House
prohibiting the use of the money to pay the
salary of "any Communist, Nazi or Fascist" and a provision had been added
requiring a report on the expenditures to any subsequent session of Congress.
At the request of the Administration an additional section was approved
which would give the President blanket authority to embargo the exporta¬
tion of any articles deemed essential to the national defense.
Likewise
the House, at the suggestion of Representative Andrew J. May, Democrat,
of Kentucky, Chairman of the Military Affairs Committee, eliminated the
However,
had
the
adopted an amendment
The Commercial & Financial Chronicle
3442
1940
June 1,
:
War
Department's
requirements
recommendation in
favor
of lifting
civil
the
"On the basis of appropriation bills which have passed and those which
service
employment as a "speed-up" measure.
on
pending in Congress, the Treasury and the Bureau of the Budget
are now
estimate that
deficit of the fiscal
a
Senate
Group Approves $600,000,000 Fund for
Supporting Government Loans on Crops
Price-
tive Treadway,
$500,000,000 increase in funds for Government loans
on
major crops—intended to act as a "cushion" against
possible price declines due to the European war—was
unanimously approved May 28 by the Senate Banking and
Currency Committee.
In noting this, Washington Asso¬
ciated Press advices of May 28 stated:
Senator Byrnes, who sponsored the
legislation, which
Secretary Wallace, said he would seek prompt action
"This is
lending limit of
on
"How
are we ever
which it made loans.
This
It has pending loans on
A
levels.
;■
whenever market
crops
new
/.
V
.
; 'f'
crop loans:
000,000
for
$150,000,000 to
260,000,000
bushels
cover
of
was
reached
issued
statement
The plan agreed
prices fell below certain
$90,000,000
Previous reference to this matter
of
May 25,
page
on
today after
a
three-hour conference among
after
the conference revealed that
upon'calls first for the issuance of
President
national defense
new
and second, for the passage of tax legislation calculated to raise between
$3,000,000,000 and $3,500,000,000 during that five-year period.
3,300,000 bales of cotton; $150,-
corn;
for
140,000,000
_";y.-/'yiv
:yv.
into effect
bonds by the Treasury to be sold with maturities not to exceed five years,
.
No Mid-June Adjournment
This
•
other crops.
go
T,--
Means Committee and the Senate Finance Committee.
and
Ways
joint
bushels of wheat; $40,000,000 for tobacco loans, and $60,000,000 for loans
on
pre¬
presumably
Roosevelt had approved the plan.
Government loan officials estimated that these funds would be needed
for
■'■
decision
House
going to get rid of this cotton_" he asked.
and other
ending
year
This would be less than the
Secretary of the Treasury Morgenthau and Democratic members of the
know," Senator Byrnes replied.
wheat
.
Administration leaders on May 28 decided to press for the
adoption of the proposed new tax program.
As to this, a
Washington dispatch May 28 to the New York "Sun" said:
justification for
a
He explained that Congress had directed that loans be made on cotton,
corn,
.
Its excise tax increases would
July 1, 1940.
another 2,000,000 bales it may have to take over, he added.
"I don't
1941, would be $525,000,000.
begin until next March 15.
were
Mr. Taft noted that the Government agency now owns outright about
6,500,000 bales of cotton
.
Morgenthau, estimated in reply to
because the increased income-tax collections provided in the bill would not
have it now because of the cutting off of exports."
you
foresee," Mr. Morgenthau said.
question that the total yield of the pending bill during the
June 30,
past government losses on price-
on
supporting crop loans, but he said that "if you ever had
making loans,
that belongs to the people of the United States that
A Treasury aid, accompanying Mr.
one
1940 crops against wartime disturbances.
Senator Taft made some comment
nest egg
a
do not now
viously announced estimate of $656,000,000 for later years,
nearly exhausted and that the additional funds
was
no," Mr. Morgenthau replied.
should be preserved for spme great emergency which we in the Treasury
Corporation.
Officials of the crop loan agency said that the present
$1,000,000,000
needed to cushion
agreed on the form of the new $656,000,000 tax bill.
Mr. Treadway then raised the question of using some of the Treasury's
would add $500,000,000 to the authorized lending powers of the Govern¬
ment's Commodity Credit
officials considered reductions in Federal expenditures
Treasury
$2,000,000,000 exchange stabilization fund to meet defense expenditures.
the bill, which
on
Republican, of Massachusetts, asked if Congressional lead¬
"The answer is
advocated by
was
and
ers
when they
A
1941 will amount to $3,703,000,000."
year
finished his brief, prepared statement, Representa¬
When the Secretary
was
made in
issue
our
is
sum
in prospect,
designed to
cover
all
emergency
defense expenditures now
and will boost the total tax burden of the nation to
unprece¬
dented peacetime levels just below the $7,000,000,000-a-year mark.
3284.
With the appearance of the
for
mid-June
a
administration tax statement today plans
adjournment
Congress
of
glimmering,
went
while
the
prospect of dissension and wrangling beneath the Capitol dome increased
Congressional
Leaders
National
Formulate
Defense—Seek
Plans
Annual
Finance
to
Tax
Increase
Despite the unanimity with which Congress has enacted the expanded
of
$700,000,000 and Rise in Statutory Debt Limitation
of $3,000,000,000—Proposed New Taxes Called for
House Bill
in
sharply.
appropriation bills for the
and the navy, strong opposition exists in
army
both houses to all proposals to increase the existing debt limit.
Moreover,
among
tax experts who have watched with concern the dis¬
astrous effect on business of other New Deal tax bills introduced late in the
A program
session and passed under
the party lash without proper consideration and
for additional taxes designed to raised between
$600,000,000 and $700,000,000 annually, supplemented by
a plan to increase the
statutory debt limit from $45,000,000,000 to $48,000,000,000 in order to finance the national
defense plans, was outlined this week by Administration
yield to the Treasury, but also to stimulate the expansion of business and
leaders in the House and Senate.
industry rather than to retard it.
without
being adequately fitted into any general integrated
tax
there is widespread insistence that no new taxes be levied until
has made
policy,
Congress
thorough study of the whole bundle of existing tax law and has
a
formulated
definite tax policy designed not only to bring a
a
maximum
On
May 30 Chairman Doughton, of the House Ways and
Committee, introduced the bill proposing the new
taxes to be imposed, estimated to raise between $600,000,000
and $700,000,000 and providing for an increase of $3,000,000,000 in the public debt limit; the bill applies the 10%
super-tax theory to incomes, both individual and corporation,
Attendants at the Conference
Means
Chairman Pat Harrison of the Senate Finance Committee, who is among
those who looked with
disfavor
on
proposals for another hit-and-run tax
bill agreed today, however, along with
Representative Robert Doughton,
Chairman of the Ways and Means Committee, to call his group into session
at
once
to
study
new ways
of financing
New Deal Government whose
a
and to excise taxes where that is possible without placing
expenditures next year will pass the $10,000,000,000 mark for the first
too
time in peacetime history.
great
burden
a
advices from
upon collections by the Treasury, said
Washington May 30 to the New York "Journal
of Commerce" which stated that in the main the bill provides:
Supertax of 10% on individual and corporate income taxes for 1940 to
yield
estimated $226,000,000 annually.
an
Supertax of 10%
An increase
in
on
Federal tax
the
from 1 cent to 1H cents a
A
raise in
the
A step-up
gasoline
beer from
on
on
$5 to $6
a
cigarette
tax
liquor from $2.25 to $3
increase
$77,000,000. :
Reduction
from
$3
to
$3.50
40
cents
thousand,
to
bring
.■
30
to
in tax
cents
exemption
on
theatre ad¬
missions and other amusements, to raise $25,000,000.
A
20 per cent increase in the transfer tax
on
stocks and
bonds, to yield
$3,000,000.
The
new
bill,
hurriedly whipped together in conferences between
appearance
in the
House
subject of hearings tomorrow before the Ways and Means Com¬
mittee with Secretary of Treasury Morgenthau as the first witness.
At
public debt both
national
advices
are
defense.
an
increase in the limit
on
the
essential to meet expanded demands
The Associated Press Washington
(May 31) also reported in part:
Urging the enactment of
a
Treasury's borrowing
the end of next
power
would be completely exhausted by
February.
on May 29 passed a resolution to make emer¬
provision for * the maintenance of essential vessels
affected by the Neutrality Act of 1939 and for adjustment
of obligations with respect to such vessels.
Regarding this
action Washington Associated Press advices of May 29 stated:
Chairman
maintenance
of
a
balance
approximating the present
one,"
extension
other
"The Cfrderly
measure also
provides for
a
time
or
an
judgment both steps
for
national
defense,
requires
provision
increase in the limit of the national debt.
are
are
of
In my
essential."
Secretary declared that he
was
convinced that the
and ready to accept the personal sacrifices of
public is willing
paying the additional taxes
are
necessary to provide the country with adequate national defense.
He said that President Roosevelt's
budget message of January 3 antici¬
pated
a
deficit of $1,716,000,000, to be financed by borrowing.
"Since that
sary
Commerce
Committee
said
time," he added, "events have taken place that make neces¬
expenditures for national defense that far exceed the amounts provided
for in the 1941
budget.
of
the
combat
zone
to
the
that
the
areas
had
shipping routes and that possible
Mediterranean might
tie up many
vessels.
legislation would give the Maritime Commission authority to revise
same
keep the merchant marine in "working condition with skeleton crews."
Mr.
Bailey said that
operate in
Northern
many
European
of the American ships, under contract to
waters,
had
been
shifted
to
other routes
then.
since
would
cost
the
Government
much
less
to
marine than to allow these vessels to be laid up,
maintain
"If the
in
war
the
merchant
he said.
A report from the Maritime Commission asking the
which
would
SEC
legislation said:
Europe spreads and nations heretofore neutral become
be forced out of service
areas
by
reason
of
our
neutrality policy
heretofore open to American shipping."
Upheld
by
United
States Supreme Court in
Reorganizations Under
Matter of Participation in
Chandler Bankruptcy Act
$3,000,000,000 increase in
$48,000,000,000, he asserted:
financing of Federal expenditures, expanded as they
expenditures
emergency
additional taxes
that
Senate
existing subsidy contracts to meet these conditions and at the
any
the Federal debt limit, to make it
The
of the
he
"is distinctly in the interest of economy and financial strength
especially to be desired in the troubled world of today."
Noting that the
by
Bailey
taken away many of the most profitable
and the extension of the war to
testified,
and is
The Senate
gency
involved, it might not be possible to provide employment for aU the vessels
Also, he added, the working balance of the Treasury—about $1,300,000,000—would be dangerously depleted by that time.
"The
Taxation, and Assistant Secretary of
for
Maintenance
of Essential
Vessels
by Neutrality Act Passed by Senate Would
Permit Revision of Existing Subsidy Contracts
It
$656,000,000 defense-tax bill, the Secretary
of the Treasury told the House Ways and Means Committee that as
things
stood the
on
Affected
The
yesterday's hearing (May 31) Secretary Morgenthau
said that additional taxes and
for
Congressional Committee
Treasury John Sullivan.
Neutrality Act provision barring American vessels from combat
tax
Congressional and Treasury experts, made its
to be the
the
Legislation
gallon, to raise $91,-
a
per
■'
from
Secretary
Cooper, Commissioner of Internal Revenue Guy T. Helvering, Daniel
barrel to supply
000,000.
A
were
Bell, special assistant to the Secretary of the Treasury, Colin F. Stam of the
,
in the tax
the conference at the Treasury today
(collectible at the source),
gallon, to produce $112,000,000.
Federal tax
$46,000,000.
on
Jere
Joint
Federal excise levies, effective July 1, to provide
$76,000,000 annually.
another
Those attending
Morgenthau, Senator Harrison, Representative Doughton, Representative
Under
decision
on May 27 the United States Supreme
interpretation of the Chandler Act, 1938
revision of the Bankruptcy Act, sustained the power of the
Securities and Exchange Commission to participate in a
financial adjustment. Washington advices to the New York
"Times" May 27 in reporting this added:
Court,
a
in
an
The decision
XI,
was
agreed with the SEC that Chapter X, rather than Chapter
appropriate in the bankruptcy case at issue.
The majority opinion, by Justice Stone,
brought
a
dissent from Justice
Roberts, shared by Chief Justice Hughes and Justice McReynolds.
Douglas, former head of the SEC, took no part.
Justice
Volume
The
150
stantial way."
SEC inter¬
Realty &
Improvement Co. of New York City evoked strong objection by the Com¬
mission, which termed the Circuit Court's conclusion "an evasion and
Refusal
by the Second Circuit Court of
Appeals to allow
"We think it
plain that the Commission has a
resulting from
in labor
from
of its public
to
which may be bound
would ordinarily be
The
It
which is fair and
District Court for the Southern
Co.,
subsidiary, and assume the
a
Com¬
mentioned in our issue of
A Washington dispatch May 27
the New York "Journal of Commerce" said:
v
mission.
This controversy was
April 1, 1939,
to
1896.
page
The decision ends
a
Associations,
Efforts of the truck¬
provisions of the Wage-Hour law exempting
year-old fight by the American Trucking
Inc., to compel I. C. O. to take over such regulation.
ing association
advisory opinion under
Puerto Rican American
6, 1939. It recommended
District of New York approve the
by the trustees of the debtor.
plan is based upon an offer by Consolidated Cigar Co. to pay $4,000,its own 10-year 4% unsecured notes for the assets of Congress Cigar
Places Non-
In a decision on May 27, the United States Supreme Court
by 5-4 held that regulatory jurisdiction over hours of work
of non-operating employees in the motor carrier industry are
lodged with the Wage and Hour division of the Department
of Labor, instead of with the Interstate Commerce Com¬
X.
plan proposed
The
V
Operating Employees of Bus and Trucking
panies Under Wage-Hour Act
happened that the SEC handed down an
000 in
referred to in these columns March 16, page
case was
Decision of United States Supreme Court
of unsecured creditors, without some
based
were
on
from its maximum hour and overtime regulations
Chapter X regarding the reorganization of the
Tobacco Co., which went into bankruptcy on July
that the
which they
Act.
entitled under the National Labor Relations
1692.
proceedings, the
equitable and
readjustments of
the rights of stockholders such as may be had under Chapter X, but is
precluded by Chapter XI, is at best but negligible and,, if accomplished at
all, must be without the aids to the protection of creditors and the public
interest which are provided by Chapter X, and which would seem to be
indispensable to a just determination whether the plan is fair and equitable."
Stating that his colleagues and members of the SEC staff were "gratified
by the opinion," Jerome N. Frank, SEC Chairman, issued this statement:
In its opinion the Supreme Court has emphasized the aids to the protec¬
tion of creditors and the public interests which are provided by Chapter X
and has characterized them as indispensable to the just determination of
the fairness of plans of reorganization.
The court stated its belief that
these questions of fair treatment for security holders are best settled by
resort to the facilities for investigation of the financial condition and
structure of debtors, and to the aid and advice of the Commission available
in the best interests
under Chapter
1938 Chief Justice Hughes
holding that workers who
VVv
■
of securing an arrangement
"The hope
removed it
the legitimate objects thereof"
from lawfully carrying out
.
.
engaged in sit-down strikes thereby gave up the protection to
Chapter X of Act Is Scored,
of the Act should govern in the
.
Observers recalled, in this connection, that in
wrote the court's decision in the Fansteel case,
by a judgment in the action."
'iv
the illegal nature of the strike
Act's provision stating that "nothing in the anti-trust
of labor organ¬
the Clayton
izations
subjected to its scrutiny," the majority
As to which chapter
majority said:
interventions to prevent
through
it
entitle
regarded as a milestone
laws shall be construed to forbid the existence and operation
reorganizations,
opinion said.
Justice Roberts, however, reasoned that the Commission could not
intervene "as of right under the rule because no statute confers on it an
unconditional right to intervene," and that the Commission had no "interest
duties
which should rightly be
sit-down strike, and therefore was
a
wasjnot intended to
employer for damages
litigation.
The company contended that
sufficient interest in the
authority and the performance
he found the strike
case,
a purpose.
The Apex case was the first suit to be brought by an
emasculation" of the bankruptcy law.
maintenance of its statutory
In the Apex
have, and did not have, such
involving the affairs of the United States
vention in proceedings
3443
Commercial & Financial Chronicle
workers under the juris¬
diction of I. C. C.
The
ruled,
Commission
latter's obligations.
over
hours of
and contract carriers in the industry was
J ;
special court of three
invalidated the
and held that I. C. C.'s jurisdiction extended to all
limited to those employees whose
activities affect safety of operation.
association carried its fight to a
The trucking
United
its jurisdiction
that
however,
service of employees of common
'
States judges
Commission's ruling
in the District of Columbia, which
employees of trucking concerns.
United States Supreme Court Holds Anti-Trust
Cover Unions, But Says C. I. O. Strike at
Laws
Apex
Not in Restraint of Trade
Court on May 27, by a 6-to-3 decision,
held that labor unions are subject to the Federal anti-trust
laws when they "restrain commercial competition in some
substantial way."
The opinion, delivered by Justice Stone,
also said that strikes, whether peaceful or violent, do not
constitute an illegal restraint of trade under the law, and
decided specifically that a Philadelphia labor union was not
subject to damages resulting from a sit-down strike at the
plant of the Apex Hosiery Co.
United Press advices of
May 27 from Washington outlined the ruling as follows:
Hosiery
Co. Was
The U. S. Supreme
rejected the suit of the Apex Hosiery
$711,932 from a local of the Committee for
Industrial Organization's American Federation of Full-Fashioned Hosiery
Workers under the Sherman Act's triple-damage clause.
The company
contended that members of the union wrecked its plant during a 1937 sitdown strike, and won a judgment in Federal District Court.
The Third
Circuit Court of Appeals set aside the judgment, however, and the high
by a six-to-three vote,
The tribunal,
Co. of
Philadelphia, to collect
affirmed that ruling.
court
The
decision—delivered by Associate Justice Harlan
F. Stone and con¬
Roosevelt's five appointees. Associate Justices
Frank Murphy, William O. Douglas, Felix Frankfurter, Hugo L. Black
and Stanley F. Reed—was greeted by Government attorneys as particularly
significant in connection with the Justice Department's anti-trust drive
against illegal restraints in the buildng trades industry, in which hundreds
of labor leaders have been indicted.
There had been some question whether
activities of unions and union officials would be held subject to the Sherman
curred
in
President
by
Act.
Assistant
Attorny
General Thurman Arnold, in charge of the Justice
division, said the decision "appears to sustain" all
the building trades prosecutions.
C. I. O. counsel Lee Pressman termed it
a notable victory for the O. I. O." and said it "establishes once and for all"
that legitimate union activities were exempt from the Sherman Act.
The court did not give unions the blanket exemption they had sought
from the anti-trust laws, but the majority held that in order toproceed
against them there must be proof that the union's actions or intended actions
were designed to affect the price of commodities in inter-State commerce.
Department's anti-trust
"
The ruling
the court in a long list of prece¬
The union had asked that those precedents be
reasserted the position taken by
back to 1908.
relative to strikes drew a sharp dissent from
in which Associate Justice James
Clark McReynolds and Owen J. Roberts concurred.
Chief Justice Hughes
differentiated between strikes called "peaceably
...
to proceed by
lawful measures
.
.
.
to attain the legitimate objects of labor organiza¬
tion" and those which he termed conspiracies.
Asserting that he could find "no warrant" for the decision, he charged that
the court "has no option but to apply the Sherman Act in accordance with
its express provisions" and to hold illegal a strike found to be "a conspiracy
directly and intentionally to prevent the shipment of goods in inter-State
commerce."
•'/■"■'v
Y;":
''''
:
I
Associate Justice Stone, however, emphasized the majority's contention
that the conduct of a strike was a matter for local regulation,
Restraints
exempted from anti-trust law when they were peaceful, he said "are not
brought within its sweep merely because, without other differences, they are
attended by violence." '•
'■ ;
"If," he said, "we were to hold that a local factory strike, stopping pro^
duction and shipment of its product inter-State, violates the Sherman Act,
ruling in its sections
Charles Evans Hughes
Chief Justice
.
practically every strike in
i
modern industry would be brought within the
jurisdiction of the Federal -Courts, under
law
reversed
by
the
Supreme
Chief
Roberts dissented
decree should be
- V-"
Court in today's decision,
and Justices McReynolds, Stone and
from the majority
opinion, holding that the special court
affirmed.
The majority opinion, written
by Justice Reed said that the court was
intended to grant I. C. C.
fafety in view of absence in the
"especially hesitant" to conclude that Congress
other than the customary power to secure
discussion of the desir¬
unusual powers over all
legislative history of the Motor Carrier Act of any
ability
and
broad
Commission
the
giving
of
employees.
and the debates contain no indication that a
"The committee reports
regulation of the qualifications and hours of
service of all employees was
contemplated: in fact the evidence points the
added.
'
"The Commission and the Wage
.
*
.
said, have both interpreted Section 204
and
(A)
other way," the opinion
;
HourDivision,
as we
have
(provision of Motor Carrier
relating
solely to safety of operation.
In any case, such interpretations are entitled
to great weight.
This is peculiarly true where interpretations involve
'contemporaneous construction of a statute by the men charged with the
responsibility of setting its machinery in motion, of making the parts work
efficiently and smoothly while they are yet untried and new.' Furthermore,
Act giving I. C. C.
the
jurisdiction over hours of work in industry) as
Commission's interpretation gains
that it
was
the Commission which
Congress.
much persuasiveness from the fact
suggested the provisions' enactment to
.
,
.
remember that the Commission has three times
securing safety of operation,
The first interpretation was made Dec. 29, 1937.
.
.
.
This expression
was half a year old when Congress enacted the Fair Labor Standards Act."
is important
"it
to
concluded that its: authority was limited to
As to the court's
conclusion, United Press accounts from
Washington May 27 said:
All five of the Justices
the majority
appointed by President Roosevelt concurred in
decision written by one of their
Reed, while the four older
Evans Hughes and
It
a
was
a
Deal appointed Judges had voted in
older members of
Effect of the ruling is to
time worked in excess
tfhe court.
require payment of
of 42 hours a week.
week.
Harlan F. Stone and
in a dissent written by Hughes.
the first time the five New
block against the four
hours
number—Justice Stanley F.
members of the court—Chief Justice Charles
Justices James C. McReynolds,
Owen J. Roberts—united
time-and-a-half wages for
I. C. C. regulations permit 60
,
the Sherman Act to remedy local
Court Rules Commercial Bank Not Liable
Misappropriations by a Trustee Out of Checking Account Maintained by Trustee in Bank
New York
for
overuled.
The
was
lacking in the Apex case.
This was held
dents dating
This
Justice Hughes,
.
J
From the
May 25 "News Letter" of the New
we quote the following:
York State
Bankers Association,
The
Appellate
Division of the Supreme Court,
Second Department,
judgment by Justice Lockwood against the Corn Ex¬
change Bank Trust Co. for over $300,000 in the matter of Grace et al,
versus the bank.
In this case, the New York State Bankers Association,
recently reversed a
counsel to the Association's Committee on
Chief Judge Crane filed a brief, as Amicus Curiae.
The decision of the Appellate Division holds that a commercial bank is not
liable for misappropriations by a trustee out of a checking account main¬
tained by the trustee in the bank, even though the bank itself may receive
some of these monies in payment of debts due to itself, unless it has actual
knowledge of or reason to believe that there are misappropriations.
The
opinion, in effect, holds that the receipt of monies by the bank for its own
account does not per se constitute knowledge of misappropriation.
This
opinion is a distinct and decided limitation upon the rule formerly thought
to have been applicable in cases of this type, and is sustained by the Court
of Appeals will prove to be of great beneift to all the banks in the State.
through Paul G. Reilly, formerly
Legislation and former
violations.
intended to reach such a result, its language
does not require it, and the course of our decisions precludes it."
He said the court never had construed the Sherman Act to cover cases—
whether labor or non-labor—"in which it was not known that the restrictions
on shipments had operated to restrain commercial competition in some sub¬
"The act
plainly was not
Agriculture
Department
Fixes Loan Rates for 1940
Barley Crop
The
that it
Department of Agriculture announced on May 21
would extend loans on the 1940 barley crop ranging
:/
I
The Commercial & Financial Chronicle
3444
from 35
25 cents,
cents to
depending on grade. The advances
producers who comply with acreage allot¬
will be available to
facture shoes,
agricultural conservation program and will
be made by Commodity Credit Corporation.
The loan
program is designed to stabilize prices and to Help growers
finance the storage of surplus portions ol their
crop so that
it might be marketed later at possible better
prices.
Loan
and
saved from war was advocated May 23 by
Assistant Secretary of War, in an address
before the annual meeting of the National Board of Fire Un¬
derwriters in New York City.
Mr. Johnson denounced
Communists, Nazis, and their "Fifth Column" activities in
the United States, and urged the creation of an efficient in¬
telligence service to cope with dangers from any quarter.
He asserted that this country has enough money to
purchase
any armaments that are for sale but warned that much time
is needed to produce requisite material.
Mr. Johnson said,
are to be
Louis Johnson,
settled
were
the
over
Corpora¬
by the Treasury
May 24 when, it is stated, Mr. Jones agreed
on
to withdraw the controversial
in part:
provisions of the legislation.
have permitted the RFC to
The
The lesson to
provisions, which would
purchase preferred stocks of banks without permission from
the
Secretary of the Treasury, and which would have
allowed banks to make 15-year instead of
10-year real estate
loans, were contained in a bill designed to permit the Treas¬
to recapture $300,000,000 from
ury
the
RFC.
be part of the President's plan to recover
This
budget
Senate Banking and Currency subcommittee
previously rejected these two provisions.
This was
reported in the hearings on the bill given in our issue of
May 18, page 3136.
Regarding the settlement,
had
Washington
advices of May 24 to the New York "Herald
Tribune" said;
Mr.
and
Jones
read
He
on
the
said
handle
appeared before the House Banking and
Currency Committee
which he had sent to Mr.
Morgenthau explaining his
Subsequently the Secretary called
released
Jones
that
President
of
particular
dropped."
a
conference at which he
press
letter.
phases
some
any
Roosevelt
the
bill
defense
were
had
asked
Mr.
Jones
and
and
these
insignificant
that
they
himself
"little
program,
so
to
differences
should
be
...
and
that he expected to "come back" at the next session of
ask
liberalization
of
the
real
estate
investment
laws
for
Congress
National
banks.
The
"I
with
ance
o*
complete text of Mr.
Jones's
letter
suggest that you eliminate from H.
the
Mr.
to
R.
Steagall
9687
follows:
the
Treasury this morning and
will
be
handled
the RFC, without
deals
so
by banks,
to
as
and
to
that
the
the
preferred
entire
stock
satisfaction
of
10-year
is
as
the
now
be
case,
eliminated
from
the bill.
"I
expect
to
ing laws
farms
to Congress at the next session with more
subject, because in my opinion the present bank¬
unduly restrictive.
Improved income-bearing real estate, both
are
and
as
properties,
business and
is
entitled
to
credit
and
credit
facilities
industry enjoy."
Proposal to Set up Corporations of RFC for Purchase
of Strategic Materials Is Made
by Jesse Jones—
Senate and House
Groups Approve
Federal
Loan
Administrator Jones, in appearing before
the House Banking and
Currency Committee on May 23,
urged the creation of Gpvernment corporations, subsidiaries
of the Reconstruction
hold
essential
raw
Finance
Corporation, to acquire and
materials for the national
defense pro¬
In reporting his proposal,
Washington advices of
May 23 to the New York "Journal of Commerce" said;
Appearing before
Home
of
RFC
to
Owners'
the
committee
support
of
legislation
would
which
purchase from the Treasury its equity in this and the
Corporation under the plan to recapture excess funds
as
of
means
a
presented the following draft of
"The
in
Loan
lending agencies
Corporation
is
meeting part of the
amendment
an
authorized,
when
to
the
required
budget deficit, he
pending bill:
by
the
Federal
Loan
Administrator, with the approval of the President, to organize a
corpora¬
tion or corporations for the
purpose of aiding
the Government of the
United
States
in
•non-assessable
or
to
any
program.
ing
raw
capital,
its
national
defense
and
to
subscribe
for
and
as
stock
may
the
for
be
plant
made
expansion
on
corporation
such
may
and
terms
equipment,
and
and
conditions
for
and
working
measure
a
none.
the im¬
on
Each must be ready to get into action at
notice.
moment's
sea
and air
bases—play in modern
As
war.
Berlin gave the green
soon as
light for the campaign in Scandinavia, Germany seized the principal sea
As soon as London recovered from the paralysis of the first
shock of surprise, Great Britain moved out, but too late to
get more than
bases for herself.
one or two
When the Nazi troops captured the
key bases,
the outcome of the campaign became settled.
.
.
.
In Holland and in Belgium,
Germany repeated the same technique of
raids, raiding frontiers, establishing bases and
exploiting the initial success
by the
of mechanized columns and infantry devices.
use
In America, too, air and sea bases hold
must have a
keys to national security.
strong Navy, a powerful air force and
We
well-balanced Army
a
capable of establishing and manning forward bases anywhere In the Western
Hemisphere.
To hold these bases and to protect those we
already have,
we must depend principally on
ground troops, on infantry, artillery, anti¬
aircraft and other land units.
The need for
a
well-rounded team of land,
and air defense is obvious.
Above all other considerations, the present war
emphasizes the need for
well balanced and
fully equipped national defense
teams.
It did not need
to
prove that fact to any student of
military history.
Not only
Germany, but Great Britain and France realized it.
The difference was
a
war
that Germany has had in all theaters of
operation the required engines of
war.
It took years to build them.
Military arms and equipment can not
Today,
beheld
we
a spectacle of
They
not be built in
can
hurry.
a
Great Britain and France, rich in
money
but weak in munitions, forced,
temporarily at least, to bow to Germany,
poorer in wealth but stronger in sinews of battle.
On M-day,
Germany
had the guns, the planes and the trained
There is the lesson for
Yes,
us.
the capacity to build them,
are
but
We have begun to build, but let
in
we
men.
The Allies did not.
have enough money to buy anything
not available at the counter.
we
can
not do
that in
be satisfied until
us not
a
We have
hurry.
we
.
.
.
have put aside
vaults of national defense all of the sinews of battle
that present pro¬
duction problems in terms of time.
our
Henry Ford Says His Plant Could Produce 1,000 Planes
a
Day—Would Need Advice of Experts and No
Government Meddling—Remarks of W. S.Knudsen
Henry Ford disclosed on May 28 that if necessary the Ford
Motor Co. "could, with the counsel of men like
Lindbergh
and
Rickenbacker, under our own supervision and without
meddling by Government agencies, swing into the production
a thousand
airplanes of standard design a day." It would
of
take about six months under those conditions to
reach that
of production, he said in an
level
with
"Of
some
original draft.
member who opposed
reporting the bill, said it would give
the Government the
power to engage in almost any kind of
business enterprice.
Regarding his objections, Washington
advices of May 30 to the New York "Times" said:
Senator Taft
wanted to limit the
lending of Government money to firms
producing "arms, ammunition and Implements of war," but his amendment
they would have
course
"Equally important would
that
tion
we
to be of standard
be
freedom
design," he emphasized.
of action
on
our
own
part, so
would not have the
handicaps of red tape that slowed down produc¬
during the World War."
Mr. Ford said that he was convinced the
present conflict in Europe
would not last very long "because the United States
won't get into it."
"Don't misunderstand me," he said.
"A.lot of pressure is being brought
to push us into it and there is real
danger in enormous 'defensive' armament,
but I am confident we can
keep out of it."
It
was
suggested to Mr.
enormous
"So
Ford that
a
thousand planes
volume of production."
was
10,000 motor
production of
Incidentally,
day much
one
eagle boat
we would
sooner
cars a
a
day," he replied, "but
a
a
day "was
•
one
certain amount of red tape
an
.
did it; so was the
day during the World War, but
have reached the level of
but for
we
we
did it.
submarine chaser
that had to be
a
con¬
tended with."
such
Currency Committee also reported
amendments were written, into the
Senator Taft of Ohio, the only Committee
after
interview, reports the
Associated Press, which added:
"Still, planes present
determine."
The House Committee
approved the trll on May 29 after
an
attempt to strike from the bill the RFC provision was
defeated by a 14 to 10 vote. On the
following day (May 30)
the Senate Banking and
the
We must have
be tested
and air ports.
the
carry¬
maturities
power may
.
program
thereto, and to make loans to any such corporation
other corporation organized to assist in, or
necessary to, Buch
Such loans may be made for the purpose of
acquiring and
materials,
Adequate national
weapon.
well-balanced air force second to
a
The next important military lesson is to recognize the
part that bases—
gram.
authorize
basket, not to over-estimate
weapon.
or
this
on
business
favorable
back
come
recommendations
as
a
or
arm
M-day force whose
that is for sale, but munitions
that the section which would amend the Federal Reserve
permit 15-year amortized loans on improved real estate
instead
an
and
yes,
mediate outbreak of hostilities.
of
change in the law.
"I also suggest
Bank Act
convinced
am
expeditiously
arm
be bought in the open market place.
the section which
request for
the purchase of preferred stock in banks and insur¬
companies by the RFC.
I have had a conference with the
Secretary
matters
is not to put our eggs in one
none;
Each has become
sea
Although Mr. Jones agreed to drop the provision
affecting National
banks, he asserted in a letter to Representative
Henry B. Steagall, Demo¬
crat of Alabama,
Chairman of the House Banking and
Currency Com¬
mittee,
Navy second to
letter
a
position.
us
importance of any one service,
defense dares not ignore any service,
$700,000,000 from
A
message.
the
would
various Government agencies as recommended in
his
Program of Air, Army
Secretary of War
phere
Treasury Mor¬
and Federal Loan Administrator Jones
bill which would give the Reconstruction Finance
tion certain banking authority now held
Balanced
Defense—Assistant
Says Nation Has Money to Buy Armaments
Estate Mortgage Loans
genthau
Asks
Naval
A well-balanced army, naval and air defense
program if
the United States and other nations of the Western Hemis¬
Federal Loan Administrator Jones Settles
Dispute with
Secretary Morgenthau over Bank Bill—Agrees to
Withdraw
Provisions
Dealing with Change in
Power over Bank Stocks and
Liberalization of
Real
produced by private
now
Warns Against ''Fifth Column" in United States—
barley.
The differences between Secretary of the
clothing and all sorts of articles
Johnson
Louis
35c. per bushel; No. 2, 34c.; No. 3,
32c.; No. 4, 29c., and
No. 5, 25c.
A discount of 2c. per bushel will be made for
mixed
1940
enterprise.
the basis of farm storage were announced at: No.
1,
on
1,
defense."
ments of the 1940
rates
June
changed to read "equipment and supplies necessary for the Nationa1
He objected that this would permit the Government to manu¬
was
a
different problem," the interviewer persisted.
"How?" Mr. Ford asked.
"Well,
we
don't know
as
much about planes as we do about motor
cars
and farm tractors."
"That's exactly why I say we need the counsel of
and that we must not be dictated to
by
in airplane
design and operation,"
airplanes, if
agreement is had upon
came
men
men
who know
aviation
who haven't kept up to date
the reply.
"The manufacture of
just what is wanted, becomes simply
an
assembly problem."
Of the proposals for an enormous
"defensive armament"
program, Mr.
Ford said:
"One of the things we must remember is that
preparedness for defense
also preparedness for war and with
tremendous so-called 'defensive
armament,' we are in just the position the war-makers want us to
be in
order to be pushed into a conflict in which we
should have no part, pushed
in by an insidious middle
group that is
is
fighting neither Germany
nor
A
\
Volume
The
J50
England but getting them to fight each other solely
that this group
might
profit financially.
"The real 'fifth columnists' in this country are these
of war, propagate it and peddle
that make money out
the greatest on earth.
financial interests
York "Times"
expressed
were
as
follows in
out the amount of munitions
needed for national defense-" Mr. Knudsen was asked.
"America can, not I," Mr.
planes
1,000
Knudsen said.
"Naturally, if he said so."
General Motors do it_"
"Could
"I
guess
"But
we
we are
was
another question.
could if we laid plans for it," was Mr.
Knudsen's reply.
about that now."
not talking
Confidence in Ability
Jouett,
Addressing Annual Meeting at Washington, Says
Industry Will Not Waste Public Funds
Aircraft Manufacturers Express
National Defense Needs—John H.
Meet
to
Six aeronautical experts
who addressed the annual confer¬
National Aviation Forum at Washington on
the
of
ence
hopeful picture of the Nation's air de¬
Jouett, President of the Aeronautical
Chamber of Commerce, Inc., said on May 29 that aircraft
manufacturers can contribute "in full measure" to the na¬
tional defense without waste of public funds and without
great delay.
Mr. Jouett said that by expanding existing
factory space, the industry will be able to carry on two im¬
portant developments which are the keys to quantity pro¬
May 26 depicted a
fenses, while John H.
duction and the maintenance
duction and sub-contracting.
Let
'
us
look
months we have
of quality: straight-line pro¬
He continued:
In recent
been able to push out the walls of our plants and add floor
at
approach to straight line production.
our
and new personnel without delay in production.
Employees working
the old section in the morning have finished their job in the new section
space
in
With straight line methods the repetitive jobs have
increased, bringing a proportionate decrease in the need for skilled crafts¬
men requiring years of apprenticeship.
The men trained in our own shops
in a few weeks or months, as the case may be, are able to handle these re¬
during the same
day.
petitive jobs under the
is one
close scrutiny of the supervisory personnel. That
of straight line production methods in the
phase of the development
time.
plants at the present
with which new plant space can be set
buildings. For example, one of our companies
recently contracted to produce $23,000,000 worth of planes on an Allied
order; and required 600,000 square feet additional plant space for that par¬
ticular work.
The new section is being built alongside the present plant
at a total cost of $2,000,000, less than 10% of the value of the original order
phase is the relative ease
Another
up
clares
adjacent to present
public funds
healthy, progress¬
of this emergency, an in¬
Headed
What
by
is Co-ordination of
Washington—Reply of As¬
Needed
is
in
Activities
of Non-Political
Industrialist—De¬
Creation
Urges
Board,
That
Defense
is properly
better way.
world at peace.
Hoover
Munitions
Secretary Johnson
sistant
in
Former President Herbert Hoover,
address
interference, Mr.
alone can do it, and that there is no
procedure will result in our having a
serve a
Ex-President
broadcast
New York
from
nation-wide radio
a
on
May 27, criticized
accomplishments in national defense and
New Deal
operate without
if permitted to
day,
a
dustry ready to
and armament
could turn out
accomplish it without waste of
we can
we
industry here in the United States at the end
ive
produce the mo3b effi
machines in future years.
We know that we can do it if the program
delay.
We feel that
We believe that such
the New
Knudsen replied.
Henry Ford's statement that he
believed
if he
confident that
are
drawn.
follows:
as
"Do you think you can turn
Asked
We
and undue
propaganda."
Knudsen, President of General Motors Corp.,
and who this week named by President Roosevelt as a
member of the Advisory Commission on National Defense
to
help coordinate the Government's defense program,
querried by newspaper men on May 29 as to whether his
corporation could match the offer of Mr. Ford, made the
"guess" that it could, while in New York on his way from
Detroit to Washington to confer with the President.
Mr.
views
It should help Americans to
cient and the most economical flying
William S.
Knudsen's
3445
Commercial & Financial Chronicle
urged
non-political munitions administration with
Mr. Hoover said that the immediate
need is not 50,000 airplanes, but an organization in Wash¬
ington able to co-ordinate American industry so that it could
manufacture that number in a year if it were called upon to
do so. He said that this country should adopt a "keep off the
grass" sign, with "a fierce dog plainly in sight." The New
York "Times" of May 29 quoted the former President in
part as follows:
•
J
the creation of
one
a
head.
at its
man
Discussing what the country needs, Mr.
Hoover said it was not 50,000
become obsolete within a year,
that can produce 50,000 planes a
airplanes to be put away in hangars, to
but
coordination of American industry
a
if they are needed.
year
.
v
"In the last 25 years the
as
governments of the world have been
before in history, with the
never
ganizations capable of making their national preparedness
"During that time it has been my duty to observe
declared.
organizations on the economic side in a score
these
their
seen
successes
and their failures.
.
.
.
organization of preparedness in industry
conclusions as to
function," he
and deal with
of governments. I have
whole world leads to certain definite
"This experience of the
confronted,
problem of creating governmental or¬
and specific
when govern¬
ments are under strain.
This is a business requiring expert
"First and foremost:
knowledge of
and transportation and agriculture. The
the last World War and every step in the present war
manufacturing, industry, labor
lesson of the whole of
large volume must be separated
It must be done by an organiza¬
department. It is an industrial
manufacturing job, a mass production job—for management and
It requires that thousands of factories be coordinated to do their
procurement of munitions in any
is that the
and navy establishment.
from the army
and independent of either
tion separate
job—a
labor.
part.
and sailors is to make war. They are not
They are not trained as pro¬
And neither are the politicians nor
bureaucrats.
This is a job for business men and labor.
"Nor is it a job that can be done any better by political coalitions.
This
is no question of political unity.
It is a question of hard-headed practical
business organization in which for the security of the nation there is no
"The
profession of our soldiers
trained machinists or operators
of factories.
executives.
financial
and
duction
politics at all.
learned over and over again out of all
"The second lesson
years
is that such operations
cannot be controlled by
these recent
boards or councils or
conferences.
provides for an orderly,
controlled by a single-handed trusted and experienced
in the last war started in to organize in¬
dustrial production of war materials through boards.
And after muddling
for months and the sacrifice of the lives of hundreds of thousands of men
and the loss of hundreds of millions of dollars every government fighting
in that war finally created a Munitions Department, headed by a single
through the primary
man.
designed to turn out.
which it is
More than 20 years
of experience in management are going into that new
complete integration with the existing faculties. It
uninterrupted flow of work from the raw materials,
and subassembly stages and on to the finished product.
It will have in one section facUities for the basic primary operations, such as
the forming of parts in presses and drop hammers, machine shops, sheet
metal shops, welding and jig construction sections—all routed to the sub¬
assembly department.
A comprehensive system of tunnels under the
plant, which involves
"They must be
Every nation in Europe
man.
"The whole genius
of the American
President of the
It is just as
foolish to set up a board to conduct munitions business as it
set up a board to conduct the Presidency of the United
the power lines, electricity and compressed air, and heat¬
ing systems.
There is not the slightest doubt that additional factory space
alongside existing plants is more economical and practical from every
would
viewpoint.
expenditures of money out
plant provides for
Strategic necessity,
however, often outweights considerations of economy
of aircraft plant expansion may be
desired by our military experts, and to this end new structures located at
points less vulnerable to air attack from our coast lines and borders.
We
know that the most careful judgment of points for and against such measures
wiU be rendered.
Our industry will loyally follow the decisions made.
We now come to subcontracting, the second important development
which produces quantity production and quality at the same time.
Only
a few years ago our manufacturers had to do everything possible within
four walls.
Some three or four years ago it was found practicable to let
out contracts to other manufacturers who happened to need business.
These orders were for parts, tail assemblies, ailerons and occasionally wing
The strategic location
and efficiency.
Subcontracting grew slowly until it formed about ten per cent of
the prime contractor's output.
With larger orders, the subcontracting
system developed more rapidly, until it is now about 25% of the produc¬
tion and still growing.
It has resulted in the most orderly kind of industrial
expansion.
It has prevented the plants of the prime contractors from being
over-expanded with loss of efficiency.
It has kept important companies
at work in other localities, providing steady employment for the aircraft
We can see no
industry if it is
reasonable limit to the productive capacity of the
existing
permitted to operate under the conditions which it has
found
practicable during its growth over
defense.
In closing, let me suggest
worth
a
where the
the
ill-considered and hasty decision.
Again the word "Caution".
The orderly expansion during the last year and the developments now
contribute its full measure to
equipment necessary as fast as
At the same time, it will be creating a
guarantee that the industry can
the national defense.
the men can be
It can supply all the
trained to use it.
great establishment
of technical skill and
manufacturing resources, probably
.
\
taught by experience is
'
'
■■■,':• . '•
that we must get these vast
of politics—get them out of sectional pressures
We must get them focussed into one place
it and watch the spending. That is
whole nation can look at
profiteering.
It is the only way we can elimi¬
We must not blind ourselves to the sec¬
and log-rolling that goes on in our country.
We know too
well the use that can be made politically of favors to localities and indi¬
viduals in the expenditure of such large sums of money.
"It is a sorry thing that the American people have to learn these lessons
over and over again every time necessity knocks at our doors.
"Therefore what are the essentials of this organization if we want real
and assure efficiency.
It requires:
preparedness?
"1.
That a Munitions
"2.
That it
Administration be created in Washington.
single-headed administrator with assistant
should have a
agriculture and industry.
heads for labor,
should be an industrialist and not a politician.
appoint a nonpartisan advisory
representing the Army, Navy, labor, transportation, manufacturing
"3.
That administrator
"4.
That he
board
and
should have authority to
agriculture.
"5.
That the whole
and Navy
and manufacturing for the Army
should be done by this administrator.
of the purchasing
from private industry
and Navy is to state what they want.
the Munitions Administrator to deliver it.
"6. That a research organization should be created to constantly
of the Army
It is for
improve
these products.
"7.
That all
appropriations for such
work should be made to this organi¬
zation.
,
"This is a form
of organization that
On May
a
will get speed and economy. Urgency,
virtues."
Secretary of War Louis Johnson in
network talk from Washington on May 28
speed and economy are
I repeat that the present emergency
future must be considered together, without interference
."■!'
■
.
tional pulling
that the old adage of an ounce of caution being
by
under way
.
only way we can prevent
nate waste
pound of cure is timely here.
and the long, long
'
and out of group pressures.
possible to satisfy all the
vital to adequate
.
The business
the last two decades. We believe
demands of the defense program and at
the same time maintain the industry in a healthy condition, still progress¬
ing, still carrying on the experimental, research and development work so
most
that it is
to
"The third lesson
,
for just such an emergency
be
States.
panels.
personnel and keeping all the plants available
as that in which we find the country today.
people has demonstrated over 150
that when we come to executive action, including the office of the
United States, we must have single-headed responsibility.
years
not bureaucratic
28, Assistant
coast-to-coast
exception to the utterances of former President Hoover,
referring to his remarks as causing "misconceptions" about
national defense; at the same time Mr. Johnson pledged that
the Administration will carry out its preparedness program
took
"free from
polities and
partisanship and only in the interests
The Commercial & Financial Chronicle
3446
of national
security/'
From United Press accounts from
Washington, May 28, we quote the following extracts from
[Mr.
There
Hoover] blamed the "low state of readiness"
of the
nation's
forces, when President Roosevelt took office in 1933, on the fact
that "from 1922 to 1933 many of the citizens naiveiy believed
that if only
we would disarm the rest of the world would follow."
"They honestly thought," he said, "that if only we gave
and our Navy, international peace would prove inevitable.
was
reduced to
level within the
a
our
Our
reason of other nations.
of the world, however, merely gave lip service to
and continued to build up their armed forces."
up some of the
it
as
now
"first, to give
—
as
foreign trade
result of former
a
prominent candidate for the Republican
demanded that
immediately establish
we
a
President nomination
.
of
non-partisan national defense
board to plan and direct our program of rearmament."
voiced such
assure you,
are
proceeding along
nation in the defense program is
proceeding
He [Mr. Johnsonl said that in
a
lines
as
planned
We
on
October 20,
,
.
no
they kept right
on
reducing
our
our national
Army and weakening
to make any
a
with
shadow of defense.
Net
lease
new
lowed" when Mr.
on
life."
forces and will continue to
co-operate.
building
But he said "there is
up
no
the
on
defense
,
V 7.
,
i'>:
Assures
Large
in
of the machine tool
May 27 assured representatives
industry that they might expect $200,on
000,000 of business in the
coming
quirements of the national defense
year as a result of the
re¬
program, aside from tools
which may be needed to construct
aircraft to be used in train¬
ing civil pilots. The industry received this information
after
it had sent a committee to
call on Secretary of the
Treasury
Morgenthau, who was appointed by President Roosevelt to
direct mobilizing of the aircraft
and machine tool industries
for the defense
plans. A Washington dispatch of May 27 to
the New York "Times" said:
Secretary Morgenthau said at
today, at which members of the
sented
to
the manufacturers the
in nature.
ness
It
of about
was
the tentative
tary Morgenthau
At that time
spent
his
meeting
Army and Navy Munitions Board pre¬
$200,000,000 estimate, was preliminary
estimate
considerable
on
what, if
at
the
¬
Treasury, the
conferring with
Army and
Monday.
■
to
produce the needed
any, government financial aid will be
needed.
Secretary Morgenthau
Pratt
of the
of orders
time
they will say how long it will take
Those who conferred with
of
that
committee will meet with other
spokesmen of the in¬
Ohio, tomorrow preliminary to
reporting back to Secre¬
dustry at Dayton,
manager
conference
$385,000,000.
industry committee
Navy experts.
The
president
press
estimated that the
industry was geared for annual busi
After receiving
tools and
his
were
Clayton R. Burt,
&
Whitney of Hartford, Conn.; Tell Berna, general
National Machine Tool Builders
Association; Charles J.
StiUweli, president
of Warner and
Swasey Company of Cleveland; Howard
W. Dunbar, vice
president and general
manager of the Norton Company
Worcester, Mass., Norman D.
MacLeod, president of the Abrasive
Tool
of
Machine
Company of Providence, R. I., and John E.
Lovely, vice
president of Jones & Lamson
Machine Company of
Springfield, Vt.
They
constituted a special
committee of the National
Machine Tool Builders
Association.
The machine tool
committee of the
Army and Navy Munitions Board,
$200,000,000 estimate, included Colonel H. K.
Ruther¬
Major W. H. Soderholm,
representing the Army, and Captain
E. D. Almy,
Commander E. R.
Henning and O. F. Warhus, civilian engi¬
neer, representing the
Navy.
which provided tffe
ford
and
'
The
Army and Navy people did
declared.
a
beautiful job," Secretary Morgenthau
He said that they "had
it all broken down"
showing how many gear cut¬
ters, millers, boring
machines, lathers, planers and other
classifications of
tools would be required.
As for the machine-tool
"Their attitude
was
representatives, Secretary Morgenthau said:
splendid."
the
to
by
Foreigners
American securities in
more
10-month trend,
a
Net purchases totaled $3,879,000, in contrast
other
States
the
$4,479,000 in January.
hand, foreign
declined
from
Feb. 28
short-term
balances
$2,994,739,000
on
in
Jan.
the
31
on
to
as
United
a
States.
continuation of capital inflow
net inflow for the
month
The
$12,027,000
in
held in
the United
February
231,000.
States.
totaled
$49,110,000,
securities by
and
gross
foreigners in
sales
were
$45,-
Switzerland featured the
buying side with net purchases
$10,555,000,
more
than
doubling its purchases of
$4,484,000 in the preceding month.
The Netherlands had
of
net
purchases of $1,081,000; other European
countries,
$1,010,000; Latin America, $901,000, and Asia, $1,588,000.
/
Government officials
build up good will
probably be able
Securities
Gross purchases of American
Expansion
will
as compared with an inflow
of $37,January.
Much of this resulted through the
repatriation of $10,708,000 of foreign securities which were
Industry Representatives, Conferring
with
Government Officials, Receive Promise of
$200,000,000 Business in Coming Year—National
Program
we
States
595,000
shall achieve—in the minimum of
time."
'
practically impossible
we must continue to
of American
totaled
Tool
Defense
full
cooperation.
The "Bulletin" disclosed
into
security.
Orders
to its
South America.
wares to
belligerent nations made with¬
drawals to finance purchases.
These withdrawals were
partially offset by increases in balances of non-belligerents.
"We will take every worth-while
suggestion from every responsible person
which will help toward the realization
of this objective.
We have one su¬
preme goal—the safety of the United States
and the security of the American
Machine
May 27.
$2,991,556,000
■:
,v'V'/••'/.'
"It is time to quit
talking politics," Mr. Johnson concluded.
"There is
The air has been cleared.
Let us get down to business and
get our defense in shape.
The Roosevelt Administration will
carry out
our national defense
program free from politics and
partisanship and only
n the interests of
national
we
our
Central
present
February
United
work ahead.
people, which united
people.
part to increase
the
May "Bulletin" of the Treasury Department disclosed
On
need for
our armament program when we have
well established agencies
competent to do the job," since the nation is not
war.
Purchase
with net sales of
setting up any machinery to manage
at
of
February, 1940, than they sold, reversing
Similarly, he said, "results immediately fol¬
to the Navy.
every way" in
on our
view
neighbors, and, in time,
their real
upon
United
Roosevelt turned
Industry, he said, "has co-operated in
in
by the Germans will be used
as any success
Foreign investors purchased
,7,
Army, he said, "has
a
staff, and particularly
our representatives have made them¬
Despite
Liquidation
by
Warring
Nations—Net Capital Movement in Month Toward
Saving, indeed, at the expense of national insurance:"
He said President Roosevelt first aided
the Army by giving it the task
of
organizing the Civilian Conservation Corps.
The
gained
commendatory remarks
our ambassadorial
especially
predictions now, but
Southern
out
count
Navy,
our
Marine Corps became but
high cost
taking the place of European goods
In view of the very involved World situation, it is
defense.
and pointing with pride to their
saving of a few pennies here and there.
"At the direct order of President Hoover
the
these countries,
European situation,
yet they did nothing
strengthen
now
Argentine and in Brazil, where
in
concrete program to
are
advantage in again exporting their
.
Hoover voiced
America to its dangers.
"They offered
Far worse,
proving itself unilateral,
which
It is to be hoped that evey effort will be made
war in Europe"
adoption of "his neutrality plan, calling for prohibition on
the sale of offensive weapons to the
warring nations."
Under the Republican administrations of the
1920's, Mr. Johnson said,
"our responsible leaders knew, or should
have known, that our idealistic
was
a
quality of these American goods.
imports from
"another unreal and perhaps tragic
misconception of the
to awaken
goods,
splendidly represented by
are
in the
when he urged
gesture of disarmament
in Chile and in Brazil.
selves persona grata both with the government and the
and co-ordi¬
on a most efficient basis."
speech
American
about the
Thomas E. Dewey
a demand last night in a
speech at Dallas.
"From these conflicting advices," Mr. Johnson
said, "the need for co¬
ordination between the Republican spokesmen seems much
greater than is
the need for any co-ordination of the defense
activities of the Government.
Those, I
as
which they are unable to obtain, there are many
.
.
much
great deal to increase the respect of these South American Republics for the
United States, and although there is much complaint about the
He noted that Mr. Hoover called for
non-political appointment of a single
individual to administer the preparedness program, while at the
same time
"a
as
The Good Neighbor policy of President Roosevelt has
seemingly done
national defense last night."
on
& Co.,
weeks trip to the southern
say how much I am impressed with the commercial activities
there, principally in the Argentine, where they have not felt the loss of
an
exists; second, to clear
misconceptions that may have arisen
President Herbert Hoover's radio talk
Bache, of J. S. Bache
seven
I cannot but
He said he had two purposes in making his speech
honest summary of the military situation
a
South
continent.
The returns seem to be ample, and taxes are
low, and practically guaranteed to remain so—at least for
the immediate future, he added.
Mr. Bache also said;
The rest
impracticable idealism
our
his return from
capital in all
desire to encourage Americans to
a
invest there declared Jules S.
upon
for
demand
American countries, and
Army
Our Army was skeletonized.
"Well, the United States did disarm.
up
considerable
is
There
armed
Navy
1940
Capital in South America
—Urges that United States Increase Imports from
Mr. Johnson's remarks:
He
June 1,
Jules S. Bache Finds Need for
English and Canadian investors continued to reduce their
holdings of domestic securities with net sales fo $9,212,000
and
$1,565,000, respectively.
This compared with $12,365,000 and $3,270,000 in the preceding month.
France,
Germany and Italy had small
net
sales.
Short-term balances of the United
Kingdom declined $27,864,000 to $376,587,000 in the month, and for the six months
ended Feb. 28 were off
$217,910,000. French funds declined
$2,111,000 to $288,480,000, and since August have dropped
$27,373,000.
Short-term funds of Belgium increased
during February
$176,555,000, Norway to $69,389,000, and Switzerland to
$410,973,000, while those of Denmark declined to $27,205,000, Finland to $23,666,000, and Sweden to
to
$161,946,000.
Of the American
countries, Argentina increased its short-
V
term funds here
$2,271,000 to $68,736,000, while Brazil de¬
$1,803,000 to $30,045,000.
Mexico added
$3,089,000, bringing the total of its funds to $65,189,000.
creased
its
funds
Japan's short-term balances in the United States
dropped
to $50,817,000 in the month,
Hongkong $3,661,000
$7,152,000
to
$68,531,000, and the Philippines $386,000 to $29,658,000,
after reaching
$36,044,000 in the week of Feb. 7. Balances
of other Far Eastern
countries increased from
$2,461,000
to $234,404,000.
United
States
balances
abroad
decreased
$531,420,000 during February.
$1,623,000
to
A decline of $11,411,000 in
balances in the United
Kingdom more than offset increases
of $4,099,000 in
Canada, $2,885,000 in China, $1,553,000 in
Hongkong and $1,565,000 in the Philappines.
There was
little change in United
States balances in most
European
countries. .'v/v
The United Kingdom let
during February in the repatria¬
of its securities in the
United States,
tion
total
of
$2,795,000..
Canada followed
with
Switzerland with $1,749,000.
buying back a
$1,931,000, and
Brokerage balances registered a decline of $1,000,000 in
the month, much of it
being traced to Latin American coun¬
tries
and
France.
Switzerland
$720,000.
The
following tabulation
recorded
an
increase
of
has been prepared from
figures
appearing, in the May issue of the Treasury
"Bulletin":
Volume
NET
The
ISO
MOVEMENT
CAPITAL
FOREIGN
BETWEEN
—
STATES
UNITED
THE
AND
1940
1935, TO MARCH 1,
COUNTRIES, JAN. 2,
+ Indicates Inflow.
3447
Commercial <& Financial Chronicle
to
the
International
officials
Indicates Outflow.
official
and
Chamber
experts of half
of
representative
by
endorsed
Commerce,
Federal governmental agencies,
dozen
a
gave
Department of
Other export
shipping interests, trade journals, trade analysts and commentators
approval
the
to
change
trade
in
The
terms.
Commerce, likewise, promptly adopted the suggested terms.
Of Which in
1940
Jan. 2,1935, to
March 1,
'
■
'
'
'
1
:
:
"V
'
•
'
Movement in Short-term
' '
■<
'
'
•
February,
1940
In
+ 551,842,000
+329,734,000
+220,670,000
+ 158,127,000
+ 1,732,653,000
France
Canada.
Germany
All other
Total
—16,453,000
—2,228,000
—2,311,000
+2,993,026,000
United Kingdom.
—1,560,000
that
each
—16,000—429,000
—186,000
—2,000
+39,123,000
+ 21,000
+86,315,000
—1,000,000
+306,481,000
+76,833,000
—7,459,000
——9,212,000
Total
Movement in Transactions in Domestic SecuriliesUnited
Kingdom
"
France
Canada
—23,000
+ 14,992,000
+ 1,102,017,000
+3,879,000
+ 128,994,000
+42,571,000
+2,795,000
+ 95,000
All other
Total
Movement in Transactions in Foreign
United
—313,000
—1,565,000
—28,364,000
+754,526,000
Germany
services,
be considered
The
Germany
+ 1,735,000
+36,410,000
+ 1,931,000
—40,000
All other
+ 538,985,000
+5,927,000
Canada
+748,695,000
—22,886,000
—3,020,000
—2,374,000
_
France..
--ii --
Canada
Germany
All other
Total
+468,149,000
+224,218,000
+ 165,987,000
+3,065,287,000
is
out
the
of
opinion that
security fssues was an important factor in
surplus after dividends during the period, plus allowances
depreciation and depletion, would have failed to cover
The Institute's announcement,
the costs of modernization.
four
nearly 90% of the industry's output spent a total of $794,000,000 for new
construction.
During the same period the companies charged off for depreciation and
depletion a total of $489,000,000.
The total amount of net earnings
carried
to
surplus, after dividend payments,
in the four years was
equipment
and
$83,000,000.
combined
The
the
in
the
period
the
of
depreciation
less
$222,000,000
reserves
to surplus
additions
and
than the amount actually spent by
for modernization.
companies
In
total
was
four
the
years
trade
services,
and that if
same
of
group
companies
sold
security
issues
Of that amount over $350,000,000 represented the
replacement of outstanding securities either by stock or by bonds fcearing
lower interest.
Somewhat less than $488,000,000 was available for new
replenishing the
companies' working capital, which had been reduced about $420,000,000
construction, for general corporate purposes, and also for
and
1929
fact
that
goods
more
entered its ports,
have
without
world trade.
trade
new
the
means
the
exchange
of
sell
wish to
we
has
terms
within
much
done
few
a
everybody that healthy and beneficial inter¬
services
and
goods
and
for goods
should be ready to buy
we
the world.
markets of
in the
v
La Follette Oppressive Labor Practices Act Opposed
Merchants' Association of New York
by
Considered in connection with the necessity for develop¬
national
the
defense,
"oppressive
so-called
the
labor
by Senator LaFollette and re¬
cently brought before the Senate for consideration, is char¬
introduced
"one of the most dangerous and ill-considered
as
pieces of legislation to come before the Congress in recent
years" in
letter urging
a
rejection of the measure, which
Senators James M. Mead and Robert F. Wagner on
1932.
.'
'S-C
:
May 25.
The bill, among other things,
it is pointed out by the Asso¬
ciation, would make it illegal for an employer to have
automatic guns of tear gas with which to defend his plant
and would set up such severe penalties that it might virtu¬
ally close down the plants establishing defense measures.
The Association's letter also says,
every
of
effect
defense
and
versive
measure
bill
the
is
particularly
in part:
objectionable at
this
time when
should be sought to develop and increase the country's output
means
essential
of
It
material.
destructive
proposes
elements
would
to
open
many
this
obstruct
opportunities for sub¬
program.
eliminate certain oppressive labor
"to
Although the
practices,"
it is
impossible to define these practices concisely, so that the
employers are likely to become involved in extensive litigation relating
to the subject at a time when they should be free to concentrate on the
practically
business
of
producing the country's vital requirements,
.
ordinarily employed in industry to watch out for
of property would become criminal under
proposed law, which under the circumstances provides opportunities
widespread sabotage and the extensive disorganization of industrial
Legitimate
and
measures
the
prevent
the
for
totaling $838,000,000.
between
of
have
than
months to make it apparent to
The
1935-38, a group of steel companies accounting for
years,
which
factors
other
offset
the
national
May 28, further said:
the
and
the Merchants' Association of New York sent to New York
the extensive plant modernization programs of
steel companies in recent years, according to a study by the
American Iron and Steel Institute.
Use of accumulated
In
is
of
practices Act,"
financing
for
imports without
restrict its
remittances
it is unfavorable to
adoption
+ 12,027.000
Steel Institute
sale- of
to
true balance of international accounts.
a
statement
country
a
balance
acterized
The
debts,
of
striking
accurate
an
shipped
ing
Helped Build New Steel Plants
Years, According to Study by Iron and
Recent
should seek
been
implying
by tourist expenditures, payments in gold,
or otherwise, or remains a form of international indebtedness.
The export balance of merchandise of the United States in the first
quarter of 1940 amounted to $410,349,000, the largest first quarter balance
of any year since 1921.
But the United, States import balance of gold
in the first /quarter of 1940 was $897,641,000.
Public thought on' this
subject has veered from the idea that such a situation is favorable, to the
tion,
—352,000
Saie of Security Issues
in
national
"export balance of merchandise," to describe this situa¬
+40,659,000
+4,930,053,000
■
rise to the mistaken notion
economy, and
implied
gave
the
to
+ 10,708,000
+ 1,006,412,000
Total
Net Capital Movement—
United Kingdom
in
the
designate
to
the volume of world trade, shipping and insur¬
upon
payment
term,
new
The
France
therefore,
country,
must
Securities—
Kingdom
used
*
.
term "favorable
amount by which the
pointed out that the
was
beneficial
are
regard to the effect
whether
...
when
alone
ance
—574,000
+9,272,000
All other
it
country exceed its imports,
+ 19,719,000
UK
s,
proposal
trade,"
exports of a
exports
+ 19,011,000
Germany
original
of
that
+ 19,095,000
Canada
the
balance
—287,000
Balances— *
Movement in Brokerage
United Kingdom
France
quickly adopted the suggestion.
$
$
Banking Funds—
groups,
destruction
• '■.<
processes.
this bill
"Although
would
be
objectionable and dangerous, and
would
industry, in normal times, it now becomes 'one of the
dangerous and ill-considered pieces of legislation to come before the
severely handicap
most
Congress in recent years.'
In an emergency the harm that might
from this proposed legislation is extremely far-reaching."
result
4,
National Business Leaders See Latest Science
Gains—
Inspection of Westinghouse Laboratories Reveals
New Horizons of Electricity
More than 100 industrial and financial executives, repre¬
senting the Nation's Jjusiness from
Chicago "to New York,
May 27 made a first-hand study of electrical progress
in a tour "behind-the-scenes" of the Westinghouse research
on
New technique
laboratories.
of separating
ore
by means
invisible "black
light," and creating artificial radium in an "atom smasher"
electricity, obtaining colored light from
of
of the laboratories
Westinghouse Elec¬
tric & Manufacturing Co.
Occasion for the tour was the
first meeting of the Westinghouse Board of Directors here
since May, 1936, and a luncheon at which the company
was host to Pittsburgh district business, civic and govern,
demonstrated during the inspection
were
and
East
the
mental
Pittsburgh plant of the
Investment Problems Confronting Banks Discussed by
Says National
Foreign Trade Council
ties show a
and exports of goods and commodi¬
wider variance at this time than has obtained
invites particular attention
to the efforts, a year ago, of the National Foreign Trade
Council to obtain a general acceptance of the trade terms,
United States since 1921
in the
Before
New
Jersey
Bankers
Nadler, Professor of Finance at New York
told the annual meeting of the New Jersey
Bankers Association at Atlantic City on May 24, that the
Dr. Marcus
supply of money in the United States is large, not only be¬
the banks have large excess reserves but also because
insurance companies and other institutional investors find
it difficult to obtain an outlet for their idle funds.
He said
cause
in part:
bank which
A
tributed
has a portfolio
to maturity and
as
conditions to be in a strong
bank will receive a
of high-grade obligations properly dis¬
particularly if the bonds were bought at prices
carried on the books at par, seems under present
not much above par or are
not
New Trade Terms Gain Wide Acceptance,
Nadler
University,
position.
If money rates remain unchanged the
higher rate of return on its long-term obligations, the
maturities not causing any losses since reinvestment would
lack of short
representatives.
The fact that imports
Marcus
Dr.
Association
bring a higher yield.
If, on the other hand, money rates should go up,
obligations will decline in price, but the short-term obligations
due and the funds will be reinvested either in obligations yielding
its long-term
will come
a
high return or in commercial loans.
The Outlook for Money Rates:
The proper solution of the problem of
maturity diversification
money
statements.
supply of money in
banks
large
depends on the correct appraisal of the outlook for
Under present conditions, it is difficult to make any definite
However, the following should be borne in mind:
(a) The
rates.
the United States is very large. Not only have the
of excess reserve balances, but also the insurance
amounts
"import balance" and "export
companies and other
place
balance" of merchandise, in
of the long-used phrases "favorable" and "unfavor¬
find an outlet
able"
trade
according to Frederick W. Nichol, a
Mr. Nichol states that "Foreign
Week of 1939 witnessed the general acceptance of the
director
Trade
balance,
of the Council.
proposal.
The International Chamber of Commerce ap¬
proved the new terms and recommended their adoption
throughout the world, at a meeting in Paris, April 19, 1939."
The Council's
statement in the matter, dated May 23,
The
leading
their
acceptance.
(c)
Yet in war
of the Government over business and particularly over
In spite of the war and the
The war, of course, has created a great uncertainty.
periods the power
the money
market is automatically increased.
huge increase
its
in expenditures, the British Government has been able to do
basis.
It is reasonable to assume that the United
financing on a 3%
Government, in case of an emergency, could do the same.
In this
should not be overlooked that the powers of the monetary
authorities over the money market are already tremendous.
The Ratio of Capital to Deposits:
The sharp increase in the volume of
States
connection the fact
added:
and
institutional investors find it exceedingly difficult to
(b) The demand for money is limited,
and unless the United States is involved in the war, no sharp increase in the
demand for loans nor for capital can be foreseen.
for their idle funds,
American
attitude
In
is
June,
press
perhaps
agencies were quick to adopt the change,
chiefly responsible for the prompt public
1939, Secretary of State Cordell Hull, in a letter
deposits of banks
throughout the country in recent years has brought this
question to the forefront.
The capital, surplus
terest.
as
cushion against
a
With the banks of the country holding such
losses on the bank's assets.
ratio of capital and surplus to deposits as was the
deposits
the ratio of earning assets to
ton, President of the Chamber, and Frederick E.
Chairman of the committee. % The committee said;
when
case
higher and when Government
was
bonds accounted for less than one-half of total investments.
In spite of the great uncertainties that
Conclusion:
prevail throughout
protect themselves against heavy losses and at the same time obtain
All
particular needs of each institution and be based
to the
Our
the money market and not on
their
demonstrated
Government
Spending Program Criticized by Brook¬
ings Institution—Survey Contends Policy Retards
Private Industry and Drives Capital to High-Grade
In
dermined confidence in public credit,
and the development of
of
Government-lending agencies has narrowed such private enterprise channels
as remains."
f" ;V',:
•,
..S'f
Turning to the contention that the country had reached "economic
turity," the report said production had shown
century."
The
production decline since 1929, it added, merely proved that there had been a
"protracted depression."
;-r'
a
v
;'•>
■
•
The institution reported also that it had found no support for the argu¬
large industrial corporations had reached
capital requirements from
point where they
a
"internal"
Large
sources.
the analysis continued,
supplied.
money
savings
are
could not be at¬
much smaller than in the late 'twenties, they
"Commercial
have
made
unusual
efforts to expand credit; their failure to do so arises from lack of demand
from
This is not
problems."
'-V
Extension of short-term loans
!
.
■
.
does not
'
join forces with
Chief
annual
a
warning to the judges and lawyers that the
maintenance of
democratic institutions depends on making
work, with the full confidence of the people.
Chief
Justice Hughes shared the bench with Chief Justice D.
them
Groner
Lawrence
of
United
the
Statfes
Circuit
Court
of
Appeals for the District; Senior Judge John J. Parker of
the Fourth Circuit, and Henry P. Chandler, director of the
administrative
office of the Federal courts.
Regarding
Hughes's talk, the Washington "Post' of May 25 said;
Chief Justice
Hughes told the judges and attorneys:
"You
maintain
cannot
occasional
institutions
full
"Your
in
vows
of
of
Justice
court
is
the
institutions of
You
as
of the
Hughes
can
!
that
than
he
them by making the
intended
were
to
he said,
it
is in
mine."
work,
police
Thousands
is
the
apportunity to
It is this element
must guard
we
1
Americans
of adult
registered
are
another, the committee pointed out,
or
under
person
driver
or
was
registered.
For several years the Chamber has advocated
the registration of aliens as a check on the fraudulent
entry of foreigners into the United States and a deterrent
The report
-
We
to
must be
the
Whatever
purpose.
the Government and any class
laid
end
one
requisite for the defense of the United States.
unity of
complete
exist between
munity
act
concluded;
fundamental
one
have
must
may
aside
so
that
all
may
mutual
suspicions
classes in
or
cooperate
the
com¬
thought and
in
in view.
The report, which represents only the views of the Execu¬
it is acted upon by the membership
tive Committee until
of
the
depends
processes
upon
the
most
of justice and
honesty
and
with
of
magistrate:
citizens
a
litigant
their
efficiency
citizens
have
confidence
they
their
in
encounter
the
in
to
it,
as
far as lids power goes,
the confidence and respect of every
Judicial conferences, he explained,
counseled
was
a
were
one
means
to
this
end.
He
the judges and lawyers to keep their
meetings informal, saying
good thing for district judges to meet the appellate judges "face
face and
tell
them what
Defense Rests
Commerce—Opposes
Sending Armed Force to Europe—Unity of Purpose
for United States Defense Called for
The
the
on
Industrial Defense
"publicly and
name
candidate for the Presidential nomination, said on May 28
in
address at Akron,
Ohio. Mr. Willkie urged coopera¬
speed the nation's defense program, and he declared
that all plans for assistance to the democracies outlined so
far rested, apparently, on assumptions regarding their needs.
In part, Mr. Willkie in his address said:
an
tion to
Plainly, all defense rests
cannot
upon
Industrial defense, without which
produce the equipment that we need.
we
But the keystone of industrial
defense is national unity.
deficit,
unity is something that money cannot buy.
no tens
of billions of debt
can
No billions of
purchase it.
National unity is something that cannot
,
.
be conjured up with words.
charmed phrases on the radio can create it.
.
;
,
;
^
No
i
^
For eight years now, by the expenditure of vast sums of money, and by
the
coining of magic phrases,
ment intent upon
we
have torn this country asunder.
A Govern¬
raising its own power to the nth degree, has pitted the
people against business, labor against industry, State against State, pres¬
against pressure-group.
Our Government has sought power,
and won it, by sowing discord among
the people and the people's enterprises.
It has spread among the people
a
great fear of business, and it has spread among businessmen a great fear of
the
people.
The result
is industrial
and economic
demoralization,
and
10,000,000 unemployed.
This is the heart of the crisis that we are
facing today.
We, the people of this country, who own, operate and work in the 10,that the New Dealers dismiss as "business," cannot
tolerate this discord.
Urged in Report of Executive Committee
at
of the American people," what aid short
of an expeditionary force this country could render in the
conduct of the present war, Wendell L. Willkie, President of
the Commonwealth & Southern Corp., and Republican
openly, in the
they think of them."
of New York State Chamber of
approval
Should Fill All of Allies' Needs, Aside
Troops, Wendell L. Willkie Declares—Says All
000,000 enterprises
Aid to Allies
for
The United States should ask the Allies,
sure-group
has a very important obligation to
that the machinery of justice receives
citizen," Chief Justice Hughes said.
will be presented
June 6.
on
States
from
face
/'
:
Chamber,
United
"Every judge, whatever his court,
■
But there
purpose
an
that every citizen who voted, every
Social Security, and every automobile owner
4'*!•'•••!
the small courts that
these courts.
to
avowed
who would welcome
of America.
'
form
one
National
a
he pointed out, for every one person who is
only experience with the
Government
it
whose
country
and
citing
^
told
once
Supreme Court.
Thus,
see
this
majority
large
today in
democracy by forms of words
maintain
they
people."
recalled
important
more
inferior courts,
the
patriotism.
republic work
this
confidence
Chief
the
enemy
an
/"
The
Justice Charles Evans Hughes opened the first
judicial conference of the District of Columbia on
May 24 with
the
the large alien population in the United
upon
in
government
against.
Judicial Conference
or
the
of
overthrow
monthly meeting
■,**'V.
Security of Democracy Depends on Making Institutions
Work, Chief Justice Hughes Tells Washington
Mr.
elements
subversive
are
underfinanced, but their primary need is
are
intermediate credit to companies deficient in working capital
meet their
v
reflection
a
States, most of whom unquestionably are loyal to the Nation.
credit-worthy enterprise.
"Many small corporations
working capital, raised by the sale of stocks.
or
-
that subversive groups should
kept under the closest surveillance and urged the regis¬
tration of all aliens in the' country, as has been proposed
by the Department of Justice, as a precaution against
"fifth column" activities.
The report added:
There is
greatly in excess of current market demands," it said.
banks, far from pursuing restrictive credit policies,
-
be
lack of money or to policies of commercial banks.
"Although
are
W-'A
mechanized equipment.
of crime.
plant additions, it said, would require long-term borrowing.
"stagnation of capital,"
of
ma¬
1929, "although the frontier had disappeared a generation earlier and the
production increase had been declining for half
''"v
The committee demanded
tendency to decline before
no
The committee's report
V V:-v
superiority
he
un¬
maze
a
The President was urged to
program.
Placing the needs of our own
defense program first, every assistance which American industry can give
to the Allied forces—the manufacture of planes, tanks and other weapons
of defense and offense, as well as other essential war materials—should
private
capital flotations; the persistence of huge deficit spending has
security
Numerical superiority in man power has become of secondary importance
to
high-grade securities; regulation has raised the costs and increased the
a
out¬
President Roosevelt and commended
continued;
"Taxation policies," the analysis continued, "have tended to drive invest¬
The
those
fields of effort.
the Allies was more war machines.
enterprise."
tributed to
.
by
through
Chamber committee pointed out that the vital need of
the
"the removal of impediments to the flow of funds into constructive capital
developments and the restoration of confidence in the future of
their
task
public into his confidence as much as possible.
declaring its belief that the United States should not
an armed force to Europe, in the present emergency,
send
Reestablishment of "stable" conditions,it added, depended largely upon
that
the
for
take the
Brookings Institution on May 26 published the results
of a two-year study, in which it rejected the idea that the
United States has reached a stage of "economic maturity"
requiring "extensive supplementing of private by public
enterprise."
The survey said that Government taxation,
spending and regulation have "impeded the flow of capital
into constructive developments," and added that the pos¬
sibilities of further development of private enterprise were
"adequate to absorb the nation's capital and labor resources
for many years to come."
Associated Press Washington
advices of May 26 added;
could finance
meet
report generally approved the suggestions for na¬
the
with
Securities
ment
to
stand against war profiteers and interference by labor
his
The
rate of
Hasler,
rearmament
wishful thinking.
The
ors to
fitness
superior
standing performance in their particular
tional defense made by
risks of
is
Selfish interests must not be considered.
demands that the Nation's efforts be directed
country
have
who
careful study of
on
today
haste, is the word.
a
The investment policy of a bank should be adapted
satisfactory return.
country
foreign aggression. , We l»ave the money, the men and the facilities.
must be united and coordinated for a supreme effort.
Speed, not
any
the entire world, banks, by following a careful investment policy based on an
the
before
problem
acute
The
analysis of their type of deposits and the various assets that they have,
can
1940
meeting on May 24 by Percy H. Johns¬
moned to a special
of which matures in less than five years, It is obvious that the banks do not
same
1,
help lawful was recommended.
The report was drawn by
the Executive Committee, the members of which were sum¬
a
large amount of cash and of Government securities, a considerable portion
need the
June
by the Chamber of Commerce of the State of New York.
Prompt revision of the Neutrality Act to make increased
However, it seems to be only academic in in¬
and undivided profits of a bank serve not as a
withdrawals of deposits but rather
meet
to
reserve
Chronicle
The Commercial & Financial
3448
in
our
history.
And
We
are
faced with
we say to
a
crisis perhaps
Washington:
•
We believe in ourselves, the American people.
ingenuity,
as grave as any
the New Dealers and the trouble-makers in
our own
-
We believe in
our own
energies and our own sense of fairness.
We believe in our American liberties: in our American laws; in our Ameri¬
extension
Britain
and
Europe,
was
of
every
possible assistance to Great
France, short of sending an armed force to
urged in an interim report made public May 25
can
traditions of free enterprise.
We believe in
provided
us
our
industries, which have revolutionized the world and
with the widest horizon that any people has ever had.
Volume
The
150
We believe in our workers, their skill and
full day's work,
their desire for
We believe in our
young
a
Commercial & Financial Chronicle
craftsmanship, their love
a
of a
men
and women, their desire to
elements in
"But
gages
Let
us
Let
us
who
one
us
take
our
us gear
that there will be
This
we
It is
And
recognize
a
these jobs one to the other, so that
as a
job that we
so we
Business
basis that
a
banks,
In
we
But
a
Federal bureau can obtain collateral
by farm implements and livestock, purchased
the banks loaned to the farmers on unsecured
which
loans
agricultural
one
recorded totaling $224,095,
are
now
being subrogated
434
county
to
previous
Federal
a
been
mortgages have
chattel
and in another 1,050."
difficult job.
can
say to you:
do, if
we
But it is
a
Frank G. Sayre, Vice-President of the Pennsylvania Co.
on Lives and Granting Annuities, of Phila¬
for Insurance
of this
each will fit, so
delphia, Chairman of Pennsylvania Bankers Association's
Committee on trust investments, recommended at the Con¬
vention on May 23 that it give consideration to legislation
that would change the trust laws of Pennsylvania in the
interest of beneficiaries.
From the Philadelphia "Inquirer's"
account from Mr. Doran we quite:
Army, our Navy
quickly as possible.
job that we all want to
work together.
bring us together.
United
Remains
Recovery
Submitting
Problem,
States
Hotel
Regardless of European War, Economists Tell
Pennsylvania Bankers—State Secretary of Bank¬
ing
make
"It Occurs to
lature
ment further to enter the
or
of
Pennsylvania
at
to
endeavor to present to the Legis¬
appropriate time
on
law
on
descendants'
estates
Philadelphia Trust Co.,
some
similar act which
of that type."
Norristown-Penn Trust Co. and chariman
of the trust company section, announced
and
the appointment of a committee
Paul
trusts.
Philadelphia,
C.
Fidelity-
Wagner,
named chairman of the
has been
committee.
~
Elbridge Brown, Vice-President of the Clearfield
Trust Co. of Clearfield, Pa., was elected President of the
Association, succeeding Claude E. Bennett. ' Mr Brown is
succeeded as Vice-President of the Association by Archie
D. Swift, President of the Central-Penn National Bank,
Philadelphia, and William H. Fawcett of Pittsburgh was re¬
W.
elected Treasurer.
enacted
•
,
-
•
wedge" to authorize the Federal Govern¬
State Chamber of Commerce
banking field and compete with private banking
Taxation
speaker the same advices report, criticized Secretary
Agriculture Wallace for championing a bill known as
"the Farm Credit Act of 1940" terming it another attempt
to eliminate private banking and to divert all farm financing
from private to Governmental channels and to further regi¬
ment and control the farmer
Urges Restudy of Federal
System
An immediate restudy of the Federal taxation system as a
preliminary step to the enactment of additional tax legisla¬
tion for national defense funds and to remove existing tax
The
of
on the expansion of business enterprise was urged upon
Congress May 29 in an interim report made public by the
Chamber of Commerce of the State of New York.
The
curbs
and his vote.
Labor
report, which will be presented by William J. Schieffelin Jr.,
Chairman of the Committee on Taxation, at the monthly
The resolution, which was presented by Carl W. Eenniger,
meeting of the chamber on June 6, expressed the belief that
"Inquirer" also reports:
The Association adopted a resolution urging modification of Fair
Standards Act.
of
Vice-President
Trust
Provident
committee,
resolutions
an
G. Fred Berger, Treasurer of
by making loans directly to any borrower.
The
as
would be of great disadvantage to the estate if such
it might be well to
me
would be very helpful to trust estates
Citing the Mead Bill, now before the United States Senate, as an ex¬
into law" it will be the opening
restricted
of change of conditions, practically incapable of
reasons
restrictions had to be followed.
purpose
ample of the Government's control desire, Mr. Bell said if the bill is
them, by
being carried out,
of having only a centralized
Federal banking System" was made at the closing session on
May 24 of the Annual Convention of the Pennsylvania
Bankers Association by John C. Bell, Jr. Secretary of
Banking of Pennsylvania.
In declaring that the Federal
Government plans to compete with and gradually eliminate
private banking, Mr. Bell urged the bankers to fight any
move toward such an end, and called on them to work for
the retention of the dual system of banking, National and
State.
The Convention was held at Atlantic City, and
advices from that city to the Philadelphia "Inquirer" by
B. F. Doran, from which the foregoing is taken, stated:
*
ultimate
of the association at
types of investments where the original provisions are so
The statement that "in countless ways the Federal Govern¬
ment is trying to extend its sovereignty over State
banks,
the
to the 46th annual convention
priate court for enlargement of the provisions of a trust instrument as to
Declares Federal Government Seeks to
Sovereignty Over State Banks—Modifi¬
of
Wage-Hour Law Urged in Resolution
cation
a report
Traymore, Mr. Sayre said:
"New Jersey has passed an act which permits application to an appro¬
Bill
Extend
with
supposed
were
This gives the effect of absorbing the security paid for by
from
bureau.
and transport them
minimum of waste, and so that our
a
Air Force may be adequately equipped as
our
do.
vast resources out of the earth
factories; and let us assign each factory a job for the defense
nation; and let
and
They
belongs to this country and lives in it..
And let
to our
and women
render.
actually soliciting loans on
personal property.
on
loans
the labor
of this country, and every
bring together the industrial brains of this country, and
of this country, and the young men
to
Pennsylvania laws prevent us from taking chattel mort¬
parallel.
notes.
\
We have had enough of discord.
them
find
we
in many cases with money
trouble-makers:
the New Dealers and the
say to
we
work together.
unable
seemed
for its advancements secured
nation than the one we have now.
Therefore
now
cannot
other
still greater
society, desire to work together, to build a
our
banks
UT\defbidding Charged
their desire
society, and all
And we believe, finally, that these elements in our
that
3449
learn, their
future.
new
kind
to cater to the borderline cases.
full opportunity to get ahead.
desire to take their places beside us at the controls of industry,
for
of the
Co.,
Chairman
Philadelphia,
of the
"in the
j
said:
violated if its pro¬
employees of banking insti¬
visions were made more flexible with regard to
future taxation to pay
for the increased costs
government relief agencies for the purpose of transferring all
qualified personnel to the armament industries and "directing
the facilities of such agencies to national defense" was also
tutions, since the average hours of employment and continuity of service
are better than called for by the Act.
The peculiar responsibilities of the
business should be considered and provision made for these
near
(of rearmament) must be faced and paid by the nation for the
maintenance of our national credit." A review of the various
"It is believed that the spirit of the Act would not be
reasons."
Four well-known economists,
speaking at the Convention
May 22 agreed that recovery in the United States will
continue as a domestic problem regardless of the result of
the European war.
At the same meeting, Claude E. Bennett
President of the Association, said that a crisis is confronting
the United States because of the war in Europe, and he urged
absolute unity in the Federal Government "with a new and
urged.
;•
on
New York Taxicab Strike Ends
gress
non-partisan leadership."
Referring to the addresses by the economists, an Atlantic
City dispatch of May 22 to the New York "Herald Tribune"
said:
^
-r
■-
;
r
■
The four were William A. Irwin, New York, Associate Educational Di¬
rector
of the American Bankers' Association; Dr. Willard E. Atkin, Chair¬
of the Economics
man
Department of Washington Square College, New
of Economics at New York
York University; A. Anton Friedrich, Professor
University, and Montfort Jones, Professor of Finance at the University
They formed
of Pittsburgh.
covery
a
panel to discuss the pre-requisites of re¬
and the question of what changes the war may make in prospects
Workers Union, affiliated with the Con¬
of Industrial Organizations, called off on May 28, the
taxicab strike it called April 24 against the Parmelee and
Terminal companies.
The strike was ended, it was said by
union representatives, at the request of Mayor F. H. LaGuardia, "and in consideration of assurances that definite
measures
to remedy the miserable working conditions of
The Transport
employees in the taxicab industry will be
shortly by the city administration."
In reporting the strike settlement the New
Tribune" of May 28 said:
The strike was called to
missions from 42lA% to
case
All four agreed that so long as the war lasts
The prospect
may
thus
was
it will step
up
demand for
suggested by all four that Mussolini
negotiate an armistic if the Allies' situation becomes desperate enough,
Italian prestige and Italian territorial gains.
achieving both peace,
But then,
they said, there will be problems of readjustment to peace-time
production, ameliorated only by the extent of American defense spending
enforce demands for an increase in drivers' com¬
the pay of
vacations with pay and arbitration in the
division of the
bulletin directed to the 5,000
Warren G. Horrie, head of the taxicab
of dismissals.
union, announced the
end of the strike in a
)'
strikers.
"In response to
in consideration
the request of Mayor LaGuardia,"
said Mr. Horrie, "and
remedy the miserable
of assurances that definite measures to
working conditions of
very
and American domestic recovery.
*
York "Herald
45%, the closed shop, 10% increases in
salaried maintenance employees,
for recovery.
American products.
initiated very
.
employees in the taxicab industry will be initiated
shortly by the city
administration the, taxicab division of the Trans¬
Union has decided to terminate the strike of Parmelee and
taxi drivers .and maintenance employees, effective Tuesday,
port Workers'
Jobs Held Foremost
The
economists
stitutions
agreed
depends
on
that
adequate
Terminal
defense
of
the handling of our domestic
portant than 50,000 airplanes, they said, is
our
democratic
affairs.
in¬
May 28, at 12:01 a. m,
"We expect
More im¬
the achievement of recovery.
the Parmelee and Terminal
managements will immediately
jobs without discrimination.
"As a result of the Mayor's efforts over the last week end, a conference
between officers of the Transport Workers Union and representatives of the
Parmelee and Terminal companies was held Monday afternoon together
with William H. Davis, Chairman of the State Mediation Board.
Mr.
Davis will arrange for a conference between representatives of the union
and the companies with Mayor LaGuardia for Wednesday."
The taxicab operators declined to settle with the strikers, saying that
the union did not represent the majority of employees,
fhe State Labor
Relations Board conducted elections among the employees of both unions
return aU
strikers to their respective
-
Defense is not a matter of spending $10,000,000,000,
ter of
they said, but
a mat¬
production of goods, which means putting men back to work.
The speakers
declared America has the capacity to produce a $100,000,-
000,000 national income, but this is held back by large government debts,
unbalanced budget, discouragingly high taxes
Recovery, they said, is a matter of opening
easing these
by
was
placed
on
holdbacks,
E.
through political action.
Emphasis
"better understanding and tolerance by the government of
what business and industry
Claude
largely
and labor-and-capital strife.
the way to increased production
Bennett,
need."
of Wellsboro,
Pa.,
President of the Pennsylvania
Bankers, reported that Pennsylvania country banks face a "serious menace
through the competing practices of the Federally authorized production
credit corporations.
o
Those framing the laws intended these organizations
give a helping hand to farmers who were in distress and needed assistance
t
on
May 21 and 22
which resulted in a victory for the union by a somewhat
close margin.
Mayor
strike,
these
LaGuardia called a conference Friday in an attempt to settle the
suggesting mediation and arbitration, but the companies declined
The following day the Mayor warned the companies that
terms.
they might expect regulatory legislation by the City Council in which they
would not be consulted.
;
previous reference to the New York taxicab strike
peared in our issue of April 27, 1940, page 2659.
increased
1."
♦
".'•■■■
'
ap¬
.-vSy
•
."7<'
deliveries
resumed
were
May 27 under
on
truce
a
30%
from $48
for settling
plan
Also urging
istrator;
the strike, the second in
drivers
acceptance
nego¬
The truce
Men
;7-
;
7
f
\
immediately at the pre-strike basis scale of
work
to
before
.
provides the following:
return
-
$48
a
week.
Negotiations with the dealers will be continued until June 10.
Members
If
cussed
the Teamsters
of
Joint
Council
will
agreement is reached by June 10
no
at
meeting
a
dealers
of
and
sit
in
drivers'
other checking
devices to be negotiated.
be dis¬
to
are
representatives
Kelly and State's Attorney Thomas J. Courtney.
A
54-hour week is agreed upon, with installation
«
the negotiations.
on
disputed points
with
Mayor
7; 7.-^
time clocks
of
of
all
negotiations
dealers
and
fail
77V
7
arbitration board is to be set
an
representatives of both unions.
:
previous-reference to the Chicago milk drivers strike
appeared in our issue of May 25, 1940, page 3294.
Thus
Estate
Foreclosures
this
far
non-farm
year
in
First
Quarter
Reports FHLBB
Far Below Last Year,
real
estate
foreclosure
activity in the United States has been substantially less
than during the corresponding period of 1939, it is indi¬
of
the
Federal
Home
Loan
Bank
Board.
The
18,680 foreclosures during the first three months stood 28%
below the estimated number for the January-March period
of 1939 and 66% under the high depression level for the
first quarter of 1934.
In fact, the annual rate of foreclos¬
for the first quarter of 1940 lies between the rates for
ure
the
1926 and 1927, and is well below those for all
years
intervening
All
The report continues:
years.
States
except
Maine,
closures
this
year
Montana
and
Nevada
than
Montana
the
for
the
rate
and
foreclosure
is
fewer
reported
period
well
last
of
below
fore¬
In
year.
national
the
the volume small, and a very few cases one way or the other
sharp percentage change in that direction.
The combined absolute
increase for those two States between these
January-March periods was
foreclosures.
' :7 "7 "V77
Among the 12 Federal Home Loan Bank Districts, the Chicago district
showed the most improvement, with a decline of 54% from the first
of
quarter
1939,
was
reported
a
for the
Communities
Boston
of all
sizes
less
Red Cross Sending Relief Ship to France—
Fund Goal Raised to $20,000,000
Commission.
'
''-:'"'7-..7'''y
77\,.7;7
"The Red Cross ship will take supplies to supplement those which our
Mr. Davis continued.
"Wayne Chatfield Taylor,
our
European delegate,
reports that French stores will be soon exhausted because of the influx of
than 5,000,000 French and Belgian refugees and evacuees."
pitiful
victims
of inhuman
warfare
need
supply—clothes, food and shelter," Mr. Davis said.
cabled $600,000 to
everything
we
can
"We already have
Mr.Taylor to distribute through the French Red Cross and
other agencies, which are working night and day to cope with this gigantic
problem, surpassing anything
the
same
time
$1,000,000
we
have been
we
more
At
than
worth."
Davis announced
Mr.
witnessed in the first World "War.
buying supplies here in America,
on
had increased the goal for its
May 28 that the organization
European war relief fund from
$10,000,000 to $20,000,000.
As of May 28 the fund had reached $3,500,000.
The first
appeal, made on May 10, was reported in these columns on
May 18, page 3139.
Mr. Davis explained this action in the following telegram
to the chapters of the Red Cross:
no
could
one
foresee that in two short
history would be unfolded.
refugees in France.
for help.
us
war
weeks
relief fund of $10,000,000
the greatest tragedy
of all
Impossible to describe pitiful plight of millions
Sick, wounded, hungry and homeless, they
Will need much
more
than $10,000,000.
cry
out to
Therefore, quotas
originally assigned should be regarded only as minimum immediate objec¬
tives.
Chapters should then go on and where possible double their quotas.
In fact,
-
decline from
general
-'Ht* ;7 '
♦
Any Year of Deposit Insurance Except 1936
1936,
than
the Federal De¬
greater
were
for
any other year of deposit insurance,
posit Insurance Corporation reported on May 20.
The 1939
increase in net profits resulted from higher net
earnings,
higher net recoveries and profits on securities, and lower
chargeoffs
loans.
on
The FDIC goes on to state:
Fluctuations in net profits since the inception
substantial from year to year.
been
in
profits
banks
many
to
and
losses
supplement
on
on
securities
securities
The
and
by $66,000,000
tabulation
of
insured commercial
1.
profits
large
securities,
the
operating
arising
income
compared
as
1939
securities
on
statements
by
from
with
of
$450,000,000—except
of
higher
deposit
gross
speculating
increase
this
In
exceeded
efforts
price
on
1939
recov¬
charge-offs
on
$12,000,000 in 1938.
earnings,
for
1937,
insurance.
earnings,
with
the
The
and
expenses
highest
practically
figure
reported
1938
over
change
no
was
in
the
since
the
total
result
current
•
improvement
of
$22,000,000
in
in
gross
earnings
interest
and
was
largely
discount
attributable
loans.
on
to
Income
an
from
which continued to account for nearly one-half of the banks'
earnings, was 3% higher than in 1938, and 13% higher than
source,
gross
1935.
3.
Interest
secutive year,
and
and
dividends
were
on
?'
'%}
7777"
Off $650,000 of 1939
securities
decreased
lower in 1939 than in
paid off a debt of $650,000
and has operated over its first
16 days with a total loss of only $10,631, despite low at¬
tendance due to bad weather, Harvey D. Gibson, Chairman
of the Board of Directors of the fair, said on May 28.
Re¬
garding Mr. Gibson's statement as to the financial status
of the Fair, the New York "Sun" of May 28 said:
any
for
year
the
over
from last year
"Operating debts carried
over
from last year," said Mr. Gibson, "have
been completely liquidated and the Fair has bettwen $800,000 and $900,000
in the bank right now."
>
"As you may see," he added, "we have no means to feel discouraged in
spite of the weather.
the first
16
The
mere
Mr.
$47,000
e
$6,700,000.
a
we
have been able to go through
kind in view of the weather.
proves
clearly
We have much
public for and this indicates that the public likes the fair."
Gibson stated that the Fair has
of about
JL
fact that
days and show satisfactory operating results
that the public has been very
an
operating budget for the year
He pointed out that it is
now
operating at
day, but that this will be cut to less than $40,000
added that the American Jubilee,
jects, had naturally been
a
as
a
a cost
of
day later on
typical of the Fair's special pro¬
drag on operating expenses, due to the rain
which forced the cancellation of many performances.
"However," he concluded, "we have had our bad stretch of weather and
dividends
insured banks increased in 1939
increase
expenses.
The
sold
part,
banks disclosed the following additional facts:
Net current operating earnings of all
inception
7 ; \
Paid
The New York World's Fair has
of deposit insurance have
changes in the bond market, chiefly in high-grade bonds.
eries
♦
Fair Has
of $10,631 for First 16 Days Due to
Weather, Chairman Gibson Says—Fair Observes
300th Anniversary of Printing Press
to thank the
They have reflected, in
fluctuations
7;'-:-'.7."'"v
carried
7,
Net profits, before dividends, of the insured commercial
banks of the country were 30% greater in 1939 than in
1938 and, with the exception of
net
r"'-:■*"■'7T; /■.77y>/77'-v- 7V77;'\7'7-:v7;:7' 77 777
people.
New York World's
1939.
.
7,V' :;.v77'";:
the only limitations should be the maximum generosity of the
American
Debt—Loss
this
FDIC Reports Net Profits of Insured Commercial Banks
in 1939 Increased 30% Above 1938—Greater Than
in
of
owned, will be made available to the Red Cross by the U. S. Maritime
district.
contributed to
ranged from 34% for
5,000 non-farm' dwellings to 25% for those having
'7-7' 7.
yf;v ■'?V-77 '77;,,' :,7".7 <7
than
20,000 to 00,000.
■■77
of
3.5%
common capital.
port, ships of 8,000 to 9,000 tons capacity each which are Government-
Decreases for the four groups by size of
community
counties with
to
averaging about
:
movement
equally supported by both States of that
district.
The Topeka and Indianapolis districts followed next in
turn
with declines of 42% and 35%,
respectively.
The smallest decline (18%)
of
years,
>
.
of
four
Tribune" said:
a
six
on
a ship to France, which
today (June 1) carrying $1,000,000 worth of medical
supplies and foodstuffs, Norman H. Davis, Chairman of the
Red Cross, announced on May 23.
The supplies will supplement those which representatives
of the Red Cross are purchasing already in France to take care
of the vast influx of Refugees into southern France.
Washington advices of May 23 to the New York "Herald
average,
gives
the past
When American Red Cross asked minimum
Nevada
comparable
of
and
The American Red Cross will send
cated in the current report of the Division of Research and
Statistics
be
may
banks
some
will sail
"These
Real
1940
increase
Relief
War
more
of
this
of
representatives are buying in France to meet the most immediate needs,"
A
Non-Farm
Most
service charges by
accounta and about 7.5% of preferred and
American
consisting
up,
of
Mr. Davis said that either the United States liner Artegas or the McKeesor
Seniority rights will be limited, actual provisions subject to negotiations.
If
1933.
1934.
The decline in amount of interest paid on deposits was
larger amounts disbursed for salaries and wages, and taxes,
relatively stable for
been
officers.
Federal
Labor Director.
by
total capital
put
was
for
in
N. J. Cladakis, Federal Milk Marketing Admin¬
coordinator, and Martin Durkin, State
were
Scheck,
Henry
month,
a
by their president, Henry Weber, and other
reported
the initial adoption
to
capital amounted to $232,000,000 in 1939 as compared with $222,000,000
1938.
Interest and dividends on preferred and common capital have
The
reporting the settlement of the strike the New York
"Times' of May 27, stated:
:.■
:
v:A
sub¬
resulting in practically no change in total current operating expenses.
6. Common and preferred cash dividends declared and interest paid
In
the assembled
in
offset
The strike had been called in protest against the dealers'
accept a wage reduction
political
higher rates of charges by others.
5. Interest
payments paid on deposits decreased 6% in 1939, and
constituted less than 20% of current operating expenses, compared with
(A. F. of L.) unions agreed to return to work at prevailing
scales. ,7^.;V-;:V 7;77 77 :«•;>
77
drivers
other
and
,7
amount
the
times
wage
commissions weekly to $30 plus commissions.
workmen agreed to submit the dispute to arbitration if
tiations fail to produce a permanent settlement.
States
to
dispute had reduced the supply to about one-fourth normal.
insistence that
by
of deposit insurance, and were 5% higher in 1939 than in 1938.
service charges on deposit accounts in 1939 was about 2V2
attributed
Members of the Milk Wagon Drivers' and Dairy Employes
plus
issued
commissions, fees and service charges have increased in
from
Income
between dealers and union workmen after an eight-day wage
obligations
and
7- 7.':
Income from
each year
Chicago Milk Drivers End Strike
1940
1,
yields—obligations issued by or guaranteed by the United States
Government
divisions.
4.
June
reflected a reduction in long-term interest rates and
concentration in holdings of those securities which have the
decline
The
ance.
lowest
A
Milk
Chronicle
The Commercial & Financial
3450
third
con¬
of deposit insur¬
are
looking forward to big days ahead."
At
the
Fair
7- 7
May 24 the 300th anniversary of the
printing press in the United States was observed.
Mayor
La Guaraia delivered the principal address at the ceremony
expressing the belief that through the dissemination of facts
the press and printing in general would prove stronger than
the
"mechanized
destruction that now has all Europe
trembling."
A 600-pound hand press, which was used during Colonial
times, was on display on the speaker's rostrum. The Mayor
said that it "is far better to have no press than one that is
not free," and suggested that Congress enact laws now
.on
Volume
President Roosevelt Sends Message to
the press and
forbidding interlocking directorates between
radio.
3451
Commercial & Financial Chronicle
The
150
.V
Regent of
Hungary at 20th Anniversary of Regime
#.
the
the
exhibition at the Fair at
gallery. vThe City is ex¬
On May 27 New York City was offered as a gift
$300,000 steel and concrete art gallery, which houses
$30,000,000 "Masterpieces of Art"
tne opening ceremonies held in the
pected to announce its acceptance shortly.
personal greeting from President Roosevelt conveying
hope for Hungary's continued peace was presented to
Admiral Nicholas Horthy, Regent of Hungary, on May 25
by United States Minister John F. Montgomery.
According
to United Press Budapest advices of that day the letter was
transmitted on the 20th anniversary /of Admiral Horthy's
A
a
regime.
-r<.v
+
of Church Pension Fund
Annual Report
Episcopal Church Shows Assets of
Lj •
$34,154,000
American Credit Awards
Protestant Episcopal
of the
Fund
Pension
Church
The
of Protestant
value
of 1939,
May 27.
The Fund, which protects all Episcopal clergymen and their
families, was started in 1917 by Bishop Lawrence, retired
Bishop of Massachusetts, and is now paying total pensions
at the rate of $1,342,000 a year.
Since its inception it has
paid out pensions totaling $17,900,000.
In his report as
$34,154,000 with a market
reports assets of
Church
$1,154,000 in excess of that figure as of the end
according to the twepty-second annual report issued
Fellowes Morgan Sr. re¬
marks upon the difficulties with which all financial institu¬
tions of a similar character are faced in respect to interest
the
William
President
of
earnings.
Although the Fund is still operating upon a
basis, the yield on its reserves in
reserve
The
Committee
Finance
investment
Fund's
of
control
the
1939 was approxi¬
obtainable on high-grade investments is
of the Church Pension Fund.
The
unwilling to sacrifice the high quality of the
yield
interest
average
3%%
Mr. Morgan adds:
mately 3.08%.
beyond
Fund,
the
is
trustees
portfolio in
effort to gain, possibly temporarily,
an
a
-Safety of principal is of first importance,
particularly in the present period of confusion and uncertainty in national
higher
interest yield.
average
international
and
;■
affairs.
Further details of the Fund are
shows
urer,
Treasurer's
P.
Morgan is Treas¬
$2,093,327. This is
The Fund is operated on an
the supervision
of the Insurance Department
detailed
The
York.
list
of
investments
in
the
commitment of United States Govern¬
$8,300,821 representing about 25% of the Fund's
shows
a
May 23 at the First International Credit Congress
in Toronto when it was
awarded the American Credit
Awards' bronze statuette for 1940, in recognition of its "out¬
on
standing contributions to American business." The presenta¬
tion was made by Daniel C. Roper, former United States
Minister to Canada and former Secretary of Commerce.
heavy
President, Charles A. Wells,
Goods Co., St. Joseph, Mo.
jury for the 1940 award was headed by William H.
Pouch, President, Concrete Steel Co., New York.
In making the presentation Mr. Roper pointed out:
The National Association of Credit Men, by virtue of its 44 years of
distinguished service to American trade and industry, is the unanimous
choice of the 1940 Jury of American Credit Awards to receive the bronze
casting of the original sculptured group, symbolizing "Credit-Man's Con¬
accepted by the Association's
President, John S. Brittain Dry
The
fidence in Man."
Founded in 1896, at the
the
of the President and that of Bradford B. Locke,
Vice-President, the possibility of an amendment to the
the
in
report
Executive
Social Security
Act
so as
to tax churches is remarked upon.
Both of these
Fund if churches should be
brought within the taxing provisions of the Act.
It is expected that this
question will be discussed by the General Convention of the Church when
officials
it
fear as to the future of the
express
meets next
October in Kansas City.
Fund, Mr. Locke points out that the
present pension roll of $1,342,455 compares to $811,419 ten years ago
and reports that, through voluntary action on the part of the trustees,
the present total is about 40% larger than it would have been on the
basis of the original promises of the Fund.
He remarks:
"I hope that
this extraordinary achievement can be continued in the future, although
it is becoming constantly more difficult."
Affiliated with the Fund are the Church Life Insurance Corporation
discussing the operation of the
In
force and the Church Properties Fire In¬
surance
Corporation with $91,000,000 insurance in force.
Both are con¬
trolled by the Church Pension Fund and operate only within the field
of the Protestant Episcopal Church.
The combined assets of the Church
Pension Fund and its affiliated organizations amount to more than $40,$25,322,000 insurance in
with
When
000,000.
$8,750,000.
the
and
both
of
years
ago,
its total assets were
.
Fund are Bishop Davis of Buf¬
are
of credit as the instrumentality
of the nation's growth and to the
development of a higher standard of living.
The record of the National Association of Credit Men is rich in achieve¬
ment.
It has carried on a continuous and relentless campaign against the
fraudulent seeker of credit.
It has fought to maintain the highest ethical
The
credit
read
as
award
The
by Georg Lober, N. A., depicting the pioneer and the craftsman greeting
the fruits of their labor at their feet.
The bronze figures
each other with
the
indicate
conquest
Division Announces Uniform Account
System for Savings Institutions
A. B. A. Savings
Analysis
kind of world—in a
that I express the sentiments
of every thoughtful and loyal
when I say that the present occasion is one
far
That neither by moral unfitness
physical defense shall we permit the lamp of freedom to
rejoicing than for sober resolve.
neglect of our
be extinguished in
this country.
It was truly a momentous scene
whose reproduction is to be unveiled in
unparalleled
charter of government the
eternal spirit of a just and humane society.
God grant that the day is not
far distant when that spirit will be free to assert itself in the councils of all
Capitol.
and amazingly
It marked
the culmination of a prodigious,
successful effort to express in a
mankind.
savings banks
departments lias been developed by
Savings Bank Division of the American Bankers Asso¬
the
ciation, it is
announced by A. George Gilman, President
the division,
of
who is President of the
Maiden, Mass.
The
has
system
for
institutions
a
their
of
behavior
uniform
Maiden Savings Bank,
Mr. Gilman explained:
been developed in response to a demand by savings
means
of accurately determining the make-up and
deposit structures.
of
system
account analysis
will enable banks to discern
clearly the
summarized review
Very sincerely yours,
FRANKLIN
D.
ROOSEVELT.
of the analysis system has
been
A few of the avenues of approach to these prob¬
Age of Savings Accounts; Savings Account by
Size; Savings Accounts by Ages of Depositors; Withdrawal
Activity; Deposit Activity, and Account "Mortality" Rate.
Banks may obtain detailed information on the account
analysis system from the Savings Division of the American
Bankers Association, 22 E. 40th Street, New York City.
problems.
lems
are:
Bankers Association Begins Public Infor¬
Program—Sends Questionnaire to Members
Bearing on Their Business Operations over Last
Investment
mation
made
Years
Investment
Bankers
Association of America has
self-analysis the first step in its
recently announced
public information program, it was disclosed in Chicago on
May 28, when elaborate forms were issued for a complete
census of the Association's own members.
Emmett F. Con-
President of the
nely,
leave of absence
And I believe
of account analysis for
uniform system
A
and banks with savings
Five
immeasurably happier should this ceremony take place
member of this democracy
the energy and vision of the
merchant, manufacturer and financier.
of the continent by
pioneer, farmer, craftsman,
The
history.
the
our
the purpose
effectuate the
.
tranquil world where men and nations alike
were free to seek out peaceably their own destinies.
But tragicaUy the condition of the world is vastly different.
Beyond
the seas the way of life so brilliantly outlined in the document that we
salute today is under attack by forces of arms unprecedented in human
nor
factor in
for
follows:
My Dear Mr. Speaker:
less for
is "to broaden the interest in credit as a
national economy—to stimulate the fullest use of
of encouraging the flow .of capital and goods to
maximum employment of man power," Mr. Roper said.
consists of a bronze replica in miniature symbolizing credit,
the award
of
purpose
primary
the Constitution Unveiled in
Capitol—President's Letter Read at Ceremonies
At ceremooies held in the rotunda of the Capitol on May
29 in connection witn the uuveiling of the painting of the
signing of the Constitution of the United States a letter from
President Roosevelt, read by Speaker of the House Bankhead, expressed the belief that the occasion was "one far less
for rejoicing than for sober resolve."
The Prseident's letter
said that we will not permit the lamp of freedom to be
extinguished by morai unfitness nor neglect of our physical
defense.
•, ;v
r..
The painting, by Howard Chandler Christy, was accepted
for Congress by Senator Barkley of Kentucky.
in another
concept
progress
standards in credit practices.
A
We should all be
individual
to the
prepared which reveals that the system has been organized
along simple and practicable lines without sacrificing the
necessity for comprehensive approaches to savings bank
ton, Secretary.
The President's letter
greatly
contributing
Under-Secretary of State,
Robert Worthing-
Vice-Presidents, and
Painting of Signing of
it has at all
innermost parts of their deposit structures, their trends and
their weaknesses.
In doing this it will afford banks the factual data
with which to correct any weak points and adopt a long-range program
of effective savings development.
*
Frank L. Polk, former
whom
the National
important factor in the development
During this period of service,
credit.
its
maintained
times
The
The other officers of the
falo
23
Fund started,
beginning of a new industrial order,
of Credit Men has been an
commercial
sound
investments.
Both
1939, when it was awarded to Carter Glass,
Virginia, the presentation was
First given in
United States Senator from
of
furnished as follows:
of which J.
1938.
the end of
under
New
carried at
Fund,
Men (U. S.) was hon¬
The National Association of Credit
ored
Association
of assets over all liabilities of
at
basis
of
report
bonds
ment
than
reserve
State
the
of
excess
an
less
$236,819
actuarial
of the
statement
financial
The
Trophy for 1940 Presented to
Credit Men
National Association of
Corp. of Detroit,
Association, who lias just taken a
the First of Michigan
from his own firm,
to lead the program as
Chairman of the
described this
ventory-taking of the business as the "laying
stone for the foundation of fact on which we
go to the public."
He said:
Our purpose is to demonstrate the essential character
Public
Information Committee,
internal in¬
of a corner¬
are going to
of our function
of that kind
the facts it
of this way
and also the universal benefits
of an economy.
I am confident that if we give the public
will arrive at its own sound conclusion regarding the merits
of living and doing business.
The logical starting point of our fact-finding is
to be
in
a
free
offices.
enterprise economy
Consequently,
we
are
in our own
asking our members to provide, confi-
The Commercial & Financial Chronicle
3452
dentially,
X-ray picture of their business as of May
history of their operations over the last five ye&rs.
an
31,
1940,
and
The questionnaires ask I. B. A. members to
provide facts
before assembled about the investment
banking busi¬
Included will be figures on capital
employed, volume
profit and losses.
The number of employees
ness.
business,
and executives, their compensation in
aggregate figures and
by income groups are also to be given.
Regarding the ques¬
tionnaire the Association also had the
following to
Greatest
attention
underwriters
as
securities.
in
members
or
Each
transactions
house
this
or
and
recovery
"in
in
the
of
railway train?
contribute to
of
a
new
participation
selling
give
connection
new
of
a
It
new
B.
A.
houses,
of
history
asked
business
instance,
useful
factory,
to
say:
issuance
also
which
contributed
or
the
is
contributed
For
I.
five-year
a
financing in
financing
of
in
groups,
to
business.
the
production
construction
the
employment.
the
way
factors
of
this
increased
what
Nation's
result
in
to
requested
chronological list of
a
indicate
the
is
phase
whether its activities
give
devoted
is
its
to
are
and
up
of
equipment—did
it
creating employment?
a
new
otherwise
or
the Nation's
Incident to the creation of the Public Information Com¬
the meeting of the Board of
Governors, several
weeks ago at White Sulphur
mittee at
to in these columns
in
Springs, W. Va., and referred
page 3141, Chairman Connely,
date of May 22, states:
May 18,
letter to members under
a
As our adviser we have retained Bronson
Batchelor of New York, public
relations counselor, who outlined to the Board at White
Sulphur Springs a
plan of approach to our problem that was so
obviously
practical
worth
while
that
it
That outline
adopted
was
as
with
spontaneous
American
as
observer
or
and
Court, which
was
some
rejected subsequently by
He has held his present position as chief of the European division since
1937, during which time he
was sent to
Europe
as
delegation to the nine-power conference at Brussels,
Mr. Welles
adviser to the American
as
well
as
accompanying
his trip abroad.
on
Mr. Cromwell's letter of resignation and the President's
letter of acceptance
given in
were
issue of May 25,
our
3297.
page
E.
Eicher
C.
Reappointed
Member
by
President
of
SEC
200
or
national and group committeemen and former Board
of members in attendance at the
meeting, is contained in a
Roosevelt
as
President Roosevelt
on May
29 sent to the Senate the
Eicher, member of the Securities and
Exchange Commission, to succeed himself for the term
expiring June 5, 1945.
Mr. Eicher was appointed to the
SEC by the President on Nov. 29, 1938 to fill a
vacancy;
this action was reported in our issue of Dec. 3, 1938,
page
of Edward
name
3396.
C.
Prior to this he had been
a
member of the House of
Representatives from Iowa.
♦
A.
G.
Black
Renamed
Governor
of
FCA
On May 29
President Roosevelt reappointed Albert G.
Black, of Iowa, as Governor of the Farm Credit Adminis¬
tration for six years from June 15, 1940.
Mr. Black was
first named
Governor of
the
FCA last
January; noted in
This reappointment is
these columns of Jan.
enthusiasm.
presented to the Board and
the World
Congress.
show
building
bridge? a new road? new airplanes?
supply of capital goods?"
adherence to
can
expansion
members
the
capital
conferences
new
of
to
they took part
to
June t, 1940
international
many
adviser to American delegations, and he signed the protocols for the Ameri¬
never
of
He attended
a
6, page 53.
subject to Senate confirmation.
more
pamphlet which Mr.
Connely encloses in his letter
to
H. H.
Waters to Retire as Chief of New York Office of
Tariff Commission—Had Been 45 Years in Govern¬
the
members.
Service—S. W.
ment
Pitts Chosen
Successor
as
Henry II. Waters, Chief of the New York office of the
Death
of
C.
W.
Served
Clarence
W.
Watson, Leader in Coal
as
Industry-—
Senator from West Virginia
United
after
Watson, President of the Elk Horn
Coal
Corp. and former United States Senator from West Virginia,
died on May 24 in Cincinnati. He was 76
years old.
A
native of Fairmont, W.
Va., Mr. Watson developed the
Consolidation Coal Co.
Mr.
States
45
Waters
mained
Tariff
of
years
in
entered
that
Commission,
service
until
will
the
Customs
the
service
with
retire
Federal
Service
January,
in
1924,
31
May
on
Government.
1895
and
re¬
he
re¬
when
signed to take charge of the New York office of the Tariff
Commission, which
Custom
was established in 1923 at the New York
He served two years in the United
States Senate having been elected in 1911 to
complete the
unexpired term of the late Stephen B. Elkins. The
Waters
concerning his
of May 25:
During five years of that time he served as Assistant Sec¬
retary of the New York Civil Service District.
following
As
a
career
is taken from the Cincinnati "Enquirer"
'
young man he followed his father, James Otis
West Virginia operator, in the
business.
coai
.
.
Watson,
a
the
the
about
largest operating companies in the industry.
Meianwhile he had become interested in the Elk Horn
field in
Kentucky,
obtaining an option on 100,000 acres in 1909. V In 1913 he
organized the
Elk Horn Fuel Co. with
holdings of 195,000 acres in two States.
In 1915
he merged this and other of his
companies into the Elk Horn Coal Corp.
When hard times hit the coal
industry with depression, he
was
named
receiver for Elk Horn in 1931.
When it emerged through reorganization in
again at its helm, continuing in the President's
office, with
United
recent illness.
Banking Institute Holds Commencement Exercises
Commencement exercises for the 1940
graduating class of
the New York
Chapter of the American Institute of Banking
were held
]V[ay 28 at the Marble Collegiate Church, New
York City.
The speaker was J, Stanley Brown, Personnel
Director of tbe Chemical National Bank
and past President
Chapter. Richard Durant of the National
City Bank read the class paper on "The
Forgotten Variable."
The certificates were
presented to the graduates by Daniel
F. O'Meara, President of the New
York Chapter, and
Assistant Vice-President of the Public
National Bank and
Trust Co. of New York, and Clinton W.
of the New York
Schwer, President-
Elect of the Chapter and a member of
the Personnel Depart¬
of the Chase National
Bank, awarded the prizes.
There were 194 graduates.
ment
J. P. Moffat Named
by President Roosevelt
to Canada
Minister
State
Department, to be United States Minister to Canada,
succeeding James R. Cromwell, who resigned last week to
Moffat,
the Democratic ticket
on
diplomat has had 23
years continuous service as an American
diplomat.
He
recently accompanied Sumner Welles, Under
Secretary of
State, on his fact-finding tour of
Europe. The Senate on
May 30 confirmed the appointment.
.
The following regarding his
ington
dispatch of May 27
a career
career
to
is taken from
the
New
Tribune":
After
his
graduation from Harvard, Mr.
private secretary to the American
Minister
pass his examination for the
foreign service
secretary of legation,
was at
York
a
in
The Hague,
1919.
Wash¬
"Herald
Moffat served two
at
years
as
returning to
His first
post,
as
Warsaw, Poland, where he stayed until 1921.
Following his Warsaw post he
was
assigned here to the Department, and
then sent
successively to Tokio and
Constantinople, and finally in 1927,
he was sent as first
secretary to the new legation at Ottawa, then
just being
opened.
After a short stay in
Canada, he was sent as first secretary to
Berne, where he stayed for four
years.
of
the time
that
Civil
Service
Mr.
was
Commission.
statistical
a
WPA
In
1936
project in
he was placed in charge
Richmond, Va., which is
sponsored by the Tariff Commission and which has been
using much of the basic statistical data produced at New
York.
Mr. Pitts's long experience at the Washington head¬
quarters and as head of the Richmond (Va.) office of the
Tariff Commission qualify him for the
promotion to New
York, says the Commission's announcement.
New York State Bankers
in
Association
to
Hold
Annual
Syracuse June 10-11
The New York State Bankers Association will
hold its
47th Annual Convention in
Syracuse on June 10 and 11.
The meeting will consist of forums on
agriculture, bond
portfolios, loan research, public relations, standardization
bank costs, trust
functions, county orgnization and
legislation.
The speakers on bond portfolios will be Dr.
Marcus Nadler, Professor of Finance of New York
Uni¬
versity, who will address the entire assembly of delegates on
the evening of June 10, and Adrin M.
Massie, Chairman of
and
the Committee on Bond Portfolios and
Vice-President of the
New York Trust
Co., who will talk the following evening.
A luncheon in honor of William R.
White, Superintendent
of Banks, Gibbs
Lyons, Chief National Bank Examiner, and
Allan
Sproul, First Vice-President of the Federal Reserve
Bank of New York, will be held on June 10.
The final event
of the convention will be the annual
banquet the night of
June 11 in honor of Dr. Harold
Stonier, Executive Manager
as
President Roosevelt on
May 27 nominated Jay Pierrepont
Moffat, Chief of the Division of European Affairs of the
for the United States Senate
in New Jersey.
Mr.
years
States
Commission since 1928.
of
Convention
run
10
employ of the Customs Service he
Mr. Waters.
this company into one of the
headquarters in the Carew Tower, until his
to
in
For
The Commission has selected Samuel W. Pitts to
succeed
Mr. Pitts has been on the staff of the Tariff
pioneer
.
In 1903 he effected a consolidation
of several companies into Consolidation
Coal Co., with mines in West
Virginia, Maryland, Pennsylvania, and Ken¬
President until 1911, then Board Chairman until
1918, he developed
was
was
detailed
tucky.
1937 he
House.
of the American Bankers Association.
Previous reference to the meeting was made in
ssue, page
our
April 13
2357.
______
ITEMS
ABOUT
Arrangements
New
York
BANKS,
were
made
TRUST
COMPANIES,
&c.
May 28 for the transfer of
Stock
Exchange membership at $42,000.
previous transaction was at $43,000 on May 27.
a
The
»
Due
to
the
provisions
of
the Interlocking Directorate
Law, which becomes effective June 1, George Emlen Roose¬
resigned on May 29 from the Board of Directors of
velt
Chemical Bank & Trust Company of New York and his
brother, John K. Roosevelt, Vice-President & Director of
All America Cables &
Radio, Inc., was elected to succeed
Mr. Roosevelt is the fourth generation of his
family
to have served on the Board of the Chemical
Bank, his great
him.
grandfather, Cornelius Van Schaick Roosevelt, having been
one
of the original five directors when the bank was rechartered in 1844.
The
ciation
Bank of
America National
Trust
&
Savings Asso¬
on May 28
(head office San Francisco) announced
public offering at this time
that there would be no
3453
Commercial & Financial Chronicle
The
150
Volume
of the
G.
Foster
Smith,
of the old Nassau
President
former
N. Y., and subsequently Presi¬
dent of Mid wood Trust Co., died on May 25 at bis home in
preferred shares not subscribed for by stockholders, but that
alternative arrangements had been made for carrying through
the $30,000,000 increase in its capital stock.
According to
the New York "Herald-Tribune" of May 29, the announce¬
National Bank of Brooklyn,
ment said:
was
(May 28) that it had
Bank of America announced today
of the
disturbed international
public
offwing of the stock by underwriters, which is in line with action recently
taken in connection with the underwriting of several large commercial
arrangements will
enable the bank, through the cooperation of Tr'ansamerica Corp. and other
stockholders of the bank, to carry out its program to increase the capital
It
further stated that,
was
by $30,000,000 as originally
nevertheless, alternative
Smith
starting his career
He
$30,000,000 increase in
Our last reference to the
capital
in our May 18 issue
the Bank of America appeared
(page 3147).
:
,
America
erf Commodity Exchange,
Inc.,
representatives of the silk industry in the United States,
were entertained at a cocktail party on May 24, given in
Matasitiro Kobayashi, Man¬
Yokohama Exchange, Ltd., who is in
this country on a visit.
The feature of the party was the
presentation of a silk banner to Commodity Exchange, Inc.,
Hotel Waldorf-Astoria by
Charles Slaughter,
Exchange.
behalf of the Yokohama
on
Commodity Ex¬
exchanged greet¬
ings and voiced the hope for a continuance of friendly rela¬
tions and cooperation between representatives of the Silk
Both he and Mr. Kobayashi,
change, Inc.
Midwood
Trust
Co.
elected
.v
.
&
»
4
Vice-President
Co.,
meeting of the Board of Directors
'
Assistant Treasurer.
National Bank & Trust Co. of
The Commercial
as
of the
one
the
of
Smith
was
born
in
New York,
building it occupied at 50 Wall
Street, opened for business on May 27 in new banking quar¬
ters which have been leased for a long term of years, at
40 Wall Street.
The new office is located in the modern,
23 story building occupying the northwest comer of Wall
and William Streets and running the entire block from Wall
to Pine.
The bank will occupy the basement, the lower and
main banking floors, mezzanine, gallery, the second, third
and fourth floors.
These quarters were fully equipped when
taken over for the operation of a commercial bank and in¬
clude modern safe deposit vaults which are being operated
by the Commercial National Safe Deposit Co., a subsidiary
of the bank.
The bank is engaged in all phases of commer¬
cial banking, both domestic and foreign; and maintains a
trust department which serves in every corporate and per¬
sonal fiduciary capacity.
Herbert P. Howell is Chairman
of the Board of the company, and Walter G. Kimball is
1931.
given most
and to the
Trust Co. in August,
Manufacturers
Co., in which he held
Title Insurance
Mr.
than
Bank of America's
resigned that office a year later and since that time had
South Brooklyn Savings Bank
Home
more
11,
of his time to the affairs of the
directorships.
graduate of the Uni¬
Howell, Mich., and was a
City when he was 24 and
National Bank in Manhattan.
A short time later he joined the staff of the Nassau National Bank.
He
became its Cashier in 1914, Vice-President a year later and President in
1917.
Under his direction, the bank became one of the leading institu¬
He came to New York
banking position was with the Astor
tions of its kind in this
S.
Frank
borough.
formerly Executive
Thomas,
Vice-President of
Co. of Rochester, N. Y., was
elected President of the institution at a meeting of the
directors on May 27, it is learned from Rochester advices on
that day to the New York "Herald Tribune."
Mr. Thomas
succeeds Alexander T. Simpson, who resigned after nearly
Genesee
the
Yalley
Trust
which he
the bank
member of the
years' service with the trust company, eight of
President.
He will, however, continue with
30
Honorary Chairman
as
of J. P. Morgan
Inc., held May 27, William B. Weaver Jr. was elected
a
Oct.
on
was
^
and in Japan.
Industry in this country
At
the name of
for
here
field
banking
1930, he was elected President of the
He held that office for only a brief period, being
and
a
served
Smith
Mr.
time
Vice-Presidents
aging Director of the
President, accepted the gift in
the
in
1929.
in
short
a
his first
and
active
Bank for about 30 years,
there as a clerk and rising to President 17 years later.
of the bank from 1917 until it merged with the Bank
versity of Minnesota.
1
•
Members of the Silk Group
President
was
of
The following account of his career
old.
Brooklyn "Eagle" of May 26;
been
had
He had been with the Nassau National
years.
He
planned.
funds by
the
40
64 years
was
used in the
Mr.
For
'■■'
'
He
agreed with all
preferred stock issue that in view
conditions the time is not opportune for a
parties to the underwriting of its
issues.
Brooklyn, N. Y.
Executive
and
Trust
of the Board and as a
Committees.
At the same
meeting
Vice-President, was advanced to Execu¬
tive Vice-President to succeed Mr. Tliomas, and Robert C.
Tait was promoted to a Vice-President.
W. Dewey Critten¬
den is Chairman of the Board of Directors.
John W. Gardine, a
having outgrown the historic
President.
the
condition,
of
total
of the last published state¬
resources
were
$131,450,143;
$109,965,241; cash on hand and due from
banks, $44,938,222; U. S. Government securities, $46,019,056 ;
loans and discounts, $30,426,147.
The bank's capital account
was unchanged at $7,000,000.
The surplus and undivided
total
deposits,
profit account increased to $8,570,558.
An unbroken divi¬
dend record of $8.00 per share on the capital stock has been
maintained.
Savings Bank, New
announced on May 25 the retirement of George T.
Connett, President of that institution, and the election as
his successor of Harris A. Dunn, Vice-President of Irving
Trustee and Vice-President of the savings bank
of its Finance Committee.
Mr. Dunn will
Trust Co., a
Chairman
and
assume
his
careers
bank
duties about June 15, when he will resign
in
was
Bank.
1907, and
he
a
of
of
more
which
he
was
than 40 years
associated with
sav¬
North
1910.
A few years later,
member of the Board of Trustees, and has been President
also has been
engaged in banking throughout his entire busi¬
After graduating from the College
he held after the
which
of the City of New York,
with the Knickerbocker Trust Co., of which he was
in 1905.
He became Treasurer in 1908, a posi¬
Treasurer
Assistant
Knickerbocker-Columbia Trust Cb. merger in
1912, and was a Vice-President
when the Columbia was merged with the
present Irving Trust Co. in 1923.
In 1919, Mr., Dunn was elected a Trustee of North
and
in
He entered that institution as an Assistant Secretary
first position was
made
in
1938
mittee since
Vice-President.
River Savings Bank,
He has been Chairman of the Finance Com¬
1933.
During most
It is announced:
$900,000 against
as
It was stated that
strengthens the
$100,000 undivided profits, and $162,000 in reserves.
this increase in the surplus account of the bank further
First National Bank in that it may give more assistance
and helpfulness
loaning facilities are needed as well as trust
announced that the deposits of the bank are $3,000,000
ahead of last year, now being over $12,900,000.
As further evidence of
the directors' faith in the community, it was- said the loans of the bank
were more than $1,353,000 ahead of last year.
in
where
community
the
It was also
services.
elected Executive First Vice-President
meeting. Mr. Teed has been with the
hank since its opening December 1, 1927.
Mr. Teed was
honored earlier in the year by his election as a Director of
the Federal Reserve Bank of Atlanta, Jacksonville Branch,
C. Teed was
Bert
bank at the
the
for a three-year
directors
The
term commencing Jan. 1, 1940.
also voted a regular monthly
dividend of
$1 per share and an extra dividend of 50c. per
stockholders of record as of May 25, payable June
States
capital expansion recently
National Bank of Portland,
nomic
repercussions in this
share to
1.
proposed by the United
Ore., (reference to which
was made in our April 27 issue, page 2G64)
has been post¬
poned until the "condition of world affairs becomes more
favorable, it was stated in an announcement issued May 25
by Paul S. Dick, President of the institution.
"The unset¬
tled state of affairs abroad," said
Mr. Dick, "has had eco¬
deferring the offer
more
country which seem to
of new securities
favorable."
justify
until the situation is
.
advices received this week from Lon¬
Agent of Barclays Bank (Dominion,
Colonial and Overseas), the directors have declared interim
dividends for the fiscal year ended Sept. 30, 1940, at the
According to cable
don by
actual on the cumulative preference
actual on the A and B shares.
The dividends are payable on June 13, 1940 and are identi¬
cal with those declared at the corresponding period in 1939.
Barclays Bank ((Dominion, Colonial and Overseas), which
is affiliated with Barclays Bank Limited, one of the "Big
Five" London banks, maintains branches in territories of
shares
the
4% per annum
and 3% per annum
British Commonwealth overseas,
South Africa,
East and West
including the Union of
Africa and the British West
Indies.
THE CURB
banking office at Fifth Avenue and
after
the Irving-Columbia merger.
Board of Directors.
The North River
1866. On
deposits were $44,849,360, and its total
Savings Bank was founded in
April 1, this year, its
resources
the New York
From 1916 to 1929, he was in charge of the Colum¬
34th Street, which was
Since 1929, he has directed
the company's Lincoln Branch at 42nd Street and Park Avenue.
He was
an organizer and an early President of the Association of Uptown
Bankers.
An active worker in the Fifth Avenue Association, he was for 20 years
treasurer of that organization, and since 1938
has been Chairman of its
Trust Co.
continued
account.
surplus account now stands at
banking career, Mr. Dunn has been prominerit in
of his
mid-town Manhattan.
bia
increase, the
of May 23, 1939, which represents an increase of $300,000
during the past year.
The total capital funds of the bank now total
$1,362,000 which is represented by $200,000 capital; $900,000 surplus;
$600,000
rate of
Diinn
career.
ness
tion
33
career
elected Secretary-Treasurer in
was
elected
during
a
1933.
Mr.
his
An announcement regarding their
retirement closes
activities,
River Savings
since
this
With
First
23, it
bank
states:
Connett's
Mr.
ings
new
Irving Trust Co.
from
was
The
The Board of Trustees of North River
York,
the
$.1.00,009 from the reserve
of
March 30, 1940, the date
On
ment
regular monthly directors' meeting of the
Palm Beach, Florida, held on May
voted to increase the surplus account of the
At
National Bank in
$49,639,380.
Mixed price movements were
MARKET
in evidence during the greater
present week, and while there were brief rallies
apparent from time to time, the market moved backward
and forward without definite or sustained trend. The volume
of transfers was below the preceding week and wide move¬
ments were fewer.
Aluminum stocks were up and down,
and while the industrial shares were moderately firm, there
part of the
were
occasional weak spots
scattered through the list. Public
inclined to sag although there
utility preferred shares were
The Commercial & Financial Chronicle
3454
were a
number of stocks in the group that
part of their gains.
Shipbuilding shares
and cardboard issues
were
able to hold
were
were
irregular,
weak and oil stocks
paper
quiet.
Irregular price movements were apparent during most of
the abbreviated session on Saturday.
The volume of trading
was comparatively light and the
changes small. Aluminum
shares were irregular, Aluminum Co. of America
going up
to 150 and then back to 146 with
Act of
Advances
92; Public Service of Indiana $6. pref., 2Y2 points to 373^;
Spring, 2 points to 223dj.
Outstanding
the downside
were
Benson &
Hedges, 12
points to 25;
New England Tel. & Tel., 4 points to
115; Pittsburgh Plate
Glass, 2 points to 753^; and Singer Manufacturing Co., 2
points to 108.
Under the leadership of the industrial issues curb stocks
moved moderately higher on
Monday. The advances were
•
small
and
the
volume of transfers
mately 123,000 shares against 128,000
Aircraft stocks
down to approxi¬
the last full session.
was
on
higher, Waco, Bell, Beech and Brewster
registering modest gains, while Bellanca was slightly lower
and Republic was
unchanged.
Shipbuilding issues were
higher and the paper and cardboard shares were stronger
all along the line.
Public utility preferred stocks were
irregular and recorded substantial gains and losses, Cities
Service Power & Light
7. pref. moving up 5 points to 90,
while Nebraska Power $7.
pref. sagged 534 points to 1103^.
Other important advances were Aluminum Co. of
America,
SV2 points to 14934* Niles-Bement-Pond, 2% points to 56;
Pepperell Manufacturing Co., 3% points to 57%; Pittsburgh
& Lake Erie, 4
points to 48; and Borne Scrymser, 2%
points to 34.
Declining prices ruled in Tuesday's dealings on the curb
exchange.
There were occasional mild rallies around midsession and
but the
a
were
moderate increase in the volume of transfers
were small and without special significance.
changes
Fractional losses
the
were
apparent in the aircraft stocks and
shipbuilding shares were generally lower.
Industrial
were off all
along the line and setbacks ranging up to 2
issues
or more
points
recorded among the paper and cardboard
stocks.
Public utilities were
irregular, Florida Power &
Light $7. pref. climbing up 5 points to 91 and Puget Sound
Power & Light
forging ahead 3 points to 66, while losses in
were
the rest of the group
ranged from 1 to 4
Curb stocks were
trading
tend
or more
Wednesday, and while the advances
did not
ex¬
to all sections of
declines
as
thtf list, the gains outnumbered the
the market ended.
Some of the early advances
not maintained
were
as
the
day progressed but the trend of
prices continued to point upward during most of the session.
Public utilities moved
consistently forward and a long list
including many of the preferred stocks registered substantial
gains. Shipbuilding shares were up and aircraft issues were
fractionally higher. Industrial stocks showed moderate im¬
FOREIGN
closed
certifying
We
record for the week just passed:
a
EXCHANGE
CERTIFIED
RATES
BY
FEDERAL
BANK TO TREASURY UNDER TARIFF ACT OF
MAY 25. 1940. TO MAY
RESERVE
1930
31. 1940, INCLUSIVE
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Country and Monetary
Unit
May 25
May 27
May 28
May 29
S
$
$
$
Belgium, belga..
a
a
a
a
a
Bulgaria, lev
Czechoslov'la, koruna
a
a
a
a
a
a
Europe—
Denmark,
May 30
May 31
$
a
a
a
a
a
a
a
a
.035000
.035000
4.035000
4.035000
4.035000
.189687
3.145781
3.170468
3.188472
krone
a
Engl'd, pound sterl'g
Official
.198437
Free
Finland, markka
France, franc
.019166
.019750
.019833
.019750
.018115
.018053
.017754
.017939
.018086
Germany, relchsmark
.399050*
.399400*
.399400*
.399400*
.399500*
Greece, drachma
.006112*
.006100*
Hungary, pengo
Italy, lira
Netherlands, guilder.
.175787*
.175830*
.175830*
.175930*
.175930*
.050385
.050428
.050428
.050416
.050371
a
.019166
.006071*
.006071*
.005987*
a
a
a
a
a
a
a
a
a
.032533
.032400
.032300
.032433
.032600
Norway, krone
Poland, zloty
Portugal, escudo
b
Rumania, leu
b
b
b
b
Spain, peseta
Sweden, krona
Switzerland, franc...
.091304*
.091300*
.091300*
.091300*
.091304*
.237357*
.237640*
.237814*
.238166*
.237828*
,223783
.223950
.223916
.224028
Yugoslavia, dinar...
.022440*
.022440*
.022440*
.022420*
.233916
.022440*
HOLI¬
Asia—
China—
DAY
Chefoo (yuan) dol'r
dol
Shanghai (yuan) dol
Tientsin (yuan) dol.
Hongkong, dollar.
a
a
a
a
a
Hankow (yuan)
.054700*
.053712*
.054050*
.053337*
a
a
.198675
.198350
.195000
.197200
.301050
.300966
.300916
.301000
Japan, yen
.234358
.234362
.234383
.234383
.234443
Straits Settlem'ts, dol
Australasia—
.471156
.471156
.471156
.471156
.471156
Official
228000
228000
3.228000
3.228000
3.228000
Free
547500
541875
2.505833
2.526041
2.540208
557500
552500
2.516250
2.536666
2.551250
South Africa, pound. 3.980000
North America—
3.980000
3.980000
3.980000
3.980000
India
a
(British) rupee
.053587*
.198350
.301000
Australia, pound—
New Zealand, poundAfrica—
Canada, dollar—
Official
.909090
Free
.909090
.909090
.909090
.909090
.777343
.784553
.787232
.783671
.782343
.166425*
.166700*
.166700*
.166700*
.166612*
Official
.909090
.909090
.909090
.909090
.909090
.774062
.782031
.785000
.781250
.780000
.297733*
.297733*
.297733*
.297733*
.297733*
Mexico, peso
Newfoundl'd,
on
■4- The market moved
irregularly higher on
small gains were
apparent throughout the
Friday, and while
list, the industrial
specialties attracted a goodly part of the
speculative atten¬
tion. Trading was
quiet as many traders had extended their
holiday to include Friday and Saturday. The total transfers
dropped to approximately 70,000 shares against 123,000 on
Wednesday.
Prominent on the side of the advance were
Aluminum
Co. of America 2%
points to 1503^,
Johnson 2 points to
128, Niles-Bement-Pond 5%
Mead
points to
61, Pittsburgh Plate Glass 2%
points to 78% and Sherwin
Williams 2% points to
68%. As compared with Friday of
last week, prices were
moderately higher, Aluminium Ltd.
closing last night at 55 against 47 on Friday a week ago,
Electric Bond & Share at
4% against 4, Fairchild Aviation
at49 34 against 8%, Humble Oil (new) at 50% against 50,
Scoville
Manufacturing Co. at 2634 against 2434, and
dollar.
South America—
Argentina, peso
Brazil, mllreis—
Official
.060425*
.060425*
.060425*
.060425*
.060425*
.050000*
.050325*
.050325*
.050325*
.050250*
.051680*
.051680*
.051680*
.051680*
.051650*
.040000*
.040000*
.040000*
.040000*
.040000*
.571050*
.571050*
.571050*
.572062*
.572600*
.685300*
.658300*
.658300*
.658300*
.658300*
.380000*
Free
Chile,
.380000*
.373437*
.373906*
.379687*
peso—
Official
Export
...
Colombia, peso
Uruguay, peso—
Controlled
...
Non-controlled
•Nominal rate,
provement and paper and cardboard shares moved forward
with the list from 1 to 3 or more
points.
The New York Curb
Exchange, the New York Stock
Exchange, and all commodity markets were
Thursday in observance of Decoration Day.
now
Free
points.
moderately higher during the pre-holiday
on
requirements of Section 522 of the Tariff
cable transfers in the different countries of the world.
give below
and Standard Steel
on
1940
RATES
daily to the Secretary of the Treasury the buying rate for
close and
The gains
included among others American Cyanamid
B, 2lA points
to 31; Creat Atlantic & Pacific Tea Co. n. v.
stock, 2 points
EXCHANGE
1930, the Federal Reserve Bank is
points, while
Aluminium Ltd. moved forward 13 points to 60.
and setbacks were about evenly divided at the
there were a number of strong spots on either side.
to
Pursuant to the
were
loss of 4
a
June 1,
FOREIGN
a
No rates available,
COURSE
OF
b Temporarily omitted.
BANK
CLEARINGS
Bank
clearings this week show an increase compared with
a year ago.
Preliminary figures compiled by us based upon
telegraphic advices from the chief cities of the country
indicate that for the week ended today
(Saturday, June 1)
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 3.3% above those
for the corresponding week last year.
Our preliminary
total stands at $5,243,293,280, against $5,077,890,205 for the
same week in 1939.
At this center there is a gain for the
week ended Friday of 1.9%.
Our comparative summary for
the week follows:
Clearings—Returns by Telegraph
Week Ending June 1
+7.1
290,000,000
—4.5
147,349,120
.
$2,241,988,970
220,266,747
277,000,000
Kansas City
St. Louis
1939
$2,283,945,186
235,946,603
New York
Chicago
Philadelphia
Boston.
Per
1940
147,560,840
Cent
+ 1.9
—0.1
63,900,164
63,806,967
+0.1
80,000,000
69.400,000
+ 15.3
San Francisco
Sherwin Williams Co. at
6834 against 6634*
123,068,000
+ 16.6
TRANSACTIONS
AT
THE
NEW
YORK
Stocks
CURB
EXCHANGE
Pittsburgh...
93,685,341
Detroit
90,666,447
68,737,095
+ 31.9
Cleveland
DAILY
105,547,000
86,664,060
73,748,688
60,949,075
63,323,692
+ 16.5
4 9,214,292
+23.8
$3,530,258,624
$3,406,509,663
+ 3.6
664,376,000
595,583,676
+ 11.6
$4,194,634,624
1,048.658,656
$4,002,093,339
1,075,796,866
—2.5
$5,243,293,280
$5,077,890,205
+3.3
Baltimore
Bonds (Par Value)
+ 8.1
(.Number
Week Ended
of
May 31, 1940
Shares)
Saturday
Foreign
Domestic
Eleven cities, five days
Foreign
Government
Corporate
Total
Total.
101,430
122,600
$643,000
957,000
15,000
972,000
190,620
1,194,000
32,000
1,226,000
122,871
879,000
15,000
894,000
69,510
922,000
5,000
11,000
938,000
607,031
Monday
Tuesday
Wednesday
Thursday
Friday
$4,595,000
$10,000
$89,000
$4,694,000
$5,000
Week Ended May 31
York Curb
Exchange
1940
Stocks—No. of shares.
1939
$664,000
Jan. 1 to May 31
1940
410,320
14,595,000
$7,119,000
$155,869,000
23,944,039
1939
17,462,321
Foreign government
10,000
66,000
Foreign corporate
1,004,000
89,000
40,000
3,194,000
$197,760,000
2,147,000
2,709,000
$4,694,000
$7,225,000
$160,067,000
$202,616,000
Total
Total all cities, five days
Ail cities, one day
Total all cities for week
+4.8
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 weeks ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
607,031
Bonds
Domestic
$16,000
HO LIDAY
Sales at
New
Other cities, five days
cases
has to be estimated.
In the elaborate detailed statement,
•
however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended May 25.
For that week there was an increase of 10.2%, the
aggregate
of clearings for the whole country having amounted, to
Volume
The
ISO
$6,083,320,379, against $5,520,428,673 in the same week in
1939.
Outside of this city there was an increase of 16.5%,
the bank clearings at this center having recorded a gain of
5.6%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
that in the New York Reserve
appears
Inc. or
%
Seventh Feder al Reserve D istrict—Chic ago—
District (including
M ich.—AnnAr nor
•
Rapids.
Lansing
15.1%. • In the Cleveland Reserve District the
totals record an expansion of 28.2%, in the Richmond Re¬
serve District of 24.4%, and in the Atlanta Reserve District
of 27.6%.
In the Chicago Reserve District the totals are
larger by 12.9%, in the St. Louis Reserve District by 13.3%,
and in the Minneapolis Reserve District by 15.7%.
In the
Kansas City Reserve District the increase is 13.5%, in the
Dallas Reserve District 14.4%, and in the San Francisco
-
Ind.—Ft.
by Federal Reserve
773,924
16,048,000
990,893
+78.1
+ 12.1
1,357,382
+ 60.7
4,446,884
16,917,273
1,316,240
11,943,687
3,654,153
+ 14.8
379,582
+9.3
345,127,141
939,483
308,575,754
+ 11.8
940,761
—0.1
3,841,577
1,334,479
1,255,437
3,755,030
+2.3
1,203,406
+ 10.9
1,229,732
+2.1
1,327,386
4,285,364
1,576,410
1,413,618
527,409,664
467,178,628
+ 12.9
419,241,442
540,172,957
84,400,000
102,300,000
33,768,802
16,059,069
20,041,673
Wis.—Milwaukee
la.—Ced. Rapids
Des Moines
1,138,094
City
HI.—Bloomington
Chicago
Decatur
Peoria
Springfield
Total (18 cities)
SUMMARY OP BANK CLEARINGS
1,223,857
3,132,469
1,388,573
1,039,872
18,355,000
1,612,063
5,221,650
19,491,349
1,061,741
7,354,362
3,098,352
16,602,000
Rockford
a summary
districts*
382,486
140,080,878
2,147,259
1,134,837
414,960
Bend
Terre Haute..
Sioux
218,588
81,076,524
+29.5
+28.3
2,547,039
7,993,116
3,722,111
Wayne
Indianapolis
South
+8.1
+21.1
302,759
89,792,196
327,186
108,749,950
3,299,249
1,570,578
1,764,898
18,605,000
2,181,447
5,103,285
Detroit.
Grand
District of
furnish
1937
1938
Dec.
1939
1940
Re¬
In the following we
25
Week Ended May
Clearings at—
this city) the totals show a gain of 5.8%, in the Boston
serve
District of 14.5%, and in the Philadelphia Reserve
Reserve District 7.0%.
3455
Commercial & Financial Chronicle
932,698
3,950,540
15,611,319
991,789
7,227,201
3,005,143
378,215
+ 18.5
—13.5
—33.1
+ 1.9
279,125,293
913,428
3,246,075
1,133,223
761,424
328,922,797
994,549
Inc.or
Federal
1st
Eighth Federa 1 Reserve Dis trict—St.I.o uis—
+ 11.7
83,700,000
93,500,000
1937
S
S
Mo.—St. Louis..
229,425,463
%
+14.5
212,795,533
254,016,720
3,286,237,449
30,281,294
+ 10.0
19,858,809
15,637,911
+ 27.0
481,000
+44.5
520,000
560,000
147,361,821
130,100,205
+ 13.3
125,118,823
152,687,871
+ 13.0
2,395,649
57,991,142
21,191,841
+6.6
1,760,549
3,247,532
65,911,447
22,869,256
1,841,846
Tenn.—Memphis
111.—Jacksonville
S
$
12 cities
2d
New York.. 13
"
3,477,971,720
+5.8
2,894,627,575
3,458,438,679
3d
PhiladelphialO
"
443,192,247
385,159,007 + 15.1
355,733,524
428,354,838
+28.2
252,171,377
133,224,589
.
m
x
x
x
353,473,642
111,014,231
26,317,450
13,881,373
33,308,012
695,000
Ky.—Louisville.
262,630,131
Dists.
Reserve
Boston
1938
Dec.
1939
1940
Week End. May 25, 1940
4th
Cleveland..
7
"
334,396,438
260,921,878
6th
Richmond.. 6
"
144,128,054
115,905,607
+24.4
6th
Atlanta
10
"
188,176,232
147,439,468
18
"
"
**
527,409,664
467,178,628
4
7
147,361,821
130,100,205
112,462,146
97,160,970
10th Kansas City 10
*'
140,469,998
123,770,760
+27.6
+ 12.9
+ 13.3
+15.7
+ 13.5
6
"
70,216,021
7th
Chicago
8th
St. Louis...
9th
Minneapolis
11th Dallas
128,391,945
540,172,957
152,687,871
86,437,030
97,687,266
137,675,862
Minn.—Duluth..
61,393,620 + 14.4
54,946,706
60,328,791
248,913,821
Reserve Dis trict—Minne
Ninth Federal
110,622,964
+ 7.0
206,611,854
+ 10.2
2,326,593,156 + 16.5
4,957,713,004
6,006,903,385
2,710,395,186
12th San Fran...10
Total (4 cities).
141,928,349
419,241,442
125,118,823
.
Qulncy
2,158,780,659
2.680,919,753
379,203,092
258,755,855 +46.5
265,476,439
75,242,120
St. Paul
26,719,983
2,230,860
889,906
877,093
2,946,543
215,735,618
5,520,428,673
N. D.—Fargo
Outside N. Y. City
S. D.—Aberdeen-
Mont.'—Billings
.
Helena
32 cities
Canada
now
add
detailed statement showing last
our
Clearings at—
Dec.
1938
_%
403,190
519,095
+28.7
—7.1
725,551
1,869,965
197,377,585
586,277
Lowell
408,299
388,107
+ 5.2
New Bedford
773,234
602,340
+28.4
Portland
Mass.—Boston.
Fall
1,737,355
225,626,131
_
River
3,281,518
2,167,291
12,316,363
4,304,271
10,309,400
Springfield
Worcester
2,991,840
1,643,850
+ 14.3
+23.8
+9.7
+31.8
810,492
1,971,203
181,149,830
Colo.—Col. Spgs.
2,668,040
1,603,866
9,659,633
3,856,316
9,445,200
217,799,136
722,399
341,473
618,719
Pueblo
461,623
722,368
—36.1
501,066
548,559
229,425,463
+ 14.5
212.795,533
254,016.720
Feder al Reserve D istrict—New
7,724,837
933,352
28,800,000
—23.3
Elmira
499,461
480,027
Jamestown
828,572
608,898
_
R.I.—Providence
N.H.—Manches'r
Total
(12 cities)
Second
N. Y.—Albany..
Binghamton
Buffalo
3,372,925,193 3,193,835,517
New York
+ 14.9
.
Total (10 cities)
+23.6
+4.0
90,253
+33.9
+7.3
2,075,856
123,770,760
6,679,553
+ 19.3
Syracuse
4,176,563
3,558,619
5,258,496
3,440,140
+21.4
3,205,953
+ 11.0
3,888,164
+35.2
Conn.— Stamford
5,836,231
2,939,335
2,768,586
3,275,166
10,102,700
Fort Worth
Wichita Falls..
11,234,786
1,272,370
38,500,000
1,025,175
Total (6 cities)
672,322
[,325,983,632
San
Francisco.
343,289
383,971
+2.8
19,778,309
21,616,137
21,669,470
San Jose.
37,998,573
Santa Barbara.
+ 5.8 2,894,627,575 3,458,438,679
/
-Philad elphia
535,477
372,580
+43.7
297,500
538,302
Bethlehem..
566,335
853 174
314,028
—2.5
580,694
269,016 >+16.3
426,355
Chester.
274,851
Grand total
1,268,139
1,357,342
—6.6
1,068,708
1,521,014
432,000,000
370,000,00 >
+ 16.8
+7.3
345,000,000
1,465,098
2,224,993
901,739
York
N. J.—Trenton..
1,285,241
2,623,673
—12.6
1,280,411
769,429
+66.4
1,206,955
,•
885,578
+20.8
963,732
838,785
2,557,289
+ 17.8
3,003,947
3,154,375
61,393,620
+14.4
54,946,706
60,328,791
Franci
SCO
30,860,347
+21.4
913,268
+ 10.9
830,418
847,200
30,244,603
16,204,287
3,995,991
+44.9
28,123,288
—1.1
+ 51.4
11,719,025
3,838,117
2,902,824
123,081,000
2,179,595
1,070,458
2,006,782
28,884,355
16,334,665
3,834,247
3,467,679
151,394,000
2,376,993
1,324,585
2,156,891
+7.0
206,611,854
248,913,821
6,083,320,379 5,520,428,673
cities)
2,710,395,186 2,326,593,156
Outside New York
38,293,206
34,518,085
—
15.4
—13.2
—20.4
+ 10.2 4,957,713,004 6,006,903,385
+ 16.6
2,158,780,659 2,680,919,753
1,442,278
1,984,645
689,269
1,183,298
3,343,800
1,378,587
.
1,118,951
44,841,796
8,391,884
1,983,000
415,000,000
2,293,215
Scran ton
1,176,420
41,501,312
6,563,295
1,738,000
+ 6.6
1,435,452
47,829,390 + 12.6
+7.3
7,210,911
1,475,000 + 102.8
(113
416,212
Wilkes-Barre.
137,675,862
215,735,618
Pasadena
+3.5
Reading
110,622,964
234,905,907
Calif ,—L'g Beach
+ 14.7
Philadelphia
+ 13.5
—0.6
Utah—S. L. City
2.877.737
4.206.738
382,114
Lancaster
504,781
673,863
—22.2
5,147,067
_
15,730,489
20,528.405
Pa.—Altoona
486,769
3,033,466
Ore.—Portland.
395,599
Reserve Dist rict
+7.3
121,683,000
2,240,310
1,181,317
1,721,291
7,466,838
16,167,132
Third Federal
77,795,457
2,356,508
501,460
+ 12.1
41,908,760
1,013,050
43,818,610
16,023,476
3,378,669
.2,359,848
120,904,000
1,944,729
949,157
2,605,608
__
Yakima
23,543,592
Total (13 cities) 3,477,971,720 3,286,237,449
+ 13.6
+ 16.5
District—Da lias—
Twelfth Feder at Reserve D istrict—San
Wash.—Seattle
Northern N. J.
J.—Montclair
—2.2
2,357,332
28,580,129
1,523,-05
2,932,328
98,502,625
2,383,765
70,216,021
Dallas
Newark
N.
23,255,692
1,472,478
2,498,837
—15.9
Total (10 cities)
7,968,068
80,181
137,253
89,654
2,070,904
26,964,031
3,065,549
2,393,129
85,321,287
2,724,246
451,355
584,834
Stockton
616,453
+36.1
+5.6 2,798,932,345
Rochester
Westchester Co
29,000,000
448,872
City
—6.9
1,530,809
53,873,019
7,737,751
2,992,000
1,070,042
3,012,400
Galveston
7,991,120
1,081,732
as
+53.4
Eleventh Fede ral Reserve
Texas—Austin...
La.—Shreveport.
+ 20.4
Kans
73,094
York-
5,926,860
1,123,565
35,600,000
Haven.
—
122,331
2,127,194
10,887,818
4,534,870
262,630,131
New
97,687,266
3,262,048
+27.5
+2.3
Hartford
—
86,437,030
140,469,998
Mo.—Kan. City.
St. Joseph
2,261,312
9,656,887
4,208,354
8,974,700
Conn.
+ 15.7
99,437,366
3,055,205
512,623
627,471
-
445,060
657,563
343,500
494,256
+ 13.4
2,772,732
28,920,179
2,577,671
2,340,762
Omaha
1937
Wichita
Boston
Reserve Dist rict
Federal
First
Me.—Bangor*.
2,549,344
97,160,970
113,852
Kan.—Topeka.
$
774,519
706,439
2,336,227
112,137
Lincoln
I nc. or
1939
581,244
Reserve Dis trict
Tenth Federal
Neb.—Fremont..
May 25
Hastings
1940
660,884
1,855,721
711,648
week's
figures for each city separately for the four years:
Week Ended
+8.7
+23.2
818,532
112,462,146
Total (7cities).
We
polls+ 19.3
+ 16.9
298,543,333
234,905,907
6,083,320,379
"
..113 cities
Total
a
2,979,688
64,359,539
23,649,748
2,092,471
3,555,641
Minneapolis
1,320,932
6,579,200
—8.6
2,349,100
—64.3
Week Ended May
Clearings at—
23
Inc. or
1,565,426
1940
3,891.700
1939
Dec.
%
1937
1938
$
$
■
Total (10 cities)
443,192,247
385,159,007
+ 15.1
355,733,524
428,354,838
$
Canada—
Toronto
Fourth
Feder al Reserve D istrict—Clev eland+ 18.6
1,825,904
2,164,891
Ohio—Canton
61,589,502
54,186,664
+ 13.7
109,639,577
12,310,800
89,202,943
+22.9
Columbus
Mansfield
2,164,726
9,985,800
1,786,074
1,795,371
102,139,122
+23.3
+21.2
Cincinnati_,
Cleveland
Youngstown
2,393,094
Pa.—Pittsburgh
_
144,133,848
+33.3
+41.1
Montreal
1,508,571
49,081,842
2.709,337
62,725,816
82,198,525
8,106,500
1,188,257
1,919,219
108,168,463
104,117,161
10,823,300
1,892,423
3,458,513
167,747,092
-D
Total (7cities).
334,396,438
260,921,878
+28.2
252,171,377
353,473,642
112,037,600
105,148,222
72,410,866
17,789,391
22,933,242
5.411.593
2,894,550
Winnipeg
Vancouver
Ottawa...
.
Quebec...—...
Halifax
—
4,439,418
5,337,736
2.234.594
1,888,758
2,632,517
4,394,638
3,860,882
—
323,106
Hamilton
Calgary
St. John
Victoria
London
Fifth Federal
Reserve Dist rict
-Richm ond-
Va.—Norfolk
Richmond
496,133
336,261
2.811,000
W. V a.—H unt* ton
2,234,000
32,296,391
S. C.—Charleston
38,550,595
1,256,619
Md.—Baltfmore.
75,807,172
D.C.—Washing'n
25,206,535
991,186
61,166,801
18,880,968
Edmonton—
286,278
443,454
+ 19.4
+26.8
2,484,000
33,487,304
928,729
38,155,235
+23.9
55,692,365
67,992,036
Moose Jaw
+33.5
18,135,555
22,475,995
Brantford
—
+47.5
+25.8
2,743,000
1,414,869
Regina
Brandon
144,128,054
115,905,607
+24.4
111,014,231
133,224.589
Sixth Federal
Tenn.—Knox ville
Nashville
Ga.—Atlanta
3,999,680
19,540,484
73,300,000
3,396,394
+ 17.8
17,041,534
54,400,000
+ 14.7
+34.7
+ 6.6
2,989,314
15,867,871
44,100,000
783,380
3,396,526
18,562,597
Windsor
1,020,322
1,078,015
797,518
16,239,000
+ 14.0
686.509
+31.0
15,444,000
870,156
17,199,000
23,633,734
19,636,074
+20.4
16,370,186
20,101,517
1,696,483
+23.6
1,468,930
1,744,047
1,149,236
Macon
908,924
Ala.—Birm'ham
.
Mobile
__
21,276,000
x
x
120,233
86,515
+39.0
123,533
42,151,135
33,067,935
+27.5
30.558,222
30.337,140
Total (10 cities)
188,176,232
147,439,468
+27.6
128,391,945
379,367
+ 74.8
947,878
1,173,475
+ 58.0
572,504
+45.4
381,756
778,986
451,844
+70.2
598,105
644,564
219,780
584,185
549,705
179,430
438,692
615,206
+ 17.3
602,918
+ 22.5
+33.2
714,088
+32.8
+ 70.2
157,809
490,972
476,316
896,310
2,215,432
+62.4
Sarnia
493,488
Sudbury..
876,239
222,455
575,636
533,999
495,216
424,147
777,091
379,203,092
258,755,855
364,310
842,678
Prince Albert
Moncton
Kingston
Chatham
364,975
—.
713,669
656,550
Total (32 cities)
*
Estimated,
x
689,005
167,680
547,983
.
665,990
955,541
2,729,131
282,690
+46.4
+33.6
636,308
+32.6
+ 16.3
483,771
415,559
463,527
398,173
+ 12.8
1,084,346
1,089,315
+46.5
265,476,439
298,453,333
+63.8
141,928,349
Vicksburg
828,957
672,010
2,631,859
247,727
605,330
97,044
La.—New Orleans
Kitchener
222,549
280,693
+45.2
817,016
Sherbrooke
48,600,000
2,138,042
3,598,520
3,222,324
+37.2
1,215,480
3,598,541
New Westminster
Peterborough
2,096,806
Augusta
Fla.—Jacks'nville
Miss.—Jackson
Reserve Dist rict—Atlant
1,371,189
1,931,988
3,290,931
2,347,695
769,000
....
Medicine Hat—
a-
1,775,808
665,474
966,138
1,544,589
Saskatoon
91,192,947
95,871,963
40,743,394
16,274,676
14,277,738
3,779,436
2,109,385
4,438,377
4,816,460
1,579,103
1,438,199
99,283,683
78,444,196
25,525,363
14,246,417
12,419,838
2,866.700
2,172,853
3,952,117
3,766,043
235,489
340,335
883,663
421,140
664,326
494,278
Leth bridge
Fort William
Total (6cities).
$
77,316,433 +44.9
+8.4
97,027,232
29,053,247 + 149.2
12,368,697 +43.8
9,195,061 + 149.4
4,515,636 + 19.8
+ 56.4
1,850,416
3,675,104 + 20.8
3,469,057 + 53.9
1,446,074 +64.5
1,408,415 + 34.1
1,873,882 +40.5
2,944,644 +49.2
1,874,063 + 106.0
No figures available.
4
•
673,000
459,872
The Commercial & Financial Chronicle
3456
ENGLISH
FINANCIAL
MARKET—PER
June
Company and Issue—
CABLE
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sot.,
May 25
Mon.,
May 27
Silver, per oz
Gold, p. fine oz.
Closed
22 5-16d.
Consols, 254%-
Closed
£74
£73
£7354
£74
£73 H
Closed
£99 X
£98 X
£99
£99 X
£99 X
Closed
£11014
£11054
£110)4
British
168s.
Tues.,
Wed.,
May 28
168s.
Thurs.,
May 29
22d.
168s.
Fri.,
May 30
22d.
May 31
2154d.
168s.
21 ll-16d.
168s.
168s.
354%
W. L
British 4%
1960-90..—
The
States
the
£110
per
£110J4
(in cents) in the United
ounce
35X
35%
35
Holiday
35)4
71.11
71.11
71.11
Holiday
71.11
U. 8. Treasury
.
Power Securities
Corp. coll. trust bonds
June
1
1
The
following information regarding National banks is
from the office of the
Comptroller of the Currency, Treasury
Department:
June
STOCK
Corp. 3)4% debentures
-
-
50,000
INCREASED
May 21—The First National Bank of Pennington,
Pennington,
N. J.
From $50,000 to $100,000
—
$50,000
..
May 21—The American National Bank & Trust Co. of Eau Claire
Eau Claire, Wis.
From $125,000 to $175,000
May 22—The Omaha National
$1,500,000 to $1,800,000
Bank,
Omaha,
-.
Neb.
50,000
From
300,000
-
....
3376
July
July
1
3221
3531
Virginia Public Service Co. 1st mtge. bonds
West Indies Sugar Corp. 1st mtge. 6s
♦
Woodward Iron Co. 1st mtge. 5s
June
June
1
2902
7
2423
July
1
3532
Announcements this
The
following securities
were
Amount
$10,000
SALES
Wednesday
By R. L. Day & Co., Boston:
Stocks
$ per Share
2 Massachusetts Bonding &
Insurance
6 International
Match
500 Polymet Mfg.
Co.,
par
52*"
$12.50
Realization, £
Corp.,
par
"l354
$1...
—$1 lot
_
10 Towle Mfg. Co
128 Central Public
108*"
Utility Corp., class A
REDEMPTION
CALLS
$1 lot
AND
SINKING
a
list of bonds, notes and
stocks of corporations called for
sinking fund notices.
preferred
redemption, together with
The date indicates the
last date for
redemption^
making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
Company and Issue—
Date
Advance Bag and Paper Co.,
Inc., 1st mtge. bonds
Alabama Power Co. 1st mtge.
5s...
Allied Owners Corp. first lein bonds
American Bakeries Co. 7%
preferred stock
American Seating Co. 6% notes
A. P
W. Paper Oo. 354% notes
Beatrice Creamery Co. $5 cum.
pref. stock
Beauharnois Light Heat & Power Co.
5 % bonds
5% notes
-----
-
Bedford Pulp & Paper Co., Inc. 1st
mtge. 634s..
Beech Creek Coal & Coke Co.
5% bonds
Bethlehem Steel Corp. consol. mtges.
*
*
Brillo Mfg. Co., Inc. class A stock
Buffalo & Fort Erie Public
Bridge
454s
Paoe
June
1
3191
Sept.
1
2406
3191
June
14
July 22
July 31
Aug.
1
July
1
June
June
Liquid[ Carbonic Corp. 10-year
4% debs
Louisville & Nashville RR.,
unified 50-year 4s
Manila Gas Corp. 1st
mtge. 6s
Marion-Reserve Power Co. 1st
mtge. 5s
McCrory Stores Corp. 15-year deoentures
Micromatic Hone Co. preferred
stock...
Missisquoi Corp. 7% pref. stock
Mortbon Corp. of N. Y. series
A bonds
Nat ona Oil Products Co.
4% debs
National Supply Co. 1st
mtge. bonds
New Jersey Water Co. 1st
mtge. 5s
New Orleans
PublicsService, Inc.,
4)4% bonds
7% preferred stock
Northern Ohio Telephone Co.
7% preferred stock
Northern Oklahoma Gas Co.
1st mtge. bonds
Northern Pacific Ry.
equipment trust certificates
I
*
York Shipbuilding Corp.
Ohio Electric Power Co. 1st
mtge. 5s
3345
2867
3346
1
2867
1
June
1
2867
2248
1
3039
July
July
1
1
1
Capital City Hotel Co., Inc. 1st mtge. bonds
June
7
(The) Catholic Archbishop of Chicago series D
notes,
June 11
Cincinnati Gas & Electric Co. 1st
mtge. 3 54s
June
*
1
Commonwealth Electric Corp., Ltd.
6% bonds
—July
1
Connecticut Railway & Lighting Co.
4)4% bonds
July
1
Consolidated Oil Corp. 3)4%
debentures..
June
1
Container Corp. of America
5% debentures
June
1
Container Corp. of America
6% bonds.
....June 15
Crane Co. 3)4% debentures
___•
June
1
Elgin Joliet & Eastern Ry. 4)4% bonds
June
1
Emporium Capwell Co. 4% bonds
July
1
Fairbanks. Morse & Co.
4% debentures.
June
*
1
Georgia-Carolina Power Co. 1st mtge. 5s
Hartford Times, Inc.
15-year debentures
Indianapolis Water Works Investment Co.
5% bonds
Inland Steel Co. 1st
mtge. 354s
1
*
Indiana Telephone Corp. 1st
mtge. 5s_„
Iowa Electric Co. 1st
mtge bonds
Kanawha Bridge & Terminal Co.
bonds
Kansas Oklahoma & Gulf
Ry. serial notes
*
Kansas Power & Light Co. 1st
mtge. bonds
Kresge Foundation 10-year notes
3345
June
Authority 5% bonds. July
Florida Public Service Co. 1st
mtge. 4s
Frick-Reid Supply Corp. 15 year debs
bring
we
we
show
the
Then
we
follow with
dividends
second table in which
a
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany
News
in our "General Corporation and Investment
Department" in the week when declared.
name
are:
Share
2248
3502
3,502
3041
3041
2718
3505
3044
2875
2875
•
.
3353
2875
2252
3357
2724
July
1
3508
June
1
July
1
June 20
2879
3360
3360
June
July
2884
July
1
June 20
1
2729
3513
June
1
2884
June
1
June
1
July
1
2730
2730
3515
1
2258
June
June
15
July
July
1
1
3363
June
June
1
3
2886
3053
June
15
2731
843
July
1
2584
3054
2261
2890
3055
2586
3057
3521
3522
2891
3210
June
1
1289
July
1
June
1
June
June
1
15
June 18
June 14
July
July
1
1
June 15
$3
25c
June
June
8
June
it
June
June
8
July
July
July
June 29
June 14
10c
June
May 31
10c
July
11
June
June 29
June 20
$2
25c
June
June
14
June
June
15
50c
June
June
15
10
t$254
July
20c
June
June
11
July
June
10
5C
June
June
1
50c
June
June
June
4
May 31
$1
Appalachian Electric Power $7 preferred (quar.)
Arkansas-Missouri Power, preferred (s.-a.)
Armour & Co. (Dela.), 7% preferred
(quar.)
$1%
$114
$154
1214c
July
June
June
4
$1li
nhi
nn
$3li
Colonial Ice Co. $6 preferred B
(quar.).
$154
$154
;
25c
25c
—
June
May 31
July
June
June
Aug.
;i
(quar.).
Autocar Trucks, $3 cum. part. pref.
75c
(quar.)....
Avery (B. F.) & Sons, preferred (quar.)
3714c
Baldwin Co., 6% pref. (quar.)
$114
6% preferred A (quar.)
Balfour Building, vot. trust, ctfs.
(quar.)
Bathurst Power & Paper Co., Ltd. A
25c
Belding Corticelli (quar.)
$1
Preferred (quar.)
Belknap Hardware
•15 X
Bell Telep. of Penna.
6)4% Pref. (quar.)
$1%
Berghoff Brewing Corp. (quar.)
25c
Bishop Oil Co
2%c
Black & Decker Mfg. Co.
25c
(quar.)
Blackstone Valley Gas & Electric, pref.
$3
(s.-a.)__
Bondholders Management, class A (s. a.)
6254c
Boston Elevated Railway
(quar.)
$114
Boston Garden Arena, preferred
$6
Brazilian Traction Light & Power, pref.
$154
(quar.).
Brillo Mfg. Co.
20c
(quar.)
Class A (quar.)
50c
Budd Realty Corp., trust ctfs.
$2
(quar.)
Canada Bread, Ltd., 5% preferred
*$154
(quar.)
Preferred B (quar.)
*62 54c
Canada Northern Power Corp.
*25c
(quar.)
7% cumul. preferred (quar.)
Canadian Celanese, Ltd
7% participating preferred (quar.)
Canadian Fire Insurance (semi-annual)
Carpenter Steel Co., common (final)
$154
Carreras, Ltd., Amer. dep.rec. A. & B. (interim) 112-3%
Chapman Valve Mfg. Co.. pref. (s.-a.)
Cincinnati New Orleans & Texas Pacific Ry
City & Suburban Homes
25c
Clark Controller Co
25c
Clearing Machine Corp. (quar.)
20c
Clorox Chemical Co. (quar.)
75c
June 14
June 27
Aug.
July
June
June
July
June
May
Aug.
July
July
June
July
11
5
19
June 20
June 29
May 31
May 21
July 17
July 15
July 15
May 20
July
June 20
June
June
June
June
June
1
June
14
June
5
June
May 28
May 22
July
May
May 27
June
10
July
July
July
June
15
June
15
June
May 27
July
July
July
July
June 29
June 29
June
June
June
June 14
June 20
June 10
July
June
June
June
June
15
June
15
June
15
14
May 28
May 22
June
June
10
June
June
June
June
6
July
June
15
June
June
18
July
July
July
July
June 20
June 20
June
15
Commercial Credit Co. (quar.)
June
75c
Preferred (quar.)
$1.0614 June
Commonwealth & Southern Corp., $6 pref
75c
July
Compo Shoe Machinery (quar.)
June
25c
Preferred (quar.)
6254c June
Consolidated Edison (N. Y.), preferred (quar.).
Aug.
$154
Consumers Power, $5 preferred (quar.)
$154
July
$414 preferred (quar.)
$154
July
Continental Telephone Co. 614% Pref. (qu.)
July
7% par tic. preferred (quar.)
July
$154
Creameries of America, Inc. (quar.)
1254c June
Crowell-Collier Publishing Co. (quar.)
June
50c
Dairymen's League Co-operative, pref. (s.-a.).
$154
July
Deisel-Wemmer-Gilbert (quar.)
3754c June
De Long Hook & Eye
(quar.)
July
$154
Detroit Gasket & Mfg
25c
:
July
Devoe & Raynolds Co.,
Inc., 7% pref. (quar.)—
$154
July
Dewey & A liny Chemical
June
50c
-
.
__
1
June
15
10
10
June
7
June
June
June
5
June
5
June 28
June
7
Jime
7
June
15
June
15
June
19
June
14
June
15
June
15
June 20
July
5
June 20
$154
June
May 31
May 31
May 31
3754c
1254c
July
June
June
May 25
15c
June
June
5
*$154
*$154
July
July
June
15
June
15
50c
(quar.)
Disney (Walt.) Productions 6% pref. (quar.)
Dixie Ice Cream (quar.)
Doernbecher Mfg. Co (quar.)
Dominion Glass Co., Ltd. (quar.)
Preferred (quar.)
June
25c
Anheuser-Busch, Inc.
Class B
Preferred
June 20
June
8
July
$114
American General Insurance Co. (quar.)
American Hard Rubber, preferred (quar.)
American Hawaiian Steamship (quar.)
Extra
American Rolling Mill 4)4% preferred
American Safety Razor (quar.)
American Tobacco Co., preferred (quar.)
American Toll Bridge Co
Anaconda Copper Mining Co.
Columbia Baking Co
Preferred (quar.)
Holders
6854 c
Allegheny Ludlum Steel
Allied Chemical & Dye Corp. (quar.)
American Asphalt Roof, preferred (quar.)
American Can Co., preferred (quar.)....
American Cities Power & Light, $2)4 cl. A
(qu.)
Optional cash or l-16th sh. of cl. B stock.
American Factors, Ltd. (monthly)
Monthly
$7 preferred (quar.)
When
Payable of Record
July
■'!
Arnold Constable
Atchison Tooeka & Santa Fe Ry.,
5% pref
Atlantic Refining Co., preferred
FUND
NOTICES
Below will be found
first
Ahlberg Bearing Co., class A (quar.)
Alabama Great Southern Railroad ordinary
of the current week:
Shares
DIVIDENDS
grouped in two separate tables.
In the
together all the dividends announced the
Preferred
on
15
are
Per
IN
sold at auction
3530
wee*.
Name of Company
May 22—City National Bank of Fairmont, Fairmont, W. Va__
AUCTION
1
3221
2901
The dividends announced thsi week
BRANCH AUTHORIZED
May 22—Bishop National Bank of Hawaii at Honolulu, Hono¬
lulu, Hawaii.
Location of branch: Military Reservation of
Hickam Field, District of Ewa,
City and County of Honolulu,
Hawaii.
Certificate No. 1465A.
CAPITAL STOCK PAID
8
June 15
June
1
current week.
Ami. of Increase
.
3
Manufacturers, Inc., 6% bonds
U. 8. Steel Corp. 3)4% debentures
United States Steel Corp 10-year 3)4% debs...
♦
Virginia Coal & Iron Co. 5% bonds
Dividends
-
-
STOCK
3217
3066
3529
3530
$50,000
---
May 24—The State National Bank of Frankfort, Frankfort, Ky.
From $150,000 to $100,000
COMMON CAPITAL
3529
1
1
1
REDUCED
From $100,000 to $50,000-
3217
3374
July
July
July
Sept.
Tide Water Associated Oil Co. 15-yr. 3)4% debs
♦
Underwriters Building Co. 1st mtge. bonds
Union Pacific RR. Co. 1st mtge. bonds
Amt. of Reduction
May 20—The First National Bank of Pennington, Pennington,
N. J.
1
June
June
♦
»
COMMON CAPITAL
1
1
July
2
June 30
S.) Starrett Co. 6% preferred stock
Southern Advance Bag & Paper Co. 1st mtge. 6s
Terminal RR. Assoc. of St. Louis, gen. mtge. bonds
Texas
•1453
2592
2268
July
--June
United Merchants &
BANKS
2893
3213
2894
3061
2894
2894
1
June
June
-----
NATIONAL
2891
3060
3522
2738
2892
..
Richmond-Washington Co. 4% bonds
Safeway Stores, Inc., preferred stock
San Jose Water Works 1st mtge. 354s
Sherwin-Williams Co. 5% preferred stock
♦
Standard Oil Co. N. J. serial notes
♦
71.11
,
Page
1
♦
(L
days have been:
same
BarN.Y.(for'n) 35)4
(newly mined)
June
pref. stock
Aug.
1
Oxford Miami Paper Co. 6% gold bonds
June 22
Paris-Orleans RR. 6% bonds..
June
1
Pennsylvania Glass Sand Corp. 1st mtge. 454»-June
1
Phelps Dodge Corp., 3)4% debs
June 15
Philadelphia Transportation Co. 3%-6% bonds
July
1
Pittsburgh. Youngstown & Ashtabula Ry. 1st mtge. bds. -June
1
Portland General Electric Co. 5% bonds...
June
8
Outlet Co. 7%
Public Service Co. of Colo. 4% debs
price of silver
on
1940
Date
Ohio Electric Power Co. 1st mtge. 5s
The
1,
,
June
15
Volume
The
ISO
3457
Commercial & Financial Chronicle
Duke Power Co
15
$134
$134
July
July
June
15
June
15
June
June
5
25c
June
June
15
75c
July
July
June 20
June
May 24
July
July
July
July
May
June
25c
25c
June
June
10
$6 preferred (quar.)
Spencer Trask Fund, Inc
35c
July
June
28
Standard Brands, Inc. (quar.)
10c
—
Electric Controller & Mfg
Elmira & Williamsport Railroad, pref.
Essex Co.
June
May
$1.60
$134
(quar.)..
(semi-annual)
--
60c
Ex-Cell-O
Corp------Fidelity & Guaranty Fire Corp
50c
6234c
3734c
First National Stores, Inc. (quar.)
Foster & Kleiser, preferred A (quar.)
Fulton Bag & Cotton Mills
General Candy, class A (quar.)
General Electric Co
General
Fire
—
—
12
June
17
June
15
May 29
June
June
June
June
5
June
15
June
5
July
June
8
75c
July
July
July
June
8
June
18
$134
June
18
5c
June
June
8
mx
June 29
June 29
United Stove Co.
25c
July
July
July
Teck-Hughes Gold Mines (quar.)
—
Telephone Bond & Share Co., 7% 1st pref
$3 1st preferred
Terre Haute Malleable & Mfg. Co
Texas Corp. (quar.)
Thew Shovel Co., preferred (quar.)
Todd Shipyards Corp
Twentieth Century Fox Film Corp., pref. (qu.).
Union Carbide & Carbon Corp
June
13
20c
June
June
8
25c
July
June
15
40c
June
June
8
--
50c
Goebel Brewing Co. (quar.),
Guarantee Co. (N. A.) (quar.)
Extra
tS2X
-
Hall (C. M.) .Lamp
Haloid Co•
Harvey Hubbell, Inc. (quar.)
Heilemail (G.)
—
$134
.Tune 15 Tune
1 June
July
July
25c
-
1
June 25 June
25c
July
July
15 June
June
15 June
1
June 20 June
July
1 June
10
Indiana Michigan Electric
7% preferred (quar.)
1
June 26
June 29 June
18
Wisconsin Michigan Power
$134
$134
SIX
June 29 June
18
Wisconsin Public Service, payment represents
inc. for 1st quar. and 10c. for 2nd quarterly
1 .June
4
I June
4
II June
10*
14
15
15
Wrigley (Wm.) Jr. (extra)
Youngstown Sheet & Tube
June 29 June
15
June 29 June
July
July
1 June
15
June
10
1 June
Below
10
we
15
June 28 June
July
nounced
5
1 June
10 July
1 June
1 June
134%
June
17 June
7
f$3X
June 29 June
15
Abbotts Dairies,
1 June
15
Abbott Laboratories
40c
July
SIX
SIX
June 30 June
15
25c
June 28 June
17
25c
June
1
$1
six
SIX
June
1 May
1 May
25c
June
-
-
-
-
— -
-
-
-
-
10c
June 25 June
-
July
June
(quar.)
Oil Co., Ltd
Acme Glove, 1st preferred
Acme Steel Co. (quar.)
Aero Supply Mfg. Co., class A
Aetna Ball Bearing Mfg
May 27
27
31
1 May 28
5 May 31
10
July
July
2 June
5
2 June
5
Ohio Seamless Tube Co. prior pref.
10
June 21 June
10
Allied Mills, Inc
June 21 June
12
Allied Products
12)^c
$134
June 29 June
14
non-voting
Original preferred (quar.)_>
7% 1st preferred (quar.)
Public National Bank & Trust Co. (quar.)
June
10
June
10
June 15 June
6
July
July
July
July
July
June
15
15
July
June
15
July
July
•1 June
15
1 June
15
June 20 [June
June 29 June
10
June 29 June
15
June 29 June
June 29 June
15
1 June
15
American Bank Note,
American Box
June
10
15
June
15
American
35c
July
$134
$134
50c
$1
25c
50c
SIX
SIX
3734c
3734c
50c
20c
$134
(quar.)..
Roeser & Pendleton (quar.)--
— »—--
25 July
June 21
12
15 June 21
June
May 21
July
July
June
20
June
10
June
15 June
6
July
June
14
June 27 June
17
June 20
July
June 15 June
5
July
June
20
Oct.
Sept.20
July
July
July
July
11 June 20
June
10
June
10
June
10
June 28
_.„,June
June 15|June
12
20c
25c
July
June
15
25c
—-———---
Milling Co.---——
17
June 28 June
50c
15
30c
3
June
May 21
June 20
$134
$134
July
July
July
50c
June
3734c
$134
June
4
_,June 14
15'June
5
7%
$4 34
$134
July
July
2 June 26
1 June 14
1 July
June
19
1 June
15
May 15
June 15 May 28
1 lJune
8
July
June
1
1 June
July
July
June
June 25 June
8
1 June 17
29 June 10*
1
15 May 31
June
$134
June
5 May 20
1 May 15
June 30 June 15
Sept. 30 Sept. 15
50c
Dec. 31 Dec.
June 30 June
Dec.
July
25c
— - -
preferred (quar.)
Board Co. 7% cum. pref. (quar.).
preferred (quar.)-.
American Chain
—
Extra
& Cigar, pref. (quar.)
American Dock Co., pref. (quar.)_
American Envelope Co., 7% pref. A (quar.)
$2)4 conv. preferred (quar.) —
$2 conv. preferred (quar.)
& Leather Co. pref.
American Home Products Corp
American Hide
American Home Products Corp
American Investment Co. (111.)
Stock div. of 2 shs. of com.
14
1 June
14
1 June
11
$134
14
18
May 15
1 May 15
1
June
40c
June
15 June
4
$134
$1
$134
June
15 June
4
June
15 June
15 June
1
June
1
June 28 June 14
June
June
June
Sept.
13
1 May 25
1 Aug. 25
1 May
15 June
4
t30c June 15 May 25
1-3 5c June 15 May 25
1 May 20
1234 c" June
25c
June
15 June
5
40c
June
15 May
15
$1.1834 July
—
1 June
7
—
(quar.).$1 par, for each
75c
June
6234c
June
50c
pf. (quar.)..
(quar.)
1 June
1 June
June
25c
$6 pref...
1 May 20
1 June 14
1 May
$134
$134
preferred A (quar.)
American Export
conv.
July
July
July
July
July
31 Dec. 15
1 June 15
June
M
American Cigarette
Lines
American & Foreign Power Co., Inc.,
$7 preferredAmerican Forging & Socket Co
American Fork & Hoe Co.--American Gas & Electric Co. (quar.)
U7%
15
15
Sept. 30 Sept. 15
June
50c
preferred (quar.)
434% cum. pref. (quar.)
American General Corp., $3
11 May 31
June
10c
B
Shares
Capital Corp. prior
& Cable
Preferred (quar.)
American Chicle Co. (quar.)
June
25c
$1
Arch Co
no-par common held
5% preferred (quar.)
1 May 20
1 May 21
IIS
American Business
7%
June
$134
preferred (quar.l
7% preferred (quar.)7% preferred (quar.)
Amalgamated Sugar (Initial)
American Bakeries Co. class
Class A (quar.)
Class A (participating)
July
July
July
Aug.
50c
,—
7%
American
June 25 June 14
1 May 31
1 June 14
$134
$134
$134
$134
$134
50c
50c
Quarterly
50c
—
—
funds.
Mfg.. Inc. (quar.)
June
:•
t$l34
Aluminium, Ltd
Preferred (quar.)
Payable in U. S.
15
1
2 June 15
1 May
8
25c
$1
15c
Portland Cement
June
July
July
July
July
July
15 June
25c
Aluminum
Quarterly
58 l-3c
50c
12 |May 22
1 June I5
June
$134
Aluminum Co. of America
Aluminum Industries
15
$1
Preferred
Alpha
10
15
SIX
(quar.)
Remington Rand, Inc. (interim)
preferred (quar.)
15
June
June
10c
Quarterly
Co., $6 pref. (quar.)
preferred (quar.)..Signal Oil & Gas. class A & B (quar.)
14
June
June
SIX
Reading Co., 2nd preferred
Shell Union Oil.
June 29 June
July
July
July
July
75c
75c
Publication Corp. voting &
Sangamo Electric Co
San Jose Water Works (quar.)._
19
I
3i
July
43 34 c
5% pref. (quar.)
Allis-Chaimers Mfg. Co
SIX
Peoples Gas Light & Coke
Pfaudler Co. 6% preferred (quar.)
Philadelphia Dairy Products, 1st pref. (quar.)-_
Philadelphia Electric Power, pref. (quar.)
Pittsburgh Metallurgical Co. (year-end)
Pond Creek Pocahontas Co
Scranton Electric
75c
July
15 July
10 May
June
25c
(quar.)
(quar.)
Allied Stores Corp.
25c
(quar.)
____
—
SIX
Aug.
Alabama Water
Class A
June
1 June 18
12 34c
—
SIX
June 10 May 28
July 15 June 29
July 15 June 29
July
July
July
(quar.)
preferred (quar.)
Alabama Power Co. $7 preferred (quar.)
$6 preferred (quar.)
$5 preferred (quar.)
•
1st
,
[May 15
1
July
35c
15
41 2-3c
4354c
$534 conv. prior preferred (quar.)—-- —
Preferred (quar.)
Penney (J. C.) Co—
—
Pennsylvania Glass Sand preferred (quar.)
Penn Traffic Co. (semi-annual)
Pennsylvania Water & Power Co. (quar.)
Preferred (quar.)
Peter Paul, Inc.Petroleum Corp. of America
Schenley Distillers Corp.,
Air Associates, Inc.
Holders
When
Payable of Record
75c
June 25 June
June 21 June
$1.80
—
weeks
3734c
(quar.)
Service Co., $6 pref. (quar.)
Alaska Pacific Salmon Co. 5% pref. (s.-a.)
Albany & Susquehanna RR. (s.-a.)
Alberta Wood Preserving Co. preferred (quar.).
Aliegheny Ludlum Steel, pref. (quar.)
SIX
SIX
$1.65
SIX
•
Oklahoma Natural Gas Co
Ruberoid Co
June 20 June
July
lc
pref. (quar.)
Agricultural Insurance Co. (quar.)
10
5c
Co., 7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly)
8
t$3 X
Agnew-Surpass Shoe Stores,
10
15
7134c
-
8
1 June
1 June
July
July
June
$134
Preferred
1 June
30c
-
31
June 29 June 12
June 29 June 12
10c
Acme Gas &
June 20 June
15c
Inc
Niagara Alkali Co., preferred (quar.)..
North American Co. (quar.)
6% preferred (quar.)-534 % preferred (quar.)
Oahu Sugar (monthly)
Ohio Edison Co., So preferred (quar.)
$6 preferred (quar.)-$6.60 Preferred (quar.)
$7 preferred (quar.)
$7.20 preferred (quar.)
June 20 May
1 May 21
June 28 June 18
July
1 June 20
June
40c
20c
-
10 May 31
20 May 31
20 May 31
25c
Inc. (quar.).
(quar.)_
25c
-—
50c
Per
15
50c
SIX
5c
-
$134
$134
SIX
Share
Extra.
June 30 June
50c
-
June
June
announced in previous
Name of Company
10
40c
-
June
$134
25c
10
75c
National Cylinder Gas Co
National Lead Co
Preferred B (quar.)
15
1 June 11
1 June 11
June 15 May 31
July
July
50c
1*
25c
National Bond & Investment (quar.)
Preferred (quar—
-—
17
$134
$134
$134
$134
15
15
$134
SIX
System, Inc
8% preferred (quar.)
Myers (F. E.) & Bro
June 28 June
July
1 June
The list does not include dividends an¬
this week, these being given in the preceding table.
June 20 June
10c
Mutual
20
July
1 May
1 June
paid.
July
July
July
July
SIX
class A
1 May 20
June
$134
give the dividends
and not yet
70c
-
—--
Preferred (quar.)
20c
(guar.)
15
29 June
June
June
15
liJune 14
10c
Ohio Public Service
—
June
June 26 June 18
July
1 June 15
20c
—
1 June
1 June
854c
Extra
------
Woolf Bros., preferred (quar.)
Worcester Salt Co. (quar.)--
50c
Lindsay Light & Chemical Co., preferred (quar.)
Loew's (Marcus) Theatres,? % preferred
Lykens Valley RR. & Coal Co. (s.-a.).
Marshall Field & Co., preferred (qi
(quar.)
2nd preferred (quar.)
McCrory Stores (quar.)
Merrimac Hat Corp
Preferred (quar.)
Metropolitan Edison, $6 preferred (quar.)
Michigan Consolidated Gas Co., 6% pref. (qu.)
Michigan Seamless Tube
Mid-West Refineries, Inc. (quar.)
Mississippi River Power, pref. (quar.).
Modine Mfg. Co. (quar.)
----
7% preferred (quar.)
6 34 % preferred (quar.)
6% preferred (quar.)
six
SIX
Extra
Moore Corp.
Preferred A & B (quar.)
Moore Drop Forge, $6 participating
-
Co. 434 % pref. (qu.)
SIX
-
(quar.)
(quar.)
6% preferred (quar.)
15
1
2 June 22
July
50c
2 June
Wheeling Steel, $5 prior pref.
31
25c
July
15
11
15 May
28 June
15 June
%20c
17 June
Westmoreland Coal Co
West Texas Utilities $6 preferred
50c
(semi-annual)
Jamaica Water Supply Co. (quar.)
$5 preferred A (quar.).
Kansas Electric Power 7% preferred (quar.)
6% preferred (quar.)
;Kelvinator Corp. (Canada) (interim)
Kerlyn Oil Co., class A (quar.)
Kern County Land Co
Keystone Public Service, pref. (quar.)
Keystone Watch Case Corp
Lamaque Gold Mines, Ltd. (quar.)
June
t5c
June
$234
A
June
20c
3
3
SIX
SIX
Preferred (quar.)
June
$1
50c
25c
10
14
30 June 20
June 30 June 20
1
June 12 June
75c
D.) Co. (quar.)-—.
—
(quar.)_
Wellington Fund, Inc
West Canadian Hydro-Electric Corp. cl. B
Cum. participating preferred (quar.) — .
Westmoreland, Inc. (quar.)
1 June
1 June
50c
Jamestown Telephone Corp., 1st pref. (quar.)__
June
1
7
$1
17 June
-.June
60c
10c
—
July
July
July
July
July
July
July
July
July
1
15
June
Warren (S.
10
June
15 June
June
$1
Waukesha Motor Co.
June
7
15 June
June 29 June
July
1 June
$134
3734c
5c
Utah Oil Refining Co. (quar.)_
Vanadium-Alloys Steel
Veeder-Root, Inc
Wabasso Cotton Co. Ltd. (quar.)
8
1
10c
June
SIX
SIX
-
Indianapolis Water Co. 5% cum. pref. A (qu.)_
Island Creek Coal Co
50c
7
1 June 10
50c
30c
6% pref. (quar.)
Co. 6% pref. (qu.)
5c
*
25c
•'
12c
(quar.)
5c
.
Indiana General Service Co.
San Carlos
June
50c
i—
Honey Dew, Ltd. (initial)
Hoskins Mfg. Co
Humphryes Mfg.
Preferred (quar.)
New Idea.
July
5c
-
Preferred
June 30 June
10c
28c
50c
SIX
-
Furnace Co
Hollinger Consol. Gold Mines
Extra
1
June 30 June 20
June 20 June 10
Extra
14
60c
50c
25c
75c
Universal Consolidated Oil__
8
Hinde & Dauch Paper Co
Preferred (quar.)
5
15 June
July
1 June 10
Sept. 16 Sept. 3
Sundstrand Machine Tool---
June
Hercules Powder Co
7
7,
Stewart-Warner Corp
8
8
—
$154
(Quar.)
(Geo. W.) Co
Preferred (quar.)
Helme
7
1 June 15
1 June 20
1 June 20
July
July
July
June
10c
$134
10
1 June
1 June
'
—
June
(quar.)
Gulf Oil Corp.
July
,
25c
$3 preferred (quar.)
Godchaux Sugars, Inc., class A"
2%
SIX
t$l
$134
preferred (quar.)
- Stercbi Bros. Stores, 1st pref. (quar.)—
6234c
50c, June
—
July
cum.
25c
(quar.)__
14
July
35c
July
--
—
10
28 June
1 June
25c
30c
;
General Telephone Tri Corp
—
General Water Gas & Electric Co
Holland
$434
June 25 June
June 20 June
June
Preferred (quar.)
—
Southwestern Gas & Electric, 5% pref. (quar.)-.
Southwestern Light & Power, $6 preferred
19
June
1 May 20
June
5c
10c
—
15
June 29 June 15
July
1 June 14
3734c
South Penn Oil (quar.)
South Porto Rico Sugar Co
Extra
20
June 29 June
8734c
-
July
_■
$134
- —
__
June
General Telephone Co. (quar.)
Preferred
Sonotone Corp
Southland Royalty
25c
$134
(quar.)
Corp. (quar.)
General Re-Insurance
Preferred
June
$134
Skenandoa Rayon conv. & A
19
June 10*
Extinguisher
General Mills, Inc., 5% cum. pref.
Extra
(H.) & Sons, Ltd. (interim)
7% cumulative preferred (quar.)
preferred (quar.)-.
Smith-Alsop Paint & Varnish Co.—
7% preferred (quar.)
—
1
June
$134
Preferred (quar.)-Eagle-Picher Lead, preferred (quar.)
EastMahonoy Railroad (semi-annual)
Eddy Paper Corp
15c
Simon
June
75c
—
—
Holders
Payable of Record
Share
of Company
July
July
75c
(quar.)
Draper Corp.
Name
of Record
of Company
When
Per
Holders
Name
June
75c
June
20c
July
20c
June
75c
June
6234c
July
July
15
15
1 May 15
1 May
1 May
4
14 June
1 June 14*
1 May
1 May
14*
15
26 July 15
1 June 15
The Commercial & Financial Chronicle
3458
Per
Name of Company
When
Share
American Laundry Machinery Co. (quar.)—
Extra
June
1 May 20
1 May 20
10c
American Maize-Products
Preferred
Preferred
(quar.)
June
26c
—a—
June 28 June 17
June 28 June 17
June
1 May 21
June
1 May 21
June 15 May 29
$ih
.
American Metal Co., Ltd-
25c
(quar.)
-
-
American Meter Co.. Inc
American Oak Leather pref. (quar.).American Paper Goods Co. 7% pref. (quar.)—
-—
7% preferred
(quar.)
—
Preferred (quar.)
Preferred (quar.)
American States Insurance (quar.)
American Steel Foundries
$ih
$1H
—
American Sugar Refining, pref. (quar.)
Sumatra Tobacco Co. (quar.)
Surety Co
Telephone & Telegraph (quar.)
Thread Co. pref. (seml-ann.)
Tobacco Co. com. and
Anaconda Copper Mining Co
Andes Copper Mining Co
Andian National
Extra
com.
B (qu.)_
16 Dec.
5
1 June
5
1 June
June 20 May 31
Sept.
1 Aug. 27
June
1
July
1 June
15
June 29 June
2 June
July
15
May 24
5*
June
15 June
1
July
July
July
1 June
8
15 June
$12)4
SIM
17
1 May 31
1 May 10
June
50c
June 24 June
4
25c
June 14 June
7
SI
50c
June
June
1 May 20
1 May 20
15c
June
1
35c
SIM
SIM
Armstrong Cork Co. (Interim)
Preferred _(quar.)
Art Metal Works Inc.
i,
Artloom Corp. 7% pref.
25c
ili
•1 &
(quar.)
Asbestos Corp. (quar.)
Extra
15c
Associated Breweries of Canada (quar.)
125c
Preferred (quar.)
Associated Dry Goods 1st pref. (quar.)
2nd preferred
Associates Investment Co. (quar.)
5% preferred (quar.)
Astor Finance, 1st pref. (semi-annual)
Atlanta Birmingham & Coast RR. pref.
(s.-a.)._
Atlanta Gas Light, 6% pref. (quar.)
Atlantic Refining Co. (quar.)
Atlas Corp., common
6% preferred (quar.)
Atlas Powder Co
-
-
-
-
conv.
June
May 15
1 May 21
July
July
1 June
15
1 June
15
June
1
pref
SIM
t$lM
June
1
June
15
May 10
1 May 10
June 29 June 15
SIM
June 29 June
15
3l®
June 25 June
1 June
July
5
12
25c
75c
1 June 14
July
June 15 May 21
June
5 May 20
June
1 May 20
75c
June
June
10 May 31
1 May 20
1 May 15
5c
June
June
1
July
July
July
1 June
60c
6Mc
6Mc
25c
Barlow & Sellig Mfg., class A
(quar.)
Barnsdall Oil Co
30c
15c
25c
Bayuk Cigars
SIM
J4c
S3M
(interim)
Beatty Bros., 2nd pref. (semi-annual).
Beau Brummell Ties
Beaunit Mills, SI)4 preferred..
Beech Creek RR. (quar.)
May 15
5
1 June 10
1 June
10
June 29 June 15
June
1 May 10
1 May 10
June 15 May 31
Convertible preferred
(quar.)._
Convertible preferred (partic)
Canadian Cotton, Ltd. (quar.)
$1
(quar.)
Canfield Oil Co
15 June 30
1
2 June
15
14
July
7% prior preferred (quar.)
7%
7% preferred (quar.)
Bigelow-Sanford Carpet pref. (quar.)
Bird & Son, Inc., pref.
(quar.)
Birmingham Electric $7 preferred..
$6 preferred
Chesapeake & Ohio Ry. Co. (quar.)
4% preferred A (quar.)
Chestnut Hills RR. (quar.)
Chicago Corp. $3 preferred
Chicago Electric Mfg. class A
Chicago Flexible Shaft (quar.)
Birmingham Gas Co .prior pref. (quar.)
Birmingham Water Works Co. 6% pref. (qu.)
Blue Ridge Corp. S3 pref.
(quar.)
Optional div. 1-32 sh. of common or cash.
Blue Top Brewing,
6% class A (semi-annual)
1 May
15
87 Mc
June
SIM
June
15 June
1
75c
June
1 May
6
June
1 May 20
1 May 20
June 29 June
15
July
July
July
1 June
14
31 July
31 July
15
June
15 June
3
30c
June
1 May
15
25c
52
.
30c
25c
_
Bohn Aluminum & Brass
Bon Ami Co. class A
(quar.)_.
Class B (quar.)
1 June 18
15 May 29
June 29 May 31
June 29 June
1
51
62 Mc
Bond Stores, Inc. (quar.)
Borden Co. (interim)...
40c
Borg-Warner Corp
Borne-Scrymser Co
Boston & Albany RR
Boston Wharf Co
Boston Woven Hose & Rubber Co
Preferred
Bower Roller Bearing Co
-
$!M
15
July
June
50c
June
15 June
1
53
June
15 June
1
June 20 June
June 15
7
75c
Boyd-Richardson Co., 8% 1st pref
Boyerstown Burial Casket (quar.)
Brewer & Co.
(monthly)
Brewing Corp. of Amer. (quar.)
Bridgeport Gas Light Co. (quar.)
Briggs & Stratton Corp. (quar.)
Bright (T. G.) & Co., Ltd. common
S2
!
25c
June
50c
1 May 22
June 25 June 20
15c
June
50c
75c
15 June
June 29 June
June 15 June
1
14
1
t7M
tSIM
Bristol-Myers Co. (quar.)
British American Oil
(quar.)
June
15 May 31*
June
15 May 31*
60c
Preferred
June
25c
British-American Tobacco Co. (interim)
Brooklyn Teleg. & Messenger Co. (quar.)
Brooklyn Union Gas Co
July
1 May
2 June
lOd.
I
June
50c
June
$1
I.. I"
June
50c
__
Brunswick-Balke-Collender Co
Buckeye Pipe Line Co
Budd Wheel Co. preferred
(quar.)
Preferred (participating
div.)
June
25c
Brown Shoe Co
June 29 June
SIM
III
IIII
17
3
June
SIM
SIM
50c
Dredging (interim)
15
1 May 21
1 May
7
1
May 20
15 June
5
15 May 24
June 29 June 15
June 29 June 15
June 28 June
SIM
June
50c
June
13
10 May 18
1 May 11
Concentrating.
25c
June
1 May
15c
June
15 June
5
I
15c
July
2 June
15
10c
June
June
II
37Mc
SIM
5 Apr. 27
1 May
8
40c
July
July
Burgess Battery Co. (quar.).
Burlington Steel, Ltd. (quar.)
Burroughs Adding Machine Co
Butler BiSbs. preferred
(quar.)
Butler Water Co. 7% preferred
(quar.)
Calamba Sugar Estates
(quar.)
Preferred (quar.)
California Art Tile, pref. A
...
35c
California Ink Co
California-Western States Life Insurance
(s.-a.)
Cambria Iron semi-annual
Canada Cement Co. 6 )4 % preferred
Canada & Dominion Sugar
50c
SI
tSIM
J37Mc
(quar.)
Canada Malting Co., Ltd.
(quar.)
t25c
62Mc
....
50c
June
15
15 June
1
1 June
14
14
1 June
14
July
4
June
12
June
June
5
July
June
20
June
June
May 20
May 20
May 18
May 25
June
June
June
June
June
June
May 31
May 31
June
June
June
May 20
May 31
June 15
May
1
May 31
24 May 31
June
June
June
Extra
July
June
June
July
July
June
June
50c
June
1 June
7
7
1 June
May 20
May 15
May 11
June
June
June
June
June
May 25
May 20
May 27
19
19
25c
July
June 20
June
$154
Preferred (quar.)
Cincinnati Union Terminal, 5% pref. (quar.)..
June
$154
—
June
$33 54
$154
Preferred
July
May 15
June 17
June
s
5% preferred (quar.)
City Ice & Fuel Co
May 15
July
June
19
Oct.
Sept. 18
30c
June
June
$154
$1)4
June
June
75c
Preferred (quar.)
City of New Castle Water Co. 6% pref. (quar.).
Clark Equipment Co
June
May
May
May
May
May
Preferred
(quar.)
Cleary Mines
$1M
Clearfield & Mahoning Ry. (s.-a.)
$154
50c
871l
June
June
15
21
20
July
June 20
June
May 10
May 10
May 24
June
June
June
June
July
June 20
June
May 25
75c
July
July
July
July
50c
(qu.)_.
$154
$5.80
(semi-annual)
$3
Colgate-Palmolive-Peet Co. pref. (initial)
Collins & Aikman Corp
Preferred (quar.)
Colonial Finance (Lima), pref. (quar.)
$1.2514 June
25c
June
$154
June
$154
Colt's Patent Fire Arms Mfg. Co. (quar.)
Columbia Brewing (quar.)
Columbia Broadcasting System, Inc., A & B
Columbian Carbon Co. (quar.)
Columbus Auto Parts Co., $2 cum. preferred
Commercial Investment Trust Corp. (quar.)
June
June
14
12
June
12
June
12
June
12
June
5
May 21
May 21
May 20
50c
June
June
30c
45c
June
$1
June
t$l
$1
June
MayM15
May 24
May 24
May 24
June
July
$4)4, series of 1935, conv. preference (quar.). $1.0654 July
Commoil Ltd
lc
May
Commonwealth Utilities Corp., 6% pref. B (qu.)
$154 July
6)4% preferred C (quar.)
$154
Sept.
Compania Swift Internacional (quar.)
June
50c
Compressed Industrial Gases
June
25c
Confederation Amusement, pref
June
$3
Congoleum-Nairn, Inc. (quar.)
June
25c
Comarum Mines, Ltd
:4c
June
Connecticut Light & Power (quar.)
75c
July
Preferred (quar.)
June
$154
Connecticut Power Co. (quar.)
June
Connecticut River Power (quar.)
June
Consolidated Cigar Corp. 7% pref. (quar.)
June
$154
Consolidated Diversified Standard Securities—
1st preferred (semi-annual)
June
Consolidated Edison (N. Y.) (quar.)
June
Consolidated Film Industries, pref
25c
July
Consolidated Gas Electric Light & Power Co
90c
July
4)4 % preferred (quar.)
$154
July
Consolidated Investment Trust (quar.)
30c
June
,
6im
J37|g
Special
Consolidated Paper Co
Consolidated Retail Stores 8% pref
14
June 10
June 10
May
15
June
15
Aug.
May
May
May
15
31
20
15
June
1
June
June
5
15
May
May
May
May
15
15
15
15
May 31
May 10
June
June
June
15
15
15
June nl
June
1
10c
....
—
Continental Oil of Delaware.
Continental Steel
Preferred (quar.)
Cook Paint & Varnish (quar.)
Preferred (quar.)
Copper weld Steel Co
Preferred (quar.)
Crane Co., 5% cum. conv. pref. (quar.)
Creameries of America, Inc., preferred (quar.)..
Creole Petroleum Corp
Extra
1 June 14
June
1 May 17
June 20 June 10
Sept. 15 Aug. 31
Oct
1 Sept. 14
Crown Cork & Seal Co., Inc., $2% cum.
pref
Crown Zellerbach
June 20 May 31
June
1 May 15
June 15 May 31
Cuneo Press, Inc. pref. (quar.)
Curtis Publishing Co., preferred
Curtiss-Wright Corp. class A..-
June
25c
(quar.)
8% preferred (quar.)
Consol. Sand & Gravel Ltd. 7% cum. conv. pfd.
Continental Can Co., Inc., $4)4 pref. (quar.)
Continental Casualty Co. (Chicago, 111.) (quar.)
.
29
29
20
$154
$1)4
Coca-Cola International
Crow's Nest Pass Coal Co., Ltd
Crum & Forster 8% pref. (quar.)
10
25c
Christiana Securities
Preferred
15
15
25c
;
Preferred (quar.)
Coast Counties Gas & Electric, 1st pref.
Coca-Cola Co
Class A (semi-annual)
June
t75c
Chicago Rivet & Machine..
Chicago Yellow Cab Co
Class A
June
May 15
$154
Cleveland Theatre,
Ipreferred (semi-annual)
Cluett, Pea body & Co., Inc. (interim)
1 May 20
1 May 20
5
June 30 JuLe
75c
June
June
June
62)4c
$1
50c
June
June
50c
Extra
Cleveland & Pittsburgh RR. 4% gtd. (quar.)—
7% guaranteed (quar.)
June
June 24
$1
10
SIM
SIM
_
July
July
$1)4
$154
17
7
15
%\Y
25c
1 June
10
May
75c
'
Century Ribbon Mills preferred (quar.)
Champion Paper & Fibre
Preferred (quar.)
Chartered Investors. S5 pref. (quar.)
Chesebrough Mfg. (Consol.) (quar.)
1 May
July
4
June
:2c
$154
$154
$6 prior lien preferred
Central Steel & Wire Co., 6% preferred (quar.).
15 June 22
June 15 June
1
1 May 24
1 May 24
June
50c
4c
June
1 May
1 June
June
4c
Central Patricia Gold Mines, Ltd. (quar.)
Extra
Central & South West Utilities Co.—
S7 prior lien preferred
10
June
20
June
July
July
25c
6% preferred
14
June
June 20
May 20
12)4c
$1)4
$1)4
$154
$154
Central Cold Storage Co. (quar.)
Central Illinois Light pref. (quar.)
1 June
June
1
15
$154
preferred (quar.)
1 June
rsin
SIM
SIM
SIM
SIM
Apr.
May
Central Arkansas Public Service Corp.—
July
July
July
25c
June
June
$3.50
$1*4
52
15c
Berkshire Fine Spinning
Assoc., Inc., 7% pref..
$5 preferred
Bethlehem Steel Co
10
15
15c
1 May
i2m
14
14
June
15
15
June
$1*4
20c
Beneficial Loan Society (Del.)
(quar.)
Bensonhurst Nat'l Bank (Bklyn.,
N.Y.) (qu.)-_
Extra
June
June
June
June
June
June
\
i
1
1 May 10
June
1 May 20
June 29 June 29
June 29 June 29
15
$2
Extra
Carman & Co., Inc., class A
(quar.)
Carolina Telephone & Telegraph (quar.)
Case (J. I.) Co., p eferred (quar.)
Case, Pomeroy & Co
Celanese Corp. of America—
7% 1st preferred
June
July
15
15
:4c
50c
51
25c
(quar.)
June
June
June
si *4
37c
June
May 15
May 15
May 31
Aug. 31
Nov. 30
May 31
May 31
July
July
July
July
July
July
July
July
June
6% preferred (quar.)
Capital Wire Clotn & Mfg. Co. conv. pref
Cariboo Gold Quartz Mining Co. (quar.)
Cincinnati Gas & Electric preferred A (quar.)
Cincinnati New Orleans & Texas Pacific—
17 June
Holders
June
6% preferred (quar.)
10c
Bell Telephone of Canada
(quar.).
Belmont Radio Corp.
(quar.)
Bendix Aviation Corp
$1*4
:2c
*4%
Canadian Malar tic Gold Mining
Canadian Marconi Co. (initial)
Canadian Western Nat. Gas, Lt., Heat & Pow.,
June
June
Dec.
June
June
:i2)4c
:25c
:5c
:15c
:5c
t75c
Beech-Nut Packing Co. (quar.).
Extra.
Bullock's, Inc. (quar.)
Bunker Hill & Sullivan
Mining &
Canadian Canners
First preferred (quar.)
First preferred (partic.)
(quar.)
Chrysler Corp
July
Sept.
25c
June
1 May 18
June
8 May 20
June 15 May 31
June
SI 54
:75c
Central Ohio Light & Power, pref. (quar.)
Central Ohio Steel Products
15c
Bank of America (quar.)
Bankers National
Investing A & B (initial).1
5% preferred (initial)
Barber (W. H.) Co. (quar.)
Class B
15
June 30 June 15
June 30 June 15
June 29 June 15
June
$1
$1
$1
6)4% preferred (quar.)
Canadian Breweries, Ltd., S3 preferred
1940
Payable of Record
10c
(quar.)
Class A (quar.)
Class A (quar.)
Preferred
When
Share
"
Central Illinois Public Service S6 pref
SIM
SIM
SIM
Bangor & Aroostook RR. pref. (quar.)
Bangor Hydro-Electric 7% preferred (quar.)
6% preferred (quar.)
;
Canada Wire & Cable, class A (quar.)
1
10
1 June
25c
"p-
■
6
July
SIM
Canada Vinegars, Ltd.
Company
May
ttlH
50c
Per
Name of
June 15 June
June 15 June
June
1 May
t82Mc
-
Dec.
July
July
SI X
$2)4
Arkansas Power & Light $7 pref.
(quar.)
$6 preferred (quar.)
Belden Mfg. Co.
5
25c
Anglo-Canadian Telephone class A (quar.)
Archer-Daniels-M Idland Co
Beattie Gold Mines Ltd.
May 21
15 June
Sept. 16 Sept.
30c
SI *4
Corp. Ltd. (s.-a.)
Automotive Gear Works, Inc.
Baltimore Radio Show (quar.)
Preferred (quar.)
1
July
June
25c
...
American
American
American
American
American
A*
$i x
$1*4
my*
m%c
$1*4
.....
7% preferred (quar.)
American Power & Light Co. $6 preferred
$5 preferred
American Public Service 7% pref. (quar.)
American Radiator & Standard Sanitary—
Bullard Co
Bulolo Gold
Holders
Payable of Record
20c
June 1,
June
May 21
$2
July
June
$2
Oct.
Sept. 14
May 22
t$l 54
$1)4
June
15
lO
July
June
30c
June
25c
June
May 15
June 1-3
$154
July
July
June
15c
June
25c
$1
June
June
14
14
May 20
May 20
20c
June
6254c
$154
8754c
June
June
June
June
1
June
25c
June
25c
June
5654c
10
31
31
31*
13
June
1
1
June
May
May
May
May
25c
July
June
$154
:$154
June
June
May 14
May
2
$2
June
$154
June
June
July
May 31
tSl
50c
June
June 29 June
1
1
15
t
150
Volume
,
*
Cushman's Sons, Inc., 7% pref.
$134
June
25c
June
5uc
(quar.)
June
Cutler-Hammer, Inc
Daniels & Fisher Stores Co. (quar.)
Dayton & Michigan RR. (quar.)
Dayton Power & Light 434 % pref. (quar.)
Dayton Rubber Mfg
Debenture & Securities Corp. (Canada)—
Preferred (semi-annual)
15c
Dec.
May
June
1
„
2 Nov. 26
1 May 20
June
1 May 15
June 20 June 10
July
5 June 20
Jan.1*41 Dec. 20
June 25 June 15
Dec.
30c
2c
$2
$2
25c
20c
25c
June
oyo
Corp
$134
preferred (quar.)
J5534c
Seagrams (quar.)
25c
Divco-Tivin Truck Co
Dixie-Vortex Co. class A (quar.)
Doctor Pepper Co. (quar.)
30c
Quarterly
30c
Quarterly
50c
Dome Mines, Ltd
mi
Dominion & Anglo Investment Corp. (initial)
t*ix
5% preferred (quar.)
38c
Dominion Coal Co., Ltd. pref. (quar.)
$134
Dominion Foundries & Steel 6% preferred (qu.)_
$134
Dominion Textile Ltd. (quar.)
$134
Preferred (quar.)
jx..
•$134
Driver-Harris Co. 7% preferred (quar.)
50c
Dim & Broadstreet, Inc. (quar.)
$134
$6 preferred (quar.)
40c
Dunean Mills (quar.)
$134
7% preferred (quar.)
62 He
Dunlop Tire & Rubber Goods,pref. (s.-a.)
Du Pont (E.I.) de Nemours (interim)
$134
Preferred (quar.)
$134
Duquesne Light 5% 1st pref. (quar.)
3734c
Durez Plastics & Chemicals, Inc., 6% pfd. (qu.)
$154
7% preferred (quar.)
$154
East Shore Public Service Co., $634 Pref. (quar.)
$134
$6 preferred (quar.)
East St. Louis & Interurban Water Co.—
$134
7% preferred (quar.)
$134
6% preferred (quar.)
—
Eastern Gas & Fuel Association, 434% prior
$134
preferred (quar.)
$134
Eastern Massachusetts State Ry. pref. A
$134
Eastman Kodak Co. (quar.)
$134
Preferred (quar.)
62$
.
1
1
June
May 31
May 31
June
May 15
June
25 July
July 15 June
June
1 May
June
1 May
June
40c
25c
$134
$134
$134
$134
(quar.)
Ely & Walker Dry Goods
1st preferred (semi-annual)
.
2d preferred (semi-annual)
Empire & Bay State Telep. Co. 4 % gtd. (qu.).
Empire Power Corp., $6 cum. pref. (quar.)
Participating stock
—
Emporium Capwell 7% pref. (s.-a.)
25c
$3
—
(Quarterly)
434% preferred (quar
4 34 % preferred (quar
4 34 % preferred (quar
Engineers Public Service Co.
$6 dividend cumul. preferred (quar.)
—
$534 dividend cumul. preferred (quar.)
$5 dividend cumul. preferred (quar.)
—
English Electric Co. (Canada) $3 class A (quar.)
Equity Corp., $3 conv. pref. (quar.)
10
10
June
May 17
June
May 17
1 June 15
July
June
15 June
$1
$134
50c
$3 34
35c
1
July
1 June 18
June 12 May 28
July
Green Mountain Power,
Greene Cananea
Group No. 1 Oil
Goderich Elevator &
June
15 June
June
10 June
7% preferred
7
Sept. 21 Sept
July
1 June 21
5634c
5634c
5634c
July
$134
$134
$134
1 June 22
July
July
July
1 Sept. 21
1- 2-41 Dec. 21
Oct.
.
Erie &
Pittsburgh RR. (quar.)
Co. Ltd. ord. stock
Ever Ready
Bonus
Preference
^
mm*
Inc.",
new 5% pref. (quar.)
preferred (quar.)
preferred (quar.)
preferred (quar.)
preferred
Special initial div., which was a part of the
recapitalization plan; payable on presentation
Eversharp,
New 5%
New 5%
New 5%
New 5%
$100 par pref.ofWahl Co.
Fairbanks, Morse & Co. (quar.)
Fajardo Sugar of Porto Rico
.
Fanny Farmer Candy Shops (quar.)
of ctfs. of old 7%
Fansteel Metallurgical Corp.,
Preferred (quar.).
Preferred (quar
f-L
preferred (quar.)_
62&c
8734c
20%
5%
1 June 14
1 June 14
1 June 14
June 15 May 31
June
1 May 15
June 10 May 31
June
June
<
il
June
July
June
25c
Oct.
Sept. 15
25c
25c
1-2-41
4-1-41
$1.162i
Extra
Enamel Corp
Fifth Ave. Coach Co
Finance Co. of America class A and
Class A and B (extra)
B (quar.)..
:
(quar.)
(quar.)
(quar.)
Firestone Tire & Rubber pref. (quar.)
First Holding Corp. (Pasadena), 6% pref. (qu.)
First National Bank of J. C. (quar.).,
First Securities Corp. A and B (s.-a.).
Fireman's Fund Indemnity
B (extra)
First State Pawners Society (Chicago)
Fishman (M. H.) Co. (quar.)
Class A and
...
-
25c
June
50c
June
May 11
May 15
3734c
$134
$134
July
June
15
June
June
15
Sept.
Sept. 16
14
Dec.
Aug. 31
5c
Dec.
Nov. 30
5c
5c
$234
$234
$234
Mar.
Feb.
28
June
May 31
July
June
Oct.
Sept. 10
Jan.
Dec.
10
11
25c
June
June
15
75c
June
June
15
$134
June
May 15
25c
June
June
25c
June
June
5
July
July
June
15
June
15
June
June
10
50c
15c
June
June
14
June
June
19
10c
June
June
19
634c
234c
June
June
19
June
May 31
50c
June
June
$134
$134
June
May 15
May 20
160c
tl5c
June
3
5
1%
June
June 22
50c
June
June
1
25c
June
June
1
$134
June
June
19
15c
June
May 15
July
July
July
June
15
June
18
$134
$1
June
May 20
July
June
20
June
15
$134
July
40c
30c
56 34c
25c
$134
(quar.)—...
Hammermill Paper pref. (quar.)
Hancock Oil of Calif, cl. A & B (quar.)
Preferred
-
lo'May
50c
June
July
June
June
May
25c
June
Common
7% preferred (quar.)
Hart-Carter Co. (quar.)
...
Hat Corp. of America class A and B common.
Preferred (quar.)
Hathaway Mfg. Co. (quar.)
.
.....
Haverty Furniture Co., Inc. pref. (quar.)
Hawaiian Agricultural (monthly)...
Hazel-Atlas Glass Co
Hazeltine Corp. (quar.)
Hecla Mining Co... —
Heileman (G.) Brewing (quar.)
Henkel Clauss, pref. (quar.).
Preferred (quar.)
Hewitt Rubber Corp
Harrisburg Gas Co.
"
Heyden Chemical Corp
Hibbard. Spencer. Bartlett & Co. (mo.)..
Hires (Chas. E.) Co. (quar.)
Hobart Mfg. Co. class A (quar.)
Holophane Co., Inc..
—
Home Fire & Marine Insurance (quar.)...
Hooven & Allison, preferred (quar.)
Horn (A. C.) Co.-—
7% non-cum. prior partic. pref. (quar.).
6% non-cum. 2d partic. pref. (quar.)..
Horn & Hardart (N. Y.) preferred (quar.)
B (interim)
Class A
--- —
5% preferred (s.-a.)
(Final)
Smelting Co
(quar.).....
Huntington Water Corp. 7% pref. (quar.)
6% preferred (quar.)
Hudson Bay Mining &
Humble Oil & Refining
21
15
May 17
June
June
June
May
May
May
1 May
June
June 171 June
17
17
20
10
June
19.June
7
liMay 18
1 July
1
28 June 10
2 June 15
2'June 15
29 June 21
2 June 15
2 June 15
June
July
June
July
July
$134
50c
June
July
July
June
$134
June
234c
7
June 29 June
15 May 31
15 May 31
25c
19
10
6
17
June 30 June 14
1 May 15
June
25c
s
4334 c
1 May
June
20 July
1 May
June
July
20 June
5
1 May
15
25c
June
tl5c
t$134
June
June
29 May 31
25c
June
15 May 31
1 May 17
1 June 15
$1
June
$1
July
June
1 May
75c
.June
1 May
50c
June
8734c
July
15
15
1 May 20
1 May 20
8
14 June
20c
June
$134
$134
Sept.
1 Aug. 15
June
1 May
2c
2c
15
July 15
Sept. 15
2c
—
Howey
Hudson Bay Co.
1
June
75c
25c
50c
(extra)
.........
Hanely (James) Co. (quar.)
.........
7% preferred (quar.)
Hanna (M. A.) Co— — —
$5 cumulative preferred (quar.)
$5 cumul. pref. (quar.)...
Banners Oil Co., common
(quar.) — ...
Gold Mines, Ltd
18
11June 29
31
June 15 May 15
June 15,May 15
June
$134
$134
pref. (quar.)
Houdaille-Hershey, class
June
June
50c
-
Common
25c
Ferro
preferred (quar.)
Harris & Co., preferred (quar.)
Preferred (quar.) — — ---—-
Sept.
Quarterly
—;
Quarterly
Quarterly
—
Farmers & Traders Life Insurance (quar.)
Quarterly
-—
Quarterly
Federal Bake Shops
Preferred (s.-a.)
-Federal Light & Traction Co.. preferred (quar.).
Federal Mining & Smelting Co
Federal Mogul Corp
..
Fernie Brewing Co
534% preferred
3-15-41
1 May 20
Dec.
Co. (quar.)
Financial Security Fund, Inc.
15
25c
July
1
June 15 May 27
15c
c-'i—-----—
$534 preferred (quar.)
Guysboro Mines Ltd. (initial)..—
—
Ha bison-Walker Refractories
Preferred (quar.)
Hackensack Water Co. (semi-ann.)
Preferred A (quar.)
Hale Bros. Stores (quar )
Hall (W. F.) Printing (quar.)
II all nor Mines, Ltd
Hamilton United Theatres, Ltd., 7% pref
Hamilton Watch Co
..........—.—
•
June
.
Farallone Packing
Dec.
Aug.
25c
.
15
3
$134
$50
Class A & B
4
June
3t$
(quar.)
Gulf State Utilities $6
1
1
June
June
—/
Goodrich (B. F.) Co.,
Great Western Sugar
1
15c
$3
Transit Co. (s.-a.)
—
15
July
75c
15 June 28
15 June 28
June
1 May 16
June
1 May 21
3
July 15 July
3
July 15 July
June
1 May 21
Extra
15
June
t$134
pref
(semi-annual)
Griesedieck-Western Brewery Co.—
534% preferred (quar.)
Griggs Cooper & Co. pref. (quar.)
■
July
July
July
June
$2H
50c
Greene Railroad
July
July
liS
$1
Copper Co
1 May 21
June 15 May 15
8
June 22 June
July 15 June 28
June
3
1 May 20
June
$134
$134
...
Great Northern Paper
8
8
10
June
each conv.
Preferred (quar.)
1 May 21
June
June
the rate of
Granby Consol. Mining, Smelting & Power
Subject to approval by Can. For. Exch.
Control Bd.
Payable in U. S. currency.
Grand Union Co., arrearage certificates
Great Atlantic & Pacific Tea Co
5
1 June
5
1 June
June 15 May 31
June 15 May 31
July
June
30c
6% preferred (quar.)
$6 preferred (quar.)
El Paso Natural Gas Co., 7% pref.
15
June 20
July
$134
pref. share held, or in cash.
Georgia Power Co., $6 pref. (quar.)
$5 preferred (quar.)
Georgia Railroad & Banking Co. (quar.)..
Gillette Safety Razor
Preferred (quar.)
Girdler Corp. (quar.)
Glens Falls Insurance Co. (quar.)
Glidden Co. (interim)
Preferred (quar.)
Globe-Democratic Publishers 7% pref. (quar.)..
Globe-Wernicke Co. 7% preferred (quar.).....
Gold Belt Mines, (initial)
Gold & Stock Telegraph (quar.)
Golden Cycle Corp
Goodyear Tire & Rubber Co
$5 conv. preferred (quar.)
Gorham Mfg. Co
Gorton Pew Fisheries (quar.)—
Gossard (H. W.)
-—........
20
20
June 29 June
June 29 June
$134
$6 cum. conv. preferred (quar.)
Opt. div. payable in com. stk. at
44-1000th of one sh. of com. for
10
1 May
May 16
July
8
Aug.
July
pref. (quar.)..
General Shareholdings Corp.
15
1 May
June
May 16
preferred (quar.)..
General Railway Signal Co.,
General Refractories Co
14 May 27
July
May 27
June
Corp
Preferred (quar.)
General Public Utilities, Inc., $5
June
June
7% pref. (quar.)
General Motors
10
July
June
(semi-annual)
General Cigar Co
5
1
July
25c
Elgin National Watch
El Paso Electric 7% preferred (quar.)
General America Corp. (quar.)
General Box Co.
1
50c
Electrolux Corp
5
June
June 29 June
50c
(quar.)
Electrographic Corp. (quar.)
Preferred (quar.)
Preferred
June
1
June
75c
>
June
(quar.)
(quar.).
June
20 June 29
1 May 15
1 May 15
2 June 15
1 May 20
2 June 15
15 June 29
1 June 20
10 May 31
1 June 30
6234c
—
5% cumul. preferred (quar.)
Auto-Lite
.
Electric Boat Co
.
Electric Storage Battery Co. (quar.)
Electric
15
June
Dec.
256
Edison Bros. Stores, Inc. (quar.)
6
June
July
July
July
July
5
July
534% preferred (quar.)
5% preferred (quar.)
Gaylord Container Corp. (quar.).
Preferred (quar.)
18
June
21
June
June
15
2 Nov. 16
July
June
June
June
1 May
July
July
June
iiuiue
June
3 Aug. 17
July
yioioaou
5
5
June
Sept.
June
June
May 14
May 20
May 20
June
June
July
June
June
10
July
June
June
Preferred (quar.)
15 June
1 June
June
June
June
June
Gatineau Power Co. (quar.)
Sept. 3 Aug. 12
2-10-41
3-1-41
June
1 May 17
June
1 May 17
June
1 May 20
1
June 15 June
$2
(quar.)
Aug. 20
June
Garfinckel (Julius) & Co.
2 Nov. 12
Distillers Corp.
June 20
Sept.
Gannett Co., Inc., $6 pref.
Dec.
Di-Noc Mfg. Co. 6%
July
_
1 May
Sept.
50c
5
May 25
Preferred
10
3 Aug. 12
75c
15
June
June
Gamewell Co
75c
(seml-ann.)
(semi-ann.)
June
June
Fyr-Fyter Co. class A
50c
.
July
June
Freeport Sulphur Co. (quar.)
Fruehauf Trailer Co
25c
Diamond Match Co. (quar.)
June
t25c
(Canada)
June
Extra
June 15 May 31
June
1 May 10
25c
15c
1734c
$134
8734c
t5uc
Foreign Light & Power, preferred (quar.)
Fort Wayne & Jackson RR., 634% pref. (s.-a.)._
Frankenmuth Brewing Co. (quar.)..
1 May 24
3 Aug. 20
June
75c
(Final)
June
35c
Ford Motor Co.
15
June
June
15c
Foote-Burt Co
23
Sept.
75c
75c
Dexter Co
Preferred
June 21
June
$134
Detroit Steel Corp
Devonian Oil Co. (quar.)
Dictaphone
July
2
1-2-41
June
1
June 15
35c
Semi-annually
Preferred
June
5 May 25
20
25
20
20
20
15
15
June
25c
Dredge & Dock
(quar.).
Ltd., 5% cum. part. A (qu.)
5% participating class B (quar.).
7% preferred (quar.)
Florida Power Corp. 7% preferred A (quar.)...
7% preferred (quar.)
Foote Bros. Gear & Machine Corp. 5% pref
Class A and B
Fitzsimmons Stores,
itzsimmons
1 May 20
$2 34
$234
(semi-annual)
.
Deere & Co., pref. (quar.)
Delaware Fund, Inc
....
Dempster Mill Mfg. Co. 5% preferred (quar.)..
Dentist's Supply Co. (N. Y.) (quar.)
Quarterly
(Quarterly)
Detroit Gasket & Mfg. Co. pref. (quar.)
Detroit Gray Iron Foundry (semi ann.)
Detroit-Hillsdale & Southwestern (s.-a.)
Preferred
June
25c
...
Preferred
Quarterly
Quarterly
July
$1
$134
1 May
15 May
1 May
May
May
May
May
25c
Fitz Simons & Connell
1 May 15
3
15 June
5
15 June
2 June 15
Payable of Record
Share
Company
Holders
When
Per
Name of
Payable of Record
Share
of Company
Holders
When
Per
Name
3459
& Financial Chronicle
The Commercial
Dec.
$134
$134
Aug.
Nov.
July
15
1 July
1 Oct.
25
25
15 June 20
50c
June
30c
June
1 May 15
1 May 20
$134
Aug.
1 July
June
1 May
18
16
July
1 June
18
June 20 June
10
$134
3734 c
10c
$134
75c
10c
25c
July
June
1 June 14*
1
15 June
June 21 May 21
5
15 June
June
July
1 June 21
Oct.
June
1 Sept. 20
1
15 June
75c
June
1 May 24
$134
$134
15c
June 28 June
18
30c
June
1 May
3734c
June
1 May
25c
50c
June
15
17
15
June
1 May
15 June
$134
June
1 May
5
15
June
May 15
May 15
May 11
50c
June
June
6234c
July
July
July
June 20
June
June
May 20
May 10
July
June
June
May 11
May 11
854c
June
45c
June
J2c
234%
234%
»1
3734c
$134
$134
June
June
5
1
June 20
1
The Commercial & Financial Chronicle
3460
Per
Name of Company
Huston (Tom) Peanut Co. 7% pref. (s.-a.)
fdraulic
Hydraulic Press Mfg. Co. 6% Pref. (quar.)
C
Idaho-Maryland Mines (monthly),
Mines
Illinois Bell Telephone.
Illinois Central RR. (leased lines) (s.-a.)
Imperial Chemical Industries—
American deposit receipts (final)
Imperial Oil Ltd. (s.-a.).,__—,——..
1
e*
^
m
»
Sm +* m
4+m
m
m
m
*r &
13 H
$2
1 June 20
June
May 25
June 21 June
June 29 June
18
$2
July
June 11
July
Apr. 25
im
June
tl2Hc
J 10c
June
SI M
$1
S3
June 29 June
7
July
July
July
June
5
June
5
June
28
June
10
June
30c
$2H
May 17
May 17
July
25c
.
$1H
37 He
Extra
12Hc
Harvester, (quar.)
40c
Preferred (quar.)
May
6
6
May
3
May 31
May 31
t. c.
June
June
May 21
May 15
May 24
25c
June
SI
75c
June
15
June
June
12
June
June
June
June
30c
'*«■'
15*
June
July
July
July
10c
—
Investment Corp. (Phila.) (quar.)
Investors Distribution Shares (quar.)
t. c.
June
SI 1-3
Interstate Hosiery Mills
Interstate Natural Gas
v.
1
May 31
June
1
30c
Sept.
Dec.
Nov.
$1H
(quar.).
(quar.
May 31
May 10
Aug. 10
30c
(quar.)
June
May 15
9
Ironwood & Bessemer Railway & Light—
Preferred (quar.)..
Irving Air Chute Co. (quar.)..
Jaeger Machine Co
Jamaica Public Service, Ltd. (quar.).
7% cumulative preferred B (quar.).
7% preferred A (quar.)
5% preferred C (quar.)
Jantzen Knitting Mills, 5% pref. (quar.)
Jewel Tea Co., Inc. (quar.)
Johns-Manville
25c
14
June
1
14
June
June
14
June
14
May 25
-
....
w.
Lake Shore Mines
6% preferred (quar.)
1
Preferred
1
Preferred
1
July
June
14
25c
S1H
1
1
May 23
May 23
1
June
15 May 31
1 June 15
15 June
1
July
June
June
1
Sept.
May 20
3 Aug. 20
Dec.
2 Nov. 20
June
1
June
1
July
June
May 10
May 10
1 June
14
29 May 31
June 29 May 31
June
1 May 20
June 15 May 31
July
July
July
1 June
12
1 June
12
1 June
12
July
1 June
July
July
1 June
15
1 June
15
June
1
15
May 20
June
June
July
1 June 20
1 May 15
13 May 31
1 June 20
June
1
May
10
July
Aug.
1 June
17
June
June
1
July 20
1 May 15
1 May 15
15 June
1
June
1 May
1 May
15
15
June
15
Sept. 16
(quar.)
Dec.
16
Lane-Wells Co. (quar.)
Extra
June
Lava Cap Gold Mining
Leath & Co. preferred (quar.)
15 May 29
15 May 29
June 29 June
Lehigh Portland Cement pref. (quar.)..
Lehn & Fink Products Corp
Lessing's, Inc
Le Tourneau (R. G.), Inc..
Lexington Water Co., 7% pref. (quar.)..
Libbey-Owens-Ford Glass
Life & Casualty Insurance Co. (Tenn.)
June
10
July
July
Life Savers Corp. (quar.)
Liggett & Myers Tobacco, pref. (quar.)
Quarterly
Common class B (quar.)
Lily Tulip Cup Corp. (quar.)
Lincom National Life Insurance Co. (quar.)
Quarterly.
Lincoln Service Corp. (quar.)
1 June
15
June
14
1
June
14 May 31
June 10 June
3
June
1
May 15
June
1 May 11
June 15 May 31
1 June 14
July
June
1 May
1
1 June 11
July
June
1 May 14
June
1 May 14
June
Aug.
Nov.
15 June
1 July
1 Oct.
1
26
26
6% cum. partic. preferred (quar.)
7% cum. prior preferred (quar.)
Lincoln Stores, Inc. (quar.)
Preferred (quar.)
Link-Belt Co. (quar.)
Preferred (quar.)
Liquid Carbonic Corp. (quar.)
Little Miami RR. Co., original capital (quar.)..
Original capital (quar.)...
Original capital (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.).
Special guaranteed (quar..
Loblaw Groceterias A & B (quar.).
Class A & B (extra)
Lock Joint Pipe (monthly)
June
12 May 31
June
Extra
Juno
12 May 31
12 May 31
June
12 May 31
June
1 May 24
1 May 24
1 May 10
June
June
July
July
1 June
15
1 June
14
June
10 May 24
Sept. 10 Aug. 24
Dec. 10 Nov. 25
June
10 May 24
Sept. 10 Aug. 24
Dec. 10 Nov. 25
June
1 May
1 May
10
10
June 29 June
19
June
Preferred (quar.)
Lone Star Cement Corp
Longhorn Portland Cement
1 June 21
July
June 28 June 11
June
15 June
Loose-Wiles Biscuit Co. (quar.)...
Preferred (quar.)
5
Aug.
July
1 July
1 June
18
18
(quar.)
Louisiana Land & Exploration Co.
Oct.
June
1 Sept. 18
15 June
1*
25
June
Sent.
May
Aug.
1
1
June
June
1
June
June
May 15
May 15
June
(quar.'
(quar.
(quar.
(quar.
(quar.
(quar.)
June
Sept.
Sept.
Dec.
Dec.
June
June
Sept.
Sept.
Dec.
Dec.
July
July
July
(quar.)
June 20
June 20
June 17
June
Preferred also partic. in this div.
Metal & Thermit Corp
1 May 20
1
10 June
June 29 June 20
June
(quar.)
(quar.)
Sept. 30 Sept. 20
(quar.)
Meyer (H. H.) Packing 6H% preferred (quar.)Michigan Steel Tube Products
Mickelberry's Food Products Co., pref. (cp.)_._
Micromatic Hone Corp. pref. (quar.)
Dec.
23 Dec.
13
June
1 May 20
June
10 May 28
1 June 20
15 June 11
July
June
Mid-Continent Petroleum
Middlesex Water Co. (quar.)
Midland Grocery 6% preferred (s.-a.)
Midland Steel Products
June
May
1
May 24
June
June 25
July
July
July
July
July
$2 dividend shards
8% preferred
Midvale Co
Midwest Oil Co. (semi-annual)
Mid-West Rubber Reclaiming Co., $4 pf.
(qu.)_
Minneapolis Gas Light, 6% pref. (quar.)
5H% preferred (quar.)
$5.10 preferred (quar.)
5% preferred (quar.)
Minneapolis-Honey well Regulator (quar.)
June
14
June
14
June
14
June
15
June
15 May 15*
May 20
May 20
June
May 20
June
May 20
June
May 20
June
June
_
June 10 May 25
June 10 May 25
Extra.
Preferred
(guar.)
Mission Dry Corp.
1 May 20
June
Common
June
(guar.)
May 20
June
2 May 24
June
May 20
July
...
...
Mississippi Valley Public Service, 7% pf. (qu.)._
6% preferred B (quar.)
Missouri Utilities Co. 7% preferred (quar.)
Mobile & Birmingham RR. Co. preferred (s. a.).
Mock. Judson, Voehringer Co., Inc., pf. (quar.)
Modern Containers, Ltd. (quar.)
June 20
June
May 21
July
July
June
July
July
Extra
Oct.
Oct.
Jan.
Jan.
Quarterly
xtra
Quarterly
xtra
June
1
15
June 20
1 June 20
1 Sept. 20
Sept. 20
1
2 Dec. 20
2 Dec. 20
5H% cumulative preferred (quar.)...
5H% cumulative preferred (quar.)
5H% cumulative preferred (quar.)
Mohawk Carpet Mills..
Monarch Machine Tool
July
Monarch Mills
June 29 June 20
July
1 June 15
Oct.
Monroe Chemical Co. pref. (quar.)
Monroe Loan Society, 5H% pref. (quar.)
Monsanto Chemical Co. (quar.)
June
June
Preferred A & B (semi-ann.)
Montgomery Ward & Co
Class A (quar.)
Dec.
1
May 23
1 May
9
15 May 28
2 Nov.
9
15 June 14
1 June 14
15 May 31
June 15 May 31
1
July
1 July
June
Quarterly
Quarterly
Moran Towing Corp., 7% cum. pref.
(quar.)
Morris (Philip) & Co., Ltd., Inc.—
5% conv cum. preferred (quar.)
$1H
I1H
I1H
I1H
..
35c
Quarterly
Quarterly
Oct.
1 Oct.
1
1-2-41 Dec. 3
June
1 May 1
June
—
Morris Plan Insurance Society (quar.)
May 15
June
$1
May 24
Sept.
Aug. 23
$1
$1H
Nov. 22
June
June
June
1
40c
June
lc
June
15c
Devel. Co. (quar.)..
Dec.
June
50c
Motor Finance Corp., pref. (quar.)
Motor Products Corp
Motor Wheel Corp. (quar.)
Mountain Producers Corp. (s.-a.)
Muncie Water Works Co., 8% pref.
Dec. 20
June
July
July
Montreal Cottons Ltd. (quar.)
Preferred (quar.)
Moore (Wm. R.) Dry Goods Co. (quar.).
Mt. Diablo Oil, Mining &
Mountain Fuel Supply.
1 June 20
Sept. 20
1
Jan.
2
June 15
June
1
.....
*
16
9
31
25
25
16
22
22
June 17
June
_.
July
May
Aug.
May
May
June
Preferred
1
5
Sept.
Metal Textile Corp. preferred (quar.)
June
June
5
June
June
Mesta Machine Co
June
June
June
5
June
June
....
Co
Preferred
June
June
Lanais Machine preferred (quar.)
Preferred (quar.)
Merck &
June
July
July
June
June
(quar.)
preferred
preferred
preferred
preferred
preferred
preferred
June
June
Lake Superior District Power. 7% pref. (quar.).
Preferred
5%
5%
5%
6%
6%
6%
14
25c
...—
June
June
June
Mercantile Acceptance Corp
July
25c
....
June
May
May
May
May
May
June
....
June
12Hc
S1H
SIM
SIM
SIM
SIM
S1H
$1.38
+11M
(quar.)
Kings County Lighting Co.—
Series B 7% cumul. preferred (quar.)
Series C 6% cumul. preferred (quar.)
Series D 5% cumul. preferred (quar.)
Kingston Products Corp., 7% pref. (quar.)
Klein (D. EmiJ) Co. (quar.)
Kobacker Stores, Inc., preferred (quar.)
Kresge (8. S.) Co. (quar.)
Kresge Dept. Stores 4% preferred (quar.)..
Kroger Grocery & Baking
6% preferred (quar.)
7% preferred (quar.)
Lake-of-the-Woods Milling
Preferred (quar.)
June
May Department Stores (quar.)
Quarterly
May Hosiery Mi'lfs, class A (quar.)~""_
Preferred (quar.)..
McCrory Stores Corp. (quar.)
Mclntyre Porcupine Mines (quar.)
Quarterly
McKenzie Red Lake Gold Mines (quar.)
Mead Corp. $6 preferred A (quar.)
$5H preferred B (quar.)
10
SI H
.
June
5
15 May 31
10 May 28
1 May 10
June
Preferred
June
tSIM
w * -«■*:-
June
Extra
6
25c
50c
-
Nov. 15 Nov.
June
Master Electric Co
Mathieson Alkali Works (quar.)
Preferred (quar.)
June
S3
$3
May
4
1 June 21
1 Sept. 21
1-2-41 Dec. 23
July
1 June 15
June 15 May 31
June
1 May 10
June 15 May 31
Aug. 15 Aug.
5
Maryland Fund, Inc.,
Masonite Corp. (quar.)
June
June
IIH
1
July
deposit receipts (final).
75c
Keith-Albee-Orpheum 7 % preferred
Kennecott Copper
Special
Key West Electric Co., 7% cum. pref
Keystone Steel & Wire
Kimberly-Clark Corp. (quar.)
Preferred
June
Amer.
35c
•/ «
n'iim'm
July
July
July
July
1H %
$1H
....
Macy (R. H.) & Co
Magma Copper Co
Magnin (I.) & Co. preferred (quar.)
Preferred (quar.)
Quarterly
Mai lory & Co
S1H
S1H
Kendall Co. $6 part, pref A (quar.)
$6 part. pref. A (partic.)..
...
Oct.
S1H
Special preferred (quar.).,
Special preferred (quar
....
6H% preferred (quar.)
6H% preferred (quar.)
Lynchburg & Abingdon Teleg. Co
Macassa Mines Ltd
75c
(quar.)
*
Joseph & Feiss Co
Joslyn Mfg. & Supply
Preferred (quar.)
Kansas City Power & Light, pref. B (quar.)
Kansas Oklahoma & Gulf Ry. Co.—
Series A 6% cumul. preferred
Series B & C 6% non-cum. preferred..
Kansas Power & Light 7% preferred
6% preferred
Katz Drug Co. (quar.)
Preferred (quar.)
Kaufmann Dept. Stores, 5% pref. (quar.)
Kemper-Thomas 7% special pref. (quar.)
Extra
Preferred
May 20
60c
Preferred
■
June 20
June
17c
—
July
25c
Corp—...
•
June 25 May 31
June 25 May 31
...
Manhattan Shirt Co
June 29
37itC2
15
Marconi International Marine—
June
60c
17
15
June
June
_
June 21
25c
International Silver Co., preferred
International Telegraph Co. (Me.) (s.-a.)
v.
(quar.)
(quar.)
June 20
June 20
June 20
75c
—
IIH
1 June 17
1 May
June
July
July
Ludlow Mfg. Assoc
Lunkenheimer Co. 6H% pref. (quar.)...
July
July
July
July
July
International Products Corp
International Safety Iiazor Corp. A (quar.)
International Salt Co. (quar.)
Common
Preferred (quar.)
Louisville Gas & Electric Co. (Del.)—
June
10c
International Ocean Telegraph Co. (quar.)
International Petroleum Co. (s.-a.)
Common
30c
May 30
May 14
50c
.........
July
June
I2H
I1H
July
Payable in U. S. funds.
common v. t. c.
(quar.)
Class B common
When
Holders
Payable of Record
Share
1st.pref iquar.)..
Lorillard (P.) Co
June
June
June
IIH
International Mining
Mfg.
Lord & Taylor
June
He
—
Inland Steel Co
International Business Machines (quar.)_„
International Ceilucotton (quar.)
Iron Fireman
Per
Name of Company
Class A common
}2oc
(quar.)
International Nickel of Canada...
11
5%
Preferred (s.-a.
Indiana Pipe Line (old)..—
Reducing par value from $10 to $7H.
International
July
5c
+ m m
Ingersoll-Rand Co
Preferred (semi-ann.
Inglewood Gasoline Co
Holders
Payable of Record
37 He
Imperial Tobacco (Canada) ord. (interim)
Indian Motocycle (initial)
Indianapolis Water, 5% pref.
When
Share
June 1, 1940
June
May
May
May
May
20
15
15
15*=
30c
(quar.).
Murphy (G. C.) Co. (quar.)
Muskogee Co
Preferred (quar.)
Muskegon Motor Specialties cl. A (quar.)
Narragansett Racing Assoc
Nashua Gummed & Coated Paper pref. (quar.)
National Automotive Fibres, 6% pref. (quar.)..
National Battery Co. $2.20 conv. pref. (quar.)..
National Bearing Metals Corp
June
$2
June
June
$1
25c
June
May 21
June
June
1
1
$1H
June
May 15
50c
50c
June
June
May 20
May 29
July
June 24
15c
June
55c
July
May 10
May 20
May 17
I1M
25c
June
National Biscuit Co.
40c
National Breweries, Ltd. (quar.)
Preferred (quar.)
National Brusn Co. (quar.)
1
National Cash Register Co
National Casualty Co. (Det.) (quar.)-_
50c
44c
July
July
July
National City Lines
National City Lines $3 pref. (quar.)
$1 class A (quar.)
National Container Corp. of Del
National Diary Products Corp. (quar.)
Class A & B preferred (quar.)
National Folding Box (quar.)
National Grocers, Ltd., pref. (quar.)
15
June
14
June
15
June 15
10c
June
25c
July
June
1
June 29
25c
June
May 31
25c
July
Aug.
Aug.
June 15
50c
25c
June
20c
July
July
July
July
75c
$1H
50c
37Hc
July
July
15
15
May 24
June
3
June
3
June 24
June 15
Volume
The
150
May
June
15 May 31
2734c
25c
June
25c
June
25c
June 28 June
20
15c
50c
June
Apr.
22
25c
June
50c
National Oats Co. (quar.)
National Oil Products Co. (interim)
June
$154
National Malleable & Steel Castings Co
National Power & Light
July
_—
Co. (quar.)
:
National-Standard Co. (quar.)_
Extra.-—
National Steel Car Corp. (quar.)
June
June
$154
June
1 May
June
1 May
1 June
July
$1.31 X July
12 He
(quar.)
25c
Newberry (J. J.) Co. (quar.)
5% preferred A (quar.)
—
New Bedford Cordage Co. (quar.)
Preferred (quar.)
New England Public Service $7 prior lien
$6 Prior lien.
New England Telep. & Teleg
Water Co.
New Haven
New Jersey Zinc
1 May
1 May
June
1 May
15 June
75c
—
June
$1H
$2
June
July
June
50c
June
stock for each
North Central Texas Oil Co., Inc. (interim)
Oklahoma Gas & Electric 7 %
preferred (quar.).
6% preferred (quar.)..
Okonite Co., pref. (quar.)
Preferred
—
-—-—
...
—
(quar.)
-----
7% participating preferred (quar.)
(qaur.)...
Common (quar.)
Otis Elevator Co..
Preferred (quar.)——...................
Quarterly
Quarterly
—
—
J
—.
-
Package Machinery Co. (quar.)
Pacolet Mfg. Co
. .
- -
—* . ——5-—
7% preferred A & B (s.-a.)
Pamour Porcupine Mines, Ltd
Paraffine Cos., Inc
Preferred (quar.):..—
llMay 15
June 15 June 12
May 20
May 20
June
June
10
$134
$1H
June
10
June
10
20c
June
$1H
$1H
June
15 May 10
3
15 June
June
7
15
15
1 May 15
58 l-3c June
June 29 June 12
75c
June 15 May 31
$154
June 15 May 31
$1H
40c
June
1 May
June
30c
$2
1854c
4354c
5
16
May 18
June 29 June
July
14
1 June 14
15 May 20
June 15 May 20
June
1 May
1
1
June
1 May
50c
June
1 May 20
1 May 20
10c
June
20c
June 20 May 24
June 20 May 24
$1H
30c
July
Oct.
2 June 15
1 Sept. 16
30c
Dec.
30 Dec.
16
$134
$154
$1H
July
July
June
May
May
May
May
31
31
15
15
40c
July
June
15
10c
July
June
15
June
May 20
t$134
June
June 30 June
20
June 30 June 20
July
July
July
July
15 July
1
1 June 10
1 June 14
1 June 14
June
7 May
June
June
June
May
May
May
May
May
17
14
15
15
15
15
June
15 June
1
June
June
$154
June
May 20
July
June 24
June
June
75c
June
50c
July
June 15
50c
Oct.
Sept. 14
50c
35c
May 23
1 May 15
15 June
1-1-41 Dec.
3
14
5
Nov. 15 Nov.
4
35c
2-15-41
2-4-41
June
May 20
50c
—
...
------
Penn Electric Switch Co.. $1.20 cl. A pref. (qu.)
Pennsylvania Power & Light $7 pref. (quar.)—
$6 preferred (quar.)
So preferred (quar.).
Pennsylvania Railroad
.
Pennsylvania Salt Mfg. Co
Pennsylvania State Water Corp., $7 pref. (qu.)
Pennsylvania Telephone Corp. $2H pref. (qu.)Peoples Drug Stores
Special
Peoples Gas & Fuel Corp—
Peoples Telephone Co., 6% pref. (quar.)--.—
Peoples Water & Gas Co., 6% preferred
Pepsi-Cola Co
Perfect Circle Co. (quar.)
Aug. 15 Aug.
35c
class B
15 Dec.
15
June
June
1 May
1 May
15
15
87Hc
June
30c
June
$154
$134
$154
July
July
July
50c
$3)4
$154
62 He
25c
25c
25c
May 20
15 June
1
June 15
June 15
June
15
June 26 June
1
June
June
31
May 11
15 May
June
15
June
8
June
8
May
May
June
May
June 10 jMay
July
1 June
20
30
20
24
12
July
July
July
June
June
$5
50c
$134
—.
15
17
June
17
June
1 May 15
June 15 May 24
20c
June
1 May 20
10c
June
July
1 May 20
15 July
5
June
15 June
June
1 May 16
1 May 31
June
15 May 31
June
1 May 20
1 May 20
-----,
Quaker State Oil Refining Corp
Quebec Gold Mining Corp.
Radio Corp. of America—
$334 cum. conv. 1st pref. (quar.).B preferred (quar.)
Raybestos Manhattan, Inc
Reading Co. 1st pref. (quar.)-—————
Reed Drug Co. (quar.)
Class A (quar.)
Reeves (Daniel), Inc. (quar.)
Preferred (quar.)
Reliance Grain Co., Ltd., 634% preferred
Reliance Insurance Co. (Phila.) (s. a.)
1
June
-
June
1 May 20
15 May 31
15 May 31
June 29 May 31
June
June
June
July
15 June 14
June
15 May
15
June
15 May
15
June 15 May
June 15 May
15
July
July
15
July
1'
1
31
31
June
1 May 23
July
1 June 15
June 15 May 24
July
1 June 10
July
1 June 10
July
1 June lO
June
1 May 15
June 15 May 24
July
June 29 May
June 29 May
June 25 June
1
Aug. 31 Aug.
1
15 May 31
June 15 June
1
June
July
July
June
Tune
July
July
June
7*
June
7*
15 May 31
13 Mav 23
June 15
June
15
June
15 May 31
June
15 May 31
June
15 May 31
June
—-
I
SI X
t$l 54
Reliance Steel.
June
15 May 24
12 May 25
Republic Investors Fund, pref. A & B (quar.)
Republic Steel 6% prior pref. A (quar.)
6% preferred
Rheem Mfg. Co. (quar.).
Rich's, Inc., 6H% preferred (quar.)
Risdon Mfg. 7% pref. (quar.)
Roan Antelope Copper Mines (Amer. shs.)..__.
Roberts' Public Markets (quar.)
—
Quarterly
Aug.
July
July
1 June 12
1 June 12
30c
6%
Seeman Bros., Inc
Selby Shoe Co
Serve!, Inc
Shattuck (Frank G.) (quar.)
Sheller Mfg.
(quar.)
15 June
1
15
June
1 June 21
June
6 May 31
1 June 20
July
Oct.
1 Sept.20
5
Dec.
15 Dec.
June
(H. H.)__
Corp. (quar.) —
preferred (quar.) —
15
July
15 •June
4
June
1 May 20
June
June
1 May 10
1 May 10
June
Rochester Button Co.
Securities Acceptance
1 July
June 29 June
25c
Quarterly
pref. (quar.)
Rochester Gas & Electric, 6% pref. C & D (qu.)
5% preferred E (quar.)
Rolland Paper Co., Ltd. pref. (quar.)
Rolls-Royce, Ltd.. Amer. dep. rec. (final)
Roper (Geo. D.) Corp. (initial)
Roxy Theater, Inc., pref. (quar.)
Royalite Oil Co., Ltd. (s.-a.).Ruud Mfg. Co. quar.).._-—
Rustless Iron & Steel Corp
Preferred (quar.)
Sabin Robbins Paper Co. 7% pref (quar.)
Safeway Stores, Inc., 7% pref. (final)
6% preferred (final)
St. Croix Paper Co., preferred (s.-a.)
St. Helens Pulp & Paper....
St. Joseph Lead Co. (quar.)
St. Joseph Water Co., 6% pref. (quar.)
St. Louis Bridge Co. 1st preferred (s.-a.)
3% 2nd preferred (s.-a.)Savannah Electric & Power, 8% deb. A (quar.)
7H% debenture B (quar.)_
7% debenture C (quar.)
6H% debenture D (quar.)..
SchiffCo. (quar.)
5H% preferred (quar.)-—Scott Paper Co. (quar.)..-.
S4H cumulative preferred (quar.).
$4 cumulative preferred (quar.) —
Scovill Mfg. Co
Scranton Lace Co
Seaboard Oil Co. (Del.), (quar.)
Sears Roebuck & Co. (quar.) —
--Secord (Laura) Candy Shops (quar.)_.
$154
Preferred A (quar.)
Preferred A (quar.)
Preferred A (quar.)
Dec.
May 24
15 June
Sept.15 Sept. 15
25c
(quar.).
Robertson
25c
...—
June
$134
10
1
$154
■
June
$134
$1H
15
June 20 June
3%
—*-
35c
40c
$134
$134
1 May
25c
— -
1 June 29
10 May 18
1 June 15
July
June 28 June
7
$2H
June 27 June
June
25c
Parkersburg Rig & Reel pref. (quar.)
Pathe Film Corp., preferred (quar.)
Patterson-Sargent Co
—
Peerless Woolen Mills 6 H % pref. (s.-a.)
Penick & Ford, Ltd--Peninsular Telephone (quar.)-:
1 May 20
July
June
-
25c
—
1
20*
June
75c
(quar.)
Preferred
10c
(quar.)
1 May
15 May 24
1 June 10
60c
....
-
1 May
1 May
1 May
$134
-———...
Pender (D.) Grocery,
Class A (quar.)
17
75c
(quar.)
Preferred (semi-ann.)
Parker-Wolverine Co
Quarterly
Quarterly
1 June
10 May 24
June
$1
'
-—
15
May 27
July
July
July
15c
Park-Wilshire Co. common voting trust ctfs
Parker Pen Co
_
$154
$1H
6c
Park Utah Consol. mines (special)
Parker Rustproof Co.
June
June
50c
Paramount Pictures
1st preferred (q#ar.)..»
2nd preferred (quar.)
Park & Tilfords 6% preferred
1 June 20
1 June 20
1 June 17
10 May 24
May 10
May 17
May 21
May 20
May 20
May 20
May 20
Judo
$3
$354
*
June
$134
Prosperity Co., 5% Preferred (quar.)
Prudential Personal Finance Corp.—
50c
Class A common (semi-ann.)
$1H
Public Electric Light Co. 6% preferred (quar.).
Public Finance Service, Inc., $6 pref. (quar.)
$1H
9c
Public Investing Co. (semi-ann.)
Payable on both orig. & cashable stock
58 l-3c
Public Service Co. of Colorado 7% pref. (mo.)
50c
6% preferred (monthly)
41 2-3c
5% preferred (monthly)
$1H
Public Service Co. (N. H.), $6 pref. (quar.)_._$134
$5 preferred (quar.)
60c
Public Service Corp. (N. J.) (quar.)..
50c
6% cumul. preferred (monthly)
$134
$5 pref. (quar.)
50c
6% preferred (monthly)
...
7% preferred (quar.)
8% preferred (quar.)
Public Service Co. (Oklahoma)—
$134
7 % prior lien stock (quar.)
6% prior lien stock (quar.)
...
Public Service Elec. & Gas $5 pref. (quar.)
7% preferred (quar.)..
Puget Sound Pulp & Timber Co
Preferred (quar.)
Pullman, Inc
Pure Oil Co. 5% pref. (quar.)
534% preferred (quar.).:
6% preferred (quar.).
ritv Bakeries Corp.
~
Purity - Pyrene Mfg
Quaker Oats Co
L
—.
—
Extra_
Juno
t$lH June
$134> June
July
$IH
$1H June
July
87 He
$1H
Extra
15 May 20
19 May 31
1 June 20
50c
(Minn.) $4 H div. ser. (qu.)
$5H preferred (quar.).
inois Glass pref. A (quar.)
Owens-lllii
Oxford Paper Co., preferred
Pacific Indemnity Co. (quar.)
Otter Tail Power Co.
Extra.'
1
30c
Ottawa Electric Ry. (quar.)
15 June
June
July
Progress Laundry Co. (quar.):.
$234
Oshkosh B'Gosh, Inc., $2 conv. pref.
'
Procter & Gamble Co. 5% preferred
June
Ontario & Quebec Ry. (s.-a.)
Debenture stock (s.-a.)
June
$124
$2H
Pressed Metals of America
1
$1H
------
(quar.)
Oneida, Ltd.
_
—- —
(liquidating)
Old Dominion Co.
5
41 2-3c June
June
50c
6% preferred (monthly)
7% preferred (monthly)
Omnibus Corp
15 June
15 Aug.
June
40c
Ohio Water Service Co., class A
L
1
June
10c
— .—
IP
10c
7
--
Ohio Power Co. 6% pref. (quar.)
Ohio Public Service 5% pref. (monthly)
i
$134
$2
Inc..-
19 June
June
——————
M
May 20
Sept. 14
May 15
Oct.
June
1
June
(quar.)
July
June
15c
75c
1 May
1 May
25c
Ohio Oil
tlOc
20
15 June
-
-————*
May 10
May 18
May 31
15 June
June
North River Insurance
5% prior preference--6% preferred
June
June
July
July
July
July
(quar.)
Ohio Finance Co
June
June
June
__
50c
87 He
June
Nov. 15 Nov.
...
11
42c
1 May
June 29 June
20c
June
—
1
3 May 20
70c
Powdrell & Alexander
June
(quar.)
preferred (quar.)
Oahu Railway & Land Co. (monthly)
Ogilvie Flour Mills preferred (quar.)
Ohio Associated Telephone (quar.)
1 June
June
June
Prentice-Hall, Inc. (quar.)Preferred (quar.)
Aug.
Norwich Pharmacal Co
10 May 24
1
1 June
June
Cumulative prior preferred (quar.)
Nova Scotia Light & Power
July
July
Preferred Accident Insurance
1 May 15
14
1 June 14
1 June 14
July
1 June 29
June 14 May 24
June
1 May 10
1900 Corp.. class A. (quar.)..-—--—.-—..
Class A (quar.
Noranda Mines Ltd. (interim)
pref. (quar.)—
Northwestern Public Service 7 % preferred
7% preferred (quar.)
6% preferred
6% preferred (quar.)
Northwestern Telegraph (s.-a.)—
Northwestern Utilities, Ltd., $6 cum. pref. (qu.)
Norwalk Tire & Rubber Co., preferred (quar.)_
June
July
July
Niles-Bement-Pond Co
Northern Pipe Line Co
Northern States Power (Wise.),
25c
$1H
$134
$1H
$1H
Pneumatic Scale Corp
Pollock Paper & Box 7% preferred (quar.)
June 26 June
—
(quar.)
3
10 May 20
5
June 20 June
7% preferred (quar.)
7% preferred (quar.)
Potomac Electric Power, 6% pref. (quar.)___-.
5H% preterred (quar.)
June
Newport Electric Corp
New York City Omnibus (quar.)
New York & Harlem lilt, (semi-ann.)
Preferred (semi-ann.)
—,—
—
New York Mutual Telephone (s.-a.)
New York & Queens Electric Lt. & Power (qu.)_
Preferred (quar.),
Niagara Share Corp. (Md.) cl. A pref. (quar.) —
Preferred
10 May 20
17 May 31
June 28 May 31
share held
Northeastern Water & Electric, pref.
7
June 15
.
3
15 June
15c
-
1
1
15 June
June 29 June
50c
-—
Norfolk & Western Ry. Co
(quar.)—
North American Finance Corp., 7% pref.
16
16
16
June
June
15 June
June
June
—
15
25c
June
—.
1 June
$154
87 He
(semi-annual)
.
1 June
15 May 31
1 May 20
July
$1)4
—
.
Newmont Mining Corp
Stock div. of one share of cap.
June
60c
—
June
$154
Neisner Bros., Inc. (quar.)
Nelman-Marcus Co., 7% preferred
1
10
15c
-
15
15
1 June
July
25c
------
15
15
1
June 21 June
25c
(quar.)_.
Phelps Dodge Corp., common
Philadelphia Co. $6 pref. (quar.)—$5 preferred (quar.)
Philadelphia, Germantown & Norristown (qu.)_
Philadelphia Suburban Water Co., pref. (quar.)
Philippine Long Distance Telep. Co. (mo.)
Phillips Petroleum Co. (quar.)
Phoenix Hosiery, 7% preferred
Pioneer Gold Mines of B. C. (quar.)
Piper Aircraft Corp., pref. (quar.)
Pittsburgh Bessemer & Lake Erie (s.-a.)
6% pf. (s.-a.)
Pittsburgh Brewing preferred
Pittsburgh Coke & Iron Co., $5 pref. (quar.)
Pittsburgh & Lake Erie RR
Pittsburgh Plate Glass
Pittsburgh Youngstown & Ashtabula, pref. (qu.)
Pittsfield & North Adams RR. (s.-a.)
Placer Development (interim)
Planters Nut & Chocolate Co. (quar.)...
Plymouth Oil Co. (quar.)...
14
June 21 June
25c
-
15 May 31
1 May 20
June
4c
—■
Pfeiffer Brewing Co. (quar.)
Pharis Tire & Rubber Co
5 May 20
15 June 29
$1K
.
a
1 June
July
50c
—
(quar.)
Nebraska Power Co. 7% preferred (quar.)
6% preferred (quar.)
Class A
1
Payable of Record
lc
Gold Mines
Extra
Pet Milk Co. (quar.)
Petroleum Exploration, Inc.
Extra
7
8 May 25*
1 May 21
1 May
25c
National Transit Co
Naval Stores Investment Co.
Nehi Corp
Preferred
Perron
17
$134
National Gypsum Co., preferred (quar.)
National Lead Co., pref. A (quar.)
National Life & Accident Insurance
Holders
When
Per
Share
Name of Company
Payable of Record
Share
Company
Holders
When
Per
Name of
3461
Commercial & Financial Chronicle
1 May 15
June 21 May
June 15 June
2
18
June
1 May
1 May
June
15 June
5
Tune
5
17
June 13 May 29
June
May 29
$134
July
June 20
$134
$1H
July
July
July
June 22
$3
20c
June
25c
June 20 June
$134
$3
lig
$154
25c
$134
40c
May 21
7
June
May 11
July
July
July
July
June
July
July
June 20
June
15
15
June 20
June
20
June 20
June
15 May 31
June 15 May 31
1*
June 15 June
July
July
20*
20*
June
14
25c
June 29 June
10
25c
June
15 June
1
75c
June
10 May
20c
June
25c
July
July
June
10
June
lO
June
15 May 31
5 May 25
25c
Aug.
Aug.
July
■
M
37&
12Hc
June
25c
10c
June
10c
July
10
May 15
1 May
16
June 21 June
1
lJune 15
The Commercial & Financial Chronicle
3462
Per
Share
Name of Company
Water 6 % pref. (quar.)
Shepard-Nilee Crane & Hoist Co
.
SIM
Shenango Valley
50c
Sherwin-Williams Co. (Can.), pref
Sherwin-Williams Co. pref. (quar.)
Simonds Saw & Steel Co
Simmons-Boardmon Publishing, preferred
Siscoe Gold Mines, Ltd. (quar.)
Sloss-Sheffield Steel & Iron
—
Preferred (quar.)
_-------------Smith Howard Paper Mills, preferred (quar.)—
Sonotone Corp., preferred (quar.)
Cum. prior pref. (quar.)--Sontag Chain Stores Co., Ltd—
—7% preferred (quar.)
Sound view Pulp CoSouth Bend Lathe Works (quar.)
South Carolina Power Co. $6 1st pref. (quar.)—
South Shore Utilities, SIX preferred
Southeastern Greyhound Lines, pref. (quar.)
Conv. preferred (quar.)
Southern California Edison Co., Ltd.
June
June
June
June
June
10
10
July
July
July
15c
June
SIM
June
20
20
50c
50c
June
May
May
May
May
July
June
15
June
May 22
May 15
May 15
SIM
37Mc
30c
30c
June
June
June
June 21
15
15
37 Mc
37 Mc
SI
15c
Corp.
25c
June 15 May 20
June
1 May 15
June 15 May 31
June 29 June
July
SIM
SIM
SIM
June
40c
June
*1#
40c
.
June
June
June
15
1 June 20
15 June
5
1 May 24
1 May 24
10j May
jxiay
25
SI H
15IJune
1
June 20 June 10
June 20 June 10
3»ii
1 June 20
15 June
1
20c
—
40c
40c
25c
(Calir.)
Standard Oil (Indiana)
Standard Oil Co. (Ky.)
(quar.)———
(quar.)
Oil Co. (N. J.) (s.-a.)
July
June
June
1 May
1 May
15
15
June
1 May 20
June 15 May 15
June 15 May 15
June
25c
25c
-
15 May 31
June
50c
Standard Oil Co. (Ohio) (quarterly)
Preferred (quar.)
June
50c
_—
June
25c
June
15 May 15
15 May 15
15 May 31
15 June 29
15 June
5
SIM
Stand. Wholesale Phosphate & Acid Wks.
July
(qu.)
20c
June
(L. S.) Co
Stecher-Traung Lithograp 6% pref. (quar.)—
5% preferred (quar.)—
—
5% preferred (quar.)--.
Sterlin Products, Inc. (quar.)
75c
June 29 June
12
SIM
SIM
SIM
June 30 June
15
Starrett
-
—
—
Sullivan Consolidated Mines
June
June
12 June
1
July
1 June
15
June
1 May
15
June
1 May
1 May
15
15
SIM
SIM
20c
June
Sunset Oils
-
June
June
1 May
10
June
15 June
5
40c
Supervised Shares, Inc. (quar.)-Sutherland Paper Co
Swan-Finch Oil, preferred (quar.)
Swift & Co. (quar.)
Sylvanite Gold Mines (quar.)
Tacony-Palmyra Bridge (quar.)
i ■ Extra
10c
30c
1
1 June
June 20 May 31
June 15 June
3
July
37 Mc
June
30c
—
-
July
1 May
1 June
15
1
50c
June 29 May 11
June 29 June 15
25c
June 29 June
15
50c
June 29 June
15
25c
June 29 June
SIM
62Mc
1 June
Tune
15
17
5c
(quar.)
Extra
-
Preferred
(quar.)
Taggart Corp., preferred (quar.)
Talcott (James) Inc
5>4%bartic. preference (quar.)
Tampa Gas Co. 8% preferred (quar.)
7% preferred (quar.)-Tappan Stove Co
Technicolor, Inc
Terre Haute Water Works Corp., 7% pref. (qu.)
Texas Gulf Producing Corp
Texas Gulf Sulphur (quar.)
— .
—
—
-
-
10c
68Mc
$2
SIM
Aug.
July
July
July
June
June
Texas New Mexico Utilities Co. 7% pref. (qu.)__
Texas Pacific Coal & Oil-(quar.)
Texon Oil & Land Co
Mfg. Co. (quar.)
-
Products
(quar.)
June
15 June
5
50c
June
15 June
3
June
10c
June
50c
June
June
SIM
June
10c
June
10c
July
June
July
July
15c
Preferred
(quar.)
Tilo Roofing Co
June
10c
-
SIM
30c
1 May 20
15 May
15 June
17
1
15 June
1
1 May 21
1 May 11
June 28 June
SI
50c
SIM
Tide Water Assoc. Oil Co. (quar.)
Extra
May 20
May 20
25c
25c
Thermoid Co., $3 preferred
14
June 15
June 15
SIM
25c
-
Extra
Preferred
2 June 15
15 May 25
July
SIM
lMc
Sunshine Mining Co. (quar.)
Thompson
15
15
1 May 20
*3c
-
10*
1 June 15
15 June
3
June 21
June 21
June
May
May
8
8
July
June
5
June
15 May 28
15 June ll
Stock div. of A sh. of com. for each sh. held
Time, Inc. (interim)
Timken Roller-Bearing Co
Toledo Edison Co., 7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly)
Towle Mfg. Co. (quar.)-Trane Co. pref. (quar.)
Troy & Greenbush RR. Assoc. (quar.)
Truax-Traer Coal Co., 6% pref. (quar.)_.
5X% preferred (quar.)
Tuckett Tobacco Ltd., pref. (quar.)
Tunnel Railroad St. Louis (semi-annual)
Udylite Corp
5% preferred (quar.)
June
May 25
June
June
1
June
June
5
June
June
5
July
July
July
June 29
Underwood Elliott Fisher Co. (quar.)
Union Gas Co. (Can.), Ltd. (quar.)
Extra
;
Union Pacific RR
—
June
June
June
-
June
June
—
June
June
July
-
June
June
June
•
Union Tank Car Co. (quar.)
United Aircraft Corp
July
June
-
United Biscuit Co. of America
United Bond & Share, Ltd. (quar.)
Quarterly
United-Carr Fastener
United Chemicals, Inc
United Dyewood Corp., preferred
(quar.)United Elastic Corp
United Gas
-----
(mo.)
7% preferred (monthly)
6.36% preferred (monthly)-6.36% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
United Merchants & Manufacturers, Inc.__Semi-annual
United Public Utilities Corp.
$3 dividend preferred
$2 X dividend preferred
-
14
15 June 14
29 June 12*
15 May 20
15 May 20
3
1 June
1 May
5
1 May
1 June
10
1
June
2M%
25c
United Gold Equities (Can.) (standardshs.)
United Light & Railways, 7% pref.
15
June
June 24 June
1M%
-
June
15 June
July
-
5% preferred (s. a.)
15
• 5
June
June
United Gas Improvement (quar.)
Preferred (quar.)
-
May
July
June
-
Corp. $7 preferred
Unitod Gas & Electric Corp
Preferred (quar.)
May 31
May 16
May 15
May 15
17
June 15 May 31
June
1 May 16
July 15 June 30
Oct. 15 Sept, 30
-
-
United
SIM
1 May
6 June
7
10
1
June 15 June
1
June 15 June
1
June 29 May 31
June 29 May 31
6c
June
15 June
5
58 l-3c
58 l-3c
June
1 May
15
July
June
15
June
May 15
53c
53c
July
June
50c
June
May 15
50c
July
June
25c
June
15 June
1
£5c
Dec.
16 Dec.
2
75c
68 Mc
15
15
June
15 June
1
June
15 June
1
l May
17
June
15 June
1
2c
1 June 15
1 June 15 !
June 15 June
5
Sept. 15 Sept. 5
Dec. 15 Dec.
5
June 20 May 31*
2c
2c
mm**m<■»«*>«»«•«»«»
States"Pipe"&~Foundry C~o~." ("quar.)
Dec.
50c
July
37 Ac
June
QuarterlyQuarterly
Playing Card Co
United States Plywood Corp. pref. (quar.)
United States Potash Co
referred (quar.)—.
United States Rubber Co., i8% 1st non-cum. pref
United States Sugar pref. (quar.)
United States Tobacco Co
Preferred (quar.)
—
Universal Insurance Co. (quar.)
United States
25c
*}*
:
ns
—
43 54 c
25c
40c
Universal Products-
SIX
Upper Michigan Power & Light Co. 6% pf. (qu.)
SI A
6% preferred (quar.)-SI A
6% preferred (quar.)
—
Utah Power & Light Co. $7 preferred
t$ 1.16 2-3
tsi
$6 preferred
$1
Utility Equities Corp. S5A dividend priority
preferred (quar.)
Vapor Car Heating Co., inc., 7% pref. (quar.)_
7% preferred (quar.)
7% preferred (quar.)—
7% preferred (quar.)
Vermont & Boston Telegraph (ann.)
Vick Chemical Co. (quar.)
-
-
$1%
50c
July
Oct.
1 June 29
1 Sept. 28
1-1-11 Dec. 30
1
July
1 June
1
July
1 June
June
June
June
June
15 June
1
May 20
May 20
May 18
May 15
May 15
10 June
1
Sept. 10 Aug. 31
Dec.
10 Nov. 30
3-9-41
3-1-41
June 15
July
June
May 16
May 16
May 16
July
40c
June
15 June
1
60c
June
15 June
1
,60c
Si A
—
June
June
SIX
June
37 Ac
62 Ac
(quar.)..
!l A
Quarterly^
|
7% preferred (quar.)
7% preferred (quar.)
Wagner Electric Corp
;
Wahl Co., 7% preferred
Co. recapitalized and merged with its sub¬
sidiary Eversharp, Inc.; new company to be
known as the Eversharp, Inc.
Waldorf System, Inc. (quar.)
Walgreen Co. (quar.)
Preferred (quar.)
__
SIX
SIX
50c
S7
June
June 20
1 May 21
June 20 May 31
Aug.
1 July 20
June 25 June
June
1 May
June 20 June
15
15
10
Sept. 20 Sept. 10
July 20 July 10
Oct.
19 Oct.
10
June 20 May 31
June
1 May 20
15c
July
June 20
40c
June
SI A
June
May
May
May
May
June
Walker & Co. class A
June
(H.) Gooderham & Worts (quar.)
25c
Preferred (quar.)
June
20
15
20
24
May 24
June 20
June
May
75c
June
May 15
SIX
S2A
June
June
May 15
May 16
SI A
SI A
June
May 24
July
June
40c
June
May 23
5%
Warren (Northern) Corp., preferred
July
50c
Ware River Railroad (semi-ann.)
Warren Foundry & Pipe
July
Aug.
June
8
15
S3 A
(quar.)
Washington Railway & Electric Co—
5% pref. (quar.)
5% preferred (s.-a.)
Washington Water & Power preferred (quar.)
—
Wayne Knitting Mills, 6% pref. (s.-a.)
Welch Grape Juice Co
Stock dividend
15
15
37 Ac
June
SIX
June
Aug.
May
May
May
SIX
June
May 15
10c
July
July
June
10
June
15
50c
June
50c
June
May 20
May 27
(quar.)
$Ti
Wesson Oil & Snowdrift Co., Inc., pref. (quar.)
West Coast Telephone, pref.
(quar.}
West Jersey & Seashore spec, gtd, (s.-a.)
-
West Michigan Steel Foundry—
Conv. preferred (quar.)
>
West Virginia Pulp & Paper
West Virginia Water Service pref. (quar.)
Western Auto Supply Co. (quar.)
Western Electric Instrument (quar.)
(quar.)
June
15
20
15
June
June
July
June 29
t37Mc
June
25c
June
May 20
May 15
25c
Nov.
2Ac
-
Western Pipe & Steel 7% preferred (s.-a.)
Western Public Service, SIX preferred A
35c
Westinghouse Air Brake
Westminster Paper Co., Ltd. (s.-a.)Weston (Geo.), Ltd. (quar.)
Weston Dairies, $3 preferred
Weyenberg Shoe Mfg
Wheeling Electric, preferred (quar.)
Whitaker Paper Co
Preferred (quar A
Whitman (Wm.) Co., Inc., 7% pref. (quar.)
Wieboldt Stores, 6% preferred (quar.)
Will & Baumer Candle Co. pref. (quar.)
Williams port Water Co., $6 pref. (quar.)
Wilsil Ltd. (quar.)
Quarterly
Wilson Products, Inc. (quar.)-Winsted Hosiery Co. (quar.)
20c
t75c
37Mc
SIX
—-
-
SI
SIX
SIX
75c
$2
SIX
25c
25c
15
Oct.
15
July
June
15
June
June
June
June
10
1
June
May
July
July
July
July
July
June
7
15
June
15
June
17
June
15
June
May 11
July
June
15
Oct.
June
14
31
June
15
50c
Oct.
Nov.
Oct.
15
15
10c
June
May
May
May
May
May
May
May
23
23
15
15
15
31
31
SIX
-
-
Extra
Nov.
20c
Extra
Quarterly
Aug.
Aug.
50c
-
Sept.
May
July
July
S1H
-
-
Winters & Hirsch, Inc
35c
June
SI A
June
10c
June
1.1854
SIX
SIX
June
7% preferred (quar.)
Wisconsin Electric Power, 6% pref. 1921 (final)
Common (initial quar.)
454% preferred (quar.)
Wisconsin Power & Light, 7% preferred.
6% preferred
Wiser Oil Co. (quar.)
Extra
25c
'
Woodley Petroleum Co. (quar.)
Woodward & Lothrop
;
7% preferred (quar.)
20c
.
Wolverine Tube Co., preferred (quar.)
Wood (Alan) Steel 7% preferred
$154
mx
Wright-Hargreaves Mines, Ltd. (quar.)
Extra (both payable in U. S. funds)
Wrlgley (Wm.) Jr. (monthly)
June
June
15
15
July
July
June
11
June
11
June
May 25
June
June
10c
June
June
3
June
50c
June
15
17
June 17
$154
June
60c
June
Apr. 22
3%
10c
—
Woolworth (F. W.) Co. (quar.)
Am. dep. rec. pref. (s.-a.)
June
May 23
July
July
May 22
May 22
May 20
5c
—
25c
25c
Yale & Towne Mfg. Co
Yellow Truck & Coach Mfg. Co., preferred—_
Youngstown Steel Door
Zion's Co-operative Mercantile Institution
Quarterly
-
-
July
Aug.
Sept.
25c
-
Monthly
Monthly
Monthly
June
25c
Monthly
Quarterly
1 May 15
June 28 June 14
10c
20c
Western Exploration Co.
June
60c
50c
Vogt
Preferred
15 July
5
June 15 May 27
June 15 May 27
June
SIX
SIX
w—
Special year-end dividend
VIctor-Monaghan Co
7% preferred (quar.)
Viking Pump Co. (special)
Preferred (quar.)
Virginia Coal & Iron
Virginia Electric & Power $6 preferred (quar.)
Virginian Ry. Co. 6% preferred (quar.)
VUICJ
1
7
July
June
ilH
IX
17
15
June 21 June
June
50c
1 May
15 June
75c
1st
20 Nov. 30*
1 June 15
June 29 June
June
50c
Van Raalte Co
-
Sept. 20 Aug. 31*
SI %
Valley Mould & Iron
Prior preferred (quar.)
Vanadium-Alloys Steel
Walker
July
July
50c
50c
Extra
)0 June 20
June
SIX
Preferred (quar.)
'
July
June 28 June 18
June
1 May 25
50c
—
United States Petroleum Co. (quar.)
Quarterly
Quarterly
Holders
50c
Co
United States Gypsum Co. (quar.)
>:■'
When
Payable of Record
15c
Casualty Co. cum. conv. pf. (s.-a.)
United States Graphite
14
25c
Sun Oil Co. (quar.)
Preferred (quar.)
Class A
June
1 May
1 May
SI
Stromberg-Carlson Telephone Mfg., pref (qu.)
Stuart (D. A.) Oil Co., Ltd., class A pref. (quar.)
31 Dec.
50c
7% pref---.
Dec.
June
25c
Stix, Baer & Fuller Co—
Stonega Coke & Coal Co
Straw bridge & Clothier
Prior pref. A (quar.)
Thatcher
Sept. 30 Sept. 14
95c
10c
Extra
United States
—
—
-
S2A
SIX
SIX
22 Ac
Canal (quar.)
United New Jersey RR. &
United Pacific Insurance (quar.)
United Wall Paper Factories, Inc., pref. (quar.)
June 29
June 21
Share
Name of Company
1
June
15c
—---
Sparks-Withington 6% preferred (quar.)
Spear & Co. 1st preferred (quar.)
2nd preferred (quar.)
Spencer, Kellogg & Sons, Inc. (quar.)
Spiegel. Inc., S4A pref. (quar.).
Staley (A. E.) Mfg. Co
$5 eumul. preferred (quar.)
7% preferred (semi-annual)
Standard Brands, Inc. $4)4 pref.(quar.)
Standard Cap & Seal Corp
Preferred (quar.)
Standard Dredging Corp., preferred (quar.)
Standard
Extra
May 15
May 25
May 27
15c
Phosphate
Standard Oil Co.
June
75c
Southern Colorado Power, 7% pref
Southern
June
SIM
SIM
—
Southwest Consolidated
June
3c
-
CaliforniaWater Co., 6% pref. (qu.)
May 20
May 21
15
June
tsi
—
6% preferred B (quar.)_—
June
June
July
40c
-
Per
Holders
Payable of Record
*88
_
Soutnern
When
June 1, 1940
Oct.
25c
15c
June 20
July 20
Aug. 20
Sept. 20
July
July
June
25c
June
June
1
5
5
6
$154
10
June 14
50c
June
50c
Sept.
May
8ept.
50c
Dec.
Dec.
*
Transfer books not closed for this dividend,
t On account of accumulated dividends.
+ Payable in Canadian funds, and in the case of non-residents of Canada
leduction of a tax of 5% of the amount of such dividend will be made.
Volume
The Commercial &
150
Financial Chronicle
Condition of the Federal Reserve Bank of
New
Weekly Return of the New
Clearing House
York
The following shows the condition of the Federal Reserve
Bank of New York at the close of business
May 29, 1940,
in comparison with the
previous week and the corresponding
date last year:
May 29, 1940 May 22,1940
The
weekly
$
on
STATEMENT OF
MEMBERS
Other cash f
Total
THE
*
*
944,000
944,000
1,702,000
111,986,000
86,069,000
Bank of New York
Bank of Manhattan Co.
National City Bank
8,542,253,000 8,524,347,000 6,500,827,000
..
Rills
discounted:
Secured by U. S. Govt,
direct and guaranteed
Chem Bank & Trust Co.
Guaranty Trust Co
722,000
183,000
235,000
296,000
905,000
439,000
1,101,000
218,000
First National Bank
Total bills discounted.
Bills bought in open market
Industrial advances
2,028,000
U. S. Govt, securities, direct and
guar¬
Irving Trust Co..
Continental Bk & Tr Co.
Chase National Bank
2,886,000
2,028,000
Notes
404,247,000
339,160,000
;
Bills
404,247,000
339,160.000
256,538,000
331,160,000
Government securities,
743,407,000
743,407,000
■I
6,000,000
746,340,000
17,000
1,526,000
158,427,000
9,839,000
18,397,000
745,874,000
17,000
1,612,000
161,663,000
9,839,000
18,037,000
Total assets
2,471,100
9,411,300
27,984,400
7,000,000
7,000,000
8,570,600
10.066,100
Average
209,847,000
531,318,000
22,810,000
39,832,000
a2,308,342,000
172,836,000
6,711,000
81,044,000
96,389,000
57,116,000
28,231,000
746,918,000
62,185,781,000
663,765,000
cl,101,258,000
288,099,000
737,105,000
671,000
4,311,000
1,227,000
40,805,000
3,204,000
34,923,000
690,932,000
71,005,000
d2,934,001,000
52,319,000
el,114,476,000
13,398,000
125,092,000
425,483,000
114,910,000
89,443,000
2,123,000
2,940,000
33,400,000
2,046,000
51,539,000
721,957,000
726,162,000
61,000
3,029,000
133,055,000
*
As
518,887,000
official
per
931,357,000 14,403,492,000
reports: National,
March
trust companies, March 30, 1940.
Includes
8,959,000
deposits
in foreign
6
15,656,000
(May
e
Other assets
Time
Deposits,
Average ■»
5,000,000
12,500,000
Totals
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
500,000
25,000,000
New York Trust Co
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co.
134,259,000
direct and guaranteed
100,270,000
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co..
Marine Midland Tr Co..
anteed:
Bonds
HOUSE
Deposits,
13,924,100
26,615,500
68,734,200
57,040,300
185,154,500
40,151,100
73,015,100
19,663,500
108,555,000
53,240,100
4,430,300
136,486,311
4,244,300
81,698,600
20,000,000
90,000,000
42,117,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
Cent Hanover Bk&Tr Co
Corn Exch Bank Tr Co.
805,000
204,000
CLEARING
Net Demand
Undivided
6,000,000
20,000,000
77,500,000
Manufacturers Trust Co
obligation
Other bills discounted
YORK
Profits
102,456,000
reserves
NEW
Surplus and
Capital
Members
$
8,438,853,000 8,411,417,000 6,413,056,000
_
Total U. S.
OF
ASSOCIATION AT CLOSE OF BUSINESS
WEDNESDAY, MAY 29, 1940
hand and due from
United States Treasury _x
Redemption fund—F. R. notes
City
issued by the New York
City
Friday afternoon is given in full below:
on
May 31. 1939
$
York
statement
Clearing House
Clearing House
Assets—
Gold certificates
3463
-
branches
30,
1940;
State,
$74,412,000;
(May
c
30),
March
30,
1940;
,
as
follows:
a
(April
(May 15), $20,421,000.
14),
682,158,000
$2,940,000;
d (April
25),
$264,492,000;
30),
v
$70,055,000;
<
-
9,476,799,000 9,461,389,000 7,387,749,000
Liabilities—
F. R. notes in actual circulation
Deposits—Member bank
U. 8.
reserve acc't..
Treasurer—General
account
Foreign bank
....
Other deposits
THE
1,335,121,000 1,313,809,000 1,113,653,000
7,191,608,000 7,213,805,000 5,490,520,000
105,373,000
208,379,000
117,858,000
154,606,000
156,592,000
101,326,000
421,358,000
222,131,000
389,749,000
each
Sat.,
Other capital accounts
...
Total liabilities and capital accounts
Ratio
of
tota
51,039,000
53,326,000
7,109,000
10,884,000
to
reserve
deposit
__
52,463,000
7,457,000
to
make
92.8%
industrial
839,000
t "Other cash" does not include Federal
Reserve bank notes.
reserve
notes or
a
bank's
own
£45
£45
£11
£10%
32/6
26/3
28/4)4
£4
7/Closed
17/3
19/6
£7H '
£1034
70/-
....
Rio Tlnto.......
Rolls Royce
£23
Shell Transport
h
22/9
14/6
West
...
/734
22 IS
13/9
£4
5/9
16/4 34
19/9
86/3
55/6
6/6
16/434
19/6
88/9
£12%
£734
£9%
78/134
69/434
£734
£12%
69/434
£734
£10
69/434
£23
'
59/434
5/-
6
United Molasses......
Vickers
76/1034
£23
61/10
Swedish Match B
19/9
£10
26/6
56/T
£13
69/4 34
£734
78/134
Royal Dutch Co......
Federal
certificates 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 59.06 cents, these certificates
being worth less to the extent of the
difference, the difference itself having been appropriated as profit by the
Treasury
under the provisions of the Gold Reserve Act of 1934.
6/16/6
90
35/£434
59/6
90/£13)4
96/3
£14
36/10J4
28/3
£4
60/9
■; 6/16/6
19/6
Rand Mines
are
91/3
FrL,
May 31
36/3
87/6
£45
61/-
Imp Tob of G B & I..
2,258,000
36/3
86/3
/3
90/734
£11
London Mid Ry...._.
Metal Box..
91.1%
May 30
37
36/3
£434
Ford Ltd
ad¬
vances
These
92.7%
Thurs.,
May 29
36/3
£47
38/9
30/—
.....
Hudsons Bay Co
Wed.,
May 28
£11
Electric & Musical Ind
9,476,799,000 9,461,389,000 7,387,749,000
-
£48
Distillers Co
8,242,000
831,000
Commitments
De Beers
and
F. R. note liabilities combined
*
50,854,000
53,326,000
7,109,000
f10,822,000
received by cable
£12
Central Min & Invest..
Cons Goldfields of S A.
Courtaulds S & Co
51,045,000
as
Tues.,
37/6
94 /4M
British Amer Tobacco.
Cable & W ord
Capital Accounts—
....
Mon.,
May 27
Boots Pure Drugs
9,354,441,000 9,339,087,000 7,268,733,000
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b)
EXCHANGE
day of the past week:
May 25
Total deposits
7,872,945,000 7,878,004,000 6,022,356,000
Deferred availability Items
144,887,000
130,874,000
145,871,000
Other liabilities, incl. accrued dividends.
1,488,000
1,403,000
1,850,000
Total liabilities..
LONDON STOCK
Quotations of representative stocks
£10
76/1034
£23
60/734
5/21/13/6
■
76/1034
£23
58/9
5/18/9
12/6
59/434
6/3
19/3
12/9
Witwatersrand
Areas
£2 34
£2%
........
£234
£234
£234
Weekly Return of the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
resources and liabilities of the
reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comments of the Board of Governors of
items of
the Federal Reserve System
upon the figures for the latest week appear in our department of liCurrent Events and Discussio.ns
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Commencing with the
described in
statement of May 19,
1937, various changes
were
made in the breakdown of loans
as
reported in this statement, which
were
announcement of the Federal Reserve Bank of New York of
April 20, 1937, as follows:
The changes in the report form are confined to the classification
of loans and discounts.
This classification has been changed primarily to show the
amounts of (1) commercial, industrial and
agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.1 The revised form also eliminates the distinction between
loans to brokers and dealers in securities located in New York
an
City and those located
Provision has been made also to include "acceptances of own bank purchased or discounted" with
"acceptances and commer¬
bought in open market" under the revised caption "open market paper," instead of in "all other loans," as formerly.
outside New York City.
cial paper
Subsequent to the above announcement, it was made known that the new items "commercial, industrial and
agricultural
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.
loans" and "other loans,'
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
BANKS IN 101 LEADING CITIES BY DISTRICTS ON MAY 22, 1940 (In Millions of Dollars
Federal Reserve Districts—
Total
ASSETS
$
Loans and investments—total
Boston
New York
PhUa.
Cleveland Richmond
$
Atlanta
Chicago
St. Louis Minneap. Kan. City
Dallas
San Fran.
$
8
$
23,544
Commercial, Indus, and agrlcul. loans
1,191
10,018
1,172
1,898
691
624
3,333
754
401
696
524
8,562
Loans—total..
618
3,214
446
711
270
306
947
329
190
303
267
961
4,394
2,242
298
1,784
212
275
122
156
569
189
97
179
175
338
327
69
114
31
8
11
4
39
10
4
22
2
13
secure.
544
17
408
26
23
3
5
37
4
1
4
Other loans for purchasing or carrying
securities
3
13
474
19
212
33
24
14
11
74
13
7
10
13
44
1,193
'81
10
29
22
384
1
1
"71
"59
51
168
21
28
5
Open market paper
Loans to brokers and dealers in
..
.....
—
Real estate loans..
Loans to banks...^................
Other loans
...
Treasury bills...
197
44
1
37
1,586
133
462
50
175
1
204
42
32
118
53
"78
"98
'"iio
59
1
261
66
2
93
..
1
673
15
265
1,919
38
998
"ll
156
141
35
289
32
"30
69
41
United States bonds
59
6.513
341
612
162
114
1,036
151
113
89
83
702
2,389
48
2,786
1,343
324
Obligations
91
125
53
64
267
68
22
69
46
193
3,488
11,196
131
1,412
280
283
65
104
533
108
46
145
59
322
544
6,651
531
640
197
137
1,450
194
100
191
137
424
144
100
20
46
22
14
71
12
7
15
11
23
...
—......
Treasury notes
guar,
by U. S. Govt
Other securities
Reserve with Federal Reserve Bank..
Cash in vault
.....
......
485
J
11
Balances with domestic banks
3,269
169
215
215
346
257
242
604
169
116
312
307
317
Other assets—net
1,280
72
519
83
98
40
50
81
22
16
24
29
246
20,201
1,233
10,017
1,033
1,372
522
417
2,759
465
294
542
479
1,068
5,312
236
1,032
262
748
202
192
967
190
117
145
137
577
1,084
14
68
54
47
34
44
135
17
2
24
31
107
8,486
352
3,819
4$ 6
463
314
307
1,252
377
160
418
268
320
692
18
638
LIABILITIES
Demand deposits—adjusted.
Time deposits....
United States Government deposits..
Inter-bank deposits:
,
Domestic banks
Foreign banks
Borrowings..
Other liabilities
Capital accounts..
—
5
1
1
8
1
19
1
1
753
20
""304
15
17
37
"ll
""22
7
"*7
4
"~4
""305
3,752
246
1,625
216
380
98
95
396
95
59
105
88
349
1
The Commercial & Financial
3464
Chronicle
June 1, 1940
Weekly Return of the Board of Governors of the Federal Reserve System
The following was
issued by the Board of Governors of the Federal Reserve System
on
Friday afternoon, May 31,
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 comparison with the figures for the eight preceding weeks and with those of the corresponding
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
following) gives details regarding transactions in Federal Reserve notes between the
week last year.
Reserve note statement (third table
Reserve agents
returns
The comments of the Board of Governors of the Federal Reserve System upon the
and the Federal Reserve banks.
"
for the latest week appear in our department of "Current Events and Discussions
COMBINED RESOURCES AND
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY 29, 1940
May 29,
May 22,
May 15,
May 8,
1940
1940
1940
1940
$
Three Ciphers (000) Omitted
$
$
$
Apr. 24,
1940
Apr. 17,
1940
t
$
April 3,
May 31,
1940
1940
1939
%
1940
*
April
*
May 1, '
yi
10,
$
ASSETS
16,935,473
——...........
9,021
359,026
16,841,976
7,737
374,374
Total reserves...........................
17,303,520
17,224,087
direct and fully guaranteed
Other bills discounted...—.....
1,760
1,303
1,093
Total bills discounted
3,063
Gold etfs. on hand and due from U. 8
Treas.z.
Redemptlon fund (Federal Reserve notes)
Other cash *
13,317,722
16,288,976
10,161,074
9,640
379,962
16,378,477
9,140
389,625
9,275
387.927
8,672
8,123
8,547
385,310
375,463
346,667
16,832,580
16,777,242
10,686,178
10,555.050
16,485,205
13,672,936
16,691,975
16,496,977
16,442,978
9,089
378,611
9,087
366,076
17.079.675
16,872.140
16,101,619
Bills discounted:
Becurea by
U. 8. Government obligations,
Bills bought In open market
680
742
621
443
632
366
2,053
2,047
1,929
1,831
1,727
1,076
1,675
2,084
2,142
2,327
2,822
2,795
2,668
2,372
2,463
2,093
2,751
4,058
"¥,161
9*232
"¥,292
"¥,296
*M33
"¥,918
*¥,852
"¥.875
l¥,138
12,487
1,346,995
1,130,125
1,346,995
1,130,125
1,344,845
1,129,225
1,337,495
1,129,225
1.337,495
1,129,225
1,337,495
1,129,225
1,337,495
1,129,225
1,337,495
1,129,225
1,337,495
1,129,225
1,176,109
"•
1,234
561
~
.........
Industrial advances......—...............
1,974
United States Government securities, direct and
guaranteed:
Bonds
...........
....
Notes................................
911,090
476,816
Bills
Total U.
8.
Govt, securities,
direct and
2,474,070
2,477,120
2,477,120
guaranteed
2,466,720
2,466,720
2,460,720
2,466,720
2,466.720
2,466,720
2,564,015
......
Foreign loans
on
gold
......
......
2,486,184
2,488,679
2,489,344
Total bills and securities
2,478,811
2,479,010
2,478,721
2,479,035
2,478,688
2,479,609
2,581,121
.""161
Gold held abroad
""47
Bank premises
Other assets
Total assets...
47
47
47
47
21,377
664,147
41,595
62,465
21,255
788,124
41,553
61,760
22,197
599,213
41,536
60,293
21,751
688,329
41,533
59,524
22,113
638,721
41,621
59,145
763,669
41,625
58,082
20,554,581
Uncollected Items
47
19,262
637,292
41,555
63,561
Due from foreign banks
Federal Reserve notes of other banks
20,502,397
20,478,598
20,074,237
20,122,485
20,017,899
20,048,097
47
47
47
19,461
22,146
592,220
41,612
59,572
17,998
636,668
41,612
58,257
19,749,341
19,719,396
19,494
551,229
42,464
54,138
16,921,543
LIABILITIES
5,038,386
United States Treasurer—General acoount..
Foreign banks
Other deposits
4,954,783
4,945,500
4,918,503
4,931,115
4,923,425
4.934,636
4,476,764
12,877,017
512,185
360,819
441,280
12,869,916
490,106
357,212
435,912
12,883,034
469,974
376,402
396,295
12,757,391
12,574,727
590,460
372,802
12,395,460
692,077
10,029.054
920,325
384,335
284,806
360,319
352,536
301,130
14,542,447
615,189
5,181
14,527,125
14,396,124
14,031,710
11,535,315
616,461
4,566
728,857
3,902
604,541
3,508
559,681
4,064
13,898,308
570,810
4,415
13,824,408
756,205
4,500
14,153,146
667,041
14,125,705
632,653
4,728
14,191,301
570,750
4,484
20,149,117
20.125,564
19,721,318
19,769,751
19,665.235
19,695.584
19,396,958
19,367,153
16,577,085
136,127
151,720
26,839
38,594
136,108
151,720
26,839
38,367
136,117
151,720
26,839
38,243
136,113
151,720
136,125
136,132
151,720
26,839
37,980
26,839
37,822
130,127
151,720
26,839
37,697
130,145
151,720
26,839
37,539
134,945
151,720
26,839
38,062
20,554,581
20,502,397
20,478.598
20,074,237
20,122,485
20,017,899
20,048,097
19,749,341
19,719,396
16,921,543
88.3%
88.2%
8,933
88.1%
88.1%
9,225
88.1%
88.0%
8,790
87.9%
8,350
85.4%
11,530
600
2,938
440,086
509,464
Total deposits
..................
Deferred availability Items
Other liabilities, incl. accrued dividends......
—
Total liabilities..—.......
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
.
•
26,839
Other capital accounts
Total liabilities and oapltal accounts
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Commitments
4,968,735
136,151
151,720
account
13,093,674
424,634
20,201,203
reserve
13,222,502
370,008
449,854
484,761
38,668
Deposits—Member banks'
4,984,611
13,215,148
377,749
Federal Reserve notes In actual circulation....
to make industrial advances
88.4%
,
8,852
1,386
206
167
208
.
8,883
2,081
400,930
476,886
196
8,965
"
8,725
512,521
384,229
377,569
t:
88.0%
8,805
5,325
149,152
27,264
33,097
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted
16-30 days bills discounted
81-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
1,801
969
927
858
523
250
1,137
1,059
51
105
233
773
107
197
190
224
1,198
1,139
928
1,130
320
212
190
189
161
142
229
100
129
309
269
255
219
180
148
564
2,751
4,058
707
*
171
136
432
Total bills discounted
1-15 days bills bought In open market
16-30 days bills bought In open market.......
407
362
3,063
2,327
2,822
/
2,795
2.668
2,372
2,463
2,093
28
1-60 days bills bought la open market
1-90 days bills bought in open market
Over 90 days bills bought In
open market.....
"368
225
Total bills bought in open market..
561
"
"
"
"
"i"561
l",590
"l",437
l",447
"l",426
l",242
1*247
1,367
79
86
77
84
61
227
196
526
622
742
737
244
286
271
188
149
875
897
916
916
046
629
689
781
793
900
5,946
...........
1~,572
142
634
U. 8. Govt, securities, direct and
guaranteed:
1-15 days
1,609
145
Over 90 days industrial advances
Total Industrial advanoes
"
"
1-15 days Industrial advances
16-30 days Industrial advances
81-60 days Industrial advances
61-90 days Industrial advances
5,962
5,983
5,967
6,929
7,472
7,405
7,437
7,753
9,335
9,161
9,232
9.292
9,296
9,333
9,918
9,852
9,875
10,138
12,487
67,450
16-30 days
.
31-60 days
61-90 days
359
.
82,553
130,468
154,145
.
Over 90 days
...
2,477",120
.....
2,474*070
2,46¥,720
2,46¥,720
2,466",720
2,466,720
2,466", 720
2,4~06~,726
2.129,399
2,477,120
2,477,120
2,474,070
2,466,720
2,466.720
2,466,720
2,466,720
2,460,720
2,460,720
2,564,015
5,349,723
5,318,607
333,996
5,296.011
327,276
5,275,419
320,636
5,246,984
301,484
5,245,738
327,235
5,239,294
308,179
5,251,464
328,039
5,251,335
316,699
4,738,919
311,337
4,984,611
4,968,735
4,954,783
4,945,500
4,918,503
4,931,115
4,923,425
4,934,636
4,476,764
5,455,500
2,307
5,430,500
5,420,500
5,375,500
5.374,503
5,375,500
5,375,500
5.368,500
5,363,500
4,872,500
1,657
1,171
1,170
1,059
719
794
471
540
3,838
5,457,8071
.....
2,477,120
5,038,386
....
Total U. 8. Government securities, direct
and guaranteed
5,437,1571
5,421,671
5,376,§70
5.375,559
5,376.219
5,376,294
5,368,971
5.364.040
4,876,338
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R.
Agent
Held by Federal Reserve Bank
_
In actual circulation
262,155
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold etfs.
on
hand and due from U. 8. Treas—
By eligible paper
United States Government securities
Total collateral
•
"Other cash" does not lnolude
Federal
Reserve
«.
notes.
z These are certificates 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 have been appropriated as profit by the Treasury under
previsions of the Gold Reserve Act of 1934.
cents on Jan.
Volume
The Commercial & Financial Chronicle
ISO
3465
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Gold
Total
Boston
New York
I
I
certificates
hand
on
and
1
Atlanta
Chicago
I
%
%
899,468 1,079,066
918,586 8,438,853
16,935,473
St. Louis Minneap. Kan. City
%
%
Dallas
San Fran.
$
S
418,845
324,787 2,681,546
377,111
350,567
252,216
%
230,386
964,102
9,021
218
944
637
913
1,806
480
514
522
594
245
722
359,026
31,102
102,456
25,620
22,943
22,395
20,334
47,584
17,165
6,982
19,551
13,763
1,426
29,131
925,725 1,102,862
443,046
345,601 2,729,644
394,798
259,792
370,363
244,871
994,659
38
Redemption fund—Fed. Res. notes..
.......
Total reserves....
%
BUSINESS MAY 29, 1940
due
from United States Treasury
Other cash •
12 FEDERAL RESERVE BANKS AT CLOSE OF
Cleveland Richmond
Phila.
S
ASSETS
-
j
OF THE
EACH
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
949,906 8,542,253
17,303,520
...
Bills discounted:
Secured by U. 8. Govt, obligations,
direct and guaranteed-......
1,760
80
722
65
23
60
24
54
525
115
15
39
Other bills discounted
1,303
16
183
52
37
70
77
10
160
55
264
294
85
96
905
117
60
130
101
64
685
170
279
333
123
Total bills discounted..
3,063
9,161
1,163
2,028
2,614
355
912
269
339
60
168
104
476
673
1.346,995
1,130,125
98,199
404,247
107,604
137,752
56,851
40,510
62,096
51,835
110,197
339,160
90,279
115,574
47,699
147,369
123,644
61,672
82,387
68,663
57,610
51,742
33,987
52,098
43,490
92,455
2,477,120
180,586
743,407
197,883
253,326
126,273
140,550
271,013
113,414
74,497
114,194
95,325
202,652
2,489,344
181,845
746,340
200,614
253,741
127,315
104,920
271,416
114,159
74,835
114,577
96,134
203,448
Industrial advances
U. 8. Govt, securities, direct A guar..
Bonds
~
Notes......
Total
U.
S.
Govt,
;
securities
direct and guaranteed
Total bills and securities
.......
Due from foreign banks
Res. notes of other banks
.....
47
3
18
5
4
2
2
6
1
1
1
....
19,262
661
826
1,059
3,060
1,611
1,721
884
428
2,463
60,299
49,355
80,499
2,909
54,442
2,114
637,292
1,526
158,427
88,870
27,798
14,725
26,497
20,754
32,816
3,362
2,322
1,386
2,911
2,737
1,926
3,181
2,822
1,153
6,639
2,713
5,521
480,070 3,102,997
543.426
354,385
518,325
Fed
Uncollected Items...............
Bank premises
Other assets
4,520
5,486
2,513
22,810
2,016
5,150
7,056
3,690
2,607
20,554,581 1,199,884 9,476,799 1,186,195 1,450,707
633,917
41,555
2,866
9,839
63,561
4,304
18,396
•
Total assets
*
4
366,054 1,241,822
LIABILITIES
F. R. notes In actual circulation....
5,038,386
411,985 1,335,121
351,686
459,813
221,348
161,433 1,102,848
193,051
141,839
182,878
78,224
398,160
13,215,148
648,364 7,191,608
16,647
105,373
665,178
799,350
291,243
26,012
240,015 1,765,511
22,440
40,614
270,301
156,435
18,242
9,743
263,873
21,048
706,179
12,843
217,091
23,109
13,286
5,227
440
2,819
23,450
Deposits:
Member bank
reserve
account
U.S. Treasurer—General account.
377,749
Foreign banks
440,086
509,464
.....
Other deposits
.....
....
Total deposits.
14,542,447
Deferred availability Items..
Other
27,226
29,139
154,606
421,358
43,401
16,571
41,186
8,083
19,043
15,500
7,262
5,742
704,419 7,872,945
752,376
877,758
343,560
31,653
7,755
21,865
20,034
32,395
53,144
4,910
13,286
5,847
283,697 1,864,179
311,299
189,647
298,204
256,306
788,058
615,189
58,534
144,887
48,685
79,345
53,479
21,877
90,336
27,958
13,541
26,523
20,050
29,974
5,181
474
1,488
578
551
190
207
630
149
164
279
193
278
20,201,203 1,175,412 9,354,441 1,153,325 1,417,467
618,577
467,214 3,057,993
532,457
345,191
507,884
2,958
4,378
4,124
3,613
3,974
1,266
1,918
liabilities, lnd. accrued dlvs..
Total liabilities.
354,772 1,210,470
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
136,151
151,720
26,839
51,039
11,918
53,326
7,109
14,198
4,393
38,668
1,861
10,884
2,361
5,276
5,247
3,246
20,554,581 1,199,884 9,476,799 1,186,195 1,450,707
322
831
8,852
1,144
1,173
Commitments to make Indus, advs
•
9,332
10,405
2,874
14,000
14,323
1,007
3,910
633,917
.............
"Other cash" does not Include Federal Reserve notes,
a
Total
Federal Reserve notes:
Boston
$
13,649
5,725
22,824
4,131
4,709
713
1,429
538
1,786
7,102
1,591
3,152
1,001
2,083
480,070 3,102,997
543,426
354,385
518,325
368,054 1,241,822
175
57
167
3,757
1,571
693
515
18
1,142
1,308
Less than $500.
FEDERAL RESERVE
Three Ciphers (000) Omitted
Federal Reserve Bank of—
10,714
10,224
2,121
2,293
4,632
New York
Phila.
%
NOTE
STATEMENT
Cleveland Richmond
S
%
Atlanta
St. Louis Minneap. Kan. City
Chicago
$
$
$
S
$
Dallas
San Fran,
$
$
S
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank....
5,349,723
311,337
425,623 1,432,689
13,638
97,568
367,213
15,527
482,615
236,934
147,258
,193,151
10,917
5,419
10,273
85,560
7,336
453,853
15,586
174,920 1,145,939
43,091
13,487
203,968
22,802
In actual circulation..
Collateral held by Agent as security
for notes Issued to banks:
Gold certificates on hand and due
5,038,386
411,985 1,335,121
351,686
459,813
221,348
161,433 1,102,848
193,051
141,839
182,878
78,224
398,160
5,455,500
2,307
440,000 1,455,000
375,000
484,000
250,000
180,000 1,160,000
209,000
148,500
200,000
90,000
464,000
905
97
630
170
279
5,457,807
440,096 1,455,905
375,097
209,630
148,670
200,279
90,000
464,00n
from United States Treasury..
Eligible
paper
..........
Total collateral.
United States
96
130
484,000
Bid
THE
1 riE.
PARIS
JT
Bid
June 19 1940
July
3 1940...
10 1940
July
July 24 1940.
July 31 1940.
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
....
17 1940
Aug.
Asked
each day
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
7 1940.
Aug. 15 1940.
Aug. 21 1940.
Aug. 28 1940.
:vv
Francs
'
16 1940...
15 1940...
Mar. 15 1941...
June
16 1941
1
H%
1^%
1^%
1M%
1K%
1 H%
2%
more
or
32ds of
Rale
Maturity
15 1942...
101.1
\oi~.i~
101.13
Dec.
Francs
7,455
865
880
450
437
430
13,100
13,200
605
600
594
1,450
1,420
52
52
52
~
-
Cle Generate Transantllque
mmmm
mmmm
'
mm m
m
mmmm
583
577
560
580
mmmm
671
650
640
640
mmmm.
Courrleres
320
310
290
281
Citroen B
*
544
534
533
1,530
1,480
1,481
596
592
.590
592
Knhlmann
Bid
Asked
1
15 1943...
101.14
Mar .15 1944...
101.24
101.27
June
102.24
102.27
Sept.15 1944...
104
104.3
Mar. 15 1945...
K
r°
751
L'Alr Llqulde
103.20
101.8
101.11
Orleans Ry (6%)
Pathe Capital
101.11
Pechlney
100.18
Rentes, Perpetual 3%
731
668
705
1,290
1,250
1,325
Closed
1,301
103.17
100.15
140
140
170
185
5.50
1,530
830
805
810
''mmmm
32
mmmm
mmmm
■.-"Jetmrnm
mmmm
mmmm
'mmmm
mmmm
790
....
30
mmmm
26
28
Sept. 15 1942...
Stock and Bond
Below
the
daily closing
15 1944...
i
H7c
99.15
100.16
1,880
99.3
99.6
Averages
averages
Stocks
70.80
82.40
82.30
108.45
109.00
107.50
107.85
2,390
2,360
mmmm
1,630
2,136
1,560
2,150
1,670
1,640
mmmm
59
58
58
56
1,210
1,200
1,163
1,195
681
681
..J.
685
406
402
403
415
30
33
31
33
Saint Gobam C & C
.......
...
Tubise Artificial Silk pref
Union d'Electrlclte-.-
Wagon-Lite
............
THE
BERLIN
STOCK
30
20
15
Total
10
First
Second
10
Total
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
116.22
23.15
18.90
38.48
103.38
87.02
38.10
105.33
each day
mmmm
mmmm
mmrnm
mmmm
mmmm
mmmm
mmmm
E CCHANGE
Closing prices of representative stocks
10
Indus¬
May 31.
1,850
70.25
83.25
Bonds
10
Date
1,920
71.70
5%. 1920
Societe Lyonnalse
Soclete Marseillaise
of representative
stocks and bonds listed on the New York Stock Exchange
as compiled by Dow, Jones & Co.:
are
1,980
99.18
100.13
83.05
Soclete Generate Fonclere
Mar. 15 1942...
71.45
Schneider A Cle
Dec. 15 1941...
as
received by cable
of the past week:
May
May
25
27
May
May
May
28
29
30
May
31
Per cent of Par
83.40
147
147
187
HOLI DAY
AllegemelneElektrlzltaet8-Gesellschaft(0%) 153
150
149
May 29.
115.24
23.22
18.80
38.25
103.33
87.19
37.01
105.23
83.34
Berliner Kraft u. Licht
194
193
191
188
May 28.
114.26
22.82
18.31
37.79
103.14
87.05
36.89
105.18
83.06
121
119
119
116.35
23.32
18.91
38.57
103.44
87.46
122
May 27.
May 25.
38.49
Commeri und Prlvat-Bank A. G. (6%)....122
105.38
83.09
114.75
22.76
18.52
37.93
103.20
87.09
37.71
105.31
83.33
128
128
128
127
126
7%).130
130
130
130
130
the
New
120
119
119
117
117
Farbenlndustrle I. G. (7%)—...—...... 194
191
191
189
189
HOLI DAY
HOLI DAY
May 30.
Deutsche Bank
(8%)
(6%)....
Deutsche Relchsbahn (German Rys. of
United
States
York Stock
Government
Securities
Exchange—See following
on
page.
Dresdner Bank
(0%)
Relchsbank (new shares)....
Transactions
at
the
New
Daily, Weekly and Yearly—See
York
page
i
m
1,450
53
-
mmmm
427
13,350
1,463
Cle General d'Electrlclte
101.8
1H%
H%
June 15 1943
101.10
101.11
Francs
7,450
613
Nord Ry
Dec.
Francs
Francs
14,200
Energie Eiectrlque du Littoral..
Int.
100.1
Thurs.,
ComDtolt Natlonale d'Escompte
one
Int.
Dec.
Francs
905
Credit Commercial de France...
June
Wed.,
Tues.,
7,590
Pays Bas
Banque de l'Unlon Parlalenne
Credit Lyonnals
Asked
Mon.,
925
Bank de Paris et Dee
point.
Bid
Sat.,
7,850
Banque de France
Canal de Sues cap
Figures after decimal point represent
Rale
,
May 24 May 25 May 27 May 28 May 29 May 30
Quotations for United States Treasury Notes—Friday,
May 31
Maturity
received by cable
as
of the past week:
Cle Dlstr d'Electrlclte
a
BOURSE
UWU
Quotations of representative stocks
Asked
0.08%
1940
June 26 1940.
July
180,000 1,160,000
Fri
6 1940
June
250,130
Treasury Bills—Friday, May 31
Rates quoted are for discount at purchase.
June 12
.
55,693
Stock
3481.
Exchange.
Siemens & Halske
(8%)
Verelnlgte Stahlwerke (0%)—
113
113
113
113
113
252
249
248
246
244
124
123
122
120
121
June
3466
1, 1940
New York Stock Exchange
Stock and Bond Sales
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
unless they are the only transactions of the day.
NOTICE—Cash and deferred delivery sales are disregarded In the day's range,
such sales In computing the range for the year.
No
account Is taken of
United States Government Securities
Below
furnish
we
the New York Stock Exchange
on
Corporation bonds on the New York Stock Exchange during the current
117.10
117.19
117.10
117.6
117.19
117.10
117.10
117.19
LOW.
Close
Total sales in $1,000 units...
4
4^8, 1947-52
Low.
117.9
14
111.30
111.23
111.25
111.24
111.30
111.21
111.25
111.24
[Close
111.30
111.21
111.25
45
1
Total sales in $1,000 units..
mm mm
(High
...Low.
[Close
111.20
Total sales in $1,000 units...
2
2Kb, 1946-56
'
:
1.
V.
Low
•
102.24
102.30
102.24
102.30
*8
102.24
(High
102.30
1
.107.21
....
mmm
»
«
1
1
1
;
105.18
105.18
5
6
107.20
m
m
mmrnm
mmmm
*1
■—II
+
m
Low.
103.23
mm
103.17
103.10
103.2
103.17
103.6
103.12
103.7
103.17
,' '
m
rn
Low.
(Close
103.23
mm
Close
High
1
107.16
Low.
*1
103.19
rHigb
Low.
2KB, 1951-53
107.16
....
——■
2s, 1947
w
101.8
mmmm
101.12
Total sales in $1,000 units...
mmmm
101.12
Close
103.19
101.8
mm
111
mmmm
.mmrnm
103.19
|
Close
107.16
Total sales in $1,000 units...
Low.
107.22
107.22
107.19
107.16
107.16
High
101.16
101.16
107.22
107.22
107.19
107.17
Low.
101.16
101.16
Close
101.16
101.16
*2
108.7
108.12
108.7
Close
108.14
108.7
Total sales in $1,000 units...
2
109
High
109.4
2
Holi¬
2s, 1948-50
107.16
—
1
day
11
108.7
108.4
Federal Farm
1
30
108.31
108.20
Low.
109
109.1
108.30
108.31
109.1
108.30
108.31
■
6
3s, 1942-47
-I.
1
m
108.12
2
107.30
108.10
(Close
107.30
108.2
107.28
6
4
.■.mmmm
High
-
2Kb, 1942-47
mmmm
107.28
Total sales in $1,000 units..
Total sales in $1,000 units...
....
mm .
"'mmmm
107.28
108.2
107~.28
mmmm
mmm
6
:
-mmmm
mmmm
Home Owners' Loan
11
105.6
104.20
105
105.2
+
104.30
105.8
105.2
2Kb, 1945-47—Low.
100.30
105.8
100.30
107.3
1
140
32
■
106.30
106.26
106.30
106.20
.
mmm
100.20
1
105.27
105.26
105.26
1Kb, 1945-47
mmmm
m'ptmm
mmmm
(High
104.28
Low.
105.3
104.16
104.28
Lea
•
105" ~
105.1
105.3
mm
105.1
Close
Total sales in $1,000 units...
105.1
104.28
1
bonds.
2
1
(High
103.27
104.2
103.28
104.3
103.29
Low
103.27
104
103.26
104.3
103.29
1
(Close
103.27
104
103.28
104.3
103.29
2
—
Total sales in $1,000 units...
(High
J Low.
I
QJogg
Total sales in $1,000 units...
*5
16
104
103.24
103.24
104
103.13
104
|
7
11
104
71
105.6
105.13
105.8
105.6
105.13
105.4
105.6
105.13
105.4
mmmm
7
mm
103.8
103.8
m
m
103.2
mm
103.8
mmm
m
10
9
2
105.8
mm
103.2
mmmm
103.2
mmmm
mmmm
5
_•
Low.
3
mmmm
■
'mmmm
'mmmm
mmmm
....
100.10
mmmm
....
m
100.10
■:''mmmm
20
'mmmm
mm
f Deferred delivery sale.
above
100.10
....
mm
^
mmmm
^
^^
....
$ Cash sale.
includes only sales
registered bonds were:
table
Transactions in
Treasury 4s, 1944-54
Treasury 3J*s, 1944-40
Treasury 2KB,1955-00
coupon
111.21 to 111.21
108.12 to 108.12
105.7 to 105.7
—
-
of
5
United States Treasury
103.24
mmmm
mmmm
20
....
mmmm
mmmm
103.24
....
103.19
104
10!
Odd lot sales.
Note—The
104.28
2
-
....
105.8
mmm
mmmm
Close
Total sales in $1,000 units
■mmmm
21
....
mmmm
'
■
105.3
50
-
105.9
•
High
106.4
7
-
-
Total sales in $1,000 units...
2
100.1
3
mmmm
mm mm
.'
mmrnm
Close
106.30
100.1
103.26
103.26
5
[mmmm
----
.
•
Low.
2
High
2J*s, 1951-54
-
106.29
2Kb, 1948-51.—.— Low.
Total sales in $1,000 units...
2Kb, 1942-44
106.29
2
mmrnm
103.24
1
'-A***
High
57
106.29
107.3
Close
Total sales in $1,000 units...
7
103.26
'
:
'
26
105.19
m
mmmm
■
'
Total sales in $1,000 units...
107.3
105.19
mmmm
103.24
——
'
Close
105.7
7
105.19
mm m
mmmm
mmmm
'
.
Low.
105.4
100.30
itim
mmmm
mmmm
103.24
103.31
■
I
/•'
-*»w-
■'-mmmm
mmmm
103.31
m'mmm
High
38, series A, 1944-52
105.2
[High
'mmm
1
.
Low.
Total sales in $1,000 units..
'■
■'
107.28
m
'mmmm
105.8
105
.
'''m+mm
'
103.31
Low.
105.4
105.10
r
....
mmmm
■
Close
....
Total sales in $1,000 units...
107.28
mmmm
<
(High
2Kb, 1955-60...
•'■mmmm
....
mmmm
mmmm
'mmmm
Close
108.12
107.30
-mmmm
"mmmm
'
Low.
108.12
Low
mmrnm
■'
day
— -
mmmm
High
(High
Holi¬
mmmm
ymmrnrn
Total sales in $1,000 units...
Total sales in $1,000 units...
■mmrnm
----
'.mmmm
m
Close
109.20
.(Close
—
>»m
Low.
3s, 1944-49
17
2
109.20
Low.
'
mmmm
'■
109.20
High
'
•
.
Close
Total sales in $1,000 units..
....
-'mmmm
■
mmmm
m
High
Low.
(High
....
.
mmmm
mmmm
——
Low.
Total sales in $1,000 units..
108.26
16
_
''■mmmm
Close
•
108.26
109
6
m
High
Mortgage
ZKb, 1944-64
1
108.30
[ Close
Total sales in $1,000 units.
—
108.4
108.7
2
■
Total sales in $1,000 units
108.4
108.8
101.14
....
5
4
108.14
•
101.14
m
.mmmm
....
mmmm
-
+
mmmm
mmmm
'mmmm
107.17
1
High
Low
....
101.14
101.11
101.12
(Close
2&s, 1958-63—
103.13
4
....
107U9
■
25
103.13
103.8
m-mm
mmmm
107.22
3^s, 1949-62
103.8
V
103.13
103.8
107.22
Total sales in $1,000 units...
2^8,1956-59.
103.8
■mmmm
.1
i
63
2
(High
3Ms, 1946-49
mmmm
103.7
1
llll
•
mmmm
m'mmm
103.10
Total sales in $1,000 units...
mmmm
....
107.20
3
Total sales in $1,000 units.
3s, 1951-55
•'
.mmmm
103.12
mmmm
"
103.23
■
mmmm
mmmm
m.m mm
mmmm
m'mmm
2Kb, 1950-52
mmmm
''mmmm
mmmm
«
mmmm
.
mmmm
107.16
....
(High
3s, 1940-48——.
mmmm
105.21
High
mmmm'.
11
•
107.21
(Close
Total sales in $1,000 units..
33^8, 1944-46
mmmm
105.21
Total sales in $1,000 units...
mmmm
mmmm
mmmm
'
Close
.
mm mm
mmmm
105.18
105.21
mmmm'
Low.
2 Kb, 1949-53
•
1
■
41
'.mmmm
+ m
mmmm
[High
V':
....
mm
-mm mm
mmmm
Total sales in $1,000 units...
102.27
36
107.20 V.
107.21
2Kb, 1943-47—Low
2Kb, 1943-45—
30
23
.mmmm
,
'
[Close
.■
103.22
1
Low.
—
4
102.27
Total sales in $1,000 units...
3Ks. 1941
103.22
104
mmmm
Close
102.27
Low,
2KB, 1948
111.22
J
(High
3^6, 1941-43
'
2Kb, 1945
111.22
100.19
Total sales in $1,000 units..
103.24
103.16
106.25
High
100.19
[Close
.
Close
Total sales in $1,000 units—
100.19
...
.
103.26
103.16
mmmm
■
1
mmmm
'
104
104
104
100.25
111.22
mm
"mmmm
(High
2Kb, 1940-43—.—..
mm
103.20
106.25
Low.
111.24
mmmm
111.20
..i
High
2
mm mm
111.20
mmmm
Total sales in $1,000 units...
1
12
(High
4s, 1944-54..-.— — J Low.
mmmm
Close
2KB, 1960-65
117.9
mm
....
May 29 May 30 May 31
104
High
Treasury
117.9
mm
week.
Daily Record of U. S. Bond Prices May 25 May 27 (ay 28
May 28 May 29 May 30 May 31
117.20
High
Treasury
and Federal Farm Mortgage
daily record of the transactions in Treasury, Home Owners' Loan
a
mmmm
103.24
Bills—See previous page.
&c.—See previous page.
United States Treasury Notes,
25
New York Stock Record
LOW AND HIGH
SALE PRICES—PER
SHARE, NOT PER CENT
Monday
$ per share
50
50
♦112
115
*32ig
347g
47«
♦1712
*13i4
3812
*h
45
*50
82i2
4l8
30i4
47g
18*2
1378
3878
h
5i2
Si4
1012
1778
Thursday
Friday
May 27
May 30
May 31
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
50U
115
52
50i8
115
3218
30l4
478
*17l2
1378
39
*112
3218
37l2
5i2
18
14
40
*50
414
h
788
534
868
1758
8
139
10
I
...
*31
36
414
17i8
13i4
3734
51
52
141
*115
53i2
*53i2
141
*115
54
1,700
141
17i2
1414
38i2
*h
i2
*50
*31
3214
♦30
37i2
434
17i2
135s
38i2
*3g
3934
6g
*50
37i2
®8
#1#
9lg
784
534
878
19
0i8
55g
784
1014
684
534
8
1818
78s
4i2
8
6
18
300
13
13
39
Stock
39
1,100
3,700
*38
*50
Exchange
Closed
7
1U2
478
60i2
2318
*1112
1%
984
12
*1U2
5i8
40
*1212
51
0l2
43I4
♦
984
*50
2412
*1112
13s
*912
IH2
55g
.57
25l2
12
lh
11
7i8
7i2
138i8
9
918
IOI4 IU4
434
5
136
55
55
2212
lll2
1!4
24
40
40
40
9i2
38l2
13
5314
0®4
4312
13
13
13
5134
53i2
50
05s
4314
438s
078
6%
43
lllg
H4
9i2
395s
1334
5I84
0l2
43
7i2
7i2
139i2 141
*9
1012
105s
1078
5
514
*55l2 57
2414 25
*1158 12
*114
lh
»
6
600
9
1912
1,000
12,900
"
"71*2 "8
V.665
140
141
3,800
*9
10
300
10l2
1012
514
58
2514
115s
lh
*55l2
2434
IH4
*U4
300
7,900
600
300
*9
10i2
200
40
40l2
1,000
14
13
13
684
t In receivership.
52
*05g
41l2
a
par
Allegheny Corp
..No par
6J4 % pi A with $30 war. 100
6K % pf A without war. 100
$2.60 prior conv pref.Ns par
Alghny Lud St! Corp..N# par
Alleg A West Ry,0% gtd—100
Allen Industries Inc
1
Allied Stores
10
53
.10
6,400
3914
43
Addrees-MuJtgr Corp
2,000
*9
5214
034
*4112
—No par
Allied Chemicai A Dye.No par
Allied Kid Co
5
Allied Mills Co Iso
No par
39
*1314
Bid and asked prices; no sales on this day.
2,600
4,900
*8
5l8
Adams-MUllls
Alabama A Vlcksburg Ry.100
Alaska Juneau Gold Mln—.10
7
*514
.100
100
19
Memorial
1914
No par
couv pref
"7,265
5g
45s
*K%
Abraham A Strata——No par
Acme Steel Co
.25
Adams Express—.—.No par
Air Reduction Ino
No par
Air Way El Appliance..No
—.
4l8
»i«
6
1818
37i2
1,000
5,000
478
"i#
4I4
20
*17
——
414
8
Abbott Laboratories
10
3214
*31
514
17i2
135s
4is
14112
Par
600
5234
684
1,800
4112
140
8,500
Def. delivery,
Corp. ....No
par
5% preferred.
100
AUls-Chalmers Mfg.—.No par
Alpha Portland Cem..No par
Amalgam Leather Co Ino
1
6% conv preferred—
60
Amerada Corp........No par
Am Agrle Chem (Del)—No
par
Am Airlines Inc..........10
American Bank Note...—.10
8% preferred
60
n
New stock,
r
Cash sale,
x
$ per share
50 May 21
110 May 22
30 May 22
347gMay 25
4i4May 28
17 May 21
13 May 16
3084May21
3gMay 23
60 May 21
4 May 21
i2May 15
6 May 21
4i4May 21
7 May 21
15f2May 21
72
Feb 19
7i8May 28
May 28
878May 15
10*4 May 28
4i2May 21
65 May 28
2184May22
HUMay 31
li8May 15
9i2May 28
38i2May 28
12i8May 22
4184 Jan 12
0i8May 23
136
y
Year 1939
Highest
% per share $ per share
63
Apr
71i2 Sept
7014 Feb 14
120
147
Feb 8
Apr I49i2 Sept
33l2 Apr
49i2 No*
4612 Apr
50i2 Oct
3Ut Mar
52i2 Apr
$ per share
9
Jan
27i2 Apr
19i| Jan
68K Jan
78Mar 11
77
7
Mar 26
Jan
8
li« Jan
8
3
4
8
145g Jan
12i2 Jan
17i4 Apr
20t2May 10
73i2Mar21
1284 Apr 16
182
Apr 9
0i2 Aug
Sept
lli2 Sept
19
25
157| Sept
27ig Jan
45U
84
Apr
Jan
68
68
Feb
68
Dec
July
584 Aug
10
Jan
2
Sept
6«4
4i2 Sept
8
June
14
Apr
May
52
684 Apr
16U2 Apr
Jan 25
10
1034 Apr 23
98g Jan 2
6
14
Apr
9i2 Apr
Apr
18
64*2 Apr
71
28
48 H
16
9
l28Eg Apr
2h Jan 9
18
Apr 22
1U June
58i2 Apr
6
21
4
Jan
75
Apr 15
1284 Apr 9
Ex-right.
Jan
3
Sept
23i2 Sept
28U Jan
69
Sept
117f Oct
200i2 Sept
1472 Sept
I5i8 Sept
11* Jan
8
Jan
Feb
20i2 Sept
4
Apr
Mar
Sept
HsSept
7378May
4178 Jan
60
Ex-dlv.
Range for Precious
Lowest
Highest
Lowest
,
32U
30i8
478
48s
*9
12
1%
Range Since Jan. 1
On Baste of 100-Shars Lots
Week
*9
5l8
57
24
EXCHANGE
Wednesday
May 29
Day
*712
784
13912 14012
STOCKS
NEW YORK STOCK
the
Tuesday
May 28
5g
43a
Sales
for
Saturday
May 25
Aug
Jan
1978 Jan
3% Sept
12
Aug
21
60
16
Apr
74i2 Sept
2412 sept
28
June
47
98| Sept
461* Dee
60
Apr
Sept
Dec
1784 Jan
IF Called for redemption
Jan
Volume
New York Stock Record-Continued—Page 2
150
May 25
May 27
$ per share
$ p#r share
$ per share
6%
6*2
90
9134
*150
133
164
20%
22
37
37
14%
15%
128% 128%
88
164
165
100
100
118
118
*116
21
213g
39
1,500
American Bosch Coro
Am Brake Shoe <fc
Fdy. No par
5H % conv pre!
100
128
90%
3,200
*160% 166
22
23%
200
1534
90%
16
100
100
112
a;115
9
*7
9
6
6%
584
6
6
4^4
5
434
434
5
117%
500
87g
76%
9%
76%
9%
1%
*3%
1
11%
234
*9%
10
76i2
H2
612
1%
11%
3
75%
75%
1%
1%
*3%
1%
12%
3
1%
1%
1%
*1%
*3%
1%
6%
6%
1%
*3%
3
1%
12
*234
14%
3
11
12%
234
1U4
2634
27%
10%
273g
3%
3%
3%
2312
23%
49
>
*134
*18%
3%
*23%
4934
4934
2%
19
1%
19
11%
1134
39
4034
10%
10%
*2
2
2
134
13
13
13
116
*90
*22l4
2%
*22l4
37
33
5
53g
5%
*138
140
140
1012
10%
10%
938
93g
938
50
23
*233g
*41%
11%
41
10%
2%
16%
15
145
*80
145
10%
10%
*2%
2%
400
3,300
Amer Metal Co Ltd...No par
9
11%
72
72
74%
73
74%
75%
*138% 141% *135
3
3
3%
6%
6%
6%
85%
85%
6%
*85
6%
6%
30
29%
28
4%
*32
5
5%
*32
42
19%
*22%
13%
55
*55%
9
734
7
7
110
11
I
*24
"24"
38
*
1
*107
110
10
11%
13%'
10
24
24%
9934
9934
4%
4
*
2534
634
6%
6%
5
4%
4%
4
105
*75
434
4%
*75
4%
*75
105
6%
4%
|
74
*60
75
♦60
63
*53%
6434
*50%
6434
*30%
40
35
*30
*30%
82
83
83
1434
15%
*40
41
44
40
40
*10
10%
10%
1034
10
12
*9%
11
10
10
19%
20%
*100
107
7
7
44%
*44
*5634
62
*112% 115
*40
*9
20%
*101
7
*44
*58
*414
4%
2%
2%
13%
5%
15
14%
14
5%
13
3
3%
*7%
4334
*57
67
2%
5%
*4%
2%
2%
14
15
5%
6%
12%
15
*4%
21
7%
21
25
26
*36
26
4%
*20%
7%
24
n
j
9%
4%
4%
20%
7%
24
HO
*102% 105
*100
108
105
*104% HO
103
103
31
31
*
*100
110
12,700
4%
4%
21
I
2,200
1
mm
*934
20%
*101
10%
2034
7,500
107
*101
7%
'4,166
734
110
27,900
Baldwin Loco
3%.
4%
4%!
2,600
834
1,100
*8
*36%
40
9%
9%
1,900
Barber
4%
900
Barker
*20%
21%
8
8
25
*111%
23%
25
*103
7%
105
109
*784
7%
600
27%
2834
"17", 800
17%
17%
17%
17%
17%
18%
18%
18%
50
50
50
25%
25%
6%
6%
7
25%
25%
25%
24%
71
69
64
6884
114%
110% 111% *112
16
17%
1634
*15%
6%
7%
6%
16%
7
17
7%
16
1434
*14%
15%
♦11
15%
*11
15%
*11%
15%
*41
60
*40
60
*40
60
•
Bid and asked prices; no
sale
on
this day,
7%
*11%
16%
60
14%
17
f In receivership,
60
Pr
700
1,400
67,300
7% preferred
1,300
I
1,200
7%
5,400
15%
700
15%
60
,
".""16
a Def delivery
100
Bigelow-Sanf Corp Ino. No par
Black A Decker Mfg CoN> par
Blaw-Knox Co
No par
Bliss A Laughiln Ihc
5
Blooming dale Brothers.No par
Blumenthal A Co pref
100
700
18
17
15
*41%
16
18
Loan.-No par
pfd92.60d v ser'38No par
Best A Co
No par
Bethlehem Steel (Del).No par
Boneflcla. Indus
2,000
1
70
7234
I
112% 115
15%
*11
*15
95 preferred w w
31
*101
1734
16%
Beatrice Creamery
100
*
Inc.—No par
—100
preferred
....—--25
No par
Preferred x-warrents.No par
Beech Creek RR-j
50
Beech-Nut Packing Co
20
Beidlng-Hemlnway
No par
Belgian Nat Ry« part pref—Bendlx Aviation
5
"MOO
200
17%
16
Bayuk Cigars
1,800
1st
23%
preferred
50
Co.———6
Barnsdall OH
11434l
*105% 112
Asphalt Corp——10
Brothers
N« par
6M%
190
8,400
I
100
Aroostook.——-50
preferred
100
Conv 5%
20
|
Works vtC—-13
Ohio---——100
4% preferred
Bangor A
4%
28
25%
25%
25%
72%
70%
115
114% *113
16%
16%
*15%
17
16%
16%
*15%
17
Baltimore A
5,800
27%
67
preferred.----100
28,200
27
25
No par
5%
7%
*112
———
preferred----—-—50
1434
24%
*49%
series A...100
Arias Tack Corp
110
3%
734
50
6%
400
28%
50
4% conv pref
Atlas Corp
5%
2%
28
50
Atlantic Refining
5% conv
15
7%
50
100
5% preferred
200
27%
50
RR—.100
--1
W1SS Lines
Atlas Powder
5
7%
50
At! G A
1,500
62
26%
734
100
preferrred
Atlantic Coast Line
13%
*2%
15
23
31
6%
500
No par
Austin Nichols.—... No par
95 prior A————No par
Aviation Corp. of Del (Thel-3
*4%
9%
4%
21
8%
105% 105%
*
100
Santa Fe_-100
*112% 115
40
24%
11434
6% preferred
Atch Topeka A
2,400
7
*102% 105
110
260
43%
67
Co. No par
6,800
300
7
x24
105
m-*.
100
preferred
Assoc Investments
100
43%
*58
7% 2d
torn-
10%'
7
7%
7%
i
10%
4334
21
Co..—No par
Corp
5
Corp..—-—-No par
7% preferred
-.100
Associated Dry Goods
--1
6% 1st preferred.—-100
Arnold Constable
Artloom
42%l
10
100
Armstrong Cork
600
*9
21%
No par
96 conv prior pref
400
42%
10%
9%
*4
4
684'
10%
*37%
Co of Illinois--..-5
Armour A
4341
41%'
10%
I
24%
~5~600
24% I
14%
9%'
21
21
29
21
16
21
31
21
21
May
684
5%
14%
3%
4
8%
40
May 21
May
12%May
108% May
8 May
May
*4%
4334
3%I
18
n
New stock,
r Cash sale.
9834May
May
35 May
68% Jan 4
22%May 21
6%May 22
3%May 22
96% Jan 12
43gMay 22
7434 Apr 1
49%May
33 May
82 May
13 May
22
20
23
21
39%May 21
9%May 22
8%May 21
10 May 23
.
18%May 21
May 24
7 May 23
104
43%May 31
57
May 23
115 May 22
4
May 21
1% Feb 7
10 May 21
23% Feb 23
93
Feb 23
18
Mar 13
103
27
22
21
27
28
22
May
29%May
May
7%May
6334 Feb
24%May
l7%May
60 May
22%May
63%May
14
l3%May
11
May
17
21
23
22
21
15
15
21
14
55% Jan
4
109%May
14
May
15
May
534May
zEx-dlv.
Apr
132
May
Apr
73
Apr
75%
Oct
Sept
4% Sept
8% Apr
684 Apr
12% Jan
101% Apr 16
12
Apr 23
62% Apr 23
78
28%
Apr
8% Apr 10
45% Apr 22
32
Apr
41% Apr
22% Mar
112%May
4
Aug
24
Apr
Apr
t
1684 Apr 12
4% Apr 10
Feb 27
Apr 30
Apr 22
Apr 22
35%
110%
7%
64%
68
Apr 20
4384 Apr
4
11
4
Apr
9% Jan 4
101% Apr 18
9
Jan 11
Apr
3%
Apr
20*4
35
Apr
13%
Apr
8'4
Apr
1%
Apr
21
Apr
97
May
3% Aug
33«4
Apr
60
Mar
31% Sept
7% Sept
5% Apr
73
Jan
6%
Apr
8
70
Jan
86
Jan 16
41
Apr
45
Mar 26
30
Apr
80
May
100% Mar
8
90
Jan
25% Jan
3
21
Sept
57% Apr 24
23% Jan 3
z49% Deo
22% Apr 20
6*4 Aug
9% Aug
18% Sept
104% Apr
22% Apr 20
27%May 7
110
Jan 25
.9% Mar 19
61
Feb 14
15
7
Apr
Apr
.
43% Apr
80%May 13
50
Aug
124*4 Jan 10
116
June
8% Mar
6% Mar
32% Mar
4
4
4
15
10
2
4%
16
Apr
Apr
Nov
14% Jan
3% Aug
9% Aug
3% Aug
4*4 Sept
11% Deo
62% Jan
49
16% Apr
10% Aug
8% Apr
102
9
15% Apr
75% Mar
13% Deo
151
19%May
20%May 21
112
May 15
18%May 21
105 May 28
Oct
148
4%May 15
M$y 15
20 May 21
73gMay 28
Sept
20% Aug
8% Apr
175% Mar 12
89% Apr 15
91«4 Apr
12%May 23
234May 15
3%May 15
8 May 21
34 May 21
8%May 21
4
9
140
14% Apr 12
17% Jan 5
11
20
Feb
70
75
2
7% preferred——
83
5%
1334
3%
4
8%
152%May
333g Jan
24
95
'23%
Mining..—..20
25% Aug
35% Apr
127% Sept
59% Apr
139
Co Ino...
6
Mldl'd. No par
ArmourACo(Del)pf7% gtdlOO
800
40
33
534
13%
33
*101
4%
*38
*
1434
*102% 104
*
200
14
*111% 11434 *111% 11434 *111% 11434 *111%
22
22%
20%
22
23
21%
21%
*102%
400
9834
*8%
8%
10%
24
9834
41%
3%
41
Archer Daniels
24
37% Apr 15
April
4%May 22
38 May 16
Apr
10*4 Deo
Apr 16
A P W Paper
83
1434
8%
10
Andes Copper
200
*30
15
3%
*36
400
2
33
*112% 115
*4%
5
2%
2%
5
2%
8%
10
414
28 |
7%
13
*1%
84
14%
*58
65
3%
4%
37
*11
7
8%
*934
110
64«4
7
$5 div pref
110
75
.107
12.50
—No par
*107
*50l2
4384'
334
37
AnchorHock Glass Corp.
*60
10
3
3%
3%
3%
834
400
6434
20%
*112% 115
5
1334
74%
*101
Cable..No par
rl334
*60
2034
107
7
7%
45
*112% 115
438
13%
20
*101
95 prior conv pref
—-26
Anaconda Copper Mining—50
Anaconda W A
5
|
A Smelt—..1
300
105
*30
100
Preferred
28
5
10
10
10%
21%
107
77",800
22%
4%
I
9
9
Amer Zlno Lead
105
10%
*10
6,200
10%
I
American Woolen——No par
40
*75
83
14%
1334
No par
16 1st preferred
400
83%
14%
33
82%
14%
I
—..25
Common class B
*23%
24%
6%
4%
4%
74
*53%
1378
21%
95
*75
434
*60
82
*30
—100
Sept
11% June
50
Jan
54
May 28
51%May 22
May 18
1234May 28
May 28
ll%May 21
145 May 28
69
May 22
70 May 21
137 May 28
2%May 21
5%May 21
84%May 28
6
May 21
26%May 21
Refining.. 100
Preferred
140
Mar
147
30%May 21
No par
American Stove Co
American Sugar
Apr
Apr
Apr
8% Sept
122
9%May 22
5,700
4,000
5
*50%
105
4%
4%
Day
36%
24
>
6%
c*4
24
22%
7
*4%
10,100
6%
30
25 i
9934
4%
*....
6%
89
J
36%
95
1,100
4%
*24
*98
4%
37
37
38
3%
6%
*29%
]
2%
*1%
139%
200
23
3%
1234 Mar
11% Feb 23
May 21
May 15
—No par
6% preferred
.——100
Am Type Founders Ino
10
Am Water Wks A Elec-N© par
73%
Oct
21% Sept
17% Jan
Amer Steel Foundries..No par
American Stores
Amer Telep A Tel eg Co.—100
American Tobacco....----25
72
Apr
112
70
May 25
19%May 21
Am Sumatra Tobacco..No par
11,300
1,900
2,700
6%
25
100
6% preferred
600
12%
148%
*75%
Ship Building Co-No par
Smelting A Refg.No par
..100
American Snuff.....
200
3%
13
*10%
|
1,600
Memorial
13%
108% 108%
2
14
22%
27
200
11%
75
Closed
13%
109%
2
2
25
21%
300
72%
43
*23%
10,600
23%
10%
pref
conv
Preferred
100
5
*33
21%
25
*6%
24%
,
|
19
25
13%
|
95
"24%
40
*30
39%
200
*135
684
30 »
434
4%
4H%
500
54
71%
84%
29%
29%
4%
*99% 100
4%
4%
36%
95
26
53g
16
2
4%
4
36%
♦
7
3034
6%
6%
6
143
7
Jan
163
734 May 31
14
3%|
6%'
*75%
6%
6
6
...100
122
Mar
6% Jan
9%May 15
American Seating Co..No par
*74
139%
3%
3%
6%
85
84%
90
*130
138
..25
American Safety Razor..18.50
*52
Exchange
26
1,100
Amer
12%
Mar 19
48%May 21
Amer
148
100
Preferred
American Rolling Mill
810
11%
121
28
8,300
22%
Apr 20
116
22% Dec
32
3634
*10%
Mar 20
2%
10% Jan
24%
122
Apr
25
1234May 28
2,200
9
7%
Aug
11
64
100
*139
74
72
60
Aug
3
4
63% Jan
36
Stock
73%
13,700
13
41
434May 21
140 May 20
90
11
3
Apr 24
2234 Jan
63
3434May 21
28%May 21
24%
12
149%
72%
148
72%
7434
3
25
11%
100
137
3%
634
22%
110
25
*95
72%
*14
2%
*24
71%
25
11
*2
73
zll%
150
6
Apr 26
Apr 27
No par
No par
$5 preferred
5%
.No par
16 preferred...
10%
6% Jan
57
Am Rad & Stand San'y-No par
2,100
2,600
18,000
3
1
Mar 29
No par
4,400
*138
Apr 22
2% Mar
25% Apr
41*4 Apr
1% Jan
14% Jan
3*4 Sept
20%May 31
2
May 15
American News Co
2%
9
12
"140
22
100
preferred
conv
44
37
5%
55
148
75%
1407g
21%
21%
30
13%
jG
*101
12
145
12
6%
2%
7
7
6%
6%
6%
6%
24% 25
24%
25
26%
25%
27%
35
36
32%
35
33%
34%
34%
36%
*122
123
122
122
124
124
124% 126
*52
*52
53%
53%
54%
54%
54%
53%
*139
143
*139
143
145
139
143% *139
21%
22%
20%
21%
2134
22%
20%
2134
10%
10%
10%
10%
*10%
11
*9%
10%
11
11
*11
12
*1034
11 J
*1034
11
14
14
15
15
*14
15
1284
i4
75
75
*75
77
*74%
78
*75
79
14834 150%
16%
115
43%
10%
May
3% May
Amer Mach & Metals..N» par
Co. No par
Amer Power A Light
150
10%
54
9%
*50%
100
Preferred
5%
*138
10%'
934
38
3% Jan
Amer Mach & Fdi
36%
Apr
134May
American Locomotive..No par
1,000
1,900
2%
4484
37%
2%
33%
5%
May 28
May
147s Jan
8,100
20%
Apr
12
May
1234
43
15%
Apr
8
60%May 3
6% Apr 23
24% Jan
10
41%
12
*80
Apr
45
43
Feb
434 May
10
May
41%May
10 May
38 May
50
pref
conv
Apr
2% Sept
Dec
30
5%
6%
61
1%
Amer Invest Co of Ill_.No par
2,200
3%
36
"loo
41%
227g
40
53g
*32%
115
227g
2%
40
3234
*3%
3%
35
46
12%
41
10%
2%
16
33g
*32%
Aug
6
35
8%
Dec
5
5% Sept
12%
18
400
No par
9
4
non cum pref
100
Amer Internat Corp...No par
21%
*19
American Ice
16% Aug
30% Aug
13% Apr
100
May
109% Apr
8
66% Apr
3% Apr
1,100
1,300
American Home Products... 1
1%
Apr
Sept
7% Jan
45%May
l%May
50%
1%
20
*18
6% conv preferred...
100
50%
178
17g
28
*23
50
50
4
5
Apr
83%
150
28% Jan
9%May 28
May 21
3
*26
*11%
H58
14734 148%
$6 preferred
1
May 15
l084May 21
2%May 21
American Hide & Leather... 1
2%
5
93g
No par
.
4,000
10%
2%
36%
31%
57
17 2d preferred A...No par
3%
7
*53
56
*52
97 preferred
1,100
3%
33g
30
3%
22
11
2,100
4
Jan
23
22
148
3
15
3
1434
5
No par
10
115
5%
N* par
Amer & For'n Power...No par
Amer Hawaiian 8S Co
11%
2
34
"2",600
1%
European Sees
1,300
41
10%
39%
*33
Amer
3% Aug
3134 Apr
125
16% Apr 18
91% Mar 25
3% Mar 8
6% Apr 16
23g Jan 8
75%May 27
l%May 22
3,500
45
1234
2%
3714
32
6%
10
—100
1
6% 1st preferred
American Encaustic Tiling
13
3%
10%
3934
23
2%
*3%
American Crystal Sugar
60
500
26%
*85
39%
23
2%
1.100
134
8% Jan
13
134
*40
116
9%
7834
*1%
934 Apr
4%May 18
8
May 21
2 684
32
14
*90
9
*75
3
3
3
Feb 23
13
5%May 18
12
3%
*31%
1034
23g
May 23
May 23
American Colortype Co
Am Comm'l Alcohol Corp..20
Apr
Highest
9 per share
116% Jan 29
176% Jan 16
33%May 10
5134 Jan 2
23% Jan 3
112% Apr 22
140%May 9
May 21
9
28
18
12%
42
800
1%
100
112
NJ25
10
12
18
3%
5%
3
100
No par
conv preferred
27
49
48%
2
45
*40
1034
38
10%
29%
5034j
35
*31
48
*40
25
3
*22
19
3%
3%
33
*30
3%!
*434
9%May
4534 Jan
34, May 21
13%May 28
2634
3%
28
9%
10%
28% i
"i',666
18
share
per
133
May 21
May 27
May 28
10
'
*934
6%
.
5%
American Chicle
Am Coal Co of Allegh Co
*534
93g
78%
134
6%
1%
15
93g
*76%
400
9
5
*9%
76%
87
164
Am Chain A Cable Ino.No par
6
4^4
*534
*434
25
American Car & Fdy..No par
Preferred
.100
*114
5% Jan 13
May 21
May 24
100
Preferred
800
9
5%
*7
American Can
4,300
17,200
15%
115
*
9
1
41%
40
*100% 105
112
9
28
70
30
Year 1939
Lowest
Highest
9 per share
1,300
6%
6%
30
39
15%
*
Par
128% 128%
2234
35
13%
119
Shares
Range for Previous
100-Share Lots
Lowest
16%
*100% 105
18
16
16%
*100% 10934
S per share
165
165
35
23%
397g
22%
*38
$ per share
Ranae Since Jan. 1
On Basis of
Week
128% 128%
90%
92
91
*161
9134
90%
164
6
3034
30
32
31%
*128
5%
6%
6%
32%
128
128
EXCHANGE
May 30
$ per share
*6%
6%
3034
3134
May 28
STOCKS
NEW YORK STOCK
Friday
May 31
Thursday
Tuesday
the
NOT PER CENT
Wednesday
May 29
Monday
*32
SHARE,
SALE PRICES—PER
HIGH
AND
Sales
for
LOW
Saturday
3467
6% Jan
8
Jan
8% Jan
Deo
6
Apr
29% Mar
24%
Apr
13% Jan
11%
Aug
15%
109%
Apr
17
Apr
98
Apr
3634 Apr 17
116% Mar 12
3634 Apr 16
112% Apr 22
105 May
7
32
Apt 11
127
Jan 24
9
2
36% Apr 9
22% Mar 13
9% Apr
67% Apr
66% Jan 18
39
Jan
3
8934May 10
125%May 10
34% Jan 6
22% Apr
11% Jan
23% Jan
Oct
27»4 Sept
104% Sept
7% Apr
52
Nov
16%
Apr
17%
Apr
48%
Apr
Sept
32
60% June
99%
15%
14
Apr
Apr
Apr
8%
22
Apr
Deo
16
Apr
13%
Deo
80
Mar
35
Apr
y Ex-rights.
»
Called for redemption^
New York Stock Record—Continued—Page 3
3468
LOW
AND
HIGH
SALE PRICES—PER
SHARE.
NOT PER
CENT
Tuesday
May 25
May 27
May 28
$ per share
$ per share
$ per share
15*4
163«
v
*22
102
53
*52*4
♦26
15
27*2
9*4
54
55
153s
1*8
9
8*4
30
30
30
29
29
38*4
38*4
40
40
39
39
2%
25s
♦1734
18*8
18*8
18*4
1778
2*2
185s
*28
18*4
195g
58
58*2
*5878
5984
*59*8
15*2'
14*2
15*4
15
15l2
*17
658
663
7*4
18
97
98
97
24
3*8
24*4
6*2
3*2
25*2
3*8
23*2
4
4*8
3*2
3*4
7*8
26*2
27*4
27
28*2
24
26
26
19*2
20
18*4
19
1984
14*4
13
I384
13*8
14
384
378
734
8
784
8
75g
2*2
2*2
2*2
7
6
278
634
2*4
7
6
6
*6*4
478
4«4
47g
4*2
434
*45g
17*2
25g
6*2
17*2
44
41
42*2
10*4
10
10
*4*2
18
*17*8
3
234
258
7
7
44
*10
10*4
15*2
*42
10*4
16
156s
1*8
5*8
1468
*
14*2
3
"278
*30*8
484
4*4
478
137g
25g
30
39
4*4
*39
39
82*2
77*2
77*2
27
26
27*2
2
2*4
*2
*2
2*8
2*8
42
42
43
46
107
108
*105
109
4434
2234
168
178
♦
*2*2
5*2
284
56s
*258
584
*3
4
*3
*93*4 102
31*4
*82
378
12*2
3*2
43g
634
*8
*8
*4
*4
84
9*2
9*4
4414
223g
33*4
1
78
7
7
*4
**2
5
*26
27*2
*41
.
234
30
*34
684
,48
48
100
29l2
1,700
2
*44
*103
4534
2234
Stock
109
Exchange
19
19
""800
2
Closed
♦26s
5*2
Day
17
*15
400
11,400
"
mmm
934
48
*616
38
*si«
*2
8*2
*8i2
10
*8*2
10*8
3*2
10*8
10*8
3*4
30
*8
95g
3*2
*24
*3*4
30
*24
598s
58*2
60*4
53*2
105s
1034
105g
91*4
1034
.90*2
"2*8
*45*2
2*4
26
24l2
*
90*2
90
*45*2
*218
"
2*4
26*2
X24
*4
10
10*4
33g
3*4
m,-
57>
90*2
"3"
25
♦
47
♦
2584
♦
*10838 109
80
*
267g
19*4
20
110
2084
110
26
Mm''
29*2
47
*
47
103g
*19
11
20
108*2 109
30
I0l7g 1017g
*547g
.
■
""760
3*4
1,100
60
1
*
21
"4:466
315s
31
8,700
1,200
6,000
20*2
400
3
2
2*4
2*4
*2*8
2*4
3*2
284
*2*8
3*2
17*2
17*2
1734
17*2
1784
163g
I684
175s
16*2
165s
1684
1684
1684
1684
434
458
47g
434
434
47g
434
478
67*2
69
70*2
7012
66*2
*57
70i2
67l2
60
60
71
73
73
l
*60
73
70*2
72
70
*57*2
70
66*2
*7184
75
*72
74
*378
*13*8
3034
157g
31*4
*88
36*2
*98
83s
4*2
100
3684
102
884
44*2
45
265s
27
•
*4
*14*2
■
31*4
*80
37*4
102
884
434
16*4
34
100
38*2
*70
72
*384
*1412
16*4
434
32
32
3212
*85
102
99
9
8
99*2
884
1
265s
27
99
3584
*90
99
85s
9*8
18l«
4378
26*8
4484
44*2
46*2
26*2
26*4
2678
78
Bid and asked prices; no sales on this day.
36*2
78
160
2
320
2*8
1634
37g
100
30*2
*85
35*2
46*2
378
234
2
16*4
3484
78
45*2
.71
*15
1,600
2
•
17
*334
30
200
30
v
15
31*4
*84
98
35*4
*92*2
85g
1
{In receivership,
2,000
1,700
13,000
1,000
434
15
36
99*
a
May 28
42i2May 15
20
May 21
May
200
100
6,200
~
(L266
300
Jan
68i2May 23
72
107
May 22
U2May 15
May 18
par
100
6% prior preferred
Chain Belt Co
100
No par
Cham Pap A Fib Co 6% pf. 100
Common
Wo par
Checker Cab Mfg
5
{Chesapeake Corp
Wo par
Chesapeake A Ohio Ry
26
Preferred series A
100
100
{Chicago A North West'n.100
Preferred
100
Chicago Pneumat Tool. No
S3
par
conv
preferred..-Wo par
Pr pf ($2.50) cum dlv Wo par
{Chic Rock Isl A Pacific.—100
7% preferred
100
No par
10
Chile
Copper Co
Chrysler Corp
25
6
City Ice A Fuel
...No par
6H% preferred...
100
City Investing Co
100
City Stores
6
Equipment
Clev Graph Bronze Co
(The).l
Clev A Pitts RR Co 7 % gtd.60
60
Climax Molybdenum._No par
Cluett Peabody A Co.-Wo par
Preferred
100
Coca-Cola Co (The)
Class A
No
No par
Colgate-Palmolive-Peet No
Collins A Alkman
5%
conv
par
par
No par,
preferred
100
Corp. No
Colorado A Southern
4% 1st preferred
4% 2d preferred
par
100
100
-.100
Columb Br'd Sys Inccl A.2.60
Class B
2.60
Columbia Gas A Elec.-Wo par
6% preferred series A...100
5% preferred
100
Columbian Carbon v t c No par
Columbia Plct v t c...No par
32.75 conv preferred. Wo par
Commercial Credit
10
4M% conv preferred
100
Comm'l Invest Trust..Wo par
$4.26 conv pf ser '35.Wo par
May 21
3*4May22
30i2May 28
May 22
78May
34May
6*2May
i8 Feb
15
28
21
9is
17'4
203s
12
Apr
Apr
41*2 Sept
Apr
8
May
1
Mar
July
Apr
x43
Sept
33
Sept
4
Sept
3812
Apr
Apr
I35g Apr
84
Apr
77g Aug
24
65
Mar
108
6
May 21
3034 Sept
5*4 Jan
103*2 Sept
11312 Aug
1214 Sept
1434 gept
23g
334 June
3i2
3*2
Apr
Apr
627s
Jan
13
Jan
June
Sept
47*2
18
Sept
22i2 Sept
98
Apr
Aug
106
May
3084 Apr 18
29*2 Mar 23
478 Apr 3
423g
97i2
2i2
2ig
12i8
Jan 8
Jan 16
Jan 3
Jan 24
Jan 4
5*8 Aug
17
65g Apr
x3^s Dec
27
Apr
85»4 Oct
l3g Sept
1*4 Aug
3g
35g Sept
20*4 Jan
39*2 Sept
60*4 Nov
Aug
*4 June
78 sept
*2 Aug
I7g
*2 Aug
6
Jan 30
6
11412 Jan 10
43i4Mar 8
7*2
10
Apr
Apr
45g Dec
25
Apr
535s
Apr
9
Apr
79
Jan
46*2 Sept
214 Apr
15i4 Sept
13*8 Jan
41
Sept
943g Oct
147g May
97i2 June
58
Mar
Apr
4Sg
34l2
Oct
68
Feb
69
Feb
10678 Sept
20*8 Apr
115
May 21
74
May 16
80
Mar 28
69
Sept
465gMay 16
48
Mar 26
42
Jan
1
4
Jan
lsg Sept
95g Mar
15
345g June
21*4 Apr
Oct
Feb
39
Oct
78
Mar
45*4 May
60*8 Jan
38
Dec
May 22
142
Feb 14
125
Sept
135
Mar
99*2May 21
56 May 24
131
Mar 30
105
Sept
133
63
Feb 27
58
Jan
10*8May21
16i2May 21
20
Feb 21
11*2 Apr
20*4 Apr
131
108
May 23
12*2May 21
134May 15
2
May 17
2 May 22
16
May 21
16
May 21
4*4May 22
67i2May 28
May 31
60
71
May 29
3i2May 21
1434May 24
28 May 21
35*2 Apr
8
112i2 Feb 10
24
May 10
484 Apr 4
634 Apr 4
5
Apr 4
263s Mar 12
26*4 Mar 12
7*2 Apr 8
9312 Apr 8
Jan 26
79
100
11*8
Apr
Apr
2«4 Aug
378 Sept
312 Aug
14
Apr
14
Apr
5*4
74i2
6212
Apr
48
Jan
3
I08*s Feb 21
56
Apr
113
8
Feb
Feb
96
Oct
Apr
Mar
103'4 Sept
165s Apr
li2 Apr
85g Aug
34May 22
47*4
2,700
$6 preferred series...No par
42
May 21
7314 Jan
2678
24,900
Commonwealth Edison Co..25
26
May 21
33
Ex-div.
y
Ex-rights,
Apr
253g Dec
25*4 Dec
Mar
Apr
6*8 Dec
42
8*2 Sept
934 sept
8*g Sept
9
I5i2 Dec
38'4 Apr
98i2 Oct
May 21
Oct
111*2 Dec
2478 sept
91
73
May 15
37*2
Deo
83
23i2 Jan 29
33
18
Jan
98'4 Apr 4
8*2 Mar 15
99
Jan
62i2 Dec
Jan
97*4May 21
8 May 21
x
Oct
78 Sept
par
Cash sale,
Sept
43g Sept
44
4*g Apr 26
40*4 Apr 18
4H2 Apr
45i2 Apr
4
14
l5g Sept
l3g Sept
Jan
Mar
95i2June
Apr
j'
11*2 Mar 28
16*8 Apr 15
65s Mar 25
33i2 Apr 3
9l5g Apr 8
1414 Jan 26
65
47U Sept
305g Aug
Mar
Feb
Jan
2U2 Oct
29i2 Sept
*4
3g Jan
98
30
*2 June
Jan
«4 Apr
z60
Dec
Apr
>4 Jan
5g
Jan
105
9*2
par
r
Sept
22
Commonw'lth & Sou..Wo
New stock,
Oct
96
32
Commercial Solvents..No
n
6Tg
Mar
85i4 June
14,600
Def. delivery.
Jan
Oct
Apr
Apr
26
25i8May 22
25*2May 21
Dec
Aug
18*s
60
May 18
Mar
Mar
sept
88s Feb 15
38«* Feb 15
i8May 20
8
May 16
May 21
94i2
12214
64i2
30*4
10M78
19*8
7212
21*2May
•uMay
2
85i2 July
58
41
45
Jan
1378 Apr
23g July
63*2 Aug
77
~
Apr 16
41i2 Jan 10
6*4
Sept
12i2 Feb 15
26*4 Apr 22
33s Jan 3
114*4 Mar 9
578 Apr 6
1184May 10
June
8
Dec
10i8May 21
89i2May 31
Jan
Jan
47
Dec
Apr
May 21
3*4 Sept
105g Sept
3612 Dec
3ig Sept
*g
9
Jan
Sept
5g
10
2i2May 21
24*2May 14
53i2May 28
1778
July
h Jan
i4May 21
778May 21
6*4 Sept
53
1*8 Jan
1484 Jan
3578 Jan
May 22
20
Sept
9*8 Jan
23«4 Mar
I63g Nov
847g Nov
28
28
13
21
15
23*4May 21
i8 Feb
i8May
i4May
8i8.Aay
100
Chickasha Cotton Oil
Chllds Co
....Wo par
Colo Fuel A Iron
11
85
{Chic A East 111 Ry 6% pf.100
{Chic Great West 4% pf__100
Chicago Mall Order Co
6
{Chic Mil St P A Pac.-Wo par
15 preferred
15i8May 21
15 May 28
100*4May 20
17i2May 22
203g Deo
I884 Jan
784 Sept
30
110
5612 Jan
35*2 Apr 29
119
18
_
9
U884 Jan
105i2May 22
5
May 21
Jan
34i4 Mar
Apr
35
?0
Apr
3284May
3*s Jan
75
30
Ap,
Apr
Aug
12,200
9
7g
46*2
265s
105
45
Jan
29*2 Sept
4i2 May
Apr
6
90
17
17
May 24
39i4May 23
6
8
55*2 Jan
6*4 Nov
Mar
5g Feb
47g Aug
65g Mar
40i2 Jan
100
700
*2*8
23
22
28
21
May 21
20
11
*1*2
*23s
28
3
100
3*2
28gMay 22
29*2May
3i2May
388sMay
77i2May
22i8May
9312 Jan 31
22izMay 24
3*2May 22
Century Ribbon Mllls.Wo
Cerro de Pasco Copper.Wo par
Certaln-teed Products
1
Special gtd 4% stock
I377g
2*4
5
May 21
CCC A St Louis Ry 5% pf.100
Clev El Ilium $4.50 pf.Wo par
2*4
Mar
4
No par
♦2*8
17*8
1184May 21
36
7
Sept
2514 Nov
13*8 Jan
I06i2 Aug
2*2 June
25*2
11*4
18*4
48*2
19i2 Apr 18
23i2 Apr 3
40
Apr 17
Central Violeta Sugar Co
Clark
2
4*2
67*2
100
1,700
60
*2
par
26i2
2
3*4
100
500
*10812 109
1512 15*2
10812 10812
15*4
1534
*184
2i2
2l2
*2*4
par
Wo
450
16
May 21
4i8 Jan
13 s4 jan
2i2May 18
47
1034
20i2
par
214
15*8
15
Caterpillar Tractor
No
Celanese Corp of Amer. Wo
89l2
*l02ls 104
IU4
100
800
1434
14
Preferred
30,400
1,700
*56
100
7% prior preferred
Celotex Corp
May 21
2
Co
1034
"l20
*135
6
603g
75
30
•
,
60
1078
*l93g
10*4
25
30
"3058
31*4
3034
137
1
2
458May 21
Carriers A General Corp
6% preferred....
Chicago Yellow Cab
9
108
*
"30"
%
108
30
...1
10
Jan
11
26
No par
Carpenter Steel Co
100
*28
I083g
*
137
""700
63
v
75
"27"
29
"27"
2784
2878
31
28
29*2
29
29*2
135
*133
13778 *132
137
*103
100*2 101
104*2 100*4 101*8
*55
60
57*2 *553s
56
56
*109*2 110
26
*_.
2834
11*4
90*2
"2*4
80
~27U
11*8
1058
63
108 ~
28
*132
11
3*4
24iz
58l2
1034
89i2
*45l2
2*4
5984
*
*70
*984
3*4
57*4
I05g
90*2
*45l2
2*4
♦1083s 112
*10838 112
30
28*4
30
28*4
80
10
30
63
*70
m» ml
*4
*516
*8
1
Carolina Clinch A Ohio Ry 100
«•
3,400
48
U
9
*24
63
46s
•»
7l«
*4
30
10*8
267fe Feb
52i2Marl3
17S Feb 21
8is Feb 21
Canadian Pacific Ry
100
*2
10
31
*41
%
17
<m
1
*8
*2
"
*26
*»1#
14
"""500
20,800
v. 'v.'
9i2
h
19*4
10
*18
*
*6U
11
100
'
9
15i2 Jan
May 21
Capital Admin class A
$3 preferred A
100
*2
47
19
300
*38
63
2,600
1,460
18*4
*4
*i8
*«!•
Apr
May 21
Preferred
»i«
:
June
1
6*2 Mar
14
5l2
37g
600
r"
11
_
6U Apr 22
51
l'ooo
684
^
12i2 Jan
13i2 Apr 22
{Central RRof New Jersey 100
634
*4
*4
84
15*2 Aug
2U2 Apr
IU2 Apr
.
81*2 Jan
Central 111 Lt 4H% pref.. 100
*100*2 103
*19
20*2
13
*11*2
3i2
312
33
325s
87
*83*4
i3X6
215s Jan 10
May 22
40
100
Apr
9
2,100
"MOO
3
39
110*2
278
*3
May
6*4 Jan
4434 Jan
6*4 Feb 17
3314 Apr 29
Apr
6% preferred
*93*4 102
27
275g
37g
37g
Jan
Apr
Apr
9484 Apr
4
Apr
2912 Apr
9&s
7
Mar
Dec
30*8 Aug
31*8
10ia Feb
111
33
Jan
41
Apr
Central Agulrre Assoc. Wo par
Central Foundry Co
1
2
*100
Memorial
Nov
Jan
I35g Apr
37i2 Apr 30
29i2 Apr
60
Cannon Mills
55
8
*8
*2
*_.__
270
2,700
55g
*84
*8
*38
90*2
*45*2
2*8
24*2
2378
110
900
*8
57*8
*10*2
5,100
10,200
1
*2
;
46
6
8
4
Wo par
No par
California Packing
Case (J I)
107i4May
63i8 Apr
25i2 Jan
Nov
I87g
Butte
90
1
*8
*3*4
105
500
*3g
*24
1,400
1
*4
*2
*8*2
*984
455s
1
**4
'
800
*40
31
*41
2
5i2
1
*»16
*25
30
79""
29
4
30
500
*70
1812
84
*41
7",800
4*2
3»4 Apr 11
193s Apr 8
24ig Apr 6
23*4 Apr
30
5% preferred
30
*334
33
*23*4
2,900
Sept
7»4 Aug
l7i2May 28
2i4May 24
6*8May 22
6% conv preferred
"
Jan 19
175sMay21
12*4May22
75$May22
2
May 21
5*2May 21
4i2May21
Mar 15
Apr
578
6,200
87
**2
20
7
8
75s Jan
146g
3612
278
18
9*2
10
14l2
4
37«
14
34
Butler Bros
Campbell W A C Fdy__Wo par
Canada Dry Ginger Ale
6
Canada Sou Ry Co
100
325g
...
dep7%pf,100
Callahan Zinc Lead
17
May 28
3*4May 22
Calumet & Hecla Cons Cop..6
19*8
17*2
9*4
**2
2,300
1,400
1
Bush Term Bldg
2,600
*»„
8*2
1
8,400
*83*4
*7g
*Jlg
No par
Burlington Mills Corp
3,800
55g
*14
*8
Bullard Co
Bulova Watch...
1*8
*93*4 102
26
26*2
*4
84
*25*4
48
■,
*4
27g
7*2
1484May 21
6*4May 23
97
May 23
Wo par
Wo par
Budd Wheel
200
May 21
May 21
Burroughs Add Mach__Wo par
18
3
3
Bush Terminal
1,000
Jan 15
21
534
55
*8
10*4
2978
95s
434
Jan
48
par
1,600
160
49
—100
12l2
23*4
*65g
**8
*8
Wo
3,800
8
1*8
512
110
**18
'8
«16
Mfg
7% preferred
12
46
187g
134
1
Budd (E G)
Byron Jackson Co
105
*40
32*4
5,800
100
53
5*2
87
*78
34
684
35g
6
7% preferred
*45
*100*2 103
*18*2 20
1178
117g
37g
*3*2
37g
*82*4
1*8
370
300
44*2
22*2
185g
Bucyrus-Erle Co
4,800
*39
110
55
7*4
13
2
55s
27
"MOO
No par
Bruns-Balke-Collender.Wo par
Brown Shoe Co
2712
20*2
1334
77g
23g
3
453g
110
13i4May 21
2,400
4,900
2,300
2,200
*32
5
13*2 Jan 30
preferred series A.No par
Ctfs of deposit
No par
Copper A Zinc
—6
Byera Co (A M)
No par
Participating preferred ..100
79
*103
1*2 Jan
12i4 Jan 30
Brooklyn Union Gas...-Wo par
27g
7*2
Z* V;
';; •'
287g
105
38
1,700
290
*17*2
4*4
44
15
*3*2
30*2
87
*41
**8
15
378
1*8
634
*6u
18
*83
1
16i«
*31«
50
May 22
May 23
2"200
"
110
2
*93*4 102
24
25*4
4
37g
I684
1784
19*4
*3*2
31«4
3U2
*
"»•
*3lg
39
May 21
60
434
100*2 100*2 *100*2 103
*20
*18
20
2178
12
13
*12*2
12
87
78
185g
26
18&s
21
3*2
13«4 Dec
15ig Dec
5078 Dec
$6
45
2
2
134
15s
110*2 *100
110*2 *100
110*2
3
284
*25g
*25g
234
6
6*4
6
5*2
5*2
*3
37g
3*4
3*4
3*2
*15
10178
12*2
19
24
18
*18
*40
*93*4 102
24
43s
18*4
*100
Jan
73g Apr
27
Apr
$6 pref ctfs of dep..-No par
Bklyn-Manh Transit..Wo par
*42*2
*10*4
1534
27*2
45
53s
58
"16"
178
108
109
578
•
18*2
43*8
203g
112*2
55s
58
105
24
23*4
110
53s
42*2
46
45*8
108
6*8
4
2
11
18*4
203g
18
778
31
*70
*26
17
Aug
100
23g
*6*4
*39
*79*2
*15
53
1214
14*2
3612
27«
*29*4
*334
27g
29*2
*384
79
23*2
41«4 Apr
1*8 Apr
26 34
16
*32
3712
27
108
5
63*8
1*4
534
llSg
1334
42
~18*2
53«4 Apr
8
Brooklyn A Queens Tr_ No par
33
20*4
1334
13
1*8
5*2
5*2
115g
79
*--
Aug
4
7*4
153g
27
21«4
41
27
27g
42i2
*45
1*8
"
3178
*384
*384
15*2
*
3
31
31
108
Apr
3*4
18
278
7*4
42*2
*10*4
53
11*8
125g
.
12*4
15*4
3712
*
37
"284
67S
12
3
1
1*8
5*2
1134
44
31
4
2*2
67g
484
18
7*4
*45
63
1*8
53s
11*2
1334
*39
1578
3l7g
1
*24
8
784
2*2
23g
15*4
16*8
*47
51
1*8
3
7*4
7*8
*41*2
*47
18
*17*4
784
*
478 Sept
3434 Oct
7«4 Feb
39^8 Feb
7*8
20*8
14*4
20*4
13*2
2034
1334
4
334
Jan
Apr
27
200
5
15*4
98
33g
24i4
378
27*4
23*2
32
16*4 Apr
18
97
33g
2384
3*4
2384
7
99*4
Aug
Apr
6312 Dec
1384 Apr 29
2334 Apr 8
108
*27
17*2
17*2
7
99
100
3*8
17
17
16*2
16*2
6*2
*99
Dec
22
4SgMay 23
15
*100
33
24
Jan
13*4May 22
500
*27*4
Jan
Brewing Corp of America
3
Bridgeport Brass Co
No par
--
Bower Roller Bearing Co
1,600
2,800
23,600
59
31
Jan
12i2
16*2
I884
1*2
19i2
5is
Brlggs Manufacturlng.Wo par
Brlggs A Stratton
No par
Brlstol-Myerg Co
6
3
15*4
*27
51
7,100
40
59
32
Jan
2,500
8,700
3
1484
*27*2
Dec
5
*39
59
30
37i4May
12 U2
15i2
400
3*8
*100
*27
May 18
May 22
Jan
100*2 Sept
29U Apr 25
24*4 Mar 27
257, Jan 3
234 Jan 4
26
28i2
93g
109
1434
1
Sept
1,100
39*2
18*8
I95g
1778May 28
3434
16
28
31
108
17&sMay 23
1278May21
share
per
16*4 Aug
Borg-Warner Corp....
6
Boston A Maine RR—...100
*28
*100
51*4May 22
16
May 23
283g Apr 15
295gMay 1
123i2 Jan 3
70*4 Mar 20
8,600
30
18*8
19*4
18«4
99
No par
1
Class B
Bond Stores Inc
100
1484May28
1984May 22
No par
Highest
$ per share $
Borden Co (The)
9
*100
*58*2
1.50
6
$ per share
Lowest
4,400
3*8
108
6
Bon Ami class A
Year 1939
Highest
$ per share
Range for Previous
18*2
16*8
1*4
15*4
109
*100
Boeing Airplane Co
Bo tin Aluminum A Brass
60
39*2
18
17*8
5
Par
600
21
15l2
Lowest
45,600
57
*19*4
18*8
1534
♦1*8
2734
*47g
95g
15
234
1734
18*8
183s
16*8
1*8
2734
9*8
1434
2»8
'
x5
5
47g
13*2
16*4
22i2
102
57
187g
1*8
2784
277g
15
2&8
15*4
21
183g
1434
145s
*29
Shares
22
*19*4
1*8
26*2
934
$ per share
102
18&S
14*2
14
$ per share
Range Since Jan. 1
On Basis of 100-Share Lois
Week
16*8
1940
EXCHANGE
May 30
23
18*2
NEW YORK STOCK
the
Friday
May 31
105
*100
14*8
277g
5*8
5
9
8*2
16*4
158
*1
2778
47g
478
55
55
177g
*18*2
1*4
1*4
15*4
*2184
1534
55
19*4
May 29
$ per share
102
22
18*2
Thursday
|
22
21*8
102
53
15
1434
102
*19*2
19«4
18*2
1934
18
1484
23
102
215s
21
*100
17*4
163g
Wednesday
STOCKS
/am
Monday
Sales
for
Saturday
June 1,
1*8 Dec
4534 Jan
z255g Apr
158g Jan
30*2 Mar
67
Jan
1093$ Aug
60
Jan
110*2 June
16
2ig
Sept
Feb
72*2 Aug
32*8 Dec
T Called for redemption.
Volume
New York Stock
ISO
Record—Continued—Page
3469
4
SALE PRICES—PER
HIGH
AND
SHARE,
Sales
Thursday
Friday
Range Since Jan. 1
NEW YORK STOCK
On Basis of 100-Share Lots
the
CENT
NOT PER
Wednesday
STOCKS
for
LOW
EXCHANGE
Saturday
Monday
Tuesday
May 25
May 27
May 28
May 29
May 30
May 31
Week
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
$ per share
*3
3*2
14%
*3
15
10%
10*2
10
*65s
22%
22%
9%
9%
95s
*14*4
10*4
20
2134
*85s
10
2378
9%
*6%
*3
14*2
978
10
3
15
21%
3
14*8
934
*658
384
14%
10%
10%
78
75
75
*65
80
80
*75
80
*75
2412
*100
25l2
25%
100
100%
6%
5*8
2534
24*8
9934
*12
6%
7g
6%
*58
5%
238
23s
6
618
534
15s
13s
13s
*1%
*234
lSg
3
25s
13
*11
13
*10
9634
11%
*94
100
*93
7%
78
75I2
55g
283g
3ig
3%
1914
20%
17%
19
19i4
17%
50
*48
42%
45
43%
45%
170
484
1334
4
*160
400
6%
22,400
11
170
4*2
23%
40
*4*8
2H4
*30*2
13i4
82
*79
26
27l2
2734
29
25
68
*68
*2
12*4
73
3
*29l4
3
45s
434
69
10i8
3,600
Container Corp of America. 20
1,500
"l«
2,500
Continental Bak Co cl A No par
Class B__
No par
77*2
35*2
36
106*2 106*2
400
3,500
534
1,200
Continental Diamond Fibre. 6
30*2
2,900
Continental Insurance
3*2
28,300
Continental Motors
10,700
1,500
6,300
Continental Oil of Del
*»!•
1
*7334
2*4
*33
858
878
23%
37«
23l2
*81
*32
4*4
10
13
16
234
1234
27%
*35%
*5%
27%
37%
578
*35*4
6
13%
13*2
1334
9934
*56
**4
*1#
234
284
*2
**4
98*2
9912
13
13*4
13
13
27
28*2
27*2
35*8
5*8
13*8
28
35*4
5l2
1334
101
101
*56
70
*56
70
37*4
16
10*8
10
*14
6
13
*i4
2178
*1334
934
25s
3
278
12
9984
1334
234
13
9
10*2
21*4
Cuba RR 6% preferred...100
Cuban-American
10
Sugar
100
Preferred
Memorial
110
3,500
10
110
5,200
16*8
21*4
21*4
Curt tss-Wright—.......
978
234
300
"2,000
13*2
29*2
240
1.1Q0
37 |
5*4
135s
5*4
13*2
*60
82
11*8
*10%
3134
10
Dlesel-Wemmer-Gllbert
100
Devoe <fc
Raynolds A. .No par
No par
Match
Diamond
25
6% partlc preferred
Diamond T Motor Car Co...2
Distil Corp-Seagr's Ltd. No par
5% pref with warrants.. 100
Co
No par
I
Dixie-Vortex
*97g
11
*97S
1H8
3134
3134
31
31
31
31*4
15%
16*8
155s
1558
15
17
17*4
1634
115s
12
12*4
11*2
11»4
12
12
77%
13834 139l2
17i2
18
77
7838
12*2
77*2
1,500
3,600
Doehler Die Casting Co No par
113s
76
77
8,900
140
140
1,400
3,600
Douglas Aircraft......No par
Dow Chemical Co
No par
*31
7512
*9%
1385s 140
18*4
I884
578
6*8
6
*514
15*2
11*2
735g
76*2
137
13912
16*8
17*4
*912
10
5*2
*9*2
*114*4
10
*114
115
115
115
150
153
153
15734
30
30*2
3138
*3l2
384
334
4
129
130
160
160
160
24
**4
263s
11%
*12
13
♦115s
*1»
5ie
27
27
112*2
1234
**2
312
2134
**2
33s
20
17*2
3*2
21*4
17*2
*25*2
84
*158
160
24
25*2
10*2
11*8
%•
su
39
*102*2 10978
6
6*4
11978 12038
127
128
*158
15,700
500
5,500
160
28
3,600
11*2
11*2
*16
...No par
100
Co.—20
$4.60 preferred..—No par
8%
Duquesne Light 6% 1st
Eastern Airlines Ino
Eastman
6% cum preferred
100
Manufacturing Co.—4
Eaton
400
7,800
Eltingon 8chlld
No par
Electric Auto-Lite (The)
5
28
12*4
*2
33«
2034
12
12*2
1238
19
22
24
16*2
®U
18*2
19%
21*2
2012
26
*25*8
283g
1234
5g
3*2
235s
2H4
26*4
»16
34
1,800
Elk Horn Coal
28*2
*35*8
39
*10214 1097g
63g
6%
1,700
El Paso Natural Gas
•i6
2534
27
27
*35
39
102
102
578.
*3478
102
387g
102
6*4
6*8
33s
23
34
2878
34
1
**2
®i«
384
3%
2534
2634
65s
*27*4
19,500
400
7,800
5,200
2,600
600
""160
5,800
*63
67
63
63
Elec A Mus Ind Am
*6778
73
67
67
*65
73
66
66
85
*73
85
*73
85
*73
Elec Storage
*1
*34
$5 conv
*._■_.
*%
*4
80
534
30
2934
1
1*2
1
*2*2
278
5*2
5*4
*»U
1*4
*34
►
80
278
28
78
158
1
3
578
3034
4
32
32
19
19%
19*4
12
12
12*4
*2*2
5*8
28
*25g
534
30
5%
2,300
31*2
9,800
Ex-Cell-O Corp
84
315s
187s
12%
*4*2
37g
34
**2
5
5
*4*4
19
19*2
13
90
*15*2
2%
88
88
88
88
87
17
17
*17
18
*16
18
234
2%
16
*2
*1584
84
*82
**2
16
2*8
284
*2
1634
15
2%
*2
*2
16
2%
*'2
16
*79
**2
16
16
82
83*2
90
50
18
200
2%
•u
16
82
2,200
700
1,200
400
84
82
82
10
10
1034
10%
10*8
1034
105s
10%
10*2
10*2
1,000
27%
28
277s
287s
28
29
29*4
2978
30
30
1,600
*10
23
83
►
*
23
*10
Bid and asked prices; no
23
1
0
*2%
16
2,000
1,000
13
*16
25g
80
3,500
19%
*18%
*12%
87
17
......
32%
32
33
800
3
■
*
800
1
3
32
*12*2
1,100
1*2
80
%
*12
**2
200
1%
*34
3
3*2
3U4
18*8
1112
12*2
534
3034
*1*8
*1%
1
3
34
4
57g
1*4
80
5*2
2978
*10
sales on this day.
preferred..—No par
No par
No par
$5% preferred
$6 preferred
3034
1*8
*2
*L»
80
33*4
1934
*#i«
%
434
31%
*
%
*34
1*8
1*2
100
1
Equitable Office Bldg—No par
tErle Railroad
.......100
4% 1st pref erred.......100
4% 2d preferred
100
Erie A Pitts RR Co
50
Eureka Vacuum Cleaner
5
Evans Products Co
5
%
1*8
1*4
*2
*34
*1
1*2
1
*1*4
*7lt
38
38
*2
1*4
Corp.—No par
3
Corp....60
5% preferred
Engineers Public Service
85
*3g
No par
No par
Battery..No par
$7 preferred
$6 preferred
300
*75
68
shares...
Electric Power A Light .No par
200
72
*57
3
Electric Boat
Endlcott-Johnson
85
64
2
*16
28*2
2534
*84
64
—1
Mills
5
Kodak (N J)-No par
Eastern Rolling
28
11*2
*2
3*4
384
22*2
19%
pf.100
Edison Bros Stores Ino
*677s
67
preferred
Du P do Nem (E I) A
600
*75
*60
Mfg Co——-No par
Dunhili International
30
26&S
%e
%•
si«
287g
3*2
28*4
3*2
27
11*4
Dresser
Duplan Silk
10,600
1,000
110
114
114
No par
Dome Mines Ltd..
273s
26
29*2
13*8
26*4
34
2934
*3478
39
102
102*2
6*4
65g
84
154*2 158
160
26*8
*1084
2,000
No par
Class A
90
10
*114*2
120
*158
2734
28
29
*3478
120
*9*2
10*2
—
155
153
26*4
84
26
29
19
6
*114*2
11834
18*4
6*2
10*2
17*2
6
*9*2
10
125s
26*2
2534
18*2
6
*112
115
11212 113
28*2
295g
28*4
29*4
3*2
3*2
3%
3l2
125
126
128
12784
31*2
128*4 129
160
17*2
534
117
112*2 11212
*111*4 113
139
139
146*2 15078
118*2 11834
♦1165s 118*2
76
23
X In receivership,
a
Def. delivery.
May 21
May 21
134May 24
334May 21
60
May 21
978May 23
20
May 27
2
May 17
31*4 May 24
7%May 15
21*4May 21
80
May 22
53
16% Jan 10
1% Apr 4
97*t Jan 10
9
116i2 Jan 26
9*4 Apr 9
Jan 12
Jan
Apr
70
3
Corp. No par
pref
100
Co.No par
Fajardo Bug Co of Pr Rico—20
Exchange Buffet
Fairbanks Co 8%
Fairbanks Morse A
Traction...16
$6 preferred..
*
Federal Mln A Smelt Co
2
Federal Light'A.
Truck—No par
Federal Water Serv A-No par
Federated Dept Stores-No par
4ii% preferred......— 100
Ferro Enamel Lorp.—...—.1
Fidel Phen Fire Ins N Y_$2.50
Filene's (Wm) Sons Co.No par
Federal Motor
n
New stock,
r
Cash sale.
1434 Jan 12
5
May 21
12*2May 13
114
May 15
l46*2May 28
114
May 22
112l2May 22
26*2 Jan 22
3
May 15
125 May 21
159
May 23
22
May 22
10*2May 28
i8 Mar 28
25
May 21
10%May 21
l2May 22
3
May 15
l8*2May 21
15%May 21
24*4May 24
%May 22
26 May 21
35 May-22
102 May 22
53sMay 21
63
May 31
66
May 31
84
Mar
4
3gMay 15
%May 15
ligMay 14
5gMay 15
278May 25
5
May 21
20*2 Jan 15
•leMay 20
3%May 28
30*4May 21
17%May 21
11
May 23
87
May 29
17
May 27
2*4May 15
LeMay 22
May 28
15
82
May 28
10 May 21
27*2May 21
l4*8May 20
£ Ex-dlv.
y
2*8 Jan
12*8 Mar
7% Mar
97s Sept
5% Sept
9
Sept
34
Sept
101% Dec
17% Dec
22% Mar
11*2
Apr
1
Dec
2
Jan
£87*2 Sept
32*2 Apr
£106
Sept
100
Mar
61% Sept
116
May
5
Apr
10%
Apr
Apr
407b
Jan
Deo
5*2 Nov
31*2 Jan
32% Sept
Aug
Apr
49
Jan
54%
61*2 Sept
67*2 Sept
Aug
Apr
177
May
150
Sept
7*2 Apr
1*2 Apr
24*4 Jan
3
Sept
5
16
% Sept
Sept
38
179
105
93
Jan
Apr
26% Jan
6% Aug
3234 Feb
7% Jan
Deo
2*8 July
Jan
110
Jan
32*2 Aug
13
Apr
Feb 26
33
Apr
Sept
41% Jan
40% Feb
28
Apr
9
Apr
37*2 Mar
17% Deo
75
Apr
94
Apr
52% Sept
62
20%
387g Apr
45
Apr 25
4*4 Jan
6
24*2
13
Apr
91i2 Feb 24
48
Aug
Apr 22
9
Aug
293g Feb 24
4i2 Jan 4
61 May 4
26
Deo
11% Mar 8
32% Mar 14
4% Aug
19% Apr
73% Apr
17
92
Mar 29
60
May 10
6*2 Mar
7
Apr 27
17
3*2 Sept
38
Apr
45
91
Jan
4%
7
Apr
28*gMay
23
Apr
19% Apr
23% Jan
11%
Apr
10
43*4 Feb 3
10% Feb 21
Jan
8584 Apr
14% Apr
Ha
125*2
Jan
Oct
36% Sept
5% Aug
13% Sept
3238
34%
447b
10*2
20*2
Jan
July
July
Nov
Mar
66
36 3g Apr
90
July
103
18
Apr
Sept
28
Apr
Sept
13*2 Nov
35% Jan
22% Jan
9«4 May
Feb 29
38
Oct
87b Sept
3% Sept
% Deo
125*8 Jan
2314 Jan 10
20
18*2 Deo
28
12% Aug
578 Jan
% Jan
June
17*2 Mar
10% Sept
11284 Deo
25*2 Oot
27*2 July
Apr
Sept
15'4
Nov
65% June
25
Sept
13% Apr
3*2 Aug
14% Sept
103
Jan
8*2 Sept
Sept
93
Sept
19*2 Sept
28% Deo
7% Sept
63*2 Sept
13% Nov
32*2 Nov
2% Aug
3
Deo
96
June
878May 10
83g Apr 4
113*4 Apr 12
237g Apr
May 28
Mar
108*2 Aug
May
61*2 Jan
65% Jan
3%May 22
137
35
Jan
26*4May
22*4 Apr 30
H78May 22
8*4May 21
2%May 21
l4 Apr 3
98*2May 22
12*2May 21
2578May 22
32
May 21
434May 15
12i2May 21
66 *4 May 24
9*4May 15
30*2May 22
14
May 21
lUgMay 22
7l34May 21
Sept
29%
1%
1978
16*8
4078 Mar
4% Feb
145gMay 15
3
May 21
1334May 22
21%May 29
lllg
31i2
*103s
May 21
...20
Preferred
11*8'
3I84
17
*978
75
l07*2May 23
133gMay 22
400
1,800
3,000
37*2 Jan 2
12
May 22
Dayton Pow & Lt 4 J* % pf. 100
Co
No par
Deere A
JDenv A R G West 6% pf. 100
Detroit Edison
100
99*2
*35*2
5
Conv 6% preferred
26
Davison Chemical Co (The).l
Delaware Lack A Western..50
99*4
29
pref.. 100
No par
Inc...No par
6,200
278
•
preferred
Cutler-Hammer
Delaware & Hudson
*2
*13
1
5,700
**4
*2
1
Class A
900
15*4'
10*4!
*13*2
No par
Preferred
Davega Stores Corp
4*2
*43s
Day
1,600
"166
15
157g
5
Curtis Pub Co (The)...No par
$8
4*2
*3*8
*14
30
Inc
Cushman's Sons 7%
17
£16*2
19*2 Apr 24
33
Aug
11
Dec
1J4 Apr
8*4 Aug
88
Sept
9% June
7
25
Feb
91
6*2 Aug
1
July
2
Feb
Jan
85
7®4 Sept
3»4 Dec
4
4
9
3
18i2Mar
8
32% Nov
9% Oct
%
2*4 Jan
4% Apr 29
49*4 Apr
8% Feb
Jan
97b Dec
30%
101%
95
70
Closed
9
Apr 9
Apr 6
978 Feb 21
3278 Apr 5
110*8 Mar 25
1*8 Jan 5
64
9,000
90
3
99% 100
13
13*8
*27*2 29
35*2
35*2
5*4
5*2
£13*4
13*2
*56
75*8
70
Exchange
*75
84,000
Jan
8
95
104
Apr
Sept
4»4 Apr
15*2 Aug
5% Apr
73
Apr
79*8 Apr
7% Nov
27
Apr
92
1012 Apr
412 Apr
8*8 Apr
Apr
5
25
900
*50
Stock
17*2
4*2
1434
*3*4
1434
1,400
32
8%
25
317g
8*4
24*8
24%
*16*4
2*4
*2
85s
484
4*8
45g
434
4*2
434
*108
113
*107
113
*10734 111*8 *107*2 113
15
15
14 58
1538
143s
1484
1534
1478
*1312
4,700
37
5
19
100
5
Preferred
600
20
7*8 May 21
84May 16
73 May 21
33
May 21
106*2May 31
45sMay 21
2778May 25
2
May 15
l634May 21
18*2May 21
15*2 Mar 16
47
May 21
41
May 28
44i2May 21
165 May 25
4
May 21
7g Jan 10
l3*4May 28
80 May 22
25*8May 28
3%May 22
l8*2May 21
Apr
Highest
share $ per share
per
$5 conv pref erred.. .No par
Crucible Steel of America.. 100
Crown Zellerbach Corp
Cuneo Press
20
70
13i4
103s
11,100
May 29
4%May21
23
May 21
97*4May 21
%May 17
5*4 May 22
2*4 May 23
5%May 22
l%May 15
2*8May 21
834May 22
93 *4 May 22
97gMay 21
per
43*4 Apr 4
21i8May 4
95*4 May 9
43%May 10
No par
Cudahy Packing Co..
90
13U
934
210
pref w w..No par
80
*50
22*2
No par
conv
600
*75
*2134
Crown Cork A Seal
200
70
2234
No par
20
90
*2134
Crosley Corp (The)
11*2
*50
22
100
Cream of Wheat Corp (The).2
68*2
*75
22
26
*10*4
70
16*2
4*2
Co
*67
33*2
23*4
1
1
900
10,800
3
4*2
*178
4*2
90
1434
Crane
11*2
1934
2*4
8*4
23
Coty Inc
Coty Internet Corp....
2,500
71
71
25
.....100
69
*2
32
Preferred
Pref ex-warrants
4*4
69
778
22
5
conv. pref. 6% series
60
Com Exch Bank Trust Co. 20
$2.25
3
6
Cora Products Refining
37
73
$2.50
.....1
Copperweld Steel Co
43
*178
par
Continental Steel Corp. No par
*28
s
28*2
4*8
No
preferred
4*4
23%
273s
2*4
16
**16o
28%
*69
20
6% conv preferred
25
13%
68
$4.50
87
25
300
80
*18*2
*3*8
*14
6,200
13*4
20
17*2
13*2
4*4
80
20
4*2
1484
484
43g
1
4,600
13*4
.
Continental Can Ino
100
143s
*10 *4
*3*8
170
*160
81
10*4
17*2
4,600
100
4*4
*22*4
*297«
*50
*14
830
46
preferred
43
*75
4%
1434
484
42
*34
70
17%
51
41
1
90
*3ig
1,100
51
4*4
*50
17%
18
45*8
1378
*75
*1334
23
1758
8%
100
19
23
13*2
'81
68
32
£19
133g
10*4
2
3*4
36
11*2
2*4
33*2
9*8
24*2
30
*28
9
*64
534
4*8
233g
20
20
2%
3134
434
69
*10*4
22
9
5% preferred v t 0
,.100
Consumers P Co$4.50 vtNo par
8
25*2
27*4
Consol Oil Corp
No par
Consol RR of Cuba 0% pf.100
Consol Coal Co (Del) v t 0.-25
12
36
27
<2 partlc pref..
No par
Consol Laundries Corp
5
7*2
4*8
7934
67*2
100
...1
113s
87
.
Coppermlnes Corp...5
734
25*2
22*2
22*2,
I *2978
500
9534
*93
...
par
11*2
*34
40
1,300
12*2
12*2
93*2
4*4
*81
3
278
12*2
200
134
*1*2
134
169
13*4
79
69
*160
4*4
1
1312
8%
2*2
6
1312
87
25*8
4*4
79%
23
6
2*2
4*8
*34
25*2
""966
6
3
7% preferred
6H % prior pref_.
No
Consol Film Industries
78
*%
6*8
13*4
*80*2
25*8
13
31%
25
Consolidated Cigar
90
6*2
434
1
*77
2%
558
200
2*2
143S
87
37
14
*20
Consol Edison of N Y_.1V* par
15 preferred
No par
78
*28*2
4%
1,200
34'
35
10i8
13,500
84
*34
69
25*2
100*2 100*2
7g
*29
*178
Consol
784
23*2
*30*2
68
19,100
734'
23
40
*4
60
6
7*8
*30%
21l8
75
10*2
*8278
25*2
2512
64
75
8i8
14%
87
2512
4%
*8178
64
6*8
75
75 |
74
74*2
80
35
3534
35%
34*4
35*2
1085s
*106
1085s *106
1085s *106
*584
5l2
6
6*4
6*4
63g
28&S
29
29*2
2934
28*2
29
3*8
27g
3*8
38s
314
3%
19
195g
18*2
19
18,
1878
22*2
21*2
21*2
2284
19*4
20*2
1778
1834
1678
17*2 2:17*4
18
48
49
£50
50
50*4
5H2
41
41
42
42
42*2
43*4
45
46
45
46
44l2
45l2
1
1
70
75
34
4%
4%
14
10
11*2
*165
165
165
2234
*9
*76
I
34%
1085s
5%
277g
10
22
10
734
78|
35
34
*101
♦65s
23*4
1138
734
75i2
8
578
*1*2
284
12*2
93*2
11*4
96
10*2
75
14
2*2
13
*'93
100
par
Congress Cigar
Ne par
tConn Ry & Ltg 4H % preflOO
Consol Aircraft Corp..
1
*6
284
*11
100
Congoleum-Naira Ino._N«
1,100
247«
253g
9934100
1*58
7g
23g
6
3
16
4,800
10
55s
78
584
23s
6
*2l4
5%
*1%
♦2&S
9*2 Apr 4
3H2 Apr 15
7% Jan 29
63
May 29
15*2
10
63
25
9934
78
6%
2h
*58
*6
57g Jan 13
l934May 21
$
2%May 22
May 18
15
*9
55g
104
Jan 15
.No par
15
*658
80
584
Conde Nast Pub Ino
share
6*4 Jan 3
243g Feb 17
13*4 Feb 29
10*8
10
~7~2o6
Year 1939
Lowest
Highest
$ per share
75
*65
5%
Par
22*4
9
7912
5
200
4
*3*8
3*2
Lowest
Range for Previous
2458 Apr 23
2378 Jan 10
9478May 10
171
Apr 9
30
Apr 24
30
Mar
10
Apr
34
20% Sept
July
55
Aug
87% Nov
101%
Apr
144% Deo
6
Mar
Mar 30
6
Deo
17%
19*4
13% Jan 18
10
Apr
14
Jan 17
108
10
120
Apr
116% Nov
Apr
Sept
188*2 Sept
111*8 Sept
12% Apr
384 July
138% Apr
155% Sept
15% Apr
118*2 Feb
189*4 Apr
8
126%
126
4
112
Mar
118% Jan 19
44i2May
6% Jan
16684 Jan
178
Jan
37
8
Apr
17% Jan
1*4 Jan
1
Aug
22%
Apr
8*2
Apr
124% Aug
16% Sept
41% Apr 16
18% Apr 20
1% Jan 4
8*4 Jan 8
36% Jan 8
31% Jan 8
33i2May 2
1% Jan 10
4178 Jan 3
46
Apr 13
112
Mar 19
12% Jan
8
1% Sept
6% Apr
20*2 Apr
18% Apr
2312 Apr
% Apr
28
Jan
Sept
3*2 Sept
42% Nov
Sept
Jan
Apr
80% June
Apr
89
Aug
Apr
95
Aug
% Aug
1
1
Feb
35
137s Aug
% Jan
Feb
Jan
38
111
69
5
41%
Apr
Jan
1% Apr
Oot
7
Jan
3% Jan
Jan
Nov
Mar
Jan
£103% Mar
89
1% Jan
Deo
Sept
Jan
Feb
Oct
July
65
97
Jan
.
31%
8%
186%
18312
30%
19%
33g
40%
18%
3%
123s
32% Aug
62*2
65%
83
Deo
Jan
June
Aug
178 Sept
1% Apr
65*4 Sept
3% Sept
1% Sept
Sept
6
Sept
3
3*2 Sept
65% Sept
5% Mar
Jan
11*4 Apr 25
3434May 10
Apr
13
14%
%
Apr
Dec
25% Nov
3
284
Apr
6
49% Apr 8
31*2 Apr 18
18*8 Apr 3
24
Apr
20
Apr
Apr
2% Jan
87s Sept
437s Jan
38*2 Sept
18*2 Aug
Mar 27
81
Jan
98
Dec
3
29
Dec
31%
Dec
Jan
1
8% Mar 11
102
28*2 Jan
47g Jan
11
2% Aug
638 Nov
Jan
34 May
1%
Jan
25
Jan
Apr
Jan
1834 Apr
8234 Sept
27*2
95
Oct
Feb
1
20
17% Nov
Apr
23% Nov
27«4
40*4
16% Sept,
40% Feb 14
Ex-rights.
89%
21%
H Called for redemption.
Dec
Deo
New York Stock Record—Continued—Page 5
3470
LOW
AND
SALE PRICES—PER
H1QH
SHARE,
May 25
Wednesday
1
May 29
I
NOT PER
14%
$ per share
*14
14%
14%
•83
84
♦35
367S
11«4
20
♦16
1%
*20%
*17
1%
22
104
*100
11
10%
*61
f
2534
*1%
234
•
3
•11
$ per share
*4%
1%
2%
*10
*9
10
*9
*40
*178
38
478
12%
12
26%
21
*18%
2034
1%
20%
*100
103%
1034
1034
2*300
600
*55
27%
*3%
*20%
26%
*1%
1%
*1%
334
28
2%
500
28
2%
2%
200
1,500
11
11
16
17
600
98
98
*89
104
20
4
4%
4%
4
500
Gar Wood Industries Ine
*9
10
200
Gaylord Container Corp
55
4
4
96%
37
5%
*124
4%
126
126
1%
4%
4%
13%
"1,700
Gen Amer Investors..-No par
Gen Am Transportation
5
1,800
General
6
*124
130
1%
1%
General
Bronze
2,000
General
Cable Corp
478
13%
4%
*12%
13%
600
*46
59%
*46%
57%
100
*13%
14%
*14
15
*14
15
*111
112
*111
%
38%
82
39%
118
39
4%
634
*98
9
13%
*98
12
11
4%
38%
4%
*44
12
*12
35
1134
*33
8%
16%
*33
21
21%
11%
17%
1684
*8%
*14%
17%
8%
13%
103
*98
11%
4%
11%
38
36
4%
*41%
1134
47
4%
*41%
33
434
12
12%
12%
33
34
2%
2%
2%
2%
2%
79%
11%
46%
14%
75%
2%
2%
2%
79%
80
11
45
13%
*7278
*1%
76
*73
2
2
2
2
2
30
30
*28
34
*28
34
*28
"18
»18
5
478
*6%
1078
1078
27
*27
22%
12%
18%
20%
*21%
12%
26%
10%
934
10
934
19
1778
*178
1434
60
26
10%
*934
10%
10
19%
1%
2
20%
1534
1434
3
*2
10
2
15
*2
*31%
*31%
1034
36
11
12
12
3
11
*8%
31%
*31%
1034
*12
33%
-
-
-
-
*96
97%
17
1734
*126
*584
*90
278
*87%
132
578
92
3%
90
31%
36
1034
13%
*96
13
13
7978
128
57
57
*96
105
*10%
21%
*5
9
*81
38%
*25
14
34
2134
*124
*96
*90
38%
57
*
%
7
13%
32
4
12%
*12
M'
•
,
.
■
*97
9i«
m
m
rnm'
400
10,300
1,300
14
16,200
2,200
16
50
"
mmm
m
m
600
30%
36
10
12%
2,400
14
*100
200
mm
mm
m
130
*126
132
*126
*5%
89
2%
*87
734
*87
534
89
234
90
5%
*85%
2%
90
7%
584
89
*5%
*85
2%
90
8
94
2%
*90
8
*87
94
t
77g
*87
132
6
200
2,100
94
*150% 160
*14
14%
*81%
84
60
*47
60
*47
57
*97
105
*97
105
*97
105
1434
5%
108
*10
21
5%
10
*95
39%
29%
1034
*27
60
*54
103
4
31
1
3
12%
3%
%
7
13%
35
4
38%
9%
*99
3%
29%
%
*234
12
3%
8ie
6%
14
.
2134
5%
10%
108
39
30
*10
22
5%
10%
*95
38%
*28
rnmmmrnm
m
mm
900
2,400
127% 128
1434
22%
5%
1434
1434
22%
22%
11%
11
11
*95
50
100
"160
108
108
39
*5
5%
38%
*28%
10%
2978
10%
39%
100
2,600
400
8%
1
preferred
100
100
6%
preferred
Hackensack Water
100
25
7% preferred class A
Hall Printing
25
Co
10
Hamilton Watch Co...No par
6% preferred
100
Hanna (M A) Co $5 pf_ No par
Harbison-Walk Refrac. No par
6% preferred
100
Hat Corp of Amer class A
6H % preferred
1
100
Hayes Mfg Corp
2
Hazel-Atlas Glass Co
Hecker Products Corp
Helme (G W)
Preferred
25
1
25
100
Hercules Motors......No par
Hercules Powder
..No par
6%
cum preferred
.100
Hershey Chocolate
conv
preferred
...100
58
58
*54
60
104
*99
105
*99
105
4
4
*30%
31%
300
1
600
334
200
30
%
3%
12%
3%
*3
12%
3%
810
6%
384
%
6%
12%
3%
%
6%
•
*7g
*3
"3:260
200
Class B
5%
"3:160
12%
12%
3%
%
preferred
100
ouston Oil of Texas v t C..25
1001
preferred
5,600
%
6%
'
VUI
par
1,900
13
13
13
13
*12%
14
800
*32%
*3%
35
6% preferred series A... 100
32
32%
*32
33
140
Leased lines
4
10
3%
3%
3%
t In receivership,
*3%
a
14i2 Apr 24
Def. delivery,
4%
RR Sec ctfs series A
n
New stock,
r
Cash sale.
100
1000
May
734 Apr
Mar 20
18% Oct
15% Sept
104% Dec
July
Apr
3%
Apr
7%
x9% Sept
45% Aug
5% May
96
Apr
65
Sept
11
Mar
149
Sept
2% Apr
9
Jan
103% Mar
128
3i2 Jan
117g Jan
Jan
Jan
9
7% Dec
Jan
Jan
18«4
52
Jan
40
57i4 Jan
8% Jan
145
7%
9
94
Jan
Sept
3% Sept
578 Sept
July
5% Sept
Oct
31
Apr
36%
Jan
41
23
44
101
Apr
7% Apr
10
3
14
17
Ug Jan 11
19% Jan 4
15
99i2 Feb 21
»u Apr 2
18i2 Apr 5
33®4 Jan 4
22
15% Jan 11
31%May 10
2434Mar 7
734May 23
Feb
9
13% Jan
May 21
45
May 21
12%May 22
May 28
15
22
14
22
27
23
10 May 18
26 May 21
21J4May 29
H38May 22
15% May 21
18 % May 22
l3l%May 17
134May
25 May
%May
438May
10 May
634May
Mar 21
May 22
93gMay 22
9 May 29
16
May 15
l%May 28
11 May 21
2
May 18
8
May 21
30 May 21
30 May 20
9%May 21
10% May 22
a;100%May 16
96
May 21
16%May 23
1
4
634Mar 6
6178 Mar 14
9
Sept
126% June
28
Apr
5654
38
3% Sept
7
Apr
% June
12% Sept
28
92% Apr
1% Jan
20% Jan
% June
14
Sept
41
Jan
15%
Oct
16
Apr
15
Apr
4334 Sept
20% Nov
8% Sept
10% Aug
15%
97% Nov
15% Apr
534 Apr
43% Oct
6% Aug
43
Sept
99% Feb
27% Mar
2
19»4 Jan
4
14
18
8%
54
Sept
34
May
2%
8
4ig Feb
9
53
10%May
1634
3834
243g
183g
2878
29ig
142
55
3
Apr 8
Apr 8
Feb 21
Jan
8
Apr 24
Jan 2
Feb
6
Jan 29
35% Apr
5
1734 Jan
4
3
12
Jan
27g
86
10934
27g June
67
80
% Aug
4% Apr
1%
1078
15%
10%
22%
14% Dec
934 Dec
Apr
2434 Jan
22% Jan
10
42
May
24% Jan
14%
10
Apr
Apr
%
9
Jan
4
3
25
8
11
Apr
34% Apr 22
29
May
37
9
32
20% Feb 19
8
Apr
8
15
Apr
106% Jan 12
99
Apr
105% Mar 30
96
May
17
Jan
Jan
28% Jan
138
89
104
4
Apr 12
9ig Apr
Apr
6
9
4i2 Apr 16
113U Jan 29
11% Apr
110
8
Jan
17
Apr
123
Sept
47g Feb
71
Jan
2
Apr
93
Apr
8%
Apr
8
100
Mar 20
148
Oct
12%May 23
76% May 23
127%May 31
'21% Apr 22
100% Apr 9
10
Apr
63
Apr
133% Jan 30
128% Apr
May 25
67% Apr 16
115% Jan
18% Jan
54
Jan
100
Sept
155
Jan 12
19
May 21
4%May 15
May
103 May
35 May
28 May
834May
54i2May
105 May
21
13
21
22
21
22
17
33gMay 22
34 Jan 3
2i2May 22
12 May 24
3 May 15
i2May 14
5%May 21
12 May 21
31%May 25
3
rEx-div.
May 18
y
U'6
Jan
35% Apr
778 Mar
16% Apr 20
110
Mar 30
60% Jan 12
38
Apr
16% Apr
71% Apr
lll%May
67g Jan
03s Feb
13
15
25
13
3
21
1% Feb 20
7% Feb 20
27
Jan
5
6% Feb 17
1
Jan
2
Sept
14®4 Apr
29% Sept
5% Nov
8% Aug
95
May
4734 Sept
27
Apr
8®4
60%
Apr
102
Oct
Sept
4% Sept
40
Apr
% Dec
27g Sept
21®4 Sept
43g July
a4 Aug
9
Aug
3% Jan
3
24% Jan
43% Apr
6% Jan
3
16%
6
3i
38% Sept
Ex-rights.
Aug
37% Sept
July
141%
53%
35%
2134
12%
Apr
Apr
Deo
Dec
Sept
Aug
3334 Sept
Apr
4
Nov
Sept
35
Apr
18
Mar
22% Sept
25% Apr 29
3% Apr 18
30i2 Apr 18
Jan
53g Sept
Dec
12% Apr
16% Apr
23% Aug
129% Sept
Jan
Nov
24®4 Jan
74% Mar
38% Jan
Apr
Nov
Mar
3«4 Mar
Apr
21%
87
U4 Jan 30
9% Apr 10
147g Jan 4
Jan
Jan
Mar
'
13% Apr
8
71i2 Jan
47
Apr
70
Jan
Nov
1378 Jan
66% Mar
24% Jan
Jan
1%
3ig Apr 11
Jan
Jan
19% Apr
12% Aug
44!% Mar 26
4% Apr 22
88
Jan
1078 Jan
111% Nov
134 Sept
85% Aug
3
2034 Apr 4
69i2Mar 7
247s Apr 4
97i4 Feb 21
Oct
Feb
678
Mar
105
Jan
130
May 27
5%May 21
May 28
2i2May 21
90 May 21
734May 28
97 May 18
65% July
99
July
112
58% Apr
May 21
May 29
10
May
23% Jan
10%May 22
22
21
21
22
21
21
22
80
4
23i2 Apr 27
106
Jan
12834 Dec
8
Jan
118% July
1% Jan
Dec
72% Jan
125% Dec
36% Apr
Jan 10
110
15
%
Jan
25% Jan
130% Mar
44% Jan
4778 Aug
107% Sept
39
130% Jan
56% Apr
127i8Mar 23
68%May 4
l378May 28
71
2
Jan
21
lU4May 23
14 May 21
1634May 28
2
Jan
49% Apr 15
118% Jan
% Jan
334May 21
5i2May 21
102%May
i2May
978May
86i2 Jan
%May
15 May
20 May
2978May 28
5%
2,000
678
No par
2,000
3%
No par
ousehold Finance
2
20
55
36
106
May 22
llligMay 22
l4May 17
35
May 13
7734May 21
118 May 28
37%May 28
116 May 22
35 May 28
9478May 21
1434May 14
5
18%
117% Mar 29
36
8
7%
10%
3%
31%
%
5i4 Apr 24
Apr 30
187g Mar 5
105% Mar 27
6% Apr 22
27
I 1%
Jan
57
mder A Sons (A)
9
Dec
No par
Hlnde A Dauch Paper Co... 10
Holland Furnace (Del)
10
Jan 25
Apr 15
16
l234May 23
102 May 21
26%May 21
No par
preferred
66%
1%
Jan
10
No par
14
Apr 30
Apr 18
2% Jan
6
23
Aircraft Corp
103%
Apr 29
18
1
~6~,306
58
334
*30%
%
Apr
75
par
2,200
29%
10%
3%
107®4
21%
83l2
6i2
32ig
3834
35
Greyhound Corp (The).No
5M % preferred.
Grumman
Sept
37% Sept
108% Jan
2934 Jan
90'4 Jan
97g Sept
Apr
50
Guantanamo Sugar
Oct
5
Apr
Apr
Aug
Aug
Apr
Sept
Apr
Apr
July
Aug
Mar
100
$4
...
10
Bid and asked prices; no sales on this day,
128
7,200
8
*43
*125
10
92
128
128
10
700
V
89
234
Preferred
25
1% Apr
17% Apr
Green Bay & West RR
Green (H L) Co Inc
Gulf Mobile & Northern
234
11
58
V*
634
1234
*3234
*3%
'm
m
9%
105
3
12%
3%
rn
m
"
27
128
3%
31
m m
2
*293g
*32%
12%
14
*100
--
Great Northern pref...No par
Great Western Sugar. .No par
*126
8%
*10
57
9i«
33
11%
10
15,500
1,900
19
"140
95
*54%
10%
*55%
6%
13%
31%
*3%
30
33
(W T) Co
5% preferred
20
Gt Nor Iron Ore Prop..No par
*2
*150% 160
*150% 160
*150% 160
1334
1434
13%
334
*1334
14%
77
*81% 83%
80
78%
78%
*27
12%
3%
30
Grant
No par
500
19
*8%
Granite City Steel
4,100
10%
*14
div ctfs.No par
Without div ctfs
No par
w
13%
2
234
10%
13%
1,400
Grand Union
22%
18%
16
36
mm
1,000
10%
9%
11
30
mmmm
29
2134
1%
*8%
8%
11
1,600
90
10%
1
*2
1
60
19
100
5
131%
*26"
.
Preferred
Graham-Paige Motors
700
19%
10%
3%
1%
;•
..No par
Granby Consol MS&P
*123
d.
Goebel Brewing Co
1
Gold A Stock Telegraph Co 100
Goodrich Co (B F)..__No par
3,100
96" "
23
32
18%
26%
10%
934
1
2,300
21
♦
50
34
12
19
10
378
30
9
*14
234
*32
*12
13%
18%
8D
96
*87
30
334
*30%
*78
3%
12%
3%
14
11
10%
29
*22
No par
4H % conv preferred
Gobel (Adolf)
5%
<*,
*7
28%
No par
Glldden Co (The)
Gotham Silk Hose
34
5%
*10%
No par
600
2%
34
Brothers
preferred..:
$6
5% preferred
No par
Goodyear Tire & Rubb.No par
$5 conv preferred
..No par
19
22%
5%
105
*2
13%
1834
900
Gimbel
No par
500
12,400
72
96"
3
10%
*97
72
20
7,000
19
6
387g
14
*2
80
96
9%
108
10%
*8%
900
18
3
8
77%
10
18%
1%
2%
96
6
*88
*150% 160
"26%
9%
934
16%
1%
2,700
2%
60
~24%
9%
2%
17
92
8
*124
300
96
130
534
95
*
60
m
-
1,200
2
1734
1734
22
20%
20%
131% *123
131%
26
■mm'm'm
12
19
*90
8
♦
13
4,700
$5 conv preferred
May
17
21
4i8May
3378May
4i8May
43 May
11
May
30 May
2
May
preferred
July
43
Gillette Safety Razor._No par
300
36
*46%
14%
Gen Theatre Eq Corp..No par
Gen Time Instru Corp.No par
Aug
Jan
38
Apr 24
1978 Apr 16
98
12
113g
49%
14%
Gen 8teel Cast $6 pref..Nopar
General Telephone Corp
20
31%
Apr
29i2 Apr
1,300
434
11
General Refractories...No par
General Shoe Corp
1
Sept
Jan
104
51
15
25
25i4 Apr
3% Jan
51
25% Sept
105% June
87
7,000
4%
80
No par
No par
6% preferred
100
Gen Realty & Utilities
1
$6 preferred
No par
17% Apr
99% Jan
38% Apr
35
4%May 15
ljLr.«.N0 par
Common
General Printing Ink—1
$6 preferred
No par
21% Apr
38% Mar 26
Highest
share $ per share
1134May 24
100
General Tire & Rubber Co...6
*32%
Day
Var
6%
97%
1834
*90
16%
20%
1234
100
47
Memorial
22
*7
22
*100
*100%
130
28%
21%
12
8
1,500
12
*10%
27%
26%
5%
10%
8%
16%
*41%
Closed
1,900
103
*28
10%
%
5
18%
39
34
11
21%
131% *123
_26~
*9
*100
840
*11
34
5%
10%
8%
10%
*20
19
*
60
*25%
19
2%
*6%
10%
9
18%
131% *123
*
1,100
z4%
*36%
4%
Exchange
14%
10
200
2,500
72
%
22%
1234
*123
71%
4%
11%
2734
*6%
11%
21
*45%
14%
2,700
15%
*98
No par
Gen Railway Signal
12
8%
*15%
Stock
preferred...J.
$5
Gen Public Service
22
*17
100
10
.
Gen Outdoor Adv/A
200
%
11%
1834
preferred...
General Motors Cprp
5%
1,900
95
*14%
48
14%
71%
10
10
27
17%
20%
45%
13
71
5%
10
8
45
"i«
5%
11
12
10
11%
*2
45%
14%
1334
*21%
700
80
11
45
*10
1,000
2%
*78%
10%
4
X22
2%
2%
*78%
l()7g
300
7%
103%
*%
84
10%
10%
34
238
1,200
*7
43
4%
4%
79,300
*334
11%
4%
260
*100
36
4%
$6 conv pref series A. No par
General Mills
No par
41
*7i#
preferred
Gen Gas & Electric A..No par
118
*91
$4.50
No par
No par
1,000
79
118
General Foods Corp
200-
*36%
834
15%
103
2%
7978
107g
*77%
10%
'
11%
18%
17%
2%
2
' ■' / '1
h
15%
22%
38
35
2%
%
15
18
103
45
7i.
11%
12
4%
;
95
15
16%
1634
434
38%
4%
4634
12%
438
40%
117%
38
*91
11%
*98
11%
4%
95
7i«
9
*15
40
*44
38
*14%
20%
22%
11%
19%
17%
17%
16%
438
*3578
39%
117
%
16
18
103
11
39%
35
78
100
Electric Co...No par
General
Jan
$ per
48% Feb
.100
1,400
%
118% 120%
39% 4034
,
No par
No par
28
25
22
27
:
Jan 24
46
134May 15
6
preferred
7%
40
96
May
3534May
5%May
118 May
No par
7% cum preferred
General Cigar Inc
6,000
40
79
Corp..
Class A
42,400
115
%
*25
119
*90
8
*14
78%
117
*113
%
40
118
35
95
7ie
11%
18%
17%
778
79%
117
4%
*14%
2134
*113g
20%
1738
*%
*25
4
4
378
3%
7
7
6%
6%
*99% 103% *100
103%
*%
%
*%
%
10
11
11
10%
ht
18
1
112% 112%
40
118
37%
39
5
*103% 106
2 934
303s
38%
39%
30
38%
*90
16
20%
11%
29%
7%
7%
*99% 103%
*3g
%
11
11%
95
7i«
4034
39
*4
4%
634
*14%
79
118
118% 11834
*36
102% 102%
%
%
11
10%
*90
82
120%
*103% 106
29%
39%
112
5i#
*20
40
119
39%
118
7i«
*20
82
*80%
120% 120%
*35
115
%
40
102
No par
200
1%
13
27%
Baking.
$8 preferred
110
58
38
No par
1,300
57g
*42%
102
preferred
|6
200
39
Year 1939
Lowest
2ia4 Jan
106
x9 May 29
48% Apr 8
3%May 21
5
60
100
*37%
534
5«4
3
5H % conv preferred
4%
♦95
38
5%
2
*334
100
3734
130
*1%
4%
4%
*95
5%
4
15
*14
*13%
104
*102
*101% 104
29
2878
2838
29%
39
387g
39%
3934
*
Gannet Co conv $6 pref No par
♦40
*12
115
No par
9
13
*5i#
1
10
Gamewell Co (The)
55
56%
15%
*20
234May 22
20 May 24
2434May 28
l%May 14
2%May 22
l0i2May 21
12
May 21
98
May 22
3®4May 28
x9
96
2
13
No par
preferred
$3
8
Feb
9%May 21
May 22
61
*40
9%
105
10
No par
55
36
124
*42
100
-
Galr Co Inc (Robert)..
100
1534
t Follansbee Brothers..No par
10
F'k'nSimon&Co Inc 7% pf.100
Free port Sulphur Co
10
Gabriel Co (The) cl A ..No par
50
3,900
1%
No par
No par
Florsheim Shoe class A .No par
Florence Stove Co
$7 conv preferred
Francisco Sugar Co
20
27
Flintkote Co (The)
4M% conv pref
Foster-Wheeler
2,500
3%
84
Food Machinery Corp
mm
62
12
5%
4%
"
*1%
20%
62
2%
800
4
38
5%
50
434
12
26%
14
9%
4%
*96% 100
*17g
12
12
1334
4
118
50
2,200
12%May 21
May 21
32%May 22
10%May 22
25t4May 28
19 May 20
U2May 15
19 May 21
First National Stores...No par
98
334
$ per share
6% preferred series A...100
400
1,100
■v
*40
55
2
100
37
13%
10
55
126
14%
8934
26
*11
S per share
Range for Previous
Highest
Firestone Tire & Rubber...10
*86
98
*98% 100%
43g
*4%
Par
*34%
*3%
*21%
2634
11
Lowest
8934
*55
25%
1%
2%
2434
14
*40
*118
14
•18%
*1%
29
*20%
15
14
334
334
*96% 100
37
3534
5%
578
Shares
$ per share
1134
3
26%
1%
2®4
*11
12%
13%
99%
4%
13%
3
25
*20%
26
*98
Week
26
61
3%
3%
1%
*15%
May 31
Range Since Jan. 1
On Basis of IQO-Share Lots
35
35
*55
63
63
3%
20%
20%
2534
1%
*2%
2034
1%
the
14%
*85
11%
2534
20%
134
25%
8TOCK8
NEW YORK STOCK
EXCHANGE
Friday
1%
134
184
20
*20
21%
21%
20%
21%
*100
104
*100
*100% 104
103%
11
10%
11
11«4
9%
10%
65
*3
95
34%
10%
12%
26%
14%
35
*85
84
$ per share
14
13%
37
27
1134
♦2534
84
*35%
12%
26%
$ per share
CENT
'
Thursday
May 30
1
$ per share
Sales
for
Tuesday
May 28
Monday
May 27
Saturday
June 1, 1940
Apr
434 Sept
T Called for redemption.
Deo
July
Mar
June
Volume
LOW
AND
New York Stock
ISO
HIGH
SALE
PRICES—PER
SHARE.
NOT PER
Record—Continued—Page
Sales
CENT
8TOCK8
NEW YORK STOCK
for
Saturday
Monday
Tuesday
May 25
May 27
May 28
Wednesday
May 29
$ per sfiare
$ per share
$ per share
$ per share
•
Thursday
.
|
May 30
the
Friday
,
$ per share
$ per share
Lowest
Shares
,
5%
17%
5%
18%
18%
19
18
18
18%
18%
72
73
75
73
74
77
80
79
81
1,100
1,800
*140
156
*140
156
*140
156
*140
156
140
140
72
70
71%
66%
68
70
70
9
9%
8%
9
8%
*5
5%
5
5
*4?8
67%
•:
8
:5
8%
5
2%
*2%
2%
3
*24%
27%
*95
97
3
3
•.'3V 7
7%
2%
*2%
*2%
*2%
1%
1%
8%
95
95
*2%
7%
1%
7%
1%
22
19
*142% 145
144
144%
140
43
42
42%
40
41%
145
145
148
2%
2%
6%
6%
3%
3%
148
20%
20%
116
12
12
45%
6%
3%
3%
20
27
27
28%
28
28
*86
95
2%
15%
2%
3
3
5%
75%
534
76%
5%
21
21
127
9%
*25
29%
28%
29
15%
600
15%
2%
2%
5%
2%
2%
5%
*75
82
*126
5%
20%
127
*5%
22
37%
37%
9%
37%
9%
37%
45%
46%
45
48
*123
125
123
123
49
50
*51%
10%
10%
*10
117% 117% *118
10%
3%
3%
12
12
125
51%
10
11
*118
10%
120
*118
51%
120
4
4
3%
15
*11%
*11%
*82
9
9
9
100
*8%
*82
100
9%
*82
9%
5%
8%
*8
8%
*98
107%
*98
10%
5%
97
*87
10%
5%
*87
5
5%
28%
27%
*10%
10%
10%
31
31%
1%
20
20
20%
*2%
24%
24%
*27g
*24%
24
24%
25
3%
5%
1%
20
20%
20
*10
400
*11%
13
*9%
*8%
5%
*
1%
*18%
*1978
*234
1%
20%
*31%
*1%
*18%
Exchange
14%
*9
14%
*10
434
1434
12
12%
*12%
13
4
18
17%
18
19
*16%
17
*103
105
3%
3%
104%
104% 104% *100
2
1%
1%
1%
1%
1%
*%
2%
16%
%
2%
2%
2%
17
17%
18%
16%
17
10%
10%
10%
10%
10%
10%
*19
19%
20
33%
19%
32%
19%
33
197g
34%
*»!•
*78
%
2%
*3%
4
*17% 18
16%
16%
*i'-%U 104%
1%
1%
%
%
23g
2%
18
17%
10%
*10%
20
20
-
—
100
2,000
500
33
:
1%
10
Kimberly-Clark
Kinney (G R) Co
400
23
$5
1,000
25
A.l
7,400
100
Kress (S H)
10
»
*4
5%
130
*10
14%
13%
900
6% preferred
100
Lambert Co (The)....No par
13
Day
*3% % 4
I784 17%
18%
104%
1%
*"1%
*16%
t
*10
2%
18%
10%
*19%
20
2%
Lane Bryant
....No par
Lee Rubber & Tire..
5
900
100
Lehigh Portland Cement.-.26
4% conv preferred
100
tLehigh Valley RR
60
Lehigh Valley Coal ....No par
10
4,400
400
*84
I77g
100
& Co
900
6%
conv preferred
600
*32 %
32%
32%
33%
5%
5%
2,400
1,700
34%
34%
33
33
35
5%
33%
538
34
*5%
*33%
5%
*33
33%
300
Life Savers Corp
*88
92
*89%
95
89
89
*91
93
*92
93
100
Liggett A Myers Tobacco.,25
*91
92
9i
93
93
93
92
92
5%
5%
92
16%
27
*9%
*12%
93
5%
:
33
5%
*16878 172
*168% 173
18
*16%
19%
*16%
*1687g 176
*16%
34%
19
10
16%
17
14%
16
27
27
27
27
*9%
16%
27%
10
9
28%
30%
30%
12%
31%
21%
22%
22%
23%
21%
99
99
98%
9878
97
12%
*12%
11%
27%
9%
12
29%
22%
97
*16878 175%
16%
*16%
17
17%
27% 2778
*9%
*12%
29%
22
*91
2
18%
19
10%
17%
17%
31%
31%
30%
30%
30
2%
2%
2%
15%
*2%
15%
2%
15%
*2%
26
2%
*15
17
17
*16%
17
*16%
17
41
♦42
43%
*42
43%
*130
133
*130
27%
133
25%
*130
25%
25%
131% *130
25%
131%
17%
18%
18%
19%
18%
19
19
20
213g
21%
21%
22
21%
21%
*9%
10
23
24
9%
24
*%
25%
2%
6%
29%
2%
*4%
*26%
32
*26%
29%
27%
16
*15%
15%
15%
15%
13
13
13
1%
*%
3%
3%
37g
3%
9%
9%
7%
33%
34
7%
7%
23
23
23
5%
15%
9
32%
*25
24%
3%
3%
22
*9
2%
*4%
*11%
21%
9%
25%
2%
*15%
15%
*9
*2%
*4%
2%
*25%
*25%
9%
*25%
25%
5%
29%
27
15%
15%
15%
15%
*12
13%
1
35%
8%
23
31
6%
22%
33%
7%
22%
22%
33
11%
11
102%
*95
*96
17%
17%
18%
*5%
6
*5%
29
28
28
6%
6%
6%
11%
11
105%
*82
100
18%
18
18
6
5%
29
27%
6%
5%
11%
5%
28
6%
11
19
28
6
6,900
%
200
%
4
100
*3%
3%
160
9%
5,700
20,500
16,800
8
23%
23%
5%
29
63g
33
7%
23%
23%
*150
34%
838
23%
2334
2,500
800
1,800
162
39%
39%
1,200
*2%
*20%
98%
2%
600
22%
98%
100
*11
12
800
1134
*95
19%
*5%
28
6%
100
preferred.....
Mack Trucks Inc
No par
Macy (R H) Co Inc
No par
Garden...No par
Magma Copper
10
Madison Sq
Manatl Sugar Co
Mandel Bros...
1
No par
t Manhattan Ry 7% guar. 100
Ctfs of deposit
Modified 5% guar
500
*9%
19
*5%
163s
16%
13%
16
*3
11%
105%
*90
10
6%
310
3%
*150
10%
5%
378
10
34
7%
23%
*16
1
23
22%
23%
22%
21%
*1.50
162
162
*150
162
163% *150
43
41%
*39% 41
41% 41%
39%
*40%
3
2%
2%
2%
2%
*2%
2%
2%
20
24
20
20
*207g
22%
*20%
*18
99
98%
99% 99%
98%
*98%
99%
99%
*11
12
11
12
11%
11%
10%
*11%
23
1,000
2,500
*12
100
Mac Andrews A Forbes.. ...10
23«
16
9%
7% preferred
400
25%
29
10
Louisville Gas A El A ..No par
2%
29%
100
Louisville A Nashville....100
25%
*4%
preferred
Lorillard (P) Co
100
300
16
3%
5%
26
300
9%
16
9%
Loose-Wiles Biscuit
—
100
Ctfs of deposit.......
Manhattan Shirt
25
Maracalbo Oil Exploration..1
Marine Midland Corp
...5
Market St Ry 6% pr pref.100
Marshall Field A Co.._No par
Martin (Glenn L) Co
Martin-Parry Corp
1
No par
Masonlte Corp
No par
Mathleson Alkali Wks.No par
7% preferred
100
May Department Stores...10
Maytag Co..........-No par
$3 preferred
No par
80
$0
1st cum pref
McCall Corp
20
98
No par
No par
1
11%
1,700
105%
19%
5%
700
McGraw Eleo Co
200
McGraw-Hill Pub Co—No par
2,100
2,700
Mclntyre Porcupine Mines..6
McKeesport Tin Plate...._ 10
28
6%
McCrory Stores Corp
6%
conv
preferred—
May 23
Jan 11
10%May 22
10 May 21
93
May 21
17%May 21
5i8May 23
27 May 21
5%May 15
100
1
Sept
Mar 13
119% Sept
Jan
9
3
9%
97g
14%
87
10»4
Jan
Feb
jan
June
Jan
3234 Sept
125
Mar
Oct
13
Sept
18
69
Sept
105
Jan
122 I
Aug
133
June
/•
Apr
83
Sept
Mar 27
4
Jan 15
132
69
Apr
10
Apr
9
4
Mar 16
121
7% Apr
20
4
Jan
5
15i2 Jan
8
Feb 23
97
15i2 Jan
8
Apr 18
173s Apr 23
109
35
13
Apr
19%
117% Jan
5% Apr
121%
11
8%
90
Apr
Apr
Sept
12%
Apr
85
Apr
7%
Apr
11%
24
Jau
jaD
Jan
Sept
1084 Nov
99% Jan
18
July
100% Dec
1484 Mar
10% Mar
5
Aug
79
June
3
9
28
Apr
46% Sept
167s Sept
Apr 18
Jan 24
8
20
Apr
Apr
26
Feb 16
20
4
Feb 26
9% Apr 23
103% Apr 16
Jan
Feb
3184 Apr
9% Jan
3
9
6
5
1834 Jan
1638 Jan 11
=
6% Apr 5
3534 Jan 4
23% Jan 10
115
Jan
8
4
Jan
3
I8g Jan
438 Jan
5
4
2484 Apr
4
.
■
14
Feb 19
29
Jan 11
834
1»4
127g
384
Apr
Apr
Apr
Dec
23«4 Sept
20% Apr
7
Apr
12% Sept
12
3%
Jam
Apr
99
Sept
38
Dec
4
Sept
30% Oct
20% Aug
5% Jan
2984 July
29% Oct
13% Jan
2312 Jan
18% Mar
5% July
37% Oct
25
Jan
17
Apr
25
Mar
112
Dec
118
Mar
2% Sept
% May
1% Apr
20
9%
23
Sept
Apr
Apr
Apr
Apr
08g Sept
3% Sept
8% Sept
27% Jan
13% Nov
32% Mar
533g Jan
30%
45
33
Sept
43% Aug
95
Sept
*08% Aug
*09% Aug
3
9% Apr 20
Apr 15
109
Apr 15
109% Apr 5
180%May 9
2312 Apr 4
29% Jan 3
41
Apr 6
1438 Apr 27
183s Mar 27
417g Apr 16
37% Mar 15
97
May 22
l538May 21
29l4May 23
2
May 15
15 May 25
l05%May 23
84May31
3%May 22
278May 21
834May 21
2934May 21
6%May 21
22
May 21
21i2May 21
161% Jan 6
363$May 22
2i4May 22
Sept
778 Aug
76
7% Nov
18
Apr
17
13%May21
27
May 21
9
May 15
10%May 21
2738 Mar 18
20%May 21
1834May 17
138%May 31
15i8May 21
38
May 18
2534May 22
130
May 31
17
May 24
20i2May 21
9i8May 22
21i2May 22
2
May 21
4
May 21
24 May 21
24
May 22
l4%May 21
13i2May 21
ll%May 23
4
Apr 10
62
4%
95% Sept
152
Sept
15
Apr
10
180
19
Sept
May
Nov
40% Sept
31% Apr
47
10
18% Sept
Aug
Mar
13% June
2934 Dec
19
Jan
3284
Dec
30% Sept
54%
Jan
8
8
101% Sept
38% Sept
39% Apr
5634 Mar
2034 Aug
46% Jan 2
4% Apr 10
18 % Jan 11
109% Apr
0
2
Mar
Aug
16% Sept
l09%M»y
25% Apr
3
2
105
162
May
3
138
21% Jan
"
21%
15%
9
Long Bell Lumber A...No par
130
3,700
5,300
*9
.....
Lone Star Cement Corp No par
10
1,900
20
19%
21%
29
3%
600
16.50 preferred.....No par
1
Loft Inc..
20
*27
3%
1,200
130
32
3%
3%
130
28
378
10
1
84,400
2,000
*105% 109
19%
19%
138% 138%
17
*16%
*42
43%
27
*25%
*4%
13%
300
19%
30%
2%
15%
*2%
*15
28
*12
5,800
100
1838
29%
*27
*%
378
3%
1%
*91
9%
25%
238
5%
2%
Lockheed Aircraft Corp
1
Loews Inc
No par
31%
23
41
*25%
53,800
29%
16%
26%
Liquid Carbonic Cor p..No par
22%
42
16%
*40
900
9
2,000
37g Sept
77% Jan
May 22
May 22
May 22
12%
9
303s
22%
1534
105% 105% *105% 109% *105% 109%
*105% 109%
19
19%
19%
197g
1978
19%
19%
19%
140
*140
146
140
140
140%
*140% 146
15
15
15
16
Sept
40»4 sept
Oct
29% Jan
34% Apr
87
31% May
May
Dec
May 29
170
38
33
387$
145g
4638
284
par
Lily Tulip Cup Corp..No
60% June
Jan
107
28
2
100
Preferred
'
1,000
1,100
12
183s
31%
~
100
Jan
Jan
127%May 14
May 22
Lima Locomotive Wks.No par
Link Belt Co..
No par
Lion Oil Refining Co...No par
95g
13
100
18%
31
17%
*30
.***/**
0%
3%
39%
29
Jan
8% Jan
9
87
Jan
May
1434 Jan
67% Dec
84
May 24
.........26
Series B._
1,800
*16878 175
17
*16%
17%
17%
*27%
28%
.....6
25% Aug
55s4
138
Apr
10s8 Jan
3%May 28
21
22
27
23
s4 Apr 17
2
May 17
l5i4May 21
9%May 18
18i8May 21
32%May 21
5
May 15
33 May 28
60
Aug
19
90
163s May
15i8May
104% Apr
l38May
Lehn & Fink Prod
0%
102i8 Apr
434 Jan
•4% Jan
15
15
21
25
8%May 23
May 15|
...1
Corp
6
Lerner Stores Corp
No par
Libbey Owens Ford Gl.No par
Lihby McNeil A Libby
7
300
Jan
Sept
Jan
23%May 22
4
May 21
Lehman Corp (The)
3,600
28
8%
10
Dec
Apr 29
53g Jan 24
56i4 Feb 0
37% Apr 12
3618 Jan 5
10684 Aug
17% Sept
Apr
Sept
3
Oct
6%
35
73
12
Apr
41
2% Aug
123
24
1
...No par
Kroger Grocery A Bak.No par
Laclede Gas Lt Co St Louis 100
Memorial
21
18
3
Sept
334
4
24i8May 21
10 May 21
2734May 21
ll2May 22
l7%May 20
l9i2May 23
2
May 21
No par
5
Jan 11
3878 Jan
21i4May
Jan 13
Jan
J&v
133
434May 22
90
Jan 23
7
8i2May 21
prior preferred ...No par
Kresge (SS) Co
Kreege Dept Stores
3,600
24
conv cl
Apr
142
May 23
Jan
1%
109% Dec
578 Sept
1678 Sept
37# Oct
71% Sept
538 Jan
11758May 28
3%May 21
11 May 23
9
May 23
92
May 21
7i2May 21
95
Apr
2% Apr
7% Aug
578 Dec
9% Mar
3% Dec
46% Oct
19584 Mar
Jan
14i2 Apr 20
9
May 21
3434May 22
May 25
l22i4May 22
48%May 15
Class B
1
Kendall Co $6 pt pf A..No par
Kennecott Copper
No par
Keystone Steel & W Co.No par
27,600
1,000
20%
2 34
19%
2%
par
Kelsey Hayes Wh'l
24%
Closed
par
17% Apr
90
98 «4 Sept
21
Sept
4578 Sept
45
Keitb-Albee-Orpheum pf_.100
*23%
3%
12%
2%
Stock
*
97
11
23
-
City P & L pf ser B No
City Southern. No
1,900
5%
5%
*87
25
*3%
10
11
24%
177g
:m
8%
Kan
103%
10%
31%
24%
*16%
100
28%
*9
4
4% preferred
....100
Kaufmann Dept Stores
1
5% conv preferred......100
Kay ser (J) & Co
6
27%
24
17
10%
800
10
5%
25%
18
200
28%
12%
*3%
>
97
13
16%
Kansas
8%
*98
10
24
*16
700
13
*82
9
24
4%
20
4
*9%
103%
9%
10%
13
100
*82
*98
80
No par
120
*3%
11
Johns-Manville
Apr
9% Apr
4% Apr
234 Sept
234 Dec
Apr
20i8May 23
123
67
Sept
5%May 21
Kalamazoo Stove & Furn_..10
*118
478
3%
4%
..l
11
24%
*4
(W B) Co
Jewel Tea Co. Inc.....No
par
600
120
*2%
5
1,000
Preferred
_ioo
Jones & Laughlln St'l pref. 100
12%
♦4%
Jar vis
900
*9
4%
20
123% 123%
55
*51%
12%
4%
Island Creek Coal...
l
$6 preferred
.......1
400
10%
No par
124
24%
3%
22
126
Intertype Corp.
Aug
171
9712 Jan 15
124
25
v
400
5%
157
16
May 21
2078May 28
Foreign share ctfs...No par
Interstate Dept Stores.No par
Preferred.
ioo
40
Sept
147% May
145
31
21
l34May
l78May
438May
75%May
Jan
131
3
May 21
par
4,100
11
23
900
4
6
38
38
25
6
9% Sept
29%
Apr
l91i2Mar 12
6234 Jan 4
3i2May 23
20
Jan
1278 Jan
238 Apr
May 21
109i2May
10i8May
40%May
l34May
Mar 28
5
l3i2May 21
37
*3%
4738Mar 20
113
May 22
60
Telep At Teleg...No
8
May 24
100
50%
*87
31%
Inter
14,400
3,300
Jan
5%May 22
No par
No par
50
*27%
*10%
30%
*18%
International Sboe
International Sliver..
37
97
1%
23
*
50
54%
3
May 22
145 May 25
134May 22
100
37
28
*29%
1%
1%
*19
23
9%
preferred
International Salt-
37
10%
31%
*1%
*18%
'
*87
29%
10%
*30%
8%
100
5%
7% preferred
5%
10
97g
5% conv pref
Internat Rys of Cent Am
200
16
48
26%
97
27%
10%
105
9%
10%
13
100
*8
107%
*734
*98
3%
*9%
126
21,300
80
5%
*21%
127
Inter Paper & Power Co
2%
2%
*75
6
*21
40
*123
2%
5%
...100
47.2C0
95
2%
2%
*5%
2%
*126
■1.
40
50%
*87
80
45
50%
15%
15%
95
1
l
Preferred
300
*87
Mining Corp
16
27
11
14
28
l8%May 21
Int Nickel of Canada..No
par
200
*28
5%
20%
10
Internat'l
500
29
...100
Int Mercantile Marlne.No
par
27,900
29
5%
21%
*9%
21
*28
*37
*9%
500
*27
*75
6
127
4%
Preferred.
Int. Hydro-Elec Sys class A.25
2,000
15,300
26%
2%
2%
2%
21%
*126
6%
200
15%
77
*5%
2%
40
95
5%
6%
147
*38
28%
6%
Apr
Apr
Apr
Feb
Feb
1578
6i4
38
40
*87
2%
77
Internat'l Harvester...No par
4738
3%
*15
No par
140
300
4% Apr
1684 Apr
80
90%
May 29
23gMay 15
6l2May21
Internet Agricultural..No
par
41%
Jan
Jan
158
95
Prior preferred
..100
Int. Business Machines.No
par
*38
2678
24
.100
700
*4%
20%
2034
114%
123g
No par
No par
200
2
11%
44%
*2%
934 Apr
29
3
Highest
$ per share % per share
118
May 25
2l8May 21
238May 15
1,100
7,200
1%
40
15%
2%
*20%
May 23
Jan
Year 1939
Lowest
S per share
May 23
22
2%
578
4
*109
44%
95
15%
2%
5%
127
3%
*86
xi
11%
41%
41
30
*140
share
66%May 22
7i2May 22
•
147
40%
6%
150
Range for Previous
Higheni
l63gMay 21
72
100
6% preferred
Intercont'l Rubber
Interlake Iron
16,600
2
110
10%
47%
40
6%
7%
109% 109%
12
12%
47%
463g
*2%
3%
110
127g
45%
*2%
3%
42
40
100
3
*38
116
42
20%
147
145% 145%
2%
2%
2%
5%
*41%
*27%
*277g
*14%
*2
40%
*140% 147%
2
22
144
Interchemlcal Corp
•?
95
*138
*18%
1%
*19
25%
*2%
73s
7%
144
40%
4%
21%
1:
20l2
117
107g
42%
1%
18%
142
7
4
U7
18%
2%
2%
5%
19
3
t Interboro Rap Transit
Certificates of deposit
500
3
*90
6%
1%
1%
3
97
"
*18
*2%
*2%
258
25
3
Inspiration Cons Copper.. 20
Insuranshares Ctfs Inc
1
700
per
5
par
12,200
1,200
5
10
2 34
24
jq
11 No
3,600
*478
24
S
Ingersoll Rand...
No par
6% preferred
100
Inland Steel Co.......No
par
9%
8%
9%
5%
Refining
Industrial Rayon
72%
71
25
*2%
3%
7%
3
V;
*95
97
!
2%
*2%
2%
5
5
24
27%
*2%
5
5
2%
3
*25
97
5
5%
*4%
*18%
Par
„
Indian
700
17%
72
5%
3471
Range Since Jan. 1
On Baeit of 100-Stare Lott
EXCHANGE
•Week
May 31
j
6
4
19%
109% July
21% July
62
Jan
6% Sept
22% Mar
Jan
110
Apr
24% Feb
169% June
20% Mar
Sept
June
16%
Jan
36%
Apr
3
28
Apr
35
Aug
130%May 10
124
Feb
135
Nov
2834 Jan 3
31
Apr 15
1284 Jan 4
18
Aug
33%
Oct
25% Sept
11% Sept
25% Apr
43%
Feb
60
Jan 25
35
Jan
38
Mar
8
1
67
19%
40
Sept
Jan
Sept
6% Sept
4% Apr 18
77g Mar 11'
6
35% Feb 28
32% Apr 16
9
Apr
Apr
30
Nov
27
Nov
29
Nov
5
Apr
Oct
15*4 Nov
123a
10
Nov
10
Apr
10
Oct
1
Apr
4%
Apr
5% sept
378 Aug
9% Apr
17% Nov
17%May 9
17%May 9
16% Jan 17
l%May
5% Jan
8% Mar
15% Feb
4734 Apr
1434 Apr
9
5
29
21
16
15
407g Jan
8
3234 Apr 15
170
Mar
2
53% Jan 4
4% Feb 23
30% Apr 3
105
Mar 29
16% Jan
17% Apr
111
29
8
8
Feb 24
Apr
3
9% Apr 25
47% Jan
3
1278 Jan
8
Apr
20% Aug
2
May
30
Sept
2034 Aug
155
40'4
Nov
Apr
3% Sept
2484 Dec
93
Jan
10%
9%
Apr
J an
88
Jan
15% Apr
6% Sept
39
Sept
8% Apr
7%
Oct
2% Sept
8% Mar
4588 Nov
8% Dec
67% Jan
37% Sept
176
53%
July
Oct
6% Mar
36% Mar
105
June
15% Aug
17% Nov
108%
Dec
25% Dee
10«4
Jan
69% June
18% Sept
>
•
Bid and asked price ; no sales on this
day.
$ In receivership,
a Def. delivery,
n
New stock,
r
Cash sale,
i
Ex-div,
y
Ex-rights,
1 Called for redemption.
New York Stock Record -Continued—Page 7
3472
AND
LOW
SALE PRICES—PER
HIGH
SHARE.
NOT PER
CENT
fnr
Monday
| Tuesday
new york
May 25
May 27
May 28
May 29
$ ver share
$ per share
45s
412
$ per share
$ per share
45s
4h
20
19
19i2
6
94
6
*90
6'8
55g
94
4's
1912
97
'
17i2
5l2
♦90
9
4l2
57g
57g
97
*90
8*4
75
75
*55
75
*55
*2412
2512
2514
25l4
*577g
2514
*234
3
234
27g
25g
234
234
12*8
1212
13«4
2412
*1212
*24i2
734
13i2
2412
678
73g
1134
12>s
25*4
25i4
12
27
26s
25j(
2714
77«
121g
2734
*27
*95
100
2'2
8
8
h
134
•l«
100
2,100
8i4
3j6
*7i2
h
17g
12
8i4
'it
2
h
17g
*i8
U
10h
14
1134
14
10i2
14
i4
11
1012
a;1034
ar91
9134
89i4
90
114
114
3434
*33
37
3314
*3112
24
*23
25
23
10
1058
125g
*155s
1334
978
3534
1312
1012
278
♦23
1412
17l2
27g
17i2
27g
25
278
14
25
25
*834
934
5934
*9
978
*55
59
59
*101
108
*101
434
47«
*412
*40
*40
44
4
4
12
*12
12
103s
4'8
17i2
1712
108
434
37
56
*37
45
23
*103s
2312
10l2
13i2
167g
*23
912
95g
5914
5834
*101
414
412
*37
4
4's
13
12
12
18
16
173«
3
24
*7
*7i2
634
78
I4I4
*71
15i4
15i8
*7'4
83s
6's
512
*71
80
1534
61
*62
66
108
*101
44
1214
8
55g
*71
14i2
*140
169
*160
167
13712
♦
13712 *118
"l'oh
166g
6
6
578
50
50
sn2
5
434
5ig
"
8i2
83g
8i8
*27i8
2878
*28
*20i8
433s
45g
*7»4
45s
*26ig
458
814
8
"l4l"2
17
6«s
52i2
514
834
X160
1478
16i2
578
6
6
4912
50
434
5
50l2
5
3434
*81g
*255g
30ig
43
*27
43
834
*1514
*70
80
41
*39
42
103
75g
658
33
1038
938
103g
33l2
1058
11
11
3H4
9i2
9i4
1638
17i2
23
23
17i2
*23is
93s
1012
6ig
5D2
5>4
9
180
180
105
105
1558
16i8
*49
52
4712
17l2
*84i2
5l8
47l2
18l2
88
53s
*ion4104i2
*27i4
2i8
28
*25
32
23g
*217g
157g
*50]8
48
18
*8412
7
*90
a:4534
7
*1538
*70
*90
46
44l2
34
34
103s
10
103g
10l4
103g
108s
1014
I8I4
IOI4
18l2
18i2
3l2
5i2
5i2
*3i2
*5
6i4
12
9
9
*97
9934
3
*258
7i8
*234
*2012
22
*42
50
*115i8 118
45
46
978
9934
3
1214
130
77g
*20l2
22
*43
50
*115lg 118
46
16i4
57g
6is
113g
1218
12ig
912
9984
25g
117g
9
812
*97
25g
lll2
*120
7
6
130
758
*2212
*20l2
24
*42
50
2134
*115l2 118
4312
45
6
5
5l2
2i2
*834
212
2i2
212
2
2j8
878
115
9
4
4»4
*978
26i2
36
2614
*35
9
36
9
115
9
8
*
35g
*97
234
12ia
*120
73g
16l2
10i4May 21
910
9i2
9i2
3,700
Omnibus Corp
6
75$May 21
95 May 23
98
234
123s
128
8
*23
26
*20l2
2134
*42
48
*115i2 118
45i2
46
534
2U
6
8i2
23s
93g
414
200
5
32
16l2
16
98
*97
*
"
»
-
—
-
-
—
27g
*20i2
21
*42
46
*45
534
•
*2i4
684
25g
*
*
~
h
^
m
1,480
Pacific Coast Co
2,080
2634
2634
267g
~~5~,900
373s
37
107g
*9
3714
10l2
1,400
*9
*114
1187«
115
Bid and asked prices; no sales on this day.
t In receivership,
a
No par
2d preferred
No par
Pacific Finance Corp (Cal).lO
Paciflo Gas A Electric
25
800
Paclflo Ltg Corp
Pacific Mills
140
9i2May 21
25i4May 22
33
May 22
Pacific Telep A Teleg
*130i2 147l2
33s
5
10
1st preferred
920
438
3738
314
..
100
Pacific Amer Fisheries Inc
263g
147l2 *130i2 147l2
3i2
3i2
3l2
No par
Preferred
2,700
2658
3712
87g
314
No par
conv
Owens-Illinois Glass Co. 12.50
26l4
4
130
100
2,700
36i2
*3i2
2i8May 22
lll2May 21
May 21
7
May 21
21 May 21
20 May 23
47
May 24
115i8May 24
43i2May 28
5
May 28
2
May 22
8
May 22
33gMay 22
No par
No par
1st pref..No par
Outboard Marine A Mfg
5
—
^
11
115
Collins
Outlet Co
—
27'4
120
$5.50
300
38
*114
100
Otis Steel Co
6,400
914
884
4ig
*10
(The)
Otis Elevator
48
*11512 118
Co..2.50
6% preferred
10l2
116
Oppenheim
3C0
2,900
77g
24ig
73g
24i8
Pharmacal
8% preferred A
130
*97g
83s
Norwich
-►
I2I3
278
12
*120
mm-*"*
Telegraph-_.50
Norwalk Tire A Rubber No par
Preferred
50
1,000
2h
23g
*25
Northwestern
50
30
*28i2
1
50
100
North States Pow $5 pf No par
*10212 107ig
4
914
North Amer Aviation
8,000
5i8
50
50
Northern Central Ry Co
Northern Pacific Ry
40
May
145gMay
47i2May
47i4May
15
May
85 May
4i2May
101
May
27 May
2i8May
10
6% preferred series
5H % pref series
41,100
11
4
North American Co
2,100
33s
*13612 147l2 *136l2 14712 *138
35g
8i2
1612
53
48
*4912
*97g
43g
11
9i4
116
No par
I8I4
85
24
10l2
2612
No par
175s
85
I6i4
584
105
Oliver Farm Equip
183g
8534
11
100
Ohio Oil Co
175g
*8434
1512
May 22
1,200
1758
8412
32
175
1,100
7,100
48
*25
100
6
50
483s
32
May 23
1212
50
48
*25
20
6
50
48l2
32
Jan 30
1212
50
1614
92
25
21
22
22
14
31
15
24
22
15
32
May 20
14i2May 27
534May 21
20
11,200
I6I4
4812
584
,
Adjust 4% preferred
16
53
*84
14 Apr 4
13i4 Jan 15
N Y Shlpbldg
Norfolk A Western Ry
4812
19i8
3s Apr 12
600
105
88
100
100
105
165s
*21l4
Apr 27
May 16
i"5oo
Def. delivery,
No par
122i2 May
5734 Oct
47
Sept
37U Mar
3
2
3078 Feb -1
16
Apr 18
185s Apr 4
207g Jan 9
5ig Feb 16
4018 Apr
31is Aug
22i2 Sept
9i2 Apr
177g
Oct
30
Jan
37g Aug
Apr
Sept
83
Mar 29
50
Apr
111
Mar 14
105
Sept
8U Feb 16
53
Apr 8
7«s Feb 16
4
Aug
7
Jan
3
6i2 Apr
8
14
4
6
3
7i4
2678
157s
12U
Mar
Apr
Jan
Jan
62
14
Aug
207g Nov
77g Aug
1834 Sept
7l2 Sept
215g Sept
14778
10i4
87
173s
Oct
Apr
Sept
Apr
1418 Dec
18U July
Jan
1212
Jan
4
117i2
114
4ig
4i2
Oct
6i2
28i2
Feb
83
Oct
Apr
Apr
July
55s Aug
4334 Apr
33ig July
Apr 29
Jan
0
4
7512 Mar 9
14i4 Feb 20
Apr
41
Deo
25s Apr
8i8 Sept
18i2 Apr
73i8 Mar
32
Apr
105i4 Sept
39
3
30
106
47
Apr
la4 May
47s July
3
59
Jan
8
58
Jan 10
26a4 Jan
3
90i2 Feb 20
9?4 Jan 3
Jan
Jan
59i4
SOU
53s
lli4
Jan
Apr
Oct
Feb
29i2 June
87l2 Aug
42
July
112i2 June
23i4
25i2
45'4
43i2
1034
Sept
Sept
Sept
Sept
Feb
Sept
15U Sept
120
Mar
02
Mar
Dec
3jj May
5i4 Sept
1'4 Sept
17
Sept
85s June
70
Apr
313s Dec
94i4 Dec
33i2 Dec
Jan
217
Nov
103i2 Sept
113
June
168
185s Apr
6238 Sept
5012 Sept
125s Apr
Feb
597g Aug
82
Jan
89
7
June
113
Mar 2^
100
36
Apr 29
29
Sept
Sept
203s
59
Aug
2914 Nov
1434
Nov
Jan
113
Dec
40
Oct
3
2'4
Apr
42i2 Jan 12
3218
Apr
0i2 Nov
4434 Aug
6
Aug
101i2 Sept
5i8
Jan
16i2May 29
834May
7
23l4 Apr
143s Mar
4
4
112
Mar 28
578 Apr
183s Jan
144
123s Jan
41
4
4
Feb 19
3
Jan 11
j.418 Sept
Sept
100i2 Sept
434 Aug
155s Sept
12
128
7l2
33
Oct
Apr
July
30
Jan
20i2 Mar
113i2 May
8i2 Jan
2718 Jan
148i2 July
10
Sept
55i2 Sept
20i2 Dec
10i2
40i8
114i4
Apr
Jan
54
Dec
Jan
120
Dec
0
50
Apr
70
Jan
10's Apr 26
634 Jan 6
3
Aug
3234 Apr
4
55
Jan 22
120
Jan 17
645s Jan
23s4 Feb 13
12i2 Jan 4
14
Apr 15
345g Apr 15
Jan
3
10i4 Jan
4
50
218 Apr
lli4 June
334 June
934 Apr
27i2 Apr
41
9i2
Apr
Apr
139
Mar 12
114
Apr
147i2May 21
3i4May 18
154
Jan 24
128
Sept
y
Sept
15i2
20
118i2 Mar
lis
Jan
82
178 Sept
4
23 »4
Aug
Dec
Jan
113i4Mar27
10
July
83
6
4
Feb
3514 Sept
May
119
3
3578 Apr
220i2May
Jan
1731s Aug
145
Nov
5s Jan
i* Jan 11
207g Apr 22
134»3iMay29
Jan
27i2
17»4 Sept
Ills Sept
10i8 Apr
18i2 Apr
Feb 20
Jan
Mar
02
27
3
4
115i2Mar 11
llli2 Apr 30
167s
Apr
3
Jan
183s
100
Jan
Apr
8i2
Jan
187a Jan
2114 Jan
33i2 Mar 9
8i8 Apr 22
1214 Apr 22
Jan
Mar
Jan
10
Apr
Apr
Apr 11
Mar 13
Jan
83s
2018 Sept
10i8 Sept
14i4
6'4
Nov
Apr
May 25
Ex-dlv.
Jan
17i8 Nov
95i8 May
23'4 Sept
26i4 Jan
10
Sept
18i8 Aug
Sept
52
934 Jan
15
Sept
1438May
2
Deo
28i4 Mar
175
107
132
66
9i4
110
22i2 Apr 9
1733s Jan 31
Jan 31
43i2
85s
103s
253s
Jan
44i2 Mar
1434 Sept
70i2 Dec
llli2 Nov
9i8 Jan
43i2 Sept
53s Sept
8U Sept
Sept
1778 June
152
Sept
06
7U
May 31
8i2May 28
10i4 Apr 15
24i2 Jan 24
170i2 Mar 6
19
Apr 1
99i2 Apr 17
20i2 Jan 3
16*4 Jan 8
133s Mar 12
18&S Apr 17
116i2 Jan 3
114
Jan
Apr
Apr
9
3
19
Oct
May
1014
30
21i2 Apr 30
21
10
Feb 28
22i2 Jan
Jan
11434 Sept
l534Mar 20
39
Jan
Apr
Apr
115
x
Jan
Mar
Sept
Jan
Feb
1478
23s
Deo
100
6% preferred
100
Pacific Tin Consol'd Corp___ 1
Cash sale,
July
112
56
45
5s
103s
8534
May 21
r
63s
54
934 Jan
li4 Sept
2'2 Sept
8
New stock,
114
121i2 Jan 30
1
Aug
25s Aug
38 July
No par
n
Dec
121
l8 Apr 27
2412
110
157g
48
Corp part stk._l
7% preferred
100
Noblltt-Sparks Indus Ino
5
*105
157g
110
100
$N Y Ontario A Western.. 100
200
8,300
110
15lg
60
_
May 21
100
Conv preferred..
23,200
107l2 *105
5l2
4
12
197g
183
5l4
*978
*14
187g
134*32 134*3!
183
16i4
JN Y N II A Hartford
700
183
26h
10% non-cum pref
N Y Lack A West Ry Co.
».
104
Sept
Sept
91
434May 22
60
8«4 Aug
18
40
120i2 NOV
85i2 Jan
110
5312 Apr
878May21
15 May 21
20i2May 21
3i4May 21
..No par
N Y A Harlem RR Co
2,300
X183
*211S
•
»X6
180
7l2
223g
46
rn rn .
5s
180
08s
*97
«
»i«
*22
1212
12
7i2
h
5% preferred
Apr
8
7g Jan
193g Jan
50
6% preferred series A__.100
'■
i4
Apr
Dec
Jan
38 Jan
30i4May 21
9i4May 21
No par
NYC Omnibus Corp..No par
New York Dock
No par
50
*46
Apr
Nov
058 Jan
28i2 Jan
21i2 Sept
39i4 Jan
1678 Sept
118
Jan
110
N Y Chic A St Louis Co__.100
50
Apr
183s
Nov
63
May
Jan
100i4May 24
44i2May 31
6i8May 24
No par
New York Central
500
*103i2 108i2
*100
117i4
1
N Y Air Brake
200
6
100
10
Newport Industries
5,300
1,000
4i2
*23
26
6ig
*120
25
24
1212
9lg
12
*22
*14
5
5
55s
Sl4
53s
105
*102
105
107ig *101
30
*29
*2912
30
2912
2912
23g
2i4
23g
*214
212
2i8
130
11S4
*
h
14
19
2014
17i4
18i2
20U
134i« 1341J» 1341!# 134li« 1349S2
24 ig
*312
*538
7
53s
14 7g
6
lli4
h
3,500
1,600
36,600
1,500
73g
3334
10
May 22
5% pref series A
7i4
7
33
May 21
May 22
36
Newmont Mining Corp
1,300
10
14
75
._
44i2
3258
1
4 M% conv serial pref.
100
Newberry Co (J J)
No par
105
105
7i4May 21
100
100
Neisner Bros Inc
300
Apr
0i2
lUs
73
3038
119
li8
484
7384 Jan
No par
40
6% prior preferred
41
113s Sept
25
105s Oct
10H2 Nov
143s Sept
8
2
3
8
3
4
2
87g Jan
No par
preferred
Apr
27
Natomas Co
conv
5H % prior preferred
80
*38
No par
45gMay 24
8
May 23
26l4May 24
40i2 Feb 10
3i2 Jan 4
$2
17
17
80
May 29
l37l2May 21
13i2May 21
55gMay 22
48
May 21
National Tea Co
500
39l2
*100
*25
912
zl60
National Steel Corp
__25
National Supply (The) Pa__10
5,400
Aug
148i2 Jan 29
14i8May 22
Nat Mall A St'l Cast Co No par
800
23i2
4l2
18212 182i2
*105
514
5
100
100'
National Pow A Lt
1,000
10734 *103l2 108l2 *103l2 108i2
*100
117i4 *100
11714 *100
117i4 *100
117l4
54
*46
54
*46
*46
50
55i2
14
*3i«
,_8
14
14
14
84
*h
*l2
»16
*12
23
52
5134
May 29
5i2May 21
May 18
80
10
7% preferred A
4
8
Co
1
preferred.No par
6% preferred B
1,100
5,200
3,300
6ig
778
108121*104
23
1634
6
conv
National Lead Co
—
478
177g
6
*h
I7h
"l634
—
*784
23i2
6
114
$4.60
100
137'2
*434
17
5i2
h
169
*
No par
Nat Enam A Stamping No par
5,600
*150
10
preferred
Nat Gypsum
—
784
2212
312
5l2
173s
6%
100
16
No par
No par
Nat Distillers Prod
6,100
78
434
16
5
114
8
6
*7i2
*71
*8
22
*35g
*14
163s
100
Jan
May 18
l6i2May 21
984May 22
6
May 21
12i2May 21
l08i4May 15
107 May 23
3 May 28
55gMay 23
17i2May 22
100
100
Nat Dept Stores
3,600
1514
Day
185s
3l2
*102
6
19
__
7% pref class A
7% pref class B__
1,100
*584
1512
137l2
Nat Dairy Products.
50
1834
534
237g
3l2
108
20
Exchange
16
National Cylinder Gas Co.._l
43
3912
*8514 105
4534 4534
49
32l2
712
12,900
*27
*70
1712
80
41
7
13'8
*10884 109i2
*10678 109
35g
312
May 31
91
Nat Bond A Share Corp No par
Nat Cash Register
No par
100
21
21
21
934May 21
: l734May 28
l55'8May 23
100
6% pref series A
-
2,500
1,300
Memorial
160
mm—
87«
43
434
734
*15i2
*70
7
IO84
♦27
*1512
978
18
103g
834
Xl25g
■
«
'
17I2
31
*1614
6
78
cum pref
100
Nat Bond A Invest Co.No par
30
45g
80
*47i"2
14
89
*2814
734
42
♦
*10
*80
Stock
Biscuit Co._____.10
National
10,000
5
7%
30
45g
*39
4734
I8I4
8
10
6% conv pref
Nat Aviation Corp
3,600
g
478
*70
103
*814
*0
8
7»4
1612
"47"
177g
Nat Automotive Fibres Inc.. 1
500
812
11
*15514 166
Closed
8
7
8
1
National Acme Co
22
lli4May 21
13i2 Jan 13
63gMay 28
Nashv Chatt A St Louis._. 100
11,500
1,200
1C12
5
Nash-Kelvlnator Corp
250
183s
634
97i8May
4
May
42i2May
3»4May
Myers (F A E) Bros—No par
li'eoo
43g
17i2
*
"le"
*
4
56
100
preferred
21
21
14
21
22
May 28
May
15 May
2%May
20 May
8i4May
Murray Corp of America..10
44
*37
4J8
5%
*115s
8l2
57g
1434
Murphy Co (G C)
1,200
"3",700
•468
1112
107
*15l2
4l2
8?8May 22
12
No par
No par
No par
preferred
$7
Munslngwear Inc
108
4i2
183g
634
139
*150
*
100
1112
78
1414
110
10
17ia
«•*«.
8i2
578
534
*71
23
*9l2
May 23
113i2May 27
3l34May21
33i4May 21
2234May 21
1
B
Mull ins Mfg Co class
1,000
23
9%
1034
1014
1834
3
27g
638
034
634
812
8l2
9l2
*8i2
97g
1114
IO84
lHs
1014
10i2
19
18
1734
18ig
1878
18«g
18l4
*155
165
*15614 165
*155i4 166
*155*4 166
15
14
*10
14
16
*107g
*10t4
*1018
90
*83
*83
89
*80
973s
95i8 *80
19
*16
*15
*16
18
18
18
1712
11
105g
1058
1034
107g
lOig
1012
1084
8
8h
8i2
8l4
8>s
*8i4
8'2
*8i8
13
14
13
1334
125«
13l2
127«
1312
108l2 1085s *108l2 111
*10812 10934
*110i2 111
108
*108
1083s *108
1085g
10858 *108
108l2
3
338
3'8
314
3U
*314
35g
3»s
6
6
6
*534
578
*5«4
*534
578
19
19]8
1912
18Jg
18i8
1834
18i4 a10i4
m
16i2
110
No par
Morris A Essex
50
Motor Products Corp..No par
Motor Wheel Corp
6
Mueller Brass Co
1
600
1634
»i«May 14
9i2May 21
89l4May 28
Mills. _—20
10
Jan 20
434 Apr 24
Apr 25
48
*i« Jan 26
Montg Ward A Co. Inc.No par
220
7
3278 Apr 8
12i4 Apr 10
17%May 9
4018 Apr 8
14
3jjMay 18
ll2May 22
$4 50 preferred
No par
Preferred series B—No par
2,100
28UMay
July
No par
100
preferred._____ 100
2,900
*13
Feb 21
3
11
Morrell (J) A Co
1314
397* Aug
28'4 Dec
7i8May 21
80
10i2
5
6
10
J Missouri Pacific RR
120
60
2
110
26
7% preferred series A—100
14,900
6
May
99i8May 24
2i8May 15
May 21
4,100
77
May
82
44i4 8ept
10314 Sept
25s Sept
36
Sept
No par
Mo-Kan-Texas RR
37
85
34i2 Mar
6'8 Jan
8
112
3014
Aug
July
Apr
Monsanto Chemical Co
1153s 1153s
Jan
6
64
5% conv
Mohawk Carpet
*33 J8
37
65$ Aug
88
3
101
1,400
2334
*16
44
334
4'4
1,400
127g
27g
108
4ig
14
1112
4
Apr 15
145gMay
26
share
1
1
9
91
233g
24
*101
112
100
zl0l2
,
3
2314
'*9l4
•
♦33U
1634
234
112
*115i8 118
36
3684
23
11
34l2
1034
16
112
hi
*3U
1,200
2,600
Jan
Highest
share $ per
May
Mission Corp
300
9i4
per
122
$0.50 preferred
-
178
1114
895s
91
-
8ig
l2
*is
I4
1034
90
11312
37
347s
34i8
*3112
*2214
1014
1314
ht
~
834 Apr
32i2 Apr
107
$
share
May 24
33l4May 21
103
4% conv pref series B...100
Minn Moline Power Impt__.l
160
3
37
No par
8% cum 1st pref
100
Minn-Honey well Regu .No par
1,200
3
90i2
*112
3834
Co.No par
5
Co
Mesta Machine
230
*30
i4
1058
114
11312 11312 *112
118
*115
11312 114
Midland Steel Prod
3
90
h
1,400
lli2May 21
23i2May 21
35
2
h
3,200
1214
28'4
1
60
Merch & M'n Trans
600
4,600
3
8
2
100
5
5
Mid-Continent Petroleum..10
(The)
5% conv 1st pref
14i2
8lg
1
Mengel Co
350
*30
212
Feb
Miami Copper
Melville Shoe Corp
1,900
27
3834
64
5314 Feb 6
24i2May 24
2i8May 22
lli4May 22
12
May 21
24 May 22
0l4May 21
$5.50 pref ser B w w.No par
_
""766
2784
105i2 107
39
$ per
May 31
7i4May 28
No par
series A .No par
$0 preferred
20
70
734
106l2 107
39
<
share
90
100
6% conv preferred
Mead Corp
80
78
12
12
1,900
1,900
257g
2 84
1312
Year 1939
Lowest
Highest
4
May 15
l7i2May 28
5 May 21
13 series conv pref.—No par
McLellan Stores Co
1
9
27
*92'8 100
*i8
*is
14l2
*26l2
7i4
35
h
13'2.
38
37
*27
2
2«4
*12i2
73g
35
*2
17g
78
75
$ ver
Bobbins, Inc.—5
McKesson <fc
93
8i2
*6212
*59i4
2578
25g
13i2
*1212
Par
6,000
6
*55s
1940
Range for Previous
100-Share Lots
Lowest
2,100
43s
19
90
8l2
26
13
26
8
814l
12
17s
78
12'4
257s
263g
10712 10934
12l2
2734
57g
96
8'4
*0212
75
*28
35
*8
24Ig
6l2
115g
87i
393g
39l8
*92iS 100
3
278
38>2
*92i« 100
37i2
*273s
*12
1412
109
108
105
105
26
Shares
4ig
75
*1212
$ per share
18i2
26
13
Week
4-^8
80
13
May 31
1934
*61
13
May 30
414
*24'2
13
the
18^8
19
714
*62i2
87g
834
*8i4
*6212
Friday
$ per share
1
On Basis of
stock
1,
exchange
Thursday
.
Range Since Jan. 1
stocks
Sales
JOT
Wednesday
Saturday
June
Vs
Jan
Ex-rights.
4
0i2
Dec
712 Sept
778 Nov
25
Nov
15i2 Sept
1234 Mar
3434 Mar
52
Oct
2112 Sept
132
June
150ij July
7i2
Dec
1 Cahed for redemption.
Volume
New York Stock Record—Continued—Page 8
ISO
Sales
for
LOW
HIGH-SALE PRICES—PER
AND
Saturday
May 25
$ per share
$ per share
*5%
6%
*5%
234
13%
278
14%
2%
135g
13
*634
7»4
*i«
*634
29
*
101%
2934
4%
67i2
7
101%
478
*6412
*
7
*15
68
33i8
15
14%
2
3314
*16%
1
1
6%
6%
6i4
*134
*2
*43
2%
76
2
2%
2
;
% 2%
*1212
13%
*11
30%
4%
68
534
7%
33
3234
*16
16%
%
17%
1%
6
7%
6%
6%
7%
*45
47
74
75
2
;■ *2
2%
2
2%
14
14
*12
13
12
*11
12
14%
7384
1%
?;■
16
18
17%
1714
26%
*1534
25%
*1
2
*1
7
15%
15%
1534
1534
26
26%
26%
*1
2
6%
*15%
7%
2034
*6%
21%
22%
21
21
22
7
22%
13
13%
15
12%
13%
1434
*16%
6%
6%
20
17
17
*16%
13
19
27
37%
14
6%
vV 6%
6%
6%
6%
30%
2834
37%
71
*37
U
40
27%
37%
*71%
*%
37%
76%
*62
*16%
7%
*6%
*6%
2934
*634
76%
71
-
%«
75
*27
35
35
2834
*238
*2%
3
37
8%
2234
8%
2234
*
29
234
234
*37
37
28
30%
29%
29
35
39
9
22%
22%
*2*4
8%
42%
76%
100
*16
1,800
22%
22%
41%
2934
*2«4
22
*37
300
2,200
41%
500
//. 3
9,600
100
22%
A...No par
v t c No par
No par
50
Peoples Drug Stores Inc
5
Peoples G L A C C(Chlc)__100
Peoria A Eastern Ry Co
100
Pere Marquette Ry Co
100
5% prior preferred
5% preferred
Pet Milk Co
100
100
No par
Petroleum Corp of Amer
Phoenix
41%
4
16%
r-T 4
4
4
16%
4
16%
*14
16
16
17
18
18
400
*5%
6
*5
6
*5
6
6
6
200
65
*58
65
5%
5%
*40
♦57
65
*55
65
"*3% "4% **"266
4%
5
*17%
6%
20
*58
*12
■v
14
534
5
7
7
6%
65
14
1134
1134
25
25
25
9
8%
8%
5%
5%
5,600
Pitts Screw A Bolt
8
1,000
Pittsburgh Steel Co
8%'
Exchange
9%
9
'
i
-•'
mm +
----
16
16
6%
:
16%
17%
7%
16%
*10
131#
*%
1534
*10
*t%
7%
634
*4
834
*25
55
55%
33
128
*10
*22%
6%
8
*8
,
%
500
21,000
8%
*8%
*24%
30
8%
103
102
*74
*75
78
97g
*10%
4%
5% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J ..No par
102
*114% 117%
200
127% 127%
300
127
127
*65
49%
*5g
10
12
*11
*10%
4%
4%
4%
100
*65
50
4%
16
15
v
16
16
*15%
16%
13%
15
16
16%
24
25
25
25%
10%
10%
10%
10%
20%
20%
17
17
18,600
"l'ioo
10%
12
2,500
4%
4%
30:606
*65
95
"2:800
51%
800
*16
1634
200
16
16%
7,100
26
26
*10%
12
10%
234
2,400
27%
10%
2,100
22
*20
22
*20
22
*20
22
100
18
*17%
19
*17%
18
18
18
400
234
*2%
*32
10%
*6%
*8%
6%
*2%
*32
40%
6%
6%
6%
6%
634
2%
40%
284
*2%
*32
40%
6%
634
*6%
*684
10%
6%
8%
934
■
*2%
*32
6%
7
*634
8%
*8
100
42%
40
40
*39
43
*40
6%
43
66
50
50
*45
52
*45
52
1%
1%
'"lU
1%
14%
*71
1534
15%
16%
74
*64
6734
*72%
6534
9%
8%
1%
14
1%
15%
75
*72
*63
8
1%
6434
9%
6%
1%
1%
15%
75
6534
634
6%
16%
15%
40
C7
*8
6%
10%
.
100
4,400
400
10
1%
16%
12,400
63,900
75
75
*74
78
*62
9
67
*65
6734
100
93g
1,900
9%
9%
9%
1
62 preferred
........25
Reading Company.....
50
4% 1st preferred.....—50
4% 2d preferred.........50
Rayonler Inc
*16
22
*18
22
*15
22
*17%
19%
*17
75
*65
75
*65
74
*65
74
*65
39
40
40
*42
55
*42
8%
75%
75%
A Co 1st pref—100
Reliable Stores Corp...No par
Reliance Mfg Co
10
Remington-Rand —.....—1
Preferred with warrants..25
Rensselaer A Sara RR Co.. 100
40
"9%
*75%
9%
*75%
9%
85
9%
78
9%
*52
7%'
7%
734
mm
35%
6%
35
35%
*52
6%
3534
6%
3484
52
52
53%
6%
6%
*4%
*3%
1234
*%
5%
1234
1
|
30%'
29
5
*4
13
*4%
5%
*%
*%
*%«
*4
5
37
37%
96%
9612
*2%
*4
3834
96%
20
20
21
4%
|
|
13
1
30%
*«!•
*2%
6%
6%
30%
%!
71«
4%
!
6%
5
*3%
11%
*2%
I
934
84
12%
1
7
7
34%
3434
52
52
52
52
-
6%
*5
6
*3
1
*13
*34
30%
30
%
%
%
*%«
716
**.
•it
*2%
4
*2%
100
13%
1
"1:666
30%
1,900
%
100
*%
7l«
4
10,600
5%
13%
*34
10,100
200
63s
5%
30
3,000
1,300
5
5
13
J
6:
Bid and asked
5
67g Feb
200
1
4
154
Mar
7
Jan
Apr
35
July
31%
Apr
46% Sept
9
2
Aug
3% Sept
66
8
36
Jan
45% Mar
6
Aug
May 29
23
Apr
May 21
10%May 9
28% Apr 26
49% Jau 5
Feb
35% Mar
110
Mar 12
Oct
51
Sept
Sept
Jan 17
7
9%
31% Sept
Apr
12
May 24
27% Jan
4
12
Apr
5%May 24
6434May 22
933 Apr
4
4
Mar
32% Sept
14% Sept
60
Apr
95
Sept
175
Aug
2
Sept
4% Aug
4
6%
16
80
2%
4
May
6
154
May
6
168
,
Apr
154
May 22
176
May 10
4%May 15
5
May 15
l6%May 22
10 May 21
19
7
May 21
May 21
8% Jan
II
Jan
158
Apr
Apr
34% Apr 25
22
1934 Apr 8
May 10
12% Aug
37
16% Apr
8
18
June
6
Sept
Aug
142
%May 29
6%May 21
63gMay 21
21
May 21
53% May 22
ll2%May 22
32%May 21
100 May 21
110%May 22
127 May 29
15
2% Feb 27
147s Jan 3
14% Jan 3
42%May 9
71% Apr 16
118% Jan 2
43% Apr 8
115% Jan 11
May 22
165
115
May 21
118
90
%May 15
l5%May 22
17
Aug
June
117% Dec
£22% Aug
6% Aug
6384 Aug
4178 Sept
11«4 Sept
90% Mar
81% Jan
1034
18% July
40
60
1
3
4
8
Jan
3
8
Sept
Sept
Jan
11
Aug
16
5
Aug
8% Jan
85% June
6778 Jan
278 Jan
85% June;
53%
Apr
1% Deo
16% Apr
6% June
12% June
10% Apr
Nov
23% Sept
19
Dec
28«4 Dec
2284 Sept
20% Sept
2884
16
27
2%
July
Dec
4
40
Dec
54
7
Apr
16%
6%
Apr
10
9
Apr
9%
Jan
8
9
Oct
Sept
5% Sept
Jan 12
13
Mar
Oct
Nov
Dec
14% Sept
17% Jan
5734 Apr
50
Dec
75% Mar
69
Jan
60
Apr
75
2
Apr
23% Jan
% July
1278 Apr
28% Sept
13% Feb
10% Jan
May 28
May 28
May 15
May 21
70
4% Feb
65
Mar
23
2478May 23
6%May 23
6%May 21
8%May 21
6
May 22
Dec
Feb
Aug
Aug
Aug
31% Apr
101% Sept
166
17% Apr
26% Apr 10
May 22
Sept
66
119«4
4184
114%
128%
143
37%May
134May 21
49
Apr
Apr
297gMay
l3%May 21
May 28
978May 28
20%May 25
24
Apr
Mar
Sept
15% Feb
15% Feb
7% Apr
90
Apr 16
69
Apr 8
178 Jan 29
23
Apr 4
48%May 21
.
Jan
16% Sept
I684 Sept
111
May
89
Apr 15
18
60%
112
Sept
2%
Sept
1 l%May
9%May 21
May 23
4%May 23
Aug
6% Sept
17
1678 Sept
147
97%May
11
6
Sept
129
32% Jan
73%May 28
% Aug
Dec
2% Sept
24
112
2
Feb
6% Apr
7% Aug
149
2
Apr
Jan
l678May 21
7
May 21
85
Apr
17% Sept
48% Oct
25% Oct
40% Sept
20% Sept
Apr 20
Mar 29
128
145
143
%
11% Sept
16% Sept
Nov
284 Nov
Apr
43
Apr
9584 Dec
80
May
42
Apr
1434 Jan
30% Apr
21% July
89«4
20%
40%
73
92
63
10
7% preferred
100
5% % preferred
100
Reynolds Metals Co—No par
6H % conv preferred
100
Spring
Reynolds
Reynolds (R J) Tob class B.
1
10
-—-10
No par
Rltter Dental Mfg
No par
Roan Antelope Copper Mines.
Ruberold Co (The)
No par
Common.
Richfield Oil Corp
{Rutland RR 7% pref
100
Lead
10
{St Louis-San Francis00—100
6% preferred
100
{St Louis Southwestern... 100
St Joseph
_
39
May 21
May 27
8%May 21
757g Mar 28
6%May 21
34%May 31
62
May 22
57gMay 22
i434May 22
5
May 18
ll%May 28
%May 15
29
May 23
% Apr 19
%May 16
2
Jan 30
.
9%
Apr 17
61% Apr 8
16% Feb 20
96% Apt- 8
11%
Jan
Jan
5334May 14
8% Jan 3
58
Jan
Apr
10%
Jan
6% May
10
Sept
984
17% Sept
15% Sept
34
84 Apr
27% Apr
% June
% Aug
184 May
33s May
2784 Apr
82% Jan
1034 Apr
2% Nov
49% Sept
7% Jan
3
Feb 27
12
22% Apr
1% Feb
4
9
Jan
3
% Jan
2
7g Jan
3
42
5
May 10
434May 18
May 21
31% Apr 26
5%
22
1834
20
20%
21
21
2134
3,200
5%
a Def. delivery,
■■■■.
;.;u,
n New
...
Jan
9
Jan
Dec
45
17
Safeway
1,290
H84
87
July
111% Mar 28
1,700
9734
7% June
78«4 Jan
Sept
May 21
10
3884
97%
Sept
62
May 21
5%
38
97%
Sept
56
35
96
*4
37%
97
84
8
34
5%
*37%
96%
Jan
Aug
37% July
2
May
100
4
37
Oct
Jan
ll%May
Stores
No par
preferred.....
100
Savage Arms Corp....No par
preferred
4
Apr
44
4
96
41% Jan
Sept
234 July
25
4
Mar 25
95
36
{ In receivership,
40
7%May 21
18 May 17
97
prices; no sales on this day.
124
136
Aug
70%May 21
May 21
•
*
Jan 23
Jan 23
91
17g Sept
103% Mar
60
39
*4
% July
Sept
100
A. 100
5
6% conv preferred
6 % conv prior pref ser
Revere Copper A Brass
100
7%
*3
30%'
*%
*s,
"1#
220
55
35%
6%
5%
*%
9
*65
*7%
7%
*4%
29
9%
84
Jan
74
14
Class A
34%
35
53
9%
*66
75
{Reo Motors vtc
1
Republic Steel Corp..-No par
100
74
41
Silk
Reis (Robt)
22
*65
♦
....
Hosiery
6
Preferred
.........100
6%
10%
6%
*
(The)
No par
preferred
...100
5% conv preferred..
100
Purity Bakeries
No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer...No par
65 preferred B
No par
63.50 conv 1st pref—No par
JRadlo-Kelth-Orpheum No par
Raybestos Manhattan. No par
Real
234
6%
62
Pure Oil
40%
42%
6%
4334
No par
Pullman Inc......
6%
76%
10%
10%
25
"8,466
18
934
8%
%
1834
734
80
*20
40%
6%
9%
84
7%
50%
*4
17
25»4
*4034
52
51%
17
*16
*50
61
*65
34
*4
"i«
*8%
95
50
51
434
95
4%
Pub Ser
*110% 114
No par
100
100
100
El A Gas pf 65.No par
preferred
preferred
preferred
6%
7%
8%
90
*147% 14934
18%
15 preferred
,800
*10%
12
*10%
4%
3334
*76%
76%
9%
97*
12
*65
100
50
*534
*6%
75
74
934
15
*2%
75
73%
10%
14%
*32
82
75%
16
*24
*74
934
12
No par
Procter A Gamble
50
102
75%
9%
1
5
60
4,000
82
*73
82
tPorto Rio-Am Tob cl A No par
34%
10134 10184
128
*121
36
1
9
4
*114% 116
118
129
5,200
Sept
Mar
Sept
Aug
Apr
Apr
4
6
"""166
55%
Sept
10%
8%
47%
48%
Jan
Jan
112% 113%
102
113% *114
5434
Sept
25
Jan 11
12% Jan
5% conv 1st pref
5% conv 2d pref.
Sept
40
28%
12% Jan 13
5%May 21
No par
Pressed Steel Car Co Ino
45
Jan
6% Sept
5»4 Apr
4
2
2
% Feb 14
15 May 28
Poor A Co class B
Apr
17
No par
5
Plymouth Oil Co
Oct
13% Sept
l%Mar 12
2234 Feb 9
9
*23% 27
54%
55%
54%
113
113% *112% 113%
32% 33% x33% 34
21
9
Pond Creek Pocahontas No par
~1~806
7
884
26
113
72
6%
*%
150
*65
bajHiW:.';
3,000
16%
17%
*10
}'
1
8%
*147% 149% *147% 14934
149% 150
*109
114% *112
114% *110% 114
114% *112
19
19
18
18%
18%
18%
17%
18%
784
7% i'i;r 7'-A
7%
7%
7%
7%
7%
150
16
7% pref class B
100
5% pref class A
100
5H % 1st ser conv pr pf.100
Pittsburgh A West Va
100
Pitts Y'n A Ash Ry 7% pf.100
Plttston Co (The)
%
%
%
8
180
9%
8%
54
34%
*123
Memorial
17%
6%
102
*100% 102
*112% 113%
128
17%
56
113
113
*112% 113%
3234
33%
*10
6
10
*%
16%
5«4
20
33
19
*8%
*6$
16
%
684
*734
*8%
V
25
j
1
360
15
*26
Closed
•-
15%
9
8%
*778
•wm.
15
84
8%
*53
8%
54%
*%
28
*!%
7%
25
m
19
*12%
Stock
13
28
45
684 Sept
1984 Sept
%Mar
97%May
107% Feb 10
3%May 22
No par
20
Deo
Mar
27% Sept
Apr
85
784 Apr
Mar
17
22
No par
7%
13
33
124
Apr
May
7%
47
2%May 24
May 28
7%May 22
100
734
18
40% Jan
Aug
Sept
36
5%
*26
I
8% Apr
10% Feb
Mar
Dec
5% Sept
Aug
2
Apr 25
24
Apr
30%
38%
1134
69%
9484
4»4
Apr
Apr
15
4
Sept
2% Feb
13% July
36
100
7% guar preferred
5
21%May
Jan
4% Jan
13% Apr
3934 Apr
29% Apr
Jan
Jan
4% Sept
Sept
21
%
3
Jan
26
2% Aug
17% Aug
1134 Sept
120% June
May 18
24>4
Jan
Jan
Apr
74
27%May 22
Pittsburgh Coal of Pa..... 100
6% preferred..
100
Pitts Coke A Iron Corp No par
$5 conv preferred
No par
.—
Jan
16% Jan
25
Jan
Feb
14%
107%
13%
47
48
Feb 17
121
Sept
60%
104
11% Apr
1% Aug
534 Apr
x5% Deo
2% Mar 12
12% Mar 4
10%May 13
62% Jan 5
96%May 8
4% Jan 8
3%May 18
Jan 10
25
734
17%!
17
17%
*23
*168%
36
30
Pirelli Co of Italy "Am shares
5%
5%
7% I
17%
*12%
25
878
*2312
i,: *8%
*168%
....
5%
5%
6%
*168
|,167%
6
44% Apr 9
22% Apr 16
May 28
136
Pitts Ft Wayne A C Ry Co. 100
166
*__-.
Feb
Jan
2
Apr
Sept
Sept
6% Sept
72
Sept
7% Sept
14% Sept
1% Apr
92
6
4
June
%
35
2% Apr 12
% Mar 20
68 May 21
pref...100
Pitt C C A St L RR Co
*14
*334
71
5
Plllsbury Flour Mills
...—
2
10% Apr
ll84May 21
103gMay 15
118% Jan 5
15 May 22
15 May 18
23 May 22
UgMay 18
5%May 21
l7%May 22
ll%May 21
15 May 22
6%May 28
6%May 18
26 May 21
37%May 25
100
600
*33
41%
Hosiery.....
Preferred...
Pierce Oil 8% conv
41%
*3%
5
5% conv pref series A... 100
Phillips Jones Corp
No par
7% preferred
100
Phillips Petroleum
No par
400
8%
22%
*33
*37
ser
Corp
preferred
Pennsylvania RR
80
39
8%
pref
conv
conv
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
$0 preferred
...No par
Phlla A Reading C A I.No par
Philip Morris A Co Ltd
10
31
*36
8%
22
$7
14,600
35
*30
A Coke Corp..
Penn-Dixie Cement
Pfelffer Brewing Co...No par
73%
*109% 120
4%
*334
3
Penn Coa
500
74
39
8%
1,200
*3684
2984
*36
*734
100
...No par
No par
Penney (J C) Co
434 Jan
19% Deo
8»4 Sept
5
8
I
l%May 22
2.50
Patlno Mines A Enterprises. 10
590
*69%
35
10
No par
11%
Apr
9% Sept
45% Apr 5
101% Jan 25
8% Apr
94
Apr 15
18
per share
Deo
3
8% Apr
Jan
Highest
;
7
8% Jan 4
4% Mar 11
25% Apr 4
l%May 21
32%May 28
13%May 22
34May 28
53gMay 21
534 Jan 13
45 May 23
73 May 22
l%May 22
No par
Cp
Penlck A Ford
970
19
29%
>i«
234
37
36
*734
200
7
%e
28%
6%
24%
6%
37%
76%
*30
21,200
17%
15%
*%
37%
....1
Park Utah Consol Mines....1
Parke Davis A
Penn GJ Sand
28%
73
*27
200
7
72%
73
74%
74%
76
*110
120
*10778 120
*10778 120
*109% 120
4%
334
334
334
334
4%
*3% 7 4%
*27
100
5,600
200
*69%
75
3,100
1,100
6%
29%
%
%
7%
7484
2
6%
6%
6%
6%
2834
10
Parker Rust Proof Co
2
15
100
Parmelee Transporta'n.No par
Pathe Film Corp...
1
16
*16%
1
700
27
*22%
19
100
900
*1
1278
6%
3,200
27
6%
preferred
conv
6% 1st preferred
6% 2d preferred
17
2
No par
Paramount Pictures Ino..
600
16
26%
*6%
6%
2978
7%
14
16%
20%
6%
3,300
12
*1
2
3384
16%
1%
*105
*15%
26%
16
26
"i'900
134
1,400
17%
5%May 29
2%May 15
12 May 21
684 Jan 16
%May 22
29 May 25
99%May 7
4%May 21
64 May 23
6%May 21
15 May 21
Park A Tllford Inc
2
2
17
17%
lb" 700
14
12
*105
16%
4%
*11
14%
*11
Parafflne Co Inc
46
z46
46%
74%
2
73%
*1%
7^r
$ per share
Pan-Amer Petrol A Transp__5
Panhandle Prod A Ref
1
500
18
*1
1%
7
7
6 per share
5
800
200
500
33%
16%
33%
Airways Corp
34
700
1*4
134
*1%
Pan Amer
69
*15
18
*15
134
18,500
Lowest
Pacific Western Oil Corp... 10
Packard Motor Car
No par
*6% ,7
69
68
7%
Year 1939
Highest
6 per share
Par
100
*..— 101%
4%
4%
Range for Previous
Lowest
17,500
6
2%
14%
7
*%
4%
Ranoe Since Jan. 1
On Basis of 100-Share Lois
3034
684
*2 9
101%
,6%
*11
12
133s
4%
6
*44%
7634
*178
6l4
46
7434
6
<7
634
47
77%
2
14%
734
%
*
18
1%
32%
15%
1% .7 %
1
6%
*15
337g
18
2«4
%
68
634
18
6%
*43
*63
2
Shares
*5%
*6%
101%
4%
*15
$ per share
2%
%
30
*
r*v; 7
17g
$ per share
5%
5%
234
13%
734
%
68
7
16
134
33
*634
30
5
478
May 31
Week
Thursday
30%
7
2%
13%
12
734
%
2934
58
58
29
EXCHANGE
May 30
$ per share
*578
6
the
May 29
|
'278
2%
STOCKS
NEW YORK STOCK
Friday
Wednesday
.
NOT PER CENT
SHARE,
Tuesday
May 28
$ per share
Monday
May 27
3473
53
Mar 14
6%
6%
Apr
Oct
Jan
78 Sept
2
Jan
6
Sept
6% Sept
5I84 Nov
109
Aug
23
Sept
■
stock,
r Cash sale,
x Ex-div.
y Ex-rlghts.
1 Called for redemption.
New York Stock Record—Continued—Page 9
3474
LOW
AND
SALE PRICES—PER
HIGH
SHARE, NOT PER CENT
Wednesday
May 29
Thursday
•
May 25
Tuesday
May 28
May 30
I
$ per share
$ per share
$ per share
$ per share
$ per share
i
*Hh
9
8%
*66%
70
65%
*i#
8%
9%
8%
8%
65
66
65
*65%
*ll2
2
64%
9«8
9 I8
'
9
9
*45
*40
60%
*3
*1%
3i4
*45
*514
*3438
8%
378
1278
*1%
5%
35
5%
34%
8%
8»4
1314
13%
69
70
74
*106
109
109
*5%
16%
8
10%
18
*128
734
9
1%
*3 %
4%
*70
80
*16%
17%
357«
37%
22%
23»4
46
46%
5%
49
I
5%
49
*17
11
*11
18%
128
24%
23%
8
7
10
1341
4
;
1834
19%
217S
32%
*24%
26%
59%
58
*3%
5
2084
*3%
1878
I884
18%
1834
18%
*5%
5%
5%
4%
4%
4
*4%
*28%
334
*3
4%
4%
34%
2 34
29
534
6
6
4
4%
4
8%
*36
*2%
*30
3%
*24
3%
*4%
27%
*1
*9%
9
*80
7
6%
034
8%
15
1034
2034
5
4%
4%
32
334
434
35
2%
29%
60
61
5%
5%
534
534
4%
5%
4%
8
14
*1%
9%
934
20%
2034
18%
17%
18
5%
3%
4
5
334
4%
35
2«4
29%
31
*31
1%
11
9%
90
334
4%
2834
4
29
3%
4%
2534
27%
1%
11%
*8%
9%
834
*1
*9%
9
*81
,
91
*4%
4%
*28%
1
81
32
3
3%
500
*1
*9%
*81
83
200
A
32
1,500
20,800
*36
$3.60
20
1,100
3,200
500
200
1%
11
1434
*3%
*5
8
5%
5%
*14%
17%
1%
1%
*13
7
*16
*26%
15
7
J
*16
9%
1034
62% 64
*104% 107
12
12%
71
3%
3%
*3%
3%
*5%
7%
*6
8
5%
5%
5%
14%
*1%
1434
*14%
1434
1%
1%
1%
14%
1%
7%
7%
*16
%6
27%
1034
11
63
6434
105
12
76
76
24%
75%
24%
1334
15
*26%
24%
4134
14%
6
43%
14%
13%
105
12%
76%
1%
28%
13
1%
28%
*12
1%
29
*%
26
14
7%
1,700
1,000
1,400
11,700
13,000
7%
*16
*16
107
*106% 10834
12
12%
76% 77%
77
77
77
24%
24%
24%
40%
43%
1234
13%
14%
2434
43%
1434
13%
12%
12%
*13%
26
64
29%
110
4,600
2,800
*12%
12%
77%
*75%
2434
77
400
25
2,300
25,400
19,500
43
44%
14%
13%
14%
13%
111%
400
7%
—10
preferred
100
Twin Coach Co
1
tUlen & Co
No par
Under Elliott Fisher Co No
par
Union Bag <fc Paper
No par
Union Carbide & Carb.No par
Union El Co of Mof 5
pf No par
Union Oil of California
25
Union Pacific RR Co
100
4% preferred
Union Tank Car
United Aircraft Corp
Un Air Lines
100
No par
5
Transport
5
United Biscuit Co.....No par
Preferred
100
111
43
43
43.
300
United Carbon Co
12%
1%
12%
1%
300
Unlted-Carr Fast Corp .No
30
30
*11
1%
1%
1234
1%
2884
29%
30%
•Bid and asked prices:no sales on this
107
107
110
No par
111
111% 111% *110
43
*41% 45
28
11
500
275%
13%
1%
*16
2434
10%
6234
106
*42
8
7%
*16
26
*74%
1%
Truax-Traer Corp
Truscon Steel Co
$1.50 preferred
No par
Twin City Rapid Tran.No par
64
12
par
No par
20th Cen Fox Film
CorpNo par
10%
12
l'.GOO
preferred
600
75%
15
$0
"¥, 500
62
12%
Transue & Williams St'l No par
Trl-Contlnental Corp..No
"
534
10
76
1,600
1%
83
..2
Air Inc..5
14%
1%
19%
63
12
25
14%
*1%
*1434
61
74
—100
Thompson Prods Inc..No par
Thompson Starrett Co.No par
3%
2634
11
9%
Third Avenue Ry
Thompson (J R)
10
5%
7
*16
1
preferred
1434
1%
15
1434
634
26
100
conv
3%
*634
5%
2434
44%
14%
*111% 111% *111% 111%
*42% 49
43% 43%
13
13%
6%
400
5%
1%
*50
8%
75%
43%
1%
83
3%
7334
13%
*13
*5
5%
1%
*3%
*6%
5%
*14
28
*4%
*50
Preferred
Transamerica Corp
Transcont'l & West
4%
15%
y.
J In receivership,
a
60
21,000
2,000
Def. delivery,
United Corporation
$3
n
—
33%May 13
l%May 21
preferred
New stock,
...No par
par
No par
No par
r
Cash sale,
x
3s
105
Sept
1
Apr
Apr
61
Dec
72
Apr
378 May
43
June
6% Dec
28
Jan
9% Aug
98% Aug
434 Apr
Aug
Apr
127
101
Jan
112
Dec
Apr
21
Sept
28%
29%
11%
9
Jan
Feb
Jan
Mar 11
13
Jan
39
Sept
14
Apr
127
Apr
23%
10%
Jan
Apr
Apr
11%
15% Apr
34
Jan
Dec
12% Apr
10% Aug
1% Sept
May
Mar
1% Aug
Jan
4«4
May 14
60
Apr
Sept
11
Apr
67%
11%
66%
40%
42
Apr
Apr
Jan
8% Aug
Apr
57«4 Dec
Apr 10
7% Apr
108% Apr
2% Jan
.
18% Apr
5% Dec
7% Jan
Dec
29% Dec
21% Jan
23% Jan
36% Nov
4384 Sept
3% Jan
9%
70%
22%
61%
34%
Sept
Nov
Dec
Sept
Dec
63
Dec
16% Mar
75% Mar
34% Dec
7% Jan
108
Oct
5%
Jan
10»8
Jan
20% Oct
25% Oct
33% Sept
18% Jan
10
Apr
2234 Jan
26% Jan
13%
Apr
24% Sept
2234 Aug
Apr
June
30
Sept
46% Jan
38
Aug
63% Sept
34% April
20%
Apr
36
Sept
8034 Jan
8% Feb 15
8% Apr
65
Apr
80
Dec
12% Jan
12% Feb 21
6578May
124
Feb 13
10% Jan 20
6% Aug
3%
8%
Apr
Apr
6% Apr
4534 Sept
118% SeDt
7%
Apr
27% Jan
2% Jan
19% Sept
134 Aug
17% Apr
353s Feb 28
7% Mar 25
247g Apr 22
32% Jan 26
9% Jan 3
738May 3
10
6
40
Apr 11
Mar
6% Mar
7
5
6
Mar 21
47% Apr
4% Apr
4
4
12% Jan
734 Sept
17%
Jan
10
Oct
66
Jan
128% June
1134 July
Apr
38% Jan
3% Sept
22% Jan
30% Mar
10% Jan
25% Sept
24®4 June
37% Sept
4% Aug
33g Aug
12% Sept
4% Aug
7% Mar
43% July
6% Mar
Apr
22®4 Sept
5% Sept
17
33%
Oct
3% Aug
Apr
4
32% Aug
3% Aug
9% Sept
9% Sept
6034 Sept
534
Jan
3534 Apr 11
8% Jan 8
6% Jan 4
12% Jan 8
26
Sept
7
Aug
18% Jan
15% Dec
24
Oct
Dec
61
Oct
8
63
Mar 21
4
Feb 16
48
3%
534 Apr 22
38% Apr 16
2% Jan 4
Mar
7
7% Apr
8
23
Jan 27
12
May
97
May 10
6
38% Sept
11% Sept
Jan
534 Nov
8% Sept
2
y
18% July
35% Sept
143
Apr
14
Ex-div.
3% Sept
Dec
30
% Mar 16
2434May 31
9% May 21
61 May 28
105 May 27
12
May 21
71 May 25
75%May 27
22% Jan 21
40%May 23
12
May 21
12%May 28
111
May 18
42%May 23
12
May 24
l%May 29
27%May 21
Sept
15% Sept
2
34
May 22
l%May 22
l3%May 22
6%May 23
17% Mar
24
94
42% Feb 16
534Mar 8
14
Oct
Jan
Sept
4®4
9
"
30% May 28
3
May 15
20%May 21
234 Feb 5
Jan
Jan
3% June
Apr 24
3034May 10
162% Apr 23
30%May
I53g Jan
20% Jan
347g jan
3
Apr
3834 Apr
4
8% Sept
70
Feb 19
Apr
2534May 28
1
May 18
8
May 21
834May 28
81
May 28
18
May 21
35%May 21
4%May 21
10%May 21
4%May 22
l%May 22
74 May 20
3%May 21
6%May 22
5
May 21
107% Nov
Apr
25
36
May 9
2%May 22
Oct
1134 Feb
38% Aug
17% Sept
3234
Feb
May 21
Sept
7% Sept
54
Apr
Dec
47
7%May 15
12%May 21
l%May 21
9%May 22
20 May 21
3
May 22
2l7%May 29
17%May 29
434May 21
334May 22
4%May 21
28%May 20
3
May 22
4%May 14
33
May 25
2%May 21
26% May 23
5%May 22
4
May 21
5 May 22
Sept
Apr
33
584May 21
May 24
118%May 29
1
60%
11%
10%
Apr
47
Jan
17%
2%
16%
15%
2% Apr 29
29
1
10% Jan
52% July
117% May
3% Sept
24% Sept
3% Jan
85% Nov
18% Jan
2134 Jan
15% Aug
1% June
14%
z98%May 29
1
May 18
2%May 22
9% May 25
12%May 21
17%May 22
2034May 28
30 May 21
23
May 21
56 May 21
4%May 15
4%May 20
5
May 21
17% Mar
76% Aug
% Aug
2334 April
May 21
19
May 21
45%May 28
434May 22
46
May 22
26%May 23
5
May 21
share
per
Apr
334 Apr
44% Sept
14%May 29
44
3,400
4%
14%
May
23%May 22
634May 21
8
May 21
l3%May 21
No par
No par
pref
11,200
4%
14%
1%
conv
4%
4%
1234
May
1634May
8
Tbermoid Co
$3 dlv
10
128
No par
15%
37%
5%
100
Mfg
Tlmken Detroit Axle
10
Tlmken Roller Bearlng.No par
203S
36<%
75%
6
100
20
38
1%
50
5,400
2,700
"MOO
83
*79
20%
5%
9
$3.50 cum preferred.No par
Tide Water Associated Oil..10
$4 50 conv pref
—No par
9
19%
*50
(James)
The Fair
4
38
1%
1
Tennessee
150
19
5%
Talcott Inc
Thatcher
1,100
36%
83
Without warrants
Texas & Pacific Ry Co
4%
29%
334
*4%
2834
1%
*9%
8%
25
300
3%
18%
*50
Swift & Co
Texas Pacific Coal & Oil....10
Texas Pacific Land Trust
1
26%
3%
3534
4%
134
75%
3%
Sutherland Paper Co
10
Sweets Co of Amer (The)—.50
600
32
*30%
225
37%
134
100
1,700
3,100
3
20%
*50
Sunshine Mining Co
41%
*2%
3634
4%
14%
5%
1%
434
100
4,200
6%
20
15
preferred
Corp
5
Texas Corp (The).—
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur....No par
3,900
10
1934
5
6%
5Vi% preferred
Telautograph Corp.-
4
4
36
4%
No par
Superior Steel Corp
19%
14
Stone & Webster
Studebaker Corp (The)
1
Sun Oil—..
No par
1,800
35%
438
13%
5
1
10c
Superheater Co (The)..No par
Superior Oil Corp
1
6
6%
4%
28%
1%
11
8%
4%
9
81
6
800
334
4%
3534
234
29%
*9
3
26
3%
28
1
10
Stokely Bros & Co Inc
2,500
6
3
*25%
4%
10%
41%
*30
3%
Sterling Products Inc
Stewart-Warner Corp
1%
103,1
23%
*3%
4%
34%
2%
29%
4
*2%
3
2,600
25
Standard Oil of New Jersey.25
Starrett Co (The) L S—No par
60
8
No par
Symington-Gould Corp w w_ 1
*36
30%
800
prior pref
1,100
1,300
41%
3
Standard Gas & El Co.No par
84 preferred
No par
Swift International Ltd--
*36
25
4%
*21
6
23%
No par
preferred
14%
1%
10%
10
30%
3%
No par
$4.60
4,000
6
32
Square D Co
Standard Brands
17%
5%
4%
*9
25%
2
No par
1
Standard Oil of Indiana
120
*14
234
2934
534
4
3
No par
6,566
934
*2%
pref A
5
6
3
conv
Conv 84.50 pref
19
*9
41%
83
Spiegel Inc
18%
17%
*5%
25
4
234
*29%
5%
4%
Spencer Kellogg & Sons No par
Sperry Corp (The) v t c
1
Splcer Mfg Co
.No par
prior pref
No par
Standard Oil of Calif--.No par
8,700
9
Jan
7
cum
24,100
24
72
17
6%
6
Jan 11
108% Feb 7
6% Jan 10
Jan 29
1,500
10,300
6%
Apr
Apr
Apr 12
Jan 11
56
Apr
6
7% Mar 13
40% Feb 13
13% Jan 4
65
cum
50
2% Mar 25
16%
15%
69%
5%
No par
preferred
$6
500
3
Jan
88
May 21
600
3,900
36
May
Aug
Sept
2
4
11%
14%
4%
1% Jan
20
—1
*3%
5%
4%
4%
32
334
4%
34
4
No par
900
6
1734
4%
*28%
*3%
4%
32
Wlthlngton
Sparks
5
*4
*438
*28%
*3%
4%
100
3,100
1,500
1,100
*734
Ry
preferred
1%
31%
6534
120
No par
5%
2%
31%
*6134
534
*4%
*48%
Southern
200
35,400
6
.-25
No par
18%
*17%
17%
538
434
5%
*30
4%
22
*3%
2,400
16,300
5'.
99%
22,300
1%
10
*21
5
18
29
Memorial
100
—
Southern Pacific Co
130
18%
21%
6%
118% 118%
27%
7%
*13%
15
7,300
30%
Day
49
1%
4
40%
234
28%
6
49
1%
9%
2%
Closed
Sugar—No par
preferred
Southern Calif Edison
180
6
30
4%
6
63s
47%
47%
*118% 120
734
30%
Exchange
61
4%
4%
6
6
3%
32%
33
10
3%
21
32%
*3%
18%
18%
5%
6
*1%
2%
*10%
14%
17%
21%
26
13
1%
*9
*2%
18%
21%
1%
31%
28%
2,000
30
29%
5%
*98%
Stock
15,000
57
5%
3
400
49
534
49
98%
59
50
8%
25
11%
143«
18%
21%
31%
64
18%
*5%
1034
13%
17%
26%
10
29
29%
26
8
234
29%
5%
*98%
1%
2%
538
30%
978
2%
2734
28%
2034
*118% 120
34%
6%
4834
19%
2134
934
*4%
*46
5%
248%
33
*14%
1%
*3%
52
*46%
48%
1834
21%
31%
6:
33
26
13
534
32
26
12%
17%
6
*28%
25
14%
5%
*4%
25
10%
5%
4
22»4
10%
434
20%
22%
45%
5»4
8%
Spear & Co
39%
5%
8'eastern Greyhound Llnes—5
So Porto Rico
86.50
38%
11%
5
20
....
5
10
61
2
Snider Packing
Corp___No
Highest
share \
per
Feb 27
% Jan
112%
18%
11%
2434
12%
2%
16%
......
Mobile & Ohio stk tr ctfs 100
2,600
109
Apr
7,400
4
115% Jan 11
114%May
"
2
*3%
*62%
39%
1%
*4%
5%
'
4
16
37
234
1%
10
38
3,400
14,300
10,200
4
Jan
10%May
10
16
1%
434
14
9%
1534
*28%
1%
16
2%
1%
934
16
38
"
1%
14%
1%
438
600
2,600
7%
14%
3734
234
6%
11
20%
49
120
l%May
145
%
14% Mar 27
85%May 9
% Jan 2
7a4 Feb 21
No par *105
112«m Apr
$6 preferred
Preferred called
South Am Gold & Platinum—1
24%
*62%
234
11%
14%
49
*120
Lowest
share
per
23%May 10
May
May
May
2,400
1,000
f
Smith (A O) Corp
10
Smith & Cor Typewr.-No par
580
""*966
67
7%May
7%
*3
I
Skelly OH Co
15
Sloss Sheffield Steel & Iron. 100
13
15%May
9%
1»4
200
l%May 31
l7%May
par
24%
15%
10
Socony Vacuum Oil Co Inc. 16
734
*28%
1%
—No par
200
24%
15
99
May 31
34,300
7%
38
5%
*98%
May 15
3%May 22
12%May 23
10%
8%
1%
23%
734
27%
30
8
96
634
1%
1034
*20%
134
48%
434
13
24
1
*60%
*6
20%
*128
~2,700
1334
45%
6%
48
No par
Slmonds Saw & Steel---No par
11
10%
7\
13
1834
19%
47
*4%
*47% 49
*118% 120
784
8
*11
12
128
47
5%
31%
6%
134
2334
99%
2078
11
16
1%
2334
5%
14
0%
*15
1%
35%
28%
*13
21
1334
8%
3834
*98%
978
*18
11
734
36%
2734
978
7
1534
5%
99%
1%
2%
21
% Apr 22
2%May 21
May 14
110 May 15
102 May 21
%May 16
%May 18
11
May 21
l%May 15
61%May 21
834May 22
8%May 21
52%May 20
3
May 21
45 May 27
434May 21
34
preferred-—10
conv
Petroleum
Slmm8
7%May 21
May 22
65
May 29
Simmons Co
8
*62%
par
par
4,300
11
1534
4
par
13%
1%
*28%
1%
*3
par
13%
1%
*18
9%
....
5>4%
par
14%
134
400
Range for Previous
Year 1939
Highest
share
per
34
Oil
Shell Union
100
par
Silver King Coalition Mines. _5
13%
16%
38
No
$5 conv preferred
No
Sbarpe & Dohme
No
83.50 conv pref ser A-No
Rhattuck (Frank G)_— No
Sheaffer (W A) Pen Co-No
Sharon Steel Corp
2,100
107%
;
1
4%
107
27
1%
2,200
96
par
*4%
*107% 109
5%
*98%
2%
80
Co—No
———
13%
I84
11
15
6
96
1,300
No par
Fears Roebuck <fc
Servel Inc
4%
107
17%
48
200
5%
35%
8%
107
20
*3
*6214
*5
109
134
1534
45
*34%
8%
8%
"1,800
3%
80
1%
*28%
1%
*43
97
700
60%
3%
5%
34%
Seagrave Corp
11,600
3,900
10
*36
preferred
4-2%
Seaboard Oil Co of Del-No par
100
2
*75
134
9%
9%
10
No par
No par
No par
100
500
60%
9%
78
734
15%
9
preferred
preferred
JPeaboard Air Line
100
%
13
75
*534
35%
1%
*%«
*1234
*1%
6534
77
1534
15 >8
54
1,100
4%
20
10%
5H% preferred---100
JSchuIte Retail Stores—— -1
8% preferred
100
Scott Paper Co
No par
54.50
%
$
6
Schenley Distillers Corp
108
%
75
8%
*28%
*102
77
10 84
2334
734
500
Par
*10234 107%
14
6%
.
300
1334
20
2378
7%
3.200
1334
11%
1034
%
3
35%
13%
*128
23%
*18
400
%
3%
8%
*96
4
134
8%
1%
1914
8%
96%
134
16%
10%
145
34
70
*284
35%
45
25%
13%
11
1%
*43
12%
20
14%
3%
5%
34%
4
*17%
13%
8I4
1%
46
*94%
1434
2
*36
338
8
4
1334
*134
1078
6'4
1014
60%
5%
34%
97
4
*17%
*10%
45
*95%
378
13U
2
20
934
•
3%
534
34%
98
9
9
2,100
834
*65
05
9%
934
60%
*43
45
*8
*94
9
Lowest
Week
Shares
2
6334
9%
3%
48
8
2
64%
9
*36
60%
3%
2
62
*1%
2
65% 67
9%
9%
*9% ; 934
STOCK
1, 1940
EXCHANGE
the
May 31
*30%
6212
NEW YORK
f°r
J
9 per share
834
70
%
*ie
%
*%
*16
»i«
234
234
*2®4
3
*2%
234
3
236
36
3534
36
36% 36%
37i2
*102J2 107% *10212 10712 *10284 107% *10234 108
*102
108
*96
108
*102
108
*102% 108
**j«
%
%
%
%
%
%
%
h
38
*%
%
*%
%
*h
%
14
14
13
13
12%
13
*12%
13
*%
*2%
Friday
Range Since Jan. 1
On Basis oj 100-Share Lots
STOCKS
Sales
,
Monday
May 27
Saturday
June
2%
1%
Dec
Oct
534
41
Oct
Apr
6
Nov
Apr
33
Nov
Sept
Jan
234 Sept
17
Jan
22%
Apr
1% July
7% Apr
9% Aug
83
Sept
3%
Oct
4«4 Nov
33% Nov
3»4 Jan
18% Dec
14% Mar
96
Feb
27% Apr 24
1034
Apr
25
Dec
3
34%
Apr
54%
5
Sept
8% Rept
Apr
12%_Dec
52
7
Jan
Mar 14
21% Apr
4
8% Apr 4
234 jan 4
82% Mar 7
5% Apr 15
10% Apr 24
13% Jan 4
25% Jan 23
3% Apr 4
30
Apr
4
13% Mar 14
6%
5%
Apr
2
Mar
74
Apr
Feb 19
1834 Apr 22
883g Jan 4
116%May 2
17% Jan 8
98
Apr
8
10%
Jan
4% Sept
88
Jan
3
Apr
7»4 Sept
6
Apr
14% Sept
11% Dec
26%
Jan
1934
1%
17%
7%
Sept
Apr
34%
Jan
34
Dec
1% Jan 11
45
Jan
Apr
Apr
34% Sept
3«4 Aug
35% Aug
12% Jan
4«4
Jan
66
Jan
6
Aug
13% Dec
65%
108«4
15%
81%
Apr
Sept
94% Sept
118
July
Aug
Apr
Apr
105
Sept
90
July
19®4
Jan
89% Feb 10
78
29%May 11
633s Apr 16
2334 Apr 4
18
Apr 17
20% Mar
24% Sept
31
61
119
Feb 23
Aug
7% Apr
14% Sept
112% Mar
65%May
19% Apr
2% Apr
52
2
42
30%
Apr
2
5
4
Feb 13
Ex-rights.
13%
Nov
16% Dec
18% July
119% June
Apr
69%
Apr
20
Apr
3% Feb
39% Aug
Oct
Mar
T Called for redemption.
Volume
LOW
Saturday
May 25
*234
42
3i8
*26i2
1084
*109
62%
105g
334
*82
88
*5
6I4
x7
*3%
*47
55
71
*5%
57%
6
5%
55
*47
a4
%
%
1834
15%
17%
17%
18%
69
72
72
72
42
65%
453g
44
44
74
23%
24%
30
*27
74
45
4578
41%
*60%
42%
65%
473s
109% 110%
*32%
34%
1%
1
45
14
*12%
46%
*41
*130
137
137
*60
65
*63
5%
*1
1%
1%
1%
1,500
1,900
*43
*42
70
♦ 7
*12%
29%
163s
24
*24
25
115
*101
115
*101
35%
37%
*2
2%
.
2%
*36
37%
*36
37%
*28%
30
*28%
30
*28%
77
77
78
78
75
11034 11134
7
8
*6%
~~"s
*%
"
""%
1%
1%
*%
1
*%
1%
6
6%
6%
3
19
20
11
*10
11
17%
1434
1434
*h
*1434
2%
37
2%
2%
2%
2%
*30
*30
120
92%
20
Memorial
1734
2%
30
*30%
2%
16%
2%
35
"h
1
1
IV
5
*3%
5%
""900
94
3%
1934
2%
*30%
*34
200
%
15
2%
500
8,900
37
3,500
24
""300
24
24
24
24
20%
20
20
*20
22
*20%
22
700
20%
15
14
14
15%
*15
16
200
*16%
17
*15%
16
200
17
15%
*153g
*2%
*57
*88%
*16%
2%
98
91
*85 7
98
99
100
91
92
14
109%
153s
1438
14
105
22%
23%
2258
23%
23%
2334
278
2%
2%
2%
3
3
438
4%
434
434
434
*38
%
434
*%
19
19
86%'
85% 87%
120
112% *114
30
29
30%
*114
*36
70
*50
*85
90
*85
90
*96% 105
60
*50
4%
90
*85
90
*85
90
*96% 105
21
20%
*96% 105
21
60
51
18%
*50
*9
7%
4%
49%
3%
2
2%
4%
4%
45
*40
6%
3%
f
*8%
9
8%
*5%
4
3%
2%
2%
3%
4
334
4
2.000
4
4
4%
4
4
6,000
*42
46
46
19
31
30
4
.
49% -*28
49%
*30
*15
16%
2%
2%
*14%
16
2%
45
*2
*41%
303s
113s
1134
98
99
714
293s
7%
31
*80
86
14
14
*9%
2%
•
9%
2%
5,700
200
49
2l"
"3" 100
30%
12,700
5,000
30%
16
65
62
58
*44
62
*44
62
32
*25%
32
*27
32
*27
30%
*34
42
*30
42
*36%
42
*35
40
105
105
100
100
*95
105
*26%
17
300
"26"
16
41%
*15
31%
16%
""300
*41%
*50
*
16%
'
74%
30
45
"l9~%
65
*45
*73l2
19%
*50
65
107
"19"
*2
65
14%
1734
16%
*52
31
*37
1738
31%
57
*27
7,500
1,200
3,200
334
65
*100
6
300
2%'
*2
21
16
9%
9%
""loo
2
31%
1514
60
334
3%
*18%
I8I4
3134
*51%
9%
9%
834
*105
*105
*96% 105
*5% ■V- 6
938
8% ;?•
"6,966
4%
4%
*26%
*15%
2%
2%
4
51
2134
3%
49%
16%
2%
2%
16
2
4%
20%
10
2%
15%
2%
t
*85
*5%
*384
378
•
70
6%
*26%
2
600
700
*45
938
4
16
30
70
5%
59
1.200
32%
*45
•
*2512
30
32%
50
'
*14i2
8,000
5,900
7,200
30
29%
32
8%
-
6
32%
30%
50
9%
*9
30
32%
8 734
120
*31%
21%
20%
30
86
30
: 29%
70
8%
400
19%
28
75%
*15
75%
17
*76
15%
80
15%
16%
100% 100%
76
*15
76
1534
11%
11%
11%
10%
12%
1134
102
101% *100
99% 100% *100
734
7%
6%
7%
8
8
31
30
2934
27%
31%
30%
*78
85%
80
80
86
*80
15%
zl4%
14%
13%
15
15%
934
9%
9
9%
9%
93g
23g
Bid and asked
23g
2%
2%
2%
2%
prices; no sales on thla day.
West Va
*75
130
200
15%
11%
12
16,700
*100% 103
Western
734
200
30
3134
*70
85%
2%
$ In receivership,
9%
2%
60%May
95
100
Maryland
6% conv preferred
Wilson A Co Inc
..100
10
No par
$6 preferred
No par
Wisconsin El Pow 6% pref.100
Woodward Iron Co....——10
Woolworth (F W) Co
10
Worthlngt'n PAM(Del)No par
7% preferred A——.—100
6% preferred B
100
pref 4^ % series..100
Prior pf 4
% convserleslOO
Wright Aeronautical
No par
Wrlgley (Wm) Jr (Del).No par
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B..1
a Def. delivery,
May
l00%May
_
2,100
2,300
2,000
*9
"l5%May
100
Co... 10
pref.. 100
Western Union Telegraph. !00
Westlnghouse Air BrakeNo par
Westinghouse El & Mfg
50
1st preferred
50
Weston Elec Instrument
12 50
Westvaco Chlor Prod ..No par
5% conv preferred
—30
Wheeling A L E Ry Co
100
5M % conv preferred
100
Wheeling Steel Corp ...No par
6% preferred...
-.100
$5 conv prior pref—No par
White Dental Mfg (The SS).20
White Motor Co
1
White Rock Mln Spr Co No par
White Sewing Mach Corp...1
$4 conv preferred
No par
Prior preferred...
20
Wilcox Oil A Gas Co
5
Willys-Overland Motors...-.1
100
15%
334May 21
%May 16
14%May 16
2
May 15
30 May 22
%May 21
334May 16
22
May 23
20 May 21
l3%May 21
14 May 21
2%May 21
96%May
4% 2d preferred
1,300
24,900
May 21
11
91
Preferred
100
Wire—No par
Youngstown S A T...-No par
5H% preferred ser A—100
Youngst'n Steel Door—No par
Zenith Radio Corp
No par
Zonlte Products Corp
1
Young Spring A
n New
May
11
May
22
Deo
56% Aug
May
22
23
23
22
25
23
21
17
21
65
Sept
18%
2%
Sept
2984 Dec
684 Sept
3384 Sept
118
July
15
Sept
Jan
35
Jan
Apr
101
Mar
131
Mar
3
Sept
2% Jan
84 July
1% July
l%Mar
7% Apr
23%May
5% Apr
15% Apr
233s July
85
98% July
100
May
64%
Mar
135
125
8
1% Jan
1
Marl6
101
6% Jan
Feb
Jan 10
Jan JO
Jan 10
4% Feb 19
16%
9%
1%
25%
2
3
Marl6
9
Marl6
Jan
50
June
Jan
4
Apr
3084 Sept
3
35% Jan 11
5
2834 Feb 7
20% Apr 22
31% Jan
14%
Oct
7
Dec
1% Deo
21
Dec
Dec
3%
36
Feb
13s Nov
6% Apr
19% Apr
Deo
3% Sept
3
Sept
8
Oct
9%
6O84
Jan
Jan
20% July
147s Mar
2% Jan
44
6%
58
Mar
Jan
July
3% Jan
1384 May
3584 Oot
4
4% Feb 23
"26%
Apr 16
Jan
75
4
110% Apr 12
Apr
115
108
,
118%'
9
Jan 8
Apr 30
3
25%May
105
1
24%
3234
384
Jan
Oct
Dec
80
Deo
16
July
1484
20
Apr
Sept
1%
55% Aug
Jan
28%
Jan
79
Jan
85
Apr
95
Apr
107%
112%
Deo
Deo
88
Apr
106
Deo
105% Sept
15% Nov
115
Nov
19%
Deo
Apr 29
40% Apr
%May 15
Apr
80
Jan
24
5
14%May 22
15%May 21
76
May 21
110 May 21
44%
Apr
Apr
17
Apr
112% Sept
4% July
;'.i
Jan
234May 15
4%May 18
Western Pacific 6%
70
15%
l6%May 22
108%May
Prior
77%
15%
7
34May 15
% Apr 27
5%May 21
100
100
Western Auto Supply
400
*S16
118
28%May29
71
May 23
128% May 28
i%#May 22
pf.100
Pulp & Pap Co No par
preferred
preferred
WestPennPowCo 4^ %
6% preferred
6
18%
82
1.200
"3", 700
*4%
18%
112
7%
6%
90
100
1,100
17%
85%
83%
84%
13034 *112% 120
30
*28%
2884 29
31
31
*27 ■
30%
32
31%
31%
*3012
400
3
%
1534
82%
$4 conv pref erred... .No par
2%
15
19%
514
*378
24
100
preferred
West Penn El class A..No par
105
23%
16
1834
8
16
*96
«»
15%
93s
6%
*15
15%
17%
938
*4%
92%
109
%
*112
.
3
3
109
15%
15%
60
23%
99% 100%
*90%
*%
1778
*47
7%
1434
1478
*96i4 105
Wesson Oil & Snowdrift No par
12
:
16%
20%
105
*96
23
200
95
92
*96
Washington Gas Lt Co .No par
Waukesha Motor Co....
5
63%
98%
No par
No par
Pipe
'"706
95
91
15%
Warren Fdy &
2%
*55
97%
105
$3.85 conv pref——No par
tWarren Bros Co
"18"
*85
94
15
*96
18
5
Wayne Pump Co.—
1
Webster Elsenlohr
No par
64
*55
60
18%
.——100
Warner Bros Pictures
*60
17%
99%
99%
105
1914
*2%
3
*60
"16%
*106% 109% *102% 109% *103
15%
1412
*96
*85
98
*91
91
110
16%
*50
63
*90
99l2 100
*107
2%
*60
*18 "
*57
63
'
3
*2%
*60
preferred
$3 convertible pref..No par
*23
*14%
2%
7%
6
15
"17"
Ward Baking Co cl A.-No par
Class B
..No par
10
1
*3
..No par
Preferred
200
20
17 -i
134May 15
May 22
May 23
l8%May 22
400
116% July
Apr
54% Aug
34%
31% Mar 14
4% Jan
31% Jan
May 24
19
No par
11%
Apr
65
Walk (H) Good & W Ltd No par
23
*25s
Walgreen Co
No par
4}$ % pref with warrants 100
Nov
49%May 9
59% Feb 28
...25
25
100
.—No par
Sept
40
16
1512 Apr
System
40
May 14
48
Waldorf
Sept
Sept
35%May 28
5634 Jan 6
May 21
100
5% preferred A........100
6% preferred B——
100
21
Apr
May 18
—100
Feb
1
Sept
5
Preferred
June
78
25
37
preferred
163
Apr
Jan
Aug
%
109
14
6%
Sept
45%
43%May 10
39% Mar 15
117% Apr 9
109
Vulcan Detlnning Co
July
16
100
Virginia Ry Co..
Sept
«4 Apr
19
Walworth Co
20
*60
No par
17
85
Feb 29
—100 zll3
preferred
Deo
May
146
Jan 22
Va El & Pow $6 pref— .No par
Va Iron Coal A Coke 5% pflOO
6%
8% Mar
2% Oct
64
60% Sept
Mar 27
May 22
Chem
1%
112
1,700
24
16%
9
Jan 15
4634 July
4
Sept
184 Deo
638 May
159
7", 100
23
1534
Apr
Apr
70
3%
*1334
1534
46
17
Apr 12
May 10
June
8234 Sept
12078 Sept
37% June
Oct
May 23
5
x70
Sept
39
61
1934
7s
15
30
20
24
24
11
Feb
Apr
7% Apr
2% Apr
38May 21
12%May 21
23
100
100
Jan
Apr 23
Apr 5
l2%May 24
May 24
137 May 27
60 May 21
25
preferred
July
60
41% Aug
98% May
124%
39%
48%
234
45
6
6
6% Mar
5234 Jan
11434 Nov
68% Sept
Apr
48
4
Jan
70% Jan 11
68% Jan 3
92% May 24
3 May 22
4
4
,
65
8684
117
Corp of Am.No par
Vlck Chemical Co
""266
*23
17
100
J Wabash Railway Co
600
18
*90
*10%
%
%
*15
%
6%
Closed
434
*4
1
100
Van Raalte Co Ino
1%
Day
11
*10%
~T~
%
Exchange
3%
3%
No par
preferred
Vanadium
10
*126
*17%
*2%
1
4%
*312
5%
*4%
30
36%
1
1
7s
h
8%
Apr
1»4 Jan 5
41% Jan 3
April
May 21
l%May 22
5%May 28
1
May 18
43 May 22
Universal Pictures 1st pref.100
Vadsco Sales—
No par
300
78
*%
18
18
20
4
4 34
%
1
%
1%
6%
"*6~
3%
30
77
"Y
*90
93
*90
38%
200
37% July
103%May 21
preferred ...No par
conv
Va-Carolina
*28%
Stock
*
18%
*18
3%
*4
4%
*78
*1434
1%
638
11
11
*334
$6
400
50
15
Mar
31% Oct
1% Dec
31% Apr
39
39%May 23
5
victor Chemical Works
*37%
77
21%
33s
19
*10i4
~~6%
*534
49
68%May 22
Universal-Cyclops Steel Corp 1
6%
230
3 284 Sept
15
No par
United Stores class A
900
110% 111%
29
77
21
3%
314
19
94
*90
94
*90
*
18%
18
18
28%.
75
128% 128% *126
1
*%
*%
%
1%
7 *%
*128%
*128l2
*l2
*%
*14
*5l2
17%
29%
2%
16
15
15
15
15
111% *111 7 112%
10
*6%
6%
6%
37% 37%
37%
*36%
111
4
1
May 13
100
21
*19
21
38% Jan
May 31
Vlcks Shreve & Pao Ry
23
*2
2%
14%
16
*19
19
19
21
"""766
Oct
May 21
43
7% 1st preferred—
3534
67
32
75~
75
75
75
3534
35%
35%
36
400
Apr
25
1
Preferred
20.700
46
No par
115
*101
7
31%
"""266
May 21
4
U S Tobacco Co
Conv pref (70c)
15% Sept
534 Aug
May
29%May 31
%May 3
-.100
10% Sept
3% July
74
May 21
16%
30%
115
*11012 112%
%
35% July
29% Sept
Apr 25
7% Apr 23
May 22
"*""20
16
7i«
Apr
28
42
Universal Leaf Tob
140
*60
100
49
*131
75
24
*101
2%
*40
140
*62
2934
115
15%
46
*131
;J;
*1234
*101
2%
13
Apr
13%
May 21
60
preferred..
Jan
Mar
23
May 15
No par
7%
Sept
180
7% July
U S Steel Corp
Preferred
United Stockyards Corp
14
113
Apr
6% Mar
3%%y21
100
50
1st preferred
Jan
4
9
3234Mar 11
50
100
45
13
16%
*23
16
*40
15
24
24
*19
45
*12%
29%
30%
*23
2%
100
534
26
16%
28%
23
*1412
.1%
*12%
*12%
16i2
28%
23
21
8%
Jan 25
14
10
U S Smelting Ref & Mln
Preferred
10
43
7i#
265s
75
100
34%
43
1%
*%
*1212
*19
109% 110
*32%
46
%
%
*38
*36
98,900
3,700
534
14
16% *12%
*43
50
45%
140
137% *131
69
*60%
75
i2
37l2
47%
4534
1%
45
*40
45
45
100
5%
5%
1%
*12
900
11
87% Mar
17% Sept
182%May 14
26
No par
U 8 Rubber Co
1,300
*1%
5%
1%
*1%
*40
*43
78
65%
5% Aug
65% Sept
149'4 Sept
3
10% Jan
89
Nov
May 23
22
JU S Realty & Imp
15
117% June
14
Sept
7% Sept
Mar
100
20
10
900
35% Sept
95
Sept
June
6
1234 Apr 23
23,200
44
75
Feb
8% Sept
684 Mar
May 11
1034 Apr 11
May 21
%
*5838
6% Apr
334 Aug
7% Apr 10
7% Jan 3
97
6
18%
29%
Sept
50
500
%
17
110
Jan
74
Apr
117% Feb 24
1384Mar 12
884
Apr
11
cl A..No par
U 8 Pipe & Foundry
U S Playing Card Co
1%
178
578
*1%
~1~966
24
44
32%
32%
oonv
Prior preferred
55%
*75
45
*43
45
Partlc &
7% Mar
234May 21
U S Industrial Alcohol-No par
U S Leather Co
No par
1,100
29%
60% 60%
45%
46%
109% 110
*32% 3234
109
107
*43
*55s
%
1,000
7%
23%
23%
32
®4
z23%
*29%
*11,6
1%
3%
*47
55%
*%
6
3%
7
62%
6
May 18
165
5
50
% conv preferred
"2" 200
3
Jan
5%May 22
55%May 23
100
preferred
Jan
15
3%May 25
Jan 15
„.._20
U S Hoffman Mach Corp
*634
3%
43l2
4512
10812 109
*36
16
7%
30
16
7
45
H8
3%
*23%
16%
3%
2378
32%
3%
400
3%
30
7
*47
30
85%
share
per
4% Dec
54% Deo
3% Apr
2534 Apr
65% Mar 14
5% Jan 3
35
Jan 3
80
5
I
4% Aug
Mar 13
6
May 21
3
10
U S Gypsum Co
3,200
167%
*165
United Paperboard
600
6%
62
16
3%
55
6
*534
3%
*23%
634
*60%
6
10
$6 first preferred
No par
U S Dlstrlb Corp conv pref.100
U S Freight Co
No par
*5
167%
3%
65i2
*4438
*165
1734
35
46
178
U S & Foreign Secur.. .No par
800
88
57%
60%
7%
32
42
*32i8
*4212
*112
59
4
2378
72
42
*60
1,000
*334
*83%
6%
5%
*5%
534
5%
6%
*47
2414
32i8
34
1712
2334
32%
*5s
163s
3%
3%
*3%
'
88
7%
7
$5 preferred...
No par
United Mer & Manu Inc v 10 1
73s
4
«
4
7
2,400
7
3%
59
*165
167%
165
165
167% *165
*3
3
3
3%
*23%
30
*23% 30
*23%
30
17
15%
1584
17%
1534
I6I2
4
100
7
1034
10%
Highest
share
per
7% Apr 11
25%May 22
60 May 21
10%May 22
108%May 22
634May 22
No par
United Gas Improv't—No par
3%
334
*82%
5%
5
2,500
*107% 109
7
88
66
$
share
per
2%May 21
5
10
10,100
10%
110
3%
3%
*82
5
United Eng <fc Fdy__
United Fruit Co
30
2,000
32
65
64
100
United Electric Coal Cos
100
100
*27
32
$
share
per
Lowest
Highest
334May 28
2%May 22
40
May 22
United Drug Inc
United Dyewood Corp
Preferred
3,400
3%
$
Par
Year 1939
100-Share Lots
Lowest
Week
47
3%
3%
3%
63%
110%
6%
60
58
5812
5712
*2%
On Basis of
Shares
3%
*43
*27
EXCHANGE
4
4
47
3%
3%
88
5%
*578
534
*25g
*42
NEW YORK STOCK
the
share
$ per
$ per share
4%
3%
4%
*107
109
109
73s
3%
334
*3%
'
35s
*534
61%
10%
11
73s
7%
3i2
*82
3
26%
May 30
$ per share
4
234
42%
3%
26%
63
10%
42%
*109% 111
111
7%
314
312
3%
.
STOCKS
for
Friday
May 31
Thursday
May 29
334
234
41%
3%
293s
63
3%
*26%
3%
29
61%
1078
6114
|
$ per share
41%
3%
*25s
42
Wednesday
4%
43s
4:12
.
May 28
$ per share
$ per share
4%
Tuesday
Monday
May 27
i
Range for Previous
Range Since Jan. 1
Sales
CENT
SHARE, NOT PER
SALE PRICES—PER
HIGH
AND
3475
New York Stock Record—Concluded—Page 10
ISO
Jan
28*4 Jan
28% Jan
118
36% Nov
684 Sei)t
11% Sept
20%
Jan
126
2
Sept
37
Sept
37% Sept
Apr
121
Sept
May
145
Mar
82%
Jan
138
Apr
2% Apr
3% Apr
% Deo
16% Apr
18% Apr
4
Jan
8% Apr
28% Deo
39% Deo
39% Deo
37%May
10%
Apr
2734May 21
28%May 21
50 May 28
85 May 24
38% Feb 13
39% Jan 3
15%
Apr
z29
Apr
4
42
July
75
Oct
Jan 30
74
Apr
97
Oct
18%May 21
96% May 15
35% Apr 9
105
Apr 30
71
Apr 5
11% Apr 18
13% Apr 9
15%
Apr
387g
Oot
80
Jan
80
Jan
45
July
78
Oot
26
51
Jan 20
May 29
834 Mar 16
7%May 21
4.% Mar 23
3%May 22
38
Jan
4
1434May 22
l%May 15
1% Jan 5
3
Jan 15
334May 21
46
116
May 21
Jan
2
1534May 21
30
May 18
13%May 21
60 May 22
64
May 10
30%May 22
40 May 20
95
May 21
73
May 23
15%May 28
934May 21
May 25
98
634May 21
27%May 28
67
98
Mar
11% Apr 10
7%May 3
57% Mar 8
24%May 2
3% Jan 11
3% Apr 22
634 Apr 13
7% Apr 22
8% Dec
7
3% Sept
I84 Aug
14
14
1
2% June
2% Aug
32
Aug
6
121% Mar
27% Apr
42% Apr
1
9
5
8
105% Apr
71
Jan 25
69
Apr 23
47% July
43
May
8
23% July
9
31%
247gMay
42
May
54%May
129
93
25
Apr 9
Apr 26
Jan 3
19% Jan
124
4
Apr 23
Apr 16
48% Jan 3
14
15
Apr
36
Sept
10%
74
69
Apr
98
Apr
127
75
Mar
I884 Sept
Nov
Apr
22%
Apr
May
12
Oct
Apr
30
17
Oct
Sept
Sept
Nov
Deo
Mar
Oct
21% Jan
66% Sept
92
8ept
34
8ept
9% Aug
74
Jan
6% Feb
778 Sept
60% Nov
115
Sept
3184 Sept
50% Jan
23% Jan
11%
85
Apr
Apr
1734 Apr 8
43g Apr 22
y Ex-rlghta.
Apr
7
4% Nov
3484 Nov
20% Deo
4% Nov
3% Feb
38%
63%
124%
85%
33%
217g
93%May 10
28% Jan 4
Btock. rCaahBalo. x Ex-dlv.
Sept
June
Mar
70
8%May 21
2
Mar 1
May 28
Apr
23g Aug
12%May 21
80
Apr
12% Mar
1584 Oct
Aug
Jan
87s Sept
? Called for edemptlon.
3476
June
Bond Record—New York Stock
1, 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 mature.
are
Friday
Week's
Last
BONDS
Range or
Friday's
Sale
N. y. STOCK EXCHANGE
Week Ended May 31
Bid
Price
..1947-1962
A
O
Week's
BONDS
Last
Range or
Since
Asked
Low
United States Government
Treasury 4)*s
Ac
Friday
Range
N. Y. STOCK EXCHANGE
Sale
Friday's
Jan. 1
High
No.
117.20
31
111.30
9
111.21116 0
111.22 111.20
111.22
6
111.20115.9
100.19
100.19
1
100.10 102.8
102.30
48
102.22 104.24
5
107.10109.30
2
103 19 105.17
117.9
117.6
111.24 111.21
Low
117.0
Price
Week Ended May 31
High
121.0
107.16 107.16
107.21
103.19 103.19
103.23
Treasury 3)*s—
1943-1946
107.16 107.16
107.22
21
107.10110.1
1944-1946
1946-1949
1949-1962
108.4
108.14
34
108.4
108.26 108.26
109.4
47
108 20112.13
109.20
109.20
1
108.12
108.12
2
109.14113.10
108.12111.22
Treasury 3s
Treasury 2J*s
1961-1966 M 8 107.28 107.28
104.20
.....1966-1960 M S 105.2
108.10
27
107 26111.30
Colombia
105.10
Treasury 2Xs
.....1946-1947 M 8 106.26 106.26
Treasury 3 Mb..
Treasury 3 A a
Treasury 3 He
Treasury 3s
102.24
108.4
262
104 20109 .10
107.3
7
100 20 109.20
105.26
106.4
28
105 24109.19
Treasury 2Xs
Treasury 2Xs
1961-1964 J D
—...1966-1969 M 8
105.3
66
104.3
44
104.10 108.30
103 24108.12
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
J
D
104.28 104.16
103.29 103.26
103.24 103.13
..1960-1966 J
D
103.22 103.16
1946 J
D
106.26
234b
1968-1963
2?*s
2 Ms
—
1948 M 8
D
104
62
104
102
103.13 108
13 X
*11
14)*
12
10
♦10x
12
13X
14?*
*iox
12
12
12
10
......1962 AfN
10x
*15x
*10x
10?*
iox
13 X
14
17X
iox
0X
13
12 X
14
1900 M
S
1960 M
♦7s assented
12
S
1951 J D
Oct 1961 A
1928
iex
1947 F
♦Sinking fund 7s of 1927
*20
Cordoba (Prov) Argentina 7«..1942 J
J
"70"
70 x
2
103.2
13x
8
103.13
5
101.8
101.14
114
1948-1960 J
D
101.16
101.16
101.14104.24
*105.27
105.30108.24
,
.
Sinking fund 5)*s...Jan 16 1953
2?*S
Mar
Home Owners' Loan Corp—
3b series A
May
1 1944 1962 AfN
J
2 Xs series G
1942-1944 J
1 Mb series M
103.4
107.3
New York
104.23
♦Costa Rica (Rep of) 7s
Cuba (Republic) 6s of 1904
105.30
External 6s of 1914 ser A
1949 F
External loan 4)*s ser C
1977
1944 Af
105.19 105.19
105.19108.21
103.31
103.10 105.15
*103.8
103.16
103.9
S
105.4
105.4
106.13
103.2
100.10
105.2
28
105 4
8
103 2
104.25
20
100.8
102.12
103.8
100.10
108.12
*73)*
Govt.
&
D
91)*
90
91M
224
89
90M
885*
905*
313
88 M
1..1980
97)*
96)*
Municipal
Agrlcultura IMtge Bank (Colombia)
...1947 F
1948 A
A
22
s
f 7s series C
♦External
g
f 7s series D
♦External
s
♦External
sec s
External 6s of 1927
External g 4Xs of 1928
♦Austrian (Govt) s f 7b
8
9
8
23
3
75*
7M
18)*
7X
75*
7M
2
75*
4
18 M
895*
89
785*
77
74
72
s f 4X-4Xa
External read) 4X-4Xa
External s f 4)4-45*8
D
39 M
s
16
39
1960 A
14
35
102 M
53
36
X 100)*
35
108
14
13)*
95*
9J*
m
10)*
11)*
38
J
1955 F A
External g 4Mb
Apr 15 1902 A O
Dominican Rep Cust Ad 5)*s.. 1942 Af S
1st ser 5 Xs of 1926
1940 A O
2d series sink fund 6)*s
1940 A O
55
11)*
125*
14)*
10)*
10)*
13 M
23 M
95*
18)*
81X
13X
13X
13X
20
73
36
35?*
31x
29
24
27?*
68
68
70
21
32
26x
70
32 x
*69
7
18X
17 X
63 X
1
68
1
67
75 X
75
68
55 X
75
70
75
68
76 X
68
*69
70
70
75 X
75
11x
11X
13X
10x
iox
iox
16
50
50
40
53 X
*50
75
40
80
7 M s unstamped
External 7s stamped
7s unstamped
50)*
German Govt International—
♦5)*s of 1930 stamped
1965 J D
♦5)*s unstamped
1905
♦6)*s stamp(Canadlan
Holder)'65
♦German Repbxtl 7sstamped-.1949 A ~0
♦Sink fund secured 6s
♦6s part paid
Haiti
(Republic)
¥
ser
A... 1952
105*
80
H
*18"
21 x
123
12x
16
25
"iox "21X
6X
10
12 X
15X
*15
*7
"l2" "20X
*12"
21
*iox
79
7X
79
79
7
7
7
21X
16X
90
11
10
10
75
at 4Xs to... 1979 F
6
5X
17
♦Leipzig (Germany)
53 M
13
48)*
52)*
60
62)*
67H
♦Lower Austria
39
7
30
45 M
9
13
8
14
9M
15
65)*
83 J*
10
69
61
68 M
76
79 M
83)*
65)*
24
75
59)*
59)*
66
20
59)*
7
0
15)*
15)*
10
10
16
12)*
15
11
88)*
7
10)*
15)*
15
16X
*12 X
"14"
11)*
11)*
11V*
*13)*
11)*
13)*
13 M
11)*
11)*
145*
12)*
11)*
12)*
11)*
12)*
11)*
12)*
12)*
12)*
17
14)*
17
11)*
11 Vg
13
13)*
*11
'l35* *17*"
12
*12)*
13X
14)*
17
145*
10)*
145*
17
*11
12)*
12
14)*
*12)*
15
13 M
*11
12
12
10J*
14 M
s
6
7
8
10X
9X
9
6X
20
f 5s.....i960 MJV
1947 F
6
8
A
Japanese Govt 30-yr s f 0X8...1954 F A
Extl sinking fund
5Xs
1965 AfN
♦Jugoslavia (State Mtge Bk) 7a 1957 A O
48
11)*
19X
iox
22 X
48
*12J*
8X
5X
40
12
7
58 X
11)*
204
70
71
"59"
Jan 1961
iox
*10
5OH
J
..1942 M JV
♦External sinking fund 6s... 1960 A O
♦68 assented
i960
♦Extl sinking fund 6s..Feb 1961
♦6s assented
Feb 1961
19
*48
49 X
60
*7
109
J
48)*
127
O
155*
9x
1cx
"21
O
Irish Free State extl
82 X
♦6s Apr. 1937 coupon on..1960
s f 7s
1942 MJV
118
100
9
O
Italy (Kingdom of) extl 7s
1961 J D
Italian Cred Consortium 7s
ser B '47 Af 8
Italian Public Utility extl
J
7s... 1952 J
♦85*
♦Chile (Rep)—Extl
♦7s assented
92 X
105
8
78
10
18
10)*
1968
♦Hamburg (State 0s)
....1946
♦Heidelberg (German) extl 7)*sl960 J
8
♦Carlsbad (City) 8s
♦Cent Agrio Bank (Ger) 7s
1960 M 8
♦Farm Loan s f 6s...
J
July 16 1960 J
♦6s Jan. 1937 coupon on..1960
110
13 X
105
Helslngfors (City) extl 8Mb
1960 A O
Hungarian Cons Municipal Loan—
♦7 Mb secured s f
J
g
1945
36
63
109x
A
875*
5M
74
1963 AfN
f 6s
1968
37
74)*
Sept 1961 M 8
s
48)*
J
110
♦7s unstamped
1949
German Prov & Communal
Bks
♦(Cons Agrlc Loan) 6Mb
1958 J D
♦Greek Government s f ser
7s..1964 MJV
♦7s part paid
1964
48
53
75
*108
42
55*
193
♦Extl sinking fund 6s..Sept 1961 M 8
D
38 M
*60
9X
75
1949
Hungary 7 Xs ext
155
♦External sinking fund 6s... 1962 A O
♦6s assented
1962 A O
I ♦External sinking fund 6s._. 1963 M N
1949 J
...........
45 M
5M
9x
92
37
•
9x
1941
18)*
895*
Jan 1961
50
Finland (Republic) ext 6s
1946 M 8
♦Frankfort (City of) a f 0 )*s._. 1953 AfN
French Republic 7 Mb stamped. 1941 J D
18)*
77
f 6s__.Oct 15 1960 A
♦El Salvador 8s ctfs of dep..... 1948 J
Estonia (Republic of) 7s
1967 J
79
95*
835*
J
104
70
10)*
69
A
For footnotes see pave 3481.
62
99
71
38
101)*
835* 107
74
96)*
61
935*
79)* 965*
58 M
89
*68 assented
52
70
71
11)*
84)*
1951 J
♦6s assented
56 x
99
80
70
38
70)*
f 6s
21
13X
♦7s secured s fg
J
1945
♦Hungarian Land M Inst 75*s"l961 AfN
♦Sinking fund 7 Mb ser B
1961 AfN
O
♦6s assented
13'
99 X 102 X
Customs Admin 5 Mb 2d ser.. 1961 M 8
5 Mb 1st series
1969 A O
9
20
71
75
32 X
92
42 x
44 x
92
38 X
44
4
43X
78 X
32
34
48
32
64 X
77 x
76
78
30
76
91X
61 X
60 x
7
61 X
64
57
65 X
10
7
40?*
"32
39
7
A
17
J
D
1954
D
8
8
Mendoza
1954 J
D
63
63
♦4Xs 8tamped assented
♦Mexico (US) extl 5s of 1899
£
♦Assenting 6s of 1899
1945 Q
1943 MJV
J
72
17 X
15x
*1
♦Medellln
1944 /
1967 J
s
85
*5
42
42
J
Aug 16 1945 F
7-year 2 Mb
30-year 38...
30-year 3s
s
10
...1968 MAT
J
...1964 J
10-year 2Mb
26-year 3X»
♦Ry extl
65*
40
1052 FN
♦Farm Loan
91
"l2"
135*
9 J*
1968 M JV
6s
lb
9
42
13
O
.1967 J
Canada (Dom of) 30-yr 4s
84
57
60 M
95
875*
875*
41
A
A
1975 AfN
J
f 7s
90)*
30
5
87
76M
085*
09)*
37
"37
D
1976
♦Stabilization loan 7 Mb
42)*
41
62
12)*
bonds.....1984 J
Bulgaria (Kingdom of)—
f $
55
40
D
1976 F
Refunding
47
8
1961 Af 8
1977 M S
f 4X-4XB
47
36
i960 J
♦6s stamped
♦Secured
42
42 X
37 M
1962 J
145*
145*
77
73
1957 M 8
1958 F A
20-year s f 6s
♦Budapest (City of) 6s
Buenos Aires (Prov of)
49
69X
145*
80
42 X
D
15)*
110
74)*
42 M
1941
1
25
155*
10
15M
90 M
79
O
J
1955 J
1957 M S
1956 M N
J
1967 J
7X
75*
28)*
74)*
74)*
A
O
0Xs of 1926... 1957
♦External s f 6 Ha of 1927... 1967
O
♦7s (Central Ry)
1952 J D
(City) s f 6s
Sinking fund gold 6s..
75*
75*
75*
7X
A
s f
Brisbane
8
16
Tm
♦External sinking fund 6s... 1958
♦Brazil (U 8 of) external 8s
8
75*
1972 F
1972
2
8M
8
8
♦Bavaria (Free State) 0Xs. ..1945 F A
Belgium 25-yr extl 6X«
1949 M S
External s f 6s
J
1965 J
D
,
External 30-year s f 7s
1955
♦Berlin (Germany) s t 6 Ma
O
1950
s
60
22
8
..1948 M N
1971 M JV
S f extl conv loan 4s Feb
S f extl conv Joan 4s
Apr
Australia 30-year 6s
3% external
29
40
7X
f 7s 3d series. 1957
S f external 4Xs
8 f external 4Xs
s
24
30
.....
Antwerp (City) external 6s
1958
Argentine (National Government)—
External
27
*
1946
1945
f 7s 1st series... 1957
♦External sec s f 7s 2d series. 1967
♦External
22
*20
O
♦Gtd sink fund 6s
Akersbus (King of Norway) 4s. 1968 Af 8
J
♦Antioqula (Dept) coll 7s A... 1946 J
♦External s f 7s Berles B
1946
♦External
52 X
72
1969 A O
♦Dresden (City) external 7s... 1945 MJV
J
I) w I..1980 J D
♦Gtd sink fund 6s
16
15X
60
*5
1942 J
Denmark 20-year extl 6s
External gold 5 Mb
"54"
99
5 Mb 2d series
Foreign
26 X
102X 103X
98
101X
100
56
♦Czechoslovakia (Rep of) 8s... 1951
1952
♦Sinking fund 8s ser B
103.2
-
*98x
*102?*
A
♦Publlo wks 5)*s.._June 30 1945
103.26 103.24
Transit Unification issue—
corp stock (Plan
13
1949
4 Mb external debt
ffcUy
corp stock (Plan B) w
1951 MJV
101.7
106.3
105.19
D
1946-1947
26 X
27 X
107.2
103.2
103.6
34x
34
22 x
i
105.13108.31
Federal Farm Mortgage Corp—
16 1944-1949 FN
J
16 1942-1947 J
1 1942-1947 M S
15x
22
■
11
103.8
0X
15x
....
91
103.17
14
20
30
*102.31
Jan
22
39
D
3s
30
22
A
22 x
64
D
3s
2
24 x
1947 J
16 1944-1964 M S
17
i8x
1961-1963 J
Mar
May
26
18
20
17x
20 x
1960-1962 M 8
3Xs
17x
iox
20
♦6s of 1927
Jan 1961 J
♦Colombia Mtge Bank 6)*s.._1947 A O
♦Sinking fund 7s of 1920
1946 M N
Copenhagen (City) 5s
103.10108 1
10
(Republic of)—
1952 J D
25-year gold 4)*s_.
1963 AfN
f ♦Cordoba (City) 7sstamped--1957 F A
106.25
105.21
103.2
iOU4
10?*
106.20109.13
1
105.18
103.8
"iffi
*3
♦Cologne (City) Germany 6)*S-1950 Af S
of
16X
*11
2X«
2s....
Treasury 2s
3%
3%
11
12X
1961
—1962 JlfN
♦6s assented
♦Guar sink fund 6s
♦0s
High
12
2Ms....—
2Xs._..2 Ha
1949-1963 J
Low
*10x
11X
12X
11X
♦Chilean Cons Munlc 7s
1948-1961 M 8
No.
High
♦11
♦05*8 assented-..
1901
♦Guar sink fund 0s.........1981
♦0s assented
Treasury 2Xs
Since
Jan. 1
1901
♦0)*s assented—
♦Sink fund 05*s of 1920
110.21
Range
Asked
1967
1957
♦Chinese (Hukuang Ry) 5e
1946-1948
-
Ac
Low
Foreign Govt. & Munle. {Com.)
♦Chile Mtge Bank 6 Mb
1944-1954 J D
Treasury 3 Xs
...1946-1966 Af S
^Treasury 3Xs
.....1940-1943 J D
Treasury 3Xs——.—1941-1943 M S
Treasury 3)48..—
1943-1947 J D
Treasury 3X«
—1941
Treasury 4s
Bid
s f 7s
(Province) 7 Mb 1950
(Colombia) 0Xs
(Prov) 4s read]
Mexican Irrigation—
♦Assenting 4s of 1904
♦Assenting 4s of 1910
|»Treas 6s of *13 assent
Milan (City,
Minas
1945 Q
12X
7X
03
♦X
J
14
14X
82 X
x
IX
1
X
1
10
X
IX
IX
IX
D
*M
*x
1
X
1945
1933 J
J
*1M
IX
2%
X
IX
A
O
27x
30x
27 x
53 X
1954
Italy) extl 0Xs... 1952
(State)—
28 x
X
27
Geraes
♦Sec extl
s
f
♦Sec extl
s
f 0Xs
♦Montevideo
♦6s series A
New So Wales
External
a
1958 Af 8
1959 M S
1952 J D
6X8
(City) 7a
6x
6x
6x
4
7x
24
68
70
1959 MJV
6X
5x
44
40
12X
12X
71X
71X
F
A
37
41
14
37
90X
Apr 1958 A
O
38
40
17
38
89
1943 F
A
36
11
29
97 X
..1944 F
A
34 x
34
(State) extl 6s..1967
f 5s
Norway 20-year extl 6s
20-year external 6s
36
4
29 X
97 X
External sink fund 4Xs
External s f 4)*«
1950 Af 8
30
27 x
30
16
23 X
90
1955 A
O
27
25
27
22
23
4s s f extl loan
1963 F
A
25x
24
25x
20
21
80
23
80
Municipal Bank extl
a
f 5s...1970
D
•
27
80 X
Extl deb 5 %s
extl 5%s
f 5s ser A
..
♦Stamped assented
external 7s
f7s
M N
♦Porto Alegre (City of) 8s
♦Extl loan 7%8
♦Prague (Greater City) 7%s
M
S
extl 6 Ha
J
♦Rio de Janeiro (City of)
10%
8%
2
7
m
12
12
5
11%
O
67
71
22
66% 103
F
A
46
57%
16
46
98
15
21
12
*
m
F
—
*6%
A
5%
5%
7%
1966 MN
J
7%
12%
*
........1952
Af N
*5%
1957
M N
5%
♦Secured
s
14%
14%
14%
7%
7%
7%
5
7
7%
56
7
12%
6
7%
32
0
23%
19
20%
11%
37%
16%
18
15
16
*
8
7%
J
6
■
21%
O
D
—
14
D
15%
Bklyn Edison cons M
7%
14%
J
D
F
A
F
A
*
M
A
F
1960
1964
41
87
50%
63
26
62%
53
65
52
63
63
39%
55%
30
54
58
*
mi*
-
J
J
A
71
40
53
40
10
40
51%
40%
42
14
40%
56%
40
56
26%
61
39%
O
40%
*
53
.....
^
40
*27
MN
-
-
8
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♦
A
F
F
A
J
D
'
5%
♦
5
-
«
^
m
Friday
Last
Range or
Rating
Sale
See k
Price
Friday's
Bid
A
Ask
D
/
z
D
J
f
Since
Jan. 1
57%
104
3
103
104%
102
1
101
104%
Coll trust
101
2
100
108%
80 H
y
b
x
bbb3
58.1944
y
bb
1949
..I960
y
b
4s
1998
Allegh Val gen guar g 4s.—1942
Allied Stores Corp deb 4 Hs.. 1950
4 Hb debentures
1951
A Ills-Chalmers Mfg conv 4s. 1952
♦Alpine-Montan Steel 7s_.
1955
Am A Foreign Pow deb 5s...2030
Amer IG Chem conv 5Hs—1949
Am Internal Corp conv 5Hs. 1949
x
*
m:mm
aa
y
b
*105%
y
—
fund 6Hs.l943
1961
1966
2
5s gu
A y bbb2
8 x a
3
M
Af S y b
Af S y b
MN
x
72
20
70
83
11
60%
75
37
26%
47%
59
64%
*55
mmm
104%
m
mm
105
99%
93
mm—mmm
106%
107%
*
2
m m
mm-
"7
104% 107%
99%
3
99% 101%
94%
19
108
31
93
m m
'
"51%
"50%
51%
36
101%
101%
102%
95
93%
12
93
1
x
aaa3
10619sj
O
x
aaa3
105%
50%
J
D
10619ai 106«8j
79
105%
82
103%
104%
91
101%
102
15
104%
99%
106% 111
17%
17%
51
2
M N
A
87
31
v/''
bbb3
J y b
/
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68%
100% 105%
93
105%
1061#ajl09H
104
110H
103% 110%
101% 107
x
aaa3
y
bb
y
bbb2
mrnmrnrnm
97
99%
4
x
bbb3
102%
102
102%
28
102
6
28
41
32
50
97%
99%
1967
Jan
2
28
39
J
y
bb
S
x
bbb4
x
aa
2
96
95%
96
55
x
aa
2
95%
95
96%
42
Q
F
1957 J
J
1995 A
O
x
aa
Nov
x
bbb3
rnmmm'm
m
*35%
*98
mmm m mm
100
m — mm
U2 H
112%
129
128%
129
x
aaa3
z
b
1
z
b
1
z
b
1
0
0
J
z
cccl
General 4s
1995
1956
Conv 4s of 1905
1955
Conv gold 4s of 1910
1960
Conv deb 4Hs
....1948
Rocky Mtn Dlv 1st 4s
1965
Trans-Con Short L 1st 4s.. 1958
Cal-Ariz 1st A ref 4Hs A.. 1962
Atl Knox A Nor 1st g 5s
1946
Atl A Charl A L 1st 4Hs A-.1944
1st 30-year 5s series B
1944
Atl Coast L 1st cons 4s. July 1952
General unified 4Hs A
1964
10-year coll tr 5s..May 1 1945
L&N coll gold 4s... Oct 1952
Stamped 4s
Conv gold 4s of 1909..
3481
MN
x
x
2
101%
101%
—
mm
m'm'm
*
76%
"76%
2
rn'mmmrnm
92%
aa
mmm-mmm
x
aa
x
aa
mmmmmm
x
aa
mmmm
Af S
x
a
D
x
aa
95% 104%
95
104%
1
101% 107%
85%
87%
76%
89
92
93%
92%
7
91%
97%
95%
10
95
96
37
109%
104%
104 %
*99
J
x
bbb3
mmm mmm
J
x
bbb3
mm
M
S
x
bbb3
mm
♦87~~
65%
65%
mm
41
rnmmmmm
55
105
'm
m mmm
"97"
♦
41
*60%
55
93%
66
41
63
56
mm
100
105%
mm
99
100%
2
100%
100%
108
mm m mmm
2
Mm
"8
92%
*99%
mm
J
D y bb
138
'mm
80
100
100
J
Af N y bb
MN y bb
107%
95%
m
aa
J
109
92%
x
x
J
102%
79
bbb3
aa
*106
*8H
*8H
x
bbb3
x
a
3
1st ref gu
106
100
100%
15
154
28
100%
;
*105
x
aaa2
x
bbb3
y
b
2
47
49
183
yb
2
2
45 %
41
45%
108
48
46 H
49%
33
45%
23
21
b
y
*
97%
~45%
y
b
2
45 %
42
y
b
b
2
2
49
44
49
45 H
43
45%
y
ybb
2
105H
105H
105%
17
102 %
aaa4
103%
86%
31
"86 %
85
ccc2
2
56%
*52 %
bbb3
*103
86 H
108%
"86%
86 H
108%
x
bbb3
x
bbb3
111 H
3
87 %
ybb
bbb3
x
96
48
*45 H
b
x
""5
73
73
ybb 2
ybb 2
x
15
9%
*6 %
cccl
z
y
109%
111%
v
aa
88
104
103
104
111%
*110
107 %
107%
107%
28 H
25%
28%
61
3%
3%
aa
3%
2
/■"
2
zb
z
cc
z
cc
y
bb
b
b
y
3%
34
8
66%
34%
*50
"if
7
47%
47 H
47
x
a
100H
100
bbb3
66H
66
66%
11
x
/
x
aa
73 H
73%
80
34
J
x
aa
79
79
A
x aa
77 H
77%
84
83%
83%
2
74
80%
30
80
36
y
34
101
31
32
F
x
aa
J
x
aa
x
aa
73 H
x
aa
74
73%
74
x
aa
95 H
95
98%
72
bbb2
31
40%
150
y
40 H
a
2
58%
61
13
x
x
aa
2
90%
92
24
54
59
16
J
J
'
"74
J
x
a
2
59
J
x
a
2
51
J
z
ccc3
x
a
D
J
3
48
52
45
104
104"
104
*90
95
*33%
45
A
z
z
*8%
cc
A
O
z
O
z
"*5%
6
1%
*1%
*4%
2
c
A
c
J
D
z
cc
/
J
z
cc
M
S y bb
M
22
63
k
ccc3
MN
76
75
D y bb
J D z ccc2
J
F
12
2
8%
7
*2%
90
k
*45"
8 y b
57
80
*20
MN y b
F A yb
mong4s.. 1951
Through Short L
15
l"04H
105%
y
5s
1940
mtge 68—1941
Gen mortgage 5s
1941
Cent Hud G A E 1st A ref 3 Hb '65
Cent Illinois Light 3Hs
1960
{♦Cent New Engl 1st gu 4s..1961
{♦Central of N J gen g 5s—1987
Cent Pac
14%
*8H
*
75
108%
Af 8
x
aaa3
*107
O
aaa4
110
110
5
x
b
37
37
5
z
z
ccc3
13
13
z
ccc3
x
a
A
1987
1962
A
gold 4s..1949
lw gu 4s. 1954
---I960
5s3l942
1941
Prod 5Hs A... 1948
Central RR A Bkg of Ga
Central Steel 1st g 8 8s
Certain-teed
Champion Paper A Fibre—
ybb
13
10%
105%
106
58 H
58%
60
"36%
33""
A yb
x
M S
x
69
35
37
'49
110
69
70
2
104%
S f deb
104%
102
bbb3
4%s (1935 issue)..1950 M 8 x bbb3
4%s (1938 issue)..1950
Chesapeake A Ohio Ry—
Af 8 x aaa4
General gold 4%s_....---1992 MN x aaa2
Ref A imp mtge 3Hs D..1996 F A x aaa2
Re & impt M 3 Hs ser E.. 1996
D x aaa2
Ref A lmpt M 3Hs serF__1963
J x aaa2
Craig Valley 1st 5s..May 1940
J x aaa2
Potts Creek Br 1st 4s
1946
J x aaa3
R A A Div 1st con g 4s—1989
J x aaa3
2d consol gold 4s
1989 Af S x aaa2
Warm Spring V 1st g 58—1941
A O z ccc3
♦Chic A Alton RR ref g 3S..1949
J
J x aa
Chic Burl A Q—111 Dlv 3 Ha. 1949 J
J x aa
5
'55
*109""
bbb2
M S y b
7
*
Af N y b
MN
3
11
60
O ybb
F
10%
10%
105%
102
10
118
119%
95%
97%
22
104%
30
S f deb
Atchison Top A Santa Fe—
Adjustment gold 4s. .....1995
96
75
112H
aaa3
°
♦Mobile Div 1st g
Guaranteed g 5s
28
A
1955
M
mmm rn.m
y cc
5S..1964
1955
(Del) 4s B
lstmsf 4sser C (Del)
104%
*
40
♦
O
J
Central Foundry
3%s
56
*35
D
A
{♦Cent of Ga 1st g 5s...Nov 1945
{♦Consol gold 6s
1945
♦Ref A gen 6Hs series B..1959
♦Ref A gen 5s series C
1959
Central N Y Power
54
56
aaa3
.1955
1960
♦General 4s
91%
54
x
4s
1966
gu 5a A—1962
♦Chatt Dlv pur
50
91 %
bbb4
F A
1969
1969
1970
27%
101
x
MN
MN
1967
15%
65
x
Carriers A Gen
61%
O y bbb2
F
debentures
J
Founders conv deb. 1950 J
6s ser A. 1975 MN
Anaconda Cop Mln deb 4 Hs. 1950 A O
♦Anglo-Chilean Nitrate—
For footnotes see page
ybb
Caro Clinch
Am Wat Wks A Elec
f Ann Arbor 1st g 4s..
ybb
{♦Carolina Cent 1st guar 4s.l949
A Ohio 1st 6s A.1952
Corp 5s w w.. 1950
Cart A Adlr 1st gu gold 4s.-.1981
Celotex Corp deb 4Hs w W..1947
♦Cent Branch U P 1st g 4S..1948
60
61
68%
52%
Teleg—
Ark A Mem Br A Term
J
D
O
4%s—.......1946
52%
Am Type
Armour A Co
J
3
3
trust ctfs
...1944
Coll trust gold 5s..Dec 1 1954
Collateral trust 4Hs
I960
50
27
"l04%
A
107% 108%
--mm
68%
110
60%
mm
'
m
45
_
„
10
68%
-•
""31
aa
108%
70
*•'—
70
2
bb
x
—
-
109
50
50
*50
wim
-
110
50
y cc
Af S
52%
*34
aa
x
Allegh A West 1st gu
5 f Income deb
J
ybb
31%
101
.
37
35
*
"91" H
bbb3
28
18
44%
35
2
x
15%
47
9
;/ 8
*
4
z
J
5s equip
101
1948
1946
3H8
b
ybb
*
J
J
gold 4%s..June 15 1956 F A
Guaranteed gold 4Hb
1956 M S
Guar gold 4 Ha
Sept 1951 J J
Canadian Northern deb 6 Hb.1940
J
J
Can Pac Ry 4% deb stk perpet.. M S
30
bb
3H8 debentures.....
M^
J
J
Canadian Nat gold 4%s
Guaranteed gold 5s..July
Guaranteed gold5s.__Oct
Guaranteed gold 5s.
28
bb
y
9
3
ybb 3
Calif-Oregon Power
102
y
20-year sinking
cc
16 %
„
5s..1945 M N
A..1947 MN
Consolidated 5s
Bush Term Bldgs
103
8tamped. 1940
1952
Ala Gt Sou 1st cons A 5s
1943
1st cons 4s series B
1943
Albany Perfor Wrap Pap 6s..1948
10-year deb 4%s
Amer Telep A
z
,
deposit
Bush Terminal 1st 4s
..1952
32
bb
y
Adriatic Elec Co extl 7s
♦5s stamped
F A
1950 J JJ
1st lien A ref 6s series B...1957 MN
Buffalo Gen Elec 4Hs B
1981 F A
Buff Niag Elec 3Hfl series C.1967 J D
{Buffalo Rochester A Pgh Ry—
Stamped modified (interest
Af N
at 3% to 1946) due
1957
{Burlington Cedar Rapid A Nor
A O
§♦ 1st A coll 5s
1934
30
30%
cc
Af 8 y bb
1947
3Hs
18%
Guar
{|*Abitlbi Pow A Pap 1st 58.1953
Adams Express coll tr g 4s
1948
Alleghany Corp coll trust
Coll A conv 5s_...
aft
Range
RAILROAD and INDUSTRIAL
COMPANIES
assented
-
-
7%
69
65%
Bklyn Un Gas 1st cons g
1st lien A ref 6« series
Canada Sou cons
Week Ended May 31
6s with warr
-
4
M
9
Week's
Y. STOCK EXCHANGE
Alb A Susq 1st guar
16%
♦Certificates of
8%
-
M.
56
56
56
Elig. &
Coll trust 4s of 1907
ccc4
Debenture gold 5s
40
A
Batik
N.
-
41%
*
D
F
1958
....1961
BONDS
z
deposit
Certificates of
40%
40%
Af N
1952
...
18
65
......
external 7s........1968
Hb assented.
Yokohoma (City) extl 6s
M S
Sub RR—
1st con gtd 5s stmp ctfs... 1941
1st 5s stmp ctfs
1941
Bklyn Union El st g 6s
.1950
41
53
*27
58
A
J
15%
9%
8
2
6n
II—.
Af N
(City of) 6s
♦4
18
Bklyn Queens Co A
51%
Af N
1979
5%
43
M N
...1979
5
9%
9%
O
1946
....
51%
8'
1961
6
5%
41
J
J
3H-4H-4si»a extl conv
....1978
4-4H-4Hs extl read)
......1978
3Hs extl readjustment
1984
Venetian Prov Mtge Bank 7s
...1952
♦Warsaw (City)
16%
Bklyn Manhat Transit 4%s
Certificates of deposit
5
D
3%-4-4%s (» bonds of *37)
Vienna
ccc4
3HS-.1966
1966
5
'
J
1952
external conversion
M 8
z
......
7%
3%s-4-4%s ($ bonds of *37)
♦
....
69%
21%
........
9
...1971
f 6s
19
^ S
1st M 5s series II
1965 MN
Stamped
AfN
1st g 4%s series JJ
1961 A O
Stamped
A 0
{♦Boston A N Y Air L 1st 4s. 1955 F A
Stamped
13%
6
9%
1955
s
J D
20 %
3 H3-—1950,A
6s A C.1967 M S
*7
1958
external readjustment
Boston A Maine 1st
*7
1947
♦External • f 6s
17%
ccc4
Bklyn City RR 1st 5s ctfs.. 1941
Sydney (City) 8 f 5Hs
Taiwan Elec Pow s f 5Hb
♦Uruguay (Republic) extl 8s
ccc4
z
1944 J D
Big Sandy 1st mtge 4s
23
Af N
♦Sllesian Landowners Assn 6s
Tokyo City 5s loan of 1912
External s f 5Hs guar
13%
10%
5%
1
Af N
...
♦4Hb assented......
22
J
J
...1946
Serbs Croats A Slovenes (Kingdom)
♦88 secured extl
...1962
♦7s series B sec extl
1962
♦Silesia (Pro v of) extl 7s
...1958
♦Sinking fund g 6 Hb
♦External
5%
J
J
1950 J
1956 M
1968 J
1940 A
1945 J
...
z
12
Blaw.Knox 1st mtge
1921..........1938
f 7a
80
7%
"
♦Saxon State Mtge Inst 7s
9%
63
3
64%
Sao Paulo (City of. Brazil)—
...
12%
7H
----
22
64
♦6s extl dollar loan
61
7%
5
7%
*8
12
7%
33
55
140
J D
3s__1989 J
Beech Creek ext 1st g 3H8..1951 A
Bell Telep of Pa 5s sertes B..1948 J
1st A ref 5s series C
1960 A
Belvidere Del cons 3Hs
1943 J
♦Berlin City El Co deb 6H8-1951 J
♦Deb sinking fund 6H8...1959 P
♦Debenture 6s
1955 A
♦Berlin Elec El A Undergr 6 Hs '56 A
Beth Steel 3Hb conv debs.. 1952 A
Cods mtge 3%s ser F
1959 •»
12
0%
6
17
70%
33
18
16H
1951 J
4s stamped
11%
9
56%
57%
bb
1951
Con ref 4s
13
5%
37
7%
A
3
6%
6%
33
35%
MS
♦7s extl water loan
10%
60
7
*5%
J
...1953
1964
11%
5%
10
7%
:
5%
5%
D
56 H
z
Battle Cr A Stur 1st gu
O
O
13%
6%
7%
5%
O
3
bb 3
Bangor A Aroostook 1st 5s..1943
*
'
1967 J
—1952 A
♦Roumanta (Kingdom of) 7s
...1959 F
♦February 1937 coupon paid...
♦8s external
13%
Feb 1 1960
O
extl 6 Ha
{♦8s extl loan of
13
A
♦7s municipal loan
>
♦Conv due
7
-
A
♦7s extl loan of 1926
of)—
11
7%
6%
90
15
58%
y
Pgh L E & W Va System—
Ref g 48 extended to__1951
S'west Dlv 1st M (Int at 3 H %
to Jan 1 1947) due...1950
Toledo Cln Dlv ref 4s A.. 1959
1968 J D
♦6 He extl secured a f
11%
7
----
(int at 1%
Dec 1 1946) due..1995
11-5%
to Dec 1 1946) due...1995
Ref A gen ser D (int at 1%
to Sept 1 1946) due..2000
Ref A gen ser F (int at 1%
to Sept 1 1946) due..1996
9%
4
71
82
....
56 %
58 %
Ref A gen ser C(int at
16%
5
7
1946 A
♦8s extl secured s f
to
4
8
♦6s extl s f g
San Paulo (State
10%
12
2
4%
*6
♦8s extl loan of 1921
Santa Fe extl s f 4s
8%
3%
9%
*5%
A
43%
90
*86
Ref A gen ser A
*4
S
y
A O
1st mtge g (int at 4% to
Oct 1 1946) due.July 1948
10%
4
34
104%
103H
104%
a
2
bb 3
y c
A O
July 1948
11
*5%
M
b
41
34%
75%
62%
102% 107%
Stamped modified bonds—
11%
12
1946
1953
♦Saarbruecken (City) 6s
x
5%
Rio Grande do Sul (State of)—
Rome (City)
S
J
J
5%
...1950 M S
8s
10%
*7
W-
Af N
1941
1947
♦Extl sec 6%b
y
7
7%
J
J
J
64 X
11
D
J
/
64
60
4
J
1952
♦Rhine-Main-Danube 7b A
5%
*8
J
25
6
3%
~
J
28
3
6%
*3%
O
f 6s
74%
9%
■
O
6
26
5%
3%
A
28H
25
6
*
O
A
28
25
Baltimore A Ohio RR—
1st mtge gold 4s
S
A
Queensland (State) extl 817s
25-year external 6s
Austm A N W
4
5%
5%
Af
28 H
b
deb 3s
1953 M
deb 4%s'39 J
1st gu g 5s... 1941 J
52%
24
58
55
Af N
b
conv
82
72%
73
High
No. Low
High
y
Atlantic Refining
{{♦Auburn Auto
Adk
A
Low
y
Atl Gulf & WISS coll tr5s_.1959
105%
Bid
J
J
75
20
Friday's
Sale
(Cont.)
1948 J
1948 J
58
49%
101
7
102%
♦
1968
] 950
1963
1961
1966
...1952
1951
assented
s
101
1947
♦External sink fund g 8s
11
25
*20
D
5%
.
♦4%s assented
51
50%
O
J
1940
1958
♦4%s assented
♦External
50%
A
1960 J D
1961 A O
A O
♦Poland (Rep of) gold 6s
♦Prussia (Free State)
MN
Second mortgage 4s
65
54
56%
Railroad & Indus. Cos.
Atl A Dan 1st g 4s
13%
9%
13
Range or
Last
Price
Week Ended May 31
High
NO. Low
15
54
N. Y. STOCK EXCHANGE
1
Jan
High
*
'
■
56%
1947
1959
-
♦Nat LoaD extl a f 6s 2d ser__
♦4 Ha
A
MS
.1963
1963
♦Nat Loan extl 8 f 6s 1st ser
♦Stabilization loan s
F
BONDS
Since
Elig. &
Rating
See k
Range
•
*3
Ask
A
A)
♦Ctfs of deposit (series
♦Peraambuco (State of) 7s
♦Peru (Rep of)
Bid
Low
Oslo (City) s f 4%s
s
Friday's
Price
1952
1953
1958
1955
1953
Oriental Devei guar 6s
♦Extl
Range or
Sale
(ConcT)
Foreign Govt. & Mun.
♦Nuremberg (City) extl 6s
♦Panama (Rep)
Week's
Last
H fe
Week's
Friday
Batik
Friday
2,
fcS
BONDS
STOCK EXCHANGE
Week Ended May 31
Y.
N.
3477
New York Bond Record-Continued—Page 2
ISO
Volume
108
110%
24
104% 109%
mm mm
114
114
mmrnm
92
97
mmmm
93%
99%
6
64%
77
5
mmmm
9
41
62
61%
76
70
55
Il'lnois
Division 4a
1949
M S
General 4a
J958
let A ref 4Hb series B
1977,F
F
1st A ref 6s series A..——1971
A
A
x
a
118%
94
94
95
'104%
103%
19
15
*100
*111%
118
*100
"85%
9
92
12
7%
90%
15
90%
95
9%
91
97%
16
95
84%
85%
72%
75%
15
83
9%
xbbb3
72%
xbbb3
75
16%
98
102%
93
1
72%
84%
7
75
90
New York Bond Record—Continued—Page 3
3478
Bank
BONDS
N.
Y.
Elio. &
EXCHANGE
8TOCK
Fridayj
Rating
See
Week Ended May 31
Last
Sale
b
{|*Chicago A East 111 1st 6S.1934 A O
{♦Chic A E 111 Ry gen 5s
1961 Af N
♦Certificates of deposit
2
No. Low
118
6
1134
19
10
93
93
2
86
100
21
22
64
26
1134
bbb2
ccc3
J
J
ccc3
*1134
J
ccc3
*11
15
J
J
ccc3
*10
14
♦1st A get; 6s series
cc
cc
"2134
2
♦1st A gen 6s ser B__May
2
434
434
♦
2
♦Gen 4s series A —May 1 1989
ccc3
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Low
aa
1834
1034
62
Jan. 1
Ask
J
A
55
Since
A
J
lst434s-1971
1969
1st mortgage 434s
1969
{|*Den A R G 1st cons g 4s..l936
|*Consol gold 434s.
1936
{♦Denv A R G W gen 5s.Aug 1956
3034
20
Range
Fridays
Bid
1st A ref 434s
19
ccc3
♦General 4s
Price
Del Power A Light
334
434
434
6134
Sale
See k
1934
1234
1234
1234
334
21
Range or
Rating
(Cont.)
Railroad & Indus. Cos.
1940
Week's
Last
Elig. &
11
EXCHANGE
STOCK
Week Ended May 31
1834
ccc3
{Chicago A North Western Ry—
♦General g 3 34s
1987 M N
♦1st ref g 5s
Y.
Gen A ref M 4s
♦Geng3Mb ser B.May
♦Gen 434s series C.May
♦434s stamped
1034
19
J
bb
High
118
12034
1934
1934
1034
M S
A.-->.1966 M N
1966 J J
J
Chic Ind A Sou 60-year 4s.. 1956 J
{Chic Milwaukee A St Paul—
N.
10
1134
MN
Chicago A Erie 1st gold 5s—1982
{♦Chicago Great West 1st 4s. 1969
{♦Chic Ind A Louisv ref 88—1947
♦Refunding g 6s series B—1947
♦Refunding 4s series C—1947
Since
Jan. 1
High
118
cccl
cccl
BONDS
Range
Ask
A
Low
Railroad & Indus. Cos. (Cont.)
Friday
Bank
Range or
Friday's
Bid
Price
k
June 1,
Week's
Cuba Nor Ry 1st 534a
1942
Cuba RR lit 6s g
1952
7 34s series A extended to 1946.
6s series B extended to 1946—.
J
x
see page
3481.
10434
9934
101
2234
y ccc2
Del A Hudson 1st A ref 4s—1943 M N ybb
For footnotes
10434
10334
2
101
*21
4034
40
:
'
Attention is directed to the
"112
100
12
6
6
10134
24
3934
104
11034
10234 10534
104
10734
9934 10454
101
10534
40
60
46
31
30
4234
35
3934
6334
-
new
T
column incorporated in this
tabulation pertaining to bank eligibility and rating
;
of bonds.
See
k.
Volume
New York Bond
ISO
BONDS
N.
Y.
8TOCK
Elio. &
Railroad &
Indus. Cos.
Last
Rating
Price
36
Bid
Range
BONDS
N.
Since
No. Low
High
Joint 1st ret 6s series A
1963
D
bb
2
1st A ref 45*s series C
1963
1948
D
bb
2
A
cccl
♦Ilseder Steel Corp 6s
High
{♦Ind Bloom A W 1st ext 4s. 1940
Ind 111 A Iowa 1st g 4s_
1950
O
J
ccc2
Ind Union Ry 3 5*s series B.1986 M S
J
Industrial Rayon 45*s
1948 J
A
O
bb
J
§♦ 10-year
7% notes.. 1932 MS
♦Certificates of deposit
89
24
70
80
755*
132
70
80
33
12
29
395*
305*
36
"15
67
765*
765*
32
71
bb
715*
69?*
715*
42
67
bb
79 H
79
80
15
78
7
8
z
cccl
z
cc
z
cccl
95*
85*
....
.....
Z
cccl
1944
y
b
~~8
4
5
40
375*
40
123
14
1941
y
ccc4
54
535*
y
bb
995*
99
100
57
1955 M 8
Int Rys Cent Amer 1st 5s B .1972 MN
1st lien & ref 6 Ha
...1947 F A
J
Int Telep A Teleg deb g 45*sl952 J
y
b
3
bbb2
93
905*
93
40
80
80
1
8
f 6s series A
1955 F
Debenture 5s
{♦Iowa Cent Ry 1st A ref 4s. 1951
y
bb
b
2
26
2
{{♦K C Ft 8 A M Ry ref g 4s 1936
♦Certificates of deposit.
275*
z
O
41
3
y
bb
x
b
935*
bbb4
z
z
3
Apr 1950
Kansas City Term 1st 4s
1960
Karstadt (Rudolph) Inc—
♦Ctfs w w stmp (par $645) 1943
♦Ctfs w w stmp (par $925) 1943 M N
♦Ctfs with warr (par $925) 1943
Keith (B F) Corp 1st 6s
1946 MS
J
Kentucky Central gold 4s—1987 J
Kentucky A Ind Term 45*s.l961 J
J
Stamped
1961
475*
1
1
41
y
bb
x
aaa4
93
955*
85
86
10
25
25
395*
38 5*
695*
685*
50
51
11
50
52
55
30
50
1065*
105
15
105
1065*
z
109
135*
25
cccl
145*
*10
100
100
...
1005*
y
bb
x
a
x
bbb3
♦20
bbb3
*65
75
bbb3
♦835*
925*
bb
14
50
x
*
2
*60
*147
x
bbb3
J
x
a
2
J
x
a
2
1951 UN
{♦Kreuger A Toll secured 5s—
Uniform ctfs of deposit...1959 M 8
x
a
3
865*
865*
...
.....
1015*
1025*
80
...
33
1055* 1075*
107
1085*
100?* 106
805*
b
2
415*
15
yb
2
38
395*
10
38
...1942
y
b
37
37
1
37
44
1942
y
b
2
2
39
Coll & ref 5 H* series C
y
1953
Coll tr 68 series B
bb
♦785*
805*
385*
2
385*
86
805*
"3
80
38
505*
x
1997 J D
bbb3
y
....1947 J
1941 J
Lake Sh A Mich So g 3 5*8
bb
3
x
a
2
71
71
715*
4
695*
715*
82
94
"815*
815*
~9
93
795*
87
Lautaro Nitrate Co Ltd—
♦1st mtge Income reg-....1975 Dec
Lehigh C & Nav s f 45*s A..1954 J J
J
Cons sink fund 4 Hb ser C.1954 J
f 5s—
s
A
1964
♦5s stamped
♦1st & ref
.1974 FA
f 58....
♦58 stamped
.1974
♦Sec 6% notes extended to 1943
♦6s stamped
Leh Val Harbor Term gu
.....
-
63
46?*
5*
-
80
16?*
'155*
"
22
70
1
645*
72
72
1
72
81
65
65
10
525*
83
*50
60
1005*
101
"ll
1105*
111
111
22
*40
.....
81
1005* 103
1105*1125*
40
75*
13
90
55*
75*
5*
5*
18?*
1951 M 5ybb 4
1952 MN x a
2
J y bb 3
1963 M S x a
3
1940 A O z ccc2
Michigan Consol Gas 4s
{{♦Mid of N J 1st ext 58
{{♦Mil A No 1st ext 45*s—.1939
♦{Con ext 45*8.
1939
{♦Mil Spar A N W 1st gu 4s. 1947
{♦MUw A State Line 1st 3 5*s 1941
{♦Minn A St Louta 5s ctfs—.1934
♦1st A ref gold 4a
♦Ref A ext 50-yr 5s ser
t {♦MStPASS M
J D
/ D
M S
J J
MN
*
as
♦1st A ref 6s series A
.1946 J
98
*17?*
*35
b
♦
Prior lien 5s
ser
90
8
♦
945*
66?*
1045*
615*
985*
90
97
195*
9H
9
30
375*
22?*
56
235*
32
10
52
8
165*
73
"T" "Tj*
*4
5
*15*
2
15*
2?*
2
1
25*
7
65*
65*
25*
3?*
35*
3?*
15*
1
1
1
*30
60
50
695*
56
56
55
74
215*
235*
26
20
32?*
95*
8?*
10?*
8
79
*
4
35*
35*
*15*
J z cc
55*s
.1949 MSzcc
♦1st A ref 5 5*s series B—1978 J
J ybb
Missouri-Kansas-Texas
90
60
"985*
J z cccl
/ z cc
/ z cccl
4s Int gu'38 J
1938 J
to Int..1938 J
con g
{♦1st cons 5s
{♦1st cons 5s gu
90
*
z
18?*
665*
90
2
ccc2
z ccc3
z ccc3
z cc 2
1949 M S z c
2
A.1962 Q F z c
2
z
H
♦5*
Ref A lmpt 45*s series C—1979 J
22
4?*
35*
15
75*
25*
2
RR—
J y bb
A........1962 J
105*
40-year 4s series B
—..1962 J J y bb
Prior lien 45*8 series D—.1978 / J y bb 2
♦Cum adjust 5s ser A—Jan 1967 A O z cccl
10
.
75*
195*
8
35*
10
16?*
16?*
85*
85*
12
4
35*
{Missouri Pacific RR Co—
A
ccc2
♦Certificates of deposit.....
1975 M S
cccl
2
""!?*
15*
1977 M 8
ccc2
135*
♦Certificates of deposit.
♦1st A ref 5s series G—...1978 MN
cccl
12?*
♦125*
125*
*125*
5*
♦
1st A ref 5s series A....1965 F
cc
♦General 4s
♦1st A ref 5s series F
ccc2
cccl
♦Certificates of deposit
c
♦Conv gold 55*8
1949 MN
♦1st A ref g 5s series H
1980 A
♦Certificates of deposit
—
135*
135*
ccc2
13?*
34
"135*
.....
14
""§3
13?*
"135* ""71
"15* "40
135*
12?*
135*
215*
215*
21?*
215*
?*
83
12?*
125*
125*
4
15*
12?*
125*
125*
125*
101
13
135*
21?*
205*
13
*125*
2
1981 F
♦1st A ref 5s series I...
cccl
ccc2
A
b
1
25*
13
21?*
125*
125*
205*
21?*
1943
5s..1954
F
90
32
35
a
39
mtge 45*s...........I960
debentures...
1965
x
375*
y
bb
3
27
35
Montana Power 1st A ref 85*s '66
x
a
4
22
335*
Montreal Tram 1st A ref 5s.. 1941
y
23
295*
295*
Gen A ref
29
Gen A ref
s
Gen A ref
s
b
b
z
b
b
*205*
25
z
b
*205*
295*
*205*
23
23
b
z
b
b
"23"
*30
J y bb
2
J ybb
2
*305*
305*
9
♦45*s assented
—2003 MN
2003 MN
z
cccl
•General cons 5s
....2003 MN
z
ccc2
.2003 MN
z
cccl
11
105*
*30
y bbb3
a
IJbby McNeil A Llbby 4s..1955
Liggett A Myers Tobacco 7S.1944
bbb4
1951
x
X aaa4
aaa4
Lion Oil Ref conv deb 4Ms.. 1952
ybb
3
Liquid Carbonic 4s conv debs 1947
Little Miami gen 4s series A.1962 MN
Loews Inc s f deb 35*8—
1946 F A
x a
2
x
"I
95*
12
aaa3
K
11
2
105*
6
aaa3
O
x
5s debenture
1951 F A
J
Louisiana A Ark 1st 5s ser A.1969 J
Louisville Gas A Elec 35*s—1966 M S
x
aa
x
bbb3
x aa
x aa
105*
495*
47
54
1005*
1225*
925*
1065*
2
90
101
15
105
110
I6i5*
1015*
1015*
"22
7
8
53
1065*
20
1215* 1275*
1205* 1315*
1045* 1045*
1005* 105
52
735*
110
105
635*
♦Hill
87
87
1205*
3
"77"
3
875*
87
88
1205*
1225*
75
1075*
3
89
'915*
7
87-
67
945*
955*
16
1225*
77
1075*
1085*
120
1
120
1265*
1295*
11
1205*
87
2
75
865*
2
955*
u
1075* 110
1
io85* 1115*
94
8
835* 1025*
bbb3
935*
845*
855*
9
845*
bbb3
78
78
1
78
88
*74
83
"16
101
1045*
79
825*
1125*
2003
x
bbb3
1st A ret 4 Ha series C.....2003
x
2003
x
1st A ref 3?*s series E.....2003
Paducah A Mem Dlv 4s_.1946
x
bbb3
x
bbb2
101
3
St Louis Dlv 2d gold 3s...1980 M 8 x a
3
Mob A Montg 1st g 4HB—1945 M S x a
J y bbb2
South Ry joint Monon 4s.1952 J
*106
♦Lower Aust Hydro El 85*0-1944
F
A
x a
z
Constr M 45*s series B...1955 MN
Mountain States TAT 35*8.1968 / D
y
b
2
x
aaa2
Mutual Fuel Gas 1st gu g 5s. 1947 MN
Mut Un Tel gtd 6s ext at 5% 1941 M N
x
a
x
3
935*
*75
765*
*1065*
76
101
785*
B
77
cccl
112
"14
bbb3
Nassau Elec 4s ctfs pf dep..1951
Nat Dairy
Prod deb 3?*s
w w
1949 M S
J
♦45*s Jan 1914 coupon on. 1957
♦45*s July 1914 coupon on 1957 J
♦45*8 July 1914 coupon off 1957 J
♦Ass't warr A rets No 4 on *57 J
2
x
J
z
a
705*
36?*
565*
13
6
27
27
90
14
1045*
113
7
21
1015*
*60
51
525*
675*
525*
2
1035*
995*
J
70?*
425*
102
1045*
101
34
101
44 5*
245*
89
1045* 109?*
112?* 120
1015* 101M
65
41
*102
I64"
565*
475*
35
31
1045*
112?*
555*
102?*
1035* 1075*
995* 1065*
835*
735* 83
1055* 107
155* 155*
*1
....
J
z
J
Z
/
z
A
O
z
A
O
Z
....
A
O
z
....
{♦Ass't warr A rets No 4 on '26 J J
on..1951 A O
1914 coupon off.. 1951 A O
z
....
z
....
1914 coupon on. 1977
♦4s April 1914 coupon off.. 1977
♦Ass't warr A rets No 5 on '77
♦4s April
1
*%
1
H
H
....
5*
H
H
♦5*
....
*H
*?*
"~~H
H
H
5*
5
Nat RR of Mex prior lien 45*s—
♦4s April 1914 coupon
♦4s April
5*
*?*
*H
H
j* "~"H
z
x aa
2
D
x
a
4
MN
z
b
3
67
70
D
X
aaa3
♦118?*
121
120
/
z
cccl
♦32?*
34
36
J
J
z
cccl
J
D
x
aaa2
1225*
MN
x
aaa2
123
F
A
y
A
0
x
bbb2
aa 2
J
J ybb
3
bb
3
Natl Supply
1964
3?*s
{♦Naugatuck RR 1st g 4s... 1964
J
Newark Consol Gas cons 6s. 1948 J
J
{♦New England RR guar 6s. 1946
♦Consol guar 4s
...1945
A—.1952
1st g 45*8 series B
1961
N J Junction RR guar 1st 4S.1986
N J Pow A Light 1st 45*8—.1960
New Orl Great Nor 5s A
1983
New Eng Tel A Tel 5s
5*sA'52
New Orl Pub Ser 1st 6s ser A-1952
1st A ref 5s series B...
1955
New Orleans Term 1st gu 48.1963
N O A NE 1st ref Almp
{{♦N O Tex A Mex n-c Inc 5s 1935
J
1954
♦1st 5s series B
♦Certificates of deposit
A—
♦Certificates of deposit
column i ncorporated in this
1954
*?*
1015*
100 H
1025*
*60
32
H
1015*
103
32
123
123
123
1285*
1065*
106?*
♦
"106?*
70
*
l055* l09"
70
♦435*
695*
785*
46
45
59
103
104
1015*
103?*
♦53
0 z ccc2
21
58J*
102?* 105?*
1015* 1065*
715*
655*
21
I
A z ccc2
1
Z b
F z CCC2
z b
1
).
A * ccc2
435*
128?*
103
O* CCC2
z b
1
435*
315*
122
104
b
71
124?*
1235*
D* bbb3
j y bbb2
z
1005* 1055*
102
1055*
1225*
O* bbb3
♦Certificates of deposit.
IK
H
z
♦Ass't warr A rets No 4 on '51 A O
National Steel 1st mtge 3s... 1965 A O
♦1st 55*s Beries
new
'1125*
565*
55?*
28?*
28
4
1951
♦Certificates of deposit.....
A y bb
y b
2
~35~"
29
J
-.1956
♦Certificates of deposit
♦1st 45*s series D—...... 1956
Attention is directed to the
♦"
1
2
7
66
2
b
y
D
MN
110?*
1125*
955* 1045*
71?*
86
56
bb
1st 5s series C-—
For footnotes see page 3481.
*11III
945*
1085*
Louisville A Nashville RR—
At! Knox A Cine Dlv 4s_.1955 MN
2
105
103
98
79
ybb
Nat Distillers Prod 35*s
118
104
123
715*
11
12
985*
735*
*—...
405*
55
107
National Rys of Mexico—
106
1215*
905*
105
yb
3 5*0—2000 J
Constr M 5s series A.....1955
19
50
3
1065*
97
1
y
Morris A Essex 1st gu
25
24
105
1045*
975*
20
605*
105
105
bbb2
b
2
y
f 45*s series C. 1955 A
f 5s series D
1955 -4
16
53
ybb
f 5s series A—.1955
Gen A ref s f 5s series B—.1955 A
195*
515*
100
19
25
215*
275*
285*
103
4
D xbbb2
Nat Acme 45*s extended to. 1946
3
MN x a
165*
25
♦335*
4
Nash Chatt A St L 4s ser A—1978 r
115
475*
s
2
17
1215*
925*
1065*
a
xbbb3
95*
85*
105*
6s
z
165*
165*
122
52
x
Lou A Jeff Bridge Co gu 4S..1945 M 8
6
85*
85*
1005*
105
Lorlllard (P) Co deb 7s..—.1944 A
1
47
122
3
A
Lone Star Gas 3Hb debs
♦Long Dock Co 3?*s ext to.. 1950 AO ybb 3
x a
2
Long Island unified 4s
.1949 M S
x bbb3
Guar ref gold 4s_.—
1949 M S
1949 M S
95*
95*
45
30
1005*
1
4s stamped....—
9
10
485*
30
38
305*
aaa3
x
D y b
65?*
115
*30
3
x
50
495*
395*
36
95*
95*
295*
60
~2
50
85*
x
205*
70
50
O y bbb3
205*
245*
24
*.50
10
1
23
*215*
50
Lex A East 1st 50-yr 5s gu—.1965
{♦Secured 5% notes....—1938
1st
5
z
ccc2
Lombard Elec 7s sales A
X aa
87H
cccl
1952 J
1953 F
Monongahela Ry 1st 4s ser A 1960 MN
Monongahela W Penn Pub Ser
45
...
205*
345*
335*
415*
20
285*
b
2
ccc2
5s debenture.
cccl
y
bb
335*
255*
205*
20
27 5*
z
y
A ybb
1941
cccl
♦Certificates of deposit...
Moh'k A Malone 1st gu g 48.1991 MS
57
655*
38
20
235*
225*
215*
425*
38
20
"225*
cccl
42
845*
79
I
ccc2
28
45
215*
cccl
z
m's
125*
68
♦13
ccc2
z
8
z
5s assented
z
z
12
z
{Leh Val Term Ry 1st gu g 6s 1941
A
M~8
13
z
A
♦Ref A lmpt 45*s
1977
♦Certificates of deposit
45
2003 MN
.
♦Montgomery Dlv 1st g 5s 1947 F
♦Certificates of deposit
35
125*
65
2
29
89?*
"135*
cccl
♦Certificates of deposit
{{♦Mo Pac 3d 7s ext at 4% Jul '38 MN
28
..2003 M N
1st A ref 4s series D
Jack Lans A Sag 35*s
1st gold 3 5*8
425*
425*
4s
1st A ret 5a series B_.
84
39
42
♦12
445*
♦4s assented
♦5s assented
§!
665*
70
♦Mex Internat 1st 4s asstd—1£77 M S z
♦Mlag Mill Mach 1st s f 78—1956 J D z cccl
Mich Cent Det A Bay City—•
28
{Lehigh Valley RR—
♦General cons 45*s
*11
6
2
z
...
cons g
*315*
cccl
z
7" J
{Leh Val N Y 1st gu 45*s__.l940 J
45*s assented
1940 J
♦Gen
1
bb
z
A
1954
...1964 F
f 5s
*85?*
y
z
1954 F
♦5s 8tamped
s
1
y
Lehigh A New Eng RR 4s A.1965 A O x bbb3
3
Lehigh A N Y 1st gu g 4s
1945 M 8 yb
Lehigh Valley Coal Co—
z b
♦5s stamped
...1944
♦1st A ref
83?*
76
{{♦Met W«;Slde El (Chic) 4s.1938 F A z ddd2
{Mobile A Ohio RR—
Lake Erie A Western RR—
8
76
101
81
705*
45
y
1942
Coll A ref 55*s series D...1960
♦1st A ref
11
121
1
445*
.......
*5*
905*
655*
515*
495*
Ref A ext mtge 5s
5s extended at 3% to
46
805*
805*
52?*
♦35
1
{♦Man G B A N W 1st 35*8.1941 / J z ccc2
Marlon Steam Shovel s f 6S..1947 A O y b
3
Stamped
yb
2
{♦Market St Ry 7s ser A April '40 Q J z ccc3
(Stamp mod) 5% ext to.. 1945 Q A
Mead Corp 1st mt<re 45*s...l955lM S x bbb4
Metrop Ed 1st 45*a series D.1968 M S x aa 3
Metrop Wat Sew A D 55*8—1950 A Ox bbb3
92
25*
*45*
ybbbl
{♦Laclede Gas Lt ref A est 5s 1939
2d gold 5s
?2
10
715*
85
157
168
885* 104?*
84
865*
*1075*
102
50,
75*
80
*102
70
so
171
bbb3
1035*
1075*
50
-i
90
aaa4
x
100
107
104
x
Coll tr 6s series A..
39
10
77 H
80
{♦Mo-Ill RR 1st 5s series A.1959 / Jz ccc2
Mo Kan A Tex 1st gold 4s...1990 / D y bb
*10
x
Koppers Co 4s series A
15
35
79
"805*
42
z
y aa
High
345*
♦25-year
O
Kings Co Lighting 1st 5s
1954 J
1st A ref 6)48....1954 J
55
38
5
25
A
4 Ha unguaranteed
1961 J
Kings County El L A P 6s... 1997 A
Kings County Elev 1st g 4s..1949 F
Certificates of deposit
15*
57
2
94
85
x
1961 J
445*
245*
"55"
xbbb3
Ref A lmpt 5s
99
22
148
15*
265*
25
95
80
85
85
25
145*
145*
375*
745*
535* 765*
99
1035*
905* 1035*
75*
109
85
265*
295*
25
25
b
545*
*1
cccl
D y bb
Kan City Sou 1st gold 3s— .1950
Plain
♦825*
245*
265*
3
y
Jones A Laughlln Steel 45*s A1961 M S
Kanawha A Mich 1st gu g 4s 1990 A O
A
3
A y b
M S
James Frankl A Clear 1st 4s. 1959 J
y
cc
Low
89
39
"41?*
....
z
No
High
835*
715*
86
cccl
z
Since
Jan. 1
BQt
2
1
75*
8
8
Internat Paper 5s ser A A B.1947
Ref
905*
165*
z
Range
Ask
_
1956
♦1st g 5s series C
Manila RR (South lines) 4s. 1959 M N y a
1
755*
70
{♦Int-Grt Nor 1st 6s ser A. .1952
♦Adjustment 6s ser A.July 1952
Internat Hydro El deb 6s
Int Merc Marine s f 6s
1005*
89
72
A
Low
106
735*
Bid
Railroad S. Indus. Cos. (Cont.)
{♦McKesson A Robblns d 5 5*8 '50 M S y b
2
Maine Central RR 4s ser A.1945 J D y bb 2
Gen mtge 45<s series A...1960 J D yb
2
ManatI Sugar 4s s f.-.Feb 1 1957 MN y ccc2
100
31
y
1956
12
17
89
♦29 H
Price
Range or
Fridays
Sale
See i
1055*
85*
Last
Rating
104
115*
Week's
Friday
Elig.A
EXCHANGE
{»Manhat Ry (N Y) cons 4s. 1990 A O
♦Certificates of deposit
♦Second 4s.....
...2013 / D
♦Certificates of deposit..
Manila Elec RR A Lt a f 5S..1953 M S
755*
Interlake Iron conv deb 4s..1947
♦1st 5s series B
61
101
bb
conv
995*
100
cc
{♦10-year
21
105
cc
♦Certificates of deposit
47
56
2
bb
1932 AO
6s
80
41
75 H
bb
♦Certificates of deposit
22
995*
"*85*
bbb2
{♦Interboro Rap Tran 1st 5sl966 J
33
60
aaa2
Inspiration Cons Copper 4s. 1952
605*
♦
bbb2
{♦Ind A Louisville 1st gu 4s.1956
33
205*
995*
♦12
bbb3
J
31X
375*
74
♦
STOCK
Week Ended May 31
IU Cent and Chic St L A N O—
35
Y.
Jan. 1
At*
A
Low
(Com.)
3479
4
Bank
Range or
Friday't
Sale
See a
EXCHANGE
Week Ended May 31
Record—Continued-Page
Week's
Friday
Bank
"245* "245*
21
33
25
23
30
*26
♦.
375*
24
40
38
......
255*
32?*
395*
375*
37?*
37
275*
♦175*
255*
235*
40
245*
29
86?*
325*
275*
38
27
40
33
385*
tabulation pertaining to bank eligibility and rating of bonds.
See *.
New York Bond Record—Continued—Page 5
3480
Railroad & Indus.
Cos.
Newp A C Bdge gen gu 4
N Y Cent RR 4b series A
(font.)
J
5*s. 1945
1998
2013
F
35*8———1952
Hud River 35*8.1997
Debenture 4s
------1942
Lake Sbore coll gold 3 5*s. 1998
Mlcb Cent coll gold 3 5*s.1998
N Y Chic & St Louis—
1974
1978
C
trust.——-—1946
3 Mb extended to. 1947
4s collateral
J
3
26
76
74
74
51
43
46
42
42%
70
66
68%
3
44%
3
45
42%
68%
111%
62%
81
46%
42%
2
44%
38
M
38
High
111
320
40%
45%
66%
62%
63%
79%
Penna Pow
2
86
95
General 45*s series
54%
6
54%
62%
General 5s series B.......
55
00
O ybb
M S ybb
A
F
3
88
3
50%
47%
50%
31
45%
3
43 M
40%
43%
69
38%
73 '
74
4
73
82%
2
yb
x
81%
69
3
66
101
105
82%
69
66
101
101
yb
y
1
47%
54
ccc2
x
aaa4
E—-1966
x
104 %
105 M
105 5*
*15
105
aaa4
Erie RR
J D
N Y Gas El Lt H A Pow g 5s. 1948
F A
Purchase money gold 4s... 1949
6
105
105
105
x aa
101 %
105%
7
x
x
aaa4
MN
z
MN
x
aa
A
3 5*8 1947
..1954
4s..1955
♦Non-conv debenture 4s..1966
♦Conv debenture 3 5*8——1956
♦Conv debenture 6s
1948
{♦Collateral trust 6s
1940
♦Debenture 4s
--—-1957
♦1st A ref 4 Ma ser of 1927.1967
{♦Harlem R A Pt Ch 1st 4s 1954
35*s
10
12%
*8%
*97
11%
52%
*
60
62
b
*75"
y
bb
*58
bb
20
13
15
99%
cccl
11%
11 Hi
8
115*
J
cccl
11
11%
2
11
MN
cccl
J
4
11
10
J
cccl
J
J
cccl
13%
13
13%
18
A
O
cccl
22
22
23
39
3
14
MN
cc
D
1
b
3
2%
"48"
aaa4
El Lt A Pow 3 Ma '65
J
J
Y Rys prior lien 6s stamp. 1958
AfN
Y A Rlchm Gas 1st 6s A—1961
35*8—1903
{{♦N Y Susq A W 1st ref 68.1937
{♦2d gold 4 Ma
-1937
♦General gold 5s
...1940
♦Terminal 1st gold 6s
1943
N Y Telep 35*8 ser B
1967
N Y Trap Rock 1st 6s
1940
6s stamped
1940
||»NY West A Bost 1st 4 Ma 1946
Niagara Falls Power 3 Ma—1960
Nlag Lock A O Pow 1st 6s A. 1955
Niagara Share (Mo) deb 6 Ma 1950
{{♦Norf South 1st A ref 5s.. 1961
N Y Steam Corp 1st
J
F
105
102"
102
103
101M
101 %
102
cc
MN
14
bb
*50%
54%
106%
106%
J
J
J
D
J
J
M
8
aaa3
107%
107%
A
O
a
4
107%
107
MN
b
1
aaa4
m%
*74
2
78
c
A
2
bb
F
bb
2
9%
c
♦Certificates of deposit—
2
2
8%
2
3%
107%
107%
99%
9%
8%
9%
8%
6
9
625*
1115*
6
21
90
78
92
3%
65*
107% 112
107
109
3
97% 104 5*
8
185*
75*
175*
2
645*
36
x
a
3
3
J
D
A
9
81
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117
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101
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895*
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2
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x
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82
29
90
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6
78
765*
785*
46
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1
1105* 110
112
112
2
111
59
59
*50
58
a
mm
4
1065*
515*
485*
"l065*
3
......
3
"485*
45
3
1075*
107
3
»
91
995*
995*
765*
1
875*
2
117H
56
70
655*
655*
10
20
1065*
2
79
895*
89
....
4
2
x
mm
J y bb
J ybb
A
39
92
1205*
945* 1045*
1005* 1105*
91
2
z
83
79
81
2
x
2
1115*
1175*
109%
35*
106 5* 107
52
8
485*
1
515*
485*
485*
5
45
110
107
108
71
60
62
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x
A
x
aa
2
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x
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2
J
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*
1
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1065*
2
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5
1065* HON
1045* 1085*
1095*
115
......
100
102
65
1085*
24
105*
11
4
•S 5
1055*
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935*
935*
3
935* 101
101*i«
101«u
1
101'u 103
x
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x
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z
cccl
z
cc
1
1085*
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25*
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cc
1
4
M S
J
J
mmmmmm
105*
aa
x
bbb3
O
x
aaa2
A
aaa2
2
"105"" "1045*
935*
x
aaa2
x
aaa2
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x
aaa2
105
A
x
aaa2
*109
1155*
....
1964 MN
J D
1970
A O
1975
x
aaa2
*109
115
....
Series I cons 45*s
1963
Series J cons guar 4 5*8
F
/
1977 J
MN
Gen 4 5*s series C
Pitts Va A Char 1st 4s guar. 1943
1005*
1085* 1115*
95*
15
10
25*
aaa2
1957 MN
F A
100
25*
35*
4
85*
m'*mm
x
1960
115
102
D
J
J
114
1045*
1065*
1045*
x
aa
2
x
aa
aa
2
x
*1085*
*1105*
*1045*
"l09"
109
"995*
995*
2
x
*1065*
......
1075*
'rnmmmm
'mm
....
....
mm mm
——
mm rn mm
....
1
109
1045* 1125*
1005* 108
1085* 1085*
109
112
1045* 1045*
108
109
109 5* 110
•mmmmm
2
105
5
1005*
1005*
105
1095*
116
1185*
1155*
995*
1005*
925*
118
108 5*
aaa2
J D y b
Pitts A W Va 1st 45*s ser A. 1958
A O y b
1959
1st mtge 45*s series B
A O y b
1960
1st mtge 4 5*s series C
1005*
4
2
1075*
"925*
925*
93
425*
40
53
"425*
415*
425*
42 5*
1
3
7
40
63
3
43
415*
43
10
40
53
104
103
104
13
103
♦985*
117
3
1005*
12
14
86%
78
97%
c
106
90%
3%
98
5%
5%
39%
8%
8
8M
30
9
21%
*5%
c
A
1005* 106%
1075*
101
*7%
cc
J D
1115*
117
x
Gen mtge 5s series B
105%
82
F A
gold... 1949
1953 J D
gold
Gen mtge 5s series A
105
3
aaa2
aaa2
62
110%
108%
"1115*
a
x
aaa2
85
107
2
x
x
43
107%
4
aa
F
1%
aa
O
A
Series E 35*s guar
6%
85*
4%
x
A
F
x
85
bbb3
J
3
107%
107%
bbb3
J
30
MN
x
Series F 4s guar
3%
1115*
mmm
O
Series G 4s guar
3%
3%
m'-d
1942 MN
1945 AfN
1942
Series C 4 5*s guar.
72
*33%
N
Series D 4s guar
235*
*1%
*75%
N
Series B 45*s guar..
245*
365*
12
2
z
MN
N Y Queens
20
58
2
1955
10
12>*
205*
2%
2
A Oy b
{♦N Y Prov A Boston 4s
1942
A O
b
N Y A Putnam 1st con gu 4s.1993
D
aaa2
A
Pitts C C C A St L 45*8 A...
12
2
♦General 4s
10
13%
2
J
x
m"s
Series H cons guar 4s
M Sz
108
1095*
1115* 115
1115* 115
Phillips Petrol conv 3s
M S
Pitts Coke A Iron conv 4 5*s A '52
20%
205*
59%
c
4s—1992
113
11
2
♦Certificates of deposit-
58
58
cc
{♦N Y Ont & West ref g
{♦Phlla A Read C A I ref 6s. 1973
2%
12%
cccl
MN
6
11%
10
195*
19%
100
13
MN
1055*
M S
♦Conv deb 6s__.__.
O
J
1981
{{♦Philippine Ry 1st s f 4s„1937
cccl
62
1085*
MN
Phlla Electric 1st A ref 35*s.
11
1045* 1105*
101
108
F
Phlla Co sec 5s series A.....
M 8
A
General
80
*10%
*10%
J
series C
45*a series D
General g 45*8
64
15
*60
cccl
43
1005*
108
4
J
4s..
General 5s series B_—...
07
72%
105%
101
aaa2
1055* 105*tt
Phlla Bait A Wash 1st g
60
71
74
1045*
bbb4
x
M S ybb
J D x a
80
*25
a
x
F
65
"so"
b
O
14
x
J
100
49%
1
High
A
J
120% 126%
115
118%
97
101%
*44
_
z
{{♦N Y A N E (BostTerm) 4fl '39
{♦N Y N Hav A Hart RR—
M S
♦Non conv deb 4s
1947
♦Non-conv debenture
10
115%
115
115
AfN y bbb2
MN y bbb2
4Mb series B
— 1973
AfN
Coal A RR 5Ma 42
J
J
♦NYLE4WDk&Impt 5s 1943
M 8
NY A Long Branch gen 4s—1941
121%
1205*
121%
cc
♦N Y L E A W
♦Non-conv debenture
aaa4
No. Low
High
A
Apr
series C.
helps Dodge conv 3
35*s called 1952...
Jan.
F
Apr
1st g 4 5*s
Since
<3
a5
F
♦Certificates of deposit—.—
4s
Asked
MN
A
♦Income
A
Low
M
107%
108%
47
66%
46
67%
104% 110
105
110%
§2
Friday's
Bid
A
86
6
"82%
"
aa
Price
A
86%
87%
Range
Range or
Sale
See a
J
69%
bbb3
Rating
A O
68%
A y bbb2
x
'
N Y A Erie—See
♦Non-conv deb
A—...1961
1961
88
48%
1947
{♦N Y A Greenwood Lake 5sl946
N Y A Harlem gold 3 Ma
2000
N Y Lack A West 4s ser A... 1973
A Lt 3 %s—..196!
debentures
197'
Pennsylvania RR eons g 48—1943
Consol gold 4s
1941
4s sterl stpd dollar May 1 '41
Gen mtge 35*s series C...197(
Consol sinking fund 45*s__190(
45*s
54%
bb
D——1965
1st lien A ret 3%a ser
26
*43%
iy
gold 4s——1951
notes
74
1
47
Railroad & Indus. Cos. (Cord.)
A y bbb2
4 Ma A—1963
5s series B
1963
Conv 6%
High
111
M
Elig. &
31
A y bbb2
notes-—-——1941
N Y Dock 1st
3
bb
a
x
44
No. Low
Week's
Last
fej
d y*
Week Ended May
Jan. 1
Friday\
3 B
EXCHANGE
N. Y. STOCK
Since
Batik
Nft.
BONDS
Range
Asked
A
111
3
b
O y b
MN ybb
N Y Connect 1st gu
N Y Edison 35*s ser
bb
O y
N Y Cent A
series A
Bid
Jx aaa2
Ay
Oy
—
series C
1st guar
Price
Low
Ref & lmpt 6s
1st mtge
Range or
Friday's
See a
Conv secured
3-year 0%
Sale
31
10-year 3Ha sec a f———1940
Ref & impt 45*s series A--2013
Ref 6 5*8
Last
Rating
EXCHANGE
Week Ended May
Ref 45*8 series
Friday
Week's
Elig. &
BONOS
N. Y- STOCK
June 1, 1940
S-o
Bank
Pitts Y A Ash 1st 4s ser A— 1948
1st gen 5s series B
1962
1st gen 5s series C
1974
1st 45*s series D
1977
1960
Port Gen Elec 1st 4 5*8..
J D
F
A
x
aa
3
x
aa
3
x
aa
3
M 8 y bbbl
{♦Porto Rico Am Tob conv f
1942 J
♦6s stamped..
J
{{♦Postal Tel A Cable coll 5s 1953
Potomac El Pow 1st M 35*s. 1966 J
1951
3
D
s
Pressed Steel Car deb 5s
aa
/ D
J
1950 J
'42 J
1st 5s extended to
x
J
/
x
z
cccl
J
z
*98
"675*
665*
*1065*
775*
775*
795*
165*
165*
1065*
1065*
"80"
cccl
J
z
cccl
J
x
aaa4
J y bb
*985*
......
bbb2
J
....
1065*
1105* 1105*
52
68
«»---«
....
66
815*
104
107 5*
8
80
795*
21
1065*
2
86
585*
8
165*
69
855*
255*
145*
1065* 1105*
4
79
795*
35*
mm mm-
140
1405*
106"
107
29
106
1105*
1005*
101
20
100
105
*25*
795*
795*
*15*
*655*
1065*
2
845*
"48"
'
AfN
{{♦Norfolk A South 1st g 5s. 1941
Norf A W Ry 1st cons g 4s... 1990 O A
North Amer Co deb 35*s
1949 F A
Debenture 35*8
——1954 F A
Debenture 4s
...1959 F A
North Cent gen A ref 5s
1974 M 8
Gen A ref 4 5*s series A..-.1974 M 8
{Northern Ohio Ry—
♦1st gtdg 5s
1945 A O
♦1st mtge g 6s (stamped can¬
cellation of guarantee). 1945 A O
ccc2
♦Certificates of deposit
4s... 1997
3s Jan...2047
Ref A lmpt 4 Ma series A—.2047
Ref A lmpt 6s series B
2047
Ref A lmpt 5s series C
2047
Ref A lmpt 5s series D
2047
Northern States Power 35*8-1967
Northwestern Teleg 4 Ma ext 1944
Gen lien ry A Id g
Q~~J
102%
64
102$*
103%
12
114
114
2
107
1085*
Purity Bakeries s f deb 5s
z
ccc3
z
ccc2
x
bbb2
"49"
64
09
2
38
405*
28
J ybb
2
485*
465*
495*
120
J ybb
2
43
425*
44
18
2
43
415*
43
20
J ybb
x
aa
4
1065*
J xbbb3
J
4
105
105
1055*
20
4
1055*
1045*
1055*
2
4
1015*
1035*
17
4
aa
4
aa
4
aaa2
108 5*
aaa4
D
1966
aa
Panhandle East Pipe L 4s... 1952 M 8
2
a
/
4
bbb3
x
bbb3
*62
M S
x
bbb3
92
M S
x
bbb3
AfN
x
bbb2
F
MN
x
AfN
x
bbb4
z
1940 J
J
x
J
♦Rhine-Ruhr Water Serv 6s_1953 /
MN
z
♦Rhlne-Westphalla El Pr 7s. 1950
AfN
♦Direct mtge 0s..
..1952
F A
♦Cons mtge 6s of 1928
1953
Pat A Passaic G A E cons 5s. 1949 Af S
♦Paullsta Ry 1st s f 7s
1942 M 8
Penn Co gu 3 5*8 coll tr ser B. 1941 F A
ccc2
1075*
08
3
53
77
53
605*
1085*
40
108
106
17
1125*
1055* 1105*
85
735*
7
1035* 1105*
*102
90
74
106
1
106
■
-
mmm
103 5*
1035*
rnm'm
1
75
1045* 112
1025* 102 5*
1035* 105
x
a
J
....
67 5*
....
s
f conv debentures
gu
{{♦Rio Gr West 1st
g
5s... 1939
4s
1939 J
♦1st con A coll trust 4s A.. 1949 A
Roch Gas A El 45*s ser D...1977 M
M
Gen mtge 35*8 series H
1967
M
Gen mtge 3 5*8 series I
1967
Af
Gen
1949 J
1941 J
Saguenay Pow Ltd 1st M 45*s '66
A
*1055*
102
*
1C0
a
3
x a
905*
1035*
88
1035*
*96
40
47
121
126
075*
72
106
{♦St L Peor A N W 1st
102
107 5*
St L Pub Serv 1st mtge 5s
104 %
106J*
08
99
105
90 5*
5
88
98
103 5*
98
♦{Riv A G Dlv 1st g 48—1933
♦Certificates of deposit
2
----
1035* 107
96
975*
1015*
99
5s 1948
1959
St L Rocky Mt A P 5s stpd
1955
{♦St L-San Fr pr lien 4s A
1950
♦Certificates of deposit
gu
♦Prior lien 5s series B
195
cc
x
aa
x
aa
v.;,v V:
3481.
605*
66
75
23
92
102
19
——
91
42
5
x
aa
Attention is directed to the
*....*•
x
aa
2
z
cc
104
28
20
65*
c
J
cc
2
O
x
a
x
*1055*
"l06
105
*45*
2
J
*1075*
2
x
65*
-
cccl
z
aaa2
/ y bb
109
92
985*
995* 1035*
20
'mm
m
30
14
175*
15
1
....
15
155*
125*
m
4
16
17
185*
17
13
8
1035* 109
103 5* 105
9
105*
....
33
40
8
20
345*
9
55*
125*
108
106
85*
*4
10
68
715*
——
1085* 111
4
69
*23
3
*
70
mmm
•
105
—
1105*
95*
5
21
21
....
0
9
....
4
95*
21
68
985*
1115*
—-
rn'mm
mm
75*
*104
—
'
——
-m-mmmrn
~*4
2
O y b
1105* 112
....
59
.....
« 1
1
1
.....
1
1
1
new
1
,
z
bb
z
bb
J
ccc2
J
M S y b
2
J
J y b
485*
17
5
555*
60
15
J
MS
cccl
z
cccl
z
J
cccl
z
cccl
z
15
265*
555*
75*
85*
56
75*
—
65*
8
40
65*
145*
95*
95*
95*
6
95*
95*
2
9
16
155*
75*
85*
136
cccl
m
'
—
""95*
-----
z
J
66
65
mm
*30
cccl
y
bb
2
*56
z
b
75*
65*
1
ccc2
12
z
cccl
°8
75
7J*
75*
65*
....
145*
135*
12
85*
1
11
50
67
275*
575*
*25
z
37
33
'
x
6
495*
485*
60 5*
625*
145*
"685*
2
J
28
51
15
2
z
50 5*
495*
485*
2
J
m m m m
985*
103
8
36
m — *»
2
z
J
MN
J
m
905*
——
106
V
"26"
m
2
8
1005*
mmmrnm
34
38
215*
12
75*
13 5*
t
I
For footnotes see page
*1045*
♦V
■'
2
{♦St L S W 1st 4s bond ctfs. 1989 MN
J
♦2d 4s lnc bond ctfs..Nov 1989 J
J
J
▲
60J*
755*
2
8
♦Certificates of deposit
♦Con M 4 5*s series A
1978
♦Ctfs of deposit stamped...
045*
14 5*
104
104
2
z
8
145*
St Louis Iron Mtn A Southern—
1005*
3
x
1
1035*
995*
St Lawr A Adlr 1st g 58—
2d gold 6s
*
105 H
mm
102
1996 J
1990 A
615*
905*
145*
O
mtge 35*8 series J
1909
{{♦R I Ark A Louis 1st 45*8.1934 Af S
♦Ruhr Chemical a f 6s......1948 A O
{♦Rut-Canadian 4s stmp
{♦Rutland RR 45*8 stmp
65
50
60
....
z
1015* 1025*
1025*
'
Penn-Dlxle Cement 1st 6s A. 1941 M 8 y b
Penn Glass Sand 1st M 4 Ma 1960 J D x bbb2
J
mm-mm
~
aa
1981
——
*1015*
aa
O
43
*
.mmrnmm
aa
Pa Ohio A Det 1st A ref 4 Ma A *77 A
77
*
x
A
2
H125*
x
F
77
aa
x
1963
42
b
D
28-year 4s
1
77
mrnmmm
42
x
D
50
7
19
14
17
z
71
z
1952 MN
;V
995*
--«» m mmm
19
_
/
67
105
aaa3
J
1942
1944
X
*
1
42
2
14
•» -
2
x
J
Guar 3 Ma trust ctfs C
Guar 3 Ma trust ctfs D
Guar 4s ser E trust ctfa
z
m'm
ccc2
108
1035*
*15
mm
aa
119
104
106
—
925*
*955*
mm mm
'
b
1185*
113
1045*
m
935*
....
z
113
1
*60
~
1035*
mrnmmmm
«.
z
17
*71
~
:
"
x
113
1055*
m
mm'm
rnrnrnm
92 5*
1005*
945*
1045*
945*
91
104
bbb3
x
91
*90
92
"92"
bbb2
3
St Jos A Grand Island 1st 4s. 1947 J
2
1st M s f g 3s loan ctfa
1955 F A y b
Paramount Pictures 35*8 deb *47 Af 8 xbbb3
Parmelee Trans deb 6s
1944 A O y ccc3
A xbbb3
J
Rlchm Term Ry 1st gen 5s..1952 J
♦Rlma Steel lsts f 7s
-.1955 F A
J D
{{♦Rio Gr June 1st
1085*
113
1095*
106
150
228
....
1095* 1135*
105
m
140
rnrnrnm
93
J
4s
5
035*
635*
1065* 113
65
bbb3
Paramount Broadway Corp—
45*s series B
x
J
J
♦35*8 assented
8
625*
J
X
60
3
50
62
625*
60
50
"50 "
1946 J
♦Rhelnelbe Union s f 7s
mm
*43
x
1105*
2
aaa4
'56
1956
Rensselaer A Saratoga 6s gu_1941
Republic Steel Corp 4 5*s ser B '61
Pur mon 1st M conv 55*8.1954
Gen mtge 45*s series C
1956
Revere Cop A Br 1st M 45*s 1956
■mm
....
AO y bbb2
1997
w w
"1065*
....
1955 A O
53
aaa2
b
Remington Rand deb 4 5* s
45*8 without warrants
5
'
Gen A ref 4 5*s series A...1997 J
/
Gen A ref 45*s series B
mmmmmm
z
1952 M S
53
bb
X
♦Cons mtge 0s of 1930
Richfield Oil Corp—
*60
110
J
x
D
D
96
1085*
1005* 1055*
108
1115*
....
19
104
1045*
3
O
D
J
J
7
965*
107
113
aaa2
A
J
....
106 5*
222
bbb3
103
113
b
{♦Pac RR of Mo 1st ext g 4s. 1938
x
1075* 1105*
108
D
aaa2
J
7
995*
113
D
D
1045* 110
1015* 110
J
4
6
96
1946
D
105
85*
1085*
1095*
aa
35*
....
aaa4
x
1045*
*
Pacific Gas A El 4s series G.1964
H..1961
35*
108
aaa4
x
O
1075*
96
3
1st A ref mtge 3 His ser I—1966
95
1948
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk(65%pd)
{♦Debenture gold 6s
.1941
...1941
{♦Deb 6s stamped
Reading Co Jersey Cent coll 4s '51
x
D
1075*
aaa2
bb
405*
70
435*
335*
49
45
805*
405*
645*
40
655*
1055* 1105*
595*
315*
guar
1045*
107 5*
aaa2
aaa2
if g 45*8—1955 J
....
a
1st mtge A 45*8.. 1962
Ref mtge 3Mb series C
4
a
Guar stpd cons 5s—..... 1940
1961
)re-Wash RR A Nav 4s
Paducah A 111 1st
1
35*
3%
*3
a
D
1938
61
45
95
95
2
c
74
106J*
1055*
♦
aaa3
a
Pacific Tel A Tel 3Mb ser B..1966
1065*
1025* 1085*
405*
62
bbb4
{♦2d ext gold 5s
....
35
D
1st A ref mtge 35*s ser
64
♦45
mmm + m
33
D
Pacific Coast Co 1st g 5s
101
595*
1940
)regon RR A Nav con g 4s..
)re Short Line 1st cons g 5s. 1946
1185* 1265*
1025* 1075*
345*
395*
J
1946 J
14
ccc2
Intario Power N F 1st g 5s.. 1943 F A
Intarlo Transmission 1st 5s. 1945 AfN
)tls Steel
101
35*s_. 1966
4s debentures
J
1025*
103 %
2
aa
)blo Connecting Ry 1st 4s.. 1943 M 8
1905 MN
)h!o Edison 1st mtge 4s
1967 M S
1st mtge 4s....
1972 J J
1st mtge 35*8
)klahoma Gas A Elec
3
aaa4
4
J ybb
♦Og A L Cham 1st gu g 4s.. 1948 J
b
x
4
J
J
x
/
aa
15
104
118%
103%
605*
A
S
a
119
2
F
I
a
F ybb
J
cc
4
Q
J
x
a
aaa4
{♦Providence Sec
AfN
deb 4s 1957
Af
{♦Providence Term 1st 4s
1956
Public Service El A Gas 35*s 1968 J
1st A ref mtge 5s.........2037 J
J
1st A ref mtge 8s
2037
A
Pub Serv of Nor 111 35*s
1968
z
North Pacific prior lien
79
56%
119%
56%
column Incorporated In this tabulation pertaining to bank eligibility
and rating of bonds.
See A.
Volume
New York Bond
ISO
h
BONDS
N.
STOCK EXCHANGE
Y.
Bank
Railroad & Indue. Cos.
Last
Elig. A
Sale
See a
Price
(Conf.)
4s__1968
Bid
Low
D
x
bbb2
z
cccl
—
z
cccl
......
x
a
x
aaa2
J
63*
43*
4
43*
43*
«,!Er?a
8
St Paul Un Dep 6s guar
1972
J
S A & Ar Pass 1st gu g 4a
1943
J
San Antonio Pub Serv 4s
1963 A
J
ybb
O y a
San Diego Consol G A E 4s—1965 AfN
Santa Fe Pres A Phen 1st 6s. 1942 M 8
2
♦98
!!«?
1103*
55
57
3
aaa2
x
cccl
J
z
J
J
1053*
2
105
1083*
1093*
14
109
1H3*
O
s f 6 Hs series B—1946 A
A O
♦Stamped
Scioto V A N E 1st gu 4s_. .1989 MN
1 Seaboard Air Line Ry—
.1950 A O
(♦1st g 4s plain......
z
.1950 A
§♦48 g 8tamped.
♦Adjustment 5s..
♦1st
cons 6s series
•
x
ccc2
cccl
z
A
z
c
O
z
z
z
cc
J
1
35*
z
cc
z
c
3
aa
4
D y b
1
A
x
x
O
x
a
x
aa
-
—
—
-
«i
.1965 F
1st mtge & ref 4s
Southern Colo Power 6s A.. .1947 J
Southern Kraft Corp
43*s__, .1946
J
13*
33*
65
933*
23*
553*
9
95
1003*
40
119
303*
1023*
993* 1003*
1023* 1063*
—--
1043*
1053*
12
1023*
103
11
1053*
1053*
153*
94
23
1033*
333*
123*
283*
973*
67
143*
....
100
*
4
26
60
94
3
3
13*
1023*
103
73*
155*
4
943*
*113*
-
aaa3
x
—
-
aaa3
x
3
11
....
----
aaa4
South Bell Tel A Tel 33*s... .1962 A O
.1979 J
J
3s debentures
.1961 M 8
Southern Calif Gas 43*s
53*
83*
*213*
-
13*
63*
23*
28
4
*58
bbb3
J
63*
13*
23*
13*
*13*
....
15
153*
23*
933*
943*
1233*
37
15
13*
1
x
AZ.,
20
5
*6
2
12
....
4
33*
cccl
c
....
73*
13*
23*
23*
♦2
4
z
283*
29*
118
113*
*1
2
z
1193*
73*
2
♦Siemens & Halske deb 6 Mb. .1951 M 8 z
.1946 F A z
♦Silesia Elec Corp 63*s
SUeslan-Am Corp coll tr 7s.. .1941 F A y cccl
.1952 A O x bbb2
Simmons Co deb 4s_.
.1950 F
Skelly Oil 3s debs.
Socony-Vacuum Oil 3s debs. .1964 J
South A Nor Ala RR gu 5s.. .1963 A
....
_
cccl
M S
Shell Union Oil 2 Mis debs... .1954 J
Shlnyetsu El Pow 1st 6 3*b... .1952 J
....
38
333*
47
183*
*8
cccl
----
46
*
aaa3
z
O
♦Certificates, of deposit.
}(♦ Atl A Blrm 1st gu 4s... A933 M S
!♦ Seaboard All Fla 6s A ctfs .1935 F A
♦6sSeries B certificates... .1935 F A
....
*36
cccl
Z
F
.1945
A
333*
29
♦36
— —
■
A
.Oct 1949
(♦Refunding 4s.......... 1959
♦Certificates of deposit.
1093* 111
21
33
♦23
♦23
—
106
7
1093*
1013* 1053*
104
x
aaa2
108J*
108
1083*
14
1053* 1085*
107 5* 111
J
x
bbb3
101
101
101
20
101
D
x
bbb3
O
x
A
------
993*
27
993*
993*
106
973* 1023*
Southern Natural Gas—
4 3*s— .1951
coll) .1949
1st 4 Ha (Oregon Lines) A. .1977
A
1st mtge pipe line
J
Gold 43*s
Gold 43*s
Gold 4Hs
-
10-year secured 33*s
San Fran Term 1st 4s
So Pac RR 1st ref guar 4s... .1955 J
.1955 J
1st 4s stamped..
Southern Ry 1st cons g 5s.. .1994 J
Devel A gen 4s series A... .1956 A
x
Walworth Co 1st M 4a
A
1945 F
aaa3
3
J
Registered
.2361 J
J
Wheeling ALE RR 4s
1949 M S
Wheeling Steel 4X8 series...1966 F A
2
33
313*
333*
182
f*Wifl Cent 50-yr 1st gen 4s.. 1949 J
J
♦Certificates of deposit...
(♦Su & Du dlv A ter 1st 4s. 1936 Af N
2
45
433*
♦633*
45
20
423*
58
65
....
70
80J*
♦Certificates of deposit.
Wisconsin Elec Power 3Xs—1968 AO
Wisconsin Public Service 48—1961 J D
653*
65
913*
O ybb
.1956 A O ybb
2
463*
44
473*
2
593*
31
63
2
61
633*
29
67
.1996 J
733*
67 3*
563*
72
563*
17
51
13
13
1
11
153*
38
38
3
38
523*
45
32
47
——
------
112
------
------
ccc2
cccl
*1105*
z
cccl
------
z
cc
x
aa
3
x
a
4
z
c
2
X a
4
*4 3*
112
7
93*
96
102
112
29
-
-
133*
1003* 1005*
110
---
-
110'*
965* 1015*
1013* 103
253*
135*
165*
-
23
105*
73*
43*
1
1063*
1083*
15
106
1075*
32
1075* 1103*
1013*
1013*
1023*
1023*
103
1013* 1093*
101
1063*
45*
1
106
1065*
1075*
*
1023*
1023*
-
33
16
22
*113*
-
14
-----
15
------
-
97
96
155*
z
1
-
105*
1023*
105*
1005*
-
71
993*
102
105*
z
-
112
99
*101
1023*
2
cc
bbb3
-
70
5
45*
20
9
110
93*
14
78
63
50
54
*32
—
10
24
J X aaa2
.
1
923*
58
------
...
4
86
815*
103*
543*
3
t♦'Wor A Conn East 1st 4 Xs 1943 J
/
Youngstown Sheet A Tube—
Conv deb 4s
.1948 M S
72
1073* 1085*
103*
183*
105*
183*
843*
Mem Div
x
7
53
bb
z
/
1075* 112
98?* 1025*
3
11
105*
1043* 1103*
1153* 120
555*
O ybb
.
10
1
^793*
.1956 A O
593*
633*
553*
Devel A gen 63*s—
D
J
733*
813*
1083*
11
995*
A
26
108
109 •*
563*
------
J
70
1063* 1093*
533*
565*
aa
J
37
i003*
813*
------
2
bbb2
503*
503*
603*
-V—
cccl
X
53
-
z
y
3«3*
37
1223* 1283*
11
1043*
1153*
1093*
------
x
313*
313*
833*
'42\
ccc2
1940 MN Xbbb2
32
54
z
Western Union Teleg g 4X8.1950 MN
ybb
25-year gold 5s
.1951 J D y b
30-year 5s
i960 M 8 y b
♦Westphalia Un El Power 6s. 1953 J J z b
West Shore 1st 4s guar
2361 J
J y bb
35
60
5
72
-----
MB
16
60
98 J*
------
2
Af 8
903*
36
-
--
1153*
1075*
733*
bbb3
x
x aa
88
29
-
124
1043*
1083*
983*
4
a
AO
51
— — -
-
1065*
*110
1045*
3
O Xbbb3
1952 A
76
55
33
-
70
70
793*
783*
108 3*
aaa3
x
56
16
30
106 5*
aaa4
34
853*
20
*22
*
9(*
63 3*
-
79
163*
19
------
X
343*
543*
793*
785*
------
X aa
40
833*
79
93*
93*
93*
1013* 1063*
3
58
*60
------
x
313*
843*
57
2
M 8
373*
543*
3
11
3D
333*
2
43*
aaa3
333*
J x bbb3
1
1023*
x
J
43*
43*
43*
43*
----
5
42
395*
-
43*
Western Maryland 1st 4s
.
-----
5
A X aaa3
2
J y bbbl
*45*
13
8
17
1023*
A y b
2
1073*
104
-
1023*
D X
White Sew Mach deb 6s.
-
— —
J
West Va Pulp A
Paper 3s...1954 J
1st A ref 5X8 series A .—..1977
West N Y A Pa gen gold 48—1943
t* Western Pac 1st 5s ser A.. 1946
♦5s assented.
—1946
-
53*
1
3D
Westchester Ltg 5s stpd gtd.1950
Gen mtge 3X8
1967
West Penn Power 1st 5s E..1963
1st mtge 3Xs series 1
1966
51
133*
28
12
1
cc
O y b
.1945 F A
41
-
------
Washington Cent 1st gold 4s. 1948 Q M yb
Wash Term 1st gu
3Xs
1st 40-year guar 4s
-
1
M S y b
M 8 z cc
F
--
43*
------
20
cc
1955 A O ybb
6s debentures.......
.1955
Warner Bros Pict 6s debs....1948
^♦Warren Bros Co deb 6a
1941
Warren RR 1st ref gu g 3 Xs.2000
t (♦Wilkes-Bar A East gu 5S.1942
Wilson A Co 1st M 4s A
1955
Conv deb 3X8.
...1947
Winston-Salem S B 1st 4s— .1960
4
105
cc
48
103*
253*
8
*20
------
31
1
----
10
8
------
cc
D xbbb2
483*
bbb2
J y bb
1945 J
303*
2
.1950 A O
^Convertible deb 4Xs.
39
Af 8 y bb
.1968 Af 8y b
.1969 M N y b
.1981 MN y b
J ybb
b
gen 5 Xs A *75 Af 8
65
----
-----
——————
102
105*
22
*
cc
♦Ref A gen 5s series B
1976 F A
♦Ref A gen 4 Xs series C—. 1978 A O
♦Ref A gen 5s series D
1980 A O
Walker (Hiram) Q A W—
323*
104
b
109H
48
33
105*
*14
8
1941 Af
g 4s
313*
313*
ccc2
High
NO. Low
High
105
b
cc
303*
104
2
.1946 J
...
—tT0led0 & Chic Dlv
t♦Wabash Ry ref A
2
b
Since
Jan. 1
Aik
A
1033*
1043*
J
32%
393*
333*
bbb4
D y bb
So Pae coll 4s (Cent Pac
(♦Des M Div 1st g 4s1939
♦Omaha Div 1st g 33*8—1941 A
683*
54
109
z
♦Guar
31
aaa2
J
1946
^♦Schuleo Co guar 6 Ms
♦Stamped.
I
1053*
105 H
1093*
3
x
983*
1103* 118
973*
983*
1103*
Price
aaa2
X
Range
Friday's
Low
1966 M S
2
Range or
Bid
* Indus. Co*. (Concl.)
gold 58
—1939 Af N
(♦2d gold 5s
.......1939 F A
♦1st lien g term 4s
—1954 /
♦Det A Chic Ext 1st 5s
1941 J
St Paul Minn A Man—
fPaclflc ext gu 4s (large)—1940 J
Sale
See a
Virginian Ry 3Xs series A
J Wabash RR Co.—
82
82
79
*2
—
Last
Rating
STOCK EXCHANGE
Week Ended May 31
High
No. Low
High
*
— — —
Y.
Jan. 1
Week's
Friday
Elig. A
BONDS
N.
Since
gS
05$
Ask
A
Range
2
Friday's
t*&t Paul E Gr Trk 1st 4 3*s. 1947 J J
t*St P & KC Sh L gu 4His.-1941 F A
St Paul dc Dul 1st con g
3481
6
Bank
Range or
Rating
Week Ended May 31
Record-Concluded—Page
Week's
Friday
72
Devel A gen 6s
...
1st g 5a
St Louis Dlv 1st g 4s..... .1951 J
So'western Bell Tel 33*s B_. .1964 J
.1968 J
1st A ref 3s series C
y
bb
J y bbb2
J y bbb2
D
x
J x aaa4
J
f ♦Spokane Internet 1st g 5s. .1955 J
Staley (A E) Mfg 1st M 4s... .1946 F A
Standard Oil N J deb 3s.... 1961 J D
*60
-
..
.
—
—
—
—
------
cccl
a
1033*
1033*
aaa4
102
1013*
1033*
1023*
95
101 %
101
-
3
x
aaa4
z
bb
2
x
aa
-
—
-
aaa3
deb 6s 1945
J
Term Assn St L 1st cons 5s.. 1944 F
1953 J
Gen refund s f g 4s
Texarkana A Ft S gu
aa
...
88
3
1123*
105
107
x
bbb3
x
aaa3
1033*
1036Ji
X
aaa3
1033*
1023*
Texas A N O con gold 5s
1943 J
A
J ybb
Texas A Pacific 1st gold 5s.. 2000 J D
1977 A O
Gen A ref 5s series B
1960 /
♦AdJ income 6s
Jan 1960 A
(♦Third Ave RR 1st g 5S...1937 J
Tide Water Asso Oil 33*8—1952 J
*623*
1053*
533*
------
3
a
bbb3
x
bbb3
x
bbb3
x
a
2
J y b
2
O y cccl
1979 A O
Gen A ref 5s series C
1980 J D
Gen & ref 6s series D
Tex Pac Mo Pac Ter 63*8 A. 1964 M S
Third Ave Ry 1st ref 4s
4
x
x
J ybb
100
105
1113*
87 3*
—
102
3
2
3
54
45
473*
13
143*
12
72
45
623*
143*
379
10
95
255*
1003*
105
21
105
56
573*
16
t Companies reported
1073*
113*
a
105
being
in bankruptcy, receivership,
♦
Tol W V A Ohio 4s series C..1942 M S
Istg4s.l946
1949
Trt-Cont Corp 5s conv deb A. 1953
♦Tyrol Hydro-El Pow 7X8—1955
I
Toronto Ham A Buff
J
Trenton G A El 1st g 5s
AT 8
J
aaa2
A
4
x
a
x
-
-
-
-
-
—-
*
99
------
*1123*
b
z
104
cccl
1
.
—
-
-
665*
895*
673*
643*
----
98
-----
■ -
-
-
-
-
♦
Bonds selling flat.
Deferred delivery sales transacted
No sales.
l Bank
125
108
—
143*
133*
143*
-
Indicates those bonds we believe are not bank eligible due
some provision in the bond tending to make it speculative,
y
143*
--
UJlgawa Elec Power s f 78—1945 M
3X8—1962 J
t(♦Union ElevRy (Chic) 5s. 1945 A
Union Oil of Calif 6s series A. 1942 F
1959
F
4
8 y b
1
J
x
aa
3
1063*
1053*
O
z
cccl
------
*8X
A
x
aaa4
------
1093*
10936
1
A
x
aa
1013*
1003*
1013*
18
100>* 1045*
110
110
1123*
67
110
108*ie
108*ie
51
1063* 109
108"M
108"I»
1
80
3
80
80
1063*
80
17
95
1053* 109
83*
9
-----
1093* 1123*
Union Pac RR—
<—1947 J J x aaa3
1st lien A ref 4s
June 2008 M 8 x aaa3
1st lien A ref 5s—..June 2008 M 8 x aaa3
34-year 3X8 deb
1970 A O x aa 3
35-year 3X8 debenture—-1971 MN x aa 3
4
United Clgar-Whelan Sta 58.1952 A O y b
United Drug Co (Del) 5s
1953 M 8 ybb 4
U N J RR A Canal gen 4s._. 1944 M 8 x aaa4
2
1U S Steel Corp 3Xs debs—1948 J D x a
♦Un Steel Wks Corp 6X8 A—1951 J D z
♦3X8 assented A———.1951 J D z
1
♦Sec s f 6X8 series C——1951 J D z b
♦3X8 assented C
—.1951 J D z
J z cccl
♦Sink fund deb 6 Xs ser A.1947 J
♦3X8 assented A
1947 J J z
United Stockyds 4X8 w w—1951 A O xbbb3
Utah Lt A Trac 1st A ref 58.1944 A O x bbb2
Utah Power A Light 1st 5s_.1944 F A x bbb3
t(*Util Pow A Light 5X8—1947 J D z cc 2
1
♦5X8 stamped—
—1947 J D z b
(♦Debenture 5s
1959 F A z cc 2
1
A z b
♦5s stamped———... 1959 F
1st A land grant 4s
—
Vandalla cons g 4s series A..1955 F A
Cons a f 4s series B
1957 M N
x aa
or
aa
c
923*
93
7
933*
933*
3
613*
933*
613*
753*
1093*
1093*
2
------
-----
-----
----
------
♦153*
213*
*12
21
-
—
—
-
-
77
------
77
925*
613*
1
34
753*
*12
18
----
*15
-----
*12
------
-----
*
88
-----
-----
243*
-
233*
25
90
933*
95
98
25
95
953*
963*
17
953* 1043*
------
77
773*
2
——————
*110
5
*110
2
104
77
97
States
Bond
For'n Bonds
Bonds
77
96
100
791,200
Monday..
Tuesday
Wednesday
1,203,530
656,982
—
1153*
$386,000
719,000
994,000
730,000
$2,162,000
2,993,000
4,884,000
3,463,000
554,330
Saturday.
State
$105,000
129,000
552,000
146,000
Sales
$2,653,000
3,841,000
6,430,000
4,339,000
HOLIDAY
526,760
3,792,862
Total
3,471,000
655,000
214,000
4,340.000
$16,973,000
$3,484,000
$1,146,000
$21,603,000
,
Jan. 1 to May 31
Week Ended May 31
Sales at
New York Stock
x
*3*
y
bbb2
bb
2
13*
1073*
403*
ccc3
y
y
1073*
403*
70
*
70
60
1940
1939
3*
3*
1
1073* 111
1939
3,792,862
2,646,030
111,392,190
97,795,785
$1,146,000
3,484,000
16,973,000
$1,318,000
2,798,000
20,103,000
$21,983,000
104,379,000
615,399,000
$40,244,000
112,123,000
$21,603,000
Stocks1—No. of shares. -
$24,219,000
$741,761,000
$721,026,000
Bonds
1
40
5
70
76 3*
Government
59
623*
State and foreign
513*
Railroad and
1
1940
Exchange
z
♦
Total.
Attention is directed to the new column incorporated in this tabulation pertaining to
Total
Municipal
Bonds
Friday
Vera Crus & Pacific RR—
(♦4 Xs July coupon off..—1934 J J
J
(♦4X8 assented—..—...1934 J
Va Elec A Pow 3X8 ser B—1968 M S
Va Iron Coal A Coke 1st g 5s. 1949 M 8
J
Va A Southwest 1st gu 5s—2003 J
1st cons 5s.—
...1958 A O
United
Mis cell.
Thursday..
1003* 115
77
Railroad A
20
96
77
Stocks,
May 31, 1940
963*
——————
York Stock Exchange,
New
the
at
Number of
Shares
Week Ended
----
20
----
All Issues
25
•
----
symbols ccc or lower are in default.
Daily, Weekly and Yearly
....
24>*
-----
Transactions
1093* 1103*
1033* 1065*
*15
------
773*
893*
A great majority of the issues bearing
bearing ddd or lower are in default.
995*
1
aa
------
115
108«M1165*
923* 993*
either to rating status
in process of reorganization.
The rating symbols In this column are based on the ratings assigned to each bond
by the four rating agencies—Moody, Standard, Fitch, and Poor's.
The letters indicate
the quality and the numeral immediately following shows the number of agencies so
rating the bonds.
In all cases the symbols will represent the rating given by the majority,
for example, a bond rated Aa by Moody, A1 by Standard, AAA by Fitch, and A by
Poor's, would be represented by symbol aa2 showing the majority rating.
Where all
four agencies rate a bond differently, then the highest single rating is shown.
2
z
------
Indicates issues In default, In bankruptcy, or
2
x
------
Eligibility and Rating Column—x Indicates those bonds which we believe
eligible for bank investment.
x
Union Electric (Mo)
during the current week and not Included In
the yearly range:
995*
124
104
-
2
104
153*
-----
or reorganized under
assumed by such companies.
No sales transacted during current week.
----
-----
1
z
643*
653*
823*
*823*
-
84
*55
-
-
aaa3
J y bb
MN
♦Guar sec s f 7—————1952 F
x
573*
-
Friday's bid and asked prloe.
v
Tokyo Elec Light Co Ltd—
1
1st 6s dollar series—
..1953 J D y b
Tol A Ohio Cent ref A imp 3 J*s '60 J D x bbb3 'Tol St Louis .A West 1st 4s_.1950 A O y bb 3
3s debentures..
as
Section 77 of the Bankruptcy Act, or securities
♦
x
only
T The following is a list of the New York Stock Exchange bond Issues which have
entirety:
Treasury 3X8, 1940-1943, June 15 at 100.
Container Corp 6s 1946, June 15 at 101X.
1
Container Corp 5s 1943, June 1 at 101.
/
Texas Corp 3X81951, June 24 at 103.
'
U. 8. Steel 3Xs 1948. July 15 at 103.
973*
993*
1053*
993*
_--
"
been called In their
72
535*
90
473*
'
.
$4.8484.
67
1053* 1103*
533*
723*
903*
Cash sales transacted during the current week and not included in the yearly range:
Cash sale; only transaction during current week,
a Deferred delivery sale;
transaction during current week,
n Odd lot sale, not included in year's range.
t
( Negotiability impaired by maturity,
t The price represented is the dollar quota¬
of bonds.
Aoorued interest payable at exchange rate of
1063*
55
—
21
533*
32
tion per 200-pound unit
1033-4 108
60
533*
553*
e
No. sales.
92
37
1063*
553*
533*
2
1123* 1153*
----
*75
3
J
1043* 1063*
125
1283*
10
1033*
1033*
bbb4
233*
1003* 1063*
81
1133*
6
86
*703*
------
x
103 3* 1073*
1013* 1063*
76
903*
1043*
1243*
1143*
1959 A O
F
4
1013*
*120
4
15
—-
853*
1951 J D
53*8 A. 1950
f Texas Corp deb 33*s..
3s debentures
x
-
1043*
89
A x aaa4
J
20
*15
-
4
x
—
1961 M N
1083* 112
102
1083*
18
x
J
1953 J
debenture
1033*
1
z
J
2Xs
----
X
1950 Af N
Swift & Co 1st M 33*8
J
Tenn Coal Iron A RR gen 5s. 1951 J
Studebaker Corp conv
——
66
109
1023*
—-
—
793*
*62
109
------
.
aaa4
1st mtge s f 4s ser C
61y*
—
industrial.
bank eligibility and rating of bonds.
See note A above.
568,6^9,000
New York Curb
3482
Exchange—Weekly and Yearly Record
June 1,
1940
the only transactions of the week and when selling outside
No account is taken of such sales in computing the range for the year
NOTICE—Cash and deterred delivery sales are disregarded In the week's range unless they are
of the regular weekly range are shown
In a footnote In the week In which they occur.
extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (May 25, 1940) and ending the present Friday (May 31, 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.
In the following
Last
STOCKS
Aero
of Prices
Low
High
Price
Par
Acme Wire Co common,
Week
Sale
e
Range
for
60
Par
High
13
May
Apr
22%
Jan
Air Associates Inc
5%
6%
2,400
5%
10%
com___l
2
Warrants...........
Alabama Gt Southern..60
64
92
300
2
63
200
%
64
100
91
92%
160
82
*
...
'"ioo
"l"6%
%
Alabama Power Co $7 pf.*
preferred...
4%
4
(Air Investors common..*
Conv preferred
82
20
10
82
May
22% Mar
7
6%
30%
May
May
May
May
Feb
May
Mar
14% May
3% Apr
Jan
% May
*
Investment
Jan
May
Jan
1%
17%
%
62%
90%
2
Alles A Fisher Inc com...*
Alliance
**i6
Apr
Blckfords Inc common
78%
108%
Apr
Apr
Birdsboro Steel
Mar
2%
1%
Jan
Feb
3% May
*
S3 conv pref...
9%
26
Aluminum Co common...*
Class A conv com
150%
109%
6% preferred....... 100
Aluminum Goods Mfg
*
60
9%
161"
3400
108% 110%
16%
16%
360
*141"
800
Aluminum Industries com *
56
Aluminium Ltd common.*
6% preferred.......100
1
American Beverage com.
"so"
"eo"
""900
.
"37*
100
American Book Co
37
100
38
■■-4
Amer Box Board Co com.l
1,100
4%
8
May
19% May
138%
Jan
108
May
16% May
5% May
42% May
06% May
% Mar
37
May
4
May
4
May
11% Mar
21
192%
118%
18
Apr
Apr
Apr
Apr
Feb
11%
110% Mar
109% May
1% Apr
49% Apr
7% Apr
Class A common
10c
1%
Common class B
.10c
%
S3 preferred..
35.60 prior pref.
...*
13
13
200
Jan
13
Jan
May
72
13
.*
Amer Centrifugal Corp.,.1
Feb
"660
"~X " i
2%
Apr
Jan
20%
% May
Jan
Mar
80
%
Jan
Am Cities Power & Lt—
*
*
J2.50 preferred
25
30%
»%
Amer Export Lines com__l
Amer Foreign Pow warr...
Tl
%
27%
Amer Fork & Hoe com...*
American Gas A Elec
10
Amer General Corp com 10c
"22%
S2 conv preferred..
1
12.60 conv preferred... 1
Amer Hard Rubber Co..60
Amer Laundry Mach
Amer Lt A Trao com
100
26
"ie"
1,900
50
21
Jan
16,800
26
May
May
9
10
%
9%
%
11%
27%
2%
24%
3,600
26
2%
22%
4,000
100
400
200
1,075
"12"
""356
13%
11%
13%
12%
200
25
14%
16
1,300
•
8%
%
9%
26%
2%
22%
26%
11
"~"7T«
Mar
May
May
May
May
May
May
13% May
11% May
100
25
150
13% May
65
1
""»""% "7",606
May
May
hi May
23
Amer Meter Co.....—..*
Amer Pneumatic Service.*
May
Jan
70
May
5
May
3% May
"~5H
American Republics
10
Amer Seal-Kap common. .2
Am Superpower Corp com *
1st S6 preferred.......*
56 series preferred.....*
"""%
5%
4%
%
6
1,400
4%
100
%
4,700
"7"
"£66
2%
200
%
Mar
52
T
2%
6% pf..6
Anchor Post Fence—....*
....-
Angostura-W upperman —1
Apex Elec Mfg Co com...*
Appalachian Eleo Power—
57 preferred.....—*
iArcturus Radio Tube
1
100
109%
108
110
220
May
6
May
2% May
1
May
% May
8% May
108
May
*n
Arkansas Nat Gas com...*
'"1% ~~i%
"
1%
Common el A nou-vot— *
1%
2
'"960
2,400
.10
*
6
4%
4%
Ashland OU As Ref Co.—.1
4%
4
4%
4%
300
3,000
Feb
1% May
1% May
6% May
87
May
4
May
4
May
Apr
Mar
common.——1
1
S3 opt conv pref
Blumenthal (S) A Co.—
Bohack (H C) Co com.—*
7% 1st preferred
100
Borne Scrymser Co
25
Bourjols Inc
*
Apr
1
%
1
%
86 preferred
Option warrants
*
%
11%
"if"
114
23
15%
13%
%
1,900
""250
325
38
15%
%
18
9,900
600
34
—
5%
4
...
"T
"5%
4%
8
5%
10%
3,800
3,200
21,300
100
Preferred
Brill Corp class A
Class B
*
2%
"2% "2% ""166
.*
"20"
100
7% preferred
"21% ""260
..*
Class A
British Amer OU coupon..*
Registered
10
*
19%
10%
Jan
Assoo Tel A Tel class A.—*
60
14%
39%
4
Apr
Jan
Apr
Apr
May
37% May
14%
Apr
11
40
Mar
6%
May
May
May
May
Jan
May
% May
4
May
% May
3
May
3% May
8
May
Apr
1% May
29
May
1% Apr
%
Apr
20
May
10% May
30
May
14% May
10
May
'
Jan
6
12%
Jan
% May
81% Mar
34% Mar
19% Apr
18% Apr
16%
Jan
29% Jan
25% Apr
73
May
"if
36
Jan
Jan
%
Jan
109% Apr
10% May
6% Mar
*16 Jan
75
Jan
17
Jan
3%
Feb
1%
Mar
2
Feb
16
Apr
115
Jan
%
2%
2%
8%
99
(Brown Co 6% pref
18
400
"16"
15%
100
200
Brown Fence A Wire com. 1
Class A preferred
Brown Forman
*
10
"16"
*
1
Bruce (EL) Co common..5
Buckeye Pipe Line..—.60
Buff Niagara A East Pow—
$ 1.60 preferred
—.25
$5 1st preferred
.*
Bunker Hill A Sullivan 2.60
Burma Corp Am
dep rets..
Burry Biscuit Corp.. 12 Ho
Cable Elec Prod com...50c
Vot trust ctfa
1%
1%
Jan
22% May
1%
Jan
45
Apr
8%
Jan
2%
31%
48%
6%
%
8%
1%
8%
7%
17%
36
3%
Mar
Mar
Apr
Apr
Feb
Feb
Feb
Apr
Apr
Mar
Apr
Jan
49
Jan
4
May
1% May
38
Feb
14%
34
Apr
Mar
10%
17
Jan
Apr
17
"9%
1%
1,100
6
28
Jan<
16%
90%
17%
2,100
16
May
100
93
9%
1,700
""% "T"
600
9%
.....
Am
Formerly Elsler Elec.
1%
...
17
Camden Fire Insur Assn. .5
Canada Cement Co Ltd..*
Canadian
Marconi
1%
700
50
17
Capital City Products
Syndicate.
*
26c
Class B.
3,400
1%
100
%
6%
2%
Apr
Apr
%
7%
%
19%
5
400
200
Carolina P & L $7 pref
"99""
"97% "99"
""70
87
325
1,300
20
87
Castle. (A M) common. .10
Catalln Corp of Amer
1
6%
1,100
~"6% "7%
6%
May
5% May
1,700
%
*
7
18%
4%
6%
6%
1%
6%
Carter (J W) Co common. 1
Casco Products...
*
May
Feb
May
13
*
Jan
Atlanta Birmingham A
1%
17
5%
l
5%
Feb
% May
Feb
20
Feb
1%
22
Mar
Feb
36
May
5% Feb
18%
Feb
2% May
May
4%
Jan
11%
Jan
38
43
Feb
22%
Jan
108
Jan
14%
2%
1%
Jan
1%
Apr
1
Jan
Jan
Mar
3%
Apr
18%
Mar
Apr
2%
17% May
5%
Apr
j
Canadian Car A Fdy Ltd—
~"~%~~Apr
*»•
Jan
3%
Apr
11% May
Class A voting
—•
Class B non-voting
*
Feb
90% May
9
May
% May
% May
300
dep 5%% pref she £1
Can Colonial Airways.
1
Canadian Indus Alcohol—
Jan
May
**i»
Calamba Sugar Estate..20
Callite Tungsten Corp
1
Apr
5%
1% May
100
200
6
20%
Cables A Wireless Ltd—
Apr
Apr
Jan
May
33%
7% partto preferred...25
Mar
10
31
6
"33%
...50c
Jan
6%
Jan
20% May
15
May
1% May
1% May
35
May
Distillery. 1
$6 preferred.
Brown Rubber Co com
Apr
Mar
1%
Am dep rets ord reg.. 10s
British Col Power cl A
*
*
16 preferred
*
Carrier Corp common....1
1
Apr
Feb
17%
18%
Am dep rets ord bearer £1
Jan
*11
200
Am dep rets ord reg...£1
British Celanese Ltd—
Apr
Jan
""%"Aiw
Jan
*i»
36
"1% "l% 7 "400
*
Bridgeport Machine
%
1
Mar
43%
46%
*i»
4%
1%
16%
28%
4%
18
34
4
*u
%
%
Jan
125
Apr
May
42% May
% Mar
36
10
Jan
Feb
May
300
Apr
Feb
136
4% May
2% May
1
Brewster Aeronautical—.1
Feb
—*
""§00
6%
"l% "2"
2~(}66
22
Jan
11%
Apr
May
2%
Jan
% May
1%
Feb
1%
6%
%
18%
4%
May
May
May
May
27
May
97% May
87
May
6% May
6
May
9%
1%
25
Jan
7% May
40%
109
Apr
May
104% May
Jan
15%
7%
May
12
17% May
1% May
20
6
Jan
Feb
.
Apr
Feb
Jan
3%
Jan
Celanese Corp of America
Coast RR Co pref—100
Atlanta Gas Lt 6% pref 100
65
Atlantic Coast Fisheries..*
1%
1%
2
1,000
Atlantic Coast Line Co—60
Atlantic Rayon Corp..—1
Atlas Corp warrants
Atlas Drop Forge com
8io
2%
6
(Austin Silver Mines
%
2%
13%
1,000
500
May
104% May
1% May
13
May
4% Apr
*16 May
2
*16
*16
700
May
11% May
Jan
*16
4%
4%
700
*6,6 May
3% May
*18
.1
Automatic Products
2%
12
Atlas Plywood Corp.—..*
800
..6
Automatlo Voting Mach—*
Avery (B F) A Sons com. 6
1V4
w w.._.26
26
14%
Warrants
Aviation & Trans Corp.—1
Tobacco—
3%
2%
3%
5,400
May
68
Apr
104% May
4%
23%
Apr
Jan
Feb
6
2%
Mar
4
Mar
19% May
%
Jan
1%
Jan
6% Feb
7% Mar
Jan
20
Mar
Jan
17
Apr
1
May
2% May
1%
Feb
4%
Apr
Axton-Flsher
Class A common——.10
35
34
35
"19% "22"
T§66
53
34
May
3
90
Ayrshire Patoka Collieries 1
Babcock A Wilcox Co..—*
Jan
3%
18% May
30%
Jan
Apr
Apr
Baldwin Locomotive—
Purch warrants for com.
5%
30
Baldwin Rubber Co com.l
5%
19%
4%
Bardstown Distill Inc.—.1
Barium Stainless Steel... 1
6%
21%
5
%
16
9,400
500
300
4% May
18
May
4% May
% Mar
"~706
%
8% May
27% May
7%
Apr
81.20 conv A com...—6
Basic Dolomite Inc com—1
Bath Iron Works Corp
1
Baumann—See "Ludwlg"
Beau Brummell Ties Inc.. 1
9
4
12
4
10%
9
4%
12%
250
1,200
8,100
3% May
Beaunlt Mills Ino com.. 10
81.60 eonv pref
4%
12%
20
Beech Aircraft Corp..—
May
3% May
9% May
4%
4%
2,700
Jan
Feb
3% May
37 div. preferred...
*
1st partio pref
...*
Cent N Y Pow 5% pref.100
Cent Ohio Steel Prod
1
Cent Pow A Lt 7% pfd 100
150
99
""% """%
"§00
95
»
150
*100
59
59%
150
300
7
7
Chicago Rivet A Mach...4
Chief Consol Mining..
1
60c preferred B
30 preferred BB
Jan
Apr
Cities Serv P A L 37 pref.*
36 preferred
»
6
Jan
Apr
Clark Controller Co.
*
May
%
15
125
13
Jan
May
4%
59%
5
62%
3,900
1,300
4
Jan
May
5%
Feb
Feb
34%
87% May
Feb
17%
109
Jan
105%
Apr
10%
Apr
115% May
%
%
2%
8%
2%
2%
Jan
Jan
Jan
Jan
Jan
Jan
4% May
7%
Mar
13
Jan
117
Apr
Apr
83
%
Apr
29%
Mar
90
90
90
80
85
May
May
80
80
50
75
May
110
4% May
May
7
49
May
4% May
45
4%
5%
900
6
"12"
%
%
5%
Apr
May
16%
Jan
1,000
% May
3% Mar
30
May
4
May
1
May
%
Mar
5
Jan
48%
Feb
7%
Feb
2%
Apr
4
100
32
36
200
4%
Feb
12
4
36
Mar
7%
""150
"12
5%
600
•
Mar
10
80
61
_
com
6
127
6% May
68
May
6% May
62
May
115% Mar
1
Claude Neon Lights Ino._1
Clayton A Lambert Mfg.
Cleveland Elec Blum..
*
May
4% May
11% Mar
95
May
69
May
14
4%
City Auto Stamping
.*
City A Suburban Homes 10
5%
Jan
106%
Jan
91% May
6% May
95% May
May
%
Jan
•i« May
3
May
% May
•ii May
100
*
7%
Jan
Jan
%
%
.*
16%
20%
69%
3
Corp common...10
Cherry-Burrell common..5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
36 preferred...—..
Feb
95%
100
Charts
Cllnchfleld Coal Corp..100
3487
"99"
206
Ch&mberlln Metal Weather
Strip Co
5
Cleveland Tractor
For footnotes see page
7
94
7
92%
Conv preferred
....100
Conv pref opt ser '29.100
Jan
8%
""166
—100
Apr
Mar
"21% "22"
100
Childs Co preferred
100
Cities Service common.. 10
May
May
14
"92%
Cent A South West UtU 60c
Cent States Elec com
1
6% preferred..
7% preferred
98
3
21%
Cent Hud G & E com....*
Cent Maine Pow 7% pf 100
11%
15
600
107
Celluloid Corp common. 15
Apr
Mar
8
103
7% 1st partio pref...100
%
%
Barlow A Seelig Mfg—
"ii%
37%
*
8%
400
Assoo Laundries of Amer *
preferred—
""50
32%
8%
Mar
%
Carnation Co common...*
Common....
3
High
May
May
May
British Amer Tobacco-
(Associated Gas & Elec—
x-w
25
%
Brazilian Tr Lt A Pow...*
Breeze Corp common
6% May
Class A
Low
16
100
Il5%
100
7% 1st preferred
2d preferred
Carib
7%
23
*
Bowman-Biltmore com
Carman & Co class A
6% preferred
6% preferred
115%
common......*
Associated Elec Industries
Amer deposit rets
£1
o common
115%
A Machine Co com
Blauner's
Bliss (E W)
Assoo Breweries of Can...*
V t
5,400
1,300
Foundry
May
39% Apr
36
%
Amer Potash A Chemical.*
Arkansas P A L $7 pref
33%
1%
%
..100
Art Metal Works com
May
% May
32%
31%
25
12%
26
Amer Mfg Co common. 100
Amer Maracaibo Co
25
32%
28%
~ii"
20
i
25
35
%
Amer Cyanamld class A. 10
Class B n-v..........10
6%. preferred..
19%
4%
Range Since Jan. 1.1240
Shares
Brillo Mfg Co common...*
25% May
26
Class A with warrants.26
Class B.
1
Class A
American Thread
16
for
Week
103
Bridgeport Gas Light Co.*
American Capital—
....
High
4%
Purchase warrants
98
Low
Blue Ridge Corp com
Allied Products (Mich)..10
Preferred
1
100
BeU Tel of Pa 6 %% pf-100
Benson A Hedges com—*
Conv preferred
Berkey A Gay Furniture. 1
19
Week's Range
of Prices
Bell Tel of Canada
Apr
Allied Intl Investing—
6% preferred
Bell Aircraft Corp com...1
Price
Bellanca Aircraft com
1
B...*..........!
Alnsworth Mfg common..5
$6
Low
Supply Mfg—
Class A-..,—..Class
Sale
{Continued)
Shares
16%
Last
STOCKS
Range Since Jan. 1,1940
Week
21
16%
10
Sales
Friday
Sales
Friday
|
Volume
Week's Range
for
Sale
of Prices
how
High
Shares
Price
May
3% May
Cockshutt Plow Co com..*
4
May
6
Feb
Cohn <fe Rosenberger Inc.*
6%
May
8%
Jan
%
1,700
£1
6% conv preferred
4%
Colorado Fuel <k Iron warr.
4
Jan
Jan
2%
4%
%
?% May
May
300
67
May
88
58%
75
55
May
70%
Feb
1%
2,000
1% May
2%
Jan
67
70
55
Patent Fire Arms_25
May
3% May
3% May
400
4%
%
H
Colon Development ord
100
2%
2%
•
55
100
1%
1
Columbia Oil & Gas
«M
ii«
Warrants
Jan
1,500
Jan
1%
Commonw Distribution. _1
Jan
Mar
50% May
May
38%
May
%
25
%
500
%
%
%
Community Water 8erv..l
31
50
28
28
Community Pub Service 25
%
1%
May
175
35
31
Community P & L $6 pref »
Apr
Apr
12 X
1
V tcext to 1946
600
12%
11%
11% May
Feb
18
1,600
%
May
May
300
1%
May
42%
*
preferred
Conn Telep & Elec
%
1%
Corp__l
Consol Biscuit Co
1
69 %
Consol G E L P Bait com.*
1
2
100
10
76
Consol Retail Stores
preferred
Consol Royalty OU
1%
150
300
2%
76
10
67%
~T% ~~3%
'"800
85*
84
100
1%
100
4%
*
*
6%
24%
3%
com
S3 prior preference
1
5%
1,100
1H
900
7%
200
25
1%
Crocker Wheeler Elec
*
3%
3%
5%
1
18%
25j
May
Cuban Tobacco com
9%
1,300
8% May
17%
Jan
10%
100
9
May
17
Apr
1
Mar
16
4,100
2,500
3%
1%
May
May
27%
Feb
100
25
18%
100
'"800
3
'"600
"I'X "4%
iiooo
35
May
41
Jan
85%
Feb
87
Jan
69
Apr
78
Jan
83%
Feb
120
2% May
Jan
39%
100
'"25
3%
10
37%
"15%
15%
"ioo
1%
1%
200
200
1%
1,000
6%
18
Jan
Jan
May
Jan
Jan
98
11%
$6
T
"200
Apr
30
6%
%
Feb
1%
77%
2%
Feb
13%
7%
Apr
Feb
Feb
Apr
Jan
24% May
4
May
Feb
8%
1%
Feb
22% May
% May
10
20%
20%
100
67
68
275
100
100
♦
Durham Hosiery cl B com *
Jan
2%
"8%
10
27%
4%% prior pref
6% preferred
100
100
Eastern Malleable
6% preferred A
$3
4%
19
57
200
5%
10
*
Non-vot com stock
May
19% May
4% May
92
425
39
200
Gulf States UtU 16.50 pf.*
103% 103%
20
*
Gypsum Lime A Ala bast.*
HaU Lamp Co
6
109
20
Gulf OU Corp
2
Jan
37% May
15%
May
% May
1%
Feb
% Mar
Apr
17% May
Jan
1%
2%
Mar
1%
Apr
6% May
1% May
25% May
Apr
11%
May
37
3,000
98
May
May
May
27%
Feb
37%
7%
4% May
88
123% May
56
»
25
7%
Apr
May
105
»»•
Feb
1%
Apr
25
Feb
17
Apr
28%
Apr
Apr
8%
109
"7% "8%
Hartford Eleo Light
Hartford Rayon v t 0
%
May
22
Jan
Hartman Tobacco
Co
28
Apr
Harvard Brewing Co
"1% "~i%
1
10
Apr
"loo
Jan
28
Apr
1%
114%
Mar
Feb
May
May
% May
%
1%
Jan
Jan
Mar
6% May
May
May
Jan
Apr
Apr
Hearn Dept Stores
25% May
7%
4%
May
Mar
12%
6%
Mar
Mar
67
Mar
64% May
20% May
107% Mar
Jan
May
Jan
78
Jan
32%
Apr
110
Apr
2% Apr
79% May
Mar
1%
Jan
%
May
2%
8%
Jan
Apr
12%
Jan
6%
conv
50
preferred
100
13%
140
11
4%
4,200
Mar
4
10 %
28
Mar
Apr
Apr
Apr
14
28
2% May
13% May
May
1%
"14" "Apr
40% May
70% Apr
Jan
1%
Feb
%
2
8%
29
Mar
Apr
Jan
3% May
21% Feb
4
8
8
100
4%
7%
7
7%
150
7
7%
Jan
14
Apr
May
12%
Apr
7% May
23% May
27%
25
25% May
27
...2
ex-warr
Henry Holt A Co—
Participating class A...*
15%
Hoe (R) A
6
8
62%
15%
"x5% ~~6~~
10%
10%
8
May
13
Apr
60
May
92
May
13%
6%
25%
9%
May
May
May
May
22%
M00
100
3
preferred
Inc
27%
75
100
5
Hub bell (Harvey)
Humble Oil A Ref
17%
Jan
Hummel-Ross Fibre Corp
8%
64%
Jan
Apr
10
150
9
May
20
Jan
Feb
14%
Jan
Apr
36%
Feb
Apr
Apr
Jan
26
May
Feb
13% May
51
4,300
47% May
50%
x48%
5%
6%
600
4%
Feb
%
Jan
4%
4%
100
4% May
{Huylers of Del Inc—
73
Jan
3%
120
Jan
35% Apr
112% May
19%
Apr
68
Jan
9% May
Hussmann-Ligonler Co...
Apr
May
Jan
14
5%
*
May
Jan
12
110
27%
Apr
10
120
Baking..*
*
Horn A Hardart
Apr
Jan
Mar
25
*
Hormel (Geo A) A Co com*
Horn (A C) Co common.. 1
Apr
Mar
100
200
Horder's, Inc
4%
11
14%
62%
10
—-1
Co class A... 10
HoUlnger Consol G M....6
Holophane Co common..*
Jan
29%
8
common..5
Hey den Chemical
Hires (Chas E) Co
6%
Jan
1% May
May
4
May
4%
w w
Horn A Hardart
Jan
25
Class A
Hewitt Rubber
May
16
25c
Heller Co common
Preferred
18
...»
*
Hecla Mining Co
Preferred
18
13
18
com..6
Helena Rubensteln
13%
9%
4% May
1
B non-vot common
Haverty Furniture conv pf*
Hazel tine Corp
*
Apr
107% May
Hat Corp of America—
Apr
Jan
Apr
49%
10%
Jan
400
*
Jan
Apr
135
103% May
62
%
Jan
Apr
Jan
20%
1
11%
114%
2%
"300 ""6%"
.10
25
Hammermlll Paper
8
%
39%
111%
Mar
27
preferred
51
4%
24,100
100
%
21
50
300
3%
3% May
10% May
% May
21
May
3% May
Mar
3%
Jan
14
Jan
1%
29%
Jan
Apr
5% May
79
Feb
—1
Common
7% pref stamped
100
7% pref unstamped.. 100
Hydro-Electric Securities *
Hygrade Food Prod
5
Hygrade Sylvania Corp..*
Illinois Iowa Power Co...*
5% conv preferred
70
Mar
Illinois Zinc Co
3
50
59
20
57
May
70
Mar
Illuminating Shares A
300
58
May
71%
Mar
72
Mar
26
Jan
Imperial OU (Can) coup..*
2%
22%
5%
31
100
3
24
400
5%
4%
1,900
2,700
400
Imperial Chemical Indus—
Am dep rets regis
£1
24% May
8% Mar
% May
19% May
31
4%
*
*
63
60%
19%
1,600
*16
425
20
1,400
2% May
23%
Jan
"9%
L600
7% May
4%
5%
10,800
6%
7
2%
3
com..60
"
"T
8%
9%
800
May
6% May
17% May
8% May
6%
6%
200
5% May
18
18
500
100
4%
*
11
Jan
■11
Feb
26%
Mar
5%
Apr
Apr
12% May
6% May
10%
Apr
28
Apr
31
15%
Mar
8% May
*
Registered
Imperial Tobacco of Can.5
Imperial Tobacco of Great
Britain A Ireland
£1
10
6% pf.100
Indiana Pipe Line
Indiana Service
7%
preferred..—...100
Feb
Apr
10%
2%
Feb
Feb
1% May
28% May
47%
Jan
2
31
5%
58
57%
%
10%
8%
50
57% May
%
100
88
37
88
Grocery Sts Prod com. .25c
Guardian Investors
1
42
10c
3487
Apr
25%
Feb
24%
Equip..5
6%
Apr
Apr
Jan
Feb
8%
Greenfield Tap A Die
Feb
5
62% May
1
Apr
11%
7%
Apr
1%
27%
57
5
32%
400
Feb
3% May
May
8% May
% Mar
13
May
Empire Power part stock.*
For footnotes see page
400
Dlv arrear ctfs
Fansteel Metallurgical...*
May
May
4%
5%
14
77
1
Apr
Apr
9%
May
20%
700
3%
5%
6%
>11
25
12% May
Empire Dlst El 6% pf 100
FalrchUd Eng A Airplane. 1
Apr
5% May
May
100
Empire Gas A Fuel Co—
3
5%
93
4%
3,200
21
"9%
49
Jan
20
19%
50%
%
1
Jan
10
1
60
3%
1
1
94%
Mfg common..10
7% 1st preferred
26
Mar
91
12
Gt Northern Paper
67
Feb
101%
87%
Jan
4% May
1%
Jan
Mar
1
20
May
25
Jan
% May
1
Apr
Mar
88
100
20
*
preferred
55%
9
60%
2,400
*
44%
*63"
"300
50
Feb
55%
50
10%
41
5
8
400
2%
May
May
Mines..l|
Goldfleld Consol
$3
6%
94%
*
preferred
19%
May
Economy Grocery Stores.*
100
100
100
100
May
*
Class B
32
200
14%
15
2%
16
4
4%
20
Godohaux Sugars elass A.*
May
1,150
14
Electrol Inv v t c com
106
8
6%
5%
6
May
"360
17
14
•
May
Holt (H)—See Henry
♦
Flee P A L 2d pref A
Option warrants
Electrographic Corp
100
Great Atl A Pao Tea—
1% May
$7 preferred series A...*
4%
30
4%
_.*
Glen Alden Coal
Gray Mfg Co
800
""%
"59%
Apr
125
90
4%
May
1%
Jan
1%
40%
Jan
3,300
14
% May
81
»
Feb
Jan
2%
16
Apr
Apr
1
May
Preferred
Jan
8%
*
*
*
88
90
»
Grand Rapids Varnish
5% May
6% May
975
48
57
100
8
preferred
Gilbert (A C) common
Gorham
500
45
25% May
% May
32
Georgia Power $6 pref..;*
$5
100%
8
8
1
78%
'"766
Iron..25
Elec Bond A Share com..5
50
preferred
Feb
5%
38%
Mar
40
58
100
100
Gen Water G A E com
Feb
5%
6%
41
Easy Washing Mach B_
27%
58
56 conv preferred
7
2% May
12%
Apr
Mar
l»i
90
Common
112
East Gas A Fuel Assoc—
*
65
Mar
General Tire & Rubber—
May
2
Duval Texas Sulphur....*
41
Jan
Feb
May
65
_
Goodman Mfg Co
%
1%
Apr
Apr
Apr
Feb
*11
General ShareholdingsCorp
Gen Rayon Co A stock.
Gorham Inc class A
•
1%
16%
May
9
25
Gen Pub Serv 16 pref
Apr
....
Duro-Test Corp common. I
Mar
>14
Feb
1%
DubUler Condenser Corp.l
15%
50
8%
67
*
400
11
10%
*
preferred
10%
6%
"5%
Jan
May
Warrants
May
May
4
100
1%
6
Gen Outdoor Adv 6% pf 100
May
4%
Jan
32%
% May
Amer dep rets ord reg-£l
6%
1%
25%
Dominion Steel A Coal B 26
700
Gladding McBean A Co..*
13
6
100
21%
*
Apr
20% May
1%
Dominion Tar A Chemical*
...
General Alloys Co
Gen Electric Co Ltd—
10
400
13
16%
19%
100
26%
12%
Dominion Bridge Co Ltd.*
preferred
preferred....
1%
1% May
37%
reg—£1
Divco-Twln Truck com..l
Dobeckmun Co common. 1
preferred
5%
84%
3%
"17% "mi
Am dep rets ord
$6 preferred series B
preferred
Apr
Distillers Co Ltd—
Eastern States Corp
conv
Gilchrist Co
»i» May
"9% "u"
DlstUled Llauors Corp...6
...
4%
Jan
1%
Diamond Shoe Corp com.*
Elgin Nat Watch Co
Emerson Elec Mfg
12
Apr
5% May
10
Eagle Plcher Lead
Jan
»
stock
conv
%
100
De VUblss Co common.. 10
Duke Power Co
19
21
11
"T%
1
preferred
Apr
1
Fuller (Geo A) Co com
6%
17%
com..5
50
8% debenture
100
Derby OU A Ref Corp com*
A conv preferred
*
Detroit Gasket A Mfg
1
6% preferred w w
20
Detroit Gray Iron Fdy
1
Det Mich Stove Co com_.l
Detroit Paper Prod
1
Detroit Steel Prod
10
Driver Harris Co
Apr
20%
21%
1
Jan
6%
2%
$6 prior pref
6% % preferred
Draper Corp
xll%
16%
15
3% May
200
Dennis on Mfg cl A
preferred
Feb
14%
108
Decca Records common.. 1
Stores
Jan
200
35
Class A conv
May
Jan
8% May
1
Conv partio pref
;
May
1%
17% May
Jan
Gatlneau Power Co com..*
6% May
23
2%
5%
6
6
1
Dayton Rubber Mfg
12%
Gamewell Co 16 conv pf..»
May
May
Davenport Hosiery Mills.41
Feddere Mfg Co
8%
16% May
19% May
13% Apr
Common
Apr
May
%
5
Darby Petroleum com
Fanny Farmer Candy
3%
Amer dep rets...100 frcs
Feb
May
May
300
1%
6%% pre!. 100
Curtis MfgCo (Mo)
5'
Falstaff Brewing
Feb
1% May
Fox (Peter) Brewing Co..5
1%
4
1
Cuneo Press
FalrchUd Aviation
Mar
900
Froedtert Grain & Malt—
6
5
*
Cuban Atlantic Sugar
Eureka Pipe Line
113
1%
10%
3%
Jan
%
8% May
Jan
10%
Jan
55
*
10
Crystal OU Ref com
$6 preferred
Esquire Inc
84% May
1%
»
Apr
May
1
2%
25c
7% conv preferred
Class B voting
1% May
Crown Cork Internet A..*
Equity Corp common
13 conv preferred
51% May
Feb
8%
*
6%
3%
%
I
Crowley, Mllner A Co
*
Crown Cent Petrol (Md)J
Emsco Derrick A
75
Gen Gas & El 6% pref B.*
General Investment com.l
84
Croft Brewing Co
Crown Drug Co com
Class A non-vot
Gen Fire proofing com
7
«14%
6% preferred
6 %% preferred
7% preferred
8% preferred
93
70
1%
£1
Jan
50
£1
15%
16
Am dep rets ord ref
Feb
6% May
5
(5
91
93
Feb
Ap
»i«
Ford Motor Co Ltd—
3%
700
1%
Creole Petroleum
Common....
51%
10
Mar
12
Jan
3u May
1,300
51%
Fire Association (Phlla) 100
Florida P & L $7 pref
*
97%
1%
May
May
60
5% conv preferred
Courtaulds Ltd
7%
616
36%
May
9%
%
1
May
3%
%
450
3%
60
55
1
Cosden Petroleum com..
Feb
45
7
5%
*
Copper Range Co
♦
Cornucopia Gold Mines 6c
Corroon & Reynolds
1
$6 preferred A
♦
7%
High
Low
33
May
1%
75
%
Cont Roll & Steel Fdy___*
Cook Paint & Varnish
Jan
May
19
.1
Continental Oil of Mex
May
May
111
1%
*
Consol Steel Corp com
Cont G <fc E 7% prior pf
90
100
19
19
Consol Min<feSmeltLtd_.5
400
69%
114
1%
J
Consol Gas Utilities
1
2
67%
111
100
4%% series B pref
Dejay
Flat Amer dep rets
Fidello Brewery
$3
Conn Gas & Coke Secur—
Cooper-Bessemer
Share
Fed Compress & Wh'se 25
Fruehauf Trailer Co
Compo Shoe Mach—
8%
High
Ford Motor of France—
Commonwealth & Southern
S3
Range Since Jan. I. 1940
for
Wee
j Prices
Low
Ford Motor of Canada—
Columbia Gas & Elec—
5% preferred
0
Price
Par
High
LOW
Week's Range
Sale
(Continued)
Week
2
Club Alum Utensil Co
Last
STOCKS
1.1940
Range Since Jan.
Last
Par
Sale
Friday
Sales
Friday
STOCKS
(Continued)
Colt'
3483
New York Curb Exchange—Continued—Page 2
ISO
Mar
May
4% Mar
4% May
2%
21%
3
Jan
Jan
Apr
5% May
33%
Apr
9% May
7% Mar
63%
Mar
60%
6%
Jan
5%
Jan
5%
May
12%
Jan
Jan
6
Jan
5%
5%
7%
6%
6,400
500
5%
8
8
1,200
7%
May
May
12%
13%
Jsn
Apr
Feb
24%
Feb
300
19%
5%
7%
Mar
6%
6%
10
"12"
"l3
"70
Mar
22
Apr
10%
Mar
21%
Apr
New York Curb
3484
Friday
STOCKS
Last
(Continued)
Week's Range
Sale
Par
Low
IndplsP&L6%% pf~100
Indian Ter Ilium Oil—
Non-voting class A
High
Range Since Jan. 1, 1940
for
Low
May
113
Jan
Midland Oil Corp—
$2 conv preferred
X
X
May
May
1
Feb
Feb
--.1
preferred
100
%
%
%
100
hi
9
Jan
67%
X
16X
Apr
Apr
73 X
23 X
Apr
Apr
Jan
"53%
57%
"eoo
50X aMy
18%
Insurance Co of No Am. 10
18%
100
18X May
International Cigar Mach
60
1
Pref $3.60 series
Internat Industries Inc
6%
5%
1%
6%
1%
200
2%
3%
—*
*
9%
"3%
Coupon shares
Registered shares
9%
10
11%
IX May
21,000
3%
10,600
5%
19X
May
Internat Safety Razor B.*
X
Feb
5% May
Jan
6
$ 1.76 preferred.
X
IX
Apr
May
9X
Mar
Montana Dakota Utll
Apr
May
X
Jan
Montgomery Ward A
23%
23%
18X
Jan
Montreal Lt Ht A Pow.
50
23 X
May
37
Jan
2X
May
4X
7
May
May
Mar
10X
13 X
6X
Mar
May
May
17 X
17 X
Vitamin—1
2%
2%
3
Interstate Home Equip.. 1
Interstate Hosiery Mills..*
7%
7
7%
1,000
Interstate Power $7 pref.*
3%
3%
3%
25
Investors Royalty
Iron Fireman
Mfg
9
1
...1
Italian Superpower A
1
300
12%
--
13
12
13%
*
Jacobs (F L) Co
Jeannette Glass Co
3X
X
200
13
*
v t c
Irving Air Chute
12
1,000
12
%
500
2%
1,400
%
2
2%
X
X
Apr
IX May
*
*i«
May
Apr
Mar
Jan
Jan
Mar
Feb
Jan
3% May
1
May
2 X
Feb
80
May
May
95 X
Apr
Jersey Central Pow A Lt—
6%% preferred
100
6% preferred
...100
7% preferred
100
Jones A Laughlin Steel. 100
Julian A Kokenge com..*
Kansas G A E 7 % pref. 100
Keith (Geo E)7% 1st pf 100
Kennedy's Inc..
6
r92%
90
90
90
80
102
May
109
Mar
36
Jan
26% May
"I8% *21 k"
27
18 X
3,800
115
6
Ken-Rad Tube A Lamp A *
Key Co common
*
6%
3H
3%
May
6
160
Jan
May
May
64
1
IX
IX
100
1
1
2
2%
900
2
"iik "Ilk
"166
May
May
*
common
6%
preferred
Feb
4%
2,100
1,400
May
May
xOX
Apr
43 X
Mar
May
25X
4%
Mar
2X May
x71
Jan
9X
Jan
15 X
Apr
Mar
Jan
100
*
Class A
B
OX
X
1
Conv preferred
Lehigh Coal A Nav
*
Leonard Oil Develop
25
Le Tourneau (R G) Ino-.l
Line Material Co
IX
IX
*16
200
22 %
23
8
400
Apr
Mar
H
Jan
35 X
12 X
Jan
Apr
Jan
16 X
Mar
May
22 X
Mar
Feb
IX
Apr
B
Lone Star Gas Corp
10
*
7X
iox
8%
Long Island Lighting—
Common
100
IX
Loudon Packing
"24"
IX
IX
4%
.*
4
2,800
Manatl Sugar opt
Mangel Stores
conv
Mar
May
IX
Jan
May
48 X
Jan
May
44 X
Jan
2X
OX
106%
May
1
Mar
2
Mar
Apr
Apr
Apr
Jan
25
Jan
Jan
25
Jan
25
25
10
25
25
20
20
22 X
20 X
22X
250
X
X
*18
2,600
"18
200
X
warr
....1
preferred
May
21
com*
Conv 7% 1st pref
100
Conv 7 % 1st pf v t o. 100
Lynch Corp common
5
{Majestic Radio A Tel-.l
X
10%
99
Louisiana Land A Explor.l
Louisiana P A L $6 pref-.*
Ludwlg Bauman A Co
13
IX May
3% May
500
x4X
X
May
24
1,400
"'225
100
6% pref class B
May
7X
27
X
"25"
X
7% pref class A
10
250.
3,100|
IX
IX
20X May
X
X
May
May
IX May
May
500
30
*
Neptune Meter class A
Nestle Le Mur Co cl A
Nevada Calif Elec
3%
com.
New Idea Inc common
New Jersey Zinc
11%
35
725
*9%
8
30
..1
500
600
IX May
4% May
6
Jan
42
Apr
May Hosiery Mills Inc—
$4 preferred
McCord Rad A Mfg B
McWilllams
..*
*
Dredging
*
Mead Johnson A Co..
*
4%
128
124
Memphis Nat Gas com
5
Mercantile Stores com...*
Merchants A Mfg cl A
Warrants...
160
"II""
"566
11
3X
"25"
2X
~25%
"150
25
2X
200
2
300
25c
2X
37
...15
2X
preferred
•
preferred
N Y Water Serv
2X May
100
A
Class B
t c
v t c
i
Middle West Corp com..6
For footnotes see pagt 3487
4
30%
4%
%
67
Jan
Jan
Mar
Mar
Jan
%
3%
Feb
Jan
Common
10
5% 1st preferred
5% 2d preferred
84%
X
X
*18
5 Mi
*18
5%
May
64%
Jan
11%
8%
Mar
Feb
Jan
12%
Apr
May
% May
1%
Feb
%
Jan
May
12%
Jan
May
8% May
117%
Apr
14%
Mar
8
30
500
10
3
100
5
300
110%
84% May
3
May
4% May
1%
58
Jan
Jan
56
55
58
150
18
18
25
18
115
115
10
115
May
4%
700
4
May
400
4
May
6
Jan
7
Apr
1
Jan
1%
30%
Apr
Apr
Jan
13%
Jan
76%
Jan
26%
136%
Apr
8% May
2%
100
7
7
800
103% 104
40
May
67
Feb
Feb
2
Feb
3%
15
Apr
15% May
2%
16%
49
33
1,350
10% May
1
1%
36
15
Apr
Apr
Jan
Apr
Apr
Apr
28 %
Jan
May
9%
Mar
103% May
1)8%
Jan
109
Jan
7
98
15
May
1,400
11
May
40
17%
98
100
98
May
108
Jan
May
29
5%
17
3%
3%
73
23% Apr
May
7%
4
9,400
50
Common
1
$6 preferred
"♦
North Amer Rayon cl A..*
Class B common
.__*
6%
prior preferred
73%
50
3%
Apr
Jan
May
92
Jan
87
Jan
Jan
8
$5% conv prior pref
Oldetyme Distillers
1%
6%
Apr
Apr
Apr
Oliver United Filters
B...*
Omar Inc...
1
4%
Jan
X Mar
5X May
9%
Jan
3%
100
%
May
8% May
% May
May
May
1%
103%
26%
Jan
Mar
275
63
15
15
15%
15
15%
400
44%
45%
310
May
44% May
"266
% Mar
2% May
97
100
160
95
200
97
May
6
"8% "9"
May
"300
May
7
May
May
May
May
13%
13%
100
12
27
29
400
27
17
28%
17
25
17
95
95
May
94% May
95
5%
Feb
99%
Feb
71% May
9% Mar
Jan
200
96
Jan
62
Feb
•u
Jan
3%
Mar
110
May.
117% May
9%
Apr
15%
Jan
21
Apr
May
24% May
110% Mar
38%
107
111
112%
110% May
116%
104
104
May
103
May
May
116%
108%
6
13%
15
40
4%
40
101
*
101
4
4%
13 %
May
50
39
100
100
May
May
1,900
3,400
1%
5
Feb
May
2% May
Apr
26%
104
112%
Feb
Feb
Jan
16
96
Apr
1
1%
71
"2% "2%
Mar
*ii
5%
2,000
»i«
Jan
% May
3% May
45
50
Securities...I""*
3% May
53
15%
comllS
1
"566
% May
63%
Ohio P 8 7% 1st
pref... 100
6% 1st preferred
100
Ollstocks Ltd common...5
108%
%
100
"966
%
Ohio Brass Co cl B com..*
Ohio Edison $6
pref
*
pref...100
3%
3%
Engineering._*
Ohio OH 6% preferred.. 100
Ohio Power 6%
200
""% """%
Northern Pipe Line
10
Northern Sts Pow cl A..25
Northwest
Overseas
6%
73
93% May
Oil...6
Nor Ind Pub Ser
6% pf. 100
7% preferred
..100
*
%
"53% "62%
61
No Am Utility
Securities.*
Nor Central Texas
Novadel-Agene Corp
3% May
z73
...6
Feb
Jan
Jan
Feb
May
5% May
7
X
Nineteen Hundred
Corp B 1
104
,
200
4%
5
10
100
84%
%
Oklahoma Nat Gas
$3 preferred
1,900
3% May
Jan
Jan
800
Apr
1
3
100
42%
"106
Jan
97%
3%
6%
8%
100
May
X May
4X May
X Mar
4
May
44
Jan
May
May
Niagara Hudson Power—
37
......l
v
9X
Jan
170%
Apr
5% May
18%
Apr
May
May
100
6% pf.100
2X May
"~4X "5"
Preferred
.10
Middle States Petroleum—
Class
Mar
Feb
May
7%
10%
1%
31%
76%
900
*
10
37
104 X 104%
X
Feb
May
X
Metropolitan Edison—
$6
Apr
Mar
50
l
May
May
May
X
preferred.II100
Michigan Bumper Corp..1
Michigan Steel Tube..2.50
Michigan Sugar Co
*
May
3X
"if
.....
Mesabl Iron Co
Metal Textile Corp
Partio preferred
123
1
Participating preferred.*
Merrltt Chapman A Scott *
6%% A
5X
128
2%
35
Jan
Shipbuilding Corp—
17
IX May
21X
Jan
8
110% 110%
9%
9%
Founders shares
1
New York State El A Gas—
5%% preferred
100
New York Transit Co
5
14X May
2X May
100
9%
1%
1%
Noma Electric
.....I
Nor Amer Lt A Power—
IX
32 X
X9
...
*
Jan
May
11% May
25
100
2%
Apr
31
Feb
11%
17%
Apr
47%
Apr
14% May
Jan
13%
Feb
3%
Feb
2%
100
78%
1%
N Y A Honduras
Rosarlo 10
N Y Merchandise
10
N Y Pr A Lt
7% pref—100
Niplssing Mines
IX
300
33
76%
N Y Auction Co
com....*
N Y City Omnibus—
Jan
Master Electric Co
1%
33
78
51
Feb
Massey Harris common..*
50
1,700
1,900
49
10
Jan
9%
10%
10%
50%
29
2
35
8
9%
10%
25
Class A preferred
Apr
%
Jan
10
New Mex A Ariz Land—.l
New Process Co
1
Nlles-Bement-Pond
Feb
Apr
Apr
19% May
11%
Jan
100
11%
300
11%
Apr
Apr
X
Jan
11%
11%
5% May
% May
100
11%
May
2
%
%
*
Jan
4
81%
Apr
May
Apr
Communlca'ns ord reg £1
Mar
May
May
*i»
Mar
Mar
10
75
11
N Y
Apr
May
11% May
7
May
"600
100
10
2
150
""25
25
Warrants
21%
142
13%
17%
Pow Assoc
•
6% preferred
.100
$2 preferred
*
29%
IX
IX
Jan
4%non-cum.l00
cum
Class A opt warrants
Class B opt warrants
Niagara Share—
Class B common
39
May
8% May
12%
"75"
"OX "~7%
»
25
•
Marion Steam Shovel....*
Mass Utll Assoc v t c
1
6% May
12
•
Manlscbewltz(TheB) Co.*
Margay Oil Corp
800
"260
11%
Nehl Corp new common..*
1st preferred...
.*
Nelson (Herman) Corp...5
Ma pes Consol Mfg Co
Marconi Internat Marine
*
14%
"75"
Nebraska Pow 7% pref. 100
$6
Locke Steel Chain.......5
$6
3
% May
*
com
Mar
16
"""50
12%
138
•
OX
X
1
"le"
14
New England Tel A Tel 100
New Haven Clock Co
*
OX
Jan
Jan
1
Feb
May
7X May
10 X
"ie"
Corp
10 X
Feb
Jan
Feb
New Engl
X May
21
900
7%
6
4X May
IX May
1,300
'l»
Lipton (Thos J) class A..1
6% preferred
...25
Lit Brothers common
Loblaw Groceterias cl A.
Class
IX
Apr
Jan
30
6% May
*
May
12X May
Langendorf Utd Bakeries—
Jan
26
4% May
"800
12
Jan
171
500
*"7% "7%
Jan
Apr
Jan
Apr
6
7%
Mar
2X
IX
Apr
May
"ok "7"
5
National 8teel Car Ltd...*
National Sugar Refining.*
73 X
2
12 X
1
4%
1,300
75
23
Jan
Apr
Apr
2%
7%
May
139% May
15% May
Feb
Apr
4%
"T% "4"
Nat Rubber Mach
May
11%
9%
41
% May
*i«
"3%
Mar
90X May
117%
5%
2% May
*
Mar
95
Jan
Feb
2% May
*
Jan
Jan
Jan
1
70% May
90
May
400
4
40
7% pref.. 100
Lefcourt Realty com
5
May
5% May
24%
11
5,800
com
n
May
May
3
Nat Mfg A Stores
National Oil Products
National P A L $6 pref
National Refining com
11X
Lane Wells Co common.. 1
Class
3%
2%
Jan
11
May
2%
2%
4%
2%
Apr
{Nebel (Oscar) Co
65
25
112 X
Apr
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
300
National Container (Del)_l
National Fuel Gas
*
Kobacber Stores Inc
May
16%
23
Mar
Navarro Oil Co
76
15%
12
Mar
8X
3%
% May
43% May
1,100
National Breweries com..*
National Candy Co
*
4X May
60
%
7X
OX
120
May
11X May
1
3
May
*
Knott
Lane Bryant
100
23
Nat Automotive Fibres..1
Nat Bellas Hess com
1
Nat Union Radio
Lakey Foundry A Mach-.l
Apr
8%
4,500
139% 144
—100
Jan
12%
2%
1% May
Murray Ohio Mfg Co
*
Muskegon Piston Rlng_2%
Muskogee Co common
*
Apr
11X
2%
120%
500
6%
33
Mountain Sta Tel ATel 100
15
X
11%
May
1%
Jan
6% May
9% May
Mountain States Power—
10 X
1
97
6
Mountain City Cop com.5c
Mountain Producers
10
May
Lake Shore Mines Ltd
Jan
Apr
100
6%
5%
{Moore (Tom) Dlst Stmp 1
Mtge Bank of Col Am shs.
9
75
3%
X
16%
Klelnert (I B) Rubber Co. 10
75
0
19
1
National Tea 5% % pref. 10
National Transit
12.50
Nat Tunnel A Mines
*
Koppera Co 6% pref... 100
Kresge Dept Stores—
4% conv 1st pref
100
Kress (S H) special pref. 10
475
National City Lines com.l
$3 conv preferred
60
in May
85
Kingston Products
common
100
Mar
300
Mar
3X May
111
Kir by Petroleum
Corp
High
May
200
X
May
700
Kimberly-Clark 6% pf.100
Kingsbury Breweries
1
Kings Co Ltg 7% pf B.100
6% preferred D
100
Klrkl'd Lake Q M Co Ltd. 1
Kelln (D Emll) Co com..*
47%
5%
Monogram Pictures com.l
Nachman-SprlngfUled
May
May
97
"19 %
1%
6%
3%
Moody Investors part pf.*
Warrants series of 1940.
International
4%
90
*
6
9
*
200
10
X
200
*
...
$3.60 prior pref..
45
33
700
6%
1
Low
116% May
1
Monroe Loan Soc A
*
—
46%
Monarch Machine Tool.
1,400
International Utility—
Class B
Range Since Jan. 1, 1940
Midwest Piping A Sup..
ox
19 H
May
3
100
1%
6%
10
Molybdenum Corp
May
10
400
9X
97
Mid-West Abrasive:.--50c
iteb
Apr
5%
Midwest Oil Co...
Mock Jud Voehrlnger—
Common
$2.60
Jan
2X
12X
100
10
3%
for
Week
Shares
12
Missouri Pub Serv com..*
15 X
Feb
May
International Petroleum-
International Products—♦
High
5
6% May
May
IX
6
2%
of Prices
*
Jan
5X
800
Internat Metal Indus A—*
& Pow warr
Week's Range
Low
div shares.*
non cum
Mining Corp of Canada..*
Minnesota Mln A Mfg
*
Minnesota P A L 7% pf 100
Mississippi River Power0% preferred
100
Internat Hydro Elec—
Class A
$2
Mid vale Co
V tc common
Internat Paper
Price
Midland Steel Products—
1
1
Industrial Finance—
7%
Sales
Sale
Par
Hihg
102 X
70
—1
Class B
Last
STOCKS
(<Continued)
Shares
102% 103%
June 1, 1940
Friday
Week
of Prices
Price
Exchange—Continued—Page 3
Sales
8%
21%
Apr
Feb
Mar
Apr
Apr
Apr
50
Mar
117
Mar
4% May
8%
3%
Feb
Feb
Volume
New York Curb Exchange—Continued—Page 4
149
Week's Range
Last
stocks
Sale
(Continued)
Par
of Prices
Price
Low
High
for
Week
Shares
3485
Sales
Friday
Sales
Friday
Sale
(Continued)
Price
Par
High
Low
Week's Range
Last
stocks
1, 1940
Range Since Jan.
May
of Prices
High
Low
Range Since Jan. I, 1940
for
Week
Shares
Low
23 N
Scranton Lace common..*
Feb
15 n
400
28
May
34 n
Apr
100
26
x May
31X
Jan
Scranton Spring Brook
Water Service $6 pref..*
102
150
101
May
108 x
Feb
Sculln Steel Co com..
74
20
72
May
95 N
Jan
*
4
May
6N
Feb
Securities Corp general
*
*
Pantepec Oil of Venezuela-
20
Feb
20
Feb
Seem an Bros Inc
*
5X
Feb
Selberllng Rubber com...*
4x
n
4x
5,000
2X May
Jan
3x
3
X
Jan
Selby Shoe Co
8n
8n
200
n
n
800
High
May
29 X
Mar
53
Mar
Selected Industries Ino—-
Pacific Can Co common..*
13n
pf.25
Pacilic G & E 6% 1st
29n
5N% 1st preferred...25
Pacific Lighting $5 pref..*
Pacific P A L 7 % pref. 100
29%
26 x
26x
101
74
.
Pacific Public Service
28x
,
$1.30 1st preferred
2%
3n
13,600
50
8
May
12 N
Feb
6X
1,000
6
May
10X
Jan
Patchogue-Ply mouthMills *
20
May
35 N
Jan
Convertible stock
Pender (D) Grocery
A_..*
41
May
49 x
Feb
$5.50 prior stock
*
xll
May
16 x
9N
Class B
Peninsular Telephone
6N
com*
—.25
$1.40 preferred
27
29n
400
May
50c
Penn Traffic Co
2N
Pennroad Corp com
Cent
Penn
Airlines
32 x
x
2H
1
in
com.l
13N
Apr
n May
Mar
1x
12
2H
100
2x
Mar
1x
6,000
2X
Jan
3,200
in
un
May
14x
2X
Jan
22 x
Apr
Pennsylvania Edison Co—
$5 series pref
*
$2.80 series pref
*
64
Apr
37
Mar
3
Mar
65
Jan
38 x
May
1
104
*
*
50
Pennsylvania Sugar com 20
pref
$6 preferred
1
104
200
25
97n 100x
xl58h 165
Penn Salt Mfg Co
X May
103x May
2
Jan
113x
Mar
97 n
May
112
Feb
125 *158 x
May
185
May
160
Feb
12
10 N
Apr
He May
1
Jan
300
N
Mar
1
Apr
35X May
Common
He
n
.....1
40
Apr
800
5
n
Jan
3N May
8X May
n May
2N May
25
35
37
'"ioo
35
May
Allotment certificates...
37
38
100
3/
May
9N
Feb
Mar
Jan
IN
8N
11
Jan
x
6N
Jan
69 N
60
Apr
Jan
Apr
Selfrldge Prov Stores—
Amer dep rets reg
Sentry Safety Control
Hi
100
1
6x
bherwin-Williams
68 n
com..25
6x
100
3n
10
4x
iox
68 n
1,200
10
65
Mar
Mar
8X
6N
Apr
Apr
Apr
6X May
3X May
May
1,050
05
May
18 N
100
110
106
May
114X
5X May
UN
Jan
Mar
Apr
50
5x
5x
Feb
IN
2N
10
300
107x 108
5% cum pref ser AAA 100
•11
Jan
»ie
1
Shattuck Denn Mining...5
Shawinlgan Wat A Pow..*
Feb
May
£1
Serrlck Corp
l
Seton Leather common...*
Sherwln-Wllltams of Can. •
Pennsylvania Gas A Eleo—
Class A common
*
Penn Pr & Lt $7
May
27
30
Penn-Mex Fuel
Apr
36 n May
300
n
..«.*
~9~X "9 N
10
Parkersburg Rig A Reel..l
500
x
x
Warrants
Segal Lock A Hard ware.. 1
American shares
Paramount Motors Corp. 1
Parker Pen Co
6n
*
45X
Jan
4N May
Jan
bhreveport El Dorado Pipe
Line stamped
25
Silex Co common
8
May
15 N
19
.*
Jan
22 N
Apr
Jan
4X
IN
9X
Apr
Slmmons-Boardman Pub—
$3
conv
pref
*
200
2X May
2x
Mar
54
54
100
53n May
Jan
54
57X
125
53
May
Jan
May
28n
Mar
4
May
8N
Jan
Jan
Jan
1
350
100
May
Apr
95
May
105 X
n
Feb
n May
in
Jan
IN
Jan
2 X
5
Apr
Apr
Jan
Singer Mfg Co Ltd—
Amer dep rets ord reg.£l
Sioux City G A E 7% Df 100
Feb
in
1,000
Simpson's Ltd B stock...*
22
4n
in
4n
5,600
2
Simplicity Pattern com.-l
100
72 x
90 n
4x
Simmons H'ware A Paint. •
Penn Water A Power Co. *
Skinner Organ..........6
2N
Penn Traffic Co
Pepperell Mfg Co
2N
2N
Perfect Circle Co
1
Pharls Tire & Rubber
4n
Philadelphia Co common.*
Phlia Elec Co $5
"Ix "4k"
lTooo
30
100
50
5x
May
114n
5X
30 x
5N
*
pref.25
Phillips Packing Co
*
pref
Phila Elec Pow 8%
May
30
May
8X
120
31 n
Singer Mfg Co
in
9X
3x
1.00
3x
May
0n
Feb
Phoenix Securities—
Common...... .......1
Conv $3 pref series A.
6x
10
5%
22 x
Pioneer Gold Mines Ltd..
in
ix
5
25
May
15 N
600
6%
20X May
9X
Jan
47 X
Apr
IX May
18 x
2
May
900
20,400
Pierce Governor common-
1%
Mar
Jan
Solar Mfg Co
1
x
'x
100
1
in
in
700
Boss
1
3x
3x
100
Mfg
com
South Coast Corp com___l
South
Penn Oil
*
6
May
Pitts Bess ALE RR
Meter
50
39
May
Pittsburgh Forgings
May
6x
6
6N
1,400
35
May
27
May
40 N
30 X
Mar
800
24n May
30 N
Mar
ix
ix
100
ix May
100
43
May
13x
01X
Apr
300
Jan
Southern Colo Pow cl A.25
Pittsburgh Metallurgical 10
11
11
11
300
9
May
13 n
Apr
Pittsburgh Plate Glass..25
78 N
Wine Co. 1
•
78 X
75
in
900
in
100
7.60
Pneumatic Scale com...10
Polaris Mining Co
25c
5
Potero Sugar common
n
of Canada.
_
x
He
3n
800
2%
Premier Gold Mining
1
16
Pressed Metals of Am
16
n
n
Prentice-Hall Ino com...*
100
5
32
76
X
X
*
Southern Union Ga^
ix
Jan
ix
Apr
Jan
May
Feb
81N
Jan
May
X
32
8n
Jan
24 x
May
ix
Apr
Jan
May
42
Mar
May
10
Feb
X
May
n May
Jan
5x
3n
3
*
"4x
900
2X
8X
May
May
9x
Feb
4x
200
4X
May
9x
Apr
95
*
$6 preferred
Feb
4x
"ioo
*
Prudential Investors
15
May
2,400
1
Prosperity Co class B
Southern Pipe Line
May
10
May
102 n May
Public Service of Colorado
100
100
6% 1st preferred
7% 1st preferred
iiox iiox
20
rl04X May
110X May
*
*
$6 preferred
Public Service of Okla—
Conv preferred
113n
$1.60 conv preferred..20
Mar
81N
72
83
750
67
May
106 n
May
36 x
42
475
35
May
59 X
May
May
109 n
105
May
58
May
86
Feb
113X May
70 n
18N
13x
15x
20x
1,650
13 X
18x
1,900
11X
May
Jan
32 x
29
7X
May
4X
May
10x
7x
18
4x
~~4x
500
""ioo
Mar
May
125
Feb
98
101
230
142
142
30
142
May
154
May
8
98
98
May
13
Feb
10x
n
Feb
Quebec Power Co
*
Ry A Light Secur com
*
5N May
X
Feb
Railway A Utll Invest A. 1
*
preferred
Raytheon Mfg com
40
34
*
1
1
May
May
Jan
Jan
Jan
May
x
Feb
Sun Ray Drug Co
13 n
Mar
0X
n
Apr
Apr
500
io
iox
200
10
6x
8.900
4X May
200
in
Jan
12 X May
4X
N
10X
1
1
4n
Republic Aviation
§ Reynolds Investing
Rice Stlx Dry Goods
1
*
Richmond Radiator
1
....
4n
12x
13
"In "In
"ioo
14
Feb
40 x
19 x
Mar
May
*5n
Jan
IX May
2X
Apr
4
1
Rochester G&E16 % pf C100
95
Jan
May
6% preferred D
100
Rochester Tel 0 N % prf 100
94
May
Roeser A Pendleton Inc
X
94
95
150
116X
11
*
Feb
May
*n
Jan
104N
Feb
105x May
lieN
Feb
14
Jan
200
Roosevelt Field Inc——.5
in
ix
"400
5n
5x
100
Rossia International
May
1
600
8x
8x
300
*
..*
Russeks Fifth Ave
*29X
500
25
102 x
"x\6% "l"7N
21N
23N
1,200
46
44
200
46
12 x
15N
15N
150
n
n
Technicolor Inc common.*
Jan
Thew Shovel Co
com....5
1
TUo Roofing Inc
Mar
3X
Feb
Tlshman Realty A
7N
Jan
Feb
Apr
*ii
Tobacco Prod
43
May
2x May
05
Mar
Mar
Def registered
8
May
15 n
May
50
2
Feb
2
May
4X
Jan
Class A $2 conv pref..60
9
May
16X
2
May
Apr
Apr
5
Regis Paper com
100
preferred...
Salt Dome Oil Co
Samson United
Corp
2 X
53
1
com.
2 x
48 x
4n
2x
53
5n
8,200
475
900
48 n
Sanford Mills
Trunz Pork Stores
IX
Tubize Chatillon
Scovill
Mfg
Scranton Elec $6
25
pref
Mar
Jan
35
Jan
X May
10
26X
*
9n
24
10
26 n
800
1
Jan
May
14
Jan
1,700
May
34
May
May
9
22 x
Feb
15n
May
Hi May
Apr
Jan
May
Jan
21
Jan
Jan
Feb
IN
Jan
02
Feb
15
Apr
4X
38
Feb
6
May
9N
Apr
May
2
Apr
600
5n
in
Jan
9N
Jan
2
in
May
3X
Jan
Apr
:
575
2X May
Mar
4X
X
"7x "7x
"50
7X May
6N May
10N
13X
*n
8
in
'21"
2N
25 n
1,200
"22""
~~3~66
2X
500
May
in
May
33 x
ix
x9%
9n
500
20
n
x
300
2,700
11
2N
13n
10n
Feb
16
2
Jan
Feb
Jan
Apr
Apr
Jan
2N
300
13 x
10
14 x
300
10N
300
40X
Apr
May
36
Jan
Jan
13
May
9X
Jan
2n
May
0
Jan
21
4N
4N
30 X
Jan
X
IX
Apr
May
10N
Feb
8n
May
2
May
2X
Jan
12x May
24 N
15
Apr
Apr
9
275
98
50
97
Jan
May
3n May
Udyltte Corp
|Ulen A Co ser A pref
IN
Mar
May
70
May
109
May
115
95
Apr
Jan
5X
iox
X
Apr
May
Jan
Apr
Apr
Mar
Jan
Hi
n
in
100
2
2
6,100
5N
5
20 n
200
5n
800
23 x
300
ix
in
500
6x
300
4
Hi
Apr
Jan
May
X
IN
Apr
May
3X
Feb
Jan
n
2
Jan
1,800
x
May
Hi
8n
x
6x
3n
Apr
*ii
x
1
*
*
Mar
59
55
104
10
Tung-Sol Lamp Works...1
80c conv preferred
May
iox
n
55 n *58
Inc..
Corp...l
114
Jan
103
n
1,200
Jan
25n May
Apr
n
Jan
n
48 n
*
Clfiss
Series B pref
For footnotes see page 3487
Jan
IN
3x
Tri-Contlnental warrants
9X May
6
♦
Transwestern Oil Co....
81N May
29
40 N
Jan
preferred
May
n
*
Savoy Oil Co
Schlff Co common
4x
7%
4x May
1
May
1
Jan
"766
6x
in
2n
£1
5s
Ordinary reg
5
*
7%
50
6
100
Tonopah-Belmont Dev. 10c
Tonopah Mining of Nev.l
Trans Lux Corp
1
300
19
2
Exports...*
Todd Shipyards Corp
x
Hi
12
Toledo Edison 6% pref 100
x
Hi May
33
Constr *
Jan
Corp Ltd
Apr
1,200
Tobacco A AUied Stocks..*
Jan
27800
Jan
10X
X
6
Apr
"iox
X9
*
Ryerson A Haynes com..l
20 N
Feb
41X May
110X May
May
57
Corp....16
Taggart Corp com
1
Tampa Electric Co com..*
Tastyeast Inc class A
1
Taylor DlstiUing Co
1
3n
40
9X
*
Ryan Consol Petrol
St Lawrence
200
1
May
N
100
1
May
27 N
6
20N
May
Mar
400
he
Mar
Mar
20
*16
Mar
11
May
100
:
Feb
14
May
n
100
6n
2X
May
*11
200
N
Class B common
2N
1
pref
conv
N
.
20
$3.30 A part
in May
n May
Rustless Iron A Steel
$2.60
2*200
Tobacco Secur Tr—
2N
May
Mar
13
6X% conv pref
Jan
n
1
8X
8N
16n
26x
N
1
1
50
Sunray Oil
IN May
5X May
*
Royal Typewriter
May
IN
1
20
Root Petroleum Co
St
Jan
15n
*ii
Texon OU A Land Co—-2
Amdeprcts ordreg... £1
com—5
Jan
100
Texas P A L 7% pref.. 100
Roils Royce Ltd—
6
Mar
2
17N
Swan Finch OU
Rio Grande Valley Gas Co-
Voting trust ctfs
2X
Mar
Superior Port Cement
18
50c
Reliance Elec A Eng'g—6
May
Mar
27
Superior OU Co (Calif)..25
17
16 N
Reeves (Daniel) common. *
Jan
1
N
*
Stein (A) A Co common..*
Sterchi Bros Stores
*
Jan
Apr
Hi
10 X
24
Ordinary shares
ix
Apr
Mar
Jan
Phos¬
2X
Jan
n May
100
16
Jan
102 x 102 x
"l7"
phate A Acid Wks Inc. 20
Corp v t c.l
Steel Co of Canada—
26 x
6
May
X
*
Reed Roller Bit Co
34
50c
Red Bank Oil Co..
34
100
ix
1
8x
Starrett (The)
Mar
Feb
6N May
*
May
17X
6% 1st preferred
50
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 M achinery
*
Feb
Raymond Concrete Pile—
Common
8
May
7N
2X
May
1
Standard Wholesale
20
May
6n
6
Jan
Apr
Jan
6n May
X
1
May
6X
11X
Apr
4X May
800
*
6
Apr
Mar
Jan
8x
Standard Products Co...l
Standard Tube clB
Jan
72
170 X
7 n
20
Standard Steel Spring
62
140
Jan
Jan
Jan
in
"~8
2
ix
1
Jan
69 H
500
.6N
ix
*
Standard Silver Lead
4n
2x
Hi
100
Common class B
100
100
T
Standard Oil (Ohio) com 25
40 x
Feb
14 n
10
Preferred
100
7% prior lien pref... 100
Puget Sound P A L—
$5 prior preferred.....*
$6 preferred
*
Puget Sound Pulp A Tim *
Pyle-National Co com
5
Pyrene Manufacturing.. 10
Quaker Oats common
•
6% preferred
100
500
3
5N
Standard Dredging Corp—
Common
1
May
107
8
25
Southland Royalty Co...5
Spalding (A G) A Bros...l
5% 1st preferred
*
Spanish A Gen Corp—
Am dep rets ord reg..£l
Spencer Shoe Corp
*
Stahl-Meyer Inc
*
Standard Brewing Co
*
Standard Cap <fc Seal com. 1
$5 preferred
Standard Pow A Lt
6% prior lien pref
Relter-Foster Oil
Preferred A
Mar
4n May
7x
3
10
Standard Invest $5N pref *
Standard OU (Ky)
10
Public Service of Indiana—
$7 prior preferred
66
167
South New Engl Tel.-.100
Southern Phosphate Co. 10
Jan
Mar
in
4X
32
Nev. .20
Providence Gas—
Jan
11
N
81X
*
104
X
7
*
100
6% 1st preferred
Pratt A Lambert Co
60
100
May
May
2X May
300
7% preferred
Jan
IX
7N
600
»i«
45
May
75
13
Powdrell & Alexander...6
Royallte Oil Co Ltd
Feb
400
9
pref
Jan
.
25x
52
conv
35
27n
27n
9
$1.20
44
Jan
35
45
Rome Cable Corp
May
25n
9
Rheem Mfg Co
2X
28
27
50
conv
Feb
6% original preferred.25
1
$3
'2J00
Mar
N
Apr
Pittsburgh A Lake Erie.50
Producers Corp of
Jan
2X May
Feb
8x
0% preferred B
25
5N% pref series C...25
Power Corp.
3X May
ix Mar
Apr
Mar
155
22
30 n
25
Southwest Pa Pipe Line. 10
8
Plough Inc com
"3l"
"36"
Mar
Southern Calif Edison—
Pltney-Bowes Postage
Pleasant Valley
110
100
..100
8onotone Corp
3x
May
Jan
*8N
Jan
May
20
May
ix May
10N
39X
Feb
4n
3X
Jan
Jan
8
Jan
3n May
6N
Apr
x May
IN
Jan
x May
1
Jan
6n
May
New York Curb
3486
Friday
STOCKS
Last
Week's Range
Sale
(Concluded)
Par
Unexcelled Mfg Co
Price
of Prices
High
Low
10
Union Gas of Canada
for
Range Since Jan. 1,1940
1 *
100
14*
14*
200
7*
2*
•
1
"ilk "12*
11*
"2.700
United Chemicals com...*
S3 cum A oart pref.
Un Cigar-Whelan Sts..l0o
United
•l»
Corp warrants....
#1«
2,600
*
10,600
*
1,100
*
*
200
*
18
21*
3,000
20*
20*
25
*
*
1
l
90
90*
*
Option warrants
United G & E 7% pref. 100
United Lt A Pow com A..*
79
.--*
21
Products...*
Mil*
79
*
79
1
20
United Wall Paper
Apr
Apr
74
Mar
Apr
28
150
26
50
*
52*
200
800
2*
7*
1 *
900
1
3*
300
2*
*i«
400
1*
Feb
100
71
1*
1*
200
*48*
53*
200
*
,H
75
39
1*
May
Utility A Ind Corp com..6
5*
May
"l* "T*
7
fUtll Pow A Lt 7% pf.100
Valspar Corp com
...1
$4 conv preferred
5
200
"350
24
*
*
7% pref..100
Vogt Manufacturing.....*
Apr
24
2,000
10
Apr
25*
46*
Mar
13
13
2,000
9*
Jan
16*
Mar
3,000
5* May
10*
Mar
13
1958
♦Rio de Janeiro 6*8.1959
5*
5*
t*
t*
$13
*
7i«
♦5*s
1921
♦Santiago 7s
1949
for
Week
Since
See i
Price
of Prices
Low
High
i
Jan. 1
3*
4*
1946
x
a
1
1951
x
a
1
Mar
1st Aref 6s....
1st Aref 5s
1956
x
a
1
Apr
May
Apr
Alabama
Power
105*
105*
1968 y bbbl
1st Aref 4*s
1967
Am Pow A Lt deb 6s_
bbbl
y
99
2016 y bb
4
92*
1963
x
3
108*
104*
x
bbb3
x
bbb3
2*
20*
1*
Apr
Arkansas Pr A Lt 5s
1968
x
bbb3
Jan
Associated Elec 4*s
1953
J Associated Gas A El Co—
y
b
Mar
29
Apr
21
May
30
* May
May
84
3
May
May
May
Apr
1st mtge 4s
a
3
♦Conv deb 4*s
♦Conv deb 4*8....
1948
z
3,000
105
109
4,000
14,000
10,000
25,000
37,000
104* 107*
104
105*
40,000
1949
z
dddl
Jan
♦Conv deb 5s
1950
z
106* 111*
99
106 *
98* 103*
90* 105*
1968
z
z
41*
dddl
1977
dddl
♦Debenture 5s
Apr
♦Conv deb 5*8
10
Apr
Assoo TAT deb 5*8
Atlanta Gas Lt 4*8
1955
x
Apr
Atlantic City Elec 3*8.... '64
x
12
a
74
aa
A *55 y b
36,000
103* 108
123
129
56~66O
102*
108
41*
49,000
38*
U*
11*
12
10*
10*
11*
10*
11*
10*
10*
53* 54*
104* 104*
104
104*
103*
dddl
Apr
106* 108*
104* 105*
1,000
22,000
U*
30
10
18,000
10
25,000
1,000
9,000
10*
26*
28*
28*
34*
53
75
1121
dddl
May
6*
105* 105*
105* 105*
104* 105
99
101*
98* 99*
90 *
92*
Appalachian Eleo Pow—
Apr
12
Range
Co—
1948
Feb
Jan
1,200
Sales
Mar
2024
7
3*
Jan
Weeks' Range
1st A ret 5s
1*
Mar
Sale
Debentures 4*s
Appalac Power Deb 6s
1,200
17*
Last
1st 5s
1*
Feb
Jan
Friday
Mar
2
*
Bank
Mar
72
*u
Jan
14*
20
Jan
*
Rating
BONDS
Mar
23*
*
Elig. &
RAILROAD and INDUSTRIALS
6*
13
Apr
Jan
Jan
Jan
5
3
125
103* 104
39
2,000
14,000
62*
10
101* 107*
103* 110
Avery A Sons (B F)—
Inc)
5s with warrants
Watt & Bond class A....*
Class B
.*
Walker Mining Co
1
Wayne Knitting Mills
Wellington Oil Co
6
12*
12*
600
"i* "i*
"800
1
3*
Feb
* May
* May
12* May
92*
92*
1 *
1*
38
Bell Telep of Canada—
1st 5s series B
bb
2
106*
91*
x
aa
3
1960
x
aa
3
Feb
Bethlehem Steel 6s
1998
x
aa
2
Jan
Birmingham Elec 4*8
Birmingham Gas 5s
1968
x
bbb3
1959 y bb
3
Broad River Pow 5s
..1954 y bb
Canada Northern Pr 5s ...1953 x a
Canadian Pac Ry 6s
1942 x a
3
800
3* May
Jan
2*
7*
6*
38
20
31
May
69*
Apr
Apr
Jan
5« series
C
1957
...
Carolina Pr A Lt 5s
May
9* May
5*
"
"
5*
400
4
"
4
200
"7* "I"
6*
5*
3* May
5*
Jan
4
May
125
* May
7* May
6* May
200
6*
17* May
11*
Apr
7*
Feb
6*
Feb
7* Mar
2
11*
9*
Jan
Jan
Mar
oom.
Wisconsin P A L 7% pf 100
Wolverine Portl Cement.10
Wolverine Tube com
2
Petroleum
Woolworth (F W) Ltd—
Amer dep rots
5s
Wright Hargreaves Ltd..*
3*
4*
4*
3*
3*
5.600
3*
200
5
400
4*
200
98
May
3* May
4* May
4* May
112
4*
7*
5*
Cent States Elec 5s
90
99*
35,000
90*
99*
98
67*
69*
1,000
29,000
Cent States PAL 6*8... 1953 y b
Chicago A Illinois Midland—
25*
41*
83
1956
x
44
103* 103*
39* 47
93,000
bbb3
1927
z
bb
18,000
3,000
37
49
78
84
90
93*
95*
73
5,000
70* 258,000
66
70*
67*
76*
1966 y b
71*
1969 y b
"80*
1952 y b
1949 y b
82
Community Pr A Lt 5s.. .1957
y
bb
x
aaa4
(Bait) 3*s
ser
N
1st ref mtge 3s ser P
Consol Gas (Bait City)—
Gen mtge 4*s
103* 106
177
66*
Sales
41
80
70*
Jan
95* 101*
26*
177
1
70*
6*
64
83*
103* 107*
64*
..1952 y bb
1956 y bb
6*8
103*
67* 100*
42,000
4,000
1950 y b
Jan
97
54,000
27*
1,000
25,000
1958 y b
Feb
152
41,000
92*
64*
64*
103* 103*
96* 97
26* 28*
25* 27*
65* 67*
103*
4
1954 y cc
Ry 4 *s series A
91* 116
90* 117
140
Debenture 5s
Debenture 5s
12*
98*
130*
67*
bbb2
1948 y cc
6*8
I^Chlc Rys 5s ctfs
Cincinnati St Ry 5 *8 A
""67*
54,000
95
93
98
2
93,000
97*
96*
145
Conv deb 5s
Week
85
76*
83*
70
80
65*
78*
47,000
66
77*
70
47,000
66
81
112,000
49,000
76*
92*
92*
82
81
30,000
1,000
85*
127
76*
75*
127
127
97*
135*
1971
x
aaa4
105*
105
105*
8,000
105
111*
1969
x
aaa4
105
105
105
6,000
105
109
1954
•x
aaa4
1125
128
124* 127*
Consol Gas Utll Co—
$
6s ser A stamped
Cont'l Gas A El 6s
20
25
22* May
29
Feb
♦7s ctfs of dep. Apr '46
Jan 1947
120
28
24
28*
Feb
1943 y b
Cuban Tobacco 5s
1944 y b
78
75
78
7,000
75
83
1958 y bb
80
83
35,000
80
94
50
5,000
50
61*
95
55*
95*
104
104*
33,000
8,000
104
2
Cudahy Packing 3*8
May
dep. Jan '47
1955
x
a
Delaware El Pow 5*8
1959
x
bbb4
2
104
930
90*
99*
107
Detroit Internat Bridge—
♦6s ctfs of dep
♦6s ctfs of dep
Aug *47
Apr *48
Antloquia (Dept of) Co¬
♦6*s
Aug 1 1952 z cc
z c
♦Certificates of deposit
♦Deb 7s
Aug 1 1952 z c
Eastern Gas A Fuel 4s
1956 y bb
lombia—
ctfs of dep. 1945
Edison El 111 (Bost) 3 *8,. -1965
ser
B ctfs of dep. 1945
12*
Feb
O ctfs of dep. 1945
♦7s ser D ctfs of dep. 1945
12*
Feb
11*
17
20
Feb
11*
Feb
11*
Jan
11*
12
Jan
13
Jan
May
♦Bogota (City) 8s ctfs 1945
Bogota (see Mtge Bank of)
x
1950
x
14*
14*
5*
5
1
5*
4
1
*
*
1
2
80*
70
4
4
1,000
81* 156,000
72
103* 104
102*
26
108
102* 102*
25*
10,000
108*
1110* 111*
bbb3
Empire Dist El 5s
1952 x bbb2
Ercole Mare 111 Eleo Mfg—
6 *s series A
1953 y b
1
Erie Lighting 5s
3
1967 x a
78*
108
aaa4
Elec Power A Light 5s
2030 y b
Elmira Wa Lt A RR 58—1956 x a
El Paso Elec 5s A
♦7s 1st ser ctfs of dep *67
♦7s 2d ser ctfs of dep '67
♦7s 3d ser ctfs of dep '67
66,000
5^000
12,000
3,000
17*
8*
♦7s ctfs of deposit.. 1948
8* May
15
Jan
♦7*s ctfs of dep...1946
Cent Bk of German State A
70
6*
1
85*
112
84*
120
103
106
101* 105*
108
1,000
108
47*
109*
31,000
89
101*
y
b
Banks 68-58 stpd
Florida Power 4s ser C
Florida Power A Lt 5s
1961
y
cccl
1966
x
bbb3
100
1954
x
bbb3
101*
1944
y
bb
99
98
99
2,000
1969
x
a
60
60
65
12,000
93
108
6*
92 * 101
108
26
1954
4
*
74*
110
~
Federal Wat Serv 5*8
Finland Residential Mtge
♦Caldas 7*s ctfs of dep '46
127
22*
50*
99* 100
100* 101*
25*
24,000
74,000
57
98* 104*
100
105
Gary Electric A Gas—
♦Prov Banks 6s B..1951
17
25
14
Feb
♦6 series A
15*
17
25
14*
Feb
16
For footnotes see page 3487.
D
2
91*
90*
1138*
93
91*
90*
91*
Cities Service 5s
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
1952
92*
98* 107* 249,000
Jan
for
1948
1967 y bb
ser
x
Conn Lt A Pr 7s A
1951
Consol Gas El Lt A Power—
BONDS
1951
Cent Power 5s
Cities Serv P A L 5*8
10*
Apr
3* May
95* 105
Apr
Jan
GOVERNMENT
♦20-year 7s
1956
68 series B
AND MUNICIPALITIES—
z
1950
102
14
1|~
Wilson-Jones Co
♦Convertible 6s
Jan
900
50
Westmoreland Coal new.20
1
100
Jan
4*
4
7% 1st preferred
100
Western Tablet A Statlon'y
Common
•
Williams OU-O-Mat Ht_.*
100
190
4
92*
1*
20
Wilson Products Inc
190
1947 y bb
2
May
May
92
May
1* May
Western Maryland Ry—
Weyenberg Shoe Mfg
1947 y bb
6s without warrants
Baldwin Locom Works—
1
6
Western Air Express..... 1
Wlohlta River Oil Corp._lu
Williams (R C) A Co
»
5* May
1*
Apr
1*
Feb
15* May
2
Went worth Mfg
1.26
West Texas Utll $6 pref..*
West Va Coal A Coke....*
Valley 7s
25*
24
1947
*i«
74
♦Cauca
♦7s ctfs of dep
Mar
100
♦Baden 7s
Mar
Jan
Wahl Co (name changed
ser A
14*
Apr
*
ser
Jan
1*
*
♦7s
12
65*
Wagner Baking
♦7
20
Feb
Waco Aircraft Co
♦7
Apr
Mar
♦Russian Govt 6*s._1919
63
21
Petroleum... 1
♦7s ctfs of
26*
26*
May
17
24
Va Pub Serv
Winnipeg Eleotrlo B
Jan
Feb
2
24
Jan
26
May
10
Mar
20
1* May
May
* May
"500
Apr
13*
28
*
he
10*
15
1946
Apr
2* May
May
39
5* May
May
May
8
28
1*
*
1
com
♦7s ctfs of dep
*
"ioo
39*
10c
Feb
8*
Feb
Apr
Apr
2*
Apr
5* May
Jan
2* May
May
4
May
14* May
1* May
a:48* May
3,000
6
9*
Mar
6
28*
36*
15
Apr
12*
Jan
$11
♦7 ctfs of dep..Oct '47
♦Mtge Bk of Chile 6s. 1931
Mtge Bank of Colombia—
♦Parana (State) 7s
Apr
*
700
3*
15
Jan
Feb
Mar
1,700
11
12
$20
♦6*8 ctfs of dep
1947
Mtge Bk of Denmark 5s '72
«n
1H
Apr
'47
Apr
*
Feb
»lt
13*
$20
♦7 ctfs of dep. May
♦Issue of Oct 1927
Apr
Feb
4*
1*
Feb
7*
May
May
3*
he
15
Feb
8
3
25
7*
Mtge Bk of Bogota 7s. 1947
5*
243*
1*
400
1,100
Jan
Mar
7
♦6*s ctfs of dep—1954
Apr
Universal Products Co.
7% preferred
5*
♦6*s stamped...
1958
♦Maranhao 7s...—.1958
27
46
1
6
Utah Pow A Lt $7 pref...*
Utah Radio Products
1
v t o
*2*
Lima (City) Peru—
zl"
May
4*
3*
Van Norman Mach Tool.6
♦Secured 6s
♦Medellln 7s stamped. 1951
♦7s ctfs of deposit.. 1951
39*
1
Conv preferred
Jan
Jan
Apr
4
$5 .60 priority stock
Jan
200
-
8
Utility Equities com
Apr
22
2
com
Jan
1*
4*
10
Insurance
89
7*
83*
23*
7
14
14
26*
28
Utah-Idaho Sugar
0REIGN
5*
15*
16*
20*
22
Universal Corp v t o
Woodley
20
Mar
May
7* May
20
$7
May
Universal Cooler class A..
Class B
Western Grocer
$6
3* May
3* May
May
* May
52* May
VA May
Jan
19*
60c
Universal Consol Oil
to Eversharp
♦Hanover (City) 7s—1939
♦Hanover (Prov) 6*8.1949
Jan
May
*
1st 17 conv pref
United Stores common.50c
Venezuelan
Jan
May
ri«
Feb
7*
1
com
common
Universal Pictures
ioi*
Jan
Mar
12
Feb
52
49
10*
$8
54
41
U S Rubber Reclaiming..*
Universal
t8
1947
May
May
0
♦German Con Munlc 7s '47
260
60*
39*
4*
3*
*3*
*
52*
2*
...5
pref
U S Radiator
1,625
56
40
S5 1st pref with warr—»
U S Lines pref
*
U S Stores
100
57 *
U S and Int'l Securities..*
conv
%
*
18
20
Jan
♦Issue of May 1927
United Specialties com—1
US Foil Co class B...
1
$1*
1963
Feb
16* May
May
10
U S Plywood
%22
$16
1955
5s
Mar
20
239
——25
com
Apr
High
♦6*8 ctfs of dep... 1959
Ext
1*
May
4*
United dhoe Mach com.25
Graphite
65
* May
* May
70
United Profit sharing..25c
U S
Apr
Low
♦6s ctfs of dep.-Oct '61
Cundlnamarca (Dept of)
Danish 5*8
16
Jan
100
Am dep rets ord reg
United NJRRA Canal 100
10% preferred
Jan
15* May
lsx* May
S3 partlc pref
—.♦
United Molasses Co—
Preferred
64*
Jan
88
10
*
..*
Common class B
$6 1st preferred
Apr
Range Since Jan. 1. 1940
*
Colombia (Republic of)—
♦6?i ctfs of dep..July '61
8*
*
600
Feb
Feb
3*
19*
High
Danzig Port A Waterways
♦External 6*8
1952
6*
United Elastic Corp
United Gas Corp com
1st $7 pref. non-voting.*
United
Mar
Apr
Week
Low
May
200
1*
91
May
3*
13*
14* May
64*
Jan
5*
Jan
8* May
59* May
* May
Un 8tk Yds of Omaha.. 100
Aircraft Prod
Feb
for
of Prices
Price
High
1*
Week's Range
Rale
CContinued)
Low
1, 1940
Sales
Last
BONDS
Week
Shares
1*
Union Premier Foods Sts.l
June
Friday
Union Investment com—*
United
Exchange—continued—Page 5
Sales
Attention is directed to the
new
May
5s ex-warr stemped
Gatlneau Power 3*s A
97* 102
60
87*
Apr
column in this tabulation pertaining to bank eligibility and rating of bonds.
See A.
Volume
Friday
Last
Week's Range
Rating
Sale
of Prices
Low
High
See
0Continued)
General Pub Serv 58..
1953
Gen Pub Utll 6)4s A
Price
a
y
y
bb
1948
z
ccc2
Gen Wat Wks & El 5e
1943 y bb
Georgia Power rel 5e
1967
1978
x
Georgia Pow A Lt 5s
y
♦Gesfruel 6s
1953
z
b
1
Glen Alden Coal 4s
1965
y
bb
3
...1941
y
ccc4
1950
x
a
1950
x
PowJ&Hb—1963
492)4 100
86
90)4
b
1956
♦General Rayon 6s A
Gobel (Adolf) 4>4s
Grand Trunk West 4s
90)4
4
"94"
a
1
104)*
b
72
466
9054
4
94
10354 104)*
59
59
68
4
460
3
a
aa
2
1945
y
b
2
Guantanamo A Westfts
1958
y
ccc2
Guardian Investors 5s
1948
y c
Green Mount
stpd
1935
♦Hamburg Elec 7s
,
zdd
Friday
Last
Week's Range
for
BONDS
Rating
Sale
Week
Since
Jan. 1
(Concluded)
See a
Price
of Prices
Low
High
%
Jan. 1
Range
for
Week
%
98)4 102
26
26
1
bb
z
32T666
89
101
83,000
1,000
103
27T666
54 107)4
"66)* "75)4
-.1938
1943
x
bbb3
1943
1966
y
bb
x
aa
♦Hungarian Ital Bk 7)4s.._1963
z
c
5)4s
Houston Lt A Pr 3^8
100)* 100)*
4100)4 103
107 a 107)*
3
68
68
1949
y
b
1967
x
aa
106
111 Pr A Lt 1st 6s ser A
1953
x
bbb3
101)4
1st A ref 5 Hb ser B
1954
x
bbb3
100)*
1956
x
bbb3
y
bb
Indiana Hydro Elec 5s
1957
1958
y
Indiana Service 5s_._.
1950
1st A ref. 5s
ser
C
8 f deb 5)48..-May
62)*
1952
Indpls Pow & Lt 3)*s
53
26
1968
1955
6)4s series C
7s series E_..._.
15)4
1,000
"3^600
16
100)* 105
100
1035*
106)4 111)4
"37600
x
y
67
357600
106
101)4 102)4
100
100)4
63,000
101
4sserle8 A
1st A ref 5s
ser
158
3,000
104)* 104)*
87)4
94%
*04 J* 108
4
2
2
94)*
64,000
86
100)*
90
85
90
18,000
83
100
1950
2
87
81)4
87)4
70,000
81
97
83
83
1,000
82
99
18)4
20 H
.y
bb
z
cc
1943
x
bbbl
b
2
93)4
93)4
93)4
1,000
60
57)*
60
18,000
93)4 100
57
7354
2
59)4
56
59)4
15,000
56
73)4
455
61)4
60)4
105
105)4
a
4
'165"
217666
105
420
b
b
25
2
60
60
4,000
57
72 H
2
65
65
70)4
27,000
65
98)4
a
2
64
64
69
14,000
64
Sheridan Wyo Coal 6s.
1947
y
b
90
87
90
8,000
87
97)*
95)4
Sou Carolina Pow 5s.
1957 y
2
bbb2
5,000
96 K 103
Southeast PAL 6s
2025 y bb
Sou Calif Edison Ltd—
Ref M 35*s
Ref M 3 5*s B
25
......
b
53)*
515*
53)4
33)*
31
33)*
103
bbb4
bbb4
y
Iowa Pow & Lt 4)4s
1958
x
aa
Isarco Hydro Elec 7s
1952
1963
y
b
104
103)4 1035*
4107
108
3
46,000
22,000
13,000
2022 y bb
10,000
107
~5"66o
38
30)4
31
y cc
38
32
37,000
30)*
b
z39)*
3
3,000
39)4
39
1947
x
a
1961
x
a
1966
2022
x
aa
x
a
25,000
4
x
a
♦feonard Tletz 7)4&~
1946
z
cccl
Long Island Ltg 6s
Louisiana Pow A Lt 5s
1945
x
bbb3
1957
x
a
4
117
4117
120)4
105)4 10554
10554
47
40
103)* 103)*
"27000
104)* 106)4
29,000
106)4
103 5* 1055*
6,000
12754
104)* 108
103)* 106""
103)4 108
1941 zdd
„
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60
108)4
105
105
b
*41
47
1948
y
b
Serv
6s
2
104
105)4
37
53
40 <
60
55,000
49
74)4
21,000
26,000
49)4
74)4
48
74)4
76,000
48
74)4
59,000
48
74)4
46,000
49
74)*
62)4
59)*
1948 yb
62
59)4
1951 yb
61)4
59
Dec 1 1966 yb
Debenture 6s
61)4
61)4
59)*
59
62
61)4
61H
59)*
61)4
15
15
1,000
14)4
24 J*
30)*
30)*
29
46)4
20
21
1,000
2,000
20
30
14,000
22
46
Standard Pow A Lt 6s
1957 yb
1957 y b
1950
z
ccc2
z
..
Terni Hydro El 6)4s
1940
1946
1953
y
b
Texas Elec Service 5s
1960
x
bbb4
x
a
2
Stlnnes (Hugo) Corp—
7s 2d stamped 4s
7s 2d stamped 4s
(L)
z
1
3
1979 ybb
Leonard—•
City Rap Tr 5)4s
62)4
62
61)4
102)4
28
101)* 103
42,000
101)* 106)4
105)*
105
106
13,000
104)4 108)4
111)4 119)*
12*)66
88)4 103)4
31,000
56
25)4
27
Ill
92
*
2022 y bbb2
6s series A
Tide Water Power 5s
Twin
50
60
i
105
91
bbb4
Tletz
Mln A Smelt—
105H
91
Conv 68 (stamped)
Debentures 6s..
102)* 1075*
41025* 110
Lake Sup Dlst Pow 3 )4s... 1966
102 )4 105
106?*
90
4
Texas Power A Lt 6s_._..1956
2,000
1035* 104)*
104
4J4s8erles C
103)4
103
103)4
...
104
105)4 105)4
105)4
6s (stamped)
42
53)4
1,000
7,000
4,000
112)*
Standard Gas A Electric—
10slH
Jersey Central Pow & Lt—
Kansas Gas A Eec 6s
bbb3
x
♦Starrett Corp Inc 5s
1942
z
106)4 110)*
38)4
z
Pub
6s gold debs
5s stamped
8,000
7,000
3,000
38)4
x
Spalding (A G) 5s
38
106)4 107
104
104)4
1989
S'west
51
106)4
103)4 106)4
106)4 110)4
..1945
71)4
29
103
71,000
2
So'west Pow A Lt 6s
-
102
106)4 107 H
107
July 1 '60 x aa
1968 x aa
1951 ybb
51)4
;
44,000
106)4
4
aa
4
—
Kansas Elec Pow 3 )4s
x
1961
25
b
y
106)4
96)4 97)4
104)4 106 X
97)4
^
May 1 1960
S'western Assoc Tel 5s
22
31
104
a
49)4
2,000
17
12
23
x
109)4
24
*00)4
x
43)4
1,000
10,000
31
100)4 102
1970
—
Sou Indiana Ry 4s
25.
y
Italian Superpower 6s
2
1967
Shawinlgan WAP 4)48
1st 4)4s series D
21H
26
*07 H 109)4
*32)4 136
30
*24
cccl
15
IDTooo
109)4
*128
Sou Counties Gas 4 )4s
y
109
109
,14)4
1951 y b
Scullln Steel Inc 3s
78)4
I
40
XI
bbb2
24,000
bb
*7
*7
z
1951
915*
1961
5s series B
....1952 ybb 4
♦Ruhr Gas Corp 6)4s
1
1953 z b
♦Ruhr Housing 6)4s
1958 z cccl
Safe Harbor Water 4)4s... 1979 x aa 3
San Joaquin L A P 6s B...1952 x aaa2
5)48 series A
1937
88 H
y
"92""
89)*
57)4
56)4
see
b
I 4
1952
y
Conv 6s 4th stp
United Elec N J 4s
1950
z
....
1949
x
aaa4
United EI Service 7s
1956 ybb
57)4
69
{Ulen A Co—
McCord Rad A Mfg—
4
60
1948
y
b
1952
1947
1971
x
bbb2
y
b
x
aa
1965
x
aa
1945
1943
1967
1978
6s stamped-
y
bb
y
bb
x
bbb2
99
985*
x
bbb3
99)4
99)4
5,000
60
71)4
Memphis Comml AppealDeb 4 )4s
Mengel Co conv 4)4s
Metropolitan Ed 4s E
4s series G
Middle States Pet 6)4s
Midland Valley RR 5s
Light 4)4s
MlnnP A L4)4S
498)* 100
85
81
2
9254
459
1955
x
bbb3
.1955
x
bbb2
"96)4
Miss Power A Lt 5s
1957
x
bbb3
99)*
Miss River Pow 1st 5s
1951
x
aa
3
bb
4
2
1st & ref 5s
1960
y
Nassau A Suffolk Ltg 5s...
1945
y
bb
Nat Pow A Lt 6s A
2026
y
2030
y
{♦Nat Pub Serv 5s ctfs.,.1978
Nebraska Power 4)4s
1981
z
Deb 5s series B
x
bbb2
96)4
99
aaa2
x
aa
x
1956
y
bb
New Amsterdam Gas 5s...
1948
x
1947
1948
y
b
4
5s
y
b
101)*
1950
y
b
4
9^666
14,000
995*
44,000
5,000
96
3,000
5,000
8,000
44,000
21
177666
102)4 107
1045*
97
10454
108)* 110)4
98
86)*
96
1005*
109
1125*
101
1075*
20)4 26
x
bb
y
bb
5s stamped
1942
y
bb
100)4
♦Income 6s series A
1949
y
bb
995*
1950
1980
1964
2004
y
bbb2
93
18,000
cccl
*16
30
16
b
*16
20
17)4
19)4
74
77
21.000
73
89)*
78
19,000
1974 yb
Debenture 6)4s
1st lien A
cons
x
1959
5)4s
2
2
7 5H
75
78
bbb3
5)4s...1952 ybb
Un Lt A Rys (Del)
30
1
3
.1952
x
y
b
Deb 6s series A
95
111
4,000
111
119
72J*
75
4,000
96
96
1,000
12,000
22,000
14,000
111
2
73)4
1944 xbbb3
1st lien A gen 4)4s
85
..2022 x bb
1946 ybb
1950 ybb
1946 yb
Deb 6s series A
Va Pub Service 5)4 A
1st ref 5s series B...
Deb s f 6s
2
3
3
3
"9954
cc
2
6,000
62
2,000
115
51
110
5
83
52
12254
71)4
71)*
51
71)4
105
88)*
93
110
z
1954
♦5s income debt
V
7 87)4
99)* 100
x
a
z
bb
1937
.1947 ybb
{♦York Rys Co 5s
9954
♦Stamped 5s
100)4
bbb3
x
1966
Yadkin River Power 5S...1941
72)*
85
99)* 103)4
95
103)4
97)*
94
95
3,000
94
.'5
5
6.000
4
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94
112
.
Y'
23*566
108)* 108 J*
104)*
1,000
2,000
1,000
19,000
17,000
5,000
13,000
45
45
103
102)4
2
103
102)4 103)4
103)4 103)4
1
2
92
92
95
95
101)4
10)4
109)4
107
104)* 105
95
89
100H
101)*
96
95 H
97
Wash Ry A Elec 4s
Wise Pow A Light 4s
91
110
78
Co—
Utah Power A Light
74)4
147666
78)4
bbb3
1973
6s series A
21
107
109)4
81)4
*108
"81)4
United Lt A Rys (Me)—
1951 x aa 4
West Penn Elec 5s
2030 x bbb3
West Penn Traction 5s... 1960 x aa 2
West Newspaper Un 6S.—1944 ybb 2
Wheeling Elec Co 5s
1941 x aaa2
53)4 192,000
53)4'
4,000
54
22,000
105:: 105
2,000
31,000
88)4 92
93
94
31,000
"91*5*
31
8
8
Waldorf-Astoria Hotel—
51
aaa3
y
28
1
1085* 111)4
120
128)4
52
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115)* 116
United Light A Pow CoDebenture 6s
1975 y b
96
73
51
"53"
z
70
98)4 1045*
98)* 1035*
117
65)4
115
z
1945
♦1st s f 6s
12)4
115)* 118 %
26)4
45)*
7)4
3,000
12,000
106
4112)4 127
4105)4 109)4
73
95
9254 100)4
61
"
15,000
4,000
1105* 111)4
111
1961
.1948
1954
3
111
87
417)4
4
Conv deb 5s
N E Gas A El Assn 5s
108
2,000
97
109)* 110
101
102)*
aaa2
3
7,000
♦United Industrial 6)4s...l941
109)4
96
bbb3
Nevada-Calif Elec 5s
107
86)*
"86)*
2
2022
....1948
6s series A_.
99)*
995*
81
2,000
109
109
21
_
59)4
101)*
6,000
93
102)4 103
bbb2
Missouri Pub Serv 5s
99
10754 10754
1085* 109
1085*
Mississippi Power 5s
3)*s__
Assn 5s
15
*28
a
Scrlpp (E W) Co 5)4s
905*
1957
Iowa-Neb L & P 6s...
Debenture 5)4s
25,000
bb
♦8chulte Real Est 6s
3
1952 y ccc2
New Eng Power
53)4
91)*
14
1950 ybb
C
♦Saxon Pub Wks 6s
96)* 105
87
101)4
1957
Debenture 6s
Nelsner Bros Realty 6s
110)*
63)4
Pub Serv of Oklahoma—
81
109)*
1075*
9854 107
1952
7s series F
♦78 mtgesf
b
z
79
66)4
1065*
16,000
1957 y
Interstate Power 5s...
New Eng Pow
...1966
Puget Sound PAL 5)48—1949
7,000
133
1st A ref 4)4s ser D
49,000
x
Milw Gas
128
425*
International Power Sec—
Mansfeld
3
*08
*09
50
63)4
y aa
1964
6% perpetual certificates
635*
49
985*
y
♦Indianapolis Gas 5s A
5s series B
52
90
109H
Public 8ervice of N J—
97)4
z
Jacksonville Gas
13,000
HO J*
*47
63)4
15
78
98
1963 y b
1st lien & ref 5s
>
*107)4
3,000
*7
♦Prussian Electric 6s..
10854
99)* 105)4
74
465
Idaho Power 3)*s
6s series B
a
14
94
78
108
108
108
a
x
14
78)4
76)4
1
91
35
47
1949 yb
Hygrade Food 6s A
x
1961
70
35
47
cccl
convdeb 0)4s
1956
4)4s8eries F
102)4
99
13
84
t7
*79
76)4
Potrero Bug 7s stpd
1947 y ccc2
Power Corp (Can) 4)4 sB... 1959 x a
2
12,000
99)4
Range
Queens Boro Gas A Elec—
z
& St Ry
Potomac Edison 5s E
106
"2T666
99)4
b
z
70
♦Hamburg El Underground
Houston Gulf Gas 6s
Stamped
75
59
5,000
99
b
♦Portland Gas A Coke 5s—1940 y bb
40
47
1
y
1953
75
10,000
60)4
4
1948
♦Pomeranian Eleo 6s
10054
70
53
52)*
52)*
Pittsburgh Steel 6s
83
12,000
410654 112
2
x
Grocery Store Prod 6s
50
69
90
70
411
66)*
Sales
Batik
Elig. <k
Since
Sales
Batik
Elig. <&
BONDS
Gr Nor Pow 5s
3487
New York Curb Exchange—Concluded—Page 6
149
104
H
108
108)* 117
45
60?*
105
103
102)4 107 H
103)* 105
92
98
95
99
New Orleans Pub Serv—
New
York
100)4 100)4
4,000
16,000
98
100)4 102)4
97
103)4
Penn A Ohio—
stamped
♦Ext 4)*s
N Y State E A G 4)4s
1st mtge 3)* 3
x
a
x
a
Debenture 5s
x
x
93
102)4 103)4
104)* 105)4
* 102)4 104
aaa3
1954
N Y A Westch'r Ltg 4s
Q1
aa
10,000
7,000
21,000
95)4
102
106)4
113)* 11454
*1115* 113M
*52 ,
62)4
1953
y
b
5)48 series A...........1956
No Bost Ltg Prop 3)4s...1947
Nor Cont'l Utll 5)4s
1948
y
b
i
aa
y
b
1957
x
bbb4
101
101
102)*
9,000
1945
3)48.,..1968
y
bb
x
aa
104)*
10754 10754
103)* 104)*
34,000
1962
1955
Okla Power A Water 5s—1948
Pacific Gas A Elec Co—
1st 68 series B
.1941
Pacific Invest 5s ser A.
1948
x
a
106
1035* 106)4
21,000
Nippon El Pow 6)48
81
102)4 1055*
104)* 109
52
103
105
104
106
N'western Pub Serv 5s
Ogden Gas 1st 5s
Ohio Pow 1st mtge
4s
Okla Nat Gas 3 54s B
Ohio Public Serv
Pacific Ltg A Pow 5s
1942
1955
1964
*104
*33
40
40
Park Lexington 3s___
x
bbb3
104)* 104)*
bb
101
x
aaa2
y b
1
x
90
y
bbbl
ccc2
x
bbb2
x
bbb2
x
aa
aa
y
bb
4
1959
1947
y
102
102
100
101
x
101
40
467666
3,000
5,000
97)4
43)4
107)4
100
106
104)4 105)*
15,000
10454 1085*
104)4 105
11,000
102)* 103
4,000
104)4 109)4
102
1075*
'v"7■ \ ''''
7
V: 7 ;.
transacted during the current week
; V.'
Nosales.
v
77 >7,
.77 ■
77 :777
delivery sales transacted during the current week and not Included
777'
Deferred
and not included in
7
weekly or yearly range:
V7'7 77-7 77
■
In
weekly or yearly range:
Nosales.
9754 10454
102
^
,
Under the-rule sales
y
82
receivership.
the current week and not Included In weekly or
;7:;';,;:
7'"';vY '
v.
.'77' V• ".''v'7.77' 7:'77
'7777,7.7-
JSToSales.---
105
10^54 110)4
87 )4
97)4
current week.
"
„
None.■:'7/ "7v '■"-Vvv/■" '
yearly range:
109)* 112
327666
No sales being transacted during
Cash sales transacted during
e
,
year's range, d Exr Cash sales not In¬
7 7'7.7'.
7.
traded flat.
f Reported in
106)4
107)4 1115*
8,000
Bonds being
not Included In
In year's range,
Ex-dividend.
1 Called for redemption:
101
4,000
16,000
*
49)*
103)* 1095*
103 5* 1095*
104)4 109
12,000
2
"98)*
1,000
87)4 90
*104)4 111)4
865* 88)4
44
*40
99
975*
2
x
1977
....1979
Penn Electric 4s F
-.1971
5sseries H..........—1962
1st 5s
"88)4
101
17,000
107)4 107)4
107)4
aaa4
z
Penn Cent LAP 4)4s
97
x
1950
Pacific Pow A Ltg 5s
96)4
n
* Friday's bid and asked price.
No Amer Lt A Power—
97
a Deferred delivery sales
Under the rule sales not Included
No par value,
cluded In year's range,
65
94
*
interest.
"■■■
7-
Abbreviations
.
Used Above—"cod." certificates
"cons," consolidated
of deposit;
"conv," convertible; "M," mortgage; "n-v," non-voting stock'
voting trust certificates; "w 1," when issued: "w w." with wn'rsnw:"*-'"
"cum," cumulative;
'
v
tc"
"
without warrants
Penn Ohio Edison—
6s series A
Deb 5)4 s series B
Penn Pub Serv 6s
C
5sseries D._
1954
bb
4
x
aa
2
x
aa
2
x
bbb2
Peoples Gas L A Coke—
4s series B
4s series D
Phila Elec Pow 5)4s
1981
1961
1972
1962
Pledm't Hydro El 6)4s...l960
Pittsburgh Coal 6s
....1949
Phila Rapid
Transit 6s
105
x
bbb2
x
aa
3
y
bb
2
y
b
1
y
102 H
106
106)4
*103)4 106
91)4
95)4
bb
91
94
17,000
95)4
97)4
24,000
112)* 112)4
"93)4
n'29
A
Bank
Eligibility and Rating Column—x
Indicates those bonds which we
bank Investment.
6,000
106
108)*
believe eligible for
105
4,000
108)4
Indicates those bonds we believe are not bank eligible due either
status or some provision in the bond tending to make lt speculative,
91
98)4
95)4 100)4
110)4 115
93
95
13,000
92
«29
W29
103
105
1,000
8,000
103
25)4
1025*
48)4
106)4
y
to rating
of reorganization.
The rating symbols in this column are based on the ratings assigned to each
bond by the four rating agencies—Moody, Standard, Fitch, and Poor's.
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; for example, a bond rated Aa by Moody, A1 by Standard,
AAA by
Fitch, and A by Poor's, would be represented by symbol aa2, showing
tne majority rating.
Where all four agencies rate a bond differently, then the
z
Indicates Issues In
default, In bankruptcy, or In process
rating Is shown.
majority of the Issues bearing symbols ccc or
ddd or lower are in default.
highest single
A great
lower are In default.
issues bearing
Attention is directed to the new column
In this tabulation pertaining to
bank eligibility
and rating of bonds.
See note a above.
AH
The Commercial & Financial Chronicle
3488
June
1, 1940
Other Stock Exchanges
Sales
Friday
Baltimore Stock
Last
May 25 to May 31, both inclusive, compiled from official sales lists
Sales
Friday
Last
Week's Range
Sale
Par
Stock*—
Price
(Continued)
Asbestos Mfg Co
Range Since Jan. 1, 1940
for
Week
of Prices
High
Low
Stocks
Shares
Low
Par
Corp.........—*
11
14%
...100
1st pref v t o
14%
1.55
35c
High
Consol Gas E L A Pow—*
70
69
70
100
112
112
112
4
%% pref B
cl
Eastrn Sgrs Assn com v t
.....-1
Pref vtc
20
Fidelity & Deposit
Fidelity & Gur Fire CorplO
Finance Co of Am A com.5
Houston Oil
8K
6K
18
Apr
Feb
Corp..—*
Bendlx Aviation com
5
Apr
Apr
Berghoff Brewing Corp___l
Bliss & Laughlin Inc com.5
16
May
75
19
69
112
470
8K
26 %
6
91K
May
May
May
May
Jan
May
32 K
Feb
.-5
Brach & Sons (E J) cap..*
Bruce Co (E L) com
6
Burd Piston Ring Co com.l
Butler Brothers
10
Cumul conv pref
30c
16
329
30
39
9%
9K
15%
15K
100
-1
40c
45c
2,100
Mt Vern WWodb Mills-
North Amer Oil Co com.
.
Mar
10
Feb
May
35c
19 K
Apr
May
70c
Jan
1,
115
41
May
48
Jan
13
790
12
May
17K
Apr
1.05
1.00 May
200
1.45
84 K
32
84 K
May
90
55
35
18
1,715
64 K
14 %
May
May
33
50
Jan
72 K
16K
16 x
Western National Bank.20
85
54K
33
...
Belmont Radio
Common
.—
41
1.05
1
Northern Central Ry—50
2
31K
130
12K
12K
Penna Water & Pow com.*
U S Fidelity & Guar
14
41
—100
Preferred
9K
12
'•
New Amsterdam Casualty5
33
Mar
Jan
23 K
Jan
Camp Wy & Can Fdy cap*
Cent 111 Pub Ser S6 pref..*
Flnan Co of Amer
30
26 K
31
34 K
102
4% .1947
30
Jan
8K
f7 preferred.......—*
Apr
Apr
May
May
18 K
Jan
May
May
5H
500
May
8% May
36 K
11 %
300
8%
4
28 K
8%
100
125
9
8K May
12%
7%
3%
24%
12
Jan
8 K
200
551
Apr
Apr
Feb
14K
16
600
13X May
23 H
Jan
15%
14k
16
16
1,400
13K May
14% May
25 K
Jan
11K
Feb
4K
Mar
14 X
"~5%
110
6K
2X
100
5% May
2%
100
2 ys
4%
4k
1,350
17 x
150
17 %
185
71K
18
i2M
77
360
71
x
%
150
5K
"IK
11K
76
*
Central States Pr & Lt pfd *
39 %
39 X
92
May
4% May
22 K
Apr
7K
Jan
May
23%
Apr
10K May
19 K
Apr
May
8«K
May
Mar
H
Jan
23
May
35 K
Apr
May
40 K
Apr
102
May
103K
Jan
40
200
39 %
May
190
92
May
120 K
Feb
4K May
15 % May
% May
26 % May
6K
May
50
15H
X
27
27
200
60
60
50
93
Chicago Corp common... 1
30
Convertible preferred-.*
Chi Flexible Shaft com—5
101
%
%
94
4K
15K
1
4K
—*
$18,500
7,000
102
Apr
4K
11K
15
Prior Hen pref
2,000
34K
8H
2% May
12 X
.—50c
Common new
Chain Belt com
1976
A 6s flat
4K May
950
Central <fc 8 W—
Mar
37
BondsBait Transit 4s flat...1975
1,000
Borg Warner Corp—
25
185
*
27
pref......100
Mar Tex Oil
9K
83K
119K
10
412
99 K 100K
100K
Belden Mfg Co com
45 K
7
Mar
3% May
6%
3%
28
Bastlan-Blesslng Co com.*
30 X May
50
5k
8%
3K
24 x
Barlow &
Apr
Apr
50
2%
8k
12K
Jan
Jan
2 60
IK
y
K
High
Jan
3K
12 M
21K
55c
Low
250
1
32%
2%
8K
Mar
1,35 May
Range Since Jan. 1, 1940
Shares
K
32%
3K
cap.l
Seellg Mfg Acom5
May
270
Price
Athey Truss Wheel Co cap4
Aviation Corp (Del)
-3
11
98
1.60
Week
Associates Invest Co com.*
30c
2,190
35c
1.45
Bait Transit Co com v t c *
for
of Prices
Low
High
com....l
Aviation & Transport
Arundel
Week's Range
Sale
Exchange
30
3,600
77
Jan
21
Apr
IK
Jan
37
Feb
Apr
60
May
84
93
May
116
53 %
May
91
Chicago Towel-
Boston Stock
Convertible pref
Exchange
May 25 to May 31, both inclusive, compiled from official sales lists
Friday
.
Sales
Last
Par
Stocks—
Week's Range
of Prices
Low
High
Week
Price
Range Singe Jan. 1, 1940
Shares
Low
High
American Pneumatic Ser—
33c
100
Amer Tel & Tel..
370
IK
149"
IK
1,355
IK
10
13 K
Feb
4,795
144 %
May
8
8
*
Boston & Albany
100
69
Boston Edison Co
100
130
Boston Elevated..
100
40 K
80
8
preferred...... 100
100
6
*
2%
2K
450
2% May
3K
Mar
8,450
Club Alum Utensil com
Capltar.
25
Compressed Ind Gases cap5
Consolidated Biscuit com.l
Consolidated Oil Corp...*
40 K
302
38 K
17 K
340
16 K
27
25% May
33
10 K
UK
400
10
May
16 H
IK
IK
50
1
May
3K
5%
6%
650
5% May
8
Jan
2
2
100
2
May
4K
Feb
May
IK
"6H
C..50
t c A 50
100
May
241 *66
K
*
19%
12K
Apr
Crane Co com..
25
86
Feb
CunnlnghamDrugStores2 %
13 K
12
14%
13K
532
May
May
May
May
400
12
126
149 K
Jan
Curtis Lighting Inc com..*
1x
1%
20
50K
Mar
Dayton Rubber Mfg com.l
10
10
Deere & Co com
*
14 x
*
9x
15K
9%
Apr >■'.
Jan
2
Jan
20K
Mar
Apr
495
5
1st preferred
41K
15 k
Common ptsh vtcB..*
%
com....20
10%
Container Corp
Continental Steel com
Feb
40
66
55
10 %
30 %
200
12%
14%
com.6
64 K
7 K
May
66
May
17 K
Jan
1.00
1
3%
15M
1,650
650
14 %
142
35% May
57 K
Jan
8K
8%
50
12 K
IK
IK
250
Apr
Jan
3K
Apr
7K
Apr
Apr
Gen Motors Corp com.. 10
38K
945
38
May
56 K
Apr
6K
Mar
General Outdoor Adv com *
4%
5
3% May
7K
Apr
IK
IK
75
May
May
IK
Jan
26 K
4K
39%
40%
4%
206
16 K
128
4%
4%
175
4% May
6K
Apr
12 K
Feb
Apr
2
Apr
16
16
2
20
12
14
15
2
May
May
25
80
480
2K
General Candy clA
5
4K
12
May
17
260
112K 116K
116K
5K
169
4K
108
Jan
May
ik
38
Gillette Safety Razor—
..*
13
14 K
9K
18%
10%
5%
9%
150
9K May
19
12K
550
17 K May
27 K
450
20 K
Feb
5%
190
9K May
5K May
9K
May
Apr
Gossard Co (H W) com..*
Great Lakes D & D com..*
18 K
May
Hall Printing Co com... 10
12 k
Apr
6K
137
Hamilton Mfg cl A pt pref 10
Harnlschfeger Corp com. 10
Helleman Brewing cap__.l
8u
»1«
138
*i*
Apr
K
Feb
50c
570
45c
Feb
92o
May
*
8K
25
16K
16
8K
preferred
16K
Apr
Jan
Houdallle-Hershey cl B_.*
Illinois Brick Co cap
10
Jan
Illinois Central RR com 100
May
May
12
Feb
Indep Pneumatic Tool vto *
12 K
Jan
Inland Steel Co cap
May
33 K
Mar
Jan
May
31
Apr
Iron Fireman Mfg v t c
84 K
Jan
May
44 K
1
May
"sx
7K
9
321
7K
5K
"24%
22 K
25 K
5K
6K
811
22 K
24 K
26
1,293
26
58 K
56 K
60
1,520
40
42
25
38o
75
ColOO
50
26
38c
55
40
25
75
5
35o
75
May
May
8
May
10
Feb
36
May
42
Mar
12%
30
10%
300
10 % May
9
May
2%
7
650
Apr
2
May
16 K
Apr
6K May
18 K May
5K
13 K
Jan
Jan
28
Apr
200
67
21K
70%
130
66 % May
90 K
39%
42%
320
62
12
100
39 %
12
May
12
May
17
18K
~ii"
%
Jan
Jan
Feb
9%
9%
17
Jan
17%
100
17 K May
23 K
Apr
5%
3%
200
5K May
8K
Apr
Apr
Jan
Feb
5%
May
7K
Mar
May
3H
Apr
Kentucky Utll jr cum pf .50
6% pref
100
Kerlyn Oil Co cl A com..6
5%
Ken-Rad Tube&Lp com A*
K
3%
98
Apr
Leath & Co
»
com
250
100
9
May
3K May
6K
38
39
370
38
May
49 K
90
90
40
90
May
103 K
100
2%
%
3
2%
%
Feb
JaD
3K
Jan
300
%
2%
800
2K May
4K
Mar
Mar
5K
5%
160
5
9
5K
5K
50
2%
2H
Kingsbury Brewing cap..1
May
500
17%
75
87
15 K
*
Common.....
106
$2,000
Apr
Jefferson Electric Co com.*
%
87
6
Kellogg Switchboard com.*
6K
87
Mar
Apr
Apr
Bonds—
Eastern Mass St Ry—
Series A4Ks
1948
6%
*
K
*
Jan
Apr
60c
91
2
"o"%
*
International Harvest com*
6K
........
Warren Bros..........
Feb
Jarvis (W B) Co—
460
26
*
com
K
50
9%
Horders Inc
12
300
10%
Feb
5
25
450
36
15c
May
12% May
8%
36
24K
IK
7K May
14K May
1
Utah Metal & Tunnel Co.l
Vermont & Mass Ry
Waldorf System
151
547
Jan
1
*
United Shoe Mach Corp.26
9
17K
11c
480
5%
5
8K
50
8
HIbbard 8pen Bart com.25
55
8
8
Goodyear T & Rub com..*
48c
11c
K Apr
Goldblatt Bros Inc com..*
*16
11c
49
Mar
49c
dep..,
2K
Feb
2K
100
*
Feb
495
...2.60
5
Apr
729
Jan
Old Colony RR—
Stone & Webster
5
18
4%
1
Torrlngton Co (The)
Union Twist Drill Co
Jan
4K
195
Narragansett Racing Assn
*
May
17%
Mergenthaler Linotype.. .*
Shawmut Assn T C
17 K
3%
15K
38%
3
14%
4K
4
'
50
Feb
Apr
May
16K
5% cum pref
100
Mass Utilities Assoc v t c.l
Qulncy Mining Co
May
49 K
35%
Gen Amer Trans Corp cm_5
Common....
Pennsylvania RR
3
Apr
2K
May
4%
8K
May
Maine Central—
Pacific Mills Co
2K May
17 h
Isle Royal Copper Co... 15
New England Tel «fc Tel 100
May
20
General Finance Corp coml
General Foods com
*
7K
East Steamship Lines com*
Inc
21
100
Feb
8K May
IK May
36 % May
....100
Employers Group
*
Gillette Safety Razor....*
150
2K
31%
15
Mar
60c
125
22
2K
31%
560
11K
May
21
65c
9% May
May
Eversharp Inc com..—.1
Fairbanks Morse & Co cm*
60c
10
Jan
Apr
4K
29 K
Elgin Natl Watch Co...16
Fox (Peter) Brewing
Fuller Mfg Co com
Jan
23 K
14
Feb
Mar
19 K
13% May
50
10 K
Mar
24%
Jan
May
235
Jan
6K
May
9
Jan
Feb
May
May
May
2
3
IK May
12 K
Mar
Apr
9
3K
26
IK
K
19
4% May
536
160
24
50
4
357
May
May
100
Dodge Mfg Co com
*
Elec Household Utll cap. .6
16K
13 K
Jan
Jan
Apr
5%
Feb
43
18% May
19 K
33
3%
Mar
8K
3K
55 K
K
May
10%
3K
May
85
155
% May
10
5%
Diamond T Mot Car com.2
May
4K
2K
100
210
Jan
3%
Jan
2
236
May
K
Apr
Mar
10x
10 K
300
5K
Gardner Denvcom (new).*
..100
N YNH&HRR
K
3K
100
Common
Common pt shs v
2
Ry—
North Butte...
26
11K
6K
IK
38%
14%
Jan
26 K
4K
2%
100
100
4K% prior pref
6% preferred..
cum
May
5K
*
Common
6%
6K
2
5%
Copper Range
26
East Gas & Fuel Assn—
Ctfs of
Feb
May
391
39K
16K
CI D 1st pref std
Calumet & Hecla...
Preferred B
4
16 K
175 K
60c
Apr
& Maine—
Eastern Mass St
600
Vt
X
11%
22%
30c
*66 K
73K
128
131K
Boston Herald Traveler..*
Prior
40c
16K
16K
144K 160K
IK
Bird & Son
Boston
5
59 K
De Mets Inc pref
60
60
pref
non-cum
1st preferred—.
Apr
4%
Consumer Co pref v t
*
Common
6%
50
662
53%
Commonwealth Edison—
for
Sale
*
Chrysler Corp common..5
Cities Service Co com...10
x
%
3
LlbbyMcNelll&Llbby com7
May
Apr
Lindsay Lgt & Chem—
Common
CHICAGO
Lion Oil Refg Co cap
SECURITIES
Listed, and
Loudon Packing com
Unlisted
Lynch Corp
*
6
com...
Field
..*
com
Class A
Members Principal Exchanges
Bell System Teletype
...1
com
$2 cumul part pref
Municipal Dept. CGO. 521
Sale
Stocks—
Par
Price
of Prices
High
Low
Range Since Jan. 1,1940
Week
Shares
Adams Oil
*
50%
4c Gas Co com.*
Advance Alum Cstgs com.6
Aetna Ball Brng Mfg com 1
Amer Tel A Tel Co cap. 100
Armour & Co common
6
2K
2K
100
2K
200
9
250
8K
"24%
cnv
For footnotes see page 3491.
22
2K
Apr
28 %
15 K
Apr
Feb
3K May
7M
Jan
3K
Apr
4
Jan
Mar
30
Jan
K
850
30
200
2,600
25
3%
May
Jan
5K May
350
1%
200
K May
3K
Jan
1
May
5
6
60
*
1
1
200
Mar
Apr
9K
Jan
4K May
4K
K
8K
Apr
IK
Apr
Jan
710
32
May
55 K
35
35
90
35
May
40 K
Jan
Apr
23
100
23
May
21
24
300
20 K
Jan
Apr
Northwest Bancorp com.-*
8
36 H
33K
30%
May
28 K
36
1,150
8
May
12
Jan
20
47
May
70
Jan
10
8K
50 K May
33% May
2K May
2K May
100
47
47
7% pfdlOO
108
108
com
8%
10
70 K
Jan
Penn Gas & Elec A com..*
51K
Apr
Penn RR capital
4
Jan
4
Jan
Peoples G Lt&Coke cap 100
Perfect Circle (The) Co
*
50
108
May
May
13 K
Feb
Poor & Co class B
*
10 K
May
20 K
i
8%
22K May
73
May
41K
Feb
Jan
Pressed Steel Car
225
Quaker Oats Co common.*
97 %
100
Jan
150 %
1,201
146
May
175 K
Mar
4
4%
1,850
4
May
Apr
11%
150
7K
17
11K
May
May
com
Preferred
..100
50
7% May
118K May
12 K
Jan
Jan
145
IK
200
16%
25%
17%
26 K
544
15
May
24 K
Jan
292
25
May
38K
Feb
23%
600
8
8%
IK
16 k
UK
11%
Mar
8% May
pf.*
com
25K
10
3%
25%
3%
5K
2%
K
23 K
73
73
Apr
18 K
23
Prior lien pref
Okla Gas & Elec
High
146
"~4%
Aro Equipment Co com_.l
113
2%
10K
Allied Laboratories com..*
Allls-Chalmers Mfg. Co..*
Amer Pub Serv Co pref. 100
168
37 K
2K
2%
53%
35
25
4
100
Montgomery Ward com .*
National Battery Co pref.*
National Standard com. 10
Parker Pen Co
Common.
14 K
9
North West Utll—
Low
Abbott Laboratories—
Acme Steel Co com..
Apr
May
11% May
IK
Jan
20
4
3K
5%
7K
850
50
3H
3%
Jan
Noblltt-Sparks Ind com..5
Sales
for
250
9%
25%
Monroe Chemical Co
Chicago Stock Exchange
Week's Range
1%
22
22
4K
Midland Utll—
May 31, both inclusive, compiled from official sales lists
Last
1%
130
9
"Ik
10
9%
12 x
9K
Midland United conv pf A*
La Salle St., CHICAGO
Friday
IK
22
9
12
*
Miller dc Hart Inc
to
9
12 J*
Mlckelberry's Food com.l
Middle West Corp cap...5
7% preferred A
May 25
y.
McCord Rad & Mfg A_._*
Merch & Mfrs Sec-
Vmi R Davis & ®o.
10 S.
*
Liquid Carbonic Corp com*
Marshall
Trading Dept. OGO. 405-406
10
23%
5%
23 K
May
29
100
8%
1,062
100%
370
97
May
40
145
5%
6%
97
145
145
30
IK May
5% May
2K
12
Mar
K
Jan
14 K
Jan
Feb
May
123 K
154
% May
IK
Feb
IK
4K
Feb
0% May
Feb
Raytheon Mfg Co—
50c
%
100
Rollins Hsry Mls(new)cm-4
3%
1,150
Common
Apr
Volume
The
ISO
Sales
Friday
(Concluded)
8 an gam o Elec com
Par
Week's Range
of Prices
Low
High
Price
22
(new).*
500
22
Stocks
High
Low
Shares
Sou Bend Lathe Wks cap.5
23 %
11
Jan
May
Mar
May
2%
28%
10%
May
88
22%
23%
350
30
6%
200
20% May
6
May
8
1
Mar
Stand Dredge—
"21%
20%
"_4%
4%
Stewart Warner
1
5
6
Storkline Furniture
'
8%
25
Common (new)
Standard Oil of Ind
8%
com.iO
600
1%
8
20
1
Preferred (new)
800
21%
1,021
5%
250
4%
,
100
20% May
2%
Feb
4% May
Sunstrand Mach T'l com.5
23 %
20 X
24
1,900
15%
Swift International cap._15
Swift & Co
25
17%
17%
18%
1,350
17% May
Jan
1,765
17% May
17%
19
25
Thompson (J R) common25
33
36%
339
33
May
550
4
Jan
Trane Co (The) com
11%
4%
12%
350
61%
65%
628
13%
14%
59%
412
58%
42%
47%
1,760
106% 110%
356
18%
Texas Corp capital
4%
2
11% May
Murray Ohio Mfg
U S Gypsum
Co
United States Steel com..*
7%
cum
63%
14 %
20
com
"46 %
100
pref
Utah Radio Products
com
61%
12%
58%
41%
103%
900
1
1
1
65
for
of Prices
Price
cNY Central RR com
Ohio Oil
Feb
9
Ohio Confection A
Jan
Jan
% May
124%
1%
Apr
2% May
% May
3%
Apr
1%
145
a6
9% May
5% May
12% May
18%
Jan
Jan
May
a5%
12%
10
300
7
Mar
08
9
May
Republic Steel
*
com
*
U S Steel
9
105
11%
638
al4% al0%
32%
33
31%
a26
1
1,045
250
029%
100
3
3
1
com
a7%
477
8%
210
8%
Youngstown Stl Dr com-*
15
Mar
15
12%
Jan
10% May
14% Mar
23%
40%, Mar
May
25% May
3
May
6% May
May
7% May
7% Apr
Jan
38%
Apr
5%
Feb
Mar
Jan
13%
42
68%
10%
28% May
13% May
48%
70
a8%
8%
31
100
09%
31%
27%
al4% 013%
Weinberger Drug Stores..*
White Motor
50
Jan
27
11% May
14
May
2
27%
042% 047
*
com
9
11%
Youngstown Sheet A Tube*
c
Apr
a7%
Richman Bros..
c
Apr
420
21%
140
a9% alO%
Apr
13%
Jan
13% May
100
%
Jan
13
12%
Troxel Mfg..
68%
2%
%
*
c
50
2%
May
35
17%
a7%
Patterson-Sargent
Jan
87%
170
»
Apr
23%
6% May
*
Packer Corp
10%
May
May
13% May
5
■__*
Otis Steel
88
May
May
226
al6% al0%
Thompson Products Inc..*
May
13%
*
Feb
29% May
32%
Feb
25% Mar
47%
Apr
6%
Apr
7%
May
28
13%
*
com
28
26
a6%
a6%
al7% al8%
13%
Natl Mallbl Stl Cst com.*
Natl Refining (new)
_*
National Tile
__*
c
25
High
Low
Shares
High
Low
1
Apr
1940
Week
_*
National Acme
cTwin Coach
Union Carb & Carbon cap *
United Air Lines Tr cap..5
Range Since Jan. 1,
Week's Range
c
14
May
62
2
Par
McKee (A G) B
.__*
Medusa Portland Cement-*
30%
6
677
6%
62
(Concluded)
Apr
Feb
Apr
Apr
May
22
150
66
5%
65%
6%
6%
Sears Roebuck & Co cap..*
Sales
Last
Week
Schwitzer Cummins cap. .1
Spiegel Ino common
Jan. 1, 1940
Sale
for
Sale
3489
Friday
Range Since
Last
Stocks
Commercial & Financial Chronicle
Jan
13%
Apr
Jan
28% PJan
Jan
Utility A Ind Corp—
Common
5
%
%
%
%
250
Wahl Co common
*
18
17%
18%
10% May
690
Western Un Teleg com. 100
14%
16%
422
14% May
Westh'se El A Mfg com.50
86%
86%
50
76% May
91
91
Jan
%
Jan
1% May
* See Ev ersharp Inc a bovet
Walgreen Co common
2
Feb
23% May
28%
Jan
117%
Jan
Wieboldt Stores—
Members
New York
Cum ul prior pref
*
Wisconsin Bankshrs com.*
Woodall Indust Inc
Watling, Lerchen & Co.
cap..2
*
110
3%
3%
3%
5
76%
298
~2~~
Zenith Radio Corp com..*
9%
Yates-Amer Mach cap
3% May
6%
72% May
93%
3%
May
2
50
May
3%
17%
Detroit Stock
Apr
Apr
Apr
910
8% May
111% 111%
$2,000
110% May
.
.
Chicago Stock Exchange
Exchange
Ford
.
.
New York Curb Associate
Exchange
Apr
9%
9%
Stock
Apr
Feb
450
75%
3%
Wrlgley (Wm Jr) cap
95
5%
100
3%
May
91
DETROIT
Building
Telephone: Randolph 5530
Bonds—
Commonw Edison 3%s 1958
131
Apr
Detroit Stock
Exchange
May 25 to May 31, both inclusive, compiled from official sales lists
Cincinnati Stock
Exchange
Sales
Friday
May 25 to May 31, both inclusive, compiled from official sales
lists
Sales
Par
Week's Range
for
Sale
Stocks—
of Prices
Low
High
Week
Price
13%
American Products
*
3*
*
Burger Brewing
5%
Cinci Advertising Prods..*
20
Cincinnati Street Ry
5
% May
% May
Jan
3%
3
May
5
43
Jan
47
Mar
8
30
Jan
8
Mar
99
2%
1,275
2
2%
35
30
6%
100%
105%
1%
85%
11%
May
110
Feb
May
May
Feb
May
119%
2%
100%
14%
Mar
6
May
Mar
Mar
Cincinnati Telephone—5
88%
89%
Cinci Union Stock Yds...*
12
12
154
0
6
30
6
4
4%
79
3% May
7%
Jan
7
7%
130
6% May
12%
Jan
Cohen (Dan)..
Mar
Mar
;_*
*
10
*
21
21
2
21
Mar
23
Formica Insulation
*
15
15
295
13%
19%
Apr
Gibson Art
*
25
25%
165
25
Jan
May
98
3
98
May
29%
99%
Apr
98
23% May
Crosley Corp
Eagle-Picher
Early A Daniel
25
*
*
2.50
*24%
24%
%
%
2
Procter A Gamble
*
"55%
*"
50%
18%
763
Randall A
53%
18%
Kemper Thomas spl
Kroger
Magnavox
pref
10
676
May
Apr
34%
Apr
Jan
1%
Apr
53% May
71%
Apr
18
23
Apr
%
50
Feb
Feb
5
5
171
30
32
16
30
May
39
9
*
10
50
Rapid
US Playing Card
U 8 Printing
25%
9
18
9
May
17%
Mar
8%
9%
4% May
8%
Apr
115
8% May
13
Mar
11
772
9% May
17
Apr
105
10% May
14
Jan
4%
37%
10%
4%
668
37% May
7%
56%
Apr
40%
35%
30%
138
35%
51%
Apr
8%
Price
1%
2%
5
Baldwin Rubber com
Apr
68
100% 101%
105% 105%
Cinci Gas A Elec pref. .100
C NO A TP
50
3*
Atlas Drop Forge com
18
44
44
50
Preferred
13% May
85
1
Bower Roller Bearing
.5
27%
._*
15%
4%
27%
Burroughs Add Machine.*
13%
7%
Chrysler Corp com
57%
Brlggs Mfg com
5
3
100
rod"
99
Detroit Gray Iron com—6
1%
1%
Det-Michigan Stove com.l
1%
1%
_
Det A Clev Nav com
10
Detroit Edison com
75c
Low
Shares
5
500
2%
Feb
4% May
100
27% May
27%
15%
200
1,973
7%
540
60%
839
1,900
75c
13% May
7% May
400
100
265
55% May
2% May
70c
1
79c
79c
10%
6%
11%
670
1
10
1
Frankenmuch Brew com
.
.
Gar Wood Ind com
General Finance com
General Motors com.
Goebel Brewing com
Hoskins Mfg com
Houdaille-Hershey B
*
Hudson Motor Car com..*
Hurd Lock A Mfg
com—1
Mar
Jan
Ap(
4%
Feb
1%
Apr
125
Apr
Mar
120
Mar
6% May
10% May
Apr
Mar
Apr
2
700
2
May
4
2,200
4
1%
2%
7%
9%
3%
1%
2
com—1
2%
7%
May
1% May
2%
3,228
37% May
20
Jan
6%
200
2
860
120
5%
10
Feb
Jan
56
Apr
3%
13%
Apr
1,660
Apr
May
14%
Jan
9% May
590
10%
3%
May
15%
6%
Apr
3
415
May
33c May
37c
500
1%
200
20%
35o
35c
40
10
10
"20""
Apr
1%
9%
15%
2%
37%
10
Lakey Fdry A Mach com.l
Jan
1%
2%
1%
Kingston Products com__l
Kresge (S 8) com
23%
4
10%
3%
Mar
Apr
May
12%
90%
2%
*
2%
Hall Lamp com
4%
7%
37
May
76c
200
6%
*
1
3
1
2% May
1% May
1,000
1
.
Feb
98% May
100
1%
1%
Federal Mogul com
.
Feb
200
Divco Twin Truck com
Detroit Paper Prod com
High
1%
1%
2%
3%
3%
1
Continental Motors com.
Range Since Jan. 1,1940
Week
.1
Allen Electric com...
High
Low
Shares
14
for
of Prices
Low
High
Range Since Jan. 1, 1940
Last
American Laundry Mach20
Par
Stocks—
Week's Range
Sale
Friday
Last
733
19% May
1
May
Feb
52c
Jan
1%
Jan
Feb
26
3
3
150
2% May
4%
"1%
1%
1%
400
1% May
1%
78c
78c
81c
700
78c May
1%
Jan
1
18c
19c
200
18c May
27c
Apr
*
1
Mid-West Abrasive com50c
75c
75c
1,100
72c
Mar
1.25
Apr
""§%
8
8%
750
7%
Jan
1%
1%
800
1%
Jan
11%
2%
Mar
Apr
10
*"4%
4%
*
*
Parker-Wolverine com—*
Wurlltzer—
2%
1,893
2,375
1,843
Peninsular Mtl Prod com.l
"T%"
4%
2%
33%
10%
1%
6%
1%
1%
19%
4%
360
LaSalle Wines com
Unlisted—
American Rolling Mills..25
*
City Ice
10
General Motors
10%
10%
*
Columbia Gas
9%
11
■
40
Timken Roller Bearing...*
90
4%
May
May
Masco Screw Prod
Apr
McClanahan Oil com
Michigan Sugar com
Micromatlc Hone com
Murray Corp com
Packard Motor Car com
.
.
2%
32%
Parke Davis com
Ohio Listed and Unlisted Securities
1%
6%
-.5
Reo Motor com
Members Cleveland Stock Exchange
10%
*
1%
Pfelffer Brewing com
River Raison Paper com..*
10
1
10
Tivoli Brewing com
1
United Shirt Dist com....»
United Specialties.
1
Universal Cooler B—
*
Warner Aircraft com
1
""!%
1%
19
8cotten-Dillon com
4%
Sheller Mfg com
Timken-Det Axle com
GILL1S l<J RUSSELL co.
Union Commerce
Building, Cleveland
Cleveland Stock
Exchange
Sales
Friday
Par
Stocks—
Price
Week's Range
of Prices
High
Low
Low
Shares
50
13
May
Addressograph-M ul cm 10
al3% al3%
a48% a49%
4
8% May
45% May
4%
5%
al0% a 10%
a 90
c91%
285
4% May
a8%
City Ice A Fuel
Preferred
/
100
Clark Controller
CI Builders Realty
*
CI Cliffs Iron pref
12
1
*
c
1%
a9
12
1%
Goodrich (B F)
c
1%
Jan
504
1,539
17%
Jan
10
113% May
27%
164
26%
1
*
7
1
a27%
all%
100%
all%
a29%
all%
100%
al2%
.10%
11%
al3% al4%
25
*
2
5
170
15
22
May
38% May
26% May
10% May
75
100
Jan
60
11
May
May
May
210
10
36
18%
Apr
Aircraft Accessories
Jan
Bandlnl Petroleum
41
Jan
-1
Co—1
Barnhart-Morrow Cons._l
23%
Jan
Blue
106
May
19%
Jan
20%
Apr
12
50
Feb
96
May
105%
Mar
*
al
a8
180
6
May
12%
Jan
For footnotes see page
34%
3491 j
May
2%
Apr
4%
Mar
4
Jan
Apr
1
May
7%
2%
1%
2
V
90c May
Mar
Jan
Chtcago Board of Trade
Teletype L.A. 290^
35
114
12
12
148
12
100
29% May
34% May
May
Price
24%
60
44
Apr
May
Apr
Diamond Corp
Bolsa Chtca
Oil A com.. 10
Co..--.--*
—5
Consolidated Oil Corp...*
Byron Jackson
Chrysler Corp
of Prices
High
Low
Consolidated Steel Corp. .*
Creameries of Amer v t o.l
Douglas Aircraft Co
Electrical Prods Corp
*
4
Derrick <fc Equip. .5
A com.
1
15
Jan
Emsco
46%
Apr
Exeter Oil Co
for
Range Since Jan. 1,
High
Low
3% May
May
3% JMar
3%
3%
2%
430
2%
200
2%
10c
10c
10c
2,000
10c
Apr
1%
1%
10%
1%
1%
200
1%
1%
10%
10%
054% 059%
1%
1%
May
May
2%
389
10% May
May
90%
6
3%
4%
070%
6
6
3%
4
4%
510
100
120
57%
6
May
220
3%
May
4%
100
425
140
4%
87%
3%
May
074% 077%
400
7%
8%
7%
8%
8%
7%
8
25c
25c
25c
1940
Week
Shares
3%
2%
<z59
lists
Sales
Week's Range
Apr
50
3
a33% a34%
Sale
Par
Stocks—
37
15
*
Last
117
315
*
1
Apr
San Francisco Stock Exchange
Friday
Apr
55
Martin (Glen L) com
Apr
both inclusive,.compiled from official sales
Apr
a97
Interlake Steamship
200
30,390
Jan
7
20%
Angeles Stock Exchange
May
55
Interiake Iron com
May 25 to May 31,
8
a96
55
Los
Jan
Feb
$5 cum prf-_*
Kelley Isl Lm A Tran
c
200
113% 113%
__*
1%
Log Angeles
523 W. 6th St.
Feb
16%
12% May
6% May
*
Goodyear Tire A Rubber.*
Great Lakes Tow'g pref-100
Hanna (M A)
98
May
40
7
100
Preferred
1%
Angeles Stock Exchange
Mar
13%
Glidden Co com
1%
1%
25
2% May
905
400
Apr
Jan
May
12
43%
24
General T A R
14%
90
May
12%
c
10% May
5
26
24
General Electric com
2
110
100
13
c
Apr
Apr
24
20%
2,882
2%
4%
1%
1%
Exchange
Apr
63%
..5
100
2
Feb
Apr
2%
Mar
May
100
Eaton Mfg..
7
46
Cliffs Corp com ...
Electric Controller
19%
15
66%
54
Cleve Railway
Dow Chemical pref
122
a26% a28
Commercial Bookbinding.*
580
2%
Mar
4% May
18% May
245
4%
1%
9%
2
1% May
19
May
200
20
Mar
Jan
May
'Jan
50
50
CI Graphite Bronze com-1
250
Feb
4%
44%
14%
MEMBERS
Net0 York Stock
High
Apex Electric Mfg
*
c Amer Home Prod com._l
Brewing Corp of Amer...3
Mar
2
Range Since Jan. 1, 1940
for
Week
Los
c
Mar
1
6% May
1% May
8%
Wm.Gwalier & Co
May 25 to May 31, both inclusive, compiled from official sales lists
Sale
8%
109
Jan
A. T. & T. CLEV. 565 & 566
Telerhone: CHerry 5050
Last
420
300
20
...
4% May
2% May
32% May
Mar
2,500
4%
Jan
12c
Apr
3
Feb
14%
Mar
Jan
Jan
8
Jan
6%
Apr
6
Apr
Apr
88%
Apr
May
10%
Mar
May
11
25c May
43o
Jan
Jan
The Commercial & Financial Chronicle
3490
Sales
Friday
Last
Par
Farmers A Merchs Natl 100
Fitzsimmons Stores Ltd.
Week's Range
for
Sale
Stocks (Concludes)
of Prices
Low
High
Week
Price
375
39%
Goodyear Tire A Rubber. *
ol4%
Hancock Oil Co A com.
27
Holly Development Co__l
Hupp Motor Car Corp—1
Lincoln Petroleum Co.. 10c
Lockheed Aircraft Corp__l
Los Angeles Investment.
Menasco Mfg
10
Co
1
Pacific Finance Corp com 10
Pacific Gas A Elec com..25
6% 1st pref.
&%% 1st pref
—25
___25
Pacific Indemnity Co—10
Pacific Lighting Corp com *
Puget Sound Pulp A Tlmb*
Republic Petroleum com.l
6%% pref
50
Rice Ranch Oil Co
375
7
10
Apr
May
24%
Feb
330
27
40
Apr
a50c
a50c
50
11c
11c
11c
1,000
7c
29%
3%
3%
29%
3%
31%
3%
811
27%
3%
11,562
10
10
10
130
26%
3
200
156
80c
Jan
Jan
87 %c
16o
Mar
Mar
41%
Apr
3% May
Jan
1%
9%
May
Apr
Jan
4%
4%
May
13%
34%
Apr
Mar
34%
Par
Stocks—
American Tel A Tel
114%
Budd
(EG) Mfg Co
*
Budd Wheel Co.
Electric Storage BatterylOO
26% May
100
Lehigh Valley
31%
Jan
Natl Power A Light
30
30
30
175
39%
49%
Apr
Pennroad Corp vtc
137
29
May
26% May
30
May
37% May
Apr
100
Jan
Pennsylvania RR
572
12
28
2
2
2
2,530
30
30
30
45
30
5,000
1,126
6
15c
15c
6%
Ryan Aeronautical Co—1
5
a36 %
27
Solar Aircraft Co
4
Sontag Chain Stores Co
*
So Calif Edison Co Ltd__25
4%
Original pref
25
6% preferred B...
6%% preferred C
26
26
24%
6% pref A..25
30%
30
23%
27%
3%
55
37%
May
May
May
27
106
5
1,288
300
4%
24%
38%
27%
24%
30%
1,920
20
700
539
393
*
7%
7%
Standard Oil Co of Calif..*
18%
17%
18%
Superior Oil Co (The)...25
Taylor Milling Corp
*
21
21
21
200
8
8
8
175
2
4%
25
12%
.10
8%
Vega Airplane Co
1%
Wellington Oil Co of Del. 1
4%
12
8%
9
1,570
1,810
8
1,134
5,525
4%
12%
8%
10%
350
1,706
2
300
06c
200
Amer Smelting A Refining.
o32 %
a32% o34
Amer Tel A Tel Co. ...100 al49
al45%a!50%
Anaconda Copper..
60
22
19%
22%
140
2
.
Jan
Jan
17c
May
8%
Jan
Feb
Jan
26
10
Apr
7
Apr
62%
Apr
33%
May
4%
30%
7
May
May
21
May
8
May
4% May
12
May
8% May
4%
Jan
2
*
"i%
1
50
1%
16
16%
Phila Elec Pow
294
146% May
113%
Apr
175%
125%
Jan
6
Jan
190
3
685
626
3% May
25% May
104
38
6%
Feb
33%
55%
Apr
1% May
1% May
1% Mar
2%
Mar
3%
Feb
2%
Jan
2,578
1 %
Mar
2%
Jan
2,690
14%
113%
28%
34%
May
24%
Jan
May
120%
31%
767
110
34
29%
407
35%
37
121
41
38
41
*
30
10%
108%
May
May
May
May
May
May
May
May
38
*16
200
%
1%
1%
28% 29%
10%
11%
108% 110
29%
Jan
2,578
17%
550
1%
28%
*ie
Apr
May
29
United Gas Improv com..*
May
276
35%
25
..*
Tacony-Palmyra Bridge..*
Tonopah Mining
1
United Corp com
*
pref
Scott Paper
Preferred
14%
113% 114
Phila Elec of Pa $5 pref—*
High
9% May
116
10
7,640
Apr
Jan
Jan
49
Apr
48%
Mar
%
2%
41%
May
15%
Jan
117%
Feb
Jan
Feb
May
4%
17%
50
Low
50
Apr
2%
May
May
23% May
38% May
27% May
24% May
30
May
May
2%
40%
May
7%
2,500
4%
6%
a36% a36%
26
May
May
14c
643
3%
4%
23%
38%
27%
24%
38%
1%
1%
Lehigh Coal A Navigation *
185
26%
Jan
40
10
General Motors
29
18%
3%
*
Range Since Jan. 1,1940
Shares
10%
10%
147% 148%
114% 115%
3%
3%
3%
4%
25% 26%
35%
40%
1%
1%
1%
1%
1%
1%
1%
1%
148%
26%
16%
Price
100
26%
18
Week
Bell Tel Co of Pa pref.. 100
29
036% a37%
for
of Prices
Low
High
._---*
American Stores
26%
a37%
Week's Range
Last
29
6%
Universal Consol Oil
45o
Last
26%
15c
Transamerlca Corp..
Union Oil of Calif
May
May
60c May
a50c
6%
Southern Pacific Co
May
55c
8
So Calif Gas
Jan
15%
Sales
Friday
Apr
10
56
65c
-1
Security Co units ben Int..
May
May
405
7
225
27
Philadelphia Stock Exchange
May 25 to May 31, both inclusive, compiled from official sales list
38%
55c
Richfield Oil Corp com—*
*
375
High
100
40%
al3% al4%
27
Low
815
39%
Roberts Public Markets..2
Safeway Stores Inc
Range Since Jan. 1, 1940
Shares
375
7
7
1
_
10
General Motors com
June 1, 1940
*
Preferred
218
107%
Apr
46%
Jan
3°%
29%
34%
Jan
ST. LOUIS, MO.
Jan
Gatch
May
Bros., Jordan & McKinney
15%
26%
Jan
Jan
Inc.
36
Jan
ACTIVE IN:
10
Jan
7
Mar
17%
15%
14
LOUIS
ST
STOCK EXCHANGE ISSUES
ST.
Jan
Apr
May
LOUIS BANK
(MEMBER)
STOCKS
OLIVE ST.
418
Jan
A. T. & T. Tel.
Garfield 3450
St. L. 494
Jan
3%
Mining—
Cardinal Gold Mining
1
a6c
a6c
7%c May
St. Louis Stock
7%c May
Unlisted—
Armour A Co (Dl)
-.6
Atohsn Topk «fc S Fe RylOO
Atlantic Refining Co
25
Aviation Corp (The) (Del)3
Baldwin Locomo Wks
t c.
v
a4%
al4%
a20%
5%
Barnsdail Oil Co
6
cl4 %
a8
Bendlx Aviation Corp
Bethlehem Steel Corp..
6
a28%
*
Borg-Warner Corp.
5
a67%
al5%
o45%
a45%
a4%
a8 %
Case (J I)
100
Caterpillar Tractor Co...*
Columbia Gas & Elec
*
Commercial Solvents Corp*
Commonw A Sou Corp
*
Continental Motors Corp.l
Curtlss-Wrlght Corp
365
al3
488
027% 028%
a64% a71%
al4% al5%
o45% a45%
a43% a45%
a4%
a4%
08% a8%
a8
•
*
Kennecott Copper Corp..*
a28%
a20%
a27%
22%
22%
4%
a36%
New York Central RR
•
Nor Amerloan Aviation. 10
North American Co....—*
al5%
Packard Motor Car Co..*
2%
10%
17
..60
al6%
Pure Oil Co
...»
Radio Corp of Amer.....*
a4%
Republic Steel Corp.....*
Sears Roebuck A Co
»
Socony-Vacuum Oil Co__15
a7%
15%
o65%
8
c38%
alO%
a30%
038%
all%
o20%
a28%
22%
24%
Apr
Apr
Jan
May
61%
7%
Jan
87 %c May
16%
1%
13
15
1,305
50
6%
13%
2% May
7% May
Apr
28%
170
25
i
27
41
112
34
35
210
May
Feb
20%
Apr
38%
Jan
27
May
22% May
38
Apr
85%
Feb
Apr
7%
47% May
May
May
18%
26%
23%
20%
Mar
125
2%
May
10
21%
Jan
40
a63% o65%
9
Jan
4% May
14% May
85
275
60
*
a5%
a5%
40
5
Standard Oil Co (N J)...25
Stone A Webster Inc
*
o31%
Apr
14
6%
ol8%
Texas Corp (The)
26
Tide Water Assoc Oil
10
Union Carbide A Carbon.*
o34%
United Aircraft Corp
5
United Corp (The) (Del).*
42%
al%
U S Rubber Co
U 8 Steel Corp.
a8%
o62%
10
al7%
•
45%
Warner Bros Pictures Ino_5
2%
Westinghouse ElecA Mfg50
a82%
a5%
o31 % o32%
06
08%
54
a9
062% a64%
42%
42%
01%
al%
al6
017%
46%
46%
2%
2%
a82% o82%
May
40%
Apr
50
a6
6%
6%
al8% al8%
o34% o34%
7% May
May
10
570
10
20
150
100
165
20
135
908
100
6%
4
Par
Stocks—
American Inv com
Last
Burkart
Sale
Stocks—
Par
Allegheny Ludlum Stl
cm.*
Armstrong Cork Co
Blaw-Know Co
Price
16%
7%
17%
23%
__*
____*
of Prices
High
ow
Columbia Brew
Elder
25
6%
Byers (A M) Co com
Clark (D L) Candy Co
*
7%
*
5%
Col Gas & Elec Co
*
Devonian Oil Co
Duquesne Brewing Co
Follansbee Bros pref
Fort Pitt Brewing
Koppers Co pref
Lone Star Gas Co
*4%
__10
5
9%
100
1
10
"l%
..100
1%
75
5
35
Jan
Feb
Apr
Mar
Jan
24%
9
Jan
7%
23%
87%
12%
17%
7%
Apr
Apr
Apr
Apr
Feb
43%
A..
E1Y& Walker D Gs 2d
Genl Shoe com
Hussmann-Llgonler
93
Feb
com .
.
Laclede Steel
Lemp Brew
9
*
_
85
30
45
Apr
12%
Apr
9
28
115
8% May
25% May
608
28%
5%
100
5%
5
5
200
5
16
130
15
May
15%
15%
2%
2%
95
*
28%
28%
28
Meyer Blanke
*
14%
10%
14%
50
com
.
-----
Midwest Pip'g & Sply com*
St Lou Bk Bldg Equip com*
Scruggs-V-B Inc
Preferred
100
Scullin Steel
10%
Sterling Alum com
Wagner Electric com
Apr
20
Apr
4%
Feb
39%
15%
Apr
May
12
Apr
4% May
2%
3
70
6
180
35
35
10
6
-----~
*
com
Apr
6%
2% May
38% May
14% May
10% May
2%
Jan
6
May
142
10%
Jan
8
6
6
105
.150
5%
Jan
21% May
$3,000
55
May
66%
Jan
2,400
8
May
12%
Jan
5
com
Feb
36%
May
May
5
com..
4
May
5%
-------
20
com
10%
15%
Apr
50
6% May
11
May
8%
28%
com *
May
May
3% May
330
11%
30%
30
*
.
102%
60
7
11
------
*
Jan
4
3%
6%
*
Christy C Pr
6
1
6%
------
6%
15
21%
23
St Louis Pub Serv 5's_1959
56%
56%
10
Apr
May
41
Apr
5% May
9
Apr
9
Apr
30
Apr
35
645
Bonds—
Income 4's.
1964
Quotations
8
on
8
St. Louis Bank and Trust Companies
32
35
37
11
Jan
Mississippi Valley Tr Co..
24
26
82%
Feb
51%
Apr
2%
Bid
Mercantile
Commerce
Ask
Bk
A Trust Co
105
111
47
51
St Louis Union Trust Co..
Feb
Apr
Ask
Jan
38%
66
Bid
4%
Orders
solicited
Pacific
on
Apr
open until 5x30 P. M.
Coast
Stock
Exchanges,
which
are
Eastern Standard Time (2 P. M. Saturdays)
Schwabacher & Co.
Members New
Feb
5%
Jan
6%
Apr
4%
May
May
7%
Apr
17%
Jan
May
May
14
Mar
20
Jan
Stock Exchange
own
offices In San Francisco and Los Angeles
Apr
470
York
Broadway, New York
Cortlandt 7-4150
Private Wire to
High
271
300
9%
10
255
9
985
75
40
110
60
13
1%
75
Jan
May
26%
May
1%
91
10% May
6%
May
1%
May
May
2%
36%
Jan
4%
60
4
May
348
75
May
May 25
Francisco Stock
Last
Sale
Stocks—
Par
Alaska-Juneau Gold
10
Anglo-Calif Nat Bank
...
Assoc Ins Fund Inc
Apr
Calamba Sugar com
Calaveras Cement com
Apr
Jan
55c
Feb
Central Eureka Mln
15c
20c
750
15c
May
May
25c
Jan
Chrysler Corp com
28%
Jan
117%
Jan
333
15%
160
77% May
California Ink Co cap
Calif
Preferred
50
2%
Mar
com. 1
Cons Chem Ind A
Jan
5%
Mar
103
*
com
DI Giorgio Fruit com
Jan
19
Mar
2.00
Mar
12c May
3.50 May
25c
Feb
Mar
50
3.00
35
200
35
May
40%
16
433
14
26%
50
50
119
50
May
May
52%
Jan
May
4%
Mar
Apr
2.90
59
19%
19%
3.00
59
19%
2,310
2%
305
59
May
87%
260
19% May
26%
4%
4%
4%
220
5
13%
12%
14%
7,134
*
80
79
80%
444
1.50
188
10
125
12% May
250
May
15%
...5
Creameries of Am com___l
Preferred
1% May
7%
35
*
Packing Corp com..*
Crown Zellerbach
173
May
May
200
2%
19%
30
5%
3%
1,159
Apr
87%
108
106
Feb
220
450
12c
May
17%
4
12%
2.25
1%
Unlisted—
5%
3%
6%
12c
25c
Jan
3%
May
2.25
100
82%
High
4%
12%
25c
87%
Low
145
4%
*
25c
Westinghse Elec A Mfg.50
Range Since Jan. 1, 1940
for
Week
Shares
20
May
May
15c
of Prices
High
Calif-Engels Mining Co 25c
5
Mar
10
10
Apr
4%
19%
Week's Range
Low
4%
5%
Bank of California N A..80
100
1
Price
official sales lists
Sales
Friday
100
Westinghouse Air Brake._*
Exchange
to May 31, both inclusive, compiled from
Apr
May
7% May
4% May
28
San
Jan
245
100
Key Co com
1%
3491,
96
com.
International Shoe com.
5%
5%
see page
May
96
3%
_.l
Griesedleck-West Br
1%
For footnotes
Mar
65
Jan
29
13%
23%
10
2
10
58
Boatmen's National Bank.
77%
1%
27
5
1
5%
1
19%
May
May
60
pf 100
Mar
13% May
14%
335
60
4
5
Pennroad Corp y to
Apr
9
Falstaff Brew com
Shamrock Oil A Gs Co cm-1
U S Glass Co
1
Victor Brewing Co
60
34
6
First National Bank
Low
16
14
Apr
May
May
27
29
9
Apr
75
4%
15%
15
90
Apr
Jan
16%
9
Emerson Elec com
6%
104%
8%
9%
Ruud Mfg Co..
13%
14%
------
120
*
Feb
4
77%
27
23%
47%
43%
11%
1,023
Pittsburgh Coal Co comlOO
19%
Apr
Jan
May
5
Pittsburgh Plate Glass. .25
Pittsburgh Screw A Bolt.
18
27
._*
com
111
219
1%
28%
------
Feb
5%
4%
1%
36%
12
6%
10
28%
56%
May
12%
145
735
*
46
May
28
Mar
380
152
8
Preferred
May
44
20
Jan
Jan
May
May
May
7%
Pittsburgh Brew Co com.*
30
80
28
May
May
Mar
18%
45%
10%
Feb
62% May
42% May
1% May
23
May
45
May
2% May
13%
1%
60
44
28
Week
*
com
Mt Fuel Supply Co
4%
13
7%
7%
6%
32
44
100
Mfg
Laclede-
High
31
5
com
Dr Pepper com
—_
Low
"44"
1
Mfg com
Range Since Jan. 1, 1940
Shares
High
------
*
Range Sinoe Jan. 1,1940
Shares
Low
Cocoa-Cola Bottling com. 1
90
for
Week
Price
.*50
.
Sales
reek's Range
for
of Prices
*
5% pref
Brown Shoe com
May 31, both inclusive, compiled from official sales lists
Friday
Week's Range
Sale
Pittsburgh Stock Exchange
to
Sales
Last
McQuay-Norrls com
Apr
May
121
1,805
Feb
47%
17
5
Feb
Mar
May
16% May
24% May
798
85
Jan
Jan
6%
al6% al6%
a7%
a7%
a4%
04%
4%
11%
29%
Apr
Apr
40
8
a6
Apr
Feb
08% alO
1
25
May
8%
19% May
Apr
12%
51
a8%
Studebaker Corp
Swift A Co
22
23%
9%
8
24%
10
130
*
Southern Ry Co
Standard Brands Inc
Apr
Friday
Apr
Apr
45%
16
7%
Apr
115
14%
Apr
34%
620
al5% 016
2%
2%
Mar
31%
84
4%
17
174%
Feb
a33% a36%
10%
10%
17
Jan
73%
100
4%
47%
165
8%
9%
a22% 022%
a28
32% May
148
May
19% May
4% May
15
May
22
May
5
May
13
May
11% Mar
Feb
31%
415
10
Goodrich (B F) Co
Pennsylvania RR
70
310
Intl Nickel Co of Can
Montgomery Ward A Co.*
26
08
3
a30%
a38%
oll%
a20%
McKesson A Robblns
al5
al
8%
..*
30
3
•
Loew's Inc
360
ol
a.22%
.*
40
a4
o4%
013% 015%
a20% o20%
5%
5%
3
1
General Electric Co..
General Foods Corp
495
1,121
al
1
Class A
May 25
Exchange
May 25 to May 31, both inclusive, compiled from official sales lists
1.50
4% May
12%
75%
,
May
May
1.50 May
Feb
May
6
Apr
21
May
95
May
3.50
Jan
Volume
Sales
Friday
Last
Week's Range
Sale
of Prices
Range Since
or
Jan. 1.
1940
1
Stocks
*
15
8%
May
20 A
Apr
35
May
44 A
Feb
10
Jan
45 A
May
May
99 A
33A
Feb
20
Apr
May
22
Feb
36
37
38
38
81
81A
75
36 A
77
mm
20
20
185
19 A
-mmmrnm
19
19 A
250
18
17 A
10
17 A
------
17K
%
OA
425
6
May
10
~~40A
39 A
40 A
1,447
38
May
General Paint Corp com..*
m
4A
4A
27 A
27 A
4
100
100
3A
May
OA
Apr
7A
1,804
7A
11K
Mar
15A
561
14 A
May
May
20 A
Jan
50c
50c
500
50c
May
76c
Feb
UA
11A
11A
200
11A
May
17K
Feb
be
made
6
*
Preferred
Gladding McBean & Co..*
Golden State Co Ltd
*
m
4
v
m
7~lA
7A
15
Hawaiian Pine Co Ltd
*
Holly Development
Honolulu Oil Corp cap
1
——————
*
------
11A
*
1
Aircraft Corp__l
Langendorf Utd Bak A
LeTourneau (R G) Inc
Lockheed
22
Menasco
,
95c
50c
12 A
9A
12 J*
9A
250
120
3 A
3 A
7
5,253
6A
8
7A
8
mm
m—
—-m-m
2.50
--
Occidental Insurance Co 10
Oliver United Filters B.._*
Machines
*
Pac G & E Co com.....25
26
Feb
May
15K May
—
3A May
25% May
4K
34K
Apr
28 A
34 A
Apr
31A
JAB
50
Jan
100
3,494
2,289
5%
May
27
428
25 A
May
May
37
329
34
May
129
100
May
108 %
Jan
May
Mar
— -
m
-
29%
115
May
10
143%
May
154
905
115
143 %
12 A
Jan
112
1.50 May
4.00
Jan
May
143^ 143 H
.100
1
1.50
25
Republic Petroleum com.l
Rheem Mfg Co
..1
m.rn -
—
m
19
1.50
15
15
213
14
May
29 %
25%
577
24 A
May
1.90
2.40
2.40
350
37 J* May
Feb
2.75
13
360
12 A
12A
mi* mm
1.80 May
May
Richfield Oil Corp com...*
OA
OA
1,741
6A
May
Ryan Aeronautical Co...l
Schlesinger (B F)7% cm 25
4%
5A
1,289
3%
May
mm
—
4%
— —
104
4%
4A
May
Jan
19K
8K
Jan
Apr
7
Jan
OA
22
22 A
200
22
May
30 A
Mar
23
25 A
2,451
21
May
42
May
*
7A
8A
2,510
OA
May
15%
Spring Valley Co Ltd
*
Standard Oil Co of Calif..*
5 A
5A
200
5A
Signal Oil & Gas Co A
*
mm'-
-
-
-
25%
Soundvlew Pulp Co com.5
'
Southern Pacific Co
1
Tread well-Yukon Corp
Union Oil Co of Calif_..25
..25
Union Sugar com
5
10
United Air Lines Corp
Universal Consol Oil
m
'mm -
m
-
J'—m
8
270
-
May
33K
May
6K
Mar
6c
May
15c
May
17K
May
10
23 A
Foreign Trade Council.
875
8
May
15 A
61
270
May
340
10 A
15
15
—m——--
al
al
25
a5A
12
15 A
10
O'Neil, President, Fulton Iron Works Co., Inc., St. Louis;
Curt
G.
Mln__50
Anaconda Copper
Atchison T & S F Ry
100
5
3
Atlas Corp common
Aviation Corp. of Del
May
May
15
301
Apr
22 A
May
Feb
22
Mmmrnm
mmmmrn
m-mm-
a5A
35
8
May
9K
M.
810
153
May
174 A
Apr
90c
1,350
20^
630
87c
19A
mmmm——
9
8A
al4^
mm
52c
8A
14
50
Feb
91o May
31%
Apr
Feb
10 A
Chicago.
cisco,
25 %
Jan
OA
8K
Mar
May
7
8A
Jan
230
4A
May
Apr
Apr
90c
1.00
362
26 A
90c
May
1
Bunker Hill & Sullivan.2 A
9A
9%
300
9A
May
14 K
Jan
100
33 A
May
33 A
May
109
4A
Feb
300
A
Feb
May
32 A
Apr
OA
May
May
7A
11K
Mar
May
36
Bendlx Aviation Corp
Blair & Co Inc cap
a28
5
Chesapeake <fc Ohio RR.25
33 H
33 A
33 A
Cities Service Co com.. 10
a4%
a4A
a4%
Claude Neon Lights com.l .ft A
Cons Edison Co of N Y__*
A
50
:
A
Consolidated Oil Corp
*
......
1
Domlnguez Oil Fields Co.*
Dumbarton Bridge..
10
Elec Bond & Share Co
Idaho Mary Mines Corp__l
.......
*
a20J4
Intl Tel & Tel Co com
*
400
25c
50
5A
Mar
a28A o30
alOA allA
223
34 A
May
5A
1
a27A
Preferred
v._
Montgomery Ward & Co.*
5
Mountain City Copper
Nash-Kelvlnator
~a30~A
No
American
Aviation.. 1
......
North American Co com. 10
20
Olaa Sugar Co
......
alOA
50
Pennsylvania RR Co
4%
Radio Corp of America.._*
Riverside Cement Co A..*
......
Schumach Wall Bd com..*
*
Preferred
Shasta Water Co com
*
25
So Calif Edison com
"20"
..'
27 %
Standard Brands Inc
*
5A
Studebaker Corp com
1
......
Sup Port Cement pref A..*
Com B
*
a35%
25
Texas Corp common
United Aircraft Corp cap_5
U S Petroleum Co
_
*
No par value,
year.
a
10c
Mar
16c
22
202
39 A
5,050
2A
24
a33A a30A
3
04 A
a4 A
al8A al9A
alOA a!8A
a!5A a 15%
4A
4A
Jan
Mar
May
35
May
May
May
55%
4K
Jan
rJ
May
26
Apr
14%
May
20 A
Feb
May
3A
50
20 A
Mar
May
23%
Jan
4A
0%
Feb
3
May
4%
Jan
15
18
May
23%
Apr
167
4A
May
7A
Apr
140
7A
May
4A
Apr
125
3A
May
5K
Apr
May
25%
Mar
Jan
Apr
10
20
20
7
May
24
24
390
24
May
30 A
27 A
27%
263
262* May
5A
220
0%
45
7A
100
15
31
8
present, the speakers to include Under-Secretary
__
_
5
May
May
12 A
May
44
Golden Gate International Exposition as
Trade Council Day.
1
National Foreign
i
♦
Loan
Home
Chicago
Home
Mortgages,
First
There
,
V0;:^'
Bank District Recorded 20,084
Amounting to $66,645,000, in
ers
Quarter
20,084 home mortgages recorded by all lend¬
were
Chicago Federal Home Loan Bank
in the
ing the first quarter of this year,
new
May 18.
on
liens
on
8
7A
The total indebtedness secured by these
Apr
May
61K
Apr
55c
May
1.15
Jan
25c
48c
300
20c
Mar
s
Listed,
figures
for
March
are
pointed out that this is partially
for which there is a wide market.
due to the building of lower cost homes
f-t;f';/fTt-f
2,528,400 Investors in Savings and Loan Associations
Have Savings Insured by FSLIC
Rising 142,400 in the
Jan
Feb
48c May
dividend, c Admitted to unlisted
sale—Not included In range for
tin default, t Title changed from
first quarter of this year,
2,528,400
private investors in savings and loan associations now have
their savings insured against loss up to $5,000 each by the
Federal Savings and Loan Insurance Corporation, Nugent
Fallon, General Manager, announced on May 25.
Mr. Fal¬
said savings in insured associations increased $117,-
lon
813,000 from December through March to total
001,000.
The
average
individual investor's
amounted to $763.
The announcement added:
$1,929,account
associations were insured in the first three months of 1940,
number of institutions offering this protection to their
to 2,217.
Meanwhile, assets of insured associations climbed
Twenty-one
up
43 A
400
5
Ex-rights,
Chicago.
The
investors
220
65c
66%
4A
Spec¬
by the
■'' ft; ftft'■ t'.
based on mortgages of less than $20,000
recorded in counties having 90% of the non-farm population of Illinois
and Wisconsin, and projected for the entire population.
For the two earlier
months the computation is made for mortgages of less than $20,000 on
basis of a slightly smaller proportion of the population.
t
/f'-f't
In March there was an increase of 8.3% in the number of mortgages
over
March, 1939, while the volume increase was only 1%, witnessing
to an increasing number of mortgages for smaller amounts.
The average
this March was $3,150, and it was $3,480 last March.
The Bank President
of
the
May
larger volume of new mort¬
loan associations were reported.
They provided
32.9% of the funds used in these two States' during the quarter, as
compared with 27.5% for the same period last year.
Mr. Gardner said that $1 out of every
$36 of new home mortgage
indebtedness incurred in the entire country during the first three months
was on homes in these two States served by the Federal
Home Loan Bank
bringing
May
of the quarter saw
building and
savings,
Jan
2
The Bank's
he said, and the increase over 1939 was 19.2%.
gains in the amount of home mortgage money furnished
May
43 A
r Cash
successive month
13 A
42 A
amounted to
recorded,
tacular
Feb
Mar
43 A
Odd lot sales. 6 Ex-stock
Each
gages
46 A
100
President, said.
announcement continued:
May
Mar
832
district dur¬
it was reported by the
Illinois and Wisconsin properties
A. R. Gardner,
$66,645,000,
44 A
2A
40A
Eversharp, Inc.
1 will be celebrated at the
29-31, Aug.
July
Convention,
of
In addition to the three days of the
State Sumner Welles.
52
15
aZ4A a35 A
30 A May
5A
31
40%
7%
150
2A
y
Feb
4A
24 A
65c
.v,
July 30, at which over 1500 delegates are expected
on
be
Jan
120
■
Foreign
27th National
held in the Palace Hotel, San Fran¬
Apr
40
12 A
OA
Jan
1.55
35K
80c May
10
3
31
Apr
290
it
alOA a 17
4 A
4 A
3A
3A
d Deferred delivery,
/Ex-dividend.
The Whal Co. to
May
100
Western Pacific com
trading privileges,
Jan
4A
46 A
Warner Bros Pictures
7
38K
285
1
United States Steel com..*
Apr
May
35A
a
Jan
Jan
20 A
May
130
\ aOA
Apr
41
May
3,925
7
Jan
5A
85c
8
......
25c
8A
Apr
2A
80c
......
..
25
6% preferred
6% May
H Mar
20 %
a26A a28A
3 A
20
Jan
100
1,830
a2 A
Packard Motor Co com..*
Apr
2
310
11c
2A
Apr
35%
1,520
5A
10c
......
Cor p. ..6
National Distillers Prod..*
17
2%
22 A
Matson Navigation Co...*
67
2A
80c
Kenn Copper Corp com..*
'
a20A 0,20 A
11c
1
25
200
25c
•
_
7A
04 A
......
Ital Pet Corp of Am com.
28
28 A
------
Int Nickel Co of Can
:
25c
o4 %
a30
1,125
9
May
o4 A
26
28%
*
Goodrich (B F) Co com..*
8
......
5
General Electric Co
tf
42
a24% a25
100
aOA
a5H
8
Curtiss-Wright Corp
V;
Inc.,
the award to Mr. Watson will be made
Trade Dinner of the
the World
Trade Convention, to be
to
and Carl
.
The presentation of
at
May
May
18%
275
9
al37A a!5
aOA
aOA
6A
OA
a27
a28A
Council of
Managing Director, Overseas Industries,
Wynne,
Mar
al45Kal50K
88c
—'mm
Councillor, National
New York; A. D. Simpson, Presi¬
dent, The National Bank of Commerce, Houston,
Bank
Anglo Nat Corp A com...*
Senior
Pfeiffer,
American Importers, Inc.,
Unlisted—
Sanitary*
Vice-
President, American Trust Co., San Francisco; F. Edward
Jan
16 A
Amer Toll Bridge (Del).-l
The other members of the
committee who made the selection are: P. A. Kinnoch,
Ap<
—....
American Tel & Tel Co. 100 C129
The first award was made
Farrell, Chairman of the Na¬
James A.
in
tional
Apr
May
---mm-
Amer Rad & Std
1939 to
award
Jan
0%
12A
Yellow Checker Cab serl 50
*
foreign trade.
Secretary of State Cordell Hull in 1938, and the second
to
Jan
225
Western Pipe & Steel Co. 10
Amer & For Pwr com
distinguished contribution to the advance¬
his
Jan
270%
13 H
8
26 J*
500
7
7
.
m
Jan
6
13 A
9
12 A
12
—
270
Wells Fargo Bk & U Tr.100
7c
Robert
the American citizen
Dollar, to be presented annually to
for
plaque, was
by the family of the late Captain
1937
Jan
4A
4,675
17,100
1,405
which takes the form of a gold
award,
founded in
in
this year.
Feb
22
440
4A
6c
mmmmmm
Mar
17 A May
3,753
19
22 A
4
4,
—
V
A
22
22 A
Super Mold Corp cap...10
Transamerica Corp......2
17 A
ISA
The
Jan
29% May
24^
m
--mmmm
mm
119
115
16 A
Feb
5A
138 A
3A
600
4A
4
'
mm
foreign trade organizations throughout the country,
which it is stated considerable interest was shown
Feb
115"
....
11
May
May
100
Preferred
May
;
The
committee based on the votes
Jan
3
3A
--m-
—
of
Jan
May
10
27 A
Puget Sound P & T com..*
Rayonler Inc com...
4
28
May
100A 101
—
—
*
.
Apr
Mar
100
Pacific Tel & Tel com..100
R E & R Co Ltd pref.
10 A
37
-
*
Preferred
4.50 May
11
26 A
39 %
6% 1st preferred..
25
5K% 1st preferred...25
*
Pac Light Corp com
Pacific Pub Serv com
Jan
450
3 A
"26 %
Apr
8A
Corp., it was announced
Co., Inc., and Chairman of the Award Committee.
Apr
12 A
10
26 A
29 A
Pacific Clay Prod cap....*
19 A
20
Commerce
selection has been made by the
chosen
4
10
&
ment of American
May
7A
360
President of the
and President of the
former
May 24 by Paul W. Alexander, Preisdent of Wessel, Duval
Apr
May
17
Watson,
of
Business
Apr
5
1.30
5%
20
J.
Jan
Apr
10
A3 A
.
35
41K
Jan
May
May
2 A May
Thomas
to
Foreign
Mar
34
20
20
4
Feb
1.75
•A;';- 25
8A
8A
mm
—
Captain
American
International
Apr
7A
9A
350
2.50
17
Jan
7A
56
12 A
505
17
— — —
20
85 dividend
Feb
100
— m—
No American Oil Consol. 10
Pacific Can Co com
4A
250
:
100
6% preferred
Mar
6%
-
*
10
No Amer Invest com
May
27%
3%
m —
1
1
Mfg Co com
Natomas Co
21
770
95c
10
Natl Auto Fibres com
May
310
V
11A
5
5
Magnavox Co Ltd
2A
March Calcul Machine..5
Meier & Frank Co Inc
300
30 A
*
Lyons-Magnus A
May
27 A May
4A
400
22 A
29 A
29 %
of
International Chamber
Jan
16 A
Genl Mtrs Corp com
will
Receive
to
Apr
May
Feb
4
50
10 mLm*
Foster & Klelers pref
25
Galland Merc Laundry
*
General Metals cap
2K
Captain Robert Dollar Memorial Award for 1940
The
Jan
May
14 A
77
Fireman's Fund Indem._10
Food Mach Corp com
for
Watson
Advancement
100
200
4A
Fireman's Fund Ins Co__25
Preferred
Dollar Award
Trade
J.
High
Low
Shares
15
4
Emporium Capwell Corp.*
El Dorado Oil Works
T.
"
Week
High
Low
Price
Par
(Concluded)
3491
Commercial & Financial Chronicle
The
150
$70,154,000 to aggregate
$2,577,112,000 as of March 31.
at the end of March, assets of the Insurance
$1,510,449 greater than at the end of December, while
reserves and unallocated income increased $1,460,116 to $22,155,482.
Of the 12 Federal Home Loan Bank districts, the Cincinnati district
(Kentucky, Ohio and Tennessee) had the largest number of insured associa¬
tions—323—on March 81, followed by the Chicago district (Illinois and
Wisconsin) with 257.
In assets, the Cincinnati district's insured institu¬
tions were also first with $544,228,000; next was the New York district
(New York and New Jersey) with $272,691,000.
Totaling
$123,492,391
Corporation were
The Commercial & Financial Chronicle
3492
June 1, 1940
Canadian Markets
LISTED AND
UNLISTED
Montreal Stock
Service
Exchange
Sales
Friday
all Canadian
on
Last
Stocks
Montreal Stock
Greenshields & Co
Exchange
507 Place
Montreal Curb Market
5%
Par
Power
Gatlneau
Members
(Concluded)
for
Sale
Securities.
Week's Range
of Prices
Week
^*
Preferred
1.75
5
5X
2X
3X
Gypsum Lime A Alabas..*
51
1.75
15
5X
1,265
4X
78
......
Gurd (Charles)
135
83
1.75
Range Since Jan. 1, 1940
78
5X
70
10
16 X
Jan
81X May
2
May
4X May
96 X
Feb
10 X
Feb
78
96
Feb
10 X
Feb
5X
Mar
8X
Apr
May
5X May
2X May
190
2X
3X
High
May
95
5X
2X
Low
Shares
11X
80
100
preferred
High
11X
Rights
General Steel Wares....
d'Armes, Montreal
Low
Price
Hamilton Bridge
Provincial and
Bid
1 1948
33
37
5s
Oct
Oct
1 1966
30
35
6s
5s
Sept
May
15 1943
1 1959
70
4s
June
1 1962
4Xs
Jan
12 1949
1 1963
11
May
*
14
11X
14
805
lix May
85
85
50
85
250
100
~20
21
20
May
34
11X
3,434
10
Jan
1,097
12 X
May
May
15H
12 X
16 X
Feb
£1
6X
6X
6X
22 X
500
7X
Jan
7X
Apr
25
23 X
21
May
29
Feb
100
May
28 X
Feb
3,816
27 X
May
46 X
Jan
51
May
80
15X May
80
May
24
Apr
Feb
94
Feb
Preferred
1 1942
Acceptance...*
87
90
Intl Bronze pref
89X
91
Intl Nickel of Can
74
77
68
International Petroleum..*
22 X
21
27 X
29X
51
51
15X
17X
Intl Pow A Paper pref. .100
65
22 X
28 X
25
*
72
70
75
4Xs
6fi
June 16 1964
60
65
4s
2 1969
60
65
Ma88ey-Harris.
75
5s
June
15 1943
60
McCoU-Frontenac Oil
*
68
72
6Xs
Nov
15 1946
60
Montreal L H A P Cons..*
4X8
Oct
60
Montreal Tramways... 100
"isx
*
70
Dec
6a
Apr
4Xs
Apr
16 1965
70
73
Intl Power pref
2 1960
66
70
Jamaica P S Co Ltd prf. 100
Lake of the Woods
*
1 1958
60
65
Lang A Sons (John A)
1 1961
60
65
Province of Quebec—
Prov of New Brunswick-
Mar
Feb
4X8
May
Prov of Saskatchewan—
16 I960
16 1961
Province of Nova Scotia—
4 Ha
Sept
16 1962
64
Mar
1 1960
68
1 1961
55
69
6s
Apr
12 X
66
6s
Apr
106
10
1 1941
Oct
May
20
Aug
4Xs
Jan
23 X
12X
4Xs
Province of Manitoba—
15
10 X
Industrial
Jan
July
775
Ask
Province of Ontario—
6s
4Xs
6s.
10
3
Jan
Imperial Oil Ltd
*
Imperial Tobacco of Can.5
Ask
Prov of British Columbia—
May
10
Hudson Bay Mining
(American Dollar Price*)
Province of Alberta—
3
10
Preferred
Closing bid and asked quotations, Friday, May 31
Bid
625
5
Howard Smith Paper
Municipal Issues
*
Holllnger Gold
6
72
2,717
80
80
130
18
130
May
135
14
16
250
14
May
27
13
13X
60
13
May
16
10
10X
3X
5X
20
12 X
May
2X May
13
1,150
25
5X May
25
27
4,246
25
43
16
*
..3
National Breweries
50
130
100
Laura Secord
21
46
69
2X
2X
5X
~27"
44
Jan
63
Jan
Jan
Feb
X
Jan
ex
Jan
9X
Jan
May
31 x
Feb
43
May
56 X
Jan
Ask
Bid
Ask
Canadian Pacific Ry—
41
4Xs
Sept
1 1946
58
62
62
65
5s
Deo
1 1954
58
60
4Xs
Dec
16 1944
62
55
July
1 1960
52
55
6a
July
1 1944
91
92
4X8
Bonds
4Ha
June 16 1966
4Xa
Feb
1 1966
4Mb
July
July
1 1957
1 1969
6s
Bid
Ask
74
75
73 X
73
74 X
74
78
79
6s
Oct
1 1969
77
Feb
1 1970
77 X
6Xs
1 1946
July
94 X
95X
23
146
146
5
146
May
7
7
250
7
May
100
Power Corp of Canada...*
Price Bros A Co Ltd
*
5% preferred.....
146
6
Quebec Power..
*
Regent Knitting
363
4s
Jan
1 1962
70
3s
Jan
1 1962
65
78 X
Apr
May
78 X
Jan
Jan
162
Feb
Mar
13X
11X
Jan
4,971
9
May
24
Jan
85
60
May
80 X
Feb
14
"14"
14 X
395
14
May
17X
Jan
3X
"98"
40
3X
3X May
6
Feb
98
98
5
96
May
102
100
100
100
40
100
May
107 X
Mar
2X
2,065
2
May
5X
Jan
Apr
2X
2X
Jan
12 X
11
12 X
19
1,766
180
10 X
18
24 X
27 X
715
20
May
May
May
21
18
27 X
52 X
Apr
17X
16 X
17X
1,595
16
May
24
Jan
Sherwln Williams of Can.*
preferred
7
7
8
350
8
May
80
80
110
80
May
10
120
64 X
65
335
66
100
66
50
Southern Canada Power..*
Steel Co
of Canada.....*
25
United Steel Corp.......*
9X
64 X
66
2J*
3X
3X
1,155
Sales
May
83
Jan
2X May
2X
Feb
3
50
24
1
24
16 X
20
110
16
1.10
1.10
1.10
1,240
1.10
1.10
1.10
500
100
Zellers
May 25 to May 31, both inclusive, compiled from official sales lists
Jan
63
3
Preferred
Exchange
Jan
86 X
24
*
20
6
*
6
5
10
6
10
275
Apr
May
*
*
Mar
15
103X
65
*
*
Jan
X
15
Vlau Biscuit
B
30
May
9X
Wabasso Cotton
Winnipeg Electric A
Friday
6
32 X
33 X
12
Wilsils Ltd
Montreal Stock
Jan
May
May
60
9X
*
100
Saguenay Power pref
100
St Lawrence Corp
._..*
A preferred
50
6X
Jan
60
11X
100
Preferred
Grand Trunk Pacific Ry—
78 X
6s
49
350
Simpsons
Canadian Northern Ry—
74 X
20
1,429
25
69
Shawlnlgan W A Power..*
Ask
73X
50
49
23
820
St Lawrence Paper pref. 100
(American Dollar Prices)
1 1961
21X
49
23X
St Lawrence Flour Mills..*
Closing bid and asked quotations, Friday, May 31
Sept
21
"49"
*
Rolland Paper pref
Dominion Government Guaranteed
4Xs
Jan
Mar
28
Ottawa Car Aircraft....-*
40
Bid
38X
35
May
May
41X
845
Preferred
perpetual debentures.
68....
Sept 16 1942
Canadian National Ry—
May
36
41
Ogilvie Flour Mills
(American Dollar Prices)
Bid
27
100
35
Niagara Wire Weaving...*
Noranda Mines Ltd..
*
Closing bid and asked quotations, Friday, May 31
4s
28
36
~40"
*
25
Preferred
Railway Bonds
Canadian Pacific Ry—
27
36
National Steel Car Corp.*
t
May
May
1.15 May
1.10 May
6X
Jan
4X
Apr
37
Mar
24 X
Apr
2X
Jan
2X
Jan
May
6
12
Apr
Jan
13
Apr
9X
Banks—
Canadlenne.
Sale
Stocks-
AcmeGlo veWks6 X
Par
% prflOO
Price
50
Alberta Pacific Grain A..*
Associated
"i"oo
High
Week
100
140
140
Low
High
50
52
50
55
Feb
57
108
16
108
Apr
110
1.00
1.00
2
IX May
May
8
475
7
46
25
46
18
16
18
647
13
258
112
4
125*
112
Bell Telephone
100
Brazilian Tr Lt A Power.*
British Col Power Corp A •
lSOX
5%
8
95*
1,480
37
37
10
150
152
333
14 X
Mar
May
12 J* May
110)*
Apr
6X May
25)*
12
13
120
14 %
145*
300
12
Canada Cement
Canada Cement pref
Can Forgings clA
Class B
*
4
100
79
*
Canadian Car A Foundry.*
Preferred
25
Canadian Celanese...
*
Preferred 7%
100
Canadian Converters..100
Class B
♦
Canadian Locomotive
*
Canadian Pacific Ry___25
Cookshutt Plow
»
5
1,025
3X
34
45*
22
Mar
65
May
10)4 May
72
Jan
18
Jan
145*
65
1
10 X
11
175
35*
13
1,629
36
160
3,080
441
21
24
1,146
107
108
65
14
14
101
101
10
10
125
Par
Abltibi Pow A Paper Co..*
6% cum pref
Aluminium Ltd
100
*
May
5
Apr
Jan
6X
5X
Feb
Beauharnols Power Corp.*
*
Can Nor P 7% cum preflOO
Cndn Breweries Ltd.....*
Preferred
3X
3X
3X
3X
496
3)*
May
3X
25
4
May
15X
17X
1,165
15
May
12
Jan
93
12
96
10
100
Feb
100
28
465
24
May
35
34
34
25
33
May
39
Feb
90
90 X
42
97
May
111
Feb
1.30
1.35
12
1.60
25
24"
25X
16
16
16
157
157
100
405
May
1.25 May
JaD
Feb
Jan
396
22
May
2X
31X
50
16
May
16
May
5
155
May
160
May
70c
70c
175
70o
May
2
595
2
May
8X
100
8
8
2X
8X
195
8
May
33
Catelli Food Prods Ltd...*
Commercial Alcohols
*
14
14
May
18
Apr
Apr
1.40
2X
14 X
Mar
3X
3X
19 X
Jan
Feb
Cub Aircraft Corp Ltd..*
Dominion Square Corp...*
8X
Mar
Apr
Jan
Dom Woolens A Worsteds
50
128
19X
120
Mar
Feb
May
Jan
1,571
29
May
May
May
48 X
Jan
1,020
27X
40 X
Apr
685
19)* May
23)* May
845
17
May
22
Feb
80
116
May
125
9
Jan
7%
cum
pref
Commercial Alcohol pref.5
Consolidated Paper Corp.*
1.55
.
5X
210
4X
7,045
.1.00
645
1.75
1.75
<10
1.00
1.25
95
Preferred
7%
cum pref
3
25
3
89
675
73
May
90 X
Mar
770
4
May
11X
Jan
60o
Apr
May
1.00
Apr
Intl Utilities Corp A
12
Feb
International Utilities B.
50
8
120
20
May
24
May
15X
Feb
Voting trust
8
8X
Intl Paints (Can) Ltd A..*
5%
cum pref
1,180
2X
4
14 X
*
__..*
3
4X
15X
6
2X
1.00
13
20
*
7*
Jan
6
Feb
3
100
Apr
445
9X
4
May
3X
May
3
May
8X
Jan
May
8X
6X
Apr
Jan
10
Jan
Eastern Dairies, Ltd—
8X
8
Jan
150
4X
7
Jan
Apr
Jan
3X
Feb
311
14X
20
6X
8X
3X
1,630
•
8
Feb
Mar
4.75
5
*
20
Jan
'
Mar
4
5
60
1.50
3.50
1.00 May
4
Fair child Aircraft Ltd
Jan
May
3X May
May
4
Fleet Aircraft Ltd..
Ford Motor of Can A
Fraser Cos Ltd
20
5X
90c
3X
4
Jan
82
1.55 May
*
Jan
82
12 X
*
B
Jan
2,300
1,600
90c
5X
5X
4
10
3X
15 X
3
1.90
1.00
May
6 X
14
"~3X
Common
Donnacona Paper A
Jan
1.75
3)* May
3
May
85X May
150
65*
Jan
23 X
19 X
96
*
cum pref
Jan
17 X
24
28
Cndn Dredge A Dock Co.*
Canadian Industries stmp'd
7%
IX
"l6X
Vanc.5
Jan
2,905
60c
325
10
35*
60c
2X
Jan
85*
*
2
May
6H
Eastern
2X
14
35*
5
145
101
4
735*
May
80
4
4
May
100
175
72
Jan
Apr
5
91
Calgary Pw 6% cum prflOO
Canada A Dom Sugar Co.*
Canada Malting Co Ltd..*
Apr
High
2X
200
British Columbia Packers'*
Mar
Low
0.75 May
2,140
Feb
8X
11,180
92c
Jan
21X
1.10
Range Since Jan. 1, 1940
Shares
6
May
5,249
5
75c
High
91c
107
7
72
1.10
1
45*
*
Low
5
*
45*
*
Price
91c
Cndn Marconi Co
4
Dryden Paper
Week
6
Cndn Vickers Ltd...
4
120
for
of Prices
*
Feb
1.65 May
Dominion Textile...
Stocks—
Week's Range
Sale
Jan
1.75 May
7
May
20
Last
Jan
475
116
Sales
Friday
16X
1,580
1
Apr
Montreal Curb Market
28 X
37 X
1.75
17
Electrolux Corp„
164
May 25 to May 31, both inclusive, compiled from official sales lists
May
1.85
245*
Foundation Co. of Canada*
Mar
May
7
16
Famous Players C Corp..*
Mar
190
6
1.75
82
311
May
12)* May
20
May
1.75
*
May
155
36
1.75
24
Dairies
3)* May
10J* May
1.75
16
100
615
11
34
24 X
Preferred
3)* May
Feb
23
Dom Tar A Chem
300
146
Brewers A Dlsts of
23
75*
7H
21
158
Jan
Feb
17 X
23X
Jan
135*
116
300
155
Bathurst P A P Co B
May
76
6
......
300
158
Feb
May
32
*
300
7
11
205*
Dominion Stores Ltd
Apr
85
29
100
Dominion Steel A Coal B 25
100
100
Mar
20
21X
*
May
10 X
55
30
25
Mar
30
20
Distillers Seagrams
Dominion Bridge....
Dominion Coal pref
Dominion Glass
15x
115*
13
4
Mar
212
Jan
82
6X
"~4K
176 X
May
Feb
75
Consol Mining A SmeltingS
*
626
13 X
23 X
108
May
190
Mar
8X
99
3X
"iix
145
179
Brit Amer Oil Co Ltd
14X
11
Canadian Cottons
100
Cndn Foreign Investm't..*
Cndn Industrial Alcohol.*
145
65
Can Iron Foundries pref 100
Canada Steamship (new).*
5% preferred
...60
Canadian Bronze
*
2,890
26)*
19 X
112X
11X
*
Can North Power Corp..*
45*
7
25
Jan
Mar
14 X
6X
25
Apr
169
150
13
......5
6
116
195
Mar
Jan
Apr
Bulolo
25
....
45
Building Products A (new) *
*
3
16X
49 X
Feb
May
5 X May
24
May
4)* May
12
May
Bruck Silk Mills
151
190
Feb
7
9
May
145
195
....
May
46
100
140
150
Commerce
Montreal
Shares
8
Bathurst Pow A Paper A_*
Bawlf (N) Grain pref-.-lOO
26
100
Nova Scotia
Range Since Jan. I, 1940
46
Breweries..
Preferred
oj Prices
Low
for
108
Agnew-Surpass Shoe prflOO
Algoma Steel Corp
*
Anglo-Can Tel Co pref..60
Asbestos Corp
*
Week's Range
.100
Royal
Last
„
•
No par value,
1
f 20c
r Canadian market.
2X
May
1,545
4
May
10
Feb
335
14
May
6
May
22 X
20
Feb
7X
75
9X
3,145
7X
May
21X
1.00
100
3.50
Jan
16X
Apr
11
Apr
13
50
1.00 May
15
May
8
75
7X May
20c
100
20c
(May
60c
Jan
Jan
Jan
Markets—Listed and Unlisted
Canadian
Montreal Curb Market
12
75c
*
Co—*
MacLaren Pow & Paper..*
McColl-Fr OH6%cm prflOO
9
81
90
96
25
383
7
585
May
3*4 May
5H May
1 65
Mar
15H
39
10
39
May
4
165
4
May
99
95
99
May
111 H
4
May
7H
Feb
5
Jan
534
cum
May
112
Feb
12
Apr
5
5
25
98
98
114
98
5
A__*
pf.100
6H May
6
6
60
6
Jan
4H
4H
25
4
Feb
554
50
75c May
1.20
Apr
Walkerville Brewery
75c
30
May
4354
Feb
17
May
20 H
Feb
*
Walker-Good & Worts (H) *
31H
31H
75
*
17H
17H
75
$1
pref
cum
12c
Cartier-Malartlc
19c
2,500
49c
2,100
35c
Jan
May
52c
Apr
May
47c
Jan
May
15c
2,300
49c
Ltd.*
17c
13HC
14c
Bldgood-Klrk Gold—1
Cndn Malartlc Gold
*
12c
87c
Gold
lXc
1
Cent Cadillac G M Ltd_.l
lHc
3,000
lJ4c May
2Hc
Feb
6Hc
7c
8c
2,300
6 He
May
5c May
20o
Mar
16c
Jan
2934
254c
Jan
Jan
4Hc
4Hc
5Hc
3,000
17 H
1
*
Chibougamau
17 H
17 X
55
lHc
lHc
Tie
2.06
2.17
3,000
1,800
May
1 He
Feb
2.06 May
1
40c
37c
40c
2,100
37c
Falconbrldge Nickel
*
2.27
2.27
2.43
350
Francoeur Gold
*
21c
20c
22c
3,300
Dome Mines Ltd
1
Duparquet Mining
East Malartlc M Ltd
Eldorado Gold
lHc
2Hc
lHc
1
J-M Consol Gold
2Hc
Jollet-Quebec Mines
lHc
314c
1754
82c
82c
20 X
2c
2c
850
1
2.65
2.70
Mclntyre-Porcuplne M's.5
McKenzIe Red Lake G M
40 K
40 H
25
60c
60c
1,200
Mac ass a Mines Ltd
Jan
4Ho Feb
854c Mar
1.45
Jan
3134
Jan
5c
Apr
4 80
Feb
Jan
Feb
56 H
1.00 May
1.49
Jan
Mar
5054
60c
...»
69c
10,300
60c May
1.45
35c
1,000
35c May
54c
Apr
1.82
Jan
Jan
71c
Pato Cons Gold Dredging.
1,450
1,200
300
2Hc May
2.00 May
1054c
2.10
1.12
1
71c
2Hc
2.10
~2He
71c May
2V8C
Gold
Pandora-Cadillac Gold...l
1.12
250
1.00 May
2.10
Jan
400
1.12
2 11
Jan
Par
2.55 May
1.12
Metals Co
1.12
1
Perron Gold
1.25
May
Jan
2.50
Sherrltt-Gordon Mines... 1
..1
SIscoe Gold Mines
2.50 May
4.15
500
1.51 May
2.40
Jan
65c
4,045
68c May
1.15
Jan
64c
68c
400
1.51
65c
65c
2.50
1.51
Gold
Preston-East Dome Mines 1
68c
3,400
64c May
95c
Apr
13H
1254
*
1554
15
Cndn Industrial Alcohol A*
1.75
Canadian Malartlc
...
1.30
14 H
Smelters
Petroleum
50
1934c May
15
May
1,200
24c May
800
15
19Hc May
21H Mar
24c
Home OH Co Ltd
*
1.45
1.40
1.50
5,025
1.30 May
3.10
Jan
2c
2c
2c
3,000
234c May
7C
Jan
1
*
*
Homestead Oil & Gas
Pacalta Oils Ltd
.
Rovallte Oil Co Ltd
3Hc
18 X
3Hc
314c
500
40
1854c May
Week's Range
Last
of Prices
High
Sale
Price
Low
1,1940
Range Since Jan.
for
High
Low
1.10
80c
1.10
100
554
454
654
2,700
1,215
6%
preferred
454c
12c
434c
1,500
12c
1,000
26
26
Acme Gas
*
Ajax O&G
1
Alberta Pacific Grain
Aldermac Copper
..
prflOO
*
Algoma Steel
1
Anglo-Can Hold Dev
Arntfleld Gold
*
1
Astoria Que
.
Ault & Wlborg
190"
175
190
210
Mar
16 H
16
Dominion Scottish Invest
Duquesne Mining
Eldorado
Aunor
Gold
Bankfield
1.05
1
1
Mines
Cons
15
1.01
8c
1.10
7,892
854c
1.00 May
1,749
8c May
192
100
195
192
195
38
Bank of Nova Scotia—,100
297
297
299
18
238
242
37
May
297
238
Bank of Montreal
100
Bank of Toronto-.
May
May
Bathurts Power A
*
975
1154c May
7
May
Bear Exploration
1
4c
4c
5c
5,200
4c May
Beattle Gold
1
84c
84c
90c
5,950
84c May
Beatty A
*
354
3
354
120
Beauharnols
*
354
254
354
154
12c
Base Metals
100
Bell Telephone Co
13c
9
734
9
151
15c
Bldgood Klrkland
Bobjo
12c
150
4,200
637
152
12c 2054c 104,500
454c
...
*
8.10
5c
7.75
8.25
7
554
British American Oil
*
Brit Columbia Power A.
554
1654
1554
1734
25
25
2
Brazilian Traction
2
*
B
28o
"21c
Mar
268
Feb
Hamilton
Jan
Hamilton
15H
Jan
Hallnor
9340 May
1
Bridge
*
Cottons pref..30
1
-
33c
Carpets
Hard Rock
554
Apr
Jan
Mar
Apr
Holllnger
1
Jan
Huron A
122
25
May
30
50
2
May
3H
Apr
28c May
69o
Jan
Imperial
Imperial
Imperial
3.25 May
8.60
Jan
Intl Metals A
12
17 H
Jan
100
Preferred A
100
Intl Milling pref
100
International Nickel—.
International Petroleum..*
Intl Utilities A
*
3.50
3.25
4.00
1254
1234
1254
145
134c
154c
3,000
1
...
29c 3254c
lHc
May
May
May
May
May
-
Calgary & Edmonton
-
*
*
1
255
634
1.25
1.16
1.30
4,215
1.16
20c
20c
25c
4,500
20c
3
Burlington Steel
354
25
9554
354
5
9534 May
365
3H May
734
—
Class A
Canada Cement Co
Motor preflOO
Malting
Canada Packers
Canada
Canada Wire A
Breweries
Preferred
Cndn Bk of Commerce.
104
104
50
134
354
1154
3454
340
70
•
*
50
104
33
*
Mtge—100
Canada Steamships
Preferred
9554
354
100
*
8
80
330
May
104
May
3234 May
70
May
13054 135
354
354
101
130 H
260
3H
1354
565
11
May
May
May
10
50
May
11
50
*
3
50
Mar
354c
Apr
14
Jan
2.39
Jan
470
Jan
5H
105
834
106
Jan
Mar
Kerr-Addison
Klrkland-Hudson
Klrkland Lake
1
Lake Shore
1
65
Apr
2 75
Apr
*
3154
Apr
100
151
147
154
81
Feb
•
No par
value.
May
4
May
14
May
Mar
6Hc
5HC
10H
1434
15H
1,630
7c
500
7c May
20c
22c
5,400
20c May
Apr
Jan
Jan
Jan
22 H
11c
70o
May
16H
Jan
May
97
Feb
May
6
4H
May
10 x
4c May
lOHc
J&n
Apr
11
50
80
lHc
31c
11c
9c
10c
1,500
15,650
3,000
16,500
9Hc
lc
63 H
410
4c
1,000
lMc
Jan
25c
May
23c
Janfl
Jan
9c
May
22o
Jan
9c
May
26o
Jan
lc May
52 H May
3c May
3
May
50
15
Feb
69o
10 He May
70
15
Fe
2Ho
1,500
1,500
52 H
15
Jan
2H
115
lHc
Jan
15
11
82
15
l%c May
67 X
Feb
6Hc
Mar
Apr
8
May
27 H
Jan
2H*
2H
45
1H
Feb
3H
Mar
36C
37c
5,600
35c
May
64o
Jan
2H
May
5H
Mar
lc
lc
1,000
lc
May
3H0
Jan
lHc
134c
154c
3,000
lHc May
Feb
254
320
3
3
4
996
34
334
34
25
825
6.00
400
3
3
55c
68c
21,360
2,266
4c
6.50
3Hc
8H
May
34
5.00
65c
May
3
38 H
May
May
7.76
Feb
May
4H
Jan
55c
May
1.48
Jan
3Hc May
10c
145
9
8H
May
May
9.90
9.75
10.50
6,100
1.41
1.35
1.55
19,615
1.30
May
2c
2 He
8,500
2c
May
Jan
3.10
7 Ho
Jan
Feb
Mar
25
5
17H
Jan
24 He
May
19 H
57
May
34
Jan
May
74 H
Jan
58
62
23
190
193
71
190
10 H
10
11
7,536
10
1254
1234
13
850
12
240
5
v
754
5
Jan
837
26c
19H
5H
Jan
16
15
4,450
21H
25c
19 %
190
Apr
3
9.75
May
40H0
Jan
Jan
220
May
15H
Jan
May
16 H
Mar
May
H
15H
Jan
90
2834
92
20
90
May
114
Apr
90
90
35
85
May
113H
Apr
10
111H
May
27H
May
47
May
Mar
115
6,688
11154 11154
29
27 H
24
Jan
Feb
H
9,575
15
7
7 H
71
7
May
11H
20c
20c
30C
20c
May
65c
Jan
2c
234c
1,000
2c
May
5c
Jan
6c
1,500
5c
May
19o
Jan
134c
lHc
14,048
lHc May
4Hc
Feb
1.40
1.80
29,163
1.40
2.75
Jan
32c
Feb
15H
1554
......
G—*—-——
Lapa-Cadlllac . ....
Lamaque
2o
1.44
Jan
J M
2c May
1,000
1,120
2c
5
4
21
134c
Apr
8H May
2154 Apr
178
1,170
10,200
17
—
Consolidated.
150
1.20 May
Jeliicoe—...
Apr
2154 May
May
30
254c
"§6c
2c
3934
10454
555
/
May
23
5c
Jacola..—...
281
147
Apr
3
Intl Utilities B—_
25
1.60
600
3
Preferred
Jan
24
1.25
May
3
25c
—
&. Sm._
Erie....——.100
Bank of Can..100
Oil
—
*
Tobacco
5
Jan
25
*
2.20
21H
Honey Dew..
Howey Gold
Jan
4,975
2c
Consolidated.—5
*
Home Oil Co
Jan
2.75
2.20
354C
8H
2354
3,342
1
30c
Jan
11.00 May
6
Feb
4c
Hudson Bay Mln
5H
1 23
May
26c
lc
52 H
Hinde & Dauch
52 HO
18H
May
May
9Hc
Harker
634
Jan
May
37c
4
8
15c
25c
Harding
May
Jan
3,000
10 He
—*
Halliwell
4.10
4H
H al crow-Swazey——1
Feb
Apr
16c 16 He
Gypsum
Jan
Jan
80
11
9Hc
Jan
10 He
70
Jan
Apr
May
40
May
80
"80
Jan
Apr
Feb
May
2.00 May
3 He
3 He
7c
—
315
169
7,700
2c
Glenora
2H May
150
May
Jan
42c
21
4H
1454
*
100
*
Lake
Mar
12c
9
2c
*
1.19
3
75
8H
2.25
Apr
Building Products (new).*
Canadian
39,856
22
1
10H
B uffalo-Ankerlte
Can Permanent
2.40
4
11H0
24,756
1,150
Can Cycle &
2.00
38C
May
1454 May
1,655
2,800
1
Canada Bread
4,500
2,000
2c May
1,000
4c
9
454c May
7.75 May
4,600
Broulan-Porcupine
Calmont
2.68
211
3.50
3Hc
Homestead Oil
Bralorne
Bunker Hill.
4Hc
May
Jan
254c May
7c
103
1.00
lHc
Jan
Jan
50
1
*
1
Golden Gate.———
1
Gold Eagle
1
Good fish
1
Goodyear Tire & Rub prfSO
Grandoro
*
Great Lakes vot trust
*
Voting trust pref
*
Great West Saddlery
*
Gunnar
1
Jan
Apr
1.00
180
Jan
2c
6H
8H
4,000
17c
101
100
May
May
5H
1.03
1,000
3H
3X
3H
234
6Ho
4c
205
2.20
—»
Francoeur
Jan
2,990
4
2 He
16 He
Falconbrldge
16H
8H
3Hc
Extension Oil
Fanny Farmer
Federal-Kir kland
Apr
May
654
354c
25
Equitable Life...
Feb
1.60
2Hc
*
1
Eastern Steel
22 H
6X
354c
*
1
East Malartlc
May
1.25 May
1.00
1
Crest
May
16
230
3H
*
...»
1
Dominion Tar
175
100
1.25
Jan
334
"""754
—25
*
-
42
16 H
1.25
4Hc
Feb
Jan
25
4c
1654
Apr
—100
22 H
234
4H
Apr
48c
8,300
1,000
May
May
4c
May
154c
8,625
254c
Apr
27 H
234
4c May
9,500
254c
35c
May
Goldale
54c
103
31H
3*4
May
God's Lake
554c
2c
May
16c
May
Jan
254c
254 c
May
75
15,100
70
Jan
4c
103
22
570
18c
22 H
39 X
Mar
48c
1
1
100
Ashley
150
1.00
15c
22
1
Jan
Jan
Feb
29
Preferred
38c
Jan
49
178
May
May
6c
"~50c
May
May
May
22 He
7H May
157
70
12c May
335
32
150
Gillies
854
°1,910
75c
General Steel Wares.—.*
9,650
28 H
32
161
28 H
Jan
Feb
16o
70
Jan
1334c 1534c
5c May
19
70
Preferred
East
May
13
39 H
Apr
36
Feb
1.98
100
2.50
May
Apr
1.65
1,625
2,540
17H
26
30c
May
1834
May
13 He May
734
154c
8
*
Amm Gold Mines
1334c
50
May
3954
4H May
4c May
80c
19c
1.30
1.05 May
600
17
Rights
*
Abltlbl
Jan
3954
Gatlneau Power
Week
Shares
9H
20 H
1
Fernland
1
Fleet Aircraft.——
*
Ford A
*
Foundation Petroleum_25c
Sales
Friday
Par
Jan
36c
Exchange
Toronto Stock
Stocks—
Mar
3c May
3o May
1814
40c
May
21H
Dorval-Slscoe
20c
Jan
3H
"3954
*
Dominion Woollens
15
Jan
78o
15c
*
Dominion Stores.
19X0 1914c
68c
*
100
Dome Mines
Dominion-Anglo
Dominion Steel B
24c
1.05
18 H
17
Distillers Seagrams
Jan
19Hc
Jan
May
35o May
75c
"22 H
*
*
Davles
454c
160
*
Cub Aircraft Corp..
Jan
*
2954
100
Gas
Consumers
5c
1
5
Consol Chibougamau
Cons
14
Bakeries—.*
Consolidated
3lo
*
Jan
1,000
Coniaurum
4.15
Dalhousle Oil Co Ltd
14o
4lc
102
5c
Jan
Jan
May
25c May
100
13
75c
2.55
5c
1,725
19c
19c
Apr
May
61c
9,480
2,000
7,406
1,400
6,400
2,075
6c
2.67
1.45 May
17,437
1.19
3.00 May
Canadian Oil Cos
62c
1.70
1.05
934c May
6.50 May
*
61c
1.30
200
Calgary & Edmonton
Calmont Oil Ltd
200
434
3,200
Jan
Apr
1.96
1.30
•
11c
Jan
Apr
22
5Hc
6
3.10
1.03
12
May
1.95 May
454
10c
2.35
May
3H
,
May
May
13 H
42c
Cockshutt Plow
13
9H
3H
95
20
35c
Conlagas
Mar
8H
1,155
9H
1.45
Commonwealth Petroleum*
Jan
May
4
1.70
1
Jan
123
15
9H
13 H
42c
3.00
May
May
Cochenour-Willlams Gold 1
2.00
50c May
4
46c
Dominion Coal
1.20
3,854
30c
Dominion Bank..
400
4%
25c
Jan
300
4
41c
Jan
52c
May
25c
Jan
1.27
115
*
61c
47c
60
1
Porcelain
Chromium
1.00
1.20
11834
Cheetervllle-Larder Lake.l
3.35
on—
85c
"eic
50c May
Anglo-Canadian Oil Co...
Jan
3.62
1
Central Patricia
2.00 May
160
32
41c May
1.95
Castle-Trethewey.
500
5.55
May
1.65 May
15
300
5.55
15
940
4
*
2,900
Wright-Hargreaves
55
1,960
4
*
Wlrebound
52c
Jan
Feb
47c
9H
*
Wineries
Canadian
Central
Jan
37H
1.85
4H
Canadian
Cariboo
29
May
115
26
Cndn Wall Paper cl B
May
20
95
41c
100
C P R
Jan
12 H
410
1.65
*
Canadian Oil pref
24c
8.20
Feb
16H
1554
2.00
10c
14
May
24
52c
Wood-Cadillac Mines...
Feb
May
6H
13 H
21
24c
1
7
24
Celanese
Sullivan Cons Mines
Sylvanlte Gold...
Teck Hughes Gold
22
7H
18
80
8H
6
_*
Preferred
Sladen-Malartio Mines...1
24c May
May
374
2,000
8
634
*
25
Canadian
1,1940
High
Low
Shares
19
18
8
*
Can Car & Foundry
Cosmos
Pend Oreille Mines &
Pickle-Crow
680
May
35c
66c
Malartlc Gold Fields
Nor metal Mining
Apr
234c May
1.00 May
4,000
Lebel-Oro Mines...
5 05
2034 May
134c
Jan
2.50 May
140
2c
Jan
134c May
50
20 X
Jan
1.25
20c
7,500
1
4.10
May
2.40 May
14,700
Lake Shore Mines Ltd._.l
Klrkland Lake Gold
O'Brien
Stocks (Continued)
of Prices
Low
High
Price
Range Since Jan.
for
Week
Week's Range
Sale
Canadian Dredge
Mines Ltd
Consol
Last
Class B
Aldermac Copp Corp
Sales
Friday
Canadian Canners cl A..20
Mines—
compiled from official sales lists
May 25 to May 31, both inclusive,
Jan
75c
Sts6H%cm 1st pf 25
Exchange
Toronto Stock
Jan
United Securities Ltd.. 100
Thrift
TORONTO
Jordan Street
11
Jan
185
4H
4H
4H
Sarnla Bridge Co Ltd
•
Apr
4
Page-Hersey Tubes Ltd..*
Provincial Transport Co..*
| ^innipeg Grain Exchange
Jan
4754
CO.
IThe Toronto Stock Exchange
.
Members
Apr
634
99
39
Nooduyn Aviation
6%
Jan
101H May
1.00
4H
5H
10
Ltd..*
*
Moore Corp Ltd
Sou Can Pr
Jan
20
1.00
4H
4H
Industrial Securities
F. J. CRAWFORD &
Jan
2.00
22
May
1.00
Melcbers Distilleries Ltd. *
Preferred
9
115
9
Jan
28
75c May
100
75c
May
12
10
12
Lake St John P & P
Mitchell (Robt) Co
listed and unlisted
on
Canadian Mining and
High
Low
Shares
Low
Lake Sulphite Pulp
Jan. 1, 1940
Week
of Prices
High
Sale
Price
Par
Range Since
for
Week's Range
Last
(Concluded)
invited
Inquiries
Sales
Friday
Stocks
3493
Commercial & Financial Chronicle
The
ISO
Volume
May
15c
900
15c
May
"76c
75c
85c
16,770
72c
May
2034
1954
2034
1,741
19H
5.80
5.75
5.85
4,385
7c
7c
8c
2,200
15c
*
May
5.65 May
7c
May
1.64
32
Mar
Jan
Jan
7.50
Mar
22H0
Jan
3494
The Commercial & Financial Chronicle
June 1,
1940
Canadian Markets—Listed and Unlisted
Toronto Stock
Laura Secord (new)
Week's Range
for
Sale
Par
of Prices
Price
Low
High
Loblaw
"
20%
J
Mines.—.
Shares
Low
High
485
9%
May
13
Jan
2c
17,500
lc
Jan
5%0
Apr
88o
Jan
3.40
Jan
51c
51c
2,447
1.71
2.05
5,925
20%
22%
21%
774
May
May
20% May
440
20
47c
1.71
28 %
26%
2.55
May
62o
Jan
60c May
1.45
1.25
6,408
Madsen Red Lake
1
31c
28C
33c
17,800
26c
60c
70c
20,600
%c
2,500
%o
Apr
l?*c
51
6%
Jan
10
Manitoba & Eastern
*
\
-*
~io"~
%0
10
5
2%
3%
4
5
Maple Leaf Milling
*
~~3%
Preferred
Maralgo
1
Maasey-Harrlfl
2c
—iw
McColl Frontenao
2c
3
--
Preferred
*0"
Mclntyre
°
-
McKenzle—
26
"83"
82
McWatters Gold
'
585
1,200
1,943
89%
90c
365
26
5
2,380
May
39% May
9,600
90c May
5%c
6c
28C
7
7
7
25c
Moneta
2,560
2%
10
4%c
--*
36
36
-100
1
.
Murphy
5c
6,010
39
145
'2%'c
1,300
50c
50c
*
—
Moore Corp
Class A
Morrls-Klr kl and.
51c
2%
208
145
3c
2%C
1
l%c
National Grocers—-—-*
National Grocers pref—-20
5%
24%
5
lKc
6%
24%
5%c
7,200
Mar
6
25
99%
99%
$3,450
5%o
Apr
11
May
99% May
Jan
100%
Apr
Exchange—Curb Section
Friday
Sales
Last
Week's Range
for
Sale
of Prices
Week
Par
Stocks—
Price
Low
Jan
BruckSIik
Jan
Can Bud Brew
Jan
Canada Vinegars
Canadian Marconi
Jan
—*
4%
4%
4%
5
5
5
6
*
5
6
65c
80c
650
3%
5%
4%
7,796
3
5%
65
5
Jan
1.47
1
May
May
10
Consolidated Sand pref. 100
55
55
50
50
May
65
Jan
50
50
5
40
Jan
68
Apr
91
91
10
86
Mar
92
May
24
25}*
125
24
May
Jan
12%
Apr
Foothills
May
May
4 %c May
48c May
35
May
145
May
2%c May
1.33
Jan
Howard Smith Paper Co..*
10
6
Feb
9c
*
24
———*
—
Klrkland-Townsite
40c
Jan
Pawnee-Kir kland
Pend-Orellle
1
189
May
Temiskaming Mining
1
WalkviU Brw
*
80
Jan
Jan
2%o
9c
500
27
26
27
280
Mar
Feb
40
40c May
13
Jan
1.05
May
9c May
May
Jan
23%
26
Apr
18c
Apr
31%
Feb
%c
%c
500
%c May
2c
Apr
1.05
1.20
5,275
99c May
2.35
Jan
3%c
4c
1,000
3%c May
8%c
Jan
70c
70c
100
70c May
1.25
Apr
1
T.15
Apr
8%
—......
75
2%c
1,900
9c
Montreal Power........*
Jan
Apr
40c
13%
13
1
48
93%o
May
May
24
Feb
Apr
Jan
15%
3%c May
8%
Apr
*
Dominion Bridge
lc
May
*
Jan
5
5
6
Jan
275
6%
Consolidated Paper
Jan
515
1,200
4
Consolidated Press A
58o
1,000
High
4% May
Jan
58
45c
Low
100
Apr
15%c
6%
Range Since Jan. 1, 1940
Shares
Mar
101
2%
High
Jan
May
5c
100
45c
100
Toronto Stock
25c May
6,700
Corp
99%
Corrugated Box pref—100
De Havllland pref
100
1,500
25C
"25c
6
High
4c May
May 25 to May 31, both inclusive, compiled from official sales lists
Jan
6H
59%
9%
82
1.00
Low
7,900
Apr
7
May
21
42
6c
May
5%
9%
4%c
May
135
90c
Mercury Mills..
Monarch Knitting
Monarch Oils
May
1% May
3% May
2c May
2%c May
5%
85%
39%
1
5
1,290
28
5
J
McVlttle
2%c
3%
2%
27%
--*
Preferred
Mining
10
5
1%
Preferred
5c
6
War Loan 1948-1952
J an
9,265
1.00
Maple Leaf Gardens
*
6c
Range Since Jan. 1, 1940
Shares
High
Bonds—
Feb
2.85
1.16
65c
Low
Jan
4.75
2.55
1
Gold
Week
*
York Knitting..
for
of Prices
Price
Par
Ymir Yankee—
Week's Range
Jan
May
2.30 May
1.00 May
2.62
MacLeod Cockshutt
Malartlc
Stocks (Concluded)
10%
20
Macassa
Sales
Last
Sale
lc
J
i "l'.98
'
A
Range Since Jan. 1. 1940
9%
lHc
Little Long Lao
Exchange
Friday
Week
3
Lebel-Oro
Stock
Sales
Last
Stocks (Continued)
Toronto
Exchange
Friday
Mar
Natlohal Petroleum
2,000
5%c May
26%
2l%c
Mar
25c
National Sewer A—
*
6 Vi
6%
7
87
National Steel Car—»—*
Jan
Closing bid and asked quotations, Friday, May 31
35%
41
537
6% May
35% May
10%
39 %
69
Jan
(American Dollar Prices)
14c
13c
15%c
34,700
13c May
37%c
Jan
2c
2c
1,000
2c May
4%c
Apr
6c
6c
500
5%c
Apr
9%c
Jan
1.00
1.00
600
1.40
Jan
Abitibi P & P ctfs 5S..1953
3,296
78%
Jan
Alberta Pac Grain 6s.. 1946
57
59
3%
51%
3%
1.00 May
47
May
4%
Apr
Algoraa Steel 5s
61
63
70c
70c
1,450
1.35
Apr
13c
15c
108
108
2,800
34c
Jan
British Col Pow
4MS-1960
1946
56
58
Jan
Brown Co 1st 5}*s
29
31
9% May
Calgary Power Co 5S..1960
66
70
61c
Feb
62
6%c
Feb
Canada Cement 4^8.1951
Canada SS Lines 5s...1957
54
Jan
Canadian Canners 4s. 1951
58
Jan
Nay bob—.—
1
New bee
—-—
New Gold Rose
\
o
N1 pissing..
Noranda Mines....——.*
North Star pref
o
Okalta Oils
48
47
*
Omega
Ontario Loan
-1
"l3c
50
Orange Crush pref
Oro
5%0
*
Plata
22c
——.
Paymaster
Cons
Perron
1
1
Pioneer
Gold
----1
Porto Rico pref
100
Powell Rou—————1
Power
Corp
Quemont
—
Reno Gold
1
Riverside Silk
Roche L L
*
—-1
Royal Bank..
100
Royallte OH———-—*
St Anthony
1
St Lawrence
San Antonio
Corp
May
3%c
1,500
2%c May
100
186
95c
1,000
2%c May
3%c May
10%c
2%c
4c
7,500
24c
40,300
1.25
11,370
1.10
19
19
'~2~50
2.40
2.80
8,341
2.05
2.05
2.10
1,210
95
95
95
10
5
85c
92s
6
6H
190
80c
1.50
80c
1
170
95
80c
5%
80c
6
25
1.45
1.66
23,429
1.45
5c
"l9c
5c
500
18c
23
19c
...
3c
25
3%c
150
157
18
20
9%c
9%o
2%
2,600
15
3,500
185
398
10c
5,130
2%
T.40
15
1
1.30
1.68
17,758
6c
6c
7c
2.000
1
15c
15,700
May
18c May
23
May
2%c May
150
May
18
May
8c May
2% May
20c
25
2c
Sheep Creek
Sherrltt-Gordon
1,500
50c
83c
85c
3,350
61c
67c
14,829
4
4%
234
5%
250
5
40
15
1
67c
*
5
Simpsons A
17
Preferred.—..——-100
17
17
80
79%
86
Feb
15c May
16
May
McCoU-FrontOU4Ms 1949
58
60
29
31
45
47
29
1961
31
Power Corp of Can 4%b '59
Price Brothers 1st 5s..1957
61
65
55
57
..1962
57
59
4%b series B
..1966
Winnipeg Electric—
61
63
Jan
11%
Jan
1.42
Jan
12%
4s
2.38
41
43
Famous Players 4 %s. .1951
Federal Grain 6s
1949
58
60
4-5s series A
1965
38
40
55
57
4~6s series B
1965
24 %
26%
*
Jan
8c
62
1956
Feb
No
par
value.
/Flat
price,
n
Nominal.
Jan
57c
28
6%0
190
Jan
American
Canadian
Jan
Jan
36%
Feb
Jan
Jan
Jan
58c May
1.18
Jan
6%
Feb
7%
Secretary of State Hull on May 29 modified regulations
of the Neutrality Act to allow American
pilots to fly Americanmade war planej to Canadian
ports in the three eastern
Provinces.
This step was taken, it is said, to speed the
delivery of aircraft to the Allies. The change was described
in Washington advices of
May 29 to the New York "Herald
Feb
21%
Feb
1.24
Jan
950
Apr
7,600
60c May
25c May
61o
Jan
2%c
3%c
3c
3,000
1,000
2%c May
2%c May
20c
1,000
20c May
7%C
7%0
62 %c
Jan
3%c
20c
50c
50c
22
55c
260
2.00
10
28%
Mar
64%
64%
67
130
66
65
66
115
Tribune"
Mar
pilots could not fly into the Canadian
Scotia and Prince Edward Island.
to
fly
a
areas.
Jan
Jan
follows:
as
According to the original regulations under the Neutrality Act, American
Jan
22
50c May
22
May
105
Deliver Planes in Three
Provinces, Secretary Hull Rules—Modi¬
fication of Regulations Under Neutrality Act
Jan
210
57c
Pilots Permitted to
Mar
5%c
Provinces of New Brunswick, Nova
The ruling today permits an American
plane from the factory in the United States to any port in these
The main
port
is
Halifax, Nova Scotia.
However,
a
stop
must
still be made at the border.
Thus
the
new
regulation
amends technically
the neutrality provisions
.*
1.15
1.10
1.45
34,270
1.10 May
3 10
*
Apr
3%c
3%o
3%c
*
Steep Rock Iron Mines..
Straw Lake Beach—
that did not permit American citizens to
fly in belligerent aircraft in the
Canadian areas, but still maintains in force the
stop at the border to allow
for the transfer of title which must be fulfilled under the
3,520
3%c May
8%c
Apr
10
10
provisions of the Act.
10
12%
20 %c
Jan
64% May
63
May
86%
Jan
83
Jan
Stuart OH
Sturgeon River
1
11c
11c
Sudbury Basin
Sudbury Contact
1,500
May
10c May
*
1.00
1.07
2,230
1.00 May
2.05
Jan
1
4c
4c
Sullivan
4,500
4c May
8%c
Feb
1
52c
55c
2,325
52c May
1.02
Jan
*
4
4
4%
Mar
3.45
Feb
.
SupersllkB
Sylvanlte Gold
—
J
common
2.18
*
Hughes..
1
Texas-Canadian
9
20
2.20
10
4,085
245
10
4
May
1 99
May
9
2.95
1
2.75
3.15
6,466
May
2 75 May
1.10
—1
Toburn
1.99
100
1.10
405
1.10 May
1.25
300
1.00
Toronto Elevator_......*
Toronto Elevator pref. ..50
1 00
May
12
4.15
Jan
2.25
1.90
20
110
Jan
10
47%
May
Mar
32
48
49
80
31
75
May
90
12c
12c
12c
2,200
10c May
35c
1
35c
35c
Union
40c
*
2,580
35c Maj
1.12
B
12
12
13
1,560
12
31
30
33
140
30
135
4
Feb
May
May
42
Mar
10
Feb
4
3
3%
3,960
—1
66c
61c
70c
59c
Feb
*
14,855
2.10
2.00
2.25
3,578
2 00
*
Upper Canada..
Ventures
17
4
*
United Steel
;
Vermllata Oils—
"Watte Amulet
Walkers
Wendigo
Winnipeg Electric A
Wood (Alex) pref
May
16c
500
13c May
17 %o May
5,033
1,036
2 70 May
30
May
17
43%
Jan
17
17%
661
17
May
20%
Feb
10c
2,500
Jan
160
Apr
2%
250
2
May
5
Jan
10
50
Jan
60
May
9c
2
60
2o
*
2c
2,000
2c
10
11
939
10
82
10
82
1.00
100
70
1
*
60
8c
82
10%
100
Wright Hargreaves
Jan
3.70
1
Wood Cadillac
Jan
6%
32
Westflank
Preferred
8Hc
May
3
97c May
4.35
Jan
16c
Western Canada Flour..
West Grocers
Westons
3c May
1,200
2.70
*
--*
-*
3c
30
—1
Preferred
5
3c
Jan
Jan
May
3%
—
United Oils
1.10
70
325
5
10c
5.20
1939,
the
I,
Previous regulations relating to travel on belligerent vessels
given in our issue of Nov. 25, 1939, page 3543.
Feb
1
Uchl Gold
United Fuel A
of
"American nationals may travel in belligerent aircraft over the Canadian
Provinces of New Brunswick, Nova Scotia and Prince Edward
Island."^is
Apr
75
to
authority contained in the President's proclamation
1939, issued pursuant to Section 1 of the Neutrality
Cordell Hull, Secretary of State of the United States,
hereby prescribe the following regulation, amending the regulations issued
on Nov.
17,1939, and Dec. 14, 1939, relating to travel on belligerent vessels:
Jan
Feb
Towagmac—
Gas
Pursuant
No. 2374 of Nov. 4,
Act
May
20
Toronto General Trusts 100
cash-and-carry
The announcement of the
change in the regulations follows:
Mar
48
19
12c
8,100
5.20
5.65
8.147
110
70
10c
6.05
4c
May
May
May
May
May
May
5 20 May
;
Saguenay Power—
2.18
-*
Preferred
Teck
77
Quebec Power 4s
25
Steel of Canada
Tamblyn
73
40
61%
79% May
—*
21
61
262
3c
52
19
38
Donnacona Paper Co—
6,280
1
South End Petroleum
*
Southwest Petroleum...-*
Standard Paving...
*
50
Minn & Ont Pap 6s...1945
64
Jan
101
65c
63c
56
60
59%
25c
1
50
59
24c
1
Sladen Malartlc
Slave Lake
52
1961
Maple Leaf Milling—
2 %b to '38-5 Hs to '49..
Massey-Harrls 4 }£ s—1954
Dom Tar & Chem 4 %b 1951
60c
Slscoe Gold
Stedman
5%a ex-stock
58
Dom Gas & Elec 6 }*9-1945
Dom Steel & Coal 6%b 1955
24
May
May
May
5%B
50
53
Jan
2c May
81c May
4
62
58
48
Apr
Jan
161*
Int Pr & Pap of Nfld 5s '68
Lake St John Pr & Pap Co
Ask
56
4.25
Jan
2c
Gen Steel Wares 4}*s_1952
Gt Lakes Pap Co 1st 5s '55
2.35
Jan
15c
Preferred
24
15c
16%
Bid
29
Jan
5%
*
Sllverwoods
2.12
2.50
--1
Ask
Consol Paper Corp—
Jan
May
1 30
60
Utility Bonds
N Scotia Stl A Coal 3 %a '63
Jan
Apr
5%c May
Shaw key
Shawlnlgan
May
May
May
May
May
May
Beauharnols Power 5s. 1978
10c
•
27
1948
53c
5c
3%c
156
Jan
2 25 May
2.05
Feb
Bid
Canadian Inter Pap 6s 1949
Canadian Vickers Co 6s '47
May
10 May
18 %
1,400
6%
1
Senator-Rouyn
20c
4,200
6
6
111
2.35
20c
1.14
May
5,657
2%e
3%c
*
Sand River
95
90c May
20c
*
1
6
2%c
3%c
1
*
90
112
22c May
90c
*
-
Premier
Pressed Metals
Preston E Dome—
May
3,290
2%0
*
Pickle-Crow
13c May
108
25c
.
95
1
Photo Engraving
65c May
8
6
92c
Partanen-Malartlo— .—1
May
22c
3%c
Page-Hersey
*
Pamour Porcupine..—--*
Pandora-Cadillac—...-.1
3%
6
--*
Pacalta Oils.
50
Industrial and Public
Jan
Jan
Mar
15
A or
99
Apr
262
85
Jan
Mar
30o
Jan
8.15
Jan
were
Raleigh (N. C.) "News and Observer" Mark 75th An¬
niversary — President Roosevelt Congratulates
Josephus Daniels
A
message of congratulation from President Roosevelt
Josephus Daniels on the 75th Anniversary of the estab¬
lishment of the Raleigh (N. C.) "News and Observer" was
printed in the paper's diamond jubilee edition, published
May 18.
Mr. Roosevelt also congratulated Mr. Daniels,
to
who is United States Ambassador to Mexico,
on
the 78th
Anniversary of his birth and the 46th of his ownership of the
newspaper.
Despite the
your chosen
acclaim
The President said:
many
honors which have
profession, I feel that
which
has
come
to
you
as
none
a
come
to
has been
you outside the field
more
newspaper man
of
welcome than the
who through
more
than two score years has been unwearied in
upholding the highest ideals of
American journalism.
Volume
The Commercial
150
Quotations
New York
Bid
02K« July
15 1969.
a3s
Jul
1
1977.
a3s
Feb
1
1979.
92
o3Ks July
1
1975.
95
a3 Kb May
oZHb Not
1
1954.
101
103
1
1954.
101
103
94
;
90K
94
97
City Bonds
Bid
1 1960.
o3Ks Mar
03 Ks Jan
15 1976.
04s
1957
May
104 K 106 K
04b
Not
1958
104K 106 K
04b
May
1959
048
May
1977
04b
Oct
1980
99 K 101K
98K 100 K
1
109K 111K
110 K 112K
Jan
Nov
110K 112K
1 1974
1
1977
15 1978.1....
1 1981
o4Ks Mar
111
111
113
113
111 H 113K
111 K 113K
110K 112 K
1
May
1
Nov
1
Mar
1
June
1
July
Dee 15
1957
1971......
110 K 112K
112k 114K
112K 114K
113K 115K
114K 116K
1
1979
116K '1.18 K
106K 108 K
108 K U0K
1962
108 K U0K
a4Ks Dee
108
106
1966......
15 1976......
Feb
1960
04KB Sept
04Kb Mar
108 K 110K
15 1972......
June
o4Ks
a4Ks
a4Ks
a4Ks
a4Ks
o4Ks
104 K 106 H
mm
Federal Intermediate Credit Bank Debentures
Ask
1 1964..
04Kb Mar
a4K« Apr
a4K* Apr
a4K*
a4Ks
a4Ks
o4Ks
3495
Oyer-the-Counter Securities—Friday May 31
on
Ask
88 K
92
& Financial Chronicle
1957......
1963
1965
1967
Bid
mmm
Par
American National Bank
A Trust
.100
Bid
Bid
Ask
3s 1974
52.45
less 1
3s 1981
52.50
less 1
Canal A Highway—
52.65
Highway Imp 4Kb Sept '63
Canal Imp 4Ks Jan 1964..
133 K
133 K
Can A High Imp 4Ks 1965
131
Public
mesm
69
Sept 1958 to '67
126H
...
126 K
em mm
Barge C T 4K» Jan 11945.
112 K
4s Mar A
200
Bid
Ask
Asq
Holland Tunnel 4Kb ser £
1941
MAS
1942-1960
MAS
Gen A ret 4s Mar 11975.
105 K
Gen A ref 3d ser 3Ks '76
107
ser
3s 1976
1977
Gen A ref 4th
107 K
95 K
-
1942-1960
6.50
MAS
Bid
Par
Bank of Manhattan Co.10
699 to
90
Bank of Yorktown..66 2-3
62.25
Bensonhurst National... 50
75
Chase..............13.55
Commercial National.. 100
27K
2.90
102
16
13K
loo""
29
170
163
Ask
m -
.
..
Fifth Avenue.........100 660
First National of N Y—100 1565
101.8
101.14
Par
Bid
Ask
National Bronx Bank...50
38
43
National City
12 K
National Safety Bank.l2K
22 K
24
10
12
Penn Exchange
10
Peoples National
UK
OK
50
42
24
25K
Starling Nat Bank A Tr 26
23
25
120
1605
110
Govt of Puerto Rico—
Apr
1955...
99
101
4Ks July 1952
110
114
Feb
1952........
109
103
5s
106
109
1941........
102 K 104
July 1948 Opt 1943.
New York Trust Companies
109
113
109 K
Par
Conversion 3s 1947.....
110K
Bank of New York.... 100
330
355
Bankers..............10
Hawaii 4Kb Oet 1956—
46
48
Bronx County new...—35
18
Brooklyn............100
68
Federal Land Bank Bonds
i
Bid
3s 1955 opt 1945......J&J
3s 1956 opt 1946
JAJ
3s 1956 opt 1946
Ask
102K 103
102 K 103
102K 103
Af&N
Bid
Bid
Atlanta IKs, 2s
Atlantic Ks, 1%b
Burlington...
r
Chicago
mmm
15
r3
......
Denver 2s, 3s
First Carolina—
...
17
109 K 110
JAJ
Lincoln 5s__
81
Lincoln 5Ks__
First New Orleans—
99
....
First Texas 2s, 2Ks
First Trust Chicago—
99
4Kb, 4Kb
Fletcher Ks, 3Ks
Fremont 4ks, 5Ks_
Illinois Midwest 4Ks, 5s..
Indianapolis 5 J
...
99
63
99 K
'
)
...
...
...
...
Iowa 4Kb, 4Ks—
10K
20
41K
8K
Ask
Empire...............10
r44
88
F H A
100
Pennsylvania 1Kb, IKs
5s_
98 K
103
4Kb
Par
■
......100
Bid
r22
78
99
Southern Minnesota
712K
Southwest
81
(Ark) 5s
Union Detroit 2Ks
Virginian Is, IKs—
Virginia Carolina Is.
99
Ask
100
85
92
51
Potomac
50
56
San Antonio.
14
18
Virginia
5
Virginia-Carolina.
100
2K
Teleg (N J)
com.
Preferred
*
100
Par
Ask
89
New York Mutual Tel. .25
110K 113K
100
100
87
97
114
116
Cuban Teleph 6% pref . 100
48
Telep of Canada
Bell
Telep of Pa pref
100
•
'
43
mmm
21
Bid
Mtn States Tei A Tel.. 100
127
76
Bid
Preferred A
25
12
16
27
30 K
28
32
Alabama 4Kb
Arkansas 4Kb....
6a._______
—
Delaware 4ks
District of Columbia 4Kb.
Telephone—
131
100
Florida 4Kb... mmrnmmmmmmm
110
So A Atl Telegraph
25
Sou New Eng Telep... 100
16
36.50 1st pref
Georgia 4Kb
18
7% preferred.......100
16K
B
1
140K 145
Ask
5K
2K
IK
20
100
Ftshman (M H) Co Inc..*
UK
6
7% preferred.......100
Miller (1) Sons common..5
preferred....
50
65
1
101K 102K
102
103K
101
8
12K
—
102
102
103
101
102K
102K 103K
Mortgages
Bid
New Jersey 4Kb.........
New Mexico 4Kb.........
101
102
New York State
102
103
North Carolina 4Kb......
101K 102K
102K 103K
102
103K
101K 102 H
101K 103
N T (Metrop
area) 4K8..
4Ks
Pennsylvania 4Kb
Rhode Island 4Ks...——
South Carolina 4Ks*...—
Tennessee 4Kb...........
Texas 4Kb..............
Insured Farm Mlges4Kb
Virginia 4Kb- ——.
West Virginia 4Kb.......
101K 103
101
102K
101
17
Reeves (Daniel)
pref... 100
$5 preferred—...»
99
15
SPECIALIZING
■
■
F.H.A. INSURED MORTGAGES
The best
17K
"Hedge?* security for Banks and Insurance Co's•
/
fNow listed on New York Stock Exchange.
.
1 Ex 390 dividend.
Circular
on
request
1 Quotation based on 189.50 of principal amount*
STORMS AND CO.
Commonwealth Building
Pbone Atlantic 1170
Quotation not furnished by sponsor or Issuer.
102
101K 102 K
a
Sept. 25.
Asked
101K 102K
101K 102K
servicing tee from K% to H% must he deducted from Interest rate.
3
12
Interchangeable.
6 BaslB prioe.
d Coupon,
e Ex coupon.
/ Flat price,
n Nominal quotation,
t In receivorship.
Quotation shown is for all
maturities.
to i when Issued
to-s With stock,
t Ex-divldend.
y Ex-rights.
♦
Request
...
United Cigar-Whelan stores
•No par value,
on
Kobacker Stores—
108K
Kress (S H) 6% pref... 100
102 K
101K 102 K
101
Louisiana 4Hs__
Minnesota 4Kb...
Bid
101K 102 K
101K 102 K
102
103K
101K 102K
102
103K
101K 102K
Maryland 4Kb..
Massachusetts 4Kb....
Michigan 4Ks.
....
Par
8K
Diamond Shoe pref
4-8050
Asked
Illinois 4Ks
Indiana 4K 8—_
A
/G Foods Ine common..*
Bohack (H C) common...*
3K
IK
IK
florida
New York
FHA Insured
Ask
Chain Store Stocks
Bid
texas
Telephone: WHltehall 8-6850
mmmmmmmmm m
*
new jersey
16
m
Par
1520
•"
■■
Telegraph...25
Peninsular Telep com
*
Rochester
Emp A Bay State Tel. .100
Berland Shoe Stores
..100 1470
44 Wall Street^ New York, N. Y,
105
mmm
Franklin Telegraph
100
Int Ocean Telegraph... 100
'
United States
9K
2K
7
Pac A Atl
Bell
90
WHITEHEAD & FISCHER
3
Telephone and Telegraph Stocks
80
80
Offerings Wanted—Circular
110
100
47
100
Bid
..100
Phone WHltehall
34
...100
Par
Underwriters
90
Denver
Am Dlst
13
42 K
FHA Insured Mortgages
Bid
30
First Carollnas_..„...100
5
11
mmm
80
Pennsylvania.
2K
4K
10
100
100
...100
North Carolina
58
100
Trade Bank & Trust.
MORTGAGES
13K
100
48
....100
91K
12
86
6
44
Fremont...
52
IK
One Wall Street
mmm
3
*50
Lincoln...
50
88 K
12
Travers King & Co.
24
100
100
Des Moines........
...20
...25
—
99
;.
Par
...100
.....
Preferred
Title Guarantee A Tr
pennsylvania
New York
Dallas...
Atlantic..
Manufacturers
mmm
99 K
Ask
74
.10
io K
9K
1580
-.100 1500
...26
27K 30K
...20
28K 30 K
—
New York...
new york
102
Potomac IKs
St. Louis
47 K
Joint Stock Land Bank Stocks
■
Atlanta.
244
85
99
Oregon-Washington.
San Antonio Ks, 2s
100
....
mmmmmm
220
239
41k
39
205
-.100
82
85
5s
Phoenix
...
79 K
39K
30
20
Central Hanover
Ask
—100
Guaranty——
Irving.
Kings County
Lawyers
99
Phoenix
99
3s, 3Ks
76 K
Clinton Trust...—.....50
Bid
Fulton
78
Pacific Coast Portland 5s..
...
First Montgomery—
Is, 2s
Bid
Lafayette Ks, 2s
Lincoln 4 Ks
North Carolina Ks, IKs..
99
IKs, 2s
73 K
Chemical Bank A Trust-10
Corn Excb Bk A Tr
New York
3K
99
.......
22
K
Continental Bank A Tr.10
103 K 104
4s 1946 opt 1944
Par
Ask
Colonial Trust—..._25
3KS 1955 opt 1945..M&N
Ask
99
99
....
Bid
Ask
Joint Stock Land Bank Bonds
,
100.16 100.19
100.15 100.18
100.19 100.22
710
Merchants Bank......100
Bid
120
U S conversion 3s 1946....
i
100.16 100.19
Public National......17K
103
99
v
Ask
42
_
5Ks Aug
[
100.10
100.16
Bid
6s
1
May 15 1941 100.6
Ks.
Reconstruction Finance
New York Bank Stocks
K
98
5s
,
Ask
Home Owners' Loan Corp
97
98 K 100
96 H
U S Panama 3s June 11961
100
1952........
100.4
3 Kb s I revenue
1980
3s serial rev 1953-1975.
Ask
Philippine Government—
4Kb July
Call July 3'40 at 102
2Kb serial rev 1945-1952
Al¬
106 K
1959
Bid
Ask
...
United States Insular Bonds
4Ks Oct
Bid
Commodity Credit Corp—
H%——Aug
11941 100.4 100.7
1%
Nov 15 1941 100.21 100.24
— —
Triborough Bridge—
Inland Terminal 4KB ser D
1941
MAS
33K
31K
100 K 102 K
Gen A ref 3KB..
6.25
.
FRANCISCO—
K% notes July 20 1941
H%----~Nov
11941
K%
Jan
15 1942
2s May 16 1943—
1%.——July
1 1942
Call May 16 '40 at 100 K 100.28 101.12 U S Housing Authority—
1^8 Jan 3 1944—
1K% notes Feb 11944..
port of New York-
105K
SAN
Bk of Amer N T A 8 A 12 K
Federal Home Loan Banks
2s.
Deo 11940 100.22 100.28
2s.
.Apr 11943 102.10 102.18
Federal Natl Mtge Assn—
Authority Bonds
Bid
California Ton Bridge—
San Fran-Oakland 4s 76
485
71
185
...
mmm
mmm
300
460
100
Obligations of Governmental Agencies
Ask
Canal Imp 4s JAJ '60 to '67
.
Ask
280
Northern Trust Co
Improvement—
Highway
5s Jan A Mar 1964 to 71
51.40
Bid
Par
Ask
205
Continental Illinois Natl
World War Bonus—
4KB April 1940 to 1949-
mmm
Harris Trust A Savings. 100
188
New York State Bonds
Bid
Ask
K% due.....Sept 3 1940 6.30%
K% due
Oct
11940 6.30%
k% due
Dec 2 1940 6.35%
K% due.....Jan 2 1941 6.35%
Chicago & San Francisco Banks
Bank & Trust—..33 1-3
First National........100
•
Bid
Ask
K% due.....May 11940 6.20%
K% A1% due June 11940 6.20%
H% A1% due July 11940 6.25%
K% due.....Aug 11940 6.25%
5% was paid on July 2 and
PITTSBURGH, PA.
Chronicle
The Commercial & Financial
3496
Quotations on Over-the-Counter Securities—Friday
June
Guaranteed Railroad Stocks
Aetna Cas A
NEW YORK
Homestead Fire
10
25
68 M
Ins Co of North Amer
10
-57M
58 M
17M
19M
Jersey Insurance of N Y.20
28M
32M
15
16M
Knickerbocker
2.00
23
30
06
70
Eagle Fire
Guaranteed Railroad Stocks
(Guarantor la Parentheses)
Dividend
Bid
Par in Dollars
100
Albany A Susquehanna (Delaware A Hudson)....>.100
Allegheny A Western (Buff Roch A Pitts)
.—100
Beech Creek (New York Central)
—50
Boston A Albany (New York Central)
—100
Boston A Providence (New Haven)
100
Canada Southern (New York Central)
100
Carolina Clinch field A Ohio oom (L A N-A C L)—100
Cleve Cln Chicago A St Louis pref (N Y Central)—100
Cleveland A Pittsburgh (Pennsylvania)——
—60
Betterment stock
50
Alabama A Vlcksburg
26 M
64
8.75
vSinc»lS5gy
(Pennsylvania)
25
pref (N Y Central)
100
Georgia RR A Banking (L A N-A C L)
100
Lackawanna RR of N J (Del Lack A Western)
100
Michigan Central (New York Central)
100
Morris A Essex (Del Lack A Western)
60
New York Lackawanna A Destern (D L A W)
100
Northern Central (Pennsylvania)
50
Oswego A Syracuse (Del Lack A Western)
60
Pittsburgh Bessemer A Lake Erie (U 8 Steel)—..—50
Asked
00
0.00
(Illinois Central)
07
10.50
100
113
6.00
57
03
14
11
8.50
Employers
5M
42
5M
88
540
15M
,
Northeastern
30
Northern
43
8M
2X
6.60
49
55 X
9.00
146 X
32
800
24 M
150)*
000
4.00
50.00
6M
37
Northwestern
National .25
105
115
10
Pacific Fire
25
103
113
Pac
10
30
10
71M
5
11 M
13M
Providence-Washington .10
Reinsurance Corp (N Y) .2
Republlo (Texas)
—10
Revere (Paul) Fire---—10
25M
27)*
20M
36 X
8
10
29
31
10
27
30
7.00
142 X
0.00
Tunnel RR St Louis (Terminal
235)*
7
41
5.00
62
Sprlnglleld Fire A Mar..25
Stuyvesant
5
21H
8M
23 M
Sun Life Assuranoe
100
210
260
10M
Travelers
100
390
406
U
U S Fidelity A Guar
10
Hartford Fire
10
Hartford Steam Boiler.-10
20
21M
U S Fire
69M
54
71X
U S Guarantee
50 M
Westchester Fire
14
11
7
Hanover
6.00
47
Bid
PaAlabama Mills Inc
*
IX
2
23
American Arch
♦
27 M
31
60
3.00
50
64
Amu Bemberg
A com
American Cyanamld—
*
12M
15M
10X
11X
Ohio Match Co
10M
11M
Pan Amer Match
2d
Ask
series
Amer Distilling Co 5%
American Enka Corp
2 25
Amer
2M
pflO
*
25
American Hardware
2 00
M
2X
Petroleum Heat A Power.*
Pilgrim
62 M
Postal Telegraph System—
Nat Steel Car Lines 5s
63 00
1.50
American Mfg 5%
New York Central 4Ms—
62 50
1.75
Arlington
18
71M
21M
62.50
2 00
38M
44
10
12M
10
5M
67 00
0 00
Canadian Pacific 4)*s
67 00
0.00
N Y Chic A rit Louis 4s...
63.50
2.50
N Y N H A Hartford 3s...
63.25
2.25
Autocar Co com
Central RR of N J 4)*a—
64.00
2.10
Central of Georgia 4s
64.50
3.50
North Amer Car 4Ms-5Ms
64.50
3.60
62 00
1.00
Northern Pacific 2Mb-2Xb
62.40
1.75
Botany Worsted Mills cl A5
Chic Burl A Qulncy 2Xs_.
61.85
1.40
No W Refr Line 3 Ms-4s
63.75
2.50
Chic Mllw A St Paul 5s
65.00
4.50
Pennsylvania 4 Ms series D
61.50
1.00
62.75
2.00
7
Bankers Indus Service A.*
Chesapeake A Ohio 4)*s_.
Growers
.
.
.
4s series E
—.1
2 00
Cessna Aircraft
63.00
2.00
Reading Co 4 Ms
62.75
2.00
St Louis-San Fran 4s-4 Xs.
2
3
100
30
35
Chlo Burl A Qulncy
Chilton Co common
2Xs-2Xs and 4Ms——
10
2M
3M
5X
61M
66M
88
90
63.25
2.25
62.25
.
1.25
St Louis S'western 4 Ms
63.00
2.00
60.25
6.25
Shippers Car Line 5s
64.75
3.50
Great Northern Ry 2s....
61.75
1.40
Southern Pacific 4 Ms
62.50
2.00
Columbia Baking com...*
Illinois Central 3s
63 00
2 25
Southern Ry 4s
62.40
2.00
$1 cum preferred
Consolidated Aircraft—
8
10
18
.21
3s..
62.60
1.50
Texas A Pacific 4s-4Xs—-
62.60
62.50
1.60
Union Pacific 2Mb..
62.10
1.00
Long Island 4 Ms
Louisiana A Ark 3Ms
Maine Central 6s
63.25
2.25
61.50
1.00
$3 conv pref
Crowell-Collier
62.25
1.75
Cuban-Amer Manganese.2
63.25
2.50
51
West Fruit Exp 4Ms-4Ms.
62.00
1.53
Dentists Supply com.—10
Devoe A Raynolds B com •
13
Wheellng A Lake Erie 2 Ms
61.90
1.25
Dictaphone Corp
*
Dixon (Jos) Crucible—.100
26 M
20
23M
Domestlo Finance
pf. *
*
26 M
29M
57 M
62
Farnsworth Telev A Rad.l
1M
Merchants
63.25
2.50
63.25
2.25
Western Pacific 5s
63.00
2.00
Despatch
2Ms, 4Ms A 5s...
Railroad Bonds
1945
Akron Canton A Youngstown 5Xs
61 M
Pub
/37
/37
41
42
*
....
cum
Draper Corp
Asked
Bid
Federal Bake Shops
Preferred
Manufacturing...*
1940
Boston A Maine 5s
4X8
Manufacturing..25
Singer Manufacturing. 100
Singer Mfg Ltd
£1
Soovlll
.
Chicago St Louis A New Orleans 5s
Chicago Stock Yards 5s...
36 M
38 X
Stromberg-Carlson
Sylvania Indus Corp
25
*
*
Tampax Inc oom
.1
5M
IX
11M
64 H
17X
19 X
6M
7X
*
7
30
Thompson Auto Arms
1
*
*11X
*
28M
31M
2
3M
4X
15
United Artists Theat com. *
X
30 M
United Piece Dye Works.*
X
X
100
IX
2X
*
49 X
52
2X
100
18M
20 M
108X
West Dairies Inc com v t c 1
IX
2X
9
Common
Preferred
Veeder-Root Inc com
Welch Grape Juice com
preferred
7%
$3
Foundation Co—
cum
preferred
*
Steel..*
5
50
7
8X
40
26 M
28
4X
5X
Amer Writ Paper 6s
1901
*
3X
5X
Beth Steel 3s
1960
28
28
98 X
99 X
70
76
44
Worcester Salt
11
12M
York Ice Machinery
17
19
1960
Elgin Joliet A Eastern 3 Ms ser A
1945
Florida Southern 4s
_
*
IX
2X
100
preferred
18X
22 X
Glddings A Lewis
Machine Tool
Good Humor Corp
Graton A Knight com
45
100
40
52
Connecting Railway of Philadelphia 4s
Cuba RR Improvement and equipment 5b
7%
2M
30
100
Wilcox A Gibbs com
1
2M
28
IX
4
2
IX
13
5
Triumph Explosives
Wick wire Spencer
*
2X
128
Trico Products Corp
54
20
American shares
123
6X
13
Tokhelm Oil Tank A Pump
•
108
Chicago Union Station 3X ser F
Cleveland Terminal A Valley 4s
3M
17X
*
Tennessee Products
Gen Fire Extinguisher.—♦
Gen Machinery Corp oom *
96
2M
16
.*
Steel common
51
95
5
Stanley Works Inc
82
100
2X
36 X
78
55
109
IX
32 X
41
70
105
20
Garlock Packings com
....
28M
Standard Screw
72
50
26 M
2M
44
60
1956
Chicago Indiana A Southern 4s
5
41X
Skenandoa Rayon Corp..*
43
16
Cambria A Clearfield 4s
4X
4
47
Boston A Albany 4Xs
14
38
70
1944
Baltimore A Ohio 4s secured notes....
2X
3X
4% preferred
00
Remington Arms com
*
Safety Car Htg A Ltg—60
Time Inc
•
Lehigh A New Engl 4X8—
Virginian Ry 4)*s
Western Maryland 2s
1
Taylor Wharton Iron A
2.00
Kansas City Southern
Pollak
Exploration
6X
City A Suburban Homes 10
Coca Cola Bottling (N Y) *
Colgate-Palmolive-Peet—
$4.25 preferred
*
Express
M
2M
"lM
3X
2X
SI.25 preferred
10
15
12M
Buckeye Steel Castings. .*
162
Browa A Sharpe Mfg...50 1157
62.70
2Mb series G A H
Pere Marquette—
13
248
228
IX
IX
12M
Conversion
19M
1.25
Canadian National 4)*s-5s
10M
HX
*
Co
20 M
2.50
pref 100
100
"9"
*
Corp..25
17X
2.25
2Ms
2M
Pharmacol
ht
63.50
Mills
35M
1
61.80
Armstrong Rubber A
•
Art Metal Construction. 10
4M
25
33 M
Petroleum
03.25
4s, 4Ms and 4Mb
Grand Trunk Western 5s.
Ask
3
42 M
Bessemer A Lake Erie 2Mb
Fruit
Bid
21X
17M
*
Maize Products
40
Baltimore A Ohio 4 )*s
Erie 4)*s
61M
28M
*
New Britain Machine
Peosl-Cola
3
Boston A Maine 5s.
2.25
57
26 M
50
preferred
5%
Norwich
5% conv pref 1st ser.-lO
62.50
63.25
10
2.50
Par
55
18
63.25
2.50
17M
41M
Nat Paper A Type com.—1
60
Bid
2 00
16M
39M
Ask
6.00
3.50
Missouri Pacific 4 Ms
2.75
;
Co..2
4
—100
50
Nash Chat A St Louis 2Mb
63.25
3M
2M
Industrial Stocks and Bonds
63"
40
1.00
63.75
103
97 M
58
—5
Great Amer Indemnity—1
Halifax
10
60
Ask
62.50
-
240
0.00
Equipment Bonds
Denv A Rio Gr West 4Xs.
Seaboard Surety
Security New Haven
8
208
135"
10.00
Utica Chenango A
4
6
34M
133
21
195
Glens Falls Fire
50
5
24 X
19M
2M
Rhode Island
Gibraltar Fire A
128
23 M
Seaboard Fire A Marine. .5
49
128
7
5M
St Paul Fire A Marine..25
25
3.00
20 M
73 M
25M
22 X
0.00
8
31M
30 M
Pittsburgh Fort Wayne A Chicago (Penna) pref
100
Pittsburgh Youngstown A Ashtabula pref (Penna)—100
Rensselaer A Saratoga (Delaware A Hudson)...—.100
St Louis Bridge 1st pref (Terminal RR)
....100
100
Phoenix
104
34M
45
52~"
Indemnity Co—
23M
5.00
171)*
21M
Corp 5
Georgia Home
3.875
47
20
10
Genual Reinsurance
18
0.04
93M
48
84
45"
3
81M
41M
80
99
2
2.60
North River
14
12M
12.60
Preferred Accident
107
Cllnchfleld 2Mb
43
5
25M
54 M
7.00
Del Lack A Western 4s
29
38
6
28
Great American—
2 25
27M
10
New York Fire
50 X
81
63.25
10
New Hampshire Fire
Fidelity A Dep of Md—20
Fire Assn of Phlla
10
42
Chic A Northwestern 4 Xb.
13M
74
34
b 1.50
8
12M
23M
1M
48
2
New Amsterdam Cas
00
70
Atlantic Coast Line 4Xs—
7
125
60
3.00
Bid
6
115
70
—50
Railroad
46
2
20
5.00
87)*
(Del Lack A Western)..
West Jersey A Seashore (Penn-Reading)
25
1«X
7
10
National Liberty
3.50
42
25M
New Brunswick
17M
18
Fr.25
Firemen's of Newark
5
Franklin Fire
5
0M
22 M
National Fire
National Union Fire
560
23
Fireman's Fd of San
54M
41
5M
10
39M
30
Preferred
6M
92 M
National Casualty
5
10
29
Warren RR of N J
34M
51M
37
44
32 M
Excess
83X
RR)
—.100
Canal (Pennsylvania)....100
Susquehanna (D L A W)
...100
Valley (Delaware Lackawanna A Western)
100
Vlcksburg Shreveport A Pacific (Illinois Central)—100
5
Federal
1.60
United New Jersey RR A
12M
Merch Fire Assur com
Merch A Mfrs Fire N Y..5
30
4.60
——
Mass Bonding A Ins..
79
44
2M
16M
31
2.00
2M
1X
37M
75
2.00
8
IX
15
2M
Re-Insurance 10
4.00
preferred
Maryland Casualty
7
5
-
35 M
Marine. 10
5
Globe A Republlo
5
Globe A Rutgers Fire—15
2d preferred
15
Second
7
9M
17M
1
Lincoln Fire
5.00
Fort Wayne A Jackson
Preferred
9
11
10
5
8
3.00
Delaware
2M
25
Alliance.—-—10
Equitable
5
Amer Fidel A Cas Co com 5
American Home
--10
American of Newark—2M
American Re-Insurance-10
American Reserve
10
American Surety
25
Automobile—
10
Baltimore American—2M
Bankers A Shippers
25
Boston
100
Camden Fire
5
Carolina
10
City of New York
10
City Title
5
Connecticut Gen Life—10
Continental Casualty
5
2-6600
STOCKS
27 M
1M
Home Fire
American
ctor
Ask
25M
Par
42 X
American
Tel. RE
flta1™1"
GUARANTEED
120 Broadway
Bid
6
Security.—-10
Home
103
10
Agricultural
Ttrk SlcxA Extki mg*
Msmk+n T^rw
98
Companies
Ask
40 X
JO
Aetna
Aetna Life
3oscpb Walkers Sons
Bid
Surety—-10
1940
May 31 —Continued
Insurance
Par
1,
Great Lakes SS Co com..*
31
34 M
112
Great Northern Paper..25
37
40
Preferred
Harrlsburg Steel Corp
5
Interstate Bakeries com..*
$5 preferred
*
8M
1
18M
10
IX
22
Bonds—
1965
Brown Co 5X8 ser A—1946
Carrier Corp 4Xs
1948
Chic Dally News 3Mb. 1950
Comml Mackay 4s w 1.1969
Deep Rock Oil 7s
1937
3 Ms
/48
/29M
71
32
74 X
102 X 103 M
32
/40X
Stamped.
51
96 X
97 M
99M 100
34X
43
40
48
Illinois Central—Louisville Dlv A Terminal 3Xs—
55
62
King Seeley Corp oom
1
Landers Frary A Clark..25
23
25
Inland Steel 3s
Indiana Illinois A Iowa 4s
50
68
Lawrence Portl Cement 100
10
12M
Kresge Foundation 3a_
94-
Long Bell Lumber
$5 preferred
•
8
100
100
45
49
Minn A Ont Pap
6s—1945
/19X
101X
Mallory (P R) A Co
*
10M
12
26
41 M
44
5 NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '48
23
30 X
32 X
100
Marlin Rockwell Corp
1
Merck Co Inc common..1
59
62
Scovill Mfg 5Xs
13M
Superior Oil 3M»
United Biscuit 3 Ms
15
Woodward Iron Co—
1946
Hoboken Ferry 6s
90
Kansas Oklahoma A Gulf 5s
1950
Louisville A Nashville 3Xb
99 X
100 x
112
Memphis Union Station 5s
New London Northern 4s
1946
New York A Harlem
2000
New York Philadelphia A Norfolk
96
101
93
96
2032
3Xs
17
10
1947
80
New York A Hoboken Ferry 5s
Norwich A Worcester 4Xs
40
9M
$6
preferred
100
Muskegon Piston Ring. 2 M
National Casket...
92
Providence A Worcester 4s
90
Tennessee Alabama A Georgia 4s
65
70
107
Terre Haute A Peoria 6s
94
90
Toronto Hamilton A Buffalo 4s
Vlcksburgh Bridge 1st 4-6s
Washington County Ry 3Xs
West Virginia A Pittsburgh 4s
108 X
106
Toledo Terminal 4Xs
Union Pacific ref mt?e 3XserA
100
95
Toledo Peoria A Western 4s
Vermont Valley 4Xa
1950
M cCrory Stores 3 M 8—1955
101X 102
98 X
99X
101 X 102X
22
1945
1950
104X 106M
1955
103X 104M
93
95
1980
100 x
105
..
-
-
101 x
Bid
Bonds
Antllla Sugar Estates—
6s
1951
71
35
42
45
53
f20
25
Par
Stocks
Eastern Sugar Assoc
com.l
Preferred
103X 106
Bid
7H
1
18
1
1947
f50
55
1954
45
1989
/40
/13
16
/23
Ask
8M
20
IX
Vertientes-Camaguey
1940-1942
Baraqua Sugar Estates—
6s
Haytian Corp 4s
-
Sugar Co
New Nlquero Sugar—
3X8
Ask
Haytian Corp com
*
Punta Alegre Sugar Corp.*
Savannah Sugar Refg
1
5s
86
69
2d conv Income 5s. .1962
Sugar Securities
84
85
12M
._*
114
78
116
Preferred
102 X
100
1947
Portland Terminal 4s
United New Jersey Railroad A Canal 3X8
1961
50
35
—
Pennsylvania A New York Canal 5s extended to
Philadelphia A Reading Terminal 5s
Pittsburgh Bessemer A Lake Erie 5s
7M
95
4s
New Orleans Great Northern Income 5s
6M
For footnotes see page
3495.
5
West Indies Sugar Corp.. 1
6X
27
8
30
2
2X
5X
6M
Volume
The Commercial
ISO
Quotations
Public
& Financial Chronicle
Over-the-Counter Securities—Friday May 31—Continued
on
Investing Companies
Utility Preferred Stocks"
Sold
•
Quoted
.
26.80
18.95
2.22
13*
Series B-2
17.28
2.49
2.76
Series B-3
11.62
5.73
6.33
Series B-4
5.56
6.12
.23
.27
Series K-l
12.17
13.34
3
3*
Series K-2
7.00
7.72
3*
4*
Series S-2.
10.08
11.12
6.80
7.53
2.76
3.11
Corp*
Series S-3
Series 8-4
Bankers Nat Investing—
♦Class A
1-1600
6*
Knlckbocker Fund
1
5.07
3*
Manhattan Bond Fund lnc
5.54
6.13
Maryland Fund Inc.—10c
£3.25
4.20
Mass Investors Trust
1
16.08
17.29
Mutual Invest Fund.—10
8.18
8.94
3.00
.»«.
m
M
13.11
12.19
Ino
.13
.28
,
18.43
10*
1
19.92
11*
Nation .Wide Securities—
Bid
Ask
3.05
Century Shares Trust—*
Par
2.25
(Colo) ser B shares
♦
(Md) voting shares..25c
3.05
Canadian Inv Fund Ltd—1
Utility Stocks
20.50
22.04
National Investors Corp.l
4.83
Alabama Power $7 pref..*
91*
Amer Cable A Radio w i_ .5
Amer G A E 4 *
Amer UtU Serv
% pref. 100
6% pref.25
7% pf. _*
Ask
Bid
5.14
9.56
10.41
102
100
4*
Arkansas Pr & Lt
94
2*
2
6
88*
86
*
123
120
Birmingham Elec $7 pref-*
1*
75*
77*
New Eng
$3.50 prior preferred..50
37*
40
3*
22
4*
$6
$6
New
6% pf 100
Pub Serv Co—
prior lien pref
—*
prior Hen pre!-——*
cum preferred
*
Orleans Pub Service-*
*
preferred
7%
preferred
100
6% pf-100
cum
*
96
98*
N Y Water Serv
70
72*
100
7% preferred
100
Cent Pr & Lt 7% pref.. 100
90
Consol Elec A Gas $0 pref.*
6
$6
95*
preferred
98
92*
98* 101
Continental Gas A Elec—
100
84
86*
Derby Gas & El $7 pref..*
45
49
preferred
$6 50 cum
Florida Pr A Lt $7
0%
7%
Automobile
1.94
Aviation
1.94
2.27
50 *
53
8*
11 *
18
20*
95*
98
101*
104
19*
48*
69
7134
10534
Pacific Pr A Lt 7% pf —100
*
•
*
pref
30*
Penna Edison $5
32
Penn Pow A Lt 17
91*
95
pref
Peoples Lt & Pr $3 pref .25
96*
3.92
£13.46
Delaware Fund
ser
A1
Deposited Insur Shs A...1
14.55
■
2.29
-m m
mm
mm—
1
2.95
D
2.50
4.60
5.25
25c
.92
Series
F
14.86
15.96
9.03
ment Fund series A-l___
9.70
22.32
20.76
Equity Corp S3 conv pref 1
Fidelity Fund Inc..
*
19*
28
3034
First Mutual Trust Fund
58
60 *
14.41
5.23
20
15.51
Fiscal Fund lnc—
£1.98
2.20
2.59
2.92
69*
81
83*
16*
18*
Aviation shares
7.64
8.31
95
98
Building shares
4.26
4.65
13*
15*
Chemical
5.68
6.18
6.80
7.40
29
26
109
4.8% preferred
Southern Nat Gas com.7 *
$2
20
*
preferred
21*
28*
partlc pref. .50
Mississippi Power $6 pref_*
$7 preferred__*
Mississippi P A L $6 pref.*
conv
98
10034
76
United
86*
72*
$2.75 pref
$3 pref...
Utah Pow A Lt $7 pref
3*
4*
26*
28*
15*
40*
*
23.09
24.83
General Investors Trust. 1
4.04
4.40
General Capital
Corp
Pub
Pub Serv
7% pref
13*
Agricultural shares
Automobile
3.25
3.55
shares
shares
Electrical Equipment
Food shares
3.55
3.87
2.28
2.50
4.11
4.48
shares
38
*
5% preferred
Public
Bid
Kan Pow A Lt
106* 106*
44
46*
Amer Gas A Pow 3-5s.
Kansas Power Co 4s—1904
104* 105*
Kentucky UtU 4s
434s
75*
47
Assoc Gas A Elec Corp—
/ll*
99* 101
107* 109
98*
97
12
20
New Eng
G A E Assn 5s '62
51
54
22
NY PA NJ UtUltles 5s 1956
70
46
/43
104* 105*
1965
4s
Northern
10
Old Dominion Pow 5s. 1951
n
10
Parr Shoals Power 58.1952
n
10
Penn Wat A Pow
1904
334s
3*8 1984
1970
Peoples Light A Power—
3*s
1961
1st Hen 3-6s
103
105
100* 101*
Nor States Power (Wise)—
9
10
n
Blacks tone Valley Gas
104
Indiana—
/7
107* 108*
71
74
104
105*
103* 104*
103* 104*
1.99
91*
93*
1950
6s
/14*
16*
Bank Group shares
Insurance Group shares.
£.83
.92
1.03
1.13
Investm't Co of Amer--10
14.29
15.45
Bid
97
Ashtabula Wat Wks 5s '58
102* 103*
100* 100*
4s
84*
86*
1st Hen coU trust 08.1940
86
88*
Pub Serv of Indiana 4s 1909
98*
Pub UtU Cons 5*s
97
1948
76
1st mtge 3*8
1968
snt Ohio Lt A Pow 4s 1964
100* 101*
101* 102*
Central Pow A Lt 3*8 1969
99* 100*
103
103
61
City of New Castle Water
5s
1941
87*
^4
1902
63*
94*
46
lO
1962
^
46*
1st mtge
Crescent Public Service—
1954
54
Cumberl'd Co PAL 3348*66
105
57
City Water (Chattanooga)
58 series B
1954
1st 5s series C
1957
3 *8
—_
1970
70*
Dayton Pow A Lt 3s_-1970
Federated UtU 534s
1957
f
debs 3*s
1960
5s.
.1957
66
96*
104* 106
103* 104*
6*s series B.
—1940
6s series A——.1946
634a stamped
1952
/* 4*
101
49
102*
—1
11.34
-
.73
•
---
12.50
1*
*
♦Blair A Co
♦Central Nat Corp cl A—♦
23
20
*
1
2
Corp
10
♦Schoellkopf Hutton A
11*
13
com.—10c
*
1
♦First Boston
Pomeroy Ino
.1960
102* 103 *
1950
99
1948
98
1948
1948
99
10L
106
PineUas Water Co 5*s.'59
99
104
■
m
mm
—
98
Pittsburgh Sub Wat 5s '58
Plalnfield Union Wat 5s '61
105
103
72
77
Richmond W W Co 5s 1957
74*
79*
Roch A L Ont Wat 5s. 1938
St Joseph Wat 4s ser
99
1954
101
mm m
5s
1962
101
rnmm
«•-
A 1966
99
100
---
mmm
m
mm
108*
102
m mm
—
Scranton Gas A Water Co
4*s
1958
Scranton-Sprlng Brook
101
86
104
91
1907
87
92
Shenango Val 4s ser B. 1901
100
103
67
72
1st & ref 5s A
104* 106 K
-
104*
Water Service 5s. 1901
Indianapolis Water—
1st mtge 3*8
1906
Ask
Bid
1st coll trust 4*8.-1966
South Bay Cons Water—
1957
100
97
1950
103
Monmouth Consol W 5s '50
5s
103
Springfield City Water—
mmm
4s A
1956
102* 103*
Texarkana Wat 1st 5s. 1958
103
Union Water Serv 5*s '51
101
105
100
108*
101
Monongahela Valley Water
1950
yy
Morgan town Water 5s 1965
M uncle Water Works 5s '65
104
W Va Water Serv 4s„1961
104
Western N Y Water Co—
5*s
5s series B
1950
96
101
1st mtge 5s
New RocheUe Water—
1951
1950
95
100
99
103
101
1st mtge 5*s
97
5s series B
1951
91
94*
6*s
1951
93
98
Westmoreland Water5s'62
96
Wichita Water—
96
5s '51
91
Ohio Cities Water 5*8 '53
95
Ohio Valley Water 5s. 1955
108
Ohio Water Service 4s. 1964
102* 103
6s series B
106
92
105* 106
105 34
89
94
For footnotes see page
3495.
i
94
1956
100
5s series C
125
103* 104*
102* 103*
102* 102*
76
78*
5*s..
3*s__1909
-
.51
>
.65
Phila Suburb Wat 4s„1905
Water—
—1954
6s8erles B
Ore-Wash Wat 8erv 5s 1957
Iowa Pub Serv
-
Banking
96
105
73*
Inland Gas Corp—
Fund
Investment
92
b
106*
107*
Dallas Ry A Term 6s. 1951
WeUlngton
Community Water Service
New York Wat Serv
Dallas Pow A Lt 3348-1967
-
1.69
1st A ref 5s
99
Kokomo W W Co 58—1958
101
42
39*
101* 102*
102
103*
71*
00 •«* *
At
'
£12*
B
Prior Uen 5s
Kankakee Water 4*8.1939
.1947
4*s.
ions Cities Lt Pow A
1962
.46
1st consol 5s
65*
2
70*
Cities Service deb 5s. .1963
25c
Class B
1st consol 4s
106
102* 104
/I
4.04
Peoria Water Works Co—
98
1957
Butler Water Co 5s
Joplln W W Co 5s
Collateral 5s
Central PubUo UtOlty—
'52
1
Penna State Water—
mmm
78
1951
RepubUc Service—
Central IUinois Pub Serv
B
Art
101
103
102* 103*
1949
Debenture
1st Uen coll tr 5*8.-1946
Cent 111 El A Gas 3*8.1904
♦Series
Trusteed Amer Bank Shs—
♦Class B
6s
Pub Serv of Colo 3*8.1964
Central Gas * Eleo—
4.55
Corporations
Huntington
100* 103*
)rtland Electric Power—
CoU lnc 6s (w-s)
13.02
1.77
Calif Water Service 4s 1961
N Y State Elec A Gas Corp
/7
6s series B
12.11
Atlantic County Wat 5s *58
Public Service 3*8.1969
Assoc Gas A Elec Co—
Consol E A G 6s A
.25
73
1954
4348
13
24
1
4.80
.05
Corp.—1
Alabama Wat Serv 58-1957
/19
5s
4.66
4.40
shares
101* 102*
12
/20
A
53*
12*
23
2.04
♦Series
86*
/ll*
/12
/17
/20
2.10
1.94
98
50*
84*
2.00
1
Water Bonds
Lehigh VaUey Tran 5s 1960
Lexington Water Pow 5s'68
Marlon Res Pow 3 34s. 1960
Montana-Dakota UtU—
/ll*
Inoome 534s with stk
4.27
Steel
Tobacco shares
♦Huron Holding
78
45*
3348—1969
1970
1955
-.1
U S El Lt A Pr Shares A
Independence Trust Shs.*
Institutional Securities Ltd
103 * 104
C
D
Trusteed Industry Shs 25o
RR
Ask
2.85
♦Series
3.16
5634
Bid
57*
54
♦Series
3.64
54
Ask
.29
.19
Trustee Stand OU Shs—
4.86
*
Utility Bonds
7.04
•
Trustee Stand Invest Shs—
3.33
Petroleum
18*
B
2.89
Mining shares
2434
2234
94*
Corp.-.*
4.46
21*
16*
Sovereign
Equipment shares..
19*
22*
21 X
9i y%
74.15
72.69
Clark Fund Ino
shares
*
*
Washington Ry A Ltg Co—
Participating units
West Penn Power com—*
West Texas Utll $0 pref..*
8.62
4.41
Incorporated Investors. .6
Monongahela West Penn
Mountain States Power
3.00
Supervised Shares
4.04
Merchandise
Utilities Corp
73
70
100*
2.64
♦State St Invest
3.68
Investing shares
83
5
_
97*
100
29*
15
Missouri Kan Pipe Line.
5% pf-100
pf-100
Texas Pow A Lt 7%
Mass Utilities Associates—
5%
S'western G A E
.*
Group Securities—
Southern Indiana G A E—
97*
8.12
Quarterly Ino Shares.. 10c
5% deb series A
Representative Tr Shs.. 10
Republic Invest Fund
8.24
98
.100
6.50
7.58
-100
95
preferred
.34
12.10
5.65
3.00
81
0% preferred
100
Republic Natural Gas
2
Rochester Gas A Eleo—
18
94
77
7%
.29
11.37
2.60
97*
92
Mass Pow A Lt Associates
2.02
1
96
100
*
1
2
7% pf-100
Kings Co Ltg 7% pref. 100
B
0% preferred D
Series 1958
Plymouth Fund Ino.—10c
Putnam (Geo) Fund
-
Super Corp of Amer d A.2
AA
1
Queens Borough G A E—
Sierra Pacific Pow com
2.24
—
-
-
.57
30
Long Island Lighting—
1
-
-
13.06
27
5*
2.28
m m
12.31
14.33
4.06
*
20*
1
■
-
Spencer Trask Fund
*
Standard UtUltles Inc. 50c
13.18
Fundament'l Tr Shares A 2
23
4*
No Amer Tr Shares 1953. *
1.80
4.76
3.75
19*
Jer Cent P A L
42*
£.51
3.30
20
Kansas Pow A Lt 4* %
5.76
5.31
Steel
No Amer Bond Trust ctfs.
Investors... lOo
Foundation Trust Shs A.l
18*
Jamaica Water Supply
4.93
3.38
-
-
Indlanap Pow A Lt com—*
Interstate Natural Gas.—*
*
4.54
5.94
7.01
—
58*
17 prior lien pref
2.26
Selected Inoome Shares.. 1
7.65
55*
Pub Serv Co of Indiana—
5.92
2.08
Selected Amer Shares..2*
10
Fundamental Invest Ino. 2
66*
5.46
Scudder. Stevens and
10c
Insurance stk series. 10c
Bank stock series
Fixed Trust Shares A
preferred-.—-*
7.12
5.47
5.81
Hartford Electric Llght.25
cum
8.38
Metals
1.02
Eqult Inv Corp (Mass)—5
103* 105
16*
14*
6.40
6.57
equipment
Series 1956
'
C
76
73 *
8.05
7.74
Electrical
Series 1955
1.19
107* HO
Philadelphia Co—
$5
28*
110*
Cumulative Trust Shares. *
4.47
5.90
Railroad
25
,—100
7.39
7.44
Oils
25*
115*
100
6.82
Machinery-—--
22
♦Common B shares.-.10
106
Pipe
Eastern
29*
93*
103
4.02
10.81
4.12
supplies
Building
Chemical
2.27
1
♦8% preferred
W
Eaton A Howard Manage¬
100
100
7% pref—100
6.09
3.71
10.00
Insurance stock
-
—
♦Crum A Forster Insurance
Deposited Bank Shs
45 *
1.07
5.61
Agriculture
Bank stock
-
106 *
16*
1
Railroad equipment
Series ACC mod
♦Crum A Forster com—10
♦7% preferred
103
preferred
preferred
28*
pref—*
7*
1.99
Diversified Trustee Shares
100
Line Co
*
*
preferred
6*
Corporate Trust Shares.. 1
Dividend Shares
Panhandle
$0 cum preferred
♦Continental Shares pf 100
_
.93
N Y Stocks Ino—
1
Ohio Public Service—
Okla G <fe E
Federal Water Serv Corp—
3.02
1
56
Northern States Power—
(Del) 7% pref
(Minn) 5% pref
2.78
Series A A mod
59 *
8
97* 100
Consumers Power $5 pref-*
7%
*
$4 preferred
Central Maine Power—
1
Accumulative series
56*
54
Northeastern El Wat A El
preferred
New England Fund
1
99
preferred
Cent Indian Pow 7% pf 100
$7
9.40
Series AA
New York Power <fc Light—
cum
8.69
25
New Eng
$0
Carolina Power A Light—
18
1
22
G & E 5*% Pi
New Eng Pr Assn
$7
Birmingham Gas—
7%pf 100
National Gas A El Corp. 10
$7
Associated Gas A Electric
$6.50 preferred
*
Atlantic City El 6% pref.*
Nassau A Suf Ltg
Chemical Fund
Commonwealth Invest
Par
5.58
5*
British Type Invest A—1
Broad St Invest Co Inc. .5
Bullock Fund Ltd
12.75
2*
♦5% preferred
Basic Industry Shares.-10
B08ton Fund
Public
24.54
2.03
Assoc Stand OU Shares._.2
Teletype N. Y.
8.36
Series B-l
Keystone Custodian Funds
11*
Am Insurance Stock
New York City
7-1600
Art
Bid
7.83
-1
Investors Fund C
9.17
Amer Gen Equities lnc 25c
Principal Stock and Commodity Exchanges
Tel. BArclay
Par
t
9.82
Amer Business Shares
Amer Foreign Invest Inc..
ESTABLISHED 1879
115 Broadway
Art
9.23
8.44
*
Securities
Affiliated Fund Ino
1*
♦Amerex Holding Corp
*
Jackson & Curtis
Members
Bid
Par
Admlnis'd Fund lnc
Aeronautical
Bought
3497
1960
1949
101
W'msport Water 5s.—1952
101
6s series A
103
mmm
The Commercial <S: Financial Chronicle
3498
June 1, 1940
T85
Quotations on Over-the-Counter Securities—Friday May 31-Concluded
Real Estate Bonds and Title Co. Mortgage
If You Don't Find the Securities Quoted Here
Bid
Record.
monthly Bank and Quotation
our
stocks audi bonds.
14
117
Alden Apt 1st mtge
67
1955
15
18
1956
4
5
19
N Y Athletic Club—
1944
25
30
Broadway Motors Bldg—
4-68
1948
55
60
...1957
18
10
Chanin Bldg 1st mtge 4s '45
Cheseborough Bldg 1st 6s '48
Colonade Construction—
32
36
45
48
1948
17
22
25
1st leasehold 3H-5b
The classes of securities covered are:
Ask
63
....1945
8 f deb 5s
5%
B'way A 41st Street—
In this publi¬
ail active over-the-counter
cation quotations are carried for
Bid
Metropol Playhouses Ino—
128
B'way Barclay ino 2s._1956
hare interest, you will probably find them in
in which you
3s. 1957
Beacon Hotel lne 4s.. 1958
Certificates
ASt
2s
N Y Majestic Corp—
4s with stock stmp..
Brooklyn Fox Corp—
Domestic (New York
3s
Municipal Bonds—
Banks and Trust Companies—
Domestic
and
Canadian
Out-of-Town)
Public Utility
Bonds
Federal Land Bank Bonds
Public Utility
Stocks
Foreign Government Bonds
Railroad Bonds
1950
21
Industrial Bonds
Railroad Stocks
Dorset 1st A fixed 2s.. 1957
Industrial Stocks
Real Estate Bonds
Eastern Ambassador
Real Estate Trust and Land
Canadian
1st 4s (w-s)
Title Guarantee and Safe
2
32
Mining Stocks
13
U. S. Territorial Bonds
11
15
30
35
31
1943
53 M
56
1957
60
64
36
se Income
Roxy Theatre—
1st leasehold 3s. Jan 1 '52
Film Center Bldg 1st 4s '49
1958
42 Bway 1st 6s
1939
1400 Broadway Bldg—
1st 4s stamped
1948
Fuller Bldg debt 6s...1944
1st 2M-4s (w-s)
1949
Graybar Bldg 1st lahld 5s '46
118H
125
Harrlman Bldg 1st 6s. 1951
118 H
40 Wall St Corp 6s
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
18
38
65
1961
5Ms stamped
6Ms (stamped 4s)..1949
Quotation Record is published monthly and
Your subscription should be sent to
f ctfs 4Ms (w-s) '58
Realty Assoc See Corp¬
500 Fifth Avenue—
52d A Madison Off Bldg—
The Bank and
15
36
16
s
Prudence Secur Co—
.1946
1st Income 3s
sells for $12.60 per year.
12
52
36
Sec
50 Broadway Bldg—
U. S. Government Securities
43%
165 Broadway Building—
Deposit
Mill Stocks
54 M
41%
1 Park Avenue—
33
Hotel units
Stocks
ties
1
34 M
52%
2d mtge 6s
1951
103 E 67th St 1st 6s...1941
29
49 %
32 %
Olicrom Corp v tc...
Equit Off Bldg deb 5s 1952
Deb 5s 1952 legended...
Stocks
Investing Company Securities
Joint Stock Land Bank Securi¬
46
...
5Ms series Q
Court A Remsen St Off Bid
1st 3MS
Co—
5Ms series BK
6Hb series C-2
6Ms series F-l
20
Insurance Stocks
N Y Title A Mtge
1st mtge 4s
15 H
Savoy Plaza Corp—
3s with stock
1956
18
32
74
17%
60 Park Place (Newark)
1st 3M8
.....1947
21
27
7%
1956
Sherneth Corp—
1st 5M b(w-s)
37
9%
9
77
30
33
1950
20 M
22%
1957
24
61 Broadway Bldg—
40
25
27
Lefcourt Manhattan Bldg
1st 4-5s
1948
45
50
50
30
55
28
of the quotations shown below are
nominal.
Bid
1946
Antioqula 8a
1946
Bank of Colombia
7%-1947
1948
7a
Barranqullla 8s'35-40-46-48
Bavaria 6Ms to
1946
10
150
1\8
118
128
10
mmm
mmm
mmm
mmm
—-
Hungarian Cent Mat 7s '37
Hungarian Ttal Bk 7Ha '32
Hungarian Discount A Ex
change Bank 7s
1936
Jugoslavia 5a funding. 1956
Jugoslavia 2d series 5s. 1956
8a. 1947
14
112
/H
12%
7a
1968
12%
3
7a
1969
1940
2M
13
19H
121
135
4
6a
1946
Bogota (Colombia) 6Ms '47
1946
8a
Boliva
(Republic)
Brandenburg Eleo 6a. 1963
Brazil funding 6s.. 1931-51
Brazil funding scrip
Bremen (Germany) 7s. 1936
British
14
3
mmm
18
17
United Kingdom
Hungarian Bank
1962
13
mmm
'mmm
mmm
see
British
7Hb
6Hs
1953
Burmelster A Wain 6a. 1940
20
Caldas (Colombia) 7Mb *46
17
120
14
18
11
(Colombia) 7a...1947
Callao (Peru) 7H8...1944
Cauca Valley 7Mb
1946
Ceara (Brazil) 8s
1947
Central Agrio Banksee
mmm
---
9
mmm
6
9
2M
15
German Central Bk
Chilean Nitrate 5a
Mannheim A Palat 7s. 1941
Meridionals Eleo 7s.. 1957
30
chase will
A
Hungary 7Hs
Bk of
1962
Mtge 7s
1948
North German Lloyd—
4s
1947
1945
1946
60
...1968
Protestant Church
/10
/12
/10
13
(Ger¬
1946
John
18
13
5% scrip
Poland 3s
15
13
/10
/9
/9
many) 7s
Prov Bk Westphalia 6s '33
6s 1936
10
18
25
7H
19
17
13
Frankfurt 7s to
1945
80
German Atl Cable 7a..l945
German Building A Land-
8%.
1948
..1946
Graz (Austria) 8s
1954
32 H
Guatemala 8s
United
them to participate in the
on
111
14
15
6
150
78
74
110
13
56
60
40
60
10
Unterelbe Electric 6s_. 1953
Vesten Elec Ry 7s
1947
Wurtemberg 7a to
1945
Pidgeon,
(drag)
Jolly Bill
and
the organization at the Sleepy Hollow Country
dogs named after the latest model airplanes
ac
which wiil take place at 4.30 p. m., is to be pre¬
The race,
followed
will chase the
"guaranteed at 400 miles per or faster", according
speeds
Two orchestras
A.
by
series of contests and entertainment features.
a
will play
during the day and later at the Sleepy Hollow
entertainment is in store.
more
of a new partnership con¬
of the formation
made
Gulden, formerly with the Standard Statistics Co., to be known as
the firm of George F.
They will conduct a general over-the-counter
Spanier have become associated with
banking house.
firm, Phalen & Co., and
will open a
Ryan & Co., Chicago investment
Mr.
Phalen, formerly head of his own securities
Mr.
Spanier, associated with Chicago firms for many years,
traction
payments,
securities
department for the company.
Sections
are
the
collection
of
factors of proper mortgage
devoted to the proper handling of delinquent
and
insurance
taxes,
and negotiations for
—Huff, Geyer & Hecht, Inc., 67 Wall St., New York City, have pre¬
pared
States
10
drawn by
reduction of principal.
1947
18
William A.
7.
administration.
187
19
19
with cartoons
mortgage holders setting forth the indispensable
1955
Hamburg Electric 6s.. 1938
Housing 4k Real Imp 7s '46
Lindsay,
—Lawyers Mortgage Corp. has issued a booklet for free distribution for
Kingdom of Great
3 H% War Loan
Uruguay conversion scrip..
Committee
Bernard W. Scharff.
new
19
15
70
66
no
19
n
75
June
—Ralph Phalen and William A.
7 H
15 H
162
...1956
1946
1963
6s
Entertainment
the
Foxhound Steeplechase, a feature attraction at
the 20th annual Field Day of
15
1957
Hanover Hari Water Wks
Haiti 6s
N.
George
decorated
folders,
Gwaltney, Gulden & Co.
no
Britain A Ireland 4s. 1990
of
Richard de la Chappelle, Joseph M.
business with offices at 24 Broad St., New York City.
1956
30
1948
8%
Mtge Bk Jugoslavia
Toho Electric 7s
Tolima 7s
The
sisting of Robert Gwaltney, formerly with Fuller, Rodney & Co., and Paul
2H
Kingdom
colored
—Announcement is
19
Stettin Pub Util 7s
Chairman
is
Laud-Brown,
Night Club where still
19
2d series 5s
/30 H
11H
n
18 H
17 H
11
115
118
1951
5s
Great Britain A Ireland—
See United
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s. 1948
Saxon Pub Works 7s.. 1945
State
German Conversion Office
Funding 3s
1947
stamped! 1942
6 Ms
no
German scrip
OH
19
Saxon State Mtge 6s. .1947
Slem A Halake deb 6s.2930
no
1938
90
German Central Bank
Agricultural 6s
1957
1948
Santa Fe 4s
/10
bank 6Ma
.
....
8s ctfs of deposit. 1948
Santa Catharlna (Brazil)—
/6
French Nat Mall 88 6s '52
scrip
Wells
to the folder.
18
7s ctfs of deposit.
to the winds.
Steinke, have been sent to members of the Bond Club of New York inviting
fox
17
15
19
8s
galleries, 2 pitch-it golf games and a china
the Sleepy Hollow Night Club where Milt Britton
Arrowsmith
Seventeen
17
7s 1957
gay at
Prescott S. Bush, Lee W. Carroll and Frederick M. Warburg.
man,
Club
1941
5s
4s
1967
1967
where
A water carnival will
swimming champions, 5 diving clowns and 2 diving
Richard Reeve, Robert W. Sayles and
Salvador
/16
Mtgo 7s. '63
A fox-hound steeple¬
Stock Exchange Tent
The Musical Entertainment Committee consists of Franklin Field, Chair¬
Rio de Janeiro 6%
1933
Rom Cath Church 6 Ms '46
R C Church Welfare 7s '46
8%
/9
/6
/6
/2
/16
12
7a income..
of the
Noble Sissle and his orchestra will play from noon to 5 p.m.
E.
French,
22 H
Saarbruecken M Bk 6s.'47
Farmers Natl
Attendance
progressing for 4 automobiles and a television set.
which comprises William H. Brown,
ceded
7s
the
and his band will hold forth.
18
....1956
Porto Alegre 7s
6Hs
1953
European Mortgage A In¬
vestment 7 Ha
1966
7Ha income
1966
of
and bait casting.
in front
finish
a
There will be 8 trap shotting
100
no
n
10
48
Electric Pr (Ger'y) 6Ha '50
to
come
evening will be
150
70
1945
Chairman
breaking gallery where inhibitions may be thrown
1952
Panama City 6 Mb
66
East Prussian Pow 6s. 1963
of
Sleepy Hollow Country Club on June 7
melange of entertainment features is in store.
—Gay
/40
Dulsburg 7% to
of the Bond Club
-
champions.
National Hungarian A Ind
78 to
17%
750 members
MacDougall,
Harold
include exhibitions by 8
105
1953
6Ha..1959
by
furious bidding will be
19
(A A B) 4s...1946-1947
(C A D) 4s... 1948-1949
1946
Dortmund Mun UtlI6Ms'48
Duesseldorf 7s to
1945
"Supoenaed for Bond Club Field
is
the
ment, dry fly casting, surf casting
35
19
Colombia 4s
Cundlnamarca
NOTICES
Committee.
10
Cordoba 7s stamped.. 1937
Costa Rica funding 6a. '51
1949
55
Complete details of the program for the 20th annual outing
outlined
are
19
..1945
Munich 7s to
Panama
6s
distributed to
of the organization to be held at the
19
Munlo Bk Hesaen 7s to '45
scrip
City Savings Bank
Budapest 7s
Costa Rica Pac Ry 7Ma '49
17
45
miniature newspaper headlining that
a
named,
individually
being
are
New York.
/10
65
member,
Day"
187
10
Montevideo
Oberpfals Eleo 7s
1968
each
Oldenburg-Free Stats—
Central German Power
Madgeburg 6s.....1934
13
14
Sports activities will include golf, a doubles round robin tennis tourna¬
Nat Central Savings
Call
10
Westlnghouse Bldg—
1st mtge 4s
1948
46
60
15
Nassau Landbank 6 H* '38
Nat Bank Panama—
no
145
1950
mmm
Brown Coal Ind Corp—
Buenos Aires scrip
152
1951
1st 4Mb w-s
10
4
22
Wall A Beaver St Corp—
CURRENT
12
19
19
1948
30
—Announcements in the form of
Land M Bk Warsaw 8s '41
Water 7a
Walbridge Bldg (Buffalo)
10
no
Leipzig O'land Pr 6 Mb '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
61
18
Municipal Gas A Eleo Corp
Recklinghausen 7s.. 1947
1940
i
15"
34
For footnotes see page 3495
..1943
Koholyt 6 Ms
30
3s
London Terrace Apts—
1st &gen3-4s
1952
Ludwlg Baumann—
1st 5s (Bklyn)
1947
1st 6s (LI)
1961
18
Bavarian Palatinate Cons
Cities 7a to
25
/24
Ask
Bid
Ask
20
1939
2 Park Ave Bldg 1st 4-5s'46
1st 5Mb
Lincoln Building—
Foreign Unlisted Dollar Bonds
Anhalt 7a to
1958
Trinity Bldgs Corp—
Income 5Ma w-s...1963
Due to the European situation some
63
1955
Textile Bldg—
1st 3-5s
40
Lexington Hotel units
Tel. HAnover 2-5422
(Syracuse)
1st 3s
Lewis Morris Apt Bldg—
1st 4s
1951
& CO., INC.
St., N. Y.
3s with stock
Syracuse Hotel
Lef court State Bldg—
1st lease 4-6Ms
1948
S2 William
3Mb with stock
616 Madison Ave—
42
HotelSt George 4s...1950
Inactive Exchanges
BRAUNL
15 H
Hearst Brisbane Prop 6s' 42
Foreign Stocks, Bonds and Coupons
circulars
descriptive
of Hartford
Fire
Insurance Co. and United
Fidelity & Guaranty Co.
—Mackubin, Legg & Co., 42 Broadway, New York City, are distributing
analyses of American Reinsurance Co. and National Casualty Co.
—Directors
of
Pennsylvania Water
contribution of $5,000 to the American
& Power Co. today authorized a
Red Cross.
Volume
The
ISO
General
3499
Commercial & Financial Chronicle
Corporation and Investment News
RAILROAD—PUBLIC
UTILITY—INDUSTRIAL-INSURANCE—MISCELLANEOUS
is not always possible to arrange companies in exact
However, they are always as near alphabetical position as possible.
NOTE—For mechanical reasons it
FILING
OF
REGISTRATION STATEMENTS
SECURITIES ACT
UNDER
(See subsequent page for further
details).
filed
cumula¬
Carpenter Paper Co. (2-4415, Form A-2), of Omaha, Neb., has
registration statement covering 10,000 shares of $100 par Wi%
preferred stock.
6,706 shares will first be offered in exchange, on a
share for share basis, for the $100 par 6% cumulative series A preferred
stock and the unexchanged portion will be offered through the underwriter
at $100 minimum or market, estimated at $104 maximum, and 3,294 shares
will be offered by underwriter at $100 minimum or market,
at
$104 maximum.
Proceeds of the issue will be used to redeem $100 par
cumulative series A preferred stock and for working capital.
Isaac W.
a
tive
estimated
6%
Carpenter Jr. is President of the company.
Filed May 23, 1940.
Akron Canton & Youngstown
Underwriter will be
named by
amendment.
(George) Putnam Fund of Boston (2-4416, Form A-l), of Boston,
Mass., has filed a registration statement covering 1,000,000 shares of bene¬
ficial interest which will be offered at market.
Proceeds of the issue will be
used for investment.
George Putnam, et al., are trustees.
S. H. Cunning¬
ham Co. have been named underwriters.
Filed May 23, 1940.
(2-4417, Form D -1A), of Chicago, 111., has filed a
registration statement covering $581,300 of certificates for 6% gold deben¬
tures, due 1943 (see registration statement 2-4418).
The certificates are
registered under plan of adjustment.
D. R. Howland is President of the
company.
H. M. Preston & Co. have been named readjustment managers.
Filed May 25, 1940.
(2-4418, Form A-2), has filed a
registration state¬
covering $581,300 of 6% debentures extended to 1950 in exchange for
certificates for same amount of 6% gold debentures due 1943 (see registra¬
tion statement 2-4417).
The company a'so registered 86,458 shares of $10
par prior preferred stock and 172,916 shares of $1 par common stock.
After
reclassification of securities both of the new stocks will be offered in ex¬
ment
change for 43,229 shares of $3 .50 cumulative convertible preference stock,
on a basis of 2 shares of preferred and 4 shares of common stock for
1 share of preference stock.
The above common stock is to be represented
by voting trust certificates (see registration statement 2-4419).
Filed
May 25, 1940.
no par,
Miller & Hart, Inc., voting trustees, (2-4419, Form F-l) have filed a
registration statement covering 258,541 voting trust certificates for $1 par
common stock.
85,625 shares of no par value common stock now outstand¬
be reclassified share for share into $1 par common stock. 172,916
to be issued in exchange as per regis¬
Howland, et al., are voting trustees.
Filed May 25, 1940.
ing
are to
Ohio
Form A-l) of Van Nuys, Calif., has filed
registration statement covering 215,835 shares of $1 par common stock
which will first be offered to stockholders and others through rights at $1
per share and the unsubscribe portion will be offered through underwriter.
Proceeds of the issue will be used for debt, machinery, equipment and
working capital. Otto W. Timm is President of the company. G. Brashears
& Co. has been named underwriter.
Filed May 25, 1940.
Continental Aviation & Engineering Corp. (2-4421, Form A-l) of
Detroit, Mich, has filed a registration statement Covering 370,000 shares of
$1 par common stock and 101,000 warrants reserved for the common stock.
51,000 warrants were sold to Continental Motors Corp. at 20 cents per
warrant and 50,000 warrants will be sold to underwriter.
260,000 shares of
the common stock will be offered publicly by the underwriter at $3.25 per
share and 51,000 shares at $3.25 per share are reserved for warrants sold to
Continental Motors Corp., 50,000 shares at $3.25 per share are to be reserved
for warrants that will be sold to underwriter and 9,000 shares will be reserved
at $3.25 per share for warrants that will be issued to such officers and em¬
ployees as designated by the board of directors. Proceeds of the issue will be
used for working capital. Clarence Reese is President of the company. Van
Alstyne, Noel & Co. has been named underwriter. Filed May 27,1940.
General Instrument Corp. (2-4422, Form A-2) of Elizabeth, N. J. has
filed a registration statement covering 70,000 shares of $5 par 60-cent
cumulative convertible preferred stock and 153,750 shares of $1 par common
stock. 32,820 shares of the preferred stock will be offered through the under¬
writer for the issuer and 37,180 shares will be offered by the underwriter
for the account of two stockholders.
30,000 shares of the common stock
will be offered by the underwriter for the issuer, 78,750 shares of common
stock will be reserved for conversion of preferred stock and 45,000 shares of
common reserved for warrants at $8 and $10 per share.
Warrants for 22,500
Timm Aircraft Corp. (2-4420,
will be given to underwriter and warrants for the
remaining 22,500 shares of common stock to be given to the above two
stockholders; and if the warrants are exercised the stock willt be offered at
market.
Issuer's part of the proceeds will be used for expansion, develop¬
ment and working capital.
Samuel Cohen is President of the company.
Burr & Co., Inc. nas been named underwriter.
Filed May 28, 1940.
previous list of registration statements was
issue of May 25, page 3345.
in
our
given
and collaterally secured promissory notes have rejected the plan,
although all other claimants voted overwhelmingly in favor of the proposal.
Seotion 77 of the Bankruptcy Act provides that a plan may be effectuated
if two-thirds of the creditors voting in each class accept the plan.
The
Federal Court, however, is given authority to impose a plan if satisfied
that it meets all requirements of the law, even though the required|percentage of votes is not favorable.
The ICC certificate shows the following results:
Acceptance by 100% of the holders of A. C. & Y. gen. & ref. 53^s and 6s
t
who
voted;
100% acceptance by A. C. & Y. equipment trust holders.
Rejection by 100% of the A. C. & Y. collateral note holders who voted.
100% rejection by A. C. & Y. common stockholders who voted.
99.6% acceptance by Northern Ohio 1st mtge. 5% bondholders who voted
100% acceptance by Northern Ohio gen. mtge. 6% bondholders voting.
100% acceptance by Northern Ohio common stockholders voting.
100% acceptance by holders of other claims against the Northern Ohio
who voted on the plan.
Under the railroad bankruptcy procedure the Federal Court now will
consider the result of the balloting and either confirm or refuse to confirm
the final plan as voted on.
If the court is
and the plan, the proposal will be sent back
46,908
Net ry. operating
From Jan. 1—
Alabama Great Southern RR.—Dividends—
dividends of $3 per share on the ordinary and
the preferred stocks, both payable June 28 to holders of record June 8.
Dividends of $5 were paid on Dec. 23, last, and $3 were paid on June 28,
1939, and on Dec. 23, 1938.
■
„
A dividend of $3 was paid on the ordinary stock on June 28, 1938, and an
extra dividend of $4 in addition to a semi-annual dividend of $1.50 per share
was distributed on Dec.
24, 1937.
Semi-annual dividends of $1.50 were
paid on the preferred stock on Feb. 15 and June 28, 1938.
Directors have declared
share in addition
to the regular quarterly dividend of 40 cents per share on the common
stock, both payable June 29 to holders of record June 12. Similar amount
was paid on March 31, last; extra of 15 cents was paid on Dec. 23, last, and
extras of 10 cents were paid on Sept. 30 and on June 30, 1939.—V. 150, p.
t
r
Net from railway
income..
2865.
1940
Gross from railway
Net from
income...
defl26,020
Crystal Sugar Co. (&
American
Years Ended
x
•
applicable to sugar sold
(incl. sell., gen, & admin,
Cost of sales
x
x
farms, other
operating income
income—interest,
..$17,858,623 $12,541,877
11,442,097
Inc.—To Build New Factory—
that construction work will be started
be located on the Bendix Airport in
Bendix, New Jersey, on a recently acquired plot of ground.
The building will cover approximately 70,000 sq, ft. and will be of
modern brick, steel and glass construction.
General contractors are the
Austin company.
The cost is estimated at $300,000.
The new plant will approximately double the floor space now occupied
by Air Associates, Inc. at Roosevelt Field and will enable the company to
install approximately $100,000 worth of new machine tools and equipment
which were ordered by the company last year and early this year.
All of
the present manufacturing equipment will also be moved to the new
Air Associates,
equipment will be financed from
bank loans.—V. 150, p. 3035.
$2,310,845
includ-
by-products, &c
Net
Other
—
discount, sundry adust-
$1,099,780
244,604
$2,555,448
$1,468,089
63,531
ments, &c
Gross
Interest
$2,618,980
64,526
Uf1
income
and discount
Sales and
——
retirements of property.
39,336
$1,507,426
58,999
30,916
52,299
50,000
918,403
406,000
$1,057,059
*
Net income
368,309
-
-
pensions
property—applicable to products
employees' retirement
income tax
Provision for Federal
1939
1940
expenses).. 15,547,778
profit from sales
operating income from other sources
ing company
x
£.442,788
1,579,555
500.892
pulp, less
excise tax
Gross
Net
x
47,865
,
Subs.)—Earnings—
March 31—
sales of refined sugar and dried
returns and allowances and Federal
for the year
--
Surplus, beginning of the year
Adjustment of provision at March
additional beet payments
10,816,071
...
...
31, 1938 for
772,537
138,000
$4.54,674
10,472,156
274,352
------
$11,873,129 $11,201,182
385,118
385,112
...... .$11,488,012 $10,816,071
$0.19
$1.84
-
preferred capital stock..
common stock
depreciation charges.
Consolidated Balance Sheet March
Earnings per share on
Before
1940
b
$
Other
$
14,556,478 14,997.241
Investments
26,243
26,242
30,000
U. S. Treas. securs
...
1,033,213
463,002
..11,619,557 11,542,093
Adv. acct. crops..
115.632
6,425
receivable.. 1,531,707
Other assets
Accts.
Deferred charges..
81,096
31
6%
6,419.820
6,419,820
pref. stock
3,639,660
Accounts payable.
204,362
Bank acceptances. 4,000,000
3.639.660
Accrued interest..
7,563
42,017
2,012,994
19,831
13,932
444,133
c
Common stock..
193,877
4,075,000
37,704
2,414,375
91,145
821,033 Add'l beet paym'ts
1,952
47,162 Other curr. liabils.
Res. for insurance.
483,321
166,921
6,205
Salaries and wages
Accrued taxes
retire.
50,000
pensions
Notes pay. to
Earned surplus
28,970,351 28,099,898
Total
275,000
bnks.
Capital surplus
Res. for contlng's.
Total
$
$
Liabilities—
Reserve for
c
1939
1940
1939
Fixed assets
Inventories.
def188,872
4,714,183
737,314
def293,220
Gross
Cash
and
defl25,067
4,837,672
889,045
150, p. 2865.
—V.
June 18.
current earnings
def75,299
^
$1,368,539
328,678
$1,122,421
137,915
5,601,692
854,463
.
1937
1938
1939
$1,221,981
168,334
railway
Net ry. oper.
x
Company announced on May 29
immediately on a new factory to
284,132
278,363
defll5,857
income
Net ry. oper.
*$525,116
$175,446
S. exchange.—V. 150,
Co.—Accumulated Dividend—
2,509,238
747,935
474,657
1,966,840
$1,194,583
132,925
railway
Net from
Surplus, end of the year..
1939
declared
and manufacturing
136,596
1940
April—
Gross from railway
accumulations on the
location.
New construction
2,382,797
671,752
467,900
$646,983
199,832
134,540
103,834
87,892
Alton RR.—Earnings-
Co.—Earnings—
a dividend of $3.25 per share on account of
preferred stock, payable July 1 to holders of record
Like amount was paid on Jan. 2, last.—V. 149, p. 3863.
have
$523,591
2,427,107
655,828
439,925
Gross from railway
Net ry. oper.
—V. 150, p.
3345.
Acme Glove
$611,246
192,927
Net ry. oper. income..
From Jan. 1—
Assets—
Directors
1938
$643,714
203,712
131,254
Gross from railway
Dividends on
p.
1939
Net from railway
3345.
April—
Earnings prior to audit and charges for deprecia¬
tion, and bond interest
x Includes $113,557 received as premium on U.
1937
1940
Total
Abitibi Power & Paper
Date
Earnings for April and Year to
April—
sold
extra dividend of 10 cents per
781,594
301,499
143,174
on
Miscellaneous taxes—
Laboratories—Extra Dividend—
Month of
137,767
Net ry. operating income
—V. 150. p. 3035.
$181,154
61,838
27,585
499,499
72,983
def37,918
640,759
180,581
56,493
743,289
247,109
Net from rail way
Depreciation of
Directors have declared an
24,424
income
Gross from railway
1937
16,384
def9,542
$119,832
$143,556
32,268
1,123
$171,075
.
balloting
1938
1939
1940
April—
Gross from railway.
Net from railway
not satisfied with the
to the ICC.
Year to Date
Earnings tor April and
Provision for
Abbott
that holders of A. C. & Y. common
stock
shares of common stock
The last
Ry.
The Commission's certificate shows
par common stock are
statement 2-4418.
D. R.
a
Youngstown Ry. and
reorganization for Akron, Canton &
final plan of
the Northern
shares of $1
tration
Proposal—•
certified to the Federal District
of creditor voting on the
Court for the Northern District of Ohio the result
Miller & Hart, Inc.
Miller & Hart, Inc.
Ry.—Two Creditor Classes
Reject Plan—All Others Vote Favorably on
The Interstate Commerce Commission has
additional registration statements (Nos. 4414
to 4422, inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
The amount involved is approximately $16,777,126.
Philco Corp. (2-4414, Form A-2) of Philadelphia, Pa., has filed a registra¬
tion statement covering 305,000 shares of $3 par common stock.
Filed
The following
May 23, 1940.
alphabetical order.
7,983,696
140,000
3,504,316
7.983,696
140,000
2,832,375
28,970,351 28.099,898
b After depreciation of $10,346,094 in 1940 and $9,859,951
Represented by 363,966 shares of $10 par value.—V. 149, p.
in 1939.
2501.
The Commercial & Financial Chronicle
3500
(The) Alden Hotel, N. Y. City—Earnings Improved—
American-Hawaiian
According to
a new statistical report just released by Amott, Baker &
Inc., the Alden Hotel, located on the northwest corner of Central
Park West and 82nd St., N. Y. C. showed improved earnings at the rate of
blA % on the outstanding bonds for the nine months ended Oct. 31, 1939.
The report indicates that earnings permitted the
payment of the 3%
bond interest rate and left approximately $17,000 for bond
retirement.
Under the Burcbill law reorganization which was consummated in
1937, an
initial sinking fund was required by the earnings for the
period and a par of
$39,000 bonds were retired.
Occupancy for the year averaged better than 92%.
Co..
American District Telegraph Co. (N.
to
American Public Service Co.
Oper.
1937
$8,154,028
7,650,908
7,500,807
7,127,477
6,651,177
$1,329,333
2,658
$1,239,187
2,652
$1,354,574
Bal.tr. to surp.acct.-
$1,331,991
402,710
523,705
$1,241,839
402,710
523,705
$1,357,008
$405,576
$315,424
dividends
dividends....
Balance
1939
$
a
$1,505,611
405,717
521.978
Income—Dividends
$430,596
$577,916
Statement
1,052,186
3 Months Ended March 31—
1,077,445
em¬
Cash in banks
568,672
69,259
1,454,908
51,438
1,882,851
Prepaid rents, ins.
prems.,
a
79,940
285,560
After
12,699,300
for doubtful accts.
reserve
(104,746 508-1000 in 1938) shares,
cos..
11,079
36,460
oblig.
580,297
•
489,463
57,235
1,592,385
4,852,290
25,536,778 25,506,124
$890,296
39,747
$631,620
346,446
371,870
$850,549
365,860
388,989
def$86,696
$
13 ,255,910
13,255,910
1939
$
$
Liabilities—
recelv.
338,700
2,096,758
936
2,436
1940
2,061,209
Int.onse'ddebs.
1,186,579
2,931
25,488
56,460
1,370
189,637
1,004,049
772,236
56,460
1,161
189,637
1,002,592
568,295
15,717,478
15,732,580
346
346
17,354
21,000
Other accrd. llabs.
875
75
Com.stk. ($1 par).
Accrued interest
960,737
435,000
on
funded debt
Capital surplus
Earned surplus...
Total
Net operating profit.
1939
Provision for losses
Netincome
Subs.)—Earns.
1938
1937
1936
$4,003,156
1,968,234
©402,980
expense
Interest
on
$2,666,592
1,508,889
91,309
$1,826,891
900,395
72,344
$1,301,596
677,706
172,729
Consolidated Balance Sheet March 31
a
$613,310
rec
$627,833
3,580,055
3,379,413
2,761,043
Accts.& notes
2.656,897
Mtges.rec.(less res)
Typograph. library
b Land,
c
bldg.,
chry., equip., Ac 2,431,132
&c.
Prepd.taxes & ins.
Factory & ship'g
$675,059
59,530
26,993
$383,101
59,509
52,000
$2 cum. preference...
Common dividends
183,370
657,773
114,205
507,075
468",621
197,922
Net earnings
per sh. on com...
$283,962
$3.00
$117,011
c$1.99
$119,916
b$2.12
$73,671
a$2.25
,*1^l1,§6Lsha£e£,5)f
common stock equal to 33 1-3% issued as a stock
25, 1936.
b 99,447^ shares, equal to
75% issued as a
dividend, March 10, 1937.
The average amount of common stock
dividend March
outstanding for
to
1937 was 232,982 shares and the
average earnings equal
$2.52 per share,
c The
average amount of common stock outstanding
1938 was 295,346 shares and the
share,
d Called April
previously written off.
average
27,
1938.
e
Less
earnings equal to $2.11 per
of $20,164 on loans
recovery
Consolidated Balance Sheet Dec. 31
1939
1938
1939
Liabilities—
Total cash
Instal.
notes
&c.._.
1,623,407
1,198,981
rec.,
-.15,908,243 11,325,694
56,412
52,261
Val. of life ins. pol.
Furniture & fixt.
(less reserves).
128,160
96,964
21,591
T, 064
Misc. loans recelv.
Real est., equities,
&c
23,942
3,563
24,261
Sundry assets incl.
treas.
Total
Thrift accounts...
Income,Ac.,tax
stock
5,894
17,922,804 12,857,370
-V. 150, P. 2865.
1938
$
8.252,500
6,018,590
95,845
64,023
68,435
43,542
319,424
253,582
44,573
32,991
9,611
1,193,125
ac¬
cruals & reserves
145,783
156,952
_
Total def. charges.
Com. stk. subscrlp
$
Total notes pay'le.
Divs. declared
Accts. pay. for cur¬
rent expenses...
Deferred
ncome..
Cumul.
preferred. 4,000,000
$2 cum. pref. stock 1,300,000
Com. stk. (no par) 2,562,997
2,562.997
Paid-in surplus...
Earned surplus...
653,639
1,004,819
369,677
..17,922.804
12,857,370
Total—
629,804
2,524,201
87,212
79,893
1,300,000
.
*"
1940
for
Fed.
129,125
152,729
300,000
400,000
inc.
Accrd. Int.
on
5,089
debs
Notes pay. to bank
Contract payable.
for
tax
15-yr.
Fed.
9,776
d77,000
91,000
72,500
75,000
938,500
5,680,963
938,500
5,680,963
1,711,741
459,264
1,711,741
369,673
Inc.
payable
conv.
sink.
Cap. stk. ($10 par)
Capital surplus
Earned surplus
$9,758,484 $9,783,768
$349,298
(estd.)
fund debs..
112,445
1939
$346,640
171,876
taxes, Ac..
Res.
Res.
supplies, &c.,de¬
$820,706
78,830
for
96,764
53,619
Total
stock
173,287
of sub. cos
$503,399
50,303
65,641
4,355
Liabilities—
Accounts payable.
Accrued
salaries,
tax
Equipment,
$874,999
73,611
122,462
3,867
d.3,586
236,025
ma-
$1,085,064
89,632
166,571
8,155
pref'ce.
1939
1940
Cash
Total income
$1,637,291
Interest paid
109,556
Fed. income & State tax.
256,558
Other charges
Earns,
21,274
is deemed to be necessary.
Assets—
ferred charges..
$1,271,177
146,074
$514,964
495,116
$1.04
loss$97,522
71,987
Notes—The income account includes depreciation of $268,086 in 1940,
$253,076 in 1939, $22»,119for 1938 and $199,153 for 1937.
No provision has been made for Federal income tax for the reason that
$451,161
52,238
cum. con v.
$145,139
568,096
$0.26
Shs. cap. stk. (par $10).
Earns, per sh. on cap. stk
20,847
$2
$782,912
102,635
17,167
123,147
25,000
98,569
26,485
46,925
debs
$854,152
Net earningsPreferred dividends
33,886
2,489
$320,443
93,635
13,456
38,214
30,000
$261,570
$1,066,393
18,671
Other income credits
$610,696
172,217
Total income
$1,631,943
5,349
_
$136,006
184,438
_
Miscell. deductions
real est. Ac., inv.
American Investment Co. of Illinois
(&
Calendar Years—
Gross income....
1937
$7,882,785
4,897,826
2,374,263
Other income..
none
—V. 150, p. 3192.
Operating
1938
$7,564,458
5,102,408
2,326.044
$89,591 loss$227,159
568,096
568,096
$0.16
Nil
Sell'g& gen. expenses-__
Inventories
15,717,478 15,732,580
1939
$6,180,353
4,319,840
2,148,755
$75,291 loss$288,242
186,279
190,720
Cost of goods sold
Netincome
2,072,215
conditional
13,767
Total
269.
$7,608,477
5,171,170
2,362,017
Net sales
interest
thereon
Cum.
Notes payable
Accounts payable.
with
trustee under de¬
Cash In bank
p.
of indebt. &
accrued
2 ,096,758
Dividend receiv..
Sund. prepd. exps.
150,
Type Founders, Inc.—Earnings—
Long-term debt...10,432,000 10,432,000
Ctfs.
benture Issues..
properties.—V.
Discounts allowed
1940
Notes & accrd.int.
348,885
of
American
$95,700
1939
$
dep.
transfer
1938
$713,354
81,734
Balance Sheet March 31
1940
Special
The acceptance was conditioned on approval of the sale by stockholders and
agreement by company and State officials on terms and conditions of
an
[Including Wholly-Owned Subsidiaries]
1939
$205,398
from subs
Approved—
The directors have approved the sale of the Carquinez and Antioch bridges
and related assets of the company to the State of California for $6,480,000.
$797,323
355,077
236,848
Net income.
Invest, in af111.cos.
Other investment.
dividend of three cents per share on the common
A dividend of six cents
on
Sale
value.—Y. 149, p. 3401.
$830,177
32,854
Gross income
cos.
paid
Consolidated Income Account Years Ended March 31
Unconditional interest
Conditional interest
thereon
a
Dec. 15, last; three cents was paid on June 15, 1939 and one of
five cents was paid on Dec. 15, 1938, this latter being the first dividend paid
since March 15, 1938 when a regular quarterly dividend of two cents per
share was distributed. At that time directors decided to pay dividends semi¬
annually instead of quarterly.
was
b Represented by 105,166 508-1000
1940
expenses
Invest, in sub.
Bridge Co.— To Pay S-Cent Dividend—
stock, payable June 15 to holders of record June 1.
Co.:—Earnings—
Gross revenues
Assets—
American Toll
Directors have declared
& local tax
Total
Seating Co.—Unlisted Trading—
—V. 150, p. 3345.
100)678
2076.
12 Mmths Ended March 31—
Operating
$79,221
The 10 year 6% convertible gold notes, due July 1, 1946
(stamped) have
been removed from unlisted trading by the New York Curb Exchange.
285,560
Earnings for 3 Months Ended March 31, 1940
Net profit after charges and taxes
x$l,200,037
per share on 480,000 shares capital stock
$2.50
x Before
provision for amounts subject to possible recapture by Maritime
p.
$124,958
American
12,079
38,959
171,910
217,787
Earnings
American Gas & Power
368
4,075
-V. 150, p. 3345.
Prov. for P'ed. in¬
no par
367
3,479
—
Net income
American Export Lines,
Inc.—Earnings—
Commission.—V. 150,
Taxes
12,437,744
Social security tax
63,996
Def. credits to inc. 1,573,459
Reserves
6,315,459
25,536,778 25,506,124
320
5,753,381
redemption.
come
red
Total
$
Divs. accrued
106,409
$85,800
2,136
of
stock
money
1,382
Income taxes
Accounts payable.
Pref. stock called
for
develop.
expenses, &c
Cash res. for pref.
stock
Pur.
$84,098
$131,501
2,697
General and miscellaneous
1938
$
b Common stock &
controlled
414,536
1939
1,382
sidiary company
($100
surplus
sees..
1940
$130,118
1
Amortization of profit on sale of bonds of sub¬
Other
4,753,381
Capital
ployees, &c.)._.
Marketable
stock
by
of Income (Company Only)
Total
Par)
cash work, funds
in hands of
On $6 cumulative preferred stock of West Texas Utilities Co. held
402,708
523,704
2.434
1939
Pref.
22,338
public ($1.50 per share).
Liabilities—
ma-
terials & suppl
Accts. rec. (incl.
$84,723
Net income.
$1,502,851
2,760
1938
$
Property account.22,153,920 21,845,778
Inventories of
$459,44i
274,956
19,266
3,739
6,214
70,542
Other income deductions
a Dividends paid.
Consolidated Balance Sheet Dec. 31
Assets—
$445,280
198,683
36,387
3,450
2,581
70,542
T
Net oper. revenue..Inc. from divs. and int.
Common
$437,102
Amortization of bond discount and expense..
General interest
a
Preferred
$417,258
28,022
...
long-term debt.
on
1939
$1,256,451
819,349
$133,636
Net operating income
1936
$8,482,051
incl. repairs,
exps.,
1940
$1,285,502
868,243
Other income (net)
Interest
1938
$8,739,994
res. for depr., rent for
lease of plants, taxes,
miscell. interest, &c__
(& Subs.)—Earnings—
3 Months Ended March 31—
[Including Controlled Companies]
'*
Steamship Co.—Eztra Dividend—
Gross income
1939
1940
Directors have declared an extra dividend of 50 cents per share in addition
the regular quarterly dividend of 25 cents per share on the common
Operating revenues
Operating expenses and taxes
J.)—Earnings—
$8,980,241
1,
stock, both payable June 29 to holders of record June 15.—V. 150, p. 3037
Consolidated Income Account for Calendar Years
Gross oper. revenue
June
Total
$9,758,484 $9,783,768
After
reserve
of $156,206 in 1940 and $178,433 in 1939.
b After
for depreciation of $1,197,340 in 1940 and $984,032 in 1939.
c Less
$446,003 for depreciation,
d Includes $14,000 current instalments to
March 31, 1941.
a
reserve
Note—A subsidiary company is guarantor of customer notes in the amount
Amount to be deposited with sinking fund trustee on July 15.
1940, for purchase of debentures, $18,421.—V. 150, p. 427.
of $48,299.
American Water Works & Electric Co., Inc.— Weekly
Output—
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended May 25, 1940, totaled 52,597,000
kwh., an increase of 17.9% over the output of 44,616,000 kwh. for the
corresponding week of 1939.
Comparative table of weekly output of electric energy for the last five
follows:
Week Ended—
years
May
4
May 11
May 18
May 25
—V.
150,
1940
1939
1938
1937
1936
51,054,000
51,331,000
51,895,000
52,597,000
39,367,000
39,154.000
43,150,000
44,616,000
38,666,000
39,542,000
37,701,000
38,603,000
50,876,000
51,191,000
50,723,000
50,672,000
44,433,000
44,766,000
44,605,000
44,105,000
p.
3346.
Anchor Hocking Glass
Stockholders
Corp.—Capital Reduction Voted—
May 20 approved proposals to reduce the capital of the
a change
in its authorized and outstanding common stock from shares without par
value into shares of the par value of $12.50 each.—-V. 150, p. 3193.
on
corporation and to amend its certificate of incorporation to effect
Ann
Arbor
RR.—Earnings—
April—
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
—V. 150, p. 2867.
1940
1939
1938
$330,415
61,922
24,556
$265,323
def9,105
def47,886
$280,913
27,374
def9,957
1,330,472
221,094
80,933
1,222,898
143,245
1,090,950
98,498
def39,287
defl,819
/
1937
$342,324
64,875
27,974
W*
1,406,399
291,807
143,674
Volume
The
150
Atlantic Coast Line RR.—New
Arnold Constable Corp.—Earnings—
Consolidated Income Account for
with office in
$8,567,491
8,606,226
124,088
8,199,592
109,610
Depreciation
$438,172
127,884
Other income.
1937
1938
1939
1940
$9,168,486
Expenses-.
$7,883,911
7,585,155
$7,760,604
7,252,101
91,834
118,977
83,381
$206,923
96,871
$258,288
$377,265
$303,794
101,520
68,808
43,937
$33,839
22.284
~~6~, 521
81,940
5,292
18,463
$430,697
$286,174
$253,336
$387,066
252,819
252,818
252,819
337,098
337,109
337.109
$0.85
337,109
$0.75
337.109
$1.15
Net profit
paid
Shares capital stock out¬
standing (par $5)
Earnings per share
$1.28
.
Inventories
740,388
Investments
396,378
24,809
32,945
$1,207,556
938,283
21,112
Mlscell. acc'ts rec_
assets and
Sundry
Investments
to
Accrued wages
b Land,
93,663
43,744
39,499
cash credits
Uncompleted con¬
tracts payable.-
229,992
..
a
1,685,545
Earned surplus
2,127,567
489,107
Capital stock—
Capital surplus
...
bldg. and
1,381,421
1,018,313
238,848
store fixtures
72,449
101,741
74,200
Income tax
Def'd liabilities.
not
consolidated
181,446
and
expenses
Cust. deposits and
wholly-owned
cos.
$457,829
Reserve for Federal
Invests.in & advs.
sub.
$498,967
Accounts payable_
1,138,708
Acc'tsreceived..
c
1939
1940
Liabilities—
1939
$800,049
814,201
17,213
726,674
78,400
1,685,545
2,127,567
330,437
256,024
d Leasehold impt.
401,024
under constr
81,258
82,491
-
$4,464,508
3.526,101
revenues
expenses
Net oper. revenues...
$1,476,972
600,000
Operating income.—
Eqpt.&jt.fac. rents—.
$2,569,749
1,026,708
$3,499,664
1,004,714
$1,543,041
$2,494,950
$338,407
276,575
Net ry. oper. income-
$5,649,664
2,150,000
$583,260
600,000
$4,719,749
2,150,000
$876,972
293,712
$938,407
.
'
Taxes
$61,832
»;
—V. 150, p. 2868.
Co.—Receivership Asked—
Kevie Carmen of Newton, Mass., a bondholder, has filed in Superior
Court, at Boston, a bill in equity asking appointment of a receiver for the
company, and seeking to hold five of its officers and directors for the years
1937 to 1939, inclusive, liable for its losses through a series of alleged fraudu¬
lent transfers of its assets.
One transfer was said to have entailed a loss to
the corporation of $225,000.
The suit names as respondents the Atlantic Securities Co, of Boston,
Central Capital Corp., and Robert L. Moore, Ernest F. Henderson, Myron
F. Welsch, Roger S. Warner and Geroge B. Henderson, also T. Stewart
Harris who, with Moore and Ernest F. Henderson, is said to do business as
Central Management Association.
.
The bill says the Atlantic Securities Co. has outstanding $1,278,000 4M %
bonds due April 1, 1953.
On information and belief the bill avers that all
the individual defendants have acted in concert to the detriment of the
Atlantic Securities Co. of Boston and its bondholders in what they have
participated in a series of fraudulent transfers whereby the assets of the
corporation have been so depleted that the bonds are selling at 20 cents on
the dollar and the common stock has no value whatsoever.—V. 138, p. 1747.
Bldg. & store flxts.
Deferred charges.
Operating
Operating
Atlantic Securities
Consolidated Balance Sheet Jan. 31
1940
Assets—
Cash..'
1940—Month—1939
1 940—i Mos.—1939
$4,568,732 $19,044,060 $18,619,876
3,091,760
14,324,311
12,970,212
Period End. April SO—
Provision for surtax
Dividends
Earnings for April and Year to Date
67,640
$566,056
Miscellaneous expenses.
Other deductions
Wilmington, N. C.
$425,121
$492,761
Prov. for Fed. inc. tax..
Officials—
Vice-President in Charge of Operations,
He will continue as General Manager.
Other changes were the appointment of F. L. King as General Super¬
intendent of Transportation
H. M. Kendall, Assistant General Super¬
intendent of Transportation
J. B. Brantly, General Traffic Manager
R. J. Doss, General
Freight Traffic Manager R. G. Hodgkin and W. H.
Henderson, Freight Traffic Managers George P. James, Passenger Traffic
Manager, and W. H. Howard, Assistant Passenger traffic Manager.
F. W. Brown has been appointed
Years Ended Jan. 31
(Including Wholly-Owned Subsidiaries)
Net sales
3501
Commercial & Financial Chronicle
Leasehold & good¬
Aviation
will
Corp.—Options Reported—
notified the Securities and Exchange Commission
April 1, upon authorization of its board of directors, it entered into
written option contracts with certain of its officers and directors and two
employees of the Aviation Mfg. Corp., a wholly-owned subsidiary, entitling
them to buy 24,000 shares of Vultee Aircraft, Inc., at $10 each until Dec. 31,
The corporation has
$5,432,311 $4,885,390
Total
Total
$5,432,311 $4,885,390
Represented by 337,109 shares of $5 par value,
b After deducting
for depreciation,
c After deducting reserve for discounts, doubtful
&c.
d After deducting amortization of $162,874 in 1940 and
$145,698 in 1939.
Note—On Feb. 1, 1939 the management revised certain furniture and
a
reserve
accounts,
fixtures to the net
that date.
depreciated value thereof as shown by the books as at
Depreciation has been computed on such net depreciated value
by the management.
Prior thereto depreciation on said furniture and fixtures was computed on
the basis of 5% of the aggregate book value thereof.
The amount of de¬
preciation computed under the revised method is approximately $18,000
more per annum than the amount of depreciation computed under the old
basis —V. 150, p
1419.
based
on
the remaining life of seven years as estimated
Associated Gas & Electric Co.—Directorate—
of Associated
24 announced that with their approval the
Corp. elected Albert F. Tegen
and Alex Speer to membership on the board, and also named them as
Vice-Presidents of the corporation.
The third Vice-President chosen at the meeting was Ernest J. Howe,
financial officer of the Utility Management Corp., who had been named
to its board of directors on May 8, 1940.
Mr. Tegen will be concerned with corporate and financial simplification
and policy in the Associated System.
Mr. Speer will be chiefly concerned with operating problems in the
Associated System.
The Utility Management Corp. is owned by the several operating com¬
panies in the Associated System.
It furnishes the operating companies
with management, engineering, purchasing, accounting, financial,
and
Trustees of Associated Gas & Electric Co. and the trustees
Gas & Electric Corp. on May
board of directors of the Utility Management
other services.
Court has authorized the appointment
economist for the trustees of Associated
Trustees also announced that the
of Edward W. Morehouse as chief
He will serve as adviser on the economic factors of
His work, with that of Mr. Tegen, will be joined
chief accountant, Herbert A. Blomquist,
who was appointed to their staff on March 20, 1940.
Federal Judge Vincent L. Leibell on May 24 authorized trustees for
Associated Gas & Electric Co. and Associated Gas & Electric Corp. to
consummate sale of certain transmission and distribution lines of the
Maryland Public Service Co. to the Consolidated Gas Electric Light &
Power Co. of Baltimore for $14,675.
The transaction previously had been
authorized by the Maryland Public Service Commission.
Gas & Electric Corp.
reorganization plans.
with the functions of the trustees'
that
on
1941.
The
options were as follows:
Vice-President
Management Corp. reports that for the week ended May 24,
of the Associated Gas & Electric group was 93,613,302
(kwh.).
This is an increase of 10,515,398 units or 12.7% above
production of 83,097,904 units a year ago.—V. 150, p. 3346.
units
Atchison Topeka
& Santa Fe Ry.—Earnings—
option being for thirds of the stock in 1940, 1941 and 1942.
R. W. Miller, President and director, was allotted 10,000 shares; Harry
Woodhead, President and director of Aviation Mfg. and director of Vultee
Aircraft, 5,000; W. H. Beal, director and Vice-President until his resignation
on April 3, 1,667, exercisable only in 1940; Don I. Carroll, Vice-President,
3,000; R. W. Palmer, Vice-President, 3,000; V. O. Schorlemmer, VicePresident, Treasurer and director, 3,000; A. I. Lodwick, director of Vultee
Aircraft, until his resignation on April 17, 1940, 834, exercisable only in
1940, and P. A. Hewlett, Vice-President and director, 1,500.—V. 150,
p. 3194.
[Incl. Gulf Colorado & Santa Fe Ry. and Panhandle & Santa Fe Ry.]
Period End. Apr. 30—
1940—Month—1939
1940—4 Mos.—1939
Railway oper. revenues.$13.029,407 $11,310,964 $48,131,469 $43,993,378
Railway oper. expenses- 11,008,878
9,859,496 41,021,399 38,644,145
Railway tax accruals— al,227,269
al, 164,131
b4.857,713 b4,826,060
Other debits or credits..
Crl2,036
Dr57,144
Dr37,258
Dr300,650
$230,192
$2,215,099
$222,524
a Includes
for
1940 and 1939, respectively, $372,493 and $352,441
representing accruals under the Carriers Taxing Act of 1937 and the Un¬
employment Insurance Acts.
b Includes for 1940 and 1939, respectively, $1,450,824 and $1,378,446
representing accruals under the Carriers Taxing Act of 1937 and the
Unemployment Insurance Acts.
Net railway oper.
To
Pay
inc.
$805,296
$2.50 Preferred Dividend—
Directors have declared a dividend
of $2.50 per share on the 5% non-
cumulative preferred stock, payable Aug. 1 to holders of record
Similar amount was paid on Feb. 1, last and on Aug. 1,1939, and a
June 27.
dividend
paid on Feb. 1, 1939, this latter being the first dividend paid on
the preferred shares since Feb. 1, 1938 when a dividend of $2.50 per share
was distributed.—V.
150, p. 2868.
of $1 was
1940—Month—1939
1940—4 Mos.—1939
Freight revenues
$11,128,947 $8,639,919 $46,942,809 $39,568,464
Passenger revenues—751,086
817,720
2,993,382
3,024,200
Mail revenues
252,598
253,881
1,009,705
Express revenues
139,382
141,121
477,608
490,923
All other oper. revenues
432,842
354,589
1,688,412
1,454,715
Railway oper.
Traffic expenses
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
—V. 150, p. 2868.
1940
1939
1938
1937
$275,219
8,267
def42,710
$280,625
$345,740
49,999
defl8,601
$289,261
30,411
def23,496
1,262,516
1,152,531
231,136
17,392
107,689
1.356,007
228,051
56,633
1,189,521
108,960
def87,068
35,330
def96,477
General
2,218
Transport, for investm't
.
1939
1938
1937
$139,664
$153,886
def8,501
defl0,052
$127,960
def584
def22,429
Gross from railway
623,220
'Net from railway—85,893
Net ry. oper. income
defl0,504
—V. 150. p. 2868.
569,176
66,519
def29.472
519,220
9,686
def83,368
482,880
3,496,017
733,036
524,756
$11,044
-
Net rev. from ry.opers
$2,901,292
Railway tax accruals—
Equipment rents (net)--
937,259
230,063
Joint facil. rents (net)._
$6,576,605
$4,967,712
21,091
Net ry. oper. income.
—V. 150, P. 2868.
$1,712,879
,
857,789
256,496
Co.—Earnings—
Baltimore Transit
[Including Baltimore Coach
Operating revenues.
Operating expenses
14,909
Co.]
1940—Month—1939
J_- $1,062,625
$986,365
868,281
829,251
1940—4 Mos —1939
$4,160,809 $3,864,664
3,493,489
3,315,967
-----
$194,344
99,370
$157,114
93,472
$667,320
395,424
$548,698
357,782
Operating income.—
Non-operating income. _
$94,974
1,638
$63,642
1,767
$271,896
5,693
$190,916
5,274
$96,612
5,466
$65,409
$277,589
21,151
$196,190
Net operating revs.-.
Taxes
Gross income
Fixed charges
-
6,536
12,847
def8.485
626,139
82.947
def9,222
24,770
$58,873
$256,438
^>171,419
N0ie—No deduction is made for interest on series A 4% and 5% deben
tures.
The approximate interest for the 4 months, at the full stipulated
rates, is $313,630.—V. 150, p. 2868.
$91,145
Net income
Light Co.—Earnings—
Bangor Gas
12 Months Ended
1940
$147,861
lUo,84o
$145,LM
luz./ou
—
$44,017
$42,354
$44,017
15,000
8,114
$44,164
15,000
a'via
6,776
$12,051
$13,144
Operating expenses
operating income—
Gross income
---
Interest on long-term
Interest on other
debt
Net income
—V. 150, P.
§'???
debt
Provision for retirements
1939
-
March 31—
Gross operating revenues
and replacements
----------------------------
1,810
3194.
Optical Co.—Fined in Anti-Trust Suit—
manufacturing concern, withdrew
Federal charges of conspiring with a German
company to control the world supply of military optical equipment.
With
three of its officials, the company substituted a plea of nolo contendere,
and Judge Henry W. Goddard imposed fines totaling $40,000.
Whitney N. Seymour, counsel for company, told Judge Goddard his
clients made no admission of guilt but felt it would be better to enter the
technical plea, refusing to defend themselves against the charges, than to
go through court proceedings at this time.
"My clients want to avoid the time and expense of a trial when the
necessity of their services is so great," he said.
"The company is now
May 27 its
1940
Net ry. oper. income.-_
From Jan. 1—
150,701
107,162
456,583
Cr369
Bausch & Lomb
—Earnings—
$152,377
16,696
April—
Gross from railway
$9,721,521
3,812,168
768,547
20,266,717
461,241
1,938,394
4,276,163
120,060
449,867
expenses
The company, a
Atlanta & West Point RR.
Net from railway
$1,276,030 $11,640,200
4,842,447
Transportation expenses
Miscell. operations
Non-operating income
Birmingham & Coast RR.- -Earnings-
April—
Cr5,28l
$45,521,243
3,857,844
10,325,415
1-498,055
17,724,561
£98,901
1,989,674
Cr4,728
revs—$12,704,855 $10,207,230 $53,111,916
1,260,713
1,172,794
4,639,680
2,706,364
2,518,480 12,577,476
424,112
400,387
1,593,489
Maint. of way andstruc.
Maint. of equipment—
Net
Atlanta
RR.—Earnings—
Baltimore & Ohio
Period End. Apr. SO—
Period End. April 30—
1
counsel,
2,500; W. A. Mogensen, Conttoller, 2,000; L. I. Hartmeyer, Vice-President,
1,500; Harold Kondolf, Vice-President and Assistant Secretary, 1,000;
L. K. Grant, Treasurer, 750, and two employees of the subsidiary, 1,250.
Vultee Aircraft, a subsidiary of the Aviation Corp., granted like options
on the same date and at the same price for 28,001 of its own shares, each
Weekly Output—
The Utility
net electric output
W. H. Beal, Vice-President and director
until his resignation on April 3, 10,000 shares; A.I. Lodwick,
and director, 5,000: R. S. Pruitt, director. Secretary and general
leading American lens
plea of noLguilty to
The Commercial & Financial Chronicle
3502
considerable quantity of material for the
United States Army and Navy and has submitted bids on much more."
The officials who entered the technical pleas are M. H. Eisenhart, Presi¬
dent: Carl L. Bauscb, Vice-President, in charge of research and engineering;
and Theodore B. Drescber, Vice-President, in charge of operations.
The charges of conspiracy were contained in two counts of an indictment
that resulted from a grand jury investigation conducted by members of the
anti-trust division of the U. S. Attorney General's office.
The basis of
the conspiracy was said to have been a written agreement between Carl
Zeiss, the famous German optical house, and Bausch & Lomb.
Carl
Zeiss, Inc., New York subsidiary of Carl Zeiss, also was accused.—V.
150, p. 3194.
engaged in the manufacture of
Beaumont Sour Lake & Western
Ry.- -Earnings—
1940
1939
1938
1937
$259,077
$278,882
68,064
$258,954
119,648
64,337
77,572
$301,290
158,241
89,887
1,081,560
523,162
285,516
1,089,212
533,884
294,982
1,115,788
1,276.802
540,240
303,004
Gross from railway
Net from railway
121,945
Net ry. oper. income..
From Jan. 1—
Gross from railway
Net from railway.
Net ry. oper. income
129.677
,
—V. 150, p. 2868.
Bell Aircraft
Stockholders
Corp.—Stock Increase Voted—
May 28 approved an increase in the number of auth¬
orized shares from 250,000 to 500,000.
Directors decided, however, "not
to offer any additional shares at this time," a company statement said.
Stockholders also approved an employees' stock purchase plan.
The company
has extensive warplane orders for the United States Army
and the allies.—V. 150, p.
April—
Earnings for April and Year to Date
Period End. Apr. 30—
1940—Month—1939
1940—4 Mos.—1939
Operating revenuess
$3,625,248
$3,588,833 $15,303,429 $14,756,436
Operating expenses
2,739,554
2,729,007
11,517,417
11,017,736
Gross from railway
$3,786,012
1,201,658
842,166
57,740
$3,738,700
1,214,958
889,980
80,036
$332,288
92,786
$1,684,448
399,701
$1,553,726
404,828
$451,921
$425,074
$2,084,149
$1,958,554
614,920
616,815
2,465,569
2,469,913
$162,999
$191,741
$381,420
$511,359
,
Total income
Total
9,337
$859,826
303,910
21 J,211
13,417
$369,707
82,214
Net ry. oper. income.
Other income
RR.—Earnings—
(rentals,
deducts,
1939
Net deficit
1938
-V. 150,
1937
98,587
$427,632
defl09,359
defl34,978
def78,773
$1,347,705
616,708
515,241
2,739,316
307,196
286,976
1,817,237
def279,930
def335,874
1,288,247
def391,916
def486,677
3,942,731
1,247,018
1,165,680
Net from railway..
108,345
Net ry. operating income
From Jan
1—
$885,694
314,248
192,402
Net operating revenue
Interest, &c.)
1940
$778,578
$374,444
def7,564
p.3347.
Briggs Manufacturing Co. (& Subs.)—Earnings—
Income Account for Calendar
Consolidated
1939
4
Gross from railway
Net from railway
Net ry. operating income
x
Gross
$4,730,493
y1,905,882
Total income
12 Months Ended March 31—
Est. Federal surtax
1940
1939
1938
$2,429,074
&
$2,120,240
$2,173,436
1,295,524
91.240
259,785
Taxes
Non-operating income.
1,146,721
77,634
212,617
1,177,368
$782,525
2,258
Maintenance
$683,266
21,962
$707,127
13,979
81,1,6
207,794
$784,783
$721 106
355,194
178,163
392,360
208,488
6,436
$298,764
Prov. for retirements & replacements.
Amort, of debt discount & expense...
$705,228
315,281
167,120
3,617
Interest deductions
$167,114
4,757
195,183
Other deductions
jobbing,
income
Net
z$2,151.143
2,428,063
Dividends
Balance, deficit
Shs.com.stk.out. (no par)
$840,459
1.942.450
$276,920
1,942,450
$1.11
Earned per share
1936
$3,110,131 $13,668,204 $14,719,096
1,836,832
1,992,739
1,769,745
225,000
1,808,930
1,930,000
230,000
370,000
207.839
245,791
238,275
478,284
Federal taxes
Years
1937
$2,695,097 $13,254,964 $14,028,947
415,034
413,240
690,149
386,213
—.
Depreciation
Operating revenues
Operations (lncl. mdse.
net loss)
1938
$4,344,280
profit
Other income (net)..
—V. 150, p. 2713.
Birmingham Gas Co.—Earnings—
May 1 Maturity—
on
Appeal—
Supreme Court Justice Church of New York May 24 granted summary
judgment to three holders of B. & M. series R 5% mortgage bonds, issued
May 1, 1926, and maturing May 1, 1940, on which the railroad defaulted
in the payment of principal.
The plaintiffs were holders of a total of 23
bonds of $1,000 denomination.
Officials, when asked regarding the decision, indicated their intention to
take an appeal to the Appellate Division of the New York Supreme Court.
1162.
Bessemer & Lake Erie
& Maine RR.—Judgment
Boston
Road to
Equipment rents—Dr__
Joint facil. rents—Dr—
on
Corp.—$6 Preferred Dividend—.
Directors have declared a dividend of $6 per share on the preferred stock,
payable May 29 to holders of record May 27. Last previous distribution
amounted to $8 per share and was made on May 29,1939.—V. 148, p. 3526.
704,475
414,438
April—
June 1, 1940
Boston Garden-Arena
a
$9,390,743 $10,411,077
7,769,800
,
7,769,800
$1,101,991 *$1,620,943 *$2,641,277
1,942,450
1,942,450
1,942,450
$0.43
$4.83
$5.36
*
Surplus,
x After deducting manufacturing cost of sales and selling,
administrative and general expenses,
y The depreciation charged to in¬
come
was
for
$1,905,882
as
noted above, and $81,229
was
charged
to
the
for decrease in property values, making the total credit to reserve
reserve
depreciation $1,987,111 in 1939.
z
See note under balance sheet.
Consolidated Balance Sheet Dec. 31
$113,821
1939
1938
$
$
Assets—
Gas & Power Co.. accrued.
Net income
Pref. div.
on
65,205
48,903
$298,764
101,373
$3.50 preferred stock...
$216,017
8,402
$179,026
Cost
of
Balance of net income
Rec'd
on
acct. of
prior
$197,391
year
accruals
$207,614
22,489
......
$179,026
20,100
$
Prop.,
plant
and
equipment
6,920
Cash
69,842
6,020
6,140,000
188.201
157,178
17,119
113,838
121,875
deposits
125,066
4,255
1,806
Notes pay., other.
283,805
Accounts payable.
87,260
6,679
44,42 1
101,372
7,391
43,938
Acer. int.
63,985
63,802
70,281
23,521
6% note due Oct. 1
1939
53,411
Acer. int.
Unamort. debt dis¬
on
on
other
11,901
Accrued taxes
count & expense
Other del. charges
10,876
81.541
96,844
Accr.divs.on$3.60
pref. stock
8,381
8,403
47,170
105,185
133,706
8,685
Other
curr. llabs..
Deferred charges..
Reserves
1,787,154
cum.
prior
pf.stk. (par $50) 1,447,589
$6 series 1st pref.
cum.
stk.
(par
$10)
5,324
Com. stk. (par $2)
455,091
a Capital
surplus.
47,916
Cap. surp. paid-in
242,812
Earned surplus...
368,490
1,642,622
$3.50
Total
a
V.
11,060,728 10,871,034
Total
11,060,728
1,440,478
9,563
452,857
86,067
207,627
114,327
1,605,271
3,360,655
1,742,391
805,211
527,675
stock taxes
Deferred
credits
2,985,952
376,246
326,246
Surplus
20,245,290 20,522,209
aCo.'scap. stock-Dr531,361 Dr531,361
Contingent res'ves
e395,429
-
Inv. in other cos..
4,550,536
91,932
108,501
107,501
5,161,079
Accts. receivable.- 2,079,995
5,106,566
Inventories
Deferred
4,118,004
9,725,576
547,107
-
items
Total
8,048,958
913,158
37,685,778 41,727,0901
Total
37,685,778 41,727,090
Consists of 36,550 shares,
b After reserves of $29,710,512 in 1939 and
$29,879,036 in 1938.
c Represented by 1,979,000 shares (no par),
d Less
$50,000 ($100,000 in 1939) reserve,
e Payable in U. S. dollars.
Note—Net assets of the wholly-owned British subsidiary company, Briggs
Trust Ltd., are included in the consolidated balance sheet and related
statement of income for 1939 on the following basis: Current assets, loan
to foreign affiliate and current liabilities at the prevailing year-end rate of
exchange; investment in 5,250 shares of the parent company's common stock
at the dollar cost thereof; other assets at approximate U. 8. dollar cost at
date of acquisition.
The income account was converted at the average
of the month-end rates of exchange for the year 1939.
On this basis net
assets of the British subsidiary amounted to $1,843,997, consisting of net
current assets of $40,740, investment in parent company's capital stock of
$245,188, loan to foreign affiliate of $949,440 and other assets of $608,629.
Its earned surplus at Dec. 31, 1939, included in the consolidated earned
surplus, amounted to $1,444,276, of which $148,454 was earned dming the
year 1939.
The earnings for the year 1939 of the British subsidiary were
not remitted to the parent company.—V. 150, p. 3195.
a
debt
1,810,997
Market, securities.
lon»-
term debt
1,368,837
foreign affiliates 1,558,069
d Depos. in closed
banks--------98,580
123,229
meter
407,927
(net)..
Mdse., materials &
supplies
Insurance deposits
Prepaid expenses..
rec.
6,995,000
201,302
Consumers'
1,366
deposit...
Notes receivable..
Accts.
$
Accrued accounts.
cap.
Inv. in & ad vs. to
1939
$
Long-term debt...
10,318,527 10,203,578
Investment......
Special
1940
Liabilities—
$
12,793,323
Prov. for inc. and
Jig-
from for.
rec.
affiliate
1939
$
13,627,243
3,352,195
from
customers—
Acct.
Balance Sheet March 31
1940
Assets—
dies,
coil,
1938
$
Common stock__12,793,323
Accounts payable. 2,391,798
c
machinery, &c_-12,137,691
Cash
4,605,013
sets,
x
1939
Liabilities—
Plant, buildings,
10,871,034
Arising from reduction in vaiue of first preferred stock, $6 series.—
150, p. 3194.
Brillo Mfg.
Co., Inc.—Stock Called—
Company will redeem on July 1, 1940, at $30 per share plus accrued
at the rate of $2 per annum, 2,000 shares of its outstanding
class A stock, which have been designated by lot.
Payment will be made at
the New York Trust Co., corporate agency department, 100 Broadway,
New York, and shares called may be surrendered at any time after
June 15, 1940 for the full redemption price and the full dividend to July 1,
amounting to 50 cents a share.—V. 150, p. 1928.
dividends
Boeing Airplane Co.— To Offer Stock Publicly—
The company will offer publicly through underwriters
88,248 shares of
its capital stock, according to an amendment filed with the SEC.
This
stock represents the portion of an offering of 360,979 shares which was not
absorbed in a prior offering to existing stockholders.
The stock is to
be offered at market prices prevailing on the New York Stock Exchange.
Company originally registered 360,979 shares which were offered for
subscription at $16 a share to its stockholders in the ratio of one share for
each
two
common
held and to
shares
stock
of
the
subscribe expired on
Pursuant
United
certain
holders
Aircraft
and
of certificates
Transport
for
Corp.
shares
of
Rights to
May 24.
this
offer stockholders subscribed to 272,232K
shares,
to be taken by the underwriters.
The underwriting
Harriman Ripley & Co., Inc. G. M.-P. Murphy & Co.,
Blyth & Co., Inc. Lehman Bros., Hayden, Stone & Co. Dean Witter &
to
leaving 88,248 shares
group consists of
Co. and Ferris & Hardgrove.
Boston Dry
See also V 150, p. 3195.
Dock Co., Chelsea, Mass.—Bankrupt—
Federal Judge Francis J. W. Ford has adjudicated the company bank¬
rupt.
Trustees of the debtor corporation filed a petition in the Federal
Court on Feb. 20 seeking to reorganize under
Chapter 10 of the Bank¬
ruptcy Act.
Recently trustee in bankruptcy Francis T. Leahy filed a
report with the Court stating that no plan could be filed that would be
Brooklyn-Manhattan
to
Transit
Co.—City
Takes
Title
Properties June 1—
Consummation of the unification of the B. M. T.-B. & Q. T. properties
effective midnight May 31.
The
city took title to all of the system, except the Fulton Street line and the
Fifth Avenue line.
At 12:01 a.m. Saturday operation on the Fulton Street
line between Rockaway Ave. and Fulton Ferry was permanently discon¬
tinued, as was service on the Fifth Ave .-Third Ave. elevated structure
between Myrtle Ave. and 65th St.—V. 150, p. 3347.
with the New York City system became
Brown Shoe Co. (&
6 Mos. End.
Sales
April 30—
Operating profit
Total income.:
Interest, &c
-
Federal income tax, &c
Subs.)—Earnings—
/
1940
1939
1938
$12,891,851 $12,945,823 $11,800,456
330,187
378,705
lossl7,065
336,193
385,199
loss 11,151
42,456
69,862
68,812
45,000
33,000
$248,737
$282,337
246,750
247,000
$1,987
246,200
$1.01
$35,337 def$450,913
247,000
247,000
$1.14
Nil
feasible.
Boston Edison Co.—Stock
Stockholders at
Split-Up Voted—
special meeting held May 28 approved a proposed
change in the par value of the company's shares from $100 to $25 a share
and issuance of new stock on a four-to-one basis.
The company announced
that the vote was 408,021 to 4,096.
The purpose of the proposed split-up, Frank D.
Comerford, President,
said, was to permit a wider distribution of the shares among the public
and to give employees an opportunity to
participate in the company's
earnings.
"The change also would be of advantage to the
company in obtaining
future capital requirements," he said, "as a stock with a
$25,par can be
more readily distributed than stock with a $100
par."
The company will petition the Massachusetts
Department of Public
Utilities immediately for approval of the proposed change.- -V. 150, p. 3362.
a
Net profit
Common dividends
Surplus
Shares
common
stock
Earnings per share
—V. 149, p. 3547.
Buffalo & Fort Erie Public Bridge
loss$79,963
370,950
Authority—Bonds
Called—
The Bridge Authority has drawn by lot for redemption on July 1, 1940$206,000 principal amount 1st lien 5% 20-year bonds, series A, at lOl>£%
of the principal amount thereof, plus accrued interest.
The bonds will
be redeemed at
the Manufacturers & Traders Trust Co., Buffalo.—
Y.148,
p.
3216.
Volume
The
150
1937
1938
1939
1940
$92,067
def5,167
defl9,635
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
$95,722
def 14,954
def29.109
$122,240
21,549
3,745
26,428
defl,218
420,719
19,880
def46,702
Gross from railway
Net from railway
$978,107 TJ. S. funds,
e Includes $136,810 U. 8. funds,
f Includes$16,365
U. 8. funds,
g Includes $928,783 U. 8. funds,
h Includes $7,674 U. 8.
funds,
i Includes $11,614,556
U. 8. funds,
j Includes $1,751 U. 8.
funds.—V. 148, p. 3683.
Earnings—
Burlington-Rock Island RR.
April—
392,028
def7,952
def62,164
441,586
12,132
def61.602
429,416
62,639
def34,844
$120,426
Cambria & Indiana
Net ry. operating income
From Jan. 1—
Gross from railway
(& Subs.)—Earnings—
Net from rail way
Owned Subsidiaries)
Feb. 29, '40 Feb. 28, '39 Feb. 28, *38 Feb. 28, '37
$59,441,929 $52,724,423 $61,175,583 $61,750,118
47.780,676 46,361,021
49,374,714 48,244,817
Years Ended—
Sales
Cost of goods sold
exps.
$11,661,253
7,701,114
debs, retired..
Interest on debs
$6,363,402 $11,800,869
8,000,574
8,590,676
5,000
128,333
Gross profit....
Sell., admin. & gen.
Prem.
on
share
Proportionate
Canadian National Lines in New
$13,505,301
8,108,082
375,000
$2,835,192
85,387
$5,022,219
Dr610,243
307,161
441,637
$3,227,740
$5,528,460
$3,939,142 loss$2557,192
Prov. for Fed. & foreign
Net profit
326,037
$2,901,703
965,073
$2.87
Nil
$3.26
Gross
509
x
3,501,531
4,565,706
2,953,280
rec.—trade 5,793,389
&
264,060
18,839,065
283,782
19,982,621
deben. due
July 1, 1939
Accts. pay., trade
Owing
1,709,087
1938
$245,171
54,639
19,445
1937
$229,934
46,878
14,105
1,066,906
1,163,429
1,130,034
394,485
355,515
375,001
270,983
212,499
245,541
Canadian Pacific Lines in
64,839
15, '40
124,911
18,333
27,500
and cap. stk. tax
625,000
Accrued other tax.
291,223
51,509
228,264
indebted.
4.000,000
5,000.000
Prov. for Fed. inc.
Funded
def40,504
def66,233
def53,635
412,657
def32,515
defl41,648
Net ry. oper. income
—V. 150, p. 2870.
Accrued Interest on
debentures
$87,711
def28,890
313,987
defl01,639
def205,544
252,169
defl83,089
def287,414
396,047
def61,605
dey64,893
Canadian Pacific
Ry.—Earnings—
*
Period End.
.
$12,043,924 $10,113,601
Gross earnings
$21,906,409 in 1940 and $21,018,017
Represented by 965,073 no par shares.—V. 150, p. 2566.
y
Profit
1939
i
1938
1937
1936
$38,380,617 $31,614,743 $49,027,296 $46,067,504
bonds and debs.
on
lossl2,226
16,161
16,818
redeemed...........
125,499
$38,397,435 $31,630,904 $49,015,070 $46,193,003
Total income
Cost of sales and ex¬
(net)
32,767,704
Int. on 1st mtge. bonds
and prior liens
1,249,115
Other interest.:
1,977,779
Int. on obligs. of subs..
750,158
on
40,995,219
38,812,970
1,283,977
2,186,246
750,554
382,474
1,689,026
1,308,021
2,231,513
1,899,094
695,231
2,228,211
1,349,108
2,144,591
427,029
Depletion
Depreciation
1,707,168
on
sub.
Unpaid divs.
on 5%
of subsidiaries
336,712
Cr7,135
381,335
1,792
321,064
funded debt
Prov. for doubtful acc'ts
Profits, tax
1,920,816
613,326
2,165,288
& exp.
of disc't
Amort,
28,140,725
375,347
17,980
pref.
Capital City Products
6,303
9,958
26,732
$808,885
14,705,980
$3,195,182
11,234,311
$698,529
Prov. for income taxes..
Co.—Transfer Agent—
discontinued as transfer
stock of this company, effective as of May 18, 1940,
and after May 18, i940, the Ohio National Bank of Columbus, Columbus,
Ohio, will act as sole transfer agent for said stock.—V. 150, p. 1928.
The Detroit Trust
Co., Detroit, Mich., has been
Carnegie Metals
Co.—Suspended from Dealings—
dealings the common
received notice from the company that
principal Mexican subsidiary, has been
turned over to the Mexican Labor Union for operation under a provisional
agreement under which the workmen receive the entire income from the
properties: that the company has almost no funds and has no income what¬
Exchange has suspended from
stock, par $1.
The Exchange has
the Bote Mine, the property ef its
soever:
that it is or will be unable to maintain transfer agents and registrars
and to pay for accounting services necessary for the prepara¬
for filing with the Securities and Exchange Commission
Curb Exchange.—Y. 149, P. 1908.
,
for its stock
and
tion of reports
the New York
Carpenter Paper
,
504,400
$60,000
$2,831,000
$2,891,000
3348.
agent for the common
644
cos..
Increase
1939
1940
—V. 150, p.
The New York Curb
y
penses
$2,381,070
Traffic earnings
(& Subs.)—Earns.
Canadian International Paper Co.
Calendar Years—
Gross sales
37,078,322
$913,149 $7,248,568
the Week Ended May 21
$1,946,080
Earnings for
in 1939.
40,432,875
57,665,687 56,671,885
Total
57,665,687 56,671,885
After reserve for depreciation of
$47,681,443 $39,459,392
9,200,452
10,097,844
2,999,450 3,030,350 V Working expensesy Common stock..30,000,000 30,000,000
Net earnings
Earned surplus...12,481,264
9,621,181
x
1940—4 Mos.—1939
1940—Month—1939
April 30—
Pref. stk. ($50 par)
Total
1939
$83,082
1—
Gross from railwayNet from railway
37,493
138,998
1938
$68,557
def39,644
railway
Net from railway
Net ry. oper. income
From Jan.
1937
def 14,194
Gross from
92,558
Vermont—Earnings—
1940
$112,645
6,101
def22,209
April—
1,495,612
pref. stock,
on
pay. May
402,788
479,680
1939
$247,987
98,827
70,649
1,405,901
598,157
450,646
Net ry. oper. income
—V. 150, p. 2870.
6,000,000
Accrued payrolls..
taxes, &c
$667,926
From Jan. 1—
Gross from railway.
Net from railway
Alaska
to
its subsidiary...
Div.
Capital assets...17,631,515 17,909,280
Unexpired ins. pre¬
miums, deferred
Tnrrpn
i
1940
$308,523
118,832
87,407
railway
Net from railway.
Net ry. oper. income...
Packers Assoc. &
9,197,926
1Q9Q
$3,913,289
Maine—Earnings—
Canadian Pacific Lines in
1,000,000
and miscellaneous
1,991,527
1,762,438
8,778,982
Week Ended May 21
1Q4.0
$4,581,215
2%%
.
&c
Ry.—Earnings-
revenues
April—
29,'40 Feb. 28,'39
5,300,000
Notes payable
advs. to producers
480,361
3,046
defl77,410
Gross from
Liabilities-
$
$
Cash in banks and
Invests.
Feb.
Feb. 28, '39
Feb. 29, '40
Growing crops and
410,854
def67,949
def240,375
—V. 150, p. 3348.
Consolidated Balance Sheet
Inventories
439,577
def42,124
def220,447
*
965.073
$4.92
965,073
965,073
(no par)
accts.
539,124
def27,052
Earnings of the System for the
1,760,596
2,582,232
151,518
844,439
187,466
Earns, per sh. on com..
receivable
20,765
def25,061
Canadian National
$4,747,268
129,110
1,447,610
482,537
$3,295,014 loss$2576,402
(cash)..
Com. dividends (cash)..
Com. div. paid in pf. stk.
Shares of com. outst'g
notes
def20,399
def61,828
Net ry. operating income def267,245
781,192
19,210
644,128
Preferred divs.
Mis cel.
def9,906
def52,149
Gross from railway
Net from rail way
64,604
•
income tax
Accts.
England—Earnings—
1938 " '
1937
91,678
$133,680
—V. 150, p. 2714.
26,549
hand.
1939
$102,847
From Jan. 1—
375,000
of
Total income
on
476,967
213,410
350.467
def12,884
def75,822
Net ry. operating income
112,500
235,000
profits
Assets—
396,756
113.289
274,228
>
1940
$126,992
Arpil—
Gross from railway
Net from rail way
Ass'n
Packers
432,190
172,809
295,214
1937 *
$93,249
30,214
78,227
—V. 150, p. 2870.
$3,826,806 loss$1984672
85,787
37,723
Profit...
Other income
Alaska
Net ry. operating income
1938
$74,065
def5,214
32,589
1939
$7,886
def47,681
dof26,215
521,835
233,437
379,802
Gross from railway
Net from rail way
0Consolidated Income Account Incl. Wholly
RR.—Earnings—
1940
$112,380
22,989
63,066
Arpil—
—V. 150, p. 2870.
California Packing Corp.
3503
Commercial & Financial Chronicle
Co.—Registers with SEC—
of this department.
See list given on first page
Carpenter
Steel Co.—To Pay $1.25 Final
Dividend—
dividend of $1.25 per share on the
holders of record June 10. This
compares with 50 cents paid on March 20, last; 60 cents on Dec. 20, last;
15 cents on Sept. 20, last; 40 cents on June 20, 1939; 15 cents on March 20,
1939 and dividends of 10 cents paid on Dec. 20, Sept. 20, June 20 and on
May 28 declared a final
stock, par $5, payable June 20 to
The directors on
Net
loss
Deficit
Jan.
1
Write-down
13,006,303
$1,711,468
8,465,950
non-opera-
2,828,885
276,486
ting plants
Surplus adjustment (net)
zZ)r84,356
......
Cr2.470,521
.$15,599,221 $14,705,980 $11,234,311
Deficit Dec. 31
March
$13,006,303
After deducting other income of $587,188 in 1939, $63,435 in 1938
$435,639 in 1937, and $115,326 in 1936.
z Adjustment resulting from
conversion of net working capital of foreign subsidiaries in terms of foreign,
currencies into equivalent Canadian dollars.
y
Consolidated General Balance Sheet Dec. 31
1939
Assets—
"
"
■
'
[Pro-Forma Earnings
36,380
b3,198,464
1,800,642
c203,274
& pulp
64,967
3,578,144
1,633,873
4,497,945
d2,254,393
14,490,012
...
Inventories
—
57,425
Due from affiliated company
e 141,101
Sinking funds and restricted deposits
Receivables not current due
Due from officers and employees
Accounts & notes receivable not current due
16,026,361
65,922
3,443
f72,650
2,346
-
1,381,595
252,126
235,225
1,325,088
240,654
216,330
before provision for depreciation,
and income taxes
$1,051,664
$988,742
108,745
715,?93
Prepaid insurance and taxes
Depletion on pulpwood still in inventory.
Deferred assets, prepaid and deferred expenses
applicable to future operations
Unamortized debt discount and expenses
Net earnings
statement includes Central Electric & Telephone Co.
and wholly-owned subsidiary company, Virginia Telephone & Telegraph
-Co., consolidated (the accounts of Middle Western Telephone Co. and
subsidiaries are not
12 Months
201,987
2,946,989
228,894
3,269,825
Liabilities—
$58,315,100 $58,937,900
1,225,298
g2,266,470
1,281
1,334,545
1,450,483
Funded debt
payable..
Accrued interest
Accrued payrolls, «fec
Accrued taxes
h71,304
735,410
5% sec. note of Can. Int. Paper Co. due various
dates to March
12, 1938, given to Internat.
Paper Co. for advances
and assigned by them..
Due to International Paper
Co
Canadian International Paper,
other affiliated companies—
Reserves
Ltd
Taxes (State,
a
...
Capital stock ($100 par)..
10,000,000
Paid-in surplus..
33,840,000
15,599,221
Deficit
—
5,000,000
13,957,770
1,031,680
40
207,994
10,000,000
33,840,000
14,705,980
$111,337,518 $111564,656
a After depreciation reserves of $20,740,223 in
1939 and $19,127,387 in
1938.
b Includes $2,356,269 U. 8. funds,
c U. 8. funds,
d Includes
Total
306,184
358.322
287,289
$1,406,457 $1,315,025
depreciation, interest deductions, income taxes
Before
provision for
deducting for minority
interest.
■
statement includes
Central Electric & Telephone Co.
Telephone &
subsidiary companies consolidated (including Virginia
Telezraph Co", and Middle Western Telephone Co. and subsidiary
panies
Middle States Telephone Co. of Illinois and La Cro6se
Corp.).—V. 150, p. 2415.
and
com¬
Telephone
Central of Georgia Ry .—Earnings—
railway
railway
Net ry. oper.
income
GrSmiy
"Mpf, from
railway
oper. income
—V. 150, P. 3349.
Net ry
1938
1937
$1,184,544 $1,547,641
91,081
306,464
def40,921
203,321
$1,368,365
190,308
23,611
$1,247,516
119,348
def4,063
5,356 040
5.077.446
4,863.866
6,018.951
38,686
93,778
def97,218
678,454
616,464
Central RR. Co. of New
on
1939
1940
Anril—
Net from
3,000,000
-
local and miscellaneous Federal)—
Net earnings.
and
illicit
363,278
::::::::::::::::::::::::
MaTnSnce:::::::::::::::
Gross from
i16,427,462
1,080,380
j86,546
397,713
included herein).
Ended March 31—
a
.$111,337,518 $111564,656
Total
Due to
Federal
jy0te—The above
Note—The above
Due to
-
-
local and miscellaneous
Taxes, State,
gratir"188
53,415
136,314
819,503
of Sioux Falls Gas
$2,920?610 $2j?309814
interest deductions
From Int. Paper Co. for sales of newsprint
From International Paper Sales Co., Inc
Accounts
Telephone Co.—Earnings—
Statements, Including Operation
property acquired April 1, 1940]
1
Accounts receivable:
From others
150, p. 2870.
Maintenance.:::;:.:
161,379
Cash
21, 1938.—V.
Central Electric &
Operation
1938
$82,285,016 $83,846,973
Plants, properties, &c
Securities and investments (book value)
a
common
590,957
423,488
Jersey—Court Extends Deadline
Lease—
Federal District Judge Thomas G. Walker at
extended from June 30 to Sept. 11 the deadline
Newark, N. J., May 27
for the trustees to decide
The Commercial & Financial Chronicle
3504
whether to affirm
or
reject a lease now held with the Lehigh Coal & Navi¬
gation Co.
1940
$341,213
105,477
April—
Shelton Pitney and Walter P. Gard¬
of experts had not had sufficient time to investigate
The Court acted after the trustees,
ner, testified their staff
Gross from railway
Net from railway
the leased property.
Net ry.
Earnings for April and Year to Date
April—
1940
$2,712,705
543,570
def61,212
_
Net ry. oper. income
From Jan. 1—
Gross from railway-Net from railway
Net ry. oper. income
1938
$2,275,971
596,421
15,864
11,553,840
2,752,288
346,134
Gross from railway
Net from railway
1939
$2,743,276
708,212
105,198
10,336,668
2,411,306
136,091
9,353,688
2,379,878
150, p.
—V.
3 Months Ended March 31—
1940
$7,509,874
4,887,046
$2,642,351
7,855
revenues
expenses and taxes
—
Net operating income
Other income (net)
$2,622,827
6,336
—
$2,650,206
Dividends paid or declared.
Balance of dividend requirements
a
738,076
not
739
Chicago
a
Dividends
on common
a
Dividends
on
stock
Income taxes
9,416
9,607
$324,631
From subsidiary companies consolidated.—V.
April—
150, p. 3349.
$187,105
50,778
20,823
$175,805
39,788
13,544
$230,784
85,264
48,209
From Jan. 1—
Gross from railway
Net from railway
904,416
253,332
800,454
263,072
734,323
149,504
April—
138,621
144,878
46,305
188,337
150, p. 2872.
1937
Chesapeake & Ohio Ry.—To Purchase Short Line—
Kanawha road operates 26.48 miles of
line, with principal segments extend¬
ing from Glen Jean to Tamroy, W.
Va,, and from Sugar Creek Junction to
Pax. W. Va.
at present Interchanges traffic with the Kanawha
The acquisition, the road
states, will eliminate interchange and will
"ring about economies and savings in operations and will
simplify relations
with the public authorities.
1939
1938
1937
3,004,369
$4,377,236
def115,447
def601,427
$7,309,517 $10,030,234
2,191,956
4,094,855
1,218,788
2,736,107
41,546,030
16,991,855
31.330,174
9,754,925
30,786,638
r?rnPerafn?iDCO'^e 12,302,652
—V.
6.250,450
From Jan. 1—
Gross from railway
Net from railway
150, p. 3042.
9,459,941
5,962,488
42,655,895
18,380,183
13,322,877
April—
1940
1938
1937
$6,650,156
1,495,623
403,460
$7,596,541
1,437,154
410,539
29,860,835
6,950,538
28,271,664
6,231,419
26,817,246
5,301,652
31,730,589
8,051,308
^ 2872m6""' 2'637'055
1-941.212
853,564
3,740,138
railway
150
1939
'
$7,026,909
J««£°,?ipl1y Y-ith listing
the reorganization
a
change its
the
,
requirements of the New York Stock Exchange,
managers nave decided to call their senior issue of stock
class A rather than a
preferred stock as was provided in the
new
?ouId he met merely by
basic
was
provisions.
t0 the Federal Court on
progress in the
parr0|
Shanks,
a
^
P.anel
a
director of the
13 directors whose
April—
From Jan. 1—
Gross from railway
Net from railway
3349me" ~ ~
1940
$1,138,498
128,034
86,006
company, thus commust be set forth in the
to Date
1939
1938
Gross from railway.....
Net from railway
....
From Jan. 1—
Gross from railway...':.
Net from railway
—V.ri50°,T'28n7C2°me"""
1Q37
$1,193,128
$1,083,718
$1,282,665
181,484
142,242
248 184
def32,624
def70,976
16,065
5,082,121
927,551
4,938,958
945,125
4,698,036
5,691,059
810,001
1,574,612
78-518
79,433
def41,076
636,855
Chicago Great Western RR.—Earnings—
April—'
Net ry. oper. income...
has
new
names
Earnings for April and Year
Gross from railway
Net from railway
Net ry. oper. income
1940
Si,^6,809
360,388
85,710
104
498
*563', 819
def298,185
Chicago Rivet Machine Co.—Delisting Approved—
The Securities and
Exchange Commission May 16 approved the delisting
deny the stock unlisted trading privileges on the New York Curb Exchange.
The SEC itself had questioned the propriety of the delisting from the
Chicago Stock Exchange whereas the company had asked that the unlisted
trading privileges on the New York Curb be suspended.
The SEC ruled
that the company had not presented its request in the proper form nor
supported it with sufficient information on the adequacy of trading in the
stock on the New York Curb.—V. 150, p. 1596.
Chicago Rock Island & Pacific Ry.—Earnings—
(Including Chicago Rock Island & Gulf Ry.)
1940—Month—1939
1940—4 Mos.—1939
$6,106,449
$5,807,818 $24,580,392 $23,718,351
Ry. operating expenses4,960,665
5,117,112
20,121,375
20,038,433
Net
Net
rev.
from ry. oper.
ry. oper.
income
$1,145,784
243,420
$690,706
def230,396
$4,459,017
898,381
$3,679,918
290,050
—V. 150, p.3350.
Chicago St. Paul Minneapolis & Omaha Ry.—Earnings
April—
1940
Gross from railway
Net from railway
Net ry. oper. income..
Net from railway
Net ry. oper. income..
1939
1938
$1,235,406
76,813
defl28,084
$1,199,797
106,810
def86,517
$1,163,295
149,087
def53,348
1937
$1,340,486
174,219
def42,703
5,272,992
553,105
4,927,724
401,711
def439,963
4,886,964
515.417
def308,822
5,272,828
351,598
def528,197
def340,783
—V. 150, p. 2873.
Chicago Yellow Cab Co. (& Subs.)- -Earnings—
x
y
3 Mos. End. Mar. 31—
Net profit
Earns,
per
After
share
1939
1938
$46,045
$0.15
$12,139
$0.04
$0.26
depreciation.
1937
1940
$77,403
Federal
&c.
taxes,
y
loss$95,802
Nil
On 300,000 shares capital
Cincinnati New Orleans & Texas Pac. Ry.April—
1940
Net ry. oper. income.-From Jan. 1—
Gross from railway
Net from railway.
Netry.
oper.
income...
Earnings—
1939
1938
382,984
$1,424,206
515,499
356,071
$1,205,655
369,078
274,851
6,017,105
2,207,866
1,641,458
5,790,219
2,147,862
1,569,700
4,707,567
1,302,629
1,009,449
Gross from railway—$1,491,166
Net from railway.
545,858
1939
Clinchfield
.
1937
$1,546,401
670,102
506,495
5,849,321
2,206,944
1,658,301
1938
RR^—Earnings—
April
1940
Gross from railway
Net from railway.
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway.
Net ry. oper. income...
—V.
150,
an agreement on
member of the reorganization committee,
certificate of
incorporation.
—V
reorganization, the
?n c0Pm^tee discussed the task of reaching
first mortgage and the
charter.
chosen Austin S.
Iglehart to be
p
plan of redecided the Exchange's
renaming the stock rather than
^han modify the plan it
?*
1937
$7
—V. 150, p. 2873.
Chicago & Eastern Illinois RR.—To Issue Class A Stock
Instead of Preferred—
♦v,
1938
$5,748,460
def137,471
def919,066
Gross from railway
26,188,915
23,535,344
27,256,323
24,154,269
2,727,102
1,734,043
331,357
2,436,041
Netry. oper. income... def745,860def1,620,503def2,971,939def1,069,507
—V 150. p. 3350.
x
1,135,760
43,014
From Jan. 1—
Gross from rahway
—V
$7,173,520
1,278,381
200,672
stock of Escanaba, Iron
as collateral.
stock (no par).—V. 149, p. 3550.
Chicago Burlington & Quincy
RR.—Earnings—
Gross from railway
Net from railway
Net ry. oper. income...
def37,429
From Jan. 1—
Gross from railway
Earnings for April and Year to Date
Gross from railway
$10,599,950
Net from railway
4,408,999
Net ry. operating income
to
Net from railway
The Chesapeake & Ohio
1940
1939
$6,030,268
260,541
def499,384
$6,504,896
689,092
Net ry.
From Jan. 1—
The company has applied to the Interstate
Commerce Commission for
•
company
Period End. Apr. 30—
Total ry. oper. revenue.
authority to purchase for $550,000 cash the property and franchises of
Kanawha, Glen Jean & Eastern RR., a West Virginia short line.
The
April—
340,447
Repay $680,000
May 27 authorized the
on
1940
railway
railway
oper. income
882,597
311,068
N^I?^per-^cPm0---
1938
•
1,403,031
of the $4 common stock from the Chicago Stock Exchange, but refused to
1940
$240,480
77,095
46,914
1939
Ry.—To
RR. which had been pledged
Net from
$298,636
Charleston & Western Carolina
Ry.—Earnings—
Gross from railway
Net from railway
Net ry. oper. income...
34,029.990
6,762,721
2,339,701
Western
P. Barnes
Gross from
3,682
$315,533
4,658
2,631
—
Net income
29,444,131
4,519,258
118,032
000 worth of bonds and $50,000 worth of par value
61
$358,710
22,496
2,167
Taxes
1937
$8,544,487
Through the repayment the trustee regains control of $1,350,-
ceivership.
Mountain & Western
30
3,490
...
1938
$7,222,833
1,089,959
16,484
on
$311,759
1
Total income
1939
$7,811,066
1,010,223
def5,807
31,266,694
5,128,101
792,445
*
Earnings for April and Year to Date
123
General and administrative
road.
690,363
77,975
ast four notes
a Public Works Corporation $680,000 representing re¬
{)ay to the Reconstruction Finance Administration loan made prior to the
1939
$355,096
preferred stocks
Interest on bonds
Other income
a
—V.
3,561,655
204,482
North
&
Federal Judge John
Note—Consolidated net income amounting to approximately
$240,000
$139,000 in the 1939 and 193*y>eriods, respectively, is not available for
distribution to Central & South West Utilities Co. because of
prior years'
dividend arrearages on the preferred stocks of certain
subsidiary companies.
Statement of Income (Company Only)
and
a
2,610,478
def379,899
to RFC—
a Provision for dividend
requirements for the period on preferred stocks
of subsidiary companies held by the public.
1940
89.198
def 54,172
278,081
34,420,687
Net from railway
7,630,126
Net ry. oper. income...
3,314,443
—V. 150, P. 3349.
$570,621
3 Months Ended March 31—
def42,748
2,809,923
Gross from railway
154,881
$801,529
Net income
def26,012
def286.733
1940
$8,525,491
1,481,466
418,424
Net ry. oper. income
From Jan. 1—
paid or
declared-
$803,015
96,136
Chicago Milwaukee St. Paul & Pacific RR.—Earnings
Gross from railway
Net from railway
1,127,735
120,545
23,303
19,361
612,718
long-term debt-....
Amortization of bond discount and expense..
General interest (net)..
Other income deductions
on
1937
$662,953
105,602
—V. 150, P. 2872.
$2,629,164
879,365
184,747
28,007
17,742
—
1938
$733,668
848,384
288,785
Net from railway
Net ry. oper. income—
April—
Gross income
1,385,400
532,211
374,296
3,091,800
Gross from railway
1939
$7,975,449
5,333,098
-
Operating
Operating
a
$731,961
201,410
63,665
Net ry. oper. income—
From Jan. 1—
(& Subs.)—Earns.
1939
1940
April—
Gross from railway
Net from railway
Central & South West Utilities Co.
254,892
1937
249,283
62,650
33,956
1,126,592
292,713
200,160
64,986
1,204,187
337,544
307,344
income
3042.
$267,844
68,718
46,588
Chicago Indianapolis & Louisville Ry.—Earnings—
11,150,694
3.316,775
1,102,300
—V. 150, p. 3196.
Interest
71,044
Net from railway
Net ry. operating
$3,217,315
1,189,504
598,467
1938
1939
$307,648
88,251
1,441,950
457,233
operating income
Gro^tromrailway
1937
179,816
June 1, 1940
Chicago & Illinois Midland Ry.—Earnings-
p.
1937
$1,339,498
$1,511,083
347,208
74,650
244,461
324 634
def24,206
31 402
5,743,842
1,265,655
5,629,605
1,253,241
5,352,666
737,017
6,107,490
1,262,181
163,449
143,960
def353-921
104,000
1938
1937
$471,334
335,023
$474,389
213,592
172,560
198,877
151,115
$602,832
291,373
262,830
3,104,927
1,781,726
1,473,756
2,258,856
1,131,504
989,551
1,960,540
2,476,133
793,994
1,243,901
644,967
1,182,033
405,694
•
2873.
Cluett, Peabody & Co., Inc.—Interim Dividend—
Directors have declared an interim dividend of 50 cents per share on the
stock, no par value, payable June 25 to holders of record June 14.
Like amount was paid on March
25, last; final dividend of $2 was paid on
Dec. 23, last; dividends of 25 cents were
paid Sept. 25, June 26 and Mar. 25,
1939; a final dividend of 30 cents was paid on Dec. 24, 1938 and divs. of
15 cents were paid on Sept. 26 and
May 2, 1938.—V. 150, p. 1427.
common
Colorado & Southern Ry.April—
Gross from railway
Net from railway
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income._.
$1,397,522
1939
$743,485
—V. 150. p. 3350.
-Earnings-
1940
1939
$498,329
90,154
4,371
$507,890
104,834
7,511
$477,517
55,369
def51,454
$620,140
145,088
61,341
2,029,573
1,850,527
316,559
def43,482
1,915,268
200,864
def 182,189
2,454,340
541.338
180,897
410,713
32,322
1938
1937
Columbia Gas & Electric Corp.—Hearing—
A hearing has been set for
June 5 in the Securities and Exchange Com¬
mission's Washington offices on the
applications (File 70-61) filed under
the Holding
Company Act by the corporation, Manufacturers Light &
Heat Co., Manufacturers Gas
Co. and Pennsylvania Fuel Supply Co. The
applications
concern the following matters:
The Manufacturers
Light & Heat Co., Manufacturers Gas Co. and
Pennsylvania Fuel Supply Co. proposes to construct additional facilities
Volume
The
ISO
which wiJl supplement and, in some part, parallel their existing facilities
and which will enlarge their capacity to transport gas from the lines
United Fuel Gas Co. to the lines of Home Gas Co., which supplies Bingham-
of
ton Gas Works and
Keystone Gas Works, Inc.
All of these companies are
subsidiaries of Columbia Gas & Electric Corp.
the Manufacturers Light & Heat
Co. proposes to issue and sell $536,663 of 4H % short-term notes maturing
in 11 months; Manufacturers Gas Co. proposes to issue and sell a maximum
of $1,100,000 of 4H% short-term notes maturing in 11 months; Penn¬
sylvania Fuel Supply Co. proposes to issue and sell $150,592 of 4M% shortterm notes maturing in 11 months.
The parent company proposes to
acquire for cash all of the notes from those suosidiaries.—V. 150, p. 3197.
To finance this construction program,
Columbus & Greenville
Gross from railway..
Net from railway
440,441
389,663
42,202
13,455
455,347
408,310
80,072
24,363
Net ry. operating income
—V. 150, p. 2720.
$110,678
12,595
defl,422
$87,529
6,256
134
111,501
65,642
79,651
37,822
Consumers
Power
ended May 25, 1940 was 147,125,000
in the corresponding period last year,
9.2%.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year;
Kilowatt-hour Output
Per Cen*
Week Ended—
1940
1939
Increase
1939
$159,799
1940
$147,284
„
Co.—Earnings—
1940—Month—1939
1940—12 Mos.—1939
$3,710,585
$3,357,152 $42,087,525 $38,090,846
Operating exps. & taxes.
1,876,545
1,772,441
22,203,513
20,176,773
Prov. for depreciation..
430,000
390,000
4,840,000
4,244,000
Period End. Apr. 30—
Gross
(inter¬
company sales deducted) for the week
kwh. compared with 134,695,000 kwh.
revenue
_
Net income
Divs. on pref. stock
Amort, of pref. stk. exp.
$1,404,041
435,271
$1,494,712 $15,044,012
405,986
4,821,182
$13,670,073
$968,770
$788,726 $10,222,829
$8,939,853
$4,731,691
285,389
65,278
285,389
65,278
3,424,821
783,339
$618,103
$438,059
4,730,220
$6,014,669
3,424,822
783,339
increase of
an
May 25...
May 18.
...
May 11...
May
4
150, p. 3353.
—V.
9.2
10.6
8.6
9.6
134,695,000
131,693,000
129,701,000
130,112,000
147,125,000
145,594,000
140,911,000
142,621,000
Ltd.—Bonds Called—
$7,500 6% first mortgage sinking fund bonds due Jan. 1,
has been called for redemption on July 1 at 105 and accrued interest.
ment will be made at any office of the Bank of Montreal.
A total of
Commonwealth & Southern Corp.
revenue
Oper.
expenses
1958
Pay¬
Delaware & Hudson RR.-
Provision
for deprec.
amortization....
1940—Month—1939
&
1,366,118
1,509,663
17,111,949
15,493,158
$4,385,782
Int. & other deductions.
3,048,796
$4,377,005 $50,145,254 $48,431,101
3,036,654
36,448,887
36,421,197
$1,336,986
749,809
1940
railway
$1,993,738
Net from railway
503,674
Net ry. operating income
315,830
Gross from
Gross from railway
Net from railway
Net ry. operating income
—V. 150, p. 2722.
Net income
on
Gross from
"
pref. stock—
$587,176
Balance
$590,557
$4,698,728
$3,012,414
Reflects deduction for full preferred stock dividend
requirement at the
paid in full to Jan. 1, 1935,
that date.
Note—The electric properties of Tennessee Electric Power Co. and
Southern Tennessee Power Co. were conveyed on Aug. 15,1939 to the Ten¬
nessee
Valley Authority and other public agencies, and those companies
have been dissolved and are in process of liquidation which will involve a
substantial loss. Accordingly, tne income accounts of said companies, and
all interest and dividends received from them by Commonwealth & Southern
Corp., have been eliminated for all periods from this statement of con¬
rate of $6 per share per annum. Dividends were
and at the rate of $3 per share per annum since
solidated income.
"""
on Integration Proceedings—
Exchange Commission on May 27 postponed hearings
Hearing Delayed
The Securities and
under the
integration provisions of the Holding Company Act, until June 10.
By that time, it was indicated, the SEC will have disclosed its own tentative
integration plans for the system as well as others.
The postponement came as a result of a motion by counsel for Commonwelath & Southern seeking an official intepretation of the death sentence
provision before the company was subjected to a final hearing.
The counsel argued that the original order issued by the Commission
in accordance with Section 11 (b) (1) of the Act failed to comply with both
the Constitution of the United States and the utility Act, since it omitted
whatever determination had been made with respect to the status of the
company under the Act.
*
Weekly Output—
The
electrical energy of subsidiaries of
Corp., adjusted to show general business
May 23, 1940, amounted
weekly kilowatt hour output of
the Commonwealth &
Southern
conditions of territory served, for the week ended
to 152,545,008, as
compared with 133,057,332 for the corresponding week
in 1939, an increase of 19,487,676, or 14.65%.
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.
on
May 27 declared a dividend of 75 cents per share on the
preferred stock, $6 series, payable July 1 to holder of record June 7.
A
payment of like amount (which is one-half of the regular rate) was made in
each of the preceding 20 quarters.—V. 150, p. 3351.
Consolidated Coppermines
1940
3 Months Ended March 31—
Net income for the period before
charges
Exploration & development charges for the period. '
Amort, of mine develop, net or current period's
$331,107
31,366
1939
$283,184
51,710
111,195
charges shown above
77,292
Amortization of mine maintenance & gen. expenses
17,924
Depreciation.
35,696
34,704
$134,927
$119,478
Net inc. before
depletion & Federal income tax..
—V. 150, p. 3198.
Consolidated Edison Co. of New York,
Inc.—Weekly
7,844,581
2,265,722
1,603,380
6,609,388
1,063,165
425,074
9,017,394
2,191,282
1,529,241
Consolidated Edison Co.
electric plants of its system
139,200,000 kwh., compared
week of 1939, an increase of
►
of New York announced production of the
for the week ended May 26, amounting to
with 134,800,000 kwh. for the corresponding
3.3%.—V. 150, p. 3353.
Consolidated Oil Corp.—Mexican
Deal Outlined—
r
H. F. Sinclair, Chairman of the Board told stockholders May 15 at the
annual, meeting that he had personally conducted negotiations for the sale
the company's Mexican properties to the Mexican Government for
$8,500,000.
Of the total purchase price, he said, $3,000,000 was payable
before the end of this year. $3,000,000 in 1941 and $2,500,000 in 1942.
The $8,500,000 purchase price, he said, was regarded as a fair price,
although he indicated his belief that they would be worth more than that
if they were being operated by the company.
No write-downs would be
necessary on the Mexican properties, he added.—V, 150, p. 2875.
of
Continental Aviation & Engineering Corp.—Registers
with SEC—
given on first page of this
department.—V. 150, p. 3353.
Continental Securities Corp.—Trustee Reports on Rects.
"
Ballantine, trustee of the corporation, announced May 9 that
from the J. Henry Schroeder Banking Corp.
Webber & Co. and that he had decided to apply for an order
adjudging the investment trust bankrupt.
The Schroeder organization and Paine, Webber & Co. were defendants
in a civil suit brought by Mr. Ballantine in the Supreme Court, New
York County.
Their payment was made under an order by Judge Robert
P. Patterson on March 26 authorizing the trustee to accept the amount
Arthur A.
he had received $1,250,000
and Paine,
8,404,663
2,205,186
1,494,265
1939
1938
1937
437,367
$4,365,254
1,119,634
563,675
$3,598,976
706,493
198,371
$5,013,822
1,622,533
1,092,853
17,242,015
3,683,969
1,650,624
16,159,586
3,520,821
1,503,112
14,065,557
2,523,561
667,264
17,440,746
4,367,579
2,616,502
From Jan. 1—
Net ry. oper. income
—V. 150, p. 2877.
Denver & Rio Grande Western RR.-
Net ry. oper. income.._
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
1938
1937
$1,712,147
$1,560,880
$1,979,506
207,787
Gross from railway
Net from railway
—V. 150, p.
—Earnings-
1940
$1,824,367
61,854
def102,438
def50,080
def66,850
defl95,851
def372,679
def302,153
7,459,785
970,060
def83,775
6,942,808
809,327
6,421,761
421,560
def 181,922
def666,055
1939
8,180,745
757,447
def198,698
2877.
Denver & Salt Lake
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Ry.—-Earnings1939
1937
1938
1940
$122,094
def8,570
16,348
April—
Gross from railway
.
Net from railway
Net ry. oper. income—
$154,759
def 5,252
16,125
$127,449
18,337
38,208
def 15,047
803,655
245,852
323,475
740,647
157,993
211,026
599,673
105,555
168,026
972,779
316,245
348,497
$130,145
11,204
—V. 150, p. 3355.
Derby Gas & Electric
The Securities and Exchange
Corp.—Hearings on Amended Plan
Commission, May 27,
announced that the
its subsidiaries,
hearing with respect to Derby Gas & Electric Corp. and
which was heretofore continued subject to call, will be
reconvened on
D. C.
the original plan, dated Jan. 15, 1940. for the liquida¬
tion of Derby Gas & Electric Corp. and the merger of its subsidiaries,
there has been filed an amended plan, dated March 27, 1940.
_
Derby Gas & Electric Corp. (Del.) is controlled by Ogden Corp., suc¬
cessor to Utilities Power & Light Corp.
Ogden Corp. now holds all of the
50,000 outstanding shares of common stock of Derby Gas & Electric Corp.
(Del.) and through a wholly-owned subsidiary, controls 3,064 shares of
its $7 preferred and 93 shares of its $6H preferred stock.
In addition.
Ogden Corp. holds an open account indebtedness of Derby Gas & Electric
Corp. (Del.) in the amount of $5,000,000 bearing interest at 5% per annum.
It is stated that 16,936 shares of such $7 preferred and 1,407 shares of such
are outstanding with the public.
lie assets of Derby Gas & Electric dorp.
(Del.) consist principally of
the entire outstanding capital stocks of the Derby Gas & Electric Co. and
the Wallingford Gas Light Co. in the amounts of 105,000 shares and 6,000
June 11 at Washington,
In substitution for
"
—
j
a
stock, respectively.
At Dec. 31, 1939, Derby Gas &
cash in the amount of $44,786 and loans rewivable
amounts aggregating $113,281.
following:
(a) Derby Gas & Electric Corp. (Del.) will transfer to a new corporation,
the Derby Gas & Electric Corp. of Conn., all of the shares of capital stock
of the Derby Gas & Electric Co. and the Wallingford Gas Light Co.
(b) The Derby Gas & Electric Corp. of Conn, will issue to Derby Gas &
Electric Con). (Del.) 200,000 shares of its common stock, without par value.
(c) The DerDy Gas & Electric Co. and the Wallingford Gas Light Co.,
the two operating companies, will then be merged into the Derby Gas &
Electric Corp. of Conn, and said corporation will assume all liabilities or
said subsidiary companies including said loans Payable to Derby Gas &
Electric Corp. (Del.) in principal amounts aggregating $113,280 at Dec. 31,
shares of common
Electric Corp. also had
19(d)
Derby Gas & Electric
Corp. (Del.) will thereafter
sell all of said
proceeds thereof to pay
indebtedness to
thereon.
dissolved and its
assets will be distributed in cash to holders of the $7 preferred and $6 Yi
preferred stock upon surrender of the certificates of stock now held by
them.
It is proposed that no distribution of assets will be made on account
of the common stock of Derby Gas & Electric Corp. (Del.) held by Ogden
Corp.. but such stock will be canceled.
The application states that in
effecting the sale of stock, as aforesaid, efforts will be made to make ar¬
rangements so that holders of preferred stock of Derby Gas & Electric Corjp.
(Del ) may be given prior right to have the cash which would otherwise be
distributable to them in liquidation, applied to the purchase of such number
of whole shares of the common stock of the Derby Gas & Electric Corp.
of Conn, as said cash will buy .such right to be exercised within a period
to be limited to not more than three days immediately following the day
on which the registration statement covering said stock will become effective.
The applicants have asked that the Commission issue an intermediate or¬
der or orders permitting the steps referred to in clauses (a), (b) and (c)
above which steps the applicants consider should be taken in any event;
and that consideration by the Commission of the steps mentioned in clauses
(d) and (e) above be deferred for the time being.
Following the recon¬
vened hearing set for June 11, therefore, the Commission will take under
consideration merely the question of whether such intermediate order or
orders should issue.
Pending determination of this question the hearing
will again be continued subject to call with a view to being later recon¬
vened, after further notice to stockholders, if and when the Commission
shall be requested to consider the steps mentioned in clauses (d) and (e)
above.
In other words, the Commission will not take under consideration
the steps mentioned in clauses (d) and (e) above except after further hear¬
of common stock and will apply the
and discharge all its liabilities, including its open account
Ogden Corp. in the principal sum of $5,000,000 plus interest
(e) Derby Gas & Electric Corp. (Del.) will then be
200 000 shares
Output—
See list
418,666
752,401
578,724
from the two subsidiaries in principal
The amended plan contemplates the
Corp.—Earnings—
r
I
1937
$2,529,558
373,564
206,190
927,357
Gross from railway
Net from railway
—
Accumulated Dividend—
The directors
1938
$1,664,755
596,435
1940
$4,156,729
railway
"
"
'
Net from railway
Net ry. oper. income
April—
a
1939
$1,998,023
Delaware Lackawanna & Western RR.—Earnings—
April—
$1,340,352 $13,696,367 $12,009,904
749,795
8,997,638
8,997,490
Gross income
Divs.
-Earnings—
April—
(& Subs.)—Earns.
1940—12 Mos.—1939
$12,344,914 $11,518,942 $145133,743 $133144,721
& taxes._
6,449,469
5,775,819
77,876,540
69,220,462
Period End. April 30—
Gross
Balance
-V. 150, p.2720.
From Jan. 1—
Commonwealth Electric Corp.,
a
Co.—Earnings—
April 30—
Int. & other deductions-
Co.—Weekly Output—
electricity output of the Commonwealth Edison Co. group
The
Coos Bay Lumber
~
Gross income
Commonwealth Edison
The action is being
attorneys for Mr.
Ballantine, against the defendants who did not participate in the settlement.
Continental Securities Corp., Mr. Ballantine announced, had outstanding
$2,778,000 of debentures, with unpaid interest of $347,250, on May 1. As
a
result of the $1,250,000 received, funds in the hands of the trustee
amounted to about $1,335,000.
The estate has substantially no other
assets except causes of action against other defendants.
Accordingly, said
Mr. Ballantine, he intends to ask that the corporation be declared bankrupt,
since no plan of reorganization can be effected.—V. 150, p. 1931.
Net loss after all charges
—V. 150, p. 2571.
1938
1939
$121,282
31,073
19,672
$105,770
27,438
17,212
Net ry. operating income
From Jan. 1—
in settlement of the claims against the two concerns.
continued by Cook, Nathan, Lehman & Greenberg,
4 Months Ended
Ry.—Earnings—
1940
April—
^
Gross from railway
Net from railway
3505
Commercial & Financial Chronicle
ing
Of which
notice, additional to this
notice, will be given; but such steps,
The Commercial & Financial Chronicle
3506
if and when considered, will be considered in the
light of the record made in
the entire proceeding.
All expenses incurred in connection with the amended
plan are to be
borne and paid by Derby Gas & Electric Corp. (Del.) and the
Derby Gas
Corp. of Conn., each corporation paying the expenses directly
Derby Gas & Electric Corp. (Del.) will pay the expense
registering the common stock under the Securities Act of 1933 and
qualifying such stock for sale, if it becomes necessary to register such
& Electric
attributable to it.
of
June 1, 1940
Dominion Scottish
Investments, Ltd.—Accum. Div.—
The directors have declared a dividend of 75 cents per share on account of
accumulations on the 5% cum. red. preference stock, par $50, payable
June 1 to holders of record May 28.
This compares with 50 cents paid on
March 1, last, Dec. 1 and Sept. 1, 1939; 70 cents paid on June 1, 1939; 50
1,1939; Dec. 1 and Sept. 1, 1938 and
1939—V. 150, p. 1432.
cents March
June 1,
dividend of $1 paid on
a
8tK>ck«
Duluth South Shore & Atlantic
Following are the principal differences between the amended plan dated
March 27, 1940, and the original plan dated Jan. 15, 1940:
(1) Under the original plan, Derby Gas & Electric Corp. was to transfer
not only the capital stocks of Its subsidiaries, but also the loans
receivable
from said subsidiaries amounting to $113,281 at Dec.
31, 1939, and was
also to pay to the Derby Gas & Electric Corp. of Conn, out of the
proceeds
from the sale of its bonds, the sum of $200,000 in cash for
working capital.
Under the amended plan, only the capital stocks of the subsidiaries
will
be transferred, the loans receivable will not be canceled and
the $200,000
in cash will not be paid.
(2) The Derby Gas & Electric Corp. of Conn, will not issue any bonds,
provided in the original plan, but under the amended plan will issue
only 200,000 shares of common stock.
(3) The original plan provided for the sale only of such portion of the
common
&
stock as might be required to pay all liabilities of
Derby
Electric Corp. and provided that the remaining common stock
should be distributed in kind to the preferred stockholders of
Corp.
Under the amended plan all of the
kind of the common stock, but any assets
remaining will be distributed in
cash to the preferred stockholders in
liquidation and efforts will be made
to secure for the preferred stockholders a
preferential right to purchase
new common stock as described in the amended
plan.
(4) Under the amended plan, the Derby Gas & Electric Corp. of Conn,
will not assume and pay all of the
expenses of the plan, but such expenses,
will be borne and paid by
Derby Gas & Electric Corp. and the
Derby Gas 6c
Electric Corp. of Conn., each corporation paying the
expenses directly
attributable to it.
Derby Gas & Electric Corp. will pay the expense of
registering the common stock under the Securities Act of 1933 and of
qualifying said stock for sale, If it becomes necessary to register the stock.
—V. 150. P. 1276.
Detroit & Mackinac Ry.—Interest—
The interest due Dec.
1, 1939, on the company's mortgage 4% bonds,
due 1995, is now being paid.
Interest is payable at office of J. P. Morgan
6c Co., Inc., New York.
Earnings for April and Year to Vote
April—
1940
Gross from railway
Net from railway
Net ry. operating income
1939
206,777
17,059
def6,124
From Jan. 1—
Gross from railway.....
$62,460
11,125
4,698
214,971
20,028
def6,089
217,300
1937
$77,948
22,620
14,867
267,535
64,283
32,921
$53,266
3,630
def3,763
;
Net from railway.
Net ry. operating income
—V. 150, p. 3355.
27,678
def607
Detroit Toledo & Ironton
April—
RR.—Earnings—
1940
Gross from railway
Net from railway.
Net ry. operating income
1939
$607,486
261,701
171,441
From Jan. 1—
Gross from railway
1938
$508,813
1937
<
182,470
113,471
$367,235
104,415
58,943
$677,783
346,845
' 220,562
2,307,641
1,074,280
728,040
1,751,607
620,804
374,222
3,125,127
1,734,766
1,165,738
.
2.946,623
1,551,435
1,076,187
Net from railway
Net ry. operating income
—V. 150, p. 2722.
Detroit & Toledo Shore Line
April—
1940
1938
1937
$185,665
53,294
def5,835
$169,346
51,695
defl,051
$302,911
156,080
75,863
1,421,888
810,331
389,573
Net from railway
Net ry. oper. income...
1,191,892
908,348
407,536
142,488
1,528,400
929,722
556,862
212,396
—V. 150, p. 2878.
—V. 150, p.
dividend of 50 cents per share on the common
and common B shares payable June 15 to
holders of record May 31.
Divi¬
dends of 25 cents per share were
paid on these issues on Dec. 23, 1939.
—V. 150, p. 1432.
a
Duluth Missabe & Iron
Range
April—
150,
1940
p.
Inc.—Stock Offered—Public offering
110,909 shares
($1 par) common stock of the company, recently offered to
stockholders at $32 per share on the basis of % share of
new stock for each share held, was made
May 28 by a banking
group headed by Smith, Barney & Co. at 30% per share.
Closing bid and asked prices on the New York Stock Ex¬
change May 27 were 30% bid and 31 asked.
The last sale
on the exchange was at 30%.
The recent high for the stock
was 44%.
Of the total number of shares offered to the
stockholders, 104,545 shares remained unsubscribed at the
expiration of the subscription period May 24.
It was stated
$405,175
def211,898
def372,876
$208,787
def145,881
income.._defl996,493def2,185,062defl,850,813
defl,240,181
2878.
1,167,273
'
749,434
purposes.
According to the offering prospectus, Eastern Air Lines had net income
ended Dec. 31, 1939, compared with $351,282 in
1938, and $196,982 in 1937.
Last year's net income was equal to $2.06
a share.
On a pro forma basis such net income was equal to $1.96 a share
on the shares to be
outstanding upon completion of the financing, which
gives no effect to the earnings which the company might derive from ap¬
plication of the proceeds of the sale of the additional stock.
Further
details are given in V. 150, p. 3199.
Eastern Gas & Fuel
Dec.
28 last.
Announcement was made on May 23 by Halfdan Lee, President, of the
election by the board of trustees of A. K. Wood as Treasurer and James S.
Eastham as Secretary, succeeding 8. K. Philips, deceased.
Mr. Philips
had held both offices.
Mr. Wood, an employee of the association since
its formation, was formerly Auditor.
He is succeeded in this position by
Ernest M. Adams.
Mr. Eastham has been counsel of the association for
the past ten years.—V. 150, p. 3356.
Eastern Massachusetts Street Ry.—Earnings—
612
Provision for Federal and State income taxes.
Net operating revenue
Merchandising, jobbing and
1939
$33,238,140 $29,948,086
10,183,123
9,278,067
2,091,050
2,085,342
3,159,051
2,895,847
Taxes
contract work
Revenue from lease of other physical
property
Dividend revenues.
Interest revenues
Miscellaneous income
.
879
2,315,371
2,315,000
2,239,510
1,691,200
$13,173,931 $11,757,241
53,125
85,479
86,514
83,206
102,401
93,665
294,897
296,072
5,663
5,195
Drl36,480
deductions
1940—Month—1939
$594,759
$584,377
372,886
351,155
oper. revenues-
oper. expenses.
Net ry. oper.
revenues
Drl63,842
Gross income
—.$13,580,052 $12,157,016
2,450,000
2,450,000
315,941
315,941
21,111
93,606
8,967
Cr30,268
5,687
Cr132,254
69,300
69.300
50,144
61,513
.$10,694,856
11,317,399
Interest charged to construction
Taxes assumed on bond interest.
$9,293,223
13,764,924
Miscellaneous deductions
...
beginning of period..
.
-------
-
-
5%
cum. 1st pref. stock dividends
Common stock dividends
Federal mcome tax settlement
b Expenses
,375,000
8,396,029
1.375,000
6,996,691
,
~
Miscellaneous direct items (net)
2,887
Earned surplus, end of period
^0r the period from Jan. 1,
$22,012,255 $23,058,147
l
a
1917 to
3 088 722
265'275
15^060
$12,238,339 $11,317,399
Aug. 31, 1930, including interest
the period prior to March
31, 1938.
b In connection with settlement
of Federal income tax
liability for period from Jan. 1,1917 to
Aug. 31,1930.
Note—In the above statement of
income the previous
year figures have
been adjusted to reflect interest
applicable to that period on the Federal
income tax settlement made in
January, 1939 as an income deduction and
the direct charges to surplus reduced a like
amount.—V.
150,
p.
3046.
1940—4 Mos.—1939
$2,518,986
$2,462,475
1,578,022
1,476,205
$221,873
57,396
$233,222
55,765
$940,964
235,427
$986,270
227,156
$164,477
5,259
$177,457
5,904
$705,537
19,915
$759,114
20,404
$169,736
$183,361
$725,452
$779,518
43,534
85,037
46,016
95,018
176,298
339,549
184,434
381,712
$41,165
Taxes..
Gross corporate inc...
on funded
debt,
$42,327
$209,605
$213,372
Interest
rents, &c._...
aNetincome
a
"
Before provision for retirement losses.—Y.
150, p. 3356.
Inc.—Weekly Output—
For the week ended
May 23, 1940, the kilowatt-hour system input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1939, was as follows:
Increase
Operatinq Subs, of—
Amer. Power & Light Co
Electric Power & Light
1940
1939
124,387,000 113,616,000
Corp. 64,488,000
57,065,000
Nat. Power & Light Co
81,813,000
72,572,000
PC.
Amount
10,771,000
7,423,000
9,241,000
The above figures do not include the
system inputs of
appearing in both periods.—V. 150, p. 3356.
9.5%
13.0%
12.7%
any companies not
Edmonton Street Ry.—Earnings—
Period End. April 30—
Total
revenue..
Total oper. expenditures
Operating surplus
Interest on funded debt
Amortization of debt discount and
expense.
Interest on Federal income tax settlement
Other interest-
a
Railway
Railway
Ebasco Services
1940
Operating revenues
Operation
Maintenance and repairs.
Appropriation for retirement reserve....
Amortization of leaseholds, &c
.
Associates—Preferred Dividend—
Directors have declared a dividend of S1.12H per share on the
4M%
prior preference stock, par $100, payable July 1 to holders of record June 15.
Similar amount was paid on April 1, last.
Dividend of $4.50 was paid on
Depreciation
Duquesne Light Co.—Earnings—
...
publicly.
of $883,824 in the year
2,439,432
def365,320
def495,564
Years Ended March 31—
.Total.
be offered
company's capitalization consists entirely of common stock of which
were outstanding on the record date for
rights.
Sale of the
additional stock will bring the total
outstanding to 554,545 shares and the
proceeds will be added to the company's general funds for working capital
1937
792,080
484,767
512,050
def1362,553 def1,694,185 def1,636,072
Net income.
Earned surplus,
now
The
443,636 shares
Other income
1938
$2,006,421
revenue
509,816
127,720
22,172
Air Lines,
Net after taxes
Ry.—Earnings—
1939
$165,965
def377,099
def436,848
Non-operating
384,938
15,688
def86,249
435,964
55,878
of most of the unsubscribed portion of the
512,276
Dewey & Almy Chemical 4Co.—50-Cent Dividend—
Directors have declared
—V.
1937
$122,875
34,933
8,135
2722.
Eastern
Period End. Apr. 30—
Net from railway
Net ry. oper.
1938
$72,093
defl6,083
def36,183
New Treasurer, &c.—
RR.—Earnings—
1939
$306,533
148,976
58,564
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net ry. oper income...
From Jan. 1—
Gross from railway
193,414
100,937
After payment of current dividend arrears will amount to
$2.25 per share.
Gross from railway
Net from railway.
Gross from railway
Net from railway
def37,764
that most of these shares would
1938
$57,562
9,923
4,371
82,880
61,457
Ry.—Earnings—
1939
$103,052
11,792
defll,846
467*618
87,898
defl9,129
Gross from railway.....
completion, and the proceeds will be applied toward the
payment of lia¬
bilities of Derby Gas & Electric Corp.
There will be no distribution in
865,085
1940
$108,691
12,727
defl0,835
Net from railway
Net ry. operating income
common
553,865
def45,524
defll9,810
1937
From J an. 1—
stock
entire plan is carried to
new
532,979
def82,187
defl56,403
Duluth Winnipeg & Pacific
Gross from railway
Net from railway
Net ry. operating income
Derby Gas &
Electric
presently to be issued will be sold, provided the
$262,515
1938
3356.
April—
.
Gas
$138,316
10,578
defl,339
625,264
38,678
def23,812
Net from railway
Net ry. oper. income-—
as
new
1939
$143,872
defl6,995
def40,009
...
Net ry. oper. income
From Jan. 1—
Gross from railway
—V. 1.50, p.
Ry.—Earnings—
1940
$173,117
14,985
defl, 102
AprilGross from railway.
Net from railway
Fixed charges
Renewals
Taxes....
Total deficit
—V. 150, p. 3046.
1940—Month—1939
$67,040
$60,180
48,915
42,975
$18,125
6,526
15,000
4,765
$3,006
$278,745
199,049
1
$259,226
186,399
$79,695
^26,106
60,000
19,588
$17,205
5,776
10,000
4,435
$8,166
1940—4 Mos.—1939
$72,827
23,106
55,000
18,797
$25,999
$24,076
»
Electric Auto-Lite Co.—To Pay 75-Cent Dividend—
The directors have declared a dividend of 75 cents
per share on the com.
stock, par $5 payable July 1 to holders of record June 18.
Similar amount
paid on April 1, last and compares with $1 paid on Dec. 20, last; 75
on Oct. 1 and on
July 1,1939; 50 cents on April 1,1939, and on Dec. 23
1938 and 25 cents paid on Oct. 1 and on
April 1, 1938.—V. 150. p. 2573.
was
cents
Electric Household Utilities Corp.i—New Director—
Ralph M. Richmond was on May 23 elected a director of this corporation.
He succeeds Arthur W.
Davis.—V. 150, P. 2252.
Elgin Joliet & Eastern Ry.—Earnings—
April—
Gross from
railway
Net from railway
Net ry. oper. income...
From Jan. 1—
Gross from
railway
Net from railway
Net ry. oper. income...
—V. 150. p. 2723.
1940
1939
1938
1937
$1,348,416
358,415
182,279
$1,208,318
230,583
86,935
$886,483
133,065
37,858
$1,903,927
585,638
6,413,686
1,965,467
1,081,100
5,538,968
3,463,871
311.844
def96,226
7,933,851
1,598,570
887,167
325,980
2,674,549
1.579,547
Volume
Electric Power & Light Corp.
Period. End. Dec. 31—
Subsidiaries—
a
1939—12
Mos.—1938
FAIRBANKS COMPANY—common
„
$29,285,137 $26,916,166 $107912,238
10,557,312
9,838,974
40,042,413
5,721,155
1,484,040
1,556,436
15,563,010
3.643,136
4,081,291
Maintenance
Taxes
Prop,
(& Subs.)—Earnings—
1939—3 Mos.—1938
Operating revenues
Operation
& deplet.
appropriations
$104233,421
37,784,965
Net oper. revenues
Other income
16,558,087
$30,260,728
415,632
449,932
$8,037,902 $30,051,312
4,064,212
76,625
-
Vermilye Brothers
16,015.535
$7,885,804 $30,027,573
236,736
439,371
4,591,776
$8,498,322
long-term debt..
3,004,566
(notes-,--loans,—■*,;
3,067,064
12,080,235
$30,331,351
12,391,019
f-. 505,470
on
511,626
1,998,062
1.997,725
$8,448,302
Emporium Capwell Co.—Earnings—
3 Months Ended April 30—
Net sales of department stores
Other int.
&c.)
Other
486,242
453,554
1,378,662
Cr9,301
1,971,618
Cr33,381
1,971,618
Crl9,888
7,886,473
125,134
73,115
326,234
237,185
$2,364,573
$1,994,306
$6,401,534
$6,609,395
2,364,573
1,994,306
6,401,534
6.609,395
300
388
961
854
$2,364,873
81,364
$1,994,694
77,465
$6,402,495
257,344
$6,610,249
272,616
412,973
414,592
1,655,896
1,659,198
interest
xl939
1940
$5,450,510
$5,357,558
176,401
45,880
1,254
\
3,027
144,668
51,324
loss8,857
lossl8,581
$226,562
40,781
$168,553
29,808
$185,781
3,777
$138,745
3,777
$131,379
1,237,992
$84,343
907,246
$1,369,371
$991,590
Net profit of units before Fed. taxes on income:
1,309,633
Crl00,079
7,886,473
deductions
Int. chgd. to construct'n
Pref. divs. to public
Portion applic. to min.
b Net equity
Teletype N. Y. 1-894
HAnover-2-7881.
84,638
126,645
taxes-_
Gross income
N. Y. CITY
SO BROAD ST.,
520,555
Other inc. deducts., incl.
Int.
COMPANY—preferred
FAIRBANKS
5,941,149
14,231,044
retire.
reserve
3507
Commercial & Financial Chronicle
The
ISO
Department stores
Real estate used in department store operations
Real estate not used in dept. store operations. _
General administration expenses—net
Net profit before Federal taxes on income
on income
Provision for Federal taxes
-
Elec. Pow. & Lt. Corp.—
b Net equity
Other income
—
TotaL
Expenses, incl. taxes
Int. & other deducts
Bal. carried to consol.
earned surplus
a
Dividends
on preferred stocks—7 % preferred stock
4H% preference stock
Earned surplus beginning of period
$4,489,255
$1,502,637
Does not include maintenance incurred in the production of
crude oil,
Such maintenance, together with all other costs, is
is included in cost of
product sold in the current period, b Of Electric Power & Light Corp. in
gasoline, and sulphur.
•■y„•
subsidiaries.
»
^
Consolidated Balance Sheet Dec. 31
.
1939
Assets—
;;
Cash in banks (on demand)
Cash in banks (time deposits)
475,000
986,555
315,449
1,710,591
198,138
11,088,479
6,234,560
339,602
175,011
212,902
13,738,821
236,690
694,699
__
Special deposits
Working funds
Temporary cash investments
»
-
_
i
Notes receivable
Accounts receivable—Customers & miscellaneous
-
,
Prepayments
-
Miscellaneous current assets
Contra assets
Deferred charges
Capital stock
$
659,372,070 659,698,359
5,326,106
4,841,187
19,810,946
22,613,219
Investment and fund accounts
Inventories
•
1938
v-■;y.."-■y■'/
\'{ \ ■
- >;
Plant, property,franchises, &c
expense
Reacquired capital stock
625,000
1,164,211
1,789",354
440,681
10,644,759
5,545,255
501,171
236,102
12,005,280
347,298
694,699
Liabilities—
;
-
155,044,139 155,044,139
—
117,329,400 117,329,400
Subsidiaries common stocks
——;
3,078,708
2,278,380
Long-term debt
--.270,606,142 275,975,696
Accounts payable
6,494,912
6,308,744
Dividends declared—preferred
343,058
637,073
Notes payable
26,048,963
26,325,000
566,592
Mtge. & deb. bonds of subs, currently maturing
1,646,250
Pref. stocks called for redemption & divs. thereon
21,139
13,916
Matured long-term debt, incl. prem. and interest-269,861
202,961
Customers' deposits.
3,503,000
3,708,816
Taxes accrued
7,894,854
7,609,281
Interest accrued
4,011,999
—...;
3,997,616
Other current & accrued liabilities
646,199
583,472
Contra liabilities
212,902
236,102
Deferred credits
786,029
754,564
Reserves
—67,093,956
59,204,882
Contributions in aid of construction
409,228
227,268
Undeclared cum. divs. on pref. stocks of subs, held
22,992,591
by public
I
21,579,341
a Deferred credit
13,917,648
12,926,589
Earned surplus (less amount accrued to min. int.). 22,149,030
21,717,788
336,357
Appropriated surplus
476,814
__
------
-
.
...
Total
723.232,974 719,307,831
-
Additional equity
in net worth of United Gas Corp. (a subsidiary)
accruing to Electric Power & Light Corp. from minority interest in common
stock of United Gas Corp., representing unearned cumulative dividends on
second preferred stock of the subsidiary owned by Electric Power & Light
Corp. to the extent that such dividends have priority over and reduce the
equity of such common stock minority interest.
a
$704,529
1,630,925
$2,335,454
—
Statement of Income (Company Only)
Period End. Dec. 31—
Gross inc.—Prom subs—
Other
Total
Expenses, incl. taxes
Int. on gold debs., 5%
series, due 2030
1939—3 Mos.—1938
$962,598
$691,136
300
$962,898
81,364
$691,524
77,465
387,500
387,500
16,815
9,744
$2,629,130
$2,216,021
961
854
,
$2,630,091
257,344
486
"""533
1.550,000
62,970
38,974
2,860
1,092
$468,561
$199,467
$716,851
49
Premium and expense.
Net income
$2,216,875
272,616
1,550,000
69,215
;
38.974
JV"
Erie RR.—Time for Rejection
$285,061
On Power Securities Corp. collateral trust gold bonds, American 6%
b Of debt discount and expense on gold debentures,
c On Power
Securities Corp. bonds retired.
Balance Sheet Dec. 31 (Company Only)
1938
1939
Investments
$
-
—
Cash in banks—
1939
Liabilities—
$
184,561,472 184,641,926
5,112,541
4,463,390
72,159
5,670
70,054
Accts. receivable
receivable
15,920
Special deposits
Divs.
-
5,773
30,630
Other cur. assets
300
Reacq. cap. stk.
Deferred charges
103,109
103,109
3,519,703
3.666,337
of Leases Extended—
disaffirm or reject contracts or
order of
Judge Robert N. Wilkin, of Federal Court at Cleveland.
A previous order
had set June 1 as the deadline for such disaffirmance or rejection.—V. 150,
p.3357,
yy-
y:yy\;'
■
Ethyl Gasoline Corp.—$750,000,000 Suit Ended—
G. Buchanan at Trenton, N. J., May 23 dis¬
$750,000,000 Chancery Court suit for an accounting of profits
Standard Oil Co. of New Jersey, Ethyl Gasoline Corp., General
Motors, Socony Vacuum Oil and E. I. du Pont de Nemours & Co. from
the sale of ethyl gasoline.
The Vice Chancellor acted on the ground that the Howard-Vaughn
>
Vice Chancellor Malcolm
a
earned by
„
„
,
,
Corp., seeking the accounting, had produced neither witnesses nor despositions to prove charges that the formula for the high test gasoline had
been taken from it through "fraud, misrepresentation and bribery."
The case has been pending since last November and had been continued
several times to enable Charles S. Mackenzie of New York, chief counsel
for the concern, to round up witnesses, who never appeared.
The main
stumbling block proved to be the refusal of Dr. Howard Vaughn, alleged
inventor of the formula, to come to New Jersey from California to testify
in the suit.
Dr. Vaughn himself had initiated in the past several unsuc¬
cessful suits to gain control of the formula.—V. 150, p. 2574.
515
1938
$
$
Capital stock.155,044,139 155,044,139
Long-term debt. 31,871,999
31,980,931
Accts. payable.
23,745
25,729
Accr'd accounts,
744,617
755,910
a
c
Coll. trust bds.
Misc. curr. liabs.
Reserve
Earned surplus.
125,970
7,145
156,257
124,351
7,190
156,307
5,417,003
193,390,874 192,881,7351
Total
stock (par $1), has been admitted to
new common
a Represented
by: $7 pref. cum. (entitled upon liquidation to $100
share); pari passu with $6 pref. and $5 pref.; authorized, 800.000 shares;
issued, 515,135 shares.
$6 pref. cum. (entitled upon liquidation to *100
a
share); pari passu with $7 pref., and $5 pref.; authorized 1.000,000
outstanding, 255.430 2-3 shares, $5 pref, cum. (entitled upon
liquidation to $100 a share); pari passu with $7 pref. and $6 pref.; authorized
1,000,000 shares; issued, none. 2d pref., series A ($7), cum. (entitled upon
liquidation to $100 a share); pari passu with 2d pref. series AA ($7); auth¬
orized, 120,000 shares; issued and outstanding 72,289 shs. in 1939 (80,189
shs. in 1938); 2d pref., series AA ($7) cum. (entitled upon liquidation to
$100 a share); pari passu with 2d pref., series A ($7) authorized, 100,000
shares; issued, none.
Common, authorized, 4.OOO.0OO shares, issued 3,440,789 shares in 1939 and 3,433,189 shs. in 1938.
c Powei* Securities
Corp. collateral trust gold bonds called and callable for redemption.—
V. 150, P. 127.
a
Ex-Cell-O
Corp.—60-Cent Dividend—
,
dividend of 60 cents per share on the common
holders of record June 12. This compares with 40
April 1, last; 30 cents paid on Dec. 22 and Sept. 30, last and
stock, payable July 1 to
cents paid on
dividends of 20 cents per share were
p.3201.
Fairbanks
Mar. 31'40
Dec. 31'39
Cash in banks and
on
paid in preceding quarters.—V. 150,
y\yxV":'
Co.—Consolidated Balance Sheet—
$70,674
103,826
107,789 8%
381,175
364,260 8%
165,135
6,834
165,135
532,651
400,000
products
-
Goodwill
The income statement
2724.
cum.
maint. and
chges.
of sub. companies
Pref. divs. of sub. cos._.
Int., disct. & other
chgs.
ofFedferalL.&T. Co-
Subs.)—Earnings-
1940—12 Mos.—al939
$2,726,676 $10,000,036 $9,670,519
1,744.674
6,338,881
173,155
154.597
679,569
584,911
$827,405
4,762
$2,981,585
Dr6,763
$2,818,010
2,171
$832,166
$2,974,822
$2,820,181
112,636
45,974
115,692
45,999
451,152
183,935
456,429
184,105
158,288
172,951
660,915
716,557
stock—
$497,524
66,561
$1,678,820
66,561
266,244
$1,463,090
266,244
$457,055
$430,963
$1,412,576
$1,196,846
$0.87
surplussh. of com¬
Bal. to earned
$0.82
$2.69
$2.28
31, 1938
& Light Co. was sold
electric property of Willapa Electric Co. was sold
Includes profit and loss adjustments made Dec.
Note—The electric property of Grays HarborRy.
a
Jan.
15, 1940 and the
Jan. 22, 1940.
6,267,598
1,725,223
$523,616
Net income
Preferred dividends
per
'
March 31 was published
$840,514
Operating income
mon
1,500,000
2,910,228
$838,255
2,259
- —
Other income
Earns,
$2,736,634
"fordepreclation
and retirements. -
Int., disct. & other
2,000,000
$1,658,378 $1,656,888
Total
for the three months ended
y i > /,'>■'
Opening revenue.---
.
(par
Operating deficit-- 2,900,812
Federal Light & Traction Co. (&
31— 1940—3 Mos.—1939
Pro v.
pref .stk
$25)
400,000
Period End. Mar.
Oper. exps.,
2,000,000
7,100
538,685
10,344
$1,658,378 $1,656,888
in V. 150, p.
1,000,000
1st pref.
Common stk.
stock sink
ing fund---.—
Prepaid expenses x Plant
& equip't
$60,015
1,500,000
cum.
stock.--
Mdse., materials &
Dec. 31 '39
$51,567
7,624
1,000,000
Acer. Fed. inc. tax
Accts. & notes rec.,
Total
A. ULtti
Mar. 31'40
Liabllities-
Accts. payable and
accr'd expenses.
$68,757
hand
shares;
r
unlisted trading
Directors have declared a
4,787,177
193,390,874 192,881,735
Unlisted Trading—
Eversharp, Inc.—Admitted to
The
by the New York Curb Exchange.
The new common stock is issuable in
accordance with the agreement of merger, dated April 12, 1940, between
Wahl Co. and its wholly-owned subsidiary, Eversharp, Inc., which, among
other things, provides for the issuance of one share of "new" common
stock, par $1, of Eversharp, Inc., in exchange for each 2H shares of "old*
common stipclc, no par of Wahl Company.—V. 150, p. 3357.
Gross income
.Total
scheduled to take place
was
extended until further order of the court, by an
(at cost)
T,609
series,
Assets—
which
The time within which the trustees may
leases has been
1st pref.
Other int. deductions
a
Exchange Commission has issued an order postponing
May 27.—Y. 150, P. 3047.
Assets—
193&—12 Afos.—1938
3o8
15,194
9.744
Interest
b Amortization
c
Postponed—
Engineers Public Service Co,—Hearing
The Securities and
until June 10 the integration hearing
less reserve..—
a
$0.20
x Figures
for 1939 represent consolidated results of the Emporium
Capwell Corp. and the Emporium Capwell Co., a merger of which was
effected Jan. 31, 1940—V. 150, p. 3357.
-
-
-
,
163,205
123,856
163,205
144,499
$1,061,641
1,630,925
missed
Capital stock
Subsidiaries preferred stocks--
27
Total surplus close of period
$2,692,566
Net Income after divs. on pref. stocks, per share
$0.32
of common stock outstanding at close of period. -
Earned surplus
Paid-in surplus
478,609
—————723.232,974 719,307,831
Total
-
Adjustment of prior year taxes
Dividends on preferred stocks declared in advance
of amount accumulated at period end
Dividends paid or declared on common stock
$4,678,435
transferred to inventory and subsequently, upon sale,
income of
-
Total
$1,870,536
50,625
The Commercial & Financial
3508
Chronicle
June 1,
1940
Galveston-Houston Co. (& Subs.)—Earnings—
1940—Month—1939
$316,955
$315,546
Period End. April 30—
General Public Utilities, Inc.
1st
Operating revenues
Operation
150,942
46,328
40,065
45,879
36,875
547,175
477,660
523,029
436,032
$73,071
498
$81,851
265
$888,497
3,397
$885,580
3,539
$73,568
30,976
$82,116
30,454
$891,894
370,373
$889,119
386,542
$42,593
$51,662
$521,522
$502,576
13,501
4,568
242
13,396
3,261
265
161,895
38,680
2,930
163,004
32,182
3,334
$318,016
$304,056
31,693
$318,016
43,811
$272,362
Maintenance
Mtge. & Coll. "C" 63^8. due 1965
Taxes.
Net oper. revenues...
TRADING DEPARTMENT
Non-oper. Income (net).
Balance
Eastman, Dillon 8 Co.
16 Broad Street
Tel. Bowling Green 9-3100
—
Retirement accruals....
MEMBERS NEW YORK STOCK EXCHANGE
Gross income
—
Int. on bonds—Houston
Electric Co
New York
Bell System Teletype N. Y. 1-752
Int.
equip, notes, &c_
on
Amort, of debt expense.
A comparison of the "balance to earned surplus" from the other com¬
panies after eleiminating Grays Harbor Ry. & Light Co. and Willapa
from both periods is:
Period End. Mar. 31— 1940—3
Balance to earned surplus
i
Note—Provision for
Mos.—1939
1940—12 Mos.—1939
;
$337,194
$1,095,310
Net income
estimated Federal income tax is
$917,293
included in each
period.—V. 150, p. 2423.
of
General Bronze Corp.—Removed from Unlisted Trading—
Fidelity & Guaranty Fire Corp.—New President—
V.
150, p. 3359.
General Cable
a
General Electric Co.—Dividend—
stock, no par value, payable July 25 to holders of record June 28.
Like amount was paid on April 25, last, and compares with 65 cents paid on
Dec. 20 last; 25 cents paid on Oct. 25, July 25, and on April 25, 1939; 20
Ry.—Earnings-
1940
$1,076,986
323,374
156,218
From, Jan. 1—
Gross from railway
1939
$996,203
342,853
175,324
4,881,899
1,739,157
1,187,166
railway
Loeb,
The directors on May 24 declared a dividend of 35 cents per share on the
common
Florida East Coast
Corp.—Opposition to Plan—
letter sent to holders of
7% cumulative preferred shares on May 27,
Rhoades & Co., expressed opposition to the plan of re¬
capitalization as it affects the preferred shares of the company.
The letter stated that a suit has been brought by John L. Loeb, a partner
of the firm, to prevent consummation of the recapitalization plan.
A
hearing on this suit is to be held June 3, in the Chancery Court of Jersey
City. Meanwhile, the special stockholders meeting to pass on the plan has
been adjourned until June 6.—V. 150, p. 3360.
In
Carl M.
Harry F. Ogden, former Vice-President and Executive Officer, has been
President of the company.
Frank F. Dorsey was elected VicePresident and Secretary and C. B. Gamble, Vice-President.—V.
142,
1119.
10-year 6% convertible gold debentures, due May 1, 1940, have
trading by the New York Curb Exchange.—
The
elected
April—
-
been removed from unlisted
Federal Water Service Corp.—To Purchase Own Debs.—
Corporation has filed with the Securities and Exchange Commission an
application (File 70-67) regarding a proposal to purchase from time to time
for cash in the open market $500,000 of its 5 ^ % gold debentures, due May 1
1954.
According to the application, the company desires to consummate
the proposed transaction in order to reduce its interest charges by the em¬
ployment of idle funds upon which no return is now being received.—V.
150, p. 3201.
'■/y ■■;<■
■ .vv,,v
Gross from
—
Note—Net income for the above 12-months' periods includes net income
Houston Electric Co. in the amounts of $266,654 and $232,865, re¬
Falconbridge Nickel Mines, Ltd.—No Common Dividend
Net from railway
Net ry. oper. income—
1938
4,671,989
1,913,749
1,292,745
V •;i.:
cents
1937
$1,303,505
629,723
410,013
$1,013,352
348,173
192,106
5,210,215
2,363,534
1,716,369
4,743,207
1,918,284
1,334,617
paid on Dec. 22, Oct. 25, and July 25, 1938, and 30 cents paid
April 25,1938.—V. 150, p. 2725.
General Finance Corp. (&
Period End. April 30—
Net from railway
Net ry. oper. income—
sec.
spectively—V. 150, p. 2725.
Directors at their meeting held May 28 decided to omit the dividend
ordinarily due at this time on the no par common stock. Regular quarterly
dividend of 7M cents per share was paid on March 25, last.—V. 150, p. 3201.
P.
G.-H. Co.
Dividends declared
$411,041
(after pref. dividend).
$24,281
$34,739
6% income bonds.
Balance
Interest paid on
Electric Co.
—V. 150, p. 3358.
-
x
Florida Public Service Co.—■Bonds Called—
)
on
Subs.)—Earnings—
1940—Month—1939
$25,554
$30,814
$0.02
$0.03
Net profit
Earns, per share on com.
x
1940—4 Mos.—1939
$142,026
$123,265
$0.13
$0.11
After all charges.—V. 150, p. 3201.
General Instrument
A total of
1940—12 Mos.—1939
$3,789,719
$3,623,363
1,876,388
1,778,722
157,491
'
Corp.—Registers with SEC—
See list given on first page of this department.—V. 149, p. 2971, 1915.
$28,000 first mortgage 4% series O bonds due July 1, 1955 have
General Motors
been cailed for redemption on July 1 at 102 and accrued interest. Payment
will be made at the Florida National Bank of Jacksonville, Jacksonville,
Fla.—V. 150, p. 2879.
Corp.—To Manufacture Propellers—
Alfred P. Sloan Jr., Chairman of the company, announced on May 25
on June 1, 1940, General Motors will enter the airplane propeller busi¬
that
through the acquisition of the assets of the Engineering Projects, Inc.,
Dayton, Ohio.—The new division will be known as Aeroproducts Division
ness
Florsheim Shoe
a
Co.—Earnings—
6 Months Ended April 30—
Net profit after depreciation. Fed¬
eral and State income taxes, &c
a
1940
1939
$510,670
of General Motors
1938
$503,556
has
$199,607
Equal under participating provisions of the shares to $1.28
a
share
236,293 shares of class A common stock and to 64 cents a share on 327,424
shares of class B common stock in 1940; $1.26 a share on class A common
stock and to 63 cents a share on class B common stock in 1939; and 50 cents
a share on the class A and 25 cents a share on the class B stock in 1938.—
on
V. 149, p. 3872.
.
Fort Worth & Denver
Net ry. oper. income.
From Jan. 1—
Gross from rail way...
1939
Net from railway
Net ry. oper. income.
will become General Manager of the new division, and Charles S. J. Mac-
Neil, formerly Vice-President of Engineering Projects, Inc., will become
Chief Engineer.—V. 150, p. 3360.
General Public Utilities, Inc.
1938
1937
$463,648
98,007
28,416
—
strengthen further the
production facilities of the nation, contributing to the mass production of
airplanes for defense as well as for commercial purposes."
Werner J. Blanchard, formerly President or Engineering Projects, Inc.,
City Ry.—Earnings—
1940
April—
Gross from railway
Net from railway
Corp.
It will continue propeller development, which
by the acquired company.
In connection with the
been conducted
establishment of the new division, Mr. Sloan said:
"General Motors is taking this opportunity to
$434,814
63,695
def6,179
$464,780
86,317
2,748
$531,425
161,493
89,888
1,820,501
409,812
140,705
1,755,539
299,248
16,985
2,050,655
483,367
156,695
2,000,491
587,704
311,174
Period End. Apr. 30—
Gross oper. revenues
Operating
expense
Maintenance
Prov. for retirements...
:
General taxes
Fed. normal inc. tax...
—V. 150, p. 3359.
?;
Net oper. income
Non-oper. income......
Foster Wheeler
Corp.Earnings—
Ilncl.
Foster Wheeler, Ltd. (Eng.), and Soc. Anon. Foster Wheeler (France)]
1939
1938
1936
1937
Unfilled orders
$16,130,500 $10,614,145 $10,492,223
$7,886,000
Calendar Years—
aProfitfrom manufactur-
350,745
116,387
ing and trading
Other income....
390,167
87,807
225,780
171,276
Realized foreign exch
Profit on sale of treasury
lossl47,227
114,723
50,868
stock
57,921
Profit
Depreciation
Income taxes
__
$467,132
106,462
79,969
$477,975
ell1,203
97,232
$397,056
188,876
107",092
74",394
207,417
63,244
Minority dividends
$76,286
289,338
b31,409
Net
Divs.
153,500
—.
$91,825
$162,447 loss$101,499 loss$244,559
After deducting all costs, incl. operation and maintenance of plants,
erection and installation of apparatus, selling, general and administration
a
b Foreign taxes,
c No provision for depreciation of assets of
the British subsidiary is included in the deduction for depreciation shown
above.
It is considered that the depreciation previously provided
by that
company is sufficient to cover all accrued depreciation at Dec. 31, 1938.
1939
1938
rec.
$771,581
3,036,524
secur.
409,827
$632,683
2,878,832
475,767
2,801
1.877,361
288,930
Cash
...
Notes & accts.
Marketable
Accrued interest..
Inventories
Investments.....
Deposits with in¬
surance
2,244
2,046,601
cos
189,592
Fixed assets
Deferred
Patents
19,257
20,209
2,562,879
62,998
purchased
25,585
&
56,355
30,114
devel¬
z
$672,859
1,200,000
$947,447
500,000
282,205
670,554
759,352
107,063
155,808
37,510
Min. int. in subs..
1,930
$7 preferred stock. 1,672,800
1.672,800
86,851
Notes payable
Acer,
wages & exps
costs
P.
taxes
Unshipped contr'ts
Common stock..
Capital surplus
Earned surplus
Total
in
$1,977,917
367,194
$1,879,964
360,711
72,102
72,187
859,906
865,115
$45,872
3,242
$32,640
3,242
$750,816
38,910
$654,138
' 38,910
$29,398
$711,906
$615,228
an
extra dividend of 25
1435.
cents per share in
1939
2,581,800
1,796,007
269,272
$9,292,000
and
$2,951,677
Accumulated since Jan.
2,581,800
1,796,007
al62,448
$8,850,198
in 1938.
1, 1938.
Corporation announced th6 election of W. L. Martwick to the position
of Vice-President in charge of sales as of May 27, 1940.
Mr. Martwick
has been connected with the corporation since its inception and has had
broad experience in the power plant field.—V. 149, p. 1474.
ad¬
vv:..
Period End. Apr. 30—
Net profit
1940—3 Mos.—1939
$4,455,947
$4,444,089
241,817
240,836
share$0.37
$0.37
1940—6 Mos.—1939
$8,182,327
$7,540,113
456,863
$0.69
379.777
$0.57
Earnings for 12 Months Ended April 30
1940
Net sales
1939
$17,223,751 $14,939,575
1,004,280
821,841
$1.53
$1.25
Net profit
Earned per share...
—V. 150, p. 3048.
.
General Theatres Equipment
Corp.—Option Announced
Corporation May 25 notified the New York Stock Exchange that it had
granted an option to E. G. Hines for the purchase of 15,000 shares of
capital stock by March 18, 1945.
For the first 3,000 shares the price will
be $16 each and for the remaining four blocks of 3,000 shares each there will
an
increase
of
$1
a
share for each
block to $20 for the final block.
V. 150, p. 3360.
980
1,672,800
—New Vice-President—
$134,746
29,919
a
Net sales
be
billed
a
$148,595
30,621
General Shoe Corp.—Earnings—
on
billed contracts.
y After
depreciation of $3,016,238
Represented by shares of $10 par.
$1,860,922
19,042
commissions,
Accrued
$9,292,000 $8,850,198
$1,947,429
30,488
quarterly dividend of like amount (or a total of 50 cents per
the capital stock, both payable June 15 to holders of record
June 8.
Like amounts were paid on March 12, last, Dec. 15, Sept. 15.
June 15 and March 15,1939; Dec. 14, Sept. 15 and June 15,1938.—V. 150,
186,705
Accounts payable.
z
oped patents
Total
1938
24,265
2,727,790
charges..
Goodwill
1939
Accr. Inc. & other
Other assets
y
Liabilities—
$131,419
3,327
on
Earned per
Consolidated Balance Sheet Dec. 31
[Including corporation and Foster Wheeler, Ltd. (England), and Societe
Anonyme Foster Wheeler (France)]
$144,879
3,715
General Reinsurance Corp.—Extra Dividend—
Directors have declared
expenses,
Assets—
$5 pref. stock..
dition to
share)
plant—
on
1940—12 Mos—1939
$6,200,103
$5,730,154
2,599,305
2,413,550
224,714
203,334
696,019
556,358
626,766
570,710
105,870
125,280
$42,629
income........."
Bal. avail, for common
stock and surplus..
—V. 150, p. 2881.
98
Other deductions
Loss on sale of Cleveland
Net profit..
Gross income
Charges of subsidiaries..
Charges of General Pub-?
lie Utilities, Inc
(& Subs.)—Earnings—
1940—Month—1939
$503,561
$463,938
217,112
208,065
22,441
21,537
55,615
45,891
52,288
47,551
11,225
9,475
German General Electric Co.—$4,097,341
Jydgment—
A
judgment for $4,097,341 in favor of the National City Bank as trustee
defaulted bond issues of the company against the obligor was
affirmed May 24 in a unanimous decision of the Appellate Division of the
New York Supreme Court.
The judgment covers interest in default since
for three
1933.
In
it
asking that the judgment be vacated
the German company argued that
was unable to meet its interest payments here because of the
restrictions on
foreign-exchange transactions.
Supreme Court
Reich's
Justice
Lloyd Church, who granted the judgment, has ruled that these laws did not
release the company from its obligations since the loans were negotiated
here and the loan contract executed in New York.
The Court's action leaves the trustee free to seek assets of the German
company
which
may
be seized in satisfaction of the judgment.
It has
Volume
bonds of the
attachments
already attached $11,000 in cash and $81,000 face amount of
Republic of Guatemala.
There are, however, several prior
against these assets, it is said.—V. 143, p. 922.
General Water Gas & Electric Co.
Consolidated Earnings for the 12 Months
(& Subs.)—Earnings
Ended March 31. 1940
352,088
.
...
Operations (less charged to construction $19,779)
846,345
Maintenance
120,056
232,047
6,069
Taxes
-v.
Provision for bad debts
229,228
Provision for depreciation-.:
$1,240,543
Gross income, less expenses
Prior Charges of Subsidiaries—
Interest
on
funded debt
$229,700
4,155
^
...
Other interest
-
premium
Amortization of debt discount and expenses, and
bonds reacquired
on
30,911
Provision for Federal income tax
Dividends on preferred stock
v
common
Balance
General Water Gas & Electric Co. Charges—
Interest
a
a
On purchase price from date of
On note payable to bank
$238,111
$948,555
Profit after oper. chgs.
$645,750
$820,729'
346,539
87,926
$702,037
333,557
94,408
327,870
99,748
$909,249
357,031
112,296
$211,285
$274,072
$393,112
$439,923
Depreciation
Interest
„
Net oper. profit
Discount on debentures
purchased for retirem't
Amort, of disct. & exp__
.Dr5,274
x31,000
Dr22,059
20,800
Drl8,556
16,205
$155,981
178,220
$237,797
189,826
$351,159
272,040
$405,651
def$22,239
Shs. com. stk. (no par)—
395,100
Earnings per share
Ni
$47,971
395,101
$0.13
$79,119
395,104
$0.40
$106,407
395,108
Adjustment,
Water Service Co..
note3
Interest
and
in
3,229,500
capital
...
Surplus....
_
x
Subsidiary
results of
company,
y Adjustment upon translation
Canadian subsidiary from Canadian dollars to U.
exchange at Dec. 31, 1939.
Assets—
Stock of Internat
724,675
1,032,199
$529,804
stock of California Water
Other assets
254 965
1,090,524
296,394
Deferred charges..
247,476
238,509
5
Special deposits
...
Cash
rec.
(net)
Accrued interest receivable..
Inventories of materials
Div.
Instalment accounts receiv..
Prepaid expenses
pay. on
Inventories
1,105 187
......
Notes
73,333
13,279
29,730
44,135
26,949
pref. stock..
Common stock ($1 par)
Paid-in and capital surplus..
Earned surplus
a
54,647
Treasury stock....
301,764
3,814,400
217,622
3,237,739
529,654
JDr55,700
$20,788,9071
....$20,788,907
Total
Represented by 1,114 shares of $3 cumulative preferred stock,
by 76,288 no par shares.—V. 150, p. 2577.
b Repre¬
sented
$7,036
31,942
$77
$5,233
$1,996
8,215
8,016
32,978
$13,249
3,941
1,918
$34,974
8,780
7,712
$38,978
11,629
7,902
$12,260
1,172
$19,138
$51,465
4,153
$58,508
3,786
$11,088
$18,131
318
303
$47,312
1,322
$54,722
1,287
$11,405
$18,434
$48,634
$56,010
:
$8,292
V 2.072
:
1,896
Railway oper. loss—
Equip, rents (net)—Dr.
Joint fac. rents (net)—Dr
Net ry. oper. income.
Non-operating income..
Gross income
Deductions from income
Deficit before interest
•
•:
^
.
1.007
-Week Ended May 211939
1940
$19,350
Operating revenues
—V. 150, p. 3360.
$18,450
.
—Jan. 1 to May 21—
>
1939
1940
$415,820
$387,638
Earnings—
1938
1937
1940
1939
$206,304
31,505
1,176
$193,284
40,117
4,141
defl9,277
12,220
905,007
184,208
69,839
859,702
198,900
76,607
743,423
94,945
9,111
929,323
248,737
156,652
April—
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
—v. 150, p. 2881.
$156,880
$206,384
3,222
35,768
Grand Trunk Western
$2,127,058
Net from railway
562,955
Net ry. operating income
348,673
railway
1940
April—
$335,748
64,548
Gross from railway
54,058
25,047
1,153,465
182,727
173,800
170,161
Net ry- oper. income
6 Months Ended
1939
$288,973
30,988
1,252,379
207,408
Net ry. oper. income
From Jan. 1—
1938
1937
$344,482
87,739
77,128
$280,208
34,389
30,036
1,086,322
105,388
88,100
8,413,441
2,119,234
1,261,670
Gross from railway
Netry. operating income
—V. 150. p. 2727.
306,355
268,068
Subs.)—Earnings—
687,225
371,968
7,045,192
1,122,6/5
330,849
5,528,169
defl06,959
def871,093
8,735,451
2.45/,751
1.284,952
Great Lakes Paper
Co., Ltd.—Accumulated Dividend—
Directors have declared a dividend of 25 cents per share on the $2 cumu¬
participating preferred stock, class A and class B both payable
July 2 to holders or record June 20. Dividends on both issues are in arrears
$8 per share.—V. 150, p. 2099.
Joseph B. Graham, President, says in part:
While some of the problems that were presented dming 1939 have been
solved, the management was not able to surmount all the obstacles that
arose to the extent of being able to close the year on a profitable basis,
financial affairs could be adjusted.
~
Operating income
Other income
provides that the company is to redeem it with Its common stock, as and
when such stock is available, on a basis of one share of common stock for
each one dollar of indebtedness evidenced by the note.
, ,
However, even with the accomplishment of the foregoing, in order to
secure a loan of $2,000,000 from the Reconstruction Finance Corporation,
it was necessary to raise an additional $300,000 in cash.
Your President
supplied part of this and the balance was furnished by W. L. Eaton and
August Johnson, Who have become active In the management of the affairs
Their appointment met with the ready approval of the
of the company.
RFC.
claims
into
the
$300,000 new cash and the conversion of the
notes to be converted into common stock,
$1,525,284 was advanced by the RFC.
In addition, the RFC has approved
a loan of $500,000 in the form of a revolving fund, to be used to finance
completed cars, drafts and other receivables.
In due course, the balance
of the $2,000,000 will be disbursed.
All of this has had the net effect of
increasing surplus by $1,259,708 and increasing working capital to $876,002.
The completion of the financing program permitted the management,
late in January, 1940, to again turn its attention to its manufacturing pro¬
and the development of its 1940 line of automobiles.
Accordingly,
arrangement was completed with the Hupp Motor Car Corp. whereby
gram
an
acquired the rights to certain tools, dies and fixtures from
will manufacture a car to be marketed by Hupp
Under this arrangement production cost will be con¬
siderably reduced through spreading of factory expenses over a larger volume
of cars.
The agreement with the Hupp Motor Oar Corp., however, is not,
in any sense, a merger, but an arrangement that seemed desirable and
economical because or company's modern manufacturing facilities.
Consolidated Income Account for Calendar Years (Incl. Subs.)
-—
-
-
SI,257,557
---- -
403,530
55,732
106,373
76,989
Depreciation and depletion
Interest
-■
Sundry deductions
Federal income tax, &c
$1,017,374
392,526
83,400
116,685
58,616
$492,172
337,800
46,747
110,649
7,001
Cr22,596
Federal income tax
}
Net
profit
Earnings per share on common
stock.
$614,933
$0.47
$366,147
$0.17
j
$12,571
Nil
ended April 30, 1940, net profit was $2,102,335 or $2
a common share, comparing with $559,173 or 13 cents a common share in
12 months ended April 30, 1939.—V. 150, p. 3360.
For the 12 months
1937
1938
1939
$3,327,040
3,844,758
Sell., adv. & misc. exps.
594,880
Misceli. charges (net).
115,366
Depreciation
178,664
Sales of cars and parts—
Cost of sales
6,880
166,562
183,327
219,758
Sub. co.'s loss from oper.
Net
loss
$1,406,627
_
1936
$4,782,448 $13,060,226 $15,634,716
5,468,002
13,244,040
14,563,956
1,372,763
884,744
1,843,034
$1,920,186
$2,253,485 "
Subs.)
Crl28,453
282,538
14,057
$470,145
Consolidated Balance Sheet Dec. 31, 1939 (Incl.
Assets—
Profit
and other activities
It was evident that
liquidation would have resulted in no equity for the stockholders, therefore
every effort was made to effect a financial reorganization that would give
definite value to the capital stock.
To accomplish this required a tremendous amount of time and effort
and entailed considerable personal sacrifice on the part of your President,
who, in addition to putting further cash into the company, exchanged
notes evidencing previous cash advances to the company, in the sum of
$560,000, plus interest, for the company's convertible note, and, in order
further to assist the company, also agreed to accept common stock for his
first mortgage bonds amounting to $185,000.
''
Further, in cooperation with our suppliers, your President personally
purchased claims against the company to the extent of $1,376,022 and
turned them over to the company in exchange for its convertible note in
the sum of $137,602.
This note, as well as the other convertible notes,
...
1940
1939
1938
$23,324,275 $21,061,398 $21,023,075
1,052,022
855,633
326,132
205,535
161,741
166,040
April 30—
Net sales
1937
$2,347,473
def60,952
def248,726
lative
1,303.579
;:v
Glidden Co. (&
1938
$1,380,876
Hupp for which company
Net from railway
158, p. 2881.
1939
$1,649,470
182,345
9,402
under its own name.
Georgia RR.—Earnings—
Net from railway
RR.—Earnings-4—
1940
April—
your company
.
Gross from railway
1938.
dividends, &c., of $1,386,918 ($1,419,110 in 1938) and surplus remaining
reacquisition of own shares at discount of $174,211 ($138,776 in 1938)
v
:1
President's
Georgia Southern & Florida Ry.Gross from railway
*n
—V. 150, p. 1937.
With the seeming of the
Net from railway
$4,910,471
principal cause being lack of working capital.
Such being the case, it was necessary to curtail sales
1940—Month—1939 '/>■; 1940—4 Mos.—1939
$88,006
$78,804
$358,271
$334,413
88,083
84,037
> ' 360,266
341,449
:
$7,422,794 $7,491,017
1939 and
from
until company's
(Including Statesboro Northern Ry.)
Net loss from railway
operations
Railway tax accruals
Total
in
the
Georgia & Florida RR.—Earnings—.
Period End. Apr. 30—
Railway oper. revenue..
Railway oper. expenses.
of $4,507,028
1,557,886
Drl71,353
Graham-Paige Motors Corp.—Annual Report—
40,113
195,314
chise renewal expense
Other deferred charges......
depreciation
1,561,129
Treasury stock.. Drl46,955
278
b $3 cumulative
76,496
$7,422,794 $7,491,017
After
Net from railway.
of
Reserve for maintenance
and fran¬
a
201,555
31,000
47,005
payroll, &c
(est.).
192,125
Income tax
Dividends payable
From Jan. 1—
93,770
Contributions for extensions.
386,326
of subsidiaries
Unamortized
premium
and
expense on pref. stcck of a
subsidiary retired
Total
156,816
b Represented by 449,882 (no par) shares (incl. treasury stock),
c Repre¬
sented by 54,782 (54,781 in 1938) shares of common stock and 100 (344 in
1938) shares of preferred stock,
d Includes accumulated earnings less
Gross from
cur-
Minority int. In subsidiaries.
expense
73,509
106,875
5,075
maturing
able deposits
Deferred credit in respect
obsolete property
29,824
1938
170,924
200,000
payable
Interest,
d Surplus
subs, preferred
debt
rently
Unamortized debt discount &
Total
99,050
153,509
Inc. tax..
Consumers' and other refund¬
89,262
21,782
1939
Accounts payable.
c
.
Services billed in advance
and
supplies...
case
,
stock
Funded
360,107
97,779
258,649
36,757
Marketable securities
Accounts and notes
;
Other accrued taxes
332,000
2,997
31,331
120,849
Other Investments
31
Accrued
v.<"
7'
Provision for Fed
1,120,000
Util. Corp.
$0.54
operating
S. dollars at
of
■
Liabilities—
1938
19?9
299,244
Property acc't..$4,515,392 $4,100,464 Preferred stock___$2,532,000 $2,720,400
Pats. & goodwill..
1 b Common stock.. 1,124,707
1
1,124,707
Marketable securs.
8,250 Gold debentures.. 1,715,000
5,750
1,823.000
12,100
expenses
Municipal bonds
V
,
Consolidated Balance Sheet Dec
930,871
Accrued interest payable
Walnut
Electric <fc Gas Corp
—v
&c
Net profit
Preferred dividends
351,053
$12,015,154
Notes payable to bank
28,000
Accounts payable and accrued
Common stock of California
Cr490
Dr3,209
x33,000
yl9,094
Prov. for inc. taxes, est.
Mtge. receivable--
Funded debt
Prop., plant and equip, (net)$14,359,821
39,305
CV906
Cash.
Liabilities—
Assets—
a
$923,989
103,260
Consolidated Balance Sheet March 31,1940
,/
Deferred rate
8,267,476
138,720
Accts. receivable..
[The accounts of California Water Service Co., a subsidiary, are not
consolidated.]
- V:.,i77777;7v7;
stock
8,249,555
$840,757
64,280
17,700
30,455
9,250
Utilities Corp.
Net income.
a Interest incurred
re-acquisition of common
Service Co.
Collateral
7,936,169
128,133
a
acquis, to date of settlement. _
On note payable to International
Provision for Federal income tax
a
v
$889,602
..
bonds
1st lien and collateral trust
on
8,878,875
&c
873
stocks
1936
$9,216,031
Profit
rate of
Proportion of net income applicable to minority interests in
1937
$9,173,544
$773,883
selling,
65,002
20,300
1938
$8,776,926
Sundry deduc'ns (net)..
$2,674,288
Total income
Inc. (& Subs.)—Earnings—
,
1939
$9,652,758
sales
Cost of sales, advertising,
■
not
$2,322,201
——
...
Gotham Silk Hosiery Co.
Calendar Years—
Net
[The accounts of California Water Service Co., a subsidiary, are
consolidated.]
Total operating revenues...
Other income
3509
Commercial & Financial Chronicle
The
150
Cash
•
$14,409
—
and accounts receivable...
Inventories
Claims arising from deposits in closed
Notes
banks (less reserves)
prepaid taxes & sundry
Prepaid expenses—unexpired ins. prems.,
x46,445
405,214
30,512
77,030
190
wholly-owned for. subs, not consolidated (less reserve)..
543
Advances to distributors (less reserve)
1,899
Miscellaneous securities
y4,085,253
Property, plants and equipment
Inv. in
35,400
Deferred charges...
Total
-
$4,696,895
The Commercial & Financial
3510
Liabilities—
a
Notes payable—Banks
Other (loan of sub. guaranteed
by parent co.)
payable—trade and miscellaneous
Distributors', dealers' and other customers'
Consolidated Income Account
$117,833
10,000—
-
39,657
197.920
.
instalments and due
Sept. 2, 1943; including instalment past due and instal¬
1940, $212,500)
750,000
152,370
31,697
21,500
97,404
_
_
Account
payable—officer
Taxes—property, franchise and State unemploy. ins. taxes..
accounts,
Taxes (other
fund bonds due Feb. 1, 1943
839,500
47,523
_
payable under trade creditors' extension agreement
—due Sept. 7, 1943..
9,929
1,989,689
28,249
444,400
2,969,425
8,642,996
5.014,901
512,228
Amount due to officer
Reserves for warranty, policy and other contingencies
7% cumulative preferred stock (par $100)
Common stock (SI par)
Deficit in earned surplus since Jan. 1,
Capital surplus
Appraisal surplus
1933
*
.
j
Total
a
$4,696,895
-
Exclusive of those included with liabilities liquidated from proceeds
1940, from RFC, and of liability for past-due 1st mtge.
sinking fund bonds, $21,500, and for $158,000 additionally required cur¬
rently under sinking fund.
b Sinking fund requirement, $100,000 annually; including bonds due
Feb. 1, 1938, not deposited under extension plan, $21,500; and amount
additionally required in 1939 and 1940 under sinking fund requirements,
$158,000.
c Payable in minimum monthly Instalments of $5,000 each and maturing
on Feb.
20, 1942, with interest at 5% per annum; exclusive of $93,133
Jan. 19,
on
included in current liabilities.
x
After
&c—- -
for
reserve
doubtful
of $9,630.
accounts
y
After
reserve
Calendar Years—
1939
.
1938
33,522,371
Copper production (lbs.)
Value of copper production
28,566,807
e$3,786,452 a$2,762,155
Production and marketing expenses..
2,948,699
Gold and silver values
fCr525,808
Administration
41,403
Insur., taxes & fire fighting expense..
New York expense
Exchange and interest earned—
1937
,
10.451.364
2,408,642
$1,074,228
1,040,769
bCr382,999
gCrl37,898
41,053
82,853
30,566
26,481
36,721
17.261
147
102,540
33,104
Crl22,498
Crl0,788
$592,829
36,157
14,501
47,126
187,021
160,484
72,251
214,920
$747,168
11.295c
Net profit....
Cost per pound of copper .....
48,367
$227,043
7.59c
23,883
8,500
59,151
loss$63,019
9.41c
Note—During 1937 the operations were confined approximately to the last
months of the year.
The wholly-owned subsidiary did not operate
years 1937 and 1938.
six
during the
a Represented
by $2,678,384 of sales, which includes $345,398 at esti¬
mated values pending price determination under contract, and $83,771
inventory of copper at Dec. 31,1938 at estimated sales value.
b Includes $12,833 inventory of gold and silver at Dec. 31,1938.
c After
allocating $6,142 to construction,
d Includes proportion amortized from
April 1 to June 15, 1937, $3,180.
P>e Represented by $3,638,490 of sales, which includes $675,124 at esti¬
mated values pending price determination under contract, and $147,962
inventory of copper at Dec. 31, 1939 at estimated sales value,
f Includes
$14,131 sales of silver at estimated values pending price determination under
contract and $18,761 inventory of gold and silver at Dec. 31, 1939, of which
silver, $3,082 is estimated at sales value,
g Includes $1,770 inventory of
gold and silver at Dec. 31,1937.
Earned Surplus Account for
Year Ended Dec. 31, 1939
Earned surplus balance at Dec. 31,1938 (from Oct.
Sale of property, less expense
31,1936)
$114,501
2,599
4,680
747,168
Final proceeds from sale of "Phoenix" mineral lands
Net profit for year ended Dec. 31,1939
Total
$868,949
112,558
13,017
Div. paid Dec. 1, 1939, at the rate of 25 cents per share
Adjustment of income taxes of previous period
Balance at Dec. 31,1939 (from Oct. 31,1936)
$743,374
1939
Cash
$608,915
Accts.rec.—misc..
7,685
Metal sales
in
In
$199,689
10,263
82,374
7,083
6,261
of
in
excess
metals
1938
1939
Accts. &.wages pay
Accrd. liabilities..
estimated
145,351
$128,369
56,123
$134,917
201,767
of
sold
$324,362
32,209
$313,958
1,384
Total income
Federal income taxes—
$676,174
125,000
$304,416
52,000
$356,571
$315,342
$551,174
199,438
$252,416
199,437
$356,571
398,875
$315,342
179,489
$351,736
$52,979
def$42,304
$135,852
Net
income
dividends—-
Preferred
Balance, surplus
x
355,942
148,453
Broken ore—at cost
236,128
122,199
Mine,mineral lands
& coal mine lease
Consolidated Balance Sheet
414,051
Real estate, bldgs.,
plant & equip
2,355,701
Deferred charges..
28,257
2,434,678
72,260
y
Mach'y,
pay.
distribs.
1932
67,539
capital
(arising
prior
5,157
594,400
2.251,303
326,349
$4,075,740 $3,577,902
sequent additions at cost, and less reserves for depletion and depreciation.
The above figures for 1939 are expressed in Canadian dollars
except that
cash in banks and on hand includes $310,753 in U. S. A. funds; certain
assets
aggregating $149,214 are recoverable in U. 8. A. funds; and deben¬
tures, $398,200 and certain liabilities aggregating $36,408, are payable in
U. 8. A. funds.—V. 150, p. 3202.
Great Northern
April—
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
—V. 150. p. 3203.
560,148
Acc'ts payable and
1Q3Q
iqoo
$6,550,619
1.790,491
968,828
$5,728,513
1,323,918
23,369,534
4,973,223
1.713,602
21,083,363
18.794,219
3,335,806
2,186,977
64,278 def1,132,277
588.368
289,617
48,291
Prov.
and receiv. from
84,000
1,072,514
859,310
accept..
accr' liabilities—
for
Federal
income tax
129,474
12,570
3,261,344
12,409
3,038,318
494,025
428,626
142,932
Prov. for repairs-
5,000
Employees' depos.
136,270
110,952
87,766
Res. lor unredeem.
"40,430
44,179
Dlstrib'n
payable
under plan
Prems .advanced to
customers
138,191
expenses.
Investments
85,683
1
1
prem.
143,262
tickets...
Other reserves
344,341
6~6~8~242
115,210
-
Total—
$6,881,281 $6,516,286
31,741
31,741
509,489
Surplus approp
Capital surplus...
Earned surplus..
439,492
$6,881,281 $6,516,286
x Represented
by 159,550 no-par shares,
y After depreciation of $1,518,683 in 1938 and $1,583,497 in 1940.
z Represented by shares of $1 par.
a
Represented by 205,749 shares (no par).
These shares include 14,120
of capital stock represented by unexchanged certificates for an
equal number of shares of old preferred stock and 3,294 14-15 shares
of capital stock represented by unexchanged certificates for 49,424 shares
of old common stock.
At March 2, 1940, subscription warrants for the
purchase of 26,299 7-10 shares of capital stock at $10 per share were
unexercised.
The subscription rights are terminable by the company upon
shares
15 days' notice.
Dividend arrearage certificates may be exchanged for
capital stock at the rate of $10 principal amount for one share of capital
Such exchange privilege is terminable by the
company upon 15
days' notice.
No dividends may be paid on capital stock while dividend
arrearage certificates are outstanding.—V. 150, p. 2881.
stock.
Green Bay
& Western RR.—Earnings—
1940
$139,269
37,637
18,789
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
543,03 1
161,510
77.435
1937
1938
$109,299
18,986
1,337
162,386
87,136
..
1939
$132,626
33,293
11.874
558,218
April—
Gross from railway
Net from railway
458,685
94,783
$136,979
24,266
20.278
.553,202
136,700
80,040
30,663
—V. 150, p. 2882.
Greene Cananea Copper
x
Years End. Dec. 31—
Total receipts
Co.—Earnings1938
1939
1936
1937
$3,178,448
1,378,016
$3,408,342
2,293,924
$5,748,525
2.577,918
751,822
365,335
101,672
248,615
460,479
331,239
249,439
453
178
$1,422,399
1,499,973
$2.84
Exp., taxes, admin., &c_
Expenses during strike at
$5,348,593
2,808,584
$763,952
1,499,973
$1.53
$2,378,888
2,249,960
$4.76
$1,124,208
1,499,973
$2.25
Cananea
259,934
taxes, estimated
Depreciation, &c
Minority share of inc
per
share
Includes other income,
y
$4,986,521
857,520
32,432
1QQ7
$7,087,151
2,119,255
1,601,490
23,238,553
4,549,266
2,181,305
166,850
Before deduction for depletion.
Consolidated Balance Sheet Dec. 31
1939
$
1938
$
1938
$
$
HabUltles-
Capital stock...50,000,000 50,000,000
Mines, min. claims
x
lands, buildings,
rys. & equlpm'ts49,193,470 49,568,073
Investments..
141,991
131,176
Minority
interest-
Mexican
legal
Accrued liabilities.
1,133,762
475,539
1,175,911
408,534
Metals
in process
and on hand
Accts. receivable—
Cash
expenses.
Notes & accts.
1,269,952
3,029,560
31,663
-
Surplus
4,000
773,023
2,750
176,776
18,561
5,459,053
4,000
171,510
80,311
18,644
5,709,464
rec.
123,318
Deferred charges..
x
644,322
2,009,621
1,877,834
22,584
2,843
re¬
Accounts payable-
Wages payable
1,028,993
current
Total
serve
141,810
6,815
6,008
56,434,256 55,986,680
Total
56,434,256 55,986,680
Represented by shares of $100 par.—V. 149, p. 1178.
Grocery Store Products Co. (& Subs.)—Earnings—
1940
3 Months Ended March 31after all charges
$5,461
Net loss
—V.
1939
$1,743
149, p. 3717.
Gulf Mobile & Northern RR.
Ry.—Earnings—
1Q40
$3,988,750
Bankers'
530,717
agents & empl—
Inventories
Prepaid
114,501
Note—The mine, real estate, buildings, plant and equipment are stated
on the basis of a valuation established
by the company in 1926, plus sub¬
Gross from railway
Net from railway
Common stock..
950,021
Oper. advances to
not
Total
z
1,186,165
1,065,499
Development
Supplies
Feb. 1,
&
Dec. 31 '38
a$4,305,259
Preferred stock.,
1,179,321
Acc'ts receivable..
Prepaid
Mar. 2, '40
Capital stock
x
Assets—
9,045
......
years)
3,401
6% conv. debs
398,200
Capital stock
2,251,303
Capital surplus...
326,350
Earned surp. (from
Oct. 31, 1936)..
743,374
$4,075,740 $3,577,9021
$109,899
equip¬
1939
1939
Unclaimed
in
Total
$113,929
&c
ment,
Cash
x
settlement values
Div.
Liabilities—
Mar. 2 *40 Dec. 31 '38
Real estate
of
of metals sold
414,491
x
Spencer Weed, President, says in part:
Since the approval of the plan of recapitalization by the stockholders on
Dec. 8, 1939, the first steps in connection with the plan have been com¬
In addition to the $2 per share made available to the preference
pleted.
stockholders upon surrender of their certificates, $1 on each $5.45 face
amount of dividend arrearage certificates was declared payable on March 8,
1940.
Up to April 18, 1940, dividend arrearage certificates in the amount
of $286,330 had been exchanged for the new capital stock.
There are still
outstanding dividend arrearage certificates in the amount of $471,575
which are exchangeable for 47,157 shares of capital stock.
In addition,
subscription warrants entitling the holders to purchase 26,197 shares at $10
a share have not yet been exercised.
Up to the present time (April 20)
no underwriting of the capital stock reserved for the dividend arrearage
certificates or the subscription warrants has been considered advisable.
25,115
16,427
excess
See
x
J.
terminate under
Advs. In
See
Federal income Taxes included in gen. and adm. expenses.
Earnings
contract
& store mdse
311,957
$275,160
29,256
y Net income
Dividends paid
value
pending price de¬
concen¬
trates In process
Materials, supplies
•
Liabilities—
Adv.
3,862
concen¬
trates In transit.
Metals
1938
316,089
U. 8. & Mexican income
Consolidated Balance Sheet Dec. 31
Assets—
x780,993
102,114
302.558
356,501
$695,412
Drl9,238
Total
Prov. for mineral & income taxes—
x765,908
—-
cl8,703
dl 1,449
19,202
72,027
Depletion
Deprec. (1937 approx. 6 months)
Plant reconditioning & reorganization
expenses (proportion amortized)
6,192.250
588.557
351,166
$90,747
23,898
19,235
44,519
$7,599,158
656,427/
5,000
Miscell. income (net)
Goodwill
$1,309,011
Operating profit
Debenture interest
Deb. issue exp. (propor. amortized)..
21,906,042
411,706
for
Granby Consolidated Mining, Smelting & Power Co.
(& Subs.)—Earnings—
23,023,200
$8,305,387
$8,120,343
6,713,984
6,024,0691
23,092,898
134,82/
-
than inc.)-
Assets—
Metals
-
Depreciation
depreciation of $3.915,982.—V. 150, p. 3360.
,
-
Operating profit
b First mtge. 6% sinking
Note payable to bank.
c
of loan
27,240,365
Provision for repairs
Other liabilities:
Accounts
-
profit—------- $9,913,442
Store exps., salaries, &c6,825,749
Rental of stores
752,055
Gen. and admin, exps—
737,527
Allowance for doubtful
Reconstruction Finance Corporation:
Second mtge.
(payable in annual
_
Costofsalee
Gross
19, 1940,
53 Wks.End
Mar. 2, '40 Dec. 31, '38 Jan. 1, '38
Jan. 2, '37
$37,153,807 $31,398,284 $31,143,544 $29,505,201
Period—
Sales
and deposits
Loan due June 26, 1939
Interest accrued
61 Wks.End 52 Wks.End 52 Wks.End
$127,833
65,666
credit balances
Accrued accounts—payrolls, taxes, interest, Sec
Liabilities liquidated from proceeds of loan on Jan.
from RFC:
ment due in
Tune 1, 1940
Grand Union Co. (& Subs.)—Earnings—
Current liabilities:
Accounts
Chronicle
April—
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income—
—Y. 150, p. 3203.
Earnings—
1939
1938
1937
89,683
$567,966
187,178
100,195
$538,404
162,034
62,445
$725,743
306,740
165,542
2,264,220
694,127
339,777
2,154,813
671,369
332,949
2,187,725
2,568,880
953,730
460,320
1940
$574,287
179,291
605,664
192,584
Volume
The Commercial
ISO
Harville Aircraft Die Casting Corp.—Earnings—
Greyhound Corp. (& Subs.)—Earnings—
Consolidated, Income Statement for
Operating revenues
Operating expense
Depreciation
Earnings for 3 Months Ended March 31, 1940
Calendar Years
1939
1938
___201,558,145 181.135,665
..$55,989,765 $49,826,784
38,567,137 34,849,139
4,868,185
4.201,469
Bus miles operated
—
$12,554,443 $10,776,177
Net operating revenue.
700,541
725,854
$13,254,984
Other income
$11,502,031
275,944
459,758
261,011
454,192
2,376,694
....
„
Total income
Interest
......
Amortization of intangible property
...
Income taxes
......
2,652,608
......
109 911
75.537
$9,756,762
402,220
2,791,740
$8,334,597
402.287
2,276,563
$3,193,960
$6,562,802
180,027
3.636,103
$5,655,748
180,032
$2.37
Net income.
...
Common stocks
Net income
x
*
Common dividends
y
Amount earned
per
share of common stock
of shares outstanding
1939
Assets—
Accts. & notes rec„
after
2 ,680,457
reserve
Invest. &
Special funds
Advance
payable.
380,800
2,256,166
5,271,225
Oblig. due in 1 yr. 1 ,944,086
Long-term obllg.. 4 ,151,519
3,048,408
741,017
870,250
Buses, Id., bldgs.,
&c............23 ,937,081
3 ,601,034
725,750
Accrued taxes, &c_
2,504,358
411,017
317,379
adv.... 4 321,708
.....
3,272,530
3,971,645
3,984,117
3,566,758
for
Res.
injur.
damages, &c
23,534,682
Cap. stk. of subs.
Deferred credits
Capital surplus
14 ,929,052 13,766,097
273,430
337,121
13,100,822
Earned surplus
16 ,175,236 13,462,428
held by public..
67,699,994 65,003,492
..
67,699,994 65,003,492
Total
Represented by 2,693,409 no par shares, y For purpose of comparison,
31, 1938 gives effect, as of that date to ac¬
quisitions in 1939 of additional common stock of Central Greyhound Lines,
Inc. and Northland Greyhound Lines, Inc.—V. 150. p. 3203.
x
the balance sheet as of Dec.
Corp.—Offers to Pur¬
chase 28% of Common Stock of Liberty Aircraft Products Corp.
Grumman Aircraft Engineering
Corporation proposes to purchase for investment 56,468 shares, or ap¬
proximately 28%, of the common stock of Liberty Aircraft Products Corp.
at $6 per share, according to Robert Simon, President of Liberty Aircraft
Products Corp., in a letter to the company's stockholders calling a special
meeting for June 7, to approve the plan of sale.
In connection with the proposed purchase of stock by Grumman, the
special meeting will also act upon a proposal made to the holders of rights
to purchase 30,000 shares of Liberty Aircraft Products Corp. at $3 per
share, subject to certain restrictions; to surrender their rights covering 15,000
of such shares, and to purchase the remaining 15,000 shares at par value.
Common stockholders of record at the close of business on May 25, 1940,
are entitled to vote at the meeting.,
Of the 200,000 shares of Liberty authorized, 128,532 shares are out¬
standing at the present time and 30,000 shares are reserved against the
exercise of the above-mentioned rights.
In order to place Liberty in a
position to accept the Grumman offer, it is necessary for the holders of the
option stock to surrender half of their options, namely, 15,000 shares, so
that the corporation can sell them to Grumman at $6 per share.
Grumman
is one of the principal customers of Liberty and has advised Liberty that it
anticipates a substantially increased volume of business.
This will necessi¬
tate an expansion of Liberty's plant and facilities, and it is proposed to use
part of the funds received from this sale of stock for that purpose.
Commenting on the proposed sale of stock, Mr. Simon said that it will
in no way interfere with the company's relations with other customers,
among whom are Curtis-Wright Corp., Republic Aviation Corp. and Glenn
L. Martin Co.
*
Liberty reports an increasingly large backlog of unfilled orders which now
amount to over $1,000,000 and include machine parts, pontoons, tails and
other aircraft parts.—V. 150, p. 3360.
:;v:777-7v
Guarantee Co. of North America—Extra Dividend—
Directors
have
declared
extra
an
dividend of $2.50 per share, and a
regular quarterly dividend of $1.50 per share on the common stock, par
$50 both payable July 15 to holders of record June 29. Extra of $4 was paid
on April 15, last, and extra dividends of $2.50 per share have been paid each
quarter since and including Jan. 16, 1933.
In addition, a special dividend
of $1.50 was paid on April 15,1939.—V. 149, p. 4176.
Gulf Public Service Co.—To Sell Bonds
General Public Utilities,
Privately—
Inc. and Gulf Public Service Co. have filed
Commission an application or declaration
with the Securities and Exchange
(File 70-70) involving the carrying out of a general program under which the
existing 6% first mortgage bonds of Gulf Public Service Co. will be redeemed
a new indenture created by it.
The new indenture will secure, (a) 3 % %
and
serial bonds which will be sold to the Equitable Life Assurance
Society of the United States and (b) 4% first mortgage bonds which will be
acquired by General Public Utilities, Inc. and pledged under its first lien
& collateral trust indenture in exchange for the existing 6% first mortgage
bonds of Gulf Public Service Co. now owned by General and presently
first mortgage
pledged under its indenture.—V. 127, p.
Gulf &
545.
Ship Island RR.— Earnings—
1940
1939
1938
1937
$121,788
28,254
3,024
$114,649
18,828
def7,944
$122,652
17,035
defl2,160
$163,215
45,254
16,125
421,095
42,779
def54,886
402,351
33,575
def68,724
448,583
39,897
def71,731
562,915
114,984
2,651
April—
railway..
Net from railway
Gross from
Net ry. oper. income..
From Jan. 1—
railway
railway
Gross from
Net from
Net ry. oper. income..
—V. 150, p. 2882.
,
V"--..
•
(C. M.) Hall Lamp Co.—20-Cent
„:vV';
Dividend—
dividend of 20 cents per share on the new $5
stock, payable June 15 to holders of record June 8. This com¬
Directors have declared a
par common
with 30 cents paid on March 15, last, and an initial dividend of 30
paid on Jan. 25, last. Dividend of 10 cents was paid on the old no-par
stock on Dec. 30, 1938.—V. 150, p. 1436.
pares
cents
Hecla Mining Co.-
guar. income
End. Mar. 31—
ross
Operating expenses
Taxes accrued
Depreciation _
Depletion of ore bodies.
-Earnings1939
1940
320,014
56,410
37,129
$175,193
1,000,000 shs. cap. stk. outstanding (par $0.25)..
1938
1937
b26,016
36,834
66,404
$485,935
273,573
b43,305
37,440
79,614
$1,151,363
364,480
bl09,225
loss$21,834
$52,004
$519,585
$0.05
$0.51
$438,245
330,825
$588,747
'
38,412
119,660
Earns. per sh. on
k
k
a
$0.17
$40,275 in 1940, $11,263 in 1939, $16,919 in
1937.
b Contains no provision for undistributed
/
and $212,199 in
profits tax.—V. 150, p.
1939
loss$14,451
1940
'
$20,590
Extra Dividend—
an initial dividend of 50 cents per share on the
stock, payable July 2 to holders of record June 15.—V. 150, p. 3203
Directors have declared
common
Honolulu Rapid Transit
Period End.
Gross
rev.
Operating
1940—4 Mos.—1939
$490,956
$452,645
329,597
314,353
$110,083
$128,112
84,725
expenses
75,732
\
$43,385
1,558
rev.
ry. oper.
$138,292
8,214
$38,333
11,193
$166,865
46,465
$146,506
44,828
1,458
2,934
18,799
from oper..
assign, to
$161,359
5,506
$44,944
11,722
from transp.
$34,351
3,982
247
rev.
Net
Taxes
Co., Ltd.—Earnings—
1940—Month—1939
Apr. 30—
from transp..
18,813
74,468
74,288
Crl65
512
625
$42,651
$20,908
Interest
Depreciation
Profit and loss....
....
Replacements
Netrevenue.
$6,869
$14,176.
—v. 150, p. 2883.
7 v77
:;C>C7;7\.
,
5,833.
23
7>/.
Houston Natural Gas
;
pany upon
Corp.—Ceases to Be Holding Com¬
Completion of Merger of Subsidiaries—
Commission on May 27 issued an opinion
holding that the corporation, a registered holding company has ceased to be
holding company upon completion of its merger program, and that upon
taking effect of such order its registration shall cease to be in effect.
In
connection with the first step of this program, the application in which four
wholly owned subsidiary companies, Houston Natural Gas Co., Texas
Natural Gas Utilities, Gulf Cities Natural Gas Co. and Tex-Mex Natural
Gas Co. have joined, include requests for approval of the acquisition by
Houston Natural Gas Corp. of certain utility assets and the sale by it of
The Securities and Exchange
a
certain utility securities.
Houston Natural Gas Corp. was
.
•
■
.
.
•
v •
Nov. 19, 1928.
natural gas utility
companies.
i.i'--■-' 'v.- v
The following table sets forth the issued securities of the four natural gas
utility companies, as of Dec. 31, 1939:
It holds all the
organized in Delaware,
outstanding securities of the above four
15-Fr. 6^s.
Houston Natural Gas Co
$4,066,000
763,000
661,000
455,000
.....
Texas Natural Gas Utilities
Gulf Cities Natural Gas Co
Tex-Mex Natural Gas Co
—...
' $7 Pref.Stk.
v;'..
"7;7
Com. Stk.
(No Par)
(No Par)
Houston Natural Gas Co.....*..........--.---
Utilities
Gulf Cities Natural Gas Co
Tex-Mex Natural Gas Co
Texas Natural Gas
K These
a
.....
—
—,— —
3,000
1,250
1,000
750
shs.
shs,
shs.
shs.
2,000
1,000
1,000
1,000
shs,
shs.
shs.
shs.
securities are pledged with Maryland Trust Co., as trustee, under
dated Dec. 1, 1928, which authorized the issuance of
collateral indenture
$5,000,000 first mortgage collateral 6% gold bonds due and payable Dec. 1,
1943. As part of the program whereby Houston Natural Gas Corp. intends
be a holding company, the common and preferred stocks of the
four subsidiary companies will be canceled but their bonds will be continued
as existing obligations, although the four subsidiary companies will be dis¬
solved.
Moreover, these bonds will remain as collateral with Maryland
Trust Co., trustee, and will be assumed by Houston Natural Gas Corp.
In addition, the program contemplates the acquisition of the properties of
the four subsidiary companies by the Houston Natural Gas Corp.
to cease to
properties owned by the four
The
subsidiary companies to be acquired
located in
by Houston Natural Gas Corp. constitute a gas utility svstem,
the southeastern part or Gulf Coast region of the State of Texas.
ownership of the securities of the four subsidiary com¬
panies, underlying which are their physical properties, the Houston Natural
Gas Corp. has sold its own securities to the public. The following table sets
forth the amount of each class of securities outstanding:
Based upon the
^?S9'999~
1,425,484
7% cumulative preferred stock ($50 par)
Common stock (158,289 shares, no par)...
*2,815,500
x Of the $5,000,000 first mortgage 6% collateral gold bonds, due Dec. 1,
1943. authorized under the indenture dated Dec. 1, 1928, $4,891,500 were
issued.
Of the amount issued, $2,044,500 is held in sinking fund and
Funded debt
-
—
$31,500 principal amount
Ordinarily title to the
is held in the treasury.
physical properties of the four
subsidiary com¬
Houston Natural Gas Corp., but in¬
be conveyed to Mary and Trust Co.,
vendor's lien. Texas counsel has testified that under
panies would be conveyed directly to
stead it is proposed that such title will
trustee
by means of a
such vendor's
Texas law
lien is the most comprehensive type of conveyance
will continue the liens of the bonds of the sub¬
which, in the instant case,
sidiary companies
from the date of their
inception and will also cover all
after-acquired property.
.
,
.
,,
.
Simultaneously, with delivery of title to physical properties by
of the vendor's lien, the outstanding common and preferred stocks
means
of the
companies will be surrendered and canceled and eventually
these companies will be dissolved.
The Houston Natural Gas Corp., in
addition, will assume the bonds of its four subsidiary companies and all
their outstanding obligations.
At that stage of the program, the Houston
Natural Gas Corp. will be a Delaware corporation, operating public utility
four subsidiary
Pr^enS;tnstopXin' the
of the
under the laws
capitalization of
provisions
be sub¬
the present
amended certi¬
corporation to
158,289
and exact
program which will advance the objectives
application and the amendments thereto is the organization,
of the State of Texas, of a corporation- with a nominal
$1 000. which will be paid in cash.
The record shows that the
of the certificate of incorporation of the new corporation will
stantially similar to the rights and privileges granted under
charter of Houston Natural Gas Corp.
Thereafter, by an
ficate, the capitalization will be increased to enable the new
issue 10 000 shares of 7% cumulative preferred stock (par $50), and
shares of common stock, without par value, the Identical type
number of shares outstanding of Houston Natural Gas Corp.
Thereupon the new corporation will offer in exchange for all or the prop¬
erties and assets of Houston Natural Gas Corp., all of its
common stock to the present stockholders or their nominee in trust.
Dart of this offer, the new corporation will assume all the
and liabilities of Houston Natural Gas Corp.
After the boards
of both corporations have acted on this offer, a special meeting
preferred and
As
existing debts
of directors
of the
common stockholders of Houston Natural Gas Corp, will be called to
approve the action of its board of directors.
At that meeting, a resolutlbn
authorizing dissolution of Houston Natural Gas Corp., will be submitted
for adoption, which will be effective upon the consummation of the pro¬
posed exchange.
The entire program is estimated to be completed within
60 days subsequent to the stockholders' meeting approving the proposed
61
It^s
contemplated to issue the common and preferred stocks of the new
designated agent or trustee, who will distribute the stocks,
share-for-share basis, to the stockholders of Houston Natural Gas
corporation to a
Nil
Includes other income of
1938
Honey Dew, Ltd.—Earnings—
6 Months Ended April 30—
Net income before income taxes
1,633,783
1,914,233
Intang. prop, net.25 ,609,089 25,008,278
Deferred charges..
858,669
950,839
Total....
an extra dividend of five cents per share in addi¬
regular monthly dividend of like amount on the capital stock,
June 17 to holders of record June 3. Dividends of like amounts
were paid on April 22, Feb. 26, last; Dec. 30, Dec. 2, Nov. 4, Oct. 7 and
on Aug. 12, 1939.—V.
150, p. 2256.
both payable
&
Materials &suppls. 1 ,201,192
858,741
$0.03
Hollinger Consolidated Gold Mines, Ltd.—Extra Div.—•
$
$
Liabilities—
1939
$61,536
$0.03
Directors have declared
yl938
5)4% pref.stock.. 3 .272,530
Common stock..xl7 ,246,194
Accts. payable, &c 3 ,466,930
7,946,152
1940
$68,077
stock
tion to the
Net
1939
$
7 ,904,169
on common
Rev. other than transp..
yl938
$
Contractrec
Earnings per share
—V. 150, p. 279.
during the period.
Consolidated Balance Sheet Dec. 31
Cash & temp, cash
investment
3 Months Ended March 31—
income after all
charges
Net
2,942,634
Greyhound bines. Inc..
50% of the voting stock of which is owned by the Greyhound Corp. of
$901,790 in 1939 and $639,381 in 1938. y Baswi upon the average number
Includes equity in net income of Pennsylvania
x
$63,039
Hedley Mascot Gold Mines, Ltd.—Earnings—
$2.05
Net income applic. to sub. preferred stocks.
Preferred dividends..........
Net Income after all charges..
$2,678,849
Other deductions
3511
& Financial Chronicle
1937.
on
a
C°When
Texas
*
■.
the entire program is consummated, the final result will be a
corporation, operating public utility properties wholly within the
a'
v.
,
;■
The Commercial & Financial
3512
The Houston Natural Gas Corp. will no longer be
and will be dissolved.—V. 150, P. 996.
State of Texas.
company
a
Calendar Years—
1939
1938
1937
1936
.$14,368,755 $13,357,827 $16,784,178 $11,349,879
-
Provisions for taxes
Includes
6,211,813
6,152,156
4,520,680
4.146.683
DS®'a2SC
20,342,821
21,123,208
19,411,511
16,549,938
Net oper. income.---
31,994,960
Non-oper. income (net)-
848,164
37,580,985
Dr870,225
47,899,823
Dr470,930
33,078,675
1,624,713
31,146,796
1,196,508
36,710,761
910,407
47,428,893
504,891
34,703,388
519,861
________
______
46,924,001
74,291,458
Dr622,588
34,183,527
53,026,962
Cr562.729
149,830,693 138,084,352 120,592,871
17,975,680
17,975,680
17,975,680
87,773,218
13,481,760
Dec. 31-131,855,013 120,108,672 102,617,191
74,291,458
1,624,112
1,617,778
865,901
1,085.572
$5,249,914 $4,435,432
4,826,453
4,136,960
depreciation of $1,091,513.
$7,490,653
875,613
-
See
Total income-..—
x
Interest charges
$3,692,075
2,757,973
4,826,453
1938
1939
$
4,579.231
1938
$
Balance
$
Accounts payable^
355,668
163,352
Dividends paid.
174,429
Contracts
485,215
119,412
271,294
payable
2,482,456 Accrued payroll..
Canada
of
Dom.
1939
LiabUUies—
$
3,775,235
Assets—
Earned surp.
2,732,563
130,789
264,125
26,945
21,006 Miscell, accr. llab.
4,160,082 3,466,015 Prov. for taxes and
contingencies... 1,087,255
Accts. rec. (sundry)
983,212
76,976
73,723
30,984,205 30,984,205
Inventories
1,818,846
1,626,330 c Capital stock
Sund. inv., assets.
6,727,615
6,304,153
168,824
96,547 Surplus
b Fixed assets....24,437,117 23,886,318
Deferred charges.. 2,517,422
3,090,294
bonds.........
Acer. int. receiv..
Metals...
a
capital stock out¬
standing (no par)---Earnings pot share
.39,713,009 39,321,921
Total.
Hudson Coal Co.
1939
Operating income—
Taxes....
Interest
on
Provision for doubtful accounts
Miscellaneous charges
—..—
Depletion and depreciation
Net deficit
1,443,056
$2,840,621
bonds
loans and advances
on
Interest
.
-
$2,467,666
1938
1939
1939
LiabUUies—
$
$
payable....
Interest payable..
Wages payable...
....80,908,370 92,259,094'
After
reserve
1939
..
Huyler's of Delaware, Inc.—•Earnings—
x
—
18,649,964
36,424,408
959,581
10,112
454,525
18,748,250
11,742,918
sales
Net ry. oper. income—
—V. 150, p. 3203.
'
■
•
.
;
parts......
Int. earned & other inc.
-
.....
excess
41,033
26,484
Depreciation
See
Int. & amort, of dt. exps.
Loss on sale of excess
112,156
x
See
See
x
169,239
x
211,424
See
x
348,835
95,240
plant facilitiesLoss on foreign exchange
19",913
6,472
$1,356,750
4,012,942
$4,670,004
Total..
Cash dividend
$2,656,192
$4,012,942
Total surplus
Shares cap. stk. (no par)
$2,656,192
1,588,810
Nil
Net loss.
.....
Previous surplus
...
...
Earnings
x
per
share.
$8,409,433
Allowances for depreciation and amortization aggregating $2,881,837
in 1939, $2,642,644 in 1938, $3,482,663 in 1937 and $4,624,306 in 1936, are
included above,
y Profit,
b Includes $33,690 for surtax on undistributed
profits.
Consolidated Balance Sheet Dec. 31
1939
a
Real
$
1939
1938
S
LiabUUies—
$
b Capital stock—.19,958,250 19,958,250
18,459,596 Accounts payable. 1,937,432
1,231,427
3,798,485 Funded debt
981,661
1,963,323
913,993
992,556 Accr'd accts., &c_. 1,537,159
1,376,484
est., plant
and equlpment.17,819*075
Cash......
3,798,601
Drafts, accts.
Inventories
rec.
5,451,408
......
4,359,817 Prov. for inc.
Prepaid taxes, int.
and insurance..
462,786
64,444
U, S.Treas. bills.. 1,000,000
Depos. insur.
cos.
609,422
63,544
2,999,995
V. S. Treas. bonds
38,019
38.019
Investments
55,250
6,250
.....
Accts. rec. invest.
&
dep. in Spain.
Deposit with closed
banks
...
....
cNotes & accts .rec.
Deferred charges..
Total
......
3,610
taxes
13,163
Cust. deposits and
credit balance-
194,013
137,139
Funded debt (cur.)
Centlug. res., &c_
55,840
981,661
934,916
1,955,752
2,006,284
16,815
16,815
4,012,942
Drl68,206
sale of treas. stk.
1939
$716,086
1,181,113
2,527,783
Receivables
Inventories
receiv¬
ables
Miscell.
36,547
3,000
invest'ts.
x
Property, plant &
equipment
4,955,571
Patents
73,617
Deferred charges.
80,801
Total
x
30,932
Total
30,063,891 31,525,212
$1.05
c
Including
1938
y
LiabUUies—
1939
1938
...
$9,574,519 $9,914,899
Total
for depreciation of
$8,407,037 in 1939 and $8,232,812 in
Includes 5 shares (old issue) par $100.—V. 148, p. 2272.
reserve
Period End. Apr. 30—
Operating revenues
1940—4 Mos.—1939
$572,216
$529,087
Net oper. income
Net income
—V. 150, p. 2729.
...
$528,574
264,258
$69,429
$69,425
$272,624
$264,316
87
577
237
20,042
82,121
80,203
$48,433
37,036
Operating taxes
513
$571,659
299,035
20,568
.
557
$135,727
66,302
428
expenses
Net oper. revenues,.
Rent for lease of operat¬
132
$146,110
76,681
Operating revenues
Operating
Corp.—Earnings—
1940—Month—1939
$146,252
$135,859
142
Uncollectible oper. rev
$49,296
36,681
$189,926
141,865
$183,876
136,091
Indiana Limestone Corp. (& Subs.)—Earnings—
[Incl. Indiana Limestone Co. of New York, Inc.]
163,697
26,397
$648,143
728,645
172,338
12,830
$1,087,615
999,855
173,097
10,166
1936
$1,337,055
1,447,316
171,557
5,001
33,903
33,831
33,760
33,666
389,370
101,357
12,214
389,370
67,337
2,062
389,480
116,090
11,961
389,490
118,630
6,955
$588,363
$758,272
$646,795
$835,560
Years End. Nov. 30—
1939
Net sales
$1,193,800
Cost of sales...
—
1,055,225
Other exps., less oth.inc.
Int. on prior lien 6% s. f.
gold bonds-.....—on
gen.
x
1938
1937
■
-
mtge.
Depreciation
Depletion
a After depreciation of $29,048,128 in
1939 and $29,416,150 In 1938.
b Represented by 1,596,660 no par shares, c And deposits, non-current, less
allowances for losses of $80,000. d 7,850 shares at cost.—V. 150, p. 3203.
5,512-
882
$0.39
$447,649
$639,621 Accounts payable. $146,220
1,035,945 Prov. for Fed. inc.
& exe. prof. tax.
270,000
2.859,485
5% dlv. notes and
accrued interest. 1,675,751
1,602,714
27,156
6,827,891
3,000 Due Texas Corp.. 4,722,179
Accrued liabilities. 1,094,511
770,518
5,201,045 7% preferred stock
12,600
12,600
82,449 y Common stock
(par $10)......12,702,070 12,702,070
66,198
Capital surplus... 2,515,903
2,515,903
Operating deficit—13,564,716 14,964,447
$9,574,519 $9,914,899
After
6%
income bonds—.....
262",986
30,063,891 31,625,2121
Nil
Balance Sheet Dec. 31
Int.
24,357
207,686
228,273
$1,333,002
gasoline and Federal excise taxes.
undistributed profits tax.
Sell. & admin, expenses.
Capital surp. from
Earned surplus... 2,656,192
d Treasury stock
Dr168,206
200,000
$501,132
...—
$1.27
ing property
1938
$
Assets—
c55,000
Indiana Associated Telephone
1,543,810
$2.14
.
Does not include State
a
$8,409,433
$8,682,947
1,588,810
$0.42
$4,012,942
1,588,810
Nil
.
$1,610,633 loss$379,830
shares
$1,000 provision for
1938.
$9,080,150
397,203
...
■•/#;;
cum.
621,237
y$670,716 y$3,305,617
8,409.433
5,103,816
8,682,947
'
share on
.
b209,582b
6,956
.
..
275,297
Allowance for domestic &
foreign income taxes.
.
stock
per
common
$4,473,898 y$l,186,961 y$4,275,688
33,870
:
2,133,638
815,048
543,695
423,456
172,950
Co.—Earnings—
profits taxes
Cash
$1,238,122
<*%*
.
Net profit for year...
1936
$4,507,767 y$l,145,928 y$4,249,204
1,649,257
Prov. for Fed. income &
preferred
$1,259,870
21,748
1,771,966
498,321
269,907
1937
$515,152
196,444
130,389
1937
1936
Calendar Years—
1939
1938
Gross oper. income
$20,910,637 $21,141,480 $20,021,467 $18,934,652
16,143,584
Cost, sell. & gen. exps.. 18,716,316
20,313,290 18,200,080
Cr41,294
092,036
Miscellaneous (net)
Crl ,104,901
Crl30,830
248,606
225,673
aTaxes
402,380
276,505
637,580
738,156
Depreciation
650,159
651,786
Interest
420,364
386,273
360,753 .'
410,558
Long-term
Total loss..
'
„
Indian Refining
Earnings
of
63,372
1,923,061
607,392
335,244
119,459
Gross from railway
Net from railway
■:
Earnings—
1938
$419,231
107,582
46,337
$441,478
Net ry. oper. income—
From Jan. 1—
Assets—
from
autos &
$41,315
of 77 B administration.
1939
$457,456
137,794
77,870
1940
April—
Gross from railway
Net from railway. _—.
Divs. paid on 7%
Net sales, autos & parts.$58,036,297 $38,845,239 $74,502,130 $77,150,680
Cost of sales, incl. selling,
adv., shipping, admin.
and general expenses.. 59,296,167
43,353,006
73,356,202
72,901,476
xLoss
$26,573
After depreciation, amortization, and expenses
—V. 150, P. 3203.
2,016,060
377,215
Subs.)—Earnings—
1937
1940—1 Mos —1939
1940—Month—1939
$11,163
$1,031
Period End. April 30—
Net loss
x
Total.........80,908,370 92,259,094
1938
375,447,820 363,570,277
Total...
After
Illinois Terminal RR. Co.-
$19,870,316 in 1938.—V. 150, p. 2728.
Calendar Years—
2,379,253
deducting depreciation, &c., to the amount of $167,699,443 in
1939 and $156,424,303 in 1938. y Represented by 9,000,000 no par shares,
including treasury stock,
z Includes
12,160 shares company's capital
stock.—V. 150, p. 1280.
x
for depletion and depreciation of $25,750,486 in 1939 and
Hudson Motor Car Co. (&
576,722
Capital stock.175,000,000 175,000,000
120,108,671
Capital surplus554,912
554,912
y
375,447,820 363,570,277
Total...
226,856
544,199
508,149
....
x
30,694
2,246,292
269,177
and funds
Deferred charges
1,697,857
-
Total
289,944
4,333,882
42,640,804
519,847
Earned surplus. 131,855,013
deposits
Special
$
74,725
478,663
982,259
918,052
7,211
Working funds...
4,297
502,479
35,861 Accrued taxes...
Stocks and bonds.
8,723
518,988
Loans & accts. rec. 2,617,345
3,609,440 Other accts. pay.. 1,961,215
10,401 Deferred liabilities
Int. & divs. receiv.
6,816
148,725
Inventories..
4,267,110 Loans & advs. from
3,102,663
Delware & Hud¬
Other curr. assets.
253,636
son Co........20,288,259
Deferred assets...
269,502
496,441
x Prop. & equip. .61,444,337 70,365,721
Long-term debt-.36,623,600
Miscell. investm'ts
875,640 Reserves
983,182
930,450
Sinking fund
8,702,633 7,924.883 Def. credits to in¬
come or surplus.
69,381
Special funds and
958,848
1,199,782 Equity of minority
deposits
interests in sub¬
Prepaid exps. and
other def. charges
921,637
sidiary cos.....
417,528
859,299
Goodwill
1,562,707 Capital stock ($50
779,036
par)...
...18,748,250
Surplus
146,108
..
$
16,047,973
4,074,239
1938
S
Loans
7,613,689
7,401,608
receivable
Consolidated Balance Sheet Dec. 31
Assets-
1938
$
Deferred credits
Long-term notes
Note—For purposes of comparison the 1938 figures have been adjusted
by increasing the depletion charges $338,211 to conform with the basis
used in 1939, and by eliminating a credit to income and reclassifying as a
credit to surplus an amount of $1,010,365 representing the difference
between cost and face value of reacquired bonds of Hudson Coal Co.
The net deficit for 1939 includes losses aggregating $377,594 of companies
disposed of during the year.
Cash in banks and
on
hand
LiabUUies—
Plant
.—
364,904
$2,105,992
1,534,509
1,452,493
75,363
47,351
20,886
—
Gross Income
$
equip. .304,322,126 295,440,884 Accts. payable. 16,017,447
4,034,861
10,366.121 Accr. liabilitiesCash
16,771,450
6,115,741 Long-term debt
Demandl'nsrec.
3,678,241
current
z Investments,.
353,544
386,015
370,865
205,780 Loan from trust.
Notes receivable
298,422
of annuity tr.
4,333,882
11,018,619
Accts. receivable
9,790,533
30,146,441 Long-term debt. 42,721,438
Inventories
30,166,146
$1,741,088
605,538
$1,850,207
1,462,108
1,392,553
22,774
47,741
35,915
1,729,736
——
$
1939
1938
Assetsx
1938
$1,244,669
—
Other income
8,987,840
$3.80
.
(& Subs.)—Earnings-
Years Ended Dec. 31—
8,987,840
$5.22
8,987,840
$3.98
Balance Sheet Dec. 31
1939
39,713,009 39,321,921
transit,
At refinery or In
8,987,840
$3.40
of taxes shown above, there was paid or
accrued, for State gasoline. Federal excise and social security, &c., taxes,
the sum of $4,881,193 in 1939, $4,673,381 in 1938. $4,635,510 in 1937 and
$3,789,176 in 1936.
b After reserve for depreciation of $11,422,629 in 1939 and $10,561,753 in 1938.
c Represented by 2,757,973 no
par shares.—V. 150, p. 2883.
a
.Dr333,194
In addition to the amount
x
-
Total
35,800,354
102,617,191
Shares
-
-
...
...
Net profit----------- 29,950,288
Previous surplus
—120,108,671
Adjust, of earned surp-- Dr228,266
Consolidated Balance Sheet Dec. 31
Cash
Taxes--1----
1,318,305
1,606,799
Net profit
Dividends paid
x
1936
$12,761,956 $11,733,715 $15,166,400 $10,031,574
6,085,937
6,291,137
5,719,603
x5,733,163
Cr553,556
Cr584,708
0279,428
033,298
900,000
930,000
1,150,000
639,633
-
Other revenue——....
Depreciation ......
$
Depletion & lease amort.
...
Balance
1937
$
199,500,589 205,458,293 213,266,233 155,694,147
exp-130,028,211 129,434,522 130,194,610 93,567,741
8,351,110
10,922,784
11,167,422 11,239,608
Gross oper. income
Coste oper & gen.
X
1938
$
Freight, refining and all
other sales & delivery
Cost of sales......—
(& Sub.)- -Earnings—
1939
Calendar Years—
Mining & Smelting Co., Ltd.—Earnings—
expenses
June 1, 1940
Humble Oil & Refining Co.
holding
Hudson Bay
Sales of metals
Chronicle
Net loss—
-
——
x Exclusive of
depreciation upon idle plant $328,843 in 1939, $387,082 in
1938, $340,081 in 1937, and $344,837 in 1936, which has been charged
directly against special reserve.
Volume
Commercial & Financial Chronicle
The
ISO
Consolidated Balance Sheet Nov. 30
1939
Assets—
x
Accts .& notes rec
Inventories
Stripping
Investments
y
$
Accts.
319,330
688,652
Other
accts.
367,895
Prior lien 6s
91,410
110,144
565,800
564,600
6,489,500
6,489,500
and accruals
Land, plant and
come
in¬
bonds....
2,952,723
7,067
mtge. 6s—
Com. stk. (par $1)
393,309
393,309
Capital surplus
Prepaid expenses &
deferred charges
5.586,608
4,904,032
5,915,451
4,315,668
3,665
Operating deficit-.
Total
11,736,031
11,203,237
After
x
$92,279 in 1938.
148, p. 2745
After
y
$101,623 in 1939 and
depletion.—V.
and
depreciation
for
reserve
2,563,352
c
1939
713,830
697,674
other companies
Co.'s own capital
2,554,096
2,581,243
stk.res.forempl.
874,759
874,759
Debenture
sinking
63,000
100,000
471,724
instalment
rellnlng, &c
Other assets
80,301
72,349
Cash in closed bks.
9,043
Deferred charges..
113,511
1,316,587
444,527
9,400
122,680
56,425,360 56,641,247'
After depreciation
a
56,425,360 56,641,247
Total
of $20,517,884 in
1939 and $19,515,174 in 1938.
2884.
b Represented by 2,000,000 no par shares.—V. 150, p.
$7,652,657
166,012
108,843
186,075
264,061
$6,002,021 $11,693,146
$7,574,672
Indiana Telephone Corp.—Bonds
been called for redemption on July 1 at 103 and
will be made at the American National Bank of
127,940
637,075
136,369
181,999
859,466
Indiana Pipe Line
~~9~
1,077,176
782,833
1,975,858
72,204
b966,980
$6,010,594
$5,219,188
$9,726,411
$6,402,306
151,518
5,844,558
151,518
5,357,490
151,518
5,844,534
151,518
5,844,534
$14,518 def$289,820
$3,730,359
$406,254
sold
Federal taxes
pref. stk. (6%).
Common dividends
124
Co.—Capital Distribution—•
Directors have ordered a distribution of $2.50 per share to stockholders
payable July 1 to holders of record June 28.
This distribution is in accord¬
ance with recently approved plan to reduce par value of shares from $10 to
$7.50 per share.—V. 150, p. 2883.
All of the outstanding
Net profit
103,280
470,924
Capital surplus
1,316,587
Earned surplus... def58,272
fund
$6,047,653 $11,635,977
$7,087,770
secure,
75,000
424,246
Res've for contlng.,
$6,801,254 $12,345,873
753,601
709,896
Invest, in Spanish subs.
written off
on
bonds of
$8,512,123
Other income
Net loss on foreign exch.
Net profit
70,108
413,897
103,043
wages
277,588
Operating profit
Div.
Accrued
lieries
267,322
1,021,829
Co
Accrued taxes
$7,596,905
Depreciation
on
Due to Dalton Ore
$8,356,701
759,796
Total earnings
Profit
Col¬
Total
1936
1937
1938
$
44,000,000 44,000,000
Funded debt
8,900,000
8,350,000
538,562
Accounts payable674,244
Accrued interest..
10,778,600 10,861,641
J
Stocks &
Ingersoll-Rand Co. (& Subs.)—Earnings—
Calendar Years—
Co
Int. in Mather
..11,203,237 11,736,031
Total
for doubtful accounts and notes of
reserve
Inv. in & advs. to
Int. accrd. on gen.
1938
$
Liabilities—
b Capital stock
26,603,184 27,529,842
Cash
1,342,302
890,949
Accts. & notes rec. 1,672,678
1,146,122
Inventories
11,683,058 11,854,587
Ore
10,059,381
9,611,864
equipment
$
Land, plant and
equipment
pay.
Gen. mtge. 6%
94,196
a
1939
1938
$
Assets—
15,343
27,918
pay.—trade
1939
$
$
Liabilities—
209,609
273,179
279,201
623,891
321,143
90,292
1938
1939
1938
$
Cash in banks
3513
Consolidated Balance Sheet Dec. 31
Called—
first mortgage sinking fund 5% bonds series A have
accrued interest. Payment
Indianapolis, Indianapolis,
Ind.
International Business Machines
Consolidated Income Account for
Corp. (& Subs.)—
Calendar Years
[Including Domestic and Canadian Subsidiaries]
1938
1937
1936
$34,717,604 $31,787,241 $26,243,310
18,591,517
16,922,304
13,965,651
5,545,328
4,826,677
4,163,123
3,512,945
1,038,258
1,014,224
867,157
860,955
473,750
475,000
307,292
233,116
100,000
1939
Surplus
Previous surplus
Miscellaneous
7,607,046
3,542,018
Cr624,489
3,209,260
$7,621,564
$7,607,046
974,130
$6.02
Profit & loss surplus..
Shs.com. stk. (nopar)..
7.896,866
974,130
$5.20
$7,896,866
974,130
$9.83
$3,542,018
974,130
$6.41
Earns, per share on com.
1^73,497
b No provision required for surtax on undistributed profits,
c Includes
proportion of profits of controlled manufacturing company amounting to
$444,836 in 1939, $503,602 in 1938, $798,004 in 1937, and $471,322 in 1936.
Assets—
1939
S
1938
$
1938
$
$
Liabilities—
8,019,202
4,289,974
Interest
...
Amort, of patents
d885,148
$7,670,642
al,457,314
$11,362,692 $10,830,034 $10,412,513
Balance
$9,127,956
1,697,000
1,400,000
$10,478,160
Other income
j884,532
Total income
Federal
taxes
Surtax
$9,527,365
9,810,186
1,019,848
income
g2,270,000
(estimated)
g2,170,000
undistributed
on
633,000
175,000
$8,082,513
4,645,700
$7,552,956
4,428,724
profits (estimated)
Preferred stock...
2,525,500
2,625,500
b Commonstock..27,275,640 27.275,640
Acc'ts receivable.. 5,295,104
4,916,235 Accounts payable. 2,994,530
2,157,724
Sundry acc'ts rec.
206,510
131,294 Dividends payable
76,759
75,759
Inventories
10,898,711 10,656,165 Federal Income tax
Bills receivable
417,909
390,377
provision
1,128,362
834,020
U. S. Govt, secure. 7,572,550
7,096,644 Capital surplus... 1,473,571
1,473,572
Other securities
37,313 Earned surplus... 7,621,564
7,607,046
Cash
7,062,675
6,150,559
Deferred charges..
261,498
202,522
Property account 7,517,569
Investments
3,921,376
a
Depreciation
Devel. & patent expense
Normal
Consolidated Balance Sheet Dec. 31
1939
Domestic & Can. sales..$39,474,982
Cost of sales & expenses. 21,839,485
$9,092,692
5,119,728
Netprofit
Dividends
$3,972,964
Balance, surplus
Previous surplus
k27,986,961
$8,660,034
4,876,499
$3,783,535
$3,436,813
$3,124,231
i26,086,983 ©24,299,871 c23,437,157
—
Total
a
43,094,926 41,949,2601
After
150, p.
..43,094,926 41,949,260
Total
b Represented
depreciation,
691.
974,130
by
no
par
shares.—V.
Total surplus
Amortization of patents.
Write off of patents &
2,000,000
goodwill
Trans, to
res
Transf.
reserve
Calendar Years—
-Earnings-
1939
1938
1937
1936
$475,751
$170,367
$502,445
$220,483
59,512
35,199
60,204
36,517
57,245
33,906
4,821
50,829
43,520
$381,040
Drl9,938
$73,645
6,547
$406,473
$126,134
$361,103
$80,192
$407,435
$126,134
109,867
109,559
18,997
124,006
92,285
130,915
15,377
91,089
$141,676
$0.24
Profit from operations..
General & sales exps. &
def$62,811
Nil
$184,235
$19,667
$0.03
miscellaneous taxes
Shut-down expenses
Mat'ls & suppl's writ, off
1,193,328
.
$1,021,952
855,408
$10.63
net
Prov. for U. S.& for'ntax
Depreciation
Netprofit
Earns.per sh.on
Assets—
1939
Drafts
88,414
232,672
44,044
50,090
foreign taxes...
Sundry reserves..
Minority
interest
3,019,975
rec.
3,129,570
89,026
supplies
at cost less res've
x
Fixed
assets
Patents, trade
names,
■-'/- v;
1
&c
740
Securities owned
i
740
accruals
1938
$20,253
$11,774
34,804
21,326
116,125
1,390
63,561
6,396
y Capital stock
2,980,020
Capital surplus... 1,003,313
7,200
2,980,020
2,520
restrictions,
10,475
56,562
860
x
$4,135,645
Plants, &c
b Patents &
will
Cash
860
c
$4,224,726 $4,135,645
Total
Authorized 604,000 shares; issued to Dec. 31,
1939, 595,591 shares; remaining to be issued to complete exchanges under
1926 reorganization pflan, 413 shares; total, 596,004 shares, stated at $5
per share.—V. 149, p. 3718.
y
Notes and
Sub.)—Earnings—
Consolidated Income Account for Calendar
1939
1938
3,277,587
3,108,209 Foreign exchange
loss
company
welfare fund
Inventories
Investments
497,045
487,528
2,431,4'f0
2,722,703
--.19,231,405 16,719,910
Deferred assets.--
1,392,251
1,465,143
reserve
Gross sales
b Cost of goods sold
Gross profit
$874,132
120,238
$710,038
186,730
300,000
motion
Reserve for general
company
welfare
$4,445,042
387,310
$2,514,618
457,291
$994,370
on
funded debt]
,
$896,768
$4,832,352
$2,971,909
362,075
Gross income
Interest
370,359
(449,722
606,810
52,010
1,000
1.626,699
9,567
94,680
...
"3~417
1,274,273
1,170,368
1,948,787
Cr88,000
Depreciation
Other charges
377,697
Cr310,062
333,935
Prov. for Federal tax
Net
*
$553,978
loss
Profit,
a
$1,021,655
*$2,406,553
profits tax.
200,000
-
2,233,294
a
78,839,918 77,798,004
78,839,918 77,798,004
Total
b After amortization, c After deducting reserve
d Represented by 855,408 (814,674 in 1938) shares
value.—V. 150, p. 2884.
After depreciation,
of no par
International Mercantile Marine Co.—EarningsConsolidated Income Account for Calendar Years
[Including Wholly-Owned Domestic
1939
$1,470,884
Total income
Oper. expenses, &c
Provision for deprecia'n.
1,387,615
Subsidiaries]
1938
1937
1936
$4,153,553 $11,020,439 $10,621,512
3,780,272
10,244,203
9,857,049
Other income
Total income...
paid
Sundry charges
Prov .to red .market .sees
Book loss on sale of ships
Prov. for Fed. income tax
Interest
_
131,078
555,311
1,000,611
960,658
$47,809
204,979
$182,030
$224,375
477,600
153.999
$196,195
196,912
$157,170
739,467
$295,570
847,411
loss$70,376
1,016,416
4,172
y60,000
670
z33,491
$717
1,073,117
9,891
1,179",683
20", 850
*$581,143
Less commissions, discounts, returns and other allowances,
b Exclusive of provisions for depreciation, maintenance and repairs and
taxes,
c Other than Federal income taxes,
e Other than Federal income
and excess
487,528
497,045
2,364,872
for doubtful accounts,
Operating loss.
Amort .of bd .disc .&exp_ /
Int. on promissory note.
297,888
------
Res. for sales pro¬
Res.for future exp
Total.
1936
Maint. and repairs
Provision for taxes
Total other income
$
;
Years
1937
$17,022,424 $11,345,633 $25,528,878 $19,265,159
18,584,164
14,939,707
14,243,167
8,845,453
1,548,230
1,098,234
941,893
875,410
445,754
©440,629
424,882
C345.032
499,121
358,215
Sell., adm. & gen. exps..
489,354
478,456
Prov. for doubtful accts.
receivable
8,347
11,395
11,692
9,353
Loss on coal operations..
19,775
a
1938
$
Federal tax (est.).
Interlake Iron Corp. (&
■■
,
Liabilities—
35,624,490 36,414,921 d Capital &surp..56,325,156 55,545,520
Accts. pay., &c
2,275,345
2,149,603
good¬
1,806,672
9,926.949 12,828,068 Contingency res've 3,000,000
Mortgage payable
77,500
77,500
6,458,701 4,051,523
Bonded indebt...14,000,000 15,000,000
accts.
receivable.—--General
$
1939
1938
$
Assets—
a
After reserves for depreciation and amortization of $2,042,830 in 1939
and $1,931,385 in 1938.
Consolidated Balance Sheet Dec. 31
1939
■">
67,936
$4,224,726
Total
1939.
45,932
15,189
charges
After deducting stock div.
'
62,426
Prepaid and def'd
Treasury stock
c
paid Feb. 10, 1936, which required $693,370. d After deducting $820,597
($737,021 in 1937) reserve for blocked foreign profits. Income and profits of
foreign subsidiaries and branches in countries where exchange is at present
blocked by governmental restrictions have been eliminated from the net
profit for the years 1937 and 1938 by providing therefrom a corresponding
reserve for blocked foreign profits.
In prior years similar blocked foreign
income and profits were included in net profits and have been covered by
reserves provided
from surplus.
© After deducting stock dividend paid
April 1, 1937, which required $1,190,282.
f Subject to stock dividend of
$1,249,819 payable April 1,1938. « Estimated, h Subject to stock dividend
of $1,312,322 payable April 1, 1939. i After deducting stock dividend paid
April 1, 1938, which required $1,249,819.
j Arrived at as follows: Net
income from and undistributed net profits of foreign subsidiaries and
branches not consolidated (after deducting net unrealized exchange loss of
$382,791 on the conversion of net foreign assets), $1,508,932; royalties from
foreign licensees $246,636 total $1,755,568, less reserve for blocked foreign
profits $1,134,078, balance $621,490, Hobard Manufacturing Co.—div.,
$150,000, other income $113,041 total (as above) $884,532. k After deduct¬
ing stock dividend amounting to $1,249,819. 1 Subject to a stock dividend
of $1,312,322 payable April 1, 1939 to stockholders of record March 15,
1,003,313
after de-
duc'n of reserves
and undistributed net profits
of foreign subsidiaries and branches not consolidated, of which $692,822
covered by a reserve of like amount, is in countries where exchange is at
Earned surp. since
Jan. 1, 1935
Advs., claims & de¬
posits,
.
in sub. company
'
Res. for U. S. and
hand & in transit
&
payable...
pay., lncl.
$549,560
Shrub & rubber on
Mat'ls
Accts.
$861,617
142,038
demand deposits
Accts. & notes
1939
Liabilities—
1938
hand and
on
$0.31
Consolidated Balance Sheet Dec. 31
;<
Cash
stk.
cap.
962
738,934
$10.22
775,880
$10.42
814,674
$10.63
income from
present blocked by governmental
Profit
Int. earned & sundry inc.
692,822
stock
outstanding (no par).
Earnings per share
Includes
3W,m
500,600
for
I$28,766,597 h$29299,283f$27,336,802 $25,490,153
Total surplus
Shares of capital
a
::::::
328,645
.for conting.
to
blocked foreign prop.
Inter-Continental Rubber Co. (.& Subs.)-
$31,959,925 $29,870,518 $27,736,684 $26,561,388
71,237
71,237
71.237
Net loss for year
y
Provision
to
$637,308
$551,841
$1,150,964
$2,261,974
reduce marketable securities to approximate
quoted
Provision for additional reserve against investment in
Baltimore Mail Steamship Co.
market
value,
z
Chronicle
The Commercial & Financial
3514
1938
1939
176,878
deposit.
Secur. on
25,604
499,981
Marketable secur.
Accts. receivable—
104,813
90,430
Due from affll. cos.
1939
708,065 Accts. payable and
sundry accruals.
428*981 Notes payable....
Prov.
372,368
Real
Cash A receivables
tor sale ot prop,
first mortgage.
24,032
35,862
2,145
213,990
16,618
215,163
Inc.,
common & pref.
stocks, Ac
4,085,000
7,841,725 Int.
Pref. A
210,700
......
30,499
155,650
75,000
preferred
Res. for replace't
54,834
barges, Ac—
lstmtge.Acoll.tr.
6% gold bonds.l1,469,000 11,493,000
Real estate mtges. 1,060,000
1,110,000
Deferred credits..
59,584
59,584
Contingent reserve
400,000
a Capital stock...26,735,058 26,329,797
Deficit
...26,649,770 26,244,543
stock..
......
328,212
in foreign
(contra).. 4,148,822
Miscell. Invest....
89,694
Otber assets
25,919
Deferred charges..
68,260
4,148,822
123,955
58,175
67,066
17,388,473 18,386,412
Total
219,169,347
Total
a Represented by 631,252 no par shares,
b After depreciation reserve of
$3,498,005 in 1939 and $3,341,311 in 1938.—V. 149, p. 1179.
-Earnings—
1940
1939
$959,953
81,914
def45,552
$937,802
77,232
def88,287
$966,341
62,818
def110,656
$1,117,652
162,821
def24,845
From Jan. 1—
Gross from railway
3,749,222
3,747,568
350,830
def284,4S6
4,041,728
472,208
def211,311
4,423,404
351,496
defl84,573
April—
220,744,2831
International Paper & Power Co.—Earnings—
Consolidated Income Account for
International
756,866
21,873
^
Gross sales, less returns,
1938
1937
$359,035
$404,065
$525,166
1936
$499,448
448
1,305
10,999
1,092
10,123
Total revenue..
...122,883,150
Cost of sales & expenses. 75,799,095
Outward frt. & delivery
99,346,362 124,828,825 114,556,320
62,658,319
71,496,620
66,693,512
_
_
15,945,052
6,598,890
14,772,399
7,613,513
14,956,629
6,809,235
2,797,683
6,434,700
625,944
2,611,097
5,821,442
604,259
2,294,918
5,872,808
15,073,695
.
12,432,299
5,673,987
2,993,709
5,803,682
669,028
...
Maintenance & repairs.
9,723,429
21.909,495
17,275,419
4,123,523
30,887
3,889,150
515,107
435,979
4,360,626
1,100,459
2,235,857
409,136
420,324
4,932,740
792,975
1,037,073
4,335
34,140
11,705
Taxes (other than income
taxes)
;—
Sell., gen. & admin.exps.
$514,060
145,735
5,067
$400,233
154,924
$409,132
153,703
$537,705
145,605
23,000
...—_
Total
15,800
21,500
2,643
22,000
•
Adjust, of Fed. inc. tax
$239,629
$222,309
80,726
233,658
__
on common..
$370,599
221,285
31,395
261,801
136,143
431,062
488,567
Balance Sheet Dec. 31
$754,848
138,139
4,360,329
Deferred charges..
10,795
b Invests. & advs.
3,314,847
3,584,475
unfunded debt..
7,070
13,225
$5,264,111 $5,190,841
of subsidiaries
Divs.
Total
Profit
524,373
4,439,086
112,540
Dr7,622
$5,264,111 $5,190,841
with $7 paid on Dec, 26 last; $2 paid on Oct. 2 .July 1 and April 1,
1939; $8 on Dec. 28,1938 and $2 paid on April 1,1938; Dec. 27, Oct. 1 and
July 1, 1937.
Arrearages after the current payment will amount to $4.75
per share.—V. 150, p. 3204.
.V.;'-'/
compares
International Paper Co. (& Subs.)—Earnings—
Years
1936
$
Gross sales, less returns,
$
allowances & disc'ts—121,428,830
Other income (net)-—.
880,165
97,463,950 122,580,688 112,000,844
1,205,299
1,374,539
1,480,503
Gross income..
Cost of sales.
ery expenses
taxes).
Sell., gen, & adm. exp—
Prov. for doubtful accts.
...
Net oper. income
on funded debt
Int.
Int.
unfunded debt
Amort, of dt. disc. & exp.
on
Depreciation.
Depletion.
....
...
....
Prov. for income taxes..
Prov. for Fed. undistrib.
10,357/,481
5,481,666
12,326,510
12,889,176
12,705.027
8,331,557
d2,268*516
a696*495
10,437,016
7,635,061
See
2,3*12*240
adjustments, $696,495.
c
'■/
- :■ v'.v
Capital surplus arising from reduction in capitalization of
sidiary, $2,017,600; capital surplus, Dec. 31, 1937, $11,330,577.
d All 1938 figures exclude accounts of International Power &
Paper Co.
of Newfoundland, Ltd., all common shares of which were sold in
August,
1938, by Canadian International Paper Co. to Bowater's Paper Mills, Ltd.
e Deductions
as follows: Adjustment resulting from conversion of net
working capital in terms of foreign currencies into equivalent U. S. dollars,
$1,774,976; transfer to capital surplus of amounts credited to earned surplus
in 1937 and 1938
representing reversal of amounts provided at Dec. 31,1936,
for accumulated unpaid dividends on shares of preferred stock of Interna¬
tional Paper Co. reacquired during 1937 and 1938, $496,215; total, $2,271,191.
Additions: reversal of amounts provided in 1937 and 1938 for ac¬
cumulated unpaid dividends on shares of preferred stock of International
Paper Co., reacquired during 1939, $3,181; net decrease in earned surplus
due to above adjustments, $2,268,010.
Consolidated Balance Sheet Dec. 31
[Excluding International Hydro-Electric System and Subsidiaries]
1939
2,961,416
5,314,357
669,028
2,754,979
4,988,447
626,127
2,590,819
5,329.942
604,259
2,259,517
5,650.369
648,477
15,521,236
3,337,352
373,935
384,997
4,662,841
868,050
792,410
9,947,408
3,603,929
432,435
362,793
4,396,856
811,915
273,416
22,089,374
4,163,080
17,249,756
3,938,809
362,746
435,979
514,936
420,324
4,878,457
792,973
$
Sink, funds and
1,023,522
el938
$
14,728,148
6,791,198
Due from officers
Assets—
receivable.—.
Inventories
5,090,465
,; 163,380
145,143
rec.(not curr.)
405,948
12,330
——_
10,655,459
com.
,
4,717,970
2,467,780
.
stocks of subs.
2,025,609
64,294 5% pref.stock.. 92,593,500
Common stock. 27,349,043
611,021 Capital surplus- 11,849,952
Depl. applic. to
154,748
209,542
7,548,328
Dr581,041
...—
7,176,829
9,220,520
19,793
710,132
486,571
Earned surplus.
2,010,899
92,593,500
27,349,043
11,330,577
7,635,061
10,437,016
in
1,028,853
843,853
Def. charges ap¬
5,159,696
9,950,446
5,610,427
dl9,662,507
c
450,732
ture
2>r 12,811,834
2,402.118
7,548,328 d26,863,914
c Capital surplus
arising from reduction in capitalization of company,
$37,500,000; amount applied to eliminate consolidated deficit, $26,863,914;
balance, $10,636,086; surplus arising from cancellation of accrued unde¬
clared dividends on preference shares of subsidiaries, $2,017,600; capital
351,673
2,761,849
debt
dlsct. and exp.
Total
219,866,585 221,549,4461
After
1938.
c
in
402,665
2,398,317
operat'ns
Unamort.
......
b Earned surplus adjustment resulting from conversion of net working
capital in terms of foreign currencies into equivalent II. S. dollars.
surplus, Dec. 31, 1937, $12,653,686.
lfe.d Deficit.
and
4,122,495
494,560
plicable to fu¬
54,794
Surplus adjustment....
Balance, surplus.....
5,253,845
Surplus Jan. 1
7,176,829
adjustments.
bDrl.775,216
Divs, on 7 % pref. stock.
390,391 Pref.
53,973
11,742
rentlymatur'g
Reserves—....
and employees
pulpwood
Inventory
Net
10,059
Prepaid insur. A
504,400
422,036
4,345,481
4,042,641
443,219
^ "-v;
3,693,132
3,010,184
Serial obllg. cur-
special depos.
Accts. and notes
4,308
——
$
64,060,041
roll and other
11,249,811
expenses—.—.
30,816,342 Accrued interest
15,882,949
25,600,137
taxes.——
Net profit for year...
Prof, on bonds redeemed
el938
5
...
374,545
11,270
1939
Liabilities—
^Funded debt— 58,851,478
Plants, proper¬
ties, Ac—135,336,689 138,629,547 Notes pay. (un¬
Woodlands— 23,170,003
23,749,671
secured)
298,000
Investments
6,186,378 Accts. payable.
7,268,295
5,272,810
Cash.,
5,699,557 Accr. taxes, pay¬
7,872,042
c
d Accts. A notes
11,185
8,045,241 bl9,734,020
company, $29,046,997; amount applied to eliminate consolidated deficit
Dec. 31, 1936, $19,734,020; balance, $9,312,977; surplus arising from
cancellation of accrued undeclared dividends on preference shares of sub¬
14,617,971
7,599,972
4,311,097
1,100,459
2,109,206
c
quoted market value of investments in stocks and debentures of
12,280,607
5,664,686
of subsidiaries...——
Divs. accr. but not being
currently paid on pref.
shares of subsidiaries.
461,087
162,241
8,045,241
non-consolidated affiliated companies, $85,396; reversal of amounts pro¬
vided for accumulated unpaid dividends on shares of preferred stock of
International Paper Co., reacquired during 1938, $40,753; miscellaneous
(net), $50,415; total, $176,563; net decrease in earned surplus due to above
15,729,786
6,581,557
profits tax.—.—.
Dfvs. paid on pref. stks.
Surplus Dec. 31.—.
32,521
1,190,259
176,375
...
Outward freight & deliv¬
Maintenance & repairs..
Taxes (other than income
651,431
5,020,579
a Deductions as follows:
Write down to realizable value of property to b6
sold, $510,671; loss on sale of Investment in International Power & Pape1"
Co. of Newfoundland, Ltd., $362,388; total, $873,059.
Additions: Adjust"
98,669,250 123,955,227 113,481,347
62,406,996
71,122,891
66,153,882
...122,308,995
75,531,615
44,186
9,134,702
Divs. paid on 5% pf. stk.
ment to
1937
$
60,103
124,075
7,635*061
-
Surplus, Dec. 31—
International Silver Co.—Accumulated Dividend—
...
I
bonds redeemed
on
Surplus adjustments
Previously earned surpl.
Balance, surplus
The directors have declared a dividend of $2 per share on account of
accumulations on the 7% cumul. pref. stock, par $100, payable July 1 to
holders of record June 12.
Like amount was paid on April 1, last, and
$
58,185
Previous deficit
181,917
Dr41,364
Consolidated Income Account for Calendar
11,190
not
pref.
4,893,591
b Deficit,
1938
on
stocks of subs
V,
1939
but
accrued
currently paid
Net adjustments.
for mining venture losses of $507,194 in 1939 and $314,026
In 1938.—V. 150, p. 3050.
11,000
Prov. for Federal surtax.
1938
trans¬
Treasury stock...
815,261
Prov. for income taxes..
362,793
4,443,036
811,915
312,619
Dividends paid on stocks
$13,357
109,107
•
action surplus..
-
384,997
4,720,693
868,050
count and expense....
Depreciation
Depletion
v.
$714,409 Provision for taxes
10,669 Uab. for pay. under
mining
venture
4,454,506
(contra)
54,111
11,257
Com. stk. ($1 par)'
623,273
Capital surplus... 4,432,563
Investment
reserve
funded debt.—-
on
$8,357
105,254
Accounts payable.
on hand..
Receivables......
b After
on
1939
Liabilities—
1938
Cash in banks and
Total
Int.
Net profit
After proportion of Federal income taxes but exclusive of net profits on
nvestment transactions.
1939
653,798
$347,537
a
Assets—
revenue
Amortization of debt dis- : M
Cr 1,212
1934.__
a Net income........ "
Net profit on investment
transactions
Dividends
Net
540
8,791
32,407
—
Office exp., rents ,int. ,&e.
Prov. for Fed. normal
income tax..........
applic. to year
■
98,222,284 123,487,150 113,229,052
1,124,078
1,341,674
1,327,268
Int.
Corp. (Can.), Ltd
I. M. C. Corp.
Other—-.——.
1936
$
-
•":.V
Corp.—Earnings-
1939
Interest—Internat. Min.
Other income.
Calendar Years
and Subsidiaries]
System
dl938
1937
:$
Prov. for doubtful accts.
International Mining
Hydro-Electric
1939
1937
1938
—V. 150, p. 3361.
Calendar Years—
Cash dividends
219,169.347 220,744,283
Total
deducting depreciation reserve of $56,075,294 in 1939 and $51.930,055 in 1938.
b Represented by shares of $100 par.
c Represented by
1,000,000 no par shares.—V. 150, p. 3050.
expnses
Net from railway
Net ry. oper. income.
Common stock 15,000,000
allow'ces & discounts. 122,289,012
Other income (net)
593,239
>
Net from railway
Net ry. oper. income.
Gross from railway...
1,827,970
15,000,000
12,653,686
7,176,829
After
a
.....17,388,473 18,386,412
International Great Northern RR.
705,605
96,084,668
c
[Excluding
Total
2,400,564
705,005
Capital surplus. 12,653,836
Earned surplus. 10,655,460
—
subs,
7,135,670
b7% cum.pf.8tk 96,084,668
1,827,970
Sundry oper. res've
Subscr. for U. 8.L.
American Lines Co.
3,987,424
431,840
4,717,970
b 6% cum.pf.stk
62,066
Ins..
compensa.
134,036
4,261,979
common
stocks of subs.
Res. for workmen's
210,700
Roosevelt 8S, Co.
common
pay. A accr_.
S
64,226,041
—
mort¬
co
1938
$
....
sub. (current)..
14,733
3,833,828 Payable to aifil.
Lines,
Invest,
350,000
50,000
domestic
preferred stocks 8,268,666
Liabilities-
—
20,850
50,000
U. S. Lines Co.
U. 8.
330,280
Pay. to for'n subs. 4,085,000
660
_
Property A eqpt. 3,678,046
$
Capital assets. 165,356,924 168,018,320 Funded debt... 59,041,478
Cash
7,776,409
5.575,683 Notes pay. (un¬
Accts. and notes
10,000
secured)
11,196,200 Accts. payable—
receivable.—. 15,829,622
5,195,717
Inventories
taxes,
25,470,522
30,749,491 Accrued
Deferred
assets
payrolls, Ac..
3,941,151
and expenses.
377,259
5,204,590 Accrued interest
4,735,871
Serialoblig. pay.
3,693,132
Due to Int. Pap.
A Power Co..
7,081,769
Reserves
2,901,903
Federal
estate
1939
1938
$
A.88Gt8~m"~
gage (current)..
Payable to foreign
pledged under
b
for
$
126,684
Income tax
219,285
1939
1938
$
Liabilities—
S
$
Assets—'
CSflllw
June 1. 1940
Consolidated Balance Sheet Dec. 31
Consolidated Balance Sheet Dec. 31 (Including Subsidiaries)
account
reserve for
d After
above.—Y. 150,
International
Director—•
'
•:
Total
219,866,585 221,549,446
depreciation of $56,298,026 in 1939 and $52,110,336
reserve
for doubtful accounts,
p.
3204.
Telephone &
.'■V-''
e
See
;
Telegraph
d
under income
'
Corp.—New
^
At the annual meeting of stockholders held May 22 Frank W. Phelan,
Vice-President of I. T. & T. and President of All America Cables & Radio,
Inc., was elected a director of this company.
Arthur Andersen & Co. of New York, which has made the annual audits
of I. T. & T. since 1921, was elected independent auditor again for 1940.—•
V.. 150, p. 3361.
....
Volume
Commercial & Financial Chronicle
The
150
Interstate Department Stores, Inc. (&
Years Ended Jan. 31—
1940
Net sales..
$24,720,323
Subs.)—Earns
1937
1938
1939
Costs and expenses
26,852,219
$536,303
47,975
Depreciation..
Federal taxes
Federal surtax
$569,929
103,573
$1,156,306
$204,098
207,831
45,656
$673,502
209,825
94,387
1,050
$1,249,275
~Cr353
Total income
$166,580
37,518
$584,278
175,977
87,684
Operating profit
Other income
~Cr354
Cr345
372
Minority interest
92,969
199,825
149,958
17,119
$320,971
155,662
def$49,084
163,905
$368,585
173,250
150,689
$882,002
Surplus
Shs.com.stk.out.(nopar)
Earnings per share
$165,309 def$212,989
301,846
301,846
Nil
$0.55
$44,646
301,378
$0.65
$104,524
219,592
$3.22
173,600
603,878
Consolidated Balance Sheet Jan. 31
Assets—
1940
banks
3,936
1,842
Misc. other assets.
Deferred
60,378
270,807
49,046
accounts
286,049
Common stock..
1,544,751
$2,292,000
1,544,752
Current liabilities.
1,097,124
1,354,206
Due to landlord
30,000
33,333
Mtges. payable
483,474
5,290
514,935
5,642
Preferred stock...$2,193,000
y
Minority interest.
Res.
for
replace't
Earned surplus
Total
$7,830,883 $8,043,531
2,026.483
35,500
218,067
$7,830,883 $8,043,531
Total
Cash
depreciation and amortization,
y Represented by
shares,
z After reserve.—V. 150, p. 3051.
Corp.—Earnings—
130,507
19,630
Land purch. oblig.
Notes payable
437,270
3,000,000
Accts. pay., &c
Acer. tax pay., &c.
1,873,178
1,806,723
161,464
Dividends payable
of
U. S. Treas. bonds 3 ,000,000
Accts. & notes
$1,494
Taxes,
incl.
Total
$1,789
3,974
$609,654
21,101
$1,278,002
31,747
3,535
U.S. cap. stock tax
3,452
29,964
28,870
Int. paid, other than onI
debentures.
Loss
6,525
$558,589
549,240
26,984
.
$1,215,250
576,240
27,868
990,650
debs.
on
x$5,840
139,560
6,820
x$5,778
130,560
Int.paid & accrd.on debs
Amort, of disct.
2,135
204
Balance
_
$152,219
$142,863
y$22,377
$1,008,286
a Dividends and interest in lire on securities owned by the corporation,
interest in lire on the corporation's bank balance in Italy and profits in
lire on sales of securities held in Italy are being collected and deposited
in
corporation's representative.
As exchange restrictions,
November, 1935, have prevented the direct conversion of
these deposits into U. S. currency, the corporation does not include them
in income unless they are realized by other means.
A comparative state¬
ment of all lire dividends and interest received and profits realized in the
respective periods is given below:
Italy
by
the
in effect since
Period End. Mar. 31— 1940—3 Mos —1939
1940—12 Mos.—1939
Divs. reed, in lire..5,837,605.50 6,178,698,10 23,662,136.60 23,893,059.50
Int. reed, in lire...
273,460.70
215,447.30
590.977,30
535,724.40
Profits in
lire
on
2,396,393.78
2,396,393.78
sales of securities
Total
6,111,066.20 8,790,539.18 24,253,113.90 26,825,177.68
8.
currency
at the
official parity of
exchange of$.052634
.$321,649.86
$462,681.23 $1,276,538.40 $1,411,916.40
zEquiv.
U.
in
.
z
on
The equivalent in U. 8. currency of lire dividends,
sales of securities not realized and not taken into
interest and profits
income
in "unrealized income from lire dividends, interest and
profits
is included
on
sales of
securities" on the March 31/1940 balance sheet.
b Income from realization of restricted lire arose through the payment of
in Italy with restricted lire; and through the purchase in Italy for
expenses
retirement with restricted lire of $1,200,000 principal amount of the corpo¬
ration
s
1939.
35-year 6%
debs, in 1938 and $600,000 principal amount in
x Loss,
y Profit.
Balance Sheet March 31, 1940
Liabilities—
Assets—
a
Invests,
(cost
or
new
Cash:
on
Dollars
143,740
shares
dep. in the
59,082
dep.
in
Italy
24,763,147.80 (sub¬
ject to exchge. restricts
on
$8,704,000
130,560
Interest accrued on debs...
Deb.
United States
b Lire
due 1963....
$25,428,466
value)
Subscription to
due
coupons
but
1,303,383
Jacksonville Gas
Operating
on
593,803
debs..
c
750
...$27,529,927
Total
Market
value
March
at
31,
Total
$27,529,927
$230,622
13,145
$240,042
111,663
73,655
48,958
$243,767
115,162
4,880
74,763
42,286
Cr3,177
Cr3,177
$4,874
$9,852
1,314
Interest
on
on
1st mtge.
Island Creek Coal Co. (& Subs.)—Earnings—
1939
'
operation__ $3,145,695
Other income..
135,529
4,068
Provision for retirements and replacements
a Int. on indebtedness of American Gas & Power
Co.—accrued
"
Net income
Received
account of prior year
on
1938
1937
1936
$2,765,227
$2,225,137
227,161
$2,969,179
263,152
697,199
261,062
220,000
$2,452,298
$1,527,765
151,614
1,187,729
$1,238,420
356,998
728,187
Gross sales taxes, &c
339,917
270,000
$1,586,121
151,614
1.187,730
203,951
$2,220,231
291,538
480,763
281,088
150,000
$1,016,841
151,614
1,187,729
$3,281,224
income
,
Reserve for Fed. taxes._
Net
income—
Pref. divs.
(6%)—..
Common dividends—
..
Earned surplus
Com.shs.outst'g(par
Earnings per share
$1)
$246,778 def$322,502
593,865
593,865
$2.42
$1.46
.
accruals
[Excluding Operations of Air-Truck Mfg. Corp.]
and interest, but before
provision for Federal taxes
—V. 150, p. 1615.
Profit
257,353
638,111
153,413
165,000
151,614
1,187,729
$188,423 def$100,923
593,865
593,865
$2.32
$1.83
1939
1940
9 Months Ended April 30—
after depreciation
Jewel Tea
$33,573
$239,752
Co., Inc.—Sales—
Company reports that its sales for the four weeks ended May 18, 1940,
$2,189,106.72 as compared with $1,866,700.57 for parallel weeks in
1939, an increase of 17.27%.
Sales for the first 20 weeks of 1940 were $10,515,020.46 as compared with
were
$9,365,112.01 for
p. 3052.
a
like period in 1939, an increase of 12.28%.—V. 150,
Johns-Manville
Corp.—New Director—
Hanes, former member of the Securities and
John W.
mission and Under Secretary of the Treasury,
of the board of directors of
Lewis H. Brown,
Exchange Com¬
has been elected a member
this corporation, it was announced on May 27 by
President.—V. 150, p. 3362.
Joslyn Mfg. & Supply Co.—Earning s3 Months Ended March 31—
Consolidated net profit after interest,
minority
depreciation,
1940
Kansas City
Period End. April
$198,593
a
$1.17
Net
1940—Month—1939
1940—12 Mos.—1939
$1,401,250 $17,029,832 $16,502,467
688,228
665,658
8,408,021
8,204,465
$734,383
earnings
charges
$134,520
$0.75
$132,080
$0.73
$1,422,611
Operating expenses
Interest
1938
1939
Power & Light Co.—Earnings—
30—
(all sources)
Gross earns,
: ;
interest,
Federal income tax, &c
Earnings per share on common stock.
—V. 150, p. 1939.
119,704
8,540
178,574
1,560
4,944
...
Amort, of disc't & prem.
Depreciation
Amort, of ltd .-term inv.
Miscell. income deduc'ns
$735,592
134,436
8,540
175,652
$8,621,811
1,428,776
$8,298,002
1,406,345
"
927
5,303
102,479
102,479
2,128,971
20,697
64,623
2,239,295
18,651
64,323
Fed. & State inc. taxes..
63,392
71,485
885,487
834.191
and loss...
Earnings per share com.
$357,669
$339,248
$3,990,779
$3,632,717
$0.64
$0.61
$7.14
$6.46
Net profit
after income tax
a
Including maintenance
Kansas City
and general property tax,—V. 150, p. 2884.
Southern Ry.—New Directors—
Paul H. Saunders were elected additional
the reorganization meeting of the board held
E. G. Bennett and
of this railway at
—V. 150, p. 3362.
Gulf Ry.—Earnings—
1940
April—
$168,009
59,217
29,355
$188,603
724,955
350,334
205,517
income...
53,608
Gros8?romnraUway_....
756,473
421,819
865,556
438,611
759,082
361,787
281,824
284,212
225,012
85,994
Net ry. oper.
...
Kansas Power
A total of
86,558
45,408
& Light Co .—Bonds Called—
$115,000 first mortgage bonds
3H% series due 1969 have been
called for redemption on July 1 at 108.32 and accrued interest.
will be made at the Harris Trust & Savings Bank, Chicago, 111.
Co., New York
Keystone
declared
a
Payment
or at the
City.—V. 150, p. 2885.
Watch Case Corp.—To Pay $1.50
Directors have
directors
May 27,
1937
1938
1939
$221,549
96,276
55,780
$170,400
Gross from railway
Dividend
dividend of $1,50 per share on the common
stock, payable July 10 to holders of record July 1
Dividend of $2.50 was
paid on Dec. 20, last, and one of 50 cents was paid on July 10. 1939, this
latter being the first dividend paid on the common shares since Dec., 1937.
—V. 149, p. 3560.
Kimberly-Clark Corp. (& Subs.)—Earnings1939
1938
1937
1936
.....-.$27,861,359 $26,555,730 $27,249,788 $22,863,864
2,024,743
1,999,802
1,929,696
1.818,483
1,295,473
1,261,787
1,198.403
1,175,131
::::::::: 20 938 240 20,417,391 20,339,914 17,293,782
Calendar Years—
sales
Net
Sell
gem&adm.exps..
DpDreeiation
.
costSsaii
Operating profit...
..
Total income
$1,994,025
226,205
int. & sundry tax
Deprecla'n & depletion.
Exps
bonds.
other debt
Cumulative conditional interest-bonds
Other income
1603.
Calendar Years—
$583,507
352,884
$239,667
375
Bankers Trust
576,727
19407 $29,784,550.
Income from
1939
1940
$637,275
397,608
Gross income
Unconditional int.
Netry oper. income...
—V. 150. p. 3362.
on
parity of exchange of $.052634.
d Represented 124,172 no par shares,
e 970,015
no par shares,
f 75,000 no par shares of each issue.—V. 150,
p.
Co.—Earnings—
Net operating income
interest
and
sales of securities
2,975,108
d *6 Cumul pref. stock
12,417,200
e Common stock, class A
97,001
f Com. stock, class B, 1st ser.
7,500
f Com. stock, class B, 2d ser.
7,500
Capital surplus
3,737,510
dividends,
With the exception
of 50,000 shares of Meridionale Electric Co. which are held in safekeeping
in Switzerland, all securities are kept in Italy and the securities themselves,
as well as the disposition of any proceeds of sales, are subject to the re¬
strictions at present in force in Italy.
The income on all securities, in¬
cluding the shares held in Switzerland, is being collected and deposited in
Italy and the disposal of such deposits is restricted also by governmental
regulations.
b Stated at the official parity of exchange of $.052634.
The value of these
lire will depend upon the terms under which they may be realized in U. S.
currency when, as and if, such realization is authorixed.
c Not to be
included in income until realized in U. S. currency, stated at the official
a
$11,708,594
Non-operating income
Net from railway
Unrealized income from lire
profits
21,888,930 21,254,682
Total
expenses
Earned deficit
1,453
Accounts receivable.
Unamort. discount
6,633,026
y
Net from railway
not
presented for payment17,520
Accrued taxes
12,005
Reserve tor expenses
lit.
21,888,930 21,254,682
1938.
Kansas Oklahoma &
35-yr. 6% gold debs, series A,
declared
508,417
12 Months Ended March 31—
Gross operating revenues.
391,879
196,886
Net loss for period
Reserves
Par value $1 per share,
z Deposited with trustee to guarantee
payment of workmen's compensation claims.—V. 150, p. 3204.
in
sales of securities
on
& secure. written off.
Prov. for U. S. inc. taxes
37,904
After depreciation and depletion of $12,393,426 in 1939 and
x
312,374
169,276
37,904
514,989
6,386,248
299,115
Federal taxes
Profit & loss surp.
for
prov.
159,637
42,806
964,862
617,368
42,227
1,000,000
889,316
270,070
(F. S.) Jacobs Co.—Earnings—
1,209,328
575,317
$1,789
2 ,001,630
$68,674
$1,494
3,737
Total income
Expenses
2 ,173,828
rec_
Deferred charges..
re¬
stricted lire.
32,422
—V. 150, p. 3205.
$34,337
Dividends
113,617
793,137
1940—12 Mos.—1939
Period End. Mar. 31— 1940—3 Mos.—1939
b Realization
89,670
S
Preferred stock..
Common stock..
Cash
Income:
a
S.
25,269
25,269
593,865
y
593,865
Paid-in surplus.-.11,124,721 11,124,721
465,000
Fund, debt of sub.
465,000
y
ins. organization
Other investments
a
Italian Superpower
U.
savings bonds..
Equity in mutual
301,846 no
After
x
18,611
13,500
2,044,868
35,500
383,375
of fixtures, &c
Capital surplus...
Approp. surplus..
par
z
and
1938
$
Liabilities—
$
Property accts—13 ,540,519 13,810,380
1939
1940
Liabilities—
1939
1939
1938
$
x
Inventories
Net profit
Preferred dividends
Common dividends
xLand, buildings,
leaseholds, &c..$2,030,239 $2,045,222
Cash
700,870
1,710,742
823,613
Accts.rec., &c
1,205,949
Inventories
3,128,833
3,556,888
z Deposits in closed
1939
Assets—
^
$28,008,524
$23,717,188 $26,947,882
23,550,608
24,184,020
26,377,953
3515
Consolidated Balance Sheet Dec. 31
Federal income taxes...
amortization, &c._
doubtful acc'ts
Uncoil, acc'ts written-off
Int.,
$3,602,904
568,582
$2,876,750
$3,781,775
174,658
$2,576,468
314,314
$4,169,486
$3,191,064
$3,956,433
715,000
409,640
527,000
435,645
y800,000
$2,776,260
y522,500
377,154
Prov. for
1,409
to expenses
Other int.,
on
subsidiary..„
Net
profit
dividends
Common dividends
Preferred
Surplus..
(no par)
share—..
Shs. com .stk .out.
Earnings per
y
180,609
151,644
$2,651,365
$1,894,641
cash discount
sales, &c
Net loss of
1,523
197,253
194,819
369,856
100,948
199,792
361,290
prof36,078
395,994
23,348
975,846
$1,457,265
597,780
548,076
$808,688
488.173
$786,791
483,173
$311,409
487.173
$2.65
$3.61
$1.76
597,780
854,303
597,780
488,173
$1,199,282
488,173
$4.21
Includes provision for Federal surtax on
$2,360,417
597,780
undistributed profits.
The Commercial & Financial
3516
Condensed, Consolidated Balance Sheet Dec. 31
1939
1938
$
$
Assets—
Cash
1,599,551
1,632,420
U. 8. Govt, secure.
108,000
1,489,411
2,011,688
1,166,812
Other market, sec.
Notes & acc'ts rec.
5,444,773
Inventories
Other assets
Invest,
663,901
affil. cos.
,318,950
Accrued Int.
2,576,098
5,329,130
642,000
(cost). 8,522,778
S
8,522,048
Property
30,303,815 29,722,101
Deferred charges..
290,853
231,872
*
779,706
141,064
133,534
15,725
17,213
1,345,254
1,204,902
149,445
122,043
8,880,000
149,445
421,706
1st
mtge. bonds
on
pref. stock
Div. on com. stock
Funded
Res.
debt
for
122,043
6% cum. pref.stk.
(par $100)
9,963,000
9,903,000
y Common stock.. 19,534,687 19,534,687
9,252,458
Surplus
50,975,849 50,099,412'
After
x
and
8,053,175
.....50,975,849 50,099,412
..
Net sales
Cost of sales &oper.exp.
1938
1937
1936
$15,476,229 $14,491,373 $15,688,669 $14,763,030
14,386,314
13,709,767
14,834,189
13,978,606
$781,606
$854,480
$784,424
60,460
50,926
58,596
64,371
207,932
48,615
207,735
52,682
178,037
60,000
10 cents per share in addi¬
dividend of 10 cents per share on the common
10. Extra of two cents
was paid on Oct. 2, last; extra of 10 cents was paid on July 1, 1939; one of
5 cents in addition to regular 10-cent distribution was paid on April 1,
1939 and an initial dividend of 10 cents was paid on Jan. 3, 1939.—V. 150,
page 281.
stock, both payable July 1 to holders of record June
Lanston
Monotype Machine Co. (& Subs.)—Earnings—
[Including Wholly Owned Subsidiaries]
Feb. 29. '40 Feb. 28. *39
Exp.
73,846
Dividends
-
fiscal year after provision for
$151,503
93,563
$167,390
92,741
$127,941
50,479
x After depreciation and taxes,
y Arrived at as follows:
Gross profit for
miscellaneous taxes. $89,892, depreciation
$90,555, and amortization of patents and improvements $61,542, selling
and administrative expense of $735,330, loss from operations, $10,136, add
interest and returns from investments of $67,588, total income $57,452,
provision for income taxes $12,484, net earnings (as above), $44,967.
Consolidated Balance Sheet
134,723
3,250,756
1939
602,028
Federal
taxes
$350,000
567,597
321,859
311,227
86,000
39,000
140,000
Accrd.A misc.liabs.
1938
$425,000
Notes pay. (banks)
Accts. pay. (trade)
140,000
on
income
173,495
Real estate mtges.
due 1941
Notes pay. (bank)
rec.
11,132
8,247
200,220
179,430
Fixed assets, less
625,000
(long-term)
xGold
surr.
notes
455,200
standing
3,154,700
1,443,940
$5 prior pref stk._
$8 pref. stock....
167,650
184,450
200,851
123,153
353
353
368,808
236,966
3
$6,196,741
$5,727,528)
3,119,267
$6,190,741 $5,727,528
Total
All gold notes were redeemed at Dec. 1, 1939.—Y. 150, p. 2429.
Calendar Years—
1939
1938
1937
1936
sundry oper. revenues $40,121,322 $38,189,387 $47,374,872 $37,153,513
Cost
of sales, excl.
of
depreciation
30,858,074
29,438,824
36,546,372
27,810,955
Sell.,gen.,adm., &c., exp
5,304,935
5,424,852
4,970,390
5,745,174
Net profit from oper.. $3,958,313
$3,325,711
$5,083,325
$4,372,168
165,196
753,209
118,803
108,627
1,036,234
74,196
144,212
1,668,394
279,657
210,612
$5,074,645
$4,306,350
$6,337,967
$6,530,832
1,291,938
1,038,088
1,376,850
1,213,577
1,074,386
12,406
908
1,154,168
1,765,246
87,557
80,127
176,034
60,660
12,544
Dividends received
Int. received & accrued-
882,587
68,549
Miscellaneous income...
....
Depreciation
Int. on term debt
Other interest charges..
Taxes
bond interest..
Amort, of dt. disc. & exp.
Cash discounts allowed.
on
75,855
113,977
77*093
32,618
30,065
50,225
68,524
77,828
5,875
61,113
148", 217
347*089
53,219
13,232
292,084
186,295
275,000
87,435
Canadian taxes
on divs.
Fed. capital stock tax
Taxes, &c.,
real
contingencies
$2,081,869
1,500,000
175,000
$1,126,521
900,000
$3,339,579
1,200,000
290,000
1938
$
1939
Liabilities—
$
Prop., plant and
106,966
21,900
77,689,928
2,814,601
notes
4,317,829
7,079,479
,
7,515,901
266,563
Uncompleted
$3,065,630
1,200,000
700,000
572,897
373,003
Other assets
384,003
Deferred
903,006
1,039,758
974,726
Items.
Mfg. prop. & invent'y in proc¬
ess
of
1938
$
$
43,364,172
43,364,172
20,000,000
20,000,000
d26,364,730
26,550,000
Term debt
Accts. pay. and
1,807,320
Acer. Fed. inc.
2,459,968
186,860
taxes
Oth.
interest
Due to
affiliate's
Oth.
curr.
crued
&
174,860
876,850
919,492
19,880,942
19,131,463
liabil
120,308
1,930,259
915,707
988,724
surplus.
11,154
9,722,928
9,415,201
4,297,760
4,297,760
Deferred
129,824,471 129,282,365
Current.
no
par shares
—v.
Amount
due
from
credits
Total
affiliates
129,824,471
(not current)
is
27,459
129,282,365
included in
b In progress of construction divisions,
c Issued,
100,000
d Includes $976,000 due within one year.
at stated value,
150, p. 3205.
in
t;,
:
Lehigh & New England RR.—Earnings—
1940
1939
1938
1937
$348,170
110,891
87,002
$398,571
176,783
137,005
$276,487
64,605
55,712
$443,450
193,097
150,436
1,343,091
435,665
338,951
1,256,940
416,421
339,387
1,027,679
174,626
156,589
1.328,220
April—
Gross from railway
..
Net from railway
Net ry. oper. income..
From Jan.
1—
Gross from railway
.
Net from railway
Net ry. oper. income..
361,269
290,938
—V. 150, p. 2730.
Lehigh Valley R R.—Earnings—
1937
1938
1939
1940
April—
Gross from railway
Net from railway
$3,532,661
$3,877,164
$3,156,539
$4,955,236
798,676
267,804
1.118,634
688,970
629,807
152,742
1,298,841
780,562
15,262,156
3,937,651
1,660,913
..
14,780,496
4,146,760
2,282,053
13,149,025
2.545,715
551,243
17,594,440
Net ry. oper. income..
From Jan. 1— •
..
4,573,866
2,610.070
—V. 150. p. 2885.
Corp.—Plans to Resume Buying Own Stock—
operation
of the corporation for
advised stockholders that in view of existing condi¬
purchases of stock
Liberty
retirement.—V. 150, p. 2429.
Aircraft
Products
Corp.—Grumman Aircraft
Seeks Purchase of 56,468 Shares of Common Stock—See Grum¬
Aircraft Engineering Corp.—V. 150, p. 2582, 1284.
man
(Marcus) Loew's Theatres, Ltd.—Accumulated Div.—
The directors have declared a dividend of
on
$3.50 per share on account of
the 7% cum. pref. stock, par $100, payable June 29 to
15.
Like amount was paid April 1, last, Dec. 15,
holders of record June
Sept. 30 and in June 1939, and dividend of $21 was paid on March
1773.
31, 1939.
—V. 150, p.
Libby, McNeill & Libby (& Subs.)—Earnings—
Consolidated Income Account
Mar. 2, '40 Feb. 25, '39 Feb. 26, '38
...$73,080,185 $66,306,931 $74,716,418
Years Ended—
Sales
57,467,602
57,171,355
68,173,380
.$15,612,583
7,440,653
1,215,595
$6,543,038
225,250
$9,135,576
8,896,754
1,246,129
1,283,597
b209,750
68,685
39,659
39,031
$5,094,0391oss$2540313
$3,901,269
.
Gross profit
Selling, adver. & gen. admin, exps
Provision for depreciation
Taxes (other than Federal income)
Provision for pensions
1,568,361
Doubtful accounts written off
Balance, profit
1940—20 Weeks—1939
$97,965,762 $91,660,359
3,886
3,916
—V. 150, p. 2885.
Laclede Power & Light Co.—Notes Authorized—
Securities and Exchange Commission approved May 28 an appli¬
Int.
on
funded debt, incl.
disposal of fixed prop., net.
_ .
519,601
268,363
100,845
24,223
7,943
527,081
250,401
527,622
171,253
211,162
26,338
857
Miscellaneous charges
Recapitalization
158,431
$4,059,701
amort, of
Loss from foreign exchange
on
113,194
116,340
debt discount and expense
Other interest
Loss
1,156,719
1,290,018
156,000
$5,210,3791oss$2427119
Other income
Total income
Kroger Grocery & Baking Co.—Sales—
Period End. May 18— 1940—4 Weeks—1939
Sales..
$21,048,261 $19,244,492
Stores
568,772
189,966
79,783
1,919,537
Res. for Ins., &c.
Capital surplus.
868,317
Earned
a
456,615
111,198
9,733
517,954
175,205
69,822
:,V:;/■>;
522,758
170,677
67,424
Cost of goods sold, &c
inc. tax contin
703,664
Total
1937
$175,978
67,693
34,127
Net ry. oper. income—
—V. 150, p. 3362.
ac¬
Res. for Federal
liquida¬
investments,
1938
$115,097
34,444
9,436
379,209
accr. taxes
Res. for deprec.
tion
1939
$127,204
41,789
14,815
1—
accumulations
payrolls
Accr'd
work
1940
$129,346
42,919
15,967
railway
Net from railway
Net ry. oper. income—
Lehman
Common stock
accr.
3,920,633
485,937
Due from affil.
Inventories
b
33,421,739
78,660,717
receivable
a
$8,657,797 $8,785,351
Total
Lehigh & Hudson River Ry.—Earnings—
The corporation has
Preferred stock.
c
33,195,958
3,918,177
&
3,901,957
April—
Gross from
..
Consolidated Balance Sheet Dec. 31
1939
Accts.
30,935
910,569
tions in the stock market it is the intention to resume
Common dividends
Cash
5,185,060
3,457,464
x After
deducting reserve for depreciation of $2,475,445 in 1940 and
$2,393,982 in 1939. y After amortization of $2,090,758 in 1940 and $2,038,164 in 1939.—Y. 149, p. 3117.
Gross from railway
104,500
Net income
Preferred dividends
Assets—
3,322,367
$8,657,797 $8,785,351
..
Miscell. deductions
Federal income taxes.
Res've for Fed. income
equipment
Investments
$142,827
5,181,360
Surplus
457"800
Rights,
franch.
pats.&impts... 3,911,016
Net from railway
Net ry. oper. income..
on non-oper.
estate
tax
y
From Jan.
Net sales of products and
income
Investments
$154,070
Capital stock
1,387,162
Gross from railway
Net from railway
Koppers Co. (& Subs.)—Earnings—
Net
Val.of lifeinsur..
Deferred charges..
x Fixed assets
Current liabilities.
1,285,112
200,315
113,892
3
Com. stk. ($1 par)
Capital surplus...
Cap. Burp, approp.
trade marks and
goodwill
Inventories
Feb. 29,*40 Feb. 28/39
Liabilities—
Feb. 28,*39
$811,815
$668,728
1,247,383
1,419,524
39,286
456,700
17,326
897,835
Cash
Notes & accts. rec.
Total
out¬
Earned surplus...
1,414,455
Feb. 29,'40
Assets-
Liabilities—
50,000
employees
x
52,737
$4.54
238,951
b49,000
reserve
Total
$3,575,328
51,859
$4,25
255,225
b65,000
Other invests., less
deprec. & amort.
Lasts, pats., dies,
$3,592,408
51,851
$1.36
244,091
39,000
$486,934
value,
life insurance...
$3,457,464
51,813
$0.87
_
Earnings per share
1938
140,265
3,771,347
156,645
120
$3,322,367
P. & L. surplus
standing ($100 par)
102.532
$496,075
Cash
$3,839,253
263,806
~70~23i
Accts. receiv., less
Notes & accts.
$3,801,431
209,024
35,668
1939
reserve
$3,664,867
207,402
24,559
Shares capital stock out¬
Consolidated Balance Sheet Dec. 31
Prepaid exps., &c.
3,578,528
$3,502,432
155,505
__
b Includes surtax of $24,000 in 1937 and $27,000 in 1936.
Merchandise
73
3,575,328
$337,278
188,837
Net income
Divs. on pref. stock
Cash
21,160
3,592,408
271,086
86,000
Prov. for Fed. inc. tax..
Assets—
5,657
3,457,464
78.544
Miscell. charges (net)
Provision for deprec. and
amortization
Feb. 28, *38 Feb. 28, '37
$220,374
$239,565
1,498
Adjustments-
a854
closed factory..
re
$70,960
y$44,967
Net earnings
Adj. applic. to prior yrs.
Foreign exch. ad just
Previous surplus
126,926
income tax
Interest charges
391,649
43,300
Lamaque Gold Mines, Ltd.—■Extra Dividend—
Total
$1,089,914
Repairs and maintenance
Taxes, other than Fed.
def31,365
Directors have declared an extra dividend of
Years Ended—
1939
142,228
defl86,357
def271,516
tion to the regular quarterly
x
(G. R.) Kinney & Co. (& Subs.)—Earnings—
109,840
defl52,210
def245,018
defl08,221
def216,071
..
Net ry. oper. income.
—Y. 150, P. 2730.
V. 150, p. 3205.
Calendar Years—
1937
$253,614
146,502
128,118
Gross from railway—
depreciation and depletion of S16.328.714 in 1939
1938.
y Represented
by 488,173 no-par shares.-—
in
1938
$34,138
def42,389
def63,939
190,978
railway
Net from railway
for
reserves
$15,332,835
Total
1939
$ 39,049
def24,723
def42,543
1940
..
.
Net ry. oper. income.
From Jun. 1—^
cxtraord.
obsolescence
Total......
Net from
RR.—Earnings—
$106,295
25,193
def20,599
AprilGrose from railway..
9,720,000
421,706
on
1,149,865
Accrued taxes, sal¬
aries and wages.
Dlv.
of
in sees,
1938
$
Accounts payable.
Due to affil. co
June 1, 1940
Lake Superior & Ishpeming
1939
Liabilities—
Chronicle
expense
-
Provision for income taxes
20,217
470,691
48,509
23,707
6,183
432",208
$3,782,2371oss$3354277
875,700
291,900
$2,777,792
a
The
cation of the company for exemption from the Holding
Company Act with
respect to the issuance of 42 promissory notes in the amount of $372,750,
representing the balance of the purchase price for electrical equipment
purchased from Westinghouse Electric & Mfg. Co. and the General Electric
Co.—V. 149, p. 3876.
Net income
i.
Preferred dividends
Common dividends—in cash
*.
In stock
Earns, per share on common stock—
$1.04
Nil
583,800
739,621
2,404.371
$0.89
Volume
Commercial & Financial Chronicle
The
150
Lone Star Cement Corp.
Comparative Balance Sheets
Assets—
Afar. 2,'40
Feb. 25, '39
S3,282,437
5,260,322
$3,785,070
4,566,733
Cash——
Notes & accts. receivable, less reserves—Trade
Other...
__
Inventories—-Finished product &
Ingredients and supplies
Other current
Growing
assets
crops
Investments
Fixed assets (less depreciation)
expenses and deferred charges
Other assets-—
Prepaid
Total
\
—
Liabilities—
346,645
532,275
23,192,551
2,684,601
1,436,119
550,309
128,625
17,473,591
530,427
41,200
materials-
raw
24,289,102
2,636,930
1,570,298
650,214
179,479
18,240,770
439,666
199,976
Calendar Years—
Sales (net).
—
_
_
-
$4,238,485 $11,953,159
1,396,401
2,198,063
1,028,293
1,967,272
330,000
10,670,000
_
9,062",656
_
-
6% cumulative preferred stock
Common stock (no par)
Common stock (par $7)
Capital surplus
Earned surplus—
1,684,278
170,469
150,000
9,730,000
17,222,695
1,944,289
173,367
_
_
Operating profit
Other income
„
_
_
$7,057,198
153,508
$6,950,705
z2,792.816
$7,210,706
2,819,219
1,256,104
$8,084,353
2,735,740
3,698
zl ,265,090
380,689
xl, 118,081
$3,561,094 z$2,901,784
3,137,014
2,885,516
$4,079,825
3,616,159
$2,892,717
1,947,456
$424,080
977,795
$16,268
977,795
$463,666
977,795
$945,261
967*235
a$3.69
_
$7,913,574
170,779
$7,547,381
2,674,040
Total income.
$6,783,630
167,075
z$2.97
$4.17
$2.99
Interest and amortiz.
Federal taxes, &c_„
_____
1,312,248
Net profit
Total
Balance, surplus.
com. shs. (no par)
per share
No.
x
Includes $5,000
($95,000 in 1936) provision for estimated surtax on
a On
profits,
y Including
treasury shares,
z Revised
965,823 shares capital stock, excluding 11,972 shares in treasury.
Consolidated Balance Sheet Dec. 31
1939
Assets—
a
receivable
Inv. insecurities..
b Plant
Consolidated Income Account for Calendar Years
1938
1937
1936
$4,050,598
$4,079,302
Liabilities—
$
sites, min¬
c
279,249
2.920,767
2,806,075
aside
273,327
accord,
In
Treasury stock
324,752
307,941
10,469,758 10,253,678
Dr406,725 Dr524,169
Total-.-
46,535,002 46,002,752
with Argen. law
2,541,890
$1,129,832
$1,273,227
$1,084,324
71,010
71,010
Surplus of sub. co.
in Argentina set
d
3,020,184
419,343
Common stock. .33.333,695 33,333,601
Consol. adj. acct__
Earned surplus.,
Total
from
liabilities.
def'd
eral lands .rights,
bldgs., mach'y &
equipment.
30,325,525 31,845,128
Bond disc't,
pre¬
paid exps., &c—
$1,265,353
Income
444,693
Insurance reserves
898,045
837,210
406,093
Res. for contlng. &
x
ing, advertising and
administrative exps-_
851,915
979,439
466,465
Prov. for taxes
1,380,900
5,174,251
1,973,720
$3,626,213
1939
$
$
Accts. payable and
5,355,425
accrued exps
1,347,736
5,086.396
1,988,408
Inventories
1938
1939
1938
$
7,527,688
Accounts & notes
defl7,573
Subs.)—Earnings—
._
undistributed
4,525",166
$55,112,462 $56,904,890
_y
Earnings
Cash
25,395,895
6,081,966
2,113,121
Sales, less returns, allow¬
ances and discounts-$4,285,537
Cost of goods sold, sell¬
$7,364,669
182,712
Deprec. and depletion
—V. 150, p. 3205.
Life Savers Corp. (&
1939
Common dividends—__
"
(& Subs.) —Earnings—
1937
1936
1938
$21,085,781 $20,458,971 $21,251,648 $18,516,087
Mfg. cost, sell., &c.exp_ 13,721,112
13,338,075
11,458,890
13,675,342
——$55,112,462 $56,904,890
;
Notes and drafts payable
Accounts payable
Accrued taxes,payroll, interest, &c._.
1st mtge. 4 % bonds, due March 1,1941 (current)
First mortgage 4% bonds
First mortgage 5% bondsVoluntary pension reserve
!
Other reserves..
General reserve
3517
46,535,002 46,002,752
After reserve for doubtful accounts of $276,813 in 1939 and $287,854
1938.
b After reserve for depreciation and depletion of $39,714,018 In
1939 and $37,753,096 in 1938.
c Represented by 977,795 no par shares,
a
securities,
n
interest and other inc.
71,132
54,016
50,937
60,353
$1,336,485
$1,183,848
$1,324,163
$1,144,677
227,954
192,121
197,159
4,144
167,480
6,946
62,949
20,656
Total income
25,465
106,955
126,117
d Represented by 11,972 shares at cost in 1939 and
for Fed. and
Canadian inc. taxes
__
Prov. for Federal surtax
15,429 shares in 1938.
—V. 150, p. 2731.
Provision
Long Bell Lumber Co.—Earnings-
_
1938
1937
1936
$4,389,273
901,370
$2,206,170
907,569
$3,617,634
943,787
$1,760,332
376,624
$1,298,601
280,659
$3,265,732
249,576
$2,673,847
171,306
$2 ,136,956
Foreign exchange loss..
Other losses and charges
$1,579,260
$3,515,308
$2,845,153
128,401
152,145
194,701
196,842
281,405
793,299
938,298
322,469
945,262
836,622
39,625
307,616
1,067,199
16*, 593
294,575
814,161
674,278
8,059
67,847
12,222
"8",286
13", 096
70,928
93,521
22,539
Calendar Years—
a
1939
Gross profit from sales $2,661,702
Sell., adm. & gen. exps__
Net profit.
$1,024,927
Adjustments of res. for
deprec. for prior years
Previous earned surplus1,024,696
$966,261
.
1,123,541
$844,134
$1,015,906
Other income.
5,352
878,034
790",075
707,587
Total surplus
Dividends paid-.-..
$2,049,623
893,727
$1,849,647
824,951
$1,805,982
927,948
$1,551,722
761,646
Balance, surplus
Earnings per share
capital stock-
$1,155,896
$1,024,696
$878,034
$790,075
$2.76
$2.90
$2.41
Other deductions—
Interest charges.
Prop, and impt. taxes
Depletion
on
$2.92
Includes depreciation of $80,002 in
1937 and $64,537 in 1936.
x
1939
Cash
Loans
1938
$1,140,752 $1,004,668
on
call
_
Munic .& other
Liabilities—
Miscellaneous
G.M. A. C. notesa Accts. rec.—trade
Other receivables.
Inventories
1938
$189,448
$151,788
982
1,449
227,000
866,163
192,143
collectible during 1937
Payable to transfer
20,748
494,674
_
Prov. for Federal income
payable
Acer. Fed. & Cana¬
1~50~609
agent on redemp.
105,900
accrued expen—
Div8.
dian inc. taxes.
b Land and
bldgs.,
mach.,equip., &c
Advertis'g supplies
780,026
815,663
and def. charges
109,976
135,131
Trade-mks., good¬
.
Res. for contlng..
28,000
(estimated)
1
12,752
175,613
13,477
175,613
Capital stock
Capital surplus
After deducting cost of goods sold, exclusive
and taxes,
b Profit,
c Deficit.
a
1,750,700
1,750,700
920,493
920,493
1,155,896
1,024,696
Treasury stock... Drl51,955 Drl51,799
Total..
$4,280,929 $4,078,560
a After
reserves of $9,831
($10,000 in 1938).
b After depreciation of
$1,093,741 in 1939 and $1,068,352 in 1938.
c 6,366 shares in 1939 and
6,357 shares in 1938.—V. 150, p. 3205.
Lily-Tulip Cup Corp. (& Subs.)—Earnings—
Calendar Years—
1939
Gross profit after deducttag cost of goods sold. $2,893,048
1938
1937
1936
W v-"'
$2,220,070
$2,137,315
$1,896,078
1,539,843
1,508,841
1,182,959
$1,200,605
6,765
$680,227
56,891
$628,474
6,602
$713,119
3,531
$1,207,370
129,596
217,881
$737,118
49,111
$635,076
45,708
172,797
$716,650
52,958
Admxn., selling and other
1,692,442
expenses
Operating income
Miscellaneous income
Total income
Misc. deduct, from inc..
Depreciation
Obsolescence, discarded
machinery
Hurricane losses
6,987
'
146,627
10,315
43,295
170,689
65,455
9,706
-
$412,081
331,693
def$45,03l
189,539
$1.18
$57,100
189,539
$1.80
$80,388
189,539
$3.60
—
per
$341,409
284,309
$454,770
189,539
Balance surplus-..
8hs.com.stk. (nopar)__
Earnings
$225,062
270,093
share
$2.17
1939
Cash
1938
$862,870
Notes payable
Trust
accept. & accts.
receivable (net).
yMach'y,
572,438
Miscell. assets
notes
275,846
200,000
1,360,981
101,853
400,000
29,617
x Common stock..
1,014,000
Initial & cap. surp.
405,350
Earned surplus... 1,704,548
30,802
1,014,000
405,350
1,249,778
1,395,903 Notes
105,629
goodwill...
110,431
97,860
trademarks
and
$273,230
200,000
and State taxes.
Deferred charges..
Pats.,
$315,457
200,000
3,258
24,857
equip.,
&c
deed
2
Trust
pay.
(1941).
deed
5,989
33,410
82,878
notes
(non-current)
$4,172,932 53,695,4371
Total
...$4,172,932 $3,695,437
Represented by 189,539 no par shares,
y After depreciation of $1,222.129 in 1939 and $1,072,325 in 1938.—V. 150, p. 3205.
—
x
April—
Net ry. oper. income—
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income—
—V. 150. p. 2886.
1940
$1,808,450
280,298
defl65,635
1939
$1,953,807
336,270
defl23,414
7,280,492
971,834
dcf592,116
notes
150,700
44,642
48,870
Taxes it assessm'ts
a
Timber
purch.oblig
Res.&unadJ. cred.
plant and
13,118,601
equipment
7,888,172
Sinking ' fund 5%
notes payable
1,771,000
stock
(par
2,316,000
$100)
13,777,800
Com.stk.(par $50) 9,884,150
Surplus
c7,983,990
15,302,800
9,884,150
12,276,963
—
412,757
Prop,
Deferred charges:
Pref.
—
18,773,703
•
Logging spurs &
612,966
extensions
Other prepd.exp
228,348
681,004
104,190
34,864,412 41,231,966
Total
34,864,412 41,231,966
Total
of $18,170,857 in 1939 and S12,437,856 inl938.
b Duecurrently.
c Capital surplus, $13,137,160, earned deficit, $5,153,170
balance capital surplus, $7,983,996.
Note—The company is reported to be contingently liable as guarantor
that the Longview Memorial Hospital, Inc., will pay $1,000 per month
from Jan. 1, 1939 to May 1, 1940, to provide a staking fund for certain
bonds issued by the hospital.—Y._148._P^3072._
After depreciation
Ry.—Earnings—
Gross from railway
1937
$2,092,462
426,704
39,819
6,828,015
958,025
def418,508
7,774,042
966,355
def366,354
$653,905
-
213,211
Net from railway.
121,140
Net railway operating income
From Jan. 1—
■
„
railway
Net from railway
Net railway operating income
—V. 150, P. 2886.
2,621,261
912,330
511,322
Gross from
—
$572,163
189,347
98,227
2,284,490
720,624
384,841
Long Bell Lumber Corp.— Balance Sheet Dec. 31a
Invest,
in
b Notes
Long
$9,692,022
132
1,769
Cash, demand dep.
depreciated cost
-
.
1
1
$9,692,156 $9,693,792
payable.
.
Accounts payable.
Accrued interest—
1938
$21,000
905
'!
870
287
189
Capital stock... 9,500,000
162,464
Surplus--..-——
9,500,000
171,733
c
Furn. & fixtures at
1939
$28,500
Liabilities—
1938
1939
Assets—
Total
1938
$1,800,125
368,546
def47,374
1939
1940
April—
Total
—$9,692,156 $9,693,792
Certificates of beneficial interest for 100,780.1 shares of common stock.
Stated at the amount applicable to such shares, based upon net assets of
a
that company as indicated by its records as
effect to values appraised and estimated by
at Jan. 1, 1935, after giving
officials of that company as
b Certificates of ..beneficial interest for 7,100 shares of
common stock of the Long Bell Lumber Co. pledged as collateral,
c Class A
common, no par value, preferred as to dividends at $4 per share per year
and in liquidation to $50 per share plus unpaid accrued dividends (dividends
have been paid to Sept. 30, 1927); authorized, 750.000 shares; outstanding.
at
7,154,502
942,834
def615,107
on
146,662
Long Island RR.—EarningsGross from railway
Net from railway
Accrd.int.
Recelv. for capital
assets sold..—
7,280,608
timber)...
Lands, excl. of mill
and yard sites..
359,911
90,000
173,700
16,200
48,884
40,500
50,355
52,105
Est. prov. for Fed.
income taxes.—
bTimber pur.oblig.
Accts. with subs..
Stum page (stand'g
760,303
220,005
181,628
16,200
105,264
24,300
34.995
46,592
assessments
Sundry notes and
accts., less res've
Bell Lumber Co.$9,692,022
Total.
823,488
215,105
Accrued taxes and
2,304,136
604,852
1938
539,749
(current)
873,345 Accrued expenses.
13,327 Reserve for Fed'l
1,155,857
13,302
6.338,119
215,588
500,404
5
commls'
sions, &c
2,431,874
Louisiana & Arkansas
1939
$664,819 Accounts payable-
Notes, drafts, tr'de
Mdse. Inventory..
Investments
Liabilities—
wages,
2,729,880
6,585,750
44,433
Invest, in subside.
498,622
Receiv. from subs. 2,173,596
Sundry securities.
375,035
1938
$
V
Trade accts. pay.,
~
Consolidated Balance Sheet Dec. 31
Assets—
Liabilities—
$
Special funds
83,279
9,631
$682,217
227,447
777,696
recelv., less res.
Inventories
a
.
1939
1938
665,359
Tr. notes & accts.
12,074
surtax
Net inc. to surplus
Common dividends
b$419,371
b$1.87
of depletion, depreciation
Balance Sheet Dec. 31
1939
Assets—
206,028
Res. for Fed. inc. tax
Federal
203,306
b$617,805
b$3.83
$537,549
c$3.33
$91,969
»c$0.78
_
Cash......
-...$4,280,929 $4,078,560
500,000
Net loss
Earns, per pref. share—
of
scrip, ctfs.not
yet presented
tax
Earned surplus
will, &c
Total
841,029
Portion of Longview Co.
acct. written off as un¬
Accts. payable and
485,000
558,874
349,636
156,469
43,488
684,495
sees
Prov. for red. of amts. for
investments in subs.
1939
368,313
88,900
U. S. Govt, secur.
Prov. for depreciation
Plant moving expense
Fire fighting expenses
1939, $92,496 in 1938, $66,805 in
Consolidated Balance Sheet Dec. 31—
Assets—
and assessments
that
date,
The Commercial & Financial
3518
par;
for
1940
1939
1938
$609,209
128,124
$843,900
47,000
$358,198
$481,085
155,452
223,565
262,200
$202,745
75,042
$257,520
37,124
Oper exp.,Incl.
$796,900
Fed. tax 10.586,862
10,209,602
10,258,261
8,602,782
$939,104
$727,236
62,334
$1,842,777
$1,493,907
60,244
94,398
$789,571
155,436
127,514
$1,903,021
157,513
$1,588,305
197,673
112,769
323,202
Operating income
87,519
Other income
$1,026,626
147,246
Total income
Interest
Geophysical and admin, exps., lease
rentals, taxes, leases abandoned, &c
Other income..
$11,525,966 $10,936,839 $12,101,037 $10,096,688
Grossrevenue
$399,811
41,613
3 Months Ended March 31—
Operating expenses.
144,370
114,742
Minority interest
Provision for taxes
158,291
482,021
95,698
$534,700
200
$1,105,200
360,000
600,000
$1.84
$620,266
$410,922
180,000
90,000
Sh8.com.stk.out.(no par)
600,000
600,000
Earnings pdr share
$1.03
$0.68
a Does noi include British subsidiary in 1939.
Net profit
Common dividends.....
$277,787
38,055
Net income
Earnings per share
—V. 150, P. 3363.
$294,644
66,501
$534,900
81,900
$239,732
$0.08
Total income
Depreciation and depletion
$228,143
$0.08
$453,000
$0.15
(& Subs.)—Earns.
$11,615,650 $10,908,785
3,553,556
Maintenance
644,146
..
1,300,000
Appropriation for retirement reserve
Amortization of limited-term investments
Provision for Federal and 8tate income taxes
616,594
$4,296,346
217,057
,
.....
Gross income
1,030,450
160,227
31,105
250,000
37,000
160,227
87,760
24,903
250,000
37,000
Cr7,478
24,962
$2,985,984
311,616
956,892
Accrued liabilities.
690,456
621,705
1,049.021
Notes pay. to bank
250,000
105,913
Accrued taxes
451,976
208,966
Divs.
Inv. In assoc. cos.
558,619
138,689
500,307
87 273
70,653
fe ins.
Prepaid & del. exp.
~.c3,862,772 b5,191,483
Real estate
marks &
$1,631,064
$1,198,198
1,719,000
916,334
1,179,207
3,000,000
6,216,158
2,902,735
3,673,415
holders'
goodw.10,112,233 10,068,838
a
Interest
Capital surplus
19,475,329 20,258,068
Total
19,475,329 20,258,068
Total
6,216,158
Represented by 600,000 no par shares, b After reserve for depreciation
$1,681,436. c At cost less depreciation, after charging
off all expenditures for alterations and financing and reducing the assets
by $1,210,328 in 1939 incident to the transfer of the real estate from a
wholly-owned subsidiary to McGraw-Hill Publishing Co., Inc.—V. 150,
p. 2583.
a
and revaluation of
McKeesport Tin Plate Corp.—Earnings—
1939
Years Ended Dec. 31—
Sales, less discts., returns and allow..$15,376,926
Cost of goods sold, oper. exps & dep.. f12,661,295
1938
cl937
$1*,944,526 $16,666,098
elO,374,222 abl4179,213
1,676,424
Earned surplus, beginning of period
56,000
18,500
Adjustment of reserve for doubtful accounts
Adjustment of taxes prior years
Insurance refund and interest applicable to prior
$2,486,885
$1,570,303
1,859,959
245,097
dl ,694,661
$410,275 loss$534,753
44,447
$792,223
115,672
$482,246 loss$490,305
$907,895
$2,715,632
f2,008,061
Gross profit
Selling, gen'l & admin, expenses
Provision for doubtful notes & accts.
297,296
_
25,154
years
Dividends received
on
30,545
18,640
Items previously charged or credited
Miscellaneous (net)
profit
Net
deposit in closed bank pre¬
viously written off
Other income
"""345
credits
71,971
—
Total profit
240,000
Dividends
on
interest applicable
and
to prior
$178,487 loss$679,238
2,419
$2,211,917
Earned surplus, end of period....
&
$1,719,000
a Direct to surplus (which were applicable to the period prior to May 31,
1936 and which consisted of (a) $29,621 of the above dividend received on
deposit in closed bank and (b) miscellaneous prior years' charges and
credits to surplus) transferred to contingency reserve in a net amount.
—V. 150, p. 3205.
Louisville & Nashville RR.
April—
1940
$7,688,696
1,945,503
1,378,706
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
31,446,725
7,344,105
4,760,590
Net from railway
Net ry. oper. income
-Earnings877,095
238,701
$5,938,993
1,047,713
454.043
26,978,415
6,061,142
3,560,492
24,328,567
3,991,401
1,634,708
$5,773,171
Ab of March
1937
$7,646,244
2,048,907
1,509,488
29,789,927
7.537,534
5,377,108
—V. 150, p. 2886.
management expenses as elements of cost of manufacture, and the in¬
ventories produced thereafter include an applicable portion of such charges.
b The amount of depreciation charged to operations was $425,142.
For Federal income tax purposes the amount to be claimed is estimated
" '
not include earnings of McKeesport Tin Plate Co. Jan. 1 to
16, 1937.
d Includes extra compensation of $19,185 to officers
and employees.
e There have been charged to operations for the year 1938 Federal, State,
and local taxes in the total amount of $399,723.
The amount of depre¬
ciation provided for was $482,681.
For Federal income tax purposes the
amount to be claimed is estimated at $703,000.
f Depreciation provided for in 1939 amounted to $648,458 which is the
same as will be claimed for Federal income tax purposes.
c
Does
March
Balance Sheet Dec. 31
1939
1939
1938
1937
4,819,593
$8,273,737
4,502,813
$7,963,886
4,375,203
$8,100,696
4,334,491
$3,872,066
$3,770,924
$3,766,205
448,676
Years End. Mar. 31—
1940
Bullion recovery
$8,691,659
Operating costs
649,871
602,061
$3,588,682
635,441
$4,521,937
802,679
$4,372,985
660,045
$4,224,124
626,306
$4,214,881
654,510
$3,719,257
$3,712,940
$3,597,818
$3,560,372
13,596,759
Operating profit
12,145,858
11,537,172
10,424,048
Other income
Total income
...
Taxes
Net income
Previous earned surplus.
Transf. from inv. acc't..
receivable, trade 3,250,171
Inventories
6,379,788
$
$
Accts. pay., trade.
Accrued liabilities.
647,325
187,307
350,477
209,081
Misc. accts. pay'le
30,515
Liabilities—
2,138,918
Notes and accts.
3,358,341
4,833,277
Est.
16,705
Federal
add'l
25,943
and State taxes.
Investments & ad¬
6,000,000
6,000,000
52,516
and equipment. 12,958,721 13,063,848 Com. stk.(par $10) 7,275,840
Patents
1
1 Earned surplus—. 3,930,553
Deferred charges^
195,287
220.998 Paid-in surplus.— 6,848,582
48,360
7,275,840
3,967,975
6,848,582
Dr2,728
Dr2,728
vances
(at cost).
b Property,
202,838
758,845
219,256
Other assets
752,915
Funded
debt.
Res. for workmen's
insur..
compen.
plant
c
25,133,080 24,577,065
Total
Sundry adjustments
14",849
4,165
6,566
40,017
$17,322,583 $15,862,963 $15,149,839 $14,277,504
Dividends
3,192,000
1,197,000
1,995,000
1,596,000
9,293
Non-resident div. tax
Treas. stock
87,638
320,180
8,981
135,039
3,973
properties
743,414
1,000,000
1,000,000
for deple.
of mining properties__
Prem. on N. Y. funds
purch. for divs
Sundry charges
217,793
5,609
Total...
25,133,080 24,577,065
a Less reserve for doubtful notes and accounts and discounts and allow¬
ances
of $440,803 in
1938 and $219,536 in 1939.
b After reserve for
depreciation of $12,003,186 in 1938 and $12,668,380 in 1939.
c 88 shares
at cost.—V. 150, l). 2105.
McKesson
Prospecting & explorat'n
expenditures on outside
res.
a
1938
1939
$
1,376,941
Cash
253,068
Purch. of N. Y. funds..
Total
Assets—
1938
S
Mclntyre-Porcupine Mines, Ltd.—Earnings—
Transf. to
1937 labor and expense normals at the can manu¬
16,
facturing division were reviewed and revised, resulting in a reduction of
book inventories of finished goods and goods in process as of that date in
the amount of $50,049, which the company charged to earned surplus.
The cost methods employed at the tin plate manufacturing division were
revised as of March 17, 1937 so as to include depreciation and a portion of
at $803,000.
1938
1939
$757,655
Cr32,540
Net profit
21,883
Adjustment of gas and fuel stock inventories
Miscellaneous debits
65,080
42,361
42,799
81,600
15,629
years
42,432
Other expenses
Provision for Fed'l normal income tax
Recovery of deposit in closed bank...
1,239,129
1,163,893
capital stock
deficiencies
$2,980,012
146,500
14,699
Interest
$3,393,859
Total..
Tax
12,760
1,223,517
Common stock. 3,000,000
stock¬
Earned surplus
preferred stock of Louisville Gas &
Electric Co. (Ky.) held by public
3,507.600
320,625
23,752
Minority
copyrights, subscrip. lists, trade
90,000
903,750
Deferred income..
titles,
408,648
90,000
payable
Obligs. due serially
Mtge. upon land &
buildings
3,356,400
Reserves
1
1
Furn. & fixtures..
Publication
1,354,920
Cr6,266
Interest charges to construction
Miscellaneous deductions
a
366,585
1,094,606
121,443
$2,553,118
1,354,920
Amortization of contractual capital expenditures..
ncome
Accounts payable.
Other assets
Cash value
1,030,450
Amort. of flood and rehabil itation expense...
on
2,176,271
$4,136,039
Other interest
__
rec.
Accts .& no
S
$
Liabilities—
$
S
1938
1939
1938
1939
$3,926,888
209,151
Interest on funded debt
Amortization of debt discount and expense
Net
1,157,071
$4,513,403
Net operating income
Other income
Dividends
1,426
1,428
1,135,601
684,573
Taxes
Balance.
3,379.603
602,203
1,225,000
$954,660
72,250
578,000
$1.65
2,413,373
1,016,044
Cash
Inventories
1939
1940
Years Ended March 31—
Operating revenues
Operation
!
Condensed Consolidated Balance Sheet Dec. 31
Assets—
Louisville Gas & Electric Co. (Del.)
1936
1937
1938
al939
-Earnings-
Exploration Co.
1940
Years
Consolidated Income Account for Calendar
outstanding scrip, 185 shares.—V. 150, p. 2731.
Louisiana Land &
June 1,
McGraw-Hill Publishing Co., Inc. (& Subs.)—Earnings
outstanding scrip, 62 shares. Class B common,
authorized, 550,000 shares; outstanding, 542,384 shares; reserved
593,859 shares; reserved for
no
Chronicle
&
Robbins,
Inc.—Trustees' Report—May Be
Reorganized This Year—
.
1
.
'
William J. WardaJl, trustee, in a report mailed recently to creditors and
stockholders, covering operations for 1939, disclosed that he was pressing
negotiations for reorganization of the big drug firm in the hope that apian of
reorganization could be filed "before the summer vacation period."
He
stated that this would be necessary if a plan was to become effective by the
close of 1940.
Earned surplus
Shares
$13,821,179 $13,596,759 $12,145,858 $11,537,172
capital stock
outstanding (par $5)__
Earns. per sh. on cap.stk
798,000
798,000
$4.66
$4.65
798,000
$4.51
798,000
$4.46
1940
Asseis—
Shares
of
vances
and
to
466,094
other
104,845
$
133,226
128,733
57,976
24,935
148,920
97,608
1,224,272
85,320
Pro v.
for
1,069,185
19,191,6201
sundry
liabilities, &c...
1,029,304
923,534
13,596,759
244,542
244,049
...20,506,622
19,191,620
Capital surplus
Total
„
a After
deducting $4,747,387 reserve for depletion giving the mining
properties a nominal value of $1 and after deducting depreciation reserve
of $5,104,282, giving plant and equipment a value of $706,818 (in 1939 total
for depreciation and depletion was $9,805,251).—V. 150, p. 695.
an
disclosed
Wardall said would make reorganization very
earnings
That according to the consolidated balance sheet of
an increase of $4,300,000 in net assets over the
was
due largely to the accumulation of earnings and
was made for interest on debentures in 1939.
Dec. 31, 1939,
previous year,
to the fact that no provision
(2) That the consolidated deficit as at Dec. 31, 1939, had been reduced
$5,135,613, from the $9,417,084 existing at the close of 1938.
(3) That net profit for the year before debenture interest was $4,281,470
or more than twice the profit of 1938, although net sales increased only
1.4%.
This was due primarily, he said, to a reduction in selling and general
expenses of approximately $2,200,000.
(4) That the consolidated statement of income and profit and loss for
1939, based on present capitalization, indicated earnings of $1,600,000
applicable to the 1,282,983 shares of common stock.
These earnings, the
trustee said, are after provision for debenture interest and amortization
and preference stock dividends.
(5) That net profit for the first quarter of 1940, after reorganization
expenses, was $963,186 compared to $638,565 in the previous year.
This
to
Earned surplus___13,821,179
Prov. for taxes
(1)
there
silicosis
assessment.....
."As
The trustee's report brought out:
186,002
for
and
20,506,622
1939
3,990,000
Pro v.
321,035
Bullion
635,161
340,105
Marketable securs.16,265,694 16,291,227
Accts. & int. rec'le
121,666
101,969
Supplies
463,980
361,598
Total
$
Capital stock
3,990,000
Accounts payable.
195,696
Dividend payable.
885,780
Payrolls
1,139,272
deferred Items..
Cash
1940
Liabilities—
ad¬
mining cos
Prepayments
a706,819
a
valuation is the basis of any reorganization
plan," the trustee commented., "demonstration of increased earning power
should increase the value of the assets for reorganization purposes.
much easier
1939
$
plan being agreed upon in the near future.
The auditors' statements, made public in the trustee's report,
formula for
improved earnings which Mr.
Balance Sheet March 31
Min'g prop., plant
& equip., &c._.
discussions were in progress between him
involved, which it was hoped would result in a
The trustee said that active
and the various interests
of
Volume
The
150
Commercial & Financial Chronicle
the effect of further reducing the net deficit to $4,200,000 and in¬
creasing the equity for the common stock to approximately $2,200,000.
(6) That he expected to recover $863,000 in Federal income taxes as
refund of payments made on fictitious income over a period of years.
An
additional $75,000 in tax refunds from various States would be recovered as
soon as settlements are completed with the Federal Government, he said.
(7) That up to April 30 last, under court orders, a total of $264,863 in
cash had been paid to merchandise creditors having claims of less than
$1,000.
(8) That the return on the capital invested in the two major depart¬
ments as at Dec. 31, 1939, showed a substantial increase for the year over
the figures for the first nine months.
The return in the wholesale drug
department rose from 8.48% to 10.47%.
Liquor operations showed an
increase in return from 3.75% to 6.41%.
This was occasioned by the fact
that the last three months is usually the best quarter.
The return in the drug manufacturing department decreased from 12.99 %
to 8.50%.
This was accounted for, the trustee said, by a different method
of apportioning the amount of capital employed and by returns of mer¬
chandise and expenses caused by new iabei requirements of the Food,
Drug and Cosmetics Act.
Mr. Wardail in his report gave credit to the executive officers of McKes¬
son & Robbins and to its entire personnel for the better earnings of 1939 and
the come-back of the business, which, he declared, "could not have been
successfully carried out without the enthusiastic and wholehearted support
had
organization."
He also expressed his appreciation "to the
several thousand suppliers whose products the company distributes and to
the retailers who are the customers of the company and who have remained
loyal throughout a difficult period."
Discussing the recovery of assets believed still to be in the hands of
Coster's associates, Mr. Wardail said that he intended to press maims against
Coster's estate "and all persons who took part in the defalcation and frauds
against the company," but had delayed formal action pending the con¬
clusion of the criminal trial in Federal Court.
'Trial ended in conviction
of the
3519
(R. H.) Macy & Co., Inc. (& Subs.)—Earnings—
Comparative Consolidated Profit and Loss Statement '
53
,
^
•1 •'
~
Weeks
52
R.H.Macy&Co.Jnc. 84,973,550
Davison-Paxon Co.
Total.
oper.
13,254,145
12,449,682
128.045,945 121,888,098
490,401
487,703
2,855,821
2,800,835
123,025,546 119,348,531
I.
I
143,186
820,000
580,000
871,000
4,000
965,000
15,000
3,387,326
632,505
loss
423,963
2,839,079
2,032,336
427,429
3,662,317
631,732
4,226,990
547,083
4,019,831
est.
2,680,188
2,459,765
4,294,049
4,774,073
377,442
on
...
on
87,239,606
30,752,022
12,361,212
13,676,542
N.
Y.
World's Fair
debs, written off.
Prov. for Federal tax...
Surtax
^
90,980,960
31,636,695
and
exps._
Depreciation.
of
e52 Weeks
^
130,433,687 125,223,909 135,871,800 130,441,311
—
administrative
Interest paid.
Weeks
82,758,268
30,104,428
L. Bamberger & Co.. 31.783,594
Lasalle & Koch Co. &
Portion
52
^
1,1
Costs, selling,
Weeks
Jan. 28, '39 Jan. 29, '38 Jan. 30, '37
Feb. 3 '40
__
jN ©1} sales;
undistr. profs.
Operating profit
d Other income..
entire
sentencing of certain officials and suit for recovery of $5,000,000 from
See details in V. 150, p. 3363.
also said that he was m process of negotiating a settlement with
representatives of directors who are executive officers of the company, in
respect to claims for personal liability for payment of illegal dividends and
for legal negligence prior to the trustee's appointment.
The settlements
being discussed involve only possible civil liability, the trustee declared,
stating that as far as he knows no assertion has been made by any one, re¬
flecting on the honesty and integrity of these officers in their conduct of the
business.
"v.. .-?• •'
He said he was hopeful that the settlement of such claims could be made
without disrupting the organization or harming the business.
Notification
has been given by the trustee to all directors of the claims which he is
preparing to assert.
Net profit
Dividends
He
61,184
holders in profits and
loss of subsidiaries
Drll4,090
Drl07,981
4,179,959
4,604,908
15,953,695
c36,165
Drll3,192
Drl09,538
3,906,639
16,646,477
f7,919
2,350,227
17,536,361
19,886,588
3,313,807
Cr61,521
CV12.175
21,569,192
3,158,653
870,585
c,3,593
20,594,768
4.131,559
See b
Miscell. deductions
20,561,035
3,314,123
Cr35,398
18,859
Balance, surplus.....
Shs .com .stk .out. (no par)
Earnings per share.....
17,263,451
1,657,574
$2.36
16,646,477
1,658,824
$1.42
17,536,361
1,655,618
$2.52
16,463,210
1,503,835
$3.06
Net applic. to common
stock of R. H. Macy
and
estate and others.
preferred
on
stocks of subsidiaries.
Int. of min. com. stock¬
& Co., Inc
Previous balance.......
Adjustments
Total surplus...
..
Cash
dividends.
Fluctuation
._
_
-
16,463,210
a926,023
.
,
Mr. Wardail also referred to a possible claim against Price, Waterhouse &
Co., former auditors, based on legal negligence.
He said he was studying
the testimony taken in the Securities and Exchange Commission's ex¬
amination of this firm to determine whether a cause of action exists.
Consolidated Statement
Comparative
1938
1939
Net sales
Cost of sales.
..
_...
Calendar
1937L h
Income for
of
149,010,802
.125,376,194
back thereto
1936
146,907,245 155,077,796 134,849,565
123,357,016 130,438,128 113,654,690
23,634,608
23,550,229
24,639,669
21,194,875
Sell. & general expenses.
18,2.33,463
507,642
20,433,530
20,476,591
469,834,
17,381,599
438,009
525,006
for variations being adjusted annually.
Accordingly, the reserve
$750,000 previously provided out of earned surplus has been added
as of Jan. 30, 1937, as well as $176,023 due from the private
bankers as of that date because the market prices of its securities ex¬
ceeded cost less reimbursements made by the corporation in earlier years,
b During the year ended Jan. 30,1937, appreciation of securities and profits
on
their sale aggregated $276,102.
c Charges arising from issuance of
treasury stock as compensation to employees, and from other capital stock
transactions,
d Income from securities, from radio broadcasting and from
reserve
of
Years
Gross profit on sales..
Deprec. & amortization.
miscellaneous non-trading sources (net).
for comparative purposes,
reclassified
4,893,503
577,681
2.591.693
605,501
3,693,243
688,327
3,375,267
645,456
Total income.5,471,184
3,197,194
4,381,570
4,020,723
Net profit from opers.
32,623
1,030,310
214,750
Miscellaneous charges.
x Prov. for Fed. inc. tax.
161,015
252,455
609,442
142,659
398,719
187,183
44,762
358,680
419,404
63,755
342,309
253,582
Net profit.-------
4,415,649
1.376.694
2,313,662
2,202,397
on
debs.
Interest paid—other....
Losses
of
non-consoli¬
dated sub.
4,400
_
Reorg. exp. paid by trus.
Recoveries by trustee un¬
der fidelity bond, &c._
of the
v
•
■
Comparative Consolidated Balance Sheet
a281,472
_
Feb. 3, '40
Assets—
Cash
hand and demand
on
Marketable
$5,252,882
deposits
securities
2,266,615
j.
Regular retail.
on
-- — -
3,162,102
15,640,202
245,020
.....
hand
.
Merchandise in transit.
1
645,245
1,315,930
743,000
Sundry debtors
____..
c Land, bldgs. & equipment not used in store oper.
Investment in Macy's bank
N
Y. World's Fair debentures at cost...
______
120,342
106,273
consolidated._._
15,176
Deposit with mutual insurance companies.
129,853
Miscellaneous assets, w,
439,405
e Land & buildings on land owned and leased—_
44,002,978
f Store fixtures
4,863,276
__
Loans to employees
......
5,313,640
....
v-b Instalment terms
Merchandise
.
Cr147,294
__
Investment in foreign subs., not
Net profit
a
2,313,662
1,376,694
4,281,471
Exclusive of reorganization expenses of
2,202,397
$175,000 paid by trustee and
general expenses as part of the normal operating
of the business.
(For footnotes relative to 1938 income state¬
V. 149, p. 418,)
included in selling and
expenses
ment see
:Comparative Condensed Consolidated Balance Sheet Dec. 31
Assets
1
'
1939
V 1938
Cash in banks, on hand and in transit......
$13,057,470
$8,368,585
19,228,212
Notes and accounts receivable, less reserves.
18,944,128
"
31,366,635
Inventories
28,770,296
1,864,241
Other assets, less reserves
1,366,422
797,922
Investments and advances
558,950
Operating properties, less reserves for depreciation
5,818,289
6,295,063
and amortization.
Real estate purchase option and equity in leased
91,160
89,114
property, less reserves for depreciation, &c
379,504
449,668
Non-oper. properties, less reserves for deprec., &c.
561,770
485,637
Taxes, insurance, &c., prepaid charges
rV.~
1
Goodwill, trademarks, trade names, &c.__
Jan.
28, '39
$4,180,954
5,096,666
Notes & acc'ts rec.—customers of subsidiaries—
a
cos.
shares
:
1,073,622
85,058
911,489
180,451
Int. & amortiz.
e Some of the figures have been
f Credit arising from repurchase
corporation's common stock at prices below the
average stated amount of capital per share.
of
Other income._____
effect, retroactively from the beginning of the
Adjustments to give
a
29, 1938, to the revision in the policy of accounting with
respect to securities owned by R. H. Macy & Co., private bankers.
Profits
and losses on sales of securities are now reflected in the earned surplus, the
year ended Jan.
f:nventory of supplies
Delivery equipment..
335,341
—
274,315
1,190,277
___.
Unexpired insurance, prepaid taxes, &c_—;.
Unamortized serial note and mortgage expenses..
Def. portion
112,915
143,186
of est. loss on N. Y. World's Fair debs.
7,000,000
h Goodwill.......
5,161,470
1,274,369
14,724,193
194,773
515,704
1,403,261
498",000
104,873
33,231
106,986
353,843
45,620,497
5,079,508
339,311
266,962
847,327
93,133
7,000,600
_
Total
Liabilities—
.
r_
______
Accounts payable—Trade creditors
—
Trade creditors for merchandise in transit.
Trade acceptances payable,
Accounts payable
12,617
2,780,893
__
14,703
6,392,805
6,333,801
1,327,324
828,787
45,779
632,470
held by
bankers, deposit
department
For possible assessments of taxes for prior years.
account
accrued liabilities..
estate
...
payable in connection
purchase contracts
with
real
Reserve for Federal taxes..
Due to non-consol. sub. and associated cos.....
Minority interest in subsidiary company
1 Common capital stock
——
134,608
57,959,427
d
Dr82,578
17,263,451
Treasury stock
Earned surplus
Total.
...
7,967
1,583
—
___—
40,351
$8,403,314 $11,238,237
Reserve for self-insurance.
Deferred income.—
Total.
Notes
Acceptances payable.....
Accounts payable
payable on pref.
tested by the trustee
Dividends
Due to non-consol. wholly-owned sub. cos
20-year 5 H % convertible debentures
Accrued interest on debentures to Dec. 7, 1938Reserve for contingencies
Total
...
Common stock
Deficit
Total
—
-
^
682,520
1,007,059
8,407,961
452,801
110,634
Dr27,728
15,725,000
88,347
307,841
—.$29,549,608 $30,418,827
30,298,200
30,298,200
6,414,915
6,414,915
5,135,613
9,417.084
J-
$69,539,974 $68,953,095
—V. 150, p. 3363.
income taxes
Earnings per share on common
150, p. 3053.
—Y.
of $288,100 in
x
1940
1939
and Federal
$927,919
.
$1.02
1940
$199,505
1939
$135,372
1938_
$103,829
$6.37
Net income
y
$4.24
$3.19
Earnings per share
After taxes, interest and other
stock, $50 par.—V. 150, p.
Maine Central
charges,
y
J?37
$240,798
$7.75
On 30,000 shares of common
1773.
RR.—Earnings—
Period End. Apr. 30—
1940—Month—1939
1940—4 Mos.~ 1939
Net oper. revenue
Taxes
Equipment rents—Dr..
Joint facil. rents—Dr—
Net ry. oper.
Other income
income.
(rentals, in¬
terest, &c.)_.
$969,648
749,348
$942,481
704,402
$4,263,718
3,063,176
$4,139,625
2,995,921
$220,300
76,707
28,588
22,043
$238,079
67,502
25,828
27,025
$1,200,542
314,079
117,290
91,206
$1,143,704
269,021
$92,962
33,219
$117,724
36,422
$677,967
132,721
$636,238
141,549
$126,181
$154,146
$810,688
$777,787
166,726
171,053
661,216
679,338
x$40,545
Operating revenues
Operating expenses
Gross income
McLellan Stores Co.—Earnings—
12 Months Ended April 30—
Estimated net profit after charges
..—$93,317,974 $92,895,064
-
reserves
of $271,625 in 1940 and
3 Mos. End. Mar. 31—
x
452,801
98,202
Dr27,728
15,725,000
88,347
291,631
75,316
317,471
50,000
139,791
57,959,427
Dr38,932
16,646,477
Mahoning Coal RR.—Earnings—
3,608,935
be con¬
stock, to
Due to associated company.
Preference stock
3,252,993
682,520
1,007.067
7,923,318
payable to banks
...
payable to others and accrued interest
thereon to Dec. 7, 1938
After
reserves
Liabilities of McKesson & Robbins, Inc., debtor:
Notes
194,773
2,915,562
829,412
399,203
11,036,000
1940 and $267,100 in 1939.
b After
$196,739 in 1939.
c After depreciation of
$137,743 in 1940 and $180,642 in 1939. d 2,365 shares in 1940 and 1,115
shares in 1939.
e After depreciation and amortization of $20,186,598 in
1940 and $18,879,150 in 1939.
f Less depreciation of $5,852,866 in 1940
and $5,297,925 in 1939.
g After depreciation of $237,292 in 1940 and
$218,787 in 1939.
h At the rate paid for one-half interest in 1914.
i Rep¬
resented by 1,659,939 no-par shares.—V. 150, p. 2886.
a
639,444
33,832
31,699
35.3,493
50,000
—
—
Wages, salaries, local taxes, commissions &e.f
Instalments
$2,370,564
Reserves—For decline in prices of securities
1,377,623
9,910
unsecured
245,020
3,359,836
9,936,500
For insurance—
Acceptances payable, secured
$2,816,379
421,351
credit balances—/_
Long-term debt
Liabilities—
Liabilities of trustee and consol. sub. cos.:
Bank overdrafts
.
Dividends payable.____
Miscellaneous
-..—-.$69,539,974 $68,953,095
...
___.
Accrued liabilities
R, H. Macy & Co., private
Total..
$93,317,974 $92,895,064
Feb. 3, '40 Jan. 28, '39
-
x$17,807
$149,472
$98,449
Deductions
$868,148
$0.94
x
Deficit—V. 150, p. 3053.
138,294
100,151
The Commercial
3520
Financial Chronicle
Minneapolis & St. Louis RR.—Earnings
Metropolitan Edison Co.—Earnings-
Operating expenses_
$13,113,101 $11,954,709
o»039,951
.
Net from railway
Net ry. oper.
791,627
1.277,136
669,592
1,200,000
Federal income taxes—
671.367
Other taxes
990,751
567,100
909,546
$4,342,249
1,408,233
$3,629,790
1,505,626
$5,750,482
1.747,306
67,122
$5,135,417
1,752,693
Maintenance
Provision for retirements
.
Operating income
Other income (net)
Gross income
*
Interest on long-term debt
Other interest
133,568
Amortization of debt discount and expense
Interest charged to
28,473
133,568
Dr31
CY673
construction
$3,803,160
1,276,317
Net from railway
Net ry. oper. income
—V. 150, p. 3364.
1938
$675,811
84,604
12,521
defl2,441
2,626,222
428,830
93,291
2,639,908
379,295
69,644
def122,580
......
—V. 150, p.
$2,527,341
-
-
.
$ 1,944,335
3364.
1940—Month—1939
$1,046,592
$882,665
34,304
45,517
A
359,72/;
$1,020,876
$4,446,083
$3,676,650
196,448
243,443
228,269
232,753
684,659
952,243
36,728
497,077
50,287
35,830
492,783
50,846
140,513
2,053,868
195,260
2,031,567
204,583
$149,814
x$19,605
$419,540
x$358,440
100,536
91,489
379,506
368,501
$49,278
*$111,093
21,996
13,407
$40,034
*$726,941
12,321
49,080
52,719
$16,357
11,540
*$146,497
13,495
x$61,206
42,248
x$839,086
$27,896
-3,212
x$133,001
x$18,958
3,160
14,530
x$790,750
13,994
$24,684
of way
x$136,161
x$33,489
&
„„„
equipm't
Transportation expenses
General expenses.. — —
Extend Bonds—
applied to the Interstate Commerce Commission for
permission to extend, from Nov. 1,1943, to Nov. 1, 1963, the maturity date
of $200,000 first mortgage gold bonds, and the maturity of $165,500 ad¬
justment income mortgage bonds, and to reduce the interest rate on the
first mortgage bonds from 5% to 4%, and interest on the adjustment bonds
180,331
152,730
370,972
$1,173,796
Total revenues......
Maintenance of
$3,136,597
92,693
other revenue
Maintenance
1940—4 Mos —1939
$3,922,380
92,900
Passenger revenue
Traffic expenses...
Middletown & Unionville RR.—To
2,553,080
248,158
(Excluding Wisconsin Central Ry.)
30—
Freight revenue.
structural expense
Balance
1939
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earnings
Period End. Apr.
$3,220,652
1,275,819
Net income
Dividends on preferred stocks
income...
Gross from railway.____
$656,921
54,648
def38,674
2,802,170
488,557
159,125
Gross from railway
4,978,681
1937
$667,305
95,993
1940
$724,270
85,263
12,427
Avril—
1939
1940
12 Months Ended March 31
Total operating revenues
June 1, 1940
749,300
914,795
134,845
The company has
for traffic interchange with the
and the New York, Ontario & Western
roads, which, it was stated, will be "extremely advantageous."
By ex¬
tending the bonds and reducing the interest rates, the carrier said It would
be able to meet its interest requirements.
Holders of 80% of the first
mortgage bonds have agreed to the proposal, and holders of $78,500 of the
The road has entered into an agreement
Net ry. revenues
Taxes...
—
Net after taxes
20,600
Hire of equipment
Rental of terminals
59,426
52,160
New York, Susquehanna & Western
4359,
income bonds have assented.—V. 137, p.
Middle West Corp.—To
Inc. before interest--
Int. being accrued & pd-
Purchase Securities of Subs.—
announced that the
The Securities and Exchange Commission May 24
sidiary companies.
According to the application, the company desires
to purchase on any national securities exchange for cash at the market
shares of the stock of five subsidiary companies not to exceed the following
amounts:
7,000 shares of$7prior lien pref. stock of Central & South West Utilities Co.
7,000 shares of $7 pref. stock of Central & South West Utilities Co.
5,000 shares of 7% pref, stock of American Public Service Co.
5,000 shares of 7% prior lien pref. stock of North West Utilities Co.
15,000 shares of $6 pref. stock of Central Illinois Public Service Co.
30,000 shares of capital stock of United Public Service Corp.
The company also filed an application (File 70-68) for approval of the
sale by it to Ralph J. Green of Kansas City, Mo., of 41,385)^ shares
of common stock of Missouri Public Service Corp. for $6.75 a share.
This
represents all of the s(;ock holdings of the Middle West Corp. in Missouri
Public Service Corp.
The proceeds of the transaction will become general
funds in the treasury of the company.—V, 150, p. 3364.
Valley RR.—Earnings—
Gross from railway
Gross from railway
$97,251
22,531
15,008
$119,077
47,593
30,529
421,684
190,557
116,684
398,126
140,425
68,619
472,192
219,980
145,552
v
447,492
202,777
123,133
Net from railway
Net ry. operating income
—V. 150. p. 2888.
1937
$102,566
40,269
$104,669
34,738
16,842
Net from railway
Net ry. operating income
From Jan. 1—
1938
1939
1940
April—
30.400
Midvale Co.—To Pay $1.50 Dividend—
on
Directors have declared a dividend of $1.50 per share on the capital stock,
payable July 1 to holders of record June 15.
This compares with $1 paid
April 1, last: $3.50 on Dec. 16, last; $1.25 on Oct. 2, last; $1 on July 1,
1939 ; 75 cents April 1, 1939; $2.50 Dec. 17, 1938; $1 Oct. 1, 1938 and 75
cents July 1 and April 2, 1938.—V. 150, p. 3207.
Miller & Hart,
Inc.—Registers with SEC—
Net operating income
1938
$5,205,578
$4,879,718
3,291,580
3,519,393
$1,773,096
3,256
$1,686,185
40,313
$1,588,138
15,398
Gross income
$1,776,352
Interest deductions
476,738
Prov. for retirements and replacem'ts
271,308
Amort, of debt discount and expense
$1,726,498
475,859
258,838
$1,603,536
470,981
249,844
86,521
7,914
86,072
7,778
Non-operating income
(less premiums)
86,556
7,914
__
Amortization of pref. stock expense..
x Interest on indebtedness of Ameri¬
can Gas & Power Co
93,948
93,948
$941,665
127,031
$991,314
128,077
80,386
86,655
$736,203
$782,851
$659,697
32,391
29,250
units
Net
x
income after pref. divs. and
income payments
Received on account of prior year
accruals
Balance Sheet March 31
1940
Assets—
$
Prop., plant
equipment
Cash
555,619
559,863
430,188
supplies
390,961
cur. assets
7,167
"Y, 970
18,281
879,982
966,538
112,290
82,437
90,351
56,913
67,929
35,383
10,416
5,501
9,885
con v.
Pref. stk. selling &
exch. expense..
Rate litigation exp.
Unamort. leaseh'd
improvements..
charges
100,000
279,961
273",326
156,960
156,960
debt
on
other
debt
17,915
Other
1st
curr.
not
10,610
8,669
105
630
13,756
Net ry. oper. income—
From Jan. 1—
15,724
2,872,840
2,661,631
2,256,700
defl3,676
258,720
19,640
19,257
252,984
22,924
defl7.156
1937
$80,734
1§,739
8,430
-
Gross from railway.....
268,951
Net from railway..
Net ry. oper. income—
36,569
207
-
.
304,303
54,568
14,986
—V. 150, p. 3365.
Missouri & Arkansas
April—
Ry.—Earnings—
339.933
57,346
13,351
15,341
2,125
Gross from railway.....
382,473
Net from railway
Net ry. oper. income
1937
$99,590
6,059
1938
$61,962
def.3,276
defl3,121
319,152
20,924
def24,953
366,249
44,667
def8.882
1939
$85,781
17,554
1940
$95,576
Gross from railway
Net from railway
81,504
29,867
21,214
7,503
—V. 150. p. 2888.
Missouri Illinois RR.—Earnings—
1940
$161,178
62,574
35,280
1939
$145,537
48.472
20,269
1938
$91,322
20,717
7,052
1937
$120,271
35,307
659,114
Gross from railway
Net from railway
628,769
264,059
149,522
344,205
73,768
10,498
476,625
1939
$6,062,401
790,960
29,234
1938
$5,783,331
687,796
defll0,238
1937
$7,414,128
1,529,333
582,525
25.216,507
4,499,537
1,082,388
24,883,314
3,991,387
538,072
31,002,730
7,473,912
3,396,810
1937
$1,146,315
4,019.951
984,680
496.575
._
282,924
Net ry. oper. income...
176,318
14,323
158,540
74,985
—V. 150, p. 2888.
Missouri Pacific RR.—Earnings—
V
1940
$6,377,819
1,092,251
operating income
282,012
April—
Gross from railway
Net from railway.
Net ry.
Fmm Jan.
1—
Gross from railway
Net
operating income
—V. 150, p. 3054.
ry.
Mobile & Ohio
27,166,880
5,442,996
2,063,553
\
•
RR.—Earnings—
1940
$978,990
218,998
72,381
1939
$999,119
233,064
91,414
1938
$894,909
168,687
23,942
3,738,771
654,941
97,148
3,782,370
737,651
186,309
3.880,800
783,629
207,202
April—
Gross from railway
Net from railway
Net ry. oper. income-..
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
—V. 150. p. 3207.
341,771
204,286
Modine Mfg.
Co.—Extra Dividend—
Directors have declared an extra dividend of 25 cents per share in ad¬
dition to the regular quarterly dividend of 50 cents per share on the com¬
mon stock, both payable June 20 to holders of record June 10.
Dividend
was paid on
March 20, last.
75 cents on Dec. 20, last, and
previously regular quarterly dividends of 25 cents per share were distributed.
—V. 150, p. 1444.
of 50 cents
Monongahela
Ry.—Earnings—•
1940
$393,952
1939
$50,917
def18,641
def60,105
1938
$245,876
146,353
56,346
1937
$273,996
238,564
122,557
1,729,129
1,033,334
558,292
1,076,041
575,254
211,669
965,301
524,599
145.687
1,595,944
940,949
488,341
Gross from railway
Net from railway..
1,561,137
2,200,000
330,845
1,595,755
2,200,000
320,534
48,466
57,791
Net from railway
Net ry. oper. income
2,256,900
Earned surplus
llq'd'n
value
of
partic. units out¬
standing.
2)7*1,851,426 2M973808
Capital
surplus. .10,308,667 10,308.667
142,642
40,370
—V. 150. p. 3365.
Moore Drop Forging
Directors have declared
a
Co.—To Pay $1.50 Class A Dividend
dividend of $1.50 per share on the class A stock,
payable June 10 to holders of record May 28.
Like amount was paid on
April 15, last; dividend of $3 was paid on Oct. 27, last; dividends of $1.50
per share were paid on Aug. 1 and on May 1, 1939; dividend of $3 paid on
Nov. 1, 1938; $1.50 on Feb. 1, 1938, and dividends of $6 per share were
paid during the year 1937.—V. 150, p. 2585.
Mulling Mfg. Corp.—To Vote on Bank Loan—
Holders of $7 preferred stock at
1938
$53,063
def4,428
pref.
stock,
($100 par)
$5 inc. part, units.
a Common stock..
Total
Represented by 44,000 no par shares,
tion units reacquired.—V. 150, p. 3207.
1939
$64,489
2,746
def7,094
1940
$65,619
9,510
518
Net from railway
From Jan. 1—
Gross from railway
depos.
cum.
Llquld'n
a
99,901
325,627
Mississippi Central RR.—Earnings—
April—
Net ry. oper. income
Reserves
30,871,650 30,417,0581
8,118,595
1,103,646
.
April—
S6
(contra)
1st
6,908,187
108,045
def794,210defl,102,989
108,112
income
Gross from railway
659,014
11,416
liabs..
Unad) usted credits
b Excess of
Total
Net from railway
Net ry. operating
pref.
pref. stock
red.
7,136,067
286,778
8,270,139
1,179,565
—Y. 150, p. 3054.
15,928
697,700
10,574
on
series, called for
94,081
gas
Other def.
630
76,725
Notes payable
stocks
22,428
expense
84,032
Accounts payable.
Acer. int. on fund.
Acer. divs.
105
Unamort. debt dis* count and exp_.
depos.
Accrued taxes
1st preferred stk.
called for redem.
(contra)
Prepaid expenses.
& extens.
$2,321,333
607,197
$
Consumers' meters
Acer. int.
435
deposits
Spl. depo8. for $6
Natural
1939
„
1937
1938
$1,821,278
155,559
defl39,982
From Jan. 1—
Gross from railway
Long-term debt...11,772,000 11,772,000
Accts.recelv. (net)
Mdse., materials &
Miscell.
1940
Liabilities-
$
26,536,601 25,957,767
2,011,150
1,997,601
148,743
231,490
Investments
Insurance
1939
and
„
1939
$1,906,029
153,178
defl22,926
1940
railway
$2,159,275
Net from railway
345,581
Net ry. operating income
60,200
$882,810
136,457
78,430
-Net income..
Dividends on preferred stocks
Income
payments
on
participation
Including Wisconsin Central Ry.
April—
"Net from railway
7,829
x$804,744
v
Net ry. oper. income
From Jan. 1—
1939
$5,594,019
3,820,923
expenses
deficit.
April—
1940
revenues
on
Gross from railway
Net from railway
Minneapolis Gas Light Co .—Earnings—
Operating
Operating
bonds, &c
Loss
Gross from
—
department.—V. 149, p. 4180.
12 Months Ended March 31—
x
Net ry. oper. income
From Jan. 1—
v
on
See list given on first page of this
48,336
Balance before interest
corporation filed an application (File 70-66) under the Holding Company
Act in connection witn a proposal to purchase securities of certain sub¬
Midland
"
Net after rents
Other income (net)
30,871,650 30,417,058
b Over cost value of participa¬
on
a special meeting on June 15 will vote
the company obtaining a bank loan in the
$1,150,000 maturing in instalments over a period of seven years
June 15. 1947—V.
150. p. 3207.
a
proposal to consent to
amount of
to
Volume
The Commercial
ISO
& Financial Chronicle
Motor Products Corp.—50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable June 10 to holders of record June 1.
Last previous pay¬
ment was the $1.50 distribution made on Dec.
8, 1937.—V. 150, p. 3207.
Nashville
Chattanooga & St. Louis Ry.—Earnings—
April—
1940
Gross from railway
Net from railway
$1,288,120
288,179
Net ry. oper. income
From Jan. 1—
Gross from railway
1938
1939
175,631
$1,216,838
234,377
121,278
$1,104,199
234,994
126,017
4.942,731
1,121,133
677,474
1937
$1,336,816
4,427,009
751,878
325,075
310,871
199,953
541,938
5,189,353
1.021,241
632,557
—V. 150. p. 3055.
National Gas & Electric Corp. (&
Period End. April 30—
Gross
revenues
inc.
after
Newport Water Corp.—Funds Released—To Pay Bonds—
A lien placed by lawyers on the sum of
$1,904,000 deposited in
port (R. I.) National Bank by the City of Newport as payment for
1940—12 Mos.—1939
$1,542,221
$1,333,161
.
retire-
'
'
28,699
20,917
Net income
.
233,091
133.630
298,263
203.298
22,320
14,338
—V. 150, p. 2889.
National Sugar Refining Co.—No Common
the
following
statement
after
a
As a result of this release
the bank will be able to pay off the $1,764,000 first mortgage bonds, of the
company with interest and premium.
The Newport National Bank is
trustee under the mortgage.
The bonds were called for payment May 1
The lien
for
a
was
placed by the Providence law firm of Swan, Kiney &
meeting
New York Central
1940 amounted to $4,686,017 as
compared with $4,207,299 for the corresponding four weeks in 1939, an
increase of 11.38%.
The number of stores in operation decreased from 1,098 in 1939 to 1,057
at May 18, 1940.
Average sales per location increased 15.68%. —V. 150,
Net from railway
Net ry. oper. income...
From Jan. 1—
Gross from railway
Operating
revenues
Maintenance
_
Other oper. expenses...
Taxes.
Depreciation...
5,346,653
1,593.059
Corp. (& Subs.)—Earnings
1940—Month—1939
$415,790
$430,086
421,023
18,290
160,661
169,414
47,981
45,066
49,801
51,484
1940—12 Mos.—1939
$5,292,201
$5,572,065
248,873
251,268
2,145,820
2,297,207
564,582
569,550
581,668
605,362
1937
1938
$22,947,750 $30,677,027
" 4,187,407 " 4,038:472
7,967,661
4,205,629
82,340
14,705
115,956,481 103,031,160
93,005,7v»4 124,701,645
32,132,270
25,707,420
21,286,217
14,335,000
17,389,567
9,591,304
4,545.427 defl,716,403
Net ry. oper. income._
—V. 150, p. 3367.
New York
April—
Chicago & St. Louis RR.- -Earnings-
1940
$3,553,465
1,074,889
1.074,889
income—
544,23 1
544,231
Gross from railway
Net from railway
Gross from railway
1939
$2,994,804
765,187
301,728
14,987,774
12,963,095
4,566,669
3,775,163
1,866,460
Net from railway
Net ry. oper. income
2,359,746
1937
1938
207,649
$3,570,395
1,170,495
616,390
11,179,549
2.495,200
666,741
15,024,161
5,371,551
3,078,920
$2,705,698
615,460
—V. 150, p. 3209.
New York
Period End. April 30—
RR.—Earnings—
"
1940
1939
Gross from railway.....$27,944,405 $23,822,995
3056.
Nevada-California Electric
$1,195,797 of the purchase price
April—
Net ry. oper.
From Jan. 1—
National Tea Co.—Sales—
Sales for the four weeks ended May 18,
Smith
claim of $190,000for compensation as counsel for the Water company.
This lien is now protected by the remaining
of the water system.—V. 150, p. 846.
Net from railway
Dividend
directors'
"While the operations of the company for 1940 to date continue to show
improvement, existing conditions are so unusual that it was thought best
to forego any dividend action at this time."
Last payment was 25 cents on Oct. 2, 1939.—V. 150, p. 2432.
p.
the New¬
the water
system of the corporation has been released.
Subs.)—Earnings—
1940—Month—1939
$136,963
$119,324
ment accruals
Company issued
held May 28.
aircraft carrier Hornet.—V. 150, p. 3209.
at 105 and interest.
4,976,821
982,527
Net from railway
Net ry. oper. income
Operating
3521
In addition to the merchant vessels, two capital ships are being built
for the U. S.
Navy, the 35,000-ton battleship Indiana and the 20,000-ton
Connecting RR.- —Earnings—
April—
1940
$195,869
126,507
89,095
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
1937
$254,080
1938
1939
$178,836
128,071
60,062
$183,778
118,863
80,535
202,547
144,464
*
819,930
565,771
424,903
Net from railway.
Net ry. oper. income
1,005,449
680,572
449,377
197,447
916,777
682,519
526,045
816.913
577,726
—V. 150, p. 2890.
Net oper. revenues...
2,543
$145,831
2,409
$1,751,258
31,351
$1,848,677
28,691
$138,868
110,984
$148,240
112,274
$1,782,609
1,350,834
$1,877,368
1,382,738
6,752
1,029
6,809
1,114
81,398
13,581
83,085
14,807
$20,102
$28,042
$336,796
$396,738
4,312
18,272
45,755
25,930
56,902
$136,324
Other income.
Gross income.
Interest
*;
Miscell. deductions
Net income
Profit
retire, of bonds
on
and debs, (net)
Other misc. debits
1,446
(net).
Earned surplus
a
Available for redemption of bonds, dividends, &c.—V. 150, p. 3209.
$18,656
$23,729
$309,312
$365,765
Ry.—Earnings—
April
Gross from railway
Net from railway
Net ry. operating income
—V. 150, p. 2734.
England
1938
1937
$60,121
30,562
20,793
$41,950
13,383
7,726
$64,941
34,987
26,896
235,660
129,375
92,108
...
1939
$66,930
40,909
30,342
railway
railway
income
Net ry. operating
From Jan. 1—
New
RR.—Protective
216,055
101,999
69,197
162,823
52,317
34,280
225,309
107,338
78,013
Gas
&
Electric
Association—System
Output—
Net ry. oper. income
Income available for
1940—Month—1939
1940—4 Mos.—1939
$6,443,365
$6,743,596 $26,625,595 $25,991,435
al97,585
513,754
al,715,597
2,098,782
.
709,836
422,788
b2,109,562
leases of the following companies were rejected on
below but net railway operating income includes the results of
The
properties: Old Colony RR., June 2, 1936; Hartford & Connecticut
RR., July 31, 1936: Providence Warren & Bristol RR., Feb. 11,
1937: Boston & Providence RR. Corp., July 19, 1938.
b Effective as of these dates, no charges for the stated
included covering the Old
leased rentals are
Colony RR., Hartford & Connecticut Western
RR., Providence Warren & Bristol RR. and Boston &
complete account for the operated sys¬
tem, includes charges for accrued and unpaid real estate taxes on Old
Colony and Boston & Providence properties and accrued and unpaid charges
against said properties for Boston Terminal Co. taxes and 1940 bond In¬
terest.—V. 150, p. 3367.
c
For the purpose of showing the
New York Ontario & Western
1940
April—
year ago.
Gas output
or
is reported at 95,553,000 cu. ft., an increase of 6,028,000
6.73% above production of 89,525,000 cu. ft. in the corresponding
ago.—V. 150, p. 3367.
year
New Orleans & Northeastern
April—
Gross from
railway
railway
operating income
Net from
Net ry.
From Jan. 1—
Gross from railway
Net from railway
Net ry. operating
—V.
150, p.
income
2889.
April—
Net from
railway
railway
Net ry. operating income
From Jan. 1—
income
—V. 150, p. 3367.
1940
$259,493
92,473
35,473
1939
$247,027
90,882
38,580
1938
$262,382
93,171
34,047
1937
$272,644
119,571
57,523
1,030,515
358,464
140,912
950,193
321,516
107,200
961,288
259,555
36,987
1,085,848
New York
Directors
on
435,375
947,461
378,037
395,836
Gross from railway
Net from railway.
Net ry. operating income
or
1940
Gross from railway
Net ry. oper. Income—
From Jan. 1—
962,364
368,029
370,565
971,518
423,199
421,933
1,170,009
605,121
545,198
Net ry. oper. income—
—V. 150, p. 3368.
& Dry Dock Co.—New
Period End. Apr. 30—
—V. 150, p. 3367.
Net from railway
Gross from railway
Net from railway
Norfolk &
Directors—
Earle Bailie, Chairman of Tri-Continental Corp,, and Francis F. Ran¬
dolph, President of Tri-Continental Corp., were elected directors of this
company at a meeting held on May 23.
Tri-Continental Corp. headed an investment group which recently bought
the Newport News Shipbuilding and Dry Dock Co. from the Huntington
family, which had owned it since 1886, preliminary to the public offering
of two-thirds of the company's stock.
The investment group is retaining
one-third.
Other members of the board, who are all operating officials of the com¬
Williams, Vice-President
press revenues.*—...
Other transp. revenues*
Stock—
expense
and is the largest since July 1920, when 11,000 men were on the
1938
$253,276
85,769
Crl5,129
1,054,232
405,060
180,326
1,054,357
1,054,300
395,532
0109,964
377,989
089,702
1940—Month—1939
279,599
28,154
60,655
cility revenues—
Railway oper. revs...
$7,811,847
and struc.
931,938
1,703,974
146,799
1,739,986
17,598
192,139
1937
$327,176
140,475
69.240
1,206,667
467,664
206.023
1940—4 Mos.—1939
$3,885,041 $31,276,372 $23,499,746
306,910
26,134
1,166,832
117,719
1,115,807
107,934
37,764
246,680
180,491
$4,255,849 $32,807,603 $24,903,578
3,298,357
6,784,634
571,823
7.306,521
72,707
753,188
Cr62,350
2,737,559
1,106,232
$644,761 $14,082,723
594.145
4,734.372
$8,839,968
3,437,115
Railway oper. income $1,991,140
Equip, rents (net)
0299,816
(net)...
Drl5,154
$50,616
$9,348,351
Cr245,668 Crl,137,650
Drl6,103
Dr50,649
$5,402,853
Cr826,606
$2,275,801
53,930
$280,182 $10,435,355
68,726
132,434
$6,167,752
113,273
$2,329,732
177,602
$348,908 $10,567,789
178,417
• 710,602
$6,281,024
713,706
$2,152,130
$170,491
$9,857,187
$5,567,318
Mamt. of way
Maintenance of equip.
_
Traffic expenses
Miscellaneous operations
General expenses
construction work in progress is the largest in two decades and an
extra ship way is being rebuilt to supplement the seven now in use.
In all,
the company has under construction or under contract to be constructed
15 vessels with contract prices totalling about $135,000,000 and upon which
work equivalent to approximately $100,000,000 remains to be done.
1939
$262,795
96,793
Cr30,833
Incidental and joint fa-
Manager, and Edward A. Adams, Treasurer.
Collis H. Holladay, who
represented Huntington interests, has resigned from the board.
The invest¬
ment group comprising the new owners of the Shipbuilding company, in
addition to Tri-Continental Corp., include United States & Foreign Securi¬
ties Corp. United States & International Securities Corp. Stone & Webster
and Blodget, Inc. A. C. Allyn & Co., Inc. Dividend Shares, Inc. Massa¬
chusetts Investors Trust, Chicago Corporation
Harriman Ripley & Co.,
Inc. Ladenburg, Thalmann & Co. Adams Express Co. First York Corp.,
and American International Corp.
Employment at the company's plant at Newport News, Va., has reached
a 20-year peak of 10,450 men, J. B. Woodward Jr., General Manager, an¬
nounced on May 28.
This is an increase of approximately 2,550 over a
15,484
outstanding 17,850 shares or 7%
$247,168
87,387
39,276
$7,443,438
Frieght revenues . _ _
Passenger, mail and ex¬
Transportation rail line.
Pa^hip
373,520
Western Ry.—Earnings
General
year ago
2,301,231
Susquehanna & Western RR.—Earnings—
April—
1937
Jr.,
1,986,857
a
$268,196
118,046
107,161
Woodward
130,197
53,282
arrangements for a bank loan to cover the $2,400,825 retirement
and to add to its net working capital.—V. 160, p. 2735.
86,114
pany, are: Homer L. Ferguson, President
Roger
William Gatewood, Vice-President
William B.
1937
$632,454
def947
def328,783
Shipbuilding Corp,—To Retire Pref.
1938
$231,467
91,760
94,720
Newport News Shipbuilding
^
24.50
total
freferred share, on July 1 atof $134.50 a share. and accrued dividends of
stock
the call price of 110 The company is making
New York
1939
$225,160
81,800
2,312,874
364,351
defl3,559
1938
$428,440
def45,191
defl23,939
225,271
Ry.—Earnings—
1940
$230,234
86,112
87,617
23,681
May 27 voted to retire the
a
New Orleans Texas & Mexico
Gross from
Gross from railway
Net from railway
Net ry. oper
RR.—Earnings—
Ry.—Earnings-
1939
$585,056
110,004
1,645,727
def7U,643
def370,078
_
$428,910
5,880
def76,795
Net ry. oper. income
From Jan. 1—
a
Providence RR. Corp.
leases
'
ft.,
1,664,913
dates stated
operations of
Western
Gross from railway
Net from railway
V
2,855,976
2,367,474
b758,698
c^Net def. after charges.
"a
,
360,053
charges..
This is an increase of 752,294 kwh., or
10.14% above production of 7,420,445 kwh. for the corresponding week a
week
to
Earnings for April and Year to Date
Period End. Apr. 30—
Total oper. revenue
l
For the week ended May 24, New England Gas & Electric System reports
electric output of 8,172,739 kwh.
cu.
Committee
protective committee for the preferred shareholders of the Boston
Holding Co. has been authorized by the Interstate Commerce
A
these
1940
Gross from
Net from
Haven
New
Commission to intervene in the New Haven reorganization case.
fixed
a
Nevada Northern
York
Railroad
Amort, of debt discount
and expenses.
New
Intervene—
Transp. for investment.
Net ry. oper. revs
Railway tax accruals—
017,959
$3,097,372
Joint fac. rents
Net ry. oper. income.
Other inc. items (bal.)._
Gross income
Interest on fund.
debt..
Net income
—V.
150, P. 2735.
685,230
1,286,896
132,834
1,320,668
15,966
172,508
Cr3.015
5.684,844
543,020
6,353,769
65,303
691,497
Crl2,382
Dr61,707
New York
1940
$367,468
61,551
9,840
April—
Gross from railway
Net from railway
Net ry. oper.
1939
corresponding week last year.—V. 150, p. 3368.
compared with the
Pacific RR.—Earnings—
Northwestern
1940
$273,747
defl,179
1939
$256,410
def7,700
1938
$2 18,636
defl24,513
1937
$287,658
def8,784
def32,407
def34,025
defl54,658
def31,825
918,181
911,223
Wetfrom railway.
defl59,588 defl35,526
Netry. oper. income— def281,769 def239,410
712,446
def488,631
def603,000
income—
1,155,892
16,276
def81.726
North American
railway;—oper. income—
1,533,913
310,043
97,053
Net ry.
GroXom^'afl^ay
2736.
—V. 150, p.
Ohio Associated
Period End. April 30—
-Earns.
Light & Power Co. (& Subs.)
1940
12 Months Ended March 31—
Total operating revenues
Operating expenses
Maintenance
—
—
"taxes
Provision for income
$451,321
125,541
63,180
1,300,630
118,076
def68,785
1,362,785
162,088
def23,066
81,047
railway
Ndtfrom
19.37
$357,939
60,060
8.770
$382,248
79,184
25,998
1,339,453
114,458
Gross from railway
Net from railway
Net ry. oper. income-—V. 150, p. 2891.
Grow from
1938
Appropriations for depreciation reserves
Operating revenues
Uncollectible oper. rev--
1939
$15,427,191 $14,979,449
6,058,035
5,824,021
614,232
728,652
1,193,671
1,144,186
466,000
609,904
2,354.764
2.218.855
Telephone Co.—Earnings—
$4,740,489
1,228,713
$5,969,202
Gross income
Interest Charges
BcilctHCG
•''
'
m.
Int. charges of No.
4,
«« 4# «. M
to prop. & plant-subs
m—> ** m m
m
-»
M m m m
Amer. Lt. & Power Co
mfm
,
Balance carried to consolidated deficit.
-V.
Cr31,737
893,329
$2,586,888
1,017,494
$2,413,170
Other interest charges
152,550
24,918
Cr20,912
893,329
$3,399,118
985,947
Amortization of bond discount and expense
Int. during construction charged
Dividends on preferred stocks of
1,697,126
31—'
1940
$3,845
North Texas Co.
Period End. April 30—
loss$55,524
L-2
« 1940— Month—1939
$1,378,114
759,730
199,428
146,940
$1,349,817
745,210
198,867
146,724
$27,563
$272,016
$259,016
30
32
$272,047
141,188
$259,048
138,904
$130,859
10,642
$23,724
10,291
Gross income
on equip, notes,
&c.
$27,563
$13,434
778
Balance
$14,645
12,918
986
$113,814
3,435
$120,217
38,340
$10,224
$81,877
$71,230
43,258
$12,656
2,846
bonds: 3% fixed.
Balance
$13,659
$9:810
Bal. before bond int..
42,584
37,931
3 % income interest on bonds
Net income.
-V. 150, p. 2891.
$27,972
$43,946
Northeastern
Water
Period End. Mar. 31-
&
Electric
1940—3 Mos.—1939
Balance
1940—12 Mos.—1939
255,663
21.405
26,699
55,724
55,545
21,046
$186,063
45,285
$185,584
44,720
Prov. for Fed. inc. tax__
expenses
Maintenance
Operating income
-
973,555
115,477
192,636
216.969
154 231
$661,484
255,174
$751,993
185,599
$916,658
469
7,034
1,747
33,094
1,775
$180,714
91,579
$171,998
91,579
$735,777
366,317
$658,646
366,317
$89,135
) ,419
$369,460
$292,329
$230,304
51,438
306
2,325
1,435
4,074
339
&c__
Minority interestNet income
Divs. on pref. stock
Oklahoma
-
1940
1939
$60,314
$58,229
$0.39
-
$0.42
Northern Ohio Telephone Co.—Preferred
railway
Net from railway
Net ry. oper. income..
From Jan. 1—
Gross from railway
railway
Net ry. oper. income
1939
1938
1937
$5,426,677
1,202,061
928,959
$4,676,591
554,893
270,949
$4,211,059
368,670
71,141
$5,261,164
944,971
703,354
19,368,186
3,435,500
2,425,205
-
17,201,519
1,535,825
436,835
15,698,105
792,836
def279,121
19,849,806
3,068,292
2,239,235
3210.
Northwestern Bell Telephone Co.- -Earnings—
Period End. Apr. 30—
Uncollectible oper. rev__
1940—Month—1939
1940—4 Mos—1939
$2,966,686
$2,910,934 $11,634,178 $11,370,187
7,744
6,235
33,022
29,535
Operating revenues.
Operating expenses
$2,958,942
2,026,758
Net oper. revenues.
$932,184
408,551
Operating
revenues
Operating taxes
$2,904,699 $11,601,156 $11,340,652
1,920,687
7,983,843
7,722,051
$984,012
390,082
Net ry. oper. income
—V. 150, p. 2891.
Net
Net
oper.
income..
income
$523,633
471,964
$593,930
546,435
124,378
43,458
20,419
147,402
52,575
17,933
1937
$46,561
15,071
5,160
Oxford Miami
168,934
57,024
19,179
Paper Co.—Bonds Called—
All of the outstanding first mortgage series A 6% gold bonds due Feb. 1,
1947, have been called for redemption on June 22 at 101 and accrued interest.
Payment will be made at the Boston or Chicago offices of Lee Higginson
Corp. or at the Central Hanover Bank & Trust Co., N. Y. City.—V. 124,
p. 3508.
Pacific Power &
Period End. Mar. 31—
Light Co. (& Subs.)—Earnings—
1940—12 Mos—1939
$6,076,014
$5,921,568
2,554,648
2,3 59,859
895,096
869,939
694,900
694,900
1940—Month—1939
$500,809
213,745
$471,526
1 93,282
Direct taxes.
75,842
71,265
Prop
57,908
57,908
136
131
$153,314
18,114
$149,071
17,623
$1,931,234
214,073
$1,996,739
210,099
Operating income
(net)
$171,428
Dr540
$166,694
29
$2,145,307
Z>r4,557
$2,206,838
Dr878
Gross income
$170,888
85,417
17,648
$166,723
85,417
19,643
$2,140,750
1,025,000
240,318
CV2,575
$2,205,960
1,025,000
254,090
Net income
.
$67,823
$61,663
Dividends applicable to pref. stocks for the period
$878,007
$926,870
Operating revenues
Operating expenses
retire,
res. approp.
Amortiz. of limited-term
investments
Net oper. revenues...
Rent from lease of plant-
Other income
Int. on mtge. bonds....
Other int. & deductions.
Int. chgd..to construct'n
—
458,478
458,478
$419,529
.
$468,392
—V. 150, p. 3060.
Pacific Public Service Co.
(& Subs.)—Earnings—
1940
Quarter Ended March 31—
Operating revenues
$1,477,120
1939
$1,482,056
607,465
Maintenance and repairs
Depreciation and amortization
660,876
43,750
170,121
Taxes
103,137
100,116
$499,236
6,211
$559,890
6,575
$505,447
61,300
2,669
1,062
$566,465
63,550
3,229
Operation
Profit—
—
Other income
-
:
Amortization of debt discount and expense
41,129
173,456
341
93,100
53,296
Netprofit.
$297,720
$352,948
Earnings per share of 1st pref. stock held by public.
$0.64
$0.76
Note—The first quarter of 1939 an adjustment has been made to accord
with the independently audited financial statements submitted for the
Other interest
Provision for Federal income tax (estd.)
Dividends
year
on
pref. stock of sub. company
—
89,400
53,296
1939.—V.
$3,617,313
1,629,881
$3,618,601
1,553,323
$1,987,432
1,788,299
$2,065,278
1,880,978
149, p. 3272.
American
Petroleum & Transport
Co.—Decision
Reserved—
After hearing testimony intermittently over six months, Supreme Court
Justice Samuel I. Rosenman reserved decision May 15 ih a $50,000,000
accounting action brought by minority stockholders of the company against
officers of the corporation, the Standard Oil Co. of Indiana, the Standard
Oil Co. of New Jersey, and Walter Teagle, President of the latter.
The
principal plaintiffs are Jacob Blaustein, former Executive Vice-President of
Pan American, his father's estate and a corporation controlled by them.
Much of the testimony was highly technical and dealt with acquisition of
oil-producing properties in Texas and Louisiana and with the construction
of pipelines there.
The plaintiffs contended that Standard of Indiana,
which owns 76% of the outstanding Pan American common stock, took
buying and construction opportunities which should have been taken by
Pan American.
The basis of the complaint was that the defendants, through an alleged
conspiracy, violated their duties by delaying and preventing the integration
of Pan American so that it could compete effectively with other integrated
units in the field.
1938
1937
y$866,340
y$869,498
$0.18
$0.18
x On
4,702,944 shares common stock (par $5).
y Before any provision
for possible surtax on undistributed profits,
a After taxes, depreciation,
depletion, normal Federal income taxes, &c.—V. 150, P. 2591.
3 Mos. End. Mar. 31—
z
x
—V. 150, p. 2736.
1938
$33,133
7,780
defl,377v
96,281
20,215
def5,992
Gross from railway
Net from railway
Pan
Northern Pacific Ry.—Earnings—
1940
$38,825
20,860
18,818
1939
-
Stock Called—
All of the outstanding 7% or class A preferred stock has been called for
redemption on July 1 at $107.50 per share and accrued dividends.
Pay¬
ment will be made at the Central National Bank of Cleveland.—V. 150, p.
2433.
April—
$26,924
8,306
1,097
1940
Gross income
Interest on funded debt
Northern Illinois Finance Corp.—Earnings—
Earnings per share on common stock
meeting decided not to take any action with
City-Ada-Atoka Ry.—Earnings—
April—
3,952
3058.
3 Months Ended March 31—
Net income after all charges
p.
1,866,923
219,191
Amortization of debt dis¬
150,
$2,157,504
99,725
$937,592
190,559
2,475
$231,348
48,553
— -
Other interest
Net from
$2,28 8,803
Gross from railway
Balance-
—V.
$224,107
$2,259,847
220,394
229,042
89,606
Provision for retirements
General taxes
revenues
Gross from
$4,155,726
1,866,923
$4,024,427
155,577
regard to payment of a dividend on the common shares until later in the
year when a better view of earnings will be possible.
Quarterly dividend
of 25 cents was paid on March 15, last.—V. 150, p. 1449.
(& Subs.)-
Corp.
$2,505,751
1,060,484
$600,260
$618,237
257,283
45,387
52,894
55,206
.
$379,684
155,577
——
Divs. on pref. stock
$120,144
6,331
30
Retirement accruals
p.
—
$7,471,328
3,446,901
$185,432
Net income
$7,555,680
3,399,954
From Jan. 1—
1940^-12 Mos.—1939
$115,910
61,660
•
14,692
11,996
Net oper. revenues.
150,
27,324
$668,312
288,628
Net from railway..
Net ry. oper. income
(& Subs.)—Earnings—
Non-oper. income (net).
Balance--,
$56,586
$341,009
Int. & other deductions.
York has been appointed as New
and interest on $700,000 series L 2K%
$23,694
Maintenance
Taxes
—V.
$60,199
$622,404
281,395
Gross income.
Directors at their recent
$116,047
62,974
17,000
12,379
Operating revenues
Operation
count & expense,
$14,088
Ohio Match Co.—No Common Dividend—
equipment trust certificates and $240,000 of that company's series
2d lien 3M% equipment trust certificates.—V. 150, p. 2736.
Gross incomeBond interest
$92,395
32,196
$83,910
6,823
1940—Month—1939
1940—12 Mos.—1939
$1,626,694 $19,602,320 $18,890,299
781,554
758,382
9,446,639
9,018,971
225,000
200,000
2,600,000
2,400,000
depreciation__
Prov. tor
Line Co.—Paying Agent—
North Western Refrigerator
Other income.
$20,911
$1,628,958
Oper. expenses & taxes..
The Marine Midland Trust Co. of New
York paying agent for principal
Operating
Operating
$254,806
170,896
Co.—Earnings—
Period End. Apr. 30—
1939
—V. 150, p. 1943.
on
$268,384
175,989
$15,264
Gross revenue
Refractories Co.—Earnings—
3 Months Ended March
Net income after all charges
Int.
$64,171
43,260
—V. 150, P. 2737.
North American
Int.|
$255,399
593
—V. 150, P. 2737.
$1,569,394
150, p. 2891.
628
$23,350
8,086
Net oper. revenues
Operating taxes
Ohio Edison
1,499,308
192,837
16,348
$269,012
$68,791
45,441
Operating revenues—
Operating expenses
$5,333,899
of Subsidiaries:
Interest on funded debt
''
$4,453,830
880,069
1940—4 Mos.—1939
1940—Month—1939
$68,951
$64,323
160
152
Net oper. income
Net operating revenues
Non-operating revenues
(Del.)—Weekly Output—
Co
of the Northern States Power Co. system for the week
1940, totaled 27,930,177 kilowatt-hours, an increase of 5.6%
April—
-Earnings—
1, 1940
Electric output
ended May 25,
3210.
Norfolk & Southern RR.-
June
Northern States Power
Trap Rock Corp.—Interest—
Payment of $2.50 per $1,000 bond will be made on June 1, 1940, on
surrender of participation warrant No. 11, from corporation's 1st mtge. 6%
sinking fund gold bonds, due 1946, "stamped."
Interest is payable at
office of Commercial National Bank & Trust Co., New York.—V. 150,
p.
Chronicle
The Commercial & Financial
3522
Consol.netprofit
Earnings per share
1940
$2,253,991
$0.48
1939
$750,282
$0.16
Volume
Pacific
The Commercial & Financial Chronicle
150
Tin
Consolidated
(& Subs.)—'Annual
Corp.
Consolidated Balance Sheet Dec. 31
1939
Report-
Assets—
Calendar Years—
Oper. rev. from sales of
tin concentrates-
1939
_
Operating
Non-operating income
Total income.
Gen.
admin.
&
$1,038,028
—
rate expenses
...
172,1161
4,732
9,263
842
Sundry expenses.
Depreciation
Depletion
Net income for year..
Min. int. in inc. of subs.
55,641
17,982
buildings
Bal. pay. re.
2,950
85,561
$778,913
177,447
$1,053,612
$302,898
70,073
229,137
\
year
996,553
1,010,201
1
1
75,102
2,000,000
54,985
Goodwill & trade¬
marks
x
Unsold tin concentrates
are
$232,825
2,789,355
12L638
86,343
98,929
.
y
Treasury stock.
8,813,114 10,288,999
Represented by shares of $1 par.
par at cost.
Total
_
———
347,001
249,968
4,256,849
1,854,387
347,001
249,968
——
Common stock..
Capital surplus—
Earned surplus
Total
3,256,849
1,436,013
Dr68,400
Dr58,400
8,813,114 10,288,999
Represented by 6,285 shares $1
y
Compensation Plan Voted—
Stockholders at
a recent
special meeting approved
a plan for additional
The plan provides that from con-
compensation to officers and employees.
solidated net income before Federal income and excess
profits taxes there
shall first be deducted an amount
equal to 7% of consolidated net worth.
Or the remainder of net
income, 10% shall be taken for additional compen-
be
,
$824,475
$601,466
1937 whereas
at the beginning of the
year they were carried at market price.
If such
inventories at the end of the year were carried at market price, as in the.
prior year, net income applicable to Pacific Tin Corp. for 1937 would be
$515,730
664,567
872,746
2,587,300
acquis
Reserve for taxes.
$50)
——
Mach. 5b equipm't
6,614
145,529
91,804
153,873
73,052
$
$
Accts. pay.5baccr.
charges—
Notes payable
81,723 6% pref. stock (par
Real estate, land &
Deferred charges..
302
1,591,025
76,110
5,044,316
5,474,916
17,994
......
Investments
Other assets..
171,178
11
46,759
$527,283
11,552
applicable to Pacific
Tin Corp...........
x
Inventories
Liabilities—
'
■
412,656
x
4,505
5,076
167,940
102,745
.
for
Ad vs. for mdse
4.961J
....
income
79,913
78,387
59,519
1,754
......
Net
$1,274,253
83,842
...
.
$1,536,012
$587,105
73,766
145,695
Interest
Loss on sale of property
and equipment
.
$1,256,195
18,058
corpo¬
United States taxes..
State franchise & sundry
_
876,664
$565,782 x$l,515,378
20,634
21,323
18,132
$
762,314
Accts. receivable.. 1,430,593
1938
1939
1938,,,
$
Cash__
$2,132,859
$2,445,015
929,638
$1,162,925
597,144
$1,019,896
1936
1937
1938
$2,045,163
1,025,267
-
Operating costs
taxes
3523
distributed
determined by the management.—V,
as
increased by approximately $117,000.
Consolidated Statement of Earned Surplus for Year Ended Dec. 31, 1939
Patino
-
Enterprises
Consolidated
.
,
;
.
■
Operating Income-—
o
$5,151,035
Profit
11,188,110
.
&
(Inc.)—
[Prepared on the basis described in, and subject to, the "Note (in report)
regarding treatment of Bolivian currency items."]
_
Balance Jan. 1, 1939:
Consolidated deficit, after depletion & depreciation charges
Distributions to stockholders 1909 to 1938 incl—....
Mines
Earnings for the Year Ended Dec. 31,1939
Jan. 1, 1939 to Nov. 20, 1939:
■■
Bolivian
Currency
•™t£ar's inventory—
definite
on
account
sales
■
Sterling
of previous
£5,525
______
Difference
Total..
..._;
Consolidated net income Jan. 1 to Nov. 20,1939-
on revaluation of 1938 inventories
due to substitution of buffer stock
Bs.
...—$16,339,145
...
1938
Nov. 21, 1939 to Dec. 31, 1939:
Net income for period-
.
_
$157,724
_
Note—$162,974 distributed to stockholders
to capital surplus..
on
Dec. 27, 1939 was charged
t
Consolidated Statement of Capital Surplus for Year Ended Dec. 31,
and total distributions
inventory exported in 1939,
the average
per definite
453 long tons of fine tin at
price of approximately £218 -
— _
to
at £235.
of Nov.
as
additional
value
21,
Proportion of sterling proceeds sold to Bolivian
Government, and Bolivian currency received
in exchange therefor
$818861
1,880,678
1939 without taking Into
in Malay States
$2,699,539
—
Appreciation surplus:
.,m
I
Additional amount stated in the accounts of Pacific Tin
Consolidated Corp. for its investment in capital stock of
Malay States Tin, Ltd., in excess of cost plus undis¬
tributed earnings accumulated prior to date of revalu¬
ation—
Balance of appreciation surplus
$4,752,230
162,974
Distribution to stockholders Dec. 27, 1939
57,719
246,067
340,296
6,409,668
30,426,363
219,037
476,170
190,289
24,643,643
£78,907
Liabilities—
1938
$409,797
vision for income taxes.—
Other Income—
U. S. Govt, secure.
Prov. for taxes accr
199,785
197,498
55,704
24,501
187,852
Tin concentrates—
at cost—
Mat'Is
&
—at cost—
ship'ts at cost
Sundry investm'ts
Deferred charges.
-
Construction
$79,555
147,634
81,499
89,815
Special stock-
Common stock
...
11 086,737
j? Surplus—...... 4 ,589,256
317,220
37,079
52,680
17,938
388,475
Tin
Reserve for repairs
d Min. int. in subs
e
supplies
19,968
52,680
41,691
Consol.
1938
$97,361
61,056
64,826
339,562
208,433
f4,395,490
1.416,714
157,724
Total—....$6,232,219 $7,533,540
a After depreciation,
b After depletion.
c Additional amount at which
stock of Yukon Gold Co, (now Yukon-Pacific Mining Co.) is stated in
accounts of Pacific Tin Corp. in excess of book values of Yukon Gold Co.
and its subsidiaries which were determined to be applicable to such stock
at date of
d Minority interest in subsidiaries—par value of
acquisition,
stock held by minority stockholders, less deficit allocable thereto.
e Authorized and issued—208,433 shares no par value,
f Unissued but
authorized and reserved for exchange, share for share, against surrender
of special stock, 208,433 shares, no par value—at stated book value of
right of exchange,
g From revaluation of Yukon Gold Co. (now YukonPacific Mining Co.) stock in the accounts of Pacific Tin Corp.
h After
deducting $1,604,934 distributed to Pacific Tin Corp. stockholders as
dividends,
i Par value $1.—V. 150, p. 3060.
Park & Tilford, Inc. (&
Sales
Costs and expenses.—
Balance
Other income (net)
I
Other non-recur'g inc..
$10,496,899
9,767,819
$729,080
77,580
8,434,386
10,7^3,128
$512,232
142,293
$956,360
$846,282
22,968
73,559
Depreciation
expenditures
Federal income taxes.
__
Net profit—
Preferred dividends....
26,052
58,468
$1,175,184
52,276
26,100
13,981
11,379
4,389
25,819
121,638
98,168
163,936
10,158
8,548
______
_—..
Shs. com. stk.
761
3,200
10,511
—
163,668
4,750,
25,196,707
£95,642
1,823,433
360,082
2,181
.
.Bs.
_ —
:
—
_ _ _ _ _
;
1,702,960
335,158
7",655
20,973,127
■ V:
5,025,445
£85,802
1,048,656
Net inc. before prov. for inc. taxes & res__—Bs.
Provision for income taxes paid or reserved for
theyearendedDec.31,1939—————— —
reserve
2
1,945
;
4,290
—_
—
3,933
800
—
Cost of examination of gold ore deposits.
Bank interest---------Provision for indemnities to personnel
Sundries-
„
25,707
acct., in accordance with
Section II, Article VII of by-laws—
surplus—...Bs. 14,899,025
£55,805
b Depletion of mining properties and amortization of intangible assets
have been calculated for the year 1939 on the basis of the ratio of the
tonnage of ore extracted from the mines during the year to the total esti¬
mated ore reserves of the company, whereas in previous years the provision
was calculated at the fixed rate of 5% per annum on cost.
The»e changes
result in an increase of Bs. 36,449, and a reduction of £112,965 in the
corresponding provision charged to income during 1939, as compared with
the charges which would have been made on the basis of the methods
followed In previous years,
c Deductions.
;
Note—All materials used in the company's operations represent a joint
expenditure in Bolivian currency and sterling. As the stores records are
carried wholly in sterling it is not possible to apportion accurately the cost of
materials issued into their sterling and Boliviano components.
For the
preparation of the above statement the Boliviano proportion of materials
issued has been taken as being equivalent to the expenditure in Bolivian
currency on materials purchased during the period.
Statement of Surplus for the Year Ended Dec. 31, 1939
,
...—
-Bs.
$481,361
20,751
$877,835
1,308
a383,520
243,683
,
Bolivian
Sterling
Currency
1939-x..
Net income per income statement-———
Transfer from reserve for contingencies —- -
,
(in report)
[Prepared on the basis described in, and subject to, the "Note
regarding treatment of Bolivian currency items."]
30,507,643
14,899,025
£55,865
45,406,668
£95,805
40,000
Bs.
Less:
Proportion of distribution to stock¬
holders of the corporation's investment in
capital stock of its subsidiary, General Tin
Investments Ltd., in accordance with a
resolution of the board of directors———...
Balance at Dec. 31,1939 per
$482,986
balance sheet-.Bs.
95,805
45,406,668
Capital Surplus—
x
27,546
100,589
89,344
—1__
$602,773
20,760
—
— -
7,251
"
.
106,505
outst'g—249,968
249,968
213,222
Earnings per share—__
$2.33
$1.84
$3.59
$2.26
a Paid in cash,
b Includes $52,621 loss on building not used for business
disposed of during 1936.
Common dividends.
—
Income Deductions—
$942,808
61,003
bl70,826
10,511
,
Prov. for Fed. surtax—
Excess profits tax..__—
Other deductions—....
1
5,179
.
________
$654,526
—...
Fixtures, mach. & equip.
315,379
23,160
50,855
—
9,874,475
1192,772
$806,659
59,889
Bs.
,——..
.—...—
Balance at Jan. 1,
1938
1937
1936
$8,946,618 $11,679,488 $10,720,757
/
Total income.—
Interest——.—
Loss on leasehold oper..
_——
Earned Surplus—
Subs.)—Earnings—
1939
Calendar Years—
141,452
6,135
Result of operations carried to
_.
Total—.....56,232,219 $7,533,540)
_
Management fees from other mining cos
Sundries
h950,098
&
_
_
Other interest--.
Transfer to
earned
surplus
equip.—at cost. 1,433,074
1,581,680
b'Mining
props.
► '(leaseholds)
1,114,008
979,112
Other assets...... 2,052,691 c3,562,082
_
...
Loss on operation of railway section
1939
-
Accounts payable.
...
mining operations before pro¬
DividendsInterest—On securities
$4,589,256
Consolidated Balance Sheet Dec. 31
a
2,157,279
21,874,989
Total.
Consolidated capital surplus, Dec. 31,1939
Accts. receivable—
£939,610
deprec., deplet.& amort.
——
Shipping and smelting charges, incl. provision
for unpaid charges.
——
Selling, general and administrative expenses..
Taxes (other than income taxes)
$2,052,691
—at cost.—__
c734,419
86,328,412
Operating Expenses—
Profit from
$2,090,686
37,995
1939
£1,674,030
Deprec., deplet .& amort-b.
Less—Amortization for period Nov. 21 to Dec. 31.1939
—$1,040,181
1,343,601
84,984,811
——————Bs.
—
of investment
—
Assets—
537,570
27,987
Total cost of 1938 concentrates exported 1939Production cost of 1939 concentrates, excl.
Corp——.
Tin, Ltd.
Cash....
1,893,758
—15,981,139
of such assets to Pacific Tin Consolidated
account
1,019,535
—
_
Bs.
...
Capital surplus
&
383 long tons of fine tin, unexported, as cost-
Balance.
Excess of book value of assets of ^^ifiVTimCorpTVver par
value of capital stock issued in connection with the transfer
_____
sales
unliquidated
shipments advised as sold at estimated
sale price: 4,372 long tons of fine tin at
the average price of £233. ..;
—
Inventory of tin concentrates at Dec. 31,1939:
2.287 long tons of fine tin, in transit valued
Totals—
*
98.777
_
1939 Production:
Definite account
1939
solidated Corp...._______
—$16,800,000
Less—Charge for consolidated deficit, after depletion and de¬
at Nov. 20, 1939
stockholders to that date.
cl5,365
account sales:
Net credits in connection with reorganization of Pacific Tin
Consolidated Corp. as of Nov. 21, 1939:
Beduction in outstanding capital stock of Pacific Tin Con-
preciation,
c550,157
358,006
.
—
Balance Nov. 20,1939 (deficit, after deple. & deprec. charges)
—charged to consolidated capital surplus in connection with
reorganization of Pacific Tin Consolidated Corp..
—$15,981,139
.
150,
p. 3369.
carried at cost at Dec. 31,
;
——
£2,794,467
Balance at Jan. 1,1939-.,—
Less:
Excess of reacquisition cost over par
value of shares in treasury.——————-
——
8,905
£2,785,562
Less: Proportion of distribution to stockholders
of the corporation's investment in capital
stock of its subsidiary, General Tin Invest¬
ments Ltd., in accordance with a
resolution
2,654,594
of the board of directors
Balance at Dec. 31,1939, per
x
balance sheet-
Various dividends have been charged against
years.
I.
Y,
£130,967
capital surplus in former
The Commercial & Financial Chronicle
3524
Balance Sheet as at Dec. 31, 1939
the "Note (in report)
[Prepared on the basis described in, and subject to,
Bolivian currency items."]
Bolivian
Assets—
5,946,412
2,409
25,943,969
Bs.
(trade)
(trade)
Notes receivable
Accounts receivable
Inventories:
£279,664
51.090
5,077,950
1,893,758
5,573,353
27,987
70.468
<
—
753,651
—
316,661
718,380
4,498,219
payable at 90 days' sight & current
accounts in course of collection:
Simon I. Patino, Oruro
Bolivian Tin & Tungsten Mines Corp Cia. Minera y Agricola Oploca de Bolivia
Sociedad Empress de Estano de Araca
Loans
'—.....
Current accounts of employees and workmen, _
10,251
442
97*282
68.589
"l",045
227,195
8.011,083
132,729
Mining companies, at cost..
-
less
to
reserve
93,886
3,424
o
o
383,877
8,293,383
Bs.379,760)
Bolivia)
mkt. val. at Dec. 31, '39,
—V.
2,556
95,356
123,567
68,289,860
£4,338,439
Intangible assets.
Deferred charges
mm
—
—
m
-
363,720
208,759
1,303,785
Bs.
Accounts payable (trade)
Accrued liabilities:
1,015,152
4,990,000
Provision for taxes..
charges
unpaid
2,104
31,656
60,103
834,429
643,016
32,749
Payrolls payable
109.561
6,927
4,105
unliquidated
on
concentrates
—
rec'd
Prov. for unbilled charges on materials
Other accrued charges
•
Simon I. Patino, Oruro.
Bolivian Tin & Tungsten Mines Corp —
Current accts. of employees & workmen
1,414,822
def337,202
def886,018
1,322,568
def424,655
1,593,482
def288.755
def866,158
def957,614
150, p. 3212.
$7,693,251 $37,786,797 $31,480,328
2,503,559
9.870,700
8,439,817
428,157
1,973,551
1,802,710
387,593
1,973,744
1,615,106
502,036
2,228,732
1,546,019
140,134
613,540
585,827
oper.$10,348,958
2,928,000
Unemploym't ins. taxes.
Railway retirement taxes
Eqpt. rents—Dr. bal—
Jt. facil. rents—Dr. bal.
464,453
464,514
748,623
$5,581,097
162,271
Earnings
of
1940—4 Mos.—1939
$143413,376 $125377,112
105,626,579 93.896,784
$3,731,772 $21,126,530 $17,490,849
Company
Only
1939
1938
1937
.$34,521,246 $29,393,148 $27,919,068 $39,491,403
7,714,517
7,335,109
10,223,645
10,375,594
5,619,222
3,762,986
3,382,765
6,597,068
1940
April—
Gross from railway
Net from railway
Net ry. oper. income __
.
Gross from railway
Net from railway
.
.
Pennsylvania Power & Light Co.- -Earnings1939—12 Mos.—1938
Period End. Dec. 31—
1939—Month—1938
$3,585,877 $39,154,106 $38,941,713
Operating revenues
$3,493,279
1,880,159
21,354,679
22,107.864
Oper. exps.,incl. taxes..
1,758,418
Amortiz. of limited-term
—
m
2,680
19,582
13,005
2,750,000
1,016
348,333
1,144
investments..
10,524
2,750,000
Prop, retire, res. approp.
98,014
19,611
Unpaid dividends
Contribution pledged to Bolivian Govt, for
.143,123,811 125,083,368 110,823,199 154,189,773
37,868,127
31,562,462
25,238,819
37,574,649
21,247,163
17.606,808
11,109,958
24,470,279
.
Net ry. oper. income—
—V. 150, p. 3370.
"
...
Retentions and guarantees
4
229,167
Net oper. revenues.i.
Other income (net)
$1,504,550
8,643
$1,356,369 $15,036,422 $14,073,325
26,427
99,885
121,259
$1,513,193
277,083
106,875
210,908
$1,382,796 $15,136,307 $14,194,584
453,750
4,725,972
5.445,000
865,417
600,000
50,000
779,197
174,922
15,815
Crl 1,216
Cr238
Cr5.376
798,650
humanitarian purposes
Bolivian currency received from
Gross income
Govt, against
compulsory exchange deliveries correspond¬
Interest
9,469,002
3,599.094
ing to buffer stock exports
Reserves
-
-
778",551
on
mtge. bonds.
debentures..
Other int. & deductions.
Interest
on
Int. chgd. to
yCapital stock:
Authorized, 2.500,000 shs.: issued, 1,380,316
shares of a par value of U. 8. $10 each at
U. S. $5 per £l_
Capital surplus
Earned surplus
;
Cr978
construct'n
2,700,000
130,967
Divs. applic. to pref.
$863,469
stocks for the period
Balance
45,406,668
$8,776,937
3,846.532
.....
$7,980,038
3,846,546
$4,930,405
$919,305
Net income
$4,133,492
......
—V. 150, p. 1609.
Bs.
x
1,543,579
def375,993
def957,398
Period End. April 30—
1940—Month—1939
Railway oper. revenues.$34,596,837 $29,471,497
Railway oper. expenses. 24,247,879
21,778,246
Liabilities—
for
1 937
$429,892
defl09,485
def263,094
From Jan. 1—
Drafts payable
Prov.
1938
$364,976
defl07,541
def251,525
Pennsylvania RR. Regional System—Earnings—
[Excluding Long Island RR. and Baltimore & Eastern RR.]
2,505',392
'
Bs.
Netfrom railway.
Net ry. oper. income...
1939
$386,643
def91,312
def238,443
Net ry. oper. income.
estimated
£26,340—
Bolivian bonds—nominal value Bs. 97,000
Bolivian 6% hypothecary bonds, at cost (Est.
...
Net ry. oper. income
From Jan. 1—
Railway taxes
market value:
Total assets
1940
$394,951
defll3,443
def261,635
Netfrom railway.
Net rev.from ry.
335,000
Chilean bonds—nominal value
Fixed assets (situated in
Pennsylvania-Reading Seashore Lines—Earnings—
April—
Gross from railway
"'288
1,063,398
- - -
(Est. mkt. val. at Dec. 31, '39, £57,400)
companies, at cost
(Est. mkt. val. at Dec. 31, *39, Bs.365,000)
Other
Bonds—At cost,
Room 1400,
4,444
companies:
Investments in mining & other
transfer of common stock, located at Room
.
.
.
'
1434,
30,1940, and after
of the corporation,
Delaware Trust Bldg., Wilmington, Del.—Y. 150, p. 2264.
The office for the
30 Church St., N. Y. City, will be discontinued on June
that date all transfers will be made at the transfer office
Gross from railway.....
Drafts
Investments:
Pcnnroad Corp.—Transfer Office—
46
767
,
Broken ore in stopes and mine, at cost
Unexported concentrates, at cost
Concentrates contributed to buffer stock
Tin
concentrates
corresponding to 1939
production
...
Mine, mill & electrical supplies, at cost less
reserve of £21,481
Commissary supplies, at cost
,
Sterling
Currency
"
Cash and demand deposits
Penn Traffic Co.—10-Cent Dividend—
declared a dividend of 10 cents per share on the common
payable July 25 to holders of record July 10.
An extra dividend
of 7U cents in addition to a regular semi-annual dividend of 7H cents per
share was paid on Jan. 25. last.—V. 150, p. 135.
Directors have
stock
regarding treatment of
x
June 1, 1940
68,289.860
£4,338,439
Penobscot Valley Gas Corp.-
Funds in Bolivia Include Bs .798,650 deposited in a special account to be
used for humanitarian purposes in Bolivia, in connection with
dividend declared therefor in December, 1936; of this sum Bs.
the special
500,000 is
represented by drafts amounting to $24,119 United States currency which
were obtained for that specific purpose, and for which reason no conversion
of these funds has been made in the accounts,
y Less:
Par value of
30,316 shares in treasury.—V. 150, p. 3212.
*
-Earnings1940
Net
$5,142
$7,298
6,270
1,611
Operating expenses
$21,367
$7,298
Gross operating revenues
1939
$22,866
15,568
12 Months Ended March 31—
$5,396
6,270
1,444
operating income
Non-operating
income
16,215
254
-
„
Pacific Western Oil
Gross income
Corp.—Earnings—
3 Months Ended Mar. 31—
Gross income after royalties
Interest deductions
1938
1939
1940
Provision for retirements and replacements.
$845,146
195,837
269,612
5j,413
$440,878
59,009
$594,318
119,760
Total income
96,524
Interest. &c
Federal Income taxes
31,783
3,500
187,285
33,749
6,000
$61,240
$147,536
$199,199
$0.06
$0.15
$0.20
x
Operating profit
Net profit
Earnings
per
share
on common
After
abandonments,
—V. 150. p. 1782.
x
stock.
depletion,
depreciation,
20,000
amortization,
etc.
$2,318
Net loss
-V. 150, p. 3213.
Peoples Light & Power Co. (& Subs.)—Earnings(Excluding Texas Public Service Farm Co.)
Maintenance
Pennsylvania Coal & Coke Corp. (&Subs.)—Report—
Federal income taxes
$3,355,178
1,888,620
119,061
264,889
47,497
539,178
32,944
63,272
12,874
30,469
65,770
19,244
General taxes
$3,603,587
1,986,311
$941,363
$1,081,951
622,373
Operating revenues
Operation
1940—12 Mos.—1939
1940—3 Mos. —1939
Period End. Mar. 31—
119,354
249,403
14,575
Consolidated Income Account for Calendar Years
(Including interest in net assets of companies allied by virtue of Clear¬
field Bituminous Coal Corp. lease.)
1939
1938
1937
1936
1,753,283
$3,j34,401
3,972,467
1,582,185
$3,374,579
3,796,640
1,746,273
$3,643,295
3,976,977
1,806,859
$3,632,711
Mined tonnage sold (net
tons)
Coal sales
Selling <fc shipping exp.l
a
Cost and expenses
f
266.398
13,527.418
J
Net loss
134.148
$333,682
122,943
$161,106
87,891
$287,913
69,398
$210,739
78,232
$73,215
93,994
$145,903
$357,311
$288,971
$167,209
43,491
27,579
42,409
19,561
70,966
20,564
118,457
$102,412
$287,322
$198,442
$28,188
$338,066
192,163
$422,061
b$ 145,903
Miscell. earnings
Total
-
Net loss
Real estate earnings
Miscell. income (net)
see
b
to
public
on
$1,083,225
Dr2,489
$292,577
65,602
$1,192,715
301,924
$1,080,735
$226,976
$890,791
$784,020
55,447
29,732
5,684
55,130
38,366
6,461
210,999
143,968
26,871
222,752
149,303
19,683
$127,019
$508,952
143,968
$392,282
149,303
80
20,500
Interest to parent co__.
Other income deduct'ns
Earns, from sub.
296,715
long-
term debt
cos.
incl. in subs. inc. deduct'ns
Earnings from former subsidiary companies
Earnings from other sources
10,048
Federal income taxes
$562,882
52,759
6,095
2,400
$593,961
211,962
20,818
9,358
General and administrative expenses
General taxes
798
$663,048
57,854
8,924
2,309
Total
b Charges for depreciation and depletion
and prepaid royalty of $117 included in above figures.
1939
Assets—
$
Prop, account..
1,893,171
103,167
Cash
Notes & accts.
Accts.
rec.
93,596
595,926
receivable,
26,323
20,764
6,259
assets
Market able secur.
3,697
12,084
by
124,751
69,353
Deferred charges
276,696
117,644
Inventory—supply
65,308
7,428
16,503
funds..
Sundry other assets
ance
for
Surplus....
$501,628
234,450
21,491
548
53,339,2321
value.—V. 150, p. 2738.
Before retirement accruals,
182,363
165,241
59,930
Income Statement
790,267
Total
$245,138
Light & Power Co.
deductions.
of Company Only
12 Months Ended March 31—
Income—Revenue from subsidiary companies—:—
Revenue from former subsidiary companies
1940
1939
$430,062
80
$336,683
20,500
15
10,033
798
$440,190
$357,981
52,759
6,095
2,400
234,450
21,491
276,696
686,867
b Applicable to Peoples
Dividends
on
investments in other companies
Total
I
Federal income taxes
Interest on collateral lien bonds, series A
Interest on scrip certificates
3,232,744
3,339,232
—
Other income
General and administrative expenses
General taxes
;
After reserves for depreciation and depletion,
of $10 par
35,787
9,484
$3,232,744
a
Of parent and subsidiary companies before parent company
154,808
35,000
$351,823
Net income
c
130,241
5,668
A
Other income deductions
116,359
Insur¬
..
scrip certificates
151,194
28,928
funds
collateral lien bonds, series
on
$
165,983
Surplus of subs...
on
1,648,880
35,M
22,811
147,363
Investments
taxes
Acer. min. royalty
Reserve
69,930
Total..
Notes payable
Accounts payable.
bilities
virtue
of lease
Inventories
Insurance
1938
S
1,648,880
177,294
247,497
Sundry current lia¬
Int. In net assets of
subs,
Liabilities—
b Capital stock
Accrued wages and
allied companies
Sundry
764,464
$
Balance of income
Interest
1939
1938
1,976,097
c
Interest
Consolidated Balance Sheet Dec. 31
a
Int.
$1,185,829
6,886
$186,408
Gross income
Dr517
$277,272
Gross income
$293,095
Includes prepaid royalties,
a
of $89,595
r
a
Retirement accruals
$344,096
Dr 1,193
$342,902
65,631
Net oper. rev
b Net income
loss
Deprec. & deple'n, &c..
a
a
Income from merch., &c.
Other income deductions
-
57,854
8,924
2,309
211,962
20,818
9,358
548
$128,965
$40,236
b Represented by shares
Net income
Volume
The Commercial & Financial Chronicle
ISO
(Texas Public Service Farm Co. not Consolidated)
1940
S
Class B
Invest,
Cumul. conv.
ated
co.
associ¬
(not con¬
260,172
3,160
8,682
Sinking funds
Cash....
268,805
3,160
8,274
7,543
938,318
884,865
712,824
Special deposits...
32,911
Notes and warrants
receivable
Accounts
ciated
65,837
518,242
receiv..
Recelv. from
42,843
567,933
62,520
83,201
2,080,025
3,738,335
4,680,697
4,545,750
188,975
Customers' depos.
179,830
4,163,850
178,785
(not
pref.
Subsidiaries
Interest accrued..
587
Mater, and suppl.
Prepayments.
215,123
36,875
238,703
23,807
10,260
credits..
Contrib.
73,337
532,854
302,586
aid of
in
construction
...
Capital surplus...
Earned surplus
15,812,970 16,685,759
146,015
3,942,378
38,573
632,854
592,094
Reserves
Total..
37,064
29,681
149,698
3,339,521
Deferred
4,192
113,264
curr. and ax-
erued liabilities.
.
183,151
106,030
144,993
106,919
Taxes accrued.
15,812,970 16,685,759
Total.....
-V. 150, p. 3061.
Peoples Water & Gas Co.—Earnings—
12 Months Ended March 31—
Operating
Operating
revenues
...
expenses and taxes..:
...
of 1933 covering
value, of which 130,000 shares
by certain stockholders.
are held in its
treasury.
The
number of shares to be sold by
the registration statement.
The net proceeds to be received by the company from the sale of the
stock, together with such of its general funds as may be required, will be
used to redeem all of the
company's outstanding $5 preference stock,
at $100 a share.
At the same time the company will cancel all shares of
such stock held in its treasury, it is stated.
Smith, Barney & Co. of Philadelphia will be the principal underwriter,
it is stated.
The prospectus stated that to facilitate the offering it is
intended to stabilize the price of the stock.
This is not an assurance,
it stated, that the price will be stabilized or that the
stabilizing, if com¬
menced, may not be discontinued at any time.
The price at which the stock will be offered to the public, the names
of other underwriters and the underwriting discounts or commissions
will be furnished by amendments to the registration statement.—V. 150,
1939
$1,286,337
905,046
$1,089,411
815,401
Net earnings.
Other income-
$381,290
$274,010
JDr2,742
732
Philippine Ry.—Earnings—
^Period End. Mar. 31— 1940—Month—1939
Gross
$378,548
155,498
12,349
14,578
—
.
Net income..
$274,741
155,810
$196,124
...
-
$109,613
"9", 318
revenues
After
all
including
expenses
1940—12 Mos.--1939
$41,055
7,398
$40,031
7,285
—..
Net operating revenues
a
a
Gross income
Interest on long-term debt
Amortization of debt discount and expense
Miscellaneous deductions.......
305,000 shares of common stock, $3 par
will be sold by the company and 175,000
All of the shares to be sold by the company
names of the selling stockholders and the
each are to be furnished by amendment to
shares
P. 2893.
1940
;
...
mission
curities Act
long-
term debt
Accounts payable.
541
Philco Corp., Philadelphia—Registers with SEC—•
on May 23 filed with the Securities and Exchange Com¬
a registration statement
(No. 2-4414, Form A-2) under the Se¬
Corporation
debt
consolidated)...
Deferred debits.
Co., and its subsidiary.
(2) In the above statement of income the previous year figures have been
adjusted to reflect changes in the classification of certain items and to
certa'i11 items applicable to the
period charged directly to surplus during
1939.—V. 150, p. 3061,
2.080,025
stk.
com.
Peoples Lt. & Pow.
Co. long-term
Other
asso¬
co.
62,520
83.201
Class a com. 8tk_.
stock
solidated).
Invest, in other cos.
Other investments
$
$
Liabilities-
Property, plant &
equipment
13,102,457 14,542,614
in
1939
1940
1939
$
Assets—
3525
Notes— (1) This statement excludes Pittsburgh
Kys. and Its subsidiaries,
street railway subsidiaries of
Philadelphia Co., and Beaver Valley Traction
Consolidated Balance Sheet March 31
maintenance
$504,398
99,993
$534,797
141,661
of
equipment.—V.
150,
1945.
p.
Pierce Oil Corp. —Annual
Calendar Years—
Dividends received
Other income.
■■
—
'
Report—
1938
1937
$196,408
3,748
$177,952
$154,478
$17,836
7,164
$200,155
56,701
$177,952
$154,478
68,065
$24,999
1,133,084
$143,455
10,393,710
$142,219
10,535,929
1939
1936
Balance Sheet March 31, 1940
Assets—Plant, property, rights, franchises, &c., $3,598,766; proceeds
from sales of properties on deposit with trustee and sinking funds, $460,808;
cash, $523,451; special deposits, $2,037; accounts and notes receivable (net),
$190,386; materials and supplies, $101,279; prepaid insurance, &c., $7,690;
deferred charges, $196,144; total, $5,080,562.
Liabilities—$6 cumulative preferred stock, $350,000; common stock
(42,500 no par shares), $42,500; long-term debt, $3,049,000; 6% note
payable, $80,000; accounts payable, $77,227; customers deposits and accrued
interest thereon, $219,013; general taxes accrued, $54,151; Federal and State
income taxes accrued, $30,721; interest on long-term debt accrued, $53,242;
miscellaneous
accruals, $3,010; customers advances for construction,
$2,885; reserves, $687,846; contributions in aid of construction, $314;
capital surplus, $278,172; earned surplus, $152,482; total, $5,080,562.
Notes—(1) The operating results for the 12 months ended March 31,
1940, are not strictly comparable with those for the 12 months ended
March 31, 1939, as the company sold its water properties at Burlington,
Mount Vernon, and Sedro-Woolley, Wash., as of Nov. 1, 1939; and its
Hillsboro, Ore,, water property as of Feb. 27, 1940.
(2) The book loss of $210,124 incurred by the sale of the Hillsboro, Ore.,
property has been charged against the reserve provided for that purpose.
—V. 150, p. 3061.
V. 150, p. 3061.
Pere
Period Ended Apr. 30—
1940—Month—1939
1940—4 Mos.—1939
Operating revenues
$2,759,947
$2,116,430 $10,922,135
$9,283,179
Operating expenses.
2,082,796
1,888,001
8,308,449
7,581,715
$677,150
182,465
$228,429
153,544
$2,613,686
714,402
$1,701,464
614,626
$494,685
86,896
56.528
$74,880
49,206
56,962
$1,899,284
Equipment rents (net)—
Joint facility rents (net).
$1,086,837
302,964
104,485
Net ry. oper. income.
Other income
$351,261
48,897
x$31,282
30,434
$1,448,497
216,199
Total income..
Miscell. inc. deductions.
$400,158
7,012
x$848
5,518
$1,664,690
24,478
$837,089
24,862
5,369
267,733
5,737
270,746
23,622
1,070,893
25,037
1,084,154
$120,044
x$282,849
$545,703
x$290,964
Operating income
...
347,991
102,796
$679,388
...
157,701
Bent for lease of roads &
equipment
on debt.
Interest
.
Income applied to sink,
fund & other reserves.
575
575
$545,128
x$297,539
profit and loss
or
Deficit, Dec.31
x
Before
any
$120,044
x$282,849
$10,250,255 $10,393,710 $10,535,929 $10,622,341
a
Pay35-Cent Dividend—
dividend of 35 cents per share on the common
stock, payable June 28 to holders of record June 12.
This compares with
40 cents paid on Dec. 20, last; 30 cents paid on June 28, 1939; 41 cents
paid on Dec. 23,1938, and a special stock dividend paid on Sept. 26,1938.
—V. 150, p. 2265.
Years Ended March 31—
1939
1940
Operation...
Maintenance and repairs
$
60,091
44,493
Treasury stock
Investments
1939
—c34,777,992 a34917,817
Total——34,872,576 34,964,1211
1,103,419.5 shares of
5,763,014
5,453,761
Taxes.
22,218
3,102,261
2,540,398
21,243
2,999,271
1,891,535
res
Amortization of limited-term utility investments,
leaseholds, &c
Provision for Federal and State income taxes
Net operating revenue
Other income (net)
$15,737,372 $13,228,182
Dr314,107
Dr200,682
Gross income
Interest on funded debt
Amortization of debt discount and expense
Interest on Federal income tax settlement
Other interest....
.
_
.
Interest charged to construction........
Appropriation
b Guaranteed payments
Taxes assumed on interest and dividends.
Miscellaneous deductions.—;
—
.....
Net income before minority interests..
$15,423,265 $13,027,500
5,462,937
5,468,471
507,633
509,754
45,303
153,031
16,012
18,151
Cr44,504
Crl46,937
524,514
530,994
69,192
69,192
199,629
198,584
65,870
66,106
.....
$8,576,679
1,585,156
bBankloan
500,000
735,000
——10,250,255 10,393,710
no par
Total
-34,872,576 34,964,121
capital stock of Pierce Petroleum Corp*
also includes 220,683.9 shares of the no par value common stock of Con¬
solidated Oil Corp., received from and out of capital surplus of Pierce
Consolidated Oil Corp. (market value $2,068,900).
par common stock of
—V. 150, p. 3061*
no
Co.—Suspended from Dealings—
The company's capital
stock, par $1, has been suspended from dealings
by the New York Curb Exchange. Information has been received by the
Exchange that at the annual meeting of stockholders of company to be held
on June 18, 1940, stockholders will be requested to ratify and approve the
sale of the company's equipment, inventory and goodwill; that the com¬
will terminate following stockholders'
pany's manufacturing operations
ratification of such
sale; and that transfer facilities for the company's stock
8, 1940.
will be discontinued after June
Under terms of a plan announced by directors May 21 the company will
Directors said the move was taken because of continuing
operating losses and exhaustion of working capital.
Sale of the company's equipment, inventory and goodwill to Piraco, Inc.,
a recently organized Illinois corporation, has been authorized by directors
and will be submitted for approval of stockholders at their annual meeting
be liquidated.
June 18.
This sale, it was
explained, will enable the company to pay off its debts
Temporary arrangements have been
for continuing operations in the Pines
except the mortgage obligation.
made by the prospective purchaser
about
4H acres on North Cicero Ave., Chicago.—V. 150, p. 3370.
-Earnings1939
1940
April—
$879,157
def210,097
def 119,392
$930,479
def53,255
16,849
$1,967,033
236,548
246,365
6,629,423
583,469
890,745
4,805,895
24,764
300,346
3.707,552
def294,650
def 7,004
8,145,728
1,370,531
1,412,423
Net ry.
From Jan. 1—
Gross from railway
15,198
$6,982,143
792
1,473,420
600,000
Pittsburgh Shawmut & Northern RR.—Earnings-
....
Common stock dividends—...
To
reserve for
1939
$44,381
def3,782
1938
$61,184
6,492
income
14,520
def13,820
def4,639
def469
Gross from railway—...
Net from railway—a-—
Net ry. operating income
424,523
146,479
307,947
85,698
37,044
290,710
45,854
defl0,439
370,304
65,891
23,400
Net ry. operating
From Jan. 1—
—V.
150,
p.
86,262
$78,326
7,484
2740.
Portland Gas & Coke
Co.—Earnings—
1940—Month—1939
$296,664
$298,699
184,271
170,677
Period End, Mar. 31—
Operating revenues—.
Operating expenses
.
.
Direct taxes
42,621
Prop, retire, res. approp.
Amortiz. of limited-term
22,917
42,501
22,917
1939
1940—12 Mos
$3,459,067
$3,457,755
1,981,492
1,985,248
447,303
437,851
275,000
275,000
10
158
1,450
5,464
$40,845
$02,446
$748,754
$759,260
Drl ,682
investments—
Net oper. revenues—.
Other income (net)
Drl
tir45
Dr303
$46,844
40,604
1,857
$62,401
40,604
4,363
$748,451
487,250
43,158
Cr519
$757,578
487,250
54,539
Net Income
——
$4,383
$17,434
Divs. applicable to pref. stocks for the period--
$218,562
430,167
$216,083
430,167
Balance, deficit
$211,605
$214,084
$4,563,392
Gross income
Int.
a
on
—
/
mtge. bonds
Other int. & deductions.
269,340
2,640,194
792
1,473,420
600,000
269,340
2,160,152
payments (made to others) on obligations of street rail¬
way companies guaranteed by Philadelphia Co.
b On Consolidated Gas
Co. of the City of Pittsburgh preferred capital stock.
1937
1940
$98,634
29,466
Arpil—
Gross from railway..—.
Net from railway—
Int. chgd, to construct'!!
Consolidated net income....
5% non-cumulative preferred dividends
6% cumulative preferred dividends
$6 cumulative preference dividends
$5 cumulative preference dividends........
1937
1938
$1,491,536
24,871
124,172
oper. income—
Gross from railway
.Net from railway
$6,160,153
1,581,562
9,381
...
capital stocks of subsidiaries
Minority interest in undistributed net income of
a
$
Preferred stock...15,000,000 15,000,000
Common stock...29,622,831 29,622,831
Deficit
a
1938
$
Liabilities—
1,811
44,493
—V. 150, p. 3213.
1939
Appropriations for retirement and depletion
subsidiary..
undistributed profits*
1938
$
A ssets—
Cash
Net ry. oper. income—
$45,818,052 $40,977,905
15,379,472
14,334,726
3,273,317
3,049,187
revenues
on
on
Balance Sheet Dec. 31
Net from railway
Philadelphia Co. (& Subs.)—Earnings—
Dividends
for Federal surtax
provision
Pittsburgh & Lake Erie RR.
Petroleum Corp. of America—To
a
x$86,4121oss$1108085
10,622,341
9,514,250
estimated at $17,700.
deficit.—V. 150, p. 3370.
Directors have declared
Operating
35,733
plant pending a possible consolidation with a metal fabricating company
with which ft has an affiliation.
The Pines principal plant comprises
Income transferred to
Loss
Net profit
Deficit Jan. 1
Pines Wlnterfront
Net oper. revenue
Railway tax accruals
x
.......
Petroleum Corp. In partial liquidation of that company, quoted market
value approximately $1,986,160.
b Secured by 200,000 snares of Con¬
solidated Oil Corp. common stock pledged as collateral,
c 275,856 shares
Marquette Ry.—Earnings—
Net income
Total
Expenses..:
a
a
—
...
.....
Cr294
Dividends accumulated and unpaid to March 31, 1940, amounted to
$2,583,870.
Latest dividends, amounting to $1.25 a share on 7% preferred
stock and $1.07 a share on 6% preferred stock, were paid on Oct. 1, 1938.
D vidends on these stocks are cumulative.—V. 150, p. 2740.
.
The Commercial & Financial
3526
Pittsburgh & Shawmut RR.—Earnings—
Net ry. operating
From Jan. 1—-
1937
1938
$115,041
47,439
railway
Net from rail way
Gross from
1939
1940
ArptlrGross from
$15,044
defl4,246
$34,799
def4,131
def26,324
$19,367
34,757
defl2,430
def6,005
defl2,785
330,169
94,281
185,708
6,653
169,242
def27,694
249,382
49,044
def7,577
def29,074
22,832
income
railway
Net from railway
Net ry. operating income
—V. 150. p. 2740.
12,549
Pittsburgh & West Virginia Ry.—Earnings—
Net from rail way
ry.
operating income
Porto
ization
The
def6,191
22,287
91,815
990.147
257,075
884,172
161,471
1,462,015
453,889
328,781
Gross from railway
$193,064
20,349
1,365,134
393,255
Net ry. operating income
From Jan. 1—
Net
194,770
170,247
472,864
$222,473
33,100
$336,235
81,657
Approved by SEC—
Securities and
Exchange Commission on May 27
issued a
report
reorganization.
equitable,
judicial standards, and it therefore
Present
income
930,549
1939
$4,188,867
1,017,271
653,622
Gross from railway
Net from rail wayNet ry. operating income
19,960,967
5,714,965
3,787,502
17,515,641
4,693,199
3,212,880
Gross from railway
railway-!
Net from
Net ry. onerating
value of
10,188,100
---
—V. 150, p.
Inc.—Earnings—
Richmond Fredericksburg & Potomac
3,178,396
879,063
339,942
2,923,083
609,938
162,488
3.328,689
1,044,390
527,727
Co.—Earnings—
—
bond interest
on
Other deductions
Net income.
$154,372
46,861
$107,511
103,342
2,155
411
$1,248
Grossincome
$178,999
Z>r24,627
$106,945
103,025
2,312
360
—
..
Interest
Federal and State tax
$1,602
Before provision for retirements.
Balance Sheet March 31, 1940
Assets—Property, plant and equipment, $2,857,175; miscellaneous in¬
vestments,
$701; cash,
$30,136; accounts receivable, $124,286; other
receivables, $16,898; appliances on rental, $2,055; merchandise, materials
and supplies, $68,009; deferred debit items, $20,455; total, $3,119,715.
Liabilities—-Common stock (10,000 no-par shares),
$100,000; bonds,
$1,447,000; notes payable, $380,182; accounts payable, $48,694; interest
accrued, $23,362; taxes accrued, $14,826; sundry accruals, $1,336; con¬
sumers' deposits,
$14,471; service extension deposits, $7,277; reserves,
$537,369; earned surplus, $545,196; total, $3,119,715.—V. 149, p. 3276.
Rochester Button
Co.—Earnings—
Earnings for the Quarter Ended April 30, 1940
Net sales
New Com...
/
.
Cost of sales at Standard
'
-
Standard gross profit
Operating variances (deduction from standard gross profit)
...
$375,272
223,326
$151,947
16,010
34,450 shs.
10,188 shs.
Actual gross profit
Selling, administrative and general
$135,937
75,807
-----
.
Court Approves Plan—To Be Submitted to Security holders for
Approval—
The plan of reorganization was approved May 28 in Federal court by
U. S. District Judge Henry W. Goddard, as recommended by the SEC.
The plan is now to be submitted to the bondholders and class A stock¬
$60,130
Operating profit
Other income-..
—
-
Total income
^Other
expense
Provision for Federal income tax
Total..
Dividends
—
Congress Cigar Co., Inc. electing to take cash in lieu of notes of Con¬
solidated Cigar Corp. as provided in the plan must give notice of such
election to the Chase National Bank and deposit their securities with that
bank on or before June 12, 1940.
Application will be made to the New
York Stock Exchange for listing the certificates of deposit representing the
securities of those depositors.
pro¬
$346
of
Indiana—Proposed Merger Sub¬
Commission for Approval—
Consolidation of five public utility companies serving adjacent sections
and southern Indiana into a single corporation to be named
Net
Dividend
Loss
on
3,063
9,600
profit
Surplus Jan. 31, 1940
Gordon Auchincloss, will mail forms of ballots and other documents to the
interested security holders on May 31.
Bondholders of Porto Rican American Tobacco Co. and stockholders of
1,180
$61,309
-
holders of Porto Rican American Tobacco Co. for acceptance or rejection.
According to a statement made May 28 by Nathaniel F. Glidden and
John C. Adams, Chairman of the bondholders committees, the trustee,
mitted to
^
$160,256
53,311
Gross income
Provision for retirements
a
1939
$456,629
277,630
$182,586
2>22,330
a Net operating revenues.---Non-operating income
Proposed New Securities
Co.
^
1940
$482,590
300,004
Operating revenues
Operating expenses and taxes
The following table summarizes the distribution of the new securities:
Public Service
1939
12 Months Ended March 31—
a
1937
$804,412
255,774
135,681
3,495,499
995,373
389,593
Gross from railway
Net from railway--Net ry. operating income
—V. 150, p. 3372.
Roanoke Gas
RR.—Earnings
1938
$730,359
158,071
38,649
Net ry. operating income
From Jan. 1—
holders of the debtor on the basis of one share of the new stock for each
20 shares of class A stock.
No provision is made for the present class B
Earnings for Month of April, 1940
selling, general and administration expenses,
reorganization and other expenses
—V. 150, p. 3371.
$367,672
$811,076
209,933
73,130
1940
stock.
after
&c.
$789,094
152,919
29,003
Gross from railwayNet from railway
entitled to a 4 % preferential dividend and
85% of any dividends paid out of the balance of profits.
Subsequently,
committees for class A stockholders proposed amendments to provide for
the retirement of the preference stock out of all earnings in excess of the
4% dividend requirement.]
After the submission of the March 18 plan,
The disinterested trustee received the present offer of Consolidated which he
embodied in the plan of April 12. 1940.
The plan contemplates the acceptance of the offer and the dissolution
of Congress.
On dissolution approximately 81.8% of the notes of Con¬
solidated ($3,273,000 in principal amount) will be available to the debtor
by virtue of its holdings of Congress stock.
The plan provides that the
holder of each $1,000 bond of the debtor shall receive $940 in these notes
of Consolidated or ,at his option, $846 in cash.
[The cash alternative is
based upon the offer of Consolidated to pay 90% of the principal amount
of the notes in cash, in lieu of the notes, to the extent specified by Congress.]
All of tin assets owned by the debtor, either directly or indirectly, will
be placed in the reorganized company which, under the terms of the plan,
is to be operated as a liquidating enterprise.
The debtor's liabilities to
trade creditors will be assumed by the reorganized company.
The com¬
pany will have outstanding only common stock totaling 44,638.1 shares,
approximately 77.2% of which is to be issued to the present bondholders of
the debtor on the basis of 10 shares of stock for each $1,000 bond.
The
balance, approximately 22.8% is to be issued to present class A stock¬
vision for taxes,
1,598,277
21,804,679
7,422,356
5,475,784
extraordinary charges due to the reorganization program,
The preference stock was to be
Loss
497,192
15,414,754
3,052,079
2,078,443
—V. 150, p. 443.
by the stockholders of Consolidated.]
Before making the proposal upon
which the present plan is based, Consolidated offered, in Dec., 1939, to pur¬
chase the assets of Congress for $3,000,000 in cash, without assuming
any of its liabilities.
The trustee apparently did not regard this offer
as adequate and filed a plan, dated March 18,1940, which contemplated the
operation of Congress as a going concern under the debtor's control.
[Under this plan all of the present assets of the debtor were to be trans¬
ferred to a new company in which bondholders would receive a preference
stock equal in par amount to the face amount of their bonds and interest,
and in which class A stockholders would receive all of the junior stock.
-
1937
Earnings for 3 Months Ended March 31, 1940
costs of plant rearrangement and
Proposed plan of reorganization is based upon an offer by Consolidated
Cigar Co. to pay $4,000,000 in its own 10-year 4% unsecured notes for the
assets of Congress Cigar Co. and to assume the latter's obligations.
[The
assets to be purchased are exclusive of a claim of Congress against the
debtor m the amount of $204,038.
Also this offer is subject to approval
4% Notes
„
$5,783,847
2,146,066
Net loss after depreciation,
Arpil—
$3,238,300
1938
$3,835,938
814,860
3371.
Reo Motors,
Proposed Plan of Reorganization
Existing Securities and Claims
1940
$4,765,239
1,354,541
Arpil—
$3,445,00
310,050
6,673,189
200,000 shs.
a The
bonds are now secured by: 228,900 shares of capital stock of
Congress Cigar Co., Inc. (the additional 11,100 shares of Congress owned
by the company are not pledged): 50,000 shares of capital stock of Porto
Kiean American Tobacco Co.
(Del.), representing all the outstanding
stock, and $50,000 cash resulting from the sale of 50,000 shares of class B
capital stock of Waitt & Bond, Inc.
In addition, $101,300 cash obtained
from the sale of the balance of the Waitt & Bond B stock, which had not
been pledged as security for the bond issue, is deposited in a special account
with the indenture trustee, and it has been claimed that this sum may also
be regarded as security for the bonds.
Bonds, $3,445,000; accrued and unpaid int. to July 1, '40, $310,050-- $3,755,050
Class A stock, $10,188,100; accumur
lateddivs.to July 1,'40, $6,673,189 16,861,289
Class B stock
200,000 shs.
SEC—
Co —Earnings—
Reading
0
Capitalization—
15-year secured 6% bonds, due Jan. 1, 1942
Accrued unpaid interest to July 1, 1940
Class A stock (no par) 203,762 shares at the liquidation
$50 per share
Accumulated dividends to July 1, 1940--,
Class B stock, no par
„
See list given on
recommends that the plan be approved.
a
1940
(George) Putnam Fund of Boston—Registers with
first page of this department.—V. 150, p. 2436.
the SEC that the proposed plan as amended is fair
and feasible, as required by the relevant statutory and
It is the conclusion of
and
June 1,
forma income
,,
(N. J.)—Reorgan¬
Tobacco Co.
Dro
,
2894.
Rican-American
the trustee's amended plan of
on
1937
$300,471
41,059
25,455
Gross from railway
Net from railway.
—B. 150, p.
1938
1939
1940
April—
Chronicle
statement for the new corporation for the year ended
March 31
1940 shows that it would have had a net income of $6.73 per share
on the $50 preferred stock, and $1.55 per share on the new common stock
The shares of the new corporation are to be dated Oct. 1, 1940, and the
preferred stock will bear cumulative annual dividends of $2.50 per share
fromYhat date The first dividend would be payable Jan. 1. 1941.
The consolidation plan provides that existing shares of the companies
to
be consolidated,
(except shares owned by constituent corporations,
which shares shall be canceled), including all accrued and unpaid dividends,
shall be converted into shares of the new corporation.
The trustee of Midland United Co. beneficially owns all of the present
outstanding common capital stock of Public
Service Co. of Indiana,
Central Indiana Power Co. and Terre Haute Electric Co., Inc. (except 161,451 shares of the common stock of Public Service Co., which stock is owned
by Central Indiana Power Co. and will be canceled by the consolidation),
11,937 4-6 shares of the $6 cumulative prior preferred stock of Public
Service Co
and 1,468 shares of the preferred stock of Terre Haute Elec¬
tric Co
It also owns or controls interest bearing obligations and other
securities
which, with accrued interest to the effective date of consolida¬
tion, have an estimated fair value of $1,553,000.
Under the proposed plan, the trustee of Midland United Co. would sell
these securities to the new corporation at their estimated fair value, and
take in payment therefor shares of common stock of the new corporation on
the basis of $25 per share; and also would subscribe for an additional 80,000
shares of common stock of the new corporation at a price, payable in cash,
of $25 per share, or an aggregate amount of $2,000,000.
(See also V. 150,
p. 2894.)—V. 150, p. 3062.
A
$48,646
—-
-
1,007,245
$1,055,892
on
on
preferred stock
common
—
3,675
32,756
384
stock
auto sold
-
$1,019,076
Surplus April 30, 1940
Balance Sheet
April 30, 1940
and accounts receivable (less re¬
serve for doubtful accounts of $34,899), $184,390; inventories, $504,4061
land, $75,001; buildings and equipment (less reserve for depreciation of
$340,563), $489,413; unexpired insurance and prepaid taxes, $4,601; total,
Assets—Cash,
$182,540;
$1,440,351.
Liabilities—Accounts
trade
payable,
notes
$26,165; accrued payrolls, $9,443; Cus¬
tomers prepayments, $800; Federal and State payroll taxes, $2,686; reserve
for Federal taxes and contingencies, $51,481; dividends payable on pre¬
$3,675; preferred stock ($20 par), $196,000; common stock
$131,025; capital surplus, $672,331; earned surplus, $346,745;
ferred stock,
of central
($1
Public Service Co. of Indiana, Inc. was proposed in a petition filed May 25
with the P. S. Commission of Indiana.
total, $1,440,351.—V. 149, p. 4040.
The five companies involved in the integration
of
Indiana,
Central
Indiana
plan are Public Service Co.
Power
Co., Northern Indiana Power Co.,
Co., Inc. and Dresser Power Corp.
An application for a report on the proposed plan of consolidation of these
companies is now pending before the Securities and Exchange Commission,
Washington, D. C. A declaration covering the solicitation of proxies and
consents of shareholders to the plan, was included with the application.
If the consolidation should be consummated, the petition declares, the
new corporation will have a capitalization of $111,064,917, distributed as
Terre Haute Electric
par),
Rochester Telephone
Period End. Apr. 30—
Operating
revenues
Uncohectible oper. rev._
Operating revenues
Operating expenses
-
Net oper. revenues
follows:
Operating taxes
1,030,873 6-10shares ($25 par) common stock, $25,771,840; 377.991 16-20
shares ($50 par) 5% preferred stock, $18,899,590; and a long-term debt
totaling $66,393,487 of which $56,072,000 will be in mortgage bonds and
$10,321,487 in serial notes and debentures.
Net income____
—V. 150, P. 2742.
Net operating income.
Corp.—Earnings—
1940—Month—1939
$463,346
$437,460
1,032
986
1940—4 Mos—1939
$1,838,704 $1,742,341
4,059
3,849
$462,314
314,161
$436,474
296,459
$1,834,645
1,253,788
$1,738,492
1,205,375
$148,153
$140,015
58,778
$580,857
247,629
$533,117
61,552
$86,601
$81,237
$333,228
$298,006
59,759
55,415
225,181
195,402
235,111
Volume
The Commercial & Financial Chronicle
ISO
(Geo. D.) Roper Corp.—Earnings—
1939
$86,850
1940
$147,953
6 Months Ended April 30—
Net income after all charges
—V. 150, p. 3063.
Ruberoid Co.—30-Cent Dividend—
the capital
stock of the corporation, payable June 28, to stockholders of record on
June 12.
Dividend of 80 cents was paid on Dec. 20. last: and a dividend
of 30 cents per share was paid on June 30, 1939.
Dividends in 1938 ag¬
gregated 60 cents per share.—V. 150, p. 2742.
Directors have declared
a
dividend of 30 cents per share on
Rustless Iron & Steel
Corp.—New Director—
*
Iglehart has been elected a director of this corporation, it was
May 23.
Mr. Iglehart will replace S. E. Bramer, who has
resigned because of pressure of other interests, after serving for the past 12
years.—V. 150, p. 2895.
on
Rutland
RR.—Earnings—
Net ry. operating income
1937
1938
1939
1940
$280,891
45,539
27,511
Arpil—
Gross from railway
Net from railway
$274,345
11,446
def5,179
April—
$244,983
def22,979
def52,267
$127,180
19,660
defl3,501
$133,634
27,270
def8,736
$118,386
8,504
def25,594
402,428
def9,997
Net from railway
Net ry. oper. income...
458,817
39,470
defl00,947
478,038
43,333
defll2,634
436,859
14,681
defl49,701
:
Net ry. oper. income
—V. 150, p. 2896.
defl41,862
San Antonio Uvalde & Gulf
909,809
defl73,206
def291,579
1,172,134
$98,103
Net ry. oper. income
From Jan. 1—
Gross from railway
—V. 150, p
Net ry. operating income
—V. 150, p. 3215.
1,051,810
1,099,178
127,179
44,299
3,208
def81,896
Gas Co.-
72,400
7,979
1940
1939
$87,088
$80,977
51,531
54,690
Operating expenses
Consolidated Income Account for Calendar Years
x
25
$32,422
operating income.
Non-operating income.
$760,730
120,000
$442,690
124,250
$498,275
27,278
$173,266
7,740
$640,730
24,783
$322,690
8,718
$525,553
Total profit
$297,516
124,250
Depreciation..
$181,006
6,128
114,444
$665,513
5,590
176,307
$331,408
4,610
77,046
Other deductions
2,261
Federal and State taxes.
Federal surtax
$30,582
_
Gross income
173,984
undis¬
on
,
27,000
4,000
209,704
$456,616
252,292
$245,752
170,631
$139,603
167,715
$2.08
Interest deductions
5,920
4,060
5,761
Provision for retirements and replacements.
4,489
Dividends...
Surplus.-...
$22,172
4,344
preferred stock.
Net income after preferred
Common dividends
dividends
__
$20,602
4,344
$17,828
12,500
$16,258
10,000
150, P. 3215.
$18,445
167,715
$0.36
$204,323
167,715
$2.72
167,715
1939
1940
$741,817
304,550
224,020
Gross from railway
Net from railway
...
Net ry. oper. income
From Jan. 1—
$715,638
277,555
3,031,082
1,259,070
900,316
April—
3,220,485
1,528,264
1,128,403
197,922
1937
$730,641
292,955
201,326
$884,655
442,872
345,257
3,195,383
1,407,125
3,565,323
1,717,440
1,224,830
986,676
Capital surplus
216,671
Accounts
1,704,807
22,167
1,464,536
20,894
Deferred assets
y
After
167,715 shares of
by
estimated to cost
St. Louis-San Francisco
bonds.
$245,417
Period End. Apr. 30—
1940—Month—1939
$3,521,076 $14,724,238 $14,064,459
3,203,592
13,214,483
12,827,514
$3,605,669
3,239,783
def3,558
Operating revenues
Operating expenses _
Net ry. oper. income
15,045
def34,035
14,740
$11,486
Other income
1940—4 Mos.—1939
def$19,294
161,259
56,276
Bal. avail, for int., &c.
6,435
$217,535 def$123,065
31,794
29,006
$5,481
def$25,730
$185,741 def$152,071
Earnings of
Gross from railway.
$3,471,656
364,447
27,407
_
Net from railway—
income
Net ry. oper.
1939
$3,363,080
296,934
defl8,780
From Jan. 1—
Gross from railway.
_
Net from railway
...
Net ry. oper. income
14,157,559
1,497,259
289,828
1937
$3,194,057
542,268
290,018
def3^8,683
13,484,533
13,166,968
1,196,266
def72,058
642,927
and deprecia¬
expenses
tion, but before special
charges and credits
—V. 150, p. 3372.
Seaboard Air Line Ry.April—
Period End. Apr.
Earnings—
1939
1938
1937
$3,927,634
844,812
347,174
$3,829,633
854,265
341,691
$4,025,203
1,011,511
569,162
16,039,219
3,534,940
1,503,811
15,043,504
3,115,452
1,080,249
16,414,310
$1,263,036
1^38
$1,352^203
$1,731,162
$920,855
1,195,642
39,012
1,318,204
38,277
1,553,735
37,263
933,937
35,849
$4,279prof$ 140,164
10,460
14,272
$48,931
14,044
$154,436
loss$34,887
2,525
1940
,
$4,145,615
Gross from railway
830,516
376,077
Net from railway
income
Net ry. operating
From Jan. 1—
674,785
16,262,388
2,754,012
1,446,275
30—
17,707,390
Net from railway
4,124,026
Net ry. operating income
—V. 150, p. 3216.
2,096,114
1940—Month—1939
$1,608,416
1,170.122
1939
sales
....
selling and
admin, expenses, &c__
Prov. for depreciation-.
prof$28,382
8,199
Other income
Balance,
Other
Net
charges
from ry. oper.
$309,145
111,324
$1,884,499
$1,487,670
442,155
433,990
4,750.154
3,144
dividends
/
Includes the
Ltd., a
February, 1936.
sur$9,852
""853
$38,266
18,378
'
——
Engines,
6,568
z23,000
2,530
$4,591prof$122,338
4,687
64,000
prof$9,852
loss
Preferred
x
56,181
7,628
$36,582
5,408
16,071
5,250
profit
Interest
1940—4 Mos.—1939
$6,237,824
x1936
1937
Cost of sales,
Deficit
$6,589,475
4,704,976
4,430.543
2,517,820
Seagrave Corp.—EarningsNet
Lines- -Earnings—
$1,578,349
1,269,204
$246,446
$151,904
$38,549
$33,251
Common dividends
Railway oper. revenues.
Railway oper. expenses.
1940—4 Mos.—1939
Loss after administration
Prov. for Fed. inc. taxes
—V. 150, p. 3064.
St. Louis Southwestern Ry.
(& Subs.)—Earnings—
[Excluding Schulco Co., Inc.]
Period End. April 30—
1940—Month—1939
$3,899,654
174,284
$134,049
105,000
v';,:.:
Operating loss
1938
$162,333
28,283
$126,191
147,000
preferred dividends
150, P. 3215.
Schulte Retail Stores Corp.
Company Only
1940
April—
42,131
1,421
38,997
3,446
$154,251
28,060
....
Common dividends
defl75,240
52,176
6,005
Other deductions.
1,033
45,240
3,347
Net income
Preferred dividends
Calendar Years—
Total income..
$248,328
41,546
debt
Gross from railway
Earnings of System
$235,531
12,797
Amortization of debt discount...
sented deposits of $9,345,650 series
B
$244,325
1,092
...
$516,881
281,350
Prov. for retirements and replacements
Ry.—Deposits—
B bonds, compared with $10,068,450
on July 27, 1939, the date of the last previous report, according to a state¬
ment filed with the Securities and Exchange Commission.
In addition,
the commfttee held^assents to $26,550,650 prior lien, series A and $4,105,800
1939
1940
Interest on other debt
—v.
for depreciation
(no par).—V. 150.
$553,572
309,247
Gross income
Interest on long-term
1940 the committee for holders of the prior lien bonds repre¬
On May 4,
stock
Co.—Earnings—
Net operating income
Non-operating income
To reimburse the subsidiary's treasury for expenditures heretofore
for additions and betterments to property and plan, and
(5) to
provide additional working capital.
According to St. Louis County Gas application to the Missouri Public
Service Commission, after the issue of the 11,000 shares, there will remain
$3,039,300 of capital expenditures certified by the Missouri Commission
against which securities have not been issued.—V. 145, p. 1598.
194,942
1937)
in
common
operating revenues
Operating expenses.
Net income after
For additions and betterments to the property and plant of St. Louis
712,022
65,122
49,918
37,251
$5,502,453 $5,096,720
Total
Gross
3%.
County Gas, including the purchase of a new gas holder
$407,000.
Res. for taxes, &c.
($6,682,648
$6,783,743
deducting
Represented
877,108
712,022
116,619
106,858
payable.
Accrued Items
$5,502,453 $5,096,720
Total
Savannah Gas
Commission granted on May 23 an appli¬
cation of the company, a subsidiary of North American Co. for exemption
from applicable sections of the Holding Company Act in connection with the
issuance and sale of 11,000 shares of its common stock for $1,100,000 in
cash to the North American Co.
North American Co. would remain the owner of all the company's com¬
mon stock.
The SEC pointed out that the question whether St. Louis
County Gas Co. would remain a part of the North American Co. system was
not before it in this proceeding, but added that whatever happened to it,
its financial position and ability to serve the public would be enhanced by
the proposed stock transaction.
Proceeds of the stock issued will be used as follows:
(1) To repay a $75,000 temporary bank loan, bearing 2% annually.
(2) To repay an $80,000 advance from North American, bearing interest
series
1
699,347
12 Months Ended March 31—
Gas Co.—Stock Authorized—
The Securities and Exchange
(4)
1
rec.
$1,000
3,354,300
$1,000
3,354,300
1,016,711
stock.
Earned surplus
Common
y
822,604
260,608
....
Inventories
—V. 150, P. 2896.
St. Louis County
2d pref. stock
assets....$2,692,265 $2,695,271
Patents, goodwill,
1938
1939
Liabilities—
1938
Fixed
x
Gross from railway
Net from railway
Net ry. oper. income
$1.45
Consolidated Balance Sheet Dec. 31
1939
Assets—
x
Acc't8 & notes
1938
par)
,
incident to operations, including those for
ordinary repairs and maintenance of plants and ordinary taxes.
&c
Ry. —Earning s-
«
After deducting all expenses
Cash
St. Louis Brownsville & Mexico
made
stock (no
Earned per share
x
Net income
com.
120,000
$60,434
41,989
«.
«
$349,307
Net profit
Shs.
1936
1937
1938
$622,525
Profit
tributed profits
$29,446
1,136
$32,397
Net
(3)
482,940
102,098
def35,265
2896.
-
-Earnings-
12 Months Ended March 31—
at
412,762
def38,249
defl70,557
def421
Savage Arms Corp. (& Subs.)—Earnings—
Operating profit
Gross operating revenues
—V.
488,325
60,818
def73,033
def97,168
Other income
St. Augustine
on
def32,717
1939
Gross from railway
Net from railway
$98,200
$97,508
def8,836
def38,973
427,243
30,765
Net from railway
Net ry. oper. income
1937
1938
$128,307
21,359
defl0,632
def5,255
def36,891
From Jan. 1—
Dividends
RR.—Earnings—
1939
1940
Gross from railway
Net from railway.
$308,626
36,623
20,705
1937
1938
$94,796
def2,646
def34,071
railway
From Jan. 1—
Gross from railway
Net from railway
-Earnings—
1939
1940
Gross from
April—
J. A. W.
announced
3527
St. Louis-San Francisco & Texas Ry.
$38,266
Fire
discontinued its operations during
sur$39,960
$9,279
operations for a short period in 1936 of Seagrave
subsidiary
which
'
.
Balance Sheet Dec. 31
Net
rev.
Railway tax accruals
_
Total ry. oper. incomei
$197,821
25,025
$222,846
$329,134
$1,442,344
$1,053,681
25,791
104,247
110,959
$354,925
$1,546,592
$1,164,639
Deductions from railway
operating
•
178,157
income
income..
Non-operating income.
Net ry. oper.
_
Gross income
Deduc'ns from gross
inc.
Net deficit
-V.
150, p. 2896.
171,518
664,972
675,770
$44,689
5,312
$183,407
6,574
$881,620
27,471
$488,869
31,423
$50,001
265,753
$189,981
266,295
$909,091
1,065,143
$520,293
1,067,174
$215,752
$76,314
$156,052
$546,881
1939
Assets—
x
Railway oper. incomeOther ry. oper. income.
$438,294
109,160
5%
Land, buildings,
$474,916
1
3,000
3,400
103,658
$502,582
250,716
Other curr. assets.
179,004
12,842
Inventories
413,914
$375,000
613,500
pf. stock
Common stock..
$375,000
613,500
136,471
32,860
418",971
1,893
cum.
1938
1939
Liabilities—
1938
11,815
3,342
mach., eqpt., &c
Goodwill
........
Municipal bonds..
Stk. In for. corp..
Cash
-
Notes & accts. rec.
1
3,000
3,400
75,723
y
Notes &accts. pay.
35,631
Accrued items
80,855
Customers'
2,000
depos.
Capital surplus
Earned surplus
98",500
98,500
11,218
def.8,566
Long-term notes
receivable
Deferred charges.
Total
x
After
_
2,291
$1,194,921 $1,269,550
Total
$1,194,921 $1,269,550
depreciation of $468,279 in 1939 and $444,958 in 1938.
shares.—V. 150, p. 3372.
sented by 122,700 no par
y
Repre¬
Chronicle
The Commercial & Financial
3528
The interest due on June 1, 1940,will
forwarded in the usual manner.
with First National Bank of Phila¬
delphia, as trustee, of $112,500 general lien 6% bonds, due June 1, 1944,
of Southeastern Gas & Water Co., parent company of the Southeastern
Gas Co
and by $11,250 non-interest bearing notes of Southeastern Gas
Co.
The market value of this collateral is substantially less than the face
tered
Seaboard Finance Corp.—Earnings—
June 1, 1940
to
as
principal and interest.
be paid and coupons therefor should be
The notes are secured by the deposit
Earnings for 6 Months Ended March 31, 1940
Net Income before Federal taxes
—V. 150, p. 444.
$108,613
,
Co.—Earnings—
Sears, Roebuck &
amount of the
Consolidated Income Account for Fiscal Years
$
$
$
$
617,414,266 501,676.644 537,242,403 494,968,022
Net sales
Cost of sales, advertising
selling, administrative
and general expenses.556,418,509
Repairs & maintenance.
3,420,564
Depreciation
8,406,736
461,388,111 483,773,495 442,873,097
2,721,211
3,793,566
2,939,684
8,186,432
8,771,396
8,575,970
1,611,811
29,380,890
1,615,508
40,903,947
1,680,346
40,579.271
1,662,615
50,780,268
167,100
30,996,398
195,279
42,584,293
312,581
42,241,886
399,692
Profit from operations 49,168.457
Other income..—
Gross income
Interest.
Special chgs. & reserves.
Contrib. to empl. savs. &
313.230
160,080
1,565,810
1.715,000
profit share pension fd.
3,013,435
1,535,492
2,561,750
1,699,648
10,000,000
5,820,000
6,573,000
772,000
7,163,300
575,000
31,229
Cr68.819
Cr29,097
29,048
Fed. inc. tax—curr. year
profit
Surtax on undistr.
Minority interest
Net profit
Dividends
for the year 37.255,274
19,685,250
23,354,364
30,828,248
30,308.395
30,484,713
eastern
5,526,943
$
75,548,465
51,184,143
Notes
Inventories ....112,584,216
94,857,019
$
trade creditors
6,282,678
Net operating income
Non-operating income
notes recelv..
10,328,370
4,191,463
15,016,214
1,500,000
2,755,158
1,000,000
4,416,621
Inv. & advances
9,275,724
9,178,890
incl. Fed. inc.
for
Res.
taxes,
Balance Sheet March 31,1940
2,038,104
7,424,239
1,298,162
Other accruals..
5,695,534
Mtge.
Fixed assets.. 80,428,310
77,807,755
10,216,382
Plates, draw.,&c
203,737
9.976,720
sold
Deferred charges
y
Goodwill......
1
•
6,485,596
company), $1,684,600; income notes payable—6%—due Dec.
1944, (owned by affiliated company), $726,055; non-interest bearing
due June 1, 1935, $62,283; 6% notes payable, due June 1, 1940,
accrued general taxes, $8,160; other accruals, $2,005; consumers'
deposits, $150; reserves for depreciation and depletion, $504,361; miscel¬
reserves, $242; common stock (1,000 shares no par), $430,838;
earned deficit, $280,172; total, $3,276,634.—V. 133, p. 1290.
Southern New England Telephone
1940—Month—1939
$1,646,556
$1,539,806
2,000
3,500
Period End. Apr. 30—
814,500
9,494,218
734,666
384,400
subs
14,406,984
765,895 ■
217,619 Minor.int.ln sub
z Capital stock. 177,518,527
174,963,418
Earned surplus. 85,027,510
67,957,486
Equity In prop-
Reserves
Operating revenues
Uncollectible opar. rev..
shares in 1939.—V. 150, p.
1936
1937
1938
$5,206,034
$5,618,125
4,174,393
128,945
4,244,832
127,522
$5,513,975
4,450,019
See x
$1,152,033
Depreciation
...
3,963,082
125,044
$902,695
$1,245,771
Income credits.
119,885
92,525
98,578
$1,425,849
89,780
Total income
$1,271,918
$995,220
305,053
22,000
$1,344,349
269,181
76,000
Other
303,308
66,338
deductions..
Provision for Fed. tax—
$668,168
801,797
$999,168
601,352
$1,123,959
yl ,002,241
$100,474 def$133,629
$397,816
$121,718
$902,271
801,797
Net profit
dividends
Surplus
Earns, per sh. on 776,627
shs. com. stk. (no par)
z$0.25
$0.41
other figures,
Feb. 1, 1937.
Nil
.
y
z
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—/
1,506,328
1,099,218
U.S.A. treas.notes
400,000
Notes
and
400,000
Invests,
434,733
In
fixed
reserve
of
295,839
457,743
21.204
25,000
Cap'l stk. (with¬
out par value)
9,000,000
Earned surplus
1,131.638
in foreign
countries
x
1
&c
opers.
Uncollectible oper. rev..
Operating revenues
Operating expenses
$115,760
69,881
$107,184
63,438
$457,334
275,462
$45,879
10,816
$43,746
9,963
$181,872
42,668
$35,063
$33,783
$139,204
revenues
Net oper. revenues...
Operating taxes
Net oper. income
Southern Pacific SS.
Net ry. operating
From Jan. 1—
2,946,179
244,766
151,136
income
11,105.306
2,344,487
179,775
117,470
Net from railway
Net ry. operating income
—V. 150, p. 2898.
.
1938
$527,832
12,048
def2,814
#
1937
$614,575
24,908
def4,044
2,065,536
defl76,107
def240,401
2,733,717
165,753
45,333
Ry.—Earnings—
11,204,396 11,105,306
Total
$8,226,577
2,412,317
1,482,330
30—
revenues
Operation
33,539,290
9,547,285
5,760,524
Net ry. operating income
From Jan
1—
Gross from railway
Net from railway
Net ry. operating income
Co.—Earnings—
1940—Month—1939
$176,566
$163,358
61,421
47,123
7,917
Maintenance
26,789
Taxes
11,686
23,721
Net oper. revenues
Balance
Retirement accruals
1940—12 Mos.—1939
$2,164,660 $2,000,389
654,425
719,755
Int. & amortiz., &c
Net income
$80,438
$80,828
I>r64
I^r41
$1,014,109
3,569
$939,666
3,758
$80,374
11,746
$80,787
7,522
$1,017,678
107,515
$943,424
91,130
$68,628
11,205
$73,265
11,301
$910,163
134,374
$852,29^
134,561
$57,423
$61,964
$775,789
210,000
339,628
$717,733
210,000
339,626
Preferred dividends
Common dividends
of May
1939
$2,559,863
30,931,134
8,785,820
5,081,773
a
1
1940
to May 21
1939
.
Directors have declared
to
Jan.
$2,250,558 $52,180,125 $48,351,459
Southwestern Light & Power
105,225
301,073
105,233
325,563
a
dividend
Co.—Accumulated Div.—
of $1 applicable to accumulations
cumulative preferred stock, no
dividend of $1.50 on $6
payable July 1 to holders of record June 20.
See V. 150,
1456 for detailed record of previous dividend payments.—V. 150, p. 3374.
par value, both
p.
Spear & Co.—Earnings—
Calendar Years—
Net sales.
Gross income.
Week
1940
Gross earnings (est.)
—V. 150, p. 3374.
in addition
Non-oper. income (net)_
1939
$7,638,780
2,191,649
1,302,036
1940
Gross from railway
Net from railway
—Third
Sierra Pacific Power
—V. 150, p.
$127,371
(Includes Northern Alabama Ry.)
..11,204,396
Period End. Apr.
$166,833
39,462
»
Gross from railway
Southern
1939
$604,345
72,643
57,343
April—
x Preference—Authorized,
500,000 shares;
issued and outstanding.
229,085 2-5 shares—$3.50 cumulative convertible preference on liquidation,
$75 per share plus accrued dividends.
Common—Authorized, 2,000,000
shares; issued and outstanding, 776,627 shares,
z After deducting depre¬
ciation of $2,115,748 in 1939 and $2,160,021 in 1938.—V. 150, p. 3373.
Operating
J
Lines—Earnings—
1940
$675,223
def6,140
def29,568
April—
Gross from railway
Net from rail way
102,408
112,749
Total
$419,997
253,164
2745.
def.
charges
Co.—Earnings—
1940—4 Mos.—1939
$458,534
$420,997
1,200
1.000
1940—Month—1939
$116,060
$107,434
300
250
9,000,000
1,031,164
property
3,279,764
ents. copyrights,
and
381,663
486
486
cos
z Fixed
property.. 3,128,948
Trade-marks, pat¬
Prepaid
Accruals...'
Res. for losses from
(at cost):
Affiliated
156,665
respect
55,556,493
12,878,909
6,171,399
47,276,144
44,110,718
9,962,170
5,354,858
2,857,153 def1,944.585
Southwestern Associated Telephone
Period End, Apr. 30—
$
374,052
1,973,364
3,842,954
51,154,131
10,816,982
3,245,215
Gross from railway
Net from railway
1938
Accounts payable.
Special
accts.
receivable.net.. 2,204,039
4,258,955
Inventories
Co.—Earnings—
1940
1939
1938
1937
$13,365,185 $12,285,865 $11,346,981 $13,744,895
3,215,906
2,853,909
1,426,488
2,801,420
1,206,045
991,845
def404,112
1,007,433
Net ry. oper. income—
—V. 150. p. 3374.
—V. 150, p.
$
Liabilities—
$
$
1
981,132
-
1939
1938
1939
Assets—
Cash
1,077,198
_
_
:
$0.12
Depreciation charges totaling $145,947 are included in
Incl. div. of $200,444 declared Dec. 30, 1936 and payable
After preferred dividend requirements of $801,797.
Consolidated Balance Sheet Dec. 31
x
$1,370,582
276,651
3065.
Operating
Preferred
$489,644
139,220
$350,424
285,682
—V. 150, p.
$1,515,629
299,670
92,000
Operating Income
16,000
$6,056,084
4,259,860
$1,796,224
523,300
$1,272,924
$502,700
income
April—
$5,602,052
Selling & admin, expense
$6,072,084
10,500
143,806
Net oper.
Net income
Southern Pacific
1939
Calendar Years—
Manufacturing profit
1940—4 Mos.—1939
$6,485,839
$358,894
Operating taxes
3372.
Sharp & Dohme, Inc.—Earnings—
Co.—Earnings—
$6,475,339
4,535,161
$1,940,178
569,<,96
$1,536,306
1,046,662
Operating revenues— $1,644,556
Operating expenses
1,141,856
Net oper. revenues—
323,687,405 286,084,551
x After reserve
for collection and doubtful accounts of $10,891,426 in
1940, and $9,700,078 in 1939.
y After reserve for depreciation,
z Rep¬
resented by 5,643.501 shares of no par value in 1940 and 5,588,030 no par
Total
323,687,405 286,084,551
Total
other
$5;
of
notes
accrued interest receivable, $278; inventories, $6,499;
deferred charges, $77,413; total, $3,276,634.
affiliated
31,
10,686,439
3,801,294
13,940,264
year...
ment accounts
$34,429
Net deficit
laneous
tax for current
Equity in instal¬
—_—...—
5,111; accrued
i$38,500 ownedinterest—long-term debt, $53,347; accrued interest—other,
by affiliated companies), $79,650; accounts payable,
3,112.698
3,942,015
filled orders..
bonds)
recelv..
Treas.
Mtges.
$90,779
125,209
Gross income
Income deductions—
notes,
6,200,000
payable-.
funds and un¬
Ins. fund (U. S.
$90,088
691
—
Liabilities—First mortgage 6% gold bonds due June 1, 1945, (owned by
Dlvs. payable..
and
Accounts
x
19,024
—_—
assets, $11,153;
Due cust'ers, re¬
Market, secure.
7.467
68,192
Taxes——General
payable,
25,169,507 Accts.
90,704
Maintenance
Depletion and depreciation
$34,822;
1939
$
Liabilities—
16,429,698
6,283,371
$275,475
operating revenues
Assets—Fixed assets, $3,138,146; cash, $8,322; accounts receivable (net).
1940
1939
$
Assets—
Cash
Months Ended March 31,1940
Income Statement 12
Gross
Operation
Consolidated Balance Sheet Jan. 31
1940
Co. owns the following securities of South¬
$1,684,600 first mortgage 6% bonds due June 1, 1945,
Gas Co.:
(pledged as collateral under the indentures securing the first and the general
lien bonds of the parent company); $748,592 income notes (as of May 24.
1940); $61,633 6% notes (including $44,233 non-interest bearing notes due
June 1, 1935); 1.000 shares (entire Issue) common stock (also pledged under
the indentures of the parent company).
On May 17, 1940, Southeastern Gas & Water Co. advised the holders of
its securities of the serious financial problem which that company must
solve.
(See V. 150, p. 3373.)
In order, therefore, to reach the solution of the various problems involved.
Southeastern Gas Co. asks that note-holders agree to an extension of the
maturity of the notes for three years from June 1, 1940.
30,660.198
20,845,338
5,588,030
5,476,478
$4.18
$5.58
x$5.60
x Based on stock outstanding before issue of additional shares In January,
1937, the earnings per share amounted to $6.27.
5,643,501
$6.60
capital stock
Earnings per share
Shares of
notes.
Gas & Water
Southeastern
[Excluding Insurance Companies Not Consolidated]
Jan. 31. '40 Jan. 31. '39 Jan. 31, '38 Jan. 31, '37
Costs and expenses
Pro v. for doubtful accts.
Depreciation, &c
Operating income
Other income
1938
1939
1937
$9,702,516
8,834,040
1936
73,486
74,434
136,581
140,162
$9,851,127
8,524,146
68,060
133,979
$126,073 loss$294,914
76,164
70,832
$653,881
143.320
$1,124,941
100,856
$202,237 loss$224,082
43,802
49,148
50,000
17,500
$797,201
52,281
xl86,000
$1,225,797
32.632
176,828
$108,434 loss$290,730
106,704
107,250
$558,920
107,250
103,125
103.125
$1,016,337
80,437
77,344
$8,609,831
8,285,911
59,619
138,228
$7,794,920
7,879,766
3373.
Southeastern Gas
Co., Charleston, W. Va.-
■To Extend
Notes—
Fed. & State inc. taxes..
The directors, in a letter dated May 24, to the holders of 6% notes state:
.The total principal amount of the above notes, matured, and maturing
June 1, 1940, is $141,933, of which $45,500 are owned by the
remainder of this issue is held by companies affiliated with
Gas Co.
public.
The
Southeastern
Net income
Preferred dividends
2d preferred dividends
103,125
112,500
Common dividends
--
possible for the company to meet the maturity of these notes,
and therefore it must ask for an extension for three years to June 1, 1943.
This will be the only change except that the extended notes will be regis¬
It will not be
Total income
Interest, &c
Surplus
x
def$101,395
Includes surtax of $22,000 on
def$501,105
112.500
$236,045
$746,056
undistributed profits.
Volume
The
ISO
Commercial & Financial Chronicle
Balance Sheet Dec. 31
1939
Assets—
1939
receiv., trade)._
Inventories
Misc. accts. receiv.
(trade)
Customers'
deps__
239,327
6 123,997
Accruals—
187,712
1,157,913
14,936
1,025,315
23,444
Fed. inc. tax pay
25,000
29,500
719,500
600,000
Cash surrender val.
of life
573,219
Accts. pay.
398,023
6,194,555
Instalment accts.
Mtge. instal. due.
Mtge. pay. (4%).
Re8. for Fed. taxes
insurance
153,599
policies
b Land, bldgs., fix¬
147,509
166,203
213,211
147,381
15,000
29,500
749,000
500,000
pref.
d $5.50 cum.
Net ry. oper. income.
2,272,642
383,555
2,193,641
c Leasehold
impt.
349,891
Deferred charges..
82,231
46,119
Net ry. oper. income.
1,875,000
1,875,000
Operating
225,000
225,000
Operation
2.303,130
459,346
2,288,706
651,901
$5.50
2d
cum.
After
reserve
10,261,9081
10,544,789 10,261,908
Total....
for doubtful accounts, returns, allowances
presented by 18,750 no par shares.—V. 149, p. 1489.
Southwestern Engineering
Directors have declared
the common
10.—V. 147, p. 432.
Spokane International Ry. —Earnings—
Net from railway
Net ry. oper. income
$71,782
14,043
4,986
$62,475
8,793
1,189
$62,709
6,842
8,335
From Jan. 1—
Gross from railway
253,499
48.089
208,293
19,167
def9,077
235,290
47,680
231,841
44,245
11,420
Net from railway
Net ry. oper. income
—V. 150, p. 2745.
28,005
14,543
$706,470
151,319
29,881
1939
$673,373
152,263
27,775
2,694,391
698,176
241,074
2,548,088
623,575
146,478
1940
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
—V. 150, p. 2898.
$556,121
60,445
def55,945
$711,718
256,244
147,542
2,398,556
939,126
496,324
Inc.—•Acquisition—
of this distillery is part of the plan of entering the blended
whiskey business which was recently announced to the stockholders, Mr.
Smith pointed out.
The Daviess County whiskies will be used to a large
extent in the blend, together with high grade spirits produced at Fleischmann's distillery at Peekskill, N. Y.
These sources of .supply will insure
continuity and a uniform product of high quality.
Enlargement of the
Peekskill plant is planned as a result of the move.
In addition to the blended whiskey, the company will also market a
straight or
None of the Whiskies sold, whether
four-year-old bourbon.
used in the blend, will be younger than four years.
This policy was de¬
scribed by Paul W. Fleishmann, Vice-President of The Fleischmann Dis¬
tilling Corp., as one of the reasons why the company has delayed
its entry into the blended whiskey business.—V. 150. p. 2745.
until now
Standard Gas & Electric Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended May 25, 1940, totaled 125,469,121 kwh., an increase of 12.2% compared with the corresponding week
last year.—V. 150, p. 3374.
Co.
(N.
Retire $35,000,000
Bank Loans—
J.)-—To
of
Notes—Funds to Be Furnished Through
May 31, notified holders and registered owners of its
option to call them for re¬
serial notes sold in 1938 that it is exercising its
demption on July 2.
There are
outstanding $35,000,000 of these notes in five series of
$7,000,-
bearing interest of from 1 *A%,
lA of 1 % for the short series to a
premium of 2lA% for the $7,000,000 due in 1947, plus accrued interest.
The notes will be redeemed upon surrender at the office of J. P. Morgan
& Co.
Funds to provide for redemption of the notes will be provided through
$35,000,000 of bank borrowings on new serial notes maturing from 1943 to
1947, inclusive, it is understood. While the coupon rates on the new loans
were not made known, it was said that the refinancing would permit a sub¬
stantial savings in annual interest charges.—V. 150, p. 3217.
Standard Steel Spring
springs and is not in competition
with Standard.
purchase price of the Muehlhausen capital stock is stated at $1,359,500.
Of this, a down payment of $100,000 was made May 21, when the
contract was signed.
Payment of the $1,259,500 balance, with interest
of 3% per annum from June 1, 1940, is expected before Aug. 10, 1940,
The
completing contract.
To provide funds, directors of Standard
about $1,250,000 on a promissory note.
Steel Spring propose to borrow
Remainder will come out of
cash reserve.
Muehlhausen earned
$223,99o In 1939 and for the first four months of
1940, $130,777.
Special meeting of Standard stockholders has been called
to vote on proposed indebtedness.—V. 150, p. 2270, 1951.
Superior Water, Light & Power
for July 30
$1,096,859
678,898
$1,065,879
652,876
12,943
161,866
156,771
4,000
$17,132
48,000
$208,095
130
48,000
$208,232
$14,666
$17,132
$208,225
454
454
7,091
5,450
5,450
83,894
94,652
Cr85
430,000
$1,931,206
430,000
$134,344
635
597
$1,495,311
7,109
$1,501,206
8,007
$134,002
Net income
$133,747
$1,488,202
$1,493,199
70,000
$118,966
35,000
$108,444
35,000
$14,644
22
Net oper. revenues
Other income
Gross income
mtge. bonds
Other, int. &
7,089
deduct'ns.
Int. chgd. to
♦
construct'n
Net income
Dividends applicable to
$7,123
$9,587
pref. stocks for the period
Balance
—
$83,966
247
$208,479
■
$73,444
2745.
1,338,916
Tennessee Central Ry.—Earnings—
April—
Gross from
1937
1938
1939
1940
$208,507
44,346
16,965
"
railway
Net from railway
Net ry. oper. income...
$184,931
38,912
10,984
$168,905
33,390
5,035
$201,723
38,874
10,771
768,299
166,535
721,251
146,119
32,385
859,107
218,140
From Jan. 1—
Gross from railway
891,130
231,413
105,949
50,782
117,673
Texas
Corp.—Debentures Called—
The New York Stock Exchange has been notified that the $60,000,000
3Vu% debentures due June 15, 1951, have been called for redemption
July 8, 1940, at 103 plus accrued interest.—V. 150, p. 3375.
Texas Mexican
Ry.—Earnings—
railway
Net from railway
Net ry. oper. income...
38,749
1938
$100,409
26,792
37,218
344,669
85,598
48,175
$124,742
50,067
24,413
14,981
1937
387,330
64,286
37,381
1939
1940
$83,834
April—
$135,015
42,860
27,336
From Jan. 1—
Gross from railway
280,261
47,041
10.506
Net from
railway
income...
—V. 150, p. 2746.
Net ry. oper.
495,317
155,374
96,648
-
Texas & New Orleans RR.—Earnings—
April—
14,955,453
3,794,847
1,488,173
Net ry. oper. income
From Jan. 1—
Gross from railway...
Net from railway
Net ry. oper. income
$3,476,251
788,821
1937
1938
1939
1940
$3,727,146
893,365
348,147
Gross from railway
Net from railway...
$3,817,435
756,352
238,248
$3,220,034
539,400
35,787
13,946,162
3,394,142
1,304,599
13,610,517
2,461,727
356,938
16,059,245
4,323,076
2,236,030
245,971
—V. 150, p. 2898.
Third Avenue Ry.
Period End. Apr. 30—
Operating revenues
Operating expenses
System—Earnings—
1940—Month—1939
1940—10 Mos.—1939
$1,204,848 $11,991,942 $11,753,739
884,242
9,112,054
8,959,085
$1,215,146
902,615
operating revenue
$312,531
149,802
$320,606
145,751
$2,879,887
1,514,477
$2,794,654
1,418,863
Operating income
Non-operating income..
$162,729
$174,855
23,285
$1,365,410
229,273
$1,375,790
238,922
212,292
$198,140
215,865
$1,594,683
2,163,245
$1,614,713
2,173,108
$29,375
$17,725
$568,562
$558,395
Net
Taxes
20,188
$182,917
Gross income.
Deductions
Net loss
—V. 150, p.3067.
Texas Pacific Land Trust—Earnings—
Income Account and Changes
in Net Proceeds from All Sources
Year Ended Dec. 31. 1939
Income received:
.$111,971
55,541
106,786
243,236
397
Grazing lease rentals
Oil and gas lease rentals
Oil and gas lease bonuses
Oil royalties.
Sales of gravel and mineral royalties
on
3,091
2,008
6,189
7,717
450
real estate notes receivable
Interest—sundry
Water rentals, easements,
Collections on land sales
Collections
on
sales of timber and sundry income
town lots sold
$537,385
Total income received
Expenses paid:
Salaries—general
Trustees compensation
Commissions to local agents on sales and leases
$31,452
8,000
21,612
;
3,968
3,925
Legal expense
Engineering expenses
Fees of registrar and transfer agent
General expense, supplies and travel expense
Water wells (dry and charged to expense)
Taxes—State, county and municipal
Taxes—OU royalty production
Federal ana State social security taxes
Federal capital stock tax
5,164
16,283
1,042
68,240
10,475
954
7,011
_
$178,125
$359,260
providing for Federal income tax
Deduct—Expenses unpaid and adjustments:
Federal and State social security taxes
Net cash income before
Corp.—25-Cent Dividend—
declared a dividend of 25 cents per share on the
stock, payable June 30 to holders of record June 7.
Like amount
paid on Dec. 20, last, this latter being the first dividend paid on the
common shares since Dec. 1,
1937 when an extra dividend of 25 cents in
addition to a regular semi-annual dividend of 25 cents per share was dis¬
tributed.—V. 150, p. 2745.
$444
85
Federal capital stock tax
810
Depreciation
Loss on water wells abandoned
—
Net income before providing for
Federal income tax
Provision for Federal income tax
$308,618
Net income
Net
proceeds from all sources—bals. Dec.
Total
Cost of certificates of
996
$2,335
$356,925
48,307
Total..
38,957
31,1938
..$347,576
interest purchased and retired— 143,927
-
proprietary
Dividends paid during 1939
Stewart-Warner
Directors on May 27
70,000
1,338,947
...
Cr67
4,000
Prop, retire, res. approp.
$1,925,311
Total expenses paid
$89,399
55,324
12,900
was
$170,177
35,833
1940—12 Mos.—1939
$89,508
57,964
Direct taxes
common
35,833
$1,928,341
2,866
$134,637
Preferred dividends
Common dividends
Co.—Earnings— V
1940—Month—1939
Period End. Mar. 31—
Operating revenues
Operating expenses
—V. 150, p.
$170,470
$1,922,056
3,255
Retirement accruals
Interest
Co.—Acquisition—
Company announced on May 27 that a contract had been signed for the
purchase of outstanding capital stock of Muehlhausen Spring Corp., Logansport, Ind.
■
•/.
■ v
This acquisition will round out and diversify the business of Standard
Steel Spring.
Muehlhausen manufactures a complete line of coil type
on
67
»
000 each, maturing from 1943 to 1947 and
for the earliest maturity, to 2
%.
The call price ranges from a premium of
Int.
$170,110
265
Net oper. revenues
Non-oper. income (net).
2,789,018
539,843
114,353
of aged whiskies.
The acquisition
The company on
$170,205
Taxes.
—V. 150, p. 3374.
subsidiary of Standard Brands, Inc.,
has purchased the distillery and certain other assets of The Daviess County
Distilling Co. of Owensboro, Ky., it was announced on May 27 by T. L.
Smith, President of Standard Brands and The Fleischmann Distilling Corp.
Through this purchase The Fleischmann Distilling Corp. acquires a supply
Oil
20,839
53,984
Maintenance.
Gross from
Standard Brands,
Standard
26
26,135
59,252
1940—12 Mos.—1939
$4,819,596
$4,483,149
1,902,184
1.634,009
290,995
270,686
704,361
650,113
1937
1938
The Fleischmann Distilling Corp.,
i
$388,817
"143:885
Net from railway
Net ry. oper. income...
Earnings—
Spokane Portland & Seattle Ry.-
526,647
def3,090
defll9,414
$422,577
"166,986
..
April—
481,956
def9,395
defl44,140
19,441
defl23,990
—V. 150, p. 3374.
1937
1938
1939
1940
$65,269
3,175
def5,306
April—
Gross from railway
def2,834
def30,735
1940—Month—1939
revenues
Gross income
dividend of six cents per share on
a
stock, payable May 15 to holders of record May
Period End. Apr. 30—
Interest
Co.—Six-Cent Dividend—
$119,702
def486
def34,049
535,532
517,258
20,352
defl09,152
..
$128,593
$135,588
11,070
def24,028
Tampa Electric Co.—Earnings—
pref. stock
Com. stk. (par $1)
e
and collection
expenses of $350,000.
b After reserve for depreciation of $527,194 in 1939
and $496,597 in 1938. c After amortization of $175,487 in 1939 and $128,024
in 1938.
d Represented by 19.0CO no par shares (19,500 In 1938).
e Re¬
a
..
1937
1938
1939
$132,374
5,400
def25,006 "
—V. 150, p. 2898.
1,950,000
Earned surplus
Total. ........10,544,789
—
From Jan. 1—
Gross from railway...
Net from railway
1,900,000
stock
equip...
Rapid Transit Ry.—Earnings—
1940
Gross from railway...
Net from railway
Capital surplus
tures &
3529
April—
1,200,000
398,387
1,500,000
Notes payable
hand
on
S
Liabilities—
Cash in banks and
a
1938
S
1938
$
lgiana
■JLaien
164,399
sources—Bals. Dec. 31,1939
$39,249
Notes—Since no valuation has been made of the Trust's real properties,
the balance of surplus is indeterminable: also no cost has been deducted
from the income resulting from land sales, amounting to $8,167, included
in the income account for the year.
For Federal income tax purposes there
has been computed a profit on real estate transactions amounting to $2,840.
Net proceeds from all
The Commercial & Financial Chronicle
3530
No estimates of the oil and mineral contents of the Trust's properties
have been made and no cost has been attributed to such minerals; conse¬
quently no unit depletion rates based on cost have been determined and
there is
Funds
deduction for depletion oased on cost (if any) in the income
For Federal income tax purposes depletion of $96,255 was com¬
no
account.
,
Union Premier
-v.-':
Other Statistics—
;
,,,.
1938
1939
of
producing
wells at Dec. 31
1937
223
Aver, daily crude oil production at Dec. 31 (in
150
;
98
,
": ;.v"
■
8,398
9.139
4,050
3,914
184,363
193,612
83,548
46,446
12,300
16,500
19,600
$5S,9u3
$61,986
35,000
$126,167
barrels)
during year
Cash at Dec. 31
—V. 148, p. 3573.
$204,677
Z'fA W-
:X:-
(John R.) Thompson Co.—New Official—
post
heretofore
that
y, 150, P. 2746.
had
been
held
by
Paul
Moore,
President.—
...
Tide Water Associated Oil Co.—Debentures Called—
Company announced that $750,000 principal amount of its 15-year 3
sinking fund debentures due Jan. 1, 1952 have been drawn by lot for re¬
demption on July 1,1940, through operation of the sinking fund, at 102
%
plus accrued interest.
Drawn bonds will be redeemed after July 1 at the
office of the trustee, the First National Bank of the City of New York, 2
—V. 150, p. 3067.
Timm Aircraft
Todd
149,
p.
Shipyards Corp.—SI Dividend—
a dividend of $1 per share on the common stock,
value, payable June 15 to holders of record June 1.
This compares
with 75 cents paid on March 15, last; 50 cents paid on Dec. 15,
Sept. 15
and June 15, 1939 and previously regular quarterly dividends of $1 per
share were distributed.
In addition a special dividend of $1.50 was paid
on Dec. 15, 1938.
V
" . 150, p. 1458.
& Pump
part of this total has been provided through French and British
intended to accelerate deliveries to those governments.
expansion and the contracts with the Allies are all in line with
the policy announced and encouraged some time ago by Henry Morgenthau,
Secretary of the Treasury, it was announced by Frederick B. Rentschler,
Chairman of United Aicraft.
"The needs under the expanded national defense program as outlined
in Washington in the last week, as well as increased orders for engines for
the Allies, were the factors responsible for the decision to build another
addition to the present plant," Mr. Rentschler said.
Morgan B. Brainard was elected a director of the company.—V. 150,
p. 3067.
The greater
contracts
United
Co.— Earnings1940
1939
$46,239
Earnings
per
share
on
$51,782
;
$0.26
capital stock—
$0.23
1938
loss$23,528
Nil
—V. 149, p. 3279.
kwh.,
Net ry. operating income
From Jan. 1—
Gross from railway
1937
$177,599
19,268
107,892
38,632
10,717
$193,824
66,550
29,823
665,032
202,718
84,502
247,682
railway
Net ry. operating income
—V. 150, p. 3376.
674,834
203,921
72,007
768,870
264,051
120,885
Judge George A. Welsh of the U. S. District Court at Philadelphia May
corporation, formerly Mitten Bank Securities Corp., with the object of
working out a reorganization of the company.
He emphasized that it was not liquidation and he urged all concerned in
the case to cooperate with the trustees to attain a rehabilitation of the
company without further trouble.
George Wharton Pepper, counsel for the T. I. O., consented to the
trusteeship which was established in the receivership suit of Henry Orth,
of Camden, N. J., a stockholder.
The court's decree says that the trustees
are to have all the power and duties of receivers except that
they are not
to liquidate but to conserve the assets and work towards a
reorganization.
The three trustees are Congressman Francis E. Walter of Easton, Pa.,
James J. Connelly, who was one of Judge Welsh's original trustees for the
Philadelphia Rapid Transit Co. and later a Vice-President of the company,
and Bernard J. Kelly, attorney for the T. I. C. and also counsel for Phila¬
delphia Rapid Transit employees.—V. 150, p. 2441. ■■'■.•'.V;-..;-.':
v;U fA
.
Transport Co. of New York—Merger—
Transport Co.
Commerce
of New
York,
Commission
large trucking
concerns.
a
new
corporation, applied to the
on
May 16 for authority to acquire
Approximately $5,000,000 in cash and
securities is involved.
The
company, which said it later will petition the ICC for authority
to issue capital stock, asked permission to acquire control
through owner¬
ship of stock of the following companies:
Arrow Carrier Corp., Paterson;
York Motor Express Co. and R. F. Terminal & Warehouse Co., York,Pa.; Kirby & Kir by, Inc., and Waverly Place Co., Trenton; Mundy
Motor Lines, Roanoke, Va.; Consolidated Motor Lines, Inc., of Con¬
necticut and three affiliated companies—Consolidated Motor Lines, Inc.,
of Massachusetts, United Sales & Mfg. Co., and United Arbour Express,
Inc.; Motor Haulage Co., Inc., New York; Brooks Transportation Co.,
Inc., Richmond, Va.
In addition, the company asked authority to
purchase outright SuperService Motor Freight Co. of New York.
The company said its
financing application would ask permission to
issue in stock approximately the $5,000,000 called for in the
acquisition
agreements, plus $1,500,000 for new working capital.
setup of the provisions of Section 11 (B) (I) of the Public Utility
Holding Company Act.
y
■ -;v'Vyyv.-.y;.-•
The Commission stressed the fact that it would supply only a tentative
plan of integration for U. G. I. and that no order to dispose of any properties
would be issued until after the close of the hearings on the case.
The SEC postponed the U. G. I. hearing scheduled for June 3 until sucn
time as the company has had a chance to study the supplemental order to
be issued outlining the tentative integration plan.—V. 150, p 3376.
the present
United Light & Power Co.—Asks
Tri-State Telephone &
Apr. 30—
Telegraph Co.—Earnings—
Uncollectible oper. rev..
1940—Month—1939
$547,163
$549,291
2,674
1,581
$2,148,214
7,096
$2,153,147
5,336
Operating revenues
Operating expenses
$544,489
383,958
$2,141,118
1,539,841
52,147,811
Operatingrevenues
_
_.
.....
Net oper. revenues...
$547,710
387,049
1940—4 Mos.—1939
1,514,598
for
move
information
under
$160,531
51,041
$160,661
52,884
$601,277
194,718
$633,213
211,146
Net operating income.
Net income
$109,490
38,096
$107,777
48,018
$406,559
131,415
$422,067
...
—V. 150, p. 2748.
the system should do to meet
the Act.—V. 150, p. 3221.
"death
sentence"
of tne
terms
the geographical-integration requirements of
United Stores Corp.—Chairman
ill
Resigns—
George K. Morrow has resigned as Chairman of the Board because
health, but will continue as a director of the company.—V. 149, p. 3885.
o
a dividend of 75 cents per share on the $3 dividend
preferred stock and 68^ cents per share on the $2.75 dividend series
preferred stock of the corporation.
This dividend is payable June 15 to
holders of record June 1, and covers arrearage accumulated up to July 1,
1936.—V. 150, p. 2901, 2749.
series
United
Shipyard, Inc.—Offer to Purchase Shares—
Holders of class A shares (dividend receipts) who wish to dispose of their
are invited to tender their shares on or before June 4, 1940, to
Arnhold & S. Bleichroeder, Inc., 30 Broad St., New York, at a price not
holdings
to
exceed
p.
1790.
$1
a
share,
less transfer tax
..
175,874
Corp.—Aircraft Firm Organized— H;;
Michigan firm to incorporate for production of aircraft, since the
President's declaration that such plants be established in the
Midwest, is
Tucker Aircraft Corp., 2493 East Grand
Blvd., Detroit.
Incorporation
papers authorize the concern to do a general aircraft business as well as a
general munitions business.
Heading up design activity as Vice-President
is Arthur C.
Lardon, who has held important engineering positions with
Glenn L. Martin and Bellanca, and who is credited
with development of
six successful aircraft designs.
Underwriters Building Co.—Bonds Called—
The Chase National Bank, successor
trustee, announced that $35,000
principal amount first mortgage 53^% bonds due 1950 has been drawn for
redemption on July 1, 1940, at par. Payment will be made at the office of
the bank, 11 Broad St., New York.
Union Pacific RR.—Immediate
Payment for Called Bonds
Company announced that it has authorized the Chase National Bank of
York, as trustee, to make immediate payment of the full redemption
New
(3.04
cents
share).'—-V.
per
150,
United
States Realty & Improvement Co.—Supreme
Upholds SEC on Bankruptcy Act—Rules that Realty
Company Erred in Not Filing Under Chapter 10—
Court
In an interpretation of the Chandler Act, 1938 revision of the Bankruptcy
Act, the U. S. Supreme Court sustained May 27 the power of the Securities
and Exchange Commission to participate in a financial adjustment.
The
decision agreed with the SEC that Chapter X, rather than Chapter XI,
was
appropriate in the bankruptcy
case at
issue.
The majority opinion, by Justice Stone, brought a dissent from Justice
Roberts, shared by Chief Justice Hughes and Justice McReynolds, Justice
Douglas, former head of the SEC, took no part.
Refusal by the Second Circuit Court of Appeals to allow SEC interven¬
tion in
proceedings involving the affairs of the United States Realty and
Improvement Co. of New York City evoked strong objection by the Com¬
mission, which termed the Circuit Court's conclusion "an evasion and
emasculation" of the bankruptcy law.
"We think it plain that the Commission has a sufficient interest in the
maintenance of its statutory authority and the performance of its public
duties to entitle it through interventions to prevent reorganizations, which
should rightly be subjected to its scrutiny," the majority opinion said.
Justice Roberts, however, reasoned that the Commission could not inter¬
vene "as of right under the rule because no statute confers on it an un¬
conditional right to intervene," and that the Commission had no "interest
which may be bound by a judgment in the action."
As to which chapter of the Act should govern in
the proceedings, the
v.
"The hope of securing an arrangement which is fair and equitable and
in the best interests of unsecured creditors, without some readjustment of
the rights of stockholders such as may be had under Chapter X, but is
precluded by Chapter XI, is at best but negligible and, if accomplished at
all, must be without the aids to the protection of creditors and the public
interest which are provided by Chapter X, and which would seem to be
indispensable to a just determination whether the plan is fair and equitable."
—V. 150, p. 2749.
Universal Consolidated
Oil Co.—50-Cent Dividend—
Directors
on May 23 declared a dividend of 50 cents per share on the
stock, par $10, payable June 12 to holders of record June 1.
Like
amount was paid on Dec. 20, last.
See also V. 149, p. 3732.
Earnings for 3 Months Ended March 31, 1940
Net profit after deprec., depl., intangible develop¬
ment cost and Fed. income tax_.
Earns, per share on 200,000 shs. of c pital stock__ <v
—V. 149, p. 3732.
;■
:'
'
Utah Ry.-
$197,246
$0.38
$0.98
Earnings—
April—
1937
1938
1940
Gross from railway
Net from railway
Net ry. operating income
From Jan. 1—
Gross from railway.
Net from rail way
Net ry. operating income
—V. 150, p. 2901.
United
$77,220
.
.
Tucker Aircraft
the
Act follows the success of United Gas in obtaining
SEC to supply an outline of what the Commission thinks
consent of the
common
Operating taxes........
The first
Integration Plan—
Company filed with the Securities and Exchange Commission on May 28
request for information similar to that sought on integration by the
United Gas Improvement Co. and the Commonwealth & Southern Corp.
majority said:
County Telephone Co.—Final Dividend—
Directors have declared a final dividend of $1.50 per share on the
6%
class A stock, payable July 1 to holders of record June 15.—V.
143, p. 2698.
Period End.
Integration—
on
Directors have declared
Corp.—Trustees Named—
28 appointed three trustees to take over the management of the affairs of
Tri
Outline
May 23 announced that it
the request of the company to supply an outline of the
Commission's view on what would comprise an integrated system in the
case of the company.
In its reply to the SEC show-cause order, U. G. I.
declared that the Commission should indicate in what respects it believed
to
United Public Utilities Corp.—Dividends—
Transit Investment
The
Week
Holding Company
1938
$174,867
47,603
758,741
Net from
Interstate
an
This
Earnings
1939
1940
$183,016
43,281
13,483
j
Gross from railway
Net from railway...,
several
for the U. G. I. system companies for the week just
1940, 102,591,900 kwh.; same week last year, 93,433,171
increase of 9,158,729 kwh. or 9.8%.
ended May 25,
a
Toledo Peoria & Western RR.
April—
Gas Improvement Co.—Weekly Output—
The electric output
closed and the figures for the same week last year are as follows;
Net profit after all charges, incl. Fed.
taxes
Completion of the additional facilities is
12 months.
expected within three months.
The action brings to $20,000,000 the addition to the original plant
account of the Pratt & Whitney Aircraft Division in a year and a half.
has acceded
Directors have declared
Tokheim Oil Tank
further $8,000,000 expansion
& Whitney Aircraft Division, already tripled in capacity
The Securities and Exchange Commission on
3422.
no par
3 Months Ended March 31—
of company's Pratt
in little more than
SEC Will Give Company
Corp.—Registers with SEC—
See list given on first page of this department.—V.
Corp.—Expansion Program—Director—
This
John W. Garrett has been elected Treasurer of this company, taking over
a
1940—4 Wks.—1939
1940—20 Wks.—1939
$2,277,044
$1,744,179 $11,383,631
$8,628,518
Directors on May 27 approved plans for a
1
,
been deposited with the trustee.—V. 150,
150, P. 2748.
United Aircraft
■
*
238
Daily rated potential output at Dec.31 (in bbls.)
Sub-share
ctfs.
retired
—V.
1936
,
1940
Food Stores, Inc.—Sales—
Sales
of profit on real estate transactions and of depletion of oil lands are correct
or that such amounts can properly be used to determine the true income for
Number
this purpose have
for
Period End. May 18—
,
the year.
1,
p.3376.
puted on the oasis of a percentage of oil and gas royalties and bonuses
received in 1939.
No representation is made by the trustees that the above stated amounts
.
June
price, with accrued interest to Sept. 1, of its first lien and refunding mortgage
4% and 5% bonds which have been called for redemption on Sept. 1, 1940.
States
1939
$49,327
$52,395
6,069
1,663
$34,941
defl2,218
285,778
56,021
24,592
213,001
7,876
def38,039
394
def3,863
294,123
57,142
23,791
defl9,160
$52,534
def6,614
defl0,541
538,800
122,690
46,212
;
Steel
Corp.—Immediate
Payment
for
Called Debentures—
Company is notifying holders of outstanding 10-year 3\i% debentures,
due June 1, 1948, which have been called for redemption on July 15, 1940,
that they may obtain immediately the redemption price of such debentures,
together with interest accrued to July 15, 1940, upon surrender of their
debentures at the office of J. P. Morgan & Co., Inc.
Coupon debentures
►
olume
The Commercial
ISO
& Financial Chronicle
and
accompanied by all coupons thereto appertaining maturing on
after Dec. 1. 1940. Interest accruing to June 1, 1940 on coupon debentures
will be paid only upon presentation and surrender of the coupons for
must be
such
interest.—V. 150, p. 3377.
Van Sweringen
Co.—Reorganization—
for reorganization of the company was approved May 12 by
Paul Jones at Cleveland, Ohio.
Bondholders, unsecured creditors and farm mortgagees get complete
control of the Board.
Creditors receive the new preferred and present
A
plan
Federal Judge
pany, was
Robert R. Young, Chairman of Allegheny Corp., has a large interest in
the company through acquiring many securities of Mid-America Corp. from
George A. Ball, of Muncie, Ind.
Judge Jones has reduced Mid-America's
$8,177,000 in the reorganization to $836.
The new concern will be
as Shaker Heights Co.—V. 148, p. 2611.
claim of
known
*'
Viking Pump Co.—To Pay 4D-Cent Dividend—
Directors have declared
a
dividend of 40 cents per share on
the common
1.
Special
totaling 75
paid on Sept. 15
stock, no par value, payable June 15 to holders of record June
dividend of like amount was paid on March 15, last; specials
paid on Dec. 15 last and specials of 25 cents were
June 15 and March 15, 1939.—V. 150, p. 1790.
cents were
This
company,
as
successor
redemption on
has called for
company,
and accrued interest, $24,000 principal amount of
Coke Co. purchase money mortgage and deed of
trust 5%
50-year gold bonds due 1959.
Payment will be made at the
office of City Bank Farmers Trust Co., successor trustee, 22 William St.,
New York.—V. 150, p. 1009.
1,
1940, at par
Consolidated
Keokee
Company (subsidiary in North American Co.) has filed with the Securities
Exchange Commission an application or declaration (File 70-69) in
connection with a proposed transaction to obtain a settlement of certain
litigation with respect to bonds of the Anacostia & Potomac River RR.
of Washington City, D. C. and of City & Suburban Ry. of Washington,
Under the proposed transaction, Capital Transit Co., a subsidiary of
Washington Ry. & Electric Co., will assume liability with respect to the
payment of the principal of and the interest on $2,097,000 5% first mortand
fagebondsof 5% first mtge. & Potomac RiverSuburban Ry. of Washington.
1,342,000 of the Anacostia bonds of City & Ry. of Washington, D.C. and
Washington Ry. & Electric Co. will guarantee the assumption by Capital
Transit Co. of liability with respect to the payment of the principal of and
the interest
cates of modification, assumption and guarantee, due Dec. 1, 1951.
The
modifications of the bonds will include among other things, an extension
of the Anacostia bonds from April 1, 1949 to Dec. 1,
1951, and of the Suburban bonds from Aug. 1, 1948 to Dec. 1,1951.
There
a reduction of the rate of interest on both issues of bonds
of the maturity date
also is included
from 5% to 3M% per annum.—V. 150, p.
Under
an
$1,375,620
def26,095
def 110,499
598,634
486,651
723,712
618,785
6,213,977
3,018,895
2,337,443
6,027,963
2,776,963
2,205,319
6,411,460
3,620,625
3,080,758
Operating revenues
Operating expenses
Direct taxes
Prop, retire,
.
_
order entered in the Federal Court at St. Louis,
$289,217
13,966
!$4,108,281
30,852
34,545
$335,655
64,167
10,062
$303,183
82,963
1,869
:$4,139,133
845,460
;$3,676,308
$261,426
$218,351
$3,169,534
on mtge. bonds
Other int. & deductions.
Ry.—Payment of Interest Coupons—
Mo., on Jan. 30,
1940, the receivers have been authorized to pay the balance
will be made at
mentioned coupons
company's office, 33 Pine St., N. Y. City, on and after
June 1, 1940.
Such coupons,
accompanied by the required Federal income tax owner¬
this authority,
payment of the above
ship certificates, should be placed for collection through the
usual channels.
Delisting Approved for Preferred Stock Issue—
delist the 5% non-
application of the New York Stock Exchange to
An
V
;
1939
1938
1937
$3,520,389
$3,343,134
$3,085,326
630,060
57,167
568,404
def20,871
531,886
def60,576
$3,973,127
964,913
433,561
14,845,909
3,088,504
813,364
13,833,714
2,751,017
12,327,313
1,597,332
def713,054
16,226,080
4,268,742
2,148,213
Net from railway
Net ry. oper. income
1—•
Gross from railway
Net from railway
Net ry. oper. income
—Y. 150, p. 3377.
409,607
549
607
17,613
& fixtures
62,657
2,354
26,737
The old common stock, no par,
has been removed from unlisted trading
by the New York Curb Exchange,
(but see Eversharp, Inc., above).—Y.
150. p. 3377.
Inc. (.& Subs.)—Earnings—
Feb. 24, '40 Feb. 25, '39 Feb. 26, '38 Feb. 27, '37
$6,773,144
$7,940,387
$9,558,650
2,400,697
2,157,584
2,314
2,400,461
2,206,991
13,850
4,000
4,200
47,500
50,998
107,000
2,414,467
2,318,550
257,609
50,000
$1,709,459
$2,114,051
117,345
$3,212,085
:$4,518,025
219,360
292,873
465
b Amor. & depr. of prop-
1,875,856
31,770
$2,231,396
Cr3,493
$3,431,446
2,828
!$4,810,898
509
486,000
Prof, after film amort...
569,000
604,000
770,000
$5,974,896
2,349,611
Interest
inv. in affil. cos-
Provision for conting—
Prov. for misc. invests._
...
Other income
c295,503
...
$2,004,963
Profit
Minority interest
Federal taxes
$1,518,497 $1,665,889
$2,824,618 $4,040,389
$551,588 in 1939, $564,018 in 1938, and
$471,631 in 1937, in respect of studio properties charged to film costs.
c Consists of $87,413 foreign exchange profit and exchange adjustments
(net); $90,753 interest and discount earned; $37,056 dividends received and
$80,281 adjustment of prior years' taxes.
profit
Consolidated Balance Sheet
Feb. 24,'40
$
Feb. 25, '39
$
Liabilities—
bPref. stock
'40
$
&c
129,045,299 132,638,029 c Common stock 19,006,723
2,314,517
10,448,364
5,325,036 Notes payable..
2,922,108
Acct. & notesrec
1,892,139
2,546,243 Accts. payable.
Inventories
15,005,072
19,147,328 Funded debt due
within lyr.,&c
2,863,314
Rights & scenes
un produced
1,249,115
1,111,346 Sundry accruals 3,959,028
19,006,723
Cash
3,836,545
Property acct.,
of
curr.
subs.
Due to affii. cos.
assets
52,862
Roy alt es pay..
937,868
891,674
3,108,364
3,265,344
deprec., &c..
361,759
1,218,080 Deferred income
1,148,466 Remit; fr. for'n
subs., held in
8,327,667
abeyance
970,765
2,060,479
413,576
1,536.265
399,623
442,557
445.239
426,219
64,666,951
68,033,855
247,369
370,000
461,500
57,134,331
1,579,236
Res. for Federal
636,983
741,980
.
Goodwill
Deferred charges
taxes..
Adv.
tract and sink,
deposit
Invest, and adv.
1,089,498
923,790
8,331,777
1,055,065
pay.
film,
Purch. money or
conting.
obli-
gat'n, &c., ma¬
turing after 1
year..
...
debt
6,663
6,706
9,573
154,984
9,573
142,348
$103,517
$116,129
Other accts. pay..
74
w
-
-
m
Reserve for claims,
suits &oth.Items
8,237
x
Deficit
Total
$116,129
$103,517
Total
After reserve for depreciation of
Wentworth Mfg. Co.
6 Mos. End. Apr.
$667 in 1939 and $696 in 1938.-
Earnings—
of subs
Res. for conting.
57,241,428
Earned surplus.
3,280,245
Treasury stock. Dr106,739
Capital surplus.
169,961,989 173,545,032
Total
165,381
162,341
Net operating income.
Other income, less other
$33,873
$81,068
$71,835
deductions
Dr6,889
Drl 1,859
Dr7,891
28,459
$26,985
$69,209
$63,944
$191,494
1,879,198
sold
*
Net income
Prov. for Federal normal
5,367
Previous earned surplus.
11,513
8,610
28,209
$57,696
540,970
$55,335
501,690
$163,285
$598,667
16,998
41,002
$557,025
$678,488
15,000
92,226
150
7,341
$540,668
$539,371
$563,921
"
'
Excess accrued for State1
taxes year
174,381
$163,035
$21,618
547,697
Net income
'
v ;
515,204
.
ended Oct.
v
3,000
31, 1939
17,048
Preferred dividends
Common dividends
Other charges
—net
to surplus
17,504
x216
$555,051
Earned simp., Apr. 30
Additional Federal income tax
prior year.
Balance Sheet April 30,
1940
$1,871,877; property not used in conduct of business,
at cost, less allowance for depreciation, $132,628; fixed assets, at cost,
less allowance for depreciation, $213,461; deferred charges and prepaid
expenses, $34,902; total, $2,252,868.
Liabilities—Bank loans, $600,000; accounts payable, $7,060; dividend
payable, preferred stock, $8,524; accrued taxes and expense, $87,880;
convertible preferred stock (34,095 shs. no par), $539,190; common stock
($1.25 par), $512,520; earned surplus, $555,051; paid-in surplus, $660;
cost of 5,845 shs. of preferred stock purchased and in treasury, Dr$58,016;
total, $2,252,868.—V. 150, p. 1621.
Assets—Current,
Western Maryland
Ry.—Earnings—
1940—Month—1939
Period. End. Apr. 30—
$1,431,182
$886,276
Operating revenues
126,491
163,119
Maint. of way & struc..
229,177
296,375
Maint. of equipment—
38,195
39,714
Traffic expenses
280,680
383,571
Transportation expenses
2,943
4,838
Miscell. operations
45,558
46,849
General expenses
Cr2,692
Cr 1,632
Transp. for investment.
1940—4 Mos.—1939
$6,277,560
$4,902,211
705,819
563,048
1,157,961
157,593
1,374,853
15,684
180,513
Cr6,971
1,313,969
159,151
1,656,021
26,853
185,056
016,806
Net ry
oper.
_
income.
$2,247,497
440,000
$388,348
015,655
Drl 0,864
$100,924
08,971
Drl2,229
$1,807,497
Dr47,959
$1,169,530
077,872
Dr 51,442
$393,139
9,920
$97,666
5,608
$1,817,929
42,329
$1,195,960
25,091
$403,059
278,343
$103,274
275,799
$1,860,258
1,120,061
$1,221,051
1,105,122
$124,716
Operating income
Equipment rents
Joint facility rents (net)
$165,924
65,000
$1,459,530
110,000
Taxes
x$172,525
$740,197
$115,929
$498,348
Other income.
Gross income
169,961,989 173,545,032
b Represented by 103,107 no
shares, par $5.
d Subsidiaries
1937
$2,427,172
2,089,756
Sell., gen. & admin, exp.
Fixed
After depreciation and amortization,
shares,
c Represented by 3,801,344
1938
$2,239,572
2,001,913
165,824
i
stock & surpl.
1939
$2,090,104
1,846,694
1940
$2,078,452
30—
Net sales
Net operating revenue
Min. int. in cap.
ar
2,450
20
Mtge. and fund.
a
2,450
201
273,519
370,091
Dep. to sec. con¬
fund
101,496
139,060
& special
accts.reserve.
2,652,628
4,128,079
of foreign subs
284,888
ritories
73,768
3,637,740
d Net curr. liab.
oper.
in foreign ter¬
Mtge.
67
distrlbu'n
checks unpaid..
Capital
21,000
Feb. 29,'39
5,670,885
Net
Social secur. taxes.
74
14
x
Feb. 24,
$
5,670,885
a
$239,674
$239,674
74
21,000
.
income taxes
b Exclusive of $400,660 in 1940,
Assets—
$
$
'
Unmat'd int. rec_.
sub., at cost
Prepaid expenses
$572,314
Net
Liabilities—
Capital stock
Dividend unpaid..
Invest, in stock of
Cost of goods
Warner Bros. Pictures,
26 Weeks Ended—
Profit
1938
1939
1938
$29,292
Equipment, furn.
V. 149, p. 892.
Changed—Unlisted Trading—
Wahl Co.—Name
or
x
Co.—Balance Sheet Dec. 31—
1939
$29,292
property
Charges receivable
Gross from railway
Prov.
Wells Fargo &
Assets—
Real
Cash
1940
From Jan.
In connection with refinancing
Investments
Earnings for April and Year to Date
April—
»
the
the
$1,992,249
by the company in 1939, extraordinary
deductions for income tax purposes of debt discount and expense, call
premiums on bonds retired, and other related items, reduced taxable in¬
come for the year
1939.
The above statement includes provisions for
Federal and State income taxes in the approximate amount of $347,000.
Provisions of approximately $597,000 would have been required except for
such extraordinary deductions.—Y. 150, p. 3223.
,
a
conv. preferred stock B
($100 par) was granted May 28 by the
Securities and Exchange Commission.,
•
The Commission's order, effective at the close of trading on June 3,
representations by the Stock Exchange that the amount of
stock outstanding was so reduced as to make further' dealings in it on
Exchange inadvisable.
$2,614,767
622,518
period
Balance
cumul.
followed
622,518
$2,547,016
Net income
Divs. applic. to pref. stock for the
bonds.
995,550
68,374
Cr2,383
125,645
01,506
Int. chgd. to construct'ni
of 20% of the
and 68, due July 1, 1937 and Jan. 1,
1938, respectively, and the face amount of coupon series No. 69, due
July 1,1938, appertaining to the Wabash RR. first lien 50-year 4% terminal
to
:$3,641,763
$320,800
14,855
face amount of coupons series Nos. 67
Pursuant
res. approp.
Net oper. revenues.
Other income (net)
Int.
1
Net ry. oper. income..
—V. 150, p. 2902.
Wabash
$573,184
$1,414,168
8,369,198
4,643,336
3,580,354
.
Gross from railway
Net from railway
1937
$1,962,692
1,057,865
810,872
.
Net ry. oper. income..
From Jan. 1—
1940—Month—1939
1940—12 Mos.—1939
$937,072
$859,618 $11,001,022 $10,243,979
339,031
322,436
4,063,731
3,720,302
184,535
154,727 al ,716,716
1,768,010
92,706
93,238
1,112,294
1,113,904
Period End. Mar. 31—
1938
1939
1940
3070.
Washington Water Power Co. (& Subs.)—Earnings—
Virginian Ry.— -Earnings—
April—
Gross from railway
Net from railway
these bonds.
on
Specifically, holders of these bonds will be offered a like amount of certifi¬
Virginia Coal & Iron Co.—Bonds Called—
July
Washington Ry. & Electric Co.—To Assume Bonds—
debtor com¬
new common.
The plan, submitted by the
the only one presented.
stockholders, the
3531
operating in foreign territories having exchange restrictions (where current
liabilities exceed current assets).
Nofe—The accounts of subsidiaries operating in foreign territories (other
than Canada, which is included for the same period as the domestic com¬
panies) are consolidated herein as at Jan. 27, 1940 with the exception of the
subsidiaries in the Far East, other than Japan, and the Australasian sub¬
sidiaries which have been included as of Dec. 23, 1939 and the results of
their operations are included for the 26 weeks ending on those dates.—V.
150, p. 1009.
x
charges
Deficit.—V. 150, p. 3223.
Cr58,391
290,000
The Commercial & Financial Chronicle
3532
Westmoreland Coal Co.—50-Cent Dividend—
Wisconsin Central
Directors have declared a dividend of 50 cents per share on the common
stock, payable June 28 to holders of record June 17.
This compares with a
dividend of $1 paid on Dec. 15, 1937.—V. 150, p. 2751.
Pacific
Western
organizing Road—
RR.—ICC
Reduces
Period End. Apr.
Legal Fees for Ren
:
This allowance included expenses
Traffic
as
The firm had asked $87,360.
Pacific, received the second largest allowance, $35,000, out of
of $110,500.
done.
claim
1940
$1,388,684
227.042
45,322
—Y.
1939
$1,209,320
123.777
def25,606
a
1940
$148,210
20,044
8,344
Gross from railway
Net from railway
$645,219
326,680
$92,398
37,431
31,396
$443,393
151,830
122,244
$318,539
125,410
148,253
$43,844
Dr3,150
$23,570
Dr3,451
$169,318
Drl6,335
Drl8,845
$40,694
9,253
$20,119
10.070
$152,984
37,874
$26,031
40,676
$31,441
$10,049
$115,110
x$14,646
Other income (net)
Int. being accr'd
1937
$1,229,637
def 181,076
def342,229
& paid.
bonds, &c
4,906,546
246,919
Deficit.—Y. 150, p. 3224.
Wisconsin Power & Light Co.
def405,185
1938
$128,876
1,859
def6,325
560,016
82,323
32,675
1937
$150,967
24,983
17,662
523,365
36,522
def7,337
$44,876
Balance before int. on
Net operating income
$2,656,915
1,844,662
$816,501
343
Gross income
Int. & other deducts
Net income
1940—12 Mos.—1939
$2,484,303 $10,247,637
1,667,803
6,938,955
$812,254
966
$812,597
427,441
$817,467
$385,155
_
Other income (net)
572,566
59,061
20,519
(& Subs.)—Earnings-
1940—3 Mos—1939
Operating revenues
Operating exps. & taxes-
1939
$147,649
31,408
17,765
578,231
69,490
24,328
Net from railway
Net ry. operating income
—V. 150, p. 2902.
„
i__
...
$9,751,071
6.497,408
$3,308,682
11,289
$3,253,663
432,891
$3,319,971
1,721,900
$3,268,992
1,777,376
$384,575
$1,598,071
$1,491,616
15,330
-V. 150, p. 3380.
(Alan) Wood Steel Co.—Accumulated Dividend—
Wheeling & Lake Erie Ry.—New Director—
meeting of stockholders Frank R. Denton was elected
1943.
Mr. Denton replaces
Directors have declared
a dividend of $3.50 per
share on account of
cumulative preferred stock, par $100, payable
This compares with 87H cents
paid
on March 25. last; $1.75 on Dec. 21 last; $1 on Nov. 17
last; 75 cents on
June 15, 1939 and 50 cents paid on Dec. 28, 1938.—V. 150,
p. 3380.
director for the three-year term ending in
Robert C. Schaffner, whose term expired.
accumulations
1940
$1,166,548
369,537
288,824
1939
$720,967
68,139
44.176
1938
$710,905
109,798
63,504
4,903,746
1,567,617
1,255,537
Net ry. oper. income
From Jan. 1—
3,999,858
1,073,189
843,221
2,893,278
464,150
Gross from railway
Net from railway
Net ry. oper. income—
1937
$1,256,881
311,181
274,146
the 7%
Woodward Iron Co.—Bonds Called—
City Bank Farmers Trust Co., as trustee, is notifying holders of first
mortgage 5% bonds due 1962 that $288,000 principal amount of this issue
has been drawn by lot for redemption on July 1, 1940, at 104 and accrued
interest.
Payment will be made at the principal office of the trustee, 22
William St.. New York.—V. 150. p. 2445.
5,446,152
1,875,683
1,627,356
289,069
■
Wisconsin Michigan Power
on
June 15 to holders of record June 3.
Earnings for April and Year to Date
April—
Gross from railway
Net from railway
—V. 150. p. 3224.
$760,025
316,633
Net after rents
total
Alabama—Earnings—
Net ry. operating income
From Jan. 1—
Gross from railway
recent annual
$172,783
80,386
$115,899
42,336
29,719
Net after taxes
Period End. Mar. 31—
April—
At
$195,767
79,868
_
Hire of equipment
150, p. 3378.
a
1,534,374
130,565
Income before interest
1938
$956,310
def337,930
def473,134
4,359,785
3,597,348
390,838
def942,600
def171,980 def1,549,616
4,862,909
699,048
49,466
Western Ry. of
1,697.239
141,106
30,254
406,263
Rental or terminals
x
Net from railway
Net ry. oper. income
388.317
649,800
111,143
38,083
Net railway revenues
■
Net ry. oper. income
From Jan. 1—
Gross from railway
$3,459,417
427,211
682,696
115,780
expenses
Taxes
Earnings for April and Year to Date
April—
$3,824,056
General expenses
well
1940—4 Mos.—1939
$3,154,488
79,269
81,683
235,410
223,246
$3,509,377
$885,153
104,508
164,515
29,519
381,253
32,574
equipment
Transportation expenses
as compensation for work
Pierce & Greer, counsel for the West¬
Gross from railway
Net from railway
$985,479
140,236
174,876
Total revenues
Mtce. of way & struc.exp.
Mtce. of
1940
Ry.—Earnings—
1940—Month—1939
$903,566
$804,622
20,999
18,802
60,913
61,729
Passenger revenue
All other revenue
dividuals for services in connection with the road's recapitalization pro¬
ceeding.
The Commission approved total compensation and expenses of
$169,754 out of claims aggregating $405,416.
The fees and expenses approved by the Commission are for services
rendered up to Oct. 31, 1939 fn the Western Pacific proceeding and are the
final allowances in this regard..
The largest fee approved was one of $52,323 for Cravath, Degersdorff,
Swaine & Wood, New York, counsel for the institutional bondholders
ern
30—
Freight revenue
Carrying forward its policy of limiting legal fees and expenses in railroad
reorganization cases, tne Interstate Commerce Commission on May 27
made drastic reductions in the amounts claimed by committees anJ in¬
group.
June 1,
(Wm.) Wrigley Jr. Co .—Extra Dividend—
Co.—Earnings—
12 Months Ended March 31—
Total operating revenues
Total operating expenses and taxes
1940
1939
$3,742,762
2,407,133
$3,693,729
2,419,448
the
Net operating revenues
Non-operating revenues.
$1,335,629
12,080
$1,274,281
2,233
previous dividend payments.—V. 150,
_
on
$1,347,709
485,177
32,861
2,667
$1,276,514
488,525
32,181
4,026
Cr3,885
8,084
funded debt
Amortization of bond discount and expense
Other interest charges.
Interest
on
Cr534
7,282
during construction charged to property
and plant
*
Other deductions
Net income
$822,805
$745,035
—V. 150, p. 1459.
May 23 declared
an extra
dividend of 50 cents per share
on
common stock, no par value, payable
July 1 to holders of record June 20.
A regular monthly dividend of 25 cents per share which had been
previously
declared also bears the same dates.
See also V. 149, p. 4047 for record of
Yazoo &
Gross income
Interest
Directors
April—
j;
3380.
1940
1939
1938
$1,182,378
302,726
76,808
$1,005,221
214,863
18,179
$1,072,520
303,678
85,641
4,785,661
1,304,558
457,791
Gross from railway
Net from railway.
Net ry. oper. income—
From Jan.
p.
Mississippi Valley RR.—Earnings—
4,408,241
1,121,385
326,601
4,467,701
1,230,834
1937 *
$1,438,740
514,332
280,399
1—
Gross from railway
Net from railway
Net ry. oper. income—
5,316,719
1,720,262
820,228
359,225
—V. 150, p. 2902.
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY
market taken and Brazils absorbed at going prices.
belief that the war will not be a long one, Colombian
COMMERCIAL EPITOME
Friday Night, May 31, 1940
Coffee—On
net
higher.
the 25th
inst.
futures closed 3
Trading continued
totaling only 3 lots, which
In Brazil the spot
were
points
light, transactions
very
was
down 400 reis at 11.600
Otherwise the market
was
For the week Santos prices were 8 to 13 points
improvement
was
based
on a
unchanged.
higher. The
steadier market for milds which
reflected the current view that the
first
4
in Sept. at 5.77c. and 5.80c.
price of Rio 7s
milreis per 10 kilos.
as
to
Coffee futures continued steady in Saturday's
short session.
war
might not be
as
long
expected, which would revive the European demand
for coffee.
Clearances from Santos
were
GOODS—WOOL—ETC.
heavy
on
May 23,
over
the past few
days have been selling in
tion of the
war
would broaden European
were
steady and quiet.
3
points net lower for the Santos
only 5 lots.
While actuals
Santos coffee futures
were
steady, especially
On the 29th inst. futures closed 8 to 11 points net
for the Santos
contract, with sales of 15 lots.
creased demand by roasters and higher
ducers, especially
4 to 12
rose
went to
on
points
6.08c.,
up
pound.
on
a
their needs.
United States and 14,000 for
Europe the previous week.
the 28th inst. futures closed 4 to 10 points up for the
contract, with sales totaling 35 lots,
actual demand
with
all
was
available
better
or
by far than in
Santos
8,750 bags.
any
On
The
recent sessions,
offerings of Colombian* milds
near
the
points net higher.
11
The spot
and
with sales totaling 28 lots.
in
the
was
coffee
partly responsible for
market.
Santos
points, while "A" contracts
price
on
freight offers
Rio 7s
on
Colombian growths.
There
Rio, wnich
closed
News from Brazil of further measures
bobter coffee values
7 to
reported that
said to be covering
were
3 contracts traded in the December
recovery
was
Today futures closed 7 to 3 points net higher
2
to
It
at least half a cent a
were up
Roasters, who have been holding purchases down
in Santos last week totaled 102,000
bags for the United States
pro¬
December
light volume of sales.
tnis month.
for the Santos contract,
Europe compared with 150,000 bags for the
asked prices by
12 points, and 36 points above the low
owing to the general unsettlement,
were
higher
Reflecting in¬
forward shipment mild coffees, futures
mild coffees, buyers were not reaching for them in a big way.
According to information from Brazil, registered spot sales
and 30,000 for
demand for coffee.
in Sao Paulo at 14,833.000 bags.
crop
Colombian Manizales coffees
to
only
The Sao Paulo Coffee Institute estimates the 1940-41 coffee
made in the middle of
contracts, with sales of
way
shipment coffee and have generally refrained from
offering distant positions. It is stated that an early termina¬
totaling 34,800 bags for New York, 10,100 for Philadelphia,
inst. futures closed 1
limited
June
2,600 for Baltimore and 2,500 for Norfolk.
On the 27th
a
In the
shippers
was up
200 reis
mild grades
It
was
were
were
a
farther
contracts
gained
4 points higher.
per ten
kilos.
Cost
higtier, especially
on
virtually impossible to obtain
Volume
The
150
shipment further ahead than July,
firm offers for
Buying
Rio coffee
prices closed
as
follows:
July
3.991 December
September
4.04 ] March
Santos coffee
prices closed
July
September
as
6.10
.6.20
.6.27
2 points net
Transactions totaled 87 lots or 1,166 tons.
Scat¬
moved prices
Renewed
coupled with short covering lent a
liquidation at one stage of the session
tered
much
9 to 10
as
manufacturer
points under previous finals.
buying,
firmer tone to the market in late trading.
ended today
During the week
tSaturday), futures prices showed further net
losses of 21 to 13
The steady stream of news reports
points.
within striking
accompanied by
a continuation of liquidation of speculative accounts.
Local
closing: June, 4.56; July, 4.61; Sept., 4.67; Oct., 4.70; Dec.,
4.76; Jan., 4.79.
On the 27th inst. futures closed 11 to 10
points net higher.
Transactions totaled 70 lots. Trading
in cocoa futures was quiet, but the tone of the market was
Europe indicating German advances
from
distance of the
firm.
On
a
English Channel ports, was
turnover of
only 40 lots July contracts stood at
9 points, during early afternoon.
There was no
pressure to sell, Wall Street liquidation having run its course.
Warehouse stocks increased 500 bags over the week-end,
4.70c.,
up
standing at 1,041,626 bags compared with
1,401,639 bags a
Arrivals so far this year still are about 1,000,000
bags behind those of last year.
To date they total 1,468,866
bags compared with 2,465,833 bags for the corresponding
period of last year.
Local closing: June, 4.67; July, 4.72;
Sept., 4.77; Dec., 4.86; Mar., 4.96.
On the 28thinst. futures
closed 8 to 6 points net lower.
Transactions totaled 464
lots.
Frightened Wall Street liquidation inspired by the
war news, caused cocoa futures to break 20 to 25 points,
but losses were partly regained by early afternoon.
At
that time the market was 14 to 16 points lower, with July
selling at 4.56c., off 16 points.
Trading was active, sales
to that time totaling 435 lots.
As heretofore, manufac¬
turers stood under the market, taking the contracts out¬
siders liquidated.
There was no pressure from producing
countries.
Warehouse stocks decreased 3,400 bags over¬
year ago.
night.
They now total 1,038,295 bags compared with 1,401,639 bags a year ago.
Local closing: July, 4.64; Sept.,
4.70; Oct., 4.73; Dec., 4.79; Jan., 4.82; Mar., 4.90.
On the 29th inst. futures closed 8 to 9 points net higher.
Transactions totaled 177 lots.
The cocoa futures market
rallied as much as 20 points on favorable news from primary
countries and stood 9 to 10 points net higher during early
was only moderate, sales to that time
Warehouse stocks increased 10,300 bags
over night.
They now total 1,048,591 bags. A year ago
they amounted to 1,401,639 bags.
London reported that
the mid-year African cocoa crop would be destroyed.
Local
closing: July, 4.72; Sept., 4.79; Dec., 4.88; Mar., 4.98. To¬
day futures closed 5 to 6 points net higher.
Transactions
totaled 134 lots.
Trading in cocoa was small, but the
market was firm, prices during early afternoon standing
5 to 6 points higher on a turnover of 75 lots.
Absence of
pressure from primary countries was a feature.
The market
advanced easily on small buying.
Warehouse stocks in¬
creased 16,000 bags over the holiday.
They now total
1,064,494 bags compared with 1,402,344 bags a year ago.
Summer closings on Saturdays will begin tomorrow.
Local
closing: July, 4.77; Sept., 4.85; Dec., 4.93; Mar., 5.03.
Trading
afternoon.
totaling 150 lots.
Cuban Coffee Exports to
United States Increase
Sharply Incident to European War
As
a
merce
ordinary channels of com¬
resulting from the European war, Cuba's coffee ex¬
result of the disruption of
ports to the United States
have increased sharply, it \vas
reported by the Department of Commerce on May 27 in a
report from the American Consulate-General in Havana.
Of the 6,405 bags exported during April, 82% were con¬
the
American
market,
the remainder going to
signed
to
Italy.
The Department continued:
1940 Cuban coffee exports totaled 57,168
bags shipped in the corresponding period of last
During the first four months of
against
bags,
year,
the
of
23,300
increase of 145%.
The ratio consigned to
January-April period was approximately 46%.
an
war,
States,
the United States in
Until the outbreak
following order: United
Czechoslovakia, Spain, Denmark, and Germany.
Cuba's chief coffee markets ranked in the
France,
Sugar—On the 25th inst. futures closed 6 to 7 points net
higher for the domestic contract, with sales totaling only
138 lots.
Continuing the improvement which developed
on Friday,
following the reassuring statement of the De¬
partment of Agriculture, which in effect indicated concern
at the low price prevailing, the domestic futures contract
on Saturday was 6 to 7 points net higher at the close.
In
sympathy with the rise in the domestic contract, world sugar
futures closed 3 to
points net higher on sales of only 42
lots.
Some strength was derived from hedge lifting against
sales to the British Ministry.
It was reported that on Friday
the Ministry purchased two cargoes of Cubas for JuneJuly-Aug. shipment at 1.10c., f.o.b. Cuba.
On the 27th
stronger.
sales
In the raw market the tone was
Some 15,000 bags of Puerto Ricos clearing June
13
offered at 2.80c.
were
a
That was the first firm
pound.
Heretofore offers were based on the
ability to lift hedges in futures. Sales of spot sugar were
offer in several
]
Cocoa—On tiie 25th inst. futures closed 3 to
lower.
points net lower for the domestic
totaling 95 lots.
The world sugar
contracts closed 1 point down to 1 lA points net higher,
with sales totaling 118 lots.
Sugar futures were nervous
and erratic.
Domestic contracts were 2 to 3 points lower
with
during early afternoon.
follows:
5.851 March 1941-.-5.96 (May 1941
-
December
as
.4.08
(
J-,.—
I
inst. futures closed 4 to 3
contract,
by American roasters was good.
,
3533
Commercial & Financial Chronicle
days.
fall of 13 points in the
offered even with
Sept. futures.
Prices of refined sugar were quiet and
unchanged with a slightly better demand for offshore brands.
World sugar contracts opened 2 to 4J^ points higher, but
could not hold their gains, standing unchanged to 1F6
points higher during early afternoon.
On the 28th inst.
futures closed 3 to 6 points net lower for the domestic con¬
tract, with sales totaling 914 lots.
The world sugar con¬
tract closed 5 to 2 points net higher, with sales totaling
202 lots.
Sugar markets shared in the general decline in
prices caused by war news, but the fall in prices was rela¬
tively less than in other markets because of the recent
severe purging of this market of weak accounts.
During
early afternoon domestic contracts were 3 to 7 points lower.
In the raw market no sales were reported.
The 15,000 bags
of Puerto Ricos clearing June 13, which have been on offer,
were
still available at 2.80c. a pound.
Cubas could be
had even with Sept. futures or at 2.75c. duty paid basis.
In the refined sugar market resale beet sugar and offshore
cane were said to be offered at 4.20c. a pound.
In Western
territory up to 20c. a pound off the 4.50c. base price was
being allowed on old contracts for prompt shipment only.
The world sugar market broke as much as 5 points, but this
made last week at 2.70c.
a
pound,
Cubas for June shipment
week.
a
were
reduced considerably.
points net higher
for the domestic contract, with sales totaling 199 lots.
The
world sugar contract closed 9^ to 7 points net higher, with
sales totaling 153 lots.
Light buying sufficed to lift domestic
sugar futures 7 to 8 points, while the world market scored
advances of 7 to 9 points.
Both markets acted oversold.
In the domestic trading, hedge lifting and new buying fur¬
nished the demand.
In the raw market bids were being
afternoon losses had been
On the 29th inst. futures closed 4 to 5
solicited
on
10,000 tons of Philippines due first
half of June.
2.86c. In the meantime
15,000 bags of Puerto Ricos clearing June 13th were still
offered at 2.80c. a pound while Cubas, June shipment, were
even with September futures and July shipment was 2 points
over September.
In the world market hedge lifting against
rumored actual business coupled with new buying advanced
the market.
The British were reported to have paid 1.15c.
a pound for 20,000 tons of Cuban raw sugars.
Greece was
said to have bought 8,000 tons of American refined sugar at
1.87Hc. a pound free at shipside, New York.
Today
futures closed with only 25 lots traded in the domestic con¬
tract, and that business was done in the September delivery
which closed 1 point up.
The world sugar contract closed
1 point down to 3^ point net higher, with sales totaling
76 lots.
Domestic sugar futures were steady but world
sugar was weak.
The domestic market this afternoon stood
unchanged in quiet trading with the impending two-day
holiday tending to restrict interest.
Summer Saturday
closings will be observed, beginning tomorrow.
Nothing
was done in the raw market.
Five thousand tons of Philip¬
pines, due June 8th, and 15,000 bags of Puerto Ricos clear¬
ing June 13th were offered at 2.80c.
Cubas for June ship¬
ment were believed available even with September futures.
World sugar contracts lost a portion of the sharp gains regis¬
tered late last week.
The course of the war was the prime
factor in the market as it affects both production and con¬
sumption in Europe.
It
believed buyers
was
Prices closed as
pay
follows:
July
September.--
would
-
1.87 (January 1941
1.911 March 1941-----
-1.961 May 1941 —
November-----
1.86
--------1.89
---1.93
Points Out Sugar Legislation Effects
The Sugar Division of the Department of Agriculture
announced on May 24 that under existing legislation the
Secretary of Agriculture has authority to adjust market
supplies of sugar in 1940 to estimated requirements, in
accordance with a procedure in the Sugar Act of 1937.
Officials pointed out that ever since 1934, when the JonesCostigan Act was enacted establishing a sugar quota sys¬
tem, the price of sugar in the United States has been inde¬
pendent of the world market. So long as the Act or similar
legislation is in effect there is no prospect that excessive
and price-depressing world supplies above quota levels will
be released for consumption on the domestic market.
Sugar Division
Cuban Sugar
Production in Current Crop Year Above
Previous Season
Aggregate production of sugar in Cuba during
rent crop year up to April 15 amounted to 2,612,487
the cur¬
Spanish
tons, compared with 2,593,663 tons produced during
the corresponding period of the preceding crop year.
This
long
is learned from
from
a
report to the Department of Commerce
the American Consul,
which also
Exports of
Spanish
long
Harold S. Tewell, at Havana,
reports :
Cuban sugar during the first quarter of 1940 totaled 619,000
tons against 599,423 tons in the January-March period
z;
The Commercial & Financial
3534
A:
first
the
Cuba
on
quarter
of
months
.
Shipments to the United States aggregated
1939.
of
totaled
the
of
same
March
31,
Spanish
2,242,906
last year.
date
1940,
long
the
tons
stock
of
compared
in
first three
the
sugar
hand
on
2,601,732
with
:-A'''"'a
in
tons
:•
Production
of
sugar
Japan,
in
including
the
Island
of
is forecast at
1,314,000 long tons, raw sugar value, as contrasted with
1,603,000 tons manufactured last season, a decrease of
349,000 tons, or approximately 21%, according to advices
received by Lamborn & Co., New York, from Tokio.
Last
year's
all-time high for the Japanese Empire.
crop was an
added:
The firm's announcement
Harvesting of the current crop commenced in November and is expected
to
be
completed in
Sugar
tons.
June.
consumption
For
the
in
current
during
Japan
year
consumption
1938-39
is
totaled
expected
to
of the rationing program being instituted
parts of the Empire.
:-'7'■ -A1:'
ir_.
falling
off
long
1,342,000
show
because
a
decided
in various
a;
Lard—On the 25th inst. futures closed 2 to 5 points net
higher. The opening range was 2 points lower to 5 points
higher. At the highs of the short session prices were 5 to 7
points above previous finals. Trading was light and without
special feature.
Chicago hog prices today were nominally
steady at Friday's closing.
A few sales were reported at
$5.65.
"Western hog receipts totaled 13,400 head, against
16,600 head for the same day last year.
On the 27th inst.
futures closed unchanged to 2 points higher.
The opening
range was 7 to 12 points higher on light covering.
Trading
was light and without special feature.
Chicago hog receipts
were slightly above
trade expectations and totaled 20,500
head.
Receipts for the western run were also fairly heavy
and totaled 79,500 head against 70,600 head for the same
day last year.
Hog sales ranged from $5.20 to $5.85 at
Chicago.
On the 28th inst. futures closed 10 to 17 points
net lower.
The pessimistic war news influenced some heavy
liquidation, and the market was weak during most of the
morning session.
However, in the afternoon there was a
rally in which a portion of the early losses were regained. As
a result of the early liquidation the active deliveries declined
30 to 35 points.
Chicago hog prices were mostly 25c. lower.
Sales ranged from $5.35 to $5.55 per 100 pounds.
Western
hog receipts were extremely heavy and totaled 124,500 head;
a year ago today was a holiday.,
On the 29th inst. futures closed unchanged to 2 points
higher.
The important news item of the day was the
announcement that the Federal Surplus Commodity Cor¬
poration had purchased 32,000,000 pounds of lard and
15,000,000 pounds of salt pork for relief distribution. Since
this buying program has started, the Government has pur¬
chased 88,600,000 pounds of lard.
Reports were also circu¬
lated that the corporation moved to take additional pur¬
chases of lard and pork products.
However, the above report
had very little influeuce upon the lard futures market at
Chicago near the close of the session today.
Chicago hog
receipts were not very heavy and totaled 16,000 head.
Western hog marketings were also only moderately heavy
and totaled 62,800 head, against 88,400 head for the same
day last year. Today futures closed 10 to 8 points net lower.
There was considerable liquidation, influenced apparently by
the weakness in grains.
DAILY CLOSING PRICES OF LARD FUTURES IN
,
May
July
September--.
-
-—
Sat.
5.12
5.27
5.47
5.80
October
December----
—
5.72
Mon.
Tues.
5.12
5.30 '
5.50
A
5.02
5.12
5.32
5.60
5.75
5.42
5.60
Wed.
CHICAGO
Fri.
Thurs.
5.05
5.15
5.35
5.45
5.60
0
H
O
L
:
4.95
5.07
5.27
5.37
5.52
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: Firmer.
Pickled Hams: Picnic, Loose, c.a.f.—4 to 6
lbs., 11 %c.; 6 to 8 lbs., 11c.; 8 to 10 lbs., 10 %c. Skinned,
Loose, c.a.f—14 to 16 lbs., 16%.c.; 18 to 20 lbs., 14%c.
Bellies: Clear, f.o.b. New York—6 to 8 lbs., ll%c.; 8 to 10
lbs., 11c.; 12 to 14 lbs., 10c.
Bellies: Clear, Dry Slated,
Boxed, N. Y.—16 to 18 lbs., 7%c.; 18 to 20 lbs., 7c.; 20 to
25 lbs., 6%c.; 25 to 30 lbs., 6%c.
Butter: Firsts to Higher
than Extra and Premium Marks: 26c. to 27c.
Held '39, 20c. to 21c.
Packs: 14c. to 18%c.
Cheese: State,
Eggs: Mixed Colors: Checks to Special
Oils—Linseed oil demand continues light, with tank cars
quoted 9.8c. to 10.0c. per pound. Quotations: Chinawood:
Tanks, spot—21 %c. to 25 %c.; Tanks, shipment—21c. bid;
drums—22% to 26 %c.
Coconut: Crude: Tanks—.03 bid;
Pacific Coast .02% bid nominal. Corn: Crude: West, tanks,
Olive: Denatured: Drums, spot,
nearby—.05% to .06.
afloat—$1.25 bid.
Soy Bean: Tanks, West—.04% to .05;
New York, l.c.l., raw—.073 bid.
Edible: Coconut, 76 de¬
grees—.08% to .08%. Lard: Ex. winter prime—8% offer.
Cod: Crude: not quoted. Turpentine: 33% to 35%. Rosins:
$5.10 to $7.30.
Cottonseed Oil
contracts.
sales, yesterday, including switches, 90
Crude, S. E^, val. 5 @ %. Prices closed as follows:
June
5.90@
July
August
5.96® 5.981 November
5.98®
n
I December
6.00@
(January 1941
.September
n
(October
June 1,
1940
net
Trading was very quiet, sales totaling only 630
The opening range was 7 points lower to 10 points
higher.
tons.
What buying there was came from trade and dealer
Certificated stocks in licensed Exchange ware¬
houses decreased today to 840 tons, a drop of 90 tons.
The
outside market was a rather quiet affair. Prices were purely
nominal, with spot standard No. 1 ribbed smoked sheets
unchanged at 20%e. per pound. Local closing: May, 20.17;
July, 19.30; Sept., 18.18; Dec., 17.80; Jan., 17.00.
On the
27th inst. futures closed 25 to 20 points net higher. Transac¬
tions totaled 150 lots.
Rubber futures rallied after an
indifferent opening.
Firm cables, light shipment offerings
and trade buying were factors which strengthened the
market's tone during the forenoon.
Prices during early
afternoon stood 28 points higher on Sept. at 18.46c., and 22
points higher ou Dec. at 18.02c. Sales to that time totaled
122 lots, of which 10 were exchanged for physicals. Cer¬
higher.
sources.
Japanese Sugar Production Expected to Be 21% Below
Record Crop of Last Year
Formosa, during the current 1939-40 season
Chronicle
Rubber—On the 25th inst. futures closed 35 to 45 points
438,101 tons during
1940, compared with 371,606 tons
On
1939.
•
6.00@ 6.03
6.00®
6.04®
n
6.07
6.07@ 6.10
tificated stocks decreased by 50 tons to 790 tons.
London rubber market closed quiet, unchanged to
The
%d.
The Singapore market also was quiet, 1-32 to l-16d.
Local closing: July, 19.55; Sept., 18.38; Dec., 18.00.
higher.
higher.
On the 28th inst. futures
closed 21 to 40 points net lower.
This break was relatively small in view of the heavy reaction
of the other markets to
the startling
news
concerning the
Belgian surrender to the Germans. Transactions in the local
market totaled only 590 tons. At the opening call there were
no transactions, but bids and offers showed losses of 70 to
points below the previous day's close. Although there
only 20 lots traded during the first 2 hours, most of the
sales were made in the May delivery. Most of the 10 notices
in the May position were issued only a half hour before the
delivery went off the Board at noon.
The outside market
was also quiet and slightly easier.
Spot standard No. 1
ribbed smoked sheets in the trade declined %c. to 20 %c. per
pound.
Local closing: June, 19.82; July, 19.30; Sept.,
18.10; Dec., 17.60; Jan., 17.50; Mar., 17.30.
On the 29th inst. futures closed 25 to 30 points net higher.
45
were
Transactions totaled 51 lots.
Prices
on
the rubber futures
firm, but trading was limited.
Up to earlv
afternoon only 41 lots had been done, an exceptionally small
volume.
Prices at that time were 30 to 37 points net higher.
The rise was attributed to the steadiness of primary markets
market
and
were
the
other exchanges.
Certificated
night. They now total 770
tons.
That compares with an open interest of 2,336 lots, or
23,360 tons, of which 5,140 tons are in the July position.
Singapore closed unchanged to l-32d. higher.
London was
1-16 to 3-16d. higher.
Local closing: July, 19.55; Sept.,
improvement
on
stocks decreased 20 tons
IjS.36; Dec., 17.90.
over
Today futures closed 80 to 45 points
Transactions totaled 139 lots. Further strength
developed in the rubber futures mixed dealer operations.
Selling pressure was noticeably light.
Tightness developed
in the July position, that delivery rising 75 points to 20.20c.
In the meanwhile September at 18.85 was 49 points higher.
Sales to early afternoon totaled 109 lots.
Certificated
stocks lost 100 tons.
They are down to 670 tons, with the
July open interest 5,360 tons.
The London market closed
steady, % to 3-16d. higher.
The Singapore market was
3-32d. higher.
Local closing: July, 20.35; Sept., 18.82;
Dec., 18.35.
net
higher.
Hides—On the 25th inst. futures closed 27 to 37 points
higher.
The opening range was 1 point lower to 9 points
advance, but the list worked steadily higher during the morn¬
ing to close the day with substantial gains.
Short covering
and scattered buying were in evidence much of the time and
the pressure to sell appeared to be lighter than it has been in
several days.
The less pessimistic information from the
net
the Continent
was
held
partly responsible for the improved
feeling in hide futures circles.
Trading was comparatively
light today, the turnover being limited to 4,760,000 pounds.
No change was reported in the condition of the domestic
spot hide market today.
Local closing: June, 9.92; Sept.,
10.24; Dec., 10.48; Mar., 10.73.
On the 27th inst. futures
closed 11 to 19 points net lower.
The opening range was 7
points lower to 12 points higher.
The outstanding news
item was the report that British buyers have placed orders
in the Argentine for 50,000 frigorifico hides.
Of these some
30,000 standard steers were reported purchased at 10%c.
a pound,
against the last previously reported sales price of
12%c. a pound, while rejects were reported to have sold for
9%c. against the recent price of ll%c. a pound.
The sharp
increase in the demand for leather in England due to tne war
was held
largely responsible for the purchases.
Conditions
in the domestic spot market were reported about unchanged
from the close of last week.
ever,
showed
futures
a
market
weaker
totaled
1,960,000 pounds
contract.
The hide futures market, how¬
Transactions
11,360,000 pounds.
tone.
in the local
There
were
tendered for delivery against the June
Certificated stocks of hides decreased by 10,899
hides
to 964,200 hides.
Local closing: June, 9.81; Sept.,
10.06; Dee., 10.34; Mar., 10.58; June, 10.82.
On the 28th
inst. futures closed 31 to 41 points net lower.
The hide
futures market opened weak ana from 74 to 85 points net
lower.
The weakness of the securities market reflecting the
bad
European news, was the chief influence responsible for
tumbling of hide values.
Selling in hide futures was
fairly heavy during the early dealings.
Transactions totaled
10,080,000 pounds, of which 680,000 pounds were exchanged
for physicals.
Certificated stocks of hides decreased by
the
Volume
The
ISO
Commercial & Financial Chronicle
The domestic spot hide mar¬
reported almost entirely nominal, although during
the course of the day light native co vs were reported sold
at 103^c. a pound.
Local closing: June, 9.50; Sept., 9.74;
Dec., 9.95; Mar., 10.16; June, 10.41.
On the 29th inst. futures closed 11 to 15 points net higher.
Transactions totaled 78 lots.
Of these 400,000 pounds were
2,084 hides to 962,116 hides.
ket
was
exchanged for physical.
Certificated stocks decreased by
10,265 hides to 951,851 hides. It was reported that tanners
had bought 2,300 light native cow hides at lOJ^c. a pound,
off 3^c.
Local closing: June, 9.61; Sept., 9.86; Dec., 10.10.
Today futures closed 24 to 15 points net higher.
Transac¬
tions totaled 122 lots.
Raw hide futures opened 4 to 10
points higher. June sold at 9.78, up 17; Sept. at 10.00, up
14, and Dec. at 10.28, up 18. Transactions totaled 83 lots.
The improvement was in sympathy with the stock market.
Commission houses and dealers absorbed offerings.
Local
closing: June, 9.85; Sept., 10.02; Dec., 10.28; Mar.,
10.51.
Ocean Freights —In view of the grave conditions prevail¬
ing in Europe, demand for tonnage in the market has been
relatively quiet.
Charters included: Grain: Australia to
United
States
north
of
Hatteras,
June-July (recent).
Australia to North Atlantic, $17 per ton.
Plate to North
Atlantic $9 per ton (heavy grain), basis Buenos Aires.
Scrap Iron: Atlantic range to Japan, June-July, $16.50 per
ton, option Gulf loading at $17 per ton.
Atlantic range to
Japan, June-July, $16.50 per ton, option one port Atlantic
and one port Gulf loading at $17 per ton.
Time: A steamer,
reported fixed, round trip West Indes trade, June, $4.50
per
ton. A steamer, three months West Indies trade,
prompt, $4.75 per ton.
A steamer, West Indies or Canadian
trade, $4.75 per ton.
Another steamer: Trip up, delivery
West Indies, redelivery United States Gulf, prompt, $4.75
per ton.
A steamer, three to four months, Chilean nitrate
trade, delivery Boston, prompt, $5 per ton.
Sugar: Philip¬
pines to United States Atlantic, $14-$15 per ton.
San
Domingo to Marseilles, $19 per ton.
San Domingo to
Casablanca, $17-$18 per ton.
Cuba to Bordeaux, $22 per
ton.
San Domingo to Nantes, $20 per ton.
Queensland
to Montreal, $22 per ton.
Coal—There is
decided slowing up in demand for both
bituminous and anthracite coal.
The European war and the
a
minimum coal prices soon to be
issued are the main influences
Warmer weather is also a factor, es¬
retarding demand.
pecially in the slowing of demand for anthracite, dealers and
operators state.
The only movement of hard coal is in pea
sizes, with the current supplies very small.
The Pennsyl¬
vania Anthracite Emergency Committee notified producers
that the production for the week ended June 6 had been
fixed at 720,000 tons, equal to about three working days.
This is the same rate as in effect since March 16th, with the
exception of one week when due to cold weather the produc¬
tion was increased to 960,000 tons.
It is reported that most
of the industrial plants, at present, are well stocked with
coal which was bought early in the spring; this refers of
course
to bituminous coaL
With the industrial capacity
expected to increase as a result of the armament program
in the United States, operators here feel that the demand for
coal will move higher.
.
.,
Tops—On the 25th inst. futures closed 9 to 17
points net higher. Trading was active with 150 contracts or
750,000 pounds estimated to have been sold during the short
session today.
Spot tops advanced 10 points or lc. to 94.0c.
a pound.
Local closing: July, 88.5; Oct., 86.2; Dec., 86.0;
Mar., 85.5.
On the 27th inst. futures closed unchanged to
3 points lower.
Sales totaled about 70 contracts, or 350,000
pounds, according to trade estimates. Spot tops were un¬
changed at 94.0c. a pound. Local closing: July, 88.3; Oct.,
86.2; Dec., 85.7; Mar., 85.4.
On the 28th inst. futures
closed 22 to 28 points net lower.
Transactions totaled 90
lots, or 450,000 pounds.
There was considerable long
liquidation, with the trade buying on a scale down.
Spot
tops declined 10 points to 93c. a pound. Reports from Boston
state there is very little demand for wool.
An occasional
small lot was taken by mills to cover urgent immediate needs.
Prices varied considerably depending upon whether the wools
needed were available in lots hedged by operations in the
Wool Top Futures Exchange.
Small lots of 12 months
Wool
3535
levels of the morning prices had
advanced 2 to 5 points over
Wednesday's close. Boston reported trade in raw wools was
slow, with prices very little changed from those of the early
part of the week.*1 The service bureau of the Wool Tops
exchange estimates apparel wool consumption for April at
32,256,000 pounds as compared with 37,632,000 in March
and 34,980,000 in April, 1939.
The estimate had little
effect on the market.
Local closing for wool tops:
July,
88.6; Oct., 86.6; Dec., 86.2; Mar., 85.7.
_
Silk—On the 27th inst. futures closed 3 to
J^cT net lower.
Transactions totaled 75 lots.
The easier tone of Japanese
opening here, initial prices being 2 to
6c. lower.
The softness of the Japanese market was at¬
tributed to prospects for a larger cocoon crop.
Later, the
tone here improved along with that of other markets, with the
result that by early afternoon losses had been reduced to
l^c., with Sept. at $2.54^Sales to that time totaled 43
lots.
The price of crack double extra silk in the uptown
market declined 33^c. to $2.77 a pound.
Certificated stocks
decreased 50 bales, now totaling 1,360 bales.
Seventy bales
were tendered
on contract, making a total this month of
cables caused
a
weak
The Yokohama Bourse closed 28 to 35 yen lower.
800 bales.
Spot grade D silk was 20 yen lower at 1,515 yen a bale.
Local closing: No. 1 Contracts: June, 2.64; July, 2.59; Aug.,
2.54; Sept., 2.53; Oct., 2.52; Nov., 2.51
Dec., 2.51^.
On the 28th inst. futures closed 2c. lower to k£c. higher for
the No. 1 contract.
Transactions totaled only 420 bales,
all in the No. 1 contract.
The market was surprisingly
quiet in face of the pessimistic news from Europe and the
heavy declines in other markets.
Most of the trading was
in the form of switching operations from the June position
to the Jan. delivery at 12^c.
There was also some June
liquidation and trade short covering reported during the
There
session.
were
14 June No. 1 and June No. 2 notices
Futures at Yokohama
issued for the first time this month.
advanced 10 to 17 yen, while at Kobe gained 6 to 16 yen.
Grade D declined 5 yen to 1,510 yen in both Japanese mar¬
kets.
Spot sales amounted to 350 bales, while futures
markets totaled 7,875 bales.
July, 2.58^5 Sept., 2.53)^;
transactions in the Japanese
Local closing: June, 2.62^;
Nov., 2.51; Jan., 2.49.
On the 29th inst. futures closed
unchanged to 1 ^c. net
lower.
caused
Weak Japanese cables
Transactions totaled 46 lots.
a
lower opening on the
declines ranging from 3
Commodity Exchange, in¬
itial
to 5c.
Later the market
improved somewhat, September this afternoon standing at
$2.52off lc. Sales to that time totaled only 20 lots, all
on the No. 1 contract.
The price of crack double extra silk
in the New York spot market declined 2c. a pound to $2.743^.
Yokohama Bourse closed
The
35 to 41
yen
Spot
lower.
grade D silk lost 15 yen, selling at 1,495 yen a bale. Local
closing: No. 1 Contracts: June 2.62; Sept. 2.52; Oct. 2.51;
Nov. 2.493^; Dec. 2.49.
COTTON
Friday Night, May 31, 1940
Movement of the Crop, as
The
indicated by
tele¬
our
from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 30,472
bales, against 42,308 bales last week and 39,262 bales the
grams
previous week, making the total receipts since Aug. 1, 1939,
6,922,249 bales, against 3,321,924 bales for the same period
of
showing
1938-39,
increase since Aug.
an
3,600,325 bales.
;
610
Galveston
5,109
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
Receipts at—
1939, of
1,
'
612
351
1,129
8,880
8,697
11,565
1,334
4,983
659
2,712
175
1,652
1,60(5
1,910
Total
717
428
2,288
2,867
Mobile--
2
76
8
27
113
Savannah
2
2
1
456
----
33
459
162
Houston
New Orleans—-
Wilmington
65
64
Norfolk
3
1
593
593
.10,138
30,472
Baltimore
Totals this week
_
3,683
8,482
1,456
5,233
1,480
table shows the week's total receipts, the
Aug. 1, 1939, and the stocks tonight, compared
The following
total since
with last year:
Texas wools have been moved at 80c. to 85c., scoured basis'
to
closing for wool
Mar., 83.2.
tops: July, 85.5; Oct., 83.7; Dec.,
On the 29th inst. futures closed 28 to 19
Local
Receipts to
May 31
This
Week
83.4;
points net higher.
to midday.
The
wool tops market was strong and active today, due largely
to trade, spot house and local buying.
Later, prices sagged
slightly.
At the best levels of the morning prices showed
gains of 16 to 19 points over previous finals.
Advices from
Boston say that sentiment has somewhat improved over
yesterday.
Good French combing territorials were moving
at 72c. a pound delivered.
Medium grade wool quotations
showed a slight easing.
Local closing: July, 88.3; Oct., 86.1;
Dec., 85.7; Mar., 85.1.
Today futures closed 3 to 6 points
net higher.
Wool top futures sold at steady prices this
morning on fair turnover. Sales amounted to about 500,000
pounds of tops, according to trade estimates.
At the best
Transactions totaled 375,000 pounds up
1938-39
1939-40
worsted manufacturers, while hedged lots of 12 months
Texas wools were offered at 72c. to 73c. scoured basis.
8,880
Galveston
Brownsville
Houston
——
—
Corpus Christi
Beaumont
New Orleans
Mobile
Pensacola & G'p't
Jacksonville
—_
Savannah
Charleston
Lake
Norfolk
—--
1 1939
Week
1,73$,404
41,153
8,697 2,059,641
179,215
67,907
11,565 2,41.5,597
113
161,218
54,593
1,882
63,688
38,565
1
1938
655,408
477,418
3*546
1,015,784
671415
38,933
92,537
628,652
70,274
562,697
44,663
31,792
430,253
47,366
z3,477
1,352
145,256
30,828
5,467
11,061
27,616
45,971
9,718
22,200
"~3
Q2
593
21,497
100
23,721
96
4,772
494
255
477
500
Boston
Totalsx
60,574
1,416
113,843
28,814
4,181
7,776
24,287
30,472 6.922.249
100
1,946
New York
Baltimore
1939
963,536
162
459
1940
8,035
292,708
16,678
811,664
65,008
12,279
1,906
35,144
16,096
38,774
13,282
15,344
Charles—
Wilmington
Since Aug
Stock
Since Aug
This
1,383
1,250
1,275
17,870 3,321,924 2,401,531 1,821,979
Receipts included in Corpus Christi.
z
Gulfport not included.
The Commercial & Financial
3536
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
1939-40
JReceipts at—
1937-38
1938-39
1936-37
8,880
8,697
11,565
Houston..—
New Orleans.
Mobile..
8,035
3,546
4,772
7,102
1,507
6,470
113
Galveston.—
494
618
....
Savannah
"""529
Charleston—
6,132
3,228
6,536
241
472
""*338
""*459
Wilmington..
"'459
"""477
229
942
162
92
339
709
102
1,647
803
N'port News.
'
593
199
"'355
"""966
1*926
1,339
30,472
17,870
17,425
23,761
47,072
18,907
All others
Total this wk.
While the war
earlier.
news
considered
was
cotton at the 10
a
1,
1940
little
more
designated spot markets during the
week amounted to 34,510 bales,
in the
compared with 24,994 bales
previous week and 36,940 bales last year.
unchanged
was
to
points
5
higher.
On
prices closed 11 to 16 points net higher.
84
y!:.|.; 555
"
June
hopeful for the Allies and other markets rallied as a result,
outside demand for cotton was comparatively light.
Sales
of spot
"""864
Norfolk——
1934-35
6,217
4,926
27,006
3,968
2,515
11,964
3,832
1,062
Wv■ 3 v^;Vr 255 V);>' 276
Brunswick
1935-36
973
Chronicle
6 to 9
was
Trading
points higher.
maintained
was
the
Middling
27th
inst.
The opening range
slow but the market
good, steady undertone.
Bombay futures were
steadier and Bombay brokers were small buyers of the May
a
Selling was light and scattered. Strength
again the feature of the market, and this was/■
attributed to the strong spot basis in the South and lack of
position early.
Since Aug. 1.. 6,922,249 3,655,295 6,977,219 6,170.456 6,695,660 3,958,582
The exports
for the week ending this eveningreach a total
65,438 bales, of which 27,567 were to Great Braitin, 9,885
to France, 17,517 to Italy, 7,431 to Japan, 1,325 to China,
and 1,713 to other destinations.
In the corresponding week
last year total exports were 32,157 bales.
For the season to
date aggregate exports have been 5,769,752 bales, against
3,133,236 bales in the same period of the previous season.
Below are the exports for the week:
of
in July was
in relation to the futures market.
14 to 18
points
some
readily absorbed.
Exported to—
It
Italy
many
Japan
officially
was
announced
that
was
the
Liverpool futures market would reopen today for trading
but transactions will be permitted
.
May 16th closing rates for the day only, and that sub¬
at the
Ger¬
Great
Britain France
On maximum gains of
profit taking took place, but selling
from 11a.m. to4p.m.,
Week Ended
May 31,1940
Exports from—
Mills continued to fix prices and
offerings of spot cotton.
continued to complain about the high prices for spot cotton
China
Other
sequent methods of trading would be decided today.
War
attracted less attention in the market.
Stocks were
Total
news
Galveston......
1,452
10*325
Houston....
*100
7,390
1,542
9,785
New Orleans....
Mobile
Norfolk
3,540
12,525
514
7,445
49
1,325
23,291
30,850
1,542
1,150
010
....
New York
4,154
3,277
910
1,400
...
steady, but outside markets also influenced sentiment in the
to 23
10
1,400
-
ring less and less.
cotton
Southern spot markets today
Middling
points higher.
was
were
quoted from 9.48
to 10.72 cents.
Total
27,567
9,885
—
17,517
7,431
1,325
1,713
1,368
5,409
3,512
4,394
3,002
14,422
2,442
13,243
13,564
2,901
8,740
100
4,718 32,157
8,887» 55,201
05,438
On the 28th inst.
Total
1939.....
Total
1938.—.
the
of
From
Exported to—
Aug. 1,1939 to
Great
May 31. 1940
Export 8 from— Britain
Galveston
365,060 141,252
482,992 149,451
71,308 27,424
6,861
8,496
Houston
Corpus Christ!
Brownsville
-
-
Italy
many
tumbled
Japan
286 147,437
8,257 198,443
18,329
10,242
4,334
China
Other
declines
207,240 52,685 411,216 1325,176
237,665 197,310 367,883 1642,001
37,586 10,390 25,452 200,731
4,309
3,922
27,922
Beaumont...
400
New Orleans-
712,884
422*908
8,169 225,100
84*699
16,290
67,297
1,135
22,878
491
4,179
19,494
9,324
10",5*10
1,872
127,282
2*106
2*708
196
11,267
11,170
8,837
100
75,278
....
Jacksonville..
6,182
42,700
26,235
6,773
5,231
550
Pensacola, &c.
Savannah....
Charleston
Wilmington..
Norfolk
211
Gulf port.—..
New York...
Boston...
1,704
811
1,576
1*825
14,145
11,507
18.824
...
*486
10,281
585
50
:"75
1*271
27,810
6,773
24,629
11,791
30,067
9,971
7,388
284
199
50
100
54*308
7",821
1,050
9,994
300
9,521
Baltimore....
><
1
Los Angeles..
San Francisco
*214
200
62,040
1,336
29,850
11,186
1
21,558
346,364
124,759
12
24,393
191,871
66,286
12
Seattle..
Total-— 1930,454 793,586
Total 1938-39
446,925 743,177
Total 1937-38 1567,721 690,135
33,456 598,784
435,819 289,747
848,425 506,325
867,655 394,818 1150990 5769,752
848,386
609,484
04,250 627,241 3133,236
89,841 974,800 5339,773
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
setback today
as a
to
There
points during the first few
49
was a
rally
on
result
Prices
moments
trade buying and the earlier
reduced by more than half when the market
were
During the first half-hour 30,000 bales, principally
July, October and December were sold, generally credited to
Bombay, Liverpool and spot houses.
Transferring hedges
from foreign markets, and hedging canceled orders placed
months ago, supplied contracts as the foreign news was
construed as depressing in all the outside markets.
The
local market soon recovered its equilibrium, however, and
31,419
186
a
closed.
71,342 220,001 1745,103
Lake Charles.
Mobile..
35
trading.
Total
quite
capitulation of King Leopold of Belgium.
Ger¬
France
prices closed 6 to 19 points net lower.
The cotton market received
gradually recovered from the extreme lows, led by strength
in
-
July at one time recovered to within 2 points of
previous close, while new crops recovered 15 to 18
points of the previous closing levels.
There were reports
from Washington that the Senate Banking Committee had
unanimously approved a $500,000,000 increase in Govern¬
ment funds for crop loans, and this helped the market.
On the 29th inst. prices closed 2 to 4 points net higher.
The opening range was unchanged to 3 points higher.
On
short covering prices advanced 7 to 11 points.
Trading,
however, was on a much smaller scale than during previous
sessions, and professionals were not inclined to take \
position in the market over the Memorial Day holiday with
July.
the
uncertainties
about
the
future
increasing.
The
advance
attracted profit-taking, and some local selling on
On
Shipboard Not Cleared for—
May 31 at—
Leaving
Great
Ger¬
Galveston...-.
Houston.
New Orleans..
Savannah..
Charleston
Other
many
Britain France
Foreign
7,500
5,800
6,129
1,668
3*750
.....
3*506
12,242
Coast¬
wise
Stock
Total
2,000
scattered
640,108
661,236
611,242
113,843
28,814
69,903
24,287
15,300
8,879
17,410
....
Mobile.......
Norfolk...
Other ports
*371
Total 1940-.
Total 1939.—
Total 1938—
11,371
*15,992
2,420
8,562
778
4*502
1,389
9,123
209,138
Speculation in
week was
broke
had
"371
on
2,000
4,354
3,728
Tuesday the markets have been
a
comparatively
Traders appeared reluctant to make sub¬
of the great
uncertainty of
repercussions.
standing feature of the trading was the continued steadiness
of July contracts while later months showed a
slightly
sagging tendency.
Bulges attracted some Southern selling
and liquidation while buying for the most part was confined
to scale down trade fixations and
some
New Orleans covering.
result of the continued covering in July because of the
firmness of the spot cotton
was
90,561 bales actually repossessed.
Total repossessions
Cotton
ing from 5 to 14 points net lower during early afternoon.
Since
On the 25th inst. prices closed 3 to 5 points net lower, with
July delivery 4 points net higher.
Moving irregularly over
a narrow
range, the cotton futures market today reflected a
disposition to await further developments in Europe. Out¬
October
and
made by all firms were 1,839,000 bales.
Southern spot mar¬
kets were unchanged to 5 points higher.
On Tuesday, however, prices
the battle in Flanders and its probable
a
reported that there were 1,193,752 bales of
1938 cotton loan equities purchased during the period Aug.
1. 1939, and May 1, this year, by a group of 73 large mer¬
chant firms.
Of this total 1,922,849 bales have been hedged
Washington
the announcement that the Belgian King
stantial commitments in view
As
Most of the com¬
belt.
relate to cool nights and its lateness.
This situation could be corrected with a dry warm June.
crop
Today prices closed 22 to 10 points net lower.
relatively quiet, with prices ruling within
range.
showers in the Western
plaints about the
futures turned heavy under persistent hedge pressure, at¬
tributed to Brazilian sources, prices of active options stand¬
surrendered.
narrow
42,960 2,358,571
17,530 1,804,449
57,632 2,445,876
cotton for future delivery during the past
moderately active.
badly
13,597
5,476
34,830
the more
favorable weekly weather and crop bulletin of the Depart¬
ment of Agriculture.
The daily weather details also showed
situation, the July premium over
widened by 6 points addition for the day to 70
points as compared with
a
premium of 39 points
a
week
The
market opened
tended
trade
unchanged to 4 points higher and ex¬
gains to from 2 to 6 points in the early trading on
covering.
Local traders bought
the better stock market.
The
feature was hedge selling and offerings by spot houses,
which trade interests absorbed.
Switching from July to
cotton
buying
on
the
and
short
strength of
points, and to December at a
continued. There was little foreign
selling from across seas, a fact that occasioned some sur¬
prise, in view of news that trading has been suspended on
the Bombay Cotton Exchange following revelation of seri¬
ous difficulties in effecting settlements.
A large default in
the Bombay market was announced.
October at
a
difference of 87
difference of 96 points
The official quotation
New York market each
for middling upland cotton in the
day for the past week has been:
May 25 to May 31—
Sat.
Middling upland % (nominal)..10.37
Middling upland 15-16 (nom'l). 10.57
Mon.
10.48
10.68
Tues.
10.39
10.59
Wed. Thurs.
Fri.
10.43
Hoi.
10.21
10.63
Hoi.
10.41
Premiums and Discounts for Grade and Staple—The
table below gives
the premiums and discounts for grade and
staple in relation to the base grade.
Premiums and discounts
Volume
for
The
150
Commercial & Financial Chronicle
of
grades and staples are the average quotations
designated by the Secretary of Agriculture.
10
Old Contract—Basis
Middling J^-inch, established for de¬
June 4, 5 and 6, and staple premiums
represent 60 % of the average premiums over J^-inch cotton
contract
on
at the 10 markets
on
on
for future
delivery and open contracts on the New York
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.
Cotton
markets
liveries
3537
Open
May 29.
New York
middling 15-16 inch, established for
deliveries on contract on June 6, and staple premiums
and discounts represent full discount for K-inch and 29-32inch staple and 75% of the average premiums over 15-16-inch
cotton at the 10 markets on May 29.
T:
Contracts
May 24 May 25 May 27 May 28 May 29 May 3
New Contract—Basis
May 30
1940—
July—Old
42,300
18,200
35,000
60,700
1,700
5,300
5,700
1,900
600
38,900
17^600
25",400
60,200
27",300
le'.ooo
12",900
18",700
36",300
12",200
500
100
New
23,300
October—Old
New
„*
December—Old......
New
New Contract
Old Contract
Holi¬
Holi¬
day
day
1941—
%
Inch
Inch
1 In.
15-16
>
and
H
Inch
Up
31-32
15-16
29-32
Inch
1 In.
and
Inch
Inch
Up
January
800
.....
16,400
...
May
6", 500
10,600
14,400
5", 100
17,800
March
6,600
8,100
7,200
5,100
68,100 104,000 180,800
73,500
White—
Mid.
8t
Fair
.55
.66
.75
on
.36
on
.45
on
.54
on
on
.60 on
.66 on
on
on
on
.60
.31 on
.39
on
.49
on
.55
on
.54
on
.64 on
.25 on
.33
on
.43
on
.49 on
.55
.31
.41
on
.52
on
.12
.20
on
.30
on
.37 on
.44 on
Basis
.11
on
.22
.14
.50
Mid
Mid
St
.61
.44 on
Good Mid...
Good
on
.70
on
on
on
on
.19 off
.10 off
Basis
.06 on
.48 off
.38 off
.28 off
.66 off
.59 off
.50 off
.45 off
1.03 off
.93 off
.86 off 1.21 off 1.14 off 1.05 off 1.00 off
Good Ord
•St.
Ord
Extra
Open
New Orleans
1940
.44 on
.54 on
.64 on
.25
on
.33
on
.43
on
.49
on
.55
on
.31
.41
on
.52
on
.12
on
.20
on
.80
on
.37 on
.44
on
Mid
Even
.11
on
.22
on
.19 off
.10 off
Even
.06 on
.14
on
.28 off
.66 off
.59 off
.50 off
.45 off
.38 off
St. Low Mid-
on
.48 off
.38 off
.95 off
1.03 off
.93 off
.86 off 1.21 off 1.14 off 1.05 off 1.00 off
Good Ord.. 1.51 off 1.43 off 1.37 off 1.69 off 1.65 off 1.55 off 1.53 off 1.49 off
2.08 off 1.98 off 1.94 off 2.21 off 2.18 off 2.10 off 2.08 Off 2.05 Off
Low Mid
•Good Ord
.12
.19 on
.09
on
.11 off
.02 off
.06
St. Mid
.08 off
.03 on
.13 on
.25 off
.16 off
.07 off
Mid
.58 off
.48 off
.39 off a.77 off a.69 off a.60 off a.55 off a.49 off
on
.19
on
July—Old
.28
on
on
.06
.01 off
on
1.21 off 1.13 off 1.07 off 1.39 off 1.25 off 1.26 off 1.24 off 1.18 off
Tinted—
8,150
47,300
7,050
8,750
900
5,450
700
4,400
6*300
7",650
16",600
53", 500
1,100
3,450
4,700
29,500
2,950
October—Old
New
18", 150
December
1941—
v
14,250
3,950
....
3,150
21,350
2,850
; •
300
300
March
750
700
4,150
100
1,400
2,100
22,800
May
200
50
300
400
300
950
4,700
29,400
23,600
36,800
11,150
21,050
33,800
163,650
January
1,450
1
Total all futures
1.86 off 1.81 off 1.78 off 2.05 off 2.03 off 1.97 Off 1.95 off 1.92 off
•Low Mid
v
.48 off
.40 off
.33 off ♦.67 off *.62 off ♦.54 off *.50 off •.44 off
.68 off
Good Mid
.61 off
.54 off *.87 off *.83 off *.75 off ♦.72 off *.66 off
St. Mid
•St. Low Mid
•Low Mid
...
1.82 off 1.80 off 1.79 off 1.99 off 1.98 off 1.96 off 1.95 off 1.94 off
2.31 off 2.30 off 2.30 off 2.49 off 2.49 off 2.49 oft 2.48 off 2.47 Off
Yellow Stained.85 off ♦1.18off •1.15oft *1.06 off *1.03 Off ♦.96 off
.93 off
1.35 off 1.34 off 1.32 off 1.54 off 1.53 off 1.52 off 1.51 Off 1.49 off
1.00 off
Good Mid
Mid
...
1.85 off 1.84 off 1.84 off 2.03 off 2.03 off 2.03 off 2.02 off 2.01 off
•Mid
Gray—
.59 off
St. Mid
.51 off
.42 off ♦.77 off •.73 off ♦.65
off,♦.60 off *.52 off
.73 off
Good Mid
.65 off
.56 off !
off[ .74 off
off! 1.29 off
.92 off
.88 off
.79
1.24 off 1.17 off 1.13 off 1.43 off 1.39 off 1.32
—
•Not deliverable
on
future contract,
a Middling
spotted shall
.67 off
Supply of Cotton—Due to war conditions,
obliged to omit our usual table of the visible supply
The Visible
we
are
1.25 off 1.21 off 1.18 off 1.42 off 1.41 off 1.37 off 1.36 off 1.33 off
•Mid
Mid.
6,350
New
'
''
Spatted—
Good Mid
Low Mid
Contracts
May 22 May 23 May 24 May 25 May 27 May 28
May 28
White—
St. Mid
♦St.
133,900
1.51 off 1.43 off 1.37 off 1.69 off 1.65 off 1.55 off 1.53 off 1.49 off
2.08 off 1.98 off 1.94 off 2.21 off 2.18 off 2.10 off 2.08 off 2.05 off
•Good
•St.
mmmim
Total all futures....
on
Good Mid
•St.
August, 1940
.95 off
Low Mid
Low
Inactive months—
.38 off
Mid—..
Mid
St
on
of cotton.
At the Interior Towns, the movement, that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, ana the same items for the
corresponding period of the previous year—is set out in
detail below:
1.25 off
be tenderable
Movement to May
Movement
31, 1940
to
June
2,
1939
only when and If the Secretary of Agriculture establishes a type for suoh grade'
ments
New
Week
Monday
May 27
Wednesday
Tuesday
May 25
May 28
May 29
Thursday
Friday
May 30
May 31
_
11
16,411
263
66,219
377
29,085
386
117
170,829
32,303
4,585
69,358
41,109
9,281
112,637
863
200
35,926
32.548
25,117
123,882
23.549
67,209
33,910
10,878
37,855
104,908
118,812
29,300
29,226
36,701
Closing
9.64»
-
Little
9.82n
-
9.7571
9.9571
9.9171
9.9871
Range..
9.44- 9.52
9.67- 9.67
9.19- 9.60
Closing
9.49
9.62- 9.63
9.56
9.37-
9.60
.
—
9.67
9.66
500
1,132
1,635
3,284
Walnut Rge
217
9.67- 9.70
9.79-9.85
9.57- 9.79
9.79- 9.83
9.59- 9.79
9.6771
9.8371
9.76a
9.8071
9.6071
Augusta
9.4771
—
t]
Atlanta....
9.63ti
9.5171
9.5571
9.3571
.2,297
Columbus—
Range-
Closing
-
400
Macon
Aug.—
188
25
Rome
La., ShreYep't
Sept.—
Range
"607
Miss., Clarksd
HOLIDAY
--
Columbus..
57
Greenwood...
592
9.13n
9.27»
9.1271
9.1171
9.0071
Range..
8.75- 8.83
8.85-8.94
8.42- 8.76
8.74- 8.82
8.61-8.79
Jackson
Closing
8.79
8.91
8.74
8.77
8.65
Natchez
ClosingOct.—
_
—
—
■
76
...
Vicksburg.
Nov.—
Range
fj
-
Yazoo City-
-
8.7171
8.6071
8.7471
8.86»
Range_.
8.67- 8.76
8.78- 8.85
8.38-8.65
8.64- 8.73
8.52- 8.70
Closing
8.70- 8.71
8.81
8.64
8.66
8.56
Closing
.
8.6971
-
—
—
—
8. C.,
8.63ti
Closing.
8.5971
8.5771
8.7471
8.49ti
Gr'viile
Texas, Abilene
Austin.
Feb.—
Brenham
Range..
8.5371
8.5771
8.6871
8.5071
8.50- 8.58
.
8.68- 8.67
8.25- 8.45
8.4371
Range—■
Closing
8.51
.
—
8.63
8.44
—
8.45-8.63
8.35- 8.50
8.47- 8.48
—
8.37
..
Dallas
156,883
15,600
38,614
16,726
108,304
164,560
21,563
600
391
8.4071
8.3771
8.5671
"477
""14
27
1,721
2,015
200
31
Range..
8.37- 8.44
8.46- 8.54
8.14- 8.31
8.30- 8.40
8.20- 8.37
Closing
8.37
8.49
8.31
8.34
2,345
32,730
77,053
38,416
105
465
580
2,913
2,895
16,885
403
328
200
12,100
28,253
18
27
752
13,464
80
14,490
31,698
"l63
4,958
1,340
3,804
8
176,692
132
339,090
7
25
1,653 118,470
36,483 3362,193
26.950
7,422
15,725
125
52,219
San
20
17
"582
69.337
618,949
9,573
1,435
1,179
32,797
444
76,209
6,518
Marcos
V;
849
34,916
69,485
2,801
224
35,916
15,952
2
645
17,837
43,710
2,925
1,681
418
3,810
47
55
182
4
63,242
20
215
12,738
86,403 2256,647
465
0
14,808
45,876
6,479
13,306
28,330
55,293
22,639
128
54,963 6391,484
30
33
572
90
1,219
1,605
29,142
34
1,168
37,113
56,682
.
93,842
1,452
16,625 1968,476
;■
7
22,003
13
15,503
22,783
4,141
8.30?l
May—
294
39,387
111,322
40,628
13,242
32,861
83,799
131,867
33,700
27,398
2,228
126,518
55,145
14,070
23
126,241
289
19,324
104,774
40,197
136,325
48,611
13,457
31,738
120,685
385
Waco.....
8.4471
-
""51
51
845
31,592
5,074
1,837
41,780
840
73
566
39,034
42,315
313
"73
40
1.531
60,275
104
56,089
6,443
2
29,040
9,763
65,274
73,615
157,259
49,869
60,356
46,755
34,328
2.530
38,998
565
239,544
34,236
7,258
27,670
48,119
359,822
Total,56 towns
Range—
11
June
71,521
14,335
86,201
44,846
131,894
86,535
135,092
28,171
201,180
32,930
7,887
29,250
45,540
179,644
5,795
4,839
Robstown..
Texarkana
April—
Closing
571
500
2,803
2,167
334,080
Paris..;...
Mar.—
788
49
towns *_
Tenn., Mem's
8.77- 8.78
Range—
3,492
4
16
Stocks
Week
Oklahoma—
15
Jan. (1941)
778
675
N.C., Gr'boro
Dec.—
Closing
6,394
Mo., St. Louis
476
944
40,018
155,448
"346
Ga.. Albany__
Athens....
9.40
{new)
Closing-
3
3*",057
Bluff.
Pine
9.56-
Range
364
38,659
139,444
62,935
14.949
Newport-
(old)
July
"553
Rock
85
—
Closing
July
3
Jonesboro..
June {new)
Range
191
Hope
9.5571
9.5571
103
34,514
23
City
Helena
9.7171
82
125,245
765
.
Montgom'y
Forest
9.7771
936
Season
Week
11
Eufaula
Ark.,Blythev.
Range--
31
Receipts
17,111
7,904
74,692
52,337
Selma
June{1940)
(old)
May
Week
Season
51,339
509
Ala., Birm'am
Saturday
,
Ship¬
ments
Stocks
Receipts
Towns
Futures—The highest, lowest and closing prices at
York for the past week have been as follows:
Ship¬
28,906 4604,243
262,963
61,980
631,319
12,504
4,231
2,828
39,886
42,238
4
676
39
2,170
35,973
21,836
"231
60,651 2635,929
8.23
_
—
—
—
—
♦
Includes the combined totals
The
n
totals
above
Nominal.
decreased
Range for future prices at New York for the week ending
May 13,1940, and since trading began on each option:
same
bales and are tonight
period last year. The
26,057 bales more than
week last year.
New York
old
Quotations for 32 Years
quotations for middling upland at New York on
May 31 for each of the past 32 years have been as follows:
The
New
May 28
9.67 May 27
9.57 May 28
July old—..
9.85 May 27
9.19
7.63 Sept.
7.90 Sept.
1 1939 10.60 Jan,
1 1939 10.82 Jan.
3 1940
3 1940
9.54
Dec.
7 1939
.
October
May 28
8.94 May 27
8.25 Nov.
8.36 May 28
8.85 May 27
8.78 May 27
8.42
1 1939 10.29 Apr.
17 1940
8.35 May
18 1940 10.18 Apr.
17 1940
8.29 May
18 1940 10.14 Apr.
November..
December..
1941—
January
8.77 May 27
17 1940
February.
March—...
8.25
May 28
8.14
May 28
"8*67 "May~27
8 U0
May" 18" 1940 10*08 Apr." ~17~ 1940
April
8.5*4
May 27
Volume of Sales for Future
8.00 May
18 1940
8.62
May 17 1940
1935
1934
11.95c.
1926
9.25c.
1925
1940
1939
1938
1937
1936
-
1930
1929
1928
1927
5.30c.
8.35c.
6.15c.
..18.40c.
..21.15c.
..17.00c.
-18.85c.
-23.35c.
...
..
...
..
—
..
...
—
—-
...
...
Delivery—The Commodity
12.65c.
1924 —..32.75c.
1916
1923
27.40c.
1922 .....21.35c.
1914 ..—13.75c.
1921
1920
1919
1918
1917
12.85c.
40.00c.
32.80c.
_....29.00c.
22.70c.
Market and Sales at New
1915...—
9.60c.
1913
11.80c.
1912
1910
11.40c.
15.75c.
14.50c.
1909
13.35c.
1911
York
the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also show how the
market for spot and futures closed on the same days:
The total sales of cotton on
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
1932
1931
10.21c.
9.81c.
7.84c.
13.19c.
11.80c.
11.50c.
1933
8.08 Aug. 31 1939
August
May
31,440
;
interior stocks have
Range Since Beginning of Option
New
September
the
receipts of all the towns have been
1940—
June
during the week
that
379,282 bales less than at the same
in the
Range for Week
Option for—
of 15 towns in Oklahoma.
show
The Commercial & Financial
3538
Contract
Spot
Old
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
New
Old
Old
1,
1940
mates of
New
Yield of
----
Area in
"500
—
DAY"
1
500
Total week
1
1
83,900
Production
Area
Picked
(500 lb. Gross
July 1
Picked
Per Acre
Stale
1938
Acres
Old
Nominal
-
Nominal
.
Mississippi
Steady
made
up
reports Friday night.
Aug. 1 in the last two years are as follows:
1939-40
1938-39
Since
Since
Week
Via St. Louis
Aug. 1
Week
Aug. 1
6.443
3,450
Shipped—
357,199
248,850
12,111
3,810
2,625
8,644
268
166,759
3,100
179,983
172,596
3,399
8,746
164,192
-18/774 1,521,544
28,044
1,143,272
100
Via Mounds,
&c
Via Rock Island
Via Louisville
200
—
3,681
Virginia points
95
Deduct Shipments593
Rep't'd
Bales
380
357
450
377
555
336
Bales
May 21,''40
Bales (500
Lb. Gross)
437
431,774
40
32
149
191
12
13
857
737
216
296
388
457
10,285
460,166
1,263
2,064
1,248
1,989
1,243
1,218
249
342
648
871
2,009
1,929
203
227
852
915
74
76
68
163
75
26
11
733
733
707
320
305
490
449
2,100
2,058
186
2,533
322
299
2,125
304
319
1,081
1,704
1,349
1,582
2,187
1,140
1,733
9,163
1,154
1,855
8,874
289
319
1,656
8,784
2,020
2,540
2,125
1,120
1,784
8,520
251
2,662
i
Texas
97
96
94
New Mexico—
1,119
676
785
1,413
745
141
563
526
517,373
160
3,086
2,846
93
489
523
96
102
462
2,858,525
95,320
202,502
442,327
16,992
203
189
203
188
514
196
202
334
341
327
596
648
424
443
21
—.
California
744,898
163
168
356
Arizona
21
20
20
379
470
16
20
All other
873,288
919,349
9,026
445,489
781,602
1,585,149
1,421.694
,
United States 25,018 24,683 24,248 23,805 235.8 237.9 11.943 11,817 11,815,759
*
May 31—
Lb.
Thous. Thous.
Acres
742
Louisiana
from telegraphic
The results for the week and since
as
Lb.
1939
2,079
2,622
2,165
...
Oklahoma—
Aug. 1,
Acres
1938
33
Tennessee
Alabama..—
Overland Movement for the Week and Since Aug. 1—
We give below a statement showing the overland movement
for the week and since
1939
754
Florida
Arkansas
Steady
1938
82
South Carolina
Steady
Steady
Steady
Steady
HOLIDAY
Nominal
1939 Crop
As
42
Georgia
Nominal
Ginnings
a
Bales)
884
Virginia.
New
I
Steady.
Steady.
Steady.
Steady.
Acres
362
Missouri—.
North Carolina.
^
1939
3,500
Futures Market Closed
Nominal
1938
1939
Thous. Thous. Thous. Thous.
3,500 187,416
Spot Market Closed
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Wt.
By Census
1
500
103,516
Lint Cotton
Cultivation
til ilt il 1fI1t
"500
HOLI
Since Aug. 1
Via
June
Adjustment Administration,, cooperating State agencies and
Census reported ginnings makes the following revised esti¬
the cotton crop of 1938 and 1939:
Total
New
Chronicle
Sea Island b—
31.1
19.5
30.0
17.5
54
46
3.4
1.7
Amer. Egypt b_
44
41
44
41
234
323
21
28
94
104
101
172
187
34
40
Lower Calif.
(Old Mex.) c.
a
94'
d39,520
Bales rounded to thousands, allowances made for Interstate movement of
seed
cotton for ginning and added for U. S. total.
Not including production of linters.
b Included in State and United States totals.
Sea Island grown
principally In
Georgia and Florida with small acreages in Ala., Miss., Ark., La., and
Texas.
American-Egyptian grown principally In Arizona.
c Not included in California figures, nor in United States total.
d Ginnings 38,204 running bales,
-11,929
21,519
8,556
332,321
6,920
24,032
8,971
389,025
-12,723
12,723
362,396
7,178
422,028
Comments Concerning Cotton
Report of May 24,
1940—The United States Department of Agriculture in
giv¬
6,051
1,159,148
20,866
721,244
ing out its report
.
201
.
Total to be deducted
Leaving total net overland *
158
as
enumerated by
Service.
r
on
;
■
California Crop Reporting
...
May 24 also added the following
com¬
ments:
*
Including movement by rail to Canada.
In revising estimates of acreage,
The foregoing
shows the week's net overland movement
been 6,051 bales, against 20,866 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 437,904 bales.
this
has
year
1939-40
In Sight and Spinners'
Takings
Receipts at ports to May 31
Net overland to May 31
South'n consumption to
1938-39
Since
Aug. 1
Week
30,472
6,051
Since
Week
Aug. 1
May 31—135,000
6,922,249
1,159,148
6,177,000
17,870
20,866
110,000
3,321,924
721,244
5,253,000
171,523
*31,440
14,258,397
*159,361
148,736
*31,745
9,296,168
683,036
yield, and Production of the 1939 cotton
the Crop Reporting Board estimates the area in cultivation in the
States on July 1, 1939 to have been 24,683,000
acres, the area
harvested 23,805,000 acres, and the yield of lint cotton 237.9
pounds per
harvested acre.
Production in 1939 of 11,817,000 bales is about
126,000
bales, or 1.1% below the 1938 crop and 14.4% below average production
in the period 1928-37.
Except for the years 1934 and 1935, the United
States cotton production for 1939 was the smallest since 1923.
The acreage harvested in 1939 was approximately
1.8% smaller than the
harvested acreage in 1938 and 32.0% smaller than the
average harvested
acreage for the 10-year period 1928-37.
The revised estimates of planted and harvested
acreage for the United
States are about ^ of 1% below the preliminary estimates made
last
December.
The acreage estimates are in substantial agreement with the
crop,
United
acreage as measured
Total
marketed
Interior stocks in excess
Excess of Southern mill
takings
consumption to May 1—-
over
Came into sight during week
Total in sight May 31
North,
♦
620,488
116,991
14,719,524
spinn's* takings to May 31. 23,686
Decrease.
!
'■.;
i
Movement into
98,952
140,083
;
Week—
Bales
1938—June 2
92,239
126,315
138,025
1936—June 5
Great Britain to License Imports of Raw Cotton—
The British Board of Trade announced in London
May 27
that raw cotton, cotton linters, waste
/,
Since Aug. 1—
1937
1936
1935
14,473,484
13,912,403
12,993,733
*
-
Closing Quotations for Middling Cotton
on—
Week.-Ended
Monday
Tuesday
The final State estimates of cotton production represent the total
years:
week:
Saturday
October, 11,928,000 bales, 0.9 of 1% above; November, 11,845,000 bales,
1% above; December, 11,792,000 bales, 0.2 of 1% below final pro¬
duction.
ginnings reported by the Bureau of the Census with allowance for interstate
movement of seed cotton for ginning.
The report of that Bureau published
on May 21 placed the final
ginnings for the 1939 crop at 11,815,759 equiva¬
lent 500-pound bales.
V-";.
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern principal cotton
markets for each day of the
May 31
garisons withfinal production; September, 12,380,000 bales, 4.8% above;
final production are as follows: August, ll,412,u»,0 bales,
.4% below
0.2 of
1,240,472
25,773
,V;,
.r',-,
per acre as estimated is about 0.8 of 1
of cotton production made
Forecasts
Bales
1,488,483
sight in previous
1937—June 4_
10,078,156
by the Agricultural Adjustment Administration. The
% above the December estimate.
by the Crop Reporting Board
during the 1939 season for the first of each month, and percentage com-
yield
Wednesday
Thursday
Friday
Vs
15-16
%
15-16
%
15-16
%
15-16
X
15-16
%
15-16
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
9.65
9.85
10.01
10.21
9.55
9.65
yarns and thread,
which are wholly or mainly cotton, would be
subject to
import licensing beginning May 30.
The object of the
licensing order, it is said, is to conserve shipping space and
foreign exchange.
This action, the U. S. Department of
Agriculture ex¬
plained on May 28, is not expected to changq the situation
materially for American cotton at this time Since such im¬
ports from the United States
The Department said:
were
already well regulated.
British
takings of American cotton in the current season, judged by
of recent years, have been extraordinarily
large.
In the first
(August-April) they have already exceeded full-year takings of
any year since 1926-27, and it is now expected that in the 12 months
ending
July 31 they will not vary far either way from 2,000,000 bales.
Consumption of American cotton in the United Kingdom has not reached
2,000,000 bales in any year since 1924-25, and in the last five years has
averaged only about 1,100,000 bales annually.
Assuming a consumption
in the present year even somewhat above the
five-year average, a large
standards
Galveston
9.74
9.94 9.87 10.07 9.81 10.01 9.85 10.05
New Orleans. 10.12 10.32 10.28 10.48 10.20 10.40 10.20 10.40
Mobile
9.54
9.64 9.77
9.87 9.71
9.81
9.75
9.85
Savannah
10.13 10.28 10.27 10.42 10.21 10.36 10.25 10.40
10.05 10.20
Norfolk
10.00 10.15 10.15 10.30 10.05 10.20 10.10 10.25 Holi¬ Holi¬ 9.95 10.10
Montgomery. 9.90 10.00 10.00 10.10 9.95 10.05 10.15 10.25 day
day 10.15 10.25
10.59 10.74 10.72 10.87 10.66 10.81 10.70 10.85
Augusta
10.50 10.65
Memphis
10.05 10.25 10.05 10.25 10.05 10.25 10.05 10.25
10.05 10.25
Houston
9.70
9.90 9.85 10.05 9.80 10.00 9.84 10.04
9.69
9.89
Little Rock-. 9.75
9.95 9.95 10.25 9.95 10.25 9.95 10.25
9.95 10.25
-
Dallas
9.35
9.55
9.48
9.68
9.42
9.62
9.46
9.66
9.26
nine months
carryover
9.46
New Orleans Contract Market—The
closing quotations
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
of American
inescapable.,
Report
Causes
y,
•
on
■
cotton
in
Monday
Tuesday
May 27
May 28
Wednesday
May 29
Thursday
May 30
Friday
May 31
1940—
July old
_-
9.62
9.70
9.51
9.806
9.966
9.886
9.896
9.696
__
8.83
8.95
8.79
8.81
8.69
8.74
8.84
8.69
8.70
New
October
December.
9.78
——
9.70
HOLI¬
1941—
January
March
May
8.6171
DAY
8.666
8.776
8.596
8.606
8.516
8.556-8.56a
8.67- 8.68 8.476-8.49a 8.506-8.52a
8.426-8.44a 8.546-8.56a 8.346-8.36a 8.376-8.39a
8.41
8.286-8.30a
Tone—
Spot
Quiet
Quiet
Old futures
Steady
New fut'es
Steady
Steady
Steady
Revised
Estimates
Quiet
Steady
Steady
of
the
.
Quiet
Quiet.
Steady
Steady.
Steady.
Steady
Cotton
Crop
of 1939, by
States—The Crop Reporting Board of the Bureau of
Agri¬
cultural Economics, from the reports and data furnished
by
crop
correspondents, field statisticians, the Agricultural
Britain
into
The
1939
the
next
season
is
Reduction in Cotton Yields from Stated
U. S. Department
made public on May 24, the following:
in
1939—The
cotton
growing season
was
average for the United States as a whole.
per acre of cotton from various causes
yield
Saturday
May 25
Great
• •
somewhat
of
more
Agriculture
favorabie than
The total reduction from
a
full
according to
crop correspondents
was
34.2% of a normal or full yield, compared with 36.7%, the 10-year
(1928-37) average.
In 1938 the reported reduction was 32.2%; in 1937,
23.1%; and in 1936, 38.5%.
The combined losses from deficient and excessive moisture for the 1939
crop of the United States is reported to have been 14.3% compared with
10.1% in 1938 and 15.3%, the 10-year average.
While for the Cotton Belt
as a
whole deficient moisture
some
the
sections suffered
Mississippi
River,
more
was
the principal cause of reduction in yield,
The States west of
from excessive moisture.
especially
Oklahoma and Texas, reported greater
loss from lack of moisture than from excess of moisture, while the States
east of the River, with the exception of Tennessee and South
Carolina,
reported greater loss from excessive moisture.
Reduction from "other climatic" influences, including frost, hail, floods,
heat, and hot -winds was reported at 5.9%, which was about average but
1.9 points above 1938.
Florida and Alabama suffered heavy losses from
floods during the year while northwest Texas and southwest Oklahoma had
damage
greater than average from hot winds.
The loss from boll weevils was less than average during the 1939
crop
for the Ctton Belt as a whole, being reported at 8.7% compared with
season
9.1%, the 10-year (1928-37) average.
The reduction from this cause by
States was highly correlated with the loss reported from excessive and
deficient moisture.
In comparison with the 10-year average, the States
east of the Mississippi River, which had heavier loss from excessive
moisture,
reported greater boll weevil damage while the States west of the River.
Volume
Commercial & Financial Chronicle
The
ISO
The following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
more from lack of moisture, reported less boll weevil loss.
Damage attributed to boll weevils amounted to 32% in Virginia, 23% in
North Carolina, 18% in Alabama, 14% in Georgia and in Florida, 13% in
Mississippi, and from 3 to 8% in the non-irrigated States west of the River.
Loss due to insects other than boll weevil was reported at 2.2% for 1939
compared with 4.2% for the previous year and 2.7%, the 10-year average.
The greatest reduction from this cause occurred in Virginia where 6% was
reported.
Virginia, Florida, Georgia, Alabama, and Louisiana had damage
from other insects greater than average while in all other States the loss
which suffered
less than average.
on losses is based upon reports of crop
was
,
from the stated
causes.
10-YEAR AVERAGE
tions.
The
Avge.
.
15.8
following table
Plantations—The
figures
overland receipts nor
do not include
consumption; they
simply
are
statement of the
a
%
Stocks at Interior Towns
Receipts at Ports
Receipts from Plantations
End.
1939
%
1940
1939
1938
1937
-V",
1937
1937
1938
1928-
1939
1938
1928-
1939
6.3
7.2
which finally reaches the market through the outports:
crop
Avge.
Avge.
1938
1928-
9.8
20.2
of gauge-
Other Climatic
Week
State
zero
weekly movement from the plantations of that part of the
'
■
11.9
Above
Southern
;
Excessive Moisture
Deficient Moisture
of gauge.
Above zero of gauge_
zero
Receipts from the
*
1938 AND 1939
1928-1937,
11.4
indicates the actual movement each week from the planta¬
CAUSES
(Zero indicates no damage or less than 1%)
7.4
9.6
zero
Shreveport
Vicksburg
:y-v
REDUCTION FROM FULL YIELD PER ACRE FROM STATED
4.4
zero
Above
—Above
Nashville
March, on a crop damage inquiry in which the reporters were asked to
report the per cent of a normal yield per acre of cotton harvested the pre¬
ceding year, and the per cent loss in yield due to each of various stated
causes.
The
resulting indicated percentages represent the combined
judgment of the crop reporters and are useful as indices of relative losses
Feet
Feet
of gaugeof gauge.
Above
Memphis
in
June 2, 1939
May 31, 1940
;
'
/
_
New Orleans--
Y
j
reporters made
This statement
3539
1940
1938
1939
1940
1938
1939
Mar.
%
%
%
%
Missouri
11.6
2
3
5.0
2
1
8.3
3
2
Virginia
12.0
10
1
2.8
16
5
4.0
6
0
3.3
3
2
%
North Carolina
6.4
7.1
5.4
11.4
_
-
Alabama
_
4
1
5.1
3
6
7
4.1
3
4
25
5.1
3
3.4
2
6
5.0
?;.'4
13
3.2
3
Arkansas
t:
7.4
t
5
4
4.4
3
9
3.7
8
9
2.7
2
ztSU
7.2
4
5.9
VK:4
9.3
8
3
4
3.9
18
23
1.9
0
Texas
14.1
9
19
3.2
2
1
6.4
3.5
3.3
4.2
5.7
4.0
10.1
1938
1939
%
North Carolina—
1.9
South Carolina—-
2.0
Georgia.
2.0
——
1.9
2
0
0
2.6
6
0.8
1
11.1
26
23
1.4
736
X' 1
12.5
16
.:;^:8K;
11.3
18
14
1.5
2
2
12.8
13
14
1.3
I
1
3
1.6
3
0
10.0
10
18
1.2
11.8
11
13
1.2
5
3
2.0
:
-
Louisiana-
0
-
2.8
.———
.
'-
16,953
14,112 2288,087 2667,674 2194.843
9,324
30,472
17,870
17,425 2253,647 2635,929 2167,585
Nil
of
to
i
1.8
4
K. 4
3.1
4
::::2
7.9
8
5
4.8
8
4
:./V9;^
-
plantations
9.9
9.1
1.8
2.2
4.2
2.7
8.7
corresponding week of the previous two
Inches
High
0.45
0.70
0.20
83
7
61
83
7"
90
51
57
53
2
Abilene
Brenham
2
2
Corpus Christi—
Exports (bales)—
To Liverpool
Paso
Houston
Kerrville
To Continent
85
74
7"
71
72
0.38
87
1
0.14
0.90
88
90
50
70
0.12
94
60
77
-".3317
Palestine--- ^.-7—-
93
4
96
84
82
56
62
56
93
59
90
56
82
54
3
55
Taylor
1
Weatherford
2
1.56
1
333v:
0.41;
'
57
55
85
'
0.75
3
5
3
77
219,152
159,622
571,032
46,515
3,700
2,800
5,950
159,576
168,992
608,317
25,884
4,700
171,245
159,524
663.305
12~6O6
Total exports——— 33,000
24,000 can tars and the
Cotton
York
Freights—Current rates for cotton from New
are no
longer quoted, as all quotations are open rates.
Statistics—Regulations due to the war
fiom abroad.
tables:
Supply and Takings of Cotton.
Foreign Cotton
;
^
World's
India Cotton Movement from All Ports.
Liverpool Imports, Stocks, &c.
Market—Our report received by cable
Manchester
Georgia—Savannah
We give prices today
of this and last year
below and leave those for previous weeks
for comparison:
1940
19^9
8% Lbs. Shirt¬
Middl'g
Upl'ds
73
32s Cop
ings, Common
Twist
to Finest
77
68
71
3
70
>
70
74
"v.:"
s.
i—
14.54
12
d.
s.
8-
14.54
12
15-
14.18
12
21-
14,20
12
@12
86
59
14.31
1.18
79
50
52
73
65
12
v
7 83
92
4.79
87
7
■73
87
64
@12
Apr.
s.
d.
9
@ 9
@93
d.
5.29
9
8
9
@10
9
9H
@ 9%
8 10H@
9
9
@
9
4.95
@
9
4.92
7.68
9
7.55
8H
7.70
8H
@
8
@
1M
5.40
5.27
5.16
12
3
@12
6
7.84
89K
8
9
12
3
@12
6
8.12
7H
7H
8.09
8
7H@ 8 10H
9
@ 9
4.93
12
8.07
8H@ 9X
8Vs@ 9%
8H@ 9H
8
14.75
8
7X@ 9 10H
5.00
79
-7
14.40
14.55
7K
7M
1H
8.18
8K@
8
10^@ 9
8.14
9»A
8H@ 9%
8
10y3@ 9
7.42
9
26-
;14.78
12
4H@12
4H@12
75
May
3-
14.85
12
4J4@12
4^@12
79
49
64
10-
14.74
12
Augusta—_—s
88
53
71
17-.
14.08
11 10J4@12
3
3
87
50
78
24-
Nominal
84
67
76
31..
14.04
0.33
77
47
3
1.23
84
53
69
0.72
1.83
84
56
70
4
84
62
73
exports
2
0.03
79
56
66
have
@10
4.99
5.28
1H
5.33
9
@93
5.54
Closed
Nominal
81A® 9H
9
@93
5.48
Closed
8%@ 9%
9
@93
5.49
62
2
d.
8
5..
0.72
Chattanooga.
8.03
Si
8>A@ 9H
8H@ 9H
19-
0.64
0.68
1.25
Nashville
d.
d.
7.99
12-
4
—
Upl'ds
68
4
Wilmington
Middl'g
to Finest
80
67
86
29-
4M
4M
3
3
3
Cotton
ings, Common
Twist
79
73
67
71
59
91
d.
Shirt¬
32s Cop
Mar.
67
72
8 M Us.
Cotton
Atlanta
—
to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Mills are generally running full time.
72
37
0.95
0.15
1
Carolina—Charleston-North Carolina—Asheville
25,223
962,769 19,300 1019,297
Egyptian bales weigh about 750 lbs.
receipts for the week ended May 29 were
foreign shipments 33,000 bales.
51
81
1.03
,
2
Tampa
Macon.
100
This statement shows that the
69
76
60
83
0.63
1
Pensacola——-
South
,
996,321 12,550
14,665
Note—A cantar is 99 lbs.
62
0.01
0.28
1V
2
33
Since
Aug. 1
1H@12
1^@12
@12
*
Miami
This
Week
3,000
73
61
86
84
0.52
1
2
Montgomery
Florida—Jacksonville
Since
Aug. 1
3.36
2
__
..
83
0.07
dry
Orleans
Shreveport__J
Mississippi—Meridian
7/ 87
0.38
1
3:: 2
Louisiana—New
73
69
0.64
7
1.94
0.69
0.06
Oklahoma—Oklahoma City
Arkansas—Fort Smith
*
76
0.67
3
3
Paiis-—.——. ———
Antonio-—
This
Week
77 76
2
Luling —
Nacogdoches
San
73
VV-
Since
18,000
& India.
To America
67
2
.
-
Lampasas
1
58
57
56
dry
——
-
90
86
185,000
10,089,334
Aug. 1
&c—
To Manchester,
Mean
72
57
59
58
50
5
;y
El
88
,
Week
37
59
0.83
2
——
87
0.31
0.94
2
Brownsville
■>'.<
0.12
2.47
65,000
7,769,442
24,000
8,393,777
in Europe prohibit cotton statistics being sent
We are therefore obliged to omit the following
74
Austin
.
1937-38
1938-39
1939-40
Since Aug. 1————-
-Thermometer
Low
1939 M
1938
330,000
* 404,000
-
This
2
3
years, as
16,
Days
—.
1940
254,000
i
.
This week
generally in central and western States of the belt.
- ... »
Shipment*—The following
(Receipts Cantors)—
Returns by Telegraph—Telegraphic advices to us this
evening indicate that cotton has made fair progress in Texas,
and chopping has been very active.
There have been com¬
plaints of much needed rain in southeast and warmer weather
Rainfall
interior
at
shipments and stocks for the past week and
Alexandria, Egypt,
May 30
market last week due to sharp price
reported in these columns May 25, page 3387*
.
and
Receipts
stock
bales,
Stock (bales)
The closing of the
Rain
nil
was
received by cable:
permit trading today along the pattern of the previous
session.
It was also announced that hereafter directors of the Liverpool
Cotton Association will rule daily as to what course futures trading will
follow, this to depend on war developments.
At the close of the market, offering orders were in the market with no
bidders.
Pegged prices follow:
,
May, 7.21; June, 7.22; July, 7.25; August, 7.21; September, 7.15; October,
7.11; November, 7.04; December, 7.01; January (1941), 6.99; February,
6.96; March, 6.94; April, 6.91; May, 6.89; June, 6.86, and July, 6.84.
'
6,844,007 balesi
are
although the receipts at the
That,
It was decided to
Amarillo——-
Nil
4,392,943 bales and in 1937-38 were
(2)
the receipts,
for the
■Vf2
8
8.5
Operations were permitted only at the settlement prices of May
with no spot quotations or delivery notices on May contracts issued.
Texas—Galveston
Nil
Nil
having decreased 31,440 bales during the week.
are
17';
Cotton
was
Nil
from
Alexandria
2
Exchange Reopens—-Trading in
Liverpool cotton market was resumed
May 28 but was confined almost entirely to liquidation
open contracts, it was indicated in a London dispatch
the "Wall Street Journal" of May 29, which added:
declines
"
(1) That the total receipts
plantations since Aug. 1, 1939,
1938-39 they were
r
:
towns
cotton futures on the
on
Nil
42,308
May 30—
Liverpool
Nil
f Nil
ment
V-'-l
■K-3
10.6
1.9
2.2
Avge. of 13 States-
Nil
Nil
outports the past week were 30,472 bales, the actual move¬
2 •'
2
2
Nil
[Nil
15,932
10,724
-34
.
%
0.8
Texas.
5.9
KvK-2 V V
1.4 ::
2'
n:2:*
2.0
-----
Oklahoma...
2 K
2
1.8
'Nil
3
3.2
2 ■
Nil
Nil
24,610 2411,420 2757,237 2263,791
16,918 2360,407 2725,840 2237,238
17,042 2321,071 2692,155 2216,336
8,410,924 bales.
1
32
2
■'KZ.L
Mississippi
Arkansas-
16,498
31.
%
%
%
%
%
21
2
p.
13,710
35,572
41,104
39,262
in
5.3
2
2.6
Nil
1939
1938
0
J
3
2.1
Alabama.-———
25,323
10.
1937
%
2
Tennessee.——
Florida.——
12,397
The above statement shows:
3
V2-
14,040
50,671
3.
5.9
2
iw:
3,K
2.0
—
16,110
3,173
Nil
from the
1828-
1939
1937 '
%
1.9
Virginia..
,
Avge.
1938
1928-
V? -'v
%
Missouri
C,
Avge.
1937
11,165
13,145
26-
26,976 2527,094 2870,759 2338,818
30,687 2480,117 2831,695 2322,171
45,944 2454,769 2795,440 2289,937
Nil
13,296
Other Insects
Boll Weevil
Plant Diseases
Avge.
1928-
21,385
Nil
May
5
s
State
Nil
54,785
46,094
24.
:
8
>'
3
10.0
6.8
25,074
5.
-
23.0
11.8
Nil
51,480 2570,714 2907,928 2362,621
32,436
29.
.5V'
.
Oklahoma
.
38,925
11,788
27,264
Apr.
11
:>::>:3.K >
2
Louisiana
Avge. of 13 States
44,595 2617,890 2951,233 2397,991
72,250
17.
"3 5
'7
15.9
Mississippi——
87,760
71,853
49,069
17,929
10,815
25,736
5
6
39,957
Nil
19.
20
:-C4..;.
6.7
------
v
Nil
49,955
82,552
36,348
12.
2
4.7
8
v
88,704
21,973
19,979
82,658 2795,204 3096,651 2500,609
92,663 2737,778 3051,323 2479,799
67,994 2705,278 3012,260 2460,874
47,032 2666,756 2986,670 2431,771
1. 138,982
8. 107,381
15. 116,052
21.
74,870
2
4.1
3.9
4.2
5
Tennessee
4
1
4
__
10
3
4
Florida
%
4
4
Georgia
South Carolina.
4.0
IK
3
6.1
%
3
1
0.02
dry
:
7
79
45
62
79
50
64
1H
News—As shown on a previous page, the
of cotton from the United States the past week
reached 65,438 bales.
The shipments in detail, as
up from mail and telegraphic reports, are as follows:
Shipping
made
1110^@12
/,' i''.:-.'
Bales
GALVESTON—
To
To
'
:
NEW
,
To Great Britain
To France
1,325
To South America
To Italy...
To Greece
373
141
—
To Greece..
HOUSTON—
■
,
To Great Britain.———
To France...
.
—
16,325
100
To Japan———————
To South America.......
49
■
NEW
To Great Britain
in the fairly well liquidated market.
.:ry.5,,.V 'V:o
YORK—
Sat.
1,400
No. 2 red
.......
65,438
Liverpool—The Liverpool Cotton Exchange, which
on May 17, opened on May 28, but trading was
of May 16, 1940.
closed
sidelines
Open interest in wheat
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
To Great Britain
■
Total..
to the
tonight was 75,609,000 bushels.
1,542
DAILY CLOSING PRICES
was
July
per¬
Sat.
-
—
—
Season's Hifk and When Made
111%
September--.111%
December
85%
Mon.
84%
84%
85%
——
September—
Wed.
I
Tues.
84
83%
Thurs.
Wed.
83%
83%
84
84%
...
May 27, 19401 December
Thurs.
83%
83%
84%
Season's Low and
Apr. 22. 1940 July.
Apr. 18, 1940(September
July
BREADSTUFFS
Tues.
Fri.
99%
OF WHEAT FUTURES IN CHICAGO
December-*
mitted only on settlement prices
Man,
103% 102% 101% 101% HOL.
-
1
,
traders held
Allied reverses in the north apparently had been discounted
1,050
To Great Britain......
if
910
Many
season.
1, 1940
of the unsettled European situation, which was
clouded by talk of possible Italian intervention and rumors
of German maneuvers for a forced peace.
Trade said the
MOBILE—
3,540
'
June
also because
100
..
To South America
this
duction
7,390
9,785
12,525
3,277
To Italy——
NORFOLK—
Bales
ORLEANS—
1,452
4,154
Italy
Japan
To China
-.v;:
Chronicle
The Commercial & Financial
3540
H
O
L
Fri.
81%
81%
82%
When Made
74%
74%
81%
May 18, 1940
May 18,1940
May 28,1940
CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed.
Thurs. Fri.
—
75
73% 72% 74%
74%
73%
a—
76%
74%
73%
75%
75%
74%
October
78%
77%
76%
78%
78
76%
DAILY
Friday Nighty May 31, 1940
,
Flour—The local flour demand
prices virtually unchanged.
was
relatively quiet, with
May—
July
It is believed that sales during
when Northwestern mills sold up to
315% of capacity.
y
—
this week were far below the volume of the previous week,
Corn—On the 25th inst. prices closed H to lc. net higher.
The
heavy bookings which developed within the past few weeks
have naturally
u:
Corn followed wheat, although receipts were
However, receipts at the 12 principal terminals this week
totaled only 2,333,000 bushels compared with 3,105,000
the previous week and 5,385,000 a year ago.
No. 1 yellow
sold at 67H to 68He., as much as 5He. over, July futures.
tended to restrict buying interest
now.
Wheat—On the 25th inst. prices closed lc. to lHc. net
higher. The rally of the securities market and higher prices
at Winnipeg were the chief influences favoring wheat values
on the Chicago Board.
Many traders were on the sidelines
due to the uncertainty in Europe.
While reports from the
war front remained confusing, some regarded the outstanding
strength at Winnipeg as a possible cue either to an encouraged
Allied situation or improved export business. After the close
private reports indicated export sales amounted to 3,000,000
bushels, mostly to Great Britain.
Closing wheat prices at
Winnipeg showed gains of 4 to 4He. from Thursday's finish
after a holiday there yesterday.
July wheat rose to 72c., or
about 11 He. below the corresponding Chicago contract.
With the wheat market apparently well liquidated as a
result of last week's price slump, most traders found no new
incentive to reenter the trade in view of the uncertainty.
On the 27th inst. prices closed He. to 1 He. net lower. Wheat
prices reacted today in a market depressed by disappointing
war news, lagging European demand for grain and diminished
commercial activity following the placing of large cash wheat
and flour orders last week.
Chicago wheat fell as much as
lHc. at times, while Winnipeg losses amounted almost to
Weakness
2c.
of
the
Canadian
market,
Shippers sold 79,000 bushels of
61,000 bushels of corn to arrive.
an acre.
caused
Hc: off to He. up compared with previous finals.
trading was dull, but the market was affected by
slightly increased receipts and favorable weather for early
corn growth.
On the 28th inst. prices closed unchanged to
He. down.
Lake shipments from Chicago today included
Corn
another large quantity of corn bound for Canadian ports to
fill recent subsidized export sales to Great Britain.
Favorable weather conditions
over
most of the belt
selling. On the 28th inst. prices closed He. to
He. net lower. The news from Europe that tne Belgians
had surrendered, gave quite a shock to all markets, and
especially wheat, which tumbled at the opening.
Wheatfell as much as 2Hc. to 3Hc., July reaching 81c. and Sep¬
tember 80He., within 2He. of the minimums below which
trading rules permit no transactions.
Early selling came
largely from tired holders and speculators who had purchased
on recent less pessimistic news from
Europe. The fact that
the minimums were in effect restricted short selling. Although
the war news overshadowed all else, some traders found time
to notice fresh reports of black rust infection, but in general
weather was favorable for most grains.
On the 29th inst. prices closed unchanged to %c. higher.
Although trading was slowed by the usual pre-holiday in¬
ertia, wheat prices today managed to advance slightly in
partial response to rather sharp gains at Buenos Aires and
Winnipeg, and strength in securities.
Although the unset¬
tled
world
situation,
sluggish foreign demand and dimin¬
ishing domestic activity deepened many dealers' reluctance
to change trading positions,
particularly before the holiday,
scattered purchasing kept prices higher most of the session.
Chicago quotations were up as much as Y2 to %c. at one
time, wiping out entirely the loss suffered yesterday.
Win¬
nipeg wheat rose as much as 2y2c. at one stage and closed
I about 2c. higher, reflecting buying credited to mills in con¬
nection with
flour
purchases involving 10,000 barrels of
overnight.
stepping
the
British
up
It was believed here British buyers are
buying of flour, rather than wheat, in view of
invasion
threat
which
may
impair grain
storage
and
purchasing facilities.
Today prices closed 1*4 to 2%c. net lower. Wheat prices
slumped over 2c. today as a result of post-holiday liquida¬
tion
due to
war
coming private
developments and expectations that forth¬
reports may increase estimates of do¬
mestic wheat production.
Reports that Government authori¬
ties are considering a request of
crop
exchange
officials
con¬
cerning possible removal of minimum prices on grains estab¬
lished 11 days ago, attracted much attention.
Due to favor¬
able weather
the
past month and reports of excellent
growing conditions
over the spring wheat belt, many traders
the forthcoming private crop estimates to show a
general improvement in prospects for domestic wheat pro¬
expect
About
1,000,000 bushels have been shipped in this direction the
first two days of the week.
Corn shipping sales totaled
65,000 bushels, and handlers booked 63,000 bushels to ar¬
rive.
Receipts, however, were only 41 cars.
On the 29th inst. prices closed %
was
lower most of the session, due
country selling with
booking
to %c. net lower.
Corn
principally to expanded
of 116,000
bushels to arrive,
the largest in more than two weeks.
Receipts of 105 cars at
Chicago also showed an increase, and the 12 principal
terminals received 375,000 bushqis against 200,000 bushels
a week ago.
Shipper? sold 28,000 bushels of corn.
Some
which advanced
some
Handlers booked
On the 27th inst. prices
corn.
closed
of
the
arrivals
corn
represented movement of loan grain
into export positions. Today prices closed 1%
to iy2c. net lower.
The corn market worked lower in sym¬
4c.
Saturday, caused some disappointment here as many
traders had expected favorable war or export developments
might be revealed over the week-end.
Instead, the trade
confirmed export sales of only about 3,000,000 bushels of
Canadian wheat and the war news was not optimistic from
an Allied standpoint.
The first report of marketing of new; :
wheat was received from Olney, Texas, where 53 bushels
testing 59 pounds each, with considerable moisture content,
were received.
This came from a field averaging 15 bushels
slightly larger.
from storage
pathy with wheat.
24,151,000 bushels.
DAILY
Open
interest
CLOSING PRICES
OF
Sat.
No. 2 yellow—
DAILY
CORN
Mon.
.80%
CLOSING
PRICES
OF
July
September-.
December
80%
CORN
Sat.
tonight
corn
IN
Tues.
NEW YORK
Wed.
Thurs.
80
79%
FUTURES
IN
Mon.
63%
62%
60
—
in
63%
62%
59%
Tues.
63%
62%
59%
Wed.
HOL.
was
Fri.
78%
CHICAGO
Thurs.
62%
H
61%
O
59%
L
Fri.
61%
60%
58%
Season's High and When Made
|
Season's Low ana When Made
July
69%
May 10, 19401 July
52%
Oct. 23,1939
September— 70
May 10, 19401 September
52%
May 18, 1940
December—— 60
May 23,19401 December— 57%
May 31, 1940
—
Oats—On the 25th inst. prices closed % to He. net higher.
Shippers sold 31,000 bushles of oats.
The gains in oats were
influenced largely by the firmer wheat and corn markets.
On the 27th inst. prices closed He. net lower.
A vessel
with 300,000 bushels of Canadian oats arrived at Chicago,
the first shipment of oats in this direction for some time.
The grain is expected to be delivered on May contracts.
On the 28th inst. prices closed Ho. net higher.
July oats
the only grain contract that sold at the pegged minimum.
After the close it was announced that 344,000 bushels will
was
be
delivered on May contracts tomorrow.
This is
lieved to be Canadian grain unloaded here yesterday.
On
the
Trading
29th
was
inst.
prices
closed
unchanged
light and without feature.
to
%c.
be¬
off.
Today prices closed
% to l*4c. net lower.
This market ruled heavy in sympathy
with wheat and
values.
corn
H DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
^*3
Sat.
v
July
September.
___
——
Mon.
34%
32%
33%
32%
Tues.
34
32%
Wed.
33%
32%
Thurs.
H
O
Fri.
33%
31%
December..—.'/J—.
Season's High and! When Made
July
September
December.,
»
38%
36
—
Apr.
Apr.
I
Season's Low and When Made
19, 1940 July..
30%
Oct.
9,1939
19, 19401 September
30
May 15,1940
...
DAILY CLOSING PRICES
r-G
May.
July...
October....
..(December
OF
OATS
Sat.
35%
32%
31%
FUTURES IN WINNIPEG
Tues.
Wed.
Thurs.
Fri.
Mon.
34%
32%
31
33%
32
30%
34%
32%
31%
33%
32%
30%
33%
32%
30%
Rye—On the 25th inst. prices closed lHc. net higher.
was relatively light,
with the undertone of the
market strong during most of the short session.
On the
27th inst. prices closed % to %c. net lower.
In sympathy
with the other grains, especially wheat, the rye futures
market ruled heavy during most of the session.
However,
there was no aggressive selling reported, and the market
was fairly
steady at the close.
On the 28th inst. prices closed
H to He- net lower. At the opening prices tumbled 1H
to lHc.
From these levels there was a gradual recovery.
Trading was not very heavy.
Trading
Volume
The
ISO
3541
Commercial & Financial Chronicle
.
prices closed % to *4c. net lower.
On the 29th inst.
There
little to the rye market, traders apparently not
caring to operate or commit themselves over the holiday
was
very
happenings in Europe.
Today prices
This market was the weak¬
est of the grains.
There was some rather heavy selling of
long commitments, and the professional element appeared
in
to
on
the downside.
July
September
76
December
4434
4634
H
O
L
48
When Made
May 18.1940
May 18, 1940
May 31, 1940
Made
I
Season's Low and
18, 1939(July.
3834
When
Dec.
Apr.
May
5034
DAILY
Thurs." Fri.
5034
December.
Season's High and
,
7634
22,
19401 September
49%
48
29, 19401December
OF RYE FUTURES IN
PRICES
CLOSING
May
July
50
4934
48%
48
4634
OF BARLEY
51
4834
Fri.
Thurs.
Wed.
Tues.
May
July
3834
3834
3734
3834
3634
October
3934
3834
3734
36
3634
3734
3634
37
3634
37
3834
36
*
Baltimore
2.05
Barley goods—
.Prices Withdrawn
Coarse
Fancy pearl (new) Nos.
1.2-0.3-0.2
4.75 @6.75
Rye, United States, c .i .f _ .
{Barley, New York—
,
40 lbs. feeding
Chicago,
cash
6234
..
59
.48-65
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
78,000
417,000
21,710,000
5,011,000
1,893,000
779,000
2,044,000
417,000
1,222,000
648,000
103,000
22,000
184,000
249,000
77,000
59,000
1,000
953,000
St. Joseph
Kansas
Barley
Rye
Corn
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
bush 56 lbs bush 48 lbs
Minneapolis
1,676,000
128,000
247,000
93,000
141,000
290,000
590,000
Duluth
1,673,000
410,000
85,000
87,000
32,000
250,000
34,000
20,000
Mllwaukee.
666,000
776,000
216,000
Chicago
;m
•
i~i¥,666
St. Louis.__
7.000
Sioux City.
St. Louis
Indianapolis
4,000
__
4.194,000
Chicago
"
922,000
404,000
322,000
9,164,000
31,000
56,000
352,000
18,000
620,000
111,000
17,016,000
36,000
40,000
6,000
19,000
Duluth
24,597,000
90,000
3,149,000
476,000
Detroit
Buffalo
afloat
78,000
146,000
876,000
975,000
2,763,000
2,321,000
3,111,000
2,000
268,000
5,000
2,670,000
868,000
1,060,000
25,000
On Canal
27,1939
Baltimore also has
4,466,000 9,758,000
5,003,000 9,848,000
7,000,000 6,686,000
9,000 bushels Argentine oats in store.
95,345,000 25,851,000
98,959,000 29,865,000
69,326,000 33,174.000
Oats, Buffalo, 586,000 bushels; Buffalo
525,000 bushels in 1939. Barley,
53,000; New York, 217,000; Baltimore,
156,000; total, 1,275,000 bushels, against 661,000 bushels In 1939.
Wheat, New
York, 539,000 bushels; New York afloat, 68,000; Boston, 1,820,000; Philadelphia,
1,387,000; Baltimore, 1,231,000; Chicago afloat, 60,000; Portland, 61,000; Buffalo,
5,634,000; Duluth, 2,732,000; Erie, 2,054,000; Albany, 4,338,000; on Canal, 675,000;
in transit—rail (U. S.), 1,987,000; total, 22,592,000 bushels, against 6,900,000
Buffalo, 849,000 bushels; Buffalo afloat,
Bushels
Oats
Bushels
Barley
Bushels
Bushels
141,922,000
2,035,000
1,209,000
4,661,000
299,000
445,000
1,435,000
867,000
2,143,000
4,480,000
1940.-254,150,000
258,323,000
112,855,000
7,905,000
8,106,000
7,806,000
2,179,000
3,449,000
2,309,000
7,490,000
7,729,000
5,710,000
4,466,000
7,905,000
9,758,000
2,179,000
8,067,000
7,490,000
Lake, bay, river &seab'd 49,083,000
Ft. William & Pt. Arthur 63,145,000
Other Can. & other elev.
Total May 25,
Rye
Bushels
Corn
Wheat
.
Total May 18,1940
Total May 27,1939
Summary-
95,345,000 25,851,000
254,150,000
American
Canadian
25,1940.-.349,445,000 25,851,000 12,371,000 11,937,000 15,557,000
357,282,000 29,865,000 13,109,000 13,297,000 16,107,000
27,1939..—172,181,000 33,174,000 14,806,000 8,995,000 10,351,000
Total May
of wheat and corn, as furnished by
Produce Exchange for the week
May 25 and since July 1, 1939, and July 1, 1938, are
The world's shipments
Broomhall to the New York
ended
shown in the following:
19, 660
76,000
Corn
Wheat
Since
Since
Week
Since
May 24,
July 1,
July 1.
May 24,
July 1,
July 1,
1939
1938
1940
1939
1938
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
400,000
7,732,000
2,653,000
1,429,000
1,177,000
1,493,000
India
Same wk '39
476,000
996,000
2,704,000
174,000
1,283,000
1,293,000
Oth count's
377,000
7,325,000
9,777,000
1,651,000
Same wk '38
8,100,000
3,909,000
Total...
26,128,000 70,863,000
17,057,000
4,844,000
360,000
1,945,000 106,627,000 124,226,000
2,622,000 180,704,000 253,600,000
10,832,000 417,276,000 532,883,000
304,000
"¥,666
891,000
229,000
Black Sea-
172,000
Argentina.
~LO66
Australia
Since Aug. 1
26,863,000 102674,000
18,441,000 331,251,000 199,610,000 84,948,000
23,649,000 88,401,000
19,248,000 299,987,000 235,458,000 93,402,000
24,738,000 90,231,000
16,404,000 265,408,000 269,167,000 101,468,000
1939
1938
1937
of flour and grain at the seaboard ports
week ended Saturday May 25, 1940 follow:
Total receipts
the
for
.
Weather Report for
general summary of the
Department of
weather for the
Seasonal
Rye
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
155,000
Boston
_
bush 56 lbs bush 48 lbs
15,000
4,000
26,000
New York
I,,;.':;
Barley
1,000
17,000
634,000
Philadelphia
36,000
5,000
Baltimore..
11,000
1,000
201,660
7,000
New Orl'ns*
19,000
21,000
100,000
84,000
4,000
Galveston.
Montreal
_
normal in most
remarkable
——
238,000
4,879,000
365,000
47,000
11,000
1,000
53,410,000
13,564,000
2,166,000
1,546,000
1,125.000
298,000
3,755,000
243,000
187,000
15,000
536,000
6,238,000
30,828,000
9,868,000
1,514,000
394,000
1,526,000
Slnce Jan. 1
1939
*
on
Receipts do not include
grain passing through New
Orleans for foreign porta
through bills of lading.
The exports
ended
from the several seaboard ports
Saturday, May 25, and
for the week
since July 1 are shown in
Wheat
.
Corn
Flour
Oats
Rye
Barley
Bushels
New York
Bushels
Barrels
Bushels
Bushels
Bushels
40,615
13,000
Albany
Montreal.,
"3,666
1,000
897,000
2,486,000
Quebec
Three Rivers
4,528,000
1, 1938 125,059,000
eastern
Colorado, eastern New
Mexico, and northern Illinois.
Showers
the
9,000
128,835
129,000
9,000
68,390,000 5,164,115 3,659,000 1,847.000
534,000
17,435.000
the Southwest.
At the same time, the substantial amount
received from Oklahoma southward was decidedly beneficial.
helpful also in much of the Rocky Mountain area and in
parts of
of moisture
134,000
498,000
1,000
43,615
72,000
4,729,000
3,773,741 4,196,000 3,554,000 10,284,000
Since July 1,1939 136,684,000 26,092,000
Since July
relatively
The scantiest
reported from the north-central Great Plains, with Nebraska
having about a third of normal and the western half of South Dakota
about 10% of normal.
In Montana where unprecedentedly heavy rains
occurred in April, May, so far, has had only about half the normal amount.
The only areas between the Rocky and Appalachian Mountains showing
above-normal rainfall for May to date are western North Dakota, western
and
72,000
Total week 1940.
Total week 1939 .
few localities
continuation of cool weather over the interior valleys and much of
retarded germination and growth of spring-planted crops, espe¬
cially those of the warm-weather variety.
Showers interfered with farm
work in the Northeast, the middle Atlantic area, much of the Ohio Valley,
98,000
Halifax..
especially
the weekly
of
the South
New Orleans
—
subnormal warmth.
The
294,000
Sorel
mountains 16 have had
Precipitation was substantial to heavy in the Lake region, much of the
and in a large area extending from Alabama and Tennessee
westward to eastern New Mexico.
In some parts of this area,
in portions of Arkansas, Texas, and southeastern Oklahoma,
totals were large, ranging up to 4 inches or more locally.
Most
the
Southeast again was dry, while very little rain occurred west of the Rocky
Mountains
In the Plains States from Kansas northward and in the upper
Mississippi Valley there were only light showers, although a
received moderate amounts of moisture.
^
^
May rainfall, up to the 28th, has been below normal in most of the area
east of the Rocky Mountains.
In the Southeast where April was
dry the totals have been only about one-half the normal.
Ohio Valley,
Kansas
309,000
Philadelphia
while east of the
amounts are
annexed statement:
Exports from—
persistence of unseasonably cool
of the Rocky Mountains, in contrast
high temperatures to the westward, was again the weather
feature of the week.
For the 21 weeks since the first of the year, 19 have
had above-normal temperature from the Rocky Mountains westward,
5,158,000
Week 1939.
Atlantic area, but it
central section extending from the
with relatively
Since Jan. 1
1940
sections.
very unusual
and
of the country east
"
Tot. wk. '40
prevailed in much of the
the Canadian border to
In this area the weekly
temperatures ranged rather generally from about 4 deg.to as many as
8 deg. below normal.
From the Rocky Mountains westward abnormally
warm weather continued, with the temperature averaging from 4 to 10 deg.
The
498,000
Three Rivers
temperatures
weather in most
98,000
Halifax
weather bulletin issued by the
Agriculture, indicating the influence of the
week ended May 29, follows:
Appalachians to the Rocky Mountains and from
the Gulf of Mexico and the Rio Grande Valley.
above
134,000
Quebec
10~666
72,000
2,486,000
897,000
—
Sorel..
43,105~666 41,454,666
mean
1,000
4,000
317", 000
the Week Ended May 29—The
abnormally cool in a large
continued
'v
Since
Tot. wk. '40
lo'ooo
:./v;
Week
Exports
6,378,000 190,216,000 222,586,000
416,000 38,764,000 86,263,000
3,758,000 155,419,000 90,191,000
11,293,000 94,123,000
7,344,000
280",000 21,584", 000 32,376,000
11,000
2.215,000
Buffalo
8,067,000
8,378,000
4,641,000
146,000; total, 731,000 bushels, against
afloat,
No. Amer.
145,000
_
2,000
1,952,000
3,753,000
690,000
270,000
830,000
Note—Bonded grain not included above:
23,000
.
38,000
403,000
610,000
431,000
3,410,000
8,000
...
78,000
*•«,«*«.
123,000
Minneapolis
16,000
Sioux City
24,000
3,000
225,000
1940
11",000
10,000
Kansas City
Wichita
17,000
12,000
890"666
396,000
Milwaukee...
28,000
14,000
34,000
Peoria
St. Joseph
3,000
263,000
199,000
1,000
37,000
298,000
244,000
Omaha
i7~666
453,000
afloat
"
10",000
307,000
31,000
211,000
26,000
Indianapolis
19,000
662,000
Toledo
City
Omaha
Total May
Wheat
bbls 196 lbs
"¥,666
91,000
1,835,000
4,949,000
1,419,000
Hutchinson
3,000
Total May 18,1940
of the last three years:
Flour
2,000
1,583,000
Canadian—
4734
4734
No. 2 white
7834
336,000
4,978,000
V
Oats, New York—
9934
Manitoba No. 1. f.o.b. N. Y. 85 34
2,000
503,000
bushels in 1939.
GRAIN
Wheat, New Y*rk—
N®. 2 red, c.i.f., domestic
10,000
Wichita
*
Cornflour..
20,000
166,000
206,000
Fort Worth
Total May
Rye flour patents
4.20@4.40
Seminola, bbl., bulk basis.5.65@ ...
Oats good
...
2.95
_
6,000
lb'ooo
128,000
3,000
85,000
179,000
339,000
........
Total May 18,1940
FLOUR
Spring pat. high protein..5.30< >5.45
Spring patent*
5.10< >5.30
Clears, first spring
4.60( >4.80
Hard winter straights.. .5.10( >5.30
Hard winter patents
5.30< >5.45
Hard winter clears
Nominal
Receipts at—
Bushels
Philadelphia
Total May 25,1940...
Closing quotations were as follows:
All the statements below
Barley
Bushels
146,000
On Lakes..
5034
5034
4734
FUTURES IN WINNIPEG
Mon.
Sat.
Fri.
Thurs.
4934
4934
48J4
4834
October.
Corn, New York—
No. 2 yellow, all rail
Rye
Bushels
95,000
New York...
Peoria
WINNIPEG
Wed.
Tues.
Mon.
Sat.
DAILY CLOSING PRICES
Oats
Bushels
Galveston
CHICAGO
46%
48%
46%
48%
46H
48%
47 %
49%
July
September
Corn
Bushels
United States—
New Orleans
OF RYE FUTURES IN
Sat.
Mon.
Tues.
Wed.
DAILY CLOSING PRICES
STOCKS
GRAIN
Wheat
to 2%c. net lower.
be active
i
visible
view of the grave
closed 1%
.
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, May 25, were as follows:
The
were
Southeast,
although considerable
t0Thflyareasgnow
portions of the latter area are still
n'eeding rain include South Dakota, Nebraska, and
thfl eastern Great Basin.
North Dakota and Montana still have sufficient
soil Sture for present needs.
There was considerable hail damage in
riarts of the west Gulf area and some harm from erosion by heavy rain
in the lower Great Plains.
Chinch bugs are reported numerous in some
most
The Commercial & Financial Chronicle
3542
Mississippi Valley sections and there were
hopper hatching in some drier western sections.
upper
reports of heavy grass¬
begun in south.
Rice planting 70 to 95% completed.
Potatoes good progress.
Grains—Reports indicate continued favorable development of
small-grain crops, especially winter wheat, in the
principal-producing
sections east*of the Mississippi River.
Wheat is heading in southern
and
Missouri progress continued
fair, but the con¬
is variable, ranging from rather poor to
fairly good, with plants
heading in most sections.
Most of Texas received good rains
but the
moisture came too late to benefit materially the small
grains in the north¬
western part of the State; some wheat will
improve, with the general con¬
dition fair to good in most sections.
In Oklahoma progress was mostly good; heads are
filling, although
fields showing thin stands are becoming very
weedy, with the general
condition poor to only fair.
In Kansas development lacks uniformity,
but one-half to three-fourths of the crop is headed out in the eastern half
of this State; in the west the outlook continues poor with
heavy weed
dition
In
infestation.
Nebraska
New
wheat
commodity markets displayed further unsettlement, con¬
tinued to hamper retail trade during the past week.
While
higher-priced items were again the chief sufferers, other
divisions also felt the impact of the combination of un¬
favorable developments.
An exception was supplied by
Pacific Northwest.
in north-central Texas, with harvest delayed by fre-
Kansas harvest is expected to
?uent rains, while local harvestingbegin in 15 in southwestern Oklahoma,
is reported to 20 days in the southern
n
counties of the eastern half of this State.
Conditions continued favorable in the
Spring Wheat Belt, except South
and Nebraska where moisture is needed.
In South Dakota the
where deep rooted, made some growth, but the late seeded is at a
standstill.
Soil moisture continues ample for present needs in North
Dakota and Montana.
In Minnesota spring wheat is mostly doing well.
Oats made slow growth because of cool weather, but are mostly
up to sat¬
isfactory stands.
Plants are stooling in some upper Mississippi Valley
Dakota
crop,
sections.
Corn—Because of frequent rains corn planting continued to make slow
in the eastern Ohio Valley, middle Atlantic
However, in Illinois planting is about 85%
progress
area,
and the North¬
complete.
Warmer
weather is needed generally.
In Missouri progress of corn is poor to fair
and much replanting is necessary; cutworms are bad in some sections.
In the Great Plains States conditions are rather favorable, with
plants
mostly satisfactory stands.
In Iowa planting has been nearly com¬
pleted, with 96% done on May 26, averaging about 1 week earlier than
normal; low temperatures were unfavorable for germination and growth,
but some corn is up in ail sections.
In Minnesota planting is being ac¬
complished at about the average date.
There has been considerable
cultivation in the southern part of the western belt.
up to
Cotton—Temperatures averaged near normal in the eastern portion of
the Cotton Belt, while the central and western portions, especially in the
north, were unfavorably cool.
Substantial rains occurred throughout the
except in the southeast.
Rain is needed in the southeast and warmer
weather generally in central and western States of the belt.
In Texas cotton made fair progress, with chopping active where the
area,
soil
not
was
too
wet; there was considerable hail damage in the Corpus
In Oklahoma temperatures were mostly too low and prog¬
Christi area.
rather poor,
was
ress
erable
with
some
damage by washing or hail, and consid¬
replanting necessary; the general condition is fairly good.
In the central-northern
portion of the belt cotton is considerably later
than in an average season and warmer weather is badly needed.
In most
of the central States the general condition is still rather poor.
In the
Atlantic area temperature conditions were more favorable and good showers
were helpful in central and northern districts.
In North Carolina progress
was good
and in South Carolina fair, with chopping completed locally.
Stands are poor in northern Georgia where about hair the crop is not yet
up.
Reports from Arizona and California are favorable.
weather bulletin furnished the following resume of
The
Virginia—Richmond:
Near-normal
warmth;
moderate to
Cabbage
Trans¬
planting sweet potatoes and tobacco; some blue mold.
Corn about planted;
early coming up.
Cotton planted; stands fair to good.
Early cherries
turning.
Strawberry picking in full swing.
North
Carolina—Raleigh; Tobacco fair progress, but some blue mold.
Pastures improved.
Picking and marketing strawberries and blackberries
favored.
Progress of cotton good, due to sunshine and warmth; condition
fairly good.
Corn good progress due ample rains.
Fair progress trans¬
planting sweet potatoes.
Gardens, truck, and late fruit satisfactory.
South Carolina—Columbia: Good rains only local; more needed
generally.
chopping begun in north interior; completed locally elsewhere;
of cotton fair; condition still rather poor, but some improvement.
Corn, truck, tobacco, pastures, and gardens improving where rain fell.
Local hail damage.
Cotton
progress
Georgia—Atlanta: Mostly favorable warmth, but nights too cold; rain
places.
Cotton stands poor in north where about half not
fair to good in south; chopping fair advance in middle and south.
Soil
too dry in most sections for truck, corn, sweet
potatoes, and pastures.
Harvesting peaches, oats, and wheat in south.
;
needed most
up;
Florida—Jacksonville: Favorable warmth; soil too dry.
Growth and
of cotton fair; condition rather poor.
Corn backward.
Potatoes
mostly harvested; good crop.
Tobacco fair.
Truck scarce.
Citrus dry,
being irrigated; new crop fair.
Rain needed.
progress
Alabama—Montgomery: Too cold; adequate rain in north and locally
middle, but little in south.
Germination and stands of cotton im¬
proving in north; general progress fair, condition still mostly rather poor;
chopping fair advance.
Corn fair to locally good.
Harvesting oats;
yields fair to good.
Vegetables need rain in coastal areas.
Setting out
in
potatoes where
Cattle fair to good.
sufficient
moisture.
Pastures
improved in
north.
Mississippi—Vicksburg:
Nights too cold after 23d; frequent, mostly
ample rains, but more needed locally in south third.
Good progress
chopping cotton; soil locally too wet in north two-thirds; condition of
cotton mostly rather poor; plants
small; growing slowly.
Progress of
corn
mostly poor, especially in north; lacks cultivation and adequate
sunshine.
Gardens and truck poor to fair progress; late.
Pastures mostly
good in north two-thirds.
Louisiana—New
Orleans:
Favorable warmth first
half, but nights too
cold latter; adequate rain in most areas, but more needed in extreme south.
Progress of cotton fairly good; plants small, but stands generally good;
chopping rapid advance.
Progress and condition of corn fairly good.
Early planted rice up to good stands; late needs rain locally for germination.
Excellent progress setting sweet potatoes where not too
dry.
Harvesting
oats; digging potatoes.
Cane making fairly good growth.
Texas—Houston: Nights too cold for good plant
growth; rain adequate
generally,
late
too
except locally
for much small
north-central;
proved
some
some
districts in the industrial Middle West where
growing
orders and
stimulated
consumer
resulting better employment figures
buying insome measure.
Depart¬
ment store sales, the country over, for the week ended
May
18, according to the Federal Reserve Board, gained 5%
over the corresponding week of last
year.
New York and
Brooklyn stores registered an increase of 1.3%, and in
Newark establishments a gain of 2.7% was recorded.
Trading in the wholesale dry goods markets remained
spotty, reflecting the slow pace of distribution in retail
channels as well as the growing feeling of caution on the
part of both wholesale and retail merchants because of un¬
certainties engendered by the European war developments.
Fairly numerous orders on Summer merchandise, such as
wash goods and novelty cottons, came into the market, but
in general the disposition prevailed to hold orders to im¬
mediate requirements and avoid forward commitments,
pending a clarification of events abroad.
Nevertheless, a
substantial amount of buying orders for Summer merchan¬
dise is still anticipated, once weather conditions take a real
turn for the better.
Business in silk goods continued ex¬
tremely dull, and fabric prices, in general, ruled easier.
Trading in rayon yarns was not quite as active as hereto¬
fore, being also affected in some degree by the prevailing
nervousness
because
of
war
developments.
Deliveries,
however, were said to be holding up well, and rumors of
impending price advances did not down entirely, in view of
increased
heavy rains.
Pastures grew rapidly; cutting first hay crop.
Wheat heading.
and other truck excellent, but late.
Potatoes fair to good advance.
sweet
some
armament
in extreme south where lack badly felt.
Rain
grain in northwest.
"Winter wheat ripening in
ready for harvest which delayed by rain.
Rains im¬
winter wheat and condition
generally fairly good, but some
Soor in northwest. Oats fair, but rain delayed harvest. Planting corn
extreme west; elsewhere condition
fairly good, but progress poor due
Domestic
cold.
Cotton
fair
progress
generally; considerable chopping where
ground not too wet; considerable in Corpus Christi area destroyed or
damaged by he&vy hail and wind.
Truck and gardens fair to good con¬
dition.
Ranges helped by rain; good condition generally, but stock water
still short locally.
Fruit trees spotted in north-central and fair condition
elsewhere, but citrus deteriorating where not
irrigated in extreme south.
Rice good progress; stands good to excellent.
Oklahoma—Oklahoma City: Favorable warmth,
except nights too cold
for cotton; rain mostly
ample for present needs; some flooding in south¬
east and locally in central.
Severe hail damage in several counties.
ress
of cotton
rather
poor; some washed out or
able
replanting necessary;
condition poor to excellent.
condition
fairly
Prog¬
destroyed by hail; consider¬
good.
Oats
good progress;
Progress of winter wheat mostly good; heads
filling, some cutting in southwest; thin fields
weedy; condition poor to
good.
Progress or corn mostly good, except some washed out or covered
up; condition good.
Second alfalfa
cutting locally.
Pastures and minor
crops good advance.
Livestock good condition.
Arkansas—Little
but
retarded
farm
chopping begun;
ress,
and
but
crop
retarded
late.
Rock:
Good
rains aided
germination and growth;
needed locally in northwest.
Cotton up;
2 weeks late; early cotton fairly good prog¬
by cold nights.
Progress of corn good; stands spotted
work;
more
crop averages
Winter
wheat
heading.
Early
oats
maturing;
harvest
the
and
costs
continued
favorable
notably with regard to surplus stocks.
Cotton
Goods—Trading in the
cloths
gray
markets continued in its previous desultory fashion,
chiefly
because of the growing uneasiness spread by the
military
developments in the European conflict, and the resulting
unsettlement
in the security
and commodity markets.
Prices ruled fairly steady, however, partly in view of the
rally in raw cotton values and also because of the general
unwillingness of mills to reach for the small available busi¬
at the concessions demanded by prospective buyers.
Late in the week sentiment improved somewhat as
ness,
security
commodity markets gave indications of greater sta¬
bility, and rumors recurred according to which curtailment,
measures are
being considered by a number of mills.
Busi¬
ness in fine
goods continued inactive, although a better tone
manifested itself, predicated in the main on the observation
and
that stocks in first hands
are
limited, and that
a
moderate
buying movement wquld be sufficient to strengthen price
levels.
Carded piques moved in fair volume.
Closing
prices in print cloths were as follows: 39-inch 80's, 6% to
6J^c., 39-inch 72-76's 6 5-16c., 39-inch 68-72's, 5Mc..
38k£-inch 64-60's, 4%c., 38H-inch 60-48's, 4^c.
.
WOOLEN
GOODS—Trading in men's wear fabrics re¬
as users, influenced
by the grave turn of events
abroad, became increasingly cautious, and restricted pur¬
chases to immediate requirements.
The recession in the
raw wool market also unsettled
sentiment, and prices showed
mained dull
a
somewhat easier trend.
Predictions
heard, however,
be anticipated, once
S. armament program will lead to
increased Government buying, and the expected enhance¬
ment in the export demand will make itself felt, in view of
the elimination of major European
supply centers.
Mill
operations were well maintained, reflecting the continued
existence of substantial order backlogs.
Reports from retail
clothing centers made a spotty shoving, under the influence
that
an
improvement in trading
were
may
the execution of the U.
of adverse weather conditions and the
and it
was
l
to
production
statistical position,
conditions in different States:
York, Friday Night, May 31, 1940
Adverse weather conditions, and the grave
developments
in the European war zone, as a result of which security and
deteriorated because of continued
dry¬
heading has begun in the south.
In the Lake region and upper
Mississippi Valley progress was mostly good, while conditions continued
favorable in Montana, the northern Rocky Mountain
States, and the
east.
Tomatoes fruiting
THE DRY GOODS TRADE
ness;
Some wheat is ripe
1940
Tennessee—Nashville: Cotton planting about done; fair to good stands
coming up.
Corn about planted; condition of early planted good; cultivat¬
ing.
Progress of winter wheat fair; condition good.
Tobacco and sweet
potato transplanting rapid progress.
Grass and pastures mostly good.
Garden truck good, but backward.
Strawberry picking near peak.
Fruit,
cropthin.
/■',
In
Illinois.
1,
in southeast.
Small
Indiana
June
war news
from abroad,
said that the considerable carry-over
of goods in
merchants'
hands may hamper the buying of Fall goods.
Business in women's wear materials improved moderately
as
a
fair amount of orders
summated.
It
was
noted,
on
the
new
however,
Fall lines
was
that garment
con¬
manu¬
facturers based their purchases largely on nearby require¬
ments
of the
pending a clearer vision with regard to the influence
European war developments on the course of general
business.
■
^
Foreign Dry Goods—Trading in linens continued spotty
as
the growing scarcity of goods in the foreign primary
markets and the resulting sharp price advances remained a
serious obstacle.
Business in burlap was greatly affected
by the grave turn in the war situation, and prices weakened
considerably, in line with the sharp break in the Calcutta
market.
Domestically lighweights were quoted at 5.50c..
heavies at 7.60c.
/
Volume
The
150
3543
Commercial & Financial Chronicle
ARIZONA
GRANDE, Ariz.—BONDS VOTED—At an election held on May 14
the voters are said to have approved the issuance of $95,000 4% semi¬
annual refunding bonds.
Due on July 1 in 1941 to 1959.
CASA
Specialists in
Illinois & Missouri Bonds
Stifel, Nicolaus & Cojnc.
Little Rock.
Founded 1890
105 W. Adams St.
314 N. Broadway
DIRECT
•
ST.
WIRE
CHICAGO
ARKANSAS
BATESVILLE, Ark.—BOND SALE DETAILS—It is reported by the
City Recorder that the $7,000 fire equipment bonds sold to the Citizens
Bank & Trust Co. of Batesville, at a price of 102.00 as noted here—V. 150,
P. 3394—are dated May 1, 1940, and mature $1,000 on Jan. 1 in 1944 to
1950, incl.
Legal approval by Rose, Loughborough, Dobyns & House of
LOUIS
DRAINAGE
DISTRICT, Chicot County,
HEARING—It is reported that a final
EUDORA-WESTERN
ADJUSTMENT
Ark.—DEBT
hearing was scheduled for May 31 in the United States District Court at
Little Rock, Ark., on a petition of the above district, for adjustment of its
$641,000 debt on a basis approved by a majority of bondholders.
Nego¬
tiations for the adjustment have been in progress some time.
SHERIDAN, Ark —BONDS SOLD—The City Recorder states that $3,approved by the voters on Feb. 19, have been
News Items
250 fire equipment bonds
purchased by the Grant County Bank of
Financial Statistics of States:
;
the Census announces that the 1938 edition in the series of
statistical reports on the finances of States will bepuolished
three volumes incorporating several improvements in
This series pf reports,
entitled "Financial Statistics of
States" was pub¬
BANKAMERICA COMPANY
Bureau for the years 1915 through 1931, except for the
1920, and was resumed beginning with the year 1937.
report
was compiled in 1932 for 41 States, but the data were not published.
The reports for 1938 will be issued in three volumes:
- : :
"
Vol. 1—An individual State report for each of the 48 States.
These
lished annually by the
The
year
1 through 48, as issued, with the
■;/>, /-.p
iy v..:?;
1938, and related special studies
that may be made, which will be numbered consecutively.
Vol. 3-—A final report entitled "Financial Statistics of States": 1938.
A mailing list will be maintained for the reports in Volumes 1 and 2.
These reports, as they are released, will be sent without charge to all names
on the mailing list, and a notice will be sent when Volume 3 is published.
Requests for the reports in Volumes 1 and 2 should be addressed to the
Director of the Census, Washington, D. C.
Volume 3 will be available
from the Superintendent of Documents, Washington, D
C., at a price to
be fixed by him when it is printed.
New York
Representative
Telephone WHitehall 3-3470
52 Wall St.
2—A Summary Bulletin for States:
•Vol.
Sought in Refunding Statutes—Re¬
vision of Louisiana statutes governing issuance of refunding
and refinancing bonds is favored by the Caddo Parish Tax¬
payers Association and the Shreveport Real Estate Board,
which by resolution have approved a proposed enactment.
Its purpose is to qualify Louisiana municipal issues for better
market prices and to meet requirements usually enforced by
nationally known bond attorneys in preparation of opinions.
Some attorneys have informed the association and board
that Louisiana statutes now in force are of doubtful value.
Louisiana—Changes
Montana—Survey Made of Municipal
Bonds—Kalman &
and St. Paul, have prepared a booklet on
tax-exempt bonds of Montana, after an investigation of the
economic and financial factors which affect the intrinsic
worth of these securities. This survey deals only with general
Co. of Minneapolis
obligation bonds and is intended to be a preliminary
more detailed investigation.
basis for
CALIFORNIA
BERKELEY, Calif.—BOND SALE— The $125,000 civic center plaza
of 1940 bonds offered for sale on May 24—V. 150, p. 3394—were awarded
to the California Bank of Los Angeles, paying a premium of $52.75, equal
to 100.042, a net interest cost of about 1.09%, on the bonds divided as
follows: $75,000 as l^s, due $25,000 from June 1,1941 to 1943; the remain¬
ing $50,000 as Is, due $25,000 on June 1 in 1944 and 1945.
BIG
New Jersey—-Committee to Seek Federal Funds for Water
Project—Governor Moore announced on May 29 that he
would go to Washington on June 5 with a special legislative
committee in quest of Federal funds to finance a new water
supply estimated to cost approximately $35,000,000.
If
obtained, the Federal funds will helj) construct a new supply
system which will particularly benefit the metropolitan areas
Harry L. Allison, Clerk of San Bernardino County, for the pur¬
chase of $110,000 not to exceed 6% semi-annual sewage disposal plant bonds.
Dated June 1, 1940.
Denom. $1,000.
Due June 1, as follows: $3,000 in
1941 to 1945. $4,000 in 1946 to 1950, $5,000 in 1951 to 1955, $6,000 in
1956 to 1960, and $5,000 in 1961 to 1964.
Prin. and int. payable at the
County Treasurer's
par
Governor
Moore has recommended a plan,
CALIFORNIA, State of—WARRANT SALE— The *1,983,408 reg¬
fund warrants offered for sale on May 24—V. 150, P. 3394—
awarded to Kaiser & Co. of San Francisco, at 2M%, Plus a premium
of $3,074.28.
Dated May 29, 1940.
Due on or aDout May 28, 1941.
istered general
were
Units
Housing Authority—Four New Jersey
New Jersey local housing
issues for award in the
These issues are briefly described as
Offer Notes—On June 4 four
authorities will offer short-term note
of $5,550,000.
follows:
Asbury Park, N. J., $600,000, dated June 11, 1940, due Oct. 11, 1940;
Atlantic City, N. J., 1st series. $800,000, 2nd series, $850,000, dated June
11, 1940, due Sept. 11, 1940; Perth Amboy, N. J., $1,050,000, dated June
11,1940, due Nov. 11.1940; Trenton, N. J., 1st series, $500,000,2nd series,
$500,000, 3rd series, $1,250,000, dated June 11, 1940, due Sept. 11, 1940.
The sale of these notes will bring the aggregate of all notes issued in con¬
nection with the $770,000,000 United States Housing Authority slumclearance program to date up to $240,550,000.
With part of the lowest
interest funds obtained from these sales, the local housing authorities will
repay to the USHA all moneys already advanced on their loan contracts,
together with accrued interest.
With the remainder, they will meet costs
of construction of their USHA-aided housing projects during the next
six months.
Local Housing Authority notes are non-callable, wholly
exempt from Federal income taxes and in most cases also exempt from State
taxes.
Since the bidders will pay for bond counsel opinion and for the
paying agent, the interest rates will represent the net cost to the local housing
authority..
p:
y'■ ■■
7,; "
IRRIGATION
CARMICHAEL
DISTRICT (P. O. Sacramento)'
stated by the Secretary-Treasurer of
Calif.—BOND SALE DETAILS—It is
Directors that the $33,500
the Board of
4% semi-annual pipe line
the
dated Jan. 2,
1970.
FRESNO COUNTY
SCHOOL DISTRICTS (P. O. Fresno),
Proposals and Negotiations
ALABAMA
HOMEWOOD, Ala.—BOND TENDERS INVITED—It is stated by the
First National Bank of Birmingham, acting as sinking fund agent and
depositary of the above city, that it will receive sealed tenders until June 25,
at noon (CDST), of the following bonds: general refunding, 3%-5% first
series, dated Jan. 1, 1938, due on Jan. 1, 1968, sufficient to exhaust a sink¬
ing fund deposit of $5,000; also, improvement refunding. 3 % -5 % second series,
nated Jan. 1, 193d, due on Jan. 1, 1968, sufficient to exhaust a sinking fund
^eposit of $10,000.
Calif.—
SALES—The following bonds aggregating $733,000 offered for sale
on May
24—V. 150, P. 3239—were purchased by the Bank of America
National Trust & Savings Association of San Francisco:
BOND
premium of $19,
as follows:
$50,000 in
$518,000 Fresno City High School District oonds for a
equal to 100.003, a net interest cost of about 2.69%,
$425,0/0 maturing April 1, $30,000 in 1949 to 1954,
1955 to 1958, *45,000 in 1959, as 2%s, and $93,000 maturing
April 1, $20,000 in 1959, and $73,000 in I960, as
215 000 Fresno City High School District bonds for a premium
equal to 100.008, a net interest cost of about 2.735%, as
2^s.
of $19,
follows:
1958,
1959,
$205,000maturing Dec. 3, $15,000in 1954, $40,000in 1955 to
$30,000 in 1959, as 2Ms, and $10,000 maturing Dec. 3,
clS
The
■'
$125,000 issue
offered for sale on
100.008, a
Union High School District bonds
awarded to the Security-First Na¬
3Ms, paying a premium
basis of about 3.247%.
Dated May 1, 1940.
tional Bank of
in
of Reedley Joint
the same date, were
Los Angeles, as
of $10, equal to
Due on May 1
1944 to 1957.
ANGELES
BOND SALE— The
COUNTY (P. O. Los Angeles),
$5,000 issue of Potrero
Calif.—SCHOOL
bonds
Heights School District
May 28—V. 150, p. 3239—was awarded to G. W. Bond &
Son of Los Angeles, as 4_Ms, paying a price of 100.34, a basis of about 4.47%.
Dated Aug. 1, 1939.
Due on Aug. 1 in 1952 to 1954.
offered for sale on
COLORADO
SANITATION DISTRICT (P. O. E.te. Park), Colo.—
PRICE PAID—It is stated by the District Secretary that the $45,000 3%
semi-annual sewage disposal, general obligation bonds offered by Brown,
Schlessman, Owen & Co. of Denver, for general suoscription—V. 150, p.
3394—were originally sold at a price of 98.75, a basis of about 3.12%.
ESTES PARK
Due on May
1 in 1913 to
1960.
;
.
iV; "•
CONNECTICUT
HARTFORD,
Gabb
Citv
ISSUE $1,750,000 BONDS—George H.
recommended that the Board of Aldermen au¬
Conn .—TO
Treasurer,
of $1,000,000 not to exceed 2% interest 10-year serial
refunding bonds and $750,000 not to exceed 2 H% interest 15-year public
works bonds.
All of the bonds would be dated June 1, 1940.
■>
thorize the issuance
DELAWARE
Del.—BONDS VOTED—At an election on May
authorized an issue of $350,000 school addition bonds.
CLAYTON,
Bond
bonds sold
Reconstruction Finance Corporation at par—V. 150, p. 3239—are
1940, and mature on Jan. 1 as follows: $500 in 1941 to 1946;
$1,000, 1947 to 195C; $1,500, 1960 to 1968, and $2,000 in 1969 and
to
LOS
United States
The bonds will be sold for cash at not iess than
date of delivery. These bonds were authorized
of 177 to 40, and shall be issued in accordance with
the provisions of Chapter 3, Part 3, of Division V of the Health and Safety
Code of the State.
Enclose a certified check for not less than 2% of the
par value of the bonds bid for, payable to the County Treasurer,
election by a vote
which is backed by many
shortages.
office.
and accrued interest to
at an
of northern New Jersey.
hydraulic engineers, contemplating diversion of about 150,000,000 gallons
daily from the Delaware River at Raven Rock, Hunterdon County, and
carrying it through conduits along the bed of the Delaware and Raritan
Canal to a point above Bound Brook.
Thence it would be pumped into a
storage reservoir at Dock Watch Hollow. The plan also proposes the inter¬
connection of all major North Jersey supplies as a safeguard against sectional
SANITATION DISTRICT (P. O. Bernardino),
OFFERING—Sealed bids will be received until 11 a. m. on
BEAR LAKE
Calif.—BOND
June 3, by
further and
sum
Los Angeles
San Francisco
reports will be numbered consecutively,
name of the States and date of release.
.
Municipals
California
in
presentation.
Sheridan.
1938—The Director of
voters
DISTRICT OF
25 the
COLUMBIA
COLUMBIA—SUPREME COURT REJECTS APPEAL
OVER INTANGIBLES TAX—The
United States Supreme Court on
May 20 refused to review a decision holding unconstitutional the District s
intangible personal property tax as applied to a Federal employee who
maintains a residence in Washington but claims Boston, Mass., as his legal
domicile
The Court noted that it had denied a review "in view of the fact
that the tax is laid under a statute which has been repealed and the question
ktherefore not of public importance".
DISTRICT OF
The Commercial & Financial Chronicle
3544
FLORIDA
CLEARWATER,
that the
Fla.—BOND TENDERS INVITED—It
Clerk will receive sealed tenders until
City
Is reported
29, at noon,
June
{jursuant toseries A, B and C, dated July 1, 1936, for sale 1936,delivery as
terms of the modified contract dated Aug. 24. and of refundng bonds,
of
July 1, 1940, at a price not exceeding par and interest, to the extent of
825,000, the sum now available in the sinking fund.
WINTER PARK, Fla.—BOND SALE—The following bonds, aggregat¬
ing 8303,000, offered for sale on May 27—V. 150, p. 3239—were purchased
jointly by Leedy, Wheeler & Co. of Orlando, and the Clyde C. Pierce Corp.
of Jacksonville, paying a premium of $2,000. equal to 100.66, a basis of
about 3.67%:
V...--;., ■
Due $25,000
$125,000 3M% refunding bonds.
on
July 1 in 1942 to 1946,
inclusive.
130,000 3H% refunding bonds.
Due on July 1 as follows:
$25,0000 in
1947 to 1950, and $30,000 in 1951.
48,000 4% refunding bonds. Due on July 1 as follows: $30,000 in 1952,
and 18,000 in 1953.
Denom. $1,000.
Dated July 1, 1940.
Prin. and int. (J-J) payable at
the Chase National Bank in New York, or at the Florida Bank in "Winter
Haven.
BOND CALL—It is stated by the City Clerk that refunding bonds ag¬
gregating $1,168,500, being all of the outstanding bonds of an authorized
issue of $1,272,500, numbered 1 to 1,276, are called for payment on July
1, at par.
Dated July 1, 1935.
Denominations $1,000, except Nos. 1,270 to 1,276,
which are in denominations of $500.
Due July 1, 1970.
Callable on any
interest paying date.
The holders of said outstanding bonds who have not agreed to exchange
their bonds for new refunding bonds to be issued under date of July 1,
1940, are notified to present their bonds with all unmatured coupons at the
Chase National Bank, New York City, on July 1, 1940.
All bonds not
presented shall cease to bear interest from and after said date.
Interest rates payable Jan. 1 and July 1, are as follows: 3H% from date
to July 1, 1940
4% thereafter to July 1, 1945, and 5% thereafter to ma¬
turity.
,
BOISE,
Idaho—BOND
election will be held
on
ELECTION—The
City Clerk states that
June 11 in order to vote
an
the issuance of $350,000
on
in^ sewage disposal general obligation bonds0
"^COUNCIL,
.
Ida ho—BOND OFFERING—Sealed bids
will
be
receive
until 3 p. m. on June 15, by J. E. Harberd, Clerk of the Board of Trustees,
for the purchase of $19,000
coupon general obligation water bonds.
Interest rate is not to exceed 6%, payable J-J.
Dated July 1, 1940.
The bonds
will be amortized, both as to the
principal and Interest thereof, over a
period of not exceeding 20 years from and after July 1, 1940.
Principal and
interest payable at the Village Treasurer's office, or at the Adams
County
Bank, Inc., Council, or at the Idaho First National Bank, Boise. The bonds
will be issued in conformity to the
provisions of Ordinance No. 102 of the
village, adopted and approved April 30. and will be subject to the approval
of the qualified bond electors of the
village, voting upon the issuance of
the bonds at an election on June 10 to be held in
conformity to the ordi¬
nance.
Enclose
a
certified check for at least 10% of the amount bid.
ILLINOIS
CHICAGO,
III—BONDS
CALLED
FOR
REDEMPTION—R.
B.
Upham, City Comptroller, announces the call for payment on July 1, 1940
at par and accrued
interest, of various numbered 3% refunding bonds of
1937, dated Jan. 1,1937, and aggregating $400,000.
Prin. and int. payable
at the City Treasurer's office or at
the Guaranty Trust Co., New York
City.
Bonds will be paid from funds now available in the
special fund
created by ordinance of that
purpose.
EVANSVILLE, 111.—BON DS S OLD—Doyle, O'Connor & Co.
have
purchased
$17,000
general
obligation
and
Issued for water works and sewer
system facilities.
$50,000
of Chicago
revenue
bonds
LaSALLE-PERU TOWNSHIP HIGH SCHOOL DISTRICT NO. 120
(P. O. LaSalle), III.—BOND SALE—The $75,000 coupon, registerable as
principal only, school addition bonds offered May 21 were awarded to
the Harris Trust &
Savings Bank of Chicago, as 2 Ms, at par and accrued
to
interest.
Dated June 1, 194o, and due Dec. 1 as follows:
$5,000 from
1942 to 1948. incl.; $7,000,1949: $8,000 from 1950 to
1952, incl., and $9,000
in 1953.
Principal and interest
Legality approved by Chapman & Cutler
PRICE PAID—The
Harris
Trust
premium of $419, equal to 100.558,
a
of Chicago.
&
Savings Bank of Chicago paid
basis of about 2.42%
a
LEMONT TOWNSHIP HIGH SCHOOL DISTRICT NO. 210
(P. O.
Lemont),
111.—BONDS
AUTHORIZED—The
Board
of
Education
on
May 21 adopted a resolution authorizing an issue of $21,000
funding bonds.
Dated July 1, 1940.
Denom. $1,000.
Due Jan. 1 as follows: $1,000 from
1944 to 1947. incl.; $2,000, 1948 to
1950, incl.; $5,000 in 1951 and 1952 and
$1,000 in 1953.
McLEANSBORO
TOWNSHIP SCHOOL DISTRICT NO. 58 (P. O.
McLeansboro). III.—BOND SALE—Vieth, Duncan & Wood of Daven¬
Municipal Bond Corp. of Chicago, jointly, purchased subject
port, and the
to result of election in
price of 100.51.
June, an issue of $23,000 building bonds
Due from 1947 to 1952 incl.
as
314s, at
a
ROSSVILLE, 111.—BOND SALE—M. B. Vick & Co. of
Chicago have
purchased the $14,000 highway improvement bonds authorized at an
election
ST.
on
May 20.
JOSEPH, III.—BOND SALE—-Doyle, O'Connor & Co.
of Chicago
purchased, subject to approval of loans at a regular
election, the
following 4% waterworks system bonds totaling $37,000:
$11,000 general obligation at a price of 100.636.
26,000 revenue at a price of 90.25.
have
INDIANA
B^KNELL, Ind.—BOND
offered May 27—V.
SALE— The issue of
150, p. 3240—was awarded
to
$7,500 school aid bond
Kaffensperger, Hughe
& Oo.of Indianapolis, as 3 Ms, at a price of 100.518, a basis of about 3.20%
Dated May 15, 1940 and due as follows:
$1,000, July 1, 1951; $1,000, Jan. 1
and July 1 in 1952 and
1953; $1,000, Jan. 1 and $1,500, July 1, 1954.
Second high bid of 100.62 for
3Ms was made by Browning, VanDuyn,
Tischler & Co. of Cincinnati.
J^WOOD,
150,
p.
$10,000
improvement
bonds
3240—were awarded to McNurlen & Huncil-
of^ndianapolis,
as 3^sDated May 15, 1940 and due $500
andiJuly 1 from 1948 to 1957, inclusive.
on
Jan. 1
ENGLISH SCHOOL TOWN, Ind.—BOND
OFFERING—The Board
® J*1^668 "Wl11 receive sealed bids until 2
p. m. on June 12, for the purchase
$6,400 not to exceed 4% interest
building bonds.
Denom. $160.
Due
!^0«18LA160 wnl% 194a1:reasonable 1
$16° Janand $160 Jan.
1, 1961.
A
to the issuance of said bonds will
proceedings.
be levied on all of its taxable property.
Purchaser will be required to accept
delivery at 10 a. m. on July 1 at the Merchants Natioonal Bank of Indian¬
apolis.
A certified check for 2 H % of the bonds, payable to order of the city,
must accompany each proposal.
JEFFERSON TOWNSHIP (P. O. Otwell), Ind.—BOND OFFERING—
Fred Shelton, Trustee, will receive sealed bids until 10
OFFERING—John
W.
until 2 p. m.
on
Campbell,
the successful bidder.
LAFAYETTE, Ind.:—BOND OFFERING—Clyde C. Lewis, City Comp¬
troller, will receive sealed bids until 2 p. m. on June 10 for the purchase of
810,000 not to exceed 4% interest park improvement bonds. Dated June 15,
1940. Denom. $1,000. Due $1,000 on Jan. lfrom 1942 to 1951 incl. Bidder
to name a
single rate of interest, expressed in a multiple of M of 1% and
payable J-J.
The bonds are direct obligations of the city, payable from
unlimited ad valorem taxes and the approving legal opinion of Matson,
Ross, McCord <fc Clifford of Indianapolis will be furnished the successful
bidder.
A certified check for $500, payable to order of the city, must ac¬
company each proposal.
City
June 12 for the
principal,
Denom.
July 1 1947*
thereafter, at the option of the City, in their
inverse numerical
order, at 102 and accrued interest, to date of
redemption
on 30 days
notice by publication in a newspaper or financial
journal
any interest payment date
in
SPICE VALLEY TOWNSHIP SCHOOL TOWNSHIP (P. O. Huron),
OFFERING—Ben H. Radcliff, Trustee, will receive sealed
Ind.—BOND
bids until 2 p.
the City of
pub¬
Indianapolis, and publication in
a
newspaper or finan¬
the mailing of such
Interest on the bonds so called
journal published in the City of Chicago,
and
m. on
June 13, for the purchase of $18,500 not to exceed
3% interest building bonds.
Dated May 1, 1940.
Denoms. $1,000 and
$500.
Due as follows:
$1,000 July 1, 1942; $1,000 Jan. 1 and July 1 from
1943 to 1945, incl.; $1,000 Jan. 1 and $1,500 July 1, 1946: $1,500 Jan. 1 and
July 1 from 1947 to 1949, incl.
Bonds are direct obligations of the school
township and will be payable out of taxes to be levied and collected within
the limits prescribed by law.
A certified check for 2 % of the bonds, payable
to order of the trustee, is required.
UNION TOWNSHIP SCHOOL TOWNSHIP
(P. O. Deednville),
Ind.—BOND OFFERING—Charles G. Friend, Trustee, will receive sealed
10 a. m. on June 17 for the purchase of $16,300 not to exceed
4 Yi. % interest building bonds of 1940.
Dated May 25, 1940. One bond for
$900, others $550 each.
Due $550 July 1, 1941; $550 Jan. 1 and July 1
from 1942 to 1953, incl.; $1,100 Jan. 1 and $550 July 1, 1954; $900 Jan. 1,
1955.
Bidder to name a single rate of interest, expressed in a multiple of
M of 1%.
Interest J-J.
The bonds are direct obligations of the school
township, payable out of unlimited ad valorem taxes on all of its taxable
property.
A certified check for $500, payable to order of the school town¬
ship, is required. Legal opinion of Matson, Ross. McCord & Ice of Indiana¬
polis will be furnished the successful bidder.
bids until
iowa
CHARITON INDEPENDENT SCHOOL DISTRICT (P. O. Chariton)'
Iowa—BOND OFFERING—It is stated by P. T. Perry, Secretary of the
Board of Directors, that he will receive both sealed and open bids until
June 4, at 10
a. m.. for the purchase of a $52,000 issue of building bonds.
Dated June 1, 1940.
Due Nov. 1, as follows: $6,000 in 1942 to 1949, and
$4,000 in 1950.
All other circumstances being equal, preference will be
given to the bid of par and accrued interest or better, specifying the lowest
interest rate for the bonds.
Interest payable May and Nov. 1.
The dis¬
trict will furnish the approving opinion of Chapman & Cutler of Chicago,
and all bids should be so conditioned.
ONAWA
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Onawa),
Iowa—BONDS SOLD—It is reported that an issue of building bonds ap¬
proved by the voters on March 11, have been sold.
OTTUMWA,
Iowa—BOND SALE—The
$16,283.32
5% semi-annual
May 27—V. 150, p. 3395
ing to tne City Clerk.
!
cial
June 8 for
1959 incl.
as
ai1
r
y
1946; $13,000 Jan. 1 and July 1 from 1947 to
1949 incl.; $14,000 Jan. 1 and
$13,000 July 1, 1950; $14,000 Jan. 1 and
July 1 in 1951 and 1952; $15,000 Jan. 1 and $14,000
July 1, 1953; $15,000
Jan. 1 and July 1 in 1954 and
1955, and $16,000 Jan. 1 and July 1, 1956.
Bidder to name a
single rate of interest, expressed in a multiple of M of 1%
Bonds maturing on and after Jan.
1, 1948, are redeemable on
lished
on
All o the bonds will be dated June 1,1940. Bidder to name a single rate of
interest, expressed in a multiple of M of 1%. Interest J-J. Approving legal
opinion of Matson, Ross, McCord & Ice of Indianapolis will be furnished
—were
Si.OOO.
Due as follows: $11,000 Jan. 1 and
July 1, 1942; $12,000 Jan. 1
$11,000 July 1, 1943; $12,000 Jan. 1 and July
1, 1944 and 1945; $13,000
notice to the holders of registered bonds.
m.
purchase of $36,000 not to exceed 4% interest bonds, divided as follows:
$18,000 school township building bonds, payable from unlimited ad valorem
taxes to be levied on all of the school township's taxable property.
Denom. $500. Due $1,500 on Jan. 1 from 1942 to 1953 incl.
18,000 civil township comrtiunity building bonds, payable from unlimited
ad valorem taxes to be levied on all of the civil township's taxable
property.
Denom. $1,000.
Due $1,000 on Jan. 1 from 1942 to
special assessment
and
or
a.
the
sewer
bonds offered for sale
on
purchased by the J. C. Blunk Construction Co. of Ottumwa, accord¬
He states that the purchaser paid par for 5s.
Dated March 4,
Due on May 1 in 1941 to 1950, incl.
Interest payable May 1.
OXFORD
Clerk—Treasurer, will receive sealed bids
ex¬
INDIANAPOLIS, Ind.—BOND OFFERING—James E. Deery, City
Comptroller, will receive sealed bids unti. 11 a. m. on June 20 foi the
purchase of $608,000 not to exceed 3M% interest refunding bonds of 1940.
Dated July 1,1940.
Denom. $1,000.
Due Jan. 1 as follows: $31,000 from
1942 to 1960 incl. and $19,000 in 1961.
Bidder to name a single rate of
interest, expressed in a multiple of M of 1%.
Interest J-J.
Bonds are
direct obligations of the city, payable from unlimited ad valorem taxes to
of
for transcript of
Pachas© of $400,000 not to.exceed 3% interest registerable as to
St
ei^ctric utility revenue bonds. Dated June 15, 1940.
be furnished to the purchaser at the
of the City.
No conditional bids will be considered.
The right is
reject any and all bids.
Said bonds are being issued for the purpose of financing a portion of the
cost of certain additions, extensions and improvements to the electric utility
system owned and operated by the City of Frankfort, pursuant to Ordi¬
nance No. 3-381 adopted by the Common Council of said City on May 27,
1940.
A copy of said ordinance may be examined at the office of the ClerkTreasurer in the City Building in said City.
All bidders shall be deemed to
be advised of the provisions of said ordinance, and as to the property,
revenues and financial condition of the City's electric utility
Said ordinance provides that all of the net revenues of the City's electric
utility shall be irrevocably pledged to the payment of the principal of and
interest on said bonds to the extent necessary for that purpose; that said
bonds and the interest thereon shall be payable from the Electric Utility
Bond Fund, into which fund there shall be deposited on or before the
first day of each calendar month beginning on July 1, 1940, a sufficient
amount of the net revenues of the City's electric utility to pay 1-12 of
the interest on and principal of the then outstanding bonds which will
be payable during the period of the then next succeeding 12 calendar
months, and that no transfer of net revenues of the City's electric utility
shall be made to any funds of the City which will interfere with the re¬
quirements of the Electric Utility Bond Fund.
Said bonds will not con¬
stitute a corporate indebtedness of the City within the provisions and limita¬
tions of the constitution of the State of Indiana.
The City's electric utility
system is unencumbered and has no other revenue obligations outstanding.
of
and Ju]y 1 from 1942 to 1960, incl.
charge will be made
™FFAI^KFORT' Ind-—BOND
1940
pense
Ind.—-B0JVD SALE—The
offered May 27—V.
1,
reserved to
(J-D) payable at the Harris Trust & Sav¬
ings Bank. Chicago.
June
redemption will cease on the redemption date fixed in said notice, if
funds are available at the place of redemption to redeem the bonds so called
on the date fixed in said notice, or thereafter when presented for payment.
A certified check for $50,000 payable to the order of the city, must ac¬
company each proposal.
Delivery of the bonds will be made on or prior
to June 20th, 1940, at such bank in the City of Frankfort as the successful
bidder may designate.
If the City fails to have the bonds ready for de¬
livery prior to the close of banking hours on said date, the bidder may
secure the release of his bid upon request in writing filed with the ClerkTreasurer.
The failure of the successful bidder to pay for and accept
delivery of the bonds on or before said date shall constitute default and
entitle the City to retain such check and the proceeds thereof as its agreed
liquidated damages.
The City having made certain commitments in
connection with its electric utility improvement project, time is of the
essence of the foregoing provisions.
The approving opinion of Matson, Ross, McCord & Ice, bond counsel of
Indianapolis, together with a transcript of the proceedings had relating
for
JUNCTION
INDEPENDENT
SCHOOL
1940.
DISTRICT
(P. O. Oxford Junction) Iowa—BOND OFFERING—It is stated by the
District Secretary that he will receive bids until June 17, for the purchase of
$28,000 gymnasium-auditorium bonds approved by the voters on May 1.
POLK COUNTY (P. O. Des Moines)
bids will be received until
reported that
County Treasurer, for the purchase of
a
Iowa—BOND OFFERING—It
is
June 18, by G. C. Greenwalt,
$355,000 issue of funding bonds.
Bidders are to name the interest rate the bonds are to bear. Due in 1947 to
1950. Proceeds will be used to take up unpaid pauper fund warrants totaling
$297,000 and to
pay
off two court judgments.
WAUKON, Iowa—BOND OFFERING— Sealed and open bids will be
received until June 8, at 10 a. m., by C. A. Palmer, Secretary of the Board
of Park Commissions, for the purchase of $4,000 park bonds.
Dated
June 1, 1940.
Due Nov. 1, as follows:
$150 in 1943 to 1950, $200 in 1951
to
1958, and $1,200 in 1959,
Bidders to name the rate of interest and all
other conditions being equal preference with the given to the bid of par or
better.
The approving opinion of Chapman & Cutler of Chicago, will be
furnished.
1
Volume
The
150
3545
Commercial & Financial Chronicle
(J-D) payable at the National Shawmut Bank of Boston or at
the City Treasurer's office, at holder's option.
Legal opinion of Storey,
Thorndike, Palmer & Dodge of Boston w.ll be furnished the successful
and interest
KANSAS
LARNED, Kan.-PRICE PAID—It is now reported by the City Clerk
that the $170,000 1%% semi-ann. electric utility revenue
bonds being
offered by R. E. Crummer & Co. of Chicago, for general investment, as
noted here—V. 150, p. 3086—were purchased originally for a premium of
$510, equal to 100.30, a basis of about 1.46%, to the optional date of May 1,
■?.
1942•
bidder.
'
•
STONEHAM, Mass.—NOTE SALE—The issue of $100,000 notes offered
May 27—V. 150, p. 3396—was awarded to the Second National Bank of
Boston, at 0.297% discount.
Due Dec. 2, 1940.
The Merchants National
Bank of Boston, second high bidder, named a rate of 0.36%.
WARE,
May 28
KENTUCKY
ASHLAND PUBLIC SCHOOL CORPORATION (P. O. Ashland)
Ky.—BONDS OFFERED TO PUBLIC—The Bankers Bond Co. of Louisville
is offering for general investment $57,000 3H% semi-ann. first mortgage
bonds.
Dated June 1, 1940.
Denom. $1,000.
Due Dec. 1, as follows:
$2,000 in 1940 to 1948, $3,000 in 1949 to 1953, and $4,000 in 1954 to 1959,
callable at 104 for the first five years, 103 for the next five years, 101 for
the third five years, and thereafter at par,
Prin. and int. payable at the
Second National Bank, Ashland. Legality approved by Woodward, Dawson
& Hobson, of Louisville.
■
f
-y<
■■
A-A A
CAMPBELLSVILLE, Ky.—BONDS SOLD BY RFC—It is now reported
semi-ann. school buidling revenue bonds offered for
public subscription by a group headed by Stein Bros. & Boyce of Louisville,
as noted here—V.
150, p. 3395—were purchased from the Reconstruction
a
rate of
Mass.—NOTE SALE—An
0.73%. '..
Corporation.
.
CHRISTIAN COUNTY
P. O. Hopkinsville)
Ky.—BONDS OFFERED
were received until May 28, by N. T. Hooks, Superintendent
County Board of Education, for the purchase of $145,000 school
bui ding bonds.
of the
SOLD—'The following 3 H% semi"
annual water works revenue bonds, aggregating $650,000, offered for sale on
May 27 were awarded to a syndicate headed by Blyth & Co., Inc.; J. J. B.
Hilliard & Son; Dering & Co.; Smart & Wagner, Inc., and Granberry &
Co., all of Louisville, at a price of 104.06, a basis of about 3.22%:
HOPKINSVILLE,
Ky.—BONDS
$450,000 series A bonds.
Due Mtay 1 as follows:
$8,000 in 1941, $9,000 in
1942, $10,000 in 1943 to 1946, $11,000 in 1947 to 1949, $12,000 in
1950, $13,000 in 1951 to 1953, $14,000 in 1954 to 1956 $15,000 in
1957, $16,000 in 1958 and 1959, $17,000 in 1960, $18,000 in 1961
to 1963, $20,000 in 1964 to 1966, $22,000 in 1967 to 1969, and
$23,000 in 1970.
200,000 series B bonds.
Due on May 1,1970.
Dated May 1, 1940.
Ky.—BONDS SOLD—It is stated by the City Manager
NEWPORT,
$100,000 3M% semi-annual water works revenue bonds were pur¬
on May 23 by the Weil, Roth & Irving Co. of Cincinnati, paying a
price of 100.017, a basis of about 3.245%.
Dated June 1, 1940.
Due
$5,000 in 1942 to 1961, inclusive.
that
chased
LOUISIANA
MELVILLE, La.—BONDS DEFEATED—Mayor S. E. Graham states
that the voters rejected the proposal to issue $30,000 sewer and disposal
plant bonds at the election held on May 21.
SCOTT, La.—BOND OFFERING—It is stated by the Mayor that he
will receive sealed bids until June 25, for the purchase of the following gas
system bonds, aggregating $20,000: $10,000 tax, and $10,000 revenue
bonds.
Interest rate is not to exceed 6%, payable semi-annualJy.
Dated
July 1, 1940.
These bonds were approved by the voters at an election on
May 21.
MASSACHUSETTS
WELLESLEY,
"EASTHAMPTON,
were
awarded
Mass.—NOTE SALE— R. L. Day & Co. of Boston
discount.
May 28 an issue of $100,000 notes at 0.39%
on
Due Nov. 27, 1940.
Other bids: Second National Bank of Boston, 0.467%;
Leavitt & Co., 0.64%: Merchants National Bank of Boston, 0.68%; First
National
Bank of Boston,
0.72%.
FRAMINGHAM,
Mass.—BOND OFFERING—John P.
Dunn, Town
Treasurer, will receive sealed bids until 11 a. m. (DST) on June 4, for the
purchase of $80,000 coupon bonds, divided as follows:
$60,000 municipal relief bonds.
Due $12,000 on June 1 from 1941 to
1945, inclusive.
20,000 water mains bonds.
All of the
issues
are to
as a
unit and bidder is to name a single rate of interest,
expressed in a multiple of yi of 1%.
Principal and interest (J-D) payable
at the Second National Bank of Boston.
Legal opinion of Ropes, Gray,
Boyden & Perkis of Boston will be furnished the successful
bidder.
MICHIGAN
DETROIT,
Mass.—NOTE SALE—The Boston Safe Deposit &
of $150,000 notes at 0.217% dis¬
of $50,000 each on Jan. 31, March 7 and
The New England Trust Co., second high bidder, named a
FRAMINGHAM,
Due
in
April 25, 1941.
rate of 0.23%,
instalments
Mass.—NOTE SALE—-The issue of $200,000 notes
awarded to the Cape Ann National Bank of Gloucester,
0.36% discount. Due Feb. 14, 1941, E. H. Rollins & Sons, Inc. of Bos¬
ton, second high bidder, named a rate of 0.38%.
GLOUCESTER,
offered May 29 was
at
LEXINGTON,
Mass.—NOTE SALE—The
Lexington
Trust
Co.
of
Lexington was awarded on May 27 an issue of $25,000 notes at 0.40%
Dated June 1, 1940 and due May 31, 1941.
The Second Na¬
tional Bank of Boston, next high bidder, named a rate of 0.49%.
discount.
MALDEN,
Mass.—BOND
SALE—The
$140,000
coupon
municipal
28—V. 150, p. 3395—were awarded to Halsey,
Co., Inc., New York, as 2Ms, at a price of 100.289, a basis of
Dated June 1, 1940 and due $14,000 on June 1 from 1941 to
incl.
The bankers re-offered the bonds to yield from 0.50% to
relief bonds offered May
Stuart &
about 2.19%.
1950,
2.25%, according to maturity.
Other bidders were: (for 2Ms.) Middlesex
County Bank, 100.52; Estabrook & Co., 100.15: Tayler & Co., 100.177;
Maiden Trust Co., 100; and (for 3s.) Harris Trust and Savings Bank,
100.159.
.
;:v
;
$1,000,000 revenue
awarded to the
Dated May 29,
1940, and due in instalments of $250,000 each on Feb. 14, March 14,
April 15 and May 15, 1941.
This was the only bid for the notes.
NEW
BEDFORD,
Mass.—NOTE SALE—The
anticipation notes offered May 28—V. 150, p. 3395—were
First National Bank of Boston, at 1.25% discount basis.
NORTHAMPTON, Mass.—BOND SALE— The $26,000 coupon high
school bonds offered May 27—V. 150, p. 3395—were awarded to Tyler &
Co. of Boston, as 2 Ms, at a price of 100.79, a basis of about 2.39%.
Dated
June 1, 1940 and due June 1 as follows:
$2,000 from 1941 to 1946, incl.
and $1,000 from 1947 to I960, incl.
Other bids;
Bidder—
j->.;■■■
Int. Rate
Rale Bid
Bond, Judge & Co—
— .
„
2M%
100.765
R. L. Day & Co_«
— .
2M%
100.19
Merchants National Bank of Boston
—2M%
" ; Par
.
OXFORD, Mass.—NOTE SALE—An issue of $40,000 revenue notes:
was awarded to the Merchants National Bank of Boston, at 0 48%
dis¬
count.
Due $10,000 Nov. 12, 1940 and $30,000, May 20, 1941.
call for tenders of non-callable bonds, Edward
Retirement
Board,
Fund
the
FERNDALE,
City
Gibbs,
F.
WANTED—Jay
Mich.—TENDERS
Manager, will receive sealed tenders of 1935 refunding bonds and certifi¬
of indebtedness until 8 p. m. (EST) on June 17.
Tenders will be
received of approximately $5,000 refunding bonds, series A to E incl., and
$1,000 serious A or B certificates.
Tenders should fully describe the bonds
or
certificates offered, including serial numbers and state the price at
which they will be sold to the city.
Obligations purchased must be de¬
livered to the City Treasurer's office or at the Ferndale branch of the
Wabeek State Bank within seven days after mailing of acceptance notice.
LAKE TOWNSHIP
DISTRICT
SCHOOL
NO. 1
(P. O. St. Clair
Shores), Mich.—TENDERS WANTED—Arthur R. Beverldge, Secretary
Board of Education, will receive sealed tenders until 8 p. m. on
July 1 of series D refunding bonds maturing in 1950.
of the
SCHOOL DISTRICT NO. 6 (P. O. Route
Plymouth), Mich.—TENDERS WANTED—Ernest Mead, District
LIVONIA TOWNSHIP
No. 2,
Secretary, will receive sealed tenders until 5 p. m. on June 24
refunding bonds dated April 15, 1936 and due April 15, 1966.
$16,000 is available for the purchase of 16 of the bonds.
of 1936
About
MIDLAND, Mich.—BOND SALE— The $25,096 first combined street
improvement special assessment district bonds offered May 28—V. 150,
p. 3241—were awarded to the Peninsular State Co. of Detroit, as follows:
$9,000 lMs, due $4,000 June 1, 1941 and $5,000 in 1942; $16,096 lMs, due
June 1 as follows: $5,000 in 1943 and 1944 and $6,096 in 1945. Second high
bid of 100.261 for lMs was made by McDonald. Moore & Hayes of Detroit
OWOSSO, Mich.—PROPOSED BOND ISSUE—The State Public Debt
has been requested to approve an issue of $25,000 not to
Commission
exceed 6% interest refunding
'Due on June 15 from 1941
bonds.
Dated June 15,1940. Denom. $1,000.
Principal and interest (J-D)
:.
\,y
1950, incl.
to
payable at the City Treasurer's office,
ROYAL OAK AND TROY
DISTRICT NO. 4 (P. O. 940,
TOWNSHIPS FRACTIONAL SCHOOL
Route 3, Hazel Park), Mich.—CERTIFI¬
TENDER—Reporting on the call for tenders of certificates of
indebtedness dated July 1, 1938, Leonard R. Maker, District Secretary,
states that one offer was received for certificates at a price of 70.
CATE
OAK
TOWNSHIP
SCHOOL
DISTRICT
NO.
7
(P.
O.
Berkley Branch, Royal Oak), Mich.—TENDERS WANTED—Edward
Parkin, Secretary of the Board of Education, will receive sealed tenders of
1937 certificates of indebtedness, dated Sept. 1, 1937, until 8 p. m. (EST)
on
June 10.
About $3,000 is available for the purchase of certificates.
Offerings should state certificates numbers, par value and the amount for
will be sold to the district.
Offerings should be firm for two
days.
vo.1-:
.^vy'.y-yy :■ V".'V'--'.
V
yyyyy/■.;
which they
,
TOWNSHIP
SCHOOL
DISTRICT
NO. 1
(P. O-
2, Pontiac), Mich.—NO TENDERS RECEIVED—In connection
tenders of refunding bonds dated Feb. 1, 1934, Director
E. V. Overstreet reports that no tenders were submitted.
Route
with the call for
MINNESOTA
CHIPPEWA COUNTY
INDEPENDENT SCHOOL DISTRICT NO. 1
O. Montevideo), Minn.—BONDS NOT SOLD—'The $250,000 issue
bonds offered on May 28—V. 150, p. 3241—were not sold as
all bids were rejected, according to the Clerk of the School Board.
Dated
June 15, 1940.
Due on Dec. 15 in 1941 to 1965 incl.
(P.
of building
KEEWATIN, Minn.—BOND SALE DETAILS—'The Village Clerk
the $38,000 sewage plan and sidewalk construction and building
State—V. 150, p. 3396—were purchased as 3s at par,
and mature on July 1 as follows:
$3,000 in 1945 and 1946, and $4,000 in
1947 to 1954.
*'
bonds sold to the
FALLS, Minn.—BOND OFFERING—It is
he will receive sealed and auction
LITTLE
Plettl, City Clerk, that
stated by Otto J.
bids until June 17,
(CST), for the purchase of $7,000 not to excceed 4% semi-annual
sewrer bonds.
Dated June 1, 1940.
Denom. $1,000. Due $1,000 June 1,
1942 to 1948.
Rate of interest to be in multiples of yi or l-10th of 1 %, and
'must be the same for all of the bonds.
Principal and interest payable in
lawful money at such place of payment as the bidder may designate.
The
bonds are direct obligations of the city, the full faith and credit of the city
being pledged for the payment thereof and a direct irrepealable tax, 5% in
excess of the sums necessary to pay principal and interest as they become
due, to be levied before the issuance of the bonds.
Bonds will be prepared
and furnished to the purchaser thereof without charge, and approving
opinion of Fletcher, Dorsey, Barker, Colman & Barber, of Minneapolis,
will be furnished to the purchaser without charge.
The bonds "will be
delivered at any bank in the city, designated by the purchaser.
A certified
check for at least 5% of the amount of the bid, payable to the city, is
uired; '•
v■
-v". •*
;v*1 •
,?
v
•
MINNEAPOLIS, Minn.—SINKING FUND BONDS OFFERED—It is
■tated by Gladys E. Miller, Assistant City Treasurer, that the city is asking
for sealed bids on June 4, on $100,000 securities now owned by the Board of
Sinking Fund Commissioners for water bonds.
The City Treasurers
office will furnish a list of these bonds upon request.
MOORHEAD, Minn.—CERTIFICATE
OFFERING—Sealed bids will be
for the pur¬
received until 8 p. m. on June 10, by R. G. Price, City Clerk,
chase of $15,000 3% semi-ann. paving improvement No. 26
certificates of
follows:
indebtedness. Dated Oct. 1, 1939. Denom. $1,000. Due Oct. 1, as
$1,000 in 1941 to 1951, and $2,000 in 1952 and 1953. Prin. and int.
at the First National Bank & Trust Co., Minneapolis.
The certificates are
to be used and are issued in anticipation of the collection of
assess¬
ments and the levy and collection of taxes to pay the cost of the construction
and laying of pavement on various streets in the city. The city will
the executed bonds and the legal opinion of Junell, I letcher, Dorsey,
& Colman, of Minneapolis.
Enclose a certified check for $500, payable to
payable
special
furnish
Barker
the city.
....y;V;„ /-'/yyV;
:yV
:.yr
SCOTT COUNTY INDEPENDENT SCHOOL DISTRICT NO. 24
(P. O. Jordan), Minn.—BOND SALE—The $50,000 coupon semi-annual
refunding bonds offered for sale on May 24—V. 150, p. 3241—were pur¬
chased jointly by the Wells-Dickey Co., and Blgelow, Webb & Co., both
of Minneapolis, as 2lAs, paying a premium of $130, equal to 100.26, a basis
of about 2.46%.
Dated June 1, 1940.
Due on June 1 in 1942 to 1955;
optional on and after June 1, 1950.
Other bids were as follows:
Bidder—
Kalman &
Juran
First
Int. Rate
V
Co.—-^-—v
municipal relief bonds.
Dated June 1, 1940.
Denom. $1,000.
Due $10,000 on June 1 from 1941 to 1950, incl. Bidder to
name the rate of interest, expressed in a multiple of M of 1%.
Principal
connection with
M. Lane, Secretary of the
$100,000 bonds were
that
cates
Thrall West —- —
N. W. National, Minneapolis
of $100,000 coupon
reports
purchased to yield from 3.50% to 3.70%.
SALEM, Mass.—BOND OFFERING—Charles G. F. Coker, City Trea¬
surer, will receive sealed bids until 11 a. m. (DST) on June 3. for the pur¬
chase
PURCHASED—In
Mich.—BONDS
at 8 P. m.
Trust Co. of Boston was awarded an issue
count.
&
states that
Due $2,000 on June 1 from 1941 to 1950, incl.
bonds will be dated June 1, 1940.
Denom. $1,000.
The two
be sold
Deposit
Safe
Boston
was awarded on May 27 an issue of $200,000 notes at
Due $100,000 each on Nov. 15, 1940 and May 29, 1941.
Other bidders were: Wellesley National Bank, 0.29%; First National Bank
of Boston, 0.307%; Wellesley Trust Co., 0.32%; Second National Bank of
Boston, 0.25% for 1940 maturity and 0.40% for 1941 maturity; Lee Higginson & Co., 0.325% for 1940 maturity and 0.495% for 1941 maturity.
WATERFORD
EVERETT, Mass.—NOTE SALE—The issue of $500,000 revenue an¬
ticipation notes offered May 27—V. 150, p. 3395—was awarded to the
Second National Bank of Boston, at 0.529% discount. Dated May 27, 1940
and due $250,000 each on Feb. 27 and April 2, 1941.
Eyer & Co. of New
York, second high bidder, named a rate of 0.53%.
Other bids: National
Shawmut Bank of Boston, 0.55%; Leavitt & Co. of New York, for New
York delivery and payment, 0.539%; Boston,
0.559%: First National
Bank of Boston, 0.59%; Middlesex County National Bank. 0.627%.
named
..;
SALE—The
Mass.—NOTE
offered
0.72%
Trust Co. of Boston
ROYAL
BOSTON, Mass.—SEEKS RELIEF LOAN—Mayor Tobin has asked the
State Emergency Finance Commission for authority to borrow $4,000,000
for municipal relief purposes, in anticipation of tax collections.
notes
$100,000
0.257% discount.
Teachers'
—Sealed bids
of
■,
that the $19,000 4%
Finance
issue
awarded to the Second National Bank of Boston at
Due Dec. 5, 1940.
The Ware Trust Co., other bidder,
was
discount.
Moody-J. M. Dain
National, Minneapolis
Allison-Williams
3%
— -—-
—
—
—
— —
2%%
2% %
2%%
Premium
$256.00
657.00
301.00
51.50
137.50
333.00
The Commercial & Financial Chronicle
3546
ST.
PAUL,
Minn.—BOND
OFFERING—It, is stated by Harold F.
Goodrich, City Comptroller, that he will receive sealed bids until 10 a. m.
on June 6, for the purchase of a $275,000 issue of
coupon public welfare
bonds.
Interest rate is not to exceed 6%, payable J-D.
Denom. $1,000.
Dated June 1, 1940.
Due June 1, as follows: $25,000 in 1941, $26,000 in
1942 and 1943, $27,000 in 1944 and 1945, $28,000 in 1946 and
1947, $29,000
in 1948 and 1949, and $30,000 in 1950.
Bids may be submitted in
multiples
of M or l-10th of 1%.
Bonds must bear one rate of interest. No bids will
be considered which
in accordance with the notice of sale
Prin. and int. payable in lawful
are not
than par and accrued interest.
the office of the Commissioner of
or
for less
money at
Finance, or the Fiscal Agency of the city
in New York City.
Bonds may be exchanged for registered bonds, both as
to principal and interest, at a cost of $1, per registered
bond, plus postage.
The bonds are to be issued under authority of an in all
respects in full com¬
pliance with Chapter 120, Laws of 1933 ,as amended by Chapter 48,
Session Laws of 1935 Chapter 105, Session Laws of 1937 and as further
amended by Chapter 108, Session Laws of Minnesota for
1939, and Council
File No. 118,730, approved May 15.
Under and by the terms of the resolu¬
tion, the faith and credit of the city are irrevocably pledged to
pay the prin¬
cipal and interest at maturity on the bonds.
The approving opinion of
Thomson, Wood & Hoffman of New York, and Dennis D. Daly of St. Paul,
will be furnished.
Bonds will be furnished by the city, but
delivery shall be
at purchaser's expense.
Enclose a certified check for 2% of the amount of
bonds bid for, payable to the city.
UNDERWOOD INDEPENDENT SCHOOL DISTRICT NO. 5
(P. O.
Minn.—BOND OFFERING—Sealed bids will be received
by Phillip B. Franze, District Clerk, for the pur¬
refunding bonds. Denom. $1,000. Dated July 1,
1940.
Due $1,000 on July 1 in 1945 to 1958, incl.
Prin. and int. payable at
the Farmers State Bank, Underwood.
Bonds and legal opinion are to be
furnished at the expense of the district.
A certified check for 1% of the bid
Underwood),
until 8 p. m. on June 3,
chase or $14,000 callable
is
required.
MISSISSIPPI
BILOXI, Miss.—BONDS VOTED—At
voters
DE
an election held on
May 23 the
said to have approved the issuance of
$174,000 in school con¬
are
struction
bonds.
a...,.; 1'-, V'.
..
;f;
SOTO
COUNTY (P. O. Hernando), Miss.—BOND
OFFERING
DETAILS—In connection with the offering scheduled for June
5, of the
$135,000 court house construction bonds, noted in our issue of May 25
150, p. 3396—we are now advised of the following additional details:
The rate of interest has not been fixed.
It is suggested by the Board
of Supervisors that where sealed bids are made,
separate bids be submitted
for 2, 2IVi and 3% bonds.
Prin. and int. payable at any Memphis,
Tenn., National Bank, or at the County Depository (to conform to wishes
of purchaser).
The full faith and credit of the entire county is irrevocably
pledged.
Tax levy on all taxable property of entire county each year to
pay bonds due and interest.
The bonds are issued under
Chapter 204,
Laws of 1932, and bonds will be delivered, and must be
accepted and paid
forlby purchaser when bonds are validated, approved by Charles & Trauernicht, of St. Louis, and no litigation is pending.
A vote is not required for
issuance of bonds unless protest filed as provided
by law.
Purchaser is to
pay cost of printing and lithographing, and for
attorneys' approving
opinion.
Unconditional bids as to legality of issue are not
required.
En¬
close a certified check for $5,000.
?
—V.
►
.
FERNWOOD
RURAL
SEPARATE
SCHOOL
DISTRICT
(P.
O.
Fernwood), Miss.—PURCHASER—It is now reported that the $12,000
building bonds which were sold as 3K, at 100.208, a basis of about
3.72%
—Y.
150, p. 3396—were purchased by the Mechanics' State Bank of
McComb.
Due in 1941 to 1954, inclusive.
HAZLEHURST, Miss.—BOND OFFERING—It is stated by T. O.
Kearney, City Clerk, that he will receivebpen bids until June 4, at 7
p. m.
for the purchase of $20,000 refunding
/Special improvement bonds.
MISSISSIPPI, State of—FEW
ing letter
BONDS AUTHORIZED—'The foltow-
was sent to us on
May 24 by! L. S. May, State Treasurer:
Replying to your letter of the 21st/beg to advise that the 1940 session of
the Mississippi Legislature autboi>i2ed the issuance of
fewer bonds than any
Legislature at its first regular session in many years.
There
were
authorized refunding bonds in the
term notes in the amount of
general fund; and the
sum
of
$2,000,000 and short$2,000,000, both of which are payable from the
of $3,036,000 in
highway bonds, payable from
sum
gasoline taxes, making a total of $7,036,000 in both bonds and notes for all
purposes.
It has been the custom to authorize the issuance of short-term
notes to prevent a deficit in the
general fund in case of a catastrophe, or for
any reason there should be a slowing up of the collection of
June
1,
1940
As and
when~any of said bonds being refunded, dated July 1, 1920, are
presented by the holders for payment (but not prior to July 1, 1940), either
at the Chase National Bank of the City of New York, or at the office of the
City Treasurer, the city will pay all amounts required to pay the interest
on said bonds to and including July 1„ 1940, and the successful bidder for
the refunding bonds shall be obligated to establish and maintain a credit
at the Chase National Bank of the City of New York and at a bank or trust
company in Kansas City, and to use and apply the same for the purpose of
paying to the holders the principal amounts required to pay the bonds
being refunded as and when said bonds are presented.
The successful
bidder, on paying the principal amount of the bonds presented as aforesaid
shall pay airy expense incident to forwarding said bonds to the office of the
Director of Finance (the bonds presented at the Chase National Bank of the
City of New York to be forwarded by said bank, for the account of the
successful bidder, to said Director of Finance), and thereupon the
city will
cause such bonds to be canceled, provided, however, that
contemporane¬
ously with the cancelation of said bonds the city will deliver to the successful
bidder in Kansas City, an equal principal amount of said public improvement
refunding bonds dated July 1, 1940, but only upon the payment by such
successful bidder of all accrued interest on said refunding bonds (calculated
to the date on which the successful bidder shall
have paid the amount
required to pay the principal of the bonds being refunded), together with the
premium on such refunding bonds, if any, as specified in the accepted bid
of such bidder.
After the successful bidder shall have paid the amount
required to pay to the holder of any bond being refunded the principal
amount thereof, such bidder shall be subrogated to all of the
rights of such
holder until such time as the city, pursuant to the provisions hereof, shall
have delivered to such bidder, a refunding bond in an eqbal principal amount.
The successful bidder shall be obligated to advance the principal amounts
required to pay all of bonds being refunded which are presented by the
holders for payment as aforesaid, either at the Chase National Bank of the
City of New York or at the office of the City Treasurer, on July 1, 1940, or
thereafter, to'and including July 15, 1940, but not thereafter except at the
option of the successful purchaser, said option to be exercised in the follow¬
ing manner: On or prior to July 12, 1940, the successful bidder may notify
the Director of Finance in writing or by wire that such bidder desires to
extend the period during which the agreement between such bidder and the
city shall be operative for such additional time as the bidder may specify,
not less, however, than to and including Aug. 1, 1940, nor longer than to and
including Aug. 15, 1940, and thereupon such agreement shall operate for
such extended period.
Upon the expiration of such period, such agreement
shall terminate unless further extended by a written agreement entered into
by and between the successful bidder and the city.
As to all of the bonds being refunded which are presented for
payment by
the holders thereof on July 1, 1940, or thereafter,
during the term of the
agreement between the successful bidder and the city as hereinbefore
defined, the successful bidder shall be obligated to purchase an equal prin¬
cipal amount of the refunding bonds of the city in accordance with the
provisions hereof and of the accepted bid of such bidder, but if such bidder
shall comply with all of such conditions and the period of the effectiveness
of such agreement shall expire prior to the presentation of all the bonds
being refunded, the successful bidder shall be under no obligation or liability
with respect to such bonds or with respect to the
refunding bonds not yet
delivered.
In making delivery of blocks of refunding bonds to the successful
bidder,
bidder may specify the particular bonds to be delivered,
provided,
such
however,
that the total refunding bonds delivered to such bidder (if less
having approximately the same
maturity date as the entire issue of refunding bonds and shall
represent approximately the same average interest cost to the city as that
specified in the bid of the successful bidder for said entire issue of refunding
than the entire issue) shall consist of bonds
average
bonds.
Lithographed bonds, properly executed, will be furnished by the city
without cost to the purchaser, and the bonds will be sold subject to the
legal
opinion of Bowersock, Fizzell & Rhodes, of Kansas City, whose final,
unqualified approving opinion will be furnished and paid for by the city
and delivered to the purchaser as and when the bonds are delivered.
All
bids must be made on forms which may be procured from the Director of
Finance and no additions or alterations in such forms shall be made.
The
three best bids will be reported to the City Council
following the opening
and consideration of the bids, with a recommendation as to the best bid.
The checks
of the other
bidders
will make its determination
as
will
be
returned
at
once.
The Council
to whether or not any
accepted at its meeting on the evening of June 10.
for $13,000, payable to the Director of Finance.
of such bids shall be
Enclose a certified check
WASHINGTON
TOWNSHIP
(P. O.
Carrollton), Mo.—BONDS
VOTED—It is reported that the voters approved the issuance of $25,000
an election held recently.
road bonds at
taxes, but during
the last eight years it has not been
necessary to sell these notes.
PRENTISS COUNTY THIRD SUPERVISORS'
DISTRICT, ROAD
DISTRICT NO. 1 (P. O.
Booneville), Miss.—BONDS SOLD—The Clerk
of the Chancery Court states that
$63,000 4% semi-ann. refunding bonds
have been purchased by O. B. Walton & Co. of
Jackson, for a premium of
$850, equal to 101.349, a basis of about 3.87%.
Dated May 1, 1940.
Due on Nov. 1 as follows: $3,000 in 1945 to
1949; $4,000, 1950 to 1954;
$5,000, 1955 to 1958, and $8,000 in 1959.
MISSOURI
RICHTER
LANDRETH BUILDING,
17-H (P. O. Billings), Mont.—BOND OFFERING—Sealed bids will be received until 2
m. on June 20, by M. B. Evenson, District Clerk, for the purchase of
$105,000 not to exceed 5% refunding bonds.
Interest payable J-J.
Dated
p.
July 1, 1940.
Amortization bonds will be the first choice and serial bonds
will be the second choice of the School Board.
If amortization bonds are
sold and issued, the entire issue may be put into one single bond or divided
into several bonds, as the Board of Trustees
may determine upon at the
time of sale, both principal and interest to be payable in semi-annual in¬
stalments during a period of 10 years from the date of issue.
If serial bonds
are issued and sold, they will be in the amount of
$1,000 each.
The sum
BONDS
of
$11,000 of the serial bonds will become payable on July 1, 1941, and a
on the same day each year thereafter until all of such bonds
paid, except that the last payment will be in the amount of $6,000.
The bonds, whether amortization or serial bonds, will be redeemable in
full on any interest payment date from and after five
years from the date
of issue.
The bonds will be sold for not less than their par value with
accrued interest, and all bidders must state the lowest rate of interest at
which they will purchase the bonds at par.
The bonds are issued for the
like amount
Markets in all State, County & Town Issues
SCHERCK,
MONTANA
BIG HORN COUNTY SCHOOL DISTRICT NO.
are
COMPANY
Jurpose ofEnclose certified check for as of the close of business on July
refunding outstanding bonds $10,000, payable to the District
1940.
ST. LOUIS, MO
a
,
Clerk.;.
BOZEMAN
rtiSi&PJSS1
LACLEDE COUNTIES,
CONSOLIDATED SCHOOL
(P. O. Camdenton), Mo.—BONDS SOLD— It is
stated by the District
Secretary-Treasurer that $14,000 3J£% semi-ann.
central school bonds have been
purchased by Berger-Cohn & Co. of St.
Ifv1' 194°- Due on Feb- 1 as follows: $500 in 1946 to
1955; $2,000, 1956 to 1958, and
$3,000 in 1959.
Legality approved by
DISTRICT
NO.
2
Charles & Trauermcht of St. Louis.
•o
R.
KANSAS dTY, Mo.—BOND
McMorris,
OFFERING—We are informed by Horace
Director of Finance, that he will
receive sealed bids until
2 p. m. on June 10, for the
purchase of
ment
refunding Jnds.
1
4949
a.f
an£ 1950; $35,000,
1960.
interest
tions:
$650,000 issue of public improve¬
Dated July 1, 1940.
Denom. $1,000.
Due 6n
1941 t0 1945= $25,000, 1946 to 1948; $30,000,
1951 to 1955; $40,000, 1956 and $50,000 in 1957 to
a
Proposals will be received on bonds
bearing such rate
as may be
specified by the bidders, subject to the
Not
or
rates
of
following condi¬
than three different interest rates
shall be specified in any
rate specified shall be an even
multiple of }4 of 1%; no
bid for less than par and accrued
interest will be considered.
Prin. and int.
payable at the Commerce Trust Co., Kansas
more
bid; each interest
City, in lawful money.
The
registerable as to principal only, and are
being issued for the
purpose of refunding $400,000
principal amount of bridge and viaduct
issue, of the city, dated July
1, 1920, becoming due July 1,
1940, bearing interest at the rate of
5% per annum, and $250,000 principal
amount of signal
system bonds of the city, dated
July 1, 1920, becoming
due July 1, 1940,
bearing interest at the rate of 4}4% per annum, all of
which bonds were duly authorized
,by the vote of more than two-thirds of
the qualified voters of the
city voting on the respective propositions to
bonds
are
authorize the issuance of the bonds at a
bond election hela in the
city on
April b, 1920, and the public improvement
refunding bonds will constitute
general obligations of the city,
payable as to both principal and interest
from ad valorem taxes which
may be levied without limit as to rate or
amount upon all taxable
property within the territorial limits of the
city.
£*T.he refunding bonds will be available for delivery to the successful
bidder on July 1, 1940, but such bonds
will be delivered from time to time
on said date or thereafter
only as and when an equal principal amount of the
bonds being refunded, dated
presented, paid and canceled
July 1, 1920, becoming due July 1, 1940.
as
hereinafter provided.
SPECIAL
IMPROVEMENT
DISTRICT
NO.
333
^
(P. O.
Bozeman), Mont.—BOND OFFERING—Sealed bids will.be received until
MISSOURI
are
June 7, by L. G. Shadoan, City Clerk, for the purchase of $85,000 not to
exceed 6% annual street improvement bonds.
Dated July 1,1940. Denom.
$100 and fractions thereof wrhere necessary.
The bonds will be called for
redemption serially as there shall be funds available in the Special Improve¬
ment District No. 333 Fund to make such
payment and interest shall cease
from the date of such call.
The bonds will be delivered to the purchaser
from time to time as the proceeds thereof are required for payments under
the contraction for improvements in the district.
The bonds will be subject
to the provisions of Sections 5277.1 to 5277.5, inclusive, Revised Codes of
Montana, 1935, relating to Special Improvement District Revolving Fund,
provisions of Chapter 398 (Sections 5225
5277.5, inclusive) Revised Codes of Montana, 1935, and any amend¬
ments thereto; and City Commission Resolutions Nos. 466 and 468, declar¬
ing it the intention to create and creating, the district.
Enclose a certified
check for $1,000, payable to the city.
and will be issued pursuant to the
to
DAWSON
COUNTY
(P. O. Glendive)
Mont.—BOND OFFERING—
Sealed bids will be received until 10 a. m. on June 24, by L. T. Elliott, Clerk
Board of County Commissioners, for the purchase of
of the
a^,.issue of
$163,500 refunding bonds. Interest rate is not to exceed 5%, payable J-J.
Dated July 1, 1940. Amortization bonds will be the first choice and serial
bonds will be the second choice of the Board.
If amortization bonds
are
sold
and issued, the entire issue may be put into one single bond or divided into
several bonds, as the Board may determine upon at the time of sale, both
principal and interest to be payable in semi-annual instalments during a
period of 10 years from the date of issue. If serial bonds are issued and sold,
they will be in the amount of $16,350 each, the sum of $16,350 of the serial
bonds will become payable on July 1, 1941 and a like amount on the same
day each
year thereafter until all of such bonds are
paid. The bonds, whether
amortization or serial bonds, will be redeemable in full five years from the
date of issue and on any payment due date thereafter.
The bonds will be
sold for not less than their par value with accrued interest to date of delivery,
and all bidders must state the lowest rate of interest at which they will pur¬
chase the bonds at par.
The bonds are issued for the purpose of
obtaining
funds to pay, redeem and retire valid and subsisting bonds now
outstanding.
Enclose a certified check for $8,000, payable to the above Clerk.
GALLATIN
man),
COUNTY SCHOOL DISTRICT NO. 19 (P. O. Boze¬
Mont.—BOND OFFERING—Sealed bids will be received until 2
by A. F. Reed, District Clerk, for the purchase of $2,000
p. m. on June 18,
Volume
not
exceed
to
The
150
4%
A certified check
various
(P. O.
Columbia
of
of
Mont.—BOND SALE—The * $5,000 civic center bonds
14—V. 150, p. 2767—were purchased by the State
GLASGOW,
of
Land
Commissioners,
as
3Ms, at par,
DECATUR, Neb.—BONDS SOLD—It is
Clerk that
authorized recently
:
1
JERSEY
BERGENFIELD SCHOOL DISTRICT, N. J—BONDS NOT
bids were submitted for the $372,000 not to exceed 434 %
SOLD—
interest
registered school bonds offered May 24.—V. 150, p. 3242.
Dated April 1, 1940, and due April 1 as follows: $15,000 from 1942 to 1947,
incl.; $21,000, 1948 to 1951, incl., and $22,000 from 1952 to 1960, incl.
coupon
or
Loca1
J —REFUNDING PLAN APPROVED—The
27 approved the city's plan to refund $568,000
of outstanding bonds on an exchange basis and to fund $634,000 of callable
notes.
The bonds to be issued will mature up to 1966.
HOBOKEN,
N.
Government Board on May
MAYWOOD, N. J.—BOND SALE—The $25,000 coupon or registered
bonds offered May 28—V. 150, p. 3242—were awarded
Joseph G. Kress & Co. of Perth Amboy, as 3.20s, at par plus a premium
of $30, equal to 100.12, a basis of about 3.18%.
Dated May 15, 1940,
and due May 15 as follows: $4,000 in 1941 and 1942; $3,000 in 1943 and
1944; $2,000 from 1945 to 1949, incl.; and $1,000 in 1950.
The City
National Bank & Trust Co, of Hackensack, only other bidder, named a
rate of 3.20% and $25 premium,
...
,
,
NORTH ARLINGTON,
N. J .—PROPOSED BOND
ISSUE—'The State
Funding Commission has tentatively approved the proposal to issue $144,000
refunding bonds.
The enabling ordinance, scheduled for final passage on
June 4, provides that the bonds bear date of May 1, 1940 and mature as
follows:
$9,000 in 1945, $5,000 in 1946, $9,000 in 1947, $5,000 in 1948,
$1,000 in 1949, $17,000 in 1950, $14,000 in 1951, $7,000 in 1952, $6,000
in 1953, $14,000 in 1954, $2,000 in 1955 and 1956, $5,000 in 1957, $3,000
in 1958, $6,000 in 1959, $4,000 in 1961 and 1962, $5,000 in 1963, $13,000
in 1964, $10,000 in 1965, and $3,000 in 1966.
N. J.—REFUNDING ISSUE APPROVED—
May 27 approved the refunding of $144,000
■■
—
—
■---
NORTH ARLINGTON,
The Local Government Board on
of outstanding
bonds.
RIVER, N. J.—BOND SALE—The $20,000 coupon or regis¬
relief bonds offered May 27—V. 150, p. 3242—were awarded
to the South River Trust Co., South River, Is 2Ms, at par plus a premium
of $86, equal to 100.43, a basis of about 2.59%.
Dated April 1, 1940 and
due $4,000 on April 1 from 1941 to 1945, incl.
Other bids:
SOUTH
tered
poor
Rate Bid
Int. Rate
Bidder—
First National Bank of South
M. M. Freeman & Co
River-—-—.....
*
100.13
3%
3M%^I
100.10
SCHOOL DISTRICT (P. O. Union), N. J.—
BONDS SOLD—John W. Mulford, District Clerk, reports that the State
Teachers' Pension and Annuity Fund purchased in January a block of
$310,000 bonds of the $415,000 4% construction issue authorized at an
election in October, 1939.
Dated June 1,1940, and due as follows: $6,000
from 1941 to 1947, incl.; $7,000, 1948 to 1956. incl.; $8,000, 1957 to 1967,
incl., and $9,000 from 1968 to 1980, incl.
BUNION TOWNSHIP
Municipal Bonds
-
Government Bonds
Housing Authority Bonds
bids until 2
Telephone: WHitehall 4-8898
System Teletype: NY 1-2395
terest, expressed in
YORK
follows:
$741,000 debt equalization, series of 1940 bonds issued for the purpose of
reducing or equalizing the annual debt service.
Due June 1 as
follows: $1,000 in 1945; $4,5,000 in 1946; $60,000 in 1947; $85,000
in 1948 and $110,000 from 1949 to 1953, incl.
432,000 water refunding bonds.
Due June 1 as follows: $32,000 in 1941;
$30,000 in 1942 and 1943, and $20,000 from 1944 to 1960, incl.
419,000 refunding bonds.
Due June 1 as follows: $29,000 in 1941;
$25,000 in 1942 and 1943, and $20,000 from 1944 to 1960, incl.
400,000 series A public works bonds.
Due $40,000 on June 1 from 1941
to
1950, incl.
:
■
100,000 series B public works
to 1945, incl.
bonds.
Due $20,000 on June 1 from 1941
..
213,600 public welfare (home relief) bonds.
Due June
$28,000 in 1941; $25,000 in 1942 and $20,000 from
1 as follows:
1943 to 1950,
",VV:W .■ .
55,000 municipal equipment bonds.
Due June 1 as follows: $15,000 in
1941 and $10,000 from 1942 to 1945, incl.
45,000 public improvement bonds.
Due June 1 as follows: $10,000
from 1941 to 1944, incl., and $5,000 in 1945.
inclusive.
"
All of the bonds will be dated
One bond or $600, others
June 1, 1940.
$1,000 each.
Bidder to name a single rate of interest, to be expressed in a
multiple of l-10th of 1 %.
City will purchase the $600 public welfare bond,
at the successful bidder's request, but at no greater price than that received
by the city.
Principal and interest (J-D) payable at the State Bank of
Albany.
A certified check for $48,112, payable to order of the city, will be
required of each bidder.
The bonds will be valid and legally issued and
binding obligations of the city for the payment of the principal and interest
on which the city is authorized and required by law to levy on all its taxable
property of the city such ad valorem taxes as
limitation as to rate or amount; the purchaser
may be necessary without
will be furnished with the
opinion of Sullivan, Donovan & Heenehan, attorneys, New York City, to
that effect, and also, if desired, will be furnished, after the sale and prior to
delivery, with a certified transcript of proceedings and other proofs necessary
to evidence the validity of the bonds.
No bid conditioned in any respect
will be accepted.
The bonds will be delivered to the purchaser on June 10,
1940, or as soon thereafter as delivery can be effected.
ALBANY
COUNTY
(P.
O.
Albany),
N.
Y.—BOND SALE—The
$800,000 coupon or registered bonds offered at public auction on
150, P. 3397—were purchased at 1.90s, at par, by the State
Albany.
Sale consisted of:
J
"
—V.
$400,000 tax revenue-bonds of
1939.
May 28
Bank of
Due $100,000 on June 1 from 1941 to
1944, inclusive.
400,000 public welfare bonds.
inclusive.
of $176,000 not to
22,1940.
incl.,
of in¬
a multiple of 34 or l-10th of 1 %.
Principal and interest
the National Commercial Bank & Trust Co., Delmar.
(M-N) payable at
the town, must accompany
of Reed, Hoyt, Washburn & Clay
successful bidder. The bonds are
payable in the first instance from a levy upon the property in the water
district, but if not paid from such levy, the town is authorized and required
by law to levy on all of its taxable property such ad valorem taxes as may be
necessary to pay the bonds and interest, without limitation as to rate or
$3,520, payable to order of
each proposal.
Approving legal opinion
of New York City will be furnished the
'
amount.
BUFFALO
N.
'
v
V
■'<
iv.)
PUBLIC BRIDGE AUTHORITY,
above offering appears on page
(Official announcement of the
AND FORT ERIE
DRAWN FOR REDEMPTION—'The
Y —BONDS
above agency has
by lot for redemption on July 1, 1940, $206,000 principal amount
first lien 5% 2u-year bonds series "A" at 10134% of the principal amount
thereof, plus accrued interest.
The bonds will be redeemed at the Manu¬
facturers & Traders Trust Co., Buffalo.
drawn
FORT
PLAIN,
OFFERING—John E. Barker, Village
N. Y.—BOND
Clerk, will receive sealed bids until 3 p.m. (DST) on June 4 for the pur¬
chase of $27,000 not to exceed 6% interest coupon or registered public works
bonds.
Dated June 15, 1940.
Denom. $1,000.
Due June 15 as follows:
$2,000 from 1941 to 1943, incl., and $3,000 from
to name a single rate of interest, expressed in a
1944 to 1950, incl. Bidder
multiple of 34 or 1-1 Oth of
Plain National
payable to
1%.
Principal and interest (J-D) payable at the Fort
Bank, with New York exchange.
A certified check for $540,
order of the village, must accompany each proposal.
Approving
Moore of New York City will be
opinion of Dillon Vandevvater &
the successful bidder.
4?';::
FRANKLIN
$197,000
legal
furnished
-,
.
(P. O. Malone), N. Y.—BOND SALE—The
registered funding bonds offered May 28—V. 150,
COUNTY
coupon
or
Marine Trust Co. of Buffalo
p. 3243—were awarded to the
White & Co. of New York, jointly,
and R. D.
as 1.90s, at par plus a premium of
100.366, a basis of about 1.82%. Dated May 15, 1940
as follows:
$17,000 in 1940 and $20,000 from 1941 to
Re-offered to yield from 0.25 % to 2 %, according to to maturity.
$722.21, equal to
and due Dec. 15
1949, incl.
Other bids:
1
Rate Bid
Int. Rate
Bidder—
George B. Gibbons & Co., Inc
E. H. Rollins & Sons, Inc. and
Co
100.288
2.10%
— -
-
100.31
2%
Hemphill, Noyes &
Halsey, Stuart & Co., Inc
Traders Trust
Co. of Buffalo and
McEntee & Co., Inc—
—,
100.198
2.40%
Manufacturers &
2.40%
100.169
GRAND ISLAND, N. Y.—OFFERING OF WATER DISTRICT NO. 3
BONDS—Elsie E. Stamler, Town Clerk, will receive sealed bids until 3p.m.
(EST) on June 3, for the purchase of $4,000 not to exceed 6% interest
coupon or registered water bonds.
Dated May 15, 1940. Denom. $500.
Due $500 on May 15 from 1941 to 1948, incl.
Bidder to name a single rate
of interest, expressed in a multiple of 34 or l-10th of 1%.
Principal and
interest (M-N) payable at the First Trust Co., Tonawanda.
Bonds are
authorized to be issued pursuant to the Town Law of New York State for
the purpose of improving the town's water supply system.
They are pay¬
able in the first instance from a levy upon property in Water District No. 3,
but if not paid from such levy, then all of the town's taxable property will
be subject to a levy of unlimited ad valorem taxes to provide for payment
of principal and interest charges.
A certified check for $80, payable to
order of the town, must accompany each proposal.
Approving legal
opinion of Reed, Hoyt, Washburn & Clay of New York City will be fur¬
Adams,
successful bidder.
,
divided as follows:
improvement bonds.
Due $1,500 on March 1 from 1941 to
1944 incl.
Interest M-S.
„
„
^
,
8,600 home relief bonds.
Due Jan. 1 as follows: $750 from 1941 to 1945
incl.; $850 in 1946 and $1,000 from 1947 to 1950 incl.
Int. J-J.
All of the bonds will be dated May 1, 1940.
Bidder to name a single
rate of interest, expressed in a multiple of 34 or l-10th of 1%.
The bonds
are general
obligations of the town and the approving legal opinion of
Dillon, Vandewater & Moore of New York City will be furnished the suc¬
cessful bidder.
A certified check for $292 must accompany each proposal.
$6,000 road
N. Y.—BOND OFFERING—Lawrence J. Ehrhardt, City
Comptroller, will sell at public auction at 10 a. m. (EST) on June 4 a total
of $2,405,bOO,not to exceed 5% interest coupon or registered bonds, divided
..
(EST) on June 12 for the purchase
A certified check for
terest bonds,
ALBANY,
as
p. m.
OFFER¬
until 11
exceed 5% in¬
Bell
NEW
100.17
2.20%
-
HAMPTON (P. O. Box 153, Fair Haven, Vt.), N. Y.—BOND
ING—Clifford A. Palmer, Town Clerk, will receive sealed bids
a. m. (DST) on June 4 for the purchase of $14,600 not to
NEW YORK, N. Y.
76 BEAVER STREET
100.089
2%
interest coupon or registered water bonds.
Dated May
Denom. $1,000.
Due May 22 as follows: $4,000 from 1941 to 1954,
and $5,000 from 1955 to 1978, incl.
Bidder to name a single rate
nished the
Tilney & Company
100.12
1.90%
Sherwood & Co.
DISTRICT NO. 1 (P. O. Delmar), N. Y.—
BOND OFFERING—Robert F. Westervelt, Town Clerk, will receive sealed
street assessment
to
100.119
1.70%
Co. of Buffalo
exceed 6%
No
100.15
100.098
134%
1.60%
BETHLEHEM WATER
>
NASHUA, N. H.—NOTE SALE—The issue of $200,000 notes offered
May 27—V. 150, p. 3396—was awarded to Leavitt & Co. of New York,
at 0.465% discount.
Dated May 28, 1940 and payable Dec. 30, 1940.
Jackson & Curtis of Boston, second high bidder, named a rate of 0.548%.
Rate Bid
Int. Rate
.
George B. Gibbens & Co., Inc
stated by the Village
plant bonds
of
o*
Campbell, Phelps & Co., Inc. and
;
NEW
better offer than that
the bonds.
(P.
Manufacturers & Traders Trust Co
HAMPSHIRE
NEW
the auction,
i
Marine Trust
NEBRASKA
$18,000 sanitary sewer system and disposal
by the Village Council, have been sold.
hand at
Bidder—
;
>
on
Roosevelt & Weigold, Inc
Halsey, Stuart & Co., In
according to the City.
Due in 20 years, callable in 10 years.
Clerk.
were
O. Katonah), N. Y.—BOND SALE— The issue
$60,000 coupon or registered highway bonds offered May 28—V. 150•
p. 3397—was awarded to R. D. White & Co. of New York, as 1.40s, at a
price of 100.16, a basis of about 1.33%.
Dated April 1, 1940 and due
$15,000 on April 1 from 1941 to 1944, incl.
Re-offered to yield from 0.50%
to 1.25%, according to maturity.
Other bids:
offered for sale on May
Board
houses
BEDFORD
for
Falls), Mont.—BOND SALE—The $30,344.42 refunding bonds offered
sale on May 25—Y. 150, p. 2920—were purchased by the State Board
Land Commissioners, as 2>4s at par, according to the Clerk of the Board
Trustees.
No other bid was received.
bond
municipal bond prices precluded their making a
the Albany bank, which was the opening bid for
the bid.
SCHOOL DISTRICT NO. 6
Although representatives of
the current level of
All of the bonds will be dated June 1, 1940.
semi-annual refunding bonds.
Dated June 30, 1940.
District Clerk, must accompany
for $200, payable to the
FLATHEAD COUNTY
3547
Commercial & Financial Chronicle
Due $40,000 on June 1 from 1941 to 1950,
Y.—BOND OF¬
sealed bids until
p. m. (DST) on June 10 for the purchase of $6,100 not to exceed 5%
interest coupon or registered general bonds issued for fire department pur¬
poses.
Dated June 15, 1940.
One bond for $300, others $1,000 and $200
each.
Due Feb. 15 as follows: $1,200 from 1941 to 1944 incl. and $1,300
in 1945
Bidder.to name a single rate of interest, expressed in a multiple
of 34 or l-10th of 1%.
Prin. and int. (F-A) payable at the Peoples-First
National Bank of Hoosick Falls, with New York Exchange.
The bonds are
direct general obligations of the district, payable from unlimited taxes.
A certified check for $122, payable to order of Howard Cox, District Treas¬
urer
is required.
Legal opinion of Dillon, Vandewater & Moore of New
HOOSICK FIRE DISTRICT (P. O. Hoosick), N.
FERING—Walter Cantelo, District Secretary, will receive
2
successful bidder.
SALE—The $8,000 coupon or registered
general village bonds issued for local improvements, sealed bids for which
were received May 28—V.
150, p. 3397—were awarded to Sherwood &
Co of New York, as 234s, at par plus a premium of $20, equal to 100.25, a
basis of about 2.405%.
Dated June 15, 1940 and due June 15 as follows:
$1,500 from 1941 to 1944, incl. and $2,000 in 1945. Other bids:
York City will
be furnished the
LARCHMONT, N. Y.—BOND
Int. Rate
Bidder
Premium
$16.00
Pa^
11.52
LONG BEACH, N. Y.—COUNCIL'S DECISION ON JUNE 1 BOND
INTEREST—The City Council on May 23 passed a resolution requesting
all paying agents to pay interest on the City's bonds due June 1, 1940 as
the name and address of the actual bondholder is furnished, ac¬
cording to Norman S. Taber & Co., New York, refunding agents for the
city
This action is taken so that full information concerning the City s
refinancing plan will be available and so that all bondholders who have not
been previously contacted can be made aware of the terms of the plan.
All bondholders who have previously agreed to the conditions of the plan
and all holders of fully registered bonds will be promptly paid.
All other
holders are being requested to furnish their names arid addresses.
Upon
this determination prompt payment will be made.
The City announces
that
very substantial percentage of Agreements of Exchange have been
received and points out the necessity of all other bondholders signing and
submitting their agreements, if the refinancing plan is to be declared oper¬
ative during the month of June.
The City's proposed communication to
the bondholders further states that unless substantially all holders agree
to the plan, the plan will not be declared operative, no exchanges will be
George B.
Gibbons & Co., Inc
of Larchmont
& Co., and Roosevelt
-
Trust Company
Ira Haupt
soon
& Weigold, Inc.--
2 34%
234%
2.60%
as
a
consummated, and the
V.
150,
p.
3397.
benefits of the plan will be lost to
the holders.—
3£48
The Commercial & Financial Chronicle
June 1, 1940
NEW
YORK, N. Y.—$20,000,000 REVENUE BILLS TAKEN
LOCAL BANKS—Comptroller Joseph D.
McGoldrlck announced
BY
May 28
by allotment $20,000,000 In revenue bills at an
interest
0.75%.
The issue is broken up into the
following six maturities:
$4,000,000 due July 15; $6,000,000, Sept. 16;
$3,500,000, Nov. 15; $3,000,000, Jan. 15, 1941; $2,000,000, March 17, 1941, and
$1,500,000 due
April 15, 1941.
Denom. $1,000; principal and interest (J-D) payable in lawful
money in
New York City; coupon bonds registerable as to
principal only; general
that he had sold
obligations.
rate of
The
banks and their allotments
are
as
follows:
Bank.—
Amount
Bankers Trust Co
$1,600,000
_
Bank of the Manhattan Co
780 000
Bank of New York
Brooklyn
Trust
240,000
220,000
1,500 000
Co
Central Hanover Bank & Trust Co
The Chase National Bank of the City of New York
Chemical Bank & Trust Co.
The Continental Bank & Trust Co. of New York
3,660,000
„
Exchange Bank Trust Co
Empire Trust Co.
560,000
40 000
-
140,000
1,000,000
The First National Bank of the City of New York
Fulton Trust Co. of New York
40,000
Guaranty Trust Co. of New York
Irving Trust Co..
Kings County Trust Co
Lawyers Trust Co
2,620 000
1,000,000
60,000
Manufacturers Trust Co
The Marine Midland Trust Co. of New
York__.
The National City Bank of New York
The New York Trust Co.'
-
80 000
860 000
140 000
2,860,000
560,000
The Public National Bank & Trust Co. of New
York
Title Guarantee & Trust Co
200,000
40,000
United States Trust Co. of New York
J. P. Morgan & Co., Inc.-,,
160 000
760,000
„
Total
$20,000,000
ORLEANS
COUNTY (P. O.
Albion), N. Y.—BOND OFFERING—
Ludington, County Treasurer, will receive sealed bids until 3
p. m. (DST) on June 10 for the purchase of
$200,000 not to exceed 5%
interest coupon or registered
bonds, divided as follows:
Burt
inclusive.
Denom. $500; principal and interest (A-O) payable in New
York City in
legal tender; general obligations; unlimited tax; coupon bonds
registerable
as to principal only.
•
WAYNE COUNTY
780 000
100 000
Corn
The Fifth Avenue Bank of New York
SHALLOTTE, N. C.—BONDS NOT SOLD—It is stated by the Secre¬
tary of the Local Government Commission that the following not to exceed
6% coupon semi-ann. bonds aggregating $17,000, offered on May 28—V.
150, p. 3398—were not sold as no bids were received:
$10,000 water bonds, maturing annually, $500, 1943 to 1958, incl.;
$1,000,
1959; and $1,000, 1960.
7,000 sanitary sewer bonds, maturing annually, $500, 1943 to 1956, both
D.
$68,000 series of 1940 refunding bonds. Due May 1 as follows:
$6,000 In
1941 and 1942 and $7,000 from 1943 to 1950
incl.
132,000 funding bonds. Due May 1 as follows:
$28,000 In 1941 and 1942
and $38,000 in 1943 and 1944.
All of the
bonds will be dated May 1, 1940.
Denom. $1,000.
Bidder to
name a single rate of interest,
expressed in a multiple of M or 1-I0th of 1
%.
Principal and interest (M-N) payable at the Marine Midland Trust
Co.,
Albion, with New York exchange. The bonds are general
obligations of the
county, payable from unlimited taxes. A certified check for
$4,000, payable
to order of the county, must
accompany each proposal. The approving legal
opinion of Dillon, Yandewater & Moore of New York
City, will be fur¬
nished the successful bidder.
PLEASANTVILLE, N. Y.—BOND OFFERING—Wm. I. Guion, Village
Clerk, will receive sealed bids until 10 a. m. (EST) on June 4, for the
pur¬
chase
of $45,000 not to exceed
6% interest coupon or registered water
bonds.
Dated June 1, 1940.
Denom. $1,000.
Due June 1 as follows:
$3,000 from 1941 to 1945, incl. and $2,000 from 1946 to 1950, incl. Bidder
to name a single rate of
interest, expressed in a multiple of M or l-10th of
1%.
Principal and interest (J-D) payable at the First National Bank of
Pleasantville, with New York exchange. The bonds are general
obligations
of the village, payable from unlimited taxes.
A certified check for $900,
payable to order of the village, must accompany each
proposal.
Legal
opinion of Dillon, Vandewater & Moore of New York
City will be furnished
(P. O. Goldsboro), N. C.—BOND OFFERING—
Sealed bids will be received until 11a.m. (EST), on June4,
by W. E. EasterSecretary of the Local Government Commission, at his office in
ling,
Raleigh, for the purchase of the following bonds, aggregating $115,500, all
of which are dated June 1, 1940, maturing on Dec. 1 in the
years hereinafter
stated, without option of prior payment:
$50,000 school building bonds, maturing annually, $2,000, 1942; $3,000,
1943 and $5,000, 1944 to 1952, inclusive.
65,500 refunding school bonds, maturing annually, $5,500. 1943; $5,000,
1944 to 1947, inclusive, and $10,000, 1948 to 1951, inclusive.
Denom. $1,000. except refunding school bond numbered 1
which is for
$500; principal and interest J-D), payable in New York City in
legal tender;
general obligations; unlimited tax; coupon bonds registerable as to
principal
alone; delivery on or about June 24 at place of purchaser's choice.
There
will be
auction.
no
A separate bid for each issue (not less than par and accrued
interest)
is required.
Bidders are requested to name the interest rate or rates, not
exceeding 6% in multiples of M of 1%; each bid may name one rate for
part of the bonds of any issue (having the earliest
maturities) and another
the balance, but no bid may name more than two
rates for any
issue, and each bidder must specify in his bid the amount of the bonds of
each rate.
The bonds will be awarded to the bidder
rate for
offering to purchase
the bonds at the lowest interest cost to the county, such cost to be deter¬
mined by deducting the total amount of the premium bid from the
aggregate
amount of interest upon all of the bonds until their
respective maturities.
Bids must be on a form to be furnished with additional information and
must
be accompanied by a certified check upon an
incorporated bank or
payable unconditionally to the order of the State Treasurer
The approving opinion of Masslich and Mitchell, New York
City, will be furnished the purchaser
trust company,
for $2,310.
NORTH
GALESBURG
DAKOTA
SCHOOL DISTRICT
PORT CHESTER,
ndebtedness.
at 2 p.m., for the purchase of $5,000 school bonds.
Denom. $500.
Due
$.500 on April 1 in 1942 to 1951 incl.
All bonds so sold shall be subject to
call before due date, at the option of the School Board.
A certified check
for not less than 2% of the bid is required.
WARD COUNTY (P. O. Minot), N. Dak.—CERTIFICATE OFFERING
—Sealed bids will
be received by Fred M. Brey,
County Auditor, until
2 p. m. on June 7, for the purchase of $100,000 certificates of indebtedness.
Denoms. of not less than $500.
Due in 2 years, or less.
Bidder to name
rate of interest.
The bids shall indicate and set forth both the maximum
and minimum amount of certificates which the bidder will enter into
contract
to
purchase.
Enclose
a
the bid.
certified check for not less than 2%
N. Y.—NOTES AND CERTIFICATES OFFERED
will
receive
sealed
bids
for the fiscal year
beginning April 1, 1940.
sewer
assessment certificates of indebtedness issued
to refund
certificates due June 10, 1940 in the amount of
$31,000.
32,000 street assessment certificates of indebtedness issued to
refund
certificates due June 10, 1940 in the amount of
$39,000.
Notes and certificates will be dated June
10. 1940 and mature Dec. 10,
1940.
Award will be made to the bidder
naming the lowest rate of interest.
Written opinion of Reed, Hoyt, Washburn &
Clay of New York City as to
the validity of the notes will be
furnished.
No special bidding blank
required.
RYE UNION FREE SCHOOL DIST. NO.
2 (P. O. Rye), N. Y.—BOND
ELECTION—An election will be held June 19 on the
question of issuing
$175,000 school building construction bonds.
SCHUYLER COUNTY (P. O. Watkins
Glen), N. Y.—BOND OFFER¬
ING—C. Earle Hager, County
Treasurer, will receive sealed bids until
2 p. m. (EST) on June 6, for the
purchase of $161,000 not to exceed 6%
interest coupon or registered public welfare and
improvement bonds. Dated
May 15, 1940.
Denom. $1,000.
Due as follows:
$16,000 on May 15 from
1941 to 1949, incl. and $17,000 Nov.
15, 1949.
Bidder to name a single
rate of interest, expressed in a
mult'ple of M or 1-10th of 1%.
Principal
and interest (M-N 15)
payable at the Montour National Bank in Montour
Falls.
BEACHWOOD
SUBMITTED
notes issued in anticipation of collection of
taxes
WHITEHALL (P. O.
Whitehall), N. Y.—BOND SALE—The $53,600
coupon or registered general bonds offered
May 28—V. 150, p. 3243—were
awarded to Roosevelt &
Weigold, Inc. of New York, as 2.40s, at a price of
100.33, a basis of about 2.34%.
Sale consisted of:
$23,700 series I (home relief)
each.
bonds.
Due April 1, as follows:
to
One
bond for
$700, others $1,000
$2,700 in 1941; $2,000 from 1942
1947, incl., and $3,000 from 1948 to 1950, incl.
29,900 series II (public impt., work relief
project) bonds.
One bond for
$900, others $1,000 each.
Due April 1, as follows:
$2,900 in 1941
and $3,000 from 1942 to
1950, incl.
All of the bonds will be dated
April 1, 1940.
Bidder—
Marine Trust Co. of Buffalo
R. D. White & Co.
C. F. Childs & Co. and Ira
Haupt & Co
George B. Gibbons & Co., Inc
Manufacturers & Traders Trust Co. of Buffalo
YONKERS, N. Y.—NOTE SALE—W.
Other bids:
Int. Rate
2.40%
2.40%
2.90%
3%
3 M %
Rate Bid
100.288
100.057
100.339
100.277
100.199
A. Schubert, City Comptroller,
awarded $600,000 tax notes of
1939 as follows:
$200,000 to the First Na¬
tional Bank of Yonkers, at
0.80% interest rate, and $400,000 to the Chase
National Bank of New York, at
2M %. Notes are dated May 29, 1940 and
mature April 15, 1941.
The city expects to issue
$1,500,000 of 1940 tax
notes at an early date and this
operation will complete the tax anticipation
borrowing for the
year
1940.
NORTH
pur¬
SALISBURY, N. C.—BONDS NuT SOLD—The following not to exceed
6% semi-ann. coupon bonds aggregating $81,000. offered on
May 28—
V. 150, p. 3398—were not sold as all bids were
rejected, according to the
Secretary of the Local Government Commission:
$57,000 school and improvement refunding bonds
maturing annually $5,000
1941 to 1945, inclusive, $4,000 1946 to
1950, inclusive, $4,000 1952,
1954, 1955.
24,000 water and sewer refunding bonds
maturing annually $4,000| 1941
^
to 1946, inclusive.
'
'
y
of
V
(P.
O.
South
Euclid), Ohio—REFUNDING PLAN
TO BONDHOLDERS—The
village is asking holders of the
$1,812,249 of outstanding bonds to exchange them for an equal
principal amount of callable term refunding bonds to mature July 1, 1970.
All of the special assessment bonds are now in default in
principal from 1932
and in interest from 1935.
Unpaid bond interest to March 31, 1940 aggre¬
gates $443,137.
The plan provides for the payment of interest on existing
bond principal, whether coupon or accrued, at the rates the bonds now
bear, to Oct. 1, 1935, unless such interest was previously paid. Payment on
this basis will exhaust all of the funds held by the
village and available for
With reference to the necessity for a general refunding it is
pointed out, among other things, that the tax valuation of the village for
1939-1940 is only $3,934,910.
The $93,000 bonds held in the village bond
retirement fund will be canceled.
The refunding bonds to be issued in
exchange for the $17,000 5% voted general tax waterworks series No. 2
obligations will bear interest at rates ranging from 1% to 5%,
In the case
of all other unvoted general tax bonds,
including $9,100 5M% general
waterworks dated Oct.
1, 1926, and special assessment securities, the
interest will range from M % to 5%.
The village reserved the right to effect
the refunding in accordance with provisions of Federal
Bankruptcy Act.
such purpose.
Bondholders
are
asked to file written consents to the terms of the debt
readjustment with the Cleveland Trust Co., Corporate Trust Dept., Cleve¬
land,
Communications regarding the proposal should be addressed to
Benjamin C. Bourne, Village Clerk, and legal questions addressed to J. W.
Woods, 1040 Guardian Building, Cleveland.
CANTON, Ohio—BOND SALE—The $235,000 bonds offered May 24—
V. 150, p. 3090—were awarded to the BancOhio Securities Co. of
Columbus,
as 2 Ms, at a price of
100.904, a basis of about 2.33%.
Sale consisted of:
$175,000 poor relief bonds.
Due Nov. 1 as follows:
$18,000 in 1941;
$17,000 in 1942 and $20,000 from 1943 to 1949, inclusive.
60,000 storm water and sanitary sewer bonds.
Due $6,000 on Nov. 1
from 1941 to 1950, inclusive.
All of the bonds are dated
May 1,1940. Other bids:
Bidder—
Int. Rate
McDonald-Collidge & Co
VanLahr, Doll & Isphording
Ryan, Sutherland & Co. and Provident
$971.00
96.35
2M %
3M%
1,085.85
1,043.00
Savings
Bank & Trust Co
*
Fox, Einhorn & Co., Inc
Premium
2M%
2M%
—
CROOKSVILLE, Ohio—BOND SALE—'The issue of $25,000 swimming
pool and public park bonds offered May 25—V. 150, p. 3243—was awarded
to Ryan, Sutherland & Co. of
Toledo, as 3s, at a price of 100.588. Second
high bid of 100.42 for 3s was made by the BancOhio Securities Co. of
Columbus.
DANVILLE SCHOOL DISTRICT, Ohio—BOND SALE— The $12,000
building bonds offered May 28—V. 150, p. 3090—were awarded to Season-
good &
Mayer of Cincinnati, as 3Ms, at par plus a premium of $73.85,
equal to 100.615, a basis of about 3.20%. Dated April 1, 1940 and due $500
on April 1 from
1945 to 1968 incl. J. A. White & Co. of Cincinnati, second
high bidder, offered 101.325 for 3Ms.
FAIRVIEW (P. O. North Olmsted), Ohio—TENDERS WANTED—
Reuben C. Wright, Village Clerk, states that more than $5,000 is available
for the purchase of
refunding bonds dated Jan. 1, 1939, and will receive
sealed tenders of such bonds until noon on June 29.
The bonds offered for
sale must be fully described and ready for delivery not later than 10
days
after June 29.
CAROLINA
BUNCOMBE COUNTY (P. O.
Asheville), N. C.—BOND TENDERS
ACCEPTED—In connection with the call for tenders of
refunding bonds,
it is stated by Curtis By
num. Secretary of the Sinking Fund
Commission,
that the following bonds were
purchased by their respective sinking funds:
$40,000 Buncombe County at 35.05;
$33,000 City of Asheville general at
35.05; $105,730 City of Asheville water at
68.9873, and $8,000 City of
Asheville school bonds at 35.09.
Bonds of nine districts were also
chased at various prices.
^
total of
The
bonds are unlimited tax
obligations of the county and the
approving legal opinion of Reed, Hoyt, Washburn & Clay of New York
City will be furnished the successful bidder.
A certified check for $3,220.
payable to order of the County Treasurer, must
accompany each proposal.
"y
OHIO
until
follows:
$250,000 tax anticipation
26,000
.
$308,000 notes and certificates of
as
N. Dak.—
Hillsboro, until June 12,
the successful bidder.
—William H. LeCount, Village
Treasurer,
3 p. m. on June 4. for the purchase of
(P. O. Galesburg),
BOND OFFERING—Sealed and oral bids will be received
by H. A. Groven,
District Clerk, at the County Auditor's office in
LEBANON, Ohio—PRICE PAID—The $135,000 electric light first
mortgage revenue bonds awarded to the BancOhio Securities Co. of Colum¬
bus—V. 150, p. 3399—were sold as 3s, at a price of 101.444, a basis of
about 2.73%.
MONTGOMERY
COUNTY
(P.
O.
Dayton),
Ohio—TO REFUND
BONDS—The Board of Commissioners expects to ask for bids sometime in
June for the purchase of $540,000 refunding bonds.
About $800,000 bonds
mature in the present year, of which approximately $350,000 will be
paid
other than by refunding.
County expects to obtain a rate of
4%
refundings
SOUTH
as
on
the
against that of 6% carried on outstanding loans.
WEBSTER,
Ohio—PROPOSED BOND
ISSUE—'The Village
Council passed an ordinance providing for an issue of $30,000
4% first
mortgage waterworks revenue bonds. Dated June 1, 1940. Denoms. $1,000
Due June 1 as follows: $500 from 1945 to 1950 incl.; $1,000, 1951
and $500.
to
1956 incl.; $1,500, 1957 to 162 incl. and $2,000 from 1963 to 1968 incl.
(J-D) payable at the Security Central National
Principal and interest
Bank, Portsmouth.
Volume
STARK COUNTY (P. O. Canton), Ohio—BOND SALE—'The $392,500
bridge bonds offered May 27—V. 150, p. 3090—were awarded to Ryan,
Sutherland & Co. of Toledo and Hawley, Huller & Co. of Cleveland, jointly,
equal to 100.27, a basis of about
1.95%. Dated June 1, 1940 and due Oct. 1 as follows: $39,000 from 1941
to 1947 incl.; $40,000 in 1948 and 1949 and $39,500 in 1950. Second high bid
of 100.90 for 2^s was made by a group composed of BancOhio Securities
Co. of Columbus, First Cleveland Corp. and Assel, Goetz & Moerlein, Inc.
as
2s, at par plus a premium of $1,063.50,
TOLEDO,
Ohio—BANKERS
WITHDRAW
BID
FOR
BONDS—
city's portion grade
crossing elimination bonds has been announced by a group of Stranahan,
Harris & Co., Inc.; Ryan, Sutherland & Co., and Braun, Bosworth & Co.,
all of Toledo, on the ground of "unreasonable delay in delivery of the bonds.
The bonds, coupled with a $150,000 2K% intercepting sewer issue, were
awarded to the account last Jan. 4, at a price of 100.425, a basis of about
2.547%—V. 150, p. 309. Since the award the city has been attempting to
have the State Highway Department, the Federal Government and the
New York Central RR. to participate in financing the project. As a result
of the war scare, the bankers declared, prospective customers have canceled
their orders for the bonds and the group would face substantial loss if re¬
quired to accept the bonds on the basis or conditions that existed at the time
Withdrawal of the bid for an issue of $300,000 2K %
the commitment
made.
was
K
M
of 1 %.
Principal and interest payable at the First National Bank of
cKees' Rocks.
Bonds will be sold subject to approval of authorizing
proceedings
SCHOOL DISTRICT
INOLA
(P. O. Inola), Okla.—BOND
Clerk of the Board of Education.
OAKWOOD SCHOOL DISTRICT
SOLD—It
bonds
as
follows:
3399—
(P. O. Oakwood)
the
Okla.—BONDS
stated
awarded
on
Okla..—BONDS SOLD— It
that $20,000 building bonds were
Bank & Trust Co. of Oklahoma
City, paying par, a net interest cost of about 1.85%, on the bonds divided
as follows:
$16,000 as 2s, due $2,000 in 1943 to 1950; the remaining $4,000
as lMs, due $2,000 in 1951 and 1952.
is stated by G. R. Rogers, District Clerk,
awarded on May 6 to the First National
Okla.—BOND SALE—The $7,000 sewage disposal plant
sale on May 27—V. 150, p. 3399—were purchased by
Edwards, Inc. of Oklahoma City, as 4s, according to report.
Due
$1,000 in 1943 to 1949, incl.
^
STILL WELL,
bonds offered for
R. J.
VINITA, Okla.—BOND SALE—The $32,000 issue of water works im¬
provement and extension bonds offered for sale on May 28—V. 150, p. 3399
—was purchased by the Craig County Bank of Vinita, divided as follows:
$7,500 as 1Kb, due $1,500 in 1943 to 1947: $7,500 as 2s, due $1,500 in 1948
to 1952, and $17,000 as 2Kb, due $1,500 in 1953 to 1962, and $2,000 in 1963.
ADDITIONAL SALE—The $8,000 fire fighting equipment
for sale
on
the same date, were
bonds offered
purchased by the city, as 2s at par.
Due
$500 in 1943 to 1958 incl.
WOODWARD, Okla.—BOND SALE—The $80,000 water works ex¬
tension, repair and improvement bonds offered for sale on May 27—V.
150, p. 3399—were awarded to R. J. Edwards, Inc., of Oklahoma City,
at a net interest cost of about 2.86%.
Due $5,000 in 1944 to 1959, incl.
The $6,000 fire fighting equipment bonds offered at the same time were
awarded to the City Treasurer, as 0.50s, according to the City Manager.
Due $1,000, 1943 to 1948, incl.
toJ
OREGON
ENTERPRISE, Ore.—BONDS NOT SOLD—It is stated by the City
semi-annual general obliga¬
tion refunding water, series B bonds offered on May 24—Y. 150, p. 3244-—
were not sold as there were no bids received.
Due in 1941 to 1954.
Recorder that the $34,000 not to exceed 3K%
Ore.—BOND SALE—The $7,497.73 funding coupon bonds
on May 27—Y. 150, p. 3399—were purchased by the First
Portland, the only bidder, according to the City Recorder.
April 1, 1940.
Due on April 1 in 1941 to 1948.
NYSSA,
offered for sale
National Bank of
Dated
SEASIDE, Ore.—BONDS NOT SOLD—It is stated by the City Auditor
that the $88,000 not to exceed 3 K % coupon semi-annual refunding, series C
bonds offered on May 27—V. 150, p. 3399—were not sold as no bids were
received.
Dated July 1, 1940.
Department
Pennsylvania
Due on Jan. 1 in 1945 to 1953.
WASCO, Ore.—BOND SALE—The $17,000 refunding, series A bonds
offered for sale on May 27—V. 150. p. 3399—were purchased by AtkinsonJones & Co. of Portland, as 4s at par.
Dated June 15, 1940.
Due on
June 15 in 1945 to 1951; optional on June 15, 1943.
PENNSYLVANIA
LANSDOWNE
SCHOOL
DISTRICT,
P
SALE—
$50,000 bonds offered May 27—V. 150, p. 3091—were awarded to
Edward Lowber Stokes & Co. of Philadelphia, as 3s, at a price of 100.265,
a basis of about 2.97%.
Sale consisted of:
The
$35,000 building bonds.
Due June 1 as follows: $1,000 from 1941 to 1943,
incl.; $2,000, 1944 and 1945; $1,000, 1946 to 1948, incl.; $2,000,
1949 and 1950; $1,000, 1951 to 1953, incl.; $2,000, 1954 and 1955; $1,000,
1956 to 1958, incl.; $2,000, 1959 and 1960; $1,000, 1961 to 1963, incl. and
$2,000 in 1964 and 1965.
A certified check for $500 is required.
15,000 refunding bonds. Due $1,000 on June l.from 1941 to 1955, Incl.
All of the bonds will be dated June 1, 1940.
Dougherty Corkran & Co
of Philadelphia named an interest rate of 3 K% and bid a price of 101.50
for the $15,000 issue and 100.155 for the $35,000 loan.
E. H. Rollins &
Sons, Inc. bid 101.15 for 3 Kb, and National Bank of Lansdowne offered
WAMPUM
SCHOOL
DISTRICT,
Pa.—BOND SALE—The issue
Pa.—BOND SALE—
bonds offered May 29—V. 150, p. 3244—was awarded
to an account composed of Singer, Deane & Scribner, Glover & MacGregor,
Inc., both of Pittsburgh; E. H. Rollins & Sons, Inc. of Philadelphia, and
S. K. Cunningham & Co. of Pittsburgh, as 4^s, at par plus a premium of
$355, equal to 100.788, a basis of about 4.19%.
Dated June 1, 1940 and
due $5,000 on June 1 in 1945, 1950, 1954, 1958, 1961, 1964, 1966, 1968
and 1970.
on
Callable on or after July 1, 1950.
July 1 from 1941 to 1960 incl.
ISLAND
RHODE
NEWPORT, R. I.— WATER WORKS BOND PAYMENT HELD UP—
Under an agreement reached between the city and the Newport Water Co.
for the purchase of the latter's property at a price of $3,100,000, an issue of
bonds in that amount was offered by city on Feb. 20 and sold to a syndicate
headed by a New York investment house.
Being apprised of the successful
sale of these bonds by the city, the water company called approximately $1 ,760,000 outstanding mortgage bonds for payment on May 1, the funds
coming from the city, as aforesaid.
However, the May 1 bond redemption
not
come
off
as
scheduled
because
a
firm
of Providence
attorneys
obtained a court order tying up the proceedings by
placing a lien on the
funds to be received by the water company.
This was done in order that
the said attorneys would be assured payment of their claim for $190,000
legal fees.
justification in the case
their behalf and tie up the matter; it does
unfortunate, however, that some basis of adjustment was not reached
between the two parties before the May 1 interest and principal date, when
There is little doubt that the court saw sufficient
seem
bondholders
were
left in the lurch.
CAROLINA
SOUTH
SCHOOL DISTRICT NO. 20
(Some¬
District), (P. O. Charleston), S. C.—
BOND SALE—The $200,000 school bonds offered for sale on May 24—
V. 150, p. 3245—were awarded to a syndicate composed of the RobinsonHumphrey Co.; Johnson, Lane, Space & Co., both of Atlanta,; the Provi¬
dent Savings Bank & Trust Co.; the Weil, Roth & Irving Co.: Breed &
Harrison, all of Cincinnati; James Conner & Co., and Seabrook & Karow,
both of Charleston, as 3 Ws, paying a premium of $560, equal to 100.28,
a basis of about 3.47%.
Dated June 1, 1940.
Due $8,000 on June 1 in
CHARLESTON
COUNTY
times called Charleston School
1941 to 1965.
SOUTH
DAKOTA
S. Dak.—BOND SALE— The
offered for sale on May 28—V. 150, p.
purchased by Kalman & Co. of Minneapolis, as 4 lis, paying a
BENNETT
COUNTY
(P.
O. Martin)
$136,000 coupon refunding bonds
3399—were
?remium of $680, equal to redeemable on andabout July 1, 1941. No other
940. Due
July 1, 1955; 100.50, a basis of after 4.17%. Dated July 1,
on
bid
was
received, according to the County
Auditor.
TENNESSEE
KNOXVILLE, Tenn.—BONDS NOT SOLD—The $3,300,000 coupon
1940 refunding bonds offered on May 27—V. 150, p. 3245—were not sold
as the only bid received, submitted by the Cumberland Securities Corp. of
of Nashville, and associates, was rejected, according to W. W. Mynatt,
City Manager. The bid was a tender of $150 premium on 4Kb, it is stated.
The proceeds of the issue were to have been used for calling tor redemption
outstanding refunding bonds of the city, due in 1958. The bid was rejected
because the interest saving resulting from the proposed refunding was not
satisfactory to the city.
The city is of the opinion that more advantageous
interest rates can be obtained later when market conditions are more
stable than they are at present.
In a letter dated May 27, we were
'
_
.
advised as follows by A. P. Frierson,
Director of Finance:
The City Council today rejected a bid of the Cumberland Securities
Corp., Fidelity Bankers Trust Co., and Booker and Davidson, Inc., of
4K% and premium of $150 on a proposed issue of $3,300,000, 1940 refund¬
ing bonds, the proceeds of which were to have been used for calling for
redemption outstanding refunding bonds of the City of Knoxville due in
1958.
These bids were rejected because the interest savings resulting from
the proposed refunding was not satisfactory to the city.
We are of the
opinion that more advantageous interest rates can be obtained when
market conditions are more stable then they are at present.
was announced prior to recent European war
of course, adversely affected all markets.
4
This refunding program
developments which,
McNAIRY COUNTY (P. O.
$4L380 school bonds.
Dated April 1, 1940.
payment date.
SALE—The fol¬
$81,380, offered for sale on
by Clark & Co. of Nashville,
Selmer), Tenn.—BOND
$40,000 school bonds.
Due on April 1, 1962: optional on any
interest
reported that sealed bids
City Comptroler, for the
Due $14,000 on June 1 in 1941
MEMPHIS, Tenn.—BOND OFFERING—It is
until June 18, by D. C. Miller,
will be received
purchase of $350,000
to 1965, inclusive.
flood control bonds.
COUNTY (P. O. Union City), Tenn.—BOND SALE POST¬
County Judge states that the $28,000 1K% semi-ann.
which had been scheduled for sale on May 24—V. 150,
p
3244—were not offered at that time, the sale being postponed owing to
the disturbed financial conditions, until about June 17.
Dated Jan. 1,
1940.
Due oh July 1 in 1941 to 1959.
OBION
PONED—The
refunding bonds
BROWNFIELD, Texas—BONDS NOT SOLD—It is stated by Roy M.
Herod, City Secretary, that the $90,000 not to exceed 3% semi-annual
electric light system revenue bonds offered on May 24—V. 150, p. 3245—
were not sold as all bids received were rejected.
The bonds will be reoffered at a later date.
Due $15,000 in 1941 to 1946, inclusive.
CAMP COUNTY (P.
O. Pittsburg), Texas—BOND
SALE DETAILS—
reported that the $64,000 road refunding, series A bonds sold to the
Investment Co. of Wichita, as noted here—V. 150, p. 3245—
were purchased at par as follows: $11,000 maturing $5,500 Nov. 1, 1941 and
1942, as 2Kb, $12,000 maturing $6,000 Nov. 1, 1943 and 1944, as 3s,
It is
Pa .—BOND
SALE
purposes bonds awarded to the Union
V. 150, p. 3399—were sold at a price of
DETAILS—The
$72,000
various
Trust Co. of Pittsburgh as 1Kb—
100.124. a basis of about 1.73%.
STATE COLLEGE SCHOOL DISTRICT,
Pa .—BOND OFFERING—
Ray V. Watkins, Secretary of the Board of School Directors, will receive
sealed bids until 7 p. m. (EST) on June 12 for the purchase of $100,000
IK, IK, 2, 2K• 2K, 2K, 3, 3K or 3K% coupon, registerable as to prin.
only, building bonds.
Dated June 1, 1940,
Denom. $1,000. Due June 1
as follows: $4,000 from 1945 to 1949, incl., and $5,000 from 1950 to 1965,
1950 are callable at par and accrued
interest on any interest date on or after that date.
Interest J-D.
Bidder
to name a single rate of interest for all of the bonds.
They will be issued
subject to approving legal opinion of Townsend, Elliott & Munson of
Philadelphia.
A certified check for 2% of the bonds bid for, payable to
order of the District Treasurer, is required.
Bonds maturing after June 1,
STOWE TOWNSHIP (P.
O. McKees Rocks), Pa .—BONDS REOFFERED—Edward T. Irwin, Borough Secretary, will receive sealed bids
until 7 p. m. (EST) on June 3 for the purchase of $65,000 coupon bonds,
divided as follows:
$36,000 operating revenue bonds, issue of 1940.
Due June 1 as follows:
$6,000 in 1943 and $5,000 from 1944 to 1949, incl.
Any or all of
the bonds due on or after June 1, 1948, are callable in inverse nu¬
merical order on June 1, 1942, or on any subsequent interest date,
at par and accrued interest.
29,000 funding bonds, issue of 1940.
Due June 1 as follows: $4,000 in
1940 and $5,000 from 1951 to 1955, incl.
Any or all bonds due on
or after June 1, 1954 will be callable in inverse numerical order at
par and accrued interest on June 1, 1942 or on any subsequent
interest payment date.
All of the bonds will be dated June 1, 1940.
Denom. $1,000.
Bidder to
name a
of
$20,000 school bonds offered May 28—V. 150, p. 3091—was awarded to
PhiUips, Schmertz & Co. of Pittsburgh. Dated July 1, 1940 and due $1,000
TEXAS
PATTON TOWNSHIP (P. O. R. D. 2, Pitcairn),
The issue of $45,000
incl.
A
Affairs.
Pittsburgh will be furnished the successful bidder.
(Above sale was originally scheduled to be held on May 27—V. 150,
Amount of funding issue was reduced from $30,000 to $29,000.)
100.17 for 3Kb.
SEWICKLEY,
Internal
hill of
lowing 4% semi-annual bonds aggregating
May 20—V. 150, p. 2771—were purchased
EAST
of
p. 3245.
CONSOLIDATED
OKLAHOMA AND LOGAN COUNTIES, JOINT
SCHOOL DISTRICT NO. 5 (P. O. Arcadia),
the
of the legal firm to intercede on
by the District Clerk that $15,000 school building
May 20 to the Treasurer of Dewey County. Due
$2,000 in 1944 to 1950, and $1,000 in 1951.
is
were
SALE—
May 24—V. 150, P.
Claremore, according to
Due in 1944 to 1952, inclusive.
by
certified check for $1,000, payable to order of the township, must accom¬
pany each proposal.
Approving legal opinion of Burgwin, Scully & Church-
did
OKLAHOMA
The $8,900 building bonds offered for sale on
were awarded to the First National Bank of
3549
Commercial & Financial Chronicle
The
150
single rate of interest on all of the bonds, expressed in a multiple of
Rittenoure
1946, as 3Kb, and $29,000
$8,000 in 1950, as 3Kb.
FERRIS INDEPENDENT SCHOOL DISTRICT
(P. O. Ferris).
Texas—BONDS SOLD—It is reported that $7,500 3K% semi-annual
refunding bonds were purchased recently by Rauscher, Pierce & Co. of
$12,000 maturing
maturing Nov. 1,
$6,000 Nov. 1, 1945 and
$7,000 in 1947 to 1949, and
Dallas.
A.
recreational pier revenue
held on May 22, have been
contracted for by the Reconstruction Finance Corporation.
BONDS VOTED—It is also stated by the City Auditor that the $300,000
not to exceed 3% recreational pier, general obligation bonds were approved
by the voters at an election held on May 22 by a wide margin.
GONZALES, Texas—BONDS SOLD—An issue of $150,000 electric
system revenue bonds is reported to have been sold recently.
GUADALUPE COUNTY ROAD DISTRICT NO. 1 (P. O. Sequin),
Texas—BONDS SOLD—The County Judge reports that the $40,000 3%
semi-annual highway improvement bonds approved by the voters on May 14,
have been sold.
Dated July 1, 1940. Due in from 1 to 5 years.
HEMPSTEAD, Texas—BONDS SOLD—A $65,000 issue of 4^% semiann. electric light and power revenue bonds is said to have been purchased
recently by Rauscher, Pierce & Co. of Dallas
and Mahan, Dittmar &
Co. of San Antonio, jointly, paying a price of 100.19.
HUNTINGTON, Texas—BONDS SOLD—It is stated by the City
Secretary that $20,000 4H% semi-ann. water system revenue bonds have
hppn purchased at par by Fenncr & Bcane of Now York.
Dated March. 1#
GALVESTON, Texas—RFC TO
BUY BONDS—It is stated by F.
Quin, City Auditor, that the $1,100,000 4%
bonds approved by the voters at the election
The Commercial & Financial Chronicle
3550
1940.
Due
on
March 1 as follows:
$1,000 In 1941 to 1954, and $2,000 in
1955 to 1957.
LEVELLAND, Texas—BOND TENDERS ACCEPTED—In connection
with the call for tenders of refunding bonds, series of 1936, it is stated by
Buford Badgett, City Secretary, that a total of $5,000 bonds was purchased.
LUFKIN, Texas—BONDS SOLD—A $50,000 issue of street improve¬
purchased jointly by Mahan, Dittmar &
Co., and Moroney & Co., both of Houston.
ment bonds is said to have been
MARKHAM INDEPENDENT SCHOOL DISTRICT (P. O. Markham),
Texas—BONDS SOLD—It is reported by Alfred Hansen, Superintendent of
Schools, that $25,000 building bonds approved by the voters on March 9,
been purchased jointly by Gregory, Eddleman
Houston, and Louis Pauls & Co. of Galveston.
have
&
Abercrombie of
MEGARGEL SCHOOL DISTRICT (P. O. Megargel), Texas—BONDS
District Secretary report that $7,500, 4% semi-annual re¬
SOLD—The
construction bonds approved by the voters last July, have been purchased
at par by the State Board of Education.
Due in 10 years.
MONTGOMERY COUNTY PRECINCT NO. 2 (P. O. Conroe) Texas—
BONDS NOT SOLD—It is stated by A. E. Hickerson, County Auditor, that
the $1,500,000 unlimited tax roads bonds offered on May 20—V. 150,
p.
3245—were not sold as all bids received were rejected. Dated June 1, 1940.
Due
April 1 in 1941 to 1948 incl.
on
BONDS SOLD—The above bonds were sold on May 24 to a syndicate
composed of the Mercantile-Commerce Bank & Trust Co. of St. Louis;
A. W. Snyder & Co. of Houston; First National Bank of St. Paul; George
V. Rotan & Co. of Houston; State Investment Co. of Fort Worth; Ryan,
Sutherland & Co. of Toledo, and the Dallas-Union Trust Co. of
Dallas,
as 3Ms, paying a price of 100.10, a basis of about
3.22%.
NOME
INDEPENDENT SCHOOL DISTRICT
—BONDS SOLD—It is said that $35,000
(P. O. Nome), Texas
building bonds
recently by McClung & Knickerbocker of Houston.
were
purchased
June
1,
1940
CASTLE
ROCK
TOWNSHIP
(P.
O.
Montfort),
Wis .—BOND
OFFERING—It is stated by Irene Drews, Town Clerk, that she will sell
public auction on June 6, at 8 p. m., at the office of George F. Frantz,
$14,000 issue of 2)4% annual highway improvement bonds.
1, 1940.
Denom. $500.
Due April 1, asafollows:
$4,00
in
1941 to 1943, and $2,000 in 1944.
The bonds are general obligations of the
township and are issued for the purpose of surfacing all town roads in the
township.
Interest payable April 1.
The purchaser will furnish printed
bonds.
A legal opinion of Lines, Spooner & Quarles of Milwaukee, will be
frunished by the township.
A certified check for $1,000, payable to the
township, is required.
at
of Fennimore, a
Dated April
CRAWFORD COUNTY (P. O. Prairie du Chien), Wis .—BOND
OFFERING—Sealed bids will be received until 3 p. m. on June 25, by Lester
Daugherty, County Clerk, for the purchase of $27,500 not to exceed 1M %
coupon refunding
bonds.
Dated June 1,
1940.
Denom.
$1,000, one for $500.
Due June 1, as follows:
$3,000 in 1941 to 1948,
$2,000 in 1949, and $1,500 in 1950.
Principal and interest payable at the
County Treasurer's office.
Bids must be at least par plus accrued interest
to date of delivery.
These bonds shall be the direct general obligation of
the entire county payable from unlimited ad valorem taxes levied against
all the taxable property in the county.
A direct annual irrepealable tax has
been levied upon all the taxable property in the county, to pay the interest
and principal on the bonds as they become due which when collected shall be
set apart in a separate fund irrevocably pledged to be used solely for the
payment of the interest and principal on the bonds as they become due.
The purpose of this issue is to refund at lower rates of interest a prior
indebtedness incurred for court house improvements.
Bids may be condi¬
tioned subject to the approving opinion on Chapman & Cutler of Chicago,
or Lines, Spooner & Quarles of Milwaukee, which opinion together with
printed bonds must be paid for by the purchaser.
A certified check for
$500 is required.
(These txinds were originally scheduled to be offered on May 27 but the
sale was postponed.—V. 150, p. 3400.)
semi-annual
MILWAUKEE
COUNTY
(P.
O.
Milwaukee),
Wis.—BOND
AND
POTTER COUNTY (P. O. Amarillo), Texas—BONDS SOLD—The
County Judge states that $114,000 bonds, composed of 1M% court house
and jail bonds and 3% refunding bonds, have been purchased by Crummer
NOTE OFFERING—It is stated by Clarence M. Sommers, County Treas¬
urer, that he will receive sealed bids until 10 a.m. (CST), on June 17, for
& Co. of Dallas.
and bonds
SAN
Dated April 10,
1940.
ANTONIO, Texas—BONDS NOT TO BE SOLD—It
is stated by
T. N. Tucker, City Auditor, that $125,000 swimming pool revenue bonds
originally offered on April 11, the award of which were deferred, as noted
here—V. 150, p. 2771—will not be issued.
Due Oct. 1, as follows: $8,000
in
1941 and
1942, $9,000 in 1943, $8,000 in 1944 and 1945, $9,000 in
1946, $8,000 in 1947 and 1948, $9,000 in 1949, $8,000 in 1950 and 1951,
$9,000 in 1952, $8,000 in 1953 and 1954, and $9,000 in 1955.
SILSBEE,
Texas—BONDS
gregating $117,000, offered
on
NOT SOLD—The fallowing
bonds
ag¬
May 16—V. 150, p. 3244—were not sold,
reports David Read, City Secretary:
the
purchase of the following not to exceed 5% semi-annual
aggregating $9,800,000:
6,000,000 relief bonds.
Due July 1, 1941.
The bonds will be awarded
offering to take the entire issue at not less than
whose bid provides the lowest interest cost to the county
calculated to the date of maturity July 1, 1941.
Issued under
authority of Chapter 67.04 (1) (m), Wisconsin Statutes, of 1939
and are the direct general obligation of the entire county.
The
proceeds will be used to provide relief and assistance to those
revenue bonds.
Due June 1 as follows: $2,000
1959; and $4,000 in 1960 to 1963.
authority of Articles 1111 to 1118.
Revised Civil
Statutes of Texas, as amended, and are to be secured but a first
lien on, and pledge of, the revenues of the water works and sewer
system of the city after deducting the reasonable expense of mainte¬
par
sewer
in 1942 to 1944; $.3,000 in 1945 to
Issued
nance
under
and operation.
Dated
June, 1940.
Denom. $1,000.
The bonds are optional June 1,
interest paying date thereafter on 30 days' published notice
and accrued interest in inverse order of maturity and number.
The above bonus were approved by the voters at an election held
May 24,
1952,
or on any
at par
TRAVIS COUNTY WATER DISTRICT (P. O.
Austin), Texas—
BOND ELECTION—A $200,000 issue of water distribution
system revenue
bonds were to be submitted to the voters for approval on June
1, according
to
report.
WICHITA
FALLS INDEPENDENT SCHOOL DISTRICT (P. O.
Wichita Falls), Texas—BOND SALE DETAILS—It is
reported by the
Secretary of the Board of Education that the $1,781,000 3% semi-ann.
refunding bonds sold to the State Board of Education, as noted here—V.
150, p. 2150—were purchased at par, and mature May 1, as follows: $58,000
in 1941: $60,000 in 1942: $62,000 in 1943;
$64,000 in 1944; $66,000 in 1945;
$68,000 in 1946; $70,000 in 1947; $72,000 in 1948; $74,000 in 1949; $76,000
in 1950; $79,000 in 1951; $81,000 in 1952;
$83,000 in 1953; $86,000 in 1954;
$88,000 in 195.5; $91,000 in 1956; $93,000 in 1957; $96,000 in 1958; $99,000
in 1959; $102,000 in 1960; $105,000 in
1961; and $108,000 in 1962.
.
WEST
POINT, Va.—BONDS SOLD—We
Tabler, Town Clerk, that $60,000 3%
coupon
informed
by Robert A.
refunding bonds were pur¬
chased recently at private sale by local banks.
Denom. $1,000.
Dated
Jan. 1, 1940.
Due serially, $4,000 annually in 1941 to 1955, incl.
Optional
after 1945.
Interest payable J-J.
-
WINCHESTER, Va .—BOND OFFERING—It is stated by W. A.
Baker, City Treasurer, that he will receive sealed bids until 3 p. m. on
June 19, for the purchase of $33,000 not to exceed
3% semi-annual mu¬
nicipal armory bonds.
Dated May 1, 1940.
Denom. $1,000.
Due May 1,
as follows:
$3,000 in 1941 to 1948, $4,000 in 1949, and $5,000 in 1950.
Rate of interest to be in multiples of M or l-10th of
1%, and must be the
same for all of the bonds.
Princ. and int. payable at the Chemical Bank
& Trust Co., New York.
The bonds will be registerable as to principal
only.
No bid for less than par and accrued interest will be accepted.
The
bonds will be prepared under the
supervision of the Continental Bank &
Trust Co., New York, and their
legality will be approved'by Thomson,
Wood & Hoffman, of New
York, whose opinion will be furnished to the
purchaser without charge.
Enclose a certified check for 2% of the face
_
value of the bonds bid for.
PORTAGE, Wis.—BONDS NOT SOLD—It is stated by Frances Wright,
City Clerk, that the $32,000 issue of not to exceed 2% semi-annual refund¬
ing bonds offered on May 24—V. 150, p. 3246—was not sold as all bids
rejected.
Dated June 1, 1940.
Due
on
June 1 in 1941 to 1952.
COUNTY
(P. O. Medford), Wis.—BOND SALE—The
$75,000 2M% semi-annual funding bonds offered for sale on May 24—
V. 150, p. 3400—were awarded to Mairs-Shaughnessy & Co. of Minne¬
apolis at par, according to the County Clerk.
No other bid was received.
Dated June 1, 1940.
Due on June 1 in 1941 to 1950.
WISCONSIN
RAPIDS, Wis.—BOND OFFERING—Both sealed and
by Nels M. Justeson, City Clerk, until June 4,
for the purchase of an issue of $160,000 not to exceed 2M % semi¬
annual general obligation coupon storm sewer bonds.
Denom. $1,000.
Dated June 1, 1940.
Due $80,000 on June 1 in 1950 and 1951.
Rate of
interest to be in a multiple of M of 1%
Executed bonds will be furnished
by the city; legal opinion if desired to be furnished by the purchaser.
A
certified check for $2,000, payable to the city, is required.
(These are the bonds that were originally scheduled for sale on May 22,
the offering of which was canceled—V. 150, p. 3400.)
auction bids will be received
at 8 p. m.,
.
WOOD COUNTY
(P. O. Wisconsin Rapids), Wis.—BOND OFFERING
bids will be received by J. A. Schindler, County Clerk, until 10
(CST) on June 5, for the purchase of $100,000 2% semi-ann. county
highway bonds.
Dated June 1, 1939.
Denom. $1,000.
Due $5,000 in
1946, $15,000 in 1947 to 1952, and $5,000 in 1953.
Prin. and int. payable
at the County Treasurer's office.
The bonds will be sold at not less than
—Sealed
a.
m.
par and accrued interest and no bids will be received for less than the total
amount of the bonds.
The bonds are being Issued to raise money for the
WASHINGTON
CAMAS, Wash.—BONDS OFFERED—Sealed bids
-
are required to
designate denominations on or before 1 p.m. (CST) on
the day on which the bids are opened, since it is expected that the resolution
completing the authorization of these securities wil
be adopted by the
County Board on the following day.
Rate of interest to be n multiples
of M of 1%.
The interest rate must be the same for all the bonds and for
all the notes.
Bidders, however, may bid one rate of interest for the
bonds and a different rate for the notes.
Bidders may offer separate sealed
bids for either or both of the above issues.
Prin. and int payable at the
fiscal agent of the county in New York City, or at the County Treasurer's
office.
The notes and bonds may bo registered as to principal only.
De¬
livery of both issues will be made on or about June 25 at the expense of
the county to Chicago or any point within a radius of 100 miles from Mil¬
waukee.
Delivery beyond must be paid for by the purchaser.
Bonds
and notes are payable out of unlimited ad valorem taxes.
Forms will be
furnished at the expense of the county.
The legal opinion of Chapman &
Cut er of Chicago, will be furnished at the expense of the county.
No
deposits are required with bids, and no special bidding forms are necessary.
(This notice supplements the offering report given here on May 11
—V..150, p. 3092.)
TAYLOR
are
need.
in
Dated June 20, 1940.
Bonds and notes will be furnished in such denominatiohs in multiples of $1,000 as are desired by the purchaser.
Bidders
were
VIRGINIA
the bidder
to
$50,000 general obligation tax bonds.
Due June 1 as follows: $1,000 in
1943 to 1951: $3,000 in 1952 to 1958; and $4,000 in 1959 to 1963.
These are the bonds offered on April 30, the sale of which was
postponed pending attorney's opinion on a technical question.
67,000 water and
coupon notes
$3,800,000 corporate purpose notes.
Due July 1, 1941, callable, in whole
or in
part on, or subsequent to, March 1, 1941, at par and
accrued "interest to call date, upon 15 days' notice.
The notes
will be awarded to the bidder offering to take the entire issue
at not less than par whose bid provides the lowest total interest
cost to the county calculated to the call date, March 1, 1941.
Issued under authority of 67.12 Wisconsin Statutes of 1939,
and are the direct obligation of the entire
county.
The proceeds
will be used to provide funds for the current and
ordinary
operating expenses of the county.
were
received
until
8 p. m. on May 28, by M. MacMaster,
City Clerk, for the purchase of
$12,000 not to exceed 5% semi-annual Local Improvement District No. 94
bonds.
improvement of portions of the county trunk highway systems and the
county system of the prospective State highways in the county.
The bonds
are being issued subject to the favorable opinion of Chapman & Cutler, of
Chicago, which will be furnished the purchaser by the county.
Enclose a
certified check for not less than 2% of the par value of the bonds, payable
CLARK COUNTY
(P. O. Vancouver), Wash.—BOND OFFERING—
11 a. m. on June 17, by K. W. Durgan,
County Auditor, for the purchase of a $264,000 issue of general obligation
court house bonds.
Interest rate is not to exceed
3M%, payable J-D.
Dated July 15, 1940.
Denom. $1,000.
Due June 1, as follows: $10,000
in 1942 and 1943, $11,000 in 1944 to
1946, $12,000 in 1947 and 1948, $13000
in
1949 and 1950, $14,000 in 1951 and
1952, $15,000 in 1953 and 1954,
$16,000 in 1955, $17,000 in 1956 to 1958, and $18,000 in 1959 and 1960.
Bidders are required to submit a bid
specifying, (a) the lowest rate of interest
and premium, if any, above
par, at which the bidder shall purchase the
bonds; or (b) the lowest rate of interest at which the bidder will
purchase
the bonds at par.
The county irrevocably pledges itself to include in its
budget and levy taxes annually within and as a part of the 10-mill limitation
of taxes permitted to counties without a vote of
the people, an amount suf¬
ficient to pay the principal and interest of the bonds as
the same shall
KEMMERER, Wyo.—PRICE PAID—The Town Treasurer reports that
the $250,000 water bonds sold to the State as 4s, as noted here—V. 150, p.
The bonds will be sold with the opinion of
Preston, Thorgrimson
& Turner, of Seattle, approving the
legality of the same. Enclose a certified
check for 5% of the amount of the bid.
offered for sale
Sealed bids will be received until
accrue.
These
are
the bonds mentioned in
our
to the
YAKIMA COUNTY SCHOOL DISTRICT NO. 49
(P. O. Yakima),
Wash.—BOND SALE—The $15,000 coupon semi-ann.
building bonds
on May 25—V.
150, p. 3246—were awarded to the State,
as 2Ms at par,
according to the County Treasurer.
are
150.
p.
the bonds that were
3400—were purchased at par.
RIVERTON,
WISCONSIN
received.
Due
on
June 1 in 1941 to 1943: optional on or after June
on
Jan. 1 in 1942 to 1965.
SHERIDAN COUNTY SCHOOL DISTRICT NO. 7 (P. O. Sheridan),
$70,000 issue of coupon construction bonds
Wyo.—BOND SALE—The
Commerce,'of
May 24—Y. 150, p. 2924—was awarded to the Bank of
Sheridan, as 3Ms, paying par, according to the District
1940.
Due in 1951 to 1965.
on
Dated June 1,
CANADA
CANADA (Dominion of)—BOND SALE—Finance Minister James LRalston announced May 28 the sale to chartered banks and the Bank of
Canada of $65,000,000 2% bonds.
The sale price is 99.375 and accrued
interest, the
1, 1941.
Due
Wyo.—BONDS SOLD—It is stated by the Town Clerk
that $47,000 refunding bonds were sold recently to the Stockgrower's Na¬
tional Bank of Cheyenne, as 3 Ms.
offered for sale
BARRON
COUNTY
(P.
O.
Barron),
Wis.—BOND SALE—The
$150,000 issue of 1M% semi-annual refunding bonds offered for sale on
May 25—V. 150, p. 3246—was awarded to T. E. Joiner & Co. of Chicago,
and the Milwaukee Co. of Milwaukee,
jointly, at par.
No other bid was
originally scheduled to be sold on Mav 29
3400.)
WYOMING
Clerk.
issue of May 24.
County Treasurer.
These
—V
cost to the Government being 2.13%.
The bonds will be dated
1945.
The interest on and
Canadian money. Proceeds
from the sale of this issue, together with cash from the Dominion Treasury,
will be used for the redemption on June 1, 1940, of $80,000,000 four-year
1M % bonds. The new issue takes the same form as that issued last March 1
to the amount of $40,000,000.
March
1, 1940,
principal of the
and
new
will
mature
March
1,
issue will be payable in
@FedFRASER